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“The Oldest Company in America" The Mutual Life Insurance Company of New York 34 Nassau Street, New York In 1918 Paid Policyholders a total of $69,651,430 One Thousand Four Hundred and Sixty-Eight Million Dollars paid to Policyholders since the Company began business in 1843 Dividends to Policyholders in 1918 $19,222,739 Dividends to Policyholders in 1919 Notwithstanding the heavy mortality caused by the influenza, and the great i in taxes, our 1918 rate of annual dividend will be paid in 1919. LIBERTY BONDS Included in our assets are 863,065,000 of Liberty Bonds Balance Sheet December 31, 1918 LIABILITIES ASSETS Real Estate__________________ Mortgage Loans_____________ Policy Loans________________ Bonds and Stocks____ _*_______ Interest and Rents due and ac crued ____________________ Premiums in course of collection. Cash ($1,646,229 25 at interest). Deposited to pay claims_______ Policy Reserve______________ $536,113,077 00 Supplementary Contract Reserve 4,510,009 67 Other Policy Liabilities________ 14,023,894 08 Premiums, Interest and Rents paid in advance____________ 1,294,511 09 915,203 83 8,702,744 11 Miscellaneous Liabilities_______ 5,713,080 82 Due Banks on Liberty Bonds purchased, with Interest____ ± 24,485,564 56 2,252,542 46 1,148,279 24 Taxes, License Fees, etc., pay able in 1919_________________ 2,807,44229 Dividends payable in 1919____ 21,958,050 51 Reserve for Future Deferred Div idends____________________ 51,875,465 28 Contingency Reserve(Surplus). 15,731,075 52 $17,486,999 106,410,090 87,735,658 444,264,898 93 17 48 62 $673,714,293 83 $673,714,293 83 Gains in 1918 In Insurance in Force, $88,470,427 In Net Policy Reserves, 15,052,987 In Admitted Assets, $39,714,724 In Total Income, 2,986,625 Total Insurance in Force December 31, 1918 $1,861,881,953 BOARD OF TRUSTEES JOHN G. AGAR GEORGE F. BAKER JAMES M. BECK EDWARD J. BERWIND CHARLES S. BROWN JOSEPH H. CHOATE JR. EMORY W. CLARK JAMES C. COLGATE CYRUS H. K. CURTIS http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis GRAFTON D. CUSHING JULIEN T. DAVIES ARTHUR V. DAVIS WILLIAM B. DEAN WILLIAM P. DIXON H. RIEMAN DUVAL J. LEVERING JONES A. D. JUILLIARD ALFRED E. MARLING EDWIN S. MARSTON GEORGE P. MILLER JOHN J. MITCHELL CHARLES A. PEABODY WILLIAM H. PORTER JOHN G. SHEDD STEWART SHILLITO LEROY SPRINGS LOUIS STERN HENRY W. TAFT EDWIN THORNE WILLIAM H. TRUESDALE PAUL TUCKERMAN CORNELIUS VANDERBILT RODMAN WANAMAKER THOMAS WILLIAMS JAMES H. WILSON EDWIN W. WINTER . 7 BANK OF MONTREAL ESTABLISHED OVER 100 YEARS Head office - - MONTREAL - SIR VINCENT MEREDITH, BART______________ r___President SIR FREDERICK WILLIAMS-TAYLOR____ 1...General Manager CAPITAL (PAID UP)_____________________________ $20,000,000 REST___________________________________________ 20,000,000 UNDIVIDED PROFITS___________________________ 1,661,614 NEW YORK AGENCY: 64 WALL STREET R. Y. HEBDEN, W. A. BOG, W. T. OLIVER, ) /Agents. j This Bank, with its Branches in every important city and town in Canada and Newfoundland, with offices also in New York, Chicago and Spokane; at San Francisco—British American Bank (owned and controlled by Bank of Montreal), in Mexico City, and London, England, offers excep tional facilities for the transaction of a General Banking business. Buys and Sells Sterling and Continental Exchange; Issues Commercial and Travellers’ Credits, available in any part of the World; issues drafts on and makes collections at all points; also makes transfers to its various offices. / 47 Threadneedle Street, E. C. 9 Waterloo Place, Pall Mall, S. W. ( Trafalgar Square, S. W. London Offices G. C. CASSELS, Manager. KOUNTZE BROTHERS BONDS FOR INVESTMENT FOREIGN EXCHANGE LETTERS OF CREDIT Act as Fiscal Agents for Municipalities an I Corporations 141 BROADWAY, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NEW YORK The Canadian Bank of Commerce HEAD OFFICE, TORONTO, CANADA President, Sir Edmund Walker, C. V. O., LL. D., D. C. L. General Manager, Sir John Aird Assistant General Manager, H. V. F. Jones CAPITAL PAID UP........................................................................ $15,000,000 RESERVE FUND........................................................................ . 15,000,000 TOTAL ASSETS 30TH NOVEMBER 1918 ........................ .... . 440,310,703 OVER 450 BRANCHES IN CANADA Foreign Branches In the United States New York, N. Y. Portland, Ore. San Francisco, Cal. In Mexico In Great Britain Mexico City London—2 Lombard St., E. C. Seattle, Wash. In Newfoundland St. John’s This Bank with its numerous branches and correspondents throughout the world offers exceptional facilities for the transaction of banking business. A Specialty is Made of Handling Accounts or Collections of Foreign Banks and Firms Foreign Exchange Bought and Sold Travellers’ Cheques Sold Commercial and Travellers’ Credits issued in Dollars or Pounds Sterling NEW YORK AGENCY, No. 16 EXCHANGE PLACE F. B. Francis, J. A. C. Kemp & C. J. Stephenson, Agents , » I FRASER Digitized for http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BROWN BROTHERS & CO. Philadelphia Boston NEW YORK Members of New York, Philadelphia and Boston Stock Exchanges Investment Securities Foreign Exchange Deposit Accounts Commercial Credits Travelers’ Credits BROWN, SHIPLEY & CO. LONDON OFFICE OFFICE FOR TRAVELERS FOUNDERS COURT, E. C. 123 PALL MALL, S. W. HEAD HENRY L. PINCH WILBUR’S. TARBELL WM. C. WILSON FINCH & TARBELL Members of the New York Stock Exchange Equitable Building, 120 Broadway, New York STOCKS AND BONDS Bought and sold for cash, or carried on conservative [terms Inactive and unlisted securities Inquiries Invited PECK & CO. 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 A. O. Slaughter & Co. MEMBERS NEW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORK PRODUCE EXCHANGE CHICAGO BOARD OF TRADE CHICAGO STOCK EXCHANGE WINNIPEG GRAIN EXCHANGE MINNEAPOLIS CHAMBER OF COM. ST. LOUIS MERCHANTS’ EXCHANGE 110 West Monroe Street CHICAGO, ILL. BRANCH OFFICE 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 AND PARIS 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. * Specfaj attention given to investments of all kinds. Execute orders for purchase and sale of bonds and stocks in all markets, domestic and foreign. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis INVESTMENT SECURITIES Bonds and Guaranteed Stocks for Savings Banks, Institutions, Estates and Individual Investors Lists of Investment Offerings Sent Upon Application. SIMON BORG & COMPANY Members New York Stock Exchange 46 CEDAR STREET, NEW YORK CITY ESTABLISHED 1869. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis LAM BORN & COMPANY 7 Wall Street, New York PHILADELPHIA SAVANNAH NEW ORLEANS HAVANA Securities Bought and Sold on Commission SPECIALISTS IN SUGAR STOCKS MEMBERS New York Stock Exchange New York Produce Exchange New York Cotton Exchange Chicago Board of Trade New York Coffee and Sugar Exchange London Produce Clearing House, Ltd. ALSO Raw and Refined Sugar for Domestic and Export Trade. Import and Export in General Lines. 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- The National Provincial & Union Bank of England, Ltd., London Messrs. Mallet Freres & Cie, Paris -AND ON- Banco Nacional de Mexico, Mexico, and its branches. TRAVELERS’ LETTERS OF CREDIT The Financial Review FINANCE, CROPS, RAILROADS, TRADE, COMMERCE ANNUAL—1919 WILLIAM B. DANA COMPANY, PUBLISHERS COMMERCIAL AND FINANCIAL CHRONICLE Front, Pine and Depeyster Streets, New York Copyrighted in 1919. 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. RETROSPECT OF 1918_________ ________________ _________ ...I toxxlv Range of Leading Stocks in 1918__________________________________ xxv Monthly Review of Current Events, Money Market, Stock Market and Foreign Exchange_______________________________________ xxv-79 Monthly Fluctuations of Leading Stocks—See Each Month of Retrospect CLEARINGS AND SPECULATIONIN 1918......................................... 79 Sales of Stocks______________________________________________________ 81 LISTINGS OF SECURITIES ON THE NEW YORK STOCK EXCHANGE__________________ ______________________________ 82 Principal Note Issues not listed, in 1918_______________________________ 84 BUILDING OPERATIONS IN UNITED STATES AND CANADA.. 84 PURCHASES OF CARS AND LOCOMOTIVES IN 1918___________ 87 RAILROAD RECEIVERSHIPS SINCE 1876............ ................................. 87 RAILROADS ABANDONED IN 1918 AND 1919________ __________87 FAILURES IN 1918___________________ ______ ______ _______________ 88 Failures by Branches of Business__________________ ________________ 89 Detailed Statement of Failures in United States and Canada in 1918-- 90 Yearly Failures Since 1857________________________________________ 90 BANKING, FINANCE AND CURRENCY— Call Money Rates for Every Day in 1918__________________________ 91 Money Market for Five Years___________________________________ 91=93 Federal Reserve Bank of New York—Weekly Returns for years 1918, 1917, 1916 and 1915___________ _______________________________ 94-97 Federal Reserve System (12 Combined Banks)—Weekly Returns for years 1918, 1917, 1916 and 1915___________________________ 98-101 N. Y. City Clearing House Banks (Members Federal Reserve Bank)— Actual Condition End of Week__________________________________ 103 N. Y. City Clearing House Banks (State Banks Not Members Federal Reserve Bank)—Actual Condition End of Week_________________ 104 N. Y. City Clearing House Trust Cos. (Not Members Federal Reserve Bank)—-Actual Condition End of Week_________________________ 104 N. Y. City Clearing House Banks and Trust Cos. Combined— Actual Condition End of Week__________________________________ 105 State Banks and Trust Cos. Not in Clearing House—Weekly Returns. 102 All Banks and Trust Cos. Combined—Loans and Money Holdings.. 102 Federal Reserve Notes Outstanding at the End of Each Week in 1918.10 CROP AND OTHER PRODUCTIONS— Our Harvests in 1918________________________ -_____________________ 106 The Crops for a Series of Years_________________________________ 106=108 IRON, COPPER AND OTHER METALS— Pig Iron Production and Prices_________________ _ _________________ 110 Anthracite Coal Production in 1918____________________________ 109=110 Copper Production and Prices for Last Four Years____________ 108-109 Weekly Record of Prices, Iron, Steel and Other Metals, and Their Products for 1914, 1915, 1916, 1917 and 1918---------------------- 112-117 Daily Prices of Copper, Tin, Lead and Spelter for 1914,1915,1916, 1917 and 1918------- ------------------------------------------- ------------- ...118-122 GOLD AND SILVER— Review of Gold and Silver Production______________________________ 123 Product of Gold in United States, Africa, Australasia, Russia, &C.124-126 World’s Gold Production since 1886_______________________________ 124 World’s Silver Production since 1901______________________________ 126 Monthly Range of Silver Prices in London for Three Years---------------- 134 Silver Quotations from 1837 to 1918—Highest and Lowest for Each Month and Yearly Average_____________________________________ 127 GREAT BRITAIN—BANKS AND TRADE— Review of the Year’s Influences and Events________________________128 Statement of Bank of England Weekly in 1918_____________________ 129 Statement of Bank of England Weekly for Years 1912-1917__________ 134 Bank of England and Continental Discount Rates_____________133-134 Bank Clearings at London and Provincial Centres_________________ 129 British Imports and Exports______________________________________ 130 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Page. GERMAN BANK STATEMENT— Gold Holdings, Circulation, Discounts, Deposits, Weekly for Years 1914, 1915, 1916, 1917 and 1918............ ............... ............................. 138-140 FRENCH BANK STATEMENT— Gold Holdings, Circulation, Discounts, Deposits. Weekly for Years 1914, 1915, 1916. 1917 and 1918.............................................. ........... 135-137 RUSSIAN BANK STATEMENT— Gold Holdings, Circulation, Discounts, Deposits, Weekly for Years 1914, 1915, 1916 and 1917__________________________ ________ 140-141 TRADE AND COMMERCE— Our Foreign Trade in 1918—Calendar Year________________________ 142 Values of Exports and Imports by Fiscal Years, 1886-1918__________ 145 Exports of Leading Articles of Domestic Produce for Three Years.. 145 Imports of Leading Articles of Merchandise for Three Years_______ 146 Imports and Exports by Countries and Geographical Divisions for Years 1915, 1916, 1917 and 1918_________ ______________________ 144 Comparative Prices of Merchandise for years 1914-1918___________ 146 FOREIGN EXCHANGE— Daily Prices in New York on London for Three Years________ 147-149 Daily Rates of Exchange on Continental Centres for Five Years.149=164 Monthly Range for Five Years at New York on Continental Centres_____________________________________________________ 165-167 UNITED STATES DEBT, MONEY AND SECURITIES— Debt of the United States, 1793-1918_____________________________ 168 Detailed Statement of Public Debt on December 31 1918__ _______ 168 Stock of Money in Country_______________________________________ 169 Highest and Lowest Prices of United States Bonds, Monthly, 1860-1918__________________________ ______________ -..................169=173 STATE SECURITIES— Highest and Lowest Quotations of State Securities, Yearly Range, 1860-1917________________________ _______ ___________________175-178 Prices of State Securities, Monthly, for Years 1916, 1917 and 1918------------------------------------------------------------------------------------ 178-179 FOREIGN GOVERNMENT SECURITIES— Highest and Lowest Quotations,Monthly, 1916, 1917 and 1918_____ 174 RAILROADS AND THEIR SECURITIES— Railroad Statistics for the United States___________________________ 180 Mileage, Capitalization, Wages, Passenger and Freight Statistics.180=185 Earnings, &c.. Fiscal Years Ending June 30 1903-1916; also Calen dar Year 1916________________________ __________________________ 184 Railroad Receiverships Since 1876_________________________________ 87 Railroad Earnings in calendar years 1917 and 1918_____________186=191 Domestic and Foreign Purchases of Cars and Locomotives in 1918____87 RECORD OF STOCK EXCHANGE TRANSACTIONS— Bonds in N. Y., 1915-1918—Highest and Lowest Prices Monthly.191-220 Stocks in N. Y., 1915-1918—Highest and Lowest Prices Monthly 220-236 Bonds in Boston, 1918—Highest and Lowest Prices Monthly______ 236 Stocks in Boston, 1918—Highest and Lowest Prices Monthly 237-238 Bonds in Philadelphia, 1918—Highest and Lowest Prices Monthly238=239 Stocks in Philadelphia, 1918—Highest and Lowest Prices Monthly239=240 Bonds in Baltimore, 1918—Highest and Lowest Prices Monthly.240-241 Stocks in Baltimore, 1918—Highest and Lowest Prices Monthly____ 241 Bonds in Chicago, 1918—Highest and Lowest Prices Monthly241=242 Stocks in Chicago, 1918—Highest and Lowest Prices Monthly_____ 242 NEW YORK “CURB” MARKET TRANSACTIONS— Opening, Highest, Lowest and Closing Prices for Five Years..242-252 Highest and Lowest Prices by Months for 1918________________ 252-256 S.lbRARY JAN 19 1S21 Rsseeve Pat-s Volume and Course of Trade. ANNUAL AND MONTHLY RESULTS. RETROSPECT OF 1918. The year 1918 marked the cessation of hostilities on the European battlefields and the practical (though not the formal) termination of the war. The year will always hold a pre-eminent place in the world’s history by reason of that fact. The warfare which had been steadily growing in intensity and fierceness as the term of its continuance lengthened and during 1918 attained a degree of violence which foiir years before at its outbreak would have been deemed impossible, was brought to a close as the result of the acceptance by the Central Powers— at first by Bulgaria, the smallest member of the Quadruple Alliance among these Central Powers, then by Turkey and Austria-Hungary, and finally by Germany itself—of the terms of an armistice which in its severity and attendant humiliating cir cumstances finds no parallel in human annals so far as these are within the ken of man. The con ditions imposed indeed were tantamount to com plete and abject surrender on the part of these enemy powers and particularly Germany, whose auto cratic regime and military prowess had been the dread of the present generation. When the year opened no responsible person would have dared to express hope of so complete a victory and one so all-embracing, or have entertained a thought that the enemy could or would be so utterly vanquished so soon. Even the most confi dent official prognostications either in Europe or in America were most careful not to promise military defeat for the enemy until the spring and summer of 1919 and not a few of the military advisers of the Entente Powers feared that the Central Powers might be able to hold out until 1920 and that it would take until that time before the annihilation of the engines of destruction set up by them with such diabolical ingenuity could be accomplished. The German armies fought valiantly to the last, yet before the advent of the autumn autocratic Germany had to confess that it could keep up the struggle no longer, and that its armies, which were now being steadily, though not easily, beaten back, could not avoid rout and disaster under further prolongation of the conflict; obliging them to beg—repeatedly and piteously—for an armistice which they recognized as their only salvation. This armistice was not readily granted, the United States and the Entente Powers fearing treachery on the part of the German rulers; and not being convinced that they were acting entirely in good faith, requiring assurance in that respect before they would even confer together for the purpose of fixing the terms of the same. In the meantime, Germany had to contend with internal troubles no less serious than those that were being encountered upon the battlefields. The Kaiser and his lieuten ants were deemed an insuperable obstacle in the way of Germany’s obtaining reasonable terms and conditions in the conclusion of an armistice. And that fact was recognized by the Kaiser himself and his military chiefs, Ludendorff and Hindenburg. The Kaiser was forced to give up his throne and to http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis take refuge in flight. In Germany itself complete political disintegration ensued. New cabinet heads came in quick succession, to be followed in the end by the establishment of a Socialist ministry. The new Government at the start was not able to prevent internal strife and civil disorder, and it became a question whether Germany might not become a victim of Bolshevism the same as Russia. The terms of the armistice involved the return home of all the constituents of the German armies and the resulting disbanding of those armies added to the internal troubles in Germany, though there were many indi cations tending to show that in the end the better elements in Germany would reassert themselves and rescue the country from anarchy. Not alone the Kaiser, but all the kings and poten tates of the different German States and princi palities were forced off their thrones and obliged to surrender their prerogatives and make room for democratic representatives of the people. In Aus tria-Hungary dismemberment occurred and the Dual Empire was disrupted into many parts. Em peror Charles, like Kaiser Wilhelm, had to abdicate. In Bulgaria, too, royalty yielded up its powers and attributes, King Ferdinand having, after the sur render to the French, resigned in favor of the Crown Prince Boris, and the latter in turn having subse quently abdicated. Surely, the wildest fancy could not have pictured a greater triumph for the ideals of democracy than is here recorded by the actual achievements and results. In the end, the closing of the great drama came with the same surprising suddenness that it had opened some four years and three months before. In the first half of the year the German armies were still in the full flush of victory. On March 21 a new forward movement was begun which yielded such great advantages to them as to cause panic and alarm among the Entente Powers and the United States. The Germans attacked with overwhelming forces—estimates of the troops employed running all the way from 1,000,000 to 1,500,000 men—and for many days they carried everything before them, the British and French forces retiring along an ex tended front. This movement was evidently en tered upon with a great deal of confidence, although the Germans may have staked their all upon it and certainly it was not undertaken without a great deal of preparation, for as early as the preceding January Field Marshal von Hindenburg, when told by certain German newspaper editors who had been accorded an audience with him that by the following May there would be no food in Germany, was reported to have said: “My reply is that by next April I shall be in Paris.” The Germans failed in their attempt to reach Paris, but for the Allied forces on the western front the situation was nevertheless a highly critical one with the outcome ever in doubt until the following July. In March the net result at the end of the month of the stupendous battle then inaugurated was that, though the Germans had succeeded in pushing enemy forces back some ii RETROSPECT. 25 to 35 miles and captured many prisoners and much booty, they had definitely failed to attain any of their objectives. This marked the first stage of the great combat. The Entente Powers now took a lesson out of the German book. The Germans had been conducting their operations under a unified command, whereas on the Western front the British, the French and the other forces had not been directed by a common head, but each national body of troops had been acting more or less on its own initiative in protecting the particular sector assigned to its care. Towards the end of March the news came that General Fer dinand Foch, who had saved the day for the French in the Battle of the Marne in 1914, had been appointed Commander of all the Allied forces on the Western front. There was another important development at that juncture. In a conference with French officials at the front on March 28, General Pershing, the American Commander, had notified the French Government that the entire American forces would be at the disposal of France. General Pershing was quoted as saying: “Infantry, artillery, and aviation —all we possess are at your disposal. Use them as you please. Other forces are following, as many as will be necessary. I especially came here in order to tell you that the Americans will be proud to participate in the finest and greatest battle in history.” The French Government acceded to the request. To these two things the reversal of fortunes which came later in the year must be ascribed, namely the placing of the Entente forces on the Western front under a unified command and the throwing of the entire resources of the United States into the conflict. When the desperate nature of the crisis that confronted the Entente forces began to be realized, the United States hastened its opera tions and activities and with the aid of British ships transported United States soldiers in ever increasing numbers to the French battlefields. This was done on such a huge scale and with such wonderful rapidity —250,000 to 300,000 troops a month being shipped across—that, when the armistice was signed on Nov ember 11 the United States had 2,000,000 men in Europe. In addition to this, 2,000,000 more men were then in training camps in the United States, ready to augment the already large forces in the vicin ity of the French and Belgian battle areas. In April the Germans in their military operations transferred the scene of intensest activity from Pi cardy to Flanders. Here again they met with im portant initial successes, but as they had in March failed to obtain their objectives in France, so now in April they met with a serious set-back in their attempt to capture the French Channel ports. In May the German military authorities inaugurated a new assault on the British and French lines in France. The Germans delivered a surprise attack in an unex pected quarter and gained much headway before British and French reserves could be brought up in the proper positions. On May 27 they took the Chemin des Dames and three days later took Soissons and then linked the latter up with Noyon in the one direction and extended their operations on towards Rheims in the other. By the end of the month their fresh incursions into French territory brought them to the River Marne, and at the farthermost point (the apex of their salient) to within forty miles of Paris. Here, however, at Chateau-Thierry they met their first definite check. At the height of the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis German forward movement, when their armies were flushed with victory and it seemed as if nothing could stop the onrush, a small body of United States marines was brought up, and they stemmed the tide and saved the day. It was the spirit rather than the numbers of these marines which enabled them to change the situation. The French were in full re treat, and they told the marines it was useless for them to attempt to resist the flower of the German armies, to which they replied that they had their orders to go ahead and they meant to carry these orders out. The daring and impetuosity of these undaunted Americans was crowned with triumph and, after they had succeeded in rallying the French, the Germans were brought to a standstill. The desperate nature of the struggle at this stage and the superb bravery of these marines is attested by the fact that by the close of this great engagement they had lost in killed and wounded 60% of their effectives. The Germans were now obliged to pause. They could get no further. This gave General Foch the opportunity for which he had been waiting, and in July he was able to begin his series of telling blows, directed in perfect harmony at all points along the line, forcing the Germans to retreat, at first slowly but in succeeding months at an accelerating pace until all chance of retrieving their fortunes was lost. United States troops were brought to the front every where, some with very little training but infused with a spirit before which everything had to yield. What is more, American reinforcements kept steadily arriving in France, and on July 1 Secretary of War Newton D. Baker was able to report to President Wilson that since the advent of the United States into the war, 1,019,115 American soldiers had sailed from the ports of this country for France. It ap peared that out of the number 637,929 had sailed during April, May and June, showing tremendous speeding up and furnishing evidence that Mr. Baker’s visit to the scene of active fighting had borne fruit. All this boded ill for the Germans. Their chance of reaching Paris was now gone—gone forever. After the early days of the month, following the German reverse at Chateau-Thierry, no major operations were carried out by either side along the western line during June, but there were numerous local undertakings by the French and not a few by the Americans,all of which resulted disastrously for the enemy. In the Italian theatre of war, the Austrians during this month began an attack along an extended front and obtained a fair measure of success at the start, especially along the Venetian Plains where they succeeded in taking Cape Sile and in crossing the Piave River. Here, however, torrential rains and floods overwhelmed them and carried away their bridges and pontoons which gave the Italians their opportunity, of which they were not slow to avail themselves, with the result that the Italians succeeded in retaking Cape Sile and driving the Austrians back across the Piave River, besides pushing them back to their former positions everywhere else along their extended lines. The Austrian chance of conquering the enemy was now also gone and, as in the case of the Germans, gone forever. In July things began to shape themselves in a way to indicate most unmistakably that Germany’s doom was impending. In sheer desperation, they ven tured upon a new offensive and encountered disas trous defeat. The fighting extended over a wide area in a salient bounded by Soissons, the Ourcq RETROSPECT. River, Chateau-Thierry, the Marne River and then running to Rheims. In the early stages of the move ment the Germans, proceeding under great momen tum, managed to cross the Marne at a number of points, but were soon driven back again, largely as a result of the energetic action of the American forces. They lost Chateau Thierry, were now driven back across the Ourcq River, and steadily and relentlessly the sides of the salient were pressed in, leaving to the Germans no alternative but to retreat, which they managed to do in good order, though forced to destroy large stores of supplies fco prevent their falling into the hands of the foe. The Anglo-French and American forces had now everywhere wrested the initiative from the Germans, and the fine strategy of General Foch was proving effective. In August the achievements of these forces on the battlefields of France and Belgium were even more sensational than those recorded the latter part of July. Aided by the Americans, the French and the British alike dealt powerful blows which the Germans were unable to resist and they had to evacuate practically the whole of the territory wrested from the French in their forward movement of the spring. Not only that, but the famous Hindenburgline, which had been deemed im pregnable, was pierced at a number of points. The German salient between Rheims and Soissons via Chauteau-Thierry, as also the salient from Soissons to Arras via Montdidier and Amiens, was wiped out. On Sept. 2 the French were able to say in an official statement from Paris that in the course of the offensive from July 15 to Aug. 31 the armies of the Allies had taken 128,302 prisoners including 2,674 officers and had captured 2,069 guns, 1,734 mine throwers, 13,783 machine guns and a considerable quantity of munitions, supplies and materials of all kinds. In September further brilliant victories came to the Entente forces and the Americans—victories overwhelming in their magnitude and character and in the extent of the defeat inflicted upon the Central Powers. In the fore part of the month the American troops in the sector of the battle front assigned to them were allotted a most difficult task, namely the reduction of what was known as the St. Mihiel salient (southeast of Verdun and which had been maintained by the Germans since the beginning of the war). The American troops under General Pershing surprised the Germans who, though ex pecting an attack in that quarter, were not prepared for the dash and energy with which it was con ducted. The salient was wiped out in short order, the American forces taking a large number of prison ers and securing much booty. The latter part of this month and the first half of the next American troops also distinguished themselves in their opera tions in the Argonne Forest, where they accom plished the seemingly impossible by cutting their way through the forest—a thing which had never been attempted before in this battleground of the ages. In September, likewise, the French and the British further distinguished themselves for their aggressive forward movement in which the Belgian troops were able to give a very good account of themselves. By the end of the month the Allied forces had among other things taken St. Quentin and practically surrounded Cambrai. After the close of the month it was reported that from July 15 to the end of September the Allies had captured http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis iii on the Western front 5,518 officers and 248,494 men. The booty secured included 3,669 guns, and more than 23,000 machine guns. But the Turks also suffered a great defeat. By clever strategy and a series of swift moves, General Allenby with the aid of the Arabs surrounded the Turks in Palestine and practically annihilated two or three of their armies in that region. The British took over 60,000 prison ers with many guns and large amounts of supplies. Most important of all, perhaps, in Macedonia a campaign against Bulgaria was conducted by armies from Saloniki with such success that by the end of September the Bulgarian Government asked for an armistice. The Allied Powers imposed as a con dition unconditional surrender, which Bulgaria in its helplessness was forced to accept. Thereby Bulgaria detached itself from the Central Powers and this marked the beginning of the end. In the meantime another “peace offensive” had come from Austria in the shape of a proposal from the Austro-Hungarian Government on September 14 to the belligerent Powers that they send delegates to a “confidential and unbinding discussion on the basic principles for the conclusion of peace,” the meeting to be held at an early date in a neutral country. No armistice was at this time suggested and it was stated the discussion “would only go so far as was considered by the participants to offer a prospect of success.” The response of President Wilson was immediate but unyielding. He said: “The Gov ernment of the United States feels that there is only one reply which it can make to the suggestion of the Imperial Austro-Hungarian Government. It has repeatedly, and with entire candor, stated the terms upon which the United States would consider peace, and can and will entertain no proposals for a confer ence upon a matter concerning which it has made its position and purpose so plain.” The end was now brought definitely in view. October saw Turkey and Austria-Hungary in the same helpless plight, both asking for an armistice, with Germany itself making repeated pleas for the same object. The armistice with Turkey was signed on October 31 and, as it happened, on the same day in Mesopotamia Ismail Hakki, Commander of the Turkish Tigris army, surrendered one whole division and the best part of two others to the British. Aus tria on its part was undergoing complete dismember ment. Simultaneously, the Italians began a new and vigorous attack. In utter despair, the Austrian Commander-in-chief on the Italian front was in structed to apply to General F. Diaz, the Italian Commander-in-chief, the Allied Powers having been slow to act on the Austrian proposal of a separate peace which the Austrian Government had evinced its desire to conclude. On October .31 the Austrian commander made application to General Diaz for terms, expressing a desire that further unnecessary slaughter be immediately ended. General Diaz referred the matter to the supreme War Council at Versailles and the latter, as in the case of Bulgaria and Turkey, laid down very hard conditions which, however, were accepted at once. The armistice in this case went into effect at 3 p.m. on Monday November 4. The Adriatic port of Durazzo had been captured from the Austrians by the Italians and British on October 15. On the Western front in France and Belgium, the Allied armies continued their irresistable successes and the Germans evacuated large portions of occu iv RETROSPECT. pied territory in both countries. Among the places taken over during the month were Lens and Armentieres, evacuated by the Germans on Oct. 3, Cambrai taken by the British on Oct. 9, Ostend and Courtrai in Belgium captured by the British Oct. 17, Zeebrugge and Bruges evacuated by the Germans on Oct. 18. Germany itself made repeated pleas for an armistice. These pleas were addressed to President Wilson and asked the latter to arrange with the Allies for an armistice as a preliminary to the eventual conclusion of peace. In order to insure action by Mr. Wilson, the German Government gave unqualified adherence to the principles of a general world peace as laid down by the President in his address to Congress the pre vious January and in several other addresses made later in the year. Such was the suspicion, however, of treachery on the part of the German leaders that Mr. Wilson required special evidence of good faith before he would transmit the request to the European Powers associated with the United States. Through the good offices of the Swiss Government several messages passed between the United States and Germany with that end in view. The close of October saw representatives of the Allied Powers and of our Government in conference at Versailles deliberating upon the terms of the armistice to be offered to the Germans. On Nov. 5 Germany was notified through a communication handed to the Swiss Minister by Secretary of State Robert Lansing that President Wilson had received the reply of the Allied Powers containing the terms of the armistice and also a memorandum of observations from the Allied Govern ments in which the latter made certain reservations in accepting the fourteen principles laid down by President Wilson in his speech of Jan. 8 1918—the so-called fourteen peace principles. These reserva tions related to the freedom of the seas, as to which the Allied Powers pointed out various interpretations were possible and they therefore reserved complete freedom to deal with that question at the peace con ference. The associated Governments also set forth that, inasmuch as the conditions laid down by Mr. Wilson required that invaded territories must be restored as well as evacuated and freed, it should be understood that Germany must compensate for all damage to the civilian population of the Allies and their property by the aggression of Germany by land, by sea and from the air. The President declared himself in accord with these reservations and accordingly the German Government was notified that Marshal Foch had been authorized by the Government of the United States and the Allied Governments to receive properly accredited represen tatives of the German Government and to communi cate to them the terms agreed upon for an armistice. These terms were framed, as in the case of Bulgaria, Turkey and Austria, so as to render it impossible for the enemy to recommence the war and to prevent him from profiting by withdrawing from a critical military situation. The conditions imposed by the Armistice were un questionably the most severe ever laid down by any protocol of peace in the world’s history. The evacu ation of countries west of the Rhine; the occupation by the Allies of the principal crossings at Mayence, Cob lenz and Cologne; withdrawal of the German army beyond a neutral zone to the east of that river; sur render of 5,000 heavy guns and25,000 machineguns; immediate withdrawal of German troops from Austria, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Rumania and Turkey, and surrender to the Allies of all German submarines, with the interning in neutral ports of 74 German warships of various de scriptions, and the disarming of the rest—these were the principal military stipulations; the Armistice to continue thirty days, with option to extend it. Humiliating and hard though the conditions were, they were accepted by the representatives of the German Government after these had had opportunity to communicate with Berlin, and on Monday, November 11, at 5 a.m. French time (or midnight Sunday, New York time) actual signing of the Armistice was accomplished, and it was agreed that hostilities should cease at 11 o’clock the same morn ing, Paris time (or 6 o’clock, New York time). The terms of the Armistice were read by President Wilson before a joint session of the House of Repre sentatives and the Senate on November 11, only a few hours after the document had been signed. The President concluded the reading of the terms with the statement: “The war thus comes to an end,” thereby indicating the absolutely conclusive nature of the arrangement. The articles of peace remained a matter for the future. It was with the idea of seeing them formulated in accordance with the prin ciples of an enduring peace that the President in December committed the wholly unprecedented act of leaving the country during his term of office and going himself to Europe with the view of getting the associated Governments to write a peace compact in a way deemed by Mr. Wilson essential to accom plish that purpose. The principles which it seemed to Mr. Wilson should underlie the peace treaty and which should ever hereafter make war impossible, the President had indicated in several notable addresses during the year. He felt it now incumbent to see that by proper advocacy and persuasion they should find their way into the peace document. The most important out line of the principles or conditions which must control in any arrangements intended to lay the foundations for an enduring peace of world-wide application was furnished by the President in his now memorable address to Congress on Jan. 8 1918 when he enun ciated the fourteen indispensable peace principles which have since become famous and which towards the close of the year served as a basis for the terms of the armistice that ended the war. This address on Jan. 8 came entirely unheralded. Even Congress until within an hour or two of the making of the address was unaware of Mr. Wilson’s purpose in that respect. David Lloyd George, the British Prime Minister, had on Jan. 5 delivered an address at London before the Trade Union Conference in which he had gone quite at length into Great Britain’s war aims and the terms upon which the British Government would be ready to conclude peace. In this address Mr. Lloyd George had enumerated among the requirements that would be insisted upon by the British and Allied Governments, first the complete restoration of Belgium and reparation for the devas tation of its towns and provinces. Next, he said, came the restoration of Serbia, Montenegro and the occupied parts of France, Italy and Rumania. As to the demands of France for the return of AlsaceLorraine, he averred that “we mean to stand by the French democracy to the death.” He likewise declared that “we regard as vital the satisfaction of the legitimate claims of the Italians” and “we also mean to press that justice be done to the men of RETROSPECT. v Rumanian blood and speech.” The German colonies, Aden, Hong Kong and the Falkland Islands. Count he said, would be “held at the disposal of a conference Czernin, the Austrian Foreign Minister, in his address whose decision must have primary regard to the before the Austrian Reichsrath, was much more wishes and interests of the native inhabitants of conciliatory, saying that Austria Hungary and Amer such colonies.” But before permanent peace could ica were virtually in agreement regarding the princi be hoped for three conditions must be fulfilled: ples for new arrangements after the war, though he “First, the sanctity of treaties must be re-established; traversed several of the points in Mr. Wilson’s address secondly, a territorial settlement must be secured and assent was accorded to the other points in more based on the right of self-determination or the consent or less general terms. On February 11 Mr. Wilson once more made a of the governed, and lastly the creation of some international organization to limit the burden of special address to Congress, and again reverted to the armaments and diminish the probability of war.” subject. This time also notification to Congress of Mr. Lloyd George’s declarations coupled with the his intention to address it preceded his appearance ruthless manner with which Germany was imposing by only a very brief space of time. The notification peace conditions upon Russia were thought to have came just before noon, and, when the Senate and had a bearing on the President’s action in making House met, resolutions for a joint session in the House haste to give utterance at that particular juncture to at 12.30 o’clock were adopted. In this address the America’s purposes in connection with the war, and President took occasion to reply to the peace an there was seen in the two addresses more or less nouncements of the German Chancellor and the Aus similarity as to the fundamentals for a basis of peace. trian Foreign Minister. The President stated that The fourteen conditions on which, in the President’s he found Count von Hertling’s reply “very vague estimation, a world peace might be established will and confusing,” but he referred to Count Czernin’s be found in our narrative for January printed on reply as having been uttered “in a very friendly tone.” Mr. Wilson devoted himself mainly to page XXVI of this publication. In reply to these utterances of the President, there attacking the propositions of Germany that the civil came later in the month the speech of Count von questions of territory and sovereignty must be dis Hertling, the Imperial German Chancellor, and also cussed and settled “not (to use Mr. Wilson’s language) the address of Count Czernin, the Austrian Foreign in general council but severally by the nations most Minister. Taking up the points in the program immediately concerned by interest or neighborhood.” for a world peace set forth in President Wilson’s “We cannot,” declared the President, “have general message to Congress, the Chancellor said that an peace for the asking or by the mere arrangements agreement could be obtained without difficulty on of a peace conference. It cannot be pieced together the first four of these points, namely (1) for open out of individual understandings between powerful covenants of peace; (2) absolute freedom of the seas; States. All the parties of this war must join in the (3) removal of economic barriers; and (4) reduction of settlements of every issue anywhere involved in it.” national armament. The fifth point mentioned by The test of whether it is possible for either Govern President Wilson, the Chancellor said, embodied ment to go on in the comparison of views, said the some difficulties. It involved impartial adjustment President, was simple and obvious and the principles of all colonial claims and chiefly concerned England, to be applied, he asserted, were: but should be taken into consideration in respect to First.—That each part of the final settlement must be the return of the German colonies. The sixth point based upon the essential justice of that particular case and related to the evacuation of Russian territory by upon such adjustments as are most likely to bring a peace Germany and therefore concerned only Russia and that will be permanent; Second.—That peoples and provinces are not to be bartered the Central Powers; the seventh point affecting about from sovereignty to sovereignty as if they were mere Belgium could only be settled in peace negotiations, chattels and pawns in a game, even the great game, now for but Germany had never demanded the incorporation ever discredited, of the balance of power; but that Third.—Every territorial settlement involved in this war of Belgian territory by violence. On the eighth point (occupation of French soil) Germany did not must be made in the interest and for the benefit of the popula tions concerned, and not as a part of any mere adjustment wish annexations by violence, but this was a question or compromise of claims among rival States; and only to be discussed by France and Germany; Fourth.—That all well-defined national aspirations shall “however, we cannot talk of the question of Alsace- be accorded the utmost satisfaction that can be accorded Lorraine.” The German Chancellor was also more them without introducing new or perpetuating old elements of discord and antagonism that would be likely in time to or less defiant with reference to the remainder of break the peace of Europe and consequently of the world. the peace proposals of President Wilson. On the ninth and tenth points (readjustment of Italy’s The German Chancellor on Feb. 25, in again frontiers and opportunity for autonomous develop addressing the German Reichstag on the subject of ment of the peoples of Austria Hungary), Germany foreign relations, accepted these four fundamentals remained, he said, solidly with Austria Hungary. of peace “in principle,” and agreed that “a general The status of Poland, etc., would be decided by peace on such a basis is discussable.” “Only one Germany and Austria. The question of the limita reservation is to be made,” he added. “These tion of armament was quite open to discussion and principles must not be proposed by the President of there was no difference between Germany and Presi the United States alone, but they must also be dent Wilson regarding the freedom of the seas. The recognized by all States and nations.” The German thorough freedom of navigation during time of war Chancellor, however, ventured the opinion that as well as in peace was one of Germany’s main President Wilson “who reproaches the German demands and the German Chancellor even went so Chancellor with a certain amount of backwardness, far as to say that for future free navigation it was seems to me in his flight of ideas to have hurried far eminently important that England should be made in advance of existing realities.” He could see to relinquish her strongly fortified points of support “no trace of a similar state of mind on the part of the on international trading routes, such as Gibralter, leading powers in the Entente.” On the contrary, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis VI RETROSPECT. England’s war aims, as expressed in Lloyd George’s speeches, “are still thoroughly imperialistic.” In the meantime, Germany had concluded the BrestLitovsk treaty, stripping Russia of important areas and imposing many other hard and humiliating conditions. But President Wilson, while keeping peace steadily in view, was equally insistent that it was absolutely essential as a first prerequisite that the military power of Germany should be completely and forever destroyed. He was particularly incensed at the action of Germany towards Russia. The oppor tunity came with the opening of the campaign for the Third Liberty Loan when he made an address at Baltimore on April 6, the first anniversary of the declaration of war by the United States against Germany. It was on that occasion that he declared there could be but one response on the part of this country to the German challenge, and used the words that will ever make that speech one of the most dramatic incidents of the war, namely: “Force, force to the utmost, force without stint or limit, the righteous and triumphant force which shall make Right the law of the world, and cast every selfish dominion down in the dust.” On the Fourth of July, in an address at the tomb of George Washington at Mount Vernon where foreign-born citizens of the United States represent ing more than thirty nationalities had gathered to place wreaths on the tomb, in expression of their loyalty to the principles laid down by Washington, the President took further opportunity to declare the purposes that were animating the United States in the prosecution of the war against the Central Powers. Here he amplified somewhat his statement or declaration of the previous January with reference to the fourteen peace principles. The President indicated the following as the ends for which the associated peoples of the world were fighting and which must be conceded them before there could be peace. I. The destruction of every arbitrary power anywhere that can separately, secretly, and of its single choice disturb the peace of the world; or, if it cannot be presently destroyed, at the least its reduction to virtual impotence. II. The settlement of every question, whether of territory of sovereignty, of economic arrangement, or of political rela tionship, upon the basis of the free acceptance of that settlement by the people immediately concerned, and not upon the basis of the material interest or advantage of any other nation or people which may desire a different settle ment for the sake of its own exterior influence or mastery. III. The consent of all nations to be governed in their conduct toward each other by the same principles of honor and of respect for the common law of civilized society that govern the individual citizens of all modern States in their relations with one another; to the end that all promises and covenants may be sacredly observed, no private plots or conspiracies hatched, no selfish injuries wrought with im punity, and a mutual trust established upon the handsome foundation of a mutual respect for right. IV. The establishment of an organization of peace which shall make it certain that the combined power of free nations will check every invasion of right and serve to make peace and justice the more secure by affording a definite tribunal of opinion to which all must submit and by which every international readjustment that cannot be amicably agreed upon by the peoples directly concerned shall be sanctioned. These great objects can be put into a single sentence. What we seek is the reign of law, based upon the consent of the governed and sustained by the organized opinion of mankind. the use of wheat, and meat and sugar as well. In fact conservation in the use and consumption of materials and supplies (not omitting labor) was practiced in every direction. These restrictions and regulations were necessary in order that the produc tion of things so essential to the conduct of the war might be continued with unabated energy, that the military forces of the United States might be properly clothed and fed, and in every way nourished and equipped, and last, but by no means least, that adequate food supplies might be furnished to the countries of Europe associated with the United States in the great struggle. This last was a task of gigantic magnitude. When 1918 opened the situation abroad was that, after nearly four years of war, Great Britain, France and the other Allies were reaching the point of exhaustion in their food supplies and their man power, and the duty rested upon the United States of re-enforcing both, and to do it with no hesitation and with the utmost freedom, because delay or hesitation or stint or insufficiency might make the effort utterly futile. Conservation and privation became all the more necessary inasmuch as our own hoards at home were by no means plenteous and in some respects were actually deficient. That in face of such circumstances the United States was able to meet all the requirements—that it was able to rush both food supplies and troops abroad in almost un limited degree—attests at once the skill and the ingenuity with which the huge undertaking was carried out and the loyalty and the self-denial with which the population supported those in authority. It may be added that from the moment the United States entered the war (in April of the previous year) the further task devolved upon this country of financing the purchases here of all the Allied countries. After the signing of the Armistice, the restrictions were one after another quickly removed, and at the close of the year few of them remained in effect. It was in the case of wheat that meeting European requirements was most difficult. That the task was fully and adequately accomplished constitutes perhaps the most notable achievement of the war in the matter of food conservation. The 1917 wheat crop had been very much reduced, with the result that in the early months of 1918 the possibility of sparing more wheat for export became out of the question unless the domestic consumption was radically reduced and curtailed. The efforts of the Food Administration were therefore directed to that end. By milling regulations under which a greater percentage of extraction was obtained from the wheat in the making of flour; by the enforced use of various sub stitutes for wheat in flour, and by cutting down by various devices the consumption of all food articles in which flour or wheat was a constituent element, the seemingly insuperable task was accomplished. Simultaneously the Food Administration and the Department of Agriculture as well as private initiative were engaged in inducing farmers to bring the 1918 production up to the highest point possible. Favor able weather with the stimulus afforded by the high Government guaranteed price ($2 20 per bushel for wheat at Chicago) crowned the effort with success and the 1918 yield of wheat in the United States proved one of the largest on record, so that the restrictions upon the use of this cereal could be At home the war made necessary many privations. relaxed even before the signing of the Armistice. In a statement issued by the Food Administration These included fuelless days and lightless nights and, in the matter of food, numerous restrictions regarding towards the close of the year and published in the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RETROSPECT. “Chronicle” of Dec. 28, page 2426, a summary was furnished of the really remarkable achievement that was accomplished in the way of the curtailment of the use of wheat. This statement noted that the previous spring the Food Administration had been extremely anxious about the wheat shortage, leading to the promulgation of the regulations intended to cut down the consumption of wheat to the barest necessity in order to meet the needs of the Allies. With a surplus of only 20,000,000 bushels of wheat, the American people through conservation enabled the Food Administration to ship 141,000,000 bushels of wheat. In spite of this conservation, when we reached the 1918 harvest, there was less than a ten-day supply in America. When the new crop came in, it proved to be very large, but not too large to take care of the needs at that time. It was the desire of the Food Administration not to be caught another season with any shortage of this most valuable foodstuff and, with the idea that it was necessary not only to continue shipments of wheat to Europe but to build up a big reserve for the 1919 spring offensive, the Food Administration con tinued to ask the people to use wheat sparingly. The signing of the Armistice changed the situation with wheat im mediately, just as it did with all measures taken with the needs of a continuing war in view. Wheat supplies in distant countries were made available by the cessation of the sub marine menace, and the assurance of a good crop in 1919 undisturbed by war relieved somewhat the necessity of build ing up as large a reserve as was anticipated. As an illustration of the extent to which food restrictions were carried we may note that on Oct. 13 a new food conservation program effective Oct. 21 was announced by the U. S. Food Administration, which carried the rule of conservation further even than all the previous regulations to that effect. This was less than a month before the actual signing of the armistice on Nov. 11 (and as a matter of fact negotiations for the conclusion of the Armistice were then already actively in progress) and indicates the extent to which further sacrifices and privations would have been necessary if the war had been pro longed further. It also indicates the desperate nature of the situation at the time. The new regulations applied to every hotel, restaurant, cafe, club and dining car service in the country. It may be added that it was estimated that approximately 9,000,000 persons were taking their meals in public eating places. The new regulations were meant to carry into effect the announcement of the Food Adminis tration made the previous month that, in fulfilling the American promise to the Allies to send them an increased tonnage of food products in the new fiscal year, public eating places would be called upon “to undertake in many particulars a more strict program than last year.” This announcement of the pre vious month (which was published in the issue of the “Chronicle” of Sept. 28 1918, pp. 1246 and 1247) showed that in order to meet the requirements of the Allied armies and civilian needs, our own armies abroad, the Belgian relief and certain neutral coun ties dependent upon the United States, the interAllied food program called for the shipment from this country during the twelve months ending June 30 1919 of 17,550,000 tons of meats, fats, breadstuffs, sugar and feed grains, as compared with 11,820,000 tons in the year ending July 1 1918. Of meats and fats (beef, pork, dairy, poultry and vegetable oil products) the requirements were estimated at 2,600,000 tons, against 1,550,000 tons; of breadstuffs (wheat and substitutes in terms of grain), 10,400,000 tons, against 6,800,000 tons; of sugar (from United States and West Indies), 1,850,000 tons, against 1,520,000 tons; and of feed grain (mostly army oats), 2,700,000 tons, against 1,950,000 tons. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis vii The new food conservation program, which was designed to supply the 17,550,000 tons of meats, fats, grain, sugar, &c., for export abroad was com prised in twelve “general orders” and the purpose was to bring about a direct reduction in the consumption of food products. This was a change from the series of emergency regulations previously in force with the same end in view, such as meatless and wheatless days and the substitution of one kind of food for another. A reference to the requirements of some of these general orders will indicate their drastic nature. For instance, it was required that no public eating place should allow any bread to be brought to the table until after the first course had been served, that no bread or toast was to be used as a garniture or under meat, that not more than one kind of meat was to be served to a patron at any one meal, that not more than one-half ounce of butter was to be served to any one person at any one meal, that no public eating house was to use the sugar-bowl on the table or lunch counter, and that in no event should the amount of sugar served to any one person at any one meal exceed one teaspoonful or its equivalent. As the Armistice was concluded on Nov. 11 these twelve general orders remained in force only a very brief time. The foregoing plans marked the culmination and climax of the conservation and restriction program. But from the very beginning of the year the American public was called upon to endure many hardships and trials, all of which it is well enough to say were cheerfully borne in a spirit of patience and patriotism no matter what their nature or how severe the denials they imposed. The year opened at a time of intense cold and amid great snow storms, and the winter of 1917-1918 will ever prove memorable for its rigors. As a matter of fact the winter seems to have been wholly without precedent. Here in New York the mercury in the thermometer dropped to 13 degrees below zero just before the opening of the year—that is on Dec. 29 1917—which was the lowest point touched in the records of the local weather bureau which run back to 1880, and is said to have been the lowest in 100 years. And this severe cold, accompanied by tremendous snow falls in practically the whole of the eastern half of the country north of the Ohio and Potomac rivers extended through January and into the early part of February. The winter had begun very early (even the previous November had been colder than usual, while the record for December has just been referred to) and this, together with the priority orders given on Gov ernment shipments of freight and on the freight orders of contractors engaged on Government work, produced a degree of congestion of freight on railroad tracks at eastern seaboard terminal points absolutely without a parallel. It was this perhaps more than anything else that had impelled the Government to take over control of practically the entire steam railroad system of the country at the close of 1917. The situation would have been difficult enough to handle even under ordinary weather conditions. But with the cold so extreme, making out-door work very difficult and impairing the capacity of the loco motives, and with snow imposing additional obstacles, the task became almost insuperable. There was a shortage of coal to begin with, and now the mining and shipping of coal was rendered increasingly difficult at a time when the demand for coal was enormously augmented. Indeed the scar viii RETROSPECT. city of coal amounted almost to a famine along the Atlantic seaboard, but especially at New York and in New England. The inclemency of the weather made relief from the fuel scarcity all the more impera tive and yet all the more difficult to effect. In large measure the scarcity of coal followed from the inability to get loaded cars out of terminal points to the consuming districts. The situation finally be came so desperate—ships being unable to leave port because of the inability to get coal, and schools in considerable number being obliged to close up in this city and elsewhere—that extraordinary measures had to be resorted to in the endeavor to furnish relief. Late in the night of Wednesday, Jan. 16, there came the startling announcement that the Fuel Administrator had decided to order the withholding of fuel from manufacturing establishments in the whole of the eastern half of the country for the five day period beginning Jan. 18 and ending Jan. 22, thus compelling the closing down of such manufac turing establishments, and also to deny the use of fuel not alone to manufacturing establishments but to office buildings, retail stores and nearly all other activities for ten successive Mondays beginning with Monday Jan. 21, which formed part of the five day period. The order applied to every factory east of the Mississippi including the whole of the States of Minnesota and Louisiana. Previous to this, on Jan. 10, the Fuel Administrator had issued a series of orders calling for the conservation of fuel by indus tries not absolutely essential in the prosecution of the war. It proved possible in February to modify the Mon day general closing order. On Feb. 8 it was modified to the extent of suspending the heatless Mondays so far as all the States south of Virginia were con cerned . General suspension of the heatless Mondays was announced on Feb. 13 so that Monday, Feb. 11, proved the last of the fuelless Mondays instead of March 25 as originally provided. In the suspen sion order, however, the Fuel Administrator left with the State Administrator power to continue whatever restrictions they considered necessary and the New England Fuel Administrator felt that condi tions were not such as to warrant suspension of the heatless Monday in his territory on Feb. 18. On Feb. 20 he too found it possible to fall in line. The latter part of February—Feb. 25— the order which had been issued by the New York State Fuel Admin istrator under date of Jan. 1 in regard to lightless nights was rescinded effective March 1. This was the order providing for six lightless nights as regards outdoor illumination. Even then however attention was called to the fact that an order from Washington providing for two lightless nights a week, namely Sunday and Thursday, still remained in effect. Lightless nights were not altogether abolished until April 25. On July 19, however, a new lightless night order (effective July 24) with a view to enforc ing the conservation of coal was announced. Under this order the use of light generated or produced by the use or consumption of coal, gas, oil, or other fuel for illuminating or displaying advertisements, announcements or signs or for the external ornamen tation of any building was discontinued entirely on Monday, Tuesday, Wednesday and Thursday of each week within New England and the States of New York, Pennsylvania and New Jersey, Delaware, Maryland and the District of Columbia and on Mon day and Tuesday of each week in all the remainder http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis of the United States. Certain restrictions as to street illumination and public lighting in cities, villages and towns also formed part of the order. It was not until late in the year that all restrictions as to outdoor lighting were discontinued. In such a general review of the year it would be impossible even to enumerate all the various meas ures taken to enforce economy in the use of fuel. We may mention, however, that as a gasolene con servation measure the request was made the latter part of August by the U. S. Fuel Administration that the use on Sundays of automobiles, motorcycles, and motor boats be discontinued in the United States east of the Mississippi River until further notice. This action was taken to meet a threatened shortage of gasolene for shipment overseas created by the increased domestic demands and the extensive mili tary operations in France. There was nothing mandatory about the request, though it was stated that only voluntary compliance would prevent the issuance of a mandatory order prohibiting the Sun day use of gasolene. No mandatory order, however, was found necessary. In a pure spirit of patriotism the entire population abstained from the use of motor cars and motor boats on Sundays—the one day of the week when pleasure of this kind is always so largely indulged in. On Oct. 17 the Fuel Admin istration announced the withdrawal of this request not to use automobiles, motorcycles and motor boats on Sundays. We have already indicated the extreme measures that were resorted to in October in order to enforce conservation in the consumption of food products. It seems proper to state that the movement for food conservation was in progress from the very beginning of the year. In fact, it dates back to the previous year. The control of the United States Food Ad ministration over food commodities was considerably extended under a proclamation by the President dated Jan. 10 1918 and made public on Jan. 14. By this proclamation importers, manufacturers and distributors of a number of essential foodstuffs and cattle fodder were placed under license. On Jan. 26 further steps in the effort to effect conservation in food in order to meet the needs of the Allies were taken when President Wilson made public a procla mation dated Jan. 18 calling for a 30% reduction in the consumption of wheat and also for the observance of new wheatless and meatless restrictions outlined in an announcement made on the same day by United States Food Administrator Herbert C. Hoover. Under the new rules promulgated at that time by Mr. Hoover two wheatless days were decreed— Monday and Wednesday—instead of Wednesday only as theretofore called for; in addition the request was made that one wheatless meal be observed each day. Besides this, wheat substitutes were asked for in the making of bread at home, while bakers, hotels and restaurants were called upon to conform to new requirements in the making of bread; the new product, which was designated “Victory bread,” was to contain at the start (Jan. 28) not less than 5% of cereals other than wheat, the amount to be in creased until a minimum of 20% of such cereals was established on Feb. 24. Millers were required to increase their milling percentage from 2% to 4% by producing the standard barrel (196 pounds) from 264 pounds of wheat. It was about this time also— Jan. 25—that the discontinuance of trading in Janu ary corn on the Chicago Board of Trade was an RETROSPECT. nounced, the idea being to eliminate the speculative element as affecting food prices and food regulations. It was in January, too, that wholesale prices for storage creamery butter for New York and Chicago, the New York prices to govern other points in sea board territory, were announced by the United States Food Administration. In the case of meat, too, further restrictions were imposed. Besides meatless Tuesday, already in vogue, the public was asked that one meatless meal each day be observed and that on Tuesday and Saturday no pork products be con sumed. The following March 29, in Washington, 500 leading hotel men from all parts of the country pledged themselves to abolish the use of wheat products in their establishments until the imperative need for increased wheat exports had passed. In February President Wilson issued a proclama tion fixing the price for the 1918 wheat crop at $2 20 per bushel, the same as that fixed for the 1917 crop. The price announced was for No. 1 Northern spring wheat at Chicago with a scale of differentials for other markets. Under the Food Control Act a mini mum price of $2 had been stipulated for the 1918 crop, but bills were at this time being introduced in Congress to increase the price, one raising it to $2 50 a bushel, another to $2 65 and still another to $2 75. The action of the President was intended on the one hand to head off legislation of this kind which would have operated to upset the Administration’s food program, and on the other hand to stimulate spring planting by assuring to the farmer certainty as to the price to be received, the price named being con sidered adequate for the purpose. The following June, after the Government had put into effect higher freight rates on the railroads, this basing price of $2 20 for wheat was increased to $2 26 to cover the additional transportation charge. At this time also the capital of the Food Administration Grain Corporation, through which the Government’s deal ings in wheat were carried on, was increased by Execu tive order from $50,000,000 to $150,000,000. Through a rider to the Agricultural Appropriation Bill, Congress again sought to impose a higher price. The movement began in March when such a rider was attached to the bill as it passed the Senate on March 21; the House which had previously passed the bill rejected the amendment on April 1. A deadlock between the two Houses then developed which was not broken until July 6 when the House agreed to a minimum guaranteed figure of $2 40 a bushel which the Senate then accepted. But the President inter fered with a veto saying that it would add $2 a barrel to the price of flour and further increase the cost of living. On September 2 the President issued a proclamation fixing the guaranteed price for the 1919 wdieat crop (fully a year in advance) and again named $2 26 as the basing price at Chicago, though a Joint Agricultural Advisory Committee of the Food Administration and the Department of Agriculture, composed of farmers throughout the country, had recommended to the President the fixing of the minimum price of the 1919 crop at $2 46. We have already stated that in November and December after the signing of the Armistice the different food restric tions were rapidly removed one after another. As a matter of fact, it became apparent early in the sum mer, as far as wheat was concerned, that in view of the very large crop raised in the United States there would be ample supplies for all needs, and on August 1 hotels, restaurants, clubs and dining cars http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ix were released from their voluntary pledge of the pre vious March (referred to above) to abolish the use of wheat products until the new harvest. With the lifting of these self-imposed restrictions, public eating places were required to comply only with the baking regulations and to serve Victory bread. As another indication of the Government’s allembracing regulations over the nation’s activities, it should be stated that under two proclamations issued on Feb. 15 the entire foreign trade of the United States was made subject to control by license. This action was one of the steps taken to reduce ocean carriage of non-essentials in order to release ships for transportation of troops and war materials. On March 21 Dutch shipping in American harbors was taken over after prolonged negotiations had failed to bring about an agreement with Holland compatible with the military necessities of the United States. At the same time similar action was taken by Great Britain with the Dutch ships in English harbors. A proclamation issued by Presi dent Wilson on the previous day sat forth that the law and practise of nations accorded to a belligerent Power the right in times of military exigency and for purposes essential to the prosecution of war to take over and utilize neutral vessels lying within its juris diction, and that the imperative military needs of the United States required the immediate utilization of the Netherlands ships then in U. S. harbors. It would take page after page to enumerate all the restrictive measures imposed by the Government in the exercise of the arbitrary powers with which it was invested during the period of the war. As a rule the climax was reached in the two or three months just preceding the signing of the Armistice. It will be possible to mention here only a few of these so as to indicate their nature and show how all-pervading they were. Thus on Sept. 17 President Wilson signed a proclamation ordering all breweries to be closed down on Dec. 1. From Oct. 1 on, the brewers were confined to the use of malt and hops already in stock, and manufacture had to cease altogether in December. The War Industries Board promulgated regulations for the control and use of paper, for the consumption and manufacture of wool, furniture, hats, cotton goods and a variety of other things. Both direct and indirect savings were aimed at. For instance, in the manufacture of spool cotton, the regulations were framed so as to effect conserva tion of lumber, cardboard, twine, nails and other materials “and to relieve the burden on railroads by cutting down to the extent of at least 600 cars a year the number of cars necessary to transport the material used in the industry.” The size of spools had to be reduced, the number of colors cut down, &c., &c. In the manufacture of rubber footwear, the new schedules provided for the elimination of 5,500 styles, it was said, of rubber footwear,and restricted intro duction of new lasts other than as required by the Government. Catalogues, price lists, &c., had to be condensed, packing in cartons in large measure discontinued, and likewise the use of tissue paper, wherever possible. A curtailment in the production of the felt shoe and bedroom slipper industry was another economy meas ure, and of like manner were restrictions affecting manufacturers of felt heel pads and inner soles. In straw hat production a conservation program was arranged for the manufacturers of men’s straw and body hats, restricting styles, height, width of brim X RETROSPECT. and trimmings. The brass bedstead manufacturers also had to accept a conservation program which made it necessary to reduce thenumberof patterns, to restrict the use of tubing for posts, reduce the height of head ends and foot ends, &c., &c. On Sept. 26 the War Industries Board issued an order directing every retail store to discontinue the unnecessary wrapping of merchandise and to reduce consumption of wrapping paper, bags, paper boxes, office sta tionery, &c. On Oct. 1 a conservation program for the bicycle industry was put into effect in which the manufacture of racing models and of juvenile models had to be entirely discontinued, as also many ac cessories, while there w’as a rigid limitation in styles and in the use of handlebars, grips, saddles, tires, &c. Quite early in the year, that is in June, an immediate reduction in the number of types and sizes of auto mobile tires from 287 to 32 was determined upon, while provision was made for further reduction so that by Nov. 1 1920 (had the war continued) all but nine types and sizes would have been eliminated. Indeed, no industry in the country had to submit to greater regulation and restrictions than the manu facturers of automobiles. This was because their facilities had to be turned to war uses. Thus, though the automobile manufacturers at a special meeting in Detroit had voluntarily agreed to curtail the production of passenger cars 50% beginning Aug. 1, this was not deemed sufficient by the War Industries Board, which in the summer announced that the automobile industry would have to get on a 100% war work basis at once. The manufacturers were advised that “the War Industries Board cannot at this time make any promise whatsoever regarding the supply to your industry of steel, rubber or other materials for any definite period in advance,” and the Board it was stated believed it was to the best interest of all manufacturers of passenger automobiles to get on 100% war work “as rapidly as possible and not later than Jan. 1 1919, for in no other way can you be sure of the continuance of your industry and the preservation of your organization.” In an an nouncement on August 17, the War Industries Board stated that automobile manufacturers had already accepted war orders aggregating between $800,000,000 and $900,000,000 and that in view of the fact that the war requirements of steel and rubber ex ceeded the supply and made automobile curtailment necessary the War Service Committee of the National Automobile Dealers Association had agreed to recom mend ways and means to stop the unnecessary use of passenger cars and increase their utilitarian uses. After the Armistice the makers of automobiles were one of the first to be granted their old time freedom. On Sept. 17 a general furniture conservation pro gram covering material, labor, transportation and capital was announced. This went into the minutest details, providing for instance that in the case of dining room furniture the use of mirrors was to be eliminated entirely, the manufacture of dining room arm chairs to be discontinued, the sizes of dining table tops to be limited, etc., also that the number of patterns manufactured be reduced at least 50% on active patterns as compared with July 1 1917. The different schedules here were to take affect Jan. 1 1919, but the armistice, of course, changed all this and made^the carrying out of the program unnecessary. A schedule for shoe manufacturers was announcedjas early as June 29 which eliminated certain leathers and fabrics, including light gray, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis pearl, smoke, natural chrome, various colors of tan, etc., and in October a standardization of shoes into three classes, with prices ranging from $3 to $12 a pair, the latter being fixed as the maximum price at which shoes might be retailed in the United States after all articles of the agreement had become effec tive, was announced. In October the steel pen in dustry had to yield to subjection, the manufacture of brass and nickel-plated pens to be discontinued, no new types or styles of pens to be introduced during the war and the variety of existing types and styles to be reduced materially. There was curtailment also by the War Industries Board in the manufacture of sewing machines, oil stoves, electric heating appli ances, etc. It was provided that during the six months period from Oct. 1 the manufacture of electric heating appliances, oil stoves and sewing machines must be curtailed to 50% of the six months’ produc tion during 1917, watches and watch cases to 70% and metal stamps and stencils, rubber stamps, metal tags or badges for industrial purposes to 75%. The discontinuance of the manufacture of certain electrical utensils and appliances such as carburetor heaters, frying pans, waffle irons, peanut roasters, soup kettles, stew pans, etc. was called for under restrictions issued by the War Industries Board on Sept. 29. The most unsatisfactory feature connected with the war was the attitude of labor. The labor leaders professed loyalty and patriotism, but were insistent on higher wages and these demands were repeated over and over again. In some cases the demands were preceded by strikes, in other cases stoppage of work was threatened in the event of a refusal to grant increased pay. In the end the men in all instances got the greater portion of what they asked, the demands being usually fixed inordinately high so that they might be whittled down and yet give the men sub stantial additions to their previous rates of pay. The matter was usually referred to wage boards who had leanings strongly in favor of the men and the result therefore was a foregone conclusion. In the anthracite coal fields, the miners were in October granted a further increase which averaged one dollar a day or six dollars per week. This was in addition to the huge wage increases granted the miners in May and December of the previous year. A large increase in the price of coal at the mine and to retail buyers followed as a matter of course. The addition granted to miners in this case was stated to be a readjustment of wages in the anthracite regions to accord with the stabilization of wages in various competing industries, and U. S. Fuel Administrator H. A. Garfield refused at the same time to grant to bituminous coal miners a further increase in wages. One of the striking incidents of the year growing out of the wage increases, and the further'rise in the cost of living occasioned thereby, was the liberal manner in which profits were fixed in determining the profits that might be charged in selling to the retailer and in reselling by the latter to the consumer. The price of milk in this city was repeatedly advanced until in December the quotation for grade A milk stood at 19 cents a quart, one of the.main reasons given for this being that wages and other items in volved in producing the milk and in handling it after it reached the city had so greatly risen. The truth is, entirely false standards were set up as to both wages and profits. It is a well known fact that before the war oranges could be bought at 2@3 cents RETROSPECT. apiece and very good ones at that. In October the Federal Food Board in this city decided that a fair profit for fruit dealers—profit, be it remembered— would be two cents apiece in the case of small oranges and three cents in the case of large oranges; in other words, that in reselling to the consumer the street fruit venders were entitled to add two cents apiece for small oranges and three cents apiece for large oranges. The railroads were under trying conditions and constituted a weak feature of the economic aspect. With the Government in full control of their affairs, the freight congestion and traffic blockades, which prevailed at the close of 1917 and became intensified in the early days of 1918 because of the unprecedent edly cold weather and the heavy snowfalls, were event ually overcome, though in the meantime the popula tion had to endure many hardships and much priva tion, as already set out above. The Railroad Ad ministration reduced passenger train service, sent freight by the shortest routes, put terminals to the common use of all roads instead of the exclusive use of the particular carrier owning them, and in that and other ways managed to derive • benefits and ad vantages under common control which could not have been obtained had the different roads continued to be operated as separate.entities. But the price paid for this was heavy. Mr. McAdoo as DirectorGeneral of Railroads was very lavish in dealing out wage increases, and the worst of it was that the wage increases were made retroactive for a long period back. These wage increases of course could only be met by increasing transportation charges. Here also the Director-General proceeded in arbitrary fashion, being virtual dictator with accountability to no one for his acts. In.March the Inter-State Commerce Commission, which while the roads were under private control, persistently refused to sanction any substantial advances in rates, now reversed its policy and, in the case of the roads in Eastern territory, allowed the general commodity freight rate increase of 15% requested, and which had previously been refused in these very cases. It was estimated that the effect would be to add about $58,000,000 to the annual revenues of the Eastern roads. But this proved to be a mere bagatelle to what was to come. In May the first general and sweeping increases in wages were made by the Director-General in accor dance with the findings of the Railroad Wage Com mission which he had appointed the previous Jan uary, though in some instances the Director-General went beyond the recommendations of the Com mission. The men involved on this occasion con sisted largely of the members of the four railroad Brotherhoods who had obtained such huge wage increases the previous year. It was calculated that these new wage increases now made would add $350,000,000 to the yearly payroll of the railroads, but in a letter written at the beginning of August Mr. McAdoo put the amount of addition at $475,000,000 per annum. Following this general wage increase which was promulgated May 26, Mr. McAdoo on May 27 ordered increases in railroad freight rates and pas senger fares. The increase in freight tariffs was 25% all around, while passenger fares were as a rule raised from 2 or 2J^ cents a mile to 3 cents. The new freight rates, covering both inter-State and intra-State traffic, became effective June 25 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis xi and the increases in passenger fares June 10. It was estimated that the higher rates would yield between $800,000,000 and $900,000,000 additional revenue to the railroads within the next year. Comment then was to the effect that the Director-General was providing much more extra revenue than he would need, even allowing for the fact that he might have to pay out $120,000,000 to $150,000,000 more for coal, but the Director-General continued his policy of wage increases, taking up one class of employees after another, even where the employees had not asked for better pay, and, in pursuance of a scheme which appeared to be meant to exploit social theories, marked wages up all the way from 50 to 100% and over in that large body of railroad help calling for comparatively little skill. In this way the addi tions to expenses soon began to outrun the increases in revenues, large and imposing though these proved to be. Railroad returns in the first half of the year before the advance in transportation rates proved unsatis factory. Gross revenues recorded substantial in creases in all the months except January when the freight congestion and snow blockades seriously interfered with railroad operation, but net earnings showed heavy losses, in part because of the adverse weather conditions, and in June, when the accounts were charged with the extra outlays involved in the retroactive feature of the wage awards, the falling off in net reached the prodigious sum of $142,338,571. The second half of the year it was supposed all this would be changed, owing to the higher transportation charges put into effect. The half year did open very auspiciously and for the month of July the returns showed $117,661,315 gain in gross over the same month of the preceding year or 34% and $34,466,131 gain in net, or over 31%. August also gave a pretty good account of itself, the increase in net, though reduced in amount, still being $24,312,758, or in excess of 20%. In September, however, the gain in net dwindled to $3,190,550; in October this was changed into a loss of $15,493,587; in November there was again a loss and yet larger in amount, namely $19,927,774; and for December the falling off reached $41,648,870 or almost 50%. The result was that the last six months of the year, instead of wiping out the loss in net of the first six months, added still further to the same. The Railroad Control Bill which laid down the conditions under which the compensation for the use of the roads by the Government was to be fixed passed both Houses of Congress in March and was signed by the President on March 21. But much time was consumed in drawing up a standard form of contract for the purpose, and, when at last it was put in final shape, it did not prove acceptable to the carriers; and, though subsequently modified some what by the Director-General after hearing the objec tions of railroad officials, much reluctance continued to be manifested about entering into formal contracts, with the result that at the end of the year very few roads had actually executed and signed the contracts. In July after a strike had been called by a small body of telegraph operators, Congress gave the Presi dent authority to take over the telegraph and tele phone lines of the country. The President acted promptly and on July 23 issued a proclamation placing all telegraph and telephone lines under Government operation and control at midnight July 31. The President in his proclamation placed xii RETROSPECT. Postmaster-General Burleson in charge of the ad ministration of the telephone and telegraph systems. Under the Congressional resolution the President was also empowered to assume Government control of the cable and radio systems, but these were not then included in the President’s proclamation. On Nov. 16, however, in a proclamation dated Nov. 2, the President quite unexpectedly took possession of the cable systems. This last step elicited sharp criticism inasmuch as the practical ending of the war had removed all occasion for the arbitrary exercise of power of that kind and a belief grew up that the object in view in taking the step had been to exercise censorship over press communications that might be sent over the lines during the President’s sojourn in France in connection with the peace negotiations. This imputation the Postmaster-General repudiated. The financial requirements of the Government were of course of • prodigious magnitude and necessarily Government borrowing was on a correspondingly huge scale. At the same time tax levies were very heavy under the law of 1917, and the year was dis tinguished for the preparations being made for the levying of still heavier taxes to apply on the business income and profits of the calendar year 1918, though the signing of the Armistice with Germany on Nov. 11, with the resultant curtailment of war expenditures for the remainder of the fiscal year, led to a modifica tion of policy in that respect—contemplated rates of taxation being at the instance of Secretary of the Treasury McAdoo materially lowered from the figures fixed upon by Congressional leaders during the summer months, when it was supposed the war would have to be prosecuted with undiminished vigor for the remainder of the fiscal year. The new war revenue bill was then under consideration by the Senate Finance Committee, and the result of the new developments in the shortening of the war was that the provisions of the measure had to be recast in essential particulars, the consequence being con siderable delay so that the bill did not become a law until after the close of 1918. In the spring Congress had shown a disposition to put off the subject of new revenue legislation until the autumn. A Congressional election was impend ing and members of Congress were anxious to get home and look after personal political interests. The Administration was not in accord with this, and ac cordingly President Wilson on May 27 quite unex pectedly appeared before a joint session of the two houses with the request that Congress remain in session until new revenue legislation had been accom plished. Secretary McAdoo had been insistent that early revenue legislation be effected but Congres sional leaders had balked and hence Mr. Wilson thought it best personally to intervene. It was in delivering this special message that the President coined the noted phrase, “Politics is adjourned.” Parenthetically, it might be remarked that this did not prevent Mr. Wilson from urging the following autumn that the people return a Democratic Congress, which doubtless was done without any political mo tives whatever, but to which the country responded by completely changing the political complexion of both branches, a Republican House of Representa tives being returned and the opposition gaining enough members in the Senate to make that branch of Congress Republican, too, after March 4 1919. “We are not only in the midst of war,” declared the President in his message on May 27, “we are at http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis the very peak and crisis of it.” “Our financial pro gram,” he contended, “must no more be left in doubt or suffered to lag than our ordnance program or our ship program or our munition program, or our program for making millions of men ready. . . That is the situation, and it is the situation which creates the duty. . . . There is only one way to meet that duty. We must meet it without selfishness or fear of consequences. Politics is adjourned. The election will go to those who think least of it.” In citing the facts, the President stated that “Additional revenues must manifestly be provided for. It would be a most unsound policy to raise too large a proportion of them by loan, and it is evident that the $4,000,000,000 now provided for by taxation will not of themselves sustain the greatly enlarged budget to which we must immediately look forward. We can not in fairness wait until the end of the fiscal year is at hand to apprise our people of the taxes they must pay on their earnings of the present calendar year whose accountings and expenditures will then be closed. We cannot get increased taxes unless the country knows what they are to be and practices the necessary economy to make them available.” In indicating how the additional taxes should be raised the President said: “We shall naturally turn, I suppose, to war profits and incomes and luxuries for the additional taxes. But the war profits and incomes upon which the increased taxes will be levied will be the profits and incomes of the calendar year 1918. It would be manifestly unfair to wait until the early months of 1919 to say what they are to be. It might be difficult, I should imagine, to run the mill with water that had already gone over the wheel.” As we have already seen, the course of events with regard to the war was such as to defeat Mr. Wilson’s well-meant efforts, and tax payers did not come to know until 1919 what the rate of their taxes was to be. Congress responded to the Presi dent’s request by remaining in session, and the House Ways and Means Committee under the Chairmanship of Mr. Kitchin, acted promptly in beginning the work of framing the new revenue bill. This work was completed with the presentation of the bill to the House on Sept. 3. Undue delay was not per mitted and the bill passed the House on Sept. 20. The delay in the Senate has already been referred to, together with the complete change in the state of things bearing upon the continuance of the war. As redrafted by the Senate Finance Committee to square with this new situation, the War Revenue Bill was not presented to the Senate until December 6, as already noted. Following the President’s special message on May 27 1918, the Secretary of the Treasury on June 5 addressed a letter to Chairman Claude Kitchin of the House Ways and Means Committee outlining the probable requirements of the Government for the fiscal year ending June 30 1919 and making sug gestions as to how the increased revenue was to be provided. Mr. McAdoo estimated that the Treasury would actually have to disburse during the fiscal year approximately $24,000,000,000. For the fiscal year ending June 30 1918 the Secretary said the Government’s cash disbursements would amount to between $12,500,000,000 and $13,000,000,000. Of this amount about one-third would be found to have been raised by taxes and two-thirds by loans, all represented by long time obligations—that is, bonds of the first, second and third Liberty Loans and War RETROSPECT. Savings Certificates. The Secretary added: “We shall thus have completed fifteen months of the war with a financial record unequaled, I believe, by that of any other nation.” And from first to last the Secretary insisted that one-third of the cost of the war must be raised by taxes. Existing laws provided only $4,000,000,000 revenue from taxation and with total expenditures as then estimated of $24,000,000,000 that would have left $20,000,000,000 to be raised by loans. The reasons impelling against borrowing so large a proportion of the total disbursements Mr. McAdoo set out as follows: “This would be a surrender to the policy of high interest rates and inflation with all the evil conse quences which would flow inevitably therefrom and which would, I firmly believe, bring ultimate disaster to the country. We cannot afford to base our future financing upon the quicksands of inflation or un healthy credit expansion. If we are to preserve the financial strength of the nation, we must do sound and safe things, no matter whether they hurt our pockets or involve sacrifices—sacrifices of a relatively insignificant sort as compared with the sacrifices our soldiers and sailors are making to save the life of the nation. The sound thing to do is unquestionably to increase taxation, and the increases should be determined upon promptly and made effective at the earliest possible moment.” The Secretary then went on to urge that not less than one-third of the $24,000,000,000 estimated expenditures for the fiscal year 1919, or $8,000,000,000, should be raised by taxation. Mr. McAdoo recommended that “a real war profits tax at a high rate be levied upon all war profits” and that there should be a substantial increase in the amount of normal income tax upon so-called unearned incomes. He pointed out that under existing law earned incomes above certain exemptions were taxed 4% as an in come tax and 8% as an excess profits tax, making a total of 12%, while unearned incomes, derived from securities, &c., were taxed only 4%. The 8% tax he urged, should be recognized as an income tax and the rate of 12% (4% normal and 8% excess profits) should be retained in .respect to earned incomes, while a higher rate than 12% should be imposed on unearned incomes. In the law, as finally enacted, Congress followed Mr. McAdoo’s recommendations in levying a high war profits tax “and in fixing the normal income tax at 12% (except on amounts up to $4,000 where the rate is only 6%) but not in making a distinction between earned incomes and unearned. The super taxes were also heavily increased. The signing of the Armistice on November 11 1918 naturally changed very materially the probabilities as to Government requirements and the amounts to be raised by taxation. The Secretary of the Treasury was prompt to recognize the altered situation and on November 14 wrote a letter to Chairman F. M. Simmons of the Committee on Finance of the United States Senate, giving his ideas as to how the revenue bill then under Committee consideration should be altered to meet the changed requirements. In this letter the Secretary pointed out that the collapse of Germany necessitated “instant reconsideration of the financial problems before the Government, the most immediate of which is that presented by the new revenue bill now before the Finance Com mittee of the Senate.” The Secretary pointed out that the prompt enactment of a revenue bill was im perative. The existing law, he asserted, was not satisfactory to the country nor to the Treasury. On the other hand, the revenue bill which had passed http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis xiii the House was more stringent than the changed situation would justify. The Secretary figured that, instead of $24,000,000,000 being required to meet expenditures for the fiscal year ending June 30 1919, $18,000,000,000 might suffice. He accordingly re commended a substantial reduction in the amount to be raised under the bill as it had passed the House. Changes had been made or were in contemplation by the Senate which, taken together with the anti cipated elimination of revenue from liquor taxes, would reduce the amount to be raised from the $8,000.000,000 or more provided for in the House bill to some $6,300,000,000. Further changes, he thought, might with safety be made in the bill with a view to reducing the amount of taxation to $6,000,000,000. He therefore recommended the immediate amendment of the pending bill so as to provide that with the collection of the taxes levied upon war and excess profits for the calendar year 1918 and payable in the year 1919 the war and excess profits taxes should come to an end except in so far as might be necessary to subject to these taxes profits which, though arising from contracts entered into during the war period, would under existing regulations technically be profits of 1919 and not profits of 1918. His idea was that the pending revenue bill be revised with a view to yielding $6,000,000,000 payable during the calendar year 1919 and $4,000,000,000 during the calendar year 1920. The revenue bill as eventually enacted was along these lines. In his annual report to Congress under date of Dec. 2, the Secretary of the Treasury pointed out that during the year the stupendous financial needs of America and the nations associated with her in the prosecution of the war had been met. Further more, that the payment into the Treasury of vast sums in war taxes and from bond sales had been accomplished without shock or financial disturbance. The statement is literally true. Two large loans were floated during the year, the one denominated the Third Liberty Loan in the spring, and the other termed the Fourth Liberty Loan in the autumn. Both were unqualified successes, the latter in the amount of money raised surpassing every other Gov ernment loan in the entire history of the world. The Third Liberty Loan was offered to the public on April 6, the first anniversary of the country’s declara tion of war against Germany. The subscription period extended from April 6 to May 4. As against the 3)4% interest rate in the First Liberty Loan and the 4% rate in the Second Liberty Loan, both floated in 1917, the rate was now raised to 4)4%. The financial world, indeed, was generally of the opinion that the rate would have to be 4)4%, but the Secre tary of the Treasury was confident that he could float a 4)4% issue, and events proved that this con fidence was fully justified. The achievement was the more noteworthy as the bonds of both the First Liberty Loan and the Second Liberty Loan, both carrying the privilege of conversion into the new bonds bearing the higher interest rate, were during the whole of the campaign selling in the market at substantial discounts from par. Indeed, these Third Liberty Loan bonds when dealings in them began on the Stock Exchange after the close of the campaign confirmed previous indications in showing that the bonds from the first would sell below par inasmuch as the range of prices on May 10 when transactions in the bonds began was 99.10@98.40, and during the remainder of the year the first-named price continued xiv RETROSPECT. the high figure and the quotation in late periods got down as low as 94.70. Obviously, in these circum stances, but one conclusion is possible, namely, that the success of this Third Loan was the result of a patriotic outburst in which the whole population joined, taking the bonds because the Government needed the money for the prosecution of the war and giving themselves little concern as to the probable market price of the issue. The bonds were dated May 9 1918 and carried only a ten-year period of maturity, being payable Sept. 15 1928. Subscrip tions had been invited for $3,000,000,000 with the right reserved to allot additional bonds up to the full amount of any over-subscription. The aggre gate subscriptions reached $4,176,516,850, all of which were accepted. Preliminary to the placing of the bonds, the Liberty Loan Act had to be amended first by authorizing an increase in the interest rate and in a number of other particulars. Thus, the total amount of bonds that the Government might put out under the various loans was raised from $7,538,945,460 to $12,000,000,000, while the amount of obligations of foreign Governments engaged in war with the enemies of the United States which the Treasury was authorized to purchase was increased, from $4,000,000,000 to $5,500,000,000 and the amount of Treasury Certificates of Indebtedness authorized to be outstanding at any one time was increased from $4,000,000,000 to $8,000,000,000. Unlike the bonds of the First Liberty Loan and the Second Liberty Loan, these Third Liberty Loan bonds are non-convertible—that is, carry no right of con version into later issues even if bearing higher in terest rates. In the matter of tax exemption, the bonds were similar to those issued under the Second Liberty Loan, being exempt from all taxation (a) estate or inheritance taxes and (b) graduated addi tional income taxes, commonly known as surtaxes, and excess profits and war profits taxes, the interest, however, on $5,000 of the bonds being exempt from the taxes under subdivision (b). Under a further amendment of the law, the Secretary was authorized to purchase each year 5% of each outstanding issue of Liberty bonds other than the 3^s—this for the purpose of sustaining market prices. The selection of the 4)4% interest rate was with the idea of stabilizing the interest rate at that figure, and the same consideration prompted the Secretary of the Treasury in adhering to the same rate when offering the bonds under the Fourth Liberty Loan. Further amendments, however, to the Liberty Loan Act were made as a preliminary to floating the new loan. These amendments further increased the authorization for Liberty Bonds from $12,000,000,000 to $20,000,000,000 and the authorization for the purchase of obligations of the foreign Govern ments at war with the enemies of the United States from $5,500,000,000 to $7,000,000,000, this being additional to the $3,000,000,000 orginally author ized, making $10,000,000,000 altogether thatmay be loaned to the associates of the United States in the war. Like the Third Liberty Loan Bonds, these Fourth Liberty Loan Bonds were non-convertible into other issues but they were given additional exemption from taxes. It was provided that the interest on $30,000 of bonds of the Fourth Liberty Loan should be exempt until two years after the termination of the war from surtaxes and excess profits taxes and war profits taxes. The taxpayer who subscribed for $30,000 of these bonds and still http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis held them at the time of making his tax returns would also receive an exemption from such taxes for a like period as to the interest received after Jan. 1 1918 on an aggregate amount of $45,000 of bonds of previous Liberty Loans (not including 3) 4% bonds of the First Liberty Loan which are permanently and totally exempt except as to estate and inheritance taxes) and subscribers in lesser amounts would receive a proportionate similar ex emption. The Fourth Liberty Loan under these terms and conditions was offered to the public on Sept. 28 and subscriptions closed on Oct. 19. By this time it had become tolerably certain that the Central Powers would presently be obliged to give up the struggle thoroughly vanquished and that hence the war in stead of being further prolonged was drawing to an early close. Whether this tended to retard sub scriptions or to accelerate them, it would be difficult to say. The campaign, however, was carried on with relentless energy, though an undoubted re tarding influence was the prevalence of the influenza epidemic which swept over the country during the progress of the campaign and forced the abandon ment of many public meetings which had been planned to help the loan. In the end, the sub scriptions overtopped the mark. Subscriptions had been invited for $6,000,000,000 with the right re served to allot additional bonds up to the full amount of any oversubscription. Actually, $6,989,047,000 of bonds were subscribed for, all of which were ac cepted. In addition to the Liberty Bonds put out, the Treasurer obtained roughly $1,000,000,000 from the sale of War Savings Certificates. As $2,000,000,000 of bonds were placed under the First Liberty Loan (the subscriptions for this loan aggregated $3,036,226,850 but only $2,000,000,000 was accepted) and $3,808,766,150 under the Second Liberty Loan (aggregate subscriptions for this loan reached $4,617,532,300), the total amount represented by the four loans is $16,974,330,000 to which the War Savings Certificates adds another billion dollars, making altogether $17,974,330,000 realized. The number of subscribers to the First Liberty Loan was some what over 4,000,000; to the Second Liberty Loan approximately 9,400,000; to the Third Liberty Loan 18,376,815, and to the Fourth Liberty Loan approxi mately 21,000,000. Some improvement in the market values of the earlier issues of Liberty Bonds was brought about during the peogress of the Fourth Liberty Loan campaign, the Third Liberty Loan 4)4s at one time having sold as low as 94.70 and the 4)4s converted from the Second Liberty Loan as low as 93.10, but dealings in the Fourth Liberty 4)4s began at 98 and never sold higher than 98.10 and in December under large liquidating sales got as low as 94, with the close December 31 at 95.34. In the Secretary of the Treasury’s annual report it was shown that the auth ority granted in April 1918, preparatory to the float ing of the Third Liberty Loan, to purchase bonds selling below par in the endeavor to give stability to market prices had been availed of to a quite con siderable extent. To October 31 1918 the Secretary reported $172,445,000 of Second Liberty Loan 4s and 4)4s of 1927-1942 had been purchased for $165,199,543; also $70,935,500 of Third Liberty Loan 4)4s for $68,479,278 besides $656,000 of First Liberty Loan converted bonds of 1932-1947 for $631,621.*72 RETROSPECT. As a preliminary to the floating of both the Third Liberty Loan and the Fourth Liberty Loan large issues of Certificates of Indebtedness were put out from time to time in pursuance of the plan inaugur ated in 1917. These certificates served not only to provide the Treasury in advance with the money needed but they had the effect of smoothing the path and paving the way for the prospective large perma nent loans. There was an element of compulsion connected with the taking of these Certificates of Indebtedness, for the banks were told in plain and unequivocal terms that they were expected to place or take these certificates in their respective areas up to a certain fixed percentage of their resources. Thus, on Feb. 6 1918 Mr. McAdoo as Secretary of the Treasury sent a letter or circular to every bank and trust company in the United States, apprising the same that, between that date and the time for floating the Third Liberty Loan, Treasury Certifi cates of Indebtedness in amounts of $500,000,000 or more would be offered for subscription every two weeks. He pointed out that it was his desire to postpone the issuance of the coming new Liberty Loan until conditions would insure a wide distribu tion of the bonds throughout the country, and in order to carry through this program with success and to provide for the military expenditures of the United States and the Allies he must have the whole-hearted co-operation of the bankers of the United States. To that end he requested the board of directors or trustees of each bank and trust company to reserve each week out of its loanable funds for the use of the Government about 1% of the gross resources of their institution, not to exceed in the aggregate 10%, and to invest that amount in Treasury Certificates of Indebtedness. The exact amount, interest rate, date and maturity (not exceeding 90 days) of each issue of certificates, he said, would be announced from time to time by him through the Federal Reserve banks. The appeal proved successful. Certificates were offered at intervals to the banks for subscriptions in accordance with the plan here out lined and every offering was fully subscribed. In his annual report Mr. McAdoo says that, including an issue dated Jan. 22 1918, six issues aggregating $3,012,085,500 were offered in anticipation of the Third Liberty Loan. The rate of interest in the Jan. 22 issue for $400,000,000 and the Feb. 8 issue for $500,000,000 was 4%; in all other issues 4J^%. The policy of issuing Treasury Certificates of In debtedness in anticipation, and of making an urgent appeal to the banking institutions throughout the country to take the same, was also applied in the case of the Fourth Liberty Loan. On June 12 1918 Mr. McAdoo again sent a letter to every bank and trust company in the United States outlining the Treasury “program for the ensuing four months in order that every bank and trust company in the United States may have adequate notice and be able to prepare itself to meet patriotically the require ments of the Government.” The expenditures of the Government, he said, as nearly as could be esti mated would require the sale of Certificates of In debtedness up to the first of November 1918 aggre gating approximately $6,000,000,000. This, it will be seen, was a more ambitious and much larger pro gram than the earlier one, the Government’s financial needs having expanded with the growth of its mili tary projects—the European war situation at this time wearing a desperate look. The Secretary noted http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis xv that this new program would involve the issue every two weeks of about $750,000,000 of certificates sub stantially similar in character to the issues preceding the Third Liberty Loan, except that they would have various maturities not exceeding 4 months. Mr. McAdoo, however, qualified this statement with reference to the probable weekly offerings by saying that it was contemplated that “at a convenient and favorable period during the summer, an offering will be made to the general public directly, and through the banks, of an amount yet to be determined, perhaps $2,000,000,000 of certificates of suitable maturities for use by tax payers in paying next year’s taxes, viz.: taxes payable June 1919 levied under existing and pending legislation.” To the extent that certificates of that character were sold, substantially an equival ent reduction in the amount of the regular fortnightly sale of certificates issued in anticipation of the new Liberty Loan would be effected. This second call being so much larger than the first call of the same character, it was necessary of course for the banks to be prepared to apply a correspond ingly larger proportion of their total resources for the purpose. In the February program banking institutions had been asked to set aside 2% for each period of two weeks or a total of 4% monthly. Now it was stated that the Federal Reserve banks must advise all national and state banks in their respective districts that the amount of certificates they would be expected to take would equal roughly “2^% of the gross resources of each bank and trust company for every period of two weeks or a total of 5% monthly.” Seven offerings altogether were made in connection with this June program, ranging from $500,000,000 to $750,000,000, and every offering was largely oversubscribed, a total of $4,659,820,000 being pur chased. All these certificates had a maturity of ap proximately 120 days, and they all bore 4J^% interest. In November, after the signing of the Armistice, that is, on Nov. 27, Mr. McAdoo made a third appeal to the country’s banking institutions, this time asking them to take Treasury certificates in anticipation of the Fifth Liberty Loan to be floated in 1919. In this letter the Secretary pointed out that the proceeds of the Fourth Liberty Loan in excess of the amount of Treasury certificates issued in anticipation of that loan had been exhausted, while the remaining installment payments to be made on subscriptions to the Fourth Liberty Loan would but little more than cover the Treasury cer tificates issued in anticipation of that loan and as yet unpaid. Some time must necessarily elapse before the passing of the country from a war basis to a peace basis could be reflected in a material diminution of the daily cash outgo from the Treas ury. Uncertainties with respect to pending revenue legislation made it impracticable and inexpedient to borrow further in anticipation of internal revenue tax es. It seemed wise, therefore, to plan for one more great popular campaign in the spring of 1919 for the sale of bonds (which the Secretary declared should be of short maturities) and meanwhile to provide for the Government’s necessities by the issue of Treasury certificates at fortnightly intervals, the same as in the previous loan campaigns. The first issue of the new certificates, it was announced, would be dated Dec. 5 1918 and would mature May 6 1919 with interest at 4^%; and similar issues, it was expected, would be made on Thursday of every other week following Dec. 5. While it was not at XVI RETROSPECT. the moment possible to forecast the cash disburse ments of the Government during the period of some • five months which must intervene before the pro ceeds of another great public loan could reach the Treasury nor therefore to announce the minimum amount of each fortnightly issue of certificates, the indications were that the offerings would not be less than $500,000,000 nor more than $750,000,000. Federal Reserve banks were therefore again di rected to advise all national and State banks in their respective districts that they were expected to take certificates up to 2j4% of the gross resources of each bank and trust company for every period of two weeks or a total of 5% monthly. The first offering of certificates in this new program, made on Nov. 27 simultaneously with the forwarding of the letter, was for $600,000,000 and subscriptions closed Dec. 10. It was oversubscribed, the pur chases reaching $613,438,000. The second bi weekly offering of these Certificates of Indebtedness was announced by Mr. McAdoo on Dec. 12 and consisted of certificates dated Dec. 19 1918 and payable May 20 1919 for a minimum amount of $500,000,000, the rate of interest as in the other offering being 4)4% • Subscriptions were received up to and including Dec. 26, and aggregated $572,494,000. A third bi-weekly offering was announced on Dec. 27 and consisted of 4)4% certificates dated Jan. 2 1919 and maturing June 3 1919 for a minimum amount of $750,000,000. After the close of the year it was announced the subscriptions had aggre gated $751,684,500. It has already been indicated that in addition to the issue of Treasury Certificates of Indebtedness in anticipation of coming loans the Secretary from time to time issued certificates in anticipation of internal revenue receipts from income taxes. Beginning to ward the close of 1917 or, to be exact, on Nov. 30 1917, and ending May 15 1918, the Secretary offered at monthly intervals in anticipation of the payment of taxes Certificates of Indebtedness payable June 25 1918. The rate of interest in these certificates was only 4% per annum. They were receivable in paymen of income and excess profits taxes and a total of $1,624,403,500 was issued. On Aug. 16 1918 the Secretary inaugurated a similar policy with respect to the income and excess profits and war profits taxes to be collected in 1919 on the income of the calendar year 1918. On that day the Secre tary announced an issue of 4% certificates maturing July 15 1919. The issue was closed on Nov. 6 and the total amount of certificates sold was $157,552,500. On Nov. 6 1918 it was decided to increase the rate of interest on tax Certificates of Indebtedness from 4% to 4)4% to conform to the rate borne by certificates issued in anticipation of loans. Ac cordingly, a new series of tax certificates was offered on that date, bearing interest at 4)4% from Nov. 7 1918 and payable March 15 1919. This issue was for a limited amount and it was announced that tax certificates of the preceding series would be receiv able with adjustment of accrued interest in payment for tax certificates of the new series. It was also announced that it would be the plan of the Treasury to issue tax certificates periodically with maturities coinciding with the installment dates for the payment of income and profit taxes contemplated by the then pending revenue bill. Subscriptions to this Nov. 7 series of tax certificates closed Nov. 27 and the aggre gate taken was $794,172,500. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis In addition to the regular certificates of indebted ness issued by the Secretary in anticipation of loans and those issued in anticipation of taxes, the Secre tary found it necessary from time to time to issue certificates of very short maturity and for temporary purposes. The most of these remained out for only a few days, some only for a single day, and with the exception of a one day issue for $18,000,000 nego tiated in October in Philadelphia were all taken by the Federal Reserve Bank in New York. Being only temporary obligations, the aggregate amount involved is of little consequence; still it is rather interesting to find that including $450,000,000 is sued towards the close of 1917 no less than $2,000,000,000 altogether of these temporary cer tificates had been altogether put out from time to time up to Oct. 31 1918. With the Government obliged to borrow on such a prodigious scale, it became necessary to conserve the uses of capital and of credit in all other direc tions. Steps to that end were taken very early in the year. Indeed, the movement may be said to have been begun towards the close of 1917. The principal means employed for effecting such con servation was through the creation of the War Finance Corporation, in connection with which there was provision for the establishment of a Capital Issues Committee. The function of this Capital Issues Committee was to pass upon all propositions for the use of new capital or for the extension of new credit and to distinguish between those essential for the carrying on of the war and those which might be considered non-essential for that purpose. The Committee’s supervision had reference to capital expenditures for both public and private enterprises. The necessity for such action had become apparent before the close of 1917 at which time suggestions were made to the Secretary of the Treasury having in view control of new enterprises and new issues of securities. Pending action by Congress, Mr. McAdoo in January 1918 requested the Federal Reserve Board to pass upon such proposals for new security issues involving the expenditure of capital as might be referred to it by the Treasury or other wise submitted to it and to advise whether or not such issues should be made. The matter was not only a question of the conservation of capital, but of material and labor. Corporations and bankers were urged before entering into contracts requiring the use of labor and material, or before placing or agreeing to purchase new security issues, to confer with the Federal Reserve Board in order that it might determine whether the particular undertaking contemplated was necessary for the public health and welfare or contributed directly or indirectly toward the winning of the war. Paul M. Warburg as Chairman together with F. A. Delano and C. S. Hamlin were appointed as a Capital Issues Com mittee to carry on the work and to pass upon cases voluntarily submitted to it. Allen B. Forbes, Henry C. Flower and Frederick H. Goff were ap pointed as an Advisory Committee and served vol untarily in co-operation with this Capital Issues Committee. All this represents merely the preliminary stages of the work for curtailing new capital expenditures and the conservation of credit. Up to this point the Capital Issues Committee had no legal standing. In the War Finance Corporation Act, however, which became a law on April 5, distinct provision was made RETROSPECT. by Title II of the Act, for the creation of a Capital Issues Committee of seven members. This Com mittee as appointed by the President and confirmed by the Senate consisted of C. S. Hamlin as Chairman, John Skelton Williams and F. A. Delano, all of whom were members of the Federal Reserve Board, and Henry C. Flower, President of the Fidelity Trust Company of Kansas City, Mo., Frederick H. Goff, President of the Cleveland Trust Company, Cleve land, Ohio, John S. Drum, a banker of California, and James B. Brown, of Kentucky, President of the National Bank of Commerce of Louisville. To this Committee was delegated the duty of investigating and determining whether it was “compatible with the national interest that there should be sold or offered for sale or for subscription any issue, or any part of any issue, of securities hereafter issued by any person, firm, corporation or association, the total or aggregate par or face value of which issue and any other securities issued by the same person, firm, corporation or association since the passing of this act is in excess of $100,000.” The Act was not to be construed, however, so as “to authorize such Committee to pass upon (1) any borrowing by any person, firm, corporation or association in the ordinary course of business as distinguished from borrowing for capital purposes; (2) the renewing or refunding of indebtedness existing at the time of the passage of this act; (3) the resale of any securities the sale or offering of which the Committee has de termined to be compatible with the national interest; (4) any securities issued by any railroad corporation the property of which may be in the possession and control of the President of the United States; or (5) any bonds issued by the War Finance Corporation.” The Committee under the law has no punitive pow ers. The Secretary had recommended that the Committee be authorized to prohibit the sale of such securities as did not seem to it compatible with the public interest, and the prescribing of penalties to be imposed for the sale of any securities which the Committee refused to approve. Congress, how ever, did not see fit to endow the Committee with any such powers, and no penalties were prescribed for failure to submit to the Committee proposed new security issues. The Secretary in his annual report complains that this had the effect of somewhat hampering the activities of the Committee and of making the law less effective than it otherwise would have been. As a matter of fact, voluntary co-opera tion on the part of those having new security issues in view was so general that the wisdom of Congress in not giving sanction to compulsory processes in that respect and in relying on the good sense and pat riotism and the force of public sentiment to yield ac quiescence to the decisions of the Committee may be said to have been amply demonstrated. The Com mittee was not formally organized until May 17, and, according to the annual report of the Secretary of the Treasury, from that date down to October 21, 1918 the Committee had examined nearly 2,000 applications and these applications covered proposed security issues aggregating approximately $2,350,000,000, of which approximately $450,000,000 were held to be issues which could be postponed because involving new extensions not contributory to the winning of the war. On December 24 it was announced that, in view of the rapid changes that had taken place since the signing of the Armistice,the Capital Issues Committee had voted to suspend its activities on http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis xvii December 31. The announcement said that “the Committee will not be dissolved but wall remain inactive unless it is found that the sale of new securities competes unduly with Government finan cing or for other reasons it may become desirable for the Committee to resume its work.” As a matter of fact, the life of the Capital Issues Com mittee under the law extends until six months after the termination of the war unless the President by proclamation shall at an earlier date declare that its services are no longer necessary. With reference to the War Finance Corporation Act itself, apart from the Capital Issues Committee, the object of this was to create an instrumentality to supply essential credit to the war industries of the country. With the Government making such im perious demands and in such huge volume upon the financial resources of the country, it was manifestly important that the industrial undertakings essential to the conduct of the war should not be left without necessary means to carry on their activities. The War Finance Corporation Act constitutes the Secre tary of the Treasury and four additional persons a body corporate by the name of the War Finance Corporation. It was provided with a capital of $500,000,000, all of which was to be subscribed by the United States and that amount was appropriated immediately out of the Treasury. Its life is not to extend beyond six months after the termination of the war except for the purpose of winding up its affairs. The management of the Corporation is vested in the Board of Directors of five members already referred to, namely, the Secretary of the Treasury, who is made Chairman, and four other persons appointed by the President with the advice and consent of the Senate. The President appointed as the four members, William P. G. Harding of Alabama and Angus W. McLean of North Carolina, Clifford M. Leonard of Illinois and Eugene Meyer, Jr., of New York. Allen B. Forbes had been nom inated one of the four members but had declined, whereupon Mr. Leonard was named instead. Owing to the illness of Mr. McAdoo, the War Finance Cor poration was not formally organized until May 17. The money market was kept under perfect con trol during the year. This must be held to have been an achievement of no mean order, considering the Government’s huge financial operations as out lined above. At no time was there anything having even the remotest semblance to stringency and money rates were never allowed to go unduly high. The use of the word “allowed” indicates the employ ment of arbitrary power in the maintenance of the condition referred to and of course, as has already been made plain above, there were restrictions upon the use of capital and of money the same as of every thing else. It was war time when more or less ar bitrary rule displaced or held in subjection for the time being the operation of economic laws; and the money market and the cost of money was under regulated control instead of functioning in the cus tomary way. The Federal Reserve banks proved important aids in the control of money rates and of money supplies as well, and their facilities wTere employed with great freedom notwithstanding that Federal Reserve officials acted with proper caution in extending accommodation to borrowers, by which we mean that it can be affirmed that the huge loaning powers of these banks were never reck lessly employed or made the means of promoting xviii RETROSPECT. inflation beyond what was absolutely necessary for the conduct of the war and for carrying on the country’s industries. The total of Federal Reserve notes in actual circulation on Dec. 27 1918 was $2,685,244,000, as against $1,246,488,000 Dec. 28 1917, showing an increase of over $1,438,000,000 during the year and in addition there were $117,122,000 of Federal Reserve bank notes (which are like ordinary national bank notes and against which no gold reserve is required to be kept) comparing with only $8,000,000 on Dec. 28 1917. In the same interval the gold holdings of these Federal Reserve institutions increased from $1,671,133,000 to $2,090,274,000. Necessarily the ratio of gold to liabilities was greatly reduced but it never reached a point so low as to occasion apprehension. The ratio of gold to net deposit liabilities at the close of 1918 was only 53.1%, against 72.1%, and the ratio of gold to Federal Reserve notes in circulation was 52.2, against 78.5. The banks increased discounts from $680,706,000 on Dec. 28 1917 to $1,702,938,000 Dec. 27 1918, showing clearly the purpose for which the additional notes were put out. Prac tically the whole of the $1,013,000,000 increase in discounts for the year, perhaps more, represents loans made on war paper. This appears from the circumstance that of the total of bills discounted Dec. 27 1918 $1,400,371,000 represented bills se cured by Government war obligations while no more than $302,567,000 represented discounts on other classes of paper or presumably mercantile obliga tions. The division between the two classes of paper is not known for Dec. 28 1917, since at that time it was not the custom to separate the two classes in the weekly returns. Besides the assistance the Federal Reserve banking system was able to give the devices created by Con gressional action were useful to the same end, namely in keeping the money market well in hand. These devices operated to that end in both a negative and a positive way. Through the rigid supervision ex ercised by the Capital Issues Committee of the War Finance Corporation on new capital creations and new security emissions, the call upon the investment and the money market was alike reduced, while on the other hand the War Finance Corporation itself with its $500,000,000 capital and an authorized bond issue of $3,000,000,000 provided the means for mak ing direct loans in aid of the country’s industries. In addition the $500,000,000 revolving fund placed at the command of the Federal Railroad Administration put it within the power of the Government to aid the carriers to that extent at least, even though it was far from adequate for the purpose. Mr. McAdoo in his report as Secretary of the Treasury asserts the War Finance Act was passed to create an instrumen tality to supply essential credits to the war industries of the country. He says that when the legislation was under consideration it was feared that the Gov ernment’s enormous borrowings might absorb so large a proportion of the available funds of the country as to leave even the nation’s essential industries without the necessary financial resources to adjust their production to the increased demands of the war. The scheme of the act was, as he points out, that the Corporation primarily should extend finan cial assistance to these industries indirectly through the banks of the country and only in “exceptional cases” directly to the war industries themselves. The banks did not, however, avail themselves to http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis any great extent of the resources thus provided. Up to Oct. 31 1918, applications for aid aggregating $323,329,232 had been received by the Corporation and the total advances made by the Corporation footed up no more than $67,716,342, of which there had been repaid $29,863,747 leaving only $37,852,594 of advances outstanding at the date given. Mr. McAdoo points out that the creation of the Corpora tion illustrated a common phenomenon, namely that to afford financial relief it is frequently not money which is needed, but the assurance that money may be had should it be wanted. “Not only from what the Corporation has actually done but perhaps even more by the assurance which it has afforded of relief in case of need, there is no doubt that the Corporation in the circumstances of the financial situation arising out of war has amply justified its existence.” It is to be said that public utility com panies were avid for direct advances under the “exceptional cases” clause and to such enterprises unlimited amounts could have been advanced, but here the Corporation had to act with great circum spection. The Corporation at the very inception of its work issued a statement defining its attitude towards this class of applicants. This statement which was issued May 27 1918 and published in the “Chronicle” of June 15 (page 2503) said that the Directors of the War Finance Corporation did not feel that they had any authority under the law to make loans except upon adequate security as required by the Act, and they were convinced that the inability of a utility company to earn a sum at least sufficient to pay its fixed charges, taxes, maintenance and repairs was conclusive evidence of the inadequacy of its own obligations as security. “The Directors of the Corporation feel that the locality served by these various public utility enterprises should not expect the War Finance Corporation to make advances to any utility company whose statement shows that it is in actual need of increased revenue. It is a matter for the local authorities to determine whether or not an increase in rates sufficient to maintain the enterprises as a going concern should be granted.” The significance of this statement and the need of it will appear when it is recalled that public utility concerns all over the country were confronted with rising costs of operation (higher wage schedules, increased cost of fuel and everything else, entering into operating accounts) with inability to obtain public sanction for advances in rates, making borrow ing by them out of the question. In the local money market, the sub-committee on money of the Liberty Loan Committee played an important part in preventing an undue rise in money rates. On the Stock Exchange call loans on ordinary mixed collateral at no time were permitted to rise above 6% (though where the collateral consisted exclusively of industrial securities the quotation was )/2 of 1% higher) and the latter part of the year dur ing the campaign for the Fourth Liberty Loan the rate was held unchanged at 6% day after day for several weeks and 6% was also the maximum of the year for time money for all dates of maturity. From the last week of August until the last week of No vember, there was no variation whatever from the 6% rate for time loans of all dates, and, as a matter of fact, by reason of the financing connected with the Fourth Liberty Loan, the quotation was merely nominal, representing the maximum charge per annum on such loans, though the truth is,[time|loans RETROSPECT. were scarcely obtainable at all, the banks being un willing to tie up their funds in that way, and Stock Exchange borrowers were obliged in their borrowing to confine themselves entirely to call loans. There was a period in the spring, namely in March, April and May, when 6% was also the sole and only rate for time loans. This period coincided very closely with the campaign for the Third Liberty Loan and the time immediately preceding and succeeding the same. The Money Committee (whose existence dates back to September of 1917) exercised its functions in a twofold capacity—(1) in loaning when the ordinary supply of loanable funds was unavailable or exhausted and (2) in seeing to it that credit for Stock Exchange uses was held down to strictly necessary requirements, the employment of banking credit for Stock Exchange speculation being strictly discountenanced. In the first capacity the Money Committee was obliged to act only on a few occasions, generally wdien the campaigns for Government flota tions of one kind or another were in progress or impending. In the second capacity its authority and functions may be said to have been almost continuously employed, though its existence became particularly in evidence when there appeared danger of speculation or when signs of speculation began to make themselves manifest. One period of this kind occurred in the summer and autumn. The latter part of July the Committee once more requested daily returns from the banks and trust companies as to their loans and general condition as it had done under similar conditions in the previous year. In August quite a perturbation was created on the Stock Exchange by reports that loans connected with Stock Exchange transactions might be ruled as occupy ing a position in the non-essential class, which would have been tantamount to denying any loans at all for the purpose. Nothing actually developed along these lines, but the month was noteworthy for the efforts made to enforce the curtailment of credits and to limit borrowing to absolute needs and to industries which could not in any way be classed as non-essential. The previous month (on July 6) the Federal Reserve Board had addressed a letter to all banks and trust companies requesting them to exercise “a reasonable discretion to restrict credits which are clearly not needed for the prosecution of the war nor for the health and necessary comfort of the people” and at the same time asking the Federal Reserve banks in every practicable way to bring about a better understanding of the necessity for the conservation. Acting in accordance with that suggestion, the board of directors of the Federal Reserve Bank of New York on Aug. 5 made public a minute adopted on July 31, in which the directors declared themselves in full sympathy with the views of the Reserve Board and directed the officers of the bank, in such ways as might be appropriate, to express to the banking institutions of the district the importance and necessity of conserving credit. On Aug. 23 the New York Federal Reserve Bank fol lowed up this action by addressing a letter to the banking institutions in the New York district in which these institutions were urged now to take up the work of conserving credit “systematicaly and conscientiously.” There was significance in the sug gestion that saving of credit by banks, in order to help the situation as a whole, must be the result of saving on the part of borrowers. Shifting loans from http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis xix one institution to another, or sales of collateral which merely throw the burden upon other shoulders, it was declared, save no credit. The letter urged that a careful analysis of loans and lines of discount be made in order to determine definitely what credits then in use were not directly connected with Govern ment financing or the production or distribution of things necessary to maintain the health and effi ciency of the country’s armed forces and the civilian population. But, as far as the Stock Exchange was concerned, the incident of the month which excited most at tention was a warning contained in a statement issued on Aug. 29 by Gates W. McGarrah, Acting Chairman of the local Money Committee, to the effect that “any disposition to indulge in specula tive commitments, based on borrowed money, must of necessity lead to an increase in rates that will prove corrective.” On the battlefields of Europe very striking victories were being won by the Allies, and there were some pronounced indications of a tendency to revive Stock Exchange speculation which of course would have called into requisition banking credit so urgently needed for legitimate purposes. Accordingly new efforts were put forth to prevent anything of the kind. On Sept. 5 Ben jamin Strong, Governor of the New7 York Federal Reserve Bank and Chairman of the Liberty Loan Committee addressed a letter to the President of the Stock Exchange requesting that members of the Exchange be called upon to furnish a daily statement of the amount of money borrowed on time and on call. Mr. Strong stated that the re quest was only one of a number of measures under taken by the Money Committee with the object of exercising by mutual understanding among the institutions and firms in the city such reasonable and necessary control of the employment of credit as would insure no interference with the financial operations of the Government in conducting the war. The Stock Exchange authorities acted promptly and at a meeting of the Governing Committee held Sept. 6 a resolution was adopted authorizing the Committee on Business Conduct to require from members of the Exchange or their firms a daily statement of the amount of money borrowed on time and on call. In October, on account of the increase in Stock Exchange speculation, still more stringent measures were taken to prevent extension of credit for Stock Exchange uses. A series of conferences with this end in view was held at the Federal Reserve Bank and extended over three days—Oct. 22, 23 and 24. The outcome was a recommendation by the Money Committee that for the time being a 30% margin be required by the banks on all regular loans instead of the customary 20% margin and a corres ponding increase in margins on other loans, the in crease to be made effective November 4. These recommendations were embodied in a letter addressed to the President of the New York Stock Exchange who was one of the bankers participating in the con ferences. In his letter Mr. Strong stated that the daily reports which were being received from members of the Exchange disclosed a considerable increase in the loan account, when having due regard to the financial requirements of the Government there should be no increase in borrowing for Stock Exchange purposes. In November considerable pressure was brought to induce the Money Committee and the XX RETROSPECT. Stock Exchange authorities to relax the restrictions against Stock Exchange borrowing. At a meeting of the Governors of the Exchange on November 4, a resolution was adopted providing for the appoint ment of a committee to consider the money situation and to confer with the Money Committee. The only effect, however, was that on November 29 a slight modification of the restrictions was announced. The modification consisted in removing the restrictions in their application to temporary borrowings by mem bers of the Exchange to finance for purposes of dis tribution, the purchases of bonds and notes for their own accounts. Members, however, were required to include as a separate item such borrowings in their daily reports. The Money Committee would have expired by limitation on January 10, but, though the Capital Issues Committee voted on December 24 to suspend its activities at the close of the year, announcement came on December 30 that the local Money Committee at the request of the Treasury Department would continue its operations for the time being so as, on the one hand, to prevent an in crease in the rate for call money and, on the other hand, to prevent expansion of the loan account. The latter part, however, of January in the new year, on advices from the Stock Exchange that “there is now nothing to indicate the probability of a specu lative movement which will absorb large amounts of money,” the Committee reached the conclusion that control by the Stock Exchange Committee might be suspended and voted to end its own activities, though the Stock Exchange authorities were requested to continue the requirement of daily reports from members of the Exchange of their borrowings until after the next Liberty Loan was placed. It remains to be said that the gigantic operations of the Government in financing its extraordinary re quirements were handled in a very skillful way so as to reduce to a minimum disturbance of the money market. The proceeds of the issue of Treasury certificates of indebtedness and the Liberty Loan payments were all promptly redeposited in the banks, and therefore there was no lock up of funds in Treas ury vaults. Nor was there any lock up in the Federal Reserve banks, the Secretary of the Treasury not having repeated the mistake he made at one time in the previous year of leaving large amounts on deposit with the Federal Reserve institutions, but having kept his surplus funds directly with the mem ber banks and with trust companies and mercantile banks generally. The Government deposits with the New York Clearing House institutions several times during the year aggregated over $500,000,000, but Dec. 28 were only $177,559,000. The deposits here, however, constituted only a small portion of the aggregate deposits throughout the whole country. This aggregate reached no less than $1,752,094,000 Nov. 6 and on Dec. 311918 wrs $652,061,000. The re serves of the New York Clearing House institutions varied greatly from week to week, but may be said to have had little influence upon money rates and the changes themselves had very little significance since the Government borrowing played such a large part in the same and since an increase or decrease in Government deposits or an increase or decrease in borrowing at tljie Federal Reserve Bank controlled results so largely. It should be added in conclusion that, though local money rates by reason of the func tioning of the Money Committee, never got above 6%, this furnishes no criterion of what had to be http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis paid on security issues by corporations that had to report to the investment market to supply their needs for new capital or to take up maturing obli gations. Here high rates had to be paid, some se curity issues of prime character being placed at figures netting the investor 7%, 7^% and even higher. The course of foreign exchange remained more or less under arbitrary control—which means that it was not governed by natural influences but subject to war conditions—as far as the belligerent countries associated with the United States were concerned. With reference to Great Britain and France, this was true throughout the whole year. In the case of Italian exchange, our Government did not intervene until the Italian lire had become exceedingly depre ciated and dropped to very low figures in the early part of the second half of the year. In its loans to the Entente Powers and the other countries associated with it in the war, the United States had of course an important means for attaining the object in view, namely, the maintenance of exchange rates, but it was also found necessary to extend direct support to the exchange markets, and in the case of Italy the Federal Reserve Bank of New York may be said to have fixed definitely and absolutely the quotations at which transactions in exchange were carried on after regulation was actually begun. In his annual report to Congress, the Secretary of the Treasury adverts to this feature of the situation. After point ing out that from the time of the entry of the United States into the war, the great bulk of the country’s exports had moved to the Governments of the Allies in Europe for war purposes and that these exports were in effect sold on credit since payment therefor was made from loans granted by the United States, he goes on to say that “to preserve the credit of the Governments of the Allies and to maintain their purchasing power in foreign markets, the Treasury has permitted the support of the exchanges of Great Britain (and Canada), France and Italy upon the United States exchange markets.” He also noted that so long as the United States supported the ex changes of the countries named, exports (of mer chandise) wer£ almost equally valuable from a purely exchange standpoint whether made by the United States or by such countries. As to the part played by foreign loans and credits, these, he observed, con stitute a means of Temporarily relieving the exchange situation and by postponement afford an oppor tunity to obtain relief by means of proper trade measures, and said the U. S. Treasury had urged upon the Governments of the Allies the necessity of their obtaining neutral currencies through loans or credits or the sale of the foreign securities held by them. Furthermore, he said the U. S. Treasury had itself effected arrangements for stabilizing exchange in a number of neutral countries. He remarked (what of course is perfectly plain) that the results achieved by the Governments of the Allies and by the Treasury had materially aided in maintaining the value of the American dollar in foreign countries and that the trend of the exchange market had indicated a very substantial improvement in the exchange rate of the dollar. War restrictions prevented settlement of adverse balances by gold shipment On Sept. 7 of the pre vious year (1917) the President had issued a procla mation and executive order authorizing the Federal Reserve Board to restrict the exportation of coin, bullion and currency. Mr. McAdoo states that before the task of controlling the movement of gold had been carried very far it became evident that in order to make this control effective it would be necessary to establish control of foreign exchange operations. Such control was found necessary not only to prevent transfers of funds for enemy account or for the benefit of enemies, but also in orcer, as RETROSPECT. far as possible, to control the causes leading to de mands on our market for gold. Accordingly under the authority conferred by the Espionage Act and the Trading with the Enemy Act, which latter be came a law on Oct. 6 1917, the President by execu tive order of Oct. 12 1917 had vested in the Secre tary of the Treasury “the executive administration of any investigation, regulation or prohibition of any transactions in foreign exchange, export, or ear marking of gold or silver coin, or bullion, or cur rency, transfers of credit in any form (other than credits relating solely to transactions to be executed wholly within the United States) and transfers of evidences of indebtedness or of the ownership of property between the United States and any foreign country or between residents of one or more foreign countries by any person within the United States.” On Nov. 23 1917 the Secretary had designated the Federal Reserve Board to act as his agency to carry out such administration. Subsequently, on Jan. 26 1918, the President issued an executive order vesting all necessary authority in the Federal Re serve Board to act as the agency of the Secretary of the Treasury in the matters referred to, and pur suant to such authority the Board established a division of foreign exchange with headquarters in New York City to obtain complete reports con cerning operations in foreign exchange and to super vise the transmission of funds to foreign countries. In the case of sterling exchange, with the aid of the loans and credits extended by our Govern ment and the direct control exercised by the British Treasury the fluctuations in rates were kept within a narrow compass. Taking sight bills as an indi cation, the low figure was 4 75% in January and the high figure 4 76 1-16 in August. In cable trans fers the flutuations were even slighter, the range being from 4 7643%% to 4 77 1-16. The greater part of the year’s transactions in this class of remit tances may be said to have been done at 4 76 7-16. For long periods of time there was not the slightest deviation from this quotation, the same.figure being quoted day after day and week after week, indicating the rigidity of the control exercised by the British Government in conjunction with our own Govern ment and the ready compliance on the part of exchange dealers. Throughout the whole of Feb ruary and March the rate for cable remittances was at this single figure of 4 76 7-16 and again throughout July and the beginning of August the same figure was maintained unchanged. As it happens, too, it was the opening rate Jan. 2 1918 and the prevailing rate for the first 10 days of December, with the quotation Dec. 31 4 7655@4 76 9-16, indicating that there was no relaxation of control even after the Armistice. In the case of 60-day bills, however, the fluctuations were much wider, these being controlled by London interest rates, by improvement in the facilities for making remittances and by other con siderations. Here there was naturally considerable appreciation in the value of the pound sterling, the low figure having been 4 71 in January and 4 73% in December. In the value of the French franc it was possible to bring about considerable improve ment in the later months of the year. The military victories on French soil may have exercised a senti mental effect in this, but a more potent and more direct influence was that enormous additions were being made week after week to the American Expedi tionary Force in France and our Government in order to provide for this growing force had to make enor mous purchases on the other side. As measured by French checks it required 5 73% francs to make a dollar in January and only 5 38 francs on Nov. 12 (the day after the Armistice was signed), but with some slight depreciation again after that, so that the close Dec. 31 was 5 45%@5 45%. It? In the case of the Italian lire, the situation grew steadily worse until the Federal Reserve Bank of New York intervened. On Jan. 2 on sight .bills the quotation was 8 44@8 37 lire to the dollar, the figure http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis xxi when at par being 5 18. From this there was a decline to 9 16 in May. The weakness followed from the fact that the Italian people were heavily indebted to the United States on the ordinary trade operations and that huge amounts of bills were being pressed upon the market at a time when there were relatively few purchasers. The Italian Government had the previous December established a National Institute of Exchange for the stabilization of the lire, but found itself powerless to arrest the downward movement. With the opening of June the Italian Government inaugurated plans intended to make regulation of exchange more effective. A dispatch from Rome stated that Minister of the Treasury Nitti had announced that after June 1 no imports would be permitted without special Government authorization and no exportations be allowed without the approval of the National Exchange Institute; furthermore, the importation of goods would not be permitted unless it could be proved that they were absolutely necessary. This had the effect of bringing some improvement in exchange rates on Italy, but it was not until the Federal Reserve Bank stepped in that the control became real. On June 12 the Foreign Exchange Division of the Federal Reserve Board gave out a statement saying that “under regulations of the Instituto Cambi bankers and others in the United States who remit sterling, francs or other exchanges to Italian bankers for the purchase of lire may expect to have such remittances returned to them,as Italian banks cannot accept them.” The statement further said that “dealers in the United States are prohibited from purchasing lire outside of the United States or from remitting other exchanges to Italy for the purchase of lire without approval of the Division of Foreign Exchange of the Federal Reserve Board.” Thereafter trading in lire in the open market ceased. Bankers needing exchange were now obliged to go to the Foreign Exchange Division of the Federal Reserve Bank for it. On June 14 the Federal Reserve Bank named 8 95 as the official price for cable transfers. The next day the rate quoted was 8 90 for cable transfers and 8 92 for checks. In July there was first an advance to 8 80 for cable remittances and 8 81 for checks; then (on July 22) an advance to 8 50 and 8 51 respectively and on July 29 a further advance to 8 00 and 8 01. In August rapid further advances were made until 6 35 was reached for cable transfers and 6 36 for checks. These may be said to have remained the official quo tations for the remainder of the year, the only devia tion from these figures at any time having been a decline of 1 point to 6 37 for checks on Sept. 11, which figure was then maintained unchanged until Dec. 9 when there was a rise again to 6 36, which then remained the official rate until the close of the year. In the case of cable remittances there was absolutely no change from the figure of 6 35 fixed in August until the end of the year. In the exchanges on the neutral countries, more particularly Spain, Switzerland, Holland and the Scandinavian countries, the American dollar was at a heavy discount until the Federal Reserve Board took active measures to apply a corrective. Later in the year the German defeats and the Armistice operated further to restore the normal equilibrium. Swiss francs for sight bills were quoted at only 3 84 to the dollar in May, the rate when at par being 5 18. Even in August the rate was 3 91%. In October a quotation of 5 09 was reached, but by the end of November the rate was up again to 4 90, and in December there was a further rise to 4 80 with the quotation on the closing day, however, 4 86%@4 84. The rise in the Spanish peseta with a corresponding depreciation in the American dollar occasioned per haps more concern than anything else. In the trade between the United States and Spain the balance was strongly in favor of the United States and the depre ciation of the American dollar was entirely due to the circumstances that the Allied exchanges—sterling xxii RETROSPECT. and French francs—were maintained in the United States while no effort was made to maintain them in Spain or other neutral countries, leading to the selling of exchange on these neutral countries in the United States as the best market to sell in. Spanish bankers and merchants, for instance, doing business in London and Paris sold sterling and franc bills in this coun try, and thereby created an exceptional demand for remittances thence to Spain and other neutral coun tries. The premium which the peseta commanded as the result of this process may be judged from the circumstance that the normal value of the peseta is only 19.30 cents, while at the opening of 1918 the quotation for checks was well above 24 cents and in April got up to 30.75 cents. This extreme figure was not long maintained, but even after some decline the rate remained high with a maximum of 28.50 in both May and June. In July active efforts were made by our Government for the regulation of the ex change market. A conference was held early in the month between Fred I. Kent, Director of the Foreign Exchange Division of the Federal Reserve Bank, and important banking officials to formulate plans for the stabilization of exchange. At this meeting ways and means were discussed for stabilizing dollar exchange on Spain. The result was soon seen and in August Spanish checks got down to 23.00 and in September to 22.50. In this and succeeding months the situation as regards all the exchanges changed rapidly for the better by reason of the German defeats. In other words, beginning with September, the tendency was in the direction of a rectification of the previous dislocation of exchange, with the result that rates which had been strongly against the United States now developed improvement in that respect. In short, weakness in the neutral exchanges now became a feature. In October Spanish checks were quoted as low as 20.30 and in November the low point was 19.65, the quotation in December, however, getting above 20.00 again with the quotation Dec. 31 20.05. The course of exchange on the Scandinavian countries was much the same. The Dutch guilder when at par is 40.20 cents, but bankers’ sight bills were quoted at 42% cents in January and in August got as high as 52% cents. Thereafter there was rapid improvement and in October, and again in No vember, the quotation was as low as 41% cents; the close Dec. 31 was 42 7-16@42% cents. The Swedish kroner when at par is worth 26.80 cents; in January the range for checks was 32@34 cents, and in Febru ary 31.50@33.25. In August the quotation got as high as 36 cents, but November saw it down to 27 cents, and the quotation Dec. 31 was 29.12% cents. The Norwegian kroner reached its maximum figure of 32% cents in January and was still quoted as high as 31.45 in August, but November saw the price down to 26.80 cents, with the close Dec. 31, 28.00 cents. The Danish kroner was at 31% for checks in January and still as high as 31.20 in August, but in November reached a low of 26.30, with the quotation Dec. 31 26.87%. On account of the disorganized condition of the country, there were practically no dealings in Rus sian exchange, but during the whole of the last eight months the ruble, which when at par is worth 51.46 cents, was quoted nominally at 14 cents for sight bills and 15 cents for cable transfers. The total of the credits which had been extended to the associates of the United States in the war up to Dec. 31 1918 stood at $8,585,523,702, apportioned as follows: Great Britain, $4,175,981,000; France, $2,436,427,000; Italy, $1,310,000,000; Russia, $325,000,000; Belgium, $252,895,000; Greece, $39,554,036; Cuba, $15,000,000; Serbia, $12,000,000; Rumania, $6,666,666; Liberia, $5,000,000; Czecho-Slovakia, $7,000,000. There was a sharp rise in the price of silver during the year on account of the demand for the metal in settlement of trade balances with the Orient. The demand for products of the Orient for war purposes such as jute, hides, &c., was, as shown in the report http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis of the Secretary of the Treasury, very pressing and it was impossible to settle the resulting adverse trade balances by the shipment of commodities as in normal times. In these circumstances the Secretary appealed to Congress with the view to putting to use the silver dollars held in the Treasury against oustanding silver certificates and the con current retirement of such certificates. Congress responded by enacting what has become known as the Pittman Act which became a law April 23 1918. This law authorizes the Secretary from time to time to retire silver certificates and, as such certificates are retired, to melt or break up and sell as bullion the silver dollars represented by such certificates up to the limit of 350,000,000 standard silver dollars'. Upon the sale of any such bullion the Secretary is required immediately to direct the Director of the Mint to purchase in the United States of the product of mines situated in the United States and of re duction works so located an amount of silver equal to the amount necessary to recoin the silver dollars so melted or broken up. Such purchase is to be made at the fixed price of $1 per ounce 1,000 fine. To prevent contraction of the currency, provision was made in the Pittman Act for the issue under the direction of the Federal Reserve Board of Fed eral Reserve Bank notes in any denomination in the aggregate amount of not exceeding the number of silver dollars melted or broken up. Such Federal Reserve Bank notes can be issued only on deposit with the Treasurer of the United States as security therefor of U. S. certificates of indebtedness or of U. S. one-year gold notes. In pursuance of the authority of the Pittman Act, the Secretary of the Treasury arranged to sell to the Government of Great Britain 200,000,00 fine ounces of silver for the use of the Government of India. The Secretary points out^fhat the demand for the shipment of silver to India was very urgent and far exceeded the current production of the world’s mines. By making available the silver dollars lying in the Treasury a difficult situation in India was met. Against delivery of the bullion resulting from the melting of silver dollars, the British Government agreed to pay for the silver at the rate of $1 per fine ounce and in addition expenses and value of copper content. This Act and the operations under it served of course to fix the price of silver in the markets of the world and silver in London thereafter deviated only slightly from 49d., the fluctuations being in the main the result of British Treasury action and governed by minor factors, such as rates of insurance, &c. At the beginning of the year the quotation was 43%d. per ounce. The course of the stock market during 1918 was the reverse of that of the previous year. In 1917 there was a prolonged downward movement with tre mendous declines in values—declines to which few, if any, parallels could be found—but with a sharp recovery in prices during the closing days of the year on the announcement of the contemplated taking over of the railroads by the Government with assurance of guaranteed rentals. In 1918, on the other hand, the tendency of prices was strongly upward through almost the entire year, this tendency being main tained notwithstanding the development of some adverse factors from time to time, the effect of which was temporarily to arrest the upward movement and on occasions to bring about sharp downward reac tions. The record of the year up to the time of the signing of the armistice in November was one of large and general gains in values. After the Armistice, however, the market proved a disappointment. An erroneous premature report of the acceptance by the Germans of the terms of the Armistice induced some frenzied buying four days before the event, on the theory that the event would inaugurate an unex ampled era of rising prices; and the result of this buying was an upward spurt in values of no mean dimensions, but decidedly spasmodic and irregular in character. But the genuine report of the news was RETROSPECT. not followed by a renewal or continuance of the up ward flight; thereafter, there was first, a period of hesitancy and uncertaintly and then a slow but gradually accelerating decline under which the great majority of the leading stocks both in the industrial and the railroad list lost a goodly portion of the year’s advance, while a few stocks actually reached the lowest figures of the year. It is possible that expectations of a tremendous speculative revival at rising prices on the cessation of hostilities would have been realized except for the restrictions upon Stock Exchange borrowing. Cer tainly knowledge that the war had ended was hailed with joy and delight throughout the length and breadth of the land and, for that matter, throughout the entire world—in fact the news, it might be said, was received with a delirium of joy—and as a conse quence unrestrained buoyancy and enthusiasm pre vailed. But the money market was being regulated in the interest of the financial requirements of the Government and it was absolutely essential that the resources of the banks should be kept intact for this single purpose and should not be depleted or im paired by speculative drafts of any kind. The brakes upon Stock Exchange borrowing began to be applied early in the summer. There were then many indications of reviving speculation. Bear pressure proved unavailing in bringing about declines. On the other hand, very little buying after a reaction served to cause quick and sharp advances and it was evident that the market was in splendid shape for inaugurating a bull movement of large dimensions and of sustained character. Such a movement, however, might have imperiled successful financing of the Government’s huge needs. The Money Com mittee of the Liberty Loan Committee recognized the danger and took early measures towards preventing banking facilities from being deflected into specula tive channels. As has already been related, repeated warnings were issued, beginning in July, the Federal Reserve Board taking the initiative and the Stock Exchange authorities showing whole-souled willing ness to co-operate. Time and again late in the summer and through the autumn the indications were that a broad movement for higher prices might be established if only the banks could be depended upon to supply the funds, but the Money Committee, in conjunction with the governing body of the Stock Exchange, on each occasion took special pains to put a damper upon efforts of that kind—and what was more, devised means for getting knowledge and reports that would disclose instantly whether its injunctions were being violated. The result was that there were slow and steady advances—for the improving tendency could not be halted even in the absence of borrowing facilities— instead of violent and extreme advances. This having been the situation, it is quite within the realm of probability that with the definite conclusion of the Armistice in November and the moment being a psychological one for the purpose, the market might have developed a runaway character. But again those charged with the supervision of monetary affairs saw to it that money restrictions were continued and thereby prevented anything of the kind. Possibly even if great buoyancy had been allowed to develop, it could not have been long maintained. The de mobilization—not of the army but of industry—came with wonderful rapidity. War contracts were now gone, and with them apparently also war profits. Not only that, but Government contracts in large number (given when it was supposed the war was to continue) were being canceled. The Government announced that it would release its control of metal prices with the close of the year. In the case of copper, the result was a quick break in the price of the metal for the new year and on Dec. 24 the Anaconda Copper Mining Co. reduced its quarterly dividend from 4 to 3%. In the steel trade lower prices were announced for the new year and it be came evident that with the elimination of Govern http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis xxiii ment orders that trade was facing not only lower prices but a great contraction in the volume of business. At this time, too, the horizon for the railroad properties was again being clouded, as increases in wages had been made by the Director-General of Railroads to an inordinate extent and it was now proposed by him that Government control of the roads should be prolonged for a period of five years after the war or, as an alternative, that the properties be immediately returned after the definite conclusion of peace, thus heavily burdened with extravagant wages and extraordinarily high operating expenses. All these things militated against the stock market and served to remove all trace of the incipient buoy ancy that had developed early in November and to cause prices to drift to a lower basis. Speaking of the twelve months as a whole and of the market in general, the low quotations as a rule were made in January or the early part of the year and the high prices in November. In the case of the railroad shares, the high point almost without exception was recorded in November but followed later with very noteworthy reactions. In the industrial list the high figures were generally reached much earlier in the year, many of them in May, though there were a few instances where the maximum was attained in December and also some instances where the lowest points of the year were registered in December. The explanation of this latter apparent anomaly is found in the circumstance that after the Armistice sharp cleavage appeared between the classes of industrial properties that had been benefiting largely by the war and were now to lose that advantage and the classes of industrial concerns that had been hampered and restricted in their activities during the course of the war and were now to regain their freedom in that respect and be able to conduct their operations along normal lines. The motor stocks and the rubber shares belonged in this last-named category and the oil stocks were also singled out as likely to enjoy benefits, while on the other hand the copper shares and other groups similarly situated were in common estimation put in the opposite category. Thus we find U. S. Rubber, which had sold at 51 the previous January, touching its high point of 80% on Dec. 31, the very last day of the year, and Anaconda Copper reaching its low point for the twelve months at 59 on Dec. 30 after having sold at 74%, its high figure, in October, and likewise Lackawanna Steel down to 65% Dec. 30, as against 91% the previous May. Both Western Union Telegraph and American Tele phone & Telegraph were unfavorably affected by the taking over of the properties by the Government. Taking a retrospect of the year by months, we find January opening with a continuance of the sensa tional upward movement which the close of December 1917 had brought as a result of the President’s action at that time in announcing assumption of Govern ment control of the railroads for the period of the war. Following this action the previous December, the President came before Congress on Jan. 4 (1918) and read a special address on the subject embodying the declarations made in the December proclamation. This naturally gave new zest to the upward move ment. In the afternoon of Jan. 8, a break occurred on the unexpected appearance of the President before Congress with a special message outlining the terms upon which the United States might be willing to enter into peace negotiations with Germany. On Thursday morning, Jan. 17, another break occurred on the announcement in the daily papers of the Fuel Administrator’s order compelling the closing of industrial establishments for the purpose of conserv ing the supply of coal. These, however, proved only temporary drawbacks and soon a hardening tendency was again in evidence which in the closing days of the month ripened into a substantial rise. In February there was further improvement in prices in which both the railroad shares and the industrial properties participated. In March the xxiv RETROSPECT. railroad shares led in an upward movement which reached considerable proportions, and the industrial properties also moved upward. The new German attack in France began on March 21 and, as it was attended by great initial successes, a general weaken ing of prices resulted and continued in progress for several days. This, however, was quickly followed by recovery. The utmost confidence continued to be manifested that the German drive would in the end prove a failure and it was not long before the market again resumed its upward course. In April the tone continued surprisingly strong, considering the unfavorable news from the European battlefields, though the railroad shares manifested some weakness. In May there was a noteworthy revival of speculation with a big rise in prices the first half of the month, but followed by an equally pronounced drop the latter part of the month, at least in the case of the industrial shares. The volume of business on the Stock Ex change for the eight successive full days ending May 20 exceeded a million shares each day and on one of the days, May 16, reached about 1^4 million shares. The advances in railroad rates proved an element of strength in the railroad list. The break the latter part of the month, which was of a very severe nature, was occasioned by news of prospective revenue legis lation increasing heavily the burden of taxation rest ing upon industrial concerns. In June the course of values was again distinctly upward, particularly in the case of the shares of in dustrial properties, though the volume of business was not large. In July weakness the early part of the month was succeeded the latter part by strength and recovery on the victories achieved by the Allied armies in Europe. In August the tone continued to improve throughout the month and a substantial rise in prices occurred, though dealings were on a very small scale and the inability to obtain funds for speculative dealings of any kind rendered active trading out of the question. Nevertheless, in face of limited buying, the tendency of prices was strongly upward. In September the tense condition of the money market and rigorous application of the rules regulat ing Stock Exchange borrowing proved a disturbing influence. On Sept. 6 a sharp decline occurred, the monetary situation and the action taken in connec tion therewith being the inciting cause. On Monday, Sept. 9, liquidation was renewed as it became evident that the requirement of a daily statement of loans by Stock Exchange houses would be enforced; and the decline continued through practically the whole of that week. After about the middle of the month, however, there was slow but steady recovery, and thereafter the tendency was upward, the stimulating influence being the favorable war news. In October great activity at rising prices developed, and for a time the transactions on the Stock Exchange again ran well above a million shares a day. Later in the month both the activity and the advance were arrested by monetary conditions, and some other untoward incidents. All the news from Europe was of the most favorable character, betokening the col lapse of the German military power and foreshadow ing the early closing of the war. The tone again, consequently, became very confident, but the Money Committee felt called upon to promulgate some more edicts intended to put further restraints upon specula tion. To the discomfiture produced by monetary conditions, there was added on Oct. 29 the reduction in the dividend of the United States Steel Corpora tion. This last was followed by a severe downward plunge in Steel common on Oct. 30 and Oct. 31; and the shares of other steel companies, notably Bethle hem Steel, and the general market, participated to some extent in the weakness. In November the course of the stock market proved a distinct disappointment. A premature report of the signing of the armistice came about noontime on Thursday, Nov. 7, and had the effect of giving the market a false start upward. Coming very suddenly, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis the supposed good news caused frenzied buying, as already noted further above, and the market bolted upward with great rapidity. The sensational rise that afternoon might have gone still further if the Stock Exchange authorities had not, yielding to the general spirit of jubiliation, decided to close the Stock Exchange at 2.30 o’clock, or half an hour before the usual closing time. Intelligence that the armistice had actually been signed came in the early dawn of Monday, November 11, but the Stock Exchange Governors, once more yielding to the spirit of revelry and rejoicing, determined not to open for business at all on that day—it being so evident that no one wanted to do any business—and by Tuesday morning when Stock Exchange dealings were again resumed, the ardor had considerably cooled down. Then, too, the Money Committee and the Stock Exchange authorities were continuing their supervision over banking loans. It accordingly happened that the market instead of opening at a prodigious advance as compared with the close the previous Saturday, recorded only relatively small changes and sub sequently, far more manifesting strength, developed weakness. The net result was that by the end of the month most of the leading stocks had lost practically the whole of the gain made in the spurt upward in the period between Nov. 6 and Nov. 13. In December whatever of buoyancy had remained at the close of November completely vanished. The railroad stocks were under pressure practically the entire month. It appeared that very few companies had yet signed the contract submitted by Mr. McAdoo fixing the terms upon which the compensa tion to be paid the roads was to be computed. Besides which, no little uneasiness was created by the appearance of a letter from Mr. McAdoo to the appropriate committees of the two Houses of Con gress advocating an extension of the period of possible Government control,after the definite conclusion of peace, from 21 months to a full period of 5 years. Should Congress refuse assent to such extension of time, he expressed the opinion that “the railroads should be returned to private ownership at the earliest possible moment” and to emphasize his declaration he added: “The President has given me permission to say that this conclusion accords with his own view of the matter.” This opened a dismal prospect to the roads inasmuch as wages of railroad employees had been advanced so radically that the higher schedules of freight and passenger rates "were proving insufficient to take care of the same. In the case of the industrial shares, the tendency of prices during December was also most of the time downward, with the copper shares especially weak on the drop in the price of the metal and the cut in the Anaconda dividend already referred to, though with such pro perties as the rubber shares and some of the motor stocks exceptions to the rule. Our monthly narra tives will furnish fuller account of the action of the stock market during both November and December and of the various influences at work affecting the course of values. Below are general statistics for 1918 and 1917: GENERAL SUMMARY FOR TWO YEARS. 1918. 1917. Coin and currency in U. S. Dec. 31____$ 7,780,793,606 6,256,198,271 Bank clearings in United States.. 8 332,350,688,090 306,944,726,317 Business failures _ _ . __ $ 163,019,979 182,441,371 Sales at N. Y. Stock Exchange___ shares 144,118,469 185,628,948 Imports of merchandise (12 months)__ S 3,031,304,721 2,952,467,955 Exports of merchandise (12 months)__ $ 6,149,177,882 6,233,512,597 Net imports of gold (12 months)______ $ 20,972,930 180,570,490 Gross earnings (12 months). _ _____ $ 4,900,759,309 4,036,866,565 Net earnings (12 months) ... _ _S 905.794.715 1,191,566,335 2979 Railroad constructed_________ ._ miles z721 Wheat raised..__ ______________ bushels 917,100,000 636,655,000 Corn raised bushels 2,582,814,000 3,065,233,000 Oats raised___________________ _ bushels 1,538,359,000 1,592,740,000 Cotton raised __ bales all,700,000 11,911,896 Pig iron produced. ..(tons of 2,240 lbs.) 39,051,991 38,621,216 Lake Sup. ore ship’ts by water (gross tons) 61,156,963 62,498,901 Copper production in United States._lbs. 1,910,000,000 1,886,000,000 Anthracite shipments, (tons of 2,240 lbs.) 76,649,918 77,133,305 Coal of all kinds _ _ (tons of 2,000 lbs.) 685,356,000 651,402,374 Petroleum marketed (whole U. S.)._bbls. 355.927.716 335,315,601 Immigration into United States__ No. 5115,916 6152,959 Building operations, 280 cities .. $ 492,163,941 816,941,005 a Agricultural Department’s estimate, which does not include linters. x Estimates of “Railway Age Gazette.” 6 These are the arrivals of alien immigrants. The net alien arrivals (immigrant and non-immigrant) for 1918 were 41,471, against 80,702 in 1917. RETROSPECT. RANGE OF LEADING STOCKS IN 1918. ALL PRICES DOLLARS PER SHARE, NOT PER CENT. Clos Open ing. Highest. Par. ing. Lowest. Trunk Lines— Baltimore & Ohio_ 100 52% Cleve Cin Chic & St L 100 30 Erie _ _ ____ 100 17 New York Central. . 100 71% N Y Chic & St Louis . .100 16 Pennsylvania . -.50 47% New England and Eastern— 100 128 Boston & Albany__ 100 23% Boston & Maine. N Y N 11 & Hartford. .100 32% Coal Roads— Central of New Jersey .100 216 Delaware Lack & West 50 175 100 106% Delaware & Hudson Lehigh Valley________ ..50 57 N Y Ontario & Western 100 21% Reading ..._____ ..50 72% Western and Pacific— 100 139% Canadian Pacific.. 100 Chicago & Alton 9% Chic Milw & St Paul 100 46% Chic & North Western .100 95 ChicRocklsl&Pac (new) 100 22% Colorado & Southern. 100 23 Denver & Rio Grande. 100 5% Great Northern, pref 100 90 Illinois Central. 100 93% Minn St Paul & S S M 100 87% 100 86% Northern Pacific Southern Pacific Co 100 83% Union Pacific __ .100 115 Southwestern— Atch Topeka & S Fe _ 100 Kansas City Southern. 100 18% Missouri Kans & Tex 100 6% Preferred _ ... 100 8% Missouri Pacific . _ 100 24% St Louis-San Fran new 100 14 St Louis Southwestern 100 23 Texas & Pacific _ _. .100 16% Southern Roads— 100 Chesapeake & Ohio 51% 100 111% Louisville & Nashville Norfolk & Western _. 100 104% Seaboard Air Line. . 100 7% Preferred.________ 100 . 18% Southern Railway____ 100 24% Preferred __ __ .100 59% Miscellaneous— Allis-Chalmers Mfg _ .100 19 Am Agricul Chemical I00 79 American Beet Sugar 100 71 100 American Can.. _ 38% American Car & Fdy.. 100 70% American Cotton Oil. .100 28 American Locomotive 100 55% Amer Smelt & Refg__ .100 SO Amer Steel Foundries. 100 60 Amer Sugar Refining 100 100 Amer Telep & Tel eg.. .100 104% American Tobacco. _ 100 143 Anaconda Copper ..50 62 Atl Gulf & W I SS Lines 100 99 100 59 Baldwin Locomotive Bethlehem Steel Corp 100 76% Class B common . 100 75% 100 Calif Petroleum v t c 14 100 65 Central Leather Colorado Fuel & Iron 100 36% 100 87% Continental Can . Crucible Steel of Amer .100 54% Cuba Cane Sugar__ No par 28% Cuban-American Sugar 100 150 Distillers Secur Corp . 100 x33 General Electric. _ . 100 134% General Motors Corp. 100 107% 100 38 Goodrich (B F) Co. Gulf States Steel tr ctfs 100 95 Int Mercantile Marine 100 22% Preferred . ... 100 83% International Paper .100 29% Kennecott Copper No par 32% Lackawanna Steel __ 100 77% Maxwell Motor tr ctfs 100 26% Mexican Petroleum _ 100 98% 100 47% National Lead. New York Air Brake . 100 118 Pacific Mail SS . _ ...5 25% People’s Gas Lt & Coke 100 39% 59% Pressed Steel Car . _ 100 Railway Steel Spring. 100 48% Republic Iron & Steel .100 79% Sloss-Sheffield Steel & I 100 40 South Porto Rico Sugar 100 158 Studebaker Corp (The) 100 50% 100 141% Texas Co (The). U S Industrial Alcohol 100 118 100 IT S Rubber. 54% U S Steel Corporation. 1001 91% & 91% 1 Preferred. _. __ 100 109 10 Utah Copper _ _ 81% Va-Carolina Chemical 100 34% Western Union Teleg. 100 85% Westingh Elec & Mfg. ...50 40% Willys-Overland (The) ..25 21 x Ex-dividend. * Ex-rights. Nov. Nov. Nov. Nov. Nov. Nov. 12 8 12 12 19 12 34% 16% 74% 28% 44% Nov. 22 122% April 17 146 Sept. 9 Jan. 23 40 19 April 11 45% May 29 27 135 30 31% 48% 26 14 67% 13% 43% Dec. 31 Feb. 21 April 17 Jan. 15 Oct. 4 June 27 62 40 233% 84% 34 50% 202 160 100 53% 18% 70% April April Dec. Dec. Jan. Jan. 23 17 28 24 22 15 220 185 119% 65% 24% 96% Oct. Sept. Nov. Nov. Nov. Oct. 18 220 4 180 12 104 12 55% 9 20 23 82% 135 7 37% 89% 18 18 2% 86 92 80% 81% 80% 109% Mar. Aprd April Mar. April April Jan. Jan. Jan. Jan. Jan. Jan. Jan. 25 17 22 25 22 22 4 15 7 15 24 24 15 174% 11 54% 107 32% 27% 7 106% 105% 97% 105 110 137% Oct. Nov. Sept. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Oct. 14 12 7 9 12 12 21 12 12 12 12 7 19 159% 8% 38% 95% 27 20% 3% 95% 98% 93% 94 101% 129% 81 15% 4% 6% 20 9% 19 14 Mar. April Jan. Jan. Jan. Aprd Oct. May 23 17 5 29 15 3 2 4 99% 24% 6% 13% 31% 17% 25 29% Nov. Nov. Nov. Nov. Nov. Dec. Nov. Dec. 12 12 12 12 12 9 12 9 93 18% 4% 8% 25% 12% 19 28% 49% 110 102 7 15% 20% 57 Jan. 15 Jan. 2 Jan. 24 April 17 Aprd 19 April 30 Jan. 21 623% 124% 112% 12 25% 34% (5% Nov. Nov. Nov. Nov. Nov. Nov. Nov. 12 57 12 118% 12 107% 12 8% 12 17% 12 29% 12 70% 17% 78 48 34% 68% 25 53% 73 58 98 90% 140% 59 97% 56% 60 59% 12 54% 34% 65% 52 27% 136 z33 127% 106% 38 58% 21 83 3% 24% 29 65% 23% 79 43% 98% 23 % 39% 55% 45% z72% 39 120 33% 136% z96 51 t (86% 108 71 % 33% 77% 38% 15% Jan. 15 Jan. 2 Nov. 26 Jan. 15 Jan. 14 Jan. 16 Jan. 15 May 28 Jan. 15 Jan. 16 Aug. 5 Jan. 5 Dec. 30 Jan. 5 Jan. 15 Dec. 30 Nov. 12 Jan. 7 Dec. 26 Jan. 29 Oct. 7 Jan. 12 April 15 Aug. 21 Jan. 2 Jan. 7 Jan. 15 Jan. 2 Dec. 19 Jan. 15 Jan. 2 Jan. 15 Mar. 25 Dec. 30 Jan. 15 Jan. 5 Jan. 7 Dec. 27 Jan. 21 Jan. 2 Nov. 26 Jan. 7 Jan. 15 Jan. 24 Sept. 30 Aprd 24 Jan. 7 Dec. 2 Jan. 15 37 106 84 50% 93% 44% 71% 94% 95 116 109% 198% z74% 120% 101% 96 94 24% 73% 54% 95 74% 34 152 64% 158% 164 59 % 111% 33 125% 45% 41% 91% 42% 194 69% 139 40 61 73 78% 96 71% 162 72% 203 137 80% May 24 Oct. 17 Feb. 27 May 17 Dec. 31 Oct. 18 May 16 Oct. 18 Nov. 19 May 15 Feb. 1 Dec. 5 Oct. 18 Feb. 18 May 16 May 16 May 16 Nov. 9 Feb. 27 May 24 Feb. 19 May 16 Nov. 12 Jan. 31 May 24 Oct. 18 Aug. 21 Oct. IS April 25 Oct. 16 Nov. 6 May 15 Nov. 12 May 16 Nov. 12 Oct. 19 Dec. 11 May 22 Dec. 17 Nov. 6 Aug. 13 Dec. 11 May 16 May 24 Jan. 10 Nov. 8 Oct. 18 May 24 Dec. 31 Mar. Mar. Dec. Jan. Aug. Jan. Jan. 116% 1 135% 93 60% 95% 47% 30 Aug. Dec. Oct. Nov. April May Nov. 25 25 26 2 2 17 15 32% 101 63% 47% 93% 39% 61 76% 85% 111% 100 194 60% 107% 74% 61% 61% 21% 60% 36% 68% 57% 29% 150 52% 150% 132 56% 61% 26% 112% 30% 31% 67 29% 179 66 99 37% 48% 62 76 75% 50 135 51 *184% 102% 80% 28 95 31 113% 19 73% 7 51% 15 86% 16 x41% 12 26% MONTH OF JANUARY Current Events.—As was the case with the preceding months, January was noted for numerous striking and note worthy events. What came home, no doubt, to most per sons with peculiar force was the great scarcity of coal, amounting almost to famine, in the whole of the eastern half of the country, but particularly at this centre and in the New England States. This occurred at a time when the winter was proving an unusually severe one, temperatures being far below the normal and snowstorms exceptionally numerous and of wide extent. The inclemency of the weather made relief from the fuel scarcity all the more imperative and yet all the more difficult to effect. At. the same time it proved impossible to relieve the congestion of railroad freight which had become so pronounced at the close of De cember, this congestion having been one of the main influ ences which led the Government to take over control of the railroads at that time. The scarcity of coal followed in large measure from the inability to get loaded coal cars out of terminal points to the consuming districts. The situation finally became so desperate—ships being unable to leave port because of the inability to get coal and schools in large num http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis XXV ber being obliged to close up in this city and elsewhere—that extraordinary measures had to be resorted to in the endeavor to furnish relief. Late on Wednesday night of Jan. 16 there came the startling announcement that the U. S. Fuel Ad ministrator had decided to order the withholding of fuel from manufacturing establishments in the whole of the east ern half of the country for the five-day period beginning Jan. 18 and ending Jan. 22, thus compelling the closing down of such manufacturing establishments, and also to deny the use of fuel not only to manufacturing establishments, but to office buildings, retail stores and nearly all other activities for ten successive Mondays beginning with Monday, Jan. 21, which formed part of the original five-day period. Though coal did get in somewhat better supply towards the close of the month, this general shut-down unfortunately had no great effect in alleviating the distress occasioned by the coal scarcity and the rigors of the winter, in part because of repeated snow blockades in the Northern and Western States, some of these snow blockades being reported the worst on record. An idea of the situation can be gained from the “Iron Age” review of the conditions in the iron and steel trades at the close of the month. The “Age” said that the chief gain from the shut-down order up to that time had been in the coaling of vessels at Atlantic ports, but that iron and steel works of Pennsylvania and all the Middle West were floundering in a snow blockade worse than any in the preceding two months of such visitations. The whole industry had been so demoralized by these repeated blows, it was stated, that there was now little trace of a normal aspect in markets or in plant operation. Chicago, it was stated, was making painfully slow recovery from a nearly complete shut-down, with little hope of decided improve ment apart from milder weather and an early spring. In Western Pennsylvania, it was added, heavy snows on Mon day, Jan. 28, had paralyzed traffic so that it had taken more than 24 hours to dig out trains climbing over the Allegheny Mountains. Fresh storms and cold had largely defeated the plans for breaking the freight blockade, it was asserted, and at steel works piled-up stocks of finished products were likely to impede operations for days and in some cases weeks. The scarcity of cars to move products from the mills was thus, the “Age” declared, fully as serious a factor as scarcity of coal and coke. Among the other noteworthy events of the month were Lloyd George’s speech on Jan. 5, stating Great Britain’s peace aims, followed on Jan. 8 by President Wilson’s ad dress before Congress, restating this Government’s war aims and peace conditions. Later in the month there came the speech of Count von Hertling, the Imperial German Chan cellor, which was defiant in many respects, and also the ad dress of Count Czernin, the Austrian Foreign Minister, which was conciliatory, at least in tone. Not less important were the developments in the peace negotiations between Ger many and the Russian Bolshevik Government. These came to a standstill because of the abandonment by the German delegates of their pretended non-annexation attitude and their announcement of intention to continue their military occupation of Courland and all the Baltic provinces. An other incident in Russian affairs was the suppression by the Lenine-Trotzky Government of the Constituent Assemly, because the Bolsheviki lacked control in that body, and still another event was the action taken towards repudiating Russia’s debt and the decree fixing a State monopoly in gold. The speech of DavidLloydGeorge,England’s Prime Minister, was delivered at London before the Trade Union Conference and set forth Great Britain’s war aims more specifically and at greater length than on any previous occasion. Again asserting that the Allies were not engaged in a war of aggres sion against Germany or the German people, or were seeking to alter or destroy the Imperial Constitution of Germany, he referred to the futility of a permanent peace founded on the proposals of the Central Powers. He reiterated that the first requirement always put forward by the British Government and its allies had been the complete restoration of Belgium and reparation for the devastation of its towns and provinces. Next, he said, came the restoration of Serbia, Montenegro and the occupied parts of France, Italy and Rumania. As to the demands of France for the return of Alsace-Lorraine, he declared that “we mean to stand by the French democracy to the death.” Referring to Russia, he stated that Great Britain as well as America, France and Italy would have been proud to stand side by side by the new democracy of Russia, but he added, “if the present rulers of Russia take action which is independent of their allies, we have no means of intervening to arrest the catastrophe which is assuredly befalling their country. Russia can only be saved by her own people.” As to Poland, he set out that “we believe that an independent Poland, comprising all those genuinely Polish elements who desire to form a part of it, is an urgent necessity for the stability of Western Europe.” He also declared that “we regard as vital the satisfaction of the legitimate claims of the Italians,” and “we also mean to press that justice be done to the men of Rumanian blood and speech.” Concerning Turkey, he said: Outside of Europe we believe that the same principles should be applied. While we do not challenge the maintenance of the Turkish Empire in the homelands of the Turkish race, with its capital at Constantinople, the passage between the Mediterranean and the Black Sea being international ized and neutralized, Arabia, Armenia, Mesopotamia, Syria and Palestine are, in our judgment, entitled to a recognition of their separate national conditions. XXVI RETROSPECT The British Premier expressed himself in agreement with President Wilson that “a break-up of Austria is no part of our war aims,” but, he added, “we feel that unless genuine self-government on true democratic principles is granted to those Austro-Hungarian nationalities who have so long desired it, it is impossible to hope for a removal of those causes of unrest in that part of Europe which have so long threatened the general peace.” With regard to the German colonies, he said: “I have repeatedly declared that they are held at the disposal of a conference whose decision must have primary regard to the wishes and interests of the native inhabitants of such colonies.” In conclusion, the Premier declared “we are fighting for a just and lasting peace, and we believe that before permanent peace can be hoped for three conditions must be fulfilled: first, the sanctity of treat ies must be re-established; secondly, a territorial settlement must be secured based on the right of self-determination or the consent of the governed, and lastly, the creation of some international organization to limit the burden of armaments and diminish the probability of war.” President Wilson’s address on Jan. 8 came entirely un heralded. Even Congress, until an hour or two before the presentation to it of the President’s speech, was unaware of Mr. Wilson’s plans to present anew the demands of the United States for effecting an enduring peace. The address of David Lloyd George on Saturday, Jan. 5, defining Brit ain’s war aims, coupled with the peace negotiations between Germany and Russia, are thought to have had a bearing on the President’s action in giving utterance at that particu lar juncture to America’s war aims, and the two addresses bore more or less similarity in the ideas as to what must constitute a bas'i for peace. In his address the President declared that “ve have no jealousy of German greatness and there is nothing in this program that impairs it.” “We wish her only to accept,” he said, “a place of equality among the peoples of the world in which we now live, instead of a place of mastery.” In this address the President enunciated the 14 conditions or principles on which a world peace might be established, which have since become famous, these in brief calling for: justice to all peoples and nationalities, and their right to live on equal terms of liberty and safety with one another, whether they be strong or weak. Unless this principle be made its foundation no part of the structure of international justice can stand. The people of the United States could act upon no other principle, and to the vindication of this principle they are ready to devote their lives, their honor, and everything that they possess.” In a message to the Russian people and an appeal to the peoples of Central Europe, the British Labor Party on Jan. 15 announced that the British people accepted the Russian principle of self-determination of peoples and no annexations or indemnities for the British Empire, particularly in the Middle East, Africa and India, and adjured “the peoples of Central Europe to declare themselves or make their Govern ments speak for them in answer to Russia and ourselves.” The message was issued by the Labor Party in conjunction with the Parliamentary Committee of the Trades Union Congress. The speech of Count von Hertling, the Imperial German Chancellor, was delivered on Jan. 24 before the Main Com mittee of the Reichstag. It was a reply to the addresses of President Wilson and David Lloyd George. Taking up the points in the program for world peace set forth in President Wilson’s message to Congress, the Chancellor said that an agreement could be obtained without difficulty on the first four. These provided: (1) For open covenants of peace; (2) absolute freedom of the seas; (3) removal of economic bar riers; and (4) reduction of national armament. The fifth point mentioned by President Wilson, the Chancellor said, embodied some difficulties. This point referred to abso lutely impartial adjustment of all colonial claims. It chiefly concerned England, the Chancellor said, but it should be taken into consideration in respect to the colonies demanded by Germany. The sixth point (evacuation of all Russian territory), he said, concerned only Russia and the Central Powers; the seventh, affecting Belgium, could only be settled in peace negotiations, but Germany had never demanded, he said, the incorporation of Belgian territory by violence. On the eighth point (concerning the occupation of French I. Open covenants of peace, openly arrived at, after which there shall be territory), Germany did not wish annexations by violence, no private international understandings of any kind, but diplomacy shall but this was a question only to be discussed by France and proceed always frankly and in the public view. Germany. “However, we cannot talk of the question of II. Absolute freedom of navigation upon the seas, outside territorial Alsace-Lorraine,” he continued, “87% of whose population waters, alike in peace and in war, except as the seas may be closed in whole speak German.” On the ninth and tenth points (readjust or in part by international action for the enforcement of international ment of Italy’s frontiers and autonomous development of covenants. III. The removal, so far as possible, of all economic barriers and the Austria-Hungary) Germany remained solidly with Austriaestablishment of an equality of trade conditions among all the Hungary. As to the status of Poland, the Germany Empire nations consenting to the peace and associating themselves for its main and Austria-Hungary having liberated that country from tenance. the yoke of the Czar, its status would be left to the determi IV. Adequate guarantees given and taken that national armaments will nation of Germany and Austria. The question of the limi be reduced to the lowest point consistent with domestic safety. tation of armament was quite open to discussion; in fact, the V. A free open-minded and absolutely impartial adjustment of all colonial claims, based upon a strict observance of the principle that in financial position of all European countries after the war determining all such questions of sovereignty the interests of the populations probably would operate most effectively for the solution of concerned must have equal weight with the equitable claims of the Govern this problem. He contended that Alsace-Lorraine had originally been severed from Germany by violence. When ment whose title is to be determined. VI. The evacuation of all Russian territory and such a settlement of Germany, in 1870, reclaimed the land thus “criminally all questions affecting Russia as will secure the best and freest co-operation wrung from her,” it was not the conquest of alien territory, of the other nations of the world in obtaining for her an unhampered and but what to-day would be called dis-annexation. Con unembarrassed opportunity for the independent determination of her own political development and national policy, and assure her of a sincere tinuing, the Chancellor said: “We hope soon to conclude welcome into the society of free nations under institutions of her own an agreement with Ukrainia which will be mutually satis choosing; and, more than a welcome, assistance also of every kind that factory, especially from an economic point of view. When, she may need and may herself desire. The treatment accorded Russia on Jan. 3, the period expired for the co-operation of the by her sister nations in the months to come will be the acid test of their Entente nations in the peace negotiations, Germany no good will, of their comprehension of her needs as distinguished from their longer was bound by its offer to the Entente and had a free own interests, and of their intelligent and unselfish sympathy. path for separate negotiations with Russia. In these nego VII. Belgium, the whole world will agree, must be evacuated and restored, without any attempt to limit the sovereignty which she enjoys in tiations Germany then felt herself not bound to the Russian There was no difference common with all other free nations. No other single act will serve as this proposals for a general peace.” will serve to restore confidence among the nations in the laws which they between Germany and President Wilson regarding the free have themselves set and determined for the government of their relations dom of the seas, Von Hertling added. The thorough freedom with one another. Without this healing act the whole structure and of navigation during time of war as well as in peace was one validity of international law is forever impaired. of Germany’s main demands, it being eminently important VIII. All French territory should be freed and the invaded portions for future free navigation that England should be made to restored, and the wrong done to France by Prussia in 1871 in the matter of Alsace-Lorraine, which has unsettled the peace of the world for nearly relinquish her strongly fortified points of support on inter fifty years, should be righted, in order that peace may once more be made national trading routes, such as Gibraltar, Aden, Hong Kong and the Falkland Islands. secure in the interest of all. IX. A readjustment of the frontiers of Italy should be effected along Count Czernin, the Austrian Foreign Minister, in his clearly recognizable lines of nationality. address before the Austrian Reichsrath, was much more conX. The peoples of Austria-Hungary, whose place among the nations we ciliatroy than his German confrere. “I demand from Russia wish to see safeguarded and assured, should be accorded the freest oppor not a metre of territory, not a centime of indemnity,” he tunity of autonomous development. XI. Rumania, Serbia and Montenegro should be evacuated; occupied was quoted as saying, “and peace can be obtained if Russia territories restored; Serbia accorded free and secure access to the sea; and maintains the same standpoint as she evidently intends to the relations of the several Balkan States to one another determined by do.” Referring to President Wilson’s address, Count Czernin friendly counsel along historically established lines of allegiance and said: “I acknowledge that his tone is now different from what nationality; and international guarantees of the political and economic it was when he attempted by his reply to Pope Benedict to independence and territorial integrity of the several Balkan States should sow dissension between the German Government and the be entered into. German people, and this had been of good effect. There is XII. The Turkish portions of the present Ottoman Empire should be assured a secure sovereignty, but the other nationalities which are now under no longer talk about the autocratic suppression of the Ger Turkish rule should be assured an undoubted security of life and an abso man people by the Government, and his former attacks on “It is obvious lutely unmolested opportunity of autonomous development, and the the house of Hohenzollern are not repeated.” Dardanelles should be permanently opened as a free passage to the ships to me,” he continued, “that an exchange of views between and commerce of all nations under international guarantees. America and Austria-Hungary might form the starting point XIII. An independent Polish State should be erected which should in for a conciliatory discussion among all the States which have clude the territories inhabitated by indisputably Polish populations, which not yet entered into peace negotiations.” Austria-Hungary should be assured a free and secure access to the sea, and whose political and economic independence and territorial integrity should be guaranteed and America, the Count continued, were two belligerents whose interests were less incompatible than they seemed. by international covenant. XIV. A general association of nations must be formed under specific He characterized the speech of President Wilson regarding covenants for the purpose of affording mutual guarantees of political inde war aims as an important advance toward the Austropendence and territorial integrity to great and small States alike. Hungarian viewpoints, containing some proposals in which “An evident principle,” said the President, “runs through Austria-Hungary would gladly join. The population of the whole program I have outlined. It is the principle of Poland would decide Jits own'fate. The Polish question http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RETROSPECT. must not delay peace one day. Interpretation of the right of free action of peoples had caused a difference between Russia and Germany, said Count Czernin, but a compromise must be reached. The differences of view were not great enough to justify abandonment of the peace negotiations. Commenting on the fourteen points in President Wilson’s war aims speech Count Czernin said that Austria-Hungary and America were virtually in agreement regarding the principles for new arrangements after the great war. Earlier in the month—that is, on Jan. 4—President Wilson read a message to Congress on the railroad situation, in which he dwelt on his action of the previous month in taking over the railroads. Contrary to expectations, no specific legislation was recommended by the President, his only proposal dealing with the suggestion contained in his procla mation that the owners and creditors of the railroads be given by Congress an unqualified guarantee that their prop erties would be maintained throughout the period of Federal control in as good repair and as complete equipment as be fore. The President repeated the suggestion contained in the proclamation that the roads receive the average net rail way operating income of the three years ending June 30 1917, and recommended legislation to that end. The Fuel Administrator’s order for curtailment of the use of coal was announced late on Wednesday evening, Jan. 16. It applied to every factory east of the Mississippi, including the whole of the States of Minnesota and Louisiana, during fourteen working days, and the Monday closing affected stores and offices and other business activities as well. It provided that on Jan. 18, 19, 20, 21 and 22 1918, and also on each and every Monday, beginning Jan. 28 1918 and con tinuing up to and including March 25 1918, no manufac turer or manufacturing plant should burn fuel or use power derived from fuel for any purpose, with certain specified exceptions. Also, that on each Monday, beginning Jan. 21 1918 and continuing up to and including Monday, March 25 1918 (the time was later shortened, as noted in our narrative for February), no fuel should be burned (except to such extent as was essential to prevent injury to property from freezing), for the purpose of supplying heat for: (a) Any business or professional offices, except offices used by the United States, State, county or municipal Governments, transportation companies, public utility companies, telephone or telegraph companies, banks, trust companies, physicians or dentists. (b) Wholesale or retail stores or any other stores, business houses or business buildings whatever, except that, for the purpose of selling food ■only, stores may maintain necessary heat on any of the specified days until 12 o’clock noon; and except that for the purpose of selling drugs and medical supplies only, stores may maintain necessary heat throughout the day and evening. (c) Theatres, moving-picture houses, bowling alleys, billiard rooms, private or public dance halls or any other place of public amusement. [Tuesday was subsequently substituted for Monday, at the request of the managers, in the case of theatres, moving-picture houses, &c.] Section 5. On each Monday, beginning Jan. 21 1918 and continuing up to and including March 25 1918, no fuel shall be burned for the purpose •of heating rooms in which intoxicating liquor is sold or served on those days. Nothing in this regulation shall be construed to forbid the heating of restaurants, hotels or other places in which meals are served, but in which no intoxicating liquor is sold or served on the said Mondays. Section 6. No fuel shall be burned on any of the Mondays specified in the foregoing section for the purpose of supplying power for the movement of surface, elevated, subway or suburban cars or trains in excess of the amount used on the Sunday previous thereto. The Board of Governors of the New York Stock Exchange at a special meeting on Jan. 17 called to consider the fuel order, adopted a resolution deciding not to close the Exchange on the ten Mondays designated in Fuel Administrator Garfield’s order; but after transacting business on the first heatless Monday, the 21st, without light or heat, it was concluded that the experiment had hot proved a success. Accordingly the Exchange decided on Jan. 23 to close on the nine succeeding Mondays to March 25—actually the last Monday on which the Exchange was closed was Feb. 11, the period of the Fuel Administrator’s Monday coal restric tions having been shortened as already noted. Because of the prevailing shortage of coal throughout New York State, Albert H. Wiggin, State Fuel Administrator, issued an order, effective Jan. 2, as a fuel conservation measure, directing that on every night in the week, except Saturday, every city, town and hamlet in the State be kept as dark as safety would permit, from sundown to sunrise. On all nights except Saturday all signs of every kind, includ ing merchants’ signs, signs for theatres, and all other places of entertainment, display signs, lighting on buildings and elsewhere, hotels and advertising signs, were ordered to discontinue completely. Stores and offices and commercial buildings not open for business were directed not to use inside lights more than absolutely necessary for safety. Cluster lights and illumination generally had to be reduced to only so much lighting as was necessary for safety. No more outdoor lighting could be used than was absolutely necessary for safety of streets, passages, dangerous places, and protection of the public, or as required by law. The supply of coal in New York City had become so low that orders for further fuel conservation, this time covering interior lighting and heating, were issued by the New York State Fuel Administrator on Jan. 1. They follow: Office Buildings.—No live steam to be used for heating between 7 p. m. and 7 a.m. No live steam to be used for heating on Sundays and holidays except that which is necessary to keep pipes from freezing. Cut down all electric lighting in offices, hallways, &c., 25%. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1 Apartments.—To discontinue all use of live steam for laundries, refriger ating plants, drying rooms, tubs and vacuum cleaners. All outside light ing to be discontinued excepting necessary lights for areaways and court yards. To cut off all live steam used for heating between the hours of 11 p. m. and 6 a. m. To cut down all electric lighting in apartments, hallways, &c., 25%. Hotels, Clubs and Restaurants.—To cut off all outside lighting except necessary lights in areaways and courts. Shut off all live steam for heat ing from 11 p. m. to 6 a. m. To cut down all electric lighting in all rooms, halls, &c., 25%. Stores, Lofts and Mercantile Buildings.—No live steam for heating shall be used between the hours of 6:30 p. m. and 6.30 a. m. No live steam to be used for heating on Sundays or holidays. To cut down all electric lighting 25%. Interior show-window lighting shall be prohibited after 7 p. m. excepting such lighting as is necessary for protection of property. The above recommendations concerning heating to apply to all classes of buildings when the thermometer is 10 degrees above zero outside. When the temperature is lower sufficient heat may be provided for the protection of pipes. Coal shipments from the United States during the year 1918, Fuel Administrator Garfield on Jan. 7 announced, would be limited strictly to shipments to be used for war purposes and to those necessary in exchange for commodities urgently needed in the United States. Dr. Garfield further declared that in no event would exports be permitted to equal in volume those of the year 1917, and that all shipments in 1918 would be subject to the approval of the War Trade Board, which would pass on all contracts and make allot ments. On Jan. 10 the Fuel Administrator issued the first of a series of orders calling for the conservation of fuel by industries not absolutely essential in the prosecution of the war. The initial order was addressed to the manufacturers of box board, paper board, straw board, pulp board, binder board, tag board, or any other boards whatsoever, made from wood pulps, waste paper, rags, straw, jute, root and rope pulps of a thickness in excess of seven-thousandths of an inch. It provided that no coal, coke, natural gas, fuel oil, or other petroleum products should be used in the manu factures agreed upon, from 7 a. m. on Saturday each week until 7 a. m. the following Monday morning. A majority of the manufacturers affected by the order, it was stated, had decided upon the limitation as imposed, and agreed to abide by its requirements. Through the enforcement of the new order, the Fuel Administator announced, it was hoped to reduce the coal consumption about 15,000 tons a week during 1918. Acting in accordance with a letter received from Mayor Hylan on Jan. 14, the Board of Aldermen at its meeting on Jan. 17 passed an ordinance providing for the acquisition by the city of coal for the preservation of the public health, safety and general welfare of the people of the city. Under its provisions the Mayor was empowered, through duly authorized representatives, to seize any coal situated within the limits of the city and to distribute it in any way he saw fit. See “Chronicle” of Jan. 19, page 250. On Jan. 3 the President issued a proclamation under which licenses for the importation, manufacture, storage and dis tribution of ammonia, ammoniacal liquors and ammonium sulphate were required beginning Jan. 21. Maximum prices previously fixed by the President upon the recommendation of the War Industries Board upon ore, pig iron, steel and steel products, subject to revision on Jan. 1 1918, were continued in effect until March 31 1918. It was provided that no new contracts calling for delivery of any of the commodities on or after April 1 could specify a price unless the contract included a clause making the price subject to revision by any authorized Government agency. It was also announced that there would be no general revision of coke prices for the year 1918 by the Fuel Ad ministrator. An order issued Dec. 29 (1917) provided that no producer or vendor of coke might ask, demand or receive a higher price than the maximum price established by order of the Fuel Administrator, for any coke delivered on contracts or sales on or after Sept. 24 1917. As a result of this order, the base prices of coke fixed by the President and as defined by orders of the Fuel Administrator the previous Nov. 9, 17, and 24 Were continued in force. It was stated that there were some outlying districts in which comparatively small tonnages of coke were being produced where costs of production were running abnormally high. Where a sufficient showing was made as to the importance of this production, exceptions from the standard of prices would be allowed in order to avoid shutting down such operations. To conserve tin and linseed oil and other ingredients of paint necessary for carrying on the war, paint manufacturers making in some cases as high as 100 shades of house paint agreed to limit themselves after July 1 to 32 shades; also to eliminate several sizes of containers. Recommendations to this effect were issued on Jan. 21 by the Commercial Economy Board of the Council of National Defense. The Board consulted with practically all manufacturers and representative dealers in preparing the recommendations. The detailed limitations applied to all kinds of paint and varnish. Enamels, for instance, were restricted by the manufacturers to 8 shades, floor paint to 8, roof and barn paint to 2, shingle stains to 12, oil colors to 30, carriage paint to 8, architectual varnishes to 10 grades, marine varnishes to 4, and so on. In many cases this meant a reduction of 50 % or more. Under an order issued by Secretary of the Treasury McAdoo to the Supervising Architect at Washington, no new 2 RETROSPECT. public buildings could be constructed during the war unless urgently needed; only those buildings and extensions under construction could be completed. It was stated that ap proximately 154 public buildings had been authorized by Congress but not contracted for, and it was estimated that some $15,000,000 would be saved by the curtailment of construction. The appropriations made for the work were to be carried along, but no money was to be spent unless it was shown that the buildings were actually needed. Numerous further restrictive measures were announced from time to time throughout the month. Thus, the U. S. Food Administration’s control over food commodities was considerably extended under a proclamation by the Presi dent, dated Jan. 10, and made public on Jan. 14. This placed under license importers, manufacturers and distri butors of a number of essential foodstuffs and cattle fodder. Among these brought under Federal control were salt water fishermen and distributors; all persons engaged in the busi ness of malting barley or other grains, or in the business of storing or distributing malt (except brewers of malt liquors, who did not malt their own grain); canners of peas, dried beans, corn, tomatoes, salmon and sardines; manufacturers of all products derived from wheat or rye, and other food products. On Jan. 9 the Federal Food Administration at Washington announced that, in order to supply the needs of the United States army and navy and the Entente nations, it would purchase from every flour mill in the country during 1918 30% of its output. This left 70% of the output for ordinary domestic requirements, a much smaller proportion, it was stated, than had been generally believed would be reserved for this purpose. The announcement afforded an indication of the extent to which civilian consumption of flour in the United States must be reduced. Further steps in the effort to effect greater conservation in food in order to meet the needs of the Allies were taken by the Government on Jan. 26, when President Wilson made public a proclamation, dated Jan. 18, calling for a 30% reduction in the consumption of wheat, and also for the observance of new wheatless and meatless restrictions outlined in an announcement made on the same day by U. S. Food Administrator Herbert C. Hoover. Under the new rules promulgated by Mr. Hoover, two wheatless days were decreed—Monday and Wednesday —instead of Wednesday only, as theretofore; in addition the request was made that one wheatless meal be observed each day. Besides meatless Tuesday, already in vogue, the public was asked that one meatless meal each day be observed, and that on Tuesday and Saturday no pork products be consumed. Furthermore, wheat substitutes were asked for in the making of bread at home, while bakers, hotels and restaurants were called upon to conform to new require ments in the making of bread; the new product, which was designated as “Victory Bread,” was to contain at the start (Jan. 28) not less than 5% of cereals other than wheat, the amount to be increased until a minimum of 20% of such cereals be established on Feb. 24. Millers were required to increase their milling percentage from 2% to 4%, by pro ducing the standard barrel (196 pounds) from 264 pounds of wheat, which represented a 74% flour. Continued economy in the use of sugar, said the President in his pro clamation, would be necessary until later in the year. On Jan. 31 President Wilson issued a proclamation re quiring that all persons, firms, corporations and associations manufacturing bread in any form, cake, crackers, biscuits, pastry or other bakery products, must procure a license on or before Feb. 4, excepting those already licensed and those whose consumption of flour and meal was less than three barrels a month. The order included hotels, restaurants, public eating places and clubs, which serve bread or bakery products of their own baking. The proclamation also ordered that persons, firms, corporations and associations engaged in importing or distributing green coffee must procure license on or before Feb. 4. All applications for license had to be made to the United States Food Administra tion. Violations were punishable by a penalty prescribed by Congress in the Food Conservation Act. Under the regulations proclaimed by the President the previous Novem ber, all bakers, clubs, hotels, &c., using ten barrels of flour or more a month, had to be licensed. The Federal Milk Commission, appointed the previous November by Food Administrator Hoover to investigate milk conditions in New York State, and to determine the reasonable prices to be paid for milk during January 1918 by purchasers to producers and by consumers to distributors, decided that the price of milk should be increased, beginning Jan. 1. Grade A milk, when delivered at homes, was advanced from 16 to 17 cents a quart and grade B milk from 14 to 15 cents a quart. Grade B milk, when sold over the counter in stores was kept at 14 cents a quart, and loose dipped grade B milk at 11 cents a quart. The prices in effect up to Jan. 1 had been those fixed for the month of October, but which had remained unchanged pending the settlement of the milk situation. A slight reduction in the price of milk to the consumer for the month of February was announced by the Federal Milk Commission on Jan. 28. The February price of Grade A milk, quart bottles, delivered to consumers was made 16% cents, against 17 cents fixed for January,and for Grade B milk 14% cents, against 15 cents in Janary. Wholesale prices for storage creamery butter for New York and Chicago, the New York prices to govern other http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis points in seaboard territory, were announced by the United States Food Administration on Jan. 19. The new scale, it was stated, had been established with the voluntary co operation of the butter trade. All exchanges were notified to observe the following wholesale quotations: New York: 47 cents a pound “for the remainder of the season.” This means about two months, when most of the present storage creamery butter will have been released. This price will remain unchanged, without allowances for accumulating storage charges. Chicago: 45Hi cents a pound until Feb. 1. Beginning then the price will be advanced one-fourth of a cent on the 1st and 15th of each month until practically all creamery butter is released from storage. This in crease is designed to compensate for storage expenses. At the beginning of the month the U. S. Food Administra tion announced that refiners and distributors of sugar had been instructed that they might furnish to confectioners and manufacturers of non-essential food products containing sugar, 80% of their normal requirements. Since the previous October, when the sugar shortage had become acute, the confectioners and other manufacturers had at the request of the Food Administration been supplied with only 50% of their normal requirements. The directors of the Chicago Board of Trade, on Jan. 5, unanimously decided to make no change in trading conditions in corn for future delivery; therefore, trading in futures continued under the same restrictions as previously. The legal meximum price of corn for future delivery was $1 28 a bushel. Farmers had protested, however, that prevailing conditions discriminated against them in favor of consumers and exporters. The action of the Board of Trade in deciding not to disturb the maximum on corn futures was said to have been taken at the suggestion of the United States Food Administration. The discontinuance of trading in January corn on the Chicago Board of Trade was announced Jan. 25, and it was tated that a committee would establish a fair price for the settlement of existing contracts. The settlement price was sater fixed at $1 28. The step was due to the fact that the quotation was so close to the maximum price that there was little opportunity for action, particularly as selling was dis couraged by big premiums prevailing for cash corn. Only a big movement could reduce these premiums, and that was considered impossible during the few remaining days of the month. The May option for corn m Chicago ranged between $1 23% and $1 26 with the close Jan. 31 $1 25%. May oats at Chicago fluctuated widely on a rising tendency, the range being 75% to 81% cents, with the close Jan. 31 80%. Middling upland cotton in New York, which closed Dec. 31 (1917) at 31.75 cents, got up to 33.30 Jan. 9 and then tapered down with the price Jan. 29 31.50 cents and the close Jan. 31, 31.65 cents. Print cloths at Fall River were marked up Jan. 9 from 9 to 9% cents, Jan. 21 to 9% cents, Jan. 22 to 9% cents, Jan. 29 to 10% cents, and Jan. 31 to 10% cents. On Jan. 7 announcement was made that the Federal Food Administration had arranged to control the binder twine output of the country during 1918. Control, it was stated, would be effected through voluntary agreements made by the binder twine makers with the Food Administration, which would centralize buying and eliminate competition. The statement made by the Food Administration in the matter said that as a consequence of war activities, high freights and similar causes the price would not be as low as in the past years, but would be a reasonable price based on the cost of raw materials. Official announcement that the maximum price for copper would be continued at 23% cents a pound until June 1 1918 was made by the Committee on Public Information at Washington on Jan. 22. The decision to continue the price at the figure named was reached at a Government conference with copper producers on Jan. 11, and President Wilson, on recommendation of the War Industries Board, approved on Jan. 22 the extension of the agreement of the previous Sept. 20 under which the price indicated was fixed. The final installment of 40% on the Second Liberty Loan fell due and was paid in at the various Federal Reserve banks on Jan. 15. Allotments to the extent of the full 40% would have called for about $1,500,000,000 as the Govern ment sold $3,808,000,000 of the 4% bonds. But many subscribers had anticipated their bond payments, and, as a matter of fact, only $355,000,000 was left to be paid in on Jan. 15 throughout the whole country. At the Federal Reserve Bank of New York about $55,000,000 fell due. Secretary of the Treasury McAdoo on Jan. 15 announced that subscriptions had been received and allotted up to that time for about $250,000,000 of the issue of Treasury cer tificates of indebtedness, in anticipation of taxes, dated Jan. 2 and maturing June 25 1918, making the total amount outstanding of these certificates maturing June 25 1918 about $940,000,000. These certificates were put out to sell to those having income and excess profits taxes to pay and to avoid concentration of tax payments on one date. The Secretary directed the Federal Reserve banks to concontinue to receive subscriptions and until further notice to make allotments in full. On Jan. 17 Mr. McAdoo took what was regarded as his first step in preparation for the Third Liberty Loan, when he announced that he would receive subscriptions to a new offering of $400,000,000 of Treasury certificates of in- RETROSPECT. 3 debtedness, bearing interest at 4% from January 22, tion for or on behalf of, or for the benefit of any enemy or and payable April 22. Subscriptions to the new issue ally of enemy of the United States, and that any funds, or of certificates were received by Federal Reserve banks at property, or credits received through any transactions in par and accrued interest until Jan. 29, and the next day it connection with such account would not be made available to was announced the issue had been heavily oversubscribed. any enemy or ally of enemy, and also that they would not These certificates were receivable in payment of the Third transmit for collection or credit any negotiable instrument Liberty Loan subscriptions. bearing the signature or endorsement of any enemy or ally The United States Government on Jan. 12 made a further of enemy. Where declarations were not signed within the loan of S2,000,000 to Serbia, bringing the total of credits to proper time limits, or where the Board had reason to believe that country up to $6,000,000. On Jan. 31 an additional that such transactions having been signed were not being credit to Great Britain of $65,000,000, was reported, making complied with, the Board could prohibit any dealer or dealers the total advanced to that country for the month of January in the United States from engaging in any transactions direct $250,000,000, the sum of $185,000,000 on the January ac ly or indirectly with such foreign correspondent. A state count having previously been extended to it. For the month ment issued by the Treasury Department said: of February a credit of $210,000,000 was advanced to Great The regulations will put into the hands of the Secretary and the Fodera I Britain on Jan. 31. On Jan. 25 an additional credit by the Reserve Board full information as to the manner in which the credit facili United States to Belgium of $9,000,000 was announced, ties of the United States are being used. Through the power vested in the> making the total loans to that country from the United Secretary and the Federal I? eserve Board to prohibit any bank or banker in States $86,400,000. The aggregate of all credits placed at the United States from doing business with any foreign correspondent’ the disposal of the Allies by the United States since its en suspected of acts incompatible with the interests of the United States, ais furnished to the Government which will be used to control any trance into the war was $4,522,400,000 at the end of Janu weapon of our credit facilities and which can be wielded with the necessary ary, of which Great Britain’s share was $2,320,000,000; misuse amount of vigor to accomplish the results sought. France’s $1,285,000,000; Italy’s, $500,000,000; Russia’s, The procedure established has been carefully devised so as to preserve $325,000,000; Belgium’s, $86,400,000; and Serbia’s, $6,000,- the confidential relations easting between the bank and its customers except in those cases where suspicions point to the advisability of a detailed 000. A bill authorizing the Secretary of the Treasury to pur examination. chase $100,000,000 of Farm Loan bonds during each of the Fred I. Kent, Vice-President of the Bankers Trust Co. of fiscal years ending June 30 1918 and June 30 1919 became a New York, was appointed Director of the Division of Foreign law. The Federal Farm Loan Board took occasion to issue Exchange by the Federal Reserve Board. The appointment a statement in explanation of the increase previously made merely made official Mr. Kent’s supervision of foreign ex by it in the interest rate on farm mortgages from 5 to 5}^%. change actions of the Federal Reserve Bank, which had been It was not possible, said the Board, to establish or maintain in his charge since Dec. 5. a rate in defiance of conditions existing in all the markets of At the instance of Secretary of the Treasury McAdoo the the world. It was hoped that it might soon be possible to Federal Reserve Board made provision to pass on such finan lower the loaning rate to 5%, but whether or not this could cial undertakings of a public and private nature as might be be done depended upon conditions which were beyond the submitted to it. Before making contracts requiring the use control of the banks or of the Farm Loan Board. As to the of labor and material, or before placing new securities or reasohs prompting its action, the Board said: “The situation agreeing to purchase new issues, Secretary McAdoo urged will be plain to every farmer who remembers first that the bankers and corporations to confer with the Reserve Board in banks must borrow the money, before they can loan it to the order that it might determine whether the proposed under farmers; second, that money in the hands of investors has taking “is necessary for the public health and welfare or become so scarce that higher rates have to be paid than contributes directly toward winning the war.” The follow formerly. The banks cannot yet borrow at a rate quite as ing statement with regard to the matter \4as issued by Secre low as that paid by the Government. After the system has tary McAdoo: been established for a while and investors become familiar In my annual report to Congress, dated Dec. 3 1917, I referred to the with our bonds we hope that the rates on farm loan bonds will importance at this time of avoiding unnecessary capital expenditures in sink to a point almost as low as that paid on Government both public and private enterprises. While no specific authority has been bonds.” conferred upon me to approve or disapprove new undertakings, a number An appeal to President Wilson to speed up Governmental of corporation executives, bankers and municipal officials, inspired by the machinery in aid of production in such manner as to relieve idea that they should do nothing which would in any way retard our ef the anxiety of farmers as to labor supply, credit facilities, forts in the prosecution of the war, have submitted to me plans' or new seed shortage, and other vital questions was made on Jan. 22 enterprises or new issues of securities. It is now apparent that the Government may count upon a ull measure when the Federal Board of Farm Organizations presented a co-operation on the part of the States, municipalities and private cor memorial to him in behalf of more than 2,000,000 organized of porations, with the result that a large nmnber of such plans for future farmers. The Board asked consideration of its memorial by developments will be submitted from time to time. It, therefore, be the President and a reply when farm leaders of America comes necessary that each of these proposals receive adequate considera assembled in Washington on Feb. 6. tion and that a recommendation be made without delay as to the course Under an executive order issued by President Wilson on to be pursued. Pending action by Congress, I have requested the Federal Reserve Jan. 29, the Federal Reserve Board was vested with the power Board to pass upon such proposals as may be submitted to them or re- z to regulate foreign exchange. The order, made public by ferred to them by me, and advise whether or not such expenditures of capi Secretary of the Treasury McAdoo, was issued under the tal of such issues of new securities should be made. Espionage Act and the Trading with the Enemy Act. While The Board has consented to undertake this responsible work, and I the order stipulated that foreign exchange dealers must file therefore strongly urge upon the corporations and the bankers of the coun applications for registration certificates by Jan. 31, the Fed try, that before making contracts requiring the use of labor and material, eral Reserve Board, under the authority conferred on it, or beforo placing new issues of securities or agreeing to purchase new extended the time for filing the certificates to Feb. 5. The issues of securities, they confer with the Federal Reserve Board in order it may determine whether the undertaking covered by the proposals order prohibited all persons other than customers, beginning isthatnecessary for the public health and welfare, or contributes directly Feb. 10, from engaging in transactions governed by it, unless toward winning the war. they possessed a registration certificate issued by the Federal This is not alone a question of capital, but of material and labor. Public Reserve Board, but the Board waived for a period of five improvements or new private enterprises which in times of peace might days the requirement that no transactions covered by the be ontirely proper, should now be considered in the light of, or in connection order should be engaged in by others than certificate holders with, the great Governmental problems arising out of our military neces after Feb. 10. The prohibition, therefore, became effective sities. on Feb. 15 instead of Feb. 10. The registration certificates Coincident with the issuance of the above statement , press to be obtained upon application to the Federal Reserve bank dispatches from Washington on Jan. 11 stated that the regu of the district, were grouped in three classes, according to the lation of the issue of practically all private securities would nature of their business. Customers of these dealers were soon be proposed by the Government. A law to that effect called upon to sign a statement for each purchase or sale, was passed in April. A committee of the Reserve Board showing the purpose of the transaction and declaring that no undertook on Jan. 17 to work out plans for effecting enemy or ally of enemy interest had any interest in it. The the voluntary regulation. Meanwhile, it was stated, hun statements had to be filed with the Federal Reserve banks, dreds of requests for specific approval of contemplated se together with weekly detailed reports from the foreign ex curities issues were being held without action, having been change dealers. Coupons and dividends collected or securi referred to the Board by Secretary McAdoo. The Reserve ties sold for foreign account, it was required, must be ac Board announced on Jan. 26 the creation of a Capital Issues companied by declarations in prescribed form to the effect Committee, to pass upon applications of issues of securities that such sales or collections were not made for or on behalf of $500,000 and over in the case of industrial and public of or for the benefit of any enemy or ally of enemy and that utility corporations, and $250,000 and over in the case of the proceeds of such sales or collections would not be made States, counties and municipalities, running for a term of not available to any enemy or ally of enemy, and that the securi less than one year. While it was intimated that the com ties on which such dividend or interest was being paid were mittee did not necessarily plan to exclude from its observa not the property of any enemy or ally of enemy and had not tions issues of smaller sums, it was not yet prepared, it was been owned or held for account of any enemy or ally of enemy stated, to pass upon investments of lesser volume. The since Jan. 26, and that they were not purchased by the pres members of the Capital Issues Committee were Paul M. War ent owner from any enemy or ally of enemy or any person burg, Charles S. Hamlin and Frederick A. Delano, members acting on their behalf since Feb. 3 1917. Cheeks for divi of the Federal Reserve Board, and the advisory committee dends or interest on registered bonds issued to foreign holders consisted of Allen B. Forbes, of the firm of Harris, Forbes & had to bear a corresponding declaration. The foreign corres Co. of New York; F. H. Goff, President of the Cleveland pondents of all the holders of registration certificates were Trust Co. of Cleveland, Ohio, and Henry C. Flower, Presi required to sign a declaration that such correspondents would dent of the Fidelity Trust Co. of Kansas City, Mo. Legis not deal or attempt to deal directly or indirectly with their lation was at the same time introduced in Congress with a correspondent in the United States in respect of any transac view to providing some measure of compulsion in the Gov- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 4 RETROSPECT. eminent regulation of securities issues, as stated below. The Board, however, counted strongly on voluntary co-operation. At each of the twelve Federal Reserve banks local committees were organized to assist the Capital Issues Committee. It is distinctly understood, said the Federal Resrve Board’s an nouncement, “that the Capital Issues Committee will not pass upon the intrinsic merits of individual cases, but only upon the question of whether or not the objects for which money is to be raised and spent are essential to and compatible with the national welfare of this time.” Cases dealing with railroad financing were left entirely to the Railroad Adminis tration. The activities of the Capital Issues Committee were under control of the Federal Reserve Board. The creation by the Government of a corporation which would make advances to persons, firms, corporations and associations whose operations were essential to the prosecu tion of the war, was proposed in a bill recommended for enact ment by Congress by Secretary of the Treasury McAdoo on Jan. 28. The bill was designed to prohibit the sale of all pri vate security issues of more than $100,000 without the approval of the new Government body to be created under the bill. The new body, to be known as the War Finance Cor poration, was to have a capital of $500,000,000, to be sub scribed by the United States. The bill in the shape it actu ally became a law is referred to in our narrative for April. An arrangement intended to stabilize exchange between the United States and Argentina was concluded between Secretary of the Treasury McAdoo and the Argentine Gov ernment. The Treasury Department on the 7th inst. made the following statement concerning the arrangement: Secretary McAdoo through the State Department concluded an arrange ment with the Argentine Government to stabilize exchange between the two countries and to check the depreciation of the American dollar on the Argentine market, which had threatened to become a serious obstacle to trade between the two countries. Under the arrangement the Argentine Government revived a law passed immediately after the outbreak of the European war, under which American business men owing money to Ar gentine merchants might deposit such amounts with the Argentine Am bassador, who in turn deposited these amounts in current account with the Federal Reserve Bank of New York. The Argentine Government agreed that the balance of this account would not be shipped in gold until after the ratification of the treaty of peace ending the war, and the American Government agreed that no obstacles would at that time be interposed to the shipment of the said balance in gold. The arrangement with the Argentine Government permitted such deposits up to $40,000,000 with the Argentine Ambassador, but it was said that if this amount proved inadequate arrangements for increasing the limit could be made with the Argentine Government. In furtherance of the arrangement the National City Bank of New York was directed to transfer to the Federal Reserve Bank of New York, the gold held by it to the credit of the Argentine Government. It was understood that the Nation al City Bank had been custodian of gold to the extent of $16,000,000 or $17,000,000 belonging to Argentina since the closing days of 1914, the metal having at that time been “earmarked” in favor of the Argentine Embassy at Washing ton, the uncertain shipping conditions having militated against its export. It had, in the interval, been held here as a basis for the issuance of currency in Argentina. In addi tion, Bonbright & Co., Inc., made another payment on the same account as representing the Argentine Government with respect to the transaction. The New York “Tribune,” in its issue of Jan. 25, explained the arrangements as follows: The larger banks which ordinarily do an extensive business in exchange on South American countries have been informed that the Federal Reserve Bank has effected an arrangement with the Banco de la Nacion at Buenos Aires, under which commercial credits will be issued by the latter institution against deposits of funds in New York. The Federal Reserve Bank pro poses to handle these transactions on the basis of par for pesos plus 3% commission to cover what would be the usual cost of shipping gold to Argentina. This will become, therefore, an assurance that in trade with Argentina our dollar will be Worth at least 97 cents while the war lasts, or until we sell to Argentina as much goods as we buy from that country. Before such credits are issued it will be necessary, however, for banks making the application to show that exchange on Buenos Aires is wanted to cover actual commercial transactions and is not sought merely to effect a transfer of funds, possibly for speculative purposes. This gold, under an arrangement being worked by the Federal Reserve Board, is to serve as the basis for the issue of pesos notes in Argentina, pro vided that country enacts the legislation necessary to that end. This, it is pointed out, will be equivalent to the exportation of the actual gold now prohibited by the embargo declared by the United States and will make it possible to settle the unfavorable balance of trade which has been built up against this country as a result of the large excess in the value of goods imported from Argentina over our exports to that country. Exchange on Argentina moved in favor of American exporters yester day, the rate for pesos going almost to a dollar, compared with 98 cents the day before. Since the Treasury Department at Washington announced early this month that an arrangement had been made with the Argentine Government by which American merchants may cancel their indebtedness in the South American republic without shipping gold, New York, exchange on Buenos Aires has improved steadily. On Dec. 14 the American dollar was quoted in Argentine pesos at 92.70 and now it is quoted at 99.85. Completion of negotiations for a loan of $200,000,000 to Great Britain by the Argentine Government, it was said yesterday, had been an important factor in helping to stabilize New York exchange on Buenos Aires. According to press advices from Buenos Aires on Jan. 14 the Foreign Minister of Argentina on that day signed an agreement with the British and French Ministers to sell 2,500,000 tons of wheat to the Allies. To carry out the arrangement Argentina was to open a credit at the Bank of the Nation in favor of the Allies, which, it was said, would be liquidated in two years. It was added that this arrange ment was virtually a huge loan to the Allies, and was made in order to stabilize the rate of exchange. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Federal Reserve Bank of New York announced on Jan. 23 that arrangements had been consummated between the Bank of Japan and the Federal Reserve Bank of New York whereby mutual relations are established for the pur pose of transacting such business as may develop from time to time. The notice said: This relationship was effected following recent negotiations with Baron Tanetaro Megata, Financial and Economic Commissioner of the Imperial Japanese Government, and Mr. Itsuo Hamaoka, of the Bank of Japan, and is in line with the general policy adopted some time ago by the Federal Reserve Board. Section 14, paragraph (e) of the Federal Reserve Act, authorizes any Federal Reserve bank, with the consont of the Federal Reserve Board, to “open and maintain banking accounts in foreign countries, appoint corres pondents and establish agencies in such countries, wheresoever it may deem best for the purpose of purchasing, selling and collecting bills of exchange, and to buy or sell, with or without its indorsement, through such cor respondents or agencies, bills of exchange arising out of actual commercial transactions . . . and to open and maintain banking accounts for such foreign correspondents or agencies.” Both institutions have felt it desirable to establish mutual relations, so as to come to a general understanding with respect to monetary movements during and after the war, and to confer with each other as occasion may require. An increase in the price of New York daily newspapers (morning and evening), which had been selling at one cent, went into effect on Saturday, Jan. 26. With the price raised to two cents the papers of the metropolis fell in line with those of other large cities like Philadelphia, Pittsburgh, Chi cago, St. Louis, &c., where the price of both morning and evening papers had for some time been two cents. With the increase of the one-cent papers in New York to two cents, the New York “Evening Post,” beginning with Monday, Jan. 28, reduced its charge from three cents to two cents, the new price applying to all issues except the Saturday edition, the price for which remained at five cents. The Brooklyn “Daily Eagle” maintained its price at three cents. Reference has been made above to the extremely severe weather. In this city the month was the coldest January known, or at least the coldest January for the 38 years since the U. S. Weather Bureau had been keeping records at this point. The average temperature for the month was 21 degrees, or nine degrees below the normal of 30 degrees for January as shown by the Weather Bureau records. The nearest previous approach to this low average was 23.3, re corded in Jan. 1893. The cold at the beginning of January was a continuation of the extreme cold experienced the pre vious December; on Dec. 29 (1917) the mercury had regis tered 6 degrees below, on Dec. 30 there was a drop to 13 degrees below (said to have been the coldest day of 100 years), and on Dec. 31 the low point was 7 below. Jan.l 1918 opened with a low of 5 below; Jan. 2 the low was 1 degree above zero; Jan. 3 the low was just zero, while Jan. 4 there was again a drop to 3 below zero. The snowfall was also above the normal for January, but at this point not the heaviest on record. Railroad Events and Stock Exchange Matters.-—In the stock market early strength was followed by a sharp break, but this, in turn, was succeeded by noteworthy recovery towards the close of the month. In the recovery the early loss was not wholly regained in the case of the railroad shares, but, on the other hand, the motor shares and the equipment issues, as also the copper stocks generally, reached their highest figures then. The rise at the beginning of the month was a continuation of the sensational upward move ment which occurred at the close of December, as a result of the President’s proclamation announcing the assumption of Government control of the railroads for the period of the war, accompanied by the statement that Congress would be asked to guarantee compensation for the use of the roads on what appeared to be a fair basis, namely the average income for the three years ending June 30 1917. Following this action in December the President appeared before Con gress on Jan. 4 and read a special address on the subject. This embodied the declarations in the December proclama tion and served to re-emphasize the change which was ap parently to take place in the prospects of the railroads, materially brightening the railroad situation after the gloomy outlook that had existed for so many previous months. In these circumstances it was not surprising that on this day (Jan. 4) and the two preceding business days of the month (Jan. 2 and Jan. 3) the market should have shown sustained strength and that the upward movement in prices should have made further decided progress. On Saturday, Jan. 5, somewhat of a downward reaction was in evidence, but on Monday, Jan. 7, the market recovered, and Tuesday morn ing (Jan. 8) a further noteworthy upturn in prices occurred, in the afternoon of that day, however, the market experienced a break of 1@2 points all around on the reading by the President of his new special message to Congress, this time outlining the terms upon which the United States might be willing to enter into peace negotiations with Germany. This special message came entirely unheralded and, as in dicated above, contained peace aims which the Central Powers seemed unlikely to accept, therefore rendering more remote the prospect of the conclusion of peace. Conse quently, the stock market reflected its disappointment in lower prices. The situation in this respect was quite in contrast with that prevailing in January of the previous year, before the United States had entered the war. Then suggestions of peace were looked upon as depressing in fluences, inasmuch as they meant a discontinuation of the RETROSPECT. 5 profitable war contracts which had produced the unexampled Stock Fluctuations. Range for Month. Jan. 2. Jan.SI. era of prosperity the industrial companies were enjoying. Highest. Industrials (Con.)— Prices in doll ars per share Lowest. Now the United States itself was a participant in the great Cuban-Amer Sugar__ *145 150 152 146% Jan. 4 152 Jan. 31 General Electric___ 134% 140 127% Jan. 7 140 Jan. 31 conflict, prices of stocks were down to low figures, profits General 107|^ __ 106% Jan. 15 139% Jan. 31 yi375< on war contracts, both for the United States and the Allies, GoodrichMotors (B F)_____ 49 Jan. 31 38 Jan. 2 38 49 were very much curtailed, and rigidly limited, and the Gulf States Steel____ *89 95 93 86 Jan. 15 96% Jan. 3 Inspir-Consol Copper. 48% Jan. 4 >42% Jan. 15 47% >46% country’s war preparations had disorganized all the normal Int Agricul Corp 15% Jan. 30 10 Jan. S 12 14% currents of affairs. Accordingly, the possibility of a return Int Mercantile Marine 21 Jan. 15 25% Jan. 29 22% 25% 94% Jan. 17 Preferred. 83% >93% 83% Jan. 2 to a normal state of things would now be in the nature of International Nickel. 27 Jan. 15 30% Jan. 3 30% 29% a favorable influence and, vice versa, the dashing of hopes International Paper __ 30% Jan. 2 24% Jan. 15 29% 29% 81 Jan. 3 Lackawanna Steel__ 73% Jan. 12 79 77% of an early peace took on the character of an adverse influ Maxwell Motors. . 23% Jan. 15 30 Jan. 31 26% 30 ence under which prices would recede. National Lead____ 43% Jan. 7 47% Jail. 2 *44% 49% 47% Coal. .. 42 Jan. 15 47% Jan. 31 45% 47% It happened, too, that Congressional discussion of the Pittsburgh 63% Jan. 31 Pressed Steel Car__ 59 59 Jan. 5 63^ pending bill for compensating the railroads during Govern Railway Steel Spring. _ 45% Jan. 7 53% Jan. 31 48% 53 Iron & Steel. z72% Jan. 15 82% Jan. 3 >79 79% ment operation and control, evidenced a disposition on the Republic 55% Jan. 31 Studebaker Corp. 46 Jan. 17 54% 50% part of the legislative body to haggle as to terms. Accord Texas Company____ 136% Jan. 7 155% Jan. 31 141% 155% 114 Jan. 5 124% Jan. 2 ingly, for a time during the middle of the month, the market U S Industrial Alcohol 121 118 S Rubber _ _ 56 % 51 Jan. 15 57 Jan. 22 54 H see-sawed a great deal, now advancing, now declining. U U S Smelt, Ref & Min >42% Jan. 16 47% Jan. 3 >46% 45% On Thursday morning, Jan. 17, there came a break of 1@2 U S Steel__ __ __ 91% 91% 88% Jan. 15 98 Jan. 3 97% 85% Jan. 2 92 Jan. 31 92 85% points on the publication in the daily papers of the Fuel Western Union Telep. Administrator’s order compelling the closing of industrial j Quoted ex-dividend during the month prior to this date. x Ex-dividend. establishments all over the eastern half of the country * Bid and asked price; no sale. by denying to them the use of fuel and also undertaking to The Money Market.—The money market was firm the effect a general shut-down of industrial activities, to take in even business offices, for ten successive Mondays, greater part of the month, but with an easier tendency at the including the Monday forming a part of the five-day period. close. Call loans on the Stock Exchange touched 6% every The shut-down order was not favorably received on the part business day from the 15th to the 22d, inclusive. One influ of any portion of the community, but in the afternoon of the ence in the stiffness of money was the withdrawal of Govern day referred to the market recovered the greater part of the ment funds from the banks. The easier conditions the latter morning losses, on the theory, apparently, that, after all, part of the month followed the placing of new issues of the ill effects would be of only limited tenure. The rest of Treasury certificates and the re-deposit of the proceeds with January the market developed a gradually hardening the banks. Surplus reserves of the New York Clearing House tendency which ripened into a substantial rise in the closing banks varied considerably from week to week, being $61,270,days of the month—and into positive buoyancy the last 520 Jan. 5, $78,573,010 Jan. 12, $67,676,230 Jan. 19, day of the month, Thursday, Jan. 31. Expectations that $96,681,750 Jan. 26 and $62,307,300 Feb. 2. Loans were the U. S. Steel Corporation in the quarterly declaration of $4,117,433,000 Jan. 5, declined to $4,034,919,000 Jan. 19 dividends, would repeat the 3% extra, in addition to the and then rose to $4,225,260,000 Feb. 2. Deposits were “regular,” which expectation was realized when, $3,837,605,000 Jan. 5, $3,941,236,000 Jan. 12, $3,865,493,after the close of business Jan. 29, declaration of the dividend 000 Jan. 19 and increased to $3,885,501,000 Feb. 2. The was announced, served to impart additional vigor to the range for call loans for the month was 2^ to 6%, with the improving tendency, and was largely responsible for the quotation Jan. 31 3j^@4%. Money on time Jan. 31 was final buoyancy. A syndicate headed by J. P. Morgan & quoted at 5@6% per annum for 60 days, 90 days and 4 Co., Kuhn, Loeb & Co., and Kidder, Peabody & Co. pur months, and 5%@6% for 5 and 6 months. Commercial chased and then offered to the public at 99.05 $40,000,000 paper closed at 5 Ej @5 % % lor 60 and 90 days endorsed bills 1-year 6% notes of associated companies of the American receivable and 6 months single names of choice character, Tel. & Tel. Co. endorsed by the. latter, dated Feb. 1 1918— while single names not so well known were quoted at 5 % @6 % Foreign Exchange, Silver, &c.—In the foreign exchange to net about 7%. The issue was oversubscribed in 15 minutes. The proceeds were used to redeem approximately market fluctuations in sterling bills were again compassed $18,500,000 of 2-year subsidiary companies’ notes within a very narrow range. One feature was the merest maturing Feb. 1 and the remainder to reimburse the com trifle of a deviation in the rate for cable transfers which had pany for extraordinary outlays incident to meeting the war been pegged for so long at 4 76 7-16; on Jan. 25 the quotation requirements of the company. The American Can Co. was 4 76 7-16@4 76y2, and on Jan. 26 4 7645@4 76 7-16; sold to the First National Bank of New York $12,000,000 thereafter there was a return to the single quotation of serial notes dated Jan. 21 and maturing in equal installments 4 76 7-16. Business in exchange on the Continental centres in seven, eight, nine and ten months. The notes were was light the entire month, with the trading dull and feature offered on a 7% discount basis and all disposed of. Bankers less most of the time. The protracted delays and uncertain offered at 98^ and interest yielding 7.82%, the unsold ties governing the movement of shipping, owing to the pre portion of $10,500,000 1st lien 7% 2-year gold bonds of the vailing fuel shortage, were a factor in restricting operations. Toledo Traction Light & Power Co. Kuhn, Loeb & Co. Announcement of the breaking off of peace negotiations be and the Chase Securities Co. sold at 99 a new issue of $15,- tween Germany and the Bolsheviki apparently failed to exer 000,000 1-year 6% notes dated Feb. 1 1918 of the Westing- cise any appreciable influence upon the Russian exchange, house Elec. & Manufacturing Co. “in order to assure to the price of the ruble varying only slightly from 13 for sight itself for a fixed period working capital temporarily required exchange and 13 J4 for cable transfers throughout the month. to carry the large inventories which it is essential that the The Italian lire, while remaining greatly depreciated, showed company should have under present conditions.” Receivers some improvement early in the month, but later manifested were appointed for the Denver & Rio Grande RR., it being weakness again, notwithstanding the announcement of some provided that Government possession and control of the Italian victories; from 8 46 to the dollar sight exchange im lines should not be interfered with. proved to 8 31, but by Jan. 31 the rate was down again to 8 59 to the dollar. French exchange indicated an improving tendency, the firmness being attributed mainly to the de Slock Fluctuations. Jan. 2. Jan. 31. Range for Month. mand for remittances incidental to the payment of American Railroads— Prices in doll ars per share. Lowest. Highest. troops in France. In the neutral exchanges the general trend Atch Top & Santa Fe_ 85% z85 82% Jan. 24 87% Jan. 3 Baltimore & Ohio___ 52% >52 >49 Jan. 24 55% Jan. 4 was towards a lower level the early part of the month, bu Canadian Pacific____ 139% 149% 135% Jan. 5 149% Jan. 31 with a recovery again at the close. This was true of the Chesapeake & Ohio__ 54% 51% 49% Jan. 15 54% Jan. 4 Chic Milw & St Paul__ 46% 45 41 Jan. 24 47% Jan. 2 Scandinavian exchanges, as well as of Spanish pesetas and Erie________________ 17 15% 14% Jan. 15 17% Jan. 2 Dutch guilders. Swiss francs were weak, sight bills declining Great Northern, pref_ 90 >90% >86 Jan. 15 92 Jan. 2 to the dollar to 4 54. Official Bank rates at the Louisville & Nashville. 114 110 Jan. 2 115 Jan. 19 from 4 36 111% New York Central___ >72% 71% 67% Jan. 15 >73% Jan. 4 leading European financial centres were quoted throughout N Y N H & Hartford. 32% 31% 27% Jan. 24 32% Jan. 2 Norfolk & Western__ 104% 104% 102 Jan. 24 105% Jan. 4 the month at 5% in London, Paris, Berlin, Vienna and Northern Pacific___ 86% >85% >81% Jan. 24 88% Jan. 3 Copenhagen; 5j^% in Italy and Portugal; 4I^% in Switzer Pennsylvania________ 47% 46% 45% Jan. 24 47% Jan. 2 Reading Company__ 72% >75% 70% Jan. 15 76% Jan. 4 land, Holland and Spain; 6% in Norway and 7% in Sweden. Southern Pacific___ 83% 84 80% Jan. 24 85 Jan. 3 Open market discounts in London at the opening of the year 24% Southern Railway___ 24 21% Jan. 24 24% Jan. 4 Union Pacific__ _____ 115 116 109% Jan. 15 118 Jan. 3 were quoted at 4 3-16% for both 60 days and 90 days, but Industria’s— were reduced to 3 31-32% for 60 days and 4 1-32% for 90 Allis-Chalmers Mfg__ 19 20% 17% Jan. 15 21 Jan. 3 days, but the latter part of the month moved up 4 1-32% for Preferred___ ______ 72% *72% 75% 72% Jan. 4 76 Jan. 7 Silver in London at the American Agric Chem. 79 86 78 Jan. 2 86 Jan. 31 60 days and 4 1-16% for 90 days. American Beet Sugar. 71 >78% 70% Jan. 5 >78% Jan. 31 opening of the year was quoted at 43 J4d. per oz. and Jan. 31 38% American Can_______ 39 34% Jan. 15 41% Jan. 3 Amer Car & Foundry. 70% 73% 68% Jan. 14 73% Jan. 31 at 4354d., the range for the month having been 43J^d. to Amer Hide & Leath, pf 50 55% 50 Jan. 2 56 Jan. 31 45j^d. American Locomotive. 55% 59 53% Jan. 15 59% Jan. 31 AmerSmelt & Refining Amer Steel Foundries. Amer Sugar Refining. Amer Telep & Teleg. _ Amer Woolen of Mass. Amer Writ Paper, pref Amer Zinc, Lead & Sm Anaconda Copper___ Baldwin Locomotive.. Beth Steel Class B com Central Leather_____ Chile Copper________ Chino Copper______ Colorado Fuel & Iron. Continental Can____ Crucible Steel http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 80 60 100 104% 45% 25 14 62 59 75% 65 17 42% 36% 87% 54% 84% 62% 106% 108 49 24% 15% >64 64 79% >68% 17% 44 >39 92% 57% 76}^ 58 98 99% 44% 20% 12% z59% 56% 72% 61% 15 41% >34% 84% 52 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 5 85 Jan. 31 15 64 Jan. 3 16' 107% Jan. 23 4 108 Jan. 31 15 49% Jan. 31 18 25 Jan. 2 18 17% Jan. 3 18 64% Jan. 31 15 64% Jan. 31 15 83% Jan. 3 15 69% Jan. 3 19 17% Jan. 2 15 44 Jan. 31 29 39% Jan. 3 5 92% Jan. 31 12 59 Jan. 3 MONTH OF FEBRUARY Current Events.—While there was a distinct improvement in the domestic situation growing out of the severity of the weather, the outlook abroad grew steadily less favorable. The unfortunate feature in the foreign situation was the state of things in Russia. At the beginning of the month it was announced that the Bolshevik representatives had re fused the peace treaty proposed by Germany, but had defi nitely determined to withdraw from the war and had ordered the demobilization of Russian troops on all the war fronts. The Bolshevik Government professed to bejimbued jwith 6 RETROSPECT. lofty ideals and declared the Russian workmen must not fight fellow workmen in Germany. This, however, did not satisfy the German Government, which immediately re sumed war and entered upon an extensive campaign for the further invasion of Russia, the objective being the remain ing Russian Baltic ports (in addition to Riga, which was al ready in German hands), and presumably also Petrograd. Then Germany proposed new peace terms, involving the abandonment by the Russians of further large slices of terri tory. These new terms Lenine and Trotzky promptly ac cepted, but even this did not halt the invasion, the German military commanders announcing that the progress of the German army would not be halted until peace terms had actually been signed, and in the mean time they refused to grant an armistice. With one large section of Russia, namely the Ukraine, the Germans concluded a separate treaty of peace early in the month, and as part of their gen eral scheme of invasion the Germans ostensibly intervened for the protection and relief of the Ukrainian People’s Re public, which was being hard pressed by the Bolshevik Red Guard. In domestic affairs the change for the better was brought about by the advent of milder weather the latter half of the month, with the effect at once of relieving in a very appre ciable measure the freight congestion on the Eastern roads and of breaking the coal famine. As a consequence, it be came possible to suspend the order for heatless Mondays and the latter part of the month, also, the local order for six lightless nights a week, though the local Fuel Administrator called attention to the fact that his earlier order for two lightless nights (Sunday and Thursday) remained in effect. At the close of the month the “Iron Age” was able to an nounce that the Steel Corporation was now operating to 75% of its blast furnace capacity, accompanied by 85% active ingot capacity and 80 to 85% capacity in the rolling mills. Some of the independent steel works were operating at only 60% of capacity, not having fared so well as the Steel Corporation plants, but these in January had been down in instances to only 30% of capacity where they had not been obliged to shut down altogether because of the lack of fuel. There were indications quite early in the month that the Monday closing order of the Fuel Administration would soon be rescinded; but as the weather nevertheless remained severe, the decision was reached on Feb. 5 to continue the order in effect at least on Monday, Feb. 11. A modifica tion of the order was issued, however, on Feb. 8 to the ex tent of suspending the heatless Monday regime so far as all the States south of Virginia were concerned. The States in which the shutdown order was removed were North and South Carolina, Tennessee, Georgia, Florida, Alabama, Mississippi and Louisiana. The order originally announced applied, as stated above, to all the territory east of the Mississippi River, including the whole of the States of Louisiana and Minnesota. General suspension of the heat less Mondays was announced by Dr. H. A. Garfield, the U. S. Fuel Administrator, on Feb. 13. This means that Monday closing ended with Monday, Feb. 11. The Fuel Administrator’s original order provided for the closing down of business for five days from Jan. 18 to Jan. 22 (including Monday, Jan. 21), and the nine succeeding Mondays to Mar. 25, by denying the use of fuel for the period men tioned. In announcing the restrictions on Jan. 17, the Fuel Administrator had stated that “the action was essential to relieve the coal famine and break up congestion on the trans portation lines, which threatened to hopelessly cripple the nation’s war program.” With the single exception of James J. Storrow, New England Fuel Administrator, the reports to the Federal Fuel Administration on Feb. 13 agreed in the conclusion that conditions had improved to such an extent as to permit the suspension of the restrictions. The only part of the order continued in effect was that providing for the preferential distribution of coal. The railroad embar goes placed in effect by Director-General McAdoo on Jan. 22, it was announced, would remain in operation until fur ther improvement was shown. Mr. McAdoo, in expressing his concurrence in Dr. Garfield’s suspension order, cautioned that it should not be assumed that there was no further necessity for economy in the use of coal, saying “there are still six weeks of winter ahead of us, with the possibilities of snows and blizzards to interfere with railroad operations. Every pound of unnecessary traffic we can keep off the rail roads during this period will help to restore normal condi tions that much more quickly.” In his general suspension order of Feb. 13, Fuel Administrator Garfield left with the State Administrators power to continue whatever restric tions they considered necessary, and the New England Fuel Administrator felt that conditions in New England were not such as to warrant suspension of the heatless Monday in that part of the country on Feb. 18. The continued im provement in freight and coal conditions, however, served the next Monday to bring relief in New England, too. The heatless Mondays were brought to an end in New England by an announcement on Feb. 20, the Fuel Administrators of the six States advising Dr. Garfield of their decision by telegraph, following a conference at Boston. A develop ment in the coal situation in New England was the action of the Boston fuel committee in lifting on Feb. 20 the embargo on deliveries to office buildings, stores and factories. An order, issued nearly two weeks before, forbade deliveries to those places; the order expired on Feb. 21, and the fuel com mittee had announced that it would not be renewed if weather http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis conditions continued favorable. The transportation of 1,000,000 tons of coal a month was assured for New England on Feb. 18 by Chairman Hurley of the Shipping Board and Director-General McAdoo of the Railroad Administration; 600,000 tons, it was stated, would go by water and 400,000 tons by rail. The assurances to that effect were given to a delegation of New England labor leaders who had visited Washington at the instance of the New England Fuel Ad ministrator. The labor men were received by President Wil son on Feb. 16 and on Feb. 18 they interviewed Navy, Shipping Board, Fuel Administration and Railroad Admin istration officials. They asserted that unless 1,000,000 tons of coal a month was furnished to New England, 50,000 men would be out of work within ten days and eventually 300,000 would be idle. The New York Stock Exchange, which on Jan. 23 had decided to close on the nine Mondays to Mar. 25, because of the fuel conservation order, rescinded its action at a special meeting on Feb. 14 as to future Mondays, the Governing Committee passing a resolution to this end in view of the Fuel Administration’s order suspending the heatless Mondays. The Russo-German peace conference at Brest-Litovsk came to a sudden end on Sunday, Feb. 10, when, following close upon the signing of the formal treaty of peace between Ukrainia and the Central Powers, the Russian delegates an nounced that the war was over so far as Russia was concerned, and that they were going to disband their armies and go home. No treaty of peace was signed. The Bolshevik delegates contented themselves with the simple announce ment that Russia was done with the war, followed later by a formal statement in which they declared that they would neither sign an “annexationist peace” nor continue to fight the Germans and Austrians, “peasants and workmen like our selves.” “We are not signing a peace of landlords and capitalists,” the statement continued. “Let the German and Austrian soldiers know who are placing them in the field of battle, and let them know for what they are struggling. Let them know, also, that we refuse to fight against them.” Then an order was issued forbidding further military opera tions, urging the soldiers to be patient till their time came to go home, and closing, oddly enough, with an admonition to “our comrade soldiers” to turn in all arms and military stores, “which have cost milliards of the people’s money.” The text of this most extraordinary document was given as follows in an official Russian statement forwarded from London on Feb. 12: The peace negotiations are at an end. The German capitalists, bankers and landlords, supported by the co-operation of the English and French bourgeoisie, submitted to our comrades, members of the peace delegations at Brest-Litovsk, conditions such as could not be subscribed to by the Russian revolution. The Governments of Germany and Austria possess countries and peoples vanquished by force of arms. To this authority the Russian people, workmen and peasants, could not give its acquiescence. We could not sign a peace which would bring with it sadness, oppression and suffering to millions of workmen and peasants. But we also cannot, will not and must not continue a war begun by czars and capitalists in alliance with czars and capitalists. We will not and we must not continue to be at war with the Germans and Austrians— workmen and peasants like ourselves. We are not signing a peace of landlords and capitalists. Let the German and Austrian soldiers know who are placing them in the field of battle, and let them know for what they are struggling. Let them know, also, that wo refuse to fight against them. Our delegation, fully conscious of its responsibility before the Russian people and the oppressed workers and peasants of other countries, declared on Feb. 10 in the name of the Council of the People’s Commissaries of the Government of the Federal Russian Republic, to the Governments of the peoples involved in the war with us and of the neutral countries, that it refused to sign an annexationist treaty. Russia, for its part, declares the present war with Germany and Austria-Hungary, Turkey and Bulgaria at an end. The above statement was signed by Leon Trotzky and other members of the Russian delegation at Brest-Litovsk. The order providing for the cessation of all military opera tions and the disbanding of the troops was as follows. It was not signed. No military operations must again take place. The beginning of a gen eral demobilization on all fronts is decreed. I order the issue of instruc tions on the front for the withdrawal of the troops from the first lines and for their concentration in the rear and further for their dispatch to the interior of Russia, in accordance with the general plan for demobilization. For the defense of the frontier some detachments of younger soldiers must be left. I beg our soldier comrades to remain calm and await with patience the moment of the return of each detachment to its home in its turn. I beg that no effort be spared to bring into the stores all artillery and other mili tary equipment which cost milliards (billions) of the people’s money. Remember that only systematic mobilization can be carried out in the shortest time and that systematic demobilization alone can prevent inter ference with the sending of food supplies to those detachments which re main for a certain period on the front. The foregoing showed by what methods Lenine and Trotzky sought to appeal to the German and Austrian people over the heads of their rulers, hoping thereby to precipitate a revolution in the Central Empires. Taking their stand on the principles of “no annexations, no contributions, and self-determination of peoples,” they steadily refused to be drawn into any formal agreement at variance with their program. It seemed at times—and the German delegates openly made the charge—that they were deliberately drag ging out the proceedings in the hope of meeting a response from the German masses. But while the abortive strikes in Austria-Hungary and Germany may have been a reflec tion of Trotzky’s policy, they came to naught. In the RETROSPECT. meanwhile, Russia’s military power began to disintegrate, and one after another the various communities inhabiting her border States declared their independence and set up Gov ernments of their own. Finland, Poland, Ukrainia and Lithuania asserted their independence. Bessarabia, in habited by people of Rumanian stock, was said to have made overtures to be joined to Rumania. At noon on Feb. 18 Germany ended the armistice on the Russian front and immediately German troops on a wide front resumed the march into Russia. The fortress city of Dvinsk in the north and Lutzk in Volhynia were occupied without serious resistance. Almost coineidently with the beginning of the German advance, an official statement was sent out by wireless from Petrograd, signed by Premier Lenine and Foreign Minister Trotzky, protesting against Germany’s resumption of hostilities and announcing that the Council of Peoples’ Commissioners “were now forced to sign a peace as dictated by the delegates of the Quadruple Alli ance at Brest-Litovsk.” The Russian statement, signed by Lenine and Trotzky, read: The Council of People’s Commissaries protests against the fact that the German Government has directed its troops against the Russian Councils’ Republic, which has declared the war as at an end and which is demobilizing its army on all fronts. The Workmen’s and Peasants’ Government of Russia could not anticipate such a step, because neither directly nor indirectly has any one of the parties which concluded the armistice given the seven days’ notice required in accordance with the treaty of Dec. 15 for terminating it. The Council of People’s Commissaries in the present circumstances regards itself as forced formally to declare its willingness to sign a peace upon the conditions which had been dictated by the delegations of the Quadruple Alliance at Brest-Litovsk. The Council of People’s Commissaries further declares that a detailed reply will be given without delay to the conditions of peace as proposed by the German Government. The German Government, however, was not satisfied. On Feb. 19 General Hoffman, the German military represen tative at the Brest-Litovsk peace conference, telegraphed to the Bolshevist Government for a written authentication of the Russian wireless peace message sent to Berlin. He stipulated that the authentication must be sent to the Ger man command at Dvinsk. His demand was complied with promptly, a messenger being dispatched from Petrograd with the original peace message, signed by Premier Lenine and Foreign Minister Trotzky. It was reported that the Ger man terms included the retention of Poland, Lithuania, Riga and Moon Island, and an indemnity of $1,500,000,000. On Feb. 23 a Russian wireless Government statement re ported the receipt of a new offer of peace from Germany. Germany would renew the peace negotiations and would conclude peace on the following conditions: 7 When the Bolshevik leaders, helpless, had indicated will ingness to accede to even these terms, the Germans an nounced that the military campaign would continue until peace terms had actually been signed. As to the Ukraine, a treaty of peace was signed on Feb. 9 between the Central Powers—Germany, Austria-Hungary, Bulgaria and Turkey —on the one hand, and the Ukrainian People’s Republic on the other, as represented by delegates from the Central Rada at Kiev. The territory of the new republic thus recognized by the Central Powers was about as large as Austria-Hun gary, and was said to be the richest and most fertile part of Russia. The population was put at about 30,000,000. In a speech at Brest-Litovsk, Leon Trotzky defied the Germans to name the boundaries of the proposed new country, and said the term Ukraine denoted a general region rather than a State. From the beginning of the Bolshevik revolution the Ukraine, on the whole, had shown little sympathy with the extreme theories of the Bolsheviki, and, while quick to take advantage of Trotzky’s literal interpretation of the principle of “self-determination of peoples,” the Ukrainian Central Rada, on the whole, had continued to be dominated by conservative forces. Severe fighting developed between the troops of the Central Rada and the Bolshevik forces, and several of the most important Ukrainian cities remained under Bolshevik control, including the great seaport of Odessa, but the Central Powers offered aid in crushing the Bolsheviki in those parts. The treaty of peace provided that the frontier between Austria-Hungary and Ukrainia should remain as it was before the war between Austria-Hungary and Russia. Further north, however, Ukrainia was to receive certain territory formerly included in Russian Po land, a provision that excited the bitter hostility of the Poles. On Feb. 11 President Wilson made another unexpected appearance before Congress, this time taking occasion to reply to the peace pronouncements of the Imperial German Chancellor, Count von Hertling, and the Austrian Foreign Minister, Count Czernin, both of whom on Jan. 24 had given expression to their views with regard to the war aims of the Allies, outlined earlier in that month by President Wilson and Premier Lloyd George of Great Britain. As was the case when the President addressed Congress on Jan. 8, notice that he was to go before that body with a message on Monday, Feb. 11, was received only a short time before his appearance before Congress. The notification reached Con gress just before noon, and when the Senate and House met resolutions for a joint session in the House at 12:30 were adopted. While the President stated that he found Count von Hertling’s reply “very vague and confusing,” he did not hesitate to say that he considered Count Czernin’s reply as having been uttered “in a very friendly tone.” The President characterized the method the German Chancellor proposed as “the method of the Congress of Vienna,” and said “we cannot and will not return to that.” Referring to the German Chancellor’s reply, the President remarked: “He accepts, he says, the principle of public diplomacy, but he appears to insist that it be confined, at any rate in this case, to generalities and that the several particular ques tions of territory and sovereignty, the several questions upon whose settlement must depend the acceptance of peace by the twenty-three States now engaged in the war, must be discussed and settled, not in general council, but severally by the nations most immediately concerned by interest or neighborhood.” “We cannot,” declared the President, “have general peace for the asking, or by the mere arrange ments of a peace conference. It cannot be pieced together out of individual understandings between powerful States. All the parties of this war must join in the settlement of every issue anywhere involved in it.” The test of whether it was possible for either Government to go on in the comparison of .views, said the President, was simple and obvious. The principles to be applied, he asserted, must be: Both to declare the war ended. All regions west of the line indicated at Brest-Litovsk to the Russian delegation, which formerly belonged to Russia, to be no longer under the territorial protection of Russia. In the region of Dvinsk this line must be advanced to the eastern frontier of Courland. The former attachment of these regions to the Russian State must in no case involve for them obligations toward Russia. Russia renounces every claim to intervene in the internal affairs of those regions. Germany and Austria-Hungary have the intention to define further the fate of these regions, in agreement with their populations. Germany is ready, after the completion of Russian demobilization, to evacuate the regions which are east of the above line. So far as it is not stated otherwise, Livonia and Esthonia must immediately be cleared of Russian troops and Red Guards. Livonia and Esthonia will be occupied by German police until the date when the Constitution of the respective countries shall guarantee their social security and political order. All inhabitants who were arrested for political reasons must be released immediately. Russia will conclude peace with the Ukrainian people’s republic. Ukraine and Finland will be immediately evacuated by Russian troops and Red Guards. Russia will do all in its power to secure for Turkey the orderly return of its Anatolian frontiers. Russia recognizes the annullation of the Turkish capitulation. The complete demobilization of the Russian Army, inclusive of the de First.—That each part of the final settlement must be based upon the tachments newly formed by the present Government, must ba carried out essential justice of that particular case and upon such adjustments as immediately. are most likely to bring a peace that will be permanent. Russian warships in the Black Sea, the Baltic Sea, and the Arctic Ocean Second.—That peoples and provinces are not to be bartered about from must immediately either be sent to Russian harbors and kept there until sovereignty to sovereignty as if they were mere chattels and pawns the conclusion of peace, or be disarmed. Warships of the Entente which in a game, even the great game, now forever discredited, of the balance are in the sphere of Russian authority must be regarded as Russian ships. of power; but that Merchant navigation of the Black Sea and Baltic Sea must be renewed, Third.—Every territorial settlement involved in this war must be made as stated in the armistice treaty. The clearing away of mines is to begin in the interest and for the benefit of the populations concerned, and not immediately. The blockade of the Arctic Ocean is to remain in force until as a part of any mere adjustment or compromise of claims amongst rival States; and the conclusion of a general peace. Fourth.—That all well-defined national aspirations shall be accorded The Russo-German commercial treaty of 1914 must be enforced again. In addition, there must be a guarantee for the free export, without tariff, the utmost satisfaction that can be accorded them without introducing new or perpetuating old elements of discord and antagonism that would of ores, and the immediate commencement of negotiations for the conclu sion of a new commercial treaty, with a guarantee of the most favored be likely in time to break the peace of Europe and consequently of the nation treatment, at least until 1925, even in the case of the termination world. “A general peace erected upon such foundations,” the of the provisorium, and, finally, the sanctioning of all clauses correspond ing to paragraph 11, of clauses 3, 4, and 15 of the Ukraine peace treaty. President added, “can be discussed. Until such a peace Legal and political relations are to be regulated in accordance with the can be secured we have no choice but to go on.” The Pres decision of the first version of the Germano-Russian convention. So far as ident declared that he “would not be a true spokesman of the action on that decision flas not yet been taken, especially with respect to people of the United States if he did not say once more that indemnities for civil damages, this must be in accordance with the German proposal. And there must be indemnification with expenses for war we entered this war upon no small occasion, and that we can never turn back from a course chosen upon principle. prisoners, in accordance with the Russian proposal. . Our whole strength will be put into this war of Russia will permit and support so far as she can German commissions for war prisoners, civil prisoners, and war refugees. emancipation—emancipation from the threat and attempted Russia promises to put an end to every propaganda and agitation, either mastery of selfish groups of autocratic rulers—whatever the on the part of the Government or on the part of persons supported by the difficulties and present partial delays.” Government, against members of the Quadruple Alliance and their political On Feb. 25 Chancellor von Hertling, in again addressing and military institutions, even in localities occupied by the Central Powers. The above conditions must be accepted within forty-eight hours. The the German Reichstag on the subject of foreign relations, Russian plenipotentiaries must start immediately for Brest-Litovsk ard set forth the attitude of his Government toward the four sign at that place within three days a peace treaty which must be ratified peace principles which, President Wilson said, must be within two weeks. agreed to before general discussion of peace could be entered http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 8 RETROSPECT. upon. The German Chancellor accepted President Wil son’s proposals “in principle,” and agreed that “a general peace on such a basis is discussable.” “Only one reserva tion is to be made,” he said. “These principles must not be proposed by the President of the United States alone, but they must also be recognized by all States and nations.” Chancellor von Hertling, however, expressed the opinion that President Wilson, “who reproaches the German Chan cellor with a certain amount of backwardness, seems to me in his flight of ideas to have hurried far in advance of ex isting realities.” He asserted that “there is no trace of a similar state of mind on the part of the leading Powers in the Entente,” and that England’s war aims, as recently expressed in Lloyd George’s speeches, “are still thoroughly imperialistic.” The Chancellor said: I readily admit that President Wilson’s message of Feb. 11 represents perhaps a small step toward a mutual rapprochement. I therefore pass over the preliminary and excessively long declarations in order to address myself immediately to the four principles which in Mr. Wilson’s opinion must be applied in a mutual exchange of views. The first clause says that each part of the final settlement must be based upon the essential justice of that particular case and upon such adjustments as are most likely to bring a peace that will be permanent. Who would contradict this? The phrase coined by the great father of the Church, Augustin, fifteen hundred years ago—“Justitia fundamentum regnorum”—is still valid to-day. Certain it is that only peace based in all its parts on the principles of justice has a prospect of endurance. The second clause expresses the desire that peoples and provinces shall not be bartered about from sovereignty to sovereignty as if they were mere chattels and pawns in a game, even the great game, now forever discredited, of the balance of power. This clause, too, can be unconditionally assented to. Indeed one wonders that the President of the United States considered it necessary to empha size it anew. This clause contains a polemic against conditions long van ished, views against Cabinet politics and Cabinet wars, against mixing State territory and princely and private property, which belong to a past that is far behind us. Then finally at the close of the second clause the game of the balance of power is declared to be forever discredited. We, too, can only gladly ap plaud. As is well known, it was England which invented the principle of the maintenance of the balance of power in order especially to apply it when one of the States on the European Continent threatened to become too powerful for her. It was only another expression for England's domina tion. The third clause, according to which every territorial settlement involved in this war must be made in the interest and for the benefit of the popula tions concerned, and not as part of any mere adjustment or compromise of claims among rival States, is the only application of the foregoing in a definite direction, or a deduction from it, and is therefore included in the assent given to that clause. Now, in the fourth clause he demands that all well-defined national aspirations shall be accorded the utmost satisfaction that can be accorded them without introducing new or perpetuating old elements of discord and antagonism that would be likely in time to break the peace of Europe, and consequently of the world. Here, also, I can give assent in principle, and I declare, therefore, with President Wilson, that a general peace on such a basis is discussible. Only one reservation is to be made. These principles must not be pro posed by the President of the United States alone, but they must also be recognized definitely by all States and nations. The new war on Russia, the Chancellor declared, was “solely to safeguard the fruits of our peace with Ukraine,” and aims of conquest “were in no way a determining factor.” Germany did not, he asserted, intend to establish herself in Esthonia or Livonia. “In Courland and Lithuania our chief object is to create organs of self-determination and self administration.” For Poland, the Chancellor promised “an independent State, which in unrestricted development of its national culture, shall at the same time become a pillar of peace in Europe,” and in regard to the boundaries of the new Polish State he declared that “only what is indispensa ble on military grounds will be demanded on Germany’s part.” The British Premier, David Lloyd George, differed with President Wilson in his estimate of the earlier speech of Chancellor von Hertling on the subject of peace and the speech of Count Czernin on the same subject. Whereas President Wilson professed to see a marked difference both in tone and substance between the German and Austrian deliverances, the British Premier could see no difference at all in substance. Count Czernin’s speech was “extraordi narily civil and friendly in tone,” he said, “but when you come to the real substance, it was adamant.” These opin ions were expressed in an address delivered before the House of Commons on Feb. 12, in the course of which Mr. George further asserted that “the German Empire, or those who are represented in control of it, are in no mood to dis cuss reasonable terms of peace with the Allies.” In refus ing the request of ex-Premier Asquith and others for more detailed information as to the decisions arrived at by the Inter-Allied Conference held a short time before at Versailles, Lloyd George repeatedly challenged the House, if it had not confidence in the Government, to change it. “When you are conducting a war,” he said, “there are questions which the Government must decide. The House of Commons, if it is not satisfied, in my judgment has but one way of dealing with the situation. It can change the Government.” The result of this challenge was that on the same day, Feb. 12, the war policy of the British Government was upheld by a vote of 159 to 28 in the House of Commons. The test vote came when Richard Holt, Radical, moved an amendment to the address in response to the Speech from the Throne, ex pressing regret that “in accordance with the decisions of the Supreme War Council at Versailles, prosecution of the military effort is to be the only immediate task of the Gov ernment.” In the course of the debate on this amendment, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Lord Hugh Cecil declared that the adoption of this amend ment would involve the resignation of the Government. In another speech on Feb. 19 the British Premier explained in the House of Commons the reasons for certain very im portant changes which had been made in the army and for decisions taken at the Versailles conferences of the Supreme War Council. His remarks were so convincing that the Parliamentary crisis which had appeared to be developing was surmounted. The Premier announced that at the Ver sailles conference it had been decided to set up a central au thority “to co-ordinate the strategy of the Allies.” He made the further important announcement that the plan submitted by the Americans, “which put the case for the present proposals,” was one of the ablest documents ever submitted to a military conference. The American plan, he said, had been adopted with minor changes, and if he should read the document submitted by the Americans, there would be no need in making a speech, as the case had been presented with irresistible power and logic. The Premier added that if the House of Commons repudiated the policy for which he was responsible, and on which he be lieved the safety of the country depended, he would quit office. As to the transfer of General William Robertson as Chief of the Imperial General Staff, which followed the action of the Versailles conferences, Lloyd George said that the Government had been anxious to retain the General’s services as long as it was compatible with the policy decided upon in common with Great Britain’s allies. The general principles laid down at the session in Versailles of the Su preme War Council had been agreed to unanimously, and it had also been agreed that there should be an inter-Allied au thority with executive powers. The only difference which had arisen had been as to its constitution. The first pro posals at Versailles had been that the central authority should consist of a council of chiefs of staff; but this had been abandoned, inasmuch as it had been regarded as unwork able. The Premier explained that he had been hampered in discussing the action taken at Versailles by a resolution passed at the conference by the military and civilian rep resentatives, and that it had not been thought desirable to give any intimation regarding the general plan arrived at. The country, said the Premier, was faced with terrible realities. Following the Premier, but in the House of Lords, Earl Curzon, Lord President of the Council and member of the War Cabinet, stated that under the new scheme Field Marshal Haig would have the same power over the move ments of his troops as before. The only difference was that the Versailles Council would have certain troops at its disposal which it could add to Haig’s forces or send elsewhere according to the exigencies of the moment. General Rob ertson’s successor was General Sir Henry Wilson. Under two proclamations issued on Feb. 15 by President Wilson, and effective Feb. 16, the entire foreign trade of the United States was made subject to control by license. The action was taken so as to reduce ocean carriage of non-essen tials and in order to release ships for transportation of troops and war materials. With one of these proclamations applying to exports and the other to imports, the less essen tial outflow and inflow of commodities would be, it was calculated, reduced to a minimum and materials regarded as necessary be transported by the shortest hauls possible. American representatives sitting in London would, it was stated, work with Allied representatives in eliminating and rearranging ocean commerce to free ships for war service. As a part of the plan, the Allies, which had already sharply cut their foreign trade, agreed to make still further reduc tions. It was stated that there would be no hasty decisions in determining what exports and imports were to be elim inated. Interested trades were to have hearings and the plan put in operation as gradually as possible. American ships taken out of the non-hazardous trades and put into trans-Atlantic service were to be replaced where it could be done by neutral tonnage, for which the Government was then negotiating. This tonnage would not fill the need en tirely, however, and licenses for goods regarded as nonessential would not be granted. While no official pro nouncement was forthcoming as to the changes in routing of America’s foreign commerce likely to grow out of the measures adopted, the press dispatches indicated that the War Trade Board was inclined to turn to Latin-America for more materials and to cut correspondingly the country’s trade with the Orient, articles such as rugs and art objects, com ing from Japan and China, being refused import licenses. As a result of the agitation in Congress for a higher price for the 1918 wheat crop, President Wilson on Feb. 23 issued a proclamation dated Feb. 21 fixing the price for the 1918 yield at $2 20 per bushel, the same as that fixed for the 1917 crop. The price announced was for No. 1 Northern spring wheat at Chicago, with a scale of differentials for other markets. In a statement relative tQ his action, Presi dent Wilson said that “this guaranteed price assures the farmer a reasonable profit, even if the war should end within the year and the large stores of grain in those sections of the world that are now cut off from transporta tion should again come into competition with his profits.” The President further said that “to increase the price of wheat above the present figure, or to agitate any increase of price, would have the effect of very seriously hampering the large operations of the nation and of the Allies by causing the wheat of last year’s crop to be withheld from the market.” Under the Food Control Act a minimum price of $2 had RETROSPECT. been fixed for the 1918 crop, but bills had appeared in Con gress to increase the price, Senator Gore’s bill raising it to 82 50; Senator McCumber’s to 82 75, while Senator Thomp son had proposed a minimum price of 82 65. Measures in creasing the price had likewise been introduced in the House. The 1917 price had not been announced until Aug. 30 of that year; in fixing the price now for the 1918 crop, which would not be harvested until the following June, the President was actuated by a desire not only to anticipate pending legislation, but to stimulate spring wheat planting. The introduction of price raising bills had already begun to check the flow of wheat to market, and Food Administration officials feared that mills might be compelled to close down, while if the pending bills were enacted and the Government forced to advance prices to new levels, the Administration’s whole flour and food pro gram would be upset. A proclamation requiring the licensing by Feb. 4 of all persons, firms, corporations and associations who manufac ture for sale bread in any form, cake, crackers, biscuits, pastry or other bakery products, excepting those already licensed and those whose consumption of flour and meal was less than three barrels a month, was issued by President Wil son. Hotels, restaurants, public eating places and clubs serving bread or bakery products of their own baking were included in the order, which also called upon all persons, firm, corporations and associations engaged in the business of im porting or distributing green coffee to procure licenses by Feb. 4. The previous regulations bearing on the licensing of bakers applied to those using not less than ten barrels of flour a month. Along with the proclamation the U. S. Food Administration made public a statement relative to the regulations which would apply under the new order. These regulations limited the amount of flour bakers might pur chase, made changes in the quantity of ingredients other than flour used in bread manufacture, and prescribed other changes in bakers’ practices. Bakers of bread and rolls were limited in their wheat flour purchases to 80% of their re quirements from Feb. 1 to July 31, and bakers of other products, including crackers, biscuits, cookies, cakes, pies, fried cakes, pastry and sweet yeast doughs, to 70% for the same period. Beginning Feb. 3 bakers of breads and rolls had to use at least 5% of wheat flour substitutes and the amount had to be increased up to 20% by Feb. 24. More sugar might be used by bakers, but as the necessity for sugar conservation still existed, the Food Administration expressed the hope that they would find it unnecessary to increase their consumption of cane and beet sugar. Milk might be used in any form or in any quantity provided the bread containing milk was sold at the same price as that in which no milk was used. Such bread could not be advertised or sold as milk bread. Bakers of bread and rolls were per mitted to apply the name “Victory Bread” to their product when it contained a 20% substitution for wheat flour, and bakers of other products could use the name when one-third of their content consisted of wheat flour substitutes. Under the food regulations issued on Jan. 26 by U. S. Food Administrator Hoover, retailers had been permitted to sell wheat flour only with an equal weight of other cereals—corn meal, corn starch, corn flour, hominy, corn grits, barley flour, rice, rice flour, oatmeal, rolled oats, buckwheat flour, potato flour, sweet potato flour, soya bean flour and feterita flour and meals. On Feb. 1 a modification of this require ment was announced, the Federal Food Board having decided to delay the enforcement of the requirement until March 1; in the meantime, from Feb. 1 to Feb. 14, whole salers were called upon to sell retailers not less than three pounds of cereal with seven pounds of wheat flour, the retailers selling one pound of cereal with three pounds of wheat flour; from Feb. 15 to Feb. 28 the ratio, so far as the sale by wholesalers to retailers was concerned, was four pounds of cereals to six pounds of wheat flour, and in the case of retailers to consumers two pounds of cereals to three pounds of wheat flour. The shortage of substitutes, it was said, served to bring about the modification. A warning that unwarranted increases in the price of wheat flour sub stitutes would not be permitted was issued by the U. S. Food Administration on Feb. 1. In his warning Mr. Hoover stated that the selling of food commodities by licensed food dealers at more than a reasonable profit would result in the revoking of their licenses, while similar action by unlicensed retailers would cause their food supplies to be cut off. A ruling which served to prohibit speculation in green coffee on the New York Coffee and Sugar Exchange was issued by the U. S. Food Administration on Feb. 6. This was effected by forbidding dealing in green coffee on the Exchange at a price above 8% cents a pound for type No. 7 on the spot months. The Food Administration’s action followed a conference of members of the New York Coffee and Sugar Exchange with the Food Administration in Wash ington in which the Exchange members volunteered to take the necessary steps to eliminate speculation in coffee. The ruling was as follows: All purchases and sales of green coffee on the New York Coffee and Sugar Exchange, Inc., for delivery during the current month at prices ex ceeding 8^£c. (eight and one-half cents) per pound for type No. 7, New York Coffee and Sugar Exchange standard, with the customary allow ances for other grades, as provided by the rules of the said Exchange, are hereby prohibited, and all purchases and sales of green coffee, for delivery in months other than the current month, at prices which exceed the price aforesaid by more than $.0015 per pound for each and every succeeding http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 month up to and including the month specified for delivery, are hereby prohibited. The said prices shall be subject to modification, from time to time, by the United States Food Administration. Effective Feb. 6 1918. While the order did not prohibit business below the prices mentioned, it was considered that the restriction would practically eliminate speculation. The order resulted on Feb. 6 in much confusion and uncertainty among traders. Prices being below the maximum figure fixed, the market opened at an advance of from four to eleven points, but soon weakened under the heavy liquidation of the late months. A ruling was also issued by the Food Administrator pro hibiting dealers in green coffee bean from having on hand or under control in this country supplies more than neces sary for the reasonable requirements for ninety days. The stocks the dealers might have on hand were in addition, however, to those which might be en route from or which they might have under contract in foreign countries. Deal ers were restricted to profits no greater than those normally made in pre-war times and from taking on speculative profits of any nature. It was further provided that green coffee dealers must keep the commodity moving in as direct a line as practicable and without reasonable delay and that resales within the same trade without reasonable justifica tion, particularly if tending to result in a higher market price to the retailer or consumer, would be regarded as unfair practices. On Feb. 20 the Chicago Board of Trade adopted a reso lution stipulating “That all opinions or advice expressed or implied as to a probable course of the market in corn, oats or provisions for future delivery, in market letters or on wires, public, private or telephone, be discontinued until April 1.” A resolution fixing maximum prices on oats and provisions was adopted by the Chicago Board of Trade on Feb. 21. The resolution established a maximum price of 93 cents a bushel for oats for future delivery and ruled that the closing price of Feb. 21 for hog products should be the maximum figures for those commodities. This action, which was taken in an effort to stop speculation, rescinded the rule adopted on Feb. 20, which was not deemed adequate to meet the situation, limiting the advance in the price of oats for furture delivery in any one day to two cents over the previous closing quotation. The maximum prices were im posed as a result of speculation which had carried prices to the highest levels ever known. The highest price pre viously quoted on oats was stated to have been 90 cents in 1867. Sales for March delivery were made Feb. 21 at 93 cents. Prices for mess pork, lard and short ribs beyond July were not to exceed 850 55 per barrel for pork, 827 27 per 100 pounds for lard and 826 55 per 100 pounds for short ribs. On the Chicago Board of Trade there were only occasional dealings in the February option for corn, these being all comprised within the range of 81 27 Yi to 81 28. In March and May corn regular trading was carried on, the range for the March option being 81 26 % to SI 27% and for the May option 81 24% to 81 27%. In oats at Chicago there was no trading in the February option after the fixing of the price at 93 cents as noted above; the price on this option had advanced from 81% cents on Feb. 1 to the figure given. Dealings in March and May oats continued, the range for the March option being from 81% cents, Feb. 1, to 93 cents, Feb. 21 with the close Feb. 28 at 88% cents. For the May oats option the range was from 78% cents, Feb. 1, to 90% Feb. 21, with the close Feb. 28 at 87% cents. Middling uplands spot cotton in New York from 31.65 cents, Jan. 31, sold down to 31.20, Feb. 1, but this proved the low figure of the month and the quotation Feb. 28 was 32.65 cents, the high figure of the month. Printing cloths at Fall River were on Feb. 20 marked up from 10% cents to 11 cents, on Feb. 23 to 11% cents and on Feb. 28 to 11% cents. The Federal Milk Commission on Feb. 24 decided that prices of milk for the month of March should remain at the figures fixed for February, except that Grade B milk,, to stores in pint bottles, was to be 7% cents as compared with 7 cents for February. The price which the producers were to receive for 3% milk in the 150-mile zone was fixed at 83 10 per 100 lbs., as against 83 34 for February and 83 52 for January. Under the resolution adopted by the Commis sion, however, the distributers and producers were to be recouped for the losses suffered in November and December, a total of 24 cents altogether being allowed them, 12 cents to be received in March and 12 cents in April, making the price which producers would receive in March S3 22 per 100 lbs. The Federal Food Administration on Feb. 28 announced the scale of prices fixed for binder twine and sisal. It had been made known on Jan. 7 that the Food Administration had arranged to control the binder twine output of the country. The Council of National Defense made known on Feb. 13 the shoe recommendations of its Commercial Economy Board for the fall season of 1918 in their final form to manu facturers, wholesalers and retailers as follows: 1. That no women's shoes should exceed nine inches in height (measured from breast of heel at side to centre of top at side of finished shoe). 2. That no children’s and misses’ shoes should exceed seven inches n height (measured as above). 3. That each manufacturer should restrict his output of men’s shoes, except canvas, to the following colors: black and two shades of tan. 4. That each manufacturer of women’s shoes should restrict his output to the following colors: white, black, two shades of tan and two shades of gray 10 RETROSPECT. With the single exception noted, the regulations apply to shoes of all materials. The recommendations are part of the Commercial Economy Board’s general program of forehandedly working with business men to eliminate needless uses of men, materials, equipment and capital, as necessary to meet war requirements. The Board is working similarly for the conserva tion of various other materials, including wool and woolen cloth, paint and tin, and for the simplification of retail delivery service, in each case with the voluntary co-operation of the men in the trade. The letters to the wholesalers and retailers request them to purchase only such shoes for the fall of 1918 as conform to the recommendations. At present no similar appeal to the public is contemplated. Government controlfover fuel oil was made effective in a proclamation issued by President Wilson on Feb. 4. The proclamation called upon all persons, firms, corporations, and associations engaged in the business of both manufac turing and distributing fuel oil (including gas oil) whose gross sales amounted to more than 100,000 barrels a year to obtain a license by Feb. 11. Authority under the proclama tion was vested in Mark L. Requa, head of the Oil Division of the U. S. Fuel Administration. According to a statement issued by the Fuel Administration, there was ample oil available for all possible needs, but there was not sufficient transportation available to carry it from the source of pro duction to consumers. An agreement fixing the maximum price of Grade “A” zinc at 12 cents per pound f.o.b. East St. Louis, reached by the War Industries Board and the producers was approved by President Wilson on Feb. 14. The price was subject to revision on June 1. At the same time, a maximum of 14 cents per pound for plate zinc f. o. b. at plants, and 15 cents per pound for sheet zinc f. o. b. at plants was fixed, subject to the usual trade discount. An order for the commandeering for war purposes of all crude and unworked plantinum in the hands of importers, jobbers and wholesalers was issued by the U. S. Government on Feb. 28. A proclamation putting the fertilizer industry of the United States under license was issued by President Wilson on Feb. 26. The proclamation required the securing of licenses by March 20 by all persons engaged in the importation, manufacture, storage or distribution of fertilizers or fertilizer ingredients, except those specifically exempt by Act of Congress, and except to the extent to which licenses had been issued under the President’s proclamation of Jan. 3 relating to ammonia, ammoniacal liquors and ammonium sulphate. Notice to the effect that the U. S. Government had de cided to exercise the option granted to it by applicants for wool imports licenses was received by the Boston Wool Trade Association in telegraphic advices from Major-General Goethals, Acting Quartermaster-General on Feb. 28. The message came without warning, and served to upset the market for the time being. As noted above, the “lightless night” order, effective on Jan. 2, whereby it was directed that every night, except Saturday, be kept as dark as safety would permit, from sundown to sunrise, in every city, town and hamlet of New York State, was rescinded in an order issued by State Fuel Administrator Albert II. Wiggin on Feb. 25, and effective March 1. Mr. Wiggin pointed out, however, that the Fed eral Fuel Administration’s order for two lightless nights a week, Sunday and Thursday, was still in effect. Mr. Wiggin’s new order also rescinded his Jan. 2 order regarding reduction of light and heat for buildings. On Feb. 6 Secretary of the Treasury McAdoo made known his intention to offer for subscription Treasury cer tificates of indebtedness in amounts of 8500,000,000, or more, every two weeks up to the time for offering the next Liberty Loan, and he requested that there be reserved weekly by the banks and trust companies of the country out of their loanable funds 1 % of their gross resources (but not to exceed in the aggregate 10%) for investment in the certificates. It was planned to raise approximately 83,CK)0,000,000 through the issuance of these certificates. The first offering of 8500,000,000 carried interest at 4%, were dated Feb. 8 and due May 9 1918. Like the 8400,000,000 Treasury certificates, dated Jan. 22 and payable April 22, the new issue was receivable in payment of the Third Lib erty Loan subscriptions. On Feb. 20 the Secretary an nounced that the entire issue of 8500,000,000 had been subscribed. He said, however, this was due to the pa triotic action of the larger banks in financial centres, no tably New York, in taking more than their share of the issue, thereby making up the deficiency arising out of the failure of other banks to take their full quota. Only two districts, New York and Kansas City, exceeded their allot ment, and one, Minneapolis, equaled its allotment. The amount of subscriptions from the country at large the Secretary declared disappointing. He announced at the same time that the next issue of Treasury certificates would bear interest at the rate of 4b£% per annum, but that there would be no further increase in the interest rate of sub sequent issues of certificates in anticipation of the Third Liberty Loan. In order further to popularize these cer tificates they were issued in denominations as low as 8500. This second bi-weekly offering of 8500,000,000 was an nounced by Secretary of the Treasury McAdoo on Feb. 21; it was dated Feb. 27 and matured May 28. In accordance with Secretary McAdoo’s announcement, the interest rate was 4J/«j%. The subscription period extended from Feb. 27 to March 5, inclusive. The result of this offering ap pears in our narrative for March. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis A new issue of Treasury certificates of indebtedness in anticipation of taxes and dated Feb. 15 and maturing June 25, was also announced by Secretary of the Treasury on Feb. 13. These were designed to save purchasers the pay ment of interest accruals on certificates of Jan. 2. Of the latter, it was stated on Feb. 13, about 8490,000,000 had been sold up to that date, making the total amount of such certificates maturing June 25 1918 disposed of at that time about 81,180,000,000. The issue announced Feb. 13 car ried 4% interest and was identical with other issues of the same kind except as to opening date. They were receivable only in payment of income, excess profits and other war taxes. The Administration bill creating a War Finance Corpora tion was introduced in the Senate and House on Feb. 4. Secretary of the Treasury McAdoo in a statement, issued Feb. 1, stated that the proposed Act should be regarded primarily as a measure to enable the banks, both national and State, to continue to furnish essential credits for in dustries and enterprises necessary or contributory to the prosecution of the war. The Government’s borrowings, particularly during the period immediately preceding and following each Liberty loan, had tended to preempt the credit facilities of the banks and often to prevent them from giving needed and customary help to quasi-public and pri vate enterprises. Many instances had been brought to the attention of the Secretary of the Treasury and of the Federal Reserve Board, where railroads, public utilities, power plants, &c., had been prevented from obtaining the neces sary advances to enable them to perform vital service in connection with the war because the bank credits, ordi narily available to them, were being absorbed by the Gov ernment itself. In Europe central banks were permitted to grant to banks and bankers loans upon stocks and bonds upon certain well-defined terms. The Federal Reserve Act did not provide for these, and the War Finance Corpora tion was designed to fill this gap as a war emergency. The provisions of the Federal Reserve law permitting member banks to rediscount and purchase paper secured by the Gov ernment’s obligations and commercial paper had had the effect of driving the banks to discriminate against loans on ineligible paper even where such loans were vitally neces sary for war purposes, and in favor of commercial paper even though of companies whose activities were not re lated to the war and which might well be curtailed during the period of the war. It was confidently believed that the mere existence of the machinery which this Act would establish would of itself maintain confidence to such an extent that the aid of the Corporation would only in rela tively few cases be called for, and that the banks would be able to take care of the requirements of this class of bor rowers and be ready to do it, knowing that in case of need loans of that character would be available for rediscount. The provision permitting direct loans by the Corporation in exceptional cases was intended to provide for those rare cases where it might be made to appear to the Corporation that a meritorious borrower was being unwisely discrimi nated against by the banks. The Capital Issues Committee of the Federal Reserve Board made known on Feb. 24 its decision to reduce from 8250,000 to 8100,000 the minimum size of municipal is sues which it would pass upon in furtherance of its task of determining what proposed issues might be classed as covering essentials. In the case of industrial and public utility securities the Committee’s supervision extended to issues of 8500,000 and over. It was stated that the Com mittee had found, after analyzing pending applications for approval of proposed issues, that the great bulk of munici pal bonds was offered in blocks of less than 8250,000, and therefore they were not subject to the Committee’s restric tive influences. Announcement was made public on Feb. 21 that the Chilean Government had adopted a plan whereby part of the export duties on nitrate of soda might be paid in approved 90-day sight bills on New York drawn in U. S. dollars. Formerly such export duties on nitrates were payable only in gold and in bills on London. Two credits of 83,500,000 each were granted to the Belgian Government by the United States early in Feb ruary, making the total advanced to Belgium 893,400,000. On Feb. 6 an additional credit of 8155,000,000 was ex tended to France, bringing the total amount to that country up to 81,440,000,000. On Feb. 14 an additional credit of 850,000,000 was extended to Italy by the United States on Feb. 14, making the total to that country 8550,000,000. The aggregate Feb. 28 to all the countries was 84,734,400,000 as follows: Great Britain, 82,320,000,000; France, 81,440,000.000; Italy, 8550,000,000; Russia, 8325,000,000; Belgium, 893,400,000 and Serbia, 86,000,000. The rate for three and six months British Treasury bills was reduced from 4% to 3|^% and the joint stock banks and discount houses lowered their interest rates allowed on deposits of 1%—the discount houses to 3% at call and 3J4% notice, and the banks to 3% at notice. Rates on foreign deposits were not changed. The rate on Treasury bills had been reduced the previous Dec. 27 from 4% to 4%; at that time also bank deposit rates were reduced of 1% all round. The reductions were intended to intensify interest in the war loan, which had been somewhat waning; also to reduce the amount of Treasury bills outstanding. Railroad Events and Stock Exchange Matters .-—In the stock market there was further improvement in prices. The RETROSPECT. improvement was not continuous, the unfavorable Rus sian developments at times causing sharp reactions, but the market as a whole revealed strength, though with special stocks forming exceptions to the rule. In the case of the industrial properties, the favorable statements of income submitted for the calendar year 1917, even where the results did not equal those of the year preceding, as also the quick recovery from the unfavorable weather conditions of the early weeks of 1918 were potent influences in stimulating speculative activity, besides which there was probably also more or less manipulation in special cases. In the railroad shares, the action of the Union Pacific directors in declaring a straight quarterly dividend of on the common stock instead of 2% regular with one-half of 1% extra, served to revive confidence in the railroad list as a whole. The last few days of the month the action of the Mil. & St Paul board of directors and that of the Brooklyn Rapid Transit Co. is deferring decision as to the next dividend payment, caused a break in these particular stocks, but the weakness did not extend to the railroad list as a whole. Even in these two instances, however, there was recovery later. The close for both the railroad shares and the in dustrial list was at some decline from the best figures of the month. There was a sharp drop in General Motors stock owing to the failure to realize merger expectations. The Gorham Mfg. Co. placed $3,000,000 1st mtg. serial 7% bonds. Bankers received subscriptions to an offering of $7,500,000 2-yr. 6% secured notes of the Phil. Electric Co. at 97% to yield 7%%. Stock Fluctuations. Feb. 1. Feb. 28. Railroads— Prices in doll ars per share Atch Top & Santa Fe. 85 86% Baltimore & Ohio___ 52 53% Canadian Pacific____ 149 148% Chesapeake & Ohio__ 54% 55% Chic Milw & St Paul__ 43% 40}$ Erie._ . ___ ____ 15% 15 Great Northern, pref. 91 91% Louisville & Nashville. *115% 120 *112}$ 115 New York Central___ 72% 71 N Y N H & Hartford. 30 28% Norfolk & Western__ - 104}$ 1104 Northern Pacific.__ 86 86 Pennsylvania________ *46% 45 Reading Company__ 76 77% Southern Pacific____ 84% z86% Southern Railway 24 24% Union Pacific.. . 116% 122}$ Industrials— 21 Allis-Chalmers Mfg__ 25}$ Preferred _ . 75% 81% Amer Agricul Chem__ 87% *85 88 American Beet Sugar 79% 82 American Can.__ __ 39% 40% Amer Car & Foundry. 73% 78% Am Hide & Leath, pref 56 62% American Locomotive. 59}$ 67% Amer Smelt & Refining 85 >82 Amer Steel Foundries. 62% 66% Amer Sugar Refining. 107% *106 108 Amer Telep & Teleg.. 109% 107% Amer Woolen of Mass. 49% 53% Amer Writing Paper,pf 25 *25 27 Amer Zinc, Lead & Sm 15% *15 16 Anaconda Copper___ 64% 63% Baldwin Locomotive.. 64 77% Beth Steel Class B com 80 78% Central Leather ___ 68% 71 Chile’Copper . . 17 16% Chino Copper. __ 44% 43% Colorado Fuel & Iron. 38% 39 Continental Can____ >73% 93}$ Crucible Steel. 58% 63% Cuban-Amer Sugar .. *152 160 145 General Electric___ 139% 141% General Motors _____ 137 118 Goodrich (B F)__ __ 49% >45 Gulf States Steel. ._ 92 *89 96 Inspiration Cons Copp 46% 45% Int Agricultural Corp. 14% *12 14}$ Int Mercantile Marine 29% 25% Preferred.. ____ 93% 98% International Nickel._ 28 }$ 29% International Paper .. 29% 30% Lackawanna Steel___ 79% 76% Maxwell Motor ___ 30 28 National Lead__ *46 49 54 Pittsburgh Coal__ __ 47% 58% Pressed Steel Car_____ 64% >61% Railway Steel Spring._ 53% 54 Republic Iron & Steel. 79% 77% Studeoaker Corp.__ 54% >47% Texas Company______ 152% 156 U S Industrial Alcohol 121% >122% 57 United States Rubber. 57 U S Smelt, Ref & Min 46% 47% United States Steel .. 98 98}$ 96 • 91 1 *89}$ 90% W’estern Union Teleg. Range for Month. Lowest. 83 Feb. 50}$ Feb. 144% Feb. 52}$ Feb. Feb. 38 14}$ Feb. 89}$ Feb. 111}$ Feb. 69}$ Feb. 27}$ Feb. 103}$ Feb. 83 Feb. 44% Feb. 7.3}$ Feb. 82}$ Feb. 23 Feb. 113% Feb. l-l IS 14 7 26 11 £ 13 14 25 13 13 9 7 7 7 7 Highest. 86}$ Feb. 54}$ Feb. 149}$ Feb. 56 Feb. 44% Feb. 15}$ Feb. 92}$ Feb. 114% Feb. 72% Feb. 30}$ Feb. 106% Feb. 86}$ Feb. z46% Feb. 78}$ Feb. 88% Feb. 24?$ Feb. 123% Feb. 20}$ Feb 74 Feb. 85}$ Feb. 77 Feb. 37}$ Feb. 71% Feb. 55}$ Feb. 57}$ Feb. 80}$ Feb. 60 Feb. 104 Feb. 104}$ Feb. 49 Feb. 25 Feb. 14 Feb. 61}$ Feb. 62% Feb. 75 Feb. 68 Feb. 16 Feb. 43}$ Feb. 37}$ Feb. z69% Feb. 55 Feb. 145 Feb. 134 Feb. 116}$ Feb. 41}$ Feb. Feb. 90 44% Feb. 14 Feb. 24}$ Feb. 92% Feb. z27% Feb. 29}$ Feb. 76 Feb. 27 Feb. 47 Feb. 46}$ Feb. 59}$ Feb. 51% Feb. 75 Feb. 46}$ Feb. 148 Feb. 119}$ Feb. 56 Feb. 44% Feb. 92}$ Feb. 89 Feb. 1 5 18 5 5 5 14 5 7 5 14 14 1 1 6 14 7 7 1 9 14 8 25 7 28 7 26 25 5 14 7 5 1 15 1 7 14 5 8 26 7 7 28 25 1 7 14 7 15 27}$ 81% 90 84 4.3}$ 78}$ 63}$ 69}$ 86}$ 68}$ 108}$ 109}$ 56% 31% 16?$ 66% 81}$ 82% 73% 17% 45% 42% 95 68% 150 143% 141% z50% 95 48% 15% 31% 102% 29% 33% 80% 32% 58% 58% >69% 56% 81% 56% 160% 130% 59% 48% 98% 91 18 27 1 27 19 .1 14 6 1 1 1 1 1 19 27 27 28 Feb. 21 Feb. 26 Feb. 13 Feb. 27 Feb. 19 Feb.. 28 Feb. 26 Feb. 19 Feb. 19 Feb. 19 Feb. 18 Feb. 1 Feb. 21 Feb. 5 Feb. 18 Feb. 19 Feb. 19 Feb. 19 Feb. 27 Feb. 1 Feb. 1 Feb. 19 Feb. 19 Feb. 19 Feb. 21 Feb. 19 Feb. 9 Feb. 5 Feb. 19 Feb. 19 Feb. 25 Feb. 23 Feb. 18 Feb. 27 Feb. 6 Feb. 20 Feb. 19 Feb. 18 Feb. 28 Feb. 19 Feb. 19 Feb. 19 Feb. 19 Feb. 2 Feb. 19 Feb. 19 Feb. 19 Feb. 1 Feb. 1 } Quoted ex-dividend during the month prior to this date. x Ex-dividend. * Bid and asked prices; no sale. The Money Market.—In the money market there was firmness, as was natural, considering that the banks were asked to subscribe for such large amounts of Treasury Certificates of Indebtedness, and that the surplus reserve of the New York Clearing House banks was reduced to low figures. Call loans on the Stock Exchange touched 6% on many different days throughout the month. There was a report the latter part of the month that the special Money Committee organized for the purpose of aiding monetary conditions during the floating of the Second Liberty Loan had been officially dissolved, but this was promptly denied, the Secretary of the Federal Reserve Bank of New York stating that the committee was still in existence and had regular meetings—furthermore, that the 68 banks who were members of this Money Committee were reporting regu larly each week to the local Federal Reserve Bank. The range for call money for the month was from 3 to 6% with the quotation Feb. 28 5%@6. For time money 6% was bid Feb. 28 for all maturities from 60 days to 6 mos. For http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 11 commercial paper the quotation was 5%% for choice double and prime single names and 5%@6% for other names. Sur plus reserves of the New York Clearing House banks and trust companies from $62,307,300 Feb. 2 increased to $89,305,280 Feb. 9, then dropped to $29,251,200 Feb. 16, then rose to $57,786,080 Feb. 23, but March 2 was down to only $12,510,850, this proving the low figure of the year. Loans and discounts after decreasing from $4,225,260,000 Feb. 2 to $4,209,303,000 Feb. 9, moved up to $4,312,361,000 March 2. Deposits, on the other hand, after rising from $3,885,501,000 Feb. 2 to $3,902,362,000 Feb. 9, declined to $3,735,034,000 March 2. Foreign Exchange, Silver, &c.—Business in sterling be came even duller than before, and control of quotations was rendered still simpler by the fact that foreign exchange dealers were now required to have registration certificates issued by the Federal Reserve Board. Rates throughout the month continued arbitrarily pegged and such fluctua tions as occurred were limited to the minutest fractions. Dulness also marked the operations in continental exchange. Perhaps the most striking feature here was the renewed weakness in the Italian lire. On Feb. 28 Italian exchange for sight bills was quoted at 8.79 lire to the dollar, against 8.51 lire Feb. 2. When at par the quotation is 5.18 lire to the dollar. There was no explanation for the weakness beyond the fact that Italy on its merchandise trade con tinued heavily in debt to the United States, inasmuch as its imports from this country far exceed its exports hither. Russian exchange continued quoted at 13 for sight bills and 13.25 for cable transfers throughout the month, but these were merely nominal figures with no business doing. At the weekly auction sale of securities at the auction rooms of Adrian H. Muller & Son in this city 80,000 rubles of Russian currency were sold on Feb. 20 at 9% cents per ruble. The price when at par is 51.46 cents. Amsterdam guilders made a sharp advance, rising from 43% cents to 45% cents. On the other hand, exchange on the Scandinavian centres de clined all around, checks on Denmark dropping from 31 cents to 30% cents, on Sweden from 33% to 31% and on Norway from 32 cents to 30% cents. Open market dis counts in London declined from 4 1-32 for 60 day bills and 4 1-16 for 90 day bills to 3%% for both. Silver in London weakened somewhat and Feb. 28 was quoted at only 42%d. per ounce, against 43%d. at the beginning of the month. MONTH OF MARCH Current Events.—This month will always remain memora ble for the inauguration of another tremendous assault— the last, as it proved—by the German armies on the British and French lines in France. The Germans attacked with overwhelming forces (estimates of the troops employed running all the way from 1,000,000 to 1,500,000 men) and for many days they carried everything before them, the British and French forces retiring along an extended front. Early in the month the Germans had succeeded in wring ing a peace treaty out of the Russian Bolshevik Govern ment—the Russians yielding in sheer helplessness—and this had left von Hindenburg and the Kaiser free to carry out their long-planned scheme in France. A feature of this military operation, perhaps the most stupendous in human annals, was that the Germans, contrary to their previous practice since the outbreak of the war, made no secret of their intentions on this occasion. Previously they had aimed to take the enemy by surprise and by dealing a num ber of quick, successive blows, seek to achieve victory. Now they paraded what they contemplated doing before the gaze of the entire world. They did not, of course, disclose their military movements, but they took special pains to let it be known that they meant to attack and that the move ment would be no idle one. As long ago as the previous January (the 19th of the month), Associated Press advices from the Hague told of travelers from Germany bringing an account of a conference at Berlin at which Field Marshal von Hindenburg received the editors of thirty German news papers and discussed the food situation with them. Ac cording to these advices, the editors told von Hindenburg that by the following May there would be no food in Ger many. “My reply is,” the Field Marshal was said to have stated, “that by next April 1 shall be in Paris.” The same spirit of confidence prevailed in the final preparations for the drive. Thus a London dispatch credited the Exchange Telegraph correspondent at Copenhagen as reporting on March 19 that the heads of the German army had invited a number of neutral correspondents to be present at the German offensive on the Western front. The correspon dents, it was stated, would leave for the front on Wednesday, March 20. That Germany had staged the scene of the month’s great battle for an epoch-making drive was evi denced also in a telegram which, according to a Central News dispatch to London from Amsterdam on March 21, Emperor William had sent to the Rhenish Provincial Coun cil. In this he was quoted as saying: “We are at the de cisive moment of the war, and one of the greatest moments in German history.” On the same day Field Marshal von Hindenburg was reported to have telegraphed to the Posen Provincial Council: “God willing, we will also overcome the enemy in the west and clear the way to a general peace.” On March 23 the official announcement from Berlin stated that Emperor William was in command on the Western front. From the newspapers it appeared that the German mili tary operations comprised three great simultaneous thrusts 12 RETROSPECT. along important highways toward three railway, industrial and political centres. While the armies composing the German right wing advanced toward Arras, along the routes through Cambrai and Bucquoy, the centre advanced toward Amiens on routes leading from Bapaume, Vernand and Roye, and the left wing advanced toward Paris over the MontdidierSt. Just road, the Roye-Senlis route and the Noyon-Compiegne highway. The German drive was opened on Mar. 21, on which date Field Marshal Haig’s report from the British headquarters in France described the German offensive as comprising an intense bombardment by the artillery and a powerful infantry attack on a front of over fifty miles. On the following day the British official communication an nounced that the German forces had continued to attack in great strength along almost all the battle front in France, the German official announcement of the same date report ing the capture of 16,000 prisoners and 200 guns. Con tinued victories were claimed by Germany on the 23d, its announcement telling of successes along the battle front at many points, with the number of prisoners taken increased to 25,000 and the booty to 400 guns and 300 machine guns. Field Marshal Haig’s report of the same date told that a battle of most intense character was proceeding along the entire front from the Scarpe River to La Fere, the British commander stating that, despite the determined attacks of the Germans, the British had held their positions on the northern part of the line. On the south and west of St. Quentin, however, he declared that his forces had been com pelled to retire to new positions and were there meeting new assaults by the enemy. The news of the day also contained the announcement that Paris had been under bombardment of long-range guns, shells of 240 millimetres (about 9.5 inches) having reached the city and its suburbs at intervals of twenty minutes, killing and wounding a number of civilians. Press advices from Paris on Mar. 24 said the monster cannon was located in the Forest of St. Gobain, west of Laon, and 122 kilometres (approximately 76 miles) from the Paris City Hall. The battle continued in its intensity on Palm Sunday (Mar. 24), terrific fighting throughout the day along the British front north and south of Peronne being reported in Field Marshal Haig’s announcement. The German official communication reported the capture by the Germans of Peronne and Ham and the defeat of the British and American (so the report read) regiments brought up from the southwest for a counter attack on Chauny. More than 30,000 prison ers and 600 guns were reported as the total of the takings of the Germans up to that time. The British Third and Fourth armies and parts of the Franco-American reserves were de clared to have been beaten, with the heaviest losses on the line from Bapaume to Bouchavesnes, and behind the Somme between Peronne and Ham, as well at Chauny. News of the taking of Bapaume by the Germans was contained in Field Marshal Haig’s communication of the 25th, the loss, he said, having occurred after “fighting of the most severe description” north and south of the city. The capture of Nesle (nearly six miles west of Ham) and Guiscard (five miles south of Ham) announced by Berlin on the 26th, was confirmed by Field Marshal Haig, who added that “French reinforcements are arriving in this neighborhood.” The Germans on the 26th placed their total captures of prisoners at 45,000, the number of guns continuing at the figure an nounced the previous day, namely 600. The unceasing pounding of the German forces on the battle front south of the Somme was indicated in the official British reports of the 26th, while the German advices told of the capture of Noyon, Roye and Lihons (two miles west of Chaulnes) and the crossing by the German forces of the old Somme battle line at many points. More than 100 tanks were reported as having been found in the section taken, while the guns cap tured were placed on the 26th at 963. On Mar. 27 the Ger man bulletins reported the capture of Albert and stated that to the south of the Somme, after violent fighting, German forces had driven the enemy back by way of Chaulnes and Lihons. The accounts of the battle from Field Marshal Haig on March 28 were that after an all-day encounter north and south of the Somme, with Arras as the chief centre, the British forces had beaten off the Germans with heavy losses to the enemy. The report from German headquarters told of engagements on the Scarpe and the Ancre, and stated that between the Somme and the Avre strongly defended villages had been taken. It also announced the capture of Montdidier, 60 kilometers (about 37 miles) from St. Quentin. The German forces claimed to have broken through old Al lied positions at many points south of the Somme and to have driven back the British and French in territory which had remained untouched since 1914. An Associated Press dispatch from the British Army headquarters in France on March 29 stated that the Germans had been able to pene trate Marcelcave, 12 miles east of Amiens, in the region south of the Somme, only by means of heavy massed at tacks, late on the 28th, which had gradually forced the British back. Berlin on that day claimed 70,000 prisoners altogether, with 1,100 captured guns. The fighting front, originally about 50 miles, had gradually extended, until it was about 90 miles long. On March 30 the British War Office reported the wresting from the French of six villages in the Montdidier section; also announced that, following the capture of Mezieres the day before by the Germans, they had renewed their furious assaults on Demuin (two miles northwest of Mezieres) and had suffered complete repulse; http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis further, that in the morning of March 30 the Kaiser’s troops had forced their way into Demuin, but had been held up at the western outskirts of the village; later Demuin itself was retaken by the British. The Germans in their state ment for Mar. 30 reported the capture of Beaucourt as well as Mezieres, and said that fresh attacks against Montdidier had failed and that Ayette (a village about 8 miles south west of Arras) had been cleared of enemy forces; early in April, however, Ayette was reoccupied by the British. On Mar. 31 Berlin stated that with the fighting in the clos ing days of the month the number of prisoners brought in since the beginning of the battle had increased to over 75,000. The net result of this stupendous battle at the end of the month, with the conclusion of the first stage of the great combat, was that, though the Germans had succeeded in pushing enemy forces back some 25 to 35 miles and had captured many prisoners and much booty, they had defi nitely failed to attain any of the objectives, having reached neither Arras, Amiens nor Paris. One of the important events of the month was the ap pointment of General Ferdinand Foch (who had saved the day for the French in the battle of the Marne in 1914) as Commander of all the Allied forces in the Western front. The announcement was made by the British Premier, Mr. Lloyd George, on Mar. 30, but the day before President Wilson had sent the brilliant French General a congratu latory telegram, saying: “Such unity of command is a most hopeful augury of ultimate success.” Another impor■ tant event was the action of General Pershing, in a con ference with French officials at the front on Mar. 28, in placing at the disposal of the French Government the entire American forces in France. General Pershing was quoted as saying: I come to tell you that the American people would feel highly honored if our troops were engaged in the present battle. I ask this in my own name and in my country’s name. At the present moment the only thing to do is to fight. Infantry, artillery and aviation—all we possess—are at your disposal. Use them as you please. Other forces are following, as many as will be necessary. I especially came here in order to tell you that the Americans will be proud to participate in the finest and great est battle in history. Dutch shipping in American harbors was taken over on Thursday, Mar. 21, after prolonged negotiations had failed to bring about an agreement with Holland compatible with the military necessities of the United States. At the same time similar action was taken by Great Britain with the Dutch ships in English harbors. A proclamation issued by President Wilson the previous day set forth that the law and practice of nations accorded to a belligerent Power the right, in times of military exigency, and for purposes essential to the prosecution of the war, to take over and utilize neutral vessels lying within its jurisdiction, and that the imperative military needs of the United States required the immediate utilization of the Netherland ships now in our harbors. At the same time the President issued a state ment in which he pointed out that Holland was necessarily influenced by fear of Germany and that events had shown that we had “been attempting to negotiate where the essen tial basis for an agreement, namely the meeting of free wills, is absent.” We quote the statement in part below: For some months the United States and the Entente Allies have been conducting negotiations with the Dutch Government with the object of concluding a general commercial agreement. A very clear statement of the character of these negotiations was made on March 12 to the Dutch Parliament by His Excellency the Minister of For eign Affairs of Holland. As appears from a statement, the discussion proceeded upon the basis of two fundamental propositions, namely that the United States and the Allies should facilitate the importation into Hol land of foodstuffs, and other commodities required to maintain her economic life, and that Holland should restore her merchant marine to a normal condition of activity. It was the task of the negotiators to develop a specific application of these propositions which would be acceptable to the Governments concerned. Early in January 1918 the negotiators came to an understanding which was embodied in a tentative agreement which was submitted to the Gov ernments concerned, in order that, if acceptable, it might be ratified, or, if unacceptable, a counter-proposal might be made. The negotiations becoming prolonged, the Dutch delegates proposed, in order that their ships might sooner be put into remunerative service, that Dutch tonnage lying idle in American waters should, with certain excep tions, be chartered to the United States for periods not exceeding ninety days. This proposal was accepted by the United States Government, and on Jan. 25 1918 the Dutch Minister at Washington handed to the Secretary of State of the United States a note expressing the terms of the temporary chartering agreement and his Government’s acceptance thereof. This agreement provided, among other things, that 150,000 tons of Dutch shipping should, at the discretion of the United States, be employed partly in the service of Belgian relief and partly for Switzerland on safe con duct to Cette, France, and that for each ship sent to Holland in the ser vice of Belgian relief a corresponding vessel should leave Holland for the United States. Two Dutch ships in the United States ports with cargoes of foodstuffs were to proceed to Holland, similar tonnage being sent in exchange from Holland to the United States for charter, as in the case of other Dutch ships lying in the United States ports. The agreement was explicitly temporary in character, and, being designed to meet an immediate situation, prompt performance was of the essence. The Dutch Government at once disclosed, however, that it was unwilling or unable to carry out this chartering agreement which it had itself proposed. The first desire of the United States was to secure at once shipping, as con templated by the agreement, to transport to Switzerland foodstuffs much needed by that State. One difficulty after another was, however, raised to postpone the chartering of Dutch ships for Swiss relief, and, although the reason was never formally expressed, it was generally known that the Dutch shipowners feared lest their ships should be destroyed by German sub RETROSPECT. marines even though on an errand of mercy and though not traversing any of the so-called “danger zones” proclaimed by the German Government. That this fear was not wholly unjustified has unhappily been shown by the recent act of the German Government in sinking the Spanish ship Sardinero outside the “danger zone” when carrying a cargo of grain for Switzer land, and after the submarine commander had ascertained this fact by an inspection of the ship’s papers. In respect of Belgian relief, the Dutch Government expressed its present inability to comply with the agreement on the ground that the German Government had given Holland to understand that it would forcibly pre vent the departure from Holland of the corresponding ships which under the agreement were to leave coincidently for the United States. The Dutch Government even felt itself unable to secure the two cargoes of foodstuffs which, under the agreement, it Was permitted to secure, since here again the German Government intervened and threatened to destroy the equiva lent Dutch tonnage which under the agreement was to leave Holland for the United States. Nearly two months have elapsed since the making of the temporary chartering agreement, and the proposed general agreement has lain even longer without reply on the part of Holland. Meanwhile, German threats have grown more violent, with a view to preventing any permanent agree ment and of forcing Holland to violate any temporary agreement. On March 7, through Great Britain, a final proposal, expiring on the 18th, was submitted to Holland. A reply has been received which, while in it self unacceptable, might under other conditions have served as a basis for further negotiations. But the events to which I have alluded had served to demonstrate conclusively that we have been attempting to negotiate where the essential basis for an agreement, namely the meeting of free wills, is absent. Even were an agreement concluded, there is lacking that power of independent action which alone can assure performance. I say this not in criticism of the Dutch Government. I profoundly sym pathize with the difficulty of her position under the menace of a military Power which has in every way demonstrated its disdain of neutral rights. But, since coercion does in fact exist, no alternative is left to us but to accomplish, through the exercise of our indisputable rights as a sovereign that which is so reasonable that, in other circumstances, we could be confident of accomplishing it by agreement. The vessels taken over in American waters, it was said, numbered 68, of an aggregate tonnage of 470,000, and it was estimated that those in British waters represented an aggregate of about the same tonnage, making together nearly 1,000,000 tons. The difficulties of Holland’s position were freely admitted and sympathetically understood, both in this country and in England. Compelled to import food stuffs, Holland had both the money with which to buy and the ships in which to carry; but England and America con trolled the markets and coaling stations, while Germany, on the other hand, threatened her with a submarine block ade if she allowed her ships to enter the service of the Al lies. In these circumstances, whatever decision Holland made would be sure to offend. The comment of the Dutch press was bitter in the extreme and in the main hostile to the Anglo-American proposals. The All-Russian Congress of Soviets, called to pass on the German peace treaty, postponed its formal opening from March 12, the date originally set, to Thursday, March 14, and on that day accepted the German peace terms by the overwhelming vote of 453 to 30. President Wilson took ad vantage of the opportunity afforded by the assembling of the Congress to send to the Russian people a message of sym pathy and encouragement. The message was telegraphed to the American Consul-General at Moscow for delivery to the Congress. By addressing his communication to the Congress of Soviets, President Wilson avoided the awkward dilemma created by the fact that the United States had never formally recognized the Bolshevik Government. The Soviets, or Councils of Workmen’s and Soldiers’ Delegates, were consid ered the nearest approach to a representative body in Russia to-day. The Soviets were not regarded as identical with the Bolsheviki, the Soviet organizations going back to the Rus sian revolution of 1905, and having existed secretly from that time on. The reorganization of the War Industries Board, with Bernard M. Baruch as its Chairman, was announced by Presi dent Wilson on March 5. In the chairmanship of the Board Mr. Baruch succeeded Daniel Willard, who had resigned on Jan. 11. The President in a letter to Mr. Baruch asking him to accept the office outlined his ideas as to what the Board’s functions should be—vastly increased powers to con trol the output of American industry during the war being accorded thereunder. Final determination of all questions of priority in deliveries to any department of the United States Government and to the Allies was vested in the Board, and the Board was charged with co-ordinating and anticipating the needs of any of these, creating or improving facilities for production and advising as to prices. Much of the power was given to the Chairman, with the Board acting in an advisory capacity, and Mr. Baruch, the President said, should “act as the general eye of all supply departments in the field of indus try.” Through the Board it was planned to eliminate all competition for supplies between the various departments and the Allies, thus meeting, in a measure at least, the demand in Congress for centralization of power. It was intimated that the President’s action was one of the steps contemplated by him when he proposed for enactment the pending Overman bill, enlarging his powers for reorganizing and co-ordinating Government agencies, and that the delay in the passage of that bill had resulted in his proceeding without waiting for Congress. With a view to discouraging all new undertakings not essen tial to the prosecution of the war, the War Industries Board adopted a resolution declaring its intention to withhold from such projects the benefits of priority of delivery'of materials. The resolution was made public on March 25 by the Council of National Defense. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 13 The creation of a Price Fixing Committee, under the au thority of the War Industries Board, was made known by the Council of National Defense on March 19. The province of the Committee was to pass upon prices for all basic raw ma terials purchased by the Government and to establish from time to time a price-fixing policy to be approved by the President. The first effect of the news was momentarily to depress the price of cotton. Announcement of the commit tee’s personnel and its purpose was made as follows by the Council of National Defense: Under the authority of the War Industries Board there has been created a body to be known as the Price-Fixing Committee with its personnel com posed of Robert S. Brookings of the War Industries Board, Chairman; Brigadier-General Palmer E. Pierce, Surveyor-General of Supplies for the War Department; Paymaster John Hancock of the Bureau of Supplies and Accounts of the Navy; Dr. H. A. Garfield, Fuel Administrator; F. W. Taussig, Chairman of the United States Tariff Commission; W. J. Harris, Chairman of the Federal Trade Commission; Hugh Frayne, of the War Industries Board: and Bernard M. Baruch, ex-officio. Another civilian member of the committee will later be appointed. The duties of the Price Fixing Committee will be to pass upon prices for all basic raw materials and to establish from time to time a price fixing policy to be submitted to the President for approval. Any of the executive departments having difficulty in the handling of price fixing matters will have the advice and assistance of the Price Fixing Committee when desired. The object of the Price Fixing Committee is two-fold. First, it will be a separate body, quasi-judicial, in nature, for the purpose implied in its name, and it will serve this purpose through being made up of men separated so completely from industrial interests that their motives and actions in the determination of prices can be subject to no suspicion of mercenary interest. Prices will not be made until after costs have been passed upon by the Federal Trade Commission. With costs as a basis, the Price Fixing Committee will then consider problems of production and distribution before arriving at its decisions. The second object to be achieved by the Price Fixing Committee is speed. The committee will sit all the time and will thus eliminate unnecessary delay caused by the consideration of price-fixing problems in several different quarters. A temporary embargo on corn imports to facilitate the movement of the new wheat crop from South America was announced by the War Trade Board on March 2. The Board stated that the embargo, which was the first placed under President Wilson’s proclamation putting imports under a general license control, would work no hardship to the South American countries chiefly concerned, since it would affect only the countries having a surplus of both wheat and corn for export. Plans for regulating trading in corn and oats futures were agreed on at a conference on Mar. 15 at Chicago between dele gates of various grain exchanges and John J. Stream, Chair man of the Coarse Grain Division of the Food Administration. After the conference instructions were issued to members of the Chicago Board of Trade, directing that no individual, firm or corporation, for speculative purposes, should have or control any account, for either corn or oats for future delivery, in excess of 200,000 bushels. This applied to sales as well as purchases, and also included the execution and carrying of contracts for deferred acceptance, commonly known as in demnities. The instructions further said: Each day you will please send us statements of all of your transactions, which statements will include every trade for future delivery made on floor of Exchange during session of that day, so that this office may know at the conclusion of each day the status of open contracts on your books and those interested in same. Where amounts are in excess of 200,000 bushels, please furnish us what is necessary to prove to satisfaction of executive officers that amount over 200,000 bushels is a bona-fide hedging transaction and hedging will not be permitted against any commodity other than that identical grain represented by contract as executed. The ruling, it was said, would prohibit any member from carrying over 200,000 bushels, long or short grain, either over night or during session. May corn at Chicago declined from $1.27% Mar. 7 to $1.20% Mar. 16, then advanced to $1.26% Mar. 22, and closed Mar. 30 at $1.25%. May oats at Chicago were quoted at 90% cts. Mar. 8, but Mar. 18 got down to 81 cts.; the close Mar. 30 was 85 cts. On Mar. 28 the Chicago Board of Trade voted to discontinue trad ing in March oats, and a settlement price of 92% cts. was fixed by a Committee. The tendency of cotton prices was upward. From 32.65 cts. Feb. 28 middling upland spot cotton in New York advanced to 35.05 cts. Mar. 21, with the close Mar. 28 (Mar. 29 being Good Friday and a holiday, and Saturday, Mar. 30, being also observed as a holiday) at 34.25 cts. Print cloths at Fall River were marked up from 11% cts. to 12 cts. Mar. 2, to 12% cts. Mar. 7, and to 13 cts. Mar. 23. In an announcement on Mar. 23 a further reduction in the consumption of wheat in the United States was asked by the Federal Food Administration in order that the supplies on hand to meet the needs of the army, the Allies and domestic consumers might hold out until the next harvest. Herbert C. Hoover stated that the country must reduce its normal consumption of 42,000,000 bushels a month to 21,000,000 bushels, the wheat rationing of each individual thus being required to be curtailed 50%. The amount of wheat prod ucts apportioned by the Food Administration for each per son per week was approximately 1 % pounds. Public eating places and clubs were asked to observe two wheatless days each week, Monday and Wednesday, and not to serve more than two ounces of wheat to any one person at any one meal. The two ounce bread rationing for patrons of hotels, restaurants and dining cars had been ordered by the Federal Food Administration on Feb. 5. Besides the requirements indicated above, the Food Administration on Mar. 23 asked retailers to sell not more than one-eighth of a barrel of flour to a town customer and not more than one-quarter of a barrel 14 RETROSPECT. to a country customer at anyone time, and in no case to sell wheat products without the sale of an equal weight of other cereals. The wheat content of bakers’ bread it was an nounced, would be reduced on April 14 to 75%, increasing by 5% the amount of substitutes which must be used. On the other hand the voluntary restrictions on meat consumption were relaxed. The U. S. Food Administra tion announced on Mar. 3 that “so long as the present con ditions continue, the only special restrictions we ask are the beefless and porkless Tuesday.” Under President Wilson’s proclamation of Jan. 18, in addition to meatless Tuesday, which had already been in force, the public had been asked to observe one meatless meal each day, and to consume no pork products on Tuesday and Saturday. The request for the meatless meal and the porkless Saturday was now with drawn. Furthermore while stating that both the need of food on the other side and the need of economy in America was greater than ever, the U. S. Food Administrator on Mar. 29 called on the State Food Administrators to suspend the meatless day for thirty days, in view of the overnormal run to market of hogs. Mr. Hoover said that the very much overnormal run to markets of hogs due to supplies dammed back during the winter months’ car shortage, still continued, and seemed likely to go on for another thirty days. After that period the seasonal shortage in marketing would set in. Mr. Hoover’s statement said: It is a matter of regret that the extent of our domestic storage capacity, the limited overseas and inland transportation, and port facilities do not permit of saving and moving the whole of this temporary and abnormal surplus to the Allies for use when this heavy killing season has passed. On the other hand, the larger and cheaper supplies of potatoes and the larger supplies of milk, together with these further relaxed restrictions on meat, so that some portion is available each day, should facilitate the en larged saving of breadstuffs, of which we are so much deficient in Allied needs. Under the schedule of milk prices for April decided on by the Federal Milk Commission in New York City on Mar. 19, producers in the 150-mile zone were given $2 50 for every 100 pounds of milk 3% butter fat. In the prices to con sumers which went into effect on April 1, quart bottles of Grade A milk, which had sold at 16cents in March, were reduced to 16 cents; the price of Grade B milk, quarts, bottled and delivered to consumers, was fixed at 14 cents, against 14 Following a series of conferences with representatives of baking industries in New York, the Federal Food Board on Mar. 20 authorized an increase of 1@1^2 cents in the price of the standard sixteen-ounee loaf of bread. A general standard of prices was adopted, both for the sixteen-ounce loaf, and also for the new twelve-ounce loaf. The prices follow: 12-ounce loaf, unwrapped, wholesale, 6j^c.; retail, 7J$c. 12-oz. loaf, wrapped, wholesale, 7c.; retail, 8c. 16-oz. loaf, unwrapped, wholesale. 8c.; retail, 9c. 16-oz loaf, wrapped, wholesale, 8J^c.; retail, 10c. 24-oz. loaf, unwrapped, wholesale, 12c.; retail, 14c. 24-oz. loaf, wrapped, wholesale, 12j^c.; retail, 15c. Previously tj^e* sixteen-ounce loaf had sold at retail for cents wrapped, and 8 cent, unwrapped. Fifty-seven restaurant keepers in New York were com pelled to shut down for twenty-four hours on Mar. 12 for violating the order of the Food Administration in regard to “meatless days.” As an additional punishment and a warn ing to other restaurant proprietors, they were compelled to display a sign reading: “Closedfor the day forviolation of the regulations of the United States Food Administration.” The Food Administration had no power to close up the places of those who violated its orders, but through the license system it could cut off their supplies, and this proved equally efficacious. Only 11 out of 68 offenders preferred to stand trial and run the chance, if found guilty, of having thensupplies cut off indefinitely. The other 57 agreed to close one day and to observe the law strictly in future. Rulings effective Mar. 2 limiting the trade profits and otherwise regulating the distribution of frozen poultry and cold storage eggs, were issued by the U. S. Food Adminis tration on Mar. 1. The rules, it was explained, did not apply to any trading in poultry not at some time in a cold storage warehouse or to trading in fresh eggs. They did not, in themselves, place any restriction upon the prices to be paid for poultry or eggs intended for storage. But they limited the profits that could be made on any transaction after the first purchase until the poultry or eggs should be in the retailer’s hands, and were intended to reduce the num ber of transactions to the economic minimum. The rules were set out as follows: The rules and regulations provide, in brief, that the original storer of poultry in a cold storage warehouse may be allowed an advance over cost not to exceed 6 %; that a commission merchant selling frozen poultry for an original storer may receive a commission not exceeding 5% on the cost of the poultry; and that a wholesaler, a jobber, or a supplier of hotels and institutions may receive an advance over the cost to each dealer in such frozen poultry of 5%, 10% or 15%, respectively. The storer of eggs in a cold storage warehouse may be allowed an advance of 6% over cost; a commission merchant selling storage eggs for an original storer may receive a commission not exceeding 4%; a wholesaler may re ceive an advance of 4%; and a jobber selling in original packages may receive an advance of 5 %. In selling candled storage eggs the actual net candling loss is considered part of the cost; and jobbers, suppliers of hotels and institutions, and retailers operating under license are allowed advances of 10%, 12% and 15%, respectively, over cost. With both poultry and eggs trading between dealers in the same class is strictly limited, and com missions and brokerage, except as specifically allowed, must be paid from the advances in cost, not added to them. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Under revised rules and regulations issued Mar. 11 By the U. S. Food Administration, governing licensees in green cof fee, profits for an importer were limited to 2J^%, while for a jobber they could not exceed 5% gross margin over cost, plus -brokerage or commission and the usual trade and ship ping charges actually incurred. The lifting of the early closing order put into effect the previous January by James J. Storrow, Massachusetts Fuel Administrator, when the New England territory was threat ened with a coal famine, occurred on March 6. The heatless Mondays had been brought to an end in New England on Feb. 20. The only order remaining in effect was the nation wide order of the Federal Fuel Administration calling for two lightless nights a week—Thursday and Sunday. Under the early closing order stores and office buildings had been closed at approximately 5 p. m., while theatrical performances had been obliged to terminate at 10 o’clock. The regulations governing the retail distribution of coal for the year beginning April 1 1918 were announced by the U. S. Fuel Administration on March 8. Under these regulations an average reduction of 30 cents a ton in the retail price of anthracite sold for domestic use between April 1 and Sept. 1 was provided for. The reduction was determined upon in lieu of the customary reductions on April 1 by dealers to encourage early buying for the next winter’s needs, and which usually ranged from 50 cents in April to 10 cents in August. The Administration expressed the belief that this plan would be fairer to the public because of the fact that coal was expected to be ordered in April in such quantities that it would prove impossible to make all deliveries during that month or for some time to come. In the case of bituminous coal no re duction to consumers was made, but the Fuel Administration on March 8 began the announcement of revised prices for such coal at the mines; the first of these made public showed sharp reductions in Colorado, Utah, Wyoming and Montana. A. general revision in the case of all the States before the be ginning of the coal season on April 1 was planned. A proc lamation placing coal and coke jobbers, brokers, selling and purchasing agents and wholesale dealers (except those specifi cally exempt by Act of Congress) under license beginning April 1, was issued by President Wilson under date of Mar.15. Following a conference in Washington between members of the War Industries Board and the General Committee on Steel and Iron Products of the American Iron & Steel Institute (of which Judge E. H. Gary was Chairman), President Wilson on Mar. 26 approved the recommendation of the Price Fixing Committee of the Board that the current schedule of steel prices be continued unchanged with two exceptions until July 1. The announcement covered ore, coke, steel and steel products, and the only changes were a reduction in the maximum price of basic pig iron from $33 to $32 per gross ton, and in the maximum price of scrap steel from $30 to $29 per gross ton. Under regulations restricting the export of tin and terne plate, issued by the War Trade Board on March 6, it was announced licenses would be granted only for shipment to Canada, South and Central American countries, including Mexico and the West Indies, China and Japan, and only in these cases where it was to be used for certain specified pur poses: the only other exceptions were where the purchase of the plate occurred prior to Nov. 12 1917, and in that case where the purchase was made to fulfill a contract from a purchaser abroad placed with a firm in the United States. It was made known on March 4 by the War Industries Board that President Wilson had approved an agreement made by the Board with the producers of aluminum, fixing a maximum base price of 32 cts. a lb. for the metal at the various American plants and their subsidiaries. The price was subject to revision June 1 and covered lots of 50 tons and over of ingot of a grade 98 to 99%. The prevailing differen tials for the sundry grades, quantities and shapes were con tinued in force for new contracts. The conditions governing the agreement were that wages would not be reduced, that the Government, the Allies and the public should purchase at the same price and that steps be taken for the distribution of the aluminum to prevent it from falling into the hands of speculators who might increase the price to the public. The War Finance Corporation Bill passed both Houses of Congress, but sharp differences existed between the two Houses, and the bill went to conference. The conferees, however, were quick in reaching an agreement and made their report on Mar. 30, which was accepted early in the new month, the Senate adopting the conference report April 1 and the House April 2. One of the essential particulars in which the two drafts of the bill differed was in the amount of the bonds that the Corporation was to be allowed to issue. The House bill limited the amount to $2,000,000,000, while the Senate bill fixed the maximum at $4,000,000,000, the amount urged by Secretary of the Treasury McAdoo. The conferees compromised and fixed the amount at $3,000,000,000. See further particulars in our narrative for April. The Railroad Control Bill, fixing the basis of compensa tion to be paid during the operation of the roads by the Gov ernment, passed both Houses of Congress and was signed by the President on Mar. 21. The Act limits the period of Federal control to 21 months after the war; this was a com promise, the Senate bill having proposed to continue Federal control by the Government 18 months after the conclusion of the war, while the House bill had provided that the roads should be returned to their owners two years after the ter RETROSPECT. mination of the war. Other principal features of the bill 'were those compensating the railroads on the basis of their average net returns for the three years ending June 30 1917 and appropriating 8500,000,000 for a revolving fund. General commodity freight rate increases of 15% asked by carriers in Eastern territory—that is, east of the Mississippi and north of the Ohio and Potomac rivers—were announced by the Inter-State Commerce Commission on March 15, the higher rates to go into effect March 25. It was estimated that the effect would be to add about 858,000,000 to the revenues of the Eastern roads. These were the rate cases in which only trivial advances had been granted the previous June and in which when the application was renewed a few months later in 1917 the Commerce Commission refused to take the responsibility of granting advances but passed the matter up to Congress. Now that the Government had taken over control of the roads the Commission hesitated no longer. The Commission’s order, dated March 12, but made known in March 15, in general allowed increases averaging 15% in rates not raised by the Commission’s decision on June 27 1917 in the 15% case. The order then was esti mated to increase the roads’ freight revenues a little more than 5%, and railroad men figured that the latest increases would give Eastern roads between 7% and 10% more. The new order did not affect territory west of the Mississippi nor Southern territory, except for shipments originating in the East or destined to that district. In addition to increases in certain commodity rates, live stock, fresh meats, &c., an advance of 15 ets. a ton in rates on anthracite coal was granted under the Commission’s order. Instead of the cus tomary formal opinion, the Commission, in announcing the increases on March 12, issued simply a memorandum of its order. On Mar. 1 Secretary of the Treasury McAdoo announced that April 6, the anniversary of the day the United States had entered the war against Germany, had been fixed as the date for the opening of the Third Liberty Loan campaign. In making this known the Secretary suggested that the campaign should begin with great demonstrations of patri otism in every city, town and hamlet of the country, and that every American should pledge anew to his Government the full measure of his resources. Quite to the surprise of the community, Secretary McAdoo in an announcement issued Mar. 25, made it known that the amount of the Third Liberty Loan would be only 83,000,000,000, with the right, however, to accept oversubscriptions, and the rate of interest no more than 4J4%. Estimates of the prospective offering had run all the way from 85,000,000,000 to 810,000,000,000, and inasmuch as the Secretary of the Treasury had at the close of February raised the rate of interest on Treasury Certificates of Indebtedness from 4 to 4J^%, it had been supposed the Liberty Loan bonds would also bear this higher rate of interest. In explanation of his action, which embodied some other new features, such as the elimination of the privi lege to convert into subsequent issues bearing higher rates of interest and the adoption of the principle of making sinking fund purchases to maintain the price of the bonds, the Secretary gave out the following statement: The Secretary of the Treasury, in a conference with Mr. Kitchin, Chair man of the Ways and Means Committee, to-day outlined his plans for the Third Liberty Loan. Actual expenditures of the United States Govern ment and of the Allied Governments, having been much less than had been indicated by the estimates, the amount of the next loan will be only $3,000,000,000, the right being reserved to allot oversubscriptions. The Secretary will ask authority from Congress to issue bonds bearing interest at the rate of 414 % per annum, acceptable at par and accrued interest in payment of United States inheritance taxes and having the benefit of a sinking fund of 5% per annum during the period of the war and for one year thereafter. It is the belief of the Secretary that the rate now proposed is sufficient and that, by restricting unnecessary capital issues, and by inducing the people who subscribe for Liberty bonds to save and keep them for invest ment, and by purchases with the sinking fund from those who find them selves compelled to sell, future increases in the interest rate may be avoided. In order to put an end to the expectation of higher interest rates, it is pro posed that the conversion privilege shall be eliminated from the new bonds, but the holders of Liberty bonds of all existing issues will be given an op portunity to convert their bonds into the new 414% bonds. In addition to the foregoing principal items of the proposed campaign Congress will be asked for authority for bonds to the amount of $4,500,000,000 in addition to those now authorized, in order to provide for future issues: for authority to issue additional Treasury Certificates of Indebted ness; for authority to make additional loans to the Allied Governments during the summer; and for authority to deposit income and excess profits taxes with national banks. State banks and trust companies throughout the United States in the same manner as the proceeds of the Liberty Loan. After the close of the month (on April 4) there came an other surprise in the announcement that the new bonds were to run only 10 years and to mature Sept. 15 1928. Following the closing on Mar. 5 of the subscriptions to the 8500,000,000 Treasury Certificates of Indebtedness issued in anticipation of the Third Liberty Loan, Secretary of the Treasury McAdoo on the 6th announced that they had been largely oversubscribed. This issue of certificates, dated Feb. 27 and maturing May 28, was the first to bear 4J'2%. A new offering of 8500,000,000 of Treasury Cer tificates of Indebtedness, in anticipation of the Third Lib erty Loan, and bearing 4J^% interest, was announced by Secretary of the Treasury McAdoo on Mar. 11. This was the fourth issue of Treasury certificates put out in prepara tion for the forthcoming Liberty Loan. The new certifi cates were dated Mar. 20 1918 and ran until June 18. Sub scriptions for the same were received by the Federal Re serve banks up to the close of business Mar. 22. On Mar. 25 the Secretary announced that subscriptions had reached http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 15 8543,032,500. A fifth offering of Treasury Certificates of Indebtedness in anticipation of the Third Liberty Loan was announced by Secretary of the Treasury McAdoo on Mar. 27. This offering also was for a minimum of 8500,000,000 It was dated April 10 and made payable July 9. The rate of interest was 4)^%. The result was total subscriptions of 8551,226,500. On Mar. 2 the Secretary of the Treasury gave out a state ment to the effect that the increase from 4 to 4^% in the interest rate of Treasury Certificates of Indebtedness issued in anticipation of the Third Liberty Loan would not be fol lowed by a similar increase in the rate of Treasury certifi cates issued in anticipation of taxes, but that this would continue at 4%. Later (on Mar. 13) the issuance of another block of 4% Treasury Certificates of Indebtedness, accep table in payment of income and excess profits taxes, was announced by the Secretary of the Treasury. These cer tificates were dated Mar. 15 and matured June 25. The last previous block of certificates issued in anticipation of taxes had been dated Feb. 15. In announcing the new issue Secretary McAdoo said that about 875,000,000 of the cer tificates, dated Feb. 15, had been sold, making the total amount of certificates maturing June 25 1918 to date about 81,255,000,000. The New York Clearing House, at the instance of the Fed eral Reserve Board, took steps to prevent the banks and trust companies under its control from offering increased rates of interest on deposits, the practice being not only objectionable in itself, but likely to make still harder the task of the Govern ment of obtaining subscriptions to its obligations. The movement met with some opposition on the part of trust com panies, but after a number of conferences, agreement was reached satisfactory to all classes of institutions. The agree ment provided that no member of the Clearing House should pay on any credit balance payable on demand, or within thirty days, or on a certificate of deposit so payable, interest at a rate in excess of 1 % per annum when the then ninety days dis count rate for commercial paper at the Federal Reserve Bank at New York is 2% or less; and an additional % of 1% for every of 1 % that such discount rate of the Federal Reserve Bank shall exceed 2%, but the maximum rate may not in any case be higher than 3%. The creation of an organization for control of Italian ex change was announced in cablegrams from London on Mar. 12. It was stated that the formation of a central insti tution having control of lire exchange had caused a recovery in lire. The institution planned to fix prices and check speculation. An additional credit of 8200,000,000 was extended by the United States to Great Britain on Mar. 12, and a credit of 815,000,000 to Cuba. On Mar. 16 an additional credit of 811,200,000 was extended to Belgium. At the end of March the total of loans to the Allies were 84,960,600,000, appor tioned as follows: Great Britain, 82,520,000,000; France, 81,440,000,000; Italy, 8550,000,000; Russia, 8325,000,000 (of which only 8187,000,000 has been paid); Belgium, 8104,600,000; Serbia, 86,000,000; and Cub. , 815,000,000. Announcement was made on Mar. 8 that the interest rate on loans to the Allies had been raised from 4& to 5%. This advance resulted from the increase in the rates on Treasury certificates of indebtedness from 4 to 4)^%. Since it cost the United States Government more to borrow money from the American people, Secretary McAdoo felt it necessary to charge more for the Allied loans, although these transactions meant practically no profit to the United States. The differ ence of y % between the borrowing rate and the loaning rate is to cover the expense to this Government of raising the funds and to account for the tax losses involved in the issuance of certificates which are free from certain kinds of tax levies. The interest rates on Allied loans had been gradually raised from 3% on the first credits in April 1917, when the Govern ment was borrowing at that rate. Railroad Events and Stock Exchange Matters.'—The stock market yielded less than might have been expected to the effects of the German military operations. In the early part of March it displayed considerable strength and a quite substantial advance in prices occurred, both in the industrial and in the railroad list. The market opened in a listless fashion and there was at no time during the month any great activity—on some days, indeed, there was practically noth ing doing, dealings being of the most restricted character— but a marked tendency towards higher prices soon de veloped, the railroad shares taking the lead in an upward movement which reached considereable proportions. Read ing stock was perhaps the most active in the rise, but such shares as Union Pacific, Southern Pacific and Northern Pacific, Mil. & St. Paul andN. Y. Cent, all were distinguished for a rise of several points. There appeared to be no special reason for the marked improvement in these railroad shares except the progress made with the Railroad Control Bill in Congress. But the industrial properties also moved up ward, and some of these made very much larger gains than the railroad shares; later Can. Pae Rtock suffered a severe break on the action of the Dominion Government in exacting additional income taxes and the other railroad shares also lost part of their previous advances. The general tone of the market remained firm, barring the development of oc casional weak spots as in the case of Amer. Tel. & Tel. and Studebaker. The action of Great Britain and the United States in arranging to seize all the Dutch ships lying in their harbors had somewhat of a general adverse influence. This RETROSPECT. 16 news came on Mar. 14, and at first was without effect in the market, but on Mar. 18 a sharp decline in prices was recorded on reports of friction between the United States and Holland because of the step. The German attack in Prance began on Thursday, Mar. 21, and as it was attended by great initial successes, the market on Mar. 22, reflected the fact in a general weakening of prices the latter part of the day; on Saturday, Mar. 23, with the continuation of the German successes, the market took a further downward plunge of several points. Monday’s market (Mar. 25) proved a complete surprise. It opened still lower by sub stantial figures (the news over Sunday having been very discouraging) but the course of values was almost imme diately reversed and by the end of the day the opening losses had been in great measure recovered. The utmost confidence seemed to prevail, both here and in London, that though the Entente forces had sustained serious reverses, the Germans would fail in their attempt to break through the British and French lines. This confidence continued to the end of the month and proved well founded, since though the Germans succeeded in pushing the Entente forces back a considerable way, their onward rush was in the end definitely checked. Thus it happened that the re mainder of the month was marked by more or less general recoveries in prices throughout the list, though the market continued to display intense dulness. Closing prices Mar. 30 (Mar. 31 was Sunday) were nevertheless lower in the great majority of cases than opening prices Mar. 1. Di rector-General McAdoo announced Mar. 27 that he had agreed to loan the N. Y. N. H. & H. $43,964,000 necessary to meet the company’s one-year 5% col. trust notes, ma turing Apr. 15. The loan was for one year at 6% with the right of renewal for one year more on the same terms. A bank ing syndicate offered for sale $25,000,000 7% serial gold notes of the Procter & Gamble Co. (approved by the Capital Issues Committee) due in five equal installments, Mar. 1 1919 to 1923, inel., but subject to call at various dates and prices. The notes were offered at figures to yield 7J4@ The entire amount was quickly taken. Bankers also placed at 99j/£ $8,000,000 one-year 7% gold notes of the Winchester Repeating Arms Co. Slock Fluctuations. March 1. Railroads— Prices in doll Atch Top & Santa Fe. 86 Baltimore & Ohio___ 53 X Canadian Pacific------2146 X Chesapeake & Ohio__ 55X 41 Chic Milw & St Paul.Erie_______ __ ..__ 15 Great Northern, pref. 91X Louisville & Nashville. 113X New York Central___ 71X NYNH& Hartford.. *28}4 28 X 104 Norfolk & Western__ 86 Northern Pacific__ __ Pennsylvania________ 45 X Reading Company__ 78 X 86 Southern Pacific____ 24 X Southern Railway___ Union Pacific.. 122 X Industrials— Allis-Chalmers Mfg__ 25X Preferred. ______ *80 81 85 Amer Agric ChemicalAmerican Beet Sugar. 81X 41 American Can. __ Amer Car & Foundry. 78 X Am Hide & Leath, pref 62 X American Locomotive. 67 Amer Smelt & Refining 81X Amer Steel Foundries. 66 Amer Sugar Refining. z*105 107 Amer Teleg & Telep.. 107X 54 Amer Woolen of Mass. Amer Writ Paper, pref 25 X Am Zinc, Lead & Smel 15 Anaconda Copper___ 63 X Baldwin Locomotive. . 77 X Beth Steel Class B com 78 X Central Leather____ 71 Chile Copper.. ._ .. *16X 16X Chino Copper__ _____ 43 X Colorado Fuel & Iron. 38X Continental Can __ 73X Crucible Steel___ __ 64 X Cuhan-Amer Sugar__ *145 155 141 General Electric___ __ General Motors______ 117X Goodrich (B F)______ 44 X Gulf States Steel_____ *90 94X 46 Inspiration Cons Copp Int Agricultural Corp. *12X 15 Int Mercantile Marine 29X 99 Preferred __ 29 International Nickel.. International Paper.. 30 X Lackawanna Steel___ 77X Maxwell Motor______ *28 X 29 *53 55 National Lead ______ 57 Pittsburgh Coal .. Pressed Steel Car____ 60 X Railway Steel Spring.. 54 X 77 Republic Iron & Steel. Studebaker Corp____ 47X 152 Texas Company____ 122 U S Indus Alcohol___ United States Rubber. 57 X U S Smelt, Ref & Min. 46 X U S Steel____________ z91X 92 90 Western Union Teleg. March 30. Range for Month. Lowest. ars per share. 81 Mar. 23 83 X 52 50X Mar. 25 135 Mar. 25 137X 54 Mar. 25 56 X 41 38 X Mar. 25 14X 14X Mar. 4 90 87 X Mar. 25 112X 112X Mar. 25 68 Mar. 23 69X 29 27X Mar. 23 102 Mar. 5 104 X 84 Mar. 23 *84X 85X 44 Mar. 23 44 X 81X 75X Mar. 2 83 X 81X Mar. 25 22 X 21X Mar. 25 >116 Mar. 25 >120 *23 X 24 *75 82 *81X 85 *74X 75X 40X >79 *>56 57 77 X >63 *100 104 >100 x *>50 *22 *13 51X 26 14X 63 74 X >77 X 64 X 15X >40 X 23 79 85 74X 38 X >74 >55X >59 X 75 X >61X 100 >99X >48 23X 13 60X 71X >74 62 15 >39 36X 68 X 59 *59 70X 62 X *142X 150 >137 >134 X 118 113X 44X 41X *87 89 88 43 X 46 X *12 14 12 24X 23X 90 X 89 X 28 X 27X *29 30 28 X 76 73 X *26 27 26X 54 >54 X *52 54 51 *59X 61 58 X >51X >48 X 76 78 X 41X 38 X >*141X145 >140 122X 118X 54 *54 55X 42 *42 43X 89 X 86X >*91 93 1 89X Highest. 86X Mar. 56X Mar. 146X Mar. 60X Mar. 43X Mar. 16X Mar. 92X Mar. 118 Mar. 73X Mar. 30X Mar. 106X Mar. 86X Mar. 45X Mar. 85X Mar. 87X Mar. 25X Mar. 123 X Mar. 9 14 8 14 9 18 8 14 11 11 12 15 8 18 9 12 1 Mar. 25 26X Mar. 7 Mar. 12 83X Mar. 7 Mar. 1 87 Mar. 2 Mar. 25 82 Mar. 1 Mar. 25 43X Mar. 18 Mar. 25 79X Mar. 1 Mar. 25 62 X Mar. 1 Mar. 25 67X Mar. 1 Mar. 25 82X Mar. 11 Mar. 25 66X Mar. 9 Mar. 28 106 Mar. 13 Mar. 28 107X Mar. 1 Mar. 25 56X Mar. 6 Mar. 25 27X Mar. 5 Mar. 23 16X Mar. 9 Mar. 25 65 Mar. 11 Mar. 25 79X Mar. 15 Mar. 25 81 Mar. 12 Mar. 25 71X Mar. 9 Mar. 26 16X Mar. 11 Mar. 25 43X Mar. 1 Mar. 25 40 Mar. 9 Mar. 25 73X Mar. 1 Mar. 25 65X Mar. 22 Mar. 25 Mar. 25 Mar. 23 Mar. 25 Mar. 25 Mar. 25 Mar. 25 Mar. 28 Mar. 25 Mar. 25 Mar. 25 Mar. 27 Mar. 4 Mar. 23 Mar. 25 Mar. 26 Mar. 4 Mar. 28 Mar. 25 Mar. 25 Mar. 25 Mar. 23 Mar. 25 Mar. 5 j Quoted ex-dividend during the month prior to this date. x Ex-dividend. * Bid and asked prices; no sale. 141X Mar. 6 129X Mar. 11 45 Mar. 2 93 Mar. 12 46X Mar. 30 13 Mar. 4 29X Mar. 1 99X Mar. 1 29X Mar. 8 34X Mar. 9 81X Mar. 8 29X Mar. 6 >59 Mar. 21 57X Mar. 1 64X Mar. 8 55X Mar. 8 SIX Mar. 6 49X Mar. 5 153X Mar. 11 125X Mar. 22 57X Mar. 4 46X Mar. 1 92X Mar. 8 93 Mar. 14 The Money Market.—In the money market the feature was the growing firmness of call loan rates and the practical in ability of obtaining loans on time on Stock Exchange collat eral. This was part of a plan to control the money market in the interest of the Government. Surplus reserves of the New York Clearing House institutions on Mar. 2 (on the basis of legal reserves) were down to only $12,510,850 (not counting cash in vault) and were at no time large during the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis month, though there was a recovery by Mar. 30 to $61,399,120, while loans were running considerably in excess of de posits. Government needs were urgent, the Secretary of the Treasury being engaged in putting out every two weeks an additional $500,000,000 of Treasury certificates of indebted ness besides completing plans for the Third Liberty Loan, some of the details of which were announced towards the end of the month. Preparations for the huge income tax pay ments due in June also served to add to the tenseness of the situation. In these circumstances both Federal Reserve officers and bank officials were agreed in thinking that all the resources of the money and investment markets ought to be carefully husbanded for Government needs. A 6% rate on call was repeatedly recorded, and it was well understood that the Liberty Loan Money Committee would not permit that figure to be exceeded in any event. The time loan rate throughout the month was quoted nominally at the same figure, but the supply was at all times extremely light and the Money Committee took no steps to make loans available for fixed maturities. The position of the Committee was that until Government requirements had been satisfied it was not desirable to tie up funds for fixed periods. Stock Exchange operations were not considered strictly essential, and com mission houses also advised and enforced caution on the part of their clients. They were not disposed to enter into loan engagements on call with the possibility of being placed in a highly senitive position by sudden demands for funds which could only be satisfied by enforced sales of securities. As noted above, the Secretary of the Treasury found it necessary to raise the rate of interest on Treasury certificates of indebted ness issued at the end of February from 4 to 4J^%, but in fixing the rate for the prospective Third Liberty Loan, ad vanced the rate only to 4J4%; the expectation had been that this rate, too, would be fixed at 4>£%. Rates for commercial paper at the close of the month were 5% @6% for choice double and prime single names and 6% for single names not so well known. There was no great change in the loan item of the New York Clearing House banks, which aggregated $4,335,461,000, against $4,312,361,000 Mar. 2. Govern ment deposits, which Mar. 2 stood at $438,146,000, were down to $291,415,000 on Mar. 30. Ordinary deposits re covered from $3,735,034,000 Mar. 2 to $3,935,710,000 Mar. 30. Foreign Exchange, Silver, &c.—In the foreign exchange market rates for sterling continued to be maintained on the same enforced basis as before; in cable transfers absolutely no deviation occurred from the arbitrary figure of 4 76 7-16. In Continentl exchange, rates on the neutral centres all displayed a rising tendency. This applied to Spanish pesetas, to the Scandinavian exchanges, to rates on Switzer land and to those on Amsterdam. The commandeering of Dutch ships was followed by an advance in the rates on Amsterdam for sight bills from 44)^ cents Mar. 1 to 46 cents Mar. 30. Rates on Switzerland advanced from 4 48 francs to the dollar Mar. 1 to 4 33 Mar. 30. In like manner Spanish pesetas (taking the quotation at the opening and the close of the month) rose from 24.25 to 25.60. In ex change on Denmark the kroner advanced from 30.25 to 31 cents, on Sweden from 31.75 to 33.50, and on Norway from 30.50 to 31.50. Exchange on Italy fluctuated considerably; on Mar. 4 the quotation for sight bills was 8.97 to the dollar, from which there was an improvement to 8.42 to the dollar, Mar. 13, but by Mar. 25 the quotation was 8.83again with the close Mar. 30 8.75. The Russian ruble was nomi nally quoted at 13 cents throughout the month, but with no business doing. In Russian paper currency dealings were recorded at sharp advances, though with the Federal Re serve Board not inclined to sanction importations of this paper money; Japan, it was reported, was trying to find a market for considerable amounts of the same. Open mar ket discounts at London declined from 3% for both 60 and 90 day bills to 3 9-16. Silver in London sharply advanced, rising from 42}^d. to 46d. with the close 45 %d. MONTH OF APRIL Current Events.—In their military operations the Ger mans transferred the scene of intensest activity from Picardy to Flanders. Here they again met with important initial successes, but, as m March they had failed in obtaining their objectives in France, so in April they met with a serious set-back in their attempt to capture the French channel ports. Indeed, after having wrested from the British Kemmel Hill, an important height, so that it seemed the British might have to retire from their Ypres salient, they met with disastrous defeat in the attempt to capture the hill positions west of Kemmel. April 6 being the first anniversary of the declaration of war against Germany by the United States, President Wilson took occasion to emphasize again what was the purpose of the country in entering the world conflict and to make it plain that the war would be relentlessly waged until' that purpose was attained. The opportunity offered the President to speak anew on the subject came with the open ing of the campaign for the Third Liberty Loan, which had been set for April 6. The President was scheduled to open the loan campaign at Baltimore, and his address was in fulfillment of that task. What he said was couched in language that will always be memorable, for he declared that there could be but one response on our part to the German challenge: “Force, force to the utmost, force without stint or limit, the righteous and triumphant force which shall RETROSPECT. make Right the law of the world, and cast every selfish do minion down in the dust. ” The President said the reasons f or this great war, the reason why it had to come, the need to fight it through, and the issues that hung upon its outcome, were more clearly disclosed now than ever before. It is easy to see just what this particular loan means, he declared, because the cause we are fighting for stands more sharply revealed than at any previous crisis of the momentous struggle. “The man who knows least can now see plainly how the cause of Justice stands, and what the imperishable thing is he asked to invest in. Men in America may be more sure than they ever were before that the cause is their own, and that, if it should be lost, their own great nation’s place and mission in the world would be lost with it.” Speak ing of the German peace avowals he said: “Her statesmen have said that they wished peace, and were ready to discuss its terms whenever their opponents were willing to sit down at the conference table with them. Her present Chancellor has said—in in definite and uncertain terms, indeed, and in phrases that often seem to deny their own meaning, but with as much plainness as he thought prudent —that he believed that peace should be based upon the principles which we had declared would be our own in the final settlement. At BrestLitovsk her civilian delegates spoke in similar terms, professed their desire to conclude a fair peace and accord to the peoples with whose fortunes they were dealing the right to choose their own allegiances. But action accompanied and followed the profession. Their military masters, the men who act for Germany and exhibit her purpose in execution proclaimed a very different conclusion. We cannot mistake what they have done in Russia, in Finland, in the Ukraine, in Rumania. The real test of their justice and fair play has come. From this we may judge the rest. They are enjoying in Russia a cheap triumph in which no brave or gallant nation can long take pride. A great people, helpless by their own act, lies for the time at their mercy. Their fair professions are forgotten. They nowhere set up justice, but everywhere impose their power and exploit everything for their own use and aggrandizement, and the peoples of conquered prov inces are invited to be free under their dominion. “Are we not justified in believing that they would do the same thing at their western front if they were not there face to face with armies whom even their countless divisions cannot overcome? If, when they have felt their check to be final they should propose favorable and equitable terms with regard to Belgium and France and Italy, could they blame us if we concluded that they did so only to assure themselves of a free hand in Rus sia and the East? “Their purpose is, undoubtedly, to make all the Slavic peoples, all the free and ambitious nations of the Baltic Peninsula, all the lands that Tur key has dominated and misruled, subject to their will and ambition, and build upon that dominion an empire of force which they fancy that they can then erect, an empire of gain and commercial supremacy—an empire as hostile to the Americas as to the Europe which it will overawe—an em pire which will ultimately master Persia, India and the peoples of the Far East. In such a program our ideals, the ideals of justice and humanity and liberty, the principle of the free self-determination of nations, upon which all the modern world insists, can play no part. They are rejected for the ideals of power, for the principle that the strong must rule the weak, that trade must follow the flag, whether those to whom it is taken welcome it or not, that the peoples of the world are to be made subject to the patron age and overlordship of those who have the power to enforce it.” What then are we to do, the President asked, and then furnished his own answer, as follows: “For myself, I am ready, ready still, ready even now, to discuss a fair and just and honest peace at any time that it is sincerely proposed—a peace in which the strong and the weak shall fare alike. But the answer, when I proposed such a peace, came from the German commanders in Russia and I cannot mistake the meaning of the answer . . . Ger many has once more said that force, and force alone, shall decide whether justice and peace shall reign in the affairs of men, whether Right as America conceives it, or Dominion as she conceives it, shall determine the destinies of mankind. There is therefore but one response possible from us: Force, Force to the utmost, Force without stint or limit, the righteous and trium phant Force which shall make Right the law of the world and cast every selfish dominion down in the dust.” A speech delivered three days later (on April 9) in the House of Commons by David Lloyd George, the British Premier, dealing with home rule and military conscription for Ireland, attracted hardly less attention than the preg nant words of President Wilson, in disclosing the intention of the Allies to continue the war to the end, whatever the fluctuations in the immediate fortunes of the conflict. In presenting the Government’s bill raising the military age to 50 and in some cases to 55 years, Mr. Lloyd George reviewed the course of the great German offensive then raging in Prance, and warned Great Britain that such was the peril of the moment that every possible measure must be taken to meet it including the application of conscription to Ireland. The proposal as to Ireland was coupled with the announcement that Home Rule would be introduced, the Government, “taking the responsibility for such proposals for self-government as were just and could be carried out without violent controversy.” Notwithstanding the uproar raised by the Irish members, the Premier was uncompro mising in his assertion that the proposed Man Power Act would be applied in Ireland on the same terms as in Great Britain, though as a matter of fact subsequent developments were such as to make it inexpedient and undesirable to carry out the Government’s policy in that respect. “Ireland,” declared Mr. George, “through its representatives, assented to the war, voted for the war, supported the war. Irish representatives and Ireland through its representatives, without a dissenting voice, committed the Empire to this war. They are as responsible for it as any part of the United Kingdom.” After reading a declaration of the Irish Party approving British participation in the war, the Premier referred to a speech delivered by the late John Redmond in the Mansion House, Dublin, when he was addressing a recruiting meeting there, declaring that the heart of Ireland had been profoundly moved by the spectacle of the heroism http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 17 and sufferings of Belgium. “The other day,” the Premier quoted Redmond as saying, “I met Cardinal Archbishop Mercier and I took the liberty of promising him that Ireland would bring her arms and her strength to avenge Louvain and to uphold and defend the integrity and independence of Belgium, Poland, Alsace-Lorraine and France—those are the words for the Irish people, to think over. There never was a war in which higher and nobler issues were at stake. I have heard some people speak of this war as an English and not an Irish war. That is absolutely and definitely untrue. Ireland’s highest imperial interests are at stake.” A test of the attitude of the House towards Irish conscrip tion came when Joseph Devlin, Nationalist, moved to adjourn. The Government thereupon moved and carried closure on his motion, after a brief debate, by a vote of 310 to 85, whereupon Mr. Devlin’s motion was defeated by a vote of 323 to 80, a few pacifists voting with the Nationalists. On final vote, leave to introduce the Government’s Man Power Bill was carried by 299 to 80. On April 12 the House of Commons sitting in committee passed both the Irish Conscription provision and the Man Power Bill by a majority of 165. On April 16 the House rejected a motion by John Dillon for the omission of the Irish conscription clause from the Man Power Bill by a majority of 176 and finally passed the third reading of the whole bill by 301 to 103. George M. Barnes, Labor member of the War Cabinet without portfolio, stated that the Government intended to introduce a Home Rule Bill immediately and to use every effort to pass it. He further said that the Lloyd George Government would resign if the House of Lords refused to pass the new bill. On the same day the British Premier in a speech in the House of Commons declared it was desir able in the interest of the war “that we should settle the Irish question and produce something like contentment in Ireland and good will in America.” He believed that American opinion supported the Man Power Bill provided that self-government were given to Ireland and it was of the greatest importance at the moment America was render ing to the Allies great aid on the battlefield that Great Britain should satisfy American opinion. Nothing would tend more, he said, to secure the greatest measure of Amer ican assistance. Later both clauses passed the House of Lords. Operation of the Conscription Act, however, as applied to Ireland was postponed by an Order-in-Council first to May 1 and then indefinitely. The action was prompted by a desire to introduce a Home Rule Bill and see what effect that might have in mollifying public senti ment in Ireland, which appeared to be uniformly hostile to conscription. It later became apparent that no Home Rule Bill satisfactory to the Irish and acceptable to the British Government could be agreed upon. In his speech of April 9 Lloyd George, in referring to the German offensive in France and Belgium, admitted that the enemy had achieved important successes, but declared that they had failed in their main objectives. He said that the German campaign had verified almost in detail the predic tions of Sir Henry Wilson, British Chief of Staff, made some months before regarding the character of the offensive. It had been predicted, the Premier declared, by Sir Henry that the enemy might break through half the depth of the front attacked. The Germans actually attacked with 97 divisions. On the reassuring side, Lloyd George pointed out that the enemy had grossly exaggerated the number of prisoners and guns taken. “We hold ample reserves, guns and munitions,” he added. The issue of the next battle might very well be determined by the action of President Wilson in placing American troops at the disposal of the Allies. It was, he said, impossible to overestimate the President’s offer. When the battle on the Somme front began, the total combatant strength of the German army on the Western front was about equal, he asserted, to the total of the Entente forces. The Man Power Bill, he explained, would involve an extra sacrifice on the part of the people of Great Britain. The Cambrai battle was a trivial event when compared with the battle then just fought and until the strain had relaxed it would be difficult to ascer tain exactly what had happened. A significant sentence was that there were still reserve men in Great Britain avail able for the battle line in the event of great emergency with out “impairing our striking power in the war.” By the Man Power Bill he proposed calling up all under twenty-five without distinction, and raising the age limit to fifty and in certain cases to 55. He said the Germans were calling up another class producing 550,000 youths, who would be used in the present battle. A sensational episode during the month was a declaration by Count Czernin, the Austro-Hungarian Foreign Minister, that peace feelers had been put out by France, that Austria had cordially responded, but that nothing came of the move because of France’s insistance on the recovery of AlsaceLorraine. This allegation had unpleasant consequences for Count Czernin. The Count’s allegation was made in an address to a delegation from the Vienna City Councils on April 2, in which the Austro-Hungarian Foreign Minister made a belated reply to President Wilson’s most recent speech and set forth in detail the results Austria-Hungary expected to realize from the Russian, Rumanian and Ukrain ian peace treaties. In regard to the four peace principles laid down by President Wilson, Count Czernin declared he agreed with the German Chancellor that they furnished a suitable basis upon which to negotiate peace. “The ques 18 RETROSPECT. tion is,” he continued, “whether or not Mr. Wilson will succeed in uniting his allies upon that basis.” He then went on to say: ‘‘God is my witness that we have tried everything possible to avoid a new offensive, but that the Entente would not have it. A short time before the beginning of the offen sive in the west M. Clemenceau inquired of me whether and upon what basis I was prepared to negotiate. I immediately replied, in agreement with Berlin, that I was ready to nego tiate, and that as regards France I saw no other obstacle for peace than France’s desire for Alsace-Lorraine. The reply from Paris was that it was impossible to negotiate on this basis. There was then no choice left.” When shown the above statement by Count Czernin, Premier Clemenceau replied simply, “Czernin lied.” Premier Clemenceau’s denial stirred up an acrid diplomatic controversy between the statesmen and Governments concerned. On April 5 the French Government issued a statement confirming Premier Clemenceau’s assertion, and saying: his,’ the Austrian Government is now summoned to give an explanation of the ‘attempt’ avowed by it and of the details of the conversation of its delegates.” As a reply, dispatches to the Associated Press from Vienna via Amster dam, April 12, reported the Austrian Emperor as saying in a telegram to Emperor William that complete solidarity existed between Austria and Germany, and “we shall jointly enforce an honorable peace” denying the truth of the decla ration made by Premier Clemenceau of France that the Austrian Emperor recognized France’s claim to AlsaceLorraine. The message declared that" the French Premier’s assertions were “from beginning to end, inventions.” It was added that the fact that Austro-Hungarian troops were fighting for Alsace-Lorraine on the western front demon strated the Emperor’s faithfulness to his ally, while the senselessness of attributing to Count Czernin the idea that France had a just claim to Alsace-Lorraine was proved by all of the Foreign Minister’s public utterances. Following hard upon the publication of this sensational Premier Clemenceau, upon assuming the duties of President of the Council, found that conversations had been entered into in Switzerland, letter, the resignation of Count Czernin as Austro-Hun upon Austria’s initiative, between the Count Revertata, a personal friend garian Foreign Minister was announced on April 15. Baron of Emperor Charles, and Commandant Armand of the Second Bureau, Stephen Burian von Rajecz, a former Foreign Minister, French General Staff, designated for that purpose by the French Minister was appointed as Count Czernin’s successor. Count Czer at the time. nin’s position had become untenable after the publication M. Clemenceau did not wish to assume the responsibility of interrupting of the Emperor’s letter. Vienna dispatches to the Berlin conferences which had yielded no results, but which might furnish useful “Lokal Anzeiger” stated that Czernin did not know of the sources of information. Commandant Armand thus was allowed to con tinue his journey in Switzerland, upon the request of Count Revertata. Emperor Charles’s letter when he made the statement that Instructions were given M. Armand in the presence of his chief by M. France had initiated the conversations with Austria, and that when he learned of the letter he resigned, but consented Clemenceau as follows: Listen and say nothing. Count Revertata, becoming convinced that his attempt to bring about to hold office until his successor was appointed. One ex a German peace was doomed to failure, in order to fully characterize his planation of the peace letter was that it was written by the mission, gave Commandant Armand a letter written in his own hand Duchess of Parma, mother of Empress Zita, to her son, dated Feb. 25 1918, the first sentence of which reads: Prince Sixtus, and that the Emperor must have added “During the month of August 1917, with a view to obtaining from the French Government a proposition to Austria which might lead to future certain lines over his signature. The Vienna view was that this explained how Premier Clemenceau was able to peace and be of such a nature as to be susceptible of being indorsed by On April 17 Austria and presented to the German Government, conferences have been say that the letter was signed by the Emperor. entered upon.” the resignation of the Hungarian Cabinet, headed by Count Count Revertata, being himself the solicitor, acknowledges in the follow Wekerle, was announced, due, among other causes, it was ing terms: “That the purpose was to obtain from the French Government said, to the developments in the Czernin affair. propositions of peace under cover of Austria, for transmission to At a special meeting of the directors of the Chicago Board Berlin.” of Trade on April 10, resolutions limiting trading in corn From Vienna, on the other hand, came an official an and oats were adopted as follows: nouncement reiterating Foreign Minister Czernin’s state Resolved, That spreading in contracts of purchase or sale of April and May ment, which the French Premier had denied. On April 11 delivery, in com and oats on the one side, and contracts in the same com the dispatches from Paris announced the issuance of the modities for June and July delivery on the other, is prohibited. following very sensational official note, asserting that the That in no case can an individual, firm or corporation, who has much Emperor of Austria himself had been the source of the peace April or May contracts open, have executed for their account, by our cus tomers, contracts for June and July delivery in the same commodities that overtures: Once caught in the cogwheels of lying, there is no means of stopping. Emperor Charles, under Berlin’s eye, is taking on himself the lying denials of Count Czernin, and thus compels the French Government to supply the proof. Herewith is the text of an autograph letter communicated on March 31 1917 by Prince Sixtus de Bourbon, the Emperor of Austria’s brother-in-law, to President Poincaire, and communicated immediately, with the Prince’s consent, to the French Premier: “My Dear Sixtus: The end of the third year of this war. which has brought so much mourning and grief into the world, approaches. All the peoples of my Empire are more closely united than ever in the common determination to safeguard the integrity of the monarchy at the cost even of the heaviest sacrifices. “Thanks to their union, with the generous co-operation of all nationali ties, my empire and monarchy have succeeded in resisting the gravest assaults for nearly three years. Nobody can question the military ad vantages secured by my troops, particularly in the Balkans. “France, on her side, has shown force, resistance, and dashing courage which are magnificent. We all unreservedly admire the admirable bravery, which is traditional to her army, and the spirit of sacrifice of the entire French people. “Therefore it is a special pleasure to me to note that, although for the moment adversaries, no real divergence of views or aspirations separates many of my empire from France, and that I am justified in hoping that my keen sympathy for France, joined to that which prevails in the whole monarchy, will forever avoid a return of the state of war, for which no responsibility can fall on me. “With this in mind, and to show in a definite manner the reality of these feelings. I beg you to convey privately and unofficially to President Poin caire that I will support by every means and by exerting all my personal influence with my allies. France's just claims regarding Alsace-Lorraine. “Belgium should be entirely re-established in her sovereignty, retaining entirely her African possessions without prejudice to the compensations she should receive for the losses she has undergone. “Serbia should be re-established in her sovereignty and, as a pledge of our good-will, we are ready to assure her equitable natural access to the Adriatic, and also wide economic concessions in Austria-Hungary. On her side, we will demand, as primordial and essential conditions, that Serbia cease in future all relation with, and suppress every association or group whose political object aims at the disintegration of the monarchy, particularly the Serbian political society, Narodni Ochrana; that Serbia loyally and by every means in her power prevent any kind of political agitation, either in Serbia or beyond her frontiers, in the foregoing direc tion, and give assurances thereof under the guarantee of the Entente Powers. “The events in Russia compel me to reserve my ideas with regard to that country until a legal definite Government is established there. “Having thus laid my ideas clearly before you, I would ask you in turn, after consulting with these two Powers, to lay before me the opinion first of France and England, with a view thus to preparing the ground for an understanding on the basis of which official preliminary negotiations could be taken up and reach a result satisfactory to all. ‘‘Hoping that thus we will soon be able together to put a limit to the suf ferings of so many millions of men and families now plunged in sadness and anxiety, I beg to assure you of my warmest and most brotherly af fection. CHARLES.” The French note added. “Count Czernin, having recog nized by his note of April 8 the existence of this negotiation due to the initiative of a personage of ‘a rank far above http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis will result in or create a spread between the old and the new style contracts as prohibited above. Further resolved. That in the trading in com and oats for delivery on and after June 1 the aggregate open interest for any indivdual, firm or corpora tion, in any one grain, is limited, the present amount being 200,000 bushels, and any account with 100,000 bushels bought for either June or July and 100,000 bushels sold in either of those months not corresponding with the month of delivery of the 100,000 bushels bought would be considered as having the maximum open trade allowance. Further resolved. That to correct a misapprehension, trading between com and oats is not prohibited, providing it does not result in an open interest in either grain in excess of the permissible quantity, which, as above stated, at the present time is 200,000 bushels. No maximums on prices were fixed under the new style of trading in corn, but the limit of 200,000 bushels it was stated would apply. The maximum of SI 25 on May corn also remained. It was pointed out that although the di rectors had rescinded their action of July 11 1917, pre venting trading in corn beyond June 11 1918, there were no restrictions on hedging against cash grain, as unlimited quantities could be handled. Hedges could also be entered into in connection with feeding of live stock, but not beyond sixty days’ requirements rules of the Food Administration applying in such cases. Trading in the July option for corn at Chicago was begun on April 11, the price being SI 57 J4, the high figure for the month; the low was reached on April 19 at SI 42 J4, with the close April 30 at SI 48J^-14- The May option for oats at Chicago fell from 87 cents April 10 to 79 cents April 30; trading in the July option commenced on April 17 and ranged from 72 cents on that date to 75*4 cents on April 23, with the close April 30 71J4 cents. With the putting into operation on April 11 of the new regulations promulgated by themselves for the restriction of speculation in grain, the grain exchanges received from Federal Food Administrator Herbert C. Hoover communica tions urging that they discountenance the stimulation of minor speculation through the operation of private-wire houses. In his communication to the exchanges Mr. Hoover said: In opening the market in corn and oats for trading in June and July futures without restrictions of price previously imposed by the exchange, but with the restrictions provided against speculation by the new rules adopted by the Board, I trust that all members of the Exchange realize that this is the greatest test that has yet been applied as to whether it is possible to conduct the legitimate and proper function of the grain exchanges in the fixing of contracts for future delivery without this very valuable service of the exchanges becoming a tool for speculative manipulation against the interest of the general public. It seems to me, also, that in addition to the restrictions imposed on large trading on speculation, that the exchanges should set their faces rigidly against the stimulation of minor speculation through the operation of private-wire houses. The majority of the Exchange members have long recognized that this type of business in the public mind is akin to bucketshop stock speculation. I am confident that the plan made by the ex changes is with the faith that these objectives will be accomplished, and RETROSPECT. 19 Government authorities at Washington would be forced to intervene and undertake to regulate quotations, even though they might be reluctant to do so. At all events, the Govern The milk prices for the month of May, fixed by the Federal ment would, for its own protection, have to put a stop to Milk Commission, were announced on April 22. Under the the upward flight of the prices of cotton goods, because of new schedule the price of Grade A milk (bottled) delivered by its own enormous purchases of such goods, and the theory distributers to consumers was reduced from 16 to 15 cents a was that with goods prices limited it would follow as a matter quart, and from 9 to 8 cents a pint; the charge for Grade B of course that the raw material could not be permitted to milk delivery by distributers to consumers was lowered from follow an independent course towards still higher quotations. 14 to 13 cents a quart, and from 8 to 7)^ cents a pint. The On Aprd 10 a conference was held at Washington at the price to be charged during May to consumers by stores for instance of Robert S. Brookings, Chairman of the Price Grade B milk bottled was 12cents a quart and 7 cents a Fixing Committee of the War Industries Board, with a view pint. to stabilizing the cotton manufacturing industry and for Because many ships used in the South American trade had the purpose of entering into negotiations to that end. The been taken over for trans-Atlantic shipping, and in order announcement concerning the meeting issued on April 5 to insure an equal distribution of green coffee, based pro said that representatives of the entire cotton industry had portionately on past requirements of the trade, the United expressed their desire to attend such a meeting and to co States Food Administration issued an order which was made operate with the Government in every way. It was stated public April 29 requiring all dealers in green coffee to notify that the country was having what was known as a runaway the Food Administration at Washington at once of their market, or abnormally high values, in many cotton fabrics, entire holdings of Brazilian coffee. It was stated that until largely as a result of the immense purchases made by the further notice no buyer of green coffee would be allowed to Government for its war needs, and this condition, it was felt, import into the United States an excess of his percentage was equally bad for the industry and for the nation. The of coffee, as shown by the average imports for the calendar meeting resulted in the appointment of a War Production years 1916 and 1917. No import license would be ap Committee under the Chairmanship of Gerrish E. Milliken, proved or permitted that would increase such a percentage. charged with the duty of submitting to the War Industries The Army and Navy and the Marine Corps announced Board the views of the National Council of American Cotton on April 22 that their meat requirements for May delivery Manufacturers (represented at the conference) with regard (except upon the Pacific Coast) would be allotted among to matters discussed at the meeting. A further conference, the packers (unless lower bids were received) at prices based it was announced, would be held later in New York. On on livestock markets, but in no event higher than the fol April 18 a bill fixing the maximum price of raw cotton at lowing base prices per 100 pounds: 20 cts. a lb., when sold by the producer or dealer to the manu Good steers, 500 to 600 lbs., f.o.b. New York, frozen and wrapped, facturer, was introduced in the House of Representatives commercial trim for export, $24 05: same, 600 to 700 lbs., $24 80: same, at Washington by Congressman Emerson of Ohio. The 700 lbs. up, $25 55: Navy requirements, $24 65; cows, 500 to 600 lbs., $21 50. bill also provided that the price might be reduced or raised Army beef of special weights, with special trim or for special purposes, to by order of the President, “if in his opinion justice demands have proper differentials. It was stated that in case the markets went lower and such reduction or advancement.” It was recognized that prices were not agreed upon, they would be determined with the Southern Congressman so opposed to anything by the Government, which would ask the advice of the of the kind, there was little chance of such a measure being Federal Trade Commission in cost ascertainment if neces enacted. The introduction of the measure, however, did sary. The Allies would not buy at higher levels than the have the effect of still further accelerating the downward army and navy. The packers would not attempt to increase movement of prices. The bill was promptly referred to the price for the domestic trade because of these allotments. House Agricultural Committee, there to slumber indefinitely. It was pointed out that while the Government controlled Another thing which tended to depress the price of cotton beef prices only to the extent of saying what it would pay, was favorable weather for a time at the South. Still another the purchases under Government direction were so enormous thing on which stress was laid was the increasing stock of that the maximum figures fixed were expected to go far cotton at the ports and interior towns, while at the same toward stabilizing prices to the domestic consumer. Con time exports continued small. Advices from Manchester, solidation of all meat purchses for the American Government England, showed that at a meeting of the Cotton Control and the Allies in a single bureau at Chicago also was an Board held in Manchester on March 4 1918, it had been decided to place further restrictions on the production in nounced by the Food Administration on April 22. The functions of the new Requirements Division of the the Lancashire cotton goods trade because of the increased War Industries Board were outlined in a statement issued difficulties of tonnage. For several months production had by the Board on April 7. Under the plan the Board and been cut down to 60% of the normal portion, but beginning its Chairman, Bernard M. Baruch, virtually controlled with Monday, March 18, the arrangement was that only the production and distribution of every commodity essen 50% of the spindles on American cotton were to be allowed tial to the prosecution of the war. The Division was made to run in any mill except those licensed to run excess ma the central directing agency through which the policies chinery because of being engaged in Government work. of the Chairman were to be carried out. It was arranged Indications also pointed strongly in the direction of increased that through it the various purchasing agencies of the Gov acreage being put under cotton owing to the stimulus afforded ernment and the Allied Purchasing Commission should by the extremely high prices prevailing. Furthermore, obtain their needs of raw materials and finished products. domestic consumption of cotton was on reduced scale for Information gathered by the new Division enabled Chair the time being. Notwithstanding the drop in the price of the raw materials there was no decline in the quotations for man Baruch to have at his disposal complete data to guide cotton goods, such was the urgency of the demand and him in the determination of a general industrial policy. The statement issued by the Board further said that “the such the difficulty of supplying private consumers because requirements of both the American Government and the of Government requirements. Print cloths at Fall River Allies can be met satisfactorily if orders and deliveries are were advanced April 3 from 13 to 13^ cts. per yard and 11 to 14 cts. given systematic allocation according the relative urgency April The Government took steps early in April to safeguard of the needs of the various departments demanding them.” its needs as regards wool and woolen goods. On April 5 It was added that shortage of materials was very frequently found on analysis to be not actual, but rather the result of woolen mills throughout the United States were directed badly planned distribution. Representatives of the Fuel by the War Department to hold their looms at the service and Food Administrations it was stated were to attend the of the Government from that date until July 1, in order to meetings of the Requirements Division whenever they were insure adequate supplies of cloth for uniforms. It was prepared to present plans which required materials, sup said that manufacturers of civilian clothing who obtained plies, facilities, electrical power, fuel or transportation any of the output of the mills would do so under special Government permits. Notices were sent to the mills by affecting the industries of the country. The Webb Bill, designed to promote export trade by per Acting Quartermaster-General Goethals. It was officially mitting American exporters to form combinations for for stated that the Department now saw its way to fully clothe all men called to the colors. No information was available eign business, was signed by President Wilson on April 11. An important incident of the month was the sudden as to the amounts of cloth the Government might release collapse in the speculation, which had been carried on for a to private manufacturers or as to the probable effect of the long time, in the price of cotton. Early in April the upward commandeering order upon the trade. On the same day movement still continued actively in progress, and from (April 5) it was unanimously voted by the Boston Wool 34.25 cts. on Mar. 31 for middling uplands cotton in this Trade Association to stop all trading in wool and to place market the quotation advanced to 36 cts. on April 4, being its entire unsold stock of wool and tops at the disposal of a new high level for the last fifty years—the highest in fact the Government at prevailing prices. The action came since Nov. 1866. Only fractional declines from this extreme after the Association had been addressed by Albert W. figure occurred for five or six days; then a downward plunge Elliott, representing the Quartermaster’s Office, in which began, which, though marked by sharp and wide fluctua Mr. Elliott told of the Government’s requirements. The tions from day to day, may be said to have continued un requests made of the wool merchants were summarized, interrupted until the very close of the month, with the the Boston “Herald” stated, as follows: 1. That the wool trade immediately stop trading in wool and tops. result that on April 29 the price got down to 26.75 cts., 2. That the wool trade immediately take stock and submit a detailed, the close on April 30 being 27.50 cts. Many circumstances and also a summarized, inventory to the Wool Administrator. eontributed to the break. In the first place, the feeling 3. That the wool trade offer to the Quartermaster-General its entire had been gaining ground that the speculation was being stock unsold wool and tops, either spot or to arrive, including all wools, overdone and that prices were being carried to dangerous either of spot or to arrive, on which the Government option had been released. heights. In the second place, there was a distinct and well4. That the wool trade agree to buy no wool while it is still unshorn and defined fear that with the market rapidly running wild the confine its operations to wool when sheared and ready for delivery. if they can be accomplished, on the voluntary basis without the interference of Federal authority, there will have been established the foundation for a wider confidence through the whole country in exchange trading. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 20 RETROSPECT. The resolutions unanimously passed by the Wool Trade Association agreed to compliance with all the requests. On April 9 the members of the Boston wool trade decided to refrain from buying, offering or selling any wool in the United States until a definite statement should come from the Government with regard to its intention to exercise its option on the country’s wool supply. They also agreed to refrain from taking any assignments of wool in this country. The resolution adopted said: Anticipating the Government requirements for these wools, we recommend and encourage buying in foreign countries, bearing in mind the Govern ment option on Dec. 15.1917, but said foreign purchases not to be offered or sold until a definite reply is received from the Government in reference to its option of April 5 1918. action being based on the views of the Federal Trade Com mission, which had completed an inquiry into food costs. The margins, according to the Food Administration’s an nouncement, were to be considered merely as guides, in no way changing existing rules or regulations affecting canners. Prices exceeding these, however, it was stated, would be considered unreasonable under the Food Control law. The announced maximum margins per dozen cans were as follows: Corn, No. 2, standard, 19 cents; No. 2, extra standard, 22 cents; No. 2, fancy, 30 cents. Peas, average, all sizes, No. 2, sub-standard, 15 cents; average, all sizes, No. 2, standard, 22 cents; average, all sizes, No. 2, fancy, 31 cents. Tomatoes, No. 2, standard, 18 cents; No. 2J^, standard, 22 cents; No. 3, standard, 27 cents; No. 3, fancy, 31 cents; No. 10, stand ard, 90 cents; No. 10, fancy, $1. An agreement as to the prices which the Government would pay for spruce lumber was reached at a conference held on April 13 between the War Industries Board and representa tives of the spruce industry. The price on random lengths ranged from $35 to $48 a thousand, and on lengths from 8 to 20 feet from $40 to $55, according to size. For every 2 feet over 20 feet in length an additional charge of $1 a thousand was to be made. The prices, which were to remain in effect until July 1, were based on Boston deliveries. The Tanners’ Council, representing 95% of the tanning industry of the United States, adopted through its board of directors on April 21, at a meeting at Washington, a resolution approving the Government’s plans to restrict the importations of hides and tanning materials in order to The margin of pofit to be allowed dealers has not been determined. The release tonnage. The plan of the War Industries Board to Government will not interfere with the normal channels of trade and dealers fix prices of hides and leather was also endorsed. as heretofore will handle the raw wool from producer to manufacturer. Through additions to the list of restricted imports an Profiteering will be eliminated. Under the agreement, which is volun tary, the Government not only will control the entire product in the United nounced by the War Trade Board on April 21, it was expected States but imports as well. The War Department is now taking approxi there would be released tonnage to the amount of 157,000 mately 60% of the finished wool product from the mills and about 40% for war purposes. On March 22, when the original list of of the looms devoted to Government orders. This will be increased to 60%. articles barred from entrance to the United States, except Major-General Goethals, Acting Quartermaster-General under certain conditions, was announced by the War Trade of the Army, was said to have ent notices to all wool produc Board, it was stated that though the restrictions then ing centres that 1918 clips should not be disposed of within imposed 1,500,000 tons of ship tonnage would be diverted the ensuing thirty days, during which time the Government to the carrying of men and munitions to Europe. The new restrictions thus made a total of 1,657,000 tons available would determine its exact needs. The suspension of the Federal “lightless night” order, for war use. The War Trade Board issued on April 20 a revised enemy from April 25 to Sept. 1, was announced by U. S. Fuel Administrator H. A. Garfield on April 22. The Federal trading list, containing more than 5,000 names, and including “lightless night” order, under which all outdoors lights, for the first time enemy firms in neutral countries of Europe. except those necessary for the public safety were prohibited The list, it was stated, was established in conjunction with on Thursday and Sunday nights had been in effect since the Great Britain and France to unify the efforts of the Allies to previous Dec. 16. The order replaced the coal conservation keep their products from reaching the enemy. Italy was order effective Nov. 9 1917, which limited the illumination said to have accepted the list in principle. The number of of advertising signs to the period between 7.45 and 11 o’clock firms listed as enemies in South America had been, it was p. m. Supplementing the Federal requirements Albert H. stated, slightly reduced from previous lists, after investiga Wiggin, New York State Fuel Administrator, had issued tion disclosed that the claims of many that they were neutral an order, which continued in effect from Jan. 2 1918 to were found justified. It was said, however, that many Feb. 25, directing that every night, except Saturday, be firms which probably deserved to be listed as enemy agents kept as dark as safety would permit from sundown to sunrise were not on the list, because actual proof of their German connections were lacking. Greece and Morocco were in in every city, town and hamlet in the State. The United States Fuel Administration announced on cluded in the territory covered by the list. The Board April 22 that representatives of the Automatic Bottle Manu warned exporters that the omission of a firm’s name from facturers’ Association had voluntarily agreed with the the list did not justify commerce with it. The entire supervision and direction of the Government’s United States Fuel Administration to curtail their production of less essential articles 15%, both in the interest of fuel shipbuilding program was given Charles M. Schwab, with conservation and to give the utmost possible opportunity his appointment, announced on April 16, as Directorfor the manufacture of glass jars and other food containers. General of the Emergency Fleet Corporation—a newly Regulations, approved by the War Industries Board, created post. At the suggestion of Vice-President and restricting the manufacture of clay products and rearranging General Manager of the Corporation, Charles Piez, the office and dividing the manufacturing program of the industry of General Manager was abolished in order to give Mr. so as to place it on the basis of war industry were issued by Schwab a free hand in his new undertaking. Mr. Piez the U. S. Fuel Administration on April 17. Ten orders remained as Vice-President. In accordance with a proclamation issued by President were signed by Fuel Administrator Garfield, the products dealt with being arranged in classes and manufacture cur Wilson under date of April 11 control of four of the principal Atlantic coastwise steamship lines was assumed by the tailed on a percentage basis as follows: Restriction. Railroad Administration on April 13. The lines com Restriction. Face brick____________________ 50% Floor and wall tile_____________ 50% mandeered by the President were the Clyde Steamship Common brick________________ 50% Sanitary ware______________ —50% Company of Maine; the Mallory Steamship Company of Paving brick__________________ 50% Hollow tile____________________ 25% Maine, the Merchants’ & Miners’ Transportation Company Terra cotta_________________ __50% Drain tile and sewer pipe--------- 25% of Maryland and the Southern Steamship Company of Dela Roofing tile___________________ 50% Stoneware (except chemical) —15% ware. Director-General McAdoo already had control of The United States Steel Corporation increased the wage the railway owned lines, viz.: the Ocean, Old Dominion, rates of day labor at the manufacturing plants about 15%, Southern Pacific, Baltimore Steam Packet and Chesapeake effective April 15. The rates of other employees, except in Steamship Company. The President’s proclamation added eases where advancements had been made recently, would 63 coastwise vessels, averaging 3,500 tons each to the 48 be, it was stated, equitably adjusted. Railroad companies, other coastwise ships already under Government manage coal mining companies and shipbuilding companies were ment, making a total of 111 vessels, aggregating nearly not included. 400,000 tons. These were assigned to carrying coal and As the result of an agreement between representatives of other materials between Hampton Roads and New Eng the International Nickel Company and Bernard M. Baruch, land, cotton from the South to New England and other representing the Council of National Defense, the price of traffic, thereby relieving rail transportation. Under private nickel was fixed at 40 cts. per lb. for the highest grade and management, it was said, many of the ships taken over 38 cts. for the lower grade. Practically all nickel produced under the proclamation had been running on inflexible by the International Nickel Co. was pledged, it was stated, schedules and routes, often carrying light cargoes, at least to the Allies in advance and only such as the Allies did not one way, and had not lent themselves entirely to the exig want was to be sold to the public. No nickel would be encies of railway and port congestion. sold by the company, it was asserted, except with the con The establishment of a Great Lakes steamship line under sent of the British Government. the Railroad Administration to operate seven ships between It was announced on April 6 that the War Industries Board Buffalo and Chicago and Milwaukee and to.be known as had reached an agreement with the lead industry whereby the Lehigh Valley Transportation Company was ordered by the latter would furnish all Government requirements for Director-General McAdoo on April 18 to relieve the rail lead products—6,000,000 tons minimum and 12,000,000 roads of some of the through traffic between the East and tons maximum a month—at prices averaging 7 cts. a lb. the West. Shippers of heavy staple commodities from the Announcement as to the maximum margins between cost East, such as sugar, coffee and manufactured articles were and selling prices which would be allowed licensed canners expected to take advantage of this service. It was stated was made April 26 by the U. S. Food Administration, its there would be assigned to this line seven large modern At a conference with the War Industries Board at Wash ington on April 25, wool growers agreed to turn over to the Government the entire wool output of the United States at prices based on the price for washed wool the previous July 30. The day before (April 24) the Government had decided to take over all the raw wool then held in warehouses at the July 30 (1917) prices. The April 25 dispatches from Wash ington said that in accepting the Government’s proposal the growers avoided having their product commandeered. Government plans provided for taking all wool produced and in warehouses, distributing what was not required for the army and navy to dealers for civilian needs. The dispatches added: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RETROSPECT. electric-lighted steamships, and it was intended to work day and night shifts at terminal points. The appointment of John D. Ryan as Director of Aircraft Production for the Army was announced by Secretary of War Baker on April 24. Mr. Ryan, who was President of the Anaconda Copper Company, succeeded Howard Coffin as Chairman of the Aircraft Board, the change having been made with the concurrence of Mr. Coffin, who remained a member of the Advisory Council of National Defense. A reorganization was also effected of the Aviation Section of the Signal Corps. Freight rate increases ranging between 5 and 15% and an advance in passenger rates were allowed the New England roads by the Inter-State Commerce Commission. Its de cision, dated April 16, was made known April 27. The Commission permitted an increase in mileage rates to 2% cts. and authorized other changes in passenger schedules which, it was stated, would bring in many million dollars more to the roads. The Commission specified a scale of class rates for the leading railroads and somewhat higher rates for the minor lines. One-way passenger fares were to be 2% cts., instead of the existing average of 2^ cts. Details of the $3,000,000,000 Third Liberty Loan offering were announced by Secretary of the Treasury McAdoo on April 4 just prior to the final enactment, later in the day, of the Third Liberty Loan bill providing for the issuance of the bonds. It was arranged that the campaign for the sale of the bonds should open April 6 and close May 4. The new issue was given a 10 years maturity, being due Sept. 15 1928. Subscriptions it was stated would be payable 5% on application; 20% on May 28; 35% on July 18 and 40% on Aug. 15. The Secretary’s announcement said among other things: As previously announced, the amount of the Third Liberty Loan will be $3,000,000,000, the right being reserved to allot bonds up to the full amount of any oversubscription. The bonds will bear interest at the rate of 4J4 % per annum, will be dated and bear interest from May 9 1918, and will mature Sept. 15 1928. The first coupon will be for 129 days’ interest and will be payable Sept. 15 1918, after which interest will be payable semi annually March 15 and Sept. 15. This arrangement as to interest dates is made in order to avoid having the interest payments on this series of bonds fall upon approximately the same dates as those of the Second Liberty Loan. The bonds are not convertible and are not subject to call for redemption before maturity. The bonds carry the same exemptions from taxation as those of the Second Liberty Loan. The bill authorizes the Secretary of the Treasury to purchase Third Liberty Loan bonds to the amount of one-twentieth of the original issue of such bonds during the first year, and in each subsequent year one-twentieth of the amount outstanding at the beginning of each such subsequent year until the expiration of one year after the termination of the war. A similar provision is made in the bill with respect to the bonds of the Second Liberty Loan and the bonds issued upon conversion of bonds of the First Liberty Loan. Third Liberty Loan bonds which have been owned by a person for six months prior to the date of his death will be acceptable at par and accrued interest in payment of United States inheritance taxes upon his estate. This applies also to 4)4%. bonds issued upon conversion. Among the other new features of the Third Liberty Loan Act, besides those mentioned above by the Secretary, was provision authorizing the Secretary to deposit in such in corporated banks and trust companies as he might designate the proceeds arising not only from the sale of bonds and certificates of indebtedness and war savings certificates, but also the proceeds arising from the payment of income and excess profits taxes. It was pointed out that through this provision permitting the vast amounts collected by the Government in taxes'to remain in localities where they are collected until such time as the Treasury needs the funds, the strain to which the banks are subjected during the period of the payment of the taxes is considerably les sened. Announcement that funds available through subscrip tions from the Third Liberty Loan would be deposited gen erally with approved non-member as well as member banks of the Federal Reserve system was made by the Treasury De partment in a circular issued to the banks. The circular said: Auy qualified depositary may make payment by credit of amounts which its correspondent banks or trust companies would otherwise pay by checks upon such qualified depositary. This may be done whether such qualified depositary and correspondent bank or trust company are in the same dis trict or in different districts. In cases where they are in different districts, the Federal Reserve bank of the district where the subscription is made must be notified by telegraph by the Federal Reserve bank of the district where the payment is made, and the Federal Reserve bank of the district where the subscription is made will accept such telegraphic advice in lieu of payment to it by the subscriber. Banks and trust companies desiring to avail them selves of this method of payment must give ample notice to the depositary which they expect to call upon to make payment, in order that such deposi tary may be prepared to make such payment, and to avoid the possibility of payment not reaching the Federal Reserve bank on time. The object of this procedure is to avoid unnecessary dislocation of funds and to reduce the float as far as practicable. The unexpended cash proceeds, if any, of the sale of any issue of bonds or certificates will be redeposited among the qualified depositaries making application to receive such redeposits as nearly as may be in proportion to the subscriptions made by or through them. Each depositary will be required to pay interest at the rate of 2% per annum on daily balances. Interest payments must be made when deposits are finally withdrawn, but not less frequently than quarterly. The bill creating a War Finance Corporation with a capi tal of $500,000,000, to be subscribed by the United States, and a Capital Issues Committee became a law. An agree ment on the bill had been reached by the conferees on March 30 and the conference report was adopted by the Senate on April 1 and by the House on April 2. While in substance http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 21 the provisions of the Senate and House bills were to a con siderable extent the same, there were differences between the two, and for the most part the provisions of the House bill were agreed to in conference. One of the essential particulars in which the bills disagreed was as to the amount of bonds which the Corporation should be empowered to issue; the House bill limited the amount to $2,000,000,000, while the Senate bill fixed the maximum at $4,000,000,000, the amount urged by Secretary of the Treasury McAdoo. A compromise was agreed to by the conferees, and the Corporation empowered to issue bonds to the extent of not more than six times its paid-in capital ($500,000), or $3,000,000,000. The House bill stipulated that these bonds could not be offered for sale at less than par, while the Senate bill permitted their sale at less than par if the directors, with the approval of the Secretary of the Treasury, should so determine. This provision of the Senate bill was accepted by the conferees. The Capital Issues Committee provided for as finally agreed to was to consist of seven members; this had been the number proposed in the House bill, whereas the Senate bill had called for a membership of five; the Senate bill had also provided that three of the members of the committee should be members of the Federal Reserve Board, while the House bill stated that at least three should be mem bers of the Board, and this stipulation in the House bill was retained. It was provided under both bills that the Corporation should be managed by a board of directors of five members, one of whom would be the Secretary of the Treasury, the other four to be appointed by the President, by and with the advice and consent of the Senate. One of the functions conferred upon the Capital Issues Committee was to “investigate, pass upon and determine whether it is compatible with the national interest that there should be sold or offered for sale or for subscription any issue, or any part of any issue, of securities hereafter issued by any per son, firm, corporation, or association, the total or aggre gate par or face value of which issue and any other securities issued by the same person, firm, corporation, or association since the passage of this Act is in excess of $100,000.” It was provided, however, that: Nothing in this title shall be construed to authorize such committee to pass upon (1) any borrowing by any person, firm, corporation or association in the ordinary course of business as distinguished from borrowing for capital purposes; (2) the renewing or refunding of indebtedness existing at the time of the passage of this Act; (3) the re-sale of any securities the sale or offer ing of which the Committee has determined to be compatible with the national interest; (4) any securities issued by any railroad corporation the property of which may be in the possession and control of the President of the United States; or (5) any bonds issued by the War Finance Corporation. Senator Simmons in the Senate on April 1 stated that the voluntary security issue plan would have the same effect in actual practice as the compulsory plan originally proposed by Secretary McAdoo, since without the approval of the Capital Issues Committee it would be difficult to find any market for securities. In reply to a question by Senator Cummins, of Iowa, Senator Simmons said cities, counties, school districts and similar public municipal corporations would have to submit proposed bond issues for public im provements to the Committee. One of the sections of the bill which occasioned more or less dispute was Section 13, authorizing Federal Reserve banks to discount paper secured by bonds of the War Fi nance Corporation. It had been provided in the Senate bill that in the case of discounts and rediscounts of such ob ligations, the Federal Reserve Board might fix the rates at the same or higher rates than those provided for the pur chase or rediscount of paper secured by bonds or notes of the United States. Under the House bill it was stipulated that no discount or rediscount should be granted at a less interest charge than 1% per annum above the prevailing rates for eligible commercial paper of corresponding maturity. This provision of the House bill was retained by the conferees. The conferees dropped the further provision in the House bill (not carried in the Senate bill) that no discount or re discount of paper secured by the bonds of the Corporation, should be granted unless the member bank satisfied the Federal Reserve Bank that it had in its possession for the purpose of the transaction insutficient commercial paper eligible for discount under the regulations of the Federal Reserve Board. In the case of the section (9) dealing with direct loans made by the Corporation to persons, firms, corporations or railroad or public utilities necessary to the prosecution of the war, the Senate bill authorized loans direct upon adequate security, while the House bill authorized direct loans secured by adequate security equal to at least 133% of the amount advanced; the conferees changed the percentage to 125, but excepted from this requirement advances made to rail roads under Federal control for the purpose of additions, betterments or extensions. Direct loans to firms and cor porations which had been limited under the House bill to 16 2-3% of the paid-in capital of the War Finance Cor poration, plus the amount of bonds of the Corporation outstanding, were limited to 12J^% under the change made by the conferees. The provision in the House that in no case shall the aggregate amount of advances to any person, firm, corporation or association exceed 10% of the War Finance Corporation’s capital embodied in the bill as finally agreed to, but the proviso with regard to excepting advances to railroads under Federal control was also made to apply in this particular. RETROSPECT. 22 A new issue of Treasury Certificates of Indebtedness, acceptable in payment of subscriptions to the Third Liberty Loan, was announced by Secretary of the Treasury McAdoo on April 12. The offering was for a minimum of $500,000,000 of certificates bearing date April 22 and payable July 18. These were the first offered under the new Bond Act which became a law on April 4. The proposed issue was the sixth (and last) block of Treasury Certificates offered in advance of the Third Liberty Loan; the previous offerings having been $100,000,000 dated Jan. 22; $500,000,000 dated Feb. 8; $500,000,000 dated Feb. 27; minimum of $500,000,000 dated Mar. 20; minimum of $500,000,000 dated April 10. The Feb. 27 certificates were the first to bear the increased rate of 4)^%, and this rate was borne by all the subsequent issues of certificates in anticipation of the Third Liberty Loan. It was announced on April 17 that banks desiring to buy the new Treasury Certificates dated April 22 might pay for them with certificates of the $400,000,000 block due on that date. Subscriptions for the new issue closed on April 25, and on April 29 the Secretary announced total allotments of $517,826,500, an oversubscription of $17,826,500. Subscription for the fifth offering of certificates, announced March 27 and dated April 10, it was reported April 12, had aggregated $551,226,500, this being the amount allotted. It was announced on April 22 that most of the $400,000,000 block of Certificates of Indebtedness, issued Jan. 22 in anticipation of receipts from the Third Liberty Loan, had been redeemed by Federal Reserve banks when they fell due on April 22, or had been exchanged for other certificates of the current issue. Secretary of the Treasury McAdoo announced on April 13 that United States Certificates of Indebtedness dated April 15 and maturing June 25 1918, acceptable in payment of income and excess profits taxes, and identical with the certificates dated March 15, would be made available. It was stated that this would relieve subscribers for certificates of this character of the necessity of paying so much on account of accrued interest. Federal Reserve banks were authorized until further notice to make allotment in full and receive payment with the subscription. More than $100,000,000 of the certificates dated March 15 had been sold to date, it was stated, making the total amount of certificates matur ing June 25 1918 then outstanding about $1,360,000,000. An additional credit of $200,000,000 was advanced to Great Britain by the United States in April. Later $125,000,000 additional was advanced to France. On April 26 an additional credit of $3,250,000 was also extended to Belgium. Total credits to the Allies up to April 30 aggregated $5,288,850,000, apportioned as follows: Great Britain, $2,720,000,000; France, $1,565,000,000; Italy, $550,000,000; Russia, $325,000,000; Belgium, $107,850,000; Cuba, $15,000,000; Serbia, $6,000,000. It was announced that the subscriptions to the eighth German war loan had aggregated 14,776,000,000 marks. The total, it was stated, excluded amounts from former loans offered for conversion. At 14,550,000,000 marks the amount exceeded the aggregate of the subscriptions for any previous loan, the sixth loan, issued in March and April 1917, with total subscriptions of 13,120,000,000 marks, having previously held the record. Subscriptions to the latest loan closed on April 10. The amount was unlimited; choice was given between 4J^s and 5s, and the issue price, as in the sixth and seventh war loans was 98. On April 21 Count von Roedern, Secretary of the Imperial Treasury, speaking on the first reading of the new taxation proposals in the Reichstag, was reported to have stated that 11,000,000,000 of the 14,776,000,000 marks subscribed to the eighth war loan had already been paid. The final figures for the seventh German war loan were 12,625,660,200 marks. The following shows the date, the price of issue and the subscriptions for each of the eight loans: Issued. First Ioan___ . _ _ , September 1914 Second loan, __ .March 1915 Third loan _ . , .September 1915 Fourth loan _ March 1916 Fifth loan, _ _ __ __ Sept.-Oct. 1916 Sixth loan__ __ _ March 1917 Seventh loan__ -Sept .-Oct. 1917 Eighth loan_____ March-April 1918 Price. 97% 98 y2 99 98% 98 98 98 __ Marks. 4,481,000,000 9,106,000,000 12,163,000,000 10,763,000,000 10,698,000,000 13,120,000,000 12,625,000,000 14,776,000,000 87,732,000,000 The so-called Pittman bill, providing for the melting of 350,000,000 silver dollars into bullion to be used in payment of foreign trade balances, was signed by President Wilson on April 24. The measure provided for the retirement of silver certificates concurrent with the melting of the silver dollars and the purchase of silver at not more than $1 an ounce to replace that melted, thus virtually fixing the price of silver. The market quotation of silver promptly re sponded, rising to 99% cts. per ounce, from 91^ cts. April 10. One object of the settlement of trade balances with silver was to conserve the gold supply. To provide currency to take the place of silver or silver certificates withdrawn from circulation the Federal Reserve Board was authorized to issue Federal Reserve Bank notes, based on the security of United States Certificates of Indebtedness or of United States one-year gold notes. In the form in which it was originally introduced in the Senate the bill had proposed that $250,000,000 silver certificates be retired for the purpose, but the Senate Committee on Banking and Cur rency amended it so as to make the amount $350,000,000. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Advances in the discount rates of the Federal Reserve Bank of this city were announced on April 6, the increases serving to effect a corresponding advance in interest rates paid by the Clearing House banks on demand deposits and the rates charged on loans secured by Liberty Loan bonds. The rate on 15-day advances on both commercial paper and Liberty bonds was raised by the Federal Reserve Bank from 3) ^% to 4%; discounts on commercial paper running from 16 to 90 days were increased from 4)^% to 4%%; on paper of 16 to 90 days’ maturity secured by Liberty Loan bonds the rate was put up from 4% to 4J4%. The rate on trade acceptances having a maturity of 16 to 90 days was made 4) ^% instead of 4% as theretofore. The rate on agricul tural paper of over 90 days continued unchanged at 5%, Quite general advances in rates were also made by the Federal Reserve banks at other centres. Railroad Events and Stock Exchange Matters.—In the stock market business was on a very restricted scale, with the course of prices more or less irregular, but with the tone surprisingly strong considering the developments on the European battlefields. An improvement in stock values was noted the early part of the month when it appeared that the German onslaught in Picardy had been definitely checked, but, later, occasional recessions occurred as it transpired that the Germans had transferred the scene of their intensest operations to Flanders and were meeting with a considerable measure of success there. These price recessions were never severe and were really in most instances merely a sympathetic response to unfavorable news, the utmost confidence prevailing that the Allies would, with General Foch in supreme command, be able to defeat the German plan of campaign. On the last day of the month (April 30) prices opened at an advance of about a point from the close the previous night, on news that the Germans had met with disastrous defeat in their attempt to drive the British out of the Ypres salient after having captured some days previously commanding heights in that section. This rise in prices, however, on that day was not maintained in the afternoon, realizing sales on a limited market causing a reaction. Taking the month as a whole, a sharp distinc tion appears between the course of prices in the railroad list and that in the industrial group. The railroad shares on the whole closed lower April 30 than they opened April 1, though only slightly so. The industrial shares, on the other hand, registered substantial advances amounting to several points for most of the active stocks and very much more than that for a number of specialties. Favorable returns of income for the calendar year and continued active war demands were in the main responsible for the improvement. The action of the directors of the U. S. Steel Corporation on the divi dend question in again declaring 1)4% regular and 3% extra on the common shares for the quarter did not come until after the close of business on April 30, but the Steel shares all through the month followed a somewhat inde pendent course and were among the strongest of the in dustrial list. Opening April 1 at 90)4, Steel common April 11 was down to 88%, but by April 22 the price had risen to 96%, while the close April 30 was 94%. Inter national Paper common spurted up from 29 April 9 to 41 % April 26, with the close April 31 at 39; the company in its annual report showed over $34 per share earned for the common stock on the business of the calendar year 1917. A few of the industrial shares were weak and lower. Among these may be mentioned particularly Amer. Tel. & Tel., the motor stocks and U. S. SmelL & Refin. Stock Fluctuations. April 1. Railroads— Atch Top & Santa Fe. _ Baltimore & Ohio _ _ _. Canadian Pacific____ Chesapeake & Ohio__ Chic Milw & St Paul-. Erie_______________ Great Northern, pref. Louisville & Nashville. New York Central___ N Y N H & Hartford - . Norfolk & Western__ Northern Pacific____ Pennsylvania________ Reading Company__ Southern Pacific------Southern Railway___ Union Pacific_______ Industrials— Allis-Chalmers Mfg— Preferred-. ____ Amer Agric Chemical. American Beet Sugar. American Can_______ Amer Car & Foundry. Am Hide & Leath, pref American Locomotive. Amer Smelt & Refining Amer Steel Foundries. Amer Sugar Refining. Amer Telep & Teleg. _ Amer Woolen of Mass. Amer Writ Paper, pref Am Zinc, Lead & Sm_. Anaconda Copper___ Baldwin Locomotive.. Beth Steel Class B com Central Leather_____ Chile Copper__ __ Chino Copper__ — Colorado Fuel & Iron. Continental Can------Crucible Steel________ Cuban Amer Sugar — General Electric--------General Motors______ Goodrich (B F)--------Gulf States Steel.. Prices in doll *83% 86 52 138% 56% 41% 15 90 *112% 117 69% 29% *102 105 85% 44% 81% 83% 22% 120% 24 81 *81% 85 *74% 76 40% 79% *12 13 62 77% 62% 102% 101 51% *20% 26 *13 14% 63% 75% 77% 64% 15% 41% Range for Month. April 30. Lowest. ars per share. 82% Apr. 83 50% Apr. 51% 137% 135 Apr. 54% Apr. 55% 37% Apr. 37% 14 Apr. 14% *88 89% 87% Apr. 111 Apr. *112% 114 >67% Apr. >68 *28 28% 27 Apr. 103 102% Apr. >83 >82% Apr. 44% 43% Apr. 77% Apr. >78% 80% Apr. 81% 20% 20% Apr. 117 Apr. 118% 11 11 11 11 22 17 11 11 30 11 29 26 11 11 30 30 30 Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. 13 15 12 17 11 11 13 11 11 11 12 30 2 11 2 2 11 11 11 4 11 11 23 11 11 11 30 15 11 28% 81 *84 72% 43% 76% 12% 63 77% 64 103 96 52 23 13% >64 79 77% >64% 16 41% >39% *59 69 *65 67% 63% 63% ‘142% 150 *140 160 141 138% 120 >116% *42 45 44 *90 92% 103 22% 76 81% 70 40 75% 12 60% 74% 61% 98% 95% 49% 20% 13% 62% 73 75% >63 14% 40% >36% 70 60% 145 136% 114% 42 88 Highest. 84% Apr. 52% Apr. 139% Apr. 56% Apr. 41% Apr. 15% Apr. 91 Apr. 114% Apr. 70% Apr. 29% Apr. 105 Apr. 85% Apr. 47% Apr. >83 Apr. 83% Apr. 22% Apr. 120% Apr. 19 1 19 23 1 23 2 3 6 1 4 1 1 23 19 1 23 Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. 30 1 24 8 22 4 22 22 22 22 22 1 22 18 23 18 22 22 11 20 24 22 23 22 11 20 22 20 25 28% 81 84 76% 45% 80% 13% 66% 79% 65% 106% 101% 53% 25% 14 66 88% 81% 70% 16% 42% 42 71% 67% 145 143 >123% 47% 111% RETROSPECT. Stock Fluctuations. April 1. April 30. Industrials (Cora.)— Inspiration Copper__ Int Agricultural Corp. Int Mercantile Marine Preferred.. __ International Nickel.. International Paper .. Lackawanna Steel___ Maxwell Motors__ __ National Lead. . Pittsburgh Coal______ Pressed Steel Car___ Railway Steel Spring. _ Republic Iron & Steel. Studebaker Corp. Texas Company___ __ U S Industrial Alcohol United States Rubber. U S Smelt, Ref & Min. United States Steel__ Western Union Teleg. Prices in doll 4654 *1254 15 25 9154 2854 *29 % 3054 7654 *26 27 54J4 52 *60 61 52 79 41 14454 12254 *54 5554 42 54 9054 92 ars per share >5154 *13 15 2354 >86 2854 39 7954 2554 *57 58 51 58 *5454 5554 >8054 3654 144 124 57 *37 3854 9454 9354 Range for Month. bouest. >46 54 Apr. 1254 Apr. 2354 Apr. >8554 Apr. 27 Apr. 29 Apr. 76 Apr. 2454 Apr. 5454 Apr. 5054 Apr. 57% Apr. 51 Apr. 7754 Apr. 3354 Apr. 14054 Apr. 12054 Apr. Apr. 52 36 Apr. 8854 Apr. 92 Apr. Highest. 54 Apr. 15 11 1554 Apr. 26 Apr. 27 30 9454 Apr. 11 2854 Apr. 9 4154 Apr. 3 82 Apr. 24 2954 Apr. 1 6154 Apr. 15 54 Apr. 20 60% Apr. 11 5754 Apr. 11 8454 Apr. 24 4154 Apr. 12 14 8 54 Apr. 2 12754 Apr. 13 59 Apr. 13 4354 Apr. 11 9654 Apr. 1 9554 Apr. 24 25 6 18 4 26 20 19 4 20 4 22 22 4 19 18 22 4 22 15 * Bid and asked prices; no sale. ] Quoted ex-dividend during the month and prior to this date. x Ex-dividend. The Money Market.—The money market showed a more comfortable condition than might have been expected in view of the active campaign going on for the Third Liberty Loan. The call loan rate was never allowed to go above 6%, thanks to the operations of the Money Pool, which, as in the previous loan campaign, was always ready to loan freely at 6% in the effort to prevent quotations from going beyond that figure. This readiness to respond on the slightest indication of any tenseness and the reluctance of banking institutions to put out their funds on time loans, caused temporary periods of ease during which rates would temporarily drop to 2 @3%. The Money Pool at times found intervention necessary in order to prevent undue rise, as the Government withdrew funds from the banks, and in addition the deposits required on subscriptions to the Liberty Loan were a source of drain. For time money, some short-date funds were on occasions available at 5%%, but at the close firm 6% was asked on loans for 60 and 90 days, and even these were for limited amounts with no funds forthcoming for longer periods. The range for call loans during the month was 2 @6%, with the rate on the final day 3^2@4%. Mercantile paper at the close was 5% @6% for choice double and prime single names and 6 @6)4% for single names not so well known. Surplus reserves of the New York Clearing House institutions April 27 were $71,705,990, against $61,399,120 Mar. 30. The loan item increased from $4,291,827,000 Apr. 6 to $4,515,657,000 April 27. Government deposits increased from $228,903,000 April 6 to $358,469,000 April 27. Ordin ary deposits rose from $3,935,710,000 March 30 to $3,951,632,000 April 13, fell off to $3,914,928,000 April 27 and then increased to $3,970,622,000 May 4. Foreign Exchange, Silver, &c.—Sterling bills showed only trifling deviations in rates, and these were without special significance, as the market remained a wholly arbitrary affair, under control of British Government. In the Con tinental exchanges there were few features of note beyond continued weakness in the Italian lire and a renewed rise in Spanish pesetas. Exchange on Amsterdam also manifested considerable strength. In this latter case it was difficult to trace the precise influence exerted by the friction between the United States and Holland because of the commandeering the previous month by the United States and Great Britain of idle Dutch ships in the harbors of the two countries, nor the effect of repeated rumors of difficulty between the Dutch Government and Germany, one rumor being to the effect that the German Government had presented what amounted to a practical ultimatum to the Dutch authorities, warning the latter against acceptance of proposed food arrangements with the United States. Sight bills on Amsterdam were quoted at the close at 47^c., against 46c. at the opening. Spanish exchange was somewhat lower the last few days of the month, but checks April 30 were 27.75, against 25.60 April 1. On April 16 the rate had been up to 30.75. Swiss exchange was also higher, standing at the close at only 4.26 francs to the dollar, against 4.35 April 2. The Italian lire, on the other hand, was quoted at 9.02 to the dollar, against 8.76; the rate when at par is 5.18 lire to the dollar. The fluctuations in French francs and in Scandinavian kroner were unimportant. Open market dis counts at London were quoted at 3 9-16 for both 60 and 90 day bills up to April 26, when the rate for 60-day bills was reduced to 3J^. Silver in London ranged between 45J4d. and 49J4d., with the close on April 30 at the latter figure. MONTH OF MAY Current Events.—On Monday, May 27, the German mili tary authorities began a new assault on the British and French lines in France. The Germans delivered a surprise attack in an unexpected quarter and gained considerable headway be fore British and French reserves could be brought up in the proper positions. They took the Chemin des Dames the first day and Soissons three days later, then linked the latter up with Noyon in the one direction and extended their operations on towards Rheims in the other. By the end of the month the battle raged along a front of about 75 miles and the fresh incursions into French territory reached a depth of 25 miles at the farthermost point, carrying the enemy to the River Marne, and bringing him to within 45 miles of Paris at the apex of his salient. This was at Chateau Thierry on the Marne, about 25 miles due south from his starting point. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 23 The Germans claimed to have taken 45,000 prisoners in the five days and to have captured 400 guns and thousands of machine guns. They also claimed that “a Franco-American depot of enormous extent” had fallen into their hands near Fere-en-Tardenois. “Far over half a million artillery shells, incalculable supplies of pioneer and telephone materials and over a thousand vehicles were captured there.” General Pershing later denied that the Americans had any stores at that point. The campaign for the raising of the second $100,000,000 for the American Red Cross War Fund, which opened on Saturday, May 18, was one of the features of the month. President Wilson had been asked to review a parade arranged for the purpose in this city, and had given his assent. Instead however, of taking his place on the reviewing stand with the start of the parade, he joined the marchers at 67th Street and remained at the head of the processions, numbering some 70,000 or more men and women, until the grand stand at 23rd Street was reached, when he entered the box reserved for him. Along the two miles of his march the President received a rousing ovation. After the parade, at a mass meeting at the Metropolitan Opera House, this city, the same night (May 18), President Wilson made a speech which sig nalized the start of the campaign. In this address, appealing for the support of the Red Cross, the President stated that “there are two duties with which we are face to face. The first duty is to win the war. And the second duty, which goes hand in hand with it, is to win it greatly and worthily, showing the real quality of our power not only, but the real quality of our purpose and of ourselves.” Referring to the statement that had been made to the effect that we must get an army of 5,000,000 men ready, the President asked: “Why limit it to five million?” and said that he had asked Con gress to name no limit, because of the intention to have every ship that could carry men or supplies go laden upon every voyage with every man and every supply she could carry. The President declared he intended to stand by Russia as well as France, adding, “the helpless and friendless are the very ones that need friends and succor, and if any man in Germany thinks we are going to sacrifice anybody for our own sake, I tell them now they are mistaken.” The “intimate contact of the great Red Cross with peoples who are suffering the terrors and deprivations of this Avar,” the President declared, “is going to be one of the greatest instrumentalities of friendship the world ever knew.” In urging that the people give abso lutely all they could spare the President pointed out that “if you give until it hurts then your heart blood goes into it,” and he summoned them “to say how much and how sincerely a,nd unanimously you sustain the heart of the world.” The Red Cross campaign was an assured success from the start, and the subscriptions had aggregated close to $170,000,000. Congress was prompt in responding to the President’s wishes and unlimited power to draft men under the Selective Service Act was conferred upon the President in the Army Appropriation Bill, unanimously reported to the House by the Military Committee on May 25. The bill carried the enor mous appropriation of $9,583,349,808, in addition to which expenditures of $2,458,332,801 more were authorized. Un der the terms of the measure President Wilson, through the operation of the Selective Draft Act, was given power to call out as many men as could be trained, equipped and used. The problem of raising huge additional amounts of money, by taxation, engaged the attention of the Administration at Washington throughout the month. Secretary of the Treas ury McAdoo was insistent on early steps to that end, and the President sided with him. That Secretary McAdoo had given notice to Congressional leaders that new legislation at the current session of Congress was urgent to meet the unex pected increased in expenses incident to the expansion of the country’s war program, was made known on May 9. Mr. McAdoo’s belief was expressed in a letter to Senator Simmons of North Carolina, Chairman of the Senate Finance Commit tee. Senator Simmons was quoted as saying that the tacit agreement to defer further revenue legislation until next De cember had been made before the Treasury Department’s new estimates had been compiled. The situation now, he said, was materially changed. Further bond issues also undoubt edly would have to be authorized during the current session, he asserted, regardless of when revenue legislation was enac ted. Mr. Simmons explained that a decision regarding im mediate legislation largely depended on Secretary McAdoo’s showing of actual Treasury receipts in sight up to the follow ing February, when a new bill to be begun in December could be in force. The Treasury’s estimates of expenditures in the fiscal year opening July 1 1918, as made up in June 1917 from the Department’s forecasts provided, it was pointed out, for only $12,804,000,000, not including loans to the Allies. It placed needs of the military establishment at only $9,912,000,000, instead of the $15,000,000,000 now asked by the War Department; the Navy Department’s budget at $816,000,000, instead of the $1,500,000,000 carried in the pending naval appropriation bill, and the Shipping Board at $900,000000, instead of the $2,250,000,000 now sought by the Board. The matter of the new revenue legislation was the subject of conferences for practically the whole of the week ending May 25 between Administration heads and Congressional committeemen. On May 23 Congressional leaders reached the conclusion to let the President decide the point, the Presi dent in turn leaving the decision to Secretary of the Treasury McAdoo, who on May 24 informed the Congressional leaders that the legislation was imperative. The question as to what 24 RETROSPECT. course should be pursued was definitely settled on Monday, May 27, when the President appeared before a joint session of the House and Senate with the request that Congress re main in session long enough to enact a new taxation measure. The President’s appearance was again wholly unexpected. It was not until 10 a m. May 27 that Speaker Clark and Senator Martin were advised of the President’s intention to address a joint session of the two bodies. In his message the President took cognizance of the nearness of the elections and the desire of members of Congress to return to their homes as early as possible before that time, and said: “we dare not go to the elections until we have done our duty to the full.” “The consideration that dominates every other now,” he said, “and makes every other seem trivial and negligible, is the winning of the war.” “We are not only in the midst of war,” de clared the President, “we are at the very peak and crisis of it.” “Our financial program,” he argued, “must no more be left in doubt or suffered to lag than our ordnance program, or our ship program, or our munition program, or our program for making millions of men ready. . . . That is the situa tion and it is the situation which creates the duty. . . . There is only one way to meet that duty. We must meet it without selfishness or fear of consequence. Politics is ad journed. The election will go to those who think least of it.” The President in citing the fact stated that “additional reve nues must manifestly be provided for. It would be a most unsound policy to raise too large a proportion of them by loan, and it is evident that the $4,000,000,000 now provided for by taxation will not of themselves sustain the greatly enlarged budget to which we must immediately look forward.” He added: We cannot in fairness wait until the end of the fiscal year is at hand to apprise our people of the taxes they must pay on their earnings of the present calendar year, whose accountings and expenditures will then be closed. We cannot get increased taxes unless the country knows what they are to be and practices the necessary economy to make them available. Definiteness, early definiteness, as to what its tasks are to be is absolutely necessary for the successful administration of the Treasury. It cannot frame fair and workable regulations in haste; and it must frame its regulations in haste if it is not to know its exact task until the very eve of its performance. The present tax laws are marred, moreover, by inequities which ought to be remedied. Indisputable facts, every one; and we cannot alter or blink them. To state them is argument enough. And yet, perhaps, you will permit me to dwell for a moment upon the situation they disclose. Enormous loans freely spent in the stimulation of industry of almost every sort produce inflations and extravagances which presently make the whole economic structure questionable and insecure, and the very basis of credit is cut away. Only fair, equitably distributed taxation of the widest incidence and drawing chiefly from the sources which would be likely to demoralize credit by their very abundance, can prevent inflation and keep our industrial system free of speculation and waste. We shall naturally turn, therefore, I suppose, to war profits and incomes and luxuries for the additional taxes. But the war profits and incomes upon which the increased taxes will be levied will be the profits and incomes of the calendar year 1918. It would be manifestly unfair to wait until the early months of 1919 to say what they are to be. It might be difficult, I should imagine, to run the mill with water that had already gone over the wheel. Moreover, taxes of that sort will not be paid until June of next year, and the Treasury must anticipate them. It must use the money they are to produce before it is due. It must sell short-time certificates of indebt edness. In the autumn a much larger sale of long-time bonds must be effected than has yet been attempted. What are the bankers to think of the certificates if they do not certainly know where the money is to come from which is to take them up? And how are investors to approach the purchase of bonds with any sort of confidence or knowledge of their own affairs if they do not know what taxes they are to pay and what economies and adjustments of their business they must effect? I cannot assure the country of a successful administration of the Treasury in 1918 if the ques tion of further taxation is to be left undecided until 1919. The President spoke of profiteering and intimated that some of the people were not assuming their proper share of the burdens of war. On that point his remarks were: An intense and pitiless light beats upon every man and every action in this tragic plot of war that is now upon the stage. If lobbyists hurry to Washington to attempt to turn what you do in the matter of taxation to their protection or advantage, the light will beat also upon them. There is abundant fuel for the light in the records of the Treasury with regard to profits of every sort. The profiteering that cannot be got at by the re straints of conscience and love of country can be got at by taxation. There is such profiteering now, and the information with regard to it is available and indisputable. And this task to which I invite your immediate consideration will be performed under favorable influences, if we will look to what the country is thinking and expecting and care nothing at all for what is being said and believed in the lobbies of Washington hotels, where the atmosphere seems to make it possible to believe what is believed nowhere else. On May 28 Representative Claude Kitchin, Chairman of the Ways and Means Committee of the House, who had been opposed to early additional revenue legislation, desiring to see action postponed until the autumn, took occasion to explain, in view of the President’s appeal, the reasons and considerations that had influenced him in reaching his decision, which he was now, yielding to the President, ready to reverse. The striking feature in Mr. Kitchin’s speech was that he expressed the opinion that newspaper publishers had been engaged in a plot to obtain a repeal of the zone system of postal rates on second class matter, which was to go into effect on July 1, and had been urging new revenue legislation in the hope that as part of such legislation they would be able to incorporate a clause providing for the repeal or suspension of the zone system. By a vote of 293 to 108 the Lloyd George Government was upheld in the House of Commons on May 11 in a crisis concerning which there had been doubts at one time whether it could be surmounted. The controversy arose out of http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis charges contained in a letter written by General Frederick B. Maurice to the London “Chronicle” challenging the accuracy of certain statements made in the House of Com mons with regard to the military situation by both Lloyd George and Andrew Bonar Law and demanding a Parlia mentary investigation. General Maurice had held the position of Director of Military Operations of the Imperial General Staff, though as a matter of fact he directed no military operations but was the connecting link between the British Commanders in the field and the War Cabinet at home. His reputation both as a soldier and a man of ability was of the highest. The Government asked to have two judges to act as a Court of Honor to investigate General Maurice’s charges. This was objected to by the Opposition, headed by former Premier Asquith, who moved for an in vestigation by a Parliamentary committee. It was on this latter motion that the vote which so overwhelmingly favored the Government was taken. In introducing his motion, Mr. Asquith denied that he planned a vote of censure upon the Government. “If I were to find it my conviction to ask the House to censure the Government,” he added, “I hope I should have the courage and candor to do so in a direct and unequivocal way.” Lloyd George made one of his epoch-marking speeches in defending the integrity of the Government. The Overman Co-ordination Bill became a law on May 20 with the signature of President Wilson. After the long struggle in the Senate, the measure went through the House in a few days and was finally adopted, without amendment, by the overwhelming vote of 295 to 2. The measure in its final form was practically the same as when first introduced in the Senate at the request of the President. The House, like the Senate rejected by large majorities amendments to exempt from the operation of the bill the Inter-State Com merce Commission and the Federal Reserve Board. Chair man Webb of the Judiciary Committee told the House, however, that the President did not intend to transfer any of the jurisdiction of these bodies. Opposition to the bill in the House was mainly on the ground that the President had not taken Congress sufficiently into his confidence as to the changes to be made under the proposed legislation. The first use made by President Wilson of the new powers conferred upon him by the Overman Bill was to reorganize the air service of the army and give formal legal sanction to the separation of aircraft production from the Signal Corps. An order issued by the President on May 20 created a Bureau of Aircraft Production described as an executive agency, which “shall exercise full, complete and exclusive jurisdiction and control over the production of airplanes, airplane engines and aircraft equipment for the use of the army,” under a Director of Aircraft Production who shall also be Chairman of the Aircraft Board. This gave full legal status and power to John D. Ryan, previously appointed Director of Aircraft Production and Chairman of the Aircraft Board, and the order transferred to him all funds, lands, buildings and personnel of the Signal Corps having to do with aircraft production. Similarly, the position of Director of Military Aeronautics then held by Major General William L. Kenly was formally established, and all funds, duties, equipment and personnel of the Signal Corps connected with the operation of aircraft and balloons and with the training of aviators placed under his direction. The Signal Corps reverted to its old functions having to do only with army signalling and the transmission of military information. In some cases the President had anticipated the powers conferred upon him by the Overman Bill, setting up agencies which exercised power for which there was no specific authority. He was now enabled to clothe his appointees with legal authority, and assign to them such tasks as the exigencies of the war demanded. The Sedition Bill also became a law. The conference report was adopted by the Senate on May 4 by a vote of 48 to 26, after a struggle second only, in intensity and bitter ness, to that made against the Overman Bill, passed a few days previously. The Sedition Bill had been urged by the Department of Justice as being necessary to enable it to deal effectively with the more subtle forms of disloyalty and enemy propaganda. As in the case of the Overman Bill, the measure was opposed, not on account of its general features, but because it contained certain grants of power which were held to be dangerous and extreme, and in the opinion of opponents unnecessary. Opposition to the Sedition Bill centered around a provision giving the Post master-General power to withhold mail matter believed to violate the espionage laws. Under this provision, offered as an amendment by Senator King of Utah, the PostmasterGeneral, “upon evidence satisfactory to him that any person or concern is using the mails in violation of the provisions of this Act,” may order mail addressed to such person or concern returned, stamped with the words “Mail to this address undeliverable under Espionage Act.” No right of appeal or public hearing was provided for, and it was pointed out in the debate that the carrying out of this section in actual practice would have to be delegated to subordinate officials. In conjunction with the power already possessed by the Postmaster-General under the Espionage Act to bar from the mails newspapers and periodicals which in his judgment contain seditious or disloyal statements, the effect of this section was declared to be equivalent to setting up a censorship of an objectionable type. The qualifying amend ment offered by Senator France of Maryland, and designed RETROSPECT. to protect the rights of free speech and legitimate criticism, was eliminated by the Conference Committee after the Department of Justice, through Assistant Attorney-General John Lord O’Brien, had entered a vigorous objection. The amendment inserted by the Senate and providing for the dismissal of public employees guilty of disloyal or unpatriotic acts or language, was retained by the conferees. President Wilson on May 20 signed the new Selective Draft Law and issued the necessary proclamation setting June 5 as the day on which all young men who had attained the age of 21 years since June 5 1917 were required to register for military service. The Canadian Grain Commission fixed the price of wheat for the season 1918 at $2 21 a bushel. On May 21 the directors of the Chicago Board of Trade decided upon the discontinuance of trading in May corn, effective May 22. A committee fixed the settling price at $1 28, the maximum. The closing figure on the 21st was $1 27%. The range of the July option for corn at Chicago was from $1 49% on May 3 to SI 31% on May 31, the closing figure being SI 32%-%; July oats at Chicago ranged from 71 %c. on May 1 to 63 %c. on May 31, with the close at 64%-.%c. Middling upland spot cotton at New York fluctuated widely during the month. After jumping from 27.50 Aprli 30 to 28.70 May 1, the price May 4 was down again to 26.75 cents. Similar fluctuations occurred on subsequent days. The range for the month was from 25.70 May 22 to 30.10 May 29, with the close May 31 29.55 cents. Print cloths at Fall River were reduced May 11 from 14 to .13% cents, but advanced again to 14 cents May 18. A proclamation issued by President Wilson under date of May 14 and made public on the 16th placed under license by June 20 all persons engaged in the importation, manu facture, storage and distribution of tools, utensils, imple ments, machinery and certain other farm equipment, except those specifically exempt under the Food Control Act. The Secretary of Agriculture was delegated to carry out the provisions of the proclamation and the regulations issued thereunder. Failure on the part of dealers in the commodi ties to obey the regulations not only rendered them liable to forfeiture of license to do business, but to a fine of $5,000, imprisonment for not more than two years, or both. To assist in the enforcement of the regulations, Secretary Hous ton announced the appointment of Junius F. Cook of New York as assistant to the Secretary. Mr. Cook was to act as the immediate representative of the Secretary in carrying into effect the powers conferred on the Secretary of Agriculture under the President’s proclamation. The President’s action was regarded as necessary to assure an adequate food supply and was expected to meet the complaint of farmers that the prices of their products were being regulated, but that there was no regulation of the implements they had to buy. Un just profits, re-sales within the trade without reasonable justification, attempts to monopolize, unreasonable increases in prices or restrictions of supplies and willful waste of farm equipment were prohibited under the regulations issued. The War Trade Board on May 25, following a conference with members of the Chartering Committee of the United States Shipping Board, made an order saying no coffee should be imported into the United States which had been carried at a rate of freight greater than the rate established by the United States Shipping Board. The rates in force at the time by the United States Shipping Board were per bag net for steamers, $1 70; motors, $1 20; and for sailers, $1 It was feared that great hardships would be experienced by dealers that had cargoes afloat upon which the freight had already been paid. In most instances as high as $4 per bag had been paid on steamer cargoes and $2 50 on sailers, and these freights had been paid at the shipping end. In order to assure a sufficient supply of sugar for home canners and commercial manufacturers of preserves, jams and other essential foodstuffs, manufacturers of candy, soda water, chewing gum, &c., were, beginning May 15, limited to 80 % of the previous year’s sugar requirements. Manufacturers of non-edible products were forced to go entirely without sugar, as were those manufacturers who had entered business or increased their capacity after April 1. The certificate system was adopted to regulate the sales of sugar to meet the demands of home and factory canners. In its announce ment the Food Administration stated that the certificates would cover the period from May 15 to July 1, when new conservation measures might be deemed advisable. Notice to. packing house licensees that the Federal Food Administration would discountenance any price increase in pork products over the price charged on May 1, was made public on May 14. The notice from Herbert Hoover said that the packing houses engaged in export business had now accumulated substantial quantities of cured pork products and the cost of placing these products on the market should not be subject to any further substantial change. Under these circumstances the Food Administration, until further notice, would regard any increase by a packing house licensee which had during 1918 been allotted orders for pork products from any of the Allied nations, of the price of cured pork products to retailers in the United States over the price charged by such licensee on May 1 as exorbitant and un reasonable and a violation of General Rule 5, unless such increase was justifiable and was first submitted to the United States Food Administration, with an explanation of the reasons therefor. Each such licensee was asked to report to the Meat Division, Washington, on or before May 20 1918, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 25 its scale of prices charged to retailers for the following com modities, such report to be on packing-house basis unless otherwise specifically shown: Fancy brand hams, breakfast bacon, standard brand hams and bacon, also differential on skinned hams, pure refined lard. It was added that the iieensee must not on any day sell nor offer cured pork products at higher levels of price at one branch house in the United States than in another, proper allowance being made for difference in cost of transportation and service. The committee appointed to report on the policy to be pursued by the Government with regard to the meat and packing industry, recommended the continuation of the regu lation of the meat-packing industry by the Food Administra tion, stating that it did not favor Government operation of the industry until the enforcement of regulatory measures was found impossible. The findings of the committee, which was named in accordance with the suggestions of Food Administrator Herbert C. Hoover the previous March, were approved by President Wilson May 29. The War Industries Board, throught its Price Fixing Com mittee, on May 1 fixed the maximum price of the stocks of packed and country hides at that prevailing on April 24. It was stated that by thus stabilizing the raw material market officials thought reduction in the cost of shoes would be effected. The complete hide and skin schedule fixed by the committee contained 1,500 different prices. They were for the kill of May, June and July. While somewhat higher than the market, the prices were declared by the committee to be reasonable. Full control by the Government over all imported hides and skins, through its import license system, caused the committee to fix the prices for imported hides the same as for the domestic hides. A resolution in which it was agreed to leave the question of the price fixing of leather to the Price Fixing Committee of the War Industries Board was adopted on April 30 by the directors of the Tanners’ Council and the National Association of Tanners at a meeting in Washington. The resolutions recording the conclusions of the tanners stated that they would “leave the decision of the matter of the fixing of maximum prices on hides and skins to the Hide and Leather Control Board of the War Depart ment and the Price Fixing Committee of the War Industries Board, agreeing to cordially support whatever decision is made, but bearing in mind that it is most important that such a decision shall be an early one.” The War Industries Board on May 1, in fixing the price of raw wool to the producer at that prevailing on July 30 1917, announced that dealers in raw wool would be allowed a com mission by the Government of 3% for ungraded and 3%% for graded wool. The commission covered all storage, cart age and insurance, including marine insurance on imported wool, and was to be added to the price of the wool as it left the dealers’ hands. It was stated that the war needs of the Government for woolen goods during the year 1918 had de veloped to a point where it had become necessary for the Government, in order to supply its requirements, not only to take over the entire unsold wool in the hands of the dealers and growers, but the entire wool clip for the year as well. While the Government would so absolutely control the wool as to regulate woolen fabrics, it had no expectation or inten tion, either in the process of marketing the wool or in the manufacturing of woolen fabrics, of changing the usual chan nels of trade. It had established both to the dealers and growers whose wool they were taking over and to the growers for the year’s wool clip prices which, though somewhat higher than the Government was paying then for wool on importa tion options, were yet somewhat lower than the current nomi nal market. It had been considered wise, however, to stimulate wool production by the establishment of a liberal price. The prices of wool as fixed by the Board and wool producers under arrangement were as follows: Basis Clean Scoured— Choice. Average. Fine delaine___________________________________________ $185 Fine clothing__________________________________________ 1 75 $1 70 Half blood staple_______________________________________ 1 68 ____ Half blood clothing_____________________________________ 1 60 1 62 Three-eighths staple____________________________________ 145 ____ Boston press advices on April 30 had stated that the British Government, in furtherance of a desire to support the policy of the United States Government in stabilizing the price of wool, had agreed to surrender to the United States, at prices to be fixed, wools which would have been offered at public auction at Boston April 17 and 18. No further auctions, it was stated, would therefore be held. The Government regulations for handling the wool clip of 1918 were made public by the War Industries Board on May 20. The Board fixed the price of the 1918 wool clip at the prices established July 30 1917 at Atlantic seaboard markets on the scoured basis. The Board stated that the Government was to have prior right to acquire all the 1918 wool clip it might need at those prices and the remainder was subject to allocation for civilian purposes under the direction of the Board. As the needs of the Government required concentration of wool close to points of consumption, dis tributing centres were approved and all wool had to be distributed through approved dealers in those centres. For fleece, wool. the centres were Boston, New York, Phila delphia, Chicago, St. Louis, Detroit, Louisville, Baltimore and Wheeling, W. Va. For territory wool the centres were Portland, Ore., Chicago, New York, Boston and Phila delphia. The only exception was that clips of 1,000 pounds or under might be sold by the owner. Approved dea 26 RETROSPECT. were entitled to a gross profit in no- ease to exceed one and one-half cents per pound on the total season’s business, this profit to cover all expenses from grower to loading wool on board cars. The grower was to receive fair prices for his wool based on the Atlantic seaboard price as established on July 30 1917 less the profit to the dealer as stated above and less freight to seaboard, moisture shrinkage and interest. In no case, said the Board, should this be construed to mean that there should be more than one and one-half cents gross profits made from the time the wool left the grower’s hands until it arrived at the distributing centre. In addition to the prices fixed the Government was to pay a sum equal to 4% of the selling prices to cover compensation or com mission to approved dealers for their services in collecting and distributing wool. On wool not taken by the Govern ment for its own use and which might be allocated for other uses, prices were also fixed in accordance with July 30 1917 values at Atlantic seaboard markets and on such wool approved dealers were entitled to a commission or com pensation of a sum equal to 4% of the selling price, to be collected from the manufacturer to whom said wool was allocated. As a guard against profiteering the books of approved dealers in distributing centres had to be kept open to Government inspection, and if it was found that their gross profits, including the commission of 4%, were in excess of 5% on the season’s business, such profits were to be dis posed of as the Government decided. The books of the country dealers likewise had to be kept open to Government inspection. The grower was entitled to receive an advance up to but not exceeding 75% of the fair estimated market value of his wool. Restrictions governing imports of crude rubber were adopted by the War Trade Board, which also announced the fixing of prices for all crude rubber except such as had been contracted for prior to May 1. The prices promulgated were 62 cts. per pound for standard smoke sheet c. i. f. New York; 63 cts. per lb. for standard quality first late crepe c. i. f. New York, and 68 cts. per lb. for fine Para c. i. f. New York. For other grades the prices were to be at their relative values as thereafter determined by the War Trade Board. The Government required an option from dealers on all or any part of crude rubber on hand at the prices set. The Board’s action was made known in a letter addressed by it to the Rubber Association of America, Inc., made public May 1, in which it was stated that to the end that limitation of imports should not invite hoarding, speculative dealing and profiteering, the War Trade Board had arranged that those dealing in this raw material and the manufacturer thereof would be governed by rules and regulations about to be promulgated by the War Trade Board, to the entire rubber industry, through the Rubber Association of America, Inc. It was announced by the War Trade Board on May 8 that the imports to the United States would be held to a basis of 100,000 tons annually and the issuance of licenses for such importation was limited to 25,000 tons from May 6 to July 31. The cut, it was stated, amounted to some thing more than one-third of the imports of the United States, since about 157,000 tons of rubber were brought into the country annually. Representatives of all manufacturers of rubber footwear in the United States were said to have made an agreement with the War Department to apply the entire productive capacity of their plants to Government orders for hip boots, rubber gaiters and other articles re quired by the Government. Advices received by the Rubber Association of America, Inc., from the War Trade Board on May 16 announced the fixing by the Government of prices on intermediate and lowgrades of rubber effective two days prior to the receipt of the advices. Criticism was directed against the schedule because of this, and because of the fact that it did not observe the usual trade differentials between prices on various grades. Restrictions affecting imports of rubber substitutes— gutta joolatong, gutta siak, gutta percha and balata—were announced by the War Trade Board on May 30. Imports of gutta percha and balata were restricted from June 1 1918 to March 31 1919 to the amount imported the previous year, while imports of gutta joolatong and gutta siak were re stricted entirely. It was feared that, with importations of crude rubber restricted, attention might be directed to these other substances, and that, unless checked, an importation of these would set in, which would take up all or more than all of the cargo space saved by the rubber restriction order, and more than defeat the purpose of that restriction, viz.: To render tonnage available for war purposes. A reduction of 10 cts. per short ton in the mine price of bituminous coal throughout the United States was ordered by U. S. Fuel Administrator Garfield on May 24. The order was put into effect the following day. Among other things it said: The reduction will mean an annual saving to consumers of a sum estimated by the Fuel Administration at $60,000,000. The President has directed that the railroads pay the Government price for coal. The increased cost of railroad fuel thereby occasioned is also estimated at $60,000,000 per annum. The reduction of 10 cents per ton on all coal will, however, reduce the net increased cost to the railroads from $60,000,000 per annum to $45,000,000 per annum. Under the President’s plan, the railroads will furnish cars to all coal mines alike, without discrimination except as dictated by the prior requirements of the railroads for operating purposes and the needs of domestic consumers and of the war. The introduction of the principle of even car supply will reduce the general average overhead of mine operation, and thereby justifies the Administra http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis tion in putting out a price-reduction order. It is understood that the mine prices thus fixed will remain undisturbed until the U. S. Fuel Administra tor has before him the cost returns for the 12 months ending Aug. 31 1918. The returns thus far in are being carefully studied by Fuel Administration accountants and engineers with a view to making the utmost saving to the public that is consistent with a maximum production of coal. The prices fixed for purchases by the Allies of gasoline, fuel oils and other petroleum products for sixty days from May 20 to July 19 were announced by Mark L. Requa, Director of Oil Supply of the U. S. Fuel Administration, on May 24. It was pointed out by oil officials that'while the price to the Allies applied to their purchases alone, and not to domestic users, the Allies were such large purchasers of petroleum here their price had a powerful effect upon the domestic market. The price of gasoline to the Allies was fixed as follows: f. o. b. Gulf ports, 21 cts. per gallon; f. o. b. Atlantic seaboard, 23 cts. per gallon; United States Navy specifications in both cases. At the same time the price for aviation naphtha was fixed as follows: 30 cts. per gal. Gulf ports; 32 cts. per gal., Atlantic seaboard; British specifications 302 Fahn., final boiling point in both cases. Fuel oil prices were fixed at: Gulf ports, 5J4 cts., British Admiralty specifications; 5J4 cts., United States Navy specifications; Atlantic seaboard, 7J4 cts., United States Navy specifications. The price of standard while refined kerosene was fixed at 7J4 cts. at Gulf ports and 814 cts. at Atlantic seaboard. Mexican reduced oil was fixed at 6 cts., Atlantic seaboard. E. H. Gary, Chairman of the Committee on Steel and Steel Products of the American Iron and Steel Institute, on May 2 announced that commissions to agents on sales of scrap iron had been fixed as follows by the War Industries Board (a) Consumers of scrap iron and steel employing an agent to purchase scrap for them may, at their discretion, pay as compensation for sucl service a sum not exceeding 3 X % of the agreed price at which such ma terial is to be delivered, in cases where the agent guarantees the quality and delivery of an agreed tonnage of the material. This compensation shall be shown as a separate charge in billing: the material may not be invoiced at any price in excess of the maximums announced. (&) Under no circumstance may a dealer or broker split or divide this extra sum which may be allowed him by a mill with any other dealers broker or producer, and the highest price that any one under any cir cumstances may pay is the maximum price as stated in the announcement of the War Industries Board under date of March 26 1918. Following conferences at Washington on May 22 between representatives of the copper producers and refiners and the War Industries Board, recommendations were made to President Wilson on May 23 by the Board that the maximum price of copper previously fixed by the Government at 2314 cts. a lb. at Eastern refineries be continued for 75 days beginning June 1. It had been confidently expected that an increase would be granted by the Government because of the claim that owing to the high cost of labor and material the trade was losing money on contracts at 23)4 cts. to June 1. Early in the month representatives of the refining com panies were reported to have said that an increase of 114 cts. a lb., making the new price 25 cts. a lb., would enable pro ducers to meet the increased cost of refining the metal. The Washington dispatches of May 22 stated that the repre sentatives of the copper industry had asked the Price Fixing Committee to fix the price at 30 cts. a lb. for the three months beginning June 1. The smaller producers were to have stated that many of them would probably have to dis continue business unless the price was fixed at the figure named. Official announcement of the continuance until Sept. 1 of the maximum base price for Grade A zinc at 12 cts. per lb. f. o. b. East St. Louis, was made on May 25, when it was made known that President Wilson had approved an agreement to this end between the producers and the Price Fixing Committee of the War Industries Board. The an nouncement also stated that the maximum base price of 14 cts. a lb. f. o. b. plant for plate zinc and 15 cts. a lb. f.o.b. plant for sheet zinc were likewise continued until Sept. 1. The prices were subject to the usual trade dis counts and differentials in effect Feb. 13. The February announcement had fixed zinc prices until June 1. The price at point of delivery was to be the East St. Louis price plus the freight from East St. Louis to point of delivery. New cement prices fixed by the Price Fixing Committee of the War Industries Board for the four months from May 1 to Sept. 1 were made known on May 12; the new prices represented increases ranging from 15 to 30 cts. over prices previously in force. Richard L. Humphrey, repre senting the cement producers on the War Industries Board, in outlining the new prices, stated that the prices fixed for Government purchases aggregated from 15 to 30 cts. a barrel below the costs to commercial consumers. Notice was also given of the adoption by the Price Fixing Committee at a meeting on May 11 of the following resolution: Whereas, The unknown quantities influencing the probable cost of cement during the four months ending Aug. 31 are so numerous as to make it diffi cult to fix a maximum price which will secure to the manufacturers what the Government considers a fair profit, it is understood and agreed that if at any time during said period for which maximum price has been fixed the manufacturers can submit convincing proof to the Price-Fixing Committee that the price agreed upon is unfair to them, the Committee will receive such evidence and readjust prices from date of said submission of evidence on what the Government, following its usual policy, conceives to be fair and just to the manufacturer. While the maximum price agreed upon is understood to be for the Government only, the manufacturers have assured the Government that the maximum price they are charging the general trade is the list submitted to the Government on April 22, with the excep RETROSPECT. tions noted on attached list. The Government serves notice upon the manufacturers, however, that if there is any disposition to advance this price to the general trade, the Government will enforce the established policy of the Government where it fixes a price for the Government and the public for the general public to pay the same price which the Govern ment pays. Under new aluminum prices approved by President Wilson on May 29 the maximum base price was fixed at 33 cts. a lb. f.o.b. U. S. producing plants in lots of 50 tons or more, of ingot of a grade of 98 to 99%. The price previously approved by the President in March to continue in force until June 1 was 32 cts. The new price was to remain in effect until Sept. 1. Differentials for sheet, rod and wire were increased by about 12^%; differentials for quantity and grade, and differentials for alloys remained as approved by the War Industries Board on March 3. The conditions were as formerly: First, the producers of aluminum will not reduce the wages now being paid; second, aluminum shall be sold to the United States Government, to the public in the United States, and to the Allied Governments at the same maximum base price; third, they will take the necessary measures, under the direction of the War Industries Board, for the distribution of aluminum to prevent it from falling into the hands of speculators who might increase the price to the public, and fourth, they will pledge them selves to exert every effort necessary to keep up the production of alumi num so as to insure an adequate supply so long as the war lasts. A schedule of prices for manganese ores produced in the United States was agreed to by the American Iron & Steel Institute and approved by the War Industries Board. The prices, which were higher than those prevailing in previous months, became effective at midnight May 28. Supplementing the order of the previous February, where by the Government took over control of the production, refining and distribution and use of crude and refined plat inum for the period of the war, it was made known on May 14 that all stocks of platinum, iridium and palladium, held by refiners, importers, manufacturing jewellers and dealers, inclusive of the supply coming into their possession up to June 30 had been commandeered by the War Industries Board. The commandeering order, effective May 1, pro vided for the purchase of platinum by the Government at $105 per Troy oz.; the price fixed for iridium was $175, while that for palladium was $135 per oz. The privilege of using 25 % of their present stocks if they signed a waiver of all claims for compensation from the Government, because of the requisition, was extended by the Board to manufac turing jewellers. In addition, jewellers were not compelled to make delivery of manufactured platinum now in their hands, provided they signed a similar waiver of Government compensation. In order that an idea might be had by the Board of the stocks of the three metals held in the country, all persons affected by the commandeering order, were required to forward within five days a sworn inventory of their stocks. Jewellers were required to submit, not later than June 30, an estimate of the amount of the metals in cluded in the manufactured articles upon which the labor had exceeded 20% of their value. Those affected by the order who failed to comply with its terms, were liable to the seizure by the Government of their entire stock of metal. Officials expressed the opinion that the prices set for Govern ment purchases of platinum, iridium and palladium allowed a sufficient margin of profit to those handling the metals, and also would tend to prevent speculation, such as had been indulged in before the order was issued, when platinum had been purchased by jewellers for sums as high as $150 an oz., in an effort to satisfy the demand for jewelry manu factured from the metal, in comparison to prices averaging $40 an oz. five years previously. The findings of the Railroad Wage Commission appointed in January by Director-General of Railroads William G. Mc Adoo to investigate the subject of railroad wages in the United States were made public on May 8. Increases in the ease of all railroad employees whose monthly pay in December 1915 had been less than $250 a month were recommended by the Commission. These increases, it was stated, would give to the workers $100,000,000 in back pay to Jan. 1 1918 and would add $288,013,718 to the pay-roll of 1917, an in crease of 15.021%. Flat increases of $20 a month were proposed for all employees except apprentices receiving $40 or less; all others up to $239 were to get advances ranging from 4.56% to 43%, the smallest increases going to those with the highest wages. Above $239, flat increases would be given to make the wage $250. It was pointed out that, apart from the increase now proposed, the roads had on their own account in 1916 and 1917 raised wages in an amount equivalent to approximately $350,000,000, if applied to the present number of their employees. A table in the report showed that the aggregate pay-roll under the proposed in creases would be $2,205,432,938, as against $1,917,419,220 on the basis of the wages in effect in December 1917, an increase of $288,013,718, and as against $1,611,567,384 on the basis of the wages in effect during the year ended June 30 1915, a total increase of $593,865,554. The report was signed by the entire Commission, which was made up of Franklin K. Lane, Secretary of the Interior; Charles C. McChord of the Inter-State Commerce Commission; J. Harry Covington, Chief Justice of the Supreme Court of the District of Columbia, and William R. Willcox, who had resigned in January as Chairman of the Republican National Committee. On May 26 Director-General McAdoo promulgated wage increases substantially as recommended by the Wage Com mission, but added some further increases of his own. It http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 27 was estimated that altogether the pay-roll of the railroads would be raised somewhere between $300,000,000 and $350,000,000 per annum. Following the increases in wages, increases in railroad freight rates and passenger fares were ordered by Mr. Mc Adoo on May 27. The increase in freight tariffs was 25%, while passenger fares were raised to 3 cents a mile from the old basis of about 2 cents. The new freight rates, covering both inter-State and intra-State traffic, became effective June 25, while the increases in passenger fares were made effective June 10. Commutation fares were not included in the general increase, but would, it was stated, be advanced 10%. The 25% advance in class rates was also made to apply on commodity rates generally, except those in which there was a heavy movement. The order wiped out all intra-State class rates where there were inter-State class rates published between the same points. The increases in fares were approved by the Inter-State Commerce Commis sion on May 27 without hearing, the Commission at the same time modifying all outstanding previous Commission orders which might interfere with the establishment of the new rates, It was calculated that the increases would yield between $800,000,000 and $900,000,000 additional revenue to the railroads within the ensuing twelve months. It was esti mated by Railroad Administration officials that the roads in 1918 would spend between $300,000,000 and $350,000,000 more for wages than in 1917, between $120,000,000 and $150,000,000 more for coal, and between $180,000,000 and $250,000,000 more for cars, locomotives, rails, ties, terminal facilities, barges for inland waterways, besides considerable extra amounts for other supplies and equipment. Earlier in the month Mr. McAdoo approved capital expenditures for the railroads under Government control of $937,961,318— $440,071,013 representing contemplated outlays for additions and betterments, such as station and other improvements, while $479,686,531 was for equipment (cars and locomotives already ordered through the Railroad Administration), and $18,203,774 for track extension. One of the most important developments growing out of the Federal operation of the railroads came May 21 with the announcement by Director-General McAdoo that he had decided to place in direct charge of each railway property a Federal Manager, who would as far as practicable be chosen from the operating officers of the particular property and who would be required to sever official relations with the carriers and become exclusive representatives of the Federal Railroad Administration; responsibility for the operation of the property, Mr. McAdoo announced, would be directly to the Regional Directors and not to the boards of directors. Announcement was made that the Federal Reserve Board had approved the recommendation to suspend or eliminate for the time being service charges for the collection of cash items, this elimination of charges to apply to checks received from member banks and from other Federal Reserve banks to become effective June 15, and had also sanctioned other im portant changes and modifications of the collection system. The first call upon members of the syndicate participating in the $100,000,000 credit to finance the Cuban sugar crop was made May 6, when they were asked to deposit 10% of the credit on May 9. The second installment, for $4,000,000, was called for payment May 17. The initial offering of $6,958,000 of acceptances drawn under the Cuban sugar credit was made on May 6 by the selling syndicate formed early in April, consisting of Bernhard, Scholle & Co.; Salo mon Bros. & Hutzler and F. S. Smithers & Co. All the bills were sold in the open market in less than two hours. The acceptances were sold on the basis of 4 3-16% discount for prime member banks in New York, Chicago, Philadelphia and Boston, with the rate a shade higher for the private banking houses and for the smaller out-of-town banks. On May 16 the second offering of acceptances drawn under the credit was disposed of in the open market. The offering, amounting to $2,800,000, was taken chiefly by local insti tutions. The War Finance Corporation was formally organized May 17. The members of the Corporation were to have been sworn in May 13 but the illness of Secretary of the Treasury McAdoo had prevented. The Corporation con sists of five directors, one of whom is the Secretary of the Treasury. Four men had been named by President Wilson on April 29 but one, Allen B. Forbes, had declined the nomination. In his place the President sent to the Senate on May 4 the name of Clifford M. Leonard of Illinois. The Senate approved Mr. Leonard’s nomination and that of Eugene Meyer, Jr., of New York, on May 7. The nomina tions of the other two directors, viz.: William P. G. Harding of Alabama, and Angus W. McLean of North Carolina, were confirmed by the Senate on May 4. The men whom Presi dent Wilson selected to constitute the Capital Issues Com mittee were confirmed by the Senate on May 10. They were Charles S. Hamlin of Massachusetts, of the Federal Reserve Board; John Skelton Williams of Virginia, Comp troller of the Currency; Frederick A. Delano of Illinois, of the Federal Reserve Board; James B. Brown of Kentucky, President of the National Bank of Commerce of Louisville; John S. Drum, a banker of California; Henry C. Flower, President of the Fidelity Trust Co. of Kansas City, Mo., and Frederick H. Goff, President of the Cleveland Trust Co. of Cleveland, Ohio. Under designation of the President, Mr. Hamlin was elected Chairman of the Capital Issues Committee. The Capital Issues Committee named by the 28 RETROSPECT. Federal Reserve Board the previous January to pass on the of the market as a whole) may be said to have culminated. issuance of securities consisted of Paul M. Warburg, Charles During this period the pace was fast and furious and the S. Hamlin and Frederick A. Delano, all members of the advances in prices spectacular. The industrial list enjoyed Federal Reserve Board, and at the same time the following the greatest advances, but the most helpful influences in were made members of an Advisory Committee to assist in the general bull movement came from the railroad field. investigating and passing on applications coming before the Here the developments were nearly all of an encouraging Committee: Allen B. Forbes, F. H. Goff and Henry C. nature. We have referred above to the approval by the Flower. Thus, of the six constituting the old Capital Issues Railroad Administration of capital expenditures on behalf Committee and its Advisory Committee, four were made of the railroads on a very large scale. In like manner the members of the newly created Committee, viz.: Messrs. advances in railroad rates, coming after the huge wage in Hamlin, Delano, Flower and Goff. Mr. Forbes, as indicated creases, were also viewed with favor. Railroad security above, was chosen as one of the Directors of the War Finance holders were in no position to gain any immediate advantages Corporation, but declined the nomination. Paul M. War from the higher freight and passenger schedules since the burg, member of the Federal Reserve Board and Chairman compensation to be paid by the Government for use of their of the old Capital Issues Committee of the Board, was not property was based entirely on past earnings, but the action nominated on the new committee, it was announced, because in raising rates was looked upon as an assurance that the Governor Harding’s appointment as Director of the War properties would not be in non-paying condition when they Finance Corporation would throw heavy duties on Mr. were eventually returned to their owners. It was because Warburg, who was Vice-Governor of the Board. of this change in the prospects of the rail carriers that the Subscriptions for the Third Liberty Loan closed on May 4, railroad shares yielded comparatively little in the general and the offering proved a great success, the minimum of downward plunge in Stock Exchange values which came 83,000,000,000 set by the Secretary of the Treasury being towards the close of the month. In the industrial list the not only attained but far surpassed. The success was the severe break the latter part of the month was a striking more noteworthy in view of the fact that bonds of the feature of the dealings. The occasion for it was the intelli Second Liberty Loan, bearing 4% interest, but convertible gence from Washington that new revenue legislation was into the new 4J4s, were during the whole of the campaign among the probabilities of the early future. The industrial selling at a heavy discount below par, bringing day by day shares manifested a weakening tendency even when the in the market only fractionally above 96. Yet subscrip advices from Washington indicated new revenue legislation tions were obtained aggregating 84,176,516,850 from about as hardly more than a suggestion. They responded with a 18,376,815, as against about 9,500,000 subscribers for the violent break on Monday, May 27, when the President Second Loan, and 4,500,000 for the First Loan. The suc appeared personally before Congress to urge such legislation. cess of the Third Loan in these circumstances had to be The President indicated unmistakably that the added revenue looked upon as a patriotic outburst in which the whole would be obtained by increasing still further the already population had joined, taking the bonds because the Govern high income and excess profits taxes. The course of prices ment needed the money in the prosecution of the war. of the more active industrial shares in the table below will Dealings iu the Third 4^s occurred on the Stock Exchange serve as illustrations of the extent of the antecedent rise as for the first time on May 10, and these confirmed previous well as the subsequent great break. Baldwin Locomotive indications in showing that the bonds would not sell at par, common, it will be seen, opening May 1 at 79%, touched inasmuch as the range of prices on the day’s transactions 101% May 16, but May 31 was down to 78%; Crucible Steel was 99.10@98.40. By the end of the month the bonds of America com., opening May 1 at 64, reached 74% May 16, were down to 96.80. Receipts from payments on Third but by May 28 had dropped to 60 and closed May 31 at 62%; Liberty Loan bonds were reported on May 18 as amounting U. S. Steel com., from 95% May 1 got up to 113%May 16, to 81,571,407,000, although only 5% of the total, or 8208,- and closed at 97% ex. div. May 31. Corn Products com., 000,000, was due. On May 28 a 20% installment on after moving up from 38% May 1 to 43% May 13, was account of the subscriptions fell due, and it was then reported back to 39% May 31. The downward movement was that aggregate payments had already reached 82,500,000,000. arrested on the closing day of the month, when, after further These payments were to a considerable extent met with weakness, a recovery ensued in the closing hour. The rail maturing Certificates of Indebtedness. Two issues of these road shares, as already stated, maintained a firm tone for 8500,000,000 each, put out in February, matured in throughout, and it was their strength that prevented the break in the industrial list from going any further. May, the first May 9, and the second May 28. A new issue of Treasury Certificates of Indebtedness was Stock Fluctuations. May 1. May 31. Range for Month. announced by Secretary of the Treasury McAdoo on May 13, but these were of the kind acceptable in payment of income Railroads— Price in doll ars per share Lowest Highest. Fe.. 83% *83 - 85 83 May and excess profits taxes. The certificates bore date May 15 Atch Top &&Santa 88 May 15 Ohio _ _ 51 54 % 51 May 57 May 20 and their maturity was June 25. They carried 4% interest Baltimore Canadian Pacific____ 137% zl44 137% May 150 May 16 and were in all respects identical with the certificates dated Chesapeake & Ohio__ 58% 55% May 60% May 15 Milw & St P._ 37% 44 37% May 48% May 21 April 15 1918, except as to the date of issue. The change Chicago Erie ____ 14% 15% 14% May 17% May 15 of date was with the view of relieving subscribers for certifi Great Northern pref.. 88% 89% 88 May 23 93% May 14 & Nashville. rlll% 114 *115% 117 112% May 117 May 20 cates of this character of the necessity of paying so much Louisville York Central. . 68 May 75% May 14 71% on account of accrued interest. More than 870,000,000 of New NYNH& Hartford.. 28 44 28 May 45% May 29 & Western__ 103 z*101% 103 103 May 108% May 14 the certificates dated April 15, it was stated, had been sold Norfolk Pacific____ *82% 84% 86 84 May 89 May 14 up to that date (May 13), making the total amount of Northern Pennsylvania___ ____ 43% 43% May 27 45 May 14 Reading. ___ 79^ 87% 78% May 1 90% May 16 certificates maturing June 25 1918 then out about 81,- Southern 8l|i Pacific____ 282% 81% May 1 87% May 14 430,000,000. Southern Railway___ 20% 23% 20% May 1 26 May 15 118% 2121 On May 7 a new credit of 875,000,000 was extended to Union Pacific________ 118 May 1 126% May 14 Industrials— Great Britain by the United States Treasury and on May 14 Allis Chalmers Mfg__ 28% 32% 28% May 1 37 May 24 Preferred.. ______ credits of 8200,000,000 to Great Britain, 8100,000,000 to z82 85 86% May 24 81% May 1 81M Amer Agricul Chem__ *81 ' 84 *83 88 83% May 2 88 May 21 France and 8100,000,000 to Italy were authorized, while on Amer Beet Sugar_____ 70% 70% May 31 75 May 13 72% May 15 an additional credit of 83,000,000 was granted to Amer Can _ _ _ _ 44'~ 43% 42% May 28 50% May 17 & Foundry. 77% 74% May 28 75% 81% May 16 Serbia. This made the total credits 85,766,850,000, appor Amer Car Hide & Lea pref. 13% 13 14% May 24 12% May 10 tioned as follows: Great Britain. 82,995,000,000; France, Amer Amer Locomotive __ 64 62% 62 May 28 71% May 16 Amer Smelt & Refg__ 77% >74% >73 84% May 16 May 28 81,665,000,000; Italy, 8650,000,000; Russia, 8325,000,000; Amer Foundries. *63 64 62% 61 May 28 68 May 22 Belgium. 8107,850,000; Cuba, 815,000,000; Serbia, Amer Steel Sugar Refg__ __ 104 104 May 1 116 2108% May 15 Amer Tel & Tel______ 96% 96 May 1 101% May 24 98% 89,000,000. Amer Wool of Mass__ *51% 53% *54% 56 52% May 3 60% May 24 J. P. Morgan & Co. the last week of May disposed of a Amer Writ Pap pref. _ *22% 24 *21% 25 22 25% May 15 May 13 Zinc Lead & 8m. 13% May 1 13% 15% 19% May 14 substantial amount of 90-day British Treasury bills on a Amer Copper___ 64% 62% 71% May 16 61% May 28 discount basis of 6%, and also made their customary offering Anaconda Baldwin Locomotive.. 82 78% May 31 101% May 16 79% 78% during the first week of the month. For a fortnight, how Beth Steel Class B com 77% May 28 .78% 94 May 16 Central Leather__ 65% 64% 72 63% May 28 May 16 ever, during May the firm withheld the Treasury bills from Chile Copper________ 16 17% May 16 15% 15% May 28 the market, none being disposed of during the weeks of Chino Copper________ 41% 40% 40 May 28 47% May 16 Colorado Fuel & Iron. _ 40 54% May 24 39% May 1 46% May 13 and 20. Continental Can______ *65 70 *66 72 67% May 10 75% May 17 Railroad Events and Stock Exchange Matters.—In the stock Crucible Steel________ 64 62% 60 May 28 74% May 16 Electric______ 142 146 142 May 1 153 May 16 market there was a noteworthy outburst of speculation with General General Motors______ 116% 119 114% May 1 128 May 16 a big rise in prices the first half of the month, but followed Goodrich (B F) _ ____ *43 44% *41% 44 42 44% May 13 May 28 104% States Steel __ >84 >84 May 28 109% May 14 by an equally pronounced drop the latter part of the month, Gulf Inspiration Cons Cop. 52 48% 47% May 28 56% May 16 in which—at least in the case of many of the industrial shares Inter Agric Corp___ *13 15 16% 14% May 7 17 May 31 Merc Marine _ 24 30% 30% May 18 23% May 1 •—the whole, or nearly the whole and in some cases more Inter Preferred __ . .. 86% 104% 85 May 1 105% May 21 than the whole, of the early gains were lost. The tone at International Nickel 28% >27% >27% May 31 31 May 13 39% the beginning of the month was at times positively buoyant, International Paper__ 35% 33% May 28 45% May 15 Steel _ SO 83% 80 May 1 91% May 16 the impetus to the upward movement being furnished by Lackawanna Maxwell Motors______ 25% 25% 25% May 31 28% May 17 the successful placing of the Third Liberty Loan in face of National Lead_______ 58 *56% 58 56 May 28 61% May 13 Pittsburgh Coal______ 52 *56% 58 56 May 28 61% May 13 some decided drawbacks. Sanguine views were also pro Pressed Steel Car____ 58% '*57 59 56% May 28 >62% May 16 moted by the excellent prospects for the.coming crops, the Railway Steel Springs. 55% 53% 52% May 28 58% May 16 Iron & Steel. 81 82 81 May 1 96 May 16 weather being almost ideal for the growing wheat. When Republic Studebaker Corp____ 37% >40% 35% May 3 >44 May 22 the upward movement was at its height, million-share days Texas Company _ _ 144 144% 142% May 28 159% May 16 124 S Industrial Alcohol. >118% >116% May 31 137 May 24 again became the fashion; excluding the two Saturdays U U S Rubber ________ 57% 55% 54 May 28 60% May 16 (May 11 and May 18), which were half-holidays as usual, U S Smelt, Ref & Min. *36% 38% *40% 41 44 38% May 2 May 16 95% 297% 95% May 1 113% May 16 the stock sales for the eight successive full days ending May U S Steel____________ 91 94% May 14 89% May 28 20 exceeded a million shares each day, and on one of the days Western Union Teleg. . *92% 94 * Bid and asked price; no sale. (Thursday May 16) reached about 1% million shares (1,> Quoted ex-dlvldend during the month and prior to this date. 747,600 shares), on which latter day the movement (speaking x Ex-dividend. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RETROSPECT. The Money Market.—In the money market the operations in connection with the Third Liberty Loan were carried through without undue strain. Rates for call loans repeated ly touched 6%, but were not permitted to go above that figure. The range for the month was 3@6, with the rate May 31 4%@5J4%- Time money was difficult to obtain with the bid rate at the close, and throughout practically the whole month 6% for all maturities from 30 days to 6 months. A few trades were put through for 30,60 and 90 day money, but these involved only trifling amounts. A feature of the month was the posting on the Stock Exchange of a separate rate for call loans made with all industrial securities as collateral. This was official recognition of what had previously grown into a fixed practice. It had long been the custom for brokers desiring call loans on exclusively industrial collateral to pay an extra of 1% above the renewal call money rate on “mixed” collateral of which industrial securi ties would form only a part. The rates for mercantile paper on May 31 were 5% @6% for choice double and prime single names and 6@6J4% for single names not so well known. Surplus reserves of the New York Clearing House institu tions were down to $37,199,580 May 4 but rose to $102,807,730 on May 11; from this there was a drop to $32,952,930 June 1. The loan item on May 4 stood at $4,500,972,000, was increased the next week to $4,598,721,000 and fell off to $4,505,528,000 by June 1. Government deposits in creased from $294,696,000 on May 4 to $524,874,000 on May 11, but were down again to $328,028,000 on June 1. Deposits fluctuated from week to week and on June 1 were $3,884,238,000, as against $3,970,622,000 May 4. Foreign Exchange, Silver, &c.—In foreign exchange the course of sterling was without feature, rates continuing pegged at practically unchanged figures. In the rates on the continental centres a further break in Italian exchange was the most conspicuous incident. In the early days of the month the Italian lire showed some slight improvement, the quotation May 4 for sight bills being 8.96 lire to the dollar; by May 28 the quotation was 9.16 lire to the dollar, while the price May 31 was 9.12 lire. At 9.16 lire the quotation was 121 points worse than at the time of the establishment by the Italian Government of the Foreign Exchange Institute for the stabilization of the lire. The weakness was explained as due to attempts of Italian bankers to press huge amounts of their bills upon the market at a time when there were few purchasers, Italy being heavily indebted to the United States on the ordinary trade opera tions. The exchanges on the neutral centres manifested a rising tendency, Swiss bankers’ sight from 4.26% francs to the dollar on May 1, advancing to 3.84 francs May 20, with the quotation May 31 4.07 @4.05. Spanish pesetas rose from 27.50c. for checks May 6 to 28.40c. May 29, with the close May 31 28.20. Rates on the Scandinavian centres also were fractionally higher, while guilders on Amsterdam rose from .47 ^c. for bankers’ sight bills May 1 to 50J^c. May20, with the price May 31 49 The strain upon New York exchange in Montreal was relieved by the receipt from Canada at this centre of some blocks of gold. Open market discounts at London did not vary from 3J4 lor 60-day bills and 3 9-16 for 90-day bills. Silver in London was 49J4d. per oz. on May 1 and 48 %d- on May 31. MONTH OF JUNE Current Events.—In this month all the war developments were favorable, and it became increasingly apparent that whatever new designs the Germans might have for the future, for the present their further forward movement had been arrested. They made no new gains whatever either in France or in Flanders, but on the contrary had to yield up some advanced points to both the British and the French and also to the Americans. No major operations were carried out by either side along the Western line during June, but there were numerous local undertakings by the French and not a few by the Americans, all of which re sulted disastrously for the enemy. In the Italian theatre of the war the Austrians began an attack along an extended front and obtained a fair measure of success at the start, especially along the Venetian plains where they succeeded in taking Capo Sile and in crossing the Piave River, but then torrential rains and floods overwhelmed them and carried away their bridges and pontoons, which gave the Italians their opportunity of which they were not slow to avail themselves, with the result that the Italians succeeded in retaking Capo Sile and driving the Austrians back across the.Piave River, besides pushing them back to their former positions everywhere else along their extended lines. In their early operations the Austrians claimed to have taken over 45,000 prisoners, a claim, however, which was not admitted by the Italians, while the latter unquestionably captured about 20,000 Austrians. Most important of all, American reinforcements kept steadily arriving in France and on July 1 Secretary of War Newton D. Baker was able to report to the President that since the entry of the United States into the war 1,019,115 American soldiers had sailed from the ports of this country for France. It appeared that out of this number 637,929 had sailed during April, May and June, showing tremendous speeding up in the later months. In a speech that was noteworthy for its open admission that force of arms alone could never end the war, which must ultimately be ended by diplomatic negotiation, Dr. Richard von Kuehlmann, the German Foreign Secretary, “roughly sketched” the peace aims of Germany, and declared Ger http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 29 many’s agreement with ex-Premier Asquith’s speech on May 16, in which the latter said the British Government “would not turn a deaf ear to peace proposals if not couched in ambiguous terms.” Dr. von Kuehlmann, however, de clared that Germany “would have to decline to make any prior concessions by stating her position in regard to Belgium in a way which would bind her without similarly binding Germany ’ s enemies. ’ ’ Dr. von Kuehlmann laid the principal blame for the war at the door of Russia, with France and England only less culpable. As to Germany, he denied that she sought world domination, and scouted the idea that “any responsible man in Germany, not even the Emperor or the members of the Imperial Government, “believed they could win the domination of Europe by starting this war.” “In view of the magnitude of the war,” he said, “and the number of Powers, including those from overseas, that are engaged, its end can hardly be expected through purely military deci sions alone, and without recourse to diplomatic negotiations.” But, he declared, “we hope our enemies will perceive, that in view of our resources, the idea of a victory for the Entente is a dream.” One of the preliminary conditions of peace, he declared, must be “a certain degree of mutual confidence in each other’s honesty and chivalry.” “For so long as every overture is regarded as a peace offensive, as a trap,” he said, it was impossible to see how an exchange of ideas leading to peace could be begun, and he expressed the hope that the Entente would “find a way to approach us with peace offers which will correspond with the situation and satisfy Ger many’s vital needs.” With military operations on a steadily expanding scale, it became apparent that the financial requirements of the United States were going to exceed all expectations. On June 6 Secretary McAdoo in a letter to Claude Kitchin, the Chairman of the House Ways and Means Committee, undertook to outline the new revenue legislation deemed necessary. Mr. McAdoo said that if the rate of increase in expenditure then prevailing should continue for six months the Treasury would actually have to disburse during the fiscal year ending June 30 1919 approximately $24,000,000,000. This estimate, he said, was based not merely upon appropriations, nor merely upon estimates made by other departments as to the probable expenditures, although they had been obtained and considered; it was based upon the actual experience of the Treasury during the fiscal year then closing, which had shown that actual expenditures, exclusive of transactions in the principal of the public debt, had increased at the average rate of $100,000,000 per month since March 1917. In March 1917 the expenditures had been in round figures $100,000,000. In May 1918 they had been $1,508,195,000. If there should be no further increase during the ensuing fiscal year the cash expenditures upon the May basis would be more than $18,000,000,000. If, as seemed inevitable, the increase in expenditures should continue at the rate of $100,000,000 per month for the next six months or until December 1918, and if thereafter the monthly expenditures should remain stationary until June 30 1919 the Treasury would have to finance expenditures aggregating $24,000,000,000 during the fiscal year ending June 30 1919; or, to put it another way, he said, if the average monthly expenditure should exceed that for the month of May 1918 by 33 1-3%, we shall expend $24,000,000,000 in the fiscal year 1919. In the fiscal year ending June 30 1918, the Secretary went on to say, the Government’s cash disbursements would amount to between $12,500,000,000 and $13,000,000,000, about one-third raised by taxes and two-thirds by loans, all represented by long-time obligations, that is bonds of the First, Second and Third Liberty Loans, and War Sav ings Certificates. The country could not wisely contem plate nearly doubling its cash disbursements in the fiscal year 1919, without providing additional revenue. “We cannot afford to rely upon $4,000,000,000 only from taxa tion, because we shall then have to rely on raising $20,000,000,000 by loans. This would be a surrender to the policy of high interest rates and inflation, with all the evil conse quences which would flow inevitably therefrom, and which would, I firmly believe, bring ultimate disaster to the coun try. We cannot afford to base our future financing upon the quicksands of inflation or unhealthy credit expansion. If we are to preserve the financial strength of the nation, we must do sound and safe things, no matter whether they hurt our pockets or involve sacrifices—sacrifices of a rela tively insignificant sort as compared with the sacrifices our soldiers and sailors are making to save the life of the nation. The sound thing to do is unquestionably to increase taxa tion, and the increases should be determined upon promptly and made effective at the earliest possible moment.” The Secretary doubted seriously if the Government could be financed with only $4,000,000,000 derived from taxation, because, with a tax bill no larger than this, sufficient econo mies would not be enforced upon the people of America, and without such economies he could see no way in which the great financial operations of the Government could be safely conducted. “On the basis of the present revenue laws, we should have to raise in the fiscal year 1919" $20,000,000,000 by the sale of Liberty Bonds or by loans of one sort or another. I believe that if we are to preserve the soundness and stability of our financial structure, we should raise by taxation not less than one-third of the estimated expenditures for the fiscal year 1919, or $8,000,000,000.” 30 RETROSPECT. The Secretary expressed the hope that it would not be necessary further to increase the interest rate on Govern ment bonds. There is a popular demand for high taxes upon war profits, he said. “There is also a popular demand that all the people should contribute to financing the war. There should, therefore, be a substantial increase in the normal income tax rate, and a higher tax should be levied upon so-called unearned than on earned income. Income derived from Liberty bonds would be exempt from this taxation, and the returns between income from Liberty bonds and income from other securities would be readjusted without increasing the rate of interest on Liberty bonds. It would not tax the patriotic purchasers of Liberty bonds on their holdings, but would weigh heavily upon the shirkers who have not bought them. It would make the return from Liberty bonds compare favorably with the return from other securities. It would give the Government’s bonds an essential and necessary advantage over those of cor porate borrowers and would very greatly decrease the rela tive advantage which State and municipal bonds now enjoy through the total exemption which they carry. It would produce a gradual readjustment of the situation in the in vestment markets instead of an abrupt one, as would be the case if the interest rate on Liberty bonds should be in creased.” Accordingly, the Secretary made the following suggestions as to new revenue legislation that should be enacted: 1. That one-third of the cash expenditures to be made during the fiscal year ending June 30 1919 be provided by taxation. According to my estimates, this would involve raising $8,000,000,000 through taxation. 2. That a real war profits tax at a high rate be levied upon all war profits. This tax should be superimposed upon the existing excess profits tax in such a way that the taxpayer should be required to pay whichever tax is the greater. The existing excess profits tax should be amended in certain important particulars so as to remove inequalities. 3. That there should be a substantial increase in the amount of normal income tax upon so-called unearned incomes. Under existing law, earned incomes above certain exemptions are taxed 4% as an income tax and 8% as an excess profits tax, making a total of 12%, while unearned incomes, derived from securities, &c. are taxed only 4%. The 8% tax should be recognized as an income tax. and the rate of 12% (4% normal and 8% excess profits) should be retained in respect to earned incomes, while a higher rate than 12% should be imporsed on unearned incomes. 4. That heavy taxation be imposed upon all luxuries. As a direct corollary to the foregoing, there came the an nouncement on June 16 of the proposed issuance by the Treasury Department of approximately 86,000,000,000 of Treasury Certificates of Indebtedness in the interval up to Nov. 1 in anticipation of the Fourth Liberty loan. This was made known in a letter forwarded by Mr. McAdoo to all banks and trust companies of the country, published on June 16. The forthcoming certificates, it was announced, would bear interest at the rate of 4%% and be issued every two weeks in blocks of 8750,000,000. The banks of the country were asked to assist in the financing by subscribing a sum equal to 2%% of their gross resources every two weeks, or 5% monthly—this comparing with 2% every two weeks, or 4% monthly, in the February program. In his letter to the banks the Secretary said that the certificates would be substantially similar in character to those issued prior to the Third Liberty Loan except that they would have various maturities not exceeding four months. The first issue of certificates would be dated June 25, would mature Oct. 24, with interest at 4%%, and similar issues, it was expected, would be made on Tuesday of every other week following June 25. It was, however, contemplated that at a convenient and favorable period during the sum mer, an offering would be made to the general public directly and through the banks of an amount yet to be determined, perhaps 82,000,000,000, of certificates of suitable maturi ties for use by taxpayers in paying next year’s taxes, viz.: taxes payable June 1919, levied under existing and pending legislation. The proviso was added that to the extent that certificates of that character were sold, substantially an equivalent reduction in the amount of the regular fort nightly sale of certificates issued in anticipation of the next Liberty Loan would be effected. The Secretary said that “in giving this timely advice of the estimated requirements of the Treasury to all the banks of the country and through them to those who expect to make payment of taxes in 1919, it is hoped that they will make arrangements promptly of such a character that no delay will be experienced in the sale and distribution of Treasury Certificates of both is sues.” The Federal Reserve banks would advise all na tional and State banks in their respective districts, of the amount of certificates which they were expected to take from time to time in pursuance of this program. In the sale of these and previous issues of Treasury certificates the process amounted to borrowing in advance from banks on prospective war loans or tax collections, and periodically refunding these short-term obligations in long-term Liberty Bonds. The advantage to the depositary banks consisted in the fact that they realized 2%% on the transaction, this being the difference between the 4%% interest paid by the Government and the 2% collected for deposits. On June 17, following the publication of Mr. McAdoo’s letter, the Treasury Department took occasion to deny reports of the likelihood of the next issue of Liberty bonds bearing in terest at 4%%. The statement said: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The inference drawn in certain morning papers that the bonds of the next Liberty Loan will bear interest at 4J^% is wholly without foundation. With the exception of one or two issues, all of the Treasury Certificates issued in anticipation of the Third Liberty Loan bore interest at 4 >£ % • The issue of crtificates in anticipation of the Fourth Loan bearing interest at 4%% foreshadows no change of interest in the rate borne by bonds of the Fourth Loan. Promptly on. June 18 the first offering of the new Treasury Certificates of Indebtedness in blocks of 8750,000,000 was announced, the certificates being dated June 25 and ma turing Oct. 24. Subscription books closed at the close of business July 2 1918. Payment at par and accrued interest for certificates allotted had to be made on and after June 25, and on or before July 2. Subscriptions reached8839,646,500. The next step came when the Fourth Liberty Bond bill, providing for 88,000,000,000 of bonds in addition to those already authorized, was reported to the House by Chairman Kitchin of the Ways and Means Committee on June 27. The attitude of Congress towards Government financing was disclosed when the next day (June 28) the bill passed the House without a dissenting vote and with practically no debate. It was pointed out that while authority to issue 88,000,000,000 additional bonds was sought, this did not mean that the next issue would be fixed at that amount; all indications were that it would be for 86,000,000,000, the amount of Treasury Certificates to be put out. The report accompanying the bill said: If this amount [$8,000,000,0001 is raised by taxation, it will leave $16,000,000,000 to be raised by the sale of bonds. The bill authorizes an issue of $8,000,000,000 of bonds, in addition to the bonds now authorized by law. There are $4,021,214,200 of bonds authorized and available to be issued during the fiscal year ending June 30 1919. It is estimated that this amount will be reduced $1,302,140 by the Postal Savings bonds already issued and to be issued. The Postal Savings bonds already issued and to be issued will reduce the amount of bonds available to be issued to $4,019,912,060, so that if this bill becomes a law in its present form the total amount of bonds to be issued will be $12,019,912,060. The enormous total of 85,435,096,224 in cash and contract authorizations was carried by the Fortifications Bill, passed by the House on June 24 after only five hours’ debate and without a record vote. The cash appropriations amounted to 82,811,630,379, and the contract authorizations aggre gated 82,623,465,845. In introducing the bill, Representa tive William P. Borland said the artillery program was based on the estimated requirements of three complete armies of 1,375,000 men each. The large allowance for heavy ord nance, he said, was in order that the American army might “be prepared to cross the Rhine in full force and full strength, commensurate with any obstacles which it might encoun ter.” Appropriations of 82,915,019,447 were also included in the Sundry Civil Bill, passed by the House without a dissenting vote on June 17, and by the Senate wdth slight changes on the 24th. Besides providing for the usual civil departments of the Government, the bill carried appro priations for the various special activities growing out of the war, such as the shipbuilding program, the Food and Fuel administrations, &c., and set aside a special fund of 850,000,000 to be used by the President for emergency pur poses. The Shipping Board alone received 81,761,701,000, most of which was for the construction of new ships, in cluding no less than 90 troopships, but wdth 887,000,000 for establishing shipyards, 860,000,000 for operating ships already built or acquired, and 86,250,000 for recruiting and training officers for the merchant marine. Authority to pay a higher price for wheat at primary and other markets than that of 82 20 a bushel fixed by President Wilson in his proclamation of Feb. 21 was granted to the Food Administration Grain Corporation, with the approval of the U. S. Food Administration, in an Executive Order issued by President Wilson and made public on June 23. To carry out the purposes of the order the Grain Corpora tion was authorized to increase its capital from 850,000,000 to 8150,000,000. It was reported the President had been moved to take this step primarily because of the increased freight rates then put into effect. Growers, it was pointed out, must bear this increase, and unless allowed an advance their profits would be materially reduced. The Food Administration announced on June 24 that flour millers would be allowed (effective July 1) a differential of 81 10 on the 1918 wheat crop. This would represent the difference between the original cost of the grain and the cost of manufacture and freight. Previously millers had been allowed a profit of 25 cents a barrel. The July option for corn at Chicago advanced from 81 30% June 3 to 81 48% on June 28, with the close June 29 fractionally lower; the August option ranged from 81 31% on June 3 to 81 51% on June 28, with the close 81 50%-%. July oats at Chicago from 64% cts. June 1 rose to 73% cts. June 19; the close June 29 was at 73-2% cts. The August option for oats advanced from 61 cts. June 3 to 69% cts. June 19 with the close June 29 68%-% cts. Middling upland spot cotton in this market dropped to 29 cts. June 1 from 29.55 May 31; on June 25, however, the price was up to 32.30 cts.; the close June 29 was 32.00 cts. Print cloths at Fall River continued at 14 cts. Under a new system of meat rationing which the United States Food Administration requested be adopted, hotels and restaurants, beginning June 17, were not to serve boiled beef at more than two meals weekly or beefsteak and roast beef at more than one meal weekly. In addition to its re RETROSPECT. 31 quest to the hotels and restaurants, the Food Administra tion asked householders not to buy more than one and a quarter pounds of clear beef per person weekly. The re quest was made in furtherance of the desire to meet the de mands of the United States and Allied armies and the civilian population of France, Great Britain and Italy. The in creased use of pork was advocated by the Food Administra tion in an announcement of June 12, which read as follows: premises was limited to 50%; soda fountains were limited to 50%, and manufacturers of preserved fruits for soda foun tains were also cut to 50%. Lack of shipping and a decrease in the amount of sugar from Cuba were given as the reasons for the new restrictions. The International Sugar Committee announced that, effective at the opening of business June 24 1918, the basic price upon which refining selling margin must be based would be 6.055c. per lb., delivered duty paid for 96 centri The demand for beef for our army, the armies of the Allies and their civil populations for this summer are beyond our present surplus. On fugal sugar, New York. Such basic price would be con the other hand, we have enough increased supply of pork this summer to tinued until further notice. This change of the basic price permit economical expansion in its use. It will therefore be a direct service was occasioned by the increased cost of war risk insurance to our armies and the Allies if our people will in some degree substitute of imported sugar. This meant that the refiner’s selling fresh pork, bacon, ham and sausage for beef products. price would be 7.50c per lb., less 2% usual terms. We request all hotels and restaurants not to place on their menus or Announcement was made on June 26 that an increase of serve boiled beef more than two meals weekly, beefsteak more than one 5c. per 100 lbs., on sugar at seaboard points had been put meal weekly, and roast beef more than one meal weekly. We ask house holders not under any circumstances to buy more than one and one-quarter into effect to cover the increased sea freights and insurance pounds of clear beef weekly, or one and one-half pounds, including the due to submarines, and the increase in rail rates from inland bone, per person in the household. refineries. The base price had been $7 45 per 100 lbs., at A proclamation of President Wilson made pnblic on June seaboard refining points. It was raised to S7 50 per 100 20 required the Federal licensing of all commercial stock lbs. The increase, it was said, had been found necessary yards in the country and all commission merchants and to meet added transportation costs and meant no increase dealers engaged in the business of live stock in connection in refiners’ margins. with such yards. The action was taken in accordance with Maximum prices of 8J^c. per lb., to prune growers the recommendation of the committee appointed to report and 5|^c. per lb., to raisin growers'were announced by the on the policy to be pursued with regard to the meat and Federal Food Administration on June 12. Prune growers packing industries. Regulatory powers under the procla were to receive not more than 8J^c. per lb., net, and growers mation were conferred upon the Secretary of Agriculture, of raisin grapes were given a maximum of 5J4c. per lb., who in turn delegated the authority to the Bureau of Mar “in the sweat box.” These prices, especially that on prunes, kets, of which Charles J. Brand was chief. were larger it was stated than they were expected to be, The June prices fixed for milk by the Federal Milk Com but conferences of growers both association and indepen mission for the Middle States differed slightly from those of dent men, had demonstrated that the general labor situation the previous month. In the case of grade B milk delivered increased costs, and probable prune shortage justified the by distributers to consumers the price per pint was reduced prices recommended. These prices would give a stimulative from 7^ cents to 7 cents; the price charged to stores for profit to growers, without permitting them to profiteer. grade B bottled milk was made 11cents per quart, instead Later conferences would determine the margins to be allowed of 12 cents; the price to be charged to consumers by stores for various handlers of the crops, after which retail prices could grade B bottled milk quarts 12 cents, against 12^2 cents be computed. This would result in stabilized prices to in May; the price to be charged to consumers by stores consumers. Future selling and speculation which had for grade B loose milk 9 cents per quart, against 10 cent caused high prices in the past, would thus be eliminated. in May. Prices otherwise were unchanged. In making known the maximum price determined on for Regulations designed to prevent speculation in butter canned sardines, the U. S. Food Administration issued the were announced by the Food Administration on June 20. following statement on June 6: The regulations were issued following conferences with After an examination of the costs of operation in the sardine canning representatives of the trade. Licensees dealing in cold industry, the Food Administration announces that prices higher than those storage butter were required to sell it at a price based on recommended by representatives of that industry in Maine for the 1918 the actual cost and not on what it would cost to replace it. pack will be considered unreasonable under the Food Control Act. These prices were recommended by a committee of the Maine sardine The dealer in figuring cost could not include anything except maximum which conferred with the Food Administration officials. the purchase price, transportation charges, if any, actual packers A maximum price of $6 50 per case was set on one-fourth keyless oil sar storage and insurance charges, interest during the storage dines, and $6 25 on one-fourth and three-fourths standard mustard sar period and the cost of printing if the butter was put into dines. The customary differentials for keys and cartons will prevail, and prints from tubs or cubes. Dealers were forbidden to add on fancy goods the prices will not provide more than a reasonable profit to the cost price more than lc a pound on carloads, lye on over cost. The committee which met yesterday was selected at a meeting of sardine lots between 7,000 lbs. and a carload, l%c. on sales of 700 to 7,000 lbs., and not more than 2%c. on sales less than packers called by Dr. Leon S. Merrill, at Bangor, Me., May 15. Announcement of part of the price program planned 700 lbs. If held in storage for not less than two calendar months they were permitted to add not more than lc. a with respect to cotton fabrics was made on June 21 by the lb. to their selling profit andj^e. a lb. additional might be War Industries Board, following a conference between the added for each calendar month thereafter, the total not to Price Fixing Committee of the Board and the War Service exceed 2c. a lb. in any case. These margins, it was stated, Committee of the National Council of American Cotton did not mean that the dealer could go to the limit. They Manufacturers. The following was the announcement were made to prevent speculation, and were wide enough made by the War Industries Board: to provide for cases where the. cost of doing business is high. The Price Fixing Committee of the War Industries Board was in con Even if a dealer kept within these limits and made an ference with the War Service Committee of the National Council of Ameri can Cotton Manufacturers. undue profit he was violating the Food Control Act. When The Price Fixing Committee recognizes the necessity for prompt stabili a manufacturer performed the services of a wholesaler or zation, and expects that it will soon fix prices, even in the absence of such jobber it was stated his transactions came under the rules cost data as would be desirable; and, accordingly, it announces that its governing men in those lines of business. Certain resales action in this instance is not in accordance with the usual procedure and were alloweo, but any that brought a profit to the dealer may not be expected to be the basis for future operations with this in without corresponding service would result in a revocation dustry. As a part of the price program which is planned to be operative within of his license and other penalties provided by the law. The Food Administration also made known special regu a few days the following stipulation was agreed to, supplementary to the previously agreed to: lations which had been adopted governing manufacturers, provisions All sales made after June 21 and before Oct. 1 will be on the basis of the dealers, brokers and commission merchants in cheese. The prices to be approved by the Price Fixing Committee to apply to sales Administration in its announcement said: made before Oct. 1, this regardless of the period during which delivery is Reasonable margins of profit are established for dealers, except retailers who cannot be controlled under the Pood Control Act, unjustifiable resales within the trade are prohibited and definite margins are established for cheese placed in storage. Commissions shall not exceed J-^c. per lb., in sales of American or Cheddar cheese, nor may the selling price be in creased because of the commission, which must be absorbed in the allowed margins of advance over cost. Only those who perform a necessary func tion in distributing cheese will be allowed to figure in any sales or purchases. Margins of advance over cost have been established only for the inter mediate merchants, not including manufacturers or retailers. On car-lot sales the advance may be %c. per lb.; less than car lot, but as much as 7,000 lbs., lMc.; less than 7,000 but as much as 500 lbs., l3^c. less than 500 pounds, 3c. On cheese stored for more than 30 days, a maximum of J's c. per lb., may be added each month that the cheese is in storage, the total in no case to exceed lc. per lb. New sugar restrictions, to go into effect July 1, were announced by the U. S. Food Administration on June 22. Besides reducing the supply to manufacturers, the Adminis tration asked the nation to go on a three-pound basis per person a month. Several commodities previously classed as essential foodstuffs in which sugar is used were placed in the non-essential class. Ice cream, the Food Adminis tration stated, would no longer be considered so essential as to justify free use of sugar in its manufacture, and manufac turers were hence to receive only 75% of the amount used the previous year. Ice cream made by confectioners on the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis to be made. Prices will later be fixed to apply to sales made during the period Oct. 1 to Dec. 31 1918, or for such other period as may appear desirable at the time. The War Service Committee submitted prices on a few staple cloths. The prices are materially lower than the present market prices. The Committee was instructed to submit on July 1 a schedule of prices on the complete list of staples, as well as prices on cotton yams, all on a parity with the prices suggested to-day. The previous agreement is as follows: On all bona fide sales made on or before June 8 1918, for delivery previous to Jan. 1 1919, prices to remain as shown in sales. On all sales made after June 8 1918, for delivery subsequent to Sept. 30 1918, the prices are to be subject to revision to accord with the prices agreed upon by the Price Fixing Committee of the War Industries Board in conference with the War Service Committee of the National Council of American Cotton Manufacturers. On all sales made for delivery after Jan. 1 1919, the prices made by the Price Fixing Committee in conference with the War Service Committee of the National Council of American Cotton Manufacturers are to be the prices, regardless of the fact that the sales may have been made previous to June 8 1918. It is understood that all prices for so-called spring (1919) business will be subject to such revision. The Conservation. Division of the War Industries Board sent out to the trade a tentative program covering the manu facture of men’s and youths’ clothing for the spring season of 1919. This program it was stated would be put into effect 32 RETROSPECT. and carried through by the Woolen Section of the War Industries Board unless some substantial reasons were ad vanced for its modification. No suggestions would be considered unless they tended to bring about a more effective method of meeting the present war conditions. The program was: Sack Coats.—It is proposed to eliminate inside patch or bellows pockets of cloth. Only one vent to be allowed in skirt of a coat, that to be in the centre. Length to be 30 inches, based on a size 36 regular J4-inch grade to size, 154 inches to be added for longs. Only 3 outside pockets to be permitted on any sack coat. Facings not to exceed 454 inches in width, finished at the breast. Waistcoats.—Facings not to exceed 154 inches in width, finished. The amount of woolen cloth used in the front of waistcoats to be reduced, increas ing the amount of lining fabric used. Trousers.—Side and back straps and flaps to be eliminated. Outlet on inseams of leg not to exceed 54 of an inch. No re-enforcement of trousers to be made with wool cloth. Light Weight Overcoats.—AU double-breasted coats to be eliminated. Ches terfield models only to be made. Such coats not to exceed 43 inches in length, based on a size 36 regular, 54-inch grade to size, 2 inches to be added for longs. Raincoats.—Maximum length to be 48 inches. Maximum width of collar to be 354 inches. Reference samples not to exceed 6 square inches of cloth. All double coats with detachable linings for civihan use to be eliminated. Not more than 10 models of sack suits to be put out. It should be noted that the recommendations for fall 1918 are to remain in force, the recommendations for spring 1919 being additional. The fall recommendations concerning sweeps of raincoats and overcoats to apply to above. All outstanding licenses for the importation of manufac tured rubber goods were revoked by the War Trade Board in a new ruling as to ocean shipment after June 25 1918. No licenses for the importation of manufactured rubber goods it was stated would be issued after that date. The ruling applied to all manufactured goods wherein rubber was the principal constituent. Articles containing inci dental small quantities of rubber to an extent of not more than 5 % of the total weight of the article were exempted from the effect of this restriction. It was announced June 28 that immediate reduction in the number of types and sizes of automobile tires from 287 to 32 had been determined upon by the automobile tire manufacturers, in accord with recommendations of the Conservation Division of the War Industries Board. Under the program announced, it was stated, that all but nine types and sizes were meant to be discontinued by Nov. 1 1920. In advices sent to shoe manufacturers throughout the United States new regulations with regard to the shoe in dustry devised with the view to the further conservation of leather and other materials, were announced by the War Industries Board. In the case of women’s shoes the maxi mum height, both leather and fabric, was not to exceed eight inches, while misses’ shoes were to be limited in height to inches. The colors of all shoes, both leather and fabric, were restricted to black, white and two colors of tan. Shoe manufacturers under the new recommendations were not to introduce, purchase or use any new style lasts for the next six months. Announcement came from the War Trade Board that imports from overseas of hides and leathers would be pro hibited beginning June 15. On June 7 the establishment of maximum prices on pickled sheep pelts by the War Industries Board was announced. The Price-Fixing Committee of the War Industries Board with the agreement of producers of black harness leathers, fixed maximum prices for all weights of goods going either to the Government or into civilian outlets, effective until Nov. 1 as follows: Grade A, or first selection 70c. per lb.; grade B, or second selection 68c. per lb.; grade C, or third selection 66c. per lb.; First selection, butt brands 68c.; second selection, butt brands 66c. It was agreed that, if there should be any change in the prices of hides authorized by the Price-Fixing Committee prior to Nov. 1, changes in harmony therewith would be made for black harness leathers or producers thereof would again be called in consultation on the subject. A statement announcing the fixing of maximum item prices for Northwestern fir logs and lumber, and for Southern pine lumber for a period of 90 days from June 15 was issued by the War Industries Board on June 22. The maximum price for fir logs in the Pacific Northwest delivered at points where it had been customary to make deliveries to the sawmill operators was $20 per thousand for No. 1 logs, $16 per thousand for No. 2 logs and $12 per thousand for No. 3 logs—scale as to the grade and contents to be deter mined according to the methods that had been customary in the various districts. The Price Fixing Committee also announced the approval by President Wilson of the maximum prices for and procedure for distribution of southern or yellow pine. The curtailment by the U. S. Fuel Administration of fuel to manufacturers of passenger automobiles for the year be ginning Aug. 1 to 25% of the quantity consumed in 1917-18 was announced on June 10. A voluntary curtailment of 30% in passenger-car production from March 1 to July 31 had been agreed on by the automobile manufacturers early in March, and it had been stated in May that the Government and the A Hies’ steel requirements would necessitate a 75% curtailment in the passenger automobile industry. Fuel Administrator Garfield now made it plain that even if steel were available for a larger production, he would be com http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis pelled to limit the fuel for the manufacture of pleasure automobiles in the season 1918-19 to not more than 25% of that consumed for this purpose in the season 1917-18. The announcement came on June 6 that under an agree ment entered into between the War Industries Board and the American Iron & Steel Institute, the Government would exercise complete control of the distribution of the country’s output of iron and steel. The agreement provided that the direct and indirect requirements of the Government and the Allies were to be given priority, the non-war industries being taken care of only in the event of any surplus existing after the priority orders were filled. The Iron & Steel Institute agreed that no pig iron or steel would be delivered except on a priority certificate issued by the War Industries Board, and then for no purposes other than those embraced in the preference list of the priorities division. The Gov ernment arranged to keep a check on the steel mills through reports to be forwarded each week, giving detailed infor mation as to all shipments made not covered by priority certificates. Even after the Government and Allied needs were cared for, the approval of Director Replogle would have to be obtained, it was stated, before any steel would be available for non-war industries. It was provided that a steel committee should make careful studies of the iron and steel requirements of the Government and the Allies and the capacity of iron and steel manufacturing plants. On June 21 it was announced that the schedule of iron and steel prices in effect would be continued until Sept. 30, except that an increase effective July 1 of 45 cents per gross ton in iron ore prices had been agreed on at the conference in Washington between the Price-Fixing Committee of the War Industries Board and representatives of American Iron & Steel Institute and ore producers. The prevailing price was $5 05 per gross ton, f. o. b. lower Lake ports, and the 45 cent increase was based on that figure. The only other exception to the price schedules for iron and steel agreed on for the three months ending Sept. 30 was that beginning July 1 the basing point for steel bars, shapes and plates was made Pittsburgh. A series of conferences of the manufacturers of furnaces with the. Conservation Division of the War Industries Board resulted in recommendations to the furnace industry of types and sizes that should be eliminated. These economies in manufacture were for the purpose of conserving labor, materials, capital, transportation, and manufacturing facili ties for war use. The program for manufacturers of furnaces was : 1. The immediate discontinuance of the manufacture of new patterns for the duration of the war. 2. Each manufacturer to limit his line to not more than three styles of heaters, for the duration of the war. (Either cast or steel radiators may be used for each style if desired. Each so-called “pipeless’ type to be included as one of the above three styles.) 3. Each manufacturer to limit his line to not more than five sizes for each style of heater. 4. The manufacturer of firepot size of a rating less than 19 inches to be discontinued. 5. Pokers, scrapers, shovels, draft regulators and chains to be furnished only as extras. Representatives of heavy hardware and supply jobbers also met with the Conservation Division to discuss the question of cutting out for the period of the war unneces sary sizes and varieties of articles carried by them. Tenta tive plans were made for reducing the varieties of re-enforcing bars, pulleys, crowbars, shafting, cast iron pipe, wrought iron pipe, davits, bolts and nuts and other materials carried by heavy hardware jobbers. The trade was requested by the Conservation Division to draw up a specific program indicating the varieties and sizes of the different articles through which production can advantageously be confined during the war. Modification of Fuel Administrator Garfield’s order restricting the use of fuel by manufacturers of sanitaryware made known by the Fuel Administration. Under the modified order permission to use fuel in excess of 50% of the previous year’s requirements might be had upon individual application. An accompanying order said that wood and peat, when not transported by railroad, might be used as fuel in the manufacture of all clay products and sanitary ware in excess of the quantity of fuel permitted by the order of April 13. Florists, also, were permitted the use of wood and peat under similar circumstances. Maximum prices for sulphuric and nitric acids were agreed on at a conference of manufacturers and the Price Fixing Committee of the War Industries Board and announced by the Board on June 27 following their approval by Presi dent Wilson. The prices took effect immediately and were to run to Sept. 30. One of the distinctive features of the month was the free dom with which new capital issues were brought out, some of them for very large amounts—with, of course, the ap proval of the Capital Issues Committee at Washington. This was an encourgawig sign, as indicating that notwith standing the enormous financial needs of the Government with the resulting demands upon the investment and money markets, the requirements of private concerns, where im perative, were not being overlooked. In the prospectuses offering the securities for public subscription there in variably appeared the sterotyped announcement, reading: “Passed by the Capital Issues Committee as not incom patible with the national interest, but without approval of legality, validity, worth, or securitv”—as required under RETROSPECT. the rules of the Capital Issues Committee. In rules and regulations promulgated by the Committee under date of June 4 1918, it was pointed out that there was no distinc tion between “public” issues and “private” issues. “When ever securities or shares of any kind are issued to obtain fresh capital, the transaction comes within the province of the Committee. It is not important whether the fresh capital is obtained from the public or from any portion of it—that is private individuals. The approval of the Com mittee is required regarding all issues sold, offered for sale or for subscription, in excess of 8100,000, regardless of whether the transaction is public or among individuals privately.” An enumeration of the larger of the new loan flotations will be found below under “Railroad Events and Stock Exchange Matters.” In calling attention to the fact that dealers in the United States were prohibited from purchasing Italian lire outside the United States, Fred I. Kent, Director of the Division of Foreign Exchange of the Federal Reserve Board, made the following announcement on June 12: Attention is called to the fact that, under regulations of Istituto Camhi, bankers and others in the United States who remit sterling, francs or other exchanges to Italian bankers for the purchase of lire may expect to have such remittances returned to them as Italian banks cannot accept them. Dealers in the United States are prohibited from purchasing lire outside of the United States or from remitting other exchanges to Italy for the purchase of lire without approval of the Division of Foreign Exchange of the Federal Reserve Board. At the beginning of June the Italian Bureau of Informa tion. of New York, announced the receipt of the following dispatch from Rome: Minister of the Treasury Nitti has announced that after June 1 no im ports will be permitted without special Government authorization, and no exportations will be allowed without the approval of the National Exchange Institute- The importation of goods will not be permitted unless it can be proved that they are absolutely necessary. It was stated that, according to Minister Nitti, the Italian Government was making an inventory of Italian banking obligations abroad. This was to be followed by the institu tion of a system to control exchange and make possible ar rangements with the Allied Governments to reduce exorbi tant exchange rates on Italy to just proportions. The National Exchange Institution was the official Government agency for the purpose of improving foreign exchange con ditions as affecting Italian interests. A third lot of acceptances drawn under the Cuban sugar credit was sold. The amount of the offering was $1,000,000, and they were placed at from 4J4 to 4H%In response to a resolution adopted by the U. S. Senate on May 13, the Secretary of the Treasury on June 12 stated that agreements had been made with certain neutral countries in Europe and with countries in South America and elsewhere involving financial considerations and tending to protect the value of the American dollar. Agreements involving like considerations were in process of negotiation in other countries, and in certain neutral countries steps had been taken to provide for payments required therein preliminary to the institution of negotiations. However, he was directed by the President to say that, in his judgment, it would be incompatible with the public interest to make a public record at the moment of the terms of such agreements already made or in process of negotiation, or of the other steps that had been taken or were in contemplation to protect the value of the American dollar, or of the amount of balances of neutral countries in the United States, because chiefly of the very great value such information would be to the enemy. In accordance with the recommendation made by the Federal Reserve Board that the service charge for the collec tion of cash items be suspended or eliminated for the time being, the Federal Reserve Bank of New York announced that, beginning June 15 and until further notice, it would receive from member banks for collection, without charge, all checks which can be handled at par. The Federal Reserve Bank of Boston, in making a similar announcement, stated that the service charge of 10 cents per item for the col lection of time and special items would be eliminated on June 15, but that a charge of 15 cents would be imposed for all time and special collections that are returned unpaid. The Federal Reserve Bank of New York also announced that it had arranged to make free telegraphic transfers of funds to banks in other districts at par, saying: Recognizing the value to member banks of having their funds on deposit with us immediately available in any other Federal Reserve District, we have arranged to make telegraphic transfers of funds to banks in other districts absolutely at par, no charge even being made for the cost of the telegram. In order that there may be no delay in making these telegraphic transfers and in transacting other business between Federal Reserve banks, private telegraph lines between all the Reserve banks and their branches as well as with the Federal Reserve Board in Washington will soon be in operation. On June 15 the United States extended to Great Britain a new credit of $175,000,000. To Greece a credit of $15,-. 790,000, the first under the new financial agreement be tween that country and the United States, was announced on June 21. Three new credits were extended to Belgium— $9,000,000 on June 15, $2,250,000 on June 26, and $9,000,000 on June 27—bringing the total credits to that country up to $131,800,000, and to all countries up to $5,981,590,000, apportioned as follows: Great Britain, $3,170,000,000; France, $1,665,000,000; Italy, $650,000,000; Russia, $325,000,000: Belgium, $131,800,000; Cuba, $15,000,000; Ser bia, $9,000,000; Greece, $15,790,000. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 33 Railroad Events and^Stock ExchangdBMatters.—On the Stock Exchange the course of values was’distinctly upward, particularly in the case of the shares of the industrial prop erties. The volume of business was not large. Though there were occasional days when there was some manifes tation of activity, the trading may be said to have been mainly professional in character. At the opening of the month there was some liquidation, though not very pro nounced, caused by the news that German submarines were making a raid on the Atlantic seaboard of the United States and had succeeded in sinking a number of ships. The mar ket, however, quickly displayed an improving tendency undeterred by any fears of the results of the German sub marine attacks. There were numerous favoring factors to help along the rise in values. The report of the Agricul tural Department at Washington on the condition of the growing crops was almost brilliant in its promise of a boun teous yield, especially in the case of wheat; and the weather throughout the month was of a character to sustain this bright promise, being in many sections almost ideal for the maturing wheat, though, on the other hand, in some of the remoter parts of the Southwest some apprehensions of damage to corn were created by advices of very high tem peratures and intense heat, prolonged in character. The country’s manufacturing energies were employed to the maximum of capacity on Government orders, and the large output was, of course, a favoring feature in the affairs of the industrial companies. Then, also, the war news from Europe was, on the whole, encouraging, as noted above. Altogether, the course of events was such as to produce a more cheerful tone on the Stock Exchange and this was reflected in an upward trend in values. There were re actions at different times during the month, but the net result was a substantial improvement in practically the whole of the industrial list, with actually sensational advances in the ease of a number of special stocks. As far as ihe railroad list was concerned, however, the net changes for the month were not important as a rule. New loan flotations, as stated above, were numerous. The largest was the $60,000,000 offering of Armour & Com pany, 6% serial convertible gold debentures. These deben tures matured in six equal annual installments of $10,000,000 from June 15 1919 to June 15 1924, inclusive. The series, due in 1919, was offered at 99.25 and interest yield ing about 6%%; the series due in 1920 at 97.75 and interest yielding about 7)4%; the series due in 1921 at 96.75, also yielding about 7)4%; the series due in 1922 at 95.75, like wise yielding 7)4%, and the series due respectively in 1923 and 1924 at 95 and 94Yz, yielding about 7)4%. The entire proceeds of the issue were to be devoted to the reduction of current liabilities. A notable feature about this offering was that it was made by a syndicate of Chicago (not New York) bankers. The syndicate consisted of the Continental & Commercial Trust & Savings Bank, the First Trust & Savings Bank, the Merchants Loan & Trust Co., the Illi nois Trust & Savings Bank and Halsey, Stuart & Co. The offering proved a great success, and subscription books were closed almost immediately, the issue having been oversubscribed. Among other important issues of the month were $10,500,000 Louisv. Gas & Elec. 1st and ref. mtge. 5-yr. 7% gold bonds offered at 98 and int., making the yield about 7)4%; $12,250,000 7% 3-yr. Puget Sound Tract. Light & Pow. notes offered at 98 and yielding about 724%; $3,000,000 Mid-Co Petroleum Co. 1st mtge. 7% serial gold bonds maturing $300,000 quarterly from Nov. 15 1918 to Feb. 15 1921, offered at prices to net 8% for the shortest maturities and up to 824% for the longest maturi ties. The War Finance Corporation came to the assistance of the Brooklyn Rapid Transit Co. and made provision for taking care of that company’s $57,735,000 6-yr. 5% secured gold notes maturing July 1 1918. The War Fiance Corporation agreed to advance not to exceed $17,320,500, or 30% of the face value of the maturing notes for three years at 7% interest, provided holders of the maturing notes should exchange at least 70% of their holdings for new 3-vr. 7% notes. In pursuance of this agreement the company arranged to create a new issue limited to $57,753,000 of 3-yr. 7% secured gold notes. The War Finance Corporation also authorized a direct loan of $3,235,000 to the United Railways Co. of St. Louis. Some large munici pal issues were also brought out during the month, chief among these being $5,500,000 City of Philadelphia 4)4% bonds offered at a price to yield nearly 4.30% by the syn dicate which proved the successful bidder. The city itself obtained 102.177 for the bonds, a basis of 4.371%. This was the first issue of 4)4% bonds made by the City of Philadelphia since 1876. Some large issues of important steam roads were likewise brought out. The Capital Is sues Committee, however, was not authorized to pass upon securities issued by any railroad corporation, the property of which was in the possession and control of the President of the United States. Balt. & Ohio made a sale to Kuhn, Loeb & Co. and Speyer & Co. of $10,500,000 3-yr. 6% discount notes secured by com. and pref. stock of the Read ing Co., the proceeds to be used to pay off the $7,500,000 1-yr. notes falling due July 1 and $3,000,000 bank loans. This financing was approved by the Director of Finance of the U. S. Railroad Admini stration. Union Pacific RR. sold to Kuhn, Loeb & Co. .syndicate managers, an issue of $20,000,000 10-year 6% secured gold bonds which were offered for public subscription at 98 and interest, to yield over 6)4%« 34 Slock Fluctuations. RETROSPECT. June 1. June 29. Range for Month. Railroads— Prices in doll ars per share. Lowest. Atch Top & Santa Fe. . *84 85 83 X June 10 84 X Baltimore & Ohio.__ 53 X June 1 54 X 54 X Canadian Pacific____ 143 X June 1 143 X 147X Chesapeake & Ohio__ z55X June 7 >56 X 57 X Chic Milw & St Paul.. 42 June 28 42 X 43 X Erie________ ._ __ 15 X June 25 15X 15X Great Northern, pref_. 89 June 3 *90X 91 89 X Louisville & Nashville. *115 117 *U5X U6X 115 June 3 New York Central___ 71X June 7 *72 X 72 X 71X NYNH & Hartford.. 38 37X June 28 43 X Norfolk & Western___ *103X 104X 102 X June 7 103 X Northern Pacific____ 86 86 June 1 87 X Pennsylvania RR____ 43 X 43 X June 27 43X Reading Company___ 86X June 1 86 X 92 X Southern Pacific._____ 82X June 11 83 X 83 X Southern Railway___ 23 June 1 24X 23 X Union Pacific________ 122 121 120 June 7 Industrials— 32 June 1 Allis-Chalmers Mfg— 33 *33X 33X Preferred__________ *82 84 June 18 85 *82 X 85 Amer Agric Chemical. *83 88 *87 92 87 X June 11 68 American Beet Sugar. . 64 June 10 70 X American Can________ 42 X June 1 45 X 42 X Amer Car & Foundry. _ 75 X June 1 >84 X 75X Am Hide & Leath, pref 13 June 1 13 18X American Locomotive. >68 62 June 1 62 X Amer Smelt & Refining 73 X June 7 80 X 74 X Amer Steel Foundries. 63 June 1 63 *66 X 67 X Amer Sugar Refining. _ *107X 109 *111 113X 108 June 3 >95 June 25 Amer Teleg & Telep.. 98 X >95 X Amer Woolen of Mass. 54 X June 7 54 X >57 X Amer Writ Paper, pref *20 *22 24 22 June 7 25 Am Zinc, Lead & Sm_. 15X June 6 20X 15X 68 Anaconda Copper----61X June 1 61X Baldwin Locomotive.. 81 93 80X June 1 Beth Steel Class B com 77X June 1 >85 X 77X Central Leather.. 71 63 X June 1 63 X Chile Copper.. .. .. *15X 16 15X June 11 16X Chino Copper_______ 36 X June 10 >40 X 40 X Colorado Fuel & Iron. . *48 49X 45X June 1 45X *68 Continental Can______ *66 X 72 71 70 June 4 Crucible Steel. ______ 61 60X June 7 68 X General Electric__ __ June 7 146 >*147X149X zl42 117 June 1 General Motors ... 117 154X Goodrich (BF)---------- *42 X 43 42 X June 3 45 X *84 86 84 June 13 Gulf States Steel______ *86 86 Inspiration Cons Cop. 47 X June 1 47X 54 X Internat Agric Corp__ *16X 18 16X June 1 16X 28 Internat Merc Marine. 27X June 6 29 X a Preferred----------- .. 100 X June 6 102 X 29 International Nickel.. 27 X June 11 27X International Paper__ 33X June 25 35X 35X >84 83 June 1 Lackawanna Steel___ 83 X Maxwell Motors______ *25 26 26 June 4 *27X 28X National Lead_______ *56 58 56 X June 24 59 X 48 53 Pittsburgh Coal___ __ 48 June 1 Pressed Steel Car_____ *56 X 59 59 X June 6 67 X 53 Railway Steel Spring. _ 53 June 1 57 X 91 Republic Iron & Steel. 81X June 1 SIX 40 Studebaker Corp_____ 39X June 1 46 X Texas Company______ 143 June 1 >153X 143 X 117 U S Industrial Alcohol. 117 June 1 124 X 55 U S Rubber__________ 54X June 1 58 X 45 U S Smelt, Ref & Min. 40 X June 1 40X 97 108 U S Steel____________ 96X June 1 Western Union Teleg.. 89 X June 3 89 X >90 X * Bid and asked prices; no sale. j Quoted ex-dividend during the month and prior to this date. x Ex-dividend. a Opening sales at 104X to 103 X- Highest. 85 X June 56 June 149 X June 59 June 45 June 16X June 90 X June 116X June 73 X June 45X June 104X June 87 X June 44 June 95 June 84X June 24X June 123 X June 17 17 14 5 3 6 20 27 5 3 25 29 13 27 17 6 17 35 X 86X 91 70X 47X 87 20X >69 X 80X 67 X 114X 100X 59 23 X 20 X 68 X 96 X 87X 72 X 16X 42X 50 X 72 70 X 149X 157 45 X 86 55 19 31X 109X 29X 40X 87 X 28X 59 X 54 69 X 58X 93 X 47 X 156 125X 60 45 110X 91X 24 27 20 1 24 26 26 27 29 27 20 4 27 3 29 29 24 27 27 24 4 17 5 28 21 26 11 4 29 26 1 1 27 20 13 15 28 24 21 26 27 27 27 21 28 28 27 18 June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June The Money Market.—In the money market, notwithstand ing the tremendous tax collections by the Federal Govern ment, call loans tended lower and it became possible also towards the end of the month to obtain limited time accom modation. This was because tax collections were skilfully handled so as to avoid disturbance to the money market, the proceeds of the collections being left in large measure with the banks themselves. Government deposits with the New York Clearing House institutions, after having been reduced from $524,874,000 May 11 to $272,147,000 June 8, were increased again to $506,930,000 June 29. The change in the form of the deposits—from mercantile to Government —had the effect of improving the reserve position of the in stitutions, since against such Government deposits the banks are not required to hold any cash reserves. Surplus reserves increased from $32,952,930 June 1 to $69,596,530 June 15, fell to $47,145,130 June 22, and then rose to $171,971,680 June 29. The loan item on June 1 was $4,505,528,000, but on June 29 had been reduced to $4,393,554,000. Deposits, which on June 1 aggregated $3,884,238,000, on June 29 were $3,858,213,000. The range for call money during the month was 3 @6%, the quotation on June 28 being 3J/£@4%. Time money on June 28 was 5^ @6% for 60 to 90 days and 6% for four, five and six months maturities. Commercial paper was quoted at 5% @6% for choice double and prime single names and 6% for single names not so well known. Foreign Exchange, Silver, &c.—Rates for sterling bills were again wholly without feature, the deviations from day to day being insignificant and there being, in fact, scarcely any changes at all even of the minutest fractions. In the rates on Continental centres the Italian lire early in the month continued weak, but this was followed by improvement with the inauguration of a new plan by the Italian Government for the stabilization of Italian exchange in co-operation with the United States. On June 14 the Federal Reserve Bank of New York began to quote a “fixed” price for lire of 8.95 (to the dollar); the quotation at the close was 8.86. On the neutral exchanges there was a renewal of strength early in the month; this applied to Swiss francs, to Dutch guilders and also to rates on most of the Scandinavian centres. At the very close, however, there was a downward reaction. A feature of the month was resumption of imports of gold from Canada. These were different, however, from the $4,000,000 importation from Montreal in May, which was made with a view to relieving the strain upon New York exchange in Montreal. The June movement was from Ottawa, and represented a transfer to the United States of gold which had been standing to the credit of the Federal Reserve banks abroad for nearly a year. For some reason it was considered best to have this gold in the actual possession http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis of our Reserve banks, and accordingly the stock of gold held for account of the Bank of England at Ottawa was drawn upon for the purpose and the gold shipped to New York. The Federal Reserve banks reported $52,500,000 gold with foreign agencies in their statement for May 31, the same as for a year past; the statement for June 28 showed the amount as only $16,275,000. Open market discounts in London were reduced on June 14 from 3J^ for 60-day and 3 9-16 for 90-day bills to 3 15-32 for the former and 3^ for the latter; the old rates, however, were restored during the next week and continued to the close. Silver in London was without change, the price throughout the month being 48%d. MONTH OF JULY Current Events.—The progress made in and for the war, with steadily brightening visions as to the outcome, was the characteristic beyond everything else that distinguished the month of July. This progress consisted not alone of the crushing by the Allies and Associates of a new and powerful thrust by the German armies, but in favorable develop ments elsewhere. Important legislation was carried to en actment by Congress, such as the Fourth Liberty Bond Bill, providing for $8,000,000,000 of Liberty bonds in addition to those previously authorized, and the signing by the Pres ident of the $12,000,000,000 Army Appropriation Bill. The success attending the carrying out of the country’s ship building program was attested by the noteworthy number of ship launchings on July 4. The records showed, too, that Germany’s submarine warfare was becoming steadily less destructive, though the month’s events comprised the torpedoing of two transports of unusual size—the White Star liner Justicia, of 32,120 tons, and the Cunard Line steamship Carpathia of 13,603 tons. Then the U. S. Food Administrator Herbert C. Hoover, in a speech in London on July 23 was able to make the gratifying announcement that he could say “emphatically that all anxiety as to the great essentials of food is now past.” Germany’s new offensive resulted in defeat for her. The fighting extended over a wide area, in a salient bounded by Soissons, the Ourcq River, Chateau Thierry, the Marne River and then running to Rheims. In the early stages of the movement the Germans, proceeding under great momentum, succeeded in crossing the Marne at a number of points, but they were soon driven back again, largely as the result of the energetic action of the American forces. Then they lost Chateau Thierry, then were driven across the Ourcq River, and steadily and re lentlessly the sides of the salient were pressed in, leaving the Germans no alternative but to retreat, which they managed to do in good order, though not without being obliged to destroy large stores of supplies to prevent their falling into the hands of the enemy. The Berlin War Office at the end of the month claimed to have taken 24,000 prisoners since the launching of their ill-starred movement on July 15, but the captures of the French and British forces far exceeded that number (being reported at 33,400), and the losses of the Germans in killed and wounded, according to all accounts, were appalling. Besides this, the Allies recov ered territory along a front of 40 to 50 miles to a depth of over five miles. The President did his part in indicating at once the spirit, as well as the determination, with which the war was being carried on and in making it plain that the United States would not desist in its purpose until the object sought in entering the conflict had been attained. In enunciating anew the ends for which the associated peoples of the world were fighting, and which must be conceded them before there could be peace, Mr. Wilson at a Fourth of July celebration declared that “there can be. but one issue. The settlement must be final. There can be no compromise. No half-way decision would be tolerable. No half-way decision is con ceivable.” Stating in a single sentence the objects sought, the President said: “What we seek is the reign of law, based upon the consent of the governed and sustained by the or ganized opinion of mankind.” The President’s address was delivered at the Tomb of George Washington at Mt. Vernon, where foreign-born citizens of the United States, representing more than thirty nationalities, had gathered to place wreaths on the tomb in expression of their loyalty to the principles laid down by the Father of his Country. “It is significant,” said the President in his address, “that Washington and his associates, like the Barons at Runnymede, spoke and acted, not for a class, but for the people. It has been left for us to see to it that it shall be understood that they spoke and acted not for a single people only, but for all mankind.” The presence of Secretary of State Lansing, Attorney-General Gregory and Postmaster-General Burleson with the foreign diplomats contributed in giving the Mt. Vernon celebration an international significance. Mr. Wilson urged that Wash ington and his associates were thinking not of themselves and of the material interests which centred in the little groups of landholders and merchants and men of affairs with whom they were accustomed to act, in Virginia and the colonies to the north and south of her, but of a people which wished.to be done with classes and special interests and the authority of men whom they had not themselves chosen to rule over them. “They entertained no private purpose, desired no peculiar privilege. They were consciously planning that men of every class should be free and America a place to which men out of every nation might resort who wished to share with them the rights and privileges of free men. And we take our cue from them—do we not? We intend what they intended. RETROSPECT. We here in America believe our participation in this present war to be only the fruitage of what they planted. Our ease differs from theirs only in this, that it is our inestimable privi lege to concert with men out of every nation to make not only the liberties of America secure but the liberties of every other people as well. We are happy in the thought that we are per mitted to do what they would have done had they been in our place. There must now be settled, once for all, what was settled for America in the great age upon whose inspiration we draw to-day. This is surely a fitting place from which calmly to look out upon our task, that we may fortify our spirits for its accomplishment. An this is the appropriate place from which to avow, alike to the friends who look on and to the friends with whom we have the happiness to be associated in action, the faith and purpose with which we act.” The President then added, “This, then, is our con ception of the great struggle in which we are engaged. The plot is written plain upon every scene and every act of the supreme tragedy. On the one hand stand the peoples of the world—not only the peoples actually engaged, but many others, also, who suffer under mastery but cannot act; peoples of many races and in every part of the world—the people of stricken Russia still, among the rest, though they are for the moment unorganized and helpless. Opposed to them, masters of many armies, stand an isolated, friendless group of Governments, who speak no common purpose, but only selfish ambitions of their own, by which none can profit but themselves, and whose peoples are fuel in their hands; Governments which fear their peoples, and yet are for the time sovereign lords, making every choice for them and dis posing of their lives and fortunes as they will, as well as of the lives and fortunes of every people who fall under their power—Governments clothed with the strange trappings and the primitive authority of an age that is altogether alien and hostile to our own. The Past and the Present are in deadly grapple, and the peoples of the world are being done to death between them. There can be but one issue. The settlement must be final. There can be no compromise. No half-way decision would be tolerable. No half-way de cision is conceivable.” The President indicated the following as the ends for which the associated peoples of the world were fighting and which must be conceded them before there could be peace: I. The destruction of every arbitrary power anywhere that can separately , secretly, and of its single choice disturb the peace of the world; or, if it cannot be presently destroyed, at the least its reduction to virtual impotence. II. The settlement of every question, whether of territory, of sovereignty, of economic arrangement, or of political relationship, upon the basis of the free acceptance of that settlement by the people immediately concerned, and not upon the basis of the material interest or advantage of any other nation or people which may desire a different settlement for the sake of its own exterior influence or mastery. III. The consent of ail nations to be governed in their conduct toward each other by the same principles of honor and of respecc for the common law of civilized society that govern the individual citizens of all modem States in their relations with one another; to the end that ail promises and covenants may be sacredly observed, no private plots or conspiracies hatched, no selfish injuries wrought with impunity, and a mutual trust established up >n the handsome foundation of a mutual respect for right. IV. The establishment of an organization of peace whic 1 shall make it certain that the combined power of free nations will check every invasion of right and serve to make peace and justice the more secure by affording a definite tribunal of opinion to which all murt submit and by wnich every international readjustment that cannot be amicably agreed upon by the peoples directly concerned shall be sanctioned. These great objects can be put into a single sentence. What we seek is the reign of law, based upon the consent of the governed and sustained by the organized opinion of mankind. These great ends, the President declared, cannot be achieved by debating and “seeking to reconcile and accom modate what statesmen may wish with their projects for balances of power and of national opportunity. They can be realized only by the determination of what the thinking peoples of the world desire, with their longing hope for jus tice and for social freedom and opportunity.” He con cluded with these words: “I can fancy that the air of this place carries the accents of such principles with a peculiar kindness. Here were started forces which the great nation against which they were primarily directed at first regarded as a revolt against its rightful authority, but which it has long since seen to have been a step in the liberation of its own people as well as of the people of the United States; and I stand here now to speak—speak proudly and with confident hope—of the spread of this revolt, this liber ation, to the great stage of the world itself. The blinded rulers of Prussia have roused forces they knew little of—forces which, once roused, can never be crushed to earth again; for they have at their heart an inspiration and a purpose which are deathless and of the very stuff of triumph.” The Fourth of July celebrations, too, evidenced the spirit in which the war was being carried on, and also the solidarity of the nations engaged in it, as against German aggression and the high resolve animating all of them. Noteworthy demon strations, not only on this side of the Atlantic but in Great Britain, France and Italy, made the 1918 celebration of American Independence Day memorable. In response to a request addressed by United States citizens of foreign ex traction, announcing their intention to manifest on July 4 by special celebration our “loyalty to this country and to the cause for which we fight,” President Wilson had asked that native Americans unite with the foreign-born of the United States in making Independence Day in 1918 “the most sig nificant in our national history.” In this city an all-day http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 35 parade, participated in by native Americans and Americans of foreign origin, representing 42 nationalities, was the prin cipal event which marked the July 4 celebration. Besides over 100,000 marchers, some in the picturesque costumes of the countries from which they sprang, numerous floats served to make the parade gorgeous and an inspiring spec tacle. Abroad, wide-spread recognition of and gratitude for the tremendous efforts put forth by the United States in the world war against Prussian militarism were indicated by the spontaneous action in many countries in joining in the cele bration of our national Independence Day on July 4. On the other hand, the United States joined with France in celebrat ing the French national holiday, July 14—the anniversary of the fall of the Bastile. A resolution calling on the people of this country to fittingly celebrate the day was adopted by the U. S. Senate, and an Executive order for the French flag to be flown from all public buildings and vessels was issued by President Wilson. The celebration in New York was brought to a close with a monster meeting at Madison Square Garden on the night of Sunday, July 14, at which some of the speakers were Secretary of the Navy Daniels, the Earl of Reading and Count Macchi diCellere, Ambassa dors respectively of Great Britain and of Italy, and Ambassa dor Jusserand of France. General Pershing had issued an or der decreeing the French holiday as a day of celebration for the American Expeditionary Forces. A discussion of peace, based upon President Wilson’s July 4 speech, was addressed by the Austro-Hungarian Minister, Baron Burian, to the Austrian and Hungarian Premiers on the eve of the Reichrat’s meeting on July 16. The statement that President Wilson’s “four new points of July 4 shall not, apart from certain exaggerations, arouse our opposition,” was made by the Austro-Hungarian Foreign Minister, who added that “on the contrary we are able to approve them heartily to a great extent.” “Nobody,” he said, “would refuse homage to this genius and nobody would refuse his co operation.” Foreign Minister Burian set out, however, that “the enemy’s obstinacy regarding his territorial demands regarding Alsace-Lorraine, Trieste, the Trentino and the German colonies appears to be insurmountable. There lies the limit of our readiness for peace. We are prepared to discuss everything except our own territory.” Dispatches from Vienna on July 25 reported that Baron von Hussarek, former Minister of Education, had been ap pointed to the Austrian Premiership in succession to Dr. von Seydler, whose Cabinet had resigned. In accepting the resignation of the Seydler Cabinet, Emperor Charles said he took such action because the Premier had pointed out that he could no longer command a majority in the lower House. The Emperor added, however, that the difficulties were entirely personal as between the Premier and a political party which had not assumed an attitude of opposition to the State, but, on the contrary, would support another Govern ment pursuing the same general policy. A denial that Germany intended to retain Belgium was made by Count von Hertling, the German Imperial Chan cellor, during his speech before the Main Committee of the Reichstag on July 11. Associated Press dispatches from Copenhagen, July 13 quoted him as follows: The present possession of Belgium only means that we have a pawn for future negotiations. We have no intention to keep Belgium in any form whatever. What we precisely want as expressed by us on Feb. 24 is that, after the war, restored Belgium shall, as a self-dependent State, not be sub ject to anybody as a vassal and shall live with us in good, friendly rela tions. I have held this point of view from the beginning in regard to Bel gium, and I still hold it to-day. This side of my policy is fully in conform ity with the general lines, the direction of which I yesterday clearly laid before you. We are waging the war as a war of defense, as we have done from the very beginning, and every imperialistic tendency and every ten dency to world-domination has been remote. Dr. Richard von Kuehlmann, the German Foreign Secre tary, retired. Announcement that the German Emperor had accepted the resignation of Dr. von Kuehlmann was made in Copenhagen and Paris cablegrams of July 9, which further said that Admiral von Hintze, the German Minister at Chris tiania and formerly Minister to Mexico, would succeed him. Admiral von Hintze was said to have made a binding declara tion to Count von Hertling, the German Chancellor, that he was willing in every way to follow the Chancellor’s policy. One of the features of Dr. von Kuehlmann’s speech the pre vious month was his statement that “in view of the magni tude of the war, and the number of Powers, including those from overseas that are engaged, its end can hardly be expec ted through purely military decisions alone and without re course to diplomatic negotiations.” Following this speech of Dr. von Kuehlmann in the Reichstag on June 25, a London cablegram on June 27 announced that, according to an Am sterdam dispatch to the Central News, the German Emperor had sent the Imperial Chancellor, Count von Hertling, “a furious telegram” about Dr. von Kuehlmann’s speech. Field Marshal von Eichhorn, the German commander in Ukraine, and Capt. von Dressier, his adjutant, were assassin ated at Kiev on July 30. The assassin was a young Russian, 23 years old, who said after his arrest that he had been sent from Moscow for the purpose by a Communist committee. The deed was generally attributed to the Social Revolution aries of the Left, the same faction that engineered the killing, earlier in the month, of Count von Mirbach, the German Ambassador to Russia, and was taken as evidence of the deep-seated resentment on the part of the Russian people against the domination of their country by the Germans. 36 RETROSPECT. On July 6 Dr. Karl Helfferieh was appointed by the Ger man Government as Ambassador to Russia in place of Gen. Count von Mirbach. Up to July 19 more than 200 Social Revolutionaries of the Left had been shot by the Bolsheviki for participation in the assassination of Ambassador von Mir bach and in the counter revolution, according to a dispatch from Berlin. Among those shot, it was added, was Alexan dra vitch, Vice-President of the committee which had directed the plot against the German Ambassador. An additional 100 persons were under arrest. Count von Mirbach was assassinated during the course of a counter-revolution in Moscow directed against the Bolshevik regime by forces opposed to the German domination of Russia. Berlin dispatches received at Amsterdam on July 20 re ported that Premier Lenine, in a speech at Moscow before the Government conference of factory committees, referring to the Brest-Litovsk treaty, said that according to its terms Russia must pay Germany 6,000,000,000rubles ($3,000,000,000 at pre-war parity of exchange). The attempt of the Social Revolutionists of the Left to entangle Russia in a war with Germany by the murder of the German Ambassador was no way to evade the treaty. The way out must be found by the joint exertions of the proletariat and the poor peasants. New wheat prices became effective July 1 to offset in creased freight rates on the railroads, in accordance with an announcement of the U. S. Food Administration, dated June 30. Under the new price schedule announced, No. 1 North ern spring and other wheat of the same grade, which, before the increase in freight rates, brought $2 28 a bushel at New York, was raised to $2 39)4 at that terminal. The price at Chicago was increased from $2 20 to $2 26. On July 12 the President vetoed the Agricultural Appropriation Bill because it contained a provision fixing a minimum gauranteed price for wheat to the farmer of $2 40 per bushel for the 1918 -crop. On July 13 the House of Representatives failed to pass the bill over the veto. A rider fixing the price at $2 50 a bushel was carried in the bill as it passed the Senate on March 21. The House, which had previously passed the bill, rejected the amendment on April 1. A deadlock then prevailed, with the Senate holding out for $2 50 wheat and the House refusing to yield. The deadlock was broken on July 6, when the House by a vote of 150 to 106 agreed to a minimum guaranteed price of $2 40 a bushel. The Senate on the same day indicated its acceptance of this figure. The Presidential veto spoiled the arrangement. August corn in Chicago was up to $1 65 on July 16, but dropped to.$l 47)4 July 23,closing on July 31 at $1 53)4-4; the range of the Sept, option was from $1 64)4 on July 16 to $1 49 on July 22, with the close on July 31 at $1 54)4-5. August oats ranged between 6754c. July 1 and 73He. July 16, with the close July 31 68)4c. The Sept, option rose from 66)4c. July 1 to 72)4c. on July 16, but the close July 31 was at68)4c. Middling upland cotton at New York fluctuated widely. On July 1 the price was 31.90c. July 3 30.70c, July 18 34.10c. and July 21 28.55c., with the close July 31 29.10c. Print cloths at Fall River remained at 14c. The approval by President Wilson of prices for cotton goods, representing a reduction from quoted market prices of from 20 to 30% was announced by the War Industries Board on July 8. The prices, which had been agreed on by the cotton manufacturers and the Price Fixing Committee of the Board applied to all primary civilian purchases as well as to the Government and those associated with us in the war. The following was the Board’s announcement: At a meeting of the Price Fixing Committee of the War Industries Board with the cotton manufacturers maximum net prices at mill were agreed upon and approved by the President for the following basic products: 36 inches 48 by 48 3-yard sheeting, 60 cents per pound. 36 inches 56 by 60 4-yard sheeting, 70 cents per pound. 38Vi inches 65 by 60 5.35-yard print cloth, 83 cents per pound. 38)4 inches 80 by 80 4-yard print cloth, 84 cents per pound. Standard wide and sail duck, 3714 % and 5% from list. Standard army duck, 33% from list. These prices represent a reduction from quoted market prices of about 20% to 30%, and apply to all primary civilian purchases as well as to the Government and those Governments associated with us in tne war. These prices are to remain in effect until Oct. 1 of this year, before which date the industry will meet with the Price Fixing Committee for the purpose of agreeing upon prices for a further period of 90 days. Future agreements will be premised on figures to be collected and analyzed by the Federal Trade Commission designed both to show basis of profit and equity of parities. Present prices were necessarily based upon inadequate informa tion, but, in the emergency nature of the case and the advisability of a gradual adjustment, are considered fair and equitable by both the manu facturers and the Price Fixing Committee. Prices named are to cover primary sales made since June 8 for delivery after Oct. 1, and all primary sales made since June 21 regardless of the delivery dates. The President, in approving these prices, has expressed his appreciation of the spirit with which the cotton manufacturers have met the Govern ment’s efforts to stabilize an industry which so directly reaches into the life of every citizen. The President calls upon and expects all manufac turers of ready-to-wear goods, as well as all dealers in cotton fabrics, to so regulate their profits as to insure to the consumer the full benefit of this large reduction in price. On July 25 differentials to be allowed on cotton fabrics figured on six basic prices agreed upon for the period between July 1 and Oct. 1 were announced by the War Industries Board. The differentials were generally lower than prevail ing market prices and were as follows: Drills, from 69.29c. to 57.48c. a lb.; uniform cloth 60.90c. a lb.; fourleaf twills, 63.81c. to 56.84c. a lb.; sheetings, 21 %c. to 11 Xc. a yd.; enamel ing duck from 64c. to 61c. a lb.; flat and twisted filling duck, from 59c. to 54c. a lb.; three-leaf wide drills from 64.59c. to 60.41c. a lb., and four leaf wide twills 62.94c. a lb. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The meat rationing requests made by the U. S. Food Ad ministration to hotels and restaurants for adoption June 17, were twice modified. Under the original request hotels and restaurants were asked not to place on their menus or serve boiled beef more than two meals weekly, beefsteak more than one meal weekly, and roast beef more than one meal weekly. Householders were at the same time asked not to buy more than one and one-quarter pounds of clear beef weekly or one and one-half pounds, including the bone, per person in the household. The first modification which became effective June 29, continuing in force untl July 14, permitted the use at any meal of cuts of beef already aged to the extent that they could not be held until a later period by being frozen; the still later modification which became operative July 15 permitted the serving of beef by public eating places during one meal of not more than four consecutive hours on every day of the week. Slightly larger margins on small sales of cold storage butter and American cheese to take care of the small wholesale dealer were provided in changes announced by the Food Adminis tration on July 15, as follows: According to the amended rules on cold-storage butter the maximum margin that may be taken on car lots is 1 cent a pound; on sales of 7,000 pounds or more, 114 cents; on quantities between 3,500 and 7,000 pounds, 2 cents a pound; 700 to 3,500 pounds, 2)4 cents a pound; 100 to 700 pounds, 3 cents a pound; and on sales less than 100 pounds, 3X cents a pound if conditions justify it. Similar changes have been made in the cheese margins. As the rules now stand a dealer may, if conditions warrant, add the following margins over his cost: Three-fourths of a cent a pount on car lot sales, IX cents on sales of 7,000 pounds up to a carload, IX cents on 4,000 to 7,000 pound sales, 214 cents on sales of 1,000 to 4,000 pounds, 3 cents on sales between 100 and 1.000 pounds, and 314 cents on sales less than 100 pounds. These are the maximum margins that may be added. They are made wide to provide for exceptional cases where the cost of doing business is high. A dealer cannot charge the limit given here if by doing so he makes an excessive profit. Under date of July 19 the Food Administration made public special regulations governing manufacturers, dealers, brokers and commission merchants in butter, which provided, among other things: No. xx. Rule 1. Butter to be sold at reasonable advance over cost. Costs for the purpose of this rule shall include: 1. Purchase price. 2. Transportation charges, if any. 3. Storage charges actually incurred on cold-storage butter. 4. Insurance charges actually incurred on coldstorage butter. 5. Interest on money invested at the current rate while butter is in cold storage. 6. Actual cost of printing if the butter is put in print form from tubs or cubes. Cost shall not include any allowances for shrinkage in weight, commissions, or other expenses than those herein listed. Maximum margins: The Food Administration will consider the sale of any grade of butter by any dealer other than a manufacturer or retailer at an advance over cost, as hereinbefore defined, of more than the following margins as prima facie evidence of a violation of the Food Control Act and the above rule: (а) 1 cent per pound on car-lot sales. (б) 1)4 cents per pound on sales less than a carlot, but amounting to 7,000 pounds or more. (c) 2 cents per pound on sales of less than 7,000 pounds, but amounting to 3,500 pounds or more. (d) 2)4 cents per pound on sales of less than 3,500 pounds, but amount ing to 700 pounds or more. (e) 3 cents per pound on sales of less than 700 pounds, but amounting to 100 pounds or more. (/) 3X cents per pound on sales of less than 100 pounds. In addition to the selling margin, which normally should be considerably below the above maximum margins, and must in no case exceed such maximum margins, any dealer who carries butter in cold storage more than two full calendar months may add a margin of not more than 1 cent per pound, and an additional one-fourth cent per pound for each calendar month thereafter, during which he carries the butter in storage. The total amount for carrying butter in cold storage so added shall not exceed 2 cents per pound. The above maximum margins are not to be regarded as fair normal mar gins or as so recognized by the Food Administration. They are intended only to prevent speculation and are purposely made wide enough to cover cases where the methods of doing business are more expensive, to the extent that such methods are justified. These maximum advances must not be exceeded in selling any lot of butter and the prices charged by any dealer must not in any case be more than sufficient to return to him a reasonable profit on his investment. Some changes were made in the July milk prices by the Federal Milk Commission for the Middle States in the schedule announced on June 25. Under this schedule the Dairymen’s League and the Milk Distributers Association were to receive not less than $2 25 per hundred pounds for 3% milk in the 150 mile zone. The minimum price fixed in the same area in June was $1 80 per hundred pounds. Retailers were authorized to add 1 cent more a quart or a pint to June prices for grade A bottled milk, and whole salers were permitted to ask )4 cent additional for loose milk. Additional increases for the months of August and Sep tember were authorized in the prices for those months fixed by the Federal Milk Commission and announced July 22. The price of grade A bottled milk delivered to consumers continued at 16 cents per quart and 9 cents per pint for the succeeding two months; grade B bottled milk, delivered to consumers was fixed at 14 and 8 cents, respectively, for quarts and pints, against 13 and 7 cents in July. The price charged to stores for grade B bottled milk was 12)4 cents for August and 13 cents for September, with 7 cents as the' price for pint bottles in both months, instead of 11)4 cents per quart and 6)4 cents a pint in July. Grade B milk, bottled, sold by stores, was made 13 cents per quart in August and 14 cents in September, with pint bottles at 8 cents during the two months, against 12 and 7 cents in RETROSPECT. July. The price of loose milk (grade B) sold to stores was 9J4 cents a quart for August and 10 x /± cents for Sep tember, as compared with 8 cents a quart in July; loose milk (grade B) sold by stores was 10 cents a quart for August and 11 cents for September, as compared with 9 cents a quart for July. Advices to brewers that they would not be able to count on a supply of coal beyond that needed to use up the ma terials in the process of manufacture, including malt al ready manufactured, were issued by the Federal Fuel Admin istration on July 10. The reasons were “the present coal, transportation and other shortages.” An order curtailing the consumption of fuel by brewers to 50% of the average annual amount of fuel consumed at such brewery during the period from Jan. 1 1915 to Dec. 31 1917 was issued by the Fuel Administration on July 3. The regulations affected the brewing of alcoholic or non-alcoholic cereal beverages, including beer, ale, porter, and beer substitutes for a period of twelve months from July 1 1918 to June 30 1919. General regulations under which the stockyards of the country would operate were signed by President Wilson on July 27. They provided against extortionate or excessive charges for yardage and commission; required stockyards to maintain adequate facilities for handling livestock offered by stockmen, including labor, food and water; and prohibit unfair dealing, combination, or deceptive practices in buying and selling livestock. The circulating of misleading market information tending to affect prices were also covered by the regulations. Stockyards, commission men, traders, order buyers and others handling stock in, or in connection with stockyards were required to secure licenses, in accordance with the President’s proclamation on June 18, and to operate under the rules and regulations then issued. New maximum prices for hides, representing a reduction of from 7 to 8% from the prevailing market prices and to continue in effect during August, September and October, were announced by the War Industries Board on July 23. They were as follows: Packer hides: Heavy native steers No. 1—30c. a lb. Heavy butt branded steers No. 1—28c. a lb. Heavy Texas steers No. 1—28c. a lb. Heavy Colorado steers—-27c. a lb. Light native cows No. 1—24c. a lb. Country hides (for best sections): Extremes 25 to 45 lbs.—22c. a lb.: Buffs 45 to 60 lbs.—21c. a lb. All country hides are to be bought and sold on a selected basis. River Platte frigorifico hides: Maximum price on steers—$53 Argentine gold: maximum price on cows—$40 Argentine gold (f. o. b.) shipped, includ ing export duty and lighterage, but not including salting charges.) Notice that dark and medium brown or tan were to be the standard colors for upper leathers which shoe manufacturers were to cut after Oct. 1 was given to tanners by the War Industries Board on July 26. The Woolens Section of the War Industries Board on July 19 sent to makers of men’s and youths’ clothing a letter informing them that the tentative program of June 22 covering the manufacture of men’s and youths’ clothing and eliminating certain styles was in effect for the spring of 1919, and that it applied to garments made of all fabrics. Accom panying the announcement were recommendations for the saving of cloth through the reduction in size of salesmen’s samples. The price-fixing committee of the War Industries Board, on July 25 1918, established a maximum price of 14 cents f. o. b. Manila for 1 current hemp. It was stated that as the Government consumed nearly all Manila rope manufac tured in this country the Government would pay a price for rope based on the maximum price fixed for hemp, and the War Trade Board would restrict export licenses to foreign countries to hemp purchased at maximum fixed prices. This practically insured the hemp grower it was asserted 14 cents basis for his hemp, although the price named was only the maximum price. New maximum prices for New England spruce lumber were announced by the War Industries Board on July 26, following a request for a readjustment of prices by manufacturers. The prices agreed on, which were for the period from July 19 1918 to Nov. 1 1918, represented, it was said, an increase of about $4 per 1,000 feet. The prices of various sizes of 20-foot length and under ranged from $48 to $60 per 1,000 feet. The War Industries Board, in announcing the new prices, also made known the procedure for distribution of New England spruce lumber. A recommendation that restrictions be placed on reading matter in daily and Sunday editions of newspapers was made to the War Industries Board on July 20 by the Committee on Conservation of Newsprint Paper. A retail price of two cents or more for daily newspapers and the elimination of all waste, including refusal to pay for unsold copies, was also proposed and adopted. Restrictive regulations were also applied to the weekly papers. Federal regulations governing the manufac ture of writing and cover papers were issued, to become effec tive Aug. 1. These fixed a maximum basis of weight for different grades of paper; provided, that all grades of paper manufactured be reduced to as few as possible, and not more than five grades each of flat writings, bond or ledger papers be manufactured in any one mill, that colors be reduced, exclusive of white, in any one grade as follows: Bond papers to six, flat writings to six, ledgers to buff, envelope papers to six, cover papers to seven, wedding and note papers to five, and contained numerous other requirements. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 57 The taking over by the Government of the control of the production and distribution of sulphur materials was made known by the War Industries Board on July 9. This was made necessary by the increased demand from the Govern ment for sulphur in the manufacture of explosives and for other purposes and by the increasing burdens on the rail and water systems in the transportation of materials. An increase was allowed in the price of copper. Following a meeting of the Price Fixing Committee of the War In dustries Board on July 2 to reconsider the price of the metal, it was announced that the price had been fixed at 26 cents a pound, an advance of 2J^ cents over the previous price. The new price went into effect July 2, and was to continue until August 15. That comparatively little iron and steel would be left to distribute to those industries engaged in non-war work and to consumers for application to non-war uses, was pointed out in a circular issued by the Priorities Division of the War Industries Board to producers, manufacturers, dealers and consumers of steel and its products. The Division through Edwin B. Parker, Commissioner, warned that “every possible use of iron and steei or their products which can be deferred must be deferred until after the war.” It was pointed out that the current and constantly increasing steel requirements of the United States and its allies for direct and indirect war needs, 100% of which must under any and all circumstances be promptly supplied, were so enormous as to well-nigh ab sorb the country’s constantly expanding producing capacity. Manufacturers of farm wagons and trucks were called on by the Conservation Division of the War Industries Board to reduce greatly the varieties of their product for the purpose of conserving material, especially through the elimination of the avoidable use of steel and iron and for the purpose of re ducing the amount of capital tied up in manufacturers’ and dealers’ stocks. On account of the shortage in the supply of sheet steel and in order to meet increased needs of the Government for cer tain other materials, the War Service Committee of the re frigerator manufacturers of the United States, in conference with representatives of the War Industries Board, worked out a program of conservation and substitution of materials. The plan eliminated various sizes and styles of refrigerators for the purpose of saving not only materials, but labor and capital as well. Among the conclusions reached between manufacturers of metal beds and representatives of the War Industries Board on July 5 with a view to conserving metal, it was decided that the manufacture of brass beds should be discontinued during the war, as the brass was needed to meet war requirements. It was also decided that not a bed should be manufactured during the war to replace one that could be made to last until after the war, and that the civilian population must realize that it must get along with the beds and furniture it had, drawing upon supplies which had been discarded or stored in attics. Control of the turbine engine industry was assumed by the Government on July 23. It was stated that twenty-one manufacturers of turbines were affected by the order, which did not apply to turbines under 700 horsepower. Manufac turers agreed not to fill orders for turbines in excess of 700 horsepower for either civilian or Government purposes, ex cept for ships for the navy and the Emergency Fleet Cor poration, without a permit from the War Industries Board. Permits for filling of private or non-war orders would be granted only by the Board when necessity was shown. The only exceptions to Government control of turbines rated above 700 horsepower were for propelling equipment for the navy and the Emergency Fleet,and did not include land types. The renewal of the “lightless night” order, with a view to enforcing the conservation of coal, was announced by the United States Fuel Administration on July 19, the re instituted order going into effect July 24. Under the order the use of light generated or produced by the use or con sumption of coal oil, gas or any other fuel for illuminating or displaying advertisements, announcements or signs, or for the external illumination of any buildings on Monday, Tuesday, Wednesday and Thursday nights in New England and the States of New York, Pennsylvania, New Jersey, Delaware, Maryland and the District of Columbia was entirely prohibited and on Mondays and Tuesdays in all the other States of the country. The order excepted bona fide roof gardens and outdoor moving picture theatres. The original Federal “lightless night” order had been in effect from Dec. 16 1917 until April 25 1918; it prohibited all out door lights, except those necessary for the public safety, on Thursday and Sunday nights; that order replaced the coal conservation order effective Nov. 9 1917 which had limited the illuminaiion of advertising signs to the period between 7:45 and 11 o’clock p.m. Supplementing the Federal order of Dec. 1917 the New York State Fuel Administration issued an order which continued in effect from Jan. 2 to Feb. 25, directing that every night, except Saturday, be kept as dark as safety would permit, from sundown to sunrise in every city, town and hamlet in the State. In announcing the suspension of the Federal order in April, U. S. Fuel Adminis trator Garfield had intimated that the order would remain suspended until Sept. 1, but a warning had more recently been issued to the effect that the unnecessary use of electricity might bring about the restoration of the “lightless night” order. fe @ 03 38 RETROSPECT. Under a coal rationing system proposed with a view to prevent hoarding, the U. S. Fuel Administration announced that each consumer would be allowed only so much as would heat his house to 68 degrees. In its announcement the Fuel Administration said that “there will not be enough house hold coal available this winter if last year’s waste con tinues, or if unequal local distribution is not prevented.” The rationing plan involved a censorship of every order received by dealers, the actual inspection of all doubtful cases and a checking up of householders’ statements, and an effective refusal to furnish any householder more coal than is shown to be necessary. Recommendations for the stabilizing of prices paid for crude oil and for the maintenance and uninterrupted flow of oil in existing channels were adopted at a meeting of the National Petroleum War Service Committee on July 13. They affected the Appalachian Division, the Mid-Continent Division and the Gulf Coast and Northern Louisiana Division and were to remain in force until Nov. 1. The National Petroleum War Service Committee was advised by the United States Fuel Administration on July 21 that it would not object to an advance of one-half cent a gallon in the wholesale tank wagon market price of gasoline, naphtha and refined oil throughout the entire United States effective July 22. The reason for this advance was the increase in railroad rates throughout the United States. The announcement provided that in no instance was the increase in the wholesale prices of these products to cause an advance in the price to the consumer of more than one-half cent per gallon and the belief was expressed that in many cases the retail margin of profit was ample to permit of the absorption by the retailers of this increase in cost of one-half cent per gallon without any advance in price to the consumer. The Council of National Defense and Advisory Commission announced it as their belief that Christmas giving, which involved the purchase of- gifts, should be discouraged as relieving to that extent the heavy burden placed upon labor, transportation and other resources of the nation, and also as being in harmony with the previous announcement of the Council and Advisory Commission urging thrift and economy upon the country. The pronouncement however was opposed. It was pointed out that if the order to abandon Christmas gift-giving of merchandise should be generally observed, it would tie up millions of dollars already invested in Christmas merchandise. From 60 to 90% of holiday merchandise had already been made up and was either in the hands of the producer, the wholesaler or the retailer. Inability to liquidate this merchandise would throw a heavy burden on the retailer and the banks. On the other hand, the distribution of such merchandise would enable business men to invest more liberally in Liberty bonds. The order was greatly modified in subsequent events. The Fourth Liberty Bond Bill was passed by tne Senate on July 5 without amendment or roll call. As in the House (which had passed the bill June 29 without a dissenting vote), the debate on the bill in the Senate was comparatively brief. The bill, which was recommended by the Treasury Department in anticipation of the Fourth Liberty Loan in October, increased fron). 812,000,000,000 to 820,000,000,000 the total of bonds authorized under the several Liberty Bond Acts. Of the 812,000,000,000 previously authorized there remained unissued 84,021,214,200. The bill, which became a law July 9, also raised from 85,500,000,000 to 87,000,000,000 the amount of loans which might be made to the Allies in addition to the 83,000,000,000 authorized under the First Liberty Loan Act. During the brief debate on the bill in the Senate on July 5, discussion was had of Section 3, which pro vides that bonds and certificates of indebtedness of the United States, when purchased by a non-resident alien, or foreign corporation, partnership, association or co-partnership not doing business in the United States shall be exempt from taxation either by the Federal Government or by any State or municipal division of any State. In answer to a ques tion as to whether this exemption applied to bonds already sold, Senator Simmons answered in the affirmative, saying it was retroactive. Senator Simmons pointed out that the bonds are exempt from taxation only so long as they are bene ficially owned by a non-resident alien individual or by a for eign corporation. On July 24 a tentative announcement came (which was confirmed by Secretary McAdoo July 31), that the Fourth Liberty Loan campaign would be started Saturday Sept. 28, and would close Saturday Oct. 19. The amount of the loan, the rate of interest and the period and terms were left to be made the subject of a later announce ment. The 812,000,000,000 army appropriation bill was signed by President Wilson on July 10. The bill had passed the House May 31 and the Senate on June 29. The conference report on the measure was accepted by both the House and Senate on July 6. Most of the Senate amendments, includ ing that for organization of a volunteer Slavic Legion, and to base army draft quotas on the number of men in Class 1 instead of State populations, were retained by the conferees in their agreement reached on July 5, as was the House pro vision giving the President unlimited authority to increase the army by calls under the Draft Law. The bill as revised carried appropriations of 812,085,000,000, an increase of 844,000,000 over the aggregate authorized by the House. Besides this, the Naval Appropriation Bill, signed by Presi dent Wilson on July 1, carried a total of 81,573,468,415 85, the largest sum ever voted for naval purposes in a single http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis measure, but falling short by a little over a hundred million of the amount provided in the five separate naval bills enacted the previous year. This appropriation, it was stated, brought up to 83,250,000,000 the total of the naval appropriations for the twelve months. Subscriptions to the first block of 4J^% Treasury certi ficates of indebtedness offered in anticipation of the Fourth Liberty Loan which closed July 2 were considerably in excess of the minimum of 8750,000,000, and an allotment of 8839,646,500 was reported. On July 2 a second offering of 4/^% certificates of indebtedness in anticipation of the Fourth Liberty Loan was announced. This offering, like the first, called for subscriptions to 8750,000,000 or more of certificates; they were dated July 9 and payable Nov. 7. Subscriptions closed July 16. This issue also was fully subscribed, though several of the Reserve districts failed to reach their quota; an allotment of 8753,938,000 was an nounced by the Treasury Department on July 19. On July 19 Mr. McAdoo announced the” third bi-weekly offering of these certificates, but placed the amount to be taken at only 8500,000,000, instead of 8750,000,000. The Secretary said the reduction was due to the oversubscription to the two previous offerings and the targe returns from income and excess profits taxes and from sales of War Savings certificates. Subscriptions for this issue were received up to the close of business July 30. The certificates were dated July 23 and payable, with interest at 4J^%, November 21, the subscriptions having been 8584,750,500. One of the important events of the month was the assump tion by the U. S. Government of control and operation of the telegraph and telephone lines of the country. Following the announcement on June 30 of the issuance of a call for a strike of members of the Commercial Telegraphers’ Union of America employed by the Western Union Telegraph Co., it became known that President Wilson had endorsed a resolution proposed by Representative Aswell, giving the President authority to take over the telegraph and telephone lines of the country. After the adoption by the House on July 5 of a resolution to that effect, the indefinite postpone ment of the strike (scheduled for July 8) was announced July 7. The resolution was passed by the House by a vote of 222 to 4, debate having been limited to two hours. The resolution had first been amended to provide that the com pensation of the telegraph companies be fixed by the Presi dent, and that if the amount was unsatisfactory the com panies should receive 75% of the amount pending adjustment in the Courts. President Newcomb Carlton of the Western Union, in a three-hour hearing before the Senate Inter-State Commerce Committee on July 9 said that of the 50,000 Western Union operators only 56 men belonged to the Com mercial Telegraphers’ Union. He added that the company had co-operated with the organizations of its own men, but resented what he termed “outside interference.” On July 13 the Senate passed the resolution by a vote of 46 to 16, and on July 16 it was signed by President Wilson. The Presi dent acted promptly and on July 23 issued a proclamation placing all telegraph and telephone lines under Government operation and control at midnight July 31. While also empowered under the resolution to assume Government con trol of the cable and radio systems, neither of these was included in the proclamation. In the case of the wireless systems, the Navy Department was already in control. The President placed Postmaster-General Burleson in charge of the administration of the telephone and telegraph systems, and the proclamation provided that unless otherwise decided the existing managements and employees would continue. An increase in the wages of railroad shopmen to 68 cents an hour, with proportional advances for assistants and mis cellaneous classes in mechanical departments, was announced by Director-General of Railroads McAdoo on July 24. The new rates, which were retroactive to Jan. 1, were from 5 to 13 cents an hour higher than wages paid these men in most shops under Director-General McAdoo’s general wage in crease order of May 25, but were somewhat less than what the labor organizations had sought. It was stated the ad vances would apply to all sections of the country, despite local differences previously prevailing. The addition to the aggregate annual payroll was estimated at nearly 8100,000,000. The advance was the first extensive modification of the new wage scale, and was made on recommendation of the Commission on Railroad Wages and Working Condi tions, following representations of shop crafts that high wages paid machinists and other mechanical workers in shipyards resulted in discrimination against railroad shop employees. The new scale of wages was announced as follows: (1) Machinists, boilermakers, blacksmiths, sheet metal workers, mould ers and first-class electrical workers, 68 cents per hour. (2) Carmen and second-class electrical workers, 58 cents per hour. (3) Helpers, 45 cents per hour. (4) Foremen paid on hourly basis, 5 cents per hour more than respective crafts. (5) Foremen paid on monthly basis, increase $40 per month, minimum $155 and maximum $250. (6) New rates are retroactive to Jan. 1 1918. (7) Beginning Aug. 1 1918, eight-hour day with time and one-half for overtime, Sunday work and seven specified holidays. (8) Payments of back pay will be made just as soon as they can be calculated. President Wilson on July 11 vetoed the resolution extend ing from July 1 1918 to Jan. 1 1919 the period in which the Railroad Administration would be required to decide its RETROSPECT. course with regard to short line railroads. The resolution has been introduced at the instance of Director-General of Railroads McAdoo on his representation that the Railroad Administration had had insufficient time to consider its policy toward many short lines. An amendment however providing that lines in completion or in physical connection with railways operated by the Government should not be turned back to private management against their will was added before the adoption of the resolution by Congress, friends of the lines having insisted that they could not operate profitably in competition with Government-operated rail ways. Almost coincident with the adoption of the resolu tion the Railroad Administration had turned back to private management some 1,300 short lines. In his veto message President Wilson said that under its terms the Government would be obliged to assume the control and administration of all short lines railroads, without discrimination, and that this was not in the public interest. There were terminal short lines at many centres of freight shipment and some 1,700 short lines which were built and controlled by manu facturing, mining, lumbering and other companies and which were operated merely for the convenience of those companies which would be included under the language of the resolu tion, very few of which, if any, ought to be taken over and administered by the Government. The assumption by the Government of control of the Cape Cod Canal, connecting Cape Cod and Buzzards Bay, was announced on July 25. Under the proclamation issued by President Wilson (dated July 22) the Railroad Administra tion was directed to operate the canal, which was owned by the Boston Cape Cod & New York Canal Co. Announce ment was also made that vessels of the Ocean Steamship Co., Clyde Line, Merchants’ & Miners’ Transportation Co. and Eastern Steamship Co., plying in and out of Boston, would be routed through the canal. It was stated that not only would the canal route protect ships from submarine attacks suffered off the Massachusetts coast, but it would shorten the voyage from southern ports to New England by about one hundred miles and protect shipping from storms which make the lower Massachusetts coast dangerous in the winter season. Under an agreement reached by each house independent of the other, the Senate and House arranged a mid-summer vacation. A unanimous consent agreement entered into by the Senate on July 13 provided that there would be no business transacted until Aug. 26, except for perfunctory sessions Mondays and Thursdays, to meet the requirement of the law. A similar adjournement on the part of the House until Aug. 19 was decided upon on July 15. Announcement that the Federal Reserve banks at Dallas, Kansas City and Minneapolis had been instructed to advise the banks and trust companies (non-members as weil as members of the Federal Reserve system) of the willingness of the War Finance Corporation to make advances to insti tutions making loans to farmers and cattlemen, was made by the Treasury Department on July 23. It was pointed out that under the terms of the War Finance Corporation Act these advances were limited to 75% of the amount of the loans made by the borrowing institution or to 100% in ease the borrowing institution itself furnished additional collateral to the extent of 33% of the advance. With a view to assisting wheat growers in certain sections of the West who had lost two successive crops from drought and winter killing, President Wilson, on July 27, placed at the disposal of the Treasury Department and the Department of Agriculture the sum of 85,000,000 to enable them to furnish aid to that extent. It was announced that the loans would probably not be made for more than S3 00 an acre, and it was likely that a maximum of 100 acres in some localities and 150 in others would be established. It was further announced that it was not intended that this fund should be used to make loans to farmers who had banking collateral and could otherwise secure loans. It was pointed out that the action of the War Finance Corporation in indicating its willingness to make advances to farmers and cattlemen should in large measure enable bankers to extend accommo dations to farmers having such collateral. The War Trade Board announced that on and after July 29 1918 no license would be issued authorizing the exporta tion of gold jewelry, gold watches, gold plate or other manufactures of gold unless evidence satisfactory to the War Trade Board was submitted showing that the selling price of the articles to be exported was not less than three times the value of the fine gold contained in such articles. Exceptions were made where it appeared the articles had been actually manufactured for the sole purpose of export prior to July 29 1918, provided the f. o. b. selling price of such articles was not less than twice the value of the fine gold contained therein and the exportation of the same was made on or before Sept 1 1918. New rules and regulations governing collection charges outside of New York City (except as to items on clearing non-members) were issued by the New York Clearing House Association, to take effect Aug. 12 1918. Under the revised rules the list of “discretionary” points was enlarged, while a reduction in the charges at some points was made. The New York Clearing House Association on July 29 also announced its intention to include notes and acceptances in its daily exchanges. It had not been the custom to include notes and acceptances in the daily exchanges, although such items had been recognized as proper material for the ex http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 39 changes by the terms of Sections 2 and 6 of Article X of the constitution. It was announced that the Treasury Department had.made an arrangement with the Italian Government under which certain transactions in lire must be approved by the New York representative of the Italian Institute and the Division of Foreign Exchange of the Federal Reserve Board. As a beginning, such transactions were only to affect bills of exchange involving imports and exports between the United States and Italy. These represented funds which American bankers might wish to dispose of to the Institute. Exchange transactions with the Institute for the time being were to be handled through the regular banking channels. Dealers might buy and sell as in the past, except that cable transfers could not be sold under the rate established by the Division of Foreign Exchange from time to time. An arrangement was entered into with Great Britain by the United States Government for the sale of rupee exchange through the Federal Reserve banks. The Treasury Depart ment’s announcement was as follows: The Secretary of the Treasury has made arrangements with the British Government for a supply of rupee exchange sufficient for an indefinite period to finance imports from India reasonably required for civil or mili tary purposes of importance in connection with the prosecution of the war. The sale of rupee exchange for the purposes aforesaid will, as hereto fore, be administered through the Federal Reserve Board. The price will be 35.73 cents per rupee for telegraphic transfers. The Governor of the Federal Reserve Board in a letter addressed to the various Federal Reserve banks explained the arrangement for the handling of rupee exchange as follows: I am informed that the arrangement made between the Secretary of the Treasury and the British Government in relation to the sale of silver under the Pittman Act contains a provision whereby the Government of Great Britain undertakes to arrange for the opening of rupee credits in New York at the rate—with respect to telegraphic transfers—of 35.73 cents of United States money for each rupee. It is deemed important that the price of rupee credits in New York should be on the exact mathematical equivalent of the London price, in order that the American merchants may be in exactly the same position as London merchants, with respect to rupee exchange. In view of the arrangement made by the Treasury, the Board will limit the sale of telegraphic rupee transfers, regardless of the origin of the credit which it is drawn against, to (a) imports reasonably required for civil or military purposes of importance in connection with the prosecution of the war, and (b) to a price not exceeding 35.73 cents. There will be, of course, no objection to banks purchasing commercial bills on India at such price below 35.73 cents as will yield them a fair remuneration for the labor and risk involved in the business. An excep tion may properly be made for small rupee bills drawn for non-commercial purposes. If recommended by the Director of the Division of Foreign Exchange, the Board would be willing to place a limit of, say, 1,000 rupees on the amount that can be sold regardless of the above restrictions, but only if the credit is used for purposes other than commercial. '•A new credit of $100,000,000 was extended to France on July 3 by the United States, and an additional credit of 810,000,000 was granted to Italy on July 9. On July 13 a credit of $175,000,000 was extended to Great Britain, and on July 16 a credit of $1,680,000 was advanced to Belgium. Further credits were extended to Belgium of $2,770,000 July 18, $9,000,000 July 19 and $9,000,000 July 30. On July 19, also, an additional credit of $100,000,000 was advanced to Italy, and on July 30 the further sum of $100,000,000 was advanced to France, while Serbia was advanced $3,000,000. The total credits to the Allies now reached $6,492,040,000, apportioned as follows: Great Britain, $3,345,000,000; France, $1,865,000,000; Italy $760,000,000; Russia, $325,000,000; Belgium, $154,250,000; Cuba, $15,000,000; Serbia, $12,000,000; Greece, $15,790,000. Railroad Events and Stock Exchange Matters.—On the Stock Exchange the course of values was decidedly irregular as between different stocks and between different days of the month, but with the movement of prices strongly influenced for the better the latter half of the month by the favorable news regarding the great battle being fought in France. Notwithstanding some manifestation of strength at the opening of the month, the market during the first two weeks may be said to have tended lower, though on a small volume of business. On Monday, July 15, a sharp break occurred on the news of the beginning early in the morning of that day of the new German forward movement, and the initial successes attending the same, first accounts showing that the Germans had crossed the Marne at a number of points. The next day there was sharp recovery (and some recovery occurred even before the close of business on the 15th), when it appeared that the German thrust had been arrested, in no small measure as a result of the aggressive action of the American forces. The market kept gaining strength thereafter, and on Thursday, the 18th, quite some buoyancy developed with a sharp upturn in all directions, on advices that the Franco-American forces had begun a brilliant counter-attack, to the surprise of the Germans, and had succeeded in pushing the German forces back nearly everywhere, taking several thousand prisoners and regaining possession of many French towns and villages. The rest of the month the tone remained good, though with some downward reactions in prices under realizing sales. Both the state of the money market and the financial requirements of the Government ruled out the possibility of any large degree of speculative activity. Accordingly, the volume of business again dwindled to very small proportions. Railroad shares, on the whole, displayed greater strength than the industrial list. Most of these railroad shares closed RETROSPECT. 40 higher July 31 than, the opening prices July 1. There were, nevertheless, exceptions to the rule; in particular, Reading common, where the stock, after opening at 92% July 1 and selling up to 93% July 6, dropped to 86% July 15, and closed at 88 July 31. On the other hand, Canadian Pacific shares experienced a pronounced rise at a time when the improve ment in the railroad shares, though general, was quite moderate. The opening, July 1, was 147% and the close July 31 at 152%. In the industrial list there were more shares with net losses than with net gains. The result of the taking over of the telegraph and telephone lines by the Government was adverse to the stocks affected. West. Union Tel. sold at 79% July 31, against 89 July 1 and Amer. Tel. & Tel., which had opened July 1 at 95% and sold at 98 July 2, got down to 91 % July 30, and closed at 93 July 31. A favorable impulse was given the whole market on July 31 by the gratifying income statement for the June quarter submitted by the U. S. Steel Corporation after the close of business on July 30 and the action of the directors in announcing the same dividend declaration as in the quarters immediately preceding, namely 1%% regular and 3% extra, being 4%% together, or at the rate of 17% per annum. The course of the Steel shares reflected the course of prices of many other industrial properties. The opening sale of Steel common July 1 was 107%; on July 15 101% was touched, while July 31 saw the price up to 109%, with the close 108%. Stock Fluctuations July 1 July 31 Range for Month Prices in dol lars per share Railroads— Lowest Atch Topeka & San Fe 84 July 84 X 85 X Baltimore & Ohio___ 54 July 54 X 54 X Canadian Pacific____ 146 X July 147 X 152 X Chesapeake & Ohio__ 55 X July 56 X 56 X Chicago Milw & St P. . 42 39 X July 44 X Erie________________ ♦15X-15X 15>6 July 15X Great Northern pref.. z90 July 90 X >90 X Louisville & Nashville, ♦115X-116X ♦112-114X 113 July New York Central___ 72 X >*71X-72X >71 July N Y N H & Hartford __ 36 X July 37X 40 X Norfolk & Western___ 102 X July ♦103-104X *103-103X Northern Pacific____ 865-6 July 87X 87X Pennsylvania_______ 4356 July 43 X 44 X Reading Company___ >88 86 X July 92 X Southern Pacific______ 8254 July 83 X 84 X Southern Railway.__ 24 23 X July 23X Union Pacific________ 122 12056 July 120X Industrials— Allis-Chalmers Mfg__ 3156 July 33X 33 X Preferred. __ ____ ♦82X-85 8256 July 82 X Amer Agric Chemical. *86 -91 *89-91 8954 July American Beet Sugar.. 69 66 July 68 X American Can__ _____ 47 45 July 45X Amer Car & Foundry.. 84 8256 July 84 X Am Hide & Leather, pf *18-19 1654 July 17X Amer Locomotive___ 67 63 X July 66X Amer Smelt & Refining 80 7656 July 78 X Amer Steel Foundries. 74 67 66 July Amer Sugar Refining.. 111 109 July 113X Amer Teleph & Teleg_ 93 91X July 95 X Am Wool of Mass____ 5756 July 58 X 58 X Amer Writ Paper, pref *22-24 23 July 28 X Am Zinc, Lead & Sm 20 19 18 July Anaconda Copper___ >65 July >65 X 67 X Baldwin Locomotive.. 93 90 84 July Beth Steel class B com. 85 X 79 X July 83 X Central Leather______ >66 X July 69 X 66 X Chile Copper. ___ 16X 16X July ♦16X-16X Chino Copper . 39 July 39 X 39 X Colorado Fuel & Iron.. 4456 July 46 X 47X * Continental Can.. . a70 *68-72 68 July Crucible Steel __ __ 69 67 63 X July General Electric_____ 143 July 147X 145X General Motors____ 135 July 152 X >136X Goodrich (B F)___ __ 45 46 X 44 X July Gulf States Steel. _____ *84-86 83 July *81X-84X Inspir Con Copper___ 54 X >52 X >51X July Inter Agricultural Corp *16X-18X *16-17 16 X July Int Mercantile Marine 28 25X July 26 X Preferred___ ______ 102 X z9356 July >97 X International Nickel . 30 28X 28 X July International Paper__ 35X 34 X July 36 X Lackawanna Steel 84 *80-85 81 July Maxwell Motors___ 27 27 July 27X National Lead.____ *58X-59 58 X July 60X Pittsburgh Coal..__ 52 X >49 X July >5IX Pressed Steel Car____ 64 July 66X 70 X Railway Steel Spring_ 56 X July 57 X 61X Republic Iron & Steel. 88 X July 90X >9IX Studebaker Corp____ 46 43 X July 43 X Texas Co_________ . 151 146 July 152 X U S Industrial Alcohol 127 124X 120X July U S Rubber __ _ _ 58 July 59 X 62 X U S Smelt, Ref & M 44 >*42-43 >42 July United States Steel__ 101X July 107X 108X Western Union Teleg.. 89 79 X 79 X July * Bid and asked prices; no sale. > Quoted ex-dlvldend during the month and prior to this date. x Ex-dividend. a Less than 100 shares. Highest 86 July 30 2 1 55 X July 19 1 154X July 29 1 57 X July 9 24 44X July 31 24 15X July 5 3 91X July 2 29 116X July 18 15 73X July 5 2 42 X July 23 26 104 X July 9 8 88 x July 18 1 44 X July 31 15 93 X July 6 5 85 X July 31 2 24 X July 18 15 123 X July 10 15 15 23 15 2 15 15 15 15 1 23 30 5 3 24 23 15 15 24 22 24 15 24 15 30 31 2 25 24 5 15 15 1 2 15 10 22 23 15 1 15 15 15 15 1 13 15 31 34 X 83 X 92 X 72X 49 X 86X 19X 68 X 81X 75X 114 98 60 X 28X 21X 69 X 93X 85X 71X 17X 41X 48 X 72 X 69 X 149 X 159 47X 85X 56X 17 X 28X 104 31X 37X 84X 32 X 60X 52 X 71 62X 94 X 47 154 130X 63 X 44 X 109 X 89 July 19 July 2 July 19 July 2 July 10 July 10 July 22 July 6 July 3 July 26 July 1 July 2 July 19 Juij*25 July 3 July 3 July 6 July 1 July 6 July 3 July 3 July 3 July 19 July 6 July 6 July 26 July 18 July 2 July 5 July 18 July 8 July 8 July 8 July 18 July 8 July 5 July 1 July 6 July 30 July 8 July 8 July 19 July 19 July 22 July 16 July 3 July 31 July 1 The Money Market.—In the money market there was un qualified firmness under the large issues of Treasury certifi cates of indebtedness and the other requirements of the Gov ernment, with the shrinkage in the reserves of the Clearing House institutions. On call at the Stock Exchange there were only two days when some loans were not made at as high as 6% per annum (and % of 1% higher where the col lateral consisted exclusively of industrial securities) and from July 3 to July 18, both inclusive, no transactions whatever took place at any other rate than 6%. As a matter of fact, the rate could not have been held down to 6% if the Liberty Loan Money Pool had not again come to the rescue and loaned freely in the endeavor to prevent rates from rising above that figure. The latter part of the month this Com mittee, as noted above, once more requested daily returns from the banks and trust companies as to their loans and general condition, as it had done at one time the previous year under similar conditions. The New York City Clearing House institutions, in their weekly return for July 6, showed a drop in surplus reserves during the week from 8171,971,680 to 826,493,240, mainly because of the reduction in Govern ment deposits (against which no reserves are required) from http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 8506,930,000 to 8366,540,000. But the surplus slowly in creased in succeeding weeks and July 27 was reported at 872,383,710. Government deposits played an important part in affecting the returns, as also in easing or tightening money rates. These Government deposits, after falling from 8506,930,000 June 29 to 8366,540,000 July 6, were further reduced to 8283,033,000 by July 20, but July 27 saw an increase again to 8424,563,000. There was very little change in the loan item, which was 84,393,554,000 June 29 and 84,394,524,000 Aug. 3. Deposits were down to 83,738,842,000 July 27 from 83,858,213,000 June 29, 83,763,393,000 July 6 and 83,842,104,000 July 13 Time money July 31 was at 5% @6% for all maturities from 60 days to 6 months. Commercial paper was 5%@6% for choice double and prime single names and 6% for single names not so well known. Foreign Exchange, Silver, &c.—Rates for sterling were maintained in the same arbitrary fashion as before, with the deviation in quotations for bankers’ bills inconsequential or entirely absent, while in cable transfers there was no change from 4 76 7-16 throughout the whole month. Tran sactions in exchange on the Continental centres were light in volume, with the fluctuations in rates generally small. In Spanish pesetas, however, there was a sharp fall the latter part of the month, checks on Madrid, which had been quoted at 27.50, dropping to 26.75@26.95. The recession was sup posed to reflect the attempt being made by our Government for the regulation of the exchange market. A conference was held early in the month between Fred I. Kent, Director of the Foreign Exchange Division of the Federal Reserve Bank, and important banking officials to formulate plans for the stabilization of exchange. At this meeting ways and means were discussed for stabilizing dollar exchange on Spain. The normal value of the peseta is only 19.30 cents. Nothing was officially divulged as to the result of the conference, but its general purpose was as stated. The American dollar was at a discount in Spain not because the American trade balance with Spain was adverse to the United States, but because Spanish bankers and merchants doing business in London and Paris were selling sterling and franc bills in this country (where exchange was arbitrarily maintained, while no attempt was made to do this elsewhere) with the result that the United States was obliged to bear the burden of the depreciation in the exchanges of its allies. Fixed rates for the Italian lire were quoted by the Federal Reserve Bank, and these rates for cable transfers on Rome the latter part of the month were only 8.00 lire to the dollar, as against 8.80 at the beginning of the month. The normal value of the lire is 5.18 to the dollar. Open market discounts at London early in July were changed from 3% for 60-day and 3 9-16 for 90-day bills to 3 17-32 for both classes of bills. Silver in London was quoted throughout the month at 48 13-16d per oz. MONTH OF AUGUST Current Events.—Overshadowing everything else during August were the glorious victories achieved by the Allies on the battlefields of France and Belgium. The further gains in August were even more spectacular than those recorded the latter part of July. The Germans were driven back everywhere and throughout the whole month were in continuous retreat from one end of the line to the other. They had to give up scores of towns and villages, and their losses in men and materials were enormous. The French and the British alike dealt powerful blows (aided by the Americans) which the Germans were unable to resist, and they had to evacuate practically the whole of the territory wrested from the French in their forward movement of the spring. Not only that but the famous Hidenburg line, which had been deemed impregnable, was pierced at a num ber of points. The German salient between Rheims and Soissons, via Chateau Thierry, as also the salient from Soissons to Arras via Montdidier and Amiens, was wiped out. The retreat of the Germans, in their effort to escape annihilation, at times seemed to become panic stricken. Seldom have the fortunes of war been so completely re versed as during the two or three months here covered. Up to July the position of the British and French had seemed desperate. Then came General Foch’s great strategic forward movement and from then on everything _ went in favor of the Allies. The nature of the defeat was indicated in an official statement from Paris the beginning of the next month (Sept. 2) saying that in the course of their offensive from July 15 to Aug. 31 the armies of the Allies had taken 128,302 prisoners, including 2,674 officers, and had captured 2,069 guns, 1,734 mine-throwers, 13,783 machine guns, and a considerable quantity of munitions, supplies and materials of all kinds. What wonders had been accomplished was also indicated in a statement given on Aug. 29 by Andre Tardieu, High Commissioner of FrancoAmerican War Co-operation, then in Paris, to the Asso ciated Press, summing up the military events of the previous five months and showing their bearing on the existing war situation. M. Tardieu related how the events in Russia, by giving Germany a crushing superiority, had allowed the enemy from March on to undertake large offensive opera tions directly threatening Paris, putting Amiens, the pivot of the Franco-British troops, under fire, and cutting off railway communication with the east and north. This was the situation on July 18. On Aug. 3 the enemy was brought back on the Vesle, the road to Nancy was freed, and the RETROSPECT. access to Paris by the Marne was barred through operations in which the American troops played a prominent part. But the Germany army was still powerful and its losses were counter-balanced by the gains of the preceding offen sive, M. Tardieu said. Then the British army assumed the offensive, Amiens was liberated, Mondidier fell, the armies of Generals Debeney and Humbert started a war of position, and on Aug. 19 the French reached the Oise south of Noyon with Mangin’s army. The events up to the 23d, when the main British attack began, were described, and M. Tardieu continued: “Though it is too soon, as yet, to sum up as a whole the military operations extending from Aug. 5 to Aug. 25, since the battle is still in progress, the following results have already been obtained: (1) Paris is no longer threatened. (2) Our direct communications by rail between Paris and Caltras have been re-established, as had been those between Paris and Nancy on July 29. (3) Our third aim, to wrest the initiative from the Germans, has likewise been attained.” One of the noteworthy events of the month was the tre mendous advance in the price of cotton. This followed from the great impairment in the promise of the growing crop. On July 31 the quotation for middling upland spot cotton in this market had been 29.10 cents per pound, while by Aug. 28 it was up to 37.30 cents, which, being the highest figure reached in nearly 52 years, or since Nov. 2 1866. The closing price Aug. 30 (the Exchange being closed Satur day, Aug. 31, it being the Saturday before Labor Day and business being suspended to afford a three-day holiday) was 36.50 cents. Because of continued drouth and exceed ingly high temperatures in Texas and Oklahoma, gradually extending eastward to the Atlantic coast, but also because of boll weevil and other insect pests and also of rust (this along the Atlantic seaboard) the growing crop during both July and August had suffered deterioration to an extent such as had probably never previously been experienced. At the close of June the indications had pointed to one of the largest crops on record. In other words, the statement of the Crop-Reporting of the Bureau of Crop Estimates of the United States Department of Agriculture, issued July 2, and showing the state of the crop on June 25, had made the average of condition 85.8% of the normal, the best since 1911 and higher than in all but four of the twenty years from 1898, inclusive, and contrasting with only 70.3 on the corresponding date in 1917 and a ten-year average of 79.8. At the same time the Reporting Board found an increase in acreage of 6.2%. On that basis the forecast was for a total production of about 15,325,000 bales of 500 lbs. each. The report for July 25, however, changed all this, the general average of condition for the whole cotton belt being reduced from 85.8 to 73.6 It was then stated that this forecast a crop of 13,619,000 bales. In August there was even more striking further deterioration and in the state ment of the Crop-Reporting Board for Aug. 25, issued after the close of the month, namely on Sept. 3, the general average of condition was placed at only 55.7, the lowest condition figure ever reported by the Agircultural Bureau, and pointing to a crop of only 11,137,000 bales, a loss of 2,482,000 bales from the July 25 promise and of 4,188,000 bales from the June 25 promise. In the remarks accom panying the report, it was stated that the month of August had been the most disastrous in its effect upon the crop that had ever been experienced, the decline of 17.9 points to 55.7 being equivalent to a depreciation of 24% in a single month. The forecast of yield per acre at 145.2 lbs. was smaller, it was stated, than any yield ever reported. The depreciation was more or less general throughout the cotton belt, but greater in the West (Texas and Oklahoma es pecially) than in the East. The principal cause of the de cline was stated to have been extreme drouth, but with boll weevil, red spider and rust contributory causes. For Texas the condition was given as only 43 and for Oklahoma no more than 33, while for Arkansas the figure was 52, for Louisiana 53, for Tennessee 58, for Missouri 60, for Alabama 66, as also for Georgia, and for Mississippi and South Caro lina both 67—no good or high averages being reported anywhere except in States of small production. The price of cotton goods being under the regulatory direction of the War Industries Board did not follow the upward flight of the raw material. Indeed, such prices for goods as were announced were generally at substantial reductions from the figures demanded by cotton manufac turers before the intervention of the Government boards. These prices were to stand only until Oct. 1, when further revisions were to be made—in a downward direction, it was assumed. At Fall River the quotation for printing cloths was 13 cents from Aug. 1 up to Aug. 14, when there was a reduction to 12.21 cents, with a further change on Aug. 16 to 12.25 cents, which figure ruled thereafter until the close of the month. Sept, corn at Chicago from SI 55 Aug. 1 advanced to SI 66% Aug. 21, but declined to SI 51% by Aug. 30, with the close Aug. 31 at 81 53%; Oct. corn, which on Aug. 1 brought SI 54, rose to 81 67% on Aug. 21, closing at SI 55% on Aug 31. The Sept, option for oats at Chicago on Aug. 3 was down to 66% cts., but sold up to 73% cts. on Aug. 21, with the close Aug. 31 69%-% cts. Oct. oats ranged from 67 cts. Aug. 3 to 75% cts. Aug. 21, closing at 71% cts. Aug. 31. The Food Administration, to correct a misapprehension as to the maximum profits on wheat flour permitted to http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 41 jobbers, pointed out that the margins allowed jobbers who were not millers remained unchanged, namely, 50 cents to 75 cents per barrel in selling to retailers, who in turn were allowed margins of 80 cents to 81 20 per barrel over the cost to them. The margin allowed mills on sales of less than carload lots was 50 cents per barrel to dealers, bakers, &c. (not delivered), and 81 20 per barrel to actual consumers, over each mill’s car-load fair price schedule. Under new wheat regulations which became effective Sept. 1, all wheatless days and wheatless meals in the United States were discontinued, but all bread had to correspond to that used by the Allies, that is contain 20% of other grains than wheat and not more than 80% of wheat. The new regu lations superseded the 50-50 rule; other modifications of pre vious regulations were contained in this edict of the Food Administration, issued Aug. 27; earlier rules limiting li censees, millers, wholesalers, retailers and bakers to 30 days’ supply of flour were changed to permit a 60 days’ supply; likewise the rule limiting the sale of flour by mills to whole salers, or wholesalers to retailers, in combination with sub stitutes or certificates therefor, and the rule restricting the sale of 70% of previous sales were rescinded. The wheat less days, Monday and Thursday, had been in effect since the previous March. Hotels, restaurants, clubs and dining cars were released, beginning Aug. 1, from their voluntary pledge of the pre vious March 29 to abolish the use of wheat products until the new harvest. Their release from the pledge was an nounced in a cablegram received by the Food Administration at Washington on July 28 from Food Administrator Herbert C. Hoover, who was then in England. With the lifting of the self-imposed restrictions, public eating places were required to comply only with the baking regulations and to serve “victory” bread. Further restrictions governing the consumption of sugar in the United States were put into effect by the U. S. Food Administration on Aug. 1. Under the restrictions which had been put into operation July 1 the nation had been asked to go on a three pound sugar basis per month; now it was asked that the amount be reduced to two pounds per person per month, this new rationing to continue in force until Jan. 1. The announcement of July 25 concerning the new rationing stated that a similar order was being issued to eating places limiting their use of sugar to two pounds for every ninety meals served. The New York Federal Food Board called upon all res taurants to banish sugar bowls from the tables and issued a statement saying: While the sugar bowl has been banished from the table in dining cars, hotels and most of the large restaurants there are still numerous public eating places in the city which have failed to follow this patriotic example. Continuance of this practice on the part of these places is not only harm ful to the sugar conservation program of the United States Food Ad ministration but is unfair to those places which are co-operating with the Government by serving only a fixed quantity of sugar to each patron. Restaurants which still have sugar bowls on the table are intentionally or otherwise catering to those persons who turn a deaf ear to the Govern ment’s appeal to reduce sugar consumption in order that there may be sufficient to carry us through to the next crop. A sugar bowl on the table in a public eating place to-day is an invitation to persons not in sympathy with the Government to go the limit in opposing this part of the food saving program. Announcement of the purpose of the United States Sugar Equalization Board to purchase all sugars in the country or in transit at the old prices and immediately resell them back to the holders at the new price, was made by the United States Food Administration on Aug. 25. In indicating the reason for this the Administration said: As a consequence of the higher price for the domestic beet and cane sugars which will be soon coming into the market, and in order to minimize the in equalities that would result from having this new domestic crop at the new price and the old foreign crop at the old price in the market at the same time, the Food Administration announces that the United States Sugar Equalization Board will on a date to be announced later purchase all sugars in the country or in transit at the old price and immediately resell them back to the holders at the new price. The exact date at which the new price will become effective has not yet been determined, nor has it been settled yet what the new price will be. By this device the extra profit which would otherwise accrue to the re finers, who purchased at the old price and would sell on the basis of the new, will be absorbed by the Sugar Equalization Board, which is the Government agency charged with the equalization of sugar prices, and which is handling the machinery of sugar distribution in the country. The price difficulty which this action is designed to meet comes about through the fact that the sugar from Cuba sent to the United States re fineries and the sugar from the domestic beet and cane fields overlap in the market. The Food Administration some time ago agreed with the domes tic producers that an increase of price was justified on the new crop. The Food Administration also indicated that when the new sugar price became effective refiners would be allowed an increased margin for cost and profit over the old margin of 81 30 a hundred pounds. The new margin would be 81 45 per hundred and would be retroactive, dating from Aug. 1. It was stated the increased cost of producing the domestic beet and cane sugar crops required an increase in the price which could be charged for refined sugar. Resolutions adopted by the Association of Manufacturers of Confectionery and Chocolate of the State of New York urging the public to limit purchases of candy to a pound at a time in order to conserve sugar, were made public by the New York Federal Food Board on Aug. 21. The Food Administration on July 30 notified maltsters that they would not be allowed to purchase any grain for 42 RETROSPECT. malting purposes before Oct. 1. This action was taken pending determination of the amount of malt required for the winter’s operation, the Administration explaining that maltsters had on hand a sufficient amount to meet their requirements until Jan. 1, especially as they were operating on a 50% normal coal supply allotted them by the Fuel Administration. Fuel officials had made it plain that brewers could not count on any coal after their present stocks were exhausted if the fuel shortage continued. Speculative trading in rye futures was limited to 100,000 bushels by the Board of Trade directors. No one operator could be long or short more than that quantity at one time, hedging sales to be confined to rye or rye products. Reports of trading had to be made to the Secretary’s office regardless of amounts. Further regulations governing manufacturers, dealers and brokers and commission merchants in all of the important kinds of cheese were issued by the Food Administration on Aug. 6. They supplanted the former rules on American and cheddar cheese and included also such foreign types as Swiss, brick, limburger and Munster. The maximum margins over cost which dealers must not exceed were definitely fixed, those for American being the same as in the earlier regula tions. The items that could enter into, the cost were stated explicitly. All cheese must be sold without regard to the market or replacement value, and only on the basis of the actual cost plus a reasonable profit. The margins given were not to be considered as “reasonable,” as they were purposely made wide enough to take care of cases in which the cost of doing business was unusually high. The restrictions imposed by the U. S. Food Administration on the use of beef were rescinded on Aug. 9, this action being prompted by the drought in Texas, Oklahoma and other sections of the Southwest, endangering the meat herds in these sections, cattle runs as a result being 50% heavier than in the corresponding period of last year. At the time new meat rationing regulations were put in force, June 17, it was expected they would remain operative until Sept. 15. The Food Administration’s announcement on Aug. 9, while rescinding the restrictions, stated that it was desired to con tinue the same careful regard for economy in beef and in all essential foods, and added: In rescinding regulations which prohibited public eating places from serv ing beef more than once a day and in releasing the householders from their voluntary agreement to curtail purchases to 1pounds per week, including bone, the Food Administrations requests that this freer use of beef be re stricted so far as practicable to the cattle which dress under 475 pounds. To achieve this the retail meat markets are asked to specialize in the use o f these lighter cattle, and families and patrons of all public eating places are requested to patriotically accept beef of this weight, even though they have heretofore been accustomed to using the heavier beef only. The desire of the Food Administration at present is not primarily to increase the consumption of beef as a whole, but to induce a preference in favor of the lighter weight cattle, of which we have an abnormal surplus. This will bring about a conservation of the heavier cattle needed for our soldiers and for export to our allies. At the same time it will afford a measure of protection through increased outlet for cattle raisers in the drought-afflicted areas. Appointment of a committee to assist in carrying out the agreements previously entered into between the Food Ad ministration and rice millers was announced by the Food Administration on Aug. 12. The main provisions of the agreement were that the millers should pay definite prices to the growers for rough rice and should not sell the clean rice at more than prices named in the contracts, ranging from 7%c. a lb. for choice Japan to 9^c. for fancy Hon duras. The Food Administration announced that seedsmen who dealt in cottonseed for planting purposes would not be held to the same margin of profit designated for dealers in milling seed, but would be limited to sales at an advance over cost that would not return more than the normal average profit realized in their business prior to July 1 1914. The an nouncement said that dealers in milling seed had been limited to a margin of $3 per ton in cases where they themselves owned their business wholly and assumed all risks of opera tion. The Food Administration believed, however, that in view of the greatly increased cost of handling, this margin was inadequate for seedsmen who dealt in seed for planting purposes. Among the regulations for cotton seed buyers and sellers was one to the effect that “no licensee, operating either as broker or as dealer, who buys cotton seed in car lots shall receive as his compensation more than 25c. per ton. Such compensation shall be borne by either seller or final buyer as part of his spread or differential, and not added to the cost of the seed.” Anticipating the increased requirements for wool for the enlarged army, the Industries Board on Aug. 12 served notice on spinners of hand-knitting yarns that, because of the needs of the military forces, no more woolen or worsted hand knitting yarns could be manufactured until further notice. Spinners were requested to refrain from making any ship ments of either yarn or wool until they received further noti fication from the Board. The Government assumed control of the entire domestic fall clip of mohair on Aug. 16. The fall clip was estimated at 3,000,000 lbs., and is produced mainly in the Southwestern States. Announcement of maximum prices on new woolen clips and prices for men’s wear and women’s wear new clips to be paid by the rag collector to the cutter-up, effective on all sales made from Aug. 22 and remaining in effect http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis until Oct. 1 1918 and thereafter pending the compilation of data to be furnished by the Federal Trade Commission, was made by the War Industries Board on Aug. 21. Under date of Aug. 6 it was announced that the Priorities Board of the War Industries Board had listed paper mills as an essential industry and had rated them in the fourth class for priority for coal. This was done on the distinct understanding that the greatest possible economy in the use of paper be exercised, and that the reduction in the use of paper by the newspapers should be 15% on week-day editions and 20% on Sunday editions. Paper mills were put upon the priority list for coal conditional upon their signing a pledge that they would furnish no paper to any consumer who would not also sign a pledge in duplicate that he would exercise the greatest possible economy in the use of paper and would observe all rules and regulations of the conserva tion division and of the Pulp and Paper Section of the War Industries Board. Very elaborate and comprehensive regu lations for effecting the curtailment and for eliminating wasteful practices were promulgated. The recommenda tions included provisions for reducing the size of the papers. If by Oct. I the reductions were not accomplished, addi tional curtailment, it was stated, would be put into effect at that time. Because of the absolute necessity of curtailing the use of paper, the Pulp and Paper Section of the War Industries Board ruled that during the war nojnew news papers should be established. On Aug. 22 country weeklies were also brought within the scope of the regulations designed to effect a conservation of newsprint paper. The new regulations were expected to effect a saving of 15% in the use of newsprint paper. No publisher could issue holiday, industrial or other special editions and publishers of papers of more than eight pages in size had to reduce the pages in excess of eight pages 25 %. In this case also no newspaper could be established during the period of the war, except those for which arrangements had been made and plants purchased previous to the issuing of the order, or unless it could be shown that a new news paper was a necessity. On Aug. 26 regulations controlling the use of paper by publishers of trade books, copyright reprints, toy books, juvenile and non-copyright books were issued by the War Industries Board, through the Pulp and Paper Section. These directed that, beginning Oct. 1, there should be a re duction in new books manufactured in this country of 25% of the average of the three years from July 1 1915 to June 30 1918. The Pulp and Paper Section of the War Industries Board also issued to all publishers of text books a circular which provided, among other things, that during the war the annual production of new school and college text books should be reduced to 50% of normal or less. It also ad vised that during the war no change be made in text books except where the text books in use were clearly unsuited to the needs of the schools. Weights and sizes of paper were also prescribed. On Aug. 18 the War Industries Board reported that the Price Fixing Committee of the Board had prescribed maxi mum prices upon various grades of rags, effective on all sales made from Aug. 19, and remaining in effect until Oct. 1 1918 and thereafter, pending the compilation of data to be furnished by the Federal Trade Commission. Maximum prices for sole and belting leathers were pre scribed by the Price Fixing Committee of the War Industries Board for a period of three months beginning Aug. 9. It was added: It should be understood that maximum prices do not mean fixed prices. Maximum prices merely establish a level beyond which commodities or grades and selections of commodities cannot sell, and are established to stabilize the industry in order to protect the industry, the Government and the community at large against a runaway market. Within the maximum prices the law of supply and demand should have its influence on trade prices of all commodities, or grades and selections of commodities. The Price Fixing Committee does not intend that maxi mum prices shall obtain unless such prices are justified by the law of supply and demand. In fixing maximum prices on leather, the Price Fixing Committee has and will endeavor to cover all important kinds, grades and selections, and provides the means to fix maximum prices for all possible differentials. The Conservation Division of the War Industries Board issued a statement to the trunk and traveling goods in dustry, saying that as a result of the information that trunk, bag, and suit case manufacturers had furnished in response to the Board’s letter of June 17 1918, and the various con ferences which had been held with representatives of the trade, a proposed schedule for conservation had been drawn up. This schedule applied to “personal luggage” and not to “commercial luggage.” The plan went into effect Aug. 15. The purpose of the program, it was stated, was to release capital and to eliminate needless uses of material and equipment. War conditions made it necessary that manufacturers should operate with far less material than in normal times and that excessive multiplicity of styles and sizes, which meant needless work and tied up large amounts of capital and materials, should be avoided. Ex plicit directions were furnished as to the sizes and styles to be eliminated. It was announced that the maximum prices on goat skins, foreign sheep skins, cabrettas, deer, and elk skins, as de termined by the Price Fixing Committee of the War Indus tries Board in the schedule of maximum prices of May 1, were to continue in force until further notice. The maximum RETROSPECT. prices on Nigerian hides for August, September and October shipments were to apply to stocks on hand and shipments prior to August 1. The variety in styles, colors, shapes, weights and trim mings of fur and felt hats for the civilian trade for the spring season of 1919 was restricted and curtailed under a program accepted by the manufacturers through their war service committee after conference with the Felt Section of the Textile Division and the Conservation Division of the War Industries Board. Announcement of this was made by the War Industries Board on Aug. 21. The use of linings was to be discouraged for spring season of 1919, and to be discontinued for fall season of 1919. Among other things it was provided: No bindings exceeding 10 lignes in width to be used on soft hats. No bands exceeding 12 lignes in width to be used on stiff hats. Bands not to exceed 36 inches in length, including bow for size 7L6 hat. No bind ing on stiff hats to exceed 11 lignes in width. No leathers to be drawn, strung or laced. No elastics, cords, buttons or eyelets to be used. No stickers to be used in the tips of soft hats. Six hats to be packed in a carton wherever pos sible. Salesmen to carry only one sample trunk on the initial trip, and no sample trunk on the duplicate trip each season. No hats to be made with turned over or turned under edges. The amount of shellac used to be reduced as far as practicable. The sale of ticket hats to be discour aged. After a study of the situation regarding supplies of crude rubber in this country, rate of consumption and related matters, and after consultation with the War Industries Board, the War Trade Board on Aug. 16 decided to permit importation of crude rubber during the months of August and September at the rate tentatively fixed for the quarter ending July 31 1918, viz.; 100,000 tons per annum. The amount of crude rubber to be licensed for importation from overseas during the months of August and September was, therefore, limited to 16,666 tons. This amount was allocated by the Bureau of Imports of the War Trade Board along the general lines of the previous allocation, certain changes therein being made to take care of new manufacturers and increased Government requirements. In announcing after a conference on July 31 between members of the War Trade and War Industries Boards and representatives of the rubber trade the allocation of rubber to the industry, the following statement was issued: The requirements of the United States and the Allied Governments are to be met in full. The remaining allocations to manufacturers are to be three-eights of their consumption during the corresponding period last year. The previous allotment was seven-sixteenths for three months. Where manufacturers are not in business or doing very little, the allocation is to be computed on a basis of three-eights of the average two months’ business done in 1917. The difference in the amount allowed is due to the increase in the Government’s demand for rubber goods. A letter addressed by George N. Peek, Commissioner of Finished Products of the War Industries Board to B. G. Work, Chairman of the War Service Committee for the rubber industry, requested that the latter secure from manufacturers of pneumatic tires and tubes a pledge to restrict the production in tonnage of rubber consumed and in numbers of casings and tubes to the extent of 50% of the production for the corresponding months of August and September 1917. The President approved an agreement, made between the producers of copper and the Price-Fixing Committee of the War Industries Board (after investigation by this committee in conjunction with the Federal Trade Commission as to cost of production), continuing the maximum price of copper at 26 cents per pound, as fixed in July, but subject to revi sion after Nov. 1 1918. A meeting between the Steel Committee of the American Iron & Steel Institute and the War Industries Board was held in Washington on Aug. 22, at the instance of Steel Administrator Replogle to determine means to meet, in full, if possible, the steel needs of the Government and the Allies. These demands for the last six months of 1918 already amounted, it was stated, to more than 23,000,000 tons and were rapidly approaching the 25,000,000 mark. To remedy the shortage of steel which was so acute that actual require ments could not be met unless drastic action was taken by steel producers and the Government, the following measures were determined as urgent: First, greater conversion of mills to the production of steel required in the war program. This will necessarily entail the elimination of many kinds of steel now being made for the non-war industries. Second, increase in the coal supply, particularly bi-product coal, avail able for mills engaged in war work. Further curtailment of non-war industires, commandeering of hoarded coal, and diversion of bi-product coal from war industries that could use poorer grades may have to be resorted to if this situation is to be met. Shortage of this grade of coal is serious and declared to be crux of the admittedly alarming steel shortage. Third, shutting off of further steel shipments to industries other than those engaged in meeting war needs. Steel Administrator Replogle virtu ally has cut off this supply, refusing even a pound of steel for other than war purposes. In addition, where large stocks were obtained prior to the restrictions being placed on the lesser essential industries, the Government may commandeer their stocks. Fourth, more rigorous conservation in the handling of steel in the mills is demanded of the steel industry. The steel conferees were said to have been told that the Capital Issues Committee, as a means of saving steel, had adopted the policy of scanning with special severity applica tions for issuance of securities intended to finance enter http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 43 prises in which iron or steel would be used. This applied emphatically, it was stated, to all steel building construction work on which the Capital Issues Committee, acting upon principles previously enunciated by Secretary McAdoo and the Federal Reserve Board, had frowned consistently. By calling on banks to submit applications for bank loans for capital purposes involving use of steel, the Capital Issues Committee aimed to contribute to the steel economy pro gram, the committee was informed. A reduction of $5 a ton on steel bar shipments was grant ed to manufacturers of agricultural machinery. The reaso n for the step was explained as follows in the “Iron Age” of August 15: The fact that makers of agricultural machinery have secured a reduction of $5 a ton on steel bar shipments in the second half of the year is widely commented on in the steel trade. A concession to this i nterest on its bar purchases has been no uncommon thing for years. Government price fixing promised to be the end of it. But there was pres?ure at Washington to prevent any advance in implements to the farmer. The implement manufacturers finally agreed to make no advance if the Government would get them a $5 reduction on bars. The steel men were appealed to and the reduction was granted. It remains to be seen how far complications in other bar-consuming trades will result from 2.65c bars for agricultural purposes. But no other industry heretofore has been able to secure the preference given to implement makers and the odds are even greater now with the Government thrown into the agricultural scale. The discontinuance of the use of iron or steel by manu facturers of refrigerators wherever it was practicable to adopt a substitute was requested by the Conservation Division of the War Industries Board in a letter submitted to refrigerator makers outlining a program of conservation. Among other things, this program proposed the discontinu ance of all-steel or all-porcelain refrigerators and the use of wood for exteriors; likewise the discontinuance of the manu facture of metal water coolers. The War Industries Board announced on Aug. 24 that the maximum base price of 12 cents per pound East St. Louis for grade A zinc, which had previousy been in force until Sept. 1, was continued until Jan. 1. The price at point of delivery was the East St. Louis price plus the freight from East St. Louis to point of delivery. The conditions were as formerly, viz.: First, the producers of Grade A zinc will not reduce the wages now being paid; second, that they will sell to the Allies, to the public and to the Gov ernment at the same price; third, that they will take the necessary measures, under the direction of the War Industries Board, in the distribution of Grade A zinc to prevent it from falling into the hands of speculators who might increase the price to the public; and, fourth, that they pledge them selves to exert every effort necessary to keep up the production of Grade A zinc so as to insure an adequate supply so long as the war lasts. On Aug. 24 also the President approved an agreement made between the producers of sheet and plate zinc and the Price-Fixing Committee of the War Industries Board providing that the maximum base price of 14 cents per pound f.o.b. plant for plate zinc and 15 cents per pound f.o.b. plant for sheet sine, should be continued on deliveries from Sept. 1 1918 to Jan. 1 1919. The price of aluminum was kept unchanged. The War Industries Board announced on Aug. 22 that the maximum base price had been fixed at 33 cents a pound f.o.b. U. S. producing plants in lots of 50 tons or more, of ingot of a grade of 98 to 99%. This price, which had previously been made effective from June 1 1918 until Sept. 1, was now to be continued in force until March 1 1919. After Hugh Chalmers, representative of the National Automobile Chamber of Commerce, had appeared before the War Industries Board and presented resolutions adopted unanimously by the automobile manufacturers at a special meeting in Detroit on Aug. 6, by which the manufacturers had voluntarily agreed to curtail the production of passenger cars 50%, beginning Aug. 1, the War Industires Board an nounced that the automobile industry would have to get on a 100% war-work basis at once and in any event not later than Jan. 1 1919—that “in no other way can you be sure of the continuance of your industry and the preservation of your organization,” that the Board was unable to promise needed supplies, and that no material would be furnished manufacturers of passenger machines until sworn statement had been made as to the quantity of steel on hand in each case, for which statement a request had been made July 16. On Aug. 25 it was announced that an agreement had been reached which provides that no manufacturer of passenger automobiles should produce in the second half of the year more than 25% of the number of cars produced by him in the entire year 1917. To effect this production, the War War Industries Board would extend preference treatment to automobile manufacturers in the matter of obtaining the materials they require to “match up” the stocks then in hand, upon condition that the manufacturers subscribe to the pledges required by the Priorities Division of the Board. There was a further condition that, in evening up their stocks and completing the cars in process of manufacture, plants that had an excess supply of steel should turn over to other plants that could use it such steel as might be required to complete their production and was not needed for war work. Concerning the production of passenger automobiles after Dec. 31 1918, the representatives of the Board were able to make no promises. The quantity of coke available for distribution as house hold fuel having been greatly reduced by reason of the in creased consumption in industries engaged in war work, it was announced it had become necessary to control the dis 44 RETROSPECT. tribution of domestic coke in harmony with other fuels for household use. Accordingly the U. S. Fuel Administration provided for weekly reports from all shippers of coke in carload lots for household use or for general distribution by retail dealers including the name and address of each con signee, with the size and grade of coke and the number of cars and weights thereof, whether shipped or to be shipped. The President transferred control of petroleum supply to the United States Fuel Administrator. This was done so as to avoid duplication of effort and permit standardization of specifications for the supply of petroleum and its products to the United States Government. The President’s order directed that such control should be exercised through a Committee on Standardization of Petroleum Specifications. No new school houses, unless needed for replacement, were to be built during the war, according to an announce ment of the War Industries Board. This announcement was contained in a statement, made public Aug. 28, in which the Board reported that Bernard M. Baruch had suggested to the Federal Reserve Board that it work out some plan under which financial aid might be extended to industries that would be hit by the war in the industrial curtailments that were now under way and to come. The Price-Fixing Committee of the War Industries Board announced on Aug. 23 a base price of $29 for Pennsylvania hemlock lumber, an increase of $2 over the former price. The entire output of No. 1 and No. 2 grades it was further announced, would probably be required by the Government and the stock be distributed subject to the control of the War Industries Board. The discontinuance of a fixed price for Manila hemp was announced by the War Industries Board on Aug. 29. This was done at the request of the Philippine Government and the Philippine Agricultural Congress, and after learning from investigation that war needs and commercial interests of the United States would not suffer. A. C. Bedford, Chairman of the National Petroleum War Service Committee, on Aug. 14 made public a plan which had been recommended by that committee and approved by the United States Fuel Administration, to stabilize the price paid for crude oil; and to maintain the continuous and un interrupted flow of crude oil through the voluntary action and co-operation of the industry itself. The fundamental features of the plan were: 1. That the large purchasing companies shall continue to purchase crude oil at the posted market price. 2. That all other purchasers who now pay a premium for crude oil be hereafter permitted to pay certain stated premiums, they being substan tially the same as those now in effect. 3. All contracts hereafter made for the diversion of crude oil from its existing channels are to be first submitted to committees on conciliation and co-operation, created by the trade. These committees will be con stituted of an equal number of purchasers and producers of crude oil, and at least one and not exceeding three disinterested men of standing in the community. As explained in Chairman Bedford’s letter "the pur pose and intent being that the industry and all connected therewith shall use every effort to settle within their own councils all matters of dispute and difference before burdening the Oil Division with their troubles, thereby carrying out to the fullest extent feasible the principles of self-govern ment.” The Fuel Administration pointed out that it had been the custom of various refiners to bid against each other for crude production by paying premiums in excess of the base rate for oil as established by the larger pipe line comp anies. This had resulted in the diversion of oil from one refinery to another and in many instances the payment of excessive prices for crude oil. This had led to considerable disorganization and for some months the Fuel Administra tion had sought to correct these practices. As a gasoline conservation measure the request was made on Aug. 27 by the U. S. Fuel Administration that the use on Sundays of automobiles, motor cycles and motor boats be discontinued in the United States east of the Mississippi River until further notice. Taxicabs or automobiles for hire were included among the vehicles to which the Sunday edict applies. Only voluntary compliance with the request would, it was announced by the Fuel Administration, prevent the issuance of a mandatory order prohibiting the use of gasoline on Sundays. The action was taken by the Fuel Administration, it was stated, to meet a threatened shortage of gasoline for shipment overseas, created by the increased domestic demands and extensive military operations in France. Government control of the recruiting and distribution of common labor for war work was inaugurated on Aug. 1, in accordance with the terms of the President’s proclamation of June 17. Beginning with Aug. 1, no employer engaged wholly or in part on war work, whose maximum force ex ceeded 100 men, could get unskilled labor except through the United States Employment Service of the Bureau of Labor. Though confined to unskilled labor, it was planned to extend the new policy to skilled labor also as soon as appropriate machinery can be set up. The new policy aimed not only to supply essential industries with necessary workers, but to prevent the waste and inefficiency involved in the unregulated competition for laborers, which, with its resultant shifting to and fro of workers, had resulted in a loss of efficiency estimated as high as 25%. No attempt at coercion of the individual workman was contemplated, further than that involved in the "work or fight” order, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis which compelled men of draft age not taken for the army to get work in “essential industries” that would contribute directly to the nation’s war efforts. It was pointed out, however, that with the extension of the draft ages under the new legislation then pending in Congress, a very large part of the labor force of the country would eventually be brought under similar control. The machinery for putting into force the new labor policy consisted of the appointment of State and local employment agencies comprising repre sentatives of the Federal Employment Service, industry and labor, and the subdivision of the country into suitable dis tricts. The recruiting of labor followed the general methods of the draft boards. To each State was assigned a quota of the labor force needed for war work. A statement authorized by the Department of Labor on Aug. 1 said: No employer engaged wholly or partly in war work, whose maximum force exceeds 100 workers, either skilled or unskilled, can get unskilled labor except through or under the direction of the United States Employment Service of the Department of Labor. Railroads and farmers are excepted from this blanket order. Advertising of any kind for unskilled labor, whether by card, poster, newspaper, handbill or any other medium, is prohibited to employers en gaged in war work, in regulations governing the central war labor recruit ing program announced by the Departmet of Labor. Control of the Shipping Board over the chartering of American vessels and of foreign vessels chartered by American citizens, was made more complete by a proclamation of the President, dated July 29 but not made public until Aug. 5. The proclamation provided that no American sailing vessel over 50 tons, and no American steamer over 250 tons, could be chartered unless the terms of charter were approved by the Shipping Board. No foreign vessel could be chartered to an American citizen without the Shipping Board’s ap proval. On Aug. 7 the President issued a proclamation which was made public Aug. 14, putting into effect the provisions of the amendments to the Shipping Act, adopted the previous month, designed to make it impossible for foreign interests to obtain control of American shipping or shipyards. The new Act provided that during war or any national emergency proclaimed by the President it is a criminal offense to sell, mortgage, lease, or deliver an American ship to a foreigner without the consent of the Shipping Board, or to make any agreement by which control of a ship is turned over to a foreigner. The prohibition applied not only to completed ships, but to ships under construction. It was also made illegal, without the board’s consent, to make any contract for ship construction for foreign account, unless the contract ex pressly provided that construction on the ship should not begin until after the war or emergency had ended. Ship yards, also, could not be transferred to foreigners without the consent of the Shipping Board. Charles Piez was again named General Manager of the United States Shipping Board Emergency Fleet Corporation. At the time of the appointment of Charles M. Schwab as Director-General of the Emergency Fleet Corporation, Mr. Piez resigned his title as General Manager and retained that only of Vice-President in charge of construction. Mr. Piez, however, continued at all times to handle the office details of the corporation, Mr. Schwab not desiring to encumber him self with them. The appointment of Mr. Piez as General Manager merely recognized an existing condition. Under a resolution of the Price Fixing Committee of the War Industries Board formally defining the Government’s policy of applying maximum fixed prices, it was ruled that such prices were to apply to the Government and civilians of the United States, and to the Governments, but not civilians, of Great Britain, France, Italy, Belgium and Japan. The report of the sub-committee of the Senate Committee on Military Affairs which had been investigating the aircraft program was filed with the Senate on Aug. 22 by Senator Thomas of Colorado, Chairman of the sub-committee, the other members of which were Senators Reed of Missouri, Smith of Georgia, New of Indiana, and Frelinghuysen of New Jersey. The report substantiated many of the charges of waste and inefficiency, and declared that a substantial part of the original appropriation of $640,000,000 had been "prac tically wasted.” At the same time the committee disclaimed any purpose of wholesale condemnation, praised much that had been done, and declared that the time was nearly at hand .when quantity production might be expected. The commit tee left consideration of individual shortcomings and mis feasance to be dealt with by the Hughes committee. Closely following the publication of the report of the Senate committee’s aircraft investigation, Secretary Baker on Aug. 27 announced a sweeping reorganization of the entire air service. John D. Ryan, Director of the Bureau of Air craft Production since the reorganization the previous April, was appointed Second Assistant Secretary of War, charged with full responsibility for the army’s air service. In his new capacity Mr. Ryan, with the title of “Director of Air Ser vice,” was given control not only of the Bureau of Aircraft Production, but also of the Bureau of Military Aeronautics, thus bringing all branches of the air service under a singe control. In naming Mr. Ryan as Second Assistant Secretary of War, it was announced that he replaced Edward Stettinius, then in France, "who will continue the special representative of the War Department in France, with full power to carry out special missions with which he is charged.” At the same time, Secretary Baker announced the designation of First RETROSPECT. Assistant Secretary of War Benedict C. Crowell as “Director of Munitions,” with full power and responsibility for the carrying out of the munitions program. Mr. Crowell, since his appointment as Chief Assistant to Mr. Baker, had had special charge of industrial matters coming before the War Department. His designation as Director of Munitions meant in reality but slight change from the work in which he had been engaged. Additional authority now had been dele gated, however, which would enable Mr. Crowell to handle the large problems embraced in the task described by Secre tary Baker as seeing “the munitions required for our military organizations are procured and furnished to the army in the field.” By a vote of 336 to 2 in the House, and without a single dis senting vote in the Senate, the new Man Power bill was passed, extending the age limits for military service to 18 and 45 years and bringing an estimated 13,000,000 additional Americans within the scope of the draft. The measure was passed by the House on Aug. 24 and by the Senate on Aug. 27. It then went to conference to straighten out certain differences between the two bills, and was reported back by the conferees on Aug. 29. Final action was taken in the House that afternoon, when the report of the conference committee was unanimously accepted. In the Senate the final vote was reached Aug. 30. It became a law with the signature of President Wilson on Aug. 31, and immediately thereafter was put into effect by Presidential proclamation— Sept. 12 being set as the day for registering all men between the age of 18 and 20 and 32 and 45, both inclusive. Provost-Marshal-General Crowder, anticipating favorable action, had already sent out the millions of questionnaires re quired, and the machinery was all ready to proceed with the work of registration as soon as President Wilson had issued the necessary proclamation setting the date. The “work or fight” clause inserted by the Senate was rejected by the House, and was finally dropped from the bill in conference. The purpose of the clause was to make specific the right of the Government to break up strikes in essential industries by depriving strikers of their deferred classification. The House conferees, however, insisted that this point was already sufficiently covered in the existing law, which stated that no exemption should continue when the reason for its no longer existed, and the Senate conferees readily fell in with this view. An estimate prepared by the Provost-Marshall-General’s office gave the number of men who would be affected by the extension of the draft ages as 12,788,758, as compared with 9,568,508 who were registered under the original selective service law which included men between the ages of 21 and 31, inclusive. The month was noteworthy in this country for the efforts made to enforce the curtailment of credits and to limit borrowing to absolute needs and to industries which could not in any way be classed as non-essential. On Aug. 5 the Board of Directors of the Federal Reserve Bank of New York made public a minute adopted by the directors at their meeting on July 31, in which they expressed approval of the views of the Federal Reserve Board in respect to the neces sity of banking institutions conserving credit. The minute said it was clear that the increasing volume of Government financing made necessary a far more united and consistent effort on the part of the bankers of the country to con serve and save credit than had previously been undertaken. The Federal Reserve Board had accordingly, on July 6, addressed a letter to all banks and trust companies request ing them to exercise “a reasonable discretion to restrict credits which are clearly not needed for the prosecution of the war nor for the health and necessary comfort of the peo ple,” and at the same time had asked the Federal Reserve banks in every practicable way to bring about a better un derstanding of the necessity for the conservation of credit. Acting in accordance with the idea the Board of the New York Federal Reserve Bank adopted the following resolu tion: Resolved, That the directors of the Federal Reserve Bank of New York, in full sympathy with the views of the Board, hereby direct the officers of the bank, in such ways as may be appropriate, to express to the banking institutions of this district the importance and necessity of conserving credit. By endeavoring to secure such gradual reduction as may be practicable of loans now carried for non-productive or non-distributive purposes. By gradually reducing the amount of credit granted for purposes not clearly necessary for the prosecution of the war or the health and necessary comfort of the people; and By educating borrowers of all classes to keep their demands for credit down to the very minimum. J_______ _ Such a concerted campaign of action and education by the banking institutions of the New York district, it was stated, would surely lead to a spirit of economy in credit transactions, as well as to an actual saving of credit com parable to the saving already effected in food and other commodities, and would enable the Government to com mand the credit thus saved and use it directly and with full force for the winning of the war. On Aug. 23 the New York Federal Reserve Bank followed up this action by addressing a letter to the banking institutions in the New York Federal Reserve District in which these institutions were urged to take up the work of conserving credit “systematically and conscientiously.” Saving of credit by banks, in order to help the situation as a whole, it was declared, must be the result of saving on the part of the borrower. Shifting loans from one institution to another or sales of collateral which merely cast the burden upon other shoulders would save no http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 45 credit. Credit conservation could only be accomplished by business or personal economies, and required co-opera tion between banks and their borrowers, and education of borrowers by their banks. Producers, manufacturers and merchants might do their part and reduce their credit re quirements in the following ways: By not overbuying; by carrying as small stocks as practicable; by postponing new construction, or expansion of their business; by effecting business economies. Individuals might do their part by studying their personal expenses and effecting* economies which would enable them gradually to pay off their loans. The letter urged that a careful analysis of loans and lines of discount be made in order to determine definitely what credits then in use were not directly* connected with Gov ernment financing, or the production or distribution of things necessary to maintain the health and efficiency of the country’s armed forces and the civilian population. While the majority of bank loans would prove to be for these pur poses, most institutions also had a considerable volume of loans to individuals made for other purposes, many of them of long standing. It was to loans of this character as well as to the less necessary commercial borrowings that credit conservation should first be applied. On Aug. 19 the views expressed by the Federal Reserve Board were endorsed by the Clearing House Committee of the New York Clearing House Association, which adopted the following resolution on the subject: The Clearing House Committee is in entire sympathy with the sugges tion of the Federal Reserve Board as to the general necessity for the con servation of credit and commends its suggestions to the earnest consideration of the business public. In line with the action of the directors of the New York Federal Reserve Bank the directors of the Federal Reserve Bank of Boston, on Aug. 15, also adopted a resolution similarly calling upon the officers of the Reserve Bank to impress upon the bankers and other business men of the Boston District the necessity of conserving credit and other resources for purposes not essential to the war. The Fed eral Reserve Bank of Chicago and some of the other Reserve banks took like action. On Aug. 24 in a letter sent to all State Public Utility Commissioners by the Capital Issues Committee at Wash ington the postponement until the conclusion of the war of extensions of street car lines, electric lighting systems, water mains, street paving, or other public utility enter prises not absolutely essential to the war was declared imperative. In his letter Governor Hamlin, Chairman of the Committee, said: It is plain that we must avoid every unnecessary use of capital, involving also the use of labor and materials, in order not to interfere With the financial and industrial requirements of the Government in this paramount task of making war. Existing facilities must be made to serve in place of new ones, regardless of temporary inconvenience and discomfort unless the public health or paramount local economic necessity is involved. These considerations apply with marked force to the public utility situa tion. The extensions and betterments which public service corporations are accustomed to make in normal times, either on the initiative of their own enterprise or by direction of the regulating commissions under which they operate, should be postponed till after the war. Among other incidents of the same kind was a warning on Aug. 29 to the effect that “any disposition to indulge in speculative commitments, based on borrowed money, must of necessity lead to an increase in rates that will prove cor rective.” This was contained in a statement issued by Gates W. McGarrah, Acting Chairman of the local Money Committee. The statement in full was as follows: The efforts to stabilize money rates made since the First Liberty Loan was offered have met with a cheerful and sincere co-operation on the part of borrowers and lenders. The Government in prosecuting the war requires a constantly increasing amount of money, and while every effort will con tinue to be made to maintain rates at the present level, it is thought wise in view of the present progress of the Allied armies, to point out that any disposition to indulge in speculative commitments, based on borrowed money, must of necessity lead to an increase in rates that will prove correc tive. The issuance of the statement, which was not without its effect on the stock market, followed a meeting of the Money Committee at which it was reported there had been, discussion of the money market in general. Current rumor dealt with the possibility that loaning on Stock Exchange collateral might be held as aiding non-essential undertak ings, though it was not believed the proposition had ever seriously been made. Of a different kind was the action of the War Finance Corporation at Washington. All the steps here were in the direction of more generous aid to needy borrowers. On Aug. 5 it was announced that to help finance crop move ments the War Finance Corporation would welcome appli cations from banks for loans to cover advances by the banks to farmers and merchants for harvesting and marketing wheat and other crops. W. P. G. Harding, acting as managing di rector of the War Finance Corporation, requested the Federal Reserve banks of San Francisco, Minneapolis, Dallas, Kan sas City, St. Louis, Atlanta and Richmond to accept from member and non-member banks applications for loans to be transmitted to the War Finance Corporation. The telegraphic advice sent to the different Federal Reserve banks stated that upon suggestion of the Secretary of the Treasury, the War Finance Corporation had determined to make advances to banks in order to|assist them in financing the movement of the crops. These advances would be 46 RETROSPECT. made under the terms of Section 7 of the War Finance Corporation Act. The security required was notes evi dencing loans made by the applying banks for crop-moving purposes or notes evidencing loans made previously to farmers and merchants, provided a statement was fur nished by the applying banks to the effect that the proceeds of the advance would be used for crop-moving purposes. The orderly movement of crops, it was declared, was neces sary to the conduct of the war, and while it was not the in tention of the War Finance Corporation to engage in banking operations generally, it wished wherever necessary to sup plement the facilities afforded by Federal Reserve banks for crop-moving. The rate of interest was placed at 6% per annum, but on Aug. 15 announcement was made by the War Finance Corporation that in order to further assist financing crop movements a reduction of 1% to 5% had been made in the interest rate on these short-term advances to banks, which were limited to four months. On Aug. 15 it was announced that the War Finance Cor poration would make direct loans to individuals, firms and corporations whose principal business was the raising of live stock, including cattle, sheep and hogs. The live stock in dustry, and particularly breeding stock, in some parts of the country had been suffering, it was said, great hardship by reason of excessive drouth conditions and cattle men were ex periencing great difficulty in feeding and protecting their cattle. The action of the Corporation was intended to re lieve this situation. Secretary McAdoo, in his announce ment, said the War Finance Corporation had perfected its plan for making direct loans under the provisions of Section 9 of the War Finance Corporation Act. The Corporation had decided to create, under authority of the Act, two agencies, one at Kansas City and one at Dallas. These agencies would be known as the Cattle Loan Agencies of the War Finance Corporation and their business would be confined entirely to the consideration of applications for direct loans to cattlemen. All applications from banks for advances for crop-moving and other purposes would be received as heretofore by the Federal Reserve banks, acting as fiscal agents for the Corporation. Each of the two cattle loan agencies would be conducted by a Cattle Loan Committee, one with headquarters at Kansas City and the other at Dallas, of which committees the Federal Reserve Agent and the Governor of the respective Federal Reserve banks would be members. Five additional members of each Committee would be appointed by the War Finance Corporation. The Cattle Loan Committee would in turn create such local organizations as might be necessary to carry the plan into execution. All applications for direct cattle loans would have to be made through the cattle loan agen cies, which would refer such applications as they approved to the War Finance Corporation for final approval. Only two cattle loan agencies would be established, and applicants residing in the Federal Reserve districts of San Francisco, Minneapolis, St. Louis and Kansas City would send their applications to the Cattle Loan Committee of Kansas City; and those residing in the Federal Reserve districts of Dallas, Atlanta and Richmond would send their applications to the Cattle Loan Committee of Dallas. Cattlemen residing in other districts who might have occasion to make application, would communicate direct with the War Finance Corporation at Washington. On Aug. 16 the extension of financial aid by the War Finance Corporation to the canners of New York State was made known by the Corporation. In a letter addressed by Governor Harding the previous month (July) to the Federal Reserve banks, the need by canning industries of funds with which to purchase materials and meet payrolls was pointed out, Governor Harding adding that it would be desirable to have facilities of the Reserve system made available as far as practicable in the existing emergency. Under the arrange ment for assisting the canners in New York loans would be extended, it was stated, through a newly.organized canners’ warehouse company. The action, it was asserted, insured the harvesting and preservation of the season’s crop of spin ach, peas, tomatoes, corn and other vegetables, as well as a great variety of small fruits. The method by which aid was to be extended and the reason for the step were set out as follows: acceptances to dealers and discount houses at rates based on the discount rate of the Federal Reserve Bank, namely 4/^%. J. P. Morgan in discussing the move was quoted as saying that the action had been taken in order to encour age the development of a free and active market in accept ances eligible for discount at the Federal Reserve Bank on lines of similar markets in London and Paris. Several other banking houses announced their intention to co-operate with the Morgan firm in its new undertaking, these including the Columbia Trust Co., Brown Bros. & Co., Heidelbach, Ickelheimer & Co. and Salomon Bros. & Co. The Guar anty Trust Co. was said to have begun making advances on prime acceptances at'4J^% some months before. It became known also that the Federal Reserve Bank of New York had. been encouraging and supporting the acceptance market by making temporary advances to those dealing in such paper. This was said to have been done by the bank buying acceptances from brokers or dealers with the under standing or general agreement that at a subsequent date the acceptance would be repurchased. This arrangement was declared to be similar to certain transactions in respect to Treasury certificates of indebtedness, inasmuch as for a time banks requiring funds had made it a practice to sell their Treasury certificates to the Reserve Bank under an agreement for the repurchase of the same. That method of financing had been resorted to prior to the passage of the amendment to the War Revenue bill eliminating from taxa tion promissory notes secured by Liberty bonds and Treas ury certificates. It was pointed out that the Federal Re serve Bank, under the provision of the Reserve Act, pro viding for “open-market operations,” could buy and sell bills, notes, &c. Its rediscounting and loaning operations, however, were limited to member banks and to other Fed eral Reserve banks. It could not, therefore, discount bills for brokers or make advances to them on promissory notes secured by acceptances. The bank had the right, however, to buy and to sell acceptances, and this power had been availed of for the purpose of facilitating the acceptance mar ket. The so-called loans made to brokers and dealers on acceptances were not direct loans, but merely transactions of purchase and resale. Under this arrangement it was possible for the dealers to carry on their business and keep alive the acceptance market—something which would have been very difficult to accomplish if acceptances could not have been carried at less than 6%, the prevailing rate for Stock Exchange call loans. A fourth bi-weekly offering of U. S. Treasury Certificates of Indebtedness, in anticipation of the Fourth Liberty Loan, was announced on Aug. 1. It was for a minimum amount of 8500,000,000. The certificates were dated Aug. 6 and payable Dec. 5, with interest at 4j^%. Subscriptions were received by the Federal Reserve banks up to the close of business Aug. 13, and aggregated 8575,706,500. On Aug. 27 the fifth block of 4J^% Treasury certificates in anticipa tion of the Fourth Liberty Loan was offered. It again was for a minimum of 8500,000,000. The certificates were dated Sept. 3 1918 and payable Jan. 2 1919. Subscrip tions were received up to Sept. 10 and reached 8639,493,000. On Aug. 16 an indefinite amount of Treasury Certificates of Indebtedness, acceptable in payment of income and prof its taxes in 1919, was offered by the Treasury Department. These certificates were dated Aug. 20 and were made paya ble July 15 1919. They carried only 4% interest and were similar in terms to those floated in anticipation of tax collections earlier in the year. The offering was made in lieu of the regular bi-weekly issue of certificates in anticipa tion of the Fourth Liberty Loan, announcement of which would have been due Aug. 16. Announcement was made on Aug. 19 by Newcombe Carlton, President of the Western Union Telegraph Company that the 10% wage increase proposed by the company for its employees had been approved by Postmaster-General Burleson. The increase applied to about.45,000 workers belonging to the newly formed Association of Western Union Employees. It added 83,000,000 to the company’s payroll. A movement to secure the adoption by the Federal Gov ernment of suitable measures to prevent the decline of the A warehouse company has been organized by the canners with paid-in gold industry was inaugurated at the American Gold Con capital of $100,000. This warehousing company issues receipts for goods ference held by gold-producing interests at Reno on Aug. 13. stored, which receipts to the extent of 125% of cost value of goods form The meeting which covered three days was held at the in the basis of collateral to secure the respective loans to canners. The ware stance of Emmet D. Boyle, Governor of Nevada, and was housing company is managed by eleven of the most representative and well- attended by ninety-six representative gold producers whose known canners of New York State. The arrangement provides that every interests covered a majority of the important gold mines canner in the State can avail himself of the facilities afforded, and no canner of America. At the concluding session on Aug. 14 a reso will be refused relief if he is worthy of it and has the required security. The canning industry of New York State is a large one, particularly lution was adopted urging “relief by the United States to active in the northern section of the State. In their application for aid the the gold producers of this country to correspond with the canners stated that in the last two seasons, when the crops were light, only increased cost of production, the extent of such relief to a comparatively small amount of funds was required, while the present be fixed from time to time to meet changing conditions.” season’s crop is a large one. Furthermore, in responding to tne needs of It was urged that some of the larger mines were actually . the times, the canners have extended their acreage and enlarged their pro operating at a loss. It was recited in the resolution that gold duction. They stated also that the amount of money they have been able production in the United States had declined from 8101,000,to procure from the banks with which they deal is entirely inadequate to enable them to continue their business and save these perishable food prod 000 in 1915 to 884,000,000 in 1917, with still greater decrease ucts; that the cost of containers and other expenses has increased, that the in prospect. The resolution further declared that the in situation was precarious and a serious food loss was threatened, and that creased cost of production with no increase in the market aid to be of real value had to come quickly, as otherwise a large amount of price had forced many mines to cease operations, while perishable food products would be lost, to the great detriment of growers, many others, then running at a loss, were about to be closed canners and the consuming public as well as our soldiers overseas. down or abandoned, threatening a large portion of the gold An incident of the month was the announcement by mining industry with extinction. J. P. Morgan & Co. that on and after Monday, Aug. 26, Gold mining was characterized as an essential war industry they would make advances of money on call against eligible in a resolution adopted by the Priorities Board of the War http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RETROSPECT. 47 Industries Board. Information to this effect was conveyed Russia $325,000,000, Belgium $154,250,000, Greece $15,to the American Gold Conference at Reno, Nev., on Aug. 13 790,000, Cuba $15,000,000 and Serbia $12,000,000. by Edwin B. Parker, Priorities Commissioner, who made Railroad Events and Stock Exchange Matters.—The tone on known the adoption of the resolution as follows: the Stock Exchange continued to improve throughout the It has been resolved by the Priorities Board that gold mining is an essen month and a substantial rise in prices occurred, both in the tial war industry and the powers of this Board shall be so exercised as to case of railroad shares and of the industrial properties. accord to such industry preferential treatment in the supply not only of Dealings were on a very small scale, the aggregate of the share tools, machinery and equipment, but in the transportation service, fuel and sales for the month being only 6,887,589 shares, as against labor supply. 11,636,853 shares in August 1917—and in fact the smallest Sales of gold bars to jewelers and others were suspended of any August since 1913. The inability to obtain funds for on Aug. 30 by the New York Assay Office under orders from speculative dealings of any kind obviously rendered active Director of the U. S. Mint Raymond J. Baker, but resumed trading out of the question. In face of the limited buying the following day with the same unexpectedness that had the tendency of prices was strongly upward. The wonderful marked their discontinuance. The order to continue sales, progress made by the Allies in their assaults upon the German for which the Assay Office was said to have had no explana forces in France and Flanders was one element which served tion from Washington, carried with it no restrictions. to stimulate confidence, notwithstanding the monetary dis Others affected besides jewelers were manufacturers of couragements. Furthermore, the railroads, as a result of the rate advances, were for the time being recording satisfactory dental goods.' That India was helped by the United States over one of gains in both gross and net earnings, after the frightful losses the most serious currency crises in the history of the British sustained during the first six months of the year. In the Empire was disclosed in a statement made by Sir James case of the industrial shares the good record of earnings made Weston, Finance Member Designate of the Viceroy’s Coun by the U. S. Steel Corporation in its income statement for the cil, in a statement given out at London on Aug. 22 to the June quarter, made public July 30, was not without influence Associated Press. The dispatches of the latter quote him in engendering favorable views. The report, noted above, that loans on Stock Exchange collateral might be classed as as saying: non-essential and Stock Exchange borrowers therefore denied Probably few people in America realize how vitally important to India the accustomed accommodations in the money market, and to India’s share in the war was the legislation passed in Washington caused somewhat of a downward reaction on one occasion, releasing large quantities of silver for use in alleviating the currency situa but this was only a momentary occurrence. But while tion there. For this action India, as well as the British Empire and the Allies, owe a debt of gratitude to the United States which it is hard to stocks were strong, the Third Liberty Loan 4J4s were weak. They fell from 95.78 Aug. 1 to 94.74 Aug. 28, with the close overstate. Prices were rising, but there was actual lack of currency to carry on busi Aug. 31 at 94.98. On the other hand, the First Liberty ness. The Government tried to meet the situation by issuing one-rupee Loan 3 J^s, because of the exemption from surtaxes which they notes, but the people were suspicious of them. They thought it meant enjoy, were strong, and after crossing par reached a premium the Government could not meet its liabilities, and last March a serious of 2j^% (selling at 102% Aug. 22), from which, however, run on the currency reserves developed. People from the country districts there was a downward reaction with the close Aug. 31 101.60. were hurrying to cash their notes, and for a few weeks the Government had a very anxious time. It was faced with the danger of having to declare its The bonds of the French cities, as also other bonds of the notes inconvertible, and it knew if there was a lack of silver at any one Allied Governments, dealt in on our Stock Exchange, ad centre the result would be most serious. Unrest would increase enormously, vanced sharply as a result of the Allied successes on the recruiting would cease just when it was most needed, the manufacture of European battlefields. munitions would be interrupted, and exports of wheat, jute, cotton, and other necessaries for the Allies would stop. It was the United States that saved the situation. By passing the Pitman Act, Congress gave India an opportunity to obtain silver and, moreover, fix the price at which the Washington Treasury was to buy silver from the American mines to replenish its reserve. Some of this silver is now reaching India, and, with the rate of silver fixed, the Indian Government believes its currency difficulties are over. The United States Treasury announced on Aug. 15 that it had virtually fixed the maximum price of silver at $1 01H per fine ounce, and that export licenses for silver would be granted by the Federal Reserve Board only for essential civil or military purposes and on condition that maximum price was not exceeded by the purchaser. This, in effect, it was stated, established a world price for silver, most of which was now being supplied by the United States. Within the previous three months the Government had melted down about 100,000,000 silver dollars and exported most of this to India, China and Japan for coinage purposes. Since the law under which this was done specifies that the Govern ment should pay SI per ounce for silver to replace these melted dollars, the Government found it necessary to sell its own stocks at 1^2 cents above the purchase price. Recently some purchasers had been bidding as much as SI 02 for silver to be exported, necessitating action to stabilize the price. One condition for the sale of silver by the Govern ment was that the purchaser should not pay more than the standard price of SI 01in markets outside the United States. Canada had on Aug. 24 followed the United States in stabilizing the price of silver at the maximum of SI 01 per ounce. A new regulation was issued prohibiting, except under license, the export of coin, bullion or bars. A British Treasury order dated Aug. 9 and published Aug. 13 fixed the maximum price for silver bullion at 48 13-16d.—the same price as that current in the markets from July 2. This however was, according to London cables of Aug. 21, raised to 49 J4d. when the U. S. Treasury announced as above that it had fixed the maximum price of silver at SI 01 j/2 per fine ounce. Fred I. Kent, Director of the Division of Foreign Ex change of the Federal Reserve Board on Aug. 30 gave notice that, until otherwise instructed, foreign exchange “dealers,” were prohibited from purchasing or selling Italian lire out side of the United States, without first obtaining the ap proval of the Federal Reserve Board through him. Announcement was made of the disbanding of the banking syndicate formed the previous February at the request of the International Sugar Committee to assist in financing the Cuban sugar crop. This brought to a successful con clusion an arrangement that was regarded as having done much to insure the country of a supply of that commodity. The syndicate agreed to provide a revolving credit of $100,000,000 to finance the crop movement, of which amount, however, only $16,000,000 was called for. The $100,000,000 asked was oversubscribed by $14,000,000, allotments having been made on an 84% basis. A further credit of $200,000,000 was extended to France by the United States on Aug. 15, and of $400,000,000 to Great Britain on Aug. 29, making the total credits extended to the Allies $7,092,040,000, Great Britain having received $3,745,000,000, France $2,065,000,000, Italy $760,000,000, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Slock Fluctuations. Aug. 1. Aug*. 31. Range for Month. Railroads— Price in doll ars per share Lowest. Atch Top & Santa Fe_. >84 X Aug. 10 85 X >87 X Baltimore & Ohio__ 53X Aug. 7 54 X 56 X Canadian Pacific____ 153 151 Aug. 2 >163X Chesapeake & Ohio__ 56 Aug. 5 56 X 58X Chic Milw & St Paul.. 43X Aug. 1 44 X 51X Erie _______ __ 15X 14X Aug. 2 15X Great Northern pref.. 90X Aug. 1 90 X *92 X 93 X Louisville & Nashville. *112 114J4 114 Aug. 10 116 New York Central___ 71 Aug. 1 71X 74 X N Y N H & Hartford . . 44 39X Aug. 1 40 X Norfolk & Western__ *104 107X 102X Aug. 7 103 X Northern Pacific. 87X Aug. 1 87 X 90X Pennsylvania________ z43X Aug. 1 z43X 44 X Reading Company___ 91 86X Aug. 1 87 X Southern Pacific.___ 84 Aug. 1 84 X >87 X Southern Railway___ 23 Aug. 22 23 X 26X Union Pacific________ 120X Aug. 1 121X 128 X Industrials— Allis-Chalmers Mfg.. 32X Aug. 30 33X *32 X 33 Preferred__________ 83 Aug. 1 *32 X 84 X 83 X Amer Agricul Corp__ *89 91 *98 100 89 Aug. 5 Amer Beet Sugar *69 70 70 68X Aug. 13 Amer Can.. _____ 47 46X Aug. 17 46 X Amer Car & Foundry. 84 83X Aug. 2 *84X 86 Amer Hide & Leather 18 Aug. 6 18X 19 X Amer Locomotive___ 65X Aug. 1 65X 66X Amer Smelt & Refining >*77 78 z76X Aug. 23 78 X Amer Steel Foundries. 72 Aug. 19 73 X 78X Amer Sugar Refining. _ *110 111 111 108X Aug. 22 Amer Tel & Tel_____ *97 98X 90X Aug. 5 92 X Amer Wool of Mass__ 58 Aug. 1 *58 X 58 X 58 X Amer Writ Pap pref. _ 27 X 27X Aug. 6 *36 X 38 Amer Zinc, Lead & Sm *17 17X 17X Aug. 27 18X Anaconda Copper___ 65X Aug. 1 68 X 65X Baldwin Locomotive.. 90 88X Aug. 1 93 X Beth Steel Class B com 85 82X Aug. 1 82 X Central Leather _____ *66X 68 66X Aug. 2 70X Chile Copper_________ *16X 16X 16 Aug. 13 16 X Chino Copper ___ 38X Aug. 5 39X 39 X Colorado Fuel & Iron. . 45 45 Aug. 1 47 X Continental Can____ *69 70 70X Aug. 29 *70X 72 Crucible Steel 65X Aug. 5 66 X 68 X General Electric_____ 145 144X Aug. 7 146 X General Motors 132 Aug. 29 135 *130 136 Goodrich (BF)_____ 44X Aug. 27 44X 45X *45X 46X Gulf States Steel___ 79X Aug. 27 SIX SIX Inspiration Cons Cop. 51 Aug. 22 52 X 53 X Internat Agric Chem.. *16 17 17 Aug. 23 *16 17X 26 Internal Merc Marine. 25X Aug. 1 28X 103 Preferred__________ 95X Aug. 1 97 X International Nickel. . 29X Aug. 7 30 X 29X 34 Aug. 23 International Paper__ 35 36X 84 Lackawanna Steel___ 82 Aug. 1 *84 X 84 X 25 Aug. 13 Maxwell Motors __ 26X *26X 27X 59 58 Aug. 19 National Lead _____ 58 X 50 Aug. 26 Pittsburgh Coal__ __ 51X *50X 51X *50 Pressed Steel Car____ >68X Aug. 17 >71X 69 X Railway Steel Spring. _ 60X Aug. 8 68 X 61X Republic Iron & Steel. 91 Aug. 1 91X 92 X Studebaker Corp 42X Aug. 2 >*42 X 44 43 X 151 Texas Company. _ _ 149X Aug. 22 153 X >*123 124 Z124X Aug. 30 U S Industrial Alocho] 126X U S Rubber_________ 61 60X Aug. 17 62 X 42 Aug. 24 U S Smelt Ref & Min. *42 X 43 *42 X 43 X U S Steely___________ 107X Aug. 1 >111X 108 X 80 Western Union Teleg. 77X Aug. 2 84 X * Bid and asked price; no sale. j Quoted ex-dividend during the month and prior to this date. x Ex-dividend. Highest. 87X Aug. 56X Aug. 172X Aug. 59 Aug. 51X Aug. 15X Aug. 93X Aug. 116X Aug. 75 Aug. 44X Aug. 108X Aug. 91 Aug. 44X Aug. 91X Aug. 89X Aug. 26X Aug. 129 Aug. 31 24 24 24 31 14 27 13 31 31 13 24 13 26 26 31 31 34X Aug. 14 84X Aug. 26 101 Aug. 27 71X Aug. 26 48X Aug. 26 86X Aug. 26 22 Aug. 26 67X Aug. 24 79X Aug. 10 79X Aug. 28 llix Aug. 26 99 Aug. 26 59X Aug. 8 39X Aug. 28 18X Aug. 1 69 Aug. 29 96X Aug. 10 85X Aug. 29 71X Aug. 27 16X Aug. 26 40X Aug. 29 48X Aug. 28 73 Aug. 14 70 Aug. 12 147X Aug. 26 164 Aug. 21 45X Aug. 3 85X Aug. 12 54X Aug. 29 17X Aug. 29 28X Aug. 28 104 X Aug 28 30X Aug. 2 38 Aug. 14 85X Aug. 28 27X Aug. 6 59X Aug. 26 52X Aug. 12 73 Aug. 13 70X Aug. 28 94X Aug. 28 45X Aug. 12 155X Aug. 29 129X Aug. 8 64X Aug. 29 42X Aug. 6 116X Aug. 28 85X Aug. 24 The Money Market.—The money market was the occasion of much solicitude during the month, and numerous warn ings were issued enjoining conservation in the uses of credit. Money rates at this centre were not allowed to go above 6% (except that in case of call loans where the collateral consisted exclusively of industrial securities the rate was, as before, one-half of 1% higher) but that was simply because the Liberty Loan Money Committee intervened whenever necessary to prevent a rise to higher figures and the services RETROSPECT. 48 of this Money Pool to that end were required on more than one occasion. In the early part of the month some very small amounts of money were loaned on call at the Stock Exchange as low as 4%, but most of the loans even then were at 5)4 @6%, with the Money Committee obliged to put out quite large amounts to prevent the rate from getting above 6% for loans on mixed collateral and 6)4% where the collateral consisted wholly of industrial securities. After the 13th, rates were maintained absolutely unchanged day after day at these prescribed rates of 6 and 6^2%. Loans with fixed maturities (time loans) were granted with the utmost reserve and were extremely hard to get. At the close of the month money at this centre was virtually on a 6% basis, both for time loans and for call loans, as well as for commercial paper, and the indications then pointed to an intention to stabilize rates at that figure. The in auguration by J. P. Morgan & Co. of a policy of making ad vances on call loans against eligible acceptances to dealers and discount houses at rates based on the discount rate of the Federal Reserve Bank, namely 4)4%, was an incident of the month. The object was to establish an enduring and a broad market for acceptances. Nevertheless this movement to facilitate borrowing constituted somewhat of an anomaly at a time when in all other directions such active efforts were being made to curtail borrowing and restrict the employment of credit facilities to absolutely essential needs. Surplus reserves of the New York Clearing House institu tions fell from $72,383,710 July 27 to $30,074,080 Aug. 17, but were $55,327,750 Aug. 31. The loan item expanded from $4,394,524,000 Aug. 3 to $4,546,751,000 Aug. 10 but were down again to $4,428,325,000 Aug. 31. Government deposits from $399,696,000 Aug. 3 increased to $522,310,000 Aug. 10, but Aug. 31 were down to $216,255,000. Ordinary deposits Aug. 31 aggregated $3,841,824,000, against $3,778,782,000 on Aug. 3. Foreign Exchange, Silver, &c.—In the foreign exchange market the deviations in the rates for sterling bills during the month were trifling, notwithstanding the Allied suc cesses, the sterling market remaining under the arbitrary control of the British Government. In this we have refer ence to the rates for bankers’ bills. In the case of com mercial bills, namely sight'bills, 60 and 90 day bills, docu ments for payment and 7-day grain bills there was not a change of the minutest fraction on any day throughout the month. In contrast with this stability of sterling exchange, the fluctuations in the Continental exchange were very marked as a result of the Allied successes and also (in some instances) the regulatory measures adopted for controlling rates which had been running against this country. On the neutral centres the changes were strongly in favor of the United States. In the case of the Italian lire, the Federal Reserve Board, through its Division of Foreign Exchange, operating in conjunction with the Italian Treasury, made repeated advances in rates. As against the quotation of 8.00 lire to the dollar there was first a reduction to 7.90, then to 7.50 and at one jump a further cut to 6.35 lire to the dollar. At the low point for Italian exchange reached in May, the quotation had been 9.03 lire. In French francs there was also considerable improvement; at the end of the month bankers’ cheeks on Paris were quoted at 5.47 francs to the dollar, as against 5.71)4 at the beginning. This re flected not only the Allied successes in France., but also followed in part from the outlays made by the United States in maintaining its large army on French soil. On the other hand, as already noted, the exchanges on the neutral cen tres gradually lost some of the advantages which they had enjoyed. Swiss francs Aug. 31 were quoted at 4.26 francs to the dollar for sight bills, as against 3.91)4 francs the early part of the month. Amsterdam guilders dropped from 52)4 Aug. 7 for sight bills to 50)4 Aug. 31 and rates on the Scandinavian centres and on Spain followed a similar course. Spanish pesetas were quoted at only 23.40 @23.60 for checks Aug. 31, against 26.50@26.60 cents Aug. 2, while cheeks on Denmark declined from 31.20 cents to 30.60 cents. Open market discounts in London continued without varia tion at 3 17-32 for both 60 and 90-day bills. Silver in London was quoted unchanged at 48 13-16d., up to Aug. 21, when the price was advanced to 49)4d. (as the result of a British Treasury order referred to further above), which figure ruled thereafter until the close of the month. MONTH OF SEPTEMBER Current Events.—The month of September will always rank as a memorable one in the history of the Great War. The successes attained by the Entente Powers the preceding month were followed by even more brilliant victories in September. In the fore part of the month the American troops in France were allotted a most difficult task?, namely the reduction of what was known as the St. Mihiel salient (southeast of Verdun). This salient had been maintained by the Germans since the beginning of the war. The American troops under General Pershing surprised the Germans who, though expecting an attack in that quarter, were not prepared for the dash and energy with which it was conducted. The salient was wiped out in short order, the American forces taking a large number of prisoners and securing much booty. For the Turks also, there came an awful surprise. By clever strategy and a series of swift moves, General Allenby, with the aid of the Arabs, sur rounded the Turks in Palestine and practically annihilated two or three of their armies in that region. The British http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis took over 60,000 prisoners with many guns and large amounts of supplies. In Macedonia, a campaign against Bulgaria was conducted by the armies from Saloniki with such success that by the end of the month the Bulgarian Government asked for an armistice, and to get it had to accept the hard conditions imposed, which were unconditional surrender, Bulgaria thus detaching herself from the Central Powers. On the Western front, too, aside from the achievements of the Americans at St. Mihiel, the Entente forces gained further notable successes, the French, the British, and even the Belgian troops, distinguishing themselves for their aggressive forward movement. By the end of the month, the Allied forces had, among other things, taken St. Quentin and prac tically surrounded Cambria. In all these operations the Germans sustained enormous losses and an official announce ment, made after the close of the month, stated that from July 15 to the end of September the Allies hqd captured on the Western front 5,518 officers and 248,494 men. The booty secured during that period included 3,669 guns and more than 23,000 machine guns. The month was also noteworthy for further peace proposals from the Teutonic Powers. Another “peace offensive” came from Austria in a communication addressed to all the belligerent Powers; the Austro-Hungarian Government on Sept. 14 proposed that the belligerents send delegates to a “confidential and unbinding discussion on the basic principles for the conclusion of peace,” the meeting to be held at an early date in a neutral country. Neutral Governments were made acquainted with the step taken and a special communi cation was sent to the Pope. It was proposed that the delegates to the conference should “make known to one another the conception of their Governments regarding those principles and to receive analogous communications, as well as to request and give frank and candid explanations on all those points which need to be precisely defined.” No armistice was suggested, and the discussions “would only go so far as was considered by the participants to offer a prospect of success.” Although the proposal was put forth solely in the name of Austria-Hungary, an official communication accompanying the formal note stated that “the constant close accord which exists between the four allied Powers warrants the assumption that the allies of Austria-Hungary, to whom the proposal is being sent in the same manner, share the views developed in that note.” The documents were first made public in Asso ciated Press dispatches from Amsterdam under date of Sept. 15. The official text was not received by the State Department until the afternoon of the next day, when it was delivered by the representative of the Swedish Government, which had been taking care of American diplomatic interests at the Austrian capital. It was cabled from Vienna to Stockholm and thence to Washington. The Austrian com munication was in two parts, the note proper being accom panied by an explanatory statement which read as follows: An objective and conscientious examination of the situation of ail the belligerent States no longer leaves doubt that all peoples, on whatever side they may be fighting, long for a speedy end to the bloody struggle. Despite this natural and comprehensible desire for peace, it has not so far been pos sible to create those preliminary conditions calculated to bring the peace efforts nearer to realization and bridge the gap which at present still sepa rates the belligerents from one another. A more effective means must therefore be considered whereby the re sponsible factors of all the countries can be offered an opportunity to in vestigate the present possibilities of an understanding. The first step which Austria-Hungary, in accord with her allies, under took on Dec. 12 1916, for the bringing about of peace, did not lead to the end hoped for. The grounds for this lay assuredly in the situation at that time. In order to maintain in their peoples the war spirit, which was steadily de clining, the Allied Governments had by the most severe means suppressed even any discussion of the peace idea. And so it came about that the ground for a peace understanding was not properly prepared. The natural transition from the wildest war agitation to a condition of conciliation was lacking. It would, however, be wrong to believe that the peace step we then took was entirely without result. Its fruits consist of something which is not to be overlooked—that the peace question has not since vanished from the order of the day. The discussions which have been carried on before the tribunal of public opinion have disclosed proof of the not slight differences which to-day still separate the warring Powers in their conception of peace conditions. Nevertheless an atmosphere has been created which no longer excludes the discussion of the peace problem. Without optimism, it at least assuredly may be deduced from the utter ances of responsible statesmen that the desire to reach an understanding and not to decide the war exclusively by force of arms is also gradually be ginning to penetrate into Allied States save for some exceptions in the case of blinded war agitators, which are certainly not to be estimated lightly. The Austro-Hungarian Government is aware that after the deep-reach ing convulsions which have been caused in the life of the peoples by the devastating effects of the world war it will not be possible to re-establish order in the tottering world at a single stroke. The path that leads to the restoration of peaceful relations between the peoples is cut by hatred and embitterment. It is toilsome and wearisome, yet it is our duty to tread this path—the path of negotiation—and if there are still such responsible factors as desire to overcome the opponent by military means and to force the will to victory upon him, there can, nevertheless, no longer be doubt that this aim, even assuming that it is attainable, would first necessitate a further sanguinary and protracted struggle. But even a later victorious peace will no longer be able to make good the consequences of such a policy—consequences which will be fatal to all the States and peoples of Europe. The only peace which could righteously adjust the still divergent conceptions of the opponents would be a peace desired by all the peoples. With this consciousness, and in its unswerving endeavor to work in the interests of peace, the Austro-Hungarian Govern ment now again comes forward with a suggestion with the object of bring ing about a direct discussion between the enemy Powers. RETROSPECT. 49 Germany stood on the question of Belgium, Alsace-Lorraine, the German colonies and the Brest-Litovsk and Bucharest treaties.” “It could not be more clearly set forth than it was by von Payer last week that Germany intended to pay no indemnity to Belgium. The Vice-Chancellor indicated that Germany did not believe in the principle of indemnities, and yet at the same time she was squeezing millions of dollars out of Russia.” “This,” the speaker went on, “was for the wrongs Russia is supposed to have done Germany. How can those wrongs be compared with the devastation and ruin which Germany is wreaking on Russia now?” Regarding the question of colonies, Secretary Balfour said: “The col onies are one question on which there is no misunderstand We stand on one side and Germany on the other.” The note itself was much lengthier and contained the fol ing. “Von Payer stated that the German boundaries should re lowing among other paragraphs: main intact, which, of course, means that Germany will keep We venture to hope that there will be no objection on the part of any Alsace-Lorraine. How are conversations going to set that belligerents to such an exchange of views. The war activities would ex right? There are no misunderstandings between the bel perience no interruption. The discussions, too, would only go so far as “Until the Central Powers are was considered by the participants to offer a prospect of success. No dis ligerents on that score.” advantages would arise therefrom for the States represented. Far from of open mind and are prepared to discuss our views of what harming, such an exchange of views could only be useful to the cause of we believe to be right and justice and for the uplift of civili zation,” continued the Secretary, “mere conversations for peace. What did not succeed the first time can be repeated, and perhaps it has practical results are useless.” already at least contributed to the clarification of views. Mountains of The proposal of the Austro-Hungarian Government for a old misunderstandings might be removed and many new things perceived. conference to discuss peace terms had been foreshadowed, Streams of pent-up human kindness would be released, in the warmth of in a measure, by an address delivered by Baron Burian, the which everything essential would remain, and, on the other hand, much that is antagonistic, to which excessive importance is still attributed, would Foreign Minister, to visiting German newspaper men. In this address the Foreign Minister, as reported in Amsterdam disappear. According to our conviction, all the belligerents jointly owe to humanity dispatches, on Sept. 10, said in part: The earnest will to peace of wide classes of the population of all the States who are jointly suffering through the war—the indisputably rapproche ment in individual controversial questions—as well as the more conciliatory atmosphere that is general, seem to the Austro-Hungarian Government to give a certain guarantee that a fresh step in the interests of peace, which also takes account of past experiences in this domain, might at the present moment offer the possibility of success. The Austro-Hungarian Government has therefore resolved to point out to all the belligerents, friend and foe, a path considered practicable by it, and to propose to them jointly to examine in a free exchange of views whether those prerequisites exist which would make the speedy inauguration of peace negotiations appear promising. To this end the Austro-Hungar ian Government has to-day invited the Governments of all the belligerent States to a confidential and unbinding discussion at a neutral meeting place, and has addressed to them a note drawn up in this sense. to examine whether now, after so many years of a costly but undecided struggle, the entire course of which points to an understanding, it is pos sible to make an end to the terrible grapple. It did not take President Wilson long to make up his mind as to how to treat the Austrian proposal. His reply was couched in a communication consisting of only two sentences, made public by Secretary of State Lansing 25 minutes after the official text of the note was delivered by the Swedish Minister, W. A. F. Ekrengren. The President’s reply was a curt refusal. The Imperial Government was reminded that the American Government “has repeatedly, and with entire candor, stated the terms upon which the United States would consider peace, and can and will entertain no proposal for a conference upon a matter concerning which it has made its position and purpose so plain.” The President’s note was prepared in advance of the receipt on Sept. 16 of the official text of the Austrian note, on the basis of the press cablegrams received the previous day. Secretary Lansing had been notified informally by the Swedish Minister that the note had been received, was being decoded and would be deliv ered by nightfall. It was 6:20 o’clock when Minister Ekren gren entered the office of Secretary Lansing, bearing the translated text. Two minutes later Minister Ekrengren left the State Department. Secretary Lansing received the representatives of the press at 6:45 o’clock and read the state ment embodying the reply. Secretary Lansing said the reply, as made public, would be delivered to the Swedish Minister on Sept. 17 to be transmitted via Stockholm to the Austrain Government. Secretary Lansing’s statement to the press embodying the President’s reply was as follows: I am authorized by the President to state that the following will be the reply of this Government to the Austro-Hungarian note proposing an unofficial conference of belligerents. “The Government of the United States feels that there is only one reply which it can make to the suggestion of the Imperial Austro-Hungarian Government. It has repeatedly, and with entire candor, stated the terms upon which the United States would consider peace, and can and will entertain no proposal for a conference upon a matter concerning which it has made its position and purpose so plain.” The peace terms considered as fundamental by our Gov ernment were stated in the President’s address before Con gress the previous Jan. 8, and were embodied in 14 propo sitions. The four general principles for an enduring peace, referred to in the statement accompanying the Austrian note as having met with no denial in Teutonic countries, were in corporated in the speech delivered by President Wilson at Mount Vernon on July 4. President Wilson’s reply to Austria’s peace proposals met with almost unanimous ap proval in the press and in the halls of Congress. Senator Lodge of Massachusetts, the ranking Republican member of the Foreign Relations Committee, took the earliest oppor tunity to endorse the President’s position. Speaking in the Senate on Sept. 17, Mr. Lodge said the President’s prompt and curt refusal was right and wise, and would receive uni versal approval. By the Entente Powers the proposal was treated with indifference. Arthur J. Balfour, British Foreign Secretary, said the terms of peace and war were so tremendous, and the calamities imposed by the continuation of hostilities so overwhelming, that he would never treat with disrespect any peace proposal. “But,” he went on, “I cannot honestly see, in the proposals now made to us as I have been able to study them, the slightest hope that the goal we all desire—the goal of a peace which shall be more than a truce—can really be attained.” Coming after the recent speech of Friedrich von Payer, the German Imperial Vice-Chancellor, Mr. Balfour continued: “This cynical pro posal of the Austrian Government is not a genuine attempt to obtain peace. It is an attempt to divide the Allies.” “I am not taking the proposals of two years ago, or of last year, but of last week,” Secretary Balfour said. “The German Vice-Chancellor, speaking for the German Govern ment, clearly and without obscure verbiage, showed where http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis “This question arises,” said the Foreign Minister; “Isn’t it a crime against humanity even to think of completely pulling down a structure which has become historical, and which certainly here and there needs improvement, but is only capable of improvement, in order to found a paradise in future on its ruins? The defect in this, however, is that in accordance with the destructive methods of our enemies it can only be created with a much too great sacrifice. “Count the past hecatombs of this war. Think of those to come and ask whether striving to attain war aims at such a price is justifiable—war aims in which the principle of justice is put foremost—without investigating whether an understanding could not be reached by a fair application of that principle. “It is unthinkable that even the most confident hopes of final victory could permit the enemy in the long run to avoid considering whether the most terrific exertions and sacrifices can longer be justified in order to carry through principles which are not the enemy’s monopoly or to regulate the affairs of other peoples who can manage them quite as well themselves. “I believe that careful and sincere investigation would bring many on the other side to realize that they often are fighting for imaginary things. It may be an ungrateful task to want to communicate one’s own perceptions of things to the enemy. “The enemy group can, if it wishes, convince itself that in all questions of humanity and justice and of future international relations it will en counter on the part of our group no opposition and will be in line with our existing progressive aspirations. But at the same time it will meet our determination to continue steadfastly to stand up for our good right.” Renewed emphasis on the attitude of our Government towards peace proposals of any kind emanating from the Central Powers was given by President Wilson in an address at the Metropolitan Opera House in this City on Sept. 27, when he set the ball rolling for the Fourth Liberty Loan campaign, the formal opening of which began the next day. The President did not undertake to say anything about the loan. He dealt with the war, and with the terms and conditions upon which peace could be obtained—the only conditions. He declared it W’as of capital importance that we should be explicitly agreed that no peace should be obtained by any kind of compromise or abatement of the principles we had avowed as the principles for which we were fighting. “If it be indeed and in truth the common object of the Governments associated against Germany and of the nations whom they govern, as I believe it to be,” he said, “to achieve by the coming settlements a secure and lasting peace, it will be necessary that all who sit down at the peace table shall come ready and willing to pay the price, the only price, that will procure it; and ready and willing, also to create in some virile fashion the only instrumentality by which it can be made certain that the agreements of the peace will be honored and fulfilled.” That price, he declared, is impartial justice in every item of the settlement, no matter whose interest is crossed; and not only impartial justice but also the satisfaction of the several peoples whose fortunes are dealt with. “That indispensable instrumentality is a League of Nations formed under covenants that will be efficacious. Without such an instrumentality, by which the peace of the world can be guaranteed, peace will rest in part upon the word of outlaws and only upon that word. For Germany will have to redeem her character, not by what happens at the peace table, but by what follows.” But these general terms do not disclose the whole matter, he said. Some details are needed to make them sound less like a thesis and more like a practical program. He then went on as follows: These, then, are some of the particulars, and I state them with the greater confidence because I can state them authoritatively and represent ing this Government’s interpretation of its own duty with regard to peace. First, the impartial justice meted out must involve no discrimination between those to whom we wish to be just and those to whom we do not wish to be just. It must be a justice that plays no favorites and knows no standard but the equal rights of the several peoples concerned; Second, no special or separate interest of any single nation or any group of nations can be made the basis of any part of the settlement which is not consistent with the common interest of all; ^3 Third, there can be no leagues or alliances or special covenants and under standings within the general and common family of the League of Nations; Fourth, and more specifically, there can be be no special, selfish economic combinations within the League and no employment of any form of eco 50 RETROSPECT. nomic boycott or exclusion except as the power of economic penalty by exclusion from the markets of the world may be vested in the League of Nations itself as a means of discipline and control. Fifth, all international agreements and treaties of every kind must be made known in their entirety to the rest of the world. Special alliances and economic rivalries and hostilities have been the prolific source in the modern world of the plans and passions that produce war. It would be an insincere as well as an insecure peace that did not exclude them in definite and binding terms. After saying that we still read Washington’s immortal warn ing against “entangling alliances” with full comprehension and an answering purpose, the President declared that “only special and limited alliances entagle; and we recognize and accept the duty of a new day in which we are permitted to hope for a general alliance which will avoid entaglements and clear the air of the world for common understandings and the maintenance of common rights.” We have referred above to the unconditional surrender of Bulgaria. The overwhelming success of the Entente offensive in Macedonia, which in two weeks of furious fighting had smashed the entire Bulgar front, captured their principal centres of supply and communication, broken their army into three separate fragments and hurled the defeated remnants in headlong retreat toward and over their own frontiers, brought the end with dramtic suddenness. Czar Ferdinand appealed to his Teutonic Allies for assistance, and presumably received an unsatisfactory reply. On Monday, Sept. 23, according to Paris dispatches, a meeting was held at Sofia attended by all the political leaders of Bulgaria, including ex-Premier Kadoslavoff, the Liberal leader, and members of the Cabinet. The appeal for an armistice followed. An official Bulgarian statement dated Sept. 24 made the announcement as follows: In view of the conjuncture of circumstances which have recently arisen, and after the position had been jointly discussed with all competent authori ties, the Bulgarian Government, desiring to put an end to the bloodshed, authorized the commander-in-chief of the army to propose to the generalis simo of the armies of the Entente of Saloniki a cessation of hostilities and the entering into of negotiations for obtaining an armistice and peace. The members of the Bulgarian delegation left yesterday evening in order to get into touch with the plenipotentiaries of the Entente belligerents. From the Entente side the first intimation that Bulgaria was seeking peace came on Sept. 27, when General Franchet d’Esperey, commander of the Allied armies in Macedonia, telegraphed to the French Government that a high Bul garian officer had presented himself on behalf of General Fereodow, commanding the Bulgarian army, and asked for an armistice for 48 hours to permit the arrival of two au thorized delegates from the Bulgarian Government. The French commander replied on his own initiative, refusing to suspend hostilities, but agreeing to receive the delegates of the Bulgarian Government. The Bulgarian delegates, Minister of Finance Liaptoheff and General Loukoff, Com mander of the Bulgarian Second Army, arrived at Saloniki on Sept. 28, and the armitice was signed the following day, Bulgaria agreeing to all the conditions laid down by the Entente Powers. Hostilities were to cease by noon on Sept. 30. The arrangement arrived at was described as a purely military convention, with no provisions of a political char acter. In accordance with the conditions imposed, Bulgaria agreed to evacuate all the territory she was occupying in Greece and Serbia, demobilize her army and turn over to the Entente forces all means of transport, including the rail ways. Bulgaria also surrendered her boats and control of navigation on the Danube and consented to the passage of the Entente forces through Bulgaria for the development of military operations. The Bulgarian Government made an effort to enlist the good offices of the United States in behalf of Bulgria’s appeal for an armistice, but the communication arrived after the armistice had been signed and so had no influence on the final result. A proclamation issued by President Wilson fixing the Government’s guarantee for the 1919 wheat crop at the same price as for the 1918 crop ($2 26 per bushel) was made public on Sept. 2. In a memorandum accompanying his proclamation, the President stated that a disinterested commission would be appointed the ensuing spring to secure facts concerning the increased cost of farm labor and supplies from which it would be determined whether an increase in the price of wheat might be justified. The President also said: In giving a guaranteed price for wheat one year in advance . there is involved a considerable national risk. If there should be peace or increased shipping available before the middle of 1920 Europe will naturally supply itself from the large stores of much cheaper wheat now in the South ern Hemisphere, and therefore the Government is undertaking a risk which might in such an event result in a national loss of as much as $500,000,000 through an unsalable surplus; or, in any event, in maintaining a high level of price to our own people for a long period subsequent to freedom of the world’s markets. in freight rates had been fixedjat 82 28 a bushel at New York was increased to $2 39)4 at this terminal; similarly the price in Chicago was advanced from $2 20 to $2 26. All trading in corn for delivery in store or by grade alone in Chicago in September was ordered stopped by the direc tors of the Board of Trade on Sept. 19. The reason given was the embargo placed Sept. 18 which restricted to a great extent shipments of grain to the Chicago market and the fact that practically all of the storage space suitable for re-receiving grain on September contracts was filled with grain largely held for the Government. The settlement price for September corn was said to have been fixed at $1 55)4- The close Sept. 19 had been 81 54The range for October corn in Chicago was from 81 59)4 on Sept. 6 to 81 35)4 on Sept. 30, with the close fractionally higher; November corn after touching 81 58)4 on Sept. 6 fell off to 81 32 on Sept. 30, the closing figure being 81 33%)4- The October option for oats sold up to 74% cts. on Sept. 26 but fell off to 69)4 cts. on Sept. 30; November oats rose to 75)4 cts. on Sept. 26 but on Sept. 30 brought only 69% cts. The embargo against grain shipments mentioned in the foregoing was ordered Sept. 16 and made effective Sept. 18. The official notice said: Effective Sept. 18 because of rapid approach to limit of grain storage capacity primary markets due to advanced movement of wheat and antici1 ated heavy movement of wheat and other grains, it becomes necessary to place embargo agai st all shipments of all grain consigned or reconsigned to Duluth, Minneapolis, St. Paul, Milwaukee. Chicago, St. Louis, Peoria, Kansas City, St. Joseph, Omaha and Council Bluffs, and to regulate future shipments of grain to these markets on permit basis, such permits to be issued in co-operation with the Food Administration. Application may be made by shipper or agent at point of origin. Such requests transmitted to designated grain control committee of each market, which will approve such requests as can be given storage, notifying the agent of point of origin that shipments may be made accordingly. At a meeting of the directors of the Chicago Board of Trade on Sept. 28, it was decided to abolish maximum prices on grain or provisions futures and to permit all contracts to run to maturity. This action was taken at the request of the U. S. Food Administration. In reporting the action of the Board of Trade, the “Chicago Herald and Examiner” stated that it was “one of the most important since the war, and a big victory for those members of the exchange who have held right along that buyers and sellers should be obliged to live up to their contracts, except where it is shown there is evidence of manipulation.” The same paper said that at the time there were no maximum prices on grain futures, but there were on pork, lard and ribs. The ruling did not apply to the contracts for provisions for the balance of this year, but it meant that January products and sub sequent deliveries could be traded in without maximum price restrictions. The retention of the existing sugar ration of two pounds a month for each person was announced by the Food Ad ministration on Sept.. 6 following a two-day conference at Washington attended' by administrators from most of the States. On the same day the U. S. Food Administration announced that the Sugar Equalization Board had, upon the approval of the President, fixed the price of cane sugar for the coming year (basis, granulated) 9 cents, less 2% f. o. b. seaboard refining points, effective on Monday morn ing, Sept. 9. The announcement also said: Wholesalers and retailers will sell upon the old basis until their stocks of the lower-priced sugars are exhausted. No averaging of price will be allowed. All increase in price of sugar in the hands of refiners or of raw sugar under contract is to be accounted for to the Sugar Equalization Board, so that manufacturers will not benefit by the increased price. Following the U. S. Food Administration’s announcement the Federal Food Board issued a statement advising the consumer as to the retail prices which would prevail with the increase of 1)4 cents a pound allowed to refiners and producers. The Board’s statement said: The prices to the consumer in New York City after allowing a gross profit of 35 cents per 100 pounds for the wholesaler and $1 per 100 pounds for the retailer are now as follows: One pound, 11 cents; 2 pounds, 21 cents; 3 pounds 31 cents; 4 pounds, 42 cents; 5 pounds, 52 cents. Slight increases in prices for up-State are allowed to cover the cost of freight transportation. These prices apply only to sugar sold or in transit from the refiner on and after Sept. 9. To prevent undue profits by the refiners and to secure a uniform refiners’ price throughout the country, the Sugar Equalization Board of the Food Administration has bought back from the refiners all raw sugars on hand on Sept. 9. This sugar so bought back will be resold to the refiners at the new prices. The profit so made by the Equalization Board will be used in meeting the cost of controlling sugar distribution. The regulation limiting the sale from the retailer to the consumer to two pounds at a time in cities and towns and five pounds in rural districts has been rescinded. Consumers are now allowed to purchase one week’s family supply. For instance, a family of eight people in New York City, who have heretofore been allowed to buy only two pounds at a time, are now permitted to buy one week’s supply on the basis of two pounds a month or one-half a pound per week per person, or a total of four pounds for one week. Establishing 87 28 as the basis for duty-paid for raw sugar, The proclamation fixed as reasonable guaranteed prices the Food Administration fixed upon a new differential for No. 1 Northern spring wheat and its equivalents at the for the benefit of the refiners. The announcement was principal markets the following: printed as follows in the “Official Bulletin” of Sept. 9: New York, $2 39%; Philadelphia, $2 39; Baltimore and Newport News, $2 38%; Duluth, $2 22%; Minneapolis, $2 21%; Chicago, $2 26; St. Louis, $2 24; Kansas City and Omaha, $2 18; New Orleans and Galveston, $2 28; Tacoma, Seattle, Portland, Astoria, San Francisco and Los Angeles, $2 20; Salt Lake City, Great Falls, Pocatello and Spokane, $2. Under the price schedule announced June 30 (resulting from the increased freight rates), No. 1 Northern spring and other wheat of the same grade which before the increase http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Food Administration has determined to increase the differential over that allowed last year, to compensate for the increased costs imposed by an increase in materials, labor, the lesser scale of operations and the increase in the value of raw sugar lost in refining. The net result of these increases works back from the established basis of 9 cents granulated basis seaboard points and makes the price of raw sugar, duty paid, $7 28, which from Mon day morning is the established basis for raw sugar prices. The difference between this basis of raws on old-crop sugars and the old basis will be ac counted to the Sugar Equalization Board by the refiners as delivered. RETROSPECT. The price fixed on Cuban raw sugar was reported on Sept. 9, as 5.50 cents per pound, as against the former price of 4.60 cents per pound. This compared with 9 cents for do mestic refined sugar per pound and 7.28 for domestic raw sugar. A proclamation, making subject to Federal license the operations of packers at stock yards in the same manner as other stock-yard dealers, was issued by President Wilson on Sept. 6 and made public Sept. 13. It was announced on Sept. 6 that brewing operations of all kinds were to cease Dee. 1, the decision having been reached following a conference between President Wilson and representatives of the Fuel, Food and Railroad Administra tions and the War Industries Board. The action was de cided upon in view of the “further necessity of war industries for the whole fuel productive capacity of the country, the considerable drouth which has materially affected the sup ply of feeding stuff for next year, the strain upon transpor tation to handle necessity industries and the shortage of labor caused by enlargement of the army program”. The announcement of the Food Administration also said that it wished to warn the manufacturers of all beverages and mineral waters that for the same reasons there would be further great curtailment in fuel for the manufacture of glass containers, of tin plate for cups, of transportation, and of food products in such beverages. On Sept. 16 in line with the above decision President Wilson issued a proclama tion carrying into effect the strictures referred to. The proclamation prohibited under the Act of Aug. 10 1917 after Oct. 1 the use of sugar, glucose, corn, rice, or any other foods, fruits, food materials, or feeds, except malt already made, and hops, in the production of malt liquors, including near beer, for beverage purposes, and after Dec. 1 the use of any foodstuffs whatever in the production of malt liquors, thus stopping brewing altogether from that date. In announcing the new order Food Administration officials are said to have stated that even after the breweries were shut down Dec. 1 they would have on hand in their vats sufficient stocks of beer to last from two to six months. The sale of this will not be prohibited. President Wilson on Sept. 12 signed the joint resolution introduced in the Senate by Senator Kellogg and adopted by that body on Sept. 5 and passed by the House on Sept. 9, empowering the President to establish prohibition zones of such width as he might deem necessary around all munition plants, coal mines, shipyards and plants where essential war industries were being conducted. The resolution car ried practically the same regulation as to the declaration of military zones as Senator Sheppard’s amendment (finally passed by the Senate on Sept. 6) to the National Food Stimulation bill, which did not become a law until the succeeding Nov. 21, providing that national prohibition shall become effective July 1 1919 and continue during the war and until all the American troops are brought home and demobilized. Senator Kellogg’s resolution was thought advisable so as to enable the Government to deal imme diately with conditions resulting from reported sales of in toxicating liquors to war workers. A break in the cotton market resulted on Sept. 4 on reports from Washington that the War Industries Board was soon to appoint a committee to consider the desirability and feasibility of effecting a stabilization of cotton prices and other matters connected with the handling of the cotton crop. B. M. Baruch, Chairman of the Board, in indicating the intentions of that body, said: The announcement of another short crop of cotton raises in acute form the problem of satisfying the needs of the nation as well as those of the Allies and of securing an equitable distribution for the purpose of winning the war. Involved in the distribution is the problem of bringing about a reasonable stabilization of prices in the interest of both the producer and consumer. Mr. Baruch said the committee to be appointed would study the “present cotton situation, the problems of dis tribution, the marketing of low-grade cottons and the desirability and feasibility of effecting a stabilization of prices.” The committee, it was added, would begin activi ties as soon as possible, and would hold hearings at con venient points in the cotton-producing States, and at such other places as might be found necessary, so that interested parties might present their views. A storm of protests from cotton growers and from U. S. Senators and Congressmen immediately arose and President Wilson was reported to have sent a message to W. J. Harris of Atlanta on Sept. 7, stating that there was no cause for concern about the price of cotton, that the plan was merely for an impartial inquiry to ascertain whether agreements would be serviceable in stabilizing trans actions. Mr. Harris had objected on behalf of the planters against any price regulations of the staple. On Sept. 13, “to avoid misinterpretation of the statements made concern ing the stabilization of the cotton industry,” President Wilson announced that it was the plan to create, subject to his approval, “a Cotton Committee to devise methods for (a) broadening the channels of distribution and use of the great stock of low grades now practically unmarketable; (b) eliminating speculation and hoarding, and (c) apportioning the foreign orders.” His statement also said: The demand for high-grade cotton which is out of proportion to the avail able supply, and the fact that the Government, through early agreements with the Allies, must act as a common buyer for Allied purchases, make it necessary to secure some basis of distribution of all grades of cotton. Based on the standard grades established by the Department of Agriculture, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 51 an effort will be made to provide a way by which the low-grade cotton will be brought to sale and used along with the high-grade cotton at reasonable and just prices. It is believed that by this course both the producer and consumer will be better protected than by continuation of the present chaotic conditions of the market.............................. It may be part of this committee’s duty [the proposed Cotton Committee] to recommend basic prices on cotton. If, after investigation, it is found necessary, a fair price will be fixed. Most important of all, the President made the further announcement that during investigation by the Cotton Com mittee and in order to avoid stagnation a separate committee would be set up with authority to buy cotton for the use of the United States Government and the Allies, at prices to be approved by the President. With the approval of the President the War Industries Board appointed members of this committee, which was designated the Committee on Cotton Distribution. This announcement was made Sept. 23. The War Industries Board further announced that after a full discussion of the cotton situation the Cotton Com mittee had unanimously adopted the following resolution: Resolved, That the Committee on Cotton Distribution be authorized immediately to allot cotton as to quantity and grade to all domestic and foreign consumers, and that they also be authorized to buy cotton, if and when necessary, for the requirements of the United States and Allied Governments. Resolved further, -That the Cotton Committee feels that this will have an important effect in stabilizing prices, but in the meantime they will keep in touch with the whole situation, with a view to determining the effect of this action and whether price-fixing or any other measure will be necessary. Chairman Brand of the Cotton Distribution Committee on the 25th issued a statement saying: The Committee on Cotton Distribution will establish offices immediately. The committee plans to exercise its supervision through existing customary channels by controlling the quantity and quality of cotton used by domestic and foreign consumers. This they believe can be done without disturbing to any appreciable extent the existing facilities and organizations for marketing and distributing the crop. The committee will require both domestic and foreign consumers to take a fair and proper portion of the grades below middling. On Sept. 24 Chairman Page of the Cotton Distribution Committee expressed the hope that the operation of the Cotton Distribution Committee in purchasing at prices to be approved by the President all cotton needed by the Government and the Allies would so stabilize the cotton industry that general price fixing would not be necessary. Chairman Page’s committee began its work on Sept.24, but Mr. Page said that no statement of the progress of the inquiry was to be expected until the effect of their work of the Cotton Distribution Committee was felt. Protests against the Government fixing the basic prices for cotton marked the beginning of the deliberations of the Cotton Committee. A delegation from the Cotton States Advisory Marketing Committee appeared before the Committee on the 24th, after conferring at the Capitol with Senator Smith of South Carolina and other Senators from the cotton-growing States, who had been active in opposing price-fixing. J. J. Brown, Georgia State Commissioner of Agriculture, headed the delegation and voiced what he said was the protest of the cotton growers against the establishment of prices by the Government. He said the farmers believed the law of supply and demand should govern. In telegraphic advices to Presi dent Wilson on Sept. 21, Judge W. F. Ramsey, Federal Reserve Agent of the Federal Reserve Bank of Dallas, stated that “it is not alone my own judgment, formed after the most careful reflection, but the opinion of many of the ablest men in this section, that under no circumstances should the price (of cotton) be fixed at less than 35c. per lb.” Gov. Hobby of Texas also sent a telegram to President Wilson on the same day in which he stated that a price should not be fixed below 35c. The effect of all this on the price of cotton was seen in the fluctuations in the New York market. On Aug. 31 middling upland cotton here had been quoted at 36.50c.; on Sept. 3 (after the Labor Day holiday, Monday, Sept. 2) the quotation spurted up to 38.20c. on the an nouncement by the Department of Agriculture that the severe drouth in July and August had reduced the produc tion forecast of the growing crop from 15,235,000 bales of 500 lbs. as of June 25 to 11,137,000 bales as of Aug. 25. This same crop report, however, also furnished the occasion for the action of the War Industries Board. As a conseJ quence a sharp decline was precipitated, the quotation Sept. 5 getting down to 25.55c. and then, after some re covery, touching 32.65c. Sept. 21. By Sept. 27 there had been a recovery to 35.15c., and the close Sept. 30 was 34.95c. Print cloths at Fall River ruled at 12}4c. throughout the month. At a meeting of the State food administrators, held in Washington, Sept. 4, it was decided to accept the recom mendation of the organized cotton seed producers as ex pressed by the Commissioners of Agriculture and markets and officials of the Farmers’ Unions and other organizations in the several cotton States to stablize the price of cotton seed at the average price of last year, the fundamental basis being on a yield of 41 gallons of oil f. o. b. cars. The official announcement said: The price of seed on the basis recommended by the producers will vary from $64 to $72 in carload lots f. o. b. cars, depending upon the yield in oil, which varies from zone to zone. Using this basic price, the Food Adminis tration has settled with the refiners to purchase oil at 17cents f. o. b. mills, and the Food Administration will assist the refiners to hold this price throughout the year. Differentails have been fixed for crushing seed in con sultation with the crushers' association on the basis of last year’s costs and regulated profit of last year, plus the increased cost imposed by change in 52 RETROSPECT. labor, transportation and supplies. The result is that the price of meal will vary from $50 to $57 in bags, depending upon the protein content or, rough ly, $3 per ton higher than last year. The Pood Administration has strongly recommended to the War Industries Board that the price of linters should be increased so as to bear its proper share of the burden and increased cost of manufacture, and any change in this direction will be applied to a reduc tion in the price of meal. The proposal of the cottonseed producers to accept the average price of cottonseed for last year, despire the lower yield of cotton and the increased cost of production, is a concession on their part to the cattle-feeding and dairy interests in this country. The Food Administration would have been glad to have arrived at a result that would have made the price of meal exactly the same as last year to the feeding industry, but it is impossible to maintain the price of oil if it were increased above the present figure, owing to the relatively lower basis for vegetable oils. The Construction Division of the War Industries Board, after agreement with the spool cotton manufacturers on Sept. 10 issued a schedule for the industry putting into ef fect plans for the conservation of lumber, cardboard, twine, nails, and other materials, and to relieve the burden on railroads by cutting down to the extent of at least 600 ears a year the number of cars necessary to transport the ma terial used in the industry. The announcement said: Manufacturers of cotton thread in white, black and colors in all cords are restricted now to these sizes: White—Nos. 8, 12, 20, 30, 36, 40, 50, 60, 70, 80, 90, 100, 120, 150. Black—Nos. 8, 12, 20, 30, 36, 40, 50, 60, 70. Colors—No. 50. Effective Jan. 1 spools are to be made with the smallest practical diam eter for 200 yards minimum per spool of white black and colored domestic cotton threads for all cords; 100 yards minimum per spool for carpet and button threads; 45 yards minimum per unit for darning cotton. The size of spools now in use for winding carpet and button threads is to be reduced by at least 50% without any reduction in yardage and the number of colors manufactured for stock is to be reduced as far as possible. For the manufacturing trade tubes and cones are to be substituted where possible for wooden spools. One of the largest manufacturers of cotton thread reports that under the plan of conservation he will save next year 407,379 pounds of wrapping paper, 9,774 pounds of twine and 5,146,815 feet of lumber. No estimate has been made of the savings in cardboard boxes, nails, &c., used in the industry. The War Industries Board, in announcing on Sept. 12 that there was at the time no free wool available for civilian consumption, renewed its warning that “there must be conservation of wool and of all things made of wool to pre vent serious shortage and real distress for a long time to come.” According to a statement of the War Industries Board, issued Sept. 6, the failure of representatives of the mohair growers’ and producers’ associations to reach an agreement with the Government on the price for the autumn domestic clip of mohair, resulted in an announcement through Lewis Penwell, Chief of the Wool Section of the War Industries Board, that the price would not be fixed and the Govern ment released the fall clip. The War Industries Board said: It was represented to Mr. Penwell that the cost of production was around $1 per pound. The growers and producers said that a price less than 85 cents per pound would be ruinous. Mr. Penwell explained that while the Government needed the fall domestic clip it could get along without it. The Government did not feel justified in paying the growers the price they were asking and did not want to do the industry an injustice. The hope was ex pressed by Mr. Penwell that the mohair growers could take care of them selves by selling direct, or nearly direct, to the manufacturers, and that speculators would not take advantage of the situation to profiteer and thus force the Government to take other action. The Price-Fixing Committee of the War Industries Board announced on Sept. 9 the approval of the following maximum prices and differentials as applying to the schedule of maxi mum prices on hides then in effect: Buenos Aires city wet-salt horsehides, about 15 to 20 kilos average, maxi mum prices, $5 75 each c. & f. New York. Headless and seconds at 50 cents less, excluding glue, colts and ponies. Resalted, packer, abattoir and whole sale butcher hides and kip maximums shall be 5% less than the maximums for such first salt hides and kips. Because of Government needs for felts for war uses and a reduction in the available amount of raw materials, Mr. Baruch also approved a curtailment in the production of the felt shoe and bedroom slipper industry. Every possible co-operation, it was stated, would be given the felt mills in the production of felts for convalescent slippers, hospital slippers, lumbermen’s boots, &c., which were required by the Government and the Red Cross, and were essential. If allotments of raw material could be made the felt mills it would be under the condition that the felt should go first for an absolute requirement for civilians, such as in over coats. In announcing on Sept. 19 proposed restrictions affecting manufacturers of felt heel pads and inner soles Mr. Baruch said box toes in shoes, felt heel pads, and felt inner soles were doomed unless the felt manufacturers had on hand necessary raw materials to supply the felt for these purposes, the War Industries Board had ruled. The War Industries Board on Sept. 29 issued instructions to manufacturers of solid automobile tires to restrict at once their production of such tires to 40 sizes and types. Under regulations governing the manufacture of rubber footwear 5,500 styles were eliminated, and the introduction of new lasts was restricted to Government requirements. B. M. Baruch, Chairman of the War Industries Board, in announcing on Sept. 16 the saving which would be effected by the conservation program, said: Important economies in materials through reductions in patterns, discon tinuance of production of various styles in rubber footwear, and regulations as to styles authorized are effected under a schedule worked out by the Con servation Division of the War Industries Board with representatives of the manufacturers, and made operative Sept. 1 last, as to all canvas rubber-soled hoes, and on Jan. 1 next as to waterproof goods. It is estimated by the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Conservation Division that the program will conserve among other things 29,012,600 cartons, 5,245,300 square feet of lumber, 1,526,493 square feet of shipping and storage space, 10,742,517 pounds of weight (freight), or 4,795 tons, 2,250,272 pounds of material that will not have to be dyed, 74,750 pounds of flour starch, 30,380 gallons of varnish, 125,300 pounds of tissue paper, 49,617 days’ labor that may be diverted to more essential work. The War Industries Board, through the Pulp and Paper Section, announces regulations for the control of paper used in the production of all periodicals entered at the Post Office Department as second-class mail matter, with the exception of newspapers and agricultural publications, which were made the subject of special regulations. The regulations, which covered magazines generally, were made effective for weekly periodicals Sept. 15 and for bi-month lies and quarterlies which were put on sale subsequent to Oct. 2. The regulations fixed the weights of paper that might be used by periodicals, suggested specific methods for curtailment in tonnage from that used the previous year and added an arbitrary reduction of 10% on average ton nage, wdth no guaranty of adequate supply under the re duced tonnage and suggested discontinuance of many alleged wasteful practices. A reduction of 15%, beginning Oct. 1 in the consumption of print paper by agricultural periodicals was called for under regulations for the conservation of print paper adopted by the War Industries Board. Included in the recommen dations were use of lighter body paper, discontinuance of subscriptions in arrears, free exchanges to be cut off and free copies to advertisers and advertising agencies to be retricted, abandonment of sales at nominal or exceedingly low price, of prize contests for subscriptions and special or holiday numbers, except such as had been regularly issued in the past. Establishment of new papers during the war was prohibited unless the necessity for them could be shown. On Sept. 26 an order was also issued directing every retail store to discontinue the unnecessary wrapping of merchan dise and to reduce its consumption of wrapping paper, bags, paper boxes, office stationery, &c. The War Industries Board on Sept. 27 announced that at a hearing of the manufacturers of Southern or yellow pine lumber before the Price-Fixing Committee of the War Industries Board on Sept. 23, it had been agreed that the ruling of June 14 1918 fixing maximum f.o.b. mill prices on Southern or yellow pine lumber should remain in effect from midnight Sept. 23 to midnight Dee. 23 1918 inclusive. It was also decided that, inclusive within these dates, timber prices on the lumber schedule should apply to all shipments to Government departments, including the Emergency Fleet Corporation. Subsequently maximum prices were also con tinued for long and short leaf pine lumber from Virginia and North and South Carolina, for West Coast lumber and for fir logs and lumber in the Pacific Northwest. A general conservation program for the furniture industry, covering material, labor, transportation and capital, was: announced on Sept. 17 by the conservation division of the War Industries Board after conferences with representatives of the manufacturers. The schedules issued were most elaborate and dealt with household chairs, upholstered furni ture, parlor frame furniture, case goods, dining-room furni ture, bedroom furniture, dining tables and library, parlor and bedroom tables. The order went into the smallest minutia and was published in the “Chronicle” of Oct. 12, pages 1440 and 1441. The Conservation Division made a special appeal to retailers for co-operation in making the schedules acceptable. It was announced on Sept. 24 that the Presideent had approved the agreement made by the Price-Fixing Committee of the War Industries Board with the representatives of the iron ore, pig iron, and steel interests that the maximum prices as previously fixed on iron ore, pig iron and iron and steel products to be continued in effect for the three months ending Dec. 31 1918 with the following exceptions: Base prices of Lake Superior iron ore delivered to lower Lake ports are in creased 25 cents per gross ton on and after Oct. 1 1918, subject to the follow ing conditions: These increased prices are based on the rail freight rates now in effect and on the present Lake rates, and in the event of any increase or decrease in either rail or lake rates said prices shall be increased or decreased accordingly on all deliveries made during the continuance of such increased or decreased freight rates. Pig iron was advanced $1 a ton and Pittsburgh and Birmingham made the basing points. The “Iron Age” of this city said as to this: “By adopting Birmingham and Pittsburgh as pig-iron basing points, advancing basis and foundry irons $1 a ton, and limiting the Pittsburgh basing to furnaces north of the Potomac and east of the Alleghenies, the Price Fixing Committee relieved the pinch that has been on the smaller blast furnaces in Virginia, Tennessee and Eastern Pennsylvania. All basic and foundry iron furnaces get the benefit of the $1 advance. For Tennessee furnaces the advance ranges from $1 25 to $1 75. Virginia furnaces and those in Eastern Penn sylvania fare considerably better because of greater distance from the basing points. The discontinuance of the manufacture of certain elec trical utensils and appliances such as carburetor heaters, frying pans, waffle irons, peanut roasters, soup kettles, stew pans, &c., was called for under restrictions issued by the War Industries Board on Sept. 29. The number of styles and sizes of certain other appliances was also restricted under the order, among the articles included in these being chafing dishes, percolators, fireless cookers, flat irons, &c. The Conservation Division of the War Industries Board, on Sept. 13, announced that there had gone into effect the program for conservation of brass worked out July 16 by the Division with the brass,bedstead manufacturers and accepted by the latter. RETROSPECT. The Conservation Division after conferences with the manufacturers also outlined a conservation program for the bicycle industry to go into effect Oct. 1. This would result, it was figured, in the saving during the next year of 2,500 tons of steel, one-third of the quantity used by the industry in the previous 12 months. These results were to be secured through a substantial reduction in the number of types and models of bicycles and saddles, handle bars, rims, tires, sprockets, pedals, &c. The manufacturers were to discontinue, wherever possible, the use of metal, rubber, and leather for all purposes. The production of racing and juvenile models was to be discontinued. Drop-side steel guards, metal stands, metal tanks and tool boxes were no longer to be made and tool bags and tools were not to be sup plied by the bicycle manufacturers. There would be no more rubber grips and nickel finish on frames or forks during the war. Announcement that two-thirds of the world’s production of tin would be received by the United States under a pooling arrangement made at a conference in London between representatives of the United States, Great Britain, France and Italy, was made on Sept. 11 by Bernard M. Baruch, Chairman of the War Industries Board. All shipments of pig tin, tin ores and concentrates, it was stated, would be consigned to the American Iron & Steel Institute, which would pay for and distribute the metal through the United States Steel Products Co. The plan of distribution worked out allowed the United States about 80,000 tons of pig tin. It was added: The price will be regulated by the War Industries Board and will be uni form to all consumers of 10 tons of pig tin or over. There will be another uniform price for users of less than 10 tons. These prices will be maintained at a level which will encourage production in the tin mining countries— Great Britain and the Straits settlements chiefly—and stop profiteering. It is probable that users and dealers may be licensed. The War Industries Board believes there will be insured by these arrangements a steady supply of material at a stable and reasonable price. Since the negotiations for the pooling arrangement began in London six weeks ago, the price of pig tin has fallen steadily. The quotation on Sept. 6 last showed a net decrease of 14 cents per pound as compared with the price on July 15 1918. The Food Administration is working out a tin conservation plan with various industries, including lard and lard compound packers, wholesale grocers, cracker manufacturers, tea and coffee packers, cocoa and chocolate manufacturers, and baking-powder manufacturers. All have been urged to substitute fiber, paper, or other containers where possible. The Fuel Administration has taken up the subject with the oil dealers and the War Industries Board is working along similar lines with the tobacco manufacturers and all industries in which tin is used in turning out the finished product. Control of the domestic pig tin situation would be taken over by the War Industries Board, under a licensing system, Chairman Baruch announced Sept. 20. He stated that all users and dealers in pig tin would be licensed and a com plete inventory of stocks on hand and contracts unfilled be made, and, if necessary, supplies be redistributed to equalize them according to essential users. It was added that: All users and dealers in pig tin will secure their future requirements of pig tin from the United States Steel Produc s Co., which will make distri bution under the direction of the War Industries Board. The Inter-Allied Tin Executive, who will carry out the terms and agree ments of the Inter-Allied Pig Tin Pool recently arranged in London, will control the buying price in each producing market. The War Industries Board will control the prices and terms under which the pig tin is to be sold to the domestic users and dealers. A proclamation under which licenses were required for the importation, manufacture, storage and distribution of crude oil, fuel oil, gas oil, kerosene or gasoline, was issued by President Wilson under date of Sept. 16. Those whose gross sales amounted to less than $100,000 a year were exempt from the requirements. The Council of National Defense which had previously discountenanced the giving of Christmas gifts in 1918, because of the heavy burden it would place on labor, trans portation and the other resources of the nation, announced that it would co-operate in carrying out suggestions which would make possible a continuance of the customs without endangering the national interests. One of the reasons which prompted the Council in modifying its views, was the fact that the manufacture of goods for the holiday season had been substantially completed. Further con tributing factors were the agreement on the part of retail interests not to increase their working force by reason of the holiday business, and to use their utmost efforts to confine Christmas giving, except for young children, to useful articles and to spread the period for holiday purchases over the months of Oct., Nov. and Dec. The Fourth Liberty Loan was brought out during the month. In anticipation of the new bond offering, Secretary of the Treasury McAdoo made recommendations for legis lation granting further tax exemption to Liberty bonds in a communication addressed by him to the Chairmen respec tively of the House Ways and Means Committee and the Senate Finance Committee. The letter, dated Sept. 5, was made public Sept. 10. Mr. McAdoo pointed out that “the market price of Liberty bonds, which responded favor ably to the suggestion of an increased normal tax (under the pending revenue bill), from which the bonds will be exempt by their terms, was depressed by the newspaper reports of a greatly increased surtax to which the interest on the bonds will be subject.” The Secretary stated that he had been anxious to stabilize the interest rate on Government bonds; while noting that “the bond purchase fund, which was provided in the Third Liberty Bond Bill has been very http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 53 useful in stabilizing the price of Liberty bonds,” he added that “it has not been, and we could not expect it to be, effective to sustain the price against adverse developments.” He expressed himself as much impressed by the success of the plan adopted in Canada for the purpose of maintaining the market value of Canada’s Victory bonds, and stated that he was “not without hope that some such plan may be made effective in the United States.” In offering his suggestions, Secretary McAdoo said: “In order to give the numerous small holders of Liberty bonds the advantage of a.market upon which they may sell' their bonds in case of necessity, and also to attract subscriptions from the great number of investors of ample means, but not of great wealth, it would be immedi ately necessary either to increase the interest rate or to neutralize the increased surtaxes by freeing the bonds to a limited extent from such taxes. I recommend that a portion of the income of these bonds should be free from surtaxes for the period of the war and for a brief interval thereafter.” He proposed that interest on an amount of bonds of the Fourth Liberty Loan the principal of which did not exceed $30,000 owned by any individual, partnership, association or corporation should be exempt from graduated additional income taxes, commonly known as surtaxes, and excess profits and war profits taxes; that interest on an amount of the First Liberty Loan bonds, converted, the Second Liberty Loan, converted and unconverted, and the Third Liberty Loan bonds, the principal of which did not exceed $45,000 owned by any individual, partnership, association or corpora tion should likewise be exempt from such taxes, but only to the extent of 1)4 times the Fourth Liberty Loan bonds that might be purchased and held. Among other things, the Secretary also recommended that War Savings stamps to an amount of $4,000,000,000 (instead of $2,000,000,000 as previously) be authorized, and that the holdings of such stamps by any one person be limited to $1,000 of any one series, instead of to $1,000 in aggregate; that the Secretary of the Treasury be authorized to make arrangements in or with foreign countries to stabilize exchange; that the Presi dent be empowered to investigate, regulate or prohibit transactions in foreign exchange, and the export, hoarding, melting or ear-marking of gold or silver coin or bullion or currency; that the law limiting the amount of loans which national banks may make to any one borrower to one-tenth of the capital be modified. Congress responded to the Secretary’s wishes and on Sept. 24 the President signed a bill embodying practically all of the Secretary’s suggestions. The provision as to exemption from taxation was extended so as to include in addition to all the other exemptions the interest on an amount not to exceed $30,000 First Liberty Loan 3)4S that might be converted into Fourth Liberty bonds. Details of the Fourth Liberty Loan were made public by the Treasury Department coincident with Secretary of the Treasury McAdoo’s address at a mass-meeting at Carnegie Hall, New York, on Sept. 24. It was then that the first official statement was made regarding the size of the loan. The amount of bonds to be offered was fixed at $6,000,000,000, with New York’s allotment $1,800,000,000, or 30% of the entire loan. The right was reserved to accept all over-subscriptions. These facts were made known both in Secretary McAdoo’s speech and in a statement issued by the Treasury Department. The bonds were to bear 4)4% interest and would mature in twenty years (1938) unless the United States exercised its reserved right to redeem them in fifteen years. The bonds would be dated Oct. 24 (five days after the close of the subscription period) -and the first interest payment would be April 15 1919 and be for the 173 days intervening. Thereafter, semi-annual payments would be Oct. 15 and April 15. 10% of the sub scription would be required as the initial payment. Install ments of 20% would be due on Nov. 21, Dec. 19 and Jan. 16 and 30% on Jan. 30. The initial payment, although due at the time of pledging, was not actually required until Oct. 19, the end of the subscription period and the loan campaign. The Capital Issues Committee made public on Sept. 9 a resolution in which it declared it to be its purpose not to pass on any application for the sale of securities from Sept. 15 until after the close of the Liberty Loan campaign “except applications which the Committee may regard as urgently necessary.” Investment houses, brokers, corporations and others offering the unsold portion of security issues pre viously passed by the Capital Issues Committee were asked to withdraw the same from public offering or solicitation during the period from Oct. 1, to the close of the Liberty Loan campaign, in order to give the Government the right of way. This action, it was stated, was not intended to restrict counter sales or sales of listed securities made in ordinary course of business on stock exchanges. One of the important events of the month was the request by Benjamin Strong, Governor of the Federal Reserve Bank of New York, and Chairman of the Liberty Loan Committee, that members of the New York Stock Exchange be called upon to furnish a daily statement of the amount of money borrowed on time and on call, and the compliance of the Stock Exchange authorities with the suggestion. Mr. Strong’s request was embodied in a letter addressed to President H. G. S. Noble of the Stock Exchange, in which Mr. Strong stated that the request was only one of a number of measures undertaken by the Committee with the object of exercising by mutual understanding among the institu 54 RETROSPECT. tions and firms of the city, such reasonable and necessary control of the employment of credit as would insure no interference with the financial operations of the Government in conducting the war. The letter, which was dated Sept. 5 1918, pointed out that a sub-committee of the Liberty Loan Committee of the New York district had been appointed on Sept. 5 1917, and had undertaken certain duties in connec tion with the New York City money market, for the purpose of securing the most complete co-operation with the Govern ment in its financial program by all the financial interests of the city. The members of the sub-committee were: Ben jamin Strong, Chairman; James S. Alexander, George F. Baker, Walter F. Frew, Gates W. McGarrali, Charles H. Sabin, Frank A. Vanderlip, James N. Wallace and Albert H. Wiggin. The work of the sub-committee had met with the cordial co-operation of the important interests connected with the New York money market and there had been main tained an orderly course of affairs in which the supply of funds had been ample for the essential needs. Mr. Strong believed this condition could be continued. It was obvious, however, that for the present there should be devoted to the security market no additional credit beyond the funds now so used. Any tendency to expand the collateral loan account should, for the general good, under prevailing conditions, be checked. In order that this important situation might be handled in a way that would result in the least possible in convenience, it was desirable that the Committee should have a complete daily view of Stock Exchange loans. This information would be for the confidential use of the Com mittee in whose hands had been placed the responsibility for maintaining an orderly money market. The reports would be asked fcr during a temporary period though it was impossible to say just then how long a period would be needed. The Stock Exchange authorities acted promptly and at a meeting of the Governing Committee, held Sept. 6, a resolution was adopted authorizing the Committee on Business Conduct to require from members of the Exchange, or their firms, a daily statement of the amount of money borrowed on time and on call. On Sept. 12 the offering of the sixth block of 4J^% Treas ury Certificates of Indebtedness ($600,000,000 this time) in anticipation of the Fourth Liberty Loan was announced by Secretary of the Treasury McAdoo. They were dated Sept. 17 1918, payable Jan. 16 1919 and bore 4^% interest. Subscriptions closed Sept. 24. Total subscriptions of $625,216,500 were received in response to this offering, making an over-subscription of $25,216,500. On Sept. 24 the seventh offering of these 4J^% Treasury Certificates of Indebtedness in anticipation of the Fourth Liberty Loan was announced by the Treasury Department. This offering was for $500,000,000; the certificates were dated Oct. 1 and payable Jan. 30 1919. Subscription books closed Oct. 8 and showed an oversubscription of $141,069,000, total takings having been $641,069,000. This made altogether $4,659,820,000 of Treasury certificates to be redeemed out of the proceeds of the Fourth Liberty Loan. The new war revenue bill, under which it was proposed to raise $8,012,792,000 of the total $24,328,561,428 estimated war expenditures for the next fiscal year, was reported to the House on Sept. 3 by Chairman Kitchin of the House Ways and Means Committee. It passed the House on Sept. 20, and was formally brought before the Senate on Sept. 23. The passage in the House was nearly unanimous; a formal roll call, demanded by Chairman Kitchin of the House Ways and Means Committee, resulted in a record vote of 349 to 8, with 81 members not voting. It passed the House practically as reported from the Committee. Only a few minor amendments, and all recommended by the Com mittee, were made to the bill in the House. A supplementary appropriation bill prepared by the War Department, covering the needs of the military establish ment for the current fiscal year, sent to the House Appropria tions Committee on the 17th inst., asked for $7,347,727,612. The estimates covered the needs of the enlarged army pro gram which called for putting 4,000.000 men in France by the ensuing June, with another million in reserve on this side. This it was pointed out brought the total appropria tions asked for army purposes for the current year up to approximately twenty-four billions, in cash and contract authorizations. President Wilson on Sept. 25 signed the bill designed to stimulate the sale of Liberty bonds by exempting from the super-taxes and from war excess profits taxes, interest on a specified amount of Liberty bond holdings. The House passed the bill on Sept. 13, and in a somewhat changed form the bill passed the Senate on Sept. 18. The Senate had stricken out the provision giving the President authority to regulate or prohibit transactions in Liberty bonds and other securities. This section was fought in the Senate on the ground that it gave too much power to the Executive and would establish a dangerous precedent. Secretary of the Treasury McAdoo conferred with the conferees on the 20th inst. to urge the re-insertion of the provision or the adoption of a compromise. The conferees reached an agreement on the 23d; under the compromise agreed to the section author izing the President to prohibit transactions in Liberty bonds was so amended that there would be no prohibition against the sale of Liberty bonds by the holders for cash or offered as collateral for loans. The Treasury was given full power to stop the practice of exchanging these bonds for mer chandise and their use in ways that manifestly would tend to http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis reduce their value as an investment. Both the Senate and the House agreed to the conference report on the 23rd. The bill also authorized an increase in the issue of war savings stamps from $2,000,000,000 to $4,000,000,000. It also empowered the Secretary of the Treasury to make arrange ments in or with foreign countries to stabilize foreign ex change, and it modified the law limiting the amount of loans which national banks might make to any one borrower to one-tenth of the capital. Anouncement was made by General Crowder on Sept. 10 that the first calls under the new draft would include youths of 19 and 20 and men between 32 and 36, inclusive, and that the first of these men would be called to the camps in October. It was not expected that any call would be made upon men between 37 and 45 for active service before January or Feb ruary. With the drawing by President Wilson, at noon on Sept. 30, of the first number—322—the draft lottery was definitely initiated. The drawing was completed twenty hours later, giving order numbers to all of the 13,000,000 men registered for service on Sept. 12. With the 9,000,000-odd men enrolled on June 5 1917, and the addi tional million 21-year olds enrolled on June 5 this year, approximately 24,000,000 American citizens had been enrolled for service and given order numbers. Announcement was made at Washington on Sept. 8 that Secretary of War Baker had arrived in France on a second mission in connection with the American overseas forces, having made the trip on a transport loaded with soldiers. Mr. Baker was accompanied by John D. Ryan, in charge of all the army aircraft activities; also by Surgeon-General Gorgas and Brigadier-General Frank T. Hines, Chief of the Army Embarkation Service. Eugene V. Debs, four times candidate of the Socialist Party for President, and accounted the most eloquent and influential of the Socialist leaders in this country, was sen tenced to ten years’ imprisonment by Judge Westenhaver in the Federal Court at Cleveland, Ohio, on Sept. 14, fol lowing his conviction on three counts of an indictment charging violation of the Espionage Act. The offense charged was committed during the course of an address before the State convention of the Socialist Party of Ohio on June 16, and the counts of the indictment on which Debs was found guilty charged: Attempting to incite insubordination, disloyalty, mutiny, and refusal of duty in the military and naval forces. Obstructing and attempting to ob struct the recruiting and enlistment service. Uttering language intended to incite, provoke, and encourage resistance to the United States and to pro mote the cause of the enemy. Additional wage increases for track laborers, watchmen, other maintenance of way employees, clerks, station agents and other classes of men drawing relatively low pay, were approved by Director-General of Railroads McAdoo on Sept. 3. It was stated that nearly 1,000,000 men, or half the railroad employees of the United States, would share in the new increases, which were the second granted in supple ment to the Railroad Administration’s general wage order. Most of the latest increases ranged from 10 to 30% above present wages, and would add, it was said, nearly $100,000,000 to the annual raiload pay-rolls. The increases were recommended to Director-General McAdoo by the Board on Railroad Wages and Working Conditions on Aug. 29. Most of the recommendations of the Board, which investigated the request of employees for more pay, were adopted. The advances were effective Sept. 1. The Associated Press dispatches from Washington, Sept. 5, said: The order specified that eight hours is to be considered the basic day, but overtime up to ten hours is to be paid pro rata, with one and one-half the regular rate for overtime past the ten hours. These restrictions will affect mainly the half-million railway clerks. Thousands of women clerks em ployed by the railroads are to receive the same pay as men for similar work, but the interpretation of “similar work” is left to executives. Back pay from Jan. 1 will be made under the former general wage order, and the ad vances now granted will be figured on top of the wage last Jan. 1, rather than on the pay received in the immediate past under the general wage in crease. Minimum rates of pay are established for all classes covered by to-day’s order, but the increases of $25 a month applied if the employee worked on a monthly or weekly basis, and of 12 cents an hour applied if the employee worked by the hour, in many cases will run the actual new rate above the minimum. New restrictions against the sale of gold bars were imposed by the U. S. Treasury Department. This order followed the temporary prohibition affecting the sale of gold bars to jewelers and others put in force by the New York Assay Office on Aug. 30 under orders from the Director of the U. S. Mint, Raymond T. Baker, but removed the following day. Under the order issued by Mr. Baker on Sept. 9, the mints at Philadelphia, Denver and San Francisco and the •Assay Office at New York were forbidden to issue gold bars in exchange for gold coin or gold certificates without a license from the War Industries Board or a license from the Federal Reserve Board or an order of the Secretary of the Treasury (depending upon the circumstances of the case). It had previously been possible to obtain gold bars in ex change for gold coin or gold certificates. A conference between bullion dealers and Robert B. Steele, Gold and Silver Administrator, was held in this city on Sept. 11 at the headquarters of the National Jewelers’ Board of Trade. As the result of the discussion, the silver dealers agreed to abide by the suggestion of Administrator Steele not to sell silver bullion to others than their customers, and to sell their customers only 75% of their former require- 55 RETROSPECT. merits. It was generally understood that this was not in the nature of an order, but was purely a gentleman’s agree ment, which all would observe in the strictist sense. The gold and silver situation was gone over very thoroughly, and Mr. Steele endeavored to give his auditors a comprehensive exposition of what the Government hoped to accomplish as a result of the order of the War Industries Board restricting the use of gold and silver for art purposes. Supplementing the American Gold Conference held at Reno, Nev., on Aug. 12, 13 and 14 similar conferences were held at Portland, Ore., and Spokane, Wash. The object was to crystalize, if possible, the views of the Western gold producers on some practical plans looking to the adoption of some remedial measures to prevent the decline of the gold industry. The Portland conference was held on Sept. 5 under the auspices of the executive committee of the Oregon Bankers’ Association, and was attended by bankers of Ore gon, Washington and California. The Spokane conference, which covered three days, and was concluded on Sept. 14, was held under the auspices of the Northwest Mining Association with former U. S. Senator George Turner presiding. The most important action of the conference was the adoption of a resolution favoring the payment of a bounty on all new gold produced in the country. The so-called Phelan Bill, amending the Federal Reserve Act, was signed by President Wilson on Sept. 26. The bill was identical with that passed by the House of Representa tives the previous April 24. The new law extends to national banks fiduciary powers exercised by State banks. Before exercising such powers, however, a bank must obtain a permit from the Federal Reserve Board and must have a capital and surplus required by the State laws. The Act also amends reserve requirements of the Federal Reserve Act in the case of banks of outlying districts of Reserve or Central Reserve cities. The Federal Reserve Board is given dis cretion also in the grouping of member banks in each District for the selection of Class A and B directors of Reserve banks so as to give a fair representation to both large and small member banks. The bill furthermore authorized the issuance of Federal Reserve notes in denominations of $500, $1,000, $5,000 and $10,000. The largest Federal Reserve note pre viously authorized under the law was $100. In amending Section 22 of the Federal Reserve Act the new law clarified the language which stipulates that no officer, director, employee or attorney of any member bank may be a beneficiary or receive directly or indirectly any fee, commission, gift or other consideration for or in connection with any tran saction or business of a bank. Albert Strauss, of the firm of J. & W. Seligman Co. of New York was nominated by President Wilson on Sept. 19 to succeed Paul M. Warburg as a member of the Federal Reserve Board. Mr. Strauss had for some time been serving on the War Trade Board as representative of the Treasury Department, handling banking and foreign exchange prob lems. The nomination was confirmed by the U. S. Senate the next month (Oct. 24) and Mr. Strauss took the oath of office Oct. 26. The placing by the U. S. Treasury of a special credit of $200,000,000 at the disposal of the French Government to meet expenditures on account of the United States Army, and the transfer of the credit to the Bank of France, was reported in cable advices from Paris under date of Sept. 7. These stated that for the first time in its history the weekly balance sheet of the Bank of France disclosed that the Bank now had an account with the United States Treasury. Negotiations had been going on for some time between the State Department at Washington and the French Govern ment with a view of coming to some agreement for the supply of the necessary funds for the use of the constantly growing American Army in France. Without waiting for the con clusion of the negotiations, the American Treasury placed the credit of $200,000,000 referred to at the disposition of the French Government. A credit of $5,000,000 was established by the U. S. Trea sury for the Republic of Liberia, which had declared war against Germany, adding a ninth nation to the list of Allies borrowing from the United States. On Sept. 19 an addi tional credit of $100,000,000 was extended to Italy and on Sept. 25 a further credit of $2,770,000 was extended to Belgium, making the total credits established for that coun try $157,020,000. This brought the total credits to the Allies established by the United States up to $7,206,476,666, apportioned as follows: Great Britain, $3,745,000,000; France, $2,085,000,000; Italy, $860,000,000; Russia, $325,000,000; Belgium, $157,020,000; Greece, $15,790,000; Cuba, $15,000,000; Serbia, $12,000,000; Rumania, $6,666,666; Liberia, $5,000,000. Railroad Events and Stock Exchange Matters.—In the stock market there were some sharp movements both up and down. The glorious victories being achieved by the Allies in all the different theatres of the war were an influence in affecting prices, but even more important was the tense condition of the money market, which made necessary a resort to. very exceptional measures to prevent the use of the facilities of banking institutions in the promotion of Stock Exchange dealings. The tone was good at the beginning of the month and price fluctuations were on an ascending scale. Dealings were of limited volume but _ relatively small pur chases sufficed to bring about appreciable advances and it was evident that decidedly encouraging views as to the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis outlook for stocks were held, suggesting that if loanable funds were available there would quickly be an active specula tion for higher prices. As funds, however, were scarce—in fact, were practically denied for Stock Exchange purposes— the upward movement was restrained and yet gave manifold evidences of its presence. On Friday, Sept. 6, however, there came a sharp break, the provoking cause being the monetary situation, and the action in connection therewith. Details of the steps taken in the matter of curtailing loans incurred for stock market operations have already been narrated above. Suffice it to say, therefore, that the market was disturbed—very seriously disturbed—by the announcement that the Board of Governors of the Stock Ex change, in response to a request of the so-called Money Committee, had, at a special meeting held at noon on that day, adopted a resolution authorizing the Business Conduct Committee of the Exchange to require members of the Exchange to furnish daily statements showing the amount of money borrowed by them on time and on call with full particulars as to the banking institutions providing the accommodation. This, as stated, was at the noon hour and shortly thereafter heavy selling occurred with the result of causing a sharp recession in prices, though some recovery occurred before the close of the day. U. S. Steel common, which had sold in the morning at 114%, dropped to 110%, though closing at 111%. Union Pacific, which had been up to 127, got down to 122%, but with the close at 125%. As it happened, Mil. & St. P. com. for some reason peculiar to itself, moved up from 50 to 54, while the rest of the market was selling down. The next day was Saturday and a half holiday, and somewhat of a reaction occurred in the general market. The following Monday, however, liquida tion was renewed as it became evident that the requirement of a daily statement of loans by Stock Exchange houses would be enforced and the decline in prices continued through practically the whole of that week. An impression seemed to gain ground that the action of the Money Committee in requesting daily reports of loans was for the express purpose of forcing liquidation in stocks by those who were employing the facilities of the banks for carrying on stock operations. After about the middle of the month, there was slow, but steady, recovery and thereafter the tendency (until the very last day of the month) was upward, the stimulating influence being the favorable war news. This news was not then con strued as foreshadowing the immediate ending of the conflict. But developments were so rapid and the enemy lines appeared to be collapsing so generally that there came a realization that the close of the contest might after all come very quickly. On Monday, Sept. 30, the daily papers contained the news that Bulgaria had asked for an armistice and later in the day the further announcement that the Bulgarian Government had accepted the terms laid down by the Allies for obtaining the armistice, which were unconditional sur render. The result in the morning was a severe and general break in prices. In the afternoon the course was reversed, but with the movement of values very confused. Those properties which had been deriving enormous profits as a result of the war, such as U. S. Steel shares, evinced a declin ing tendency, while, on the other hand, the stocks of com panies whose operations had been restricted by the war and which were therefore expected to benefit from the termina tion of the conflict, like the motor stocks, moved sharply upward; the day altogether proved an exciting one and the fluctuations in prices covered wide extremes. Stock Fluctuations. Sept. 3. Range for Month. Sept. 30. Lowest. Railroads— Prices in dol lars per share 84% Sept Atch Topeka & S Fe_. 87% 87 53 Sept 56% 53 Baltimore & Ohio____ 164% 156 Sept Canadian Pacific___ 169% 56% Sept 69 58 Chesapeake & Ohio — 47% Sept 52 48% Chic Milw & St Paul,, 15 Sept 15% 15% Erie________ _______ £89 Sept Great Northern, pref_. 93% 92 114% Sept Louisville & Nashville- *115-116% 116% 72% Sept 74% 74% New York Central___ 38% Sept 44% 41 N Y N II & Hartford-102% Sept 104% Norfolk & Western----107% 86% Sept Northern Pacific___ >87% 91% 43% Sept 44% 43% Pennsylvania________ 85% Sept Reading Company----90% 89% 84% Sept 88% Southern Pacific_____ 87% 25% Sept 27 28% Southern Railway----122% Sept Union Pacific________ £127% 127% Industrials— Allis-Chalmers Mfg---Preferred___ ___ Amer Agric ChemicalAmerican Beet Sugar.. American Can________ Amer Car & Foundry. Amer Hide & Leather. American Locomotive. Amer Smelt & Refining Amer Steel & Foundry. Amer Sugar Refining.. Amer Telep & Teleg__ Amer Woolen of Mass. Amer Writ Paper, pref Am Zinc, Lead & Sm__ Anaconda Copper----Baldwin Locomotive. Beth Steel class B, com Central Leather_____ Chile Copper................. Chino Copper________ Colorado Fuel & Iron.. Continental Can______ Crucible Steel----- -----General Electric______ General Motors______ Goodrich (BF)---------Gulf States Steel — Inspiration Copper__ Int Agricultural Corp, 33 *83%-84% *98-100 70% 47% 85% 20 67% *77%-78% 79% £110 98% *57%-58% 37% 17 68% 93% 85% 70% 16% 39% 47% 71 69 147% 133 *45-45% 85 53% *16%-17% 30% £82% 98% 68% 45% >87% 20% >67 79 >90% 107% >98% 55% 35% 15% 69% 89% >79% 70 17% >40 46% >*67-70 64% 149 124 46% >78 55 *15%-17 29% £82% 96 67% 43% £82% 19 £64% 75% £77 106% 96% 53% 32% 15 65% 86 >78% 65% 15% £38% 45 66% 63 £141% 110% 44% >76% 52 14 Sept Sepc 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 13 30 13 17 25 13 18 11 13 18 10 13 27 13 13 10 13 Highest 88 Sept 3 57% Sept 4 170% Sept 30 59% Sept 4 54% Sept 7 16% Sept 4 93% Sept 3 116% Sept 4 76% Sept 3 45% Sept 3 107% Sept 3 91% Sept 3 44% Sept 3 92 Sept 4 88% Sept 4 28% Sept 4 128% Sept 4 16 33 % Sept 3 84% Sept 27 30 Sept 20 10 100 70% Sept 3 11 47% Sept 4 13 13 88% Sept 27 22% Sep> 4 13 68 Sept 5 16 80% Sept 6 13 92% Sept 27 13 Sept 3 13 £110 99% Sept 19 11 17 58% Sept 4 10 38% Sept 4 17% Sept 5 11 69% Sept 5 13 13 95% Sept 6 87% Sept 4 30 71% Sept 28 11 17% Sept 30 24 18 40% Sept 27 14 49 % Sept 4 71% Sept 3 13 69% Sept 3 13 Sept 30 13 149 Sept 3 17 133 47% Sept 24 14 87 Sept 4 20 13 55% Sept 30 16% Sept 28 11 RETROSPECT. 56 Slock Fluctuations. Sept. 3. Sept. 30. Range for Month. Industrials (Core.)— Prices in doll ars per share Lowest. Int Mercantile Marine 28% 25% Sept 27% Preferred__________ 103% 104% 97% Sept International Nickel.. 29% 29 Sept 30 34% International Paper__ 35% 31% Sept Lackawanna Steel.__ 85 780% z80 Sept Maxwell Motors______ *25%-27 28% 25% Sept National Lead________ *58%-59% 58% 57 Sept Pittsburgh Coal______ 48 Sept 51% 51% Pressed Steel Car____ 67% Sept 71% 71 Railway Steel Spring.. 69 769% 65% Sept Republic Iron & Steel. 92% 87% Sept 91% Studebaker Corp____ 43 52% 43 Sept Texas Company______ 154% zl49% Sept 7185% U S Industrial Alcohol. *123-124 114 109 Sept U S Rubber................. .. 64 59% Sept 61% U S Smelt, Ref & Min- *41%-43% 43% 41% Sept United States Steel__ 112% 107% Sept t Western Union Teleg.. 84% 82 81% Sept t Opening sales at 112% and 112%. * Bid and asked price; no sale. 7 Quoted ex-dividend during the month, prior to this date. x Ex-dividend. 13 13 13 13 13 13 25 19 10 10 13 3 11 13 14 24 13 13 Highest. 29% Sept 26 106% Sept 26 30% Sept 23 36% Sept 30 86 Sept 3 29% Sept 30 59 Sept 5 51% Sept 3 72% Sept 27 71% Sept 30 94% Sept 4 53% Sept 30 188 Sept 30 124% Sept 4 64 Sept 3 43% Sept 30 116 Sept 3 85% Sept 5 The Money Market.—In tlie money market arbitrary condi tions ruled. Very pronounced efforts were made to restrict borrowing and to curtail loans and credits; it was, neverthe less, sought to prevent money rates from advancing to ex treme figures. As a consequence, practically only a single rate was quoted for all classes of accommodation, namely 6%. On call, that was the unchanged rate throughout the whole month, except that on one day, namely Sept. 4, there was also a little business at 5%. This followed the payment by J. P. Morgan & Co. of about $200,000,000 on account of the two-year 5% secured notes of the United Kingdom of Great Britain and Ireland which had fallen due. The re lease of these funds, however, exerted no appreciable in fluence in the matter of loans for fixed maturities. The rate of 6% applied to call loans based on the ordinary mixed collateral. Where the collateral consisted exclusively of industrial securities the rate was always one-half of 1 % higher. Mercantile paper rates were also maintained at 6% for 60 and 90 days endorsed bills receivable and 6 months’ names of choice character, as also for names less well known, without discrimination. In a word, the money situation in New York may be said to have been stabilized on a 6% basis for all classes of loans for whatever business was per mitted to pass. Among Stock Exchange houses wide-spread indisposition prevailed to undertake business requiring much banking accommodation. While the Money Committee distributed funds in sufficient amount to prevent any ad vance above 6% on mixed collateral, commission houses felt that they might at any moment be placed in a position where they would be unable to obtain new funds to replace loans that might be called. There were further large issues of the United States Certificates of Indebtedness during the month and the opening of the campaign for- the Fourth Liberty Loan for a minimum sum of $6,000,000,000 made it obviously incumbent to cut off ordinary borrowing where possible in all directions. Surplus reserves of the Clearing House banks on Sept. 14 were down to $24,954,220 but Sept. 21 were up again to $65,535,170 and on Sept. 28 stood at $46,825,730, against $55,327,750 Aug. 31. The loan item which on Aug. 31 totaled $4,428,325,000 aggregated on Sept. 28, $4,574,838,000. Government deposits fluctu ated widelv from week to week, having been $216,255,000 on Aug. 31, $231,947,000 Sept. 7, $181,016,000 Sept. 14, $253,218,000 Sept. 21 and $171,600,000 Sept. 28. Ordinary deposits which on Aug. 31 were $3,841,824,000, on Sept. 28 were reported at $3,917,333,000. Foreign Exchange, Silver &c.—Rates for sterlingwere main tained on the same arbitrary basis as before, and fluctuations in all classes of bills were insignificant and unimportant, the favorable progress of the war being without effect. In the case, however, of exchange on the Continental centres the situation was entirely different, particularly as regards rates on the neutral centres. Here the tendency was in the direc tion of a rectification of the previous dislocation of exchange, and rates which had been strongly against the United States now developed steady improvement in that respect. In other words, in the neutral exchanges continued weakness was in evidence, particularly as regards Swiss and Dutch exchange and in Scandinavian rates. Swiss francs at the end of the month were quoted at 4 52 to the dollar, against 4 38 at the opening of the month. This was for sight bankers’ bills. At Amsterdam the rate for sight bills dropped from 50)4 to 4714- Spanish pesetas as measured by bankers’ checks fell from 23 40 to 22 50, the decline reflecting the effec tiveness of Government measures adopted for the stabiliza tion of Spanish exchange. On the Scandinavian centres the tendency was also downward, though with occasional recoveries. French exchange was firm with the fluctuations on the whole moderate; here a sustaining feature (in addi tion to the favorable war news) was the steady and con stantly increasing demand for remittances in connection with the payments for the American troops in France. Open market discounts in London continued to be quoted at 317-32 for both 60 and 90 day bills. Silver in London was auoted at 49 J^d. throughout the month. MONTH OF OCTOBER Current Events.—In the series of momentous events that came in rapid succession and with dramatic suddenness, all evidencing the collapse and disintegration of the Central Powers and portending the speedy termination of the war, the month of October formed a fitting climax to the definite closing the next month of the greatest conflict among the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis world of nations. September, as already noted, witnessed the first break in the combination among the Central Powers in the absolute and unconditional surrender of Bulgaria, the smallest unit in the Quadruple Alliance, and yet a highly important link in it. October saw Turkey and AustriaHungary in the same helpless plight, with Germany itself making repeated pleas for an armistice. These pleas were addressed to President Wilson and asked the latter to arrange with the Allies for an armistice as a preliminary to the event ual conclusion of peace. In order to insure action by Mr. Wilson, the German Government gave unqualified adherence to the principles of a general world peace as laid down by the President in several of his addresses during 1918, but such was the suspicion of treachery on the part of the German leaders that Mr. Wilson required special evidence of good faith before he would transmit the requests to the European Powers associated with the United States.. Reasonable evidence of good faith having been furnished in subsequent notes of the German Government, the close of the month saw representatives of the Allied Powers in conference at Ver sailles with representatives of our Government deliberating upon the terms of the armistice to be offered the Germans. In the meantime both Turkey and Austria-Hungary had indicated their desire to conclude separate peace arrange ments with the Allied Powers, thus leaving Germany abso lutely alone. Turkey had been left in a state of complete helplessness by the British successes, . several of Turkey’s most important armies having been annihilated. The down fall on Oct. 9 of the Turkish Cabinet headed by Talaat Pasha as Grand Vizier and Enver Pasha as War Minister and the organization of a new Cabinet with Tewfik Pasha as Grand Vizier and Izzet Pasha as War Minister, paved the way for the conclusion of a separate peace. The armistice with Turkey was signed on Oct. 31, the terms being very severe, one of the conditions permitting the Allied fleets to pass through the Dardanelles and the Bosphorus to the Black Sea. On this same closing day of the month in Meso potamia, Ismail Hakki, Commander of the Turkish Tigris Army, surrendered one whole division and the best part of two others to the British. Austria-Hungary on its part underwent complete dismemberment. Hungary set up as an independent State. The Czecho-Slovaks carved out large slices of the Empire for themselves, the German part of Austria erected itself into a separate State, and other parts also arranged to quit. The youthful Emperor was distracted and did not know whither to turn. It was evident that the Empire was being disrupted, with Emperor Charles ready to yield anything and everything. To complete the misery, the Italians began a new and victorious attack. In utter despair the Austrian Commander-in-Chief on the Italian front was directed to apply directly to General Diaz, the Italian Commander-in-Chief, the Allied Powers having been slow to act on the Austrian proposal of a separate peace which the Austrian Government had evinced its desire to conclude. Accordingly the Austrian commander on Oct. 31 made appli cation to Gen. Diaz for terms and expressed a desire that further unnecessary slaughter be ended at once. General Diaz referred the matter to the Supreme War Council at Versailles which agreed upon the terms of an armistice which was presented to the Austrian Government and accepted at once, though not until after the close of the month; the armi stice went into effect at 3 p.m. on Monday, Nov. 4. In France and Belgium the Allied armies gained growing victories all along the line, and the Germans evacuated large portions of occupied territory in both countries. This they appeared to be doing in good part in accordance with pre-arranged plans, fighting only rearguard actions, but at strategic points they put up stout and prolonged defense and were dislodged only with great difficulty. Among the places taken over during the month were Lens and Armentieres, evacuated by the Germans on Oct. 3, Cambrai taken by the British on Oct. 9, Ostend and Courtrai in Bel gium captured by the British Oct. 17, Zeebrugge and Bruges evacuated by the Germans on Oct. 18. The Adriatic port of Durazzo was captured from the Austrians by the Italians and British Oct. 15. The appeal of Germany, Austria and Turkey to President Wilson to take steps toward bringing about a general armis tice preparatory to peace negotiations came early in the month, and they declared their willingness to accept “as a basis of negotiations” the peace principles enunciated by the President in his address to Congress on Jan. 8 last, and in subsequent addresses, especially his speech in New York on Sept. 27. The first intimation of the new peace offer came on Oct. 5, when dispatches from Berne to the Havas Agency at Paris announced that the Austro-Hungarian Minister at Stockholm had been charged to request the Swedish Govern ment to transmit to President Wilson a proposal to conclude an immediate armistice “with him and his allies,” and to start without delay negotiations for peace. The same day’s dispatches clearly foreshadowed similar action by Germany and Turkey. On Oct. 6 Associated Press dispatches from Amsterdam announced that the newly appointed Imperial German Chancellor, Prince Maximillian of Baden, had for warded to President Wilson, through the Swiss Government, a note of similar import to the Austrian communication. The official text of the German note was delivered to Presi dent Wilson on Oct. 7 by the Charge d’Affaires ad interim of the Swiss Legation, and did not differ materially from the earlier versions carried in press cablegrams. The note from Prince Maximillian of Baden read: RETROSPECT. The German Government requests the President of the United States of America to take steps for the restoration of peace, to notify all belligerents of this request, and to invite them to delegate plenipotentiaries for the purpose of taking up negotiations. The German Government accepts, as a basis for the peace negotiations, the program laid down by the President of the United States in his message to Congress of Jan. 8 1918, and in his subsequent pronouncements, particularly in his address of Sept. 27 1918. In order to avoid further bloodshed, the German Government requests to bring about the immediate conclusion of a general armistice on land, on water, and in the air. The Turkish Government’s peace note was forwarded through the Spanish Government, and was said to have been similar in all essentials to the German and Austrian communi cations. Of the three communications President Wilson chose to make his preliminary reply to that from Germany, as the dominating Power in the Teutonic alliance. As in the case of the Austrian proposals of Sept. 14, the President had the press versions of the German note before him some hours before the official text was delivered. From the nature of the communication, however, it was impossible for him to make reply in the same curt fashion as in the previous in stance, when his answer was announced within twenty-five minutes of the receipt of the official text of the Austrian note. The text of the President’s reply by Secretary Lansing on Oct. 8 was as follows: Sir:—I have the honor to acknowledge on behalf of the President your note of Oct. 6, enclosing the communication from the German Government to the President: and I am instructed by the President to request you to make the following communication to the Imperial German Chancellor: Before making reply to the request of the Imperial German Government, and in order that that reply shall be as candid and straightforward as the momentous interests involved require, the President of the United States deems it necessary to assure himself of the exact meaning of the note of the Imperial Chancellor. Does the Imperial Chancellor mean that the Im perial German Government accepts the terms laid down by the President in his address to the Congress of the United States on the 8th of January last and in subsequent addresses and that its object in entering into dis cussions would be only to agree upon the practical details of their applica tion? The President feels bound to say with regard to the suggestion of an armistice that he would not feel at liberty to propose a cessation of arms to the Governments with which the Government of the United States is associated against the Central Powers so long as the armies of those Powers are upon their soil. The good faith of any discussion would manifestly depend upon the consent of the Central Powers immediately to withdraw their forces everywhere from invaded territory. The President also feels that he is justified in asking whether the Im perial Chancellor is speaking merely for the constituted authorities of the empire who have so far conducted the war. He deems the answer to these questions vital from every point of view. Accept, sir, the renewed assurance of my high consideration. ROBERT LANSING. 57 The President feels that it is also his duty to add that neither the Govern ment of the United States nor, he is quite sure, the Governments with which the Government of the United States is associated as a belligerent, will consent to consider an armistice so long as the armed forces of Germany continue the illegal and inhumane practices which they persist in. At the very time that the German Government approaches the Govern ment of the United States with proposals of peace, its submarines are engaged in sinking passenger ships at sea, and not the ships alone, but the very boats in which their passengers and crews seek to make their way to safety: and in their present enforced withdrawal from Flanders and France the German armies are pursuing a course of wanton destruction which has always been regarded as in direct violation of the rules and practices of civilized warfare. Cities and villages, if not destroyed, are being stripped of all they contain not only, but often of their very inhabitants. The nations associated against Germany cannot be expected to agree to a cessation of arms while acts of inhumanity, spoliation, and desolation are being continued which they justly look upon with horror and with burn ing hearts. It is necessary also, in order that there may be no possibility of mis understanding, that the President should very solemnly call the attention of the Government of Germany to the language and plain intent of one of the terms of peace which the German Government has now accepted. It is contained in the address of the President delivered at Mount Vernon on the Fourth of July last. It is as follows: “The destruction of every arbitrary power anywhere that can separately, secretly and of its single choice disturb the peace of the world: or, if it cannot be presently destroyed, at least its reduction to virtual impotency.” The power which has hitherto controlled the German nation is of the sort here described. It is within the choice of the German nation to alter it. The President’s words, just quoted, naturally constitute a condition prece dent to peace, if peace is to come by the action of the German people them selves. The President feels bound to say that the whole process of peace will, in his judgment, depend upon the definiteness and the satisfactory character of the guarantees which can be given in this fundamental matter. It is indispensable that the Governments associated against Germany should know beyond a peradventure with whom they are dealing. The President will make a separate reply to the Royal and Imperial Government of Austria-Hungary. Accept, Sir, the renewed assurances of my high consideration. (Signed) ROBERT LANSING. Mr. Frederick Oederlin, Charge d’Affaires of Switzerland, ad interim in charge of German interests in the United States. The official text of the reply of the German Government, dated Oct. 20, to the above was received by cable at the Swiss Legation in Washington on Oct. 22, and, after being decoded, was delivered to Secretary of State Lansing on the 23d. As in the case of the preceding German notes, however, the text had already been sent out by wireless from the sta tion at Nauen, Germany; this wireless version was picked up at London and forwarded to this country by cable on Oct. 21. The wireless version, although containing several minor in accuracies, proved to be substantially the same as the official text when published. The official reply as presented by the The reply of the German Government to President Wil Charge d’Affaires of Switzerland was made public as follows son’s note was received at Washington Oct. 12. It had been by Secretary of State Lansing on Oct. 23: sent out from the German wireless station at Nauen, picked The Secretary of State makes public the following communication from up in France and cabled to Washington. The official text the Charge d’Affaires a. i. of Switzerland: was received Oct. 14, through the Swiss Legation and deliv DEPARTMENT OF GERMAN INTERESTS, ered to Secretary Lansing by Frederick Oederlin, Swiss Legation of Switzerland, Charge d’Affaires ad interim. The official text was found Washington, Oct. 22 1918. to be identical with the version sent by wireless from Nauen. Sir:—By direction of my Government, I have the honor to transmit The reply was signed by Dr. Solf, the German Foreign Minis herewith to your Excellency the original German text of a communication, ter, instead of by Prince Max of Baden, the Chancellor. dated Oct. 20 1918, from the German Government, which has to-day been The German note read as follows: received from the Swiss Foreign Office. I beg to also enclose an English Berlin, Oct. 12 1918. In reply to the questions of the President of the United States of America the German Government hereby declares: The German Government has accepted the terms laid down by President Wilson in his address of Jan. 8 and in his subsequent addresses on the foundation of a permanent peace of justice. Consequently its object in entering into discussion would be only to agree upon practical details of the application of these terms. The German Government believes that the Government of the Powers associated with the Government of the United States also take the position taken by President Wilson in his address. The German Government, in accordance with the Austro-Hungarian Government, for the purpose of bringing about an armistice, declares itself ready to comply with the proposition of the President in regard to evacua tion. The German Government suggests that the President may occasion the meeting of a mixed commission for making the necessary arrangements concerning the evacuation. The present German Government, which has undertaken the respons ibility for this step toward peace, has been formed by conferences and in agreement with the great majority of the Reichstag. The Chancellor, supported in all his actions by the will of this majority, speaks in the name of the German Government and of the German people. (Signed) SOLF, State Secretary of Foreign Affairs. Following is the text of the reply sent by President Wilson to the second German peace note: DEPARTMENT OF STATE. Washington, D. C., Oct. 14 1918. Sir:—In reply to the communication of the German Government, dated the 12th inst., which you handed me to-day, I have the honor to request you to transmit the following answer: The unqualified acceptance by the present German Government and by a large majority of the German Reichstag of the terms laid down by the President of the United States of America in his adress to the Congress of the United States on the 8th of January 1918, and in his subsequent addresses, justifies the President in making a frank and direct statement of his decision with regard to the communications of the German Govern ment of the 8th and 12th of October 1918. It must be clearly understood that the process of evacuation and the conditions of an armistice are matters which must be left to the judgment and advice of the military advisers of the Government of the United States and the Allied Governments, and the President feels it his duty to say that no arrangement can be accepted by the Government of the United States which does not provide absolutely satisfactory safeguards and guarantees of the maintenance of the present military supremacy of the armies of the United States and of the Allies in the field. He feels confident that he can safely assume that this will also be the judgment and decision of the Allied Governments. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis translation of the communication in question as transmitted to the Swiss Foreign Office by the German Government with the request that it be forwarded to your Excellency’s Government. Please accept, Sir, the renewed assurances of my highest consideration. (Signed) F. OEDERLIN, Charge d’Affaires, a. i., of Switzerland. His Excellency, Robert Lansing, Secretary of State, Washington. (ENCLOSURE.) Translation issued by the German Government of its communication, dated Oct. 20 1918, transmitted to the Secretary of State by the Charge d’Affaires, a. i., of Switzerland on Oct. 22 1918. In accepting the proposal for an evacuation of the occupied territories the German Government has started from the assumption that the pro cedure of this evacuation and of the conditions of an armistice should be left to the judgment of the military advisers and that the actual standard of power on both sides in the field has to form the basis for arrangements safeguarding and guaranteeing this standard. The German Government suggests to the President to bring about an opportunity for fixing the details. It trusts that the President of the United States will approve of no demand which would be irreconcilable with the honor of the German people and with opening a way to a peace of justice. The German Government protests against the reproach of illegal and inhumane actions made against the German land and sea forces and thereby against the German people. For the covering of a retreat, destructions will always be necessary, and are in so far permitted by international law. The German troops are under the strictest instruction to spare private property and to exercise care for the population to the best of their ability. Where transgressions occur in spite of these instructions the guilty are being punished. The German Government further denies that the German Navy in sink ing ships has ever purposely destroyed lifeboats with their passengers. The German Government proposes with regard to all these charges that the facts be cleared up by neutral commissions. In order to avoid anything that might hamper the work of peace, the German Government has caused orders to be dispatched to all submarine commanders precluding the tor pedoing of passenger ships, without, however, for technical reasons, being able to guarantee that these orders will reach every single submarine at sea before its return. As the fundamental conditions for peace, the President characterizes the destruction of every arbitrary power that can separately, secretly and of its own single choice disturb the peace of the world. To this the German Government replies: Hitherto the representation of the people in the German Empire has not been endowed with an influence on the for mation of the Government. The Constitution did not provide for a con currence of the representation of the people in decision on peace apd, war. These conditions have just now undergone a fundamental change. The 58 RETROSPECT. new Government has been formed in complete accord with the wishes of the representation of the people, based on the equal, universal, secret, direct franchise. The leaders of the great parties of the Reichstag are members of this Government. In future no Government can take or con tinue in office without possessing the confidence of the majority of the Reichstag. The responsibility of the Chancellor of the Empire to the representation of the people is being legally developed and safeguarded. The first act of the new Government has been to lay before the Reichstag a bill to alter the Constitution of the empire so that the consent of the repre sentation of the people is required for decision on war and peace. The permanence of the new system is, however, guaranteed not only by con stitutional safeguards, but also by the unshakable determination of the German people, whose vast majority stands behind these reforms and de mands their energetic continuance. The question of the President, with whom he and the Governments as sociated against Germany are dealing, is therefore answered in a clear and unequivocal manner by the statement that the offer of peace and an ar mistice has come from a Government which, free from arbitrary and irre sponsible influence, is supported by the approval of the overwhelming majority of the German people. (Signed) SOLE, Slate Secretary of Foreign Affairs. Berlin, Oct. 20 1918. In answer to the foregoing President Wilson advised the German Government that the only armistice he would feel justified in submitting for consideration to the Allies would be one which would make a renewal of hostilities on the part of Germany impossible. The President informed the Ger man Government that he had transmitted his correspond ence with it to the Allies, and suggested that if they were disposed to effect peace on the terms and principles indicated by this Government, the military advisers of the United States and the Allies be asked to submit such terms as would fully protect the interests of the people involved and insure to the Associated Governments the unrestricted power to safeguard and enforce the details of peace. The President pointed out the reason why extraordinary safeguards must be demanded. It may be, he said, that future wars have been brought under the control of the German people, but the present war has not been. The following is the reply in full as handed to the Charge d’Affaires of the Swiss Legation on Oct. 23: From the Secretary of State to the Charge d’Affaires of Switzerland, ad interim, in charge of German interests in the United States. DEPARTMENT OF STATE. Washington, D. C., Oct. 23 1918. Sir:—I have the honor to acknowledge the receipt of your note of the 22d transmitting a communication under date of the 20th from the German Government and to advise you that the President has instructed me to reply thereto as follows: “Having received the solemn and explicit assurance of the German Government that it unreservedly accepts the terms of peace laid down in his address to the Congress of the United States on the 8th of January 1918, and the principles of settlement enunciated in his subsequent addresses, particularly the address of the 27th of September, and that it desires to discuss the details of their application, and that this wish and purpose emanate, not from those who have hitherto dictated German policy and conducted the present war on Germany’s behalf, but from Ministers who speak for the majority of the Reichstag and for an overwhelming majority of the German people; and having received also the explicit promise of the present German Government that the humane rules of civilized warfare will be observed both on land and sea by the German armed forces, the President of the United States feels that he cannot decline to take up with the Governments with which the Government of the United States is associated the question of an armistice. “He deems it his duty to say again, however, that the only armistice he would feel justified in submitting for consideration would be one which should leave the United States and the Powers associated with her in a position to enforce any arrangements that may be entered into and to make a renewal of hostilities on the part of Germany impossible. “The President has, therefore, transmitted his correspondence with the present German authorities to the Governments with which the Govern ment of the United States is associated as a belligerent, with the suggestion that, if those Governments are disposed to effect peace upon the terms and principles indicated, their military advisors and the military advisers of the United States be asked to submit to the Governments associated against Germany the necessary terms of such an armistice as will fully protect the interests of the peoples involved and insure to the associated Governments the unrestricted power to safeguard and enforce the details of the peace to which the German Government has agreed, provided they deem such an armistice possible from the military point of view. Should such terms of armistice be suggested, their acceptance by Germany will afford the best concrete evidence of her unequivocal acceptance of the terms and principles of peace from which the whole action proceeds. “The President would deem himself lacking in candor did he not point out in the frankest possible terms the reason why extraordinary safeguards must be demanded. Significant and important as the Constitutional changes seem to be which are spoken of by the German Foreign Secretary in his note of the 20th of October, it does not appear that the principle of a Government responsible to the German people has yet been fully worked out or that any guarantees either exist or are in contemplation that the alterations of principle and of practice now partially agreed upon will be permanent. Moreover, it does not appear that the heart of the present difficulty has been reached. It may be that the future wars have been brought under the control of the German people, but the present war has not been; and it is with the present war that we are dealing. “It is evident that the German people have no means of commanding the acquiescence of the military authorities of the Empire in the popular will; that the Power of the King of Prussia to control the policy of the Empire is unimpaired; that the determining initiative still remains with those who have hitherto been the masters of Germany. Feeling that the whole peace of the world depends now on plain speaking and straightforward action, the President deems it his duty to say, without any attempt to soften what may seem harsh words, that the nations of the world do not and cannot trust the word of those who have hitherto been the masters of German policy, and to point out once more that in concluding peace and attempting to undo the infinite injuries and injustices of this war the Government of the United States cannot deal with any but veritable representatives of the German people who have been assured of a genuine Constitutional standing as the real rulers of Germany. “If it must deal with the military masters and the monarchical authorities of Germany now, or if it is likely to have to deal with them later in regard http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis to the international obligations of the German Empire, it must demand, not peace negotiations, but surrender. Nothing can be gained by leaving this essential thing unsaid.” Accept, sir, the renewed assurance of my high consideration. (Signed) ROBERT LANSING. Mr. Frederick Oederlin, Charge d’Affaires of Switzerland, ad interim in charge of German interests in the United States. Two further notes came from the German Government. The first, received on Oct. 28, was a direct reply to President Wilson’s note of Oct. 23, in which the President, while agree ing to transmit to the Associated Governments Germany’s request for an armistice, insisted upon terms amounting vir tually to absolute surrender by Germany. The German Gov ernment announced that it had taken cognizance of the President’s answer to its previous communication, and that it “now awaits proposals for an armistice.” At the same time Dr. Solf, the Foreign Minister, who signed the note, assured the President that far-reaching changes Had been and were being carried out in the German constitutional structure, and that peace negotiations were being conducted by a peo ple’s Government, having power to make the deciding con clusions. The military powers, the note asserted, were now subject to the civil government. The second note, received at Washington on Oct. 30, sup plemented the first communication by reciting in detail gov ernmental changes which had taken place in Germany as evidence that the Kaiser had been deprived of all power of making war and negotiating peace. This time the Germans did not address President Wilson personally, but sent the information for the American Government, apparently recog nizing that the stage of personal appeals had passed with the transmission of their armistice and peace plea to the Allies. The note reiterated that the actual power and responsibility of the Government had been transferred to the Reichstag, and described the progress of the necessary constitutional changes. The full text of this second note was not made public by the State Department, for the reason, as stated in the Washington dispatches, that it was considered to be in the nature of German propaganda. No further reply from President Wilson was called for, as the conference under way at Versailles between the Premiers of Great Britain, France and Italy, and Col. House, repre senting President Wilson, with the aid of their respective military advisers, was engaged in formulating the principles of the armistice. President Wilson’s answer to the Austro-Hungarion note of Oct. 7, requesting the President to arrange for an armis tice, was forwarded by Secretary of State Lansing through the Swedish Government on Oct. 19. The full text read as follows: Departmnt of State, Washington, Oct. 19 1918. From the Secretary of State to the Minister of Sweden. Sir:—I have the honor to acknowledge the receipt of your note of the seventh instant in which you transmit a communication of the Imperial and Royal Government of Austria-Hungary to the President. I am now instructed by the President to request you to be good enough through your Government to convey to the Imperial and Royal Government the following reply: The President deems it his duty to say to the Austro-Hungarian Gov ernment that he cannot entertain the present suggestions of that Govern ment because of certain events of utmost importance, which, occurring since the delivery of his address of the eighth of January last, have neces sarily altered the attitude and responsibility of the Government of the United States. Among the fourteen terms of peace which the President formulated at that time, occurred the following: “X.—The peoples of Austria-Hungary, whose place among the nations we wish to see safeguarded and assured, should be accorded the freest opportunity of autonomous development.” Since that sentence was written and uttered to the Congress of the United States, the Government of the United States has recognized that a state of belligerency exists between the Czecho-Slovaks and the German and Austro-Hungarian Empires and that the Czecho-Slovak National Council is a de facto belligerent Government clothed with proper authority to direct the military and political affairs of the Czecho-Slovaks. It has also recognized in the fullest manner the justice of the nationalistic aspira tions of the Jugo-Slavs for freedom. The President is, therefore, no longer at liberty to accept the mere “autonomy” of these peoples as a basis of peace, but is obliged to insist that they, and not he, shall be the judges of what action on the part of the Austro-Hungarian Government will satisfy their aspirations and their conception of their rights and destiny as members of the family of nations. Accept, Sir, the renewed assurances of my highest consideration. (Signed) ROBERT LANSING. The official text of the Austro-Hungarian note to which the foregoing was a reply was made public as follows: Legation of Sweden, Washington, D. C., Oct. 7 1918. [Translation.] Excellency:—By order of my Government I have the honor confidentially to transmit herewith to you the following communication of the Imperial and Royal Government of Austria-Hungary to the President of the United States of America. “The Austro-Hungarian Monarchy, which has waged war always and solely as a defensive war and repeatedly given documentary evidence of its readiness to stop the shedding of blood and to arrive at a just and honorable peace, hereby addresses itself to his Lordship, [“Monseigneur” in the French text] the President of the United States of America, and offers to conclude with him and his allies an armistice on every front on land, at sea, and in the air, and to enter immediately upon negotiations for a peace for which the fourteen points in the message of President Wilson to Congress of Jan. 8 1918, and the four points contained in President Wilson’s address of Feb. 12 1918, should serve as a foundation, and in which the viewpoints declared by President Wilson in his address of Sept. 27 1918 will also be taken into account.” Be pleased to accept, &c., (Signed) W. A. F. EKENGREN, His Excellency, Mr. Robert Lansing, Secretary of State of the United States, Washington. RETROSPECT. The Austro-Hungarian Government, replying to President Wilson’s note of Oct. 19, accepted “all the conditions the President has laid down,” and declared itself ready “without awaiting the result of other negotiations,” to enter into nego tiations for an immediate armistice on all fronts. The Austrian note, signed by Count Andrassy as Foreign Minis ter, was dated at Vienna on Oct. 28 and transmitted to the State Department through the Swedish Legation. The note was first received in Washington on Oct. 29 through an Asso ciated Press dispatch from Basle, Switzerland. On the fol lowing day a second note was received from Count Andrassy, addressed to Secretary of State Lansing, and making an urgent appeal to Mr. Lansing to intervene with President Wilson “in order that, in the interest of humanity as in the interest of all those who live in Austria-Hungary, an imme diate armistice may be concluded on all fronts, and for an overture that negotiations for peace will follow.” The note of the Austro-Hungarian Government in reply to President Wilson’s note of Oct. 19, according to Vienna dispatches to Basle forwarded on Oct. 29, was communicated to the French, British, Japanese and Italian Governments, as well as to the United States, begging the approval and support of those nations. The resignation of General Ludendorff, First Quarter master-General of the German Army and reputed to have been the virtual military head of Germany for the previous two years, was announced at Berlin on Oct. 26. General Ludendorff’s resignation followed immediately after the adoption by the Reichstag of a bill placing the military com mand under the control of the civil Government. Chancel lor von Hertling and Foreign Minister von Hintz had re signed Sept. 30. The resignations were accepted by Em peror William, and on Oct. 3 it was reported that Prince Maximilian of Baden had been named as Chancellor in place of Count von Hertling. A new food conservation program, effective Oct. 21, was announced by the U. S. Food Administration on Oct. 13. The new regulations affected every hotel, restaurant, cafe, club and dining car service in the country. It was esti mated that approximately 9,000,000 people take their meals in public eating places. The new regulations carried into effect the antecedent announcement of the Food Administra tion that, in fulfilling the American promise to the Allies to send them 17,500,000 tons of food during the year, the public eating places would be called upon “to undertake in many particulars a more strict program than last year.” There were twelve “General Orders” in the new conservation plan which set forth the specific measures whereby it was proposed to carry out a direct reduction in the consumption of all foods, particularly staples, rather than a series of emergency regulations such as meatless and wheatless days and meals, and the substitution of one food for another. The Food Administration’s announcement said: It has not been deemed advisable or necessary at the present time actually to license the operation of public eating places, but, in cases where the patriotic co-operation of such public eating places cannot be secured by other means, the United States Food Administration will not hesitate to secure compliance with its orders through its control of the distribution of sugar, flour and other food supplies. A failure to conform to any of the following orders will be regarded as a wasteful practice forbidden by Sec tion 4 of the Food Control Act of Aug. 10 1917. Simplified service, with meats and vegetables on one plate, instead of in side dishes, only necessary silverware, and simplification of the menu and menu cards were urged as means not only to save food, but labor and paper. The new program discouraged the table d’hote meal except when confined to few courses and small variety. Under the new plan no bread or butter was to be served unless the diner re quested it, and when bread and butter were served, it must not be put upon the table until after the first course had been served. No sugar was to be served unless requested, and not more than one teaspoonful or its equivalent to any one person at a meal. The following were the twelve General Orders: General Order No. 1.—No public eating place shall serve or permit to be served any bread or other bakery products which does not contain at least 20% of wheat flour substitutes, nor shall it serve or permit to be served more than two ounces of this bread, known as Victory Bread, or if no Victory Bread is served, more than four ounces of other breads (such as corn bread, muffins, Boston brown bread, &c.). Sandwiches or bread served at boarding camps and rye bread containing 50% or more of pure rye flour are excepted. General Order No. 2.—No public eating place shall serve or permit to be served bread or toast as a garniture or under meat. General Order No. 3.—No public eating place shall allow any bread to be brought to the table until after the first course is served. General Order No. 4.—No public eating place shall serve or permit to be served to one patron at any one meal more than one kind of meat. For the purpose of this rule meat shall be considered as including beef, mutton, pork, poultry and any by-products thereof. General Order No. 5.—No public eating place shall serve or permit to be served any bacon as a garniture. General Order No. 6.—No public eating place shall serve or permit to be served to any one person at any one meal more than one-half ounce of butter. General Order No. 7.—No public eating place shall serve or permit to be served to any o e person at any one meal more than one-half ounce of Cheddar, commonly known called American cheese. General Order No. 8.—No public eating h use shall use or permit the use of the sugar-bowl on the table or lunch counter Nor shall any public eating p'ace serve sugar or permit it to be served unless the guest so requests and in no event shall the amount served to any one person at any one meal exceed one teaspoonful or its equivalent. General Order No. 9.—No public eating place shall use or permit the use of an amount of sugar in excess of two pounds for every ninety meals served, including all uses of sugar on the table and in cooking, excepting such sugar http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 59 as may be allotted by the Federal Food Administrators to hotels holding a bakery license. No sugar allotted for this special baking purpose shall be used for any other purpose. General Order No. 10.—No public eating place shall bum any food or permit any food to be burned and all waste sha’l be saved to feed animals or reduced to obtain fats. General Order No. 11.—No public eating place shall display or permit to be displayed food on its premises in any such manner as may cause its deterioration so that it cannot be used for human consumption. General Order No. 12.—No public eating place shall serve or permit to be served what is known as double cream or cream de luxe, and in any event no cream containing over 20% of butter fat shall be served. Like the other markets, the grain markets responded to the probabilities of the early approach of peace. There were of course no dealings in future options in wheat, the price of that cereal having been fixed under Government regulations. In corn a sharp drop in values occurred. At Chicago October corn declined from SI 37 % Oct. 1 to SI 13% Oct. 10, these having been the extremes for the month. After the 10th there were sharp fluctuations up and down and the quotation Oct. 24 was up again to SI 35%, but the close Oct. 31 was at only SI 19. The previous Aug. 21 the October option had sold as high as $1 67%. December corn at Chicago declined from SI 31% Oct. 1 to SI 09 Oct. 14, with the close Oct. 31 at SI 17. Oats prices also tended towards a lower level; the range for the October option at Chicago was 71 %e. to 65 %c. with the price Oct. 31 68c., against 69@70%c. Oct. 1. December oats ranged from 72c. Oct. 1 to 63c. Oct. 14 with the close Oct. 31 68c. The lifting of the embargo against grain shipments, so far as points east of Pittsburgh, including Virginia, were con cerned, was reported on Oct. 2. In cotton, also, lower prices were recorded. The condition of the growing crop improved and this with the holding off of killing frosts (in 1917 killing frosts had come quite early in the month) gave assurance of a better crop than the gloomy outlook of the summer had appeared to foreshadow. At the same time Government action of the preceding month in presenting the possibility of a Government-fixed price, if necessity forced such a step (nothing in that direction was actually done during October), served not alone to check the wild speculation previously rampant in the staple, but made operators extremely cautious about resuming the movement for higher prices. Furthermore views as to the effect of peace upon the demand for, and consumption of, cotton appeared to be somewhat modified. Doubts began to be felt whether, after all, enemy countries and their neutral neighbors whose stocks of cotton had long been ex hausted, could be depended upon to become eager buyers of the staple in the immediate future—the expectation previously entertained—while it was certain the demand for cotton for use in the manufacture of explosives and other army needs would necessarily be cut off. Simultaneously stocks of cotton at United States ports and the world’s visible supply were both running heavier than at corres ponding dates in the previous year. From 34.95c. on Sept. 30 middling uplands spot cotton at New York declined to 30.20c. Oct. 31. An amendment to the rules of the New York Cotton Exchange placing a limit of two cents a pound on fluctuations in future contracts in any one day, instead of the limit of three cents a pound previously in effect, was adopted by the Board of Managers of the Exchange on Oct. 5. The new ruling was for the period of the war, and went into effect on Tuesday, Oct. 15 1918. The change was made upon the recommendation of the Cotton Committee appointed by the President and the War Industries Board. Washington advices on Oct. 10 were to the effect that reports received by the War Industries Board on Oct. 9 from a committee of the Board investigating the cotton situation showed that apparently no necessity existed for fixing cotton prices. It was stated that many troubles of growers, manufacturers and other members of the industry and trade had been re moved voluntarily by the responsible persons, when it was seen that forthcoming Government action would be aimed at these. The removal of other faults in the system of cotton growing and distribution, it was declared, was ex pected as the Board’s inquiry progressed. One tangible result of the Board’s cotton inquiry, it was averred, was the growing widespread substitution by manufacturers of lowgrade cotton for high-grade cotton, so far as possible. Further adoptions of the use of the low-grade product by manufac turers was expected as soon as they could be induced to lower their requirements in view of the existing emergency in the industry. Recommendations for the stabilization of hog prices were presented to the Federal Food Administration by the pro ducers, or Agricultural Advisory Committee. At a con ference between Food Administration officials and represen tatives of the five large packers and 40 smaller firms on Oct. 4 the packers opposed the plan proposed by the producers’ committee,- but agreed to support the Administration by doing their best to maintain the minimum of $15 50 per hundredweight for the average of packers’ droves over the heavy packing season, the average not to include the usually excluded cripples, boars, stags, little pigs and old sows. On Oct. 8 it was announced that owing to the protest by the packers against the average minimum price for October of $18 50 per hundred pounds at Chicago the Food Adminis tration had reduced the minimum price to $18. An increase of l%c. per quart in the price of milk to the consumer was announced on Oct. 3 by the New York Milk 60 RETROSPECT. Conference Board, Inc., the new price of 17^c. for grade A milk (comparing with 16e. for August and September) and 15)^c. for grade B milk, being made effective Oct. 4, and continuing until the end of the month. An increase of two cents for October had been agreed upon by the distributors and producers on Sept. 20. Following the announcement of this agreement Federal Food Administrator Hoover called upon the New York Federal Food Board to arrange for a conference looking to a reduction in the proposed increase. It was at the conclusion of this conference on Oct. 3, after a three-days’ session, that announcement was made of the acceptance of the suggestion by Food Administrator Hoover that the dealers limit the increase in the price to consumers to l^c. a quart, over the September price. In the case of grade A pint bottles the price of which for September and August had been 9c., the retail charge from Oct. 4 to 15 was fixed at 9^e., while for the period from Oct. 16 to 31 it was made 10c. The October price of 15J^c. for grade B bottled milk per quart to consumers compared with 14c. for August and September; for grade B pint bottles the price to consumers was fixed at 8|^c. from Oct. 4 to 15 and 9e. from Oct. 16 to 31; for August and September the price had been 8c. The increase in the price paid to producers for milk beginning Oct. 1 necessitated a corresponding increase in city milk prices. The entire increase represented such added cost only, it was stated, and no profit to distributors. Further increases in milk prices for November were an nounced on Oct. 30. The price grade A bottled milk quarts was raised from 17J^c. to 18c., while for grade A pints the new price was 11c., compared with 9^20. for the first half of October and 10c. for the latter half. Grade B bottled milk at retail was fixed at 16c. against 15J^c. for October, while for grade B pint bottles the price to consumers was advanced to 10c. The price to the producers of $3 81 per 100 pounds, which had been approved by Mr. Hoover (after he had persuaded them to accept S3 57 for October) meant a cost of approxi mately 9c. per quart to the distributors, it was claimed, to which had to be added the cost of distribution, transporta tion, bottling, delivery and overhead expenses. The Food Administration and the War Trade Board announced on Oct. 14 that the issuance of licenses for im ports of coffee into the United States would hereafter be under the direction of the United States Sugar Equalization Board and stated that a plan for the allotment and distri bution of all coffee imported was being formulated. Econ omy in the consumption of coffee was urged by the Food Administration, which stated, however, that the rationing of the people was not contemplated, the Administration preferring to depend on voluntary action to reduce consump tion by avoidance of waste and over-indulgence. Besides announcing on Oct. 18 that sugar allotments for household use would be held rigidly to two pounds a person per month, the Food Administration made known further restrictions for manufacturers. Under the new restrictions the amount of sugar allowed to manufacturers of beverage syrups, confections, chewing gum, chocolate, soda water, &c., was cut to 50% of the average monthly use from July 1 to Dec. 31 1916 and 1917 combined. Soft drink and ice cream manufacturers it was stated would be supplied with only 25% of their normal requirements during November and December. Discontinuance of the use of sugar in vanilla extract by the War Department was also announced. The Subsistence Division of the Quartermaster Corps found that many manufacturers of vanilla extract were using sugar in their product. This practice, as far as the army was con cerned, was discontinued. It was stated that sugar in vanilla extract did not improve the flavor and was nonessential. The Federal Food Board on Oct. 25 even approved a plan for having retail grocers obtain pledges from their customers to prevent the hoarding of sugar. But the situation rapidly improved and on Oct. 31 announcement came that the sugar allowance for households had been increased from two pounds per person per month to three pounds per person monthly, while the ration for public eating places had been increased from two pounds for every ninety meals to three pounds. The sugar regulations were also revised to the extent of permitting any person to purchase his monthly allowance at one time. Mr. Hoover made known the change in the regulations which went into effect Nov. 1 as follows: The rapid manufacture of the new crop of beet sugar in the West and new Louisiana cane sugar in the South, together with the freer railway trans portation conditions, the reductions that we have made in the consumption of sugar in the manufacturing trades, and the patriotic conservation in the last four months enable us to increase the household allowance o' sugar from two pounds per person per month to three pounds per person per month with the same ratio to public eating places as from Nov. 1. This makes good our promise to increase the household allowance of sugar at the earliest possible moment that our supplies would justify and make it possible for the householder to more freely use the apple, .cranberry and grape fruit products and to use the fruits canned during the summe- without sugar. The regulations are also revised to the extent that any person may purchase his whole monthly allowance at one time if ho so desires, that is, any family may purchase a month’s supply for the entire famil in one purchase from the retail trades. Details of the contract between the Cuban Commission and the United States Sugar Equalization Board for the new 1918-19 Cuban sugar crop were made public Oct. 25. It provided for the purchase of the entire crop on a basis of 5.50c. per pound f. o. b., or 5.88c. cost and freight, based http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis on a freight rate of 38|^c. from Northern ports to New York and Philadelphia, and from 45}^c. to 53c. per 100 pounds from South Side ports. The basic price, it was stated, had made 5.88c. instead of 5.885c., as the Board was to assume risks of insurance. At least 2% of the crop was to be shipped in December, and the remainder in equal monthly install ments from January to November 1919. The Cuban Government agreed to export no sugar from Cuba, except as provided for in the contract. Prices at which retailers were selling oranges in this city came before the Federal Food Board in this city on Oct. 24. It was announced by the Board that the margin of profit that would be allowed on oranges in the future would be two cents on each orange of the smaller size and three cents for the larger ones. The investigation conducted by the Board covered the range of prices, both wholesale and retail, from Oct. 7, when the market began to rise, up to the date mentioned. Data laid before the Food Board showed conclusively, the newspapers said, that fewer oranges had been reaching the New York market the current year than in the preceding season. A like situation, it was said, was shown to exist in receipts of lemons. The information that the matter of the regulation and distribution of dry goods was about to be placed under Government control was conveyed to the National Retail Dry Goods Association in session in Washington on Oct. 3. The meeting, which was held at the call of the Chamber of Commerce of the United States, was addressed by B. M. Baruch, Chairman of the War Industries Board, who pro posed that the association organize a war service committee to represent it in matters affecting interests of its members arising before the War Industries Board and other Govern ment agencies. The supply of shirt boards for the laundry industry was curtailed under the paper conservation program put into effect by the War Industries Board through its Pulp and Paper Section and Conservation Division. B. M. Baruch, in his announcement said that restricted use of shirt boards by the laundries would be permitted because their use in preventing crumpling and holding the shape of the shirt saved the use of pins, with the result that there was con servation of steel. A conservation program for manufacturers of heavy leather gloves and mittens was announced by the War In dustries Board the latter part of October. Under the new schedule the types and styles were reduced from 10 to 55%. Colors were restricted to black, dark brown, yellow, khaki, natural and smoke; all decorations were eliminated and. silking and embroidering authorized only on driving gloves. On Oct. 10 the War Industries Board announced that manu facturers of light leather gloves and mittens had been in structed, beginning with the 1919 spring season, to eliminate many styles, restrict the number of colors and limit the length of the gloves to 12)^ inches. Manufacturers of light leather gloves were called upon to restrict their output to the following colors in the various classes of leather: All gloves cut from dipped grain leather to be restricted to black, dark tan, gray and khaki; gloves cut from brushed leather to be restricted to black, white, tan and gray; gloves cut from mocha leather to be restricted to gray and beaver gloves cut from suede or flesher leather to be restricted to gray, beaver and khaki. Under an agreement entered into between representatives of the shoe industry and the War Industries Board shoes were standardized as to quality and style at prices ranging from S3 to $12 for men and women. The prices were arranged to fall into three general classes, as follows: Class A, from $9 to $12; Class B, $6 to $8 50; Class C, S3 to $5 50. There was no restriction imposed upon sales below the lowest minimum, but there was a regulation prohibiting the sale above the top price of $12 for high shoes and $11 for low cuts. Proportionate prices for youths’ and children’s shoes were fixed in each of the three classes. The announcement issued Oct. 2 stated that the cutting of shoes under the new schedule would begin Oct. 15, and that it was expected that first deliveries would be made within from 30 to 60 days after that date. It was added that time would be allowed to retailers to dispose of present stocks at present prices. In a further announcement on Oct 9 the Board in reporting satisfactory progress in establishing the new price schedule stated that by Nov. 1 many stores would have on their shelves the new classified shoes, in addition to their present stocks at present prices. This statement also said: Orders now in the factory are for spring delivery, so it follows that there will be a certain portion of the product offered for sale to the spring trade at a price in excess of $12. To permit these articles to be cleaned out and also to permit the disposal of the present stocks priced above the top maxi mum, it has been agreed that those retailers specializing in high-priced goods shall be given until June 1 to^ liquidate all their stock above the Class A ($9-$12) maximum. In this connection the Board desires to call the public’s attention to the fact that, up to the time limit set, no restriction whatever is placed upon either the sale or purchase of these high-priced goods. On the contrary, those who can afford to buy them may be quite free to do so, since by so doing they will be co-operating in the liquidation of the high-priced stocks now on hand, which, were they not disposed of, would work a great hardship to the trade. The public’s attention is directed to the fact that there would be no economic purpose served should the public fail to co-operate in the assimilation of the stocks on hand up to June 1 that do not fall within the range limits. It should be understood that the step toward price control has been taken by the industry itself, and has not been imposed by the War Industries Board. The Chairman, Mr. Baruch, accepted the offer in the spirit in which RETROSPECT. it was made, as indicating the willingness on the part of the industry to ren der public service and assume its part of the burden imposed by the war. The program of styles and colors will remain practically the same as announced by the Conservation Division on June 28 of this year, in which the many fashions theretofore prevailing in the shoe trade were heavily restricted to certain standardized.styles. A continuance of the price of copper at 26 cents a pound until Jan. 1 was approved by President Wilson on Oct. 28. The old price was continued under an agreement reached with copper producers on that date by telegraph instead of by conference. A conference between the representatives of the producers and members of the Price-Fixing Com mittee of the War Industries Board had been scheduled for Oct. 25, but was canceled on the 24tli by P. Yeatman of the War Industries Board on account of the influenza epidemic. The conditions attached to the price were the same as pre viously and the same as in all other cases of price-fixing, namely: First, that the producers of copper will not reduce the wages now being paid; second, that they wili sell to the United States Government, to the public in the United States and to the Allied Governments at not above the maximum price; third, that they will take the necessary measures, under the direction of the War Industries Board, in the distribution of copper, to prevent it from falling into the hands of speculators, who might increase the price to the public; and, rourth, that they will pledge themselves to exert every effort necessary to keep up the production of copper so as to insure an adequate supply so long as the war lasts. The agricultural implement and farm operating equip ment industry was directed by Priorities Commissioner Judge Edwin B. Parker to use 25% less iron and steel during the year beginning Oct. 1 1918 than it had used in the corre sponding twelve months beginning Oct. 1 1917. This it was stated would effect a saving in iron and steel for the direct war program of about 500,000 tons. Under a conservation program for the steel pen industry prepared by the Conservation Division of the War Industries Board in co-operation with representatives of the manufac turers , a saving of steel and brass was proposed. B. M. Baruch, Chaiman of the War Industries Board, announced that the manufacture of brass and nickel-plated pens is to be discontinued, no new types or styles of pens are to be introduced during the war, and the variety of existing types or styles reduced materially. Additional curtailments in the manufacture of articles not essential to the prosecution of the war were announced on Oct. 10. During the six months’ period from Oct. 1 the manufacture of electric heating appliances, oil stoves and sewing machines was to be cut down to 50% of six months’ production during 1917, watches and watch cases to 70%, and metal stamps and stencils, rubber stamps, metal tags or badges for industrial purposes to 75%. No road making machinery could be manufactured except for the Govern ment , railroads, public utilities, or municipalities and counties. A readjustment of wages in anthracite coal fields to ac cord with the stabilization of wages in various competing industries was announced by U. S. Fuel Administrator H. A. Garfield on Oct. 14, this announcement being followed Oct. 30 by a statement by Dr. Garfield that the readjustment would be made effective Nov. 1. The increases it was announced averaged SI a day. The announcement stated that the readjustment carried a wage increase along lines agreed upon by miners and operators and affecting about 150,000 miners, by which wages in this work would conform relatively to those of other industries under consideration by the War Labor Policies Board. It was further said that the public was clearly in mind in connection with the ex pense arising from the additional wage, and would be protected. Dr. Garfield said the increase would be in a large measure absorbed in such fashion as not to put the burden on the consumer. On Oct. 25 Dr. Garfield made known his refusal to grant to bituminous coal miners an increase in wages. The bituminous mine workers were notified that existing information did not warrant an increase of wages in the bituminous fields, as part of the Govern ment’s general plan of wage stabilization. The discontinuance of the manufacture of gasoline stoves, because of the heavy war and industrial uses of gaso line, was directed by the War Industries Board. Chairman Baruch on Oct. 18 said that the Priorities Division in grant ing priority to the oil and gasoline heating and cooking devices and appliances industries required a pledge of the manu facturers to reduce consumption of iron, steel, brass, copper and aluminum used in the manufacture of their products to a basis of not exceeding 50% of the 1917 consumption. He added: The war and industrial uses for gasoline are so heavy at this time that it is advisable to ask you to discontinue the manufacture of gasoline stoves during the present emergency, and to use the materials which are ordinarily applied to the manufacture of such products to the manufacture of gas heating and cooking devices and appliances. This will not be construed as interfering with your working up materials on hand, which are suitable only for the manufacture of gasoline stoves. The Fuel Administration on Oct. 17 announced the with drawal of its request made on Aug. 27 for the discontinuance of the use on Sundays of automobiles, motorcycles and motorboats in the section of the country East of the Missis sippi. The removal of the so-called “ban” was made effec tive at once. It was stated that should gasoline stocks again fall dangerously low the request would be renewed. Through the response made to the request of Aug. 27, 1.000.000 barrels of gasoline, according to the Fuel Admin istration, were saved for the military forces. In indicating the previous week the likelihood of the discontinuance of http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 61 the “motorless” Sundays, the Fuel Administration appealed to the public to save gasoline during week days. The Fourth Liberty Loan campaign was brought to a close on Saturday, Oct. 19, and proved a tremendous success, the aggregate of the subscriptions running considerably above the $6,000,000,000 offered and reaching $6,989,047,000. The number of subscribers is estimated to have been over 21,000,000. At the outset the campaign for the loan lagged. The slow progress of the subscriptions was ac counted for in part by the epidemic of Spanish influenza and in part by the developments abroad, which indicated the approaching end of the war. This caused the issuance of an appeal by President Wilson on Oct. 10 for increased efforts to bring about the success of the loan. “A single day of relaxation would be,” said the President, “of tragical damage alike to ourselves and to the rest of the world.” Numerous appeals on the part of Secretary of the Treasury McAdoo for increased efforts for an oversubscription were made, and on Sunday, Oct. 6, he made a house-to-house call in Washington to secure subscriptions, his labors resulting in the securing of subscriptions totalling $1,800,000. Presi dent Wilson, who had previously subscribed to the extent of $10,000, pledged himself for a further subscription of $20,000. The President took these latter on the deferred payment plan. On Saturday, Oct. 12, designated as Liberty Day, and for which various ceremonies had been planned throughout the country to stimulate the Liberty Loan campaign, President Wilson marched in the parade held in New York and received a whole-hearted greeting all along the line. The President joined the parade at 72nd Street and Fifth Avenue and continued with it to Washington Square, the end of the route. In the evening the President attended a benefit at the Metropolitan Opera House held for the Queen Margarita Fund for the Blinded Soldiers of Italy, and it was there that he received the reply from Ger many in which the latter announced its acceptance of the principles laid down by the President in his addresses. The night before (the 11th) the President attended the New Amsterdam Theatre and there subscribed to a $2,000 bond; subscriptions of some $750,000 were raised at the per formance. In addition to his appeal of the 10th President Wilson on Oct. 14 issued a further appeal for the support of the loan, saying: The reply of the German Government to my note of inquiry, dated Oct. 8, gives occasion for me to say to my fellow-countrymen that neither that reply nor any other recent events have in any way diminished the vital importance of the Liberty Loan. Relaxation now, hesitation now, would mean defeat, when victory seems to be in sight; would means years of war instead of peace upon our own terms. I earnestly request every patriotic American to leave to the Governments of the United States and of the Allies the momentous discussions initiated by Germany and to remember that for each man his duty is to strengthen the hands of these Governments, and to do it in the most important way now immediately presented—by subscribing to the utmost of his ability for bonds of the Fourth Liberty Loan. The local banking institutions pledged themselves to assist subscribers in purchasing bonds and to make loans freely on bonds subscribed through them, the rate of interest on such loans for the period of 90 days to be 4 *4%—the same rate of interest as carried by the bonds. 'Some institutions announced that they would lend 90% of the amount sub scribed for a period of 90 days at 414% per annum and would extend such loans for a further period at J4% above the discount rate of the Federal Reserve Bank of New York. A few institutions announced they would make loans secured by Fourth Liberty Loan bonds subscribed for through them at 4%% lor 90 days with renewals at the same rate covering the entire period of one year. On account of the increase in Stock Exchange speculation the Sub-Committee on Money of the Liberty Loan Com mittee again found it incumbent to take measures to curtail the use of bank credit for Stock Exchange purposes. A series of conferences with this end in view was held at the Federal Reserve Bank, and extended over a period of three days (Oct. 22, 23 and 24). They resulted in a recommenda tion by the committee, through Benjamin Strong, its Chair man, that for the time being a 30% margin be required by the banks on all regular loans instead of the customary 20% margin, and a corresponding increase in margins on other loans, the increases to be made effective Nov. 4 These recom mendations were embodied in a letter addressed on Oct. 24 to H. G. S. Noble, President of the New York Stock Ex change, who was one of the bankers participating in the conferences. In his letter Governor Strong stated that the daily reports which were being received from members of the Stock Exchange disclosed a considerable increase in the loan account, the developments named following similar steps taken by the committee in previous months to check credit expansion. The bankers in attendance at the con ferences included Frank A. Vanderlip, President of the National City Bank; James N. Wallace, President of the Central Union Trust Co.; Walter E. Frew, President of the Corn Exchange Bank; Albert H. Wiggin, Chairman of the Board of the Chase National Bank, and Gates W. McGarrah, President of the Mechanics & Metals National Bank. There were reports on Oct. 29 .that the Money Committee had promulgated a ruling to the effect that persons from other localities trading in New York must secure their credit from their home towns, but this was denied. After the close of the month (on Nov. 4) the Stock Exchange appointed a Committee of Five to con sider the money situation with relation to borrowings by 62 RETROSPECT. members of the Exchange and their firms and to confer with the Loan Committee of the banks in regard to the same. An incident of the month was the creation of special re discount rates for bankers’ acceptances by the Federal Reserve Bank of New York. This occurred on Oct. 1. The rates were: for maturities up to 15 days, 4%; for mat urities 16 to 60 days, inclusive, 4J4%; for maturities 61 to 90 days, inclusive, 4^%. The belief was expressed that the establishment of rates for the rediscount of bankers’ acceptances, as distinguished from other forms of eligible commercial paper under Sec. 13 of the Reserve Act, supple menting the open market transactions of the Bank in bankers’ acceptances, would provide another useful element toward the broader development and stabilization of the open market in bankers’ acceptances. Previously, if a member bank desired to rediscount bankers’ acceptances having a maturity of 16 to 90 days, it had to pay 4%%, the rate charged for the rediscount of commercial paper. In case of paper not having more than 15 days to run, the rediscount rate was 4%. Bankers’ acceptances having the indorse ment of a member bank are considered a higher grade security than commercial paper bearing a similar indorse ment, and consequently it was felt that the rediscounting of bankers’ acceptances should be done at preferential rates. Another incident of the month was the announce ment on Oct. 25 by J. P. Morgan & Co. that they had re duced their rate on call loans secured bv acceptances from 4^% to 4M%u In furtherance of efforts on the part of the Railroad Administration to stabilize interest rates, Director-General of Railroads McAdoo announced on Oct. 6 that all railroads under Government control having maturing mortgages to meet up to July 1 1919 and who found it impracticable to obtain the necessary money for their renewal at a rate the Director-General would feel warranted in accepting, would be advanced the needed funds at 6% by the Railroad Ad ministration. An appeal to the votors of the country to return a Demo cratic majority to the Senate and House of Representatives at the coming Congressional elections was made by Presi dent Wilson on Oct. 25. In his appeal the President said: “The leaders of the minority in the present Congress have unquestionably been pro-war, but they have been antiAdministration.” “If,” he added, “the control of the House and Senate should be taken away from the party now in power, an opposing majority could assume control of legislation and oblige all action to be taken amidst contest and obstruction.” He furthermore said “The return of a Republican majority to either House of the Congress would, moreover, certainly be interpreted on the other side of the water as a repudiation of my leadership.” The action of the President was sharply criticized and the electorate re sponded the next month by returning a Republican House and Senate. The special report on aircraft production conducted by former Supreme Court Justice Charles Evans Hughes was made public by President Wilson on Oct. 31. In the main it failed to bear Put the sensational charges of waste and inefficiency made by Gutzon Borglum and other individuals or the similar charges embodied in the report of the Senate Military Committee, which created such a sensation a few months before. Some officers, however, were sharply criticised. The first interim report of the Committee on Currency and Foreign Exchanges After the War, of which Lord Cunliffe was Chairman, was published in London and among other things recommended that a central gold reserve of £150,000,000 be accumulated in the Bank of England against the existing fiduciary note issue. Centralized control of the economic resources of all the nations fighting Germany, it was announced in advices from Washington, dated Oct. 2, had at length been achieved, agreement on the main points having been reached between President Wilson’s so-called War Cabinet and the Allied Missions in this country, and the new program having been approved by the President and the Premiers of the Entente nations. The plan was outlined as follows: Inter-Allied Councils are unable to agree, will be submitted to President Wilson and the Premiers of the Allied nations for settlement. Food control already has been centred in London, following Food Ad ministrator Hoover's recent visit abroad to attend the Inter-Allied Con ference in London. One of the results of his trip, it became known to-day, was the perfection of the President’s plan for centralized control, and it® acceptance by England, France and Italy. The appointment of a commission by the British Treasury of which Lord Inchcape was made Chairman, to investi gate the effect of the war on gold production was reported from London on Oct. 15. This was in response to the demands of gold producers for a revision of their selling price to compensate for the higher cost of labor and of all kinds of supplies. The commission was particularly asked by the Treasury to go thoroughly into the question of the min ing of low-grade ores and of how far it might, from the nation al standpoint, be considered important to secure the con tinuance of the treatment of such ores. The commission also was asked to suggest a plan designed to show how gold production can be stimulated. Additional credits were extended to Belgium by the United States of S9,000,000 on Oct. 3, 85,000,000 Oct. 10, 89,000,000 Oct. 25 and 83,500,000 Oct. 31, making the total credits established for that country 8183,520,000. Addi tional credits of 8200,000,000 to Italy and of 8100,000,000 to France were extended. The total credits to the Allies established by the United States on Oct. 31 amounted to 87,532,976,666, apportioned as follows: Great Britain, 83,745,000,000; France, 82,165,000,000; Italy, 81,060,000,000; Russia, 8325,000,000; Belgium, 8183,520,000; Greece, 815,790,000; Cuba, 815,000,000; Serbia, 812,000,000; Ru mania, 86,666,666; Liberia, 85,000,000. Railroad Events and Stock Exchange Matters.—On the Stock Exchange great activity at rising prices developed and for a time the transactions on the New York Stock Exchange ran well above a million shares a day. Later in the month both the activity and the advance in prices were arrested by monetary conditions and some other untoward incidents. The movement the early part of the month was continuation of that witnessed at the close of September when the action of Bulgaria in suing for peace first furnished definite indica tion that peace was getting imminent. The security markets took the view throughout the month that peace was coming and coming soon. All the diplomatic moves of Austria, of Turkey and of Germany herself seemed to make that evident, while the military power of the Central powers kept crumbling all along the line under the blows inflicted by the Entente armies and the American forces. Readjust ment of values on the Stock Exchange accordingly occurred —stocks of properties that had been enjoying huge war profits, of which they were now to be deprived, tending towards a lower level, while shares of concerns whose opera tions had been restricted or hampered by the war, moved rapidly toward a higher plane on the prospect of peace. Railroad shares were independently strong and the general feeling seemed to be that as far as related to the security markets the conclusion of peace was going to be a favoring influence all around. The temper therefore was sanguine and the general tone of the speculation buoyant on theidea that to the United States peace—a victorious peace while the country’s huge resources were still unimpaired could not fail to prove of great advantage and act as a stim ulus at least to Stock Exchange speculation—but, as had happened on several previous occasions, monetary conditions interposed obstacles to the progress of the speculation. The Money Committee once more promulgated an edict which served to put restraints upon the speculation. Some leading Stock Exchange houses having evidently disregarded the warning of the previous month that owing to the needs of Government financing the credit facilities of the banks must not be diverted to Stock Exchange uses and loans to such houses having seemingly been greatly augmented, the Money Committee once more felt called upon to intervene with a view to curtailing the use of bank credit in that way. As noted further above, conferences with that end in view were held at the Federal Reserve Bank of New York on Oct. 22, Oct. 23 and Oct. 24, and resulted on the latter day in the sending of a letter to the President of the Stock Ex change, who had attended the conference, advising the latter Co-ordination is built around the five Inter-Allied Councils—War. Shipping, Munitions, Food and Finance. Under these special bodies com that the Money Committee, in order to prevent a further pletion of a common economic and industrial program was now being under expansion in Stock Exchange loans, woiild forthwith re taken, principally in London and Paris, and limited to the following cases: commend to the banks that for the time being a 30% margin Where two or more Governments are interested in supplies which must be be required on all regular loans instead of the customary transported overseas to supplement deficiencies in local production, or 20%, with a corresponding increase in margin on other where several sources of supplies should be agreed upon, together with loans. While the conferences were under way, the stock the allotment and method of their distribution or utilization, or where there might without agreement be competition between Governments in pro market manifested hesitancy, and when announcement came of the action taken a sharp decline indices ensued. curing supplies or a wasteful duplication of productive effort. The recommendation was made effective “on and after Additional details were furnished as follows: Subordinate to the Inter-Allied Councils are being organized commodity Monday, Nov. 4,” but the market evidently discounted committees or executives. While the Inter-Allied Councils are composed what was expected to take place, besides which some Stock of men of so-called Ministerial or Cabinet rank, the Committees will be made Exchange houses undoubtedly put the recommendation up of men of lesser position, but experts in their particular commodities. into immediate effect. The committees will deal directly with virtually all materials and com The rest of the month, as a consequence, speculation was modities for the prosecution of the war. These include nitrates, lungsten and tin, international pooling agreements for which have recently been on a greatly reduced scale and, though the tone remained effected in Paris and’London, non-ferrous metals, iron and steel, hides and good, downward reactions in prices were in frequent evi Rumors that Stock Exchange loans might have to leather, rubber, wool and all other raw materials or manufactured products dence. of which there may be a shortage, or where competitive and shipping con be reduced so as to correspond with the situation existing ditions and the local production and distribution situation make control in September when the previous warning was given, played desirable. Pooling agreements for these latter*will be effected as the neces their part in putting a damper upon any sustained movement sity arises. The committees will be respons ble to the five Inter-Allied for higher prices. Confidence in the future of values never Councils. Any differences arising as to the allocation of ships or material or other matters of a serious or vital nature, on which the members of the theless remained strong and except for the monetary situa- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RETROSPECT. tion this would unquestionably have been reflected in further advance in prices. It is significant that Governor Strong in his letter with regard to increased margins had taken occasion to say that neither the present recommendation nor any future recommendation by the Money Committee must be construed “as expressing any views as to values represented by current prices of securities.” To the dis comfiture produced by monetary conditions there was added on Oct. 29 the reduction in the dividend on the shares of the United States Steel Corporation. At previous quarterly dates, the payment on the common stock of the Corporation had been 1 regular and 3% extra. Now only 2% extra was declared, with 1J4% regular. The distribution was still a handsome one, but profits for the September quarter on which the dividend was based showed a material falling off and the whole affair served as a reminder of the fact that with peace to all appearances definitely in sight, the extra ordinary profits of the last few years, arising out of war conditions, would soon be a thing of the past. The divi dend announcement did not come until after the close of business on Oct. 29. Steel common had closed on that day at 108. The opening Oct. 30 was 105^@105%; in the afternoon the price got down to 102. On Oct. 31 after a break to 100% there was some recovery, the final sale for the day being at 102%. Many of the other war stocks were also weak, in particular Bethlehem Steel. Neverthe less with the exception of stocks of this description industrial shares closed on Oct. 31 substantially higher than the open ing on Oct. 1, though registering several points decline from the best figures of the month. In the railroad proper ties the fluctuations were narrower and the tendency quite generally upward, though these also yielded the latter part of the month when the monetary situation and the reduction in the steel dividend came in as unsettling factors, and while recording material improvement for the month closed at a decline from the high points reached about Oct. 22 and Oct. 23. Exceedingly violent and erratic fluctuations in Mexican Petroleum led to the beginning of an investigation into the transactions by the Committee on Business Con duct of the Stock Exchange. Stock Fluctuations. Oct. 1. Range for Month. Oct. 31. Railroads— Prices in doll ars per share Atch Topeka & S Fe__ z92% 86% 55% Baltimore & Ohio -. .. 53 Canadian Pacific____ 169% 165% Chesapeake & Ohio__ 57% 58% 49% Chicago Milw & St P.. 49 Erie________________ 15% 17 92% 93% Great Northern, pref-. Louisville & Nashville *115 118 116% New York Central___ >78% 75 38% N Y N H & Hartford _ . 41% Norfolk & Western___ 104% 107% Northern Pacific___ 92% 90 43% 47% Pennsylvania________ Reading Company___ >88% 89% Southern Pacific______ 88% 102% Southern Railway.__ 28% 29% 131 Union Pacific________ 127% Industrials— 28 Allis-Chalmers Mfg__ 30 79% Preferred___ ____ *81 83% Amer Agric Chem___ 98% 100 65 Amer Beet Sugar____ 43% Amer Can___________ 45% Amer Car & Foundry. 85% 86% 16 Amer Hide & Leather. 20% 64% Amer Locomotive ____ 66% 87% Amer Smelt & Ref___ 79 88% 89% Amer Steel Foundries 109% Amer Sugar Refining. _ 107% 105% 98% Amer Tel & Tel______ Amer Wool of Mass.. 55 51% 31 Amer Writ Paper, pref 36 14% Amer Zinc, Lead & Sm 15% Anaconda Copper.. . 69% >69% 89% 79% Baldwin Locomotive.. 69% Bethlehem Class B com 79 >64% 69% Central Leather____ 22 Chile Copper__ ... 17% 40% Chino Copper. ____ 40 >39% Colorado Fuel & Iron.. 46% 68 70 Continental Can______ 54% 64% Crucible Steel. ______ 154 149 General Electric____ >126 123% General Motors__ __ 54% Goodrich (B F) _______ 47 67 Gulf States Steel______ 77 >54% Inspiration Cons Cop. 55 14 16% Internat Agric Corp__ 29% 27% Internat Merc Marine 104% 118% Preferred__ __ __ 32% 30 Internat Nickel______ 34% 33% Internat Paper . . 74 Lackawanna Steel___ 81 34 29% Maxwell Motors______ 59% 58% National Lead. __ >48% Pittsburgh Coal______ 51% 66% Pressed Steel Car.__ 70 67 Railway Steel Spring.. 69% >82 Republic Iron & Steel 91% 53% 65% Studebaker Corp_____ 187 Texas Company______ 187 105% 114 U S Industrial Alcohol. 67% 61% U S Rubber__________ 43% >47% U S Smelt Ref & Min.. 102% 112% U S Steel.. ________ 82 90 Western Union Teleg.. Lowest. 86% Oct. 9 53 Oct. 1 162% Oct. 31 56% Oct. 30 46 Oct. 5 15 Oct. 8 90% Oct. 5 115% Oct. 1 z73 Oct. 8 38 Oct. 30 104 Oct. 2 88% Oct. 2 43% Oct. 5 86% Oct. 9 87 Oct. 4 27% Oct. 9 126 Oct. 1 25% 79% 98% 64% 41% 80% 14% 62% 76% 80% 107% 98% 48% 30% 14 67% 73% 67% >62% 17% 38% >38% 65% 52% 148% 112 47 63 53% 14 27 104% 30 32 72 29 57% 47% 66 65 >80 52% 176 97% 61 >42% 100% 82 Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. * Bid and asked price; no sale. j Quoted ex-dividend during the month prior to this date, 14 31 1 31 10 9 31 10 10 9 1 1 31 10 14 9 10 18 30 2 10 31 7 9 4 9 1 30 31 22 3 1 7 14 10 2 10 31 8 9 33 1 8 10 2 9 31 1 Highest. 97% Oct. 58%-Oct. 174% Oct. 61% Oct. 52% Oct. 18% Oct. 96% Oct. 121% Oct. 82% Oct. 42% Oct. 111% Oct. 96 Oct. 49% Oct. 96% Oct. 105% Oct. 32% Oct. 137% Oct. 9 23 14 23 18 23 22 22 23 19 22 23 23 23 22 18 19 Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. 18 19 17 17 17 23 1 19 18 28 18 9 2 21 24 18 24 1 1 18 19 1 17 1 18 21 18 1 18 1 16 22 19 25 1 17 19 19 1 25 1 17 18 1 19 19 19 10 30 83 106 71% 47 88% 20% 69 94% 94 114% 109% 55% 36 16% 274% 89% 79 70% 24 44% 46% 76% 64% 158% >140 59% 77 >58% 16% 33 124% 34% 37% 81% 37% 64% >53% 70 69% 91% 70% 203 114 70% 50% 114% 95% x Ex-dividend. The Money Market:—The local money market remained well in hand. The financing of the Fourth Liberty Loan, which, as announced above, yielded the largest aggregate in subscriptions ever recorded for any Government loan in the history of the world, was not reflected in the rates for money, which, through the aid of the Money Committee, were held at 6% for both call money and time loans. The quotation for mercantile paper was also maintained un changed at 6%, this being the figure quoted for 60 and 90 days endorsed bills receivable and 6 months names of choice http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 63 character, also for names less well-known, without discrim ination. The 6% rate for call loans applied in the case of loans where security consisted of the ordinary mixed col lateral, and all transactions on every day of the month were at that figure; where the security consisted exclusively of industrial collateral the quotation was uniformly one-half of 1 % higher. Time money was naturally difficult to obtain on account of Government financing and most of the business on the Stock Exchange was in call loans. There was no little nervousness in money circles on the news of the series of conferences between Stock Exchange officials and the Money Committee for the purpose of preventing Stock Exchange loans from running to excess, but this was to guard against the development of trouble and not because of the existence of trouble. There were some wide fluctua tions in the reserves of the Clearing House banks. They attracted no notice however since it was known they arose out of Government operations in connection with the issu ance and payment of Treasury certificates of indebtedness, the installment payments required on the new Liberty Loan and the increase and decrease of Government deposits in the Clearing House institutions. The surplus was $46,825,730 Sept. 28, $36,704,010 Oct. 5, $51,564,750 Oct. 11, $29,643,160 Oct. 19, $133,777,710 Oct. 26, $54,181,130 Nov. 2. The loan item on Nov. 2 aggregated $4,724,372,000, as against $4,574,838,000 on Sept. 28. Government deposits which on Sept. 28 stood at $171,600,000, on Oct. 26 totalled $474,381,000 and Nov. 2 were $389,719,000. Or dinary deposits were $3,850,005,000 Nov. 2, and $3,945,162,000 Oct. 26, compared with $3,917,333,000 on Sept. 28. Foreign Exchange, Silver &c.—In the foreign exchange market there was further noteworthy response in the neutral centres to the war developments and the prospect of early peace. Exchange rates on these centres, at which the American dollar had long been at a discount because of the dislocation of the exchange mechanism by reason of the employment of artificial war devices for regulating and controlling the course of sterling, turned by degrees more and more in favor of New York and gradually approached the normal. Thus Amsterdam bankers’ sight bills, where the guilder Oct. 1 was 46%c.@47c., on Oct 31 it was only 41%@41%c. The Danish crown similarly declined from 29.25 to 27; the Swedish crown from 32.30 to 28.50, and the Norwegian crown from 29.80 to 27.20 while the Spanish peseta dropped from 22.40 to 20.40 (also for checks) between the beginning and the end of the month. Swiss francs (on sight bills) which at the opening were quoted at 4.52 to the dollar, at the end had declined to 5.05 to the dollar. In the case of sterling exchange there were, as before, only the most trivial changes, this still remaining under the arbi trary control of the British Treasury. French francs, too, over which some degree of control was likewise exercised, in similar manner showed only comparatively slight deviations in rates. In Italian exchange, the lire continued unchanged throughout the month at 6.37 to the dollar for sight bills and 6.35 for cable transfers, the quotations being fixed by the Federal Reserve Bank of New York. Open market discounts in London were unchanged from 3 17-32 for both 60 and 90-day bills. Silver in London was quoted at 49%d. throughout the month. MONTH OF NOVEMBER Current Events.—Germany having made complete sub mission to the Entente Powers and the United States by accepting the terms imposed upon her as a condition of granting the Armistice for which she had so abjectly pleaded, hostilities ceased on Nov. 11 and the greatest war in history came to an end. Even more so than in the months immedi ately preceding, events followed each other with marvellous swiftness—and most of them were of an intensely tragic character. Emperor William was forced to abdicate and a German Republic under Socialistic control was established. The different kings and potentates of the German Federated States also abdicated, and made room for republican forms of government. Emperor Charles of Austria-Hungary like wise was forced to abdicate, the former Dual Empire splitting up into several republics. The new King of Bulgaria also yielded up his throne. Poland became a republic. Every where and in all directions the old order changed. Never has the course of human history been marked with more momentous developments and occurrences. The terms of the Armistice were announced by President Wilson before a joint session of House and Senate on Nov. 11, only a few hours after the document had been signed. The President went to the Capitol through streets crowded with people celebrating the end of the war, and very naturally received an ovation on the way. The House of Representatives, where the joint session was held, was crowded with notables, and the scene was one of indescribable enthusiasm. As the President read the terms of the Armistice and the assembly realized how complete was the victory of the Allies and how unqualified the defeat of German autocracy, round after round of applause and cheering went up, the galleries joining in, against the rules, but unchecked by the Chairman. The demonstration reached the height of a great personal triumph for President Wilson when he concluded the reading of the terms with the statement, “The war thus comes to an end.” The President prefaced the reading of the Armistice terms by saying that it would “in some degree lighten my (his) sense of responsibility to perform in person the duty of 64 RETROSPECT. communicating to you some of the larger circumstances of the situation with which it is necessary to deal,” and con cluded by commenting briefly on some of the problems brought by peace. He recounted the utter downfall of the German military caste, and the spread of the revolution in Germany. “The humane temper and intention of the victorious Governments have already been manifested in a very practical way,” he said, and announced that the Allied Conference at Versailles had taken thought for the feeding of the peoples of the Central Empires and was ex tending to them the aid necessary to “lift the fear of other misery from their oppressed populations and set their minds and energies free for the great and hazardous task of political resonstruction which now face them on every hand.” The President pointed out the disadvantage and dangers to the Allies if there should be a complete break-down of authority in the Central Empires, and urged the necessity of being “patient and helpful, and mindful above all of the great hope and confidence that lie at the heart of what is taking place.” The President concluded by promising that we would aid in any way we could “to enable them to live in security and contentment when they have set their house in order.” The terms of the Armistice as read by President Wilson were those agreed upon at the Versailles Conference, and cabled here prior to their acceptance by Germany. It de veloped, however, that before the armistice was signed numerous and important changes were made, owing, in part, to the inability of the Germans to comply with some of the original terms. The most important change from the origi nal terms related to the clause providing for the evacuation of Russia. In the original text submitted to the German emissaries by Marshal Foch it was provided in Article 12 that “all German troops at present in any territory which before the war belonged to Russia, Rumania, or Turkey, shall withdraw within the frontiers of Germany as they existed on Aug. 1 1914.” In the amended text this article was left unchanged with respect to Rumania and Turkey, but in addition it was provided that German troops should be with drawn from Austria-Hungary. A still more important change, however, was that the new form provided that German troops in the territory which belonged to Russia before the war should withdraw within the frontiers of Germany “as soon as the Allies, taking into account the in ternal situation of those territories, shall decide that the time for this has come. ’ ’ This modification, which permitted German troops to remain in Russian territory, was apparently inspired by the fear that if German troops were taken away from Russia, excesses would occur which might lead to anarchy. Another change made more severe the conditions with reference to the surrender of material by the Germans. In Article 7, original text, it was provided that among trans port stock to be surrendered should be included 50,000 wagons (railway cars). The condition as agreed to by the German emissaries stipulated that 150,000 wagons (railway cars) should be surrendered. The Allies, however, modified the provision in this article for the surrender of 10,000 motor lorries so as to reduce the number to 5,000. In Article 4 the original provision that Germany should surrender 30,000 machine guns and 2,000 airplanes was modified so as to re quire the surrender of 25,000 machine guns and 1,700 air planes. Another interesting and important change related to the surrender of U-boats. The original draft stipulated that the Germans should surrender to the Allies 160 submarines. As the Germans did not have that number of undersea boats this article was so altered as to compel Germany to give up all the submarines she had. It was provided also, as a new condition, that the entire German submarine fleet should be surrendered within fourteen days after the signing of the armistice—that is, by Nov. 25. Ina communication handed to the Swiss Minister on Nov. 5 for transmission to Germany, Secretary of State Robert Lansing had notified the German Government that President Wilson, having forwarded to the Allied Governments Germany’s request for an armistice, had received their reply, accompanied by a memorandum of observations by those Governments. With this memoran dum, the purpose of which was to make certain reservations in regard to the principles laid down by President Wilson in his speech of Jan. 8 (the so-called fourteen peace principles), the President declared himself to be in agreement. The Ger man Government was notified that Marshal Foch had been authorized by the Government of the United States and the Allied Governments to receive properly accredited represen tatives of the German Government and to communicate to them the terms of an armistice. The reservation made by the Allied Governments related to the freedom of the seas, as to which, they pointed out, various interpretations were possible, and they therefore reserved complete freedom to deal with that question at the Peace Conference. The Allied Governments also set forth that inasmuch as the conditions laid down by President Wilson required that invaded terri tories must be restored as well as evacuated and freed, it should be understood that Germany must compensate for all damage to the civilian population of the Allies, and their property by the aggression of Germany by land, by sea and from the air. The memorandum of observations by the Allied Governments on these points was as follows: The Allied Governments have given careful consideration to the corres pondence which has passed between the President of the United States and the German Government. Subject to the qualifications which follow, they declare their willingness to make peace with the Government of Ger many on the terms of peace laid down in the President’s address to Congress http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis of Jan. 1918 and the principles of settlement enunciated in his subsequent addresses. They must point out, however, that Clause 2, relating to what is usually described as the freedom of the seas, is open to various interpre tations, some of which they could not accept. They must, therefore, reserve to themselves complete freedom on this subject when they enter the peace conference. Further, in the conditions of peace laid down in his address to Congress on Jan. 8 1918 the President declared that invaded territories must be restored as well as evacuated and freed, the Allied Governments feel that no doubt ought to be allowed to exist as to what this provision implies. By it they understand that compensation will be made by Germany for all damage done to the civilian population of the Allies and their property by the aggression of Germany by land, by sea and from the air. The Armistice was signed at 5 o’clock a.m. on Monday, Nov. 11, Paris time (or midnight, Sunday, Nov. 10, New York time). The terms imposed by the Allies had pur posely been made such that a resumption of hostilities by Germany would be impossible, so that the words flashed over the world, “The war is over,” were certain to prove correct, although the Peace Conference and the multitude of complex problems awaiting its decision were then still in the future. Following the receipt by the German Gov ernment of Secretary Lansing’s note of Nov. 5, instructing the Teutonic authorities to apply to Marshal Foch for the terms of an armistice, the German General Headquarters on Nov. 7 requested the Allied Grand Headquarters by wireless to permit the passage of a German delegation for armistice negotiations through the line. It was stated that the Ger man plenipotentiaries would be Mathias Erzberger, General H. K. A. von Winterfeld, Count Alfred von Oberndorff, General von Grunnel and Naval Captain von Salow. The following morning the German delegates were received by Marshal Foch in a railroad car at a small village in the Department of the Aisne, said to have been Senlis, and pre sented their demands for an armistice. With the French General, it was announced, were Admiral Sir Roslyn Wemyss, First Sea Lord of Great Britain; Major-Gen. Maxime Weygand of the French Army, Marshal Foch’s assistant, and Vice-Admiral William S. Sims, representing the United States. Admiral Sims, however, it was stated, took no part in the proceedings. Erzberger asked for a suspension of hostilities in the interests of humanity. This request Marshal Foch flatly refused. The delegates, having ob tained permission to send a courier to Spa and communicate with that place by wireless, withdrew. The German courier Captain Helldorf, bearing the terms of the Armistice, was delayed in reaching German headquarters, owing to the continued shelling by German batteries of the road he must travel over. Arrangements were made to transport the courier by airplane, but word was at length gotten to the German batteries and the messenger went forward by auto mobile. It was not until 10 o’clock on the morning of Nov. 10 that the terms of the armistice reached the German headquarters at Spa. In the meantime, the revolution in Germany, which began with an outbreak in the German fleet on Nov. 7, had resulted in a complete overturn of the Berlin Government. The abdication and flight of the Kaiser and the Crown Prince, the resignation of Prince Maximilian of Baden as Chancellor, and his assumption of the regency; the appointment of the Socialist Deputy, Ebert, as Chan cellor, and finally the declaration of a socialist republic in Germany, followed with bewildering suddenness. The actual signing of the Armistice was accomplished, as stated, at 5 a.m., French time, on Monday (or midnight Sunday, New York time), and was announced by the State Depart ment at Washington at 2.45 a.m. Monday Morning. The Department’s announcement, made verbally, simply said: “The Armstice has been signed. It was signed at 5 o’clock a.m., Paris time (midnight, New York time), and hostilities will cease at 11 o’clock this morning, Paris time (6 o’clock, New York time).” The conditions imposed by the Armistice were unquestion ably the most severe ever laid down for any protocol of peace in the world’s history. The evacuation of countries west of'the Rhine; the occupation by the Allies of the princi pal crossings at Mayence, Coblenz and Cologne; withdrawal of the German army beyond a neutral zone to the east of that river; surrender of 5,000 heavy guns and 25,000 machine guns; immediate withdrawal of German troops from Austria, Rumania and Turkey, and surrender to the Allies of all German submarines, with the interning in neutral ports of 74 German warships of various descriptions and the disarm ing of the rest—these were the principal military stipulations; the Armistice to continue thirty days, with option to extend it. The Armistice went so far beyond the traditional scope of preliminary military conditions as to require repara tion for damage done, renunciation of the treaties of BrestLitovsk and Bucharest, and restitution of all Russian and Rumanian gold already received by Germany under those treaties. The drastic conditions imposed, however, on Bul garia and Turkey and again on Austria-Hungary, had made it manifest that Germany could not hope to escape with treat ment less severe. The terms of the Armistice with Austria Hungary, which virtually eliminated that country from the war, were an nounced at Washington on Nov. 4. The Armistice had been signed the previous day (Nov. 3) by General Diaz, Commander-in-Chief of the Italian armies, and officers repre senting the Austro-Hungarian Government, and went into effect at 3 o’clock in the afternoon of Nov. 4. An official statement issued at Rome on Nov. 2 stated that the condi tions of the Armistice had been inspired by the principles RETROSPECT of President Wilson, namely to render it impossible for the enemy to recommence the war and to prevent him from profiting by an armistice to withdraw from a difficult mili tary situation. So desperate, however, was the plight of the Austrian army, and so complete the internal collapse of the Dual Monarchy, that the Austrian authorities were prepared to purchase peace at whatever price might be de manded, and little or no delay attended the signing of the Armistice. Before the Austrian Armistice went into effect, the Italian army had captured 300,000 prisoners and at least 5,000 guns, according to an official statement issued by the Italian Government. The abject surrender of Austria-Hungary, with the know ledge that equally severe terms awaited Germany, and the belief that complete victory and the end of the war were definitely in sight, led to great rejoicing and enthusiastic celebrations in all the Allied countries. In New York, on Nov. 4, the surrender of Austria was celebrated by the blow ing of sirens, the ringing of bells, and the use of everything else that would make a big noise. The celebration of the Armistice with Austria, however, was hardly a circumstance to the jubilation that occurred on the conclusion of the Armis tice with Germany. Here an erroneous report led to a pre mature celebration. This happened on Thursday, Nov. 7. On that day the financial district of New York, and in fact the entire city and the nation, broke out into one of the greatest demonstrations because of a news association dispatch re ceived about noon from Paris declaring that an Armistice had in fact been signed at 11 o’clock that morning (Paris time) between the Allies and Germany. The news association (the United Press) refused to withdraw the dispatch, which was printed broadcast in afternoon papers; and despite repeated denial from Washington that the Armistice had been concluded, the enthusiasm and jubilation increased as the day progressed. It is doubtful whether such a nation wide rejoicing was ever before witnessed in this or any other country. The general attitude in the financial district as elsewhere was that if the reports were not entirely accurate it would be only a question of hours before pending develop ments would make them so. Dispatches claiming the signing of the armistice appeared to have been received in other circles aside from the newspapers served by the United Press, and the latter the next day gave as authority for its statement, Admiral Wilson, U. S. N., Commander of the American forces in French waters. Admiral Wilson acknowl edged that the information was the result of an error for which the news agency was in no way responsible. A second holiday to celebrate the cessation of hostilities was witnessed on Monday, Nov. 11, following the announcement by Presi dent Wilson of the definite signing of the Armistice by Ger many. While perhaps not so demonstrative as the celebra tion of the 7th, when the reports, which afterwards proved false, that the Armistice had been signed, stirred the nation to the depths by the unexpectedness of the news, it was never theless made a joyous occasion, and, even more than on the previous memorable day, a complete cessation of busi ness occurred. On this occasion the news was heralded in the early morning, 5.00 a. m., and even earlier, by the blowing of whistles, sirens and horns and while the various lines of business opened up at the customary hour as a matter of routine, no one had any inclination for work and an immediate closing down followed, every one yielding to the spirit of the occasion, and an all-day holiday was in dulged in. The Governors of the New York Stock Exchange at 9.30 (half an hour before the opening hour) voted to re main closed, the various other local exchanges, and the Stock Exchanges at Boston, Philadelphia, Chicago, Pittsburgh, &c., taking similar action. The Liverpool Cotton Exchange and the Canadian markets also entered into the celebration of the day by suspending business. The banks were, of course, open, since it was not a legal holiday, but there was a noticeable lack of business. In both Massachusetts and New Jersey, by proclamation of the respective Governors, the succeeding day, Nov. 12, was observed as a holiday. A proclamation extending the licensing machinery of the U. S. Food Administration to cover the manufacture, storage and distribution of various foods which previously had not, in part or in whole, been in the licensed class, was issued under date of Nov. 2 by President Wilson and made public on the 7th. The proclamation placed all concerns engaged in the business of operationg warehouses or other places in which any food or feed commodities were stored for hire under license. Quite generally, however, the month was noteworthy for the rapid removal of trade regulations and restrictions following the conclusion of the armistice. The withdrawal of regulations requiring householders and bakers to purchase 20% of substitutes with each purchase of wheat flour was announced by the U. S. Food Administra tion on Nov. 13. It was also announced that substitutes already purchased and for which millers, dealers or bakers could not find a ready sale, would be purchased by the Grain Corporation of the Food Administration under plans then being formulated. The coarser grains employed as flour substitutes were to be placed on the market as animal feeds, of which there was a shortage. Although, however, wheat bread could now appear on the American table with out restriction, the Food Administration announced it would continue to advocate conservation in the use of flour. The modification was directly ascribed in a statement issued by the Food Administration to the military armistice. It was http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 65 pointed out that the Mediterranean Sea now was safe for commercial transport and that the European nations could draw again on the large wheat supplies in India and Austra lia. With cargo ships released from military service it was said it also would be possible to tap accumulated supplies in the Argentine. The call for further sacrifices on the part of the American people to fulfill the nation’s obligation and opportunity to aid the war sufferers in Europe by helping to provide sus tenance until the next harvest, was pointed out by U. S. Food Administrator Hoover in addressing a conference of State Food Administrators at Washington on Nov. 12. In drawing attention to the conditions of famine existing in Europe which would be “beyond our powers to remedy’’ even with the carrying out of plans to ship from the United States 20,000,000 tons of foodstuffs during the ensuing year, Mr. Hoover declared that in Northern Russia alone there were 40,000,000 people who had but little chance of obtaining food this winter. He added that millions of others through out Europe who can be reached must be fed. In summariz ing the changes this would occasion in the country’s food conservation program, Mr. Hoover said “we may now ad vantageously abandon the use of substitutes in our wheat bread; we will still require economy and elimination of waste in its consumption; for the present we need conservation in butter and condensed milk; ultimately we must extend this to all the fats.” Mr. Hoover’s first task in his undertaking abroad (whither he was going at the request of the President) would be, it was announced, to increase the flow of food into former occupied districts of France and Belgium which had been given only enough to sustain life through the Re lief Commission. The plans contemplated relief also for Southern Europe—the Czecho-Slovaks, the Jugo Slavs, the Serbians, Rumanians and others. With respect to Mr. Hoover’s mission the State Department made known that the War Industries Board, the War Trade Board, the Treas ury, the Shipping Board and the Food Administration were co-operating for prompt advancement of the necessary measures. There was a sharp advance in grain prices. December corn at Chicago rose from SI 10% on Nov. 4 and SI 32 on Nov. 19, with the close on Nov. 30 at SI 27; January corn on Nov. 4 sold at SI 11% but brought SI 34% on Nov. 20, closing on Nov. 30 at SI 26%. The December option in oats touched 65% cts. on Nov. 4 and then rose to 75% cts. on Nov. 19, with the close Nov. 30 at 72% cts.; January oats ranged from 65% cts. on Nov. 4 to 75% cts. on Nov. 19, with the closing Nov. 30 71% cts. Regulations requiring retail food stores and markets in Greater New York, Westchester and Nassau Counties to dis play a “fair price” schedule beginning Nov. 25 were put in force by the Federal Food Board and the State Food Commis sion. The schedule, which was resorted to in the campaign against profiteering, had to be printed once a week. It was designed to show the fair maximum price paid by the re tailer to the wholesaler, the maximum margin allowed to the retailer, the fair maximum price to the consumer and the exact price each store is charging the consumer. The regu lations adopted stipulated the various items of food which must be quoted, namely, meat, fish, beans, rice, oats, corn meal, raisins, prunes, flour, sugar, bread, milk, butter, cheese, eggs, potatoes, onions and cabbage. The items might be increased from time to time. Any dealers who charge in excess of the margins prescribed by the Federal Food Boards or by the county food administrators was to be prosecuted and there would be frequent inspections it was stated for the purpose of determining whether the re tailers were toeing the mark. The fact that a retailer asked or exacted margins in excess of those prescribed by the board was to be regarded as prima facie evidence of profi teering and therefore unlawful. “The Board wishes it known,” said an official statement of the Board, “that although the war is ended there will be no relaxation of the activities of the Board and the State Food Commission in curbing profiteering in foodstuffs.” The Federal Food Board in New York on Nov. 4 issued a statement announcing that the maximum profit of retailers on eggs would be limited to 7 cents a dozen on a cash and carry basis and 8 cents a dozen on a credit and delivery basis. A warning as to the limiting of profits on turkeys was issued to retailers on Nov. 26 by the Federal Food Board of New York. In its statement the Board said: The maximum margin between the wholesale price, which to-day is from 44c. to 46c. a lb. for good Western turkeys, and the retail purchaser’s price should not exceed 9c. a lb. on the cash and carry basis. Dealers are urged, wherever possible, to further limit this margin to aid in securing a more general celebration of the Thanksgiving spirit of this year. Previously (Nov. 7) the Food Administration, in an effort to discourage the wasteful practice of selling turkeys before they are mature promulgated a rule requiring that all dealers under license refrain from buying hen turkeys weighing less than eight pounds and young toms weighing less than twelve pounds live weight, until Dee. 7. The exclusion of hogs weighing less than 150 pounds for utilization in the export trade was determined upon on Nov. 22 by the U. S. Food Administration. The exclusion of hogs weighing under 150 pounds, which cannot be utilized for export trade, it was explained was necessary for the main tenance of price stabilization. The Food Administration urged that they be retained on the farm until they reached 66 RETROSPECT. proper marketing weight. This, it was pointed out, was of prime importance, as all pork which could be produced in the next few months would be urgently needed to supply the wants of the country’s export program of pork products. On Nov. 15 the Food Administration had announced that the November price basis for hogs would continue through December. Supplementing the increases in milk prices which went into effect on Nov. 1, still further increases, effective Nov. 14, were announced. The price of grade A bottled milk in quarts was raised from 18 to 19 cents; the price of grade B quart bottles to consumers was raised from 16 to 17 cents, while for pint bottles of grade B milk the retail price was increased from 10 to 11 cents. In making this further change the Food Administration took the position that the milk distributers in the city could reasonably be asked to distribute milk without profit during a short period of high prices, but that they ought not to be asked to distribute milk without getting back their out-of-pocket costs. It was added: The cost records now available show that the dealers have made no profits in October. Due to the added labor costs they will make no profits in November with another cent added to the consumer’s price. The dealers for the first twelve days of the month have had substantial losses. The increased spread does not include any costs due to other wage increases that have been made since August or may have to be made to other em ployees, nor any increases in material costs since August. Mayor Hylan on Nov. 14 in a letter to the Food Adminis trator Herbert Hoover protesting against the high milk costs said “You have allowed the distributer to charge 19 cents per quart for bottled milk, which is over nine cents per quart more than the price paid to the dairymen,” and announced that he had brought the matter to the attention of President Wilson. The New York “World” of Nov. 22, in referring to the fact that the increases which milk distributing companies had been permitted to charge were defended by Dr. Clyde L. King, Federal Milk Commissioner, in an interview with one of its reporters, quoted him to the following effect: “The price of milk to the consumer has not risen as much proportionately as the dairymen’s prices have gone up,” said Dr. King. “In June, milk sold at SI 80 per hundred pounds to the companies, and now it is up over 100% to $3 81. In that same time loose milk has gone up only from cts. to 14 cts. a quart, which is less than 100%. It was announced on Nov. 14 that the sugar allowance would be increased, beginning Dec. 1, from three pounds per person a month to four pounds. The War Industries Board explained, however, that while by reason of the sign ing of the Armistice,relieving to a great extent the necessity for saving man power, transportation, &c., the order pre viously put into effect curtailing the production of soft drinks and mineral waters had been rescinded, this did not rescind the Food Administration’s regulations governing the use of sugar by soft-drink manufacturers. On Nov. 27 on order calling for the discontinuance on Dec. 1 of the distribution of sugar under the certificate system was issued by the Food Administration. It was pointed out that this did not affect the policy with regard to the conservation of sugar. Domestic consumers would be expected to observe the voluntary ration of four pounds a person a month and public eating places would be required to use only four pounds of sugar for each ninety meals served. The sale of’ Christmas candy, it was announced, would not be restricted. An official statement announcing this, issued Nov. 30, said: Many candy stores, in accordance with a voluntary sugar conservation plan undertaken upon the initiative of the trade itself, have been refusing to sell more than one pound at a time to a customer. This restriction is not regarded by the Food Administration as a necessary conservation measure this holiday season, since the sugar shortage has been materially relieved. Last year the nation faced a serious sugar shortage at Christmas time, and the manufacturers were allowed to use only 50% of their normal requirements of sugar. The Food Administration has never taken any action which would limit manufacturers’ sales to individual customers. Several of the confec tioners’ associations, however, have passed resolutions requesting their members to seU not more than one pound to a customer, unless it is for shipment to soldiers overseas. While the Food Administration has never participated in any of these measures during the sugar stringency, it regarded them as valuable aids to conservation. The need for sugar saving in this direction, however, has passed, and the Food Administration this year will not ask that the Christmas purchases be limited. Speculative short selling on the New York and New Orleans cotton exchanges was prohibited by the Committee on Cotton Distribution of the War Industries Board. Notice of this was received from the committee by W. L. Johnson (of Shearson, Hammill & Co.,) President of the New York Cotton Exchange on Nov. 13 as follows: Please read from the rostrum of your exchange before the opening Wednesday morning, post on the bulletin-board, and send immediately to each member firm carrying contracts, the following notice: “In order to curb undue speculative activity, it becomes necessary at this time to prohibit further speculative short selling on the N. Y. and New Orleans cotton exchanges, and the members of these exchanges are hereby notified that aU further speculative short sales are prohibited. Hedge sales may be made on condition that an affidavit from the seller will follow that the sale is a bona fide hedge sale against the purchase of cotton. “No selling orders from foreign countries except in liquidation of long contracts are to be executed.” Prices of cotton had declined on Monday and Tuesday, the 11th and 12th and dropped still lower on the 13th on the above announcement. On the New Orleans Exchange the prohibition was followed on the 13th by a 200-point drop, the limit allowed at one session under the war-time rule. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Some demand then sprang up raising prices 75 to 100 points from the bottom. The following day the Liverpool Cotton Association passed a regulation reducing the maximum daily fluctuation to 50 points, equivalent to 100 American points, and prohibited speculative short selling. On Nov. 18 it was announced that the fluctuations in cotton futures had again been extended by the Liverpool body to 100 points. Announcement was also made Nov. 18 at the Cotton Ex change that advices had been received from the Committee on Cotton Distribution of the War Industries Board, that straddles between months in the New York market and between the New York and New Orleans markets would be permitted, but that no new transactions between American and Liverpool markets would be permitted that contemplated initial selling on this side. As would be supposed from the above the price of cotton fluctuated widely and erratically throughout the month. Middling upland spot cotton in New York after having sold Oct. 31 at 30.20 cents per pound got down Nov. 1 to 29.05 cents; from this there was an advance to 31.60 by Nov. 6; after further considerable fluctuations the price Nov. 13 (the day when the prohibition of short selling went into effect) dropped as low as 27.75 cents; Nov. 15 saw it up again to 30.05 but Nov. 19 saw a return to 28.14; by Nov. 22 the price was up to 30.50 and the close Nov. 30 was at 28.10. Print cloths at Fall River ruled throughout the month at 12)4 cents. It was announced as early as Nov. 7 that President Wilson would be informed by the Cotton Committee of the War Industries Board that the fixing of prices of raw cotton was unnecessary and impracticable. At a meeting of the Price Fixing Committee of the War Industries Board with the cotton manufacturers Nov. 8 and 9 no agreement was reached for a revision of the schedule of maximum prices on cotton goods. Accordingly the pre vailing maximum limits on cotton goods were left unchanged by the Price Fixing Committee until Jan. 1 1919, except for certain revisions. The removal of the restrictions on the exportation of raw cotton to Great Britain, France, Italy, Belgium and Japan was announced on Nov. 21 by the War Trade Board. The order became effective Dec. 2. Exportation restrictions for Spain, whereby the quantity exportable was iimited and adotted among the various shippers were also with drawn, effective Nov. 21. Applications would henceforth, it was stated, be considered with a view to granting licenses freely. Regulations which required that the grade and staple be specified on application for export and that the applicant disclose the existence of an actual sales contract or freight allotment were likewise withdrawn, effective Nov. 22. This meant the withdrawal of all restrictions on the shipment of cotton from the United States excepl to enemy countries and to the Northern European neutrals. Stocks of cotton in the South were very large, and Southern Senators and Representatives had been urging the War Trade Board and other Government agencies to modify the restrictions on exports. The matter had also been brought to the attention of the President. Mr. B. M. Baruch, Chairman of the War Industries Board, ruled that maximum prices on foreign hides and skins should continue until Jan. 1 and on domestic hides and skins until Feb. 1, and that prior to these dates the question would be decided as to whether these maximums should be continued longer. It was agreed that the ruling maximum prices on black harness leather shou'd be dis continued on Dec. 1 1918, the date of their expiration. Earlier in the month the Price-Fixing Committee of the Board established maximum prices for frigorifico hides of Nov. and Dec. take-off at $61 for steers and $44 for cows. Several other grades of best Argentine, Uruguay and Southern Brazil wet-salt hides were established at corresponding maximums for November and December shipment. Other foreign hides and skins, for November and December shipment, remained unchanged as compared with the maximums for August, September and October shipment, except Argentine and Chilean wet-salt horsehides, which were slightly altered. During the latter part of November the Price Fixing Committee approved the following maximum prices on hides and skins: Hides and skins—maximum prices. Omissions and Differentials. Domestic Goatskins, November and December 1918 and January 1919. Packer— Per Dozen. Packer— Per Dozen. Angora unshorn________________ $30 Half-blood unshorn kidskins____$12 Angora unshorn, half-blood____ 24 Clipped Angora kidskins_______ 6 Angora clipped (with not over Common kidskins at value 2 inches long)______________ 18 according to measurement. Common goat skins_____________ 18 Angora unshorn kidskins______ 15 Other domestic goatskins, except Angoras, $12 to $15 flat at shipping point. Angoras at value. Dry skins sold by the pound have same maximum as in August, Septem ber and October. The War Industries Board in announcing on Nov. 18 the abandonment of the shoe schedule which provided for the classification of grades and fixed prices ranging from $8 to $12, stated that the conservation restrictions on styles and standards in boots and shoes, as prepared by the War Industries Board in agreement with the industry, should be continued until June 1 1919. The plan for classification by grade and serial stamping of boots and shoes prepared by the industry and approved by the War Industries Board should be discontinued. On Nov. 25 it was announced in the “Official Bulletin” that the War Industries Board had RETROSPECT. notified shoe manufacturers that with some exceptions the shoe conservation schedules of June 29 and Sept. 30, applying to manufactures for the spring season of 1919, with rulings relative thereto, would remain in force and would be effec tive on all shoes shipped to retailers until June 1 1919, when automatically they would become inoperative. The War Industries Board announced that inasmuch as the Government requirements for leather had been curtailed considerably through the signing of the armistice, no price would be fixed on tanning extracts made from domestic raw materials. It was also announced that all restrictions relative to distribution of tanning extracts production had been withdrawn. It was announced that maximum prices on New England spruce would be discontinued after Dec. 1 1918, the date upon which these maximum prices had been fixed to expire. The War Industries Board also issued a ruling giving to lumber orders for the railroads a priority rating higher than that accorded any other class of orders. This action, it was an nounced, had been taken to permit construction delayed by the war. The withdrawal, effective immediately, of all restrictions affecting the publication of periodicals, except daily, Sun day, and weekly newspapers, was announced by the War In dustries Board on Nov. 27. Publishers of daily and Sun day newspapers, in a conference with the Board, had re quested that control over the use of newsprint paper be continued for the time being. Restrictions governing weekly newspapers would be lifted Dec. 1, the Board said, because the amount of paper consumed by these publica tions was not sufficient to affect materially the newsprint situation. Restrictions on the manufacture of wallpaper also were withdrawn, effective at once. The War Industries Board announced on Nov. 25 that the furniture conservation schedule which was to have gone into effect Jan. 1 had been rescinded. This action, it was stated, had been taken because there no longer existed the pressing and imperative necessity for the conservation of material, labor and transportation for strictly war needs. The felt mills of the United States, all of which had been operating to 100% capacity on Government work exclu sively, were on Nov. 22 released from the obligation of sub mitting to the Felt Section of the War Industries Board any further application for permits to produce and sell their merchandise. In other words they were notified that they could resume the manufacture of felts for civilian purposes. On Nov. 22 also the War Industries Board announced the removal of conservation restrictions governing the manufacture of men’s straw hats. The conservation program had gone into effect Oct. 25 last. Its removal enabled straw hat manufacturers who had not completed their stocks for next season to introduce new styles which the conservation restrictions had undertaken to bar. On Nov. 22 announcement was made of the issuance of a ruling by the War Trade Board whereby the import restric tions on rubber were so modified as to permit the receipt of 7,500 tons additional prior to Jan. 1. The original ruling limited to 25,000 tons the importations which were to be licensed during October, November and December. At a conference of copper interests and members of the War Industries Board held on Nov. 15, it was agreed, through a committee of producers and refiners, to maintain the pre vailing rate of production and preserve ruling levels of prices and wages. It was further agreed to continue Government regulation of prices and allocation of materials. As noted above the price of copper had been continued in October with the approval of President Wilson until Jan. 1 at 26 cents a pound. The Steel Committee of the American Iron & Steel Institute at a conference with the War Industries Board on Nov. 13 urged continuation of Governmental supervision of the industry for the time being. It wras explained that if price control were abandoned and the price of steel decreased those who stocked up with raw and semi-finished materials at the fixed price could not compete with those who could go into the market with lower prices prevailing. On the other hand, if the price should increase manufacturers with stocks on hand would have an advantage. Government supervision and price control would prevent any such condi tions and stabilize the industry until it was on a peace basis. On Nov. 26, however, it was announced the allocation of steel by the Government would be discontinued by the War Industries Board on Dee. 1. After that date purchasers would deal directly with the industry. Steel manufacturers, though, were to make weekly reports of production and shipments until Dec. 31. Restrictions placed on the use of tin plate in the manu facture of food containers were removed, according to the “Official Bulletin” of Nov. 14, by joint agreement between the War Industries Board and the Food Administration. In view of the signing of the armistice by Germany, it was felt that these rigid rules, which had become effective Oct. 1, could be relaxed. The various trades affected by the removal of these restrictions were: manufacturers and packers of baking powder, ground spices, powdered cocoa, choco late, candy, coffee, coffee substitutes, tea, spaghetti, pickles, condensed milk, salt, lard, and lard substitutes, macaroni, syrups and molasses. New prices on anthracite coal to absorb the latest increase in anthracite wages were announced by the Fuel Adminis tration on Nov. 7. The actual increase of cost per ton on http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 67 the basis of the wage increase was figured by the Fuel Admin istration at 74 cents a ton. The sizes of anthracite affected by the new prices were about 70.6% of the total production. Following announcement of the new schedule, the New York State Fuel Administration on Nov. 8 announced an increase of 95 cents a ton to consumers of domestic sizes of anthracite effective Nov. 1. On Nov. 22 it was announced that all storage restrictions had been removed by the Fuel Administration on bituminous coal, in conformity with the action of the War Industries Board in canceling its preferential industrial list. Anthracite coal, however, was not affected by the ruling. Every in dustry and every householder, it was said, would be permitted to store as much bituminous coal as desired, or obtainable. All coal, oil and gas concerns in the country were advised by the Fuel Administration that authority of the Govern ment over their activities would not cease until a peace pact actually was signed. Both the Navy and the merchant fleet, especially the latter, were in need of oil as well as coal. As an initial step in the readjustment of industries from a war to a peace basis the War Industries Board on Nov. 12 made known a modification of the restrictions against non war construction and manufacturing. Industries whose peace-time output had been curtailed on account of the nation’s war program were permitted to increase their output 50% of the amount of restriction imposed by the Board. All restrictions were removed against the erection of farm or ranch buildings, structures, roadways or plant facilities for railroads, railways and other public utilities, and the construction, maintenance, improvement or development by Federal, State or municipal authorities of highways, roads, boulevards, bridges, streets, parks, playgrounds and public utilities, including water, sewerage, light, power and street railways. Forty-two specific industries, chief among them the passenger automobile industry, were affected by the modifications of curtailment imposed on manufacturers since the war had begun. Announcement that all remaining restrictions on non-war construction throughout the United States had been re moved was made on Nov. 21 by B. M. Baruch, Chairman of the War Industries Board. This action permitted all building operations which had been held up because of the war program to proceed. No further permits were required. In announcing on Nov. 14 the removal of restrictions upon highway improvements and saying no further applications for approval of projects would be required, and previous dis approvals were revoked the United States Highway Council pointed out, however that its action did not affect highway bond issues, which still must be passed upon by the Capital Issues Committee of the Treasury. Secretary of the Treasury McAdoo on Nov. 16 issued in structions to the Supervising Architect of the Treasury Department to invite bids for construction work on post offices and other public buildings and extensions authorized by Congress, thereby rescinding orders of Dec. 1917, sus pending all work on public buildings on account of the war conditions. In making known on Nov. 21 that further removals from the export conservation list had been ordered by the War Trade Board, it was announced that the changed situation arising out of the signing of the armistice rendered it possible for the Board to alter many of its regulations governing the exportation of certain commodities, which the continuance of the war had made it necessary to conserve much more strictly than circumstances now required. For the war needs of the United States and the Allies the War Trade Board had limited the exportation of many commodities which might now be spared for general export trade, as they were no longer needed for war purposes. The rescinding of the entire “preference” or “priority” list under which essential war industries had been given preference in the matter of shipments was announced by the War Industries Board on Nov. 19. The classification of industries as essential or less essential to the winning of the war was thereby abandoned, the priority ratings thence forth applying only to the Navy, the Emergency Fleet Corporation, railroads, telegraph and telephone companies. New regulations, partially removing the existing restric tions on the use of light generated by the consumption of fuel, effective on Monday, Nov. 11, and superseding all previous orders on the subject, were announced by the United States Fuel Administration on Nov. 8. In New England, New York, Pennsylvania. New Jersey, Delaware, Maryland, District of Columbia, Michigan and Ohio the change from the previous order related to the illumination of store or shop windows. Under the new order the store or shop window lighting was only restricted when the store was closed, and then only on the “lightless nights.” Throughout the rest of the country practically ail lighting restrictions were left to the discretion of the State Fuel Administrators. The partial raising of re strictions in the East was due to an improvement in the sup ply of bituminous and steam anthracite coal, but it was pointed out that caution must still be observed in that section because of the anthracite and power situation. _ In the West enforcement of the regulations was optional with the State Fuel Administrators. The new order prohibited the waste ful use of light in streets, parks, or other public places in any city, village, or town. Its use for illuminating advertise ments, announcements, or signs, or for the external ornamen tation of any building and for displaying any shop window, when the shop was not open for business, on Monday, Tues 68 RETROSPECT. day, Wednesday and Thursday of each week in New England, Maryland and the District of Columbia had to be entirely discontinued. The order also provided for the entire discon tinuance of such use of light Monday and Tuesday of each week in Michigan and Ohio and in any other State where the Federal Fuel Administrator should so order. Withdrawal of the restrictions on Christmas buying by the Council of National Defense were announced on Nov. 24. The Council said it believed that as one of the steps essential to the rapid establishment of normal after-the-war conditions it should lift its ban in connection with holiday buying, in the desire to give a natural impetus to the re-employment of those normally engaged in the production of holiday material and in the holiday trade. The Council was further impelled to this decision by reason of the necessity confronting the coun try to get its military forces and munitions factory workers back to the ordinary pursuits of life with the least possible shock in making the change. One of the features of the Pan-American Labor Conference held in Laredo, Tex., was the warning by Samuel Gompers, President of the American Federation of Labor, that any proposed general reduction in wages or lengthening of work ing hours which might be attempted after the war would be fought by organized labor. A statement to this effect, issued by Mr. Gompers on the closing day of the conference, Nov. 16, grew out of a declaration by William H. Barr, President of the National Founders’ Association, to the effect that American manufacturers could not continue to operate the mines and factories and compete in the world of trade “if we are to operate on a national eight-hour day and pay the wages which have been imposed during the stress of political opportunity.” The campaign in this city for the United War Work Fund opened on Nov. 11 and was to have closed on the 18th, but was twice extended, the last time until Nov. 25. The cam paign resulted in the raising of $203,179,038. Dr. John R. Mott, Director-General of the campaign, said this “was the largest sum ever provided through voluntary offerings in the history of mankind.” The amount which it was sought to raise in the entire country was $170,000,000. The fund was apportioned among the following: Young Men’s Christian Association, Young Women’s Christian Association. National Catholic War Council (including the work of the Knights of Columbus and the special war activities for women), the Jewish Welfare Board, American Library Association, .War Camp Community Service, and Salvation Army. The second session of the 65th Congress, which had begun on Dec. 3 1917, was brought to a close at 5 p. m. on Nov. 21. Ending of the session was agreed upon after the Senate Fin ance Committee had decided that it could not report the revised six-billion-dollar war revenue bill before the date for the beginning of the new session on Dec. 2. For length, bulk of appropriations for the war, and the number and importance of legislative measures passed, the session was regarded as un precedented. Appropriations passed aggregated $36,298,000,000, making the total for that Congress more than $55,000,000,000, of which $19,412,000,000 was appropriated at the first— an extra—session, at which war was declared on Germany. Without a roll-call the United States Senate on Nov. 18 adopted Senator Shappard’s amendment to the National Food Stimulation Bill, providing that after June 301919 there shall be no traffic in alcoholic beverages of any sort within the United States, and further, that on May 1 1919 the manufac ture of ail wines and malt liquors shall cease for the period of the existing war and until all the American troops are brought home and demobilized. With the President’s approval of the measure on Nov. 21, the bill became a lav/. We quote parts of the law herewith: That, after June 30 1919, until the conclusion of the present war, and thereafter until the termination of demobilization, the date of which shall be determined and proclaimed by the President of the United States, for the purpose of conserving the man power of the nation and to increase efficiency in the production of arms, munitions, ships, food and clothing for the Army and Navy, it shall be unlawful to sell for beverage purposes any distilled spirits, and during said time no distilled spirits held in bond shall be removed therefrom for beverage purposes, except for export. After May 1 1919, until the conclusion of the present war, and thereafter until the termination of demobilization, the date of which shall be deter mined and declared by the President of the United States, no grains, cereals, fruit or other food products shall be used in the manufacture or production of beer, wine or other intoxicating malt or vinous liquor for beverage purposes. After June 30 1919, until the conclusion of the present war, and thereafter until the termination of demobilization, the date of which shall be deter mined and proclaimed by the President of the United States, no beer, wine or intoxicating malt or vinous liquor shall be sold for beverage pur poses, except for export. The so-called Emergency Power Bill at one time urged by the Administration as a necessary measure for supple menting the power supply in districts where war work was concentrated, was dropped, according to Washington ad vices on Nov. 15. Chairman Fletcher, of the Senate Com merce Committee, was quoted as saying that he was not inclined to press the measure. Investigation of the alleged disloyal speech of Senator La Follette at St. Paul more than a year before was aban doned on Nov. 22 by the Senate Elections Committee on a vote of 9 to 2. Four Democrats joined with five Re publicans in voting to dismiss. Senators Pomerene and Walsh, both Democrats, voted in the negative, and three committee members were absent. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The issuance of a proclamation by President Wilson on Nov. 2 placing all marine cables under control of the Post master-General became known on the 16th inst. and was sharply criticised, particularly as the emergency of war was practically over. Clarence H. Mackay, President of the Postal Telegraph-Commercial Cable Companies engaged in a bitter controversy with Postmaster-General Burleson over the step. The intention of the Government to operate the telegraph systems as one beginning Dec. 1 was made known on Nov. 20 in the issuance of the following order: In order that the telegraph facilities may be used to the fullest extent and the transmission of messages expedited, the telegraph systems shall hereafter be operated as one, and, effective Dec. 1 1918, all telegraph offices shall accept for transmission all classes of messages now accepted by any one of them at the prescribed tariff rates. An advance of 13 cts. an hour above the rate prevailing on Jan. 1 was granted by the Railroad Administration to telegraph operators on all railroads under Federal control. The minimum wage was thereby increased from 35 cts. an hour to 48cts.; eight hours to constitute a day’s work, and overtime to be paid at the rate of time and a half. The new wage scale, announced by Director-General McAdoo on Nov. 16 was retroactive to Oct. 1. The order, involving aggregate increases of about $30,000,000 a year, applied to between 60,000 and 70,000 employees, including telegraphers, telephone operators, agent telegraphers, agent-telephoners, towermen, lever men, tower and train directors, block operators, and staff men. It did not apply to telephone switchboard operators. An order establishing a basic minimum rate of $70 per month for railroad station agents, and granting a flat wage increase of $25 in the case of all rates of $70 and over pre vailing Jan. 1 1918 was issued by Director-General of Railroads W. G. McAdoo on Nov. 23. The order affected approximately 2,500 station agents who were not tele graphers. Eight hours was to be considered a day’s work with pro rata pay for twp hours’ overtime and time and a half for overtime exceeding ten hours. The wage advance did not apply to men receiving $30 or less a month for special services requiring only a portion of their time. Exceptions also were made for a few agents who received $50 or less a month, for whom a straight advance of $25 was granted, without application of the $95 minimum. Announcement of the issuance of a general order by Director-General of Railroads McAdoo initiating increased express rates effective Jan. 1 1919, was made on Nov. 20. This announcement followed the issuance by President Wilson on Nov. 16 of a proclamation taking under Federal control the American Railway Express Co. and placing it under the jurisdiction of the Director-General. In the territory north of the Ohio and Potomac Rivers and east of the Mississippi River the increase in express merchandise rates ranged from 16 to 17 cts. per hundred pounds regardless of the distance hauled in that territory. The increase in the remainder of the United States ranged from 10 to 12 cts. per hundred pounds on merchandise. The increase on food products was about three-quarters of the increase on mer chandise shipped by express. With the complete submission of Germany immediate steps were taken by the authorities at Washington in prepar ation for a return to a peace basis. Material changes in the pending war revenue bill were at once recommended by Secretary of The Treasury McAdoo. The Treasury Department’s financial program for the reconstruction period was outlined in a letter addressed by Mr. McAdoo to Chair man Simons of the Senate Finance Committee, made public on Nov. 15. Secretary McAdoo estimated that the expen ditures for the fiscal year ending June 30 1919 would be $18,000,000,000, instead of the $24,000,000,000 reckoned upon before peace prospects were in sight. In his recom mendations he proposed that the pending revenue bill be revised with a view to yielding $6,000,000,000 payable during the calendar year 1919 and $4,000,000,000 during the cal endar year 1920. His other recommendations were: That income and profits taxes be payable in four equal quarterly install ments on March 15, June 15, September 15 and December 15. That excess profits tax rates in respect to taxes payable in 1919 be no higher than those in the existing law. The amelioration of the provisions with reference to the determination of war and excess profits taxes in respect to the revenue payable in the year 1919 and the elimination of those taxes in respect to revenue payable in 1920, except with respect to contracts negotiated during the war period. That to compensate for any reduction of revenue beyond desired amounts above indicated there should be an increase in the corporation and indi vidual income tax levies. It was estimated by Secretary McAdoo that the bill framed by the Senate Finance Committee would yield $6,300,000,000, as compared with the $8,000,000,000 provided for in the bill passed by the House, which latter, the Secretary declared, was “more stringent than the changed situation will justify.” The Secretary took pains, however, to let it be known that another large loan would have to be floated in the course of a few months. On Nov. 19 he announced that bonds of this fifth war loan, to be offered probably in the spring, would be of short maturity. The Secretary’s statement in the matter said: In answer to inquiries as to future bond issues by the Government, Secretary McAdoo said that, though it was not yet possible to estimate when or what amount further issues of bonds must be made to cover remain RETROSPECT. ing expenditures growing out of the war, it was entirely clear that the moment had come when the interests of the Government and the country would be best served by the issue of bonds of short maturities, and that that would be the policy of the Treasury. Initial trading in the 4J4% bonds of the Fourth Liberty Loan began Nov. 4. The opening sale was at 98 and it consisted of a block of 83,800,000 of the bonds, the largest single transaction in bonds, it was said, ever recorded on the Exchange. The total sales of Fourth Liberty Loan bonds on the opening day of trading amounted to 89,439,000, all at 98. On Nov. 12 the bonds touched 98.10 but Nov. 30 were down to 96.76. The first issue of Treasury certificates of indebtedness to be put out in anticipation of the Fifth Liberty Loan was announced by Secretary of the Treasury McAdoo on Nov. 27. The certificates offered—8600,000,000 4J^s—were dated Dee. 5, and due May 6 1919. Subscriptions closed Dec. 10 and reached 8613,438,000. In a letter dealing with the Government’s financial program for the ensuing five months, Mr. McAdoo appealed to the banking institutions through out the country to participate. The Secretary’s letter, issued co-incident with the new Treasury certificate offering, was addressed to every incorporated bank and trust company throughout the United States; in it he said that the minimum amount of each fortnightly issue of certificates would in all probability be not less than 8500,000,000 nor more than 8750,000,000. The Federal Reserve banks would advise all national and State banks in their respective districts of the amount of certificates which they were expected to take from time to time in pursuance of this program, which amount could be figured roughly to equal 2J^% of the gross resources of each bank and trust company for every period of two weeks, or a total of 5% monthly. Owing to the growing Treasury working balance, Sec retary McAdoo ordered the redemption on Nov. 21 of 8575,000,000 certificates of indebtedness, issued Aug. 6 in anticipation of the Fourth Liberty Loan and maturing Dec. 5. Under date of Nov. 7 the issuance of a second series of Treasury certificates of indebtedness, acceptable in payment of income and excess profits taxes in 1919, was made. The interest rate was 4^% (against the previous rate of 4%) and the certificates matured March 15 1919. The sale of the old issue at 4% had gone slow. Subscriptions closed Nov. 27 and aggregated 8794,172,500. The sale of the first issue of 4% certificates, dated Aug. 20 1918 and payable July 15 1919 was withdrawn, at which time 8145,245,000 had been subscribed. On Nov. 22 rumors that Secretary of the Treasury William G. McAdoo was to resign were confirmed. The Secretary’s note of resignation was dated Nov. 14, and in brief explained that the cost of living in Washington was so great and the salary of a Cabinet officer so moderate that he had been forced to call upon his private fortune for his expenses. He therefore asked to be relieved of his duties as Secretary of the Treasury as soon as the President could appoint his successor, and to be relieved of his duties as DirectorGeneral of Railroads on Jan. 1 or earlier. President Wilson replied with an appreciative letter accepting the Secretary’s resignation as requested. All through the month considerable impatience was shown among members of the Stock Exchange over the continued curtailment of loans to Stock Exchange borrowers. At a meeting of the Governors of the New York Stock Exchange on Nov. 4 a resolution providing for the appointment of a committee to consider the money situation and to confer with the Money Committee of the Liberty Loan Committee was adopted. The committee consisted of H. G. S. Noble, President of the Exchange; Winthrop Burr; H. K. Pomroy, Donald G. Geddes and William H. Remick. In stating that the existing restrictions on Stock Exchange loans were to be continued for the present, a committee named on Oct. 30 by the Association of Stock Exchange Firms to take up with the committee appointed by the Stock Exchange various questions arising from the restrictions of the Money Committee said under date of Nov. 15: A number of the firms have made inquiries of us as to whether there is any possible chance of removal of the restrictions placed on loans. We desire to take this opportunity to state that at the present the restriction will remain. If, however, any firm thinks that an injustice has been done it due to any special cause in the allotment of its loans, the Committee of the New York Stock Exchange will be very glad to have that firm appear before it and explain the facts, and if the facts justify a modification it will be granted.. A slight modification of the restrictions was announced on Nov. 29 by the Stock Exchange. The announcement said that the special committee appointed by the Governing Committee on Nov. 4, believing that it would prove of bene fit to the financial situation, had recommended to the Money Committee of the banks that restrictions covering temporary borrowings by members of the Exchange, to finance, for purpose of distribution, the purchase of bonds and notes for their own account be removed. The Money Committee of the banks, it was stated, had acquiesced in this request. The necessity, however, for continuing former restrictions, in regard to other securities, still existed. The following word of caution was added: The Money Committee of the banks and this committee expect that no member of the Exchange will, by reason of the removal of the above re strictions, unduly increase the loan account of the banks. Should this expectation not be fulfilled it might become necessary to reimpose the restrictions. In accordance with the above arrangements, and in addition to the present required information, members must daily report to the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 69 Secretary’s office the amount of money borrowed against purchases of bonds and notes made on and after Nov. 30 1918. The appointment of a committee to “study carefully and thoroughly all the difficulties confronting gold production” and to “submit suggestions of sane and sound methods of relief” was announced by Secretary of the Treasury McAdoo on Nov. 1. The committee consisted of Albert Strauss, Vice- Governor of the Federal Reserve Board; R. T. Baker, Director of the Mint; Emmet D. Boyle, Governor of Nevada; Edwin F. Gay, representing the War Trade Board, and Pope Yeatman, representing the War Industries Board. Announcement that the restrictions imposed on the domestic uses of gold and silver for industrial purposes had been terminated was made by B. M. Baruch, Chairman of the War Industries Board on Nov. 18. Under the order issued by Director of the Mint Raymond T. Baker early in September, the mints at Philadelphia, Denver and San Francisco and the Assay Office at New York had been for bidden to issue gold bars in exchange for gold coin or gold certificates without a license from the Federal Reserve Board or an order of the Secretary of the Treasury, depending upon the circumstances of the case. Under date of Nov. 16 the War Trade Board announced new regulations governing the exportation of all manufac tures containing gold. Beginning that date, exporters of such manufactures were required to make application for licenses, which it was stated would be granted for exportation to all destinations, provided the applicant filed with the Board an agreement to import into the United States gold equivalent to the bullion contained in the commodity exported. Final arrangements for putting into operation the long pending Spanish credit to be advanced to the U. S. Govern ment were completed. Details were withheld but the loan was said to be for a total of 250,000,000 pesetas, or 850,000,000, and in form of an acceptance credit, under which a group of American banks would draw bills upon a syndicate of Spanish banks. The Government would avail itself of credit in installments, as it required funds in Spain. On Nov. 1 an additional credit of 8200,000,000 was ex tended by the United States to France and on Nov. 12 it received a further credit of 880,000,000. On Nov. 14 a new credit of 8100,000,000 to Italy was announced, and Nov. 16 the same country was granted 850,000,000 more. Besides 87,000,000 to the Czecho-Slovak National Council, the United States on Nov. 16 extended several other new credits to the Allies. Great Britain received a credit of 8200,000,000, while 89,000,000 was advanced to Belgium. On Nov. 23 a further credit of 85,600,000 was extended to Belgium. With these new credits the aggregate aid to the Allies raised to 88,184,576,666, apportioned as follows: Great Britain, 83,945,000,000; France, 82,445,000,000; Italy, 81,210,000,000; Russia, 8325,000,000; Belgium, 8198,120,000; Greece, 815,790,000; Cuba. 815,000,000; Serbia, 812,000,000; Rumania, 86,666,666; Liberia, 85,000,000; Czecho slovaks, 87,000,000. Railroad Events and Stock Exchange Matters.—The course of the stock market proved a distinct disappointment. The definite cessation of hostilities after over four years of war on the battle fields of Europe had been looked forward to as likely to bring a great revival of speculation with a marked and sustained upward movement in prices. In the first flush of excitement, the market did respond in precisely that way, considerable activity developing in the dealings on the Stock Exchange, with a pronounced, though erratic, rise in prices, but the improvement proved relatively short lived. A variety of causes was responsible for this, but per haps the most potent repressing influence was the circum stance that the Liberty Loan Money Committee in the local money market refused to relax the restrictions on the use of the credit facilities of the banks for Stock Exchange purposes. The tendency to buy for a rise was strongly in evidence, but it was impossible to obtain loaning facilities for an elarged volume of transactions at rising values. Repeated appeals for more liberal accommodation were made by brokers who chafed at the removal of trade restrictions by the War Industries Board, while the ban on loaning of money and credit by banking institutions was maintained as rigidly as before. As noted above, the only concession in that respect was the very slight modification of the rules at the very close of the month by which borrowings by members of the Exchange for the purchase of bonds and notes could be excluded in computing the total of loans that might be extended by the banks to any concern in comparison with the level of loans on Sept. 16 which had-been fixed as the maximum. With this single exception, all these appeals on the part of Stock Exchange members proved unavailing, the Stock Exchange authorities co-operating unreservedly with the Money Committee in seeing that no violation of the regulations took place. The premature report of the signing of the Armistice, which came about noon time of Thursday, Nov. 7, had the effect of giving the market a false start upward. The delegates sent by the Germans to obtain the terms of the Armistice had not then even had time to reach French military headquarters, but such was the confidence that the terms, whatever their nature and no matter how severe, would be accepted, that this mistaken report was without hesitation taken to be true. Coming so suddenly, the supposed good news, which was everywhere hailed as a joyous event, took the market by surprise. As a consequence the market bolted upward and 70 RETROSPECT. on frenzied buying—both so as to get in on the supposed rise and to cover oustanding short contracts—advances running as high as 7 points were recorded by the railroad shares. In case of the industrial properties, those which were to lose the war profits they had so long been enjoying were at first weak, but later showed recovery and joined in the upward movement in the general feeling of buoyancy. It is not possible to say how much further the sensational rise that afternoon might have gone if the Stock Exchange authorities had not, yielding to the general spirit of jubilation, decided to close the Stock Exchange at 2.30 o’clock, or half an hour before the usual closing time, for, though dispatches came from the White Hciuse at Washington denying that the Armistice had been signed, they were waved aside, a dis position existing to think that Washington was not yet prepared to have the news made public and there was also comment to the effect that the news even if not true was only premature and soon to be followed by genuine advices that the Armistice negotiations had been definitely concluded. On Friday, the 8th, and Saturday, the 9th, it being then established that the Armistice terms had not yet been actu ally signed, there was naturally some reaction from the extreme high figures reached on Nov. 7, but with the tone withal exceedingly confident. Everyone then looked for a renewed outburst of speculation as soon as assurance should be received that what everyone had been so anxiously looking for had come to pass—that German delegates had affixed their signatures to the Armistice document. Intelli gence that the Armistice had been signed came in the early dawn of Monday, Nov. 11, and once more the spirit of rev elry and rejoicing took possession of the entire population. It quickly became evident that the day was not one for work or for the ordinary routine, but that everyone wanted to be out in the streets and engage in general hilarity. The Stock Exchange Governors accordingly determined not to open at all for business, and on the Exchange, therefore, the day became a dies non. Perhaps, if dealings could have taken place on that day when everyone was still in a flush of ex citement, expectations of renewed activity at still higher prices would in some measure have been realized, though obviously even then the effect could not have been quite the same as on the previous Thursday since expectation of the event had taken some of the edge off the news. By Tuesday morning ardor had somewhat cooled down and there had also been opportunity for reflection and for sober judg ment to exercise its sway. The result was that the market, instead of opening at a prodigious advance as compared with the close the previous Saturday, recorded only relatively small changes and subsequently, instead of manifesting strength, developed weakness. The remainder of the month prices pursued an uneven course. The volume of business gradually dwindled, and, while the market see-sawed a great deal, with the fluctations in three or four special stocks rather wild from inde pendent causes, the general trend of prices, especially towards the close, was downward. It may hence be affirmed that the response of the Stock Exchange to the greatest event in all history was to place on record a lower level of values. For a time during the month there was a disposi tion to distinguish between stocks of industrial companies which had been enjoying huge profits as an outgrowth of the war and were now to lose those profits with the return of peace, and stocks of companies whose activities had been hampered and crippled because of the war and which were now to regain their normal freedom and benefit accordingly; but later there came a feeling that, even in the ease of these latter properties, the future carried many uncertainties both by reason of the prevailing high level of wages and the can cellation of Government contracts not merely for munitions and war materials but also for current supplies of various kinds. The motor stocks were put by dealers in the group which would be benefited by a return of peace, but the action of the directors of the Maxwell Motor Company in omitting the dividend on the 1st pref. stock on the ground that the loss of war orders would necessitate a conversion and liqui dation of existing inventories suggested that the theory in that respect might be subject to some qualifications. The copper shares were another group that it was supposed would benefit largely by peace, but here, too, weakness developed on unconfirmed rumors that the schedule price for the metal of 26 cents a pound was being cut on orders for 1919 deli veries. International Mercantile Marine shares sustained violent fluctations for causes peculiar to itself; on the 19th and 20th there was great weakness in these shares on the announcement thht our Government had requested that the negotiations for the sale to the British Government of the ships controlled by the company through its British subsidi aries be not completed. On Nov. 27 and subsequent days, there was an equally violent recovery on rumors that the U. S. Government was prepared to take over the ownership of the vessels upon the terms of the British offer. Mexican Petroleum experienced the same wild gyrations as in preced ing months. The net result of the month’s movements was that by the end of November not merely many of the indus trial shares, but the railroad shares as well, had lost practi cally the whole—in a few instances more than the whole— of the gains made in the spurt upward in the period between Nov. 6 and Nov. 13. In the case of the railroad shares the announcement of the contemplated retirement of Mr. McAdoo as Director-General of Railroads was not altogether favorahlv oocatr'iwl. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Stock Fluctuations. Nov. 1. Nov. 30. Prices for Month. Lowest. Railroads— Prices in doll ars per share. 90% Nov. 25 94 Atch Top & Santa Fe.. 93 54% 51% Nov. 25 56 % Baltimore & Ohio_____ Canadian Pacific____ 161 £155% Nov. 29 166 55% Nov. 26 58% Chesapeake & Ohio__ 58% 46 44 Nov. 26 Chic Milw & St Paul.. -49 K 18% 17 Nov. 2 Erie________________ 17% 93% Nov. 1 94 % 97% Great Northern, pref-116 Nov. 25 *116% 124 Louisville & Nashville. *113 118 75 Nov. 25 New York Central___ 78% 79 33% Nov. 26 N YNH A Hartford— 39 35 rl03 Nov. 29 >106% Norfolk & Western___ 108% 92 Nov. 25 Northern Pacific_____ 93 96 46% Nov. 25 46% z48 Pennsylvania________ 81 Nov. 25 Reading Company___ 89 83% z97 Nov. 29 Southern Pacific______ >102% 103 27% Nov. 25 Southern Railway .__ 30 K 30 126% Nov. 26 Union Pacific________ 131% 132% Industrials— 24% Nov. 26 26% Allis-Chalmers Mfg__ 28 79% Nov. 25 Preferred__________ 80 81% 100 Nov. 23 101 Amer Agric Chemical100% 48 Nov. 26 52 Amer Beet Sugar_____ 65 40% Nov. 25 American Can________ 44% 42 79% Nov. 29 Amer Car & Foundry.83% 86 14 13% Nov. 29 Amer Hide & Leather. 16% 59% Nov. 27 American Locomotive. 65 61% 79% Nov. 29 Amer Smelt & Refining 88% >81% 85% Nov. 12 Amer Steel Foundries. 90 89% 112% 109% Nov. 25 Amer Sugar Refining.. 110% 102% Nov. 22 105 % 103% Amer Tel & Tel______ 49 Nov. 25 Amer Wool of Mass__ 50 51% 29% Nov. 26 *29 33 Amer Writ Paper, pref 31% 12% Nov. 25 *12% 14 Amer Zinc, Lead & Sm 15 65 63% Nov. 25 Anaconda Copper___ 70 72 70% Nov. 29 Baldwin Locomotive. 80% 63% 59% Nov. 12 Beth Steel Class B com 68% 64% 58 56% Nov. 29 Central Leather______ 18% Nov. 25 Chile Copper_________ 22% 20% 37% 37% Nov. 25 Chino Copper________ 41% 35% Nov. 25 40 37% Colorado Fuel & Iron.. 69 Nov. 25 *68 68% Continental Can______ 70% 54% 53% Nov. 7 55% Crucible Steel________ 147 Nov. 25 155 *151 153 General Electric______ 125% 122 Nov. 29 129% General Motors______ >54% 51 Nov. 29 57 Goodrich (B F).............. 68% 63 Nov. 25 Gulf States Steel______ 69% 46 Nov. 25 47% Inspir Consol Copper.. 54% *12% 13 10% Nov. 22 Inter Agric Corp______ *13 14 28 21% Nov. 23 30 Inter Merc Marine___ 116% 99 Nov. 25 Preferred__________ 121% 30% Nov. 26 32% 31% International Nickel.. 34% 30% 29% Nov. 25 International Paper__ 74% 68% 68% Nov. 3C Lackawanna Steel___ *26% 27% 25% Nov. 23 Maxwell Motors______ 35 >62% 60 Nov. 2 60 National Lead_______ 45% 44% Nov. 25 Pittsburgh Coal______ 49% >59 >55% Nov. 26 Pressed Steel Car____ 67% 65% Nov. 25 67 71% Railway Steel Spring.. 74% 73 Nov. 29 Republic Iron & Steel. • 82% >47% Nov. 29 Studebaker Corp’n___ 66% >19% Tfixas Coynpany______ 187% 183 178 Nov. 28 97 Nov. 4 105% 100 U S Industrial Alcohol74 U S Rubber__________ 68% 65 Nov. 25 45% Nov. 25 47% 47 U S Smelt, Ref & Min. U S Steel......................... 103% >95% 88% 85 Nov. 25 Western Union Teleg.. 90 * Bio and asked prices no sale. j Quoted ex-dividend during the month and prior to this date. x Ex-dividend. Highest. 99% Nov. 12 62 Nov. 12 172 Nov. 7 62% Nov. 12 53% Nov. 12 23% Nov. 12 106% Nov. 12 124% Nov. 12 84% Nov. 12 42% Nov. 8 112% Nov. 12 105 Nov. 12 50% Nov. 12 93 Nov. 8 110 Nov. 7 34% Nov. 12 137% Nov. 7 29 Nov. 12 84% Nov. 8 103% Nov. 6 66 Nov. 12 48 Nov. 8 86% Nov. 1 16% Nov. 1 68% Nov. 12 94% Nov. 8 95 Nov. 19 113% Nov. 12 109% Nov. 4 51% Nov. 30 33 Nov. 12 15% Nov. 12 73% Nov. 9 84% Nov. 13 69 Nov. 1 64% Nov. 1 23% Nov. 8 44% Nov. 12 41 Nov. 7 74% Nov. 9 58 Nov. 22 157 Nov. 9 136% Nov. 7 >59% Nov. 7 69% Nov. 1 56% Nov. 12 15% Nov. 18 31% Nov. 6 125% Nov. 6 35 Nov. 7 35% Nov. 8 74% Nov. 1 42% Nov. 12 >63 Nov. 26 49% Nov. 1 69% Nov. 12 72% Nov. 29 83 Nov. 1 72% Nov. 8 196 Nov. 12 105% Nov. 1 75% Nov. 12 50% Nov. 12 104% Nov. 7 93% Nov. 9 The Money Market.—In the money market an easier tendency became manifest the latter part of the month in face of the disinclination of the Money Committee to relax restrictions on loans for Stock Exchange purposes. For money on call some transactions were recorded as low as 4% on Nov. 1, this being the first deviation from the 6% rate which had been maintained for so long. The following Monday, Nov. 4, the range was 5@5}^ and Wednesday, Nov. 6 (after the election holiday on Tuesday), 5)^@6. Then there was a return to the single rate of 6 % again until Friday, Nov. 22, when a few commitments were announced at 5%%. The remainder of the month the range was between 5 and 6% with the quotation on Friday, Nov. 29, at the single figure of 5%. These were the figures for call loans on mixed collateral. Where the collateral consisted exclusively of industrial securities, rates as previously were \z% higher. The explanation offered for the better supply of money on call was that Stock Exchange houses were un willing to extend their borrowings in view of the restrictions imposed upon the Stock Exchange loans and this left the lending institutions with small amounts of idle funds from day to day which had to be placed at some concessions from the ruling figure of 6%. We have referred further above to the attempts made to get a modification of the restrictions on Stock Exchange borrowings. The latter part of the month there was a distinct easing up of the money situation all around. Time funds became available for periods extend ing up to twelve months. In a few instances commitments were arranged even at 5%%, though 6% remained the going rate. Interior banks became quite free lenders through New York institutions, putting out six months’ funds in fair volume at 6% on regular mixed collateral. Surplus reserves of the Clearing House institutions fluctuated con siderably from week to week, but these were devoid of sig nificance outside of the fact that they were largely connected with Government operations growing out of installment payments on the new Liberty Loan, which involved an increase in Government deposits, and the paying off of maturing certificates of indebtedness, which involved a drawing down of these deposits. The large expenditures of the Government from day to day of course also served to reduce these Government deposits. The last week of the month a heavy contraction in the loan account occurred by reason of the large reduction in United States deposits. These deposits which had been 8474,381,000 Oct. 26 were reported only 8231,500,000 Nov. 30. The loan account the last two weeks of the month was reduced from 84,789,928,000 to 84,622,986,000. Surplus reserves were 854,181,130 Nov. 2, 867,341,950 Nov. 9, 828,812,730 Nov. 16, 897,063,980 Nov. 23 and 864,180,750 Nov. 30. Ordinary mercantile deposits increased from 83,850,005,000 Nov. 2 RETROSPECT. to $3,974,287,000 Nov. 23, but were only $3,891,527,000 Nov. 30, mercantile paper at the close was quoted at 5%@ 6% for choice double and prime single names and 6% for single names not so well known. Foreign Exchange, Silver, &c.—In the foreign exchange market there was a slight response to the ending of hostili ties, and changes in rates were only fractional. Delay in cable communication, owing to the congestion of business over the lines, interfered with dealings in exchange and was responsible for the moderate reduction in the rates for cable transfers. The latter part of the month the drawing down of American bank balances in London caused a slightly easier feeling in exchange. This calling home of American funds was due to the fact that the discount rate in London for long bills was about 3J^% while the quotation for prime accept ances in this market was 4^@4|^%. Dealings in Contin ental exchange were more or less routine in character, operators evincing a disposition to await the outcome of the peace settlement before entering into extensive new commitments. In the rates on the neutral centres continued weakness was the feature early in the month, after which there came some recovery, this latter applying particularly to Swiss francs, rates on the Scandinavian centres, and also to Spanish pesetos. Exchange on Amsterdam also moved up sharply at the close after early declines. Swiss francs were quoted at 5 00 francs to the dollar for sight bills Nov. 1 and 5 08 Nov. 12, but only 4 90 Nov. 30. Guilders on Amsterday for sight bills dropped from 41 %e. Nov. 1 to 41Nov. 12 and were 42 Nov. 30. Spanish pesetas were 20.40c. for checks Nov. 1 and only 19.65c. Nov. 13, and after some fluctuations closed at 19.90 Nov. 30. The Norwegian kroner declined from 27.30c. Nov. 1 to 26.80 Nov. 13 and was quoted at 27.40c. Nov. 30. The Danish kroner de clined from 27.00c. Nov. 1 to 26.20c. Nov. 11, but closed at 26.50. Open market discounts in London continued to be quoted at 3 17-32 for both 60 and 90-day bills. Lower rates of war risk insurance led to a fall in the price of silver. After the quotation had remained at 49^d for 71 sucessive working days, there was a drop to 48%d Nov. 12, and this figure ruled the rest of the month, the British Treasury having fixed it as the official maximum. MONTH OF DECEMBER Current Events.—Rapid further progress was made in the process of readjusting industrial and financial affairs to a peace basis. Noteworthy steps were the relinquishment by the War Industries Board of price and other control over iron and steel, copper, tin, &c., and as a matter of fact the Board itself went out of existence with the close of the year. New anxiety, however, developed with regard to the con dition and outlook for the railroads of the country, now that the time was approaching when peace would be concluded and the country be brought face to face with the question as to what disposition should be made of the roads, which the Government had taken over merely as a war measure. In his annual message to Congress on Monday, Dec. 2, the President referred to the unfortunate plight of the roads and the necessity for dealing with the matter in a prompt and intelligent way. The President admitted that he had no answer ready to the question as to what should be done with the roads “in the interest of the public and in fairness to their owners,” but stated it would presently become his duty “to relinquish control of the roads even before the expiration of the statutory period, unless there should appear some clear prospect in the meantine of a legislative solution.” In setting forth the alternative courses lying open the Presi dent said: “We can simply release the roads and go back to the old conditions of private management and unrestricted competition and multiform regula tion by both State and Federal authorities, or we can go to the opposite extreme and establish complete control, accompanied, if necessary, by actual Government ownership; or we can adopt an intermediate course of modified private control under a more unified and affirmative public regu lation and under such alterations of the law as will permit wasteful com petition to be avoided, and a considerable degree of unification of adminis tration to be effected, as, for example, by regional corporations under which the railways of definable areas would be in effect combined in single systems.” The President said that the one conclusion he was ready to state with confidence was that “it would be a disservice alike to the country and to the owners of the railroads to return to the old conditions unmodified,” and he expressed the hope that Congress would have, “a complete and im partial study of the whole problem instituted at once and prosecuted as rapidly as possible.” The President’s dis cussion of the subject was followed by a recommendation from Mr. McAdoo, as Director-General of Railroads (and who was scheduled to retire by the 1st of Jan..1919), which created no little stir in the railroad and financial world and which was not very favorably received. Mr. McAdoo’s recommendation was that the period of Federal control of the railroads be extended from 21 months after the termi nation of the war, as provided in the existing law, to 5 years. This was embodied in a letter addressed on Dec. 11 to the Chairman of the Inter-State Commerce Committee of the House and Senate. Mr. McAdoo pointed out that less than three months of the current session of Congress remained, and that it was presumably impossible to secure legislation in this period providing for a permanent solution of the rail road problem. To attempt to continue Federal control under the inadequate provision of the present Federal Con trol Act, he said, and for the very brief .period authorized by it, “would be to multiply our difficulties and invite fail http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 71 ure.” He further said that he was convinced, on the other hand, “that the return of the railroads to the old competitive conditions will be hurtful alike to the public interest and to the railroads themselves.’’ The extension of the period of Government control for five years offered to Mr. McAdoo’s mind “the only one, practicable and wise alternative.” This extension, he averred, “would take the railroad question out of politics for a reasonable period. It would give com posure to railroad officers and employees. It would admit of the preparation and carrying out of a comprehensive pro gram of improvement of the railroads and their terminal facilities which would immensely increase the efficiency of the transportation machine. It would put back of the rail roads the credit of the United States during the five-year period so that the financing of these improvements could be successfully carried out. It would offer the necessary opportunity under proper conditions to test the value of uni fied control, and the experience thus gained would of itself indicate the permanent solution of the railroad problem.” Mr. McAdoo said he had formed no opinion himself as to what was the best disposition of the railroad problem be cause the test had not been sufficient to prove conclusively the right solution of the problem. He believed that a fiveyear test would give the American people the right answer. An ounce of experience was worth a ton of theory, and “with the start already made under war conditions it would be a comparatively simple matter to complete the test so well begun and thereby gain the invaluable experience which will determine the solution of a problem which has vexed our State and national politics and our economic development for the last generation.” In the event that Congress should fail to grant the five-year extension proposed, Mr. McAdoo declared he would not hesitate to say that the railroads should be returned to private ownership at the earliest possible moment. In closing Mr. McAdoo announced that “the President has given me permission to say that this conclusion accords with his own view of the matter.” On the subject of the coming Peace Congress, the President had the previous month (in a statement given out at the White House on Nov. 18) announced that he expected to sail for France immediately after the opening of the regular session of Congress for the purpose of taking part in the dis cussion and settlement of the main features of the Treaty of Peace. This he confirmed in his annual message. Mr. Wilson said he welcomed the occasion to announce to Con gress his purpose to join in Paris the representatives of the Governments with which the United States had been asso ciated in the war against the Central Empires for the pur pose of discussing with them the main features of the Treaty of Peace. He realized the great inconveniences that would attend his leaving the country, particularly at that moment, but the conclusion that it was his paramount duty to go had been forced upon him by considerations which he hoped would seem as conclusive to Congress as they had seemed to him. He proceeded as follows: The Allied Governments have accepted the bases of peace which I out lined to Congress on the 8th of January last, as the Central Empires also have, and very reasonably desire my personal counsel in their interpreta tion and application, and it is highly desirable that I should give it in order that the sincere desire of our Government to contribute without selfish purpose of any kind to a settlement that will be of common benefit to all the nations concerned may be made fully manifest. The peace settlements which are now to be agreed upon are of transcendent importance both to us and to the rest of the world, and I know of no business or interest which should take precedence of them. The gallant men of our armed forces on land and sea have consciously fought for the ideals which they knew to be the ideals of their country. I have sought to express those ideals; they have accepted my statements of them as the substance of their own thought and purpose, as the associated Governments have accepted them; I owe it to them to see to it, so far as in me lies, that no false or mistaken interpreta tion is put upon them, and no possible effort omitted to realize them. It is now my duty to play my full part in making good what they offered their life’s blood to obtain. 1 can think of no call to service which could trans cend this. May I not hope, gentlemen of the Congress, that in the delicate tasks I shall have to perform on the other side of the sea, in my efforts truly and faithfully to interpret the principles and purposes of the country we love, I may have the encouragement and the added strength of your united support? I realize the magnitude and difficulty of the duty I am under taking. I am poignantly aware of its grave responsibilities. I am the servant of the nation. I can have no private thought or purpose of my own in performing such an errand. I go to give the best that is in me to the common settlements which I must now assist in arriving at in confer ence with the other working heads of the associated Governments. I shall count upon your friendly countenance and encouragement. I shall not be inaccessible. The cables and the wireless will render me available for any counsel or service you may desire of me, and I shall be happy in the thought that I am constantly in touch with the weighty matters of domestic policy with which we shall have to deal. I shall make my absence as brief as possible, and shall hope to return with the happy assurance that it has been possible to translate into action the great ideals for which America has striven. The departure of the President for Brest, France, occurred on Dec. 4. The President sailed from New York on the U. S. Steamship George Washington (one of the German vessels taken over by the United States) which got under way at 10.15 a.m. The Presidential party reached Jersey City on its special train from Washington at about 7 a.m. on the morning of the vessel’s sailing. Besides the President and Mrs. Wilson, those accompanying the President from Wash ington were Secretary of State Robert Lansing and Mrs. Lansing, Henry White of the Peace Commission, the French Ambassador Jules J. Jusserand and Mme. Jusserand; Count V. Macchio di Cellere, the Italian Ambassador and Countess di Cellere; John W. Davis. American Ambassador 72 RETROSPECT to England, and Mrs. Davis; Secretary of War Newton D. Baker, Joseph P. Tumulty, the President’s Secretary, and Rear-Admiral Cary T. Grayson, the President’s physician and naval aid. Secretary Baker and Mr. Tumulty, however, did not go abroad with the President. The names of those who were to serve with the President as peace envoys from the United States were made known on Nov. 29, the list comprising the following: The President himself; the Secre tary of State; the Hon. Henry White, former Ambassador to France; Mr. Edward M. House, and General Tasker H. Bliss. As will be noted, two of those in the peace delegation, Secretary of State Robert Lansing and Henry White, ac companied the President abroad. Col. House and General Bliss were already in Europe. The George Washington arrived at Brest in France in the afternoon of Dec. 13, after an uneventful crossing that occupied nine days. The Presidential ship, convoyed all the way over by the battleship Pennsylvania and five destroyers, was met early in the morn ing of the last day of the voyage by a great squadron of American battleships and destroyers and French cruisers, coming out from the French port, which escorted the George Washington into Brest. At 4 o’clock the special train sent by the French Government left for Paris, arriving at 10 o’clock Saturday morning. President Poincare and Mme. Poincare, Premier Clemenceau and the members of the French Cabinet were at the station to welcome the President and Mrs. Wilson and drove with them to the palace of Prince Murat, which was their home while in Paris. On Christmas Day the President made an address to the American troops in France and at 6 o’clock in the evening left on his way to England, where he arrived at Dover on Thursday morning, Dec. 26. Replying to the Lord Mayor’s address at the Guildhall in London on Dec. 28, accompanying the presentation of the freedom of the city, President Wilson said that there must be now not a balance of power, but an overwhelming group of nations, who will be the trustees of the peace of the world. His words were as follows: As I have conversed with the soldiers I have been more and more aware that they fought for something that not all of them had defined, but which all of them recognized the moment you stated it to them. They fought to do away with an old order and to establish a new one, and the centre and characteristic of the old order was that unstable thing which we used to call the ’‘balance of power” a thing in which the balance was determined by the sword which was thrown in on the one side or the other; a balance which was determined by the unstable equilibrium of competitive interests; a balance which was maintained by jealous watchfulness and an antagonism of interests which, though it was generally latent, was always deep-seated. The men who have fought in this war have been the men from the free nations who are determined that that sort of thing should end now and forever. It is very interesting to me to observe how from every quarter, from every sort of mind, from every concert of counsel there comes the suggestion that there must now be, not a balance of power, not one powerful group of nations set up against another, but a single overwhelming, powerful group of nations who shall be the trustees of the peace of the world. It has been delightful in my conferences with the leaders of your Govern ment to find how our minds moved along exactly the same line, and how our thought was always that the key to the peace was the guarantee of the peace, not the items of it; that the items would be worthless unless there stood back of them a permanent concert of power- for their maintenance. That is the most reassuring thing that has ever happened in the world. When this war began the thought of a League of Nations was indul gently considered as the interesting thought of closeted students. It was thought of as one of those things that it was right to characterize by a name which, as a university man, I have always resented. It was said to be academic, as if that in itself were a condemnation—something that men could think about, but never get. Now we find the practical leading minds of the world determined to get it. No such sudden and potent union of purpose has ever been witnessed in the world before. Do you wonder, therefore, gentlemen, that in common with those who represent you I am eager to get at the business and write the sentences down? And that I am particularly happy that the ground is cleared and the foundations laid—for we have already accepted the same body of principles? Those principles are clearly and definitely enough stated to make their application a matter which should afford no funda mental difficulty. And back of us is that imperative yearning of the world to have all dis turbing questions quieted, to have all threats against peace silenced, to have just men everywhere come together for a common object. The peoples of the world want peace, and they want it now, not merely by con quest of arms, but by agreement of mind. It was this incomparably great object that brought me overseas. It has never before been deemed excusable for a President of the United States to leave the territory of the United States, but I know that I have the support of the judgment of my colleagues in the Government of the United States in saying that it was my paramount duty to turn away even from the imperative tasks at home to lend such counsel and all as I could to this great—may I not say final?—enterprise of humanity. poise by a balance of power the United States would take no interest, be* cause she will join no combination of power which is not a combination of all of us. She is not interested merely in the peace of Europe, but in the peace of the world. Therefore it seems to me that in the settlement which is just ahead of us something more delicate and difficult than was ever attempted before has to be accomplished—a genuine concert of mind and of purpose. But, while it is difficult, there is an element present that makes it easy. Never before in the history of the world, I believe, has there been such a keen international consciousness as there is now. There is a great voice of humanity abroad in the world just now which he who cannot hear is deaf. There is a great compulsion of the common conscience now in existence which if any statesman resist, will gain for him the most unenviable eminence in history. We are not obeying the mandate of parties or of politics. We are obeying the mandate of humanity. It so happened that while the President was thus showing his antipathy to a return to the conditions represented by the old scheme of a balance of power, Premier Clemenceau of France was voicing his fondness for alliances based on the same. In a speech in the Chamber of Deputies on Dec. 29 he gave expression to his views as follows: France was in an especially difficult situation. It was the country nearest Germany. America was far away and took her time to come into the war. England came at once at the call of Mr. Asquith. We suffered and fought; our men were mowed down and our towns and villages were destroyed. “There is an old system which appears condemned to-day, and to which I do not fear to say that I remain faithful at this moment. Countries have organized the defense of their frontiers with the necessary elements and the balances of powers.” Great disorder broke out in the Chamber at this point and Pierre Prizon, a Socialist Deputy, exclaimed: “This is the system which has gone into bankruptcy.” Premier Clemenceau con tinued, saying: “This system appears to be condemned by some very high authorities. Nevertheless, I will remark that if such a balance had preceded the war— that if America, England, France and Italy had got together in declaring that whoever attacked one of them must expect to see the three others take up the common defense”—the Premier was interrupted here by applause and disorder in the Chamber, but later resumed; “There is in this system of alliances, which I do not renounce, I say it most distinctly, my guiding thought at the conference—if your body per mits me to go there— and I believe that nothing should separate after the war the four great Powers that the war has united. To this entente I will make all sacrifices.” The extension of the armistice with Germany until five o’clock in the morning of Jan. 17 was announced in news paper advices on Dec. 13. The original duration of thirty days had been extended before the final draft was signed to thirty-six days. That period expired Dee. 17. The following conditions were added to the agreement of Nov. 11: “The Allied High Command reserves the right to begin mean while, if it thinks it wise, in order to assure new guarantees, to occupy the neutral zone on the right bank of the Rhine to the north of the bridgehead of Cologne, up to the Dutch frontier. This occupation will be announced by the Allied High Command by giving six days’ notice.” In remarks at Bristol, Eng., on Dec. 11, in announcing £24,000,000,000 as the amount of the Allies’ war bill against Germany, the British Prime Minister, David Lloyd George, declared it to be the purpose “to demand the whole cost of the war from Germany.” Associated Press dispatches reported what he had to say as follows: Before the war the estimated wealth of Germany was £15,000,000,000 to £20,000,000,000 sterling, so that if the whole wealth of Germany were taken there would not be enough to pay the account; therefore, he had before used the words, “Germany should pay to the utmost limit of her capacity.” The Premier stated that the war had cost Germany less than it had cost Great Britain. It had cost Great Britain £8,000,000,000 ($40,000,000,000) ■—a gigantic sum. The German bill, he believed, was £6,000,000,000 ($30,000,000,000), or £7,000,000,000 ($35,000,000,000). He contended that it was indefensible that the person who was in the wrong and had lost should pay less than the person who was declared to be in the right and had won. The Premier said that a British Imperial Commission had been appointed to investigate the capacity of Germany (to pay) and that he had received its report. He summarized his remarks on this point as follows; First. As far as justice is concerned, we have an absolute right to demand the whole cost of the war from Germany. Second. We propose to demand the whole cost of the war from Germany. Third. When you come to the exacting of it, we must exact in such a way that it does not do more harm to the country that receives it than the country that is paying for it. Fourth. The committee appointed by the British Cabinet believes that that can be done. Fifth. The Allies are in exactly the same boat. We shall put in our demands all together and whatever they are they must come in front of the German war debt. An overwhelming victory for the supporters of the Lloyd George Coalition Government marked the result of the On Sunday, Dee. 29, President and Mrs. Wilson paid a British general elections held on Dec. 14, the ballots for visit to Carlisle, the birthplace of the President’s mother, which were counted and the vote announced on Dec. 28. and in which place his grandfather, the Rev. Thomas The new Parliament was made up as follows: Woodrow, had been a clergyman and school teacher. Here Other Parties (Continued)— Coalition— the President attended services at the Lowther Street Congre gational Church, of which his grandfather had once been Coalition Unionists_____________ 334 Labor___________________________ 65 Liberals_______________ 127 National Party_________________ 2 pastor, and at the urgent request of the minister made a Coalition Coalition Labor________________ 10 Socialist________________________ 1 brief address to the congregation. Irish Nationalists_______________ 7 At Manchester, on Dec. 30, in replying to the Lord Total coalitionists___________ 471 Sinn Feiners_____________________73 Mayor’s address, who presented to him the freedom of the Independents__________________ 5 Other Parties— city, President Wilson reiterated his opposition to the idea Unionists________________________ 46 Asquith Liberals_________________ 37 Total of other parties________ 236 of a balance of power, saying: And so, when we analyze the present situation and the future that we It was explained that all Coalitionists, with the Unionists now have to mold and control, it seems to me there is no other thought than and the National Party, might be regarded roughly as sup that that can guide us. You know that the United States has always felt porting Lloyd George. Eliminating the Sinn Feiners, from the very beginning of her story that she must keep herself separate from any kind of connection with European politics. I want to say very who had announced that they would not take their seats, frankly to you that she is not now interested in European politics, but she the opposition was made up merely of the Asquithian Thus, counting the is interested in the partnership of right between America and Europe. If Liberals, Laborites and Independents. the fu ure 1 a 1 nothing for us but a new attempt to keep the world at a right 46 Unionists with the Coalitionists, the Lloyd George Govern http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RETROSPECT. ment would control 517 out of a total of 634 seats, leaving only 117 seats for all others. The most striking features of the elections were the practical disappearance of two great parties—the Liberals and the Irish Nationalists—and the portentious victory of the Sinn Feiners in Ireland. Instead of taking their seats in the Brisith Parliament, the Sinn Feiners announced their intention to meet in Ireland as an Irish Parliament, and appeal to the Peace Conference for recognition of Irish independence. Among the surprises of the election was the defeat of Herbert H. Asquith, the exPremier. He was rejected in company with most of his ablest lieutenants, including Sir John Simon, ex-Home Secretary; Reginald McKenna, ex-Chancellor of the Ex chequer; Walter Runciman, ex-President of the Board of Trade; Herbert Samuel, ex-Postmaster-General; Chas. F. Masterman, ex-Chancellor of the Duchy of Lancaster. Other defeated candidates were Arthur Henderson, Laborite, and former member of the War Cabinet, defeated by a Coalition Liberal; Philip Snowden, Laborite, and an avowed pacifist; and John Dillon, leader of the Irish Nationalists. . A statement formally announcing the proposed discon tinuance of the activities of the War Industries Board at Washington on Jan. 1 was issued by Chairman B. M. Baruch on Dec. 23. Certain powers and duties of the Board, it was stated, would be taken over by the War Trade Board. Mr. Baruch’s statement said: It has been arranged that the powers and duties of the Division of Plan ning and Statistics of the War Industries Board shall, on Jan. 1, be taken over by the War Trade Board, along with such officials or employees of the Board as may be necessary. The functions and powers of the Wool Division of the War Industries Board, including especially those relating to the payment by wool dealers or buyers of any sums due by them under “Government Regulations for Handling the Wool Clip of 1918,” as established by the Board on May 21 1918, and the disposition of such payments, shall, on Jan 1. as already announced, be taken over by the Bureau of Markets of the Department of Agriculture. The Price Fixing Committee of the War Industries Board will continue to function until such of the prices already fixed by the Committee, as will not expire on or before Jan. 1. shall have expired. It was reported on Dec. 20 that President Wilson had cabled to Mr. Baruch and Vance C. McCormick, Chairman of the War Industries Board, to join him in France. Mr. Baruch had on Nov. 30 tendered his resignation as Chair man of the War Industries Board, to go into effect Jan. 1 with the dissolution of the Board. The cancellation of all flour milling regulations, including price and quantity, restrictions on the sale of wheat flour by millers, which officials expected would result in cheaper flour, was announced by the U. S. Food Administration on Dee. 20. In other words, millers were permitted to resume grinding as they did before the war, making the customary grades and brands. Existing regulations restricting margins of profit on flour and mill feeds remained in effect, as did general regulations prohibiting profiteering, hoarding and unfair practices. It was announced on Dec. 23 that as a further step in the replacement of specific food regulations by a general appeal for increased conservation of all foods, the United States Food Administration had rescinded the twelve “General Orders” for public eating places, at the same time emphasiz ing the need for continued care in the use of food in order that the United States might meet its pledge to relieve to the capacity of our ports, the world famine conditions abroad. The Federal Food Board in New York issued the following statement announcing the removal of the restrictions: Effective Monday, Dec. 23, all restrictions for public eating places are rescinded. Since Oct. 21 last hotels, restaurants and other public eating places have been under a war program. The principal features of the 12 compulsory war orders were that no bread and butter was to be served until after the first course was on the table; not more than one kind of meat or poultry served to one person at one meal; no sugar except upon request; one-half ounce limit to butter and cheese per person per meal; not more than two ounces of wheat bread per person per meal. Following the ces sation of hotilities the rules were amended by the lifting of the restrictions on sugar and the use of substitutes with wheat flour. While all restrictions on public eating places have now been removed, the Board still urges upon the proprietors of such places the importance of continued conservation of all foodstuffs. There should be no waste or extravagance in the use of any foods. All food should be prepared and served with the idea constantly in mind that America must send 20,000,000 tons of food to hungry Europe during the next 12 months and that the greater part of this food can be secured only by saving. Restrictions on trading in the grain markets were also modified or removed. Time limitations on trading for future deliveries in corn, oats, rye, and barley were abrogated on Dec. 6 by the United States Food Administration. It was also made permissible to spread any one commodity between different months to the extent of 200,000 bushels on each side, in addition to the 200,000 bushels which could be carried on speculative account. The Food Administra tion stated that conditions did not warrant abrogation or modification of the limit on speculative account. The directors of the Chicago Board of Trade met on Dec. 6 to act on a report of a special committee appointed to secure modifications on trading regulations, and adopted the fol lowing rules: All regulations heretofore enacted governing the trading in corn, oats, rye and barley for future deliveries are hereby rescinded. On and after Satin-day, Dec. 7, members will observe the following regulations in dealing in the above commodities for future delivery. First—On contracts for the current month, no member shall have open and outstanding any contracts for the purchase or sale for any person not duly licensed by the Food Administration. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 73 Second—No member shall carry for his own account or for the account of any cutomer speculative commitments in excess of 200,000 bushels in any one commodity. However, in addition to the aforesaid amount, it will be permissible to carry so-called “spread accounts” to the extent of 200,000 bushels on each side. Third—Daily reports of transactions to the Board of Trade Secretary’s office shall be discontinued from to-day on. Fourth—Restrictions with regard to trading in provisions will remain in force as heretofore. On Dec. 4 it was announced that the Board of Trade had lifted its ban of the war period on the expression of opinions or advice by members as to the probable course of coarse grains and provisions for future delivery. A statement by the Secretary said: It will be permissible to Indicate the probable course of markets, furnishing in connection therewith facts and figures in substantiation of opinions, so expressed.' Advice to or requests by members of clients to buy or sell, however, will not be permitted. Great care should be used in dissemination of market information and language employed. Expressions of undignified character will not be considered in good form nor permissible under the new restrictions. The circulation of Broomhall’s cables and Argentine news is no longer in conflict with the wishes of the board of directors, but members will be held responsible for authenticity of any such reports disseminated. Montreal advices of Dec. 23 stated that the Com Ex change had been advised by the Department of Trade and Commerce at Ottawa of the removal of the restrictions on the exportation from Canada of all kinds of coarse grains. It was pointed out by the Department that thereafter it would not be necessary for exporters to obtain licenses for the exportation of any type of coarse grain. On Dec. 26 news came that J. J. Stream, Chief of the Coarse Grains Division of the Food Administration, had issued the follow ing announcement: Grain exchanges are advised that on and after Jan. 1 1919 they may. In their discretion, remove all quantity restrictions on trading in future deliver ies of com, oats, rye and barley. This relaxation does not abrogate or modi fy any of the provisions of the Food Control Act, and grain exchanges and their members will continue to be held strictly accountable for any manipu lative practices resulting in undue depression or enhancement of grain prices. Com prices moved higher. The Jan. option for corn at Chicago advanced from $1 26 Jan. 2 to SI 45% Jan- 30, with the close Jan. 31 at SI 42%, Feb. com rose from SI 26 % Jan. 2 to SI 39% Jan. 30, closing at SI 37%; the March option, after selling at SI 27% Jan. 2 was at $1 38Jan. 27, with the close Jan. 31 at SI 35%; Jan. oats, however, de clined from 74% cts. Jan. 13 to 67% cts. Jan. 26, closing at 68% cts; the Feb. oats option ranged between 74% cts. Jan. 12 and 67% cts. Jan. 26, with the close Jan. 31 at 69% cts. Cotton again moved higher. Middling upland spot cotton in New York, after selling Dec. 2 at 27.50 cts., was quoted Dec. 28 at 33 cts., with the price Dec. 31 32.60 cts. Print cloths at Fall River were marked down Dec. 14 from 12% cts. to 10% cts., with a further reduction on Dec. 16 to 9% cts. The restrictions against foreign and speculative short selling on the New York and New Orleans cotton exchanges, imposed on Nov. 13 by the Committee on Cotton Distribu tion of the War Industries Board, were removed by the Board on Dec. 9. Notice of the withdrawal said: The prohibition of foreign and speculative short selling of contracts on the New York and New Orleans cotton exchanges, ordered by the Distribution Committee on Nov. 13, was an emergency measure. The conditions that existed following the signing of the armistice have been relieved and the emergency has passed. Our Government having made trade agreements with neutral nations, the export of cotton to all but enemy countries is now assured. Available tonnage in sufficient quantity to allow exports fully 50% in excess of last season’s shipments is more than probable. The re quirements of spinners and manufacturers can now be bought and moved without war-time restrictions. Confidence is restored and under the cir cumstances the restrictions placed on the New York and New Orleans cot ton exchanges on Nov. 13 are hereby removed. Cable advices to the New York Cotton Exchange on Dec. 20 stated that all restrictions against short selling had also been removed by the Liverpool Cotton Exchange The resignation of the Committee on Cotton Distribu tion of the War Industries Board, composed of Charles J. Brand, Chairman-W. L. Clayton, J. Temple Gwathmey and E. H. Inman, was announced Dec. 13 by B. M. Baruch of the War Industries Board. The Committee appointed by President Wilson to investigate the general cotton situation had previously been dissolved after it had reported to the President that there was no necessity for fixing a price for the various grades of raw cotton. Along with the announce ment of the resignation of the Committee on Cotton Distribu tion, the Price Fixing Committee of the War Industries Board made the following announcement as to the expiration on Dec. 31 of maximum prices fixed on cotton fabrics: As maximum prices on cotton yarn and cotton fabrics will expire on the 31st of this month, the cotton manufacturing industry will meet the Price Fixing Committee for the purpose of determining the future of maximum price fixing after that date. The Chairman of the Price Fixing Committee called attention to the fact that as the War Industries Board, by executive action of the President, would cease to function after Jan. 1 1919, no new maximum price agree ments will be entered into by the Price Fixing Committee and aU prices heretofore fixed will be allowed to expire by limitation. The War Trade Board announced on Dec. 19 that in a new ruling the regulations affecting the importation of Egyptian cotton, issued June 20 1918, had been revoked, and applications would now be considered by the War Trade Board for licenses to import, beginning Jan. 1 1919, not to exceed 40,000 bales of Egyptian cotton, without limitation as to quality or grade. Control over the distribution in this country of the licensed amounts would still, however, be 74 RETROSPECT. same time that sugar restrictions had been removed from the home, consumers no longer being required to observe the ration of 4 pounds of sugar per person per month. On Dec. 13 the Canada Food Board also removed various restrictions on the use of sugar. The war-time restrictions as to the method of serving sugar in public eating places was removed; and under the new order also sugar could be pur chased without permits or the use of cards. The restrictions were also lifted on the use of sugar for making pastry, iced cakes or biscuits and candy for private consumption, as well as in the manufacture of canned goods, biscuits, candies, &c. Announcement that the Federal Food Administration The restrictions imposed by the Administration have prevented specula tion and profiteering in this country during the war. They have inciden had decided that there was no longer any need for Federal tally encouraged speculation in producing countries by creating a large control of milk, and that the question would now be left shortage here. By limiting the quantities imported, limiting profits and with the local authorities, was made on Dec. 20 by John depriving our merchants of the open trading market which has existed on Mitchell, Chairman of the Federal Food Board and Arthur this exchange for 35 years, these restrictions have now produced a situation more nearly approaching a comer or monopoly in favor of the foreign pro Williams, Federal Food Administrator for New York City. ducers, and unfortunate for consumers, than has ever existed in the history It was added that the Board had received no suggestions from either the producers or distributors of any proposed of the coffee trade. Large supplies which these restrictions have prevented from coming here increase in the price of milk during the month of January, are now held by foreign producers and speculators at prices 50% to 100% and it was hopeful that soon thereafter the price would higher than prevailed six months ago. show material reduction with increased flow and lowered The war is practically over, and the markets of the world, including cost of feeding, following the prices of former years. millions of people in Central Europe whose supplies are exhausted, will soon The withdrawal of all restrictions on the use of newsprint be free to compete for the surplus stock existing in exporting countries which Mr. Hoover stated in his address at Washington on Nov. 12 is “more than a paper was announced by the War Industries Board on sufficiency to carry the world during the next twelve months on any basis Dec. 4 effective Dec. 15. In announcing this Chairman B. M. Baruch urged the adoption of permanent rules by of likely demand.” After some conferences with the Food Administration, the publishers prohibiting wasteful practices, and continued latter on Dec. 2 advised as follows as to the changes agreed voluntary conservation of reading matter space for a time. At a meeting held between the Price Fixing Committee on by it in the rules covering green coffee transactions: and the representatives of the Northwest Lumbermen and The profits as stipulated under the existing rules covering coffee, spot and which is afloat for this country up to Dec. 15 1918, are to remain unchanged. Loggers it was agreed that the prevailing maximum prices On coffee shipped after Dec. 15 1918, the maximum average gross profit on Douglas fir logs and lumber should be discontinued after shall be % over purchase price, plus the charges now permitted under the Jan. 15 1919, the date of their expiration as to all transac rules—such average profit to be figured on a three months’ basis. The idea tions entered into subsequent to that date. of this change being to enable dealers to make an average profit on three The “Official Bulletin” of Dee. 16 also announced the months’ business rather than a fixed profit on each particular lot. discontinuance on Jan. 31 of maximum prices on hides Rule 4, covering the number of re-sales permitted, remains in effect, but and skins as follows: the elimination of profits on such re-sales, in so far as coffee afloat after maintained by the War Trade Board through the Textile Alliance (Inc.). Trading in coffee futures was resumed on the New York Coffee and Sugar Exchange on Dec. 26, in accordance with plans of previous notice. Trading in coffee futures on the exchange had been suspended on Oct. 18 at the direction of the U. S. Food Administration. Trading with fluctua tions limited to 150 points in any one day was permitted with the resumption on Dec. 26. The Board of Managers of the Exchange had urged the removal of all restrictions for some time previously, and in advices to the Food Ad ministration on Nov. 22 they had said: Dec. 15, is governed only by the average profit of 7J4% mentioned above. The rule limiting stocks to ninety days’ supply in this country will not be changed. This has no bearing on coffee to arrive. The Price Fixing Committee of the War Industries Board, acting upon the request of the industry, has decided that the existing maximum prices on domestic hides and skins fixed to cover the take-off during November and December 1918 and January 1919, and also prices fixed for previous months, will be discontinued upon Jan. 31 1919, the date now fixed for their expiration. The Food Administration also called attention to the fact that “import licenses will be issued freely to all licensees in good standing, irrespective of their business for the years Maximum prices upon sole leather and belting were dis 1916 and 1917. On Dee. 6 the Food Administration made continued after Dec. 8, the date of their expiration. the following further announcement: It was announced on Dec. 20 that Charles J. Brand, The U. S. Food Administration has decided that the revised regulations Chief of the Bureau of Markets of the Department of Agri as submitted to the New York Coffee Exchange on Dec. 2 are as far as they can go consistent with the proclamation of the President covering coffee on culture, had been named by Chairman Baruch to direct the Jan. 30 last. This proclamation required all green-coffee dealers to be work of the Wool Section of the War Industries Board, licensed. Under the provisions of the Food Control Act hoarding and un which might remain uncompleted when the Board dissolved reasonable profits are expressly prohibited and are illegal. Even if all the on Jan. 1. In a statement issued on Dec. 17 concerning its special rules and regulations covering coffee dealers were rescinded by the program as to future wool purchases, the War Industries Food Administration they would still be amenable to the law under the Board said: President’s proclamation noted above. The members of the Coffee and Sugar Exchange were then on Dec. 9 asked to vote on the question of re-opening, but a tie vote resulted, leaving decision to the Board of Managers, who two or three days subsequently decided to resume trading in futures on Dec. 26, as already noted, after adopting the following amendment to the trade rules: To avoid abnormal fluctuations of price and injurious speculation incident thereto, trades for future delivery in any one month during any one day shall not be made at prices varying more than 1 t£c. per pound above or below the closing bid price of such month of the preceding business session of the ex change. This is without reference to the price of Nov. 9 1918. Nor shall trades in any month be made in any one day at an advance of more than 1 t£c. per pound above the lowest previous price of such month on that day, or a decline of more than 1 J^c. per pound below the highest previous price of such month on that day. For the purpose of this rule, the closing bid price shall be not less than the minimum price prescribed therein. This rule shall be in effect until peace is declared by the President, and for such period after the declaration of peace as the board of managers may hereafter determine. At the beginning of the month notice had been sent to the Wholesale Grocers’ Association that it wes the desire of the Food Administration that the trade should return to normal conditions as soon as possible. The announcement that roasted coffee must be sold on the same gross profit in cents per pound as the dealer or roaster customarily enjoyed before the war was now modified, and the dealer or roaster in figuring margins on roasted coffee, notified that he could take into consideration the increased expenses of doing busi ness, and would be permitted to make the same percentage of net profit as he customarily enjoyed before the war, in the years 1911-1912-1913. All coffee it was declared must be sold on the basis of the average cost of stocks on hand, and not on the basis of the cost of replacement. Stocks were limited to a 90-day supply, and no dealer should know ingly sell coffee to any customer in such quantity as would give the purchaser more than a 90-day supply. The removal of all restrictions on the purchase and use of sugar was announced by the United States Food Adminis tration on Dec. 3 in a statement saying that the increase in the supply of Louisiana cane sugar and Western beet sugar, and the fact that the new Cuban crop was expected shortly, made possible the. rescinding of the rules affecting public eating places, forbidding the use of the sugar bowl on the table and limiting the service of sugar to two teaspoonfuls per person per meal and to four pounds for every 90 meals served, including all uses. It was also made known at the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Domestic Wool Section of the War Industries Board announces that the Government Wool Administration will take over for the Government only such wools of the 1918 clip, not now in the hands of approved dealers in distributing centres, as have been loaded on cars and billed through to an approved dealer in an approved distributing centre, on or prior to Dec. 31 1918, and then only in case the approved dealer in the approved distributing centre to whom such wools may be consigned files a statement and a copy of the invoice thereof within five days after receipt of invoice. As the Government will not purchase any wool shorn during the year 1918 that has not been shipped to distributing centres on or prior to Dec. 31 1918, we urge all wool growers who have not already delivered their wool to the Government to comply with the above instructions. Announcement that the Woolens Section and Conservation Division of the War Industries Board had decided, after conferring with representatives of the entire clothing in dustry, that the question of continuing the conservation schedule should be left to the various branches of the industry as a trade matter, was made early in the month by B. M. Baruch. Mr. Baruch added: Inasmuch as wholesale clothiers have already taken their orders for the coming spring season and have a considerable portion of the goods in the process of manufacture, and retailers have made their commitments in accordance with the conservation schedule, it appears to be in the general interest that the conservation schedule should be carried out by the whole sale clothiers and retailers for the spring and summer seasons of 1919. On order to assist in stabilizing conditions in the industry the War Industries Board earnestly hopes that the wholesale and retail clothiers will continue go observe the conservation schedule for the spring and summer seasons. The conservation plans governing the manufacture of men’s and women’s fur and wool felt hats were removed, effective Dec. 2 1918. It was stated that hat manufacturers might now produce hats in accordance with their own ideas and desires. The War Trade Board on Dec. 14 announced that all restrictions upon the quantity of crude rubber which might be imported from overseas had been removed. Application for licenses to import this commodity would now be con sidered without limit as to quantity. It was also announced that the War Trade Board had withdrawn the Government option price, and would require no further undertaking relative to maximum values. On Dec. 19 the War Trade Board announced that the restriction placed upon the im portation of manufactured rubber goods, announced June 19 1918, had been removed, and licenses would now be issued freely, where the applications were otherwise in order. Under the provisions of the Webb Law, permitting com binations of American manufacturers and others to merge RETROSPECT. 75 their activities in the export field, conducting their foreign business through a common agency, copper producers organized an association to carry on copper exports. The new organization took the name of the Copper Export Association, Inc. Its officers were: Chairman of the Board, Simon Guggenheim; President John D. Ryan; First VicePresident, Walter Douglas; Second Vice-President, R. L. Agassiz; and Secretary and Treasurer, C. W. Welch. Mr. Ryan, in a statement issued on Dec. 17 regarding the new Association, said: E. A. S. Clarke, President of the Lackawanna Steel Co., was chosen as President of the new concern. It was an nounced on Dee. 21 that the new company would be the exclusive agency for exporting the merchant iron and steel products of the following companies, whose combined annual ingot capacity was given as about 12,000,000 tons: All of the important copper producers of the country are represented in the directorate. The plan adopted by the Association is purely a mutual one. Only a nominal capital is proposed. Two hundred and fifty thousand dollars of preferred stock will be offered pro rata to all producers and each producer will be entitled to one share of common stock, with cumulative voting power, based upon his production of copper. Common stock will have no par and no market value, as it is provided that no earnings shall be divided among the common shareholders, and any profit made, after pro viding for dividends or a retirement of the preferred, will be credited to the producers in proportion to their export sales. Every producer, large and small, in the country will be invited to join the Association on precisely the same basis as the larger interests; that is all representation, voting right and other privileges are based upon the pro portion of production and export of each member of the Associatoin. Prices will be averaged over monthly periods and each producer will receive identically the same price at the seaboard for his product. The production of American smelters and refineries was, before the war, fully 70% of that of the whole world. It is believed now to be 85% About 60% of the pre-war production (running at the rate of billion pounds) was exported. It is expected that that proportion will continue to hold good. The Federal Trade Commission, in its investigation of the copper trade, found that by combination of buyers in European countries and manipulation of markets for futures, the foreign consumer had been enabled to obtain his copper from American producers, over a period of years, for about lc. per pound less than the American consumer has paid. It is believed that the Export Association will remedy this situation, and, without interfering with the domestic trade, will not permit the foreign combinations to secure such undue advantage. The prices at which the United States Steel Products Co. was authorized by the War Industries Board to distribute tin allocated by the Inter-Allied Tin Executive for distribu tion in theUnited States was made public Dec. 2 by the SubCommittee on Pig Tin of the American Iron & Steel Insti tute. To consumers, jobbers and dealers a price of 72 cts. per lb. was fixed ex-dock or store port of New York or Chicago or f.o.b. delivery points at Chicago and points east, seller’s option, and 71j4 cts. per lb. ex-dock or store Pacific ports, seller’s option. These prices were for shipment during December and January, and sales and shipments by the United States Steel Products Co. were to be confined to lots of 25 gross tons or over on one purchase. Dealers might resell in lots of 5 gross tons and over to consumers or jobbers holding purchase licenses at a gross profit of not to exceed 2^%, and jobbers might resell to consumers in lots of less than 5 tons at a gross profit not to exceed 5%. It was announced on Dec. 19 that the total amount of tin allocated to the United States Steel Products Co. for distribu tion to American customers was approximately 10,000 gross tons. It was also made plain that the War Industries Board had decided to extend the period during which the base prices would be maintained beyond Jan. 31 1919, until such further time as all of the tin had been distributed. On Dec. 23 announcement was made of the cancellation of the inter-Allied tin agreement by the War Industries Board. This put the tin situation back into the control of the British Rubber & Tin Exports Committee. Prior to the negotiation of the inter-Allied tin agreement the Rubber and Tin Exports Committee had controlled the exportation of tin from Great Britain, and export permits there were restricted to a limited number of merchants, who enjoyed thereby a monopoly of the trade. The War Trade Board announced on Dec. 23 that the restrictions previously existing on the exportation of tin and tin plate had been removed, as the necessity for strict con servation of tin and its products no longer existed. If, there fore, said the Board, applicants would refile applications for which licenses had been hitherto refused, these would be given immediate consideration. The War Industries Board announced on Dec. 14 that the Brass Section of the War Industries Board had formally disbanded. At a conference with zinc manufacturers it was decided that maximum prices on A zinc and plates and sheet zinc should be discontinued on Jan. 1. The resignation of Dr. H. A. Garfield as U. S. Fuel Administrator was made known at the White House on Dec. 3. The President accepted the resignation, although it was made clear that the needs of domestic consumers would continue to receive the attention of the Fuel Administration until the winter was passed. The Fuel Administration announced on Dec. 16 that in line with the general policy of the Government lifting all restrictions as rapidly as conditions would warrant, it had asked the oil industry to suspend its voluntary plan to stabil ize prices and obtain uninterrupted flow of crude oil which had previously been extended for a period of three months; and at the same time had taken similar action as to any voluntary understandings or agreements with respect to prices of crude oil or its refined products. The resignation, tendered the previous month, of Frank P. Walsh as joint Chairman with William H. Taft of the National War Labor Board was accepted by President Wilson and Basil M. Manly appointed successor to Mr. Walsh. Announcement of the action was made by Mr. Walsh at the meeting of the Board on Dec. 3. Mr. Manly had been assistant to the joint Chairmen. Despite the fact that the War Industries Board was to cease its activities on Jan. 1, it was announced that the prices fixed for periods after that date would continue under the supervision of the Price Fixing Committee until their expiration; these were reported as follows: On. Dee. 20 the War Industries Board at the conclusion of its conference with representatives of the copper producers announced that price-fixing of copper by the Government would end on Jan. 1. On Dec. 24 a price of 23 cents a pound was determined upon for copper for export by the new .Copper Export Association. The action of the Associa tion was the first indication by the producers sis to any price policy to be adopted. The 23-cent figure for export copper compared with the Government price of 26 cents. While the new rate applied to export copper only, it was certain that a corresponding decrease would be made in the price of copper used for domestic purposes. Resale metal was being offered at between 20 and 21 cents a pound, and according to gossip in trade circles, foreign buyers would not talk any 1919 business until the metal got below 20 cents a pound. Announcement that Government supervision of the steel industry, including the fixing of prices, would end on Dec. 31, was made by the War Industries Board on Dec. 11, following a conference in Washington with members of the General Committee of the American Iron & Steel Institute. The meeting was held for the purpose of determining the future relations of the Government with the industry in view of the announcement that the War Industries Board would cease to exist on Jan. 1. A schedule of new maximum prices, effective Jan. 1, materially lower than the present prices had been prepared by Judge E. H. Gary, Chairman of the Steel Committee, for submission to the Board at the meeting. Robert S. Brookings, Chairman of the PriceFixing Committee of the War Industries Board, announced, however, that when the Board went out of existence the prices fixed in agreement with the industry would be allowed to expire on Dec. 31 and that no new maximum prices would be established, the Government having determined to relinquish control of the industry, including price fixing, with the exception of embargoes, over which the War Trade Board would continue to have authority. In a lengthy statement issued on Dec. 9 Judge Gary had made known the intention of the General Committee of the American Iron & Steel Institute to recommend to the War Industries Board “a moderate reduction in the scale of maximum prices.” The proposed schedule of steel prices that was to have been submitted to the board, was as follows: Ruling Proposed Ruling Proposed Price. Kinds of Steel— Price. Pric?. Kinds of Steel— Price. Iron ore (no recommendation). Plates, universal------- $72 80 $67 20 a____Merchant bars______ 64 96 Pig iron, Bessemer__ $35 20 60 48 Pig iron, basis______ 33 00 a___ Plain wire___________ c65 00 a___ Plain wire___________ 65 00 Pig iron, foundry____ 34 00 Ingots, basic________ ____ $37 00 Barbed wire, black__ 87 00 Blooms & large billets 47 50 43 50 Barbed wire, galvan’d 87 00 46 00 Wire nails__________ 70 00 Slabs_______________ 50 00 Small billets____________ 5100 47 00 Black sheets_______ dll2 00 105 28 88 48 Sheet bars_______________ 5100 47 00 Blue annealed sheets. 95 00 67 20 Galvanized sheets__ 140 00 135 52 Skelp, sheared______ c72 80 64 96 Tin plate _____________ e7 75 e7 35 Skelp, universal_____ 70 56 Skelp, grooved_________ 6496 60 48 Standard black pipe.d 100 80 d91 84 57 00 Rails, standard heavy Wire rods___________ 57 00 62 72 Bessemer_________ ____ 55 00 Heavy shapes_______ 67 20 67 20 Rails, open hearth__ ____ 57 00 Plates, sheared______ 72 80 Rails, light_________ 62 70 61 60 Bethlehem Steel Co. Lackawanna Steel Co. Midvale Steel & Ordnance Co. Sharon Steel Hoop Co. Whitaker-GIessner Co. Brier Hill Steel Co. Lukens Steel Co. Republic Iron & Steel Co, Trumbull Steel Co. Youngstown Sheet & Tube Co. Aluminum, expiring March 1; Brick, Philadelphia, Washington and Baltimore, Jan. 31; cotton compressing, July 31; hides, Feb. 1; Washington and Oregon fir logs and lumber, Jan. 15, and sand, gravel and crushed stone, Feb. 28. e Per 100 lbs. According to press advices from Washington on Dec. 30 concerted price fixing by any industry after Jan. 1, when the Government ceased to exercise price control, would be regarded by the Department of Justice as in restraint of free competition. It was said that the explanation was made officially in answer to inquiries as to what would happen when the War Industries Board would cease to function on Jan. 1. We quote further as follows: A combination of the independent steel producers was formed under the provisions of the Webb Law, for the pur pose of furthering the export trade of American steel interests and took the name of the Consolidated Steel Corporation. The attitude of the Department of Justice, as outlined by AttorneyGeneral Gregory, is that the Sherman anti-trust law, still effective, will be enforced vigorously by the department. It has been in full effect through out the war, but the department has not regarded the action of industry in maintaining prices fixed by the Government asjcontrary to law. Other a Reduced $3 per gross ton. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis c Net tons, d Gross ton. 76 RETROSPECT. Department of Justice officials who heretofore have had charge of prosecu tions under the anti-trust laws, declared that when the War Industries Board ceases to exercise control of prices Jan. 1, any act of a group of busi ness men tending to prevent free play of competition will be examined in the light of the law. The War Trade Board announced on Dec. 18 that ex porters would no longer be required, in making application for export licenses, to agree that the applicant had not and would not, prior to the issuance of the license applied for, purchase, or otherwise acquire, or commence to manufacture, produce, or fit the articles specified in the application for the fulfillment of a specific export order. It was added: Purchases for export may now be made without restriction so far as con cerns the War Trade Board’s previous policy with regard to obtaining licenses before making purchase or sale for export. The attention of ex porters is called, however, to the fact that the shortage of tonnage still pre vents the free exportation of commodities to many countries, and that, in many countries, import restrictions are still in full force and effect. Ex porters should be careful, before moving exports to seaboard, to see that the necessary freight arrangements are made, and to satisfy themselves that the import requirements of the country of destination have been complied with. All remaining priority restrictions and directions of the War Industries Board were lifted. Announcement to this effect was contained in a formal order issued by Judge Edwin B. Parker, Priorities Commissioner, made public Dec. 19, in which he said that, effective Jan. 1 1919, all the rules, regulations and directions of every nature whatsoever issued by the Priorities Division of the War Industries Board were canceled, and that all pledges theretofore made on the suggestion or request of the said Priorities Division were revoked. The resignation of Charles M. Schwab as Director-General of the Emergency Fleet Corporation was accepted by Presi dent Wilson in a wireless message from the transport George Washington on Dec. 7. Charles Piez, Vice-President and General Manager of the Emergency Fleet Corporation, was elected to succeed Mr. Schwab as Director-General. The Shipping Control Committee of the U. S. Shipping Board also resigned, its resignation to take effect Dec. 31. The Committee was composed of P. A. S. Franklin, Chair man, and H. H. Raymond and Sir Connop Guthrie. In accepting the resignation the Shipping Board expressed its grateful appreciation of the highly efficient' and patriotic service rendered Demobilization of United States troops proceeded at a very rapid rate. According to information given out by General March, Chief of Staff, on Dec. 14, approximately half of the 1,700,000 men in the home camps had been designated for early discharge. This rate was expected to be doubled, General March said, when demobilization was in full swing. In addition to the figures for the troops at home, General March said that 5,653 officers and 135,262 men of the expe ditionary forces, up to Dec. 12, had been designated for return, and of these 1,373 officers and 30,750 men already had sailed for home. The troops designated for release from camps in the United States totaled 824,000 men, in addition to 17,203 officers already discharged. The issuance of a proclamation by President Wilson ap pealing to every American to join the Red Cross for 1919, “and thus send forth to the whole human family the Christ mas greeting for which it waits and of which it stands in greatest need,” was made known on Dec. 8. The Red Cross designated the following week—Dec. 16 to 23—as Roll Call Week, in which to conduct a campaign for members for the ensuing year. As a result of the campaign 19,000,000 members were enrolled. The long-delayed report of the Department of Justice on the building of the Hog Island Shipyard was published by order of President Wilson on Dec. 20. The report was signed by G. Carroll Todd, Assistant to the AttorneyGeneral, and Mark Hymann, Special Assistant, who had as technical aids in the investigation two naval engineers, Archibold L. Parsons and Naval Constructor S. M. Henry. The report held that there was not sufficient evidence to warrant criminal prosecutions, but was severely critical of the methods employed in carrying on the work. An order relinquishing from Federal control the Clyde, Mallory, Merchants & Miners and Southern steamship companies was issued by Director-General of Railroads McAdoo on Dec. 5. Control of these four Atlantic coast wise steamship lines was assumed by the Railroad Adminis tration the previous April 13 in accordance with a proclama tion issued by President Wilson on April 11, and their operaation was consolidated with other steamship lines under the control of the Railroad Administration. The relinquishing order became effective on Dec. 6. although for purposes of accounting it was regarded as effective from Dec. 1. Wage increases for all employees of all departments of the telegraph systems under Government control, except employees at “non-functional” offices, were announced by Postmaster-General Burleson on Dec. 31. Those in con tinuous service for not less than six months and not more than a year and a half received an increase of 5%, while those in continuous service more than a year and a half were granted a 10% increase. No increase, the announcement said, should serve to advance any individual salary to more than $200 a month, or to apply in cases or to any extent where its application would result in an increase of more than $35 a month since Jan. 1 1918. Employees at non functional offices were to be paid regular salary ratings for hour’s work in excess of eight up to a maximum of 10 hours a day. For extra service in excess of 10 hours, time-and-a- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis half was to be paid. Sunday work was to be paid at the regular rates. The War Revenue bill was passed by the Senate on Dec. 23 by a viva voce vote. The vote on the bill was taken after the substitute bill of Senator La Follette proposing still larger tax increases had been rejected by a vote of 55 to 6. The bill as passed by the Senate, it was estimated, would yield approximately $6,000,000,000 in taxes in 1919 and $4,000,000,000 in 1920. As it had passed the House on Sept. 20, before the conclusion of the Armistice, it was designed to raise $8,182,492,000. The measure as redrafted by the Senate Finance Committee was reported to the Senate on Dec. 6. The bill went to conference early in Jan. (1919). The request for the enactment of legislation authorizing the extension of credits by the United States to the Allies for one year after the termination of the war was made in a letter addressed by Secretary of the Treasury McAdoo to Representative Kitchin of the House Ways and Means Committee. The letter, dated Dee. 5, was given out Dec. 9. The Secretary estimated that about $1,500,000,000 of war bonds already authorized would be available for this purpose, but the credits could not be continued after peace was proclaimed without specific legislative authority. Secre tary McAdoo also proposed legislation to permit the Treasury after Dec. 15 to extend credits to the Allies with the under standing that they might be used for “such purposes growing out of the war as the Secretary of the Treasury shall deter mine.” Legislation was likewise asked to permit the notes which the Allied Governments had given in return for credits to be converted into long time obligations, the maturity of these to be determined by the Secretary of the Treasury, with a maximum of thirty years for loans under the First Liberty Bond Act and twenty years for all others. Under the original law the maturity of these foreign Govern ment obligations must coincide with the maturity of Liberty loans from which the loan payments came. Of the $10,000,000,000 authorized by Congress for Allied loans, $7,608,690,484, it was stated, had up to the date of the letter been paid out as cash and $611,647,218 represented credits established but not yet advanced in cash or otherwise made effective. Secretary McAdoo allowed $279,659,298 for further credits for war purposes. This made $8,500,000,000, and left $1,500,000,000 available out of credits already authorized. The Senate confirmed, without objection on Dec. 6, the nomination of Carter Glass as Secretary of the Treasury to succeed William G. McAdoo. Mr. Glass, who was Chairman of the House Committee on Banking and Currency, took up the duties of his new office on Dec. 16, withdrawing from Congress, in which he had served for sixteen years. The second bi-weekly offering of Treasury Certificates of Indebtedness (known as Series 5-B) in anticipation of the Fifth Liberty Loan, was announced by Secretary of the Treasury McAdoo on Dec. 12th. The certificates were dated Dec. 19 1918, carried 4J^% interest, and were payable May 20 1919. The issue was for a minimum of $500,000,000. Subscriptions were received up to the close of business on Thursday, Dec. 26, and reached $572,494,000. The first issue of $600,000,000 of Certificates, issued in anticipation of the Fifth Liberty Loan, was also oversubscribed, the sub scriptions amounting to $613,438,000. The offering of the third issue of 4 ^ % Certificates of Indebtedness in anticipa tion of the Fifth Liberty Loan, was announced by the new Secretary of the Treasury, Carter Glass, on Dec. 27. It was for a minimum of $750,000,000. The certificates were dated Jan. 2 1919 and payable June 3 1919. Subscriptions did not close until Jan. 7 (1919) and then were found to aggregate $751,684,500. Treasury certificates of indebtedness, dated Sept. 3 1918 and maturing Jan. 2 1919, and issued in anticipation of the Fourth Liberty Loan, were called for redemption on Dec. 19 1918 at par and accrued interest. In explaining this the New York Federal Reserve Bank said: Inquiries having been made as to why Series IV E certificates were called for prepayment at this time, it was stated that it was done in order to make the maturity of the certificates coincide with the third installment payment on the Fourth Liberty Loan; that the Treasury’s requirements for cash were never greater, but that it was believed that by paying off the certificates on Dec. 19, two weeks before their maturity, it would be made easier for the banks and others who are the holders of the certificates to meet the requirements of the Government in connection with the Liberty Loan payment of that date and the bi-weekly offerings of Treasury certi ficates announced by the Secretary of the Treasury under date of Nov. 27. The Capital Issues Committee also voted to suspend its activites on Dec. 31. The announcement as to its decision, issued on Dec. 24, and made by Charles S. Hamlin, Chair man of the Committee, stated that “the Committee will not be dissolved, but will remain inactive, unless it is found that the sale of new securities competes unduly with Government financing, or for other reasons it may become desirable for the Committee to resume its work.” On the other hand, from the Federal Reserve Bank of New York there came the announcement on Dec. 30 that the local Money Committee would not yet be disbanded. Its functions would have automatically ceased on Jan. 10. The statement said: In view of the approach of the time when the arrangement on the part of the banks to furnish money for the purpose of stabilizing rates on Stock Exchange loans would expire by limitation, namely Jan. 10 1919, it was deemed wise by the Sub-Committee on Money of the Liberty Loan Com mittee to confer with the officials of the Treasury, that their wishes as to an extension of the present arrangement might be known. Such conference was had, and the Treasury has written as follows; RETROSPECT. “The Treasury requests the Sub-Committee on Money of the Liberty Loan Committee to continue its operations in aid of the Government’s financial requirements, on the one hand to prevent an increase in the rate for call money, and, on the other hand, to prevent expansion of the loan account.” Acting in accordance with the expressed wish of the Treasury the Sub committee on Money has arranged with the banks to continue the present arrangement and has arranged with the authorities of the Stock Exchange that they shall continue to exercise control to prevent expansion of the aggregate loan account. The cattle loan, agency of the War Finance Corporation at Kansas City was discontinued on Dec. 15. The cessation of hostilities and prospects of an early peace caused the change. The cattle loan agency at Dallas discontinued operations on Dec. 1. Judge W. F. Ramsey of the Federal Reserve Bank of Dallas in announcing that no further loans would be made by the agency gave out a telegram received from W. P. G. Harding of the War Finance Corporation calling attention to the fact that the War Finance Corpora tion Act had been amended so as to permit the Corporation to make advances to banks, bankers and trust companies up to 100% of the amounts advanced by them on cattle. . A further modification of the restrictions affecting borrow ings for Stock Exchange purposes was announced on Dec. 4. In November there was a lessening of restrictions to the extent of permitting financing, for purposes of distribution or purchase of bonds and notes. Now, at the request of the Stock Exchange Committee of Five, of which H. G. S. Noble, President of the Exchange, was Chairman, the socalled “Money Committee” reduced the margins required by banks on loans to 20%. At the instance of the “Money Committee” a margin of 30% had been required, beginning Nov. 4, on all regular loans, instead of the customary 20%, a corresponding increase in margins being required on other loans. A resolution designed to protect costomers against raiding and short covering, was adopted by the Governing Commit tee of the New York Stock Exchange on Dec. 11. It read: To Members of the Exchange: Dec. 14. At a meeting of the Governing Committee, held Dec. 11, 1918, the fol lowing resolution was adopted: “That the offering in a public manner: 1. To buy or sell securities ‘on stop,’ above or below the market; or 2, to buy or sell securities ‘at the close’ is forbidden. Any member who shall violate this resolution may be fined by the Committee of Arrangements in a sum not exceeding fifty dollars, or may be reported to the Governing Committee, who may suspend him for a period not exceeding sixty days.” It was explained that for a long time it had been possible for traders to ascertain from the books of specialists the stop orders recorded there and it had been known on the floor of the Exchange how many and the volume of stop orders there were in the market. The object of the resolution was to keep stop orders confidential. On Dec. 18 the Governing Committee of the New York Stock Exchange approved an amendment to the constitution of the Exchange providing for the organization of a company to be known as the Stock Clearing Corporation, to perform the functions vested in the Clearing House of the Exchange, “and such other functions as the Governing Committee may see fit to vest in it.” The plan for the creation of the new organization, to be formed under the laws of New York with a paid-in capital of $500,000, all to be owned by the Stock Exchange, was proposed by the special committee of the Exchange, headed by S. F. Streit, appointed in 1914 “to consider and report methods of clearing securities and money loans, and of receiving, delivering and paying for securities.” The report of Mr. Streit’s committee was presented to the Governing Committee of the Exchange under date of Dec. 9. The War Trade Board announced on Dec. 14 that, owing to the changed situation, it had been possible to modify the regulations governing the exportation of manufactures con taining gold, but on Dec. 23 there was a further material change in these regulations. In the earlier ruling the Board in its announcement as to “licenses when import agreement is given,” had stated that “licenses may be granted for the exportation of manufactures containing gold to all destina tions, if the applicant shall file with the War Trade Board an agreement to the effect that the applicant will import into the United States gold equivalent to the bullion value of the gold contained in the commodities exported.” In its later pro nouncement the Board stated that such licenses would be granted with the filing of an agreement “to the effect that the applicant will import into the United States gold equivalent to the bullion value of gold contained in such exported arti cles, provided the bullion value of the gold contained therein is greater than 65% of the value of the article for shipments to Cuba, West Indies, Mexico, Central America and South America, or greater than 45% for shipment to other destina tions.” The rulings also made some other changes in the regulations previously in force. The first interim report of the British Committee appointed to investigate the question of currency and foreign exchange after the war, of which Lord Cunliffe was Chairman, attrac ted considerable attention. It urged the restoration of an effective gold standard, “which should be restored without delay.” The cessation of Government borrowing as soon as possible after the war, and the provision at the earliest possi ble moment of an adequate sinking fund for the purpose of bringing about a regular annual reduction of capital liabilities; a cautious reduction of the outstanding uncovered note issue and a greater concentration and strengthening of the gold reserve; and furthermore, the bringing into effect of the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 77 “machinery, which long experience had shown to be the only effective remedy for an adverse balance of trade and an undue growth of credit.” This machinery was defined as “the raising and making effective of the Bank of England’s dis count rate, which before the war operated to check a foreign drain of gold and the speculative expansion of credit.” “This necessity,” the report said, “cannot, and should not, be evaded by any attempt to continue differential rates for home and foreign money after the war.” The need of the re-establishment of a sound financial basis by means of an effective gold standard was also pointed out in a report of the Committee on the Provision of Financial Facilities for Trade after the War, issued on Dec. 23 by the British Ministry of Reconstruction. The committee, which was under the Chairmanship of Sir R. V. Vassar-Smith, Chairman of Lloyds Bank, stated that there would be an in creased demand for credit facilities during the reconstruction period and the ability of trade and industry generally to pro vide for its financial needs would depend largely on the amount of reserves it had been possible to accumulate. The British Gold Production Committee, appointed the previous September, under the Chairmanship of Lord Inchcape, reported that it was “not prepared to recommend any bounty or subsidy for the purpose of stimulating the gold output of the Empire.” It recommended that the Govern ment supervise gold mining development and allocate labor equitably. The report said that to pay more for gold than it is worth in currency was not sustainable except on the suppo sition of gold to be unavailable for export. The committee could see no use in acquiring gold for such purposes, but thought sufficient gold would be forthcoming to adequately strengthen reserves. It was made known on Dec. 26 that arrangements had been perfected for the stabilization of exchange with Peru. The Federal Reserve Board entered into arrangements with the Peruvian Government whereby the latter agreed to furnish up to $15,000,000 Peruvian exchange to pay for commodities imported from Peru to the United States. Such exchange could be obtained by American importers through their own banks (which in turn could obtain it through the Federal Reserve banks) at a rate of $5 01for each Peruvian pound desired and the payment in addition of 1-20 of 1% and cable charges. Subscriptions to Canada’s Fifth War Loan aggregated $689,016,877, with the allotment roughly $650,000,000. The applicants numbered 1,079,588. The Dominion asked for a minimum of $300,000,000 with the right to accept all or any part of subscriptions in excess of that sum. Subscription lists were opened Oct. 28 1918 and closed Nov. 16 1918. The rate of interest was 5J^% per annum, payable May 1 and Nov. 1, and the denominations $50, $100, $500 and $1,000. The loan was offered in two maturities—five-year bonds, due Nov. 1 1923, and 15-year bonds, due Nov. 1 1933. The issue price was 100 and accrued interest for both maturities, making the income return 5J4 % per annum. Provision was made for payment in five installments as follows: 10% on application; 20% Dec. 6 1918; 20% Jan. 6 1919; 20% Feb. 6 1919; 31.16% March 6 1919. The last payment of 31.16% covered 30% balance of principal and 1.16% representing accrued interest at 5X A% from Nov. 1 to due dates of the respective installments. As a full half-year’s interest was payable on May 1 1919, the cost of the bonds was 100 and interest. Payment could be made in full at the time of application at 100 without interest, or on any installment due date there after with interest accrued at 5 Ma % per annum. Bonds were free from taxation—including any income tax—imposed in pursuance of legislation enacted by the Parliament of Canada, and carried the privilege of conversion into any future domestic issues of like maturity or longer, issued by the Government during the remaining period of the war. Trading in Canadian Victory bonds was started in the open market towards the close of December by listing of the issues on the Montreal Stock Exchange. The Victory Loan Special Committee decided that the necessity for stabilization or ganization no longer existed in view of the demand for the bonds and the absence of selling, combined with the gener ally improved conditions affecting all high-grade issues. The subscriptions to the French Liberation Loan (4%), according to figures given Dec. 29 by Louis Klotz, French Minister of Finance, during a debate on the budget in the Chamber of Deputies, reached over 30,000,000,000 francs, or a real value of 21,500,000,000, the bonds selling at 70.80 francs. M. Klotz said the three previous loans had realized respectively, 15,000,000,000, 11,000,000,000 and 14,000,000,000, pointing out that the result of the subscriptions to the latest loan would probably be 50 % greater than the largest floated in the past. Subscriptions to the loan opened Oct. 20 and closed on Nov. 24. The issue price was fixed by a de cree at 70 francs, 80 centimes the 100 francs. The yield at the issue price was something like 5%%. Subscriptions could be paid outright or by four installments of 12% on appli cation, and 20%, respectively, the middle of January, the first of March and the middle of April. The amount of issue was unlimited. Final total subscriptions of 10,433,959,700 marks were received to the ninth German war loan, offered from Sept. 23 to Oct. 23, according to a statement attributed to Rudolph Havenstein, President of the Imperial Bank of Germany, by Associated Press advices from Berlin on Nov. 30. Of the total subscriptions, Herr Havenstein was reported as stating that 93.14% had already been paid in. The loan was issued in the form of 5% bonds and 4}^% redeemable Treasury bills. Both were offered at 98. Final subscriptions to the Eighth German War Loan the previous April were reported at 15,001,425,000 marks. 78 RETROSPECT. A further credit of 812,000,000 was extended to Belgium by the United States on Dee. 2 and of 3,200,000 Dec. 12. On Dec. 4 Greece received from the U. S. Treasury a credit of 823,764,036. On Dec. 20 a credit of 8250,000,000 was extended to Great Britain. The Treasury Department in its announcement relative thereto stated that: The latest credit to Great Britain is made under an agreement that the latter will furnish the United States Treasury the equivalent in sterling to meet the requirements of the American Expeditionary Forces. On Dec. 31 an additional credit of 8100,000,000 was ex tended to Italy. The aggregate aid to the Allies up to Dec. 31 1918 reached (revised figures) 88,585,523,702, ap portioned as follows: Great Britain, 84,175,981,000; France, 82,436,427,000; Italy, 81,310,000,000; Russia, 8325,000,000; Belgium, 8252,895,000; Greece, 839,554,036; Cuba, $15,000,000; Serbia, 812,000,000; Rumania, 86,666,666; Liberia, 85,000,000; Czecho-Slovaks, 87,000,000. Railroad Events and Stock Exchange Matters.—The small amount of buoyancy that remained on the Stock Exchange at the close of November (after the ebullition of activity that followed the signing of the armistice) completely vanished. The course of prices during December was not uninter ruptedly downward, but the tendency most of the month was toward lower figures, and on occasions there was distinct weakness. A proper characterization would be that the market acted in very confused fashion with the fluctuations uneven and irregular. The railroad stocks were under pressure practically the entire month and here a substantial general decline in values may be said to have taken place. Obvious reasons for this existed. The subject of the return of the properties to their owners was a foremost topic of discussion. The first effect of the President’s remarks on the subject in his message was to produce a sharp rise in the railroad shares. This was on the opening business day of the month, Dec. 2, the day the message was read before Congress. The upturn, however, did not last long. The National Association of Owners of Railroad Securities con tinued its agitation for the early return of the roads to their owners—considering undue prolongation of Government con trol prejudicial to the roads, and, on reflection, a phrase in the President’s message, in which Mr. Wilson asserted that it would “presently become my (his) duty to relinquish con trol of the roads, even before the expiration of the statutory period, unless there should appear some clear prospect in the meantime of a legislative solution,” was regarded as highly significant. With the wages of railroad employees being steadily increased and with the augmentation in ex penses on such a scale that they heavily outran the gains in gross receipts, large, though these latter were proving to be, it began to be realized that if the President acted on his inti mation there was a possibility that the roads might be thrown back into the hands of the proprietors under conditions that would spell certain disaster for them, leaving the security holders in even worse plight than that in which they found themselves just before the Government took over control. At this time also it appeared that very few companies had yet signed the contract submitted by Mr. McAdoo fixing the terms upon which the compensation to be paid the roads were to be computed and defining Government liability during the period of control, the officials of the companies thinking the contract in some of its features prejudicial to the rights of the properties. Added confusion was produced by the appearance of Mr. McAdoo’s letter of Dee. 11 recom mending that the possible two-year period of Government control be lengthened to five years, in default of which ex tension “the railroads should be returned to private owner ship at the earliest possible moment.” In the meantime, the monthly returns of earnings of the roads were making very unfavorable comparisons, recording quite heavy general losses in net, and, as if to emphasize the unfortuntae pros pect of the roads, announcement came on Dee. 19 that the Balt. & Ohio RR. had cut its semi-annual dividend on the common shares from 2j/£% to 2%. Sharp breaks at this time in the securities of the local traction properties, the Brooklyn Rapid Transit, the Third Avenue Ry. and the New York Railways, because of mounting operating costs and inability to obtain permission for increases in fares to offset the added outlays, did not serve to relieve the feeling of gloom and depression as to the outlook for transportation properties in general. The Brooklyn Rapid Transit, on the night of the last,day of the month, Dec. 31, was relegated to the care of receivers. In the case of the industrial shares, the tendency most of the time was also downward, though with some noteworthy exceptions, such as the rubber shares and some of the motor stocks. The weakest features, perhaps, were the copper shares. It appeared that, with the Government demand for the metal cut off, supply would be in excess of consumpive requirements. As Government regulation of the price of the metal was to terminate with the close of the year, it proved impossible to maintain the previous fixed price of 26 cents a pound, and the metal was offered for 1919 delivery at 23 cents, with rumors that it could be obtained at even lower figures. On Dec. 24 announcement came that the Anaconda Copper Mining Co. had reduced its quar. dividend from 4% to 3%, and this was attended by a sharp break in these shares on that day and after Christmas. An official of the company was quoted as saying that there was no ex planation for the reduction beyond the fact that 23-cent copper would mean a decrease of about 810,000,000 per http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis annum in the earnings of the company, or about 84 per share (8%) on the stock, subject to the qualification that, as wages also were likely to be reduced in 1919, the loss in profits would fall below the amount stated. A cut in the dividend of Inspiration Consolidated Copper was also counted upon, and the price of these shares broke badly in the morning of Dec. 26, followed immediately by a sharp upward reaction as it appeared that, after all, there was to be no reduction in that company’s dividend. In the closing days of the month the movement of prices was very confused both of the railroad stocks and the industrial shares. The volume of business greatly increased and on Dec. 30 the sales for the day aggregated over one million shares. It looked at times as if a buying movement had set in, in anticipation of the large first of January interest and dividend payments, but this buying movement, whatever its nature or cause, was met by equally pronounced liquidation and accordingly the course of prices manifested great irregularity. The industrial shares in the closing days registered substantial recoveries from the low figures of the month and some reached the highest point of the year. In the bond market, a feature was a persistent decline in the Liberty Loan issues, particularly the bonds of the Fourth Liberty Loan, with, however, a sharp upward reaction on Dec. 31. This decline was variously explained. On the one hand, it was urged that the bonds were being sold by large holders who had oversubscribed and now, with the advent of Christmas, wanted to recover some of the money locked up in the bonds. Again, it was argued that the bonds were being thrown over because of the restrictions upon Stock Exchange borrowings imposed by the Money Committee. The most plausible explanation of all was that holders were selling the bonds so that the loss from the sale could appear in their income tax returns, thereby reducing the amount of income on which the high excess profits and surtaxes were to be assessed. The one patent fact was that liquidation in the bonds was on a tremendous scale. On Dec. 30 sales of the Fourth Liberty Loan issue were made as low as 94, against 96.90 on Dec. 2, but on Dec. 31 the course of prices was suddenly reversed. As against closing sales the day before at 94.14, opening prices were 94.60 to 94.80 and the price quickly jumped to 96.20. The recovery, however, was not fully maintained, and the close was at 95.34. There were numerous sales for cash on that day (instead of in the ordinary way which would have meant delivery Jan. 2 with delay in the completion of the transaction until that time) not only in the Liberty Loan issues but in the report of share sales, and such transactions were inexplicable except on the theory that the sellers wanted bona fide records of losses to offset gains or profits in their income tax returns. Notwithstanding the dubious outlook for the railroads, sev eral large bond issues were successfully floated, but these were underlying issues and were offered at tempting figures. Chief among them was a 850,000,000 block of Pennsylvania Railroad 50-yr. 5% gen. mtg. bonds. These were offered at 99)4, making the yield for this gilt-edged investment above 5% per annum. Of the same character was an offer ing at par of 810,500,000 Chic. & North West. Rwy. 70-yr. gen. mtg. 5% bonds. Another flotation was the offering of 810,598,000 St. Louis-San Fran. Rwy. prior lien 10-yr. 6% series C. This being a recently reorganized property with no long record behind it, the inducement in the way of a large return had to be made correspondingly stronger. The bonds were offered at 96, yielding over 6.55%. Under the decline in U. S. Government bonds, netting consequently an increased return on the investment, and with the offering of the railroad loans just enumerated, on such enticing terms, the question naturally arose whether the sharp rise in the preceding month in railroad securities of the best type had not been in a measure premature in so far as it might be accepted as evidencing a return to a lower interest yield on sound investments. Misgivings on that point will account for the decline which occurred during December in some of the better railroad and other bonds on the Stock Exchange. 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 Central_________ NYNH& Hartford.. Norfolk & Western___ Northern Pacific_____ Pennsylvania________ Reading Company___ Southern Pacific______ Southern Railway____ Union Pacific____ __ Industrials— Allis-Chalmers Mfg__ Preferred ________ Amer Agric Chemical American Beet Sugar.. American Can________ Amer Car & Foundry. Amer Hide & Leather American Locomotive. Amer Smelt & Refining American Steel_______ Amer Sugar Refining.. Amer Telep & Teleg__ Amer Woolen of Mass. Amer Writ Paper, pref Amer Zinc, Lead & Sm Dec. 2. Dec. 31. Prices in doll ars per share. 93 93% 54 % 49% 159 159% 57 58 % 46% 38% 16% 18% 97% 95% *116% 124 118% 74% 78% 35% 31% 106 107% 94 96 44% 47 82% 83% 102 101% 29% 29% *129% >129% 26% *80 82 101 51 42% 82% 14 60% 81% 90% 2111 103% 52 *29 31 13 32% 283 101 63% 47% >93% 13% >61 76% >85% 111% >100 51% 27% 11% Range fot Month. Highest. 95% Decf 56 Dec. 161% Dec. 59 % Dec. 48% Dec. 20 Dec. 99 Dec. 121% Dec. 79% Dec. 37% Dec. 108% Dec. 97% Dec. 47% Dec. 86 Dec. 104% Dec. 32% Dec. 132 Dec. Lowest. 89% Dec. 48% Dec. 154% Dec. 54% Dec. 38 Dec. 16% Dec. 93% Dec. 118 Dec. 73% Dec. 30% Dec. 104% Dec. 93 Dec. 43% Dec. 78% Dec. 97% Dec. 28% Dec. 125% Dec. 20 31 23 26 27 26 28 30 30 28 28 20 30 26 20 26 26 26% 82 99% 50% 42% 82% 12% 60 74% >83% 110 >97% 50 27% 11 33% Dec. 16 2 5 85% Dec. 14 24 102% Dec. 2 66 Dec. 17 2 2 48% Dec. 19 93% Dec. 31 3 15% Dec. 10 30 66% Dec. 9 2 26 86% Dec. 9 92% Dec. 8 21 26 113 Dec. 9 27 104% Dec. 5 26 58% Dec. 5 32 Dec. 10 24 30 13% Dec. 4 Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 9 2 10 5 2 2 2 11 2 3 28 3 3 11 2 2 10 RETROSPECT. Stock Fluctuations. Dec. 1. Dec. 31. Range for Month. Lowest. Prices in doll ars per share Industrials (Con.) 64% 59 Dec. 30 60% Anaconda Copper____ 74% 71 Dec. 2 Baldwin Locomotive.. 72 >60% Dec. 26 Beth Steel Class B com 63% >61% 54% Dec. 26 60% Central Leather______ 58% Chile Copper_________ 18 17% Dec. 31 20% >33% >31% Dec. 28 Chino Copper________ 37% 36% 36 Dec. 30 Colorado Fuel & Iron.. *37 39 68% 67% Dec. 30 Continental Can______ 71 55% Dec. 2 55% 57% Crucible Steel________ >142% Dec. 26 General Electric______ 153 >150% 132 123% Dec. 6 General Motors______ 125% 56% 53% Dec. 26 Goodrich (BE)_______ 55% 58% Dec. 19 Gull States Steel______ 68 61% 41% Dec. 26 Inspiration Cons Copp 47% 46% 10% 10% Dec. 30 Inter Agric Corp. 13 25% Dec. 17 26% Inter Merc Marine___ 28% 108% Dec. 17 Preferred_________ 117 112% 31% Dec. 2 32% International Nickel. 31% 29% Dec. 26 International Paper.. 30 30% Lackawanna Steel___ 68 67 65% Dec. 30 27% Dec. 30 Maxwell Motors.. 27% 29% 62% Dec. 30 National Lead ... 63 >66 Pittsburgh Coal46% 45% Dec. 2 45% 60 Dec. 6 62 Pressed Steel Car *58% 60 71 Dec. 2 >76 71% 74% 75% 73 Dec. 26 Studebaker Corp. 48% Dec. 24 50% 51 Texas Company_ 6184% zl82% 6175% Dec. 30 102% £96 Dec. 2 z96% U S Rubber____ 74% 80% 72% Dec. 2 44% U S Smelt & Refining. *45 43% Dec. 30 47% U S Steel______ 94% 94% 95 92% Dec. 26 Western Union Teleg.. >86% >84% Dec. 27 88% * Bid and asked prices; no sale. j Quoted ex-dividend during the month prior to this date. x Ex-dividend. b Ex-rights. Highest. 67% Dec. 78% Dec. 69 Dec. 64% Dec. 20% Dec. 38% Dec. 41% Dec. 72% Dec. 61% Dec. 155% Dec. 132 Dec. 57% Dec. 69% Dec. 49% Dec. 14 Dec. 28% Dec. 117 Dec. 33% Dec. 33% Dec. i72 Dec. 30% Dec. 69% Dec. 48% Dec. 67 Dec. 78% Dec. 78% Dec. 53% Dec. 191% Dec. 105% Dec. 80% Dec. 48% Dec. 99% Deo. 89% Dec. 8 9 8 10 2 5 11 3 10 5 31 11 10 4 18 2 2 4 11 10 10 11 17 11 11 10 16 11 10 31 4 11 5 The Money Market—Rates for call loans ruled easier the middle of December but there was a distinctly firmer tone towards the close on preparations for the large 1st of Jan uary interest and dividend payments. On regular mixed collateral the rate on call got down as low as 3R>% on Dec. 20, but from Dec. 26 to Dee. 31, inclusive, no money was loaned at less than 6%. For fixed maturities a definitely easier trend was observable the last half of the month. Funds were in better supply and some loans were reported at as low as 5J4% for 30 days; 60 and 90-day loans at the close were quoted at 5^%, with rates for 4 months at 5% @6% and for 5 and 6 months at 6%. Transactions, how ever, were limited. Commercial paper, after being quoted at one time at 5^@5%% for 60 to 90-days endorsed bills receivable and six months single names of choice character, closed at 5%@6%. Names not so well known required 6% throughout the whole month. Surplus reserves of the New York Clearing House institutions on Dec. 28 were $42,804,340 against $59,691,750 Dee. 21. $39,869,510 Dec. 14, $70,616,670 Dec. 7 and $64,180,750 Nov. 30. The loan item rose from $4,622,986,000 on Nov. 30 to $4,673,028,000 Dec. 14, but was $4,659,461,000 Dec. 28. Government deposits fell off from $231,500,000 Nov. 30 to $167,000,000 Dec. 14, then rose to $248,239,000 Dec. 21 and were $177,559,000 Dec. 28. The ordinary deposits rose from $3,891,527,000 Nov. 30 to $4,059,262,000 Dee. 28, the high point of the year. Foreign Exchange, Silver, &c.—A better tone developed in sterling, there being an appreciably improved inquiry for demand bills owing to more regular mail schedules. Still the market remained under the arbitrary control of the British Treasury and the fluctations were confined within a very narrow compass. Dealings in continental exchange were marked by great dulness, with the variations in rates on the whole unimportant. This was true of French francs, while, in the case of the Italian lire, there was only a single change in the rates quoted by the Federal Reserve authorities: sight bills were advanced from 6.37 lire to the dollar to 6.36. Cable transfers were continued unchanged at 6.35. A feature of the month was the news that quotations were being received from Paris on mail transfers to Belgium. The Farmers’ Loan & Trust Co. announced that it was pre pared, through its Paris office, to make payments in that country and that it was in receipt of further advices from abroad quoting rates from Paris at 98 French francs for 100 Belgium francs. The company also stated that it was prepared to make mail transfers to Belgium for relief and charitable purposes from this centre and that until further notice the rate would be 5.50 francs to the dollar. As to the neutral exchanges, trading was also of a listless character, but with increased firmness the latter part of the month, chiefly in response to higher cable rates from abroad which was explained as being due largely to buying on the part of speculative interests abroad. Swiss francs, which early in the month broke sharply and for bankers’ sight bills were quoted at 4.97 francs to the dollar, moved up to 4.80 francs to the dollar by Dec. 30, but Dec. 31 were quoted at 4.86 4.84. Spanish pesetas moved irregularly but as against 19.73 Dec. 4, were up to 20.05 Dec. 31. Rates on the Scandinavian centres all closed substantially higher, checks on Denmark being quoted on Dee. 31 at 26% against 26.50 Dee. 2; checks on Sweden 29% against 28.20 and the Nor wegian kroner at 28.00 against 27.30. Rates on Amsterdam for bankers’ sight bills Dec. 31 were 42 7-16@42% against 41 %@42 on Dec. 3. Official discount rates at leading Euro pean centres continued at 5% in London, Paris, Berlin, Vienna and Copenhagen; 5%% in Switzerland; 6% in Nor way; 6%% in Sweden, and 4%% in Holland and Spain. Open market discounts in London remained at 3 17-32 for both 60 and 90-day bills throughout the month. The price of silver in London was lowered Dec. 6 from 48%d. to 48 7-16d. owing to reduced rates of insurance from America. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 79 CLEARINGS AND SPECULATION IN 1918. Extreme activity in business as a whole, during the year 1918, coupled with the steadily ascend ing prices for products of practically all kinds, served to expand the volume of bank clearings to a level quite appreciably above the phenomenally heavy total reported for 1917. In all sections of the country, if not at every individual city, aggre gates were reached that surpassed anything ever before recorded, and this in face of the fact that the Government in its desire to eliminate the use of labor or material in non-essential capacities put some important industries under a form of regulation that meant comparative inertia. This was true in particular of the building industry, especially in Eastern sections of the country and it caused a rather tense condition in the housing situation. In doing all the things essential in equipping, transporting and maintaining the large force sent abroad, the Government expended vast sums, and these were reflected in no uncertain degree in the clearings for many localities. At some points, however, the very heavy gains recorded were to be ascribed to the operation of the Federal Reserve banks or their branches. Notably was this so of Pittsburgh, Baltimore, Cincinnati, Omaha, Rich mond, Atlanta and Birmingham. The total of clearings at New York for 1918 at $178,533,248,782 exceeded by a small amount the phenomenally heavy aggregate of the previous year, notwithstanding a marked contraction in the volume of share transactions at the Stock Exchange, and consequently established a new high record. Of course, in times such as we have been passing through, the impress of stock operations is decidedly second ary, but nevertheless not entirely negligible, although the decrease in the volume of business passing through the port on foreign account, as well as the diverting of trade to other outlets since the railroads came under Government direction, were more potent influences in preventing a greater increase than here disclosed. The gain over 1917 was very small—0.6% —but compared with 1916 the growth was no less than 11.9%, and contrasted with 1914, when normal conditions prevailed, reached 115.1%. Outside of New York the clearings overtopped all earlier records by a very appreciable amount. The total, in fact, at $153,817,439,308 contrasts with but $129,539,760,728 for 1917 and $102,275,125,073 for 1916, while practically doubling the aggregate of 1915 and making a better than three to one contrast with 1905. The present very satisfactory showing was shared in by every section of the country, and it was only due to locally operating causes that the same was not true of every individual city. Altogether gains are absent at 36 points, but it is at only 18 of these that the falling off is of much more than nominal extent. Of the 14 cities grouped under New England eight registered smaller aggregates than a year earlier, but the collective increase was 20.1%. In the Middle sec tion (New York City excluded) 24 cities out of 29 exhibited increases and in the aggregate of all the expansion over 1917 was21.1%. The Middle Western division, comprising 40 points, includes 29 with heavier clearings than a year ago, and the combined total recorded an improvement of 8.6%. On the Pacific Slope in 1918, as was the case in 1917, a very satisfactory augmentation was to be seen, 16 of the 20 cities that go to make up the group showing 80 CLEARINGS AND SPECULATION. gains, many of then very heavy, and in the aggregate of all the expansion was 21.2%. The South made an even better exhibit than the divisions already re ferred to, for which the great prosperity due to the extraordinarily high prices that had prevailed for cotton during the year furnished ample explanation. All but two of the 39 cities embraced in the group reported heavier totals of clearings than in 1917, with the average increase 25.4%. In the territory west of the Mississippi River, but not including the States bordering on the Pacific Ocean nor Oklahoma, Texas, Nevada and Utah—in other words, the “Other Western” section—a very gratifying situa tion was also to be noted, all of the 31 cities with the exception of Cedar Rapids, Helena, Joplin, Water loo, Colorado Springs, Billings and Lewistown reporting heavier clearings, with the grand total exceeding 1917 to the extent of 27.8%. In all, 137 of the 173 cities outside of New York reported aggregates greater than for 1917 and in 135 instances new high records for the twelve-months period were established, indicating how general had been the activity of the year; unprecedented we might almost say even after allowing for the poten tiality of high prices. With so large a number of cities (174 in all) included in our compilation, it is clearly out of the question to make any detailed reference to the influences operating in each, more particularly as it would largely be a matter of repeti tion. But it is worth noting that no less than 51 furnished totals over 20% greater than in 1917. They are Pittsburgh, Baltimore, Washington, Harrisburg, Boston, Cincinnati, Evansville, Lexington, Decatur, Jacksonville, Ill., Owensboro, Lorain, Seattle, Port land, Spokane, Tacoma, Oakland, Sacramento, Yakima, Long Beach, Kansas City, Omaha, Denver, Duluth, Sioux City, Wichita, Fargo, Sioux Falls, Fremont, Aberdeen, New Orleans, Richmond, At lanta, Nashville, Norfolk, Birmingham, Augusta, Jacksonville, Chattanooga, Little Rock, Columbia, Columbus, Ga., Wilmington, N. C., Vicksburg, Tulsa, Dallas, Newport News, Montgomery, Tampa, Raleigh and Shreveport. These 51 furnished an aggregate for 1918 of $61,334,671,701, against $45,132,799,162 the preceding year, $34,822,233,424 two years ago, $26,904,130,459 in 1915 and $24,923,588,084 in 1914. The latest year’s figures, it will be observed, were 146.5% greater than those of 1914 and in a maj ority of cases they were more than double those of 1915. Without further comment, we subjoin the following statement which indicates the course of clearings at leading cities for December and the twelve months. BANK CLEARINGS AT LEADING CITIES. --------------- December----------------------------Jan. 1 to Dec. 31-----------(000,000s 1918. 1918. 1917. 1916. 1915. 1917. 1916. 1915. $ omitted.) $ $ $ $ $ $ S New York_______ ,16,659 14,614 16,936 12,331 178,533 177,405 159,581 110,564 2,072 2,060 1,578 25,930 24,975 20,542 16,199 Chicago_________ . 2,245 835 15,637 12,663 10,757 Boston__________ . 1,437 1,173 1,040 8,257 8,864 Philadelphia____ . 1,772 1,550 1,352 1,036 19,717 17,198 13,083 674 555 427 7,839 708 6,967 5,371 4,154 St. Louis________ . 329 269 5,762 4,022 564 328 Pittsburgh______ . 3,402 2,666 439 5,629 262 548 357 4,838 3,480 2,694 San Francisco.__ . 189 202 209 3,356 2,266 2,206 Baltimore............ . 368 1,834 156 162 139 1,374 2,848 2,030 Cincinnati______ . 264 1,748 521 382 9,941 816 7,662 4,954 3,834 Kansas City____ . 794 401 326 283 4,340 3,690 2,474 157 Cleveland_______ . 1,546 239 268 175 110 2,660 New Orleans____ . 1,968 1,381 972 224 153 146 172 1,949 1,661 Minneapolis_____ . 1,470 1,342 96 94 105 79 1,160 1,013 942 742 Louisville_______ . 235 2,749 228 151 3,181 2,261 1,485 Detroit_________ . 297 132 117 106 80 1,477 1,300 Milwaukee______ . 1,048 836 122 103 143 138 1,547 1,502 1,049 1,293 Los Angeles____ . 52 49 45 43 594 548 511 421 Providence______ 179 92 2,820 1,874 125 1,279 983 Omaha....... .......... . 231 86 80 61 1,140 105 983 611 798 Buffalo_________ . 81 70 71 72 807 759 785 662 St. Paul________ 62 55 43 776 684 58 563 444 Indianapolis_____ 83 70 51 120 1,203 871 Denver_________ . 683 510 172 2,404 103 69 1,472 930 Richmond_______ . 254 537 96 80 56 45 738 621 470 Memphis.............. 358 110 77 54 1,860 1,151 790 Seattle__________ . 173 613 32 32 37 37 413 416 429 355 Hartford________ 79 76 64 42 698 710 Salt Lake City__ 513 350 Total................... 28,211 24,287 25,477 18,929 304,959 283,998 243,744 174,256 Other cities.............. 2,600 2,251 1,819 1,381 27,392 22,947 18,112 13,561 Total all.............. 30,811 26,538 27,296 20,310 332,351 306,945 261,856 187,817 Outside New York-14,152 11,924 10,360 7,979 153,818 129,540 102,275 77,253 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis For the whole country the total of bank clearings for 1918 reached $332,350,688,090, exceeding that of the previous year by 25% million dollar or 8.3%, and to that extent establishing a new high record. It is a notable feature of these clearing returns that, notwithstanding the addition of new cities to the compilations from time to time, New York continues to be the preponderating factor. In 1890 our tabula tion convered 49 cities, but the total of clearings for New York alone was 15 billions greater than for all others combined; ten years later the number had increase to 91, and this city’s excess to 19 billions; in 1910 with 133 clearing houses reporting, New York ran ahead by nearly 30% billions, and in 1915 by 33% billions, 160 cities making returns. Finally in this compilation for 1918, which includes 174 cities, New York’s total is 24% billions heavier than that for the outside cities. In the following we give the totals for New York and for outside cities and the aggregate of all annually for the sixteen years 1903 to 1918, inclusive: Year. 1918______ 1917______ 1916____ _ 1915_____ 1914______ 1913............ 1912............ 1911............ 1910_____ 1909 ........... 1908 ......... . 1907............ 1906 ______ 1905 ............ 1904 _____ 1903 ............ New York Clearings. Inc. or Dec. Clearings Outside New York. Inc. or Dec. Total Clearings. Dec. S 178,533,248,782 177,404,965,589 159,580,648,590 110.564,392,634 83,018,580,016 94,634,281,984 100,743,967,262 92,372,812,735 97,274,500,093 103,588,738,321 79,275,880,256 87.182.168,381 104,675,828,656 93,822,060,202 68.649,418,673 65,970,337,955 % + 0.6 + 11.5 + 44.4 + 33.2 —12.3 —6.1 + 9.1 —5.0 —6.1 + 30.7 —9.1 —16.7 + 11.6 + 36.7 + 4.1 —13.6 S 153,817,439,308 129,539,760,728 102,275,125,073 77,253,171,911 72,226,538,218 75,181,418,616 73,208,947,649 67,856.960,931 66,820,729,906 62,249,403,009 53.132,968,880 57,843,565,112 55,229,888,677 50,005,388,239 43,909,594,342 43,238,849,809 % + 18.7 + 26.7 + 32.4 + 7.0 —3.9 + 2.7 + 7.9 + 1.6 + 7.3 + 17.2 —8.4 + 4.8 + 10.1 + 13 9 + 1.3 + 3.8 S 332,350,688,090 306,944,726,317 261,855773,663 187,817,564,545 155,245,118,234 169.815,700.600 173,952,914,911 160.229,773,686 164,095,229,991 165,838,141,330 132,408,849,136 145,025,733.433 159,905,717,'’,33 143,827,448,441 112,559.013,015 109,209,187,764 % 4-8.3. 4-17.2. -f-39.4* + 20.0 —8.6 —2.4 + 8.6 —2.4 —1.0 + 25.2 —8.8 —9.3 + 11.0 + 27.7 + 3.0 —7.4 Inc. or We omit detailed reference to the influences operative from month to month during the year. Suffice it to say that, as in 1917, activity in commer cial and industrial lines was a feature of all periods of the year, but most in evidence in the first six months.. We subjoin a table showing the totals of clearings, month by month and quarter by quarter, for the whole country and outside of New York, for 1918 and 1917. MONTHLY CLEARINGS. Clearings, Total All. Month. 1918. 1917. Clearings Outside New York. % 1918. 1917. % $ $ Jan__ 26,538,574,018 25,640,505,506 Feb .. 22,257,358,866 21,629,473,389 Mar.. 26,084,799,579 24,792,414,566 $ S + 3.6 11,819,506,488 10,513,139,790 + 12.6 + 2.8 9,998,002,811 8,835,386.145 + 13.2 + 4.2 12,244,518,198 10,563,288,306 + 15.9 1st qu. 74,880,732,462 72,062,393,360 + 3.9 34,062,027,497 29,911,814,241 + 13.0 April . 26,485,086,036 25,012,249,100 May.. 28,269,235,579 26,316,501,561 June.. 27,341,671,217 27,734,347,702 + 5.9 12,391,579,089 10,360,027,203 + 19.6 + 7.4 12,709,535,909 10,733,053,558 + 18.4 + 2.2 12,457,015,697 10,635,269,435 + 17.2 2d qu. 82,068,992,832 78,063,107,363 + 5.1 37,558,130,695 31,728,350,196 + 18.4 6 mos. 156 949 725 294 150125500723 +4.6 71,620,158,192 61,640,164,237 + 16.2 July.. 28,644,789,823 25,664,326,634 + 11.6 13,243,582,672 10,479,033,048 + 26.4 Aug .. 28,156,158,940 25,093,230,233 + 12.2 13,197,733,316 10,413,908,705 + 26.7 Sept.. 26,371,630,536 24,029,791,370 + 9.7 12,707,763,407 10,145,890,414 + 25.2 3d qr. 83,172,579,299 74,787,348,237 + 11.2 39,149,079,395 31,038,829,167 + 26.1 9 mos. 240122,304,593 224912,848,960 + 6.8 110769,237,587 92,678,993,404 + 19.5 Oct .. 32,066.173.268 28,264,308,306 + 13.4 15,150,894,022 12,540,914,667 + 20.0 Nov.. 29,351,480,488 27,229,438,014 + 7.8 13,745,654,396 12,395,262,742 + 10.9 Dec .. 30,810,729,741 26,538,131,038 + 16.1 14,151,653,303 11,924,587,916 + 18.7 4th qr. 92,228,383,497 82,031,877,358 + 12.4 43,048,201,721 36,860,767,325 + 16.6 Year . 332350,688,090 306944,726,317 + 8.3 153817,439.30S 129539,760,728 + 18.7 The exhibit by quarters calls for no comment beyond reference to the fact that in each period and for every one of the various groups, except that made up of the city of New York, important gains over the exceptionally heavy totals of the previous year are shown. Our usual compilation, therefore, is ap pended without further explanatory remarks: CLEARINGS AND SPECULATION Fourth Quarter. Totai Year. $ $ 44,510,862 44,023,500 46,334,757,43,748,519 36,737.056 37,562,001 25,472,302 26,857,219 23,631,252 17,389,808 23,771,361 21,563,031 $ 49,180,182 45,171,110 49,300,178 36,900,239 17,538,554 24,280,319 $ 178,533,249 177,404,966 159.580,649 110,564,393 83.018,580 94,634.282 8,478,863 7,045,318 5,415,689 3,857,224 3,996,416 4,203.982 8,853,003 6,585,522 5,300,877 3,885,787 3,674,787 3,874,167 9,489,289 7,406,001 6,381,103 4,950,817 3,718,165 4,234,488 33,456,643 27,636,621 22,224,202 16,297,848 15,281,620 16,388,508 3,746,730 3,460,870 3,097,363 2,228,099 2,442,640 2,599,225 4,753,197 3,651,623 3,199,286 2,435,760 2,401,959 2,325,398 4,375,828 3,610,464 2,878,754 2,236,670 2,031,566 2,165,822 5,031,998 17,907,753 4,186,320 14,909.277 3,710,618 12,886,021 3,027,575 9,928,104 2,122,330 8.998,495 2,512,641 9,603,086 [1918— Total |1917._ Middle West—[1916— 11915— 11914.. (1913.. 9,715,450 9,345,751 7,105,971 5,616,696 6,072,175 5,828,587 10,548,408 10,009,325 7,485.765 5,803,069 5,925,918 5,738,688 10,913,894 9,592,325 7,865,935 5.855.866 5,499,205 5,734,506 11,283,107 10.160,025 9,281,484 6,801,535 5,437,085 6,050,838 42,460,859 39,107,366 31,739,155 24.077,166 22.934,383 23,352,619 [1918— 1917.. Total Pacific—..0916.. 11915— 0914.. 11913.. 2,781,496 2,373,378 1,722,313 1,473,878 1,556,667 1,640,459 3,094,531 2,600,677 1,867,393 1.488,503 1,572,434 1,610,246 3,364,684 2,647,224 1,979,610 1,543,702 1,510,283 1,577,568 3,808,008 3,146,445 2,461,025 1,792,608 1,578,179 1,729,239 13,048,719 10,767,724 8,030,341 6,298,691 6,217,563 6,557,513 Clearings Reported. (000j omitted.) First Quarter. [1918.. 11917— New York............ [1916.. 11915.. 1914.. 11913— $ 40.818,705 42.150,580 35,981.414 21,334,633 24,458,966 25,019,571 [1918.. Total other |1917__ Middle.............. O916_. 11915— 11914— [1913— 6,635,488 6,599,780 5,126,533 3,604,020 3,892,252 4,075,871 [1918— Total |1917— New England.<1916.. 11915— 11914— [1913- Second Quarter. Third Quarter [1918.. 5,072,549 4,795,633 5,408,615 5,855,970 21,132,767 Total [1917 — 3,585,485 3,838,015 3,966,283 5,142,140 16,531,923 Other West...[ 1916— 2,680,945 2,662,326 2,983,773 3,741,079 12,068,123 11915.. 2,279,723 2,165,827 2,138.107 2,970,578 9,554,235 11914.. 1,967,886 1,890,743 2,046,703 2,492,139 8,397,471 (1913— 1,971,729 1,899,225 1,993,334 2,280,388 8,144,676 (1918.. 1917— Total Southern..0916.. 11915.. 0914— (1913— 6,110,314 4,546,550 3,461,097 2,706,958 2,931,347 2,851,987 5,887,499 4,583,392 3,382,150 2,539,385 2,590,865 2,570,330 6,233,055 4,637,071 3,524,410 2,446,867 2,301,305 2,484,335 7,579,830 6,819,836 4,959,626 3,303,918 2,573,489 3,228,366 25,810,698 20,586,849 15,327.283 11,097,128 10,397,006 11,135,018 [1918— 11917— Total all............... [ 1916— 119150914.. 0913— 74,870,732 72,062,394 59,175,636 39,244.007 43,321.933 43,987,429 82,068,993 78,063,107 60,749,665 43.762.070 42,009,587 42,119,230 83,172,579 74,786,348 62,095,360 44,964,218 34,453,657 39,392,763 92,228,384 82,031,877 79,835.113 59,847,270 35,459,941 44,316,279 338,350,688 306,944,726 261,855,774 187,817,565 155,245,118 169,815,701 [1918— Outside |1917.. New York____(1916.. 0915 — 0914.. 0913— 34,062,027 29,911,814 13,194,222 17,909,374 18,862,967 18.967.858 37,568,131 31,728,350 24,012,609 18,289,768 18,378,335 18.347.369 39,149,079 31,038,829 24,533,359 18,106,999 17,063,8-19 17.829.732 43,048,202 36,860,767 30,534,935 22,947,031 17,921,387 20.035.960 153,817,439 129,539,760 102,275,125 77,253.172 72,226,538 75.181.419 Operations in share properties on the New York Stock Exchange were, with the exception of those for May (when there was a considerabel revival in speculation, following the successful placing of the Third Liberty Loan) much smaller than in 1917, month by month, down to and including September. Thereafter, under the stimulating influence of favor able news from Europe, dealings were of larger vol ume, but only in October was the 1917 result exceeded and for the full year a considerable diminution was shown. Transactions for the twelve months, in fact, reached only 144,118,469 shares, against 185,628,948 in the preceding year, 233,311,993 shares two years ago, 173,145,203 shares in 1915, and the latest aggregate was exceeded also by the figures for all years from 1901 to 1910, inclusive. The level of prices also was quite generally under the high point reached in 1917, but closing quotations were with few exceptions above the low of the year. United States bonds were very freely dealt in all through 1918, the sales being almost wholly Liberty Loan issues and totaling 81,435,716,500 par value, against only $285,951,250 in 1917. Indicating the ex ceptionally heavy trading in these Government secur ities, we note that in December alone no less than 308 million dollars Liberty bonds changed hands, with the sales on Friday the 27th over 30 millions, and on Monday the 30th over 41 millions. In State, city and foreign securities, on the other hand, the transactions were quite a little below the total of the previous year, notwithstanding the activity witnessed in the closing months, and railroad and industrial issues were in restricted demand, sales aggregating only $356,441,000, against $470,683,000. In the aggregate of all classes of bonds, the dealings, due to the phenomenal transactions in Liberty bonds, were no less than $2,062,827,000 par value, against $1,056,543,250 the preceding year, $1,149,851,950 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 81 in 1916 and the previous high mark of 1,317 million dollars in 1909. A summary of the dealings is appended: Descrip tion. Twelve Months 1918. Actual Value. Par Value or Quantity. Twelve Months 1917. Aver. Par Value Price. or Quantity. Actual Value. Stock/Shs. 144,118,469 185,628,948 IVal. $13447,944,100 $12482,631,016 92.8 $17118,636,530 $15609,335,098 RR. bonds. 315,972,062 88.6 356,441,000 470,683,000 424,340,415 U. S. Gov’t bonds___ 1,435,716,500 1,385,812,972 96.5 285,951,250 283,892,961 State, &c., 270,669,500 bonds___ 257,129,151 95.0 299,909,000 287,112,279 26,400 52,051 197.2 Bank stks. 126,300 224,590 Aver. Price. 91.2 90.2 99.3 95.7 177.9 Total___ $15510,797,500 $14441,597,252 93.1 $18175,306,080 $16604,905,343 91.4 Referring our readers to the “Retrospect of 1918” (to be published hereafter) for a clear and concise presentation month by month of the influences operating in the stock market during the year, we now present our customary table covering dealings in shares monthly and quarterly for two years: SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE. 1918. M'th. Number of Shares. 1917. Values. Par. Actual. Number of Shares. Values. Par. Actual. $ $ $ Jan . 13,616,357 1,279,740,700 1,175,427,682 16,939,440 1,537,971,930 1,465,687,290 Feb. 11,418,079 1,083,216,900 996,548,289 13,588,465 1,219,280,130 1,170,569,988 Mar. 8,419,477 772,475,950 710,581,417 18,658,267 1,654,197,470 1,588,437,263 lstqr 33,453,913 3,135,433,550 2,882,557,388 49,186,172 4,411,449,530 4,224,694,541 April 7,401,174 687,371,800 631,497,814 14,258,162 1,289,483,950 1,237,415,208 May 21,139,092 1,984,405,900 1,826,464,917 19,354,400 1,780,716,450 1,709,948,702 June 11,772,261 1,087,605,150 1,010,478,462 19,092,653 1,787,372,075 1,712,444,206 2d qr 40,315,527 3,759,382,850 3,468,441,220 52,705,215 4,857,572,475 4,659,808,116 6mos 73,769,440 6,894,816,400 6,350,998,600 101891387 9,269,022,005 8,884,502,657 July. 8,449,888 Aug. 6,887,589 Sept. 7,763,068 771,723,890 651,885,275 727,457,350 718,468,917 13,325,365 1,273,055,300 1,197,403,416 600,499,818 11,636,853 1,109,321,950 1,053,240,109 681,746,982 13,822,775 1,298,464,450 1,158,262,097 3d qr 23,100,545 2,151,066,515 2,000,715,717 38,784,993 3,680,841,700 3,368,905,622 9mos 96,869,985 9,045,882,915 8,351,714,325 140676 380 12 949 863 701 12 253408 279 Oct . 20,671,337 1,945,685,625 1,800,457,278 17,368,787 1,612,627,550 1,322,479,682 Nov. 14,651,844 1,366,434,525 1,284,040,396 14,816,058 1,383,347,275 1,107,984,718 Dec. 11,925,303 1,089,941,035 1,046,419,017 12,767,723 1,172,798,000 925,462,419 4thqr 47.248,484 4,402,061,185 4,130,916,691 44,952,568 4,168,772,825 3,355,926,819 Year 144118 469 13447,944,100 12482,631,016 185628 948 17118,636,530 15609,315,098 The relation the transactions in share properties for 1918 bear to those of earlier years is plainly set forth in the appended compilation, which carries the comparison back to 1895: NUMBER AND VALUE OF SHARES SOLD AT N. Y. STOCK EXCHANGE. Year. Stocks, Shares. 1918.. 144,118,469 1917.. 185,628,948 1916.. 233,311,993 1915.. 173,145,203 1914.. 47,900,568 1913— 83,470,693 1912— 131,128,425 1911 — 127,208,258 1910— 164,051,061 1909— 214.632,194 1908- 197,206,346 1907— 196,438,824 Aver. Values Price. (approximate) 92.8 91.2 93.8 85.1 93.2 96.2 97.7 95.8 96.2 97.5 86.6 85.8 $ 12,482,631,016 15,609,335,098 18,869,840955 12,661,476,002 3,898,414,285 7,170,862,086 11,562,129,835 11,003,600,829 14,125,875,897 19,142,339,184 15,319,491,797 14,757,802,189 Year. Stocks, Shares. 1906— 1905— 1904 — 1903.. 1902— 190119001899— 1898— 1897— 18961895— 284,298,010 263,081.156 187,312,065 161,102,101 188,503,403 265,944,659 138,380,1S4 176,421,135 112,699,957 77,324,172 54,654,096 66,583,232 Aver. Values Price. (approximate) 94.2 87.3 69.9 73.2 79.9 79.0 69.2 78.6 72.7 67.0 65.2 60.3 $ 23,393,101,482 21,295.723.688 12,061,452,399 11,004.083,001 14,218,440,083 20,431,960,551 9,249,285,109 13,429.291.715 8,187,413,985 4,973,553,065 3,329,969,940 3,808,338,604 In order that the foregoing may be thoroughly understood we would state that the average price given is not per share without regard to the par thereof, which ranges all the way from $5 to $100, but is based upon a par of $100. In other words, the actual sales for the year 1918 were 144,118,469 shares equaling 134,479,441 shares of $100 par (with the few properties with no stated par taken at $100), of an approximate sale value of $12,482,631,016 or an average of $92 80. What is true of New York, as regards stock specula tion, applies to most other leading markets of the country. There had been spurts of activity but the year’s dealings fell below those of 1917. Boston re ported sales of 3,727,008 shares, against 5,090,982 shares in 1917 and 13,073,588 shares in 1916, and Philadelphia’s trading covered but 1,827,978 shares, against 3,644,887 shares and 5,362,033 shares, respec tively; Chicago transactions aggregated 1,955,151 shares, against 1,696,428 shares and 1,611,317 shares LISTINGS ON NEW YORK STOCK EXCHANGE. 82 one and two years ago; Pittsburgh, 6,072,300 shares, against 7,638,766 shares and 9,732,912; and Cleve land 176,463 shares, against 329,487 shares in 1917. Bank Clearings in the Dominion of Canada made a very satisfactory exhibit in 1918, although at some points in Manitoba, Alberta and Saskatchewan a let up in the activity that characterized the preced ing year was to be noted. In the Eastern Provinces new high records were generally established with the percentages of increase conspicuously large at Halifax, Ottawa, and Sherbrooke. Pacific Coast points— Vancouver, Victoria and New Westminster—all show very satisfactory gains over last year. The aggre gate of clearings for the 25 cities reporting com parative figures at 813,717,672,860 was not only 9.2% greater than for 1917 and 30.6% in excess of 1916, but constituted a new high record for a yearly period and ran 48.5% ahead of 1913. The Canadian clearings summarized by quarters for six years are as follows: Third Quarter. Fourth Quarter. Total Year. Clearings Reported. (000a omitted.) First Quarter. Second Quarter. (1918.. 11917.. Canada.................. (1916.. [1915.. 11914.. 11913.. S 2,817,456 2,657,205 2,162,216 1,650,341 1,965,310 2,153,721 S S $ J 3,388,092 3,182,490 4,329,635 13,717,673 3,363,807 2,923,735 3,611,971 12,556,718 2,618,482 2,489,518 3,236,383 10,506,599 1,743,265 1,741,243 2,662,892 7,797,74] 2,113,537 1,982,406 2,008,138 8,069,391 2,298,379 2,189,863 2,597,178 9,239,141 LISTINGS ON THE NEW YORK STOCK EX CHANGE FOR THE YEAR 1918. The listings on the New York Stock Exchange during the year 1918 bear striking evidence of the extraordinary financial conditions brought about by the war. Financing of railroads and other cor porations during the period was completely over shadowed by the successful Liberty Loan campaigns of the third and fourth issues, through which there was raised by the Government more than $11,000,000,000. A further effect of the unusual conditions prevailing is reflected in the large amount of capital invested in short-term securities, which for 1918 totals $515,000,000. Bond issues listed during the year just closed (exclusive of Government loans) total only 227 millions as compared with 1,626 millions in the year previous. Moreover, the new capital issues brought out were chiefly for miscellaneous companies. This was, of course, to be expected, in view of the fact that public offerings were quite strictly limited by the activities of the Capital Issues Committee to the securities of “essential industries” (i. e. essential to the conduct of the war) and the fur ther fact that the bulk of the railroad mileage of the country was, throughout the year, under the control of the Federal Government. New railway construction, owing to war restric tions, aggregated only 721 miles of road, mostly short lines such as spurs to coal mines, &c. On the other hand extremely heavy outlays for new rolling stock, second track, new terminal and other facili ties were authorized by the United States Rail road Administration in order to facilitate the hand ling of war business. These authorized outlays reached an aggregate of considerably over a billion dollars, though several hundred millions of this amount remains to be expended during 1919. But while the Federal authorities were anxious to have the railroads do their own financing as far as possible and propose eventually to hold them liable for all capital expenditures on their respective properties, there is among the listings for the year http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1918 only one new railroad bond issue of any consid erable size namely $15,625,000 of the $20,000,000 10-year 6% Secured bonds of the Union Pacific RR. and the proceeds of these were to be used in part for the payment of bank loans, &c. The Government, aided latterly to some extent by the War Finance Corporation, has had to provide most of the new money either directly or by the use of the surplus funds of other railroad companies. The unparalled advance in cost of materials and supplies and the enormous increase of wages by the United States authorities so affected railroad credit as to militate against the railways themselves doing any advantageous financing in a money market so largely dominated by Federal (Liberty) loan is sues. The bonds of the several roads have been used to secure the advances granted by the Gov ernment, but naturally do not appear in the year’s listings. The total amount of stock issues listed for the year was only 312 millions, a decrease of approximately 1,169 millions from the 1917 aggregate of $1,481,000,000. In this class of investments the small total of 160 millions is recorded for stock issued for “new capital, &c.” Here again the war time regulations against security issues by unessential industries has served to keep the figures at a minimum unknown in other recent years. Most noteworthy among the railroad stocks listed in 1918 is the $12,885,900 each of common and Preferred “A” stock of the Wabash Ry. issued in exchange for $25,771,800 of the company’s $49,970,000 Preferred “B” stock which on Aug. 1 1918 became convertible at option of holder into these other stocks at its par value in amounts equal to 50% of each. The table of note issues not listed on the Exchange, as compiled at the end of this article, shows a very considerable reduction from the figure reported for 1917, which was $729,872,200. The total for the year just past, however, aggregated, as we have already stated, $515,583,900, of which amount $406,120,900 represents moneys advanced to mis cellaneous enterprises, either as new money or in replacement of previously existing note issues. Note issues, it will be recalled, are not only not listed them selves, but serve to a greater or less degree to reduce the amount of stock and bonds that would normally be presented for listing on the New York Stock Exchange. The necessity for largely increased working capital in connection with heavy war business and greatly expanded inventories at war prices accounts for numerous note issues by to bacco and other industrials. Following is our usual ten-year listing table: LISTINGS ON NEW YORK STOCK EXCHANGE. Bonds. 1918. 1917. 1916. 1915. 1914. 1913. 1912. 1911. 1910. 1909. Issues for New Capital, &c. S 100,148,400 1 ,349,686,350* 1 ,505,530,000* 451,854,514 361,770,667 447,815,200 447,676,900 397.563.800 571.526.800 712,734,963 Old Issues Replacing Now Listed. Old Securities. $ 33,938,500 64,445,000 25,925,000 40,539,000 5,000,000 25,000,000 35,122’,666 52,008,300 8,479,000 $ 93,527,800 212,702,200 300,751,000 48,798,786 122,222,333 175,250,900 207,300,850 148,148,600 184,627,400 377,742,537 Total. $ 227,634,700 1,626,853,550 1,829,186,000 541,192,300 488,993,000 648,066,100 654,977,750 580,834,400 808,162,500 1,098,956,500 Stocks. 160,688,267 1918. 44,652,250 106,684,130 312,024,647 616,957,245 139,877,552 724,450,548 1917. 1,481,285,345 1916. 69,751,875 418,186,265 479,263,618 967,161,758 1915. 319,506,950 96,127,390 523,691,900 939,326,240 1914. 130,383,000 441,413,360 571,796,360 264,714,115 1913. 347,279,115 611,993,230 463,935,140 193,956,217 503,139,433 1912. 1,161,030,790 255,897,215 1911. 38,000,000 249,717,615 643,614,830 304,681,590 467,175,700 467,644,255 1910. 1,239,501,545 297,253,037 363,701,600 664,571,448 1909. 1,325,526,085 Note.—Applications lor 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. * Government loans are included in the above. LISTINGS ON NEW YORK STOCK EXCHANGE STOCKS. BONDS. Year. Railroad. 1918... 1917... 1916... 1915... 1914... 1913... 1912... 1911... 1910... 1909... 1908... $ 61,294,600 525,320,250 337,899,500 325,655,100 344,983,800 281,291,100 209,752,900 298,003,900 444,167,700 770,500,700 506,160,000 Electric Rj/.| Miscell. Railroad. ^Electric Ry. $ j s $ j S 68,386,100 97,954,000 55,268,500 148,415 17,897,000 447,636,300 623,807,060, 31,951,365 43,119,000 178,687,500 161,185,600' 52,903,635 23,810,000 191,727,200 367,827,670,140,403,200 14,515,000 129,494,200 346,016,100! 50,065,100 183,631,000 183,144,000 242,809,650! 12,139,000 177,401,500 267,823,350 136,034,100 109,405,900 34,160,000 248,670,500 204,889,550,141,226,600 53,679,000;310,315,800 361,865,460, 9,763,500 37,339,000!291,116,800,742,508,115 14,002,500 65,076,0001301,722,000 200,502,600! 2,417,600 Miscell. S 258,771,992 825,526,920 753,072,523 431,095,370 175,715,160 357,044,580 915,590,790 297,498,680 868,072,585 569,015,470 311,007,250 Railroad bonds listed for the year total only 61 millions as compared with the sum for 1917 of $525,000,000. Chief among the issues of this class are the approximately $17,000,000 First Refunding 5% bonds of the Missouri Pacific RR. issued in ac cordance with the plan of reorganization. There were also listed $5,000,000 General Unified Mortgage bonds of the Atlantic Coast Line RR., which were issued to retire Unified Mortgage 4J4s. The miscellaneous bond listings for the year, total ing 97 millions, are notable as providing chiefly for refunding and for improvements and additions. There are among this class the American Telephone & Telegraph Co. 7-year 6% convertible bonds for about $48,000,000; Bethlehem Steel Co. Purchase Money & Improvement Mortgage 20-year 5% bonds, for $9,000,000; United States Rubber Co. 5-year 7% notes due 1923, for $6,000,000. An issue of $4,000,000 First Refunding Sinking Fund 5% bonds was brought out by the Montana Power Co. for improve ments, construction, &c. Included in the list of railroad stocks listed is $8,000,000 capital stock of the New York Central RR. issued in exchange for the New York Central & Hudson River RR. stock; $3,619,000 capital stock of the Southern Pacific Co. issued for conversion of bonds. In the miscellaneous stock issues, the $28,000,000 8% preferred issue of the Bethlehem Steel Co. is conspicuous, having been offered to the common shareholders in September 1917, to provide the addi tional working capital needed in the filling of the company’s extensive war contracts. We note also $36,000,000 of the stock of the International Har vester Co. issued in exchange for stock of the New Jersey Company and the Corporation, now reunited; also the $10,000,000 common stock of the American Agricultural Chemical Co. recently issued to retire obligations and provide working capital, the latter a remarkable instance of industrial financing by means of a common stock issue notwithstanding war conditions. The dividend rate of this common stock was increased from 6% to 8% in October last. We may also mention the $6,000,000 common stock issued by the Lorillard Company, to increase the company’s working capital, but in this case the com mon shares had been receiving cash dividends of from 10 to 12% per annum since 1913, and in April 1918, in lieu of cash, received 20% in stock ($3,000,000), which was also listed. GOVERNMENT LOANS LISTED AND AUTHORIZED TO BE LISTED DURING 1918. Gov’t French Republic 2-yr Sy2 % Secured Loan Conv notes. $100,000,000 United States of America Third Liberty Loan 4Xs________ 4,176,516/850 United States of America Fourth Liberty Loan 4Xs______ 6,989,047,000 Total............................................................................. ...................... $11,265,563,850 RAILROAD BONDS LISTED FIRST SIX MONTHS 1918. Company and Class of Bonds— Amount. Purpose of Issue. Atch Top & S Fe Gen 4s_______ $1,885,500 Debtretirem’t, impts, add’ns 4% Conv due 1955__________ 445,000 Atl Coast Line RR Gen Unif M__ 5,281,000 Retire Unified Mtge 4XS B & 0, Tol & Cin 1st Lien & Ref 4s _ 1,063,400 In re C H & D reorg plan Chic St P Min & Omaha Con 6s_ 551,000 Exchange for old 1st 6s Missouri Pacific Ry— 1st Ref 5s Ser A________ _____ 7,017,0001 1st Ref 5s, Ser B_____________ 8,678,000/Issued in accordance with 1st Ref 5s, Ser C_____________ 1,327,000 plan of reorganization. General Mortgage 4s_________ 536,900J Southern Ry Dev & Gen M 4s, Ser A 11,031,000 Old bonds now listed Wheeling & Lake Erie RR Ref M 4>3s, Ser A__________________ 2,297,000 Exchange of 1st Consols. Total .............................................. .$40,112,800 RAILROAD BONDS LISTED SECOND SIX MONTHS. Company and Class of Bonds— Amount. Purpose of Issue. Long Isl RR Gtd 4% Ref 1949.. $1,621,000 Exch. 4% Unified M bonds 20-year debenture 5s_________ 391,000 In re financial plan. Ore-Wash RR & Nav Co 1st Ref 4s, Ser A_______ _____ _ 351,000 Refunding, extensions, &c St Louis-San Francisco Ser A 4s. _ 321,800 Issued under reorg. plan Seaboard Air Line Fla Central & Penin RR 1st 5s____________ 1,872,000 Extended for 5 years at 6% http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 83 Company and Class of Bonds— Amount. Purpose of Issue. Southern Ry 1st Consol 5s______ $1,000,000 Refunding. Union Pacific 10-yr 6% Sec bonds 15,625,000 Corporate requirements. Total................................................ $21,181,800 ELECTRIC RAILWAY BONDS LISTED FIRST SIX MONTHS 1918. Company and Class of Bonds— Amount. Purpose of Issue. Chicago Rys 1st M 20-year 5s__ $7,160,000 Rehabilitation, extens., &c. ELECTRIC RAILWAY BONDS LISTED SECOND SIX MONTHS 1918 Company and Class of Bonds— Amount. Purpose of Issue. Bklyn Rap Trans 3-yr 7% notes_$56,766,100 Exchange for old notes Portland (Ore) Ry 1st & Ref 5s._ 4,460,000 Refunding, additions, &c. Total_______ ______ ____ _____ $61,226,100 MISCELLANEOUS BONDS LISTED FIRST SIX MONTHS OF 1918. Company and Class of Bonds— Amount. Purpose of Issue. Am Smelt & Ref 1st 30-yr 5s ser A. $720,500 Exch. ‘‘B*’ stk. of Secur. Co Montana Power Co 1st ref S F 5s._ 4,000,000 Improvements, const., &c. North States P Co 1st & ref 5s ser A 3,568,500 Extensions, additions, &c. Total.............................................$8,289,000 MISCELLANEOUS BONDS LISTED SECOND SIX MONTHS OF 1918. Company and Class of Bonds— Amount. Purpose of Issue. American Tel & Tel 7-yr 6% Conv bonds________________________$47,941,000 Corporate purposes. Beth St Pur Money & Impt 20-yr 5s 9,209,000 Acquisitions, &c. Det Ed Co 1st & Ref bds Ser A 40. 2,176,000 Additions, extensions, &c. Intern Pap Co 1st Ref 5s Ser A____ 6,423,000 Exchange of old bonds. Pan Amer Pet & Tr 1st Lien Mar 6s 3,483,000 Refunding, construction. Pierce Oil Corp 5-yr 6 % conv notes ► 1920__________________________ 1,975,000 Corporate purposes. Pierce Oil Corp 10-yr 6% conv deb. 9,406,000 Refunding, corp, purposes. U S Rubber Co 5-yr 7% notes'23. 6,000,000 Refunding. Utah Power & Light 1st 30-year 5s 2,234,000 Improvements, extens., &c. Va Car Chem 10-yr conv deb 6s.. 818,000 Old debentures now listed. Total............ ...............................$89,665,000 RAILROAD STOCKS LISTED FIRST SIX MONTHS OF 1918. Company and Class of Stock— Amount. Purpose of Issue. Atch Top & S Fe common stock..$1,122,000 Conversion of bonds. Ch R I & Pac temp certs 6% pref.. 1,559,1001 Issued under reorganization Ch R I & Pac temp certs common. 1,219,000/ plan. Seaboard Air Line Ry com stock. . 1,500,400 Exch. stock trust certs. Total . .............................................$5,400,500 RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1918. Company and Class of Stock— Amount. Purpose of Issue. Gulf Mob & Nor stk tr ctfs com $2,842,9001 Issued in accordance with Gulf Mob & Nor stk tr ctfs pref 2,967,200/ reorganization plan. New York Central capital stock.. 8,138,700 Ex. N.Y.C.& H.R. RR. stk. Seaboard Air Line stock_________ 296,300 Issued under financial plan. Southern Pacific Co capital stock. 3,619,000 Conversion of bonds. Southern Ry common stock______ 391,800 Old stock just listed. Wabash Ry common stock______ 12,885,9001 Exch. for 5% conv. pref. Wabash Ry profit sharing pref A_ 12,885,900/ stock “B” already listed. Western Pacific common stock____ 3,566,4001 Issued in accordance with reWestern Pacific preferred stock__ 2,273,900/ organization plan. Total . ........................................ .$49,868,000 FLECTRIC RAILWAY STOCKS LISTED SECOND SIX MONTHS OF 1918. Interborough Consol Corp common (29,683 shares)________________ *$148,415 Exch. Int. Met. v. t. c. Total .................................................. $148,415 MISCELLANEOUS STOCKS LISTED FIRST SIX MONTHS OF 1918, Purpose of Issue. Company and Class of Stock. Amount. Amer Tel & Tel capital stock_____ $6,215,500 Acquire Bell Co. (Pa.) stock. Bethlehem Steel Co— Com conv 8% pref stock_______ 28,120,000 Additional working capital. California Petrol Corp com stock_ 2,062,200 Exch. for v. t. c. of 1912. Certain-Teed Products Corp.— , 7% cum 1st pref_______________ 3,350,0001 Issued to retire constituent 7% com conv 2d pref__________ 1,825,000/ co. bonds and for general Com stock no par value 65,000 corporate purposes. shs.; “declared" value_______ 2,000,000/ Chicago Pneumatic Tool Co.— Capital stock__________________ 6,845,000 Organization exps., &c. Consolidation Coal Co of Md— Capital stock__________________ 5,030,200 Stock dividend. General Electric Co capital stock._ 9,073,900 New cash and stock div. Gulf States Steel Co tr ctf com stk 2,746,100 Stock dividend. International Paper Co, pref_____ 3,779,900 Acc’t accumulated divs. International Nickel Co com stock 1,231,850 Exch. v. t. certificates. Internat’l Merc Marine Co pref stk 2,671,300 Exch. for v. t. c., &c. Lorillard Co common stock_______ 3,025,800 20% stock dividend. Montgomery Ward & Co, Inc.— 7% cum pref__________________ 2,857,500 Additional working cpaital. National Acme Co stock_________ 6,597,750 Recapitalization old co. Ohio Cities Gas Co common stock. 1,739,667 Stock dividend. Savage Arms Corp stock_________ 522,900 Corporate purposes. Superior Steel Corp com stock.__ 612,700 Acquire stock of old co. Texas Co capital stock____________ 13,815,100 New capital. Tobacco Prod Corp pref stock____ 650,000 Capital purposes. United Cigar Stores Co common.. 9,358,000 Old stock now listed. United Fruit Co stock___________ 1,528,500 Exch. Nipe Bay stock. Total__________ _________ $115,658,867 MISCELLANEOUS STOCKS SECONDSIX MONTHS OF 1918. Company and Class of Stock. Amount. Purpose of Issue. Amer. Agric. Chem. Co. com.stk.$10,705,700 Retire oblig’ns, work’g cap’l Amer Shipbuilding Co common.. 1,993,3001Old stock just issued. Preferred____________ _______ 2,362,200/ Amer Sumatra Tob Co com stock 1,013,800 Stock dividend 1 Bethlehem Steel conv 8% pref__ 768,600 Additional working capital. Booth Fisheries Co 7% cum 1st pf 694,800 Capital expend., add’ns, &c. Bush Terminal Co______________ 413,900 Stock dividend. California Petroleum common__ 636,100 Exchange for v. t. c. Case Thresh Mach Co 7% pref.. 4,020,700 Exchange for v. t. c. Central & South Amer Tel stock. 4,000,000 Stock dividend in 1917. Consolidated Gas Co common__ 436,500 Conversion, &c. Dayton Pow & Light Co. 6.6% pf 1,567,000 Work’g oap'l, acquisit’ns,&c. General Electric Co capital stock. 5,283,400 New capital, stock dividends Internat Agricul Corp common.. 462,7001 Old issues just listed I^rcfcrrcci 825 000 / Int Harvester Co 7% cum pref.. 749,2401 Exchanged for stock of N. J. Common stock_______________ 36,552,500/ Company & Corporation. International Nickel Co common. 301,425 Exchangedfor v. t. c. Loose Wiles Bisc Ext stk tr ctfs.. 590,700 Exch. for stock trust certifs. Lorillard Co common stock_____ 6,064,700 Increase working capital. Marlin-Rockwell Corporation v t c (67,852 shares)_______________ 339,260 Conversion of 2-year notes. Maxwell Motor Co Inc common. 1,255,7001 Issued in exchange for stock First preferred_______________ 507,300/ trust certificates. Second preferred_____________ 889,100/ Mexican Telegraph stock_______ 1,250,000 Stock dividend in 1917. National Acme Co stock________ 1,312,250 Old stock just listed. Ohio Cities Gas Co pref_________ 317,400 General purposes. Pan-Amer Pet Trans com stock.. 30,494,750 Acquisition of properties. do do do ._ 3,672,800 Conversion of bds & pf stock. Pierce Oil Corp common stock__ 18,449,000 Old stock now listed. Porto-Rican American Tobacco.. 1,325,700 New capital, stock div., &c. Savage Arms Corporation stock.. 1,610,800 Conversion, &c. Standard Milling Co, common__ 852,900 Stock dividends. United Dyewood Corp common __ 386.000 General purposes. BUILDING OPERATIONS 84 Company and Class of Bonds— Amount. Purpose of Issue. Weyman-Bruton Co 7% n-c pref. $88,800 To maintain voting equilib. Common stock_______________ 918,200 Stock dividend. Total..........................................$143,113,125 * Indicates stock of no par value. value.” Amount given represents “declared PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1918 Railroads & Electric Rys.— Int. Date. Maturity. Amount. Arkansas Val Ry & Lt Co—7% June 1 1910 *Dec. 1 1920 $350,000 Baltimore & Ohio RR_________ 6 months July 29 1918 a8,000,000 Baltimore & Ohio RR__________ 3 months Oct. 1 1918 alO,500,000 Charleston(W Va)Inter RR.6% Mar. 15 1918 July 15 1918 450,000 Detroit United Ry_________ 7% Apr. 11918 *Apr. 1 1923 4,500,000 Little Rock Ry & El Co....6% Jan. 11918 *Jan. 1 1920 600,000 Milwaukee El Ry & Light..7% May 11918 *May 1 1918 2,000,000 Monongahela Val Trac Co..6% Feb. 11918 *Feb. 1 1919 3,000,000 Pittsburgh & Shawmut RR.6% Mar.11918 *Mar. 1 1920 1,500,000 Republic Ry & Light............. 6% Jan. 15 1918 *Jan. 15 1920 1,500,000 Twin State Gas & El Co____ 6% Jan. 28 1918 Man. 28 1919 300,000 Washington Water Pow Co.6% Feb. 2 1918 Feb. 2 1919 2,600,000 Total railroad and street railway notes___________________ $35,300,000 Miscellaneous Companies—Int. Date. Maturity. Amount. American Can Co____________ Jan. 21 1918 7-10 months $12,000,000 American Gas & Elec Co,.-6% Jan. 1 1918 *1920-1921 3,000,000 American Gas & Elec Co__ 6% Mar. 1918 *Mar. 1 1921 1,430,000 American Tel & Tel Co....6% Feb. 1 1918 Feb. 1 1919 40,000,000 Atlas Crucible Steel................. 7% May 1 1918 *1919-1923 1,000,000 Bush Terminal Co....................6% Dec. 15 1917 *1918-1920 1,200.000 Central Sugar Corp________ 7% Mar. 1 1918 *Mar. 1 1919 1,000,000 Central Theresa Sugar Co_____ June 12 l9l8 Dec. 12 1918 600,000 Cincinnati Gas & Elec Co...6% Mar. 15 1918 *Mar. 15 1920 2,225,000 Connecticut Power Co_____ 6% Jan. 21918 Man. 1 1920 500,000 Dallas Power & Lt. Co_____ 7% Feb.11918 Feb. 1 1920 1,000,000 Dayton Pow & Lt Co gen M.7% Mar. 1 1918 *Mar. 1 1920 1,750,000 Fall River Elec Lt Co______ 7% Jan. 15 1917 Man. 15 1920 1,000,000 Greenfield Elec Lt & Power.7% Feb. 11918 *Feb. 1 1921 300,000 Gruen Sons & Co................... 7% June 1 1918 1920-1923 400,000 Hurlburt Motor Truck Co..7% Feb. 11918 *Feb. 1 1921 500,000 Inter Cotton Mills.-............. 7% Feb. 11918 *Feb. 1 1920 3,000,000 Island Oil & Transport_____ 7% Sept. 1 1917 *Sept. 1 1920 2,000,000 Kentucky Solvay Coke Co..6% Mar. 1 1918 *Mar. 1 1920 800,000 Louisville Gas & Elec..............7% Mar. 1 1918 *Sept. 1 1920 900,000 Louisville Gas & Elec..............7% Mar. 1 1918 *Sept. 1 1920 1,600,000 Mid-Co. Petroleum Co_____ 7% May 15 1918 1918-1921 3,000,000 Nevada-Calif Elec Corp____6% Jan. 1 1918 Man. 1 1920 1,000,000 Niagara Lockport & Ont P..6% Feb. 1 1918 *Feb. 1 1920 1,300,000 Philadelphia Electric Co....6% Feb. 1 1918 *Feb. 1 1920 7,500,000 Procter & Gamble.................. 7% Mar. 1 1918 *1919-1923 25,000,000 Public Service Co Nor Ill...6% Feb. 1 1918 *Feb. 1 1920 2,000,000 Richland Co (Pub Service)..7% Feb. 1 1918 *Feb. 1 1920 750,000 Sinclair Refining Co_______ 6% Jan. 1 1918 1918-1921 1,000,000 Springfield Gas Light Co...6% Dec. 1 1917 *Dec. 1 1922 500,000 Southern Can Co__________ 6% Mar. 28 1918 1918 800,000 Timken Detroit Axle Co____7% June 1 1918 *1919-1921 2,000,000 Tindel-Morris Co....................6% May 1 1918 1921-1923 600,000 Union Elec Lt & Power Co..6% Mar. 15 1918 *Mar. 15 1920 1,000,000 Union Lt Ht & Power Co...6% Feb. 15 1918 *Feb. 15 1920 1,560,900 Webster & Southbridge Gas & Electric Co____________ 7% Feb. 1 1918 *Feb. 1 1921 150,000 Westinghouse Elec & Mfg__6% Feb. 11918 Feb. 1 1920 15,000,000 West Penn Power Co.......... .7% Feb. 1 1918 *Feb. 1 1920 1,500,000 Winchester Repeating Arm.7% Mar. 1l9l8 Mar. 1 1919 8,000,00O Worcester (Mass) Sub Elec.7% Mar. 15 1918 *Mar. 15 1921 400,000 Total miscellaneous companies first six months ..................... $149,265,900 aiThese issues were extended.in last half of year. See table for that period below. PRINCIPAL NOTE ISSUES NOT LISTED SECOND SIX MONTHS 1918. Maturity. Amount. Railroads & Elec. Rys.— Int. 4 months ext. ^[$22,500,000 Baltimore & Ohio RR______ 6% 385,000 Chic North Shore & Milw..7% June 15 1918 *J&J 1919-21 Columbus Ry, Pow & Lt Co.7% July 1 1918 July 1 1920 2,500,000 Eastern Texas Elec Co_____ 7% Aug. 1 1918 ♦Aug. 1 1921 750,000 Interboro Rapid Transit Co.7 % Sept. 1 1918 ♦Sept. 1 1921 33,400,000 Kansas City Railways_____ 7% May 15 1918 May 15 1921 7,750,000 9,850,000 Kansas City Terminal Ry..6% Nov. 15 1918 ♦Nov. 15 1923 Oklahoma Railway________ 8% Sept. 1 1918 Mar. 1 1921 375,000 1,841,000 Puget Sound TrL&PCo -.7% June 1 1918 ♦June 1 1921 Salt Lake & Utah RR______ 7% Aug. 1 1918 ♦Aug. 1 1921 562,500 Toronto Railway___________6% Dec. 1 1918 Dec. 1 1920 1,000,000 1,250,000 United Lt & Rys (Series B) .7% Apr. 1 1918 *Apr. 1 1923 Wisconsin Securities Co____ 6% July 1 1918 ♦July 1 1923 500,000 Total railroad and street railway notes_________________ Miscellaneous Companies— American Cotton Oil Co____ 7% Sept. 3 1918 Sept. 1919 American Gas & Elec Co__ 6% Jan. 2 1918 Man. 1 1921 American Tobacco Co______ 7% Nov. 1 1918 *1919-1923 Armour & Co debentures__ 6% June 15 1918 1919-24 Bethlehem Steel Corp______ 7% July 15 1918 *1919-1922 Continental Gas & Elec Co.6% Sept. 1 1917 *Sept. 1920 Cudahy Packing Co_______ 7% July 15 1918 Muly 15 1923 Dold Packing Co___________7% Nov. 15 1918 *1919-1923 Duquesne Light Co________ 6% July 1 1918 ♦July I 1921 East Bay Water Co________ 6% Aug. 1 1918 *Aug. 1 1923 Edison Elec Ill Co (Boston)_7% Aug. 1 1918 Aug. 1 1922 Graton & Knight Mfg Co__ 7% Aug. 1 1918 *1919-1921 Harrisburg Lt & Pow Co__ 6% Dec. 2 1918 ♦Dec. 1 1923 Hydraulic Pressed Steel Co_7% July 1 1918 ♦July 1 1921 Island Oil & Transport Co. .7% Mar. 1 1918 ♦Sept. 1 1920 Keystone Steel & Wire Co. .7% Nov. 1 1918 ♦Not. 1 1921 Liggett & Myers Tob Co__ 6% Dec. 1 1918 ♦Dec. 1 1921 Mark Mfg Co (assumed by Steel & Tube Co of Amer).6% June 1 1917 June 1 1920 Moline Plow Co___________ 7% Sept. I 1918 *1919-1924 Moon Motor Car Co_______ 7% Aug. 15 1918 Aug. 15 1919 Mt. Vernon-Woodb’y Mills.6% Jan. 1 1919 1920-1922 Northern States Power Co..7% Aug. 15 1918 ♦Aug. 15 1923 Ohio State Telephone Co__ 7% Dec. 10 1918 Dec. 10 1922 Oval Wood Dish Co_______ 7% July 1 1918 ♦Aug. 21 1921 Pacific Coast Shipbuilding..7% May 1 1918 May 1 1919 Paraffine Companies, Inc 7% Dec. 1 1918 *1919-1924 Peet Bros Mfg Co_________ 7% July 1 1918 Muly 1 1923 Pennsylvania Electric Co__ 7% July 1 1918 Muly 1 1923 Pierce Pipe Line Co_______ 6% June 15 1918 J&J 1919-20 Republic MotgrTruck Co..7% Nov. 1 1918 1920-1923 St Paul Unioi^Depot______ 5J4 Dec. 15 1918 *Dec. 151923 1 1918 *Sept. 1 1921 South Caro Lt. Pow & Rys..7% Sept. Standard Gas & Elec Co____ 7% Sept. 3 1918 *Sept. 1 1921 1 1921 Steel & Tube Co of America.7% ___________ Muly Studebaker Corporation___ 7% Jan; 1 1919 *1921-1929 Aug. 1 1918 *Aug. 1 1923 Western States Gas & El Co.6 Wright Wire Co___________ 7 % Apr. 1 1918 *1919-1923 $82,663,500 $5,000,000 1,000,000 25,000,000 60,000.000 50,000,000 1,200,000 10,000,000 3,000,000 10,000,000 1,250,000 3,000,000 3,000,000 215,000 3,500,000 750,000 2,250,000 20,000,000 6,000,000 6,000,000 300,000 1,500,000 2,000,000 1,300,000 450,000 750,000 500,000 2,500,000 1,500,000 1,000,000 3,000,000 8,000,000 450,000 750,000 5,000,000 15,000,000 690,000 1,000,000 Total miscellaneous companies, second six months________ $256,855,000 Total railroads, street railways and misc., second six months 339,518,000 Total miscellaneous companies for year___________________ 406,120,900 Total railroads and street railways for year_______________ 109,963,000 Total as reported for year 1918___________________________ z515,583,900 Total as reported for year 1917___________________________ 729,872,200 * Subject to call at an earlier date at a certain price at company’s option. See previous article, V. 106, p. 230. II On Oct. 1 1918 the $10,500,000 3-months notes sold in June 1918 and the $8,000,000 6-months issue sold in January 1918, (the latter extended July 29 to Oct. 1) were extended along with $4,000,000 bank loans, making $22,500,000 in all, at 6% interest for 4 months, z The $18,500,000 short term notes issued by the B. & O. RR. Co. in the first half of the year and extended in the last half, are included only once in this total. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BUILDING OPERATIONS IN 1918. All influences during the year 1918 served in vir tually every section of the United States to reduce activity in building operations to a minimum. The high cost of labor and materials and the scarcity of both were, of course, deterring factors, but these in the face of actual need of structures in numerous localities for both business and dwelling purposes, would not have sufficed by themselves to restrict operations largely, with prosperity quite general and increased cost therefore a circumstance of much less importance than usual. As a matter of fact, the leading influence holding down ordinary building operations was at once the urgent demand of the Government for construction material and for the labor to fashion it into ships, barracks, &c. This being the case, and all other desires being secondary to that of assisting the Government in winning the war, the amount of structural work arranged for on non-war account in the twelve months of 1918 was not only materially less than in the preceding year, but actually the smallest total for a full year since there had been any extensive compiling of the statis tics. The contrast is especially sharp with 1916, when, notwithstanding high cost of material and labor (not as radically so, however, as in 1918), building operations were on a larger scale than ever before in the history of the country. Incidentally, there was nothing in the business situation to discourage activity in construction work during the year. The need of additional buildings was urgent. Indeed, mercantile and industrial oper ations were to a greater or lesser extent hampered in some localities, particularly at the seaboard, by lack of housing accommodations. The labor shortage was not ascribable to any one cause. First and most important in bringing it about was the induc tion into the armies of a vast body of men, including many skilled mechanics, through voluntary enlist ment or the operation of the Draft Law. In this way hundreds of thousands of the able bodied were accounted for, and a host of others found their way into the highly lucrative employment offered by munition and other plants classed as essential. Material shortage needs no further explanation than Government necessity, which would have precluded the possibility of supplies for others while that demand existed. We have now reached the point, however, with the war a thing of the past, when with restrictions definitely removed, there should be witnessed a marked revival in the build ing industry. Following the steady contraction in construction work in the closing months of 1917, contracts entered into in January 1918 covered a total of estimated ex penditure much smaller (53.5%) than in the pre ceding year and subsequently each recurring monthly statement gave evidence of contraction in work, and in all cases heavy. The figures for February and March disclosed a drop of 48.4% and 54.0%, re spectively, with the result for the first quarter of 1918 of a decline of 50.8%. In April, May and June smaller, but nevertheless important, decreases were shown, the total for the quarter exhibiting a decrease of 35.1%, and the six months’ aggregate for 167 cities at 249^ million dollars, fell below 1917 by 42.4%, this following a loss of 16J^% in 1917 from 1916. A diminution of 25.7% from 1917 was indicated by the July returns, the decline in August BUILDING OPERATIONS. reached 25% and in September 34%, giving for the third quarter a decrease of a little over 28%, the comparison being with a total in 1917 very much below that of 1916. For the nine months to Sept. 30 the result was a falling off of 35.8% from 1917 and over 50% from 1916. The exhibit for the final quarter of the year was poorer than those which preceded it, even though the contrast was with nota bly reduced totals in 1917. The October loss was 47.1%, that for November 60.1% and for Decem ber about 44.0%, with the outcome for the three months combined a shrinkage of over 50%. Amplifying the intimation made above about the probable revival of activity in the building indus try next spring, we note that advices from Washing ton about Jan. 1 were to the effect that the Government was to undertake the stimulation of building, both public and private, on a large scale in order to relieve the unemployment problem as de mobilization progressed. Special attention to be paid, it was said, to large centres such as New York, where important building projects had been held in abeyance on account of the war. The pro gram as outlined by the Department of Labor met, it was said, the approval of the Secretary of War and would have the co-operation of other branches of the Government. It aims to furnish employment not only to demobilized soldiers, but also to labor that has been employed in munitions plants and other war industries. Furthermore, not only have all re strictions upon building construction been removed, but States, municipalities and private firms have been urged actively to undertake work at once. In line with this policy, the Department of Labor organized a new bureau called the “Division of Public Works and Construction Development.” Shortly after its organization, the new division of the Department of Labor made announcement that 800 public school buildings, involving construction costs of upwards of 80 million dollars, had been held up on account of the war, but it was expected that work would be resumed at once. The fact remains, however, that labor costs remain very high—further increases in wages being planned in some lines not withstanding the abandonment of war work is re ducing many men to idleness—and materials also continue to rule high, so building development is not likely to proceed with undue rapidity. Our compilations for 1918 covers 283 cities and returns from every State in the country are in cluded. The reports, as in earlier years, have been secured from official sources where possible, but in several instances we have had to rely upon private individuals for information, the absence of city ordinances providing for its collection making that course necessary. The conspicuous fact disclosed by the reports is that at a vast majority of the cities (233 out of 283) there was less activity in building operations in 1918 than in 1917, and in most cases the let-up was very decided. For the whole 283 cities the contemplated expenditure under the per mits issued in 1918 was only $492,163,941, against $816,941,005 in 1917, or a contraction of 39.8%. In 1916 the identical cities gave an aggregate of $1,134,251,218, and in 1915 the total was $925,842,868. In compiling our table the plan of former years has been followed of giving the leading cities in each State or section in segregating the returns into groups, with Greater New York heading the list. For the five boroughs of the city the operations for http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 85 which contracts were arranged in 1918 were of de cidedly meagre extent, the contemplated outlay falling very much under that of any twelve months’ period in our record, which extends back to 1906, and being probably the smallest in over 30 years. All the boroughs shared in the 1918 decrease in note worthy degree, but Manhattan in heaviest amount if not in greatest ratio. For 1918 the estimated outlay for the city as a whole aggregated but $56,500,495, against $103,068,798 in 1917, or a loss of 45.2%. From the Middle States outside of Greater New York, 60 cities furnish returns and collectively their operations called for an estimated outlay of but $93,025,243, against $153,937,359 in the previous year. There were conspicuously heavy losses at such leading centres as Philadelphia, Pittsburgh, Baltimore, Newark, Buffalo, Rochester, Syracuse and Washington. The exhibit in New England was of like character, the building contracts at 61 cities totaling $53,632,911, against $99,440,465 in 1917. Mentionable activity was nowhere in evidence ex cept at one or two minor points, but contraction was reported from 56 points, with Boston, Hartford, New Haven, New Bedford, Springfield, Worcester and Bridgeport showing its most pronounced effect. The showing in the Middle West, also, was much poorer for 1918 than for the preceding year, the outlay for the whole group of 56 cities footing up only $129,214,112, against $245,924,420. Here such cities as Chicago, Cleveland, Detroit, Cincinnati, Milwaukee, Toledo, Indianapolis, Akron, Evansville and Fort Wayne contributed in most important measure to the decline. Decreased activity like wise characterized the course of operations on the Pacific Slope in the late year, only two or three of the larger cities, Seattle and Portland among them, reporting increased expenditures for construction work. On the other hand, inactivity was marked at San Francisco and Los Angeles. The 24 cities in the group give a total of $56,410,041, or $6,915,831 less than in 1917. In the States west of the Mississippi River to the Pacific Slope (not includ ing Louisiana, Texas, Oklahoma and Arkansas, which, being large cotton producers, are included by us in the Southern group), a notable let-up in building operations was a feature of 1918. In all the 37 cities that make up the section furnish an aggregate of $60,103,054, or 25 1-3 million dollars less than for the preceding year, with St. Louis, Kansas City, Omaha, Denver and Minneapolis among those reporting greatest stagnation in operations. The extremely high prices ruling for cotton did not enable the South, as in the preceding 'year, to make a better showing than other sections of the country, Government restrictions precluding such a possibility. Hence the exhibit is not out of line with that for other localities, the contemplated out lay for the year aggregating only $43,278,085 at 44 cities, and falling nearly 22^ million dollars under that for 1917, with such cities as New Orleans, Rich mond, Atlanta, Dallas, El Paso, Memphis and Jack sonville most seriously affected. For the United States outside of Greater New York the total for 1918 at $435,663,446 compares with $713,872,207 for 1917. Our compilation covering the building sta tistics for the last four years for the leading cities in each section of the country, together with the aggregates for the remaining municipalities in each State, is now subjoined: 86 BUILDING OPERATIONS UNITED STATES BUILDING OPERATIONS. 1917. Inc. or Dec. 1916. 1918. New York— S s $ % Manhattan__________ 17,697,650 42,738,169 —58.6 134,078,044 Other boroughs_______ 38,802,845 60,330,629 —35.7 87,215,930 1915. s 73.672,674 99,273,046 Total N. Y. City... 56,500,495 103,068,798 —45.2 221,293,974 172,945,720 Maine—2 cities________ 751,562 958,543 —21.6 1,938,742 2,018,974 N. H .—Manchester_____ 317,462 1,273,945 —75.1 1,448,129 2,598,055 V ermont—Burlington__ 187,050 341,275 —45.1 344,200 399,350 Massachusetts—Boston . 7,702,190 23,294,161 —66.9 27,268,521 29,113,692 Other 32 cities________ 20,943,261 35,120,512 —40.4 54,920,251 49,425,997 Connecticut—Hartford . . 2,254,983 7,683,616 —57.6 7,383,163 5,575,895 New Haven________ . 3,219.558 5,645,069 —43.0 7,104,947 5,022,556 Other 18 cities________ 12,295,270 19,850,525 —38.1 22,638,484 20,552,517 5,272,819 + 13.1 11,455,435 8,583,351 Rhode Island—4 cities.. 5,961,575 Total New Eng. (61).. 53,632,911 New York—Rochester.. 1,949,551 7,014,030 Buffalo______________ Other 12 cities________ 9,979,301 New Jersey—Newark__ 5,320,833 Other 21 cities________ 21,126,032 Pennsylvania—Phlla___ 15,452,670 Pittsburgh___________ 7,781,729 Other 14 cities................ 7,*254,371 Delaware—Wilmington . 3,300,000 4,644,373 Maryland—Baltimore__ Other 2 cities_________ 225,025 D. C.—Washington_____ 7,136,818 West Virginia—3 cities.. 1,840,510 99,440,465 —46.1 132,419,481 125,372,778 6,754,820 10,581,000 17,707,338 9,437,104 21,943,142 34,016,480 11,464,204 13,248,989 2,384,813 10.145,626 508,386 12,916,886 2,828,571 —71.1 —33.7 —43.6 —43.6 —3.7 —54.6 —32.1 —45.2 + 38.4 —54.2 —55.7 —44.7 —34.9 9,379,447 13,137,000 25,876,510 9,486,775 30,035,656 49,896,570 13,764,810 16,234,431 2,788,028 12,634,728 328,628 15,049,804 3,052,884 9,108,333 11,798,000 24,201,616 8,006,044 26,459,267 39,445,125 14,327,017 12,656,754 1,524,853 11,774,322 527,447 11,748,121 2,754,359 Total Middle (60).... 93,025,243 153,937,359 —39.6 201,715,271 174,331,258 Missouri—St. Louis_____ Kansas City_________ Other 2 cities________ Minnesota—Minneapolis St. Paul....... ................... Other 2 cities._______ Nebraska—Omaha_____ Lincoln_________ ____ Kansas—-Wichita_______ Other 4 cities________ Iowa—Cedar Rapids___ Other 5 cities........... .. Colorado—Denver___ __ Other 2 cities________ South Dakota—2 cities.. North Dakota—2 cities.. Utah—S. L. City& Ogden Montana—2 cities______ Idaho—Boise__________ Wyoming—Cheyenne__ Arizona—1 city________ New Mex.—Albuquerque Nevada—Reno_________ 6,302,712 5,666,995 649,047 5,465,740 10,152,705 2,783,861 3,608,054 758,572 3,065,521 1,466,916 767,000 9,195,623 2,595,890 537,067 1,039,213 842,460 2,810,015 802,723 182,994 326,000 727,290 156,656 200,000 Total oth. West. (37). CO,103,054 Ohio—Cleveland_______ Cincinnati_____________ Columbus___________ Other 11 cities________ Indiana—Indianapolis .. Other 9 cities________ Illinois—Chicago_______ Other 10 cities_______ Michigan—Detroit_____ Other 6 cities________ Wisconsin—Milwaukee. . Other 10 cities_______ Kentucky—Louisville__ Other 2 cities________ 16,386,360 4,578,833 3,300,220 18,210,183 4,557,667 6,904,641 35,131,150 4,317,527 18,201,707 4,509,284 4,362,127 6,214,648 1,990,308 549,457 11,308,537 10,158,450 1,009,571 9,262,965 7,086,038 4,757,199 7,737,047 1,374,093 3,771,519 2,481,729 1,773,000 8,101,469 4,291,000 1,296,733 1,453,768 1,486,548 3,232,155 3,031,298 193,497 426,700 713,428 235,904 362,145 —44.3 12,753,386 —44.2 11,563,444 1,204,432 —35.7 —41.0 22,917,290 + 43.3 11,128,632 —41.5 10,691,423 —53.4 7,225,957 1,939,916 —44.8 —18.7 1,992,935 1,762,883 —40.9 1,779,000 —56.7 + 13.5 8,349,022 —39.5 4,038,840 —58.5 851,176 —28.5 1,365,227 —43.3 1,999,825 3,566,772 —13.1 —73.5 3,730,507 —5.4 172,643 —25.0 85,886 + 1.9 244,651 —33.6 303.515 —44.8 500,000 11,439,320 10,667,405 1,268,265 16,353,9(0 11,942,531 3,047,624 5,385,005 1,706,079 964,695 2,005 ,334 1,761,000 6,715,481 2,648,575 406,062 1,955,671 979,725 2 822,880 1 884,032 122,553 94,418 216.911 273,667 446,070 85,544,793 —29.7 110.167,367 85,106,596 —46.2 33,108,260 —56.2 10,842,895 —15.7 7,194,240 —49.0 37,902,973 8,934,694 —35.8 —54.2 12,698,553 —45.3 112,835,150 —50.5 13,372,863 —54.1 51,067,590 —38.3 11,861.241 —62.2 16,013,194 —33.7 8,577,475 + 14.2 4,007,210 —9.5 1,430,539 32,660,305 14,025,333 4,928,425 22,780,452 7,083,642 8,439,217 97,291,480 12,166,899 32,238,550 7,446,437 11,564,325 2,556,915 3,415,860 1,094,497 30,483,605 10,451,315 3,914,930 35,735,189 7,103,138 15,061,913 64,188,750 8,722,376 39,692,305 7,312,541 11,535,859 9,372,744 1,742,245 607,510 Total Mid. West (56).129.214,112 245,924,420 —47.5 329,846,877 257,692,337 California—San Fran__ 9,135,477 Los Angeles__________ 8,678,862 Oakland_____________ 5,382,158 Other 12 cities________ 11,746,544 Oregon—Portland______ 6,174,157 Washington—Seattle___ 10,899,775 423,000 Spokane_____________ Other 6 cities________ 3,970.068 Total Pacific (24)___ 56,410,041 Virginia—Norfolk______ 2,723,592 1,838,614 Richmond___________ Roanoke____________ 193,029 North Carolina—5 cities. 2,511,712 South Carolina—2 cities. 592,356 Georgia—Atlanta_______ 3,572,086 Other 5 cities________ 1,576,876 Florida—3 cities________ 2,690,909 Alabama—3 cities______ 1,920,947 101,765 Mississippi—Jackson___ Louisiana—New Orleans 1,763,569 Shreveport__________ 552,267 Texas—Dallas_________ 1,667,730 Other 8 cities________ 10,055,647 982,453 Arkansas—2 cities______ 7,579,629 Oklahoma—3 cities____ 1,591,078 Tennessee—Memphis__ Other 4 cities_________ 1,363,826 —41.6 —48.7 + 21.2 + 2.0 + 66.1 + 62.5 —80.2 + 78.0 18,484,401 15,036,045 5,368,290 12,507,775 6,301,360 8,304,689 1,586,787 2,693,658 13,990,704 11,888,662 5,045,289 11,107,772 4,869,550 6,449,040 1,196,367 1,675,700 63,325,872 —10.9 70,283,005 56,223,084 + 83.0 —55.3 —68.6 —38.1 —8.9 —28.2 —51.6 —39.4 —16.4 —85.7 —38.4 —36.2 —53.3 —23.4 —36.0 —32.5 —39.4 —57.6 2,712,988 4,927,396 849,942 3,603,868 828,245 3,680,178 5,848,869 4,771,038 2,929,808 1,865,928 3,244,752 1,069,377 3,261,188 792,216 4,589,214 4,320,346 3,847,552 2,371,604 3,117,604 1,124,378 4,265,354 13,836,744 840,215 6,457,127 3,091,970 5,639,519 2,826,670 770,803 3,422,512 12,793,946 808,545 2,747,135 2,730,488 2,708,819 15,635,319 16,932,082 4,442,533 11,518,452 3,717,945 6,708,315 2,140,760 2.230,466 1,488,616 4,118,688 615,170 4,058,812 650,000 4,977,815 3,253,000 4,438,544 2,296,062 772,940 2,862,958 865,112 3,573,259 13,126,690 1,534,872 11,222,268 2,625,865 3.218,627 Total Southern (44).. 43,278,085 65,699,298 —34.1 68,525,243 54,171,095 Total (283 cities)_____ 492,163,941 816,941,005 —39.8 1134251,218 925,842,868 Outside New York______ 435,663,446 713,872,207 —39.0 912,957,244 752,897,148 Under ordinary circumstances the foregoing com pilation, covering the last four years, would furnish all needed comparisons. But, as is well known, con ditions during 1918, and 1917 as well, were far from http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis normal, and consequently we append a statement affording comparison back to and including 1906: Year. 1918 1917 1916 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 No. Cittes ___ _____ ........ 283 .................................... 283 ....... ............................ 284 .................................... 284 ....... .................. 284 .................................... 273 ..................... 235 ................................... 235 .................................... 223 ..................... 209 .................................... 206 .................................... 200 .................................... 163 Total, 13 years______ New York. $56,500,495 103,068,798 221,293,974 172,945,720 138,115,266 162,942,285 228,601,308 200,325,288 213,848,617 273,108,030 174,757,619 197,618,715 241,064,458 2,384,190,573 Total All. Outside CUtes. $435,663,446 713,872,207 915,866,928 758,991,580 753,730,258 818,029,278 798,913,875 762,174,380 763,368,183 740,677,942 555,324,252 604,671,736 564,486,823 $492,163,941 816,941,005 1,137,160,902 931,937,300 891,845,524 980,971,563 1,027,515,183 962,499,668 977,216,800 1,013,785,972 730,081,871 802,290,451 805,551,281 $9,185,770,888 $11,569,961,461 This table speaks for itself. We would merely draw attention to the magnitude of the operations in Greater New York in the last 13 years—2,384 million dollars out of a total for the whole country of 11,570 millions. At the same time, it is to be noted, however, that while in 1906 the operations in New York covered, as expressed in value, 30% of those for the whole country, and in the years 1907 to 1912, inclu sive, the percentage stood above 20, it was only 12.6 in 1917 and 11.5 in 1918. There is little to be said of building operations in the Dominion of Canada in the late year. They were, in fact, characterized quite generally by lack of activity, as had been the case right along since the boom times of 1913 and 1912, and no real revival can be looked for until the drain upon the country’s re sources, material and physical, occasioned by the war in Europe, is largely a thing of the past. In some localities more animation was displayed in 1918 than in the year preceding, but for the whole country the result, while better than in 1917, compared very unfavorably with several years prior to 1915. Our compilation for 49 cities, of which 33 in the East and 16 in the West, indicated that the contracts arranged during the year involved an estimated expenditure of 838,960,760, against 836,009,408 in 1917, or an increase of only 8.2%, while there were losses of 62.7% and 76.8%, respectively, from 1914 and 1913, and of nearly 80% from 1912. Analyzing the returns by sections, we find that the 33 cities in the Eastern Provinces exhibited an increase of 2.1% over the pre vious year, Ottawa, Halifax and Toronto leading in activity, and Quebec and Port Arthur in lack of it. In the West, Winnipeg and one or two smaller cities reported losses from 1917, but these were much more than offset by gains at Vancouver, Calgary and Regina, and the total for 16 cities at 88,442,480 exceeded 1917 by 37.8%. Our compilation for the Dominion is as follows: CANADIAN BUILDING OPERATIONS. 1918. 1917. Inc. or Dec . 1916. $ S % $ Quebec—M ontreal______ 4,882,873 5,334,184 4,387,638 +11.3 Other 6 cities_________ 2,420,336 4,902,421 4,298,161 —43.7 Ontario—Toronto______ 8,535,331 7,163,556 +19.2 9,882,467 Hamilton..... .......... ........ 2,472,254 2,405,781 2,733,865 —9.5 Ottawa______________ 2,635,612 1,041,017 + 153.1 1,530,400 Other 20 cities_______ 5,991,626 7,679,570 —22.0 8,781,325 Nova Scotia—2 cities__ 3,228,925 2,045,456 +57.8 1,451,482 New Brunswick 1 city. 351,323 531,250 —33.9 464,350 1915. $ 8,511,221 5,411,872 6,651,889 1,523,248 1,605,160 5,519,859 1,261,617 380,475 Total East, 33 cities.. 30,518,280 Manitoba—Winnipeg__ 2,050,650 Other 2 cities________ 363,987 Alberta—Calgary_______ 1,197,100 Edmonton___________ 356,960 Lethbridge__________ 135,553 Saskatchewan—Regina. . 1,006,000 Saskatoon__ ______ 604,675 567,615 Moose Jaw__________ Other 3 cities________ 215,195 Brit. Col.—Vancouver.. 1,440,384 289,760 Victoria_____________ Other 2 cities................ 214,601 29,880,513 +2.1 2,212,450 —7.3 336,608 +8.1 548,300 + 118.2 309,800 +15.2 99,688 +36.0 416,460 + 141.5 582,739 +3.8 295,460 +95.5 230,745 —6.7 768,255 +87.5 147,875 +96.0 180,515 +18.9 34,752,410 2,507,300 380,361 663,500 228,640 84,122 219,875 146,150 318,945 163,485 2,412,893 115,334 113,607 30,865,341 1,826,300 249,385 150,550 301,725 58,420 464,065 20,200 88,222 87,830 1,593,279 292,450 118,840 Total West, 16 cities.. 8,442,480 Total all, 49 cities___ 38,960,760 6,128,895 +37.8 36,009,408 +8.2 7,354,212 42,106,622 5,251,266 36,116,607 CAR AND LOCOMOTIVE PURCHASES—RECEIVERSHIPS—ROAD ABANDONED. 87 RAILROAD RECEIVERSHIPS SINCE 1876. PRODUCTION AND PURCHASES OF CARS AND The “Railway Age” reports for 1918 only eight LOCOMOTIVES IN 1918. The “Railway Age” in its issue of Jan. 3 1919 receiverships, embracing an aggregate of 3,519 miles said that because of the 100,000 standard freight of road, as follows: Receiverships Established in Year 1918—Mileage Included 3,519 Miles. cars adopted by the U. S. Railroad Administration Colorado Midland____________ 338 Manistee & North Eastern______ 190 Denver Grande________ 2,610 Michigan East & West___________72 in 1918 (of which, however, only about 12% had Ft. Smith& Rio Subiaco & Eastern._ 14 Ocilla Southern_________________ 110 Illinois Southern ______________ 140 Waycross & Western_____________ 45 been delivered up to the end of the year) the orders for Commenting upon the record the “Age” observes: freight cars in 1918 for domestic service in the United Since the law taking over the railroads specifically provides that without States and Canada were considerably in excess of the permission of the Director-General of Railroads the property of a rail road company used in transportation service shall not be attached by the those of 1917. They were not, however, as large as courts, the receiverships established in 1918 were few and unimportant those of 1916 and only half of those of 1912 and far be with the exception of the Denver & Rio Grande. In the case of that road the order of the court appointing a receiver was so worded as to put the low those of the big years 1905 and 1906. The 1918 question of whether or not a receiver should take charge of the property up to the Director-General of Railroads. The other six roads are unimorders totaled 177,317, of which 123,770 were on portant and form no part of the main line railroad mileage of the United domestic orders and 53,547 were on foreign orders, States. The Director-General ruled that the receivership extended only to the free assets of the Denver & Rio Grande Railroad Company and did principally for the United States military railroads not pertain to the railroad itself. The receiver, therefore, took charge only the free assets of the company not used in the transportation business in France. The orders in 1917 totaled 131,558 (ex of and a Federal manager was appointed for the Denver & Rio Grande in cluding the 30,500 Russian cars which were can the same way as for a solvent company. It would seem proper, however, to include the mileage of the Denver & Rio Grande in our annual table since celed), of which 79,367 were for domestic service and the company itself is bankrupt and the company owns the mileage shown our table although temporarily a receiver is not in charge of this mileage. 34,167 were for export, principally for France. The in The Colorado Midland not only went into the hands of a receiver but freight cars built in 1918 numbered 124,708, of which a considerable part of it was actually abandoned and is to be torn up. 81,767 on domestic orders and 42,941 on foreign Our contemporary gives the following yearly record orders. In 1917 the product was 151,401 cars, com of receiverships since 1876: No. of Bonds and No.of Bonds and prising 119,363 on domestic orders and 32,038 on Stocks. Roads. Miles. Stocks. Roads. Miles. _ 1896 . 34 5,441 $275,597,000 3,519 242,090,800 1918 ... 8 foreign orders and the military railroads. 61,169,962 1895 . _ 31 4,089 369,075,000 2,486 1917 .... 19 4,439 208,159,689 1894 . _ 38 7,025 395,791,000 ... 9 The passenger car orders, in 1918, says the “Rail 1916 1915 ... 12 20,143 1,070,808,628 1893 . __ 74 29,340 1,781,046,000 __ 36 10,508 1892 . 357,692,000 22 4,222 199,571,446 1914 ... way Age,” were practically non-existent, war time 1913 ... 17 9,020 477,780,820 1891 . 26 2,159 84,479,000 3,784 182,112,497 1890 . __ 26 ... 13 2,963 105,007,000 activities “and presumably the omnipresent Gov 1912 210,606,882 1889 . __ 22 2,606 99,664,000 1911 ... 5 3,803 51,427,500 1888 . __ 22 3,270 186,814,000 ... 7 735 ernment desire for standardization” not permitting 1910 859 78.095,000 1887 . __ 9 1,046 90,318,000 1909 ... 5 8,009 596,359,000 1886 . __ 13 1,799 70,346,000 ... 24 the placing of such orders. The orders for passen 1908 317 13,585,000 1885 . 44 8,836 385,460,000 1907 ... 7 55,042,000 1884 . __ 37 11,038 714,755,000 204 1906 ... 6 ger cars listed in 1918 numbered only 157, con 1905 ... 10 3,593 176,321,000 1883 . __ 11 1,990 108,470,000 39,074,000 744 36,069,000 1882 . 12 912 ... 8 sisting of 131 for domestic service and 26 for export. 1904 229 18,823,000 1881 . 110 3,742,000 1903 ... 9 5 __ 5,835,000 1880 . 140,265,000 ... 5 278 13 885 In. 1917 1,167 orders were placed, comprising 1,124 for 1902 1,627,000 1879 . __ 12 1,102 39,367,000 1901 ... 4 73 __ 27 78,234,000 92,385,000 1900 ... 16 1878 . 2,320 1,165 domestic service, 6 for the U. S. Government and 37 for 1899 ... 10 1,019 52,285,000 1877 . __ 38 220,294,000 3,637 1876 . -- 42 6,662 467,000,000 export. The number of passenger cars actually built in 1898 ... 18 2,069 138,701,000 92,909,000 1918 was 1,573, namely 1,481 for domestic account and 92 1897 ... 18 1,537 for export. In 1917 the output was 2,000 and in 1916, 1,839. The number of locomotives reported as having been or RAILROADS ABANDONED IN 1918 AND 1917— dered during the 12 months of 1918 is given by the “Age” as NEW RAILROAD CONSTRUCTION. 4,888, of which 2,802 were on domestic orders for companies In its comment on the large number of miles of in the United States and Canada and 2,086 were on orders road abandoned the last two years, the “Railway for shipments to other countries. These figures compare with total orders of 6,142, of which 2,704 were on domestic Age” says: For the second time since the construction of the railway system of the orders and 3,438 were for export, principally to the war States was first undertaken in 1831, more miles of main lines have zone in France. The leading feature of course was the pre United been abandoned in a year than have been built. The only other year in dominance of Government orders. Of the 2,593 locomo which this condition existed was in 1917. In 1918 445 miles of main were abandoned permanently and taken up, 512 miles additional tives ordered for domestic service in the United States, lines were abandoned permanently but have not yet been taken up, and 224 2,030 were included in the orders for standard locomotives miles were abandoned for operating purposes for the period of Federal placed by U. S. Railroad Administration. Of the 209 loco control, owing to the consolidation of parallel lines. total of 200.32 miles of main lines has also been abandoned in Canada, motives ordered for roads in Canada 195 were ordered by thisA mileage being confined to the Pacific Coast extensions of the Canadian the Canadian Government railways. Of the 2,086 locomo Northern and the Grand Trunk Pacific in Western Alberta and British tives ordered for export, no less than 1,404 were on orders Columbia, where joint operation was instituted, in this way releasing of track materials for military use on the French front. for the United States military railroads, this excluding orders quantities The refusal of the State and national commissions to permit rates to be canceled after the signing of the armistice. The remainder increased commensurate with the rising costs of operation, have forced of the orders for export also included a considerable number many of the smaller and weaker lines into bankruptcy. The Federal Rail Administration showed an unwillingness to assume financial responsi of locomotives for foreign Governments—South Africa, road bility for the operation of many of these smaller lines [as it did for the England, Chili, China, Italy, &c. The output of locomo larger systems], and a large number of them were turned back to their tives in 1918 was heavy, reaching 6,475, of which 3,668 to owners shortly before July 1. condition leading to the abandonment of weak roads has been fill domestic orders and 2,807 to fill foreign orders. In the theAnother high prices which have prevailed for second-hand materials. The following we carry the comparisons of output and orders shortage of railway supplies, and particularly of steel, raised the prices for many second-hand materials to the point where they could be sold for back to 1901. considerably more than their cost new. In a number of instances this has Output. Year. 19186.. . 19176.. . 19166.. . 19156 ... 19146 ... 19136 ... 19126 ... 1911a... 1910a... 1909a ... 1908a... 1907a... 1906a... 1905a... 1904___ 1903----1902___ 1901___ Locomotives. Freight Cars. 6,475 5,446 4,075 2,085 2,235 5,332 4,915 3,530 4,755 2,887 2,342 7,362 6,952 5,491 3,441 5,152 4,070 3,384 124,708 151,401 135,001 74,112 104,541 207,684 152,429 72,161 180,945 93,570 76,555 284,188 240,503 165,155 60,806 153,195 162,599 136,950 Domestic Orders Placed. Passenger LocoCars. motives. 1,573 2,000 1,839 1,949 3,691 3,296 3,060 4,246 4,412 2,849 1,716 5,457 3,167 2,551 2,144 2,007 1,948 2,055 2,802 2,704 2,910 1,612 1,265 3,467 4,515 2,850 3,787 3,350 1,182 3,482 5,642 6,265 2,538 3,283 4,665 4,340 Freight Cars. Passenger Cars. 123,770 79.367 170,054 109,792 80,264 146,732 234.758 133,117 141,024 189,360 62,669 151,711 310,315 341,315 136,561 108,936 195,248 193,439 131 1,124 2,544 3,101 2,002 3,179 3,642 2,623 3,881 4,514 1,319 1,791 3,402 3,289 2,213 2,310 3,459 2,879 a Includes Canadian output. 6 Includes Canadian output and equipment built in railroad shops. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis resulted in the junk value of lines being greater than the amounts actually paid for them several years previous. The statistics of lines abandoned this year also include a new factor. In working out the details of the policy of unified control of the railways of the United States as a single system, the Railroad Administration has found it possible to co-ordinate the facilities of parallel lines in numerous instances. In some cases parallel single track lines have been converted for double track operation. In other cases one line has been abandoned and the traffic of both roads concentrated on the other line. This accounts for the 224.37 miles of lines reported as temporarily abandoned. The longest line on which operation was abandoned during the year was the Colorado Midland, extending from Divide, Colo., 194.20 miles, to New Castle. Operation of this road ceased on Aug. 1 and plans were made for its dismantling before winter, but the Colorado Utilities Commission pre vented the track from being removed and the matter is now in the courts. The next longest road to be abandoned was the Las Vegas & Tonopah, 117 miles long, in Nevada. The longest line abandoned and taken up is the North Pole route, in Alaska, 90 miles, and the next longest line is_the Wisconsin & Michigan, 52.8 miles. With reference to the new road built the “Railway Age” has the following to say: 88 MERCANTILE FAILURES. In terms of main track completed and placed in service, railroad con struction in the United States during 1918 amounted to less than at any time since the Civil War. Only 721.57 miles of new line was completed during the past year in the United States and only 135.08 miles in Canada. In the United States the new mileage of first main tracks includes 59.7 miles on the Atlantic Coast Line in Florida, 53 miles on the Government Railway in Alaska, and 48 miles on the Gulf Mobile & Northern in Missis sippi and Tennessee. Most of the mileage of new lines, however, is in short sections, and a considerable portion is in connection with the develop ment of coal lands. FAILURES IN 1918. The mercantile failures record for 1918, reflecting a period of notable activity in practically all lines of business and a range of prices affording excellent margins of profit for almost all classes of commodi ties, was an exceptionally favorable one. In fact, in no year since 1899 were there so few insolven cies in the United States, and the ratio of number of disasters to the total of firms in business was the smallest in nearly forty years, a statement which serves to accentuate the satisfactory nature of the exhibit. The monthly exhibits clearly fore shadowed such a showing for the full year as we are now reviewing. In every subdivision of the twelve months the number of casualties was smaller than for the corresponding time in the previous year—in many cases decidedly so—while the same is true of the comparison with earlier years back to and in cluding 1911. The volume of liabilities, also, al though in some periods rising above the totals of a year earlier, was as a rule below 1917, and in the aggregate of all, quite a little less. Furthermore, comparison with earlier years (1916, 1915, 1914 and 1913) is most favorable to the current exhibit, and in only one year in more than a decade did the aggregate of indebtedness fall below that recorded by the present annual statement. Another very satisfactory feature of 1918 was the tendency toward contraction in number of defaults as the year pro gressed. The first quarter furnished the heaviest number and the last the lightest, each month from March on exhibiting a smaller total than the month preceding. Analysis of the detailed returns of failures enforces what we have stated above as to the year’s excellent exhibit. In every group into which the returns are segregated the number of mercantile and industrial defaults was less than in 1917, with the situation especially good in this particular in the Middle Atlantic, South Atlantic, South Central and Pacific sections. As regards the individual States, we note a greater number of casualties in 1918 than in 1917 in Rhode Island, Delaware, Montana, Idaho and Nevada. In the matter of liabilities there were some very striking contrasts with 1917. For the South Atlantic group of States, for instance, the year’s in debtedness of failed firms was only little over half that of 1917, with the decrease decidedly marked in every State except Delaware. The South Central section, too, made a remarkably good showing, debts of only $12,043,553 comparing with $13,657,671 in 1917 and $28,640,369 in 1916, noteworthy con traction being observable in Kentucky, Mississippi and Louisiana. On the Pacific, also, there was a sharp drop in the sum of the failed indebtedness in 1918—from $18,289,238 to $13,940,651—the situa tion in the State of Washington, where failures in the miscellaneous class helped materially to swell liabili ties in 1917, having been particularly good. The feature of the returns from New England was an in crease over 1917 in the liabilities reported from Mas sachusetts, but this was more than offset by a reduc tion in Connecticut. A drop of 6^ million dollars in http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis the debts of insolvents in the Middle Atlantic divi sion found principal explanation in the result in New Jersey. The Central East group showed a moderate increase in the aggregate of liabilities, due to the swelling of liabilities in Indiana, Michigan and Wis consin. In the Central West, also, and explainable by several failures of exceptional size among manufac turers in Missouri, the liabilities were about 1 million greater than in 1917, while a slight augmentation in debts in the Western division was ascribable to stress among traders in Montana and Arizona. Large failures (those for $100,000 or more) were in no sense a feature of 1918. On the contrary, they were fewer than in 1917—230 contrasting with 250— and the indebtedness involved was less—$81,562,965 against $81,861,018. In 1916 the showing was better than in 1918, but in 1915, and even more so in 1914, both number and amount were very much heavier. Of the large failures of the year the largest number was in the manufacturing division, but at 132 for $44,171,393, the exhibit was much better than for any recent twelve-months period, except two years ago, comparison being with 147 for $43,435,232 in 1917 and 116 for $29,257,548 in 1916, and 163 for $58,700,533 in 1915. In the trading section the disasters were fewer than in 1917—46 contrasting with 53—and the liabilities at $13,780,850 were only nominally greater than those of the preceding year, and lighter than earlier years back to 1909. Among brokers, transporters, &c., a greater number of insolvents was to be noted, but despite a few defaults of unusual size in the first quarter and again in the fall, in New York and Massachusetts, the liabilities exhibited a decline. Segregating the failures for $100,000 or over into classes, we have the following: LARGE FAILURES IN 1918 AND 1917. Manufacturing. Trading. Brokers, &c. No. Liabilities. No. Liabilities. No. Liabilities. January_______________________ February _ _ _ March___ do 1917___________ Anril June_____ JlllV do 1917......... .......... do 1917____________ 1917___________ October $524,596 2,423,282 1,534,745 8 $2,751,978 7 1,416,264 7 5,207,103 16 $4,520,064 9 2,111,119 8 2,675,251 7 $1,287,996 1 300,000 4 565,636 3 $1,731,458 6 3,227,078 4 1,187,000 33 $9,306,434 37 12,125,402 12 $2,153,632 12 2,076,801 13 $6,145,536 8 2,911,528 70 $19,434,873 25 $6,636,255 35 $15,520,881 72 22,815,943 26 5,831,794 27 12,665,701 31 $9,783,853 30 9,604,003 12 $4,655,284 9 6,594,760 10 3.702,623 December 3 3 7 37 $10,128,439 13 $4,482,623 22 $9,375,345 3,754,993 19 9,754,182 35 10,690,541 14 11 $1,927,959 1,529,085 7 13 6,326,809 __ September. do 18 $6,861,018 9 1,460,704 10 1,806,717 2 3 3 $395,000 622,716 2,293,575 5 $1,230,285 2 480,000 3 2,733,615 8 $3,311,291 14 4,153,090 10 $4,443,900 14 9,309,517 3 5 5 $875,000 2,030,961 927,343 4 $2,899,608 7 $3,645,941 9 2,772,027 3 746,333 do 1917.................... 31 $14,952,667 13 $3,833,304 45 11,015,286 13 3,693,650 do 1917__________ 62 $24,736,520 21 $7,144,595 17 $8,109,841 75 20,619,289 27 7,846,740 23 12,081,544 Total year 1918_______ _______ 132 $44,171,393 46 $13,780,850 52 $23,610,722 do 1917_______________ 147 43,435,232 53!$13,678,534 50 24,747,252 Messrs. R. G. Dun & Co.’s compilations made the number of insolvencies in 1918 in the United States as a whole, 9,982, with indebtedness of $163,019,979, this comparing with 13,855 and $182,441,371 a year earlier, 16,993 and $196,212,256 two years ago, 22,156 and $302,286,148 in 1915, and 18,280 and $357,908,859 in 1914. For a lesser number of fail ures than disclosed in the late year we must go back to 1899, and in the matter of liabilities the current exhibit is the best since 1909. Furthermore, only three times in the thirty-four-year period, 1884 to 1917, inclusive, were there as few mercantile defaults as in 1918, notwithstanding the large addition to the I number in business in the meantime. The failures MERCANTILE FAILURES. 89 situation, quarter by quarter, the last two years is For the Dominion of Canada the compilation of indicated in the following compilation: failures for 1918, viewed from any angle, was likewise FAILURES BY QUARTERS. a very favorable one. In no year, as far back as -1917Average Average records are available, had there been so satisfactory Liabilities. Liability. No. Liabilities. Liability. No. First quarter_____ ___ 3,300 349,780,300 $15,085 3,937 $52,307,099 $13,287 a showing as regards number of insolvents, and the Second quarter. ..___ 2,589 38,013,262 14,683 3,551 42,414,257 11,944 35,181,462 16,139 Third quarter____ .... 2,180 3,249 47,228,682 14,536 volume of liabilities fell very appreciably below the Fourth quarter___ ___ 1,913 40,044,955 20,933 3,118 40,491,333 12,986 aggregates for either of the five preceding years. Total year_____ ____ 9,982 $163,019,979 $16,331 13,855 The defaults numbered in all only 873, involving The foregoing is interesting and instructive in that debts of 814,502,477, this contrasting with 1,097 and it indicates a more or less marked improvement, 818,241,465 a year earlier, 1,685 and 825,069,534 in quarter by quarter, as compared with 1917, and also 1916 and 2,661 and 841,162,321 in 1915. This shows that as the year advanced the situation, as latter was the high record of indebtedness for the far as number is concerned, improved steadily. The Dominion, while 86,499,052 was the low mark of the same is true, also, of the volume of liabilities, except last quarter of a century. Failures were less numer that the stress in special lines, due possibly to the ous than in 1917 in all the Provinces except Prince influence of Federal restrictive measures, served to Edward Island, Alberta and Saskatchewan, with swell the total for the final quarter of the year to a Newfoundland presenting a clean slate. As regards level above that immediately preceding. The total liabilities the showing by contrast with a year ago was for the second half of the year, however, was 11 particularly gratifying in Quebec and Alberta, but million dollars less than for the first six months, and stress in some manufacturing lines in Ontario served the aggregate for the three months, July to Septem to swell the total there. Improvement in 1918 is ber, inclusive, fell below any quarterly period back especially disclosed in trading lines, the insolvencies to the corresponding quarter in 1911. We note also in which accounted for only 85,142,397, against that the ratio of failures to the number of firms in 88,417,239 and 812,290,368, respectively, in the two preceding years, with the most striking reduction in business was, so far as reliable records go, the lowest volume of debts observable in the returns from the in the history of the country. In 1906 the ratio leading Provinces—Ontario and Quebec. Agents, was notably low (0.77%)—probably the lowest that brokers, &c., casualties covered a quite nominal total had been recorded up to the current year, but 1918 of debts—but 81,111,273, against 82,369,162 in 1917 fell well below that level with 0.58%. In this and 83,982,520 in 1916. On the other hand manu connection, moreover, it is interesting to note that facturing reverses contributed a slightly greater according to Messrs. Dun & Co. the number of firms amount to the general total than in 1917—88,248,807 against 87,455,094. Banking disasters have at all in business was quite a little less than in 1917— times been a negligible factor in the Canadian busi 1,708,061, comparing with 1,733,225. This re ness situation. In fact, in the last five years there duction reflects the number of small concerns put have been only two financial institutions forced into out of business by the draft. insolvency; one in 1914 with 8250,000 involved, and Of the three branches of trade into which the in one in 1915 with confessed obligations of 8150,000. solvencies are divided, the trading division furnished FAILURES BY BRANCHES OF BUSINESS. the most conclusive evidence of a very satisfactory The statement of failures by branches of business, as com situation. Every branch of business included in piled by Messrs. R. G. Dun & Co., for the last three years, this group recorded fewer casualties for 1918 than for is as follows: the previous year, and in only two lines did the lia Calendar Year. bilities exceed those of 1917. The aggregate trading From Dun's Review. 1916. 1918. 1917. liabilities of the year at 857,910,971 were 12)4 No. Liabilities. No. Liabilities. No. Liabilities millions under those of 1917. Manufacturers. $ 1,209,574 44 1,347,467 41 1,519,093 Iron, foundries and nails 38 In the manufacturing section also the number of Machinery 7,205,325 209 3,803,781 and tools— 193 11,103,534 218 carpets and defaults was much under 1917, while the indebted Woolens, 20 78,869 22 451,871 502,428 8 knit goods. .______ 33 1,953,989 28 1,125,375 lace & hosiery. 26 2,347,417 ness at 873,381,694 was 6 million dollars less. Sev Cottons, Lumber, carpenters and 455 13,164,602 9,044,451 517 17,181,812 337 coopers. _ — --------eral lines, the normal business procedure of which was Clothing 535 6,130,915 565 4,938,885 336 4,066,727 and millinery. 1,280,170 1,026,457 65 34 415,707 53 Hats, gloves and furs— interfered with by war restrictive measures, labored Chemicals and drugs. 1,094,514 54 1,489,757 27 643,481 35 140,646 16 514,949 188,133 11 15 Paints and oils __ __ 204 l,668,50S 1,879,247 under stress and consequently exhibited heavier lia Printing and engraving. 146 2,400,808 145 1,936,730 495 3,352,367 1,398,853 305 175 Milling and bakers. 1,922,864 1,495,047 103 2,256,663 86 81 shoes & harness bilities than in 1917. This was particularly so of Leather, 1,495,028 133 3,476,121 101 Liquors and tobacco__ 79 4,593,935 earthenware and machinery and tools and liquors. Failures among Glass, 93 6,289,805 3,699,509 96 4,876,375 77 brick_______________ brokers, agents, &c., were below the preceding year All other_____________ 1,181 29,816,859 1,476 31,143,580 1,742 28,252,613 manufacturing. 2,766 73,381,694 3,691 79,543,507 4,196 72,999,580 in number, but liabilities were only a little lower, Total Traders . 975 7,662,600 1,391 11,542,200 593 4,509,165 stores.. ____ owing to a few disasters of unusual size in New York General 9,296,954 3,129 14,206,187 3,599 12,929,101 Groceries, meat and fish 1,969 4,441,529 8,728,222 650 6,268,720 437 Hotels and restaurants. and Massachusetts. Banking insolvencies of the Liquors and tobacco . 479 3,253,560 530 5,253,554 732 4,587,393 936 8,928,253 836 5,974,142 1,089 645 5,798,818 Clothing and furnishing year were not only much fewer than in 1917, but the Dry goods and carpets 712 11,525,923 478 6,220,403 296 5,108,528 1,430,960 376 2,357,730 229 1,362,692 174 Shoes, rubbers & trunks liabilities showed a very decided diminution. In Furniture and crockery. 148 1,417,118 249 2,773,802 287 2,647,602 4,090,516 349 1,390,426 208 2,069,519 152 stoves & tools fact the financial institutions forced to suspend num Hardware, 2,351,209 2,182,039 490 362 280 2,225,692 Chemicals and drugs.. 54 425,318 904,007 294,081 63 39 Paints and oils ____ bered only 20, and the liabilities involved were Jewelry and clocks____ 178 1,644,854 222 1,787,026 293 2,790,361 462,029 99 549,430 400,842 51 42 Books and papers____ 452,990 516,799 370,121 51 37 85,131,887, against 818,451,964 in 1917. Failures Hats, furs and gloves.. 32 All other________ _____ 1,030 12,109,898 1,329 14,898,234 1,547 19,260,921 totals for the last three years as classified by Messrs. Total trading.____ 6,494 57,910,971 9,430 70,116,669 11,923 91,373,828 874 31,838,848 734 32,781,195 722 31,727,314 Agents, brokers, &c.__ R. G. Dun & Co. follow: TOTAL FAILURES. i Number. 1918. 1917. Total commercial . . Banking — 1916. Liabilities. 1918. I 1917. 1916. Manufacturing____ Trading___________ Other_____________ 2,766 3,691 4,196 $73,381,694 $79,543,507 $72,999,580 6,494 9,430 11,923 57,910,971 70,116,669 91,373,828 722 734 874 31,727,314 32,781,195 31,838,848 Total___________ Banking___________ 9,982 13,855 16.993 S163.O19.979 $182,441,371 $196,212,256 42 50 5,131,887, 18,451,964 10,396,779 20 Total all 10,002 13,897 17,043 168,151,966 $200,893,335 $206,609,035 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9,982 163,019,979 13,855 182,441,371 16,993 196,212,256 50 10,396,779 42 18,451,964 20 5,131,887 Note.—Iron, woolens and cottons include all the branches of those manufactures: machinery includes vehicles, shipbuilding, hardware, fixtures and implements: lumber includes saw, planing, sash and door mills and furniture; clothing includes tailors, men’s and women’s clothing, also furnishings; chemicals include chemical fertilizers: printing includes books and maps; leather and shoes include saddlery and trunks; liquors include wines, brewers and bottlers; glass includes pottery, lime, cement, quarry and stone; groceries include creamery, teas and coffees; hotels in clude lodging houses and caterers: dry goods include department stores, 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. MERCANTILE FAILURES £3 90 MERCANTILE FAILURES IN THE UNITED STATES AND CANADA IN 1918. PREPARED BY MESSRS. R. G. DUN & CO. COMMERCIAL FAILURES. STATES. Total 1918. New England— Maine________________ New Hampshire_______ Vermont______________ Massachusetts________ Connecticut___________ Rhode Island__________ Total_______________ 1917............................... . Middle Atlantic— New York___________ .. New Jersey____________ Pennsylvania__________ Total............................. 1917................................. South Atlantic— Maryland_____________ Delaware_____________ District ot Columbia___ Virginia_______________ West Virginia__________ North Carolina_______ South Carolina________ Georgia_______________ Florida_______________ Total............................ 1917............................... . South Central— Kentucky_____________ Tennessee_____________ Alabama______________ Mississippi____________ Arkansas______________ Oklahoma_____________ Louisiana_____________ Texas_________________ Total............................. 1917.................. ............ . Central East— Ohio..................................... Indiana_______________ Illinois________________ Michigan_____________ Wisconsin_____________ No. 135 38 36 739 272 124 1,344 1,567 CLASSIFIED FAILURES, 1918. Manufacturing. Total 1917. Assets. Liabilities. $ $ 782,392 1,516,696 117,419 243,919 177,340 263,240 4,982,860 13,010,340 2,567,914 4,167,709 348,086 683,456 Liabilities. $ 1,424,353 151 49 380,768 422,831 48 895 10,777,064 8,642,146 319 503,488 105 No. No. 37 11 16 309 73 45 Other Commercial. Trading. No. Liabilities. S 527,214 69,174 201,705 5,002,329 2,022,135 294,270 87 25 16 356 186 72 Liabilities. No. Llab llllies. $ $ 390,687 11 598,615 162,223 12,522 2 53,815 4 7,720 3,208,329 74 4,799,682 1,812,074 13 333,500 360,651 7 28,535 BANK FAILURES. Lia bllltles. No. -— — --— — — 9 ---- ----- 8,976,011 19,885,360 1,567 22,150,650 8,731,383 22,150,650 -.. 491 8,116,827 634 13,870,086 742 833 5,987,959 6,409,685 111 100 5,780,574 1,870,879 1 13,025 1,502 24,374,651 41,455,713 2,200 45,726,020 292 2,698,013 4,203,751 398 8,431,446 688 9,349,448 16,044,998 921 14,203,421 575 19,192,124 1,934,660 115 182 6,782,560 790 153 452 8,614,578 1,639,666 7,986,708 137 13,649,011 24 629,425 54 1,275,730 __ — — ________ ---- ----- 872 27,909,344 1,395 18,240,952 1,210 33,970,727 2,072 20,187,612 215 15,554,166 237 14,202,551 2 1,510,000 2,482 36,422,112 61,704,462 3,519 68,360,890 3,519 36,088,272 68,360,890 ... 121 17 12 113 62 116 4 95 84 959,641 51,023 134,015 815,976 369,4501 1,223,929 365,914 1,505,417 1,376,619 668 1,363 6,801,984 9,666,248 126 158 81 67 99 151 129 264 469,880 1,524,916 2,251,730 174,025 628,618 1,797,039 525,956 1,097,129 1,075 1,703 8,469,293 8,640,308 569 285 684 354 169 75 10 5 84 49 94 40 78 66 562,905 41,419 65,026 483,755 22,531 916,527 371,102 563,278 433,529 13 4 2 6 5 1 2 5 3 70,142 14,431 118,000 420,146 100,466 1,200 5,225 79,338 107,735 2 — 300,000 1 — — 140,000 4 — 1,735,000 3,989,470 501 4,730,136 1,057 3,667,072 8,880,453 41 50 916,683 2,503,290 7 11 2,175,000 4,697,000 149,535 986,322 2,224,618 17,219 268,329 958,441 390,684 531,750 99 122 66 60 80 129 108 222 495,731 884,217 622,621 268,856 387,427 853,059 389,039 1,839,201 9 5 3 54,930 125,525 85,617 __ --- 10 12 7 11 116,548 201,224 34,828 157,832 1 50,000 132 202 5,526,898 3,713,032 886 1,465 5,740,151 8,796,150 57 46 776,504 1,148,489 2 11 120,000 825,000 184 60 229 100 43 5,009,824 3,631,254 5,596,246 2,215,814 1,108,025 343 190 408 236 113 2,809,165 1,051,471 4,097,531 2,809,763 1,041,933 42 35 47 18 13 428,230 746,129 1,109,229 253,925 279,815 i 3 1 — 200,000 408,000 41,887 616 17,561,163 1,290 11,809,863 701 15,129,030 1,664 11,740,990 155 132 2,817,328 3,675,774 5 7 649,887 8,117,000 192 11 51 166 150 167 135 281 210 1,363,672 70,751 412,766 2,222,747 2,174,387 1,805,706 1,205,300 3,430,277 3,428,273 33 3 5 23 8 21 6 12 15 8,573,225 1,363 16,113,879 —- 16,113,879 126 256 700,196 1,996,064 2,932,856 286,075 772,304 2,012,724 814,551 2,528,783 200 225 128 188 109 245 187 431 1,695,799 2,075,087 1,496,528 1,422,724 714,282 1,179,183 1,693,729 3,380,339 18 31 12 7 9 10 14 31 12,043,553 13,657,671 1,713 -.- 13,657,671 7,666,573 8,247,219 5,428,854 3,635,231 5,062,458 10,803,000 3,829,774 5,279,502 1,801,834 2,429,773 642 385 895 354 221 8,660,152 3,695,069 11,496,437 4,832,688 1,861,448 1,224,497 195,085 269,344 1,151,323 479,026 1,425,541 492,046 1,858,458 1,477,905 Total_______________ 1917............................... . Central West— Minnesota____________ Iowa_________________ Missouri______________ North Dakota_________ South Dakota_________ Nebraska_____________ Kansas_______________ 2,061 21,995,870 32,188,354 2,497 30,545,794 2,497 20,973,184 30,545,794 ... 215 211 254 28 20 63 103 1,256,847 735,921 3,443,567 272,976 60,714 494,629 882,549 Total_______________ 1917.............. .................. Western— Montana______________ Idaho_________________ Wyoming_____________ Colorado______________ New Mexico___________ Arizona_______________ Utah................................. . Nevada_______________ 894 1,255 7,147,203 5,795,102 95 63 10 80 8 33 85 27 868,714 265,348 157,513 312,193 86,045 252,548 260,649 56,224 880,397 314,480 184,054 565,364 90,334 419,804 410,313 110,723 90 58 13 87 17 40 92 26 Total_______________ 1917............................... . Pacific— Washington___________ Oregon_______________ California_____________ 401 423 2,259,234 2,004,517 2,975,469 2,609,914 151 200 706 3,368,975 3,220,010 2,977,106 Total_______________ 1917............................... . United States— Total_________________ 1917......... ........................ . 1,057 1,518 9,556,091 11,565,791 1,888,004 1,312,631 5,979,076 399,813 126,085 793,228 1,210,068 590,450 139,235 86,318 247,422 150,029 507,814 115,719 1,215,842 936,641 1,776,502 1,738,256 4,113,434 555,621 270,231 1,087,747 1,171,544 46 35 54 5 3 12 20 492,208 294,132 3,991,831 46,963 7,361 157,895 254,323 152 169 184 23 17 49 77 1,259,655 994,858 1,247,926 352,850 118,724 626,823 417,328 17 7 16 136,141 23,641 739,319 2 6 11,708,905 1,255 10,713,335 10,713,335 -.- 175 248 5,244,713 3,642,937 671 954 5,018,164 6,207,880 522,638 464,821 61,881 557,399 82,278 311,858 532,403 76,636 20 9 1 20 1 2 13 3 181,727 61,661 3,500 109,325 2,000 16,312 91,132 7,250 72 53 8 50 7 27 69 24 641,106 251,919 60,528 377,111 88,334 225,334 248,657 103,473 423 ... 2,609,914 69 55 472,907 374,646 310 347 4,326,221 3,872,376 5,742,054 251 318 949 6,384,477 5,530,602 6,374,159 42 78 165 1,396,941 1,090,902 2,072,529 13,940,651 18,289,238 1,518 -.. 18,289,238 285 385 267 231 410 44 44 113 146 9,982 101,637,798 163,019,979 13,855 182,441,371 __ 13,855 103,464,805 182,441,371 1 --— 70,000 1 70,000 1,865,000 8,510 538,417 2 — — — — 48 53 1,446,028 862,528 3 5 1,935,000 473,000 3 1 1 10 57,564 900 120,026 78,928 __ --- 4 3 — 178,158 70,524 1,996,462 2,152,541 22 21 93 105 501 773,061 1,419,206 3,258,081 4,560,372 699 4,112,923 1,038 5,450,348 5,741,558 2,766 73,381,694 6,494 57,910,971 3,691 79,543,507 9,430 70,116,669 1 — 180,000 2 — 72,000 506,100 82,727 3 1 252,000 116,239 16 17 40 2,156,219 1,362,268 411,444 __ --— ----- .... — 73 95 3,929,931 8,434,957 4 2,700,000 722 31,727,314 734 32,781,195 20 5,131,887 42 18,451,964 YEARLY AGGREGATE OF FAILURES. The following is a record of the yearly aggregate of failures back to 1857: Liabilities. Year. No. Year. No. Liabilities. Year. No. Liabilities. Year. Liabilities. Year. No. 1918.. 9,982 $163,019,979 1907.. 11.725 $197,385,225 1896.-15,088 $226,096,834 1886.. 9,834 $114,644,119 1876— 1917.-13,855 182,441,371 1906.-10,682 119,201,515 1895_.13.197 173,196,000 1885.-10,637 124,220,321 1875— 1916.. 16.993 196,212,256 1905.-11,520 102,676,172 1894.-13,885 172,992,856 1884.-10,968 226,343,427 1874.. 1915.-22,156 302,286,148 1904.. 12.199 144,202,311 1893.-15,242 346,779,939 1883.. 9,184 172,874,172 18731914.. 18.280 357,908,859 1903.-12,069 155,444,185 1892.-10,344 114,044,167 1882.. 6,738 101,547,564 1872— 81,155,930 1871 — 1913.-16,037 272,672,288 1902.-11,615 117,476,769 1891.-12,273 189,868,638 1881 — 5,582 65,752,003 1870.. 1912.-15,452 203,117,391 1901.-11,002 113,092,376 1890.-10,907 189,856,964 1880-- 4,735 1911.-13,441 191,061,665 1900.-10,774 138,495,673 1889.-10,882 148,784,357 1879.. 6,658 98,149,052 1869.. 90,879,889 1888.-10,679 123,829,973 1878.-10,478 234,383,132 1868— 1910.-12,652 201,757,097 1899.. 9,337 1909.-12,924 154,603,465 1898.-12,186 130,662,899 1887.. 9,634 167,560,944 1877.. 8,872 190,669,936 1867— 1908.. 15.690 222,315,684 1897.. 13.351 154,332,071 No. Liabilities. Year. 9,092 $191,117,786 1866— 7,740 201,060,333 1865— 5,830 155,239,000 1864— 5,183 228,499,900 1863— 4,069 121,056,000 1862— 2,915 85,252,000 1861 — 3,546 88,242,000 I860— 75,054,054 1859— 2,799 2,60S 63,694,000 1858— 2,780 96,666,000 1857— NO. 1,505 530 520 495 1,652 6,993 3,676 3,913 4,225 4,932 Liabilities. $53,783,000 17,625,000 8,579,000 7,899,900 23,049,000 207,210,000 79,807,000 64,394,000 95,749,000 291,750,000 CANADIAN FAILURES IN 1918. TOTAL COMMERCIAL. PROVINCES. No. <! Ontario______________ Quebec______________ British Columbia____ Nova Scotia_________ Newfoundland_______ Manitoba____________ New Brunswick______ Prince Edward Island. Alberta______________ Saskatchewan_______ Total “ “ “ “ “ " “ “ “ “ “ 1918. 1917. 1916. 1915. 1914. 1913. 1912. 1911. 1910. 1909. 1908. 1907. 1908. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Assets. Liabilities. MANUFACTUR'G. No. Liabilities. 261 349 40 31 $ 3,908,569 4,018,448 1,727,751 301,165 4,399,184 5,646,463 1,699,440 924,024 94 95 20 6 $ 3,482,638 2,075,809 1,485,060 744,831 72 12 3 34 71 438,743 15,205 1,050 363,240 472,170 688,794 37,043 24,487 454,576 628,456 8 209,418 1 5 3 873 1,097 1,685 2,661 2,898 1,719 1,357 1,332 1,262 1,442 1,640 1,278 1,184 11,251,341 13,051,900 19,670,542 39,526,358 30,909,563 12,658,979 8,783,409 9,964,604 11,013,396 10,318,511 12,008,113 9,443,227 6,499,052 14,502,477 18,241,465 25,069,534 41,162,321 35,045,095 16,979,406 12,316,936 13,491,196 14,514,650 12,982,800 14,931,790 13,221,250 9,085,773 232 261 363 656 614 452 323 321 292 354 426 393 296 TRADING. No. Liabilities. 147 241 19 23 $ 689,629 2,751,942 196,380 176,139 6,000 176,031 69,020 57 10 2 27 64 459,266 25,818 18,487 271,519 553,217 8,248,807 7,455,094 8,796,646 13,877,414 11,063,191 6,792,763 4,556,615 4,760,016 7,030,227 3,933,938 5,967,498 6,667,452 3,482,511 590 777 1,237 1,888 2,164 1,216 975 986 947 1,059 1,171 847 863 5,142,397 8,417,239 12,290,368 21,696,890 18,677,935 8,681,419 6,906,665 7,606,891 6,943,579 7,867,287 8,242,436 5,756,651 5,145,142 OTHER COMM’L. No. Liabilities. 20 13 1 2 $ 226,917 818,712 18,000 3,054 7 2 20,110 11,225 2 4 7,026 6,229 51 59 85 118 120 51 59 5 23 29 43 38 28 1,111,273 2,369,132 3,982,520 5,558,017 5,303,968 1,505,224 853,656 1,124,289 540,850 1,181,575 712.856 797,156 458,120 BANKING. No. Liabilities. $ 1 1 1 150,000 250,000 125,000 1 2 71,194 2,546,871 2 2,137,224 Money Market 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 1918,” 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 1918 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 1918. Day of the T~r' Month. 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 434—5 3 -5 294-4 Saturday Sunday 294-4 334-4 394-4 3 —4 3 —4 Saturday Sunday 4 —4 4 -6 6 -6 534-6 534“6 Saturday Sunday 6 -6 434-6 234-534 334~4 4 —4 Saturday Sunday 4 —4 334-394 334—4 334-4 Range 234-6 4 -6 Saturday Sunday Nom’ket 3 -534 3 —4 4 -5 434-5 4 34—5 Sunday 434—5 Holiday 6 -6 434-6 5 -6 Saturday Sunday 594-6 594-6 534-6 3 -6 Holiday Saturday Sunday 3 -434 4 -6 4 -534 534-6 3 -6 A pril. March. Feb. Jan. 6 -6 Saturday Sunday 334-6 234-5 434-434 434-6 5 -6 Saturday Sunday 494-5 434-6 6 -6 6 -6 594~6 Saturday Sunday 534-534 534-534 4 -534 3 -5 334-434 Saturday Sunday 5 -6 594-6 594-6 594-6 Holiday Saturday Sunday 234-6 3 -534 234-4 3 -334 334~4 3 —4 Saturday Sunday 4 -6 334-534 3 —4 4 -6 2 -434 Saturday Sunday 234-4 234—3 3 -5 4 -6 4 -w Saturday Sunday 5 -6 234-534 334-4 3 —4 394-4 Saturday Sunday 334-4 334—4 2 June. May. 334-6 334—4 394-4 Saturday Sunday 4 -6 4 -6 4 -6 5 -6 3 -6 Saturday Sunday 3 -434 4 -5 4 -6 534-6 5 -6 Saturday Sunday 434-534 434-6 434-534 4 -534 434-6 Saturday Sunday 594-6 594-6 494-6 Holiday 494-534 -6 3 Saturday Sunday 4 -434 434-434 5 -5 6 -6 4 -534 Saturday Sunday 5 -6 4 -6 434-6 594-6 5 -6 Saturday Sunday 594-6 6 -6 434-6 3 -5 334-4 Saturday Sunday 394-4 4 -5 3 -4 334-4 334-4 Saturday Sunday 3 -6 -6 334-5 4 -6 6 -6 Holiday 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 594-6 Saturday Sunday 594-6 6 -6 534-6 6 -6 4 -594 Saturday Sunday 494-6 5 -6 534-6 334-6 4 -6 4 -5 Saturday Sunday 434-6 534-6 594-6 534-534 6 -6 Saturday Sunday 594-6 594-6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 -6 Saturday 4 -6 Oct. Sept. August. July. Sunday Holiday 6 -6 5 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 Holiday 6 -6 Saturday Sunday 6 —6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 5 —6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 Dec. Nov. 4 -6 Saturday Sunday 5 -534 Holiday 534-6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 6 -6 6 -6 594-6 Saturday Sunday 534-594 5 -6 5 -534 Holiday 5 -5 Saturday 4 -6 -6 Day of the Month. Sunday 5 -6 5 -6 6 -6 6 -6 534-6 Saturday Sunday 6 -6 5 -534 5 -6 434-6 434-6 Saturday Sunday 4 -5 494-5 4 —4 4 -434 334-4 Saturday Sunday 4 -5 4 -6 Holiday 6 -6 6 -6 Saturday Sunday 6 -6 6 -6 .... 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 ____ 31 334-6 Range MONEY MARKET AT NEW YORK—RATES IN 1918. CALL LOANS. 1918. WEEK Ending— http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Stock Exchange. Range. Aver. COMMERCIAL PAPER. TIME LOANS. 30 days. 60 days. Range. Range. 294-6 5 -534 334 — 294-4 394 534 — 4 -6 594 594 — 234-6 534-6 434 — 334-6 434 534-594 — 534-6 334-534 434 — 434-6 534-6 534 — 3 -6 534-6 534 — 3 -6 5 1-5 6 — 4 3-5 234-6 6 — 434-6 6 534 — 4 4-5 6 3 -534 — 5 -6 6 534 4 1-20 6 6 234-534 2 -6 4 9-10 594-6 6 234-6 3 9-16 534-594 6 234-6 6 434 334-6 4 6 6 3 -6 6 6 534 2 -6 6 6 434 4 -6 5 6 6 494-6 6 6 594 4 -6 594-6 594-6 534 — 4 -6 534-6 534 — 3 -6 534 534-6 — 3 -5 4 534-6 — 5 334-6 534-594 — 6 -6 6 534-594 — 594-6 6 534-594 — 4 -6 594-6 534 — 4 -6 594-6 534 — 434-6 594-6 534 — 6 594-6 594-6 — 6 -6 6 594-6 — 6 -6 6 6 — 5 -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 6 — 6 -6 6 6 4 -6 6 6 6 5 -6 6 6 534 — 6 -6 6 6 6 594-6 6 6 — 5 -6 6 534 — 5 -6 6 594-6 — 4 34-6 594-6 534 — 334-5 434 534-594 4 -6 534 534 534 90 days. Seven Four Five Six months. months. months. months. Range. Range. Range. Range. Range. 534-594 534 594 534-6 534-594 534-6 534-6 534-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 594-6 534-6 5 34-6 534-6 534-594 534-594 5 34-5 94 594-6 594-6 594-6 594-6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 594-6 594-6 534-594 534 534-6 534-5 94 594-6 534-6 534-594 534-6 534-6 534-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 594-6 594-6 594-6 594-6 594-6 594-6 594-6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 594-6 534-6 534-594 594-6 594-6 594-6 594-6 594-6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 594-6 594-6 594-6 594-6 594-6 594-6 594-6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 534-6 534-594 594-6 594-6 594-6 594-6 594-6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 594-6 594-6 594-6 594-6 594-6 594-6 594—6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — ~~ Double Names. Single Names. Choice Prime Good 60 to 90 4 to 6 4 io 6 Days.. Months. Months. 534-594 534-594 534-5 94 5 34-5 94 534-594 534-594 534-594 534-594 594-6 594-6 594-6 594-6 594-6 594-6 6 594-6 594-6 594-6 5 94-6 594-6 594-6 594-6 594-6 594-6 534-6 594-6 594-6 594-6 594-6 594-6 594-6 594-6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 594-6 594-6 594-6 534-594 594-6 534-594 534-594 534-594 534-594 534-594 534-594 534-594 534-594 594-6 594-6 594-6 594-6 594-6 594-6 6 594-6 594-6 594-6 594-6 594-6 594-6 594-6 5 94-6 594-6 5 94-6 594-6 594—6 594-6 594-6 594-6 594-6 594-6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 594-6 594-6 594-6 534-594 594-6 534-6 534-6 594-6 594-6 594-6 594-6 594-6 594-6 594-6 6 6 6 6 6 6 -634 6 6 -634 6 -634 6 -634 6 -634 6 -634 6 -634 6 -634 6 6 6 6 6 6 6 6 634 634-634 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 1918. WEEK Ending— 4 11 18 25 _Feb. 1 8 15 22 Mar. 1 8 15 22 29 -April 5 12 19 26 -May 3 10 17 24 31 .June 7 14 21 28 -July 5 12 19 26 Aug. 2 9 16 23 30 -Sept. 6 13 20 27 -Oct. 4 11 18 25 -Nov. 1 8 15 22 29 Dec. 6 13 20 27 ..Jan. I I NEW YORK NONEY MARKET. 92 MONEY MARKET AT NEW YORK—RATES IN 1917. CALL LOANS. 1917. At Stock Exchange. WEEK Ending— Range. 2 -27 15^-254 154-2 154-2 154-3 2 -3 2 -254 2 -254 154-254 2 -27 2 —27 2 -254 2 -254 254-254 2 -27. ‘ -3 5. 12. 19. 26 Feb. 2 9 16 Jan. oq Mar. 2 9 16 23 30 April 6 13 20 27. May 4 11. 18 25 June 1 8. 15 22. -4 254-454 -4 -3 2 -354 254-454 3 —4 4 -6 4 -6 2 -6 254-454 254-554 2 -10 154-3 154-254 2 —4 254-354 2 -3 254-6 254-6 3 -6 254-6 254-7 2 -6 254-454 2 —4 3 -4 4 —454 3 -4 354-454 2K-5K 2%-6 3 -5 5 -6 454—6 454-6 2Q 6 13 20. 27. Aug. 3. 10 17. 24. 31 Sept. 7. 14 21. 28. Oct. 5 12. 19. 26. Nov. 2. 9. 16. 23. 30. Dec. 7. 14. 21. 28. July Aver. 2 17 iy8 27 2% 254 254 27 27 27 27 27 254 254 254 254 354 354 254 2y8 37 37 454 554 454 37 3 554 254 254 254 37 27 37 47 47 37 57 47 4 37 4 4 37 4 4 4-5 47 37 57 6 57 COMMERCIAL PAPER. TIME LOANS. 30 days. 60 days. 90 days. Four Five Six Seven months. months. months. months. Range. Range. Range. Range. Range. Range. Range. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 37-4 3 -3J4 254-3 214-3 214-3 3J4—4 4 -454 4 4 354-4 354-4 37-37 37 37-4 354-4 37-4 354-454 4 -454 454-5 454-454 4 -454 4 -454 454-454 5 5 -554 454-5 4 -454 454 454-454 4 -454 4 -454 4 -4>4 454-454 4 -454 4 -454 5 -554 554 554 554-554 5 54-554 554-554 554 554-554 554-554 554-554 554-554 554 5 54 554 554 554 554 354-4 3 -354 3 254-3 254-3 4 4 -454 4 4 -454 354-4 354-4 354-354 354-354 354-4 354-4 354-4 4 -47 454-454 4 54-5 454-454 4 -454 4 -454 454-454 5 5 -554 454-5 454 454-454 454-454 4 -454 4 54-454 454- 454 454 454 454-454 5 -654 554 554 554-6 554-6 554-554 554 554 554 554 554 554-554 554-554 5 54-554 554-554 554-5 54 554-554 354-4 354 3 -354 2 54-3 254-3 4 4 -454 4 -454 4 -454 4 354-4 354-4 354 354-4 4 -454 4 -454 47-47 454 454-5 454 47-47 454-454 47-47 5 5 -57 454-5 454-454 454 454-454 4 54-454 454-454 454 454-454 454-454 454-5 554-554 57-57 554 554-6 554-6 554 554 554 554 554 554 554-554 554-554 554-554 554-6 554-6 554-6 354-4 354 3 -354 3 3 4 -454 4 -454 4 -454 4 -454 4 4 3M-4 354-4 4 -454 4 -454 4 -454 47-47 47-47 4%-5 47-47 454 454-454 47-47 5 5 -57 454-5 454-454 47 454-4 54 454 454 454-5 4 54-5 454-5 5 -554 554-554 554 554-554 554-6 554-6 554 554 554 554-554 554-554 554-554 554 554 554 -554 554-6 554-6 554-6 354-4 354-354 3 -354 3 3 -354 4 -47 4 -47 4 -47 4 -454 4 4 354-4 354-4 4 -47 4 -47 4 -454 4 54-454 454-454 454-5 454-454 454 454-454 454-5 5 5 -554 454-5 454-454 454 454-5 454-454 4 7-4 54 454-5 454-5 454-5 5 -554 554-554 554 554-554 554-6 554-6 554 554 554 554-554 554-554 554-554 554 554 554-554 554-6 554-6 554-6 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Double Names. Single Names. Choice Prime Good 60 to 90 4 to 6 4 to 6 Days. Months. Months. 37-47 37-37 37-37 37-37 37-37 4 -47 -47 -47 -47 -47 -47 -47 -4 7 -47 47-47 47 47-47 47-5 47-5 47-5 47-5 47-5 47-5 5 -57 5 -57 47-5 47-47 47-47 47-47 47-4 7 47-47 47-5 47-5 5 -57 5 -57 5 -57 5 -57 57-57 57-57 57-57 57-57 57-57 5 7-57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 37-47 37-37 37-37 3 7-3 7 37-37 4 -454 —454 -4 7 -47 -4 7 -4 7 -47 -47 -4 7 47-47 47 47 4 7-5 47-5 47-5 47-5 47-5 47-5 5 -57 5 -57 47-5 47-47 47-47 47-47 47-47 47-47 47-5 47-5 5 -57 5 -57 5 -57 5 -57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 554-554 57-57 57-57 57-57 57-57 57-57 1917. WEEK Ending— Jan. 5 12 19 26 Feb. 2 9 16 09 Mar. 2 9 16 23 30 April 6 13 20 27 May 4 11 18 25 June 1 8 15 22 29 July 6 13 20 27 Aug. 3 10 17 24 31 Sept. 7 14 21 28 Oct. 5 12 19 26 Nov. 2 47-47 4 4 37 37 47-47 47 47 47 47 47 47 47 47 47 47-47 7-5 5 57 57 57 -57 -57 -57 57-57 57 57 -57 -57 -57 -57 -57 57 -57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 57-57 57-5 57-3 57-5 5 7-6 57-5 5 7-5 9 16 23 30 Dec. 7 14 21 28 MONEY MARKET AT NEW YORK—RATES IN 1916. TIME LOANS. CALL LOANS. 1916. At Stock Exchange. 30 days. 60 days. 90 days. WEEK Ending— Jan. 7. 14. 21. 28. Feb. 4 11. 18. 25. Mar. 3. 10. 17. 24. April 7. 14. 21. May June July Aug. Sept. Oct. Nov. Dec. 5. 12. 19. 26. 2. 9. 16. 23. 30. 7. 14 21. 28. 4 11. 18. 25. 1. 8. 15. 22. 29. 6. 13. 20 27. 3 10 17. 24. 1. 8. 15. 22. 29. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis COMMERCIAL PAPER. Four Five Seven Six months. months. months. months. Range. Aver. Range. Range. Range. Range. Range. Range. Range. 154-3 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-254 154-254 154-2 154-2 154-2 154-2 154-254 154-3 2 -254 2 -254 154-254 154-254 2 154 154 154 154 154 154 154 154 2 154 154 154 154 2 254 254 254 254 154 254 254 354 3 254 254 354 454 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 354 454 554 454 4 3 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — ~~ 254-254 254-254 254-254 2 54-254 254-254 254-254 254-254 254-254 254-254 254-254 254-3 254-3 254-254 254-3 254-3 254-3 254-3 254-3 254-254 254-3 254-3 254-3 254-354 354 354-354 354-354 354-354 454 354-354 354-354 254-3 254-3 254-3 254-3 254-3 254-3 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 3 254-3 3 3 -354 4 4 -47 454-454 454-454 4 -454 27 254 254 254 254 254 254 254 254-3 254 254-3 254-3 254-3 254-3 254-3 254-3 254-3 254-3 254-3 254-3 254-3 254-3 3 -354 354 354 354-354 354-4 454 354-4 354-354 354-354 3 -354 3 -354 3 -354 3 -354 3 -354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354 3 -354 3 -354 354-354 4 -454 4 454-454 454-454 4 -454 254-3 254-3 254-3 254-3 254-3 2%-3 254-3 254-3 3 -354 3 3 -354 3 3 3 3 3 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 354 354-4 354-354 354-4 454 4 354-4 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354 354 354 354 354- 354 354-354 3 -354 354 354 4 -47 4 -47 4 -454 4 -47 4 -454 3 3 3 3 3 3 254-3 254-3 3 -354 3 -354 3 -354 3 3 3 3 3 -354 354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 354 354-4 354-4 4 454-454 4 -454 354-4 354-4 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354 354 354 354 354 354-354 354 354-354 354 4 -454 4 -454 4 -454 4 -454 4 -454 3 3 3 3 3 3 254-3 254-3 3 -354 3 -354 3 -354 3 3 3 3 3 -354 354 3 -354 3 -354 3 -354 3 -354 3 -354 354 354 354-4 354-4 4 47-47 4 -454 354-4 354-4 354 37-37 37-37 37-37 37-37 37-37 37-37 37-37 37 37 37 37 37-37 354 37-37 37 4 -47 4 -47 4 -47 4 -454 4 -454 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — "" 254-354 254-4 254-354 254-354 254-4 3 -454 254-6 2 -3 2 -254 2 -254 2 -254 2 -254 2 -254 254-3 254-3 254-3 254-3 2 -3 2 -254 2 —4 254-4 2 -27 2 -254 2 -254 2 -254 2 -47 4 -654 3 -15 354-10 2 -5 254-354 Double Names. Single Names. Choice Prime Good 60 to 90 4 to 6 4 to 6 days. months. months. 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -57 3 -354 3 -354 3 -354 3 -354 37-37 354-354 354-354 354-354 354-4 4 4 -454 354-4 354-4 354 354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-354 354-4 354-4 354-4 354—4 354-454 3 -354 37 3 -354 37 3 -354 37 3 -354 37 3 -354 37 3 -354 37 3 -354 37 3 -354 37 3 -354 37 3 -354 37 37 3 -354 37 3 -354 3 -354 37 3 -354 37 3 -354 37 3 -354 37 3 -354 37 3 -57 37 3 -354 37 3 -354 37 3 -354 37 37 3 -354 4 37-37 4 37-37 4 37-37 4 37-37 354-4 454 4 47-47 4 -454 47 354-4 47-47 354-4 47-47 4 -454 354 4 -454 354 4 37-37 4 37-37 4 37-37 4 37-37 4 37-37 4 3 54-354 4 37-37 4 3 54-354 4 354-354 354-4 37-37 37-37 354-4 37-37 354-4 37-37 354-4 37-37 354-4 354-4 4 -454 354-4 4 -454 354-4 4 -454 354-4 4 -454 354-454 47-47 1916. WEEK Ending— .Jan. 7 14 21 28 -Feb. 4 11 18 25 .Mar. 3 10 17 24 31 -April 7 14 21 28 .May 5 12 19 26 .June 2 9 16 23 30 July 7 14 21 28 -Aug. 4 11 18 25 -Sept. 1 8 15 22 29 -Oct. 6 13 20 27 ..Nov. 3 10 17 24 ..Dec. 1 8 15 22 29 93 NEW YORK MONEY MARKET MONEY MARKET AT NEW YORK—RATES IN 1915. 1915. WEEK Ending— 8, 15. 22. 29. Feb. 5. 12. 19. 26. Mar. 5. 12. 19. 26. April 9 Jan. 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.. At Stock Exchange. 30 days. 90 days. 60 days. Range. Aver. Range. Range. Range. 2 -3 154-254 154"2 154-254 154-254 154—254 154-254 154-2 154-2 154-254 154-2 1^-2 154-254 154—254 2 -2y2 154-254 154-254 154-254 154-254 1 -254 1 -254 1 -2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154~2 154“2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-2 154-254 154-254 2% 254 154 154 2 2 2 154 154 2 154 154 2 2Ye 254 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — zy2 3A-3A 3A 3 2/4—3 2/4—3 2^-3 2 54—3 2J4-3 254-3 254-3 2J4-3 2J4-3 254 254-3 3 3 254 254 3 3 254-254 254-254 254-254 254 254 254 2 ?4 254 2 >4-2 54 3 3 254 254 254 254 254 254 254 254 254 254 254 254 244 254 254 254 2 >4 2 >4 2 >4-2 54 2 >4-2 54 254-254 2 2 2 2 2 154 YA 154 154 154 1 54 YA 154 154 154 154 154 k3 A kA kVs 154 154 154 154 154 154 154 154 154 154 154 154 154 l 1A 154 2 COMMERCIAL PAPER. TIME LOANS. CALL LOANS. — — — — — — — — — — — — — 2 3A 254 254-254 254-254 254-254 2A-2A 2A-2A 254-254 2A-2A 254 254 2A 254-254 2A 2A 2A-2A 2A-2A 2A-3 2A-23A 254-254 2y2 254-254 254-254 2A-2A 254-254 254-254 254-254 254 2A-2A 2A-2A 2y2 2y2 254 2y2 2y2 2y2 254-254 254-254 2 54-254 254-254 2y2 2y 2y2 2y 254-254 254-254 254 254 254-254 254-254 254-254 Eour Five Seven Six months. months. months. months. Range. Range. 354-4 354 354-354 354 354 354-354 354-354 354-354 354 354 3 -354 3 -354 354 354-354 354-354 354-354 3 -354 3 -354 354-354 354-354 3 -354 3 -354 254-3 254-3 254-3 254-3 254-3 254-3 3 354-354 354-354 3 -354 3 -354 354 354 3 354 3 3 -354 254-3 254-3 3 254-3 254-3 3 3 254-3 3 254-3 3 254-3 3 254-3 3 254-3 254-3 254-3 254-3 254-3 254-254 254 254-254 254 254-3 254-3 254-3 254-3 254-3 254-3 354-354 3 >4—354 3 —354 3 3 3 3 -354 3 -354 3 3 3 3 3 -354 3>4 3>4 354 3 3 3 >4 3 -354 254-354 254-3 254-3 254-3 254-3 254-3 254-3 254-3 254-3 354 354 3 3 3 3 Range. Range. 354-4 354 354-354 354 354 354-354 354-354 3 54-'’54 354 354 354 3 -354 354 354-354 354 354-354 3 -354 354 354-354 354-354 3 -354 3 -354 3 -354 254-3 3 -354 3 -354 3 -354 3 -354 354 354 354 3 -354 3 -354 354 354 354 3 -354 3 3 3 -354 3 -354 3 -354 3 3 -354 3 254-3 254-3 254 254 3 3 3 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Double Names. Single Names. Choice Prime Good 60 to 90 4 to 6 4 to 6 Days. Months. Months. 354-4 354-4 354-4 354-4 354-4 354-4 354-4 354-4 354-354 354-354 354-354 354-354 354-354 354-354 354-4 354-4 354-354 354-354 354-4 354-4 354-4 354-4 354-4 354-4 354-4 3 -354 3 -354 3 -354 3 -354 3 -354 354-354 354-354 354-354 354-354 354-354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 3 -354 254-3 254-3 254-3 3 -354 3 -354 3 -354 3 -354 354-4 4 54-454 354-4 454-454 354-4 454- 54 354-4 454-454 354-4 4 54-454 354-4 4 54-454 354-4 454-454 354-4 454-454 354-354 4 -454 354-354 354-4 354-354 354-4 354-354 354-4 354-354 354-4 354-354 4 -454 354-4 454-454 354-4 454 3 54-354 4 -454 354-354 4 -454 354-4 454 354-4 454 354-4 454-454 354-4 454 354-4 454 354-4 454 354-4 454 3 -354 354-4 4 3 -354 4 3 -354 3 -354 354-4 3 -354 354-4 3 54-354 4-454 4 354-354 4 354-354 4 354-354 4 354-354 3 -354 354-4 3 -354 354-4 3 -354 354 4 3 -354 4 3 -354 4 3 -354 4 3 -354 3 -3 54 354-354 3. -354 3 54 -354 3 -354 354 254-3 354-354 254-3 354-354 254-3 354-354 3 -354 354 3 -354 354 3 -354 354 3 -354 354 1915. WEEK Ending— 8 15 22 29 Feb. 5 12 19 26 Mar. 5 12 19 26 ..Apr 1 2 ..Jan. 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 MONEY MARKET AT NEW YORK—RATES IN 1914. TIME LOANS' CALL LOANS. 1914. WEEK Ending— At Slock Exchange. Range. Jan. x2. 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. Aver. 4A-10 454 2 -5 354 154-3 254 2 154-254 2 154-2 154-3 154 154-2 154 154-2 154 154-2 154 154-2 154 2 154-2 2 154-2 154-2 154 154-2 154 154-2 154 154-2 154 154-2 154 1 V>-2 154 154-2 154 154-2 154 154-2 154 154-2 154 154-2 154 154-2 154 154-2 154 154-2 154 154-254 154 2 -3 254 2 -3 254 154-254 254 2 —7 354 6 -8 7 6 -8 6 6 -8 6 6 -8 6 6 6 -8 6 -8 6 6 -8 6 •6 6 -8 6 -8 6 6 -8 6 6 6 -8 6 6 -7 6 554-7 6 -6 6 4 54-6 554 5 454-6 454 454-554 354-5 454 3 -4 354 3 -354 354 254-3 254 3 254-354 60 days. 30 days. Range. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Range. Range. 454-5 454-5 4 354—4 354 354-354 254-3 354-354 254-254 3 -354 254 3 -354 3 254-254 3 254 3 254 254-3 3 -354 254-3 354 254-3 254-3 254-3 254-3 254 254-254 254-254 254 254 •254-254 3 3 254-3 254-3 254-254 254 254 254-254 254 254 254 254 2 254 254 254 254 254 254 254 254-254 254-3 254-254 2 54-3 2 54-254 254-3 '354 254 Nomina Hy 6% f 8 8 6 -7 6 -7 8 8 6 6 6 6 6 6 6 6 6 8 -8 -8 -8 -8 -7 -8 -7 -654 -654 6 554-554 454-5 454-454 4 -454 4 354-4 354-4 3 54-3 54 * Covers only the portion of the week falling in 1914. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 90 days. 8 -8 -8 -8 -8 -7 -8 -7 -654 -654 6 554-554 454-5 454-454 4 -454 4 354-4 354-4 354-354 6 6 6 6 6 6 6 6 6 COMMERCIAL PAPER. Four Five Six Seven months. months. months. months. Range. 454-5 4 -454 354 354 354 354 3 -354 3 -354 354 354 354-354 3 -354 3 254-3 254-3 254-3 354 3 -354 254-3 254-3 254-3 254-3 254 254-3 254-3 3 3 3 -354 354 354 or all d 7 6 -7 8 Range. 454-5 4 -454 4 354 354-354 354-354 3 54-3 54 3 54-354 354-354 354-354 354 354-354 354 254-3 254-3 254-3 354 354-354 3 3 3 3 254 3 3 -354 3 -354 354-354 354-354 354 354-4 ates. 6 6 -7 7 -8 8 8 6 -8 8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -754 6 -7 6 -7 6 -654 6 -654 6 -654 6 -654 6 6 6 -554 5 -554 454-5 454-5 4 54-454 4 54-454 4 -454 4 -454 4 -454 4 -4W 354-4 354-4 354-4 354-4 354-4 354 Range. 454-5 4 -454 4 -454 4 354 354 354-354 354 354-354 354-354 354-354 354-354 354 3 3 3 -354 354 354-354 3 -354 3 -354 3 3 -354 3 3 -354 354 354-354 354-4 354—4 4 4 -454 6 6 -7 7 -8 7 -8 7 -8 7 -8 6 -8 6 -8 6 -7 6 -7 6 -7 6 -654 6 -654 554-6 5 -554 454-5 454-454 4 -454 4 -454 354-4 354-4 354-4 Range. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Double Names. Single Names. Good Choice Prime 60 to 90 4 to 6 4 to 6 Days. months. months. 554-554 5 -554 454-454 4 -454 4 -454 354-4 354-4 354-4 354-4 4 -454 4 -454 354-4 354-354 354-354 354-354 354-354 354-4 354-4 354-4 354-4 354-4 354-4 354-4 354-4 354-4 354-454 354-454 3 54-4 54 4 -4t4 4 54-454 5 -554 554-6 6 -654 654-7 654-7 654-7 6 -7 654-7 654-7 654-7 654-7 6 -7 6 -654 6 -654 6 -654 554-6 5 -554 454-5 454-5 454-454 4 -454 4 -454 4 -454 554-554 5 -554 454-454 4 -454 4 -454 354-4 354-4 354-4 354-4 4 -454 4 -454 354-4 354-354 354-354 354-354 354-354 3 54-4 354-4 354-4 3 54-4 354-4 354-4 354-4 354-4 354-4 354-454 3 54-454 354-454 4 -454 454-4 54 5 -554 554-6 6 -654 654-7 6 54-7 6 54-7 6 -7 654-7 654-7 654-7 654-7 6 -7 6 -654 6 -654 6 -654 554-6 5 -554 454-5 454-5 4 54-454 4 -454 4 -454 4 -454 6 -654 554-554 5 -554 454—5 454-5 4 54-454 454-454 454-454 454-454 4 54-4 54 454-4 54 454-454 4 -454 4 -454 4 -454 4 -454 454-454 454-4 54 454-454 454-4 54 4 54-4 54 4 54-4 54 4 54-4 54 454-4 54 454-454 454-454 454-454 454-454 5 5 6 654 654-7 7 -754 754 754 754 754-8 754 754-8 754-8 8 7 -754 7 -754 7 654-7,' 6 -654 5 54-6 5 -554 454-5 454-5 454-5 454-454 1914. WEEK Ending— ---------- Jan. ............. ............. ............. . ........... .............Feb. ............. . ........... ______ ______ Mar. ............. . ........... ............. ______ April ............. ______ ............. ______ May ............. ............. ______ ............. ______ June ______ ............. x2 9 16 23 30 6 13 20 27 6 13 20 27 3 10 17 24 1 8 15 22 29 5 12 19 3 10 17 24 31 .Aug. 7 14 21 28 .Sept. 4 11 18 25 .Oct. 2 .July 9 16 23 Nov. 6 13 20 27 Dec. 4 11 18 24 31 WEEKLY RETURNS OF THE FEDERAL RESERVE BANKS. The following tables we have prepared from the weekly statements issued by the Federal Reserve Bank of New York and by the Federal Reserve Board. Beginning wilk i he figures for the week ended June 22 1917, the returns are made to conform to the amendments to the Federal Reserve Act approved by the President on June 21 1917. By Section 7 of the amendments gold and gold certificates held by Federal Reserve Agents as collateral against Reserve notes issued now count as part of the gold reserve against Federal Reserve notes in actual circulation and the Reserve Agents’ accounts are incorporated in the accounts of the Reserve banks on both sides of the balance sheet. Another change (as explained on page 103) was in the alteration of the reserves of the member banks and the requirement that the whole of such reserves must be kept on deposit with the Federal Reserve banks. This has greatly increased the gold holdings of the Reserve banks and also their reserve deposits. In addition, numerous State banks and trust companies in their desire to strengthen the position of the Reserve banks decided to join the Reserve system, especially after President Wilson’s appeal to that effect in October 1917. STATEMENT OF RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANK OF NEW YORK FOR EACH WEEK OF THE RESOURCES. Three ciphers (000) omitted. Gold Coin & Gold Certificates. In Vault. In Redemp tion Fund. Total Gold. Legal Tender Notes, Commer Bankers’ Silver & Total cial Accep Subsid. Reserve. Paper. tances. Coin. $ 82,235-86,15387,71390,94685,196- 82,235 86,153 87,713 90,946 85,196 $ 16,864 7,503 4,139 5,248 7,090 $ 99,099 93,656 91,852 96,194 92,286 -96,474-98,881-98,396-98,991- 96,474 98,881 98,396 98,991 9,756 9,334 15,729 15,334 106,230 108,215 114,125 114,325 -1,5 -1,3 —7 -2,2 5............. 12.............. 19............. 26.............. April— 2............. 9.............. 16 ............. 23............. 30 .............. May— -98,763-97,201-98,023-96,260- 98,763 97,201 98,023 96,260 11,956 10,622 11,490 13.321 110,719 107,823 109,513 109.581 -3,6 -3,7 -4,4 -5,0 -94,634-95,37894,307-95,113-91,940- 94,634 95,378 94,307 95,113 91,940 16,329 20,778 18,669 17,324 15.321 14............. 21.............. 28............. June— -95,804- -96,824-98,643- 95,804 96,824 98,643 103,464 108,4083,599 100 034------4,478 ------ 107, 985------2,356 ------ 127, 044------55 5,846 117,093 55 7,125 112,132 55 10,151 113,001 13,733 114,326 55 January— 1........... 8........... 15 .............. 22.............. 29 .............. February— 5.............. 12............. 19.............. 26............. March— 7______ 11............. 18 25................ July— 2................ 9................ 16.............. 23................ 30................ August— 6................ 13................ 20............... 27............. September— 3................ 10................ 17................ 24................ October— 1................ 8................ 15................ 22................ 29............... November— 5................ BSi , 12................ 19.............. — 26............. December— 3................ 10................ 17................ 23................ 30................ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 112,441 113,219 113,521 113,502 18,009 113,668 13,369 113,558 13,532 120,346 3,189 131,027 $ 279 566 1,683 1,471 1,014 —5 -5,0 -5,2 -5,2 -5,2 11,090 18,466 20,059 19,833 $ 104,885 115,025 121,091 126,218 120,949 32968530- 1,532 1,396 785 2,230 -5,3 -5,7 -5,3 -6.9 14,861 13,013 5,554 8,946 129,623 129,200 127,096 132,734 04651480- 3,604 3,765 4,414 5,080 -6,9 -6,9 -7,4 -7,2 7,393 8,792 9,682 8,026 ----- 2,2 ----- 1,1 ----- 2,1 129,058 129,497 132,152 132,133 110,963 116,156 112,976 112,437 107,261 5,499 5,842 6,211 6,044 6,118 -7,4 -7,5 -7,7 -7,8 -8,1 9,427 4,817 7,264 11,417 15,792 ----- 2,5 -------- 9 ----- 2,4 ------2,1 ------3,1 135,907 135,350 136,653 139,954 140,458 21,239 24.726 25,487 21.223 117,043 121,550 124,130 124,687 5,501 4,851 4,189 3,597 -9,3 -9,4 -9,6 -9,5 8,494 4,045 869 ------2,0 ------3,0 ------2,1 ------3,4 142,404 142,952 140,956 141,286 103,345 108,408 103,633 112,463 24,961 35.224 38,948 37,619 128,306 143,632 142.581 150,082 4,573 5,196 4.872 5,171 -7,3 -2,1 ------2,7 ------1,6 3,304 4,466 142,924 152,621 153.395 163,118 129,400 122,994 119,312 123,207 128,114 16,123 12,710 17,601 16,301 12,736 145,523 135,704 136,913 139,508 140,850 5,343 5,464 5,206 5,688 6,124 2,965 3,807 5,474 4,584 6,263 158,260 149,762 152,717 155,101 159,252 55 123,411 55 126,093 55 126,194 55 129,293 15.726 11,020 17,573 10,823 139,137 137,113 143,767 140,116 6,338 6,516 6,564 6,511 7,689 6,537 7,191 7,245 160,647 157,726 164,941 165,062 55 55 55 55 131,732 126,982 133,933 134,271 10,650 12,657 9,510 16,594 142,382 139,639 143,443 150,865 5,989 5,877 5,925 5,420 8,156 8,656 7,600 7,988 166,118 163,622 166,388 173,920 103,464- 10,915 12,819 12,618 15,736 United States Bonds. Due Munici from Federal pal Fed. Res. Reserve A» Other War Banks Notes Total (Net). Reso’ces. Reso’ces. rants. (Net). 515 629 593 585 587 I 5,343 5,545 5,383 5,226 5,283 1,318 8,928 9,089 8,872 9,781 11,376 172,282 175,576 174,669 188,948 190,304 173,869 172,544 176,511 184,941 5,383 4,963 5,181 5,630 642 9,498 11,457 12,273 13,442 195,823 196,544 205,220 214,825 26,856 184,160 21,287 173,943 21,060 182,771 4,000 184,108 7,477 183,214 5,879 6,110 6,820 7,779 8,952 11,755 15,584 15,287 14,163 15,877 208,792 202,493 206,752 208,227 209,753 5,032 1,954 6,274 3,734 4,492 133,071 133,952 129,903 132,752 129,981 55 55 55 55 55 138.158 135,961 136,232 136,541 134,528 10,107 15,368 13,360 28,495 30,344 148,265 151,329 149,592 165,036 164,872 3,735 3,006 2,891 3,885 144,470 143,818 147,884 151,218 55 55 55 55 148,260 146,879 150,830 155.158 25,609 25,665 25,681 29,783 9,415 994 8,021 6,613 6,717 147,834 151,607 153,635 173,377 168,965 55 55 55 118 55 157,304 152,656 161,711 180,108 175,737 $ 459 417 392 439 403 Three ciphers (000) omitted. 1915. January— 1............ 8________ 15-----------22................ 29________ February— 5________ 12............... 19________ 26________ March— 5................ 12............ 19______ 26________ April— 2________ 9________ 16________ 23________ 30............ May— ii:::z:::: 21________ 28________ June— 4________ 11......... .. 18________ 25________ July— 2________ 9________ 16________ 23________ 30________ August--6________ 13________ 20________ 27________ September— 3.......... .. 10________ 17................ 24________ October— 1.......... .. 8________ 15_______ 22............ 29________ November— 5................ 12........... 19............... 26_______ December— 3............... 10________ 17................ 23................ 30................ Capital Paid In. Due to Reserve Federal Deposits Reserve Banks (Net). (Net). $ $ 3,322 101,563 3,322 111,703 3,322 117,769 3,394 122,824 3,604 117,345 S that is, ,000 omitted. FEDERAL RESERVE NOTES. LIABILITIES. Bills Discounted & Bought. All Other Liabili ties. Total Liabili ties. Commer Gold De cial Federal Federal posited Paper Reserve Reserve with deposited Notes in Reserve Federal Hands Notes Out Agent. Reserve of standing. Agent. Bank. $ 104,885 115,025 121,091 126,218 120,949 $ 10,000 $ 9,915 10,600 129,623 129,200 127,096 132,734 129,058 129,497 132,152 132,133 135,907 135,350 136,653 '1,804 139,954 2,001 140,458 $ Federal Acct. of Reserve Federal Notes in Reserve Circu Notes: lation. Net Assets. 85 $ 5,481 $ 4,519 5,396 10,170 430 2,840 7,760 2,410 11,800 11,561 239 419 11,381 180 19,040 18,833 207 2,248 16,792 2,041 25,040 27,040 24,859 26,859 181 181 3,328 23,712 3,147 142,404 142,952 140,956 141,286 27,040 29,440 29.440 31,840 26,859 29.259 29.260 31,660 181 181 180 180 3,358 28,482 3,178 32.260 34,920 37,920 40,320 180 180 180 180 3,484 4,646 34,616 35,854 3,304 4,466 3,145 3,987 5,674 4,784 6,463 37,355 38,913 39,646 40,536 41,257 2,965 3,807 5,474 4,584 6,363 $ 6,633 6.640 6.641 6,638 122,990 122,560 120,455 126,096 6,638 6.638 6.639 6.640 122,420 122,859 125,513 125,493 6,640 6,667 6,686 6,692 6,985 129,267 128,683 129,967 131,458 131.472 9,944 9,959 9,962 9,962 129,444 127,864 128,962 127,474 1,156 3,016 5,129 2,032 2.694 9,962 9,962 9,962 9,962 127,330 133.472 131,757 141,844 2,563 4,492 7,670 8,895 3,069 142,924 4.695 152,621 4,006 153,395 2,417 163,118 32.440 35,100 38,100 40,500 9,962 135,421 10,536 135,131 10,559 136,630 10,812 141,409 10,824 142,411 11,409 2,151 3,818 1,660 4,490 1,468 1,944 1,710 1,220 1,527 158,260 149,762 152,717 155,101 159,252 40,500 42,900 45,320 45,320 47,720 40,320 42,720 45,120 45,120 47,520 180 180 200 200 200 10,982 144,355 10,982 138,900 10,982 146,697 10,978 150,128 3,769 5,904 5,271 2,601 1,541 1,940 1,991 1,355 160,647 157,726 164,941 165,062 50,120 50,120 51,720 52,820 49,920 49,950 51,550 52,550 200 170 170 270 7,889 6,707 7,361 7,515 42,231 43,413 44,359 45.305 7,689 6,537 7,191 7,245 10,982 10,982 10,982 10,986 147,299 147,506 149,079 154,172 4,521 2,270 3,605 6,301 3,316 2,864 2,722 2,461 166,118 163,622 166,388 173,920 55,220 56,820 56,820 59,220 54,950 56,550 56,550 58,950 270 270 270 270 8,426 8,926 7,870 8,258 46,794 47,894 48,950 50,962 8,156 8,656 7,600 7,988 10,987 10,987 10,987 11,047 11,047 152,737 157,806 161,355 170,920 174,443 6,092 4,404 2,466 2,379 2,327 2,575 2,416 172,282 175,576 174,669 188,948 190,304 61,620 64,020 65,520 67,920 70,960 61,350 63,750 65,300 67,700 70,740 270 270 220 220 220 9,198 9,359 9,092 10,001 11,596 52,422 54,661 56,428 57,919 59,364 8,928 9,089 8,872 9,781 12,376 11,077 11,059 11,060 11,060 175,252 181,710 176,414 183,438 13,998 16,433 2,914 3,775 3,748 3,894 195,823 196,544 205,220 214,825 70,960 74,360 76,760 79,164 70,790 74,190 76,590 79,010 170 170 170 150 9,668 11,627 12,443 13,592 61,292 62,733 64,317 65,568 9,498 11,457 12,273 13,442 11,062 11,065 11,063 11,063 11,063 178,810 174,347 180,653 182,334 183,208 10,624 10,120 8,284 7,468 8,010 8,296 6,961 6,752 7,362 7,472 208,792 202,493 206,752 208,227 209,753 79,160 83,bbo 85,960 87,040 89,440 79,020 83,420 85,820 86,900 89,300 140 140 140 140 140 11,895 15,724 15,427 14,303 16,017 67,265 67,836 70,533 72,737 73,423 11,755 15,584 15,287 14,163 15,877 :::::: :::::: 4,406 2,398 6,580 4- :::::: FEDE RAL RESER VE BANK STATE MENTS. In Settle ment Fund. YEAR 1915— Stated in thousands of dollars; sO STATEMENT OF RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANK OF NEW YORK FOR EACH WEEK OF THE YEAR 1916.—Stated RESOURCES, Three ciphers (000) omitted. Gold Coin & Gold Certificates In Settle ment Fund. In Re In demption Vaults. Fund. Total Gold. Investments. United Stales Bonds. Munici pal War rants. Total. Federal Due from All Other Total Re Re Reserve Fed. Res. Notes Banks sources. sources. (Net). (Net). 8,707 7,253 10,326 11,346 $ 169,138 159,451 155,783 160,184 172 178,017 162 166,866 55 166,164 114 171,644 * S 5,379 183,396 4,478 171,344 3,297 169,462 3,742 175.386 234 206 175 209 9,548 10,266 10,587 10,455 9,782 10,472 10,761 10,663 $ 6,128 7,238 7.189 7,060 S 6,128 7,238 7,189 7,060 17,822 21,499 23,629 25,185 February— 4.. .. 11.... 18—. 25— . 15,664 10,964 8,505 6,499 149,569 150,820 156,198 160,218 103 165,336 55 161,839 236 164,940 236 166,954 3,898 169,233 5,076 166,916 8,745 173,684 7,656 174,610 203 174 169 168 11,183 12,217 12,823 12.556 11,386 12,391 12,992 12,723 7,698 9,713 9,629 9,629 7,698 9,713 9,629 9,629 25,555 21,073 16,991 16,791 March— 3—. 10—. 17.—. 24— . 31—. 9,738 5,790 7,771 10,587 6,329 159,536 156,971 155,099 162,239 161,707 250 250 250 250 250 169,523 163,011 163,120 173,076 168,286 4,318 173,842 10,569 173,581 2,518 165.639 3,382 176,458 1,855 170,141 256 291 295 307 397 13,580 13,362 14,557 14,725 15,193 13,836 13,653 14,852 15,032 15,589 2,670 3,152 3,202 12,738 13,223 13,433 13,378 14,493 12,738 13,223 16,103 16,530 18,195 15,132 14,501 14,490 14,139 14,325 April— 7.. .. 14___ 21—. 28—.. 8,106 6,342 4,927 9,689 156,763 156,890 152,544 140,410 250 250 250 250 165,119 163.483 157,721 150,349 388 439 415 411 16,072 16,832 16,864 17,748 16,461 17,271 17,279 18,158 3,982 4,082 4.082 4,082 14.824 15,165 15,156 15,493 18,805 19,246 19,238 19,575 13,864 10,480 9,888 9,630 2,463 1,633 9,679 14,441 150,145 153,991 159,164 159,309 393 325 337 324 17,692 17,591 17,941 17,595 18,085 17,916 18,278 17,919 5,009 5,009 5,022 5,021 16,126 16,313 17,074 17,100 21,135 21,322 22,095 22,121 14,338 14,056 14,434 17,286 May— S 4,499 4,553 1,637 4,509 169,618 168,035 159,358 154,858 $ $ S 147 894 1,270 2,080 809 2,303 974 Three ciphers (000) omitted. Due to Reserve Govern Federal All Other Total Reserve Liabili Liabili Capital Deposits ment ties. Paid in. (Net). Deposits. Banks ties. (Net). 415 441 345 614 217,542 211,142 212,281 220,179 January 7— 14.. 21 — 28— 8 11,058 11,058 11,058 11,058 S 187,376 186,944 188,298 195,592 4,502 5,507 5,431 5,507 431 394 395 380 216,383 211,296 213,691 214,133 February4.. 11 — 18.. 25.. 11.058 11,057 11,092 11,092 193,095 190,200 185,445 184,817 6,826 4,474 6,120 7,936 3S3 377 d72 395 318 215,930 215,335 213,758 222,554 218,569 March— 3— 10— 17.. 24.. 31.. 11,107 186,404 11,122 189,215 11,122 189,695 11,122 194,417 11,122 186,895 10,819 7,623 8,477 9,632 10,560 2,796 2,484 330 306 277 298 219,077 215,338 206,040 203,494 April— 7„ 14.. 21 — 28.. 11,123 188 425 11,291 190,598 11,297 183,773 11,299 180,448 8,327 6,024 6,248 8,186 323 311 323 281 204,673 207,596 214,294 216,915 11,299 11,282 11,283 11,283 183,606 186,008 184,624 188,085 11,281 11,281 11,281 11,281 11,281 5 Federal Reserve Notes Outstand ing. Commer Gold De cial Paper Federal posited with deposited Reserve Notes in Federal with Reserve Fed. Res. Hands of Bank. Agent. Agent. 7,521 7,633 7,493 8.023 217,542 211,142 212,281 220,179 S 91,840 94,240 94,240 94,240 S 91,740 94,189 94,189 94,240 5,403 5,565 5,683 6,544 216,383 211,296 213,691! 214,133 94.240 89.240 85.065 77,635 4,803 4,891 4,464 4,566 3,590 215,930 215,335 213,758 222,554 218,569 6,761 3,923 632 4,441 3,501 4,090 3,560 8,198 6,413 6,608 8,753 1,755 10,360 7,190 177,058 182,733 184,776 183,557 181,280 10,292 10,821 12,757 15,681 29,311 7— 14.. . 21.. . 28— 11,281 178,067 11,596 182,017 11,594 189,966 11,596 189,140 40,399 34,169 18,085 18,300 May— 5— 12.. $ Federal Reserve Notes in Circula tion. 17,921 21,550 23,681 25,185 $ 73,919 62,690 70,559 69,055 94.240 89.240 85,065 77,635 22,235 16,898 16,991 13,230 72,005 72,342 68,074 64,405 75,897 75,707 75,471 75,238 75,125 75,897 75,707 75,471 75,238 75,125 15,132 14,501 14,489 14,139 14,325 60,765 61,206 60,982 61,099 60,800 219,077 215,338 206,040 203,494 74,959 71,249 71,056 70,791 74,959 71,249 71,056 70,791 10,384 10,480 9,888 9,630 64,575 60,769 61,168 61.161 1,570 2,138 1,419 1,605 204,673 207,596 214,294 216,915 73,307 72,952 72,645 74,742 73,307 72,952 72,645 74,742 14,338 14,056 14.434 13,986 58,969 58,886 58,211 60,756 9,165 5,537 2,513 2,823 6,522 1,432 2,026 1,760 2,609 1,502 209,229 212,397 213,087 215,951 229,896 74,399 70,653 70,447 70,089 69,474 74,399 70,653 70,447 70,089 69,474 13,795 13,833 13,984 13,718 13,821 60,604 56,820 56,463 56,371 55,653 12,527 1,180 1,281 1,341 2,282 243,453 229,063 222,790 224,942 71,060 70,731 66,933 66,481 71,060 70,731 66,933 66,481 14,997 11,554 11,826 11,775 56,063 59.177 55,107 54,706 3,013 3,528 2,857 3,006 219,858 218,625 224,074 221,412 68,041 67,613 67,270 69.345 68,041 67,613 67,270 69,345 13,269 12,501 12,383 14,015 54,772 55,112 54,887 55,330 $ 7,087 5,351 3,744 2,817 6,401 $ 100 52 52 5—.. 12—. 19—.. 26— 8,602 8,073 4,093 2,045 138,830 144,036 145,142 142,261 250 147,682 250 152,359 250 149,485 561 144,867 June— 2—. 9.. .. 16.... 23.. . 30. — . 9,374 4,718 3,678 4,055 3,927 139,848 152,385 156,824 156,378 156,391 250 250 250 250 250 149,472 157,353 160,752 160,683 160,568 6,349 11,080 5,818 7,762 20,612 155,821 168,433 166,570 168,444 181,180 314 415 404 433 448 18,278 19,685 22,087 23,342 23,484 18,592 20,100 22,490 23,774 23,932 5,020 5,020 5,020 4,995 5,008 12,378 4,658 4,627 4,726 5,639 17,399 9,679 9,648 9,721 10,647 17,095 13,833 13,984 13,718 13,821 323 352 395 292 316 209,229 212,397 213.087 215,951 229,896 7.. . 14.. . 21.. . 28— 4,761 4,367 6,010 10,824 157,227 162,823 154,815 150,469 250 250 250 250 162,238 167,440 161,075 161,543 31,223 193,461 4,763 172,203 7,426 168,501 10,160 171,703 370 325 281 390 23,357 28,108 29,449 28,489 23,727 28,434 29,730 28,879 5,014 5,014 5,014 4,742 6,010 7,500 7,331 7,389 11,024 12,514 12,545 12,131 14,997 15,054 11,826 11,775 243 632 189 454 243,453 229,063 222,790 224,942 August--4.. . 11 —. 18.... 25— . 13,620 14,286 9,965 11,077 144,2 37 145,450 149,096 147,557 250 250 250 250 158,107 159,986 159,312 158,885 4,334 162,441 4,499 164,485 10,415 169,727 5,625 164,509 541 555 533 664 29,270 28,910 29,412 29,422 29,810 29,465 29,945 30,086 4,665 4,502 4,502 4,502 7,353 7,429 7,276 7,276 12,018 11,931 11,778 11,778 13,269 12,501 12,383 14,015 195 244 241 361 219,858 218,625 224,074 221,412 August--4— 11 — 18... 25— 11,571 186,060 11,571 181,010 11,571 194,098 11,596 193,932 19,214 16,765 14,895 12,878 5,752 653 September— 1.. .. 8.... 15.. .. 22 — .. 29.. .. 10,635 5,819 11,747 9,857 11,719 146,369 155,519 155,158 159,844 157,324 250 250 250 250 250 157,253 161,588 167,155 169,951 169,293 7,878 22,578 2,117 2,316 3,293 165,132 184,166 169,272 172,268 172,586 703 1,046 993 914 782 27,337 26,934 27,716 26,888 24,529 28,040 27,980 28,709 27,802 25,311 4,527 4,497 4,941 4,456 2,978 4,051 4,151 4,539 4,789 4,873 8,578 8,648 9,480 9,245 7,851 14,524 12,588 13,843 14,618 13.213 545 268 292 300 349 216,819 233,650 221,596 224,233 219,310 September1—. 8— 15—. 22... 29— 11,596 176,301 11,596 200,244 11,601 191,454 11,601 201,716 11,602 191,184 12,269 8,056 5,887 4,871 5,673 12,574 11,003 12,654 6,046 10,852 4,078 216,819 2,751 233,650 221,596 224,233 219,310 72,995 74,651 76,773 77,077 78,414 72,995 74,651 76,773 77,077 78,414 14,524 12,588 13,842 7,926 8,313 58,471 62.063 62,931 69,151 70,101 October— 6.... 13.. .. 20.. .. 27. — . 3,767 4,561 9,684 13,758 168,972 165,793 154,461 164,189 250 172,989 250 170,604 250 164,395 250 178,197 8,925 181,914 7,148 177,752 5,156 169,550 5,231 183,428 1,097 998 788 1,092 23,148 22rf34 24,308 24,545 24,245 23,533 25,096 25,637 2,728 2,728 2,674 2,618 7,688 8,071 8,251 7,636 10,416 10,799 10,925 10,254 7,968 8,745 8,881 10,750 220 163 174 218 224,763 220,992 214,647 230,287 October— 6— 13— 20— 27— 11,902 11,902 11,907 11,909 194,770 200,884 200,132 203,684 2,945 3,203i 2,609 4,178: 15,146 5,003 10,517 224,763 220,992 214,647 230,287 75.602 77.603 79,692 81,831 75.602 77.603 79,692 81,831 7,968 8,745 8,881 10,750 67,633 68,858 70,811 71,081 11,909 203,554 11,909 190,496 11,909 213,598 11,909 214,233 2,517 3,462 2,974 3,070 7,128 7,118 15,973 8,212 225,107 218,985 244,453 237,423 83,904 86,032 89,177 88,668 83,904 86,032 89,177 88,668 11,058 10,948 8,409 9,785 72,846 75,084 80,767 78,883 11.913 11.914 11,914 11,914 11,866 193,130 194,527. 207,3011 213,310 225,301 1,860 4,725 3,717 5,520 4,111 8,299 5,517 1,222 6,047 12,840 215,203 216,698 224,153 236,791 254,118 90,733 90,733 94,764 94,764 98,875 98,875 104,941 104,941 107,004 107,004 10,071 10,464 11,311 12,213 13,637 80.662 84,300 87,564 92,728 93,367 July— November— 3... 10... 17—..I 24___ ! December— 1 —— 8___ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 8,654 166,584 10,076 157,476 5,031 175,243 6,680 161,552 7.171 21,241 16.900 19,8261 20.570' 141,90S 127,187 134,726 151,752 155,028 646 2,125 "'661 June— 2. 9. 16. 23— 30.. . July— 250 175,488 250 167,801 250 180,525 250 168,482 1,893 2,859 12,328 13,977 177,381 170,661 192,852 182,459 1,085 1,071 1,198 972 25,975 28,326 32,047 34,296 27,060 29,397 33,246 35,268 2,618 2,418 1,328 1,383 6,843 5,336 4,956 8,404 9,461 7,754 6,283 9,787 11,058 10,948 12,009 9,785 147 225' 62 124 225,107 218,985 244,453 237,423 November4—. 11... 18... 25— 149,329 148,678 151,870 171,828 175,848 7,079 1,302 4.792 2,870 12,806 156,409 149,980 156,668 174,698 188,654 652 9,942 9,666 4,345 7,068 36,680 41,386 42,084 41,510 41,457 37,332 51,328 51,750 45,855 48,525 1,401 1,401 2,198 2,248 2,248 9,920 3,526 2,082 1,750 972 11,321 4,927 4,280 3.998 3,220 10,071 10,464 11,311 12,213 13,637 215,203 216,698 144 224,153 28 236,791 82 254,118 December1... 8— 15.. . 22.. . 29... 250 250 250 250 250 1.803 3,625 FEDERAL RESER VE BANK STATEMENTS . January— 7 —. 14— 21___ 28—. $ FEDERAL RESERVE NOTES. LIABILITIES. Bills Discounted & Bought. Legal Tenders, Silver Total Commer Bankers' Ctfs. and Reserve. cial Accep Subsid. Paper. tances. 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S910JV Uttai oiuassy 9!U3S3y psnsodsp 11H9P9J imspsji JSdnj JVJ.3 -231UIU0Q XZ8‘2S9« ZX2‘029® 688*289® XS6‘S6S® 6SS‘0X XEZ‘9 829'22 SSE‘9X 698'65 szz'zs 299‘XX XXS'ZS ZS6'8I X68'9X ZXZ'SX 20X‘9X S2X 8XX 586 XSS X8Z OX XS9‘88X Z6Z 852 88X‘0X 968‘SXX X 56'2X8 0X8'XX 859'X9 6X5*058 XSX'SX OX X SOX XSX‘Z68 9X8'8SX 9ZX‘2XX XXS XXS XXS XXS 0Z6‘968 XXS‘X68 Z99‘698 X00‘8S8 2X0'8 £56'2 X09‘X £98 XXX'XX 9SS‘XX t s • (KW) 'lUSBv S3JOX •Dui ■S3U 3U3S3U IV13P3J -puvjsmo -mmy -mmi 3!H3S3y S910K imoj, X3U2O nv Ituspsy m-n pSlISOd sassssy -3a pioo JVJ.3P3J •saxoN aAHasaxi avaaaaa 2X8'XX snsodsa 1U31U, -U1390O •ui snsofoa ’ (.19N) swung snsodsa PPDd isquisyi swung ivndvo -uojg J9QU13JV •saixmavn ............ ............ XXS‘6 -.......... ............ OSS' S _ ............ ............ 60S‘X2 xeo'x Z85‘X ■siuni ■S33M0S •ssiinos -sg -sg imoj, 19U1O UV • (13±V) swung ■ssy -psg J.9U10 uiojijsna ’ (?W) pod ssiojg 3SJ3S9g -fSfun/V pajtspsd s ft t t ' (?3-V) ' (»A’) SUlCDfJ 3HJ.3S3U p)l3p3y Mmo 0] 3UQ S6X‘_S__ 8 ■utoo •S33Un] •J9dng ■pisqns . -piog P>13 pun S3W3\ imoj, -d339V fiiswung -J3U11U0O 'spuog S3W1S psnun •lyOnog ‘sispuojj psiunossia sing' in Bog •pung ■siusBv uoilduisp 3.U3S3X -9X ui IOJ.3P3J s $ ui -punj 7U91U -dWdS ui VllM I •s 3in3ifywo Pioo pun uwo PJ0O •saoxmosaa s© O' (■psintuo 000) si3qdi3 33im ‘si mm ismnop/o spunsnom ui poms—ZJ61 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis HV3A aH.Lao333A\ iiDva >ioa M3N 30 NMVS 3AH3S3H 3VH3Q33 aHiao saiamavn qnv saaanosaa ao j.n3K3.ly.ls STATEMENT OF RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANK OF NEW YORK FOR EACH WEEK OF THE YEAR 1918 Stated in thousands of dollars; that is, three ciphers (000) omitted. 260,596 237,052 246,807 246,467 605,449 611,248 644,074 678,762 35,000 36,346 37,439 37,901 242,618 232,430 227,314 222,620 $ 152,377 150,982 155,570 168,278 394,995 383,413 382,884 390,898 37,280 73,265 54.301 20,333 430,199 394,041 411,817 371,983 18,112 18,112 18,112 18,112 241,801 265,525 265,239 264,887 690,113 677.678 695,168 654,887 38,827 38,577 39,201 39,712 215,529 177,237 161,396 177,331 177,407 166,236 170,759 176,737 392,936 343,473 332,155 354,068 14,345 111,687 50,752 89,824 366,732 361.446 342.797 372,821 419,039 18.112 18,112 18,112 18,112 18,112 259.784 259,226 219,028 218.514 203,319 644,628 638,784 579,937 609,448 643,471 39,910 39.921 40.170 40,644 40,852 217,801 223,296 241,146 249.281 247,917 165,545 178,256 182,116 179,905 130,887 383,346 401.552 423.262 429,186 378,804 9,817 b82,731 49,810 b76,711 9,798 bl32,392 6,690 bl50,763 6,690 bl65,422 1.160.433 1,206,778 1,185,559 1,236,730 1.239.302 413.283 460,507 407.571 426,615 18,112 18,112 18,112 18,112 225,711 219,419 219,128 218,827 657,107 698,038 664,845 663,554 46,157 46.791 46.845 47,483 234,513 346,507 409,373 434.256 127,743 123,108 117,406 121.027 362,256 469.614 526,778 555,283 3.891 bl81,342 b74,106 3,906 b2,126 3.899 b25 3,889 1,250,752 1.292,455 1,244.459 1,270,235 423,759 414,256 387,603 390.902 331,190 18,112 18.112 18,112 18,112 18,112 248,459 260,654 260,339 260,002 259,764 690,333 693,022 666,054 669,017 609,067 44,796 42,881 42,865 41,658 43,243 401,092 450,024 368,714 442,175 408,275 124,463 126,650 130,439 138,983 133,420 525,555 576,674 499,152 581,158 541,695 3,680 78,813 43,811 4,991 77,865 b225 blOO bl,240 bl,240 b2,120 1.264.789 1.391.490 1,253,550 1,298.065 al,274,919 364.360 391,548 443.142 522,815 16.892 11,218 5,579 5,579 259,307 258,965 258,566 280,795 640,558 661.731 707.287 809,189 43,829 44,262 43 896 43,934 462,099 468,535 383,303 259.265 130,580 127,966 123,458 115,813 592.678 596,501 506.761 375.078 27,518 3,844 3,802 198,826 b2,580 b2,980 b2,240 b693 506,283 423,089 540,166 553,170 5.579 5,347 5,347 4,012 295,678 295,282 295,036 294,684 807,539 723.718 840.549 891,866 44.142 44,696 44,420 44,197 362,022 413.001 214,520 124,210 194,650 272,186 112,416 113,256 104,561 104,033 474,438 526,257 513.731 500,427 3,173 dl8,127 C51 C51 bl,018 bl,685 4,742 5,111 1,330,311 1,365,358 1,403.493 1,401,654 584.859 534,669 459,196 390,593 362,162 3,345 3,345 2,011 2.011 2,011 293,898 294,023 293.539 292,893 312.568 882,102 832,037 754,747 685.497 676,741 44.308 44,949 43,942 43,231 45,176 109,832 127.000 143.858 164,662 163,005 259,326 285,455 298.207 387,747 398,633 116,722 113,106 112,692 125 276 121,875 485,880 525,561 554,756 677,685 683,514 C51 C51 C51 C51 5,520 5,043 20,192 11.615 13,894 1,417,860 1.407,641 1.373,688 1,418,029 1,452,995 406,590 331,947 313,747 288,056 2.011 2,011 2,011 2.011 312,120 312,165 301,910 301,564 720.721 646,123 617,669 591,631 45,706 45.358 44,809 43,931 144,447 144 080 139,772 117,130 439,652 477 765 517,616 560,233 120,762 123,016 131.978 155,575 704,861 744,861 789,366 832,937 15,335 19,783 23,728 27,509 1,486.623 1,456,126 1,479,712 1.496,009 353,212 346,817 316,504 299,724 2,011 2,011 2.011 2,011 300,627 300,449 310,451 310,468 655,850 649,306 628.966 612.203 44,981 44,022 43.508 43,517 101,703 107,912 97,328 105,017 542,803 588,297 546,635 475,800 113.679 118,702 127,010 142,156 758,185 814,911 771,001 722.973 26,867 30,684 31,385 214,372 535,950 1,485,885 1,538,924 1,481,211 1,593,601 374,189 349.120 314,433 309,551 294,806 2.011 2.011 2,011 2,011 2,011 310.530 308,848 307.975 307,642 307,212 686,731 659,978 624,419 619,201 604,029 43,394 43,483 43,211 45,030 44,624 110.600 103,834 94,531 95,312 84.262 514,012 574.499 580,461 555,535 626.906 129,944 134,045 166.937 172,203 166 732 754,556 812,378 841.929 823,050 877.900 37,340 38,490 38,427 95,957 36,822 853,003 853 2,058 2,193 2.193 1,522,873 1,555,183 1,550,045 1.585.433 1,565.568 307,969 382,282 367,016 268,844 2,011 2,011 2.011 2,011 295,559 295,228 294,531 319,891 605,538 679.501 663,558 590.749 44,417 46,667 46,251 46,546 83,703 73,314 54,114 41,605 669.841 624,953 534,748 610,770 107,883 99,522 84.491 69,323 861,427 797,788 673,353 721,698 39,730 43,185 195,946 203,723 3.193 3,190 5,578 6,770 1,554,305 1,570,331 1,584,686 1.569.490 $ $ $ $ $ $ C511 C511 C511 C511 C511 C511 C511 b27,55O 1.073,234 1,104.783 1,119,208 1,128,770 364 1,424 1.138,156 1,171,927 1.117.788 1.116.136 al,307,676 1.309,318 1,271,005 1,442,053 7,018 14,334 January— 4______ 11............ 18............ 25. .......... February— 1.......... . 8............. 15............ 21.......... March— 1............ 8............. 15. ........... 22............. 29. ........... April—■ 5............ 12......... .. 19.......... . 26. ........... May— 3 ............. 10.......... . 17............ 24............ 31............ June— 7.......... . 14.......... . 21.......... . 28______ July— 5............ 12......... .. 19. ........... 26______ $ 402,900 394,466 398,610 397,462 398,933 404,131 412,449 426,557 36,434 41,486 46,547 50,967 1,138,156 1,171.927 1,117,788 1,166,136 472,942 466.665 470,379 493,227 231.802 255,525 255.239 254,887 246,363 212,984 220,955 354.066 74,009 62,534 57,930 66,670 398,933 404,131 412,449 426,557 441,026 451.780 461,719 469,752 477,598 60,715 72,583 76,059 77.783 77,391 1,160.433 1,206,778 1,185,560 1.236,750 1.239,302 508,724 527,366 526,168 540,854 528,659 249.784 249,226 209,028 208,514 196,319 383,346 401,548 423,262 429,185 378,804 67,699 75,585 64,449 71,10? 51,061 441,025 I 451,781 461.719 469.752 477,598 485,233 491.775 496,635 500,640 3,792 4.037 4,254 4,767 1,250,752 1,292,455 1,244,459 1,270,235 540,850 544,559 546.350 546,107 215,711 209,419 209,210 208,827 362,256 469,614 526,778 555,283 55,618 52,783 49,714 45,467 485,233 491,776 496,636 500,640 508,561 511,004 507,827 506,342 517,109 3,559 5,869 6,168 7,145 1,264,789 1,391,490 1,253,550 1,298,065 1,274,919 553,988 569,048 565,213 566,156 568,078 238,514 248,154 247,839 247,502 247,264 525,555 576,674 499,152 581,158 541,695 45,428 58,044 57,386 59,814 50,970 508,560 511,004 507,826 506,342 517,108 ............ 6______ 13______ 20______ 27______ $ $ $ $ $ 18,696 18,718 18,978 19.212 611,380 659,601 630.487 663,333 10,104 9,557 10,425 9,947 21,538 12,003 21,483 16,227 19.213 19,383 19.656 19,665 648,940 659,215 593,401 636,081 9,176 10,467 1,386 2,650 25,461 7,335 6,123 7,244 19,665 19,641 19,645 19,720 19,711 575.488 618,429 593,819 626.812 656,869 2.434 1,853 1,648 1,572 1,787 8,751 5,729 8,660 351 5,946 19,711 19,727 19,691 19,698 627,501 653,396 621.121 635,791 2,592 2,803 2,505 2,939 14.357 6,588 11,577 8,448 72,928 75.753 78,655 72,876 24,638 38.376 10,021 25,074 19,698 19.736 19,754 19.754 19.755 617,755 656,828 613,589 614,817 593,829 1,869 5,062 4,308 4,852 4,606 7,497 33,029 2,075 12,141 21.572 83,759 97,504 99,828 95.460 96.708 22,091 62,457 19,777 19,777 19,786 19,846 615,998 570,559 534,166 718,145 5,130 4,067 4,515 4.984 16,826 48,326 55,073 21,736 98,796 99,525 98,759 100,567 14,385 12,282 19,954 19,954 20,616 20,616 569,669 632,799 633,319 642.267 5,411 2,770 3,664 3.450 15,042 7,508 31,339 7,538 97,790 98,294 100,059 100,164 17.926 20.623 20.638 20,648 20,666 20,741 593.460 592,697 574,121 603,253 618,647 3,774 3,432 3,261 5.094 4,184 26,905 25.595 7,524 19,279 28,582 105,345 107,407 103,635 102,298 107.432 32,326 4,874 16,595 10,846 472 8,882 1,119 611 3,281 20,758 20,811 20,822 20,833 604,187 592.564 633,017 628.244 4,283 3,766 4.226 4,469 42,789 21,487 18.792 24,645 105,817 107,253 90,364 92.435 10.578 7,491 20,833 20,833 20,866 20,869 588,664 598,617 570,316 702,157 5.585 5,773 7,623 7,269 30 454 42,240 29.627 8,523 92,617 93,698 95,113 95,174 6,861 21,837 20.963 21,360 21.375 21,375 21.375 562,256 587,166 552.553 627,045 596,572 5,918 6,763 7,588 6,304 6,337 32.649 28.274 48,756 10,655 26.616 21,376 21,422 21,456 21,469 606,846 631,701 672,332 648,442 5.578 4,473 6,107 3,164 14.716 37,439 10,246 5,142 $ $ 5,340 7,095 25,289 29.909 38,226 22,974 $ ______ 52,353 36,763 24,009 40,739 ............ ............ ______ ______ ............ ............ 37,552 21,341 No tes in Cir culat ion . Federal Reserve A ll Other No tes (N et ). 536,764 537,918 546,708 562,848 4,854 4,847 5,453 1,307.676 1,309.318 1,271,005 1,442,053 583,339 593,657 591,037 612,286 246,807 246,465 246,006 265,795 592,678 596,501 506,761 375.078 46,575 55,739 44,330 49,438 536,764 537,918 546,707 562,848 591,791 598,007 607,891 620,439 5,211 4,940 4,265 3,451 1,330,311 1,365.358 1,403,493 1,401,653 636,367 659,847 665,099 664,355 280,678 280,282 280,282 279,859 474,438 526,257 513,731 500,428 44,576 61,840 57,209 43,916 591,791 598,007 607,890 620,439 344 3,179 629,402 638,917 640,878 649,650 659,766 4.553 5,198 5,907 5.988 7,184 1,417,860 1,407.641 1,373,688 1,418,029 1,452,995 673,198 696,797 691,972 699,624 705,941 279.023 279,023 278,539 277,893 297,613 485,879 525,561 554,756 677,685 683,514 44,796 57,880 51,093 49.973 46.175 628,402 638,917 640,879 649,650 659,766 6,731 269 1,384 2,103 5 892 8,364 11.244 11.777 678,298 689.399 693,084 699,650 7,289 7,720 6,779 6,588 1.486,623 1.456,126 1,479.712 1.496,009 742,293 747,033 760,576 770,177 297,165 297,165 286,910 286,671 704,861 744,861 789,366 832,937 63,995 60,634 67.493 70,527 678,298 686,399 693,083 699,650 1,881 800 3,577 3,961 8.767 13,342 18,119 18,364 19,158 719,317 727,383 728.859 721,939 7,412 6,845 6,481 7.863 1,485,885 1,538,924 1,481,211 1,593,601 787,253 793,644 806,644 813,244 285,627 285,627 235,627 285,627 758,185 814,911 771,003 722,973 67.936 66,260 77.785 91,305 719,317 727,384 728,859 721.939 94,938 93,036 94,789 93.070 93,429 48.019 47,511 62,001 62,718 62,392 6.101 9,134 5,676 8,813 1.871 20,329 21,404 21,615 23,761 25.627 722,068 730,483 723,355 718,784 720.295 9,631 10.002 12,334 12,909 11,054 1,522,873 1,555,183 1.550.045 1,585,433 1,565.568 813,244 818,073 824,797 824.434 829,977 285,627 283,856 282,983 282,650 282,220 754,556 812,378 841,929 823,050 877,900 91,177 87,390 101,442 105,650 109.683 722,067 730,483 723.355 718,784 720,294 93,008 92,141 95,580 96,312 49,143 18,842 2,097 12,757 2,056 4,423 396 3,101 27,254 30,508 32.524 32,725 721.543 718,518 734,065 736.553 12,784 10,854 9,883 9,825 1,554,305 1,570,331 1,584,686 1.569,490 778.539 783,693 794,416 811,138 270,653 270.228 269,531 294,894 861,427 797,781 673,353 721,698 56,995 65,175 60,351 74,585 721,544 718,518 734,065 736,553 478 3.706 12,009 7,151 8,473 7,516 1,084 1,882 5,265 * Includes $649,000 surplus for each week since (and including) July 19. a Includes “All other resources,” $929,000 May 31 and $513,000 June 7. b U. S. certificates of indebtedness purchased from banks with agreement to repurchase in 15 days. 19, U. S. Bonds, Notes and Certificates of Indebtedness were combined and stated as one Item, c "Municipal Warrants." d Includes $51,000 “Municipal Warrants.” NOTE“Gold in Settlement Fund” and “Gold in Vaults ' were stated separately in the bank’s weekly statement until July 19, when they were combined; In this table we have combined the two items for each week of the year. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Federal Reserve $ 71,636 76.526 79,231 80,145 No tes in Han ds of Ba nk. $ 229,811 251,519 241,166 245,780 Ag en t. $ 250,596 227.052 236,701 236,467 Ag en t. $ 474,539 470,995 477,841 477,607 3 August—■ 2______ 9.......... . 16. ........... 23............. 30. ........... September— 6______ 13______ 20. ......... . 27.......... . October— 4 ______ 10.......... . 18______ 25______ November— 1............. 8______ 15............. 22______ 29______ December— Com mer cial Pap er Deposite d wit h Federal Reserve $ 1,073,234 1,104,783 1,119,208 1,128,770 •2 No tes Ou tsta nd ing . $ 3,277 3,338 13,937 22,588 Li ab ili tie s. $ 402,900 394,469 398,610 397.463 Feder al Reserve (N et ). Federal Reserve Ba nk Notes Corpo ration . Du e to W ar Fin anc e Ba nk s. Du e to Other Federal Reserve Foreign Governmen t De po sits. U. S. Gove rnmen t De po sits. u. 18,112 18,112 18.112 18,112 No n- Mem be r Ban ks De po sit s. Note of It ! t $ 326,741 356,083 379,154 414,183 Gold Deposite d with Federal Reserve $ eg Feder al Reserve $ a, ga:S ©** e« Me mb er Banks De po sits (N et). CO OS *3 FEDERAL RESERVE NOTES. FEDERA L RESER VE BANK STATEME NTS January— 4________ 11 _______ 18________ 25________ February— 1 _______ 8________ 15_______ 21________ March— 1________ 8________ 15._______ 22_______ 29________ April— 5________ 12________ 19_______ 26________ May— 3________ 10________ 17.___ __ 24_______ 31________ June— 7...____ 14________ 21____ 28________ July— 5_______ 12________ 19________ 26________ August— 2________ 9________ 16________ 23________ 30________ Sep; ember— 6________ 10________ 2 i________ 27________ Ocu iber— 4___ 10_______ 18________ 25________ November— 1 8________ 15________ 22________ 29________ December— 6________ 13________ 20.. ____ 27________ * | Investments. To tal . cial Pa per . Acc epta nces Bou ght. Rediscounts and Advances— Secured by C o m m e r Tot al Gold. W ith Feder al Re serve Ag ts. &\ in Re demp t’n\ Fu nd . LIABILITIES. Bills Discounted & Bought 1 W ith Fore ign Ag en cies . Seltlem ’t Fu nd In Va ult s and in 1918 Legal Tend ers , Si l ver Certific ates an d Subsi dia ry Coi ns. RESOURCES. Gold Coin and Gold Certificates. Commencing with July sO STATEMENT OF RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED YEAR 1915. AT THE CLOSE OF EACH WEEK OF THE sO 00 Give* in thousands of dollars—that Is, ,000 omitted. Jan.S 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 S $ $ 8 $ 8 8 $ $ 8 $ 8 $ $ $ $ $ S # S $ 219,187 241,344 237,278 248,256 235,417 23,426 1,027 950 824 653 488 428 428 229,069 232,553 236,516 239,662 235,905 256,217 259,256 251,808 248,909 247,251 246,999 245,018 242,168 239,176 239,540 237,206 238,710 238,228 244,034 241,063 243,376 243,640 242,515 26,578 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 Jan. 1 s $ RESOURCES. Oold coin and certificates In vault------------------------------------------ 228,641 232,125 Gold settlement fund ____________________________________ -___ - Gold redemption fund with U. S. Treasurer___________________ Total gold reserve_______________________________________ Legal tender notes, silver, &c________________________________ 269,558 266,566 267,894 264,746 278,055 277,624 280,208 275,629 277,852 35,251 35,915 36,478 (22,774 135,440 34,735 34,626 (24,747 (34,708 { 9,204 {13,812 22,751 23,303 24,628 ( 6,813 {28,284 28,721 29,342 ( 6,947 (24,938 {23,094 i {18,656 J 58,002 59,218 61,106 62,055 63,724 63,456 63,968 63,992 59,646 7,765 6,909 7,132 7,435 8,254 9,468 10,139 13,215 6,650 5,659 5,315 7,482 10,080 9,437 4,425 9,175 11,971 11,648 5,426 12,901 246,231 246,521 255,187 44,632 48,916 47,848 290,863 295,437 303,035 36,007 (25,427 25,996 {10,162 10,379 ( 7,187 7,208 7,601 9,664 11,509 { 9,996 53,190 52,461 55,585 6,204 7,753 9,124 14,878 8,145 8,311 6,533 6,146 5,501 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 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 7,004 8,487 6,392 8,889 9,597 1,838 1,913 2,278 3,000 4,185 4,930 5,328 Federal Reserve notes—Net__________________________________ 31775 1,854 — — — ---All other liabilities________________________________ __________ 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 FEDERAL RESERVE NOTES—AGENTS' ACCOUNTS. Federal Reserve notes—Issued to Federal Reserve banks______ In hands of banks_____________________ 41,186 7,419 27,590 4,633 18,795 4,295 17,199 6,591 36,165 36,207 36,727 39,669 53,487 54,023 54,135 54,158 54,184 54,195 54,201 54,200 294,042 294,154 297,210 294,832 293,316 295,523 295,038 292,050 288,281 299,653 299,361 311,349 10,449 10,767 10,889 11,038 11,197 11,224 10,859 10,921 11,413 12,098 12,100 12,617 5,496 2,442 3,118 3,653 5,335 4,667 3,290 3,093 1,865 2,064 45 51 340,701 341,179 346,691 347,603 361,093 366,266 362,474 360,247 357,531 371,281 370.329 381,456 54,336 7,892 67,156 9,309 79,386 82,961 9,168 10,472 46,444 57,847 67,325 70,218 72,489 33/767 22,957 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 In circulation____________________ How Secured—By gold coin and certificates.................... ................. By lawful money__________________ ---___________________ Credit balances in gold redemption fund___ ..____________ Credit balances with Federal Reserve Board-__ -_________ By commercial paper...................................................................... 10,608 4,947 3.394 6,746 10,217 12,021 Total---------- --------- - -------------------------------------------- ---- 17,199 18,795 27,590 41,186 54,336 July 2 11,492 14,500 12,252 14,676 14,966 15,193 15,401 15,702 15,921 July 9 July 16 July 23 July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 Oct. 1 $ ,$ $ $ RESOURCES. $ $ $ $ $ $ $ $ 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 Gold settlement fund________________________ -___ ___ 31340 47,106 46,680 48,450 52,140 52,290 53,490 54,930 55,930 57,880 68,690 63,040 1,197 1,104 1,104 1,162 1,187 1,064 1,084 1,084 1,076 Gold redemption fund with U. S. Treasurer.................... 1,080 1,036 1,116 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 16,001 19,274 20,949 20,235 22,092 24,916 19,878 27,117 Legal tender notes, silver, &c................................................ 24,841 22,494 26,492 25,913 Total reserve___________________________________ 289,129 288,737 287,680 289,486 Bills discounted, members_______________ -__________ 26*367 27.084 28,669 29,085 Bills bought in open market*________________________ 9,820 9,593 8,971 10,338 7,923 Investments, U. S. bonds___________________________ 7,652 7,898 7,923 Investments^ municipal warrants-------------------------------- 12^390 13,895 14,391 15,110 288,284 286,112 285,220 29,102 28,853 28,609 11,625 12,073 12,209 7,923 8,503 8,607 16,007 18,100 18,558 289,102 29,020 12,731 8,740 18,553 288,057 287,685 302,242 304,640 29,275 29,917 30,340 30,676 13,564 13,039 12,918 12,985 8,843 8,852 9,047 8,836 25,808 24,013 23,710 24,444 Oct. 8 1 1 61,431 65,871 68,996 12,465 13,965 67,156 82,961 Oct. 15 Oct. 22 Oct. 29 Noe. 5 Noe. 12 Noe. 19 Noe. 26 Dec. 3 Dec. 10 Dec. 17 Dec. 23 Dec. 30 S S $ S S S $ S $ $ S $ S 8 8 229,972 227,274 227,769 226,956 227,005 218,224 232,678 233,430 245,400 245,986 244,229 251,810 257,373 276,197 266,546 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 77,239 1,224 1,184 1,124 1,252 1,252 1,292 1,232 1,202 1,212 1,212 1,222 1,227 1,212 1,227 1,202 290,224 283,656 284,831 286,788 282,887 281,406 294,715 297,447 315,977 321,068 325,181 321,162 334,887 347,381 344,963 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 13,525 313,144 300,149 306,133 306,536 317,513 318,464 326,282 329,253 348,150 358,280 31,373 30,034 30,561 29,403 29,987 30,448 29,353 30,010 31,639 32,794 13,058 14,846 14,804 14,556 13,335 13,619 13,774 13,138 13,510 16,179 9,483 10,380 10,480 10,505 10,533 12,003 12,674 12,919 9,328 9,329 24,945 27,381 27,029 26,583 25,381 25,014 22,148 22,801 27,519 27,308 357,862 33,350 18,306 13,875 17,821 349,603 33,569 19,108 14,401 18,053 361,865 357,054 358,488 33,012 32,662 32,368 19,684 21,759 23,013 14,523 15,060 15,797 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 7,409 11,194 7,723 10,160 12,314 8,533 12,483 16,175 15,827 14,053 19,775 19,718 21,331 8,142 8,533 6,990 7,761 7301 8,379 9,953 9,227 11,029 12,578 11,266 6,805 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 9,862 6,107 5,855 5,229 6,552 5,335 4,322 4,633 2,962 3,275 3,662 3,382 3,577 3,018 3,162 3,645 3,326 3,124 4,075 3,841 5,904 5,263 5,623 4,777 4,962 3,660 3,694 4,436 4,765 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 Total earning assets____________________________ Federal Reserve notes—Net_________________________ Due from Federal Reserve banks—Net______________ All other resources.................................................................. - - 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 15,000 15,000 Government deposits______________________ --------Reserve deposits—Net______________________________ 297,883 295,808 297,616 301,063 306,183 306,002 301,926 310,095 316,989 312,316 313,053 316,953 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 2,924 1,732 2,140 1,723 2,197 3,068 1,409 1,567 3,526 All other liabilities...................................................................... 1^673 2,100 1,885 54,748 15,000 329,941 15,348 2,663 54,728 15,000 324,884 14,359 2,666 54,781 54,775 54,834 54,838 54,848 15,000 15,000 15,000 15,000 15,000 326,787 328,766 340,444 343,554 346,063 15,225 14,791 14,809 13,918 13,661 2,641 3,147 2,587 2,540 2,793 83,575 83,398 24,977 20,767 21,008 21,910 4,194 6,547 490,808 491,110 54,846 54,854 54,846 54,859 54,902 54,900 54,901 54,915 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,101 359,317 384,997 397,952 392,966 390,249 397,879 398,603 400,012 13,007 12,923 13,385 13,969 14,686 14,461 14,670 13,486 7,036 7,634 8,565 7,236 7,596 4,022 3,999 4,159 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 97,831 101,731 102,571 107,691 109,901 114,531 119,851 124,000 133,060 In hands of banks____________ 8,769 9,889 11,416 10,711 12,704 14,213 12,308 14,858 14,668 15,036 16,343 15,378 17,398 In circulation____________ 75.812 79,242 81,945 83,420 85,127 87,518 90,263 92,833 95,233 99,495 103,508 108,622 113,662 How Secured—By gold coin and certificates-------------- 1 78,006 81,071 84,316 85,446 89,361 90,606 94,386 98,956 96,826 105,235 5 5 74,246 77,656 410 440 400 668 673 360 380 380 Credit balances in gold redemption fund_________ 1 120 365 7,300 9,500 Credit balances with Federal Reserve Board____ I By commercial paper------------------------------------------ '13,965 14,885 15,705 16,005 16,092 16,742 16,765 17,965 18,915 19,765 20,495 19,447 17,880 Total............................. ........................................... .. 84,581 122,218 130,322 135,765 141,569 146,025 152,482 156,,625 110,451 116,630 120,010 119,920 126,480 127,495 133,515 100 520 550 500 560 570 450 490 12,400 13,500 15,700 22,000 24,800 25,950 28,970 17,699 17,970 17,580 16,840 16,540 16,305 16,180 160,886 132,695 100 580 33,380 16,520 165,304 136,535 100 580 33,880 16,720 169,998 175,312 181,362 188,062 189,026 135,177 139,902 136,860 137,040 139,940 590 630 650 650 650 38,380 42,380 50,330 56,710 50,800 16,838 17,353 17,365 17,335 16,675 89,131 93,361 94,131 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 * Including bankers’ and trade acceptances bought In tbe open market, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 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 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 FED ERAL RESER VE BANK STATEM ENTS. Total reserve.__ _______________________________________ 255.647 250,550 252,744 258,409 256,787 278,858 281,373 281,695 277,994 270,543 268,602 266,668 265,266 264,803 Bills discounted, members..... ............................ -.......... ........ ................. 9,876 12,442 13,062 13,955 116,420 17,090 17,762 (18,577 125,731 27.785 29,894 (22,001 133,678 9,909 i 1,892 { 9,682 Bills bought In open market*..... ............ ............ -................................ 705 | 9473 10,434 ( 2,015 j 14,704 15,546 15,314 ( 5,406 {20,107 20,478 21,572 J 6,639 {22,299 Investments, U. S. bonds____________________________________ 205 {14,940 1 ill,165 {12,011 Investmentsmunicipal warrants.............. ........................................... 734 5,762 Total earning assets_____________________________________ 10,848 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 6,091 Federal Reserve notes—Net_______________________________________ 3,215 5 418 5 038 3,179 5,352 7,162 6,551 5,573 10,289 2,766 8,088 5,419 4,462 Due from Federal Reserve banks—Net--____ -_______________ 7,930 6^249 7,595 9,142 7,421 8,496 3,019 8,605 6,551 8,917 4,550 6,814 8,905 All other resources...... ......................... ................................................... 5,931 9,121 15,144 13,491 7,712 6,823 June 11 June 18 June 25 S S $ 217,281 217,161 222,746 28,950 29,360 31,360 1,081 STATEMENT OF RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED AT THE CLOSE OF EACH WEEK OF THE YEAR 1916 Given In thousands of dollars—that is, ,000 omitted. -............* Jan. 7 Jan. 14 Jan. 21 Jon. 28 Feb. 4 Feb. 11 Feb. 18 Feb. 25 Afar. 3 Mar A0 Mar. 17 Mar. 24 Mar. 31 Apr. 7 Apr. 14 A 20-21 Apr. 28 May 5 May ITtMay 19May 26 June 2 June 9 June 16 June 2'i June 30 $ S S S Cold coin and certificates In vault ______ _________________ 272,018 260,855 259.106 263.865 81,150 85,630 81,620 84,850 Gold settlement fund..... ____________ 1,250 1,215 1,062 1,146 Gold redemption fund with U. 8. Treasurer............................... Total gold reserve _ __________ -______ 354,418 347,700 341,788 349.861 12,888 14,283 14.132 15,496 Legal tender notes, silver, &c-------------------------------------------Total reserve _______________ ___________ _________ 367,306 361,983 355.920 365.357 5% redemption fund against Federal Reserve bank notes_____ Bills discounted and bought— 6,605 7,399 7,517 7,744 Maturities within 10 days -__ ______________________ Maturities from 11 to 30 days_______________________ _ 14,074 13,291 12,790 11,259 Maturities from 31 to 60 days________________ -____ ___ 17,715 16,961 18,838 18,518 14,195 13,115 12,185 13,247 Maturities from 61 to 90 days_________________________ 3,938 3,910 3,608 3,509 Maturities over 90 days...!..................................................... RESOURCES. $ $ $ $ S S S 8 $ $ $ 262.491 261.822 257,875 253,880 260,866 258,052 245,778 245,714 239,882 234,304 232,284 76,435 74,890 79,170 78,970 79,680 75,640 80,011 75,690 74,785 75,421 72,621 1,473 1,457 1,692 1,512 1,538 1,494 1,623 1,578 1,548 1,549 1,495 340.438 338.250 338,539 334,473 342,124 335,240 327,338 322,899 316,140 311,182 306,597 17,678 12,994 20,036 11,304 12,223 9,938 11,600 11,504 9,505 12,011 10,259 358.116 351.244 358,575 345,777 354,347 345,178 338,938 334,403 325,645 323,193 316,856 6,002 5,928 5,987 7,477 6,786 7,332 6,773 7,855 7,126 6,911 7,232 9,048 9,153 11,353 12,543 13,115 11,750 13,365 12,636 12,128 10,926 11,721 13,558 15,905 13,868 15,291 20,740 18,944 18,224 16,758 18,115 18,113 20,511 21,106 21,409 21,930 23,574 26,137 £27,598 10,391 12,617 13,060 13,630 11,911 13,964 16,272 18,635 19,453 20,134 17,605 15,124 £14,585 2,837 2,696 2,428 2,266 2,321 2,433 2,016 2,028 1,966 1,851 1,954 2,127 2,406 55,579 55,756 55,868 53,215 51,323 52,728 52,814 51,881 52,498 54,478 57,700 60,550 61,675 64,384 66,270 66,304 69,033 25,048 26,258 27,910 26,314 26,279 28,074 29,136 29,054 30,783 32,949 36,092 39,244 40,408 42,116 44,108 44,237 47,585 16,734 17,613 20,242 21,372 One-year U. S. Treasury notes................................. Municipal warrants-------------------------------------- 17,097 19,484 20,624 20,602 Total earning assets__________________________________ 89,410 92,853 96,734 95,189 24,156 29,943 34,895 36,469 TYiip^Vrom Federal Reserve banks—Net-------------------------------- 11,137 12,995 13,089 10,761 All other resources......................... -......................-............................ 7,078 9,805 10,688 9,994 Total resources--------- -----z------------------- ------------LIABILITIES, Capital paid in ___ __ ______________________________ 54,895 23,841 Member hank deposits—Net______________________________ 407,244 12,982 Federal Reserve hank notes In circulation 125 All*other iiabiiitles............................................................................. - 507.579 54,899 26,879 413,719 11,948 511,326 54,889 28,073 416,656 11,571 24,341 25,304 26,422 29,632 33,063 34,141 39,213 £40,184 40,275 45,226 44,924 1,932 3,234 20,856 25,577 24,964 25,403 30,539 32,755 33,034 32,669 33,015 35,256 35,706 96,520 103,609 104,200 106,916 33,710 28,344 28,576 23,793 15,223 12,964 12,255 13,274 11,903 12,889 7,929 11,401 517,770 513,997 513,396 509,551 513,500 54,892 54,907 54,890 54,886 54,897 27,760 29,850 26,881 28,946 32,501 424,664 419,137 1421907 416,490 416,566 10,313 9,966 £9,577 9,089 9,386 116,100 121,374 129,947 £133403 25,567 24,838 24,608 24,849 20,576 12,647 16,248 12,628 5,969 5,213 5,028 £4,771 519,456 522,647 521,608 529,998 54,944 30,639 426,322 10,178 419 141 145 54,919 36,043 418,718 9,635 54,937 54,910 32,380 35,088 423,259 428,816 10,203 9,977 681 1,053 148 154 9,623 13,623 27,568 14,487 2,646 $ $ $ S S 238,485 246.812 242.985 242,253 255,444 71,911 77,971 91,991 102,331 103,481 1,703 1,793 1,778 1,825 2,163 312.174 326,608 337,139 346,377 360,628 7,927 17,697| 21,972 13,855 18,055 $ 1 8 $ £262062 205,043 202,Uoo 104,101 106,101 112,931 1,833 1,894| £367996 373,638 376,758 13,622 14,020| 27,448 320,101 344.305i359.lll 360,232 378.683 £381618 450 450 6,802 8,849 9,471 11,607 10,030 12,050 18,482 17,286 18,064 19,227 21,061 18,551 26,124 35,346 24,748 24,094 24,310 28,727 14,895 17,108 17,122 14,582 18,890 21,434 2,900 3,406 3,668 3,877 4,052 4,613 69,203 71,995 73,073 73,387 78,343 85,375 67,947 47,647 49,196 52,186 52,708 53,492 58,188 64,948 45,204 45,841 50,137 51,268 51,837 51,942 51,991 52,191 52,875 3,840 3,840 3,840 3,840 3,840 3,840 4,190 4,190 4,190 35,892 36,933 39,154 40,285 44,482 44,946 36,633 23,095 22,067 151,240 155,647 161,078 164,596 172,154 173,801 166,201 157,819 164,507 387,664 404,206 45U 450 14,451 11,451 16,539 12,918 31,680 28,492 25,836 30,614 4,818 5,187 89,703 92,283 68,953 71,095 52,875 52,939 4,190 4,190 21,632 22,671 168,400 172,083 134,965 146,798 150,134 25,118 21,761 22,159 21,731 21,604 26,309 26,053 26,472 26,433 24,082 23,923 24,419 23,013 23,182 13,128 11,161 16,825 17,515 14,658 17,328 15,752 19,448 16,512 15,300 17,750 21,365 19,287 20,414 4,975 7,587 4,023 3,576 4,533 4,123 4,691 5,992 9,493 8,932 5,166 5,538 4,387 4,622 523,364 526,245 527,544 519,707 519,635 568,371 585,350 574,747 583,791 £597897 603,201 624,957 54,888 54,843 54,845 54,843 54,793 54,862 54,850 54,870 54,875 54,858 54,863 54,864 54,863 54,854 38.469 37.016 34,732 35,291 40,660 40.414 38,153 40,475 44,131 50,000 51,578 55,751 64,499 101,152 419,987 423.497 426,507 417,349 413,011 419.943 427.810 463,022 476,680 460,422 467,780 £477293 472,613 457,503 8,903 9,500 9,511 9,617 8,851 8,573 8,402 8,018 7,706 7,512 7,593 8,003 9,228 9,440 964 1,251 1,423 1,964 1,669 1,694 1,751 1,736 1,732 1,731 1,730 1,726 1,723 1,721 287 275 260 224 247 226 153 138 526 643 651 208 227 250 140 150 141 141 137 137 134 Total liabilities---------------------------------------------------- 499.087 507,579 511,326 517,770 513,997 513,396 509,551 513,500 519,456 522,647 521,608 529,998 523,364 526,245 527.544 519,707 519,635 525,694 531,193 568,371 585,350 574,747 583,791 £597897 603,201 624,957 July 7x July 14 July 21 July 28 Aug. 4 Aug. 11 Aug. 18 Aug. 25 Sept. 1 RESOURCES. Gold nnln and certificates In vault_________________________ Gold settlement, fund _______________ ___ -__ -____ ..... Gold redemption fund with U. S. Treasurer-------------------------Total gold reserve___________________________________ Legal tender notes, silver, &c-------------------------------------------Total reserve _______.......__ _____________________ 50/ redemption fund against Federal Reserve bank notes_____ Bills’discounted and bought— 7,970 10,613 17,163 to 30 days.................................................. 20,688 25,755 26,740 to 60 days___________________ _____ 32,002 35,441 36,302 to 90 davs____ ....________________ 27,090 28,730 30,121 4,423 4,559 3,993 days--------------------------------------------Total ...____ -_____-___________________________ 92,173 105,098 114,319 •Acceptances (Included In above)--------------------------------------- 70,148 81,130 85.382 Maturities from Maturities from Maturities from Maturities over 11 31 61 90 52,589 One-year U. 8. Treasury notes________________ 4,546 Municipal warrants ................ ................... 25,236 Total earning assets.__ ___________________ -____ _____ Federal Reserve notes—Net _..........._________ ____ _ Due^ from federal Reserve banks—Net__________________ ... All'other resources........................... -..............-................. .............. Total resources_____________________________ ..... Sept. 8 Sept. 1 $ S 5 $ S $ $ S $ 269,602 262,049 259,931 256,437 258,952 260,926 259,799 245,358 248,846 118,631 99,561 102,911 106,811 106,121 110,001 110,951 104,601 11S.950 1,970 1,931 1,918 1,915 1,852 1,991 1,637 1,812 1,884 390,203 363,541 364,760 365,163 366,925 372,918 372,387 351,771 369,680 10,279 13,802 16,589 11,699 11,127 16,998 12,265 13,605 27,487 423,756 400,482 377,343 381,349 376,862 378,052 389,916 384,652 365,376 397,167 1484 500 500 500 450 450 450 450 500 450 $ 261,232 123,611 2,011 386,854 36,902 174,544 17,308 19,421 40,019 30,493 3,807 15,271 23,863 42,566 25,228 3,006 12,425 8,163 12,955 15,733 26,310 29,267 27,507 23,671 41,898 42,400 42,781 42,674 25,388 24,584 23,548 21,250 2,950 2,480 2,387 2,342 14,318 32,236 39,625 19,333 1,823 Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20 lOct. 27 Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 $ $ 8 8 $ 250,308 258,711 260,845 265,626 267,400 125,271 117,791 124,421 119,441 125,261 1,894 1,941 1,929 1,910 1,687 377,473 378,443 387,195 386,977 394,348 7,898 7,642 7,811 13,991 11.377 385,371 386,085 395,006 400,968 405,725 500 500 500 500 370 15,685 32,521 39,788 20,697 1,631 24,378 24,238 37,893 23,594 1,487 21,408 23,245 36,527 23,882 1,516 15,061 27,810 32,112 24,947 1,164 13,i543 27,175 33 ,.591 23,986 1,191 $ $ S $ 5 $ $ 261,515 274,001 278,157 265,897 293,441 283,730 261,917 121,351 122,587 127,641 139,571 140,821 174,801 175,781 1,418 1,391 1,394 1,368 1,383 1,404 1,476 384,284 397,979 407,192 406,836 435,645 459,935 439,174 10,561 9,976 6,884 7,312 16,580 17,974 10,836 394,845 407,955 414,076 414,148 452,225 477,909 450,010 470 420 420 450 470 420 420 14,311 16,808 12,030 11,807 11,180 17,465 19,724 24,461 20,513 23,278 23,315 29,242 27,472 28,526 35,928 39,062 41,473 45,511 45,982 50,751 50,346 28,147 29,620 26,719 28,073 29,566 25,373 28,342 1,210 1,213 1,263 1,587 1,523 1,532 1,173 111,048 109,934 108,971 106,894 109,178 105,670 107,335 110,322 111,590 106,578 101,094 99.486 104,057 83,454 79,519 80,513 80,138 82,146 79,278 79,808 82,609 83,884 80,625 77,438 77,.387 82,692 52,589 49,746 48,656 48,037 46,703 47,029 46,796 46,821 45,954 46,915 47,553 46,544 44,370 42,642 41,335 4,546 7,190 7,925 7,925 8,351 7,885 8,205 8,205 9,055 9,039 8,039 6,927 8,763 10,444 11,697 27,424 27,723 27,220 27,375 27,975 27,788 27,863 21,302 21,166 23,714 24,137 24,028 29,085 31,542 32,543 189,657 198,978 194,849 193,271 192,000 189,596 192,042 181,998 183,510 189,990 191,319 184,077 183,312 184.114 189,632 107,216 104,763 110,293 117,493 122,593 86,085 85,081 90,913 97,789 102,092 40,469 40,540 38,853 39,115 39,427 11,435 11,367 11,347 11,167 11,167 29,890 24,100 20,694 18,597 22,166 189,010 180,770 181,187 186,372 195,353 Dec. 8 Dec. 15 Dec. 22 Dec. 29 S $ $ 245,335 256,418 269,627 181.101 177,341 178,811 1,543 1,479 1,533 427,969 435,302 449,917 4,644 7,907 6,025 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 19,887 21,222 20,890 19,324 19,975 16,080 14,250 14,894 15,280 15,181 16,846 21,068 21,654 35,607 28,706 28,937 29,266 31,365 26,232 30,089 30,604 33,197 3,226 3,541 3,031 £3,403 2,969 8,451 7,543 3,045 2,675 2,630 3,708 624,193 623,611 607,402 632,594 627,742 631,701 632,741 628,951 638,253 633,312 651,136 55,110 55,363 55,390 55,406 55,416 55,423 55,393 55,684 55,682 55,682 55,703 49,717 50,099 50,918 44,236 40,199 39,947 38,985 33,971 £26,5115 26,116 29,982 505,090 502,421 484,697 514,225 514,343 518,456 521,740 526,019 £ 542,243 538,102 551,918 12,295 13,733 14,416 16,076 14,223 14,605 13,216 11,782 12,316 11,896 11,966 1,691 1,690 1,690 2,334 3,214 2,914 3,033 1,033 1,033 1,032 1,031 291 290 317 347 305 356 374 462 464 484 536 453.713 17,538 432,613 443,209 455,942 471,251 400 400 420 420 28,654 23,817 24,348 30,256 45,310 51,307 47,381 41,514 49,705 52,118 49,375 57,772 33.366 32,342 34.759 37,105 1,092 1,082 1,067 1,046 128,111 158,127 160,666 156,930 157,693 106,379 119,782 122,918 124,633 127,497 40,215 41,548 42,648 43,504 44,247 11,167 11,167 11,167 11.167 11,167 21,254 13,235 11,195 10,557 8,975 200,747 224,077 225,676 222,158 222,082 17,749 17,613 14,256 15,414 18,301 18,760 19,504 19,236 34,778 35,065 59,773 43,263 38,185 36,565 47,586 49.31S 3,071 2,483 6,121 2,651 2,495 2,881 4,656 3,506 650,864 650,946 719,217 735,060 710,161 715,316 741,051 750.560 LIABILITIES. 55,709 55,710 55,704 55,711 55,737 55,746 55,731 55,765 28,686 23,339 25,171 26,311 26,777 28,668 28,762 29,472 Government deposits______ - — ...---------------- - ---------------- 552,386 556,462 622,254 637,072 613,530 618,64E 643,13C 648.787 12,627 13,886 14,468 14,296 13,383 11,425 12,606 1 15,754 Federal Reserve notes—Net__ _____-___________ ........... ___ 28 28 1,031 1,030 1,030 l,02f Federal Reserve bank notes In circulation--------------------------782 '816 8u8 706 634 519 690 425 All other liabilities_______________________________________ Total liabilities--------------------------------------------- ------ 647,113 639,649 613,523 615,090 615,367 610.799 624.193 623,611 607,402 632,594 627,742 631,701 632,741 628,951 638,253 633,312 651,136 650,864 650.946 719,217 735,060 710,161 715,316 741,051 '750,560 ♦ Including bankers’ and trade acceptances bought In the open market, x Amended figures. 24,111 20,760 20,014 20,308 20,426 20,069 20,273 20,056 11,982 12,620 19,947 16,447 3,979 8,244 4,756 5,514 4,411 3,731 647,113 639,649 613,523 615,090 615,367 610,799 54,858 55,176 55,183 55,206 55,148 55,130 114,460 97,476 64,277 56,542 56,607 53,259 465,840 474,942 492,000 491,266 490,625 489,219 9,992 10,098 10,120 10,122 11,029 11,212 1,721 1,720 1,692 1,692 1,692 1,691 262 266 288 251 242 237 S 281,588 170,471 1,654 FEDERAL RESERV E BANK STATEMEN TS. Total__________________________________________ Acceptances (Included In above)--------------------------------------- S $ $ 255.469 255,284 255,369 85,368 83,938 81,648 1,167 1,120 1,300 342.004 340,342 338,317 14,637 15,248 18,274 356.641 355,590 356,591 21,300 46,958 6,235 768,226 55,695 28,837 668,786 14,130 "778 768,226 sO s© STATEMENT OF RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED AT THE CliOSE OF EACH WEEK OF THE YEAR 1917 Given in thousands of dollars, that is, ,000 omitted. Jan 5 Jan 12 Janl8-19 Jan 26 Feb 2 $ $ $ $ $ $ $ $ $ $ $ $ ________ _________ ______ 292,829 206,541 1,782 286,509 212,051 1,783 302,341 213,771 1,813 $ 306,964 212,961 1,835 274,194 212,961 1,734 274,367 216,221 1,804 281,355 213,861 1,922 304,163 212,031 2,347 $ 330,184 205,561 2,325 355,318 201,661 2,339 $ 350,736 209,281 2,519 374,903 200,061 2/14 $ 362,472 200,125 2,505 $ 338,369 198,271 2,434 $ 330,152 206,830 2,651 311,798 207,920 2,518 336,118 218,910 2,669 336,841 221,759 2,687 350,269 187,969 2,754 334,265 183,590 2,9C5 299,225 187,556 3,053 330,001 205,886 2,730 365,020 221,970 3,958 _______ _______________________________ 460,770 16,180 501,152 16,769 500,343 10,338 517,925 17,579 521,760 12,185 488,889 10,633 492,392 7,609 497,138 15,249 518,541 9,971 538,070 19,113 559,318 16,176 562,536 10,665 577,378 9,282 565,102 19,110 539,074 21,136 539,633 24,462 522,236 30,340 557,697 39,415 561,287 36,149 540,992 27,442 520,760 36,892 489,834 36,624 538,617 37,693 590,948 24,518 476,950 517,921 610,681 535,504 533,945 499,522 500,001 512,387 528,512 557,183 575,494 573,201 586,600 584,212 560,210 564,095 552,576 597,112 597,436 568,434 557,652 526,458 576,310 615,466 26,217 *24,355 121,807 *115,979 41,106 41,052 14,857 14,857 17,219 108,447 37,899 18,314 15,711 97,697 36,122 19,647 14,707 93,112 30,550 18,647 16,200 112,092 29,470 18,647 19,553 126,054 29,471 18,647 20,266 123,966 29,471 18,647 18,840 114,058 28,650 19,468 18,500 108,860 29,126 19,468 17,234 97,002 29,155 19,368 18,473 87,798 29,275 18,818 20,106 84,473 29,275 18,425 22,009 80,604 36,218 23,370 50,000 15,212 29,737 72,925 36,215 23,360 50,000 15,163 35,0*3 71,400 36,223 23,450 58,145 14,999 35,916 83,871 36,222 23,450 64,597 14,755 39,534 97,155 36,222 23,450 58,089 14,688 44,846 100,177 36,383 23,338 54,666 14,639 47,587 107,377 36,513 23,338 57,807 14,675 50,854 116,100 36,387 23,338 54,157 13,912 98,021 135,270 36,387 23,338 59,960 5,524 202,824 164,525 36,400 23,344 54,384 2/70 Tntnl crnlri kwwa Total reserve _______________ - $ $ $ $ ___________ $ 9,859 10,596 12,219 12,664 14,833 16,678 17,124 16,798 16,932 16,029 15,761 15,715 _____________________________________ 212,669 206,156 192,475 181,426 169,680 191,242 210,403 209,474 197,814 192,886 178,788 170,125 167,994 225,541 227,413 227,400 239,260 258,811 269,138 274,052 287,297 294,748 358,500 483,947 Federal Reserve notes—Net _________________________________ Due from other Federal Reserve banks—Net__________________________________________ Due from depository banks—fiscal agent account.................... ............ .............. ................... ........ Uncollected items __ __________________________ 21,664 6,666 19,902 11,632 24,064 5,354 27,061 a 4,123 25,515 12,687 23,290 13,255 22,520 7,840 22,076 732 23,095 4,023 20,608 3,143 21,991 3,379 19,440 3,298 *18,999 2,275 16,235 3,412 22,001 1,071 20,640 2.473 20,622 132 23,561 5,243 24,080 1,345 26,208 4,811 11,351 5,642 12o",846 400 12,261 132,116 400 12,729 126,437 400 13,609 126,611 400 13,153 121,225 400 11,078 144,249 400 8,619 136,940 400 8,271 154,026 400 7,821 130,411 400 6,401 155,976 400 6,198 145,757 400 5,680 132,759 400 *5,393 146,422 400 4,909 169,184 400 4,610 166,966 400 4,770 204,842 400 5,757 184,639 400 5,412 310,685 400 6,078 28,410 10,641 122,349 328,779 400 6,424 29,878 3,677 142,629 400 8,752 26,458 3,057 84,461 192,830 400 5,981 177,092 400 6,056 304,730 400 5,588 290,320 400 5,217 869,730 889,118 877,819 880,314 881,991 860,012 894,032 890,280 915,691 911,032 942,226 917,901 914,480 981,131 984,889 986,744 1,023,589 1,075,178 1,209,162 1,155,673 1,341,952 1,038,309 1,276,547 1,412,343 55,695 25,566 656,422 55,706 27,759 680,586 55,694 25,607 687,841 56,045 14,162 708,893 56,028 12,401 720,488 56,054 18,594 726,104 56,057 19,702 711,117 56,075 20,567 720,411 56,100 46,461 758,219 56,048 42,247 741,542 56,411 41,988 742,584 56,409 99,689 719,785 56,859 107,868 743,143 56,859 242,421 740,726 56,868 187,127 748,499 56,991 198,463 813,326 56,985 57,000 96,427 *228,125 721,146 *778,771 57,171 259,130 870,734 12L218 17,089 108,826 19,061 116^330 102*824 12l",550 li’3’784 io’o",96i 128’856 129*032 122’,761 170*151 134’,142 181*321 179^875 19,444 16,725 15,941 13,014 16,459 18,226 18,974 134/47 23,975 136^750 18,787 105/36 14,295 131*064 19,772 24,648 26,201 27,776 32,476 289 ’"’516 "’"522 ’”489 "”564 ”’480 '”516 ’”525 ’”620 ’”614 ’”446 25*573 lb’ 734 *1*781 76*820 ”b833 **1*854 271 269 ”’448 243 55,713 15,525 678,170 ______ 97,207 13,093 ______ 304 55,989 13,407 692,475 111,238 13,558 55,725 23,333 689,878 ______ 101,232 11,471 ______ 352 55,773 10,851 688,591 118,559 13,245 55,642 28,410 669,874 ...... 109,734 13,890 43,024 362 2,047 869,730 889,118 877,819 880,314 881,991 860,012 894,032 890,280 915,691 911,032 942,226 917,901 914,480 981,131 984,889 ________________________ United States bonds __ ___ ____ __ ____________________ - --------One year United States Treasury notes................ ......................................................... .......... -.......... United States certificates of indebtedness_____________________________________________ Municipal warrants___________________________________________________________________ _ Total earning assets .5% redemption fund against Federal Reserve bank notes ____________________________ All other resources____ I................ ..................................................................................... ..................... Total resources. ______________________________________ _ Capital paid In Government deposits LIABILITIES, Due to members—Reserve account Member bank deposits—Net Col led inn items Federal Reserve notes—Net Federal Reserve bank note liability _ _____________________________ _ _________________________ _______________________________________________ _____________________________________ ________________________________________ ______ _ ________ ----_ ____________________________ _ AU other liabilities__ ______________________________________________ _________ ________ Total liabilities—................................................................................................................................ RESOURCES. Gold coin and certificates in vault __ __ ___________ Gold settlement fund. . . ________________ Gold with foreign agencies____ ____________ ______ Total gold held by banks __ _______ Gold with Federal Reserve Agent________________________ Gold redemption fund ______ .. _________ . ________ 97,374 13,509 Jane22 June 29 July 6 July 13 July 20 July 27 Aug 3 Aug 10 Aug 17 Aug 24 Aug 31 Sept 7 Sept 14 Sept 21 *Sepf28 Oct 5 Oct 11-12 Oct 19 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 492,742 267,910 52,600 484,264 345,845 52,362 470,359 371,380 52,501 471,492 388,353 52,501 488,119 403,821 52,500 460,764 405,739 52,500 399,785 438,153 52,500 413,849 409,852 52,500 399,198 410,502 52,500 426,751 397,067 52,500 416,797 383,937 52,500 414,433 395,853 52,500 408,206 384,646 52,500 430,979 373,387 52,500 445,597 *481,614 334,787 342,337 52,500 52,500 813,252 390,765 8,001 882,471 402,693 9,402 894,240 413,715 9,748 912,346 428,338 12,687 944,440 423,889 11,691 919,003 434,193 9,067 890,438 467,845 9,390 876,201 485,467 9,274 862,200 501,588 9,795 876,318 488,536 7,375 853,234 493,185 7,079 862,786 494,779 7,218 845,350 520,470 9,127 856,866 536,009 9,442 840,434 *868,901 558,227 560,111 .9,465 9,809 Oct 26 $ 986,744 1,023,589 1,075,178 1,209.162 1,155,673 1,341,952 1,038,309 1,276,547 1/12,343 Nov 2 $ Nov 9 Nov 16 Nov 23 Nov 30 Dec 7 Dec 14 Dec 21 Dec 28 $ $ 482,716 321,778 52,500 419,195 369,799 52,500 461,113 363,967 52,500 501,311 378,514 52,500 $ 507,403 385,724 52,500 $ 526,792 363,710 52,500 $ 530,045 386,662 52,500 499,887 395,236 52,500 $ 500,656 376,778 52,500 502,840 393,810 52,500 $ 524,350 304,604 52,500 499,917 317,520 52,500 856,994 580,734 9,717 841,494 618,827 11,218 877,580 614,692 11,164 932,325 602,433 11,317 945,627 616,254 11,496 943,002 629,906 11,420 969,207 623,948 11,549 947,623 661,824 12,278 929,934 683,939 17/85 949,150 683,378 17,710 881/54 746,307 17,782 869,937 781,851 19,345 Total gold reserves. _________ _ -Legal tender notes, silver, &c_...................... .............................. 1,374,949 1,402,317 1,408,470 *1438477 1,447,445 1,471,539 1,503,436 1,546,075 1,573,377 1,584,328 1,604,704 1,621,725 1,631,358 1,650,238 1,645,543 1,671,133 1,212,018 1,294,566 1,317,703 1,353,371 1,380,020 1,362,263 1,367,673 1,370,942 1,374,583 1,372,229 1,353,498 1,364,783 59,635 *48,238 50,744 52,208 52,525 51,949 50,146 48,127 48,113 49,506 54,058 54,486 49,089 48,973 49,934 60,608 51,085 52,610 52,540 52,906 53,117 51,789 53,709 47,545 50,301 38,314 39,840 35,680 Total reserves_______________ __________ ___________ Bills discounted—members . ..__ Bills bought In open market____________________________ 1,415,391 1,426,034 1,452,251 1,457,559 1,486,715 1,495,558 1,520,512 1,552,942 1,596,819 1,625,585 1,636,853 1,658,762 1,676,211 1,683,307 1,700,384 1,693,670 1,720,768 1,247,698 1,334,406 1,356,017 1,400,916 1,430,321 1,414,052 1,421,382 1,424,059 1,427,489 1,424,769 1,406,108 693,509 680,706 510,154 487,850 656,002 756,457 686,902 713,431 293,164 286,615 397,004 503,965 183,758 233,539 265,251 167,333 168,217 147,315 143,946 128,407 134,229 138,459 130,948 140,163 161,386 129,853 *240,984 197,242 154^591 275,366 193,869 177,590 186,012 181,001 190,682 254,428 277,943 186,162 185,775 171,611 109,905 205,454 161,012 168,445 176,169 173,199 159,557 155,329 149,790 174,183 197,725 195,097 194,937 *194,303 202,270 201,664 335,100 43,961 30,359 2,441 Total bills on hand. ... .. . United States Government long-term securities____ ____ United States Government short-term securities_________ Municipal warrants______________________ . . ...----Loans on gold coin and bullion______ _ _ . __ ______ 435,287 36,427 78,491 2,444 399,512 36,426 34,302 2,446 21,850 331,517 42,935 28,659 2,442 Total earning assets _ _ .. ____ Due from other Federal Reserve banks—net____________ Uncollected items.. __________________________ . ____ 552,649 2,561 195,826 494,536 1,448 221,705 405,553 411,861 7,005 19,465 251,374 *253,722 Total deductions from gross deposits____ __________ 5% redemption fund against Federal Reserve bank notes.. All other resources______________________________________ 198,387 500 408 223,153 500 799 270,839 *260,727 500 500 786 851 Total resources_____________________________________ LIABILITIES. Capital paid in___________ Government deposits____ Due to members—reserve account, ______________ ____________ _________________ Due to non-members—-clearing account_________________ Oo lection items________________________________________ uer deposits, including foreign Government credits z__ Total gross deposits------------------------------------------------- Federal Reserve bank notes in circulation, net liabilities.. All other liabilities__________________________ ___________ 284,019 41,276 32,604 1,274 299,275 45,129 30,552 1,223 287,964 45,226 30,480 1,232 301,906 45,406 32,521 1,230 341,416 45,394 42,441 204 335,778 45,348 42,366 214 344,770 53,929 41,070 214 409,708 55,129 39,876 224 451,413 55,727 73,632 79 478,939 54,878 48,517 101 458,226 55,088 47,255 233 574,684 54,166 55,876 233 689,977 53,851 45,211 1,267 691,155 53,743 42,367 1,273 681,719 54,002 187,904 1,273 865,907 53,962 57,850 1,422 436,612 4,113 242,967 411,978 all,106 204,756 374,266 4,746 197,058 359,173 1,655 205,761 376,179 11,688 230,704 364,902 243 210,387 381,063 10,233 260,184 429,455 12,036 216,960 439,983 423,716 *2,247 6,554 224,622 *236,794 504,937 5,929 234,361 580,851 2,570 230,423 582,435 17,147 321,205 560,802 32,540 332,302 684,959 6,896 281,677 790,306 14,383 317,901 788,538 7,725 271,796 924,898 17,838 428,544 979,141 1,052,436 11,872 a7,091 302,525 373,160 978,120 1,070,673 1,081,122 *1068295 41,375 *11,976 26,332 31,494 323,574 *301,689 310,572 319,656 247,080 500 1,611 193,650 500 1,057 201,804 500 492 204,106 500 425 242,392 500 1,882 210,630 500 339 270,417 500 293 228,996 500 372 231,176 500 308 239,041 500 404 240,290 500 387 232,993 500 574 338,352 500 1,000 364,842 500 1,185 288,573 537 1,354 332,284 537 1,588 279,521 537 2,989 446,382 537 3,736 314,397 537 3,293 336,904 537 2,968 380,251 537 2,499 877,584 49,198 50,424 914 351,150 537 2,810 364,949 537 2,678 313,043 537 2,813 2,074,714 2,081,734 2,132,179 2,203,673 2,301,633 2,417,845 2,447,841 2,528,365 2,721,534 2,697,170 3,012,406 2,956,130 3,104,843 3,001,836 3,125,554 3,142,956 *3102089 1,999,642 2,053,394 2,033,760 *2074790 2,116,124 2,021,237 1,998,444 1,988,263 2,048,442 2,001,140 2,058,381 62,629 64,291 66,691 68,500 69,048 69,440 69,852 70,442 61,847 65,345 61,027 59,354 61,104 67,136 59,379 59,256 59,368 58,904 58,093 58,484 57,825 57,881 67,970 57,723 57,681 57,657 57,176 57,171 132,221 168,568 129,285 221,761 108,213 76,365 175,912 59,198 218,887 196,411 220,962 74,167 25,030 39,926 21,602 71,289 *86,310 164,358 59,972 143,032 56,765 140,447 110,110 184,631 143,626 300,872 495,807 300,366 1,151,704 1,136,930 1,148,887 1,265,309 1,230,557 1,264,323 1,372,023 1,406,982 1,480,498 1,426,648 1,489,429 1,437,174 1,549,030 1,389,434 1,453,166 1,138,542 1,139,291 1,069,804 1,130,817 1,121,129 1,164,995 1,135,456 1,192,887 1,101,614 1,019,672 1,112,347 806,209 1,033,460 17,549 35,335 24,310 42,262 33,866 20,925 51,377 22,291 50,621 50,779 67,433 94,029 52,339 28,903 32,933 8,547 12,269 10,274 11,637 4,767 6,847 5,000 196’,767 205", 819 *19l’689 189,861 231,776 191,811 215,169 173,825 210,048 174,492 154,112 156,268 164,449 187,022 240,437 157,524 *159,258 140,278 137,955 137,815 132,053 171,916 165,284 122,493 164,588 ♦153,363 149,527 137,581 *15,586 *17,969 14,282 14,258 1,384,919 1,367,782 1,391,962 1,433,176 1,488,484 1,564,678 1,559,232 1,606,371 1,764,056 1,687,068 1,960,747 1,860,519 Cl966807 *1811189 1,889,364 1,831,272 1,771,037 1,439,597 1,483,953 1,425,561 *1480754 1,519,677 1,424,850 1,393,974 1,374,828 1,424,480 1,351,989 1,393,343 932,512 972,585 1,015,892 1,056,983 1,110,537 1,153,385 1,227,642 1,246,488 587,915 621,299 644,567 670,246 700,212 740,916 779,885 815,210 847,506 881,001 534,015 540,785 549,244 558,782 573,049 532,508 534,226 499,721 508,807 527,459 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 6,894 7,561 8,000 8,000 6,023 8,000 8,000 5,473 4,907 2,306 2,459 2,828 4,182 1,960 1,175 934 776 *3,062 *6,722 4,553 4,583 6,190 7,552 3,859 4,245 4,383 5,365 4,178 2,346 2,456 4,186 2,617 3,206 12,196 2,906 12,145 2,180 2,192 2,088 2,976 2,039 1,887 21,908 2,524 2,377 2,074,714 2,081,734 2,132,179 2,417,845 2,447,841 2,528,365 2,721,534 2,697,170 3,012,406 2,956,130 3,104,843 3,001,836 3,125,554 3,142,956 *3102689 2,203,673 2,301,633 Total liabilities--------------------------------------------------------- 1,999,642 2,053,394 2,033,760 ♦2074790 2,116,124 2,021,237 1,998,444 1,988,263 2,048,442 2,001,140 2,058,381 Nole —gee explanatory introduction on page 78. a Amount due to other Federal Reserve Banks. c Net amount due to other Federal Reserve banks, $7,091,000, Included in gross deposits. liabilities" until Dec. 7, when they were transferred to item called "Other deposits. Including Foreign Government credits.” http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 956,072 48,350 58,883 *4,990 305,131 42,422 25,464 1,249 961,911 47,304 41,792 1,429 967,859 53,774 48,046 994 971,452 50,438 58,130 1,102 359,111 333,556 41,135 42,265 33,050 • 35,818 1,469 2,186 * Revised figures. z Foreign Government credits were included in “other FEDE RAL RESERV E BANK STATEMENTS . 8,736 17,928 82,735 36,629 23,042 50,000 15,207 Bills discounted Members Bills bought, in open market, © © $ 267,169 192,001 1,600 RESOURCES. Gold RPttlftmAnf fund Gold redemption with United States Tieasurer___________ Legal tender notes, silver, &c_______________ Feb 9 Feb 16 Feb 23 Mar 2 Mar 9 Mar 16 Mar 23 Mar 30 Apr 5-6 Apr 13 Apr 20 Apr 27 May 4 May 11 May 18 May 25 June 1 June 8 June 15 ALL FEDERAL RESERVE BANKS COMBINED STATEMENT OF RESOURCES AND LIABILITIES OF Jan. 4 Jan.11* Jan. 18 Jan. 25 Feb. 1 YEAR 1918. 480,072 338,687 52,500 $ 478,839 361,522 52,500 $ 477,301 383,232 52,500 $ 472,012 388,210 52,500 $ 469,759 393,624 52,500 Total gold held by banks___ ________ Gold with Federal Reserve Agent___________________ Gold redemption fund_____________ _______ ______ ___ 871,259 797,191 19,270 892,861 784,326 19,643 913,033 796,727 19,710 912,722 793,829 19,956 Total gold reserves______________________ . Legal tender notes, silver, &c________________________ 1,687,720 45.310 1,696,830 51,201 1,729,470 54,837 Total reserves____________________________________ Bills discounted—members__________________ Bills bought in open market.................. ............ ................. 1,733,030 625,813 271,338 1.748,031 570,665 258,710 Total bills on hand_____________________ . United States Government long-term securities_______ United States Government short-term securities All other earning assets____________________ 897,151 51,167 92,058 5,167 Mar. 25 Feb. 8 Feb. 15 Feb. 21 Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Apr. 5 Apr. 12 4pr. 19 Apr. 26 May 3 May 10 May 17 May 24 May 31 June 7 June 14 June 21 June 28 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 439,907 446,378 447,508 461,615 464,144 470,529 404,012 52,500 386,966 52,500 375,273 52,500 357,299 52,500 354,585 52,500 477,521 372,508 52,500 379,866 52,500 489,948 399,568 52,500 483,780 381,163 52,500 488,762 407,971 52,500 488,829 413,819 52,500 486,820 439,477 52,500 482,832 437,771 52,500 480,580 437,444 52,500 479,529 418,337 52,500 478,460 407,767 52,500 456,177 425,237 52,500 463,622 417,675 51,280 432,557 489,610 44,084 438,773 481,023 17,008 419,907 491,425 16,275 915,883 781,667 19,472 896,449 838,259 19,960 885,844 852,375 20,323 875,281 877,023 20,091 871,414 885,346 20,569 871,229 896,702 20,267 902,529 869,628 21,086 902,895 878,805 21,114 942,016 852,192 21,496 917,443 873,077 23,404 949,233 857,492 23,546 955,148 854,822 23,179 978,797 824,218 23,985 973,103 862,296 24,541 970,524 885,027 27,584 950,366 915,536 28,502 938,727 930,181 29,115 933,914 955,919 27,993 932,577 958,255 28,431 966,251 951,145 29,507 936,804 957,238 30,331 927,607 987.870 33,514 1,726,507 56,252 1,717,022 58,435 1,754,668 58,426 1,758,542 60,194 1,772,395 60,129 1,777,329 60,444 1,788,198 59,685 1,793,243 58,950 1,802,814 59,558 1,815,704 58,359 1,813,924 63,509 1,830,271 64,724 1,833,149 65,158 1,827,000 63,945 1,859,940 1,883,135 60,043 59,365 1,894,404 58,308 1,898,023 58,033 1,917,826 57,883 1,919,263 58,461 1,946,903 1,924,373 58,360 56,738 1,949,021 57,178 1,784,307 603.488 257,804 1,782,759 627,662 273,912 1,775,457 606,778 289,805 1,813,094 525,121 280,705 1,818,736 501,916 287,263 1,832,524 509,534 296,170 1,837,773 502,525 299,213 1,847,883 520,340 317,952 1,852,193 517,484 323,248 1,862,372 1,874,063 543,119 583,228 328,880 304,065 1,877,433 573,883 326,503 1,894,995 712,807 318,857 1,898,307 808,045 308,277 1,890,945 902,188 302,399 1,919,983 873,442 297,029 1,942,500 939,041 286,036 1,952,712 842,265 279,886 1,956,056 923,299 278,221 1,975,709 897,357 256,373 1,977,724 2,005,263 984,492 1,016,031 248,542 242,923 1,981,111 2,006,199 931,270 869,175 232,472 216.848 829,375 49,506 137,227 5,063 861,292 45,911 122,310 4,224 901,574 *52,675 *76,519 4,902 896,583 53,734 78,898 3,805 805,826 ♦55,782 ♦170,100 4,423 789,179 52,343 105,981 4,486 805,704 52,950 169,707 3,436 801,738 77,705 157,482 3,680 838,292 72,154 182,822 4,064 840,732 68,383 193.980 4,040 871.999 61,039 226,036 4,240 887,293 58,190 252,579 3,523 900,386 1,031,664 60,403 54,237 260,400 142,143 3,222 3,771 1,116,322 46,675 46,295 3,293 1,204,587 1,170,471 ♦41.415 41,446 *36,146 37,470 2,722 2,537 1,225,077 40,116 106,762 1,844 1,122,151 41,041 73,043 1,492 1,201.520 42,067 32,476 1,151 1,153,730 54,842 92,082 736 1,233,034 64,484 32,601 694 1,258,954 40,683 33,179 594 1,163,742 40,877 35,883 100 1,086,023 40,227 218,839 23 1,045,543 347,251 537 537 1,021,171 334,822 537 519 1,033,737 417,526 537 379 1,029,670 356,208 537 201 1,033,020 366,450 537 559 1,036,131 284,964 537 551 951,989 374,327 537 582 1,031,797 310,865 537 731 1,040,605 381,067 537 796 1,097,332 343,396 537 761 1,107,135 368,756 537 1,452 1,163,314 376,622 537 550 1,201,585 366,075 537 3,724 1,212,585 387,655 409 261 1,286,162 388,845 528 359 1,373,799 455,726 404 66 1,237,727 382,509 530 77 1,277,214 351,407 537 89 1,301,390 408,137 626 438 1,330,813 402,529 637 1,333,410 510,303 735 1,240,602 588,859 735 90 1,345,112 530,719 735 Total resources.............. ..................... ......................... ........ 3,126,898 3,105,080 3,236,486 3,169,375 3,176,023 3,135,277 3,146,171 3.176,454 3,260,778 LIABILITIES. Capital paid in_______________________________ Surplus__________________________________ . Government deposits________________________________ Due to members—reserve account____________________ Collection Items____________________________________ Other deposits, including foreign Government credits.. 70,825 1,134 131,006 1,449.230 192,649 20,594 71,603 1,134 57,856 1,498,482 203,073 20,315 71,938 1,134 239,829 1,421,563 221,728 30,779 72,439 1,134 135,691 1,480,743 194,955 37,697 72,621 1,134 132,790 1,478,644 191,283 51,769 72,829 1,134 59,488 1,501,301 167,154 59,874 73,229 1,134 87,643 1,409,714 228,289 52,315 73,305 1,134 56,165 1,459,720 199,278 58,329 Total gross deposits____________________________ Federal Reserve notes in actual circulation___________ Federal Reserve bank notes in circulation, net liability.. All other labilities__________________________ 1,793,479 1,251,205 8,000 2,255 1,779,726 1,242,199 8,000 2,418 1,913,899 1,238,797 8,000 2,718 1,849.086 1,234,934 8,000 3,782 1,854,486 1,236,101 8,000 3,682 1,787,817 1,777,961 1,261,219 1,281,045 8,000 7,999 4,278 4,803 3,105,080 3,236,486 3,169,375 3,176,023 3,135,277 3,146,171 Total earning assets_______________________________ Uncollected Items a (deducted from gross deposits)___ 5% redemption fund against Federal Reserve bank notes All other resources_________________________ . . Total liabilities 3,126,898 July 5 July 12 July 19 July 26 Aug. 2 1,224,411 356,954 537 324 1,231,815 384,824 537 324 1,250,569 376,605 537 329 3,289,909 3,330,073 3,403,395 3,445,984 3,459,659 3,512,495 3,499,217 3,566,839 3,548,023 3,772,495 3,573,555 3,585,303 3,686,300 3,711,703 3,849,711 3,806,692 3,872,133 73,401 1,134 150,781 1,388,020 218,031 64,122 73,624 1,134 56,208 1,465,504 216,986 77,137 73,886 1,134 72,023 1,447,997 232,207 81,048 74,011 1,134 91,505 1,480,025 229,115 81,751 74.223 1,134 104,086 1,499,400 216,897 81,059 74,494 1,134 104,818 1,473,294 226,139 82,067 74,748 1,134 100,523 1,494,537 238,270 85,321 74,829 1,134 75,499 1,469.860 256,220 88,322 74,963 1,134 130,668 1,497,416 235,174 81,890 75,049 1,134 73,888 1,474,518 257,593 91,563 75,315 1,134 48,753 1,461,138 282,475 114,596 75,465 1,134 122,350 1,436,284 242,488 107,903 75,546 1,134 166,191 1,440,413 278,698 109,443 75,662 1,134 179,876 1,449,486 239,971 109,560 75,770 1,134 159,457 1,464,986 287,769 117,345 1,773,492 1,314,581 7,999 5,943 1,820,954 1,351,091 7,999 6,199 1,815,835 1,383,990 8,000 7,326 1,833,275 1,406,228 8,000 7,550 1,882,396 1,429,509 7,978 8,367 1,901,442 1,452,838 7,978 8,369 1,886,318 1,918,651 1,479,920 1,499,377 7,860 8,000 9,933 10,585 1,889,901 1,514,287 7,895 11,171 1,945,148 1,526,232 7,895 11,467 1,897,562 2,107.050 1,906,962 1,556,660 1,569,618 1,569,445 7,980 7,878 7,878 9,638 11,697 12,821 1,909,025 1,578,621 7,764 13,294 1,994,745 1,600,968 8,324 5,583 1,978,893 2,099.074 2,029,557 2,099,074 1,639,579 1,651,500 1,677,951 1,651,500 9,580 10,001 9,945 10,001 6,855 12,201 12,335 12,201 3,176,454 3,260,778 3,289,909 3,330,073 3,403,395 3,445,984 3,459,659 3,512,495 3,499,217 3,566,839 Aug. 9 Aug. 16 Aug. 23 Aug. 30 Sept. 6 Sept. 13 Sept. 20 Sept. 27 Oct. 4 Oct. 10 Oct. 18 Oct. 25 Nov. 1 421,927 524,303 16,272 $ 422,738 524,225 15,529 $ 428,853 556,154 15,496 $ 418,012 598,777 11,628 $ 408,470 623,119 9,696 395,410 605,354 9,696 $ 385,017 600,083 5,829 $ 385,072 553,060 5,829 $ 384,009 520,926 5,829 $ 383,228 496,531 5,830 $ 386,214 465,298 5,829 Total gold held by banks_________________________ Gold with Federal Reserve agents_________ ____ . Gold redemption fund.......................... ................... .............. 962,502 962,075 34,533 962,492 963,147 34,413 1,000,503 940,290 34,655 1,028,417 910,420 35,363 1,041,285 902,793 36,818 1,011,460 940,692 38,149 990,929 961,498 40,116 943,961 1,018,767 40,323 910,764 1,061,597 41,433 885,589 1,087,760 43,634 857,341 1,123,132 44,086 Total gold reserves------------------------------------------------Legal tender notes, silver, &c_______________________ 1,959,110 56,053 1,960,052 55,932 1,975,448 55,647 1,974,200 55,129 1,980,896 54,022 1,990,301 54,222 Total reserves................................................ ..................... Bills discounted: Secured by Government war obligations.................... 1 All other-------------- ------------------------------- ---------------- / Bills bought in open market_________ ________ _______ 2,015,163 2,015,984 2,031,095 2,029,329 2,034,918 2,044,523 2,045,523 2,055,266 2,066,962 2,070,494 2,077,732 1,076,782 211,947 1,159,882 218,464 1,203,346 205,932 1,302,151 205,274 1,270,919 209,185 1,332,473 208,557 1,285,368 212,20V 1,393,795 236 526 1,428,235 232,563 1,541,999 233,741 (1,146,357 1,613,247 1 513,789 239,750 250,032 Total bills on hand.................... ........ ........ ....................... United States Government long-term securities_______ United States Government short-term securities______ All other earning assets_________________ _________ 1,288,729 42,749 17,350 26 1,378,346 40,273 31,923 72 1,409,278 40,259 16358 98 1,507,425 40,090 16,922 103 1,480,104 36,237 17,573 101 1,541,030 34,931 17,404 102 1,497,572 31,497 32,546 82 1,630,321 30,624 23,479 62 1,660,798 30,350 25,772 67 1,775,740 1,852,997 29,768 29,563 28,030 33,777 75 81 1,910,178 2,001,821 29,022 28,545 41,878 50,098 84 102 Total earning assets__________ _______ __________ Uncollected items (deduct from gross deposits).......... .. 5% redemption fund against Federal Reserve bank notes All other resources_________________________ _______ _ 1,348,854 669,257 725 10,163 1,450,614 640,410 735 9,979 1,465,993 658,588 751 9,695 1,564.540 558,392 701 12,441 1,534,015 531,558 496 10,551 1,593,467 584,758 735 11,410 1,561,697 623,495 866 10,803 1,684,486 601,983 958 11,294 1,716,987 568,655 1,164 11,787 1,833,613 642,377 1,313 12,076 1,981,162 2,080,566 2,102,028 2,187,684 2,154,832 2,295,122 2,241,276 654,843 649,448 704,046 723,430 803,517 856,923 684.315 2,112 2,447 2,679 3,177 3,425 3,692 3,703 12,610 12,858 13,262 13,485 13,757 16,879 17,075 Total resources............ —--------- ------------------------------ 4,044,162 4,117,722 4,166,122 4,165,403 4,111,538 4,234,893 4,242,384 4.353,987 4,365,555 4,559,873 4,705,793 4,726,766 4,817,495 4,899,386 5,011,134 LIABILITIES. Capital paid in_______________ _____ _______ _______ _ Surplus.. . . _____________________ Government deposits________ _________ ____ _. . Due to members, reserve account____________________ Deferred availability items__________________________ Other deposits, including foreign Government credits. . 76,163 1,134 128,398 1,369,697 527,580 117,509 76,324 1,134 169,393 1,439,346 477,526 107,809 76,383 1,134 144,828 1,488,047 480,341 112,052 76,441 1,134 233,040 1,435,196 401,186 111,840 76,518 1,134 161,236 1,423,532 390,911 114,718 76,960 1,134 95,555 1,464,011 461,202 115,234 77,750 1,134 173,027 1,459,480 450,947 112,597 78,689 1,134 169,141 1,524,528 490,265 100,173 78,903 1,134 197,359 1.496,815 512,227 103,907 78,956 1,134 230,889 1,508,334 514,110 108,256 Total gross deposits____ _____ ____________________ Federal Reserve notes in actual circulation___________ Federal Reserve bank notes in circulation—net liabilities >11 other liabilities _____ __________ ______ 2,143,184 1,791,569 10,635 21,477 2,194,074 1,813,425 10,800 21,965 2,225,268 1,829,045 11,000 23,292 2,181,262 2,090,397 1,870,835 1,906,465 11,084 11,479 24,647 25,545 2,161,080 2,136,002 2,196,051 2,141,553 2,244.027 2,319,390 2,284,107 2,316,557 2,310,308 2,361,589 2,384,319 1,955,276 1,985,419 2,032,837 2,092,708 2,180,679 2,245,429 2,295.031 2,349,326 2,431,004 2,478,378 2,502,488 13,716 16,864 15,167 20,687 23,964 27,672 33,208 35,819 40,305 52,031 55,666 26.811 27,702 29,351 31,305 31,710 33,615 34,597 35,857 37,732 40,552 39,046 4,044,162 4,117,722 4,166,122 4,165,403 4,111,538 4,234,893 Total liabilities________________________ a Includes Item "Due from or Due to Other Federal Reserve Banks—Net.” http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 76,876 1,134 179,978 1,420,705 433,347 127,050 * Revised figures. 1,992,543 2,003,051 52,980 52,215 4,242,384 2,013,794 2,016,983 53,168 53,511 78,168 1,134 104,729 1,478,639 437,885 120,300 78,359 1,134 197,325 1,465,102 461,640 119,960 $ 367,660 459,997 5,829 78,553 1,134 206,733 1,469,603 527,752 115,302 NOV. 8 Nov. 15 Nov. 22 Nov. 29 Dec. 6 75,711 1,134 155,532 1,555,434 264,887 123,221 3,806,692 3,849,711 Dec. 13 Dec. 20 Dec. 27 $ 370,220 437,319 5,829 $ 373,255 419,665 5,829 $ 372,922 448,720 5,829 $ 382,160 416,413 5,829 376,679 415,676 5,829 $ 383,833 449,248 5,829 $ 386,437 435,452 5,829 $ 375,527 433,885 5,829 $ 371,498 435,892 5,829 $ 370,938 395,292 5,829 $ 353,208 422,491 5,829 $ 336,516 487,568 5,829 335,141 461,369 5,829 337,365 374,758 5,829 833,486 813,368 1,145,950 1,161,731 44,122 45,714 798,479 1,181,485 45.200 827,471 1,157,000 46,765 804,402 1,173,521 57,390 798,148 1,184,998 61,950 838,910 1,149,859 63,460 827,718 1,145,640 73,233 815,241 1,166,579 74,957 813,219 1,168,917 78,129 772,059 1.216,541 76,613 781,528 1.207,377 78,496 829,913 1,167,771 80,821 802,339 1,194,228 82,421 717,952 1,288.309 84,013 2,024,559 2,023,558 2,020,813 53,173 52,481 51,363 1,916,418 697,225 1,405 13,013 $ 75,711 1,134 155,532 1,555.434 264,887 123,221 3.548,023 3,772,495 3,573,555 3,585,303 3,686,300 3,711,703 3,849,711 RESOURCES. Gold coin and certificates______________________ Gold settlement fund, Federal Reserve Board..... .......... .. Gold with foreign agencies___________________ $ 75,118 1,134 138,529 1,548,137 309,773 110,611 2,025,434 2,031,236 2,035,313 51,937 52,122 52,372 2,076,039 2,072,176 2,077,371 4,353,987 4,365,555 4,559,873 4,705,793 4,726,766 1,221,533 491,897 288,391 78,802 1,134 191,623 1,535,490 485,059 104,385 1,251,787 453,246 311,990 2,045,132 2,052,229 2,046,591 53,037 53,456 54,248 2,056,777 2,060,265 2,065,213 2,067,401 53,039 55,992 55,158 53,966 $ $ 2,078,505 2,078,988 2,090,274 55,758 54,636 55,945 2,083,358 2,087,685 2,098,169 2,105,685 2,100,839 2,109,816 2,116,257 2,120,371 2,121,367 2,134,263 2,133,624 2,146,219 1,304,383 450,086 338,620 1.467,322 396,462 371,406 1,299,524 306,778 340,765 1,262,757 425,799 370,136 2,017,023 2,093,089 2,058,692 28,289 28,214 28,205 56,514 66,193 67,738 202 188 197 4,817,495 4,899,386 5,011,134 1,092,417 453,747 398,623 1,252,904 493,043 377,072 1,316,967 480,271 374,522 1,358,416 439,392 377,877 1,281,245 428,190 368,784 1,412,511 402,684 375,341 1,583,849 365,614 366,594 1,944,787 2,123,019 2,171,760 2,175.685 2,078,219 2,190,536 2,235,190 2,216,057 28,251 29,472 29,479 29,478 29,134 29,132 29,196 29,189 322,060 88,750 92,664 93,449 91,956 148,180 105,606 111,477 24 35 28 28 27 27 27 27 1,400,371 302,567 303,673 1,947,067 2,006,611 28,850 28,869 325,073 282,677 16 13 2,293,223 687,468 3,924 18,790 2,298,640 2,255,560 2,312,359 717,785 819,010 736,328 4,621 4,008 4,525 18,169 21,309 24,175 2,370,019 2,356,750 2,301.006 2,318,170 650,039 719,591 826,831 759,608 4,844 5,506 5,880 5,988 22,440 18,824 20,793 22,005 5,063,216 5,270.785 5,052,114 5,104,244 5.148,418 5,219,527 5,194,988 5,168,709 5,234,934 5,288,134 5,251,990 79,057 1,134 179,868 1,506,727 585,090 112,634 79.360 1,134 249,397 1,442,493 543,975 111,827 79,903 1,134 246,401 1,449,949 573,727 113,385 80,304 1,134 185,355 1,547,838 514,512 106,685 80,585 1,134 38,693 1,642,444 588,755 106,689 80,681 1,134 63,367 1,587,318 554,823 106,992 2.580,825 2,347,692 2,348,989 2,507,912 2,515,504 2,558,196 58,859 63,338 68,864 42,865 45,086 47.237 2,383,462 2,451,782 2,404,611 2,354,390 2,392,317 2,376,581 2.562,517 2,555,215 2,568,676 2,584,523 2,604,580 2,633,701 80,504 72,930 86,003 92,799 102,202 111,909 48,472 50,867 54,492 54,209 55,559 54,224 2,312,500 2,685,244 117,122 55,309 5,270,785 5,052,114 5,104,244 5,148,418 5,219,527 5,194,988 5,251,990 5,063,216 79,190 1,134 78,218 1,683,499 702,107 117,001 79,824 1,134 160,256 1.545,996 527,796 114,941 80,025 1,134 113,174 1,604,033 620,608 113,967 80,072 1,134 207,157 1,488,893 602,667 105,894 5,168.709 80,492 1,134 161,614 1,567,927 556,764 106,012 5,234,934 5,288,134 FEDERAL RESERV E BANK STATEMEN TS. RESOURCES. Gold coin and certificates in vault___ ____ _____ Gold Settlement Fund-—Federal Reserve Board______ Gold with foreign agencies_________________________ $ AT THE CLOSE OF EACH WEEK OF THE Given In thousands of dollars, that Is. 000 omitted. _______________________ _______________________________________________________________ FEDERAL RESERVE NOTES—NEW YORK CITY BANK MOVEMENTS. 102 FEDERAL RESERVE NOTES. The amount of Federal Reserve notes outstanding at the end of each week of the year, with a classified statement of the security held against them, also the amount in circulation, is shown below. The figures are taken from the weekly statements issued by the Federal Reserve Board. F. R. Notes Issued to F. R. Banks and Secured by (000 omitted) Gold Coin and Cer tificates. 1918. Jan.— 4.. 11 — 18-. 25.. Feb.— 1.. 8.. 15— 21.. March— 1.. 8.. 15.. 22.. 29.. April— 5.. 12.. 19_. 26.. May— 3.. 10-. 17— 24.. 31June— 7— 14.. 21 — 28— Gold GoldSettleRedemp menlFund icith F. R. tion Fund. Board. Eligible Payer. Federal Federal Reserve Reserve Notes Notes Remain in Circu ing in lation. Hands of Banks. Total. $ S $ $ S S 269,951 265,759 374,000 276,894 569,144 587,771 576,378 579,803 41,158 42,496 46,182 45,586 486,082 473,519 476,545 471,339 1,366,335 1,369,545 1,373,105 1,373,622 115,130 125,265 134,308 138,698 1,251,205 1,244,280 1,238,797 1,234,924 269,862 296,717 290,923 292,877 586,191 535,401 540,109 552,709 44,872 43,830 44,512 45,699 466,933 498,277 516,940 538,447 1,367,858 1,374,225 1,392,484 1,429,732 131,757 112,441 111,439 115,151 1,236,101 1,261,784 1,281,045 1,314,581 276,987 278,207 266,824 271,658 253,524 579,299 608,511 650,668 679,900 711,795 49,747 47,986 47,984 47,021 48,926 558,612 570,509 554,820 560,126 549,742 1,464,645 1,505,213 1,520,296 1,558,705 1,563,987 113,554 121,223 114,068 129,196 111,149 1,351,091 1,383,090 1,406,228 1,429,509 1,452,838 252.391 245,251 243,530 245,954 734,550 768,206 748,234 816,438 50,038 48,504 50,043 50,521 570,648 563,737 561,249 527,743 1,607,627 1,625,698 1,639,056 1,640,656 127,707 126,321 124,769 114,424 1,479,920 1,499,377 1,514,287 1,526,232 249,955 253,452 236,950 228,449 232,448 808,872 822,495 794,704 794,504 780,628 49,061 48,554 50,004 53,080 53,428 563,280 583,021 628,582 648,652 670,043 1,671,168 1,707,522 1,710,240 1,724,685 1,736,547 114,508 137,904 140,795 146,064 135,579 1,556,660 1,569,618 1,569,445 1,578,621 1,600,968 228,446 225,444 215,445 223,945 811,621 842,248 848,280 860,953 52,221 51,994 54,587 55,404 677,588 673,707 687,206 708,521 1,769,876 1,793,393 1,805,518 1,848,823 130,297 141,893 127,567 126,607 1,639,579 1,651,500 1,677,951 1,722,216 $ F. R. Notes Issued to F. R. Banks and Secured by Gold GoldSettleRedemp mentFund tion with F. R. Fund. Board. (000 omitted) Gold Coin Eligible and Cer Paper. tificates. 1918. July— 5— 12 — 19— 26— Aug.— 2— 9— 16.. 23.. 30Sept.— 6— 13 — 20— 27— Oct.— 4— 10— 1825— Nov.— 1.. 8— 1522.. 29.. Dec.— 6— 13— 2027— Total. Federal Federal Reserve Reserve Notes Notes Remain in Circu ing in lation. Hands of Banks. $ $ $ S $ $ 214,944 203,444 197,944 202,239 955,077 1,000,582 1,042,313 1,089,060 56,873 58,378 60,602 59,859 690,258 701,325 681,744 648,322 1,917,152 1,963,729 1,982,603 1,999,480 125,583 150.304 153,558 128,645 1,791,569 1,813,425 1,829,045 1,870,835 201,239 212,240 217,238 220,239 219,239 1,125,387 1,147,781 1,157,450 1,145,070 1,157,341 59,851 60,296 60,959 63,419 61,708 641,703 668,156 683,301 735,109 780,650 2,028,180 2,088,473 2,118,948 2,163,837 2,218,938 121,715 133,197 133,529 131,000 126,230 1,906,465 1,955,276 1,985,419 2,032,837 2,092,708 219,240 217,240 217,240 214,239 1,232,012 1,265,713 1,300,244 1,332,474 61,690 65,788 70,608 73,363 806,830 840,104 858,102 874,129 2,319,772 2,388,845 2,446,194 2,494,205 139,093 143,434 151,163 144,879 2,180,679 2,245,429 2,295,031 2,349,326 208,239 208,167 201,239 207,176 1,401,933 1,460,339 1,493,503 1,512,092 113,060 77,477 78,053 78,609 860,186 871,356 894,229 899,213 2,583,418 2,623,339 2,667.024 2,697,090 152,414 144,961 164,536 189,178 2,431,004 2,478,378 2,502,488 2,507,912 200,176 198,176 210,176 211,626 212,627 1,560,821 1,598,046 1,595,233 1,599,860 1,556,502 81,776 78,586 78,352 78,793 77,991 867,907 868,878 878,051 878,498 925,923 2,710,680 2,743,686 2,761,812 2,768,777 2,773,043 195,176 185,490 199,295 213,562 204,367 2,515,504 2,558,196 2,562,517 2,555,215 2.568,676 231,627 250,327 246,327 246,327 1,534,475 1,596,928 1,621,222 1,567,295 75,679 74,376 79,074 81,951 900,071 843,068 868,827 960,031 2,741,852 2,764,699 2,815,450 2,855,244 157,329 160,119 151,749 170,360 2,584,523 2,604,580 2,663,701 2,685,244 S STATE BANKS AND TRUST COMPANIES NOT IN THE CLEARING HOUSE. The Banking Department of the State of New York reports weekly figures showing the condition of State banks and trust companies in New York City not in the Clearing House, and these returns for each week of the year 1918 are shown in the following table: [Compiled from weekly returns of averages to the State Banking Department.] Loans 00s omitted. and In Specie. 1918. vestments. Jan.— 5— . 12... 19... 26... Feb.— 2... 9... 16—. 23... Mar.— 2... 9—. 16... 23—. 30... April— 6—. 13... 20—. 27... May— 4... 11 —_ 18 — 25-. June— 1—. 8... 15— 22... 29... Deposits, Re Currency Deposits Total Less Due Reserve serve and withF.R. Bank Bank Deposits. fromOther on to Notes. ofN. Y. Banks, &c Deposits. Dep. $ $ $ $ 815,453,8 802,955,4 821,252,1 823,613,5 18,357,5 17,155,0 17,825,7 17,576,0 12,862,4 12,517,3 12,673,2 12,581,5 64,280,8 65,272,9 62,205,6 64,067,5 834,641,0 843,098,7 851,669,0 866,518,8 17,773,7 18,270,1 18,171,3 17,847,1 12,089,2 12,233,6 12,158,9 12,387,5 63,103,6 62,151,4 70,815,0 71,359,2 874,373,2 741,623,4 742,539,8 745,021,0 752,410,3 17,945,7 14,525,4 14,574,4 14,668,8 14,643,7 12,615,7 12,144,5 12,089,8 11,808,4 12,200,2 72,266,7 53,364,1 50,565,6 54,050,4 55,143,8 750,411,8 761,816,6 768,948,6 769,025,7 15,070,8 15,224,5 15,511,3 14,936,0 11,899,3 12,132,1 12,069,3 13,548,7 56,154,3 54,572,5 54,070,6 53,897,6 772,188,4 774,706,9 773,842,3 771,900,7 14,136,5 13,388,0 13,291,8 13,133,3 13,767,1 13,973,0 13,065,5 13,200,1 52.480,6 51,973,8 51,202,9 55,190,0 767,258,7 12,914,9 750,650,0 13,018,4 746,615,3 13,395,6 732,012,0 13,515,0 728,153,5'12,648,9 13,007,5 13,325,6 12,159,4 15,469,1 13,642,2 53,277,2 56,112,8 56,036,9 55,952,5 59,339,7 $ Loans 00s omitted. and In Specie. 1918. vestments. $ S $ % $ $ S $ S $ % 842,565,4 836,463,9 847,462,7 838,032,6 181,337,5 163,359,8 161,477,6 166,279,8 24.3 21.5 21.7 22.3 722,529,8 727,202,5 719,429,1 724,916,7 12,165,8 12,196,1 11,184,0 11,158,7 13,763,5 14,379,4 14,045,3 13,882,3 58,470,5 57,107,4 56,031,2 56,895,7 800,324,2 785,804,7 769,252,5 763,543,0 687,957,9 692,347,7 688,152,7 680,639,8 133,031,3 130,571,3 126,044,7 124,074,6 21.4 20.9 20.3 20.3 735,772,5 741,769,0 743,327,9 734,990,4 725,378,5 10,882,6 11,314,2 10,785,0 10,633,2 10,663,1 13,658,4 13,248,2 14,097,5 14,055,6 14,139,5 57,723,7 56,440,6 58,282,1 55,313,7 55,257,7 778,030,6 786,871,6 795,087,5 775,415,0 760,716,0 688,789,2 686,514,1 696,211,7 696,886,2 692,729,0 127,237,7 125,473,2 128,042,7 122,682,0 122,092,7 20.6 20.5 20.6 19.8 19.8 723,020,5 712,769,0 720,086,6 717,624,1 10,454,1 10,404,6 10,088,1 10,154,0 14,882,2 15,069,6 14,530,3 14,890,0 55,965,9 55,462,7 64,566,5 62,278,1 775,808,9 769,212,4 771,365,3 767,634,8 705,063,9 703,423,8 699,431,3 704,530,9 128,362,0 125,272,6 128,904,1 129,085,4 20.4 20.1 20.8 20.9 717,947,8 724,534,8 711,949,9 735,186,1 10,132,7 10,161,2 10,100,8 9,823,2 14,582,2 15,468,0 15,112,0 15,469,5 59,224,4 52,042,7 59,528,8 61,234,0 776,564,4 772,684,1 771,806,3 796,357,3 696,362,0 693,967,6 695,115,5 692,958,6 132,171,6 122,160,3 131,199,0 136,621,0 21.5 20.0 21.6 22.1 750,047,2 738,447,4 729,411,0 718,031,8 700,088,9 9,454,6 8,855,4 8,499,7 8,509,6 8,137,7 14,644,1 15,036,6 15,026,4 14,960,1 15,198,5 52,988,0 56,721,3 56,320,1 57,993,1 58,798,1 820,166,5 798,474,5 779,752,3 762,562,8 749,494,9 656,462,8 674,195,2 676,369,9 676,801,2 681,155,6 129,398,3 126,934,1 123,738,6 123,726,1 128,325,9 21.9 21.1 20.6 20.7 21.0 701,752,6 703,647,7 712,588,6 716,130,5 8,040,7 8,018,3 7,070,3 8,164,9 15,612,5 15,701,0 15,972,6 16,576,5 54,161,1 59,106,8 59,765,5 60,435,9 746,373,1 750,899,6 753,589,2 758,143,1 675,858,9 679,228,1 680,404,0 686,035,7 124,732,7 125,484,3 126,798,8 123,326,9 20.5 20.6 20.8 20.2 July— 6—. 13.— 20—. 27... Aug.— 942,553,8 832,125,5 168,560,8 22.5 3... 959,279,5 838,674,5 173,104,6 22.8 10.— 968,186,4 850,413,7 174,903,6 22.8 17.973,970,0 851,076,5 164,993,8 21.7 24... 31.— 989,265,7 864,144,6 164,214,0 21.4 Sept.— 801,511,5 699,979,1 136,136,6 21.7 7— 789,756,0 696,870,5 130,987,9 21.1 14... 781,445,5 699,756,1 130,683,1 21.2 21... 789,050,7 706,294,7 133,686,0 21.1 28... Oct.— 796,960,6 710,112,4 140,242,5 22.0 5... 799,184,7 711,848,2 138,131,3 21.5 11... 813,525,6 719,121,0 137,850,5 21.4 19... 807,186,9 720,771,8 134,185,0 20.9 26—. Nov.— 812,366,1 722,693,3 132,360,5 20.4 2... 809,993,1 699,542,5 133,028,3 21.0 9... 816,142,1 676,967,7 130,578,3 21.3 16... 814,366,6 686,549,5 133,822,1 21.5 23 — . 30. . 812,428,3 698,069,8 129,551,6 20.6 Dec.— 803,344,1 707,941,7 132,999,2 20.9 7... 752,730,6 707,417,6 124,400,6 20.5 14... 785,648,8 696,499,1 130,820,2 21.1 21... 801,989,4 695,187,1 135,953,7 21.6 28... 960,491,0 925,040,1 929,363,3 927,839,2 Currency Deposits Deposits, Re and withF.R. Total Less Due Reserve serve Bank Bank Deposits. fromOther on to Notes. of N. Y. Banks, &c Deposits. Dep. ALL BANKS AND TRUST COMPANIES COMBINED. By combining the figures shown in the preceding table (representing State banks and trust companies not in the Clearing House} with the totals for the Clearing House institutions (which are given on the succeeding two pages), an aggregate total embracing practically all banks and trust companies in the Greater New York is obtained. As only the weekly averages of daily results are furnished by the State Banking Department it is necessary in combining these figures with those for the Clearing House in stitutions to use figures compiled on a similar basis. Therefore, in preparing the table below, average figures are used throughout. Manifestly, however, actual figures, showing the condition of the institu tions at the end of the week, are preferable to the averages of the daily results, and accordingly in the two pages of Clearing House returns which follow we use the actual figures and not the averages. * 1918. Week ending— Jan. Jan. Jan. Jan. Feb. Feb. Loans and Investments. $5,945,390,800 4.893.792.400 4,892,797,100 4,899,129,500 5,006,037,000 5,038,372,700 Feb. 5,049,992,000 Feb. 5,116,615,800 Mar. 5,150.846,200 Mar. 5.127.304.400 Mar. 5,061,380,800 Mar. 5,034,741,000 Mar. 5,089,258,300 April 5,055,925,800 April 5,126,263,600 April 5,263,096,600 April 5,276,947,700 May 5.286.693.400 * This item includes gold, silver, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Total Money Holdings. * 1918. Week ending— Loans and Investments. Total Money Holdings. May $163,496,900 $5,306,256,900 $154,360,100 May 166,222,300 5.368.727.300 150.599.300 May 147.626.400 165.339.900 5.335.545.700 June 143.661.400 157,133,500 5.290.958.700 June 150.734.900 141,312,000 5,255,139,000 June 146.516.700 141,953,000 5.293.378.300 June 146.721.200 143.648.100 5,242,919 000 June 139.413.100 145.240.900 5,147,055,500 July 137.610.300 146,265,400 5,107,950,800 July 144.946.500 144,059,900 5,143,094,500 July 139.991.300 144.447.200 5,089,497,100 July 144.876.200 137,391,000 5,058,802,700 147.125.900 Aug. 5,137,068.500 135,767,000 Aug. 147,996,100 135.586.400 5,231,510,000 Aug. 135.814.500 149.130.600 5,281,063,900 Aug. 149.133.600 135,076,000 5,230,921,400 Aug. 134,825,600 151.850.700 5,173,081,500 151.131.600 legal tenders, national bank notes and Federal Reserve notes. 1918. Week ending— Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. 7_______ 14_______ 21_______ 28_______ 5............ .. 11............ 19_______ 26_______ 2-........... 9_______ 16_______ 23_______ 30_______ 7_______ 14_______ 21_______ 28_______ Loans and Investments. Total Money Holdings. $5,249,106,500 5.233.177.200 5.294.283.600 5.296.960.100 5.373.198.800 5,413,086,800 5.386.267.900 5.457.805.100 5.499.400.200 5,471,164,400 5,489,226,000 5.470.203.800 5.360.177.900 5.330.133.600 5,384,107,700 5.373.134.600 5,378,736,500 $133,835,300 138,081,200 136,011,400 137,838,000 135.297.900 139,020,200 140,278,800 143.997.700 139.935.700 137,695,000 141,922,100 141.983.700 141.405.200 142.319.200 142,105,300 141.455.900 146,531,400 NEW YORK CITY CLEARING HOUSE BANKS AND TRUST COMPANIES 103 NEW YORK CITY CLEARING HOUSE BANKS AND TRUST COMPANIES. In the following tables we furnish a summary of the Clearing House returns for each week of the year 1918. The institutions holding membership in the Clearing House are classified in three groups according to reserve requirements, namely banks and trust companies which are members of the Federal Reserve Bank, State banks which are not members of the Federal Reserve Bank, and trust companies which are not members of the Federal Reserve Bank. The figures for each of these three groups, and also the aggregates of all, are presented herewith. The Clearing House furnishes two sets of totals each week, one showing the averages for the week and the other the actual condition at the end of the week. We use entirely the actual totals. The items making up the total reserve are in each instance printed in heavy black-faced type. Members of Federal Reserve Bank.—The Clearing House Association on June 28 1917 amended its constitution so that the provisions relating to reserve requirements for those Clearing House members which are included in the Federal Reserve system—that is members of the Federal Reserve Bank of New York, whether national banks, State banks or trust com panies—should coincide with the Federal Reserve Law as amended June 21 1917. Under the new regulations the reserve re quired of members of the Federal Reserve Bank was reduced to 13% on demand deposits (previously 18% had been required) and 3% (previously 5%) on time deposits. The regulations further provided that the entire reserve should be kept with the Federal Reserve Bank of New York. Cash on hand or in vault previously ranking as reserve in addition to that deposited with the Federal Reserve Bank can no longer be classed as reserve. This item of cash in vault, however, is still shown in the returns for the member banks (as well as for the non-members) and to get at the true reserve position of the institutions in any week the vault reserves should always be taken into account. It is proper to say that in reporting cash in vault now the distinction between national bank notes and Federal Reserve notes is no longer maintained, but the two are lumped to gether. However, neither class of notes ever counted as part of the legal reserve for the member banks, the remaining items namely (l)gold, (2) silver and (3) legal tenders being alone so counted. We may add that the Clearing House treats all member banks of the Federal Reserve system as if they were national banks. That is, the reserve requirements for State banks and trust companies which are members of the Federal Reserve system are calculated on the same basis as those for the national banks (13% on demand and 3% on time deposits) whereas the State law required a reserve of 15% on demand deposits in the case of trust companies and 18% on demand deposits in the case of State banks, with no reserve requirement in either case against time deposits. Furthermore, the items going to make up the reserve are restricted to those designated as lawful for members of the Federal Reserve Bank. Since the latter part of June 1917 only deposits with the Federal Re serve Bank have been legal reserve. The State law allowed the State institutions to join the Federal Reserve system, but provided that “if any bank (or trust company) shall have become a member of a Federal Reserve bank it may maintain as reserves on deposit with such Federal Reserve bank, such portion of its total reserves as shall be required of members of such Federal Reserve bank.” Aggregate reserves to be maintained stood the same as before, even after a State institution had joined the Reserve system. The Farmers’ Loan & Trust Co. joined the Federal Reserve system in February and was represented in the Clearing House statement for March 16. The Market & Fulton National Bank was consolidated with the Irving Trust Co. and appeared separately for the last time on March 2. MEMBERS OF FEDERAL RESERVE BANK. Actual Condition at End of Week, Stated in Thousands of Dollars.* 1918. January— 5_ ________ 12__________ 19______ ... 26__________ February— 2 . ___ 9 ... 16___ 23________ March— 2__________ 9__________ 16_________ 23__________ 30__________ April— 6__________ 13__________ 20__________ 27....... ............. May— 4___ ______ 11__________ 18______ ... 25__________ June— 1______ _ 8__________ 15__________ 22__________ 29__________ July— 6_________ 13__________ 20__________ 27__________ August— 3......... ........ 10.............. .. 17__________ 24__________ 31__________ September— 7__________ 14__________ 21 __ 28__________ October— 5__________ 11__________ 19__________ 26__________ November— 2 ______ 9__________ 16__________ 23__________ 30__________ December— 7__________ 14__________ 21______ ... 28 Required Reserve. Surplus Reserve. Exact Amounts* Exact Amounts* S 518,218 548,771 527,205 558,031 $ 458,853,890 471,199,270 461,166,260 463,298,620 $ 59,364,110 77.571,730 66,038,740 94,732,380 S 23,902 24,568 22,357 21,358 34,016 34,114 34,070 34,109 80,071 79,015 80,159 76,279 526,984 555,367 485,165 509,305 465,355,150 467,386,830 456,594,480 452,618,520 61,628,850 87,980,170 28,570,520 56,686,480 18,659 19,096 20,490 22,698 34,162 34,243 34,154 34,448 12,704 13,673 12,467 13,487 12,712 74,480 78,097 76,352 77,703 77,072 459,809 515,218 501,933 524,519 535,104 447,994,880 460,735,760 467,937,980 469,349,360 474,789,570 11,814,120 54,482,240 33,995,020 54,520,640 60,314,430 21,253 22,921 23,212 24,560 25,010 34,737 34,888 35,023 35,463 35,872 65,302 64,685 64,694 64,772 12,796 12,382 12,529 13,075 78,098 77,067 77,223 77,847 519,533 542,042 515,387 541,926 476,006,330 476,888,940 474,682,850 472,006,810 43,526,670 65,153,060 40,704,150 69,919,190 25,742 27,316 27,518 28,405 35,851 35,956 35,941 36,074 25,273 25,347 23,731 22,971 65,205 65,652 63,456 62,548 12,932 13,529 12,780 13,028 78,137 79,181 76,236 75,576 515,642 562,112 506,915 510,712 479,453,020 460,777,900 461,952,220 469,093,400 36,188,980 101,334,100 44,962,780 41,618,600 27,429 28,860 28,554 27,848 36,221 36,561 36,712 36,832 37,692 37,490 37,448 37,141 36,917 21,678 20,968 21,322 21,145 20,695 59,370 58,458 58,770 58,286 57,612 12,748 12,768 12,433 11,515 11,410 72,118 71,226 71,203 69,801 69,022 502,932 516,090 551,967 510,881 31,973,270 43,434,470 68,443,120 45,642,130 170,974,720 26,592 29,451 28,815 29,434 27,491 37,218 37,164 36,754 36,573 639,725 470,958,730 472,655,530 483,523,880 465,238,870 468,750,280 3,648,584 3,731,028 3,630,240 3,629,38/ 36,545 35,879 35,085 35,564 21,546 23,180 21,402 21,743 58,091 59,059 56,487 57,307 12,501 13,574 12,236 12,111 70,592 72,633 68,723 69,418 483,803 524,705 529,109 527,641 458,284,220 468,782,940 455,374,500 455,690,310 25,518,780 55,922,060 73,734,500 71,950,690 30,446 33,561 31,626 30,774 36,608 36,754 36,860 36,953 161,725 157,521 160,725 159,520 158,424 3,667,466 3,654,102 3,659,729 3,683,144 3,727,950 35,573 35,285 35,333 35,404 34,792 20,674 20,145 19,561 19,601 18,909 56,247 55,430 54,894 55,005 53,701 11,667 12,682 12,346 11,960 11,516 67,913 68,112 67,240 66,965 65,217 515,359 507,577 489,122 522,225 523,628 460,598,080 459,281,160 459,692,270 462,856,720 468,791,380 54,760,920 40,644,840 29,429,730 59,368,280 54,836,900 29,191 31,568 29,561 31,545 29,986 35,786 35,736 35,593 36,806 35,705 3,651,278 3,609,812 3,634,803 3,655,672 158,526 163,567 152,496 150,564 3,809,804 3,773,379 3,787,299 3,806,236 35,196 35,160 34,975 34,898 18,081 19,206 19,086 18,439 53,277 54,366 54,061 53,337 11,896 12,650 12,072 12,536 65,173 67,016 66,133 65,873 537,906 499,398 542,333 526,399 479,421,920 474,182,570 477,099,270 479,754,280 58,484,080 25,215,430 65,233,730 46,644,720 30,725 33,451 33,317 34,113 35,613 35,658 35,536 35,670 4,569,023 4,540,196 4,529,143 4,628,553 3,643,789 3,663,867 3,728,311 3,691,867 150,724 146,874 144,172 147,811 3,794,513 3,810,741 3,872,483 3,839,678 35,195 35,353 35,296 35,532 19,142 20,366 19,940 20,366 54,337 55,719 55,236 55,898 12,837 12,658 12,256 12,371 67,174 68,377 67,492 68,269 514,426 530,675 519,115 617,098 478,214,290 480,708,930 489,005,590 484,377,040 36,211,710 49,966,070 30,109,410 132,720,960 33,098 39,627 36,922 38,268 35,665 35,645 35,908 36,048 4,583,744 4,608,942 4,653,190 4,545,815 4,489,912 3,593,689 3,667,756 3,703,293 3,712,817 3,628,302 149,477 150,010 152,935 152,203 152,898 3,743,166 3,817,766 3,856,228 3,865,020 3,781,200 35,502 35,714 35,808 36,401 34,743 18,698 20,362 20,665 20,426 20,926 54,200 56,076 56,473 56,827 55,669 12,561 13,450 13,233 13,681 13,438 66,761 69,526 69,706 70,508 69,107 525,944 547,841 514,061 583,362 539,317 471,663,880 481,308,580 486,016,140 487,232,300 476,266,200 54,280,120 66,532,420 28,044,860 96,129,700 63,050,800 33,687 37,648 36,786 36,949 36,973 36,098 35,824 35,615 35,565 35,446 4,533,020 4,536,269 4,513,450 4,519,677 3,682,305 3,770,285 3,807,709 3,810,717 150,975 140,022 134,687 131,782 3,833,280 3,910,307 3,942,396 3,942,499 34,202 33,730 35,509 34,986 19,915 19,664 19,722 19,404 54,117 53,394 55,231 54,390 13,516 11,797 12,011 14,479 67,633 65,191 67,242 68,869 553,208 533,758 557,846 541,528 483,228,900 494,337,710 499,042,780 499,346,670 69,978,100 39,420,290 58,803,220 42,181,330 40,214 39,098 42,590 44,401 35,654 35,698 35,816 35,934 Silver. Total Specie. Legal Ten ders. Total Money. Legal Reserve on Deposit withF. R. Bank. S 42,476 42,674 42,387 41,074 S 29,146 31,498 29,181 26,829 S 71,622 74,172 71,568 67,903 S 17,719 18,550 16,085 15,357 S 89,341 92,722 87,653 83,260 3,732,785 3,749,371 3,665,326 3,635,524 41,129 40,512 40,311 37,628 25,023 25,235 25,396 25,386 66,152 65,747 65,707 63,014 13,919 13,268 14,452 13,265 192,623 198,511 199,645 188,279 181,833 3,594,286 3,696,822 3,753,096 3,760,202 3,792,099 36,682 39,593 39,425 39,408 39,547 25,094 24,831 24,460 24,808 24,813 61,776 64,424 63,885 64,216 64,360 3,619,064 3,627,018 3,610,427 3,589,141 184,267 179,220 177,578 180,616 3,803,331 3,806,238 3,788,005 3,769,757 40,885 39,525 39,891 39,862 24,417 25,160 24,803 24,910 4,330,507 4,429,784 4,413,251 4,383,268 3,646,237 3,503,722 3,514,369 3,570,911 181,407 176,468 169,475 162,499 3,827,744 3,680,290 3,683,844 3,733,410 39,932 40,305 39,725 39,577 4,341,948 4,331,791 4,432,666 4,302,237 4,235,733 3,586,273 3,600,313 3,682,766 3;542;500 3,569,557 158,108 153,828 158,810 157429 156,929 3,744,381 3,754,141 3,841,576 3,699,629 3,726,486 4,239,701 4,306,968 4,130,822 4,243,959 3,488,267 3,568,521 3,464,673 3,468,087 160,317 162*507 165,567 161,300 4,255,942 4,405,883 4,376,213 4,322,674 4,292,323 3,505,741 3,496,581 3,499,004 3,523,624 3,569,526 4,409,882 4,381,872 4,453,785 4,440,114 Loans, Dis counts, Invest ments. &c. Net Demand Deposits. Net Time De posits. Total Deposits. Gold. S 3,935,735 3,883,082 3,852,513 3,945,368 & 3,486,326 3,579,922 3,502,301 3,517,156 S 187,717 193,647 195,571 202,278 S 3,674,043 3,773,569 3,697,872 3,719,434 4,055,261 4,038,371 4,058,959 4,101,606 3,533,686 3,549,057 3,466,347 3,435,528 199,199 200,314 198,979 199,996 4,151,706 4,187,557 4,104,724 4,185,870 4,172,463 3,401,663 3,498,311 3,553,451 3,571,923 3,610,266 4,128,981 4,294,212 4,323,482 4,351,607 National Nat’l Bank Bank and Circu F. R. lation. Notes. 36,631 * 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 two items. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NEW YORK CITY CLEARING HOUSE BANKS AND TRUST COMPANIES 104 State Banks Not Members of the Federal Reserve Bank.—The following changes in the composition of this group of banks occurred during the year, namely: The Fifth Avenue and the Commercial Exchange (formerly German Exchange) banks were admitted to the Federal Reserve system and their returns included in Federal Reserve members’ statements July 6 and July 13, respectively. From the statement for Feb. 16 the Bank of the Metropolis was omitted, having been acquired by Bank of the Manhattan Co.; June 22, West Side Bank, merged into the Manufacturers Trust Co., was omitted, and Sept. 14, Peoples Bank, in voluntary liquidation, no longer included. STATE BANKS NOT MEMBERS OF FEDERAL RESERVE BANK. Actual Condition at End of Week. Stated in Thousands of Dollars* ISee foot-note on preceding page.) Loans, Disc'ts. Invest ments, &c. 1918. Jan.— 5............................. 12......... ................... 19_______________ 26_______________ Feb.— 2_______________ 9_______________ 16_______________ 23_______________ March— 2 ............................. 9_______________ 16_______________ 23_______________ 30_______________ April— 6________ _______ 13____________ _ 20_______________ 27............ -................. May— 4_______________ 11___________ ____ 18........................... .. 25 ......................... June— 1_______________ 8_______________ 15............................. 22............................. .. 29........................... .. July— 6....... ................... .. 13 . ...................... .. 20....... ....................... 27 —...................... .. Aug.— 3 ............................... 10_______________ 17....... ....................... 24................ .............. 31_______________ Sept.— 7_______________ 14_______________ 21_______________ 28 ............................... Oct.— 5...........................12_______________ 19_______________ 26 ...................... ........ Nov.— 2............................... 9_______________ 16_______________ 23 ...................... ........ 30............................. Dec.— 7........................... .. 14_______________ 21_______________ 28 Net Net Total Time Demand Deposits. Deposits Deposits. Qold. Silver. Total Specie. Legal Tenders Nat. Bank and F. R. Notes. Total Money. Reserve on Dep. with Legal Depos. Total Legal Reserve. Required Reserve Exact Amounts* Add’l Depos’s Legal Exact Deposi Amounts.* taries. Surplus Reserve. $ 104,879 107,018 104,282 105,341 S 108,963 111,819 109,907 109,536 $ 63 81 57 101 $ 109,026 111,900 109,964 109,637 $ 6,839 6,929 6,824 6,969 $ 3,522 3,844 3,448 3,233 $ 10,361 10,773 10,272 10,202 $ 1,854 1,688 1,633 1,783 $ 3,009 3,095 2,988 2,998 $ 15,224 15,556 14,893 14,983 S 6,352 5,618 6,652 6,532 S 21,576 21,174 21,545 21,515 S 19,613,340 20,127,420 19,783,260 19,716,480 $ 1,962,660 1,046,580 1,761,740 1,798,520 S 6,272 4,575 4,193 4,679 105,393 106,041 91,049 91,571 109,750 110,188 95,449 96,245 107 97 100 98 109,857 110,285 95,549 96,343 6,998 7,001 6,285 6,135 3,095 3,129 2,939 3,058 10,094 10,130 9,224 9,193 1,629 1,775 1,461 1,452 2,636 2,812 2,295 2,210 14,358 14,717 12,980 12,855 5,838 6,404 4,708 5,660 20,296 21,121 17,688 18,515 19,755,000 19,833,840 17,180,820 17,324,100 441,000 1,287,160 507,180 1,190,900 4,413 3,827 1,129 694 94,132 93,208 94,771 94,772 96,446 98,304 96,220 98,432 98,447 99,932 60 50 53 50 51 98,364 96,270 98,485 98,497 99,983 6,015 6,150 6,141 6,351 6,448 2,968 3,024 2,628 2,767 2,708 8,983 9,174 8,769 9,118 9,156 J,367 1,428 1,329 1,377 1,377 2,395 2,735 3,026 3,099 3,302 12,745 13,337 13,124 13.594 13,835 5,561 4,791 4,793 4,554 5,107 18,306 18,128 17,917 18,148 18,942 17,694,720 17,319,600 17,717,760 17,720,460 17,987,760 611,280 808,400 199,240 427,540 954,240 1,200 1,382 768 1,491 564 97,837 99,201 98,664 98,969 101,606 102,289 102,771 102,950 51 58 54 54 101,657 102,347 102,825 103,004 6,060 6,376 6,183 6,310 2,754 2,785 2,806 2,984 8,814 9,161 8,989 9,294 1,335 1,408 1,424 1,456 3,138 3,208 3,177 3,468 13,287 13,777 13,590 14,218 5,858 5,121 5,882 5,701 19,145 18,898 19,472 19,919 18,289,080 18,412,020 18,498,780 18,531,000 855,920 485,980 973,220 1,388,000 2,604 1,677 1,197 540 99,458 100,601 99,009 100,591 101,510 99,999 97,963 99,492 54 53 36 116 101,564 100,052 97,999 99,608 6,095 6,044 5,961 6,036 3,001 2,918 2,794 2,921 9,956 8,962 8,755 8,957 1,497 1,417 1,348 1,401 3,220 3,418 3,078 2,921 13,813 13,797 13,181 13,103 5,016 5,405 5,561 5,096 18,829 19.202 18,742 18,199 18,271,800 17,999,820 17,633,340 17,908,560 557,200 1,202,180 1,108,660 290,440 1,589 621 1,170 419 99,919 98,986 101,233 94,971 94,080 101,458 101,087 102,723 94,595 94,773 117 117 113 112 112 101.575 101,204 102,836 94,707 94,885 6,401 6,371 6,390 6,214 6,078 2,674 2,625 2,629 2,312 2,471 9,075 8,996 9,019 8,526 8,549 1,473 1,272 1,255 1,201 1,173 2,749 3,175 3,113 3,240 2,918 13,297 13,443 13,387 12,967 12,640 5,690 5,457 6,143 5,430 5,404 18,987 18,900 19,530 18,397 18,044 18,262,440 18,195,660 18,490,140 17,027,100 17,059,140 724,560 704,340 1,039,860 1,369,900 984,860 380 721 404 1,766 393 76,216 71,044 70,193 74,016 77,623 72,723 72,396 72,691 113 113 120 125 77,736 72,836 72,516 73,916 4,936 4,963 4,940 4,795 1,504 1,341 1,260 1,322 6,440 6,304 6,200 6,117 1,193 1,018 1,024 1,075 2,401 2,472 2,532 2,462 10,034 9,794 9,756 9,654 4,943 3,816 3,964 3,867 14,977 13,610 13,720 13,521 13,972,140 13,090,140 13,031,280 13,084,380 1,004,860 519,860 688,720 436,620 390 647 365 682 75,671 76,833 75,094 74,642 73,570 73,876 73,677 74,095 74,910 74,630 121 81 81 80 38 73,997 73,758 74,176 74,990 74,668 4,249 4,469 4,483 4,470 4,460 1,012 975 975 1,037 1,041 5,261 5,444 5,458 5,507 5,501 1,245 1,089 1,146 1,088 1,034 2,965 3,014 3,068 2,900 2,986 9,471 9,547 9,672 9,495 9,521 4,069 4,036 4,095 4,029 4,210 13,540 13,583 13,767 13,524 13,731 13,297,680 13,261,860 13,337,100 13,483,800 13,433,400 242,320 321,140 429,900 40,200 297,600 314 197 654 70 250 76,219 71,183 72,350 71,989 75,658 71,767 70,857 71,983 42 38 38 43 75,700 71,805 71,895 72,026 4,457 4,361 4,285 4,172 1,284 930 978 985 5,741 5,291 5,263 5,157 1,284 1,190 1,167 1,137 3,060 3,012 2,870 2,917 9,854 9,493 9,300 9,211 4,047 3,333 3,876 3,945 13,901 13,826 13,176 13,156 13,618,440 12,918,060 12,754,260 12,956,940 282,560 del.92,060 421,740 199,060 288 183 249 315 73,804 73,356 74,760 77,297 72,915 72,689 73,615 70,995 43 43 39 45 72,958 73,132 73,654 71,040 3,372 3,227 3,102 3,010 1,097 1,008 1,112 1,217 4,469 4,235 4,214 4,227 1,160 1,211 1,225 1,174 2,951 3,013 2,831 2,952 8,580 8,459 8,270 8,353 5 5 4 4 183 737 765 947 13,763 14,196 13,035 13,300 13,124,700 638,300 13,084,020 1,111,980 13,250,700 df.215,700 12,779,100 520,900 164 274 183 293 77,152 73,097 73,237 71,557 71,190 71,913 73,204 73,826 74.289 75,120 52 52 54 68 71 71,965 73,256 73,880 74,357 75,191 3,009 2,941 2,936 3,007 2,728 1,068 1,093 1,103 938 996 4,077 4,034 4,039 3,945 3,724 1,146 1,356 1,285 1,149 1,427 2,806 2,957 3,120 3,469 3,658 8,02S 8,347 8,444 8,563 8,809 4,164 5.684 3,405 3,626 6,110 12,993 14,031 13.849 14,189 14,919 12,944,340 13,176,720 13,288,680 13,372,020 13,521,600 48,660 854,280 560,320 816,980 1,397,400 801 234 368 195 421 74,752 75,042 77,486 79,491 75,351 75,956 77,744 81,323 71 72 73 73 75,422 76,028 77,817 81,396 2,784 2,768 2,784 2,899 914 1,292 1,279 1,554 3,698 4,060 4,063 4,453 1,257 1,409 1,561 1,841 3,557 2,973 3,011 3,308 8,512 8,442 8,635 9,602 5,822 5,728 5,980 5,732 14,334 14,170 14,615 15,334 13,563,180 13,672,080 13,993,920 14,638,140 770,820 497,920 621,080 695,860 158 1,052 554 764 Trust Companies Not Members of Federal Reserve Bank.—The Lincoln Trust Co., having been admitted to the Fed eral Reserve system, its figures, beginning with Jan. 26, were transferred from this group to that composed of members of the Federal Reserve Bank. TRUST COMPANIES NOT MEMBERS OF FEDERAL RESERVE BANK. Actual Condition at End of Week, Stated in Thousands of Dollars.* (.See foot-note on preceding page.) 1918. January— 5__________ 12__________ 19__________ 26__________ February— 2__________ 9__________ 16__________ 23__________ March— 2.................... 9__________ 16__________ 23__________ 30__________ April— 6__________ 13__________ 20__________ 27................... May— 4__________ 11__________ 18__________ 25............. .. June— 1__________ 8__________ 15__________ 22__________ 29__________ July— 6............ .. 13__________ 20__________ 27.................. August— 3................. 10__________ 17................... 24__________ 31__________ September— 7—.............. 14__________ 21.................... 28__________ October— 5__________ 11_________ 19__________ 26__________ November— 2__________ 9__________ 16__________ 23__________ 30__________ December— 7__________ 14__________ 21__________ 28........... ........ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Loans, Discounts WeZ TVcZ Time Demand Total Invest ments, Deposits. Deposits. Deposits. &c. Gold. Silver. Total Specie. Nat. Legal Bank and Total Tenders. Fed. Res. Money. Notes. Reserve on Dep. Total with Legal Legal Reserve. Depos. Required Reserve. Surplus Reserve. Exact Amounts* Exact Amounts* Add’l Depos’s Legal Deposi taries. $ 76,819 77,362 78,124 63,173 S 51,155 52,602 54,555 40,021 $ 3,381 3,166 3,102 1,924 $ 54,536 55,768 57,657 41,945 S 2,655 2,922 3,005 2,310 8 655 536 572 274 8 3,310 3,458 3,577 2,584 $ 509 576 616 395 $ 813 828 800 552 S 4,632 4,862 4,993 3,531 $ 2,985 2,983 3,066 2,623 S 7,617 7,845 8,059 6,154 S 7,673,250 7,890,300 8,183,250 6,003,150 $ def. 56,250 def. 45,300 def. 124,250 150,850 $ 3,626 1,137 689 1,051 64,606 64,894 65,441 67,514 40,817 41,027 41,550 42,722 1,942 1,679 1,697 1,706 42,759 42,706 43,247 44,428 2,550 2,443 2,527 2,480 218 219 230 251 2,768 2,662 2,757 2,731 365 335 349 323 423 451 565 466 3,556 3,448 3,671 3,520 2,804 2,744 2,735 2,797 6,460 6,192 6,406 6,317 6,122,550 6,154,050 6,232,500 6,408,300 237,450 37,950 173,500 def. 91,300 2,156 538 693 946 66,523 67,374 66,930 66,569 66,552 40,737 41,229 42,663 41,749 42,157 1,647 1,526 1,435 1,474 1,471 42,384 42,755 44,098 43,223 43,628 2,512 2,290 2,591 2,594 2,775 268 204 213 212 201 2,780 2,494 2,804 2,806 2,976 331 320 320 323 317 402 579 627 483 448 3,513 3,393 3,751 3,612 3,741 2,683 2,664 2,770 2,668 2,713 6,196 6,057 6,521 6,280 6,454 6,110,550 6,184,350 6,399,450 6,262,350 6,323,550 85,450 def.127,350 121,550 17,650 130,450 1,432 1,832 619 784 711 65,009 66,120 64,584 65,081 41,493 41,505 40,305 40,648 1,478 1,542 1,522 1,519 42,971 43,047 41,827 42,167 2,625 2,658 2,610 2,615 259 275 199 163 2,884 2,933 2,809 2,778 327 335 347 340 495 540 550 482 3,706 3,808 3,706 3,600 2,783 2,845 2,335 2,896 6,489 6,653 6,041 6,496 6,223,950 6,225,750 6,045,750 6,097,200 def. 265,050 427,250 4,750 398,800 1,069 1,173 1,377 1,339 65,007 68,336 67,166 65,552 40,044 39,757 38,126 38,036 1,370 1,437 1,407 1,415 41,414 41,194 39,533 39,451 2,316 2,568 2,074 2,165 283 196 235 291 2,599 2,764 2,309 2,456 334 370 342 334 580 615 524 549 3,513 3,749 3,175 3,339 2,947 2,486 2,672 2,421 6,460 6,235 5,847 5,760 6,006,600 5,963,550 5,718,500 5,705,400 453,400 271,450 128,100 54,600 1,170 2,096 1,912 657 63,661 62,942 63,413 63,237 63,741 36,886 36,484 35,863 35,166 35,746 1,396 1,353 1,344 1,340 1,096 38,282 37,837 37,207 36,506 36,842 2,040 503 504 510 506 306 218 251 288 277 2,346 721 755 798 783 329 339 327 321 334 600 678 651 561 551 3,275 1,738 1,733 1,680 1,668 2,513 3,714 3,760 3,728 3,706 5,788 5,452 5,493 5,408 5,374 5,532,900 5,472,600 5,379,450 5,274,900 5,361,900 255,100 def. 20,600 113,550 133,100 12,100 1,493 851 2,599 1,807 856 62,171 62,931 61,876 63,282 35,976 37,263 37,424 35,644 1,097 977 936 995 37,073 38,240 38,360 36,639 506 608 515 519 329 244 230 225 835 852 745 744 340 326 334 348 736 539 635 551 1,911 1,717 1,714 1,643 3,455 3,693 3,883 3,700 5,366 5,410 5,597 5,343 5,396,400 5,589,450 5,613,600 5,346,600 def. 30,400 def.179,450 def. 16,600 def. 3,600 1,234 1,143 1,130 881 62,911 64,035 64,111 62,688 62,432 36,327 35,404 38,537 38,635 38,265 992 1,302 1,008 998 941 37,319 36,706 39,545 39,633 39,206 520 523 825 744 544 252 228 165 156 169 772 751 990 900 713 330 341 353 316 323 601 477 525 548 730 1,703 1,569 1,868 1,764 1,766 3,975 3,615 4,127 3,978 4,167 5,678 5,184 5,995 5,742 5,933 5,449,050 5,310,600 5,780,550 5,795,250 5,739,750 228,950 def.126,600 214,450 def. 53,250 193,250 1,314 1,934 559 632 470 62,063 63,319 62,887 62,735 38,168 39,701 37,982 38,007 918 917 1,035 1,064 39,086 40,618 39,017 39,071 537 543 541 545 258 262 204 216 795 805 745 761 332 321 330 328 620 736 774 660 1,747 1,862 1,849 1,749 3,927 3,924 3,728 3,939 5,674 5,786 5,577 5,688 5,725,200 5,955,150 5,697,300 5,701,050 def. 51,200 def.169,150 def.120,300 def. 18,050 713 58 191 224 62,553 62,193 61,996 64,485 36,420 36,302 34,837 33,521 1,042 1,052 1,037 923 37,462 37,354 35,874 34,444 546 546 554 556 287 296 288 290 833 842 842 846 319 324 317 307 635 683 688 706 1,787 1,849 1,847 1,859 3,530 4,083 3,128 3,705 5,317 5,932 4,975 5,564 5,463,000 5,445,300 5,225,550 5,028,150 def.146,000 486,700 def.250,550 535,850 674 706 822 1,692 63,476 64,161 63,501 63,149 61,884 33,951 33,445 35,203 33,878 34,103 923 923 1,039 1,032 1,033 34,874 34,368 36,242 34,910 35,136 547 293 293 291 291 314 314 324 323 211 861 607 617 614 502 300 303 312 298 292 697 1,029 994 854 804 1,858 1,939 1,923 1,766 1,598 3,087 3,033 3,565 3,433 3,250 4,945 4,972 5,488 5,199 4,848 5,092,650 5,016,750 5,280,450 5,081,700 5,115,450 def.147,650 def. 44,750 207,550 117,300 def.267,450 1,015 1,168 1,107 1,893 1,519 62,569 61,717 61,287 60.293 33,215 33,258 31,877 34.319 976 1,075 1,099 1.048 34,191 34,333 32,976 35.367 309 297 297 288 276 260 271 233 585 557 568 521 320 299 286 299 968 890 945 967 1,873 1,746 1,799 1.787 2,976 3,194 3,250 3.288 4,849 4,940 5,049 5.075 4,982,250 4,988,700 4,781,550 5.147,850 def.133,250 def. 48,700 267,450 def. 72.850 910 935 1,244 1.32Q NEW YORK CITY CLEARING HOUSE BANKS AND TRUST COMPANIES 105 Total for All Clearing House Members.—The totals under this heading are simply aggregates of the different group footings, each group being taken according to its own reserve requirements. In this way it happens that certain amounts of cash (gold, silver, &c.) appear as part of the reserves, since cash in vault is included as reserve in the case of the State banks and trust companies, while certain other and very much larger amounts of cash are not included at all as part of the reserve, these being the amounts held by the member banks which can count only deposits with the Federal Reserve Bank as legal reserve. The Clearing House furnishes two sets of totals each week, one showing the averages for the week and the other the actual condition at the end of the week. We use entirely the actual totals. TOTAL FOR ALL CLEARING HOUSE MEMBERS. Actual Condition at End of Week, Stated in Thousands of Dollars.* , LEGAL RESERVE. Loans, Disc’ts Invest ments, &c. Net Net Demand Time Total Deposits Depos. Deposits Jan.— S S 5 .. 4,117,433 3,646,444 191,161 12 .. 4,067,462 3,744,343 196,894 19 4,034,919 3,666,763 198,730 26 .. 4,113,882 3,666,713 204,303 Feb.— 2 .. 4,225,260 3,684,253 201,248 9 .. 4,209,306 3,700,272 202,090 16 „ 4,215,449 3,603,346 200,776 23 „ 4,260,691 3,574,495 201,800 Mar.— 2 .. 4,312,361 3,540,704 194,330 9 .. 4,348,139 3,635,760 200,087 16 .. 4.266.425 3,694,546 201,133 23 .. 4,347,211 3,712,119 189,803 30 .. 4,335,461 3,752,355 183,355 April— 6 .. 4,291,827 3,762,163 185,796 13 .. 4,459,533 3,770,812 180,820 20 .. 4,486,730 3,753,503 179,154 27 .. 4,515,657 3,732,739 182,189 May— 4 .. 4,500,972 3,787,791 182,831 11 .. 4,598,721 3,643,478 177,958 18 .. 4.579.426 3,650,458 170,918 25 .. 4,549,411 3,708,439 164,030 June— 1 4,505,528 3,724,617 159,621 8 4,493,719 3,737,884 155,298 15 4,597,312 3,821,352 160,267 22 4,460,445 3,672,261 158,581 29 4,393,554 3,700,076 158,137 July6 4,378,088 3,601,866 161,527 13 4,440,943 3,678,507 163.597 20 3,574,493 166,623 3,741,116 27 3,576,422 162,420 3,738,842 Aug. 3 162,838 10 158,904 161,814 17 24 160.598 3,797,767 31 159,403 3,841,824 Sept — 7 3,765,104 159,486 14 3,721,280 164,522 3,885,802 21 3,743,642 153,569 3,897,211 28 3,765,662 151,671 3,917,333 Oct.5 1,753,124 151,809 3,904,933 11 ,,772,858 147,969)3,920,827 19 1,836,763 145,248,3,982,011 26 1,796,383 Nov. — 2 1,699,553 150,452 3,850,005 9 ,774,405 150,985 3,925,390 16 ,812,322 154,028 3,966,350 23 ,820,984 153,303 3,974,287 30 >,737,525 154,002 3,891,527 Dec. 7 3,790,871152,022 3,942,893 14 3,879,499 141,169 4,020,668 21 3,917,330135,859 4,053,189 28 3,926,3591132,903 4,059,262 Gold Nat’I Silver Legal Add’l U. S. in in Required Surplus Bank Reserve Tenders Depos. Depos. Vault with Reserve Reserve. Vault in Vault with Deduc'd Legal and Total Not Ten- Federal Total Legal Legal Not Not Legal fr'mNet Exact Exact Legal ders. Reserve Money. Deposi- Reserve. Legal Legal Depos Dem’d Amounts* Amounts* Reserve. Reserve. Reserve. itaries . Depos. Notes. taries. Gold. Silver. S 9,494 9,851 9,829 9,279 S 4,177 4,380 4,020 3,507 S 2,363 2,264 2,249 2,178 S 3,822 3,923 3,788 3-550 S 19,856 20,418 19,886 18,514 S $ 527,555 547,411 557,372 577,790 536,923 556,809 567,186 585,700 S 486.140.48C 499,216,990 489,132,770 489,018,250 S 61,270,520 78,573,010 67,676,230 96,681,750 S 42,476 42,674 42,387 41,074 S 29,146 31,498 29,181 26,829 $ 17,719 18,550 16,085 15,357 S 9,898 5,712 4,882 5,730 S 241.469 126,248 139.930 243.546 9,548 9,444 8,812 8,615 3,314 3,348 3,169 3,309 1,994 2,110 1,810 1,775 3,059 3,263 2,860 2,676 17,914 18,165 16,651 16,375 535,626 553,540 564,515 582,680 492,608 509,259 517,762 534,137 491,232,700 493,374,720 480,007,800 476,350,920 62,307,300 89,305,280 29,251,200 57,786,080 41,129 40,512 40,311 37,628 25,023 25,235 25,490 25,386 13,919 13,268 14,452 13,265 6,569 4,365 1,822 1,640 302,891 309,206 359,478 438,825 8,527 8,449 8,732 8,945 9,223 3,236 3,228 2,841 2,979 2,909 1,698 1,748 1,649 1,700 1,694 2,797 3,314 3,653 3,582 3,850 16,258 16,730 16,875 17,206 17,576 468,053 484,311 522,673 539,403 509,496 526,371 531,741548,947 542,924 560,500 471,800,150 484,239,710 492,055,190 493,981,170 499,100,880 12,510,850 55,163,290 34,315,810 54,965,830 61,399,120 36,682 39,953 39,425 39,408 39,547 25,094 24,831 24,460 24,560 24,813 12,704 13,673 12,467 13,487 12,712 2,632 3,214 1,387 2,239 1,275 438.146 433,418 244,251 332,954 291,415 8,685 9,034 8,893 8,925 3,013 3,060 3,005 3,147 1,662 1,745 1,771 1,796 3,633 3,748 3,727 3,950 16,993 17,585 17,296 17,818 528,174545,167 550,008 567,593 523,604 540,900 550,523 568,341 500,519,360 501,526,710 499,227,380 496,635,010 44,647,640 66,066,290 41,672,620 71,705,990 40,885 39,525 39,891 39,862 24,417 25,160 24,803 24,910 12,796 12,383 12,529 13,075 3,673 2,850 2,574 1,879 228,903 358,447 302,870 358.469 8,411 8,612 8,035 8,201 3,284 3,114 3,029 3,036 1,831 1,787 1,690 1,735 3,800 3,033 3,602 3,470 17,326 17,546 16,356 16,442 523,605 540,931 570,003 587.549 515,148 531,504 518,229 534,671 503,731,420 484,741,270 485,304,460 492,707,360 37,199,580 10280773C 46,199,540 41,963,640 39,932 40,305 39,725 39,577 25,273 25,347 23,731 22,971 12,932 13,529 12,780 13,028 2,759 2,717 3,082 1,076 294.696 524,874 514,178 364,015 8-441 6,874 6,894 6,724 6,584 2,980 2,843 2,880 2,600 2,748 1,802 1,611 1,582 1,522 1,507 3,349 3,853 3,764 3,801 3,469 16,572 15 181 15,120 14,647 14,308 511,135 527,707 525,261 540,442 561,870 576,990 520,039 534,686 648,835 663,143 494,754,070 496,323,790 507,393,470 487,540,870 491,171,320 32,952,930 44,118,210 69,596,530 47,145,130 171971680 37,692 37,490 37,448 37,141 36,917 21,678 20,969 21,322 21,145 20,695 12,748 12,768 12,433 11,515 11,410 1,873 1.572 3,003 3.573 1,249 328,028 272.147 321,439 371,786 506.930 5,442 5,571 5,455 5,314 1,833 1,585 1,490 1,547 1,433 1,344 1,358 1,423 3,137 3,011 3,167 3,013 11,945 11,511 11,470 11,297 492,201 504,146 532,214 543,725 536,956 548,426 535,208 546,505 477,652,760 487,462,530 474,019,380 474,121,290 26,493,240 56,262,470 74,406,620 72,383,710 36,545 35,879 35,085 35,564 21,546 23,180 21,402 21,743 12,501 13,574 12,236 12,111 1,624 1,790 1,495 1,563 366,540 358,909 283,033 424,563 4,769 4,992 5,308 5,214 5,004 1,264 1,203 1,140 1,193 1,210 1,575 1,430 1,499 1,404 1,357 3,566 3,491 3,593 3,448 3,716 11,174 11,116 11,540 11,259 11,287 523,403 534,577 507,577518,693 497,344 508,884 530,232541,491 532,005 543,292 479,344,810 477,853,620 478,809,920 482,135,770 487,964,250 55,232,190 40,839,380 30,074,080 59,355,230 55,327,750 35,573 35,285 35,333 35,404 34,792 20,674 20,145 19,951 19,601 18,909 11,667 12,682 12,346 11,960 11,516 1,628 2,131 1,213 702 720 399.696 522,310 442,949 303,351 216,255 4,994 4,904 4,826 4,717 1,311 1,192 1,182 1,201 1,616 1,511 1,497 1,465 3,680 3,748 3,644 3,577 11,601 11,355 11,149 10,960 545,880557,481 506,655518,010 549,937(561,086 534,278 545,238 498,765,560 493,055,780 495,550,830 498,412,270 58,715,440 24,954,220 65,535,170 46,825,730 35,196 35,160 34,975 34,898 18,081 19,206 19,086 18,439 11,896 12,650 12,072 12,536 1,001 241 440 539 231,947 181,016 253,218 171,600 3,918 3,773 3,656 3,566 1,384 1,304 1,400 1,507 1,479 1,535 1,542 1,481 3,586 3,696 3,519 3,658 10,367 10,308 10,117 10,212 523,139533,506 540,495 550,803 527,008 537,125 625,750 635,962 496,801,990 499,238,250 507,481,840 502,184,290 36,704,010 51,564,750 29,643,160 133777710 35,195 35,353 35,296 35,532 19,142 20,366 19,940 20,366 12,837 12,658 12,256 12,371 838 980 1,005 1,985 316,798 246,489 195.547 474,381 3,556 3,234 3,229 3,298 3,019 1,382 1,407 1,427 1,261 1,207 1,446 1,659 1,597 1,447 1,719 3,503 3,986 4,114 4,323 4,462 9,887 10,286 10,367 10,329 10,407 533,995 543,882 556,558 566,844 523,031533,398 592,421602,750 548,677 559,084 489,700,870 499,502,050 504,585,720 505,686,020 494,903,250 54,181,130 67,341,950 28,812,730 97,063,980 64,180,750 35,502 35,714 35,808 36,401 34,743 18,698 20,362 20,665 20,426 20,926 12,561 13,450 13,233 13,681 13,438 1,816 1,402 1,475 2,088 1,940 389,719 356,233 338,724 331,987 231,500 3,093 3,065 3,081 3,187 1,190 1,552 1,550 1,787 1,577 1,708 1,847 2,140 4,525 3,863 3,956 4,275 10,385 10,188 10,434 11,389 562,006 572,391 542,680 552,868 567,076)577,510 550,548(561,937 501,774,330 512,998,490 517,818,250 519,132,660 70,616,670 39,869,510 59,691,750 42,804,340 34,202 33,730 35,509 34,986 19,915 19,664 19,722 19,404 13,516 11,797 12,011 14,479 1,068 1,987 1,798 2,084 210,747 167,006 248,239 177,559 * Three ciphers (,09J) are omittel from the figures in every cslumn except those headed “Required Reserve” and “3urplus Reserve;” thoss two columns show the exact amount of those items. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Crop and Other Productions. CEREALS, IRON AND COAL PRODUCT. OUR HARVESTS IN 1918. Although falling short of meeting early expecta tions and to that extent disappointing in a year when every effort was made to produce a record yield of the leading cereals, the outcome of the 1918 har vests in the United States, as indicated by the final estimates of the Department of Agriculture, an nounced on Dec. 11, was not wholly unsatisfactory. In only two cereals (rye and barley), and those of somewhat minor yield, were new high records in production established, but wheat showed an in crease over the previous year of approximately 280 million bushels. Effort was particularly centred upon increasing the yield of wheat, that being the crop particularly of which a full supply was needed in view of the needs abroad. Early in the fall of 1917 the Department of Agriculture entered into a campaign to insure the production of a billion bushels of wheat in 1918, and with that end in view advo cated the planting of 47,337,000 acres to the winter variety, or about 18% more than sown the previous year. The desired goal was not reached, however, the failure being due rather to adverse conditions, such as unfavorable weather in important producing ocalities, late harvests of other crops, and shortage of help, than to lack of inclination on the part of the farmers. But while the wheat crop in actual bushels raised fell short of the desired mark by some 83 mil lion bushels, that deficiency wras in considerable measure made good by the adoption of improved methods in turning the grain into flour. In other words, under the new milling regulations, which re quired a greater percentage of extraction to be made from the wheat, it took, it is stated, only 4)4 bushels to make a barrel of flour, whereas previously 4)4 bushels were required. This in the course of a year would mean the saving of 30,000,000 bushels or more of wheat. In addition, there was considerable con servation in the consumption of wheat in the enforced use of a certain percentage of substitutes in the mak ing of bread, pastry, &c. In these ways the volume of wheat available for export was very appreciably augmented, enabling the country fully to meet the demands upon the United States from our war allies and furnish reasonable supplies to various neutrals. Conservation and the various economies unfortu nately did not result in any lowering of the extremely high cost of living. On the contrary, a further in crease in the average price of commodities over the level of the previous year was a feature of 1918. Clearly indicating the year’s advance, we note that the Department of Agriculture made the price index of all crops on Dec. 1 1918 about 5% higher than a year earlier, 41.3% above 1916 and 86.4% greater than the average of the preceding ten years at date mentioned. At the same time, the pro duction index was given on November 1 as 0.7% less than last year’s and 1.8% above the five-year av http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis erage. The farm price of wheat on Dec. 1 was $2,044 per bushel, against $2,008 in 1917 and the fiveyear average (1912-1916) of 99 cents; corn, $1,366 against $1,279 and 64.7 cents; oats, 71.0 cents, against 66.6 cents, and 40.2 cents; potatoes, $1,196, against $1,230 and 70.8 cents; hay, tame, per ton, $20 18, against $17 09 and $11 38; cotton, per lb., 27.6 cents, against 27.7 cents and 12.0 cents; tobacco, per lb., 27.9 cents, against 24.1 cents and 11.5 cents, and flaxseed, per bushel, $3,402, against $2,966 and $1,487. This comparison could be extended through a numerous list of vegetables, fruits and nuts, and with the general L end so strongly in the one di rection the few declines that occurred may be safely ignored. In the case of wheat the high price ($2.26 per bushel at Chicago) fixed by the Government for the 1918 crop as a means of inducing a large planting, and continued to cover 1919 for the same purpose, may not unlikely in the end entail a considerable loss to the Government. At the time the guarantee was given, the end of the war was not in sight, and efforts were being made by the Department of Agriculture and various other agencies to induce a large fall wheat planting. While the goal aimed at was not reached in the winter wheat area of the fall of 1917, it was more than attained in the fall planting of 1918, the Agri cultural report issued in December making the area planted to winter wheat 49,261,000 acres, or over 34% above the area harvested in 1918. With this the first step was taken to ensure a greater yield than ever before harvested. The corn yield of the year was officially stated at 2,582,814,000 bushels, which was not onlybelowthat of 1917, but under the average for the five years 1912 16. Area in the spring was moderately decreased —wheat, with a Government guaranty, having been more favored in the planting than the coarser grain. The crop started off quite satisfactorily, but drouth in the summer was instrumental in largely reducing the yield in important localities. In fact a decrease in yield from 1917 was reported from all but two or three of the larger producing States. The outcome of the harvest was especially disappointing in Mis souri, with 134 million bushels contrasting with 242 millions the previous year; Kansas, 44 millions against 119 millions; Nebraska, 123 millions, against 249 millions, and Arkansas 35 millions, against 64 millions, while important though proportionately not as great declines were to be noted in Illinois, Ken tucky, Tennessee, Iowa and Ohio. Finally,the crop for the whole United States was 482)4 million bush els less than the bumper production of 1917 and 179 millions below the average of the five years preced ing. Offsetting the unfavorable quantitative show ing, however, the quality was reported as much better in 1918—85.6% of a normal, against 75.2%. It is evident from this that the percentage of merchantable corn wras high—appreciably higher than in 1917, when, a large part of the crop having failed to reach matur 107 CROP AND OTHER PRODUCTIONS. ity before the occurrence of killing frosts, an unusully large proportion of soft grain resulted. As regards wheat, the area given to the winter variety in the fall of 1917, at 42,170,000 acres, while below the figure aimed at in the campaign to which reference is made above, was nevertheless the largest on record, showing an increase of 4% over that sowed in 1916. As a result, however, of winter killing and unusually dry weather in the autumn of 1917 and the spring of 1918, there was a reduction by abandonment to the extent of 13.0%, or 5,466,000 acres, leaving the territory under cultivation, and from which the harvest was garnered, 36,704,000 acres. The crop remaining under cultivation started off well, cool and moist weather aiding and condition at the close of April was above the average. But unfavorable weather in May and June caused a mod erate lowering of its status and consequently the yield per acre was reported only a little better than a year earlier. Due to the increased area harvested, however, as compared with the area harvested in 1917, the aggregate production reached 558,449,000 bushels, or 146 millions more than in 1917, and ex ceeding 1916 by 78 millions, but falling 126 millions under the record of 1914. The gain over 1917 was more than accounted for in Kansas, Nebraska, Mis souri, Indiana and Illinois, in all of which States that year’s outturn was noticeably deficient. Spring wheat, planted to a much greater extent than in 1917 (21.5%), got a good start, but there was marked deterioration in condition in June and July. Still, the situation on Sept. 1 was more promising than usual, and found reflection in a yield per acre well above the average of earlier years. The aggre gate spring wheat crop for 1918 was reported as 358,651,000 bushels, a new high mark, against only 223,754,000 bushels in 1917 and the former high record total of 351,854,000 bushels in 1915. The quality of the grain, moreover, was above the average, being officially stated at 94.8%, against 92.7% in 1917 and 71.3% in 1916. The wheat crop as a whole, at 917,100,000 bushels, fell 108% million bushels below the established maximum of 1915, but this shortage was largely offset by methods already enumerated. Although there was a small enlargement of area, the oats yield of 1918 was given as moderately under the record yield of 1917 (1,538,359,000 bushels, contrast ing with 1,592,740,000 bushels), and a little less than in 1915. After a better than usual start, the crop experienced a setback in June, which improved con ditions later did not fully remove. Compared with 1917 many of the leading States exhibited an in crease in yield, but production fell off over one-half in Nebraska, and fairly large losses are to be noted in Illinois, Iowa and Kansas. The barley crop, at 256,375,000 bushels, came fully up to early expecta tions, running 44% million bushels ahead of 1917and exceeding the high mark set in 1915 by 28 millions. Of rye, too, the yield for the season, at 89,103,000 bushels, was fully up to the early promise, and exceeded all former years—1917 by 26 millions. Buckwheat production, stated at 17,182,000 bushels, ran modeartely ahead of the previous year, and overtopped all earlier years with the exception of 1912, and rice, with a large augmentation in the planted area, gave by 5% million bushels a new high record yield. To indicate the aggregate production for the last four years of the five principal cereals referred to above (corn, wheat, oats, barley and rye), we give the fol lowing comnilation: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CROPS OF WHEAT, CORN, OATS, BARLEY AND RYE. Total Department. Production. 1918. Department. 1917. Department. 1916. Department. 1915. Precious Record. Bushels. Bushels. Bushels. Bushels. Bushels. Corn_____ 2,582,814,000 3,065,233,000 2,566,927,000 2,994,773,000 3,065,233,000 Wheat.__ 917,100,000 636,655,000 636,318,000 1,025,801,000 1,025,801,000 Oats______ 1,538,359,000 1,592,740,000 1,251,837,000 1,549,030,000 1,592,740,000 Barley.__ 256,375,000 211,759,000 182,309,000 228,851,000 228,851,000 Rye______ 62,933,000 89,103,000 62,933,000 54,050,000 48,862,000 Total__ 5,383,751,000 5,569,320,000 4,686,253,000 5,852,505,000 5,975,538,000 It will be observed that, due to the large decrease in the production of corn, the total of the five cereals is 186 million bushels below that of 1917. Compared with 1916, however, there is a gain of 697 million bushels, but from 1915 a drop of 469 million bushels is to be noted, and from the composite high pro duction total a decline of 592 million bushels is disclosed. From the prices given above for various products, it is natural to infer that the financial return to producers in 1918 was especially favorable. That idea seems to be clearly confirmed by the usual com pilation of the Deparment of Agriculture, purporting to show the year’s result, the farm value per unit on Dec. 1 serving as a basis of calculation. While we are not inclined fully to accept this manner of arriv ing at value, we append the figures for the five prin cipal grain crops as officially announced: FARM VALUES ON DECEMBER 1. Crops. Corn_____ Wheat.__ Oats______ Barley____ Rj e______ 1918. 1917. 1916. 1915. 1914. s | s $ S $ 3,528,313,000 3,920,228,0002,280,729,000 1,722,680,000 1,722,070,000 1,874,623,000 1,278,112,0004,019,968,000 942,303,000 878,680,000 1,092,423,000 1,061,474,000 655,928,000 559,506,000 499,431,000 235,269,000 240,758,000 160,646,000 118,172,000 105,903,000 134,947,000 104,447,000 59,676,000 45,083,000 37,018,000 Total 6,865,575,000|e,605,019,000'4,176,947,000 3,387,744,000 3,243,102,000 All the above relate to the cereal crops of the country, but potatoes, also, constitute an important food crop. With the area not much below 1917, a crop second only to that year was counted upon, but unseasonable conditions materially reduced the pros pect, so that the final outturn, at 400,106,000 bush els, while above the average, fell 42 million bushels below 1917. Price, also, was a little under that of the previous year. Sweet potatoes established a new record in production. The hay crop failed to come up to expectations, 89% million tons comparing with 98% millions in 1917 and 111 millions in 1916. But tobacco did very well, giving a production of 1,340,019,000 pounds, or 90% million pounds more than in the year before, and, therefore, by that amount establishing a new high record. Cotton area was augmented to the extent of 6.2% in the spring, according to the Department of Agri culture, but meteorological conditions during the growing season were, as in 1917 and 1916 and 1915, below average, and as a result the crop was officially estimated on Dec. 11 as only 11,700,000 bales of lint (linters excluded), or but 398,000 bales more than the short crop of 1917-18 and some 4 millions below the record aggregate of 1914-15. We have noted above that the crops of the country as a whole were smaller by 0.7% than in 1917, but the return to the producer was apparently greater than in any earlier year. At least the Department of Agriculture made the money yield from 355,895,000 acres (covering the crops already specifically re ferred to, and beans, sugar beets and several less important products in addition), 812,272,412,000, against only 811,658,032,000 in 1917 and 87,307,983,000 in 1916. The satisfactory feature in this to the farmer, if not to the consumer, is that from an area 3.1% in excess of 1917. the value of the crons 108 CROP AND OTHER PRODUCTIONS mentioned on the basis of December prices was over 5.2% greater than in the preceding year. Compared with 1914 the gain in area of these same crops was less than 20%, but in value about 140%. The average farm values on Dec. 1 as reported by the Department of Agriculture in each of the last seven years for some leading crops are appended: AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS. 1918. 1917. 1916. 1915. 1914. 1913. 1912. Cents. Wheat......... ..per bushel 204.4 Rye_______ 151.5 Oats............. 71.0 Barley......... 91.8 Corn............ 136.6 166.4 Buckwheat. Potatoes__ 119.5 340.2 Flaxseed__ Rice 191.7 Cents. 200.8 166.0 66.6 113.7 127.9 160.0 122.8 296.6 189.6 Cents. 160.3 122.1 52.4 88.1 88.9 112.7 146.1 249.0 88.7 Cents. 91.9 83.4 36.1 51.6 57.5 78.7 61.7 174.0 90.6 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 The average value of hay (tame), Dec. 1, was give as $20.18 per ton, against $17.09 in 1917and$11.22 in 1916; of tobacco, 27.9 cents per pound, against 24.1 cents and 14.7 cents, respectively; of cotton, 27.6 cents per pound, against 27.7 cents and 19.6 cents. The yield of some of the principal crops of the country for a series of years is subjoined: CROPS OF WHEAT, CORN, OATS, POTATOES AND COTTON SINCE 1891. Wheat. Year. Corn. Oats Cotton.* Potatoes Bushels. Bushels. Bushels. Bales. Bushels. 1892 .................... . 515,949,000 1,628,464,000 661,035,000 6,717,147 156,654,819 1893 .................... 396,131,725 1,619,496,131 638,854,850 7,527,212 183,034,203 1894 .................... . 460,267,416 1,212,770,052 662,086,928 9,892,761 170.787.338 1895 .................... . 467,102,947 2,151,138,580 824,443,537 7,162,476 297,237,370 1896 .................... 427,684,347 2,283,875,165 707,346,404 8,714,011 252,234,540 1897 .................... 530,149,168 1.902.967.933 698,767,809 11,180,960 164,015,964 1898 .................... 675,148,705 1,924,184,660 730,905,643 11,235,383 192.306.338 1899 .................... 547,303,846 2,078,143,933 796,177,713 J 9,439,559 228,783,232 1899 (Census).. 658,534,252 2,666,324,370 943,389,375 273,318,167 1900 .................... 522,229,505 2,105,102,516 809,125,989 10,425,141 210,926,897 1901a.................. . 748,460,218 1,522,519,891 736,808,724 10,701,453 187,598,087 1902 .................... 670,063,008 2,523,648,312 987,842,712 10,758,326 284,632,787 1903 .................... 637,821,835 2,244,176,925 784,094,199 10,123,686 247,127,880 1904 .................... 552,399,517 2.467.480.934 894,595,552 13,556,841 332,830,300 1905 .................... . 692,979,489 2,707,993,540 953,216,197 11,319,860 260,741,294 1906 .................... . 735,260,970 2,927,416,091 964,904,522 13,550,760 308,038,382 1907 .................... 634,087,000 2,592,320,000 754,443,000 11,581,329 297,942,000 1908 .................... 664,602,000 2,668,651,000 807,156,000 13,828,846 278,985,000 1909................... 737,189,000 2,772,376,000 1,007,353,000 J10,650,961 376,537,000 1909 (Census).. 683,349,697 2,552,189,630 1,007,129,447 389,194,965 19106.................. 635,121,000 2,886,260,000 1,186,341,000 12,132,332 349,032,000 1911 .................... 621,338,000 2,531,488,000 922,298,000 16,043,316 292,737,000 1912 .................... 730,267,000 3,124,746,000 1,418,337,000 14,128,902 420,647,000 1918..................... 763,380,000 2,446,988,000 1,121,768,000 14,884.801 331,525,000 1914 ..................... 891,017,000 2,672,804,000 1,141,060,000 15,067,247 409,921,000 1915 .................... . 1025801 000 2,994,793,000 1,549.030,000 12,953,490 359,721,000 1916 .................... . 636,318,000 2,566,927,000 1,251,837,000 12,975,569 286.953,000 1917 .................... 636,655,000 3,065,233,000 1,592,740,000 11,911,896 442,108,000 1918 .................... . 917,100,000 2,582,814,000 1,538,359,000 dll,700,000 400,106,000 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 com than those of the Department. ♦ These are our own figures of the commercial crop, d Estimate of the Department of Agriculture, and does not include linters, which would prob ably add 1.300,000 bales to the total. WHEAT CROP FOR FIVE YEARS. Production, Production, Production, Production, Production, 1917. 1916. 1914. 1918. 1915. Wheat. Bushels. Bushels. Bushels. Bushels. Bushels. Ohio ........................... 43,457,000 41,140,000 21,600,000 40,194,000 36,538,000 Indiana___________ 49,427,000 33,432,000 19,440,000 45,580,000 43,239,000 Minnesota.................. 79,710,000 51,611,000 26,410,000 70,870,000 42,975,000 Kansas____________ 102,008,000 45,443,000 97,980,000 106,538,000 177,200,000 7,599,000 7,425,000 5,600,000 7,040,000 6,800,000 California__________ Illinois--..................... 60,901,000 30,850,000 16,775,000 53,200,000 46,250,000 North Dakota______ 101,010,000 56,000,000 39,325,000 151,970,000 81,592,000 South Dakota______ 71,305,000 44,800,000 24,825,000 63,762,000 31,566,000 Missouri___________ 53,154,000 28,971,000 16,575,000 34,108,000 43,333,000 Michigan__________ 10,716,000 15,422,000 13,280,000 20,448,000 17,316,000 Pennsylvania ______ 24,718,000 24,482,000 26,125,000 24,605,000 23,747,000 Oregon____________ 15,228,000 12,548,000 19,550,000 20,025,000 16,604,000 Wlsconsn_________ 9,837,000 5,327,000 3,315,000 4,662,000 3,511,000 Nebraska__________ 43,141,000 13,764,000 68,550,000 71,018,000 68,116,000 Washington_______ 26,429,000 29,218,000 37,635,000 51,420,000 41,840,000 Iowa______________ 19,650,000 8,350,000 9,150,000 18,985,000 15,066,000 Total____________ 718,290,000 448,773,000 446,135,000 784,425,000 695,693,000 All others__________ 198,810,000 187,882,000 190,183,000 241,376,000 195,324,000 636,655,000 636,318,000 891,017,000 Total United States a a Of which 558,449,000 bushels winter wheat and 358,651,000 bushels spring wheat in 1918, against 412,901,000 bushels winter wheat and 223,754.000 bushels spring wheat In 1917. CORN CROP FOR FIVE YEARS. Com. Iowa_____ Illinois-... Kansas__ Missouri .. Nebraska . Indiana .. Ohio______ Texas____ Tennessee . Kentucky . Penn’a___ Arkansas.. Wisconsin Michigan.. MinnesotaOklahoma . Production, 1918. Production, 1917. Bushels. 375,624,000 351,450,000 43,523,000 133,860,000 123,086,000 169,554,000 133,200,000 69,000,000 84,000,000 93,600,000 62,400,000 35,100,000 69,538,000 48,300,000 110,000,000 24,375,000 Bushels. 410,700,000 418,000,000 119,028,000 241,500,000 249,480,000 196,776,000 150,100,000 75,900,000 104,400,000 114,975,000 61,425,000 64,176,000 42,196,000 37,625,000 91,800,000 33,150,000 Production, 1916. Bushels. 366,825,000 300,900,000 69,500,000 132,112,000 192,400,000 174,658,000 113,400,000 129,200,000 78,000,000 95,200,000 56,550,000 45,135,000 60,840,000 45,375,000 87,100,000 53,325,000 Production, 1915. Production, 1914. Bushels. 298,500,000 374,400,000 172,050,000 191,750,000 213,000,000 190,950,000 153,550,000 166,850,000 93,150,000 105,000,000 58,520.000 62,100,000 40,825,000 56,000,000 64,400,000 112,100,000 Bushels. 389,424,000 300,034,000 108,225,000 158,400,000 173,950,000 163,317,000 142,715,000 124,800,000 80,400,000 91,250,000 62,178,000 42,000,000 69,862,000 63,000,000 91,000,000 50,000,000 Total__ 1,926,610,000 2,411,231,000 2,000,520,000 2 ,353,145,000 2, 110,555,000 AU others . 656,204,000 654,002,000 566,407,000 641.648,000 562,249,000 Total U. S. 2,582,814,000 3,065,233,000 2,566,927,000 2,994,793,000 2.672,804,000 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OATS CROP FOR FIVE YEARS. Oats. Production, 1918. Bushels. 198,352,000 229,572,000 134,562,000 110,162,000 51,238,000 79,200,000 44,196,000 47,190,000 51,660,000 66,320,000 56,188,000 85,050,000 60,512,000 84,240,000 22,197,000 Production, 1917. Bushels. 239,200,000 254,364,000 120,250,000 99,000,000 70,804,000 78,100,000 59,200,000 40,250,000 42,000,000 55,800,000 115,444,000 84,924,000 38,625,000 72,692,000 37,050,000 Production, 1916. Bushels. 172,095,000 188,700,000 88,112,000 81,400,000 36,425,000 48,076,000 32,250,000 35,030,000 31,356,000 42,690,000 79,875,000 52,500,000 53,750,000 56,425,000 42,750,000 Production, | Production, 1915. ‘ 1914. Bushels. 195,435,000 198,000,000 138,675,000 97,650,000 39,750,000 69,003,000 31,850,000 43,320,000 54,270,000 64,260,000 70,400,000 65,520,000 98,000,000 72,450,000 53,250,000 Bushels. 125,990,000 165,000,000 85,120,000 62,100,000 58,960,000 50,325,000 25,800,000 32,190,000 40,162,000 50,752,000 69,600,000 44,888,000 64,904,000 44,165,000 22,500,000 Total .. 1 ,320,639,000 1 ,397,703,000 1,041,434,000 1,291,833,000 All others. 217,720,000 195,037,000 210,403,000 257,197,000 942,456,000 198,604,000 Illinois__ Iowa_____ Minnesota Wisconsin Kansas__ Ohio___ Missouri.. Pennsylv’a New York Michigan . Nebraska. Indiana .. No Dakota So.Dakota Texas__ Total U.S. 1 ,538,359,000 1 ,592,740,000 1,251,837,000 1,549,030,000 1,141,060,000 THE COPPER TRADE IN 1918. According to the United States Geological Survey the production of copper from all plants that make blister copper from domestic ores or that produce refined copper was slightly larger for the calendar year 1918 than for 1917, aggregating approximately 1,910,000,000 lbs., as against 1,886,000,000 lbs. in 1917, 1,928,000,000 lbs. in 1916 and 1,224,000,000 lbs. in 1913. At an average price of about 24% cts. per pound, the value of the product, however, for 1918 is figured at only $473,000,000, as against $510,000,000 for 1917. The price of copper was under rigid control by the Govern ment the same as iron and steel. On Jan. 22 President Wilson approved the recommendation of the War Industries Board that the maximum price for copper of 2346 cts. per pound f. o. b. New York fixed the previous Sept. 20 be con tinued in effect until June 1 1918. The conditions were the same as before, namely: First. That the producers will not reduce the wages now being paid. Second. That the producers will sell to the Allies and to the public copper at the same price paid by the Government, and take the necessary measures under the direction of the War Industries Board for the distri bution of the copper to prevent it from falling into the hands of speculators who would increase the price to the public. Third. That the producers pledge themselves to exert every effort neces sary to keep up the production of copper to the maximum of the past, so long as the war lasts. In May copper producers and refiners contended that owing to the high cost of labor and material the trade was losing money at the price of 2346 cts. Nevertheless no change from the figure given was agreed upon. Following, however, a meeting of the Price Fixing Committee of the War Indus tries Board on July 2 to reconsider the price of copper it was announced that subject to the approval of the President an advance of 246 cts. a pound, raising the maximum to 26 cents, had been agreed upon, to go into immediate effect, and would continue until Aug. 15. The increase in railroad freight rates of 25% made by the Director-General of Rail roads in June and the advancing cost of all supplies and equipment were named as the principal factors that had prompted the War Industries Board to grant the increase in price. The higher freight charge, it was calculated, added at least 1 cent a pound to operating costs, and both items combined, it was figured, added about 246 cts. a pound to the cost of producing copper throughout the entire industry. In August the President approved a further agreement under which the maximum price of 26 cts. was continued in effect for a further period but subject to revision after Nov. 1 1918. On Oct. 28 the President approved a continuance of the price of 26 cts. until Jan. 1 1919. On Dec. 20 the War Industries Board announced at the conclusion of one of a number of conferences which it had had with representatives of the copper producers, following the signing of the armistice in November, that price-fixing of copper would end on Jan. 1 1919, ensuring an open market thereafter for the first time since Sept. 1917. Early in 1919, with price restrictions removed, a complete collapse in the price of copper occurred, the twin causes of this being the absence of demand and the large supplies of the metal on hand. It was rumored that stocks of copper on hand were no less than 1,000,000,000lbs. .aside from the copper held by the Government and no longer required. The United States Geological Survey estimated that the supply of refined copper (electrolytic, lake, casting and pig) from primary sources, domestic and foreign, for 1918 was CROP AND OTHER PRODUCTIONS. 2,450,000,000 lbs., compared with 2,362,000,000 lbs. for 1917. As the exports of copper in 1918 were on a consider ably diminished scale as compared with 1917, it was natural that some accumulation of copper at home should have taken place. An index of the foreign takings is furnished in the following table showing the imports and exports for the last four calendar years, the figures being derived from the official foreign trade returns compiled at Washington. UNITED STATES IMPORTS AND EXPORTS OF COPPER. 1918. 1917. 1916. 1915. Exports—Pigs. Ingots, plates, wire, &c_________ ______ 744,429,803 1,126,875,368 784,006,486 681,917,955 Imports—Pigs, ingots, plates, wire, &c............................... 418,588,634 380,669,290 287,548,126 201,367,008 Excess of exports.............. 325,841,169 Less copper in ore exports-. 157,216,481 746,206,078 175,747,107 496,458,360 174,787,854 480,550,947 114,331,441 168,624,688 570,458,971 321,670,506 366,219,506 IMPORTS AND EXPORTS OF COPPER IN VALUE. 1918. 1917. 1916. 1915. Exports, including ore......... $201,126,780 $355,681,632 $231,915,832 $125,589,413 Imports, including ore......... 133,524,692 137,786,561 95,334,533 44,584,792 Excess of exports________ $67,602,088 $217,895,071 S136.581.299 $81,004,621 A daily record of the fluctuations in prices of copper for the whole of the last five years is furnished on pages 118 to 122 of this publication. In the following, taken from the “Engineering and Mining Journal,” we show the average monthly price of electrolytic copper at New York for each month of the four years. It will be observed that the aver age price for 1918 was 24.628 cts., as against 27.180 cts. for 1917 and 27.202 for 1916. MONTHLY AVERAGE PRICE OF COPPER. ---------------- New York---------------London Standard----------- 1917. 1918. Cents. Cents. January......... -23.500 28.673 February-__ -23.500 31.750 March______ .23.500 31.481 April_______ .23.500 27.935 May________ .23.500 28.788 June________ .23.500 29.962 July________ .25.904 26.620 August_____ .26.000 25.380 September__ .26.000 25.073 October_____ .26.000 23.500 November__ .26.000 23.500 December__ . * 23.500 1916. Cents. 24.008 26.440 26.310 27.895 28.625 26.601 23.865 26.120 26.855 27.193 30.625 31.890 1915. Cents. 13.641 14.394 14.787 16.811 18.506 19.477 18.796 16.941 17.502 17.686 18.627 20.133 1918. £ 110.000 110.000 110.000 110.000 110.000 110.000 119.913 122.000 122.000 122.000 122.000 118.447 1917. £ 131.921 137.895 136.750 133.842 130.000 130.000 128.409 122.391 117.500 110.000 110.000 110.000 1916. £ 88.083 102.667 107.714 124.319 135.457 112.432 95.119 110.283 113.905 122.750 134.659 145.316 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 Year_____ .24.628 27.180 27.202 17.275 115.530 124.892 116.059 72.532 New York, cents per pound; London, pounds sterling per long ton of standard copper. * No market. THE PRODUCTION OF ANTHRACITE IN 1918. Tremendous efforts were made in 1918 to increase the production of coal, because of the imperative need of fuel in connection with the war, and in the case of the bituminous coal areas which abound in all parts of the country the efforts were attended with success. In the case of the anthracite ship ments, however, from the Pennsylvania fields it was not found possible to improve any upon the 1917 product, which albeit had been the largest on record; indeed the shipments to tidewater for the twelve months of 1918 did not quite equal those for the twelve months of 1917. At the beginning of the year with the weather extremely cold and with snow and ice following the general freight con gestion already in existence (through accumulations at Eastern seaboard points brought about by giving priority to goods, materials and supplies shipped in fulfilment of Government orders and which arrived in advance of actual needs and faster than either the Government or the carriers could handle the same), putting an embargo on the move ment of coal, the scarcity of the latter for household fuel amounted to famine, and many private families had to go without proper heat in periods of intense cold. Soft coal for manufacturing use was in equally scarce supply and just as difficult to get. Out of this grew the fuelless Mondays and other restrictions devised to conserve the use of fuel. Through priority orders and in various other ways the dis tribution of coal was under rigid Government control throughout the year and the Government also prescribed prices and regulated profits under the special war powers conferred upon it. The regulations governing the retail distribution of coal for the coal year beginning April 1 1918 were announced by the U. S. Fuel Administration on March 8. Under these regulations the spring discount in the case of the retail price of anthracite sold for domestic use was fixed at 30 cents for the whole of the period from April 1 to Sept. 1. This was a departure from the practice pursued in other years, when the custom was to make a reduction of 50 cents a ton in April, 40 cents in May, 30 cents in June, 20 cents in http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 109 July and 10 cents in August, after which the rebate ceased. The reason for the departure was that the Fuel Administra tion foresaw that, owing to the great scarcity, orders would pour in for such enormous amounts of anthracite in April that the coal companies would be unable to make deliveries in that month or indeed for several months after—so a uniform reduction of 30 cents to cover the whole five months was deemed fairer under the circumstances. The Fuel Administration sought in every way to encourage the purchase and storage of coal for family use as early as possible, but at the same time had to put into effect stringent regulations to guard against the hoarding of fuel. Retail dealers were forbidden to fill orders unless the purchaser filed complete statements as to his needs for the year and reported as to the amount of coal he already had in his bins and furnished a great variety of other information. The regulations comprised the following: (a) Until further notice no domestic consumer of coal or coke shall pur chase, receive or otherwise take possession of, more coal or coke than is required for his actual and necessary requirements prior to March 31 1919. If such consumer already has a quantity on hand, he shall receive only such additional amount as shall make up his actual and necessary requirements prior to that date. (&) No person, firm, association or corporation, whether acting alone or in conjunction with others, shall, directly or indirectly, provide any do mestic consumer of coal or coke with more coal or coke before March 31 1919 than is necessary, with the amount already on hand, to meet the actual and necessary requirements of such consumer prior to that date. (c) On and after April 1 1918 no person, firm, association or corporation shall sell or deliver coal to a domestic consumer who does not first furnish to the person selling or delivering such coal a statement which the consumer declares in writing to be true and which specifies (1) the amount of coal the consumer has on hand, (2) the amount of coal he has on order and the name of the person from whom ordered, (3) the amount of coal used by him in the 12 months ending March 31 1918, and (4) the amount of coal needed to meet his actual and necessary requirements prior to March 31 1919; provided, however, that this regulation may be modified by any State Fuel Administrator within his own State under such circumstances and conditions as he may deem proper. (d) On and after April 1 1918 and until further notice, no retail dealer shall, unless authorized by the State Fuel Administrator, deliver or cause to be delivered to any domestic consumer, more than two-thirds of his normal annual requirements of anthracite coal, until each domestic con sumer who has placed his order with said dealer, and is willing to receive delivery of the same, has received two-thirds of his normal annual require ments for the year ending March 31 1919; provided, however, that orders of six tons or less may be filled in full. (e) Carload or bargeload lots shall not be delivered to a single domestic consumer or to a group of consumers except with the permission of the local Fuel Administrator. (/) Dealers shall file with the local Fuel Administrator on the first of each month a statement containing the names and addresses of consumers to whom deliveries have been made during the previous month and the quantity delivered to each. Any dealer or consumer who violates the foregoing regulations will be subject to the penalties prescribed by the Lever Act. It should be stated that, owing to the need of supplying large quantities of anthracite to the eastern part of the country the Fuel Administration forced the withdrawal of anthracite from various sections of the West and South. Notwithstanding all efforts, however, it proved impossible to meet the demand for coal and householders experienced the utmost difficulty in getting even very limited quantities of anthracite in anticipation of the winter’s needs. A most critical situation would undoubtedly have developed at the close of 1918 if the winter of 1918-19 had, in intense cold, proved a repetition of that of 1917-18. Fortunately the weather proved exceedingly mild, in sharp contrast with that of the previous season, thereby relieving a situation which might otherwise have become exceedingly serious. The mild weather continued all through the early months of the new year and when the spring of 1919 arrived it became necessary to curtail the output because of the complete fading away of orders. The Fuel Administration did not relax control of the coal trade until Feb. 11919, contrary to its practice with other industries where in most cases control was relinquished Jan. 1. We have spoken above of the spring reduction in the price of anthracite. What was called a readjustment of wages to accord with the stabilization of wages in various competing industries was announced for the anthracite coal fields by U. S. Fuel Administrator H. A. Garfield on Oct. 14, the readjustment becoming effective Nov. 1. The increases granted the miners averaged one dollar a day, or 86 a week, and followed two large wage increases made the previous year on account of war conditions. These new wage in creases made necessary the raising of the price of coal. The added cost was figured by the Fuel Administration at 74 cts. a ton, the sizes of anthracite affected by the new prices con stituting only 70.6% of the total production; that is, existing prices were continued in the case of such sizes as buckwheat, rice, barley and screenings. Following the announcement of the higher prices, the New York State Fuel Administration on Nov. 8 allowed an increase of 95 cts. a ton to be made to consumers of domestic sizes of anthracite, the increase dating from Nov. 1. Aggregate shipments of anthracite to tidewater for the calendar year 1918 were 76,649,918 tons, which compares with 77,133,305 tons for the calendar year 1917, 67,376,364 tons for 1916 and 67,883,776 tons for 1915. In the following we show the anthracite shipments to market for each year back to 1875: CROP AND OTHER PRODUCTIONS. 110 PRODUCTION OF ANTHRACITE IN 1918. Year— Tons. Year— Tons. 1918.............................................. *76,649,918 1896............................................... 43,177,483 1917_______________ _____ - *77,133,305 1895............... 46,511,477 1916...................................... *67,376,364 1894............................................... 41.391,200 1915.......... *67,883,776 1893................................ 43,089,536 1914...................................... 68,342,601 1892................................................ 41.S93.320 1913.............................................. 69,069,628 1891................................................ 40.448.33C 1912............................................... 63,610,578 1890................................................ 35,855,174 1911.............................................. 69,954,299 1889............................................... 35.407,710 1910............................................... 64,905,786 1888............................................... 38,146.716 1909............................................... 61,969,885 1887............................................... 34.641,017 1908............................................... 64,665.014 1886............................................... 32,136,362 1907............................................... 67,109,393 1885............................................... 31,623,529 1900............................................... 55,698,595 1884............................................... 30,718,293 1905............................................... 61,410,201 1883................................................ 31,793,027 1904............................................... 57,492,522 1882................................................ 29,120,096 1903................................ 59,362,831 1881................................................ 28,500,017 1902............................................... 31,200,890 1880................................................ 23,437,242 1901............................................ 53,508,604 1879................................................ 26,142,680 1900............................................... 45,107,486 1878................................................ 17,605.262 1899.............................................. 47,665,203 1877............................................... 20,828,179 1898............................................... 41,899,751 1876................................................ 18,501,011 1897.................. ............................ 41,637,866 1875................................................ 19,712.472 ♦Including shipments made over the Lehigh & New England RR were not reported in prior years. These After the reduced output in the early part of the year, occasioned by the weather, production was carried on at a high rate through the spring and summer, but in the autumn the influenza epidemic played havoc in the mining regions and served materially to decrease the amount of coal mined. The signing of the armistice on Nov. 11 and the extremely mild weather at the close of the year removed the necessity for maintaining an intense rate of production. The monthly totals of the anthracite shipments covering the last six years are set out in the following: Months— *1918. January......... 5,638,383 February.__ 5,812,082 March............ 7,276,777 April................ 6,368,373 May................ 6,887,256 June________ 6,867,669 July............... 7,084,775 August______ 7,180,923 September__ 6,234,395 October____ 6.286,366 November__ 5,276,659 December__ 5,736,260 *1917. 5,940,725 5,178,432 6,989,075 5,592,299 6,917,525 7,049,037 6,724,252 7,013,996 6,372,756 7,110,950 6,545,313 5,698,945 *1916. --- ... 5 5,884,350 69g 306 6,127,351 4,528,784 5,547,899 5,636,975 5,432,878 5,531,797 5,544,076 5,870,204 5,992,997 5,582,747 *1915. 4,833,599 4,349,915 5,075,293 6,655,625 5,954,949 5,459,610 5,103,665 5,462,127 5,662,157 6,683,007 6,494,442 6,149,387 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 Total tons.76,649,918 77,133,305 67,376,364 67,883,776 68,342,601 69,069,628 * Including in 1918, 1917, 1916 and 1915 shipments made over the Lehigh & New England RR. In prior years these were not reported. We add still another table to indicate the shipments by the different anthracite carriers. 1918 Tons. Reading...14,837,395 LehighVall 14,277,325 Del.S.&S.) Cen. of N.J. 7,124,550 D. L. & W.11,884,669 Del. & Hud 8,914,684 Penn. RR. 5,478,207 Penn. Coal 1 Erie____ > 8,641,572 N.Y.S.&WI N.Y.O.&W. 2,033,388 L. & N. E. 3,458,128 Tons. Tons. Tons. % % % % 19.36 14,910,240 19.33 12,842,731 19.06 11,488,444 16.92 18.63 13,969,507 18.12 12,056,078 17.89 12,932,526 19.05 9.29 8,286,640 10.74 7,135,544 10.59 15.51 12,409,120 16.09 10,638,500 15.79 11.63 8,533,716 11.06 7,095,297 10,53 7.15 5,610,846 7.27 5,841,475 8.67 11.27 2.65 4.51 Total ...76,649,918 100 8,017.816 11.81 9,579,053 14.11 8,016,988 11.81 6,124,596 9.02 8,841,894 11.46 7,718,089 11.46 7,874,062 11.60 2,010,724 2,560,618 1,945,030 2,103,620 2,088,577 1,761,714 2.61 3.32 77,133,305 100 2.89 3.12 67,376,364 100 3.08 2.60 67.883,776 100 All the foregoing deal with the shipments alone—not with production. It is estimated that the anthracite product and the bituminous product for the last three years was as follows: Calendar Years— 1918. Bituminous_________________ tons. 585,883,000 Anthracite_________________ “ 99,473,000 1917. 551,790,563 99,611,811 1916. 502,519,682 87,578,493 Total........................... ............. tons.685,356,000 651,402,374 590,098,175 THE COUNTRY’S IRON PRODUCTION IN 1918. The official statistics of pig iron production, as prepared by the American Iron and Steel Institute, show that the make of iron for the calendar year 1918, while very large, did not greatly exceed the output of 1917 and failed to reach the record total of the calendar year 1916. This may seem surpris ing in view of the urgent demand for iron and steel products throughout the year, but the explanation is found in the exceedingly bad weather conditions encountered during the early months of the year and particularly in January and February, when extremely low temperatures and heavy snowfalls interrupted railroad transportation, intensifying the freight embargoes and traffic congestion which had devel oped at the close of 1917, and made fuel deliveries almost impossible, rendering normal operations in many different lines of productive industry out of the question. In addition there was also throughout the whole twelve months a shortage of efficient labor, due in no small part to the drafting of men for the army and their transportation across seas. The severe weather, however, early in 1918, was unquestionably the most important factor in curtailling the year’s production. This the monthly records of production compiled by the “Iron Age” http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis of this city make quite apparent. These monthly figures, which do not take account of the small amount of charcoal iron produced, indicate that in January the production was only 2,411,768 tons and in February no more than 2,319,399 tons, whereas in the remaining ten months of the year the output ranged between 3,213,091 tons (in March) and 3,486,941 tons (in October), the monthly output after April running invariably over 3,300,000 tons, and for most of the months close to or above 3,400,000 tons. Thus the severe weather served to cut down the monthly output about 1,000,000 tons in January and a similar amount in February, making 2,000,000 for the two months combined. This decrease it was found impossible to make good in the remaining months of the year on account of the shortage of labor. With this 2,000,000 tons added on, the year’s product would have been over 41,000,000 tons, or by far the largest yearly output on record. Even as it is, however, the make of iron for 1918 ranks very close to the highest ever reached in the trade, it amounting to 39,051,991 tons, at which figure comparison is with 38,621,216 tons in 1917 and 39,434,797 tons in 1916. The average for the three years, it will be seen, is over 39,000,000 tons per year. How exceptional this is in magnitude will appear when we say that prior to 1916 there was only one year, namely 1913, when the make of iron reached even 30,000,000 tons. Moreover, when the official statistics are separated into half-yearly periods it is found that the product of the last six months of 1918 far surpassed the product of any previous half year, it reaching 20,824,261 tons against 18,227,730 tons in the first half of 1918 and 19,815,275 tons in the second half of 1916, which was the previous maximum for any half-yearly period. At 20,824,261 tons for the latter half of 1918 the output was at the rate of 41,648,522 tons per year, a figure never attained in any twelve months period in the history of the iron trade. In the following table we carry the halfyearly record back to 1900. PRODUCTION OF PIO IRON Gross Tons. half............................. 7,642,569 half............................. 6,146,673 half............................. 7,674,613 half............................. 8,203,741 half............................. 8,808,574 half................................ 9,012,733 half............................. 9,707,367 half............................. 8,301,885 half............................. 8,173,438 half............................. 8,323,595 half.............................. 11.163,175 half.............................. 11.829,205 half................... .....12,582,250 half.............................. 12,724,941 half.............................. 13,478.044 half.............................. 12,303,317 half................................ 6,918,004 half............................. 9,018,014 half.............................. 11,022.346 half.............................. 14,773.125 1900— 1st 2d 1901— 1st 2d 1902— 1st 2d 1903— 1st 2d 1904— 1st 2d 1905— 1st 2d 1906— 1st 2d 1907— 1st 2d 1908— 1st 2d 1909— 1st 2d IN HALF •YEARLY PERIODS Gross Tons. 1910— 1st half.............................. 14.978,738 2d half.............................. 12.324,829 1911— 1st half.............................. 11,666.996 2d half..............................11,982,651 1912— 1st half.............................. 14.072,274 2d half.............................. 15.654,663 1913— 1st half.............................. 16.488.602 2d half.............................. 14.477,550 1914— 1st half.............................. 12 536,094 2d half.............................. 10,796,150 1915— 1st half.............................. 12.233,791 2d half.............................. 17.682,422 1916— 1st half.............................. 19,619.522 2d half.............................. 19.815.275 1917— 1st half................. 19,258,235 2d half........................... 19.389.162 1918— 1st half............................. 18,227,730 2d half.............................. 20,824,261 When the yearly product is divided so as to show the classes and grades of iron produced, it is found that the make of Bessemer iron has been declining the last two years, falling from 14,422,457 tons in 1916 to 13,714,732 tons in 1917 and to 13,024,966 tons in 1918, while, on the other hand, the make of basic iron has been steadily increasing and at 18,646,174 tons for 1918 compares with 17,684,087 tons for 1916 and with no more than 13,093,214 tons for 1915, the best previous total for that grade of iron. These results are about what would have been expected. Only very small amounts of Bes semer rails are now being made, open hearth rails being everywhere preferred, and naturally, therefore, the use of Bessemer iron for conversion into steel is correspondingly reduced. Basic iron and Bessemer iron are the two chief grades used in steel making Ill CROP AND OTHER PRODUCTIONS. and it is an interesting fact that out of a total output of 39,051,991 tons of iron in 1918, 31,671,140 tons consisted of these two grades of iron. We add the following comparative table running back to 1900 to show the yearly production of iron according to grades. It will be noted that in 1918 the product of foundry iron was 5,142,607 tons, of malleable iron 1,117,914 tons, of forge iron 393,932 tons and of miscellaneous or “all other grades” 726,398 tons. PRODUCTION OF PIG IRON BY GRADES. 1900-1918. Malleable^ Forge. Years. Basle. 1900 ______ 1901 ............ 1902 ______ 1903 ............ 1904 ............ 1905 ............ 1906 ............ 1907 ............ 1908 ............ 1909 ............ 1910 ............ 1911 ______ 1912 ............ 1913 ............ 1914 ____ 1915 ______ 1916 ______ 1917 ............ 1918 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 17,684,087 17,671,662 18,646,174 Bessemer. Foundry. 7,979,327 3,376,445 173,413 793,092 9,596,793 3,548,718 256.532 639,454 10,393,168 3,851,276 311,458 833,093 9,989,908 4,409,023 473,781 783,016 9,098,659 3,827,229 263,529 550,836 12,407,116 4,758,038 635,236 727,817 13,840,518 4,773,011 699,7011597,420 13,231,620 5.151,209 920,290 683,167 7,216,976 3,637,622 414,957,457,164 10,557,370 5,322,415 658,048,725,624 11,245,642 5,260,447 843,123 564,157 9,409,303 4,468,940 612.533 408,841 11,664,015 5,073,873 825,643 469,183 11,590,113 5,220,343 993,736 324,407 7,859,127 4,533,254 671,771 361,651 10,523,306 4,843,899 829,92li316,214 14,422,457 5,553,644 921,486 348,344 13,714,732 5,328,258 1,015,579 345,707 13,024,966 5,142,607 1,117,914 393,932 All Total. Other. Gross Tons 394.589 388,007 393,722 312,798 273,676 358,994 377,867 419,856 199,155 281,789 305.590 229,910 276,337 300,860 235,754 309,659 504,779 545,278 726,398 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 39,434,797 38,621,216 39,051,991 In the manufacture of the products of iron and steel precedence in mill operations was naturally given to those classes of steel required essentially for use in prosecuting the war. Chairman Elbert H. Gary makes reference to this in his review of the report of the United States Steel Corporation. In those lines of output some remarkable results, he notes, were shown by the subsidiary companies of the Steel Corporation; the production of plates, for instance, for use largely in shipbuilding, reached a total of 2,171,362 tons by the subsidiary companies referred to, an increase of 697,737 tons or 47.3% over the output in 1917. He observes, moreover, that about 65% of the entire output of steel products of the subsidiary companies during the year 1918 was supplied to Government departments, including the Federal Railroad Administration and to the allies of the United States in the war, either by direct shipment to them or to manufacturers for fabrica tion by them for war purposes. The official statistics of steel production in 1918 in the whole country, as compiled by the American Iron and Steel Institute, have not yet been com pleted; however, the production of steel ingots (but not including steel castings, the product of which in 1917 was 1,441,407 tons), is estimated at 43,027,000 tons, which compares with 43,619,200 tons for 1917. It appears, however, from the Government’s statistics of the country’s foreign trade, that the exports of iron and steel, while of very considerable magnitude, fell a full million tons short of the very exceptional export total of the year preceding. Taking all forms of iron and steel reported by weight, the exports in 1918 amounted to 5,383,556 tons. In 1917 the total was 6,439,070 tons, in 1916 6,101,134 tons and in 1915 no more than 3,532,606 tons. The decrease in 1918 is largely accounted for by the diminished shipments of steel billets, and of raw iron. Of steel billets we exported only 1,786,289 tons, against 2,017,113 tons in 1917, 1,504,562 tons in 1916 and no more than 560,704 tons in 1915, and the outward movement of pig iron reached only 269,527 tons in 1918, as compared with 656,220 tons in 1917 and 607,236 tons in 1916. The decrease, though, runs pretty well through the whole list of articles. Of sheets and plates the exports were I, 913,264,538 lbs., against 1,907,425,391 lbs. in 1917, and 1,154,850,895 lbs. in 1916; but of hoops, bands and scrolls they were 113,508,597 lbs., against http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 131,642,772 lbs. in 1917 and 96,786,524 lbs. in 1916. The shipments of wire aggregated 878,764,136 lbs., as against 884,676,453 lbs. in 1917 and 1,529,975,289 lbs. in 1916, but only 405,146,289 lbs. in 1914. Of rods, the exports totaled 1,629,985,490 lbs. in 1918, against 1,810,831,450 lbs. in 1917 and 2,089,334,808 lbs. in 1916. Of nails and spikes we sent out 233,657,275 lbs., as compared with 358,350,977 lbs. in 1917 and 428,134,134 lbs. in 1916. Of wrought pipe and fittings the exports fell off from 354,704,289 lbs. in 1916 and 284,908,815 lbs. in 1917 to 201,560,061 lbs. in 1918. Of rails we shipped 453,944 tons, against 512,669 tons in 1917 and 540,828 tons in 1916, and of structural steel 232,714 tons, against 294,150 tons and 300,594 tons, respectively, in the two pre ceding years. Shipments of bar iron, on the other hand, aggregated 141,942,462 lbs., against 126,184,1131bs.inl917, and only 89,018,690 lbs. in 1915. In the case of articles where the weights are not stated, but only the values, large decreases were also recorded. For instance, the value of firearms sent out declined from $42,125,169 in 1916 and $97,005,018 in 1917 to $30,242,550 in 1918. Shipments of gasoline engines advanced from less than $5,000,000 in 1914 to $26,409,344 in 1917 and $34,714,588 in 1918, but of steam locomotives the exports fell from $30,666,109 in 1917 to $27,064,042 in 1918 and of all other machinery from $229,171,101 to $221,196,067. The aggregate value of all the country’s exports of iron and steel, and manufactures thereof, for 1918, aggregated $1,035,291,740, against $1,241,960,102 in 1917, but comparing with $871,327,322 in 1916, $390,897,123 in 1915 and no more than $199,861,684 in 1914. The imports of iron and steel continued of strictly moderate dimensions. In the subjoined table we furnish a six-year record of both exports and imports. IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL. 1918. 1917. 1916. 1915. 1914. 1913. Imports, gross tons. 169,110 330,201 328,966 282,396 289,775 317,260 Exports...................... 5,383,556 6,439,070 6,101,134 3,532,606 1,638,829 2,745,635 Excess of exports.5,214,446 6,108,869 5,772,168 3,250,210 1,349,054 2.428,375 It is always interesting to have the record of pig iron production according to States, and consequently we now introduce a table giving the figures for the last seven years. It will be observed that in the Southern States the make of iron in 1918 fell below either 1917 or 1916, and that for progress in iron-mak ing certain Western States, like Ohio and Michigan, give on the whole the best account of themselves. PRODUCTION OF PIG IRON BY STATES. Tons 2240 lbs. 1918. 1917. 1916. 1915. 1914. 1913. 1912. Souths rn Tons. Stales. Tons. Tons. Tons. Tons. Tons. Tons. Ala__ 2,587,852 2,953,705 2,762,885 2,049,453 1,826,929 2,057,911 1,862,681 513,737 251,346 Va... 520,311 399,885 271,228 341,815 256,167 355,374 Tenn. 369,822 177,729 280,541 369,951 216,738 338,238 W Va. 1 f 274,360 Ky.z. 1 594,675 291,040 236,393 315,731 561,951 554,590 68.760 Ga... ) It 501,452 195,594 373,817 422,212 251,548 Md .. 289,959 219,546 Total. 4,439,903 4,828,130 4,574,186 3,021,116 2,746,882 3,285,957 3,019,752 Penna 15,198,271 15,539,728 16,506,284 Ohio . 8,764,132 8,518,603 8,602,895 NY.. 12,871,118 2,417,527 12,352,535 N J.. I J Illinois 3,440,307 3,483,096 3,922,512 Mlcha 3,073,599 2,657,503 2.221,708 750,366 738,541 Wise b 811,325 502,810 437,633 Mo c. 453,742 Mass d 5,719 11,485 10,527 12,790,668 9,733,36912,954,936 12,552,131 6,912,962 5,283,426 7,129,525 6,802,493 2,104,780 1.559,864 2,187,620 11,939,231 1 36,876 2,447,220 1,847,451 2,927,832 2,887,359 1,986,778 1,557,355, 1,775,883 1,770,628 372,966 329,526, 367,326 303,370 271,921 267,777 324,263 397,731 7.802 6,594 12,810 17,366 GrTot 39,051,991 38,647,397 39,434,797 29,916,213 23,332,244 30,966,152 29,726,937 a Including Indiana, b Including Minnesota, c Including Iowa, Colorado, Washington, Oregon and California, d Including Connecticut, z Including Mississippi. In the matter of prices there were no such sharp fluctuations as marked the course of 1917, the first year of the country’s entry into the war. The Gov ernment held prices under rigid restriction through the War Industries Board, which in turn acted in co- CROP AND OTHER PRODUCTIONS 112 operation with the Committee on Steel and Steel Products of the American Iron and Steel Institute. Just before the opening of the year 1918, that is on Dec. 28 1917, President Wilson authorized an announcement that he had approved the recom mendation of the War Industries Board, that the maximum prices theretofore fixed by him upon the recommendation of the Board upon ore, coke, pig iron, steel and steel products subject to revision on Jan. 1 1918 be continued in effect until March 31 1918. The announcement also stated that no new contracts calling for delivery of any of said com modities or articles on or after April 1 1918 were to specify a price unless coupled with a clause making the price subject to revision by any authorized United States Government agency, so that all deliv eries after that date should not exceed the maximum price then in force, although ordered or contracted for in the meantime. It was also part of the agree ment between the steel producers and the War In dustries Board that the maximum prices as fixed were to apply to the requirements of the United States Government, to the war requirements of the Allies and to domestic consumption within the United States. For the rest of the year the policy was adopted of making only relatively few price changes. On March 26 President Wilson approved the recom mendation of the price-fixing committee of the War Industries Board that the maximum prices previously fixed be continued until July 1 with two exceptions. The two changes were a reduction in the maximum price of basic pig iron from $33 to $32 per gross ton and a reduction in the maximum price of scrap steel from $30 to $29 per ton. It was again provided that contracts calling for delivery of any commodity or article after July 1 1918 were to contain a clause making the price subject to revision by Government agency. On June 22 the President in like manner approved the agreement made by the Price-Fixing Committee of the War Industries Board with the representatives of the iron ore, the pig iron and the steel interests that the maximum prices previously named be continued in effect for the three months ending Sept. 30, with two exceptions on this occasion also. One exception was that base prices of Lake Superior iron ore delivered to lower Lake ports were increased 45 cents per gross ton on and after July 1 1918, or from $5 05 to $5 50. The higher prices were based on the advances made by the DirectorGeneral of Railroads in rail freight rates on June 25 1918, and on the prevailing Lake rates, and it was pro vided that in the event of any subsequent increase or decrease in either rail or Lake rates ore prices were to be increased or decreased accordingly on deliveries made during the continuance of such in creased or decreased freight rates. The second change was that on and after July 1 1918 the basing point for steel bars, shapes and plates was made Pittsburgh, Pa. WEEKLY RECORD OF IRON AND STEEL PRICES FOR 1918. [Compiled from quotations given each week by “The Iron Age” of New York.] PIG IRON —PER GROSS TON. £ CQ-g 30— Ma, 14.. 21 — 28— June— 4„ 11.. 18— 25— July2— 9— 16.. 23.. 30— Aug— 6.. 13.. 20— 27— Sept— 3— 10.. 17.. 24.. Oct.— 1.. 8— 15— 22.. 29— Nov.— 6.. 12— 19— 26.. Dec.— 3— 10.. 17.. 24.. £ S3 u E 8J . .0 SS ss SO a* s 0 Q ca k. £ 6 6 0 Sa § 8 .© 6 0 0 a § e E So 5 BQ 50 ca £3 k. 8 E 0 S3 ttj a E ft, E . E h E O ■3 e 3 Oh. 2a cl k. 8 ■© ille ts, Base, E k. 1 -8 feu Ra ils , Heat E Sa k. 8 -O 1 5 ? 9— 16— 23— 30— Feb.— 6— 13.. 20— 27— Mar— 6— ey Furna ce. 53 » 8 O s © van ia. 8 k. • g 0 Ca 8 g ivered Easle 1918. E 0m 8 c ley Furna ct e 5 FINISHED IRON AND STEEL--PER POUND TO LARGE BUYERS. RAILS, BILLETS, ETC PER GROSS TON. *§ 0 fti K s r u 5 BQ 8 5 •8 Ca k. 8 0 g 0 k. 8 .© E 8 E u 0 QQ 8 s u •N i§ 8 0 k. •*< B> $ 33.75 33.75 33.75 33.75 $ 33.0C 33.0C 33.0C 33.00 $ 37.25 37.25 37.25 37.25 $ 33.50 33.50 33.50 33.50 $ 32.75 32.75 32.75 .... 32.75 $ 37.50 37.50 37.50 37.50 $ 47.50 55.00 57.00 47.50 55.00 57.0c 47.50 55.00 57.00 47.50 $ 47.50 47.50 47.50 47.50 $ 51.00 51.00 51.00 51.00 $ 60.00 60.00 60.00 60.00 $ 50.50 50.50 50.50 50.50 $ 57.00 57.00 57.00 57.00 3.685 3.685 3.685 3.685 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 33.00 33.0c 33.0c 33.00 33.76 33.75 33.75 33.75 33.00 33.0C 33.0c 33.00 37.25 37.25 37.25 37.25 33.50 33.50 33.50 33.50 32.75 ____ 32.75 32.75 .... 32.75 37.50 37.50 37.50 37.50 55.00 55.00 55.0c 65.00 57.00 57.0c 57.0c 57.00 47.50 47.51 47.5C 47.50 47.50 47.5C 47.50 47.50 51.00 51.00 51.00 51.00 60.00 6C.0C 60.0C 60.00 50.50 50.5C 50.5C 50.50 57.00 57.00 57.00 57.00 3.685 3.685 3.685 3.685 3.50 3.50 3.50 3.50 33.00 33.00 33.00 33.00 33.00 33.00 33.0c 33.00 33.75 33.75 33.75 33.75 33.00 33.0C 33.0c 33.00 37.25 37.25 37.25 37.25 33.50 33.50 ____ 33.50 33.5C 33.50 33.50 32.75 32.75 32.75 32.75 37.50 37.50 37.50 37.50 55.00 55.00 55.0c 55.00 57.00 57.0c 57.0c 57.00 47.50 47.5C 47.5C 47.50 47.50 47.5C 47.5C 47.50 51.00 51.00 51.0C 51.00 60.00 60.0C 60.0C 60.00 50.50 50.50 50.5C 50.50 57.00 57.00 57.00 57.00 3.6B5 3.685 3.685 3.685 3.50 3.5C 3.5C 3.50 35.90 35.90 35.90 35.90 35.90 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.0C 33.00 33.00 32.75 32.75 32.75 32.75 32.75 32.00 32.0C 32.0C 32.0C 32.00 36.15 36.15 36.1b 36.15 36.15 33.50 33.50 33.50 33.50 33.50 33.50 33.50 33.5C 33.5C 33.50 32.75 32.75 32.75 32.75 32.75 37.50 37.50 37.50 37.50 37.50 55.00 55.00 55.0c 55.0c 55.00 57.00 57.0C 57.0C 57.0c 57.00 47.50 47.5C 47.5C 47.5C 47.50 47.50 47.5C 47.5C 47.5C 47.50 51.00 51.00 51.00 51.0C 51.00 60.00 60.00 60.0C 60.0C 60.00 33.00 33.00 33.00 33.00 35.90 35.90 35.90 35.90 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 32.75 32.75 32.75 32.75 32.00 32.0C 32.0C 32.00 36.15 36.15 36.15 36.15 33.50 33.50 33.50 33.50 33.50 33.50 33.50 33.50 32.75 32.75 32.75 32.75 37.50 37.50 37.50 37.50 55.00 55.00 55.0c 55.00 57.00 57.0c 57.0c 57.00 47.50 47.5C 47.5C 47.50 47.50 47.5C 47.5C 47.50 51.00 51.0C 51.00 51.00 34.25 34.25 34.25 34.40 33.00 33.00 33.00 33.00 35.90 35.90 35.90 36.90 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 32.75 32.75 32.75 32.90 32.00 32.0C 32.0C 32.00 36.30 36.3C 36.3C 36.60 33.50 33.5C 33.5C 33.50 33.50 33.50 33.5C 33.50 32.75 32.75 33.1c 33.40 37.50 37.50 37.50 37.85 55.00 55.0c 55.00 55.00 57.00 57.0C 57.0C 57.00 47.50 47.5C 47.5C 47.50 47.50 47.5C 47.5C 47.50 34.40 34.40 34.40 34.40 34.40 33.00 33.00 33.00 33.00 33.00 36.90 36.90 36.90 36.90 36.90 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 32.90 32.9C 32.90 32.90 32.90 32.00 32.0C 32.0C 32.0C 32.00 36.60 36.6C 36.6C 36.6C 36.60 33.50 33.5C 33.50 33.5C 33.50 33.50 33.5C 33.5C 33.5C 33.50 33.40 33.4C 33.4C 33.4C 33.40 37.85 37.85 37.85 37.85 37.85 55.00 55.0c 55.00 55.0c 55.00 57.00 57.0C 57.0C 57.0C 57.00 47.50 47.5C 47.5C 47.5C 47.50 34.40 34.40 34.40 34.40 33.00 33.00 33.00 33.00 36.90 36.90 36.60 36.60 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 32.90 32.90 32.90 32.90 32.00 32.00 32.00 32.00 36.60 36.6C 36.6C 36.60 33.50 33.5C 33.50 33.50 33.50 33.50 33.50 33.50 33.40 33.40 33.4C 33.40 37.85 37.85 37.85 37.85 55.00 55.00 55.00 55.00 57.00 57.0C 57.0C 57.00 34.40 34.40 34.40 34.40 33.00 33.00 33.00 33.00 36.60 36.60 36.60 3o.6C 33.00 33.00 33.00 33.00 33.00 ,33.00 33.00 33.00 32.90 32.90 32.90 32.90 32.00 32.00 32.00 32.00 36.60 36.60 36.60 36.60 33.50 33.50 33.50 33.50 33.50 33.50 33.50 33.5C 33.40 33.40 33.40 33.40 37.85 37.85 37.85 37.85 55.00 55.00 55.00 55.00 38.85 38.85 38.85 38.85 38.85 34.00 34.00 34.00 34.00 34.00 37.60 37.60 37.60 37.60 37.60 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 36.60 36.60 36.60 36.60 36.60 33.00 33.00 33.00 33.00 33.00 36.60 36.60 36.60 36.60 36.60 34.50 34.50 34.50 34.50 34.50 34.50 34.50 34.50 34.50 34.50 34.40 34.40 34.40 34.40 34.40 38.85 38.85 38.85 38.85 38.85 39.15 39.15 39.15 39.15 34.00 34.00 34.00 34.00 37.60 37.60 37.60 37.60 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 36.90 36.90 36.90 36.90 33.00 33.00 33.00 33.00 36.60 36.60 36.60 36.60 34.50 34.50 34.50 34.50 34.50 34.50 34.50 34.50 34.40 34.40 34.40 34.40 39.15 39.15 39.15 39.15 34.00 34.00 34.00 34.00 37.60 37.60 37.60 37.60 34.00 34.00 34.00 34.00 38.00 34.00 34.00 34.00 . 36.90 36.90 36.90 36.9C 33.00 33.00 33.00 33.00 36.60 36.60 36.60 36.60 34.50 34.50 34.50 34.50 34.50 34.50 34.50 34.50 34.40 34.40 34.40 34.40 K) $ 33.00 33.00 33.00 33.00 $ 33.0c 33.0c 33.0c 33.00 35.90 35.90 35.90 35.90 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 35.90 35.90 35.90 35.90 34.25 34.25 34.25 34.25 34.25 33.00 33.00 33.00 33.00 33.00 34.25 34.25 34.25 34.25 0 5; $ 34.25 34.25 34.25 34.25 $ 33.00 33.00 33.00 33.00 $ 35.90 35.90 35.90 35.90 34.25 34.25 34.25 34.25 33.00 33.00 33.00 33.00 34.25 34.25 34.25 34.25 $ E 6 oq § 0 6 s ft. E 5 k s £ e BQ E cts. cts. cts. cts. a E E k. E 5 8 N S g E 8 A E E E 8 • 4s c E c E Ai 8 s AJ 8 £ i e E 4s A 8 s 0 0 £ 8 ttq E CIS. cts. cts. cts. cts. cts. cts. cts. 2.90 2.90 2.90 2.90 3.095 3.095 3.095 3.095 3.25 3.25 3.25 3.25 3.445 3.445 3.445 3.445 3.00 3.00 3.00 3.00 3.195 3.195 3.195 3.195 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 3.50 3.50 3.5C 3.50 2.90 2.90 2.90 2.90 3.095 3.095 3.095 3.095 3.25 3.25 3.25 3.25 3.445 3.445 3.445 3.445 3.00 3.00 3.00 3.00 3.195 3.195 3.195 3.195 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 2.90 2.90 2.9C 2.90 3.095 3.095 3.095 3.095 3.25 3.25 3.25 3.25 3.445 3.445 3.445 3.445 3.00 3.00 3.00 3.00 3.195 3.195 3.195 3.195 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 50.50 50.5C 50.5C 50.5C 50.50 57.00 3.685 3.50 3.50 57.00 - 3.685 3.50 3 50 57.00 3.685 3.5C 3.5C 57.00 3.685 3.5C 3.50 57.00 3.685 3.50 3.50 2.90 2.90 2.90 2.9C 2.90 3.095 3.095 3.095 3.095 3.095 3.25 3.25 3.25 3.25 3.25 3.445 3.445 3.445 3.445 3.445 3.00 3.0C 3.00 3.0c 3.00 3.195 3.195 3.195 3.195 3.195 2.90 3.25 3.50 2.90 3.25 3.50 2.90 3.25 3.50 2.90 3.25 3.50 2.90 3.25 3.50 60.0C 60.0C 60.00 60.00 50.50 50.5C 50.6C 50.50 57.00 57.00 57.00 57.00 3.685 3.685 3.685 3.685 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 2.90 2.9C 2.9C 2.90 3.095 3.095 3.095 3.095 3.25 3.25 3.25 3.25 3.445 3.445 3.445 3.445 3.00 3.0c 3.0c 3.00 3.195 3.195 3.195 3.195 2.90 2.90 2.9C 2.90 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 51.00 51.0C 51.0C 51.00 60.00 60.0C 60.0C 60.00 50.50 50.5C 50.5C 51.30 57.00 57.00 57.00 57.00 3.685 3.685 3.685 3.73 3.50 3.5C 3.5C 3.50 3.50 3.5C 3.50 3.50 2.90 2.9C 2.9C 2.90 3.095 3.095 3.095 3.145 3.25 3.25 3.25 3.25 3.445 3.445 3.445 3.495 3.00 3.00 3.00 3.00 3.195 3.195 3.195 3.245 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 47.50 47.5C 47.5C 47.5C 47.50 51.00 51.0C 51.0C 51.0C 51.00 60.00 60.0C 60.0C 60.0C 60.00 51.30 51.3C 51.3C 51.30 51.30 57.00 57.00 57.00 57.00 57.00 3.73 3.73 3.73 3.73 3.73 3.50 3.5C 3.5C 3.5C 3.50 3.50 3.5C 3.5C 3.5C 3.50 2.90 2.9C 2.9C 2.9C 2.90 3.145 3.145 3.145 3.145 3.145 3.25 3.25 3.25 3.25 3.25 3.495 3.495 3.495 3.495 3.495 3.00 3.0C 3.00 3.0C 3.00 3.245 3.245 3.245 3.245 3.245 2.90 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 3.50 47.50 47.5C 47.5C 47.50 47.50 47.5C 47.5C 47.60 51.00 51.0C 51.0C 51.00 60.00 60.00 60.0C 60.00 51.30 51.3C 51.3C 51.30 57.00 57.00 57.00 57.00 3.73 3.73 3.73 3.73 3.50 3.5C 3.5C 3.50 3.50 3.50 3.50 3.50 2.90 2.9C 2.9C 2.90 3.145 3.145 3.145 3.145 3.25 3.25 3.25 3.25 3.495 3.495 3.495 3.495 3.00 3.00 3.0C 3.00 3.245 3.245 3.245 3.245 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 57.00 57.0C 57.0C 57.00 47.50 47.5C 47.5C 47.5C 47.50 47.5C 47.50 47.50 51.00 51.00 51.0C 51.0C 60.00 60.00 60.00 60.0C 51.30 51.3C 51.3C 51.3C 57.00 57.00 57.00 57.00 3.73 3.73 3.73 3.73 3.50 3.5C 3.5C 3.5C 3.50 3.50 3.5C 3.5C 2.90 2.9C 2.9C 2.9C 3.145 3.145 3.145 3.145 3.25 3.25 3.25 3.25 3.495 3.495 3.495 3.495 3.00 3.0C 3.0C 3.00 3.245 3.245 3.245 3.245 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 55.00 55.00 55.0C 55.00 55.00 57.00 57.00 57.00 57.00 57.00 47.50 47.50 47.50 47.50 47.50 47.50 47.50 47.50 47.50 47.50 51.00 51.00 51.00 51.00 51.00 60.00 60.00 60.00 60.C0 60.00 51.30 51.3C 51.30 51.30 51.30 57.00 57.00 57.00 57.00 57.00 3.73 3.73 3.73 3.73 3.73 3.50 3.50 3.5C 3.50 3.50 3.50 3.50 3.50 3.50 3.50 2.90 2.90 2.90 2.90 2.90 3.145 3.145 3.145 3.145 3.145 3.25 3.25 3.25 3.25 3.25 3.495 3.495 3.495 3.495 3.495 3.00 3.00 3.00 3.00 3.00 3.245 3.245 3.245 3.245 3.245 2.90 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 3.50 38.85 38.85 38.85 38.85 55.00 55.00 55.00 55.00 57.00 57.00 57.00 57.00 47.50 47.50 47.50 47.50 47.50 47.50 47.50 47.50 51.00 51.00 51.00 51.00 60.00 60.00 60.00 60.00 51.50 51.50 51.50 51.50 57.00 57.00 57.00 57.00 3.745 3.745 3.745 3.745 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 2.90 2.9C 2.90 2.90 3.17 3.17 3.17 3.17 3.25 3.25 3.25 3.25 3.52 3.52 3.52 3.52 3.00 3.0C 3.0C 3.00 3.27 3.27 3.27 3.27 2.90 2.90 2.9C 2.90 3.25 3.25 3.25 3.25 3.50 3.50 3.50 3.50 38.85 38.85 38.85 38.85 55.00 55.00 55.00 55.00 57.00 57.00 57.00 57.00 47.50 47.50 43.50 43.50 47.50 47.50 43.50 43.50 51.00 51.00 47.00 47.00 60.00 60.00 60.00 60.00 51.50 51.50 47.50 47.50 57.00 57.00 57.0C 57.00 3.745 3.745 3.745 3.745 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 2.90 2.90 2.70 2.70 3.17 3.17 2.97 2.97 3.25 3.25 3.00 3.00 3.52 3.52 3.27 3.27 3.00 3.00 2.80 2.80 3.27 3.27 3.07 3.07 2.90 2.9C 2.7C 2.70 3.25 3.25 3.0c 3.00 3.50 3.50 3.30 3.30 $ $ * The average switching charge lor delivery to foundries in the Chicago district 13 50c. per ton, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 0 8 £ A3 s § «3 0* fe; § E k» 0 >1 CROP AND OTHER PRODUCTIONS 113 With these preliminary explanations we present the following table showing the prices for a few grades of iron and steel at the opening and the closing of 1918 with the low and high points for the twelve months and the dates when reached. A much more elaborate compilation showing the fluctuations of all grades of iron and steel for each week of the last four years will be given in the forthcoming number of our annual “Financial Review.” On Sept. 24 the President in like manner approved the agreement to cover the three months ending Dec. 31 reached between the Price-Fixing Committee of the War Industries Board and representatives of the producers; under this an advance of $1 a ton on pig iron with the basing points Pittsburgh and Birmingham and of 25 cents a ton on iron ore was made, steel prices, however, remaining unaltered. Increased freight rates and advances in wages were the factors, it was stated, which had made higher iron prices imperative. The signing of the armistice on Nov. 11 completely changed the state of things, and on Dec. 11 announce ment was made by the War Industries Board that Government supervision of the steel industry, in cluding the fixing of prices, would end on Dec. 31. This announcement followed a conference in Wash ington with members of the General Committee of the American Iron and Steel Institute. A schedule of new maximum prices, effective Jan. 1, materially lower than the prevailing prices, had been prepared by Judge E. H. Gary, Chairman of the Steel Com mittee, for submission to the War Industries Board. The Price-Fixing Committee of the Board, however, made the statement that when the Board went out of existence Government would relinquish control of the industry, including price-fixing, with the exception of embargoes, and consequently no at tempt to regulate prices subsequent to Dec. 31 would be made. Price Price RANGE FOR YEAR 1918. Jan. 1----------------------------------------------------1918. Low. I High. Per Gross Ton No. 2 fdy. pig Iron.. Basic pig Iron_____ Gray forge pig Iron .6 Bessemer pig Iron. .6 Steel billets at mills b $ S 34.2534.25 Jan. 1 to June 1839.15 Nov. 6 to 33.7532.75 Apr. 3 to June 18 36.90 Nov. 6 to 32.7532.75 Jan. 1 to June 24 34.40 Oct. 1 to 1 to 37.25 36.15 Apr. 3 to May 2837.25 Jan. 47.5043.50 Dec.17 to Dec. 24 47.50 Jan. 1 to Per Pound Cents. Cents. Steel bars_______ 6 1918. Dec. 24 Dec. 24 Dec. 24 Mar. 27 Dec. 10 I \Cents. $ 39.15 36.90 34.40 36.60 43.50 Cents. 2.90 2.70 Dec.17 to Dec. 24 2.90 Jan. 1 to Dec. 10 2.70 10 10 10 24 3.00 2.80 6.05 3.50 3.25 3.00 Dec.17 Beams, &c______ 6 3.00 2.80 Dec.17 Galv.sheets No. 28.6 6.25 6.05 Dec.17 Wire nails 6 3.50 3.50 Jan. 1 a At Philadelphia. 6 At Pittsburgh. Tank plates______ 6 to to to to Dec. Dec. Dec. Dec. 1 1 1 1 3.25 Jan. 3.00 Jan. 6.25 Jan. 3.50 Jan. 24 24 24 24 to to to to Dec. Dec. Dec. Dec. We add one other table to complete our review, namely a comparison of the yearly averages for a series of years. It will be observed that as a result of price restrictions the averages were all lower for 1918 than for 1917 with the exception of rails. AVERAGE YEARLY PRICES OF IRON AND STEEL. 1911 TO 1918. 1918. 1917. 1916. 1915. 1914. 1913. 1912. 1911. Articles— No. 2 anth. fdy. pig at Phlla-ton.35.41 Gray forge pig Iron, Lake ore, at Pittsburgh-....................... “ 33.55 Bessemer pig Iron at Pittsb.. “ 36.66 Bessemer rails at mills in Pa. “ 55.00 Steel billets at mills at Pittsb. “ 46.81 Best refined bar Iron from store ^t Philadelphia.............100 lbs. 3.71 39.49 21.18 15.26 14.74 16.57 16.06 15.21 36.88 38.36 38.00 68.33 20.34 23.86 32.00 43.95 14.25 15.78 28.00 22.44 4.61 3.27 1.74 13.61 15.25 14.89 17.13 28.00 28.00 20.09 25.79 1.59 14.54 13.97 15.94 15 71 2S.00 2“- ;>0 22.3S ?! 46 1.92 1.75 164 WEEKLY RECORD OF IRON AND STEEL PRICES FOR 1918. [Compiled from quotations given each week by “The Iron Age” of New York.] $ $ $ $ 30.00 30.00 30.00 30.00 30.0C 30.0C 30.0C 30.00 $ 30.00 30.0C 3C.0C 30.00 26.00 26.00 26.00 26.00 $ 30.00 30.00 30.00 30.00 $ 30.00 30.00 30.00 30.00 $ 30.00 30.00 30.00 30.00 35.0C 35.0C 35.00 35.00 31.25 31.25 31.25 31.25 30.00 30.00 30.00 30.00 30.00 130.00 30.00 30.00 30.00 30.00 30.00 30.00 30.0C 30.00 30.00 30.00 30.00 30.00 29.50 29.50 30.0C 30.0C 30.0C 30.00 30.0C 30.0C 30.0G 30.00 26.00 26.00 25.50 26.75 35.00 35.00 35.00 35.00 6___ 13___ 20___ 27___ 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 29.00 29.00 29.00 29.50 29.50 29.50 29.50 30.0C 30.0C 30.00 30.00 30.00 30.0C 30.0C 30.00 26.75 26.75 27.50 27.50 3___ 10___ 16___ 23___ 30___ 29.0C 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 28.50 28.50 28.50 28.50 28.50 28.00 28.00 28.00 28.00 29.00 29.00 29.0C 28.50 28.50 28.50 29.0C 29.0C 29.00 29.0C 28.50 29.00 29.00 29.00 29.00 29.00 7— 14___ 21___ 28___ 29.0C 29.00 29.00 29.00 29.00 29.0C 29.00 29.00 28.50 28.50 28.50 28.50 29.00 29.00 29.00 29.00 28.5C 29.00 29.00 29.00 28.50 28.50 28.50 28.50 4___ 11___ 18___ 27___ July— 2___ 9___ 16___ 23___ 30— Aug.— 6___ 13___ 20___ 27-... 29.00 29.C0 29.00 29.00 29.00 29.00 29.00 29.00 28.50 28.50 28.50 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 3___ 10___ 17___ 24___ 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 1.... 8-... 15___ 22___ 29___ 29.00 29.00 29.00 29.00 29.00 6-..12___ 19___ 26___ 3___ 10___ 17___ 24___ 9___ 16___ 23___ 30___ Feb.— 6..-13___ 20___ 27___ Mar.— April— May— June— Sept.— Oct.— Nov.— Dec.— METALS—PER POUND BUYERS. 8 ft© ft>1 8 £ ^3 § s © o © •*3 8 § CQ fe; '« § g 3 5 £ 8 5 York. ft • ty (A si § . © Ai •2 St . Lou u £ TO LARGE a, s 3 die Cop Yo rk. Fence, W ire Base , Pitt sbu rgh . COKE, CON NELLSVILLE— PER NET TON AT OVEN. Il o © . -• S 3 e-o. a5; K | 1 Pitt sbu rgh . Cut N ail s, Pitt sbu rgh . | Pit tsb urg h . W ire N ails, | 1 $ $ 30.00 30.00 30.00 30.00 Jan.— 'O 1 RR ., Wro ugh t 1 Chicago (net to n) . N o. 1 RR ., Wro ught Ph ila delph ia. N o. 1 Cast, Chicago , (net to n) . ? N o. 1 Cast, Pittsburg h. ft si N o. ga. Hea vy Steel Scrap, Chicag o. Ph ila delph ia. Car Wh eels, Car Wh eels, Chicag o. ft I 1918. a £ . ft Sheet s, Bla ck, N o. 28,1 Pitt sbu rgh . Sheet s, Galv. , N o. 28, SHEETS, NAILS AND WIRE—PER LB. TO LARGE BUYERS. OLD MATERIAL—PER GROSS TON. cts. cts. cts. cts. cts. cts. cts. cts. cts. cts. cts. cts. cts. 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 7.625 7.75 7.625 7.625 7.875 8.00 7.875 7.875 6.55 6.85 6.85 6.85 6.70 7.00 7.00 7.00 85.00 85.00 *86.00 *85.00 14.50 14.00 14.00 14.00 $ 7.75 7.75 7.75 7.75 31.25 31.25 31.25 31.25 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 3.50 3.50 3.5C 3.50 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 7.75 7.75 7.75 7.75 8.00 8.00 8.00 8.00 6.85 6.85 6.85 7.10 7.00 7.00 7.00 7.25 85.00 85.00 85.00 85.00 14.00 13.75 13.50 13.50 7.75 7.75 7.75 7.75 35.00 35.00 35.00 35.00 30.75 30.75 30.75 30.75 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 3.50 3.5C 3.50 3.50 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 7.625 7.50 7.375 7.25 7.875 7.75 7.625 7.50 7.10 7.10 7.10 7.10 7.25 7.25 7.25 7.25 85.00 85.00 85.00 85.00 13.50 13.25 13.25 13.25 7.75 7.75 7.75 7.75 27.50 27.50 27.50 27.00 27.00 34.00 34.00 34.00 34.00 34.00 30.36 30.36 30.36 29.75 29.75 5.00 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 3.50 4.00 4.0C 4.00 4.00 4.00 3.25 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 4.35 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 7.00 6.75 6.75 6.625 6.75 7.25 7.00 7.00 6.875 7.00 7.00 6.90 6.80 6.75 6.625 7.20 7.00 6.95 6.90 6.85 85.00 85.00 87.00 88.00 95.00 13.00 12.75 12.75 12.75 13.00 7.75 7.75 7.75 7i75 7.75 29.00 29.00 29.00 29.00 27.00 27.00 26.00 26.50 34.00 34.00 34.00 34.00 29.75 29.75 29.75 29.75 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 6.625 7.125 7.25 7.25 7.125 7.375 7.50 7.50 6.425 6.70 6.85 6.85 6.625 6.90 7.05 7.05 100.00 100.00 103.00 100.00 13.00 12.75 12.50 12.25 7.75 7.75 7.75 7.75 28.50 28.50 28.50 29.00 29.00 29.00 29.00 29.00 27.00 27.00 27.00 27.50 34.00 34.0C 34.00 34.00 29.75 29.75 29.75 29.75 5.00 5.00 b.00 5.00 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 7.25 7.375 7.75 8.375 7.50 7.625 8.00 8.625 6.925 7.125 7.75 7.75 7.05 7.25 7.825 7.825 90.00 90.00 90.00 92.00 12.25 7.75 12.75 |7.75 13.50 7.75 13.00 7.75 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 28.00 28.00 28.00 28.25 28.25 34.00 34.00 34.00 34.00 34.00 29.75 29.75 29.75 29.75 29.75 5.00 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 4.35 23.50 26.00 26.00 26.00 26.00 23.50 26.00 26.00 26.00 26.00 8.625 8.625 8.50 8.375 8.00 8.875 8.875 8.75 8.625 8.25 7.75 7.75 7.75 7.75 7.75 7.90 8.05 8.05 8.05 8.05 92.00 92.00 94.00 94.00 94.00 13.00 13.00 13.00 13.25 13.00 7.75 7.75 7.75 7.75 7.75 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 28.25 29.00 30.00 30.00 34.00 34.00 34.00 34.00 29.75 29.75 29.75 29.75 5.00 5.0C 5.00 5.00 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 8.10 8.50 8.875 9.25 8.40 8.80 9.125 9.50 7.75 7.75 7.75 7.75 8.05 8.05 8.05 8.05 94.00 94.00 92.00 88.00 13.00 13.00 13.75 14.25 7.75 7.75 7.75 7.75 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 30.00 30.00 30.00 30.00 34.00 34.00 34.00 34.00 29.75 29.75 29.75 29.75 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 9.125 9.25 9.50 9.30 9.375 9.50 9.85 9.65 7.75 7.75 7.75 7.75 8.05 8.05 8.05 8.05 83.00 83.00 78.50 79.00 14.125 14.00 14.00 13.875 7.75 7.75 7.75 7.75 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 30.36 30.36 30.36 30.36 30.36 34.00 34.00 34.00 34.00 34.00 30.36 30.36 30.36 30.36 30.36 5.00 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 4.00 3.25 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 4.35 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 9.05 8.85 8.60 8.85 8.65 9.40 9.20 8.95 9.20 8.90 7.75 7.75 7.75 7.75 7.75 8.05 8.05 8.05 8.05 8.05 82.00 82.00 81.00 77.00 76.00 14.00 14.00 13.625 13.50 12.75 7.75 7.75 7.75 7.75 7.75 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 28.50 29.00 29.00 28.00 27.00 29.00 29.00 29.00 27.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.00 29.86 29.36 29.25 27.00 34.00 34.00 34.00 34.00 29.86 29.86 27.00 28.00 5.00 5.00 5.00 5.00 6.25 6.25 6.25 6.25 3.50 3.50 3.50 3.50 4.00 4.00 5.00 5.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 8.60 8.40 8.15 8.30 8.95 8.75 8.50 8.65 7.75 7.75 7.75 7.75 8.05 8.05 8.05 8.05 75.00 75.00 75.00 71.00 10.50 9.50 8.00 8.50 7.75 7.75 7.75 7.75 29.00 27.00 27.00 27.00 29.00 29.00 29.00 25.00 27.50 26.00 25.00 25.00 27.00 26.00 25.00 20.00 26.50 26.00 23.00 23.00 28.00 27.00 27.00 27.00 29.00 29.00 29.00 28.00 27.00 26.00 26.00 26.00 34.00 34.00 32.00 32.00 28.00 27.C0 25.00 25.00 5.00 5.00 4.70 4.70 6.25 6.25 6.05 6.05 3.50 3.50 3.50 3.50 5.00 5.00 5.00 5.00 3.25 3.25 3.25 3.25 4.35 4.35 4.35 4.35 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 8.25 8.25 8.15 8.05 8.60 8.60 8.50 8.40 6.75 6.75 6.40 6.15 7.05 7.05 6.75 6.50 70.00 72.00 72.00 72.00 8.50 8.50 8.00 8.00 7.75 7.75 7.35 7.35 ♦ Nominal. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis cts. CROP AND OTHER PRODUCTIONS 114 WEEKLY RECORD OF IRON AND STEEL PRICES FOR 1916 AND 1917. [Complied from quotations given each week by “The Iron Age” of New York.) Ta nk Pla tes, New Yo rk. © k. 8 0 3 a a, i © s •§ k © ■s' 0 k 1 © k. 3 $ 18.5C 18.5C 18.5C 18.50 $ $ $ $ 19.25 19.25 19.75 19.75 28.0C 28.00 28.CK 28.00 $ 3o.o: 30.0G 30.0C 30.00 $ i9.o< 19.0( 19.0C 19.00 $ 18.45 18.45 18.45 18.45 $ 18.00 17.75 17.75 17.75 $ 21.95 21.45 21.45 21.45 $ 19.50 19.5C 19.50 19.50 32.0C 32.0( 32.0C 32.00 33. a 33.0: 33.0C 33.00 35.0: 35.(X 35.0: 35.00 $ 55.0c 55.00 55.00 55.00 $ 40.0C 42.00 42.0C 42.00 40.00 42.00 45.00 45.00 2.15: 2.251 2.251 2.259 1.95 1.75 2.0c 2.169 1.95 1.75 2.00 2.169 1.95 1.75 2.0C 2.16S 2.00 1.90 2.10 2.269 2.25 2.25 2.25 2.25 2.41E 1.90 2.06: 2.41E 1.90 2.06: 2.51E 1.9C 2.06S 2.519 1.90 2.069 1.80 1.80 1.80 1.90 1.90 1.90 1.90 2.00 2.00 2.00 2.00 2.00 20.00 20.0C 20.0C 20.00 18.50 18.25 18.25 18.25 17.90 17.9C 17.9C 17.90 15.00 15.0C 15.0C 15.00 18.50 18.5C 18.5C 18.50 19.50 19.50 19.50 19.50 17.75 17.5C 17.75 17.75 21.45 21.45 21.45 20.75 19.00 19.0C 19.00 19.00 18.45 19.75 18.45 19.75 18.45 19.75 18.45 19.75 28.00 28. CX 28.0( 28.00 30.00 30.00 30.CX 30.00 33.00 33.00 33.00 35.00 34.00 35.0C 35.(X 35.00 35.00 35.00 35.00 35.00 55.00 55.00 55.00 55.00 42.00 42.00 42.00 42.00 45.00 47.00 50.00 50.00 2.409 2.40! 2.401 2.409 2.15 2.15 2.15 2.25 1.90 1.9C 1.9C 1.90 2.25 2.25 2.25 2.50 2.419 2.41S 2.669 2.669 2.50 2.5C 2.5C 2.75 2.669 2.66: 2.91S 3.169 2.00 2.00 2.00 2.25 2.119 2.169 2.16: 2.419 1.90 1.90 2.00 2.00 2.00 2.00 2.1C 2.10 2.10 2.25 2.25 2.50 20.0C 20.00 20.00 2o.a 20.25 18.5C 18.5C 18.5C 18.5C 18.50 17.9C 17.9C 17.9C 17.9C 17.90 15.0C 15.00 15.0C 15.00 15.00 18.5C 18.5C 18.5C 19.00 19.00 19.50 19.50 19.50 19.50 20.00 13.0C 18.25 18.25 18.25 18.25 21.45 21.45 21.95 21.95 21.95 19.(X 19.5C 19.5( 19.5C 19.50 18.45 19.75 18.45 19.75 18.45 19.75 18.45 19.75 18.45 19.75 28.0C 28. CX 28. CX 28.0C 28.00 30.CX 30.0( 30.00 30.CX 30.00 37.00 40.0C 45.00 45.00 45.00 38.0: 40.(X 45.a 45.00 45.00 38.00 41.00 45.0C 45.0C 45.00 55.0c 60.00 65.00 65.00 65.00 42.00 50.00 50.0C 50.00 50.00 50.00 55.00 55.00 57.00 57.00 2.551 2.559 2.551 2.55: 2.559 2.35 2.35 2.40 2.4C 2.40 2.0c 2.15 2.15 2.15 2.35 2.5C 2.5C 2.75 2.75 2.75 2.669 2.669 2.919 2.91S 2.919 2.75 2.75 3.0c 3.5C 3.50 3.16S 3.16S 3.41S 3.669 3.669 2.25 2.25 2.50 2.50 2.50 2.41S 2.41S 2.619 2.61S 2.669 2.10 2.20 2.20 2.30 2.30 2.20 2.30 2.30 2.40 2.40 2.50 2.50 2.75 3.00 3.00 20.5C 18.5C 20.5C 13.5C 20.51 18.5C 20.50 18.50 17.9C 17.9C 17.9C 17.90 15.0C 15.0C 15.0C 15.00 19.0C 19.0C 19.0C 19.00 21.0C 20.50 20.50 20.50 18.25 18.25 18.0C 18.00 21.95 21.95 21.95 21.95 19.50 19.5C 19.5C 19.50 18.7C 19.75 18.70 19.75 18.70 19.75 18.70 19.75 28.0C 28.0C 28.0C 28.00 30.0C 30.0C 30.0C 30.00 45.0: 45.0: 45.0C 45.00 45.(X 45.0: 45.0: 45.00 45.0C 45.(X 45.00 45.00 67.5C 67.5C 68.00 68.50 50.0C 50.00 50.0C 50.00 60.00 60.00 60.00 60.00 2.551 2.65$ 2.659 2.659 2.5C 2.5C 2.5C 2.50 2.35 2.35 2.35 2.35 2.75 2.75 3.00 3.00 2.919 2.919 3.169 3.169 3.5C 3.75 3.75 3.75 3.669 3.919 3.919 3.919 2.5C 2.5C 2.6C 2.60 2.669 2.769 2.769 2.769 2.35 2.35 2.35 2.35 2.45 2.45 2.45 2.45 3.00 3.0C 3.00 3.00 20.5C 20.5C 20.5C 20.5C 20.50 18.5C 18.5C 18.00 18.0C 13.00 17.9C 17.90 17.90 17.9C 17.90 15.0C 15.0C 15.0C 15.0C 15.00 19.0C 19.00 19.0C 19.0C 19.00 20.5C 20.50 20.5C 20.5C 20.50 18.0C 18.0C 18.00 18.0C 18.00 21.95 21.95 21.95 21.95 21.95 19.5C 19.5C 19.5C 19.5C 19.50 18.7( 18.70 18.70 18.70 18.70 19.75 19.75 19.75 19.75 19.75 33.0C 33.0C 33.0C 33.0( 35.0C 35.0C 35.00 35.CX 33.00 35.00 45.0C 45.00 45.0C 45.0C 45.00 45.o: 45.0C 43.0C 42.0C 42.00 45.0: 45.00 43.0: 42.0C 42.00 69.00 69.0C 69.0C 69.0C 69.00 50.0C 50.0C 50.0C 50.0C 50.00 60.00 60.00 60.00 60.00 60.00 2.65$ 2.659 2.659 2.659 2.659 2.60 2.60 2.60 2.6C 2.60 2.35 2.35 2.35 2.35 2.35 3.00 3.00 3.00 3.0c 3.00 3.169 3.169 3.169 3.169 3.169 3.75 3.75 3.75 3.75 3.75 3.919 3.919 3.919 3.919 3.919 2.6C 2.6C 2.6C 2.6C 2.60 2.76S 2.76S 2.769 2.769 2.769 2.35 2.35 2.35 2.35 2.35 2.45 2.45 2.45 2.45 2.45 3.00 3.00 3.00 2.75 2.75 20.25 20.00 19.75 19.75 18.0C 18.00 18.25 18.25 17.65 17.4C 17.40 15.90 14.75 14.50 14.50 14.00 19.0C 19.00 19.00 19.00 20.00 19.75 19.50 19.50 18.0C 18.0C 18.0C 18.00 21.95 21.95 21.95 21.95 19.50 19.5C 19.5C 19.50 18.7( 19.75 18.7C 19.75 18.70 19.75 18.70 19.75 33.0C 33.00 33.0C 33.00 35.0( 35.00 35.0C 35.00 45.OC 45.00 42.0C 42.00 42.0: 40.00 42.0C 42.00 42.CX 40.00 42.CX 42.00 69.00 69.00 69.00 69.00 50.0C 50.00 50.00 50.00 55.00 55.00 55.00 50.00 2.65S 2.65$ 2.65: 2.659 2.6C 2.6C 2.5C 2.50 2.35 2.35 2.35 2.35 2.75 2.75 2.75 2.75 2.919 2.919 2.919 2.919 3.75 3.75 3.75 3.25 3.919 3.919 3.919 3.419 2.6C 2.5C 2.5C 2.50 2.669 2.669 2.66S 2.669 2.35 2.35 2.35 2.35 2.45 2.45 2.45 2.45 2.75 2.75 2.75 2.75 19.75 19.75 19.75 19.75 18.25 18.25 18.25 18.25 18.9C 16.90 13.90 16.90 14.0C 14.00 14.00 14.00 19.0C 19.0C 19.0C 19.00 19.5C 19.00 19.00 19.00 18.0C 18.00 18.0C 18.00 21.95 21.95 21.95 21.95 19.5( 19.5C 19.5C 19.50 18.70 18.70 18.70 18.70 19.75 19.75 19.75 19.75 33.0C 33.OC 33.0C 33.00 35.0( 35.00 35.00 35.00 42.0C 40.00 40.0C 42.00 42.0: 42.0C 42.0C 45.00 42.0: 42.0: 42.0C 45.00 69.0C 69.00 69.00 69.00 50.0C 45.00 45.00 45.00 50.00 55.00 55.00 55.00 2.65$ 2.65$ 2.659 2.659 2.5C 2.50 2.50 2.50 2.35 2.3b 2.35 2.3b 2.75 2.75 2.5C 2.50 2.919 2.669 2.669 2.669 3.25 3.50 3.5C 3.50 3.419 3.669 3.669 3.669 2.5C 2.5C 2.5C 2.50 2.669 2.669 2.669 2.669 2.35 2.35 2.35 2.35 2.45 2.45 2.45 2.45 2.75 2.75 2.75 2.75 19.75 18.25 18.9C 14.0C 19.0C 19.50 13.25 1S.90 14.00 18.5C 19.50 18.25 16.4C 13.50 18.5C 19.5C 18.25 16.4C 13.5C 18.0C 19.50 18.25 15.90 14.00 18.00 19.0C 19.00 19.00 19.0C 19.75 18.0C 18.0C 18.00 18.0C 18.00 21.95 21.95 21.95 21.95 21.95 19.CX 18.70 19.75 19.00 18.70 19.75 19.00 18.70 19.75 19.00 18.70 19.75 19.00 18.70 19.75 33.0C 33.0C 33.00 33.0C 33.00 35.0C 35.0C 35.0C 35.0C 35.00 43.CC 43.0C 45.0C 45.00 <45.00 45.0C 45.0C 45.0C 45.00 45.00 45.(X 45.0C 47.0c 45.0c 45.00 69.0C 69.00 69.0C 69.0C 69.00 45.0C 45.00 45.00 46.00 48.00 55.00 55.00 55.00 55.00 55.00 2.659 2.659 2.65S 2.659 2.659 2.50 2.60 2.6C 2.60 2.60 2.35 2.35 2.35 2.35 2.35 2.50 2.50 2.60 2.60 2.60 2.669 2.669 2.769 2.769 2.769 3.50 3.50 3.50 4.00 4.00 3.669 3.669 3.669 4.169 4.169 2.50 2.5C 2.50 2.50 2.60 2.669 2.669 2.669 2.669 2.769 2.35 2.35 2.35 2.35 2.35 2.45 2.45 2.45 2.45 2.45 2.75 2.75 3.00 3.00 3.C0 19.75 18.OC 19.75 18.0C 19.75 18.25 19.75 19.00 21.95 21.95 22.20 22.95 19.0C 18.7C 19.75 19.0C 18.70 19.75 19.0C 18.95 19.75 19.00 19.20 19.75 33.0: 33.0C 33.0C 33.00 35.0: 35.0: 35.00 35.00 45.0C 45.0C 45.00 45.00 45.0C 45.0C 45.0C 45.00 45.0c 45.00 45.0c 45.00 69.0C 69.00 69.00 69.00 48.0C 48.00 48.00 48.00 55.00 55.00 55.00 55.00 2.65E 2.65S 2.65S 2.659 2.60 2.6C 2.60 2.60 2.35 2.35 2.35 2.35 2.60 2.60 2.60 2.60 2.769 2.769 2.769 2.769 4.00 4.00 4.00 4.00 4.169 4.169 4.169 4.169 2.60 2.60 2.60 2.75 2.769 2.769 2.769 2.769 2.35 2.35 2.35 2.35 2.45 2.45 2.45 2.45 3.00 3.00 3.00 3.00 $ © § ©© k. • j§ © J 3 o 03 . p OQ © §3 © a © a OJ OJ £ © © k. K 1 a, co K © 03 a © k. © 1 © k. 8 r© § £ § K IS -K © © c © 8 © k. 1 a, c § 3 §? a 1 8 09 aj 1© 2 Co 0, © § I j 3 05 b B 1 [ I j I | 1 | [ J a © 8 i© 3 a a, Skelp , Sheared Steel, Pittsburg h. $ 15.0C 15.0C 15.0C 15.00 a 2 © O. -H . Ra ils , Heavy , at M il l. Besse mer Bil let s, Pittsburg h. Open-H ear th Billets , Pittsburg h. $ 17.90 17.9C 17.9C 17.90 © 8 8 Ma llea ble Bess eme r, Chicago .* $ 18.50 18.50 13.5C 18.50 Bas ic, del'd Easter n Pe nn syl vania . $ © A o. 2, Sou ther n, Ci nc in na ti. No. 2, Bi rm in gh am , Al ab am a. N o. 2, Furna ce, Ch ica go * Ope n-H earth Billets , Ph ila de lph ia. 5 19.75 20. a 20.0C 20.00 a 1 1916. Jan.— 5___ 12___ 19___ 26___ Feb.— 2___ 9___ 16___ 23___ Mar.— 1___ 8___ 15___ 22___ 29___ April— 5___ 12___ 19___ 26___ May— 3___ 10___ 17.... 24___ 31___ June— 7___ 14___ 21___ 28.... July— 5___ 12___ 19___ 26___ Aug.— 2___ 9___ 16___ 23___ 30___ Sept.— 6___ 13___ 20___ 27.... Oct.— 4___ 11___ 13___ 25___ Non.— 1___ 8----15___ 22___ 29___ Dec.—• 6___ 13.... 20.... 27___ © s a? © k. 8 © Forging Bille ts, Bas e, Pit tsb urg h. N o. 2, Valley Furna ce. I FINISHED IRON AND STEEL—PER POUND TO LARGE BUYERS. RAILS, BILLETS. &C.— PER GROSS TON. PIG IRON—PER GROSS TON. $ cis. cis. cts. cts. cts. cts. cts. cts. cts. cts. cts. cts. 19.50 19.50 19.50 19.50 18.25 16.9C 14.00 18.5C 13.50 17.40 14.50 18.0C 18.50 17.40 14.50 18.0C 18.50 17.40 14.50 18.00 19.75 20.00 20.50 21.00 19.00 20.00 20.00 21.00 17.40 17.40 18.4C 18.90 14.50 14.50 15.50 16.00 18.50 19.00 19.00 22.00 20.00 20.00 20.00 21.50 19.50 20.0C 20.0C 20.00 23.45 23.95 23.95 24.95 19.00 19.5C 19.50 21.50 19.95 20.45 20.45 20.95 19.75 20.75 2C.25 20.25 33.00 33.0C 33.00 33.00 35.00 35.00 35.0C 35.00 45.00 45.00 45.0C 50.00 45.00 45.00 45.0C 50.00 45.00 45.00 45.00 50.00 69.00 69.00 69.00 73.00 48.00 50.00 50.00 50.00 55.00 55.00 55.00 55.00 2.659 2.659 2.659 2.659 2.60 2.6C 2.75 2.75 2.35 2.35 2.35 2.35 2.75 2.75 2.75 2.75 2.919 2.919 2.919 2.919 4.00 4.00 4.0c 4.00 4.169 4.169 4.169 4.169 2.75 2.75 2.75 2.75 2.869 2.869 2.869 2.869 2.35 2.5C 2.50 2.50 2.45 2.60 2.60 2.60 3.00 3.CO 3.00 3.00 22.50 24.00 25.00 25.5C 27.50 23.00 21.00 25.00 25.00 30.00 19.90 20.9C 22.9C 23.9C 24.40 17.00 18.00 20.00 21.00 21.50 24.00 25.0C 26.0C 27.0C 27.00 21.50 25.03 26.0C 25.0C 27.00 22.00 23.00 25.00 25.50 30.00 26.95 27.95 29.95 30.95 34.45 24.00 25.00 26.0C 27.0C 27.00 22.95 23.95 25.95 26.95 29.95 20.25 25.75 25.75 26.75 28.00 33.00 33.0C 38.0C 38.00 38.00 35.00 35.00 40.0C 40.0C 40.00 50.00 50.00 52.5C 52.5C 55.00 50.00 50.0C 52.50 52.5C 55.00 50.00 50.0C 52.5C 52.5C 55.00 75.00 75.00 76.50 78.00 80.00 50.00 50.00 55.00 55.00 55.00 60.00 60.00 65.00 65.00 65.00 2 659 2.659 2.659 2.659 2.659 2.85 2.85 2.85 2.90 2.90 2.40 2.40 2.65 2.65 2.65 2.75 2.75 2.75 2.90 3.00 2.919 2.919 2.919 3.069 3.169 4.00 4.00 4.25 4.25 4.25 4.169 4.169 4.419 4.419 4.419 2.75 2.75 2.80 3.00 3.00 2.869 2.869 2.969 3.019 3.019 2.70 2.70 2.70 2.85 2.85 2.80 2.80 2.80 3.00 3.00 3.00 3.00 3.1c 3.25 3.25 28.5^ 29.50 29.50 29.50 30.00 31.00 31.00 31.00 25.90 25.90 25.90 25.90 •23.00 23.00 23.00 23.00 28.00 30.00 30.00 30.00 30.00 30.0C 30.0C 30.00 30.00 30.00 30.00 30.00 34.45 35.95 35.95 35.95 28.00 30.00 30.0C 30.00 29.95 29.95 29.95 29.95 31.75 31.75 31.75 31.75 38.00 38.0C 38.0C 38.00 40.00 40.0C 40.0C 40.00 55.00 55.0G 60.0C 60.00 55.00 55.00 60.00 60.00 55.00 55.00 60.0C 60.00 80.00 80.00 80.00 80.00 60.00 60.00 60.00 60.00 65.00 70.00 70.00 70.00 2.909 3.159 3.159 3.159 3.25 3.25 3.25 3.25 2.75 2.75 3.00 3.00 3.CO 3.169 4.25 4.419 3.25 3.00 3.169 4.25 4.419 3.25 3.00 3.169 4.25 4.419 3.25 3.00 3.169 4.25 4.419 3.25 3.419 3.419 3.419 3.419 2.85 2.85 2.85 2.85 3.00 3.00 3.00 3.00 3.25 3.25 3.25 3.25 25.90 25.90 25.90 25.90 25.90 23.00 23.00 23.00 23.00 24.00 30.00 30.00 30.00 30.00 30.00 30.00 30.0C 30.00 30.0G 30.00 30.00 30.00 30.00 30.00 30.00 35.95 35.95 35.95 35.95 35.95 30.00 31.00 31.00 31.00 31.00 29.95 29.95 29.95 29.95 29.95 31.75 31.75 31.75 31.75 31.75 33.00 38.0C 38.00 38.00 38.00 40.0C 40.0C 40.0C 40.0C 40.00 60.0C 60.00 65.00 65.00 65.00 60.00 60.00 65.00 65.00 65.00 60.0C 60.0C 65.0C 65.0C 65.00 80.00 80.00 80.00 80.00 85.00 60.00 60.00 60.00 60.00 60.00 70.00 75.00 75.00 75.00 75.00 3.159 3.159 3.159 3.159 3.159 3.25 3.25 3.25 3.25 3.25 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.25 3.25 3.25 3.169 3.169 3.419 3.419 3.419 4.25 4.50 4.50 4.50 4.50 4.419 4.669 4.669 4.669 4.669 3.25 3.25 3.25 3.25 3.25 3.419 3.419 3.419 3.419 3.419 2.85 2.85 2.85 2.85 2.85 3.00 3.00 3.00 3.00 3.00 3.25 3.25 3.25 3.25 3.25 26.90 25.90 27.40 28.90 24.00 21.00 24.50 25.00 30.00 32.00 33.00 33.00 30.50 30.5C 30.50 30.50 30.00 30.00 30.00 30.00 35.95 35.95 35.95 35.95 31.00 32..0C 33.00 33.00 29.95 31.95 31.95 31.95 33.75 33.75 35.75 35.75 38.00 38.00 38.00 38.00 40.00 40.0C 40.0C 40.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 85.00 85.00 90.00 90.00 60.00 60.00 70.00 65.00 75.00 75.00 80.00 80 00 3.159 3.159 3.159 3.409 3.25 3.25 3.25 3.25 3.00 3.00 3.00 3.00 3.25 3.25 3.25 3.25 3.419 3.419 3.419 3.419 4.75 4.75 5.00 5.00 4.919 4.919 5.169 5.169 3.25 3.25 3.25 3.25 3.419 3.419 3.419 3.419 3.25 3.25 3.25 3.50 3.50 3.50 3.50 3.75 3.25 3.50 3.75 3.75 29.90 31.90 32 90 32.90 27.00 29.00 30.00 30.00 34.00 35.00 37.00 38.00 30.50 33.50 35.00 35.00 30.00 32.00 32.00 35.00 36.95 36.95 37.95 38.95 34.00 35.00 37.00 38.00 31.95 32.95 32.95 34.95 35.75 35.75 36.75 38.75 38.00 38.00 38.00 38.00 40.0C 40.0C 40.00 40.00 65.00 65.00 65.00 70.00 65.00 65.00 65.00 70.00 65.00 65.00 65.00 72.50 90.00 90.00 90.00 90.00 65.00 65.00 65.00 65.00 80.00 80.00 85.00 85.00 3.409 3.659 3.659 3.659 3.50 3.50 3.50 3.50 3.00 3.00 3.00 3.10 3.25 3.75 3.75 3.75 3.419 3.919 3.919 3.919 5.00 5.25 5.25 5.50 5.169 5.419 5.419 5.669 3.25 3.40 3.75 3.75 3.419 3.569 3.919 3.919 3.50 3.50 3.50 3.75 3.75 3.75 3.75 4.00 3.75 4.00 4.00 4.25 35.90 37.90 37.90 37.90 33.00 35.00 35.00 35.00 38.00 39.00 39.00 41.00 36.00 38.00 38.00 38.00 35.00 40.00 40.00 40.00 39.95 42.95 42.95 42.95 38.00 39.00 39.00 41.00 35.95 37.95 38.95 38.95 38.75 38.75 41.75 41.75 38.00 33.00 38.00 38.00 40.00 40.00 4C.00 40.00 70.00 75.00 75.00 75.00 70.00 75.00 75.00 75.00 72.50 77.50 77.50 77.50 90.00 100.00 100.00 100.00 70.00 70.00 75.00 75.00 85.00 85.00 85.00 85.00 3.659 3.659 3.659 4.159 3.50 3.50 3.50 3.75 3.25 3.25 3.25 3.25 3.75 3.75 3.75 3.75 3.919 5.75 5.919 3.75 3.919 3.919 5.75 5.919 3.75 3.919 3.919 6.00 6.169 4.00 4.169 3.919 6.C0 6.169 4.00 4.169 4.75 5.25 5.25 3.50 5.00 5.50 5.50 5.50 4.25 4.25 4.25 4.25 39.90 40.90 42.90 42.90 42.90 37.00 38.00 40.00 40.00 40.00 42.00 42.00 44.00 45.00 46.00 38.00 38.00 38.00 42.00 42.50 40.00 42.00 42.00 42.00 42.00 43.95 44.95 44.95 45.95 45.95 42.00 42.00 44.00 45.00 46.00 39.95 40.95 40.95 40.95 40.95 46.75 46.75 46.75 50.25 50.25 38.00 38.00 38.00 38.00 38.00 40.00 40.00 40.00 40.00 40.00 80.00 80.00 85.00 90.00 95.00 80.00 80.00 85.00 90.00 95.00 80.00 80.00 85.00 90.00 95.00 105.00 105.00 105.00 110.00 110.00 75.00 75.00 75.00 90.00 95.00 85.00 85.00 85.00 85.00 90.00 4.159 4.159 4.159 4.159 4.159 3.75 3.7b 4.00 4.00 4.00 3.25 3.25 3.50 3.50 3.50 4 00 4.00 4.00 4.00 4.00 3.919 4.169 4.169 4.169 4.169 6.50 6.50 6.50 6.50 7.00 6.669 6.669 6.919 6.919 7.169 4 00 4.00 4.00 4.00 4.00 4.419 4.419 4.419 4.419 4.419 3.50 3.50 3.50 3.50 3.50 5.50 5.50 5.50 5.50 5.50 4.25 4.25 4.25 4.25 4.25 42.90 42.90 46.90 47.90 40.00 40.00 44.00 45.00 47.00 50.00 52.00 55.00 42.50 42.50 48.00 50.00 45.00 5C.00 50.00 50.00 50.95 55.95 55.95 55.95 47.00 50.00 52.00 55.00 43.95 47.95 47.95 47.95 504)0 52.00 52.00 57.00 38.00 38.00 33.00 38.00 40.00 40.00 40.00 40.00 95.00 100.00 100.00 100.00 95.00 100.00 100.00 100.00 100.C0 105.00 105.00 105.00 115.00 125.00 125.00 125.00 95.00 95.00 110.00 110.00 90.00 95.00 95 00 95 00 4.659 4.659 4.659 4.659 4.25 4.25 4.75 4.75 4.00 4.00 4.00 4.10 4.25 4.25 4.50 4.50 4.169 4.419 4.669 4.669 7.00 8.00 8.00 9.00 8.169 8.669 8.669 9.169 4.00 4.25 4.50 4.50 4.419 4.419 4.669 4.669 4.00 4.00 4.00 4.00 6.00 6.00 6.00 6.00 4.75 5.25 5.25 5.25 49.90 49.90 49.90 49.90 47.00 47.00 47.00 47.00 55.00 55.00 55.00 55.00 50.00 50.00 50.00 50.00 52.00 53.00 53.00 52.00 57.95 57.95 57.95 55.95 55.00 55.00 55.00 55.00 47.95 47.95 47.95 46 95 57.00 53.00 58.00 58.00 38.00 38.00 38.00 38.00 40.00 40.00 40.00 40.00 '00.00 100.00 100.00 100.00 [00.00 100.00 100.00 100.00 105.00 105.00 105.00 105.00 125.00 125.00 125.00 125.00 110.00 110.00 110.00 110.00 95.00 95.00 95.00 95.00 4.659 4.659 4.659 4.659 4.75 4.75 4.75 4.75 4.50 4.50 4.50 4.50 4.50 4.50 4-50 4.50 4.669 4.669 4.669 4.669 9 00 9.00 9.00 9.00 9.169 9.169 10.169 10.169 4.5C 4.50 4.50 4.50 4.669 4 669 4.669 4.669 4.00 4.00 4.00 4.00 6.C0 6.00 6.00 6.C0 5.25 5.25 5.25 5.25 49.90 49.90 49.90 49 90 49.90 47.00 47.00 47.00 47 00 47.00 55.00 55.00 55.00 55 00 55.00 50.00 50.00 50.00 50 00 50.00 52.00 52.00 52.00 52 00 48.00 55.95 55.95 55.95 53 95 51.95 55.00 55.00 55.00 55 00 55.00 46.95 46.95 46.95 46 95 46.95 58.00 53.00 53.00 58 00 58.00 33.00 38.00 38.00 38.00 38.00 40.0C 40.00 40.00 40.00 40.00 00.00 90.00 85.0C 80.00 75.00 100.00 90.00 85.00 80.00 75.00 105.00 90.00 85.00 85.00 80.00 125.00 125.00 125.00 115.00 100.00 110.00 100.00 .00.00 90.00 90.00 95.00 95.00 90.00 90.00 90.00 4.659 4.659 5.159 5.185 5.185 4.75 4.75 4.75 4.75 4.75 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.5G 4.00 4.00 4.669 4.669 4.669 4.695 4.695 9.00 9.00 9.C0 9.00 8.00 10.169 10.169 10.169 10.195 8.945 4.50 4.50 4.50 4.00 4.00 4.669 4.669 4.669 4.669 4.695 4.00 4.00 4.00 4.00 4.00 6.00 6.00 6.00 6.C0 6.00 5.75 5.75 5.75 5.75 5.75 49.90 49.90 49.90 1... 47.00 47.00 47.00 ! ... 55.00 55.00 54.00 :... 50.00 50.00 48.00 45.00 48.00 48.00 42.00 33.00 51.95 55.00 46.95 58.00 51.95 55.00 46.95 58.00 50.95 55.00 46.95 58.00 37.25 ... ! ... ... 38.00 38.00 38.00 38.00 40.00 40.00 40.00 40.00 75.00 65.00 65.00 60.00 75.00 65.00 65.00 60.00 80.0C 75.00 75.00 70.00 00.00 00.00 00.00 90.00 90.00 85.00 75.00 70.00 90.00 90.00 90.00 85.00 5.185 4.75 4.50 4.00 4.195 8.00 8.945 4.00 4.445 4.00 6.00 5.75 4.935 4.75 4.50 4.00 4.195 8.00 8.195 4.00 4.445 5.75 4.935 4.75 4.50 4.00 4.195 8.00 8.195 4.C0 4.445 6.75 Z2.90 ... 33.75 35.90 33.00 33.00 33.75 35 90 33.00 33.00 33.75 35.90 33.00 33.00 33.75 33.00 33.00 33.00 33.00 33.00 37.25 37.25 32.75 37.25 32.75 37.25 33.00 32.75 35.50 37.25 33.00 32.75 33.50 55 00 147 50 47 50 ---- — 47.50 1917. Jan.— 3.... 29.50 31.00 10___ 30.00 31.00 17___ 30.00 31.00 24___ 30.50 31.00 31.... 30.50 31.00 Feb.— 7.... 31.00 31.00 14___ 31.50 33.00 21___ 32.00 33.00 28.... 33.00 35.00 March— 7___ 34.75 35.00 14.... 33.50 35.00 21___ 39.00 37.00 28— — 39.00 38.00 April— 4___ 40.00 38.00 11___ 41.00 40.00 18___ 42.00 40.00 25— 42.50 40.00 May— 2— 42.50 42.00 9___ 42.50 42.00 16___ 43.50 42.00 23—.. 44.00 43.00 30— 45.50 43.00 June— 6___ 45.50 45.00 13___ 45.75 50.00 20___ 49.75 53.00 27___ 50.75 53.00 July— 3___ 52.00 55.00 11___ 53.00 55.00 18___ 54.50 55.00 25___ 53.00 53.00 Aug.— 1___ 53.00 53.00 8..— 53.00 53.00 15___ 53.00 53.00 22___ 53.00 53.00 29.... 53.00 52.00 Sept.— 5___ 53.00 52.00 12___ 52.00 52.00 19___ 50.00 50.00 26___ l... 133.00 Oct.— 3 .. 33.75 33.00 10___ 33.75 33.00 17___ 34.25 33.00 24___ 34.25 33.00 31.... 34.25 33.00 Nov.— 7___ 34.25 33 00 14— 34.25 33 00 21— 34.25 33 00 28-— 34.25 33.00 Dec.— 5..— 34.25 33.00 12..— 34.25 33.00 19___ 34.25 33.00 24___ 34.25 33.00 31..— 34.25 33.00 35.90 35.90 35.90 35.90 33.00 33 00 33.00 33.00 33.00 33.00 33.00 33.00 33.75 33.75 33.75 33.75 33.00 33.00 33.00 33.00 37.25 37.25 37.25 37.25 33.00 33.50 33.50 33.50 32.75 32.75 32.75 32.75 37.50 37.50 37.50 37.50 35.90 35.90 35.90 35.90 35.90 33.00 33.00 33.C0 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.75 33.75 33.75 33.75 33.75 33.00 33.00 33.00 33.00 33.00 37.25 37.25 37.25 37.25 37.25 33.50 33.50 33.50 33.50 33.50 32.75 32.75 32.75 32.75 32.75 37.50 37.50 37.50 37.50 37.50 55.00 85.00 147 50 151 00 Z57.00 47 50 51.00 57.00 47.50 51.00 — — 57.00 — —— 47.50 47.50 47.50 47.50 47.50 47.50 47.50 47.50 51.00 51.00 [60 00 51.00 60 00 51.00 60.00 147.50 — 47.50 47.50 47.50 47.50 47.50 47.50 47.50 47.50 47.50 47.50 51.00 51.00 51.00 51.00 51.00 — 60.00 60.00 60.00 60.00 60.00 * The average switching charge for delivery to foundries In the Chicago district Is 50c. per ton. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 47.50 47.50 47.50 47.50 47.50 4.25 4.25 4.25 4.685 ... 2.90 2.90 3.25 13.00 13.195 12.90 13.25 4.50 2.90 4.50 2.90 13.095 3.25 3.00 3.195 2.90 3.25 4.50 2.90 3.095 3.25 — 3.00 3.195 2.90 3.25 ... 57.00 4.685 4.50 57.00 Z3.685 Z3.50 4.50 57.00 3.685 3.50 Z3.50 57.00 3.685 3.50 3.50 57.00 57.0C 57.00 57.00 57.00 3.685 3.685 3.685 3.685 3.685 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 2.90 2.90 2.90 2.90 3.095 3.095 3 095 3.095 3.25 3.25 3.25 3.25 Z3.445 3.00 3.00 3.00 3.00 3.195 3.195 3.195 3.195 2.90 2.90 2.90 2.90 3.25 3.25 Z3.50 3.25 3.50 3.25 3.50 2.90 2.90 2.90 2.90 2.90 3.095 3.095 3.095 3.095 3.095 3.25 3.25 3.25 3.25 3.25 3.445 3.445 3.445 3.445 3.445 3.00 3.00 3.00 3.00 3.00 3.195 3.195 3.195 3.195 3.195 2.90 2.90 2.90 2.90 2.90 3.25 3.25 3.25 3.25 3.25 I Government price agreed on with producer. 3.50 3.50 3.50 3.50 3.50 CROP AND OTHER PRODUCTIONS 115 WEEKLY RECORD OF IRON AND STEEL PRICES FOR 1916 AND 1917. [Compiled from quotations given each week by “The Iron Age” of New York.] SHEETS, NAILS AND WIRE--PER POUND TO LARGE BUYERS. Jan.— 5___ 12___ 19.... 26___ Feb.— 2.... 9___ 16___ 23___ Mar.— 1.... 8___ 15___ 22___ 29___ April— 5___ 12___ 19___ 26___ May— 3.... 10___ 17___ 24___ 31___ June— 7_... 14___ 21___ 28.... July— 5.__ 12___ 19___ 26.... Aug.— 2___ 9___ 16___ 23___ 30___ Sept.— 6___ 13___ 20___ 27___ Oct.— 4___ 11_____ 18___ 25___ Nov.— 1___ 8___ 15___ 22___ 29___ Dec.— 6___ 13___ 20___ 27___ 1917. Jan.— 3___ 10___ 17___ 24.... 31___ Feb.— 7___ 14___ 21___ 28.... March— 7___ 14___ 21___ 28.... April— 4.... 11___ 18___ 25.... May— 2___ 9___ 16___ 23___ 29----June— 6___ 13___ 20___ 27___ July— 3___ 11___ 18___ 25___ Aug.— 1____ 8___ 15___ 22... 29.... Sept.— 5.__ 12___ 19___ 26.... Oct.— 3___ 10___ 17___ 24___ 31___ Nov.— 7.... 14.... 21... 28—. Dec.— 5... 12—. 19... 24... 31___ s a Cm 5 a 3 a a a 3 .a a Am 0 a $2 a a*§ aa 43 a. §§ s *3 ft. § 5 . 02 a a .a »a §£ fe! fe! fe; fe; a Is u fe; ’“'a a^ fe: ga <N £ la's ©fe; a a» Is a A I i 52» Is a § a g § a • p ©s fe; § fi a gj ft© 0 fe; C a a 0*4 a a, L Is g § ^5 a. a. a •2 ® eg fe. fel 05 gfe; § ork. S A, 1 <5 ai s £ A rA a a a a 1 METALS—PER POUND TO LARGE BUYERS. S § $2 ’O 8 CQ O 0 CQ fe; a New Yo 1916. a is : 'a a Scrap, Ma. « 0 <5* O 5 6 she ets, Pittsburg h . a a COKE, CON NELLSVILLE— PER NET TON AT OVEN. 'er, New OLD MATERIAL—PER GROSS TON. a © 0 ?? a a* 5 a* Kq $ 17.50 17.50 17.50 17.50 $ 19.50 19.50 19.50 19.50 $ 14.75 14.75 14.75 14.25 $ 16.00 16.50 16.50 16.50 $ 17.50 17.50 17.50 17.50 $ 16.00 16.50 16.50 16.50 $ 16.00 15.50 15.25 15.25 $ 15.25 15.25 15.75 15.75 $ 17.00 17.00 17.00 17.00 $ 13.75 13.50 13.00 13.00 $ 22.00 22.00 22.00 22.00 $ 16.00 16.00 15.75 15.75 cts. cts. cts. cts. cts. CIS. Cts. $ 4.75 4.75 4.7b 4.75 2.10 2.10 2.10 2.20 2.00 2.00 2.00 2.10 1.95 1.95 1.95 2.05 2.95 2.95 2.95 3.05 2.50 2.50 2.50 2.5C $ 3.50 3.50 3.50 3.50 cts. 2.60 2.60 2.60 2.60 22.875 24.00 24.00 25.50 22.875 23.875 23.625 25.375 17.25 17.25 18.25 19.00 17.50 17.50 18.50 19.25 5.40 5.75 5.70 6.00 5.50 5.90 5.90 6.10 45.00 41.50 40.75 42.125 41.00 41.00 42.00 42.00 3.75 3.75 3.75 3.75 17.50 17.25 17.25 17.25 19.50 19.50 19.50 19.50 14.25 13.75 13.75 13.50 16.50 16.50 16.50 16.50 17.25 17.00 17.00 17.00 16.50 16.50 16.50 16.50 14.75 14.75 14.75 14.75 15.75 15.75 15.75 15.25 17.00 17.00 17.00 17.00 13.00 12.75 12.75 12.75 22.00 22.00 21.50 21.50 15.25 15.00 14.75 14.75 2.6C 2.60 2.60 2.60 4.75 4.75 4.75 4.75 2.20 2.20 2.30 2.30 2.10 2.10 2.20 2.20 2.05 2.05 2.15 2.15 3.05 3.05 3.15 3.15 2.50 2.50 2.50 2.50 3.50 3.50 3.50 3.50 25.50 26.50 27.375 27.375 25.375 26.375 27.25 27.25 18.25 19.00 20.00 21.25 18.50 19.25 20.25 21.50 6.00 6.00 6.15 6.225 6.10 6.10 6.25 6.30 41.625 41.125 42.25 42.20 42.50 43.50 43.50 44.00 3.75 4.00 4.00 4.00 17.25 18.00 18.00 18.00 18.00 19.50 19.50 20.00 20.00 20.00 13.50 14.50 14.50 14.50 14.50 16.50 16.50 16.50 16.50 17.50 17.75 18.00 19.00 19.00 18.50 16.50 16.50 17.00 17.00 17.50 15.75 16.50 16.75 16.75 16.75 15.75 16.00 16.00 16.25 16.25 17.00 17.00 17.00 17.00 17.00 13.25 13.50 13.50 13.50 13.50 21.50 31.50 22.00 22.00 23.00 15.50 16.00 16.00 16.50 17.25 2.60 2.75 2.75 2.75 2.75 4.75 4.75 4.75 4.75 4.75 2.40 2.40 2.40 2.40 2.40 2.30 2.30 2.30 2.30 2.30 2.25 2.25 2.25 2.25 2.25 3.25 3.25 3.25 3.25 3.25 2.50 2.85 3.00 3.00 3.00 3.75 3.75 3.75 3.75 3.75 27.375 27.00 27.00 27.125 27.125 27.125 26.50 26.375 26.875 26.875 20.50 19.00 16.60 17.75 17.50 20.75 19.25 16.75 18.00 17.75 6.30 6.70 7.375 8.00 8.00 6.30 6.70 7.25 8.00 8.00 48.00 49.00 54.00 49.625 50.00 44.00 44.00 44.00 45.00 45.00 4.00 4.00 4.25 4.25 4.25 18.00 18.00 18.00 18.00 20.00 20.00 20.00 20.00 14.00 14.00 14.00 13.50 17.50 17.50 17.50 17.00 18.25 18.00 17.75 17.25 18.00 18.00 18.00 17.50 16.50 16.50 16.50 16.50 16.25 16.00 16.00 16.25 18.00 18.00 18.00 17.50 13.00 13.00 12.75 12.75 23.50 23.50 23.50 23.00 17.00 17.00 17.00 17.00 2.85 2.85 2.85 2.85 5.00 5.00 5.00 5.00 2.40 2.40 2.40 2.40 2.30 2.60 2.60 2.60 2.25 2.25 2.25 2.25 3.25 3.25 3.25 3.25 2.90 2.90 2.50 2.40 3.75 3.75 3.50 3.25 27.50 28.00 28.75 28.75 27.375 27.75 28.50 28.50 17.50 18.75 19.00 18.00 17.75 19.00 19.25 18.25 8.00 7.875 7.625 7.375 8.00 7.875 7.75 7.50 50.625 53.00 51.00 49.75 45.00 43.00 41.00 39.50 4.50 4.50 4.50 4.50 18.00 18.00 18.00 18.00 17.50 20.00 20.00 20.00 20.00 20.00 13.00 13.00 13.00 13.00 12.75 17.00 17.00 16.50 16.50 16.50 17.25 17.25 17.00 16.75 16.50 17.50 17.00 16.50 16.00 16.00 16.00 16.00 16.00 15.75 15.50 16.25 16.25 16.25 16.00 16.00 17.50 17.50 17.50 17.50 17.50 12.75 12.50 12.50 12.50 12.00 23.00 23.00 22.50 22.00 22.00 17.00 16.75 16.25 16.00 15.75 2.85 2.90 2.90 2.90 2.90 5.00 b.00 5.00 4.75 4.75 2.50 2.50 2.50 2.50 2.50 2.60 2.60 2.60 2.60 2*60 2.45 2.45 2.45 2.45 2.45 3.35 3.35 3.35 3.35 3.35 2.50 2.50 2.50 2.50 2.50 3.25 3.25 3.00 3.00 3.25 29.00 29.C0 29.00 29.00 28.25 28.50 28.50 28.625 28.50 28.00 17.25 16.75 15.25 14.75 13.75 17.50 17.00 15.50 15.00 14.00 7.375 7.375 7.40 7.25 7.20 7.50 7.50 7.50 7.45 7.35 52.50 49.75 49.25 48.00 46.75 37.50 35.00 33.00 28.00 25.00 5.00 5.00 5.50 5.50 5.50 18.50 18.00 18.00 18.00 20.00 20.00 20.00 20.00 12.75 12.75 12.25 12.00 16 50 16.50 16.50 16.00 16.00 16.00 15.75 15.75 16.00 15.50 15.00 14.75 15.00 14.75 14.50 14.00 16.00 16.00 15.75 15.75 17.50 16.50 16.00 16.00 12.00 11.75 11.50 11.50 22.00 20.50 20.00 19.50 15.50 15.00 15.00 14.75 2.90 2.90 2.90 2.90 4.75 4.75 4.60 4.60 2.50 2.50 2.50 2.50 2.60 2.60 2.60 2.60 2.45 2.45 2.45 2.45 3.35 3.35 3.35 3.35 2.50 2.50 2.50 2.50 3.25 3.25 3.25 3.25 28.25 28.00 27.75 27.75 28.00 27.75 27.00 26.50 13.375 13.25 12.25 11.50 13.625 13.50 12.50 11.75 6.85 6.70 6.45 6.65 7.00 6.85 6.625 6.80 44.25 43.25 40.75 39.00 23.00 20.00 18.00 17.50 5.75 5.75 5.75 6.00 18.00 18.50 18.50 18.50 20.00 20.00 20.00 20.00 12.00 12.00 12.00 12.00 16.00 16.00 15.00 15.50 16.00 16.50 16.50 16.25 14.75 15.00 15.00 15.00 14.00 14.00 14.00 15.25 15.75 15.75 15.75 15.00 16.00 16.00 16.00 16.00 11.50 11.50 11.50 11.50 19.50 19.50 19.50 19.50 14.50 14.25 15.00 15.25 2.90 2.90 2.90 2.90 4.50 4.50 4.25 4.25 2.50 2.50 2.50 2.50 2.60 2.60 2.60 2.60 2.45 2.45 2.45 2.45 3.35 3.35 3.35 3.35 2.50 2.50 2.50 2.50 3.25 3.25 3.25 3.25 27.00 26.00 25.25 25.25 26.50 25.75 25.00 25.00 10.75 8.75 9.00 10.25 11.00 9.00 9.25 10.50 6.65 6.25 6.10 6.00 6.85 6.45 6.25 6.20 38.875 38.50 37.25 38.00 16.00 15.50 K.OO 13.50 6.00 6.00 6.00 6.00 18.50 18.50 18.50 18.50 18.75 20.00 20.00 20.00 20.00 20.00 12.00 11.50 11.50 11.50 11.50 15.50 15.50 15.50 15.50 15.50 16.25 16.00 16.00 16.00 16.00 14.75 14.75 14.75 14.75 14.75 15.25 15.25 15.25 15.25 15.25 15.0C 15.0C 15.0C 14.5C 14.50 16.00 16.00 16.00 16.00 16.00 11.50 11.50 11.50 11.50 11.50 19.50 19.50 20.00 20.00 20.00 15.25 15.25 15.25 15.25 15.50 2.90 2.90 1.90 2.90 2.90 4.25 4.25 4.25 4.15 4.15 2.50 2.60 2.60 2.60 2.60 2.60 2.60 2.60 2.60 2.60 2.45 2.55 2.55 2.55 2.55 3.35 3.45 3.45 3.45 3.45 2.50 2.50 2.50 2.50 2.50 3.25 3.25 3.25 3.25 3.50 26.25 26.75 26.75 27.25 27.50 26.00 26.50 26.50 26.875 27.25 9.25 8.125 8.75 9.50 8.75 9.50 8.375 9.00 9.75 9.00 6.00 5.75 5.90 6.50 6.50 6.10 5.95 6.00 6.625 6.50 38.00 37.675 39.00 38.50 39.25 12.50 11.00 10.00 13.50 13.50 6.00 6.00 6.00 6.00 5.75 18.75 18.75 19.25 19.25 20.00 20.00 20.00 20.00 11.50 11.75 11.75 11.75 15.5C 15.5C 15.5C 15.50 16.00 16.00 16.25 16.50 14.75 14.75 14.75 14.75 15.75 16 00 16.25 16.25 14.5C 14.5C 14.50 15.00 16.0C 16.oc 16.00 16.00 12.0C 12.0C 12.25 12.25 20.0C 20.00 20.0C 20.00 16.00 16.50 16.50 16.50 2.90 2.90 2.90 3.00 4.15 4.15 4.15 4.25 2.60 2.60 2.60 2.60 2.60 2.60 2.60 2.60 2.55 2.55 2.55 2.55 3.45 3.45 3.45 3.45 2.50 2.50 2.75 2.85 3.50 3.25 3.25 3.25 28.00 28.00 28.25 28.00 28.00 28.125 28.50 28.75 8.50 9.00 9.50 8.75 8.75 9.25 9.75 9.00 6.60 6.60 6.85 6.85 6.75 6.75 7.00 7.C0 38.875 38.25 38.50 38.625 12.00 11.00 11.00 11.00 5.75 5.75 5.75 5.75 19.25 20.00 2T0C 22.00 20.0c 21.0c 21.0c 21.00 11.75 12.5C 13.0C 14.50 15.50 15.50 15.50 16.00 17.50 18.00 18.5C 19.00 15.00 15.50 16.0C 16.00 16.25 16.50 16.75 17.75 15.00 16.00 16.00 16.00 16.0C 16.00 16.0C 16.00 12.50 13.25 13.50 14.75 20.00 22.00 22.00 22.50 16.75 17.50 17.75 18.00 3.10 3.10 3.30 3.40 4.25 4.25 4.40 4.75 2.60 2.60 2.70 2.70 2.60 2.60 2.60 2.70 2.55 2.55 2.65 2.65 3.45 3.45 3.55 3.55 3.00 3.25 3.50 3.75 3.25 3.50 3.75 5.00 28.25 28 50 28.50 28.50 28.50 28 50 28.50 28.50 9.50 9 50 9.50 10.00 9.70 9 75 9.625 10.25 6.85 6 85 6.85 6.925 7.05 7.00 7.00 7.00 39.25 42.75 40.75 41.25 10.00 11.50 13.00 13.00 5.75 6.00 5.75 5.75 22.00 23.00 25.00 25.00 26.00 21.a 21.0c 23.0C 24.00 24.00 16.0C 16.0C 16.5C 18.0C 20.00 16.50 17.0C 18.0C 19.00 21.50 19.0C 16.5C 20.0C 17.0C 21.0C 19.5C 21.0C |21.0C 25.00 23.00 18.75 19.75 20.50 21.0c 23.00 16.00 17.02 17.0C 17.00 19.50 16.75 17.00 18.00 19.0C 20.00 14.75 15.0C 15.50 16.0C 16.00 23.00 23.50 23.50 24.50 25.00 19.00 20.00 21.00 22.00 23.00 3.40 3.50 3.65 3.65 4.00 4.90 5.00 5.25 5.25 5.50 2.70 2.85 2.85 2.85 3.00 2.70 2.8C 2.8C 2.8C 2.95 2.65 2.80 2.80 2.8C 2.95 3.55 3.70 3.70 3.70 3.85 4.00 4.00 3.75 3.75 7.00 7.00 7.00 7.00 7.50 29.00 29.50 32.50 34.00 34.00 28.50 29.50 32.50 34.00 34.00 10.375 10.50 11.25 12.25 13.C0 10.625 10.75 11.50 12.50 13.25 6.90 6.875 6.90 7.00 7.175 7.00 7.00 7.00 7.15 7.25 41.875 42.25 44.125 45.125 45.25 13.00 12.75 13.00 14.00 14.50 5.75 6.00 6.00 6.00 6.00 29.00 29.0C 29.0C 27.00 25.00 27.0C 27.0C 23.00 21.5C 22.50 22.CC 22.5C 21.5C 22.5C 20.00 22.00 26.0C 27.0C 27.0C 24.00 24.0C 24.0C 24.0C 23.00 23.50 23.50 23.5C 21.50 20.50 23.00 23.0C 21.00 20.00 21.00 21.00 21.00 16.50 16.5C 16.5! 15.50 26.00 27.0C 27.00 27.00 26.00 26.00 25.00 23.50 4.00 4.25 4.50 4.50 5.50 6.00’ 6.25 6.25 3.00 3.00 3.00 3.00 2.95 2.95 2.95 2.95 2.95 2.95 2.95 2.95 3.85 3.85 3.85 3.85 7.50 8.00 9.00 1000 34.50 35.50 32.50 31.00 34.50 35.50 32.50 31.00 12.50 11.50 10.00 9.50 12.75 11.75 10.25 9.75 7.40 7.80 7.40 7.30 7.50 7.90 7.50 7.50 44.375 43.00 42.375 40.875 14.00 14.00 14.25 14.00 6.00 6.50 7.00 7.00 27.00 27.00 27.00 27.00 27.00 28.00 28.0C 28.00 28.0C 28.00 19.00 19.0C 19.00 18.5C 18.50 22.0C 22.0C 21.50 21.CC 20.50 23.0C 23.0C 22.001 23.0C 22.00 23.0C 22.0C 22.0C 21.0C 20.50 21.50 21.0C 21.0C 21.0C 21.00 20.00 20.0C 19.5C 19.0C 19.00 21.00 20.0C 20.0C 20.0C 20.00 15.50 15.5C 15.5C 15.5C 15.50 27.00 27.0C 27.0C 26.0Q 26.00 23.50 23.50 23.50 23.50 23.50 4.50 4.50 4.50 4.50 4.50 6.25 6.25 6.25 6.25 6.25 3.00 3.0C 3.0C 3.0C 3.00 2.95 2.95 2.95 2.95 3.50 2.95 2.95 2.95 2.95 2.95 3.85 3.85 3.85 3.85 3.85 9.50 8.50 8.50 8.50 8.50 5.00 5.00 6.00 6.00 6.00 10.00 10.00 10.00 10.00 10.00 29.50 27.50 29.50 31.00 33.00 29.50 27.75 29.00 31.00 33.00 9.75 9.50 9.25 9.50 9.75 10.00 9.875 10.125 10.50 10.75 7.35 7.325 7.50 7.625 8.00 7.50 7.50 7.65 7.75 8.15 43.00 42.50 44.25 45.50 45.75 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31.25 31.25 5.0( 6.25 5.0C 6.25 5.00, 6.25 5.0C 6.25 5.00 ’6.25 23.50 23.50 23.50 23.5C 23.50 23.50 23.50 23.50 23.50 23.50 7.75 7.50 7.50 7.75 7.625 8.00 7.75 7.75 8.00 7.875 6.375 6.375 6.25 6.35 6.35 6.50 6.50 6.40 6.50 6.50 80.00 86.00 85.50 85.50 85.50 15.25 15.25 15.00 15.00 14.75 35.0C 38.00' 27.0C 35.0C 38.001 27.76 35.00 38.00130.0C 36.50'38.00! 30.0C 37 0C 37.CC 37.0C 37.0C 37.CC 33.0C 33.00 38.00 38.00! 38.00, 30.0C 31.00'30.0G 27.0C 31.0C 34.00 30.00 28.0C 31.50 34.00 30.0C 28.0C 33.00'30.00'30.0! 29.0C 30.00130.00j 30.00j29.CC / Government price agreed on with producer. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis cts. cts. cts. cts. cts. cts. $ 7.50 7.50 7.50 6.50 10.00 10.00 10.00 10.00, 10.00 12.00 14.00 14.00 14.00 13.50 6.00 6.00 6.00 6.00 6.00 6.00 6.00 Z6.00 6.00 6.00 ' ___ 7625 6.25 1350 ___ 6.25 3.5( ___ 6.25 3.5( ___ 3.5( 3.5( 3.5( 3.5C 3.50 4.5( 4.5C 4.5C 4.CC 4.0C 1325 1435 3.25! 4.35 3.25 4.35 6.00 7.00 7.00 7.00 4.35 4.35 4.35 4.35 4.35 7.00 7.00 7.00 7.00 7.00 3.25 3.25 3.25 3.25 3.25 1 » 7.75 7.75 7.75 7.75 7.75 CROP AND OTHER PRODUCTIONS 116 WEEKLY RECORD OF IRON AND STEEL PRICES FOR 1914 AND 1915. [Compiled from quotations given each week by “The Iron Age’’ of New York.] STEEL BILLETS &c. PER GROSS TON. Jan.— 1... 7... 14... 21... 28... Feb.— 4... 11... 18... 25... Mar.— 4... 11... 18... 25... Apr.— 1... 8... 15... 22... 29... May— 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... 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.— 1—. $ $ t Og $ $ s 0 aq a CQ ■§ • 0 Ss *5 Si aq^= F 0 £s §3 £3 ■ga Pi t £5.0 S2 Besse § 15.00 13.00 13.75 10.50 14.00 14.00 14.85 13.00 14.00 10.75 14.00 14.00 14.50 12.75 14.00 10.75 14.00 14.00 14.50 12.75 13.75 10.50 13.50 14.00 14.75 12.75 13.75 10.50 13.50 14.00 *5 Qq N1 $ oq § 0 § | | § “5*. 1 N s. Cin cinn at i. a« N o. 2, South ern , 1914. s | § FINISHED IRON AND STEEL—PER POUND TO LARGB BUYERS. § 0 § | a, N o. 2, Valley Fur nac e. 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14.15 11.25 14.00 17.00 14.75 16.95 14.50 14.70 15.75 24.00 24.50 25.5C 32.00 30.00 30.00 1.25 22... 16.25 14.75 14.40 11.50 14.25 17.25 15.00 16.95 15.00 14.70 15.75 24.5C 25.00 25.50 32.00 30.00 30.00 1.25 29... 16.25 14.75 14.40 11.50 14.25 17.00 15.00 16.95 15.00 14.70, 15.75 24.50 25.00 25.50 33.00 30.00 30.00 1.25 Oct.— 6... 16.25 14.75 14.40 11.50 14.25 17.00 15.00 16.95 15.00 14.70 15.75 24.50 25.00 25.50 33.00 30.00 31.00 1.25 13... 16.25 14.75 14.40 11.50 14.25 17.00 15.00 16.95 15.00 14.70 15.75 24.50 25.0C 25.5C 34.00 30.00 31.00 1.25 20... 16.25 15.00 14.90 12.00 14.75 17.001 15.00 16.95 15.50 14.70 15.75 24.5C 25.0C 25.5C 34.50 32.00 32.00 1.25 27— 16.25 15.00 15.40 12.50 15.25 17.00 15.00 16.95 15.50 14.70 15.75 25.00 26.00 27.00 40.00 32.00 33.00 1.25 Nov.— 3... 16.75 15.00 15.90 13.00 16.50 17.00 15.50 16.95 16.50 15.20 16.75 25.00 26.00 27.00 42.00 32.00 35.00 1.25 10... 16.75 15.25 15.90 13.00 17.00 17.001 15.50 17.45 17.00 15.45 16.75 26.00 27.0C 28.0C 45.00 32.00 35.00 1.25 17... 17.25 15.75 16.40 13.50 17.50 17.50 16.00 17.70 17.50 15.95 17.25 27.00 27.00 28.00 48.00 34.00 37.00 1.25 24... 17.75 16.00 16.40 13.50 17.50 17.501 16.00 17.95 17.50 16.451 17.25 28.00 29.00 29.00 50.00 35.00 38.00 1.25 Dec.— 1... 18.25 17.00 16.90 14.00 18.00 17.75 16.50 18.95 18.00 16.95 17.75 29.00 30.00 30.00 52.00 36.00 38.00 1.25 8... 18.25 17.50 16.90 14.00 18.00 18.00 17.50 19.45 18.00 17.95 17.75 30.00 31.00 31.00 52.00 36.00 40.00 1.25 15... 19.50 18.00 16.90 14.00 18.00 18.00 17.50 19.45 18.00 17.95 19.25 30.00 31.00 31.00 52.00 36.00 40.00 1.25 22... 19.50 18.50 17.40 14.50 18.00 18.50 18.00 19.95 18.50 18.10 19.25 32.00 33.00 35.00 52.00 40.0( 40.00 1.25 29... 19.50 18.50 17.40 14.50 18.50 18.50! 18.00 20.45 18.50 18.20 19.25 32.00 33.00 35.00 55.00 1 40.00 40.00 1.25 * 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 1.60 1.60 1.75 1.75 1.75 1.35 1.35 1.35 1.35 1.35 117 CROP AND OTHER PRODUCTIONS WEEKLY RECORD OF IRON AND STEEL PRICES FOR 1914 AND 1915. [Compiled from quotations given each week by “The Iron Age” ol New York.] SHEETS, NAILS AND WIRE—PER POUND TO LARGE BUYERS. OLD MATERIAL—PER GROSS TON. o’ o’ ft a u fS o ft o K. £ 1914. • ft & ft « a o a cO-£ Jan.— 1... 7... 14... 21... 28— Feb.— 4... 11... 18 — 25— Mar.— 4... 11... 18... 25—. Apr.— 8--15—. 22... 29 — May— 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 — . 4... 11... 18... 25— Dec.— 2... 9... 16... 23-.30—- 1915. Jan.—■ 6... 13... 20. .. 27... Feb. 3... 10... 17—. 24— Mar.— 3—. IO... 17... 24... 31 — Apr.— 7__ 14... 21... 28... May— 5... 12 —, 19... 26... June— 2... 9... 16 —. 23... 30— July— 7... 14... 21..■I : ii... 18... 25— Sept.— 8... 15... 22... 29... Oct.— 6... 13... 20—. 27— Nov.— 3— 10... 17--. 24... Dec.— I... 8— 15... 22... 29— o o’ •AS ft *<5 o ^o « o §5 o ga, tq ttj a; %Tft o ti r 00 Cl o’ •S 2 ft ft O ? 55 A* 8 c o’ £ 8 If i! § o K ft ft § Ai’ u £ f • ^2 ft • ft ft Cs is u s fe-ft 0-3 ss I6* gO fccs METALS—PER POUND TO LARGE BUYERS. oo ci **«' a? “’.1 COKE, CON NELLSVILLE— PER NET TON AT OVEN. r co, fe. £} 43 o> •§8 a § £ 2 ft £> r fi r Ou o . §:£ K £ ^ft £ u 83 r r o £ o £s a ►q § 3 '53 § CQ 8 A i o £ § § 3 hq £ $5 h £ K a* r s:3 CIS. cts. cts. cts. cts. cts. 1.55 1.55 1.55 1.55 1.60 1.35 1.30 1.35 1.35 1.35 1.95 1.90 1.95 1.95 1.95 $ 2.50 2.50 2.50 2.50 2.50 cts. 1.55 1.50 1.55 1.55 1.55 $ 2.00 2.00 2.00 2.00 2.00 cts. 2.85 2.85 2.85 2.85 2.95 $ 1.85 1.85 1.85 1.85 1.85 $ 1.85 1.85 1.85 1.85 1.95 2.60 2.60 2.60 2.60 2.60 15.125 15.125 14.50 14.75 15.00 14.875 14.875 14.00 14.375 14.50 5.20 5.15 5.10 5.10 5.20 5.35 5.30 6.25 5.25 5.35 4.10 4.05 3.975 3.975 4.025 4.25 4.15 4.10 4.10 4.10 37.375 36.60 36.70 37.85 39.125 7.00 7.00 7.00 7.00 7.00 $ 3.40 3.40 3.40 3.25 3.25 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 1.60 1.60 1.60 1.65 1.40 1.40 1.40 1.40 2.00 2.00 2.00 2.00 1.85 1.85 1.85 1.85 2.00 2.00 2.00 2.00 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 6.25 5.30 5.25 6.20 5.40 5.45 5.40 5.35 4.05 4.05 3.875 3.875 4.15 4.15 4.00 4.00 40.875 41.00 39.25 38.125 7.00 7.00 7.00 7.00 3.25 3.30 3.30 3.30 13.00 13.00 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 1.60 1.65 1.65 1.65 1.65 1.40 1.40 1.40 1.40 2.00 2.00 2.00 2.00 1.85 2.00 1.9C 1.85 2.00 2.00 2.00 2.00 2.50 2.50 2.40 2.40 2.75 2.75 2.65 2.65 15.00 14.75 14.75 14.875 14.375 14.25 14.25 14.50 5.15 5.15 5.15 6.125 6.30 5.30 t6.30 5.275 3.875 3.90 3.90 3.875 4.00 4.00 4.00 4.00 37.90 38.125 38.40 38.50 7.00 6.90 6.75 6.75 3.30 3.30 3.30 3.30 11.50 11.50 11.50 11.50 11.50 13.00 13.00 13.00 13.00 13.00 10.25 10.25 10.25 10.25 10.25 1.95 1.95 1.90 1.90 1.90 2.95 2.95 2.90 2.90 2.85 1.60 1.60 1.60 1.60 1.60 1.65 1.65 1.65 1.65 1.65 1.40 1.40 1.40 1.40 1.40 2.00 2.00 2.00 2.00 2.00 1.85 1.85 1.9C 1.85 1.85 2.00 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 14.375 14.55 14.375 14.25 14.125 5.125 5.125 5.10 6.00 4.85 6.275 5.275 5.25 5.15 5.00 3.70 3.675 3.675 3.70 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 10.00 9.75 9.50 9.50 11.50 11.50 11.50 11.50 12.50 12.50 12.00 12.00 10.25 10.00 10.00 10.00 1.85 1.85 1.85 1.85 2.85 2.80 2.80 2.75 1.60 1.55 1.55 1.55 1.65 1.60 1.60 1.60 1.4C 1.35 1.35 1.35 2.00 1.95 1.95 1.95 1.85 1.75 1.75 1.75 2.00 2.00 1.90 1.90 2.40 2.40 2.40 2.40 2.50 2.50 2.50 2.50 14.50 14.375 14.375 14.375 14.20 14.125 14.125. 14.125 4.85 5.00 5.00 4.95 6.00 5.15 5.15 6.10 3.80 3.80 3.80 3.80 3.90 3.90 3.90 3.90 33.10 33.70 33.00 33.25 6.75 6.85 6.85 6.80 3.30 3.30 3.30 3.30 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 9.75 9.75 9.75 9.75 1.85 1.80 1.80 1.80 2.75 2.75 2.75 2.75 1.50 1.50 1.50 1.50 1.55 1.55 1.55 1.55 1.30 1.30 1.3C 1.30 1.90 1.90 1.90 1.90 1.75 1.75 1.75 1.75 1.90 1.85 1.85 1.85 2.40 2.30 2.30 2.30 2.50 2.50 2.50 2.50 14.25 14.125 14.125 14.125 14.00 13.875 13.875 13.75 4.95 4.95 4.95 4.90 5.10 5.10 5.10 5.05 3.80 3.80 3.80 3.80 3.90 3.90 3.90 3.90 30.45 30.65 30.05 30.75 6.875 6.875 6.875 6.75 3.30 3.30 3.30 3.30 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 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 1.50 1.50 1.50 1.55 1.55 1.55 1.55 1.55 1.55 1.55 1.30 1.30 1.3a 1.35 1.35 1.90 1.90 1.90 1.95 1.95 1.75 1.75 1.75 1.75 1.75 1.85 1.85 1.90i 1.85 1.85 2.30 2.30 2.25 2.25 2.25 2.50 2.40 2.35 2.35 2.35 13.875 14.00 13.875 13.75 13.375 13.40 13.75 13.625 13.50 13.00 4.90 4.85 4.85 4.85 4.95 6.05 5.00 6.00 5.00 5.10 3.775 3.75 3.75 3.75 3.75 3.90 3.90 3.90 3.90 3.90 30.45 32.00 31.50 31.60 30.875 6.75 6.75 6.75 6.75 6.75 3.30 3.30 3.30 3.25 3.25 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 9.50 9.50 9.50 9.50 1.80 1.85 1.90 1.90 2.75 2.85 2.90 2.90 1.55 1.55 1.55 1.60 1.55 1.55 1.60 1.60 1.35 1.35 1.35 1.40 1.95 1.95 1.95 2.00 1.70 1.7C 1.7C 1.70 1.85 1.75 1.75 1.75 2.25 2.25 2.25 2.25 2.35 2.35 2.35 2.35 12.875 12.875 12.75 13.00 12.50 12.50 12.25 12.375 4.85 5.35 5.60 5.90 6.00 5.50 5.75 6.05 3.725 3.675 3.70 3.725 3.90 3.85 3.875 3.875 57.00 64.25 49.00 39.00 8.00 20.00 16.00 16.00 3.25 3.40 3.50 3.50 11.25 11.25 11.00 10.75 10.75 11.50 11.50 11.00 11.00 11.00 11.25 11.25 11.25 11.00 11.00 10.50 10.75 10.50 10.50 9.50 9.50 9.00 9.00 8.50 11.50 11.50 11.50 11.50 11.50 12.00 12.00 12.00 12.00 12.00 9.50 9.25 9.00 9.00 9.00 1.95 1.95 1.95 1.95 1.95 2.95 2.95 2.95 2.95 2.95 1.60 1.60 1.60 1.60 1.60 1.60 1.60 1.60 1.60 1.60 1.40 1.40 1.4C 1.40 1.40 2.00 2.00 2.00 2.00 2.00 1.70 1.65 1.65 1.6C 1.60 1.75 1.75 1.75 1.75 1.75 2.20 2.1C 2.1C 2.00 2.00 2.35 2.25 2.25 2.15 2.15 13.00 13.00 12.75 12.50 12.25 12.375 12.25 12.125 11.875 11.75 5.90 5.65 5.30 5.20 6.00 6.05 5.80 5.45 5.35 6.15 3.725 3.725 3.70 3.675 3.575 3.875 3.875 3.875 3.85 3.75 38.00 33.75 31.35 31.60 30.875 14.00 12.50 11.00 10.00 10.00 3.60 3.40 3.40 3.30 3.30 14.00 14.00 13.00 13.00 10.75 10.75 10.50 10.50 10.50 10.50 9.50 9.50 11.00 11.00 10.75 10.50 10.25 10.00 9.50 9.50 8.50 8.50 8.5C 8.50 11.50 11.50 11.50 11.50 11.50 11.50 11.00 11.00 9.00 9.00 9.00 9.00 1.95 1.95 1.95 1.90 2.95 2.95 2.95 2.90 1.60 1.60 1.60 1.60 1.60 1.60 1.60 1.60 1.40 1.40 1.40 1.40 2.00 2.00 2.00 2.00 1.60 1.6C 1.6C 1.60 1.75 1.75 1.75 1.75 2.00 2.00 2.00 2.00 2.15 2.15 2.15 2.15 12.00 12.00 11.50 11.50 11.625 11.375 11.25 11.25 4.80 4.65 4.85 4.95 4.95 4.80 5.00 6.10 3.375 3.35 3.35 3.375 3.50 3.50 3.50 3.50 30.875 29.75 29.00 30.75 12.00 12.00 13.00 15.00 3.30 3.25 3.25 3.15 11.00 13.00 13.00 13.00 13.00 10.50 9.75 9.50 9.50 9.50 9.50 9.50 9.50 10.00 10.00 10.00 10.00 9.50 9.25 9.25 9.25 8.50 8.00 7.75 8.00 10.50 10.50 10.50 10.50 11.00 11.00 11.00 11.00 8.75 8.50 8.50 8.50 1.90 1.90 1.85 1.85 2.90 2.90 2.85 2.85 1.60 1.60 1.60 1.55 1.60 1.6C 1.6C 1.60 1.40 1.40 1.40 1.35 2.00 2.00 2.00 1.95 1.60 1.5C 1.50 1.50 1.75 1.75 1.75 1.75 2.00 1.90 1.90 1.90 2.15 2.15 2.15 2.15 11.50 11.50 12.00 12.625 11.25 11.25 11.875 12.50 4.90 4.80 4.95 5.15 6.05 4.95 5.10 6.30 3.375 3.40 3.675 3.775 3.50 3.50 3.70 3.90 31.80 34.25 32.50 33.875 15.00 15.50 15.00 15.00 3.15 3.15 3.15 3.15 11.00 11.00 11.00 11.00 11.25 13.00 13.00 13.00 13.00 13.00 9.50 9.50 9.50 9.75 9.75 9.50 10.0C 10.00 10.25 10.50 10.00 10.5C 10.75 11.00 11.25 9.25 9.25 9.50 9.50 9.50 8.25 8.25 8.25 8.5C 8.75 10.50 10.50 10.50 11.25 11.25 11.00 11.00 11.50 11.50 11.75 8.50 9.00 9.00 9.25 9.25 1.85 1.85 1.80 1.80 1.80 2.85 2.8C 2.75 2.75 2.75 1.55 1.5C 1.5C 1.5C 1.50 1.60 1.55 1.55 1.55 1.50 1.35 1.3C 1.3C 1.3C 1.30 1.95 1.90 1.90 1.90 1.90 1.50 1.5C 1.5C 1.5C 1.50 1.75 1.75 1.75 1.75 1.75 1.90 1.90 1.9C 1.90 1.90 2.15 2.15 2.15 2.15 2.15 13.00 13.00 13.625 13.50 13.50 12.75 12.75 13.375 13.25 13.00 5.20 5.50 5.65 5.50 5.40 5.35 5.65 6.80 6.65 5.55 3.675 3.675 3.675 3.65 3.625 3.80 3.80 3.80 3.80 3.80 33.15 32.50 34.75 33.30 33.25 15.00 15.00 14.00 13.50 14.00 3.15 3.20 3.10 3.10 3.10 11.25 11.25 11.50 11.50 13.00 13.00 13.00 13.00 9.75 10.00 10.00 10.00 11.00 ll.OC ll.OC 11.00 11.50 11.75 11.75 11.50 10.00 10.00 10.0C 10.00 9.00 9.0C 9.5C 9.25 11.25 11.25 11.25 11.25 12.00 12.00 12.00 12.00 9.25 9.25 9.25 9.00 1.80 1.80 1.80 1.80 2.75 2.75 2.75 2.90 1.50 1.55 1.55 1.55 1.50 1.5C 1.50 1.50 1.30 1.35 1.35 1.35 1.90 1.95 1.95 1.95 1.50 1.5C 1.5C 1.50 1.75 1.75 1.65 1.65 2.00 2.00 2.0C 2.00 2.15 2.15 2.15 2.15 13.50 13.75 14.00 14.625 13.00 13.625 13.875 14.375 5.60 5.90 6.10 7.30 6.75 6.05 6.25 7.50 3.60 3.50 3.50 3.525 3.80 3.70 3.70 3.70 33.25 33.35 33.85 35.50 14.00 15.00 17.00 17.00 3.10 3.10 3.10 3.10 11.50 11.50 11.75 11.75 13.00 13.00 13.00 13.00 10.00 10.00 10.00 10.00 10.50 10.50 10.50 11.00 11.50 11.50 11.75 11.75 10.00 10.00 10.00 10.00 9.25 9.5C 9.75 9.75 11.25 11.25 11.25 11.25 12.00 12.00 12.00 12.00 9.00 9.00 9.00 9.00 1.80 1.80 1.8C 1.80 3.00 3.0C 3.25 3.40 1.55 1.55 1.6C 1.60 1.50 1.5C 1.55 1.55 1.35 1.35 1.4C 1.40 1.95 1.95 2.00 2.00 1.50 1.50 1.5C 1.50 1.65 1.65 1.65 1.65 2.00 2.00 2.0C 2.00 2.15 2.15 2.15 2.15 15.00 15.25 15.25 15.25 14.75 14.75 14.625 14.625 7.85 8.00 8.75 9.35 8.00 8.25 9.00 9.50 3.625 3.675 3.725 3.775 3.80 3.80 3.85 3.85 37.80 36.00 36.125 38.60 17.00 18.50 18.50 19.00 3.10 3.10 3.10 3.10 12.00 12.00 12.00 12.00 12.00 13.00 13.00 13.00 13.00 13.00 10.00 10.00 10.00 9.75 9.75 11.00 11.00 11.00 11.00 11.00 12.00 12.00 12.00 12.00 12.00 10.50 10.50 10.50 11.00 11.00 9.75 9.75 9.75 9.25 9.25 11.25 11.25 11.25 12.0C 12.00 12.00 12.00 12.00 12.0C 12.00 9.00 9.00 9.00 9.00 9.00 1.80 1.8C 1.8C 1.8C 1.80 3.40 3.4C 3.40 3.4C 3.40 1.60 1.6C 1.60 1.60 1.60 1.55 1.55 1.55 1.55 1.55 1.40 1.4C 1.4C 1.4C 1.40 2.10 2.1C 2.10 2.1C 2.10 1.50 l.bt 1.5C 1.5C 1.50 1.65 1.6b 1.65 1.65 1.65 2.00 2.0C 2.00 2.0C 2.00 2.15 2.15 2.15 2.15 2.15 15.25 15.25 15.25 16.00 17.00 14.625 10.35 10.50 14.75 11.00 11.25 14.75 9.625 9.125 15.375 9.50 9.35 15.625 9.50 9.25 3.85 3.875 4.00 4.05 4.125 3.90 3.95 4.10 4.10 4.15 40.75 47.00 52.50 50.50 52.00 22.00 25.00 27.00 27.00 29.00 3.10 3.20 3.35 3.35 3.35 12.00 11.75 11.75 11.75 13.00 13.00 14.0C 14.00 9.75 9.75 9.75 9.75 11.00 11.00 ll.OC 11.00 12.00 11.75 11.75 11.75 11.00 11.00 ll.OC 11.00 9.00 9.00 9.25 9.25 12.00 12.00 12.0C 12.00 12.00 12.00 12.00 12.00 9.00 9.00 9.00 9.00 1.80 1.80 1.8C 1.80 3.30 3.25 3.25 3.25 1.60 1.55 1.55 1.55 1.55 1.55 1.55 1.55 1.40 1.40 1.35 1.35 2.10 2.10 2.1C 2.10 1.50 1.50 1.5C 1.50 1.65 1.65 1.6b 1.65 2.00 2.00 2.00 2.00 2.15 2.15 2.15 2.15 17.25 17.75 20.50 21.00 15.875 9.376 9.625 16.375 9.875 9.75 17.375 11.35 11.50 18.625 13.75 14.00 4.125 4.125 4.10 4.10 4.20 4.20 4.20 4.20 47.25 57.00 46.50 42.00 32.00 32.00 32.00 32.00 3.25 3.25 3.25 3.25 11.75 11.75 11.75 12.25 14.5C 15.00 15.0C 15.0C 9.75 9.75 9.75 9.75 ll.OC 11.5C 11.5C 11.5C 11.75 11.75 11.75 11.75 ll.OC 11.SC 11.5C ll.OC 9.25 9.25 9.5C 9.5C 12.00 12.0C 12.0C 12.0C 11.75 12.25 12.25 12.25 9.00 9.00 9.00 9.00 1.8C 1.8C 1.8C 1.75 3.4C 3.4C 3.6C 3.75 1.55 1.55 1.55 1.55 1.55 1.55 1.55 1.55 1.35 1.35 1.35 1.35 2.1C 2.1C 2.1C 2.1C 1.5C 1.5C 1.5C 1.6C 1.65 1.65 1.6b 1.65 2.00 2.00 2.00 2.00 2.15 2.15 2.15 2.15 21.00 21.00 21.00 21.00 18.625 18.75 18.75 18.50 14.00 14.00 15.25 18.75 14.25 14.25 15.50 19.00 4.075 4.10 4.125 4.225 4.20 4.20 4.20 4.30 39.00 35.00 40.00 40.00 38.25 37.875 •>4 3.15 3.15 3.15 3.15 12.25 12.25 12.25 12.25 12.25 15.0C 15.0C 15.00 15.00 15.00 10.0C 10.0C 10.25 10.50 10.75 11.5C 11.5C 11.5C 11.5C 11.5C 11.75 11.75 11.75 11.75 11.75 ll.OC ll.OC ll.OC 11.25 11.25 9.5C 9.5C 9.25 9.5C 9.75 12.0C 12.0C 12.25 12.25 12.25 12.25 12.25 12.25 12.25 12.25 9.00 9.00 9.00 9.00 9.00 1.75 1.75 1.75 1.75 1.75 4.25 4.5C 5.0C 5.00 4.5C 1.55 1.55 1.55 1.55 1.55 1.55 1.65 1.55 1.55 1.55 1.35 1.35 1.35 1.35 1.35 2.2C 2.4C 2.4C 2.40 2.40 1.5C 1.5C 1.61 1.60 1.6C 1.65 1.6b 1.75 1.75 1.75 2.00 2.0C 2.0C 2.00 2.0C 2.15 2.25 2.25 2.25 2.25 21.00 22.50 22.50 22.50 22.50 18.75 19.625 20.375 20.00 20.00 22.00 26.00 21.50 17.50 21.00 22.50 26.50 22.00 18.00 21.50 4.825 5.875 7.00 6.35 5.60 4.90 6.00 7.00 5.75 5.75 37.75 40.00 42.25 41.25 40.00 3.15 3.10 3.10 3.10 3.10 12.25 15.00 11.50 8 $ $ 13.00 13.00 13.00 13.00 13.00 $ 15.50 15.50 15.50 15.50 16.00 $ 11.50 11.50 11.50 11.75 12.C0 $ 12.00 12.00 12.00 12.50 12.50 $ 10.50 10.50 11.00 11.00 11.50 10.00 10.00 10.00 11.00 11.00 $ 9.00 9.00 9.25 9.50 9.75 $ 10.75 10.75 10.75 10.75 10.75 12.00 12.00 12.00 12.00 12.00 $ 10.00 10.00 10.25 10.25 10.50 13.00 13.00 13.25 13.25 16.50 16.50 16.50 16.50 12.25 12.75 12.50 12.25 12.50 12.50 12.75 12.75 12.25 12.75 12.75 12.75 11.00 11.00 11.00 11.00 10.25 11.00 10.50 10.25 11.25 12.00 12.00 12.00 12.50 13.00 13.00 13.00 13.00 12.75 12.75 12.75 16.50 16.50 16.50 16.50 12.25 11.75 11.75 11.75 12.75 12.75 12.25 12.25 12.25 12.25 12.25 12.00 11.50 11.50 11.25 11.00 10.00 9.75 9.75 9.75 11.75 11.50 11.50 11.50 12.75 12.75 12.75 12.75 12.75 16.50 15.50 15.50 15.50 15.50 11.75 11.50 11.50 11.50 11.50 12.00 12.00 12.00 12.00 12.00 12.00 12.00 11.50 11.50 11.50 11.00 11.00 11.00 11.00 10.75 9.75 9.50 9.50 10.00 10.25 12.75 12.75 12.75 12.75 15.50 15.50 15.00 15.00 11.50 11.50 11.50 11.50 11.75 11.75 11.75 11.75 11.50 11.50 11.50 11.50 10.50 10.50 10.75 10.75 12.75 12.75 12.75 12.75 15.00 15.00 15.00 15.00 11.50 11.50 11.50 11.50 11.25 11.25 11.25 11.00 11.50 11.50 11.50 11.50 12.25 12.25 12.25 12.00 12.00 15.00 15.00 15.00 14.00 14.00 11.25 11.25 11.25 11.25 11.25 11.00 11.00 11.00 11.00 11.00 12.00 12.00 12.00 12.00 14.00 14.00 14.00 14.00 11.25 11.25 11.25 11.25 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 11.00 11.00 11.00 11.00 11.00 cts. cts. cts. cts. cts. cts. § • 12.25 15.00 12.25 12.25 15.50 15.50 11.00 11.00 11.25 11.50 12.00 12.50 12.5C 12.50 11.75 11.75 12.75 13.00 12.25 12.50 10.25 10.25 10.5C 11.25 12.25 12.25 12.25 12.25 12.25 12.25 12.50 12.50 9.25 9.25 9.25 9.50 1.75 1.75 1.75 1.75 4.50 4.5C 4.50 4.00 1.60 1.60 1.60 1.60 1.55 1.55 1.55 1.55 1.40 1.40 1.40 1.40 2.50 2.5C 2.4C 2.50 1.75 1.60 1.60 1.60 1.75 1.75 1.75 1.76 2.00 2.0C 2.0C 2.00 2.25 2.25 2.25 2.25 22.50 22.00 22.00 22.00 19.75 19.50 19.00 18.50 21.50 21.75 20.00 18.00 22.00 22.00 20.25 18.25 5.625 5.75 5.50 5.65 5.50 5.55 5.45 5.50 39.25 38.125 36.625 36.00 36.75 36.00 35.50 35.50 3.10 3.10 3.10 3.10 12.25 12.25 12.25 12.25 15.50 15.50 16.00 17.00 11.50 11.5C 11.75 11.75 12.75 13.0C 13.5C 13.50 13.25 14.0C 14.0C 14.00 13.00 13.5C 14.0C 14.00 11.25 11.5C 11.75 11.75 12.00 12.5C 13.00 13.00 12.50 13.00 13.50 13.50 9.50 9.50 9.50 10.00 1.80 1.85 1.85 1.90 4.00 3.85 3.6C 3.40 1.60 1.6C 1.60 1.65 1.55 1.6C 1.6C 1.60 1.40 1.40 1.40 1.50 2.50 2.5C 2.5C 2.40 1.50 1.50 1.5C 1.50 1.75 1.75 1.75 1.75 2.00 2.0C 2.0C 2.00 2.25 2.25 2.25 2.25 21.00 20.00 19.00 19.00 18.25 17.75 16.75 16.00 17.25 14.00 11.50 12.25 17.60 14.25 11.75 12.60 4.90 4.40 4.35 4.35 6.00 4.50 4.50 4.50 35.50 34.625 34.50 33.75 34.50 33.50 33.50 28.50 3.10 3.10 3.10 3.10 12.25 13.5C 13.50 13.5C 13.50 18.00 18.5C 18.5C 18.5C 18.50 11.75 11.75 11.75 11.75 12.00 13.50 14.0C 14.0C 14.0C 14.00 14.00 14.5C 14.5C 14.25 14.25 14.25 15.0C 15.0C 15.0C 15.00 11.75 11.75 11.75 11.75 11.75 13.00 13.0C 13.0C 13.0C 13.00 14.00 14.00 14.00 14.0C 14.00 10.00 10.00 10.00 10.00 10.50 1.90 1.9C 1.9C 1.9C 1.90 3.60 3.6C 3.6C 3.5C 3.50 1.65 1.65 1.65 1.75 1.75 1.60 1.6C 1.6C 1.6C 1.60 1.50 1.5C 1.5C 1.6C 1.60 2.50 2.5C 2.5C 2.6C 2.60 1.50 l.bt 1.60 1.6C 1.70 1.75 1.76 2.00 2.0C 2.25 2.00 2.0C 2.15 2.15 2.15 2.25 2.25 2.40 2.40 2.40 18.00 18.00 18.00 17.875 18.00 17.75 17.50 17.75 17.75 16.00 14.25 13.75 13.00 14.25 16.25 4.75 4.75 4.35 4.325 4.425 4.90 4.90 4.50 4.50 4.60 33.50 33.25 33.375 33.00 33.25 28.00 28.00 27.50 27.50 28.00 3.16 3.15 3.15 3.15 3.15 13.50 13.50 13.50 13.50 18.50 18.5C 17.5C 17.50 12.00 12.0C 12.0C 12.00 14.00 14.0C 13.5C 13.50 14.00 14.0C 14.5C 15.00 15.00 15.0C 14.5C 14.50 11.75 11.75 11.75 11.75 13.00 13.0C 12.75 13.50 14.00 14.0C 14.0C 14.00 10.50 10.50 10.50 10.50 2.00 2.0C 2.0C 2.10 3.50 3.5C 3.5C 3.50 1.75 1.75 1.85 1.85 1.70 1.7C 1.7C 1.80 1.60 1.6C 1.7C 1.70 2.60 2.6C 2.7C 2.70 1.75 1.85 2.0C 2.50 2.25 2.25 2.25 2.35 2.15 2.25 2.25 2.75 2.50 2.50 2.60 2.60 18.00 18.00 17.75 17.875 18.00 14.00 18.00 13.00 17.75 13.25 17.875 14.00 14.25 13.25 13.50 14.25 4.425 4.425 4.425 4.625 4.50 4.60 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 14.25 14.50 15.00 16.00 17.50 17.5C 17.5C 17.50 12.50 13.0C 13.25 14.50 13.50 14.0C 14.0C 14.00 15.00 15.5C 16.0C 17.00 14.50 14.5C 14.5C 14.75 12.50 12.75 13.5C 15.00 13.50 13.50 14.0C 14.00 14.00 14.00 14.50 14.50 11.75 11.75 12.00 13.00 2.15 2.2C 2.25 2.40 3.60 3.7C 4.0C 4.25 1.85 1.85 1.9C 1.90 1.80 1.8C 1.8C 1.85 1.70 1.7C 1.75 1.75 2.70 2.7C 2.75 2.75 2.25 2.5C 2.25 2.10 2.35 2.5C 2.5C 2.35 2.75 3.0C 3.0C 2.75 2.60 2.75 3.00 3.00 17.875 18.25 19.00 19.875 17.875 15.00 16.00 17.375 19.00 4.80 5.05 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 16.00 16.00 16.00 16.0C 16.00 17.50 19.0C 19.00 19.5C 19.50 14.50 14.5C 14.5C 14.5C 14.75 14.50 15.0C 15.5C 16.0C 16.00 17.25 17.5C 17.5C 17.5C 17.50 15.00 15.5C 15.75 16.0C 16.00 15.00 15.0C 15.75 15.75 16.00 14.50 15.25 15.25 15.25 15.25 15.00 15.0C 15.75 16.75 16.75 13.75 13.75 13.75 13.75 13.75 2.50 2.5C 2.5C 2.5C 2.50 4.75 4.75 4.75 4.75 4.75 2.00 2.0C 2.0C 2.1C 2.10 1.85 1.9C 1.9C 1.9C 1.90 1.85 1.85 1.85 1.95 1.95 2.85 2.85 2.85 2.95 2.95 2.10 2.1C 2.75 3.25 3.00 2.40 2.4C 2.4C 2.4C 2.40 2.75 2.75 2.75 3.25 3.25 3.00 3.00 3.00 3.00 3.00 20.00 19.875 19.75 20.25 22.25 19.875 19.625 19.50 20.25 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 12.00 18.00 14.75 18.125 15.75 18.875 17.125 19.875 18.75 22.25 18.00 14.75 16.50 17.25 17.25 14.50 14.00 13.25 14.50 CROP AND OTHER PRODUCTIONS 118 DAILY PRICES OF COPPER, TIN, LEAD AND SPELTER—1918. (Compiled from quotations given each week by “The Iron Age" of New York.] ICercZs per Pound for Early Delivery.] 1918 Copper N. Y. Tin. Lead. Elec New New St. Lake. trolytic York. York. Louis Spelter. New St. York. Louis Copper' N.Y. H. 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50. 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. H. 23.50 23.50 23.50 H. 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. H. 23.50 23.50 23.50 H. 80.00 85.00* 85.66* 85.00* S. 85.00* 85.00* 85.00* 85.00* 85.00* 85.00* S. 85.00* 85.00* 86.00* 86.00* 86.00* 86.00* 8. 86.00* 86.00* 86.00* 86.00* 85.00* 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......... 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 85.00* 85.00* 85.00* 85.00* 85.00* 85.00* S. 85.00* 87.00* 87.00* 87.00* 87.00* 87.00* 8. 87.00* 87.00* 88.00* 88.00* 88.00* 88.00* s. 88.00* 88.00* 95.00* 95.00* 95.00* 95.00* 8. 95.00* 95.00* 1____ 2___ 3____ 4____ 5____ 6____ 7____ 8____ 9____ 10____ 11____ 12_____ 13____ 14____ 15......... 16____ 17____ 18____ 19____ 20____ 21____ 22____ 33____ 24____ 25____ 26___ 27____ 28 ___ 29___ 30____ 31......... 23.50 23.50 26.00 H. 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 s. 26.00 26.00 26.00 23.50 23.50 26.00 H. 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 s. 26.00 26.00 26.00 92.00* 92.00* 92.00* H. 92.00* 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____ 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 82.00* 82.00* 82.00* 82.00* S. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 S. 81.00* 81.00* 78.00* 77.00* 77.00* H. 6.50 6.50 6.70 6.70 S. 6.70 6.70 6.70 6.70 6.75 6.85 S. 7.00 7.00 7.00 7.00 7.00 7.00 8. 7.00 7.00 7.00 7.00 7.00 7.00 8. s. H. H. 85.00* 7.00 85.00* 7.00 85.00* 7.00 H. 6.35 6.35 6.55 6.55 S. 6.55 6.55 6.55 6.55 6.60 6.70 S. 6.85 6.85 6.85 6.85 6.85 6.85 S. 6.85 6.85 6.85 6.85 6.85 6.85 8. H. 6.85 6.85 6.85 H. 7.875 7.875 7.875 7.875 S. 7.875 7.875 7.875 7.875 7.875 7.875 8. 7.875 8.00 7.875 7.875 7.875 7.875 8. 7.875 7.875 7.875 7.875 7.875 7.875 S. H. 7.875 7.875 7.875 H. 7.625 7.625 7.625 7.625 8 7.625 7.625 7.625 7.625 7.625 7.625 8. 7.625 7.75 7.625 7.625 7.625 7.625 8 7.625 7.625 7.625 7.625 7.625 7.62K S. H. 7.625 7.625 7.625 23.50 23.50 8. H. 23.50 23.50 23.50 23.50 23.50 S. H. H. 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 H. 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. H. 23.50 23.50 23.50 23.50 23.50 S. H. H. 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 H. 23.50 S. 23.50 23.50 23.50 23.50 85.00* 85.00* 8. H. 85.00* 85.00* 85.00* 85.00* 85.00* S. H. H. 85.00* 85.00* 85.00* 85.00* S. 85.00* 85.00* 85.00* 85.00* H. 85.00* S. 85.00* 85.00* 85.00* 85.00* 7.00 6.95 6.95 6.90 6.90 6.90 S. 6.90 6.90 6.90 6.80 6.80 6.80 s. 6.80 6.80 6.75 6.75 6.75 6.75 s. 6.75 6.75 6.625 6.625 6.625 6.625 8. 6.625 6.625 7.25 7.25 7.25 7.25 7.125 7.125 8. 7.00 7.00 7.00 7.00 7.00 7.00 8. 7.00 7.00 7.00 7.00 6.875 6.875 8. 6.875 6.875 6.875 6.875 6.875 6.875 8. 7.00 7.00 7.00 7.00 7.00 7.00 6.875 6.875 8. 6.75 6.75 6.75 6.75 6.75 6.75 8. 6.75 6.75 6.75 6.75 6.625 6.625 S. 6.625 6.625 6.625 6.625 6.625 6.625 8. 6.75 6.75 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 H. 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 H. 23.50 97.00* 6.75 98.00* 6.65 99.00* 6.625 6.625 S. 8. SI.00* 6.625 SI.00* 6.625 SI .00* 6.70 si.oo* 6.75 SI .00* 6.80 si.oo* 6.85 8. 8. SI.00* 6.90 SI .00* 6.90 SI.01* 6.90 SI .02* 6.90 SI.03* 6.95 SI .03* 6.95 S. 8. SI .03* 7.00 SI .03* 7.05 $1.02* 7.05 SI.01* 7.05 SI .01* 7.05 SI .00* 7.05 S. 8. SI .00* 7.05 Si .00* 7.05 99.00* 7.05 H. H. 95.00* 7.05 7.75 7.75 7.75 H. 7.75 7.75 S. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 8.875 8.875 8.875 H. 8.875 8.875 8. 8.875 8.875 8.875 8.875 8.75 8.75 8. 8.75 8.75 8.75 8.75 8.75 8.625 S. 8.625 8.625 8.625 8.50 8.50 8.375 8. 8.375 8.25 8.25 8.625 8.625 8.625 H. 8.625 8.625 8 8.625 8.625 8.625 8.625 8.50 8.50 8. 8.50 8.50 8.50 8.50 8.50 8.375 8. 8.375 8.375 8.375 8.25 8.25 8.125 8. 8.125 8.00 8.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 94.00* 94.00* 94.00* S. 94.00* 94.00* 94.00* 94.00* 94.00* 94.00* 8. 94.00* 94.00* 93.00* 92.00* 92.00* s. 92.00* 92.00* 94.00* 94.00* 94.00* 8. 94.00* 94.00* 94.00* 94.00* 94.00* 8. 94.00* 94.00* 94.00* 94.00* 94.00* 8. 94.00* 94.00* 94.00* oc * Nominal. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis S. 82.00"* 82.00* 81.00* 81.00* 81.00* S. 77.00* 77.00* 76.00* 76.00* 76.00* S. 76.00* 76.00* 75.00* 75.00* Copper, N.Y. Tin. 26.00 26.00 8. 26.00 H. 26.00 26.00 26.00 26.00 8. 26.00 26.00 S. 26.00 H. 26.00 26.00 26.00 26.00 S. 75.00* 8.05 8.05 8. S. 75.00* 8.05 H. H. 75.00* 8.05 75.00* 8.05 75.00* 8.05 8.05 8. 8. 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 H. 26.00 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 H. 26.00 26.00 75.00* 8.05 75.00* 8.05 75.00 8.05 75.00 8.05 8.05 S. 8. 75.00 8.05 75.00 8.05 74.00 8.05 73.00 8.05 72.00 8.05 8.05 8. S. 71.00 8.05 8.05 71.00 70.00 8.05 H. H. 70.00 8.05 8.05 7.00 7.00 8. H. 7.00 7.00 7.00 7.00 7.00 8. H. H. 7.00 7.00 7.00 7.00 8. 7.00 7.00 7.00 7.00 H. 7.00 8. 7.00 7.25 7.25 7.25 8. 92.00* 92.00* 91.00* 90.00* 89.00* 8. 88.00* 88.00* 85.00* 83.00* 83.00* ... 8.05 8.05 8.05 8. 8.05 8.05 8.05 8.05 8.05 8.05 8. 8.05 8.05 8.05 8.05 8.05 8.05 8. 8.05 8.05 8.05 8.05 8.05 8.05 8. 8.05 8.05 8.05 8.05 8.05 8.05 8.05 8.05 8.05 8.05 8.05 8. 8.50 8.05 8.05 8.05 8.05 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 9.40 9.40 9.35 8.25 9.20 8. 9.20 9.20 9.10 9.05 9.00 9.05 9.05 9.00 8.90 8.85 8. 8.85 8.85 8.75 8.70 8.65 S. 8.05 8.05 8.05 8.05 8.05 8.05 S. 8.05 8.05 8.05 8.05 8.05 8.05 8. 8.05 8.05 8.05 8.05 8. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 S. 7.75 7.75 7.75 7.75 S'." 9.00 8.95 9.00 9.00 9.05 9.05 S. 9.15 9.20 9.15 9.10 9.05 9.00 S. 9.00 8.95 8.95 8.95 S'." 8.65 8.60 8.65 8.65 8.70 8.70 8. 8.80 8.85 8.80 8.75 8.70 8.65 8. 8.65 8.60 8.60 8.60 Spelter. M ARC H 85.00* 85.00* 8. 85.00* 85.00* 85.00* 85.00* 85.00* 85.00* 8. 85.00* 85.00* 85.00* 85.00* 85.00* 85.00* S. 85.00* 85.00* 85.00* 85.00* 85.00* 85.00* S. 85.00* 85.00* 85.00* 85.00* 85.00* 85.00* 8. 6.85 6.85 8. H. 6.85 6.85 6.85 6.85 6.85 8. H. H. 6.85 6.85 6.85 6.85 8. 6.85 6.85 6.85 6.85 H. 6.85 8. 6.85 7.10 7.10 7.10 8.00 8.00 8. H. 8.00 8.00 8.00 8.00 8.00 8. H. H. 8.00 8.00 8.00 8.00 S. 8.00 8.00 8.00 8.00 H. 8.00 S. 8.00 8.00 7.875 7.875 7.75 7.75 S. H. 7.75 7.75 7.75 7.75 7.75 S. H. H. 7.75 7.75 7.75 7.75 S. 7.75 7.75 7.75 7.75 H. 7.75 8. 7.75 7.75 7.625 7.625 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 ,S 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 6.55 6.45 6.425 6.425 S. 6.425 6.425 6.50 6.55 6.60 6.65 8. 6.70 6.70 6.75 6.75 6.80 6.80 S. 6.85 6.85 6.85 6.85 6.85 6.85 S. 6.85 6.85 6.925 H. 6.925 7.00 7.00 7.00 7.00 8. 7.125 7.125 7.125 7.125 7.25 7.25 S. 7.375 7.375 7.375 7.375 7.375 7.50 S. 7.50 7.50 7.50 7.50 7.50 7.50 S. 7.50 7.50 7.50 H. 7.50 6.75 6.75 6.75 6.75 S. 6.75 6.75 6.875 6.875 7.00 7.00 S. 7.125 7.125 7.125 7.125 7.125 7.25 S. 7.25 7.25 7.25 7.25 7.25 7.25 S. 7.25 7.25 7.25 H. 7.25 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 8.40 8.40 8.40 S. 8.50 8.50 8.575 8.575 8.70 8.70 8. 8.80 8.80 8.80 8.80 8.875 8.875 8. 9.00 9.125 9.125 9.25 9.375 9.375 8. 9.50 9.50 9.50 9.50 9.50 9.50 8.05 8.05 8.05 S. 8.10 8.10 8.25 8.275 8.45 8.45 S. 8.50 8.50 8.50 8.50 8.625 8.625 8. 8.75 8.875 8.875 9.00 9.125 9.125 S. 9.25 9.25 9.25 9.25 9.25 9.25 S. H. 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 8. H. 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 8. H. 83.00* 83.00* 83.00* 83.00* 7.75 7.75 8. 7.75 H. 7.75 7.75 7.75 7.75 S. 9.00 9.00 S. 8.95 H. 8.95 8.90 8.85 8.85 8. 8.65 8.65 S. 8.60 H. 8.60 8.55 8.50 8.50 S. 8.75 8.70 8.65 8.60 8.55 8. 8.50 8.50 8.50 8.50 8.55 8.60 8. 8.65 8.65 8.65 H. 8.65 8.65 8.40 8.35 8.30 8.25 8.20 S. 8.15 8.15 8.15 8.15 8.20 8.25 8. 8.25 8.30 8.30 H. 8.30 8.30 8. 26.00 26.00 26.00 26.00 26.00 26.00 s 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 H. 23.00 23.00 23.00 S. 23.00 23.00 8. 70.00 70.00 70.50 71.00 71.50 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 H. 7.75 7.75 S. 26.00 26.00 26.00 26.00 26.00 26.00 8. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 26.00 26.00 26.00 26.00 S. 26.00 26.00 H. 23.00 23.00 23.00 S. 23.00 23.00 7.25 7.25 8. 7.25 7.25 7.25 7.25 7.25 7.25 8. 7.25 7.25 7.25 7.25 7.25 7.25 S. 7.25 -7.25 7.25 7.25 7.25 7.25 8. 7.25 7.20 7.20 7.20 7.20 7.20 8. 7.10 7.10 S. 7.10 7.10 7.10 7.10 7.10 7.10 S. 7.10 7.10 7.10 7.10 7.10 7.10 S. 7.10 7.10 7.10 7.10 7.10 7.10 S. 7.10 7.00 7.00 7.00 7.00 7.00 8. 7.875 7.875 S. 7.875 7.875 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 S. 7.75 7.75 7.625 7.625 7.50 7.50 8. 7.50 7.375 7.375 7.25 7.25 7.25 8. 7.625 7.625 S. 7.625 7.625 7.50 7.50 7.50 7.50 S. 7.50 7.50 7.50 7.50 7.50 7.50 S. 7.50 7.50 7.375 7.375 7.25 7.25 S. 7.25 7.125 7.125 7.00 7.00 7.00 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 6.925 8. 6.925 6.925 7.125 7.125 7.125 7.125 8. 7.125 7.125 7.25 7.375 7.375 7.375 S. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 S. 7.50 8. 7.50 7.50 7.50 7.50 7.50 7.625 8. 7.625 7.625 7.50 7.625 7.75 7.875 S. 8.00 8.00 8.25 8.50 8.50 8.50 8. 8.50 8.625 8.625 8.625 8.75 8.75 S. 7.25 8. 7.25 7.25 7.25 7.25 7.25 7.375 S. 7.375 7.375 7.25 7.375 7.50 7.625 S. 7.75 7.75 8.00 8.25 8.25 8.25 S. 8.25 8.375 8.375 8.375 S.50 8.50 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 8. H. 9.375 9.375 9.375 9.375 9.50 S. 9.50 9.50 9.55 9.55 9.75 9.75 8. 9.85 9.85 9.85 9.80 9.75 9.70 S. 9.65 9.65 9.65 9.60 9.55 9.50 S. 9.50 S. H. 9.125 9.125 9.125 9.125 9.25 8. 9.25 9.25 9.20 9.20 9.40 9.40 8. 9.50 9.50 9.50 9.45 9.40 9.35 S. 9.30 9.30 9.30 9.25 9.20 9.15 S. 9.15 - . 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 8. 8.60 8.60 8.60 8.60 8.60 8.60 S. 8.60 8.60 8.60 8.60 8.55 8.55 S. 8.55 8.50 8.50 8.45 8.45 8.45 S. 8.40 8.40 H. 8.25 8.10 8.00 S. 8.00 8.00 8. 8.25 8.25 8.25 8.25 8.25 8.25 S. 8.25 8.25 8.25 8.25 8.20 8.20 S. 8.20 8.15 8.15 8.10 8.10 8.10 S. 8.05 8.05 H. 7.90 7.75 7.70 8. 7.65 7.65 . 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 JUNE 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 S. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 8. 93.00* 90.00* 90.00* 90.00* 90.00* 8. 90.00* 90.00* 90.00* 90.00* 90.00* 8. 90.00* 90.00* 92.00* 92.00* 92.00* 92.00* S. 92.00* 92.00* 92.00* 92.00* 92.00* 8. 7.05 8. 7.05 7.05 7.25 7.25 7.25 7.25 S. 7.25 7.25 7.375 7.50 7.50 7.50 S. 7.825 7.825 7.825 7.825 7.825 7.825 S. 7.825 7.825 7.90 7.90 7.90 7.90 8. SEP T E M BER 8. 83.00* 83.00* 77.00* 77.50* 78.00* 8. 78.50* 78.50* 78.50* 78.50* 79.00* S. 79.00* 79.00* 81.00* 81.50* 82.00* 8. 82.00* S. H. 8.05 8.05 8.05 8.05 8.05 8. 8.05 8.05 8.05 8.05 8.05 8.05 S. 8.05 8.05 8.05 8.05 8.05 8.05 S. 8.05 8.05 8.05 8.05 8.05 8.05 S. 8.05 8. H. 7.75 7.75 7.75 7.75 7.75 S. 7.75 7.75 7.75 7.75 7.75 7.75 S. 7.75 7.75 7.75 7.75 7.75 7.75 8. 7.75 7.75 7.75 7.75 7.75 7.75 S. 7.75 D E C E M BER N O VEM BER TOB E R Lead. St. New St. Elec- New New Lake. trolytic York. York. Louis York. Louis A U G US T JULY 7.90 7.90 8.05 H. 8.05 8.05 8. 8.05 8.05 8.05 8.05 8.05 8.05 8. 8.05 8.05 8.05 8.05 8.05 8.05 8. 8.05 8.05 8.05 8.05 8.05 8.05 S. 8.05 8.05 8.05 Spelter. MAY A PRI L 7.20 7.10 7.10 7.00 7.00 7.00 S. 7.00 7.00 7.00 6.95 6.95 6.95 8. 6.95 6.95 6.90 6.90 6.90 6.90 S. 6.90 6.90 6.85 6.85 6.85 6.85 8. 6.85 6.85 Lead. FEB R U ARY JA NUA 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____ Tin. Elec- New New St. New St. Lake. trolylic York. York. Louis York. Louis S. 7.05 7.05 7.05 7.05 7.05 7.05 S. S. 72.00 7.05 72.00 7.05 72.00 7.00 72.00 7.00 72.00 6.875 72.00 6.875 8. 8. 72.00 6.75 72.00 6.75 72.00 6.75 72.00 6.75 72.00 6.75 6.75 8. 8. 72.00 6.50 72.00 6.50 H. H. 71.50 6.00 71.50 6.00 6.00 S'." 8. 71.50 6.00 71.50 6.00 S. 6.75 6.75 6.75 6.75 6.75 6.75 S. 6.75 6.75 6.70 6.70 6.575 6.575 S. 6.40 6.40 6.45 6.45 6.45 6.45 8. 6.20 6.20 H. 5.70 5.70 5.70 8. 5.70 5.70 CROP AND OTHER PRODUCTIONS 119 DAILY PRICES OF COPPER, TIN, LEAD AND SPELTER—1917. [Compiled from quotations given each week by “The Iron Age” of New York.] [Cents per Pound for Early Delivery.] 1917. Copper. N. Y. Tin. Elec New Lake trolytic York Lead. New York Spelter. Copper, N.Y. Tin. St. Louis H. 29.50 29.00 28.50 28.25 28.00 S. 28.00 27.75 27.25 27.00 28.00 28.25 s. 28.75 29.00 29.25 29.50 29.50 29.50 S. 30.50 31.00 31.50 32.00 32.25 32.25 S. 32.50 33.00 33.00 H. 29.50 29.00 28.50 28.25 28.00 S. 28.00 27.75 27.25 27.00 28.00 28.25 S. 28.75 29.00 29.25 29.50 29.50 29.50 S. 30.50 31.00 31.50 32.00 32.25 32.25 S. 32.50 33.00 33.00 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_____ S. 34.00 34.00 34.00 33.75 33.50 33.25 s. 33.00 33.00 33.00 32.50 32.50 32 00 S. 31.00 30.50 30.50 30 50 30.00 30.00 S. 30.00 30 00 30.00 30.00 30.00 30.25 s. 30.50 S. 34.00 34.00 34.00 33.75 33.50 33.25 s. 33.00 33.00 33.00 32.50 32.50 32.00 S. 31.00 30.50 30.50 30.50 30.00 30.00 S. 30.00 30.00 30.00 30.00 30.00 30.25 s. 30.50 s. 9.35 9.35 9.35 9.35 9.35 9.35 8. s. 54.50 9.35 54.625 9.35 54.875 9.35 55.00 9.35 55.00 9.35 9.35 8. 8. 55.25 9.35 55.25 9.40 55.25 9.40 55.625 9.40 9.40 55.75 9.40 8. S. 57.50 9.40 57.50 9.40 58.00 9.65 58.25 9.65 59.00 9.70 9.75 8. 8. 58.50 9.75 1_____ 2.......... 3____ 4____ 5.. .. 6_____ s. 31.75 31.50 H. 31.25 31.25 31.00 s. 31.00 30.75 30.50 30.00 29.50 28.50 S. 27.50 26.50 26.50 26.50 26.50 26.50 S. 26.50 26.50 26.50 28.50 28.50 28.50 S. 29.00 29.00 s. 62.00 61.875 H. 62.25 62.00 8____ 9____ 10____ 11____ 12____ 13____ 14____ 15____ 16____ 17. . . 18____ 19____ 20____ 21......... 22......... 23_____ 24____ 25......... 26.......... 27____ 28____ 29____ 30. ... 31.......... s. 31.75 31.50 H. 31.25 31.25 31.00 S. 31.00 30.75 30.50 30.00 29.50 28.50 S. 27.50 26.50 26.50 26.50 26.50 26.50 S. 26.50 26.50 26.50 28.50 28.50 28.50 8. 29.00 29.00 1___ 2_____ 3......... 4____ 5____ 6 _ __ 7____ 8____ 9____ 10____ 11____ 12____ 13____ 14____ 15_____ 16_____ 17____ 18____ 19. 20____ 21____ 32------*23____ 24____ 25_____ 26____ 27____ 28____ 29____ 30____ 31____ 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 H. 23.50 s. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 H. 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50 H. 43.00 43.00 42.50 42.50 S. 42.75 42.50 42.625 42.875 43.00 S. 44.00 44.25 45.00 45.50 45.375 8. 45.50 45.50 45.125 45.00 45.00 8. 45.50 45.75 45.75 H. 7.50 7.50 7.50 7.50 7.50 s. 7.50 7.50 7.35 7.45 7.50 7.50 8. 7.50 7.65 7.625 7.75 7.75 7.75 8. 7.75 7.75 7.85 7.90 7.90 8.00 S. 8.00 8.15 8.25 H. 9.75 9.75 9.75 9.625 9.625 8. 9.625 9.50 9.25 9.25 9.25 9.50 8. 9.75 10.00 10.00 10.00 10.00 10.00 S. 10.00 10.125 10.125 10.25 10.50 10.50 8. 11.00 10.75 10.50 H. 9.50 9.50 9.50 9.375 9.375 S. 9.375 9.25 900 9.00 9.00 9.25 S. 9.50 9.75 9.75 9.75 9.75 9.75 8. 9.75 9.875 9.875 10.00 10.25 10.25 8. 10.75 10.50 10.25 33.00 33.00 33.00 S. 33.00 33.00 33.50 34.00 34.50 34.50 S. H. 34.50 35.00 35.50 35.50 35.75 8. 36.00 36.00 36.00 H. 36.00 36.50 S. 36.50 36.50 36.50 33.00 33.00 33.00 S. 33.00 33.00 33.50 34.00 34.50 34.50 S. H. 34.50 35.00 35.50 35.50 35.75 S. 36.00 36.00 36.00 H. 36.00 36.50 8. 36.50 36.50 36.50 8.50 8.50 8.50 S. 8. 55.00 8.50 55.00 8.50 55.00 8.50 54.50 8.75 54.00 8.75 8.75 8. 8. H. H. 53.00 9.00 9.00 52.50 50.50 9.25 49.875 9.50 9.50 S. S. 49.00 9.50 48.75 9.50 48.75 9.625 H. H. 9.75 49.25 9.75 S. 8. 50.00 9.75 50.50 9.75 50.75 9.75 s. 9.15 9.15 9.15 9.15 9.15 9.15 S. 9.15 9.15 9.15 9.15 9.15 9.15 8. 9.15 9.20 9.20 9.20 9.20 9.20 8. 9.20 9.20 9.50 9.50 9.60 9.65 8. 9.65 s. 10.75 10.75 10.675 10.675 10.50 10.50 s. 10.25 10.25 10.25 10.00 10.00 9.75 s. 9.75 9.75 9.75 9.50 9.375 9.375 8. 9.25 9.25 9.25 9.00 9.00 9.25 s. 9.375 S. 10.50 10.50 10.425 10.425 10.25 10.25 S. 10.00 10.00 10.00 9.75 9.75 9.50 S. 9.50 9.50 9.50 9.25 9.125 9.125 S. 9.00 9.00 9.00 8.75 8.75 9.00 8. 9.125 31.00 31.00 31.00 31.00 31.00 8. 31.00 31.00 31.00 31.00 31.25 31.25 S. 31.50 31.50 31.50 31.50 31.50 31.50 S. 31.50 31.50 31.50 31.50 31.50 31.75 S. 32.25 32.50 H. 32.50 31.00 31.00 31.00 31.00 31.00 S. 31.00 31.00 31.00 31.00 31.25 31.25 8. 31.50 31.50 31.50 31.50 31.50 31.50 8. 31.50 31.50 31.50 31.50 31.50 31.75 8. 32.25 32.50 H. 32.50 58.50 58 25 58.25 58.50 s. 11.25 11.125 H. 11.00 11.00 11.00 s. 11.00 11.00 10.75 10.75 10.625 10.625 S. 10.375 10.375 10.25 10.125 10.00 10.00 s. 10.00 10.25 10.375 10.375 10.625 10.625 s. 10.625 10.75 S. 9.25 9.25 H. 9.25 9.25 9.25 S. 9.125 9.125 9.125 9.125 9.125 9.00 S. 9.00 8.875 8.875 8.75 8.625 8.75 S. 8.75 8.75 8.75 8.75 8.75 8.75 S. 8.75 8.75 S 9.00 9.00 H 9 00 9.00 9 00 S. 8.875 8.875 8.875 8.875 8.875 8.75 S. 8.75 8.625 8.625 8.50 8.375 8 50 S. 8.50 8.50 8.50 8.50 8.50 8.50 S. 8.50 8.50 29.00 29.00 29.00 29.00 8. 28.50 28.00 28.00 28.00 28.00 28.00 S. 28.00 28.00 27.50 27.00 27.00 27.00 S. 26.50 26.50 26.50 26.25 26.25 26.00 S. 25.75 25.50 25.50 25.50 25.25 8.375 8.375 8.375 8.375 8.375 8.25 S. 8.25 8.25 8.25 8.25 H. 8.25 S. 8.25 8.25 8.25 8.25 8.25 8.25 S. 8.25 8.25 8.25 8.25 8.125 8.125 S. S. 5.375 8.00 5.625 8.00 5.875 8.00 8 125 8.125 8.125 8.125 8.125 8.00 S. 8.00 8.00 8.00 8.00 H. 8.00 S. 8.00 8.00 8.00 8.00 8.00 8.00 8. 8.00 8.00 8.00 8.00 7.875 •7.875 S. 7.75 7.75 7.75 23.50 23.50 23.50 s. 23.50 H. 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 S. 23.50 23.50 23.50* 23.50* 23.50* 23.50* S. 23.50* 23.50* 23.50* H. 23.50* H. 7.35 7.325 7.325 7.325 7.325 S. 7.325 7.325 7.25 7.25 7.325 7.325 8. 7.50 7.50 7.50 7.625 7.625 7.625 S. 7.625 7.625 7.75 7.80 7.80 7.875 8. 8.00 8.00 8.15 7. .. 8. 62.75 63.00 63.00 63.00 62.00 8. 62.00 62.50 62.625 62.50 62.50 s. 62.50 62.50 62.50 62.75 63.00 8. 63.75 63.75 9.875 9.75 9.75 S. 10.00 10.25 10.375 10.50 10.75 10.75 8. H. 10.75 10.50 10.50 10.50 10.50 8. 10.50 10.75 10.75 H. 10.75 10.75 S. 10.75 10.75 10.75 10.125 9.50 9.50 8. 9.75 10.00 10.125 10.25 10.50 10.50 S. H. 10.50 10.25 10.25 10.25 10.25 S. 10.25 10.50 10.50 H. 10.50 10.50 8. 10.50 10.50 10.50 36.25 36.25 36.25 8. 36.25 36.25 36.50 36.50 36.25 26.25 8. 36.00 36.00 36.00 36.00 36.00 36.00 S. 36.00 36.00 36.00 36.00 36.00 35.75 8. 35.50 35.50 35.00 34.50 34.50 34.50 36.25 36.25 36.25 S. 36.25 36.25 36.50 36.50 36.25 36.25 8. 36.00 36.00 36.00 36.00 36.00 36.00 S. 36.00 36.00 36.00 36.00 36.00 35.75 8. 35.50 35.50 35.00 34.50 34.50 34.50 9.50 9.50 9.50 S. 8. 54.00 9.50 9.50 54.00 54.25 9.50 9.50 54.25 53.625 9.50 9.50 S. 8. 53.50 9.50 53.50 9.50 53.00 9.50 53.50 9.50 9.50 53.50 9.50 8. 8. 9.50 54.50 9.50 56.00 55.25 9.50 9.50 55.50 56.125 9.40 9.40 S. S. 56.50 9.40 55.875 9.40 55.50 9.40 54.50 9.40 54.50 9.40 9.40 9.75 9.75 9.75 9.75 9.85 8. 10.125 10.25 10.30 10.30 10.30 10.30 S. 10.30 10.375 10.35 10.35 10.35 10.35 8. 10.60 10.725 11.00 11.10 11.225 11.225 s. 11.225 11.225 H. 11.25 9.50 9.50 9.50 9.50 9.375 s. 9.375 9.375 9.375 9.375 9.375 9.375 S. 9.375 9.375 9.375 9.375 9.375 9.375 S. 9.50 9.50 9.50 9.50 9.50 9.625 S. 9.625 9.625 H. 9.625 9.25 9.25 9.25 9.25 9.125 8. 9.125 9.125 9.125 9.125 9.125 9.125 S. 9.125 9.125 9.125 9.125 9.125 9.125 8. 9.25 9.25 9.25 9.25 9.25 9.375 S. 9.375 9.375 H. 9.375 32.50 32.50 8. 32.50 32.50 32.50 32.50 32.50 32.50 S. 32.50 32 50 32.50 32.50 32.50 32.50 8. 32.50 32.50 32.50 32.50 32.50 32.50 8. 32.50 32.50 32.25 32.25 32.00 32.00 32.50 32.50 s. 32.50 32.50 32.50 32.50 32.50 32.50 S. 32.50 32.50 32.50 32.50 32.50 32.50 S. 32.50 32.50 32.50 32.50 32.50 32.50 S. 32.50 32.50 32.25 32.25 32.00 32.00 63.00 29.00 29.00 29.00 29.00 S. 28.50 28.00 28.00 28.00 28.00 28.00 s. 28.00 28.00 27.50 27.00 27.00 27.00 8. 26.50 26.50 26.50 26.25 26.25 26.00 s. 25.75 25.50 25.50 25.50 25.25 63.875 10.875 10.75 8.75 63.875 10.75 10.625 8.75 63.625 10.75 10.625 8.75 10.75 10.625 8.75 s. S. S. S. 63.75 10.875 10.75 8.75 63.625 10.875 10.75 8.75 63.75 11.00 10.875 8.75 63.75 11.00 10.875 8.75 63.00 11.00 10.875 8.75 11.00 10.875 8.75 S. S. s. S. 62.50 10.875 10.75 8.75 62.25 10.875 10.75 8.75 62.50 10.75 10.625 8.75 62.50 10.675 10.50 8.75 62.50 10.675 10.50 8.75 10.675 10.50 8.75 S. 8. 8. 8. 62.00 10.675 10.50 8.75 61.75 10.675 10.50 8.75 61.75 10.675 10.55 8.75 61.75 10.625 10.50 8.625 61.50 10.625 10.50 8.625 10.625 10.50 8.50 S. S. S. S. 61.375 10.55 10.425 8.375 61.50 10.55 10.425 8.375 61.50 10.50 10.375 8.375 61.75 10 45 10.325 8.25 61.75 10.375 10.25 8.25 8.50 8.50 8.50 8.50 S. 8.50 8.50 8.50 8.50 8.50 8.50 8. 8.50 8.50 8.50 8.50 8.50 8.50 8. 8.50 8.50 8.50 8.375 8.375 8.25 s. 8.125 8.125 8.125 8.00 8.00 25.25 8. H. 25.25 25.25 25.25 25.25 25.25 8. 25.50 25.50 25.50 25.75 26.00 26.25 S. 26.25 26.25 26.25 26.25 23.50 23.50 S. 23.50 23.50 23.50 23.50 23.50 23.50 s. 25.25 8. H. 25.25 25.25 25.25 25.25 25.25 8. 25.50 25.50 25.50 25.75 26.00 26.25 S. 26.25 26.25 26.25 26.25 23.50 23.50 s. 23.50 23.50 23.50 23.50 23.50 23.50 s. S. 61.125 61.00 60.625 60.625 H. 8. 61.00 61.00 61.25 61.25 61.50 s. 61.50 61.625 61.75 62.00 63.00 S. 65.00 55.00 66.00 ♦Nominal. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 7.95 7.95 7.90 7.85 7.80 7.80 S. 7.70 7.60 7.50 7.00 H. 7 00 8. 7.00 7.00 6.90 6.50 6.40 6.40 S. 6.25 6.25 5.50 5.50 5.50 5.50 S. 5.50 5.75 6.00 23.50 23.50 23.50 8. 23.50 H. 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50 23.50 23.50 23.50 8. 23.50 23.50 23.50* 23.50* 23.50* 23.50* 8. 23.50* 23.50* 23.50* H. 23.50* 66.00 66.00 7.75 7.625 7.625 s. 7.625 H. 7.625 7.625 7.50 7.50 S. 7.625 7.75 7.75 7.875 7.875 7.75 S. 7.75 7.75 7.75 7.75 7.75 7.75 S. 7.75 7.75 7.75 H. 7.75 23.50* 23.50* S. S. s. 23.50* 23.50* 80.00* 23.50* 23.50* 85.00* 23.50* 23.50* 85.00* 23.50* 23.50* 85.00* 23.50* 23.50* 84.50* 23.50* 23.50* S. S. S. 23.50* 23.50* 86.00* 23.50* 23.50* 86.00* 23.50 23.50 83.50* 23.50 23.50 83.50* 23.50 23.50 83.50* 23.50 23.50 85.50* S. S. S. 23.50 23.50 85.50* 23.50 23.50 85.50* 23.50 23.50 85.50* 23.50 23.50 85.50* 23.50 23.50 85.50* 23.50 23.50 85.50* S. S. 8. 23.50 23.50 85.50* H. H. H. 23.50 23.50 85.50* 23.50 23.50 85.50* 23.50 2.3.50 85.50* 23.50 23.50 85.50* S. s S. 23.50 23.50 85.50* Elec New Lake trolytic York 49.00 51.00 8. 59.00 59.375 63.00 64.00 64.00 s. 65.00 65.75 66.25 65.25 65.00 S. 65.25 65.50 65.50 65.25 65.00 S. 65.00 H. 63.75 9.875 9.875 9.875 9.875 10.00 8. 10.25 10.45 10.45 10.45 10.45 10.45 S. 10.45 10.50 10.50 10.50 10.50 10.50 S. 10.75 10.875 11.125 11.25 11.375 11.375 S. 11.375 11.375 H. 11.50 S. 68 00 H. 71.00 70.00 70.00 s. 71.00 71.00 73.00 73.00 73.00 8. 74.00 77.00 78.50* 80.00* 80.00* S. 80.00 80.00 80.00 H. 80.00* St. Louis 1917. 9.50 9.50 9.50 8. 9.50 9.50 9.50 9.50 9.50 9.50 8. 9.50 9.50 9.50 9.50 9.50 9.50 8. 9.50 9.375 9.35 9.35 9.25 9.25 S. 9.25 9.25 9.25 9.25 9.25 9.25 10.875 10.875 10.875 S. 10.875 10.875 10.875 10.875 10.875 10.875 S. 10.875 10.75 10.75 10.75 10.75 10.625 S. 10.625 10.625 10.625 10.625 10.75 10.75 8. 10.75 10.75 10.75 10.75 10.75 10.75 10.625 ... 1 10.625 ... 2 10.625 __ 3 S. ... 4 10.625 __ 5 10.625 ... 6 10.625 ... 7 10.625 ......... 8 10.625 ... 9 10.625 ...10 S. ...11 10.625 ..........12 10.50 ...13 ...14 10.50 ...15 10.50 10.50 ...16 10.375 ...17 8. ...18 10.375 ...19 10.375 ...20 10.375 ...21 10.375 ...22 10.50 ...23 ...24 10.50 S. ...25 10.50 ...26 10.50 ...27 10.50 ..........28 ...29 10.50 10.50 ...30 10.50 ...31 6.00 6.00 6.125 8. 6.125 H. 6.375 6.375 6.375 6.375 8. 6.375 6.375 6.375 6.375 6.375 6.375 s. 6.375 6.375 6.375 6.375 6.375 6.375 8. 6.375 6.375 6.375 H. 6.375 s. 60.50 60.25 60.50 61.00 61.00 S. 60.75 60.625 60.75 61.25 61.75 8. 64.00 63.50 63.75 63.75 63.00 8. 62.50 62.00 62.00 62.00 62.00 62.00 11.50 11.50 8. 11.50 11.50 11.50 11.50 11.75 12.00 8. 12.00 12.00 12.00 11.875 11.875 11.875 S. 11.875 11.75 11.70 11.70 11.70 11.70 S. 11.70 11.70 11.375 11.375 11.375 11.375 11.30 11.375 8. 11.50 11.50 11.50 11.50 11.75 11.875 S. 11.875 11.875 11.75 11.625 11.625 11.625 8. 11.625 11.50 11.50 11.50 11.50 11.50 S. 11.50 11.50 11.25 11.25 11.25 11.25 9.625 9.75 8. 9.75 9.75 9.75 9.75 9.75 9.75 8. 9.75 9.75 9.75 9.75 9.75 9.75 8. 9.75 9.75 9.625 9.625 9.50 9.50 S. 9.375 9.375 9 375 9.375 9.25 9.25 9.375 ... 1 9.50 ... 2 S. __ 3 9.50 ... 4 9.50 __ 5 9.50 ... 6 9.50 ... 7 9.50 __ 8 9.50 ... 9 S. ...10 9.50 ......... 11 9.50 ...12 9.50 ...13 ...14 9.50 9.50 ...15 9.50 ...16 8. ...17 9.50 ...18 ...19 9.50 9.375 ...20 ...21 9.375 9.25 ...22 9.25 ...23 S. ...24 9.125 ...25 9.125 ...26 9.125 ...27 9.125 ...28 9.00 ...29 9.00 ...30 ...31 8.25 8. H. 8.25 8.25 8.25 8.125 8.125 8. 8.25 8.25 8.25 8.25 8.25 8.375 8. 8.375 8.375 8.375 8.375 8.50 8.50 8. 8.50 8.50 8.50 8.50 8.375 8.375 s. 8.00 8. H. 8.00 8.00 8.00 7.875 7.875 S. 8.00 8.00 8.00 8.00 8.00 8.125 8. 8.125 8.125 8.125 8.125 S.25 8.25 S. 8.25 8.25 8.25 8.25 8.125 8.125 S. 8.00 s. 8.00 8.00 7.875 7.625 7.75 7.75 S. 7.75 7.75 7.75 7.75 7.75 7.75 S. 7.75 7.75 7.75 7.75 7.75 7.75 S. 8.00 H. 7.875 7.875 7.875 7.875 S. 7.875 7.75 S. 7.75 7.75 7.625 7.625 7.50 7.50 S. 7.50 7.50 7.50 7.50 7.50 7.50 S. 7.50 7.50 7.50 7.50 7.50 7.50 8. 7.75 H. 7.625 7.625 7.625 7.625 S. 7.625 SEP TEM BER S. H. 61.00 60.75 60.75 60.75 8. 61.00 61.375 61.75 62.25 62.50 S. 62.375 61.75 61.625 61.25 61.275 s. 62.25 62.00 61.75 61.625 61.25 s. 10.375 s. H. 10.25 10.00 9.875 9.875 9.75 8. 9.70 9.70 9.60 9.00 8.90 8.85 S. 8.75 8.00 8.00 8.00 8.00 8.00 8. 7.95 7.95 7.95 7.95 7.95 7.95 s'. 10.25 s. H. 10.125 10.00 9.75 9.75 9.50 8. 9.50 9.50 9.50 8.875 8.775 8.725 S. 8.60 7.875 7.875 7.875 7.875 7.875 S. 7.825 7.825 7.825 7.825 7.825 7.825 s. D E C E M BER N O V E M BE R 6.125 6.125 6.25 8. 6.25 H. 6.50 6.50 6.50 6.50 S. 6.50 6.50 6.50 6.50 6.50 6.50 8. 6.50 6.50 6.50 6.50 6.50 6.50 8. 6.50 6.50 6.50 H. 6.50 Spelter. New York JUNE AU GUS T 7.815 7.815 7.75 7.70 7.65 7.65 S. 7.55 7.45 7.375 7.375 H. 6.875 S. 6.875 6.875 6.775 6.375 6.275 6.275 S. 6.125 6.125 5.375 5.375 5.375 St. Louis M ARC H 51.50 53.50 MAY O C TOB ER 60.50 60.50 60.50 60.75 60.75 Lead. New York 8.30 8.30 8.30 S. 8.30 8.30 8.40 8.65 8.65 8.65 8. H. 8.90 8.90 9.15 9.25 9.25 8. 9.25 9.25 9.375 H. 9.50 9.625 8. 9.625 9.625 9.625 St. Louis FEB R U ARY JULY s. 11.375 11.375 H. 11.25 11.25 11.25 s. 11.125 11.125 11.00 10.875 10.75 10.75 8. 10.50 10.50 10.375 10.25 10.00 10.00 s. 10.00 10.25 10.50 10.50 10.75 10.75 8. 10.75 10.875 Copper, N.Y. Tin. St. Louis A PRI L S. 54.25 54.25 54.75 54.625 54.625 New York Spelter. New York Elec New Lake trolytic York J A NU A 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 St. Louis 8.00 7.875 7.875 8. 7.875 H. 7.875 7.875 7.75 7.75 s. 7.875 8.00 8.00 8.125 8.125 8.00 8. 8.00 8.00 8.00 8.00 8.00 8.00 8. 8.00 8.00 8.00 H. 8.00 6.50 S. 6.50 6.50 6.50 6.50 6.50 6.50 8. 6.50 6.50 6.50 6.45 6.40 6.40 S. 6.40 6.40 6.40 6.45 6.50 6.50 S. 6.50 H. 6.50 6.50 6.50 6.50 8. 6.50 6.375 S. 6.375 6.375 6.375 6.375 6.375 6.375 8. 6.375 6.375 6.375 6.30 6.25 6.25 8. 6.25 6.25 6.25 6.30 6.35 6.35 8. 6.35 H. 6.35 6.35 6.35 6.35 8. 6.35 CROP AND OTHER PRODUCTIONS 120 DAILY PRICES OF COPPER, TIN, LEAD AND SPELTER—1916. [Compiled from quotations given each week by “The Iron Age” of New York.] [Cents per Pound, for Early Delivery.] 1916. Copper, N.Y. Tin. Elec New Lake. trolytic York Lead. New York. St. Louis Speller. Copper, N. Y. Tin. Elec New Lake trolytic York New York St. Louis H. 8. 17.50 17.50 17.30 17.30 17.50 17.50 8. 17.50 17.50 17.50 17.625 17.875 18.00 S. 18.00 18.50 18.625 18.75 18.875 19.00 8. 19.00 19.25 19.25 19.00 18.75 18.75 8. 18.50 H. 8. 17.25 17.25 17.15 17.15 17.25 17.25 S. 17.25 17.25 17.25 17.375 17.625 17.75 8. 17.75 18.25 18.375 18.50 18.625 18.75 8. 18.75 19.00 19.00 18.75 18.50 18.50 8. 18.25 25.50 25.50 26.00 26.00 26.00 8. 26.50 26.50 26.75 26.875 27.00 H. S. 27.25 27.375 27.375 27.375 27.375 27.375 S. 27.375 H. 27.375 27.375 27.375 27.375 8. 27.375 27.375 25.375 25.375 25.875 25.875 25.875 8. 26.375 26.375 26.625 26.875 26.875 H. 8. 27.125 27.25 27.25 27.25 27.25 27.25 8. 27.25 H. 27.25 27.125 27.125 27.125 8. 27.125 27.125 41.625 41.25 41.125 41.625 41.50 8. 41.50 41.125 41.125 41.125 41.30 H. 8. 41.875 42.25 42.25 42.125 42.20 42.20 8. 42.20 H. 42.75 43.125 45.00 H. 8. 5.50 5.50 5.75 5.75 5.90 5.90 8. 5.90 5.90 5.90 5.90 5.90 5.90 S. 5.90 5.90 5.90 5.90 6.10 6.10 8. 6.10 6.10 6.10 6.10 6.10 6.10 8. 6.10 H. s. 22.875 22.875 23.75 24.CO 24.00 24.00 S. 24.00 24.00 24.00 24.00 24.00 24.00 s. 24.00 24.00 24.50 24.50 24.75 25.00 S. 25.50 25.50 25 50 25.50 25.50 25.50 S. 25.50 H. S. 22.875 22.875 23.25 23.50 23.625 23.75 s. 23.875 23.875 23.625 23.625 23.625 23.625 S. 23.625 23.625 23.875 24.125 24.50 24.875 S. 25.375 25.375 25 375 25.375 25.375 25.375 S. 25.375 8. 40.875 40.75 41.125 41.50 41.875 42.00 S. 42.25 42.125 41.75 41.50 41.50 41.50 8. 41.75 1____ 2____ 3____ 4____ 5____ 6......... 7____ 8____ 9 10- 11____ 12____ 13____ 14____ 15____ 27.125 S. 27.50 27.50 27.50 27.50 27.50 27.50 s. 27.50 28.00 28.00 28.25 28.50 28.50 S. 28.50. 28.75 28.75 28.75 28.75 28.75 S. 28.75 28.75 29.00 29.00 29.00 29.00 S. 26.875 S. 27.125 27.375 27.375 27.375 27.375 27.375 S. 27.50 27.75 27.75 28.00 28.25 28.25 S. 28.25 28.50 28.50 28.50 28.50 28.50 S. 28.50 28.50 28.50 28.50 28.50 28.50 S. 8.00 8. 8.00 8.00 8.00 7.875 7.875 7.875 S. S. 55.00 7.875 53.00 7.875 53.00 7.75 53.00 7.75 53.00 7.75' 7.75 S. S. 52.00 7.75 51.00 7.75 51.00 7.625 50.50 7.625 7.60 7.60 S. S. 49.75 7.50 49.75 7.50 49.25 7.50 49.875 7.50 50.50 7.50 7.50 S. 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......... 27.00 s. 27.00 H. 26.75 26.50 26.50 26.50 S. 26.25 26.00 25.75 25.75 25.75 25.50 S. 25.25 25.25 25.25 25.25 25.25 25.25 S. 25.25 25.25 25.25 25.50 25.75 26.00 s. 26.25 26.50 s. 26.50 H. 26.50 28.25 26.25 26.25 S. 26.00 25.75 25.50 25.50 25.50 25.25 S. 25.00 25.00 25.00 25.00 25.00 25.00 s. 25.00 25.00 25.00 25.25 25.50 25.75 s. 26.00 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......... 8. 28.25 28.25 28.50 28.50 28.50 28.50 S. 28.50 28.50 28.50 H. 28.50 28.50 s. 28.50 28.50 28.50 28.50 28.25 28.25 s. 28.25 28.50 28.50 28.50 28.50 28.50 S. 28.75 29.00 S. 28.50 28 50 28.625 28.75 28.75 28.50 8. 28.50 28.50 28.50 H. 28.50 28.50 8. 28.50 28.50 28.50 28.50 28.25 28.25 S. 28.25 28.50 28.50 28.50 28.50 28.50 s. 28.50 28.50 S. 41.50 41.50 40.875 41.00 41.00 8.00 8. 8.00 8.00 8.00' 7.875 7.875 7.875 8. 7.875 7.875 7.625 7.625 7.625 7.625 S. 7.625 7.625 7.50 7.50 7.50 7.50 8. 7.375 7.375 7.375 7.375 7.375 7.375 8. 17.75 S. 17.75 17.75 18.25 18.375 18.625 18.75 8. 18.875 19.00 19.25 19.25 19.25 19.25 S. 19.25 19.25 19.00 18.75 18.75 18.75 8. 18.50 18.25 18.25 18.00 17.75 17.75 S. 17.50 8. 17.50 17.50 18.00 18.125 18.375 18.50 8. 18.625 18.75 19.00 19.00 19.00 19.00 8. 19.00 19.00 18.75 18.50 18.50 18.50 8. 18.25 18.00 18.00 17.75 17.50 17.50 S. 29.00 29.00 29.00 29.00 29.00 29.00 8. 29.00 29.00 29.00 29.00 29.00 29.00 8. 29.00 29.00 29.00 29.00 29.00 29.00 S. 29.00 29.00 29.00 28.75 28.25 28.25 8. 28.25 II. 28.25 28.50 28.50 28.50 28.50 28.50 28.50 S. 28.50 28.50 28.50 28.50 28.625 28.625 S. 28.625 28.625 28.50 28.50 28.50 28.50 8. 28.50 28.50 28.50 28.50 28.00 28.00 8. 28.00 H. 28.00 51.00 52.50 51.50 51.00 50.25 6.65 8. 6.65 H. 6.40 6.30 6.30 6.30 S. 6.25 6.25 6.30 6.25 6.20 6.20 8. 6.20 6.10 6.10 6.10 6.10 6.10 8. 6.00 6.00 6.00 6.00 6.00 6.00 8. 6.00 11.25 S. 11.00 H. 10.50 10.00 9.50 9.50 8. 9.25 9.00 9.00 9.00 9.00 9.25 8. 9.125 9.25 9.50 9.875 10.125 10.25 8. 10.50 10.50 10.25 10.25 10.00 10.00 8. 9.75 11.00 8. 10.75 H. 10.25 9.75 9.25 9.25 8. 9.00 8.75 8.75 8.75 8.75 9.00 8. 8.875 9.00 9.25 9.625 9.875 10.00 S. 10.25 10.25 10.00 10.00 9.75 9.75 8. 9.50 26.25 26.50 26.75 26.75 26.75 8. 26.75 26.75 26.75 26.75 26.75 26.75 8. 26.75 26.75 26.75 26.75 27.00 27.00 8. 27.25 27.25 27.25 27.25 27.375 27.375 S. 27.50 27.50 27.50 27.50 26.00 38.00 26.25 38.00 26.50 37.75 26.50 37.625 26.50 S. 8. 26.50 37.75 26.50 37.675 26.50 37.80 26.50 38.15 26.50 38.55 26.50 8. 8. 26.50 39.10 26.50 39.00 26.50 38.75 26.50 38.75 26.75 38.50 26.75 8. 8. 26.875 38.50 26.875 38.50 27.00 38.375 27.00 38.50 27.125 38.625 27.125 8. 8. 27.25 39 25 27.25 39.25 27.50 38.875 27.50 38.75 29.00 29.00 29.00 29.25 8. 29.50 H. 30.00 31.00 32.00 32.25 8. 32.25 32.50 33.00 33.50 34.00 34.00 S. 34.00 34.00 34.00 34.00 34.00 34.00 S. 34.00 34.00 34.50 H. 28.625 28.75 28.875 29.00 8. 29.50 H. 30.00 31.00 32.00 32.25 8. 32.25 32.50 33.00 33.50 34.00 34.00 S. 34.00 34.00 34.00 34.00 34.00 34.00 8. 34.00 34.00 34.50 H. H. 8. 5.40 5.40 5.70 5.70 5.80 5.80 S. 5.75 5.75 5.725 5.70 5.70 5.70 S. 5.70 5.70 5.825 5.825 6.00 6.00 8. 6.00 6.00 6.00 6.00 6.00 6.00 S. 6.00 8. 50.00 48.00 17____ 18____ 19____ 20____ 21____ 22____ 23____ 24____ 25____ 26____ 27____ 28____ 29____ 30____ 31......... 6.85 S. 6.85 H. 6.50 6.45 6.45 6.45 8. 8. 38.75 6.45 38.50 6.45 38.625 6.45 38.75 6.40 38.50 6.35 6.35 S. 8. 38.00 6.35 37.25 6.25 37.00 6.25 38.00 6.25 38.50 6.25 6.25 S. 8. 38.00 6.20 38.00 6.20 37.875 6.10 37.875 6.05 38.25 6.10 6.15 8. s. 38.25 6.10 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis S. 42.75 42.75 41.875 H. 41.50 S. 41.25 40.75 40.75 41.00 41.00 8. 41.125 41.25 41.625 42.00 41.95 S. 42.00 41.S75 8. 7.05 7.05 7.00 7.00 7.00 7.00 S. 7.00 7.00 7.00 H. 7.00 7.00 8. 7.00 7.00 7.00 7.00 7.00 7.00 S. 7.00 7.00 7.00 7.00 7.00 7.00 S. 7.00 7.00 6.00 6.00 6.00 6.00 6.00 8. 6.00 6.00 6.15 6.15 6.15 H. 8. 6.15 6.15 6.225 6.225 6.225 6.225 S. 6.225 H. 6.30 6.30 6.30 6.30 8. 6.30 6.30 18.50 18.50 18.625 18.875 19.00 8. 19.25 19.25 19.50 19.75 19.75 H. S. 19.75 20.25 20.50 21.00 21.50 21.50 8. 21.50 H. 21.25 21.25 21.25 21.00 8. 20.75 20.75 18.25 18.25 18.375 18.625 18.75 8. 19.00 19.00 19.25 19.50 19.50 H. S. 19.50 20.00 20.25 20.75 21.25 21.25 8. 21.25 H. 21.00 21.00 21.00 20.75 S. 20.50 20.50 27.25 27.25 27.25 27.25 8. 27.00 27.00 27.00 27.00 27.00 27.00 8. 27.00 27.00 27.00 27.125 27.125 27.125 8. 27.125 27.125 27.125 27.125 27.125 27.125 S. 27.125 27.125 27.125 27.125 27.125 27.00 26.875 26.75 26.625 8. 26.50 26.50 26.50 26.25 26.125 26.125 S. 26.25 26.375 26.75 26.875 26.875 26.875 S. 26.875 26.875 26.875 26.875 26.875 26.875 S. 26.875 26.875 26.875 26.875 26.875 47.50 46.50 47.00 47.50 8. 49.00 49.00 50.00 54.00 56.00 55.50 S. 54.00 54.00 53.00 52.00 51.50 7.375 7.375 7.375 7.375 7.375 7.375 8. 7.375 7.375 7.35 7.35 7.40 7.40 8. 7.40 7.40 7.30 7.30 7.30 7.30 8. 7.25 7.25 7.20 7.20 7.20 7.20 8. 7.20 H. 7.15 17.50 17.50 17.50 17.50 17.375 17.25 8. 17.125 17.00 16.75 16.50 16.25 16.00 8. 15.625 15.50 15.50 15.25 15.25 15.25 S. 15.00 15.00 14.75 14.625 14.25 14.25 S. 14.00 H. 13.75 17.25 17.25 17.25 17.25 17.125 17.00 8. 16.875 16.75 16.50 16.25 16.00 15.75 S. 15.375 15.25 15.25 15.00 15.00 15.00 8. 14.75 14.75 14.50 14.375 14.00 14.00 S. 13.75 H. 13.50 28.25 28.25 28.25 8. 28.25 28.25 28.25 28.25 28.25 28.25 8. 28.25 28.00 27.75 27.75 27.75 27.75 S. 27.75 27.75 27.75 27.75 27.25 27.25 8. 27.25 27.25 27.25 27.25 27.25 28.00 28.00 28.00 8. 28.00 28.00 28.00 28.00 28.00 28.00 8. 28.00 27.75 27.625 27.50 27.375 27.25 S. 27.125 27.00 27.00 27.00 26.50 26.50 S. 26.50 26.50 26.50 26.50 26.50 45.50 44.75 Elec New Lake. trolytic York 6.10 6.10 6.10 6.10 6.10 8. 6.10 6.10 6.25 6.25 6.25 H. S. 6.25 6.25 6.30 6.30 6.30 6.30 8. 6.30 H. 6.30 6.30 6.30 6.30 8. 6.30 6.30 8. 50.00 49.75 49.00 49.00 49.25 8. 49.25 49.25 49.25 49.25 49.00 S. 48.75 48.00 47.75 47.50 47.25 8. 46.75 H. 45.75 7.50 7.50 7.50 7.50 7.50 7.50 8. 7.50 7.50 7.40 7.45 7.50 7.50 8. 7.50 7.50 7.45 7.45 7.45 7.45 S. 7.45 7.45 7.40 7.35 7.35 7.35 8. 7.35 H. 7.35 S. 6.85 6.85 6.85 6.85 6.85 6.85 8. 6.85 6.85 6.85 H. 6.85 6.85 8. 6.85 6.85 6.925 6.925 6.925 6.925 S. 6.925 6.925 6.925 6.925 6.925 6.90 8. 6.90 6.90 6.10 6.00 5.95 5.95 5.95 S. 5.95 5.95 5.95 5.95 5.95 5.95 8. 6.00 6.00 6.05 6.25 6.50 6.55 8. 6.625 6.625 6.65 6.70 6.70 6.70 8. 6.60 6.50 6.50 6.50 S. 8. 9.50 9.25 9.70 9.50 9.75 9.50 10.17 10.00 10.17 10.00 10.17 10.00 8. s. 10.00 9.75 9.75 9.50 9.875 9.625 H. H. 9.875 9.625 9.75 9.50 8. 8. 9.75 9.50 9.625 9.50 9.55 9.30 9.67 9.50 9.67 9.50 10.00 9.75 8. 8. 10.25 10.00 10.25 10.00 10.25 10.00 10.25 10.00 10.25 10.00 10.25 10.00 s. 8. 10.375 10.125 10.625| 10.375 41.70 41.70 42.25 8. 42.25 H. 42.75 42.875 43.25 8. 43.875 44.125 45.00 45.125 45.25 S. 45.125 45.125 45.625 45.50 45.375 8. 45.25 45.25 45.00 H. 7.00 7.00 7.00 7.00 s. 7.00 H. 7.00 7.00 7.00 7.00 8. 7.00 7.00 7.00 7.00 7.05 7.05 S. 7.10 7.15 7.25 7.25 7.25 7.25 8. 7.25 7.25 7.25 H. Lead. New York St. Louis Spelter. New York St. Louis M ARC H 6.40 6.525 6.575 6.575 8. 6.575 6.70 6.70 6.80 6.85 6.90 8. 6.90 7.25 7.75 8.00 8.00 8.00 S. S. 50.50 8.00 49.625 8.00 49.50 8.00 49.50 8.00 50.00 8.00 8.00 s. s. 50.00 8.00 50.00 8.00 49.50 8.00 49.00 8.00 49.00 8.00 6.40 6.525 6.575 6.575 S. 6.575 6.70 6.75 7.00 7.125 7.125 S. 7.25 7.375 7.75 8.00 8.00 8.00 8. 8.00 8.00 8.00 8.00 8.00 8.00 8. 8.00 8.00 7.875 7.75 8.00 21.00 20.75 20.25 20.00 8. 20.00 19.25 19.25 18.75 18.25 17.75 8. 16.50 16.75 17.75 17.75 18.25 18.25 8. 18.25 18.00 18.00 17.75 17.75 17.75 8. 17.75 17.75 17.75 17.75 17.75 20.75 20.50 20.00 19.75 S. 19.75 19.00 19.00 18.50 18.00 17.50 S. 16.25 16.50 17.50 17.50 18.00 18.00 S. 18.00 17.75 17.75 17.50 17.50 17.50 8. 17.50 17.50 17.50 17.50 17.50 7.125 6.85 6.85 8. 6.85 6.85 6.75 6.75 6.75 6.70 8. 6.70 6.70 6.55 6.55 6.55 6.55 S. 6.45 6.45 6.55 6.70 6.70 6.70 8. 6.70 6.65 6.G5 6.65 6.65 13.25 13.00 13.00 8. 13.25 13.625 13.625 13.75 13.625 13.625 8. 13.50 13.50 13.25 13.25 13.00 13.00 S. 12.75 12.50 12.25 12.00 12.00 12.00 S. 11.75 11.75 11.625 11.50 11.25 13.00 12.75 12.75 8. 13.00 13.375 13.375 13.50 13.375 13.375 S. 13.25 13.25 13.00 13.00 12.75 12.75 S. 12.50 12.25 12.00 11.75 11.75 11.75 8. 11.50 11.50 11.375 11.25 11.00 8.75 8.75 8. H. 8.75 8.75 8.75 8.875 9.00 8. 9.125 9.25 9.375 9.50 9.50 9.50 8. 9.625 9.75 9.50 9.375 9.25 9.25 8. 9.00 9.00 9.25 9.375 9.375 9.375 8.50 8.50 S. H. 8.50 8.50 8.50 8.625 8.75 8. 8.875 9.00 9.125 9.25 9.25 9.25 8. 9.375 9.50 9.25 9.125 9.00 9.00 8. 8.875 8.75 9.00 9.125 9.125 9.125 13.25 13.25 8. 13.00 12.75 12.625 12.125 12.00 12.00 8. 12.00 11.75 11.75 11.50 10.75 10.50 S. 10.50 10.25 10.25 10.00 9.75 9.75 8. H. 9.75 9.75 9.75 9.75 9.75 S. 13.00 13.00 8. 12.75 12.50 12.375 11.875 11.75 11.75 8. 11.75 11.50 11.50 11.25 10.50 10.25 S. 10.25 10.00 10.00 9.75 9.50 9.50 8. H. 9.50 9.50 9.50 9.50 9.50 S.l JUNE 6.00 5.85 5.75 5.75 5.75 8. 5.75 5.75 5.75 5.75 5.75 5.75 8. 5.85 5.90 5.90 6.15 6.35 6.40 8. 6.50 6.50 6.50 6.50 6.50 6.50 S. 6.50 6.50 6.50 6.50 6.875 6.875 6.875 6.875 8. 6.875 H. 6.90 6.90 6.90 6.90 8. 6.90 6.90 6.925 6.925 6.95 6.95 8. 6.95 7.00 7.175 7.175 7.175 7.175 8. 7.175 7.175 7.20 H. 8. 44.25 44.25 44.50 44.875 44.875 S. 44.00 43.25 43.00 42.50 41.75 8. 41.00 40.75 40.00 39.75 40.00 8. 39.50 39.00 39.00 39.375 39.625 7.25 7.00 7.00 S. 7.00 7.00 7.00 7.00 7.00 6.85 S. 6.85 6.85 6.75 6.75 6.75 6.75 S. 6.625 6.625 6.70 6.85 6.85 6.85 S. 6.85 6.80 6.85 6.85 6.85 SEP T E M BER 9.50 8.75 8.625 8.50 8.50 S. 8.50 8.375 8.375 8.375 8.375 8.50 8. 8.75 9.00 9.25 9.40 9.50 9.50 S. 9.60 9.75 9.50 9.375 9.375 9.25 8. 9.00 9.00 9.00 8.875 9.25 27.75 27.75 38.75 6.50 8.50 28.00 28.00 6.50 S. S. 8. 8. 8.375 H. H. H. H. 8.25 28.00 28.00 38.875 6.75 8.25 S. 28.00 28.00 38.875 6.75 8.25 28.00 28.00 38.875 6.75 8.125 28.00 28.00 38.50 6.75 8.125 28.00 28.00 6.70 8.125 8. 8. 8. S. 8.125 28.00 28.00 38.375 6.70 28.00 28.125 38.25 6.75 8.25 S. 28.00 28.25 38.25 6.75 8.50 28.00 28.25 38.50 6.75 8.75 28.00 28.375 38.50 7.00 9.00 7.00 28.25 28.375 S. S. 9.15 8. 8. 9.25 28.25 28.375 38.25 6.90 28.25 28.50 38.50 7.00 9.25 8. 28.25 28.375 38.625 7.00 9.35 28.00 28.25 38.875 7.00 9.50 28.00 28.25 38.50 7.00 9.25 28.00 28.50 7.00 8. 9.125 8. 8. 8. 9.125 28.00 28.75 38.625 7.00 9.00 28.00 28.75 38.625 7.00 8. 28.00 28.625 38.75 7.05 28.00 28.50 39.125 7.10 8.75 8.75 28.00 28.50 39.375 7.10 8.75 28.00 28.50 7.10 8.625 NOV EMB ER OC TOB ER s. 39.25 39.25 39.75 39.75 39.75 Copper, N. Y. Tin. St. Louis AU GUS T . JULY s. 3S.875 H. 39.00 39.00 39.00 Spelter. New York MAY A PRI L 49.50 S. 50.50 50.625 53.00 53.00 53.00 St. Louis FEB RU A R Y J A NW A R Y H. S. 42.50 44.00 43.50 42.25 41.875 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 6.50 6.50 8. H. 6.60 6.60 6.60 6.60 6.55 s. 6.55 6.60 6.65 6.65 6.85 6.85 8. 6.85 6.85 6.85 6.85 6.85 6.85 8. 6.85 6.85 6.85 6.875 6.875 6.875 DEC EMB ER 10.625 10.625 10.75 10.75 8. 10.75 H. 11.00 11.25 11.375 11.375 8. 11.40 11.50 11.75 12.00 12.125 12.25 S. 12.375 12.50 12.75 12.875 13.00 13.00 8. 13.125 13.25 13.25 H. 10.375 10.375 10.50 10.50 8. 10.50 H. 10.75 11.00 11.125 11.125 8. 11.15 11.25 11.50 11.75 11.875 12.00 S. 12.125 12.25 12.50 12.625 12.75 12.75 S. 12.875 13.00 13.00 H. 34.50 34.50 8. 34.50 34.50 35.00 35.00 35.00 35.00 S. 35.50 35.50 34.25 34.00 33.50 33.50 S. 32.50 32.50 32.00 31.25 31.00 31.00 s. H. 31.00 30.00 30.00 29.50 29.50 8. 34.50 34.50 S. 34.50 34.50 35.00 35.00 35.00 35.00 S. 35.50 35.50 34.25 34.00 33.50 33.50 S. 32.50 32.50 32.00 31.25 31.00 31.00 s. H. 31.00 30.00 30.00 29.50 29.50 S. 45.00 S. 44.75 44.375 43.50 43.625 43.50 S. 43.25 43.00 42.875 42.75 42.875 S. 42.50 42.375 41.625 41.125 40.50 S. H. 40.875 40.25 40.75 41.50 s. 7.30 7.40 8. 7.50 7.50 7.625 7.75 7.75 7.90 8. 8.00 7.90 7.80 7.75 7.50 7.50 8. 7.50 7.50 7.50 7.50 7.50 7.50 8. H. 7.50 7.45 7.50 7.50 7.50 8. 7.25 7.35 S. 7.40 7.40 7.50 7.65 7.65 7.85 8. 7.90 7.80 7.70 7.65 7.40 7.40 8. 7.40 7.40 7.30 7.30 7.30 7.30 8. H. 7.30 7.30 7.35 7.35 7.35 8. 1916. CROP AND OTHER PRODUCTIONS 121 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. 1915 Tin. Elec New Lake. trolytic York. Lead. Spelter. New St. New St. York. Louis. York. Louis. Copper, N.Y. Tin. 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. H. 13.00 S. S. 13.00 33.10 13.00 33.25 13.25 33.375 13.375 32.85 13.375 33.375 13.375 33.625 8. S. 13.50 33.75 13.625 33.35 13.625 33.60 13.625 33.00 13.75 33.30 13.75 33.50 S. 8. 13.75 33.875 13.875 33.85 13.875 34.125 14.125 34.75 14.125 34.95 14.125 S. 8. 14.375 35.65 14.375 35.50 14.50 35.30 14.50 35.75 14.625 37.125 14.625 8. 8. 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. 17.50 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. 8. 17.375 49.50 17.375 46.50 17.625 44.00 17.75 42.00 17.875 42.00 17.875 42.00 8. 8. 18.375 42.00 18.625 42.OC 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 S. 8. 19.00 37.00 19.00 36.62o 19.00 36.875 18.875 36.875 18.75 36.50 18.625 8. 8. 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......... 18____ 19......... 20____ 21......... 22____ 23____ 24____ 25____ 26____ 27____ 28......... 29____ 30____ 31____ 18.00 18.00 8. 18.00 18.00 18.00 18.00 18.00 18.00 8. 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 8. 17.875 17.875 17.875 17.875 17.875 17.875 S. H. 3.80 S. 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 8. 15.00 15.00 15.125 15.125 15.125 15.125 S. 15.25 15.25 15.25 15.25 H. 15.25 8. 15.25 15.25 15.25 15.25 15.25 15.25 8. H. 15.25 15.25 15.25 15.25 15.25 8. 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 8. H. 14.625 14.625 14.625 14.625 14.625 8. 3.70 3.80 3.80 3.80 3.80 3.80 8. 8. 37.00 3.80 36.00 3.80 35.875 3.80 36.15 H. H. 35.85 3.80 8. 8. 36.25 3.80 36.125 3.85 36.125 3.85 37.25 3.85 3.85 39.45 39.50 3.85 8. 8. H. H. 38.60 3.85 37.75 3.85 38.00 3.85 3.85 38.85 3.85 8. 8. 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 8. 13.50 13.75 14.00 14.00 14.25 21.00 8. 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 8. 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 S. 18.625 18.625 18.625 18.75 18.75 18.75 8. 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 8. 18.50 18.50 18.50 18.50 18.625 18.75 S. H. 39.50 8. 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 22.00 22.00 22.00 8. H. 22.00 22.50 22.80 22.50 22.25 8. 22.00 22.00 21.75 21.25 21.00 20.50 S. 20.25 20.25 20.00 19.75 19.50 19.25 S. 18.75 18.25 18.25 18.125 18.125 18.00 21.50 21.50 21.50 8. H. 21.50 22.25 22.55 22.25 22.00 8. 21.75 21.75 21.50 21.00 20.75 20.25 8. 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 8. 20.00 20.00 20.00 19.75 19.75 19.50 8. 19.25 19.00 19.00 19.00 19.00 19.00 8. 19.00 19.00 18.00 18.00 18.00 18.00 S. 18.00 18.00 d. 18.25 18.25 18.25 18.125 18.00 18.00 8. 17.875 17.75 17.50 17.25 17.25 17.25 8. 17.00 16.75 16.50 16.25 16.25 16.125 8. 16.00 16.00 17.50 17.875 17.875 17.875 8. 17.875 17.75 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 S. 14.25 14.25 14.25 14.75 14.875 14.875 8. 14.25 14.25 S. 14.0C 14.00 14.00 13.75 13.50 13.25 S. 13.00 H. 13.00 13.00 13.00 13.00 8. 13.00 13.25 13.50 13.75 13.75 13.75 S. 14.00 14.00 14.00 14.50 14.625 14.625 8. 17.875 H. 18.125 18.125 18.125 18.125 8. 18.25 18.25 18.375 18.375 18.50 18.625 8. 18.75 19.00 19.00 19.00 19.25 19.50 8. 19.625 19.875 19.75 H. 19.75 19.875 8. 20.00 20.00 17.875 H. 18.00 18.00 18.00 18.125 8. 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 8. 19.625 19.875 19.625 H. 19.625 19.75 S. 19.875 19.875 H. 5.60 S. 5.70 5.75 5.85 5.90 5.95 5.95 S. 6.00 6.05 6.05 6.10 6.10 6.10 S. 6.20 6.25 6.50 6.875 7.125 7.25 S. 7.50 7.50 7.50 7.60 7.70 7.70 8. H. 5.45 S. 5.55 5.60 5.70 5.75 5.80 5.80 S. 5.85 5.90 5.90 5.95 5.95 5.95 S. 6.05 6.10 6.30 6.75 6.875 7.00 S. 7.30 7.30 7.35 7.45 7.55 7.55 8. 4.125 4.125 4.125 S. 4.125 4.125 4.125 4.125 4.125 4.125 8. 4.125 4.125 4.10 4.10 4.10 4.10 S. 4.10 4.10 4.10 4.10 4.10 4.10 8. 4.10 4.10 4.075 4.075 4.075 9.50 9.50 9.50 S. 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 S. 11.25 11.50 12.00 12.50 12.75 13.125 8. 13.625 14.00 14.25 14.25 14.50 5.65 5.675 5.675 S. H. 5.625 5.60 5.60 5.60 5.60 8. 5.55 5.50 5.50 5.50 5.50 5.50 S. 5.50 5.50 5.45 5.45 5.45 5.45 8. 5.45 5.45 5.40 5.30 5.30 5.10 H. 3.625 8. 3.60 3.60 3.60 3.60 3.60 3.60 S. 3.50 3.50 3.50 3.50 3.50 3.50 8. 3.50 3.50 3.50 3.50 3.525 3.525 8. 3.525 3.525 3.525 3.625 3.625 3.625 S. 35.30 35.75 37.00 36.50 37.00 APRI L 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 S. 4.20 4.20 4.20 4.20 4.20 4.20 8. 4.20 4.20 4.20 4.20 4.20 4.50 4.50 8. 8. 32.00 4.50 32.00 4.50 32.70 4.50 32.50 4.50 32.40 4.50 4.50 8. 8. 32.75 4.50 H. H. 32.65 4.50 32.75 4.50 32.80 4.50 4.50 8. 8. 33.00 4.50 33.25 4.50 33.326 4.50 33.25 4.75 33.25 4.75 33.25 4.75 S. 8. 33.50 4.75 33.50 4.75 33.625 4.75 34.25 4.75 35.00 4.90 4.90 8. S. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 4.45 4.425 S. 4.425 4.425 4.425 4.425 4.425 4.425 S. 4.425 H. 4.425 4.425 4.425 4.425 8. 4.425 4.425 4.425 4.625 4.625 4.625 8. 4.625 4.625 4.625 4.625 4.80 4.80 S. Tin. Elec New Lake trolytic York 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 4.20 8. 8. 37.75 4.20 37.875 4.30 37.25 4.30 37.25 4.40 37.75 4.50 4.75 8. 8. H. H. 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. 8. 33.50 4.475 33.75 4.50 34.50 4.60 34.70 4.70 34.25 4.90 4.90 8. 8. 33.375 4.90 33.50 4.90 351)0 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 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 8. 5.25 5.25 5.25 H. 5.25 5.25 8. 5.25 5.25 Spelter. New York St. Louis 1915 3.85 3.85 3.85 3.85 3.875 3.875 8. 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 8. 11.25 11.25 10.50 10.00 9.50 9.50 8. 9.50 9.625 9.75 10.00 10.125 9.75 S. 9.75 9.50 9.50 9.25 9.25 9.25 S. 9.50 9.50 9.50 10.20 10.35 10.50 10.75 11.00 11.00 S. 11.00 11.00 10.00 9.00 8.875 9.00 S. 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 ..........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 4.825 4.825 4.95 5.20 5.375 8. 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 8. 26.50 26.50 26.50 25.00 23.50 23.00 8. 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 S. 21.00 21.50 22.00 22.00 24.00 25.00 25.50 25.50 S. 26.00 26.00 26.00 24.50 23.00 22.50 8. 22.00 21.50 20.50 19.50 19.00 18.00 8. 18.00 17.50 17.50 18.00 19.50 20.00 S. 20.50 21.00 21.50 ..........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 15.25 15.00 15.00 14.75 S. H. 14.50 14.50 14.00 14.00 14.00 8. 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 8. 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 8. 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 _____I 18.125 17.50 16.50 16.00 8. 15.00 15.00 15.00 15.00 15.50 15.50 S. 16.00 16.75 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 8. 15.75 16.50 17.25 17.25 17.25 17.25 8. 17.25 17.25 17.25 17.25 17.15 H. 8. 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 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 8. 8.75 9.00 9.10 9.25 9.50 9.50 8. H. 9.50 9.75 10.00 10.15 10.25 8. 7.35 7.45 7.875 7.875 8.00 8.00 8. 8.00 8.00 8.15 8.25 H. 8.25 8. 8.50 8.75 8.95 9.10 9.35 9.35 8. H. 9.35 9.60 9.85 10.00 10.10 8. 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 8. 15.25 15.25 15.25 15.50 15.50 15.75 8. 15.875 16.00 16.50 16.75 16.875 16.875 8. 16.875 17.00 17.00 14.625 40.375 14.625 40.75 14.625 42.00 14.625 44.50 14.625 48.75 V .625 8. S. 14.625 49.50 14.75 47.00 14.75 44.00 14.75 46.00 14.75 49.375 14.75 S. 8. 14.75 51.00 14.75 52.50 14.75 53.00 14.875 52.75 15.00 53.75 15.25 53.50 S. 8. 15.25 53.50 15.375 50.50 15.375 49.25 15.375 46.00 15.625 47.00 15.625 8. S. 15.625 53.00 15.625 52.00 15.875 49.75 4.075 8. 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 8. 4.125 4.225 4.225 4.325 4.425 4.675 8. H. 14.25 8. 14.25 14.25 14.50 14.50 14.50 14.50 8. 14.25 14.25 14.25 14.25 14.50 15.00 8. 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 8. 14.00 14.00 14.25 14.25 14.25 14.25 8. 14.00 14.00 14.00 14.00 14.25 14.75 8. 15.00 15.25 15.50 16.00 16.75 17.00 8. 17.75 18.75 19.00 19.75 20.50 21.75 8. 11. 21.00 21.50 22.00 22.50 22.50 S. 22.50 22.50 22.50 22.50 22.50 22.50 8. 22.50 22.50 22.50 22.50 22.50 22.50 8. 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 8. 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 8. 20.00 20.00 20.00 4.90 4.90 5.00 5.20 5.20 8. 8. 39.25 5.50 40.00 5.75 40.25 6.00 40.00 6.25 40.75 6.50 7.00 8. 8. 42.40 7.00 42.25 7.00 41.50 7.00 41.00 6.25 41.15 6.00 5.75 8. 8. 41.50 5.75 41.25 5.75 41.00 5.75 41.00 5.75 41.25 5.75 5.75 8. 8. 40.50 5.75 40.00 5.75 39.375 5.75 8. 17.75 17.50 16.75 16.50 16.00 15.50 8. 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 8. 16.50 16.25 8. 17.50 17.25 16.50 16.25 15.75 15.25 8. 14.00 14.00 13.75 13.25 12.25 12.00 8. 12.00 11.50 11.00 10.75 11.00 11.25 8. 11.75 12.25 13.25 14.25 15.75 15.75 8. 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 8. 17.875 17.875 17.875 17.875 17.875 17.875 8. 18.00 18.00 18.00 18.00 17.75 17.75 17.75 17.75 8. H. 17.50 17.50 17.25 17.25 17.25 8. 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 8. 18.00 18.00 18.00 18.00 33.50 4.90 33.625 4.90 33.875 4.90 4.90 S. 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 8. 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 8. 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 8. 18.75 19.0C 19.00 H. 19.00 18.75 S. 18.50 18.25 14.75 H. 14.50 15.00 15.05 15.25 8. 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 8. 18.25 18.00 20.00 20.00 19.875 19.875 8. 19.875 19.875 19.875 19.75 19.75 19.75 8. 19.75 19.75 20.00 20.00 20.00 20.00 s. 20 .125 20.25 21.00 21.00 21.25 H. 19.75 19.625 19.625 19.625 8. 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. 39.00 38.50 38.50 38.50 8. 37.75 37.25 37.25 37.25 38.00 3.90 3.90 3.90 3.90 3.95 3.95 8. 3.95 3.95 3.95 3.95 3.95 3.95 S. 3.95 4.10 4.10 4.10 4.10 4.10 S. 4.10 4.10 4.15 4.15 4.15 4.15 8. 4.15 4.15 4.15 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 8. 4.35 4.35 4.50 4.60 4.75 4.75 S. 4.75 4.75 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 8. 5.20 5.20 37.75 37.625 37.75 38.20 SEPT EMB ER NOV E M B E R 35.875 H. 36.25 36.50 36.10 _ 8. 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 Lead. New York 3.525 3.625 3.625 3.65 3.675 3.675 8. 3.675 3.675 3.675 3.675 II. 3.70 8. 3.70 3.725 3.75 3.775 3.775 3.775 8. H. 3.775 3.80 3.80 3.80 3.80 8. A UGU ST O CTO BER 32.25 Copper, N. Y. MAY JULY 5.75 5.75 5.75 8. H. 5.75 5.75 5.75 5.75 5.75 8. 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. FE 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. Elec New New St. New St. Lake. trolytic York. York. Louis. York. Louis. 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 S. 4.325 4.325 4.325 4.35 4.40 4.40 S. 4.425 4.425 4.425 4.45 ......... 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 D E CEM BER 5.25 5.25 5.25 5.25 8. 5.25 5.25 5.25 5.25 5.25 5.25 S. S. 37.75 5.25 37.65 5.40 37.75 5.40 39.25 5.40 40.00 5.40 5.40 8. S. 40.00 5.40 39.50 5.40 38.75 5.40 38.875 5.40 39.125 5.40 H. H. s. s. s. 8. 21.50 21.50 39.125 5.40 22.25 22.25 39.25 5.40 22.25 22.25 39.45 5.40 22.375 22.375 40.00 5.40 22.50 22.50 40.50 5.50 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 8. 5.30 5.30 5.325 5.325 5.325 H. 8. 5.325 5.325 5.35 5.35 5.40 s. 17.50 17.50 17.50 17.50 17.30 H. 8. 17.40 17.50 17.50 17.50 17.50 CROP AND OTHER PRODUCTIONS 122 DAILY PRICES OF COPPER, TIN, LEAD AND SPELTER—1914. [Complied from quotations given each week by "The Iron Age” of New York. [Cents per Pound, Jot 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 8. 4.05 4.05 4.05 4.05 4.00 3.975 8. 3.975 3.975 3.975 3.975 3.975 3.975 8. 3.975 3.975 3.975 3.975 4.00 4.025 8. 4.025 4.025 4.025 4.025 4.025 4.025 H. 5.35 5.35 8. 5.30 5.30 5.30 5.30 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 8. 5.30 5.35 5.35 5.40 5.40 5.40 H. 5.20 5.20 8. 5.15 5.15 5.15 5.15 5.10 5.10 8. 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 8. 5.15 5.20 5.20 5.25 5.25 5.25 8. 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. 8. 14.75 40.50 14.75 40.50 14.75 40.875 14.625 41.00 14.625 40.85 14.625 40.75 8. 8. 14.625 40.25 14.70 40.90 14.70 41.00 H. H. 14.70 40.40 14.70 8. 8. 14.625 40.25 14.625 39.75 14.625,39.25 14.625 39.75 14.50 39.20 14.50 S. 8. H. H. 14.50 38.60 14.50 38.125 14.50 38.375 14.50 38.00 14.50 38.00 H. 36.70 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 8. 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 8. 14.75 14.75 14.75 14.75 14.75 14.625 8. 14.50 14.50 14.50 14.50 14.50 14.50 14.55 14.55 8. 14.55 14.55 14.55 14.55 14.50 14.50 8. 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 8. 36.95 36.40 36.15 36.20 36.50 1......... 2......... 3____ 4......... 6......... 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 8. 13.875 13.875 13.75 13.75 13.75 13.75 8. 13.75 13.75 13.75 13.75 13.76 13.50 8. 13.375 13.375 13.25 13.60 12.875 13.40 13.50 13.50 H. 8. 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 8. 13.50 13.50 13.375 13.375 13.375 13.25 8. 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 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 8. 30.25 30.875 30.95 30.625 34.00 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 8. 12.00 12.00 12.00 12.00 12.00 12.00 8. H. 12.00 11.75 11.75 11.75 11.75 S. 11.625 11.50 11.50 11.50 11.50 11.50 8. 11.50 11.50 11.50 11.50 11.50 11.50 11.75 11.75 11.75 8. 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 8. 11.25 11.25 11.25 11.25 11.25 11.25 31.05 3.70 31.125 3.70 3.70 8. 8. 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. S. H. H. 29.75 3.50 28.95 3.50 28.40 3.50 28.50 3.50 3.50 S. 8. 28.70 3.50 29.00 3.50 30.50 3.50 31.50 3.50 31.45 3.50 3.50 8. 8. 31.25 3.50 30.75 3.50 30.45 3.50 30.50 3.50 30.80 3.50 31.10 3.50 xl. 4.15 4.15 8. 8. 36.45 4.15 36.75 4.15 36.60 4.15 36.35 4.15 36.90 4.10 4.10 8. 8. 36.95 4.10 36.80 4.10 36.70 4.10 36.90 4.10 37.05 4.10 37.00 4.10 8. 8. 37.45 4.10 37.75 4.10 37.85 4.10 38.80 4.10 38.20 4.10 38.35 4.10 8. 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 3.70 3.70 3.70 3.70 8. 3.675 3.675 3.675 3.675 3.675 3.675 8. 3.675 3.675 3.675 3.675 3.675 3.70 8. 3.70 3.70 3.70 3.70 8. 3.80 3.80 3.80 3.80 5.275 5.275 5.275 5.275 8. 5.275 5.275 5.275 5.275 5.275 5.275 8. 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 5.125 5.125 5.125 5.125 8. 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 S. 14.50 14.50 14.50 14.50 14.375 14.375 8. 14.J75 14.375 14.375 14.375 14.375 14.375 8. 14.375 14.375 14.375 14.375 14.375 14.375 8. 14.375 14.375 14.375 14.375 14.375 H. 8. 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. 3.90 3.90 8. 8. 33.825 3.90 33.10 3.90 33.10 3.90 33.50 3.90 33.35 3.90 3.90 8. 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. 8. 8. 8. 36.00 35.60 35.50 35.05 34.30 34.40 S. 34.75 34.60 34.65 34.25 3.775 3.775 3.75 H. 8. 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 8. 3.75 3.75 3.75 3.75 3.75 3.75 8. 3.75 3.75 3.725 3.725 3.725 5.00 5.00 5.00 H. 8. 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 8. 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 8. 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 S. 12.75 12.75 12.75 12.75 12.75 12.75 8. 13.00 13.00 13.00 13.00 13.00 13.00 8. 13.00 12.50 8. 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 8. 12.25 12.25 12.25 12.25 12.25 12.25 8. 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. H. 4.80 4.75 4.75 4.75 4.80 S. 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 S. 4.85 4.80 4.75 4.70 4.70 4.70 8. H. 4.65 4.60 4.60 4.60 4.65 S. 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 8. 11.50 H. 11.50 11.50 11.50 11.50 8. 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 8. 12.625 12.625 12.75 H. 12.75 12.75 s. 12.75 8. 11.25 H. 11.25 11.25 11.25 11.25 8. 11.25 11.25 11.25 11.375 11.50 11.625 s. 11.75 11.875 12.00 12.125 12.25 12.375 8. 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 8. 4.15 4.15 4.15 H. 4.00 4.00 8. 4.00 4.00 4.00 4.00 4.00 4.00 8. H. 4.00 4.00 4.00 4.00 4.00 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 8. 3.875 3.875 3.875 3.875 3.875 3.875 8. H. 3.875 3.875 3.875 3.875 3.875 8. 5.40 5.40 5.40 5.45 5.45 5.45 8. 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 8. 5.25 5.25 5.25 5.30 5.30 5.30 8. 5.30 5.30 5.30 H. 5.30 5.25 8. 5.25 5.25 5.25 5.25 5.25 5.25 S. H. 5.20 5.20 5.20 5.20 5.20 8. 15.00 15.00 15.00 14.75 14.75 14.75 8. 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 8. 14.875 14.875 8. 14.50 14.375 14.375 14.25 14.25 14.25 8. 14.25 14.25 14.25 14.25 14.125 14.125 8. 14.125 14.125 14.25 14.375 14.375 14.375 8. 14.375 14.50 14.50 14.50 14.50 14.50 8. 14.375 14.375 8. 38.00 37.90 37.90 37.90 37.65 _ 8. 37.375 37.75 38.125 37.70 37.70 37.80 8. 38.05 38.20 38.40 38.10 37.95 38.05 8. 38.50 38.65 38.50 38.35 38.25 38.15 8. 37.90 37.90 34.10 3.80 3.80 S. 3.80 3.80 3.80 3.80 3.80 3.80 8. 3.80 3.80 3.80 3.80 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. 8. 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 8. 5.15 5.15 5.10 5.10 5.10 5.10 8. 5.10 5.10 5.10 5.10 5.10 H. 8. 4.85 4.85 8. 4.85 4.85 4.95 4.95 5.00 5.00 8. 5.00 5.00 5.00 5.00 5.00 5.00 8. 5.u0 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 8. 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 31.25 30.45 30.75 30.95 30.40 3.55 3.55 3.55 8. 3.45 3.375 3.35 3.35 3.35 3.35 8. 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 8. 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 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 6.95 8. 6.00 6.05 6.05 6.05 6.05 6.05 8. 6.05 4.85 8. 4.85 4.85 4.85 4.85 4.95 5.10 8. 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. 6.85 6.90 5.90 5.90 5.90 5.90 8. 5.90 13.00 13.00 13.00 13.00 13.00 8. H. 13.00 13.00 12.75 12.75 12.75 8. 12.75 12.75 12.75 12.75 12.50 12.50 8. 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 8. H. 12.25 12.25 12.125 12.125 12.125 8. 12.125 12.125 12.00 12.00 11.875 11.875 8. 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 8. 31.80 H. 33.25 33.85 34.125 8. 34.25 34.25 33.875 33.75 33.50 33.00 S. 33.00 32.50 32.00 32.00 32.50 8. 33.60 33.875 33.875 H. 33.50 33.375 s. 33.10 8. 3.50 H. 3.50 3.50 3.50 3.50 8. 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 8. 5.05 H. 5.00 5.00 4.95 4.95 8. 4.95 4.95 5.00 6.00 5.00 5.05 S. 5.10 5.10 5.15 5.20 5.20 5.25 8. 5.25 5.30 5.30 H. 5.30 5.30 s. 5.30 8. 4.90 H. 4.85 4.85 4.80 4.80 8. 4.80 4.80 4.85 4.85 4.85 4.90 s. 4.95 4.95 5.00 5.05 5.05 5.10 8. 5.10 5.15 5.15 H. 5.15 5.15 s. 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 8. 13.50 13.50 13.50 13.50 12.75 12.75 12.75 12.75 12.75 S. 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 Lead. New York Spelter. New York St. Louis 8. 3.875 3.875 3.875 3.875 3.90 3.90 8. 3.90 3.90 3.90 3.90 3.90 3.90 8. 3.90 3.90 3.90 3.875 3.875 3.875 8. 3.875 3.875 3.875 3.775 3.775 3.775 8. 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 8. 5.275 5.275 8. 5.20 5.15 5.15 5.15 5.15 6.15 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 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 3.775 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 8. 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 8. 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 8. 4.95 4.90 4.90 4.90 4.90 4.90 S. 4.90 4.90 6.05 6.00 6.00 5.90 5.85 8. H. 5.80 5.75 5.70 5.60 5.55 8. 5.50 5.45 6.45 5.40 5.40 5.40 8. 5.35 5.35 5.25 5.15 5.15 5.15 8. 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 8. 5.35 5.30 5.30 5.25 5.25 5.25 8. 5.20 5.20 5.10 5.10 5.00 5.00 8. 5.00 5.00 4.95 5.35 5.40 5.45 5.50 5.60 8. 5.65 5.65 5.65 5.70 5.75 5.80 8. 5.80 5.80 5.75 5.70 5.65 6.65 8. 5.65 5.65 5.60 5.60 H. 5.60 8. 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 6.50 s. 5.50 5.50 5.45 5.45 H. 5.45 8. 5.45 5.40 5.45 5.45 St. Louis M ARC H 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 S. 4.00 4.00 4.00 4.00 4.00 4.00 S. 4.00 4.00 4.00 3.90 3.90 3.90 8. 3.80 3.80 JUNE 3.725 S. 3.725 3.725 3.70 3.675 3.675 3.675 S. 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 s. 3.775 3.775 3.75 H. 3.75 3.675 s. 3.675 3.90 3.90 3.90 3.90 3.90 3.90 8. 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.o75 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 SEPT EMB ER NO VEM BER OC TOB ER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Elec New Lake trolytic York A U GUS T JULY 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 8. 3.90 3.90 3.90 3.90 3.90 Copper, N.Y. Tin. St. Louis MAY. A PRIL 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 3.80 8. 3.90 3.90 3.90 3.90 Spelter. New York FEB RUA RY J A NUA R Y 1......... H. H. 2......... 15.125 14.875 3......... 15.125 14.875 4...... S. 8. 5......... 15.125 14.875 6......... 15.125 14.875 7......... 15.125 14.875 8......... 15.00 14.50 9......... 14.75 14.125 10____ 14.50 14.125 11......... S. 8. 12......... 14.50 14.125 13......... 14.50 14.00 14......... 14.50 14.00 15......... 14.50 14.125 16......... 14.625 14.25 17......... 14.625 14.25 S. 8. 18......... 19......... 14.75 14.375 20......... 14.75 14.375 21......... 14.75 14.375 22......... 14.75 14.375 23......... 14.875 14.50 24.___ 14.875 14.50 S. 8. 25......... 26......... 15.00 14.50 27......... 15.00 14.50 28......... 15.00 14.50 29......... 15.00 14.625 30......... 15.00 14.625 31.......... 15.00 14.625 Lead. New St. York Louis New York St. Louis 3.875 3.875 3.875 3.875 3.875 8. 8. 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 8. 8. 30.75 3.75 30.875 3.75 31.00 3.75 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 8. 3.575 3.575 3.60 D E CEM BER 3.80 3.80 3.80 3.80 3.80 8. 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. s. 33.50 3.80 33.30 3.80 33.25 3.80 33.50 3.80 H. H. 3.80 8. S. 33.75 3.80 3.80 33.25 33.125 3.80 32.875 1 3.80 3.675 3.675 3.675 3.675 3.675 8. 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 S. 3.625 3.625 3.625 3.625 1914 Production of Gold and Silver. UNITED STATES AND THE WORLD GOLD AND SILVER PRODUCTION AND MOVEMENT IN 1918. Not to one cause alone, but to several adverse factors operating simultaneously, must be ascribed a rather important decline in the production of gold in the world in 1918. The first, and most easily recognized factor was the shortage of labor which extended to all important fields and, consequently, the working of the mines upon normal lines was impossible. In some localities it was not only a decrease in the number of hands at work as com pared with the previous year but a matter of less efficiency, this applying more particularly to the Transvaal where the number actually employed, while greater than in 1917, at times (June to October, inclusive) was much below 1916. The virulence of the influenza epidemic explains in part the decreased production in Africa in the closing months of the year the disease having caused widespread havoc in the Transvaal especially. Increasing cost of pro duction was another influence of weight in cutting down the output of gold. Higher cost of living rendered necessary increases in the compensation of mines to meet it and then there wras the rise in the value of many materials essential in the mining in dustry. This factor, it was reported, made it unprofitable to mine low grade ores even in some of the Transvaal mines and effort was made to retrieve the loss that would be sustained by obtaining Govern ment bonuses. Add to these hindrances to produc tion the decided contraction in mining operations in Russia, owing to the chaotic conditions in that country, the loss from normal in production in Mexico, as a result of the unsatisfactory situation existing in that country, and the further decline in Australasian output, due to the low grade of the ore mined, and it will not be difficult to realize why the world’s gold production in 1918 should, according to our customary compilation, have been 1,887,247 fine ounces less than a year earlier and actually the smallest since 1905. Bearing upon the increased cost of producing gold, we note gold producers in the British Empire sought in July a readjustment of the fixed price at which they were obligated to turn over their product to the Government, on account of the increased cost of freight, insurance and refining. About the same time the Australian Commonwealth definitely re fused to grant a subsidy, or bonus, to encourage production of the metal. In October a committee was appointed by the British Treasury to investigate the effect of the war on gold production in the Empire, especially as regards low grade ores. The contention of producers was that the Government should definitely contract for all gold mined for a term of years at a price calculated to secure maximum production. Current prices, they asserted, would http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis not permit such production. Giving point to this contention, Mr. E. A. Wallers, President of the Transvaal Chamber of Mines, stated that out of 49 companies in the district, six were running at an actual loss, and fifteen were making a small profit which was converted into a loss by standing charges. If twTenty-one companies out of forty-nine should be compelled by fprce of circumstances to cease oper ations, not only the Transvaal alone, but the Home Government as well, he said, would be seriously affected. Toward the close of December, however, the Government committee reported against encouraging production by means of subsidies or bounties, remarking that to pay more for gold than it is worth in currency is not sustainable except on the supposition that the gold is kept unavailable for export and it sees no reason for acquiring the metal for that purpose. It was their expectation that sufficient gold would be forthcoming to adequately strengthen reserves. The committee did recommend that the Government supervise gold mining development and allocate labor equitably. Commenting upon the committee’s re port Mr. Wallers is reported to have stated that the Witwatersrand gold mines have since the war began borne additional burdens to the extent of over £15,000,000, chiefly through high prices, and have been afforded no relief whatever, although they were all the time urged to continue working at their great est pressure in view of the importance of their output. He further intimated that before there is any appre ciable reduction in the burden the added costs will approximate £20,000,000, not one penny of which will have been passed on to the consumer. In the United States, too, increasing cost claimed attention and led to proposals for offsetting the same. In July the suggestion was made in the “Mining & Scientific Press” of San Francisco that relief be extended to the industry by exempting it from taxation, both Federal and local. A little later (in August) a movement was started at Reno by Western producers to secure the adoption by the Federal Government of suitable measures to prevent the decline of the gold industry. This was followed in early September by conferences at Spokane and Portland to crystalize the views of Western gold producers on some practical plans for remedial legislation. Resolutions were adopted at Portland approving the appointment by the Secretary of the Treasury of a committee to study the increased cost and the-decreased output of gold in order that the gold production of the United States might be main tained at its pre-war volume. A copy of the reso lution was forwarded to the American Bankers’ Association and was brought up at their annual convention at Chicago, Sept. 26 and 27, and was referred to the Federal Legislative Committee and 124 PRODUCTION OF GOLD AND SILVER. the Currency Commission, for an exhaustive study and such action as might be deemed necessary. The Committee on War Finance of the American Eco nomic Association, in a report presented at its annual meeting in December, deprecated any form of Government aid to stimulate gold production. Later on (early in January 1919) the committee appointed by Secretary McAdoo to study the gold situation intimated that the return of normal con ditions and the decline in prices could be expected to stimulate gold production this year. In view of this quasi official statement it was hardly to be expected that the committee’s report, when pre sented, would recommend any unusual measures to stimulate production in the United States. An announcement on Jan. 24 1919 confirmed the earlier intimation. It is perhaps superfluous to say that the virtual or absolute cessation of mining operations in the war zone was not a very serious matter as affecting the world’s gold output. The combined gold pro duct of France, Germany, Italy, Turkey, Serbia and Austria-Hungary has never reached much over 150,000 fine ounces,, with most of it to be credited to the last named country. Russia’s yield has run as high as 1,721,163 fine ounces (in 1910) but has decreased appreciably since then and, with chaotic Conditions prevailing, in 1918 was evidently even smaller than in 1917. Moreover, it is not unfair to assume that in Mexico the situation in 1918 was, as in 1917, not conducive to increasing activity in mining. Africa, as already intimated, contributed much less to the world’s new supply than a year earlier, the decrease being most manifest in the Transvaal. As regards Canada we have, as usual, a carefully compiled official estimate of the year’s yield, which is put at somewhat under that of 1917. Gold production in the United States, reflecting the labor shortage, poorer returns from dredging oper ations in some States, the influenza epidemic and decreased profit in mining, fell off to a material extent during the year, the mines of the country, according to the joint preliminary approximation of the Geological Survey and the Bureau of the Mint, exhibiting a loss in yield of 738,067 fine ounces, carrying us back to and including 1898 for a smaller product. Indicative of the general situation in the gold mining industry of the country reports from California denoted a great scarcity of skilled labor and the consequent necessity of employing older men and younger men than customary, with a resultant decrease in efficiency. Furthermore, labor and all descriptions of supplies and materials became so expensive that large mines curtailed operations and many smaller ones shut down completely. Attention is concentrated chiefly, of course, upon the decline in yield in the Witwatersrand district of Africa, and aside from the marked contraction in number employed, we have a sufficient explanation therefor in the decreased efficiency of the force of native labor utilized in the mines, through lack of experience or sickness (the influenza epidemic having been virulent in September and succeeding months) and the practical cessation for a time of operations in some of the workings that had run into low grade ores. Consequent upon the various adverse develop ments the output of the Rand proper for the twelve http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis months fell below the 1917 total by 516,657 fine ounces, and there was a contraction of 84,896 fine ounces in other sections of the Transvaal. Else where in Africa, also, reduced production is indicated although of lesser importance than in the larger field. For the whole of Africa the output at 9,542,024 fine ounces exhibits a decline of 839,929 fine ounces from 1917 and a falling off of 1,171,077 fine ounces, as contrasted with 1916. At the same time Africa retains its pre-eminence as a gold pro ducer by a very considerable amount. In fact, notwithstanding the contraction noted the yield for the year is a little more than that for all other fields combined. India, and presumably Asia as a whole, produced less gold in 1918 than in 1917, and there is no reason to believe, in the absence of authoritative advices, that there has been any increase in the amount secured from the mines of South and Central America. From Russia no official returns later than those of 1915 are available but with conditions such as have prevailed in that country since, it seems a safe assumption that production has steadily de creased. At least that is the view we take of the situation and have acted in accordance therewith in estimating the result for 1918. 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 1885. Corresponding information from 1871 to 1886 will be found in Volume 70 of the “Chron icle,” page 256, and from 1851 to 1871 in Volume 54, page 141, or in 1887 issue of the “Financial Review.” GOLD.—PRODUCTION IN THE WORLD—OUNCES AND VALUES. 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JO © t> oo co cm ©: *o cor*© ©*©?Dcq!b. ©co© CO©*"*bi|* CM*O© ©occoco*'r-r~cocM CM*© CM CO 00 CO** * CO©COb-CM © b-©© co COl^^©© |O0 CO©© oo idcdcMCMcd bi cd©© b- ©b-GCOOb-l© OOb-CO 30 ©©CMCOCM I© ©COOO © CM 50 © co * ©©COOO©,* CMCOCM ©3Db-b-b» b- ©COCO * 00 ©t-h © i CM * 00© cd*CMcdcd|bi ©oo© r^*©r-*lb-coco* *©00b-© © ©b»b* COb-©©b« © co©*©* COCMCM©* © ©*00t^© cqoqeob-©©***"b^ ©b-t^CMtO © 00CM©I>00 © 50©CM©00 CM ***** -<*00©*,* *CO* ©*CM*CO CO ©*©*00 ©*©^»b- 00 30b-00©00 500050*0* *odb-ed* 00 ©*©00 00 CM CD©*©© b-©*©© *©co** *o cmoOoo©* »O **COCM* * *00/30© b- ©oo*cmoo,©*co© *b-*©*;©b-©© © b-b-COCM5O b. ©©CMCMOi © ©0*b-c0 *O 00©CO©CM * ©**©co oo CM©©*b© rl'OcM*r* © b-©CO*CM * O©©'C* © CMCMCO*CO •O COCO**T © coco coco so’ _____ -I© 00 *00© -i©©©oo|r* ©cooo ’ i ’ * ! «£ ! !, c600 !!!!!* ! I ! ! ! © UM rr J U U TC © ©3©©* © © * * n 1-11-< i-l X 1-| 1-| m ©b.00©© “ • *C ** X30X3030 p 3000 X 00 30 ° XXXX© r° ©©©©© O ©©©©© O ©©©©© P ©©© 4 * * M * * * * * f* * * * * * * * * * « i—* * ***** * *** •For figures from 1851 to 1885 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 be turned Into dollars by multiplying by 20.6718. The value In pounds sterling may also be ascertained by multiplying the ounces by 4.2478. Thus, according to the above, the product In Africa In 1918, stated In dollars, Is 8197.250,081, and In sterling, £40,532.610 i/ PRODUCTION OF GOLD AND SILVER. As summarized above the gold production of the world in 1918 was approximately 18,603,929 fine ounces, valued at $384,576,700, or a decline of $1,887,247 fine ounces, or $39,012,792, from the previous year, and a loss of 3,291,565 fine ounces, or $68042,573, from 1916. The yield of the late year, moreover, fell behind the figures for 1906 to 1915, inclusive. A study of the table above brings full realization of how largely the world has been depend ent upon Africa for its new supplies of recent years. Furthermore, against a decrease of nearly 3 million fine ounces in the production of the world as a whole in the last decade, we have a gain in Africa of 1^ millions. As heretofore explained, the tracing of the annual yield of gold in the world to its place of ultimate lodgment, which we have made a feature of this review for many years, has been carried on under great difficulties since the breaking out of the war in Europe, and sufficient time has not elapsed since the cessation of hostilities to remove them. Under normal conditions prior to the war our investigations met with very satisfactory results and were gratifyingly accurate. But privately hoarded gold began to make its appearance immediately after the out break of the war, and the turning into bullion of vessels, jewelry, &c., further increased the stock of the metal. Thus, for instance, the Bank of Ger many, with practically no sources of new supply within the Empire, considerably added to its stock of gold in 1915 and 1916. In 1917, on the other hand, with that means of increasing its holdings removed, a loss of 29 million dollars occurred. In the late year payments of indemnity by Russia, forced under the Brest-Litovsk treaty, served for a time to more than offset the drain upon the Bank’s stock from other directions. But under the terms of the armistice that gold was returned, leaving a loss in gold for the year of 35 million dollars. Sevei&l of the Continental European banks, however, in creased their holdings of the metal in 1918. The Bank of France, for example, gained 26 million dollars, Spain 62 millions, Italy 25 millions, and the institutions in Sweden, Denmark, Norway and Switzerland, collectively, 32 millions, representing in major part, doubtless, receipt into those countries from Great Britain. And the Bank of England, despite that presumed fact and the transferring of some 50 millions to the United States by the way of Canada, added to its stock in the amount of 104 millions. The net gain in the European banks disclosed ;above is 214 million dollars, this following an increase in 1917 of 89 millions and a loss in 1916 of 190 mil lions, which succeeded gains of 329 millions, and 690 millions respectively in 1915 and 1914. In addition to the foregoing increase in the gold holdings of the principal financial institutions of Europe, it is to be noted that the visible stocks in the United States, as compiled by the Treasury Department, rose $40,070,668 in 1918, the general stock of gold in the country at the close of the year having been reported as $3,080,510,011, against $3,040,439,343 on Jan. 1. This accretion accounts for an amount only 20 million dollars more than the net gold im ports of the year and leaves unaccounted for some 48 millions of the product of the mineral in the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 125 country in 1918; much the greater portion if not all of this was presumably taken for use in the arts. Summarizing the results for the European banks and the United States we have a net augmentation in gold holdings of 254 million dollars, or about 130 million dollars less than the world’s production for the year as shown above. Accounting in part for this remaining 130 million total we have the net exports from the United States to South America, Mexico, &c., of some 23 millions, and the industrial con sumption of the metal in the world which, with several important countries (Great Britain, France Germany, Russia and India, for example) omitted from the compilation, was estimated for 1916 by the United States Bureau of the Mint as $55,936,356 which includes less than 5 millions outside the United States. Accepting that estimate as applying to 1918 we have accounted for the absorp tion of 333 million dollars, or an amount 51 million dollars less than the world’s production of gold in 1918. To how great an extent this remainder might be accounted for by net exports of the metal from Great Britain to South America, the East, &c., we are unable to state, as all statistics covering the im ports and exports of specie have been withheld from publication by the United Kingdom for some time past. It is to be presumed, however, that, available, they would account for an appreciable part of the remaining 51 millions. Official Details from Gold-Producing Countries. From the returns we hhve obtained from the mines, mint bureaus and other official and semi-official sources, respecting gold mining in 1918, we are able to deduce the following: United States.—A decided decline in the yield of gold from the mines of the United States is indicated by the preliminary estimate issued jointly by the Bureau of the Mint and the Geological Survey, the output being put at 738,067 fine ounces less than in 1917 and 1,165,684 fine ounces smaller than in 1916. The output, in fact, is the smallest since 1898, and all the producing States except Arizona share in the decrease from the preceding year, with the losses in Alaska and California the greatest, having been 269,107 fine ounces and 180,072 fine ounces, respectively. A moderate increase is indicated in Arizona, where the mining of copper advanced appreciably during the year. The ounces and values as estimated for each State in 1918 contrast as follows with the final figures for 1917 and 1916: GOLD PRODUCTION IN UNITED STATES. Gold ------------1918------------- ------------- 1917------------Fine ozs. Value. Value. Fine ozs. Value. Production. Fine ozs. 772,766 815,974,500 928,075 819,185,000 Colorado___ 621,791 S12,853,500 California__ 832,389 17,207,000 1,012,461 20,929,400 1,063,302 21,980,400 780,037 16,124,800 Alaska______ 440,622 9,108,500 709,729 14,671,400 356,662 361,444 7,471,700 South Dakota 328,305 6,786,700 7,372,900 4,328,400 3,673,200 209,386 Montana___ 153,375 3,170,600 177,690 197,989 5,180,600 4,092,800 Arizona_____ 278,647 5,760,200 250,613 186,679 170,383 3,522,100 Utah________ 152,018 3,142,500 3,859,000 438,505 9,064,700 6,662,000 335,361 6,932,500 Nevada____ 322,276 36,511 754,800 51,195 1,058,300 Idaho_______ 30,764 636,000 1,260,000 81,624 1,687,300 91,985 1,901,500 Oregon______ 60,951 1,085,400 65,306 1,350,000 638,200 52,505 New Mexico. 30,871 28,087 580,000 342,300 23,617 488,200 Washington.. 16,556 1,361 2,797 57,800 10,900 28,100 South. States 531 74,270 1,535,300 70,157 1,450,300 Other States. 915,100 44,277 Totals___ 3,313,373 868,493,500 4,051,440 883,750,700 4,479,057 892,590,300 Africa.—A quite noticeable loss in the volume of gold obtained from the mines of Africa in 1918 is indicated by the returns at hand. In every month of the year there was a smaller return from the Rand workings than in the corre sponding period of the previous year, or of 1916, and, with the exception of January, the output was also less than in 1915. For the twelve months the diminution from the high-record mark of 1916 was 773,330 fine ounces. The output of the Rand monthly for the last seven years is subjoined: PRODUCTION OF GOLD AND SILVER 126 O unces. January.. February. March__ April .... May.__ June......... July____ August _ September October.. November December WITWATERSRAND DISTRICT—FINE OUNCES. 1914. 1916. 1913. 1915. 1917. 1912. 709,280 760,981 621,902 689,817 759,852 756,997 674.960 702,394 597,545 653,213 727,346 696,955 796,755 760,324 657,708 727,167 768,714 760,598 706,763 755,858 655,607 717,225 728,399 717,598 746,948 761,349 689,259 737,752 751.198 753,351 722,588 716,267 688,232 727,924 735,194 732,799 735,941 625,107 703,136 742,510 733,485 731,848 732,197 697,686 684,607 749,572 752,940 731,405 716,495 676,411 677,063 749,235 744,881 712,881 738,082 687,515 703,985 769,798 764,489 724,846 727,699 644,320 685,450 753,605 756,370 698,271 745,860 642.786 669.075 755,101 748,491 697,137 1918. 694,191 637,571 677.008 697,733 720,539 708,908 716,010 719,849 686,963 667,955 640,797 630,505 EAST INDIA—GOLD PRODUCTION PRINCIPAL MINES. 1917. 1918. 1915. 1914. 1916. 1913. 1912. Ounces. Ounces. Ounces. Ounces. Ounces. Ounces. Ounces Champion Reef______ 91,462 98,439 114.586 Ooregum____ ______ 88,927 90,685 90,619 Mysore_____________ 174,208 198,446 197,258 Nundydroog................. 78,757 79,686 80,401 Balaghat___________ 22,256 19,929 17,725 North Anantapur____ 12,993 13,547 13,462 Hutti, &c___________ 16,071 20,230 27.025 127.488 86,643 20T.981 76,063 16,083 15,570 26,768 137,255 133,375 132,338 96,261 95,235 92,177 230,665 232,100 231,687 79,924 80,379 86,995 17,403 17,495 17,379 13,350 10,780 7,271 27.045 19,745 16,991 Totals______ _____ 484,674 520,962 541.076 556.596 601,903 589.109 584,838 Russia.—Such information as is at hand from Russia, and that very meagre, indicates that production is gradually de clining, in part the result of the falling off in yield in the Totals .8.753.568 8,430,998 8.033,569 8,772,919 8.971,359 8,714,686 8,198,029 Lena River district. The 1916 and 1917 figures have been Districts of the Transvaal outside of the Rand gave a corrected to conform to U. S. Mint Bureau data. Later re poorer result than a year earlier. In Rhodesia production sults are estimated. Details for the last 14 years are appended. RUSSIA’S PRODUCTION SINCE 1903. decreased from 833,420 fine ounces to 609,500 fine ounces, Value. Ounces. Value. Ounces. and from West Africa, Mozambique, Madagascar, &c., the 1905___ ......... $22,291,600 1,078,356 1912......... ___ $22,199,000 1,073,875 943,056 1913......... ___ 26,507,800 collective contribution to the world’s new supply, according 1906___ ......... 19,494,700 1,282,313 ......... 26.684,000 1,290,840 1914......... ___ 28,587,000 1,382,897 to such information as has come to hand, was below that of 1907.... 1908.... ......... 28,052,200 1,357,027 1915......... ___ 26.322,746 1,273,362 1917. Finally, the yield of the whole of Africa was 739,929 1909.... ......... 32.381,300 1,566,448 1916____ ___ 22,500,000 1,088,437 1910 ___ ......... 35,579.600 1,721,163 1917____ ___ 18,000,000 870,750 fine ounces less than in 1917 and 1,071,077 fine ounces below 1911___ ......... 32,151,600 1,555,333 1918......... ___ 17,157,594 830,000 1916. The subjoined compilation, which covers the progress Other Countries. — The war has too lately ended to make it in gold mining in all districts of Africa since 1886, requires possible to secure information from many of the smaller no further explanatory comment. producers of gold and especially from other sections of the AFRICA’S GOLD PRODUCTION—FINE OUNCES. Continent, any more than from Russia. France and Aus -------------Total-----------Other • ■ ------ WUwatersrand-----tria are the only coufitries to be credited with a mentionable Ounces. £ £ Ounces. Year— Ounces. £ yield, and with both involved in the war the amount of gold _______ 28,754 122,140 1887(part yr.) 28,754 122,140 240,266 1,020,600 secured presumably has been curtailed. In Mexico, moreover, 212,390 50,000 1888.................................... 190,266808,210 479,302 2,035,980 conditions were not conducive to increased activity in mining. 71,552 303,939 1890.................................... 407,7501,732,041 270,000 1,146,906 2,115,138 8,984,685 In fact, there is reason to believe that the 1918 output was 1895............... 1,845,138 7,837,779 562,307 2,388,569 166,922 709,051 1900............... 395,385 1,679,518 below that of 1917. South and Central America, too, are 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 likely not to have contributed more largely to the world’s 1912 ............... 8,753,568 37,182,795 1,541,086 6,546,225 10,294,654 43,729,020 new stock of gold in 1918 than in 1917. “Other Countries” 1913 _______ 8,430,998 35,812,605 1,609,420 6,837,083 10,040,418 42,649,688 collectively, and not including Mexico, which appears sepa 1914 _______ 8,033,569 34,124,434 1,775,371 7,541,421 9,808,940 41,665,855 rately in our compilation, have apparently decreased their 1915. ............. 8,772,919 37,265,605 1,825,492 7,754,324 10,598,411 45,019,929 1916. ............. 8,971,359 38,107,900 1,741,742 7,398,572 10,713,101 45,506,472 production by about 77,495 fine ounces. 1917 _______ 8,714,686 37,017,628 1918 ............... 8,198,029 34,823,017 1,667,267 1,343,995 7,082,217 10,381,953 44,099,845 5,709,593 9,542,024 40,532,610 Australasia.—A further contraction in production in Aus tralasia in 1918 is indicated by our reports, the latest year’s yield being less than half of that of 1910. The subjoined table indicates the product of each colony and the total of all, year by year, since 1899: PRODUCT OF GOLD IN AUSTRALASIAN COLONIES—FINE OUNCE8. Years. 1900 1903 1904 1905 1910 1911 1912 1913 1914 1915 1916 1917 1918 Victoria. South Tasma- Total Aus New New So. Queens- Western Wales. land. Australia. Zealand.. ustralia. nta, &c. tralasia ......... 726,666 281,209 ...........767,351 258,488 ......... 771,298 269,817 ......... 810,050 274,263 ......... 578,860 189,214 ......... 502,914 177,418 ........... 480,131 165,283 ......... 434,932 149,657 ......... 413,218 124,507 ......... 329,068 132,498 ......... 256,643 108,145 ......... 199,290 82,160 *....160,000 83,000 855,959 686,469 624,917 577,559 440,784 359,999 317,946 265,735 248,395 249,711 215,162 175,277147,000 1,438,659 2,064,798 1,985,230 1,955,316 1,470,632 1,371,848 1,282,654 1,314,043 1,232,977 1,210,110 1,061,398 973,827 922,000 335,300 479,738 467,647 520.040 450,433 426,813 310,962 343,595 227,954 422,825 292,620 279,956 250,000 26,458 24,401 17,913 20,547 7,108 20,000 6,592 6,556 7,052 7,916 4,180 4,992 5,000 65,710 36,678 60,000 74.316 40,434 52,418 43,310 54,793 47,049 37,491 16,626 23,361 18,000 3,729,961 4,317,923 4,196,822 4,232,091 3,177,465 2,911,410 2,606,878 2,569,311 2,301,152 2,389,618 1,954,774 1,738,863 1,585,000 ’Partly estimated. Canada.—A further falling off in the yield of gold from the mines of Canada in 1918 is indicated. Mr. John McLeish, Chief of the Division of Mineral Resources and Sta tistics, Department of Mines, of Canada, on such informa tion as is available, estimates the output at $14,687,875, or 710,527 fine ounces. This is a much poorer result than in either 1917, 1916 or 1915, and also not as good as in 1914 and 1913. The course of gold mining since 1901 is shown in the following: CANADA’S PRODUCTION SINCE 1901. Value. 1902 ...................$20,741,245 1903 .................. 18,834,500 1904 .................. 16,400.000 1905 .................. 14,486,800 1906 .................. 12,023,932 1907 ................... 8,382,780 1908 .................. 9,842,100 1909 .................. 9,790,000 1910 .................. 10,205,835 Value. Ounces. 1.003,359 911,118 793,350 700.800 581,660 405,553 476,112 473,592 493,708 1911................. 1912................. 1913................. 1914................. 1915................. 1916................. 1917................. 1918................. $9,781,077 12,648,794 16,598.923 15.983,007 18,936,971 19,234,976 15,272,992 14,687,875 O unces. 473,159 611,885 802,973 773,178 916,076 930,492 738,833 710,532 India.—The returns from the Colar field, from which very much the greater part of the East Indian gold product is obtained, indicate that the yield of the country in 1918 was moderately less than that of the preceding year, the decline being largely accounted for in the Mysore workings. The details for the last seven years are appended: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Silver Production of the World. In making investigation as to the production of silver in the world, the difficulties encountered in following the course of gold mining in 1918 are multiplied. The estimate of the Bureau of the Mint covering the result in the United States is available as usual, and it shows a decrease, gains in Mon tana, Washington and Utah having been more than offset by a declining yield in Idaho, Arizona, Colorado, Nevada and New Mexico. For Canada Mr. McLeish puts the silver yield at 20,800,000 ounces, or some 1 1-3 million ounces less than in 1917. This includes practically all the reliable in formation we have at hand regarding 1918. There is a pos sibility, however, that in Mexico and some parts of South America there may have been some increase in yield, stimu lated by the high level of price at which the metal has ruled. The price of silver in London fluctuated much less widely during the year than in 1917, the close having been at 48 7-16d., against 43 Lid. at the opening, with the highest price 49 Lid. on Aug. 21, the lowest 42 Lid. and the average 47.52d. In 1917 the average was 40.85d., or 6.67d. lower, and the averages in earlier years were 31.314d. in 1916, 23 %d. in 1915, 25 5-16d. in 1914, 27 9-16d. in 1913, 28 l-32d. in 1912, 24 19-32d. in 1911,24 ll-16d. in 1910 and 23 ll-16d. in 1909. 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. Fine Ounces. United Stales. Ounces. Mexico. Ounces. Australia. Ounces. All Other Producers. Ounces. Total Ounces. Total. Values. £a 1901.. .. 55.214.000 57.656.549 10.230.046 49,910.688 173.011.283 19.598,934 1902.. .. 55.500,000 60.176,604 8,026,037 39.060,842 162.763.483 16.318.731 1903.. .. 54,300,000 70.499,942 9,682,856 33.206,394 167.689.192 17.292.944 1904.. .. 57.682.800 60.808.978 14.558.892 31.144.596 164.195.266 18.044.173 1905.. .. 56.101.600 65,040,866 12.561.600 35.884.774 169.588.839 19.652.873 Total-------------------------------------------------------------------------------------------------'01-05.278.798.400 314.182.938 55.059.431 189.207.294 837.248.063 90.908.654 1906.. .. 56.517.900 55,225.268 14.237.246 39.660,226 165.640.640 21.308.978 1907.. .. 56,514.700 61,147,203 19,083,031 48,269,689 185.014.623 23,271.622 1908.. .. 52,440.800 73.664,027 17.175.099 69,906,444 203.186,370 20.636.116 1909.___ 54,721,500 73.949.432 16.359.284 66.185.417 211.215.633 20.846.543 1910.. .. 67.137,900 71.372,974 21,545,828 72.822.660 222,879,362 22,926.393 Total-------------------------------------------------------------------------------------------------1906-10.277,332,800 335,358.904 88,400,488 286.844,436 987,936,628 108,989,652 1911.. .. 60.399.400 79.032,440 16.678.421 69.362.583 226,372,844 23.094,547 1912.. .- 63,766,800 74.640,300 14,737,944 71.165,610 224,310.654 26,198.781 1913.. .. 66,801,500 70,703,828 18,128,577 68,273,938 223,907,843 25,714,41$ 1914.. .. 72,455,100 27,546.752 3.573.077 57,051.090 160,626.019 16.941.02$ 1915.. .. 74,961,075 39,570,151 4,295,755 60,023,519 178,850,500 17,605,596 ’11-15 .338,383,875 291,493,471 57,313,774 325,876,740 1013067,860 109,554,366 1916 ___ 74,414,802 22,838,385 4,063,300 59,861,413 161,177,900 21,029,686 1917 ___ 71,740,400 31,214,000 4,070,800 56,968,300 163,992,700 27,912,928 1918 est. 67,879,206 32,000,000 4,000,000 57,000,000 160,879,206 31,540,829 a Values of silver In this table are commercial values and are computed on the averag e price each year ot silver as given by Messrs. Samuel Montagu & Co., Lon don. Value of £ In this table, $4.8665. 127 SILVER PRICES. SILVER QUOTATIONS FROM 1837 TO 1918. So much interest attaches to the prices of silver during past years that we give below the highest, lowest and average quotations of Messrs. Pixley & Abell or Samuel Montagu & Co. of London each month of each year, from 1837 to 1918, both inclusive, and also the average price for each of those years. The highest quotation during the year just closed was 49^d. on August 21, the lowest price was 42J^d. on February 23 and the average for the year was 47^d., against 40pgd. in 1917. January. February. March. April. May. June. July. August. September. October. November. December. Year Av’ge 1837... 1838... 1839... 1840... Pence. 60% 60% 59% 60% 60% 60% 60% Pence. 60 59% 60% 60% Pence. 60 59% 60% 60% 60% 60% Pence. 59% 59% 59% 59% 60 60% 60% 60% Pence. 59% 59% 59% 60% 60% 60% 60% Pence. 59% 59% 60% 60% Pence. 59% 59% 59% 60% 60% 60% 60% Pence. 59 % 59% 60% 60% 60% Pence. 59% 59% 59% 60% 60% 60% Pence. 59% 59% 60% 60% 60% Pence. 59% 59% 59% 59% 60% 60% 60% 60 Pence. 59% 60% 60% 60% 60% Pence 59%, 59 % 60 % 60 % 1841... 1842... 1843... 1844... 1845... 60% 59% 59% 59% 59% 59% 59% 60% 59% 59% 59 59% 59% 59% 59% 59 60 59% 59% 59% 58% 59% 60 59% 59% 59% 59% 58% 60% 59% 59% 59% 59% 58% 59% 60% 60% 59% 60 59% 59% 59% 59 59% 59% 60 59% 59% 59% 59% 59% 59% 60% 59% 59% 59% 59% 59% 59% 60% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59 59% 59% 60%, 59%, 59%, 59 % 59 % 1846... 1847... 1848... 1849... 1850... 59% 60% 60% 59% 59% 59% 59% 59% 59% 59% 60% 59% 59% 59% 59% 59% 59% 60% 59% 59% 60 60% 59% 59% 59 58% 60% 58% 59% 59% 60 59% 59 58% 59% 59% 60 59% 59% 59 59 59% 59% 59% 59% 59% 59% 59% 59% 60 59% 59% 59% 59% 59% 59% 59% 59% 60 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 59% 60 60% 59% 59% 59% 59% 60% 59% 59% 59% 59% 60% 60% 59% 59% 59% 59% 60% 61% 60% 59% 59% 59% 59% 61% 59%, 59% 59 % 59 % 60%, 1851... 1852... 1853... 1854... 1855... 61% 60% 60% 61% 61% 61% 61% 61% 61% 61% 60% 61% 61% 61% 61% 61% 60% 61% 61% 60% 61% 59% 60 61% 61% 61% 60% 61% 61% 59% 60% 61% 60% 61% 61% 61% 60% 61% 59% 60% 60% 61% 61% 61% 61% 60% 61 60% 61% 61% 61% 61% 61% 60% 61 60% 61% 61% 61% 61% 60% 60% 60% 61% 62% 61 61% 61% 60 60% 60% 61% 61% 62% 61% 61% 61% 60% 61% 61% 61% 62% 61% 61% 60 61% 60% 61% 61% 61% 61% 61% 61% 61 60% 61 % 61 % 61%, 1856... 1857... 1858... 1859... 1860... 60% 61% 62% 61% 61% 62 62 62% 61% 61% 61% 61% 61% 61% 61% 62 62% 60% 61 61% 61% 61% 61% 62 % 61% 62% 60% 61 61% 61% 61% 61% 61% 62% 61% 61 61% 61 61% 61% 61% 62% 62% 61% 60% 61% 61% 61% 61% 62 62% 61% 61% 60% 61% 61% 61% 61% 62 62% 61% 61% 61% 60% 61% 61% 61% 62 61 62 61% 61% 62% 61% 60% 61% 62 61% 62 61% 61% 61% 61% 62 61% 61% 62% 61% 61% 61% 61% 62 61% 61% 61% 61% 62 62% 61% 61% 62 61% 61% 61%, 61 % 61%, 62%, 61% 1861... 1862... 1863... 1864... 1865... 61% 61 61% 61% 61% 61% 61% 61% 61% 61% 61% 61% 61% 61% 61% 60% 61% 61% 61% 61 61 61% 61% 61% 61% 60% 61% 61% 61% 61 61% 61% 61% 60% 60% 61% 61% 60% 60%, 60% 61% 61% 61% 60% 60% 61 61 61% 60% 60% 61 61 61% 60% 60% 61% 61% 61%, 60% 60% 61% 61 61 60% 60% 61% 61% 61% 60% 60% 61% 61% 61% 60% 60% 61% 61% 61% 61 60% 61% 61% 60% 61% 60% 61% 61% 61% 61% 60% 61% 61% 60% 61% 61% 62% 61% 61% 61% 61 61% 61% 61% 61% 61% 61 % 61%, 61% 60% 61%, 61 % 61 % 61%, 1866... 1867... 1868... 1869... 1870... 61% 61% 60% 60% 60% 60% 60% 60% 60% 60% 61% 60% 60% 60% 60% 61 60% 60% 60% 60% 60% 60% 60% 61 60% 61% 60% 60% 61 60% 60% 60% 60% 61% 61% 60% 60% 60% 61 60% 60% 60. 60% 62 60% 60% 60% 60% 61% 62% 60% 60% 60% 60 60% 60% 60% 60% 61% 60% 60% 60%, 60% 60%, 60% 62 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60%, 60% 60% 60% 61 60% 60% 60% 60% 60% 60% 60% 60% 60% 61 60% 60V4 60% 60% 60% 60% 60% 60% 60% 61 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 1871... 1872... 1873... 1874... 1875... 60% 60% 59% 58 57% 60% 61% 59% 59% 57% 60% 60% 59% 58% 57% 60% 61% 59% 59 57% 60% 60% 59% 58% 57 60% 60% 59% 59% 57% 60%, 60% 60% 60% 59% 58%, 59% 57% 57% 60%, 60%, 59% 58% 56% 60% 60% 59% 58% 57 60% 60 59% 58% 55% 60%, 60% 59% 59 55% 60% 60%, 59%, 58% 55% 60% 60%, 59% 58% 55% 60% 60 58% 57% 56 60% 60% 59% 58% 56% 60% 60%, 58% 57% 55% 60% 60%, 59% 58 56% 60% 60 58% 57% 56% 60% 60% 59 57% 57% 60% 59% 57% 57% 56% 61 59% 58% 58% 56% 60% 59% 53 57% 56% 61 % 59% 58/le 57% 56% 1876... 1S77... 1878... 1879... 1880... 54% 56% 53% 49% 52% 56% 5S% 54 51 52% 53 56 43% 49% 52 54% 57% 55% 50% 52%, 52% 53% 53% 48% 51% 54% 53% 55 50% 52% 53% 53% 53% 49% 51% 54 55 54% 50% 52% 52 53% 53% 50 52%, 54 54% 53% 51% 52% 50 53% 52% 51% 52% 52 54 53% 53 52% 46% 53% 52%, 51 52% 51% 54% 52% 52% 52% 50% 54 52% 51% 52% 53% 54% 52% 51% 52% 51% 54% 51% 51% 52% 52% 55% 52% 51% 52% 52 54% 49% 51%, 51% 53% 55% 51%, 53% 52%, 53% 51 50% 53 51% 55 55 50% 53% 51% 55% 53% 49% 52% 51% 58% 54% 50%, 53 52 1881... 1882... 1883... 1884... 1885... 51 51% 50 50% 49% 51% 52% 50%, 51 50 51% 52 50% 51 48% 52% 52%, 51 51% 49%, 52 51% 50% 50% 49 52% 52%, 51%, 51%, 49%, 52 52%, 50% 50% 48% 52% 52%, 50% 51 49% 51% 52% 50%, 50% 48% 52 52%, 50% 50% 50 51 51% 50% 50% 49 51‘%, 52% 50% 50% 49% 50% 51% 50%, 50% 49% 52% 52 50% 50% 49% 51% 51% 50%, 50%, 48%, 51% 52%, 50% 50% 49%, 51% 51% 50% 50% 47% 51% 52%, 50% 50% 48% 51% 51% 50% 50%, 47% 52% 51%, 51 50% 47% 51% 50% 50% 49% 47%, 52 51% 50% 50%, 47% 51% 50 50% 49% 46% 52 50% 51 49% 47% 1886... 1887... 1888... 1889... 1890... 46% 46% 44% 42% 44% 47 47% 44%, 42% 44% 46% 46%, 43% 42% 43% 46% 47 44%, 42% 44% 46% 44% 43 42% 43% 46% 46%, 43% 42% 44% 46 43% 42% 42%, 43% 46% 44%, 42% 42%, 48 44% 43%, 41% 41% 46 46 43% 42% 42% 47% 44% 43% 42 42 46% 45% 44% 42% 42% 49 42 43% 42 42 47%, 44%, 44%, 42%, 42%, 50% 42 44% 41% 42% 50% 42% 45% 42% 42%, 54% 42% 44%, 42%, 42% 50 45 45 44%, 42% 54% 44% 43% 42% 42% 48% 45% 44% 43% 43% 51% 45% 43% 42% 43% 45 47 43% 43% 44% 48% 45 43% 42%, 43% 47% 46% 45% 42% 44% 49% 1891... 1892... 1893... 1894... 1895... 46% 41% 38% 30% 27%, 48% 43% 38%, 31% 27%, 44% 41% 38% 27% 27% 46% 41% 38% 30% 27% 44% 39 37%, 27 27% 45%, 41% 38% 27% 29% 43% 39% 38 29% 29% 45 40% 38%, 29% 30% 44% 39% 37% 28%, 30%, 45% 40% 38%, 29% 30% 44% 40% 30% 28% 30% 46 41% 38% 28% 30% 45% 39%, 32% 28% 30% 46% 40% 34% 28% 30% 45%, 37% 32% 28% 30% 46% 39%, 34% 30% 30%, 44% 38% 33% 29%, 30%, 45%, 38%, 34% 30% 30%, 44% 38%, 31% 28% 30% 45 39% 34% 29%, 31% 43% 38%, 31% 28% 30% 44%, 39% 32% 29%, 31 43% 37% 31% 27%, 30 44% 39%, 32%, 28% 30% 1896... 1897... 1898... 1899... 1900... 30% 29% 26% 27% 27 30% 29% 26% 27% 27% 30% 29% 25% 27% 27%, 31%, 29% 26% 27% 27% 31% 28%, 25 27% 27%, 31%, 29% 26%, 27%, 27% 30% 28% 25% 27% 27% 31% 28% 26% 28% 27% 30% 27% 25% 28 27% 31% 28% 26% 28% 27% 31% 27% 26% 27% 27% 31% 27% 27% 28 28% 31% 26% 27 27% 27% 31% 27% 27% 27% 28%, 30% 23% 27% 27% 27% 31% 26% 27% 27% 28%, 30 23% 27% 26% 28%, 30% 27% 28%, 27% 29% 29% 25% 27%, 26% 29% 30%, 27% 28% 26% 30% 29% 26% 27% 26% 29%, 30%, 27% 28%, 27%, 29% 29% 25% 27% 26% 29% 30 27% 27% 27%, 29% 1991... 1992... 1903... 1004... 1005... 27% 25%, 21% 25% 27%, 29%, 26% 22% 27%, 28% 27% 25%, 21% 25% 27% 28% 25% 22%, 27% 28% 27%, 24% 22% 25% 25% 28%, 25%, 22% 26% 27% 26% 23% 22% 24% 25% 27% 24% 25%, 25% 26% 27% 23% 24% 25% 26% 27% 24 25% 25% 27% 27% 23% 24% 25% 26% 27% 24% 24% 26% 27% 26% 24%, 24% 26% 26% 27% 24%, 25% 27 27%, 26% 24% 25%, 26%, 27% 27% 24%, 26% 27 28% 26% 23%, 26% 26 28 27 24% 27%, 26% 28% 26% 23% 27%, 26% 28%, 26% 23% 28% 26%, 28% 25% 21% 26% 26% 28% 26% 23% 27% 27% 30% 24% 21%, 25 27% 29% 25% 22% 26 %, 28% 30% 1906... 1907... 1908... 1909... 1910... 29% 31%, 24% 23%, 24 30% 32%, 27 24% 24% 30% 31% 25% 23%, 23%, 30% 32% 26% 24% 24% 29 30%, 25%, 23%, 23% 30%, 32%, 25% 23% 24%, 29% 30 24% 23% 24 30% 30% 25% 24% 24% 30% 29% 24 24% 24% 31% 31% 24% 24% 24% 29% 30% 24% 23% 24% 31% 31% 25% 24% 14% 29% 31 24%, 23% 24% 30%, 31% 24% 23% 25% 29% 31% 23% 23%, 24%, 30% 32% 24% 24 24% 30% 31%, 23%, 23% 24%, 31% 31%, 24%, 23% 24% 31% 27%, 23%, 23%, 24% 32%, 30% 24 23% 26% 32 26% 22% 23% 25% 33% 28%, 23% 23% 26 31%, 24%, 22 23%, 24% 32% 26% 23%, 24%, 25% 1911... $24% 25% 1912... 25% 26% 1913... 28%, 29% 1914... 26%, 26% 1915... 22%, 22% 23% 26% 27%, 26% 22% 24%, 27% 28% 26% 23%, 24% 26% 26%, 26% 23% 24% 27% 27%, 27 24%, 24% 24% 26% 28% 26% 28% 26% 27% 23% 23% 24% 24% 27% 28% 27% 28% 25% 27% 23% 23% 24% 24% 27% 28% 26% 27% 25%26% 22% 23% 23% 24%, 27% 28% 26% 27% 23% 26% 22% 22% 24 27%, 27%, 23% 22% 24%, 29% 27%, 27% 23%, 24% 24%, 28% 29%, 27%, 28% 23%, 25%, 23%, 23% 24% 29 27% 22% 23% 25% 29% 28% 24% 24% 24 28% 26% 22% 24% 26% 29% 27% 23 27% 25%, 28% 25% 22% 25% 25% 29% 27% 23% 27%, 1916... 1917... 1918... 26% 27% 37%, 38%, 42% 43% 26% 28% 35% 37% 42% 46 29 35% 36% 37% 45% 49% 32% 37% 37% 38% 48% 49% 30 32% 38 39% 48% 48% 28% 31 39% 40% 48% 48% 30% 32 40% 46 48% 49% 32% 32% 47 55 49% 49% 32% 32% 41% 48% 49% 49% Years. 61% 61% 61% 62% 61% 26% 27%, 36 37%, 43% 45% http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 60% 61% 61% 61% 60% 59 59 32% 35% 42% 45% 48% 49% 35% 37 42% 43% 48%, 48% Great Britain-Banks & Trade. COMMERCIAL MOVEMENTS IN 1918. BUSINESS IN ENGLAND IN 1918. London, March 1 1919. Throughout last year industry, commerce and finance were in fetters, which shackled them even more securely than before, though the resolution and goodwill of the people were proof against any thing save occasional complaint of inequalities of treatment. Manufacture was completely harnessed to the production of war munitions, which by this time covered an enormous variety of articles having little apparent direct connection with military operations. Commodities of every day use became infinitely scarce, and export trade fell to attenuated proportions which were partly masked by the un ceasing ascent of prices. In the purely financial sphere events were few. The opening of the year saw the process of continuous Government borrowing in full and prosperous swing, and to its continued success all considerations were subordinated. As the Government was steadily skimming the market of money and controlled its disbursements, little visible regulation was needed to keep rates at appropriate levels. As trade bills had practically disappeared from the market, ruling rates were not independently tested, and everybody’s interest concurred in their stable maintenance. The banks encouraged their customers to buy National War bonds without offering special terms, the discrepancy between the modest deposit rates averaging 3 1-16% over the year, and the yield on the bonds being in general a sufficient inducement. Purchases of War bonds underwent considerable fluctuation from time to time, generally reflecting seasonal or custom ary influences, but proceeded with tolerable regu larity when a broad view was taken. Even so, bank deposits consistently swelled so that the Gov ernment found abundance of short money available for Treasury bills, whose outstanding aggregate rarely fell below £1,000,000,000, and for the “Ways and Means Advances” which at the end of the finan cial year, March 31 1918, were over £197,000,000 and more than doubled before the calendar year was out. The sales of National War bonds attained £1,000,000,000 in September, or about eleven months after their first appearance. Sales had been stimulated by the development of the spirit of local emulation between the big cities, an idea hesitatingly borrowed from America in 1917 and now pushed with greater zest. And concurrently with these domestic loans, “other debt” was in curred by the good grace of the United States Government—aid for which the British public may become more intelligently and vocally grateful when it is properly instructed as to what the ex change situation implied and threatened in the earlier stages of the war. The Budget presented in April showed that the revenue for the year to March 31, estimated at £638,600,000, or £65,172,000 more than that of the preceding twelve months, actually yielded £707,235,000, an excess of £68,635,000. The year’s outlay came to £2,696,221,000, so that revenue furnished 26% of it. Substantial additions to taxation were proposed, the standard rate of income tax being raised from 5s. to 6s. in the pound, the duties on beer, spirits and .sugar being doubled, and others enlarged. Postal rates http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis were re-arranged. A luxury tax was introduced, but no estimate of its yield was included in the Budget, and after a committee of the House of Commons had sought to give the new impost shape, it was quietly dropped. With the enlarged taxation the revenue of the current financial year was put at £842,050,000, an increase of £134,815,000, of which £67,015,000, or nearly half, was attributable to the expansion of existing sources, and the other half to the new or enhanced charges. Expenditure was estimated at £2,972,197,000, leaving a deficit of £2,130,147,000 to be covered by borrowing. At the close of the first three quar ters of the financial year on Dec. 31, revenue showed an advance of £108,515,500, and was thus well toward realizing the Budget calculations, while expenditure had begun to give signs that it would ultimately fall well inside an estimate based on the assumption that the war might continue in full blast during the whole of the financial year. Though during the greater part of the year the prospect of peace lingered, and in the spring receded dismally, much attention began to be devoted to problems of after-war reconstruction. The first tangible movement in this direc tion was really the picking up of a broken thread. Bank amalgamation had been proceeding intermittently for a long time, but now several of the greater institutions resolved to combine forces. In the closing days of 1917 two amal gamations passing all precedent in the standing and resources of the institutions concerned had been proposed. One went through, but the consummation of the other was postponed until a committee, appointed by the Government to allay quasi-popular misgivings, had reported in a neither-bless-norban spirit. In effect, every such proposal was to be judged on its merits, and the plea that strong banking combinations were essential to the restoration and extension of British trade gradually gained acceptance. The London & South Western and London & Provincial Banks which coalesced early in the year were later absorbed into Barclay’s Bank; the combination of the National Provincial and the Union of London & Smith’s Bank was followed by the merging of the London Joint Stock Bank in the London City & Midland, the London County & Westminster took over Parr’s and Lloyds, besides annexing the Capital & Counties, bought all but a fraction of the shares of the National Bank of Scotland and the London & River Plate Banks. In the closing months of the year a sheaf of London cheques pre sented a motley look, the names of the banks being once or twice deleted and over-printed, while the addition of a second penny to the cheque stamp made these once trim instruments eyesores—and evidences of compulsory economy in paper. An incident of the banking year was Sir Edward Holden’s definite challenge of the efficiency, whether meas ured by past experience or probable future needs, of the constitution of the Bank of England. In course of months this challenge was answered by a strong committee appointed in January to consider ques tions of currency and foreign exchanges after the war. It reported to the Treasury in August, but the “first interim report” was not printed until hostilities were drawing to a close. The report postponed recommendations as to ex changes until the situation was clearer, but made unreserved propositions as to the currency. It plumped for the reten tion of the two-department system in the Bank of England, advised the gradual transference of responsibility for the management of the Treasury notes to the Bank, and left the provision of additional currency in cases of emergency much as Peel had arranged. This excessive caution com bined with counsels of parsimony in Government expen diture and the like harmonized with the essential conser vatism of the nation, but evoked warm criticism in quarters less.bound by tradition. At the end of April, Lord Balfour of Burleigh’s Committee on Commercial and Industrial Policy After the War had reported in a facing-both-ways sense, a majority declaring against protection in general, while with practical unanimity it was proposed for certain industries of the “key” or “pivotal” type or those exposed to “dumping.” Government action was approved for the purpose of encouraging closer economic relations with the Dominions of the Allies. The committee declared against BUSINESS IN GREAT BRITAIN. the adoption of the metric system. This report fell flat. The Government did nothing to indicate its intended fiscal policy, so that when still another committee, that on financial facilities for trade, reported in December, it put in the forefront of the immediate needs of industry a clear exposi tion of the country’s future fiscal policy. Other requisites were the effective re-establishment of the gold standard and the reduction of inflation of credit and prices. This com mittee advised that the banks should enlarge their share capital in order to be in a position to extend greater assistance to trade and should seek to enter into working arrangements with issuing houses, trust companies, and other kindred organizations to promote and regulate the flow of capital into sound enterprise at home and abroad. Most of these essays in reconstruction suggest that the essential practical British genius loses itself when it seeks to project its thoughts into hypothetical regions. The financial expedients and revolu tions adopted when the war broke out proved that when faced with necessity we were ready enough to jettison the most cherished traditions and to improvise workable sub stitutes. The indifference with which reconstruction pro posals have been received and the failure of the Government to show any signs of having even considered them suggests that the emergencies of peace will equally fall to be met as they arise, though these preceding studies by committees may ease and color the solutions. The situation of the Bank of England from week to week, and the course of money rates will be gathered from the following table: 129 represented £20,776,300, in the latest period they rose to £50,419,300. The offerings by the Treasury increased last year from £1,297,819,700 to £1,342,962,100. This is apart from issues made for the purpose of outstanding capital liabilities, and the borrowings in the form of Treasury bills. The Treasury bills outstanding at the close of the year was about £60,000,000 in excess of the total at the end of 1917, while “ways and means” advances increased by about £150,000,000. No actual War Loan was raised during the year, the Chancellor of the Exchequer relying on the success of continuous sales of National War bonds and War Savings certificates, and with considerable justification, as the former brought in no less than £1,240,362,000, and the latter £102,600,000, with an average of but little short of £26,000,000 weekly. The new capital issues for the past three years may thus be summarized: 1918. 1917. British Government ________ ______ £1,342,962,100£l,297,819,700 4,749,900 Colonial Government________ ___ __ 13,870,700 14,790,000 Nil Foreign Government. ____ _______ Nil 995,000 British Municipal _________ _______ Nil Nil Colonial Corporations_______ _______ Nil Nil British Railways____________ _______ Nil Nil India, &c., Railways________ _______ Nil Nil Foreign Railways__________ _______ 135,600 Nil Mining Companies__ _______ 3,147,500 1,377,900 Manufacturing_________ ____ _______ Nil 1,128,100 Oil, &c_____________________ 7,212,800 4,399,600 Iron, Coal, &c., &c .. . .. Total.......................................................£1,393,381,400£l,318,596,000 1916. £554,071,100 6,500,000 15,000,000 495,000 Nil 1,679,000 Nil 384,000 22,500 1,449,300 1,573,500 1,275,000 £582,449,000 Two foreign Governments came forward as borrowers, the French issuing 520,000,000 francs nominal in November, being a portion of their 4% National Defense Loan, at 70.80%, and the Chinese in October issuing £600,000 in 87 BANK OF ENGLAND IN 1918 (00,000s omitted). ten-year sterling bonds at 105. The Government of Aus tralian Commonwealth floated £4,750,000 of 5j^% bonds at Note Bullion Deposits. Securities. Reserve Market 99j^% in August, repayable at par 1922-27. In the closing Circu in Both 1918. Bank Rate of Notes & Rate. 3 Mos. lation. Depart Govern ments. Public. Other. ment. Other. Coin. Bk.Bills. quarter of the year, owing to the partial relaxation of the Treasury restrictions, a good many industrial issues found £ £ £ £ £ £ £ % % 158,4 106,4 32,0 70,8 31,0 46,5 59,1 4 their way on to the market, including the Mond Nickel 5 Jan. 2_. 45,7 59,0 37,8 123,5 56,8 90,6 31,8 4-4% 9.. 5 Co.’s issue of £1,520,000 in 7% Preference Shares, Lever 41,4 45,3 4-4% 58,7 121,5 56,7 92,2 31,8 16.. 5 124,4 45,2 41,8 56,8 95,2 58,9 32,1 23.. 5 4% Brothers £1,000,000 in Preference shares, Thomas Firth & 45,8 58,6 38,2 122,6 55,8 91,8 31,1 30.. 5 4% 41,1 46,1 58,6 125,5 56,8 96,8 30,9 Feb. 6.. 5 4% Sons £600,000 Preference shares, Newcastle Electric £512,500 46,0 39,0 126,2 56,3 95,6 31,3 58,9 13.. 5 3% Ordinary, and Morgan Crucible Co. £490,000 in 6% Deben 58,4 101,4 38,5 46,2 131,8 56,3 30,7 20.. 5 3H 47,2 59,3 42,6 124,7 56,3 98,6 30,5 27.. 5 3%-K ture Stock, guaranteed by the British Trade Corporation. 47,5 60,0 41,0 137,7 67,7 98,1 30,9 Mar. 6. 5 3%-15 47,2 60,0 38,3 128,9 56,6 97,6 31,2 13.. 5 3%-H Since the turn of the year the offerings of new capital have 60,6 35,3 47,3 134,3 56,9 99,2 31,6 20.. 5 3%-15 47,8 60,6 137,5 55,9 112,3 31,2 43,8 27.. 5 3% increased, as the Treasury has gradually relaxed its policy 61,4 113,4 47,9 36,2 150,2 59,3 31,8 April 3.. 5 3% of restraint. Thus far, however, the great bulk of capital 47,8 60,4 102,0 40,0 132,1 56,8 31,0 10__ 5 3% 47,8 60,9 138,2 58,3 105,9 31,5 5 39,9 17-. 3% offered has not been for new enterprises, but for the fusion 48,4 61,0 104,8 34,8 24.. 140,1 56,7 31,0 5 3% 49,4 56,4 61,3 34,3 137,6 102,8 30,3 5 May 1.. 315 of previously existing undertakings, additions and extensions 97,4 49,6 61,3 37,5 128,1 55,8 30,r 8.. 5 315 and the adaptation of war plants to more peaceful manufac 41,4 57,3 49,9 61,7 133,8 105,5 30,1 15.. 5 315 38,4 50,2 62,6 127,6 55,5 97,3 22.. 30,8 5 315 turing purposes. 51,0 63,4 41,0 135,2 56,7 106,8 30,2 29.. 5 315 63,7 38,6 56,4 51,8 131,9 101,5 30,3 June 5.. 5 315 In considering the statistics of British trade since the 52,0 63,8 43,0 126,5 56,1 100,9 12.. 30,3 5 315 52,3 64,2 36,1 125,1 53,7 95,0 30,2 19.. 5 315 commencement of the war, it has once more to be borne in 53,6 65,2 128,8 51,6 100,7 35,7 30,0 26.. 5 315 mind that values of imports and exports have been enor 54,9 65,3 38,1 152,0 66,2 112,9 28,8 5 July 3.. 315 55,0 38,3 140,4 109,9 10.. 65,9 57,3 29,3 5 315 mously inflated by the advances which have taken place 66,4 55,3 38,2 134,7 17.. 55,7 105,5 29,5 5 315-% 56,0 24.. 55,7 67,1 34,6 136,6 103,3 29,8 5 315-% during the period of nearly four and a half years in the 56,8 67,2 138,4 58,6 37,7 106,7 28,8 31.. 5 315-% 57,8 103,1 The total value of the 39,8 56,7 67,9 132,7 29,6 5 Aug. 7.. 315-% prices of commodities generally. 56,6 68,2 34,0 137,7 59,7 100,1 14.. 29,9 5 315 imports for the year amounted to £1,317,338,591, exceeding 58,4 56,7 68,6 33,6 135,9 30,3 98,9 21.. 5 315 57,6 136,1 59,4 69,5 99,2 34,9 30,3 5 28.. 315 that for the previous twelve months by £255,173,913, or 69,9 37,0 131,7 58,1 98,8 58,5 29,7 5 Sept. 4__ 315 59,0 70,7 36,1 138,9 64,6 98,3 30,0 11.. 5 315 almost exactly 24%, and easily constituting a fresh record in 59,3 70,9 38,1 129,9 18.. 56,5 99,5 30,0 5 315 the trade of the United Kingdom. As compared with the 60,4 71,5 31,9 133,9 54,2 100,3 29,4 25.. S 315 62,2 30,5 57,6 137,1 99,7 28,3 72,1 Oct. 2.. 5 315-% last complete year before the war, the latest import figures 62,7 73,1 28,3 59,2 95,5 137,5 28,7 5 9.. 315-% 16.. 62,9 73,1 34,2 133,6 60,2 96,6 28,6 5 315-% exhibit an increase of £550,603,852, or 71.02%. The 73,4 32,0 63,3 120,1 95,3 28,4 23.. 45,9 5 315-% 64,2 73,9 29,6 133,9 57,7 95,3 28,1 30. . 5 315-% exports for the year decreased £28,606,681, or 5.42%, and 64,6 74,0 31,6 131,4 57,8 95,1 27,8 5 Nov. 6__ 315-% 30,0 64,9 74,5 138,7 58,5 99,7 28,0 13.. 5 315-% the re-exports of colonial and foreign produce declined from 65,2 29,6 142,6 61,7 99,8 75,1 28,3 5 20. . 315-% £69,677,461 to £30,956,029, or over 55%. The extent to 30,4 62,6 65,9 75,8 143,7 100,9 28,3 27.. 5 315-% 67,0 76,0 26,5 154,1 27,4 97,5 Dec. 4__ 73,5 5 315-% which the expansion in values has been due to advanced 27,4 11.. 67,5 77,7 152,9 73,6 95,9 28,6 5 315 prices may be instanced by the cases of wheat imported and 78,6 28,8 143,8 69,2 93,2 28,0 18.. 68,9 5 315 70,3 79,1 23,6 149,0 92,1 27,2 5 25.. 71,1 315 cotton goods exported. In 1913 105,918,000 cwt. of im Following are the year’s bank clearings for London and ported wheat was valued at £43,360,900, whereas last year the provinces: but little more than half the 1913 total, 58,029,700 cwt. were 1918. 1917. Inc. ( + ) or Dec. (—). London____ _______ £18,461,239,000 £16,877,006,000 +£1,584,233,000 9.3% valued at £53,167,800. The exports of cotton goods of all Country___________ 2,736,273,000 2,244,190,000 +492,083,000 21.9% sorts decreased 1,300,000,000 yards, but, owing to the higher Total___________ ,£21,197,512,000 £19,121,196,000 +£2,076,316,000 10.8% prices ruling, the value of the shipments was £34,178,000 Changes shown by leading provincial clearing houses: 1918. 1917. Inc. (+) or Dec. (—). more. The extraordinary advance in prices in the past four Birmingham . .................. .£126,021,200 £110,087,900 +£15,933,300 14.4% Bristol________________ 55,501,000 49,325,000 +6,176,000 14.5% years will be seen from the following comparisons: Dublin_______________________ Leeds_________________________ Leicester______________________ Liverpool________ l____________ Manchester___________________ Newcastle-on-Tyne____________ Nottingham___________ Sheffield______________________ 305,872,000 250,822,100 +55,049,900 21.9% 54,487,900 42,982,100 +11,505,800 26.7% 39,989,000 29,854,000 +10,135,000 33.9% 484,344,300 412,730,100 +71,614,200 17.3feS 767,305,100 557,926,100 +209,379,000 35.7% 87,299,600 88,183,600 —884,000 1.0% 32,120,300 25,805,900 +6,314,400 24.4% 56,490,600 49,114,300 +7,376,300 15.0% While the new capital issues for the year once more con sisted mainly of Government borrowings, the strictness of the Treasury control was somewhat relaxed in the closing quarter of the period. The aggregate of the issues offered for public subscription, which in the last of the pre-war years were under £197,000,000, amounted to £1,393,381,400, or £74,800,000 in excess of the 1917 total; but whereas in the preceding twelve months other than Government issues http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Cotton Piece Goods. Quantity in Millions. Value. 5,735 yards £79,175,171 5,254 “ 88,787,890 4,978 “ 112,810,497 3,695 “ 138,521,491 1014 1916 --------------------------1917 -----------------------1918%ZUZ%ZU-______________________ Of the total increase of £255,173,913 in the value of the year’s imports, no less than £117,948,000 represented food stuffs, the bulk of which was payable to the United States, notwithstanding that the wheat received from America was 29,500,000 cwt. less than in the previous year, and the pay ments declined roughly £27,000,000. But £114,000,000 more was paid for wheatmeal, £14,000,000 more for frozen beef, £53,000,000 more for bacon, £4,900,000 more for hams. The United States also sent this country more butter, BUSINESS IN GREAT BRITAIN. 130 cheese and lard, the last article showing a rise of £11,600,000, as well as tobacco, of which the imports from America rose £12,300,000. The Argentine Republic assisted with wheat, linseed, beef, mutton and butter, while New Zealand also sent us more butter and cheese. The imports of raw ma terials rose £74,000,000 in value, of which cotton stood for £39,695,674, althouth the quantity was 1,300,000 centals smaller. The United States sent 2,100,000 centals less, but received £17,750,000 more in payment. Egypt helped to some extent by shipping 1,100,000 centals more than in 1917, and we paid her an additional £19,300,000. Less wool came to hand from Australia, New Zealand, and the Argentine, and there was a reduction of £12,000,000 in that article. The other bid increase was £40,870,000 in oil seeds, etc., of which petroleum accounted for over £30,000,000 the receipts having risen from 827,000,000 gallons in 1917 to 1,326,000,000 gallons in 1918. Manufactured articles show an increase of £61,598,000, but apart from chemicals the items chiefly responsible for the rise are not classified. Owing to the continued shortage of shipping there was a more or less general decrease in the exports, the outstanding exception being an addition of £34,178,000 in the shipments of cotton goods of all kinds, in spite, as has been seen, of a heavy falling off in the aggregate quantity exported. As a further indication of the influence of prices on the values declared, it may be mentioned that the ships entering British ports with cargoes decreased 52% between 1913 and 1918, the value of the imports advanced 71.62%, while the ship ping cleared with cargoes in the same period declined 66.50%, with a drop of 5.09% in values. One of the most interesting features of the Board of Trade returns for the past year is that showing the quantities of the various dutiable articles now in bond. The figures are generally reassuring and seem fairly to suggest ampler supplies and lower prices in the near future: STOCKS DECEMBER 31. 1913. 1917. Cocoa, cwt .._____ 203,900 890,000 Coffee, cwt_________________ 224,000 1,142,000 Home spirits, gallons__ ______ 143,934,000 124,478,000 Brandy, gallons................. 2,437,000 3,477,000 Sugar, unrefined, cwt............... 3,372,000 2,707,000 Tea, lbs...................................................................138,408,000 37,400,000 Tobacco, raw, lbs________ 238,988,000 141,440,000 Wine, gallons__ ________________________ 4,814,000 4,877,000 1918. 484,000 612,000 112,685,000 3,417,000 6,954,000 144,674,000 141,908,000 6,850,000 It is evident that stocks are not now capable of the easy, quick and cheap replenishment possible five years ago; but these figures suggest that there is no justification for prolonging that artificial scarcity of certain necessaries and luxuries under which the most flagrant profiteering has flourished. For the two past years the merchandise imports have ex ceeded the exports in the following manner: ----------Year to Dec. 31---------- —Inc. or Dec. in 19181917. 1918. --------------------------------£ £ £ % Imports........................................ 1,064,164,678 1,319,338,591 +255,173,913 +23.9 British exports........................... Re-exports................................... —28,606,681 —8.4 —38,721,432 —55.6 527,079,746 69,677,461 498,473,065 30,956,029 Total exports..................... 596,757,207. 529,429,094 —67,328,113 —11.3 Excess imports........................... 467,407,471 789,909,497 +322,502,026 +68.9 Apart from the “invisible” exports, shipping, insurances, &c., which were before the war computed at about £130,000,000, the whole of the balance has had to be obtained by borrowing abroad or by the sale of securities. The appended table indicates the enormous expansion which has taken place in the overseas trade of the United Kingdom in the past twelve years: Year. Imports. Exports. Re-exports. 1918................... ........................... £1,319,338,591 £498,473,065 £30,956,029 1917.............................. 1,064,164,678527,079,746 66,977,460 1916...................................... 948,506,492 506,279,707 97,566,178 1915.................................................. 853,756,279 384,647,336 98,797,123 1914.................................................. 696,635,113 430,721,357 95,474,166 1913.............................................. 768,734,739 525,245,289 109,575,037 1912............................... 744,640,631487,223,439 111,737,691 1911................................................. 680,157,527 454,119,298 102,759,134 1910................................................. 678,440,173 430,589,811 103,776,104 1909................................................. 624,740,517 378,379,444 91,365,465 1908.......................................... 593,140,723 377,219,579 76,665,589 1907............................... 645,904,176426,035,083 91,942,084 SUMMARY TABLE SHOWING THE VALUE OF IMPORTS, BRITISH EX PORTS, FOREIGN AND COLONIAL EXPORTS AND TOTAL EXPORTS FOR EACH MONTH OF THE LAST THREE YEARS. Imports. 1916. January.. February . March__ April.__ May_____ June_____ July _____ August__ September October .. November December 1917. Exports, British. 1918. £ £ £ 74,935,741 90,592,967 *99,058,714 67,335,579 70,947,686 *99,053,831 86,115,869 81,145,870 *107235460 75,716,204 84,532,766 *119833433 83,792,730 87,625,713 *125883581 86,927,680 86,078.742 *101616849 76,732,443 90,124,819 *109192072 76,091,439 100,557,618 *110235141 77,440,183 86,272,433 *97,975,297 81,159,873 94,258,263 *117707382 88,934,806 109,753,091 *116868954 75,381,306 84,769,722 *116191851 1916. 1917. 1918. £ 36,757,167 36,335,782 37,598,119 36,817,839 47,024,411 47,274,563 46,323,057 47,720,323 43,477,677 44,715,248 42,488,254 39,928,460 £ 46,860,542 37,287,486 44,111,131 35,799,466 43,437,256 43,651,663 49,833,635 49,803,715 43,244,194 50,757,054 43,382,335 37,140,514 £ 41,665,935 39,099,481 36,002,315 40,071,466 44,967,221 45,026,231 43,644,398 43,522,237 40,152,143 42,820,724 43,218,879 38,282,035 Corrected total for year 948,506,492 1,064,164,678 1319338591 506,279,707 527,079,746 498,473,085 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Exports, Foreign and Colonial. 1917 1916. January.. February. March__ April ____ May_____ June____ July____ August__ September October .. November December £ 8,830,172 8,529,796 8,811,497 8,093,449 10,983,493 8,872,694 7,894,921 7,738,486 7,120,571 7,663,322 7,136,780 6,018,633 Total Exports. 1918. £ 8,431,315 8,991,754 7,569,507 8,489,289 6,336,377 6,428,081 4,588,484 4,533,742 3,158,410 4,096,215 3,749,480 3,179,587 £ 3,190,660 2,740,142 3,191,527 2,140,847 3,400,208 2,114,777 2,022,306 2,277,335 1,729,228 2,118,642 2,917,650 3,112,707 1916. 1917. 1918. £ 45,587,339 44,865,578 46,409,616 44,911,288 58,007,904 56,147,257 54,217,978 55,458,809 50,598,248 52,378,570 49,625,034 45,947,093 £ 55,291,857 46,279,240 51,680,638 44,288,755 49,773,633 50,079,744 54,422,119 54,337,457 46,402,604 54,853,269 47,131,815 40,320,101 £ 44,856,595 41,839,623 39,193,842 42,212,313 48,367,429 47,141,008 45,666,704 45,799,572 41,881,371 44,939,366 46,136,529 41,394,742 Corrected total for year__ 97,566,178 69,677,461 *30,926,029 603,845,885 596,757,207 *529429094 ♦ Uncorrected totals. In another table we show the shipping movements for the past year contrasted with its immediate predecessor, with the December figures as a preliminary, as they were to a certain extent affected by the release of tonnage in con sequence of the signing of the armistice on Nov. 11: SHIPPING (FOREIGN TRADE). Entered (With Cargoes). British. (I.) Dec. 1918_____________ “ 1917_____________ (II.) Yearended—Dec. 1918.. “ 1917.. Inc. (+) or dec. (—) In year. Tons. 1,683,892 1,405,771 19,791,267 18,795,045 Cleared (With Cargoes). Foreign. British. Tons. Tons. 300,668 1,314,826 1,354,884 294,328 3,415,850 14,953,266 4,433,501 16,926,662 Foreign. Tons. 621,389 622,780 7,770,279 9,149,162 + 996,222 —1,017,651 —1,973,396 —1,378,883 Abnormal conditions continued to be experienced by the Lancashire cotton industry during the past year. Although the trade throughout the period governed by the regulations of the Cotton Control Board, those engaged in it enjoyed much more freedom than other divisions of the textile in dustry, both in the purchase of raw material and in the mar keting of its products. American cotton prices were never artificially fixed, and apart from Government contracts, cotton yarns and cotton goods had a comparatively free market. In all other directions the Government, through the ministries and various control boards, had dictated quantities and prices regulated from time to time, in alloca tion of raw material for civilian purposes. The restrictions on the purchases of “spot” cotton in Liverpool by spinners in force at the beginning of the year were in force until nearly the close; but spinners are now allowed to buy cotton from warehouse without a license. This has kept the “spot” business in Liverpool within exceptionally narrow limits, more expecially as the Control Board has found it necessary from time to time to enforce shorter working hours and the reduction in the employment of machinery, with the view of regulating supply and consumption. The new supply has been the main anxiety at all times. When the past year started the stock of American cotton in Liverpool was slightly under 300,000 bales, comparing with 692,000 bales twelve months previously, while on Dec. 13 it was 135,000 bales as against 561,700 bales. At times the full stock was barely equal to a fortnight’s consumption. In an endeavor to meet such conditions, the Control Board in May reduced working hours from 50 to 40 hours per week, with a substantial reduction in the spindles and looms allowed to be run. The highest price of middling American cotton in Liverpool during the season to the end of July last was on April 8 1918, the rate being 24.97d. per lb. and the lowest point was on Sept. 14 1917, when the quotation was 16.90d. per lb. The following is a table of average prices in Liverpool for the past two seasons Middling American d. 1918__________ ............21.68 1917__________ ____________ 12.33 Fair Pernambuco d. 24.13 13.03 Fully Good Fair Egyptian d. 30.97 25.68 Fair M. G. Bhownuggar d. 20.81 11.83 Good M.G. Oomra No. 1 d. 16.12 9.90 The past year was one of the most remarkable periods in the history of the Lancashire cotton spinning trade. As Mr. F. W. Tattersall points out, records have been estab lished which in pre-war days could scarcely have been imagined, and business was done at prices which not very long ago would have been regarded as impossible. In the first half of the year, spinners in the American section steadily gained strength, and by the middle of summer the scarcity of both twist and weft became very acute. Users competed for the output of the spindles with the result that quotations were raised almost from day to day, and quite independently of raw cotton rates. Special rates were paid for quick delivery, and the margin of profit was of such a character that it became almost dangerous to the welfare of the trade as a whole. This state of affairs was the result of the production of yarn being less than the consumption BUSINESS IN GREAT BRITAIN. 131 tion in the quantity of wool imported into Great Britain last year was accompanied by some noteworthy changes in the sources of supply. The South American output was left to North America, and only very small amounts were re ceived from the River Plate and the West Coast. South African wool went in increased quantities to Japan and the United States. Shipments from New Zealand were even more restricted than those from Australia, and although con siderable accumulations have taken place in Australasia as a whole, the disturbance of the shipping routine has had the effect of diverting material usually shipped to Lodnon. In dealing with cotton we have already given particulars of the quantities and values of the imports and exports of woollen and worsted goods in each of the past three years, and need only add here that carpet manufacturers have been under a special disability in being allowed to work only 50% of their machinery and even for this production it has been difficult to procure the necessary labor force. Speaking generally there can be no doubt that the steadily increasing shortness of supplies of raw material during the past few years has had the effect of producing a cumulative shortage of woolen goods. It seems probable, therefore, that a period of considerable activity is likely in the woolen and worsted industry. With the freeing of wool from Government control it is expected that large amounts of private capital will be brought into a market from which they have lately been practically excluded and that skill will be afforded its old play in combining matrials to the utmost advantage. The experience of the war has greatly stimulated the desire for more knowledge, and although the British Research Association for the Woolen and Worsted industries has only about one-fourth of the industrial com panies and firms on its roll of members, it is up to the present the largest of the new research associations formed with Government help. The desire for co-operative effort is seen in the promotion or continued working of numerous national organizations, most of which are federated within the Wool Textile Association of the United Kingdom. In the silk trade the features were the high prices of raw materials and the large supplies which reached the United Kingdom of both raw and manufactured goods, imports having increased both in quantity and value despite the shipping restrictions. This is partly explained by the fact EXPORTS OF TEXTILE FABRICS. that Japanese bottoms were largely employed in the imports silk trade, and their shipping was quite outside the tonnage 1917. 1916. Year’s Exports. 1918. affected by the shipping control. Imports of raw silk from Quantities. Japan increased from 197,621 lbs. in 1916 to 1,144,318 lbs. 133,151,300 172,170,600 101,793,700 Cotton yam....... ................... .lbs. last year, while in the same couple of years those from the Piece goods____________ .yds. 3,695,772,100 4,978,237,900 5,254,222,700 29,097,100 30,403,000 5,777,600 Jute yarn_______________ .lbs. British East Indies advanced from 69,419 lbs. to 222,455 31,615,900 126,280,700 119,583,100 Piece goods,....................... .yds. 9,583,300 1,678,300 18,148,000 Linen yarns------------ -------- ..Ibs. lbs. The total quantities increased from 1,200,459 lbs. 103,636,800 144,063,500 69,894,600 Piece goods....... ................. .yds. 67,316,100 123,547,100 131,762,200 Woolen tissues___________ .yds. in 1916 to 2,230,725 lbs. in 1918, while the value of the im 31,066,900 42,717,700 52,211,700 Worsted tissues---------------- .yds. ports from Japan improved from £197,388 to £1,212,846, £ £ £ Values. 16,695,194 13,428,897 21,409,710 Cotton yam___________ __ and the total values of the imports ran up from £1,059,185 138,521,491 112,787,619 88,787,890 Piece goods____________ 220,870 907,267 843,751 Jute yarn________________ to £2,616,440. Imports of manufactured materials, mainly 4,001,042 3,830,067 1,317,477 Piece goods.. _________ 2,317,280 277,457 1,068,517 broadstuffs, increased from 41,623,757 yds. in 1917 to Linen yarn_________ _____ 5,996,746 6,717,149 6,327,495 Piece goods____________ 57,720,668 yds. last year, while the value rose from £4,5,696,102 4,584,528 4,598,539 Woolen yarn_____________ 7,761,749 29,430,613 22,710,285 Woolen tissues___________ 875,552 to £8,544,191. Imports from France fell off 7,273,441 22,652,695 7,438,907 Worsted tissues__________ nearly 50%, and a rather smaller percentage of decline The figures for 1917 have been revised and adjusted in occurred in the trade with Switzerland. In the export several instances, but the variations have seldom been of trade there has been a falling off in the consignments to any particular importance. The whole position is domi practically all markets. The figures for yarns show a de nated by the further advances in prices which took place in crease in quantity from 537,965 lbs. in 1917 to 312,500 the course of the past year. lbs. in 1918, whereas in the year 1916 over 1,000,000 lbs. Wool growers have continued to be benefited by the Gov were exported. Values have come down from £365,995 in ernment control of the industry, which has ensured them 1916 to £183,681 in 1918. With the exception of Australia, 60% higher prices than those ruling before the war, with there was a general shrinkage in exports of broadstuffs, but promptitude and a practical absence of friction; but manu the decline in value was inconsiderable, being only £32,000 facturers working for the civil markets have been in con less than in the previous year. Of goods classified as silk stant doubt as to whether they would get their short rations mixed with other materials there was only a small decline of wool or whether supplies would not be further curtailed. in volume, and an increase in value. The British silk trade Neither the high prices of raw material nor advances in has not been largely engaged in the production of war ma wages account for the quotations reached for worsted yarns terial. Although silk could be applied to various require for civil purposes, and the great gainer has been the Ex ments, the cost would in nearly every instance be too high chequer. The Wool Council formed to advise as to the raw to justify the application except under circumstances of the material requirements and to make plans for the return of direst need. With regard to the industry as a whole, it has peace conditions estimates in effect that the present world been extremely busy during the past year, all the available stock of wool is equivalent to one-half of the world’s annual labor having been well employed. A majority of the firms clip. It suggests that during the current year consumption in the trade have not only been full of work during tho will practically balance production, leaving intact the stock period under review, but are booked up for the current year. of 12 to 13 million lbs.; but that next year consumption will The Coventry section has been overwhelmed with orders outrun production, leaving at the end of 1920 not much for military ribbons; the dress trade has had a prosperous more than four months’ stock in hand. Meanwhile it is year, and the other sections have had difficulties in coping noteworthy that wool was cheaper in Great Britain last with the demands of customers. year than in any manufacturing country in the world, and As in the earlier period of the war, so in the past year the some 30% cheaper than in the United States. The reduc shipping industry has bulked very largely in public atten week by week, and stocks in first bands were quite unknown. In the Egyptian department a very encouraging year was experienced. Perhaps on the whole the shortage of supplies was not quite so pronounced as in the American section, but producers met with a healthy offtake and the prices secured were very remunerative. An increasing business was done in descriptions suitable for aeroplane cloths. The stock taking results of limited companies caused much comment, and concerns which were comparatively weak at the outbreak of the war, have now improved their position to a consider able extent, whilst financially sound mills have become stronger than ever. It was a disappointing year in export yarns. Certain important outlets were closed as a result of the war. An encouraging business however was done for France. Fair buying occasionally took place for India, but as a rule buyers were not prepared to pay the high prices required. Cloth manufacturers did less well than spinners of yarn in the past year. To quote Mr. Tattersall, the cotton expert, “makers of piece goods who spin their own yarn have done much better than producers who use bought twist and weft. During the first few months of the year there was a certain amount of hesitation on the part of the buyers as to whether it was advisable to operate freely at the steadily advancing prices. The military situation in the spring caused some anxiety. By the middle of the summer a more favorable turn of events had transpired on the Continent, and traders arrived at the opinion that the Allied forces would be successful, but that hostilities would probably not cease for another twelve months. Owing to there being no anticipation of any early fall in values, a big buying movement set in. Since then it has been found that shippers were greatly misled and the sudden ending of the war was not at all anticipated in trading circles.” The year was an exceptionally prosperous one for those engaged in the cotton industry, as will be gathered from the fact that the percentage and profit on the share capital of the spinning companies rose from an average of 13.48% in 1917 to 34.34% last year, while share quotations have risen appreciably and have frequently broken all records. 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 132 BUSINESS IN GREAT BRITAIN. tion, owing to the persistence and violence of German piracy all the world over, and the necessity of charging abnormally high freight rates. The Ministry of Shipping which was created towards the end of 1916 has on the whole worked successfully though it has met with plenty of criticism from the public and more especially from leading representatives of the shipping industry. Early in the year a deputation of South African merchants pointed out to the Shipowners’ Committee that the supply of shipping required for the transport of cargo from South Africa to the United King dom was altogether inadequate. In the case of the Union and Castle fleet, practically two-thirds were appropriated by the Government as hospital ships, armed merchant cruisers, or transport and supply ships. The other onethird of the fleet had to go on from South Africa to other ports of the Empire and temporarily to engage in opera tions elsewhere. Practically only 10% of the whole fleet was actually devoted to legitimate South and East African trade purposes. Late in the year Lord Inchcape, the P. & O. Chairman, pointed out that for the last few months his company had only one ship running to India, all the other vessels afloat being employed in direct Government service; the mail service was reduced from a fortnightly to a weekly one, mostly carried by British India steamers, and owing to the delays caused by the convoy system the service was naturally irregular and unsatisfactory. The experience quoted by Sir Owen Philipps and Lord Inchcape was typi cal of the industry as a whole. The result was that markets were almost featureless, business having been conducted at fixed rates. Comparing with about 18,500,000 tons before the war, there were known to be roughly 17,700,000 tons gross of shipping on the United Kingdom and Colonial Registers at the beginning of 1917, and 15,100,000 tons at the close of last year, the last total including close upon 700,000 tons of neutral vessels requisitioned and ships building in the United Kingdom and the Overseas Do minions for foreign owners which were brought under the British flag. Of the tonnage available in 1914, about 12,000,000 tons were engaged in the import trade, but the total had fallen to but little more than one-half—6,250,000—at the end of 1918. In these circumstances it will be admitted that the imports were extremely well maintained. The policy adopted was to let the reductions fall upon certain selected imports. In the past year the imports of wheat and flour were reduced from 5,300,000 tons to 4,250,000 tons, and sugar from 1,400,000 tons to 1,340,000 tons; while the imports of iron and other metallic ores and oil were increased. The part played by the shipping in dustry in connection with the country’s naval and military requirements was an extremely important one. From the beginning of 1917 to the end of November last over 13,000,000 effectives were carried, raising the total from the outbreak of the war to nearly 21,000,000. The total in cluded about 17,000,000 British effectives, of whom about 12,500,000 were carried on cross-Channel transports, while 4,500,000 were transported for much longer voyages, in cluding the voyages from Canada or Australia to the United Kingdom or France, and from Australia or the United King dom to Egypt. In addition, from the beginning of the war to the end of November 1918, there were 2,927,000 non-effectives carried. During the same period 46,502,000 tons of British military stores were transported, of which 24,000,000 ton were carried across the Channel and the balance of over 2,000,000 tons were carried on much longer voyages. The quantity of Allied stores of all kinds trans ported during th same period amounted to 5,536,000 tons. A very large amount of tonnage was allotted to the transport of American troops. More than a million of these were carried from the United States to the United Kingdom, more than a million from the United Kingdom to France, and 124,000 between the United Kingdom and France. The efficient manner in which the vessels were employed in the transport of the troops, involving an exceedingly rapid “turn-round” at the ports, reflected great credit on all concerned. With regard to the shipbuilding industry, it may be pointed out that in the record year 1913, according to the statement of the “Glasgow Herald,” the yards of the United Kingdom built 2,263,933 tons, and marine engineers showed an out put of 2,661,360 h. p. of propelling machinery. Last year, in spite of the adoption of standardized types of ships and engines, only 1,876,411 tons of all classes of ships, naval as well as mercantile, were turned out. In view of the hopes raised of an output of at least 1,800,000 tons of merchant shipping alone, this can only be regarded as a disappointing result. The comparative statistics so far as they are avail able are given in the following table, but it is impossible to give any accurate figures for enemy countries or for Russia: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis GROSS TONNAGE. Country— 1918. United Kingdom____________________________________ 1,876,400 United States*______________________________________ 2,794,251 700,000 Japan____ _ ________________________________________ Holland_________ ___________________________________ 156,800 55,000 Sweden_________ ________________________________ 49,000 Norway.-----------------------------------------------------------------Spain_______________________________________________ 37,500 33,600 Denmark___________________________________________ British Dominions___ '._____________________________ 293,649 * Eleven months figures in deadweight tons, a Year 1913. 1917. <z2,263,933 290,300 39,000 48,000 23,000 22,531 103,773 No details of machinery output are included in the table, but the returns quoted show that there was a great jump in the i. h. p. of engines constructed last year as compared with the record year 1913, the respective figures being 2,660,000 i. h. p. in the latter year, and, with a lower tonnage output, 4,349,000 i. h. p. last year. It represents a magnifi cent effort on the part of British marine engineers in connec tion with high-speed naval vessels, and gives proof that all the requirements of merchant shipbuilders can be easily met by the allied industry. This may be stated with greater confidence as the movement towards the standardization of marine engines and boilers on lines which will not stultify advances in design has made good progress, and a scheme of production on a common basis is ready to be launched. Throughout the year the Government control of the coal mining industry, which became general in February 1917, continued, and the period was the most difficult and critical since the outbreak of the war. In 1913 the total output of coal in the United Kingdom amounted to close upon 278 million tons; but in 1915 it had declined to 252 million tons, and after a small recovery in the following year, on the suspension of recruiting in the industry and the influx of new labor, there was a drop to 248 million tons in 1917, and in the past year it is doubtful whether the production ex ceeded 232 million tons. Early in the year 75,000 miners were called to the colors. It was intended to call up 100,000 men, but the gravity of the situation and the necessity of maintaining essential war exports to France and Italy, in duced a change of policy on the part of the Government. There was for a time a considerable shortage of wagons, to say nothing of the utterly inadequate shipping facilities for the overseas traffic. Labor troubles were frequent, and advances in wages frequently led to much irregularity in the supply of men. In the result the export trade was very adversely affected by the shortage^of output. In 1913 the total quantity of coal shipped from the United Kingdom, in the shape of cargo, bunkers, coke and patent fuel, amounted to 98,338,000 tons; in the following year there was a drop to 81,000,000 tons, and in each year since the shortage was considerable, until in 1918 the total was only 43,000,000 tons, or less than half that of the last pre-war year. Mean while, the home demand had been increased, owing to the call for munitions, the aggregate having risen from 189,000,000 tons in 1913 to close upon 200,000,000 tons in 1917, while last year the quantity retained for home consumption was, roughly, 190,000,000 tons. In the following table the exports from the United Kingdom to the principal foreign countries are shown for the years 1913 and 1918: Country— 1913. 1918. Tons. Tons. Russia.......................................... ........................... -................... 5,998,434 128,114 Sweden............................................................................................ 4,563,076 1,050,121 Norway-........... ............. ............... -_____ ________________ 2,298,345 1,250,867 Denmark____________________________________________ 3,034,240 1,045,701 Germany_________________________________ 8,952,328Nil Netherlands______________________________________ 2,018,401 88,001 Belgium----------------------------------------------------------------2,031,077 Nil France._________ 12,775,909 16,511,005 Portugal__________________________________________ 1,356,081 194,100 Spain......................................................... 9,647,161429,003 South America.................... ............... ............................ .. 6,892,905 599,509 Egypt.----------------------------------------------3,162,4771,697,908 Italy.......................................................... 9,647,1614,053,570 The only country included in the above list to which the shipments were increased was France, which in 1917 took a million tons more than last year. The shipments to Italy fell off by about one-half; but it should be pointed out that in the past year a special arrangement was entered into be tween the British and French and Italian Governments for the export to France of about 230,000 tons per month of British coal for the purpose of releasing an equal quantity of French coal for overland export to Italy. The shipments to the coaling stations of Gibraltar and Malta increased from but little over a million tons to nearly three million tons between 1913 and 1918, but the exports to Egypt fell from 3,162,000 tons to 1,698,000 tons. The regulation of coal prices remained under Government control; when the control was fixed the standard maximum arranged for inland con sumption was 4s. per ton above the pre-war price; but in June 1916 the excess was raised to 6s. 6d. in the case of South Wales and Forest of Dean coal fields, and in October 1917 to 9s., and to 6s. 6d. in other districts. Last year further advances were made to 13s. per ton at the pit’s mouth over the 1913 level in South Wales, and to 10s. 6d. per ton in other coal fields. With regard to the course of prices, the “Glasgow Herald” points out that immediately after the war started there was an almost complete cessation of trade in some districts; but the Price of Coal (Limitation) Act was passed on July 29 1915, and later, on Feb. 22 1917, a complete Government control was set up. The net result of the operations of the Coal Price Limitation Act, supple mented by the action of the Coal Control, has been to fix the price of coal for home consumption, according to the class of fuel, at about 10s. 6d. per ton over the price ruling previous to the war, or equal to about 75%. It is to be noted that 4s. per ton of this advance is payable to the Coal BUSINESS IN GREAT BRITAIN. Controller, who, on the other hand, pays the cost of the war bonuses granted to the workmen in Septemner 1917 and June last. As in the earlier period of the war, so in the past year, conditions of extreme pressure existed in practically all branches of the iron and steel industries. Notwithstanding the heavy withdrawal of workers for service abroad, the necessities of the Army and Navy were fully met, and with the exception of a short-lived strike among steel-makers, there was an almost complete absence of serious labor troubles —a fact speaking well for employers and employed' alike. The steady expansion of manufacturing facilities can scarcely fail to become an extremely valuable asset when competi tion again takes the place so long held by the controlled out put of munitions. The output of pig iron and steel ingots and castings in the United Kingdom in 1918 was slightly less per week than in 1917, but in the former case the total was larger than in any other year since 1913, and in the latter it was only exceeded by 1917. This will be seen from the following table: Weekly Output (Tons)— 1918________________ ________ ______ _ 1917___________________________________ 1916___________________________________ 1915_____________ _____ _____________ _ 1914___ _______ _______________________ 1913______________________________________ 1912____________ _________________________ Pig Iron. 175,000 179,000 174,000 169,000 173,000 200,000 168,000 Steel Ingots and Castings 184,000 187,000 173,000 161,000 151,000 141,000 131,000 The actual output figures of pig iron are not yet available; but it was probably rather less than in the preceding year owing to the shortage of ore imports in the earlier months of the period. In the Cleveland district a feature was the greatly increased number of furnaces making hematite, the demand for which was insistent, though deliveries were at times delayed by the inefficiency of transport facilities. In the Midland district marked bars were produced upon an unprecedented scale, but so keen was the demand of the Government that the price was advanced to £16 and later to £17 per ton, while unmarked bars went to a maximum of £14 to £15 per ton, an advance ot nearly 100% in each instance over the pre-war level. There was a further expanison in the production of basic iron, a branch of the industry hitherto dominated by Germany and the United States. The galvanized sheet trade displayed signs of re vival, especially in the direction of corrugated sheets for mili tary requirements. Quotations rose to record levels, boubles having advanced to £19 and galvanized corrugated to £29, the latter being nearly three times the pre-war figure. Shipbuilders made increasing demands on the steel works for repairs, as well as for new construction. Since the armistice the general requirements have been upon such a large scale that only a small tonnage is allowed to be exported to Allied nations. One of the most encouraging signs of the times is the growing tendency among home manufacturers to con tinue with the object of sub-dividing production in such a way as to reduce works’ costs to a minimum and of uniting forces for marketing the product in the home and overseas markets. The establishment of the London Iron and Steel Exchange met with a very cordial response from those en gaged in the industry, as the new departure was recognized as an important element in the consolidation of British man ufacturing and commercial resources for the general advan tage of the metal trades of the country. Shipments, as in the previous year, were of almost negligible quantity, partly owing to the urgency of the home demand and partly in con sequence of the shipping difficulties. The total shipments of iron and steel amounted to 1,607,032 tons, against 232,803 tons in 1917 and 4,933,704 tons in 1913. The value was £36,731,455, which is rather under the total for 1908 and considerably less than that of any of the intervening years. In the appended table the exports of iron and steel from Great Britain are shown for each of the past ten years: EXPORTS OP IRON AND STEEL FROM GREAT BRITAIN. 1918_________ ______ ____ 1917_____________ _____ _ 1916_________ __________ 1915____________________ 1914____________________ 1913____________________ 1912____________________ 1911____________________ 1910____________________ 1909 Pig Iron. Rails. Tons. 483,140 733,943 918,158 611,227 782,319 1,129,048 1,267,188 1,209,113 1,210,728 1,140,695 Tons. 26,697 39,083 44,403 242,267 433,507 500,117 411,625 375,296 482,327 580,215 Other Descriptions. Tons. 1,097,195 1,555,004 2,552,061 2,346,189 3,208,717 3,106,539 3,128,715 2,931,496 2,894,954 2,489,889 Total. Tons. 1,607,032 2,328,030 3,294,624 3,196,683 3,884,513 4,933,704 4,807,528 4,515,905 4,588,009 4,210,700 It has recently been announced by the Minister of Mu nitions that the total stocks of iron and steel in the hands of the Government available for disposal at the end of Decem ber last were as follows: Pig iron (Swedish), 80,000 tons; shell steel billets (suitable for re-rolling), 210,000 tons; ships’ plates (purchased in U. S. A.), 19,800 tons; bright steel, 5,000 tons; bar iron (Swedish), 10,000 tons. These figures, which include all stocks of U. S. A. steel in this country, only represent stocks in the hands of the Govern ment still to be disposed of and do not include stocks in the hands of private firms, neither do they include stocks of forgings and semi-finished shell. The bulk of the Govern ment contracts in U. S. A. for iron and steel have been can celed and the existing stocks of shell steel at American ports and steel works are being disposed of in the American mar ket. The only outstanding commitments still due to arrive in this country, it is stated, are (1) 40,000 tons of basic pig iron from U. S. A., the whole of which has already been http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 133 allocated to its final destination; (2) 7,500 tons of wire rods from U. S. A. and 2,500 tons from Canada, and (3) 4,000 tons of pig iron from Sweden. During the greater part of the year lead stood at the con trolled price of £29 @£30; but in November it was raised to £40. Copper fluctuated between £110 and £122.1.0., and averaged £115.6.8., in contrast to £124.17.2 in 1917, and averages of £68 and £73 in 1913 and 1914. The period was a record one for tin. Opening at £298, the price rapidly advanced until May, when it touched £380, falling in June to £329. Losses at sea and scarcity of supply then reacted on the market, and early in August there was an advance to £399 for standard. A steady decline brought the quo tation down to £236 at the close of December, the minimurft figure of the year. The control was removed in December and during the latter half of the month there was a drop of about £30, though there has since been a sharp recovery. The extreme fluctuations last year exceeded £160, as against £140 per ton in 1917. With regard to the Welsh tinplate trade, Messrs. Sim & Coventry report that— While our own mills have been working on an average to about 50% of their capacity, so far as can be judged, the Americans, although troubled to some extent by shortage of labor, materials and transport, have suc ceeded in working to a much fuller extent, and works are erecting many additional mills for further developments. Large quantities of American tinplates have come to Europe—especially to France and Italy—and their other best customers appear to be Japan, Canada and the South American republics. It is also reported that Japan is erecting tinplate works with a capacity of 25,000 tons annually (about half her present imports from the United States), and the Government is said to be contemplating.a national tinplate factory in a few years time. It was further stated in September that a committee appointed by the Australian Government had reported in favor of initiating the making of tinplates in Australia forth with. Altogether it would appear that the recovery of our export trade will have to be effected in the face of unprecedented competition, and it therefore behooves all who are concerned to do everything possible in the way of preparation. The makers will be unable to depend upon the cheap foreign steel which has been available in the past, but it is hoped that our own steel works, in the light of their war-time experience, and with the aid of their greater scientific and other facilities, will find themselves able in future to produce steel as favorably as any of their aforetime competitors. The exports of tinplates and tin sheets and the values of the total shipments have been as shown below for each of the past five years: Year— Quantity. 1918______________________________ 223,509 tons 1917_________________________________ 177,383 “ 1916_______________________ 321,654“ 1915_________________________________ 368,778 “ 1914_________________________________ 435,392 “ Value. £7,570,756 5,380,409 8,458,497 5,681,952 5,999,085 In July 1917 an order was issued fixing the price of coke at 30s. f.o.b. works, based on tin at £240 per ton. This order worked satisfactorily, and remained in force until about the end of November last, when it was replaced by another fixing 32s. 6d. as the maximum for the home trade and Allied countries (regardless of the price of tin), there being no stipulated figure for neutral countries. Other fluctuations of a limited character occurred from time to time, makers finding their order books getting a little bare being willing to shade maximum prices to secure business. As in previous years, the largest importing countries were France, Australia, British East Indies, Argentina and Italy, taking purchases in the order of volume. BANK OF ENGLAND RATE OF DISCOUNT. Rate Number % of Days. Year. Jan. 1 April 6 May 4 June 22 Sept. 14 Oct. 12 Oct. 20 1906. to April to May to June to Sept, to Oct. to Oct. to Dec. 5____ 3____ 21____ 13____ 11____ 19____ 31......... Year’s average_______ Jan. Jan. April April Aug. Nov. Nov. Nov. 1 18 12 26 16 1 5 8 1907. to Jan. 17____ to April 11____ to April 25......... to Aug. 15......... to Oct. 31____ to Nov. 4____ to Nov. 7____ to Dec. 31____ Year’s average_______ Jan. Jan. Jan. Jan. Mar. Mar. May 1 3 17 24 6 20 29 1908. to Jan. to Jan. to Jan. to Mar. to Mar. to May to Dec. 2____ 16____ 23____ 5____ 19____ 28____ 31-__ Year’s average_______ 4 3^ 4 3^ 4 5 6 3.01 3.10 Year’s average 1911. to Jan. 25to Feb. 15. to Mar. 8. to Sept. 20to Dec. 31. 25 21 21 196 102 1912. to Feb. to May to Aug. to Oct. to Dec. Year’s average__ day3 days 1914. days an. 1 to Jan. 7. days an. 8 to Jan. 21days Jan. 22 to Jan. 28days Jan. 29 to July 29. days July 30-...................... July 31____________ 366 days Aug. 1 to Aug. 5Aug. 6 to Aug. 7. Aug. 8 to Dec. 31. 13 days 77 days Year’s average__ 189 days 7 days 1915. 7 days 1 to Dec. 31. 49 days 23 days 1916. Jan. 1 to July 12. 365 days July 13 to Dec. 31. Year’s average__ 4^ 5 days 4 14 days 1917. 3 K 21 days Jan. 1 to Jan. 16. 3 35 days 17 to April 3. 4 77 days April 4 to Dec. 313^ 7 days 3 112 days Year’s average__ 4 21 days 5 42 days 1918. 1 to Dec. 31. 4H 31 days 3.72 365 days days days days days days 365 days Year’s average... 7 2 6 14 5 7 4 42 3* 14 3 70 2^ 217 Year's average.............. 1910. to Jan. 5____ to Jan. 19____ to Feb. 9____ to Mar. 16......... to June 1____ to June 8____ to Sept. 28____ to Oct. 19____ to Nov. 30____ to Dec. 31____ Jan. 1 Jan. 26 Feb. 16 Mar. 9 Sept.21 Rate Number % of Days. Jan. 1 7Feb. 8 8. 6 17 days May 9 285 84 days Aug. 29 16. 4^ 14 days Oct. 17 31. 4 112 days 4^ 77 days Year’s average__ 4 days 5^ 6 3 days 1913. 7 54 days Jan. 1 to April 16April 17 to Oct. 1. 4.92 365 days Oct. 2 to Dec. 31. 2H 3 2H 3 4 5 4M Jan. 1 Jan. 6 Jan. 20 Feb. 10 Mar. 17 June 2 June 9 Sept. 29 Oct. 20 Dec. 1 days days days days days days days 4.27 365 days 1909. to Jan. 13____ to Mar. 31____ to Oct. 6____ to Oct. 13......... to Oct. 20____ to Dec. 8____ to Dec. 31____ Jan. 1 Jan. 14 April 1 Oct. 7 Oct. 14 Oct. 21 Dec. 9 95 28 49 84 28 8 73 Year. 38 91 112 49 76 days days days days days 366 days 106 days 168 days 91 days 365 days 5 7 days 414 14 days 4 7 days 3 182 days 4 1 day 8 1 day 10 5 days 2 days 6 5 146 days 4.03 365 days 5 365 days 194 days 172 days 366 days 16 days 78 days 271 days 5.15 365 days 5 365 days BUSINESS IN GREAT BRITAIN 134 CONTINENTAL DISCOUNT RATES. PRICE OF SILVER FOR THREE YEARS. 1917. 1918. Low. High. Avge. d. d. d. Jan 45% 43% 44.355 Feb 43% 42% 42.791 Mar 46 42% 43.619 Apr 49% 45% 47.215 M’y 49 X 48% 48.98 J’ne 48% 48% 48.875 July 48 13-16 Aug 49% 48 13-16 49.077 Sep 49% 49% 49.5 Oct 49% 49% 49.5 Nov 49% 48% 49.009 Dec 48% 48 7-16 48.489 Y’r 49% 42% 47.518 High. Low. 1916. Avge. d. d. d. 36.682 37 7-16 36 38 7-16 37 5-16 27.742 37 5-16 35 11-16 36.423 37 15-16 36 9-16 36.963 38% 37% 37.939 38 39.065 39% 39% 40.110 41% 46 40% 43.418 55 46 50.920 44.324 48% 41% 43.584 45% 42% 43% 42% 43.067 55 1918 Rates of interest at 35 11-16 40.853 Low. High. Avge. d. d. d. 27 5-16 26 11-16 26.96 27% 26 13-16 26.97 28 15-16 26 15-16 27.59 35% 29 30.66 32% 37% 35.47 32% 31.06 30 31 28% 30.00 32 30% 31.49 32.58 32 15-16 32% 32% 32% 32.36 35 15-16 32 7-16 34.18 35 13-16 36.41 37 26 11-16 31.31 37% Jan. Feb. Mar Apr. Mag June July Aug. 1 1 1 1 1 1 1 1 Paris— 5 Bank rate _ _ Berlin— Bank rate______ 5 5 5 5 5 Amsterdam— Bank rate______ 4% 4% 4% 4% 4% 4% 4% 4% Brussels— 5 5 5 Bank rate_ ____ 5 5 Vienna— 5 5 5 Bank rate______ 5 Petrograd— 6 6 6 6 e Bank rate____ 6 6 6 Madrid— Bank rate_____ 4% 4% 4% 4% 4% 4% 4% 4% Copenhagen— 5 5 5 5 5 5 Bank rate 5 5 Note.—No open market rates reported during the year. Sept. Oct. Nov. Dec. Dec. 1 1 1 1 31 5 5 5 5 4% 4% 4% 4% 4% 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 4% 4% 4% 4% 4% 5 5 5 5 5 WEEKLY RETURNS OF THE BANK OF ENGLAND—1917, 1916, 1913, 1914, 1913 AND 1912. (00.000s omitted.)For statement for 1918 see page 129. Bull'n Deposits. Securities. Res’ve 1917. Note in both of Circu De- Public\ Other. Notes lation. part’s. Govt. Other. &Coin Jan. 3. K-. 1017fe 24. tes 31. Feb. 714. K3 21. 28. Mar. 7. 14. 21. 28April 4. k- 11Sl 18hf«25. May 2. 9. 16. 23. 30. June 6. 13. 20. 27. July 4. 11. 18. 25. Aug. 18. 15. 22. 29. Sept. 5. 12. 19. 26. Oct. 3. 10. 17. 24. 31. Nov. 714. 21. 28. Dec. 5. 12. 1926. Jan2’18 £ £ 54.9 53.1 55.4 49.5 56.1 51.3 56,6 50.7 56.6 44.7 56.9 42.2 57.1 51,9 55.7 48.8 54.2 47.8 54,0 120,8 53.7 86.3 53.9 67.9 54,0 49.9 54.6 50.1 54.9 49.3 55,0 54.7 55.2 52.4 55,0 47.2 55,0 54.1 54.8 52.9 55,0 47.1 55.1 57.4 55,0 47.9 55.3 49.7 56.6 50.1 57.5 39.1 55.2 41.6 53.4 42,0 53,1 47.7 53.1 46.6 52.4 44.8 53.3 47.4 53.6 45.5 54.1 44.7 54.3 46.5 54.2 44.4 54.2 42.5 54.7 40.7 55,0 44.2 55.7 42,5 55.4 42.1 56,0 42.7 55.5 40,0 56,0 43.8 56.1 43.4 55.6 42.2 55.8 42,1 56.5 41.5 57.5 36.4 57,5 40.4 57,5 36.9 58.3 42,0 59.1 32,0 £ 39.8 39,0 38.8 38.7 39,6 39,5 39.4 38.5 38.5 38,2 38,0 37.8 38,2 38.9 38.6 38.1 38.2 38.8 38.7 38.5 38.6 39,0 38.9 38.7 38.8 39.3 40.2 39.9 39.5 39.7 40.4 40.3 40,0 39,9 40.4 40.6 40.5 40.6 41,1 41.8 41.6 41.6 41.6 42,4 42,3 42.3 42.4 43,0 43.7 43.9 45,0 45.9 46.5 Vuitton £ £ 116.3 62,1 130.2 120,2 137.6 133,8 139.2 133.8 168.7 160.3 226.4 212.3 145.1 134.9 146.8 84.9 167.9 82.4 123.1 31.9 119.1 24,0 124.3 24,0 129.6 24,0 128.9 39.2 128,8 37.5 124.5 37,5 117.2 37.4 128,8 45,0 119.3 45,0 117,2 44.9 131.6 45,0 119.4 45,0 120.7 45.2 125.8 45,2 119.4 45,2 125.1 45,2 130.5 45.5 126.1 45,4 124.7 45.4 126.8 48.1 128.7 50.4 130.4 56.5 126.9 56,5 127.2 56,4 131,0 57.8 124.9 57,7 121.3 57.7 128,2 58.1 121.7 58.1 128.7 58.7 119.6 58.2 132.6 59.2 124.2 58.9 122.3 59,0 121,0 58.8 120.5 58,7 122.5 58.7 122.7 58.8 135.6 65.9 123.1 57,8 129.1 57.8 124.1 58.3 158.4 70.8 Deposits. £ 91.7 42.5 37,3 37.8 35.7 38.5 44,0 93.2 117.3 196,0 165.4 151,8 139.6 123.3 123.6 134,0 114.4 114,0 111.4 108,2 116.6 115,0 106.7 113.1 105.8 100.2 111,0 108,6 112,6 111.3 110,6 107.9 101.9 100,8 105.4 97.7 92.1 96.4 93.5 98.3 88,9 100.3 90.6 92.8 91.1 90.1 91.9 91.3 91.7 91,5 95.1 94.8 106.4 £ 33.5 34,8 35.7 36,2 35.5 35.8 36.1 35.6 34.1 34.2 34,1 34.5 34.1 34.2 34.7 35,4 35.4 34.6 34.7 34.7 34.8 34.5 34.5 35,0 36.2 46.5 33.4 31.9 32,1 31.8 30.4 31.4 32,0 39.9 32.3 32,0 32.1 32.5 32.3 23.3 32.2 32.8 32.3 32,0 32,2 31‘6 31.8 31.8 32,2 32,0 30.9 30,8 31,0 L1914. Jan. 7. 14. 21. 28. Feb. 4. 11. 18. 25. Mar. 4. 11. 18. 25. Apr. 1. 8. 15. 22. 29. May 6. 13. 2027. June 3. 10. 17. 24. July 1. 8. 15. 22. 29. Aug. 7. 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. £ 29,0 28,4 28,2 28,2 28,4 28,1 28,0 28,2 28,4 28,2 28,4 28,5 29,4 29,4 29,0 28,6 28,8 28,8 28,7 28,6 28,9 28,9 28,6 28,4 28,7 29,7 29,5 29,3 29,3 29,7 36,1 35,9 37,1 35,5 35,2 35,2 34,6 34,2 34,9 34,8 34,6 34,7 35,1 35,5 35,5 35,3 35,3 35,9 35,7 35,5 36,2 36,1 £ 7,2 7,6 10,2 9,8 10,7 12,5 17,2 20,6 22,4 24,9 27,4 28,7 27,6 19,6 19,2 18,8 19,0 18,3 18,6 19,5 19,0 17,5 16,9 17,6 18,0 17,0 12,5 13,3 13,7 12,7 11,4 7,9 13,6 23,9 28,6 24,4 18,6 28,6 22,2 17,8 23,7 15,7 24,9 16,4 19,2 16,2 18,7 12,6 45,0 43,2 37,4 26,9 £ 46,5 46,1 45,8 51,3 51,8 50,2 45,9 43,4 40,8 39,9 40,4 41,4 39,8 42,3 41,8 42,4 43,1 39,4 38,7 39,4 41,2 42,3 41,6 41,8 44,9 54,5 43,8 42,4 42,1 54,4 56,7 83,3 108,0 123,8 133,8 130,7 135,0 125,2 137,2 146,6 138,8 143,0 126,7 140,3 137,3 147,3 156,4 167,9 120,9 122,7 115,4 128,0 Note Cir cula tion. Jan. 5. 12. 19. 26. Feb. 2. 9. 1623. Mar. 1. 8. 15. 22. 29. April 5. 12. 19. 26. May 3. 10. 17. 24 31June 714. 21. 28. July 5. 12. 19. 26. Aug. 2. 9. 1623. 30. Sept. 6. 13. 2027. Oct. 4. 11. 18. 25. Vov.1. 815. 22. 29. Dec. 6. 13. 20. 27. £ 35.1 34.3 33,9 33.8 34.1 32.8 32,5 32.5 33.3 33.1 32.9 32,9 33.5 33.8 33.6 34,0 34.1 34.3 34.4 34.6 34.7 35.3 35.4 35,3 35.2 35.8 36.3 35.9 35.9 36.0 36.6 36,1 35.7 35.5 36.1 36.2 36.1 35,9 36.5 37,0 36.8 36.6 36.6 37.2 37.1 36.8 36.9 37 6 37.8 37.9 39.2 39.6 Securities. leserve of Cir- Both Govhi oles cula- Dep’t- "ublic. Other. ern- Other. and tion. menls. Coin. ment. £ 37,1 39,8 41,9 43,6 43,3 43,1 42,5 42,7 41,7 41,6 41,1 40,8 39,0 36,0 36,2 36,8 36,7 35,9 35,8 35,9 35,9 35,9 36,9 38,6 39,9 40,0 39,5 40,0 40,1 38,1 27,6 33,0 37,9 43,4 47,7 47,5 48,7 51,6 52,9 56,7 59,2 60,0 61,8 69,4 69,2 72,5 72,2 71,4 71,4 72,4 70,3 69.4 1916. £ 13,1 12,1 11,2 11,2 11,3 11,2 11,2 11,2 11,1 11,1 11,1 11,1 11,1 11,1 11,1 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 11,0 23,0 26,0 29,7 28,0 25,7 25,6 25,7 24,7 27,9 27,5 24,0 19,4 17,2 17,0 18,6 26,3 31,3 11,9 11,9 14,8 14,8 £ 32,1 29,7 30,1 34,2 36,0 36,0 37,1 38,0 38,6 40,1 43,8 46,6 46,6 43,5 41,9 41,1 42,4 38,8 38,4 39,8 41,4 41,1 38,6 37,4 39,9 49,7 34,9 33,6 33,6 47,3 65,3 70,8 94,7 109,9 121,8 116,9 113,7 110,7 116,8 113,9 109,7 108,8 104,9 104,9 105,1 107,1 111,3 113,1 117,6 116,4 103,3 106,2 £ 26,5 29,8 32,1 33,8 33,3 33,4 32,8 32,9 31,7 31,8 31,1 30,7 27,9 25,0 25,6 26,7 26,3 25,5 25,5 25,7 25,4 25,4 26,6 28,7 29,6 28,7 28,5 29,1 29,2 26,8 9,9 15,5 19,2 26,3 30,9 30,7 32,5 35,9 36,3 40,3 43,0 43,7 45,2 52,3 52,2 55,7 55,3 53,9 54,1 55,2 52,6 51,8 1913. Securities. Keserrc Vuitton Deposits. of 1 in both Gov Notes De part Public. Other. ern Other. and Coin. ments. ment. £ 51,1 51.3 51.1 52.2 52.6 54.2 54.8 54.9 56.1 56,0 55.1 55.9 56.6 56.4 57.9 57.9 58.9 57.4 59.3 60,0 60,0 60.2 61.5 61.5 61.7 61.3 60.3 59.3 56.9 56.3 54.8 56.5 57.4 57.1 56.1 55.3 54.6 54.5 53.5 54.6 55.6 56.4 56,0 56.3 56.4 56 4 56,4 56,0 55.9 55.1 54,3 54,3 £ 58.1 53.5 59.4 62,8 58.2 62.6 51.5 52.6 50.6 52.1 52.4 56.2 57,0 69.9 68,8 59.1 61.7 48.4 54.8 60,6 54 2 53.5 50.3 52.2 51.2 49.2 58.9 54.9 58,0 52.9 51,0 54.6 54.2 51.4 52.3 52.2 59.1 52.9 53.3 52.2 55.1 55.5 52.5 51.1 51.5 53.7 55.5 56.2 58.7 57.5 53.5 52,1 £ 105.8 104,0 100,7 100.9 98.5 100,4 99.1 96.3 102,0 97,0 95.2 90.1 87.3 87.7 79.9 86.6 85.4 86,0 83.4 78.5 81.4 82.8 82.2 87.5 91.5 106.3 103.6 92.4 86.4 85.2 85.5 88.9 93.8 101.7 102,1 105,0 96.3 104.1 101.4 117.4 109.3 108.4 112.1 116,6 111,2 114.9 105.4 109,2 108.9 106.5 109.0 126.7 £ 32,8 32,8 32,8 32,8 32,8 32,8 32,8 32,8 32,8 32,8 32,8 32,8 32,8 38.1 33.1 33,1 33,1 33,1 33,1 33,1 33.1 38.1 42.1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42,1 42.1 57.1 £ £ 114.7 34.3 107,3 35.4 109.7 35.7 112,2 36.8 105,1 36.9 108,5 39.8 95.1 40,7 93.3 40.9 96.7 41.2 93.1 41.4 92.4 40.6 90.2 41.5 88.3 41,5 96.1 41,0 90.5 42.7 87,9 42.3 88.3 43.2 77.3 41.5 79.4 43.3 79.8 43.8 76.4 43.7 72.6 43,2 63.6 44.5 70.7 44.6 73.3 44.9 87.3 43.9 95.8 42.4 81.2 41.8 80.7 39.4 75.2 38.7 75.6 36.6 80.6 38.8 83.8 40.1 89,0 40,0 91.9 38.4 95,7 37.5 94.4 37,0 96,1 37,0 95.3 35.4 109.1 36,0 102.7 37.2 101.3 38.2 102.4 37.8 105.7 37.5 100,6 37.7 106.2 38,0 98,6 37.9 104,2 36.8 106.7 36.5 104,0 35.5 104,6 33.5 106.4 33,0 Bull'n Deposits. 1 Securities. Res’ve Note of Notes firm- De1 ation. part's. °ublic. Other. Govt. \Other. I: Coin Jan. 8. 15. 22. 29. Feb. 5. 12. 19. 26. Mar. 512. 19. 26. April 2. 9. 16. 23. 30. May 7. 14. 21. 28. June 4. 11. 18. 25. July 2. 9. 1623. 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. £ 28,6 28,1 27,7 27,8 28,1 27,7 27,8 27,7 28,1 27,9 28,5 28,2 29,0 28,7 28,4 28,4 29,0 28,9 28,6 28,4 28,2 28,6 28,4 28,2 28,6 29,6 29,6 29,4 29,4 29,8 29,9 29,6 29,3 29,2 29,4 29,0 28,7 28,6 29,6 29,2 28,8 28,7 28,7 28,7 28,5 28,4 28,4 28,8 28,6 28,8 29,4 29,6 £ 33,4 35,3 35,8 36,4 36,2 37,0 37,7 37,7 37,5 37,4 36,9 36,5 36,3 37,1 37,9 38,2 37,8 36,9 36,4 37,7 37,7 37,6 37,8 38,5 38,4 37,0 37,4 38,2 38,7 39,3 39,0 41,1 42,3 43,1 43,2 42,4 42,0 40,7 37,6 35,7 35,9 36,8 37,4 36,8 36,7 36,8 37,4 36,6 36,6 35,4 33,1 35,0 £ 9,8 10,7 13,9 16,5 18,3 20,9 23,5 23,5 24,6 26,7 25,6 26,1 21,1 16,1 15,8 15,7 15,7 44,2 13,6 13,9 13,8 13,7 13,8 15,1 18,0 14,7 10,7 10,4 11,5 10,9 9,3 9,3 10,3 9,9 9,5 9,0 9,6 10,2 9,7 6,0 5,3 5,9 8,7 7,1 9,6 10,6 9,7 7,7 7,9 8,0 9,4 10,3 £ 41,8 41,5 39,3 40,6 38,2 39,7 37,7 41,7 40,5 40,5 40,6 41,3 40,3 43,4 42,4 41,2 39,6 38,8 38,5 40,7 39,7 38,7 40,1 40,9 41,3 46,6 41,1 40,7 40,0 40,8 39,8 42,2 43,2 44,4 44,5 43,6 42,6 41,9 39,8 41,2 41,8 41,3 41,1 42,4 38,4 38,2 40,7 39,9 39,5 37,5 42,1 61,1 £ 13,7 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 12,9 12,9 12,9 12,9 12,8 12,8 12,8 12,8 12,7 12,7 12,7 12,7 12,7 12,7 12,7 12,7 12,4 12,4 12,4 12,4 12,4 12,4 12,4 13,3 14,5 14,5 13,5 11,8 11,8 11,8 11,8 11,2 11,2 11,2 11,2 11,2 13,2 £ 32,7 31,6 31,8 35,0 35,0 37,9 37,9 41,9 42,5 44,6 44,8 46,0 41,1 37,5 35,1 33,5 33,0 31,5 30,9 31,9 30,7 30,0 31,0 32,4 36,2 40,7 30,8 29,1 29,1 29,2 27,0 27,2 27,8 27,6 27,6 26,5 26,3 27,6 28,2 25,5 24,8 24,9 28,6 29,0 27,3 28,0 29,6 27,9 27,5 27,0 35,9 52,1 £ 23,2 25,6 26,6 27,1 26,6 27,7 28,4 28,4 27,8 27,9 26,8 26,7 25,7 26,8 27,9 28,2 27,2 26,4 26,2 27,8 27,9 27,4 27,9 28,7 28,2 25,8 26,2 27,3 27,7 27,9 27,5 29,9 31,4 32,3 32,2 31,8 31,8 30,5 26,4 24,9 25,6 26,6 27,1 26,5 26,6 26,9 27,4 26,3 26,5 25,1 22,2 23,8 1915. Securities. Reserve Bullion Deposits. Note in of Gov Notes Cir Both cula Dep't- Public. Other. ern- Other. and tion. menls. ment. £ £ £ £ 35,8 68,8 23.8 133.3 35.1 69.3 44.8 116,0 34,7 69,9 37.5 126,2 34.7 69.1 47.3 117.5 34.8 67.6 38.6 123,9 34.4 67.2 46.4 115.8 34.1 65.5 40.3 117.6 34.2 63.8 26.9 132.8 34.5 59.9 51.8 118.8 34.2 59.8 50.1 129.7 32.6 59.4 70.9 100.4 34.1 57.2 92,0 93,0 35.1 53.8 113.6 89,7 34.9 53.7 105.2 97.6 34.5 55.3 104.1 102,9 34.3 55.6 125.4 88.7 34.6 55.3 132,0 87,0 34.9 56.3 134.1 85.1 35,0 63.6 127.8 95.6 34,0 61.7 130.3 94.6 32.9 61,7 132,0 87.7 33.5 58.6 131.7 84,0 33.1 59.3 123.3 91.4 32.9 56.5 113,0 101.7 33,1 54.1 99.5 109.5 34.6 52,0 81.5 140.6 35,0 53.2 67.8 139.8 34.4 53.1 52.9 157.9 33.7 59.4 109.2 134.6 33.5 60.9 177.6 95.5 33.4 62.2 147,0 84.2 32.4 65.7 142.6 85,0 31.9 67.1 102.6 124.6 31.8 67.3 134,0 89,4 32.3 68.4 137.9 87.9 31.7 67.4 129.5 85.9 31.5 63.7 121.5 90.1 31.6 62.9 108,7 89.6 32.7 61.5 116.2 76.6 32.8 61.2 81.3 98.3 32,5 59.9 70.8 97.9 32,5 58.8 46.1 98.3 32.7 56.2 39.8 99.6 33.4 56.6 45.5 95.7 33.1 55.3 48.9 90.4 33,0 53,5 50.1 91.6 33,3 52.4 52.1 84.6 34.2 51.2 50.3 93.5 34.1 50.2 52.4 90,0 34.2 50,2 52.1 94.1 35,0 51,0 53.1 98.7 35.3 51.4 49.6 111,9 Jan. 6. 13. 20. 27. Feb. 3. 10. 17. 24. Mar. 3. 10. 17. 24. 31Apr, 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 1912. £ 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 £ 108.9 108,2 110,2 108,8 108,0 104.6 101.7 102.9 118,1 127,0 115.7 126.5 140,0 138.7 137.8 144.3 146.6 146.1 143,0 145,5 139.2 138.8 136.8 139.4 136.3 152.9 137.9 140,0 164.5 192.1 155.2 148.1 146.1 142.1 145.1 145.2 144.9 135.6 132.3 119,2 114.7 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 36,0 37,0 44.1 45.8 47.1 51.7 53,0 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 1 Bull’n Deposits. Securities. Res’ve Note of Notes fircu- Deation. part’s. Public. Other. Govt. Other. dkCoin Jan. 3. 10. 17. 24. 31Feb. 7. 14. 21. 28. Mar. 6. 13. 20. 27. April 3. 10. 17. 24. May 18. 15. 22. 29. June 5. 1219. 26July 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. 25. Janl’i; £ 29,2 28,6 28,0 27,8 28,2 27,9 27,7 27,7 27,9 28,2 28,1 28,0 28,5 29,5 28,9 28,6 28,6 29,1 28,9 28,8 28,9 28,9 29,1 28,8 28,6 29,2 29,9 29,6 29,3 29,3 30,1 29,9 29,5 29,2 29,2 29,3 28,9 28,5 28,8 29,6 29,2 28,6 28,5 28,6 28,6 28,3 28,3 28,3 28,6 28,4 28,7 29,3 29,2 £ 34,4 36,0 37,3 38,0 38,3 38,9 39,2 39,9 40,1 39,1 37,9 38,3 38,2 36,0 36,4 37,8 39,5 39,7 39,7 39,8 40,0 39,4 40,7 41,1 41,5 41,1 40,4 40,4 40,9 41,1 40,7 39,7 40,9 40,9 41,7 42,2 42,2 41,6 41,7 38,9 37,9 37,6 37,6 37,3 36,5 36,6 37,5 37,8 36,4 34,2 32,5 30,3 31,3 £ 16,7 14,9 16,9 19,6 17,9 18,2 18,8 22,7 21,6 23,7 23,8 25,0 25,8 22,2 20,0 19,0 18,6 18,0 17,3 16,8 20,4 20,5 21,7 22,2 23,4 23,7 21,4 17,9 17,6 18,4 18,0 16,8 16,5 17,5 17,2 15,9 15,5 15,9 16,9 13,9 10,4 9,4 11,4 11,7 10,2 12,7 13,9 13,2 11,9 11,2 11,3 12,4 14,2 £ 49,4 40,2 39,6 39,2 41,4 37,3 39,7 40,3 44,8 42,4 43,6 41,6 39,4 40,5 40,4 41,9 41,9 41,3 39,7 39,6 37,2 41,2 40,3 39,8 40,5 43,0 48,4 40,3 41,4 41,7 41,8 40,8 43,3 42,9 45,4 47,1 47,4 46,4 44,0 43,1 45,3 46,8 44,1 45,2 45,3 40,8 40,6 41,7 40,5 39,3 40,2 39,1 52,9 £ 15,3 15,3 15,3 15,3 15,3 14,9 15,1 15,1 15,1 15,1 14,3 14,3 14,3 14,3 14,3 14,3 14,2 14,2 14,2 14,2 14,2 14,2 14,2 14,2 14,0 14,0 13,9 13,9 13,9 13,9 13,9 13,9 13,9 13,4 13,4 13,4 13,4 13,4 13,4 13,3 13,3 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 13,0 14,8 £ 44,9 31,9 31,7 32,9 33,6 29,3 31,4 35,3 38,8 39,9 43,0 41,9 41,1 41,8 38,0 36,7 34,8 33,9 31,5 30,5 31,7 36,5 35,6 34,9 36,4 40,3 44,8 33,0 32,9 33,9 34,8 33,6 34,1 35,1 36,4 36,5 36,1 35,6 34,6 34,2 32,9 33,5 32,7 34,5 33,9 31,6 31,7 31,8 30,9 31,0 34,1 36,8 49,6 £ 23,7 25,9 27,7 28,7 28,5 29,4 29,9 30,6 30,5 29,3 28,3 28,7 28,2 24,9 25,9 27,6 29,3 29,1 29,2 29,5 29,6 28,8 30,0 30,8 31,4 30,3 28,9 29,3 30,1 30,3 29,1 28,2 29,8 30,1 31,0 31,4 31,7 31,5 31,3 27,8 27,2 27,4 27,5 27,2 26,4 26,8 27,6 27,9 26,3 24,3 22,2 19,5 20,5 Note.—On Jan. 1 1913 note circulation was £29.2: bullion in both departments, £31,3: public deposits, £14,2; other deposits. £52,9; Government securities, £14,8; oth« gMsurlttea, o( notes and cola, £20,5 (00,093s omitted la all cases). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 135 BANK OF FRANCE WEEKLY RETURNS OF THE BANK OF FRANCE—1914. SHOWING GOLD AND SILVER HOLDINGS, DISCOUNTS, ADVANCES, NOTE CIRCULATION, DEPOSITS, &C. LIABILITIES. ASSETS. Coin and Bullion. Notes Extended, under Moratorium. Advances on Bullion and Coin and on Obligations. Francs. General Deposits and Current Accounts. Note Circulation. Current Account of the Treasury. Francs. 796,230,469 810,195,887 790,825,914 777,349,477 762,303,814 Francs. 6,034,624,735 6,017,474,600 6,011,381,645 5,877,298,455 5,893,922,385 Francs. 328,423,711 242,947,639 166,590,965 215,840,713 193.729.409 Francs. 712,613,354 640,177,102 576,530,905 638,090,618 756,032,448 •Advances to the Government for the War. Gold. Silver. Francs. 3,507,685,547 3,502,628,854 3,511,861,640 3,520,808,541 3,532,963,842 Francs. 638,575,512 639,159,583 635,344,628 643,743,539 641,109,763 Francs. 1,976,357,645 1,734,485,317 1,607,509,630 1,554,190,757 1,640,218,526 3,548,848,208 3,572,369,221 3,588,372,431 3,598,331,408 650,454,754 649,514,012 647,504,627 646,028,683 1,537,581,887 1,494,595,529 1,503,320,702 1,501,980,497 803,806,111 784,306,297 782,556,114 778,965,410 6,028,809,940 5,845,036,530 5,799,986,560 5,763,459,915 145,501,707 211,990,365 200,355,361 200,048,786 712,384,755 695,127,928 763,786,275 830,057,040 3,602,960,472 3,610,312,349 3,621,475,848 3,624,166,487 642,906,527 637,142,749 633,985,973 632,983,482 1,402,488,696 1,379,237,083 1,395,445,478 1,406,064,438 810,900,757 787,290,634 781,153,455 771,707,100 5,946,798,375 5,813,222,425 5,803,194,220 5,743,147,830 209,400,335 189,019,021 169,605,762 270,279,883 646,860,303 654,317,960 690,330,681 682,520,618 3,615,634,494 3,627,295,515 3,638,335,965 3,643,889,337 3,646,350,847 626,807,221 622,687,515 620,670,255 628,350,770 629,614,420 1,654,420,824 1,440,794,860 1,419,859,124 1,424,506,316 1.647.727.863 784,518,067 781,337,898 765,172,701 752,806,029 744,075,094 5,950,388,400 5,943,261,280 5.921.933.825 5,805,051,085 6,038,141,295 158,551,773 182,809,618 180,157,395 178,251,754 123,510,144 618,728,364 547,214,620 553,676,197 686,063,665 631,066,621 14......... 21.......... 28.......... 3,660,836,887 3,674,323,564 3,700,035,780 3,730,636,031 634,610,485 629,417,802 633,522,586 632,645,247 1,390,514,375 1,435,059,050 1,369,531,407 1,495,992,357 766,225,067 743,207,944 750,727,750 731,783,096 5,895,277,015 5,844,214,720 5,791,906,815 5,811,868,950 126,831,905 149,174,073 165.311.410 183,707,019 688,534,361 692,763,593 728,835,423 845,944,858 4____ 11......... 18......... 25____ 3,783,051,608 3,824,048,496 3,875,309,703 3,975,695,225 626,818,063 637,411,449 641,598,338 638,340,870 1,732,712,149 1,528,701,236 1,599,416,867 1,611,746,187 737,645,499 764,601,674 753,276,186 743,194,986 6.130.980.825 5,950,057,470 5,917,359,465 5,852,295,155 132,845,056 130,314,617 203,994,654 294,325,525 764,548,005 941,934,705 944,570,742 1,016,712,747 2____ 9____ 16......... 23 ......... 4,057,683,653 4,092,604,671 4,092,682,655 4,104,390,951 4,141,341,663 638,877,046 637,448,489 635,159,225 639,620,049 625,332,643 1,790,759,029 3,059,278,791 1.615.795.863 1,541,084,720 2,444,204,158 746,736,949 954,207,505 751,830,017 739,401,254 758,772,955 6,051,151,095 6,039,945,530 6,044,673,050 5,911,906,030 6,683,184,785 249,692,138 326,995,047 289,892,908 400,590,514 382,561,817 982,677,352 2,689,279,501 929,037,699 942,971,711 947,571,861 4,141,756,844 4,158,460,880 351,033,705 355,951,992 213,291,480 258,305,469 9,986,041,985 10,042,899,720 176,556,828 450,466,780 2,671,950,781 2,650,596,234 January— 2......... 8......... 15 ......... 22......... 29 ......... February— 5......... 12......... 19......... 26......... March— 5......... 12......... 19......... 26......... April— 2____ 9____ 16 ......... 23......... 30 ......... May— 7......... June— July— 30......... December— 10......... 24 ......... 3,637,514,236 3,477,683,318 780,757,669 745,378,221 3,600,000,000 3,900,000,000 WEEKLY RETURNS OF THE BANK OF FRANCE—1915. SHOWING GOLD AND SILVER HOLDINGS, DISCOUNTS, ADVANCES, NOTE CIRCULATION, DEPOSITS, &C. LIABILITIES. ASSETS. Coin and Bullion. 1915. January— 14______ 21............ 28............ February— 4-......... 11............ 18......... . 25............ March— 4............ 11........... 18........... 25_____ April— 1_____ 8.......... 15.......... 22_____ 29______ May— 6............ 13______ 20.......... 27............ June— 3............ 10............ 17______ 24............ July— 1............ 8.......... 15............ 22............ 29______ August— 5______ 12............ 19.______ 26_____ September2............ 9.......... 16........... 23........... 30.......... October— 7........... 14........... 21............ 28_____ November4_____ 11______ 18............ 25............ December— 2_____ 9______ 16............ 23______ 30............ In France. Gold abroad. Total. Francs. Francs. Francs. Silver. Available funds abroad. Discounts. Francs. Francs. Francs. Notes Extended under Mora torium. Francs. No return. No return. No return. Advances •Advances Treasury bills dis on Bullion to the and Coin Government counted for for the advances to and on Foreign Note Obligations. War. Governm’ts. Circulation. Francs. Francs. Francs. Francs. Current account of the Treasury. General deposits and current accounts. Francs. Francs. 4,233,797,667 4,233,797,667 365,833,117 186,938,292 243,608,327 3,182,430,439 729,092,609 3,900,000,000 10,473,536,390 70,584,869 2,328,241,871 4,234,050,592 4,234,451,399 4,237,457,002 4,238,901,249 4,234,050,593 4,234,451,399 4,237,457,002 4,238,901,249 366.957,799 374,096,006 375,632,720 376,784,519 200,246,062 209,090,042 215,579,339 212,797,968 245,357,329 212,710,421 228,505,311 233,191,793 3,138,541,339 3,117,025,539 3,080,168,764 3,053,454,277 864,779,637 3,900,000,000 856,432,360 4,100,000,000 834,631,978 4,200,000,000 812,937,464 4,400,000,000 10,646,212,765 10,749,656,765 10,831,546,995 10,961,969,220 63,362,378 161,058,648 49,123,797 69,800,663 2,298,035,814 2,238,868,269 2,331,748,860 2,355,805,913 3,015,716,768 2,967,719,735 2,878,743,392 2,771,747,853 742,400,992 713,832,679 688,237,892 685,187,867 2,363,312,209 2,390,390,016 2,451,282,482 2,414,569,794 __________ 4,500,000,000 4,600,000,000 4,600,000,000 4,700,000,000 71,000,000 71,000,000 81,000,000 11,072,511,045 11,092,534,020 11,109,468,560 11,176,506,685 72,303,521 155,140,106 117,559,727 101,015,542 230,819,755 2,709,231,785 225,737,771 2,680,717,085 229,906,859 2,654,637,324 222,062,418 2,587,033,364 235,673,446 2,553,034,901 676,272,976 4,800,000,000 675,934,375 5,000,000,000 670,861,236 5,100,000,000 662,792,311 5,100,000,000 654,577,716 5,200,000,000 81,000,000 91,000,000 100,000,000 140,000,000 140,000,000 11,272,773,375 11,422,734,525 11,500,581,150 11,539,904,880 11,584,352,985 73,966,036 2,379,976,580 63,771,768 2,407,899,254 101,727,360 2,323,850,744 53,909,450 2,329,309,646 43,042,730 2,317,146,617 634,513,233 833,095,648 838,755,385 823,194,377 220,038,901 2,524,227,493 221,086,218 2,494,608,696 236,255,738 2,466,059,072 243,535,421 2,423,247,776 654,636,031 649,951,816 643,577,251 639,551,705 5,400,000,000 5,500,000,000 5,500,000,000 5,500,000,000 150,000,000 165,000,000 175,000,000 185,000,000 11,715,218,815 11,738,037,925 11,833,316,295 11,827,868,670 72,746,341 80,146,358 62,397,156 75,074,455 2,289,874,057 2,332,170,561 2,290,055,844 2,201,045,051 375,320,804 375,234,882 373,979,046 372,780,213 806,472,191 789,235,216 780,165,840 772,047,425 261,853,572 258,362,288 257,451,571 258,679,839 617,304,840 5,600,000,000 624,648,725 5,700,000,000 626,092,814 5,900,000,000 624,681,838 6,000,000,000 205,000,000 205,000,000 215,000,000 230,000,000 11,926,253,805 12,015,728,670 12,043,646,340 12,104,665,075 74,268,014 44,142,104 131,951,172 54,326,722 2,111,518,416 2,124,591,403 2,215,647,016 2,274,930,399 3,931,549,695 3,944,987,338 3,986,473,659 4,051,306,263 4,129,343,520 371,571,399 369,158,687 367,529,199 367,147,960 368,018,809 745,013,278 782,899,377 848,520,967 911,651,648 893,216,683 270,510,611 2,242,529,750 261,065,242 2,208,976,412 267,881,978 2,190,509,529 262,482,070 2,162,872,075 279,990,538 2,140,159,977 624,321,677 614,965,973 614,802,681 607,354,205 597,325,872 6,200,000,000 6,200,000,000 6,300,000,000 6,300,000,000 6,300,000,000 230,000,000 260,000,000 270,000,000 290,000,000 310,000,000 12,215,846,795 12,328,239,785 12,448,444,060 12,512,783,905 12,592,529,055 82,013,835 67,101,032 96,660,245 192,973,295 221,097,086 2,365,243,066 2,383,909,226 2,390,023,788 2,375,472,953 2,379,898,058 4,222,083,335 4,322,274,367 4,392,361,472 4,266,319,479 368,353,971 367,846,308 367,914,129 366,754,232 872,369,781 856,659,242 833,463,552 1,008,729,695 304,637,198 2,115,456,744 269,726,613 2,094,930,666 277,964,875 2,074,468,364 275,220,461 2,060,437,541 595,320,409 6,300,000,000 594,703,694 6,300,000,000 589,099,103 6,300,000,000 587,284,145 6,300,000,000 310,000,000 330,000,000 440,000,000 460,000,000 12,725,383,900 12,825,802,665 12,899,360,950 12,950,279,450 218,903,580 89,890,634 111,302,588 69,067,354 2,278,082,419 2,365,486,012 2,462,571,360 2,473,476,724 __________ __________ .................... 4,326,353,720 4,377,441,281 4,437,558,542 4,500,073,850 4,550,142,225 366,716,066 364,326,436 364,620,597 366,155,920 364,146,253 930,529,918 981,924,770 973,762,286 973,342,981 981,887,978 283,759,962 2,044,718,748 264,230,118 2,022,495,519 246,202,085 2,009,598,693 249,574,117 1,994,800,756 279,725,926 1,981,953,211 587,284,840 589,330,719 587,848,848 587,366,669 585,675,046 6,400,000,000 6,500,000,000 6,500,000,000 6,500,000,000 6.700,000,000 480,000,000 480,000,000 520,000,000 520,000,000 530,000,000 13,060,001,490 13,223,032,630 13,267,024,950 13,309,595,795 13,458,303,745 30,787,529 57,283,700 75,870,226 118,127,778 64,207,010 2,499,078,881 2,478,744,220 2,541,299,046 2,587,618,617 2,695,989,268 4,601,340,011 4,647,366,645 ............................ 4,692,674,062 4,729,978,619 4,601,340,011 4,647,366,645 4,692,674,062 4,729,978,619 363,624,377 363,267,932 363,291,901 363,246,179 987,312,992 1,016,622,920 1,029,787,203 1,015,183,220 267,437,890 274,209,335 268,326,000 280,269,674 1,955,637,715 1,945,296,662 1,930,954,400 1,916,363,011 589,974,351 582,272,168 575,512,316 5S7,971,019 6,900,000,000 6,900,000,000 6,900,000,000 6,900,000,000 530,000,000 530,000.000 530,000,000 540,000,000 13,664,084,765 13,752,143,320 13,831,993,620 13,867,554,340 69,277,095 2,627,015,439 59,434,588 2,611,789,880 82,594,291 2,574,027,430 38,450,783 2,545,863,140 4,754,704,812 4,782,029,607 4,807,117,230 ............................ 4,835,192,720 4,754,704,812 4,782,029,607 4,807,117,230 4,835,192,720 362,375,952 361,466,672 362,231,353 361,538,539 1,014,133,120 1,005,794,412 996,417,980 995,314,881 324,517,223 273,236,640 282,303,156 295,830,695 1,905,666,821 1,897,010,994 1,881,555,979 1,868,057,056 566,289,061 568,930,246 567,972,911 571,669,073 7,100,000,000 7,200,000,000 7,300,000,000 7,400,000,000 550,000,000 550,000,000 660,000,000 575,000,000 14,078,548,685 14,188,165,505 14,210,787,610 14,278,423,685 52,024,323 59,179,090 56,265,799 42,842,486 4,877,514,686 4,940,025,348 5,026,399,110 5,070,563,499 ______________ 5,015,287,291 ............................ 4,877,514,686 4,940,025,348 5,026,399,110 5,070,563,499 5.015,287,291 358,608,738 356,499,623 357,721,603 352,280,960 352,088,173 981,263,415 978,431,588 974,101,771 990,450,010 1,053,799,393 323,755,474 317,054,483 366,754,461 385,397,636 429,199,676 1,859,476,264 1,852,459,105 1,845,985,285 1,838,703,790 1,834,205,725 582,736,812 630,246,492 1,150,083,698 1,161,092,685 1,151,915,501 7,400,000,000 7,400,000,000 7,400,000,000 5,000,000,000 5,000,000,000 595,000,000 14,290,994,425 101,801,582 2,690,184,396 595,000,000 14,070,471,390 155,849,134 2,940,454,354 615,000,000 13,449,502,520 2,236,748,361 2,214,156,447 630,000,000 13,201,110,315 362,834,800 2,033,194,876 630,000,000 13,309,850,045 173,896,231 2,113,832,665 4,240,366,870 4,241,978,081 4,244,353,836 4,248,731,641 .................... 4,240,366,870 4,241,978,081 4,244,353,836 4,248,731,641 376,775,056 377,371,634 377,678,875 377,372,683 297,547,130 423,920,538 547,568,118 582,881,810 311,960,147 218,571,176 228,967,289 228,931,002 4,250,965,643 4,253,364,642 4,228,037,360 4,191,884,514 4,168,999,290 __________ __________ __________ __________ 4,250,965,643 4,253,364,642 4,228,037,360 4,191,884,514 4,168,999,290 378,005,870 377,490,337 377,044,899 376,325,654 376,667,100 623,687,566 611,611,393 582,646,169 620,171,014 623,182,579 4,127,009,598 3,915,653,715 3,907,341,852 3,913,406,958 __________ __________ 4,127,009,598 3,915,653,715 3,907,341,852 3,913,406,958 376,525,018 375,225,149 376,899,760 375,338,359 3,916,481,708 3,919,626,370 3,921,219,874 3,927,171,683 3,916,481,708 3,919,626,370 3,921,219,874 3,927,171,683 3,931,549,695 3,944,987,338 3,986,473,659 4,051,306,263 4,129,343,520 4,222,083,335 4,322,274,367 4,392,361,472 4,266,319,479 4,326,353,720 4,377,441,281 4,437,558,542 4,500,073,850 4,550,142,225 .................... __________ .................... .................... 2,375,142,481 2,337,498,489 2,304,170,319 2,272,936,699 2,520,882,865 2,524,972,298 2,616,912,381 2,671,180,905 * In addition there are advances to the State of 200,000,000 francs under the law of June 9 1857; agreement of March 29 1878; Law of June 13 1878 extended; Law of Nov. 17 1897 and Law of Dec. 29 1911. Note.—In explanation of the fact that no figures are shown in the above between July 30 and Dec. 10, it should be stated that with the outbreak of the war the publication of these returns was discontinued and was not resumed until Feb. 4 1915. The figures for Dec. 10 are from a statement given out by M. Ribot, Minister of Finances, and those for Dec. 24 are taken from the Bank’s annual report for the year 1914. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 136 BANK OF FRANCE WEEKLY RETURNS OF THE BANK OF FRANCE—1916 AND 1917. SHOWING GOLD AND SILVER HOLDINGS, DISCOUNTS, ADVANCES, NOTE CIRCULATION, DEPOSITS. &c. ASSETS. LIABILITIES. Coin and Bullion. 1916. In France. Gold abroad. Total. Silver. Available funds abroad. Discounts. Notes extended under mora torium. Treasury Advances * Advances bills dis on bullion to the counted for and coin Government advances to and on for the foreign Note obligations. Governm'ls. circulation. war. January— Francs. Francs. Francs. Francs. Francs. Francs. Francs. Francs. 6____ 4,988,639,795 __________ 4,988,639,795 351,819,427 1,094,280,550 450,545,164 1,825,923,003 1,147,020,095 13____ 4,997,738,672 __________ 4,997,738,672 352,146,620 1,063,288,686 393,784,096 1,818,513,079 1,142,205,506 20......... 5,006,212,727 5,006,212,727 353,340,517 1,030,923,709 400,627,152 1,803,959,359 1,128,411,001 27......... 5,011,587,577 353,766,764 1,002,717,993 5,011,587,577 404,554,998 1,788,209,405 1,199,725,912 February 3......... 5,019,580,549 __________ 5,019,580,549 353,149,517 964,044,112 468,980,266 1,777,891,417 1,274,582,602 10......... 5,024,554,840 __________ 5,024,554,840 354,415,091 911,998,840 439,139,177 1,765,502,445 1,267,278,861 17......... 5,031,110,436 5,031,110,436 358.870.409 443,199,105 1,745,406,741 1,258,478,081 889,985,436 24____ 5,035,878,931 5,035,878,931 360.209.410 430,881,658 1,724,961,105 1,251,804,389 855,422,477 March— 2......... 5,015,040,192 __________ 5,015,040,192 360,775,362 840,888,837 422,981,259 1,717,979,266 1,252,285,482 9......... 5,018,943,545 __________ 5,018,943,545 360,540,549 817,774,540 382,217,771 1,711,578,128 1,248,248,203 16......... 5,023,143,390 362,028,132 5,023,143,390 366,305,981 1,702,871,682 1,248,433,161 781,589,083 23......... 5,011,331,780 .................... 5,011,331,780 362,962,231 769,052,475 366,382,600 1,689,287,512 1,247,991,649 30......... 5,006,299,297 ------ 5,006,299,297 361,415,739 746,784,844 394,786,631 1,673,149,171 1,244,724,450 April— 366,167,441 1,646,235,001 1,238,633,288 6____ 4,986,411,731 4,986,411,731 362,715,563 741,679,421 13......... 4,893,313,389 __________ 4,893,313,389 359,304,919 781,193,992 380,743,820 1,617,284,138 1,231,681,023 20......... 4,899,441,920 __________ 4,899,441,920 359,700,578 735,935,259 418,905,050 1,599,594,950 1,223,767,741 27.......... 4,803,591,452 -------- 4,803,591,452 358,944,910 769,458,925 403,137,389 1,582,108,610 1,218,693,194 May— 4......... 4,811,032,006 __________ 4,811,032,006 356.190,565 697,635,594 445,677,773 1,567,295,631 1,219,123,551 11......... 4,715,059,540 __________ 4,715,059,540 353,622,568 780,452,334 394,833,591 1,552,719,916 1,222,263,199 18......... 4,722,897,510 __________ 4,722,897,510 354,268,558 806,132,659 422,418,158 1,543,909,185 1,218,551,687 4,731,513,396 352,435,511 421,811,165 1,532,085,654 1,211,839,897 ’ 25......... 4,731,513,396 758,977,762 June— 2......... 4,739,233,905 __________ 4,739,233,905 352,335,701 701,343,002 442,147,834 1,513,782,218 1,203,646,211 69,182,975 4,745,244,913 350,032,273 399,165,197 1,495,226,399 1,206,599,691 8......... 4,676,061,938 688,181,932 15____ 4,580,401,022 170,107,636 4,750,508,658 348,781,987 620,296,470 392,233,487 1,488,584,790 1,219,306,747 22......... 4,586,811,159 170,107,636 4,756,918,795 345,603,372 628,666,873 389,706,122 1,473,229,724 1,227,876,119 29......... 4,492,201,097 271,055,668 4,763,256,765 343,953,617 709,432,016 447,896,910 1,468,819,156 1,206,031,145 July— M 410,763,702 1,458,082,403 1,214,368,581 343,948,682 6......... 4,498,645,443 271,055,668 4,769,701,111 645,863,576 13____ 4,504,487,355 271,055,668 4,775,543,023 341,613,621 589,517,489 429,450,090 1,450,912,757 1,202,723,168 20......... 4,509,222,283 271,055,668 4,780,277,951 341,592,797 602,085,926 424,267,024 1,447,078,416 1,195,859,794 27......... 4,515,457,548 271,055,668 4,786,513,216 339,545,348 590,572,606 440,283,539 1,441,117,774 1,191,710,339 August— 3____ 4,522,135,934 271,055,668 4,793,191,602 339,061,524 507,511,657 466,738,460 1,437,910,351 1,189,685,078 10____ 4,426,380,856 371,965,271 4,798,346,127 338,461,202 617,873,632 428,209,051 1,430,701,601 1,186,780,548 17____ 4,430,175,672 371,965,271 4,802,140,943 338,491,378 583,953,230 440,126,310 1,424,881,042 1,183,308,941 24____ 4,335,172,029 472,885,788 4,808,057,817 339,326,384 667.022,662 424,837,850 1,418,645,816 1,180,577,215 31____ 4,238,958,193 573,773,871 4,812,732,064 338,609,583 691,056,364 448,318,612 1,407,107,535 1,174,834,884 September 7____ 4,243,545,828 573,773,871 4,817,319,699 337,497,462 703,259,570 387,817,669 1,399,010,462 1,173,556,874 14......... 4,247,825,666 573,773,871 4.821,599,537 338,278,379 703,919,479 381,304,800 1,393,888,228 1,171,956,910 21......... 4,152,170,201 674,553,075 4,826,723,276 338,040,344 652,539,381 371,288,140 1,390,361,399 1,175,044,218 28____ 4,158,198,210 674,553,075 4,832,751,285 336,840,232 723,218,389 410,958,370 1,386,186,155 1,176,804,749 October— 5____ 4,165,888,287 674,558,075 4,840,446,362 335,105,327 829,805,840 512,155,325 1,382,976,791 1,185,843,886 12......... 4,181,975,850 674,558,075 4,856,533,925 332,286,549 889,833,653 435,227,455 1,379,849,801 1,190,193,476 19____ 4,211,226,617 674,558,075 4,885,784,692 328,560,402 778,340,155 452,150,469 1,377,592,141 1,188,490,577 26____ 4,247,421,247 674,558,075 4,921,979,322 328,047,107 870,925,388 479,671,748 1,375,428,314 1,198,224,740 November 2......... 4,115,807,288 876,212,957 4,992,020,245 326,094,127 933,182,950 576,255,838 1,371,185,949 1,393,174,274 9____ 4,133,179,615 876,219,957 5,009,399,572 325,798,479 894,716,446 632,051,772 1,368,905,549 1,374,982,287 16____ 3,944,965,602 1,078,038,626 5,023,004,228 319,186,975 813,613,474 618,355,930 1,365,960,768 1,366,984,611 23____ 3,957,016,578 1,079,072,906 5,036,089,484 316.257,954 840,693,224 601,978,408 1,362,555,555 1,359,809,612 30......... 3,764,625,496 1,280,921,624 5,045,547,120 313,837,957 . 965,006,237 645,116,149 1,356,932,425 1,345,649,112 December 7......... 3,669,587,329 1,385,185,949 5,054,773,278 311,008,652 863,400,023 557,983,333 1,351,181,400 1,350,212,764 14____ 3,680,827,770 1,385,185,949 5,066,013,719 307,973,599 726,091,602 575,432,068 1,346,164,676 1,348,182,519 21____ 3,483,945,385 1,592,680,318 5,076,625,703 299,091,603 767,047,851 594,201,540 1,341,694,445 1,334,792,505 28......... 3,382,826,828 1,693,087,732 5,075,914.560 294,869,186 825,801,188 619,525,000 1,338,832,719 1,317,753,342 1917. January— 4____ 11____ 18____ 25____ February1____ 8____ 15____ 22......... March— 1......... 8____ 15____ 22......... 29......... April— 5____ 12......... 19____ 26____ May— 3......... 10____ 17____ 24____ 31......... June— 7......... 14____ 21____ 28............. Francs. Francs. Francs. Current account of the Treasury. General de-posits and current accounts. Francs. Francs. 5,100,000,000 5,300,000,000 5,300,000,000 5,400,000,000 670,000,000 680,000,000 710,000,000 720,000,000 13,518,636,115 13,634,720,440 13,756,036,165 13,858,016,410 64,216,856 2,116,710,670 121,259,341 2,055,131,581 25,799,514 2,048,787,782 99,642,264 2,045,767,499 5,400,000,000 5,500,000,000 5,600,000,000 5,700,000,000 750,000,000 785,000,000 785,000,000 805,000,000 14,034,413,320 14,144,738,640 14,203,464,965 14,295,289,230 114,958,743 83,856,317 81,443,225 35,861,218 1,909,550,633 1,933,225,423 1,929,364,860 1,941,913,933 5,900,000,000 6,100,000,000 6,300,000,000 6,500,000,000 6,700,000,000 855,000,000 855,000,000 865,000,000 865,000,000 890,000,000 14,460,136,125 14,649,649,125 14,719,698,770 14,847,154,015 14,952,116,100 59,154,087 46,499,426 32,833,918 26,002,893 79,185,732 1,954,813,140 1,946,380,774 1,958,838,830 2,006,180,219 2,043,241,993 6,900,000,000 6,900,000,000 7,100,000,000 7,200,000,000 920,000,000 945,000,000 945,000,000 955,000,000 15,154,629,735 15,183,959,335 15,239,423,165 15,277,999,575 45,949,021 37,144,109 77,854,634 42,986,564 1,994,262,726 1,993,803,997 2,036,613,910 2,091,927,279 7,400,000,000 7,400,000,000 7,400,000,000 7,500,000,000 955,000,000 975,000,000 975,000,000 1,025,000,000 15,423,122,275 15,432,465,320 15,445,556,185 15,434,971,165 32,622,921 48,462,640 106,034,603 105,705,665 2,040,139,478 1,980,221,133 1,995,536,319 2,109,144,167 7,600,000,000 7,700,000,000 7,800,000,000 7,800,000,000 7,900,000,000 1,035,000,000 1,085,000,000 1,095,000,000 1,1 5,000,000 1,140,000,000 15,531,128,800 15,665,234,890 15,746,679,795 15,734,907,085 15,805,654,730 54,715,860 42,213,108 53,561,465 32,030,288 38,276,987 2,105,963,170 2,096,454,460 2,048,341,921 2,054,492,101 2,272,642,760 8,100,000,000 8,300,000,000 8,300,000,000 8,300,000,000 1,170,000,000 1,180,000,000 1,190,000,000 1,210,000,000 16,046,210,545 16,113,174,865 16,093,722,590 16,090,892,710 42,086,691 64,110,926 62,034,141 75,430,067 2,123,192,125 2,224,406,020 2,219,705,049 2,272,767,428 8,300,000,000 8,400,000,000 8,400,000,000 8,400,000,000 8,400,000,000 1,220.000,000 1.250,000,000 1,275,000,000 1,310,000,000 1,345,000,000 16,196,729,995 16,329,922,550 16,316,420,975 16,376,066,310 16,424,647,330 - 77,500,812 137,504,016 141,806,739 158,514,709 80,163,048 2,158,323,458 2,129,355,384 2,129,718,223 2,240,313,013 2,213,659,126 8,500,000,000 8,500,000,000 8,500,000,000 8,500,000,000 1,355,000,000 1,440,000,000 1,450,000,000 1,460,000,000 16,598,861,595 16,602,658,780 16,653,451,175 16,714,063,075 171,337,059 206,938,267 123,190,690 36,322,047 2,122,214,086 2,146,357,856 2,180,615,417 2,248,055,901 8,600,900,000 8,600,000,000 8,600,000,00 8,600,000,000 1,510,000,000 1,530,000,000 1,540,000,000 1,550,000,000 17,011,143,820 17,028,893,710 16,800,016,425 16,589,150,345 59,107,913 48,297,502 79,451,276 200,977,259 2,252,167,907 2,345,844,131 2,541,755,921 2,730,839,781 6,600,000,000 6,400,000,000 6,400,000,000 6 500,000,000 6,500,000,000 1.580,000,000 1,600,000,000 1,610,000,000 1.635,000,000 1,655,000,000 16,128,286,280 15,972,541,490 15,894,282,385 15,952,396,405 16,119,495,805 180,888,046 122,052,056 72,390,483 86,219,659 55,033,348 1,843,294,465 1,797,822,584 1,730,119,571 1,852,499,697 1,916,838,368 6,900,000,000 7,100,000 000 7,300-000,000 7,400,000,000 1,660.000,000 1,685,000,000 1.730.000,OCO 1,800,000,000 16,298,007,495 16,383,953,565 16,500,660,395 16,678,817,915 68,370,811 26,654,467 31,321,207 15,009,122 1,952,914,037 2,021,812,022 2,180,209,627 2,260,223,861 3,392,694,295 3,405,929,854 3,316,125,505 3,326,901,383 1,693,088,532 1,693,088,532 1,794,122,312 1,794,122,812 5,085,782,828 5,099,018,387 5,110,247,818 5,121,024,196 291,035,999 287,397,088 285,465,809 281,970,206 770,596,977 704,116,298 821,430,359 749,708,603 745,570,947 695,749,072 686,049,458 694,378,993 1,336,504,674 1,332,653,621 1,327,163,214 1,324,486,157 1,297,265,720 1,308,032,244 1,287,271,979 1,277,773,238 7,700,000,000 7,900,000,000 8,000,000,000 8,100,000,000 1,825,000,000 1,825,000,000 1,840,000,000 1,865,001,000 17,001,339,360 17,105,088,970 17,179,190,150 17,328,198,440 42,519,749 34,298,044 84,768,562 49,302,494 2,313,885.469 2,218,170,528 2,264,545,473 2,304,708,905 3,336,006,060 3,284,152,384 3,189,131,114 3,196,918,967 1,795,157,092 1,844,559,286 1,945,603,286 1,945,603,286 5,131,163,153 5,128,711,670 5,134,734,400 5,142,522,253 279,282,575 276,789,656 274,499,584 272,806,662 795,642,700 728,651,783 724,085,906 822,034,316 709,193 326 628,318,251 621.032.442 512,649,414 1,318,581,226 1,316.153,288 1,312,915,563 1,305,499,134 1,268,254,669 1,268,132,547 1,262,020,977 1,249,848,154 8,200,000,000 8,400.000,000 8,600,000,000 8,800,000,000 1,935,000,000 2,005,000,000 2,020,000,000 2,045,000,000 17,514,325,755 17,699,750,690 17,747,070,195 17,888,545,370 52,605,936 56,054.306 33,785,164 55,777,782 2,340,048,377 2,341,462,817 2.346,462,370 2,451,596,427 3,203,278,167 3,210,237,502 3,221,404,111 3,237,838,785 3,252,423,967 1,945,603,286 1,946.637,566 1,946,637,566 1,946,637,566 1,947,671,846 5,148,881,453 5,156,875,068 5,168,041,677 5,184,476.351 5,200,095,813 270,511,996 268,339,360 266,622,83' 265.176.565 263,383,466 912,733,805 808,644,515 716,773,204 746.756.685 796,963,098 556,822,938 516,712,498 483,540,456 415.672.628 522,545.847 1,295,948,236 1,287,427,599 1,281,786,970 1,274,623.080 1,270,768.995 1,247,343,069 1,259,066,687 1,241,004,755 1,227,348,400 1,210,323,216 9,000,000,000 9,100,000.000 9,300,000,000 9,500,000,000 9,500,000,000 2,080,000,000 2,115,000,000 2,135.000,000 2,151,000,000 2,210,000,000 18,097,436,325 18,281,277,135 18,361,548,800 18,450,780,385 18,459,831,460 92,680,681 38,731,147 22,517,430 59,846,322 173,698,530 2,455,565,677 2,484,490,666 2,443,917,416 2,484,664,660 2,540.636,616 3,265,897,33' 3,274,674,716 3,284,816 73z 3,294,524,230 1,947,671,846 1,947,671,846 1.947,671,846 1,947,671,846 5,213,569,180 5.222.346,563 5,232,488,580 5,242,196,076 261,239,834 259,605 80] 257,913,452 256,595,354 762,100,605 780,280,408 792,194,053 841,145,573 604,428,547 493,068,137 495,166,224 500,389,654 1,266,005,20! 1,261,885,235 1,257,045,719 1,252,569,341 1,187,935,772 1,194,873,168 1,182,302,561 1,170,409,644 9,600,000,000 9,800,000,000 9,900,000,000 9,900,000,000 2,240,000,000 2,255,000,000 2,270,000,000 2,285,000,000 18,749,446,880 18,844,126,830 19,001,718,585 19,009,852,695 86,112,384 91,048,188 97,237,142 122,128,986 2,409,992,992 2,510,370,219 2,442,449,661 2,508,787,614 3,302,736,51' 3,309,895,453 3,315,731,459 3,235,415,117 3,239,920,622 1,948,706,126 1,948,706,126 1,948,706,126 2,033,740,406 2,033,740,406 5,251,442,64] 5,258,601,580 5,264,419,586 5,269,155,524 5,273,661,029 256,734,16' 257,073,698 257,232,035 257,492,638 257,600,030 864,307,022 761,172,508 660.437,37! 704,947,875 766,576,205 644,637,733 545,624,626 483.355,743 462,395,252 522,160,795 1,249,616,38! 1,240,905,002 1,234,244,61: 1,231.625,141 1,221,256,831 1,143,356,835 1,152,849,828 1,142,724,689 1,141,326,84] 1,133,442,917 9,900,000,000 10,100,000.000 10,300,000,000 10,400,000,000 10,500,000,000 2,320,000.000 2.360,000,000 2,425,000,000 2,450,000,000 2,460,000,000 19,183.388,265 19,275,171,195 19,344,045,330 19,394,509,255 19,479,436,555 70,654,822 31,756,422 67.838,673 81,204,759 127,233,420 2,455,479,182 2,518,154,084 2,511.567,148 2,628,813,712 2,628,109,262 3,244,760,626 3,247,124,587 3,250,235,039 3,253,246,956 2,033,740,406 2,034,774,686 2,034,774,686 2,034,774,686 5,278,501,033 5,281,899,273 5,285,009,725 5,288,021,642 257,741,742 258,106,957 258,675,634 259,883,414 774,206,532 756,839,594 769,714,982 724,655,236 493,657,55' 503,397,05] 489,811,620 555,914,407 1,216,320,968 1,206,751,730 1,198,309,672 1,194,452,356 1,144,630,340 1,154,614,04^ 1,163,254,116 1,132,238,973 10,600,000,000 10,600,000,000 10,600,000,000 10.600,000,000 2,505,000,000 2,535,000,000 2,570,000,000 2,610,000,000 19,679,896,805 19,793,787,160 19,777,926,265 19,823,105,870 75,441,303 34,448.931 111,326,072 33,507,982 2,640,700,517 2,593,970,695 2,592,437,702 2,733,465,649 July— 687,298,240 1,192,257,15! 1,137,757,571 10,700,000,000 2,640,000,000 20,112,053,875 42,711,461 2,528,019,556 262,739,4K 660,905,39! 5____ 3,256,014,195 2,034,774,686 5,290,788,881 70,043,023 2,461,515,266 12____ 3,258,631,453 2,034,774,686 5,293,406,140 262,259,508 745,792,258 524,038,415 1,188,790,47' 1,158,559,562 10,700,000,000 2,670,000,000 20,196,484,110 127,166,988 2,536,810,917 563,483,789 1,185,359,096 1,144,129,940 10,700,000,000 2,695,000,000 20,204,703,640 261,485,271 826,138,491 19____ 3,260,308,707 2,035,808,966 5,296,117,673 44,664,284 2,588,237,628 550.174,796 1,183,967,549 1,142,312,614 10,700,000,000 2,745,000,000 20,201,741,750 725,429.910 261,217,726 26____ 3,263,564,710 2,036,074,204 5,299,638,915 •>-• 2 August— 60,531,381 2,619,335,728 655,007,195 1,181,163.047 1,126,928,998 10,800,000,000 2,760,000,000 20,312.497,840 785,036,632 2____ 3,265.492,03! 2,037,118,48' 5,302,600,515 261.323.05C 39,950,331 2,580,013,667 9____ 3,268,094,364 2,037,108,484 5,305,202,849 260,730,947 679,527,816 622,200,857 1,276,391,435 1,126,400,628 10,900,000,000 2,774,000,000 20,434,623,960 80,459,136 2,601,354,45516____ 3,270,143,992 2,037,108,484 5,307,252,477 260,390,178 714,436,347 617,770,059 1.174,569,348 1,129,060,848 10,900,C00,00C 2,795,000,000 20,458,824,865 17,901,390 2,715,699,911 567,412,135 1,173,012,807 1,126,450,94' 11,025,000,000 2,810,000,000 20,468,567,725 260,330,833 717,050,902 23____ 3,272,608,981 2,037,108,484 5,309,717,466 15,243,568 2,782.774,766 30____ 3,274,718,982 2,037,108,484 5.311,827,467 260,019.358 710,085,167 598,434,848 1,170,372,379 1,115,031,477 11,200,000.000 2,865,000,000 20,568,912,860 September . 3 2,875,000,000 20,857,242,780 45,192,937 2,663,749,582 560,050,38! 1,132,019,278 11,300,000,000 5,313,880,13' 260,085,121 668,110,655 1,167,730,306 3,276,771,645 2,037,108,48' 6____ 14,869,09$ 2,629,378,050 546,972,782 1,165,469,153 1,119,342,47' 11,300,000,00C 2,915,000,000 20,837,170,440 714,940,847 13____ 3,278,606,651 2,037,108,484 5,315,715,136 259,615,935 32,373,02! 2,723,200,355 570,728,641 1,164,351,837 1,112,290.218 11.350,000,000 2,935,000,000 20,956,056,325 260,135,148 729,535,422 20____ 3,280,447,257 2,037,108,484 5,317,555,742 38,606,54$ 2,910,210,757 574,859,60' 1,162,999,237 1,107,811,719 11,650,000,000 2,945,000,000 20,994,828,800 260,286,022 681,594,020 27____ 3,282,273,037 2,037,108,484 5,319,381,522 October— ■ 27,268,926 2,899,712,641 259,782,472 761,963,568 728,320,202 1,161,653,950 1,109,958,65' 11,900,000,000 3,005,000,000 21,420,038,550 4____ 3,284,118,878 2.037,108,48' 5,321,227,363 25,315,362 2,821,695,574 769,149,607 592,104,905 1,159,611,546 1,127,399,928 11,900,000,000 3,055,000,000 21,607,953,420 11____ 3,285,607,479 2,037,108,434 5,322,715,964 259,043,373 35,662,574 2,859,536,207 256,964,498 606,338,178 1,158,045,678 1,137,452,682 12,059,000,000 3,065,000,000 21,680,180,630 776,261,247 18____ 3,287,401,489 2,037,108,484 5,324.509,974 51,566,69C 2.833,507.069 25____ 3,288,975,463 2,037,108,484 5,326,083,948 255,300,502 710,583,448 608,871,313 1,155,803,222 1,134,775,952 12,150,000,000 3,070,000,000 21,705,268,575 » 3TC2CT November 39,255,92' 2,679,066,833 736,358,40] 1,153,625,932 1,137,894,60! 12,150.000 000 3 090,000,000 22,018,320,785 721,773,110 2......... 3,290,377,466 2,037,108,484 5,327,485,957 253,480,658 35,260,71! 2,804,837,078 693,088,968 1,152,445,475 1,147,781,728 12,350,000,000 3,120,000,000 22,232,328,805 8____ 3,291,497,485 2,037.108,484 5,328,605,970 251,744,302 711,593,934 33,028,99! 2,710,951.426 707,920,881 249,950,891 735,311,45' 1,150,724,440 1,140,979,148 12,350,000,000 3,145,000,000 22,345,845,060 15____ 3,293,185,929 2,037,108,484 5,330,294,414 52,626,026 2,800,325,963 248,517,065 766,118,521 718,843,098 1,149,172,830 1,143,223,638 12,550,000,000 3,160,000,000 22,414,455,440 22____ 3,294,347,932 2,037,018,484 5,331,456,417 28,260,80 2,778.855, ‘ 841,180,058 1,147,429,205 1,141,329,979 12,550,000,000 3,175,000,00C 22,690,883,88E 246,910,321 762,260,809 29____ 3,296,285,934 2,037,108,484 5,333,394,419 o ecember 42,767,16! 2,796,256,304 736,719,654 802,073,883 1,146,150,233 1,170,714,260 12,800,000,000 3,200,000,000 22,911,782,25' 6____ 3,299,187,082 2,037.108,484 5,336,295,567 246,254,889 2,883,229,015 39,058,71 245,865,180 776,748,105 800,648,846 1,143,892,498 1,166,851,817 12,800,000,000 3,205,000,000 22,821,152,24! 13____ 3,303,074,086 2,037,108,484 5,340,182,571 2,894,228,773 155,115,63. 247.410,897 804,045,377 813,918,309 1,142,166,922 1.208.886,214 12,500,000,000 3,215,000,000 22,353,770,28 20____ 3,311,740,476 2,037,108,484 5,348,848,961 2,913,740,854 251,859,29. 911,962,359 1,140,831,710 1,224,798,045 12,500,000,000 3,220,000,00! 22,336,798,71( 778,397,061 27 ... 3,314,416,322 2,037,108,484 5,351,524.807 247,657,246 * In addition there are advances to the State of 200,000,000 francs under the Law of June 9 1857; agreement of Mar. 29 1878; Law of June 13 1878 extended; Law of Nov. 17 1897 and Law of Dec. 29 1911. Note.—As stated In the note with regard to the calendar year 1914, the publication of weekly returns was discontinued with the outbreak of the 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 to wwit. »-» J". http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis U a BANK OF FRANCEY 137 WEEKLY RETURNS OF THE BANK OF FRANCE—1918. SHOWING GOLD AND SILVER HOLDINGS, DISCOUNTS, ADVANCES, NOTE CIRCULATION, DEPOSITS, &c. LIABILITIES. ASSETS. Coin and Bullion. 1918. Jan.— 3 In France. Gold Abroad. Total. Silver. Francs. Francs. Francs. Francs. 3,318,408,525 2,037.108,484 5.355,517.010 246,827,857 Credits Advanced by United Slates Treasury. Francs. 10-- 3,320,408,026 2,037,108,484 5,357,516.511 246,109.297 ........... 17-. 3,322,018,925 2,037.108,484 5,359,127,410 245.871,774 . ............... . 24— 3,323,546,929 2,037.108,484 5,350,655.414 247.919.01C .......... 31.. 3,325,098,430 2,037,108,484 5,362,206.915 248,492,600 ................... Feb.— 7-- 3,326,738,931 2,037,108,484 5,363,847,416 250,568,538 ........................ 14.. 3,328,247,383 2,037,108,484 5,365,355.868 252,167.509 ........................ 21.. 3,329,618,133 2,037,108,484 5,366,726,618 253,415,445 .......................... 28.. 3,331,037,990 2,037,108,484 5,368,146,475 254,926,174 . ...... ........... March 7 3,332,389,721 2,037,108,484 5,369,498,206 256,088,093 14.. 3,333.653,724 2,037,108,484 5,370,762,209 256,204,586 _____ 3,335,155,725 2,037,108,484 5,372,264,210 255,768,196 21 28— 3,336,437,229 2,037,103,484 5,373,545,714 255,424,711 Apr.— 4— 3,337,916,840 2,037,108,484 5,375,025,325 254,966,195 _____________ 11.. 3,339,202,278 2,037,108,484 5.376,310,763 255,132,888 .......................... 18— 3,340,633,902 2,037,108,484 5,377,742,387 255,575,678 .......................... 25— 3,341,754,778 2,037,108,484 5,378,863,263 256,070,621 May— 2 3,342,548,782 2,037,108,484 5,379,657,267 256,115,868 10— 3,343,293,554 2,037,108,484 5,380,407,039 255,824,688 ........................ 16.. 3.343,871,229 2,037,108,484 5,380,979,714 256,244,789 .......................... 23.. 3,344,627,994 2,037,108,484 5,381,736,479 255,487,477 .......................... 30— 3,345,315,317 2,037,108,484 5,382,423,802 254,041,201 .......................... June— 6__ 3,346,635,559 2,062,108,484 5,408,744,044 253,764,709 13.. 3,348,553,372 2,062,108,484 5,410,661,857 253,551,958 20— 3,360,357,932 2,062,108,484 5,422.466,417 256,064,268 .......................... 27— 3,361,739,876 2,062,108,484 5,423,848,361 259,326,472 .......................... July— 4— 3,362,687,738 2,062.108,484 5,424,796,223 263,832,524 . ........................ 11.. 3.363,527,132 2,062,108,484 5,425,635,617 266,841,582 18__ 3,393,606,282 2,037,108,484 5,430,714,767 269,949,372 25— 3,394,444,908 2,037,108,484 5,431,553,393 277,156.007 .......................... Aug.— 1.. 3,395,401,279 2,037,108,484 5,432,509,764 286,285,486 8.. 3,396,213,104 2,037,108,484 5.433.321,589 304,849,716 16.. 3,396,965,397 2,037,108,484 5,434,073,882 315,627,914 22.. 3,397,722,826 2,037,108,484 5,434,831,311 319,173,425 _____________ 29.. 3,398,273,690 2.037,108.484 5,435,382,175 320,498,109 Sept— 5— 3,399,041,9S8 2,037,108,484 5,436,150,453 320,174,692 1,036,000,000 12.. 3,399.790,644 2,037,108,484 5,436,899,129 319,739,820 1.036.000.000 19.. 3,400,311,109 2,037,108,484 5,437,419.594 319.767,351 1,036.000,000 26.. 3,400,772,277 2,037,108,484 5,437,880.762 320,563,819 1,036,000,000 Oct.— 3. .'3,401,521,409 2,037,108,484 5,438,629,894 319,809,433 1,036,000,000 10.. 3,402,162,103 2,037,108,484 5,439,270,588 320,054,375 L,036,000,000 17— 3 402,744,549 2,037,103,484 5.439,853,034 319,554,365 1,036,000,000 24.. 3,404,762,204 2,037,108,484 5,441,870,689 319,828,4151 1,036,000,000 31 — 3,406,189,044 2,037,108,484 5,443,297,529 320,127,252 1,036,000,000 Nov— 7— 3,407,602,155 2.037,108,484 5,444,710,640 319,941,095 1,036,000,000 14— 3,410,780.909 2,037,108,484 5,447,889,394 318,847,446 1,036,000,000 21.. 3,415,151,549 2,037,108,484 5,452,260.034 318,949,895 L,036,000,000 28 — 3.424,986,403 2,037,108,484 5,462,094,891 319,262,601 1,036,000,000 Dec.— 5— 3,430,520,673 2,037,108,484 5,467,629,158 319,941,426 036,000,000 12— 3,434,274,440 2,037,108,484 5,471,382 925 319.372,663 1,036,000,000 19— 3,436,343,775 2,037,108,484 5.473,452,260 318,501,391 1,036,000,000 26.. 3,440,459,374 1 2,037,108,484 5.477,567,859 318,348,246 1,036,000,000 Available Funds Abroad. Discounts. Francs. Francs. Notes Extended under Mora torium. Treasury Advances * Advances Bills Dis to the counted for on Bullion Noie and Coin Government Advances Circulation and on for the to Foreign War. Obligat’ns. Governm'ls Current Account of the Treasury. General Deposits and Current Accounts. Francs. Francs. Francs. Francs. Francs. Francs. 1,137,679,032 1,134,832,206 1,132,261,462 1,129,786,776 1.128,513,925 1,233,502,510 1,233,054,871 1,221,176,082 1,220,491,306 1,214,237,114 12,500,000,000 12,500,000,000 12,650,000.000 12 650,000,000 12,800,000,000 3,225,000,000 3,230,000,000 3,240,000,000 3,250,000,000 3,260,000,000 22,789,122,810 336,604,246 2,777,720,952 22,982,791,713 156,514,395 2,696,979,736 23,062,503,760 48.064,695 2,857,076.610 23,162.633,805 60.017,741 2,835.178,050 23,534.338,050 23,550,173 2,951,890,305 1,065,836,165 1,347,015,503 1,126,259,026 1.072,233,660 1,334,854,439 1.124,021,588 1.118,932,835 1,252,873,295 1,118,749,047 1,103,006,581 1,312,234,122 1,114,634,851 1,249,499.554 1,229,978,037 1,225,450,549 1,183,156,866 12,500,000,000 12,500,000,000 12,650,000,000 12,950,000,000 3,275,000.000 3,290,000.000 3,300,000,000 3,315,000,000 23,740,118,935 270,598,621 2,581,404,231 23,821,175,830 41,918,012 2,634,425,215 23,986,287,440 19,294,332 2,608,097,835 24,308,307,215 52,227,269 2,581,224,874 810,330,598 1,408,247.684 958,216,602 869,739,137 888.323,052 901,702,973 893,834,433 1,008,809,399 1,040,667,076 1,015.682,879 Francs. 1,137,066.179 1,144,040,100 1,152,537,121 1,139,494,874 1,123,151,382 1,064,088,749 1,039,774,552 1,328,217,927 1.112,624,678 1,198,687,351 1,110,865,078 1,188,394,009 1,108,974,797 1,152,762,615 1,105,288,876 1,115,731,380 13,350,000,000 13,550,000,000 13,700,000,000 14,000,000,000 3,325,000,000 3,330,000,000 3,345,000,000 3,360,000,000 24,650.026,960 24,744,120,360 24,824,969,040 25,179,327,655 29,083,743 2,530,707,915 38,800,956 2,598,187,671 55,184,426 2,740,615,432 47,275,404 2,808,557,204 1,173,865,111 1,221,419,666 1,231,401,047 1,286,681,998 1.816,690,918 1,103,481,356 1,126,811,043 1,583,265.530 1,100,824,603 1,141,447,193 1,441,244,019 1,099,553,143 1,114,873,473 1,397,328,851 1,097,244,342 3,056,655,909 14,800,000,000 15,100,000,000 15,350,000,000 15,650,000,000 3.365,000,000 3,380,000,000 3,385,000,000 3,385,000,000 25,847,883,660 26,086,784,460 26,231,771,480 26,395,251,400 83,911,721 57.184,255 41.974,805 55,763,826 3,126,344,103 3,296,955,355 3,213,506,201 3,313,253,054 1,303,892,757 1,300,269,683 1,357,967,522 1,407,373,610 1,448,883,429 1,316,081,336 1,177,399,179 1,091,393,894 1,078,817,152 1,120.605,287 15,950,000,000 16,150,000,000 16,250,000,000 16,450,000,000 16,800,000,000 3,395,000,000 3,400,000,000 3,405,000,000 3,410,000,000 3,415,000,000 26,733,126,545 27,011,835,645 27,004,027,935 27,073,137,995 27,303,371,625 40,164,831 46,969,452 89,560,415 65,497,422 46,064,472 3,135,363,008 3,052,029,553 3,017,958,744 3,162,142,610 3.339,833,035 1,438,842,321 1,434,271,590 1.408.096,902 1,384,631,519 1,399,156,043 1,080,628,893 1,477.567,590 1,079.658,487 1,334,891,839 1,078,678.954 1,357,039,071 1,076,404.964 949,652.153 17,500,000,000 3,420,000,000 28.012,196,490 969,522,310 17,950,000,000 3,420,000,000 28 232,072,750 972,933,229 18,200,000,000 3,430,000,000 28,414,297 070 949,579,918 18,450,000,000 3,435,000,000 28,550,426,140 54,683,778 53,226,662 67,882,293 37,118,606 3,610,876,039 3,876,272,505 3,928,095,377 4,019,256,374 1,458,259,297 1,472,928,515 1,480,898,807 1,459,290.100 1,267,713,947 1,075,188,248 1.134,165.389 1,073,715,083 1,129,084.935 1,071,657,062 1,099,095.337 1,070,069,544 919,769,631 18,750,000,000 3,435,000.000 933,699,541 18,750,000,000 3,435,000,000 926,765,583 18,900,000,000 3,440,000,000 895,921,709 18,900,000,000 3,440.000,000 1,477,061,568 1^497,079*013 1,079,965,701 1.069,359,668 1,002,990,111 1,068,409,779 942,934.471 1,067,244,444 887,123.163 1,066,088,150 903,936,522 1,064,844,526 852,182,530 850,291,052 843,446,654 842,688,143 829,162,066 1,537,416,905 1,572,720,988 1,576,682,507 1,095.432,506 1,091,821,377 1,090,083,135 1,087,860,689 1,083,957,031 1,016,906,081 1,011,880,107 1,005,802,782 950,549,011 942,301,048 18,900,000,000 19,150,000,000 19,150,000,000 19.150.000,000 19,150,000,000 3,445,000,000 3,452,000,000 3,453,000,000 3,458,000,000 3,463,000,000 28,952,188,840 54,873,340 3,838,786,638 29,090,400,805 39,628,121 3,969,975,555 29,111,095,595 172,409,470 3,896,644,104 29,148,064,645 138,393,638 3,845,095.866 29,320,647,015 29,470,126 3,701,855,918 29,476,586,275 68,403,059 3,888,665,418 29,408,025,360 99,610,416 3,685,694,234 29,423,825,515 162,078,063 3.715.698.507 29,433,966,180 298,568,640 3,477,305,884 1,656,453,381 1.648.460.862 1,577 088,816 1,539,630,783 892.479,064 812,268,998 824,222,148 851,271,638 1,063,569,462 1.061.895,079 1,060,650,118 1,059,225,680 836,129,572 18,114,000,000 3,463,000.000 29,727,388,740 328,502.536 3,277,165.659 831,729,895 ! 18,000,000,000 3,468,000,000 29,763,683,425 354,318,296 3,089,988,909 837,810,790 18,000,000,000 3,475,000,000 29,788,149,540 356,155,605 3,005,650,408 831,458,538 118,000,000,000 3,475,000,000 29,922,374,480 57,485,396 3,106,859,009 1,540,154,761 1,574,027,841 1,529,067,563 1,434,741,868 1,382,406,760 902,102,981 867,982 999 841,801,928 824,643,897 876,990,128 1,058,039.452 1,056,136,119 1.055,133,815 1,053,615,835 1.052,962,728 844,440,916 18,300.000,000 3,485,000,000 30,225,174,755 76,040,073 854,139,418 18,400,000,000 3,485,000,000 30,539,744,175 97,402,799 846,220,583 18,600,000,000 3,485,000,000 30,630,952,720 59,497,377 831,538,077 18,800,000,000 3,485,000,000 30,721,054,545 35,201,595 837,023,513 18,800,000,000 3,490,000,000 30,782,046,255 175,898,447 3,029,352,330 2,899,424,075 2,856,535,187 2,909,130,949 2 876,162,951 1,411,926,734 1,434,652,434 1,492,698,729 1,449.219,390 893,568.195 1,051,502,282 851,997,025 18,800,000,000 3,500,000,000 30,820,344,965 77,832,838 801,701,943 1,050,125,607 865,421,968 18,800,000.000 3.500.000.000 30,570,709,575 296,831,791 758,731,820 1,045,209,484 859,187,801 18,300,000,000 3.500,000,000 30,191,584,565 274,495,722 816,112.297 1.037,958,992 1,093,163,810 17,000,000,000 3,510,000,000 29,072,411,935 331,282,153 2,945,781,079 2,898,106,496 2,964,650,320 2,816,042,616 1,368,007,194 998,426,443 1.036,809,990 1,182,530,417 16.300,000,000 3,510,000,000 28,732,703,650 1,319,323,623 933,787,852 1,035,584,422 1,209,526,407 16,300,000,000 3,516,000,000 29,028,387,230 1,285,748,027 971,916,166 1,031,798,423 1,217,202,109 16,400,000,000 3,526,000,000 29,271,224,475 1,300,471,965 1,046,274,834 1,028,568,236 1,215,714,53117,150, 000,0013,526,000,000 30,249,612,230 257,900.123 2,557,094,183 227,853,100 2,388,092,742 I 41,378,275 2,451,676,996 1111,683,670' * In addition there are advances to the State ol 200,000,000 francs under the Law of June 9 1857; agreement of March 29 1878; Law of June 13 1878 extended; Law of Nov. 17 1897 and Law of Dec. 29 1911. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis IMPERIAL BANK OF GERMANY 138 WEEKLY RETURN OF THE IMPERIAL BANK OF GERMANY (DEUTSCHE REICHSBANK)—1914 and 1915. SHOWING GOLD HOLDINGS, DISCOUNTS, LOANS,, NOTE CIRCULATION, DEPOSITS, &c. ASSETS. 1914. Ian.— 7— — 15___ 23___ 31-... Feb.— 7___ 15--.. 23___ 28-..March— 7-... 15___ 23-... 31 —April— 7—— 15--.. 23-.-. 30--Mag— 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 — (1) Total Coin and Bullion. (2) Of which Gold. (3) Treasury Notes.* (4) Notes of Ollier Banks. LIABILITIES. (5) Bills Discounted. (6) Loans against Collateral. (7) Invest ments. (8) Other Assets. (9) Notes in Circulation. 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 (10) Deposits. (ID Other Liabilities. 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 Marks. Marks. Marks. 53,077,000 27,689,000 1,168,285,000 63,567,000 38,151,000 894,097,000 71,411,000 45,382,000 809,745,000 62,524,000 8,292,000 828,657,000 1,587,842,000 1,277,614,000 1,629,404,000 1,309,341,000 1,667.830,000 1,337,321,000 1,611,453,000 1,292,574,000 65,771,000 17,590,000 70,231,000 25,723,000 76,236,000 31,849,000 63,427,000 11,332,000 786,902,000 787,107,000 800,384,000 879,722,000 56,276,000 62,179,000 58,609,000 120,884,000 285,181,000 275,996,000 257,489,000 276,825,000 202,801,000 198,061,000 199,434,000 215,862,000 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 21,936,000 30,492,000 39,878,000 10,164,000 900,835,000 884,051,000 864,563,000 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 1,272,679,000 1,627,359,000 1,310,667,000 1,691,643,000 1,353,461,000 1,656,897,000 1,324,031,000 59,329,000 29,195,000 1,137,312,000 65,444,000 40,774,000 939,677,000 76,820,000 48,641,000 870,208,000 67,506,000 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 2,037,038,000 1,915,240,000 2,101,317,000 895,559,000 914,004,000 1,007,107,000 825,005,000 32,667,000 32,639,000 33,211,000 33,893,000 1,655,946,000 1,674,471,000 1,686,055,000 1,635,143,000 1,326,761,000 1,342,665,000 1,353,364,000 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 66,938,000 26,309,000 71,530,000 32,111,000 49,859,000 9,667,000 803,934,000 782,404,000 755,402,000 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 1,909,765,000 883,908,000 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 23,431,000 973,583,000 62,505,000 33,078,000 807,651,000 59,696,000 40,106,000 750,892,000 50,200,000 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 1,994,564,000 895,041,000 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 79,206,000 90,265,000 96,906,000 98,552,000 1,616,232,000 1,639,295.000 1,653,296,000 1,579,445,000 1,299,255,000 1,317,624,000 1,322,081,000 1,259,980,000 1,625,839,000 1,311,094,000 1,668,825,000 1,344,072,000 1,691,398,000 1,356,857,000 1,528,026,000 1,253,199,000 64,985,000 66,856,000 80,254,000 58,896,000 50,795,000 59,104,000 65,479,000 33,443,000 1,595,618,000 1,590.221,000 1,596,129,000 1,006,922,000 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 1,879,477,000 3,881,931,000 2,551,754,000 3,999,962,000 2,619,763,000 4,234,873,000 2,441,337,000 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 1,305,495,000 111,937,000 859,218,000 758,040,000 599,867,000 743,405,000 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 1,282,060,000 115,516,000 4,060,009,000 1,357,007,000 118,701,000 4,009,164,000 1,415,795,000 120,245,000 4,205,363,000 1,397,443,000 139,299,000 1,921,580,000 1,885,416,000 1,956,265,000 1,915,970,000 1,993,669,000 1,948,686,000 2,035,576,000 1,991,254,000 23,247,000 25,229,000 26,809,000 9,276,000 2,642,943,000 2,769,714,000 2,887,493,000 2,932,364,000 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 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 43,349,000 196,623,000 186,350,000 187,180,000 182,275,000 4,671,970,000 1,450,650,000 188,469,000 4,637,404,000 1,498,100,000 167,701,000 4,635,353,000 1,723,676,000 176,682,000 4,862,704,000 1,581,527,000 176,504,000 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 2,337,528,000 203,955,000 185,920,000 175,425,000 563,427,0001 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 15,813,000 15,518,000 15,712,000 18,497,000, 25,466,OOo! 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 1,711,802,000 188,359,000 1,895,893,000 194,106,000 2,380,330,000 207,463,000 4,036,988,000 158,396,000 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 5,310,2S2,000 1,787,683,000 158,966,000 1,643,631,000 149,844,000 1,431,418,000 168,136,000 1,463,852,000 170,125,000 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 1,484,427,000 161,491,000 1,547,605,000 162,311,000 1,548,939,000 223,466,000 1,506,861,000 159,647,000 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 1,437,907,000 169,190,000 1,508,015,000 225,316,000 1,613,844,000 182,709,000 1,799,296,000 197,486,000 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 1,737,563,000 214,191,000 5,412,246,000 1,736,399,000 213,702,000 5,314,782,000 1,719,552,000 234,004,000 5,538,160,000 1,651,600,000 257,840,000 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 1,645,592,000 251,975,000 5,388,773,000 1,755,527,000 262,775,000 5,317,218,000 1,817,041,000 314,538,000 5,564,335,000 1,736,312,000 312,537,000 2,456,335.000, 2,457,208,000 2,457,402,000 2,456,879,000 2.413,833,000 2,414,203,000 2,414,909,000 2,419,434,000 249,582,000 205,759,000 183,883,000 885,127,000 5,067,401,000 5,152,442,000 5,326,867,000 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 4,416,255,000 257,716,000 265,318,000 282,113,000 292,758,000 2,458,519,000 2,462,543,000 2,466,446,000 2,466,841,000 887.905,000 16,824,000 4,375,969,000 2,422,972,000 830,792,000 20,872,000 4.390,377,000 2,426,359,000 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 1,622,687,000 273,324,000 277,726,000 276,280,000 285,041,000 2,466,885,000 2.469,607,000 2,473,449,000 2,472,562,000 2,432,490,000 2,433,202,000 2,434,754,000 2,435,254,000 960,323,000 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 1,574,536,000 287,007,000 5,932,945,000 1,549,881,000 286,861,000 5,764,868,000 1,723,347,000 291,379,000 5,999,412,000 1,587,847,000 294,319,000 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 1,667,269,000 295,951,000 6,099.781,000 1,765,726,000 308,510,000 6,270,380,000 2,046,073,000 327,731,000 6,917,922,000 2,359,012,00 0 370,626,000 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— Oct.— 7___ 15—23— 30— — Nov.— 6—15— 23— 30— Dec.— 7— 15___ 23— 31___ 11,011,000 13,631,000 18,334,000 11,934,000 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 Notes.—The capital ot tho Relchshank 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) Relchskassen-und Darlehnskassen Schelne; (4) Noten inderer Banken; (5) Wechselbestand, Schecks und Dlskont Schatzanwels; (6) Lombard-Darlehen; (7) Effektenbestand; (8) Sonstlge Aktlva' (9) Notenumlauf; (10) Deposlten: (11) Sonstlge Passlva. * Including, since the outbreak of the war, "Darlehnskassen Schelne." http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis IMPERIAL BANK OF GERMANY 139 WEEKLY RETURN OF THE IMPERIAL BANK OF GERMANY (DEUTSCHE REICHSBANK)—1916. SHOWING GOLD HOLDINGS, DISCOUNTS, LOANS, NOTE CIRCULATION, DEPOSITS, AC. LIABILITIES. (3) Treasury Notes* (4) (6) Loans against Collateral. (5) Bills Discounted. (10) (9) Notes In Circulation. _(7) Inces ments. (1) Total Coin and Bullion. (2) Of Which Gold. Marks. 2.482,752,000 2,488,360,000 2,492,332,000 2,494,220,000 Marks. 2,447,735,000 2,450,226,000 2,451,982,000 2,453,540,000 Marks. Marks. Marks. Marks. 920,764,000 9,096,000 5,388,831,000 12,616,000 661,726,000 12,942,000 5,360,661,000 14,097,000 664,646,000 14,821,000 5,449,160,000 13,736,000 705,700,000 8,860,000 ■ --------- 5,294,8 40,000 — Marks. 53,855,000 38,911,000 2,495,194,000 2,498,920,000 2,501,839,000 2,500,988,000 2,454,951,000 2,455,850,000 2,456,421,000 2,457,149,000 549,379,000 11,881,000 5,239,674,000 419,248,000 14,450,000 5,387,493,000 264,970,000 17,430,000 5,501,992,000 482,545,000 8,998,000 5,781,322,000 48,358,000 42,726,000 33,618,000 35,755,000 2,500,973,000 2,503,340,000 2,506,120,000 2,504,160,000 2,458,096,000 2,458,480,000 2,459,580,000 2,460,100,000 291,357,000 10,296,000 386,000,000 11,640,000772,580,000 13,960,000945,380,000 8,740,000 ■ 2,504,632,000 2,504,784,000 2,503,780,000 2,503,900,000 2,460,855,000 2,461,070,000 2,461,560,000 2,461,800,000 906,009,000 14,411,000 5,189,770,000 809,277,000 17,473,000 5,226,117,000 990,700,000 19,840,000 ■ ---------- 4,728,4 I 938.980,000 8,940,000 ■ --------- 5,150,2 I 2,502,160,000 2,502,200,000 2,503,020,000 2,499,640,000 878,300,000 2,462,600,000 2,462,900,000- ------- 703.800, 2,463,400,000- -------551,740, 2,464,400,000 553,080,000 2,499,880,000 2,500,980,000 2,500,040,000 2,496,782,000 2,464,600,000 2,464,940,000 2,465,180,000 2,465,662,000 406,260,000 10,860,000 281,840,000 13,560,000334,800,000 16,560,000- --------- 6,135,7 I 629,280,000 4,585,000 6,610,212,000 2,495,605,000 2,496,800,000 2,497,820,000 2.497,040,000 2,465,730,000 2,466,361,000 2,467,600,000 2,467,783,000 336,621,000 9,631,000 6,326,792,000 419,460,000 13,020,000- --------- 6,429,7 I 568,420,000 15,520,000416,080.000 4,500,000- 2,495,620,000 2,496,100,000 2,495,940,000 2,494,300,000 2,467,953,000 2,468,400,000 2,468,582,000 2,469,040,000 371,340,000 7,900,000 -6,535,5 20,000— -6,729,5 20,000— 365,320,000 10,160,000, 340,980,000 13,260,000 -6,668,8 60,000— 333,620,000 12,360,000-----------7,090,1 80,000 6,981,120,000 6,926,740,000 6,863,160,000 7,117,860,000 1,994,662,000 257,120,000 2,385,391,000 (?) 2,383,000,000 (?) 2,395,600,000 (?) 2,439.380,000 2,671,100,000 2,691,140,000 2,835,520,000 2,493,460,000 2,492,400,000 2,492,580,000 2,503,620,000 2,469,700,000 2,470,200,000 2,471,620,000 2,484,780,000 373,880,000 308,300,000 212,040,000 392,100,000 -----------7,152,7 l -----------7,566,1 : -----------7,587,5 I ---------10,769,2 - 7,175,540,000 6,878,820,000 6,860,380,000 7,370,300,000 2,877,900,000 3,466,800,000 3,679,740,000 6,266,460,000 2,511,291,000 2,518,042,000 2,519,997,000 2,522,260,000 2,492,933,000 2,501,223,000 2,503,402,000 2,506,080,000 370,072,000 340,427,000 360,971,000 229,445,000 7,468,061,000 7,478,921,000 7,615,881,000 7,877,000,000 621,928,000 628,816,000 660,254,000 659,531,000 7,230,214,000 7,126,516,000 7,033,624,000 7,260,360,000 3,216,339,000 3,289,675,000 3,319,320,000 3,458,360,000 399,912-000 2,527,880,0001 2,533,000,000 2,534,516,000 2,534,945,000j 2,511,880,000 2,516,760,000 2,518,230,000 2,518,488,000 252,942,000 300,574,000 281,848,000 315,832,000 7,795,000,000 8,231,000,000 8,383,756,000 8,075,687,000 633,792,000 655,559,000 681,908,000 674,938,000 7,246,260,000 7,178,680,000 6,664,668,000 7,333,660,000 3,403,660,000 3,933,110,000 4,173,860.000 3,661,917,000 431.082,000 2,535,105,000 2,535,413,000 2,535,391,000 2,536,780,000 2,518,758,000 2,518,872,000 2,519,075,000 2,520,472,000 264,074,000 228,101,000 173,265,000; 422,089,000 675,627,000 758,108,000 987,746,000 784,125,000 6,939,542,000 7,471,529,000 7,534,920,000 8.054,660,000 3,423,574,000 3,294,978,000 3,792,185,000 4,564,115,000 Notes of Other Banks. ' i : I Marks. 6,613,345,000 6,380,774,000 6,274,095,000 6,502,400,000 Marks. Marks. 1,882,014,000 357,291,000 1,836,779,000 365,373,000 2,143,268,000 263,006,000 1,785,920,000 (?) 237,413,000 237,039,000 236,407,000 243,544,000 (?) (?) (?) 6,532,128,000 6,468,300,000 6,373,720,000 6,988,080,000 1,896,966,000 251,554,000 2,109,220,000 (?) 2,703,460,000 3 4,357,820,000 290,955,000 366,846,000 (?) (?) 6,674,754,000 6,534,347,000 6,479,360,000 6,696,900,000 1,727,368,000 1,857,823,000 1,649,580,000 1,736,900,000 6,642,200,000 6,536,240,000 6,443,320,000 6,737,660,000 1,642,140,000 1,510,920,000 1,775,560,000 1,728,400,000 61,619,000 (?) 11,966,000 i 40,000— t 00,000— : 20,000— 6,220,000- 5,439,000 7,941,000 1,927,000 1,394,000 18,214,000 15,248,000 12,449,000 15,834,000 255,396,000 80,000 20,000 80,000 00,000 7,930,684,000 7,867,563,000 8,256,750,000 9,609,750,000 6,697,040,000 1,756,620,000 (?) 6,636,520,000 1,828,560,000 ?) 6,634,140,000 2,358,040,000 (?) 7,240,532,000 2,370,717,000 307,107,000 (?) 48,260,000 52,848,000 372,127,000 11,503,000 12,831,000 9,907,000 9,758,000 $ $ (?) (?) 90,261,000 88,141,000 89,865,000 83,749,000 Deposits. 7,088,608,000 6,939,633,000 6,840,300,000 7,024,380,000 355,581,000 383,937,000 378,346,000 382,304,000 437,715,000 410,939,000 421,668,000 466,121,000 462,156,000 563,345,000 Note.—Owing to the Interruption of mall and cable communication with Germany, It has not been possible for us to get complete returns for the Bank of Germany. The figures In the above have been compiled from fragmentary reports from a variety of sources. The capital of the Relchsbank 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, on March 31 1915 to 80,550,000 marks, and during the first half of 1916 to 85,471,000 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 Dlskont Schatzanweis; (6) Lombard-Darlehen; (7) Effektenbestand; (8) Sonstige Aktiva; (9) Notenumlauf; (10) Deposlten; (11) Sonstige Passlva. ♦ Including, since the outbreak of the war, “Darlehnskassen Schelne.” WEEKLY RETURN OF THE IMPERIAL BANK OF GERMANY (DEUTSCHE REICHSBANK)—1917. SHOWING GOLD HOLDINGS, DISCOUNTS, NOTE CIRCULATION, DEPOSITS, &C. Compiled from weekly reports appearing In the “Economist” of London. 1917. LIABILITIES. ASSETS. Bills Discounted. Notes in Circulation. Marks. 263,420,000 271,980,000 321,600,000 278,940,000 Marks. *8,756,660,000 *8,622,900,000 *8,182,800,000 8,190,000,000 Marks. 7,985,880,000 7,726,840,000 7,650,780,000 7,858,480,000 Marks. 3,769,080,000 3,916,500,000 3,648,020,000 3,452,420,000 282,080,000 321,180,000 368,100,000 *8,200,740,000 *8,532,040,000 7,892,300,000 7,880,920,000 7,881,340,000 8,107,160,000 3,505,040,000 3,691,280,000 3,934,860,000 *9,354,300,000 *9,269,200,000 8,163,980,000 8,164,360,000 8,224,820,000 8,616,020,000 4,040,580,000 4,436,800,000 4,503,540,000 8,405,480,000 350,240,000 444,060,000 550,420,000 509,200,000 *9,950,440,000 ♦9,562,740,000 *8,449,080,000 8,714,760,000 8,558,260,000 8,359,560,000 8,144,940,000 8,315,400,000 4,819,920,000 4,691,820,000 4,014,340,000 3,980,980,000 17,580,000 21,740,000 28,400,000 33,920,000 41,160,000 49,820,000 58,640,000 63,800,000 469,180,000 259,960,000 522,360,000 447,700,000 483,120,000 527,440,000 530,860,000 450,260,000 9,710 ,560,000 9,277 ,800,000 9,220 ,060,000 9,364 ,500,000 9,250 ,160,000 9,474 200,000 9,586 280,000 10,962 480,000 8,303 600,000 8,206 300,000 8,132, 080,000 8,285. 160,000 8,255 120,000 8,224 020,000 8,218, 740,000 8,698, 740,000 3,952 100,000 4,592 680,000 4,640 680,000 4,538 160,000 4,509 600,000 4,816 300,000 5,148 280,000 5,692 ,450,000 2,456,460,000 2,457,720,000 2,401,480,000 2,402,200,000 69,660,000 66,640,000 63,900,000 75,800,000 443,860,000 445,260,000 506,600,000 525,240,000 10,497,320,000 10,433,620,000 10,589,660,000 11,127,820,000 8,717,100,000 8,640,660,000 9,629,560,000 8,852,740,000 5,337,080,000 5,334,980,000 5,482,440,000 5,847,980,000 Aug. 7. 18. 25. 31. 2,402,460,000 2,402,460,000 2,402,860,000 2,403,020,000 80,360,000 87,060,000 91,720,000 96,040,000 545,920,000 547,240,000 567,540,000 671,360,000 11,032,280,000 11,368,600,000 11,066,860,000 11,364,600,000 8,905,660,000 9,934,380,000 8,967,980,000 9,337,100,000 5,837,160,000 6,080,380,000 5,874,860,000 5,890,580,000 Sept. 7. 15. 22. 29. 2,403,580,000 2,403,700,000 2,403,860,000 2,404,000,000 100.4S0.000 104,500,000 107,600,000 101,660,000 707,060,000 714,420,000 764,220,000 986,480,000 10,999,960,000 10,997,240,000 11,265,960,000 15,632,500,000 9,433,240.000 9,475,220,000 9,603,580,000 10,204,940,000 5,514,480,000 5,504,360,000 5,972,140,000 9,540,920,000 6. 15. 23. 30. 2,404,140,000 (?) 2,403,460,000 2,403,680,000 103,140,000 (?) 110,360,000 114,960,000 1,018,800,000 (?) 992,400,000 1,023,940,000 12,057,560,000 (?) 11,543,100,000 11,737,060,000 10,366,700,000 (?) 10,138,700,000 10,400,260,000 6,019,940,000 Nov. 8. 15. 22. 30. 2,403,780,000 2,403,900,000 (?) 2,404,300,000 118,860,000 125,140,000 (?) 135,040,000 1,018,860,000 998,180,000 (?) 1,046,880,000 11,514,940,000 11,688,040,000 (?) 12,234,220,000 10,403,740,000 10,363,340,000 (?) 10,622,260,000 5,529,320,000 5,726,140,000 (?) 6,045,220,000 Dec. 7. 15. 22. 31. 2,404,680,000 (?) 2,405,000,000 2,405,580,000 139,900,000 (?) 164,360,000 182,340,000 1,070,340,000 (?) 1,156,800,000 1,304,780,000 12,145,620,000 (?) 12,618,160,000 14,596,100,000 10,691,040,000 (?) 11,026,040,000 11,467,740,000 6,036,860.000 (?) 6,635,040,000 8,050,3S0,000 Treasury Notes. Gold. Silver. 6. 15 23 31 Marks. 2,520,900,000 2,522,260,000 2,523,180,000 2,524,420,000 Marks. 16,520,000 16,320,000 17,120,000 13,020,000 Feb. 7 15 23 28 2,525,480,000 2,525,800,000 2,526,080.000 2,527,320,000 16,780,000 16,340,000 15,760,000 15,600,000 342,580,000 Mar. 7 14 23 31 2,528,980,000 2,529,180,000 2,529,840,000 2,530,560,000 15,600,000 15,600,000 15,920,000 15,940,000 289,500,000 234,720,000 347,800,000 380,640,000 April 7 14 23 30. 2,531,920,000 2,532,280,000 2,532,300,000 2,532,560,000 16,120,000 16,380,000 16,820,000 16,660,000 May 7. 15. 23. 31. June 7. 15. 22. 30. 2.532. ,920,000 2.533, ,100,000 2,523, 180,000 2,567, 120,000 2,533, 320,000 2,533, 360,000 2,256, 880,000 2,457, 300,000 7. 14. 23. 31. Jan, July Oct. For these weeks reported by the “Economist” as Including ‘Advances.” http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis *8,349,940,000 *8,997,880,000 *9,027,160,000 ♦13,605,980,000 Deposits. 4,076,600,000 (?) 4,735,440,000 5,686,060,000 IMPERIAL BANK OF GERMANY—BANK OF RUSSIA 140 WEEKLY RETURN OF THE IMPERIAL BANK OF GERMANY (DEUTSCHE REICHSBANK) —1918. SHOWING GOLD HOLDINGS, DISCOUNTS, NOTE CIRCULATION, DEPOSITS, &C. Compiled largely from weekly reports appearing in the “Economist” of London. LIABILITIES. ASSETS. 1918. Treasury Notes. Bills Discounted. Notes in Circulation. Marks. 111,760,000 113(840,000 114,540,000 114,920,000 Marks. 1,339,039,000 1,259,380,000 1,195,700,000 1,253,300,000 Marks. 11,396,774,000 12,813,580^000 12,418,040,000 13,105,520,000 Marks. 11,343,320,000 11,043,940,000 10,918,840,000 11,138,940,000 Marks. 6 830,420,000 6,599,080,000 6,250,600,000 6,676,220,000 2,406,340,000 2,406,520,000 2,406,680,000 2,406,840,000 114,400,000 115,720,000 116,680,000 116,780,000 1,255,843,000 1,229,320,000 1(254(260,000 1,313,060,000 13,055,899,000 12,875,500,000 12,355,900,000 13,048,500,000 11,121,680,000 11,097,320,000 11,122,480,000 11,310,820,000 6,303,340,000 6,215,840,000 6,069,220,000 6,490,020,000 March 7_____________________ 15_____________________ 23_____________________ 30_____________________ 2,407,020,000 . 2,407,200,000 2,407,380,000 2,407,520,000 117,440,000 117,940,000 118,720,000 119,360,000 1,315,740,000 1,322,180,000 1(339(140,000 1,538,760,000 13,065,440,000 13,349,420,000 13,469,100,000 16,034,260,000 11,324,100,000 11,355,280,000 11,399,200,000 11,977,800,000 6,591,040,000 6,744,500,000 7,129,100,000 9,029,560,000 April 6 _ ___ _ _ _ __ 15_____________________ 23 ___________________ _ 30_____________________ 2,407,720,000 2,407,760,000 2,343,800,000 2,344,000,000 119,800,000 120,420,000 120,920,000 120,800,000 1,521,560,000 1,460,460,000 1,464,700,000 1,535,200,000 14,202,760,000 13,964,820,000 12,698,700,000 13,887,780,000 11,917,040,000 11,727,200,000 11,564,020,000 11,820,800,000 7,594,900,000 7,375,320,000 6,298,780,000 7,055,000,000 May 7__ _ _______________ 15_____________________ 23_______________ _____ 31_______ 2,345,200,000 2,345,400,000 2,345,520,000 2,345,660,000 119,760,000 120,420,000 120,360,000 120,440,000 1,550,540,000 1,555,840,000 1,604,507,000 1,620,740,000 13,577,580,000 14,546,200,000 14,000,455,000 14,544,780,000 11,802,340,000 11,803,880,000 11,700,240,000 12,002,680,000 6,857,040,000 7,751,380,000 7,333,320,000 7,634,800,000 June 7_______________ 15__________ ...... 22_____________________ 29______ _____ _______ 2,345,820,000 2,345,960,000 2,346,060,000 2,346,200,000 120,340,000 120,420,000 120,740,000 120,780,000 1,630,980,000 1,631,020,000 1,627,740,000 1,785,600,000 14,308,900,000 14,936,680,000 14,832,020,000 16,670,920,000 12,034,200,000 12,042,060,000 12,047,520,000 12,510,360,000 7,364,020,000 7,904,740,000 8,118,160,000 9,181,280,000 July 6 _ ___________ 15_____________________ 23_____________ ______ 31_____________________ 2,346,420,000 2,346,940,000 2,347,080,000 2,347,280,000 120,940,000 121,060,000 120,800,000 120,420,000 1,808,700,000 1,768,360,000 1,743,620,000 1,851,520,000 15,653,240,000 15,216,240,000 14,942,640,000 15,988,460,000 12,569,700,000 12,470,980,000 12,383,680,000 12,704,500,000 8,319,960,000 7,910,680,000 7,751,840,000 8,504,880,000 Aug. 7 _ _ _ _ _ _______ 15_____________________ 23_____________________ 31_____________________ 2,347,620,000 2,347,760,000 2,348,040,000 2,348,100,000 120,200,000 120,160,000 119,780,000 119,140,000 1,874,200,000 1,878,380,000 1,940,780,000 2,172,460,000 15,849,260,000 15,967,680,000 15,958,480,000 17,674,160,000 12,786,340,000 12,929,720,000 13,111,320,000 13,639,100,000 8,332,560,000 8,123,940,000 8,154,760,000 9,432,060,000 Sept. 7___________ 14_____________________ 23_____________________ 30_____________ ______ _ 2,348,260,000 2,348,320,000 2,447,220,000 2,447,340,000 118,640,000 118,160,000 118,140,000 115,680,000 2,228,600,000 2,303,660,000 2,340,140,000 2,646,900,000 16,999,380,000 17,485,620,000 17,590,080,000 23,830,060,000 13,804,680,000 14,044,600,000 14,429,380,000 15,334,360,000 8,702,560,000 8,923,920,000 9,106,400,000 14,538,080,000 7________ ________ 15_____________________ 23__________ ________ 31_____________________ 2,547,380,000 2,549,280,000 2,549,309,000 2,550,020,000 113,960,000 113,640,000 53,160,000 2,710,300,000 2,804,240,000 2,910,879,000 3,062,380,000 18,893,820,000 19,019,120,000 18,752,535,000 20,679,220,000 15,798,040,000 16,079,080,000 16,420,778,000 16,661,560,000 9,376,320,000 9,489,980,000 9,058,943,000 10,733,780,000 Nov. 7_____________________ 15_____________________ 23______________ ______ 30_____________________ 2,450,260,000 2,550,240,000 2,308,560,000 2,308,360,000 28,380,000 21,400,000 20,300,000 20,060,000 3,187,220,000 3,363,660,000 3,756,060,000 4,004,960,000 19,443,600,000 21,142,460,000 20,946,600,000 22,033,460,000 16,959,260,000 17,454,320,000 17,905,420,000 18,609,880,000 9,325,900,000 10,303,820,000 10,212,260,000 10,683,000,000 Dec. 7________ ___________ 14_____________________ 23________ _____________ 31 2,307,880,000 2,304,480,000 2,262,620,000 2,262,000,000 20,220,000 20,300,000 20,140,000 19,980,000 4,194,560,000 4,481,540,000 4,896,880,000 5,267,000,000 22,160,060,000 24,271,360,000 24,459,080,000 27,416,000,000 19,175,460,000 20,005,800,000 21,124,320,000 22,188,000,000 10,212,220,000 11,405,840,000 11.483,880,000 13,280,000,000 Gold. Silver. 15.. _______ _______ _ 23_____________________ 31_____________________ Marks. 2,405,800,000 2,405,920,000 2,406,060,000 2,406,120,000 Feb. -7_____________________ 15___________ _________ 23_____________________ 28_____________________ Oct. ] 9 1 Deposits. WEEKLY RETURNS OF THE BANK OF RUSSIA—1914, AND 1915. SHOWING GOLD HOLDINGS. ADVANCES. NOTE CIRCULATION. DEPOSITS, ETC. {Three 000s omitted.') ASSETS. 1914. 1 Week Ending- Jan.— 5... 14... 21... 29... Feb — 5... 14... 21... March- Gold. Bal- I Secur’s Treas Oth.Loans Notes in Deposit & Circu & Short ury & AdCurrent ance lation. Acc’t. Abroad. Loans. Bonds. vances. Rubles. Rubles] Rubles. Rubles. Rubles. 476,3901 1,514,680 169,700 576,840 481,930 L.517,750 169,920 583,460 467,080 1,518,090 166,710 564,820 1,522,110 166,370 465,620 555,760 1,525,740 167,100 1,532,160 165,130 1,541,830 161,890 1... 1,545,830 160,630 8... 1,552,050 233,310 14... 1,555,950;230,940 21... l,558,380|225,010 29... 1,562,960,211,200 April— 5... 1,566,780 209,870 14... 1,569,330 210,270 21... 1,571,100 207,780 29... 1.574.56C 208,170 May— 6... 1,579,070 204,180 14... 1,581,571 200,880 21... 1,583,62C 198,410 29... 1,587,581 197,240 June— 5... 1,591,491 192,990 14... 1,591,861 192,760 21... 1,592,531 183,09C 29... 1,595,751 169.23C July— 6... 1.597.48C 142,511 14... 1.599,750143,771 21... 1,601,14C 143,950 29... Aug.— 5... 1,602,041 116,040 14... 1.604.90C 116,761 21... l,606,32C 116,901 29... 1.607.49C 116,851 Sept.— 5... 1,610,231 116,901 14... 1,611,641 177,851 21... 1,612,551 216,571 29... 1,613,501 216,671 Oct.— 6... 1,615,751 216,401 14... 1,616,991 215,751 21... 1,621,461 >215,52( 29... 1,622.910215,51( Nov.— 5... 1,548,320215,510 14... 1.549,280 215,441 21... 1,550,030 215,381 29... 1,554,171 215,251 Dec.— 6... 1,553,931 215,13C 14... 1,553,341 214,62C 21... 1,552,611 214,391 29... 1.553.640 214.210 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis LIABILITIES. LIABILITIES. Rubles. ;,712,200 ;,664,640 1,633,000, 1,614,220 Treas ury Acc'i* Rubles. Rubles. 550,700 599,220 583,130 607,900 593,380 609,010 602,060 639,880 562,870 566,860 555,690 471,340 L,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(1,619,8101 574,490 369,430; 1,626,710' 630,630 372,23011,621,070| 612,640 371,920 1,623,370, 627,980 368.330 1,611,460 641,710 602,500 485,030 493,400 479,990 474,670 424,210 423,950 409,730 387,010 368,850,1,639,850 371,190 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 1,645,680 633,61C 619,21C 621,50C 619.81C 433,230 439,910 432,700 434,210 362,760 385,130 392,380 401,910 357,280 362,990 371,230 363,150 1,648,190 1,633,750 1,632,960 1,628,360 605,79C 608,271 570,371 579,901 436,280 433,870 475,010 488,420 392,610 406,120 393,370 361,730 1,646,870 368,110 1,630,370 367,440 1,634,110 561,670 571,081 596,490 512,550 491,070 502,620 558,930 711,730 720,570 727,990 452,770 490,470 484,290 486,340 1,859,780 2,321,061 2,410,931 2,431,400 628,060; 693,240 715,140 738,461 550,760 517,930 341,26C 219,460 874,900 908,810 885,830 914,280 473,90C 464,130 465,620 464,690 2,517,391 2,553,571 2,590,671 2,613,280 731,14C 726,291 712,961 718,05C 229.06C 230.85C 223.09C 210,940 895,380 948,820 977,220 1,045,230 480,520 481,280 487,560 493,030 2,642,651 2,697,481 2,699,271 2,706,28C 718,291 716,991 734,650 753,711 203,140 208,350 207,660 224,740 1,099,760 646,220434,24c 649.320.433.23C 638,360423,111 495,760 2,781,120 491,170 (2,790,980 583,910 2,805,240 580,980 2,814,700 748,260 803,691 784,011 775,800 214,640 210,560 208,630 207,110 627,650416,021 637,740473,371 630,410,486,751 618.220(496,540 547,530 524,700 527,840 520.450 2,830,660 2,846,050 2,855,170 2.863.850 777,840 761,860 767,270 750.970 206,230 211,170 201,020 220 240 Week Ending- Gold. \ Bal- Secur.& Short | ance Abroad. Loans. Treas Oth.Loans Notes in Deposit & ury & Ad CircuCurrent vances. Bonds. lotion. Acc'l. Rubles. Rubles. Rubles Jan.— Rubles. Rubles. Rubles. Rubles. 5... 1,554,670199,710622,350 507,340 528,700 2,984,330 742,230 14.. . 1,558,250 170,060 609,690 656,670 507,020 3,030,510 796,540 21.. . 1,558,110(153,850594,600 639,840 492,520 3,002,950 814,320 29.. . 1,557,330153,810564,070 859,560 477,490 2,997,880 871,090 Feb — 5.. . 1.557.570153.940 549,660 945,160 473,810 3,051,950 872,740 14.. . 1.569.670138.940 543,6101,006,230 454,030 3,059,140 888,280 21.. . 1,569,010139,490 525,2201,000,970 450,460 3,076,770 908,210 March1.. . 1,568,950140,740 551,6101,067,830 454,180 3,094.170 1,005,190 8... 1.567.950140.200 526,8204,095,420 445,430 3,128,4601,073,000, 14.. . 1.567.710140.200 513,4001,130,440 452,860 3,151,5101,130,890 21.. . 1,566,980139,830 511,780,1,149,850 608,090 3,180,8901,007,180 29.. . 1,571,270,139,820 494,4801,131,470 592,550 3,198,280, 90S,720 I April— 5.. . 1,569,960 139,340 472,8701,203,790 584,960 3,307,7701,062,900 14.. . 1,570,010 139,800 459,140 1,286,700 553,700 3,312,7101,081,930| 21.. . 1,569,270,139,510;430,760 1,422,980 505,390 3,286,170,1,118,980; 29.. . 1,573,210 139.4901410,5(0 1,453,290 489,990|j3,277,2901,117,420; 1 1 I May— 6.. . 1,572,260,139,3001391,180,1,470,9701 478,770 3,348,9901,141.210 14.. . 1,571,240 139,020 390,210 1,489,830 478,940 3,361,8501,164,380 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 3,416,3101,121,180 June— 5... 1.573.800 137,810 407,730(l,582,790 811,710 3,451,670 1,155,490 14.. . 1,573,510124,310 418,2001,573,170 818,170 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.. . 1,577,190108,590 409.0801.549,110 787,970 3,582,570 1,109,260 July— ! 6— 1,579,460105,650 399,340 1,546,080 774,360 3, 695,520 1 163.530 14.. . 1,578,860( 99,970 413,2401,589,360! 770,620 3, 755,5701 116.410 21.. . 1,578,990 93,680,401,4201,679,540 762,470 3, 796,7101 ,149,440 29— 1.578,600, 90,080396,2601,847,210, 760,810 3, ,831,7701 ,187,550. Aug.— 5... 1,582,380 90,090 397,630 2,034,790 749,480 3 .889,4701 ,187,860' 14.. . 1,585,320 89,480 384,1802,146,750 724,120 3 ,962,4801 ,201,240 21.. . 1,583,040 70,770381,8102,286,550 713,610 4 021,4701 207,170 29.. . 1,585,460 70,810382,4502,368,720 743,420 4 ,092,340 1 ,174,520 Sept.— 5.. . 1.585.790 52,230 403,560 2,439,920 763,460 4,101 183,020 14.. . 1,588,840 52,210 433,320 2,423,020 836,170 4,210, 159,060 21.. . 1,588,430 38,700,437,660 2,403,9301, 021,610 4,461, 122,880 29.. . 1.590.790 38,490|446,580 2,395,4701, 018,010 4,621, 163.140 Oct.— 6.. . 1,591,880 38,360 443,840 2,555,650 988,630 4,766, 8401, 123.530 14.. . 1,595,150 37,410 440,080 2,650,420 971,110 4,893, 2301, 125,450 21.. . 1,595,640 37,180 434,440 2,803,300 913,210 4,990, 7901, 169,870 29— 1,598,260 35,600 420,810 3,139,970 872,300 5,010, ,8201, 214.140 Nov.— 5— 1,603,670 35,360411,0003,119,310 844,200 5.053,6201,189,980 14— 1,603,160130,170393,7403,318,950 804,270 5,040,5401,264,820 21... 1,605,180 133,730 394,010 3,367,770 1,133,070 5,113,480 1,297,150 29— 1,608,290 228,510 391,410 3,326,8601,096,370 5,164,6201,293,340 Dec.— 6... 1,608,150 228,090 392,720 3,303,3301,047,970 5,219,750 1,285,800 14.. . 1,607,260 227,700 395,050 3,289,0901,000,730 5,201,320 1,275,410 21.. . 1,607,900 270,600 397,000 3,262,500 949,900 5,258,900 (?) 29... 1 611.740 270.010 392.8701.3.244.580' 005.1 SO 5.304.62011 .272.0801 Treas ury Acc’t. Rubles. 220,040 229.680 217,890 207,920 216,400 207.680 226,690 202,280 207.220 202,060 214,540 210.630 206.440 204,590 207,840 205,380 202,120 209,150 212,560 408.930 441.220 490,960 392.630 347,300 247,870 226,340 213,470 202.250 203,480 201,020 216.440 229,650 210.220 212,290 301.250 209,570 221,160 203,360 207,660 219,990 206,720 211,370 250,620 238,060 233,420 214,190 202,500 204.146 141 BANK OF RUSSIA WEEKLY RETURNS OF THE BANK OF RUSSIA—1916. SHOWING GOLD HOLDINGS, ADVANCES, NOTE CIRCULATION, DEPOSITS, ETC. LIABILITIES. Note Circulation. Rubles. 640,081,530 632,100,237 588,343,178 563.648.148 Rubles. 234,815,625 235,357,245 232,422,462 230,512,628 Rubles. 266,636,050 268,012,763 263,060,743 236.253,420 Rubles. 5,493,371,866 5,622,063,274 5,603,504,406 5,604,519,268 Rubles. 1,327,908,289 1,361,429,466 1,404,294,091 1,401,702,102 Rbules. 202,849,529 271,194,854 206,699,377 206,651,972 3,407,747,248 3,504,952,601 3,573,412,880 3,781,434,256 541,224,672 491,466,161 459,894,580 459,600,776 228,095,766 217,561,256 189,329,485 208,036,590 235,827,320 209,337,644 202,809,457 199,761,813 5,657,188,080 5,709,481,225 5,775,655,912 5,806,485,512 1,436,589,893 1,425,742,938 1,480,522,872 1,493,537,069 205,600,818 201,452,197 206,846,705 213,820,564 356,842,058 348,541,136 368,782,161 375,074,978 3,847,252,211 3,867,186,648 3,893,787,943 3,849,394,566 436,354,846 407,273,340 590,543,781 545,377,911 206,110,254 204,551,379 202.711.558 201,939,323 197,425,789 192,812,516 190,547,660 189,260,023 5,869,877,026 5,899,087,775 5,929,972,214 5,935,863,255 1,482,090,429 1,595,947,096 1,491,286,540 1,464,159,765 266,141,357 1,046,456,880 1,137,276,714 1,134,534,119 1,229,108,846 377,380,777 379,390,513 345,220,462 342,643,838 3,815,734,025 3,744,597,621 3,790,103,887 3,762,398,631 532,868,658 530,514,748 516,906,361 498,966,473 201,027,166 198.493.559 196.865.827 194,780,308 192,690,882 199,938,324 205,120,351 207,415,023 6,022,399,410 6,078,257,595 6,184,048,619 6,254,131,309 1,595,196,866 1,533,166,967 1,501,973,002 1,609,621,550 227.493,778 211,921,754 222,980,285 215,138,996 1,630,303,145 1,630,616,556 1,629,739,698 1,541,486,049 1,223,917,513 1,223,858,094 1,314,734,506 1,409,308,883 344,061,407 345.755.299 340,213,491 340,089,872 3,700,014,097 3,646,649,912 3,572,014,573 3,520,041,487 482,292,502 640,497,198 704,004,473 694,501,234 190.790.828 188,718,430 185,216,110 180.184.377 204,453,529 205,289,596 205.645.810 205.788.105 6,227,407,900 6,212,955,437 6,260,792,752 6,286,166,065 1,512,180,174 1,490,614,533 1,512,841,383 1,587,130,973 210,896,313 223,631,004 261,732,745 202,120,420 1,539,965,668 1,539,889,513 1,538,267,047 1,540,287,140 1,409,296,485 1,493,716,966 1,493,854,977 1,588,607,848 341.475.771 347,397,555 347,331,269 352,085,804 3,636,522,006 3,679,265,352 3,843,213,820 3,795,224,307 678,696,087 685,624,451 620,027,699 553,721,185 178,532,283 174,957,912 170,285,578 166,225,116 207,975,754 214,238,974 233,503,762 176,594,143 6,340,269,037 6,379,535,107 6.410.448.261 6,443,108,475 1.562.531.622 1.550.939.622 1,591,201,128 1,582,318,089 204,322,988 264,311,413 209,179,065 279,167,906 1,541,016,450 1,543,295,095 1,545,684,264 1,547,400,659 1,683,049,296 1,683,047,587 1,867,654,830 1,868,087,720 358,058,779 367,871,856 348,043,940 366,503,141 3,734,070,927 3,823,714,810 3,807,130,466 3,762,235,889 522,567,150 537,740,210 506,634,946 499,381,549 164,738,320 165.808.377 163,389,151 154,804.999 176,081,453 177,624,636 171,547,983 163.993.811 6,533,088,553 6,628,346,635 6,711,555,166 6,753,125,123 1,729,727,451 1,788,406,852 1,736,771,394 1,724,274,396 275,865,351 1,546,013,263 1,549,301,446 1,548,585,561 1,550,979,421 1,867,613,757 1,962,353,941 2,057,038,790 2,057,098,302 365,486,398 383,300,629 393,923,952 408,875,569 3,899,093,690 3,873,370,219 3,931,097,802 3,894,631,207 473,168,225 452,984,192 436,516,002 433,187,261 151,266,849 146,194.083 143,407,483 142,050,161 157.501.201 156,632,872 155,505,654 153,274,288 6,812,824,009 6,876,204,548 6,927,243,606 6,960,943,721 1,745,784,270 1.800.151.457 1,869,616,925 1,818,603,426 215,767,022 1,551,636,283 1,552,065,119 1,553,766,491 1,553,258,013 2,057,169,570 2,054,914,670 2,054,947,315 2,055,127,189 418,613,372 264,135,698 263,002,587 263.277.299 3,993,110,221 4,420,318,000 4,657,123,000 4,818,469,000 447,362,512 455,059,092 419,731,154 395,237,641 141,948,387 141,458,287 142,887,535 142,650,190 146,525,054 142,680,685 126,592,699 122.600.202 7,021,524,956 7,122,258,681 7,223,725,946 7,304,074,579 1,840,945,287 1,842,962,039 1.841.755.458 1,850,930,789 202,650,874 207,188,728 267,955,270 203,152,803 1,556,152,581 1,554,185,434 1,556,034,805 1,558,770,037 2,055,000,572 2,054,933,342 2,054,997,443 2,054,956,110 260.957.961 268,379,663 263,491,223 258,836,338 5,034,273,000 5,144,455,000 5,278,000,000 5,367,745,000 374.163.149 398,760,355 387,997,743 376,904,394 144,515,162 145,022,817 142,003,444 141,952,147 122,392,402 133,550,604 131,078,621 128,887,994 7,442,606,071 7.587.113.261 7,719,736,483 7,844,880,162 1,975,073,821 1,952,133,740 1,981,986,565 2,033,312,453 225,936,180 201,887,793 215,654,294 203,992,434 1,556,703,912 1.560.487.935 1,558,796,183 1,466,839,187 2,054,965,875 2,055,082,346 2,055,089,577 2,149,716,965 264.687.771 260,614,592 255,122,249 257,993,799 6,014,360,000 6,202,180,000 6,148,155,000 6,073,427,000 406,469,298 504,286,869 528,624,532 531,095,452 141,128,565 138,943,858 136,294,621 133,689,086 141,218,358 143,449,949 140.924.106 142,340,472 7,934,918,457 8,083,390,512 8,175,734,264 8,235,225,379 2,111,084,846 2,049,774,896 2,041,794,262 2,099,857,581 , 201,255,645 211,919,048 208,110,788 204,087,171 1,465,097,980 1,473,432,389 1.471.488.880 1,472,613,425 2,149,866,185 2,149,860,076 2,149,659,484 2,149,846,412 255,421,528 258,470,330 252,398,927 245,568,919 6,014,449,000 6,185,124,000 6,568,351,000 6,534,050,000 520,270,680 529,204,660 537,536,044 537,376,037 131,305,143 128,823,841 128,805,068 127,021,842 138,532,459 150,474,795 147,561,512 136,112,799 8,305,035,843 8,383,452,885 8,462,256,950 8,591,284,757 2,078,452,887 2,151,903,032 2,161,825,268 2,146,806,306 215.172.357 210,088,414 216,709,686 216,013,930 Short-Term Treasury Obligations. Loans against Securities. Rubles. 459,156,807 648,171,741 742,749,388 742,743,171 Rubles. 390,887,941 384,900,734 382.868.960 382,891,240 Rubles. 3,258,571,217 3,231,586,162 3,198,807,950 3,375,915,365 1,618,815,249 1,618,627,600 1,621,367,847 1,620,865,635 742,739,464 758,505,843 756,523,257 756,537,990 375,155,650 375,673,018 365,065,104 353,460,426 1.621.262.789 1,624,097,069 1,622,800,483 1,625,707,538 851,110,532 945,675,047 941,016,730 947,269,837 1.625.858.935 1,628,465,641 1,626,129,996 1,628,772,825 Gold Abroad. Jan.— 5... 14.. . 21.. . 29.. . Feb.— 5.. . 14.. . 21.. . 29.. . March— Rubles. 1.611.321.880 1,613,015,503 1.616.457.788 1,616,395,416 7.. . 14.. . 21.. . 29.. . April— 5.. . 14.. . 21.. . 29.. . Map— 6.. . 14.. . 21.. . 29.. . June— 5... 14.. . 21.. . 29.. . July— 6— 14.. 21.. 29— Aug.— 5— 14.. 21.. 29— Sept.— 5— 14— 21 — 29.. October— 6.. 14— 21 — 29— Noe.— 6— 14— 21— 29— Dec.— 6— 14.. 21.. 29.. Deposits and [Current Acc’t Current of the Accounts. Treasury. All Other Loans. Securities Owned by Bank. Bills of Exch'ge & Other Term Obligations. Gold in Coins, Ingots and Assignations. Note.—The dates here given are according to our calendar, the corresponding dates under the Russian calendar being 13 days earlier. fie above table corresponds to Dec. 23 1915 according to the Russian calendar. 208,701,341 206,952,884 208.445.356 206,533,189 204,085,193 210,057,138 200,011,325 305,153,542 203,337,299 For Example, Jan. 5 1916 In WEEKLY RETURNS OF THE BANK OF RUSSIA—1917. SHOWING GOLD HOLDINGS, ADVANCES, NOTE CIRCULATION, DEPOSITS, &c. liabilities. Jan. 5.. 142129Feb. 5.. 14.. 21.. Mar. 1.. 8.. 14.. 21.. 29.. Apr. 1-. 14.. 21.. 29.. May. 614.. 21.. 29.. June. 5.. 14.. 21.. 29July. 6.. 14.. 21.. 29.. Aug. 5.. 14.. 21.. 29.. Sept. 5. 14.. 21. 29.. Oct. -• it Gold in Coins Ingots and Assignations. Gold Abroad. Rubles. 1,472,367,258 1,474,858,140 1,474,263,827 1,475,347,453 Rubles. 2,149,647,470 2,149,681,798 2,150,397,998 2,151,366,523 Bills Of Exchange & Other Term Obliga’ns. Short Term Treasury Obligations. Rubles. Rubles. 247,896,323 6,652,445,000 250,652,595 6,866,099,000 245,377,903 7,103,623,000 247,239,819 7,126,512,000 Advances to Treas’y for Supplies of Provisions. Rubles. 1,472,760,886 2,150,376,585 242,733,744 7,275,878,000 1,476,065,553 2,140,885,057 231,278,460 7,397,021,000 1,474,939,249 2,140,804,282 226,131,211 7,640,394,000 Loans Against Securities. Rubles. 559,161,612 554,488,669 501,207,125 628,830,031 All Other Loans. Securities Owned by Bank. Rubles. 126,647,051 125,139,970 124,422,044 125,002,753 Rubles. 134,307,412 132,085,703 129,905,947 125,700,851 Liberty Loan of 1917. 635,475,434 125,246,908 131.739.690 635,375,385 126.604.639 154,419,402 620,558,970 128,984,844 173,775,505 Note Circulation. Deposits and Current Accounts. Current Account of the Treasury. Rubles. 8,896,845,318 9,097,392,981 9,113,976,455 9,204,618,343 Rubles. 1,616,574,169 1,873,526,363 1,593,627,577 1,654,984,065 Rubles. 202,528,207 244,620,279 214,722,669 210,046,235 9,310,291,804 1,793,238,109 214,544,838 9,439,763,908 1,746,186,822 221,958,444 9,557,191,391 1,805,053,264 213,815,901 1,476,138,657 1,477,495,603 1,476,310,002 1,477,046,128 1,479,540,342 2,140,916,074 2,140,964,808 2,141,023,729 2,141,023,657 2,141,147,749 226,161,985 216.430.669 213,637,477 218,948,118 209,182,549 7,642,024,000 7,843,184,000 7,882,032,000 7,738,441,000 8,339,347,000 627,466,978 597,987,624 580,071,021 597,018,518 595,970,521 132,262,879 134.752.111 134,254,274 137,785,520 139.556.112 184,253,211 183,338,414 194,727,363 186,969,006 182,584,572 9,672,994,167 9,793,899,886 9,949,625,975 9,997,300,175 10,277,807,426 1,823,113,045 1,822,389,184 1,800,776,246 1,921,262,348 1,988,410,258 224,894,339 217,964,056 212,098,497 218,084,755 204,221,865 1,476,613,892 1,476,585,995 1,477,156,672 1,479,814,869 2,141,036,112 2.118.884.194 2,118,883,351 2.118.789.828 207.679.944 211,368,561 256,108,034 266,668,858 8,493,077,000 9,083,531,000 9,487,413,000 9,372,921,000 593,748,159 716,936,162 874,451,451 804,529,155 142,327,480 146.245.906 146,400,706 148,379,852 181,573,266 172,230,323 211,066,265 217,183,065 240,069,856 10,590,186,053 10,980,897,143 11,153,574,286 11,186,557,916 2,024,299,568 2,133,518,035 2,355,965,697 2,217,021,821 213,826,407 418,946,616 1088908 630 502,807,988 1,480,290,878 1,478,178,389 1,477,880,621 1,479,475,675 2,118,782,402 2.118.918.194 2,118,800,193 2,118,804,462 265,631,580 252,836,067 270,741,629 262,843,490 9,242,668,000 9,101,294,000 9,140,406,000 9,053,821,000 827,853,014 878,008,365 1,172,233,153 1,154,614,686 150,410,133 150,786,344 154,241,080 156,545,072 224,666,478 227,355,579 237,067,533 109,446,558 251,815,446 315,919,816 253,721,662 598,792,88 11,315,510,807 11,457,141,742 11,625,208,497 11,765,332,334 ,219,151,023 ,188,659,971 ,125,421,627 ,180,299,080 1,481,176,369 1,482,706,932 1,478,906,468 1,480,925,464 2,118,801,236 2,119,085,403 2,118,989,762 2,119,612,792 265,307,334 327,286,768 351,650,414 382,811,889 9,182,427,000 9,462,375,000 9,905,259,000 10,193,331,000 1,206,561,604 1,276,823,240 1,238,723,021 1,292,817,024 159,538.622 160,533,487 160.744.984 164,719,248 254.883.690 256,501,000 260.296.387 258,900,777 11,889,307,837 12,175,741,691 12,403,700,138 12,591,992,241 ,178,330,135 ,054,085,525 ,122,678,021 ,187,926,978 293,818 169,477 ,799,413 ,930,206 Sw ,164,164 ,752,470 ,487,552 ,960,926 1,480,465,445 1,481,423,914 1,478,711,289 1,291,618,136 2,119,317,068 2,118,987,670 2,118,994,692 2,308,016,387 385,989,208 407,869,514 423,519,718 514.638.945 10,385,599,000 10,392,400,000 10,834,596,000 11,162,632,000 1.335.399.146 1,382,004,505 1,322,659,612 1,306,288,902 166.240.985 169,960,696 167,131,610 174,317,231 263,693,571 120,057,858 12,721,155,784 286,233,567 39,071,731 13,055,370,560 278,478,512 13,464,079 13,328,197,077 265,140,069 13,646,052,935 ,176,853,140 ,226,983,819 ,312,642,820 ,471,904,244 878,529 494,912 ,910,694 909,319 1,292,984,018 1,294,944,821 1,297,407,138 1,297,932,927 2,308,013,651 2,308,013,651 2,308,010,407 2,308,006,719 579,652,843 356,038,014 374,916,891 269,320,782 1,352,934,551 173,345,730 11,393,636,000 11,767,072,000 300,813,206 1,352,500,112 172.447.639 11,928,235,000 332,328,117 1,207,373,157 173,669,903 12,037,404,000 479,023,116 1,245,880,836 175,600,512 277,920,282 287,426,389 290,041,572 296,632,495 13,916,441,875 14,125,364,233 14,434,479,611 14,676,172,052 2,313,738,728 2,421,243,648 2,459,261,973 2,436,645,770 205,716,004 283,998,412 208,218,306 204,472,351 1,294,037,691 1,292,605,758 1,295,021,154 1,295,222,997 2,308,133,161 2,308,646,978 2,308,901,278 2,309,077,941 282,076,374 303.453.670 314,376,737 338,081,494 12,158,566,000 12,354,175,000 13,090,975,000 13,394,795,000 171.763.113 170,461,901 177,860,647 181.933.906 286,800,202 265,667,996 238,165,782 213,303,428 14,690,710,702 15,397,517,510 15,850,425,737 15,886,952,562 2,506,071,187 2,482,189,494 2,546,291,203 2,659,211,446 219,117,948 210,479,684 219,769,512 212,467,799 524,741,116 604,424,119 691.490.122 828.994.122 1,304,304,262 1,488,401,645 1,492,667,396 1,526,649,269 1,293,417,293 2,308,842,868 355,278,277 13,743,005,000 904,919,124 1,515,875,122 185,485,316 203,319,136 1,296,468,710 2,308,622,602 379,315,507 14,097,733,000 1068934 808 1,601,328,987 189,798245 192.754.388 21*. 1,295,637,656 2.308.620.828 408,519,798 14,479,325,000 1244075 820 1.485.779.146 198,406,920 182,311,118 ♦No reports received subsequent to this date. Reports for 1918 not obtainable owing to Bolshevist revolution, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 517,038,067 424,244,191 239,218,413 162,836,449 16,661,044,056 2,547,145,646 201,997,450 17,290,078,601 2,539,896,893 210,539,129 17,858,901,616 2,520,464,188 223,807,957 Trade and Commerce-Returns of. FOREIGN IMPORTS AND EXPORTS. OUR FOREIGN TRADE IN 1918. gallon, against 4.45c; illuminating oil, 10.2c and Another twelve-month period of marvelously 7.44c; gasoline, naphtha, &c., 24.9c and 22.4c; large foreign trade aggregates has passed to the lubricating oil, 29.7c and 20.5c; cottonseed oil, credit of the United States—a year in which in 19.4c and 13.9c; and leaf tobacco, 30.2c and 17.9c. flated prices for commodities were so potent a factor It is not necessary to pursue this phase of the sub that despite a smaller quantitative outflow of goods, ject any further. Suffice it to say that chemicals, due largely to various restrictive measures put in lumber, cement, fruits and nuts, cotton goods, force by the Government, the value of the exports glassware, hides, hops, hay, &c., &c., could be reached a value approximating very closely the included in the list if necessary to make it more record aggregate of 1917, and the imports actually inclusive and conclusive. established a new high mark. The cessation of hos As in all years since the breaking out of the war tilities abroad, coming in November, did not serve to in Europe the phenomenal proportions of our export contract the volume of outflow of goods. In fact the trade found explanation in that circumstance. But freeing of tonnage from transport service the latter if in the preceding years the gain in outflow was part of November and the gradual lifting of em chiefly to the Allied countries involved, so in 1918 bargo measures resulted in a total of merchandise the loss was much more than covered by the decline exports in December in excess of all earlier monthly in shipments to Russia, a former member of the alli periods except January, June and December of ance. Our exports to the United Kingdom, which at 1917. 2,009 million dollars in 1917 were well above those The year opened with the value of the merchan for 1916, rose to about 2,061 millions in 1918. The dise outflow showing a somewhat marked con Belgian total advanced from 56 millions in 1917 to traction compared with the preceding year and this 155 millions in 1918, and the Italian from 419 millions continued for six months. In July, August and to over 492 millions. On the other hand, the outflow September, with the shipments of breadstuffs and to European Russia fell from 315)4 millions to only provisions showing very great expansion, new high about 9 millions—a comparatively nominal figure— records for the particular months covered were in and noticeable contraction was to be observed in the each instance established, but in October the out totals for Denmark, Netherlands, Norway, Spain flow dropped below that of the period in the previous and Sweden. Collectively, therefore, the result for year. For the reason already referred to, however, Europe as a whole was a falling off of some 203 there was an augmentation in the outflow in No millions, notwithstanding the higher prices obtained vember and December, a new high mark for the for most of the commodities sent, and consequently former month having been established, and the indicating a proportionately greater quantitative de result for the full twelve months approached very cline. Elsewhere expansion was quite the rule in close to the phenomenally heavy total reached in quantity as well as in value. The Cuban total 1917. It is, of course, understood that we have mounted from 196 millions to 227 millions; Chile reference to the exports as represented by value from 57 millions to 66 millions; British East Indies and not quantitatively, as only a partial analysis from 43 millions to 51 millions; Japan from 186 could be made in the latter way, weights or measures millions to 274 millions; China from 45% millions being lacking in very many cases. One point, to 59 millions, and Asia as a whole from 431 millions however, must not be lost sight of and that is that to about 446 millions, despite a virtual cessation higher prices were an important factor in build of exports to Siberia. To Oceania also the out flow increased very appreciably, the total for British ing up the year’s aggregate of export values. It does not follow that there was a universal possessions advancing from 76 millions to 103 appreciation in the export prices of commodities. millions and for the Philippines from 38 millions The exceptions, however, were few and as a rule to 53 millions. Altogether the merchandise exports unimportant. On the other hand, the advances in in 1918 showed a loss of 84 million dollars from many cases were decidedly striking. Confining our 1917, but in the shipments to South America, selves to what may be called representative com West Indies, Asia and Oceania an increase of modities we note that the average export price of 115 millions appeared, this following an expansion corn in 1918 was about $1 73 per bushel, against of 219% millions in 1917 over 1916. The test of SI 40 in 1917; wheat $2 34, against $2 31, and rye, whether we are to hold any great measure of the $2 05, against SI 92R>; flour, per barrel, Sil 27, trade gained in comparatively new markets as a against S9 94; bituminious coal S3 94 per ton, result of the war will come when rehabilitated Eu against S3 72; cotton, 31.8c per lb., against 23.2c.; rope is in a position to enter into competition with us, gunpowder, 78c per lb., against 74.3c; bar steel, 5c, and how far our manufacturers are willing to go in against 4.14c; wire nails, 5.6c and 4.7c; galvanized efforts to retain it. The merchandise exports for the year aggregated steel sheets, 8.1c and 6.8c; other steel sheets, 7c and 5.6c; steel rails, S58 25 per ton, against S46 93; 86,149,392,647, this falling only 884,119,920 below tin plates, 9.6c per lb. and 8c; sole leather, 53c and the high record total established in 1917 (86,233,49.3c; canned beef, 36.4c and 27.9c; fresh beef, 512,597), and comparing with 85,482,641,101 in 21.3c and 14.6c; bacon, 28.6c and 21.2c; hams and 1916. Shipments of breadstuffs covered a much shoulders, 27.1c and 22.2c; lard, 26.4c and 20.2c; greater value in the late year than in 1917—some 170 butter, 39.7c and 37c; crude mineral oil, 5.87c per million dollars more—a quantitative decrease in the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 143 TRADE AND COMMERCE. outflow of oats and corn being much more than off set by the increased exports of flour, wheat, corn meal, &c. Cotton exports were less in quantity, but in consequence of the higher prices that prevailed during the year the increase in value was appreciable. In other words, the value of the 4,112,349 bales sent out in 1918 was $674,122,790, whereas the 4,818,943 bales shipped in 1917 brought only' $575,303,782. Consequently, although quantity fell off 14.40%, value was augmented about 17%. Among other commodities sent out less freely but covering a higher value than in 1917 we may mention coal, cotton cloth, cement, cottonseed, twine, lubricating oils, paraffin and various articles of iron and steel manu facture, such as bars, rods, billets, hoops, rails, nails, sheets, plates, pipes and fittings. Mineral oil shipments were more liberal in the aggregate than in 1917, and with prices higher ac counted for an important increase in value. An augmentation of about 504 millions in the total ex port value of meat and dairy products was a striking feature of the year, and was ascribable in considerable measure to the increased prices for every individual item in the schedule. Attention is also to be drawn to the expansion in the value of the shipments of fish, cotton manufactures, wood and manufactures, tobacco and manufactures, electrical machinery, coke, glass and glassware, lead, paper, vegetables and wool manufactures. Contraction was to be noted in a num ber of articles, more particularly iron and steel man ufactures, cars, chemicals, copper, explosives, brass, leather, sugar, horses, mules, automobiles, oil cake and naval stores. Analyzing the year’s foreign export trade by great groups, we note that, notwithstanding the decrease of 84 million dollars in the total of all, there were striking additions in crude materials for use in manu facturing and in foodstuffs, partly or wholly man ufactured. In the first groun the most noticeable expansion was in cotton and tobacco, and in the second barley, wheat flour, bacon, fresh beef and hams—otherwise, grain and meats. On the other hand, an important decline in manufactures, while running pretty well through the list, was largely in explosives (of which the outflow in the two previous seasons had been enormous), brass bars, sheets and plates, fire arms, metal working machinery, sugar, zinc, leather and oil cake. In importation of commodities, as already noted, a new high record by a moderate amount was estab lished in 1918, this despite a very considerably diminished inflow of merchandise from Europe, and from the United Kingdom, France and Spain in par ticular. The inflow from Canada exhibited a very satisfactory gain after the strikingly heavy increase in 1917, with wood pulp one of the main items con tributing to the result. Argentina’s credit total here was considerably swelled by an augmentation in the shipment of flaxseed and wool hitherward, these serving much more than to offset a decrease in hides and skins; wool, furthermore, accounted for an in crease in the inflow from Chile, as did sugar from Cuba and copper, lead and oil from Mexico. De creases in the value of imports from Brazil, Colombia, Peru, Uruguay and Venezuela reflected reduced ship ments of coffee, hides, rubber and wool. Raw silk, hides and wool coming in less freely from China ex plained the decline in the value of our imports from that country, and the smaller influx of cotton ac counted for the relatively slight gain in the Egyptian total. A further increase in the value of the inflow from the British East Indies followed the larger re ceipts of India rubber, jute manufactures and tin, and our increased inward trade with the Philippine Islands involved to a greater or lesser extent most of the products of that locality. Consequent upon a very appreciable augmentation in shipments of wool to us from Australia, a marked gain in the value of the imports from that quarter was to be noted. Japan contributed more largely to our new supply of raw silk and tea. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis As regards the various groups into which the imports are segregated, moderate decreases in crude materials and in foodstuffs in crude condition were to be noted, but there was a fair gain in foodstuffs partly or wholly manufactured and an important augmentation in manufactures for further use in manufacturing or ready for consumption. Without attempting to specifically classify in detail the arti cles involved, we mention as among those showing the largest gains, wool, fibers and manufactures, vegetable oils, tin, nitrate of soda, tobacco, meats and dairy products, fruits and nuts, rice, seeds, furs and furskins, and tea. On the other hand, more or less striking losses appeared in hides and skins, In dia rubber, coffee, wheat, cotton manufactures, silk manufactures, diamonds, &c., liquors, art works, brass and leather. The total of merchandise im ports for the year 1918 was $3,031,304,721, and ex ceeded by 79 million dollars the high mark set in 1917, while contrasting with only $2,391,635,335 in 1916. Here as with exports, however, high prices were a very potential factor. The increase in imports shown above so nearly offset the falling off in exports that the total foreign trade of the United States for the year (inflow and outflow combined) fell behind the high record mark established in 1917 by only a nominal amount. It reached 9,18024 million dollars, against 9,186 millions in 1917 and 7,874 millions in 1916. The excess of exports of merchandise (values) over imports in 1918 was phenomenally large, although below that of the preceding year. In other words, the favora ble balance reached $3,118,087,926, comparing with $3,281,044,642 a year earlier, $3,091,005,766 in 1916 and but $1,776,074,152 and $324,348,049, respec tively, in 1915 and 1914. As indicating the changes from year to year in a number of the leading staples of export and the relation those principal items bear to the full outward movement of merchandise, we append a compilation covering six years: EXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS. Exports. 1918. 1917. 1916. 1915. 1914. 1913. $ $ $ Cotton__ 674,122,790 575,303,782 545,228,684 417,013,008343,904,905 575,495,653 Breadst’ffs 801,497,730 631,988,510 471,918,100 527,882,389 310,280,873 203,391,856 Prov., &c_ 941,240,883 437,449,572 315,568,172 279,660,232161,474,241 160,606,568 Cot’s’d oil 23,184,329 17,303,256 19,390,435 25,233,350 14,683,798 17,991,098 Petrol., &c 344,290,444 252,977,476 201,721,291 142,972,322,139,900,587 149,316,409 Total__ 2784336176 1915022596 1553826682 1392761301970,244,404 1106801584 All other articles. 3365056471 4318490001 3928814419 2161909546 1143379646 1378216708 Total 6149392647 6233512597 5482641101 3554670847! 2113624050 2484018292 The movement of gold continued in 1918 in favor of the United States, but only in very moderate de gree. In fact, as contrasted with 1917 the net influx of the metal was of comparatively insignificant amount, and the same remark applied with even greater force to 1916. In much the largest part the year’s inflow came, as in the three preceding years, for the account of Great Britain and mainly from the depository of the Bank of England at Ottawa, reaching the United States via Ogdensburg, N. Y. In the aggregate there so came $45,787,198, against only $1,286 by steamer direct from England. Ar rivals of gold from France were nil, but from Mexico they were 5)4 millions, South America 5)4 millions, and West Indies, Central America, &c., 6 millions. Collectively the inflow of the metal for the twelve months reached $62,042,748, against $552,454,374 in 1917 and $685,990,234 in 1916. Shipments of gold were also very moderate, totaling only $41,069,818, or less than one-ninth those of 1917, which were the largest of any year in the history of the country. The outflow was made up of 26)4 millions to Mexico, 10 millions to South America, 1)4 millions to Canada and 3 millions to all other countries. The net import balance for the year at only $20,972,930 compares with similar remainders of $180,570,490 and $530,197,307, respectively, in the two preceding years. The imports of silver in 1918 were the heaviest ever recorded for a twelve month period, but the exports of the metal were of phenomenal proportions 144 TRADE AND COMMERCE and came from the U. S. Treasury, the silver being released to meet the extraordinary demand for the metal by British India, China and Japan. The gross exports of silver reached no less than 8252,846,464. The net exports for the year were 8181,470,765, against 830,790,399 in 1917. MERCHANDISE EXPORTS AND IMPORTS (CALENDAR YEARS). Calendar Year Exports. Imports. Excess. 1901 ................ 1902 ................ 1903 ................ 1904 ................ 1905 ................ 1906 ............ .. 1907 ................ 1908 ................ 1909 ................ 1910 ............ 1911 ................ 1912 ................ 1913 ................ 1914 ................ 1915 ................ 1916 ________ 1917 ________ 1918 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 3,554,670,847 5,482,641,101 6,233,512,597 6,149,392,647 880.419,910 969,316,870 995,494,327 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 2,391,635,335 2,952,467,955 3,031,304,721 Exp. 584,955,950 Exp. 391,369,063 Exp. 489,258,756 Exp. 415,409.550 Exp. 447,846,245 Exp. 477,741,862 Exp. 500.256,385 Exp. 636,461,360 Exp. 252,677.921 Exp. 303,354,753 Exp. 560,167,586 Exp. 581,144,938 Exp. 691,421,812 Exp. 324,348,049 Ezp.1,776,074,152 Exp.3,091,005,766 Exp.3,281,044,642 gzp.3,118,087,926 Total Trade. 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 3,624,885,906 4,217,291,04a 4,276,614,772 3,902,900,051 5,333,267,542 7,874,276,436 9,185,980,552 9,180,697,26 8 EXPORTS 12 MONTHS ENDING DEC. 31. 1917. Exports— 1918. Agricultural Implements_________________ $32,847,064 $28,787,483 Automobiles and parts of_________________ 96,700,294 120,253,104 Cars for steam railways___________________ 12,470,265 24,111,066 110,412,452 Coal........................................................................ 107,880,545 354,065,672 Capper, not including ore________________ 200,337,223 158,818,816 Cotton manufactures____________________ 181,167,193 1241960 102 Iron, steel, &c__________________________ 1035291 740 Leather, &c______________________________ 91,687,198 122,475,122 14,401,181 Naval stores_____________________________ 10,253,442 24,391,395 Oil, vegetable_____________ 29,418,708 17,906,706 Paraffin and paraffin wax_________________ 22,262,778 45,573,920 Tobacco, not Including manufactured_____ 122,919,066 71,362,591 Wood and manufactures__________________ 87,306,371 17,097,279 Wool manufactured______________________ 19,858,911 46,775,023 Horses and mules________________________ 13,219,128 6,605,772 Aeroplanes______________________________ 15,277,524 Chemicals_____-_____________________ ...265,224,720 193,327,849 34,788,336 India rubber manufactures------------------------ 31,649,292 Explosives - -_ ___________________________ 243,528,539 639,934,405 51,335,741 Zinc...............................................-....................... 21,281,498 Brass and manufactures__________________ 29,805,398 239,891,109 64,395,650 Sugar___ ___________________ ...________ 27,038,667 6,569,129 Fertilizers_______________________________ 4,529,910 15,809,688 Oil cake and meal------------------------------------- 2,785,478 55,268,975 Electrical machinery_____________________ 59,983,533 46,393,655 Paper................................................... ................. - 54,169,821 IMPORTS 12 MONTHS ENDING DEC. 31. 1917. Imports— 1918. Art works_______________________________ $7,069,424 $17,935,016 Chemicals, &c____________________________ 168,383,927 144,235,370 41,415,354 Cocoa or cacao__________________________ 37,955,200 Coffee___________ 99,423,362 122,607,254 Copper—pig, bars, ingots, &c------------------- 99,189,872 103,135,697 41,780,796 Cotton___________ 41,624,242 53,825,298 Cotton manufactures-------------------------------- 39,807,053 95,783,027 Flax, hemp, &c.—unmanufactured_______ 114,386,667 85,667,387 Flax, hemp, &c.—manufactured_________ 112,404,320 63,911,261 Fruits and nuts_________________________ 74,984,437 26,241,156 Furs__________________ 32,158,939 Hides and skins----------------------------------------- 108,029,847 209,730,440 India rubber___________________________ ..149,183,234 239,468,836 25,882,335 Iron and steel and manufactures---------------- 24,947,077 40,906,667 Jewlery, diamonds, &c----------------------------- 24,272,000 27,046,994 Leather and manufactures_______________ 19,530,713 Silk—raw, &c____________________________ 194,198,598 189,752,910 39,718,121 Silk—manufactured______________________ 28,454,673 Sugar........................... ................. -....................... 242,265,430 222,485,148 25,763,075 Tea .......................................... -......................... 29,539,740 63,628,940 Tin........................................................................... 93,144,218 33,471,754 Tobacco—unmanufactured______________ 52,115,000 98,606,986 Wood and manufactures of------------------------ 98,252,038 Wool—unmanufactured---------------------------- 251,772,616 171,557,452 23,343,276 Wool—manufactured____________________ 22,827,051 1,937,141 Glass and glassware---------------------------------- 1,351,522 5,781,245 Fertilizers_______________________________ 4,996,107 Meat and dairy products__________________ 61,906,857 27,539,374 67,809,607 Wheat......... ........... 30,428,806 92,058,339 Oils 140,393,173 41,734,084 Paper......................................................... 42,753,780 32,861,528 Vegetables 32,688,645 Exports. Imports. 1916. $21,704,359 125,813,205 33,926,029 118,813,421 65,534,952 37,051,534 53,751,310 65,546,956 73,335,503 52,484,422 17,349,425 172,603,316 164,517,008 28,131,095 51,590,080 22,635,808 149,784,622 37,090,995 227,605,342 19,444,102 51,803,384 26,856,095 77,150,006 125,583,854 16,471,284 2,414,236 5,497,606 22,003,262 10,730,483 57,150,821 28,189,998 14,021,935 SILVER GOLD. Year Ending Dec. 31 1916. $21,229,774 120,864,793 25,765,161 68,298,239 230,676,765 129,346,571 871,327,322 159,727,718 16,288,943 25,070,197 14,820,440 62,833,040 59,839,256 37,442,690 90,761,874 3,936,140 165,286,008 33,934,348 715,575,306 59,965,314 315,656,757 90,675,773 6,166,908 33,253,448 40,244,075 39,576,879 Excess ol Exporls( + ) or Imports t—). Exports. Excess o1 Imports. Exp’rist.+'ror Imporlsl—). $ $ $ $ S $ + 3.022.059 55,638.358 1.146.782 + 24,491,576 1901.. 57,783,939 54,761,880 —8.162.72b 49.272.954 26.402,935 + 22,870,019 1902.. 36.030.591 44,193 317 1903. . 44.346.834 85,267.696 —20.920.862 40.610,342 3.974.50* + 16 335.834 1904 .. 121.211.827 84 803.234 + 36,408.593 50.135.245 _-.087.042 + 24,048.203 —3 498.938 57.513,10? 35 939,135 + 21,573.967 1905.. 46.Z94.167 60,293 40o 1906.. 46.799.158 155.579,380 —108.870 222 60,957,091 44,227,841 + 16. (29.250 1907 -- 55,215,681 143,398,072 —88,122,391 61,625,866 45,912,360 + 15,713,506 1908 .. 81,215,456 50,276,293 +30,939,163 51,837,671 42,224,130 + 9,613,541 1909.. 132,880,821 44,086,966 + 88,793,855 57,592,309 46,187,702 + 11,404,607 —447,696 57.360,973 45,878,168 + 11.482,805 1910.. 58.774,822 59,222,518 1911 .. 37,183,074 57,445,184 —20,262,110 65,664,646 43,746,571 + 21,918,078 1912.. 47,424,842 66,548,772 —19,123,930 71,961,755 48,401,086 + 23,560,669 1913.. 91,798,610 63,704,832 + 28,093,778 62,776,631 35,867,819 + 26,908,812 1914.. 222.616,156 57.387.741 + 165,228,415 51,603,060 25,959,187 + 25,643,873 1915.. 31,425,918 451,954,590 —420,528,672 53,598,884 34,483,954 + 19,114,930 1916.. 155,792,927 685,990,234 —530,197,307 70,595,037 32,263,289 + 38,331,748 1917.. 371,883,884 552,454,374 —180,570,490 84,130,876 53,340,477 + 30,790,399 1918... 41,069,818 62,042,748 —20,972,930 252846464 71,375,699 + 181470765 Note.—For years 1900 to 1918, Inclusive, the figures embrace gold and silver In ore; In the years preceding both were included In the merchandise movement Bringing together the various balances, we have the appended summary for a series of years: YEARLY TRADE BALANCE. Excess of— 1918. 1917. 1916. 1915. 1914. 1913. $ $ $ $ $ Mdse. exp. 3118087926 3281044642 3091005766 1776074152 324,348,049 691,421,812 Silver exp. 181,470,765 30,790,399 38,331,748 19,114,930 25,643,873 26,908,812 Total__ 3299558691 3311835041 3129337514 1795189082 349,991,922 718,330,624 Gold imps. 20,972,930 180,570,490 530,197,307 420,528,672 *165228415 *28,093,778 Gr’d total. 3278585761 3131264551 2599140207 1374660410 515,220,337 746,424,402 ♦Net exports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis With all the items included, the net export balance for 1918, it will be observed, reached the unparalleled aggregate of 83,278,585,761, or 147 millions more than in 1917 and 679 millions in excess of 1916. We note in passing that our net gain in gold from July 1 1914 to Dec. 31 1918—54 months—reached 1,025 million dollars. Two sets of figures in connection with our foreign trade are decidedly interesting. We refer to the segregation of the imports and exports into divisions indicating their trend and into groups so as to show the amounts consisting of crude materials, of food stuffs and of manufactures. The statistics for the last four years are as follows: DIVISIONS. Imports from— Grand Divisions— Europe___________ North America___ South America___ Asia_____________ Oceania_________ Africa____________ Total_________ Principal countries— Austria-Hungary____ Belgium_____________ France______________ Germany____________ Italy________________ Netherlands__________ Norway_____________ Russia in Europe______ Spain_______________ Sweden___ i_________ Switzerland__________ United Kingdom______ Canada______________ Mexico______________ Cuba________________ Argentina____________ Brazil_______________ Chile............................. China_______________ British East Indies___ Japan _______________ Australia & New Zeal’d Philippine Islands____ Egypt......... ..................... 1918. $ 318,127,305 976,400,347 609,371,205 853,443,245 188,456,157 85,506,462 1917. $ 551,144,599 871,982,524 598,818,532 758,237,165 99,221,196 73,063,939 1916. $ 633,316,886 658,438,120 427,609,562 516,704,047 93,673,382 61,893,338 1915. • 546,352,567 509,458,281 322,282,189 305,523,891 60,341,276 34,638,491 3,031,304,721 2,952,467,955 2,391,635,335 1,778,596,695 97,323 13,964 59,509,742 317,706 24,340,022 8,824,419 2,015,851 6,784,603 18,488,289 5,935,490 16,882,854 148,614,815 451,961,875 158,937,393 278,635,027 227,128,348 98,038,132 165,782,920 110,970,969 299,108,107 301,919,771 94,549,529 85,935,220 28,850,475 64,937 158,022 98,639,653 159,352 36,480,807 22,744,504 6,280,233 12,350,179 36,881,630 18,069,487 19,834,668 280,080,175 413,674,846 130,434,722 248,598,199 178,245,833 145,274,931 142,597,929 125,106,020 259,629,897 253,669,709 32,002,203 62,386,641 27,352,444 631,251 1,479,342 108,893,119 5,819,472 60,235,172 43,602,076 6,430,316 4,478,990 32,577,377 18,856,638 22,414,383 305,486,952 237,249,040 105,065,780 243,728,770 116,292,647 132,067,378 82,123,995 80,041,851 201,190,844 182,090,737 55,826,228 34,162,081 29,533,795 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 Exports to— Grand divisions— Europe______________ 3,858,705,905 4.061,728,923 3,813,278,324 2 ,573,408,120 North America_______ 1,325,582,571 1,261,703,532 924.553.649 558,803,012 South America_______ 302,840,975 311,893,023 220,266,818 144,128,681 445,549,169 431,261,460 364,959,155 149,706,033 Asia________________ Oceania_____________ 157,514,708 115,542,003 105.572.649 91,479,767 59,199,319 37,145,234 Africa_______________ 54,010,506 51,383,656 Total_____________ 6,149,392,647 6,233,512,597 5,482,641,101 3 ,554,670,847 Principal countries— Austria-Hungary_____ 104,525 61,771 Belgium____ ________ 154,649,338 23,385,087 56,080,886 30,998,928 Denmark____________ 11,353,845 73,506,999 32,408,830 56.329.490 931,199,774 940,791,331 860,821,006 500,792,248 France ______________ Germany____________ 2,260,634 11,777,858 3,275 4,346,471 26,754,121 Greece______________ 33,685,689 8,636,163 Italy________________ 492,145,797 419,034,486 303,530,476 269,723,561 Netherlands__________ 11,369,269 57,540,570 113,730,162 142,973,086 36,137,464 Norway_____________ 66,209,717 46,231,270 62,847,557 8,902,449 315,250,020 309,806,581 125,794,954 Russia in Europe____ Spain_______________ 69,188,733 45,697,462 64,316,888 91,584,080 Sweden______________ 15,674,108 85,231,543 20,467,923 47,967,590 United Kingdom______ 2,061,300,680 2,008,669,641 1,887,380,665 1 ,198,440,808 Canada______________ 886,848,501 828,919,971 604,908,190 345,045,836 Central America______ 40,899,065 46,531,841 36,700,692 51,760,110 Mexico______________ 97,845,536 110,829,375 54,270,283 41,066,775 Cuba________________ 227,156,047 195,871,266 164,666,037 95,750,004 Argentina____________ 105,215,818 107,098,895 76,874,258 52,840,965 57,422,512 Brazil_______________ 66,157,952 47,669,050 33,952,551 Chile____________ ____ 66,399,300 57,549,304 33,392,887 17,816,114 52,570,579 China_______________ 40,292,059 31,516,140 19,748,283 42,827,734 51,360,855 British East Indies___ 30,799,916 20,858,483 Japan _______________ 273,819 586 186,340,304 109,156,490 45,731,903 Russia in Asia________ 8,433,069 109,260,439 160,701,673 44,198,950 Australia & New Zeal’d 101,843,358 75,286,451 81,305,968 64,070,468 52,976,182 38,140,152 Philippine Islands____ 22.775.491 26,346,480 British Africa________ 43,760,697 39,084,607 32,448,177 24,652,306 GROUPS. 1918. 1917. 1916. Imports— $ $ $ Crude materials for use in manufacturing___ ._ 1,221,122,661 1,268,185,283 1,009,584,027 Food stuffs in crude condi tion and food animals. . 345,540,171 385,724,874 260,132,629 Foodstuffs partly or wholly 397,373,484 351,448,380 338,706,767 manufactured________ Manufactures for further use in manufacturing.. 648,955,417 541,482,701 417,860,560 Manufactures ready for consumption_________ 404,904,467 387,916,685 345,577,687 Miscellaneous_________ 13,408,521 17,710,032 19,773,665 1915. $ 695,888,756 242,904,777 273,245,831 260,978,876 292,017,691 13,560,764 Total imports________ 3,031,304,721 2,952,467,955 2,391,635,335 1,778,596,695 Exports— Crude materials for use in manufacturing___ 953,044,947 780,713,597 721,413,446 567,362,785 Foodstuffs in crude condi tion and food animals. . 547,551,525 508,762,531 421,284,031 461,642,574 Foodstuffs partly or wholly manufactured________ 1,405,841,742 806,940,680 648,038,830 550,565,642 Manufactures for further use in manufacturing.. 1,053,479,322 1,316,693,291 912,261,863 475,696,725 Manufactures ready for consumption___ _____ 2,069,414,254 2,704,393,989 2,625,364,270 1,315,105,552 18,982,566 Miscellaneous__________ 52,113,137 94,280,065 122,857,254 Total domestic exports. 6,048,314,356 6,169,617,225 5,422,642,505 3,493,230,532 Foreign merchandise ex 101,078,291 63,895,372 ported.. ____________ 59,998,596 61,440,315 Total exports ______ 6,149,392,647 6,233,512,597 5,482,641,101 3,554,670,847 Exports of principal items under the heading “Miscellaneous” for December 1918 were: Horses, $147,009; mules, $35,921, and seeds, $1,103,954; and for the 12 months ended December 1918; Horses, $9,858,475; mules, $3,360,653, and seeds, $5,291,758. TRADE AND COMMERCE 145 EXPORTS OF LEADING ARTICLES FOR YEARS IMPORTS AND EXPORTS BY ENDING JUNE 30. FISCAL YEARS. Articles. 1917-18. 1916-17 1915-16. The table below shows the exports and imports in Abrasives, emery, &c., value______ | 6,369, ,108 6,,069,114 3,333,338 each fiscal year (ending June 30) since 1885. 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In preceding years gold and silver In ores were included in merchandise. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Agricultural implements, value_____ 8 35,076 ,911 26,,552,986 17,611,297 Aluminum and manufact's of, value.® 11,294 ,850 20,,299,982 5,644,349 Asbestos, manufactures of, value__ S 2,112. 339 1,,502,437 1,019,803 Automobiles and parts of, value___ 8 110,106, 505 118 ,377,047 120,002,296 Bacon and hams, value___________ ® 329,584. ,082 166,,795,709 119,418,638 Barley, value______________________$ 41,939 ,964 19,,027,082 20,663,533 Bauxite concentrates, value_______ S 1,464 ,933 1,,118,777 929,309 Beef, canned, value_____________ 30,051 ,507 16 ,946,030 9,439,066 do fresh and salted, value______ ® 75,088 ,667 33 ,005,630 32,920,194 Bread and biscuit, value__________ $ 1,973 ,388 1,,115,405 787,685 Books, maps, etchings, &c., value..® 11,433 ,064 10 ,346,905 9,243,148 Brass and manufactures of, value__ ® 61,443 ,993 383 ,327,550 164,876,044 Broom corn, value_________________ ® 1,293 ,042 684,682 454,749 984 ,085 Brushes, value_____________________® 863,630 1,132,262 Butter, value______________________® 6,852. ,727 8 ,749,170 3,590,105 Buttons and parts of, value________ ® 2,104 ,531 1 ,982,104 1,902,556 Carriages, cars, and parts of, value.® 24,928 ,624 16 ,445,588 16,620,265 Cars for steam roads, value________ $ 15,077 ,122 27 ,285,584 24,119,277 Casings for sausages, value________ $ 3,039 ,369 1 ,741,959 2,867,681 Celluloid and manufactures, value._§ 3,744 ,745 3 ,112,441 2,328.142 Cement, value____________________ $ 5,989 ,081 4 ,111,550 3,766,564 Cereals, prepared, table food, value.® 10,452. ,435 7 ,721,856 5,074,983 Cheese, value______________________® 10,785. ,153 15 ,240,033 7,430,089 Chemicals, drugs and dyes, not in cluding medicines, value________ ® 171,536. ,310 179 ,233,149 116,080,503 Clocks and watches and parts, value.® 4,054, ,523 4 ,276,399 4,118,264 Coal, anthracite, value___________ 29,844, ,791 25 ,768,713 20,356,370 Coal, bituminous, value__________ 81,980, 374 57 ,366,428 45,599,339 Coffee, value____________________ 6,386, 212 6 ,844,893 5,739,323 Coke, value_______________________ ® 10,155, 047 6, ,279,552 3,779,445 Confectionery, value_____________ 1,856, 751 2 ,102,847 1,904,101 Copper, manufactures of, value___ ® 269,546, 619 322. ,535,344 173,946,226 Corn, value_______________________ ® 75,305, 692 72, ,497,204 30,780,887 Corn meal, value__________________ ® 20,358, 644 2, ,757,324 1,601,258 Cotton, Sea Island_________ 100 lbs. 9,439 8, 924 17,318 do other_______________ 100 lbs. 23,196, 293 30 ,871,233 30,823,383 Cotton, Sea Island, value_________ $ 633, 867 458,728 483,184 do other, value_______________ ® 663,790, 788 542, 615,962 373,703,063 Cotton manufactures, value_______$ 169,398, 420 136, ,299,842 112,053,235 Dental goods, value______________ 1,753, 446 2, 227,640 2,055,629 Earthenware. &c., value___________® 7,775, 099 6, 141,153 3,607,824 Electrical machinery, &c., value__ ® 54,527, 570 51, ,903,823 30,256,778 Eggs, value________________________ ® 7,167, 134 7, ,568,911 6,134,441 Fertilizers, value________________ 5,840, 139 ,980,132 5,343,497 Fire extinguishers, value___________ „ 1,688, 963 d 895,591 Fish, fresh, dried, pickled, &c., val__® 30,449, 505 19 ,875,614 19,983,645 Flax, &c., manufactures of, value. 29,868, 520 27 ,341,711 21,377,276 Flour (rye), value_________________ $ 9,043, 808 525,347 646,941 do (wheat), value______________ ® 244,861, 140 93 ,198,474 87,337,805 Fruits and nuts, value___________ 34,480, 678 39 ,138,817 36,965,228 Furniture, metal, value__________ 1 ,517,253 1,146,783 1,725, 320 Furs and fur skins, value________ 13,903, 631 15 729,160 9,288,786 Gasoline, value_________________ 61,447, 382 46 932,967 16,297,561 Glass and glassware, value______ 14,012, 756 13 554,530 12,321,338 Glucose and grape sugar, value ____ ® 5,994, 671 7 ,358,731 4,734,961 Grease, scraps & soap stock, value..® 5,599, 303 6 222,185 7,151,004 Gunpowder, &c., value____________ ® 378,901, 793 802 789,437 467,081,928 Hair and manufactures, value______ ® 1 784,411 2,458.328 1,478, 498 Hats and material, value_________ 4,150, 501 d 513,333 Hops, value_____________________ 993, 773 773,926 4.386,929 Horses, value_____________________ ® 14,923, 663 525,329 73,531,146 Household, &c., effects, value_____ i 5,575, 532 521,014 4,190,875 Hides & skins, other than furs, value. 4,089, 493 970,831 3,875,251 India rubber, &c., manufac., value.® 33,343, 181 105,075 35,153,374 Ink, value_________________________ “ 1,289, 155 128,857 967,442 Instruments, scientific, value_______ 4,872, 902 018,803 5,868,155 Iron and steel, and manufactures of, not including ore, total value_____ ® 1125889371 1133746188 624,087,940 Iron ore, value____________ $ 4,877,380 3,284,262 2,796,606 Jewelry, gold and silver____________ ® 953,934 1,226,826 1,168,172 Lamps, chandeliers, &c., value_____ ® 3,826,594 3,994,577 3,155,444 Lard, value________________________$ 99,288,951 80,177,002 51,684,773 Lard compounds, &c., value______ 6.613.640 8,269,844 5,147,434 Lead and manufactures of, value.. 19,108,238 16,560,038 13,823,004 Leather and manufactures of, value.® 100,920,272 153,709,573 146,703,815 Malt, value______________________ ® 4,776,847 5.881.287 d Malt liquors, value_______________ ® 1,731,159 1,442,025 1.064,627 Medicines, patent or prop., value__ ® 10,190,188 8.613.153 8,397,971 Metal and compositions, value_____ 11,728,091 9,208,947 1,437,744 Milk, condensed, value____________ 68,039,597 25,136,641 12,712,952 Motor boats, value________________ . 917,438 2,460,583 800,231 Mules, value______________________ ® 4,885,406 27.800.854 22,960,312 Musical Inst, and parts of, value___ $ 4,915,299 4,142,896 3,454,064 Nickel, nickel oxide, &c., value_____ 7,680,502 12.270.854 9,876,403 Oatmeal. value_____________________. 17,567,218 4.491.154 1,885,622 Oats, value________________________ ® 86,125,093 55,034,981 47,985,790 Oil cake and meal, value____________ $ 4,994,193 31,221,749 28,561.303 Oil cloth and linoleum, value______\ 1,932,952 1.378.287 1,328,376 Oil, cottonseed, value______________ $ 18,142,938 19,878,325 22,658,670 Oil fuel, value______________________ ® 61,339,504 32,329,617 24,769.248 Oil, illuminating, value____________ ® 47,488,425 54,642,377 52,283,057 Oil, linseed, &c., value_____________ ® 5,480,790 4,232,178 2,708,233 Oil, lubricating, &c., value________ ® 66,146,827 48,665,984 37,452,084 Oil, mineral, crude, including all natu ral oils, value___________________ ® 9,107,519 7,309 ,990 5 754,084 Oil, naphtha, value_______________ $ 52,408,330 41,057 840 29 472,713 Oleomargarine (including oleo) .value® 13,797,749 11,966 ,678 13 J09.595 Paints, pigments and colors, value..® 16,894,154 15,041 ,500 11 ,416,329 Paper and manufactures of, value. .® 38,924,622 32,814 831 19 ,867,856 Paraffine and paraffine wax, value..® 18,541,528 16,038 811 12 873,250 Pencils, value______________________ 8 2,748,129 2,188 779 1 436,015 Perfumery, &c., value_____________ ® 3.965.465 3,618 620 2 ,903,063 Phonographs, &c., value__________ ® 4,684,329 3,648 317 2 ,138,437 Photographic goods________________ ® 12,290,317 14,322, 188 15 ,986,066 Plated ware, value_________________ $ 2,866,875 2,206. 790 1 ,162.001 Pork, fresh, corned, pickled, value..$ 14,502,833 17,462 800 16 ,091,350 Poultry and game, value___________ ® 1,241,144 1,327 348 1 ,561,398 Rice, value________________________ ® 14,174,513 3,165 122 1 ,552,535 Roofing material, value____________ ® 4,630,752 9,329 877 4 942,373 Rosin, pitch, tar, &c., value_______ ® 8,474,929 11,267 538 9 ,166,044 Rye, value______ »________________ ® 24,157,536 21,599 ,631 15 ,374,499 Sausage meat, &c., value__________ ® 4,720,555 2,260 337 d Shoe findings, value_______________ ® 2,604,497 3,757 830 3 ,002,097 iilk, manufactures of, value_______ ® 14,480,129 8,073 375 5 ,204.813 Seed, all kinds, value______________ $ 5,659,163 4,001 700 3 ,538,508 Soap, value________________________ ,® 9,140,712 6,291 790 6 ,319,758 Spirits, distilled, value_____________ ® 5.718.640 18,508 069 11 062,386 Spirits of turpentine, value________ ® 2,697,305 4,313. 670 4 337,563 Starch, value_____________________ $ 4,548,974 4,721. 533 5 ,576,914 Stearine, value_____________________,® 2,180,485 1,882 841 1 ,332,619 Stone, marble, &c., value__________ $ 1.885.466 1,798. 317 1 ,461,661 Sugar and molasses, value_________ $ 44,428,284 81,623, 870 82 ,022,076 Surgical instruments, value________ $ 11,293,791 2,999, 809 3 ,166,718 Tallow, value_____________________ ® 931,941 1,800 909 1 ,326,472 Tobacco (leaf) value_______________ ® 69,674,73) 59,788 154 53 014,852 Tobacco manufactures, value______ ® 21.713.541 15,534 438 6 ,944,347 Toys, value___________ 1_________ ® 2,023,624 1,806 174 2 030,089 Vegetables, including canned, value.® 26,972,711 22,290, 710 15 ,952,412 iVheat________________________ bush. 34,118,853 149,831 427 173 ,274,015 do value_______________________ ® 80.802.542 298,179 705 215 532,681 Wines, value______________________® 450,598 1,389,319 933 133 Wood and manufactures of, value..® 82,054,086 62,820, 257 60 661,774 Wool and manufactures of, value__ ® 18,665,927 19,653, 852 53 983,655 Zinc, manufactures of, value® 31,573,770 65,494. 8941 45 867.156 d Not separately stated. TRADE AND COMMERCE 146 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 SI,000,000 in value in any one of the years included in the statement. Articles. 1917-18. 1916-17. 1915-16. 1,089,866 Acids, value_______________________ $ 3,442,931 1,775,770 5,306,246 Argol, or wine leqs, value__________ $ 5,443,628 3,824,882 2.625,003 5,384,712 Asbestos, value___________________ $ 3,944,823 830,962 Beads and bead ornaments, value. .$ 1,773,280 1,607,387 Books, maps, etchings, &c., value..,? 3,274,230 5,273,790 4,231,945 Breadstuffs, all kinds, value_______ $ 98,135,220 58,883,124 23,957,668 Brass, value_______________________ $ 5,626,800 8,735,797 4,501,389 3,627,042 Bristles, value_____________________ $ 4,973,177 4,433,947 1,292,810 Brushes, value_____________________S 3,170,143 2,209,976 Buttons and parts of, value________ § 1,206,859 788,902 1,276,455 Aluminum and manuf’s of, value__ .$ 602,048 1,977,040 530,238 8,040,192 Antimony, ore, &c., value------------- $ 4,435,127 3,120,921 Cattle, value______________________ $ 17,852,176 13,021,259 15,187,593 Cheese, value______________________I 4,089,027 4,465,633 7,058,420 Chemicals, drugs, dyes and medicines (including those given here separ ately) . value____________________ 8 152,236,065 124,800,762 109,123,070 Cigars, cigarettes, &c.. value______ $ 7,533,578 6,685,559 4,815,112 1,705.995 Clays, or earth, value_____________ $ 1,650,659 1,542,019 4,841.157 Coal, bituminous, value______ _____ $ 6,147,596 4,142,951 Creosote oil, value_________________ $ 329,846 2,184,569 3,206,780 3,340,592 Coal tar, colors and dyes, value.___ $ 2,507,296 3,161,371 Cocoa, or cacao, crude, value______ $ 41,277,479 39,834,279 35,143,865 Coffee, value______________________ S 103,058,536 133,184,000 115,485,970 Copper & manufactures, value_____ $ 89,358,534 93,986,047 52,927,431 Copper ore, regulus, &c., value_____ $ 33,091,258 32,576,082 22,851,144 Cork and manufactures of, value___$ 6,028,836 4,076,127 5,078,973 Cotton, raw, value________________ $ 36,020,483 40,429,526 40,150,342 Cotton, manufactures of— Bleached and unbleached, dyed, colored, stained or painted square yards__________ ________ 45,015,423 74,012,978 52,446,385 do do value........... ...8 13,266,394 15,151,832 8,846,256 Hosiery, shirts, drawers, &c., val_8 1,035,218 399,088 1,411,439 Other manufactures of, value___ 8 30,449,569 40,630,764 37,224,175 Dyewoods, crude, value___________ 8 2,018,122 4,326,576 3,906,367 Barthem, stone and chlnaware, val.8 6,824,612 5,989,964 5,837,206 Eggs, value________________ _____ ..8 4,057,417 1,732,948 d Explosives, value____________________ 8 8,297,149 8,696,476 1,320,738 Feathers and down, crude, value__ 8 1,959,180 1,479,216 2,721,151 Feathers & flowers,nat.&artif.,val..S 1,058,041 1,976,361 2,109,520 Fertilizers, value..................................... 8 5,356,061 4,769,734 6,327,495 Fish, value...... ........................ 8 26,190,515 22,531,476 17,455,266 Flax, hemp. Jute, &c., raw, value..8 109,042,470 67,709,758 59,460,062 do do manufac’s of, value 8 92,530,957 78,955,185 68,445,531 Fruita and nuts, value................... ...8 77,256,090 58,180,957 44,446,307 Furs and fur skins, value___________ 8 38,389,372 26,209,187 20,099,882 Glass and glassware, value_________ 8 1,723,014 2,225,179 2,249,001 Glie and glue stock, value................. $ 1,284,634 2,380,273 1,189,139 Glycerine, value___________________ 8 804,618 1,297,159 2,232,494 Gl)ves, kid and leather, value..............8 7,560,513 6,425,265 4,793,916 Grease and oils, value............. ............. 8 3,343,565 1,978,037 1,544,021 Gums, value______________ 8 22,089,638 21,510,283 14,827,537 Hair, unmanufactured, value______ 8 2,687,673 3,644,783 3,451,058 Hats, bonnets, &c., and material for value___________________________ 8 12,827,061 12,810,523 11,175.490 Hay, value_______ 8 4,618,764 628,021 679,412 Hides and skins, value._____ ______ 8 131,629,352 216,363,609 158,861,376 Horses, value______________________ 8 1,187,443 1,888,303 1,618,245 Household and personal effects, &c. free of duty, value_______________ 8 3,778,711 5,555,164 5,719,869 India rubber, gutta percha,&c., val.8 207,562,458 194,688,303 159,858,096 Indigo, value______________ -.8 3,276,557 3,419,873 8,235,670 Iodine, value_______ 8 580,538 4,390,405 2,447,764 Iron and steel, and manufactures of— Pig Iron_______ tons 54,776 118,251 118,187 do value.................... 8 6,535,525 9,942,033 7,424,444 Iron ore................................................. ...8 3,116,109 3,991,103 4,618,601 Ingots, blooms, &c____________ lbs. 102,242,450 62,754,349 53,659,304 do value ___________________ 8 3,975,854 3,033,012 2,780,054 Total value.a_________ 8 25,071,677 28,021,026 23,393,250 Ivory, animal and vegetable, value..8 1,887,148 2,820,484 2,130,136 Jewelry and manufactures of gold and silver, value____________________ 8 1,954,030 3,331,520 2,076,403 Lead and manufactures of, value__ 8 11,970,197 5,598,818 3,936,855 Leather and tanned skins, value__ 8 13,057,148 20,111,666 13,455,779 Licorice root, value________________ 8 1,853,927 2,190,822 1,609,571 Lime, citrate, value_______________ 8 879,199 1,262,914 1,955,911 Machinery, value_________________ 8 3,306,545 3,518,900 3,650,190 Malt liquors, value................................ 8 708,907 1,400,496 1,456,893 Manganese ore and oxide, value____8 11,944,515 10,545,986 5,358,093 Marble and stone & manufac. of, val.8 783,067 1,176,510 1,500,283 Matches, value____________________8 3,856,961 1,969,968 975,605 Matting, Including Chinese, value.-8 1,827,749 1,834,070 1,328,571 Meats, fresh and preserved, value__ 8 26,849,053 7,250,493 11,062,716 Milk, fresh and condensed, value__ 8 2,997,051 1,746,446 1,515,354 Metal, metal compositions, and man ufactures of, value_______________ 8 2,794,282 3,753,374 2,809,933 Molasses, value............. .............. 8 9,177,833 10,946,571 3,775,894 Motion picture films, value________ 8 1,322,044 1,596,220 1,420,310 Nickel ore and matte, value________ 8 9,120,269 9,970,957 9,52O,7o5 Oils, mineral, vegetable, &c. value.-8 117,928,119 67,677,316 48,091,993 Opium, including prepared, value__ 8 2,443,228 843,418 879,699 Paints and colors, value____________8 961,047 1,533,278 2,009,166 Paintings, statuary, &c., value_____8 10,365,813 23,875,268 20,831,531 Paper and manufactures of, value__ 8 39,681,440 29,561,721 21,692,144 Paper stock, value_________________ 8 3,234,762 5,515,015 4,954,566 Perfumeries and toilet preps., value.8 3,497,695 3,806,699 3,105,906 Pipes and smokers’articles, value__ 8 9,268,525 4,012,060 1,371.162 Plant3, trees, shrubs, &c., value___ 8 3,327,697 3,955,709 3,686,559 Platinum, value___________________ 8 4,575,161 2,118,442 4,256,519 Plumbago, value______ _______ 8 6,127,887 9,678,160 4,298,530 Potash, other than fertilizers, value.8 4,977,409 1,773,197 1,007,228 Precious stones, cut and uncut, un set, value_______________________ 8 31,951,630 47,270,689 45,101,725 Quebracho extract, value__________ 8 4,917,212 5,198,904 5,432,468 Sausage casings, value_____________ 8 3,613,025 4,219,235 3,865,877 Seeds, value_________________ 8 50,841,623 35,879,665 33,571,760 Shells and manufactures of, value__ 8 2,245,379 2,457,930 2,229,842 Silk, raw___________ lbs. 34,447,575 33,868,885 33,070,902 do value______________________ 8 180,906,287 156,085,649 119,484,223 Silk, raw, waste, value_____________ 8 7,229,176 4,431,164 4,706,689 Silk, manufactures of, value_______ 8 33,907,706 41,846,779 35,013,882 Soda, nitrate of..______ _______ tons 1,607,020 1,261,659 1,071,728 do do value.................... 8 70,129,026 44,231,240 32,129,397 Spices, all kinds, value_______ 8 11,519,214 7,744,143 8,946,622 Spirits, distilled, value_______ 8 4,331,483 7,792,891 7,231,569 Sugar___________________________ lbs. 4903327249 5332745854 5633161749 value_____________________ 8 237,015,371 230,945,694 208,769,399 Sulphur ore. value_________________ 8 4,522,335 5,855,913 7,121,614 Tanning materials, crude, value___ $ 1,287,593 2,366,621 2,849,553 Tea__________ .lbs. 151,314,932 103,364,410 109,865,935 do value____________ ..8 30,889,030 19,265,264 20,599,857 Tin, blocks or pigs.............. ...........lbs. 136,519,310 137,576,360 143,984,269 do value............... ..8 74,543,006 54,996,098 50,876,901 Tobacco, leaf....................... lbs.. 79,367,563 46,136,347 48,013,335 do value_________ $ 45,320,524 25,481,979 24.619.068 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Articles. 1917-18. Toys, value_______________________ 8 Tungsten bearing ore, value_______ 8 Vanilla beans, value_______________ 8 Vegetables, all kinds______________ 8 Watches and movements, value____ $ Wax, mineral or vegetable, value___8 Wine in casks_______________ gallons do value______________________ 8 Wine in bottles____________ qts., doz. do value___________ 8 Wood and manufactures of, value.c-8 Wool and woolen goods— Wool, raw.b_________________ lbs. do value___________________ 8 Cloths, value___________________ 8 Carpets, value____________ 8 Dress goods_______________ sq. yds. do value___________________ 8 Total wool manufactures, value___ $ Zinc ore, value____________ $ 1916-17. 1915-16. 2,028,745 1,442,167 3,217,044 d 5,793,698 4,999,498 1,697,543 1,475,676 1,662,578 30,175,769 29,150,889 10,811,393 9,371,570 5,691,852 3,362,728 3,461,534 2,783,758 1,727,739 2,357,862 3,167,400 3,455,756 2,209,960 2,558,086 2,267,561 752,329 539.721 730.116 4,404,743 5,927,659 5,729,333 95,714,268 93,295,052 64,559,815 379,129,934 372,372,218 534,828,022 198,545,911 131,137,170 142,420,734 4,619,498 7,494,082 6,479,063 2,861,432 3,791,842 2,371,351 7,605,572 2,951,024 4,155,548 1,183,472 987,825 1,805,880 27,476,798 18,862,463 15,657,537 2,499,468 7,596,930 10,425,111 a Including machinery but not including iron ore; also including the values already stated separately. b Includes hair of the camel, goat, alpaca, &c. c Including lumber and wood pulp stated separately, d Not separately stated. c Not including books, maps, &c. COURSE OF MERCHANDISE PRICES. To furnish an indication of the course of merchan dise values, we give the following table. It shows the prices of leading articles of merchandise in New York on Jan. 1 for each of the past six years. Prices for some of the articles about the first of January in 1860, which was before the Civil War excitement had begun to affect the markets, and on Jan. 1 1879, when gold payments were resumed, will be found in the “Financial Review” for 1917. COMPARATIVE PRICES OP MERCHANDISE IN NEW YORK. January 1. Breadstuffs— Flour: Wheat No. 2..bbls. Patents . .. b bis. Rye-super___ bbls. Cornmeal . .. bbls. Wheat— White No. l..bush. Red No. 2__ bush. Spring No. 2.bush. Corn, yellow—bush. Oats—No. 2 white.bu. Rye—Northern.bush. Barley—Malting . bu. Brass—High sheet..lbs. Building material—• Brick,II.R.Com. 1,000 Cement,Portland.bbls. Coal—Anth. stove, .ton Bitum., So. Fork a ton Coffee—Rio No. 7.. .lb. Santos No. 4------- lb. Copper—Electrolytic.lb. Cotton—Mid. upiand.lb. Low mid. upland..lb. Cotton goods— Brown sheetings..yd. Print cloths,64x64.yd. Drugs and Chemicals— Caustic soda. 100 lbs. Nitrate soda. 100 lbs. Sal soda. - 100 lbs. Fibers—Manilahemp.lb. Fish— DryCod (Geor.) lOOlbs Mackerel_______ bbls. Hay—Shipping.100 lbs. Coke—Connellsville— Furnace_______ -ton Foundry---- ----------ton Hops, Prime State—lb. Rubber, Fine Para..lb. Iron and Steel— Bess.pig iron,Pitts.ton Steel billets___ -ton Steel rails, at mill .ton Steel beams, Pittsb., base_______ 100 lbs. Tinplates___ 100 lbs. Lead, domestic. 100 lbs. Leather— Hemlock sole, light.lb. Molasses, New Orl.-gal. Oils—Cottonseed—gal. Linseed, Calcutta.gal. Petroleum—■ Refined in bbls..gal. Gasoline------------ gal. Naval stores— Spirits turpentine.gal. Rosin, common. _bbl. Paper, newsprint----- lb. Potatoes, white.100 lbs. Provisions— Pork, mess------- bbl. Beef, plain West bbl. Beef hams_____bbl. Hams, pickled------lb. Lard, Western------lb. Butter,prime State.lb Cheese,fine factory.lb Rice, domestic___ -lb Salt, domestic.------lb Alcohol, 188 proof ..gal Sugar— Cuba, fair refining.lb Refined hards------- lb Tallow_____________ lb Wool-XX Ohio fleece.lb War material—b Dynamite_______ lb Gunpowder_______ lb Tin—Straits------------ lb 1914. 1915. 84 4 3 3 86 6 6 3 10 55 20 50 Nom'l 1 00 9754c Nom’l 4554c 65c 65-80C 14.75c 25 40 00 50 1 4254 1 4154 1 3854 6954c 5654 c 81 1854 75-82c 13.75c 1916. $6 6 5 3 75 85 46 60 1 4254 1 4254 1 52 8954c Nom’l $1 09 83-84C 31-33C 85 1 5 3 75 $5 50 $8 50 58 1 42 1 67 25 5 35 5 35 3 10 4 75 15 9c 754-5<c 754c 9541054c 954-54c 1454c 13c 22 13-16C 12.50c 7.90c 12.40c 11.25c 6.65c 11.49c 854c 354c 754c 354c 654c 3 ll-16c $1 55-60 81 55-60 85 50 2 20 1 90 3 25 60-SOc 60-30C 85c-$l 00 1454c 754c 754c Nom’l 832 00 Nom’l Nom’l $24 00 96c 81 75-85 $1 60 2 40-65 2 00-20 45c 23c 73-74c 75-76C $7 50 28 00 90c | 1917. $8 30 9 10 7 75 ___ 1918. $10 11 10 5 75 00 35 60 1919. $10 10 9 8 40 60 25 50 2 15 2 39 *2 4054 2 25 *2 3754 1 8554 2 26 *2 3754 2 10 1 7154 1 1154 Nom’l 78c 9354c 6254c $1 92 $1 42 SI 7154 1 12 1 35-45 1 40-55 39-40C *29 54c 28 54-29c $9 00 1 87 5 75 8 00 954c 1054c 31c 17.45c 16.79c 12c 6c $14 50 $8 25 2 67 2 15 7 95 6 55 5 45 4 55 *1754c 854c *22c 1O54 - 54C *26c *2354c 32.40c 32.15c 29.02c 31.25c 20c 9c S4 50 $6 50-70 3 25 4 50-601! 1 10-25 1 15-35 1554c 2754c $8 50 Nom’l $1 15 $3 25-50 $11 00-12 3 50-40 11 00-12 25c 48c 90-91C 78-79C 19c 954c $3 75ft 4 4254 1 10 13c $9 25 61 00 1 50 *811-12 47-50 1 50 $6 00 7 00 53 c 6254c $6 00 7 00 33c 61c 815 15 20 00 25 00 814 70 19 00 25 00 $21 95 32 00 28 00 $35 95 60 00 38 00 $37 25 *47 50 67 20 $33 60 43 50 55 00 1 20 3 40 4 25 1 10 3 10 3 80 1 90 3 75 5 50 3 25 7 00 7 50 3 00 *7 75 6 50 2 80 7 35 5 75 31c 33c 40c 37c 6c 8 85-96C 85c 70c 57c 40c 11.90c $1 15 46C 65C 19.75c $1 40 40c 76c Nom’l $1 55 12c 22c 16c 24c 1754c 2454c 56c 48c $6 95 $6 60 3.25c 3.00-25C 82 95 $2 50 71c $14 15 3.65c S2 75 30c 35c ____ 70c 8%c 21c 8c 22c 8.90c 26-29C 47c 84 10 2.15C ____ 4554c $3 70 2.15c ___ 5654c 85 85 2.15c $23 25 S19 50 Nom’l 18 00 Nom’l 40 00 13c 1254c 11.10c 10.90c 32c 36c 17c 1554c 554c 554c 1.10c 1.82c $2 50-52 $2 58-60 $50 51 850 51 $18 1854 $32 00 35 36 18 00 23 00 31 32 ____ 52 54 31 00 42 00 35-36C 1454-15C 25c 1654c 10 10-20C 15.60c 24.20-30C 24.10c 69c 29c 5254c 4054c 37c 1754c 24c 2454c 8.70c 5c 554c 854c 3.25c 3.90c 1.84c 2.37c $4 89-90 $2 62-64 $2 70-72 3.20c 4.00c 654c 25-26c 4.04c 5.00c 6c Nom’l 4.64c 5.90c 8c Nom’l 5.39c 6.80c 1154c 37c 6.0054c 8.35c 17c 38c 7.28c 9.05c 1454c 60c 10.45c 32.27c 36.80c 11.41c 34.83c 33.25c 18.80c 76.84c 42.00c 21.29c 83.14c 43.00c 24.76c 49.85c d ___ ____ 71-72C * Government price, a F.O.B. New York. given, d None offering, h Nominal. 6 Average export price about date Foreign Exchange Record PRICES FOR 1914, 1915, 1916 1917, AND 1918. 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 1918, 1917 and 1916. 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 1918 by months will be found in the first article in this publication entitled “Retrospect of 1918,” 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 2%% above their actual value—a bond worth 100 here being quoted there at 102%. RATES OF STERLING EXCHANGE AT NEW YORK ON LONDON DURING 1918. Sixty-Day Day. Bills. 1-.2... ..4 71 -7196 3... ..4 7196-72 4... ..4 7196-72 5... ..4 7196-72 6... 7 — ..4 7196-72 8... ..4 7196-72 9... ..4 7196-72 10... ..4 7196-72 11... ..4 7196-72 12... .4 7196-72 13... 14... ..4 7196 72 15... ..4 7196 72 16... ..4 7196 72 17 — ..4 7196-72 18... ..4 7196-72 19... ..4 7196-72 20... 21... ..4 7196-72 22... ..4 7196-72 23... ..4 7196-72 24... ..4 7196-72 25. . ..4 7196-72 26... . 4 7196-72 27... 28... „4 7196-72 29... ..4 7196-72 30... . 4 7196-72 31... —4 7196-72 MARCH. Sixty-Day Sight Cable Bills. Bills. Transfers. 4 767i6 4 72 7296 4 7596 7530 4 767ib 4 72 7296 4 7596 SUNDAY 4 767ie 4 72 7296 4 7596 4 76’ie 4 72 7296 4 7596 4 767i6 4 72 7296 4 75 >4 7530 4 767i6 4 72 7296 4 7596 7530 4 767ie 4 72 7296 4 7594 7530 4 767i6 4 72 7296 4 7594 7530 SUNDAY 4 767ie 4 72 7296 4 7594 7530 4 72 7296 4 7594 7530 4 767ie 4 7296 7296 4 7594 7530 4 767ie 4 7296 7296 4 7594 7530 4 767ie 4 7296 7296 4 7594 753296 4 767ie 4 7296 7296 4 7594 7530 SUNDAY 4 767ie 4 7296 7296 4 7594 7530 4 767ie 4 7296 7296 4 7594 753296 4 767i6 4 7296 7296 4 75*ic 7535 4 767ie 4 7296 7296 4 7532 7540 4 7296 7296 4 753296 7596 4 767is 4 7296 72*6 4 753296 7535 SUNDAY 4 767i6 4 72 96 7296 4 75*16 7535 4 767ie 4 7296 7296 4 75*16 753296 4 767ie 4 7296 7296 4 75*16 753296 4 767ie 4 7296 7296 4 75*16 7535 4 7296 7296 4 7535 7596 4 7296 7296 4 7535 7596 SUNDAY JANUARY FEBRUARY. Sight Cable Sight Sixty-Day Transfers. Bills. Bills. Bills. HOLIDAY 4 75*16 4 7196 72 72 4 767i6 4 75*16 4 7196 4 7596 4 7515 -753,6 4 767i6 SUNDAY 4 751796-753x6 4 75*16 4 767i6 4 7196 72 4 75*16 -7596 4 75*16 4 767ie 4 7196 72 SUNDAY 4 75*16 4 7196 72 4 75*16 4 767ie 4 7196 72 4 7596 -755i6 4 767ie 4 75*16 4 7594 4 7196 72 4 767ie 4 75*16 4 7594 4 7196 72 SUNDAY 4 767i6 4 7594 -7530 4 75*16 4 767ie 4 7594 -7530 4 7196 72 HOLIDAY 4 767ie 4 7594 -7530 SUNDAY 4 756ie 4 7196 72 72 4 76 7 ib 4 75*xe 4 7594 4 7196 4 767i6 4 75*16 4 7594 7530 4 7196 72 4 72 4 767ie 4 7530-753296 4 7596 7296 4 7530-75*16 SUNDAY 4 76’i6 4 72 4 7594-7530 4 76’ie 7296 4 7596 4 72 4 7594-75*16 4 76’ie 7296 4 7596 SUNDAY 4 72 7296 4 7596 4 75*16 4 767ie 4 72 4 7596 7296 HOLIDAY 4 752796-75*16 4 767i6 4 752796-75*16 4 767ie 4 72 7296 4 7596 4 767ie SUNDAY 4 752796-75*16 4 75*16-753296 4 767i8-7696 4 72 7296 4 7596 752796 4 753296-75*16 4 7645-767i6 4 72 72 96 4 7596 7530 SUNDAY 4 72 7296 4 7596 7530 4 767ie 4 72 4 75*16 7296 4 7596-7350 4 75*16 4 76’ie 4 767i6 4 75*16 4 75*16 4 767i6 Range Range High. ..4 7196-72 4 75*16 4 7530-753296 4 7645-7696 4 72 -7296 Low . ..4 71 -7196 4 767ie 4 7596 4 7196 -72 4 7596-752796 Day. 1 ......... 4 2 ......... 4 3 ......... 4 4 ......... 4 Sixty-Day Bills. 7296-7296 7296-7296 7296-7296 7296-7296 64 7296-7296 7 ......... 4 7296-7296 8 ......... 4 7296-7296 9 ......... 4 7296-7296 10 ......... 4 7296-7296 11 ____ 4 7296-7296 12 ......... 13 ____ 4 7296-7296 14 ......... 4 7296-7296 15 ____ 4 7296-7296 16 ......... 4 7296-7296 17 ......... 4 7296-7296 18 ......... 4 7296-7296 19 ......... 20 ......... 4 7296-7296 21 ......... 4 7296-7296 22 ......... 4 7296-7296 23 ____ 4 7294-7296 24 ......... 4 72 94-7296 25 ____ 4 7294-7296 26 .......... 27 ......... 4 7296-7296 28 ......... 4 7294-7296 29 ......... 4 7294-7296 30 ------31 ......... 4 7294-7296 MAY. Sight Bills. 4 7545-757i6 4 7545-757is 4 7545-7596 4 7545-7596 SUNDAY 4 7545-7596 4 7545-754796 4 7545-754796 4 7545-754796 4 7545-7596 4 7545-7596 SUNDAY 4 7545-7596 4 7545-7596 4 7545-7596 4 7545-7596 4 754796-7596 4 754796-7596 SUNDAY 4 7596 4 7596 4 757i8-7596 4 757ie 4 754796-7596 4 754796-7596 SUNDAY 4 754796-7596 4 754796-7596 4 7545 -7596 HOLIDAY 4 7545-754796 Cable Sixty-Day Bills. Transfers. 4 767ie 4 7296-7296 4 4 767ie 4 767is 4 7296-7296 4 4 767ie 4 7296-7296 4 4 7296-7296 4 4 767ie 4 7296-7296 4 767ie 4 7296-7296 4 4 767ie 4 7296-7296 4 4 767ie 4 767ie-7645 4 7296-7296 4 4 767ie-7645 4 7296-7296 4 4 7296-7296 4 4 767ie-7645 4 7296-7296 4 4 767ie-7645 4 7296-7296 4 4 767ie-7645 4 7296-7296 4 4 767i8-7645 4 767i8-7645 4 7296-7296 4 4 767ie-7645 4 72 96-7296 4 4 7296-7296 4 4 767i8-7645 4 7296-7296 4 4 767ie-7645 4 7296-7296 4 4 767i8-7645 4 7296-7296 4 4 767ie-7645 4 767i8-7645 4 7296-7296 4 4 767ie-7645 4 7296-7296 4 4 7296-7296 4 4 767ib-7645 4 7296-7296 4 4 767ib-7645 4 7296-7296 4 4 767i8-7645 4 7296-7296 4 JUNE. Sight Cable Bills. Transfers. 757ie-7545 4 767xe-7645 SUNDAY 757ie-7545 4 767ie-7645 7596-757i8 4 767i6-7645 7535-7596 4 76435-767ie 4 7596 4 767ie 4 767i6 7535-7596 4 767ie 7535-7596 SUNDAY 4 767x8 7596-7596 7530-75*ie 4 76’ie 7530-7535 4 767i6 75*16-7535 4 767xe 75*xe-7535 4 767ie 4 767i6 75*16-7596 SUNDAY 7596-7530 4 767ie 7596-7530 4 767ib 7596-7530 4 767ie 7596-75h8 4 767ie 4 767i6 7594-755x6 755x6-7535 4 767xe SUNDAY 755x6-7535 4 767ie 755x6-7535 4 76’ie 755x6-7535 4 767i6 755x6-7535 4 767i6 753296-7535 4 767ie 755x6-7535 4 767ie SUNDAY Range Range High—4 72M-72J6 4 754796-7596 4 767ie-7645 4 7296-7296 4 757ie-7545 4 7296-7296 4 7596-7530 T,ow—4 7296-7296 4 7545-754796 4 767ie SEPTEMBER. Sight Cable Bills. Transfers. Sixty-Day Bills. 4 73 -7396 2 .......... HOLIDAY 4 73 -7396 4 76»x6 3-____4 73 -7396 4 7596 4 73 -7396 4 7655-769i6 4 73 -7396 4 .........4 73 -7396 4 757i6-7596 4 7655-769i6 4 73 -7396 5 ____ 4 73 -7396 4 757xb-7596 4 7655-769i6 6 ........ 4 73 -7396 4 757i6-7596 4 7655-769i8 4 73 -7396 7 .........4 73 -7396 4 757i6-7596 8 ........................ SUNDAY 4 73 -7396 4 7655-769x6 4 73 -7396 9 ......... 4 73 -7396 4 75’16-7596 10 ............ 4 73 -7396 4 754296-7596 4 7655-769i6 4 73 -7396 11 ____ 4 73 -7396 4 754296-7596 4 7655-769xe 4 73 -7396 4 7655-769ie 12 ..........4 73 -7396 4 757xe 4 7696-7655 13 ____ 4 7396-7396 4 7540-7596 4 7696-7655 4 73 -7396 14 ____ 4 7396-7396 4 7545-7596 15 .......... SUNDAY 4 75 -7396 4 7696-7655 4 73 -7396 16 ......... 4-7396-7396 4 7545-7596 4 7696-7655 4 73 -7396 17 ......... 4 7396-7396 4 7545-7596 4 7696-7655 4 73 -7396 18 .........4 73 -7396 4 7545-7596 4 7696-76»i6 4 73 -7396 19 ......... 4 73 -7396 4 7545-7596 4 7696-769ie 20 .........4 73 -7396 4 7545-7596 21 .......... 4 73 4 7545-7596 4 7696-769i8 4 73 -7396 22 _____ SUNDAY 4 73 -7396 23 .......... 4 73 4 757ie-7545 4 7696-769i8 4 73 -7396 24 .........4 73 7396 4 757xe-7545 4 7696-769ie 4 73 -7396 4 7696-769xe 4 73 -7396 25 ......... 4 7396-7396 4 757i6-7545 4 7696-769ie 4 73 -7396 26 ......... 4 7396-7396 4 757i6-7545 27 ____ 4 7396-7396 4 757xe-7545 4 7696-769i8 28 .........4 73 -7396 4 757x6-7545 4 7696-769ie 4 73 -7396 29 .......... SUNDAY 4 70 -7396 30 _____ 4 73 -73 96 4 757ie 7545 4 7696-769,6 4 73 -7396 4 73 -7396 31 .......... Day. Sixty-Day Bills. 1 ___________ SUNDAY Range High--_4 7396 7396 4 7596 Low ... 4 73 4 7540-7596 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 4 769i6 4 73 4 7696-7655 4 73 4 767ie 4 767ie OCTOBER. Sight Bills. 4 757ie-7545 4 757i6 4 757i6 4 75’x6-7596 4 7596-755296 SUNDAY 4 7596-755296 4 757i6-7596 4 757i6-7596 4 757ie-7596 4 757i6-7596 HOLIDAY SUNDAY 4 7545-7596 4 7545-7596 4 7545-7596 4 7545-7596 4 7545-7596 4 7545-7596 SUNDAY 4 7545-7596 4 7545-7596 4 7545-7596 4 7545-7596 4 757i6-7545 4 75’i6-7545 SUNDAY 4 757i6-7545 4 757x6-7545 4 757i6-7545 4 757i6-7545 Range 4 7296 7296 4 7535 7596 4 72 7296 4 7594 JULY. Sixty-Day Sight Bills. Bills. 4 755x6 7535 4 7296 7296 4 7296 7296 4 755x6 7535 4 7296 7296 4 755x6 7535 HOLIDAY 4 7296 7296 4 755x6 7535 4 7296 7296 4 755x6 753296 SUNDAY 4 756x6 4 7296 7296 4 7296 7296 4 757x6 753296 4 7296 7296 4 7530 756x6 4 72% 7296 4 7530 755x6 4 7296 7296 4 7530 756x6 4 7296 7296 4 7530 756x6 SUNDAY 4 7296 7296 4 7530 755x6 4 7296 7296 4 7530 755x6 4 7296 7296 4 7530 755x6 4 7296 7296 4 7530 755,6 4 72 96 7296 4 7530 755x6 4 755,6 4 7296 7296 SUNDAY 4 756,6 4 7296 7296 4 756x6 4 7296 7296 4 7296 7296 4 7530 756,6 4 7296 7296 4 7530 755x6 4 7296 7296 4 7530 755,6 4 755x6 4 7296 7296 SUNDAY 4 7296 7296 4 7530 755,6 4 7296 7296 4 7530 755,6 4 7296 7296 4 7530 755x6 4 767i6-7645 4 7296 7296 4 756x6 7535 4 76435-767x6 4 7296 7296 4 7530 755x6 Sixty-Day Cable Bills. Transfers. 4 767ie 4 7296 7296 4 767xe 4 7296 72J6 4 7296 729-6 4 767ie 4 723-6 7296 4 767ib 4 7296 7296 4 767ie 4 7296 7296 4 767ie 4 767ie 4 7296 7296 4 767ie 4 7296 7296 4 7296 7296 4 767ie 4 7296 7296 4 767i6 4 7296 7296 4 767ie 4 7296 7296 4 767ie 4 767ie 4 7296 7296 4 767ie 4 7296 7296 4 7296 7296 4 767ie 4 7296 7296 4 767ie 4 7296 7296 4 767i6 4 7296 7296 4 767ie 4 767ie 4 7296 7296 4 767is 4 7296 7296 4 7296 7296 4 767i6 4 7296 7296 4 767ie 4 7296 7296 4 767ie 4 7296 7296 4 767ie 4 767i6 4 7296 7296 4 767ie 4 7296 7296 4 767ie 4 767ie 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 Range 4 7296 7296 4 7596 7555 4 7296 7296 4 7535 7540 AUGUST. Cable Sixty-Day Sight Bills. Transfers. Bills. 4 7530 755,6 4 767i6 4 7296 7296 4 767i6 4 7296 7296 4 7530 755,6 4 725,6 4 7530 755,6 4 767ie SUNDAY 4 73 4 767ie 4 7596 7540 4 73 4 767ib 4 7545 754796 4 73 4 754796 7596 4 767i6 4 73 4 7570 7596 4 767ie 4 73 739i 4 7580 76 4 767xb 4 7396 7396 4 7590 765x6 4 767ie SUNDAY 4 767xe 4 7396 7396 4 7590 76 4 767i6 4 7396 7396 4 7595 76 4 7396 7396 4 7565 7596 4 76’ib 4 7596 7596 4 7396 4 767ie 4 73 7396 4 7560 7596 4 76’ie 4 73 7396 4 7560 7596 SUNDAY 4 767i6 4 767i6 4 73 7396 4 7555 7560 4 73 4 767i6 7396 4 7555 7560 4 73 7394 4 7545 7596 4 767xe 4 73 73 96 4 757ie 7555 4 76’i6 4 73 7396 4 757i6 7555 4 767xb 4 73 7396 4 7596 7555 4 767i6 SUNDAY 4 73 4 767ie 7396 4 7596 4 73 4 767xa 7396 4 7596 4 73 7396 4 7596 755296 4 73 4 767ie 7396 4 7596 4 767i6 4 73 4 7596 7396 4 767i6 4 73 7396 4 7596 4 767i8 4 767i6 Kareffe 4 7396 7396 4 7595 76ixs 4 725x6 4 7530 759x6 NOVEMBER. Sixty-Day Sight Cable Sixty-Day Bills. Bills. Transfers. Bills. 4 73 7396 4 754796 7596 4 7655 769i6 4 7655 769ie 4 7396 7396 4 73 7396 4 7596 SUNDAY 4 7396 7396 4 769i6 4 7396 7396 4 7396 7396 4 7596 7594 HOLIDAY 4 7396 7396 4 769i6 7696 4 7396 7396 4 7396 7394 4 7565 7594 7655-769ie 4 7396 7394 4 7594 7518,6 4 769i6 7696 4 7396 7396 7655-769ie 4 7394 7396 4 7518,6 76 4 769i6 7696 7655-769ie 4 7394 73% 4 7580 7595 4 769i6 4 7396 7396 SUNDAY 7655-769i6 4 7396 7396 4 76»x6 7655-769ie 4 7394 7396 4 7596 76 4 7396 7396 4 769x6 7696 4 7396 7396 4 7394 7396 4 75i»i6 76 4 76 4 769ie 7696 4 7396 7396 4 7394 7396 7655-769i6 4 7394 7396 4 7595 76 4 769ie 76575 4 7396 7396 4 769i6 7655-769,e 4 7394 7396 4 75i9i6 76 7655-769xe 4 7394 7396 4 7518x6 76 4 769ie 4 7396 7396 SUNDAY 7655-769i6 4 7396 7396 4 7585 7595 4 769i8 7655-769,6 4 7394 7396 4 7396 7396 4 769ib 7655-769ie 4 7394 7396 4 7518,6 7595 4 7396 7396 4 769i6 4 7396 7396 4 7394 7396 4 7518,6 7595 7655-769ib 4 7394 7396 4 7594 7518x6 4 7696 4 7396 7396 7655-76»i6 4 7394 7396 4 7596 7594 4 767x6 7696 4 767i6 7655-769x8 4 7394 7396 4 75’i6 7596 4 7396 7396 SUNDAY 7655-769it 4 7396 7396 4 767i6 7655-769ie 4 7394 7396 4 757ib 7596 4 767i6 7655-769ie 4 7394 7396 4 757i6 7596 4 7396 7396 4 767i6 4 7396 7396 4 7394 7396 4 757i6 7596 HOLIDAY 7655-769ie 4 7396 7396 4 767ib 7655-769ie 4 7394 7396 4 757i3 7596 4 767ie 7655-769i6 4 7396 7396 4 7596 7594 4 7396 7396 7655-769x8 4 7396 7396 Cable Transfers. 4 7696-769ie 4 7696 4 7 696-769i6 4 7696-769xe 4 7655-769i6 4 4 4 4 4 Range Range -7396 4 7596-755296 4 7655-769i6 4 7396 7396 4 76 -7396 4 Z57i6 4 7696 4 73 7396 4 757i6 7596 APRIL. Sight Cable Bills. Transfers. 4 7535 7540 4 76’it 4 76’ie 4 7596 4 7535 7540 4 767ie 7645 4 767xe 7645 4 7596 7540 4 7540 75475 4 7645 76465 4 7540 7550 4 7645 7650 SUNDAY 4 7545 75475 4 7645 76475 4 7545 75475 4 7645 76475 4 757xe 7596 4 7645 7650 4 757i6 7596 4 7645 7650 4 7596 75525 4 7645 7650 4 7596 7555 4 7696 SUNDAY 4 7596 755296 4 7696 4 7596 755296 4 7645 7650 4 7596 755296 4 7645 7650 4 7596 755296 4 767xe 7645 4 7596 755296 4 767i« 7645 4 7550 4 767i6 SUNDAY 4 7545 7550 4 767ie 7650 4 757ib 754796 4 767xe 4 7545 755296 4 767xb 4 757ib 7550 4 767ia 4 757ib ' 4 767ie 4 7545 757ie 4 767ie SUNDAY 4 7545 757ie 4 767is 4 7545 757i6 4 767xe 4 769i6 7696 4 767i6 DECEMBER. Sight Bills. SUNDAY 4 7596 7580 4 7570 7596 4 7570 7596 4 7565 7596 4 7596 7594 4 7570 7594 SUNDAY 4 7570 7594 4 7511x6 7594 4 7596 7570 4 7565 7594 4 75Ui6 7594 4 7565 7594 SUNDAY 4 7596 7570 4 75iix6 7570 4 757296 7594 4 7580 758296 4 7580 75i«i6 4 7580 7513x8 SUNDAY 4 7580 758296 4 7580 758296 HOLIDAY 4 7513,6 4 7594 7513,6 4 7580 SUNDAY 4 7580 4 7580 7513x6 Range 4 7396 7396 4 7580 758296 4 7396 7396 4 7596 7570 4 7696 4 767i8 Cable Transfers. 4 767x6 4 767i6 7645 4 7645 4 7645 7647 4 7645 7696 4 7696 4 76 9< 7685 4 7695 77 4 77 77h6 4 4 4 4 4 4 7695 7695 7665 7696 7696 7660 4 4 4 4 4 4 7655 7655 7655 7655 77 77 7696 7696 7665 7696 7660 7660 7660 7660 769i6 7696 7655 7696 4 7655 7696 4 769xb 4 769xe 4 769ie 4 769i6 4 769xe 4 77 77h6 4 76’16 Cable Transfers. 4 4 4 4 4 4 767i6 767x6 767i6 767i6 767ib 767ie 4 767ib 4 767ib 4 767ie 4 767i6 7696 4 7696 4 7696 4 7696 4 7696 4 7696 789i6 4 7696 799i6 4 769ib 4 769i6 4 769i6 4 769ie 4 7655 769ib 4 7655 769x6 4 7655 4 7655 4 7655 769i6 4 769i6 4 76’ie 148 FOREIGN EXCHANGE RECORD RATES OF STERLING EXCHANGE AT NEW YORK ON LONDON DURING 1917. JANUARY. Sixty-day Sight Bills. Bills. 1-. HOLIDAY 2.. 4 4 7P’i6 75’is 3.. 4 71»’i» 4 75*16 4.. . 4 71**18 4 75*18-7565 5.. . 4 71“u-72 4 7565-75% 6.. . 4 7116ie-72 4 75**16-75% 7... SUNDAY 8... 4 71**16-72 4 7570-754 9... 4 72 H -72 *i8i 4 754 10... 4 72 ys 4 754 11...‘I 72*^-72)i 4 75 4-7585 12... 4 72)i 4 7580-7585 13... 4 72M 4 7580-7585 14... SUNDAY 15... 4 72X 4 75**16-7585 16... 4 72 X 4 75**18-7585 17... 4 72X 4 75**16-7585 18... 4 72X 4 75**16-7585 19— 4 72X 4 75**16-7585 20— 4 72K 4 75**16-7585 21... SUNDAY 22... 4 72X 4 7580 23... 4 72X 4 7575-7580 24... 4 72X 4 7575-7580 25... 4 72*4 4 754 26... 4 724 4 754-7580 27... 4 724 4 754-75774 28... SUNDAY 29... 4 724 4 754-7580 30... 4 724 4 754-7580 31 — 4 724 4 754-7580 Cable Transfers. Day. Range High Low. 4 724 4 71**16 4 75**16-7585 4 75*16 Day. Sixty-day Bills. Sight Bills. 4 4 4 4 4 MAY. 72 72 72 72 72 4 76’u 4 76’ie 4 76’ie 4 76*18-76% 4 76*18-76% 4 4 4 4 4 76*18-76% 76*18-76% 76*ie-76% 76*ia-76% 7645-76% 4 7645 4 72% 4 72. Day. Sixty-day Bills. 4 724 4 72*16 4 724-72*16 4 72*16-724 4 714-714 4 71**16-714 4 714 4 714 4 714 4 4 4 4 4 4 76*18-7645 4 7645 4 7645-76 >4 4 7645-76 V2 4 7645-76% 4 7645-76% 4 4 4 4 4 4 4 4 4 76*ie 76*ie 76'ie 76*ie 767i8 767i« 767i8 767is 76*is 4 7645-76% 4 76*ie 714 714 714 714 714 4 714 4 714 4 714 4 71*16-714 4 71*16 4 71*16 4 714 4 714-71*6 6 FEBRUARY. Sight Bills. 4 76*18 4 75774 4 76*ie 4 7570-754 4 7565-7575 4 76*ie SUNDAY 4 754-7575 4 76*18 4 7550-7565 4 7640-76*ie 4 7545-7555 4 7642*2-76*18 4 754 4 76*18 4 76*18 4 75474-754 4 75*16-754 4 76*18 SUNDAY HOLIDAY 4 754-75*16 4 76*18 4 754-75*18 4 76*18 4 754-75*16 4 76*ie 4 76*18 4 754-75*16 4 754-75*16 4 76*18 SUNDAY 4 7540 4 76*18 4 7540 4 76*18 4 7540 4 76*18 HOLIDAY 4 754-7540 4 76*18 4 76*18 4 754 SUNDAY 4 76*18 4 754 4 76*18 4 7530-754 4 754-7530 4 76*18 Sixty-day Bills. JUNE. Sight Bills. 4 4 4 4 4 4 72 72 72 72 72 72 4 4 4 4 4 4 72 72 72 72 72 72 4 4 4 4 4 4 72 72 72 72 72 72 4 754-7555 4 754-7555 SUNDAY 4 7555 4 7555 4 754 4 754 4 75474-754 4 754 SUNDAY 4 7545 4 7545 4 7540-7545 4 7540-7545 4 7540-7545 4 7540-7545 SUNDAY 4 754-7545 4 754 4 754 4 754 4 754 4 754 SUNDAY 4 754 4 754 4 754 4 754 4 754 4 754 4 724 4 72 4 7555 4 754 4 724 4 724 4 724 4 724 4 724 4 724 4 72-724 4 72 Range Sight Bills. 1... 4 72 -72% 4 7552% 7555 2... SUNDAY 3... HOLIDAY 4.. .4 72 72)64 7550-7552)6 5.. .4 72 72)6 4 75)6-7552)6 6.. .4 71)6-72 4 75)6-7552)6 7.. .4 71)6-72 4 75)6-7552)6 8—4 71)6-72 4 75)6 9.. SUNDAY 10.. 4 71)6-72 4 75)6 11 — 4 71)6-72 4 75)6 12.. .4 71)6-72 4 75)6 13— .4 71)6-72 4 75)6 14— .4 71)6-72 4 75)6 15.. .4 71)6-72 4 75)6 SUNDAY 16.. . 17— Z4 71)6-72 4 75)6 18— .4 71)6-72 4 75)6 19— .4 71)6-72 4 75)6 20— .4 71)6-72 4 75)6 21 — .4 71)6-72 4 7545-75)6 22.. .4 71)6-72 4 7545-75)6 23 SUNDAY 241—4 71)6-72 4 7545-75)6 25— .4---------71)6-71)6 4 7540-7545 26— .4 71)6-71)6 4 7540-75*18 27.. .4 71)6-71)6 4 7535-75*18 28 .4------71)6-71)6 ------ 4 75)6-7535 4 7535 29Z..4 71)6-71)6 SUNDAY 30—. 31 — Cable Transfers. Range High 4 72 -72 % 4 7552)6-7555 Low .4 71)6-71)6 4 75)6-7535 4 76*ie 4 76*18 4 76*18 4 76*ie 4 76*18 4 76*18 4 4 4 4 4 4 76*18 76*ie 76*18 76*18 76*18 76*18 4 4 4 4 4 76*18 76*18 76*16 76*ie 76*18 4 76*16 4 4 4 4 4 4 76*ie 76*18 76*18 76*18 76*18 76’ie 4 76*ie 4 76*18 MARCH. Sight Bills. Sixty-day Bills. Sixty-day Bills. 4 714-714 4 714-714 4 714-714 4 714-714 4 714-714 4 714-714 4 71 -714 4 71 -714 4 71 -714 4 71 -714 4 71 -714 4 4 4 4 4 4 71 71 71 71 71 71 -714 -714 -714 -714 -714 -714 4 4 4 4 4 4 71 71 71 71 71 71 -714 -714 -714 -714 -714 -714 4 71 -714 4 71 -714 4 71 -714 Cable Transfers. 4 76*ie 4 76*ie Range OCTOBER. Sight Bills. 4 754-7535 4 754-7530 4 754-7530 4 754-75*16 4 75 4-75*16 4 7520-754 SUNDAY 4 7515-7525 4 7515-7520 4 7515-7520 4 75*16-7515 HOLIDAY 4 7515-75*16 SUNDAY 4 7510-75*16 4 7510-75*16 4 7520 4 75174-7520 4 75174-75*16 4 75*16 SUNDAY 4 75*16 4 75*16-754 4 75*16 4 75*16 4 75*16 4 75*16 SUNDAY 4 75*16 4 75*16 4 75*16 4 4 4 4 4 4 76*ie 76*18 76*18 76*18 76*18 76*18 4 4 4 4 4 4 76*18 76’ie 76*18 76*18 76*18 76*18 4 4 4 4 4 4 76*18 76*18 76*ia 76*18 76*18 76*16 4 4 4 4 4 4 76*18 76*18 76*ie 76*18 76*18 76*18 Cable Transfers. Sixty-day Bills. 4 4 4 4 4 4 76*18 76’ie 76*ie 76*18 76*18 76*18 4 76*18 4 76*18 4 76*18 Range 4 714-714 4 754-7535 4 71 -714 4 75i0-75*ie 4 76*18 4 76*18 4 76*18 4 76*18 4 76*18 4 76*18 4 76*18 4 76*18 Sight Bills. 76*18 76*ie 76*18 76*18 76*ia 76*18 4 4 4 4 4 4 76*18 76*18 76*18 76*18 76*18 76*18 4 4 4 4 4 4 76*18 76*ie 76*18 76*18 76*18 76*18 4 71 -71% 4 71 -71% 4 71 -71% 4 71 -71% 4 4 4 4 71 -71% 71 -71% 71 -71% 71 -71% 4 4 4 4 4 4 71 71 71 71 71 71 -71% -71% -71% -71% -71% -71% 4 4 4 4 4 4 71 71 71 71 71 71 -71% -71% -71% -71% -71% -71% 4 71 -71% 4 71 -71% 4 71 -71% 4 71 -71% 4 75*16 4 753i« 4 75*16 SUNDAY 4 75*16 HOLIDAY 4 75*16 4 7515-75*16 4 7515-75*16 4 75%-75*i6 SUNDAY 4 75%-75*ie 4 75%-75*ie 4 75%-75*i6 4 7517%-75*i8 4 7515-75*18 4 7515-75*16 SUNDAY 4 7517%-75*i8 4 75*16 4 7517%-75*ie 4 7517%-75*i6 4 7517%-75*i6 4 7517%-75*i8 SUNDAY 4 7517%-75*ie 4 7517%-75*i6 4 7517%-75*i6 HOLIDAY 4 7517%-75*i8 4 4 4 4 72)4-72)4 72 -72% 72 -72% 72 -72)4 4 72 4 72 Cable Transfers. Sixty-day Bills. Range Sight Bills. 4 71*is 4 71*18 4 71% 4 71% 4 72 4 72% 4 72% 4 72%-72% 4 72%-72% 4 72% 4 72% 4 72 >4 4 72% 4 72% 4 72% 4 72% 4 7214-7214 4 72%-72% 4 72)4 4 71’ie 4 7560-7570 4 75% NOVEMBER. Sixty-day Bills. 4 76*18 4 76*ie 4 75*16 4 74%-75% JULY. 4 4 4 4 4 4 SUNDAY 4 72 4 75% 4 76*18 4 72 4 75% 4 76*16 HOLIDAY 4 72 4 75% 4 76*18 4 72-4 72% 4 75%-75% 4 76*18 4 76*18 4 72% 4 75% SUNDAY 4 72% 4 75%-75*ie 4 76*18 4 76*18 4 72%-72% 4 75*18-7560 4 75*18-7560 4 76*18 4 72% 4 7560-7570 4 76*18-76% 4 72% 4 76% 4 7560-7565 4 72% 4 72% 4 7560-7565 4 76*18-76% SUNDAY 4 72% 4 7555-75% 4 76*18 4 76*18 4 72% 4 75%-75»i6 4 75% 4 76*18 4 72% 4 72% 4 75% 4 76*18 4 72% 4 7547%-75% 4 76*ie 4 75% 4 76*18 4 72% SUNDAY 4 72% 4 75%-7555 4 76*18 4 76*18 4 7555 4 72% 4 7555 4 76*18 4 72% • 4 7555 4 76*18 4 72% 4 7555 4 76*18 4 72% 4 7555 4 76’ie 4 72% SUNDAY 4 7555-75*18 4 76*ie 4 72% 4 76*18 4 72% 4 7555-75*18 4 72% 4 72 76*18 76*18 76’ie 76’ie 76*18 76*18 76*18 76*18 76*18 76*18 76*16 76*ie 76*18 76’ie 76*18 76*18 76*ie 76*18 4 76*18 4 76*18 Range Sixty-day Bills. 4 76*18 4 76*18 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 Cable Transfers. 4 76’ie 4 74%-75% 4 74%-75% 4 75% SUNDAY 4 70X-71 4 75 -75% 4 71 4 75% 4 71 4 75% 4 71 -71% 4 75%-75he 4 71%-71)4 4 75%-75% 4 71)4-71% 4 75%-75% SUNDAY 4 71%-71% 4 75*16 4 71% 4 75*16 4 71% 4 75*16 4 71%-71’is 4 75*16-75% 4 75*16-75% 4 71’ie 4 75%-7555 4 71*ie SUNDAY 4 71*ie 4 75%-7555 4 71*16 4 75%-7555 4 71’ie 4 75%-7555 4 71*18 4 75%-7555 4 71*16 4 7555-75*18 4 75*16 4 71*16 SUNDAY 4 71*18 4 7555-75*ib 4 7555 4 71’ie 4 71*16 4 7555 4 71*16 4 7555 4 7555 4 71*16 4 75*16 4 71*16 4 7054-70% 4 70)4-71 4 724 4 75774 4 76*18 4 71*16 4 714-71*u 4 754-7530 4 7640-76*18 4 70*4-70% 4 75*16-75% 4 76*18 4 7542%-7545 4 7640-7642% SEPTEMBER. Cable Transfers. Range. Cable Transfers. 4 7555 4 76*ie 2ZZZ 4 7555 -759i6 4 76’is 3.. . 4 7555 4 7642%-76*ie 4.. . 4 7555 4 7642%-76*i« 5.. . 4 7555 -759is 4 7642%-76*i« SUNDAY 6.. . 7.. . 4 72 4 7555 -759i6 4 7642%-76*ie 8.. . 4 72 4 7550 -7555 4 7642%-76*i8 9... 4 72 4 7547%-75% 4 7642%-76*i8 10- 4 72 4 7542%-7545 4 7640-7642)4 11— 4 72 4 7545 ---------- — 12... 4 72 4 7545 -75)4 4 767i8 13— SUNDAY 14... 4 72 4 7545 4 76*18 15... 4 72 4 75% 4 76*18 16... 4 72 -72% 4 75%-7555 4 76*18 17... 4 72 -72% 4 75%-7555 4 76*18 18... 4 72 -72% 4 7555-7560 4 76*18 19... 4 72% 4 75*18-75% 4 76*ie SUNDAY 20... 21... 4 72% 4 76’ia 4 7555-75*16 22... 4 72% 4 75’is 4 76*18 23... 4 72% 4 75*16 4 76*18 24... 4 72% 4 75*16 4 76*18 25... 4 72% 4 7555-75*18 4 76’ie 26... 4 72% 4 75*16 4 76*18 SUNDAY 27... 28... 4 72% 4 75*16 4 76*18 29... 4 72% 4 7555-75*16 4 76*18 30... HOLIDAY 31... 4 72% 4 75%-7555 4 76*18 High Low. Sixty-day Bills. Cable Transfers. Sixty-day Bills. 4 4 4 4 76*18 76*18 76*18 76*18 4 4 4 4 76*18 76*18 76*18 76*18 4 76*18 4 4 4 4 4 4 76*18 76’ie 76*18 76*18 76*18 76*18 4 76*ie 4 76*18 4 76*18 4 76*16 Range 4 753ie 4 71 -71% 4 71 -71% 4 75%-75*i6 4 76*ia 4 76*18 4 71 4 71 4 71 4 71 4 71 4 71 4 71 4 71 4 71 : 4 71 1 4 71 4 71 4 71 -71)4 -71)4 4 4 4 4 4 4 71 71 71 71 71 71 -71)4 -71)4 -71)4 -71)4 -71)4 -71)4 -71)4 4 4 4 4 4 71 -71)4 71 -71)4 71 -71)4 71 -71)4 71 -71)4 4 71 -71)4 4 767ie 4 76*ie 4 76*ie 4 76*ie 4 76*ie-76% 4 76%-76>i». 4 761118-77 4 76)4-77 4 76)4-7665 4 7660-766& 4 7645-76)4 4 7645-76% 7645-76% 7645-76% 7645-76% 7645-76)4 4 76’ie 4 767is 4 76*ie 7642%-76*i8 7642%-76*i» 4 76’ia 4 767ia 4 76’ie 4 4 4 4 4 76*ie 4 75)4-76 4 76**18-77 4 7555 4 7642%-76*i> AUGUST. Sight Bills. Range 4 75*16 4 7552)4-7555 DECEMBER. Bills. 7517)4-75’n SUNDAY 7517)4-75*16 75)4-75*16 4 7515 75)4-7515 7515-75*16 7515-75*16 SUNDAY 4 7515-75*16 4 7515-75*16 5 7515-75*16 4 7515-75*16 5 7515-75’h 4 7515-75*16 SUNDAY 4 7515-75*18 4 75*i6-75X 4 7520 4 7517)4-7520 4 7517)4-75*16 4 7517)4-75*18 SUNDAY 4 7517)4-75*16 HOLIDAY 4 7517)4-75*18 4 7517)4-75*16 4 75)4-7517)4 4 75)4-7517)4 SUNDAY 4 75)4 -71)S 4 -71K 4 -71)4 4 -71)4 -71)4 4 -71)4 4 -71)4 4 -71)4 -71)4 -----71)4 Cable Transfers. Range 4 7555-75*16 4 7555 4 7555-75*ie 4 75*ie SUNDAY 4 7555-75*18 4 7555-759is 4 7555-75*16 4 7555-75’ie 4 7555-75*16 4 7555-75*16 SUNDAY 4 72-72% 4 7555-75’is 4 72-72% 4 7555-75*16 4 7555-75*16 4 72-72% 4 72-72 % 4 7555-75’ie 4 72-72 % 4 7555-75*16 4 72-72% 4 7555-75’ie SUNDAY 4 72-72% 4 7555 4 72-72)4 4 7555-75»ie 4 72% 4 7555-75*16 4 72-72% 4 7552)4-7555 4 72-72)4 4 7552)4-7555 4 7555 4 72-72)4 SUNDAY 4 72-72% 4 7552)4-7555 4 72-72% 4 7552)4-7555 4 72-72% 4 7552)4-7555 4 72-72% 4 7552)4-7555 4 72-72)4 4 7552)4-7555 4 72% 4 72-72% 4 76*18 Sight Bills. SUNDAY 4 7555-75’ie 4 7555-75*18 4 7555-75*16 4 759i8 4 75*16-75% 4 75**18-75% SUNDAY 4 75)4-76 4 75U1S-76 4 75**16-75% 4 7565-75)4 4 7570-75)4 4 7570-75)4 SUNDAY 4 7570 4 7570-75)4 4 7570-75% 4 7570-75% 4 75%-75% 4 75)4 SUNDAY 4 7557)4-7560 4 7555-7560 4 4 7555 4 4 7555 4 7555 4 7555-75*16 SUNDAY 4 7555-75*18 4 72% 4 72% 4 72)4 4 72)4 4 72% 4 72% 4 72)4 4 72% 4 72-72)4 4 72-72)4 4 76% 4 76*18 4 76*18 4 76*18 4 76*is APRIL. Range 4 71 -71)4 4 75*16-75)4 4 71 -71)4 4 75)4 Cable Transfers. 4 4 4 4 767ie 767i6 767i8 767i6 4 767i8 4 76*18 4 767i6 4 76’ie 4 767i8 4 76*h 4 4 4 4 4 4 76*18 76*18 76*16 76*18 76’ie 76*16 4 4 4 4 4 4 76*ie 76*18 76*18 76*18 76*18 76*18 4 76*18 4 76*ie 4 76*ie 4 76*18 4 76*18 4 76*18 4 76’u Cable Transfers. 4 76*ie 4 4 4 4 4 4 76*18 76*16 76*18 76*16 76*16 76*18 4 4 4 4 4 4 76*18 76*18 76*18 76*18 76*18 76*18 4 76*ie 4 76*18 4 76*18 4 76*18 4 76*18 4 76*is 4 4 4 4 4 76*18 76*18 76*18 76*18 76*18 4 76*ia 4 76*h 4 76*h RATES OF STERLING EXCHANGE AT NEW YORK ON LONDON DURING 1916. Day. Sixty-day Bills. 1............ 2............. 3 .............. 4 70)4-70)4 4 .............. 4 71 -71)4 5 .......... ..4 72 —72)4 6 .............. 4 73)4-73)4 7 .............. 4 72 -72)4 8 .............. 4 72)4-73 9 ............. 10 ...............4 72 -72)4 11 ............... 4 72)4-73 12 ...............4 73 -73)4 13 .............. 4 73 -73)4 14—.......... 4 72)4-73 15 .............. 4 72 -72)4 16 ............. 17 .............. 4 72 -73 18 .............. 4 73 -73)4 19 .............. 4 73 -73*4 20 .............. 4 73 -73)4 21 .............. 4 73 -73)4 22 _______ 4 73)4-73)4 24ZZZZZZZ4 73 -73)4 25 .............4 73 -73)4 26 .............4 73 —73)4 27 ............. 4 72)4-73 28 .............4 73 -73)4 29 ............ 4 73 -73*h 30 ............. JANUARY. Sight Bills. ■H.OU.T>A.y Cable Transfers. Sixty-day Bills. 4 72)4-72)4 SUNDAY 4 72*4-72)4 4 73X-73M 4 74*ia-74)4 4 72)4-72)4 4 74M-74)£ 4 74)4-75)4 4 72)4-72)4 4 75)g-75)£ 4 75)4-76)4 4 72)4-72)4 4 75)4-78 4 76)4-78)4 4 74X-77H 4 75)4-78 4 72)4-72)4 4 76 -76 )4 4 76)4-77 4 72 -72)4 SUNDAY 4 72)4-72)4 4 75 -75*16 4 75)4-76*16 4 72)4-72)4 4 75)4—76)4 4 76)4-76**18 4 72*4-72)4 4 76)4-76)4 4 77*16-77*16 4 75)4-76)4 4 76)4-77)4 4 76*18-76)4 4 76**18-77*18 4 72*16-72*16 4 75)4-75)4 4 76)4-76)4 4 72)4-72)4 SUNDAY 4 72*4-72)4 4 75)4-76)4 4 76)4-77 4 72)4-72)4 4 76*18-76)4 4 76**18-77*18 4 72)4-72)4 4 76)4-76)4 4 76)4-77)4 4 72)4-72)4 4 75)4-76)4 4 76)4-76**18 4 76*18-76)4 4 76**18-76)4 4 72)4-72)4 4 76)4-76*18 4 76)4-76**18 SUNDAY 4 72)4-72)4 4 76*18-76)4 4 76**18-77 4 72)4-72)4 4 76 -76*18 4 76)4-76**18 4 72)4-72)4 4 76*18-76)4 4 76**18-77 4 72)4-72)4 4 76)4-76)4 4 76)4-77 4 76*18-76)4 4 76**18-77 4 72)4-72)4 4 76’ie-76)4 4 76**18-77 4 72)4-72)4 SUNDAY 31 .............. 4 72)4-72)4 4 76 -76)4 4 76)4-76)4 Range FEBRUARY. Sight Bills. 4 76 -76*i8 4 75)4-75)4 4 75**16-75)4 4 75)4-76 4 75)4-75)4 SUNDAY 4 75)4-75)4 4 75)4-76 4 76 -76*ie 4 75)4-75**16 4 75)4-75**16 HOLIDAY SUNDAY 4 75**16-76*16 4 75**18-76 4 75**18-76*18 4 76 -76*18 4 76 -76)4 4 76)4-76)4 SUNDAY 4 76*ie-76)4 HOLIDAY 4 76*ie 4 76)4-76)4 4 76)4-76)4 4 76)4-76*18 SUNDAY 4 76*18-76*18 4 76*16 Range Cable Transfers. 4 4 4 4 4 76**18-76)4 76*18-76)4 76)4-76*18 76*18-76**18 76*i6-76*ie 4 4 4 4 4 76*18-76*18 76)4-76)4 76*18-76)4 76)4-76*18 76*ie-76)4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 77 -77*16 4 76**18-77 4 76**18-76)4 4 76**18-77*18 4 77 -77*16 4 76**18-77*16 4 4 77 4 4 4 4 76*18-76**18 4 76)4-76*18 4 76)4-76)4 4 76*18-76)4 4 76*18-76**16 4 76**18-77*18 4 4 4 4 4 4 4 4 4 Sixty-day Bills. 72)4-72)4 72**18-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72*4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 72)4-72)4 4 72)4 72)4-72)4 73 -73)4 73 -73)4 73 -73)4 73 -73)4 73 -73)4 73)4-73)4 73)4-73)4 MARCH. Sight Bills. 4 76*18-76)4 4 76*18 76)4 4 76)4-76)4 4 76)4-76*18 SUNDAY 4 76)4-76*18 4 76*18-76*18 4 76 -76*ie 4 75**18-76)4 4 76)4-76*18 4 76*18-76)4 SUNDAY 4 76 -76*18 4 76)4-76*18 4 76*18-76)4 4 76)4-76*18 4 76*18-76)4 4 76*18-76)4 SUNDAY 4 76*18-76)4 4 76)4-76*18 4 76)4-76)4 4 76*16-76)4 4 76*18-76)4 4 76*18-76)4 SUNDAY 4 76)4-76)4 4 76*18-76*81 4 76)4-76*16 4 76*18-76)4 4 76*18-76)4 Range Cable Transfers. Sixty-day Bills. APRIL. Sight Bills. 77 -77*ie 4 73)4-73)4 4 76*18-76)4 SUNDAY 76**18-77 76**18-77*18 4 73)4-73)4 4 76*18-76)4 76**18-77 4 73)4-73)4 4 76)4-76*16 4 73)4-73)4 4 76*18-76)4 4 76)4-76**18 4 73)4-73)4 4 76*18-76)4 4 76**18-76**18 4 73)4-73)4 4 76*18-76)4 4 76*18 4 76)4-76**18 4 73)4-73)4 SUNDAY 4 76*18-76)4 4 76)4-76**18 4 73)4-73)4 4 76)4-76*18 4 73)4-73)4 4 76)4-76*is 4 76**18-77 4 76*18 4 73)4 4 76*18 4 76)4-76**18 4 73)4-73*4 4 76)4-76**18 4 73)4-73’h 4 76*18-76)4 4 76)4-76**18 4 76)4 4 73)4 SUNDAY 4 76**18-77 4 77 -77*ie 4 76)4 4 73)4 4 77 4 73)4-73*ie 4 76)4 4 73*16-73)4 4 76*18-76)4 4 77 -77*16 4 73*16-73*16 4 76*18-76)4 4 77*16-77)4 4 76)4 4 73)4 4 77 -77*16 4 76*18-76)4 4 73)4 SUNDAY 4 77 -77*16 4 77 -77*. 4 76*18-76)4 4 73)4 4 76*16 4 76**18-77*18 4 73)4 4 73*16-73)4 4 76)4-76.18 4 76*ia 4 76**18-77*18 4 73)4-73*16 4 76)4-76.18 4 76**18-77*18 4 73)4-73)4 4 76)4 4 77 -77*16 4 73)4 SUNDAY 4 77 -77*16 4 77 -77*16 4 4 4 4 Range Cable Transfers. 4 77 4 77 -77*ie 4 76**18-77 4 76**ie-77 4 76**18-77 4 76**18-77 4 77 4 4 4 4 4 77 4 77 77 77 77 -77*18 77*ie 4 77*16 4 77*h 4 77 -77*ie 4 77 -77*18 4 77 4 77 4 77 4 77 4 77 4 76**18-77 4 76**u-77 4 76**18 4 76)4 4 77-77*16 High........ 4 73)4-73)4 4 76)4-78 4 77*16-78)4 4 72)4-72)4 4 76)4-76’ie 4 77 -77*16 4 73)4-73)4 4 76*18-76)4 4 77*16-77)4 4 73)4-73*ie Low ... 4 7O*X-7OM 4 73M-73)4 4 74*ib-74*4 4 72 -72)4 4 75)4-75)4 4 76*18-76*18 4 72)4-72)4 4 75**,8-76)4 4 76*18-76)4 4 73)4-73)4 4 76)4-76*18 4 76**18-77 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FOREIGN EXCHANGE RECORD. 149 RATES OF STERLING EXCHANGE DURING 1916(Concluded.) Sixty-day Dag. Bills. 1............ .4 73 -73 X 2............ -4 72X-72X 3............ .4 72X-72X 4______ 4 72X 5............ .4 72X-72 X 6............ -4 72X-72’i8 7............ 8............ .4 72’i8-72X 9............ -4 72X-72X dO______ .4 72X-72’i8 11............ -4 72X-72’i8 12............ -4 72’h-72 X 13............ -4 72X-72’i8 14............ 15............ -4 72*18-72 X 16............ -4 72*18-72 X 17............ .4 72X-72X 18______ -4 72X-72X 19............ -4 72X-73 20............ 4 73 21............ 22............ .4 72X-72X 23............ -4 72X-72X 24............ .4 72X-72X 25............ .4 72*i8-72X 26............ .4 72*16-72X 27............ 4 72X 28............ 29______ 4 72X 30............ 31............ 4 72X MAY. Sight Cable Bills Transfers. 4 76*18-76 X 4 76X-76X 4 76 -76*18 4 76*18-76 X 4 75X-76 4 76X-76’ie 4 75**16 4 76 X 4 75X-75**i6 476*18-76 X 4 75**18-75 X 4 76*18 SUNDAY 4 75**18-75**16 4 76X-76’ie 4 75*16-75**16 4 76’is 4 75X-75X 4 76*18-76 X 4 75X-75**i8 4 76’is 4 75X-75+8 4 76’is 4 75**16-75 X 4 76*18-76 X SUNDAY 4 75 X-75**16 4 76*18 4 75X-75**i6 4 76’u 4 75**16-75 X 4 76*18-76 X 4 75**18-76 X 4 76**18-76 X 4 75**ie-76X 4 76X-76**ie 4 76 4 76**18 SUNDAY 4 75**18-76 4 76X-76X 4 75**16-75**16 4 76*i8-76»i8 4 75**16-75 X 4 76*18-76 X 4 75**16-75X 4 76*i8-76X 4 75X-75**ib 4 76 X 4 75**16-75 X 4 76*18-76 X SUNDAY 4 75**16-75 X 4 76’ie HOLIDAY 4 75**i6-75X 4 76*18 JUNE. Sixty-day Sight Bills. Bills. 4 72X 4 75 X-75**16 4 72X-72X 4 75**i6-75*5i8 4 72X-72X 4 75 X-75**16 SUNDAY 4 72X 4 75 X 4 72X 4 75X-75**is 4 72X 4 75X-75**i8 4 72X-72X 4 75X-75**i6 4 72X-72X 4 75**16-75 X 4 75**16 4 72X SUNDAY 4 75**16 4 72X 4 75**16 4 72X 4 75**18 4 72X 4 72X-72**i6 4 75**16-75 X 4 72X-72X 4 75**16-75 X 4 75X-75**i6 4 72X SUNDAY 4 72X-72X 4 75**i6-75X 4 72*18-72 X 4 75**16-75 X 4 72X-72X 4 75**16-75 X 4 72X-72‘i6 4 75 X-75**16 4 75X 4 72X 4 75X 4 72X SUNDAY 4 72Ji8-72 X 4 75**is-75X 4 72 X-72‘i6 4 75X-75**i6 4 75X 4 72X 4 72X 4 75X 4 75X 4 72X Cable Transfers. 4 76*18-76 X 4 76X-76»i8 4 76*18-76 X 4 76*18 4 76*18-76 X 4 76*18-76 X 4 76’is 4 76*18 4 76*18 4 76’is 4 76*18 4 76*ie 4 76*18-76 X 4 76 X-76’u 4 76X 4 76*18 4 76’is 4 76’ie 4 76*18-76 X 4 76’u 4 76*18 4 76*18 4 76*i8-76X 4 76’is 4 76*18 4 76*18 SEPTEMBER. Sight Cable Bills. Transfers. 4 75 X 4 76*18 4 75X 4 76*18 SUNDAY HOLIDAY 4 75 X 4 76*18 4 75 X 4 76’ie 4 75 X 4 76’u 4 75 X 4 76’ie 4 75 X 4 76’is SUNDAY 4 75 X 4 76’is 4 75 X 4 76’ie 4 75 X 4 76’is 4 75 X 4 76*18 4 75 X 4 76*18-76 X 4 75 X 4 76*18-76 X SUNDAY 4 75 X 4 76*18-76 X 4 75 X 4 76*18-76 X 4 75 X 4 76*18-76 X 4 75**i6-75X 4 76’is 4 75**16 4 76’is 4 75**16 4 76*18 SUNDAY 4 75**18 4 76*18 4 75**18 4 76’ie 4 75**18 4 76’is 4 75**16 4 76*18 4 75**16 4 76*18 4 75**16 4 76’ie Sixty-day Bills. 4 71X 4 71X 4 4 4 4 4 71X 71X 71X 71X 71X 4 4 4 4 4 4 71X 71X 71X 71X 71X 71X 4 4 4 4 4 4 71X 71X 71X 71X 71X 71X 4 4 4 4 4 4 71X 71X 71X 71X 71X 71X High.... Low . . Range 4 75 X 4 75**16 4 71X 4 71 X 4 76’ie-76 X 4 76*18 OCTOBER. Sight Cable Bills. Transfers. SUNDAY 4 75**18 4 76’is 4 71X 4 75**ie 4 76’is 4 71X 4 75**16 4 76’u 4 71X 4 71^ 4 7511h 4 767i« 4 75**16 4 76*18 4 71X 4 75**18 4 76’is 4 71X SUNDAY 71X-71X 4 75X-75‘*i8 4 76X-76’i8 4 75 X-75**16 4 76 X 4 71X 4 71X 4 75 X 4 76X HOLIDAY 4 75 X 4 76’is 4 71X 4 75 X 4 76*18 4 71X SUNDAY 4 75X 4 76*18 4 71X 4 75 X 4 76*ij 4 71X 4 75 X 4 76*18 4 71X 4 75 X 4 76*18 4 71X 4 71X 4 75X-75**i6 4 76’ie-76 X 4 75**ie 4 76*18-76 X 4 71X SUNDAY 4 71X 4 75**16 4 76*i8-76X 4 75X-75**i6 4 76’is 4 71X 4 75X-75**ia 4 76*is 4 71X 4 75**16 4 76’is 4 71X 7565-75**18 4 76X 4 71X 4 75**16 4 76*18 4 71X SUNDAY 4 75ni# 4 767ie 4 71X 4 75**16 4 76’ie 4 71X . Range 4 75*’n 4 76*i8-76X 4 7565-75**18 4 76X 4 76’u 4 4 4 4 75*16 76’is 76’is 76’ia 4 4 4 4 4 4 76*18 76’u 76’ie 76’is 76’ie 76*ie 4 4 4 4 4 4 76’is 76*ie 76X 76X 76X 76X 4 4 4 4 4 4 76X 76X 76X 76X 76X 76X Sixty-day Bills. 4 71X 4 71X 4 71X 4 71’i6-71X 4 71’i8-71X 4 71X 4 71X 4 71X 4 71’i6-7lX 4 71X-71X 4 71X 4 71X 4 71X 4 71X-71X 4 71X-71X 4 71X-71X 4 71X 4 4 4 4 4 4 4 4 4 NOVEMBER. Sight Cable Bills. Transfers. 4 76’u 4 7565-75**18 4 75**16 4 76’u 4 75**16 4 76’u 4 7565-75**18 4 76’u SUNDAY 4 7565-75**18 4 76*18 4 71X HOLIDAY 4 76*n 4 71X 4 7565-75**18 4 76*18 4 75**16 4 71X 4 75X-75**i6 4 76’ie 4 71X 4 75X-75**i6 4 76’is 4 71X SUNDAY 4 76’is 4 75X-75**i6 4 71X 4 76’ia 4 75X-75**i6 4 71X 4 76’is 4 75X-75**i6 4 71X 4 7565-75**18 4 76*18 4 71X 4 76’u 71X-71X 4 7565-75**18 4 7565 4 76’is 71X-71X SUNDAY 4 76*18 71X-71X 4 7565-75**18 4 76*18 4 7565-75**18 71X-71X 4 76’ie 71X-71X 4 7565-75**18 4 76’ia 71X-71X 4 7565-75**18 4 76’is 71X-71X 4 7565-75**18 4 75**16 4 76*18 4 71X SUNDAY 4 76*18 4 7565-75**18 4 71X 4 7560-7565 4 7640-7645 4 71X 4 75X-7560 4 76’is 4 71X HOLIDAY 4 71X 4 71X 71X 71X 71X 71X AUGUST. Sight Bills. 4 75**16-75 X 4 75**18 4 75X-75**ie 4 75X-75**i6 4 75X-75**i6 SUNDAY 4 75X 4 75X 4 75X 4 75**18-75 X 4 75 X-75**16 4 75**16 SUNDAY 4 75**16 4 75X 4 75X-75**i6 4 75X 4 75**i6-75X 4 75**16 SUNDAY 4 75X-75**i6 4 75X 4 75**16-75 X 4 75X 4 75X 4 75X SUNDAY 4 75X 4 75X 4 75X 4 75X Cable Transfers. 4 76X 4 76*ie-76 X 4 76’ia 4 76*18 4 76X-76’u 4 4 4 4 4 4 76’u 76’ia 76*ia 76’u 76*18 76’is 4 76’is 4 76’is 4 76*i8-76’i8 4 76X 4 76X-76X 4 76’i8 4 76X-76’i8 4 76X 4 76’u 4 76’u 4 76*18 4 76*18 4 4 4 4 76’u 76’u 76’u 76*18 Range 4 76X 4 75X 4 71“i6-71 X 4 71*16-71 X 4 75X-75**i6 4 76X-76*i8 4 76X 4 76*18 Sixty-day Bills. 4 71X 4 71X 4 71X 4 71X 4 4 711Ii6-71X 71X-71ui6 71’i6-71X 71*18-71 X 4 71X 4 71X 4 4 4 4 4 76X Range 4 75X 4 75**18 4 72X 4 71X Strly-day Bills. 4 71X 4 71X Cable Transfers. 4 76’is Bills. 4 75X SUNDAY 4 75X 4 72X HOLIDAY 4 75X 4 72X 4 75X 4 72X 4 75X 4 72X 4 75X 4 72X SUNDAY 4 75X 4 72X 4 71X-72 4 75**18 4 75**18 4 71X 4 75**16 4 71X 4 75**18 4 71X 4 75**16 4 71X SUNDAY 4 75**16 4 71X 4 75**16 4 71X 4 75X 4 71X 4 75*3i8 4 71X 4 75*3ie 4 71X 4 75*3i6 4 71X SUNDAY 4 75*8ie 4 71X 4 75*'i6 4 71X 4 71X-71**i6 4 75*si6-75 X 4 71X-71**i6 4 75**16-75 X 4 71X-71**i6 4 75**16-75 X 4 75X 4 71X SUNDAY 4 75**16-75 X 4 71X Range Range High.... .4 73 -73X 4 76*18-76X 4 76X-76X 4 72*18-72 X 4 75**16-75**18 4 76X-76’i8 Low____ 4 72*18-72 X 4 75»18-75**16 4 76X~76’ie 4 72*18-72 X 4 75X-75**i6 4 76*18 Dag. 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______ JULY. Sixty-day Bills. 4 72X DECEMBER Cable Sight Transfers. Bills. 4 75X-75’is 4 7640-76*18 4 7640 4 75X SUNDAY 4 75X-75*i6 4 7640-76*18 4 71X 4 711^ 4 75^ 4 7640-76’h 4 75*16 4 76’ie 71X-71»i8 4 76*18 4 71’i6 4 75*16-75 X 4 76’u 4 75X-75’i6 4 71X 4 7555 4 76*18 4 71X SUNDAY 4 7550-7555 4 76*18 4 71X 4 76’ia 4 71X 4 75*16-75 X 4 76’is 4 71X 4 7545-75X 4 75X-7555 4 76*18 4 71X 71X-72 4 75X-75X 4 7645-76X 71X-72 4 7560-7570 4 76*18 SUNDAY 4 76*18 4 71X 4 75X 4 71"i6 4 75*16-7545 4 76’ia 4 76’ia 4 71*116 4 75*16-75 X 4 76’ie 4 71**16 4 75*16-7545 4 76*n 4 75*16 4 71**16 4 75*18 4 76*18 4 71**16 SUNDAY HOLIDAY 4 76*18 4 75*16 4 71**16 4 76*18 4 71**16 4 75*16 4 76’u 71**16-71**16 4 75*16-75*16 4 76*18 4 75’i6 4 71**16 4 75»i6 4 76’u 4 71**16 SUNDAY Sixty-day Bills. 4 71X 4 71X 4 4 4 4 Range 4 75**16 4 76*18 4 71**16-72 4 75X-7560 4 7640-7645 4 71X Range 4 75X-75X 4 7645-76X 4 7640 4 75X DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES- -1914. SEE EXPLANATORY REMARKS ON PAGE 165. Paris Francs Checks. Bankers’ | Cables Commercial •Sight Berlin Reichsmarks Swiss Francs Bankers’ Bankers’ Sight Sight Cables Amsterdam Guilders Bankers' Sight Commercial Sight Denm'k Kroner Italian Lire Vienna Russ n Kronen Rubles Bankers’ Sight Bankers’ Sight Bankers' Bankers’ Sight Sight July— 15 15X-’i>a—>16 5 15-*ieo—>3i 5 16Xa + *3i 26 84a86 5 39**180 +*18 95Xa + i,t 95*isa + >ii 5 16X->nal6X 40X-*3lO-1*8 25 16X>na + >3i 5 15-*i«a5 15 26 84a86 5 5 16X->i8Ol6X 95 X + 133a95’ie 95’i« + >3ia95 X 5 16 X-’3ia->3i 40X-*isa40X |39*6i8O + *i8 3 5 15X-**ial6X 5 15->iia5 15 26 84a86 5 5 16X->i80l6X 95*i6 + *3ia95X 95X+ >iia95*i6!5 lOX-healGX 40 X +*18a*18-*18 40-118O40 4 HOLIDAY | SUNDAY 6 6 5 lQX-hialfiX 5 15->i6a5 15 |5 17XO16X 26 83a86 95*i6095X—1u'95X + >!*a95*i6 5 16Xal6X->ii 40X + *iiaBi8-*i8 39**i8o40-*i8 7 5 16X->*ial6X 5 15->i6a5 15 ]5 17Xal6X 26 83a86 95*i6095X—>>i95X +>aio956i6 5 16X-’*tO->ie 40*i + *3}a*i8-*i8 39**i6o40-*ie 8 5 16X->*ial6X 5 15->i6a5 15 !5 17Xal6X ,26 83a86 95*iea95 X—*3 j 95 X + >3ia95*i6 5 16 X-*8lO-*18 40>< + >110*16—>18 39*6i 8O40-*i8 9 5 16X->3io16X 5 15X-3*ia->s |l7>i->i6al6X->i8 95*i6a95 X—>**95 X + 'sta95ht 5 16X-**8O-*3j 40*4+ *32O518-*18 39**i8O40-*i8 26 83a86 10 5 16X_33io->i8 5 15X-*3iol6X5 18Xal7M 26 83a86 i95X-*3!O + *33 5 16X-*i80l6X 40XO + *18 39**180 +*ie 95Xo3i* 11 5 lGX-hta-ht 5 15X-!3ial6X5 18ysal7^ 95X-*8ja + *3l 5 16X-*i80l6X 40Xa + *i8 26 83a86 95Xa3ie 39**180 +*18 12 | SUNDAY 95X-h,a+t,t j953i8-*32O + *33 5 16X-’3ja-*« 40X-1iso40X 39**180+ *i8 26 82a85 5 135 16Xal6X->i8 5 15X->i6a->3i 5 18Xal7X 14 5 16X-*3ial6X 5 16X->i8ol6X5 18Xal7X 195 X + *3sa953i8|5 16X-33jO-*3i 403i8 + *8iaX-*i8 39X +*18039**1826 82a85'5 95>ieoX 95X + *33a953i8 5 16X-*sia->ii 403ie + >sia X-*ie 39 X + *i6O39*‘i8 26 82a855 15 5 16X->iiul6X 5 16X->i80l6X 5 18Xal7X 95‘isaX 95X +*33o953i8!5 16Xal6X-*i8 4O’i8+*33a X-*i8 39 X + *18039**18 26 82a85 5 5 16X-*«ial6X 5 lQH-htaiex 5 I8yal7y 95>i6aX 95X + *32o95’i8!5 16Xal6X-**e 40*18 + *ijo X-he 39 X + *18039**18 26 82a85 5 5 16X-*3ial6X 5 16X->*iOl6X 5 18Xal7X 95‘ua X 95X+>iio95*i6 5 16Xo16X~*h 40*i8+,«aX-1*639X +*18039**1826 82a855 5 16X-**ial6X 5 16X->*ial6X,5 18Xal7X 95>i6OX 9 SUNDAY [ i 26 81084 5 l40’ie + >3jaX-*i8l39Xo + *i8 5 lOX-W-he 5 16X~**io16X5 18Xal7X 26 81o84 95Xo95*i6-’3i X5*18 +>11095 X 516>4-‘3io15X-*3i 40*16 + >i6a>i-ii6 39 Xa + >18 5 16X-8*ial6X 26 81a8415 39Xa + >i6 OS’ia-'iiaOS’ie ’5Xa95‘i6->3i 5 16>«->3ial5X-**i 40*16->160- >11 5 16Xa + >*i 26 81o8415 OS’ieO + 'u ys’ie-’iiags’is 5 15X->ieol5X 40X->8ia40X 39Xa + ‘i8 5 15X->*iol5X 5 14X-33jO15 5 16Xa + *ie 95X->u«95X 5 15X->i80l5X 40X->*ia40X 39Xa + >ie 26 81o84 5 14X—33jo15 5 16Xo + *i8 95Xa + 'u 5 15Xa + >3i 26 81aS4 95Xa + i33 95X-‘3ia95X 5 15X->ieal5X 40X->»ia40X 39Xa + >is 5 15Xa+>si 5 1 4X-*320 l4X 5 16Xa + *i8 SUNDAY 39Xa>*i8 26Xa>*i8 951316fl1516 95*16O’l6 5 14Xo + >i8 5 16XO15X 5 12XallX 5 14Xal3X 40*160*16 39Xa>*i6 26Xa>«is 5 15Xal4X 95*iaa’i6 5 13Xal3X 5 13X«12X 5 08XO02X 96Xa96X No quotations 27o27>i6 No quotations 95 X a96 5 05 @ 5 00 40XaX 4 95a4 85 29 5 00a4 97 X 96XO97X No quotations 27X«X 4 75 @ 4 65 41a41X 4 25 bid no offer No quotations 96a96X 99o99 X 4 70a4 60 No quotations No quotations No quotations 27X«X No quotations No quotations No quotations 96a96X 101O104 ugust— 96a96X 5 10 5 10 5 12 5 12 6 12a5 13 95X 5 5 5 5 5 11X 10 10 08 05 5 05a5 05 5 02X05 00 4 9504 90 4 97 95 X 95 X 95 X 95X 95 X 95 X 95X 96a97 - •And three days’ sight http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SUNDAY 96 96 96 96 96 SUNDAY 96 100 SUNDAY 20 23a25 51X0*18 20 23025 51X0*18 20 20a25 51XaX 18Xal7X 18Xal7X 18Xol7X 18Xal7X 18XO17X 18Xal7X 20 20a25 51XoX 20 20a25 51XaX 20 20a25 51XaX 20 20a25 51XaX 20 20a25 51XoX 20 20a25 51Xo« I8X0I8X 18Xal8X I8M0I8X 18XO18X 18X-Ii8Ol7X-’*8 20 20 20 20 20 20 19a2351XoX 18a22 51XaX 16a20 51XaX 16a2051XaH 16a20 51XaX 18020 51 X»*< 18X—*18017*1—*is20 18 X-*ieal7*i-*i6;20 18X-*i80l7*j-*is 20 17XO16X 20 17Xal6X 20 17Xal6X 20 15o20 51XaX 15a20 51XaX 15a2051XaX 15a2051XaX 15a20 51 XaH 15a20|51Xa^ 18XO18X 16Xal5X 15Xal4X 07Xa05 05a5 00 00a4 90 27XaX 5 00a4 90 101al04 SUNDAY SUNDAY 5 10a5 12X 16Xal6X 17Xal6X 18Xal7X * 40 X 40Xa41X 40XO41X 41X 41X 41X 42 20 25a27 51XaX 20 25o27 51XoX 20Xa*i8 51o51X 20*180 X 51051X 20*i8OX 51051X 20*180 X 51051X FOREIGN EXCHANGE RECORD ISO DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1914. Berlin Reichsmarks Paris Francs 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_____ Sight Bankers' Cables Bankers’ Sight Italian Lire Bankers’ Sight Cables Comm ’ 1 Bankers Sight Checks Bankers’ Sight Vienna 1 Russia Kronen 1 Rubles Bankers’ Sight Bankers Sight SUNDAY HOLIDAY 5 05a.... 5 05a5 07 5 10 5 10 5 15 9634 9634a97 96Xo97 5 5 5 5 5 5 5 5 5 5 5 05 05 10 10 10 96Xa97 9614a97 96Xa97 9634al4 95'34 9534 5 12 5 12 5 11 5 11 5 11 5 09 X 5 13 5 iiy,a% 5 10 5 10 5 10 5 0814 9534a34 95"7i6 9534a34 9514o34 9514a34 95’ 5 06 5 05 5 O6X 5 05 5 02 5 04 9414095 95 9434 5 0514 5 06 5 07 5 05 5 0514 5 06 94a 9414 93 9234 10 10 10 11 11 11 5 5 5 5 5 5 07M 0714 06 0514 05J4 05 5 5 5 5 5 5 0614 07 0534 0434 0434 04 9234a93 9214034 92a9234 9114a92 92 92a9214 5 5 5 5 5 05 05 05 0514 0514 5 5 5 5 5 0434 0434 0434 05 05 9234al4 9234034 9234014 92 9114 5 5 5 5 5 5 07 08 09 08J4 0914 12 5 15 5 1414 5 15 5 15XoX November— 1. -- _ 2............ 3______ 4_____ fi______ 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_____ December— 1_____ 2___ 3........... 4_____ 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......... .. Commercial *Sight Denmk Kroner Amsterdam Guilders Swiss Francs 5 06 5 07 5 0814 5 08 5 OSXaX 5 1134 9134034 9114 9114 9034 90 88 5 15 5 5 5 5 5 5 5 14 5 13 88340 34 5 5 5 5 1314 1134 1014 11 5 5 5 5 1234 11 10 1034 8814a54 8834 8814 8834 5 5 5 5 5 5 12 1134 1314 16 14 12 5 5 5 5 5 5 11 11 12X 1534 13 X 13 88 8734 8734 86 87 87 5 5 5 5 5 5 13 1314 1314 12 12 12 5 5 5 5 5 5 123< 1134 1234 1134 11 . 1034 8634 8634 8634 8634 8614 8534a86 5 1114 5 0914 5 11X 5 1014 5 0814 5 1014 8534a86 8534a86 8534al4 5 0934 5 0934 5 09 5 09 8534014 8534al4 5 1014 5 0934 8534al4 5 5 5 5 5 5 5 5 5 5 11 1114 1334 1314 1334 14 14 14 1414 14 14 1014 1034 1214 1214 1214 5 1234 5 1334 5 13Xa5 14 5 1234«13 5 1414 5 "1334 5 1314 5 1214 5 1214 5 1334 5 1234 5 1314 8834 8834 8834 8834 8834 8834 5 21Xa20X 5 20 5 20 5 20 5 20 86 8734 8734 8734 8734 5 5 5 5 5 5 20 20 20 20 20 20 91 9214 9214 9134 9014 9014 5 5 . 5 5 5 5 1434 1434 1434 16 16 16 5 5 5 5 5 5 1334 1334 1334 15 1534 1514 5 5 5 5 5 5 20 20 20 20 20 20 8914 8914 8814 88 8834 8834 5 5 5 5 1734 17 16 1534 5 5 5 5 1634 16 15 15 5 5 5 5 20 20 20 20 88 8834 8814 8834 8814 5 1614 5 1514 5 20 5 5 5 5 5 5 5 5 5 5 5 5 1614 1634 1614 1634 And three days’ sight http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1514 16 1514 1534 20 20 20 20 8814 8834 8814a34 8834 97a97X 9709714 SUNDAY 97a9734 9709714 97 9634 9634 9634 SUNDAY 40 X 4034 4034 4014 4034 40 X 4034034 4054O34 4O34a34 4O34a34 4014034 4034 4014 40Xa._ 4034a.. 4034o.. 40J4a._ 5 38o5 41 5 39o5 41 5 40a5 41 5 00 5 01 4134 4134034 4114034 41X 4114 4114 5 40a5 41 5 2505 30 5 25ez5 30 5 03 5 0314 5 04 4114a34 4034 4034 41a4114 4034 4034 5 30o5 31 5 29a5 30 5 5 5 5 5 5 04 04 04 03 04 04 4034 41 4114 42 42a4214 42a4234 4034 4034 40 X 4114 4134 4134034 5 2905 30 5 27X05 28X 5 25 5 24X 5 2334 5 23Xo5 24 5 5 5 5 5 05 05 05 05 08 4104134 41a4114 42a4214 4204214 4114034 42 X 42 4034a41 4034a41 42 42 4134054 5 22 5 22 518o5 20 5 18a5 20 5 18a5 20 5 07 5 07 5 07 5 10 5 10 5 10a5 12 4134al4 4114014 4014 40 X 4014 4034 4154a34 4114054 41o4134 41a4134 4104114 401404134 1134 0 34 4l>4o34 4034034 4034034 4O34a34 4034034 5 14 5 1514 5 1614 5 18 5 17a5 18 5 17a5 18 40 34a 34 4034a34 4O34a34 4i 4114 4114 4034041 4034041 4034a41 41340^8 4134034 4134014 10 34o34 4O14a34 4014034 4018 4104134 4104134 5 17a5 18 4014 4134 4034 5 17a5 18 5 18 5 18 5 18 4034 4034 4034 40XaX 41 41 41 41o4114 4034 4054 4034 4054 9534034 96a___ 9534 9514034 SUNDAY 94 X 95*u 9434 9434 9314 93 SUNDAY 9309334 9214093 9214034 92" 9214014 9214034 SUNDAY HOLIDAY 9234034 9234014 9214 9234 92 SUNDAY 9134al4 9114 9114 9034 9014 88 SUNDAY 89 89 89 89 89 89 SUNDAY 8834014 HOLIDAY 8834014 8834 8834 8814 SUNDAY 88 8734 8734 8614 8734 87 SUNDAY 87 8634034 8634 8634 8634 86 SUNDAY 86 86 5 8514 HOLIDAY 5 8514 8514 5 SUNDAY 8514 5 5 5 5 5 5 5 15 17 18 20 20 20 4O34al4 40XaX 4034 40 X 4014 4014 4104134 41a4114 4013ieoX 4054 4054 4034 4034 4034 4034 4014 4014 4034 5 5 5 5 5 5 20 20 20 20 20 20 40 X 4034 40 X 40 X 40’i« 409ie 4034 40X 4034 4054 40**ie 40”is 5 20 5 18 1814a5 1934 409i6 4054 4054 40**k 4034 4034 18J4a5 1914 4034a34 1834o5 1914 4O34a34 40 X 40 X 1834a5 1914 4O34a34 40 X 5 1834a5 1934 8534 5 20 8714 8714 5 20 5 20 8734 88 5 20 SUNDAY 92 5 1934 9214 5 21 9234 5 22 92 5 22 9034 5 22 9034 5 22 SUNDAY 89 5 2134 89 5 2134 8854 5 2134 5 2134 8814 8814 5 21 8814 5 21 SUNDAY 88 5 2114 8834 5 2334 89 5 2234 8854 5 2234 HOLIDAY 8834 5 2234 SUNDAY 8834 5 2334 8814 5 24 5 24 8834al4 5 24 8814 5 5 5 5 5 5 17 20 20 20 20 20 5 24 5 2505 27 5 29 5 30X 5 30X 5 3014 18al8X 48 48 5 32 17 85 48 5 33 17 17 17 17 5 36 5 38 5 5 5 5 5 5 37X 37X 3834 49 40 40 4034 40 34 a 14 40 X 40 X 2514 25 X 2514 2534 25 X 25X 5 5 5 5 5 5 40 40 40 39X 3934 39X 40Xo5ie 40Xo5i6 25 X 25 A 2534 40Xa6i6 40Xo6is voy2a% 19XoX 19Xoj4 18XaX I8X0X 18J4o34 18a'18X 17 85 17 85 25XaX 2514 2514 2534 2534 40Xo‘j8 40 34 o6i8 10%ay» WKays 75 75 75 75 17 75 17XaX 1734 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 39X 5 36X 5 36X 17 45 17 45 17 45 43 43 43 25 X 2514 5 36X 5 3634 17 45 17 45 43 43 25X 5 34X 17 45 42 X 17 17 17 17 17 17 45 30 30 55 55 ’ 40 X 4014 4014 40 X 4014 4034 4034 4034 40**ie 40**ia 40 X 40 X 40 X 40 X 40X 25 X 25 X 25X 2514 25X 5 5 5 5 5 34X 28X 28X 30 30 17 17 17 17 17 40 X 40 X 40 X 4014 4034 4034 4034 4034 4034 4034 40 34 4034 40 X 40 X 40 X 40 X 10Xa34 40X034 25 X 25 X 25X 25 X 25 25X 5 5 5 5 5 5 26X 2634 2634 27*4 25X 23 17 50 18 00 17X 17X 40 X 4034 4034 4O9io 4034 4054 4034 40 % 4OXa34 4OXa34 4013i8 40 34 4034 40 X 40X 25H 25xu 25he 251ie 25’ifl 251m 5 24X 5 24 X 5 25 ' 5 26X 5 29 5 29 17X 17ji 17X 42 42 42 X 42 X 42IX 42 X 4034 4034 4034 4034 4034 4034 40ui« ' 4054 40 X 40 X 40 X 25xif 25h8 25*18 5 5 5 5 30 30 31^ 3134 17^ 17£i 17^i 1754 42 X 43 43 43 40Xo5ie 25*16 5 31X 1754 43 40X 4014 40 X 40 X 25*16 25 25 25 5 5 5 5 1754 17H 17X 17X 43 43 43 ' 43 4034 4034 4034 4034 4034 4034 40 H 4034 4034 31X 3134 3134 3134 17X 17X 42 X 42 X 42 X 42 X 42 X 42 X 42 X 42 X 42 X 42 42 FOREIGN EXCHANGE RECORD 151 DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1915. Berlin Reichsmarks Paris Francs Swiss Francs day 5 16 S. 5 I6I4 5 16% 5 17% 5 19 5 18% 5 18% S. 5 1834 5 18% 5 1834 5 18% 5 18% 5 18% 8. 5 18 5 18% 5 1S% 5 18% 5 18% 5 18% S. 5 18% 5 17=4 5 17% 5 17 5 17U 5 173g S. 5 20 S. 5 20 5 20 5 20 5 21 5 21 5 21 S. 5 21 5 21 5 21 5 21 5 21 5 21 8. 5 21 5 21 5 21 5 21% 5 21% 5 21U S. 5 21% 5 2II4 5 21% 5 21% 5 20% 5 20% S. Hoi Hoi day 88% 88%a% 5 22% 8. 8. 8. 88 88% 5 22% 87% 88 5 24 873g 5 26 87% 87% 87% 5 26 8658 86% 5 26 87% 87% 5 26 S. S. 8. 87% 5 26 87% 87 87% 5 26 87% 87% 5 27 87% 87% 5 27 87% 87% 5 27 873g 87% 5 27 S. 8. S. 87% 87% 5 27 87% 873S 5 27 87% 87% 5 27 87% 87% 5 27 87% 87% 5 27 87% 5 27 8. 8. 8. 87% 5 28 8714 87% 87% 5 28 87% 87% 5 28 873g 87% 5 28 8738 5 29% 871.1 87% 873g 5 29% 8. S. 8. Febr uary 1.. 5 18iS 2.. 5 18% 3.. 5 19% 4.. 5 19% 5.. 5 I9I4 6.. 5 19l2 S. 7.. 8.. 5 1934 9.. 5 20% 10.. 5 20% 11.. 5 20% 11. 12 13.. 20*221 S. 14.. 15.. 5 24 16.. 5 26U 17.. 5 23% 18.. 5 23 19.. 5 23 20.. 5 24 8. 21.. 22.. II. 23.. 5 27l2 24.. 5 27 25.. 5 28 26.. 5 27% 27.. 5 28>4 8. 28.. 1734 1734 18% 19 18% 19 8. 5 19U 5 195g 5 19% 5 19% II. 2020% 8. 5 23% 5 25% 5 23 5 22% 5 22% 5 2314 8. H. 5 27 5 2634 5 27 5 2634 5 27% S. 20% 20% 2058 20% 20% 20% 8. 5 21l4 5 21% 5 22% 5 22% H. 5 22% S. 5 28 5 28% 5 26% 5 25% 5 25% 5 25% S. H. 5 27 5 32 5 293g 5 2938 5 30% 8. 87% 87% 86% 86% 8634 8612 S. 86 85% 85% 85% H. 85l4 8. 85 843g 84% 84% 84% 84% 8. II. 83% 82% 8234 82% 82% 8. Mar cA 1.. 5 29% 2.. 5 28 3.. 5 27b 4.. 5 2712 5.. 5 27 6_. 5 27 8. 7.. 8.. 5 26 9.. 5 26% 10.. 5 2634 11.. 5 2634 12.. 5 2734 13.. 5 28I4 8. 14.. 15.. 5 28 16.. 5 28% 17.. 5 29% 18. 5 30U 19.. 5 30^2 20. . 5 30% 8. 21.. 22.. 5 33 23.. 5 32% 24.. 5 31% 25.. i5 3012 26. 5 30% 27.. 5 3034 8. 28.. 29.. 5 3014 30. 5 31 5 32 81 5 28% 5 2634 5 26% !5 2612 5 26 5 26% 8. 5 25 5 25% 5 26 5 26% 5 27 5 27% S. 5 27U 5 27% 5 28% 5 2912 5 2934 5 2934 8. 5 3214 5 32 5 31 5 30 5 297g 5 30U S. 5 2934 5 3014 5 31U 5 5 5 5 5 5 Apr il 1.. 15 32 2.. '5 32 3.. 5 32l4 S. 4.. 5.. 5 32l4 6.. 5 32% 7.. 5 32% 8.. 5 3234 9.. 5 32 10.. 5 3134 8. 11.. 12.. 5 32 13. 5 32 14.. 5 32 15. 5 32 16.. 5 323g 17... 5 323g S. 18.. 19.. 5 32 20.. 5 32 21.. 5 3238 22.. 5 32% 23.. 5 3238 24.. j5 32l2 25.. 1 8. 26.. ,5 323g 27..'5 323g 28..'5 32;8 29 '5 32% 30. .15 3212 5 3114 5 33 5 3 lid 5 33 5 31% 5 33 S. 8. 5 31% 5 33 5 32 5 3334 5 3214 5 34% 5 32% 5 34% 5 3138 5 33% 5 3U4 5 3314 8. 8. 5 31% 5 33% 5 31% 5 34% 5 31% 5 34 5 31% 5 34 5 317g 5 34 5 317g 5 34 S. 8. 5 31% 5 34 5 31% 5 33% 5 31% 5 33% 5 3334 5 32 5 3134 5 33% 5 32 5 33% S. 8. 5 32 5 33l4 5 32 5 33M 5 32% 5 3314 ! 5 32 5 33% 5 32% 5 33 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.. 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 873S 873g 87% 87 86% 8634 S. 86% 85% 85% 8558 H. 85% 8. 85% 84% 8434 85% 84% 843g 8. H. 83% 83 82% 823a 82% 8. 5 29% 5 29% 5 29% 5 29% 5 29% 5 29% 8. 5 29% 5 29% 5 29% 5 29% H. 5 40 S. 5 40 5 40 5 40 5 40 5 42 5 42 8. H. 5 40 5 52 5 51 5 52 5 52 8. 31% 81% 81% 5 52 8234 5 52% 82% 30 82% 82% 5 48% 29% 2S34 82% 83 5 47 2834 82% 83 5 47 2834 82%+i32 83+%! 5 47 8. 8. 8. 8. 82% 83 5 45 28% 8258 82% 5 39 28% 28% 83% 83% 5 35 84% 84% 5 37 28% 29 83% 83% 5 40 83% 83% 5 40 29% 8. 8. 8. 8. 84% 84% 5 42 28% 8438 5 42 33 84% 31 83% 83% 5 43 8234 82% 5 40 32 32 82% 83 5 41% 32% 82% 83 5 41% 8. S. 8. 8. 8234 32% 83 5 42 32% 83 83% 5 41 833S 5 39 31% 83% 31% 83% 83% 5 38 3134 83% 83% 5 37% 833S 3134 83% 5 37% 8. 8. 8. 8. 32 83% 83% 5 37% 3234 82% 83 5 37% 82% 83 5 37% 33 *And three days’ sight. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis S234 82% 5 38% 82% 5 37% 82% 82% 5 37% 82% 8. 8. S. 823g 5 37% 82% 823g 5 38 82% 823g 5 37% 82% 82% 82% 5 37% 82% 82%+i32 5 37% 82% 82% 5 37% S. 8. 8. 8134 81% 5 34% 81% 81% 5 35 82 5 34 81% 82% 825g 5 33 82% 5 33 82% 82% 82% 5 33 8. 8. 8. 8234 82% 5 33% 8234 82% 5 33 82% 82% 5 33 823g 5 33% 82% 82% 82% 5 34 82% 82% 5 34 8. 8. 8. 82% 82% 5 32% 8234 5 32% 82% 8234 5 33 82% 8258 5 33% 82% 82% j 1 82»u 5 33% 1 day Hoi day 403g 5 21% 40% 40% S. S. 8. S. 5 21% 40% 40% 40% 403g 5 23 40%, 40% 403g 40%, 5 25 40% 3934 5 25 40 40% 3934 5 25 40 %,<§>% 4014®3s 5 25 40%6@% 40% @3s 393.1 8. S. S. 8. 3934 40^®% 40*4 ©3g 5 25 40%®%, 40% 5 25 39%@4( 5 26 40%@%a 39%@4( 5 26 40% 40% 40 40%, 5 26 40%, 40%, 40%, 40%, 40%, 5 26 8. S. S. 8. 40%, 40% 40%, 5 26 40 5 26 40%, 40%, 5 26 40%, 40%, 40 5 26 40%, 40 5 26 40%, 40% 40 5 26 40%, 40% 40 S. S. S'. 8. 40%, 40%, 40 5 27 40%, 40%, 40 5 27 5 27 40%,—%! 40% 40 5 27 40%, 4O-3g 40% @%, 403g 40% 40% 5 28% 40% 5 28% 40%,@% 40%, S. 8. S. S. 28% 40% 28% 40% 28% 40% + %, 28% 40% + %, 28% 40% 28% 40%, S. S. 40%, 5 28% 40%, 5 28% 5 28% 40%, 40% 5 28% II. H. 5 39 40% S. S. 5 39 39% 5 39 39% 5 39 40%, 5 39 40% 5 41 40%, @lg 5 41 40 8. 8. H. H. 5 39 40 5 51 39% 5 50 39% 5 51 39% 5 51 39% 8. 8. 5 5 5 5 5 5 5 5 5 5 5 5 51 50 47% 46 46 46 8. 5 43% 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% 5 40 5 38 5 37 5 36% 5 36% 8. 5 36% 5 36% 5 36% 39% 397g 397g 40 39% 39% 8. 39% 397g 397g 397g 39% 397s 8. 39% 3934 39% 39% 395g 3958 S. 39% 39% 39% 39%, 395g 39% 8. 39%, 39%, 39% 5 37% 39%, 5 36% 39%, 5 36% 39%, 8. 8. 39%, 5 36% 5 37 39%, 5 3634 39%, 39% 5 3634 5 3634 39% 5 3634 3912—%, 8. 8. 5 3334 39%,— %, 5 34% 39%,+ %, 5 33% 3938—%, 5 32 39%, 5 32 3938—%, 39Sg—%, 5 32 8. S. 393g 5 32% 393g 5 32 393g 5 32 5 32% 3938--- *32 393g 5 33 393g 5 33 S. S. 393g 5 32 393g 5 3!34 393g 5 32% 5 32% 39%, 5 32% 39%, t No quotations. 40%, 40% 40%, 40% 40% 40^4--- *32 403g 40% 403g 40% 403g 40% 8. 8. 40% 40%, 403g 40% 40%,— %, 40% 4038 + %2 40% H. H. 40%,®% 40%,@i4 S. S. 40%,@% 3934 39^8 40 40% 39% 40 403g 40% @%, 39% 3934 40% S'. 8. H. H. 3934 40%, 40+%, 3934 40 39% 393g 39% 39% 39% 8. S. Hoi i day 5 32% 5 3134 8. S. 5 32% 5 3134 5 32% 5 3134 5 34 5 33% 5 34 5 33% 5 34 5 33% 5 33% 5 34 S. 8. 5 35% 5 34% 5 35% 5 34% 5 35% 5 34% 5 35% 5 34% 5 35% 5 34% 5 35% 5 34% 8. 8. 5 36 5 35% 5 38 5 35% 5 36 5 35% 5 40 5 39 5 40 5 39 5 40 5 39 8. S. 5 42 5 41 5 40 5 39 5 40 5 39 5 40 5 39 5 40 5 39 5 40 5 39 8. 8. 5 5 5 5 5 5 39% 39% 39% 39% 39% 39% S. 5 39% 5 42 5 43 5 44 H. 5 44 S. 5 49 5 49 5 64 5 64 5 66 5 66 S. H. 5 79 5 75 5 76% 5 80 5 81 8. 393g 39% 393g 40 393g 40 40%—%, 39% 40%, 39% 40 39% 8. 8. 40%, 39% 40 39%, 39% 39%, 40 39%, 39% 39%, 39% 39%. 8. 8. 40 39%, 39% 39% 39% 39% 39% 39% 39% 39%, 39% 39%, 8. 8. 39% 39% 39% 39% 3934 39% 3934 39% 3934 39%@s%, 3934 39%®%, g S. 39% 39% 39% 39% 39% 39% 93 94 91 86 86% 87% 8. 5 84 5 84% 5 76 5 74% 5 65 5 76 8. 5 74% 5 73 5 76 5 83 5 82% 5 77 8. 5 72 5 75 5 72 5 73 5 73% 5 74 8. 5 76 5 77 5 80% 92 93 90 85 85% 86 8. 5 86 5 85% 5 77 5 73% 5 64 5 77 8. 5 73% 5 72 5 75 5 82 5 82 5 76 S. 5 71 5 74 5 71 5 71 5 73 5 73 S. 5 75 5 76 5 80 39 39 39 8. 39 39 39 39 39 39 S. 39 39 38% 38% 3834@78 3834@% S. 3834@% 3834@% 3834@% 3834@% 3834®% 3834 @ % S. 3834®% 3834 @ % 3834 3834@% 3834@%l 5 79 5 79 5 79 8. 5 79 5 78% 5 78% 5 79 5 79 5 79 S. 5 77 5 79 5 79 5 78 5 7834 5 7834 8. 5 80 5 79% 5 80 5 81 5 82 5 82 8. 5 83 5 87% 5 88% 5 86 5 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% 5 78% 5 77 5 78% 5 78% S. 5 79% 5 7834 5 79 5 80% 5 815g 5 81% S. 5 82 5 87 5 88 5 85 5 79% 3912—%, 39% Denm '1 Sweder Norway Vienna Russiai Spain Kroner Kroner Kroner Kronen Rubles Pesetas Bankers’ Bankers’ Bankers Bankers Bankers Bankers Bankers ’ Bank’s Sight | Cable. Check 1 Cable Checks Checks Sight Sight Sight Checks 40 40 40 40 40 40 S. 40 43 44 45 H. 45 8. 50 50 65 65 67 67 S. H. 80 76 77% 81 82 8. 39% 39% 39 S. 39% 39%, 39%, 39%, 39%, 39%—%, S. 3912-%, 39%+%, 393g+%, 393g 3938+%, 39%+%, 8. 39% 39% 39%, 3938+%, 393g+%, 393g+%, 8. 39%, 39%, 39%, Greek Drachmas 1 uary Iloli 5 16«4 S. 5 17 5 17U 5 18 5 20 5 1912 5 1912 S. 5 19% 5 19% 5 1938 5 19U 5 19 5 19 8. 5 1S12 5 185s 5 1834 5 I8S4 5 I884 5 1S34 8. 5 18% 5 18% 5 1712 5 17% 5 1712 5 1734 S. Bankers’ Sight 1 Cables I Bankers' Bankers’ Sight Cables Sight Cables | Bankers’ Com'l Checks Cables *Sigh Italian Lire Amsterdam Guilders +S 19 i 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 Holidaj 25 15 8. 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 S. 24 SO 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. Holidaj Holidaj H. 43 17% t S. S. 8. 17% 43% 42% 17 40 17 40 42% 42% 17 40 42% 17 40 4238 17 40 S. S. s. 4234 17 40 4234 17 40 4234 17 40 4234 17 40 43 17 40 17 40 43% 8. 8. 8. 17 40 43% 17 40 43 17 40 43 17 40 43 17 40 43 17 40 43 8. 8. 8. 17 40 43 19 22 17 40 43 19 22 43 19 23 17 35 17 35 43 19 24 17 35 43% 43% 17 35 S. S. 8. 24% 2413i, 24% 24% 24% 24% S. 24% 24% 24% 24% H. 24% S. 24% 24% 24% 24% 24% 24% S. II. 24% 24% 24% 24% 243g 8. 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 S. H. 24 40 24 28 24 28 24 28 24 53 S. 24 90 24 90 24 90 24 90 24 90 24 90 8. 24 90 24 90 24 55 24 55 H. 24 55 S. 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. 17 35 17 35 17 35 17 35 17 35 17 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% 15 95 15 95 15% S. 43% 43% 43% 43% 43% 43% 8. 43% 44% 44% 44% H. 44% S. 44% 44% 44% 44% 44% 44% S. H. 44% 44% 44% 44% 44% 8. 24 53 24 53 24 53 24 53 24 53 24 53 8. 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 S. 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 S. 25 60 25 35 25 35 15 70 15 60 15 60 15 65 15 65 15 65 8. 15 62% 15 62% 15 62% 15 62% 15 55 15 62% S. 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 S. 15 60 15 50 15 50 44% 44% 44% 44% 44% 44% 8. 44% 44% 44% 44% 44% 44% S. 44% 44% 44% 44% 44% 44% 8. 44% 44% 44% 44% 44% 44% 8. 44% 44% 44% 25 40 25 40 25 40 8. 25 65 25 65 25 65 25 65 25 65 2* 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% 43 43 8. 43 43 43 43 43 43 8. 43 43 43 43 43 43 8. 43 43 43 43 43 43 S. 43 43 4134 4134 4134 Hoi day t t 8. 8. ___ ___ s. ___ 8. ___ s. 8. t Holiday 25 S. 24% 24% 2478 2434 24% 24% 8. S. 24% 24*1i, 2434 2434 2434 2434 S. S. 2434 2434 ____ 2434 2434 2434 2434 8. 8. 2434 24% 2434 2434 24% 24% S. S. t S. ___ ___ H. H. S. S. 8. H. s. H. __ s. __ 8. 8. t t s. s. .... .... 243g 243g 243g 2438 243g 243g S. 243g 243g 243g 24 45 24 45 243g 8. 24 45 24 45 24 45 24 45 24 45 24 45 8. 24 45 24 45 24 45 24 45 24 90 24 90 S. 25% 25% 25% 5 29% 5 28% 5 29% 5 28% 5 29% 5 28% 8. S. 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. S. 5 29% 5 28% 5 29% 5 28% 5 29% 5 28% 5 29% 5 28% 5 29 5 28 5 29 5 28 8. 8. 5 27 5 26 5 27 5 26 27 5 26 27 5 26 5 28 5 27 5 28 5 27 S. S. 5 27 28 27 28 5 27 28 28 27 28 *5 27 25% 25% 25% S. 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 S. 25 50 25 50 25 50 25 50 25 50 25 50 S. 25 50 25 50 25 65 25 70 25 75 ___ s. s. __ ---- ___ __ ____ s. s. __ s. s. ___ 19 30 8. II. 8. 19 40 S. H. 19 49 S. 19 51 8. 19 60 19 60 S. 19 65 19 68 19 70 S. 19 78 S. .... 8. 20 05 8. 19 97 S. 19 92 8. 19 95 FOREIGN EXCHANGE RECORD 152 DAILY RATES OF EXCHANGE ON CONTINENTAL CENTERS—1915. Bankers’ Com’l Checks Cables * Sight May 1.. 5 32i2 2— 8. 3— 5 3258 4.. 5 32k 6.. 5 32i2 6— 5 32U 7— 5 32 8-- 5 3H2 9.- 8. 10. 5 32 11.. 5 32l2 12.. 5 33k 13.. 5 33l2 14.. 5 34 15.. 5 3334 16.. S. 17.. 5 34 18.. 5 3484 19.. 5 36k 20.. 5 40k 21.. 5 42k 22.. 5 42k 23.. 8. ' a 24.. 25_ 5 423g 26_. 5 4H2 27. - 5 4114 28. 5 4134 29. 5 4134 30.. 8. 31.. H. Swiss Francs Berlin Reichsmarks Paris Francs 1915 Bankers' Sight Cables Bankers’ Sight Cables 5 32k 8. 5 32U 5 32k 5 32 5 3134 5 3U2 5 31 8. 5 3158 5 32k 5 32k 5 33 5 33k 5 3314 8. 5 33k 5 34U 5 3534 5 40 5 4134 5 4134 8. 6 5 42 5 41 5 4034 5 41i4 54114 8. H. 82% 82% 5 3314 5 33 8. S. 8. 8. 82% 5 32 82% 5 33U 823S 82l2 5 30 5 33U 82% 5 3212 5 33 82k 82% 5 32 82k 5 33k 8234 5 31 82% 5 33 8284 83 5 31 5 33 8. 8. 8. 8. 5 33 83k 83k 5 31 8234 827g 5 31 5 33 8234 5 33k 827g 5 30 8234 827g 5 30 5 34 82% 82% 5 30 5 34k 825g 5 30 5 3414 82k 8. 8. 8. 8. 82% 5 29l2 5 3434 82k 82»4 5 2912 82% 5 35 8234 5 30 82% 5 37 82% 5 30 5 41 8278 82%o83 5 30 5 43 82% 5 30 5 43 8. 8. 8. 8. c 5 43 827g@83 83k 83 5 30 5 43 83k 83 5 43 83k 5 30 S3 <g 5 43 83k 5 29i2 5 43 83is 83k 5 29i2 S3k 5 43 83k 5 2912 8. 8. 8. 8. II. H. H. H. 5 5 5 5 5 5 5 5 5 June 1„ 5 4334 2.. 5 44 3.. 5 44 4_ 5 4334 5._ 5 4334 8. ' 6 7.. 5 4378 8_. 5 433i 9.. 5 4338 10. . 5 44 11.. 5 44 12.. 5 44 13.. 8. 14.. 5 44U 15.. 5 45i2 16.. 5 46k 17.. 5 46^2 18. 5 46k 19.. 5 4612 20.. 8. 21-. 5 4684 22.. 5 46k 23.. 5 4814 24 5 49 25.. 5 50 26.. 5 5214 27.. 8. 28 5 61 29 5 621g 30 5 68 4319 4314 43 4314 8. 5 4338 5 4314 5 4278 5 43k 5 43k 5 43k S. 5 4334 5 45 5 46 5 46 5 4534 5 46 8. 5 46k 5 46 5 4734 5 4812 5 49k 5 51k S. 5 60 5 62 5 6712 July 1 5 68 2 5 6534 3 5 6312 4.. s. 6— H. 6 5 63i-> 7 5 651? 8._ 5 6412 9.. 5 64 ‘ 10. . 5 63 11.. 8. 12 5 63i4 13. . 5 63 14 5 6II2 15 5 59 ~ 16.. 5 57k 17. 5 54 18. . 8 19.. 5 53k 20. . 5 58 21.. 5 62k 22— 5 6334 23.. 5 64 24.. 5 64k 25.. 8. 26.. 5 63k 27.. 5 63i2 28.. 5 65 29.. 5 68k 30. . 5 70 31.. 5 70k 5 67i4 5 70 81% 5 8118 8138 5 6614 5 68I2 81% 5 5 63 5 68I4 81% 5 8H2 8. Si 8. s. H. H. H. H. 81% 5 5 63 5 68i4 8H2 5 65 5 6934 81% 5 8P2 817g~ 5 8134 5 64 5 68I2 8I84 5 81k 5 63k 5 67 813^ 5 81*>i« 5 62k 5 65k S. 8. 8. 8. 81% 5 6212 5 6 534 81k 5 813« 81% 5 5 62k 8158 5 5 61 5 631^ 81% 81 i2 5 5812 561 81% 5 81% 5 5 57 5 59 81k 5 53 5 56 81k+ks 81%++ 5 8. 8. 8. 8. 81 % 5 5 53 5 55k 81k 8184 817g 5 5 57k 5 60 823g 5 5 6034 5 60 82k 82 5 5 63 5 65 81% 5 63 5 65k 8178 81% 5 8178 5 5 63U 5 6512 81% 8. 8. S. 8. 82 5 63 5 6434 5 8178 81k 81% 5 5 62k 5 6434 5 64 5 66I4 81% 5 813« 81S3 5 68 5 6934 81% 5 5 69k 5 71k 8H2 81% 5 5 70 5 72 8178 5 8134 Aug ust 1.. 8. 2.. 5 7178 3.. 5 69 4.. 5 64l2 5.. 5 65 6.. 5 6434 7— 5 6634 8.. 8. 9— 5 73 10. . 5 78k 11.. 5 81 12.. 5 83 13.. 5 88k 14.. 5 90 15.. 8. 16.. 6 00 17.. 6 00 18.. 5 97k 19- 5 86 20.. 5 89 21.. 5 90 22— S. 23- 5 87 24.. 5 87 25- 5 91 26- 5 97 27.. 5 98k 28— 5 98k 29.. 8. 30- 6 03 31- 6 01 8. 70k 68 64 64 64 66 8. 5 72 5 77k 5 SO 5 82l2 5 87k 5 89 8. 5 99 5 99 5 96k 5 85 5 88 5 90 8. 5 86 5 86 5 90 5 96 5 97k 5 97k 8. 6 02 6 00l2 5 5 5 5 5 5 43 43 43 43 43 8. 5 45k 5 4412 5 44 5 45k 5 45k 5 45k 8. 5 45U 5 4612 5 47k 5 47k 5 47U 5 47k 8. 5 47k 5 47k 5 50 5 5012 5 5112 5 53l2 8. 5 64 5 65 5 72 8. 73U 70U 6534 66I4 66 68U 8. 5 7434 5 80 5 SO 5 83k 5 90 5 91 8. 8 0134 6 0134 5 9914 5 89 5 91 5 92 8. 5 89k 5 89k 5 93 5 99 6 00 6 00 8. 6 05 6 03k 5 5 5 5 5 5 ♦And three days’ sight, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 827s 8234 8234 8234 8234 8. 8234 82k 823g 825S 8212 82% 8. 823S 82k 821g 82% 82% 82 8. 8178 813t 81% 8134 81% 8134 8. 81% 813g 81 8. 81k 81k 81% 81k 82k 81% 8. 82k 82 i2 82k 81% 81k 81k 8. 81k 81 8118 81k 81% 81U 8. 81 8078 81>g 813g 81k 81k 8. 807g 80=g 83 827g 827g 8278 827g 8. 827g 8234 8234 82% 82% 82k 8. 82% 82% 82% 82 lg 82k 82% 8. 81% 81% 8134 Sl78 8178 817S 8. 8i’2 81% 8113 S. 81% 81% 8134 81% 82l4 82 S. 82=8 82% 82% 81% 815g 81% 8. 8P4 8H2 8H4 81% 813g 813g 8. 81ig 81 81% 8U2 8II4 81% S. 80% 8034 28 27 27 26 26 8. 5 26 5 26 5 2612 5 26>2 5 26l2 5 26l2 8. 5 28l2 5 29l2 5 30 5 3034 5 34 5 34l2 8. 5 37i2 5 3514 5 35 5 34 5 3512 5 38i2 8. 5 39 5 40 5 43 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 a 5 42'2@5 43k- 44 44 39 s. H. 39 39^2 38i2 3834 38 8. 38 37U 37*4 37*4 37’4 3612 8. 3612 35 35 35 36 36 8. 36 36l2 3612 37 3712 38 8. 37 3612 34 3212 31 31 8. 31 33l2 33l2 34 3634 38 8. 40 41 40 35 38 40 8. 37 37l2 38 39 42 42 8. 43 44 Amsterdam Guilders Bankers' Sight Cables 5 32i2 39% 39i2 8. 8. 8. 32i2 391;!—% 39i2 + % 30i2 39%+% 39i2 + % 32 39%+% 39i2 3H2 39%+% 3912 + i32 30 391;.—>.j 39% 30 39% 8. 8. 8. 5 30 39% 39% 39i2—*«j 39 %—132 5 30 5 29 39% 3958 5 29 39% 395g 39l2 5 29 39% 5 29 3912 + i«s 39% 8. S. 8. 5 28l2 39l2 39% 39l2 5 28i2 39% 39i2 5 29 39% 39i2 5 29 39% 5 29 39i2 39% 5 29 39i2 39% 8. 8. S. 39i2 d 39% 39i2 d 39% 39i2 d 39% 39i2 39% 5 2812 39i2 5 2Sl2 39% 39i2 5 28I2 39% 8. 8. 8. H. H. H. 5 5 5 5 5 5 2812 27l2 2712 27>2 2712 8. 5 2514 5 2514 5 2512 5 25l2 5 25l2 5 25l2 S. 5 28 5 29 5 2912 5 30 5 3312 5 34 8. 5 37 5 3434 5 3412 5 33i2 5 34i2 5 38 8. 5 3812 5 39i2 5 42l2 5 5 5 5 5 39i2 39i2 39l2 3978 3978 8. 3978 397« 3978 3978 3934@78 3934 @78 8. 3978+% 3978+% 3978+% 39?g+% 3934@7g 3934 @78 S. 39%—% 39%—% 39%—1,2 39%—*js 39% 39% + % 8. 39% 39% 39% 39% 39% 39% 40 40 8. 40 40 40 40 3978@40 3978@40 8. 40—% 40—% 3978@40 3978@40 S. 40 40 40 40 40+1J2 40+% 8. 40 40 40 5 43l2 39% 40 39% 5 43l2 40 39% 5 38l2 40 8. 8. 8. H. H. B. 39*% 40 5 38i2 39% 5 39 40 39% 40 5 38 5 3734 39%+% 40+% 40% 5 37 40lg S. 8. 8. 40% 5 37 40ig 5 3634 40% 40ig 5 3634 40% 40lg 5 3634 40% 40lg 5 3634 40% 40% 5 36 40l8 8. 8. 8. 40% 5 36 40ig 40% 5 34 40is 40% 5 34 40l8 5 34 40ls 40+ + % 5 35 40ts 40l4 + % 5 35 401s 40i4 + % S. 8. S. 5 35 40lg 40k + % 40ig 5 3512 5 3512 40% + s32 40%+% 5 36 4O% + 332 40% + % 5 3612 40% + s32 40%+% 5 3712 40%+332 40%+% 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 S. 36l2 35i2 33l2 32 3012 30l2 8. 3012 32i2 32l2 33 3534 37 8. 39 40 39 34 37 39 8. 36 36l2 37 38 41 41 8. 42 43 Denm’k Sweden Norway Vienna Russian Spain Kroner Kroner Kroner Kronen Rubles Pesetas Bankers' Bankers Banke g Bankers’ Bankers Bankers' Bankers' Com’ercial Bankers Sight Sight Cables Checks Cables Checks Checks Checks Sight Sight Checks. 5 80 8. S. 3834@78 5 82 5 82 5 83 5 82 3834@7g 5 82 5 82 8. 8. 3834@78 5 88 5 87 5 91 3878 5 91 3878 3834@7g 5 9212 3834@78 5 9212 S. 8. 3834@78 5 85 5 85 3884@78 5 87 5 8?12 5 87i2 3834@78 5 87 8. 8. 3884@78 5 87 5 83l2 3834@7g 5 84 5 75l2 5 78l2 3834@78 5 78l2 8. 8. H. H. 5 79i2 8. 8112 8H2 82l2 81 81 81 8. 5 87 5 86 5 90i2 5 90i2 5 92 5 92 8. 5 84 5 84 5 8612 5 8? 5 87 5 86l2 8. 5 86l2 5 83 5 8312 5 75 5 78 5 78 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 27i2 5 27l2 5 27i2 8. 5 27l2 5 27i2 5 27l2 5 27l2 5 27i2 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 2612 5 26l2 5 26l2 5 26l2 8. 5 26l2 5 26i2 5 26l2 5 26l2 5 26l2 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 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. 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. 15 55 8. 15 45 15 45 15 45 15 55 15 55 15 55 S. 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. 95 93 91i2 91l2 92 8. 5 92l2 5 91l2 5 90l2 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 4134 8. 4134 4H2 4H2 4H2 4114 4114 8. 41l4 41U 4H4 41>4 4U4 4II4 8. 40i4 3912 39 39 39 39 8. 39 39 39 39 39 39 8. H. 8. 19 80 S. 19 61072 8. 19 43 19 14 8. 19 01 19 21 8. H. 5 5 5 5 5 5 5 5 5 5 27i2 27i2 27i2 26i2 26l2 8. " 5 2612 5 26i2 5 2612 5 26i2 5 2612 5 26l2 8. 5 26l2 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 2612 26l2 2612 2512 25l2 8. 5 2512 5 2512 5 25i2 5 25l2 5 25l2 5 25i2 S. 5 25l2 5 26i2 5 26i2 5 26l2 5 26l2 5 26l2 8. 5 26l2 5 26l2 5 26i2 5 26i2 5 26i2 5 26l2 S. 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 S. 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 5 90i2 5 91 8. 5 92l2 5 93i2 5 94l2 5 95l2 5 96 5 9612 8. 5 97 5 9534 5 96 5 9512 5 98 6 02 8. 6 04 6 13 6 16 94 92 9034 9034 9H2 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 96>4 8. 5 96l2 5 95U 5 95l2 5 95 5 9712 6 01 8. 6 03 6 12 6 15 55 55 55 55 55 S. 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 39 39 39 39 39 8. 8. 3934 19 OS 3812 38>4 38k 19 05 38k 38k @ k 8. 8. 3814@12 38k @k 18 92o04 38k @ *2 38k @ ’2 38^2 @s4 38i2@34 8. 8. 38*2 @34 18 74086 38^2 @s4 18 75 3812@ 34 38 @ 38k 38i4@i2 18 64 ____ 38k @k 8. 8. 18 63 18 58 6 16 6 06 6 09 8. 8. H. H. 6 09 6 13 6 11 40+% 6 13 40ig 6 09 8. 8. 6 12 6 10l2 6 12 6 12l2 6 13 6 12l2 8. 8. 6 13 6 14 3978 5 14 397s 6 20 3978 6 21 3978 6 21l2 3978 8. 8. 3978 6 25 397g 6 28 3934 6 30 3931 6 33l2 393^ 6 40 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 0912 6 11 6 12 6 1212 6 12 8. 6 12 6 13U 6 13U 6 19 6 20 6 2012 8. 5 24 5 27 6 29 6 33 6 39i2 6 40 5 26 5 26 5 26 8. H. 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 8. 5 26 5 26 5 26 5 26 5 26 5 26 5 25 26 35 5 25 26 35 5 25 26 35 8. 8. H. H. 5 25 26 35 5 25 26 35 5 25 26 35 5 25 26 35 5 25 26 35 8. 8. 5 25 26 25 5 25 26 00 5 25 25 85 5 25 25 93 5 25 25 65 5 25 ' 25 65 8. 8. 5 25 25 65 5 25 25 65 5 25 25 65 5 25 25 65 5 25 .25 65 5 25 ’25 70 8. 8. 5 25 25 80 5 25 25 SO 5 25 25 90 5 25 25 83 5 25 25 83 5 25 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 8. 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 8. 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 S. 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 373j ffi 38 8. 95 85 85 90 90 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. 25 95 25 85 25 85 25 90 25 90 25 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. 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 OS 15 08 15 08 15 05 15 05 15 05 8. 14 97 14 97 8. 8. 33 19 07 33 33 33 33 33 8. 8. 3234 19 15a36 3234 31 34io@35 3419 35i2 8. 8. 18 72a26 35^2 8. 39% 39% 39% 39% 39% 39% 8. 39% 39% 39% 39% 3958 395g 8. 3938 3958 395g 3968 895g 3988 8. 8. 8. 8. 40% + % 40%+% 3934 6 40%+% 40%+% 3931 6 40%+% 40% + % 3934 6 40%+% 40% + % 3934 6 40% 4012 40% 6 40% 40l2 40% 6 8. 8. S. 40% 40l2 40% 6 40% 4012 40% 6 40% 40i2 40% 6 40% 40l2 40% 6 403g 40% 397s @406 40lg@% 403s 3978@40 6 8. 8. S. 39% @40 3958 6 39% 39% 39% @40 395g 6 395g 3934 3938 6 3934 393g 395g 6 39% 40+% 3958 6 40 40ig 6 395g 8. S. 8. 40% 397g 6 40l4 40 40U 6 3978 40 6 40is 3978 397g 40 8 3978 3978 40 6 3934 40 3978 (6 8. 8. 8. 3934 3978 3958 6 3934 39=g 6 397s 6 5 41i2@5 42i2. Greek Drachmas Italian Lire (Continued.) c 5 29k@5 30i2. S. 40 31 25 24 23 24 8. 34 36 39 40 40 40 8. 49 50 4812 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 8 6 8. 39 30 24l2 23 22 23 8. 33 35 38 3912 39 39 8. 47 40 4712 44 45 44 8. 43 42 43l2 48 49 47 8. 49 52 d 5 28k@5 29i2. 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 8. 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 S. 25 25 25 25 25 25 8. 25 25 25 25 25 25 8. 26 26 26 26 26 26 8. 26 26 26 26 26 26 8. 26 26 8. 25 90 25 80 25 80 25 85 25 85 25 85 8. 25 85 25 85 25 85 25 85 25 85 25 85 8. 25 70 25 65 25 60 25 60 25 70 25 70 8. 25 70 25 70 25 75 25 70 25 65 25 65 8. 25 65 25 65 25 25 25 25 25 25 3734j@38 373a <^38 8. H. 373a® 38 3734® 38 373i@ 38 3734 @38 3734 @38 8. 3734® 38 18 60 8. H. 18 64 8. 3734® 38 3734® 38 19 09 3734j®38 373a® 38 8. 8. 32l» 32 19 07a23 32 32 32 32 8. 8. 32 19 07al5 3278 3312 33l2 33l2 33k 37 37 37 37 8. 34 34 34 34l2 34l2 3412 8. 34 34 S. S. 18 64 FOREIGN EXCHANGE RECORD 153 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____ 6 03 2____ 5 98 3____ 5 95 4__ _ 5 94 5____ s. 6......... H. 7.......... 5 98 8___ 5 97 9____ 5 95 10____ 5 94 11____ 5 98 12......... S. 13____ 5 97 14____ 5 97 15____ 5 96 16____ 5 86 17......... 5 80 18......... 5 87 S. 19____ 20......... 5 80 21___ 5 82 22......... 5 83l2 23......... 5 86l2 24____ 5 87 25......... 5 87<2 26____ ' S. 27____ 5 8712 28____ 5 86l2 29____ 5 80 30......... 5 7614 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......... Nov 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.___ 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 8212 5 8512 5 86 5 86l2 8. 5 86l2 5 85i2 5 79 5 75l2 05 9934 97 96 8. H. 5 99l2 5 99 5 97 5 95i2 0 99i2 8. 5 98l2 5 98i2 5 97l2 5 88 5 82 5 83 8. 5 82 5 84 5 8512 5 88l2 5 89 5 89 8. 5 89 5 88 5 82 5 8OI4 5 7612 5 75l2 5 76l2 5 75l2 8. S. 5 79l2 5 78l2 5 80 5 79 5 79 5 78 5 80 5 79 5 81l2 5 S0i2 5 83 5 82 8. S. 5 85l2 5 8412 H. H. 5 85l2 5 8434 5 85i2 5 S434 5 86 5 85 5 85i2 5 8412 S. S. 5 85l4 5 8412 5 86 5 85 5 87 5 86 5 90 5 89 5 92 5 91 5 94 5 93 8. S. 5 95 5 94 5 95l2 5 9412 5 98 5 97 5 95l2 5 9412 5 92l2 5 91>2 5 95i2 5 94i2 8. S. 5 78 5 78 8. 5 8H2 5 SH2 5 80i2 5 81l2 5 83 5 84i2 8. 5 86l2 H. 5 87l2 5 87l2 5 87i2 5 87 8. 5 87 5 87l2 5 88l2 5 91l2 5 9312 H. 5 93 5 9412 5 96 5 96 8. 5 96 5 9812 5 97l2 5 98i2 5 9914 5 98 S. 5 96i2 5 94 5 91l2 5 91 5 91 5 92U 8. 5 93 5 9212 5 92i2 H. 5 91i2 5 90 8. 5 87 5 82 6 5 5 5 5 92l2 H. 92 9312 95 95 8. 5 95 5 95 5 96l2 5 9738 5 98i2 5 97 8. 5 95l2 5 93 5 9058 5 90 5 90U 5 9114 8. 5 92l2 5 91U 5 9h2 H. 5 89i2 5 91 8. 5 86 5 81 5 5 5 5 Dec 1......... 5 81 5 80 2____ 5 8212 5 8H2 3____ 5 8534 5 8434 4 ___ 5 8Gi2 5 85l2 8. 5 . S. 6____ 5 87’m 5 S0’4 7......... 5 87 5 86l4 8------- 5 88I4 5 87l2 5 84 9_____ 5 85 10____ 5 8412 5 S3l2 11____ 5 85 5 S4l2 8. 12____ S. 13____ 5 87l4 5 8614 14____ 5 86i4 5 85i4 15____ 5 86i2 5 8534 16____ 5 85i4 5 84i4 17_____ 5 86 5 85 18____ 5 84 5 83 8. 8. 19____ 20____ 5 83 5 82 21_____ 5 8338 5 S234 22......... 5 84U 5 83ki 23........... 5 8534 5 8434 24____ 5 85 5 84 H. 25......... H. 8. 8. 26____ 27___ 5 84lg 5 83is 28........... 5 84i2 5 8334 29____ 5 85l4 5 8414 30____ 5 85U 5 84l2 31.......... 5 85i2 5 85 6 5 5 5 84l4 8414 8. 83% 83l4 83% 83 8234 82l2 8. 823S H. 8212 825g 825g 826g 8. 82l2 823g 82% 82% 82% 82% 5 95i2 S. 8. 8134 5 97 5 97 81=8 6 00l2 81l2 5 97 81%@12 5 93l2 81% 5 97121 81% 8. 8. 82 84 87 88 8. 5 89 5 8834 5 89l2 5 86 5 8534 5 8684 8. 5 8934 5 8734 5 88l4 5 86l2 5 87i2 5 8534 8. 5 84l2 5 84l2 5 8634 5 86l2 5 8612 H. 8. 5 8558 5 8534 5 86’4 5 8612 5 86 5 5 5 5 5 5 5 5 45 42 34 34 S. H. 5 34 5 36 5 34 5 32 5 33 8. 5 33 5 33 5 32 5 28 5 25 5 26 8. 5 30 5 30 5 30 5 31 5 30 5 30 s. 5 30 5 30 5 26 5 27 5 5 5 5 44 41 33 33 8. H. 5 33 35 5 33 5 31 5 32 8. 5 32 5 32 5 31 5 27 5 24 5 25 8. 5 29 5 29 5 29 5 30 5 29 5 29 8. 5 29 5 29 5 25 5 26 39% 39% 397s 3978 S'. H. 40 40 40ig 40is 40i8 8. 40lg 40is 4018 40>4 403g 40U 8. 40i4 4OI4 40U 4OI4 40U 40U 8. 40i4 40i4 403g 4O3S 843g 843g 8. 83% 833S 83% 83lg 827g 825g 8. 82l2 H. 825g 8234 8234 8234 8. 825g 82i2 82% 823g 82ig 82lg 8. 8178 8134 81% 81% 81% 8H2 8. 5 26 5 26 s. 5 2612 5 28i2 5 28i2 5 29l2 5 31 5 32 8. 5 34 H. 5 34l2 5 32 5 32 5 32 8. 5 29 5 31 5 31 5 33 5 34 5 35 8. 5 40 5 38l2 5 38l2 5 37l2 5 32 5 34 8. 5 25 5 25 8. 5 25l2 5 27i2 5 2712 5 2812 5 30 5 31 s. 5 33 H. 5 33l2 5 31 5 31 5 31 8. 5 28 5 30 5 30 5 32 5 33 5 34 8. 5 39 5 3712 5 37l2 5 36i2 5 31 5 33 8. 403g 403g S. 403g 4012 405g 40Sg 405g 40=s S'. 40i2 H. 40i2 40l2 4012 5 5 5 5 34 H. 34 33 32 3212 8. 32 33 32 31 32 32 8. 33 34 34 33 32 32 8. 32l2 32l2 3 H2 H. 33 32 8. 32l2 32l2 32l2 33i2 3334 3334 8. 6. 8. 787g 5 33 79 79 79l8 5 32 79@%79%@is 5 32 7834@78 787s@79,5 31 785S© X. 78% @3, 5 32 78% 5 32 785g 8. 8. 8. 77i2 7768 5 32 77 77i2 5 31l2 7634 7678 5 31l2 7634 7678 5 31 7634 5 28 7658 763g 76i2 5 28 8. 8. 8. 773g 5 24 77’4 77ig 7714 5 26 77 77ig 5 25 765g 5 27 76i2 7678 76% 5 27 H. H. H. 8. 8. 8. 765g 76% 5 25 765g 7634 5 25l2 765g 7634 5 25 763g@l2 5 26 5 26 76 76>s 7934 78% 7838@12 Bankers’ Cables Sight 807s 80% 807g 81is 8. H. 81i2 82 823g 825g 823S 8. 823g 823g 82i2 83 83=8 833g 8. 8334 835g 833S 833g 8334 83% 8. 83% 8378 84l2 843S 8134 5 95 8178 5 E. H. H. 5 9434 8134 8178 5 5 95l2 8112 815g 5 5 97l2 8H2 5 817s 5 97l2 8H2 5 8178 8. 8. 8. 5 971’ 8114 @3g 8138@i2 5 813g 5 5 97i2 81% 5 9834 813g 8H2 5 813g 5 5 9934 81% 6 0034 81% 8H4 5 5 99l2 81‘s 5 81% 8. 8. 8. 5 98 81 8Hs 5 5 95l2 5 80% 81 8034 5 93 8078 5 8034 5 5 9234 80% 5 9H2 80% 5 805s 80i2 80% 5 5 9H2 8. 8. 8. 805g 5 80i2 5 94 805g 5 94 80% 5 805g 8034 5 5 94U H. H. H. 5 92 80i2 80% 5 803g 5 9134 80% 5 8. 8. 8. 79% 795S 5 5 89 5 83 79i2 7958 5 ♦And three days' sight. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 8034 80% 8034 81 8. H. 813g 817S 82U 8212 82U 8. 82i4 82i4 823S 8234 83i2 83U 8. 835g 83i2 83i4 83l4 83=g 83i2 8. 83% 8334 84 84U Amsterdam Guilders 79i2 7858 5 33 H. 5 33 5 32 5 31 5 3U2 8. 5 31 5 32 5 31 5 30 5 31 5 31 8. 5 32 5 33 5 33 5 32 5 31 5 31 8. 5 3H2 5 3H2 5 30l2 H. 5 32 5 31 8. 5 3H2 5 3H2 40i2 8. 4034 407g 41i8 4U4 407« 4078 8. 40i2 40l2 4H4 41 4H2 41l2 8. H. 42 42 417s 417s 8. 417g 417s 4178 417s 42 417s S'. 417s 415g 415g 415g 4134 415g S'. 417s 417s 42 H. 417s 417s S'. 417s 417s 39% 39% 39% 8. H. 40U 40U 40U 4014 40U S'. 4038 403g 4038 405g 4058 4058 8. 40=8 4O5S 4058 40&8 40^8 4058 8. 4058 4058 4058 4068 4058 4058 8. 405g 40=4 407s 407s 407s 407s S. 4034 H. 4034 40s4 4034 40&1 S. 41 411S 4H2 4112 41i8 4H8 8. 4034 4034 4H2 4H4 4134 4134 8. H. 4212 4212 4214 4214 8. 42U 4214 4214 42ls 4214 42 8. 4218 4178 417s 417s 417s 417s 8. 42ig 42ig 42lg II. 42 42 8. 42 42 Denra. Swed. Ilorw. Vien'a Russlac Kroner Kroner Kroner Kroner Rubles Spain Pesetas \Com’ercial Bankers’ Bankers’ Bank ’s Bank 's Bank ’s' Bank 's Bankers Bankers’ \ Sight Sight Cables Checks^ Cables Checks Checks Checks Sight Sight Checks 5 5 5 5 393S 3938 3958 3968 8. H. 39% 39% 39% 39% 39% S. 397s 397g 397s 39% 39% 39% 8. 39% 39% 39% 39% 39% 39% 8. 39% 39% 39% 39% 6 6 6 6 53 47 43 44 8. II. 6 47 6 48 6 4512 6 42 6 41 8. 6 42 6 40 6 39 6 25 6 21 6 26 8. 6 18 6 20 6 2212 6 29 6 33 6 29 8. 6 28 6 29 6 22 6 24 6 52 6 46 6 42 6 43 8. H. 6 46 6 47 6 44l2 6 41 6 40 8. 6 41 6 39 6 38 5 24 6 20 6 25 8. 6 17 6 19 6 2112 6 28 6 32 6 28 8. 6 27 6 28 6 21 6 23 27 27 27 27 8. H. 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 27 5 27 5 27 5 27 5 27 8. 5 27 5 27 5 27 5 27 39% 39% S. 39% 40 40 40 40 40 8. 40 H. 40 40 40 40 8. 40lg 40l4 41 41 4034 4034 8. 40i4 40U 4n8 4078 4114 4114 s'. 6 2d, 6 23 8. 6 23 6 25 6 26 6 29 6 32 6 33 8. 6 <56 H. 6 37 6 39 6 42 6 41 8. 6 39 6 39 6 38 6 40 6 41 6 43 8. 6 4612 6 47 6 47 6 46 6 43 6 44 8. 6 21 6 22 8. 6 22 6 24 6 25 6 28 6 31 6 32 8. 6 35 H. 6 36 6 38 6 41 6 40 8. 6 38 6 38 6 37 6 39 6 40 6 42 8. 8 4512 6 46 5 46 6 45 6 42 6 43 S. 5 27 5 26 5 27 5 26 8. 8. 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 8. 8. 5 27 5 26 H. H. 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 8. 8. 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 . 8. 8. 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 8. 8. 4114 H. 4134 4134 415S 4158 S'. 41=8 41=8 41=8 41=8 4134 4134 8. 4134 4138 413S 4133 4112 4H2 8. 41=8 41=8 41=8 H. 41=8 41=8 S'. 41=8 41=8 6 44 H. 3 44 6 43 6 43 6 43l2 8. 6 43l2 6 46 6 46 6 46 6 46i2 6 47 8. 3 48 6 49 6 49 6 4734 6 4634 6 4834 S. 3 48 6 47l2 6 49 H. 5 50 6 50 8. 3 50 6 5H2 6 43 5 27 5 H. H. 3 43 5 27 5 6 42 5 27 5 6 42 5 2/ 5 6 4212 5 27 5 8. S. 6 42l2 5 27 5 6 45 5 27 5 6 45 5 27 5 6 45 5 1514 5 6 46 5 15U 5 6 46l2 5 15U 5 8. 8. 3 47 5 15k 5 6 48 5 15U 5 6 48 5 15U 5 6 4714 5 15i4 5 6 4534 5 15U 5 6 48l2 5 15U 5 8. 8. 5 47l2 5 15U 5 6 46l2 5 1514 5 6 48 5 15U 5 H. H. 3 49 5 15U 5 6 49 5 15U 5 8. 8. 3 49i2 5 15U 5 6 50i2 5 15U 5 42 6 5112 3H2 417s 41=8 42 32l2 6 52 417s 41=8 3234 417g 42ls 6 56 41=8 3234 417s 421g 41=8 6 57 8. 8. S. 8. 8. 42 5 32 5 59 417s 41=8 42% 41=8@346 56 5 31 41% 42% 42 415g@346 57 5 31 5 30 42 415g @34 6 56 4218 42lg 4214 4184@786 58 5 31 4178@42 42@42lg 413d (»7b 6 563d 5 31 8. 8. 8. 8. 8. 42i4@3g 4212©58 42 5 31 3 56 4234@78 4214 425S 5 3012 6 57 4234@78 4214 425S 6 56l2 5 30l2 4234 4314 5 30 43 S 57 4334 4312 6 57 5 27 4314 4334 5 27 43i2 6 57 43U S'. 8. S. 8. 8. 43l2 43U 43 6 56l2 5 23 43l2 5 2512 43U 43 6 56 43l2 6 50 43U 5 24 43 43i2 6 57l2 43 5 26 43U 43% 43% 4278 @43 6 58 5 26 H. H. H. H. H. 8. S. 8. 8. 8. 4338 43 6 57 5 24 4314 5 2412 43% @38 43i2 43% 6 58 43i4@38 43l2 5 24 43% 6 58 43l2 5 24l2 43% 43% 6 59 5 2412 435i6@38 43l2 43%@ls 6 61 5 5 5 5 Greek Drachmas Italian Lire (Concluded.) 6 6 6 6 51 51 55 56 8. 5 58 3 55 3 5612 3 55U 6 5712 6 56 8. 3 55 6 56 6 55l2 6 56 6 56 6 56 8. 3 5512 6 55 6 55 6 57 6 57 H. 8. 6 56 6 5712 6 57 6 58 6 60 15U 15k 15U 15U 8. 5 15U 5 15U 5 15U 5 15U 5 15U 5 15U S. 5 I5I4 5 1514 5 15U 5 15U 5 1514 5 15U 8. 5 15U 5 1514 5 1514 5 1514 5 15U H. 8. 5 15U 5 15U 5 1514 5 15U 5 15U 5 5 5 5 25 60 2o 60 25 90 25 90 8. H. 25 90 25 70 25 80 25 80 25 80 s. 2o 80 25 55 25 55 25 75 25 85 25 85 8. 25 85 25 85 25 85 25 85 25 85 25 85 8. 25 85 25 85 25 95 25 95 2f 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 8. 25 90 25 90 26 00 26 00 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 8. 25 90 25 90 26 00 26 00 14 97 14 97 14 97 14 97 8. H. 15 00 15 00 15 05 15 05 15 05 8. 15 05 15 15 15 15 15 25 15 35 15 35 8. 15 40 15 40 15 40 15 40 15 50 15 50 8. 15 50 15 50 15 55 15 55 34 34U 34U 34U 8. H. 34i2 34l2 34l2 34i2 34l2 8. 34l2 34i2 34l2 35 35 35 8. 3534 3534 3534 3534 3534 3534 S. 3534 3534 35l2 35l2 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 25 95 25 95 8. 25 95 25 95 26 05 26 05 26 05 26 05 8. 26 05 H. 26 05 26 05 26 05 26 05 8. 26 10 26 10 26 10 25 90 25 90 25 90 8. 25 90 25 90 25 90 26 00 26 20 26 20 8. 26 00 26 00 8. 26 00 26 00 26 10 26 10 26 10 26 10 8. 26 10 H. 26 10 26 10 26 10 26 10 8. 26 15 26 15 25 95 25 95 25 95 8. 25 95 25 95 25 95 26 05 26 25 26 25 8. 26 00 26 00 8. 26 00 26 00 26 10 26 10 26 10 26 10 8. 26 10 H. 26 10 26 10 26 10 26 10 S. 26 15 26 15 26 15 25 95 25 95 25 95 8. 25 95 25 95 25 95 26 05 26 25 26 25 8. 15 55 15 55 8. ■ 15 55 15 55 15 30 14 95 14 95 14 90 8. 14 85 H. 14 85 14 85 14 85 14 85 8. 15 10 14 80 14 80 14 65 14 65 14 65 8. 1* 65 14 65 14 70 14 70 14 70 14 70 8. 3512 35l2 8. 35i2 35i2 35 35 35 35 8. 34U H. 34U 34U 3414 3414 8. 3434 3434 3434 34 " 34 34 8. 33U 33l2 33l2 3312 33 33 8. 18 95 18 95 8. 18 95 18 95 18 95 18 95 18 97 18 97 8. 18 97 H. 18 97 18 98 18 98 18 98 8. 18 98 18 98 19 00 19 66 19 00 19 66 8. 19 00 19 05 19 05 19 05 19 05 19 03 8. 14U 14U 8. 14U 1414 1414 14U 14l4 1414 8. 14i4 14l4 14U H. 14l4 1414 8. 14l4 14U 26 20 H. 26 20 26 20 26 20 26 20 s. 26 20 26 20 26 30 26 55 26 85 26 85 S, 26 65 26 70 26 70 26 70 27 05 26 95 8. 26 95 26 95 27 15 H. 27 45 27 70 s. 28 05 28 00 26 25 II. 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 00 8. 27 00 27 00 27 20 H. 27 50 27 75 8. 28 10 28 05 26 25 H. 26 25 26 25 26 25 26 25 S. 26 25 26 25 26 35 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 27 75 8. 28 10 28 05 3334 14 65 H. H. 3334 14 65 3334 14 65 3334 14 65 3334 14 65 8. S. 14 65 3314 14 70 32@32l2 32l2 14 70 14 55 32i4@l2 14 55 3214@i2 14 55 3214@i2 8. 8. 32l2 14 65 32l2 14 55 32i2 . 14 55 14 50 33 33l2 14 50 33=4 14 40 8. 8. 3334 14 45 14 45 3212@34 14 45 3212@34 H. H. 14 40 14 40 32i2@34 S. 8. 14 10 13 90 3212@34 14U 14l4 14l4 1414 8. 5 14l4 5 1414 5 14i4 5 14i4 5 14U 5 14U 8. 5 14l4 5 14l4 5 14l4 5 14U 5 14l4 5 14l4 8. 5 14l4 5 14l4 5 1414 5 14l4 5 14U H. 8. 5 1414 5 14i4 5 14l4 5 14U 5 1414 28 00 27 95 27 95 27 90 8. 28 00 28 00 28 00 28 00 28 00 28 00 8. 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 8. 28 05 28 05 28 05 28 05 28 05 28 05 8. 27 55 26 60 27 30 27 90 28 05 28 05 S. 28 00 27 75 27 90 27 70 27 70 H. 8. 27 80 27 80 27 75 27 70 27 70 28 05 14 05 IS 80 28 00 14 10 18 80 27 95 13 90 32@,32l4 18 80 27 95 13 90 32@32l4 18 80 s. S. 8. 8. 28 05 13 90 32@3214 IS 80 28 05 13 90 32 @32i4 18 80 28 05 13 90 3178@32 18 90 28 05 13 85 3134@32 18 85 28 05 13 85 3134@78 18 85@90 28 05 13 85 18 85@90 8. 8. 8. 8. 3134 27 55 13 50 18 85 26 60 50 @55 3H2 18 85 3H2 27 30 13 45 18 85 31l2 27 90 13 20 18 85 3134 28 05 13 35 18 80 3H2 28 05 13 35 18 80 8. 8. 8. 8. 32 28 00 13 30 18 85 3134 27 75 13 35 18 80 3H2 27 90 13 30 18 85 3112 27 70 13 30 18 80 27 70 13 30 18 80 H. H. H. H. 8. 8. 8. 8. 27 80 13 26 31i4@i2 18 80 27 80 13 20 31 @ig 18 85 27 75 13 20 18 85 27 70 13 15 2934@30 18 80 27 70 12 95 2934@30 18 80 26 26 26 26 8. II. 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 8. 5 26 5 26 5 26 5 26 5 5 5 5 5 5 5 5 26 H. 26 26 26 26 8. 26 26 26 I4I4 19 03 H. 19 01 19 01 19 01 19 03 8. 19 03 19 03 19 03 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 18 95 8. 18 95 18 99 FOREIGN EXCHANGE RECORD 154 DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1916. Paris Francs Berlin Marks Swiss Francs Amsterdam Guilders Italian Lire Bankers' Checks Cables Bankers’ Sight Cables Bankers’ Sight Cables Bankers’ Sight t Cables Bankers’ Sight Cables 1916 January 1............ 2______ 3.......... 4______ 6........... 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 ............ February 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............ March 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______ April 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______ 5 5 5 5 5 5 85 Yi 5 84% 75% 85% 5 84 % 75 85% 5 84% 74% 82 5 81 73% 83% 5 82 K 73 84 5 83% 74 5 5 5 5 5 84% 84% 84 84% 84 5 84% 5 5 5 5 5 5 75% 75% 74% 73% 73% 74% 83% 74%-% 74%-% 75% 83% 75% 83% 75% 75ni6 76% 83% 76 76% 76% 83 83% 76%-% 76%-% 5 5 5 5 5 5 44% 14 44% 13 44% 13 44% 15% 44%-% 16 44%-% 16 6 70% 6 70% 6 69% 6 68% DAY 6 69% 6 70 6 70 6 70% 6 69% 6 69% DAY 6 70 6 69% 6 69% 6 69% 6 70% 6 70% DAY 6 69% 6 69% 6 69 6 69% 6 69% 6 69% DAY 6 69% 6 69 6 69 6 64% 6 51% 5 5 5 5 15% 15% 15% 15% 27 27 27 27 5 5 5 5 5 5 15% 15% 15% 15% 15% 15% 5 5 5 5 5 5 17 16 15% 14 16 16 5 5 5 5 5 5 16 15 14% 13 15 15 44 44% 44% 44% 43% 44 44% 44% 44%-% 44% 44 44% 5 87% 74% 74% 74% 74% 74% 74 74% 74% 74% 74% 74% 74*i« 5 5 5 5 5 5 16% 16% 17 17% 18 18 5 5 5 5 5 5 15% 15% 16 16% 17 17 43% 43% 43% 43% 42% 42% 44 43% 43% 43% 42% 42% 42% 42% 5 88% 5 87% 73% 731616 5 18 5 5 5 5 5 88% 90% 93% 90 90 5 87% 5’90 5 92% 5 89% 5 89 74 73% 73% 731=16 731*16 74% 73% 73“i6 73% 74 5 5 5 5 5 18 18 20% 22% 22% 5 5 5 5 5 42% 42% 17 17 41% 41% 20 41**16 41‘=i6 21% 41**16-% 41* = 16-% 21% 41**16 42 5 5 5 5 5 90 89% 89% 88% 86% 5 5 5 5 5 89% 89 88% 88 85% 74% 76% 77% 75% 75% 74% 76% 77% 75% 75% 5 5 5 5 5 22 20% 20% 21 22 5 5 5 5 5 21% 20 19% 20% 21% 42 41% 42% 42 42 42*16 42 42% 42% 42% 5 5 5 5 5 5 87% 88 88% 88 88% 88 5 5 5 5 5 5 5 21% 86% 75% 75’ie 87% 75%-% 75%-% 5 22 5 22% 87% 74% 75 5 22 87% 74%-he 74% 74% 5 23% 87% 74% 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5 24 24 24 23% 23% 23% 5 5 5 5 5 5 23 23 23 23 23 23 5 5 5 5 5 5 23% 22% 23 22% 23 23 5 5 5 5 5 5 42%-% 23 42% 22% 22% 42=16 22% 42=16 22% 42% 42% 22% 71% 72=u 5 5 5 5 5 22 22% 22% 22% 21% 5 5 5 5 5 21% 22 22 22 20% 42% 42*16 42% 42**16 42**16 5 20% 42**16 87% 73*16 73% 87% 73*ie 73% 87% 73*i6-% 73=16-% 73% 88 73*16 71*16 71*16 22% 22% 23% 25 73% 72»i6 72% 72% 72% 72*16 71**16 71% 71% 71*16 71*16 71**16 71% 42%-% 42%-% 42%-% 42%-% 42%-% 42%-% 5 97% 5 96% 72 72*16 5 21% 5 5 5 5 6 6 97% 97 98% 99% 01% 02 5 5 5 5 6 6 97 97% 97% 98% 01 01% 71% 72 72 72 72% 72% 72% 5 5 5 5 5 5 21% 20% 20% 19% 18% 18 5 5 5 5 5 5 42% 21 42% 20 42% 19% 19 43*16 43% 18 17% 43*16-% 6 6 6 6 6 6 03 03% 05 07% 05 00 6 6 6 6 6 5 02% 02% 04% 06% 04% 99% 72=u 72=16 72% 73% 73% 72% 72% 72% 72*=i6 73% 73% 5 5 5 5 5 5 18% 18% 19 18 17% 17% 5 5 5 5 5 5 17% 18 18% 17% 17 17 43 42% 42% 42% 42% 42**16 5 5 5 5 5 5 95 94% 96% 96% 95% 95% 5 5 5 5 5 5 94 94 95% 96% 94% 94% 73*16 74 74% 75% 76% 76% 73% 74% 74=16 76 76% 76% 5 5 5 5 5 5 17 18 19 18% 18 18 5 5 5 5 5 5 16 17 18 17% 17 17 42% 42*16 42*16 42% 42% 42% 5 5 5 5 5 5 95% 5 94% 76 94% 5 94 74% 93% 5 93% 74% 93% 5 92% 74**16 93 5 92% 74% 93% 5 92% 74*=i6 76% 75 74% 74% 75 74% 5 5 5 5 5 5 18 18% 17% 18 17% 17% 5 5 5 5 5 5 42% 17 17% 42%+hi 42% 17 17 42 42 16% 16% 42 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 71**16 71**16 72% 72=16 72=ie 72**16 Bankers’ Sight 71% 70% 70 69 SUN 6 69% 42% 427ie 6 70% 6 70% 42=ie 42%-% 6 71 42%-’i6 6 70 42%-% 6 70 SUN 42%-% 6 70% 42%-% 6 70 42%-% 6 70 42%-% 6 70 42%-% 6 70% 42%-% 6 70% SUN 42%-% 6 70% 42% 6 70% 6 69% 42*16 6 70 42*16 42% 6 70 6 70 42*16 SUN 6 70 42*16 42%+ *i6 6 69% 42**16 6 69% 42% 6 65 • 42% 6 52 5 5 5 5 5 5 5 17 Bankers’ Sight 5 5 5 5 5 75% 74% 74% 74% 74% 74% 5 86% Bankers’ Sight Bankers’ Checks 6 71 6 71 6 71 6 75 6 75 DAY 6 75 6 75 6 75 6 75% 6 75 DAY DAY 6 71% 6 71 6 69% 6 66% 6 68 6 69% DAY 6 70 DAY 6 69 6 69 6 69% 6 70 DAY 6 70% 6 70% 75% 74% 74% 74% 74% 74% 86% 5 85% 87% 5 86% 87% 5 86% 87% 5 86% Bankers' Checks Bankers’ Checks 72 72 73 76 76 SUN 6 76 6 76 6 76 6 75% 6 76 HOLI SUN 6 72 6 71% 6 70 6 67% 6 69 6 70 SUN 6 71 HOLI 6 69% 6 70 6 69% 6 71 SUN 6 71% 6 71% 5 85% 5 84% 5 85% 5 84% 5 85% 5 84% 5 86 5 85% 5 86% 5 85% 5 86% 5 85% 5 5 5 5 Russian SpanlsU Rubles Pesetas 6 6 6 6 6 45 44% 45 45 44%-% 44%-% 15 14 14 16% 17 17 Vienna Kronen DAY JAY 6 60 6 60 6 58 6 57 6 58 6 59 DAY 6 65 6 68 6 69 6 75 6 75 6 77 DAY 6 76% 6 75 6 67 6 66 6 61 6 52 DAY 6 66 6 65 6 66% 6 65 6 72 6 71% DAY 6 76% 43% 44% 44%-% 45% 45 45 5 5 5 5 5 5 Norway Kroner HOLI SUN 61 61 59 58 59 60 SUN 6 66 6 69 6 70 6 76 6 76 6 78 SUN 6 77 6 76 6 68 6 67 6 62 6 53 SUN 6 67 6 66 6 67% 6 66 6 73 6 72% SUN 6 77% 26 5 24% 43% 44 25 5 24 21 44%-% 5 20 15 45 5 14 5 12-11 5 11-10 44% 5 12% 5 11% 44% 5 5 5 5 Greek Denmark Sweden Drachmas Kroner Kroner 42% 42% 42% 42%-% 42% 42% 42% 42% 43% 43=16 43%-=i6 43*16 42% 42% 42% 42% 42% 42% 42=16 42=16 42=16 42=16 42=16 42=16 42% 42=16 42% 42*16 42*16 6 6 6 6 6 6 6 6 6 6 6 59 6 60 SUN DAY 6 62% 6 61% 6 62% 6 62 6 59 6 58 6 59% 6 59 6 59 6 58% 6 57 6 58 SUN DAY 6 58 6 57 6 55 6 54 6 52% 6 53 6 44 6 43 6 47% 6 47 6 49 6 48 SUN DAY 6 48 6 47 6 48 6 47 6 48% 6 48 6 47 6 46% 6 47 6 46% 6 47 6 46% SUN DAY 6 47 6 46% 6 40% 6 40 6 41 6 40 6 40% 6 40% 6 36% 6 36 6 31 6 30 SUN1 DAY Bankers’ Checks 5 5 5 5 5 5 15% 15% 15% 15% 15% 15% 21 27 27 27 27 27 40 40 40 40 80 80 27 27 27 27 28 28 70 70 70 70 10 10 27 27 27 27 28 28 70 70 70 70 10 10 12 13 12 12 12 12 90 00 60 25 30 60 29%-% 29%-% 29%-% 29%-% 29%-% 29%-% 18 18 18 18 19 19 85 85 85 85 15 10 5 5 5 5 5 5 15% 15% 15% 15% 15% 15% 27 27 27 27 27 27 50 60 40 45 40 40 27 27 27 27 27 27 80 90 70 75 70 70 27 27 27 27 27 27 80 90 70 75 70 70 12 12 12 12 12 12 60 70 85 75 85 85 29% 29% 29% 29% 29% 29% 19 19 19 19 19 19 10 05 05 05 10 10 5 5 5 5 5 5 15% 15% 15% 15% 15% 15% 27 27 27 27 27 27 45 40 30 40 40 30 27 27 27 27 27 27 75 70 60 70 70 60 27 27 27 27 27 27 75 70 60 70 70 60 12 12 12 12 12 12 95 95 60 65 70 65 29% 29% 29% 29% 29% 29% 19 19 19 19 19 19 10 10 10 05 05 10 5 5 5 5 5 5 15% 15% 15% 15% 15% 15% 27 27 27 27 27 27 40 30 25 05 15 15 27 27 27 27 27 27 70 60 55 35 45 45 27 27 27 27 27 27 70 60 55 35 45 45 12 12 12 12 12 12 60 55 55 55 55 55 29% 29% 30 29% 29% 29% 19 19 19 19 19 19 10 10 00 00 00 00 27 20 27 50 27 50 12 45 15% 15% 15% 15% 15% 27 27 27 27 27 25 25 25 30 30 27 27 27 27 27 55 55 55 60 60 27 27 27 27 27 55 55 55 60 60 12 12 12 12 12 50 50 50 55 55 29% 29% 29% 29% 29% 19 19 19 19 19 00 00 00 00 00 5 5 5 5 5 15% 15% 15% 15% 15% 27 27 27 27 27 40 45 70 60 60 27 27 28 27 27 70 75 00 90 90 27 27 28 27 27 70 75 00 90 90 13 13 15 14 14 20 25 25 00 00 29% 29% 32 30% 31% 19 19 19 19 19 00 00 00 00 00 5 5 5 5 5 5 15% 15% 15% 15% 15% 15% 27 27 28 28 27 27 60 95 00 00 95 95 27 28 28 28 28 28 90 25 30 30 25 25 27 28 28 28 28 28 90 25 30 30 25 25 13 13 13 13 13 13 50 55 35 20 10 10 31% 31% 31% 31% 31% 31% 19 19 19 19 19 19 00 00 00 00 00 00 31% 19 00 5 15% 5 15% 28 00 28 30 5 5 5 5 28 27 27 27 28 28 28 28 15% 15% 15% 15% 00 90 90 80 30 20 20 10 28 30 13 00 28 28 28 28 12 12 12 12 30 20 20 10 28 00 28 10 28 00 28 10 80 SO 80 80 28 28 28 28 10 10 10 10 28 28 28 28 10 10 10 10 28 28 28 28 28 28 10 00 05 05 05 10 28 28 28 28 28 28 30 20 25 25 25 30 28 28 28 28 28 28 15% 15% 15% 15% 15% 15% 28 28 28 28 28 28 15 40 50 50 65 60 28 28 28 28 28 28 45 60 70 70 85 80 5 5 5 5 5 5 15% 15% 15% 15% 15% 15% 28 28 28 28 28 28 60 60 60 60 65 65 28 28 28 28 28 28 5 5 5 5 5 15% 15% 15% 15% 15% 28 28 28 28 28 50 60 60 70 80 28 28 28 28 29 5 15% 5 15% 27 70 27 80 90 70 70 65 12 70 12 70 29%-% 31%-% 31%-% 31% 31% 19 00 19 19 19 19 00 00 00 00 31% 31% 19 00 19 00 12 90 13 10 13 15 13 10-15 31 55 31% 31% . 31% 19 19 19 19 00 02 02 02 30 20 23 23 23 28 13 15-20 12 90 12 60 12 50 12 50 12 50 31% 31% 31% 31% 31% 31% 19 19 19 19 19 19 02 02 04 04 04 06 28 28 28 28 28 28 43 58 68 68 83 78 12 45-50 12 52 12 55 12 55 12 46 12 42 31% 31% 31% 31% 32 31% 19 19 19 19 19 19 06 10 10 12 15 15 90 90 80 80 85 85 28 28 28 28 28 28 87 87 78 78 83 83 31% 31% 31 70 31 70 31 70 31 70 19 19 19 19 19 19 12 12 10 10 10 10 70 80 80 90 00 28 28 28 28 28 67 78 78 87 95 31 50 31% 31% 31% 31 54 19 19 19 19 19 12 14 20 20 2« 12 12 12 12 12 12 40 40 43 43 43 43 12 39 12 38 12 37 12 35-37 12 41 5 15% 28 80 29 00 28 95 5 5 5 5 5 5 15% 15% 15% 15% 15% 15% 28 29 29 29 29 30 80 20 40 70 90 00 29 29 29 29 30 30 00 50 60 90 10 20 28 29 29 29 30 30 95 47 55 85 05 15 5 5 5 5 5 5 15% 15% 17% 17% 17% 17% 29 29 29 29 29 29 80 80 65 65 65 65 30 30 29 29 29 29 00 00 85 85 85 85 29 29 29 29 29 29 95 95 80 80 80 80 12 12 12 12 12 12 40 41 40 40 40 40 5 5 5 5 5 5 17% 17% 17% 17% 17% 17% 29 29 29 29 29 29 20 30 50 50 50 50 29 29 29 29 29 29 40 50 70 70 70 70 29 29 29 29 29 29 35 45 65 65 65 65 12 13 13 13 13 13 70 00 10 60 80 80 30 35 31% 31% 31 50 31 75 31 75 5 5 5 5 5 5 17% 17% 17% 17% 17% 17% 29 29 29 30 30 30 70 70 85 00 10 15 29 29 30 30 30 30 90 90 05 20 30 35 29 29 30 30 30 30 85 85 00 15 25 30 13 12 12 13 13 13 80 95 95 05 02 02 31% 31% 31 30 40 30% 30% 12 41 12 41 12 35 12 36 12 36-38 12 36-3S 12 36 31 54 19 20 45 40 40 40 45 45 19 19 19 19 19 19 33 35 35 40 38 40 31 45 31 00 30 50 30 45-50 30 25 30 25 19 19 19 19 19 19 45 38 35 45 45 45 31 31 31 31 31 31 19 40 19 40 19 50-55 19 50-55 19 70-75 19 70-75 19 19 19 19 19 19 65 55 55 60 65 70 FOREIGN EXCHANGE RECORD 155 DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1916. Paris Francs Berlin Reichsmarks Swiss Francs Amsterdam Guilders Italian Lire Bankers’ Checks Cables Bankers’ Sight Cables Bankers’ Sight Cables Bankers' Sight Cables Bankers’ Sight Cables 1916 May 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______ June l_____ 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............ July 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............ August 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______ 17............ >8______ !9............ to.............. 11............ 5 5 5 5 5 5 93 93% 94 94% 9414 94% 5 5 5 5 5 5 92% 76% 93% 76% 93% 76% 93% 7614 93% 7614 93% 76% 5 5 5 5 5 5 94% 94’" 94% 94% 94 " 94 5 5 5 5 5 5 94% 93% 93)4 93% 93 93 5 5 5 5 5 5 94 93 92% 92% 92 ’ 92% 5 5 5 5 5 5 5 5 5 5 5 5 92 92% 92% 92% 92% 93 5 5 5 5 5 5 42 7614 77 76% 5 5 5 5 5 5 1834 1814 19 1934 1934 19% 5 5 5 5 5 5 173-4 18 18 1834 1834 18% 41«16 41*3i6 41% 41% 4114 41% 76ni» 7614 77'” 77% 7714 77% 76% 77 7734 77% 77% 77% 5 5 5 5 5 5 20% 21' 2034 2014 20 ' 20 5 5 5 5 5 5 1934 20' 1934 20 19 19 40% 41% 41% 416i6 41ni8 41% 41—ha 41% 41=36 4136 413i 42 ' 93 92% 91% 91% 91% 91% 76% 769ia 76% 76% 77% 77*ie 76% 76% 76% 77 77% 77% 5 5 5 5 5 5 20% 5 19% 20% 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DAY 6 45*6 6 46 40**16 40*8 6 46 6 45*2 40**16 40*8 6 46*6045*6 6 4538fl45 40**16 407s 6 453< 6 46*2 4013i6a78 40*80**16 40**16 6 47 046*2 6 46*2O4578 4078 6 47 6 46*2 40**16 40’s SUN DAY 40*'ie 6 48*6048*6 6 48 047*6 5 30*2 40’s 30 029*2 40’s 40**16 6 49 048*6 6 48*6048 28*4028*4 4078 40**ie 6 48*6 6 48*6 HOLI DAY 40**16 6 48 047*6 6 47*2047 5 27 40’s 40**16 6 47*8 6 47 5 27 40’s SUN DAY 6 49 6 48*2 5 27*a 4078O’s16 40**16041 41 6 49*6 6 48*8 5 28 40**16 41 6 49*6049*8 0 49*so48*2 40**16 5 27*4 5 27*4 40**16041 41a41*i6 6 50*8049*8 6 49*2049*6 27*2027 4118a3i« 41*80*6 6 52 o51 6 51*6050*4 27*4027 4118fl316 41*80*6 6 52 051 6 51*6050*4 SUN DAY 26*2026 41*16 6 52*8052 6 52 051 41*8 6 54 053 6 53*4052*6 26 a25 41*8 41*16 6 55*2054 6 55 053*2 26 a25 41*8 41*16 26 a25*4 41o41*i6 411l6fl18 6 57*8055*6 6 56*2055 26 025*4 41o41*i6 411l6fl18 6 58*6057*6 6 5734fl56l2 26 025*4 41o41*i6 41116<X18 6 58*2058*6 6 58 057*4 SUN DAY 257so25*4 41a41*i6 41*160*8 6 66 a60 6 65*2059*2 25 024*2 40**16041 41041*16 6 70*2066 6 70 o65*i 5 5 5 5 5 5 27*2027 5 27 a26 5 27 a26 5 26*2026*4 5 26*2026*4 5 26*2026*4 5 31*8 31*8 31*8 31 31 31 83*2083*8 70*40*18 83*2083*4 70*80*18 70516fl38 70*40*8 5 26*8026 5 5 26 025*2 5 83*2083*4 70*4 83*2083*4 703iea14 83*2083*4 7O3i«a14 833sa83*4 70a70’s 70*16 70*40*16 70*40*16 70*160*18 5 5 5 5 83*6083*4 70o70*ie 70*180*8 5 23 a22*4 5 22 O217s 25 24 23 23 024*2 5 a23 5 a22 5 022 5 24*4023*4 40**16041 23 022*4 40**16041 22*2021*4 40**ieo41 22*2021*4 40**16041 5 22 5 23 83’8a83*4 69**16070 70a70*i6 4013iefl78 5 23 5 22 83*8a83*8 69 34a,6ie 69*3i eo70 40**160*8 83*2O833s 6934<21316 69**160*8 5 23*2023 5 22*4022*4 4013iea78 83*2083*6 69**160*4 69*40**18 5 23*2023 5 22*4022*4 40**16O78 5 69*160*8 83*2083*8 69*20*18 69’ieo*8 5 83*6083*2 69*20*18 699iea68 5 8368O83*2 69*20*18 5 69*160*8 83*4083*2 69ha9i0 84 a83*2 69*16—*160*8 6938+heah 5 69*160*8 84 083*2 69*40*18 5 84 84 84 84 84 84 083*2 69069*8 083*2 68*20*8 083*2 6834O**ie 083*2 6834O*316 083*2 68*80**18 083*2 68*80**16 69116fl318 68*80**16 68*8069 68**iea78 6813i«a78 68**16O78 5 5 5 5 5 5 23*4023 23*4023 23*4023 22*2021 20*2020 20*2020 5 5 5 5 5 5 22*4022 22*4022 22*4022 21*2020 19*2019 19*2019 18 016 517 17 016*2 5 16 17 al6*4 5 16 18*2017*2 5 18 18*2017*2 5 18 18*2017*2 5 18 40**160*8 4013iea78 4013iea78 4013iea78 401316d78 40**160*8 015 40**160*8 al5*2 40**160*8 015*4 40**160*8 al6*2 401316fl78 016*2 40**160*8 016*2 40**160*8 84 083*2 67I3iea68he 6778Q68s4 5 18*2018 5 17*2017*4 (I) 84 083*2 676i«a68 6738flnie 5 18 al7*4 5 17 016*4 40*40**16 6712<z9ifl 83*8083*2 67716O*2 5 17*4 5 16*4 40*40**16 D ecember 1 5 8434084ss 5 83*4083*8 66**16067*4 6634g67s8 5 17*4017*8 5 17 al67s 4034fl1316 2 5 84»6084*e 5 83*4083*8 6612fl6668 66*16 5 17*4017*8 5 17 ol67s 403<al3i8 3 4 5 847aa8434 5 8378O8334 6513iea66h 6578G66Bi6 5 17*8017*2 5 16*8016*4 403<a13i6 fi 5 85*4085 5 84*4084 G618a6614 6614a663s 5 17*8017*2 5 17 016*4 4034O1316 6 5 86 085 5 85 084*4 66 38fl6612 667i6fl669i6 5 16*2016 5 15*4015*4 4O34<Z1316 7 5 85*4085*2 5 84*4084 66ha6638 666iea6612 5 15*2015 5 14*2014 4034<21316 8 5 8534O85*4 5 85 084*4 665i«a6638 667i6fl6612 5 14 012*2 5 13 all*» 40**16 9 5 85*4085 5 84*4084*4 66*i8O663s 6638<z6678 5 12*2012 5 11*2011*4 40**16 10 11 5 85 084*4 5 84*4084*4 65*8066*4 65l6iea666ie 5 09 005 5 08 o04 4013ie 12 5 85 a847a 5 84 a837s 6534a6838 6513ica6812 5 04 a02 5 03 a4 99 40**16 13 5 85 fl847a 5 84 a837s 69 C70 69*i6a70*4 5 00 a4 95 4 99 a94 40**16 14 5 84*6084*2 5 83*8083*8 70*2072 70*4072*4 4 98 a96 4 97 095 40**16 74o74*2 5 03 a4 99 5 01 a4 98 407s 15 5 84 083*4 5 83*4082*2 73*2074 16 5 84 G8334 5 83*4083 71072*2 71*4072*4 5 02 oOl 5 01 05 00 40’s 17 70*4072*4 5 02 oOl 5 01 05 00 40*8 18 5 S458O8438 5 83*8083*8 70a72 19 5 84*6084*8 5 83*sa83*8 71071*2 71*4071*4 5 02 oOl 5 01 a5 00 40*8 5 03 002 5 02 oOl 20 5 84‘aa843a 5 83*sa83*8 71*2072*8 71*8073 40’s 5 05 a04 5 04 a03 21 5 84*2084*8 5 83*2083*8 73*2075*8 73*8076 40*8 22 5 84*2084*8 5 83*2083*8 73*2074*2 73*8074*8 5 05 aO4 5 04 a03 40’s 5 05 a04 5 04 a03 401316tt78 23 5 84*2084*8 5 83*2083*8 72*8072*8 72*4073 24 25 26 5 84*8084*2 5 83’sa83*2 72*4072*j 72*8072*8 5 04* 2004 5 03*4003 40**160*8 27 5 84*8084*2 5 8368a83*2 72*8073 72*4073*8 5 04*2004 5 04*2003*4 4013i«a78 28 5 84M84<2 5 83*8083*2 72*8073 72**16073*8 5 04 *2004 5 04*4003*4 40**160*8 29 5 84*sa84*e 5 83*2O8338 72*4072*8 72*8072*4 5 05 o04 5 04 003*4 40**16 30 5 84*2a84*s 5 83*2083*8 72*2073*4 72*8073*8 5 05 a04 5 04 003*4 40**16 311 x 40*6+ *i«a13n v 40**ie+*i6O7i http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 28 35 28 30 27 80a28 27 80 27 85 27 85 5 15*2 27 45 5 15*2 27 50 5 15*2 27 30 28 45 28 50 28 48 27 85 27 90 27 80 12 00 12 00 12 00 31 40 31 45 31 50 20 12 20 12 20 13 5 15*2 27 25 5 15*2 27 25 28 45 28 45 27 80 27 80 11 99 11 99 31 60 31 45 20 13 20 13 5 5 5 5 5 5 15*2 27 30 28 40 27 85 14 27 10 28 30 27 75 14 27 10 28 35 27 65 14 27 10 28 35a40 27 65 14 27 15a25 28 35a40 27 68o72 14 27 20a25 28 35a40 27 71a72 5 5 5 5 5 5 14 14 14 14 14 14 27 27 27 27 27 27 23o25 28 40a45 27 24o25 28 40 27 20o25 28 40a45 27 12al5 28 40a45 27 08ol2 28 42a45 27 08ol2 28 42a45 27 11 99 31 40 20 13 11 97 31 20 20 13 11 97 31 05al0 20 13 11 97 31 O5alO 20 13 11 96a97 31 10a20 20 13al4 11 96a97 31 15a20 20 13al4 69a70 11 94a95 31 69a70 11 94 31 69a7C 11 94 31 70a72 11 94 31 68a70 11 94 31 68a7C 11 94 31 19a20 20 16a20 20 08al5 20 08alG 20 00o05 20 00a03 20 19a20 19a20 20a25 20a25 25a28 28a30 5 14 27 10al6 28 45a50 27 68a70 11 89a93 30 80a95 20 29o30 5 14 27 15016 28 45a50 27 68a70 11 87a89 30 40a45 20 28a30 41a41*ie 6 68 066 6 67*4065*4 41o41*ie 6 70*2067 6 70 066*4 41a41*ie 6 71*aa69 6 70*2068*4 6 70*2 41a41*i6 6 71 SUN DAY 40**16041 6 72 a71 6 71*4070 HOLI DAY 4078fl18ie 6 72 069*6 6 71*2069*2 4078O**16 6 69*2069 6 69 068*4 4078O**ie 6 67 065 6 66ha6414 4078fl**16 6 65 064 6 64 063 SUN DAY 4078O”ie 6 67*8066 6 66*2065*4 4078<l1616 6 67*8067*8 6 67 066*2 4078O**16 6 69 067*2 6 68*2067 4078O**16 6 71 069*2 6 70*4069 4078a16ie 6 71*8071*6 6 70*2O70*i 4078O**16 6 71*8071*6 6 70*2070*4 SUN DAY 4078fl”ie 6 70*8070 6 70 069*4 4078fl16lfl 6 70*,o70 6 69*2069*4 4078fl16ie 6 70*,a70*6 6 70*4069*4 407sa16ie 6 72*6071*6 6 71*2071 407bO**16 6 73 072*2 6 72*4071*4 4078fl**ie 6 73 072*2 6 72*4071*4 SUN DAY 6 73*8073 6 72*2072*4 (1Z) (IZ) 6 73*8073*8 6 73 072*4 40**iea78 6 74*6074 6 73*2073*4 HOLI DAY 5 5 5 5 40l3iea78 6 75*io74*6 6 74*2074 40**16O78 6 75*6075 6 74*2074*6 SUN DAY 40**ieO78 6 75 a7478 6 74*6074*8 401316fl78 6 76*8075*6 6 75*2075 4013i«a78 6 78 077 6 77*4076*2 401316fl78 6 80 079 6 79*2078*4 4013ija78 6 85*2084 6 85 084 4013iefl78 6 87 0S6 6 86 085 SUN DAY 40l3iea78 6 89 087*2 6 88*2086*4 4013iea78 6 95 o90 6 94 089*2 401316fl78 6 91*2090 6 90*4089*2 40*’i6O78 6 89 081 6 88*io80*4 40**ie 6 76 069 6 75 068 40**18 6 80 073 6 79 072 SUN DAY 40**16 6 89*6088 6 88*io87 40**16 6 92*2090 6 92 089*4 40**ie 6 92 091 6 91*io90*4 40**16 6 90 087 6 89*4086*4 40**16 6 91 088 6 90*ia87*4 4O78a15ie 6 92 a91 6 91 o90 SUN DAY HOLI DAY 4078<X1516 6 91*6091*2 6 91*4091 4078d16ie 6 91 089*2 6 90*4088*4 4078a16ie 6 86*2086 6 87*4085 4O’s 6 86*2086 6 87*ia85 6 86*2086 6 85*2085*1 4078 SUNDAY 5 12 26 93a95 28 34a35 27 69o7C 11 70a71 29 55a6C 20 55a60 5 12 26 93a95 28 34a35 27 69a7C 11 70o71 29 55a60 20 55a60 14 14 14 14 27 27 27 27 15016 28 15al6 28 08al2 28 08ol2 28 40a45 27 43a45 27 43a45 27 43045 27 68a70 11 87a88 30 68a70 11 88a89 30 68a70 11 88 30 68a70 11 88 30 50a55 20 50a55 20 50a55 20 57a59 20 25a26 22a24 22a23 22a23 5 14 27 09al0 28 43a45 27 70a75 11 87a88 30 35a50 30 26a30 5 5 5 5 14 14 14 14 27 09al0 28 43a45 27 27 08a09 28 42a45 27 27 09alC 28 42 27 27 09alC 28 42 27 5 5 5 5 5 5 14 14 14 14 14 14 27 27 27 27 27 27 03o0S 28 06alC 28 09alC 28 09alC 28 00o05 28 00a05 28 35o3G 27 34o35 27 34a35 27 40a45 27 32a3S 27 32a38 27 70a73 11 70a72 11 70a72 11 70a72 11 70a72 11 70a72 11 5 5 5 5 5 5 14 14 14 14 14 14 27 27 27 27 26 26 00a02 28 OOaOl 28 OOaOl 28 OOaOl 28 95a27 28 95a27 28 30a31 27 25a27 27 30a35 27 25a3C 27 28a3f 27 28o3C 27 70a71 11 84a85 30 25a45 20 35o36 65a68 11 81a8 30 30O5C 20 35a36 65a66 11 81a82*s 30 38a4C 20 45 65066111 80a81 30 50a6C 20 45 65a66jll 80a81 30 40a45 20 45 65a66 11 80 30 40a45 20 45 72a74 11 87a88 30 35 20 70a72 11 86a88 2980a30 20 20 72a75 11 86 29 6O08O 20 72a75 11 86 29 40a55 20 35a40 39a40 36a40 36a40 86a87 29 40a65 20 35a36 85a86 29 50O3025 20 35a36 85a86 30 15a25 20 35a36 85a86 30 40O70 20 35a36 84o85 30 73a85 20 35a36 84a85 30 68a75 20 35a36 5 14 26 90a95 28 32a33 27 65a66 11 76a77 30 10o3C 20 50a56 5 14 26 93a95 28 30a32 27 65a66 11 76a77 29 70a3005 20 55fl56 5 12 26 90a92 28 32a35 27 65a66 11 70a71 29 52a65 20 55a56 69a70 11 72a75 11 70a74 11 69a7C 11 75o8C 11 75a8C 11 52a54 29 45o49 29 40a45 29 25a38 29 25o28 29 15a20 29 55057 20 65a70 55a57 20 60a90 55057 20 60a90 30o45 20 60a90 35a40 20 85a9G 40a45 21 20 5 5 5 5 5 5 12 12 12 12 12 12 26 9Sa27 28 26 98a27 28 26 98a27 28 26 98a27 28 27 00a05 28 27 00a05 28 5 5 5 5 5 5 12 12 12 12 12 12 27 10a2C 29 00a25 2790a281C 11 00a08 29 35a4C 21 21 27 18a20 29 30a45 28 05alC 1098all 5( 29 25a3C 2090a2125 27 19a20 29 30a40 28 10al5 11 40a45 29 28a3C 21 20a25 27 20a25 29 35fl40 28 10al2 12 00a95 29 50a75 21 20a25 27 OOolS 28 90o291C 28 00a05 13 10a25 30a30 3C 20 80 27 00 29 95a2905 28 05al0 1135al30C 29 75a3015 20 80 5 5 5 5 5 5 12 27 00al5 29 12 27 OOalO 29 12 27 00a05 29 12*2 27 00a05 29 12*2 27 00a05 29 12*2 27 05al0 29 5 5 5 5 5 12*2 27 12*2 27 12*2 27 12*2 27 12*2 27 40a43 27 50a6C 27 50a55 27 60a7C 27 80a9C 27 80a9C 27 00a05 27 05al0 27 10a20 27 10al5 27 20a40 27 40a50 27 70o90 1195al2'lC 29 60a301C 2090a211fi 75a80 11 50a95 29 65a70 21 00a05 75o80 11 70a95 29 70a80 21 00a05 70a75 12 10o25 29 80a90 21 00O05 70a80 1195a1215 30a30 30 21 00a05 80a85 11 90a95 30 20O30 21 00a05 05al0 29 45a50 27 70a80 1195al20C 30 20o30 21 00a05 05alC 29 45a50 27 80a85 1186al2 09 3 0 20a30 21 00a05 05alC 29 43a45 27 85a9C 11 82a90[30 20a30 21 00o05 05a08 29 25a35 27 80a85 11 80a82i30 15a25 20 90a95 05a0S 29 25a35 27 85O9C 11 76O80 30 05O15 20 90o95 Jan 1 2.. 3.. 4.. 5.. 6.. Berlin Reichsmarks Paris Francs 1917 Commercial Sight *60 Days Bankers' Checks Cables Bankers’ Sight Cables Sight Bankers’ Cables Bankers’ Cables Sight 84% @84% 84% @84% 84% @84% 84% @84% 84% @84% 5 5 5 5 5 83% @83% 83% @83% 83% @83% 83% @83% 83%@83% 5 5 5 5 5 HOLI DAY 89%@89% 5 85% @85% 89% @89% 5 85% @85% 89% @89% 5 85% @85 89% @89% 5 85%@85 89% @89% 5 85% @85 71 @TS 71%@71% 71%@71% 71 @71% 71 @711i6 71%@73% 5 71 @71% 5 71%@71% 5 71% @71*16 5 711ie@71% 5 07 @05% 05% @05 05 @04 04% @04 04 @03% 5 5 5 5 5 06 @04% 04% @04 04 @03 03% @03 03 @02% 4013is 40**16 40**16 40**16 40**16 84%@84% 84%@84% 84% @84% 84% @84% 5 84% 5 84% @84% 5 5 5 5 5 5 83%@83% 83%@83% 83% @83% 83%@83% 83*i6@83% 83% @83% 5 5 5 5 5 5 89% @89% 89%@89% 89%@89% 89%@89% 89% @89 89% @89 5 5 5 5 5 5 85%@85 85 @84% 85 @84% 85 @84% 84% @84% 84% @84% 69%@70% 69% @70 69**i6@70 70 @7O1i6 69% @70 69% @69% 69%@707ie 5 69% @70*16 5 70 @70*16 5 70>i6@70% 5 69%@70‘i6 5 69% @69*16 5 03% @03 02 @4 90 01 @5 00 03 @02 03 @02 03 @02 5 5 5 5 5 5 02% @02 01@4 97% 00 @4 99 02 @5 00 02 @01 02 @01 40**ie 4013ie 40**ia 4013ie 40**16 4013i8 89%@89 89% @89 89% @89 89% @89 89% @89 89% @89 SUN 89% @89 89% @89 89% @89 89% @89 89% @89 89% @89 SUN 89%@89 89% @89 89% @89 5 84% @84% 5 84% @84% 5 84% @84% 5 84% @84% 5 84% @84% 5 84% @84% DAY 5 84% @84% 5 84% @84% 5 84% @84% 5 84% @84% 5 84% @84% 5 84% @84% DAY 5 84% @84% 5 84% @84% 5 84% @84% 681ie@69 67%@681ie 68 @68% 67% @68*16 67% @67% 67% @67% 68% @69% 5 67% @68% 5 68% @68% 5 67%@68% 5 67% @67% 5 67*i6@677ie 5 02% @02 03 @02 03 @02% 03% @03% 03% @03% 03% @03% 5 5 5 5 5 5 01% @01 02 @01 02%@01% 02% @02% 02% @02% 02% @02% 40**ie 40**16 40**ie 40**ie 40**ia 40**16 67%@67% 676ie@67% 67% @68% 68%@69% 68% @70 69% @69% 67*ie@677i6 5 67%@67% 5 67% @68% 5 68% @69% 5 69 @70% 5 69%@**i6 5 03 @01% 02% @02 02% @02 02% @01 02 @01% 02 @01% 5 5 5 5 5 5 02% @00% 01% @01% 01% @01 01% @00% 01% @00% 01% @00% 40*3i6 @01% 5 01% @00% @01% 5 01%@01 @01% 5 01 @00% 40**ie 40**ie 40**16 66% @68 66%@68% 5 01%@01% 5 00% @00% 66**i6@67% 67 @67% 5 01%@01% 5 00% @00% 67 @67% 67% @67% 5 02 @01% 5 01% @01 40**16 40% 40% 5 5 5 5 5 8.. 9.. 10.. 11.. 12.. 13.. 5 5 5 5 15.. 6.. 17.. 18.. 19.. 20.. 21.. 22.. 23.. 24.. 25.. 26.. 27.. 28.. 29.. 30.. 31.. 5 5 5 5 5 5 84% @84% 84% @84% 84% @84% 84% @84% 84% @84% 84% @84% 5 5 5 5 5 5 83% @83% 83% @83% 83%@83% 83%@83% 83%@83% 83%@83% 5 5 5 5 5 5 5 5 5 5 5 5 84% @84% 84%@84% 84%@84% 84% @84% 84% @84% 84% @84% 5 5 5 5 5 5 83%@83% 83%@83% 83%@83% 83% @83% 83% @83% 83% @83% 5 5 5 5 5 5 5 84% @84% 5 83% @83% 5 5 84% @84% 5 83% @83% 5 5 84% @84% 5 83% @83% 5 Feb 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.. 5 84% @84% 5 83%@83% 5 89% @89 5 84% @84% 5 84% 5 83% 5 84% 5 89% 5 84% 5 83% 5 89% 5 84% SUN DAY 5 83% 5 84% 5 89% 5 84% 5 84% @84% 5 839i6@83% 5 89% @89% 5 85% @85 5 84% @84% 5 S39i6@83% 5 89% @89 5 85% @85% 5 83% 5 84% 5 89% @89 5 85% @85% 5 84% 5 83% 5 89%@89 5 85% @85% 5 849i6@84% 5 83% 5 89% @89% 5 85% @85% SUN DAY HOLI DAY 5 84% 5 83% 5 89% @89% 5 85% 5 84% @84% 5 83% @83% 5 89% @89% 5 85% @85% 5 84% @84% 5 83%@83% 5 90% @90 5 86 @85% 5 84% @84% 5 83%@83% 5 86 5 90% 5 83% 5 85 @84% 5 86 @85% 5 90% SUN DAY 5 85 @84j^ 5 83%@83% 5 90% 5 86 @85% 5 85 @84% 5 83%@83% 5 90% 5 86 @85% 5 85 @84% 5 83% @83% 5 90% 5 86 @85% HOLI DAY 5 85% @85 5 84% @83% 5 86 @85% 5 90% 5 85% @85 5 84% @83% 5 86 @85% 5 90% SUN DAY 5 85%@85% 5 843ic@84% 5 90% @90% 5 86%@85% 5 84%@843le 5 90% @90% 5 86% @86 5 85% 5 843i6@84% 5 90% @90% 5 86% @86 5 85% March 1-2.. 3.. 4.. 5.. 6.. 7.. 8.. 9.. 10.. 5 85%@85% 5 843ie@84% 5 91 @90% 5 85%@85% 5 843i6@84% 5 91 @90% 5 85% @85% 5 84% @84% 5 90% SUN 5 85% @85% 5 84%@84% 5 91 @90% 5 85% @85% 5 84% @84% 5 91 @90% 5 85% @85% 5 84%@84% 5 91 @90% 5 85% @85% 5 84% @84% 5 91 @90% 5 85%@85% 5 84% @84 5 90% @90% 5 85% @85 5 84% @84 5 90% @90% 5 86%@86% 5 86% @86% 5 86% @86 DAY 5 86%@86% 5 86%@86% 5 86% @86% 5 86% @86 5 86 @85% 5 86, @85% 68 @69% 68%@69% 5 02 681i«@68% 68% @69 5 02 68% @68% 68%@13ie 5 02 4013ie 4O‘*i6 40**16 40**16 40**i6 67 @67% 66%@67% 67% @70% 69%@70% 69% @69% 69% 671i6@67% 66%@67% 67% @70% 69% @70% 69% @70 69% 5 5 5 5 5 5 01% @01 01% @01 00% @4 99 01 @00 01 @00% 01 @00% 5 5 4 5 4 4 00%-4 99L 4O11i6@% 00%-4 99*2 40**16 99%@98 40**ie 00@4 99 40**16 99%@99 40**16 99%@99 40**ie 67% @68% 67% @67% 67**16 68 @68% 67% @68% 67%@68% 67% @68 67% 68%@68% 68 @68% 5 5 5 5 5 00% @00 00% @00 01 @00% 01 @00% 01 @00% 4 4 5 5 99%@99 99%@99 00@4 99% 00@4 99% 5 00 68%@68% 68%@68% 5 01 69% @70% 69% @70% 5 01 68% @69% 68% @69% 5 01 @00% @00% @00% 68%@68% 68%@68% 5 03 68% @68% 68%@68% 5 03 @01% 5 02 @01% 5 02 5 00 5 00 5 00 40**16 40% 40% 40% 40% 40% 40% @% 40% @00% @00% 407ie@% 407i6 67%@68% 68 @68% 5 02% @02 67%@67% 67% @68 5 02% @02 67% @68 68 @68% 5 02% @02 5 01 @00% 5 01 @00% 5 00% @00% 407ie 40% 40% @6ie 68%@68% 68% @68% 5 02% @02 68% @68% 683i6@68% 5 02% @02 5 02% @02 68% 68% 5 01% @00% 5 01% @01% 5 01% @01% 40%@*ie 68 @68% 68% @68% 68% @68% 68% @68% 68 @68% 68 @68% 68% @68% 68%@68% 68%@68% 68% @68% 68*ie@68% 68*i6@68% 5 5 5 5 5 5 02% @02% 02% @02% 03 @02% 04% @03 03% @03% 04 @03% 5 5 5 5 5 5 01%@01% 01%@01 02%@01% 02% @02% 02% @02% 02% @02% 40*i6@ % 40*i6@% 40% 40% 40% 40% 40% 406h 12.. 5 85 5 84 5 85% 5 90% 68 @68*i6 68*i6@68% 5 04 @03% 5 02%@02% 40*16 13.. 5 85 5 84 5 90% 5 85% 68%@68% 683ie@68% 5 04 @03% 5 03% @03 40*16 14.. 5 85 5 84 5 90% 5 85% 68%@68% 68%@68% 5 04 @03% 5 03%@02% 40% @% 68% @69% 5 03% @03% 5 02%@02% 40% @% 15.. 5 85 5 84 5 90% 5 85% 68% @69 16.. 5 85 5 84 @83% 5 90% 5 85% 40% 68% @68% 68% @69 5 03% @03% 5 02% @02% 17.. 5 84 @83% 5 90% 69 @69% 69%@69% 5 03% @03% 5 02%@02% 40% 5 85 5 85% 18.. SUN DAY 19.. 5 85 @84% 5 84 @83% 5 90% 69 @69% 69*ie@69% 5 03%@03% 5 02%@02% 5 85% 40*16 20.. 5 84%@84% 5 83%@83% 5 90%@90% 5 85% @85% 69 @69% 69*ie@69% 5 03% @03% 5 02%@02% 40*16 21.. 5 84% @84% 5 83%@83% 5 90% @90% 5 85% @85% 69 @691n 69xi6@693i6 5 03% @03% 5 02%@02% 405ie 22.. 5 84% @84% 5 83% @83% 5 90% @90% 5 85% @85% 69 @69% 691i6@693i? 5 04 @03% 5 03 @02% 40*i6@ % 23.. 5 84% 68% @69 69 @69% 5 04 @03% 5 03 @02% 40%@% 5 90% 5 85% 5 83% 24.. 5 84% 5 90% 69 @691is 69*ie@69% 5 04 @03% 5 03 @02% 40%@’i6 5 83% 5 85% 25.. SUN DAY 5 84% 26.. 5 90% 68%@68% 68%@69 5 04 @03% 5 03 @02% 40% @9ie 5 83% 5 85% 5 84% 27.. 5 83% 5 90% @90% 5 86 @85% 68%@696ia 5813i6@69% 5 04 @03% 5 03 @02% 40%@9i6 5 84% 28.. 40% 5 83% 5 90%@90% 5 86 @85% 69%@69% 69*ie@70 5 04 @03% 5 03 @02% 5 04 29.. 5 84%@84’i6 5 83%@839ie 5 90%@90% 5 86 @85% NO 5 03 407i6@% a697ia@71 5 04 30.. 5 849ie@84% 5 839ia@83% 5 90% @90% 5 86 @85% quotaa72 5 03 40% @9ie 31.. 5 84 @83% 5 83 @82% 5 90% @90% 5 85% @85% 5 04 tions No quot’ns 5 03 40% @*i6 *Documents for acceptance. fAnd three days’ sight, a Nominal, b No quotations for bankers’ sight bills on these http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Commercial 60 Days Sight HOLID AY 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40.% 40% 40% 40% 40% 40^aUN 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% SUN DAY 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% SUN DAY 40% 40% 40% 40% 40% 40% 40% 40**ie 40**16 SUN 40%@13i6 40% 40% 40% 40% 40% SUN HOLI 40% 40**16 40**16 40**i6 40**16 SUN 40”i6 40*16@**16 40*16 HOLI 40% @*i6 40% SUN 40% 407ie 40% @7ie 40% 40*16 40*ie DAY 40% @*ie 40% 40% 40% 40% 40% DAY DAY 40% 407ie 407ie 407i6 407i6 DAY 407i6 40%@7i6 40% DAY 40*16 405ie DAY 40*16 40% 403i6@ X Greek Denmark Kroner Dracm' s Italian Lire Amsterdam Guilders Swiss Francs Sight Bankers' Cables Sweden Kroner Norway Kroner Vienna Kronen Russian Rubles Spanish Pesetas Bankers’ Checks Bankers’ Checks Bankers' Sight Bankers' Sight Bankers' Checks Bankers' Checks Bankers’ Checks 29 29 29 29 29 35@29 50@29 45@29 45@29 45@29 55 55 50 50 50 HOLIDAY 28 00@28 10 27 90@28 05 27 95@28 00 27 90@27 95 27 90@27 95 11 11 11 11 11 70@ll 68@11 70@ll 70@ll 69@11 75 80 72 75 72 29 29 29 29 29 90@30 80@30 50@29 45@29 45@29 00 00 70 50 50 21 21 21 21 21 00@21 05@21 10@21 10@21 10@21 10 10 15 12 12 45 29 40 29 40 29 40 29 40 29 40 29 50@29 55@29 50@29 50@29 40@29 40@29 60 58 52 55 50 50 28 27 27 27 27 27 10 00 96 96 95 95 11 11 11 11 11 11 40@ll 40@ll 50@ll 45@11 39@11 35@11 60 29 50 29 55 29 53 29 45 29 48 29 30@29 24@29 20@29 25@29 40@29 35@29 40 28 25 37 45 40 21 21 21 21 21 21 15@21 17 @21 20@21 24@21 24@21 24@21 20 20 25 25 25 25 4 4 4 4 5 5 98% 27 25@27 35 29 44@29 45 98% 27 30@27 40 29 44@29 45 98% 27 50@27 75 29 50@29 60 98% 27 65@27 70 29 58@29 60 27 74@27 75 29 58@29 60 00 27 74 @27 75 29 58@29 60 00 27 28 27 28 11 11 11 10 10 10 25@11 05@ll 00@ll 98@11 85@10 85@10 35 15 06 00 95 95 29 29 29 28 28 28 25@29 03@29 00@29 85@29 80@28 80 @28 30 15 01 00 95 95 21 21 21 21 21 21 24@21 20@21 10@21 15@21 15@21 15@21 25 24 15 25 20 20 5 5 5 5 5 5 00 00 00 00 00 00 90@27 91 00@28 10 95@28 10 00@28 04 28 00 28 00 SUNDAY 27 90@27 95 27 95@27 97 27 95@27 97 27 90@27 95 27 90@27 92 27 90@27 92 SUNDAY 27 90 27 90@27 95 27 93@27 95 10 10 10 10 11 11 65@10 70@10 95@11 95@11 00@ll 10@ll 70 90 00 08 15 14 28 28 28 28 28 28 70@28 25@28 00@28 20@28 40@28 55@28 90 60 20 40 60 65 21 21 21 21 21 12 25@21 16@21 20@21 20@21 18@21 18@21 50 46 30 25 20 20 27 27 27 27 27 08@27 10@27 15@27 20@27 20@27 10 20 20 25 25 40% 40% 40% 40% 40% 6 6 6 6 6 90 @87 89% @88 88% @88 89% @89 90 @89% 6 6 6 6 6 89%@86% 89% @87% 88 @87% 88%@88% 89%@88% 5 5 5 5 5 12% 12% 07% 07% 07% 40% 40% 40% 40% 40% 40% 6 6 6 6 6 6 89%@88% 90 @89 91 @90% 92 @91% 93 @92% 93% @93 6 6 6 6 6 6 88% @88 89%@88% 90% @89% 91%@90% 92%@91% 93 @92% 5 5 5 5 4 4 07% 27 35@27 07% 27 35@27 27 39 @27 07% 27 39@27 98% 27 39@27 98% 27 39@27 40% 40% 40% 40% 40% 40% 6 6 6 7 7 7 96 @94 96% @96% 99 @97 00@6 99% 02 @01% 02% @02 6 6 6 6 7 7 95% @93% 96 @95% 98%@96% 99% @98% 01% @01 02%@01% 40% 40% 40% 40% 40% 40% 7 7 7 7 7 7 10 13 20 20 18 08 @03% @09 @14 @19 @09 @07 7 7 7 7 7 7 09 12 19 19 17 07 @02% @08 @13 @18 @08 @06 40% 40% 40% 7 17%@10 7 24 @17 7 30 @20 7 16% @09 7 23 @16 7 29 @19 5 00 5 00 5 00 27 55@27 60 29 55 @29 60 27 58@27 60 29 55@29 60 27 58@27 60 29 55@29 58 40% 40’ie 407i6 7 32 7 30 7 30 @30 @28 @28 7 31 7 29 7 29 @29 @27 @27 5 00 5 00 5 00 7 7 7 7 7 7 26 17 10 25 26 26 @19 @15 @03 @09 @22 @25 7 7 7 7 7 7 25 16 09 24 25 25 @18 @14 @02 @08 @23 @24 5 5 5 5 5 5 00 00 00 00 00 00 7 7 7 7 7 31 30 28 25 25 @29 @29 @26 @23 @23 7 7 7 7 7 30 29 27 24 24 @28 @28 @25 @22 @22 5 5 5 5 5 00 00 00 00 00 27 50@27 58 29 50@29 55 27 93@27 95 29 54@29 55 27 93@27 95 27 50 29 54@29 55 27 93@27 95 27 50 SUNDAY 29 54@29 55 27 90 27 50 29 54@29 55 27 90 27 50 27 40@27 45 29 50@29 55 27 90@27 95 29 50 27 90@27 95 27 35 @27 40 27 90 29 50 27 40 27 90 29 50 27 40 SUNDAY HOLIDAY 29 50 27 95@28 00 27 40 28 00 29 45 27 35 27 90@28 00 29 45 27 35 27 90@28 00 29 45 27 35 27 90@28 00 29 45 27 35 SUNDAY 27 35@27 40 29 50 @29 55 27 95@28 00 27 35@27 40 29 45@29 50 27 95@28 00 29 45@29 47 27 99@28 00 27 35 HOLIDAY 29 45 28 00 27 30@27 35 28 00 29 45 27 30 SUNDAY 28 00 29 45 27 35@27 40 29 45 28 00 27 42@27 45 29 45 28 00 27 45 40% (sPie 40% 40% 40% 40% 40% 40% 40*16 40*16 40*ie 40*16 7 29 @26 7 28 @25 40*16 5 00 40%@*i6 7 30% @29% 7 29%@28% 5 00 7 34 @31% 7 33% @30% 5 00 40% 403i6 403ie 7 41 7 41 @35 @40 7 40 7 40 @34 @39 5 00 5 00 403ie 40% 40*16 7 48 7 55 7 67 @42 @50 @57 7 47%@41 7 54 @49 7 66 @56 5 00 5 00 5 00 7 76 @71 7 75 @70 40% 40*16 5 00 40*ie 40% @7i6 401i6@ % 7 75 @72 7 74 @71 40*16®% 5 00 40% @7ie 40*i6@ % 7 76 @75 7 75 @74 4O‘i6@% 5 00 SUN DAY 7 83 @70 7 82 @69 40% 407ie 40% 5 00 7 72 @62 7 71 @63 40% 407i6 40% 5 00 7 76 @75 7 75 @74 40% 407i6 40% 5 00 7 76 @70 7 75 @69 40% 40’ie 40% 5 00 7 81 @76 7 80 @75 40% 4O716 40% 5 00 7 79 @78 7 78 @77 40% 40% 5 00 40 % 7 81 @76 7 80 @75 40%' 40*16 5 00 403i6 7 79 @76 7 78 @75 40% 40*16 5 00 40*16 7 85 @79% 7 84 @78% 5 00 40% @*i6 39% 39% 7 87 @85 7 86 @84 39**16 40% @*ie 40 5 00 7 86 @83% 7 85 @84% 5 00 40*16 40 39**16 7 84 @83% 7 83 . @82% 5 00 40*16 40 39**16 SUN DAY 39% 7 84% @83% 7 83% @82% 5 00 40% 40*16 39% 7 83 @80 7 82 @79 5 00 40% 40*16 7 79 @75 7 78 @74% 5 00 40% 39% 40*16 7 82 @76 7 81 @75 5 00 40%@7i6 40*i6@% 39%@**i6 5 00 40@40*i6 7 80 @75 7 79 @74 40% @*i6 40*i6@ % 5 00 40*i6@% 7 80 @75 7 79 @74 40*i6@% 40% @*i6 SUN DAY 7 77 @76 7 76 @75 40*16® % 5 00 40*i6@% 40% @*i6 40*i6@% 7 78 @75% 7 77 @74% 5 00 40*i6@% 40)4 @6ie 7 79 @77% 7 78 @76% 5 00 40*16 40% 40*16 5 00 40% @*ie 403ie@ )4 40@40*i6 7 79% @79 7 78% @78 5 00 40*16 7 78 @76 7 77 @75 40% 40*i6@% 5 00 40*16 7 75 @70 7 74 @69 40*i6@% 40% days. Cable transfers were quoted nominally at 11 80 on March 29 and 27 55@27 27 50 27 50@27 27 50@27 27 54 @27 27 54@27 65 29 29 55 29 55 29 55 29 55 29 50@29 45@29 50@29 50@29 50@29 50@29 55 50 60 55 52 52 00 @28 95 @28 95@27 95@27 90@27 90@27 29 45 28 00 @28 05 27 45 27 45@27 50 29 45@29 50 28 10@28 15 27 55@27 60 29 50@29 60 28 15@28 20 SUNDAY 29 50 28 10 27 70 29 50 28 20@28 40 27 75@27 80 27 80@28 25 29 55@28 60 28 40@28 50 29 60 28 55@28 60 28 35@28 60 29 60 28 55@28 60 28 70@28 90 29 20@29 30 29 60 29 00@29 40 10 95@11 09 28 45 @28 55 21 18@21 20 10 96@11 00 28 35@28 40 21 18@21 20 11 00@ll 02 28 30@28 35 21 18@21 20 21 18 21 20 21 20 10 70@10 95 28 20@28 25 10 65@10 90 28 30@28 60 10 70 @10 80 28 30@28 60 10 10 10 11 11 11 65@10 60@10 80@ll 03@ll 05@ll 05@ll 71 70 12 12 08 08 55 65 95 95 90 90 21 21 21 21 21 21 20 25@21 29@21 29@21 25@21 25@21 30 30 30 27 27 11 11 10 10 11 00@ll 00® 11 96@10 98@11 00@ll 05 28 80@28 95 03 28 50@28 70 99 28 60 00 28 60 05 28 60@28 65 21 21 21 21 10@21 00@21 00@21 05@21 21 10 20 15 05 10 28 28 28 28 28 28 45@28 50@28 75@28 75 @28 80@28 80@28 21 20 11 00@ll 05 28 60 11 05@ll 15 28 45@28 55 21 18@21 20 11 04@ll OS 28 35@28 40 21 18@21 20 11 08@ll 12 11 10@ll 12 21 18@21 20 21 18@21 20 28 35 28 35 21 18 11 05@ll 08 28 38@28 40 11 02@ll 04 28 30@28 40 21 08@21 15 21 08 1-1 03@ll 04 28 25@28 30 11 08@ll 12 28 19@28 20 21 08@21 10 11 12@11 14 27 75@28 10 21 10@21 15 11 12@11 14 27 80@27 85 21 15 11 11 11 11 11 11 21 15 16@21 20@21 18@21 18@21 18@21 27 27 27 27 27 27 60@27 80@27 75@27 70@27 60@27 60@27 70 95 85 75 70 70 29 55 28 80@29 10 11 12@11 15 27 29 55 28 30@28 60 11 15@11 20 27 11 18@11 20 27 45@29 55 28 35 50@29 55 28 65@29 05 11 18@11 20 27 29 55 29 00@29 05 11 18@11 20 28 29 00 @29 05 11 20@ll 21 28 29 55 SUNDAY 29 55 29 05@29 10 11 20@ll 25 28 28 40@28 90 28 60@28 95 29 55@29 60 29 10@29 15 11 20@ll 25 28 29 55 28 95@29 00 11 25@11 27 29 00@29 10 11 25 29 55 28 95 28 29 10@29 20 11 25 29 40@29 60 29 55 @29 60 28 85@28 95 11 25 29 55@29 60 28 85@28 95 29 60 SUNDAY 28 85 11 30@ll 33 28 29 60@29 65 29 20@29 45 29 60@29 65 29 15@29 20 28 85@28 90 11 34@11 36 28 29 65 29 20@29 40 28 85@28 90 11 38@11 40 28 b 29 80@29 90 29 30@29 40 28 85@28 90 28 b 29 50@29 60 28 90 29 90 No quotat’ns 29 90 29 50@29 60 28 90 12 00 on March 30. 70 @27 80@27 95@28 95@28 10@28 38@28 75 21 15@21 20 21 15 90 05 21 16 21 16 05 21 16 35 21 16 40 28 28 28 28 29 29 80@29 45@28 35@28 70@29 00@29 00@29 10 70 45 29 05 29 05 05 08@ll 08@ll 15@11 25@11 12@11 12@11 11 09 33 27 15 15 21 21 21 21 21 18 22 20 20 20 38@28 40 21 18@21 20 50@28 55 21 25@21 30 28 55 21 28@21 30 50@28 55 21 30@21 35 28 50 21 30@21 35 28 50 21 35 45@28 35 @28 30@28 35@28 28 40 28 40 50 40 34 40 21 21 21 21 21 21 32@31 32@21 39@21 50@21 60@21 60@21 34 34 45 65 70 65 Or DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1917. Paris Francs 1917 May 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.. June I.. 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— — FRASER 28 29.. 5 5 5 5 5 5 83% @83% 82%@81 79 @77% 77 @68% 75 @68% 69% @68% 5 5 5 5 5 5 5 5 5 5 5 71 70 70 71 71 @68 @68 @69% @70% @70% 5 71 5 5 5 5 5 5 5 5 5 5 5 5 71%@71 71%@71 71% @71 71%@71 71%@71% 71%@71% 5 5 5 5 5 5 5 5 5 5 5 5 71%@71 71% @71 71%@71% 71%@71% 71*ie@71% 72 @71% 5 5 5 5 5 5 5 71%@70% SUN DAY 82%@82% 5 90%@89% 81%@80 5 88% @86% 78 @76% 5 85% @84% 76 @67% 5 84 @79 74 @67% 5 81% @76 68^ @67^ 5 76 @75% SUN DAY 70 @67 5 76 @75% 69% @67 5 75% @75% 69% @68% 5 75% @75% 5 75% 70 @69% 70 @69% 5 76% @75% 5 76% 70%@70 SUN DAY 70% @70 5 76% @76 70% @70 5 76%@76 70% @70 5 76% @76 70% @70 5 76% @76 70%@70% 5 76%@76% 70K@70^ 5 76% @76% SUN DAY 70% @70 5 77%@76% 70% @70 5 77 @76% 70% @70% 5 77 @76% 70% @70% 5 77 @76% 705i6@70% 5 77 @76% 71 @70% 5 77% @77% SUN DAY 5 77% 5 70% 5 71%@71% 5 71 5 71% @71% 5 71%@71 5 71%@71 5 5 5 5 5 71%@70% 71%@70% 71%@70% 70% @70 5 70% @ 70 5 5 5 5 5 5 71%@71% 72 @71% 72%@72 73 @72% 73% @73 5 73% 5 5 5 5 5 70% @70% 71 @70% 71%@71 71% @71 72% @72 5 72% 5 5 5 5 5 5 73 @72% 72%@72% 72% @72% 72%@72% 73% @72% 73% @73% 5 5 5 5 5 5 72 @71% 5 72 @71% 72 @71% 72 @71% 72% @71% 5 72% @72% 5 5 5 5 5 5 73% @73% 73% @73% 73% @73% 73% @73% 72%@71% 71%@71% 5 5 5 5 5 5 72% @72% 5 72%@72% 72% @72% 72% @72% 5 71%@70% 5 70% @70% 5 72%@71% 5 71%@70% 5 72% @72 5 71%@71 5 72%@72 5 71%@71 5 5 5 5 5 tSljW 5 5 5 5 5 5 85% @84% 84 @81% 81%@79% 78% @74 76% @71 71%@70% 5 71 @70% 5 70% @70% 5 70% @70% 5 70% 5 72 @71% 5 72% 5 5 5 5 5 5 72% @72 72%@72 72% @72 72% @72 72%@72% 72%@72% 5 5 5 5 5 5 72%@71% 72 @71% 72 @71% 72 @71% 72 @71% 72%@72% Sight 5 5 5 5 5 Bankers’ 5 04 04% @04 04% @04 04% @04 04% @04 06 @04% 5 10 5 13 5 11 NO QUOTATIONS 5 72% 5 72% 5 77 5 72% 5 77 5 72% 5 77 77%@77 5 72% @72% 77% @77 5 72% @72% SUN DAY 77% @77% No quotat’ns 77%@77% 5 73 @72% 78%@78 5 73%@73 78%@78% 5 74 @73% 79 @78% 5 74%@74 5 74% 5 79 SUN DAY 78%@78 5 72 @71% 5 73% 5 78 5 73% 5 78 5 73% 5 78 78% @78% 5 74% @74% 5 74% 5 78% SUN DAY 79% @79 5 74% @74% 5 74% 5 79% 5 74% 5 79% 79% @79% 5 74% @74% 79% @79 5 73% @73% 5 78% 5 72% SUN DAY 5 79 5 73% 5 79 5 73% HOLI DAY 5 73% 5 79 5 72% @72% 5 71%@71% 5 79%@79 5 73% @73% 5 72% @72% 5 71%@71% 5 79% @79 5 73%@73% SUN DAY 5 72% @72% 5 71%@71% 5 79%@79 5 73% @73% 5 73% 5 71% 5 79% 5 72% 5 72%@72% 5 71%@71% 5 79% @79% 5 74 @73% 5 73 @72% 5 72 @71% 5 79%@79% 5 74% @74 5 73% @73% 5 72%@72% 5 79%@79% 5 74% @74% 5 72% 5 74% 5 79% 5 73% SUN DAY 5 738n@73% 5 72’i6@72% 5 80%@79% 5 74% @74% 5 74%@73% 5 73%@72% 5 80% @80 5 75% @75 5 74%@74% 5 73% @73% 5 80% @80% 5 75% @75% 5 75 ”@74^g 5 74 @73% 5 81%@81 5 76% @75% 5 76% @76 5 74 5 81% 5 75 5 76% 5 81% 5 75% @75 5 74% @74 SUN DAY 5 77%@76% 5 81% 5 76 @75% 5 75 @74% 5 76%@76% 5 75% @75% 5 82%@81% 5 77%@77% 5 77% @77 5 76% @76 5 83%@82% 5 78 @77% 5 84% @84 5 78% @78% 5 77% 5 76% 5 77 @76% 5 76 @75% 5 83%@83% 5 78%@77% 5 75 @74 5 74 @73 5 81% @80% 5 75%@75% SUN DAY 5 75% @75% 5 74% @74 5 73%@73 5 81 5 75% 5 74%@74% 5 73% @73% 6 81% 5 75% @75% 5 75^74Ji 5 81%@81% 5 76%@76% 5 76% 5 81% 5 75% 5 76%@76 5 81% 5 75% @75% 5 74% @74% Digitized for http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Bankers' Sight Cables @07 @10 @10 5 10 5 10 @09 5 08% @07% 5 09 5 12 5 10 @06 @09 @09 5 09 5 09 @08 5 07% @06% OS @07% 09 @08% 09%@09 09% @09 12 @10 13 @12 5 5 5 5 5 5 07@ 06% 08 @07% 08% @08 08% @08 ll%@09 12 @11 5 5 5 5 5 5 15 @13 16 @15 15 @14 14 @13% 13%@12% 13%@13 5 5 5 5 5 5 14 @12 15 @14 14 @13 13 @12% 12%@12 12%@12% @13% 5 13 SUN 40% 40% 40% 40% 40%@Hl6 40I1i6@% SUN 40ni6@% 4013i6@% 40ni«@% 40%@% 40>1i,@13u 4013ie@% 4016i«@41% 41 @41% 41%©% 41%@% 41%@42 41%@**u SUN 41%@13i« 41%@% 40%@41% 41@41% 40lsie@41% 4016i6@41% 4013i« 4O’*u 40% 4013i« 40%@13i« 40% SUN 40%@13i« 40% 4013i«@% 40%@16i« 41@41% 41%@% 41% 41*is@ % 41@41% 413ie@% 40%@41h6 41@41% SUN 41 40“i« @12% 4016i«@41 41 40%@'6i6 40%@13u 40%@»*i« @13% @13% @14 5 15 5 16 @15 5 5 5 5 5 13 @12% 13 @12% 14%@13 14%@14 15 @14 16 @15% 16 @15% 16 @15% 15%@15% 15 @14% 14% @14 5 5 5 5 5 5 15 @14% 40%@13u 15 @14% 40‘*ie@% 15 @14% 40% 14%@14% 40% 14 @13% 40% 40% 13% @13 5 13 @12 NO QUOTA- 5 12%@11 TIONS 5 12%@12% 5 12%@12% 5 12%@12% 5 12%@12 5 5 5 5 5 5 12 @11 11%@11 12 @11% 11%@11% 11%@11% 11%@11 12%@12 11 @08% 09 @08% 08% @08 08% @08% 08% @08% 5 5 5 5 5 5 11% @11 10 @07% 08 @07% 07% @07 07% @07% 07% @07% 5 14 5 14 5 15 5 5 5 5 5 5 5 5 5 5 5 5 5 08% @08 5 07% @07 5 07% @06% 5 06% @05% NO QUOTATIONS Bankers' Sight Cables 5 03 40’u 03% @03 4O’i« 4O’i« 03% @03% 4O’i« 03% @03% 03% @03% 409i«@ % 05 @03% 40% @i‘u NO QUOTATIONS 5 5 5 5 5 5 5 14 NO QUOTATIONS 5 5 5 5 5 Cables 40% 40% 40% 40% 40% 40% 41@41% 41% 41% 41% 41% 41% 41% 41% 5 06% @06 5 05%@05 41% 5 06%@06 5 06%@06 5 05 5 05 41% 41% 5 05% @05 5 05% @05 5 05% 5 05 5 04% @04 5 03% @03 5 04% @04 5 04% @04 5 03% @03% 5 04 5 03% @03 5 02% @02 5 02 @01% 5 5 00% @5 00 4 5 00% @5 00 4 4 5 00 NO QUOTA- 4 99 @98 4 4 9S 4 TIONS 4 97 4 97 4 97 @96 @96 @96 4 93 4 91 @89 4 89 4 4 4 4 4 89 89 @88 85 @84 83% @83 84 @83% @04% @04% 01 @99% 99% @99 99%@99 99 @98% 98 @97 97 @96% 4 96 4 96 4 96 @94 @94 @94 i 92 4 90 @88 4 88 4 4 4 4 88 84 82 83 4 88 @87 @83 @81 @82% 41% 41% 41% 41% 41%@% 41% 41%@% 41% 41% 41% 41% 41% 41% 41% 41% 40-«u 41% 41% tig 41% 413i»@ % Commercial 60 Days Sight 40% @% 40%@’i6 41>i« 40% 4O’i6 4016i«@41 40% @*i6 4O’i6@% 40%@16ie 4O’i6@% 40*i6@ % 407i6@% 403i«@ X 40%@16i6 SUN DAY 407i«@% 4016i«@41 403i«® 34 41 40% 40% 41 40% 40% 40% 40% 41 40 % 41 40% 41 40% 40% SUN DAY 41 40% 40% 41 40% 40% 41 40% 40% 41@41h« 40% 40%@’i6 41118 40% 4O’i6 40% 40«i6 41116 SUN DAY 41%@41% 40% @40% 40% @40% 40% 41% 4034 40%@% 40uie@% 41% 40% @% 41‘i«@% 40ui6@% 40% 41*16 40iii6 40% 41*16 40i‘i6 SUN DAY 40% 41*16 40Hi6 40% 41*16 40iii6 HOLI DAY 41*u@% 40%@”i6 406i6@ % 413i6@% SUN 41*u@% 41% 41% 41% 41%@% 41% .SUN 41%@*i6 41*16 41*16 41*16 41*16 40”i6 401*16 DAY 40Hi6 40iii6 40i3i6 401*16 40% @i*i6 40% DAY 40%@i’i6 40'*i« 4O‘*i« 401’ie 401*16 41*16 40**16 SUN DAY 41*16 Greek Dracm ’ s Denmark Kroner Sweden Kroner Norway Kroner Vienna Kronen Russian Rubles Spanish Pesetas Bankers’ Cables Bankers’ Checks Bankers' Checks Bankers' Checks Bankers’ Checks Bankers' Sight Bankers' Sight Bankers' Checks 28 40 28 30@28 35 28 53@28 55 28 52@28 53 28 55 28 55 21 70@21 75 21 80@21 95 21 75@21 80 21 75 21 70@21 75 21 70@21 75 DAY 7 69 @67 40% 40ii6 7 68 @66 40% 40‘ie 7 68 @56 40% 40‘ie 40% 7 55 @26 40‘i6 7 53 @08 40 ‘ i6@% 40% @*i6 40*i6@ % 40% @*i6 7 08 @07 DAY 40%@7i6 40*i6@% 7 19 @10 401l6@*16 7 15 @10 40% @’i6 40% @% 7 16 @12 4O’i«@% 407i6@% 7 18 @16 40’i6@ % 41 @% 401*16@l»16 7 17 @15 41%@% 401*ie@411i6 7 16 @14 DAY 40% @41% 40% @41 7 14 @13 40% @40% 40% @% 7 12 @08 40% 7 12 @09 40*16® % 40% 7 09 @6 94 40*16 40% 40*16 6 94% @6 89 40% ■ 6 93 @91 40*16 DAY 40% 6 91 @87 40*16 40*i6@ % 40% @*i6 6 91 @88% 40% @% 40%@% 6 91%@90 40% 40% 6 91%@91 40% @% 40%©% 6 94 @92 40% @% 40% @% 6 94 @92 DAY 40% 40% 7 06 @6 96 41@41*i6 413i6@% Sight Italian Lire 401*16 40% 40% 40% 41% 41% 40% 401*16 41% 41% 401*16 SUN DAY 40»i6 41% 401*16 41*i6@ % 40**16 41*16 41%@«u 40% @i’i6 41% 40% 68 67 62 54 52 7 07 @66 @65% @55 @25 @07 @06 5 5 5 5 5 5 00 00 00 00 00 00 30 29 29 29 30 00@30 30 05 00 @30 90 @30 90@29 90@29 10 29 60@29 ^,9 50@29 05 29 55@29 00 29 50@29 95 29 60 29 60 95 7 7 7 7 7 7 18 14 15 17 16 15 @09 @09 @11 @15 @14 @13 5 5 5 5 5 5 00 00 00 00 00 00 29 90@29 29 90 30 00 @30 30 10@30 30 25@30 30 30@30 29 60 95 29 60 29 60 05 20 29 70@29 80 30 29 60@29 65 29 65 40 7 7 7 7 6 6 13 @12 11 @07 11 @07 08 @6 93 93%@6 88 92 @90 5 5 5 5 5 5 00 00 00 00 00 00 30 30 @30 30 20@30 30 20 30 10@30 29 70 28 00@28 40 29 65 @29 70 30 29 65@29 70 29 70 29 70 20 29 40 10 29 20@29 30 6 6 6 6 6 6 90 @86 90 @88% 90%@89 90%@90% 93 @91 93 @91 5 5 5 5 5 5 00 00 00 00 00 00 28 10@28 15 28 20 28 20 28 30@28 40 28 25@28 30 28 25@28 30 7 7 7 7 7 05 @6 95 5 00 00@29 10 30@29 50 95@30 25 00@30% 30 00 30 00 29 80 7 7 7 7 03 @01 03 @02% 01%@01 01%@01% 7 01% 7 7 7 7 02 @00 02 @00 00%@00 00% @00% 7 00% 5 5 5 5 5 00 00 00 00 00 29 70 28 00@28 10 29 60 28 10 28 10@28 15 29 60@29 70 28 10@28 15 29 40@29 50 29 40@29 50 28 15 7 7 7 7 7 01% @01 03 @02 08 @05 07 @06 06% @06 7 06 7 7 7 7 7 00% 02 @01 07 @04 06 @05 05% @05 7 05 5 5 5 5 5 5 00 00 00 00 00 00 29 60@29 80 28 15 29 80 28 05@28 10 29 70@29 80 28 10 29 75 28 10 29 75 28 15@28 25 29 80 28 15@28 25 7 7 7 7 7 7 05 @03% 03 @01% 01 @00% 02%@01% 02 @01 01%@01 7 7 7 7 7 7 04 @02% 02 @00% 00@6 99% 01% @00% 01 @00 00% @00 5 5 5 5 5 5 00 00 00 00 00 00 29 70 28 10@28 20 29 70 28 10 29 70 28 10 28 30@28 40 29 70@29 75 29 75 28 40 29 75 28 40 7 7 7 7 7 01%@01% 01%@01 02% @01% 03 @02% 02%@02% 7 02% 7 7 7 7 7 00% @00% 00% @00 01% @00% 02 @01% 02% @01% 7 01% 5 5 5 5 5 5 00 00 00 00 00 04 28 60@28 70 29 75@29 80 29 80 28 70 28 60@28 70 30 00@30 10 28 70 30 00 29 95 28 55@28 60 29 95 28 55 @02% 7 02%@01% 5 04 @02% 7 02%@01% 5 04 28 55 30 00@30 05 28 50@28 55 29 90@29 95 7 03 7 03 7 06% @05 7 05% @04 5 04 40*i6@ % 7 06% @06 7 05% @05 5 04 40*i6@ % 7 05%@05% 7 04% @04% 5 04 40*i6@ % 40% 40% 4034 407ie@% 407ie@% 28 30 29 29 29 30 65 55 60 60 7 05%@05% 7 7 06 @05% 7 7 05% 7 05% @05 7 7 04% @03% 7 7 04 @03% 7 04%@04% 05 @04% 5 04% 04% @04 03% @02% 03 @02% 5 5 5 5 5 5 04 04 04 04 04 04 407i6@% 7 05 @04% 40% 7 05 @04% 40% 7 06% @05% 40% 7 08 @07 40% 7 10 @09 7 13 @11 40% 7 7 7 7 7 7 04 @03% 04 @03% 05% @04% 07 @06 09 @08 12 @10 5 5 5 5 5 5 04 04 04 03% 03% 03% 40% 40% @7i6 407i6 407i6 40% 40% 7 7 7 7 7 7 20 35 31 32 40 40 @16 @27 @28 @30 @36 @36 7 7 7 7 7 7 19 34 30 31 39 39 @15 @26 @27 @29 @35 @35 5 5 5 5 5 5 03% 03% 03% 03% 03% 03% 40% 40% 40% _ 40’i6@% 407ie 7 7 7 7 7 30 25 30 22 26 @26% @24 @18 @19 @24 7 7 7 7 7 29 24 29 21 25 @25% @23 @17 @18 @23 5 5 5 5 6 03% 03% 03% 03% 03% 28 50 @28 55 29 90 28 90@28 95 28 80@28 90 28 65@28 70 28 75@28 80 28 75@28 80 28 75@28 80 SUNDAY 28 75@28 80 28 75 28 65 @28 70 28 60 @28 65 28 60 @28 65 28 65 SUNDAY 28 60@28 65 28 55@28 60 28 65 28 55 @28 65 28 30 29% @29 40 SUNDAY 28 70@28 90 28 75@28 80 29 10@28 70 29 70 29 40@29 60 29 40@29 60 SUNDAY 29 30 29 10@29 20 29 20 29 25@29 35 29 35@29 40 29 35@29 40 SUNDAY 29 20@29 30 29 10@29 20 29 20@29 35 29 20@29 30 29 30 29 30 SUNDAY 29 20 29 20 29 10 29 30@29 40 29 20@29 30 29 20 SUNDAY 29 20 29 20@29 25 29 20@29 30 29 25 29 25 29 25 SUNDAY 29 25 29 25 HOLIDAY 29 20@29 25 28 60 29 95 29 30 28 60 @28 65 30 00@30 05 29 30@29 35 SUNDAY 28 60 29 90 29 25 28 30@28 40 29 95 @30 00 29 25@29 25 28 60 29 90 29 20 28 60 29 90@29 95 29 20 28 60 30 00 29 20 28 60 29 20 30 00 SUNDAY 28 60@28 65 30 00 29 20 29 25@29 30 28 70@28 75 30 00 28 70@28 80 29 45@29 50 30 00 29 20@29 30 2S 80@28 85 30 00 28 80 29 20@29 30 30 00 29 20@29 30 28 80 30 00 SUNDAY 29 20 28 75@28 80 30 00 29 00@29 10 28 75 30 00 28 75@28 85 30 10@30 20 29 10@29 20 29 25 28 85 30 00@30 10 29 30 28 85 30 00 29 30 28 85 30 00 SUNDAY 29 25 29 00 30 20 29 25 29 00 30 20 29 25 29 00 30 50 29 25 28 95@29 00 30 30@30 40 29 25 28 85@28 95 30 30@30 40 NO QUOTATION 28 70@28 95 21 65@21 70 28 70 @28 85 21 45@21 60 28 70 21 60 21 60 28 70 @28 80 21 60 28 70@28 80 21 60@21 70 28 80 28 28 28 28 60 @28 65@28 40@28 60@28 28 60 28 60 75 68 60 70 21 21 21 21 21 40@28 50 21 30 @28 40 20@28 30 21 15@28 20 21 28 15 28 15@17 28 28 28 28 28 10 60 40 40 65 65 60@21 65 21 60 60@21 70 70@21 75 21 70 21 70 21 70 28 08@28 10 21 27 70@28 00 21 27 75@27 85 22 21 27 75 27 75 21 NO QUOTATIONS 25@21 25@21 25@21 55@21 60@21 21 60 70@21 85@21 00@22 95@22 95@22 80 95 10 00 00 21 90@21 21 95 21 85@21 21 85 21 80@21 21 90@22 95 27 27 27 26 26 26 70 @27 65@27 25@27 50@27 65@26 90@27 75 68 55 00 70 05 27 26 27 27 27 20@27 95@27 25@27 35@27 30@27 27 75 25 21 85@21 95 21 85 25 40 21 85 40 21 85 21 85 75 21 85 27 27 27 27 27 26 40@27 55@27 50@27 55@27 55@27 80@27 90 85 55 70 58 10 21 85 21 85@21 21 95 21 95@22 22 00@22 22 00@22 90 85 00 95 00 10 10 22 00 28 10@28 40 26 95@27 50 22 40@22 45 26 30@26 90 22 50@22 60 26 10@26 35 22 45@22 65 26 05@26 15 22 50 @22 60 NO QUOTA TIONS 26 25 25 24 24 24 10@21 50 @25 35@25 85@25 80@25 95@25 15 80 55 25 10 05 22 22 22 22 22 22 70@22 70 @22 55@22 60@22 70@22 70@22 80 80 60 70 80 80 24 23 23 23 23 22 20@24 50 @24 00@23 00@23 00@23 95 @23 85 00 60 30 05 00 22 23 23 23 23 90@22 10@23 15@23 20@23 40@23 23 60 95 30 25 30 50 23 00@23 25 23 05@23 15 23 23 20@23 45 23 23 45 23 30@23 40 23 70@23 85 23 55 05@23 15 15@23 20 23 30 23 30 23 35 23 23 23 22 23 40 @23 23 45 15@23 10@23 60@22 60@23 35@23 00@23 90 @23 30@23 70 23 55 30 23 10 23 45 22 45 25 15 90 FOR EIG N EX CH AN GE RECO RD. 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.. *60 Days Cables Checks Amsterdam Guilders Swiss Francs Berlin Reichsmarks (Coniinued). DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1917 1917 Paris Francs Bankers’ Checks Cables Aug 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.. 74% @74% 74% @74% 78% @75 79 @75 75 @74 5 71% 72%@71% 73% @72 74% @73% 75% @74% 74% @74% 74% @74% 74% @74% 74% @74% 75 @74% 75% @75 5 75% 75 @74% 75% @75 75%@75% 753i«@75% 75%@753is 75% @75% 75%@75% 75% @75% 5 5 5 5 SUN 5 81% 5 81% HOLI 85% @82 85% @82% 82%@81% SUN 80%@72% 79% @78% 80% @79 81 @80% 81%@81 5 81 SUN 81%@81 81%@81% 81%@81% 81%@81% 82%@82% 82%@82% SUN 82 @81% 81%@81% 81%@81% 81%@81% 81%@81% 82%@81% SUN 82% @82 82% @82% http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Bankers' Sight Cables Bankers' Cables Sight DAY 5 76% 5 76% 4 82 4 78 DAY 5 80% @77 5 80% @76% 5 76% @75% DAY 5 78%@73% 5 74% @73% 5 75%@74 5 75% @75 5 76%@76 5 76 , DAY 5 76%@76% 5 76% @76% 5 76% @76% 5 76% @76% 5 77%@77 5 77%@77% DAY 5 77 @76% 5 77% @77 5 77% @77 5 77% @77 5 77% @77 5 77% @77% DAY 5 77% @77% 5 77% @77% 5 76% 5 75% 5 82% 5 77% @77% 5 76% @76% 5 75%@75% 5 82%@81% 5 77% @77% 5 76% @76% 5 75% @75% 5 82 @81% 5 77% @77% 5 76% @76% 5 75% @75% 5 82 5 77% SUN DAY 5 76% 5 75%@75% 5 83% 5 77% 5 77%@77 5 76%@76 5 83% 5 77% 5 78% @77% 5 77% @76% 5 83% 5 77% 5 78 @77% 5 77 @76% 5 84% 5 78% 5 78% @78 5 77% @77 5 85 5 79 5 78 5 77 5 85 5 79 SUN DAY 5 78 @77% 5 77 @76% 5 84% 5 78% 5 78%@78 5 77% @77 5 84% 5 78% 5 78% @78% 5 77%@77% 5 84% 5 78% 5 78% @77% 5 77% @76% 5 84% 5 78% 5 78% @78 5 77% @77 5 85 5 79 5 78 @77% 5 77 @76% 5 84% 5 78% SUN DAY 5 77% 5 76% 5 84% 5 78% 5 78 @77% 5 77 @76% 5 84% 5 78%@78% 5 77% @77 5 76%@76 5 84% @83% 5 78%@77% 5 77% @77 5 76% @76 5 84 @83% 5 78%@77% 5 77%@77% 5 76% @76% 5 84%@83% 5 78% @78% 5 77%@77% 5 76%@76% 5 84%@83% 5 78% @78% SUN DAY 5 77% @77% 5 76% @76% 5 84 @83% 5 78% @78% 5 77% 5 76% 5 84 5 78% 5 77% @77% 5 76% @76% 5 84 5 78% 5 77%@77 5 76%@76 5 83% 5 78 @77% 5 77% @77 5 76% @76 5 83% 5 77% Sept 1— 5 76 2.. 3.. 4.. 5 77% @77% 5 76% 5.. 5 77% @77% 5 76%@76% 6.. 5 77% @77% 5 76%@76% 7.. 5 77%@77% 5 76%@76% 8— 5 78%@78 5 77% @77 9.. 10- 5 78% @78% 5 77% @77% 11— 5 78% @78% 5 77% @77% 12.. 5 79% @79% 5 78% @78% 13.. 5 79%@79% 5 78% @78% 14.. 5 79% @78% 5 78% @77% 15.. 5 79% @78 5 78% @77% 16.. 17.. 5 79% @79% 5 78%@78% 18.. 5 79%@79% 5 78% @78% 19.. 5 79%@79% 5 78% @78% 20.. 5 79% @79% 5 78% @78% 21.. 5 79% @79% 5 78% @78% 22— 5 79% @79% 5 78%@78% 23— 24.. 5 78% @78% 25— 5 79% @79 5 78% @78 26— 5 79 @78% 5 78 @77% 27.. 5 79 @78% 5 78 @77% 28— 5 80 @79% 5 78 @77% 29— 5 79% @79% 5 77% @77% 30.. ♦Documents for acceptance. Swiss Francs 5 77% 5 831un DAY HOLI DAY 5 84% @84 5 78% @78 5 84% @84% 5 78% @78% 5 84%@84% 5 78% 5 84% @84 5 78% @78% 5 84%@84% 5 79 @78% SUN DAY 5 84% @84% 5 79%@79% 5 84% @84% 5 79%@79% 5 85%@84% 5 80% @80% 5 84%@84% 5 80% @80% 5 84 @83% 5 80 @79% 5 84% @83% 5 80%@79% SUN DAY 5 84% @84% 5 80% @79% 5 84% @84% 5 80% @79% 5 84% @84 5 80% @80 5 84%@84% 5 80%@80% 5 84% @84% 5 80% @80% 5 85%@85 5 80%@80% SUN DAY 5 85%@85 5 80%@80% 5 85% @84% 5 79% @79% 5 84% @84% 5 79% @79% 5 84%@84 5 79%@79 5 85%@84% 5 80% @80 5 84% @84% 5 80%@80 _______ SUN DAY tAnd three days’ sight. 4 78 4 77 NO QUOTA TIONS NO QUOTA TIONS NO QUOTA TIONS NO QUOTA TIONS @79 @77 4 81 4 77 @78 @75 @77% 4 76% @75% @76 4 75 @74 4 74 4 76 Bankers’ Sight Cables 41% 41% 41% 41% 41% 4 4 4 4 4 4 75% @70 73 @69 77 @70 77 @76 74 @68 68 @67 4 4 4 4 4 4 74 72 75 76 73 66 4 4 4 4 65 68 66 66 4 4 4 4 63 64 64 64 4 4 4 4 65 63 59 58 4 66 @63 @58 @58 @57 4 58 4 4 4 4 4 63 61 58 56 57 4 64 @61 @56 @56 @55 @56 41% 41X 41%@6i6 41% 41% 41% 4 57 4 53 @56 @52 4 56 4 51 @54 @50 41% 41%@7is 4 53 4 53 4 52 @52 @52 @50 4 49 4 51 4 51 4 50 @50 @50 @48 4 47 42% 42%@3ie 42% @3ie 423i6@% 4 4 4 4 4 4 49 49 45 40 40 40 @48 @48 @40 @39 @39 @39 47 47 43 38 38 38 42% 42h«@% 42 42 42h« 41% 4 4 4 4 4 4 48 43 45 47 43 43 @46 @41 @43 @44 @41 @41 4 42 4 4 4 4 4 @64 @65 @65 @65 4 66 4 66 4 4 4 4 4 @41 41 41 41 41 41 46 @43 58 @45 60 @59 60 @58 56% @56 @69 @68 @68 @74 @66 @65% @62 @63 @63 @63 4 64 4 64 4 4 4 4 4 4 4 4 4 4 4 41 43 45 41 41 4 40 4 4 4 4 4 4 45 @39 @41 @42 @39 @39 41% @316 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41 % 41% SUN DAY 41% 40% 41% 40% HOLI DAY 41% 40% 41% 40% 40% 41% SUN DAY 41%@6i6 40%@% 41«u 40% 40% 41*ib@% 41% 40% 41% 40% 41% 40% SUN DAY 41% 40% 40% 41% 41% 40% 40% 41% 40% 41% 40% 41H 41% 40% 41% 40% 41% 40% 401‘ia 41 41*ie@% 401*16 41*ie 401*16 SUN DAY 41*ie 401*16 41*i«@% 40i*i6@41 42% 41*16 42%@‘ie 41»i6@% 42%@*i« 41*i6@% 42%@*i« 41*16 SUN DAY 42% 41% 42%@% 41% 42% 41% 42'u 41% 42% 41% 42*16 41% ’ SUN DAY 42 41% 4U‘i« 41% 42 41% 42 41% 41»i« 41% 411#ie 41% Italian Lire Greek Dracm ’ s Denmark Kroner Sweden Kroner Norway Kroner Vienna Kronen Russian Rubles Spanish Pesetas Bankers' Sight Cables Bankers’ Checks Bankers’ Checks Bankers' Checks Bankers' Checks Bankers’ Sight Bankers' Sight Bankers' Checks 5 03% 5 03% 28 95 28 90@28 95 30 30 30 40 7 24% @24 7 24 @23 40*16 40*16 40*ie 7 24% @23% 7 23% @22% 7 26% @25 7 25% @24 7 27 @26% 7 26 @25% 5 03% 5 03% 5 03% 28 90 30 40 28 90@28 95 30 40@30 45 28 95 30 45 40% 40% 40% 40% 40% 7 7 7 7 7 7 26 @21 20% @19% 21%@20 22 @21% 23%@21% 23% @21% 7 7 7 7 7 7 25 @20 19%@18% 20%@19 21 @20% 22% @20% 22% @20% 5 5 5 5 5 5 03% 03% 03% 03% 03% 03% 28 95@29 29 00@29 29 10@29 29% @29 29 00@29 29 10 40% 40% 40% 40% 40% 40% 7 7 7 7 7 7 22% @21 23 @22% 23 @22% 23 @22% 22%@22% 23 @22% 7 7 7 7 7 7 21% @20 22 @21% 22 @21% 22 @21% 21%@21% 22 @21% 5 5 5 5 5 5 03% 03% 03% 03% 03% 03% 29 00@29 05 28% @29 00 28 90@28% 28% 28 90 29 00 40% 40% 40% 40% 40% 40% 7 22% @22 7 22 7 22% @22 7 22% @22 7 23 @22% 7 23% @23 7 7 7 7 7 21% @21 7 21 21%@21 21%@21 22 @21% 22% @22 5 5 5 5 5 5 03% 03% 03% 03% 03% 03% 40% 7 23% @23 7 22% @22 7 24 @23% 7 23 @22% 5 03% 5 03% 28% @29 00 31 00@31 10 29 30@29 40 31 00@31% 29 35@29 40 28% 29 00@29 30 31 20@31 70 29 50@29 85 29 35 31 90@32 00 29 95 29 40 32 05 29 40 29 40 29 40 32 05 SUNDAY 29 40 32 20@32 40 30 20@30 30 29 50 32 50@32 60 30 40@30 75 21 20@21 30 22 85@22 90 21 25@21 45 22 85@22 90 5 5 5 5 03% 03% 03% 03% 32 29 50 29 70@30 00 33 30 00@30 25 33 29 75 21% @21 70 22 85 @22 90 21 65@21 70 22 75 21 45@21 60 22 70@22 75 21 45 22 70 @29% 733 @38 @38 @40 7 41 5 5 5 5 5 5 04 04 04 04 04 04 30 30 29 29 29 29 40*i6@% 40“i6@% 7 23% @23 7 23 @22 41% 7 23% @23 7 22% @22 41%@*i6 7 24% @23% 7 23% @22% 41%@*i6 7 25 @24% 7 24 @23% 724 41% 7 25 41% 41% 41% 41% 41% 41% 7 31 7 41 7 41 7 43 @30% 7 34 @39 @39 @41 7 42 7 30 7 40 7 40 7 42 00 10 50 50 50 50 7 7 7 7 7 7 41 42 @40 43 @42% 40% @40 41%@41 41%@41 7 7 7 7 7 7 40 41 @39 42 @41% 39% @39 40% @40 40% @40 5 5 5 5 5 5 04 04 04 04 04 04 29% 29% 29% 30 10 30 00 30 00 41% 41%@% 41% 41% 41% 41% 7 4 7 7 7 42% @42 44 @43% 46 @45 46%@45% 46%@46 7 46 7 7 7 7 7 41%@41 43 @42% 45 @44 45%@44% 45%@45 7 45 5 5 5 5 5 5 04 04 04 04 04 04 30 30 30 30 30 30 00 00 10 10 10 10 41Hl6 41% 41% 41% 41% 7 7 7 7 7 47% @46% 48 @47% 49 @48% 49% @49% 51 @49% 7 7 7 7 7 46% @45% 47 @46% 48 @47% 48% @48% 50 @48% 5 5 5 5 5 04 04 04 04 12% 30 30 30 30 30 10 10 10 20 20 41% 41% 41% 41% 41% 41% 00 30 60@31 00 05 31 00 20 31 00 20 31% @31 25 10 31 00@31% 31 00 31 31 31 31 31 31 00 00 00 00 00 20 80@33 00 30 75 25 @34 00 30 75@31 00 31 00 25@33 75 31 00 33 00 SUNDAY 33 25 30 75 33 75 30 60 30 00 32 25 30 10 32 25 32 25 30 25 30 25 32 25 SUNDAY 32 25 30 25 32 50 30 25 32% 30 50 30 40 33 25 30% 33 00 30 25 33 00 44 @41 56 @43 58 @57 58 @56 54% @54 41%@«i« 41%@13j6 41%@1«u 41% 4 54 41% 42 41% 7 51% @51 7 50% @50 5 12% 30 20 33 30 41% 41% 41% 41% 41% 42 42 42 42 42 41% 41% 41% 41% 41% 7 7 7 7 7 64 @60 66% @63 67% @67 68 @67 69 @68 7 7 7 7 7 63 @59 65% @62 66% @66 67 @66 68 @67 5 5 5 5 5 12% 12% 12% 12% 12% 30 30 30 30 30 33 33 33 33 33 50 60 50 60 60 41% 41% 41% 41‘3,,@% 41%@% 41% 7 7 7 7 7 7 77% @73 78%@77 80 @79% 81 @79% 81 @72 66 @52 7 7 7 7 7 7 76% @72 77%@76 79 @78% 80 @78% 80 @71 64 @50 5 5 5 5 5 5 12% 12% 12% 12% 12% 12% 33 33 33 33 33 33 60 60 60 60 70 70 41% 7 7 7 7 7 7 63 @62 67 @64 72 @70 78 @77 75 @73 75% @75 7 7 7 7 7 7 62 @61 83 @66 71 @69 76 @72 74 @72 74% @74 5 5 5 5 5 5 12% 12% 12% 12% 12% 12% 7 7 7 7 7 7 75 75 74 73 75 75 5 5 5 5 5 5 12% 12% 12% 12% 12% 12% 41»»ii 67 74 82 81 73 @58 @72 @80 @76 @72 4 4 4 4 4 65 72 80 79 71 @56 @71 @78 @74 @70 4 4 4 NO 4 QUOTA 4 TIONS 4 4 4 4 4 4 70 62 57 56 62 4 72 @67 @56 @54 @52 @60 4 4 4 4 4 68 60 55 54 60 4 70 @65 @54 @52 @50 @58 41% 42 42 42 42 @% 42% 66 @63 70 @67 70 @68 68 @66 67 M @67 68 @67 4 4 4 4 4 4 64 @61 67 @65 67 @65 66 @64 64% @64 65 @64 42@42% 42 42 4 4 4 4 4 68 71 71 72 72 4 4 4 4 4 65 69 69 70 70 @64 @67 @68 @69% @69 4 70 42 42 42 42 42 42 42 42% 42% 41**16 42 4116i6 41“i# 411*18 41**ib 41*16 41’i6@% 41% 41%@Hi6 41%@Hi6 41%@Hi6 SUN DAY 42>i8 41% 42iie 411316 42ii6 411316 42>i6@% 4113i6 42 @ix6 411316 @>16 411316 SUN DAY HOLI DAY 4113,6 @ii6 411316 @ii6 4113,6 411316 @*i8 411316 @ii6 SUN DAY 4113„ 42 @>i6 42 @ii6 41%@1*16 423ie 41%@i*i6 423ie 411*16 42316@516 42 @>i6 42%@6i6 421,6@ll6 SUN DAY 42%@% 411*16 42 % 411*16 42% 411*16 42% 411*16 42% 411*16 42% 411*16 SUN DAY 42% 411*16 42% 411*16 42% 411*16 42% 411*16 42% 42ii6 42% 42*16 SUN DAY SUNDAY 29 25 29 25 HOLIDAY 29 25 29 25@29 35 29 35 SUNDAY 29 25@29 75 29 90@30 00 30 00 29 75 @30 00 29 40@29 60 29 40@29 60 SUNDAY 29 30@29 35 29 35 29 30@29 35 29% 29 30 29 40@29 50 40*16 40*16 41%@% 41% 41% 41% 41% 41% 4 4 4 4 4 4 4 4 4 4 @67 @69 @70 @713^ @71 4 72 Commercial 60 Days Sight ■ontinuet @39 39 39 39 39 39 4 56 NO QUOTA TIONS Amsterdam Guilders 41% 41% 41% 41% 41% 41% 7 76 No quota’s 7 76 7 75 41% 7 74 41% 7 76 41% 7 76 @75% @74% @72 @72 @74 @75% @74% @73% @71 @71 @73 @74% 30 40 35 40 40 30 40 30 40 30 40 30 40 30 60 30 60@30 70 30 30 30 30 30 30 85 70 70 60 60 60 21 60@22 20 23 15@23 30 21 70@22 25 23 18@23 20 21 95@22 55 23 23@23 25 22 00 @22 50 23 15@23 20 22 20@22 40 23 10@23 15 NO QUOTATIONS NO QUOTATIONS 33 00 30 30 33 00 30 25@30 30 33 20 30 30 33 20 30 30 33 30@33% 30 30 33 30@33% 30 30 SUNDAY 33 20 30 40 33 20 30 50@30 60 33 30 30 40 33 30 30 40 30 40 33 30 33 70 @33 33 70 33 60@33 33 60 33 85 33 85@33 30 90@31 00 33 85@33 31 00 33 70@33 30 70 33 70 34 00 30 90 34 00 30 80 34 00 31 00 30 40 SUNDAY HOLIDAY 30 30 30 40@30 50 30 40 30 50 30 50 @30 60 SUNDAY 30 60 30 60 30 60 30 60 30 60 30 70 SUNDAY 80 30 85 30 70 70 30 70 30 70 30 80 90 30 80 SUNDAY 90 31 20@31 30 86 31 00@31 26 30 70 31 00 31 00 31 20 SUNDAY 22 23 23 23 23 23 90@23 20@23 50@23 60@23 40@23 40@23 15 23 00@23 10 90 23 05@23 10 70 23 00 @23 05 80 23 00, 23 00 g 70 45 23 00 S 22 22 21 21 21 21 90 @23 00@22 10@21 25@22 70@22 50@21 20 90 75 10 10 70 22 22 22 22 22 22 90 @23 85@22 75@22 60@22 45@22 30@22 00 90 85 75 50 40 21 20 21 21 21 00@21 80@21 10@21 15@21 10@21 21 30 40 20 20 45 30 22 22 22 22 30 @22 40 @22 10@22 80@22 22 85 22 85 40 75 20 85 21 45 21 45 21 30 21 15 20 70@21 15 21 00 22 22 22 22 22 22 65 65 60 70 65 58 20 20 20 20 20 90@20 70@20 70 @20 70@20 75@20 20 75 95 90 90 80 80 22 22 22 22 22 22 55 65 60 50 55 60 20 20 21 20 20 20 80@20 85@20 00@21 85@21 60@20 70@20 22 60 85 95 22 55 @22 60 05 22 45@22 50 00 22 50 80 22 40@22 45 22 40 80 19 18 18 18 17 75@20 50@19 25@18 00@18 00@18 60 22 40 70 22 40 50 22 25@22 35 50 22 10 00 22 10 FOREIGN EXCHA NGE RECORD. July 1 2.. 75% @75% 3.. 5 7554 4.. 5.. • 79% @76 6.. , 80 @76 7— , 76 @75 8.. 5 72% 9.. 10.. 11.. 12.. 75% @74% 13.. 76%@75% 14.. 75% @75% 15— 16.. 75% @75% 17.. 75% @75% 18— 75% @75% 19.. 76 @75% 20— 76% @76 21.. 5 76% 22.. 23.. 76 @75% 24.. 76%@76 25.. 76%@76% 26.. 763,t@76% 27.. 76% @763ie 28.. 29.. 30.. 76%@76% 31.. 76% @76% Commercial *60 Days t Sight Berlin Reichsmarks 17 50 @17 75 22 05@22 10 NO QUOTATIONS 17 17 17 16 16 00@17 25@17 25@17 75@17 50@16 50 22 05 30 22 22 50 22 30@22 35 25 22 15@22 25 75 22 20@22 25 15 13 11 14 16 16 50® 16 50@15 25@14 00@15 00@16 17@17 50 25 00 75 00 22 22 22 22 22 22 25 36 25 35 35 45 15 75@16 16% @16 16 55@17 16 70@17 16 75@17 16 75@17 25 22 30 60 22 30@22 35 00 22 55 00 22 75 @22 85 22 90 50 22 95 50 40@17 00@17 75@17 25@16 10@16 75@15 50 23 10@23 25 25 23 20@23 25 23 50 25 24 00 75 24 00 00 00 23 90 @24 00 17 17 16 16 15 14 sO DAILY RATES OE EXCHANGE ON CONTINENTAL CENTRES—1917. Paris Francs 1917 5 84% @84% 5 80%@80 5 85 @84% 5 80%@79% 5 85% @85% 5 80%@78% 5 80%@80 5 85% 5 85% 5 80% @80 5 80% @80 5 85% SUN DAY 5 85% @85% 5 80% @80 5 85% 5 80% @80 5 85% @85% 5 80% @80% 5 85% @85% 5 80% @80% HOLI DAY 5 85% @85% 5 80% @80% SUN DAY 5 85% @85% 5 80% @80% 5 85% @85 5 80% @80 5 85%@85 5 80 5 85% @85 5 80 5 85%@85 5 80 5 85% @85 5 80 SUN DAY 5 85% @85 5 80 5 84% 5 79% 5 83% @82% 5 78% @77% 5 83% @83 5 78% @78 5 82%@80% 5 77%@75% 5 80%@77% 5 75%@72% SUN DAY 5 80% @79% 5 75%@74% 5 82 @81 5 76%@75% 5 82% 5 76%@76% 5 76%@76% 5 77 @76% 5 76% DAY 5 76% @76% DAY 83 @82% 5 77%@76% 83 @82% 5 77% @77 83 @82% 5 77% @77 83 @82% 5 77% @77 SUN DAY 83 @82% 5 77% @77 82% @82% 5 77% @76% 82%@82% 5 77 @76% 82% @82% 5 76% @76% 82% @82 5 76% @76% 82% @82 5 76% @76% SUN DAY 5 82 5 76 81%@81% 5 76 @75% 81 @80% 5 76% @75 5 74% @73% 80% @80 80% @80% 5 74% @74% 80% @80% 5 74% @74% SUN DAY 80%@80% 5 75 @74% 80% @80% 5 75%@74% 81 @80% 5 75% @75 HOLI DAY 81 @80% 5 75%@75 Sight 4 72 4 71 4 70 4 71 76% @75% 76%@76% 76% @76% 76% @76% 5 5 5 5 75 @74% 74% @74% 75 @74% 75 @74% 5 5 5 5 5 5 5 5 5 5 76% @76% 76% @75% 76 @75% 75%@75% 75%@75% 75% @75% 5 5 5 5 5 5 75 @74% 74% @74% 74% @74% 74% @74 74% @74 74% @73% 5 5 5 5 5 5 5 75% 5 75%@75 5 74% 5 73%@73% 5 74 @73% 5 74 @73% 5 5 5 5 5 5 73%@73% 73% @73 72% @72 71% @71% 71% @71% 72% @71% 5 5 5 5 5 5 74%@73% 5 72% @71% 5 5 74% @74 5 72% @72 5 5 74% @74% 5 72% @72% 5 5 74% @74% 5 72% 5 Dec 5 72 5 74 1_. 2.. 3.. 5 73%@73% 5 73% @73% 5 5 71% 5 4.. 5 73% @73% 5— 5 73%@73% 5 71%@71% 5 6.. 5 73%@73% 5 71%@71% 5 7.. 5 73% @73% 5 71% @71% 5 8.. 5 73%@73% 5 71%@70% 5 9.. 10.. 5 76% @72% 5 71%@70% 5 11 — 5 73% @73 5 71%@71 5 12.. 5 73%@73% 5 71%@71% 5 13.. 5 73%@73% 5 71% @71% 5 14— 5 73%@73% 5 71%@71% 5 15.. 5 73%@73% 5 71%@71% 5 16.. 17.. 5 74 @73% 5 71**i6@71% 5 5 72 @71% 5 74 18— 5 72 19— 5 74% @74 20— 5 74% @73% 5 72 @71% 21 — 5 73% @73% 5 71% @71% 5 22.. 5 73% @73% 5 71%@71% 5 23.. 24.. 5 73% @73% 5 71%@71% 5 25.. 26— 5 73%@73% 5 71%@71% 5 27— 5 73%@73% 5 71%@71% 5 5 73% 5 71% 28— 29.. 5 73%@73% 5 71%@71% 30.. 5 71% FRASER 31.. 5 73%@73% ♦Documents for acceptance. Digitized for http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 5 74% DAY 5 74% @74% 5 74% @74% 5 74%@74% 5 74% @74% 5 74% @74% 5 74% @74 DAY 79%@79% 5 73%@73% 79% @79% 5 74 @73% 80%@79% 5 74% @74 80% @80 5 74% @74% 80% @80 5 74% @74% 80% @80 5 74% @74% SUN DAY 80% @80% 5 74%@74% 5 74% 5 80% 5 74% 5 80% 5 74% @74% 5 80% 80% @80 5 74% @74% 80 @79% 5 74% @74 SUN DAY 80 @79% 5 74%@74 HOLI DAY 80% @80 5 74% @74% 80% @80 5 74%@74% 5 74% 5 80% 5 74% @74% 5 80% SUN DAY 5 74%@74% 5 80% @71 4 71 @70 @68 @68 4 72 4 70 4 70 4 70 4 69 @68 NO QUOTATIONS 4 70 NO QUOTA- 4 69 TIONS 4 66 4 67 4 65 4 65 4 65 NO QUOTATIONS Cables 4 4 4 4 @69 4 69 69 @68 68 @66 66%@66 72 @70 43% 43% 43%@45 45 @45% @68 4 68 43% @45 @67% @65 @66 @64 @64 @64 4 4 4 4 4 4 @66 67 66 66 63 63 63 @65% 42% @43 @65 42% @64 42%@43% @62 43 @62 43 @62 43 4 64 4 63 Commercial Sight 60 Days 42% 41% 42*16 42% @423i6 41**16 41%@41*3ie 41**16 423i«@42% 41%@41*3ie 42% 42*ie 423i6 42% 42*ie 42’i6 43 42»u 42**16 SUN DAY 43% 43*ie 43’ie 43% 433ie 43*ie 43%@45% 433i6@44**i6 43*i6@44*3i6 45%@45% 4416i6@451i6 44**i6@45*i6 SUN DAY 43%@45% 43’i6@44**i6 43*i6@44**i6 7 HOLI DAY 42% @43% 42**i6@42**i6 42’i6@42l3ie 42% 42*16 4z*ie 43 @43% 42**i6@43*i6 42%@43*ie 43% 42*3ie 42**16 43% 42*3ie 42**16 43% 42*3h 42**16 SUN DAY 43% 4213u 42**16 42l3ie 43% 42**16 43 @43% 42**i6@42**ie 42’i6@4213i6 43 @43% 42**i6@42**i6 42»ie@42*3ie 43%@43% 42**i6@433i6 42*3i6@43*i6 43% 43’ie 43*ie SUN DAY 44 @45% 4311i6@4416i6 44**ie@44*3ie 44% @45% 447i«@4415i6 44*ie@44*si6 45% @45% 44**i6@453ie 44*3ie@45*i6 ■ Sight Sweden Kroner Norway Kroner Vienna Kronen Russian Rubles Spanish Pesetas Bankers' Cables Bankers' Checks Bankers' Checks Bankers' Checks Bankers’ Checks Bankers' Sight Bankers' Sight Bankers’ Checks 31 00 31 00 31 70 31 50 31 50 00@32 ’ 34 25 35 00@35 36 50 37 00@37 36 50@37 37 OO@37 76 @72% 72% @72 7 73 73% @73 73 @72% 73%@73 75 @71% 71%@71 7 72 72)4 @72 72% @72 72% @72 5 5 5 5 5 5 12% 12)4 12% 12)4 12)4 12% 32 75% @74 77% @76 78 @77 77% @76 76 @74% 76)4 @75 77 @76 76% @75 5 5 5 5 12% 12% 12% 12% 31 50 37 00@37 31 00 31% 31% 31% 31% 31 50 37 00 36 25 36 75@37 37 25 37 00 37 25 81 @78 85 @84 85 @84 84 @82 82% @82 82 @81)4 80 @77 84 @83 84 @83 83 @81 81)4 @81 81 @80% 31 32 32 32 32 33 50 25 25 25 50 25 37 25 38 50 38 50 38 25 38 75@39 38 75@39 @47 @52 @52 4 48 4 51 4 51 @45 @50 @50 43% @45 44% @45 45 @45% 4 53 4 47 4 47 @52 @45 @45 4 51 4 45 4 46 @50 @43 @43 4 47 @45 4 46 @43 4 4 4 4 46 40 41 40 @40 @39 @37 @37 4 43 4 50 4 49 4 47 NO QUOTA- 4 42 TIONS 4 41 4 42 @49 @47 @45 @41 @40 @40 4 4 4 4 4 4 4 42 4 42 @40 @40 4 40 @38 @37 @35 45% @45% 45% @45% 453i6@45’i6 45*i6@453ie 8 01 @7 45% 45% 45*ie 7 99 @7 45*16 @45% 44% @45% 447i6@4516i6 445i6@4413i6 7 97 @7 SUN DAY 43% @44% 43%@44t% 43*i6@44*i6 443i6@456i6 DAY 44% @44% 44% @45 443ie@447i6 44*i6@446i6 8 05 @8 44 @44% 44% @44% 43**i6@44*i6 4315i6@44*i6 8 42 @8 44 43% 8 67 @8 43*16 43*ie 43% 44 43’ie 43*16 SUN DAY 43% @44% 44 @45 43*i6@44*ie 43*i6@44*i6 8 44 @8 44 @44% 44% @45 4316i6@446i6 43**i6@44’i6 8 46 @8 44 @44% 44% @45 43**i6@44’k 43*3i6@44*i6 8 51 @8 44 @44% 44% @45 43**i6@44*k 43*3i6@44*ie 8 49)4 @8 44 44% 43l6ie 4313ie 8 58 @8 44 @44% 44% @44% 431Bie@443i6 4313ie@44*i6 8 50 @8 SUN DAY 44% @44% 44% @45 443i6@447i6 44*i6@443i6 8 72 @8 443ie@447ie 44*i6@443i6 8 78 @8 44% @44% 44% @45 44% @44% 44% @45 443ie@447i6 44*i6@443i6 8 91 @8 44% @44% 44% @45 443i6@447i6 44*i6@443i6 8 93 @8 44 44% 43*3i« 43**16 8 99 @8 44% 44 4313i6 8 95 @8 43**16 SUN DAY 44 44% 8 94 @8 43**16 43*3ie 44 44% 8 66 @7 43**16 43*3ie 44 44% 8 31 @8 43**16 43**ie I1OL1 DAY 44% 44 43**16 47 47 45 40 38 39 @46 @44 @43 @39 @37 @38 4 40 4 39 @38 @37 4 37 @35 @34 @32 4 37 4 35 4 33 4 33 4 33 @32 4 35% @34 4 36 4 34 @32 4 34 4 32 44% @30 43% @44 43% 43 @43% 43% 43% 43% 4 4 4 4 4 4 32 @29 31 @29 32 @31 34 @33 35 @34 36% @35 4 4 4 4 4 4 30 @27 27 @26 28 @27 31 @30 33 @32 33% @33 4 4 4 4 NO 4 QUOTA- 4 TIONS 36 @35 36 @35 36 @35 33 @25 32% @32 31%@30 4 4 4 4 4 4 33 @32 34 @33 34 @32 33 @31 30% @29 29% @28 4 4 4 4 4 28 43% 4 28 43% 29 @28 43% 32% @29% 43% @43% 34 @32 43% @43% 35 @34 43% @43% 4 4 4 4 4 30 4 30 31 @30 35 @31% 36 @35 37 @36 43% 43% 43% 43% 43% 43% 4 40 @37 4 38 @35 43 @43% 4 4 4 4 38 38 37 37 @36 @36 @36 @36 4 4 4 4 36 36 36 36 @34 @34 @35 @35 43 @43% 43% 43% 43% 4 37 @36 4 36 @35 43% 50 50 25 50 5 12)4 4 50 4 53 4 53 @38 4 38 4 38 @35 4 38 @34 37 37 37 37 75 75 75 75 76 @74% 5 12% 5 12% 76 @75 76 @75 5 12)4 76)4 @76 5 12% 77 @75% 5 12% 77%@77 5 12)4 @75 43 43 42% @43 42 @42% 43 @43% 43% 45 31 31 31 31 77 @75% 77 @76 77 @76 77% @77 78 @76% 78% @78 76 @61 @53 4 53 4 53 @50 4 51 @45 4 40 @38 4 35 4 35 @34 4 37% @36 NO QUOTATIONS 42% 42 42 42% 42% 42% 4 71 Cables Greek Denmark Dracm ’ s Kroner @63 @55 4 55 4 55 @52 4 53 @47 4 42 @40 4 40 4 38 4 36 5 80% SUN 80% @80% 80%@80% 80% @80 80% @80 80 @79% 79% @79% Sight 4 68 4 68 4 68 4 67 @66 4 64 4 65 5 82% 5 76%@75% 5 74%@73% 5 76%@75% 5 74% @74 5 82% @82% 5 75%@75% 5 74% @74 5 82 SUN 5 75%@75% 5 74% @74 5 82% @82% 5 5 5 5 Sight Cables Italian Lire 90 00 01 7 75 89 @84 @7 94 99 @7 95 i 00 8 00 7 97 7 96 @74 5 5 5 5 5 5 12*4 12)4 12)4 12% 12)4 12)4 @83 5 12*4 34 00@35 . @93 5 12% 36 00 36 00 @7 93 5 12)4 39 25@41 41 25 41 25@42 @7 94 5 12% 36 50@37 @7 92 5 12% 38 00 @39 @7 94 5 12% 37 00@38 42 50@47 00 36 00 47 00 @47 50 37 50@38 00 44 00 @46 50 36 00@37 50 SUNDAY 43 75@44 00 37 50 HOLIDAY 43 75@44 00 35 50@36 50 44 00 35 50 44 00 35 50 43 00 @43 50 35 50 SUNDAY 38 50@42 00 33 50@35 00 38 00 32 50@33 00 39 00@39 50 33 50@34 00 42 00@43 00 35 00@35 50 43 00 35 00 42 00 @43 00 35 00 SUNDAY 42 50@43 00 35 00 42 50 35 00 42 00 @42 50 34 50 39 00@40 00 34 50 38 50 34 00 38 50 33 50 SUNDAY 36 50@37 50 33 00 36 50 33 00 36 00 33 00 HOLIDAY 37 00 34 00 795 38 00 5 12)4 @7 99 5 12% 36 00@37 i @8 13 5 12*4 36 00 36 00 @8 45 5 14 5 14 35 50 8 8 8 8 04 40 60 56 8 8 8 8 8 8 43 @8 45 @8 50 @8 48% @8 58 @8 58 @8 40 44 47 48 47 56 5 5 5 5 5 5 14 14 14 14 14 14 33 32 33 35 8 8 8 8 8 8 71 77 90 92 98 94 62 74 78 88 94 93 5 5 5 5 5 5 14 14 14 14 14 14 35 00 35 00 34 50 34 00@34 , 33 50 33 00 8 93 8 65 8 30 31 25 31 50 32 00 50 32 00@32 25 00 32 00 25 32 50@32 75 SUNDAY 32 50 32 00 32 00 32 00 SUNDAY 25 31 75 HOLIDAY 31 50 31% 00 31% 31% 31 25 31 25 SUNDAY 31 25 31 25 32 00 32 25 25 32 25 25 32% SUNDAY 00 33 75@35 00 35 25 50 35 50 25 @8 @8 @8 @8 @8 @8 @8 70 5 14 @7 97 5 14 @8 03 5 14 44*i, 44% 448n 8 15 @8 00 8 14 @8 00 SUN DAY 44 @44% 43*i6@43**i6 436i6@43*3ie 9 @7 94 S 18 @7 95 44 a @7 91 7 99 @7 90 43’ie 436ie 43% @44 42**i6@43’ie 42*3i6@436i6 a @8 oi S 08 @8 00 44 433h 2 @8 23 8 30 @8 21 43’ie 44 2 @8 29 8 31 43*16 43’ie 44 43*16 1 @8 27 8 29 43’ie SUN DAY 44 43*16 1 @8 29 8 30 @8 26 43’ie 44 43*16 7 @8 33 8 35 @8 31 43*16 44 43*16 8 45 @8 40 43’ie 44 43*16 8 45 @8 28 43*16 44 43*16 8 23 43*k 44 43*ie 8 27 43*k SUN DAY 44 43*16 28 @8 24 8 27 @8 22 43*16 44 43*16 28@8 24)4 8 27@8 23% 43’ie 44 43*16 8 33 @8 27 43’ie 44 @44% 43*i6@43’i6 43*16 8{35 @8 32 44 @44% 43*i6@43’i6 43*16 8 33 @8 32 44 @44% 43*i6@43»i6 8 34 43*16 8 33@8 32)4 SUN DAY 43% @44 42**i6@43’i6 4213i6@43*i6 34 33 8 33 @8 32 HOLI DAY 43% @44 42**i6@43*i6 4213i6@43*i6 : 34 @8 8 33 @8 32 44 i 37 @8 . 8 36 @8 33 43*16 43’u 44 43*16 43*16 1 36% @8 36 8 35% .i)8 35 44 8 37% @8 36 43’u : 38)4 @8 37 43*16 SUN DAY 44 8 38% @8 37 8 37%@8 36 43*16 43*16 50@35 50 @33 50 @34 00@35 35 00 35 00 33 00 32 50 32 50 5 14 33 50 5 5 5 5 5 5 14 14 14 14 13% 13% 33 32 32 32 32 32 00 50 50 00 00 00 5 5 5 5 5 5 13% 13% 13% 13% 13% 13% 32 32 32 32 32 33 00 00 00 00 50 00 5 5 5 5 5 5 13% 13% 13% 13% 13% 13% 32 31 31 31 32 31 50 75 50 50 00 50 5 13% 31 50 5 5 5 5 31 31 31 31 13% 13% 13% 13% 5 13% i I , , 75@15 00 75@15 00 00@15% 10@15% 10@15 25 10@15 75 15 15 15 15 40@15 00@15 00 @15 10@15 35 ■ 33 33 33 34 00 SUNDAY 36 50 33 00 36 50 33 50 35 50 33 00 35 00 32 50 35 50 32 50 35 50 32 50 su NDAY 00@35 50 32 75 35 00 32 75 35 00 32 75 35 00 32 75 33 25 33 25@33 00 36 00 34 50 SUNDAY 35 50 33 50 35 00 32 75 25@35 00 32 50@32 75 25@35 00 32 75 33 50 32 75 32 50 33 50 SUNDAY 32 75 33 00 HOLIDAY 32 50 33 00 32 75 33 50 33 00 33 50 33 00 33 50 SUNDAY 32 50 25@33 50 23 23 23 23 23 23 50 50 25 25 25 25 50 23 40 25 .23 40 50 23 453@323 60 20 15 30® 15 75 23 40 @23 50 15 00@15 75 23 40@23 50 14% @15 00 23 40 14% @14% 23 28@23 35 14 25@14 55 23 35@323 40 14 00® 14 25 13% @13 75 23 35 13 25@13 30 23 13 25@13 50 23 13 50 23 13 50 13 50@13 65 13 75@14 00 28@23 35 30@23 35 23 35 35@23 30 23 30 23 30 13 75@14 00 23 503@323 CO 13 60® 13 80 13 50@13 75 23 55@23 60 13 50 @13 75 23 50 13 40@13 50 23 50 13% @13% 23 50 @23 55 23 45@23 55 13 50 13 25@13 11% @13 11 00(5 12 11 75@12 NO QUOTATIONS 40 23 45@23 50 25 23 50 00 23 50@23 55 00 23 55 12 25@12 75 23 40@23 50 12 25@12 55 23 40@23 45 12 25@12 58 23 40@23 45 12% @12 90 23 48 12 75@12% 23 45 12 75@13 00 23 45 12 12 12 12 12 13 25@12 00@12 25@15 00@12 50@13 00@13 75 23 45@23 48 25 23 50@23 60 00 23 58 45 23 67 00 23 68 50 23 68@23 70 13 00@13 50 23 65@23 70 13 25 23 60@23 65 13 25 23 62 12 60@13 00 23 65@23 70 37 50 50 50 50 50 31 50 NO QUOTATIONS 14 14 15 15 15 15 12 75 23 70 12 75@12% 12 80@13 00 12% @12 75 12% 12 75@13 00 13 25 NO QUOTATIONS 13 13 13 13 13 12 23 23 23 23 10@13 25 20@13 50 24 20@13 25 25@13 30 24 25® 13 30 23 75@13% 12 75@12% 12 60@12 75 12 70@12 75 12% @12 70 12 75 @13 00 13 00 72@23 72 @23 90@24 98@24 24 00 23 95 75 80 20 05 23 98 10@24 15 24 18 00@24 14 97 @24 00 24 00 24 00 @24 24 06@24 24 09 24 09@24 24 10 24 15@24 08 10 10 20 12 75@13 20 24 35@24 45 13 13 12 12 00@13 20@13 75@13 25@12 94. ok 20 75 24 35 @24 45 00 24 35@24 40 75 24 35 12 60@13 00 24 40@24 42 FORE IGN EXCHAN GE RECORD. Oct 1 5 79%@79% 5 78 @77% 2„ 5 79% @79 5 77%@77% 3.. 5 79% @79% 5 77% 4.. 5 79% @79% 5 77% @77% 5_. 5 79% @79% 5 77% @77% 6.. 5 79%@79% 5 77% @77% 7— 8.. 5 79%@79% 5 77%@77% 9.. 5 70%@79% 5 77% @77% 10.. 5 79% @79% 5 77% @77% 11.. 5 79% @79% 5 77%@77% 12.. 13.. 5 79% @79% 5 77%@77% 14.. 5 77%@77% 15.. 5 79% 16.. 5 79%@79% 5 77% @77% 17.. 5 79%@79% 5 77% @77% 18.. 5 79%@79% 5 77% @77% 19.. 5 79% @79% 5 77% @77% 20.. 5 79% @79% 5 77% @77% 21.. 22.. 5 79%@79% 5 77% @77% 23.. 5 78%@78% 5 77 @76% 24.. 5 77% @77 5 76% @75% 25.. 5 78 @77% 5 76 @75% 26.. 5 76%@75 5 75% @73% 27.. 5 74% @72 5 72% @70 28.. 29.. 5 74% @74 5 72% @72 30. . 5 76% @75 5 74 @73 31.. 5 76%@75% 5 74%@73% Nov 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— Commercial t Sight *60 Days Cables Checks Amsterdam Guilders Swiss Francs Berlin Reichsmarks (Concluded). Paris (.Francs} 1918 Bankers’ Checks Cables S Swiss (Francs) Sight Bankers' Feb 1.. 2_____ 3.......... 4____ 5.......... 6.......... 7.......... 8.......... 9......... 10.......... 11_____ 12.......... 13.......... 14.......... 15......... 16......... 17.......... 18......... 19____ 20......... 21_____ 22.......... 5 72 5 72 @69% @69% 5 72 @71% 5 70 @69% 5 72% 5 70% 5 72% @72% 5 70%@70% 5 72% @72% 5 70%@70% 5 72% 5 70% 6 72% 5 70% 5 72% 5 70% 5 72%@72% 5 70% @70% 5 72% @72 5 70% @70 5 72% @72 5 70% @70 5 72% 5 70% 5 5 5 5 72%@72% 72%@72% 72%@72% 72%@72% 5 5 5 5 70%@70% 70%@70% 70% @70% 70% @70% 1 1 1 1 1 1 1 1 5 72%@72% 5 70% @70% 72%@72% 72%@72% 72%@72% 72%@72% 4 51 4 51 SUN DAY 4 53 4 51 4 53 @52 4 51 @50 4 51% @50 4 50 @49 4 52 @51% 4 50 @49% 4 51% 4 49% 4 51% 4 49% SUN DAY 4 52 4 50 HOLI DAY 4 53 @52 4 51 @50 4 52 @51% 4 50 @48% 4 50 @49 4 48 @47 4 48 4 46 SUN DAY 4 49%@49 4 47%@47 4 50% @50 4 48% @48 4 50 4 48 4 48 @47 4 46 @45 HOLI DAY 4 48%@47 4 46%@45 SUN DAY 4 49 @48 4 47 @46 4 49%@49 4 48% @47 4 51 @50 4 49 @48 4 49 @48 4 47 @46 5 5 5 4 March 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 72% @72% 5 70% @70% 4 48 5 72% @72% 5 70% @70% 4 48 @47 SUN 5 72’ie@72% 5 70% @70% 4 47% @47 5 72% @72% 5 70%@70% 4 48 @47% 5 72% @72% 5 70% @70% 4 49 @48 5 72% 5 70% @70% 4 49 @48% 5 72% 5 7013i#-70% 4 49 5 72% 5 70% @70% 4 49 SUN 5 72%@72% 5 71%@71 4 49%@49 5 72% @72% 5 71%@71% 4 49 @48% 5 73 @72% 5 71«i«@71% 4 48 @44 4 42 5 73 @72% 5 72 @71% 5 72%@72% 5 71%@71% 4 43 @42 5 73%@73% 5 71%@71% 4 43 @42 SUN 5 73 @72% 5 71%@71% 4 43 @42 5 73 @72% 5 71%@71% 4 42 5 72% @72% 5 71%@71 4 42 @39 5 72%@72% 5 71%@71% 4 35 5 72% @72% 5 71%@71% 5 37 @34 72% 5 71%@71% 4 36% @36 SUN 5 72%@72% 5 71%@71% 4 38 @36 5 73 @72% 5 71%@71% 4 39 @37 72 4 39 @38 71% 5 72%@72% 5 71% @70% 4 36 @33 5 72% @72% 5 70%@70% 4 33 72% 4 33% @33 70% SUN http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 70% @70% 70% @70% 70%@70% 70% @70% 4 46% @46 4 46 @45 DAY 4 46 @45 4 46% @46 4 47 @46 4 47 @46% 4 47 4 47 DAY 4 47% @47 4 47 @46% 4 46 @42 4 40 4 42 @41 4 40% @40 DAY 4 41% @41 4 41 @40 4 40 @37 4 33 @32 4 34% @32 4 34 DAY 4 36 @33% 4 37 @35 4 36 4 34 @31 4 31 4 31 DAY Bankers' Cables 43% 43% 43% 43% 44 44 44 44 42% 43% 8 42% 43% 8 42% 43% 8 42% @44 43% @43% 8 43%@43% 43% @44% 8 43%@43% 43%@44% 8 43% @43% 43%@43% 43%@43% 43% @43% 43% 43% @43% 43% @44 43% @44 43% @44 42% @44 44% 44 @44% 8 8 8 8 8 8 43% @43% 43% @43% 43% @43% 43% @43% 44 44 44 44 8 8 8 8 44 44 43% 43% 43% @43% 43% @43% 43% @43% 43% 43%@43% 43% @43% 43% @44 43% @44 43% @44 44 44 @44% 44 @44% 43% @43% 44 @44% 43% 43% 43% 43% 44% 44% 44% 44% 43% 43% 43% 44 44% 44% 44% 44% 44 44 44 44 45 @44% @44% @44% @44% @44% @44% @44% @45% 44% 44% @44% 44% @44% 44% @45% 45% @45% 44% @44% 45 44% @44% 45 44% 44% 44% 44% 44% 44% 44% 44% @44% 44% @44% 45 45 @45% 45% @45% Greek (Drachmas) Denmark (Kroner) Sweden (Kroner) Norway (Kroner) Bankers’ Bankers’ Cables Checks Bankers' [ Checks Cables Bankers’ Checks Cables Bankers’ Checks Cables Cables HOLI DAY @37 8 43 @36 8 44 @42 @43 8 42 @41 @42 @41 8 41 @40 SUN DAY 8 45 @42 46 @43 8 45" 8 46' 8 43 @41 44 @42 8 40 @36 41 @37 8 39 @36 40 @37 36% @31 8 35%@30 SUN DAY 37 @35 8 36 @34 43 @40 8 42 @39 43 @40 8 42 @39 8 42 @41 43 @42 8 41 @40 42 @41 8 41 @40 42 @41 SUN DAY 42 @41 8 41 @40 42 @41 8 41 @40 45 @43% 8 44 @42% 46 @44 8 45 @43 48 @46 8 47 @45 49 @48 8 48 @47 SUN DAY 54 @50 8 53 @49 55 @53% 5 54 @52% 57 @54% 8 56 @53% 59 @58 8 58 @57 44 45 43 42 8 59%@57% 8 58% @56% 8 51 8 50 SUN DAY 8 57 @55 8 56 @54 8 58 @57% 8 57 @56% 8 61 @59 8 60 @58 8 63 @61 8 61% @60 8 64 @63 8 63 @62 8 64 @63 8 63 @62 SUN DAY 8 62 @60 8 61 @59 HOLI DAY 8 63 @58 8 62 @57 8 65 @63 8 64 @62 8 66% @65% 8 65%@64% 8 69 @67 8 68 @66 SUN DAY 8 69 @67% 8 68 @66% 8 76 @69 8 75 @68 8 77 @76 8 76 @75 8 76 8 77 HOLI DAY 8 77 @73 8 76 @72 DAY SUN 8 73%@71% 8 72%@70 8 73% @72% 8 71%@71 8 76 @73 8 74%@72 8 79 @76 8 77%@74 @82% 8 84%@81 @85% 8 86% @84 SUN DAY 97 @88% 8 96 @87 96% @92 8 95 @90 8 92% @89% 93% @90 93%@91% 8 91% @90 91%@71% 8 90 @70 75% @73% 8 74 @72 SUN DAY 73%@55 8 72 @53 51 @7 95 8 49 @7 97 42 @8 27 8 40 @8 25 52 @40 8 50 @38 60 @57 8 58 @56 8 60 8 58 SUN DAY 61% @60% 8 60 @59 62% @61% 8 61 @60 64 @62% 8 63 @61 66% @65 8 65 @63% 68 @66% 8 66% @65 77 @71 8 75 @69 SUN DAY 83% @76% 8 82 @75 83% @75 8 82 @73 82% @80 8 81 @78% 80 @72 8 78% @70 8 75 8 73 8 75 8 73% @73 SUN DAY @45% 8 86 @45% 8 88 45 45 45 45 45 45 Italian (Lire) Sight 8 8 8 8 43 43% 8 42% @43 43%@43% 42% @43 43% @43% 8 42% @42% 43% @43% 8 42% 43% 8 42% 8 43% 4 53 4 53 25.......... 26......... 27......... 28......... 5 5 5 5 Sight 8 8 8 8 8 8 45 45 45 @45% @45% 45% 45% @45% 46 @46% 8 8 8 8 8 45% @45% 45% @46 46 45% @46 46 @46% 46 @46% 46 @46% 46%@46% 46% 46 @46% 46% @46% 46% @46% 8 8 8 8 8 8 46 46 45% @46 45% @46 46 46 46 46 46% 46% @46% @46% 46% 46% 8 8 8 8 5 5 5 5 13% 13% 13% 13% 5 5 5 5 31.50 12%@12% 31.50 12%@12% 12% @12% 30.50@31 12% @12% 30.50 5 5 5 5 5 5 13% 13% 13% 13% 13% 13% 5 5 5 5 5 5 12%@12% 30 12% @12% 30 12% @12% 30 12% @12% 30 12%@12% 30 12%@12% 30.75@31 5 5 5 5 5 5 13% 13% 13% 13% 13% 13% 5 5 5 5 5 5 12% @12% 30.75@31 12% @12% 30.75 12% @12% 30.50 12% @12% 30.50 12% @12% 31 12% @12% 31 5 5 5 5 5 5 13% 13% 13% 13% 13% 13% 5 5 5 5 5 5 12%@12% 12%@12% 12%@12% 12%@12% 12%@12% 12% @12% 30.75 30.75 30.75 31 31 31.25 5 5 5 5 13% 13% 13% 13% 5 5 5 5 12%@12% 12%@12% 12%@12% 12%@12% 31 31 30.75 31 5 14 5 14 5 12%@12% 5 12%@12% 5 5 5 5 5 5 5 5 5 5 5 5 14 14 14 14 14 14 12%@12% 12%@12% 12%@12% 12%@12% 12%@12% 12%@12% HOLI 33.25 32 33.25 @33.25 31 @31.50 33 31 33 SUN 30.50 32.50 30.50 32.25@32.50 30.50 32.25 30.50 32 30.50 32.25 31.25@31.50 32.75@33 SUN 31 @31.50 33 31.75 32.75 31 33 33 31 33.50@34 31.50 33.75 31.50 SUN 30.75@31.25 33.75 33.50 31.25 33.50 31.25 33.25 31.25 33.75 31.25 33.50 31.75 SUN 31.50 33.25 33.25 31.50 31.25 33.25 31.50 33.50 31 31 31.50 31.50 30.50 30.50 30.50 31 31 31 31 31 31 31.50 31.50 31.50 5 14 5 12%@21% 31 31.50 5 5 5 5 14 14 14 14 5 12%@12% 5 12% 5 12% 5 12% 30.50 30.25 30.375 30.375 31 30.75 30.875 30.875 5 5 5 5 14 14 14 14 30.375 30.25 30.25 30.25 30.875 30.75 30.75 30.75 5 5 5 5 12% 12% 12% 12% 5 14 5 12% 30.25 30.75 5 5 5 5 5 5 5 5 30 30 30.125 30.125 30.50 30.50 30.625 30.625 30.25 30.25 30.75 30.75 30.625 30.50 30%@30% 30% @30% 30.50 30.50 14 14 14 14 5 14 5 14 12% 12% 12% 12% 5 12% 5 12% 5 5 5 5 5 5 14 14 14 14 14 14 5 5 5 5 5 5 12% 12% 12% 12% 12% 12% 30.125 30 29.875 29.875 30 30 5 5 5 5 5 5 14 14 14 14 14 14 5 5 5 5 5 5 12% 12% 12% 12% 12% 12% 29.75 29.75 29.75 29.875 29.875 30 5 5 5 5 5 5 14 14 14 14 14 14 5 5 5 5 5 5 12% 12% 12% 12% 12% 12% 30.50 30 @31.25 30.50@30.75 31 31.50 31 31.25 30.75 31.50 31 31 31.50 5 5 5 5 5 5 14 14 14 14 13 13 5 5 5 5 5 5 12% 12% 12% 12% 11% 11% 30.75 31.25 30.75 30.25 30.50@30.75 31 @31.25 31 31.50 31 31.50 31 31.50 30.25 30.25 30.25 30.375 30.375 30.50 33.25 33.25 SUN 32.75 33.25 33 33 33 33 SUN 33 HOLI 33 33 33 33 SUN 32.875 32.625 32.625 32.625 HOLI 32.625 SUN 31.50 31.875 31.75 31.75 31.75 31.75 SUN 31.50 31.50 31.375 31.375 31.50 31.50 SUN 31.375 31.50@32 31.75 31.75 31.75 32 SUN 32 32.50 + 32.75 33.50 33.75 33.75 33.50 SUN 33.50 33 33 33.50 33.50 33.50 SUN DAY 32.75 32.75 33.75 33.25 33.50@33.75 32.75 33.25 33.50 32.75 33.25 DAY 33.50 31.50 32 32.75@33 31.25@31.50 31.75@32 31 32.75 31.50 31 32.50 31.50 32.25@32.75 31.25 31.75 33.25@33.50 32 @32.50 32.50@33 DAY 32.50 33.50 33 33.25 32.25 32.75 32 33.50 32.50 32 33.50 32.50 34 32.25 32.75 34.25 32.25 32.75 DAY 32 34.25 32.50 32 34 32.50 33.75 32.50 32.25 32.25 33.75 32.50 34 32.50 33 34 32.50 33 DAY 33.75 32.25 32.25@32.75 32 33.75 32.50 33.75 32 32.50 32 34 32.50 33.50@33.75 33.50@33.75 DAY 33.25 33.75@34 33.50 33.50 33.50 33.50 DAY 33.50 DAY 33.50 33.50 33.50 33.50 DAY 33.375 33.125 33.125 33.125 DAY 33.125 DAY 32 32.375 32.25 32.25 32 32 32.50 32.50 31.50 31.75 31.75 31.75 31.75 31.75 32 32.25 32.25 32.25 32.25 32.25 31.75 32.25 31.50 31.50 31.50 31.50 32 32 32 32 31.50 31.25 31.125 31.125 32 31.75 31.625 31.625 31.125 31.625 31.125 31.25 30.25 30.50 31.625 31.75 30.75 31 31 32.25 30.50 32.25 30.50 31 DAY 32 30.25 30.75 32 30.125 30.625 31.875 30 30.50 31.875 30 30.50 32 30.125 30.625 32 30.125 30.625 DAY 31.875 29.875 30.375 32 30.25 30.75 32.25 30.25 30.75 32.25 30.25 30.75 32.25 30.25 30.75 32.50 30.25 30.75 DAY 32.50 30.25 30.75 33 @33.25 30.75@31.25 31.25@31.75 34 31.50 32 34.25 31.50 32 34.25 31.50 32 34 31.50 32 DAY 34 32 31.50 33.50 31.25 31.75 33.50 31.125 31.625 34 32 31.50 34 31.50 32 34 31.50 32 DAY Russian (Rubles) Exchange Sight Bankers’ Cables HOLI DAY 12.75@13 13 @13.25 12.75@13 @13% 12.75@12% 13 13 @13.25 12.75@13 SUN DAY 13 12.75 13 @13.25 12.75@13 13% @13.25 12% @13 13.25 13 13 @13.25 13.25@13.50 13 @13.25 13.25@13.50 SUN DAY 13 @13.25 13.25@13.50 13 @13.25 13.25@13.50 13 13.25 13.25 13 13.25 13 13.25 13 SUN DAY 13.25 13 13 13.25 13 13.25 13 13.25 13 13.25 13 13.25 SUN DAY 13.25 13 13 13.25 13 13.25 13 13.25 Spanish (Pesetas) Bankers' Cables Checks 24.38 @24.40 24.40@24.4£ 24.52@24.57 24.40@24.45 24.45@24.55 24.35@24.40 24.40@24.45 24.25@24.30 24.35@24.40 24.40 24.30 24.20@24.30 24.32@24.38 24.24@24.30 24.32@24.38 24.40 24.30 24.40 24.30 24.20@24.22 24.30 24.30@24.32 24.25@24 30 24.10@24.24 24.05@24.10 24.20@24.32 24.40 24.40 24.35@24.40 24.20@24.34 24.15@24.20 24.10@24.20 24.30 24.24@24.28 24 34@24.36 24.20@24.30 24.20 24.28 24.18 24.28 24.18 24.18@24.20 24.28@24.30 24.15@24.20 24.25@24.30 24.25 24.15 24.15 24.25 24.15@24.20 24.20 @24.25 13.25 13.25 SUN DAY 13 13.25 13 13.25 13 13.25 13 13.25 13 25 13 13 13.25 SUN DAY 13.25 13 HOLI DAY 13.25 13 13 13.25 13 13.25 13 13.25 SUN DAY 13.25 13 13 13.25 13 13.25 13 13.25 HOLI DAY 13 13.25 SUN DAY 13 13.25 13.25 13 13 13.25 13.25 13 24.15@24.20 24.25@24.30 24.15@24.20 24.25@24.30 13.25 13.25 SUN DAY 13.25 13.25 13.25 13.25 13.25 13.25 SUN DAY 13.25 13.25 13.25 13.25 13.25 13.25 SUN DAY 13.25 13.25 13.25 13.25 13.25 13.25 SUN DAY 13.25 13.25 13.25 13.25 13.25 13.25 SUN DAY 24.25@24.35 24.35@24.42 24.33@24.35 24.40 @24.42 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 13 24.05 24.00 24.10 24.15@24.25 24.20@24.25 24.20@24.25 24.10 24.10 24.10@24.20 24.25@24.35 24.30@24.35 24.30 @24.35 24.20 24.30 24.20 24.30 24.20@24.25 24.30@24.35 24.20@24.25 24.30@24.35 24.20@24.25 24.30@24.35 24.30 24.20 24.20@24.25 24.30@24.32 24.32@24.35 24.25 24.32@24.35 24.25 24.25 24.32@24.35 24.22@24.25 24.20@24.22 24.19@24.19 24.22@24.22 24.30 @24.32 24.28@24.30 24.25@24.25 24.32@24.32 24.32 24.42 24.33@24.35 24.43@24.45 24.40@24.42 24.48 @24.49 24.40 24.50 24.45@24.52 24.55@24.60 24.52 24.60 24.52@24.60 24.60@24.80 24.80@25.02 24.80@25.00 24.80 24.80@24.85 24.60@24.70 24.70 @24.90 24.90@25.10 24.90@25.10 24.90 24.90 @24.95 24.80@24.90 24.95 @25 25.10@25.20 25.30@25.40 25.40@25.60 25.40 24.90 @25.00 25.05@25.10 25.2 @25.30 05.4r>@25.50 25.5('@25.70 25.50 25.40 25.30@25.40 25.30@25.40 25.50@25.60 25.60 25.60 25.50 25.4ii@25.50 25.40@25.50 25.60@25.70 25.70 25.70@25.75 FO REI GN EX CH AN GE RE CO RD . HOLI DAY 5 73% @73% 5 71%@71’u 4 36% 4 34% 5 73% 5 71% 4 37 4 35 5 73%@73% 5 71%@71% 4141 @38 4 39 @37 5 73% @73% 5 71%@71% 4 43 @41 4 42 @40 SUN DAY 5 73% @73% 5 71%@71% 4 47 @42 4 45 @40 5 73% 5 71*i«@71% 4 47 @45% 4 45 @43% 5 73% @73 5 71 4 61 @47 4 49 @45 5 71 @70% 4 51 @49 5 73 4 49 @47 5 72% @72% 5 70%@70% 4 49 @48 4 47 @46 5 72% @72% 5 70%@70“it 4 49 @48 4 47 SUN DAY 5 72% @72% 5 70% @70% 4 49 @47 4 47 @45 5 72%@72% 5 70% @70% 4 47% @47 4 45% @45 5 72% @72 5 70% @69“ie 4 48 @47 4 46 @45 5 72 @71 5 69% @69 4 47% @44 4 45% @42 5 71 @70% 5 69 @68% 4 44 @43 4 42 @41 5 71%@71% 5 69% @69% 4 44 @43 4 42 @41 SUN DAY 5 72 @71% 5 70 @69% 4 44 4 42 5 72 4 44 5 70 4 42 5 72 5 701i«@70 4 45% @45 4 43%@42% 5 72% @72 5 70>i«@70 4 45% @45 4 43% 5 72% 6 70% 4 46 @45% 4 44 @43% 5 72% @72 5 70% @70 4 48 @46 4 46 @44 SUN DAY 5 72% @72 5 70% @70 4 49 @48 4 48 @46 5 72*i6@72 5 701i«@70 4 54 @50 4 52 @48 5 72 4 54 @52 4 52 @50 5 70 5 72 @71% 5 70 @69% 4 54 @53 4 52 @51 s 's 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.......... @71% 5 70 @71% 5 70 Amsterdam (Guilders) Cables DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1918 (Continued.) Paris (Francs) Bankers' Checks Cables 5 5 5 5 5 Swiss (Francs) Sight Bankers’ 4 4 4 4 4 Sight Sight Cables 46 8 46% 46 46% 8 46 @4633 46% @47 8 46 @4633 46% @46% 8 4633 @4733 47 @47% 8 47% 4733 4 21 5 70 @6934 4 2634 @26 4 22 @21 5 70 @6934 4 2634 @26 4 24 5.70 @6934 4 1933 4 18 @17 5 6934@6934 4 22 @20 SUN DAY @20 4 1 7 33@15 5 7154 @7134 5 69%@69% 4 17 @15 @17 5 7154 @7134 5 6934@6934 @16 4 15 @12 5 7134 5 6934 @69?4 5 69%@69% @16 4 1333 @12 5 7134 @15 4 12 @11 5 7134@7134 5 6934@6934 @14 4 12 10 5 7134 @7134 5 69%@69% SUN DAY 4 15 4 11 5 6934 5 7134 @7194 4 15 @14 4 11 @10 5 71%@71% 5 6934 4 14 4 10 @04 5 7134 5 6934 4 04 @02 4 02 @3 98 5 6934 5 7134 @7134 4 04 @3 95 4 00 @3 90 5 7134 5 69 34 3 90 @3 84 3 86 5 7134 5 6934 SUN DAY 3 87 @3 84 3 80 @3 82 5 7134 5 6934 3 SO @3 88 3 87 @3 83 5 6934 5 7134 @7134 5 7134 5 6934@6934 1 11 @4 00 4 07 @3 97 06 4 07 @4 02 5 7194 @7134 5 70 @6934 4 11 4 08 4 05 @4 04 5 7134 5 6934 4 08 @4 07 4 04 @4 03 5 7134 @7134 5 6934 SUN DAY 4 06 5 7134 @71 4 03 @4 02 4 05 ,5 7 1 34 @71’i6 4 01 01 4 05 4 0133 @4 5 7134 HOLI DAY 4 07 @4 05 4 03 @4 01 5 7154 @7134 5 70%@70 48% 9 4733 @4753 4753 @4833 48% @48% 9 48 @48% 48% @48% 9 48 @4833 48% @48% 8 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 72 @7134 72 @7134 7194 @7154 71%@71% 4 02 SUN DAY 5 7134 5 7O5i6@7O34 4 05 @ 4 02 4 01 @ 3 98 5 7134 5 70si«@70% 4 02 @ 4 00 3 98 @ 3 94 3 94 3 99% @3 99 71J4@7134 5 7034 71%@71% 5 7034 @7034 3 98 @ 3 97 3 94 @ 3 93 3 93 3 97 5 7134 5 7034 3 93 3 97 5 7134 5 7034 SUN DAY 5 7034 @70 4 01 @ 3 98 3 97 @ 3 94 5 7134 5 70 4 01@3 9933 3 97@3 9433 5 7134 5 70 3 99@3 9833 3 9433 5 7134 5 70 3 9833 @3 98 3 9433 @3 94 71’ie@71% 71’ie@71% 5 7034 @70 4 01@ 3 98 3 96 @ 3 94 3 95 5 7034@70 4 00 5 7134 SUN DAY 5 7034 @70 4 00 @ 3 99 3 95 @ 3 94 5 7134 3 99 @ 3 96 3 94 @ 3 92 5 70 5 7134 3 99 @ 3 98 3 95 @ 3 94 5 70 5 7134 5 70 3 98 @ 3 97 3 94 @ 3 93 5 7134 3 93 5 70 3 97 5 7134 5 70 3 97@3 9633 3 93@3 9233 5 7134 SUN DAY 5 70 3 97 @ 3 96 3 93 @ 3 92 5 7134 5 70 5 7134 3 9933 @9633 3 9533 @9233 3 95 5 70 3 9933 @3 99 5 7134 5 70 4 0033 @3 99 3 96 @ 3 95 5 7134 5 70 4 0033 @4 00 3 96 5 7134 5 7134 5 5 5 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 5 7O3i6@7O34 4 06 47 47 47 @4733 @47% @4733 47 47 4653 @47 47% @47% 47% @47% 47% @47% 47% 47% 47% @47% 8 8 8 8 8 4633 @4653 4633 @4653 4653 @4733 4733 47 @4733 47 @4733 47 @47% 47 @47% 47%@47% 47% 47% @47% 47% @47% 8 8 8 8 47 @4733 47 @4733 47 @4733 47 @4733 47%@47% 4733 @4733 47% @47% 47% @47% 47% @47% 47% @47% 47% @48 47% @48 8 8 8 8 8 8 4733 @4733 47%@48 47%@47% 47% @48 8 9 9 @4833 @48% @4833 @4833 4833 4833 48%@4S% 48% @48% 48% @48% 48% @48% 48% @49 48%@49 9 9 9 9 9 9 4833 @4833 48%@48% 4853 @4833 4933 @49 53 50 @5033 50 @5033 48%@48% 48% @48% 49% @49% 50 @50% 50% @51 50% @51 9 9 9 5033 @5033 4933 @50 4833@49 48%.@49 49 @50 49 @50 50% @51 50 @50% 48%@49% 48% @49% 49% @50% 49% @50% 9 9 9 9 9 9 48 48 48 48 4933 4933 4933 9 9 49% 9 49% 9 50 @49% 9 77 @76 78% @76% 85 @79% 79% @79 8 83% 84 @83% SUN 87 @85 91%@86% 91%@91 91% @89% 88% @87 8 88% SUN 90 @88% 89 @88% 90 @88% 91 @90 8 91% 92%@91% SUN 92%@91% 94 @92 93%@93% 94 @92% 96% @94% 98 @97% SUN 00 @97% 02 @01 7533 @71 77 @75 83 @78 78 @7733 8 82 8 8233 @82 DAY 8 85 @8333 8 91 @85 8 91 @8933 8 89 @88 8 87 @8533 8 87 DAY 8 8833 @87 8 88 @87 8 8833 @87 8 8933 @8833 8 90 8 91 @90 DAY 8 91 @90 8 9233 @91 8 9233 @92 8 9233 @91 8 95 @93 8 9633 @96 DAY 8 9833 @96 9 00 @8 99 03 03 01 97 @01% @00% @8 96 @8 96 SUN 00@8 96% 00@8 99% 01@9 00% 01% @9 00 03 @9 01 06@9 04% SUN 08 @9 04 06 @9 01 02% @9 01 902 03 @9 02 04% @9 04 SUN 07@9 04% 07% @05% 07@9 05% 07% @9 07 09 @9 07 10 @09% SUN 16 @10% 16 @15% 15 @11 HOLI 12 @11 9 01 @9 00 9 01 8 99 8 95 DAY 8 98 @8 95 8 99 @8 98 8 9933 @8 99 8 99%@98% 9 01%@99% 9 04 @9 03 DAY 9 06 @9 03 9 04 @9 00 9 0033 @8 99 9 0033 @9 00 9 0133 @9 00 9 03@9 0233 DAY 9 05 @9 03 9 06 @9 04 9 0533 @9 04 9 08 @0533 9 0733 @0533 9 08 DAY 9 15 @9 09 9 14 9 14 @0933 DAY 9 10 9 1033 @0933 DAY 9 09@9 0833 9 09 9 09 9 09 9 09 9 09 DAY 9 09 9 09 9 09 @9 04 9 04 @8 90 8 95 8 90 DAY 8 90 8 90 8 90 8 90 8 90 8 90 DAY 8 90 8 90 8 90 8 85 8 85 8 4933 49% 9 4933 49% 4933 @50 4933 @50 4933 @50 50% @50% 5033 @5033 50 33 @5053 50 @50% 50% @50% 50% @50% 50%@51 50%@51 50%@51% 9 11%@9 11 SUN 9 10% @9 10 9 11 @9 10% 9 11 9 11@9 10% 9 11@9 10% 9 1J SUN 9 11 9 11 9 11 @9 06 9 06 @8 92 8 97 8 92 SUN 8 92 8 92 8 92 8 92 8 92 8 92 SUN 8 92 8 92 8 92 8 87 8 86 8 86 5033 @5053 50%@51% 51 5033 51% 5053 51 51% 51% 51 51 51% 51 5033 5033 5033 5033 5033 51% 51 51 51 51 51 51 5033 51 5033 51 5033 50% @50% 50% @51 50% 5053 49 ‘ “ 50% @50% 8 8 8 8 Greek (Drachmas) Denmark (Kroner) Sweden (Kroner) Norway (Kroner) Bankers' Checks Cables Bankers' Checks Cables Bankers' Checks Cables Bankers’ Checks Cables 33.50 33.50 33.75 33.25 33.75 34.125 SUN 33.75 33.375 33.75 33.50 33.50 33.375 SUN 33.25 33.375 33.375 33.50 33.50 33.50 SUN 33.50 33.375 33.50 33.50 33.375 33.375 SUN 33.50 33.50 5 5 5 5 5 5 13 13 13 13 13 13 5 5 5 6 5 5 1153 11% 1153 1153 1153 1153 30.875 30.875 31 30.875 31 31.125 31.375 31.375 31.50 31.375 31.50 31.625 5 5 5 5 5 5 13 13 13 13 13 13 5 5 5 5 5 6 1153 1153 1153 1153 1153 1153 30.875 30.75 30.625 30.625 30.625 30.50 31.375 31.25 31.125 31.125 31.125 31 5 5 5 5 5 5 13 13 13 13 1353 1353 5 5 5 5 5 5 1153 1153 1153 1153 1253 1253 30.50 30.625 30.50 30.75 30.75 30.75 31 31.125 31 31.25 31.25 31.25 5 5 5 5 5 5 1353 1353 1353 1353 1353 1353 6 5 5 5 5 5 1253 1253 1253 1253 1253 1253 30.75 30.75 30.75 30.875 30.75 30.75 31.25 31.25 31.25 31.375 31.25 31.25 5 1253 5 1253 31 30.875 31.50 31.375 5 1353 5 1353 5 5 5 5 1353 1353 1353 1353 5 5 5 5 1253 1253 1253 1253 30.875 30.875 30.875 30.875 31.375 31.375 31.375 31.375 5 5 5 5 5 5 1353 1353 1353 1353 1353 1353 5 5 5 5 5 5 1253 1253 1253 1253 1253 1253 30.75 30.75 30.875 30.875 31 31 31.25 31.25 31.375 31.375 31.50 31.50 5 5 5 5 5 5 1353 1353 1353 1353 1353 1353 5 5 5 5 5 5 1253 1253 1253 1253 1253 1253 30.75 30.75 30.75 31 31.125 31.125 31.25 31.25 31.25 31.50 31.625 21.625 5 5 5 5 5 5 1353 1353 1353 1353 1353 1353 5 5 5 5 5 5 1253 1253 1253 1253 1253 1253 31.25 31.25 31.00 31.25 31.125 31.125 31.75 31.75 31.50 31.50 31.375 31.375 5 1253 5 1253 5 1253 31.10 31.125 31.10 31.40 31.75 31.40 5 1353 5 1353 5 1353 5 1353 31.25 5 1253 5 1353 6 1253 5 5 5 5 5 5 1353 1353 1353 1353 1353 1353 5 5 5 5 5 5 1253 12J3 1253 1253 1253 1253 5 5 5 6 5 5 1353 1353 1353 1353 1353 1353 5 5 5 5 5 5 1253 1253 1253 1253 1253 1253 31 30 30 31 30 30 90 90 51353 5 1353 5 1353 5 1353 5 1353 5 1353 5 5 5 5 5 5 1253 1253 1253 1253 1253 1253 30 31 30 30 30 30 90 00 90 90 90 90 5 5 5 5 5 5 5 5 5 5 1253 1253 1253 1253 1253 30 30 31 30 30 90 85 1353 1353 1353 1353 13% 30 85 30 90 30 80 @30 90 31 31 125 31 31 90 90 80 80 31 25 33.50 33.50 33.50 33.50 SUN 33.25 33.375 33.375 33.375 33.50 33.50 SUN 33.50 33.50 33.75 34 34.50 34.50 SUN 34.50 34.50 34 34.375 34@34.375 34 @34.375 SUN 34.25 34.25 34.10 HOLI 33.85 33 85 SUN 31 30 33 90 20@31 30 33 90 31 50 33 90 31 40 34 10 31 40 34 10 31 40 34 10 SUN 31 40 34 00@34 10 31 30 33 90 31 30 34 31 40 34 31 30 34 31 30 34 SUN 31 30 34 31 40 34 10 31 30 33 90 31 30 . 34 10 31 30 34 30 31 30 34 30 SUN 31 30 34 40 31 20 34 60 @34 85 31 25 35 25 31 20 35 50 31 20 35% 34 34 34.25 33.75 34.25 34.625 DAY 34.25 33.875 34.25 34 34 33.875 DAY 33.75 33.875 33.875 34 34 34 DAY 34 33.875 34 34 33.875 33.875 DAY 34 34 31.50 31.50 32 31.50 31.625 32.125 32 32 32.50 32 32.125 32.625 13 13 13 13 13 13 31.50 31.375 31.50 31.50 31.50 31.375 32 31.875 32 32 32 31.875 14 14 14 14 14 14 31.25 31.25 31.25 31.50 31.375 31.375 31.75 31.75 31.75 32 31.875 31.875 14 14 14 14 14 14 31.25 31.25 31.25 31.375 31.25 31.25 31.75 31.75 31.75 31.875 31.75 14 14 14 14 14 14 31.25 31.25 31.75 31.75 14 14 34 31.25 34 31.25 34 31.25 34 31.25 DAY 31 33.75 33.875 30.75 33.875 31.25 31 33.875 34 31.00@31.25 34 31.00@31.25 DAY 34 31 34 31 34.25 31 34.50 31.25 34.50@35.00 31.60 31.60 34.50@35.0C DAY 34.50@35.0C 31.55 31.50 34.50@35.00 34.50 31.25 34.625 31.25 34.5O@34.625 31.25 34.50@34.625 31.25 DAY 24.50 31.30 31.25 34.50 34.40 31.25 DAY 34.20 34 20 DAY 34 30 34 20 34 20 34 40 31 40 31 40 DAY 31 40 34 30 34 40 34 40 34 40 34 40 DAY 34 40 34 50 34 30 34 50 34 70 34 70 DAY 34 80 35 15 35 50 36 35^ afiw Russian (Rubles) Exchange Sight 31 30 31 31 31 31 31 31 30 30 30 30 40 40 31 30@31 40 31 30 31 30 31 40 31 30 31 30 31.75 31.75 31.75 31.75 31.75 31.50 31.25 31.75 31.50 ■50@31.75 ■50@31.75 14 14 14 14 14 14 14 14 14 14 14 14 31.85 31.80 31.625 31.50 31.625 31.625 14 14 14 14 14 14 31 55 31 31 31 31 31 31 70 70 60 70 70 70 31 31 31 31 31 31 70 70 70 80 70 70 31 31 31 31 31 31 30 20 30 20 30 30 31 31 31 31 31 31 70 60 60 60 70 70 31 31 31 31 31 31 30 35 50 20 20 ! 31 31 31 31 31 70 75 75 60 70 SUN SUN SUN 13.25 13.25 13.25 13.25 13.25 13.25 DAY 15 15 15 15 15 15 DAY 15 15 15 15 15 15 DAY 15 15 15 15 15 15 DAY 15 15 14 14 14 14 31.50 31.50 31.50 31.75 31.90 31.90 31.60 31.75 31.625 SUN Bankers' Cables SUN DAY SUN DAY SUN DAY 25.60 25.45@25.55 25.80@26.20 25.55@25.70 26.25 26.25 25.70@25.75 25.55@25.65 25.90@26.30 25.65@25.80 26.35 26.35 26.00@26.15 26.00@26.15 26.15@26.20 26.40@26.65 27.25@27.50 27.25@27.70 26.05@26.25 26.05@26.25 26.25@26.30 26.50@26.80 27.50@27.60 27.75@27.80 27.75@29 29.25@30.75 28.75@29.50 26.75@28.2 26.50@27.25 26.50@27.25 28 @29.50 29.50@31.25 29 @30.00 27 @28% 26.75 @27.50 26.75@27.50 26.50 @27 26.75@27.25 27.50@28 27.50@28.25 27.25@27.50 27.25@27.50 26.75@27.25 27 @27.50 28 @28.50 27.75@28.50 27.50@27.75 27.50@27.75 27.50@27.75 27.75@28.00 27.50@27.75 27.75@28.00 28.25 27.75@28.OO 28.00@28.25 27.60@28.00 27.80@28.25 27.65 27.85 15 15 15 15 15 15 27.50@27.60 27.50 27.50 @27 75 27.75@27.90 27.80@27.90 27.80@27.90 15 15 15 15 15 15 28.00 @28.25 28.20@28.50 28.00 27.9O@28.125 28.10@28.25 27.90@28.50 28.10@28.25 28.OO@28.125 28.25 28.OO@28.125 28.25 15 15 15 15 15 15 28.00 28.25 28.00 28.25 27.75@27.90 28.00@28.10 27.90@28.00 28.10@28.25 28.00 28.25 28.00 82.25 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 •15 O' Bankers’ Checks Cables 15 15 15 15 SUN DAY 14 15 14 15 14 15 HOLI DAY 14 15 *14 SUN *14 *14 *14 *14 *14 *14 SUN *14 *14 *14 *14 *14 *14 SUN *14 *14 *14 ♦14 *14 *14 SUN *14 *14 *14 *14 *14 Spanish (Pesetas) 27.75 @27.80 27.75 27.75@28.00 28.00@28.10 28.05@28.10 28.05@28.10 28.00@28.25 28.25@28.50 28.25@28.40 28.50@28.60 28.35 @28.40 28.50@28.60 28.20 28.35@28.40 28 15@28 20 28 30@28 40 28 25 28 50 28 25 28 50@28 55 28 40 28 60 28 35@28 40 28 55@28 60 28 40@28 45 28 50@28 55 28 45@28 50 28 55@28 60 28 40 28 40 28 40@28 30 28 40 28 40 28 40 28 28 28 28 28 28 50 50 50 60 60 60 28 35 28 55 28 25 28 50 28 15 27 25 @28 00 27 50® 28 10 27% @27 50 27 75@27^ 27% @27 75 27% @28 00 27 50@27 75 27 75 @28 00 27 40 27 60 27 50 27 75 27 90 28 05 27 75 28 00 FOREIGN EX CH AN GE REC ORD . 3233 @31 33 @32 29 @25 3233 @30 2533 @25 4 25 DAY 4 25 4 26 @24 4 26 @24 4 23 4 23 4 25 @24 DAY 4 27 @26 4 26 @2333 4 2333 @23 4 2333 @21 4 2333 @23 4 24 @23 DAY 4 24 @23 4 24 @23 a 4 22 @21 4 22 @21 4 22 DAY 4 22 @21 4 2133 @21 5 5 72% @72% 34 @33 5 7034 72% @72% 5 7034@7034 3534 @34 72% @72% ; 32 @30 5 7034 72%@72% 34 @3234 5 7034 72% @72% 5 7034 @7034 30 @29 5 72% 4 29 5 7034 SUN 4 9Q 72% @72% 5 7034@7034 72% @72 5 7O34@7Osie 29 @28 29 @28 5 72% 5 7034 : 29 @27 72% @72 5 7034 72% @72 2734 @27 5 7034 72% @72 30 @29 5 7034 SUN 72% @72 5 7034 @7034 32 @30 72 % @72% 31 @29 5 7034 72% @72% 5 7034 @7034 4 28 72%@72% 5 7034 @7034 4 28 7234 @72 4 28 5 7034 @7034 5 72% 4 28 5 7034 SUN 4 28 5 72 5 70 72 @71% 4 28 5 70 4 28 72 @71J4 5 70 @6934 72 @7134 5 6934 2734 @2634 72 @7134 5 70 @6934 2734 @27 72>l«@7134 5 7O‘h@6934 . 2734 @27 SUN 5 72 5 70 27 @26 72 @7134 5 70 @6934 ; 2634 @26 Italian (Lire) Amsterdam (Guilders) Cables Paris (Francs) 1918 Bankers’ (jnecKs Cadies July 1. 2____ 3____ 4____ 5 71% 5 71?$ 5 71?$ 5 71?$ Aug 1. 2......... 3____ 4 _____ 5 ____ f,___ 7____ 8......... 9......... 10____ 11.. .. 12......... 13 ......... 14 ____ 15......... 16____ 17____ 18.. .. 19____ 20____ 21......... 22......... 23_____ 24......... 26____ 27.......... 28.......... 29 ......... 30 ......... 31____ 5 5 5 5 5 5 71?$ 71?$ 71?$ 71?$ 71?$ 71?$ 5 5 5 5 5 5 71?$ 71?$ 71?$ 71 % 71>4 7154 5 5 5 5 5 5 7154 7154 7154 7154 7154 71% 5 7154 5 7154 5 7154 5 7154 5 71 5 71 5 5 5 5 5 5 71 @7054 7054@7054 7054@7054 6954@69’ie 6854@68 6854 @68 5 5 5 5 5 5 6854@6854 6654@6654 6554@6554 65% @65% 65% @65% 65 54@6554 5 5 5 5 5 5 66 @6554 67 @6654 67% (o)6t> 6554 @63 54 63 @62 6154@61 5 5 5 5 5 61 @56 56 @5454 55 @5154 51 @5054 4954 @46 5 47 Amsterdam (Ouilders) Italian (Lire) Greek (Drachmas) Denmark (Kroner) Sweden (Kroner) Norway (Kroner) Bankers’ Bankers’ Sight Cables Bankers’ Bankers’ Cables Checks Bankers’ Checks Cables Bankers’ Checks Cables Bankers’ Cables Checks Cables 3 99 3 9954 @99 4 00?$ @00 HOLI 4 00@3 99 5 6954 4 00@3 99 5 6954 SUN 5 69% 4 00 4 00@3 99 5 6954 5 6954 3 9954 @9854 3 98 @96 5 6954 3 9754 @96 5 6954 3 98 @97 5 6954 SUN 3 98 @97 5 6954 6 69% 3 9854 @97 6 69% 3 98 @97 5 6954 3 9754 @97 5 69% 3 97 @9454 3 9554 @95 5 6954 SUN 5 6954 3 9454 @94 3 94 5 6954 '3 95 5 6954 3 9554 @95 5 6954 3 9554 5 6954 5 69% 3 95 @94 SUN 5 69?$ @69?$ 3 95 5 69% 3 95% @95 5 69% 3 95 @9454 3 96 3 965$ @96 3 97 @965$ DAY 3 965$ @95 3 965$ @95 DAY 3 965$ 3 965$ @96 3 965$ @95 3 945$ @93 3 94 @93 3 945$ @94 DAY 3 94 @93 3 955$ @935$ 3 95 @935$ 3 94 @93 3 935$ @91 3 925$ DAY 3 915$@91 3 92 @915$ 3 935$ @925$ 3 935$ @93 3 935$ 3 925$ @92 DAY 3 925$@92 3 93 @92 3 925$ 5 69% 3 95 @9454 5 69?$@69?$ 3 95 5 6954@6954 3 95 SUN 5 69?$@697i« 3 9454@94 5 6954 3 95 @9354 3 94 5 6954@6954 5 6854@6854 3 92 @9154 5 6754 @67 3 95 @92 5 6754 @67 3 96 @9554 SUN 5 6754@6754 3 96 @9554 5 6554@6554 3 9654 @95 5 6454@6454 3 9754 @95 5 6454 @6454 4 00@3 9954 5 6454 @6454 4 02 @4 00 5 6454 @6454 4 02@4 0054 SUN 5 65 @6454 4 06 @02 5 66 @6554 4 07 @06 5 6654 @6454 4 15 @0754 5 6454@6254 4 17 @1354 5 62 @61 4 22 @18 5 6054 @60 4 25 @21 SUN 5 60 @55 4 25 @21 5 56 @5254 4 32 @24 5 54 @5054 4 27 @23 5 50 @4954 4 2554@25 5 4854@45 4 25 5 46 4 26 3 93 @925$ 3 93 3 93 DAY 3 925$ 3 925$ 3 92 3 90 3 93 3 94 @935$ DAY 3 94 @935$ 3 945$ 3 955$ 3 98 @975$ 4 00@3 98 4 00@3 985$ DAY 4 04 @00 4 05 @04 4 13 @055$ 4 15 @115$ 4 20 @16 4 23 @19 DAY 4 23 @19 4 30 @22 5 25 @21 5 24 @235$ 4 23 4 24 5 6954 5 6954 5 6954 Sept 1. SUN DAY 2___ HOLI DAY 3____ 5 475404754 5 4654@4654 4 38 @27 4 36 @25 4__ __ 5 4754 @47 5 4654 @46 4 48 @40 4 46 @38 5 4754 @47 5 4654 @46 4 46 @45 4 44 @43 6___ 5 50 @48 5 49 @47 4 49 @47 4 47 @45 5 50 @49 5 49 @48 4 49 4 47 8____ SUN DAY 9......... 5 4954 @4854 5 4854@4754 4 50 @49 4 48 @47 10......... 5 4854@4754 5 4754 @4654 4 52 @50 4 50 @48 11.......... 5 48 5 47 4 46 @37 4 44 @35 12......... HOLI DAY 13......... 5 48 5 47 4 37 @36 4 35 @34 14____ 5 48 5 47 4 36 4 34 15. . SUN DAY 16____ 5 48 @4754 5 47 @4654 4 43 @36 4 41 @34 17......... 5 48 @4754 5 47 @4654 4 48 @43 4 46 @41 18......... 5 48 @47 % 5 47 @46% 4 48 @47 4 46 @45 19____ 5 48 (g)47 % 5 47 @46% 4 50 @45 4 48 @43 20......... 5 48 (3)47 % 5 47 @46% 4 50 @48 4 48 @46 21_____ 5 48 (o)47% 5 47 @46% 4 48 @46 4 46 @44 22_____ SUN DAY 23_____ 5 48 @4754 5 47 @4654 4 48 @45 4 46 @43 o 48 24____ 5 47 4 46 @45 4 44 @43 25......... 5 48 @4754 5 47 @46% 4 46 4 44 26......... i> 48 (3)4/ % o 47 @46% 4 46 @45 4 44 @43 27____ 5 48% @48 5 47% @47 4 44 @435$ 4 42 @445$ 5 48 % @48 28......... 5 4754 @47 4 44 @43 5$ 4 42 @415$ 29____ 1 1 SUN DAY 30......... 1 0 (©AYH'O 47 @46% 4 52 @44 4 50 @42 •Nominal. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 495$ @50 50 50 50 Sight 515$ 515$ 515$ 52 52 52 8 81 8 81 8 81 HOLI 8 81 8 81 SUN 8 81 8 81 8 81 8 81 8 81 8 81 SUN 8 81 8 81 8 81 8 81 8 81 8 81 SUN 8 51 8 51 8 51 8 51 8 51 8 51 SUN 8 01 8 01 8 01 515$ 515$ 515$ 52 52 52 8 01 8 01 7 91 515$ 515$ 525$ 52 5$ 525$ 525$ 525$ 525$ 52 5$ 525$ 525$ 52 5$ 7 7 7 7 7 52 5$ 515$ 51 505$ 505$ 505$ 52 5$ 52 515$ 515$ 515$ 515$ 7 7 7 7 7 7 505$ @505$ 505$ 505$ @505$ @505$ 5O5$@515$ 51 515$ 51 51 51 515$ 515$ 515$@515$ 515$@515$ 515$@515$ 51 ?$ @51J$ 52 52 515$@52 515i@615$ 515$@515$ 515$@515$ 515$@515$ 515i@515$ 51?$@51?$ 515$ @52 515$@52 515$ @52 515$@52 515$@52 515$@525$ 515$@5154 515$@525$ 515$@515$ 525$ @525$ 515$@515$ 515$ @52 515$ 515$ 515$ 515$ 515$ 515$ 505$ @ 515$ 515$ 515$@ 515$ 51J$@ 515$ 515$ 505$ @ 505$ 7 515$ @ 52 52 5$ 515$ @ 52 515$ @ 515$ 51 @515$ 51 @515$ 5O5$@ 505$ 505$@ 505$ 505$@ 505$ 505$ @ 505$ 505$@ 505$ 505$ 51 51 51 51 51 @ 515$ @ 515$ 7 @515$ 7 @515$ @515$ 51 SUN 91 @905$ @905$ @905$ @90 @90 SUN 91 @90 51 @50 51 @50 505$ @50 51 @50 51 @50 SUN 51 @50 7 51 7 51 7 51 7 51 7 51 SUN 7 51 51 @6 36 51 @6 36 6 36 6 36 6 36 7 91 91 91 91 91 Cables 8 80 8 80 8 80 DAY 8 80 8 80 DAY 8 80 8 80 8 80 8 80 8 80 8 80 DAY 88 8 8C 8 80 3 80 8 80 8 80 DAY 8 50 8 50 8 50 8 50 8 50 8 50 DAY 8 00 8 00 8 00 8 00 8 00 7 90 DAY 7 90 7 90 7 90 7 90 7 90 @885$ 7 90 @89 DAY 7 90 @885$ 7 50 @485$ 7 50 @485$ 7 50 @485$ 7 50 @485$ 7 50 @485$ DAY 7 50 @485$ 7 50 7 50 7 50 7 50 7 50 DAY 7 50 7 50 @6 35 7 50 @6 35 6 35 6 35 6 35 SUN DAY HOLI DAY 36 6 35 36 6 35 36 6 35 36 6 35 36 6 35 SUN DAY 6 36 465$ @ 47 475$@ 475$ 6 35 47 @ 48 6 36 475$ @ 485$ 6 35 49 6 37 @ 36 485$ 6 35 HOLI DAY 6 37 485$ @ 49 48 @ 485s 6 35 48 6 37 485$ 6 35 SUN DAY 48 @ 485$ 6 37 475$@ 48 6 35 48 6 37 475$ 6 35 475$@ 47J$ 48 @ 485$ 6 37 6 35 47 5$ @ 48 6 37 48 5$ @ 485$ 6 35 48 @ 485$ 485$ @ 485$ 6 37 6 35 48 @ 485$ 485$@ 485$ 6 37 6 35 SUN DAY 6 37 48 @ 485$ 485$@ 485$ 6 35 6 37 475$ @ 48 48 5$ @ 485$ 6 35 6 37 475$ 485$ 6 35 6 37 475$ 485$ 6 35 6 37 475$ 485$ 6 35 6 37 475$ 48 5$ 6 35 SUN DAY 6 37 475$@ 475$ 475$ @ 48 5$ 6 35 485$ @ 505$ 495$@ 51 48 @ 485$ 485$ @ 49 48 485$ 47 @ 48 475$ @ 485$ 465$ 475$ 6 6 6 6 6 5 13?$ 5 13?$ 5 13?$ 5 12?$ 5 12?$ 5 12?$ 5 13?$ 5 13?$ 5 12?$ 5 12?$ 5 5 5 5 5 5 13?$ 13?$ 13?$ 13?$ 13?$ 13?$ 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 513?$ 5 13?$ 5 13?$ 5 13?$ 5 13?$ 5 13?$ 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 5 5 5 5 5 5 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 13?$ 13?$ 13?$ 13?$ 13?$ 13?$ 5 13?$ 5 13?$ 5 13?$ 5 12?$ 5 12?$ 5 12?$ 5 13?$ 5 13?$ 5 13?$ 5 12?$ 5 12?$ 5 12?$ 5 5 5 5 5 5 13?$ 13?$ 13?$ 13?$ 13?$ 13?$ 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 5 5 5 5 5 5 13?$ 13?$ 13?$ 13?$ 13?$ 13?$ 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 5 5 5 5 5 5 13?$ 13?$ 13?$ 13?$ 13?$ 13?$ 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 5 5 5 5 5 5 13?$ 13?$ 13?$ 13?$ 13?$ 13?$ 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 5 5 5 5 5 13?$ 13?$ 13?$ 13?$ 13?$ 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 5 13?$ 5 13?$ 5 13?$ 5 12?$ 5 12?$ 5 12?$ 5 13?$ 5 13?$ 5 12?$ 5 12?$ 5 5 5 5 5 5 13?$ 13?$ 13?$ 13?$ 13?$ 13?$ 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 5 5 5 5 5 5 13?$ 13?$ 13?$ 13?$ 13?$ 13?$ 5 5 5 5 5 5 12?$ 12?$ 12?$ 12?$ 12?$ 12?$ 5 13?$ f 12?$ 35.10@35.20 35.10 34.90 HOLI 30.80 31.20 34.90 34.90 30.80 31.20 SU 31.20 35 30.80 30.80 31.20 35 30.80 31.20 35.10 31.20 30.80 35.20 30.80 31.20 35.25 35.20@35.25 31.20 30.80 SUN 31.20 30.80 35.20@35.25 31.20 35.20 30.80 31.20 35.20 30.80 31.20 30.80 35.20 30.80 31.20 35.20 35.20 30.80 31.20 SUN 35.30 30.30@30.40 30.90@31.10 30.90 35.25 30.90@31.10 35.30 31.00 31.40 35.50 31.10 31.50 35.50 31.10 31.50 31.00@31.10 31.40@31.50 35.45@35.50 SUN 35.30 31.00 31.40 31.00 31.40 35.35 31.00 31.50 35.35 31.70 35.50@35.60 31.20 31.60 35.50 31.20 35.25 31.20 31.60 DAY 31.20 31.60 35.30 35.30 31.20 31.60 DAY 35.40 31.20 31.60 35.40 31.20 31.60 35.50 31.20 31.60 35.60 31.20 31.60 35.65 31.20 31.60 35.60@35.65 31.20 31.60 DAY 35.60@35.65 31.20 31.60 35.60 31.20 31.60 35.60 31.20 31.60 35.60 31.20 31.60 35.60 31.20 31.60 35.60 31.20 31.60 DAY 35.60 31.60 31.20 35.65 31.25 31.65 35.70 31.70 31.30 35.90 31.40 31.80 35.90 31.80 31.40 35.85@35.90 31.30©31.40 31.70@31.80 DAY 35.70 31.30 31.70 31.60 35.75 31.20 31.60 35.75 31.20 35.40 35.40 35.45 SUN 31.10 35.40 31.50 31.10 35.45 31.50 31.10 355$ 31.50 31.10 31.50 36.00 35.85 31.10 31.50 31.10 35.75 31.50 SUN 31.20 31.60 35.50 35.50 31.20 31.60 31.60 35.30 31.20 31.10 31.50 35.25 31.10 31.40 35.25 31.10 35.25 31.50 SUN 31.10 31.50 35.25@35.30 31.15 31.55 35.30 31.10 31.50 35.30 31.00 31.40 35.30 31.00@31.10 31.40@31.50 34.70@35.30 31.00@31.10 3l.40@31.50 34.70@35.30 SUN 30.90 31.30 34.70 30.70 34.50 31.10 30.70 31.10 34.40 30.70 31.10 34.60 30.60 31.00 34.40 30.60 31.00 34.40 35.80 35.80 35.85 DAY 35.80 35.85 36.25 36.50 36.15 36.10 DAY 36.00 36.00 35.80 35.75 35.75 35.75 DAY 35.7O@35.75 35.70 35.70 35.70 35.00@35.70 15.00@35.70 DAY 35.10 34.70 34.80 34.80 34.80 34.80 30.80 30.80 30.70 31.10 31.10 31.10 31.20 31.20 31.10 31.50 31.50 31.50 SUN DAY HOLI DAY 33.00@34.40 33.40 @34.80 32.50@33.00 33.00@33.40 32.80@33.20 33.20@33.70 33.00@33.10 53.50 @33.60 33.00@33.10 13.50 @33.60 SUN DAY 30.20 @30.30 30.60 33.00@33.ll !3.40@33.60 30.00 30.40 33.00@33.1( 33 40@33.60 30.00 30.40 33.30@33.50 33.70 @33.90 HOLI DAY 30.00 30.40 33.30 @33.51 33.70@33.90 30.00 33.30 @33.50 33.70@33.90 30.40 SUN DAY 29.80 30.20 33.00 @33.40 53.40@33.80 29.70@29.80 30.10@30.20 32.40 @33.00 32.80 @33.40 29.70@29.80 29.95@30.10 32.60@32.80 33.00 @33.20 29.60@29.70 30.00@30.10 32.60@32.8C 33.00@33.20 29.80 30.20 32.60@33.00 33.00 @33.40 33.50 29.80 30.20 33.10 SUN DAY 29.80 33.40 30.20 33.00 33.30 29.50@29.70 30.00@30.10 33.00 33.50 29.80 30.00 33.10 33.50 29.80 30.10 33.20 33.60 29.80 30.10 33.30 29.80 33.50 30.10 33.30 SUN DAY 29.50@29.70 29.75@30.00 32.50@33.20 32.80@33.50 30.10 29.50 30.00 30.20@30.30 30.20@30.30 30.50 30.00 30.40 30.60 30.60 31.20 31.30 31.30 31.60 31.70 31.70 31.30 31.35 31.45 31.45 31.40 31.45 31.70 31.75 31.85 31.85 31.85 31.85 31.40 31.45 31.10 31.40 31.40 31.40 31.80 31.85 31.50 31.80 31.80 31.80 31.20 31.25 31.30 31.30 31.30 31.30 31.60 31.65 31.70 31.70 31.70 31.70 31.10 31.00 30.90 31.00 31.00 31.00 31.50 31.40 31.30 31.40 31.40 31.40 30.40 30.80 29.75@30.40 30.25@30 80 30.30@30.40 30.70@30.80 31.00 30.60 30.60 31.00 30.60 30.60 30.60 31.00 31.00 31.00 30.80 30.70 31.10 31 10 30.60 30.30@30.60 30.30@30.60 30.30@30.60 30.30@30.60 30.30@30.60 31.00 30.90@31.00 30.90@31.00 30.90 @31.00 30.90 @31.00 30.90@31.00 30.40 30.50 30.50 30.70 30.70 30.70 30.80 30.80 30.90 31.00 31.00 31.00 30.10@30.60 30.40 @30.90 Russian (Rubles) Exchange Sight Bankers’ Cables Spanish (Pesetas) Bankers’ Cables Checks *14 *14 *14 HOLI *14 *14 SUN *14 *14 *14 *14 *14 *14 SUN *14 *14 *14 *14 *14 ♦14 SUN *14 *14 *14 *14 *14 *14 SUN *14 *14 *14 *15 *15 *15 DAY *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 ♦15 27.75 27.50 27.45@27.50 27.65@27.75 27.45 @27.50 27.65@27.70 *14 *14 *14 SUN *14 *14 *14 *14 *14 *14 SUN *14 *14 *14 *14 *14 *14 SUN *14 *14 *14 *14 *14 *14 SUN *14 *14 *14 *14 *14 *14 ♦15 *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 *15 *15 26.20@26.75 26-30@26.85 26.50@26.60 26?$ @26.70 26.60 26.50 SUN HOLI *14 *14 *14 *14 *14 SUN *14 *14 *14 HOLI *14 *14 SUN *14 *14 *14 *14 *14 *14 SUN *14 *14 *14 *14 *14 *14 SUN *14 DAY DAY *15 *15 *15 *15 *15 DAY *15 *15 *15 DAY *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 *15 *15 *15 *15 *15 DAY *15 27.50 27.50 27.75 27.70@27.75 27.50 27.50@27.55 27.50 27.50 27.50 27.50 27.70@27.75 27.70@27.75 27.70@27.75 27.70@27.75 27.70@27.75 27.70@27.75 27.50 27.45@27.50 27.45 27.45@27.50 27.45@27.50 27.45@27.50 27.70@27.75 27.65@27.75 27.65 27.65@27.75 27.65@27.75 27.65@27.75 27.35@27.45 27.20@27.35 27.10@27.20 26.85@27.00 26.60@26.90 26.60@26?$ 27.55@27.65 27 30@27.45 27.20@27.30 26.95@27)$ 26.70@27.00 27.00 27.00 26?$ @27.10 26.95@27.10 27.05 @27.20 26.75@26.95 26.85@27.05 26.60 26.50 26.55 26.45 26.40 26.30 26.25 26.35 26.33 26.20 26.10@26.15 26.20@26.25 25.95 24.90 24.85 24.45 24.50 24.60 26.05 25.00 24.85 24.55 24.70 24.80 24.60 24.80 24.50@24.70 24.15@24.50 23.30@24.20 23.00@23.10 24.80 25.00 24.70@24.80 24.35@24.70 23.50@24.40 23.20@23.30 23.00@23.75 23.50 23.38@23.65 23.40@23.60 23.40@23.60 23.40@23.60 23.20@24.00 23.75 23.58@23.85 23.60@23.80 23.60@23.80 23.60 @23.80 23.20@23.40 23.20@23.40 23.20@23.40 23.15@23.30 23.15@23.20 23.40@23.60 23.40@23.60 23.40@23.60 23.15@23.50 23.15@23.40 22.65@22.90 22.85@23.10 22.65@23.20 22.85@23.40 23.20©23.40 23.20 23.05@23.20 23.15@23.20 23.00 23.15 23.00 22.70@22.80 22.70 @22.85 22.60@22.80 22.60@22.80 22.60@22.80 23.15 22.90@23.00 22.90@22.95 22.75@22.95 22.75@22.95 22.75@22.95 22.60@22.80 22.70@22.80 22.80@22.85 22.80@22.85 22.75@22.80 22.65@22.70 22.75@22.95 22.87@22.95 23.00 22.95@23.00 22.95 22.85@22.90 22.50@22.70 22.60@22.85 FORE IGN EXCHA NGE RECORD. 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. _ Swiss (Francs') Sight DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1918 {Concluded). Paris (Francs) Swiss (Francs) Amsterdam (Guilders) Italian (Eire) Greek (Drachmas) Denmark (Kroner) Sweden (Kroner) Norway (Kroner) Bankers’ Checks Cables Bankers' Bankers’ Sight Cables Bankers’ Bankers’ Checks Cables Bankers’ Checks Cables Bankers’ Checks Cables Bankers’ Checks Cables 5 47)4 @47 5 47)4 @47 5 47)4@47)4 5 47)4 @47)4 5 47X@47X 5 46)4@46 5 46)4 @46 5 46)4 5 46X@46X 5 46)4 @46)4 5 5 5 5 5 5 5 5 5 47)4 @47)4 47X@47X 47)4 @47)4 48)4 @48 48)4 @48 46X@46)4 46X@46)4 46X@46X 47)4 @47 5 47)4 5 48 5 48 5 48 5 48)4 @48 5 48)4 5 48)4 5 47 5 47 5 47 5 47)4 @47 5 47)4 5 47)4 5 5 5 5 5 5 5 5 5 5 5 5 48)4@48)4 48)4 @48 48)4 @48 48)4 @48 48 @47)4 48 @47)4 47)4@47)4 47)4 @47 47)4 @47 47)4 @47 47 @46)4 47 @46X @4 52 4 70 @4 @4 69 4 70 @4 @4 65 4 70 @4 @4 66 4 70 @4 66 4 64 SUN DAY 4 77 @4 67 4 75 @4 4 78 @4 74 4 76 @4 4 75 @4 74 4 73 @4 4 77 @4 75 4 75 @4 4 84 @4 79 4 82 @4 HOLI DAY SUN DAY 5 00 @4 92 4 98 @4 5 01 @4 96 4 98 @4 5 05 @5 02 5 03 @5 5 07 @5 02 5 05 @5 5 09 @5 06 5 07 @5 5 09 @5 06 5 07 @5 SUN DAY 5 02 @5 01 5 00 @4 5 02 @4 97 5 00 @4 4 98 @4 97 4 96 @4 4 97 @4 95 4 95 @4 4 98X@4 97 4 96X@4 5 00 @4 99 4 98 @4 4 4 4 4 5 5 5 5 72 72 72 72 4 05 06 06 05 @5 @5 @5 @4 01 02 05 99 5 47)4@47)4 5 46)4 @46)4 5 05 @5 00 5 02 5 47)4@47)4 5 46)4 @46)4 SUN 5 47)4@46)4 5 46X@45X 5 06 @5 02 HOLI 5 46)4 5 45X@45X 5 05X @5 03 5 46)4 @45 5 45)4 @44 5 06 @5 04 5 45 @44)4 5 44 @43)4 5 06 @5 04 5 44)4 5 04 5 43X @43)4 SUN 5 44)4 @43 5 43X@42 5 07 @5 05 5 42 @38 5 41 @37 5 08 @5 07 5 42 @39 5 41 @38 5 07@5 05X 5 44 @39)4 5 43 @39 5 06 @5 04 5 45 @44)4 5 44)4 @44 5 03 5 45 5 03 5 44)4 @44X SUN 5 45)4 @45 5 03 @5 00 5 44)4 5 45)4 @45)4 5 44X@44X 5 02 @4 99 5 00 5 45)4 @45)4 5 45 @44)4 5 45)4 @45)4 5 45)4 @45 5 00 @4 99 5 45)4 @45)4 5 45 5 01 @4 98 4 99 @4 97 5 45)4 @45% 5 45 SUN 5 45 4 98 @4 97 5 45)4 @45)4 5 45 4 97 @4 95 5 45)4 @45)4 4 95 @4 94 5 45 5 45)4@45)4 HOLI 5 45 4 94 @4 92 5 45)4 @45)4 5 45)4 5 45 4 92 @4 90 Dec 1. 5 5 5 5 5 5 45)4 @45)4 45)4 @45)4 45)4 @45)4 45)4@45)4 45)4 @45)4 45)4 @45)4 5 5 5 5 5 5 45 45 45 45 45 45 5 5 5 5 5 5 45)4 @45)4 45)4 @45)4 45)4 @45)4 4554 @45)4 45)4 @45)4 4554 @45)4 5 5 5 5 5 5 45 45 45 45 45 45 5 5 5 5 5 45)4 5 45)4 45)4 @45)4 45)4 @45)4 45)4 @45)4 45)4 @45)4 5 5 5 5 5 45 45 45 45 45 5 45 @44 X ©44)4 @44)4 @44)4 @44)4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 45)4 @4554 5 45 5 45)4 @45)4 5 45 @44)4 @44)4 4 5 45)4 @45)4 5 45 5 45)4 @45)4 5 45 5 45)4 @45)4 5 45 @44)4 @44)4 @44)4 5 45)4 @45)4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 5 45 Cables 5 5 5 5 03 04 04 03 @4 @5 @5 @4 5 03 @4 5 00 DAY 5 04 @5 DAY 5 03X@5 5 04 @5 5 04 @5 5 02 DAY 5 05 @5 5 06 @5 5 05 @5 5 04 @5 5 01 5 01 DAY 5 01 @4 5 00 @4 4 98 4 98 @4 4 98 @4 4 97 @4 DAY 4 96 @4 4 95 @4 4 92X@4 DAY 4 93 @4 4 89 @4 Sight 50 68 63 65 46X@47 45X@46 45X@46X 46 @46 X 45 X 47 @47 X 46 @46X 46 @46X 46X@46X 46 X 6 6 6 6 6 65 72 70 73 77 44X@45X 44X@44X 44X@44X 44 @44X 43X@43X 45 @46 44X@45 44X@45 44X@45 43X@44X 6 6 6 6 6 90 94 00 00 04 04 42X@43 42X@42X 42X@43 42X@43 42X@42X 42 X 43X@43X 43 @43 X 43 @43 X 43 @43X 42X@43 42 X 6 6 6 6 6 6 99 95 95 93 95 97 42X@42X 42X@42X 42 X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42 X 42X@42X 42X@42X 42X@42X 6 6 6 6 6 6 SUN 37 37 37 37 37 HOLI SUN 37 37 37 37 37 37 SUN 37 37 37 37 37 37 99 00 03 97 42 @42X 41X@42 41X@41X 41X@41X 42X@42X 41X@42X 42 @42 X 42 @42X 6 6 6 6 37 37 37 37 37 37 37 37 37 Cables 6 35 6 35 6 35 6 35 6 35 DAY 6 35 6 35 6 35 6 35 6 35 DAY DAY 6 35 6 35 6 35 6 35 6 35 6 35 DAY 6 35 6 35 6 35 6 35 6 35 6 35 6 6 6 6 35 35 35 35 6 35 6 35 SUN DAY 6 35 37 HOLI DAY 37 6 35 37 6 35 6 35 37 6 35 37 SUN DAY 37 6 35 37 6 35 6 35 37 37 6 35 6 35 37 6 35 37 SUN DAY 37 6 35 37 6 35 6 35 37 37 6 35 6 35 37 6 35 37 SUN DAY 37 6 35 6 35 37 6 35 37 HOLI DAY 6 35 37 6 35 37 5 5 5 5 6 13X 13X 13X 13X 13X 6 5 5 5 5 12X 12X 12X 12X 12X 28.75@29.25 28.30@28.50 28.50 28.60@28.80 28.60@28.80 5 5 5 5 5 13X 13X 13X 13X 13X 5 5 5 5 5 12X 12X 12X 12X 12X 28.20@29.10 28.50@29.50 28.00 @28.20 28.30@28.50 28.50 28.80 27.70@28.00 28.00@28.30 27.30 27.60 5 5 5 5 6 5 13X 13X 13X 13X 13X 13X 5 5 5 5 5 5 12X 12X 12X 12X 12X 12X 27.20 27.50 27.20 27.50 27.20@27.30 27.50@27.60 27.20 27.50 27.10@27.20 27.40 @27.50 27.10@27.20 27.40@27.50 5 5 5 5 5 5 13X 13X 13X 13X 13X 13X 5 5 5 5 5 5 12X 12X 12X 12X 12X 12X 27.10 27.40 27.10 27.40 27.10 27.40 27.10@27.20 27.40@27.50 27.10 27.40 27.10@27.20 27.40@27.50 5 5 5 5 13X 13X 13X 13X 5 5 5 5 12X 12X 12X 12X 27.00@27.10 27.30@27.40 27.00 27.30 27.00 27.30 27.00 27.30 29.00 @29.50 28.60@28.75 28.75@28.80 28.90@29.10 28.90@29.10 98 41X@ 41% 42X@ 42X 41X@ 41X 42X@ 42X 6 37 6 37 5 13X 5 13X 5 12X 5 12X 26.80 @27.00 27.10@27.30 26.80@27.00 27.10@27.30 00 41X@ 41% 41X@ 42X 6 5 13X 5 12X 26.60@26.70 26.90@27.00 01 42 @ 42X 41X 02 41X@ 41X 41X@ 42 42 02 41X 41X 41X 6 6 6 6 5 5 5 5 13X 13X 13X 13X 5 5 5 5 12X 12X 12X 12X 26.50@26.60 26.80@26.90 26.50 26.80 26.50 26.80 26.50 26.80 03 41X@'41X 41X@ 41X 05 41X 41X 04 41X 41X 02 41X 41X 41X® 41X 41X® 42 42 41X@ 41X 6 6 6 6 6 6 5 5 5 5 5 5 13X 13X 13X 13X 16X 16X 5 5 5 5 5 5 12X 12X 12X 12X 15 15 26.20@26.50 26.50 26.30 26.30@26.40 26.30@26.60 26.30@26.60 98 41X@ 41X 97 41X@ 41X 41X 97 41X 96 41X 96 41X 6 6 6 6 6 6 5 5 5 5 5 5 16X 16X 16X 16X 16X 16X 5 5 5 5 5 5 15 15 15 15 15 15 26.50@26.60 26.80@26.90 26.50@26.60 26.80@26.90 26.60@26.70 26.90@27.00 26.50 26.80 26.50 26.80 26.50 26.80 @ 42X @ 42X 42 X 42 X 42X@ 42X 42X@ 41X 42 42 95 41X@ 41X 42 93 41X@ 41X 42 92 41X© 41% 42 @ 42X @ 42X @ 42X 6 6 6 90 87 42 X 42 X 6 6 SUN DAY 93 @4 91 4 90 @4 88 96 @4 93 4 93X@4 90 97 @4 96 4 94 @4 93 96 @4 93 4 93X@4 91 93 @4 92 4 90 @4 89 4 90 4 93 SUN DAY 4 90 4 93 4 93 4 90 4 90 4 93 93 @4 91 4 90 @4 88 92 @4 91 4 89 @4 88 93 @4 91 4 93 @4 88 SUN DAY 93 @92 X 4 90 @89X 93 @4 90 4 90 @4 87 89 @4 85 4 86 @4 82 88 @4 87 4 85 @4 84 87 @4 86 4 84 @4 83 4 83 4 86 SUN DAY 4 82 4 85 83 @4 81 4 79 @4 78 HOLI DAY 4 80 4 77 4 77 4 80 4 80 4 77 SUN DAY 4 80 4 77 41X 42 X 42 @42X 41X@42 41X@42 41X@42 42 @42 X 42 @42X 42 X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 6 6 6 6 6 6 37 37 37 37 37 37 42 42 @42X @42 X 42 X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42 X 42X@42X 42X@42X 42X@42X 6 6 6 6 6 6 36 36 36 36 36 36 42X@42X 42H@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42'X 42X@42X 42X@42X 42X@42X 6 6 6 6 6 6 36 36 36 36 36 36 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 42X@42X 4_2X@42X SUN SUN SUN SUN 6 36 6 36 HOLI 6 36 6 36 6 36 SUN 6 36 DAY 6 35 6 35 6 35 6 35 6 35 6 35 DAY 6 35 6 35 6 35 6 35 6 35 6 35 DAY 6 35 6 35 6 35 6 35 6 35 6 35 DAY 6 35 6 35 DAY 6 35 6 35 6 35 DAY 6 35 26.50@26.80 26.80 26.60 26.60@26.70 26.60@26.90 26.60@26.90 5 16X 5 16X 5 16X 5 15 5 15 5 15 26.50 26.50 26.50 26.80 26.80 26.80 5 16X 5 16X 5 15 5 15 26.50 26.50 26.80 26.80 5 5 5 5 5 5 16X 16X 16X 16X 16X 16X 5 i 5 5 5 5 15 15 16 16 16 16 5 5 5 5 5 5 16X 16X 16X 16X 16X 16X 5 5 5 5 5 5 15 15 15 15 15 15 26.60 26.90 26.60 26.90 26.75 27.00 26.75@27.00 27.00@27.25 26.90 27.15 26.90 27.15 5 5 5 5 5 5 16X 16X 16X 16X 16X 16X 5 5 5 5 5 5 15 15 15 15 15 15 26.90 27.15 26.85@26.90 27.10@27.15 27.00@27.20 27.20@27.40 26.75@27.00 27.00@27.20 26.80 27.00 26.80 27.00 26.50 26.50 26.50 26.50 26.60 26.60 26.80 26.80 26.80 26.80 26.90 26.90 5 16X 5 16X 5 15 5 15 26.85 26.87X 27.10 27.12X 5 16X 5 16X 5 16X 5 15 5 15 5 15 26.87X 26.87X 26.87X 27.12X 27.12X 27.12X 5 16X 5 15 26.85 27.15 31.70@32.30 31.00@31.30 31.00@31.70 31.50@31.70 31.50@31.70 SUN 31.00@31.50 30.70 30.70 30.20 @30.40 29.70@30.00 HOLI SUN 29.15@29.50 29.20@29.50 29.20@29.50 29.20@29.60 29.00@29.10 29.00@29.10 SUN 29.00@29.10 29.00@29.10 29.00@29.10 29.10@29.20 29.10 29.10 SUN 28.80 @28.90 28.60@28.70 28.60 28.50 32.00 @32.60 31.25@31.60 31.25@32.00 31.80@32.00 31.80@32.00 DAY 31.30@31.80 31.00 31.00 30.50@30.70 30.00@30.30 DAY DAY 29.45@29.80 29.45@29.80 29.45@29.80 29.50 @29.90 29.30@29.40 29.30@29.40 DAY 29.30@29.40 29.30@29.40 29.30@29.40 29.40@29.50 29.40 29.40 DAY 29.10@29.20 28.90 @29.00 28.90 28.80 29.25@29.80 28.70@29.00 29.00@29.20 29.00@29.20 29.30 28.10 28.10 SUN 27.70@27.90 HOLI 27.60 27.60 27.60 27.50@27.60 SUN 27.50@27.60 27.20 27.20 27.20 27.20@27.40 27.40@27.60 SUN 27.00@27.60 27.60 27.70 27.70 27.70 27.70 SUN 28.00 28.00 28.00 HOLI 28.00 28.00 28.40 28.40 DAY 28.00@28.20 DAY 27.90 27.90 27.90 27.80 @27.90 DAY 27.80@27.90 27.50 27.50 27.50 27.50@27.70 27.70@27.90 DAY 27.30@27.90 27.90 28.00 28.00 28.00 28.00 DAY 28.30 28.30 28.30 DAY 28.30 28.30 27.20@27.30 27.50@27.60 27.20@27.30 27.50@27.60 SUN 28.20 28.20 28.20 28.20 28.30 28.60 SUN 28.60 28.60 28.75 28.75@29.00 28.80 28.80 SUN 28.80 28.85 29.00@29.30 29.00@29.20 29.00@29.10 29.20 SUN 29.25 29.25 HOLI 29.25 29.12)4 29.12)4 SUN 29.15 DAY 28.50 28.50 28.50 28.50 28.60 28.90 DAY 28.90 28.90 29.00 29.00@29.25 29.10 29.10 DAY 29.10 29.10 29.20@29.50 29.25@29.40 29.25@29.30 29.40 DAY 29.50 29.50 DAY 29.50 29.37)4 29.37)4 DAY 29.35 Bankers’ Cables 29.50@30.10 28.90@29.25 29.25@30.00 29.30@29.50 29.60 28.50@28.70 28.75@29.00 28.40@28.50 28.70@28.80 28.00@28.10 28.30@28.40 28.50 27.00 @28.00 27.80@28.30 27.50 27.80 27.50 27.80 27.50@27.60 27.80@27.90 27.50 27.80 27.40 @27.50 27.70@27.80 27.40@27.50 27.70@27.80 27.40@27.50 27.70@27.80 27.40@27.50 27.70@27.80 27.50 27.80 27.50@27.60 27.80@27.90 27.50 27.80 27.50 27.80 27.30 @27.40 27.60@27.70 27.30 27.60 27.20 27.50 27.20 27.50 27.10@27.20 27.40@27.50 27.10@27.20 27.40@27.50 27.00 27.30 27.00 . 27.30 27.00 27.30 27.00 27.30 27.00 27.20 26.80 27.10 26.80 27.10 26.80@27.00 27.10@27.30 26.80@27.00 27.10@27.30 26.80@27.00 27.10@27.30 27.20 27.50 27.30 27.60 27.30 27.60 27.30 27.60 27.30 27.60 27.30 27.30 27.30 27.60 27.60 27.60 27.40 27.40 27.60 27.60 27.30@27.40 27.30@27.40 27.30@27.40 27.30@27.40 27.60 27.60 Russian (.Rubles') Exchange Sight 27.60 27.70 27.70 27.70 27.90 27.90 SUN *14 *14 *14 *14 *14 HOLI DAY SUN DAY *14 SUN ♦14 ♦15 *14 *15 *14 *15 *14 *15 *14 *15 *14 *15 SUN DAY *14 *15 *14 *15 *14 *15 *14 *15 14 14 SUN 14 HOLI 14 14 14 14 SUN 14 14 14 14 14 14 SUN 14 14 14 14 14 14 SUN 14 14 14 HOLI 14 14 14 14 14 14 14 14 27.60 27.90 27.60 27.90 27.60 27.90 27.75 @28.00 28.00@28.25 27.90 29.10 27.90 29.10 14 14 14 14 14 14 27.90 29.10 27.85 28.10 28.00@28.30 28.20@28.50 27.75@28.00 28.00@28.25 27.80 28.00 27.80 28.00 14 14 14 14 14 14 28.00 28.00 28.25 28.25 28.00 27.87)4 27.87)4 28.12)4 28.00 28.20 28.25 28.12)4 DAY DAY DAY DAY DAY DAY SUN DAY SUN DAY SUN DAY Spanish (Pesetas) Bankers’ Checks Cables 22.00 @22.40 21)4 @21.95 21.65@21.90 21.20@21.60 21.20@21.65 22.10@22.50 22.00 @22.05 21.75@22.00 21.30@21.70 21.30@21.75 21.35@21X 20.90@21.20 21.00@21.05 20.80 20.30@20.65 21.45@21.75 21.05@21.35 21.10@21.15 20.95 20.50@20.75 20.45@20.50 20.50 20.60@20.95 20.70@20.90 20.65 20.65@20.70 20.60@20.65 20.00@20.65 20.70@21.05 20.85@21.00 20.75 20.75 @20.80 20.65@20.80 20.75@21.00 21.00 21.00@21.05 20.90@21.00 20.80@20.90 20.75©20.90 20.85@21X 21.12)4 21)4 @21.15 21.00@21.10 20.90@21.00 20.80@20.90 20.90 @21.00 20.45@20.60 20.55@20.70 20.40 20.50 20.40 20.50 15 15 20.35@20.40 20.45@20.50 20.35@20.40 20.45@20.50 15 20.10@20.15 20.20@20.30 15 15 15 15 20.10@20.15 20.10@20.15 20.05@20.10 20.00@20.05 20.20@20.30 20.20@20.25 20.10@20.20 20.10@20.15 15 15 15 15 15 15 19.90@19.95 19.85@19.90 19.65@19.80 19.80@20.00 19.95@20.00 19.95@20.00 20.00 @20.05 19.95@20.00 19.75 @19.90 19.90 @20.10 20.05@20.10 20.05@20.10 15 15 15 15 15 15 20.00 20.10 20.00@20.05 20.10@20.15 19.90@20.05 20.00@20.15 19.90 20.00 19.90 20.00 19.90@19.95 20.00 @20.05 15 15 15 20.00 20.10 20.00 20.10 19.95@20.00 20.05@20.10 15 15 19.95@20.00 19.90 20.05 20.00 15 15 15 15 15 15 19.85@19.90 19.80@19.85 19.73@19.80 19.75 19.85 19.85 19.95@20.00 19.90 @19.95 19.80@19.90 19.85 IQ 19.93@19.95 15 15 15 15 15 15 19.85 19.95 19.85 19.95 20.00 20.10 20.08@20.20 20.16@20.30 20.07@20.15 20.15@20.23 20.05 @20.07 20.15 15 15 15 15 15 15 19.98@20.00 19.97@20.00 19.98@20.00 19.95@20.00 19.97 19.97@20.00 SUN DAY 14 15 14 15 HOLI DAY 20.08@20.10 20.05@20.10 20.05@20.10 20.02@20.08 20.05 20.05@20.08 20.00@20.05 20.10@20.15 20.05 20.14@20.15 20.05 20.00 20.00 20.13 20.10 20.10 20.00@20.05 20.10@20.13 FOR EIGN EXCH ANGE RECOR D. 5 47)4 @47)4 5 46)4@46)4 5 4754 @46 5 46)4 @45 5 46 5 45 5 47)4 @46 5 46)4 @45 Sight 165 MONTHLY RANGE OF EXCHANGE. MONTHLY RANGE OF EXCHANGE AT NEW YORK ON THE CONTINENTAL CENTRES In view of the importance which American rates of exchange on the Continental centres of Europe have assumed since the outbreak of the European war, we have compiled and present herewith very extended tabulations covering the fluc tuations in exchange on those centres during the past five years. Prior to the occurrence of the war, the preponderating portion of the country’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 outside 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 1mpossible to carry the comparisons very far back. Since 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 London, 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 pre served, 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 pre ceding we furnish a statement showing the rates on all the leading Continental centres for each day of the fifty-four months ending Dee. 31 1918—covering the whole of the period since the war began, and a month before. It has been no easy task to get the figures together for the early part of this period, and we have had to solicit the good offices of exchange dealers and others so as to bridge a number of gaps. Of course, immediately following the outbreak of the war, and particularly during the month of August 1914, the exchange 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 out, 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 expiration of the debt extension period before American bankers could under take to draw and to offer bills again. Abnormally high rates of exchange were reached during that period. On the other hand, in 1915 and subsequent years exchange went to the other extreme, 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 countries, 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 1915,1916,1917and 1918, printed on preceding pages, we give below a record of the monthly fluctuations for the whole of the last five years. METHOD OF QUOTING.—Foreign exchange rates are an expression of foreign monetary units in terms of United States money. Two methods of expressing the 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 num ber of such units (or fractions 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 decline 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 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 in such instances. The other method, that of quoting the foreign unit in cents in our money, is fol lowed in all other cases in our tables. There is just one deviation from this rule, that is in the 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 intrinsic 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. 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 cents for the Danish, Swedish and Norwegian kroner, 51.46 cents for the Russian ruble and 19.30 cents for the Spanish gold peseta. 1914 1914 January Lowest 5 5 5 5 5 5 5 94% 94% 95+*32 *32 93*h6 94% 94*3i6 5 5 5 5 5 5 5 Lowest 21 %— *32 20%—332 18%—*32 17%—*64 23%—*i6 21 %— *32 18% 5 5 5 5 5 5 5 22% + *i6 21% + be 18%+ *32 18% + *32 24%+*ie 23% 20+he 94% 94% 94*16 94% 943i6 94*16 94**16 95116 + 132 95%+ *32 95*16 95% 93% 94*u 94% 95 93**ie 94 94% 94% 94*16 94% 5 20% 5 21% + *ie 5 20—*,e 5 26%—*ie 5 26% 5 25—*i6 April March Highest 22%—*i6 5 22% 21%—*i6 5 21% + *i6 18%—*32 5 18% + *32 17%—*32 5 18%+ *64 23%—"is 5 23% + *i6 22 %—*i6 5 22% + *i6 18% 5 20+ *i6 Lowest Highest 5 5 5 5 5 5 5 21 %—be 20— *32 17%—*st 16%—*64 22 %—*32 21 %—*i6 18%—*i6 5 21% + be 5 18%—*i6 5 20+*32 5 18%—*i6 5 15%--- 332 5 17% + *32 5 15 + 332 5 22+132 5 21 %—*i6 5 21% +*32 5 19%—*32 5 18%+ *i6 5 17%—*i6 94*16 94*3u 95% 95*16 94% 94»i6 95% 95*16---- *64 Lowest 5 5 5 5 5 5 5 94% 94**ie 94b6 94**16 95% 94% 953i« Lowest Highest 19% + be 5 18%—*32 5 17%—*i6 5 15—*32 15-—164 5 15—*64 21%+*32 5 20—*32 19% + be 5 18%— *32 17% 5 16%—*32 18/^4" Ji6 15%+*32 94% 94% 95% 95*16 94% 94% 95% 95*16—*64 95*16+*32 94*16 94**i6 94’h 94% June May Highest 94% 95 95% 95*16 94% 94% 953i6 5 5 5 5 5 5 5 19% 18% 16% 15% + *32 20% + *i. 19% + be 16% +*32 94*16 94*3i6 95% 953i6 943i6 94*16 94**16 5 21% + be 5 19%—*32 5 20 + *i6 5 17%—*32 5 18% 5 17%—*32 5 19% 5 26%+ *i6 5 24%+ *i6 5 24%+ *i6 5 23% 5 23%+ *i6 5 22%—*32 5 25 Highest 5 5 5 5 5 5 5 18^--- 332 17>6--- 332 15—*64 14%.—*3S 20—*32 18%—*32 15%—be 94% 95 95’ie 95%+*32 94’ie 94**16 95*16 5 18%—*31 5 23%—*32 5 21%—*16 5 21%+be 5 21 %—*32 5 21%+*i6 5 20—*i6 5 20+*32 5 18%—*i6 5 18%+ ’i6 5 18%—*i6 5 18% + *32 5 17%—*31 5 18%—*32 5 18%+ *ie 5 18%—*32 5 18% 5 17%—*32 5 17%+*32 5 16%—*i6 5 16% + *32 5 15%—*32 5 16%+ *i6 5 15—*31 405l« + 132 40*16—*16 40*16+*16 40*16+ *32 40*16—*64 40 %—*i6 40%+ *16 40 %—*32 40%+ *32 40*16—% 39^6—*32 39**16+*16 39% 40+*i6 39% 39% +*32 39% + 332 39% 39**16—*16 39**16+ *32 39**16 26 82 26 88 26 88 26 80 26 86 26 84 26 88 26 84 26 88 26 82 26 90 5 19% 20 16 51% Lowest Highest Paris (Francs)— Bankers’, 90 days__ 5 25% Do 60 days__ 5 23% Do Sight___ 5 20% Do Cables__ 5 20 Commercial, 90 days__ 5 26% + *32 Do 60 days__ 5 25%+*32 Do Sight. 5 21% Berlin (Reichmarks)— Bankers’, 90 days__ 93% Do 60 days__ 94% Do Sight 94nie—*32 94**16---- *32 Do Cables__ Commercial, 90 days__ 93% 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 % 4" 132 Amsterdam (Guilders) 40%—*33 Bankers’, Sight___ Commercial, 60 days__ 39%+*16 Denmark (Kroner)— Bankers’, Sight_____ 26 68 Italian (Lire)— Bankers’, Sight_____ 5 23% Bankers’, Sight___ Russian (Rubles)— Bankers’, Sight February 20 26 51% 5 20% 5 19%—be 5 20 20 24 20 28 51% 51**16 5 18% 20 24 51% 5 19% 20 28 5 17% 20 25 51% •20 27 51% 51% 51*16 5 16 %—»« 5 17%+be 5 16J^—1ie 5 17% 20 29 20 32 51*16 20 23 51% ' 20 32 51*16 1914—(Concluded.) July Lowest Paris (Francs)— Bankers’, 90 days__ 5 Do 60 days__ 5 Do Sight (checks) 5 Do Cables___ 5 Commercial, 90 days__ 5 Do 60 days___ 5 Do Sight*____ 5 Berlin (Reichsmarks)Bankers’, 90 days. Do 60 days.. Do Sight___ Do Cables .. Commercial, 90 day3. Do 60 days__ Do Sight____ Antwerp (Francs)— Bankers’, Sight____ 5 Commercial, 60 days__ 5 Swiss (Francs)— Bankers’, 60 days__ 5 Do Sight____ 5 Amsterdam (Guilders) Bankers’, Sight____ Do Cables___ Commercial, 60 days__ Do Sight_____ Denmark (Kroner)-— Bankers’, Sight (checks) Italian (Lire)— Bankers’, Sight____ 5 Vienna (Kronen)— Bankers’, Sight____ Russian (Rubles)— Bankers’, « Sight____ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 20 19% 16% 16% 22% 20% 18% 94>*ie 95'h 953i6— 943ie 94’ie 9413ie September August 17% 15% 60 25 20%18% 94**18 94*«ie 96% 104 94% 94% 953i« 5 13 5 11% 95% 96 Highest 5 10 4 90 97 104 Lowest 5 12 5 11% 94% 94% 1 Highest 5 05 5 02 97 97% 19% 24% 4 90 5 22% 5 20 5 18 19% 16% 5 16% 4 65 5 01 5 01 5 00 5 00 40*ie39%" 26 81 18% 41% 40% 42 27% 27% 4 90 5 00 4 90 | October Lowest 5 15% 5 14% 88 88 5 03% 5 18 Highest 5 05 5 04 94% 94% 5 03 5 03 40% 41% 40% 40% 42% 42% 40% 40% 40% 42 "40 27% | 5 41 5 25 5 31 5 17 | | November Lowest 5 16 5 15% 85% 85% 5 20 1 Highest 5 09% 5 08% 88% 88% 5 15 December Lowest Highest 5 17% 5 16% 5 11 5 10% 5 21% 5 20 86 85% 5 24 92% 92% 5 18% 40% 40**16 40% ’ 40% 40% 41% 40% 40% 40% 40% 25% 25% 25 25% 5 40 5 32 40% 40% 5 34% 5 23 20 15 20% 20*16 20% 17 85 19% 17 45 17% 17 30 18 00 51 51»i8 51 51% 48 48 42% 48 42 43 166 MONTHLY RANGE OF EXCHANGE 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)— Denmark (Kroner)— Bankers’, Checks . Sweden (Kroner)— Bankers’, Checks__ Norway (Kroner)— Bankers’, Checks . _ . _ Vienna (Kronen)— Bankers’, Sight Russian (Rubles)— Bankers’, Sight Spanish (Pesetas)— Bankers’, Checks — April March February January 1915 June May Lowest Highest Lowest Highest Lowest Highest 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 32% 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% 5 43 86% 86 Vs 88% 88% 82% 82% 87*16 87% 84% 84% 81’u 81’u 82% 82% 82*h 82’u 83% 83% 81 81% 82% 83 5 29% 5 28% 5 22% 5 21% 5 26 5 25% 40>u 40*16 39% 40% 40% 40% 5 32% 5 31% 5 42 5 41 5 52 5 51 811*16 81ui6 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% 40*i, 40’i« 40% 39% 39% 39% 40 39‘n 39 38% 39% 39% 39% 39’u 39% 38% 39’i6 39% 38% 39% 39’u 38% 39% 39**16 39% 5 40 5 39 5 82 5 81 40>i6 39% 5 65 5 64 5 94 5 93 39i*i6 + 'w 40+hi 39”h 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% 19 22 19 24 19 30 19 49 19 51 19 78 19 92 20 05 19 01 24ni« 25 24% 24”i6 39 41% 19 80 39% 38 19 08 18 58 1915—-( Concluded.) 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__ July August September October November December Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest 5 70% 5 70 5 72 5 53% 5 53 5 55% 6 03 6 02 6 05 5 64% 5 64 5 66 6 03 6 02 6 05 5 76% 5 75% 5 80% 5 98 5 97 6 00% 5 76% 5 75% 5 78 5 99% 5 98% 6 00% 5 82 5 81 5 83 5 88% 5 87% 5 89% 5 81 5 80 5 82 81% 82% 82% 84% 84% 81’u 81% 84% 84% 81*16 5 44 5 43% 5 35 5 34 39**16 40 39% 40*16+*32 40% +*16 40% 82% 82% 80% 80% 5 44 5 43 80”i6 80i’i6 5 31 5 30% 39% 39% 39% 5 25 5 24 5 45 5 44 40*16 40% 40% 40% 39**16 39’u 39’u 39% 40ii6 5 40 5 39 5 26 5 25 40% 40% 391*16 41% 1% 41% 79% 79% 81% 81% 5 34 5 33 5 31 5 30 42 42% 41% 41% 41% 41% 76 76% 79% 79% 5 33% 5 32% 5 24 5 23 43% 43% 43% 41% 42 41% 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 5 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 15% 5 14% 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 32 38 31 37 34 35% 33 35% 33% 29% 32% 19 00 18 95 19 05 19 03 18 80 18 90 18 60 19 23 18 64 19 36 18 72 32 18 95 * And three days’ sight. 1916 1916 January Lowest Paris (Francs)— Bankers', Checks 5 88% Do Cables____ 5 87% Berlin (Reichsmarks)Bankers', Sight.......... 73 Do Cables.__ 73% Swiss (Franca)— Bankers’, Sight.......... 5 26 Do Cables____ 5 24% Amsterdam (Guilders) Bankers’, Sight____ _ 42% Do Cables.__ 42% Italian (Lire)— Bankers’, Sight------6 78 Do Cables___ 6 77 Greek (Drachmas)— Bankers’, Checks__ 5 15% Denmark (Kroner) — Bankers’, Checks__ 27 05 Sweden (Kroner)— Bankers’, Checks__ 27 35 Norway (Kroner)— Bankers’, Checks__ 27 35 Vienna (Kronen)— Bankers', Sight_____ 12 25 Russian (Rubles)— Bankers’, Sight_____ 29% Spanish (Pesetas)— Bankers’, Checks__ 18 85 February May April March June Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest 5 82 5 81 5 93% 5 92% 5 86% 5 85% 5 98 5 97% 5 87% 5 87% 6 07% 6 06% 5 93 5 92% 5 94% 5 94% 5 91% 5 91 5 91% 5 91% 5 90% 5 90% 73’h 73% 77% 77% 71% 71*16 73% 73% 71% 72 76% 76% 76% 76’u 77% 77% 5 24% 5 24 5 21% 5 20% 5 21% 5 21 5 24% 5 23% 5 18% 5 17% 77 77% 5 11 5 10 45 45% 5 25 5 24% 5 18 5 17 41Hie 411*16 42% 42% 42% 42% 42”ie 42% 5 17 5 16 42 42*18 43% 43’u 40% 41—ll6 411*16 42 721*., 73 5 29% 5 29% 41»i. 41*16 77*16 77% 5 23 5 22% 41% + ’h 41% + 1,6 6 53 6 52 6 76 6 75% 6 67% 6 66% 6 71% 6 70% 6 52 6 51% 6 62% 6 62 6 31 6 30 6 47 6 46 6 21 6 20 6 41% 6 40 6 35 6 34% 5 15% 5 15% 5 15% 5 15% 5 15% 5 17% 5 15% 5 17% 5 17% 5 17% 5 15% 27 80 27 25 28 00 27 80 28 80 28 80 30 15 29 40 31 00 27 80 30 80 28 10 27 55 28 30 28 10 29 00 29 00 30 35 29 60 31 25 28 00 31 28 10 27 55 28 30 28 10 28 95 28 95 30 30 29 55 31 15 27 95 30 95 13 00 12 50 15 25 12 35 13 20 12 35 13 80 13 10 13 45 12 65 13 25 30 29% 32 31 50 32 00 30 25 31 75 30% 31 00 30 35 30 75 19 15 19 00 19 00 19 00 19 20 19 20 19 75 19 55 20 00 20 05 201 1916—(Concluded.) 1916 Paris (Francs)— Bankers', Checks__ Do Cables___ Berlin (Relchmarks)— Bankers', Sight____ Do Cables.__ Swiss (Francs)— Bankers', Sight____ Do Cables___ Bankers’, Sight____ Do Cables.__ Italian (Lire)— Bankers’, Sight____ Do Cables___ Greek (Drachmas)— Bankers’. Checks__ Denmark (Kroner)— Bankers’, Checks__ Sweden (Kroner)— Bankers’, Checks__ Norway (Kroner)— Bankers’, Cheeks__ Vienna (Kronen)— Bankers’, Sight_____ Russian (Rubles)— Bankers’, Sight____ Spanish (Pesetas)— Bankers’, Checks... http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis July September August October November December Lowest • 5 91% 5 90% Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest 5 90% 5 90% 5 92 5 91% 5 88% 5 88 5 89% 5 88% 5 84 5 83% 5 85 5 84% 5 83% 5 82% 5 84% 5 84 5 84 5 83% 5 86 5 85 5 83% 5 82% 71% 71% 74% 74^ 70% 70% 72% 72% 68% 69 5 30 5 29% 5 28 5 27% 5 29% 5 28% 5 29 5 28% 5 33 5 32% 41% 41% 41% 41*1, 6 49% 6 49 6 37% 6 37 6 48% 6 48 6 42 6 41% 6 48 6 47% 6 41% 6 41% 6 70% 6 70 6 45% 6 45 6 74% 6 73% 6 64 6 63 6 95 6 94 6 69 6 68 5 17% 5 15% 5 17% 5 15% 5 15% 5 15% 5 15% 5 14 5 14 5 12 5 12% 5 12 28 05 29 00 27 50 28 60 27 20 27 85 27 08 27 50 26 90 27 16 26 93 28 05 29 20 28 40 28 80 28 10 28 75 28 30 28 50 28 25 28 45 28 34 29 50 28 05 29 15 28 35 28 75 28 05 2& 70 27 65 28 35 27 65 27 75 27 69 28 15 41%—i,t 41’ie—‘a. 41 % + *18 41’,, + *,6 40% 401*11 7013i« 70% 5 29% 5 28% 41*16+116 41% + he 69% 69**1, 5 31% 5 31% 40**16 40% 70’u 70% 675i« 67% 5 25% 5 24% 5 25 5 24% 41*16 41% 40% 40**16 70% 70*ie 5 16 5 15 41 411,, 65% 65**16 5 17% 5 17 40% 40**16 75% 76 4 95 4 94 40% 40**16 27 25 12 30 13 05 12 20 12 45 11 95 12 16 11 87 12 00 11 70 11 89 10 98 13 25 30 32 30 80 30 40 33 75 31 40 33 60 30 40 32 00 29 40 30 85 29 25 30 30 20 07 20 25 20 10 20 18 20 10 20 17 20 10 20 30 20 22 20 56 20 55 21 167 MONTHLY RANGE OF EXCHANGE 1917. January 1917. Paris (Francs)— Bankers’ Checks___ Do Cables__ __ Berlin (Reichsmarks) June May April March February Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest 5 84% 5 83% 5 84% 5 83% 5 85% 5 84% 5 84% 5 83% 5 85% 5 84% 5 83% 5 82% 5 83% 5 82% 5 68 5 67 5 73% 5 72% 5 71 5 70 5 77% 5 76% 5 72% 5 71% 73 73% 66% 66% 70% 70% 5 06% 5 05 4 83 4 81 67% 67%, Swiss (Francs)— Bankers’ Sight______ 5 07 Do Cables____ 5 06 Amsterdam (Guilders) Bankers’ Sight______ 40% Do Cables____ 40% Italian (Lire)— B ankers’ Sight______ 7 30 Do Cables___ 7 29 Greek (Drachmas)— 5 12% Bankers' Checks___ Denmark (Kroner)— Bankers’ Checks__ 27 08 Sweden (Kroner) Bankers’ Checks __ 29 35 Norway (Kroner) Bankers’ Checks___ 27 90 Vienna (Kronen)— 10 65 Russia (Rubles)— Bankers’ Sight____ 28 00 Spanish (Pesetas)— 21 00 Bankers’ Checks 4 99 4 97% 40% 40% 6 87 6 86% 4 98% 27 75 5 03 5 02 4 99 4 98 40% 40% 40% 40% 7 03 7 02 7 67 7 66 68 68%, Q UOTA QUOTA 69% Nominal 72 5 04% 5 03% 5 02 5 00% 40% 40% 40%, 40% 7 87 7 86 7 62 7 63 5 04 5 03 5 16 5 15 40%, 40% 41% 42 6 87 6 86 7 69 7 68 5 06 5 05 5 16 5 15 40% 40% 41% 41% 7 00% 6 99% 7 08 7 07 40% 40% 41% 41% 7 03% 7 02% 7 40 7 39 5 03% 5 00 5 00 5 00 5 00 5 00 5 00 5 04 5 00 5 04 27 30 27 58 27 45 29 90 28 00 30 40 28 00 28 70 28 30 29 00 29 60 29 45 29 55 29 15 29 60 29 00 30 25 29 40 30 10 29 90 30 50 28 10 27 90 28 00 28 00 29 30 28 30 29 70 29 10 29 40 29 00 29 50 11 80 10 60 11 15 11 08 11 40 30 00 28 20 28 95 27 60 28 55 28 10 28 95 26 30 28 40 22 35 26 35 21 50 21 00 21 30 21 08 21 70 21 25 21 95 21 70 22 60 22 45 23 60 Q UOTA 1917—{Concluded). July 1917. Paris (.Francs')— Bankers’ Checks___ Do Cables____ Swiss (Francs)— Bankers’ Sight______ Do Cables____ Amsterdam (Guilders) Bankers’ Sight_____ Do Cables____ Italian (Lire)— Bankers’ Sight______ Do Cables____ Greek (Drachmas)— Bankers’ Checks___ Denmark (Kroner)— Bankers’ Checks ____ Sweden (Kroner) Bankers’ Checks___ Norway (Kroner) Bankers’ Checks___ Russia (Rubles)— Bankers’ Sight______ Spanish (Pesetas)— Bankers’ Checks August December November October September Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest 5 80 5 79 5 72% 5 71% 5 78% 5 77% 5 76% 5 75% 5 80 5 78% 5 77 5 76 5 79% 5 78 5 72 5 70 5 76% 5 75 5 73% 5 71% 5 76% 5 73% 5 72% 5 70% 4 82 4 81 4 52 4 50 4 60 4 58 4 39 4 38 4 82 4 80 4 52 4 50 4 72 4 72 4 40 4 38 4 53 4 51 4 34 4 32 4 40 4 38 4 25 4 26 41% 41% 41%, 41% 7 27 7 26 7 19% 7 18% 5 03% 5 03% 42% 42%, 41% 41% 7 51 7 50 7 23 7 22 5 12% 28 87% 29 50 29 50 30 30 32 60 29 25 30 75 20 80 22 10 5 03% 42% 42%, 41% 42 7 81 7 83 7 51 7 50 5 12% 5 12% 42 42% 45% 45% 8 01 8 00 7 72 7 71 5 12% 5 12% 43% 43% 45% 45% 7 93 7 92 8 99 8 98 5 12% 5 14 44% 44% 43 43% 7 91 7 90 8 47 8 45 5 13% 5 14 33 50 32 50 39 00 31 50 42 50 36 00 47 50 33 00 37 50 35 50 32 50 38 00 32 50 34 50 30 25 30 20 31 00 31 00 36 00 32 25 34 vO 33 30 34 00 34 25 30 00 31 00 30 30 31 30 31 12% 23 90 17 00 21 70 11 25 17 75 13 25 15 75 11 00 15 00 12 25 13 75 23 30 22 10 22 90 22 05 24 00 23 25 23 60 23 40 23 70 23 70 24 45 1918 February January 1918. Paris (Francs)— Bankers’ Checks___ Do Cables_____ Swiss (Francs)— Bankers’ Sight--------Do Cables___ Amsterdam (Guilders) Bankers’ Sight______ Do Cables.__ Italian (Lire)— Bankers’ Sight........... Do Cables____ Greek (Drachmas) — Bankers’ Checks___ Do Cables_____ Denmark (Kroner)— Bankers’ Checks___ Do Cables_____ Sweden (Kroner)— Bankers’ Checks___ Do Cables.. .. Norway (Kroner)— Bankers’ Checks___ Do Cables_____ Russia (Rubles)— Bankers’ Sight______ Do Cables_____ Spanish (Pesetas)— Bankers’ Checks___ Do Cables March Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest 5 73% 5 71% 5 70% 5 68% 5 72% 5 70% 5 71% 5 69% 5 73% 5 72 5 72% 5 70% 5 72% 5 70% 5 71% 5 69% 5 72 5 70% 5 71% 5 69% 5 71% 5 70%, 5 71% 5 69% 4’54 4 52 4 36% 4 34% 4 53 4 51 4 47 4 45 4 49% 4 47% 4 33 4 31 4 35% 4 33 4 26 4 21 4 26% 4 22 3 84 3 80 4 06 4 02 3 96 3 92 44 44% 42% 43% 43% 43 45% 45% http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 44% 45 46% 46% 46 46% 47% 48 47% 48% 50% 51 51 51% 49% 49% 8 59 8 58 8 31 8 30 8 79 8 77% 8 55 8 54 8 97 8 96 7 95 7 97 9 02 9 00 8 76 8 74 9 16 9 15 8 96 8 94 9 11% 9 10% 8 86 8 85 5 13% 5 12% 5 13% 5 12% 5 14 5 12% 5 14 5 12% 5 14 5 12% 5 13 5 11% 5 13% 5 12% 5 13 5 11% 5 13% 5 12% 5 13% 5 12% 5 13% 5 12% 5 13% 5 12% 30 30% 31% 32 30 30 50 31 31 50 29 75 30 25 31 31 50 30 50 31 31 125 31 625 30 75 31 25 31 25 31 75 30 80 31 20 31 125 31 50 32 32% 34 34% 31 50 32 33 25 34 31 375 31 875 33 75 34 25 33 25 33 75 34 125 34 625 33 25 33 75 34 50 35 00 33 85 31 40 35 50 36 31 31% 32% 33% 30 25 30 75 32 32 50 29 875 30 375 31 50 32 31 25 31 75 32 125 32 625 30 75 31 25 31 60 31 90 31 20 31 55 31 50 31 80 12% 13 13% 13% 13 13 25 13 13 25 13 13 25 13 13 25 13 13 25 14 15 14 15 14 15 24 05 24 15 24 45 24 57 24 00 24 10 24 25 24 35 24 25 24 35 25 60 25 75 25 45 25 55 30 75 31 25 27 50 27 75 28 50 28 60 *14 *15 *14 *15 28 50 28 60 27 25 27 50 1918 {Concluded') December November October September August July Paris (Francs)— Bankers’ Checks___ Do Cables____ Swiss (Francs)— Bankers’ Sight______ Do Cables____ Amsterdam (GulZders) Bankers’ Sight____ Do Cables_____ Italian (Lire)— Bankers’ Sight _ _ _ Do Cables_____ Greek (Drachmas)— Bankers’ Checks___ Do Cables _ _ Denmark (Kroner)— Bankers’ Checks___ Do Cables _ _ Sweden (Kroner)— Bankers’ Cheeks___ Do Cables____ Norway (Kroner)— Bankers’ Checks___ Do Cables____ Russia (Rubles)— Bankers’ Sight______ Do Cables____ Spanish (Pesetas)— Bankers’ Checks Do Cables •Nomina June May Highest ♦Nominal. 1918. April Lowest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest 5 71% 5 69% 5 71% 5 69% 5 71% 5 69% 5 46 5 45 5 50 5 49 5 47 5 46 5 48% 5 47% 5 46 5 45 5 47% 5 46% 5 38 5 37 5 45% 5 45 5 45% 5 44% 4 00% 3 97 3 94 3 91 4 32 4 30 3 91% 3 90 4 52 4 50 4 27 4 25 5 09 5 07 4 52 4 50 5 08 5 06 4 90 4 87 4 97 4 94 4 80 4 77 49% 50% 51% 52% 50% 51 52% 52% 46% 47% 50% 51 41% 41% 47 47% 41% 41% 42% 42% 41% 42% 42% 42% 8 81 8 80 8 01 8 00 8 01 8 00 6 36 6 35 6 37 6 35 6 36 6 35 6 37 6 35 6 37 6 35 6 37 6 35 6 37 6 35 6 37 6 35 6 36 6 35 5 13% 5 12% 5 13% 5 12% 5 13% 5 12% 5 13% 5 12% 5 13% 5 12% 5 13% 5 12% 5 13% 5 12% 5 13% 5 12% 5 16% 5 15 5 13% 5 12% 5 16% 5 15 5 16% 5 15 30 30 30 90 31 10 31 50 30 60 31 00 31 20 31 60 29 50 29 75 30 30 30 60 27 00 27 30 29 25 29 50 26 30 26 60 27 50 27 80 26 50 26 80 27 20 27 40 34 90 35 25 35 50 35 90 34 40 34 70 36 36 50 32 40 32 80 34 40 34 80 28 50 28 80 32 30 32 60 27 00 27 30 28 10 28 40 28 20 28 50 29 30 29 50 31 20 31 60 31 40 31 80 30 90 31 30 31 45 31 85 29 75 30 25 30 80 31 10 27 00 27 50 29 80 30 10 26 80 27 10 27 40 27 60 27 30 27 60 28 30 28 50 14 15 14 15 14 15 14 15 19 65 19 75 20 40 20 50 19 73 19 80 20 20 20 30 *14 *15 26 60 26 70 *14 *15 27 55 27% *14 ♦15 23 00 23 20 *14 *15 26 75 26 85 *14 *15 22 50 22 60 *14 *15 23 40 23 60 *14 *15 20 30 20 00 *14 *15 22 40 22 50 United States Securities. COURSE OF DEBT AND PRICES. The following table shows the public debt of the United States from 1793 to 1918, 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. During the Civil War the debt was at its highest on Aug. 31 1865, when it amounted to $2,756,431,571. On Jan. 1 1917 (war against Germany was declared April 6 1917) it was $1,132,639,195; by Jan. 1 1918 it had increased to $6,664,359,097, and on Nov. 30 1918 (the latest date for which returns are available) stood at $18,520,028,312. UNITED STATES DEBT 1793 TO 1918. Year. Amount. 1793 ........... 1794 .......... 1795 .......... 1796 .......... 1797 ........... 1798 _____ 1799 _____ 1800 ........... 1801........... 1802.......... 1803 ........... 1804 ........... 1805 ........... 1806 ........... 1807 ........... 1808 ........... 580,352,634 78,407,404 80,747,587 83,762,172 82,064,479 79,228,529 78,408,669 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 1809 .......... 1810 ...........1 1811........... 1812_____ 1813,.. Year. Amount. 1814 _____ $81,487,846 1815 _____ 99,803,660 1816 ____ 127,334,933 1817____ 123,491,965 103,466,633 1819 _____ 95,529,648 1820 ........... 91,015,566 1821........... 89,987,427 1822........... 93,546,676 1823 .......... 90,875,877 1824 _____ 90,269,777 1825 _____ 83,788,432 1826 _____ 81,054,059 1827 ........... 73,987,357 1828 ........... 67,475,043 1829 _____ 58,421,413 1830 .......... 48,565,406 1831 ........... 39,123,191 1832 .......... 24,322,235 1833 _____ 7,001,698 1834 4.760.082 Year. 1835_____ 1836 ____ 1837........... 1838 ____ 1839_____ 1840_____ 1841........... 1842_____ 1843.......... 1844____ 1845 ____ 1846_____ 1847_____ 1848_____ 1849_____ 1850. ___ Amount. $37,513 336,957 8,308424 10,434^221 3,573,343 5,250 475 13,594,480 20,601426 32,742,922 23,461,652 15,925,303 18,550,202 38,826,534 47,044 462 63,061,858 63,452,773 1851.......... 68404,796 1852_____ 66,199,341 1853_____ 59,803,117 1854........... 42,242,222 1855 35,586,956 Amount. Year. 1856. ... 1857_____ 1858_____ 1859___ __ 1860____ 1861_____ 1862_____ 1863_____ 1864 ____ 1865_____ 1866. ___ 1867........... 1868_____ 1869_____ 1870_____ 1871_____ 1872_____ 1873_____ 1874 _____ 1875_____ 1876 . Year. Amount. Year. Amount. $10,965,953 1877 ____ $2,019,275,431 1898....x $1,052,085,492 9,998,622 1878_____ 37,900,192 1879_____ 53,405,234 1880........... 59,964,402 1881 .. . 87,718,660 1882_____ 505,312,752 1883 .. _ 1,111,350,737 1884........... 1,709,452,277 1885_____ 2,674,815,856 1886_____ 2436436,163 1887_____ 2,508,151,211 1888_____ 2,480,853,413 1889_____ 2,432,771,873 1890_____ 2,331,169,956 1891___ 2,246,994,068 1892_____ 2449,780,530 1893_____ 2,105,462,060 1894_____ 2,104,149,153 1895_____ 2,090,041,170 1896_____ ’.060,925.340 1897 ... 1,999,382,280 1,996,414,905 1,919,326,747 1,819,650,154 1,675,023,474 1,538,781,825 1,438,542,995 1,375,352,443 1,282,145,840 1,175,168,675 1,063,004,895 975.939.750 890,784,371 851.912.751 841,526.463 838,969,476 899,313,380 0932,830,667 955,297,254 986.656.086 1899 _____ 1,155,320,235 1900 ........... 1,107,711.257 1,044.739,120 1901 _____ 969,457,241 1902 ........... 1903 ........... 925,011.637 967,231,774 1904 _____ 1905 ........... 989,866,772 1906 ........... 964,435.687 1907 _____ 878,596,755 938.132.409 1908 ........... 1909 ........... 1,023.861,531 1910 ........... 1,046,449.185 1911 _____ 61,031,850,808 1912 _____ 1,027,574,697 1913 _____ 1,028,558,103 1914 ........... 1,027,257,009 1915 ........... 1,089,848,006 1916 _____ 1,047,293,579 1917 _____ 1,908,635,224 1918 C 10,924,281,355 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. bThls includes an adjustment to allow for the fact that the Treasury had received 818,102.170 on account of the $50,000,000 Pan ama Canal bond sale, but showed only $2,035,700 of the bonds out. c As in the years preceding, this is the net debt on June 30 (close of the fiscal year); on Nov. 30 1918, the amount was $18,520,028,312. x We have enlarged the amount for 1898 by $25,000,000 to allow for receipts up to that date (June 30) on subscriptions to the $200,000,000 new Government 3 per cents, such receipts having Increased Government cash by a corresponding sum. It Is proper to say that the augmentation In the net debt at this period would have been much heavier than that recorded by these figures ($1,052,085,492) except that during the fiscal year the Govern ment received $60,201,885 cash from the Union Pacific sale, only $29,904,952 of which went to redeem maturing Pacific Railroad bonds. UNITED STATES FINANCIAL STATEMENTS. 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. AsseZs— Gold coin.... Gold bullion. December 31 1918. CURRENT ASSETS AND LIABILITIES. GOLD. Liabilities— $ 775,502,510 83 Gold certlfs. outstand’g. 885,313,064 .1,770,536,923 24 Gold sett’t fd., F. R. Bd.l,333,487,507 Gold, rserve............... 152,979,025 Avail, gold in gen’l fund 174,259,836 00 60 63 84 Total.............................. 2,546,039,434 07 Total............................2,546,039,434 07 Note.—Reserved agst. $346,681,016 of U. S. notes and $1,803,107 of Treas. notes of 1890 outstanding. Treas. notes are also secured by silver dollars In the Treasury. SILVER DOLLARS. 4 qqp/q___ % Liabilities— $ Silver dollars..................... 317,577,548 00 Silver certlfs. outstand’g.264,817,940 00 Treas. notes of 1890 out’g 1,803,107 00 Avail, silv. doll. In gen. f’d 50,956,501 00 Total................................. 317,577,548 00 Total.................................. 317,577,548 00 GENERAL FUND. Assets— Liabilities— Avail, gold (see above). 174,259,836 84 Treasurer’s checks out Avail, silver dollars (see standing____________ 3,650,517 63 above)_____________ 50,956, 501 00 Depos. of Govt, officers: United States notes___ 8,900, 115 00 Post Office Dept___ 27,532,472 04 Federal Reserve notes.. 34,528, 148 00 Board of Trustees,Pos Fed. Res. bank notes__ 2,868, 297 00 tal Sav. System (5% National bank notes__ 27,125, 083 71 reserve)__________ 7,579,786 34 Cert, checks on banks.. 18, 852 90 Comp, of the Curr., Subsidiary silver coin__ 3,331, 153 12 agent for creditors Minor coin___________ 735, 995 49 of insolvent banks. 1,124,568 83 Silver bullion_________ 12,206, ,441 32 Postmasters, clerks of Unclassified (unsorted courts, &c................ 35,149,634 47 currency, &c.)______ 8,413,017 45 Deposits for: Dep. in Fed. Land banks 830,000 00 Redemption of F. R. tDep. in Fed. Res .banks 157,104,882 93 notes (5% fund)__ 165,176,672 20 Dep. in Special Deposi Redem. of F. R. bank taries, acc’t of sales of notes (5% fund)__ 5,397,200 00 Lib. bonds & certlfs. Redem. of nat’l bank of indebtedness______ 652,061,000 00 notes (5% fund)__ 28,244,910 56 Dep. in foreign deposi Retirement of add’l taries to credit of circulating notes, Treasurer U. S______ 181,749,217 30 Act May 30 1908.. 453,390 00 Deposits in nat. banks: Exchanges of curren To credit of Treas.U.S 46,736,770 45 cy, coin, &c______ 24,590,843 06 To credit of other Gov ernment officers__ 8,917,283 28 298,900,009 13 Dep. in Philippine Treas.: ♦Net balance. .1,080,056,307 58 To credit Treas. U. S. 6,188,149 17 To credit other Gov ernment officers__ 2,025,571 75 Total.................... ........ 1,378,956,316 71 Total.......... ................... 1,378,956,316 71 * The amount to the credit of disbursing officers and agencies to-day was $2,206,520,976 04. Book credits for which obligations of foreign Governments are held by the United States amount to $244,554,036. t The available cash in Federal Reserve banks, in accordance with telegraphic reports received, was $28,261,000. The differ ence Is due to net disbursements in transit and in process of examination. Under Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for retire ment of outstanding national bank and Federal Reserve bank notes are paid into the Treasury as miscellaneous receipts, and these obligations are made under the Acts mentioned a part of public debt. Amt. of such oblig’ns to-day was $39,651,52 2 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis November 30 1918.* CASH AVAILABLE TO PAY MATURING OBLIGATIONS. Balance held 1 y the $ Settlement warrants .ma $ Treasurer of the tured Interest obli United States as per gations, and checks daily Treasury state outstanding: Treasury warrants $8,293,384 ment for Nov. 30 19181,414,716,767 13 Deduct—Net excess dis Matured Interest oblibursements over re gations.a_________ 59,265,622 ceipts in November Disbursing officers’ reports subsequently checks___________ 209,017,294 received......................... 219,793,755 16 Balance free of current obligations.................... 918,346,710 32 89 28 48 1,194,923,011 97 1,194,923,011 97 a The unpaid interest due on Liberty Loans Is estimated in cases where complete reports have not been received. * This was the latest general debt statement that had been issued when these pages went to press, towards the close of April 1919. PUBLIC DEBT BEARING NO INTEREST. (Payable on presentation.) Obligations required to be reissued when redeemed: United States notes. Less gold reserve. 346,681,016 00 152,979,025 63 Excess of notes over reserve________________________________ Obligations that will be retired on presentation: Old demand notes____________________________________________ National bank notes and Federal Reserve bank notes assumed by the U. S. on deposit of lawful money for their retirement. Fractional currency__________________________________________ 193,701,990 37 Total................ ................................ .......... ............................................. 241,161,177 69 53,012 50 40,561,757 00 6,844,417 82 INTEREST-BEARING DEBT. (Payable on or after specified future dates.) Interest Amount ----------Outstanding Nov. 30 1918 Title of Loan— Payable. Issued. Registered. Coupon. Total. $ « 2s, Consols of 1930___ Q.-J. 646,250,150 597,824,000 1,900,050 599,724,050 4s, Loan of 1925____ Q.-F. 162,315,400 103,865,050 14,624,850 118,489,900 Panama Canal Loan: 2s, Series 1906____ Q.-F. 54,631,980 48,944,080 10,100 48,954,180 2s, Series 1908____ Q.-F. 30,000,000 25,805,520 141,880 25,947,400 3s, Series 1911___ Q.-M. 50,000,000 43,344,900 6,655,100 50,000,000 3s, Conversion bonds.Q.-J. 28,894,500 6,676,000 22,218,500 28,894,500 3s, 1-yr. Treas. notes.Q.-J. 27,362,000 9,301,000 . ............... 9,301,000 Var., certfs.of indebt..Mat 2,824,387,500 ................ 2198099500 2,198,099,500 2s, Certfs. of indebt..J.&J 73,712,000 73,712,000 73,712,000 3>^s. First Liberty Loan... 1,515,537,950 257,788,300 1155779600 1,413,567,900 4s, First Lib. Ln. converted 568,318,450 22,515,550 168265,600 190,781,150 4Xa, First Lib. Ln. conv.. 384,450,450 76,052,650 308397,800 384.450.450 4s, Second Liberty Loan... 3,807,862,400 93,259,050 729267,400 822.526.450 4Xs, Second Lib. Ln. conv. 2,922,285,950 420,983,050 2369007900 2,789,990,950 4«s, Third Liberty Loan.. 4,170,128,750 454,829,700 3599363550 4,054,193,250 4Xs, Fourth Liberty Loan.a5,428,258,389 ________ ________ 5,423,258,389 2^8, Postal Savings Bonds 11,258,880 10,539,980 718,900 11,258,880 (1st to 15th series) b4s. War Savings and Thrift Stamps............................ c921,373,224 ................ 907921,564 907,921,565 Aggregate of int.-bear. debt.23,627,027,973 ................ 19,151,071,514 UNITED STATES SECURITIES 169 a This amount represents receipts of the Treasurer of the IT. S. on account of principal of bonds of the Fourth Liberty Loan to November 30. b The average issue price of War Savings Stamps for the year 1918 with interest at 4% per annum compounded quarterly for the average period to maturity will amount to $5 on Jan. 1 1923. Thrift Stamps do not bear interest. c This amount represents receipts of the Treasurer of the U. S. on account of proceeds of sales of War Savings Certificate Stamps and U. S. Thrift Stamps. DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. (Payable on presentation.) Funded loan of 1891, continued at 2%, called for redemption May $ 18 1900; interest ceased Aug. 18 1900_______________________ $4,000 00 Funded loan of 1891, matured Sept. 2 1891____________________ 19,950 00 Loan of 1904, matured Feb. 2 1904___________________________ 13,050 00 Funded loan of 1907, matured July 2 1907____________________ 478,400 00 Refunding certificates, matured July 1 1907__________________ 11,060 00 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 900,470 26 Certificates of indebtedness, at various interest rates, matured___ 42,448,000 00 Loan of 1908-18.......................................................................................... 2,267,400 00 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: Total........................................................................................................ $46,142,330 26 RECAPITULATION. GROSS DEBT. NET DEBT. Debt bearing no int_. $241,161,177 69 Gross debt (opposite).$19,438,375,022 28 Debt on which interest Deduct— Balance free of cur has ceased________ 46,142,330 26 Interest-bearing debt.. 19,151,071,514 33 rent obligations___ 918,346,710 48 Total................................. 7,780,793,606 454,948,160 5,951,368,126 5,120,424,908 Population of continental United States estimated at 106,733,000. Circulation per capita, $55 76. ♦Net debt............... $18,520,028,311 80 Gross debt............... $19,438,375,022 28 ♦The amount of $7,295,964,447 70 has been expended to above date in this and pre ceding fiscal years from the proceeds of sales of bonds authorized by law for purchase of the obligations of foreign Governments. When payments are received from foreign Governments on account of the principal of their obligations, they must be applied to the reduction of the interest-bearing debt of the United States. -Stock of Money Jan. 1 '19------- Money in Circulation----In U. S. aHeldinTreas. Jan. 1 1919. Jan. 1 1918. $ Gold coin (including bullion In Treasury)__________ 3,080,510,011 Gold certificates_________ _________ Standard silver dollars.__ 400,821,930 Silver certificates________ _________ Subsidiary silver................. 241,263,989 Treasury notes of 1890___ _________ United States notes______ 346,681,016 Federal Reserve notes.__ c2,859,843,920 Federal Reserve bank notes 128,143,530 National bank notes_____ 723,529,210 $ $ S 327,238,862 b910,731,705 972,561,266 662,715,784 1,096,860.844 83,244,382 77,869,353 50,956,501 264,817,940 472,191,576 3,331,153 237,932,836 216,434,729 1,908,063 1,803,107 8,900,115 337,780,901 337,899,788 34,528,148 2,630,662,112 1,227,243,190 12,535,925 2,868,297 125,275,233 27,125,084 696,404,126 704,920,174 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 banks and special depositaries to the credit of the Treasurer of the United States, amounting to $1,046,569,153 96. b Includes $399,990,627 60 Federal Reserve Gold Settlement Fund deposited with Treasurer of the United States. c Includes own Federal Reserve notes held by Federal Reserve banks. Note.—On Jan. 1 1919 Federal Reserve banks and Federal Reserve agents held against Federal Reserve notes $957,226,380 gold coin and bullion, $222,597,280 gold certificates and $194,653,660 Federal Reserve notes, a total of $1,374,447,320, against $858,730,005 on Jan. 1 1918. PRICES OF UNITED STATES BONDS. The fact that as a result of the country’s entrance into the European War, the United States is now engaged in floating new obligations on a large scale invests with special interest past prices of United States bonds. The following carries the record back to 1860, before the outbreak of the Civil War. January. February March. April. May. 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 10714 IO6I2 107U 108 IO8I4 108*8 109b 108 108 108 109 109 98 100 99b 100 5s of 1865, coup--------99b IOOI2 IOOI2 IO2I4 102 1023s 1025s 103 IOOI2 10034 101 5s of 1874, coup--------99b 100i2 1003s IOOI2 10034 10134 103 10314 103 10334 10334 104b 1017s 102 102 109b 108 108b 10734 10734 102 102 102 102 102b 93 103 102*4 103b 102b 103 95 96 92 89 96 93 95 97 89 86b 82b 79 98 93b 88b 83 83 101b 102 102 103 104b 102b 97 95 97 91*4 91b 93 91b 97b 99b 9434 103b 105b 100b 102 104*4 95 92*4 92b 97*4 104b 98 103 1861. <J. S. 6s of 1868, coup— 6s of 1881, coup--------5s of 1865, coup--------5s of 1871, coup--------5s of 1874, coup--------- 98 100 9078 92 91 93 92 97 94 93U 86 87b 85 100 9314 91 91 93l2 85 86 95 95 95b 95 8434 89 94 8412 94 9134 92 85 90 891 7514 79 87 90 8518 90*8 89 85l2 86*4 86 7712 80 75b 79 82 75 78l2 76 88 87b 90 87b 893s 89b 86 85 87 79b 78b 81 79b 90 91b 8734 81 81 90 91b 87b 81b 81b 90 9534 89 85 86 103b 10434 97 93 94 9934 103 92 93b 87b 82 b 83 92 95b 89 86 86 1862. U. S. 6s of 1868, coup— 6s of 1881, coup--------5s of 1885, coup--------5s of 1871, coup--------5s of 1874, coup--------6s, certificates----------7 3-10 notes-------------- 85 87i2 85 7912 78 90 91*4 86i2 80 80b 90 88b 86*4 79 78l2 92 93 90 80 85 98 99b 9914100 95 94' 98 88 97 94 97k 102 10312 9734 105b 105b 92b 98 93 92 92b 9312 97 93 96 96l2 8914 96 86b 90 95b 963s 99 99 100i8 100b 9978 10112 IO2I4 10534 104b 1071s IO7I4 99 97 97i2 IOOI4 IO6I4 96b 96b 90 86b 85 98 99 100 103 92 86*4 91 99 105b 96b 98b 94 88*4 85 98b 102b 99b 10134 94 90 91 99b 105b 96b 99 94 89 88 98b 10234 100 102b 95 91 91b 99b 104b 103 102 96 92b 91 98b 103 110 10812 100 IOII4 99i8 10718 10712 104 104b 97 98b 97b 105 105b 107 105 100 101b 99b 107 107b 104b 105 96b 100 99b 10534 105b 107b 105 101 10138 99b 107b 107b 106 107 97 101 99b 106b 105 97 10134 99b 107b 106b 106*4 11034 10834 117 96b 100b 100 101b 102b 98 99 99b 98b 105b 108b 10534 106 108 106 110b 125 100 102b 99 107b 107b 108b 124 98 101*4 98 106b 106b no 127 100b 102b 98b 106b 107b 114 102 106b 104b 10634 101b 109 106b 103 107b 10784 Hl 111 113 108b 115 109b 112 103 110 102b 107b 107 98b 97b 99b 99b 99b 9734 99b 98b 98b 9234 98*s 93 96b 9334 10934 113 103b 112 95b 106b 105 95 107 109 11138 99 112 104b 106b 92b 104 94b 10634 108b 96b 10834 95b 106b 100b 94 107 95 113 107b 99b 124 98 112b 106b 98b 116b 96 118 no 102b 122*8 97b 107b 106b 105 98b 99b 9834 107b 105b 105 93b 98 98b 108b 108b 106*4 94b 99b 99 106b 101*4 101 92b 97 9734 108b 105b 103 94b 105b 99b 98b 89*4 99b 95b 99b 96b 106b 103 101b 9234 99 97b 106b 100 99 90b 96b 97b 108b 105b 102b 95 98b 98b 9712 98 92b 923s 90U 88 1863. U. S. 6s of 1881, coup___ 91*4 5s of 1865, coup-----86 5s of 1874, coup-----6s, gold certificates___ 94*4 6s, current certificates 7 3-10s, A. & O........... 100 7 3 10s, F. & A______ 102b 9334 96 90 85l2 9714 93b 99 103 103 102l2 99 97l2 99 IOOI4 9978 94 98b 96*4 10134 10512 IO434 10212 10412 10238 105l2 9978 98U 100i8 100i2 1071s 107 10434 106b 1071s 104 95U 98l4 97 99b 102 101 98 9978 98 104b 106 106 104 107 106*4 108*4 106 98 102 99b 10712 109 107b 106 9834 IOOI4 97 103b 107 115 111 1864. (J. S. 6s of 1881, coup___ 104 5-20s, coupon_________ 101b 10-40s, coupon-----------7 3-lOs, A. & O______ 1003s 9734 1-year certificates------ 107 106*4 lllb IIII4 U3i8 113 10478 10334 107 107 IIOI2 105 118 114 113 10512 10714 101 1865. <J. S. 6s of 1881, coup----5-20s, coupon...------5-20s, new, coup___ 10-40s, coupon-------7 3-10 notes----------1-year certificates- 109b 11238 109b Hl1 106*8 110 108b 112 loob no 108 111 100b 10234 1007s 10278 114 119 115 116b 97b 981 96b 98 103b 10434 10034 89b 114 96b 111b 11134 1103g 10234 114b 98b 105 105b 105b 91b 11038 109b 109b 9738 10334 10234 101b 101b 9278 98b 9734 9734 104b 103 102b 103 90 99b 99b 99 105b 10438 104b 104b 92b 100b 100b 100b 104b 103b 10334 104 91b 100 99b 99b 10Sb 10638 105b 106 96b 102 102 102 108b 102b 102b 94b 99b 98b 99b 99 11034 107 106 97b 9978 99b 10834 102 103 9434 99b 99b 110b 104b 104 9734 99b 9978 106b 103b 103b 96b 99b 97b 108*4 106 105*8 98 100 99b 106 105b 104 93 98b 97b 107 10038 10138 101b 94 100b 101 10034 109b 102b 102b 10238 96b 102b 102b 10234 109b 101b 102 102b 9534 102 102 102 110b 10438 103*8 103b 97b 103b 103*8 103*8 106b 104b 10334 103b 97b 103 103 103 no 108b 106 106b 99 104b 104b 104b 109b 113b 11034 112 lllb 113b 112 11434 10934 113 b 108b 11334 107b 112b 111*8 115b 107b 110b 105b 108b 105b 106 99 104 104 104 no 10934 103b 107b 106*4 106b 108 10734 97b 105b 105b 105 109b 109b 100b 107b 106b 106b 109b 109 99b 106 105b 105b 111 111b 100b 107 106b 106b 10534 10534 99b 105 104 104 10734 1093g 100*4 108b 106b 107*4 104b 104b 99 104 103b 104 107 107b 100*4 105*4 105*4 105*4 109 110b 107b 107b 106b 107 99b 99b 100b 100b 110*4 112b 109b 109b 108*4 108b 10234 110b lllb 109 109b 10734 107b 102b 112b H4b 110 b lllb 108b 108b 103b 110*4 110b 108b 109*8 107b 107b 99b H2b H5b 110b lllb 109 109 99b 110b 111b 108b 108*8 106*s 106b 99b 112*8 H3b 109b 110b 107b 108 101b 112 107b 105 105 b 107*8 107b 100b 113b 108b 105b 106b 108 108 102b 11138 107 104b 104*4 107b 107b 100b 112b 1O83S 106 105b 108*8 109 104 116b 118b 11234 115b 111*4 113b 11234 114b 109b lllb 110 lllb no ni34 11034 11234 112b 114b 108 109b 112b 114*8 108b 109b 10934 nob 108b 109b 105b 10534 107*8 106b 108b 113b 112*4 108b no 107*8 106b 107 108 116b 115 lllb 112b 109b 109b 1093s 109b 113b 112b 109b 10934 107b 10734 108b 104b 114b 115b 110b lllb 109b 109b 109b 105b 113 116b lllb 112b 115 105b 109b 11234 10434 10978 112b 10434 107b lllb 106b 107b 112 107b 108b 112b 107b 104b 106b 103 115b 113b 10834 108b 110b nib 111 106*4 114b 109b 10638 107b 10934 109*4 no 105 113 lllb 107b 108*8 110b lllb nib 105b 112b 120b 11938 119b 120b 120b 122*8 122b 12134 116b 122*4 122b 122b 124b 124 125b 125 125 108b H2b 117 12034 116b 121b 11634 121b 118b 122b 118b 122b 119b 123b 119 123b 119 123 10938 H8b 118b H8b 120 119b 121 120 120b 108 116b 116b 116b 114 113b 116 119*4 119b 106*8 113 113b 113 11034 110b lllb 112b 115b 110b 116b H6b 116b 114b 113b 116 116b 120b 1866. U. S. 6s of 1831, coup___ 5-20 s of 1862______ 5-20s of 1864______ 5-20 s of 1865 ---------- 10-40S-............ ......... 7 3-10 notes, 1st .... 7 3-10 notes, 2d .... 7 3-10 notes, 3d ----- 104b 105 102b 102b 9334 10334 10238 102 1017s 93b 99b 99*8 98b 99 99 104b 103*8 103b 103b 9478 9934 99b 99b 1867. U. S. 6s of 1881, coup___ 106b 108b 107b 110b 108*8 110b 108b 110b 110b 112 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-------- 106b 105b 105 103b 108 106 106*4 104b 99b 100 10734 10534 10534 104b 11134 108b 109b 106b 108b 107b 107b 106b 111 108 10834 1073g 1103g 107b 107b 107b 111b 109b 109b 107b 993410134 97b 98b 97b 99 107 105b 105b 107b 99 109b 106 108 108b nib 109b 10534 106b 108b H3b 110b 107b 10734 110b 1868. <J. 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______ 5-20s, 1868, coup______ 10-40s, coup---------------- 108b 107b 105b 106 104b 104b 112 111b 109b 110b 108b 10838 11034 112*s 110b no 11134 109b 107*8 109b 107b 108b nob 107b 106b 108b 106b 106b 10838 106b nib 11034 108*8 109 10734 107b 110b 109b 107b 107b 106*s 106*4 113b 112b 110b lllb 109 109b ioib 104b 104b 105b 100b 101*8 100b 103 113 108 106b 106b 108b 109b 103 116 nib 10934 109b nib 112b 1869. U. S. 10-40s, coup----------- 10534 108b 108b nob 105b 106b 105 108b 107b no 5-20s, 1868, coup______ 5-20s, 1867, coup______ 5-20s, 1865, new, coup. 5-20s, 1865, 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 107b 106b 106b 107*4 107b lllb 109 111 109b 109 108b 110b 109*4 113b lllb 11238 108b 108b 108b 110b 109b 113 lllb 112b 112b 113b 113b 116b 115b 118b 114b 11638 112*4 112b 112b 114b 11334 11738 114b 115*8 114 113b 11334 118 115b 120 116b 117b 113b 112b 112b 115b 113b 11734 115b 115*8 116b 116b 116b 1193s 11734 122 118 118*4 11534 11534 115b H4b 113b 117b 118b 118 120b 120b 120b H9b 117b 123b 122b 123b 107b 109b 118b 120b 119b 120b 119 120 117b 119 11634 117b 121b 122*4 116b 117b 121 122*8 107b 116 115*8 116b 118b 117b 121b 117b 11634 114b 122 122b 122b 12334 123b 125b 122b 123*4 107b 116b 115b 115b 117 117 119b 118b 119 106b 113*4 113*4 113b 111 110*4 11238 115b 115b 170 UNITED STATES SECURITIES January. February. April. May. June. July. August. Sept’ber. October. Nov’ber. S. GOVERNMENT SECURITIES. Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 1870. U. S. 6s of 1881, coup- — 5-20s, 1862, coup--------5-20s, 1864, coup--------5 20s 1865, coup--------5-20s, 1865, new coup-5-20s, 1867, coup- — 5-20S, 1868, coup---. 10-40s, coup-----------6s. currency------------ 115’s 114 113U 11312 Ill’s 112*s 113 111*8 111*4 118U 11558 115U 115b 114b 114U 1143s 114 11178 11334 10912 10838 10838 107*8 108 IO8I2 10434 11058 1161 113’s 114U IIOI4 1133s 10914 113b 10938 11134 10734 112b IO8I2 11238 108’s 10834 10858 113b 111*4 116’s 116 115b 114b 11458 1131s 11358 1131; 10858 11234 ill’s 11058 1105s 11234 113b 113b 1073s 112b 11758 H2b Ill’s 112 114b 11434 115 1085s 112’s 1173s ill 11034 11034 112’s 112’s 113 1075s 113 118b 112b 11134 11134 114’4 11438 1143s 10834 11434 1123S 10834 10834 10834 1073s 1075s 108 1063s 110*4 115*4 112b 112 112 lllb lllb lllb 108’s 114 113b 110b 109’s 10834 108&S 10834 109 106’s 11034 11458 112’s 111*2 Ill’s 110*4 llOU 1085s 107’s 108 107 107U 107’s 10634 110 113U 113 11012 11038 109’s 110 109U 110 10858 109 108’s 109 109U 10934 10958 10912 IIU2 IIII4 11434 11234 Ill’s 112b 111 111*8 11134 11178 11338 11458 11178 111*2 11134 11012 11012 110’s 108 1135s 116b 113 11238 11238 ill’s 111*4 11134 10934 1153s 116b 112*s 112U 112b IIII4 11138 1115s 108b 115b 117b 114 114 114 113 113 113 109b 11534 117 11034 HO’s no’s 113 11234 113 109 115b 11738 11134 11134 11134 114 114 114b 110 115’s 117b 112 Ill’s Ill’s 113’s 113’s 114 1093s 115b H8b 1133s 113 113b 114’s 11538 115’s 11034 115’s 114’s 11334 113b 113b 112*4 11238 112’s 111 113 116’4 115b 11434 114b 112’s 113*4 11338 113b 115b IO9I2 114b 11412 10934 10912 11034 109’s 11138 11134 109 10912 II434 110l8 11434 11534 110-% 11034 1123s 11134 113 113b 11012 110=>8 11534 10734 114 II4I4 110’s 110 108’s 114’s 1155s 111*4 11138 11178 11058 112 1123s 107>2 11078 114’s 10834 114U 115U 111 111 112b 110b 11138 112 107U 10734 114 110 11434 11534 II2I4 1123s 111*2 113 113b 108 10838 115’2 109’s 11434 115b 11238 112b 1125s lllb 112’s 113 108 IO8I4 115’s 11278 117 118b 11534 11534 116b 11434 115’s 116 1105s 11078 11634 Hl’4 116b 118 112b 112b 1127s 11434 115b 11534 110 1103g 116b 113 H7b 11934 114 113’s 115 II6I4 H73g 117b 1113s 112’4 11738 1125s 114b 1195s 114 114 11434 II6I4 1173s 117b 1105s lllb 11438 1133s 115 120>b 115 115 116 117b 118b 11734 11134 1125s 115 113b 115b 117 1145s 114&S 115b 11334 115b 114’s 11138 112b 1143s 112U 11458 114*2 11258 113U 11358 11234 11338 11338 10958 109’s 11258 115b 113U 11334 113 117b 11658 11738 II6I4 119b 118k 11834 II8I4 1153s 114U 115’s 1155s 11514 11412 11558 115*2 1163s 11514 116’s 1163s 11538 114*4 11458 11438 11634 116k 11634 116 116’s 116*4 11658 116’s 114 1113s 112*2 110’2 11512 114’s 115*s 1105s 11512 11412 115b 1135s 115’s 118 12014 11714 11738 118*4 11634 118b 118 112I4 112b 115 115b 116b 11834 116 116 118 115’s 116b 116 109b 111 112*4 116’4 118 121 1185s 1185s 120b 118 119’s 11734 112 1137s 115 115b 117b 120b 11478 11434 117b 117b 119b 118 Ill’s 11358 115 116b 119 12258 11634 11634 118b 119’4 121’s 120b 112b 1143g H6I4 1143s 115b 122b 115’s 116’4 11658 119 1203s 120 112’4 112’s 113b J534 117 123b 117b 117b 119b 12034 121’s 120’s 113b 115 114b 115&S 118*2 11312 116*2 113 116 112% 116is iii5811434 Ill’s 114’s 11134 1145s 10934 113b 109*s 111*2 110*2 11034 112*4 11334 112b 111*8 111*2 110 110b 110*4 105’s 111 11458 114*2 112 1123s 11034 HO’s 110’s 107 112 113*2 Ill’s 111*4 11058 110b 110*4 110b 106*4 111 114*8 113 11134 112*4 110*2 1105s HO’s 106’s 1113s 113b 107*2 107 106’s 109 109*4 109*2 106b 110’s H35S 109*8' 107’s 108*4 110b 110*4 110*2 107 111*2 113 107b 10634 1Q634 103b 109b 10958 106*4 10934 11358 108 10734 10758 1103s 1103s 111 106’s 110’s 116 113’s 113’s 114 112b 113 113*4 110 114 119 11434 114*4 114*2 11358 11358 114b 111 11634 118 11458 11434 11434 11358 11334 114b lllb 114b 11938 11558 11558 115’s 1145S 114*4 1145s 111*4 116*4 115*4 11334 113b 113*2 112 112 112 107 110*2 118*4 115’s 115’s 116 11434 114’s 115 11134 114*2 116*2 111 110’s 111*2 113 11358 11358 109b 111*2 11734 117*4 11134 109*4 11134 10934 1123s) 110b 114b ' 113*4 115 11438 115 11458 HO 109*8 11338 113b 118 Hl 111 1H34 115 11334 116 118b 11534 11534 1163s 115 116 116 Ill’s 113b 115 112*4 114 116*4 114b 114 1145s 113b 11334 113*4 10834 111*2 112b 112’s 116*4 118*4 1183s 116b 116’s 115*2 116b 11534 10958 1135g 114*4 10934 11338 114’s 113 113*4 113b 112 112*4 11234 10734 10758 11134 11134 114*2 116*4 11458 114*2 11434 11334 114*4 114 109 108’s 11234 111 114*4 11558 115*4 1145g 1153s 11358 113’s 114 107’s 10734 111 1113s 115*4 117 116b 116 11638 115 115*4 115 1085s 1085g 114 110 114b 116b 111*2 11138 112b 114 114*4 114*4 10734 10734 113*4 110*2 H6b 117*8 113 113*4 113*4 11534 116b 11534 108*4 108*2 114* lllb 1143s 116’s 119b 116b 116b 118 116 117*4 117b 11334 1143s 114*4 115’s 1185s 120b 117*4 11734 119b 118 H9b 11834 115b 11538 114’s 114*4 1173s 119*8 117 117 11834 11658 11858 118 112b 115b 113*2 11434 llS*4 120*2 117*2 117&S 11938 11734 11958 119 11334 H6b 11438 111*2 112 115*4 11338 114*4 110 11134 11334 113 112 106 108*4 114’s 117 119’s 113’s 117*4 11834 116’s 119*4 118’s 114 11434 1135s 10634 109*2 111*2 105*2 106b 107b 10934 110 110 103*2 105 108*2 109 11534 115’s 109 110 111*4 11334 115*4 115 109*4 10934 11158 106*4 11034 112*4 105*2 106b 10738 109*4 110*2 110 105*2 105b 108 11258 1175s 1185s 112*2 116 117*4 1165S 117’s 1185s 110’s 114b 11734 112 116’s 11734 112’s 115b 115’s 115*4 11634 116b 110*2 111*4 117*2 1125s 117’s 11858 11234 115’s 116’s 11634 11734 117’s 111 ill’s 1175S 112*4 117*4 118 11234 11538 11638 11534 117 117*4 111 111*2 11738 112’s 118 1185S 11334 1163g 117’s 1165s 117’s 117’s 112 11238 118b 111*2 118 1185s 11034 113 114*4 116*2 11734 117’s ill’s ill’s 117’s 1103s 1871. U. S. 6s of 1881, coup- — 5-20s, 1862, coup----5-20s, 1864, coup----5-20s, 1865, coup----5-20s, 1865, new, coup5-20s, 1867, coup----5-20s. 1868, coup----10-40s, coup----------6s, currency------------ 115’s 116 109’s 115*4 1872. U. S. fund. 5s of 18816s of 1881, reg-------6s of 1881, coup-----5-20s, 1862, coup----5-20s, 1864, coup----5-20s, 1865, coup----5-20s, 1865, new, coup5-20s, 1867, coup-----5-20s, 1868, coup-----10-40s, reg------------i0-40s, coup-----------6s, currency------------ 1105s 110 111*4 111*4 1063s 10934 11334 112’s 111 11234 117b 112*4 1145s 118 11338 1123s ii312 112*2 115 115’s 11534 109b 109*8 112 11338 11658 117*2 11634 HO 109’s 11338 1873. U S. fund. 5s of 1881-6s of 1881, reg--------6s of 1881, coup------5-20s, 1862, coup-----5.20s, 1864, coup-----5-20s, 1865, coup----5-20s, 1865 new, coup-5-20*s, 1867, coup----5-20s, 1868, coup----10-40s, reg------------10-40 s, corp----------6s, currency----------- 109*8 109*4 113*4 114’s 111*4 116*2 115*2 109*4 111 111 113’s 114’s 115 108*4 108*2 1105s 116*2 110b 1115s 111*2 114*2 115b 116*2 109 108*2 108*2 121 116 117*4 117*4 11934 120 H834 112*4 113*2 11438 113 119*4 119’s 11234 11434 1163S 119 120 11934 1133g 114b 119 11238 11558 119*2 112*4 114*4 116*4 118*4 119s8 119’s 11258 11334 116*4 113’s 1874. ' S fund. 5s of 1881-----6s of 1881, reg-------6s of 1881, coup------5-20s, 1862, coup----5.20s, 1864, coup----5-20s, 1865, coup----5.20s, 1865, new, coup5-20s, 1867, coup- - -. 5.20s, 1868, coup----10-40s, reg------------10-40s, coup----------6s, currency----------- 11334 1175s 1183S 114’s 11658 117’s 11634 118 118 111*4 113 113 114U 114 115U 11134 11734 118*2 11558 116&S 11638 II6I4 11734 11758 11038 114 115*4 11434 120U 121 lis’s 120’2 121*4 11958 12038 120U 11358 1163g 1167s 114U 118*2 11938 II6I2 118 119*8 118 11834 II8I2 112U 11234 115’s 115’s 11934 121 II8I4 120 12034 11912 12038 120*s 115b 11538 117 1153s 119b 12034 11734 11934 1205s 119 11934 11934 114&S 114’s 11634 117 120b 122 11834 12034 12134 120b 120’s 120b 115 115b 117b 115 1195s 120 115 117 117’s 119’4 120b 119’s 114’s 11434 116b 115b 1203s 122 1155S 117b 11838 120b 12034 120b J 15’4 11538 117b 113 116b 121b 11338 II6I4 117b 119b 119’s 120 113b 113b 1145S 11538 H7b 122 11538 117b 118*4 120’s 12138 121b 114’s 11434 11534 112*2 11538 1165s 111*2 11534 11634 115*2 116*4 116 112’s 112b 1155s 113*2 11738 119 114 116*2 11734 H634 117’s 118*4 113b 114 11734 112 117*4 118*4 11134 11534 11634 116 11738 117*2 109’s 113b 117*2 11358 118 II8I4 114U 116 118’s 11714 118*s 118 11434 115 11712 116 11938 11958 1155s 117*2 119*2 11838 11912 11934 116i2 11634 120 11434 11834 11934 11534 11738 119*2 11835 11938 1193s 11334 11634 119 11534 114’2 119’s 118’s 12058 11934 11634 11638 118 117*2 120U 119’2 11938 11838 12012 119U 120 1193s 11438 11334 117U 11334 120 1185s 115*2 120 12138 117*2 118’s 12058 11934 12012 12012 114l2 1153s 119*2 11434 120 121 118b 118*2 12 lb 119’s 119’s 11934 113’s 115b 119’s llfb 122 1233s 11834 121 12178 122b 12338 122b 116b 117b 12478 1155S 12158 123’s 116b 117’s 1195s 1213s 123 123 11534 117 123b 117 117’s 122’s 120*4 12458 125b 117’s 117’s 118b 118’4 120b 12134 122’s 123b 124b 1243s 124 124 117 1175s 118 I18I4 12434 122 119 121b 126’4 118’4 119*4 12234 124’s 125b 125b 118b 119b 1225s 11434 119 120 11534 116 117*2 117’s 118 119*2 116b 11634 122 118’s 121 123 116’s 118’s 122*s 120*2 122’s 121b 117’s 119*4 123 115b 117b 116’s 118*4 11658 118*4 115*4 117*4 1165s 118 11934 121 12034 121*2 12058 121*2 120’s 122*2 119b 120 12034 122 122 12334 122*4 123’s 122b 124 123*2 125 11534 1183S 118b 120 120b 11434 11734 122*4 11958 120’s 116b 117 11938 120 11738 118 11634 122 12234 117’s 119’s 12214 123 119U 11934 11858 122 122*2 117 H9I4 121 123’s 11658 1195S 1173s 118b 120 12258 12334 II8I4 12134 118’s 123&S 12138 123’s 122*2 118’s 1187S 121*s 123 11734 118*2 II8I4 123’s 12034 122 12138 123U 12134 1227s 12238 11834 11734 118b 114b 1195s 118b 11938 11834 121’s 120b 12134 12034 12334 122b 12234 12234 1185s 117 118b 117b 11914 118 119 1183s 119 11734 119 117 12238 12234 115b 119b 12138 123 118 11834 117b 12038 1193s 124b 11934 116b8 11534 121 1173s 123b 1193s 124b 121 118b 117’s 118’s 11838 11734 1175s 120 12034 11634 118b 120b 12134 1185s 119 1185s 11734 119’s 118 12034 112b 116b 113 117’s 116’s 119’S 121 1215S 115b 11634 11834 .11958 11534 11738 125 128 111 115’s 117 11234 114 115 114b 115 1185g 122b 114% 116 1183s 121 122 12034 115b 115*4 118 1875. U.S.fund. 5s of 1881, coup 6s of 1881, reg-------6s of 1881, coup-----5-20s, 1862, coup----5-20s, 1864, coup-.-. 5-20s, 1865, coup.... 5-20s, 1865, new, coup 5-20s, 1867, coup----5-20s, 1868, coup----10-40s, reg------------10-40s, coup----------Currency 6s------------ 117 11934 11938 12034 121*2 115*2 11934 123 116’s 11734 1175S 119’s 120 115b 11634 123’s 11938 119b 119*2 121 121*2 117 118 124 11834 118’s 118*2 119*2 120*2 115*2 116’s 123*2 119*2 120*4 11938 121b 121*2 11634 11734 124*2 114*8 11534 11834 120*2 120’s 115*2 117b 123*2 114*2 116b 1203g 12234 122’s 117 117*2 125*4 117 117*2 11234 113 U638 118*4 11438 115*4 114’s 111*8 12634 127*2 12458 12634 125*2 12658 125’s 126*2 1263s 117’s 12834 113*8 11334 117 118*2 115*2 116 115’s 11138 127 11558 11634 11134 1115s 11434 116*2 113 113*2 113*2 1103s 123 118*8 119*4 114 11338 116*4 118 11434 115’s 115b 111*2 12534 116b 117 10934 112b 115*2 11634 11358 114b 11134 110 12358 11734 118b 110*4 H3b 116b 115b 11934 121*2 122*8 116’s 118 122 1165s 121 123*4 123 11734 118 12234 112*4 115*2 108*2 1115s 114b 116b 112 111*2 1103s 108 120’s 113’s 11734 10958 11334 H634 118 113’s 113b 1123S 10958 122*4 1876. U. S. 6s of 1881, reg ... 6s of 1881, coup------5-20s, 1865, coup----5-20s, 1865 new, coup. 5-20s, 1867, coup----5-20s, 1868, coup----10-40s, reg------------10-40s, coup-----------5s of 1881, coup------4’2S, 1891, reg-------Currency 6s------------ 1223g 125 126*4 127b 126*8 127 119 122’s 115*4 119b 12138 1233s 117b lftss 116’s 1175s 114b 115*2 113*4 1113s 124*2 1877. U. S. 6s of 1881, coup----- 113’s 114’s 11134 114*2 111% 11338 112*2 114*4 114*8 11534 11458 115b Ill’s H2b 111*4 11238 11038 111 109*2 H034 110*4 HO’s 109*2 Hl 5-20s, 1865, coup----108*4 109*2 10734 108*2 10734 108*2 10858 111*2 5-20s, 1865 new, coup-- 109*4 110’s 1083g 11034 108 109*2 108*2 110*2 11038 11134 109b 110 106*2 107 105’s 107 10538 105’s 105 105’s 1055s 106% 10558 10634 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------------ 112b 11434 112*4 112’s 111 114 117*2 H4b 114b 11258 1113s 114*2 109*2 1133s 109*4 113*2 116’s 111% 114’s 111*8 111*8 113 109*4 1105g 109*8 112’s 114*2 110’s 111*2 11034 1113s 11338 1105s 111*2 110*2 113 115b 11238 113 112*4 113 115 112*8 112’s 110’s 1083s 11438 116 113 11334 112 109 1123g 115b 11134 112*2 110’s 10634 121’s 123% 122*2 12334 1223S 12338 12338 12434 125b 125*: 122 10858 111*2 112 11234 111 1083s 10538 122’s 123*8 113b 116*2 11258 113 112 10834 1083s 108*4 109*4 108*4 10934 109*2 1125S 113 113*4 112 109 106 126 108*s 110’s 108*2 112 10834 107’s 104 12334 1093s 111*2 10958 113b 110b 109 105*2 125*4 107 10958 106’s 10734 107*8 105 1013s 12058 108 110b 1085s 10934 10834 10634 103 1233s 106’s 109*8 10638 1073g 1065s 103’s 101’s 120*8 10934 10758 108’s 107’s 10538 10258 12034 110 10734 108*4 106*2 105*8 102*8 121*4 111* 108*s 10834 107 105% 10234 122 107*2 105*4 103b 101 120 109 10738 105*4 103’s 122b 1075s 10258 106b 108*4 10938 10734 104’s 1OO58 120*4 107*2 102% 1045g 108 10834 106 10434 10058 119’s 108*4 10234 105*2 108 109*4 10638 105 100’s 1205s 10738 10258 105b 107b 106 10534 10338 100*2 119*2 108*4 10758 102’s 10234 105*2 105*s 108 1073g 106*2 10534 106*4 105*4 10334 102’s 100’s 9934 119’s 119*8 108*s 103b 106*8 108 10638 106*8 104 100*8 12038 108*4 10338 105’s 108*2 106b 105 104 100 121*4 109*8 10334 106* 109*2 10734 1063g 105*4 1003g 122 109*8 10358 105*8 108 107">s 106b 104 10038 119 109*2 10334 106*8 10934 108*8 10634 10434 100*2 12038 110 11134 106s8 1083s 1878. U. S. 6s of 1881, coup-----5-20s, 1865 new, coup. 5-20s, 1867, coup--------5-20s, 1868, coup--------10-40s, coup--------------5s of 1881, coup----------412S, 1891. coup----------4s, 1907, coup-----------Currency 6s---------------- 108’s 1083s 11034 107 106*2 10258 105*8 10634 107% 105*8 103b 10138 118b 107*4 103*4 106 109*4 10834 1063s 104b 10234 119*2 10538 10258 105 108 106*2 103 10238 101’s 118*2 106*2 10334 106*8 109 108*2 1043s 103*2 102*4 119*2 10558 103*2 105*2 1085s 103’s 103 101’s 100’s 118 107*8 1045s 107*4 109 10538 104*2 103 101’s 119 106*4 10134 10234 10438 105’s 10434 9938 119b 106’s 10238 10434 1083s 107*2 106*4 100 121b 105’s 102 102*2 10434 104b 106 100 120’s 10634 102*4 102’s 1053s 104’s 1063g 100*8 122 10534 102 1023s 101*4 103’s 104 99b 1213s 10658 102*4 102*2 102*4 10458 105*4 100b 122 105’s 10634 106*2 107*2 10738 10758 10438 104’s 104*8 10434 10438 105 101*4 104*2 104’s 99 121b 102 105*8 10634 10134 124*2 103*2 107 101’s 124*8 104 107’s 103*2 125*2 1035s 10534 102*2 123 10334 106* 103 123*2 104b 106*2 1023g 124 101’s 105 1005s 123*4 10234 102 b 103 1023.4 106*4 10438 10534 105*4 102 101b 10234 10158 123 123*4 104*8 10338 10638 103 104% 104 10734 10434 105*8 103 107’s 105 126 10558 10358 109*4 107*4 126 105*4 103 107*2 106*2 105’s 103*2 108*2 10738 105’s 1033s 108’s 10658 106*4 104 109*8 107* 1063s 10234 108’s 107*8 107*8 103% 11058 109 10658 103*8 1093s 10834 107’s 103’s 104b 1035s 10338 10334 10934 10934 110*8 109’s 108*s 10938 104*2 1025s 111*4 109’s 128 10434 10234 11138 110*8 128 107*8 104 107 1095s 10538 1043s 10234 10038 117*4 10734 10434 10758 110*2 106 1055s 1033s 10034 119*4 10738 10334 106*2 109*4 105’s 1043s 103*8 100b 119 10434 10758 10934 10758 105’s 104’s 10138 122 10458 107’s 110 107*2 10538 10338 101b 119 105*8 1085s lllb 109b 107 10438 101*2 120’s 10238 105’s 10758 108’s 106’s 104’s 100*4 120 1879. U. S. 6s of 1881, coup-----5-20s, 1867, coup--------5-20s, 1868, coup______ 10-40s. coup---------------5s of 1881, coup_______ 4bs, 1891, coup_______ 4s, 1907, coup-----------Currency 6s, reg--------- 1035s 105’s 10134 1225S 105 105*: 105*4 10658 106*4 107*8 103*2 105’s 10238 123 102 106*8 102*4 124 10238 107*4 10358 125 102*2 1053g 103 121*4 10338 106% 104*4 122 1880. U. S. 6s of 1881, coup____ 5s of 1881. coup----------4*2S, 1891, coup----------, 4s, 1907, coup-----------yrjrency 6s, reg--------- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 104*2 102*2 109 10838 1045s 10234 11034 11058 10434 102*2 108*4 107*4 104’s 10438 103 1O13S 110*2 111*4 109% 1109’s 129*2 104’s 104’s 10458 102 1125s 112*-’ 130 101 1115s 111*2 134 101*2 112 1135s 134 171 UNITED STATES SECURITIES January. Febtary. U. S. GOVERNMENT SECURITIES. May. April. March. Sept'ber. August. July. June. 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. U. S. 6s of 1881, coup-----5s of 1881, coup------4*28, 1891, coup------4s, 1907, coup------Currency 6s, reg----- 101*2 10112 112 112*8 133 IOP4 101?8 112*8 11312 133 IOP4 1003g 11134 1123S 10134 101 11278 114 102 10078 111*8 11278 131 102*4 102 11234 11434 131 10238 102 112*8 11312 133 10378 10278 11438 H6I4 133 10334 10158 11434 116*8 135 106*2 105 116*2 118*4 135 10278 103 11478 117*8 134 104 104*4 115*8 11838 134 102*4 101*8 114*8 11534 103 10234 11478 117*4 10034 102ls 1143g 117*4 131 101 10234 11478 118*2 131 10078 10178 114*8 11778 101 102*2 11478 11818 10034 102 113*8 118 101*2 1031s 11334 119*8 101*8 10178 115U 11838 1013s 103 II6I2 12134 101*4 101*4 115*2 1203s 1013g 102*4 116*4 121* 100 101*8 114*8 120*8 100*4 10134 114*4 120*4 101*4 10034 114 118*8 102 102*8 101*8 101*4 1005s 101®8 100*4 100*4 10134 10134 101*2 10338 115 114*8 114*8 11278 113 113 113*4 113 113*8 H278 113*2 120*8 119*8 120*4 119*2 120*4 1185s 119*2 11878 119* 120 121 101*2 101 11334 114*4 102*s 102*8 114*8 116*8 10078 101 11278 116 101*2 101*2 113*8 117*8 10038 9934 113 115*2 101*8 102*8 113 116*8 101*4 10178 113*8 116 10134 102*2 114*8 117*2 10038 1023g 11334 117*8 129 101*2 103*2 114*8 118*8 130 1882. U. S. 6s of 1881 (a) coup- 5s of 1881 (a) coup-----4*2S, 1891, coup--------4s, 1907, coup----------Currency 6s, reg_____ Optional 3s, reg______ (a) Continued at 3*2% 102*4 102*4 10134 1023s 102&8 103 1883. U. S. 5s of 1881 (a) coup.. 4'2s, 1891, coup--------4s, 1907, coup_______ Optional 3s, reg______ Currency 6s, reg_____ (a) Continued at 3*2% 102 11234 11878 1031g 13112 104 113*8 11934 10412 13112 10378 11314 1187S 10334 10378 11378 11212 113*8 113*8 11334 113 113*8 1123S 113 120 119 1201 11938 120 119 11978 119*8 120 104U 103*8 IO4I4 103 10334 103*4 103*8 103*2 104 114's 123U 1007g 13434 11478 124U 10078 13434 1143g 1235s 101 135*4 1145s 11314 11378 113 11378 110 113*8 1103s 111*8 112 112®8 11178 11238 11238 11334 1137g 114*2 11234 11378 12378 12334 1247g 123*4 124 118*2 123*4 118*2 120*4 118*2 12058 119®s 1203s 120 121*8 11934 12178 121*2 12234 122*4 12334 101 101 101 10034 101*4 100 10034 100 10034 100 100*4 100*8 10034 10034 101 100*4 101 101*2 101*2 135*4 11238 113 11234 113*2 112*4 114 11334 118*2 119*8 11878 11938 11938 121*4 120 103 10338 103 1035s 101*2 10338 100*4 132*2 135 13534 11478 122 100*2 136*2 114*2 12134 100*4 136 115 12234 100% 136*2 11378 123 100*4 134 11478 125*8 102 134*2 1884. U S. 412s, 1891, coup__ 4s, 1907, coup----------Option 3s , reg--------Currency 6s, reg_____ 1885. U. S 4*2S, 1891, coup-. 4s, 1907, coup--------Optional 3s, reg____ Currency 6s, reg___ 112*8 11278 11212 11278 112 112% 11238 H234 11234 113*4 112*4 12112 122% 12134 1223s 122*8 122*8 12138 122*4 121*8 122*4 122*8 101 10112 10112 102 101 101% 101 102*8 102*s 103*4 103*4 136*4 137*2 134*2 11234 123*2 104*2 135 112*2 12238 103*8 133*4 11278 11234 113*4 112*8 112*2 1227s 122®8 123*8 1227S 123*2 1037g 1027s 103*4 103*8 104 134 134 1333s 112*2 12268 103*2 134 113*2 113*2 113*2 11238 1127s 124 12388 12378 123-% 12438 104 10234 104 103*8 104*2 133 133 134 1886. IJ. S, 412s, 1891, coup___ 4s, 1907, coup-----------Optional 3s, reg---------Currency 6s, reg-------- 11212 123 10034 135*4 11234 124 102*2 135*4 11278 124*8 10038 136*8 114 11134 112*8 112*2 112*2 11238 11234 11138 112*8 11134 12738 12534 127l2 12578 126*2 12534 126*4 126 127*8 12578 101 1007s 10112 10078 10134 10078 101*2 10138 102*2 100®8 136% 135 112*8 111*8 1117s 127 125*2 127 10034 1003S 1005s 135 10978 126*8 *00*2 133 112*2 11138 112*2 11078 111*2 110*4 11034 12834 12734 129 127 129*4 128*4 12938 10034 101 100*2 100 100*8 132 132*2 134 1887. U. S. 412s, 1891, coup___ 10934 118*2 110 4s, 1907, coup________ 12634 12812 12838 Cur. 6s, 1898. reg_____ 132*2 132*8 13458 137% Cur 6s, 1899, reg------- IIOI4 128*4 134*8 13714 10878 128 135 136*2 10978 129*g 135 13678 110 128*4 13478 137*2 11038 110*8 11078 109*4 10934 10878 109*4 12938 128*4 129*s 129 129*2 127*4 128*8 13478 132*4 132*4 131 132 137*2 137*8 137*8 108 12538 128 129 11038 108 10838 108*4 10834 1083s 109 127 1085s 128*8 124*2 12538 124*2 126*2. 12638 1263, 124*2 12634 128 127 127 129 1888. U. S. 4s, 6s, 6s, u. s, 412s, 1891, coup___ 10712 108*2 10712 108 10638 106*4 106*2 10778 10734 108*8 107 107*8 107*4 107*4 107*2 10734 1037 1907, coup------------ I25I4 12612 12534 126*8 12538 125*2 12334 126*8 126*2 127*8 127*2 128*8 127*4 12738 12738 1285s 12S* 127 127 12778 12778 cur., 1898, reg_____ 127 127 Curr., 1899, reg___ 1678 10858 1083s 108*2 10938 108*2 10834 30 12658 129 127*4 128*2 128*8 128*2 129*2 129*2 130*4 130*4 1 1889. 412s, 1891, coup___ IO8I2 109 109 109 10734 108% 108*4 108*4 10678 10678 10634 10634 1067s 1067t 10534 10534 105*2 105*2 104*4 105 4s, 1907, coup________ 126U 128U 128% 12878 12958 12978 12834 129 129*4 129*2 129*4 129*8 128*8 128*2 128 128*8 12778 128*4 127 127*4 127 127 127*8 127*2 6s curr., 1898, reg___ 12712 127b 12558 125b8 6s, curr., 1899, reg___ 1890. U. S, 4'2S, 1891, coup___ 10434 105 104*2 10434 103*2 10334 103*2 103* 10234 103*8 103 103 4s, 1907, coup------------ 125 126U 123% 12338 122 123*8 122 122*8 122 122*4 122 12234 121*2 124 6s, curr., 1898, reg___ 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*2S, 1891, coup___ 4s, 1907, coup------------ 120*4 121% 6s, curr., 1898, reg- 102 121*2 121*2 122 10058 1005s 10034 10034 117 117*8 11634 11634 117 118 118 102 122 118*2 116 117 116*4 117 1167S 118*4 1892. U. S. 4s, 1907, coup-4s. 1907, reg_______ 6s, curr., 1898, reg___ 6s, curr., 1899, reg___ 116% 116 116 118% 117% 11634 117 117*4 117*2 115*8 116*8 116*2 117*2 117*8 118*8 116*4 H678 116 117*4 116*2 116*4 116 11638 115*8 116*8 11534 117*2 116*4 11634 116 11684 116 116 118% 116*4 11478 115 116 114*2 115 114®8 115 1143g 115»8 114*4 115 114 113 114*8 113*2 1893. U. S. 4s, 1907, coup_____ 113 114 11234 113 2s, optional, reg_______ 4s, 1907, reg__________ 113*8 114U 11134 113 6s, currency, 1898------- 112*2 114*2 11234 113*8 112*8 11234 110 96 11134 112*8 11234 113*8 112*2 113 110 113*2 113*2 11134 108 9934 97 11034 108*2 108 111*4 108 112*2 111*2 112 111 111*2 11212 114 114 97 95*4 95*4 111*8 10734 1117g 110 110*2 11034 11138 112 113*2 108 115 -1894. U. S. 4s, 1907, coup_____ 112*2 11334 5s, 1904, coup________ 4s, 1907, reg__________ 112*8 114 Cherokee 4s, 1897_____ 5s, 1904, reg---------------6s, currency, 1895_____ 6s, currency, 1896____ 6s, currency, 1898____ 114% 114% 114 115 114*2 11434 114 114*4 114*4 115 11334 11738 117*2 11738 117*2 118 119*2 11734's118*4 117*8 118*4 118*8 113*2 114 11278 11334 113*2 114*4 113*2 114 112&S 11338 113*4 104 117*8 11738 117*2 117*2 11778 118*8 118 115 119*4 114*8 104 118*2 114 115 115 117*2 119 119 113&8 11478 114 115 114*4 115 114*8 116 11434 116 11934 1193g 120 117*2 119*8 117*4 119*2 114 114*8 114*- 114*2 11558 113*2 114*8 11934 11934 118 118 101*2 101*2 117*4 119 106 106 111*4 111*4 1895. 11234 119 11538 11034 120*2 os, 1904, reg___________ 11438 117U 11434 116*8 1157s U. S. 4s, 5s, 4s, Is, 4s, 1907, coup_____ 11234 113% 110 1925, coup-----------118% 1904, coup________ 115*8 117*4 11438 1907, reg---------------- 112% 113*2 110 1925, reg__________ 113 11938 116*4 113 2s, optional, reg_______ 6s, currency, 1896_____ 10234 10234 10834 10834 6s, currency, 1898_____ 6s, currency, 1899_____ 11278 120*2 116 11138 120*4 116 112 120*2 115*8 111*2 12034 11478 11238 121*2 116*2 111*4 12034 116 112*2 120*2 115*8 11134 120*8 113*8 123*8 116*4 11278 121*2 96*2 96*2 113*2 123*8 116*8 11178 113*8 12378 116*4 112*4 112*2 123*4 11634 112 113 124*8 11684 112*2 11258 12134 115*8 112*4 11634 11634 11558 11678 115 97 97 11258 122*4 11538 112*2 112*2 12112 115*2 11134 113 123*4 116 1113, 11134 1223g 11584 11134 112 123 116*? 112*8 112*4 121*2 115*4 1117? 1207, 115 112 119 112 110 117*2 113*2 11212 1213g 115 111*2 117*2 115*8 106*2 108*4 109*4 110*2 115 118*2 118*2 120*8 110*2 111*- 111 113*2 96 96 10578 10734 108*2 110*2 115*2 116*2 11934 120 11O3S 1103s 111*4 112*4 110*2 119 1133g 95*2 109 120 11338 112*2 1203S 114 96 110*2 120*8 114 11458 116 11538 112 120®8 11434 111**8 120*4 1147s 102*8 102*8 108*2 108*2 109 109 1896. LI S. 4s, 5s, 2s, 4s, 4s, 5s, 6s, 6s, 6s, 4s, 1907, coup------1925, coup-----------1904, coup-----------optional, regis_____ 1907, registered___ 1925, registered___ 1904, registered----currency, 1897------currency, 1898------currency, 1899------- U. S. 4s, 5s, 2s, 4s, 4s, 5s, 6s. 6s. 4s, 1907. coupon — 1925, coup-----------1904, coup-----------optional, regis------1907, registered----1925. registered----1904. registered- — currency, 1898------currency, 1899------- 109 110 H5J4 117 113 114 110*4 111*8 109*8 10978 10978 110*4 109*2 110*4 107*2 116*8 117*4 1i634 119 11638 1177g 11638 118*4 11234 113 113*2 113*2 114*8 112*8 113 11234 113*4 11034 95 95 110*4 108*4 108*2 108*8 109 10834 109*4 108 10878 106 11734 116*2 117*8 117 118 116*2 117*8 116*4 118*8 11278 113*2 113 113 11334 11334 1127s 11278 11234 113 11034 103*4 103*4 103 105 107*2 107*2 108*2 111 113 118 112 114 108 110 108 114% 11412 113 112 113*2 112 109*8 106 11684 111*4 113 108*2 94 108*2 10434 11634 11134 11284 10834 10734 113*2 109 94 106*2 113*2 109*8 103 105 1063s 11358 109*4 91 10534 11334 110 10778 11738 111*2 91 106*2 116*2 110*4 103 103 113*4 125 11378 98*4 11134 126*8 114*4 114 126 115 98*4 112*4 126*8 114*4 ' 1897. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 11138 11212 112*8 113*4 113 113*2 112 11234 112 112*8 112*s 113*4 HIT'S 11238 112 120’s 124 122*8 123*8 123 12334 123*8 124*2 122% 123*4 12334 12538 12478 12634 125 114% 11438 11338 11378 11378 114*4 114*8 11438 113 113*2 114 11434 114*2 115 113*4 98*2 110*8 11158 111*2 112 111 11138 11078 111* 11034 111 11038 111*2 11158 112 112 120% 12212 12238 122*s 123*4 123*8 123 123*2 12234 123*4 125*8 125*8 124*8 12534 125*2 113% 11334 113»4 11334 11378 114*4 113*4 113*4 113 113*4 11358 114b8 113*2 103*8 103% 103*2 103*2 107*2 10734 106*2 106*s 112*2 12534 H378 98*2 112*4 12534 11378 113*2 114 11334 114*8 115 115 126 128*4 127*8 128*2 12858 129*2 115 11578 114 11478 11438 115 112 11278 112*4 127*8 127*8 127*4 113*4 10234 113*8 127*4 115 10234 112*8 I2?78 114*2 9934 113 129 114*2 9934 172 UNITED STATES SECURITIES U. S. GOVERNMENT SECURITIES., 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 1898. U. S. 3s, 1918, coupon — 3s, 1918, small coup— 4s1907, coupon----------4s, 1925, coupon--------5s, 1904, coupon______ 2s, optional, regis------3s, 1918, registered-----4s, 1907, registered-----4s, 1925, registered-----5s, 1904, registered----6s. 1899, registered------ 11358 114’s 113 11434 110 113 12812 12934 12358 12834 118*2 12538 114 115 11312 11334 110k 11212 98*2 98<2 107 111 108 IIII4 110 11734 122U 120 I23I4 122 IIOI2 111*8 10934 111 111 98 98 104 10412 10412 10434 IIII4 11034 IIII4 111 125 125 128*2 12634 111*2 11258 113U 10512 10512 112 12734 10434 104*2 111*2 127 112*8 105 111 127*2 112 102*4 105 111*2 128*8 112 102*4 105*4 10538 104*2 11238 1131s 111*8 113*2 10834 111 106 109*2 10634 109 10734 109*2 110*4 111 12712 12912 126*2 12834 118*2 125 11634 121*2 121*8 122*4 124*2 124*2 124 124 11134 11134 111*2 111*2 10934 110*4 11312 115 104 104 103*2 103*2 103 103 102*8 102*8 10512 105U 112 12758 11214 105*8 1043s 1103s 127 11238 110*2 110*2 110*2 127 12738 12634 112*2 112“8 11234 102*2 1061s 105*4 106 106 105 106 112 11134 11258 128*4 12634 12758 113M 112 112*2 9858 985s 10588 105*4 105*8 111 111 11134 127*4 127*8 127*2 11234 111*8 112*8 102*2 105*8 105*2 112*2 127*2 112*2 99*2 106*8 111*8 127*2 11258 10734 107*8 113*2 129*4 113 99*2 107*2 112 12834 1125S 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 107 113*4 129 107*s 106*2 112*2 129 11234 99*2 106*2 1117s 12858 108 107*2 113 12958 113*4 99*8 107’>s 11238 129 10634 106*2 11238 128 99 10634 112*4 128 11134 99 107*4 1121*8 1281*8 11134 107 111 12834 112 108*8 112*8 12834 112 107*4 11238 129*2 112 108*8 11234 129*2 113*2 110 109*2 114 13334 113*4 11034 H0*2 11434 134*4 1135s 11134 111 118 134*8 11538 104 10934 109*2 11434 134 11434 105 112*4 11134 118*2 1373s 11634 103*4 110 109 114*8 133 113*2 100*4 104*2 103*8 104 109*4 109 11434 134*8 114 111*8 112 108*4 107*8 109 10758 109*2 108*2 109*2 10834 1093s 108*8 10834 108*4 10834 108*8 108*2 1075s 10958 109 11034 106*2 10738 10738 109 107*4 10858 108 109*4 108*2 109*2 108 108*4 108 108*8 10738 108 108 10958 109*2 110*4 112 114 112*2 11334 11238 114*4 11338 114*2 11238 113*2 113*4 11334 113 11334 112 112*2 11258 11338 113*4 115*2 107 12838 129*2 12938 130*2 129 13038 130*2 131 11134 11238 113 113*2 11134 112*8 113 113 108*8 112*8 129*2 11258 129*2 11238 101*2 10834 108*2 10934 108*2 113 112*4 114 112*4 13038 130*4 1123s 130*2 112&8 101*2 108*2 11238 130*4 130*2 130 130*2 129*4 11138 112 110*2 101 108*2 10834 10838 108*8 107*4 10758 108 112*4 112*4 111*8 111*2 111*4 11138 112 129*8 12934 12934 111*2 111*2 111*8 112 110*2 110*2 111 130*8 130*2 130 111*2 111*2 13258 133*2 134*2 11138 111*2 113*2 101 102 102 108 10934 11034 113*2 11238 115 13258 13234 134*4 111 112*2 113*4 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*4 109*8 111*4 112 111*4 114 11434 114*2 115*4 115 133*8 133*8 134*4 135 134*2 11238 11238 11234 113*2 11534 112 117*2 137*2 116*2 10834 114 13258 112*2 11034 10934 115*2 134*4 114*2 100* 109 115 133 11258 109*2 110*2 10834 109*2 109*2 10934 11438 116 115*8 116 1153S 1313 4 134*4 134 134*4 134 114 114 113*8 113*4 113*2 104 104 10434 110*2 109*2 110*2 109*2 110*2 10934 10934 109 11038 109*4 116 114*2 115 115*4 116*4 115*2 134*8 134*2 13858 138 11334 113*8 114*8 11234 114 113 109 108*2 114 134*2 112*2 110 109*2 116*4 135 114 10834 114*2 134*2 104 104 10434 109*2 109*8 HO 109*2 109*2 110*4 HO* 109*2 10934 10934 116*4 114*4 114* 114*2 116 115*2 115*2 114*2 11434 114*8 115 115 137 13458 134*4 134*8 133*8 133*8 134*4 134*4 114*8 113*2 113*2 11334 11334 113*4 114 11238 11334 113 11258 109 108*2 115*8 13438 113*8 109*2 109 11558 135 113*2 105 112 110 H634 138*8 11334 105 10438 107 10934 10934 110*8 116 114*2 11634 138 138*8 139 113 115 115 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- — 105*4 10534 110*2 110 114 138*2 110 105*2 109*2 114 106 10534 111 110 114*2 138*2 113*2 105*2 110*2 114*: 137*2 138 105*4 105*8 10638 10638 106*4 106*8 106*2 10634 106*8 108*4 107*4 10738 110*2 111*2 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*8 111*8 112 10938 110*2 10834 111 108*2 114 11338 13938 138*4 13834 13838 112*4 109*4 110 106*2 IO6S4 109 109*2 109 113*4 113*2 113*2 1135s 112*2 138*2 138*2 110 110 111*4 111 114 138*2 111*4 106 109*2 108*2 10834 108*2 11338 112*2 113 139*4 138*2 138*: 109*2 109*: 10634 109 11234 11234 113*4 139 139 109*4 109*4 109*2 109*2 10838 10838 108*4 10834 113 136*8 108 137 10834 10838 1083s 108*2 108*2 10834 10634 108 113*2 113*4 113*4 112 11234 137*2 137 139*4 139*2 139*2 108 108 109 109*8 10834 107*2 107*2 11134 112*8 137 108*2 108*2 108*2 109 108 108 108 108 112*4 112*4 113 13938 107*4 10834 113 139*8 107*4 108*8 112 112*2 11138 111*8 139*4 139*4 1902. V. S. cons. 2s, 1930, coup. 108*2 108*2 3s, 1908-18, coupon----3s, 1908-18, small, coup 4s, 1907, coupon - — 4s, 1925, coupon----5s, 1904, coupon___ Cons. 2s, 1930, regis3s, 1908-18, regis----3s, 1908-18, small, regis 4s, 1907, registered-4s, 1925, registered-. 5s, 1904, registered-. 10734 10734 10938 10938 109*2 109*2 10938 10938 109 110 109*2 10938 108 108*2 107 107*2 106*8 106*8 10534 107 107*2 10834 108 10638 10638 109*2 109*2 106*4 111 11138 11038 111*4 110*2 Hl 10834 109*4 111*4 111*2 11034 13734 13934 13934 106*4 106*4 106*2 106*2 104 104 105*4 10834 10834 109*2 109*8 109 109*8 105*8 106*8 107 107 10738 107*2 107*2 107 107 112 112*2 111*2 111*2 111*4 111*4 11038 111*4 109*2 109*2 108*4 10938 108*2 108*2 10734 110*2 111 139*2 139* 137 137 135*4 136 132 132*4 106*2 106*2 105*4 105*4 105*2 105*2 105*4 105*4 108*8 109* 108*8 109 111*8 112 112 139 112 139 108*4 108*4 109 109 112*8 112*8 112*4 113 10834 10834 109 108 108*4 108 108 10734 10734 108*4 111*4 13734 136*2 136*2 105*2 103*8 105 10738 108*4 108*4 10734 10734 111*2 10938 111 108*2 109*2 135*2 135*2 10334 10334 1903. (J S. cons. 2s, 1930, coup 107*2 3s, 1908-18, coupon------ 107*8 10834 107*8 3s, 1908-18 small, coup 107*8 10934 110*4 4s, 1907, coupon---136 4s, 1925, coupon__ 5s, 1904, coupon----103 Cons. 2s, 1930, regis 3s, 1908-18, regis— 4s, 1907, registered----- 109*2 110*2 10934 4s, 1925, registered 135*8 6s, 1904, registered 107*2 107*4 108*4 107*8 109*4 136 137 103*4 103*4 107 10934 109 135*8 135 109 Hl 137*2 10338 106*4 106*4 106 107*4 10834 107*4 107* 108 108*2 108*; 107*4 107*4 110*2 112 11034 111*2 103*4 106 107 10734 108*2 107*4 110*2 11034 111*4 11034 13534 135*8 135*4 135*8 103*4 106*8 107*4 111 136*2 103*4 106 10734 110 135*4 10834 10834 106*4 10634 10634 108 107*2 109 106*2 106*2 108*4 109*8 106*2 106*2 111 111*8 109*2 110 11134 11134 103*4 106 108 110 135*4 106*8 10734 111 134*4 1013s 106*8 106*8 108 10634 111 134*4 101*2 10634 10838 10938 11034 135*4 10734 110 10938 111 135*4 10638 10638 106*8 106*8 107*2 108*2 107 108 107*2 107*2 110*4 1103s 134*4 134*2 101*2 101*4 101*4 106*8 109*2 109*2 10638 10634 1063g 10634 10634 107*2 109*4 107*8 107*8 109 110 110*2 112 112*4 112*4 109 109*2 135 135*8 135*4 135*4 13334 134*4 101*2 101*2 101*2 . 1904. U. 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*4 105*4 10538 107*2 108 10634 107*8 107*2 107*2 107 134 134 13234 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*2 104*2 104*2 105 10534 10434 105 104*2 104*2 108 108 10638 10638 104*2 106*2 106*2 132*2 133 131*2 131*2 130*8 130*8 130*8 110 110*4 110*4 111 111 105*2 106 105 105*8 105*8 105*8 105*4 105*4 10434 10434 10438 105 10538 10534 108*4 108*4 106*4 107 106*4 1063g 10638 10638 132*8 132*8 13238 1323g 131*8 131*8 107 107*4 10534 10634 106 106*2 106*4 106*4 105*4 105*4 10538 10538 105 10538 10534 10534 105 105 104*8 105*2 105 107 107*8 107*4 107*4 10638 10634 105 105 104*2 107 131 110 1905. U. 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 (J. S cons 2s, 1930. regis 3s, 1908-18, registered. 4s, 1907, registered----4s, 1925, registered-. 10438 105*2 104 104 105*4 1053g 10434 104*8 104*2 105 106 106 104 105*8 105*8 104*2 104*2 10534 133 110 109*8 109*8 10434 10534 10434 105*4 133 110 10434 10438 104*8 10434 10434 104*2 104*2 105*2 105*; 104*2 104*2 132*2 132*2 132*4 109*4 104*2 104 104*2 104*2 104*8 104 104*4 104 132*4 133 133 109*4 109 109 104*8 104 10334 104 104 104 132*2 132*8 1043s 10334 104*4 103*8 104*2 104 104*4 104*8 104*8 104*8 105 1043g 13338 133s8 134*2 134*2 134*2 108*2 104*4 104*4 103*2 103*8 103*8 103 103*2 104*2 105 10434 104*2 105*4 134*2 108*2 103*2 10438 105*8 103*4 103*4 10234 104 103*8 103*8 105*8 1053s 103*2 103*8 13234 13338 130*4 13034 110*2 110*2 103*2 103*8 10434 1053g 102*8 103*4 13238 13338 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 11. S. cons. 2s, 1930, regis. 3s. 1908-18, registered 4s, 1907, registered-__ 4s, 1925, registered___ Pan. Can 2s. 1936, regis, 10338 104*2 104*2 10338 103*8 10238 103*8 103*8 10434 104 1043g 10234 10334 104*8 10338 10334 103*4 103*2 131*2 12934 130*4 131 132*4 129*2 109*2 10834 10834 111 103*8 103*8 103*8 103*2 103 103*8 10234 103 103*4 103*4 10334 10334 10338 10338 103*2 129*8 129*8 129 103*8 103*4 103 103*8 104 103*4 130 109*2 103*8 103 103*4 103*2 131 111 103*2 103*2 103 10338 12938 103*2 103*4 10238 10238 104*4 10234 102*8 1293s 12934 12934 103*4 103*2 10338 104*2 10234 10334 10334 103*2 129 10438 103*2 103*4 12938 104*8 164*2 104*2 104*2 104*2 104 1033s 104 103*2 103*8 103*2 103*2 102*4 102*2 102 102*8 101*8 10338 131*2 130*4 131*2 13034 13034 130*2 105*4 10338 102 13034 104 104 105*2 105*2 103*2 103*2 10338 1033s 103 103 102 102*4 100«4 100S4 130*8 130*8 130*4 131*2 131 131*8 105*8 105*8 1907. U. S. cons. 2s, 1930. coup. 3s, 1908-18, coupon-----<ls, 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 106 102*8 103*8 10238 100*8 100*8 129*2 129*2 129*4 10538 106 106*4 106*4 1033s 103*2 10334 101*8 101*8 129*2 130*2 130*2 10538 100*8 100*8 101*2 101*2 1003s 1003s 129 129 129*8 129*8 13034 13O34 104*4 104*2 104*2 104*8 105 105*8 105*8 10534 1053.4 105*8 10534 10334 104 102*8 102*4 102*8 103*8 103*4 103*4 102 103*4 102*2 10138 10138 101*2 10138 100*8 100*8 13038 13038 12934 12934 127 127 125*2 125*2 12434 104*8 10434 10538 105*2 105 10234 10234 102*2 102*2 102 102*2 102*8 101*2 101*2 100*8 100*8 130 130 128*8 128*8 10534 10238 100*4 10234 100*2 102 12434 119 124 117 120 1 0538 104*4 109 10434 10434 103 101 102*2 125*4 126*4 119*2 125 UNITED STATES SECURITIES U S. GOVERNMENT SECURITIES. 173 October November December August September June April May 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 1908 (J. S. cons. 2s. 1930. coup__ 3s, 1908-18, coupon--------3s, 1908-18, small, coup___ 4s, 1925, coupon_________ 2s, 1936, Pan. Can.,cou___ Cons. 2s, 1930, reels--------3s, 1908-18, registered. 4s, 1925 registered —_ 104 104 1041g 10418 100^4 IOO84 101U IOII4 101 101*4 101 101*s 101*2 102 IOII4 101*8 101*2 101*2 12218 122*s 120*4 121*4 121 12212 122l2 122l2 123 12312 IO3I4 103b 104*8 104b 104 104 104 10412 10334 104 103b 10334 10384 10334 103*8 104 100 10012 IOII4 IOU4 IOU4 IOII4 122 122 II8I2II8I2 119 119 12012 12214 100a4 1007b IOOS4 10034 IOOI4 IOOI4 122 122 122*2 12212 IO384 10384 104 104 103*2 103l2 103l2 103b 101 10178 1017s I011g 101l8 121*2 12112 121 121 120*8 1203s 120*8 121 101 1909 U. S. cons. 2s, 1930, coupon. 1021410214 IO2I4 102U 103 103 3s, 1908-18, coupon_______ IOII4 IOH4 10034 1011s 10134 101*4 102*s 102*s 10212 102*2 121* 1*2*1* 4si 1925, coupon-------------11912 121 Cons. 2s, 1930, registered-- 102*8 102*g 10112 102 ioi*8 ioTbs 101*2 101*2 102 102 3s, 1908-18, registered-103*8 103*8 4s, 1925, registered_____ H9I4H9I4 11734 11734 2s, 1936, Pan. Canal, regis ions ion8 101 101 2s, 1933, Pan. Canal, regis 101 10134 IOOI4 IOOI4 101 101*2 101*21017g IWI4 II7I4 118 117**2 1*18 * 1003s 100*8 101 102 101*2 101*2 1018S 101*2 116*4 116*4 116*4 11634 116*4 117*2 100 100 101 101 118 10H2 101*2 10188 10l3g 11638 116*2 116 116 100*2 ions 101*4 101*4 115 1161s 11484114*84 1910 U. S. cons. 2s, 1930, coup__ 3s. 1908-18, coup_______ 3s. 1908-18, small, coup — 4s, 1925, coup---------------Cons 2s, 1930, reg_______ 3s, 1903-18, reg_________ 4s, 1925, reg___________ 2s, 1936, Pan. Canal reg — 2s. 1938, Pan. Canal reg — Philippine Islands land., purchase 4s, 1914-34 — 1001410014 10218 1021s 102*2103 102*2 102*2 102*2 102*2 1148411584 115*4 115*4 11434 11434 10012 1007g 100*4 101*8 101*4 101*4 10134 10234 102*2 102*2 115*4 115*4 115*4 115*4 114*2 L1478 101»4 102 IOO84 10034 102*8 102*s 101*4 10134 102 101*4 102 102 102*2 102*2 101*4 101*4 114*4 11478 115 100*4 100*4 101 115 115*2115*2 115*2 115*2 101 101 101*4 100*4 100*4 102 102 101*4 101*4 102*4 102*4 102*4 102*4 115*4 115*4 115*2 115*2 114*2 1147s 11434 II484 114*8 114*8 114*2 *15*8 100*8 100*8 100*4 100*4 101*8 101*8 114*2 114*2 114*2 115 100*2 100*2 1911 U. S. cons. 2s, 1930, coup — 100*4 100*4 100*4 100*8 100*8 100*8 102*4 102*4 101*4 101*4 10178 101% 102*8 103 102*8 102*8 101% 102*8 102*8 102*8 102*4 102*2 102*4 102*2 101*4 102*8 1133 4 114 113*4 113*4 114*8 114*8 100*4 100*4 101*8 101*8 10178 10178 11378 1137s 114*4 114*4 114*4 114*4 113*8 113*8 113*8 113*8 100*2 100*2 101*4 101*4 1018s IOI84 101 101 101 101*8 102*8 102*8 102*4 102*4 102*8 102S4 10178 10178 8s, 1908-18, coupon -—. Ss, 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 11688 11638 101*8 101*8 103 103*4 116 116 102 115 102 115 1912 U S cons 2s, 1930, coup______ 3s, 1908-18, coup_________ 3s, 1961, Pan Canal, coup43, 1925, coupon__________ Cons 2s, 1930, reg________ 3s, 1808-18, reg...................... 4s, 1925, reg______________ s. 1961, Pan Canal, reg__ 101*4 10078 1007g IOOS4 101*4 *03*8 102*2 103*4 IO284 10284 102*2 101*8 1017g IOI84 102 114*2 114*2 11484 IOO84 10078 102 102*4 102*2 102*2 114*2 114*8 114*4 114*4 113*4 113*4 101*8 101*8 101«4 101% 1023s 1028s 101 101 102 102 102 102 102*4 102*4 102*8 102*2 102*2 103 101*8 1017s 101*8 101*8 101*4 101*4 10178 102*8 101% 101*8 113*2 114 113*8 114 114*4 114*4 101*8 101*8 102*8 102*2 114 114*4 113*8 113*8 1017g 10178 101*8 101*8 101*4 103 102 113% 101*8 102% 100 101*4 101*2 102 102*2 102*2 103*8 1018s 10178 101*2 10134 101’4 113*4 11334 11334 ............... 101*8 101*8 102*2 102*8 102*2 103 102 102 101*4102 113*8 114*8 113*8 114*8 100*8 101*4 114*8 114*8 101*8 101*8 1913 V 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. 101*4 103 102*4 11378 101*8 102*8 103 102*2 102% 113% 114*4 101 101 1027s 102*8 102*8 102*8 102*8 102*2 102*2 102% 103*8 102*2 103 113*4 114 113*2 113*2 100*2 100*2 102*8 1*62*2 113*2 113**2 113*2 113*2 113*2 113*2 102*2 102% 102*8 102*8 102*2 1*02*4 102*4 103*8 114 100 103*8 103*8 114*2 100*4 103 103*8 114 99*8 103*2 114*8 114*8 113*4 103*8 100**4 10*6*4 98 98 102*2 102*2 102*8 99*2 100 100 100 110*2 111 98*2 98*2 96* *98*2 102*8 102*8 110*4 110**4 110*4 110*4 100*2 ♦95*2 98*2 103*4 101*4102*8 102 103ig 99*4 101 114 110 112*2 100i8 95*4 99 103*2 101*4 103 113*4 110 113 103*8 99*2 99*2 95*2 97*2 102*8 102*2 102*4 102*8 99 99*8 109 109*8 110**2 1*11 194*2 96 102*4 102*4 109*2 11*6*2 102% 102% 100 100 111 112*2 111 111*2 100 100*8 96*2 96*2 96*2 96*2 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, regls. 2s, 1938, Pan Canal, regis. 98 98*s 102*8 101 112*2 98*2 102*4 111*8 101*4 102*4 101 113 98*2 102*4 112*4 101*2 97 97 98*8 99 96*4 97*8 102*8 102*8 101 101 101*2 101*2 102*4 102*4 100*4 102*4 101 101 111*2 111*2 97 98*4 98*4 98*2 98*4 96*4 98*4 97 102 102*4 l‘02*2 102*2 112*8 113*4 102*4 102*4 il2**s 112**8 112*2 112*2 111*4 112 102*8 102*2 101*4 101*4 97 97*4 97*4 97 101 101*2 10*1*1*2 111*4 110*2 111*4 Stock Exc bangs clo sed July 31 to N ov. 27, bo th In* 96*8 elusive 101*4 101*4 101*4 110*4 109*4 110*4 101**2 111 96*8 101*4 109*8 109*8 110*8 109*2 110 99*8 99*8 108*2 109 99 99*4 §101*2101*2 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 98*4 98*8 99 102 102 100»4 102 100 100 101*8 101*4 101*8 1017g 100*2 101*4 101 101*4 101*4 101*8 101*8 110*4 111 111 111*2 i 16*2 111*2 110 97*2 97*2 101*4 101*2 100*4 100*4 101 101 101 101*4 102 Ill’s 109*4 111*4 109*2 HO 97*4 97*4 101*8 101*8 97 97 97*4 98 98*2 99*4 98*8 99 99*2 99*2 98*8 98*8 98*4 98*4 98*2 98*2 96*4 96*4 96*4 96*4 101*2 101*8 101*2 101*2 100*2 101 100*2 101*2 101 101*2 98 101*2 101*2 101*4 101*2 101*2 109*2 H07g 109*2 109*2 109*2 109*2 109*4 109*4 109% 10*9*8 109 109*8 109*8 109*2 109*4 109*2 109*4 109*4 102 102 101*2 101*2 101*2 101*2 101«4 101*4 97*2 97**2 102 102 110% 110% 99*2 99*2 101*4 101*4 109*2 110*4 102*2 102*2 98*4 98*4 1916 U S cons 2s, 1930, coup---------- 3s, 1908-18, coup------------------3s, 1961, Panama Canal, coup 4s, 1925, coup_____________ Cons 2s, 1930, regis----------3s, 1908-18, regis.................... 4s, 1925, regis------------------3s,{1961, Pan Canal, regis. 2s, 1938, Pan. Canal, regis 102*4 102*4 102*4 102*8 1017g 102*8 103 103 110*4 110*2 111*21111*2 99% 997g 102*2 102*2 109*4 111 11078 1107s 102*2 102*2 103 103 102*8 102% 101*2 102*4 103*8 103*4 111*2 112*2 111*2 1*12* 99% 99% 102*8 102*4 101*4 101*4 111*8 111*8 111 111 103*8 103*4 99% 997g 99*2 100 99*2 100 100*2 100*2 102*2 102*2 102*2 102*2 iii* 1*11*8 *1*161*4 1*1*1 112 112 110 110*4 99 99 99*4 99*4 100*4 100*4 1107s 1107s 110*4 Hl 110*4 Hl 101*4 101*2 100 101*4 100 100 99*4 99*4 1917 U S cons 2s, 1930, coup------- 2s, 1936, PanamaGanal, coup 3s, 1908-18, coup______ 3s, 1916-46, conversion, coup 3s, 1961, Panama Canal, coup 3}4s, 1932-47, Liberty, coup 4s, 1932 47, Liberty, coup. 4s, 1927 42, Liberty, coup. 4s, 1925, coup____________ Cons 2s, 1930, regis_______ 3s, 1918, regis____________ 4s, 1925, regis____________ 3s, 1961, Panama Canal, regis 2s, 1936, Panama Canal, regis 2s, 1938, Panama Canal, regis 99*4 99*4 101*4 100*2 100*4 101 102 102 162*4162**4 101 98 98 10178 100*2 10178 99 90 99*2 98*8 99 87 87 110*2 110*2 111*8 107*4 109 99 99*4 1I6*1’1’d 109*2 110 107 109 85 90 86 99.40 100.' 99.60 100.30 99.48 100.10 85*s 85*8 84 98.44 99.82 100 100.02 97.00 100.00 105*4 106*2 98*2 99*4 96*4 98 99*2 99*2 99 99 107*2 109*8 107*2107*2 105*2 106*8 104*4 106 91 93 90 90 100*4 100*4 100 100 98 97 99*8 96*4 96*4 97*4 97*4 99 98*4 99 99*4 99*4 99 99*2 100 99.96 100.12 99.00 100.06 110 100*2 100*2 99*8 99*8 100*2 101*2 100*8 100*8 101 101 103 103 103 103 102*8 102*8 110*2 111*4 110*2 111*4 110*4 110*4 110*2 111 99*4 99*4 99*4 99*4 ioi* 1*0*1* 101*4 101*4 110 110 110*4 110*4 103 103 103 103 84 98.08 99.00 96.90 97.46 96.70 98.00 105*4 104*2 105*2 105*4 106% 105 106 105*2 105*2 104 104*2 96*2 96*2 98*2 98*2 97*2 97*8 97*2 97*2 96*4 96*4 99 99*4 99*4 98*s 99*2 99 105 105*2 105% 105*2 105*2 106*8 105*8 105*4 105 98 97*4 97*4 97*4 97*4 1918 U S cons 2s, 1930, coup. 2s, 1936, Panama Canal, coup 3s, 1908-18, coupon.... 3s, 1961, Panama Canal, coup 4s, 1925, coupon..__________ Liberty Loan— 3J^s, 1932-47, coup----------1st 4s, 1932-47, coup______ 2d 4s, 1927-42, coup.............. 1st 4Xs, 1932-47, coup.__ 2d 43is, 1927-42, coup_____ 3d 4J4s, 1928, coup_______ 4th 4J£s, 1938, coup______ Consol 2s, 1930, regis----------2s, 1936, Panama Canal reg.. 2s, 1938, Panama Canal, regis 3s, 1908 18, regis______ 3s, 1961, Panama Canal, regis 4s, 1925, regis________ 97*4 97*4 105 97 97 97*4 97*8 97*8 99*4 105 99 98*8 98*8 99*8 99*8 85 85 105*8 105*8 105*8 105*2 106*2 106*2 106*8 106*8 106*2 107 105 97.20 98.88 97.46 98.' 96.50 98.40 96.04 97.! 95.76 97.20 94.70 97.S ♦This sale was made “seller 20 days.” http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 99 98% 99 97.26 99.00 98.56 99.30 98.82 99.98 99.46 99.88 99.52 99.92 99.86 96.10 97.70 95.88 97.06 93.86 96.84 93.00 95.20 93.90 94.70 94.02 95.82 97.06 93.86 96.84 93.00 95.18 93.10 94.26 93.30 95.76 97.1 93.90 94.70 93.80 93.10 94.14 93.30 96.80 99.10 95.32 97.32 95.02 96.46 94.74 97*8 97*8 97*2 97*8 97*4 97*2 97*2 98*4 98*2 98*4 99 97*8 97*8 99 99 99 99 99*8 99*2 99*4 83 105*2 105 x“Seller 5 days.” 105 98 97.20 92.20 92.60 96.30 93.80 94.00 94.00 99.60 95.90 94.60 98.00 97.82 96.88 96.90 85*2 85*2 106 107 100.02 94.44 94.20 94.46 94.20 94.96 102.00 96.94 98.00 97.10 98.00 97.10 89 89 106*8 106*8 106% 106*4 99.50 95.60 95.64 95.60 95.60 95.86 100.24 98.50 97.54 99.i 97. 97. 98.94 100.00 95.70 98.30 94.60 100.00 97.40 98.90 96.36 98.14 96.30 98.40 96.76 98.10 98*4 98*4 98*8 98*s 83 165**8 105**8 105*4 105*8 |“SeIler 4 free.” 102.50 94.50 94.30 94.50 94.24 95.78 98 106*8 106*8 106*2107 106*2 106*4 106*2106*2 105*8 105*8 105 105 Foreign Government Securities PRICES IN 1916, 1917 AND 1918. The table below shows the course of prices of Foreign Government Securities on the New York Stock Exchange in 1916, 1917 and 1918. The prices quoted are “and interest”—that is, the buyer must pay accrued|interest in addition to the quoted price. BONDS January February March April November December May August September October 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 1916 Amer Foreign Securities 1919.5 Anglo-French 5-year________ 5 94>2 96 93b Registered________________ 5 Argentine—Internal 5s of '09 £ 92 95b 90 Imperial Chinese Govt— Hukuang Ry sterling 1951.5 69 70 74 Republic of Cuba— 96b 9734 97 94U 9512 s94'g External loan 1940______ 4)$ 83 83f2 81b Dominion of Canada— Imperial Japanese Govt— Sterling loan 1925.............. 4H English stamped.... German stamped.... Second series 1925 £__ 4)$ do English stamped do German stampei 94 981® 98 9S3s 98U 991? 98 98 98*8 97 9818 98 98*8 947g 96 93b 9584 947g 96 95ig 96ig 9514 96 95ig 955s 95b 955g 945g 9534 94 95b 9212 95 95U 9514 8934 915g 91b 925g 91b 93b 93 92i2 935g 915s 93 95 91b 93 91b 93 92b 93 91b 93 78 74 95l4 78i4 71 74b 71 72b 71 72 72 73 72 73 72 72b 69 99b 99b 993g 995g 983g 100's 9914 IOOI4 99l2 997s 99i2 1001s 99b 1003g 100 97U 973g 97 lg 98's 98b 100b 9914 IOU4 9912 IOOI4 987g 100 987s 100b 99 9634 97 967g 99b 99 1015s 995g 1023g IOOI4 IOII4 9912 100l2 987g 1007s 100 86 85b 80 8334 80 80 7384 7734 64b 64b 82l4 84b 84i4 84 79 78b s83b 79b 73 75 German stamped____ U S of Mexico— External s f 5s of 1899 £. 50 86b 84S4 84 8O84 81b 85ig 84 8U2 81b 847g 7584 77S4 78 ' 63 70 68 64 64 85 79 84 86I4 84 8II2 86 85 81 7212 84i2 85 8414 84U 8034 81b 8334 84i2 8412 84l2 78b 80i2 68 70 60 79 72b 7784 80 777g 787g 77S4 7834 77b 78b 100b 997g 100b 99b 100 101 99b 100b 99b 99«4 10U2 9984 100b 99b 100 8434 8512 8434 86lg 8512 86b 87 87b 8734 8884 83 83 84 8434 8414 85 84i2 86 85 86 86b 87b 878g 88b 80i2 80i2 833s 81 83b 79lg 85 8OI4 817g 80i2 8U4 81 72 69i2 7()5g 70b 7084 70 69 6934 70 70 65U 50 39 50 39 77i2 78is 77i2 80i2 79 80 45 45 27i2 27i2 Paris (City of) 5-year 1921. 74 71b 69b 73b 71 100ig 100 100i2 9934 IOOI4 997s 100l2 98U 100ig 985s 9914 9812 99b 98b 100 100 100b 98b 997g 98b 98b 95i2 9584 96b 96l4 97 95 97 9614 97*2 96 96b 96 96b 96b 96b 957g 967g 96b 97 96 b 96 84 84 87 86I4 86b .... .... 86 86l2 86 86l2 86 86 .... .... 86 86b 86b 86b 86b 87 .... 8734 8884 88b 86 83 83 8784 88b 88 81b 8H" 80 813g 78 72 72 73 50b 50b 47 78 8884 86 88b 807g 73 50b 9818 993s 96b 9834 9484 97U 803g 787g 79b 78 787g 7884 78 987« 99% 987g 99b 98b 99% 98 99 975g 98s4 97 " 98b 1917 Bordeaux (City) 3-year 1919. Imperial Chinese Govt— Republic of Cuba— Dominion of Canada— French Republic— Temp 2-yr secur loan *19. Imperial Japanese Govt— do do English stamp. German stamp. do do English stamped____ German stamped... Marseilles (City) 3 yr 1919. U S of Mexico— Gold debt of 1904. UnltedKing of Gt Brit & Ire 2 year notes.__ Sept 191 97 98b 95b 97 9212 9312 90 93 90 93 88 88 958g 9684 9514 9784 9H4 93 9284 95 88 88 963s 9634 71., 72b 70 72 72 72 9514 96 93ig 9534 95 937g 93 92l4 94U 93 85 86l2 8738 961? 931? 9412 95 711? 7H2 70 715g 985g 100 9884 97b 99 97 98b 99b 97b 98 965g 93 96 953g 92l2 95 927S 93 95 95 86I2 86b 68 70 68 9484 90b 95 92 97 9514 9584 947g 96b 94b 96 92 92'b 89b 91b 817g 90 b 9338 91 9414 93ig 94 80b 827g 80b 80 b 85 953« 93 88 74 94l2 933g 94 86^8 93i2 82 85b 70 65 66 65 95 98 s98Ss 983g 9914 9914 100 99b 9984 983s 99 95 925g 9234 93's 93is 94 96b 97 95b 95b 97 861a 863s 8638 865s 865s 86 97 91b 93 95b 92 b 94 997g 100b 97b 100 9712 983g 96l2 99lg 95U 97b 9434 95b 93% 9584 92b 947g 90 97b 99b 98b 995g 96b 99 95b 90 9138 89 965g 985s 95b 97 94b 95b 947S 95b 92 91 99b 100 s96b 997g 96b 98 95 95l2 96i2 95 96 9234 87b 92b 9984 100k s97 100 945g 96 97 98 97 95 94b 9584 93 95b 90 99b 97U 9534 967g 94l2 97 99%ini 88I4 8884 87 99 QQ 7Z. 9734 9938 inn3g 8684 8514 86l2 86 86b 81ls 82S4 83 8134 80b 81 80i2 88 84 88b 88b 88 87 80b 815r 80ig 8I84 82b 83 86U 81b 811- 8OI4 81 79^8 79^8 82l« 8218 78S4 82 78 7834 797g 79 78b 80 80 805s 79i2 797g 79 82 76 73b 73b 73b 76b 76 75b 7558 963r 967g 95 9612 931? 9712 95 9412 9R7g 95 9612 931? 961? 97 88b 81 41 41 423g 4?1" 45 40b 40b 45 ___ 3978 3978 92 95b 97 9514 9212 94b 9414 96b 77b 787s 755g 777S 76 78*4 7714 78b 97>2 98b 96b 98 97 98’b 95b 97 9634 98b 94U 9634 98 99 — .... 98b 99b 957g 977g 95b 9714 9334 97b 98b 9914 98% 99b 47 35 9234 78 50 47 955g 78b 97 98b 96b 96l4 977S 96 95U 97 95b 98b 1003g 99 99b 10H2 99 9784 9714 963g 100 1005s 49 35 933S 787g Q73fl 9S’Z. 49 50 49i2 35 35 93 937g 93»s 95 79 8012 77 79 973g 98i2 963s 97ls 9434 9512 99X.995S 995s 99 96 98U 9584 97 93>g 9584 91b 95 8884 88 875g 8712 88b 88 88b 8712 8134 8734 8734 87b 87b 84b 84b 87 801^ 80i2 885g 877g 88b 877g 88 87i2 8612 88 87 87 87 87 767g 78b 74b 80ig 79b 81 77b 80 74 74 74 76 75b 94 95^ 931? 941? 93 87 9358 X214 94 95I4 93 87 94b 93 93b 82 35 9414 9lb 94 77b 77b 79 975g 98l2 96ls 97l2 965g 95 99% 997g 9914 IOOI4 973g 95 937g 99b 99b 98b 963g 953g 100 9984 9684 92 837g 9U4 97b 93b 85b 93b 98 95b 85b 97b 97b 98 94i2 95b 93b 94 9938 9984 985g99% 88b 88b 903g 87 90 90 8012 88b 88b 90b 9 90 76 77b 75 73 73 74 85 74 88 85b 35 35 88b 9134 82b 88 70 70 7534 76 975g 94b 9234 993g 98b 987g 95b 9384 9984 98’b 33b 33is 73b 83b 70 71 97b 98b 93b 96% 907s 93 9838 997s 96 98b 95b 93b 84i2 99b 95b 9734 9934 97 89b 102 96% 96b 89 100b 100 97b 89 10134 70 70 95 96 95'b 92 997g 98b 1918 Argentine—Internal 5s of ’09 _ Bordeaux (City) 3-year 1919.. Imperial Chinese Govt— Hukuang Ry sterling 1951. Republic of Cuba— External debt loan of 1904.5 External debt ser A of 1914.5 External loan 1949_______ 4)£ Dominion of Canada— Gold bonds 1921........ 5 Bonds 1926.................................. 5 Bonds 1931.................................. 5 French Republic— Temp 2-yr secur loan ’19.5)^ Imperial Japanese Govt— Sterling loan 1925_______ 4)£ do English stamp_______ do German stamp_______ Second series 1925_____£ 4)S do English stamped____ do German stamped____ Sterling loan 1931 ____ 4 Lyons (City) 3-year 1919____ 6 Marseilles (City) 3-year 1919..6 U S of Mexico— External loan of 1899____ £ 5 Gold debt of 1904................ 4 Paris (City) 5-year 1921_____ 6 Tokyo (City) loan of 1912..£ 5 UnltedKing of Gt Brit & Ire— 2-year notes.__ Sept 1918.5 3-year notes Nov 1919.5)^ 5-year notes Nov 1921.5)^ Convertible notes Feb T8 5H Convertible notes Feb ’19.5)3 20-year gold 1937------------ 5)3 9484 97 96 88I4 897g 89b 78 80 80 84 90 87 97b 90b 80 90 90b 91b 94b 95 9014 92l2 95 96b 94i2 89b 90b 90 80b SO’s 83b 85 893S 86 96b 9534 973s 91 90 93 83b 8884 88 90b 9612 90'g 82i4 88 53b 6012 60 60 63l2 65 97l2 92l2 82l4 92 9584 9584 95b 9634 97U inn 9212 9212 92ig 923^ 92b 9414 80 " 84 ~ 84 80 9784 935g 85l2 9412 97b 94 ___ 96b 98% 9584 ___ 99b 70 68 70 70 98i4 9914 98 9214 93i2 98 95b 95b 97b 98b 94 95b 85 87 98b100b 98b 95 88b 99b 68 71b 72 93b 93b 81b 8212 9414 95b 94 95 b 95b 95b 95 95b 94 95b 9314 95b 94b 9634 95l2 965g 94l2 965s 94 907g 95 94lg 92l2 93 917g 933g 92 93l2 917s 94b 93b 95b 94 92b 94 91b 94l2 92 927g 93b 95 887g 935g 9234 94 92ig 92 94 93 92 90 91 92l4 91 90b 91b 91 94 97 90 90 897g 80b 847g 83b 85 90 92b 897g 92b 89 90 81 927g 91 92l2 85 77 74b 84 84 8OS4 741" 90 8934 7978 78 75*2 89 86 89 86 40 425g 40b 40i4 96b 98 79b 76 86b 86l2 81 76 89b 89b 95b 9738 95U 96b 957s 98b 9784 98U 977g 98b 98b100b 99%101b 101 78b 75b 85 85 81 8914 84 857s 87 80i8 8018 8784 90 84 87 83b 83b 87 84 84 83 83 81 80is 80 79b 7714 79b 79 7378 7378 88 " 91i2 9078 9414 8884 88 90 92 91 94i2 8884 88 88 90 877g 89b 87 86 89 85 80b 8034 80 97 99 96b 96 98b 957g 95 b 97b 9634 97b 967g 98b 96b 96b 99 103 877g 855g 90 87 857s 90 80b 81 1027g 104b 103b 105b 90 92 86b 87 87b 92l2 86 85b 85 743,1 4984 4934 50 40 97 79b 9334 98 823g 8934 887s 95 86 83 86b 815g 85 82i2 80b 81b 80 80 78 SOig 80 77b 75b 79 62 40 99b 81 62 50 98 81 88 90 85b 87b 743. 75ls 93b 967g 96 99b 98b 100b 99b 102b 100 93b 97 96b 99b 98b 100b 9934 103 101 40b 40b 40i2 40l2 82l2 89b 8434 89b 817g 86I4 82 68 6884 7212 72 70b 70b 71 70b 751s 101 Sg l0134 62 64 64 53 99b 9Sb 99b 81 81 81b 99% 98b 99b 983g 99b 9834 99i2 99 »Z. 993.4 99&s 9934 99% 997. 993. 100 96b" 98 9584 975g 95»I 97 965g 98 975g 98i4 98 9514 97b 9684 98 99b 985g 99b 983s 99b 98b 9984 99 b 100 915g 94b 9384 9484 92 9334 9234 9334 93 97 b 96b 97b 97% 98b 9734 99b 96b 96 95b 935g 9434 94ig 95b 95 97 995s 100 97’g 99b 98b 99b 983g 100 9858 100 9834 99b 99 993g 99 9912 99 997s 99b 997g 995g 101 100%105 100b 10158 1007g IOI84 £ In case of bonds ol foreign Governments Issued In pounds sterling. Indicated thus—£—the usage of the Stock Exchange is to consider $5 as the equivalent of one pound sterling, and the above quotations are on that basis. r Option sale. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Prices State and Municipal Securities. of PRICES 1860 TO 1918, INCLUSIVE. In the tables which follow we furnish a record of the course of prices of State securities on the New York Stock Exchange since 1860. For more recent years the record also includes the municipal securities dealt in on the Exchange. 1860 to 1865, inclusive. DESCRIPTION. Compiled 1rom Sale Prices. 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 0%_______________ Louisiana 6%_____________ California 7%_____________ 1860. 106>£ 99 100 100 104b Jan Dec Feb Meh May 113b IO6S4 IO6I2 100i2 IO6I2 1862. 1861. Highest. Lowest. Lowest. Highest. Aug 87 June 65 Oct July Sept 75 Dec 109 April 97 Lowest. Jan 115 Feb 93 Jan 7012 Jan 100 110 IO5I2 84 105 65 Lowest. 1865. 1864. 1863. Highest. Highest. Lowest. Highest. Lenoest. Highest. Nov Dec 86 98 64 Jan 93 Meh 106 Dec 93 June 85U Sept 8OI4 77 Aug 75 July 93 April 75 June 77 Dec 8334 Oct 7734 June 34I4 June 77 Meh 42 Jan Jan Feb Jan Jan Jan 67 b May 52 July 64 Feb 50 Meh 92 Dec 73 Dec 95 Meh 36 April 81 Jan 65b Oct 49 Dec 75 Feb 47 Jan 64 Sept 50 Jan 73 Nov 77b Dec 100 Sept 44 June 8212 Feb 60 Jan 74 Dec 80 Meh 49 Jan 63 Aug 58 Jan 86 Dec Oct 75I4 April 51 Feb 75 April 60 Jan 167 Aug 112 Meh 79 Feb 80 May 155 Dec Dec Jan 61 94 82 Meh 49 Dec Dec May Dec Feb 57 June 53 Dec 8478 June 35 May 72 Jan 40 Jan 56I4 Feb 5912 Dec 75 May 60 Jan 9912 Oct 45 May 7712 Meh 59 Jan 70 Meh 55 Nov 80 Meh 52 Jan 95 Sept 71b May 88 Jan 7634 Jan 116b Dec 114 Aug 139U Meh 123 1866 to 1871, inclusive. DESCRIPTION. Compiled from Sale Prices. Tennessee 6%........................... Tennessee 6% new bonds___ Virginia 6%................ .............. Virginia 6% new bonds_____ North Carolina 6%_________ North Carolina 6% new bonds North Carolina 6% special tax Missouri 6%______________ Louisiana 6%_____________ California 7%........................... Connecticut 6s........................... Rhode Island 6s___________ 1866. Lowest. 1867. Highest Lowest. June 84 Meh 100 60 Nov Jan 41 73* Nov Jan 45 71 80 106 Lowest. Lowest. Highest Jan 7812 June £4914 4OI2 Meh 60 Jan £4312 Jan 60 May £47 49 Meh 60 b July £50 Jan 79 June £40^4 27 70b July £597s Meh 93 b Dec 8684 Meh Jan 100 Sept 80 Feb April 120 Jan Oct 115 98*2 Jan 99 April 106 90 128 102 100 July 84 Jan Dec 128 Sept Meh Nov 85 Dec 134 1870. 1869. 1868. Highest. Dec Dec Dec Sept Dec Nov Highest 70 6978 5914 6334 6638 64 Lowest. Jan £5212 Jan 4518 Jan £4812 Jan 57 Jan £40 Jan 20b Sept 9612 June 85 1871. Highest. Lowest. Highest. 70 July Dec 76 Aug Jan 7658 Aug 6814 July 76 Meh Oct 74 April Meh 6OI2 Feb 75 May July 31 Dec 5114 Feb 3612 July 1518 Dec 29i8 Feb 12b Dec 217s Feb Jan 95 June 99b July Jan Meh Jan Jan Jan Dec Meh 1872 to 1877, inclusive. DESCRIPTION. Compiled Jrom Prices Bid. Alabama—5s, 1886-------------8s of 1888............................... Arkansas—6s, fund................. 7s, Little Rock & Ft. Smith California—7s_____ ________ Connecticut—6s___________ Georgia—6s ______________ 7s, new_________________ Illinois—6s, 1879, coupon___ Kentucky—6s____________ Louisiana—6s, Levee_______ 7s, consol_______________ Michigan—6s, 1883_________ Missouri—6s, long__________ New York—6s. bounty, coup. North Carolina, 6s, old, J. & J. 6s, new, J. & J__________ 6s, special tax___________ Ohio—6s, 1886 .......................... Rhode Island—6s__________ South Carolina—6s_________ 6s, J. & J-------------- ...... 6s, A. & O_____ _________ Tennessee—6s, old_________ 6s, new_________________ Virginia—6s, old___________ 6s, consol_______________ Highest. 55 80 40 50 109 98 70 84 Meh Aug Nov Aug Sept Jan Jan Feb 45 45 25 15 101 97 59 70 85 Jan 101 July 95 Oct 67b April 50 6212 90 5712 60 115 10212 77 90 May Jan June Feb June Dec Jan May 917s Sept 97b 10534 Oct 109 30’« May 38I4 Jan 23 15 Oct 16 10 June May Meh Meh Meh 95 50 Lowest. Jan 99 40 April 23 Sept Jan 22 63 1>r Jan 635s Jan 42 July 50b July 102b June 56 July 39 Meh 36 April 80b Dec 80b Dec 56 Feb 59 Meh 85 85 103 20 14 5 99 98 22 8 19 63b 62’4 32 44 1875. 1874. 1873. 1872. Lowest. Highest. July Aug June Nov Dec Oct Nov Nov Nov Jan Jan 57 82 40 27 116 10234 82 91 99 100 55 Nov Oct Nov Oct Dec Nov Nov May Nov Nov Meh Nov Nov Oct Oct 98 May 9634 June 108 June 33 b Jan Jan 19 17b June 107 April Meh 101 Jan 40 22b Jan 28 April 8434 Meh 85 Meh Feb 47 56b Meh Lowest. Jan 25 Jan Feb 40 April Feb 8 Sept Aug July 5 June no Jan June 97 Jan May 65 Jan May! 82 Jan July 95 Jan Aug 97b July Aug 15 June Jan 94 92b Aug 103 b Jan 18 June Aug 10 5 Sept Jan 100 Jan 97 20 April 6b Jan 12 Feb Oct 67 Oct 67 28 June 49 b Jan Highest. Lowest. 1876. Highest. 39 45 35 23 114 106 80 92 102b 102 28 Dec July Meh Jan Nov Dec Dec Dec June Nov Nov 25 25 20 8 105 103 80 881? 99 100 25 Dec Dec Jan Meh Jan Jan Jan Jan Jan Jan Jan 41b Jan 42 April Dec 38 17 June 117 May no Dec 96 Sept 104 Dec Dec 104 104 Dec Dec 40 1.04 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 Jan Jan Jan Dec Dec Aug Jan Jan Sept Aug Sept Feb Feb Feb Jan 10719 10234 109 27 16 434 10814 108 35b 35 35b 78 77b 4012 76 98s4 no 29 21b Hb 106b 105 30 31 30 91b 91b 42 58 Oct June June Jan Jan May Sept Oct Dec July Dec Jan Jan Oct Dec Lowest. 26 26 25 3 105 91 100b 100 100 37 521’ 103 10134 102 13 5 34 105 105 30 30 30 40b 40 22 73 Jan Jan June Dec 1877. Highest. Lowest. 35 Nov 32 34 April 32 45b Feb 15 Feb 2 18 Jan 113 Nov Aug 97 Meh Jan 107b June July, 104 Dec July 104b Jan Dee 46 May Dec Aug 107 April Jan 1083g Sept July 1053g May Sept 18b Nov Oct 9 Jan Aug 3 b Feb Jan 114 Jan 111 Dec June 40 Nov June 37bi Feb June 37b Feb Dec 49 Aug Dec 49 Aug Sept 37 Jan May 78b Nov 106 93 103 100 100 35 50 101 104b 101 15 6 1 105 105 32 30 30 36b 35 30 62 b Jan Jan July Aug* Highest. 43 43 30 10 Nov Nov Jan Jan Oct 113 June Fen 102 b July Jan 109 J4 Meh Jan, 103b Dec Jan 107 Nov Jan 56 Dec Jan1 881? May July 107 June Jan 108 b June Jan 101b Feb Oct 23 Jan Oct 12 Feb Aug 3b Jan Oct 114b June Oct 111 May Jan 45 Apri Aug 45 Apr! Aug 44 Apri Dec 47*4 Nov Dec 46 34 Nov Jan 34 Nov Dec 83b Jun< 1878 to 1883, inclusive. 1878 ** DESCRIPTION. Compiled Jrom 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 Virginia 6s, old____________ 6s consol _____________ 6s deferred. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1880. 1879. Lowest. ' Highest. Lowest. Aug 44 5 April Meh 1 104 April 99 Sept Jan 107 Jan 107 36 b Aug 1011’ Jan 100 July Aug 101 l»3b Aug Jan 105 Jan 102 106 June Meh 106 117 Sept 17b Feb Jan 85 Jan 65 7 Meh Feb 8 Meh 1 Highest. 53 20 8b 109 102b 114 113 67b Dec Jan May June July Dec June Jan 115 105b 1081’ 112 107b 110 110 121 28 111 92 14 15b 5 Jan June June May June Jan June Feb Dec Dec Dec Jan Dec Dec Dec 15 Dec 2 Jan 105 96 b Feb 104b Jan 1051’ Feb 6934 Dec Jan 101 108 May 101 July 1021’ Aug 104 Sept 100 April 113 July 26b Jan Jan 6 109 April 102b July Dec 110 Dec 109 84b Feb Dec 106 Oct 115 10434 Dec 107 June 109 June 106b June 115 June 115b 14b 65 45 8 7 2 Jan July Feb Meh Aug Jan Jan 124 Nov 19b Dec Dec 85 Dec 65 11H Dec Dec 11 2b April 102 105 105 Dec 106 May 101 Jan 105 Jan 111 Dec 1053,| Meh 115 Jan 117b May 110 Jan 116 *4 Feb 30 25b 20 66 4 Nov Nov June Feb Feb 27« May 1 37b 31 75 7b Jan Feb May Dec Feb Feb Meh 24 Jan 25 Jan 74 5b Sept 395r May 30 May Oct May 4 Oct 41. 33b 35 86 8b Feb Oct Meh Oct May Lowest. 54b Jan 10 April 2 Aug Aug 104 97 April Jan 107 109 April Aug 40 Jan 102 Jan 110 Jan 100 105b Jan Jan 106 Jan 102 Jan 106 Dec 104 Dec 115 Jan 26 no Jan Jan 90 9b Jan Jan 15 2 July 60 July 100 June Jan 106 Jan 109 2 Jan 30 April 25 June Jan 18 Jan 75 5b Jan 1882. 1881. 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 107 114 July 81b Dec Dec 39 40 Nov 106 July 113 June 114 June 119b June 69 Dec 105 Sept Oct 122 108 July 117 April 119 May 113 May 112b May 110 April 122 July 40 Oct Aug 150 130 July Nov 16 28 April 934 April 89 June 102b June 115 June Feb 120 Jan Aug Jan Jan Jan Jan Feb 1234 Nov 106’’ Dec 78 June 77 b June 40 May 121 Mav 20b April Dec Dec Dec Nov Dec Dec Dec Dec Nov Dec Nov Dec Nov Dec Oct Meh Nov Dec Meh Meh Dec Dec Jan Dec Oct June Dec 71 20 8 102 106 109 111 53b 102 114 102 108b 111 107 105 102 115 32 115 90 10 20 6 80 634 Jan 4^2 102’’ 45 45 30 104 12b 73b 21 12b 107b 107 112 116 54b 105b 118 ' 105 111b 115 110 111 107 120 32 b 115 95 12b 20 6b 831’ 103b 112 121 50 48b 32 105 17b Dec Dec Dec Dec Dec Lowest. 1883. Highest. Lowest. 79 Sept 85’’ Dec 80 July 20 Meh 37b Jan 10 Meh Aug 7 Oct 5 June 35 Jan 100 Jan 100 Meh 103 Aug 109 Jan 102 April 103 Aug 110b April 10312 July 105 Aug 112b Aug 117b Meh 112 63 April 71b July 63 Apnli Aug 100 July 104 Jan 120 June 114 Feb 110 Jan 103 Dec 100 Jan 100 Jan 115 June 109 July 109 Nov 116 113 July 120 Feb Jan 109b Dec 108 100 Jan Oct ill2 June 107 108 Jan 101 June 105 June Feb 113 April 119 June 121 Jan 20 July 30b Nov 28 Jan 120 July 156 Nov 155 Jan 100 July 130 Aug 130 Jan 10 Jan 8 June 11 12b June 20 Jan 15 Jan Jan 4 July 5 June 8 Jan 77b Feb 75 Sept 82 106 110 4 100 41 40 26’’ 80 10 Feb 112 Jan 120 July June Dec Dec June Meh June 10b 105 773S 77 b 36 100 175« June 106 Feb 115 Jan Dec Jan Jan Feb July Jan 2b 100 30 30 30 50 6 Highest. 84 28 68 103 107b 107 116b 75b Jan Jan Feb June Jan May June Nov 118 Jan 103 Jan 113 June 121 June 110b April 110 April Jan 120 32 Meh 160 July 135 July 11 April 16 April 834 Jan 82 b Dec Feb 109b Meh Jan 118 May May 6b July 10434 July 44b July 44 May 40 Meh 82b Octi 13 Jan Dec Feb Feb May Jah Jan STATE SECURITIES 176 1884 to 1889, inclusive. 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. 78, L. R. P. B. & N. O_____ 7s, Miss. O. &R. R________ 7s, Ark. Central RR_______ Georgia—6s....................... 18S6 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 Univ_______ 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, coupon oft. N. Car. RR., A. & O______ N. Car. RR., 7s, coupon off. Funding Act____ 1866-1900 Funding Act____ 1868-1898 New bonds, J. & J.. 1892-98 New bonds, A. & O________ Chatham RR........................ Special tax, class 1.. 1898-99 Special tax, class 2________ 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______ Lowest. Highest. Lowest. Dec 83 Jan 81 102*2 April 82,r>8 Dec Jan 105 Meh 16 Feb 25 Feb 25 Feb 24 2434 Feb 934 Feb Highest. Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb 100 Jan May 101 Jan 106*2 May 101 100 Oct 115 * Meh 109*2 Jan 107 Jan Feb 73 65*a June 78 Sept 63 Oct Feb 65 July 72 62 Jan July 68U Feb GO 50 May 110 July 118 " Feb 108 Jan July Wfil? May 101 100 Anril Jan 100 Jan July 109*2 April 103 103 Jan 105*2 Jan July 111 105 Jan May 107 July 115 107 Meh 112 Jan July 118 111 78 78 97*2 75 100 1 5 5 5 5 1 98 100 Sept Aug Jan Oct May Oct Sept Sept Sept Sept July 81*? 80 99 81 104 3 10 10 10 10 2 Meh ^ppt July 111 Jan 115 Jan 117 27*9 June 27*9 June Jan 160 Jan 135 Jan 160 Jan 135 Oct 8 Oct 8 Aug 15 Aug 15 1 May 1 May May 1 May 102 June Sept 75 May 78 Till™ 110 Sept 1 100 35 35 35 41 Funding 5s, coup.. 33 33 33 45 30 40 4 ~ 106 105 115 116 120 32*2 32*2 160 135 160 135 12*8 12*8 19*2 19*4 3 4 334 31? 108 " 84*4 82 Sept Jan May May May Jan Jan Jan Jan May May May May Feb Meh Aug Aug Sept April Meh 110 113 115 30 30 160 135 160 130 10 10 18 18 2 2 2*2 21? 10534 81 80 3*2 Meh Dec 107 435s April Meh 43 423j April 49 April 40 40 40 65 42 55 9 Jan Jan Jan Jan Jan Dec Jan July 114 July 112 April Meh July July July July July July June Jan 108 Dec Aug Jan 105 Jan 110 Dec Jan 103*2 Aug Oct 107*2 Meh May 11*2 Dec Dee Oct 28 Oct 27 Dec Nov 27*2 Dec Nov 21 April Feb July 8 102 .Tune 100 Feb1 102*9 July 105*9 June 100*9 Jan 102*9 Meh lO.^lo .Tune 10012 Jan 102*9 Meh Feb 114*4 Oct 108*2 Dec 114 Dec 84 Nov Jan 94 87 75*2 Dec 67 Feb 8234 Nov Aug 67 Jan 78 Nov 75 Aug 68 Oct 108 Nov 112 Jan 115 Nnv .Tnnft 100 102 Dec Dec Dec Dec Meh Oct Jan Jan Jan Jan Oct 101 101 108 97 107 9*2 22 19 20 21*2 8 97 97 105 95 104 5 12 13 12*2 12 5 102 109 113 117 122 June June June June 103*2 Aug Jan 107 Jan 110 Jan 115 July July July Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 118*2 122 124 31 31 165 135 165 135 11 11 21 21 7 8 4*2 115*2 91*2 90 Jan 125 Feb Feb Dec Dec Dec May May Jan Jan Jan Jan May May Aug Aug Dec Dec Dec Feb Dec Dec Dec 110 112 115 30 30 165 135 165 135 10 10 20 20 5 8 10 Sept April April Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Sept Jan Aug Jan 115 88*2 Jan Jan 87 June 118 Jan 6*2 Oct 5 2 104*2 Jan 109*2 Sept 104 Jan 52*2 Nov 53 42 4134 Jan 52*2 Nov 53 4134 Jan 52*2 Nov 53 Jan 61*4 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 Nov 50 Jan 55 37 Dec 60 Jan 60 50 4 April 13*4 Oct 9 Dec 13 Oct 9 10 July 116 112*2 Feb 116 Jan 110*4 Jan 110 109 1888. 1887. Highest. Lowest. July Feb 110 122 June July June June June Jan 1886. 1885. 1884. DESCRIPTION. Compiled jrom Prices Bid. Lowest. 102 100 103 98 100 10 16 20 17 18 7 Lowest. Highest. 1087s Apr Dec 108 Meh 114 Meh 105 Oct 106 11 April July 35 May 27 34 April 34 April 12 April 103*2 July 103*2 Oct 107 July 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 20 Jan 25 Feb 20 Jan 7*2 Nov 102*2 102 107 98 100 5 8 8 8 8 5 106 109 93 90 Jan 101*4 Oct 105 May 109 Jan 105 86 Feb 94*2 Dec Feb 91*2 Dec 84 Nov 109 Jan 104 Jan 102 Oct 93 79*4 Jan 923g Meh Feb 89 April 80 105 TDO 106*2 May 100 Meh 104 110 Meh 108 113 July 110 119 April 100 April 100 April 100 Aug 110 115 Aug 112 120 Aug 115 122 36*2 Meh 35 36*2 Meh 35 Meh 170 175 Meh 140 145 Meh 170 175 Meh 140 145 13*2 Meh 10 13*2 Meh 10 Meh 15 23 Meh 15 23 Oct 7 13 145« Nov 8 10*2 Oct 10 8 Sept 117 129 10034 Dec 94 Aug 93 98 July 124 July 115 May Sept Jan Jan Jan Jan Aug July June Jan Jan Jan Jan Jan Jan Meh Meh Jan Jan Dec Nov Dec Dec Dec Dec Dec Aug Aug July July July Meh Feb July Nov Nov Oct July 7*4 110*2 65*2 65*2 65*2 75*2 109 102 80 47 47 47 100 60 69 1334 1334 120 112*2 Sept July Sept Sept Sept Jan Dec Jan Dec Nov Jan 5 104 57 57 57 67 100 100 68 47 47 47 75 41 60 7 8 115*2 104 1889. Highest. Nov 109 July Jan July July 103 100 88 86 Feb 106 Oct 105 Meh Nov Jan Feb Lowest. Jan 105 Jan Jan July Nov Oct 102*9 Mayj 103*2 Meh 100 107*2 Feb 101 112 Jan 103*2 Jan 106 115 Jan Aug July Meh 102*2 103*2 107 108 June May 100 Jan 102 Jan 104 Jan July July July July July Jan Jan Jan Jan Jan Jan Aug Aug Sept Sept Sept Dec Nov Dec Dec Dec Dec Jan 101 103 June 103 June Nov 113 Jan 115 Jan 118 Jan 35 Jan 35 Jan 170 Nov 145 Jan 170 Nov 145 12*2 May 12*2 April Jan 22 Jan 22 15 April 16*2 June 16*2 June 16*2 June 12534 Meh 100*9 Jan Jan 98 July Oct Oct Jan Jan Aug Aug Aug Aug Jan Jan Aug Aug Feb Nov Oct Oct Jan Nov Nov 112 115 113 36 36 170 140 170 140 10 10 20 20 8 11 11 11 123*2 96 95 Jan Jan Jan Meh Meh Jan Jan Jan Jan Jan Jan Jan Jan Dec Feb Feb Feb Aug Jan Jan Feb 120 Sept July Oct Oct Oct Oct Nov Jan Sept Jan Jan Jan Dec Dec June Dec Sept Dec Dec 107 107 108 35 35 150 80 150 80 10 10 15 15 6 6 7*2 6 118 91 89 Feb 115 Jan 106 734 April 109*2 Meh 65*2 Jan 65*2 Jan 65*2 Jan 76*4 Feb 106*9 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 3 104 57 57 57 67 97 90 68 40 40 40 65 32 50 5 7 116 100 Aug| Jan Meh Meh Meh Meh Jan Feb Meh Aug Aug Aug Apr June April Oct Meh Feb Meh 5 107 64 64 64 73 105 99*2 73 50 50 50 75 40 60 8*2 10 122 109 107*2 108 112*2 102 103 14 12 12 12 12 8 Jan 107 June May June June Feb Dec Jan Jan Jan Jan June May Jan 103 Dec Meh. Feb 108 Feb 112*2 Meh Dec Dec Feb Feb May Jan May Jan Jan' Jan May May Nov Aug Feb July April Jan’ Jan 106 106 30 30 150 140 150 140 10 10 15 15 4 5 6 5 122 91 89 Jan 105 Jan May Dec Dec Dec Dec May Dec Dec Oct Oct Oct Jan Jan Jan Jan Nov Dec Dec Highest. Jan July Oct Oct July Meh Sept Sept Sept Sept May 111 111*4 38 37 180 150 180 150 13*2 13*2 20 20 8 10 10 10 127 99 96 Dec 111 384 April 101 sept Aug 63 Aug 63 Aug 63 73*2 Jan Jan 102 Jan 100 Jan 71 Jan 48 Jan 48 Jan 48 July 50 Jan 32 May 35 Jan 7 Aug 7 Feb 120 Nov 106 5 106 6834 oo?4 6884 78*2 110 105 76*4 48 48 48 70 42 50 8*2 10*2 124 110 Meh Meh Nov May May May May May May May Jan Jan Jan Jan Jan Jan June June May Meh Dec June Sept Sept Sept Sept Dec June June Jan Jan Jan Feb June Jan Sept Jan June June 1890 to 1895, inclusive. DESCRIPTION. 1890 Compiled Jrom Prices Bid-, 1891 to 1895 Jrom sales. Alabama—Class A, 4 to 5,1906 Class A. small________ 1906 Class B, 5s...................... 1906 Class G, 4s___________ 1906 Currency funding 4s___ 1920 Arkansas—6s, "Holford”.__ 7s, L. R. & Ft. S. issue____ 7s, L. R. P. B. & N. O......... 7s, Miss. O. & Red River__ 7s, Memphis &L. R_______ 7s, Central RR___________ Funding 6s, "Non-Holford’' Dist. of Col.—cp. 3-65s.. 1924 Registered Georgia—7s, gold bonds. 1890 Louisiana—Consol. 4s___ Consol. 4s, small______ Consol. 4s, stamped___ New consol. 4s________ Missouri—Funding bonds Asylum and Univ____ 1892 New York City and CountyCon. stk., City, "C" 7s 1896 No. Carolina—Chatham RR.. West. No. Car. RR., 6s__ i 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*28...................... 1933 Tennessee— New settlement 6s____ 1913 Small New settlement 5s... ..1913 Small__________ New settlement 3s. . ..1913 Small__________ Compromise 3-4-5-68.__ 1912 Redemption 4*28________ Old 6s, 1890-2-8................ Virginia—6s, deferred bonds Stamped___ _____ _______ Trust receipts__________ Trust receipts, stamped... Funded debt, 2-3s_______ Registered____________ 10-40s 1891. 1890. Lowest. 103 July 100 102 110 July 10534 10234 June 108 April 95 Feb 7 Oct 6 April 4*2 512 May 7 Oct 11912 Aug 100l2 April 89 Sept 86 Oct http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1892. Highest. 6 10 156 Oct 156 111 June 115*2 122*2 April 11312 Dec 113*2 103 Meh 98U Jan July 93*2 9534 April Meh 91 6 5 April 6 Mar 6 Meh Feb Feb Jan Nov Aug Aug Aug Aug Nov 105 Nov 105 3*2 Sept 4*8 April 5*4 3 4 Dec 3*8 Aug Jan 5 April Jan July 96 Feb Feb 91 July 123*2 Aug 124 April May 97 Jan Meh 97 Feb April 122 May 108*4 Oct 10 Oct 10 Oct 10*2 Oct 2*4 Nov 3 Dec 318 Meh 534 Jan 1*2 April Oct 98*2 Dec 94*2 Feb 100 Oct 104 June 96 4*2 April 9534 Meh 97 Feb 118 Dec 11 100 97 128 Meh lOlb Dec 110 108 June 108 June Oct 105 Feb 101 102 Sept 10234 Sept 76 April 68 71b Meh 73 June 73*2 Nov 83 June 68*2 Jan 68*2 Jan 10 July 10 July 7 May 1138 June 63 Sept 53 Sept 101 101 99 101 67 66 74 8 7 5*4 6 Lowest. 95 10234 107*2 June 100 Aug 90*2 97 97*8 June 89 9*4 Oct Oct 22 Oct 20 21*2 Oct 10*2 Sept Oct Feb 84®4 April 98 Jan 12134 Feb 1213x Feb 4 Jan 5*4 Jan Meh 5*4 Aug Jan 5 7 Aug 9*2 Jan Jan 4*4 April 11 Jan 5*8 April 6 Jan April Sept 1893. Highest Dec 92 103*4 April 10234 Dec 106*2 Jan 94*8 June 93*8 Nov 10 Oct Dec Jan Oct Lowest. 1895. Highest. Lowest. Highest. 97*2 Feb 104B8 Dec 103*2 Jan 109*2 Oct 98 9334 92 8 Jan 104 Sept 108*2 Sept 110*2 Dec Jan 9334 Jan 100*4 Sept 101*4 Dec Aug 93 June Meh 9*2 Feb June June May 106 Nov 102*4 Feb 102 July 71*8 Nov 7034 Aug 74 June May Dec Dec Feb Aug June May Aug July Jan Sept Jan Jan Sept 98 Nov Meh Meh 8 June 9 June Jan 97*2 June June 97 June 97 June June 92*2 Meh 100*2 Dec Oct Oct Dec Aug 100*2 97 125*2 108*4 10*2 5 98*2 Jan 95 97 97 Feb 334 Sept 3*2 April 3*2 April *2 Dec Nov 100 April 100 Aug 94 Oct 102" Feb Meh 121*2 May 126*8 Feb 115 Sept 127 Oct Oct Oct 1*2 June 2*2 Jan 1*2 Jan 2*8 Oct 99*2 April 104®4 May 106*2 Dec 101*8 Aug 107*2 April 100 9*2 834 9*4 9 Sept Dec Nov Oct Sept Oct Dec Sept Oct 1894. Highest Oct June 111*2 Feb 114*2 Jan Dec May 106*2 May 5 Lowest. Sept 104 Feb 100 Aug 102 Aug July 108*4 Meh 104 94 Sept 97*4 Dec 95*4 May 7 May 7 Sept 6 Sept 9 Sept. 4*8 Sept 5*2 5i2 May 7 Oct "Riddlebargers”................ 6sconsol, bonds Lowest. Nov 108 110 July 10234 June 105^4 Dec Feb Dec April 106 Highest. 103 Aug 103 Aug 99*2 Jan 104*2 June 97 68 Jan 79*4 Aug 64 Aug 71 67*2 Jan 76 75 Feb 75 Feb 74 7*2 Oct 9*4 Jan 8*2 Meh 6*4 Dec 9*4 Feb 838 Jan May 103 Aug 106 Oct 98 Jan 127 Nov Oct Feb Dec Dec Meh Dec 108 Nov 108 Nov 98 Aug 124 Sept 107 Oct 103 Jan 107 Jan Sept 97 Sept 101 April 104 April Jan 9184 July Aug 763s Meh 72*4 Jan 84*4 Dec 82 Nov Meh 73*4 Meh 77 Sept 78*2 Jan 85 Feb 74 Jan 74 Jan 105 Dec 106 July 4 June 4 June 5 Jan 8*2 April 5 May 7 Jan 6 Jan 13 Dec 5*2 5134 Sept 5738 Dec 55*2 Jan 61*4 Dec 5834 62*8 40 Jan 40 Jan 75 Dec 133s Jan Feb 64*8 Sept July 62*2 July July 75 ' July 177 STATE SECURITIES 1896 to 1901, inclusive. DESCRIPTION. Compiled Jrorn Sale Prices. Alabama—Class A, 4 to 5,1906 Class A, small________ 1906 Class B, 5s____________1906 Class C, 4s___________ 1906 Currency funding 4s___ 1920 Arkansas—6s “Holford”_____ Dist. of Col.—cp. 3.65s.. 1924 Louisiana—New consol. 4s__ Consol. 4s, small__________ No. Carolina—Consol. 4s. 1910 6s ............................. ........ 1919 Special tax, Western RR__ Special tax, Class 1..... .......... 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 Jan 105is July 108i2 Sept IO8I2 105 100 Aug 10434 July 10784 June 105’s 100 April 9812 Feb 100 April 98 100i2 April 378 May 115 99 !4 Feb 93 Sept IOOI4 Nov 100 98 10558 June 103i2 July 105l2 June 101 124 April 127 June 127 June 128 34 Dec 178 April 101J2 Nov 109 Aug 100 9312 Oct 94 Sept 37s May 90*2 Sept 102 116 Jan Oct Dec June Jan Highest. Lowest. Highest. Lowest. Highest. 1901. 1900. 1899. 1898. 1897. Lowest. Highest. Lowest. Highest. Lowest. Lowest. IO8I2 Jan 116is Meh 108 Meh Aug Aug Aug 109 108 108 104 May 107 Meh Sept Dec June May Meh Jan Feb 118 106is 10012 104 128 121 April 121 April Dec Aug Nov 10834 Jan 110 April 106l2 July 108 Meh 10912 Feb 109l2 Feb Nov 108 April 108 April 105 Oct 10634 May Feb Oct 10914 102 Oct IO9I4 Oct Jan 10234 Sept 102 109 Highest. Aug 10912 April Feb 10312 Meh Aug 109 Aug 125 April 126 10612 Aug 109 105 135 Feb Meh July April IO6I4 Nov 13612 Meh ll2 May Dec 99 June 9358 Sept 965g June 95 May 98 Dec 94 Jan 9658 June 9412 Jan 91 May 94i2 Nov 93l2 Nov 95 Jan 9638 Dec 9312 April 83l2 Dec 82i2 Jan S734 Sept 584 Dec 9 Dec 10 912 Aug Meh Meh 714 Feb Aug 88i2 Feb 76 April 9214 Dec 87 Feb 91i2 Dec 87 Feb 81 Feb 72 Dec 65 Jan 70 Aug 62U April 61 3i2 June 658 Jan 4l2 July 7i2 Nov June Sept June July 9984 96 9834 1034 May Feb Nov Mcb 1902 to 1907, inclusive. DESCRIPTION. Compiled from Sale Prices. 1902. Lowest. Alabama—Class A, 4 to 5. .1906 10438 Class C, 4s-----------------------1906 102l2 Currency funding 4s_____ 1920 111 District of Columbia, 3.65S..1924 Louisiana—New consol, 4s.. 1914 106 New York City—■ Corporate stock, 4i2s____ 1957 Assessment bonds, 4i2s ..1917 North Carolina—Consol. 4s..l9l6 104 Special tax bonds____________ 178 1919, 6s_____________________ Tennessee—New settlement 3s,’13 95i2 Small 3s _____ ____________ 94 Virginia—Funded debt 2-3s.__ 95I4 Registered 2-3s__ __________ “Riddleberger” bonds, 3s, 1932 Brown Bros. & Co. certificates for deferred certificates, 6s.. 7U Lowest. Sept 107 Jan Feb 102l2 Meh Meh 111 Meh May 107 1904. 1903. Highest. Highest. Lowest. 102 121 Aug 106 * Meh 121 April 106 1905. Lowest. Highest. Aug 10234 May 101t2 Jan 102 101 Lowest. Highest. Highest. Lowest. Dec Meh 11934 Oct 11934 Oct April 10214 July 105i2 Dec Jan 104l2 Jan Nov Oct 2 1907. 1906. Highest. 11712 June 118 July 103U Dec 10234 Oct 10234 Oct 101 July 101 June 10278 Sept 108l2 Dec 10034 NOv IO4I4 Dec July IOOI4 April 101 Feb ll2 Dec 112 Dec 122 June 122 June 126 Meh 126 Meh Meh 9658 Feb 94 July 97 Jan 9514 Meh 97i2 Dec 95 July 97 May 95U July 9634 July 91l2 Oct 96 Meh June 95 Feb 93i2 Oct 94I4 May 95 Aug 95i2 Dec May 9934 Jan 93i2 Dec 95 Nov 91l2 Meh 9738 Dec 9634 June 97i2 June 94i2 Sept 9634 Jan 93I4 May 9534 Jan Jan 1538 Oct 6I4 Oct 12 Jan 6l2 May 16l2 Dec 10 April 24i2 NOv 20 Jan 30 Dee 90 Dec 90 Feb 20 Jan 3OI4 July 1908 to 1913, inclusive. . DESCRIPTION. GompUed/rom Sale Prices 1911. 1909. Lowest. Highest. DlSt Of Col—3.658.1924 110 Nov Lou’ana-New cons 4s'14 New York State— Highway lmpt 4s 1958 110 Aug 112)4 Registered 48.1958 Highway lmpt 4s 1961 Highway lmpt 4s 1962 Palisades Park 4s 1961 Registered.__ 1961 Canal lmpt 4s__ 1961 Registered 4s. 1961 Canal lmpt new 4s *61, Regis new 4s.. 1961 Canal lmpt 4s...I960' Registered 4s. 1960 Canal lmpt 4s__ 1962 Registered 4s. 1962 Nor CaroCons 4s.. 99)4 -So Caro—4)4s____ 1933 102)4 Tennessee—3s____ 1913 94 April 96 May 95)4 Small 3s............1913 Virginia— Funded debt 2-3s 1991 90 Mar 93)4 Nov 91)4 Regis 2-3S....1991 6s, deferred. Brown Bros & Co certfs__ 22)4 Jan 47 Dec 37)4 New York City— Highest. Highest. Lowest. 99 Mar 112)4 Mar 103)4 May 99 Oct 104)4 101)4 Nov 103)4 101 1913. Nov 103)4 101)4 Dec 101)4 101)4 July 106)4 April 161)4 Nov 106)4 Assessment Bonds: Lowest. Jan 100)4 Aug 101)4 Oct 97)4 July 100 Nov 101)4 Aug 101)4 Feb 97 (June 100)4 Sept 101) 4 Nov 97)4 July Oct 100)4 Aug 102) 4 Jan 99)4 Nov Jan 102 102 Jan Oct 100)4 Sept 102)4 Jan 97 Dec 102)4 Mar 102)4 Mar Jan 161)4 Feb Dec 100)4 Oct 103 102 Mar 102 Mar June 100)4 Sept 102 April June 102 Mar 102 Mar July 100)4 Sept 101)4 Oct 97) 4 Aug 98) 4 June Feb 99)4 Feb Jan 102)4 Jan 103)4 July 103)4 July July 96 Oct 97)4 Dec 97)4 April Jan 95)4 Feb 94) 4 Mar 96 Jan 98 95) 4 June 95)4 June 97)4 Oct 97)4 Oct July May 61 87 Nov 88 Nov 36 Dec 56 Sept April April Nov April Jan 40 Highest May 100 101)4 101)4 101)4 100 May Feb Feb Feb Oct 101)4 Jan 101)4 'Feb 101)4 97 101)4 101)4 Jan July Feb Feb 99 April 81)4 Sept 81)4 Sept Jan 63)4 April Consolidated Stock: Zyii. coupon___ 1926 Corporate Stock: 3)4s, registered.. 1959 3)4e........... Nov 1955 89)4 3)48........... May 1954 3)4 s, regls.May 1954 3) 4 s regls...........1948 4s_______ May 1959 99)4 4s, regls__ May 1959; 4s............... Nov 1958 102)4 Dec 103)4 Nov 100 4s, regls__ Nov 1958 101)4 4s_______ May 1957 101)4 Sept 103)4 Dec 100 4s, regls...May 1957 100)4 4s, regls...Nov 195ft 101 4s_______ Nov 1955 4s, regls...Nov 1958 100)4 4s, regls...Nov 1936 100)4 4) 4s...........Mar 196Q 4)4s, regis.Mar 1960 4)4s, rects.Sept 101 4)4s, rects_____ 19' 4)4s..................... 19' 4)4 s, registered.. 1963 4)4s........... May 195”" 105 112)4 Nov 108)4 4)4s, regls.May 195' 4)4s........... Nov 1951 105 Keb 112)4 Nov 108)4 4)4 s, regis.Nov 19 7 110)4 Highest. Highest 60 Oct 42 June 69 Feb 93)4 Aug 93)4 Aug 89)4 June 89)4 June Dec 89)4 Dec 88)4 Nov 88)4 Nov Aug 83) 4 Oct 86) 4 Dec 89 85)4 Aug 88 Feb 87) 4 Jan 87)4 Jan 84) 4 Feb 88 88 84)4 Aug 100)4 Jan 98)4 Jan 100)4 June 95) 4 Oct 101)4 July 96 Feb 99)4 May 96) 4 98) 4 Nov 99)4 June 99 Jan 96)4 Aug 100)4 Jan 98) 4 Jan 100)4 July 95)4 Oct 103 Sept 101)4 June 99) 4 Mar 99)4 Dec Oct 95)4 Oct 103)4 Jan 96)4 Aug 166)4 Jan 98) 4 Jan 101 Nov 101 June 99) 4 May 99)4 May 99) 4 May 100)4 June 98)4 Mar 101)4 Mar 94)4 Oct 99)4 Dec 98)4 Dec 100)4 July 94) 4 98)4 Jan 98) 4 Jan 98) 4 Dec 100)4 Dec 97)4 Sept 97) 4 Sept 98) 4 Jan 99) 4 Sept 95) 4 Nov 100)4 Nov 96)4 Aug 98) 4 Aug 99) 4 Oct 99)4 Oct 99 July 101)4 Mar 100) 4 Jan 103 May 99) 4 100 101)4 Dec 101)4 Dec 101) 4 April 102)4 Nov 99)4 100)4 Jan 104)4 June Dec Nov Nov Dec Dec Dec Dec July Dec June Dec April Dec Dec 88 87)4 84)4 100)4 100 100)4 Feb Jan Nov Jan April Jan 100) 4 Keb 98) 4 July 99) 4 Feb 98) 4 June 99) 4 Mar 99)4 April 103 Feb 101) 4 July 84)4 Nov 84)4 Nov 80) 4 July 86 Jan 81) 4 May 84)4 Dee 90)4 June 97)4 'Feb 92)4 May 96) 4 Dee 90)4 June 97) 4 Jan 91)4 July 97)4 Jan June June June Nov July Oct Feb Mar Nov Feb Jan Feb 94) 4 Mar 96)4 Nov 90 90)4 91 95 95) 4 98)4 96 95 94)4 96 100)4 100)4 99)4 Sept 101)4 May Oct 112)4 April 105)4 105)4 Oct 112)4 Aug 105) 4 Nov 112)4 April 106) 4 Jan 106) 4 Aug 110 Aug 107)4 May 107) 4 Aug 109)4 Jan 106) 4 June 107) 4 July 107 Jan Jan Jan Nov 3s, dock________ 1920 8)4s......................1914 98)4 Sept 4s.......................... 1919 48, registered.... 1919 100)4 July 4s................Nov 1918 101)4 Nov 101)4 Dec 99)4 Mar 99)4 Mar 4)48........... May 1917 101)4 Feb 104)4 Sept 103 Jan Nov 104)4 Oct 102 Oct 104 April 102 4)4s, regls.May 1917 102)4 June 4)4s........... Nov 1917 102 Feb 104)4 Aug 102)4 Nov 102)4 July 102)4 Dec 103)4 April 101)4 Mar 4)4s, regis.Nov 1917 104)4 April 104)4 April 109)4 108) 4 109) 4 108)4 99)4 June 105)4 Oct 100 July 104) 4 Dec May 103)4 Dec 107)4 Dec 100 June 105) 4 Dec June 106)4 June 107)4 May 100)4 July 104) 4 Jan Aug 104 Dec 107)4 Jan 99)4 June 105) 4 Jan July Jan 100)4 July 105 98)4 Sept 100)4 July 103 Jan 101 102)4 June 103 May 101 88 Jan 88 98 May 98)4 98)4 Dec 102)4 Jan 100 100) 4 Dec 102)4 Feb 100 101) 4 Mar July May June Dec 98)4 102 100) 4 102 101) 4 Jan Oct Mar Deo May Mar Dec Note.—Previous jo 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 • 178 STATE SECURITIES 1914 to 1917, inclusive. DESCRIPTION. Compiled from Sale Prices. 1916. Highest. New York State— Highway Improvement— 4Xs.......... ................... ............................................... 4Xs, registered.............. ....................... ............ . 4X8...................................................................... .. 4s_______________________________________ 4s, registered____________________________ 4s__________________________________ _____ 4s, registered____________________________ 4s_______________________________________ 4s, registered____________________________ Canal Ipmrovement. 4Xs........................................................................ . 4X8, registered________________________ .. 4Xs....................................-................................... 4Xs, registered__________________________ 4X8........................................................... -.......... . 4s_______________________________________ 4s.________ _____ _____ _____ _____ ________ 4s, registered__________ __________ ______ _ 4s___ _______ ________________ __________ _ 4s, registered________________ __________ _ Palisades Park— 4s_______________________________________ Virginia— Funded debt 2-3s________________________ 6s, deferred, Brown Bros & Co certificates. New York City— Coroprate Stock— 3Xs, coupon____________________________ 3Xs, coupon____________________________ 3Xs, registered________ _____ ____________ 3Xs, coupon---------------------- --------------------3X3, coupon....... .................................. ............ . 3Xs, coupon.................... ...... .......... .................. 3Xs, registered__________________________ 3Xs, coupon____________________________ 3Xs, registered__________________________ 4s, registered___________________________ _ 4s, coupon______________________________ 4s, registered.................. ..................................... 4s, coupon___________ _____ _____ _______ _ 4s, registered..________ __________________ 4s, coupon______________________________ 4s, registered____________________ _______ _ 4s, registered____________________________ 4s, coupon________ __________ __________ _ 4s, registered____________________________ 4s, coupon____________ _____ ___________ _ 4s, registered____________________________ 4s, coupon........................... ................................ . 4Xs, coupon____________ _______________ 4Xs, coupon____________________ ________ 4Xs, registered_____________ ______ ______ 4Xs, coupon____________________________ 4Xs, registered____________ ______________ 4Xs, coupon____________________ ________ 4Xs, registered........................................ ............ 4Xs, coupon__________________________ _ 4X8, registered__________________________ 4Xs, coupon_______________ _______ _____ 4Xs, registered________ _____ ____ _____ 4Xs, eoupon................ ........................................ 4Xs, registered__________________________ Consolidated Stock— 3Xs.................... ..................................................... Dock Bonds— 3s.............................. ............................................... Assessment Bonds— 4s, coupon________________ .--------- --------4Xs, coupon.................. ..................... ..................... 4Xs, registered____________________________ 4Xs, coupon______________________________ 4Xs, registered____________________________ Highest. Lowest. .1963 .1963 .1965 .1962 .1962 .1961 .1961 .1958 .1958 May 112X Dec U2X Jan 116 106 X Dec 110X July 108 109 May 109 May 108 X Feb 108 X Feb Dec 107 Mar 109 X 104X Apr 106 May 100 Jan 102 X Dec 104X May 106 X 99 X Dec 102 Jan 100 Jan 100 Feb 102 X Dec 102 X Jan 106 99 X Dec 102 X July 100 100 Feb 102 July 100 X June 100X June 101 Feb 101 Feb 99 X Jan 100 Jan 102 X Jan 105 X May 100 X Feb 100 X Feb 101 May 101 .1964 .1964 .1965 .1965 .1945 .1962 .1961 .1961 .1960 -I960 106 X Dec 110X June 108 X 107 Dec 110X July 108 X 104 104 X 104X 99 Jan 102 X June 100 97 X Jan 102 X July 99 X 99X Dec 101X Apr 100 X 100X Mar 101X May 99 X 100X .1961 101X .1991 83 X June 48 X July ........... 1957 ........... 1955 _____ 1995 .Nov 1955 _____ 1954 .May 1954 .May 1954 .Nov 1954 .Nov 1954 ........... 1960 _____ 1959 _____ 1959 ........... 1958 _____ 1958 _____ 1957 ........... 1957 ........... 1956 _____ 1955 ........... 1955 _____ 1936 _____ 1936 .Nov 1918 ........... 1966 ........... 1964 ........... 1964 _____ 1960 _____ 1960 _____ 1965 ........... 1965 _____ 1963 _____ 1963 .Nov 1957 .Nov 1957 .May 1957 .May 1957 84 X 84X 84 X 84 X Dec 84 X Dec 87 X Dec 87 X Dec ioi" Mar 101 95 Dec ioi x 97 X Jan 99 X 95 Dec 100 X 99 X June 99 X 95 Dec 100 X 96* Mar ~99X 96 X Feb 98 94 X Dec 99 113 113 105 X 104X 104 X 101X 102 X 100X Dec Dec Oct Aug Apr Sept Dec May Nov Apr ioi x ioo x Feb Jan Mar Apr July 113 114X 106 X Jan 117 Dec 117X Jan Oct 104 Apr 115X Sept 115X Jan 115X Jan Sept Jan 109X July 103 Sept 103 102 X 102 Sept 103 Sept 103 Jan 105 Dec 100 Nov 102 X May Jan 105 X Oct 100 X July 106 X Jan 102 X Jan 106 July 85X June 86 X Mar 88 X 93 X 84 X Mar 86 X Nov 88 X Dec 84 X Feb 84 X Feb June 84 Feb 89 June 88 X May 87 X June 86 X Nov 89 July 84 X Jan 88 X Dec 87 X 87 Nov 87 Nov 90 Mar June 99 June 94 Dec 97 X July 96 X Feb 97 X Dec 97 X July 94 X July 98 X Dec 98 June 95 X Apr 97 X June 100 X July 98 X Dec 97 X July 94 95 Mar 98 X Dec 99 X Dec 97 Aug 99 July 94 Apr 100 X June 93 X July 97 X Dec 97 X Aug 99 X July 106 X 102 X Apr 102 X Dec 102 X July 97 X Dec 101X June 97 X 101X 102 X Nov 107 X July 101X Dec 107 June 104 X Dec 107X July 101 x Mar 107X July 102 Dec 107X July 101X Dec 107 X July ioi x July June Aug July Aug May July Oct July Aug Dec 102 97X 107 106X 106 X 104 X 106 X 102 106X 101X Jan Apr Dec 87 X Sept June 61X Jan Jan 102 X Nov Nov 102 X Nov 100 X May 102 X Nov 100 June 101 x Dec 100 x Oct 101 Oct Jan 101 Jan May Mar July Jan Oct Jan Oct 98 X .1920 93X June 93 X June Apr 98 X Jan Apr Jan 87 X May 87 X May 94 Dec 75 X Dec 91X May 94 Sept 95 X Oct 8l" Nov 93X Jan 93 X Nov Jan Jan Jan June 103 X Sept 101 Jan 104 X Oct 101 Jan 102 Feb 106X Jah 109 X Sept 105X Jan Dec June Dec Dec Dec May Dec 105X Oct 106 X Dec 106 Aug .1916 . ......... 1919 98X Jan 100 July Nov 1917 100 X Dec 102 Jan 100 X Nov 1917 May 1917 100 X Dec 102 X Jan 100X May 1917 Nov Feb 98 Oct 93 X Oct Feb 91X May Mar 100 Feb 96 97 X Aug 102 102 X 103 X 103 X 106 103 X 104 Dec 101 Oct 110 Oct 105 Mar Nov 84X June 88 X Jan Sept 59 X Nov June 50 Aug Dec 99 X July 99 X July 96 97 X Sept 104 X Dec 117X May 103 X Sept 100 X Apr 100 X Apr 100X Apr July May 88 Jan Feb Sept Aug Apr Jan Mar June Mar Feb Highest. Highest. 86 X Dec 102X 93 July 102 89 Nov 102 X Jan Jan Jan Dec iO2X Jan 87’ 9§" 94 X 92 X 95 100X Sept 89 95 X 105 X Nov 97 X Dec 90 105 104 X Oct 103 X Nov 88X 102 X July 101 Xlix Nov 93 X 110X Nov 100 110X Nov 94 X 102 X iio'x Nov 95 X 108 x Sept 99 X 110 Nov 97 Jan June July Oct Sept Dec Dec Sept Dec 102 94 X 100 X 95 94 95 X 106 105 X Dec Mar Dec Nov Dec July Dec Nov Dec 104 X Feb 101 Mar 111 Jan 100 Nov 110X Jan 107 X Mar 110X3 Jan 107 Mar 110X Jan July Feb Sept Aug Dec Jan Jan Apr Oct 101X Dec 100 X 101 Oct 100X 100X Jan 101X July June Mar June 101 101 100X 100X Sept 100 June June June May 100 X July 1916 Bonds. January February i March September October November December April June August 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 New York State— Highway Improvement. 4Xs......................................... 1963 112*2 114 4Xs......................................... 1965 4s..............................................1962 4s..............................................1961 "10212 103% 4s.............................................. 1958 102% 102% Canal Improvement. 4Xs......................................... 1964 113 113 4Xs, registered---------------- 1964 4X«......................................... 1965 ioe%10714 4s..............................................1962 1021410214 4s..............................................1961 102 102 4s_........................................... 1960 1021210212 Virginia— Funded debt 2-3s________ 1991 88% 88% 6s deferred, Brown Bros. & Go. certificates__________ 52% 56 New York City— Corporate Stock. 3Xs, coupon__________ ..1955 3Xs, registered__________ 1955 3Xs, ooupon____________ Nov1955 3Xs, ooupon____________ May1954 88% 88I2 3Xs. registered_____ May 1954 87% 87X 3Xs, coupon____________ Nov1954 87% 88I2 3X8, registered_____ Nov 1954 4s, ooupon_______________1959 97% 98% 4s, registered_________ 1959 97% 97% 4s, coupon_______________1958 98 98% 4s, registered____________ 1958 4s, coupon_______________ 1957 98% 98% 4s, registered____________ 1957 98% 4s, registered____________ 1956 97 4s, coupon_______________ 1955 4s, registered____________ 1955 97% 98 4s, registered____________ 1936 4Xs, ooupon------------------- 1966 4Xs. coupon____________ 1964 101 102% 4Xs. registered__________ 1964 4Xs, coupon------------------- 1960 101 102% 4Xa, registered__________ 1960 4X9, coupon____________ 1965 106% 107% 4X8, registered__________ 1965 4Xs, coupon____________ 1963 105% 107% 4X8, ooupon____________ Nov1957 105%107 4Xs, registered_____ Nov 1957 4Xs, coupon____________ May1957 106 107% 4Xs, coupon____________ Nov1917 4Xs, registered_____ Nov 1917 «Xs, coupon____________ May1917 4X8, registered_____ May 1917 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 114 115 11434 115 107 107 115 10934 10934 105% 105% 10434 10484 105 105% 105% 104% 105 105 105% 105% 105% 105 114% 115 115 105 105 114% 114% II484 115 115 114% 114% 114% 114% 115 105% 105% 105% 104% 10434 10478105 114%115% ................... 115 107% IO984 107% 107% 86 51 54 115 115% 115% 115% 1157g 116 115% 11578 115% 115% 11534 116 109% 10984 109% 109% 105% 106% 105% 105% 105% 106 105 105 86 105 86 5812 51 51% 51 88% 88% 89% 89% 88% 88% 88% 88% 8838 88% ................... 88% 89 8812 90 90 90% 105% 105% 105 105%106 84»4 8434 8512 85% 85 86 50% 51% 50% 5184 50% 57% 51 90 91% 91% 91% 93 115% 115%11578 117 115% 115% 10934 10934 102% 102% 102 99% 99% 99% 100 102% 10238 103 100 99% 100 100 100 102% 102% 102% 102% 10278 103 105% 105'% 105 105% 115% 115% 115% 115% 104%104% 105 105 59% 54 59 85 5134 50 55 54 58 57 93% 97 97% 98 93% 93% 90 91 91 90% 90% 90% 92% "88i2 88% 91 92% 90% 92 90% 91% 90% 91 90% 92 90 90 91 91 98% 99" 9934100% 99% 100% 9934100% 100 100% 100% 100% 98% 100 98% 98% 100 100 98% 99 99 99% 9934100 99% 100% 99% 100% 100 1003g 100% 101% 100% 100% 98% 99% 97% 100% 99% 100 99% 100% 100 10038 99% 101 100% 100% 9984 9984 100 100 98 98 99% 9934 9934100 98 99 99% 100 100 100 100% 100% 97% 98% 99 105 117 9284 93 93 93 10034 101 93% 93% 93% ................... 94 93% 93% 95% 94% 94% 93 93% 93% 101% 100 101% 101 102% 101 101 101% 1007g 101% 101% 102% 94 94 937S 94 101% 102% 101% 102% 100% 10138 10034 101% 101% 102"% 101%102 100% 101 10034 10034 100% 101 100 100 104% 10478 103% 104% 104% 104% 103i2 103 103% 100% 101 100% 100% 10034 10034 100% 100% 10334 10438 102% 104% 10334 104% 102 102% 101s4 103 102 102% 10l34 10234 ioi % 102% 102% 102% 102% 103 103 ................... 102% 102% 102 102% 106% 108 106% 107% 10634 10734 106% 108% 106% 108% 107% 108% 107% 109% 109% 110 109 110% 109% 109% 107 107% 106% 107% 106% 107% IO684 10734 106% 107"% i07% 108% 107% 108% 10834 10934 10834 10934 106% 107% 10634 107% IO6S4 107% 106% 10738 10638 107% 107 108 10738 108 108% 10934 108% 109% IO884 10834 106% 106% 1073g 10738 107% 107% IO684 107% 106% 107% 106% 107% 10634 107% 107 108 107% 108% 108% 10934 109 109% 101 101 100% 100% 100% 100% 101 101 100% 100% 100% 10078 1 1 10034 10034 101 101% IOO84 IOI84 1OO7S 10078 ................... id4S4 105% IO484 105 10484 10478 104% 105 io§% 163% 103 103% 110 111% 109% 110% 110% 110% 109% 110% 109 110 109% 110% 109 10934 109%110 IO884 110 10034 10034 179 STATE SECURITIES 1917 April November December January October February May June July August September Mure1! Lou) High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High New York State— Highway Improvement. 4 >43......................................... 1983 115*8 116i2 4tfs......................................... 1965 110 110 43 ............................................. 1962 4 i............................................. 1961 Canal Improvement. 4't*................................. 1961 U0I2 117*8 4 (is, registered__________ 1981 115*4 115)4 4'<3......................................... 1965 4!43.......... 1945 43 ............................................. 1962 49 ............................................. 1961 105*4 103*2 43 ............... 1969 IO6'2 10512 4s, registered_____________1960 Virginia— Funded debt 2-3s________ 1991 63 deferred, Brown Bros. * Oo. certificates______ 57 6II4 New York City—■ Corporate Stock. 3 Sis, coupon____________ 1957 3 (is, coupon_______ May 1954 3!i 3, coupon____________ Nov1954 9314 9314 4s. coupon___________ ...1959 lOlig 10218 4s, registered____________ 1959 102 102 43, ooupon___________ ...1958 101 *g 102l8 4 s, coupon_______________ 1957 tOllg 10214 4s, registered____________ 1956 101 102 4s, coupon_______________ 1955 ts. registered_____________1955 ................... 4s. coupon_______________ 1936 ts. registered..__________ 1936 4s, coupon_______________ Nov1918 4 (is, ooupon__ ____ 1986 iOVg 106 4«s, coupon____________ 1961 105*s 105*4 414s, ooupon____________ 1969 103ia IOII4 414 s, registered__ ....___ 1980 414s, ooupon_____________1965 110 111 4 is, registered__________ 1965 4143, ooupon____________ 1963 10912 110)4 1143, registered__________ 1963 414s, ooupon________ Nov 1957 109*2 11078 414s, registered_____ Nov 1957 414s, ooupon_______ May 1957 109*2 110*2 4143. coupon________ Nov 1917 115 115 117*8 114 115 113 115 103*4 108*4 105 105 103*2 105 103 103 115 112 112 111 114*2 112*2 112*2 109*4 109*4 109*4 110 101 101 ____ ___ 109*4 110*4 101*4 101 101*8 104*2 103*2 103*2 100*2 100*2 103*2 103*2 l0778 103*4 110*4 111*2 109*4 109*4 ................... 104 103 103 100 102*2 102*2 101*2 102 100 100's 103*2 103*2 101*2 101*4 101*4 105 103 104 102 102 100*4 100*4 101*2 101*2 102*4 102*4 100 102*2 9978 101 ................... 100*4 100*4 102*2 102*2 78 ................... 55*8 61 90 99*2 101 100 99)4 100*8 100’8 100*4 101*2 100's 99*4 100*2 99*4 100*2 100*2 9978 56 56 50*2 50*2 50 87*2 88 88 89 87 88 83 100*2 99*4 100*4 99*8 87*2 91*2 82*4 88” 89 100 91*2 97 85 81 86 95*4 937s 93 9378 95 91*4 9378 102*4 10278 102*4 101 107*4 106*4 109*8 107*4 107*4 108*2 109*4 107 107 105*8 109*4 107*4 107*4 105*4 107*2 101*2 107*4 108 105 107*2 105 107 103*2 105 107*4 101*2 100 100 100 101*2 101*2 100*2 101*4 987g 99 97*4 98 100*2 102*2 100*2 101*2 9778 100*8 97*2 98 100*2 101*4 100*2 101*8 98 100*4 97*4 98 84 84 81*2 94’*2 93*4 91*8 91*i 93*4 91*2 93*4 84 81*2 91*4 94*8 94*4 91*8 94 95 93 83 94 83 95 105 74 7578 7578 81 81 89*2 93*2 86*4 88I2 93*4 94*2 89 91 91*2 90 93*4 91*2 87~ 89*4 92*4 92*4 95 93 89 89 95*2 95*2 97*4 97*4 97*8 98*2 99 98*4 97 93 97*2 9778 97 97*4 98 97*4 987g 97*4 98*2 93 95*2 90 91*2 95*4 88*2 92 101*8 102 103 101*2 102 101*2 102*8 101*8 102 97 101 100 100 101*2 101*4 103 101*2 102*8 101*8 102lg 101*8 102*8 98 100*4 102*2 102*2 107*8 101 101 101*2 103 101*4 102 101*4 102*8 101 1017s 98 101 99*2 99*2 105*2 101*4 104 101*4 102*4 101*4 102 101*4 102*8 101*8 1017s 98 100 100 100 100 100 100*8 105*2 107*2 101*4 106*4 101 ................... 74 87*2 94*4 94 103 101*2 102*4 101*2 102*8 102 101 101*2 101*2 101 106*2 109)4 107*8 100 50*4 85 83*2 91 93 95*8 93*8 91*4 100*2 997s 100*8 99*8 100 100*4 9978 100*8 99*2 100*8 98*4 99*8 91 93 93 100 91*4 93 93 9978 90 1045s 103 103 101 93*4 97*8 94*4 9812 95*2 98 97" 97” 1918 BONDS New York State— Highway Improvement. 4^s___ ... .... ................. 1963 4^a. registered________ .1963 414 s...................................... 1985 4s___............................. ...... 1982 4s ... . 1981 4a, registered___ __ _ _ 1961 4s................ .......................... 1960 Canal Improvement. 4^s.................. . 1964 4%s.................................. _ _196,5 4s."....... ..................................... 1962 4s... ......... ......................... 1961 48 ... 1960 Virginia— 6s deferred. Brown Bros. & Co. certificates__________ Funded debt 2.3s 1991 New York City— Corporate Stock. 3V£s, coupon 1955 3^a, coupon_______ May 1954 33^8, coupon.............Nov 1954 4s, coupon______________ 1959 4a, registered ... 1959 4s, coupon________ ______ 1958 AtspusZ September October November December March April May June July 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 108*1 10S*i 107*5 1071- 106*5 106*5 100*4 100*4 ion,. 1O1U 1001s 1OO*« 97*8 97*8 98*2 98*2 99 99 97*4 97*4 105 104*9 104*9 1043,sl07*9 104 " 104 ” 105 106’ 98*2 98*2 97*2 97*2 987g 9878 105 105*2 106 106 106*x 106*4 96 96 96 106 97*4 94*4 94*4 94*4 94*4 95 44 50 45 106 108*2 108*2 107*5 107*5 106*5 106*5 107*4 107*4 104*5 104*5 95 52 98 102*5 102*5 97*4 97*4 60*2 65 66*2 70 787g 7878 97*8 97*8 98 98*2 98*2 78 78 76 76*4 78 81 80*8 81*8 78*8 78*2 78 78 78*4 78*4 76*4 78*4 75*8 76*4 77 79*2 87 86*2 84*4 89*8 89*8 91 86*2 87 87*8 86*4 87*s 85 90 90 85*4 87*2 89*4 89*2 90*2 86*s 86*2 87*4 87*4 86*4 87*8 85 8512 8512 4s, coupon______________ 1957 86*2 86*4 87*8 87*2 86*4 87*8 85 85*8 87*s 90 90*4 91 4a t registered 1956 85 85*2 86*8 89*4 89*4 85*2 85*2 85*8 86 86*2 89*4 89*4 84*2 86 85*4 85*4 89 4a, registered 1936 89 90 885s 90 4jis, coupon___________ 1966 93*8 947g 90*8 90*2 90*2 8778 88I4 89*2 93 93 4)is, coupon____________ 1964 90 95*4 90*8 89*4 90*4 90*4 90*8 8778 877s 887g 92 4?4ar registered 1964 4}<8, coupon____________ 1960 89 89*4 93*2 93*4 95*8 90*4 89*2 90*4 887g 91*4 87*4 89 44^8, registered 1960 90 90 4^sr coupon _ _ _ 1967 43$s, coupon____________ 1965 94*4 965s 9578 96*4 95 96*2 93*4 95*4 94*4 99*4 99*8 100*8 41^s, registered _ . _ 1965 96*8 96*8 100*8 100*8 96*4 93 4*^8^ coupon____________ 1963 94*2 96*4 9578 96*2 95 96*4 95*4 100 99*8 100*4 98*4 98*4 43$s, coupon__ ____ Nov 1957 95 96*2 96*8 93*8 95 99*8 99*8 99*2 100*2 96*2 9578 96 98 98 4 is, coupon_______ May 1957 95 96*2 95*4 96*2 95*8 97 93*2 95*8 96*2 98*8 997g 100*2 96*2 96*2 4 36s, registered May 1957 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 106 98*2 98*2 97*8 97*8 46*8 46*8 47*8 60 58*2 70*4 69*4 71 82 82 80*4 81*8 82 81*2 82*2 817g 825s 81*8 81*8 81 84*s 81*2 79*2 82 89 90*2 91*2 89*s 90*2 89*4 91 90*8 90*4 90*4 89 89*4 91 90*2 91*8 90*4 91*8 90 90 88 88 91 89*4 89*4 91*8 90*8 91*8 90*4 90*4 90 89 89*2 897g 90*4 90*4 89*4 897g 89 90*4 897g 90*4 95 96*4 94*4 94*4 94*2 95*8 93 96 93*2 98*2 94*4 95*4 93 95*4 96*4 94*s 947S 94*8 95 94*2 94*2 93 95 94*4 96*2 94*4 95*8 94 94*s 96*4 100 1017g 9978 100*8 100 85 84*8 93*4 90*4 93 84*8 85 84 85 92*4 94 92*4 94 93*4 93*4 93*4 90*4 95 99*8 97*2 99*8 98*2 96*2 99*4 9878 96*j 96U 102*8 103*4 100*8 99*4 100*2 100*2 103*8 96*2 98*4 102 101 987g 9S*4 102*2 102*4 99*2 10178 99*2 997g 99*4 100*4 97 100*2 102 103*4 102*4 103 101 101 100 1017g 99*2 1OO’*4 99*2 100*4 98*4 100*4 100*4 103 101 10278 100 101*2 99*4 100 997g 100*4 98*2 100*8 100*2 103*8 101 102*2 Railroad Traffic and Prices, RAILWAY STATISTICS—STOCK AND BOND PRICES. THE GROWTH OF THE RAILROAD SYSTEM. In a very comprehensive article on pages 186 to 191 of this publication, we present an elaborate review of the course of earnings of United States railroads for the calendar year 1918, 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. The figures were formerly made up for the fiscal year ending on June 30, but in 1917 the Commission changed the fiscal year to coincide with the calendar year. The latest full re turns are for the twelve months ending Dec. 31 1916. 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,” 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 the changes in total mileage from year to year do not agree with the addi tions through new construction. This is due to the fact that it has been found necessary to make adjust ments and corrections of past mileage and to the further fact that some old mileage has been aban doned from time to time. In both 1918 and 1917 it happened, according to the “Railway Age,” that the mileage abandoned exceeded the total of new road built. There were on Jan. 1 1919, roughly, 254,000 miles of railroad in the country. RAILROAD CONSTRUCTION YEARLY AND TOTAL MILEAGE IN OPERATION. Years. Miles of Miles in Operation New Road Built. End of Year. 1830 .................. 1831 .................. 1832 .................. 1833 .................. 1834 .................. 1835 .................. 1836 .................. 1837 .................. 1838 .................. 1839 ................ 1840 .................. 1841 .................. 1842 .................. 1843 .................. 1844 .................. 1845 .................. 1846 .................. 1847—............ 1848 .................. 1849 .................. 1850 .................... 1851. ................ 1852, ............ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 72 134 151 253 465 175 224 416 389 516 717 491 159 192 256 297 668 398 1,369 1,656 1,961 1,926 23 95 229 380 633 1,098 1,273 1,497 1,913 2,302 2,818 3,535 4,026 4,185 4,377 4,633 4,930 5,598 5,996 7,365 9,021 10,982 12,908 Years. 1853 ....... .......... 1854 .................. 1855 _________ 1856 .................. 1857 .................. 1858 .................. 1859 .................. 1860 _________ 1861.................. 1862.................. 1863 .................. 1864 _________ 1865 .................. 1866 ................ .. 1867.................. 1868-................ 1869 .................. 1870 .................. 1871 .................. 1872............... 1873 ......... ........ 1874 .................. 1875 Miles of Miles in New Road Operation Built. End of Year. 2,452 1,360 1,654 3,642 2,487 2,465 1,821 1,846 651 834 1,050 738 1,177 1,716 2,449 2,979 4,615 6,070 7,379 5,878 4,097 2,117 1,711 15,360 16,720 18,374 22,016 24,503 26,968 28,789 30,826 31,286 32,120 33.170 33,908 35,085 36,801 39,250 42,229 48,844 52,922 60,293 66.171 70,268 72,385 74,096 Years. 1876 .................. 1877 .................. 1878 _________ 1879 ................. 1880-................ 1881-.............. 1882.................. 1883 .................. 1884 .................. 1885 .................. 1886 .................. 1887 .................. 1888 .................. 1889 .................. 1890 .................. 1891 _________ 1892 ....... .......... 1893 .................. 1894 .................. 1895 .............. 1896 .................. 1897 _________ Miles of Miles in New Road Operation End of Year. Built. 2,712 2,280 2,629 4,746 6,876 9,778 11,599 6,818 3,973 3,131 8,128 12,983 7,066 5,695 5,656 4,620 4,584 2,789 2,264 1,938 2,067 2,161 76,808 79,082 81,747 86,556 93,262 103,108 114,677 121,422 125,345 128,320 136,338 149,214 156,114 161,276 166,654 170,729 175,170 177,516 179,415 181,065 182,769 184,591 Years. 1898.................. 1899.................. 1900_________ 1901_________ 1902.................. 1903.................. 1904.................. 1905.................. 1906.................. 1907_________ 1908................ 1909_________ 1910.................. 1911....... .......... 1912.................. 1913_________ 1914_________ 1915.................. 1916_________ 1917.____ 1918.................. .WZes of Miles in New Road Operation Built. End of Year. 3,199 4,512 4,157 4,912 5,076 4,675 5,003 5,050 5,643 5,499 3,654 3,476 3,918 3,293 2,997 3,071 1,532 933 1,098 979 721 186,810 190,818 194,262 198,743 202,938 207,335 212,394 217,341 222,766 228,128 232,046 238,356 242,107 245,573 248.500 251,600 253,000 253.500 254.000 254,000 254,000 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. Thus, beginning with the year 1908, the returns of switching and terminal com panies were excluded because of the dissimilarity be tween the operations of these companies and those of carriers having road hauls and the consequent difficulty in consolidating the figures of the two classes. Another important departure from previous prac tice was made in the returns for the years ending June 30 1913 and 1914, when the Commission 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. Fortunately, however, owing to the magnitude of the railroad system of the United States, title effect of this on the grand aggre gates for those years was not as great as would other wise have been the case, and, beginning with the re port for 1915, the returns of these smaller roads are again included except in the case of traffic statistics. Besides presenting the figures for 1914 and 1913 on the basis of the exclusion of roads with operating revenues of less than $100,000, fig ures prepared on the same basis were in many in stances added by the Commission 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 both ways as far as each is available, thus enabling one to measure approxi mately the extent to which the exclusion of the minor roads in 1913 and 1914 affected the totals for those years. In addition to the foregoing, changes have been made several times in the classification of accounts, the latest revision in this respect having become effec tive July 1 1914, and relating chiefly to the so-called Outside Operations, which had been originally dealt with in a new way on July 1 1907, only again to bo subjected to alteration beginning with July 1 1914. Some of the general statistical data, too, are now on a different basis than formerly. In this last in stance the alterations concern chiefly the figures in the reports for 1915 and 1916 and include revisions in the classification of locomotives, in data relating to cap italization, and in returns regarding employees and their compensation. These changes are discussed at greater length under the various sub-divisions below. 181 RAILWAY STATISTICS MEN EMPLOYED ON RAILWAYS AND THEIR WAGES. The Commission collects very extensive statistics regarding the employees of the railroads. The figures for 1915 and 1916 showing the number of employees are based on the average number as determined by counts taken at various times during the year, and do not represent the number exhibited on the pay-rolls at the end of the fiscal period as in former years. Furthermore, in 1915 the classification of employees was enlarged to provide for 68 classes instead of the 18 classes previously reported, and the compensation of employees shown on an average “hourly” basis instead of the former average “daily” basis, thus making comparison with earlier years impossible. In the 1916 reports the average daily compensation, instead of the average hourly compensa tion, is shown for some classes of employees whose duties are of such a,nature that it is impracticable to record accurately the number of hours during which they are on duty. The fact that overtime is sometimes paid for at a higher rate than the regular scale, also that some employees are paid on a basis not wholly dependent on the hours on duty, affects the hourly averages; but the extent to which they are affected cannot be determined, the Commission says, by the returns received. A number of carriers omitted to give the number of hours on duty, but instead reported the number of days worked by the respective classes of employees. In such in stances 10 hours in 1915 and 8 hours in 1916 was arbitrarily taken as the average number of hours worked each day and re duction to an hourly basis made accordingly. It is possible that such reduction may affect the average hourly compensa tion as reported, but the extent to which the averages would be affected, it is declared, is undoubtedly negligible. It should be added that about 20 of the larger carriers did not report any data for employees for 1915, compelling the omission of such roads. In the tables below we give the number and classes of employees and their compensation as shown in the respective annual reports. NUMBER AND COMPENSATION OF EMPLOYEES. [Roads Earning Less than $100,000 per Annum included in 1916 but Excluded in 1915.] —Year Ended— ---------- Year Ended June 30------------Dec. 31 1916. 1916. 1915. Average Average Average Average Average Average Class— Hourly No. of No. of Hourly No. of Hourly General officers— Employ's Compen. Employ's Compen. Employ's Compen. $3,000 per an. & upward 4,284 a$20.341 4,247 a$20.241 3,748 $2,451 Below $3,000 per an___ 5,146 05.086 5,112 05.043 3,330 .650 Division officers— $3,000 per an. & upward 1,165 all.115 1,115 all.080 1,027 1.194 Below $3,000 per an.__ 9,325 04.989 9,298 04.978 7,645 .520 Clerks— $900 per ann. & upwarc 66,913 .428 62,826 .422 54,225 .416 Below $900 per ann___ 102,804 .234 102,532 .230 89,845 .224 Messengers, &c__________ 8,448 al.378 8,365 01.345 8,131 .140 Asst, engineers&draftsmen 10,603 03.477 9,049 03.438 7,144 .403 Maint. of way and structures foremen_________ 7,854 .334 7,426 .334 6,171 .328 Section foremen_________ 43,103 .236 43,305 .228 37,356 .232 General foremen, maintenance of equip, dept__ 1,619 04.382 1,654 04.267 1,486 .429 Gang and other foremen maint. equip, dept__ 16,864 .358 16,262 .347 14,205 .347 Machinists________ 38,694 .409 37,386 .395 32,972 .386 Boiler makers___________ 12,495 .409 12,245 .397 10,739 .386 Blacksmiths____________ 8,079 .391 8,026 .377 6,978 .371 Masons and bricklayers__ 1,273 .316 1,093 .303 1,075 .279 Structural iron workers__ 762 .326 736 .321 789 .320 Carpenters_______ 49r858 282 43 3fi1 51,973 .289 8^761 Painters and upholsterers. 11,130 .308 10,749 .301 .297 Electricians_____________ 8,780 .288 8,232 .277 5,559 .285 Air-brake men__________ 5,751 .286 5,529 .270 4,781 .266 Car inspectors____ ______ 18,765 .246 18,363 .236 16,315 .232 Car repairers____________ 66,937 .284 65,792 .272 53,366 .265 Other skilled labor..___ 48,994 47,321 .305 .291 41,806 .283 Mechanics’ helpers, &c__ 81,163 .238 77,838 .229 64,356 .226 Section men____ ________ 268,355 .164 267,195 .155 214,083 .125 Other unskilled labor____ .04,492 .193 101,121 .186 90,572 .180 Foremen of construction gangs and work trains.. 2,626 .283 2,437 .283 2,452 .274 Other men in construction gangs and work trains.. 39,083 .182 37,091 .170 40,495 .169 Traveling agts.&solicitors. 6,033 04.947 6,043 04.855 4,942 .563 Empl. in outside agencies. 1,885 .397 1,998 .367 2,220 .385 Other traffic employees__ 672 .465 .433 705 1,122 .416 Train dispatch. & directors 5,095 .546 5,099 .532 4,686 .518 Levermen______________ 3,436 .219 3,409 .210 2,903 .212 Telegraphers, telephoners and block operators___ 19,677 .282 19,562 .271 18,361 .263 Telegraphers & telephoners >» operating interlockers.. 7,793 .301 7,851 .291 7,425 .286 Telegrapher clerks......... .. 11,035 .253 11,012 .245 9,065 .240 Agent telegraphers_______ 20,825 .231 21,086 .224 18,597 .222 Station agents.................. .. 16,042 02.557 16,214 02.522 14,168 .251 Station masters & assist’nts 638 03.226 637 03.155 613 .299 Station service_________ .10,751 .202 104,052 .197 83,496 .187 Yardmasters________ 3,578 a4.425 3,501 a4 384 Yardmasters’ assistants.. 2,175 04.148 2,019 04.066 1,864 .367 Yard engineers&motormen 16,106 .434 15,173 .431 12,192 .424 Yard firemen & helpers__ 16,420 .272 15,456 .270 12,425 .260 Yard conductors_________ 15,561 .385 14,594 .388 11,716 .386 Yard brakemen__________ 40,643 .352 37,956 .351 30,523 .349 Yard switch tenders______ 4,898 .197 4,897 .192 4,574 .188 Other yard employees__ 4,124 .157 3,918 .151 4,656 .167 Hostlers____ ________ 7,799 .255 7,638 .252 6,916 .244 Enginehouse watchmen & laborers__________ . 51,200 .188 49,415 .181 35,856 .176 Road freight— Engineers & motormen. 33,094 .601 31,056 .599 23,830 .593 Firemen & helpers_____ 35,058 .386 32,934 .384 24,834 .378 Conductors ...................... 26,699 .494 25,361 .495 19,756 .494 Brakemen & flagmen__ 65,819 .332 62,538 .334 49,483 .333 Road passenger— Engineers & motormen. 14,008 .876 13,952 .878 11,817 .805 Firemen & helpers____ 13,575 .550 13,568 .550 11,411 .497 Conductors__________ _ 11,182 .691 11,270 .695 9,936 653 Baggagemen__________ 5,821 .396 5,844 .396 5,499 .360 Brakemen & flagmen__ 15,258 .396 15,345 .399 13,560 .376 Other road trainmen____ 3,391 .285 3,322 .288 3,742 .290 Cross’g flagmen&gatemen 16,217 .120 16,136 .117 14,541 .115 Drawbridge operators___ 1,368 .172 1,349 .166 1,192 .167 Float, equip, employees.. 10,765 .227 10,554 .215 10,977 .209 Express service employees 17 .269 13 .204 16 .166 Policemen & watchmen__ 8,562 02.126 8,104 02.017 7,470 .191 All other transpor’n empl's 6,431 .206 6,900 .203 9,944 .202 AU other employees______ 19,683 .188 20,590 .180 27,119 .194 Total............................... 1,700,814 b 1,654,075 6 1,409,342 .269 a Represents average daily compensation. 6 Average for all classes for which hourly pay is shown, $.275 for year ended Dec. 31 1916 as compared with $.266 for year ended June 30 1916; for all classes for which daily pay is shown, $4,071 lor year ended Dec. 31 1916, against $4,312 for year ended June 30 1916. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AVERAGE DAILY COMPENSATION OF EMPLOYEES—1893-1914. Including Minor Roads Excluding Minor Roads', 1914. 1913. 1912. 1911. 1912. 1911.11910.1909. 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 tralnm'n 3 09 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 $ 15 67 6 44 2 51 2 28 1 96 5 20 3 13 4 39 3 04 3 26 2 63 2 31 2 14 1 58 1 70 2 52 2 37 2 15 $ $ 14 82 14 82 6 42 6 30 2 5(1 2 49 2 22 2 19 1 86 1 89 5 02 4 81 3 20 2 95 4 30 4 18 2 97 2 89 3 21 3 14 2 55 2 54 2 24 2 24 2 09 2 07 1 50 1 50 1 70 1 74 2 47 2 44 2 37 2 34 2 10 2 08 $ 13 13 6 32 2 50 2 20 1 89 6 00 3 02 4 29 2 96 3 21 2 55 2 24 2 09 1 50 1 70 2 47 2 37 2 10 $ 12 99 6 27 2 49 2 17 1 89 4 79 2 94 4 16 2 88 3 14 2 54 2 24 2 07 1 50 1 74 2 44 2 34 2 08 $ $ 13 27 12 67 6 22 6 40 2 40 2 31 2 12 2 08 1 84 1 82 4 55 4 44 2 74 2 67 3 91 3 81 2 69 2 59 3 08 2 98 2 51 2 43 2 18 2 13 1 99 1 96 1 47 1 38 1 69 1 73 2 33 2 30 2 22 2 31 2 01 1 98 $ 13 1111 6 27 5 2 33 2 2 09 2 1 82 1 4 45 4 2 64 2 3 81 3 2 60 2 2 95 2 2 40 2 2 12 2 1 95 1 1 45 1 1 78 1 2 30 2 2 38 2 1 97 1 $ I $ 9311 8111 74 99 5 82 6 02 30 2 24 2 24 05 1 94 1 93 78 1 69 1 71 30 4 12 4 12 54 2 42 2 33 69 3 51 3 50 54 2 35 2 31 87 2 69 2 65 40 2 28 2 25 06 1 92 1 92 90 1 80 1 79 46 1 36 1 32 87 1 80 1 79 26 2 13 2 19 27 2 10 2 17 92 1 83 1 83 Including Minor Roads 1904. 1903. 1902. 1901. 1900. 1899. 1898. 1897. 1896. 1895. 1894. 1893. $ $ $ $ $ $ $ $ $ $ $ $ General officers 11 61 11 27 11 17 10 97 10 45 10 03 9 73 9 54 9 19 9 01 9 71 7 84 Other officers. 6 07 5 76 5 60 5 68 5 22 5 18 5 21 5 12 5 96 5 85 5 75 Office clerks.. 2 22 2 21 2 18 2 19 2 19 2 20 2 25 2 18 2 21 2 19 2 34 2 23 Station agents. 1 93 1 87 1 80 1 77 1 75 1 74 1 73 1 73 1 73 1 74 1 75 1 83 Other stat’men 1 69 1 64 1 61 1 59 1 60 1 60 1 61 1 62 1 62 1 62 1 63 1 65 Enginemen__ 4 10 4 01 3 84 3 78 3 75 3 72 3 72 3 65 3 65 3 65 3 61 3 66 Firemen______ 2 35 2 28 2 20 2 16 2 14 2 10 2 09 2 05 2 06 2 05 2 03 2 04 Conductors__ 3 50 3 38 3 21 3 17 3 17 3 13 3 13 3 07 3 05 3 04 3 04 3 08 Other trainmen 2 27 2 17 2 04 2 00 1 96 1 94 1 95 1 90 1 90 1 90 1 89 1 91 Machinists.... 2 61 2 50 2 36 2 32 2 30 2 29 2 28 2 23 2 26 2 22 2 21 2 33 Carpenters___ 2 26 2 19 2 08 2 06 2 04 2 03 2 02 2 01 2 03 2 03 2 02 2 11 Other shopmen 1 91 1 86 1 78 1 75 1 73 1 72 1 70 1 71 1 69 1 70 1 69 1 75 Section forem’n 1 78 1 78 1 72 1 71 1 68 1 68 1 69 1 70 1 70 1 70 1 71 1 75 Other trackm’n 1 33 1 31 1 25 1 23 1 22 1 18 1 16 1 16 1 17 1 17 1 18 1 22 Sw. tenders, Ao. 1 77 1 76 1 77 1 74 1 80 1 77 1 74 1 72 1 74 1 75 1 75 1 80 Tel. oper., Ao. 2 15 2 08 2 01 1 98 1 96 1 93 1 92 1 90 1 93 1 98 1 93 1 97 Floating equip. 2 17 2 11 2 00 1 97 1 92 1 89 1 89 1 86 1 94 1 91 1 97 1 90 All others____ 1 82 1 77 1 71 1 69 1 71 1 68 1 67 1 64 1 65 1 65 1 65 1 79 Note.—Beginning with 1908 the computations do not cover switching and terminal companies. It Is not likely, however, that this has materially affected the averages. NUMBER OF EMPLOYEES IN SERVICE OF THE ROADS, 1890-1914, Year Other Gen. Other En Other Ma Con ending Offi Offi Office Station Station gine- Fire duc Train chin June 30. cers. cers. Clerks. Agents men. men. men. tors. men. ists. Excludi ng ro 1914* ........ 4,459 1913* ........ 4,398 1912*........ 4,344 1911* ........ 4,071 Includi ng ro 1914*........ 5,740 1913.......... No fi 1912* ........ 5,790 1911*........ 5,628 1910*........ 5,476 1909* ........ 5,492 1908* ........ 5,076 1907.......... 6,407 1906.......... 6,090 1905.......... 5,536 1904.......... 5,165 1903.......... 4,842 1902.......... 4,816 1901.......... 4,780 1900.......... 4,916 1899.......... 4,832 1898.......... 4,956 1897.......... 4,890 1896 .......... 5,372 1895 .......... 5,407 1894.......... 5,257 1893.......... 6,610 1892.......... 6,104 1891.......... 5,271 1890......... 5,160 Year ending June 30. ads ear 10,756 10,706 10,028 9,815 ads ear 11,153 gures 10.414 10,196 9,392 8,022 7,751 7.549 6,705 5,706 5,375 5,201 5,039 4,923 4,669 4,294 3,925 3,830 2,718 2,534 1.778 Car pen ters. ning le 86,528 84,267 78,306 76,003 ning le 87,106 on this 78,818 76,513 76,329 69,959 63,973 65,700 57,210 51,284 46,037 42,218 37,570 34,778 32,265 29,371 26.845 26,837 26,328 26,583 24,779 27,584 25,469 23,879 22,239 ss than 38,063 37,721 37,395 37,245 ss than 39,147 basis 38,428 38,277 37,379 36,519 35,740 35,649 34,940 35,245 34,918 34,892 33,478 32,294 31,610 30,787 30,699 30,049 29,723 29,014 28,199 28,019 26,829 26.192 25,665 $100,000 163,100 167,450 161,206 152,518 $100,000 163,6 2 for this 161.730 153,117 153,104 136,733 132,013 152,929 138,778 125,18 120,002 120,724 105,433 94,847 89,851 83,910 78,603 74,569 75,919 73,569 71,150 75,181 69,511 67,812 66,431 per ye ar— 61,365 64,335 67,026 70,477 63,672 66,487 62,650 65,651 per ye ar— 62,021 64,959 year— 64,382 67,195 63,390 66,376 64,691 68,321 57,077 60,349 57,668 61,215 65,298 69,384 59,855 62,678 54,817 57,892 52,451 55,004 52,993 56,041 48,318 50,651 45,292 47,166 42,837 44,130 39,970 41,152 37,939 38,925 35,667 36,735 35,851 36,762 34,718 35,516 35,466 36,327 38,781 40,359 36,739 37,747 34,801 36,277 33,354 34,634 47,621 52,086 49,062 47,585 135,853 146,855 136,008 132,169 48,201 136,809 56,468 49,68 48,200 48,682 43,608 43,322 48,869 43,936 41,061 39,645 39,741 35,070 32,092 29,957 28,232 26,876 25,322 25,457 24,776 24,823 27,537 26,042 24,523 23,513 137,067 133,221 136,938 114,760 114,580 134,257 119,087 111,405 106,734 104,885 91,383 84,493 74,274 69,497 66,968 63,673 64,806 62,721 63,417 72,959 68,732 64,537 61,734 57,507 55,207 55,193 48,237 44,941 55,244 51,253 47,018 46,272 44,819 39,145 34,698 32,831 30,377 28,800 28,220 29,272 27,740 29,245 30,869 28,783 27,388 27,601 56,235 60,725 57,266 54,961 Other Section Other Switch Teleg. Float Total Shop Fore Track Tend- Oper., ing All Em men. men. men. ers.dkc. &c. Equip. Others. ployees. Excluding roads earning lessth an $100,0 00 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 Including roads e arning less th an $100,6 00 per year— 1914* .............. 72,923 256,133 44,977 337,451 37,873 40,464 13,019 232,249 1,710,296 1913................ No fig ures on this ba sis for t his ye ar. 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 1910*.............. 68,085 225,196 44,207 378,955 44,682 42,435 10,549 229,806 1,699,420 1909* .............. 60,867 195,110 41,859 320,762 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 1907................ 70,394 221,656 41,391 367,277 53,414 39,193 9,139 228,324 1,672,074 1906 ................ 63,830 199,940 40,463 343,791 49,659 36,090 8,314 198,736 1,521,355 1905................ 56,089 176,348 38,217 311,185 45,532 31,963 8,753 178,965 1,382,196 1904 ................ 53,646 159,472 37,609 289,044 46,262 30,425 7,495 160,565 1,296,121 1903................ 56,407 154,635 37,101 300,714 49,961 30.984 7,949 168.430 1,312,537 1902................ 51,698 136,579 35,700 281,075 50,489 28,244 7,426 147,201 1,189,315 1901................ 48.946 120,550 33,817 239,166 47,576 26.606 7,423 131,722 1,071,169 1900................ 46,666 114,773 33,085 226,799 60,789 25,218 7,597 125,386 1,017,653 1899 ................ 42,501 103,937 31,690 201,708 48,686 23.944 6,775 107,261 928,924 1898................ 40,374 99,717 30,771 184,494 47,124 22,488 6,349 98,673 874,558 1897................ 37,740 91,415 30,414 171,752 43,768 21,452 90,725 6,409 823,476 1896 ................ 38,846 95,613 30,372 169,664 44,266 21,682 5,502 88,467 826,620 1895................ 35,564 88.661 29,809 155.146 43.158 20.984 5,779 83,355 785,034 1894................ 36,328 85,276 84,359 29,660 150,711 43,219 22,145 7,469 779,608 93,709 29,699 180,154 46,048 22,619 6,146 105,450 1893................ 41,878 873,602 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. 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 184 that the net amount paid was only $339,768,533 For 1915 and 1916 the net amount of dividends paid is not 182 RAILWAY STATISTICS ascertainable, the reports stating that it was found impracti cable to make eliminations of intercorporate payments. The Commission further observes that the funds from which dividends are declared and paid are not restricted to revenues from the operation of railway property, but in many cases include comparatively large amounts of income from the operation of other property, from investments frequently in securities of other railway companies, and from miscel laneous sources of profit. In addition to the dividends de clared from current income and surplus, during the calendar year 1916 $653,686 (against $604,200 in the year ending June 30 1916 and $1,618,584 in 1915) was appropriated from in come to provide reserves for future dividends. The 1915 and 1916 figures for per cent of stock receiving dividends and the amount and per cent of stock receiving nothing in the table below are substantially but not strictly comparable with corresponding figures for prior years for the reason that for 1915 and 1916 the figures are based on the actually out standing stock, while in the earlier years they are based on amounts which include stock held by or for the companies represented. DIVIDEND-PAYING AND NON-DIVIDEND-PAYING STOCK AND DEBT. Stock receiving dividends. Dividends paid. Includl Year e 1916......... Year e 1916......... 1915......... Excludi 1914......... 1913......... Includl 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 ......... 1889 ......... 1888 ......... $ (a) % ng roads ea nding Dec. 366,561,494 nding June 342,109,396 328,477,938 ng roads ea 451,263,197 368,606,327 ng roads ea 451,653,346 369,077,546 400,315,313 460,195,376 405,771,416 321,071,626 390,695,351 308,088,627 272,795,974 237,964.482 221,941,049 196,728,176 185,391,655 156,735,784 139,597,972 111,009,822 96,152,889 87,110,599 87,603,371 85,287,543 95,515 226 100,929,885 97,614,745 91,117.913 87,071,613 82,110.198 80.238,065 rning 31— 6.75 30— 6.48 6.29 rnlng 7.97 6.38 rnlng 7.97 6.37 7.17 8.03 7.50 6.53 8.07 6.23 6.03 5.78 6.09 5.70 5.55 5.26 5 23 4.96 5.29 5.43 5.62 5.74 5.4 5.58 5.35 5.07 5.45 5.04 5.38 $ less than 5,430,123,235 Stock receiving nothing. $ (») % Fund. Debt receiv ing nothing (excl. equip, trust oblig.) % $ (c) % whole $100,00 0 per year— 62.02 3,325,280,282 37.98 5,279,427,954 60.38 3,463,678,685 39.62 5,219,846,562 60.45 3,415,472,806 39.55 less than $100,00 0 per year— 5,661,738,723 65.22 3,019,020.981 34.78 423,865,445 3.80 5,774,587,583 67.06 2,836,023,744 32.94 329,727,869 3.05 less than $100,00 0 per year— 5,667,072,956 64.39 3,134,095,000 35.61 5,780,982,416 66.14 2,959,994,900 33.86 5,581,289,249 64.73 3,041,111,572 35.27 322,130,279 2.98 5,730,250,326 67.65 2,740,467,285 32.35 152,957.731 1.47 5,412,578.457 66.71 2,701,078,923 33.29 268,138,705 2.69 4,920,174,118 64 01 2,766,104,427 35.99 296,880,056 3.13 4,843,370,740 65.69 2,529,841,583 34.31 159,258,339 1.76 4,948,756,203 67.27 2,408.105,488 32.73 315,927,894 3.76 4,526,958,760 66.54 2,276,801.333 33.46 287,954,851 3.82 4,119,086,714 62.84 2,435,470,337 37.16 449,100,396 6.36 3,643,427,319 57.47 2,696,472,010 42.53 300,894,215 4.49 3,450,737,869 56.06 2,704,821,163 43.94 272,788,421 4.33 3,337,644,681 55.40 2,686,556,614 44.60 294,175,243 4.89 2,977,575,179 51.27 2.828,991,025 48.73 361,905,203 6.23 2,668,969,895 45.66 3,176,609,698 54.34 378,937,806 6.78 2,239,502,545 40 61 3,275,509,181 59.39 572,410,746 10.45 1,818,113,082 33.74 3,570,155,239 66.26 852,402,622 15.82 1.603,549,978 29.90 3,761,092,277 70.10 867,950,840 16.59 1,559,024.075 29.83 3,667,503,194 70.17 860,559,442 16.26 1,485,618,453 29.94 3,475,640,203 70.06 890,561,460 16.71 1,767,925,565 36.57 3,066,150.094 63.43 914,757,607 17.29 1,809,600,846 38.76 2,859,334,572 61.24 743,015,132 14.39 1,825,705,437 39.40 2,807,403,326 60.60 777,719,420 15.56 1,796,390,636 40.36 2,654,258,391 59.64 473,925,526 9.90 1,598,131,933 36.24 2,811,526,552 63.76 No statis tics 1,629.750,927 38.33 2,621,439.792 61.67 775,851,795 18.19 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 in year ending Dec. 31 1916 $136,783,695 dividends declared from surplus, against $114,368,835 dividends declared from surplus and $1,618,584 de clared payable from reserves in year ending June 30 1916, $116,380,449 dividends de clared from surplus, $2,503,663 declared payable from reserves in 1915, $196,931,595 declared from surplus in 1914, $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 $140,705,202 held by or for issuing companies in 1914, $128,289,584 in 1913, $69,953,545 in 1912 and $107,441,719 in 1911, against $102,927,370 held in treasury in 1910, $73,867,319 in 1909 and $72,473,050 in 1908. c In addition there was $866,737,007, exclusive of equipment trust obligations, held by or for issuing companies in 1914 (embracing bonds held “in treasury,” "pledged as collateral,” “in sinking or other funds” and "special deposits”), against $808,675,459 in 1913, $688,103,243 in 1912, $657,438,916 in 1911, $522,360,547 in 1910, $421,471,276 in 1909 and $496,340,288 in 1908. MILEAGE OF THE ROADS. In the following we show the length of road owned at the end of each fiscal year. In this case the small roads are included in all years. LENGTH OF ROAD OWNED. Whole United Suites Information, How Obtained. OHicial Returns Unoff I Figures. Total. Increase tor Year. Dec. 31. Miles. Miles. Miles. MUes. 1916* ___________ 252,519.78 1,526.05 254,045.83 0204.79 June 30. 1916* ___________ 252,774.39 1,476.23 254,250.62 469.18 1915*___________ 252,563.79 1,224.85 253,788.64 1,683.66 1914* ___________ 250,902.06 1,202.92 252,104.98 2,328.14 1913*___________ 247,421.64 2,355.20 249,776.84 3,000.09 1912* ____ 245,063.34 1,713.41 246,776.75 2,797.53 1911* ___________ 1,289.54 242,689.68 243,979.22 3,685.83 1910* _______ 238,551.73 1,741.66 240,293.39 3,459.32 1909* ___________ 234,764.44 2,069.63 236,834.07 3,366.23 1908* ...................... 231,333.02 2.134.82 233,467.84 3.516.65 2,280.34 1907 ......................... 227,670.85 229,951.19 5,588 02 1906 ____________ 222,571.52 1.791.65 224,363.17 6.262.13 1905 ......................... 217,017.68 1,083.36 218,101.04 4,196.70 1904 ____________ 212,577.57 1,326.77 213,904.34 5,927.12 1903 ____________ 207.186.84 790 38 207.977.22 5.505.37 1902 ......................... 201,672.83 799.02 202.471.85 5,234.41 1901____________ 196,075.07 1,162.37 197.237.44 3.891.66 1900 ____________ 192.940.67 405.11 193,345.78 4,051.12 1899 ____________ 188,277.49 1.017.17 189.294 66 2.898.34 1898 ____ _______ 185,370.77 1.025.55 186.396.32 1.967.85 1897 ........................ 182,919.82 1,508.65 184,428.47 1,651.84 1,896 ........................ 181,153.77 1,622.86 182,776.63 2,119.16 1895 ........................ 179,175.51 1,481.96 180.657.47 1.948.92 1894 ........... ............ 176,602.61 2.105.94 178,708.55 2,247.48 1893 ____________ 170,332.30 6,128.77 176,461.07 4,897.55 1892 ____________ 165,690.97 5,872.55 171.563.52 3,160.78 1891____________ 164,602.79 3.799.95 168,402.74 4.805.69 1890 ........... ............. 159,271.74 4,325.31 163,597.05 5.838.22 * Excludes switching and terminal companies beginning with 1908; except for this the increase for 1908 would have been 5.930.18 Instead of 3,516.66. a Decrease as compared with June 30 1916. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 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 the same track. Here, too, the smaller roads are included throughout. SUMMARY OF SINGLE TRACK, ADDITIONAL MAIN TRACKS, YARDS AND SIDINGS. Total Track Whole Length of Length of Length of All Other Yards and United States. Single Track 2d Track 3d Track Main Tr’k Sidings Dec. 31. 1916_________ June 30. 1916* ____ 1915* ________ 1914*________ 1913*________ 1912*................ 1911 *.............. 1910*________ 1909*................ 1908*.............. 1907.................. 1906_________ 1905.................. 1904................ 1903.................. 1902................ 1901_________ 1900.________ 1899_________ 1898_________ 1S97_________ 1896_________ 1895.................. 1894_________ 1893_________ 1892_________ 1891_________ 1890_________ t Miles. Miles. Miles. Miles. Miles. Miles. 259,705.18 29,414.28 2,721.27 2,189.78 102,983.81 397,014.32 259,210,86 257,569.32 256,547.10 253,470.20 249,852.06 246,238.02 240,830.75 235,402.09 230,494.02 227,454.83 222,340.30 216,973.61 212,243.20 205,313.54 200,154.56 195,561.92 192,556.03 187,534.68 184,648.26 183,284.25 181,982.64 177,746.25 175,690.96 176,461.07 171,563.52 168,402.74 163,597.05 28,935,21 28,644.67 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 2,730,62 2,714.30 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 2,198,34 2,303.06 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 1,046.50 963.36 895.11 876.13 829.29 790.27 793.57 780.48 764.15 733.12 710.99 668.46 626.47 749.51 561.81 394,944,26 391,141.51 387,208.31 379,508.14 371,237.92 362,824.49 351,766.59 342,351.24 333,645.86 327,975.26 317,083.19 306,796.74 297,073.34 283,821.52 274,195.36 265,352.29 258,784.30 250,142.51 245,333.82 242,013.45 239,140.13 233,275.90 229,795.78 230,137.27 222,351.35 216,149.14 208,612.55 101,869,23 99,910.16 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 ♦Beginning with 1908 excludes switching and terminal companies; had the basis of computation been the same, the increase in that year in single track would have been 4,263.83 miles; in 2d track 1,052.37 miles; in 3d track, 150.88 miles; in 4th track, 46.78miles; in yard track, &c., 3,191.43 miles, and in total track, 8,705.29 miles. PASSENGER AND FREIGHT RATES AND TRAIN MILE EARNINGS. RATES PER TON AND PER PASSENGER AND PER TRAIN MILE. Rate All Trains—Passenger Jc Freight Rate Train Earnings. per pas. per ton per per Passenger Freight Earns, per Cost per Profit per mile. mile. per mUe. per mile. train mile. train mile. It'in mile. Excluding to Year ending 1916* ____ Year ending 1916* ____ 1915* ____ 1914 *......... 1913 *......... 1912 *......... 1911 *____ Including ro 1912* ____ 1911* ......... 1910* ......... 1909* ......... 1908* ......... 1907 ............ 1906 ......... . 1905 ............ 1904 ............ 1903 ..........1902 ............ 1901______ 1900 ........... 1399 _____ 1898 ........... 1897 ........... 1896 ............ 1895 ............ 1894 --------1893 _____ 1892 _____ 1891............ 1890 ......... .. 1889 ........... 1888 ............ Cents. Cents. ads ear ning le Dec. 31 — 2.046 .715 June 30 — .716 2.006 .732 1.985 .733 1.982 .729 2.008 .741 1.985 .754 1.971 ads ear ning le .744 1.987 1.974 .757 .753 1.938 1.928 .763 .754 1.937 2.014 .759 2.003 .748 1.962 .766 2.006 .780 2.006 .763 1.986 .757 .750 2.013 .729 2.003 1.978 .724 1.973 .753 2.022 .798 2.019 .806 .839 2.040 .860 1.986 2.111 .879 2.126 .898 .895 2.142 2.167 .941 .922 2.165 2-349 1.001 a These are reported all trains were given as leave a profit per train ♦ Figures, beginning S $ S ss than $10 0,000 per year— 1.44.224 1.38.619 1.30.858 1.34.496 1.35.555 1.30.237 1.31.963 ss than $10 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 $ $ 1.90.662 .99.899 2.80.074 3.82.828 1.83.279 1.77.641 3.46.995 2.51.895 2.45.024 3.30.845 1.76.917 3.24.347 2.45.387 1.70.375 3.03.796 2.29.773 1.59.358 2.25.139 1.54.409 2.90.847 0,000 per year— 3.02.284 1.59.077 2.29.259 2.24.824 2.89.548 1.54.338 1.48.865 2.86.218 2.24.628 2.16.789 1.43.370 2.76.450 2.11.269 1.47.340 2.65.307 2.17.741 1.46.993 2.74.023 2.60.804 2.07.547 1.37.060 1.32.140 2.49.689 1.97.906 2.42.703 1.93.960 1.31.375 1.91.380 1.26.604 2.43.967 1.82.350 1.17.960 2.27.093 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 0.95.635 1.45.449 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 1.43.475 0.97.426 1.63.018 1.44.649 0.96.580 1.64.611 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 .96.795 .74.254 .68.107 .75.012 .70.415 .70.730 3.93.483 2.90.561 .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 ■4S.069 .47 638 .48.225 .44 323 as "revised figures;” originally earnings per train mile for $1.35.947; cost per train mile, $0.91.829, which would mile of $0.44.118. 1908. exclude returns from switching and terminal cos. TRAFFIC MOVEMENTS—PASSENGER & FREIGHT. CLASSIFICATION OF TONNAGE BY COMMODITIES. (Excluding Duplications and Tonnage Unasslgned.) Products of Agriculture. Excluding roads earning Year ending Dec. 31— 1916 . _________ _____ Year ending June 30— 1916.................. ................. 1915................................... 1914_________________ 1913_________________ Including roads earning 1912 ................................... 1911______________ _ 1910_________________ 1909 .................... .............. 1908 _________________ 1907 ................................... 1906 ......... .............. .......... 1905 _____________ - -1904 - ------_________ 1903 _________________ 1902 _________________ 1901_________________ 1900 ................................. 1899 _________________ Animals. Mines. Forests. less than S100 ,000 per year 116,867,332 31,294,136 737,150,872 111,850,330 115,781,914 113,039,841 102,199,907 106,067,317 less than $100 90,776,489 85.566,053 78,736,587 73.683.720 69,665,943 77,030,071 70.201.720 64,637,035 61,512,543 61.056,212 53,723,115 56,102,838 53,468,496 50,073,963 29,944,598 26,659,735 27,138,634 26,446,382 ,000 per year 24,974,171 23,763,262 20,294,144 20,593,352 19,635,150 20,473,486 19,002,825 IS,155,743 17,576,078 16,802,893 15,362,410 15,145,297 14,844,837 13,774,964 706,029,210 556,581,950 626,075,666 650,940,253 108,856,873 93,971,282 110,877,781 112,079,164 566,538,387 539,255,980 544,604,373 459,560,732 444,216,023 476,899,638 435,450,476 383,562,335 330,872,195 329,335,621 304,634,808 269,372,556 271,602,072 227,453,154 100,147,471 108,506,272 113,010,825 97,104,700 90,475,081 101,617,724 92,187,351 80,436,863 80,383,577 74,559,980 67,703,050 60,844,933 59,956,421 48,122,447 183 RAILWAY STATISTICS 3 Products of . Manufactures. Merchandise. Miscellaneous. Excluding roads earning Year ending Dec. 31— 1916................ ................... Year ending June 30— 1916___________ ______ 1915................................... 1914................................... 1913................................... Including roads earning 1912.................................... 1911.................................... 1910.................................... 1909 ................ ................... 1908 .................................... 1907 ................................. 1906 ............................. .. 1905 . ................... ............... 1904 .................. ................. 1903 .................................... 1902 ....... ............................ 1901.................................... 1900 .................................... 1899 ......... ......................... Grand Total. less than $100 ,000 per year - 196,174,379 --------98,09 4,064---------- 1,298,431,113 186,833,830 136,137,641 149,183,281 165,532,035 less than $100 139,948,653 135,175,536 139,678,391 108,677,129 104,860,269 137,621,443 121,458,738 97,332,768 86,088,583 91,9.80,903 84,289,257 71,681,178 69,257,145 59,415,205 92,77 6,482 76,01 3,494 37,174,388 41,474,238 42,520,369 41,254,783 ,000 per year — 37,567,887 38,329,467 36,519,321 38,447,567 36,421,276 35,718,413 32,897,504 33,975,628 36,140,955 32,222,678 44,824,123 34,718,487 48,543,902 33,319,615 40,617,160 30,921,538 34,260,882 30,986,689 29,949,022 35,116,027 30,675,776 25,444,025 26,493,338 21,697,693 21,974,201 25,329,045 23,197.155 19,844,735 1,238,222,907 1,002,403,943 1,094,123,895 1,144,840,303 998,282,525 967,233,991 968,464,009 826,492,765 797,216,099 893,184,972 820,164,627 715,663,442 641,680,547 638.800,658 581,832,441 521,337,833 516,432,217 441,881,623 TRAFFIC OF U. S. RAILROADS—PASSENGER AND FREIGHT. Freight Service. Tons moved less dupl’ns. Tons moved one mile. TonslM. Miles run Avge. Miles run by perM.rd. byfr'tlr’ns. tr’n-ld. freight cars. Excluding ro ads earning less than $100.0 00 per ye ar— Year ending Dec. 31— 1916*..................... 1.293,090,623 Year ending June 30— 1916*..................... 1,239,704,936 1915* ..................... 1,005,028,743 1914* ..................... 1,109,271,040 1913* ..................... 1,160,862,756 1912* ..................... 1,011.784,287 1911* .................... 981,292,672 Including ro ads earning 1912* ..................... 1,031,206,606 1911* ..................... 1,003,053,893 1910* ..................... 1,026,491,782 1909* ..................... 881,334,355 1908* ..................... 869,797,510 1907 ....................... 977,489,440 1906 ....................... 896,159,485 1905 ....................... 784,920,188 1904 ....................... 714,375,339 1903 ....................... 714,767,821 1902 ....................... 657,846,807 1901....................... 583,692,427 1900....................... 583,351,351 1899 ....................... 501,527,375 1898 ....................... 1897 ....................... 1896 ...................... 1895 ....................... 1894 ....................... 1893 ....................... 1892 ...................... 1891....................... 1890 ....................... Passengers carried. 365.771,824,741 1,470,274 630,507,021 550.15 23,248,375,845 343,099,937,805 276,830,302,723 288,319,890,210 301,398,752,108 263,779,908,254 253,456,389,237 less than $100,0 264,080,745,058 253,783,701,839 255,016,910,451 218,802,986,929 218,381,554,802 236,601,390,103 215,877,551,241 186,463,109,510 174,522,089,577 173,221,278,993 157,289,370,053 147,077,136,040 141,599,157,270 123,667,257,153 114,077,576,305 95,139,022,225 95,328,360,278 85,227,515,891 80,335,104,702 93,588,111,833 88,241,050,225 81,073,784,121 76.207,047,298 1,380,349 1,121,059 1,176,923 1,245,158 1,110,811 1,088,314 00 per ye 1,078,580 1.053,566 1,071,086 953,986 974,654 1,052,119 982,401 861,396 829,476 855,442 793,351 760,414 735,366 659,565 617,810 519,079 523,832 479,490 457,252 551,232 543,365 502,705 487,245 606,900,357 550,395,585 605,923,249 643,841,292 610,291,829 624,344,376 534.95 474.45 451.80 445.43 410.26 386.17 605,813,184 070,814,328 796,894,831 034,670,482 430,455,051 276,688,465 612,345,112 626,496,025 635,450,681 568,854,608 587,218,454 629,995,723 594,005,825 546,424,405 535,090,971 526,312,433 499,711,176 491,942,041 492,568,486 507,841,798 503,766,258 464,962,242 479,500,170 449,291,238 446,807,223 508,719,506 485,402,369 446,274,508 435,170,812 406.76 383.10 380.38 362.57 351.80 357.35 344.39 322.26 307.76 310.54 296.47 281.26 270.85 243.52 226.45 204.62 198.81 189.69 179.80 183.97 181.79 181.67 175.12 466,402,067 315,156,130 981,573,779 169,413,224 857,003,236 122,259,754 589.958,024 082,070,763 353,650,056 193,718,005 326,514,369 811.211,703 Passenger Service. Aggregate revenue train Pass, carried Pass.liH. Miles run Pass’rs mileage,tncl. one mile. perM .r'd by pass. tr. pertr’n mixed, &c. Excluding ro ads earning less than $100,0 00 per ye ar— Year ending Dec. 31— 1916*.................... Year ending 1916*.................... 1915* .................... 1914*................... 1913* ..................... 1912* ..................... 1911*.................... 1,039,012,308 June 30— 1,005,683,174 976,303,6 2 1,053,138,718 1,033,679,680 994,372,283 987,710,997 Including ro ads earning 1912* .................... 1911* .................... 1910* .................... 1909* .................... 1908* .................... 1907 ...................... 1906 ....................... 1905 ....................... 1904 ...................... 1903 ....................... 1902 ....................... 1901....................... 1900 ....................... 1899 ....................... 1898 ....................... 1897 ....................... 1896 ....................... 1895 ....................... 1894 ....................... 1893 ....................... 1892 ....................... 1891....................... 1890 ....................... 1,004,081,346 997,409,882 971,683,199 891,472,425 890,009,574 873,905,133 797,946,116 738,834,667 715,419,682 694,891,535 649,878,505 607,278,121 576,865,230 523,176,508 501,066,681 489.445.198 511,772,737 507,421,362 540.688.199 593,560,512 560,958,211 531,183,998 492,430,865 35,121,675,959 141,305 34,213,596,127 137,818 32,384,247,563 131,165 35,258,497,509 144,278 34,575,872,980 143,067 33,039,11 ,808 140,393 33,108,461,142 142,859 less than $100,0 00 per ye 33,132,354,783 136,699 33,201,694,699 139,191 138,169 32,338,496,329 29,109,322,589 127,299 29,082,836,944 130,073 27,718,554,030 123,259 25,167,240,831 114,529 23,800,149,436 109,949 21,923,213,536 104,198 20,915,763,881 103,291 99,314 19,689,937,620 17,353,588,444 89,721 16,039,007,217 83,295 14,591,327,613 77,821 13,379,930,004 72,462 12,256,939,647 66,874 71,705 13,049,007,233 12,188,446,271 68,572 14,289,445,893 81,333 14,229,101,084 83,809 13,362,898,299 82,285 79,642 12,844,243,881 11,847,785,617 75,751 592,829,813 56 1,259,294,590 586,611,300 577,633,888 602,388,660 593,061,212 582,752,526 570,116,038 55 53 56 55 54 55 1,229,608,236 1,163,040,998 1,242,080,241 1,271,220,178 1,226,887,758 1,227,947,982 53 55 56 54 54 51 49 48 46 46 45 42 41 41 39 37 39 38 44 42 42 42 41 1,236,758,715 1,237,500,138 1,221,852,647 1,112.452,351 1,129,149,453 1,171,922,997 1,105,877,091 1,038,441,430 1,007,529,542 982,946,284 936,148,675 908,092,818 886,781,590 ar— 585,853,528 572,929,421 549,015,003 506,011,038 505,945,582 509,328,042 479,037,553 459,827,029 440,464,866 425,142,204 405,613,231 385,172,567 363,521,596 354,416,916 341.526.769 335,018,605 332.854.218 317,565.615 326.503.219 335.618.770 317,538,883 307,927,928 285,575,804 ♦ Beginning with 1908 the figures do not Include returns for switching and terminal companies. EQUIPMENT—LOCOMOTIVES AND CARS. Beginning with the report for 1915 locomotives are classi fied as “steam” and “other” only, the distribution formerly made among “passenger,” “freight” and “switching,” it seems, having been in some instances more or less arbitrary. On June 30 1915 there were 65,099 locomotives in service (including roads earning less than $100,000 per year but excluding switching and terminal companies), of which 64,835 were “steam” and 264 “other.” On June 30 1916 63,862 locomotives were in service, of which 63,578 were “steam” and 284 “other.” On Dee. 31 1916 64,073 loco motives were in service, of which 63,738 were “steam” and 335 “other.” Of the steam locomotives owned on Dec. 31 1916 by roads earning in excess of $100,000 per annum, 8,430 were specially designed for switching service. In the table immediately following we give the figures for prior years as reported under the old classifications. We also show the number of cars in service. The figures do not include cars owned by individuals or private companies on which the railways pay a mileage. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SUMMARY OF LOCOMOTIVES IN SERVICE.—(1892-1914) I'otal in UnSwitching Passenger Freight Year ending Engines. classified. Service. Engines. Engines. June 30. Excluding roads earning 1914*................................... .. 1913*____________ ______ 1912*_________ _____ ____ 1911* .................... ................. Including roads earning 1912* ..................................... 1911* ...................................... 1910* ..................................... 1909* ...................................... 1908* ...................................... 1907 ........................................ 1906 ......... .......... ................... 1905 ........................................ 1904 .................. -................... 1903 ........................................ 1902 ............................. .......... 1901 ....................................... 1900 ....... ................................ 1899 ........................................ 1898 ........................................ 1897 .................. -................... 1896 .................. -.......... ........ 1895 ...................................... 1894 ........................................ 1893 ....... ............... -............... 1892 -----------------------------SUMMARY No. No. No. No. less than $100,000 per year— 1,315 38,752 10,081 14,612 1,224 37,924 9,834 14,396 1,135 9,469 36,615 14,057 1,113 14,103 35,792 9,263 less than $100,000 per year— 1,311 37,159 9,529 14,263 9,324 1,297 36,405 14,301 1,180 9,115 34,992 13,660 1,123 33,935 8,837 13,317 1,110 33,655 8,783 13,185 12,814 1,237 9,258 32,079 1.090 8,485 12,249 29.848 947 7,923 27,869 11,618 852 27,029 11.252 7,610 799 25,444 7,058 10.570 630 6,683 23,594 10.318 602 22.839 5,959 10.184 5,621 583 9,863 21,596 601 5,480 9,894 20,728 417 5,234 9.956 20.627 469 5,102 20,398 10.017 495 5,161 20.351 9,943 588 20,012 5.100 9,999 513 5,086 9,893 20,000 503 4,985 19,603 9,697 2,374 4.355 8.848 17.559 OF CARS IN SERVICE 1892-1916. Cars in Cars in Cars in Pass.Serv’e Freight Service Co’s Service No. 64,760 » 63,378 ' 61,276 i 60,271 S 62,262 61,327 58,947 67,212 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 I'otal in Service. No. No. No. No. Including roads earning less than $100 ,000 per year— Year ending Dec. 31— 2,497,445 99,665 55,081 2,342,699 1916*_____________ __________ Year ending June 30— 2,478,159 96,508 54,664 2,326,987 1916*...................... ..................... 2,507,977 2,356,338 95,934 55,705 1915*................................. .............. Excluding roads earning less than $100, 000 per year— 2,497,088 95,380 2,346,932 54,776 1915*................ ............................... 2,503,822 124,709 53,466 2,325,647 1914*................................................ 2,445.508 120,244 2,273,564 1913*................................... -.......... 51,700 2,368,942 114,944 2,203,423 1912* ................................................ 50,575 2,343,413 1911* ________________________ 113,189 48,939 2,181,285 Including roads earning less than $100, 000 per year— 2,382,674 115,635 2,215,549 51,490 1912*.................. ......................... .. 2,359,335 114,006 1911* ................................................ 2,195,511 49,818 2,290,331 108,115 2,135,121 47,095 1910* ................................................ 2,218,280 99,090 45,584 2,073.606 1909* ................................................ 96,762 2,231,181 2,089,302 1908* ................................................ 45,117 91,064 2,126,594 43,973 1,991.557 1907 .................................................. 1,958,912 1,837.914 78,736 42,262 1906 .................................................. 70,749 1,842.871 1905 ..................................... -_____ 40,713 1.731.409 1.798.561 66,615 1904 .................................................. 39.752 1,692,194 1,753.389 61,467 38,140 1,653.782 1903 .................................................. 1.640.185 1902 _________________________ 57.097 36,987 1,546,101 1.550,833 50.536 1901......... -...................................... 35,969 1,464,328 1.450.838 50,594 1,365,531 1900 ....................................... .......... 34,713 1.375,916 46,556 1899 .................................................. 33,850 1,295,510 1.326.174 43,753 33.595 1898 ............................................ .. 1,248,826 1.297.480 42,124 33,626 1.221.730 1897 .................................................. 1,297,649 42,759 1896 .................................................. 33,003 1,221.887 1.270.561 1.196,119 41,330 33,112 1895 ..................................... ............ 1.278.078 39,891 1894 ................................. ................. 1,205,169 33,018 1.273.946 39,762 1893 .................................................. 32.911 1,201,273 1.215.092 1892 ....... ...................................... . * Beginning with 1908, does not Include locomotives or cars ln the service ol switching and terminal companies. This reduced the total number of locomotives In 1908 by 965 and the total number of cars by 13.176. 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, duplications of receipts and expenditures which arise on account of inter corporate relations existing between the carriers being elim inated. We give the comparisons both ways. Unfortunately, however, in the reports subsequent to 1914 the Commission states that it was not practicable, in some instances, to make eliminations of intercorporate payments, especially in regard to “dividend income,” “income from funded securities,” “income from unfunded securities and accounts,” “interest on funded debt,” “interest on unfunded debt,” “dividend appropriations,” &c. To the extent, therefore, that such intercorporate payments enter therein, duplication exists in the summaries for 1915 and 1916. Some idea of the extent of such duplication may be gained by reference to the item of income from other sources for the year 1914. 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 in come from investments, &c.,” was only $103,358,034. The difference between the two amounts represents duplications, and measures the extent of inter-corporate payments. In like manner, “Net dividends” in the second statement means the aggregate of dividends declared less the amount received by the companies on their own holdings of stock in other rail roads. Notwithstanding the elimination of duplications, however, some of the items in the second method of presentation, and notably interest and taxes, are neverthe less larger than in the first. This is due to another particular in which the second form differs from the first, namely in that rental payments to lessor companies, which in the first method are treated wholly as rental payments, in the second are distributed under the different heads among which the lessor companies allotted the amounts received—that is, to taxes, to interest payments, to dividends, &c. 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. GROSS AND NET REVENUES, INTEREST CHARGES, DIVIDENDS, &c. AGGREGATE RETURNS OF THE RAILWAYS IN THE UNITED STATES YEAR ENDING Average mileage operated___ INCLUDING SMALL ROADS, «. THOSE EARNING LESS THAN $109,000 PER ANNUM. EXCLUDING SMALL ROADS. ALL ROADS. Dec. 31 ’16.* June 30 '10 * June 30 T5.* June 30‘14* June 30'13* June 30'12* June 30’14 .* June 30’13* June 30'12.* June 30 ’ll* June 30 ’10* June 30'09* June 30’08. June 30’07. June 30’06. June 30 '05. 257,324.61 257,511.82 256,214 245,624 242,657 238,220 254,774 246,828 243,434 236.986 232,981 227,257 227,455 222,340 216,974 June 30’04. June 30 ’03 212,243 205.314 $ 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 Passenger earnings-------------- 724,071,753 691,310,872 648,248,815 700,403,353 695,987.817 657,362,319 50,378,964 44,499.732 41,709.396 48,913,888 47.371,453 50,935,856 50,702,625 49.380.783 48,517,563 45,426,125 50.789,212 50,675,660 55,062,961 58,409,563 62,612,321 61,528,086 Mail............................. 38,331,964 67,190,922 67,332,931 59,647,022 51.010,930 45,149,155 41,875,636 58,692,091 73,203,730 70,725,137 72,983,618' 79,717,266 75,541,569 70,154,274 91,528,820 82,121,582 Express_______________ 12,674,899 9.821.277 20,705,133 19,146,653 11,040.142 10,914,746 3063,353.074 21.725,505 17.683.783 16,319,385 11,314,237 21,629,619 23,491,211 24,038,633 29,055,000 33,067,945 32,421,915 Other earnings pass, trains. 1.968,598,630 1,925,950,887 1,925,553,036 1,677,614,678 1,655,419,108 1,823,651,998 1.640.386.655 1,450,772,838 1.379.002,693 1,338,020,026 Freight revenue......................... 2,645,803,026 2,482,338,447 2.048,989,495 2,114,697,629 2,198,930,565 1,956,942,262 54,554,293 51,169,156 65,386,420 57,399,414 37,858,775 37,145,806 35,225,429 26,797,615 1 80,321,842 29,433,108 37,587,412 42,090,997 39,440,686 41,944,289 Other revenue from transpor’n 49,421,103 46,592,987 21,308,822 29,999,710 26,893.790 21.225,243 25,645,034 29,777,476 34,128,730 35,331,474 84,560,249 76,328,052 61,895,369 Other than transpor’n revenue 90.496 262,889 138,601 2,238 Unclassified earnings... Total from operations____ 3,691,065,2173,472,641,941 2,956.193,202 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 Expenses— 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 Maintenance of way & struo. . 439,195,062 421,500,898 381,532,4881 419,277,779 421,030,360 534,271,899 513,406,662 450,372,546 428,367,306 413,109,929 363,912,886 368,353,798 368.061.728 328,554,658 288,441.273 267,184.739 240,429,742 Maintenance of equipment... 609,105,045 570,326,407 509,818,7441 532,138,606 511,487.852 1,171,706,4411.164,825.432 1.079.S37.688 1.046,548,472 972,527,446 863,375,297 916,514,926 970.952,924 836.202,707 771.228.666 758.238.681 702,509,818 Trafi io and transportation— 1,269,602,916 1,182,407,979 1,102,094,311 1,165,367,109 1,158,735,689 See note a below 23,157,637 27,044,193: 25,473,952 Miscellaneous operations-----68,485,956 65.404,655 59.752,230 65,319.805 51,579.196 47,767,947 84,952,142 79,363,157 73,689,373 74,517,548 55,179,174 63,677,378 78,028,425 83,529,665 79,043,173 89,247,110 83,962,660 General expenses----------------Transpor’n for Investment—Cr Cr8,082,425 Cr6,494,951 Cr6,982,898 ......... ssf.eoo ......... 613*483 ......... 27*,744 566.372 '4*2*3*,592 *****12*6^611 646.856 409,571 *****63 ’ ,i23**z;zzzzz^ 239,765 ......... 686'598 19,501 138,620 25,333 Unclassified----------------------Gross Earnings— Total dividends---------------Balance after dividends-------- 311,876,409 237,522,896 286,618,168 236,220,961 ................... 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 1.257,538,852 ................... 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 1,815,193 (Result s of outside operations in these years Included In 1.078,734 2,225,455 3,936,960 5,977,268 earn ings and expe nses. 871,358,340 306,922,857 93,0262,457 823,171,097 730,235,381 840,589,764 788,887.896 691,880,254 636,277,838 643,308,055 256,456,544 308,881,892 252,219,946 199,041,118 274,450,192 286,583,942 256,639,591 231,898,553 212,933,990 205,687,480 1,127,814,884 1,185,404,749 1,182,482,403 1,022,212,215 1.004,685.673 1,127,173,706 1,045,527,487 375,985,674 361,242,986 349,092,709 331,994,861 317,977,715 344,242,617 322,555,934 16,671,532 13,207,243 11,653,076 21,312,076 22,158,417 29,073,856 20,432,571 130,355,493 126,557,848 133,881,409 120,122,672 114,849,162 128,766,452 122,290,911 98,034,593 85,139,554 78,673,794 80,312,375 74,785,615 113,818,605 102,657,157 27,625,077 24,786,981 21,660,850 31,862,808 31,345,508 34,541,492 69,215,949 80,068,585 31,744,098 29,242,300 26,593,312 37,544,463 12,572,422 11,226,013 6,947,136 41,589,592 41,235,628 I 10,878,202 8,830,721 7,996,309 848,995,535 283,953,124 9,060,645 112,230,384 57,849,569 57,111,686 47,844,996 47,997,985 51,659,617 55,061,675 23,675,622 38,552,890 49,042,631 37,720,624 38,522,548 41,948,183 749,373,418 436,031,331 723,590,249 458,892,154 660,396,752 385,130,735 596,770,835 327,007,972 570,541,448 278,670,380 553,039,890 295,955,645 246,652,810 100,701,323 658,504,735 677,761,815 346,180,838 449,411,891 271,328,453 I 308,088,627 57,733,808 28,086,454 265,819,145 137,598,218 283,411,828 67,790,444 678,356,035 343,856,180 233,069,739 38,973,760 272,795,974 237,964,482 221,941,049 196,728,176 351,202,272 107,689,882 272,043,499 71,812,681 329,062,261 17,118,677 308,088,627 141,323,264 272,795,974 112,334,761 237,964,482 89,043,490 221,941,049 56,729,331 930,262,457 82,731,790 823,171,097 69,649,858 730,235,381 58,037,874 840,589,764 60,626,333 788,887,896 60,520,306 691,880,254 51,725,750 636,277,838 49,380,970 196,728,176 99,227,469 643,308,055 49,896,729 788,273,255 901,216,097 323,733,751 16,671,532 80,312,375 849,408,202 743,606,004 305,337,754 11,653,076 74,785,615 77,699,284 68,227,323 See note below. 294,803,884 11,451,400 63,474,679 282,118,438 13,945,009 61,696,354 268,830,564 9,060,645 57,849,569 53,936,776 43,892,892 45,111,768 469,475,729 379,932,473 423,666,739 319,939,265 401,652,693 284,006,115 380,852,546 312,352,238 327,457,141 97,998,918 845,226,654 103,358,034 957,195,208 103,502,204 871,358,340 306,922,857 84,249,023 89,180,406 948,574,688 1,060,697,412 Deductions— 404,817,955 Net interest on funded debt- - c480,503,253 c473,855,003 c463,540,666 412,443, 31,191,623 45,930, Interest on unfunded debt__ cl9,776,742 c20,248,475 c34.531.298 129,415,787 168,061,934 156,417,789 143,670,028 144,334, 9,332,310 9,952, 4,467,940 3,701,658 4,456,085 Rent for "lease of roads______ 17,438,852 19,100, 28,468,354 23,545,877 29,234,160 Hire of equipment—debit bal. 18,512, 18,392,112 20,390,841 21,721,239 23,627,329 Joint facility, &c., rents-----11,282, 11,035,433 12,529,870 6,630,195 14,222,802 Other deductions__________ 739,882,305 716,942,388 696,676,845 661,554,812 621,624,072 Total............................. Income over charges----------- 735,341,165 671,398,243 354,786,729 287,019,876 439,073,340 Surplus brought forward____ 1,068,925,077 862,315,784 939,261,502 1,073,000,410 1,135,923,530 Dr377,427 Dr25,119,547 Dr.31,293,620 Cr.11,834,002 Dr36,656,944 Net adjustments______ 1,767,509,298 1,533,336,600 1,268.928,684 1,328,726,666 1,586,830,872 Total............................. 297,674,738 13,945,009 110,857,803 61,696,354 37,400,873 264,267,107 379,865,024 8,099,815 def74,841,498 Total net from oper. as above. 1,270,528,388 1,200,136,363 871,693,687 Clear Income from lnv., &c.. c204,695,082 cl88,204,268 cl79,769,887 Total net Income_________ 1,475,223,470 1,388,340,631 1,051,463,574 849,211,828 770,851,111 356,963,773 347,354,133 403,417,363 9,609,640 32,613»968 Results after Eliminating Inter corporate Pay merits and Tre ating the Rail ways of the Un lied States as a Single System (.See Remarks') 923,778,807 310,631,802 11,451,400 116,380,644 63,474,679 960,538,746 960,771,880 1,012,994,247 395,893,442 380,411,667 370,092,222 16,520,342 26,197,537 25,404,605 120,091,534 108,309,512 103,795,701 2,834,991 9,475,875 5,086,947 17,728,770 15,841,144 18,056,199 15,788,839 17,832,810 17,167,096 14,779,221 15,487,194 10,871,407 602,241,659 569,680,750 535,744,646 358,297,087 391,091,130 477,249,601 1,124,450,906 1,036,128,621 858,514,871 Dr.29,876,416 Cr.68,200,831 C7.79.231,441 364,050,105 24,223,049 90,529,014 343,516,671 31,337,323 84,555,146 73,216,105 64,630,326 552,018,273 340,802,682 624,039,466 264,233,789 488,944,981 412,271,116 693,204,784 1,452,871,577 1,495,420,582 1.414,995,913 Appropriations— 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 Net dividends-------------------- c366,491,029 c340,467,970 c325,900,869 339,768,533 260,864,853 37,720,624 24,933,255 29,174,456 38,552,890 49,042.631 38,522,548 41.948,183 43,941,569 58,740,315 58,687,516 76,498,432 65,823,035 30,683.537 I 38,385,936 84,436,758 Additions and betterments..! 3,518,628 219,436 288,511 579,510 i 2,120,849 New lines and extensions—/ 5,000,000 5,000,000 5,000,000 6,000,000 6,000,000 5,000,000 5,000,000 Deficits on weak lines test.).. 13,866,191 **9,468,319 14,668,649 21,272,997 13,631,499 *14,786,266 *33,763,628 18,283,682 Sinking, &c., reserves--------81,170,808 18,819,073 3,389,999 6,716,294 22,694,529 Miscellaneous appropriations. below. 12,681.484 29,600,139 18.644,268 22,900,576 14,601,917 Stock & debt discount exting. 358,259,337 367,622,298 362,212,134 510,550,266 479,959,048 391,534,116 411,133,067 471,801,973 Total............................ 1.094,612,2401,127,798.284 1,052,783,779 Surplus end of year----------- 1,257,059,032 1,053,377,552 877,394,568 917.593,599 1,115,028.899 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 conform t,o the npw method of accounting * Excludes returns from terminal and switching companies, a In the years 1908 to 1914 the corresponding items were included in expenses of outside operations; prior to 1908 they were distributed among the other items of operating expenses as shown above b Results from outside operations In these years are included in operating revenues and expenses above. c It was not practicable, according to the Commission’s reports for these years, to eliminate intercorporate payments in the Items of ’ Dividend income,” “Income from funded securities ” “Income from unfunded securities and accounts.’’ “Interest on funded debt,” “Interest on unfunded debt,” "Dividend appropriations,” Sets.—see Introductory remarks to above statement. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RA ILW AY ST AT IS TI CS . Total expenses....................... 2,426,250,5212,277,202,278 2,088,682,956 2,200,313,159 2,169,968,924 Net from operations________ 1,264,814,696 1,195,439,663 867,510,246 846,706.749 955,166.874 Dr822,532 Dr 665,978 Uncollectible railway revenue. Dr 818,422 2,028,334 b 1LOSS1490095 b b Net revenue—outside oper— 4,849,419 6,532,114 5,519,232 Net revenue—miscell, oper— Total net from operations.— 1,270,528,388 1,200,136,363 871,693,687 845.226,654 957,195,208 Income from other sources__ 279,054,636 253,808,942 243,848,946 286,893,649 283,063,093 Total net Income_________ 1,549,583,024 1,453,945,305 1,115.542,633 1,132,110,303 1,240,258,301 Charges, Approbations, &c 380,145,142 403,923, 385,690 Interest on funded debt-------- 422,416,327 415,036, 26,278,796 17,892, 31,022, 40,747, 17,395,425 Interest on unfunded debt.__ 133,903,011 123,179, 123,247, Rentals for lease of roads----- 158,916,563 139,786, 124,053,605 142,940, 141,748, 166,132,893 154,536, 34,086,049 36,084, 61,887, 53,637, 70,949,692 Hire of equipment—debit bal 39,662,682 41.265, 44,279, 48,744,108 47,011, Joint facility, &c., rents-----9,304, 13,582,537 13,779, 14,996, 16,378,049 Other deductions__________ 13,051,525 12,048, 10,915, 11,118, 15,494,536 Sinking, &c., reserves______ 1,946,048 2,001, 17,613, 3,720, 20,486,022 Miscell, appropriations, &c-48,092,847 21,172, 29.266, 51,511, 63,270,104 Addltions, better., exten., &c Total deductions............... 1,000,183,719 931,106,176 843,175,711 827,086,777 814,802,242 Income above charges, &c— 549,399,305 522,839,129 272,366,922 305,023,526 425,456,059 Dividend Appropriations— 190,228,868 185,977,808 170,007,716 217,104,390 241,750,512 From Income_______________ 85,706,629 94,259,391 162,760,634 From surplus............... 121,647,541 100,640,360 RAILWAY STATISTICS CAPITALIZATION OF RAILWAY PROPERTY. Beginning with 1911 the figures in the following table represent “railway capital actually outstanding” only and exclude securities only “nominally issued” or “nominally outstanding.” By “railway capital actually outstanding,” as here used, is meant the aggregate of securities which have been issued and sold fora valuable consideration to bona fide purchasers, who hold them free from control by the issuing company. “Nominally issued” securities are those which have been signed and sealed and placed with the proper officers for sale and delivery, or are pledged or otherwise placed in some special fund of the issuing company. Securi ties re-acquired by or for the issuing company after actual issue under such circumstances as require them to be held alive and not canceled or retired are considered to be “nomi nally outstanding/’ A separate table showing the amount of securities “nominally issued” or “nominally outstanding” is given further below. 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. OUTSTANDING RAILWAY CAPITAL—DEBT AND STOCK. Funded Debt. Income Bonds. Mortgage Bonds. ng roads earn ding Dec. 31 $8,178,201,901 ding June 30 $8,278,744,865 1915......... 8,089,274,585 Excludi ng roads earn 1914.. . 7,680,302,072 1913.. . 7,422,629,245 7,326,247,521 1912.. . 7,165,538,249 1911.. . Inclu ng roads earn 1912.. . 7,386,068,835 1911.. . 7,232,426,529 7,408,183,482 1910.. . 6,942,012,066 1909 ... 1908 ... 6,610,189,953 1907 ... 6,472,839,323 1906 ... 6,266,770,962 6,024,449,023 1905 ... 1904 ... 5,746,898,983 5,426,730,154 1903 ... 1902 ... 5,213,421,911 5,048,811,611 1901.. . 1900 ... 4,900,626,823 1899 ... 4,731,054,376 1898 ... 4,640,762,632 4,539,911,595 1897 ... 1896 ... 4,517,872,063 1895 ... 4,641,755,548 1894 ... 4,593,931,754 1893 ... 4,504,383,162 4,302,570,993 1892 ... 4,081,621,675 1891.. . 4,123,921,557 1890 ... Includi Year en 1916......... Year en 1916 . Equipment Trusts. tng less tha n $100,000 $342,477,820 $347,841,065 Other Obligations. Total Debt. per gear— $2,006,685,779 $10,875,206,565 $268,789,042 $350,980,586 $2,039,571,960 233,350,541 370.878.115 2,391,071,335 ing less than $100,000 per gear— 245,679,735 402,378,437 2,355,282,469 241,828,835 357,560,617 2,343,095,396 255,191,363 310,316,065 2,480,498,125 313,201,094 248,778,381 2,273,045,338 Ing less than $100,000 per gear— 257,631,637 311,009,410 2,482,188,318 252,183,655 313,362,749 2,276,572,121 2,250,998,522 353,341,578 290,951,276 307,869,061 2,267,211,732 284,497,531 344,592,782 2,180,965,753 258,584,016 306,244,476 329,773,289 1,616,427,904 301,523,400 973,647,924 224,719,099 253,707,699 186,302,906 786,241,442 173,334,694 229.876.687 723,114,986 234,016,821 142.980.116 640,704,135 242,556,745 89,208,425 564,794,588 68,116,723 218,872,068 545,780,485 219,536,883 464,983,341 60,308,320 260,048,753 42,058,348 485,781,695 40,351,111 262.194.688 486,977,279 259,847,154 39,888,767 430,718,303 314,425,977 50,304,931 457,735,531 55,915,327 242,603,226 445,221,472 63,970,204 242,403,681 456,277,380 248,132,730 62,699,282 410,474,647 303,205,522 55,153,595 392,107,940 324,288,690 54,755,157 379,600,890 76,933,818 49,478,215 324,242,541 $10,938,086,453 11,084,574,576 Stock. Common. Preferred. Debt per mile of road. Per mile of road. 10,436,898,200 10,074,545,054 10,303,474,858 9,801,590,390 9,394,332,504 8,725,284,992 7,766,661,385 $36,213 7,250,701,070 34,625 6,873,225,350 33,429 6,444,431,226 32,317 6,109,981,669 31,371 5,881,580,887 30,963 5,645,455,367 30,210 5,518,943,172 30,289 30,289 5,430,285,710 5,270,365,819 29,546 5,340,338,502 30,126 5,385,495,573 31,048 5,356.583,019 31,233 5,225,689.821 31.545 31.12c 5,053,038,050 4,840,266,412 30,01, 4,574,576,131 29,24‘ ------------------------------ y Total. Per M. of road Including roads earning less than $100 ,000 per gear __ Year end ing Dec. 31— 1916.............. $7,329,169,578 d$l,426,233,939 $8,755,403,517 $19,630,610,082 Year end ing June 30 — 1916.............. $7,318,911,328 C$1,424,195,311 $8,743,106,639 $19,681,193,092 1915.............. 7,286,837,603 61,348,481,765 8,635,319,368 19,719,893,944 Excluding roads earning less than $100 ,000 per gear — 1914.............. inwjn al, 362,027,131 8,540,054,502 19.223,697,215 1913............. 7,117,176,785 al, 365,144,958 8,482,321,743 18,847,435,836 1912............. 7,071,408,865 al,357,965,104 8,429,373,969 18,801,627,043 1911............. 6,858,053,303 al,365,603,855 8,223,657,158 18,224,220,220 Including roads earning less than $100 ,000 per year — 1912.............. 7,189,645,120 al,362,802,156 8,552,447,276 18,989,345,476 1911............. 6,992,995,385 al,370,280,507 8,363,275,892 18,437,820,946 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 1,373,623,144 1905 .............. 5,180,933,907 31,301 6,554,557,051 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 6,155,559,032 1,278,598,020 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 5,806,566,204 1901.............. 4,475,408,821 1,331,157,383 30,568 11,688,147,091 61,531 1900 .............. 4,522,291,838 1,323,287,755 5,845,579,493 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 1,118,996,607 5,388,268,321 30,054 1898 .............. 4,269,271,714 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 1896 .............. 4,256,570,577 5,226,527,269 29,484 10,566,865,771 59,610 1895 .............. 4,201,697,351 759,561,305 28,602 4,961,258,656 10,346,754,229 59,650 1894 .............. 4,103,584,166 730,491,493 4,834,075,659 28,186 10,190,658,678 59,419 686,925,816 1893 .............. 3,982,009,602 4,668,935,418 28,184 10,506,235,410 63,421 1892 .............. 3,978,762,245 4,633,108,763 654,346,518 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 60,942 606,373,542 28,194 1890 ............. 3,803,284,943 4,409,658,485 9,437,343,420 60,340 a Includes SIO,293,700 debenture stock, b Includes $5,935,162 debenture stock, c Includes $15,924,962 debenture stock, d Includes $5,934,050 debenture stock. In the following the “Other Obligations” are further subdivided in accordance with the classification of the Commission. Collateral Trust Bonds. Including roads Year end. Dec. 31 1916........................... Year end. June 30 1916........................... 1915........................... Excluding roads 1914........................... 1913........................... 1912........................... 1911 ................ .......... Including roads 1912 ........................... 1911........................... 1910.............. ............ 1909........................... 1908........................... Plain Bonds, Miscellaneous Debens. & Notes. Obligations. earning less than $100,000 per ge $949,009,454 ----------$1,057,6 $2,006,685,779 $990,125,683 1,196,373,799 earning less than 1,153,342,760 1,161,455,126 1.286.264.820 1.137.296.798 earning less than 1.286.691.820 1.138.278.798 1,153,499,846 1,147,377,191 1,076,670,441 $1,049, 1,194, $100,000 per ge 1,130,448,099 1,099,906,025 1,054,937,272 941,809,858 $100,000 per ge 1,056,170,923 943,191,196 933,966,704 803,537,301 835,551,354 446,277 $2,039,571,960 697,536 2,391,071,335 ar— 71,491,610 2,355,282,469 81,734,245 2,343,095,396 139,296,033 2,480,498,125 193,938,682 2,273,045,338 ar— 139,325,575 2,482,188,318 195,102,127 2,276,572,121 163,531,972 2,250,998,522 316,297,240 2,267,211,732 268,743,958 2,180,965,753 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RAILWAY CAPITAL NOMINALLY ISSUED OR NOMINALLY OUTSTAND ING (HELD BY OR FOR COMPANY). Funded Debt. Includin Year en 1916____ Year en 1916_____ 1915.......... Excluding 1914......... 1913......... 1912____ 1911......... Includin 1912......... 1911.......... $ g roads earn ding Dec. 31 998,454,123 ding June 975,801,285 957,908,163 roads earn 816,068,466 763,737,181 618,285,237 584,222,173 g roads earn 629,874,337 592,842,573 Plain Bds., Miscell'us Equip. Tr. Dbs.&No's Obllgat’ns Obligations $ $ $ ing less tha n $100,000 per year— 78,409,184 30-— 72,004,363 33,548,956 ing less tha 29,340,770 28,181,670 40,274,990 45,487,390 ing less tha 40,274,990 45,487,390 Total Funded Debt. Including Year ending 1916________ Year ending 1916________ 1915________ Excluding 1914________ 1913________ 1912________ 1911________ Including 1912................ 1911................ Income Bonds. Collateral Trust Bds. Mortgage Bonds. $ $ 17,167,368 ------ 9,256 ,450------ 21,941,833 14,488,528 ------ 9,122 ,050-----14,009,315 ------ 9,912 ,514------n $100,000 per year— 8,550,770 11,567,971 1,209,030 8,461,820 7,170,758 1,124,030 9,630,290 6,938,358 1,275,268 9,423,565 8,186,620 1,328,268 n $100,000 per year— 9,740,290 6,938,358 1,275,268 9,593,565 8,186,620 1,328,268 23,886,833 33,110,833 Slock $ roads earning Dec. 31— 1,125,228,958 June 30— 1,095,303,059 1,048,489,781 roads earning 882,898,840 820,400,292 681,538,143 654,882,016 roads earning 693,237,243 663,672,416 Common. Preferred. $ less than $ $100,000 16,161,833 11,724,833 5,134,000 6,234,000 5,134,000 6,234,000 Total Debt and Stock. Total. $ per year— $ 264,561,922 a28907620 293,469,542 1,418,698,500 284,012,644 313,100,198 less than 126,452,475 114,338,260 53,756,473 75,627,010 less than 59,104,395 81,922,149 a31563450 >46475155 $100,000 14,252,727 13,951,324 10,717,850 24,488,270 $100,000 10,849,150 25,519,570 315,576,094 1,410,879,153 359,575,353 1,408,065,134 per year— 140,705,202 1,023,604,042 128,289,584 948,689,876 64,474,323 746,012,466 100,115,280 754,997,296 per year— 69,953,545 763,190,788 107,441,719 771,114,135 a Includes $20,000 debenture stock. 10,683,642,713 10,365,114,093 10,372,253,074 10.000,563,062 Agg. stock and debt. Total. 185 A considerable portion of the stock and funded debt of the railways is owned by other railroads. The amounts so held each year, including amounts held by or for the issuing com panies (see table immediately above) are shown in the following: OWNERSHIP BY ROADS—STOCK AND FUNDED DEBT. [In 1906 and previous years, mortgage bonds were the only form oi debt Included, whereas now, other forms of obligations, such as income bonds, equipment trusts, collateral trust bonds, debentures, notes and sundry obligations, are Included.[1 Funded Debt. Owned bg RR. Corp'ns. Not Owned by Railroads. $ in eluding roads e arning less than Ye ar ending Dec 31— 1916 2,083,820,239 9,916,615,284 Ye ar ending June 30— 1916 2,011,659,437 10,021,730,075 1915 1,951,132,164 10,181,932,193 Ex eluding roads e arning less than 1914 1,849,423,832 9,717,117,721 1913 1,659,751,744 9,525,762,641 In eluding roads e arning less than 1912 1,801,300,571 9,328,834,872 1911 1,568,517,995 9,169,699,475 1910 1,486,470,392 8,817,004,466 1909 Not re ported 1908 Not re ported 1907 Not re ported 1906 641,305,030 5,625,465,932 568,100,021 5,456,349,002 1905 1904 558,472,242 5,188,426,741 1903 520,068,745 4,906,661,409 1902 498,373,449 4,715,048,462 1901 468,830,698 4,579,980,913 1900 472,831,377 4,427,795,446 1899 394,414,868 4,336,639,508 1898 369,522,097 4,271,240,535 403,978,556 4,135,933,039 1897 1896 400,111,363 4,117,760,700 395,542,915 4,246,212,633 1895 1894 415,314,637 4,178,617,117 1893 427,237,894 4,077,145,268 1892 327,170,787 3,975,400,206 337,698,175 3,743,923,500 1891 1890 443,053,242 3,680,868,315 Total Stock Outstanding. Includin Year end 1916____ Year end 1916 ... 1915 ... Excludin 1914 .. 1913 .. Includin 1912......... 1911......... 1910......... 1909 ____ 1908 .......... 1907 ......... 1906 ......... 1905 ......... 1904 ......... 1903 ......... 1902 ......... 1901.......... 1900 ......... 1899 ......... 1898 ......... 1897 ......... 1896 ......... 1895 ......... 1894 ......... 1893 ____ 1892 ......... 1891......... 1890 ......... 1889 ......... Stock. Total Bonds, &c. Owned by RR. Corp’ns. Not Owned by Railroads. $100,000 per ye ar— 12,000,435,523 2,632,910,015 6,415,963,044 12,033,389,512 12,133,064,357 $100,000 per ye 11,566,541,553 11,185,514,385 $100,000 per ye 11,130,135,443 10,738,217,470 10,303,474,858 9,801,590,390 9,394,332,504 8.725.284.992 6,266,770,962 6,024,449,023 5,746,898,983 5,426,730,154 5,213,421,911 5,048,811,611 4,900,626,823 4,731,054.376 4,640,762,632 4,539,911,595 4,517,872,063 4,641,755,548 4,593,931,754 4,504,383,162 4.302.570.993 4,081,621,675 4,123,921,557 2,744,,412,379 6,314,270,354 2,869,,324,334 6,125,570,387 ir— 2,638,,783,512 6,041,976,192 2,769,,901,715 5.840.709.612 ar— 2,825,,702,208 5.796.698.613 2,595,,934,192 5,874,783,419 2,555,,132,098 5,558,525,282 Not re ported Not re ported Not re ported 2,257 ,175,799 4,546,584,294 2,070 ,052,108 4,484,504,943 1,942 ,858,359 4,397,040,970 1,798 ,323,208 4,357,235,824 1,710 ,145,344 4,314,055,951 1,736 ,667,211 4,069,898,993 1,470, 218,972 4,375,360,621 1,207, ,498,299 4,307,513,427 1,151, 864,158 4,236,404,163 1,062, 957,620 4,301,684,635 1.101, 235,551 4,125,291,718 1,051, 638,619 3,909,620,037 1,128, 744,033 3,705,331,626 1,135, 784,339 3,533,151,079 1,064, 286,266 3,568,822,497 945, 227,541 3,505,421,826 963, ,853,759 3,445,804,470 Aggregate Stock and Debt. Owned by RR. Corporations. Not Owned bg Railroads. g roads earning le ss than $100,000 per year— ing Dec. 31— 4.716.730.254 9,048,873,059 16,332,578,328 ing June 30— 9,058,682,733 4,756,071,816 16,336 000,429 8,994,894,721 4,820,456,498 16,307 ,502,580 g roads earning less than $100,000 per year— 8,680,759,704 4,488,207,344 15,759 093,913 4,429,653,459 15,366 ,472,253 8,610,611,327 g roads earning less than $100,000 per year8,622,400,821 4,627,002,779 15, 125 ,533,485 15,044 ,482,894 8,470,717,611 4,164,452,187 8,113,657,380 4,041,602,490 14,375 ,529,748 13,914 ,302,363 3,573,566,572 7,686,278,545 7,373,212,323 3,727,659,380 13,039 ,885,447 Not re ported 7,356,861,691 10,172 050,226 6,803,760,093 2,898,480,829 2,638,152,129 9,940 853,945 6,554,557,051 9,585 467,711 6,339,899,329 2,501,330,601 9,263 897,233 6,155,559,032 2,318,391,953 9,029 104,413 2,208,518,793 6,024,201,295 8,649 879,906 5,806,566,204 2,205,497,909 1,943,050,349 8,803 156,067 5,845,579,593 8,644 152,935 1,601,913,167 5,515,011,726 8,507 644,698 5,388,268,321 1.521.386.255 8,437 617,674 1,466,936,176 5,364,642,255 1,501,346,914 5,226,527,269 8,243 052,418 1,447,181,534 4,961,258,656 8,155 832,670 7,883 948,743 4,834,075,659 1,544,058,670 1,563,022,233 7,610 296,347 4,668,935,418 7,544, 222,703 1,391,457,053 4,633,108,763 1,282,925,716 7,249, 344,986 4,450,649,027 1,406,907,001 7,126, 673,041 4,409,658,485 7,366, 745,677 4,251,190,719 1,151,972,901 Total Stock and Debt. 21,049,308,582 21,092,072,245 21,127,959,078 20,247,301,257 19,796,125,712 19,752 ,536,26 19,208 ,935,08 18,417 .132,23 17,487 ,868,93 16,767 ,544,82 16,082 ,146,68 13,070 ,531,05 12,579 ,006,07 12,086 ,798,31 11,582 ,289,18 11,237 ,623,20 10,855 ,377,81 10,746 ,206,41 10,246 ,066,10 10,029 ,030,95 9,904 ,553,85 9,744 ,399,33 9,603 ,014,20 9,428 ,007,41 9,173 ,318,58 8,935 ,679,75 8,532 ,270,70 8,533,,580,04 8.518 ,718,78 186 RAILROAD EARNINGS. RAILROAD GROSS AND NET EARNINGS FOR THE CALENDAR YEAR. A contemplation of the earnings of United States railroads for the calendar year 1918 does not offer either a pleasing retrospect or an encouraging pros pect. The compilations we are able to present are exceedingly comprehensive. They cover all the roads in the country obliged to file monthly returns of revenue, gross and net, with the Inter-State Com merce Commission at Washington—which means every road or system whose gross operating revenue amounts to $1,000,000 a year or over. The aggre gate length of roads represented is 233,014 miles (out of a total of somewhat over 250,000 miles for the whole country), and as indicating the importance of the country’s rail-carrying industry and the mag nitude of its income, it is needful only to say that in the calendar year 1918 the total gross earnings of the roads contributing returns fell only a little short of five billion dollars—the exact amount of our total being $4,900,759,309. At that figure comparison is with a total of no more than $4,036,866,565 in the calendar year 1917. It will be seen that the increase for the twelve months reaches $863,892,744, or 21.40%. If the story ended here, there would be no reason for com plaint. That is to say, gross earnings met expecta tions in showing satisfactory improvement, whether we consider either the amount or the ratio of gain, though in no small part such of the increase as accrued during the last half of the year must be as cribed to the higher rates both for passengers and for freight that were put in effect in June. But, unfor tunately, with this splendid addition to the total of the gross revenues, the net earnings after providing for ordinary operating expenses, actually show a heavy loss. The explanation is found, of course, in the circumstance that the augmentation in expenses, by reason in the main of prodigious wage increases, far outran the gains in gross earnings, noteworthy though these proved to be. In other words, with $863,892,744 increase in gross earnings, or 21.40%, the addition to operating expenses has been no less than $1,148,664,364, or 40.35%. As a result, the net earnings have been reduced in the large amount of $284,771,620, or, roughly, 24%, falling from $1,190,566,335 in the calendar year 1917 to $905,794,715 in the calendar year 1918. In tabular form the figures are as follows: Jan. 1 to Dec. 31— Inc. ( + ) or Dec.(—) (194 Roads)— 1918. 1917. Amount. % Miles of road________ 233,014 232,639 +375 00.16 Gross earnings........................ .$4,900,759,309 $4,036,866,565 +$863,892,744 21.40 Operating expenses-................. 3,994,964,594 2,846,300,230 +1,148,664,364 40.35 Net earnings......................... $905,794,715 $1,190,566,335 —$284,771,620 23.92 This, then, is the result of the first year’s opera tions of the roads by the Government, and, as al ready said, it is neither an inviting prospect nor a pleasing retrospect. The loss in the net earnings for the twelve months is even heavier than the loss was found to be for the first six months—an outcome which no one would have imagined possible when the Director-General of Railroads made such radical in creases in both freight and passenger rates in June 1918, for these rate increases, it was thought, would more than suffice to take care of the wage increases and the higher operating costs generally. Our tabula tions for the first six months of the year published in tho Chronicle of Aug. 24 1918 showed a loss of $275,205,583 in the net; and the effect of the higher rates put in force it was confidently supposed would be to http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis wipe out a considerable portion of this loss during the second half of the year. Instead of that, the loss for the twelve months now exceeds that for the six months, having increased from the figure given to $284,771,620. It is for this latter reason that disappointment has been especially keen. As we pointed out in reviewing the figures for the first half of the year, it would not be fair to hold Government control entirely responsible for the poor results of that period. During the early months of the year conditions affecting the operation and running of the roads, entirely outside of and apart from Government control, were inordinately unfav orable and a poor showing for the six months could not have been avoided even though the properties had remained under private management, though in that case we must suppose the shrinkage in net would not have reached so large a figure, since it is incon ceivable that wages would have been pushed up to any such extent under private operation as was done under Federal operation. In a word, if the outcome in the matter of net in these six months was the worst of which there was any record, the condi tions governing the operation of the roads were like wise without a parallel, and this was entirely apart from the change in management. The Government took over control of the roads at noon on Dec. 28 1917, but the President’s proclama tion provided that “for the purposes of accounting, said possession and control shall date from 12 o’clock midnight on Dec. 31 1917.” January 1918 thus was the first month of Government operations. It was also a period of extraordinarily unfavorable con ditions, wholly without parallel or precedent. The month opened with the railroads in the eastern half of the country, north of the Ohio and Potomac rivers, particularly at New York and in lesser degree at other points on the North Atlantic seaboard, congested as never before in the history of railroading in the United States. The weather during the month was of such severity as had not been experi enced before in a generation, and possibly never before. The temperature most of the month ruled exceedingly low, many previous records in that re spect being broken. Indeed, the cold was so intense that outdoor operations in the running of trains and in the clearing away of the mass of accumulated freight were rendered extremely difficult. Then there were repeated snow storms in the territory between Chicago and the seaboard, several of which took the form of veritable blizzards and were re ported as altogether unprecedented. In addition there was a coal famine which extended all through the Eastern and Middle States, this scarcity of coal becoming so acute that on Jan. 17 the Fuel Adminis trator had to resort to the desperate expedient of issuing orders denying the use of fuel to manufac turing establishments in the whole of the eastern half of the country for the five-day period beginning Jan. 18 and ending Jan. 22, involving, therefore, a shut-down for these days, and denying also the use of fuel not only to manufacturing establishments but to office buildings, retail stores and nearly all other activities for several successive Mondays thereafter. It became necessary likewise to place embargoes on different classes of freight and to route special kinds of freight over special lines for the purpose at once of getting coal through and for clearing the tracks of the accumulated freight which the intense cold and recurring snow storms had served to increase, RAILROAD EARNINGS. notwithstanding the heroic methods employed for providing relief. Some of the most prominent sys tems in the territory east of the Mississippi and north of the Ohio and Potomac rivers failed for this reason to earn even their ordinary operating expenses during January. This was true, for instance, of those two great railroad systems, the Pennsylvania and the New York Central. In brief, then, the situation was an abnormal one and the conditions also were wholly abnormal, the two together pro ducing a state of things such as had never before been encountered. This abnormal situation continued into February, but the latter half of that month a decided change for the better occurred. The last Monday during which the fuelless order was in effect was Feb. 11, the next day, Feb. 12, being Lincoln’s Birthday and a legal holiday. There had been some expec tation that Monday, Feb. 4, might prove the last of the fuelless Mondays, but very low temperatures continued to rule, Tuesday, Feb. 5, proving in this city the second coldest day on record, the ther mometer standing at 7 degrees below zero at 7 o’clock in the morning; the previous Dec. 30 (1917) the mercury had dropped to 13 degrees below, prior to which date New York’s coldest day, according to the records of local Weather Bureau (which was established in 1871), had been Dec. 30 1880, when the official thermometer recorded 6 degress below. After Feb. 5, fortunately, there was decided ameliora tion in weather conditions, with the result that much traffic, which had been delayed during January, came forward; and by the end of February the longcontinued freight congestion had been considerably relieved and freight embargoes greatly modified. In these circumstances it is not surprising that in January there should have been a loss even in gross earnings, and that the falling off in net earnings should have reached no less than $66,436,574, or 79.59%, while in February, though the gross earn ings now recorded an increase as compared with the previous year (the increase being $25,148,451, or 9.65%), the net earnings should have continued to show losses, the falling off for the month reach ing $28,944,820, or 51.42%. Succeeding months all registered increases in gross earnings of varying amounts and percentages, but such was the rising cost of operations that the augmentation in expenses consumed the whole of these gains, leaving the net earnings in each month smaller than in the corre sponding month of the preceding year. In the final month of the half-year came the crowning loss of all in a shrinkage in net of startling proportions. In the whole of the first five months the ques tion of the wage increases of the employees had re mained open and unsettled. On May 8, however, the report of the Railroad Wage Commission, which Mr. McAdoo, the Director-General of Railroads, had appointed the previous January for the investi gation of the matter, was made public, recommend ing large and general increases in the wage schedules —these wage increases in the case of the employees receiving the lowest wages running in some cases as high as 50%—and these recommendations the Director-General accepted; he even went further, and in some instances extended and enlarged the proposed increases. A little later some other classes of employees not covered by the general increase were also given higher pay. The addition to the annual payroll of the railroads was estimated http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 187 at about $300,000,000 when the Wage Commission made its report, but, as just said, subsequently there were other increases, and in an order promul gated by Mr. McAdoo in August, enjoining courtesy and politeness upon railroad employees, he figured the aggregate increase in wages given rail road employees at not less than $475,000,000 per annum. It was part of this wage award that the increases granted should be retroactive to Jan. 1 1918. Mr. McAdoo issued instructions that the railroads in their accounting must include these wage increases, retroactive feature and all, in the returns for the month of June. This will explain why the climax of unfavorable results was reached in that month. By reason of that circumstance expenses increased for this single month $182,340,983, or 84.35%, re sulting in a loss in net of $142,338,571, or 134.06%. Because of this great increase in expenses the roads failed to earn their expenses in amount of $36,156,952, as against net earnings above operating expenses in the corresponding month of 1917 of $106,181,619. To furnish compensation for the great addition to the annual payrolls of the railroads and for the enhanced cost of fuel, materials and supplies and all the other items entering into the operating accounts of the roads, Mr. McAdoo, at the end of May, ordered a sweeping increase in rates, both passenger and freight. In the freight schedules the increase was 25%, while passenger rates were advanced to three cents a mile from the prevailing basis of two and one-half cents. It was estimated that these higher rates would yield between $800,000,000 and $900,000,000 more revenue per annum to the railroads. But the increased rates did not become operative until towards the latter part of June and therefore counted for practically nothing in swelling the gross revenues of the half year. Mr. McAdoo ordered that the new freight rates, covering both inter-State and intra-State traffic, become effective on June 25 and the increases in passenger fares June 10. It fol lows that the roads in June had the benefit of the advanced schedules for only twenty days in the case of the passenger schedules and for no more than five days in the case of the freight schedules. With June, however, it was supposed that the country had definitely closed this very bad chap ter in the country’s history, and in the Government operation of the roads. Thenceforward, the belief was, we were to enter upon a new and entirely dif ferent, that is a brighter, era. That the result has disappointed expectations in that respect must be entirely ascribed to Government operation, for there were in the last six months no extraneous circum stances such as had existed during the first six months to augment operating expenses. But new wage in creases, first for one class of employees and then for another, often without request from the employees themselves, were piled on top of one another with great rapidity, and by the end of the year it was estimated that the pay-roll of the railroads had been increased somewhere between $800,000,000 and $1,000,000,000 per year, with other increases still under consideration and in contemplation, so that fears arose that still further advances in railroad rates might have to be made. The first month of the second half of the year, namely July, proved satisfactory enough, there being $117,661,315 gain in gross, or 34%, and $34,466,131 gain in net, or somewhat over 31%. In RAILROAD EARNINGS. 188 August, with $135,759,795 increase in gross, or 37%, the increase in net fell to $24,312,758, or 20J^%. In September, with $129,367,931 gain in gross, or 36%, the gain in the net dropped to $3,190,550, or 2.79%. In the remaining three months with the gross earnings still rising in a notable way, though with the ratio of improvement on a somewhat smaller scale, the gains in the net entirely disap peared and were converted into losses—what is more, the losses in the net kept growing steadily larger with each succeeding month; for October the shrink age in net was $15,493,587, or 12.63%; for Novem ber it was $19,927,774, or 20.80%, and for Decem-ber it reached no less than $41,028,870, or 47.84%. Owing to the great augmentation in expenses the ratio of expenses to gross earnings kept mounting in amazing fashion, rising uninterruptedly month by month. In July it still seemed about normal at 68.87%, but August saw the ratio up to 71.41%; September to 76.09%; October to 77.92%; Novem ber to 82.94%, while for December the ratio of ex penses to earnings actually got very close to 90%, being in exact figures 89.79%. We add here a sum mary of the monthly totals for the different months of the year, from which it will be seen that while in the case of the gross there was a loss only in January (on account of the extreme weather conditions then prevailing) all the other months recording gains and of especially large magnitude during the last six months, the showing as to the net was the precise reverse of this, losses being registered in all the months except July, August and September. Net Earnings. Gross Earnings. Mth. 1918. 1917. Inc. or Dec. $ $ $ Jan._ 282,394,665 294,002,791 —11,608,126 Feb.. 285,776,203 260,627,752 + 25,148,451 Mar . 362,761,238:312,276,881 + 50,484,357 April. 369,409,895*319,274,981 + 50,134,914 May. 374,237,097 342,463,442 +31,773,655 June. 363,165,528323,163,116 + 40,002.412 July . 463,684,172 346,022,857+117,661,315 Aug.. 498,269,356 362,509,561 +135,759,795 Sept. 487,140,781 357,772,850+129,367,931 Oct.. 484,824,750 377,867,933 +106,956,817 Nov . 438,602,283 356,438,875 + 82,163,408 Dec.. 438,365,327 335,607,571) +102,757,756 1918. 1917. Inc. or Dec. S $ $ 17,038,704 83,475,278 —66,436,574 27,305,808 56,250,628 —28,944,820 82,561,336 87,309,806 —4,748,470 89,982,415 91,678,695 —1,696,280 91,995,194 106,454,218 —14,459,024 <1136156952 106,181,619 —142,338,571 144,348,682 109,882,551 + 34,466,131 142,427,118 118,114,360 + 24,312,758 117,470,621 114,280,071 + 3,190,550 107,088,318 122,581,905 —15,493,587 75,882,188 95,809,962 —19,927,774 44,738,149 85,767,019 —41,028,870 Note.—Percentage of 1 ncrcase or decrease in Gross for the above months have been: January, 3.95% dec.: February. 9.65% inc.: Maich, 16.22% inc.: April, 15.70% inc.: May, 9.28% inc.: June, 12.38% inc.; July, 34.00% inc.; August, 37.45% inc.; September, 36.16% inc.; October. 28.30% inc.; November, 23.06% inc.; Decembei, 30.62% inc. Percentage of Increase or decrease In Net for the above months have been: January, 79.59% dec.; February, 51.42% deo.; March, 5.36% dec.; April, 1.85% dec.; May, 13.58% dec.; June, 134.06% dec.; July, 31.36% inc.; August, 20.58% inc.; Septem ber, 2.79% inc.; October. 12.63% dec.; November, 20.80% dec.: December, 47.84% dec. In January the length of road covered was 240,046 miles in 1918, against 239,885 miles in 1917; In February, 238,891 miles against 237,463 miles; in March, 230,336 miles against 228,835 miles; in April, 233,884 miles against 231.755 miles; in May, 230,355 miles against 228,892 miles; in June, 220,303 miles against 219,294 miles; in July, 231,700 miles against 230,570 miles: in August. 230,743 miles against 230,015 miles; in September, 232,186 miles against 232,378 miles: in October, 230,184 miles against 230,576 miles; in November, 232,274 miles against 232,259 miles; in Decem ber, 232,774 miles against 232,399 miles. It should be added that under the great rise in operating costs many railroads in December again failed to earn their bare running expenses just as they had the previous June. In fact this was true for the month of December in the case of no less than seventy-four roads (out of 194 reporting), while twelve roads more failed to earn running expenses plus taxes. The list included some of the largest railroad systems in the country, among them the Pennsylvania RR., the Boston & Maine, the Maine Central, the New Haven, the Central of New Jersey, the Chicago & Alton, the Chicago Great Western, the Chicago & North Western, the Milwaukee & St. Paul, the Rock Island, the Great Northern, the Illinois Central, the Delaware & Hudson, &c., &c. What invests the loss of $284,771,620 in net in the calendar year 1918 with added significance is that http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis rising operating expenses to the extent that they over topped the gains in gross were already a feature of the return in the preceding year. In other words, our compilation then showed that while gross had increased $430,679,120, or 11.61%, this had been attended by a rise in operating expenses of no less than $490,758,869, or over 20%, leaving, therefore, a loss of $60,079,749 in net earnings. There was this qualifying circumstance, however, with refer ence to the 1917 loss in net, namely that it followed strikingly good results, both as regards gross and net, in 1916 and 1915. The statement for 1916 was one of the best on record; the addition to gross earnings reached $547,647,836, or 17.35%, and notwithstanding an augmentation in ex penses of $311,024,409, or 14.68%, there re mained a gain in net in the very satisfactory amount of $236,623,427, or 22.84%. In 1915 our tables showed $152,539,756 gain in gross and $211,653,900 gain in net. On the other hand, it is equally im portant to remember that these gains for 1916 and 1915 represented in part a recovery of previous losses. For 1914 our compilations showed a loss of not less than $208,178,035 in gross and a loss also of $75,925,113 in net. In 1913 there was a gain in gross in the very considerable sum of $142,521,797, but the augmentation in expenses reached $176,008,897, leaving an actual loss in net in amount of $33,487,100. In 1912 there was a gain of $221,579,969 in gross, but $161,229,136 of this was con sumed in augmented expenses, leaving only $60,350,833 increase in gross. Moreover, the improve ment was qualified by the circumstance that com parison was with losses in gross and net alike in 1911. In the gross the loss in 1911 was $30,024,816 and in the net $24,288,388. Again, in 1910, though the additions to gross earnings reached $239,011,258, expenses rose in the prodigious amount of $230,014,410, leaving, therefore, the insignificant gain of $8,996,848 in net. In 1909 there was a substantial addition to the net. But the results then were wholly exceptional. At that time the roads were still economizing in every conceivable way, cutting down their outlays in all directions, and accordingly they were able in their returns to show very satis factory increases in both gross and net. The 1909 improvement, moreover, represented to a consider able extent merely a recovery of what had been pre viously lost. The increase in gross in 1909 was $282,453,959 and in net $151,040,332. For 1908 our tables showed very large losses in both gross and net—$301,749,724 in the former and $53,371,196 in the net. But our compilations at that time were not nearly so complete as they are now. They cov ered only 199,726 miles. Careful compilations which we then made showed that if we could have had returns for the whole railroad mileage of the country, the decrease in gross earnings for 1908 would have reached no less than $345,000,000 and the loss in net earnings about $60,000,000. In the following we show the yearly comparisons as to both gross and net for each year back to 1907. For 1910 and 1909 we take the aggregates of the monthly totals as then published by the Inter-State Commerce Commission, but for the preceding years we give the results just as registered by our own tables each year—a portion of the railroad mileage of the country being always unrepresented in the totals, owing to the refusal of some of the roads at that time to furnish monthly figures for publication. 189 RAILROAD EARNINGS. Net Earnings. Gross Earnings. Year Year Given. Year Preceding. Increase or Decrease. Year Given. Year Preceding. Increase or Decrease. $ $ $ $ $ $ 1907 2287,501,605 2090,595,451 + 196,906,154 660,753,545 665,280,191 —4,526,646 1908 2235,164,873 2536,914,597 —301,749,724 694,999,048 748,370,244 —53,371,196 190S 2605,003,302 2322,549,343 + 282,453,959 901,726,065 750,685,733 + 151040332 191£ 2836,795,091 2597,783,833 + 239,011,258 909,470,059 900,473,211 + 8,996,848 1911 2805,084,723 2835,109,539 —30,024,816 883,626,478 907,914,866 —24,288,388 1912 3012,390,205 2790,810,236 + 221,579,969 937,968,711 877,617,878 + 60,350,833 1913 3162,451,434 3019,929,637 + 142,521,797 907,022,312 940,509,412 —33,487,100 1914 2972,614,302 3180,792,337 —208,178,035 828,522,941 904,448,054 —75,925,113 1915 3166,214,616 3013,674,851 + 152,539,765 1040304301 828,650,401 + 211653900 1916 3702,940,241 3155,292,405 + 547,647,836 1272639742 1036016315 + 236623427 1917 4138,433,260 3707,754,140 + 430,679,120 1215110554 1275190303 —60,079,749 1918 4900,759,309 4036,866,565 + 863,892,744 905,794,715 1190566335 —284771620 Note.—The number of roads included was 152 in 1907, 16-1 in 1908, 814 in 1909, 796 in 1910, 774 in 1911, 458 in 1912, 462 in 1913, 476 in 1914, 481 in 1915, 483 in 1916, 486 in 1917, 194 in 1918. As far as concerns ordinary traffic conditions and the movements of the leading staples, Western roads had the advantage during 1918 of a much heavier grain movement than in the year preceding, and also of a heavier live stock movement. At the Western primary markets, the receipts of wheat for the 52 weeks ending Dec. 28 were 385,102,000 bushels, against 255,476,000 in the 52 weeks of 1917; of corn, 287,285,000 bushels against 190,873,000; of oats, 331,392,000 bushels against 283,542,000; of barley, 70,196,000 bushels, against 78,472,000, and of rye, 29,629,000 bushels against 21,180,000 bushels. For the five cereals combined the receipts for the 52 weeks of 1918 aggregate 1,103,604,000 bushels against 829,543,000 bushels. The Western grain move ment in detail is set out in the following: WESTERN FLOUR AND GRAIN RECEIPTS. Jan. 1 to Flour. Barley. Wheat. Corn. Oats. Ry e (bush.) (bush.) Dec. 28. (6Ms.) (bush.) (bush.) (bush.) Chicago— 1918... 8,833,000 65,039,000 101,067,000 137,852,000 18,732,000 4,416,000 1917... 9,617,000 31,674,000 71,344,000 125,487,000 22,208,000 4,934,000 Milwaukee— 1918... 834,000 12,578,000 11,687,000 38,664,000 10,655,000 2,614,000 1917... 1,060,000 8,670,000 11,468,000 27,322,000 16,316,000 2,554,000 St. Louis— 415,000 1918... 2,910,000 37,004,000 24,720,000 30,642,000 826,000 488,000 1917... 3,850,000 29,858,000 22,004,000 30,454,000 1,643,000 Toledo— 336,000 6,873,000 2,771,000 8,186,000 1,057,000 1918.......................... 1917_ _ 77,000 5,149,000 2,000 2,180,000 3,424,000 Detroit— 1918... 82,000 1,447,000 3,716,000 3,COO 3,000 4,579,000 1917... 322,000 2,591,000 2,646,000 3,787,000 1,000 Cleveland— 1918... 713,000 127,000 171,000 3,777,000 4,365,000 6,617,000 1917... 721,000 207,000 781,000 2,034,000 4,466,000 87,000 Peoria— 1918... 2,492,000 362,000 3,405,000 34,655,000 15,856,000 978,000 1917... 1,950,000 351,000 2,784,000 29,328,000 16,681,000 3,170,000 Duluth— 1918......................... 73,451,000 183,000 2,711,000 5,063,000 8,118,000 1917.......................... 22,815,000 15,000 717,000 7,989,000 3,787,000 Minneapolis— 1918... 35,000 110,104,000 16,604,000 43,401,000 32,755,000 13,192,000 1917... 29,000 99,988,000 8,122,000 28,895,000 27,056,000 8,782,000 Kansas City— 1918... 20,000 49,821,000 34,403,000 15,489,000 2,000 1917 36.566.000 13,810,000 14,457,000 Omaha and Indianapolis— 1918... ______ 21,603,000 52,251,000 28,288,000 1917..................... .. 14,600,000 27,922,000 27,852,000 Total of All— 1918...15,919,000 385,102,000 287,285,000 331,392,000 70,196,000 29,629,000 1917...17,549,000 255,476,000 190,873,000 283,542,000 78,472,000 21,180,000 The grain movement towards the Eastern sea board was much smaller than in either of the years immediately preceding, but as the Eastern trunk lines were very much congested, and in the early part of the year freight embargoes existed for long periods of time, the decrease in the shipments to the Eastern seaboard must be taken to signify to some extent at least the diverting of grain traffic to other ports. A summary of the grain and flour receipts at the seaboard is furnished in the following: GRAIN AND FLOUR RECEIPTS AT SEABOARD FOR 52 WEEKS. Receipts of— 1918. Flour................ bbls. 19,625,000 1917. 21,962,000 1916. 25,453,000 1915. 27,532,000 1914. 24,075,000 Wheat............ bush.101,926,000 204,521,000 374,883,000 323,640,000 254,942,000 Corn............................ 20,311,000 49,439,000 57,960,000 53,049,000 31,614,000 Oats............................ 102,514,000 135,255,000 178,940,000 152,285,000 75,058,000 Barley.......................... 10,256,000 17,396,000 ’27,499,000 17,391,000 2,941,000 Rye.............................. 8,016,000 14,569,000 16,862,000 14,726,000 8,556,000 Totalgraln............ 243,023,000 421,180,000 656,144,000 561,091,000 373,111,000 As already stated, Western roads also had the benefit of a larger live stock movement. At Chicago the receipts of livestock for the calendar year 1918 comprised 309,136 car loads, against 255,093 car http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis loads in 1917; at Omaha 137,393 cars against 116,949 and at Kansas City 161,812 cars against 138,191. In the South there was a further shrinkage in the cotton movement after the falling off in the years preceding. The shipments overland in 1918 were 2,364,423 bales against 2,783,497 bales in 1917 and 3,108,517 bales in 1916. At the Southern outports receipts for the calendar year 1918 were only 4,930,740 bales against 5,328,882 bales in 1917, 7,561,641 bales in 1916 and 9,734,000 bales in 1915, as will be seen by the following: RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO DECEMBER 31 1913 TO 1918, INCLUSIVE. Full Year. Ports. '-------------------------I 1918. | 1917. 1916. 1915. 1914. 1913. Galveston_____bales. 1,488,623 1,968,018 2,800,245 3,463,217 3,220,293 3,247,965 Texas City, &c______ ; 117,875 107,398 448,706 685,833 437,988 708,254 New Orleans________ 1,552,729 1,355,695 1,646,911 1,979,406 1,534,583 1,517,379 99,511 172,401 141,824 219,094 379,241 Mobile.............. ............. 117,371! 90,069 178,397 45,880 57,908 124,187 143,060 Pensacola, &c_______ Savannah __________ 1,009,146 907,757 1,086,194 1,585,215 1,261,039 1,709,206 Brunswick__________ 90,550 175,770 168,132 208,200 135,208 278,484 Charleston__________ 145,506| 198,533 204,860 377,244 262,230 435,689 2,484 Georgetown_________ 101 110 93,83d! 72,272 162,576 315,728 172,828 376,942 Wilmington_________ 263,373 379,895 686,553 726,695 440,994 597,236 Norfolk____________ 5,857i 6,125 60,775 115,294 179,325 104,952 Newport News, &c__ Total 4,930,740 5,328,882 7,561,641 9,734,000 7,953,651 9,533,855 The merchandise and manufacturing traffic was, of course, large during 1918, as Government require ments kept practically every mill and factory oper ating to full capacity until after the signing of the armistice, when cancellations of Government orders and contracts on a large scale were made. The mineral traffic was, likewise, very heavy, and the movement of coal may be said to have been of un precedented dimensions. The best evidence of this latter is furnished in the fact that the production of bituminous coal for the year 1918 is estimated by the Fuel Administration at 585,883,000 tons, against 551,790,563tons in 1917and502,519,682tons in 1916. In the case of the anthracite shipments to tidewater there was only moderate increase. The shipments of Lake Superior iron ore by water from the upper to the lower Lake ports during the season of naviga tion in 1918 were only 61,156,963 tons, against 62,498,901 tons in the season of 1917 and 64,734,198 tons in the season of 1916. As far as the separate roads are concerned their experience is accurately reflected in the character of the comparison of the general totals. The in creases in gross were of huge dimensions, but ex cept in a few special instances they were attended by such striking additions to the expenses that the losses in net are as general and almost as pronounced as the gains in the gross. Thus the Pennsylvania RR. on the lines directly operated East and West of Pittsburgh has $107,832,886 increase in gross with $46,714,327 decrease in net and the New York Central (not including the controlled lines) with $55,861,513 increase in gross falls $6,000,062 be hind in net. And illustrations like these might be continued almost indefinitely. There are a few roads that have succeeded in saving some of the gains in gross for the net, but the number is very small. Among the larger systems the Union Pacific, the Southern Railway and the Chesapeake & Ohio are the only ones belonging in that category. In the following we show all changes for the separate roads for amounts in excess of $1,000,000 whether in creases or decreases and in both gross and net. PRINCIPAL CHANGES IN GROSS EARNINGS IN 12 MONTHS. Itlcteases» Pennsylvania (3)_____ a$107,832,886 New York Central______ 655,861,513 Baltimore & Ohio______ 40,578,127 Southern Railway______ 35,857,728 Union Pacific (3)............. 28,743,312 Southern Pacific (8)____ 27,651,050 Louisville & Nashville.. 24,485,405 Atch Topeka & S Fe (3) 21,908,450 2 yict cases • Chicago Burlington & Q821.830.062 Illinois Central_________ 20,175,475 Chicago Milw & St Paul 19,155,253 Erie (2)---------------19,118,916 Chesapeake & Ohio_____ 19,077,003 Chicago & North West.. 19,030,695 Cleve Cin Chic & St L 18,753,050 N Y N H & Hartford_ 16,509,319 RAILROAD EARNINGS 190 Increases. Increases. | >2,459,427 Norfolk & Western_____ $16,093,792 Hocking Valley 2,426,822 Michigan Central______ 15,640,653 Cin New Orl & Tex Pac Northern Pacific_______ 14,682,533 Georgia________________ 2,349,866 2,289,601 Chicago R I & Pac (2) 14,680,843 Maine Central_________ 2,289,143~ Philadelphia & Reading. 13,938,166 Kanawha & Michigan__ Atlantic Coast Line------- 12,928,998 St Louis Southwest (2).. 2,279,104 St Louis-San Fran (3).. 12,773,508 Alabama Great Southern 2,145,580 Lehigh Valley__________ 12,228,323 N Y Phila & Norfolk... 2,087,869 Great Northern------------ 12,126,904 West Jersey & Sea Shore 2,044,496 Delaware Lack & West.. 11,528,852 Toledo & Ohio Central.. 1,938,016 Missouri Pacific------------ 11,139,539 Richmond Fred & Potom 1,914,965 Boston & Maine------------ 10,724,578 Chicago Ind & Louisv. _ 1,855,376 Seaboard Air Line----------- 8,577,960 Western Maryland_____ 1,763,902 Los Angeles & Salt Lake 1,750,655 Wabash________________ Central RR of N J------ 7,693,932 N Y Ontario & Western 1,730,127 __ 1,718,145 Pittsburgh & Lake Erie. 7,370,618 Spokane Port & Seattle. Missouri Kansas & Texas 7,239,614 Virginian_______________ 1,663,971 Duluth & Iron Range __ 1,607,531 6,562,648 Nashville Chatt & St L__ Duluth Missabe & Nor. . 6,238,671 New Orl eans & Northeast 1,505,453 N Y Chicago & St Louis 5,755,175 Minn St Paul & S S M_. 1,389,802 Chicago & East Illinois. 5,740,919 Union RR of Penna____ 1,345,688 Pere Marquette................. 5,447,157 New Orl Texas & Mex (3) 1,282,207 Long Island___________ 4,927,266 Toledo St Louis & West. 1,264,465 Washington Southern__ 1,263,628 Elgin Joliet & Eastern.. 4,868,576 A oco r 1,236,395 Delaware & Hudson------ 4,800,465 Mobile & Ohio_________ CentraTof Georgia 4^622^846 Lake Erie & Western__ 1,221,009 Texas & Pacific ' 4 580,826 i Tennessee Central............ 1,214,561 lexas & rat -- - Vail „ „ 4 324>886 ChiCagO Ter H & S E__ 1,195,931 Yazoo Mississippi Chicago & Alton ------ 3,832,972 Western Pacific________ 1,167,479 Mo Kan & Tex of Texas 3,540,175 El Paso & Southwestern 1,155,605 Buffalo Rochester & Pitts 3,504,659 Cumberland Valley_____ 1,078,639 1,055,921 Colorado & Southern (2) 3,392,642 Monongahela__________ Chicago St Paul M & O. 3,353,472 Bessemer & Lake Erie.. 1,044,945 1,036,844 Grand Trunk Western.. 3,167,465 Atlantic City__________ 1,023,237 Denver & Rio Grande-_ 2,929,076 Minn & International__ Kansas Citv Southern. _ 2,839,441 Chicago Great Western. 2,748,602 Representing 110 roads Wheehng & Lake Erie.. 2,563,268 in our compilation_$849,461,7l3 Note All the figures in the above are on the basis of the returns filed with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the senarate roads 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 Comnanv and the Pittsburgh Cincinnati Chicago & St. Louis, the Pennsvlvama RR. reporting $77,180,602 increase, the Pennsylvania Comnana %16 935 024 increase and the P. C. C. & St. L. $13,717,260 increase These figures cover merely the operations of the New York Central itself Tnehiding the various auxiliary and controlled roads, like the Michigan Central, the “Big Four,” &c., the whole going to form the New York Central System, the result is a gain of $103,915,509. PRINCIPAL CHANGES IN NET EARNINGS IN 12 MONTHS Groups VI. a d VII. c imbined include the northern peninsula of Michigan, all of Minnesota. Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and Nebraska, together with Colorado north of a line parallel to the State line passing through Denver. Groups VIII. andXI. combined include all of Kansas, Oklahoma. Arkansas and Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south of Denver, the whole of Texas and the bulk of Louisiana; and that portion of New Mexico north of a line running from the northwest corner of the State through Santa Fe and east of a line running from Santa Fe to El Paso. Group X. includes all of Washington, Oregon, Idaho, Colifornia, Nevada, Utah and Arizona and the wester part of New Mexico. We now add our detailed statement for the last two calendar years classified by groups the same as in the table further above and giving the figures for each road separately. EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO DEC. 31. Group I. 1918. New England— $ Bangor & Aroostook: 4,863,222 Boston & Maine__ . 69,911,393 Can Pac Lines in Me3 2,409,261 Central Vermont.. . 5,188,837 . 16,415,178 .102,294,212 . 4,540,589 1917. $ 4,384,562 59,186,815 2,424,739 4,482,811 14,125,577 85,784,893 4,325,369 Total (7 roads)-.205,622,692 174,714,766 -------------- GrossGroup II. 1918 1917. East & Middle— $ S Atlantic City........... 4,252, ,270 3,215,426 Baltimore & Ohio.. 174,191, ,448 133,613,321 Balt Chesap & Atl. _ 1,436, 440 1,281,365 Buffalo & Susq___ 2,249, 666 1.785,856 Buff Roch & Pittsb. 18,479 659 14,975,000 Central New Eng.. 6,063 156 5,477,288 4,838,904 CumberlandValley. 5,917 ,543 Central RR of N J. 44,790 671 37,096,739 Delaware & Hudson 34,789 ,864 29,989,399 Del Lack & West.. 68,740 076 57,211,224 Erie............................ 87,855 ,461 70,982,219 Fonda Johns & Glov 1,123 ,137 1,064,318 .895 Lehigh & New Eng. 3,666,567 Lehigh & Hud River ,851 2,247,617 Lehigh Valley_____ 65,586 769 53,358,446 Long Island________ 22,213 ,445 17,286,179 Mary’d Del & Va.. 1,101 ,323 1,011,519 Monongahela______ 3,208 ,757 2,152,836 Decreases. Monong Connecting 2,473 764 Increases. 2,010,970 New York Central.294,691 ,313 238,829,800 Duluth Miss & Northern $5,421,894 Lehigh Valley__________ $3,291,536 - Hudson. “ 3,103,366 N Y Ont & Western 10,895 ,005 9,164,878 Cleve Cin Chic & St L._ 4,91/,183 Delaware & Union Pacific (3)----------- 4,833,564 Maine Central_________ 3,064,269 N Y Phila & Norf.. 7,632 494 5,544,625 Southern Railway--------- 4,160,901 Seaboard Air Line______ 3,051,655 N Y Susq & West.. 4,353 420 3,478,993 2,664,651 Pennsylvania RR..367,414 695 290,234,093 Chesapeake & Ohio------- 3,039,807 St Louis,Southwest (2). 2,635,970 Phila & Reading__ 80,769 ,564 66,831,398 Michigan Central--------- 2,859,717 Denver & Rio Grande. 1,150,806 2,542,084 Pitts & Shawmut.. 1,343 ,608 Pitts & Lake Erie______ 1,657,937 Chicago Great Western 1,230,927 N Y Chicago & St Louis 1,546,727 Mobile & Ohio_________ 2,541,801 Pitts Shaw & North 1,216 ,348 Port Reading ______ 2,637 2,105,395 ,218 i;28d;873 I Minn & St Louis _______ 2,496,284 Duluth & Iron Range— Buffalo_____ 1,563 ,096 1,168,509 Elgin Joliet & Eastern.. 1,081,019 Central of New Jersey.. 2,262,487 South 1,493,513 --------------! Buffalo Roch & Pittsb.. 2,193,983 Staten Isl Rap Tran 1,934 ,751 1,008,893 I International & Grt Nor 2,104,345 Ulster & Delaware. 1,006 ,444 Representing 12 roads _ 5,732,626 in our compilation..$30,799,622 Louisville & Nashville.. 2,072,808 Union RR of Penn. 7,078 314 8,555,047 T'iprvpfi Chicago & East Illinois.. 1,946,277 W Jersey & Seashore 10,599 ,543 1,929,800 Western Maryland. 15,402 352 13,638,450 Pennsylvania (3)--------- ^46,714,327 Texas & Pacific_________ Chicago Milw & St Paul 17,844,888 Baltimore & Ohio--------- 16,989,839 Great Northern-------------- 13,018,881 Southern Pacific (8)-----Chicago & North West.. 11,708,889 Chicago Burlington & Q 11,605,210 Erie (2)________________ 10,808,856 N Y N H & Hartford__ 9,267,144 Missouri Pacific________ 8,724,873 Chicago R I & Pac (2).. 8,699,725 Atch Topeka & S Fe (3) 8,329,556 Illinois Central-------------- 7.669,102 Boston & Maine------------ 6,758,567 Virginian________________ Indiana Harbor Belt____ Mo Kan & Tex of Tex.. Chicago & Alton________ Chicago St Paul M & O N Y Ontario & West____ Florida East Coast_____ Los Angeles & Salt Lake Lake Erie & Western__ Cin New Orl & Tex Pac. Wheeling & Lake Erie.. Central New England— Colorado & Southern (2) Central Vermont------------Missouri Kan & Texas.. Norfolk Southern_______ West Jersey & Seashore. Kansas City Southern.. 1,915,084 1,796,835 1,742,581 1,710,480 1,689,414 1,623,818 1,540,453 1,389,807 1,347,470 1,336,156 1,324,371 1,197,531 1,191,033 ___ . 1,152,201 1,151,433 1,139,463 1,059,233 1,050,878 New York Central______ 66,000,062 St Louis-San Fran (3).. 5,378,332 Minn St Paul & S8M.. 5,336,013 Philadelphia & Reading. 5,251,923 Norfolk & Western------- 4,324,002 Western Maryland------- 4,201,230 Representing 72 roads Wabash________________ 3,881,301 in our compilation.$296,876,234 3 535 908 Northern Pacific. . 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 $30,794,666 decrease, the Pennsylvana Com pany $‘6,867,334 decrease and the P. C. C. & St. L. $9,052,327 decrease. P 6 These figures merely cover the operations of the New A ork Central Itself Including the various auxiliary and controlled roads, like the Michigan Central, the “Big Four,” &c., the whole going to form the New York Central System, the result is a loss of $149,769. When the roads are arranged in groups or geo graphical divisions according to their location the result is what might be expected; every division shows an increase in gross and likewise every division a decrease in net. Our summary by groups is as follows: SUMMARY BY GROUPS. -Gross EarningsIncrease ( + ) or Section or Group— Decrease (—). 1917. 1918. $ $ Jan. 1 to Dec. 31— 174,714,766 + 30,907,926 17.69 r>r<»,iT) 1 (7 roads). New England 205,622,692 Group 2(34 roadsL East&Mfd-l,359,478,360 1.093,433+46 +266,045,214 24.33 Group 3 (28 roads), Middle West 602,668,821 519,940,480 +156,049,267 30.01 Groups 4 & 5 (34 roads), Southern 675,989,747 Groups 6 & 7 (30 roads), Northw.1,041,146,745 880,381,291 +160,765,454 18.26 637,354,152 +97,927,814 15.37 Groups'8 & 9 (49 roads), Southw. 735,281,966 244,455,038 +36,115,940 14.77 Group 10 (12 roads). Pacific Coast 280,570,978 Total (194 roads)......................... 4,900,759,309 4,036,866,565 +863,892,744 21.40 ------ Mileage----------- ■------------------- —Net Earnings 7rec.(+) or Dec-. (—) 1917. 1918. 1918. 1917. S % $ 42,994,362 —22,491,105 52.31 7,161 20,503,257 Group No. 1------ 7,157 Group No. 228,724 28,506 182,442,232 271,726,809 —89,284,577 32.86 124,377,422 —17,785,981 14.30 Group No. 3.— 21,692 21,731 106,591,441 169,161,952 —10,954,201 6.47 Groups Nos. 4 & 5 37,973 38,053 158,207,751 Groups Nos. 6 & 7 66,125 66,136 204,038,023 276,925,293 —72,887,270 26.32 —57,148,207 27.61 208,724,487 54,621 151,576,280 Groups Nos. 8 & 9 54,873 96,656,010 —14,220,279 14.71 Group No. 10— 16,470 16,431 82,435.731 Totai.................. 233,014 232,639 905,794.715 1.190,566,335 —284,771,620 23.92 NOTE —Group I. Includes all of the New England States. Group II Includes all of New York and Pennsylvania except that portion west of Pittsburgh and Buffalo; al3O all of New Jersey, Delaware and Maryland, and the extreme northern portion of West Virginia. Group III includes all of Ohio and Indiana; all of Michigan except the northern peninsula, and that portion of New York and Pennsylvania west of Buffalo and 1'Groups IV. and V. combined include the Southern States south of the Ohio and east of the Mississippi River. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1918. $ 623,706 5,480,621 def287,898 def399,701 385,432 14,547,689 153,408 1917. S 1,394,193 12,238,188 295,301 752,500 3,449,701 23,814,833 1,049,646 20,503,257 42,994,362- -22,491,105 ----- Net------Inc. or Dec. 1917. 1918. 1,351,264 13,599,268 7,505 defl7,988 902,451 661,269 2,207,037 8,421,400 3,436,080 18,814,392 191,687 426,248 1,205,775 523,732 8,240,744 5,495,961 def40,437 937,641 266,442 62,287,609 920,481 1,349,061 559,350 33,790,171 14,880,192 40,822 def490,006 844,802 310,394 234,325 def8,200 723,172 493,684 defl24,096 $ Inc. or Dec. $ —770,487 —6,758,567 —583,199 —1,152,201 —3,064,269 —9,267,144 —895,238 I 873,701 + 477,563 30,589,107- -16,989,839 108,038 —100,533 374.833 —392,821 3,096,434 —2,193,983 1,858,800 —1,197,531 2,297,062 —90,025 10,683,887 —2,262,487 6,539,446 —3,103,366 19,534,736 —720,344 10,164,534 —9,972,847 462,100 —35,852 1,402,922 —197,147 779,810 —256,078 11,532,280 —3,291,536 5,325,644 + 170,317 72,181 —112,618 + 143,891 793,750 289,654 —23,212 68,287,671 —6,000,062 2,544,299 —1,623,818 1,412,337 —63,276 729,127 —169,777 64,584,837-—30,794,666 20,132,115 —5,251,923 250,676 —209,854 defl98,088 —291,918 738,351 + 106,451 265.833 + 44,561 326,599 —92,274 211,418 —219,618 32,664 + 690,508 1,552,917 —1,059,233 4,077,134 —4,201,230 Total (34roads). 1359478360 1093433146 182,442,232 271,726,809—89,284,577 -------------- Gross------Net----------------------Group III. 1917. 1918. 1918. 1917. Inc. or Dec. « Middle West— $ $ $ $ Ann Arbor________ 3,585,908 3,138,943 390,484 754,054 —363,570 Bess & Lake Erie.. 13,417,564 12,372,619 4,250,326 + 549,941 3,700,385 Erie System— 8,794,149 Chicago & Erie.. 11,039,823 1,298,701 2,134,710 —836,009 Chic Ind & Louisv . 11,017,274 1,725,490 9,161,898 2,679,893 —954,403 627,906 Chic T H & So East 5,000,956 3,805,025 915,536 —287,630 Cine Ind & Western 3,137,153 2,639,537 defl3,911 512,079 —525,990 Clev Cine Ch & St L 71,403,970 52,650,920 19,508,682 14,591,499 +4,917,183 Cincinnati Northern 2,812,980 2,440,830 470,042 673,628 —203,586 Detroit & Mackinac 1,557,034 68,576 I, 350,450 279,411 —210,835 Det & Tol Sh Line.. 1,999,026 1,827,430 901,720 949,179 —47,459 Detroit Tol & Iront 3,413,341 2,903,354 def381,800 232,670 —614,470 Grand Rap & Ind.. 7,207,727 6,491,359 732,782 1,375,098 —642,316 Grand Trunk West- 19,376,033 16,208,568 2,135,981 2,375,492 —239,511 Hocking Valley____ 13,155,861 10.696.434 2,707,069 3,287,312 —580,243 Kanawha & Mich.. 5,896,134 3,606,991 1,689,015 1,063,865 + 625,150 Lake Erie & West.. 9,343,905 8,122,896 903,893 2,251,363 —1,347,470 Michigan Centra].. 68,520,087 52.879.434 17,450,015 14,590,298 + 2,859,717 N Y Chic & St Louis 22,656,381 16,901,206 5,166,624 3,619,897 + 1,546,727 Newburgh & So Sh. 1,453,757 1,143,321 309,682 110,929 + 198,753 Penn System— Penn Company.. 95,530,322 78,595,298 8,980,065 15,847,399 —6,867,334 8,093,352 17,145,679 —9,052,327 Pitts C C & St L. 87,224,888 73,507,628 Pere Marquette.__ 28,955,012 23,507,855 5,639,460 6,126,410 —486,950 Pittsb & Lake Erie. 32,992,272 25,621,654 10,627,089 8,969,152 + 1,657,937 Pittsb & West Va.. 1,800,146 1,588,787 defl32,349 545,652 —678,001 Toledo & Ohio Cent 10,026,557 8,088,541 1,112,434 1,974,237 —861,803 Toledo St L & West 8,306,127 7,041,662 1,881,990 2,017,800 —135,810 Wabash__________ 48,246,411 40,471,999 8,121,802 12,003,103 —3,881,301 Wheel & Lake Erie. 13,592,172 II, 028,904 3,650,692 —1,324,371 2,326,321 Total (28 roads).602,668,821 486,587,692 106,591,441 124,377,422—17,785,981 Net-GrossGroups IV. & V. 1918. 1917. 1918. 1917. Inc. or Dec. Southern— $ S $ t Alabama & Vlcksb. 2,470,856 2,139,316 425,738 638,074 —212,336 Alabama Grt South 9,296,635 7,151,055 2,193,120 2,416,645 —223,525 Atlanta & West Pt. 2,548,440 1.770.251 818,085 529,022 + 289,063 Atl Birm & Atlantic 4,703,381 3,983,368 def335,074 661,111 —996,185 Atlantic Coast Line 56,992,329 44,063,331 14,329,027 14,289,336 + 39,691 382,492 Birmingham South. 1,397,254 1,201,530 39,707 + 342,785 Caro Clinch &Ohlo 4,811,231 1,185,670 4,063,267 1,729,670 —544,000 4,685,391 Central of Georgia. 20,647,383 16,024,537 4,978,688 —293,297 2,401,443 698,485 Charles’n & W Caro 3,015,887 873,516 —175,031 Chesapeake*Ohio. 73,720,797 54,643,794 19,577,795 16,537,988 +3,039,807 Cine N O & Tex Pac 15,478,641 13,051,819 2,874,602 4,210,758 —1,336,156 2,098,519 Florida East Coast. 8,841,222 8,140,167 3,638,972 —1,540,453 Georgia___________ 6,716,503 2,357,731 4,366,637 1,426,594 +931,137 2,983,428 Georgia Sou & Fla.. 3,694,801 445,263 647,347 —202,084 2,328,741 Gulf & Ship Island. 2,548,060 514,927 776,431 —261,504 262,182 733,249 —471,067 Gulf Mobile & Nor. 2,418,292 2.322.650 Louisville & Nashv.101,392,792 76,907,387 21,835,821 23,908,629 —2,072,808 853,644 Louisv Hend & St L 2,858,463 2.226.650 774,329 +79,315 279,795 Mississippi Central. 1,246,990 974,750 308,293 —28,498 709,729 Mobile* Ohio____ 14,840,901 13,604,506 3,251,530 —2,541,801 Nashv Chatt & St L 21,757,403 15,194,755 4,133,838 3,644,723 +489,115 4,969,265 1,282,302 New Orl & No East 6,474,718 1,629,760 —347,458 503,436 671,411 —167,975 New Orl Grt North 2,197,315 1,916,218 Norfolk & Western- 82,004,034 65,910,242 20,424,737 24,748,739 -4,324.002 5,299,914 480,083 Norfolk Southern.. 5,753.644 1,619,546 —1.139.463 3,340,161 5.249.407 2,385,592 +954,569 Rich Fred & Potom 7,164,372 5,576,313 Seaboard Air Line.. 38,923,106 30,345,146 8,627,968 —3,051,655 Southern Railway.. 126,574,297 90,716,569 34,763,872 30,602,971 +4,160,901 1,309,222 170,377 South Ry in Miss.. 1,519,496 332,405 —162,028 417,949 —118,663 1.797.252 299,286 Tennessee Central.. 3,011,813 2,628,527 Virginian_________ 11,906,444 10,242,473 4,543,611 —1,915,084 1,952,942 2.763.407 1,401,384 +551,558 Washington South. 4,027,035 713,464 484,014 1,725,860 + 229,450 West Ry of Alabama 2,558,203 5,745,471 5,681,990 Yazoo & Miss Vail. 22,477,009 18,152,123 + 63,481 Total (34 roads).675,989,747 519,940,480 158,207,751 169,161,952—10,954,201 191 RAILROAD EARNINGS—RAILROAD BONDS -------------- GrossGroups VI & VII 1918. 1917. Northwest. S $ Balt & Ohio Chi Ter 1 ,761,486 Belt Ry of Chicago. 3 ,899,765 Chicago & Alton__ 24 ,358,661 Chicago & East Ill. 26 ,753,092 Chicago & North W 127 ,295,678 Chic Burl & Quincy 144, 172,769 Chicago Grt West.. 19 ,116,925 Chicago Junction.. 3 435,784 Chic Milw & St P..132 894,455 Chic Peo & St Louis 2 147,466 Chic St P Minn & O 24 829,981 Dul & Iron Range.. 8 978,930 Dul Miss & North.. 21 ,545,271 Dul So Shore & Atl. 4, 824,187 Dul Win & Pacific. 1, 712,066 East St L Connect. 1, 118,382 Elgin Joliet & East. 20 ,685,049 Great Northern___ 100 ,661,067 Illinois Central___ 107 ,320,261 Ind Harbor Belt__ 5 ,591,235 Mineral Range.__ 1 143,534 Minn & St Louis__ 12 028,300 MinnStP&SSSM 35 930,293 Minn & Internat__ 992,094 Northern Pacific__ 102 ,908,259 Peoria & Pekin Un. 1 306,395 Quincy O & K City ,057,825 ,588,577 St J & Grand Island Toledo Peo & West. ,645,593 Union Pacific_____ 98 ,443,365 1918. S def938,217 124,356 3,681,232 2,667,532 17,797,106 32,105,153 1,333,827 def356,310 10,698,350 def393,698 3,945,782 4,234,188 13,587,838 561,166 226,674 defl97,147 5,899,772 16,271,497 17,135,850 def806,477 42,272 657,204 6,239,685 29,196 31,391,957 def208,447 def264,899 29,547 def22,521 1,289,433 76,988,423 3S.565.555 1,940,003 3,805,947 20,525,689 21,012,173 108,264,983 122,342,707 16,368,323 3,260.982 113,739,202 2,191,451 21,476,509 7,371,399 15,306,600 4,316,295 2,026,109 1,126,252 15,816,473 88,534,163 87,144,786 5,121,878 1,184,850 11,005,063 34,540,491 1,029,960 88,225,726 1,206,718 871,889 2,346,814 ----- Net------------------------1917. Inc. or Dec. s $ def64,361 —873,856 1,019,316 —894,960 5,391,712 —1,710,480 4,613,809 —1,946,277 29,505,995—11,708,889 43,710,363—11,605,210 3,875,911 —2,542,084 363,077 —719,387 28,543,238—17,844,888 323,254 —716,952 5,635,196 —1,689,414 2,953,315 +1,280,873 8,165,944 +5,421,894 863,723 —302,557 496,736 —270,062 255,571 —452,718 4,818,753 +1,081,019 29,290,378—13,018,881 24,804,952 —7,669,102 990,358 —1,796,835 62,348 —20,096 3,153,488 —2,496,284 11,575,698 —5,336,013 295,962 —266,766 34,927,865 —3,535,908 133,068 —341,515 63,935 —328,834 1,273 +28,274 104,659 —127,180 31,049,757 +7,515,798 Total (30 roads) 1041,146,745 880,381,291 204,038,023 276,925.293—72,887,270 Groups VIII. dk IX. Southwest— 1918 $ Atch Top & S Fe_.162,369, 130 Gulf Colo & S Fe.. 18,885 098 Panhandle & S Fe. 5,809 657 Chicago R I & Pac. 99,869 557 Chic R I & Gulf.. 4,420 ,008 Colorado & South'n. 12,955 ,827 Ft Worth & Den C 7,950 342 Colorado & Wyom. 1,123 ,241 Crip Crk & Col Spgs 927 ,306 Denv & Rio Grande 31,352 ,214 Denver & Salt Lake 2,055 ,509 Ft Smith & Western 1,296 ,857 Galveston Wharf.. 1,049 ,838 Internat & Grt Nor. 13,476 ,888 K C Mex & Orient. 1,259 ,675 K C M & O of Texas 1,188 ,657 Kansas City South. 15,250 ,406 Kansas City Term. 1,247 ,830 1917. $ 140,978,936 17,285,640 6,890,859 85,709,549 3,899,173 10,966,664 6,546,863 1,164,541 1,113,170 28,423,138 2,065,217 1,179,849 1,092,444 12,588,224 1,217,344 1,308,779 12,410,965 1,131,294 6,287,718 8,223,018 —1,935,300 2,644,970 3,297,800 —652,830 521,638 760,067 —238,429 1,999,635 1,964,127 + 35,508 3,008,449 —235,070 2,773,379 1,292,097 2,509,320 —1,217,223 689,298 1,590,417 —901,119 5,394,452 7,324,252 —1,929,800 442,563 565,667 —123,104 def372,750 defl85,838 —186,912 465,747 809,243 —343,496 75,431 —397,077 def321,646 21,273,847 19,737,997 8,223,425 9,041,981 1,862,980 2,087,716 4,348,162 3,653,551 8,352,107 6,910,459 7,445,600 6,410,077 3,882,410 3,712,529 27,294,833 22,714,007 1,281,122 1,136,522 1,164,137 1,095,339 2,689,104 2,206,558 1,068,157 1,053,274 Total (49 roads).735.281,966 637,354,152 151,576,280 208,724,487—57,148,207 -----Net------- -Gross- Louisiana & Arkan. Louisiana Ry & Nav Midland Valley___ Missouri & No Ark. Mo Kan & Texas.. Mo K & Tex of Tex Mo Okla & Gulf__ Missouri Pacific__ N O Texas & Mexico Beau Sour L & W. 8t L Brown & Mex St Louis Transfer.. St Louis San Fran.. Ft Worth & Rio Gr St Louis S F of Tex St L Mer Bdge Term St Louis Southwest. St L S W of Texas. San Ant & Ar Pass. Southern Pac Sys— Galv Harr & S Ant Hous & Tex Cent. Hous E & w Texas Louis Western.__ M L & T RR & SS Texas & New Orl__ Term RR A ssn of St L Texas & Pacific___ Texark & Ft Smith. Trinity & Braz Vail Vicks Shreve & Pac. Wich Falls & NW.. ----- Net------Gross1918. 1917. Inc. or Dec. 1918. 1917. S $ $ S $ 1,569,722 211,200 446,326 —235,126 1,671,651 3,078,059 2,497,535 492,085 759.483 —267,398 886,328 882,489 —3,839 3,504,780 2,927,127 1,404,131 1,417,969 defl6,645 295,659 —312,304 7,235,426 —1,151,433 6,083,993 33,230,335 25,990,721 1,147,165 2,889,746 —1,742,581 19,840,331 16,300,156 213,100 —480,354 1,780,546 1,906,916 def267,254 89,612,397 78,472,858 16,380,659 25,105,532 —8,724,873 1,885,624 1,517,604 388,485 532,557 —144,072 370,468 1,034,523 455,338 1,417,974 + 84,870 3.918.191 1,419,261 1,518,930 4,448,927 —99,669 173,166 258,902 1,080,329 901,107 —85.736 69,812,604 57,434,625 14,560,638 19,960,067 —5,399,429 128,807 1,151,033 1,008,719 47,906 —80,901 85,029 + 101,998 1,366,345 187,027 1,113,130 3,166,033 150,576 871,253 —720,677 3,620,589 4,144,364 5,274,760 —1,130,396 13,035,153 11,468,728 5,840,929 def396,218 1,138,037 —1,534,255 6,553,608 4,370,334 4.178.192 def39,995 660,597 —700.592 Inc. or Dec. 1918. 1917. S S $ 47,456,755 52,474,886 —5,018,131 4,055,169 5,100,167 —1,044,998 457,782 2,724,209 —2,266,427 13,770,982 22,220,459 —8,449,477 1,091,911 1,342,159 —250,248 3,578,837 4,169,360 —590,523 1,913,719 2.514.229 —600,510 268,451 452,052 —183,601 593,698 —219,668 374,030 8,694,709 —2,635,970 6,058,739 def834,049 23,708 —857,757 238,149 176,382 —61,767 491,597 —129,449 362,148 1,833,885 3.938.230 —2,104,345 def345,007 15,052 —360,059 21,089 —346,090 def325,001 4,776,284 —1,050,878 3,725,406 361,490 —226,690 134,800 -----Net------- -------------- Gross- 1918. 1917. S 3,351,394 13,634,863 12,766,723 Inc. or Dec. 1917. $ $ 1,596,654 2,011,624 —414,970 Bingham & Garfield 3,450,747 6.334,904 —173,457 El Paso & Southwes 14,790,468 6,161,447 Los Angeles & S L.. 14,517,378 5,035.497 —1,389,807 3,645,690 Nevada Northern.. 2,706,332 2,512,402 1,362,575 —81.962 1,444,537 4,871,595 1,728,630 1,757,899 —29,269 Northwestern Pac.. 5,702,398 Southern Pacific...l53,948,641 132,257,556 40,295,743 48,613,199 —8,317,456 Arizona Eastern. 4,478,691 1,742,185 2,134,509 —392,324 4,269,650 Spokane Internat.. 1,011,605 1,000,131 353,076 385,605 —32,529 Spok Port & Seattle 8,496,944 6,778,799 3,300,671 3,472,859 —172.188 Union Pacific System— Ore Short Line 34,136,854 31,016,343 12,527,367 14,538,049 —2,010,682 Ore-WashRR&N 26,264,957 22,097,098 6,547,348 7,218,900 —671,552 Western Pacific. 11,065,963 9,898,484 3,174,345 3,708,428 —534,083 Group X. Pacific Coast— $ 1918. $ Total (12 roads).2S0,570,978 244,455.038 82,435,731 96,656,010—14,220,279 Grd. tot. (194 rds.)4900,759,309 4036866,565 905,794,715 1190566,335-284,771,620 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 four years—that is, from the beginning of 1915 to the close of 1918. 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 earlier years were 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 v^lue expressed in d'ollars 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. 1015. August September October November December June July January February March April May Low Nigh Low High Low Nigh Low High Low High Low High Low Hioh Low Nigh Low High Low High Low Nigh Low Hioh BONDS Ann Arbor—1st 1995 gold. -.4 Atch Top & S Fe gen g 1995..4 Registered_____________ ..4 Adjustment gold 1995.__ ..4 Stamped_____________ ..4 50-year conv gold 1955__ -.4 Registered___________ __4 Convertible 1960________ ..4 Registered___________ __4 10-year gold 1917_______ ..5 Eastern Oklahoma Dlv 1st „4 Transcon Short L 1st g_. ..4 4U Cal-Arlz 1st & ref 1962 64 915g 91 81*4 81*4 92*g 64 59 9434 91 9Ha 83 8512 81 817g 81*4 86 937g 95 94*g 64 91 92*g 95?g 927g 95*4 94U 62 93i2 9U2 85 853g 99i2 IOOI4 69i2 60 93 ig 95 92ig 92l2 8412 85>g 84i2 86 100 104 100ig 10414 100U lOllg 101 101*8 lOllg lOllg 100«4 IOII4 92 94 92 93 887g 8S7g 87 87*4 877g 877g 86*g 89 96 96 95iS 95*4 in.a 103 Chic & St Louis 1st 1915. ..6 Atlan Coast L—1st 1952 g.. -.4 88 General unified 1964___ 4l; Ala Midland 1st £u 1928 66>2 95*4 91 8634 87 95lg 60 94*8 90i2 84*4 85 102l2 55 597s 55*2 90U 93i2 90 91 9H2 89 82*2 83*8 81*4 82l2 83*4 81*8 9934 101*8 9914 98*2 102*4 100 10134 101 101 lOOlg 101 100*4 IOU2 92 92 93 93 8412 88*4 85 86*2 95 95 68*2 907g 89*2 82l2 8212 10134 9812102 57 58 57 59 57 61 60 63*2 89*s 9214 89i2 92l2 s91 94 93 95*4 90 90*2 90l2 90*2 92*4 93*2 80*4 82*2 8OI4 82*4 82 84*4 85 87*2 81*2 82*4 80 83 82 86 J85 88*4 lOllg 104U 100*4 103*4 sl02*4l08 IO6I4 110 103U 103U 101 104*2 100*4 104*4 103 108 107*8 110*4 101 IOU2 100*2 10134 101 ___ 92 927g 93ig 85i2 85*8 85*g 86 85*2 93 101*4 93U 86 93b 101 93*8 86*2 94 91 105*8 1071l 1031a 1031a 103*a 1031a 1001a 1001a 9Ha 9O12 93 91 90 9U2 OOU 92U 9014 92U 90 84 87ig 84 92ig 93 93ig 9312 91U 89 90 85 86*4 867g 92 89 89 82*4 80 83 8584 89 92 93 9U2 9112 92 931f 92 94 91*a 92 105 105 105*8 106 « 92*4 92*4 93*2 S96 1297a 1297a 847s 87*4 85i2 87 89*g 88b 89*4 8712 83*4 65 65*4 93U 941a .... 86*2 88i> 86*2 877g 105*8 107*4 102 SlOlU 01*4 101*8 101*8 94 96 93*g 93*g 96 87 8712 89 88*4 89 95 5 Charles & Sav 1st 1936 g__ . 7 Lou & Nash coll 1952 g._ -.4 Sav Fla & West 1st 1934 g_ .6 1st 1934 g..................... __5 Sil S Ocala & G 1918 gu_ 4 B & O—Prior lien g 1925... 3H Registered_____________ 3^ Gold 1948............................. ..4 Registered ___________ 4 20-year conv 1933_______ 4^ Registered__ 4^ Pitts June & M Dlv_____ Pitts L E & W Va System ..4 Southwestern Dlv 1st g_. 3H Cleve Lor & W con 1st *33 5 5 Ohio River RR 1st 1936 g General 1937 g__ ____ -.5 Pitts & Western 1st 1917 __4 5 Consol 1957____________ 4^ 4U Registered 9712 9712 92u 90*a 92ig 90ig 917g 89b 89b 881$ 91 ig 88 90*g 88 89 87b 88 82*a 8634 827g 86*4 87 84*2 87 971j 87 87 87 87*g 88 88 78 80’ 79 83 8OI2 83 7812 84 87i3 90*2 88i4 897g 88U 897g 88I4 91 104 104 1031a 1031a 1031a 1041a 84 98 85 98 81 83i2 80 83 118 87 118 87 89 847g 88*s 105 105 97b 1HHt 1191s 92ig 90 91*8 89U 90i2 88*4 90*2 88*4 91*8 90*2 92 lg 90 90 90 90*2 86I3 89*8 85 87*g 85U 87*8 85i4 87*2 86*2 89 >2 85 85 85*g 87i2 84*4 87*g 85*2 87*2 857g 90 *88*4 94*4 88 9178 93*8 921a 92 8914 92*4 s91 87 89 94 967s 96*4 95*8 95*8 96*4 8712 88 90*4 90*4 90*4 88 88 86*2 86*2 8412 84*2 80U 81*g 80 80*4 79 8OI4 78*2 80 77*4 80*2 8OI4 83*2 83 89*2 86*g 87ii 90*8 87i2 88i2 86*2 88 863g 88*2 86 88*2 87*4 90 90 92*4 91*8 91U 917g 90*8 90 89 90*4 87*4 90 90 84*4 8512 88 93*g 92*2 91*4 97*4 96*4 907g 88*4 92*4 1021a 1021a 98*2 98*2 98*4 98*4 100 103 102b 102b 101U102 106 lOfils infilo 101 AlleOhenv A- W 1st 1998 tfu 4 943s 943g Roch & Pittsb 1st 1921 g __6 1071a 1071a Consol 1st 1922 g_______ __6 Canada Southern— Cons guar Series A 1962. ..5 lOllg 103*4 10234 103i2 lOllg 10312 103 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 60 92 90*2 82*4 82*4 98 106*8 101 in.si4 105b 1065a 104b 104b 1001a 1001a 993j 1001a 1 06*ft 10fi*A 103U 102>4 IO214 100 102*2 100 s Option Hale 99 107*2 107l> 1097g 1097ii 1 101 100*2 103 102*8 105*4 103*2 104*4 1061a 1061a 107 107 103*2 1017s 10412 103 106*ft 106*s 99 99*2 100 100 100 90 92 192 RAILROAD BONDS 1915—Continued. BONDS Car Clinch & Ohio 1st 1938. .5 Central of Georgia—1st 1945 .5 Consol 1945 gold_________ 5 Chatt Dlv pur mon 1951 g. .4 Macon & Nor Dlv 1946 g._ .5 Mid Ga & Atl Dlv 1947... .5 Mobile Dlv 1946 g________ .5 Central RR & Banking Ga. .5 Central of New Jersey— General 1987 gold________ 5 Registered....... ................... » American Dock & Impt__ .5 Central Vermont—gu 1st g. .4 Chesapeake & Ohio— Gen fund & impt 1928___ .5 1st consol 1939 gold______ .5 Registered .5 General 1992 gold_______ 4)4 Registered____________ 4)4 Convertible 1930_________ 4)4 Big Sandy 1st 1944_______ 4 Goal Riv Ry 1st 1945 gu._ _4 Craig Valley 1st 1940 g___ .5 R & A Div 1st cons 1989 g. .4 © 2d consol 1989 gold___ _ .4 Chic & Alton—Ref 1949 g._ .3 Chic & Alt Ry 1st 1950 g..3)4 Chic Burlington & Quincy— Oenver Division 1922 _4 Illinois Division 1949___ 3)4 Illinois Division 1949------- 4 Registered__________ ___ .4 Iowa Division 1919, s f___ 5 Iowa Division 1919, s f----- .4 Nebraska Extension 1927.. .4 Registered_____________ .4 Southwestern Div 1921__ .4 General 1958--------------------- .4 Chicago & Eastern Illinois— Refunding & impt 1995 g_ _4 Trust Go receipts_______ 1st consol 1934 gold--------- .6 General consol 1st 1937---- .5 5 February June AutfwsZ i September October November December January March April May July Low High Low High Low High Low High Low High Low High Low High Low HighLow High Low High Low High Low High 101 9fi3» 963s 10319 10419 10419 10419 102l2 101 10134 101 10134 101 86 86 102 100U 1001a 102 94 107 99 94 107 107 9934 99 107 107U 107U 9934 98U 99 96 98 104b 104b 9734 9719 9719 107 107i2 107i2 102 100i2 101i2 83 105 97 107 100 95 107 100 83 101 101 1013a 1013a 10234 10334 9134 88 88 112i2 115 114U 115U 11438 11478 1145s 1153s 11334 11512 113 114 112 112 114 11334 II4I4 114l2 114l2 11334 115 113l2 11334 10234 l0358 104 104 10358 104 10334 10378 1037s 10378 103 68 68 113 9112 92 102U 10434 10312 104 88U 91 87 92U 9258 92U 92l2 92 96 103U103S4 103U 104 75l2 74 75 70 55 38 60 41 84 77 58i 2 56i2 56U 42 39 45 60 39 58 39 104 91 7684 7212 76U 82 82 82l2 82l2 8412 82U 845s 77 5712 4712 42l2 47U 103 88 89 86l2 87U 89 112 112l2 111U 112U 111 111 110l2 110l2 103U 103U 103 103U 72l2 72i2 112 111 103 72 91 9134 97U 95i2 97U 114 113121155s 113 1137S 115 10312 72 73 75 85 85 85 95 103U 10258 105 S104U 101 8538 85 82 84 84 89 89 86 84 84 90U 775 8 87 87 715g 73i2 7038 73 72U 7434 74 78U 83U 80 80 81 81l2 8158 95 81i2 8H2 80U 82 80i2 82 8U2 82 82 80 52 53 52 54l2 55 52 54 i8 5458 53 54U 55 43l2 44U 43l2 45 43l2 45 42l2 44 423S 44U 4312 83 83 10458 1037s 105 90U 8534 87i2 87U 88U 847g 88U 70i2 76l2 70 8378 837s SSI, 84 102l2 103 85 10234 10138 101 8334 83l2 85 102 99i2 99'2 9934 100 99 99 99 983s 98’2 985s 99U 99 99 99U 99l-> 8334 83U 83l2 8234 8334 82 83 8134 8378 83 83 817g 84l2 83l2 84U 83 81U 82l2 82 93l2 927s 93i2 93 9458 94 9458 9334 94l2 9234 93i2 917s 9234 92 93i2 94U 9312 94U 94 102b 10219 10219 10219 9634 9634 98U 98l2 9884 99 99 99 95l2 95i2 9634 97 96U 965S 9658 97 1021o 10219 987S 987s 95l2 96«4 89 92U 89U 9134 897s 9158 91 90U 92U 29 29 73 75" Chic 8r Ind Coal Rv 1st ’36. .5 Chic Great West—1st 1959.. .4 68i2 7334 Cbi^ I.ou Ref 1947 g 6 117 117 Refunding gold 1947--------- .5 Ind & Louisv 1st gu 1956---- 4 3hlc Ind & Sou—50-year 1956 4 Chic L Sh & East—1st 1969.4)^ Chicago Mllw & St Paul—Gen Series A 1989 gold....4 88 9H2 * Registered-----------------------4 90 Gen. & ref 2014 A-------------4^ 89 Gen ref conv 2014 B----------- 5 101i8 10278 Gen Series B 1989 gold.._3)$ 80U sou General 1989____________ 4)6 99U 10H2 25-year debenture 1934____ 4 89 90U Convertible 1932-------------93U 9734 Chic & Lake S Dlv 1921....5 Chic & Mo River Dlv----------- 5 Chic & Pac West Dlv---------5 10134 10338 C M & Pug Sd 1st gen 1949.4 88U 89i2 Dakota & Gt Sou 1916 g — 5 100U 100U Dubuque Dlv 1st 8 f 1920..6 107 107U La Crosse & Davenport 1919 5 Wise & Minn Division------- 5 10158 1016s Wisconsin Val Dlv 1920------ 6 Mil & Nor 1st ext 1934—4^ Consol 1934___________ 4)£ Chic & North West—1915.___ 7 l00t8 100U Extension 1886-1926-------------4 92i2 92i2 Registered_______________ 4 General 1987 gold----------- 3)4 78’4 81 General 1987............................ 4 89U 925s 92l2 Stamped_________________ 4 89 Registered_______________4 General___________________ 5 Sinking fund 1879-1929....6 Registered_______________ 6 Sinking fund 1879-1929____ 5 101 Debenture 1921__________ ..5 103 Sinking fund deb 1933.___ 5 Registered_______________ 5 Des Pines Val 1st gu 1947.4)4 Fremont E & Mo Val 1st—6 Mil L S & W 1st .1921 g.......... 6 Ext & Impt 1929 gold___ 5 > Ashland Div 1st 1924______ 6 Mich Dlv 1st 2924 gold...6 Mllw Sparta & N W 1st.---- 4 90 91U St L Peo & N W 1st ’48 gu.5 10234 104 Winona & St Peter 1st 1916.7 Chic Rock I & Pac Ry—1917..6 Registered-------------------------- 6 General 1988 gold-------------- 4 81a4 84 Registered_______________4 Refunding 1934 gold-----------4 67U 71 Registered----------------------- 4 57i2 20-year debentures 1932___ 5 53 Trust Co receipts_________ do do stamped__ Coll trust Ser N1926----------4 92 Series O 1917........................ 4 92 C R I & P RR 2002............... 4 195S 25 Registered_______________ 4 20i2 23U 19U 25i2 Trust Co receipt______ do do stamped.__ 24i2 24i2 Burl C R & Nor 1934 g......... 5 99i2 99i2 Chic O & G gen 1919 g___ 5 Choc O & G cons 1952 g__ 5 Keok & Des Moines 1st. — 5 84 84 St Paul 8c K C Sh L 1st..4)4 Chic St P Minn 8c Omaha____ 6 115U 11734 Cons 6s reduced to______ 3)4 90 90 Debenture 1930____________ 5 101U 101’4 Chic St P 8c Mist 1918.......... 6 St Paul 8c Sioux City 1st g.6 105U105U 105 105 Chic 8c West Indiana—1932. 80 Consol 50-year 1952________ 4 78 Cin Day 8c Iron—1st gu 1941..5 Clev Cln Chic 8c St L— 93 g..4 20-yr debenture 1931_____ 4)4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 10H2 9934101U 92 27i2 27i2 2612 27's 20i2 2684 25 102l2 103 91 101 97 60 73 51's 6312 61 5912 59i2 52l2 52l2 64 69 71 11 3U 11 7 101 72 68 99 99l2 8458 837g 935s 94U 94 1021« 1021-) 102U 102M 1021, 102U 1021a 9834 99'2 99 9834 9834 98U 9834 987s 99 9434 95U 9434 95U 95U 967s 9712 96 95U 9578 95 95 95 9918 9918 8934 91l2 887S 90i2 88 90i2 92 90U 897s 9258 92U 26l2 24l2 26l2 98i2 100 70 66 96 66 70 685g 70i2l 70i2 72 U 68U 7158 67 113 113 113 113l2 114 114 101 96 99 71l2 55 71 96U 94 6618 59 68U 663s 67 114 114 101 96 59 655s 68 15l2 15U 15 13 96'2 96U 96U 60 59 59 1634 17 ’ 100 67U 59l2 59U 59 60 17 17 67 6612 70 64 18 19 101 65 11512118 11434 115 10338 1033s 83 78 997s 99 99 06U 105U106 105 105 95U s90i2 923g 90U 85i2 88 90 83i2 83i2 83l2 82 83 83 98 8434 8434 84 80 60U 5934 60i2 423g 46l2 46 9912 87U 95U 94 1023s 99'2 9734 99l2 997g 85l2 86U 95l2 96 U 9719 97U 10219 1023a 99U 99l2 9778 977g 95 9238 94U 25 25 101U 82l2 25 25 104 8H2 83i2 7934 81 19 20U 697s 747g 7234 74U 110 11212 65 55 86 965s 85l2 85U 9234 9234 9334 94i2 91 92 8878 90 lrOU 10238 80 80 100U 10U2 88U 8934 9534 9712 102l2 102l2 10438 10438 103 10338 88U 90 100U 10038 1073s 1073s 89i2 9058 9038 91 89U 89i2 88U 92 88U 89 100U 10134 10112 104l2 79 7934 9938 100»4 9978 10V2 87i2 88i2 8734 90U 9584 97 96i2 99i2 89i2 92 89 90 86 8784 85 88l2 90 101U 103i2 77 77 99 100>8 86's 873g 93?s 95i2 10212 102l2 103 103 104U 104U 1037s 10434 10458 10458 102i2 103 10234 103U 102 103 102U 10278 102U 10234 8884 90 87 87U 88 8878 88 U 89 89 91 10038 1003s 100 100U 100’2 100>2 106 106 IO684 10634 102U 102l8 102 102 102U 102U 106U 106U 107 107 100U 10078 100i2 100i2 10038 10038 88l2 923s 89i2 9158 102 104i2 10234 104i2 77l2 77l2 IOOI4 idn"2 993410034 87l2 89l2 87 89 9558 9878 96 97U 94 79 80U 9212 9278 92U 92l2 90U 90U 109 10958 109 109U 80U 81 92l2 9338 9D2 92l2 9U2 9H2 109 111 109i2 109'2 86% 85 10238 103 87 87 1O23S 10434 857s 87U 100% 100% 94 10278 103i2 1O33S 10338 101 10H2 1005s 101i2 102 102 102 104 101l2 10H2 llli2112 108 108 89 104 77 98U 102U 10238 94U 85i2 89U 89 93U 9134 9338 92i2 94i2 106U 1085s 81 82i2 102 103i2 90i2 9278 101U 103U 10312 103l2 104U 105 1O25S 10312 10278 10334 sl03 103i2 8612 88l2 887s 9178 91 917g 100 100 100U 100U 106l2 106l2 10634 10634 sl03 103 102i2 102U 103 103U S103U103U 107 107 100i2 101 88 9012 10278 105U 78l2 80 97 100 863s 86U 90 9638 9534 99U 87 lOPs 7638 97 84l2 93U 80 81 80 82 78U 81 78 80i2 81 79 81 93i2 9484 93?s 94«4 93>s 94l2 92t2 93U 927s 9338 92 9334 94l2 94 92 94 94i2 91 110i2114i2 113U114 109i2 109i2 87 89 89U 1O134 103% 76 76% 9784 9958 86U 8738 9334 955S 10238 10238 25 25 104U 84 90l2 953s 105 1073s 79l2 823s 9934 103i2 90 93U 99i2 102U 94 94i2 81 80l2 79U 80 93 92U 94i2 91U 93i2 94i2 110i2llli2 109% 111% 109U 110 94i2 83 s8212 833s 96U 953S 96U 95i2 95 96 1103s 110i2 1147g 11478 11212113U 108i2 108i2 10334 10334 103% 1033g 1033s 10338 10378 1037s 104 104i2 1O43S 104l2 10412 104l2 101% 1015s 10158 1025s 104 104 104 104l2 10218 102’ts 101 101 101 101% s10158103 103U 104U 104U 104l2 93i2 93i2 119U 119U II784 11784 108U 108i2 105 104i2 10468 91 105 92 8958 91 105U 104U106 102U 10212 10134 10178 1013410134 817s 8434 8134 8334 82 82 64U 69l2 64U Viig 105 57i2 53 18 237s 20 24i2 19’s 23U 99 99 99’ 90 99U 99 107 10712 10734 sl073410812 SllPsSlPs 11U2 11V2 895s 903s 9134 9184 1045s 106 105U 10512 103i2 1035s 10138 102 101?s 102U IOIS4 10134 101 101U 81s4 85 83i2 80 82l2 81 64l2 7134 6334 6684 64S8 50U 67 53 107U 107i2 107 107U IO784 107U 107U 89U 89U 89U 8934 90i2 90i2 90i2 92 103% 104 104 104U 104i2 106 106 106 101U 10234 102 82 83U 80% 80U 83U 61 62U 66 60 42i2 53i2 4V2 4712 39 102l2 102U 1023g 102U 102l2 10238 102U 102U102U 102% 102U 102U 102U 10238 10238 79 8034 80i2 83U 82s4 86i2 83U 7958 81 8H2 8H2 63 615S 63% 61U 63i2 63i2 6558 6478 70 62 62 60 44i2 43% 48U 42l2 47 41 47 4334 50U 43 45 40 45l2 42 471s 905s 93 1063s 1063s 102l2 102i2 1O25S 1025g 84U 85i2 83 83 69i2 65 42 48U 40 4678 3912 42 90 99U 99U 99U 9978 99U 99i2 99i2 99% 100 975s 975s 99U 99U 101U 101U 98 98 97U 97U 83 83 52 117 101U 102 117 65 117 65 117U 116U 1173s 116i2 11658 11434 115 166" 1’0’iu 10138 10138 166' IOOI4 99i2 lo’l ” Ioouj ioou io5u 10534 105i2 105U 10558 1055s 10458 1045s 105 105 106i2 106i2 106U 106U 10638 10638 105% 106 78 80 77 78U 78 75 77 79U ’7814 79is 78* 79" 697s 72 "7U4 73” 68 68l2 52 11434 115 4934 4934 115 115 9934100i2 993410034 115 115 105 105 106 106 76 76% 7478 77 697s 72U 76" ’72’ s Option sale 5018 52 116l2 117* 117U 9934101l2 11538 11538 105 105U 105U 1053s 76 78 101i2 1027s 102U 103 116 11612 16514 105U 105U105U 106U 106i2 10634 106»4 77i2 83U 817s 8212 115 70 7734 78 83 79 81U 7938 8334 84U 8712 87i2 87h 193 RAILROAD BONDS 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 CG G & 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 C I St~L & C cons 1920_____6 1st 1936 g________ _______ 4 Registered___ ______ 4 Gin S & G cons 1st 1928___ 5 Peor & East 1st cons 1940..4 Incomes 1990 _ 4 Cleve Short L—1st ’61 gu..4J^ Colorado Midland—1st g 4 Trust Go certfs of deposit. _ Colo & South—1st 1929 g----- 4 Refund & exten 1935___ 4>$ Registered ___ 41^ Ft Worth & Den City 1st..6 Delaware Lack & Western— 81 80 80 83i2 70 77 77 83i2 80 83i2 70 77 75i2 78 77 84is 78 78 8478 105 90 59 60i2 59*4 65 21 25 95 91i4 92 65i2 72 68*2 72*2 35is 37 30 38 95»4 101*2 99*2l01ls 310 SlO 1051s 1051s 1051s 1051s 90 90 87 65 65 6378 21 23 2312 23b 93*2 93»4 91 15 15 17 15 15 14b 90b 87b 85*s 90*2 86 84 83 8212 85 81b 87 101 6378 62b, 28 93 93 17 16 14b 89b 89*s 83 82b 82 100 84 88l2 88i2 101 101 " 101 64i2 64b 60 28 935s 9134 93i2 16 17 16 84 101 60i2 59 2334 20 93 6OI4 2018 92 93's 91 85 87 92 86*2 91 8934 8738 88i2 8512 88 88*8 9178 88 823g 84U 8OI4 82 i4 80lS 8012 7878 79i2 7878 82 84b 83*4 85 91»4 38512 84*2 867s 78 82 82 80 85 85 85 105 90 9314 8234 90 91 86 9212 89*2 82 102 102 102 102 853s 85 85 102 10314 10314 ---- ---- 103U 106*8 10412 1041a 1 005a 1 007a 1005a 1005a 1 003a 1 093s 1993a 1993s 84 845s 84 845g 85 85b 85 85i2 95*4 9514 95*2 95b 95b 95b 96 1051s 99*2 99*2 9978 99b 9934 9934 9978 9912 99 100 100 100 100l2 1991s 1097« 100 9534 93»4 95 9334 94b 9334 95 96 92 92 Convertible 1935 __ 5 Alb & Susq conv 1946 g_.3>3 845g 846g 84 ... 85 1981s 1981s 107 1081s 1073s 1081s 1913s 1013s 1071a 100 N Y l 99 99 92 101 601?, 2334 93 10U2 101i2 102i2 10134 10234 101*4 102b 101*4 103U 102 1007a 101 Refund 2000 gu_______ 3H ack & West 1st 1921 6 Go n struction 1923 5 Terminal Ar impt 1923__ 4 Delaware & Hudson— 1st Penn Div 1917 _______ 7 Convertible 1916___________ 4 1st lien equip 1922 __4y^ 1st refunding 1943_________ 4 81 8434 84b 8434 83*2 86 85 96 8434 85 84i2 85 85 107l2 107l2 1071s W71s 108 86*2 86*8 86*2 108 95*8 95*8 1053a 105 105 9978 9978 10014 lOO's IOOI4 IOOI4 1001s 1091s 95 92 9218 94U 91 10438 1043s 104U 10414 100l8 100k 100ig 10034 100i8 100i2 1003s 100*2 100*2 100*2 1001s 1003s 100 100>8 9978 IOOI4 89*8 9314 89*2 94l2 93i2 95l2 95 97*2 9534 96*a 96 96 1013s 1053s 10578 108*2 1053s 107*s 82*4 83l4 84*4 8678 85 83*4 8012 82 85*4 845s 85i2 8334 85i2 81 87*8 1133a 1133s Denver & Rio Grande— 1st consol 1936 gold________ 4 Consol gold 1936_________ 4}£ Improvement 1928 gold----- 5 1st & refunding 1955 ------- 5 Rio GJ South 1st gu 1940 g__4 Rio G West 1st 1939 g______4 Mtge Ar coil tr A 1949 g__ 4 76 78 78 38 80 47 75 7778 73b 75 8H4 81b 81b 8134 77b 78 48 45 45 47b 7078 71’4 7034 7134 70b 72 59 58 100 100 74*8 8234 77*4 46 76*8 7338 7578 83 79 79 79 49 47>8 48l4 725S 75 7234 78 7712 44 74 69i2 72 70 ___ 79 78 77i2 7178 717s 66 44 47i2 42i4 46 80 1941s 1045s Duluth SS & Atl—1937 Flo In .1 A- F. 1st 1941 g 100 5 _____5 105 87 85 80 ______ 4 10034 101 105 101 78 78 90 90is. 80 80 1041s 1041s 93 3H Registered____ 87 85 ion2 ion2 85 85 90 90 83 8978 90 109'8 10918 10918 109l2 109 101 93 83*8 83*8 81 85 86 87i4 85S4 86b 85 85*8 86 85l4 86 853s 87i2 86l2 87 85b 86*4 8634 88>8 8634 88 78 65 80i2 80 80 67i2 65i2 69*8 68 80*4 77 86 86 85i2 8638 81b 84 89 89 86*4 86*4 86 77 Registered __ _ -33^ Gold 1951 314 St Louis Div & Terml 1951 3 Registered __3 West Lines 1st 1951 g ___ 4 Chic St L & N O 1951 fi __5 Joint 1963 A___________ 5 Mem Div 1st g _ 4 Tnd Illinois Ar Iowa—1st g 4 Internat & Gt Nor—1st ’19 g.6 James F Ar Clear—1st 1959 _ 4 Kansas C Sou—1st 1950 g___ 3 Refund & Improv't 1950__ 5 Kans City Term—1st I960...4 83b 84 77 82 8334 8212 8334 7978 81 82*4 79 85*2 84 83*8 82 57*8 63 35 75 77 6078 62 80 65*2 85 85 S87 387 80 85 94 94ls 8978 95 105 105*4 1043s 1043s 102*4 103*2 94 94 94 94 104 104 109i2 10934 111 101 93 82*2 85 85*4 62*2 102 94 102 94 110is 111 102 102 85 83*2 87*4 80 77 74l2 s74 8478 87 74 7678 86is 86ig 86ig 86>8 86 62 60 61 66I4 65 73i2 72 66 69 68 86*2 86*8 8634 86*4 88 72i4 70*4 7334 70*8 73*2 82*4 82 86*8 78*4 8578 103i2 102*8 1023s ____ 105*8 105*2 105*8 105*2 102 1193s 1193s 122 122*2 lnnis inois 103U 103U 1025s 1025s 90 93i2 94 67«2 67i2 81 8634 54 96 96i8 95 81 86*4 54 96i2 96i8 96i2 86i2 87 96ig 96>4 94 9314 116*4 97'8 96i2 95*4 93U 117 99 9514 97 75*4 75*4 8112 79 87*« 87b 87i2 91i2 91*4 95 ' 54l2 65 68*2 96*8 9734 973s 98*2 96i4 9718 97*8 98 95l2 99*8 99*8 100*8 93is 93is 9578 9578 1171s 118 119 119 99*4 100i2 99U IOOI4 S100 94 92*8 9234 9H2 92 s01l2 94 98 88 98 88 70" 67 975s 98*4 975S 98*4 98*2 100i8 9558 955g 119 119 ’ 1013s 10278 102*8 103 9378 95*8 95*4 96*8 92*4 92*4 85i2 85b 109 118*8 118*8 120 109 120l2 12014 120U 10878 1O878 fr)93A 1093a 1034 82 8934 8358 1034 Ilia 12 1114 13 82 82 82 90 8712 90 88I4 91 83*8 83i2 83*2 92 92 96 96 8U2 8478 85 81*8 82 87 86*8 87l4 86 102 90 76 83 80 56*8 35 73 6078 1087s 109 96i8 97i2 83 7512 8312 71l2 56 69l2 73 59 59 100 90 93b 7834 78»4 6812 74*8 71l2 45 75 123s 82 91*2 84 86 77 14*2 1238 1478 82 85 85 96*4 92*2 9334 84 86 97 97 94l2 97*8 84 84 82 82 82 83 81 87*2 81 84 90*4 92 81 87*4 _____ Collateral trust 1952 g------- 4 1st refunding 1955-------------- 4 Purchased lines 1st 1952_3M> LNO&T1953g..................... .4 Registered ___ _____ 4 CaircT Bridge 1950 g 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 70 75 71i4 45i2 98^2 99b 991s 100 96 " 96 100 100 103 10378 Erie— 1st cons 1920 gold-------------- 7 10978 10978 11O1211O12 1083s 110 106b 110 108*8 10934 10878 1091s 109 109’8 100 10H2 1011s 1011s 1011s 1013s 1011s 1011s N Y & Erie 2d ext 1919 g___ 5 983a 983s 987« 987s 091a 991s 981s 99 Oslo 1011s 1011s 1001s' 1011s 1001s 1005s 1011s’ 1021s 1911s 1021s 1011a 1011a 100 100 5tli exten 1928 g_________ 4 109 109 100 100 N Y L E & W funding 1920.7 82i2 80 1st cons prior lien 1996 g — 4 80U 84i2 81 81 78>4 80 83b 80b 82 8H4 82b 81 Registered ________ 4 65 68 6678 71 67 67 68 1st cons gen 1996 g------------ 4 67^4 69i2 66 69b 66 7058 69b Registered _ ________ 4 7978 7978 86i2 86i2 86i2 Pennsylvania coll tr 1951 g.4 87i2 87i2 87*2 8734 87b 88b 87U 87i4 86 63i2 60i2 63b 61b 6412 63b 66 65 61i2 59 60 50-yr conv Ser A 1953 g------- 4 60 61 63 66»4 66U 70 65 69i« 6738 68i2 65 67 66I4 63i2 65b 64 50-yr conv Ser B 1953 g----- 4 64 1023s 1023s 1025s 1025s Buffalo N Y Xr E 1st._____-7 102l2 103 10212 10234 Chic & Erie 1st 1982 g--------- 5 101l2 103 104U 104i2 .... .... 103 104U 10312 104l2 1041410434 1033s 104i2 101 101 Cleve 8r Mah Val 1938 .5 Long Dock cons 1935_______6 121 121 N Y L E&W Coal & RR .6 N Y L E & W Dock & Impt.6 103 103 10219 103 103 103 103l« 1031s 1031s 1031s 94 N Y Snsq Ar W 1st ref g___ 5 93 94 90 75 75 70 70 70 70 86 86 86 86 86 86 95 87i2 87 97 85 Evansv Ar T H—1st cons____ 6 86»4 88I4 87 97 87 87*4 88i2 8712 87*8 87 90 907s 89 Florida East Coast—1st.—4J-£ 89i2 90 90b 88b 88b 87 50 50 Ft Worth fir Rio Gr—1st g .4 54is 5512 Gt North—C B & Q coll tr------4 9478 9634 9478 96»4 95 96b 96b 9678 9534 97 95U 9678 9514 96i4 96*8 96ig 96b 95*8 96*8 9578 96*4 95i2 9578 Registered . ------- ------- 4 945s 96U 95»4 96>4 95 99i2 99iS 99i2 9558 97 97*2 1007s 965g 97 1st & refund Ser A 1961..4}£ 99*4 101 98b 99*8 99 943s 95 943s 95 95i2 95i2 St P Minn & Man 1933__ .4 1171s 1171s 1195a 11979 1191s 120 1193s 1201s 1183s 1183s nsio 11RU 118 ' 1183s’ 100l2 101 1005s 100*4 1003S 101*4 100l2 10138 100U 1007s Reduced to_________ 4^ 100U 10112 943s 92*8 9378 91i2 923s 92 923g 923s 9238 9378 94 92 Mont Ext 1937 g-------------- 4 92*a 94 Registered _ __4 Pacific exten sterling *40.4 pastern Ry Minn No Div 1st 4 89U 89i4 Minneap Union 1st 1922 &_.6 1201912019 1201s 121 120i2 120i2 1051s 1051s 1051s 1051s 1071a 1071a Willmar & SF 1st 1938 ..5 72 72 72 70 1012 115s ilia 13b 13*4 13*4 12 lli2 in2 12 Debenture certificates B------ 10i2 123s 1034 12 84 8* 87b 87b 82b 88 Gulf ft Shin Isld—1st 1952..5 95 91 91 94U 93i2 94 Hocking Vail—1st cons g..4}$ 93i2 95 91b 94 92is 9278 92i2 9212 84 84 Col ft H V 1st ext g . -.4 85*2 85*2 Col ft Toledo 1 st ext 1955 4 l«t~19I'l gold 68 73*8 66 44 70 73 69 71 69lS 6978 69i2 70i2 6934 70 5918 59ls 59l2 59i2 59l2 59i2 59i2 59*4 Detroit & Mackinac— Gold 1995 71 78 70 45 83 81 81i2 81*s 84 83*4 84 84 8378 87*4 83 79 79 79 80 81 80 80*8 8234 83 8434 87*4 79 83*4 8634 86*4 86 8734 89*4 84 85l2 8978 91 84 86*2 89*2 89*2 76l2 7612 77b 77b 73 68 68*2 68i2 78 78 79 80 88 88 108 1097« 108b 109b 109U 10914 9934 10058 98i2 993s 98b 100 99b 100 86b 86b 83i2 84 85b 85b 100 100 98 99b 99b 100 88b 90l2 673s 68>8 67b 69 67b 68b 67b 6812 9H2 88*4 91b 88b 90b 90*4 92 89 ___ 93 93 90 91 9014 9U2 68*2 68*2 85 107 infils infils 104l2 1041" 104i2 107 99i2 99 9934 99 ' 99l2 98l2 100 99 IOOI4 99 86 86 82 82 85 85 98 9978 100 99 99 98i2 98i2 97*2 98 96 88 88i2 84*8 843s 67i2 68i2 67*8 68*8 6714 6734 67U 6758 6678 67*4 66*2 70 92 93*8 89 90l2 91*8 8714 88i2 87i4 88i8 87*8 88 s87 8414 84*4 8334 85*4 83l2 85 90i4 90l4 88l2 90 84*2 87 s Option sale 88 88 85 107 99i2 99 81 81 84l2 88*2 88 885g 106U lOfilo 99*8 103*4 10138 8678 87*4 90 88*8 97 9778 97 90i2 90 92 70 6934 72 93*8 96 93*2 88 86*2 90 10212 873S 885S 98 9H2 S705s 95 90 194 RAILROAD BONDS 1915—Continued. BONDS January February April June March 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 Lake Erie & W—1st 1937 g__ 5 92% 93 90 94 98*2 08*2 95 95 2d gold 1941............................... 5 Lehigh Val (N Y)—1st gu..4)S 99*4 99*4 100*2 101% 101 101*2 101 101% 100 lOlig 100»» 100*4 Registered______________ 4 Vi 99 99% 99% 99% Lehigh Val (Pa)—2003 g____ 4 87 87 87 87 General consol 2003____ 4)i 97U 97U 9714 9714 98*2 98*2 99*4 99*4 Lehigh Val Term—1st gu g._5 105% 10534 106**8 i06*g Lehigh Val Goal—1st gu g__ 5 104*4104*4 84* 84**2 Lehigh & N Y—1st 1945 gu...4 Long Island— 1st cons 1931 g_____________ 5 104 104*2 103% 104 1st consol 1931 g___________ 4 General 1938 gold__________ 4 87»g 87% 86*8 86*g 86*4 87 Unified 1949 gold.................... 4 84*4 89*4 Debenture 1934 gold----------- 5 95% 95% Guar refund 1949 gold____ 4 84 84 85*2 86*2 83*2 83*2 84% 843g 84 84 100 100ig N Y B & Man Bch 1935_____ 5 N Y & Rockaway B 1st 1927.5 No Shore Branch gu 1932___5 Louisiana & Arkan 1st 1927..5 Louisville & Nashville— 113% 115 111 111 113 113 112 112 Gen 1930 gold........................... 6 Gold 1937................................... 5 IO6I4 107 106% 106% 107 107 Unified gold 1940................... 4 91% 94U 913g 94U 91 93% 93 94*2 91U 94% Collateral trust 1931 gold..5 103% 103U E H & Nashville 1st 1919 g..6 Lou Cin & Lex 1931 g___ 4)S 115% 115% N O & Mobile 1st gold............6 113*8 113*8 109% 109% 2d 1930 gold..................... ...6 Paducah & Mem Div 1946..4 St Louis Div 1st 1921_______ 6 IO6I4 107*2 106% 106% 106% 107U 106% 107 106*2 106*4 - 2d gold 1980.......................... 3 60 65 59>8 59U Atlanta Knoxv & Cin Div..4 85*2 88 88*2 88*2 87*2 88*2 87* 8*7*14 Henderson Bridge 1st---------6 105 105 Kentucky Central 1987 g—4 86 86 86 87*4 86 86 87% 87*2 86% 86*2 101 101 L & N & Mob & M 1st g.. .4)$ L & N—Sou-Monon joint_ 4 79 80 80 80 78 78 Nash Flor & Sheff 1st.......... 5 Pensacola & Atl 1st gu------- 6 108*2 108*2 108b 1085s 107*2 108 108*2108b So & No Ala gu 1936...............5 105*8 105*8 Gen cons 1963 gu-------------5 *991*2 1*0*2*’ 101*4 1013r 100*8 100*8 102*4 102*4 101*4 102*8 Louisv & Jeff Bridge gu '19.4 Minn & St Louis—1st gold---- 7 llllg 111*2 Pacific Exten 1st 1921 g__ 6 89 88 92*4 1st consol 1934 gold________ 5 87 87*8 1st & ref 1949 gold-------------- 4 54*4 673s 48% 54»4 47*4 42*4 60 60 60 Des M & Ft D 1st gu________ 4 *8*5* 84*g 86*2 85*2 90 Iowa Cent 1st 1938_________ 5 9014 85 87 60 50 55 52*2 55 48 63*4 Ref 1951 gold......................... 4 45i2 92*4 93 M St P & S S M—Cons ’38 g...4 90*4 90*4 91*4 91*4 91*4 92 M S S M & Atl—1st 1926............ 4 Missouri Kansas & Texas— 79% 77U 81 1st 1990 gold....................... ...4 75 80*2 72*4 78 77*4 80 58 62*2 58 57 63 2d 1990 gold................................ 4 58 60 57*8 60 83 89 89 89 87% 88 1st extension 1944 gold_____ 5 55 49*4 52*8 52*8 52*8 56*4 52 56*4 1st & refunding 2004_______ 4 72 General sink fund 1936..4)^ 69*2 69% 70 67 70*2 68*2 69*4 74 St Lou Div 1st ref gold_____4 60*8 60*8 96*2 96*2 Mo K & E 1st gu 1942 g.........5 Mo K & O 1st gu 1942............. 5 85*2 85*2 85 M K & T of Texas 1st gu g..5 80 88 88 79% 81 Texas & Oklahoma 1st 1943.5 Missouri Pac—1st con 1920 g..6 99*4 101*2 100*2 101*4 99*8 100*2 100*4 101*2 99 101*8 Trust 1917 gold stamped—5 89*4 95 93*2 94 96*4 89*2 93 91*2 96*8 92 Registered______________ 5 Trust Co receipts___________ Col Tr rects stamped_____ 1st collateral 1920 gold-------5 90 90*2 88*2 89*2 88*2 91*8 91*2 92*2 89 91 Trust Co receipts_________ 48 44 50*2 46 53*4 40 48*g 40-year gold loan 1945_____ 4 37*4 49*2 43 Trust Co receipts-------------Trust Co receipts stamped. 47% 42*8 46 44 49% 44 47*4 39% *45* 1st & ref conv 1959_________ 5 38 Registered_______________ Trust Co receipts_________ Trust Co receipts stamped 78 3d 7s extd 1938......................... 4 78 85 Cent Brch 1st 1919 g_______ 4 86% Pac of Mo 1st ext 1938 g____ 4 86% *8*6*% 86*4 86*4 87*4 86*4 87*2 85 2d extended 1938 g______ 5 St Louis Iron Mtn & So— 100 98 99*s 96*2 98% Gen cons ry & 1 gr 1931 g.5 97*4 101*2 98*4 99 66 68 70*4 65 68 62*2 67 Unifying & ref 1929 g----- 4 63% 71 69 59% 60*8 RIv & Gulf Div 1933 g___ 4 67*2 67*4 66 67*2 65*2 67 Verdigris Val 1 &W lst’26 g.5 Mobile & Ohio—New 1927 g..6|... 114*4 11434 112 112 110*2 112 114 114 1st extension 1927 gold_____ 6 75 General 1938 gold---------------- 4 75 Montgomery Div 1st ’47 g---- 5 101*2 101*2 St Louis Division 1927_____ 5 87 St L & Cairo 1931 guar.......... 4 87 Nash Chatt & St L— 1st consol 1928 gold________ 5 104*2 105*8 Nat Rys of Mex—prior llen.4H Guaranteed gen 1977______ 4 Nat RR of Mex—1st 1951_____ 4 N O Mobile & Chic—1st ’60...5 31*4 35 New Orl Terml—1st 1953_____ 4 N Y Central RR—Deb 1935...6 Registered_________________ 6 Ref & lmpt ser A 2013____ 4)4 N Y Cent & Hudson River— 81*4 Gold mortgage 1997______ 3)4 79 Registered____________ 3)4 78*4 78*4 88 Debenture 1934 gold_______ 4 88 Registered_____________ ..4 73*2 Lake Shore coll g 1998.___3)4 73 Registered____________ 3)4 Certificates of deposit.__ Mich Cent coll g 1998....3)4 68*4 70 Registered____________ 3)4 Beech Creek 1st 1936 gu.__ 4 Carthage & Ad 1st gu 1981.4 Mohawk & Malone 1st gu..4 86 N J June 1st 1986 gu_______ 4 86 N Y & Harlem 2000 g......... 3)4 101% 101 7s N Y & North 1st 1928 g......... 5 N Y & Putnam 1993 g............ 4 Pine Creek 1932 gu_________ 6 Rome W & Ogd 1st cons.__ 5 101*4 101*4 Oswego & Rome 2d gu____ 5 100*8 100*8 Rutland 1st cons 1941 g..4)4 Ogd & L Cham 1st gu___ 4 St Law & Adiron 1st g______ 5 Utica & BI Riv gu__________ 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 89*4 95 101 35 38 38 38 41 101*8 100*8 101*4 100*sl04 40 100*4 101*2 100 100 s90 390 100 101% 109 109*2 105 105*4 89 89 s84 884 85 86 83 83% 83*2 8334 8334 82’4 84 100% 100% 101 85% 87*4 82*2 84*2 84*2 87 85*4 86*g 98 98 s98% 99% S9838 898*8 83 86 85*2 88*2 87 87*8 100 101 100 9434 95*4 110% 113 106*8 107 91% 9314 89% 91lg 90*4 92 10218 102% 101*4 10134 114% 115 Ill’s 112 112 113 114 114*2 105*8 105*8 105*2 106% 107 107 90 90*8 90*8 94 s93 9434 99% 10134 1027s 104 *104% 05*2 107*2 107*2 98*4 99 101 101 113*4 113*4 114 115*2 86 106% 106% 5934 60 87% 87% 105 105 10734 108 10012 1007s 100 74 80 84 48*2 53 91 91 95 84 48 80 45 88*4 s87% 93*2 95 7534 76*4 74*2 75*4 74 52 49*2 70 67*2 47*2 50 47*4 40 53*2 54 51*2 52 423g 50*8 5334 50 95 82 70 70 60*8 62 86*2 90 102 86 81*2 82 48 50*2 52 82*2 82*8 82*2 83*2 80 48*s 50*2 47% 51 42*2 89*4 89*2 87 8834 86*2 93*2 72*2 77 75*2 76*4 55% 57*8 49*8 55*2 79*2 80 54 54 47 51% 59*2 60 56*2 573g Q4. 101*88105*2 107*8107*8 100*8 100*8 107 107 61 » 62 87 88 87 8778 88 88*4 98*2 100 s9834 s98*4 7934 81 78*2 81 104*8 104*8 108 108*8 109*2 109*2 108*8 108*8 105 105*4 99*2 100*2 100 100*;2100*2 104*4 101*2 103*4 80 80 80 80 82*2 82*2 105 105 86*2.................. 53*4 48 52*2 86*8 87*2 4934 55 84 10034 111% 11378 107*4 108 86*2 105% 106*2 IO6I4 106*2 106 106*4 S1O6*2SO6*2 59% 59*2 6U2 61i2 58*8 60 ' 5934 61 85 85 83 84% s83 86*8 105 105 8684 8684 88*2 88% 99% 9*9*12 98 99*2 80*2 80*2 75*2 75*2 91 89 102% 88*2 88 90 58 52*2 57*2 85*2 83 89 49«4 49 54 90% 903g 93*8 95 S9634 *96*4 78*2 78*2 54*2 s53% 68 65 46*4 46 43 44*4 83 62 68 89*2 92 95 56 49 87*2 90 51 55 92*4 93*4 97 98*2 76*2 82*4 50*8 *60*2 50*8 66*2 52 55 47% 51 95U 72*4 65% 69 68 70 68*4 71 68 68 68*2 69*2 92*2 95*8 93*8 95*8 96*8 100*8 100 100*2 78*2 81*8 80*2 88 86 88 85 88*2 70 99 100*2 96 90 91*4 80 88*2 88*2 9934 93*2 97 90 79 81 87 89 75 7734 72 73 73*4 76*4 37 4234 30 35*4 29 34 32*8 41 29* 35* 29*4 *34* 34*2 49 34 34 80 82 86*4 88 36* *4*0% 85*2 85*2 42 42 42 46 42 80% 82 42 42 83*8 82*2 46*4 45*2 43 43*2 46*4 43*2 46*4 42*2 43 43*2 45*2 40 42*2 85*2 86 84 85*8 86*8 95*8 97 95 633g 63*8 61 56*4 69*2 51 85 78 78 60 60 8734 s88 93 93 95*2 95 64 65 52*2 53 87 97*2 64*4 57*2 112*4 112*4 105 61 61*2 388*2 89*8 99*t 96*2 97*8 398 99*2 99*4 101*4 100 102 71*8 73 78 73*2 75*2 67*2 68 73 70*4 71*2 107*2 107*8 108*4 111 106 106 107 111 108 11034 110% 107 107 75 75 89 86 86*2 89 86*2 86*2 86*4 *88*4 88*4 88*g 102*4 804*4 105*8 105*8 104*8 106 53 5734 52*4 52*4 5234 52*4 30 40 99*2 103*4 101*4 104 89*s 87 73*8 75 72*s 73 71*2 72 70 93*4 95*2 97*4 9734 98*2 74 84 83*2 88 sl01»4 103 103*2 103*2 83 79 80*4 79 78 78*4 85*g 89 86 70 103 104*2105 87*4 87*i 87*2 89*g 86 72*4 73 91*2 92*8 90 98 103 79*2 80*2 79 80*2 79*2 81 75*2 75*2 86 86’4 84*8 85*4 84 87 72*2 73 91 98*g 98*s 99*8 00 100*8 00 100 87*4 8734 86*4 86*4 89 8934 89*g 91*4 98*4 99 98 99 98% 98*2 98*2 98*2 99 99*4 100*2 100*2 108 108 106 107 106*2 106*2 102% 103U 103% 10314 101% 102% Sl03 103*2 104*8 105 85 85 88*2 88*2 105*8 106*8 105*8 105*8 105*2 106*2 35 90 100U 100*2 99% 99% 72*2 71 80*4 71 71’g 69 71% 70 69 69*2 69*2 70 70 93*8 94 94*4 94*4 92*2 89 68 30 72 72 102*2 103*4 102*8 104*4 103*2 106*4 105*8 109*2 109*4 112 110*8114 109*4 110*4 111 111 86% 88*2 87 87*4 86*2 8884 88*s 90*2 90 94*8 93 94*2 80*2 76*2 79 76 78*2 76 89 84*8 86*4 85 86*2 84 75 71 81 70 69 96 72 74 72*8 7*4*14 85 83 88 79 77*4 80*2 80 84 82 83*2 76 79*2 81*8 82*2 81*8 81*8 86*2 85*4 90*8 389*4 93*4 91*4 92% 91 91% 72*2 72*2 77*2 78 77 77*2 7734 78 70 70 69% 69% 67 70 67 67 92*2 96 87 85 68 87*s 71 75*4 74*4 80*2 77*2 79% 78*2 78*2 79 71*4 72*2 75 7734 80*2 79% 87 70 71 73*2 73*2 79*2 71*2 95*8 *9*5% 88*2 88*2 389 389 83*8 86 77*2 79 76*8 76*8 96*4 96*4 392*8 392*8 101*2 101*2 113 113 102*2 103 102*2 103 102*4 103*4 102*2103 100*8 100*8 100*8 100*8 70 70 101 96 s83 102* 102*4 102*8 102*4 102*8 102*8 67 67 100 100 101 97 * Option 92 90*4 91 102*8 1O23S 10234103*8 103% 1*0*3% 80 70 80 70 96*4 96*4 81*4 81«4 75 75 RAILROAD BONDS 195 1915—Continued. January February ! March June July August i September ? October November December April May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High N YC&H River—(Cored.) 82*4 82 82*2 83*4 s863g 84 85*4 83 83 83*4 82 82*s 84 8H2 83 817s 83i4 82 82*4 8178 82i4 81 Registered_____________3)) 82 82 82 82 82 82 81 82 8H2 81i2 81*4 8H4 Debenture 1928 gold_____4 9034 03 90 92*2 00i8 92 91*4 9312 90i8 9314 90 9178 90" 91*2 91 9178 90i2 92 92 94*2 s94 95*2 94*8 95 Registered____________ 4 91 92 25-year 1931 gold________ 4 90 92*4 8934 92i4 8934 92 91lS 9278 89*2 9234 8978 913g 8884 90*2 89>4 90i2 89i2 92 91*8 93*4 93*8 94*2 93*2 94*8 Registered_____________ 4 91 91 Mahoning Goal RR 1st___ 5 104*2104*2 Pitts &LE2d 1928................... 5 Mich Cent 1931.......................... 5 10238 1023g 102l2 10212 103 103 104*2104*2 Registered_______________ 5 104 104 1st 1952 gold..................... 80i2 81 81 81 79*8 79*8 797s 797s 8H4 8II4 81 81 83*8 83*s 20-yr debenture 1929_____ 4 82 83 83 80*4 80*4 79 80*2 78i4 78’4 80 83i2 83 85 86 88*8 88*2 .S8*s 78*4 8I84 78 N Y Chic & St L 1st 1937 g. .4 93 93 93 91l4 92i4 89ig 90*4 88 90 88>4 8978 90 92*8 91*8 94*2 93 94*2 92i2 93*2 9012 93 93U 9334 92 25-year deben 1931_____ 3)3 75 75 77 80 82 83*2 8134 8338 78 7914 76*2 76*2 West Shore 1st 2361 gu_____4 893s 92 87l2 89lg 91 8978 91*2 903s 92*4 90*2 93 90 91*2 8978 92*g 92 92l2 88 92U 89 9034 89 90 Registered________________ 4 88*4 8934 87>4 88*4 873S 88*2 88*s 89 86*4 86 8578 89 89 87 89*2 87*4 90 88*2 90 88*2 89 86 86*2 86 NYC Lines equip 1919_____ 5 100 100 1003g 1003g Equipment trusts 1916...5 100 100 Equipment trusts 1917___ 5 101*8 101*8 Equipment trusts 1918.4)$ 100*4 100*4 100*4 100*4 9934 9984 Equipment trusts 1924.4)$ N YConnecting—1st 1953...4)5 94i2 94*2 94*2 95*4 95 «97*4 96 98 N Y New Haven & Hartford— Non-conv deben 1947.__ 3)5 Non-conv deben 1954___ 3)5 63 64 67 67 69 70 72 72 Non-conv debentures 1947.4 SO 80 78 78 72 Non-conv deben 1955_____ 4 72 71 72 7934 80 80 80 71 75 77 76*4 77*8 77*s Non-conv deben 1956_____ 4 72 72 70 70 76 77 78 79*2 8U4 82*4 80*2 82*4 77 78 68i2 67i2 69 72 73 Convertible deben 1956..3)5 6334 64 ’6312 63"i2 61*2 65 68*2 72 71*2 73 69*2 65 66*2 6612 68 68 70 Convertible deben 1948.__ 6 10378 106 101 10578 IO284 110 108*2 111 109 11 li2 110 112 108*8 11078 10914 111*8 110 112 111*2117 11534 11784 114 116*2 105 107 108i2110i2 11034110*4 116*2 116*2 113 114*2 Registered______________ 6 105 105 101 101i8 i02 103 109 109*2 110*2 110*2 68*2 ’<58*2 Consol Ry non-conv 1930__ 4 Cent N E 1st 1961 gu_______4 79 79 71 73 74*4 81 105 105 105U 105U Housatonic cons g 1937.__ 5 105*2 10512 67 7578 73i2 78i2 7534 78 74i2 75 74i2 78 77*2 81’s 78*4 83 N Y Westches & Bos 1st..4)5 68 70*g 66*2 69 75*2 78*2 74U 77 80*2 84 Providence Secur 1957_____4 58i2 58i2 55 55 56 56 80 N Y Ont & W—1st g 1992.....4 80 79 8H2 77 79U 78*s 82*g 80*2 82 7414 77 77 77 74*2 79 79*2 «82 81 82*s General 1955___________ ...4 75*2 75*2 7578 7578 75*8 76 73 75 75 80 Norfolk Southern—1st 1961..5 83 Norf & South 1st 1941________ 5 102 102 101 10U2 101 101 101 101 95 96 97 120 120 Norfolk & West—Gen 1931..6 11714117*8 118 118 118 118 11578 11578 115 117i2 11712117l2 s115s117*8 117*8 117*8 116 11878 H684 11634 Impt & exten 1934 g___ ...6 119 119 118 118 New River 1st 1932 gold.__ 6 119 119 119*8 119*8 94 N & W Ry 1st cons 1996.__ 4 92 91*2 93l2 91*2 92*g 92 93*8 9034 93i2 8978 9H2 87U 89*8 8634 88i2 87 92 90 93*2 S9184 94*2 93 94 Registered _______________ 4 93*4 93*4 85i2 87 85i2 86U 87 90*2 89*8 92 Divisional 1st Hen_______ 4 87*2 88*2 88*2 88*2 88U 88I4 88I4 88*2 87*s 88*2 87*2 8734 89*2 91 102i2 10434 IOII4 102 IOU4 103 102*8 102*8 107 107 106i2 110*4 114 116*4 117*2120*2 Sl 19*812178 10-25-year conv 1932_____ 4 101l2 102 | 987g 102 102 102*2 102*2 103 107 107 109 109*4 si 15*4117 102*s 102l2 10-20-year conv 1932____ 4 9934 9934 ____ ... 120 122 Convertible 1938.............. 4)4 101l2103 101 10234 100*8 10278 10238 105*2 I62’ 105 102*4 103U IO2I4 105*8 105 108l8 107 115*4 113*2 118 sllR34 20*8 116*2122*2 88 89 Pocahontas C & C joint..4 8934 90 I 8734 90U 88 89 88*s 89*2 88 88I4 87U 87*2 87 87iS 86*2 8634 86*8 88 88*4 91*2 89*4 89*4 90 90 90 91 91 Scioto V & N E 1st gu g___ 4 .................. 90 91 91 89 9078 87*8 88 84*4 87 86 86 92 92SS 91 92*4 Northern Pacific— 92*4 Prior lien 1997 gold________ 4 89*s 93*s 88S4 92i2 89*s 92*4 9214 93*8 91 91*4 8984 91*8 8884 90*8 91*4 s90*4 93*8 92 9438 923g 93*8 92 90i2 91 Registered______________ 4 8884 887g 90s4 90*4 9d8 9H4 92 9178 89*8 89*s 89 90 92 92*4 93 92*4 92*4 6434 62 65 64i4 62*8 63*4 62i8 63ig General lien 2047 gold_____3 6234 65 ■ 62 643s 65*s 63i2 66 63*4 62*2 65*2 64*2 667s 65*8 66*2 6312 63*2 u Registered______________ 3 62*2 62*2 6II2 61*2 62l2 63 64*2 64*a 65*2 65*2 9034 9034 90*4 90*4 90*4 90*4 90*8 90*8 St Paul-Dul Dlv g 1996____ 4 90's 90*8 166’ 100 166*4 ioo’m Dul Short Line 1st gu 1916.5 St P & No Pac gen gold__ 6 109*2 109*2 1O91211H8 10938 110l8 110i2110i2 109U 109*4 109*8 109*8 109*8 109*8 10934 109*4|s W9W; 109*8 10978 Registered certificates__ 6 109*2 109*2 St Paul & Dul 1st 1931____ 5 ................... 102 102 2d 1917.................................. 5 IOOI4 IOOI4 . ................. . 101 101 IOU4 102 1st cons 1968____________ 4 88 88 90 90 Washington Cent 1st 1948..4 88 91*2 Nor Pac Term—1st gold____ 6 111 IIII4 111 111 111 111 111 113 110 110 110 110 llOSg 110*8 111 111 110*2111 871a 87b 86 Oregon-Wash—1st & ref 1961.4 83*2 85 87*2 86 86*8 80*4 81l2 80*2 83*2 83 83*2 85*4 90 79l2 81 8678 90 94 95i2 9512 9512 95*2 96*2 95*2 ’9512 Pacific Coast Co—1st gold__ 5 98 98*4 94l2 95 93*2 95 9378 95 Pennsylvania RR— 1st real estate 1923 gold___ 4 96l2 97 98 98 96 96 96 96 98 98 98 s99*2 102 102 Consol 1919 gold__________ 5 102*2 103*8 102 102 Registered_______________ 5 Consol 1943 gold__________ 4 98 98*2 97*2 97*2 97*2 97*2 9714 97U 95 96 96*2 97 98 98 98*4 .99*2 10-year conv 1915 gold__ 3)4 993S100 100 100i8 100 100l8 100 100i8 100 100*8 100 1 007s 100’s 100i2 100 100U 100 100*2 100 100 lOO’s 100i8 997g 9978 Registered____________ 3)4 98s4 97U 9838 9734 98*4 97 Cons 1948 gold____________ 4 97 98'4 9712 98*4 97l2 98 97 9978 9634 9714 96*2 97*2 98*4 9834 98*4 100*8 Registered_______________ 4 98*s 98*g 10314 10478 103*8 10378 103*4 104*8 10278 104 10278 10378 102U103 10134 103 102*8 103 103 104 10378 106*4 1053g 10534 Consol 1960........................ 4)4 97 971® 97*2 98*4 9714 9778 97 97*8 97*8 97*8 97*2 98*2 98*8 101*8 100*2 101*4 General 1965.........................4)4 ’93*8 93^ 94 94 94 Alleg Vail gu 1942 gold....4 94 9378 9378 96 96 96*4 9684 Phlla Balt & W 1st 1943....4 96*4 97 99 99*4 99* 99" 899*23100 98*4 98s4 99 99 United N J RR & Canal...4 99 99 99*2 99*8 Pennsylv Co—gu 1st g_____4)4 IOOI4 102l8 102 102*g 100 10034 10112 10112 9978 9978 99*4 100*2 100 100l2 100’s 100i2 100*2101 100 101 S101 101*8 101 Sl01*2 100 100 100 100 99l2 99*2 9934 99*4 100 100 Registered____________ 4)4 100*8 101 Guar coll ctfs A 1937.___ 3)4 85*2 85*2 85’ 85* 84i2 84i2 84 84 Guar coll ctfs B 1941.___ 3)4 Trust ctfs guar 1916_____ 3)4 99ls 99>4 99ls 99*s 99*8 99*8 99*2 99*2 9984 99*4 83 83 Guar trust ctfs C 1942..3)4 81 81 Guar trust ctfs D 1944..3)4 9214 9214 94*2 94i2 93U 94l2 89i2 89i2 89*2 92 93*4 93*2 94*8 94*2 9378 94*8 15-25-year guar gold 1931..4 92*2 92l2 9212 94l2 Cln Leb & Nor 1st 1942____ 4 89*2 90 9734 9734 Cleve& Marietta 1st 1935.4)4 Cleve & Pitts Ser A 1942..4)4 104 104 Series B 1942..................... 4)4 S104S104 83*4 8334 Cleve & Pitts ser D 1950..3)4 973S 97*8 97 97*2 95 95 Grd Rap & Ind ext____ 4)4 96*4 97*2 9834 9884 9712 9712 96*4 96*4 Tol Wal Val & O ser A ’31.4 )4 97*2 98*2 98'4 98U Tol Wal Val & O ser B '33.4)4 99 100U 101i2 P C C & St L gu A 1942.-4)4 99 9978 100*8 9934 9978 98 98 98M 98*s Sl 00*8300*8 101 10134 9934 9934 97*8 98 98 98 Series B guar 1942_____ 4)4 99l2 99*2 1003s 10H2 100 IOOI4 100*8 100i2 9934101 99*4 99*8 100*4 1017s 101*8 IOI84 101l2 10112 Series C 1942..................4)4 9714 9714 935s 93*s Series D guar 1945_____ 4)4 92*8 92*8 92*8 92*8 93*8 93*8 93*4 93*4 92*2 93*4 Series E guar 1949_____ 3)4 9Hs 9U8 9H4 91*8 91*8 91*8 9012 ’91^ 91 91 92l"2 92*8 93*4 9334 Series G 1957 guar_______ 4 Series I guar 1963______ 4)4 101*8 101*8 Chic St L & P cons 1932.___ 5 104 104 1013g 1018g Peoria 8c Pekin Union—1st..6 102 102 2d gold 1921....................... 4)4 Pere Marquette— 1112 1112 Refunding guar 1955______ 4 Chic & West Mich 1921....5 72 72 75 75 90 90 Flint & P M 1920 gold......... 6 96 96 96 98 100*4 100*4 101 101 6512 69 72 72 1st consol 1939 gold____ 5 70 70 72*2 72*2 73 73 65 65 Port Huron Dlv 1st gold..5 67 68 Pitts Shenan 8c Lake E 1940..5 105*2 105*2 105 105 Reading—Gen 1997 gold____ 4 9234 9412 91*s 9478 9H2 94l2 93i2 95*s 92la 94i2 91*3 93*8 91 94 9584 94*4 95*4 93 92 9314 91 93 91*4 9184 92 92 93 93 Registered_______________ 4 9134 92l2 90i2 93 92*2 92*2 90 91 94 94 9014 90U 93 93 90*2 92’ 91*2 9214 9284 93i2 93 93 Jersey Cent coll 1951 gold..4 91 91*2 93 93*8 91*8 92 92 92 9478 95 95*8 95*4 Registered_______________ 4 92*2 92*2 63 63 62 63 St Jos 8c Grand 1st—1st g.__ 4 60 61 60*2 60*2 io57s 167” 106 106*4 106 106 106*8 107*8 107 107*4 107*2 108 110 110 St L 8c San Fr Ry gen 1931 g..6 IO6I2107*2 10738 108 108*2 108*2 108*2 108*2 9934 99»4 100 General 1931 gold_________ 5 99 99U 101 997s 100?8 99 IOU4 99 99*4 100 100 99 10012 98*2 9934 99 100*8 100*8 103 sl02 103*2 35 44 37 5H2 47 607g 45 44l2 45 41 RR.—Gen 15-20-year 1927..5 35 42 46*2 45*8 46*2 44*2 47 45*2 45 52*4 55 57 50*4 57 32l2 61 5634 4712 51 46 46 46 46*2 44*2 46 Trust co ctfs dep_______ 3634 42 44l2 45 45 50*8 52*8 349*2 66*4 50 42l2 47 45 48 do do stamped. 3634 4212 ’46" ’43” 32i2 49 42*2 45 42 42 42 42 43 53 355 42*8 49 51*2 356*8 Registered ____ ._________ 5 46 46 s Option sale LS&MSgold 1997..............3)3 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 196 RAILROAD BONDS 1915—Continued. BONDS St L & San Fran RR—(Concl) S’west Dlv 1947_________ 5 Refunding 19S1 gold____ 4 Trust co ctfs dep____ do do stamped_ do do coupon paid do do double st'd KCFtS&M cons 1928 g..6 Refunding 1936 gold.__ 4 Registered____________ 4 K C & M Ry & Edge 1st....5 St Louis Southwest—1st g__ 4 2d Inc bond ctfs gold_____4 Consol 1932 gold__________ 4 1st term & unit 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 Blrmlng 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 -n Registered_______________ 5 Cent Pac 1st ref gu g______ 4 Registered_______________ 4 Mtge guar gold________ 3\i Registered__________ 3>£ Through St L 1st gu g..4 G H & S A—M & P Div 1st g.5 2d guarexten 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 Mobile & Ohio coll tr g_____ 4 Memphis Div 1st g______ 4)^-5 St Louis Div 1st gold_______ 4 Ala Gt South 1st A 1943____ 5 Atl & Char A L 1944............ 4)4 Atlan & Danv 1st 1948 g.___ 4 2d 1948............ 4 ET VaGadiv 1930................... 5 Cons 1st 1956 gold_______ 5 Registered_______________5 E Tenn reorg Hen 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 & W 1st gu 1924____ 4 Spokane Internatl—1st 1955.5 Terml Assn St Louis—1st___ 4)4 1st cons 1894-1944 g________ 5 Gen ref 1953 s f____________ 4 St L Mer Bridge Terml_____ 5 Texas & Pacific—1st g_______ 5 2d Income 2000____________ 5 La Dlv B L 1st 1931 g............... 5 Toledo & Ohio Cent—1st g___ 5 Western Dlv 1st 1935 g_____ 5 Kan & Mich gu gold_______ 4 2d 20-year 1927.......... 5 Tol Peoria & West—1st g_____ 4 Tol St L & W—Prior lien...3)4 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 Vera Cruz & Pac—1st gu___ 4)4 Virginian—1st 1962 ser A------ 5 Wabash—1st 1939 gold_______ 5 2d 1939 gold................................ 5 1st lien equip 1921 gold____ 5 1st Hen 50-yr terml 1954____ 4 1st & refund 1956 gold_____ 4 Cent Tr ctfs of deposit. do stamped________ Eqult Tr ctfs of deposit Eqlt Tr ctfs of dep stpd__ CentTr ctfs full paid.. Cent Tr ctfs stmpd full pd . Equit Tr ctfs full paid__ Equit Trctfs part paid__ Eq Trctfs stmpd full paid Eq Tr ctfs stmpd part paid Det & Chic Ext 1941................ 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis “Jctober I November December January February March April June July August September 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 63i2 68 6H2 64 61*4 66 107 69 75 60 70 62* 66 64 7H2 60U 67 79*4 76*4 80 55 55 60 57 61 78U 80 83 80 71*4 59*4 66 82 84i2 100l2 101*4 100l2 100b 83i2 86U 80i2 83*4 96 99*4 86I4 90 "87i2 88*8 108 73 66i2 671; 63* 65" 76*8 75 56 56 66i2 67 647s 67 60ig 60*8 60*g 61 597s 61 107U 107i4 IO5I4 10514 106 108 70ig 7H2 71 72U 69*4 72 74i2 77*4 73i2 75 60 60 62*4 5778 59 58*4 62*4 60 75 79 82i2 80 80*4 80 80*8 78*8 66 65U 69i2 6378 66*8 64 70 68i2 69U 67>s 67U 69 83 84i2 85U 85U 100U 101 101 1007s 1007s 83h 80 69 60 67 66 102*8 102*8 101i2 10214 ioii2ion2 81*8 85 82b 84*4 8078 82*8 80b 83 9514 9914 96*8 98b 98 98 86 88b 86 88b 86b 86b 88*8 89 ” 88U 88*4 86 102 54 100 100 72 65 70 66 69 69 72*8 100*8 100*8 1007s 1007s 100*4 lOVs 85 8714 8878 86~ 107 94 105 73 10714109 100 110 74 80ig 76i2 80 9H2 9H2 78i2 80U 61 62 65i2 68 68l2 68l2 72 74*4 71 72l2 .01 101lg 10Hs 10m :83 85 8312 84*4 84 69>2 72i2 70*8 74 67lg 7414 84 90 89i2 89i2 81b 81 99b 98b 8678 87b 85U 8714 79 64i2 67i2 84 81i2 71 >4 69i2 84 99*4 99*4 lD2 102 101 101 103l2 10412 102i2 102l2 103 9914 79*4 80 98b 102 9914 81 80 83l4 82*s 85b 85lg 87*4 85*4 87*8 81*4 79*4 83 82l2 87>4 87 90*8 88ig 90 99b 98b 101 IOOI4 IO6I4 106 108 104*8 10712 83*s 85*8 837s 86*8 *85b 88b *877s 91’4 8978 91 84*s 85b 85 88 88*8 90 82 82 85 82b 82b 85 85*8 88 100 100 100ig 102 104 104 100i2 100’2 lOOU 100k 100i8 101 10578 102*8 102*4 106 106 94 94 94 94 109*2 10912 sl03 103i2 8914 90 84*8 85 84b 84b 85b 78l2 80 62i4 59*4 65’4 71«2 66 69i2 83 IOOI4 100>4 IOOI4 101 101 IOH4 10U2 101U IOII4 88b 89 65 67 105 105 IO5I4 104*4 107 6978 66U 69*4 69ia 74 65*4 65*4 73 66* "e’oij 7H2 74ig 67*4 70i2 70i2 7612 76 81 54 55 52 52 54 54 58 *65 57 58«2 517s 5178 52 55 61>2 6H2 68 80 66 6H2 65*4 60 67 67l8 67ig 68 83 83 85b 81b 83 84*8 8514 82 80 81*4 83b 80lS 83b 80*8 82b 7978 9778 1O112 98 101*8 98b 100b 97b 98*s 88b 85U 87*s 89*s 86*4 89U 86 106 94 95b 105 67 90 66 67 68 70i2 «73 63 67 62 69i2 72 59i2 62i4 61is 69 65i2 70 72i2 74 73 74i2 73l2 75*4 73 75 65 75*8 72 99*4 IOOI4 100 100 100i8 100*8 100l2 100l2 87 87 85 10212 102l2 102 93 70 69i2 7H2 7H2 7D2 7U2 63 67i2 63 69i2 109i2 109*8 110 107 107 107 72i2 71 73i2 70i2 72i2 71 78U 80 81 64 100 100 99b 99b 105 105b 104 104 94i2 94i2 93b 94 102b 102b................... 86*4 87 104 104 10078 101 1061s 94 10078 10114 106is 94 104*8 104*8 IO4I4 104U 100*8 101i2 82U 82i4 84b 89 98b 101 62*4 69 67 67 75 74 99*4 101»2 99*4 101 77*4 82*8 77*4 81 84 87b 83*8 86I4 98b 100*8 98b 99 62*4 68b 63U 66 75 76 100l2 101 80b 81*4 85*s 88*4 98*4 100l8 66 68 IOOI4 100*4 78*4 8OI4 84l2 87 99 100 98 64i2 67*8 66’2 IOOI4 78i2 86 99U 101 81*4 88*s 100l2 71 71 7278 74b 71b 72 98*4 98*4 9978 9978 99*4 99*4 99l2 100 8OI4 8OI4 81*4 83b 83*4 83*4 94i2 94*4 947s 94*4 94*4 94U 94U 94 83b 83b 85b 85b 94 100]8 100*4 7914 80l2 84l2 86>4 9812 100 100i8 7978 84 9778 58U 63 59 102 102 95 96 95 102 99b 100*4 83*4 100 95b 94 103 101 88I4 90*4 9012 91 107b 108b 103 105 8778 9178 86l2 86 96 95b 65 65 76 47b 82b 89b 90U 91 91 108U 109U 103 105 89 91*8 88b 89 107b 103b 89b 70*4 *6978 72i2 70 68 98*4 103*8 103i2 83 83i4 85U 99 95*8 96’4 103i2 102 102 102*4 102*4 100*4 103 10278 104 99 IO6I4 107 9778 98i2 99*4 100 60 60 105 1067s IO6I4 IO6I4 105»2 10512 103 100 103 100 100 100M 100 100*8 100i8 101 103i8 103 103 102l2 102l2 100 100 100 100 83* 83" 8U4 8U4 82 84 71*4 72 7712 ion2103 *82 84*4 98 99 84 84 84 88 88 94i2 94i2 93*8 94 96i2 96i2 101 101 101 101 100i2 IOU4 80*4 80*4 791*4 80"i2 7914 82l4 92 30 94 30 53 93 33 92 93 9112 95»2 33 30*4 31*4 31 101 100 9914 99*4 99U 101*4 94 94 62i2 63 92 30 92 94 62*8 63 4712 47*4 45 93 100lg 103 102l2 102*4 84i4 84i4 s9878 s9878 95*8 93’4 96 36U *104*410518 103 103 *99l2 s9912 60 60 106l2 1077g 105i2105l2 101l2101l2 10212 102l2 103 101 102l2 102b 86 95b 95*4 95*4 65 63 65 66 68 76 78 78 53t4 48 42b 49 82b 98l2 100 101 74 74 96b 9478 94*4 97b 94*8 96*8 94*8 95*8 95 93 9414 93b 93b 94b 94b 95 95 95 8812 91 89 90b 88b 89*s 89*8 91U 89 86b 95b 65 76 47b 68 S98U 82 98 9414 102 102 100*8 100*8 9912 101 101 83*4 100 95*4 93b 9478 94 29 101 98*4 99 66 102i2 103 8414 86 89*4 *90*4 102*4 10314 84 106*4 106*4 102*4 102*4 102*4 102*4 100 100 100 100b 100lg l00l8 100*8 101 100U IOOI4 102 102 103b 1o3>8 103 103 102b 103b IOOI4 IOOI4 10018 100i8 100 101 66 105 105 9978 100’2 sl01l2102 78*4 82*4 s8178 86*4 84i2 8778 87*4 9078 9712 1017s Jil01l8 03*8 75l2 7512 99 106b 9978 100i8 78l2 80 83*4 85*8 9612 9778 62l2 60 99l2 99i2 81 81 102*8 103*4 103l2 103b 104U 104b 103*4 103*4 10378 104*8 103*4 104U 103*8 103*4 102 106 100l2 8012 85*8 99k 94 64 63 74 74U 49U 50 93 72l2 72l2 45 45<g 43 101i2 100 9l" 9l’ 89 89 97l2 98 102*4 103 83 86 99 99 95 98*8 34 35 89l2 90 101 101l2 101 103 94 64 80 6514 89i2 90i2 93 93 90 92 98 98 10312104l8 86 871* 94*4 99 " 90 98" 10278 10312 102t2 102*4 98's 98*8 99 65 63 63 85 87 55*8 68 87*4 87*4 100 99U 100*4 100*4 100*4 100*8 100*8 9678 9478 96U 95l2 9114 88i2 90i2 86i2 89>4 90 89*4 91b 89i2 9214 8714 89U 89i2 91 90 91b 88i2 91i4 88 108b 108b 109b 108 109i2 108 IO8I4 104 103 104i2 10314 106 104l2 105 91*4 87l2 8878 9078 90 91*8 89 87*4 87*4 103lg 103ls 92l2 94ig 92l2 96 93 93 90i2 88l2 92 93l2 96 9578 98 s92 94*4 91 9314 92*4 94 85*s 86*8 84>8 86 88 89 87 88*4 08 108 108 108 103i8 1017s 102l2 87*4 89 88I4 89 85*s 87*4 87*4 92U 108 IO8I4 100i2 103 >8 88I4 91k 93 95 88 89U 89 85ig 88 10778 103 8778 87 88*4 108l2 104*4 89i2 102 102 86 86 87*4 91*4 9112 9314 108 108*4 104l2 106 91 94l2 102 96*4 9778 93ig 93*8 S912 91 9H2 92*8 10Sl2 108*8 105*4 106ig 92*4 93l2 IO2I4 102 102 93*8 93*8 42i2 42i2 96i2 94 96 94is 93U 9478 93 96b 97*8 95*8 96*8 94 95b 99b 96b 99 97 100 98U 1007s 98*4 100 99b 101b 100i2 102i2 100i2 101U 100 10U2 100 101l2 95i2 91*4 95i2 90 90 92^*8 86 94 94 94*8 88 91*4 90 90 93b 92 8978 8978 65 65 2278 29 25 32 18i2 31 25 34 22*4 27 19*4 22l2 16*8 19 22 22 26l2 27 21 2H4 17*4 17*4 18i2 19i2 20 22b 27 21 20b 22 14U 15*2 19 21 20 2214 23 24b 19*8 I6I4 17i2 22* 30 19 30 20 2378 19>2 25 17 28*4 18 2114 18k 14i2 16J2 92 94 93i2 96i2 99*4 102 100i2 103's 97 88 9178 90lg 897s 8978 12 20 14*4 22 12U 18*4 14U 22 11 17 14l2 15 20’2 14ig 22lg 18h 12l2 20U 99*4 99*4 «S-2 7oJ78 32>2 47*8 91 104>4 3U2 4514 100 100 s Optien sale 95*4 98*4 96*4 98l2 102l2 104*8 Sl0278103*4 96 100 97*4 9914 9312 93l2 102 102l2 102l2 102U 109 40i2 50 99 107U 41l2 48*4 101 101 10314 101*4 106 42 45 99t2 101*4 40l2 42 101l2 10H2 197 RAILROAD AND MISCELLANEOUS BONDS 1915—Continued. August September October November December July Map June January February March April Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 834 6 60 834 9 »8 12 65 *2 6534 8434 87 .... 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 MISCELLANEOUS Adams Express—coll trust..4 Alaska Gold Mines—1925....6 Armour & Co—1st real est_.4H 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 8 1 9’b 50 8i2 8 IOH4 102i2 S3 84 99«4 100ift IOOI4 1001? 1001ft 1OO12 100i8 10012 827g 83i2 90 90 100 767ft 73 74 26U 28 25lft 977s 98 9978 100 98 98 17ft 5i2 2 4 3 4U I4 38 li2 12 803ft 60]4 60b 66’2 66i2 1’2 5 212 1 100 99 100 99 75 3ft !2 3 13ft H4 1 1 «4 5ft 13ft II4 12 14 n2 14 % 2 8034 82 1 2 1=8 1 214 b ’4 14 8034 8034 7ft 6 2 2 2i2 584 1 23ft 12U 1214 2i2 2l2 5 12U 1214 2l2 2 4l2 1 12 1 12 n2 12 81 76i2 2i2 4^2 27ft 15g lift ’8 114 8234 8234 85 91i2 91l2 72 76 67i2 69 67i2 6934 69 70i2 7034 72l2 717s 76 68 102i2 102 102i2 102 10214 102 102i2 102 102 10234 10312 103l2 104 7534 757ft 741 2 8U 2 82l2 75 741 2 78 80 77 76i4 76ift 76*4 20 20 98i2 96 96 101 101 100 100 9634 9634 947g 96 6434 50 70 72l2 49 52 55 63 69i2 73 55 5114 5234 5234 53 88 88 82 82 88 89 823ft 85 877ft 861 4 88 82i 2 82 84i 2 86i2 84i2 85i2 81 82 81 8H2 893ft 895ft 893ft 87 83 82i2 83 85 .... .... 8312 85 83 .... 85 68i2 66 102l2 IOH4 76i2 76 17ift 98i2 10234 IO2I4 103 10034 1O212 100’s 102 80b 80 81 80 80 99i2 100i2 997ft 10014 99»4 lOOig 9934101 101 793. wni? mi ioon 101 99 100 99 993ft 995ft 993ft 81 8d2 73 73 75 75 73 73 9234 9534 957ft 94 957g 9412 95 73i2 69 73i2 78i2 73i2 75ift 71 7734 79i2 7412 775s 775ft 9778 98U 973g 98 91 89i2 88i2 90 88 90 9034 .... .... 89»4 91lft 88i2 101 7 803g 101 1033ft 80 81 993ft lOOig 1005s 1007g 99i2 IOOI4 997ft 100 74i8 767s 74i2 79 977S 98 7 7ft 7ft 7ft 7o 84 84 58 8134 65 65 64 7H2 68i2 7184 65 69l4 65 101 102 101 IOI84 10134 1O234 1007ft 76 75 75i2 75»4 76i2 76 75 17is 100 100 100 100 92 92 6512 65 65i2 64i2 66 65 65 84 84 8534 87 85’4 86i2 86l8 8684 8434 84l2 8514 84»4 84ift 85i2 851j> .... 7978 74 79i2 74i8 75 265s 28 29i8 27*8 29 7514 73S4 983« 9784 91 91 7i2 7o 8134 100i2 102Sg IOOI4 10212 101 1013ft 82 8.51 *> 80 83 8312 85*4 99i2 100 9912 997ft 987g 100 wnn ini 1005# 1005« 10012 10012 1001ft 10034 100 100l2 1OO18 10U2 99i2 9934 1001410014 1001ft 1003ft 8284 82l2 83 83 82i2 8212 76 78 76 77 9438 96i2 96 97is 96U 97 72i8 70i2 79 6534 72i2 68 Nassau Elec guar gold_____ 4 Chicago Rys—1st 1927_______ 5 Det Unit—1st cons '32 g___ 4H Havana Elec—cons 1952______ 5 Hudson & Manhat—1957 A___5 75 Adjustment inc 1957_______ 5 26i2 N Y & Jersey 1st 1932............ 5 73U 7334 Registered . 97 ’ Registered____________ 97’4 Manhattan Ry—Cons gold 4 88*4 88^8 Metropolitan Street— Bwaj & 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^ Mlnneap St Ry—1st con 1919.5 Montreal Tram—1st & ref A. .5 94ig New Orleans Ry & Light__ 4K N Y Railways refunding____ 4 7H2 Adjustment Income________ 5 61’ft N Y State Rys—1962.............. 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 79»s Adjustment Income________ 5 753g Third Ave RR—1st 1937............ 5 Tri-City Ry & Light—1st......... 5 95 Underground of Lond—Inc..6 United Rys Inv—Pitts issue..5 United Rys St Louis 1st______ 4 United RRs San Francisco__ 4 Virginia Ry & Pow 1st________ 5 58 1001a 102 1001a 101 985ft 9914 98i4 100 99l2 98 80 80 79 81 80l2 80i2 80’2 79 73 75 ’9434 93 95ift 94ift 71 69 7312 71 lOUft 102i2 10214 103 1031s 1033s 797s soi2 7934 81 9934 1003ft 1001ft 1007ft IOOI4 1003ft 1001? 1003a 99is 99 99i2 99 80 79 80 76 94i2 94i2 72i2 75 100 9934 9912 100 80 8OI4 80l2 75 77 951ft 95U 71 74i2 101 10114 82l2 82 76 967ft 773ft lOOig 100i2 100 1003ft 82l2 83l2 75 97 74 87 72 ?i.l2 787ft 74 73i2 70 71 701ft 72 70 71 76 7634 72 26i2 2412 26ift 24i2 27 24i2 29 2RI4 3334 30 2734 25 2514 27 lOOU 76>4 73ift 746ft 7414 76’4 7^8 78 79 75U 777ft 74ift 7534 73i2 75 7334 7334 76 963ft S977g 97 9634 975ft 96b 9734 9614 97 9812 985ft 97U 98 99 98 82 <55i2 s9H2 87 88 84is 86 91 88i2 87 87’4 8714 90 89 92 86 88i2 85 85 9U2 93 88i2 867ft 90 86 9114 88i2 89 9734 9784 97i2 97i2 9934100i2 98i2 9812 97i2 9734 9734 99 97 94 99 97 1011a 1011a 10Ua 1011a 9934 IOOI4 100 99 100 100 993ft 99 98i2 99’ft 99 75i2 975s 785s 87 76i» 3H2 lOOU 77l2 76 9934 925ft 923ft 100 98^2 997g 925s 925s 94>s 9414 78 7234 71 55«s 53 94U 78 7278 707j 72 715s 7314 70 54S4 50 555s 52 5312 50 84 84 86 86 90 7314 70i2 7112 70 53l2 50 52l2 50 71 52 843ft 99>s 99>s 82i2 80 81U 78i2 1051ft 97U 96«4 555s 47 825s 8OI4 1061ft 97is 51 100i2100i2 90 91i2 s78 S78 683ft 703ft 68 7014 68i2 70 697ft 7413 723ft 741, 62 57t2 53 48>4 5OI4 48S4 51 47 51’4 49 95 80 100 90 95 95 97 80 65 68 69 70ig 70 60 72 61 74 75 40 43ift 41 50ift 46 82 495ft 45 84 86 50 86 63i2 63i2 505ft 44 48i2 42 883ft 8884 88 10414 10334 i04i2 103 104 97 97 1095s 1153s 11178 114 112 114 991a 100 103U 104 10158 102i2 102i8 103 1021ft 103 103 103 843ft s9512 100 100 100 82lft 80 8U4 78i2 81 8034 8214 8U2 82ift 81 78 79 78 81i4 8014 84ift 84 85ift 785ft 7514 77 80ift 82 7712 80 767s 793ft 76ift 7934 79 75 79U 76 7512 77 80i2 1053ft 1053i 106 107 1061a 1061ft 106 1065ft 106 106 1041a 1041a 10612107i4 963ft 9434 95 9612 965ft 96 97 957ft 9534 965ft 97i2 98i2 95 9514 95’2 9534 96ift 95 593ft 59«ft 45 5014 40 8912 8912 95 1043ft 103 43 88 103i2 103 104 103 1031ft i04l2 103 8234 8412 7834 81lft 107*2 107l2 975ft 991ft 70 70'ft 60i2 60i2 64 59l2 413ft 42 49 90 86 90 6<t 591j 47i2 91ift 103 1035ft 103i2 10384 sl0312!04l2 104l2 105 11314118i2 11334 118 11512 11714 1151ft 11634 11512 11634 115l2118 99i2 9912 100 100 1003ft 1003ft 1001a 101 117 120i2 U834 120 1197ft 127 100 1005ft 981? 102U103 IO2I4 103 IOII4 1025ft 102 1025ft 102 102 103 IO284 1017ft 102i2 102l2 103 1025ft 10312 1001a 1001a IOII4 IOU4 102i2103i2 103 103 1023d 103 1033« 1033ft 104 ____ 113 113 ____ ____ 113 115 115 102 IO414 104 113 113 102 104 113 1168. 1181a 88 IOOI4 101 10034 101 10034 101 10012 IOH4 100i2 IOII4 98i2 98 99 100 101 9934100 97 9934100 91i8 9114 91ig 9n2 91ift 913ft 915ft 915ft 90’s 91 877a 88 877a 101U 103i2 10278 1033s 102 10314 102 1025ft IO2I4 10314 845ft 8212 843ft 827ft 84l4 82 83i2 855s 83 84lft 1061ft 106b 99U 995ft, 91 933s 92l2 93 88i2 91 9158 9234 921ft 94 110 11 li2 114 114 114 114 100i8 101 1005s 101 10034 10U2 101U 10U2 10134 103 10U2 102 1001ft 100U 100 100 95 95 114l2 1005ft 102l2 997a 95 100 101 89 96 99 100 89 90 102U 102b 70’s 73 -__ 87 83 -__ 87 85 95 93 93 101i2 101»4 102 104 102 " 102 11312115 115 113 113 124 126 126 120 121 871? 87*2 R71o R71n 8A1a RRU 101 101l2 100l2 1011ft 1007ft 10114 1007ft 10114 997ft 9914 100 100l2 lOlh 9914 99l2 99 90 90 90l2 905ft 905ft 91i2 9134 9214 101 104 113l211312 113 L21 121 122 925ft 71 118 90i2 85S4 87 86 72i2 1197ft 92l2 8534 90 867ft 70 118 905ft 85 86l8 86 100 71ift 130 92ift 85 89 86 100 7134 130 9134 8514 8512 85 73 150 9214 85i2 86 87 101 102b 72 7314 125 144i2 913ft 9212 8534 85 85l2 88 865ft 85 102L» 10214 101 102 75 131 116 1175ft 114 1005ft 1003ft 1007ft 10U2 102 102 101 10U2 9934 9584 95 S96 92 102 925ft 1121o 1171« 94is 9534 963ft 97 99l2 99i2 92 74i2 76 76 135 135 127 9112 917ft 9U4 84l2 85 85 85 84l2 85 85 84 74 131 9U2 84 84l2 9334 95 114 997ft1005ft 997ft 10014 lOOU 101'ft 101l2 100’210U2 101 1001? Toon 99l2 99l2 9934 9534 99i2 99i2 97i2 97i2 1 027a 1 03 1025g 1025ft 1«5 115 12534 1253ft long ion2 1007g 101 917g 92 IO2I4 103 ' 1011ft 1025ft 101i21031ft 10234 105 10314 105 813ft 8n2 8312 83l2 857ft 8412 853ft 81 8K4 80 107 10712 100 ini 100 100 99 10034 1001? 101 101 101b 9934 9934 92 102l2 102i2 1033r 1033a 98 10212 10212 90s4 93 931ft 94i2 9334 94i2 927s 94 11434 114 115 1013ft 10034 1003ft 10012 101 10212 101 101 1003s 100 100 88i2 88i2 89 96 1023ft 1011a 1025a 104 113 113 1171a 118 11Q1? 120 871* 87lo 10034 IOII4 100121O112 9912 100 99i2 100 __ 9U2 91l2 103 103 1033ft 10312 1027ft 103l2 82l2 83i2 81 8234 107 L07 995a 1001a 100b 101 102 104 < Brooklyn-Un El 1st g_____ 4-5 Stamped guar_________ 4-5 Kings Co El 1st 1949_______ 4 55 59 55 58 6612 8»4 834 9’ 7i2 9i2 5 8i2 7 6884 54 1027s 1027g 78i2 78i2 STREET RAILWAY Brooklyn Rap Tr—1945 g. 6014 60U 59 7234 66 66 634 6 6 8 7 C O 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............................ 2d g 1954 Tr Co ctfs dep__ Washington Term—1st gu.3}3 1st guar 1945_________ 60 # __ Wabash—(Concluded) Omaha Dh 1941 gold..........3^ Tol & Chic Div 1 st g...........3 M 111 s Option sale 114 114 102 1025ft 1021ft 1021ft 1017ft 1025ft 10238,10212 100i2101 1001ft 1001ft 91 91 95 98’ft 9314 9334 94 997ft 100 ' 99i2 99i2 100 100 98 102 102 102 80 130 917ft 86 75 76 L26 135 9U2 9214 87 87 8014 78ift 825ft 77 126 137 117 127 915ft 9214 92 93l2 87 88l2 88la 87 89 89 847ft 85 85l2 88 113 119 85 115 116 96i2 971J 10378 1033ft 103b 82 84 1121ft 118 9214 931ft 88*4 88»ft 87ift 88 1387ft 136 141 1285a 137>s 13788 1373ft 817s 83i2 80i2 835ft 198 MISCELLANEOUS BONDS 1915—Concluded. January February March April June August September October November December May July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 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._.4J.$ New York Dock—50-year..___ 4 Niagara Falls Power_________ 5 Nlag Lock & Ont Power—1st.5 Ontario Power N F—1st______ 5 Ontario Transmission_______ 5 Public Service Corp NJ______5 Ray Cons Copp—conv 1921..6 Tennessee Copper—1st conv.ft 98 99 98 98 97 99*s 99 100*8 9434 97*8 97U 98*4 33 30U 38 3512 33i2 34 98 101 100i2114 98*4 113*4 33i2 37l2 34 36 100 111 100 112l2 112 3718 37*2 140*4 140U 45 45U 115 134 115 131 4134 46 4014 45 105 101 12 108 6 103 120 120 40*2 42 135*4 135*8 5414 54 124U134 123 134 5312 57l2 53l2 58 7 104 101 91*4 94 9514 95U 90 90 90 86*g 89i4 87*2 103 106*4 105 9114 95*8 90 88*4 107 75 75 100*8 100*8 8912 89^2 94" 95 93*2 94 71 71 10014 101 100 8 10414 101*2 10334 10334 106 10334 105 104 107 103*2 105 97 100 139 170*2168 190 168 187 139*2 170 167*2 186 172 189 68*2 79 76*2 83*8 83*2 96*2 68 78*4 76 83*4 83 94*2 76*8 76*8 62 70 69 77 82 90*4 89*4 91*4 91 92 s91*4 96*2 89 89 72*4 72*4 7434 74*8 73*2 75 100 " 100 101 101 90 90 90 90 92*2 92*2 94 95*2 89*2 89*2 86*4 88 87*2 88*4 88*2 91 112*2 125 125 140 126 137 122 136 117 125 102*2 104 102*4 104*4 99*g 997j 176 185l2 1763a 185 94 97*2 92 973g 89 87 88*4 88*4 90*4 89*8 91*2 9812 95 97 97*2 98*2 99 101 103 100*8 103*4 103*4 10434 104 109*4 100 101*4 97 97*4 96*2 97*2 97*2 99*4 96*4 96i2 97i2 96l2 97 95 95 100’2 100i2 101 101 10034 101*8 101*4 101*2 99 98i2 98>2 98*8 99 98 98 98*2 99*2 9934 9934 90l2 9U2 100 100l2 IO6I4 107l2 IOH4 102ig 98*2 99*2 41 42 53 36 57 36 40 51 53 36 37U 44 40*8 42 88*4 91k 90*2 92i2 91*s 91*8 91U 92l2 89*2 91*4 90U 9134 89*4 91 101 4 102 100 131i2147*4 130 147*8 58*4 73i2 58 73 52 65U 89*4 90l2 72 100*8 100*8 100 72 101 9234 94*8 94 94i4 9314 94 8618 8618 87*4 86i2 87 87 8834 87ig 8834 87 " 88*2 87 86I4 87 104*8 11012 110 130 112l2122i2 119 128*2 114 120 11234 119 86I4 93 94*2 9514 95 9514 89 89 89*8 903g 120*4 129 118 124*4 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.. Pacific Telep & Teleg—1st 5 Southern Bell T & T—1st....5 West Union Teleg—1938____ 5 Fund & real est 1950 g__ 45^ Northwest Tel gu________ 4)^ 87 95 96 98*8 95 89 95 99*8 99 97*8 8734 89'g 9134 9334 97 IOOI4 98*2 98*2 96*2 97*2 87 93*g 9734 9812 96*2 88I4 9414 100ig 99 97 8734 8914 94U 96 99 10314 98*4 98*4 96 " 97 87 89*8 92 95*2 99 101*4 99’8 99*8 96 96*8 87 88*2 86l2 88>8 88 ,95 93 95 92lg 96 100 103 99*8 101l2 101 96 100*4 100*1 100 100*2, 97 U 98 98*8 98*4 99U 99U 99 98*4 98*2 98*2 99 99 100 1011a 1011a 9434 9434 96*4 96*4 88’g MFG. AND INDUSTRIAL Amer Agric Chem—1st ’28—5 Conv deben 1924__________ 5 Amer Cotton Oil—Deben._4J4 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 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-----------4J^ General Electric—1942------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____________ 1951..................................... Registered_______________ 5 96U 97*8 98 97 92 99*8 101 100 95*4 97*8 99 97l2 91*4 102*8 100 102 9534 96U 97*8 97 9212 1001a 91 102 85 10414 120*8 97*d 61 1003,. 98*2 85*g 120*8 97*4 62l4 10034 100 88 121ig 121lg 98*8 98lg 62 59 101 101 993410014 86*2 89 ig 120 120 120l2 9714 97*4 97 65 61*2 64 10034 99*8 101 100 ’ 87 89 88 100*4 91 103 86 105*4 97*2 98 97*8 97 933S 10034 105 92 933a 10014 1003g 93*8 9334 102U 103 88 89*2 104l2 10514 92l2 92l2 100 100lg 93i2 94 10U2 102l2 85 83 10U2 104*8 120l2 97 70 102*4 100l2 91*4 95l2 96 97 96 91*2 97*8 98 98*2 96*8 93 100 102lg 92 9312 lOOlg 10012 93*8 94 102 IO2I4 89*2 89*2 104*2 105l2 89 65 99 122 100 102 12214 124 100 102 99*8 101*2 100 122*8 124 99*8 98 94 90 95U 93 90*2 89 99 96*2 93 93 90 100 74 20 lOllg 99*8 9934 90 76 20 1O212 102*8 102U 95i2 121*4 122*8 122 9934 1013g 99*2 100 9614 96 *4 95l2 100lg 95 97l2 97 lOOlg 92l2 93 92l2 9314 98 94 10U2 lOOlg 101 96 90 9212 89 97*2 66 99*8 91 96 92 93*4 90 IOOI4 72 IO2I4 102*8 99*8 101*8 9934 10134 89 95U 96 90*8 93*4 90l2 9934 75 76 101*8 100 993a 89 102*8 102 102 913g 99*4 91*8 98U 953g 92i2 99iS 56*4 87 U 74 101*8 100*8 83*2 99 100 79 51 52 90*2 68 95l2 97*8 97*8 95U 91*8 94l2 97 97 95 92 95*8 97*8 97l2 97k 92l2 97*4 97*2 97*2 98 95 98l4 98*g 9914 100 99 100 01 10U2 94 95 102*8 101*8 102*2 98 96*4 97*8 100 95*8 95*8 98 103*4 si 03 1 0438 85 85 89 111 107*2 115*2 1017g 102l2 96*2 97*8 95*4 896*2 97*8 s97 97*2 119*2 119*2, 119*2 119*2 94 94 94 94 6034 64 60 64 56 61 64 66*2 61*2 53i2 56 104 106*4 101 100*8 IOII4 101 103 101 102*4 10134 102*4 102 103 " 99 102'g 99*4 1003g 99*8 100*2 100 1013s 95*8 9334 98 100 100 9934 99ig 99*8 99*8 100 99 100 99*4 10134 100*8 101*8 97 98*4 119*2 119*2 99*8 101 92*8 9318 IOOI4 100*8 91lg 93*4 102 102la 84 84 105 106 100 100 96*2 96*8 97 97*2 91*8 99*4 101l2 100 101*2 101 92l2 93i2 94 94*2 94*4 100’4 100>4 100*8 100*8 100 91l2 91l2 91*2 93*4 93 102*8 103 102*8 103*2 103 81l2 8H2 83 83 83*2 105 107 105*4 107 106 97*4 98*2 98 99*4 93*2 95 117 95*8 95 99*8 6734 9514 74 10434 100*4 8634 IOH4 100l2 80 60 60 9212 75 119i2119i2 119*2 119*2 96ls 96is 92*8 94l2 99*4 99*8 62 65*8 93l2 97 74U 74U 101l2 103 85*8 8634 100*8 100*8 100 100 79 80 58 60*8 63 56 91 92l2 7034 75is 93 94*2 99*8 100*8 64 67*8 94*8 103 75 76 101*8 103 100 100 86 88 1003g 101 9934100 79 81 60 65*8 60 66 93*2 9534 74 85*2 96*8 96*8 94 94*8 100*8 100*8 63*2 68*8 9934 104*8 76 76*2 101 103 100 100*8 86*4 87*4 100*2 101*2 99*4 101 79 79*4 61*4 65*2 61 66 94 95*8 83 95*2 96*8 9034 92l2 90 98*2 74 76 30 30 10218 103*g ion21021a 10114 10212 91*2 95 lOOlg ___ 9214 83 97*2 97*8 102 66 67 " 106 106*2 10212 103 101 102 10012 101 96*8 96*8 94*4 96*4 100*4 101 67*2 75 101*2 103 76*2 78 102 104*8 97*8 98 94*8 97 100*8 10134 68*2 73*8 10034 102*8 78 78*4 10438 106 98*8 98*g 9534 96*4 IOU4 1017g 71 73 101 102U 78*8 79 S8634 88*4 101 102*8 100 101*2 79 80 62*2 63 62*2 64*4 9334 95*2 91 97 88*4 92*8 101*2 102 101*2 102*2 80 82 70 70 62U 77 95*4 98*2 89*2 95*4 90 101 102 82 121*8 123 122 122 122 101*8 102*4 100*2 101*2 101 123 96*4 97 l033g 104*2 88 88*2 124 92 1017g 102*2 84 73" 7512 98 983g 9114 94U I24’ 124 126 124*4 124*4 1007g 102 100*2 101*2 123*2 124 125 102 121*2 121*2 123*2* 123 121 100*4 99*2 100*;. 100*8 101*8 100lg 101*4 10012 lOllg 100‘4 102l2 100*4 106 105 107 107 107*2 106*8 110 108*2 123 102 102 101 104 105 107*2 106*2 108*2 108 124 931’ 94l2 94*2 94*2 94*8 94*2 95 96 95*8 95*8 95*4 97 93 83 98*2 9734 98ig 97*2 98 98 98 98l2 98*2 103 98*2 91*2 93*8 92 100 98*4 91 9212 90k 99U 98*4 91 9334 92ig 100 ____ __ ___ 9214 9314 89l2 92 99*8 lOOU 70 72 102l2 100*8 100*8 95U 103ig 102*8 IO2I4 96 72 25 1023g lOllg 10112 95U 75 SOU 10318 1O212 1 0234 97*2 69 70l2 28 28'4 10112 10212 101 10212 101 10214 95 97 97*2 90 92*8 91*8 100 80 70 25 102 102*4 102 95 97*2 91*8 9534 91*8 100*4 80 70 26 102*8 102*8 10234 96*4 10034 101*8 10012 10134 10012 101*8 ioo3S ion2 100*4 IOII4 101 102 IOOI4 101*8 100*2 101*8 99 90 94 89*g 92 ig 92 98*4 1043g lOllg 1041a 103*8 105'2 105 105-2 90*2 94 1037a 1041a 104 105>8 104*8 105*4 109*8 114*4 110*4 119*8 98*4 98*2 99U 99U 9914 99M 99*2 lOOlg 99*8 lOOlg 99*g lOllg 1003g 10034 10034 100*8 Certificates of deposit. Conv s f issue of 1915______ 5 10-year coll notes 1917__ -.5 94 96*4 97 96 91*2 96*8 99 98*4 99*8 97*8 99 9934101 93*2 95*2 100 101 02 93 100*4 1003a 93*4 94l2 ion2103 85 82 10434 106 95 95 51*8 94 97lg 97l2 95 91*8 122*8 12134 122*8 120i2 12134 119 121 119*8 120*4 120 1211a 121*8 117 117 121 9934 99l2 100l2 99*2 100*2 99 99 9U2 93*4 92 100U 9I14 93 91 99U 97 97*8 98 97 92 122U 124 121*4 12312 12234 123 123 123 99*4 100*4 99*2 10U2 10012 102l2 99*8 102 99*8 IOOI4 98*4 IO0I4 99*2 99i2 98*4 110 104l2 IO8I4 98*4 99 102 110 102 108 9234 92*4 9314 93U 93U 92 84 84 85 85 83 83 9814 98*8 98*8 99 96 98*2 9212 98 94 9634 98 90 95*2 90*8 9214 89 97*8 75 72 9134 96 9712 96 9U2 931? 93b 115 " 115 117 61*2 69l2 102*4 103 9934 100*8 90U 91*8 99la 991a 99*2 9734 9914 98*2 99*8 98*8 993g 98*2 99*2 9734 9434 96 96 97U 95U 9614 95 96 96*2 94 92l2 943S 92 931r 92 95U 93U 95U ___ 95 95 98 9Sl2 96 96*8 96*4 98 5412 46*4 52 56 51 46>4 56*8 51 59 8434 84*8 88*2 87 89lg 88 90*8 89 90*4 74*a 74*8 7434 79 78*8 78*8 105 102 104*2 10212 10312 103 104 102*2 105 1011a 10118 1011a 101 10138 101(4 101*8 83i2 84 87 82*g 85l4 84 86I4 82*g 84 100l2 99 100ig 9914 9934 99*g 99*4 99 IOOI4 IOU2 100 IOII4 100 101 lOOU 101 100 101 82 7934 80 79*2 79*4 79*2 80*s 78*4 80 43l2 46 43 50 ___ .... 50 47*2 50 45 53 90l2 89U 91 90*8 9314 90*2 9234 89*4 91 ___ 70 69 75 69 72*8 69l2 71 100 100 100 124l2 122*4 12412 1223g 123 122l2 123l2 123 124 103 1003. 84 99 10012 80 38 Railway Steel Spring— Latrobe Plant 1st s f 1921..5 Inter-Ocean Plant 1st 1931.5 Repub Iron & St—8 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—8 f 10-60-year........... 5 Registered____________ Va-Caro Chemical 1st 1923__ 5 Conv deben s f 1924_______ 6 Western Electric—1st. . .. 96*8 97*8 98's 97*2 93 90l2 101 93*8 10314 85 104*2 5U2 84 Nat Starch deben 1930______ 5 National Tube—1st 1952____ 5 94*8 96*4 9714 96 90 90*2 99*s 92l2 100*2 80 103*8 96*8 9784 9434 93 Registered__ 1951.................. Registered . Mexican Pctrol- 94*2 97 i8 97*2 9634 90 98 101 99 99 102*4 102 97*2 91*8 94 91 101 97*2 91*8 95 92*2 103*4 97*2 98*2 98*2 100 9234 95 91*8 93 94Sg 97*4 94*4 95 93 95 94*4 97 102*2 105*8 104 106 70 70 26 26 102*4 103 101*2 102*2 101*8 102*2 94*2 9534 9534 99*4 101 101*8 105*g 10534 105*8 1053s 114 125*2 101 101 65 68*8 70 77*2 25«4 261* 26 26 102*2 103 102*8 103*8 102 104 1033s 105 101*8 103*2 103*4 105 95 98 97*2 99 98*8 102*2 101*4 103*8 101*4 102 101*2 102*4 105*4 105*3 105 105*4 100*2 1003g 102 100*8 lOllg 103 S101 103*2 10314 104 125*2 149*2 130 101 101*8 101 99*4 99*g 95 95*2 9# 97*g 95 97 104Sg 10514 7# 80 74*4 75*2 23 23 102*8 103*g 10314 104*8 103 104*2 98 98*g 102 103*8 10214 102*2 105 105lg 144 134*8 140 101*8 101*4 101*8 COAL AND IRON .... 72*2 73 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 Collie St L Rocky Mtn & Pac—1st..5 Trust receipts________ 87 72 87 73 70 .... 72 78 78 90 70*2 71*2 72 1003a 1003g 98*2 98*2 88 75 75 88 75 77 80 81*s 80 80 ___ 100 101 100*4 100*4 10014 10U2 10U2 101*4 101*8 101*4 ____ lOllg 101*8 10014 101 85 86 84 85 86*2 Ya Iron Coal & Cok-—1st... J 86 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 75 78 89 92 89 89 71 74i2 7214 7214 88U 88*2 1 87 88 86I4 87U 8684 87 82 82 81*4 8212 81 82 100*8 IOII4 10U2 85 101 101*4 10U2 85 101 101 IOH4 82 101 IOU4 IOII4 82 92 90 74i2 72 78*2 78*2 85 92*2 90 93 94 75 75 80 75 90 90 99 99 85U 85l4 86 95 95 95 78 79*2 76 74 76*4 89*2 92*8 99*1 91 88 89*4 88*4 89*4 82 84*2 101 103*8 101*4 102*4 101*8102 87*2 90*4 1027g 102*8 101*8 102 101*8 102 88 89 8U2 81*2 79*2 79’4 101 101 101l210b2 101*2 101*2 1013s 101*2 99*8 101l2 101*2 101*8 IOH4 iou2 101*8 101*8 82 85 82 85 85*2 86 8 Option sale 100*8 101*2 100*4101 101*2 101*8 101*8 101*8 101*2 101*8 101*8 101*8 88 83 80*2 S3 199 RAILROAD BONDS 1916. BONDS September October November December January February April May June March 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 Ann Arbor—1st 1995 gold___4 65 66 63*2 65*4 Atch Top & S Fe gen g 1995___4 94 95 94% 95*8 Registered 93 93 93 *2 93% Adjustment gold 1995______ 4 87 8734 87 88 Registered_______________4 84*2 86*2 Stamped_________________ 4 87 88*4 87*4 88*4 Registered____________ 4 87 87 50-year conv gold 1955______ 4 105%1071s 103*4 104*2 Convertible 1960___________ 4 105 10734 103%106 Registered_______________ 4 106 105 10-year gold 1917__________ 5 10H2 10134 101*2101% Eastern Oklahoma Div 1st. .4 96 96l2 96*4 96% Rocky Mtn Dlv 1st A 1965___ 4 86 883g 87% 88*s Transcon Short L 1st g.___ 4 89% 9034 90% 91*8 Registered_______________ 4 Cal-Ariz 1st & ref 1962-..4JS 98 99 98*4 98*2 Santa Fe Pres & Phen 1st g.5 Atlan Coast L—1st 1952 g.___ 4 9234 943S 9184 9334 Registered 93 93 91*4 923g General unified 1964____ 4^ 91% 92 Alabama Mid 1st gen 1928_ 5 IO6I4 IO6I4 106*2 107*8 9334 95 Brun & West 1st 1938 gu___4 95 95 Lou & Nash coll 1952 g___ 4 86I4 87% 86*4 87*4 Sav Fla & West 1st 1934.___ 6 S122 sl22 121 122 Sil S Ocala & G 1918 gu___ 4 99*8 99*8 8 & O—Prior lien g 1925____ 3)4 93’ 9334 9234 93*4 Registered_______________3n 92*4 92*4 Gold 1948.................................... 4 9158 92% 91*2 923g Registered_______________4 89% 9114 90 91 20-year conv 1933________ 4)4 97% 98^8 96*2 98*4 Registered____________ 4J4 983g 983S Refund & gen 1995, ser A__ 5 Pitts June & M Div______ 3)4 91 91*4 91*4 91*4 Pitts L E & W Va System. _4 88I4 90 88*2 895s Southwestern Dlv 1st g..3>$ 92 92% 91*8 92*4 Registered____________ 3)4 Cleve Lor & W con 1st ’33_ 5 107*4 107% Monon Riv 1st gu 1919_____ 5 Ohio River RR 1st 1936____ 5 General 1937____________ 5 Pitts & West 1st 1917______ 4 99*2 99*2 Buff Roch & Pitts—Gen ’37..5 107% 109% Consol 1957........................... 4)4 102 102 103" I03” Allegheny & W 1st 1998 gu.4 Clearf & Mahon 1st gu ’43..5 103*8 103*8 Roch & Pittsb 1st 1921 g..6 1075s 108*4 Consol 1st 1922...___ 6 109% 110% 10734 110*4 Canada Southern— Cons guar Series A 1962____ 5 103% 104% 104 104*2 Car Clinch & Ohio 1st 1938..5 Central of Georgia—1st 1945.5 107% 107% 107*2 108 Registered_________________ 5 Consol 1945 gold___________ 5 100U 10H2 ioi" 102" Chatt Div pur mon 1951 g__4 83% 83% Macon & Nor Div 1946 g___ 5 Mobile Div 1946 g................ ..5 102*4 102*4 Central RR & Banking Ga..5 95 97 95 95 Central of New Jersey— General 1987 gold__________ 5 116 118*4 117 118*4 Registered______________ 5 115*4 117 116 117*4 American Dock & Impt___ 5 103*4 103*4 ■Central Vermont—gu 1st g..4 81 83 80*8 81 Chesapeake & Ohio— Gen fund & impt 1928______ 5 96 98 97 97 1st consol 1939 gold________ 5 105*2 106*8 105*2107% Registered______________ 5 General 1992 gold................ 4)4 91 93*4 92 93 Registered____________ 4)4 91 91 90*2 90*2 Convertible 1930_________ 4)4 86*4 89 86*2 883s 30-year convertible 1946____ 5 Big Sandy 1st 1944 85 85 Coal Riv Ry 1st 1945 gu.__ 4 84 8434 9684 9684 Craig Valley 1st 1940______ 5 R & A Div 1st cons 1989 g__ 4 84*2 853s 85*2 8534 2d consol 1989 gold______4 82 83 82*2 83*s Greenbrier Ry 1st gu 1940..4 Chic & Alton—Ref 1949 g....3 57 58*2 57*2 59*2 Chic & Alt Ry 1st 1950 g_.3)4 433s 46 43 47 Chic Burlington & Quincy— Denver Division 1922_______ 4 99 99*4 99*4 100 Illinois Division 1949.......... 3)4 855a 87 85*2 86% Registered____________ 3)4 Illinois Division 1949............. 4 94% 96 94*2 96 Iowa Division 1919, s f______5 102*2 102*2 102% 102% Iowa Division 1919, s f______4 993g 9934 99*2 995s Nebraska Extension 1927___ 4 9784 98*2 98 98*2 Registered______________ 4 96 96 General 1958............................. 4 92«4 93*2 93*4 943s Registered______________ 4 Chicago & Eastern Illinois— Refunding & impt 1955 g..4 25*2 25*2 Trust Co. certfs of dep.__ 20 20 1st consol 1934 gold________ 6 104*4 105 105 105 General consol 1st 1937.___5 80 82% 82 82*4 Registered______________ 5 U S Mtg & Tr Co ctfs of dep 77 82 82 82 do stamped 79*8 80*8 do double stamped Guaranty Tr Co ctfs of dep 80*8 81 Chic & Ind Coal Ry 1st *36..5 24 24 Chic Great West—1st 1959___4 72*2 74 71*4 77 Chic Ind & Lou—Ref 1947 g..6 111*2 112 113 113*8 100 100 Refunding gold 1947_______ 5 Refunding ser C 1947__ Ind & Louisv 1st gu 1956 Chic Ind & Sou—50-yr 1956..4 90 90 01*2 91*2 Chic Lake Sh & E—lst 1969.4^ Chicago Mllw & St Paul— Gen Series A 1989 gold____ 4 92*4 93*4 92 94 Registered 925s 92% Permanent 1925___________ 4 Gen & ref, 2014 A...............4)4 93*2 94*2 93% 94*2 Gen ref conv 2014 B________ 5 1085s 110 1063s 109*4 Gen Series B 1989 gold..3^ 80*2 81*2 80% 80% Registered____________ 3)4 Gen Series C 1989.............. 4)4 102% 104 102 104 25-year debenture 1934.___4 92 93*8 92 93*2 Convertible 1932................ 4)4 101*4 10334 100*2 102 Chic & Lake S Dlv 1921____ 5 103% 103% Chic & Mo River Dlv.............. 5 105*4 105l4 105*2 105*2 Chic & Pac West Dlv........... 5 10314 103*4 10384 104 CM & Pug Sd 1st gen 1949..4 91% 91% 90*4 91% Dubuque Dlv 1st a f 1920..6 107*8 107*8 107*4 1073s 1025s 102% La Crosse & Davenport 1919.5 Wise & Minn Division........... 5 103i2 103% 103% 104 Wisconsin Val Dlv 1920....6 107*4 107*4 107*4 107*4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 63 64*4 63*8 65 65*4 66*8 66% 68*8 68*s 68*8 65 65% 63 65 92*8 93*4 93% 94% 92% 94*8 9234 9334 92% 93% 92% 93*8 923S 93 935s 93% 92 93% 91*2 92% 91% 92 91*4 92 91*4 92 84 84*4 86% 87*4 85 8634 85 85*4 84 8434 83% 84% 81 81 84% 85*2 83% 85 83*4 84*8 83% 85 86% 8734 85*4 86% 85 86 103 103 104 104 63 93*s 92 84*8 82 84*4 66*2 94% 92 88% 82 87 67*8 70*4 71*4 74*2 95 94 95 921; 92 94*2 94 92% 85l2 85% 85l2 87 84*2 8434 85*2 86% 84% 863g 1003410334 102 10684 104 107 102% 105*8 102% 10434 103*2 10634 105 108*2 104*2 107 105*4 105*2 1017s 104 IOI84 107 10334 107*8 103*4 105*2 101% 105*8 103l2 106% 105*4 108*8 104*2 107% 103 106*2 100*2 101*2 100*4 100*2 97 97*4 97*4 975s 85*2 87*4 85*2 8534 91*2 92*8 90*2 9134 IOI84 101*4 101*2 101*4 1013g 101*4 101*2 96 96*4 96*4 96 96*2 96*2 96*2 86*2 86*2 87*2 87*2 89*2 91 90*8 92 91*4 91*4 100% 101*4 1007s 101*4 100*2101 97*2 98 98 98 985s 106 1063s 106 106*4 933s 94 93*8 94*8 92*2 92*2 93*8 9334 93*2 94 ' 8934 90*2 89*s 89% 89" 9l” 91*4 94 10634 106-% 107*8 10738 93*2 93*2 93% 93% 85*2 85% 83*2 84% 83*2 84*2 845s 88*2 87 87*4 8634 87*2 119*8 119* 101 96 9184 93 92*4 92*4 973s 973g 97 98 97 10334 10334 104*2 104*2 92 933s 91 92*2 9 1 915s 92*8 91*4 92U 106% 106% 943s 943g 86 86*4 86 87 120 120*2 120 120 97*4 9234 93 923S 9234 93 92 92 92 91*2 92 91*4 ’»T»4 91 91% 90*2 91% 91 90 95*2 96% 9538 96*2 94*2 95*4 97 104*2 103 104 9234 9234 92 107% 107% 104 104 100*2100*8 100*4 101 100 10138 90 90 100% 101*4 9534 96% 96% 97 84 84 84 86 89*2 89*8 903s 90*2 91*8 95*2 96 89 9634 97*8 96*2 9634 963s 97*s 97*2 98*2 93 93 9238 93 923g 91*4 903s 91 90*2 9638 94*2 96 10758 10758 10734 10734 110*4 110*4 10434 103 93*2 93*2 92 1075s 108 85 102% 102% 16634 101*2 100 1007s 100*8 100% 100*4 10134 91% 9134 91 91 91 92 88 89*s 86*s 87*2 8684 88*2 8684 87% 90*2 91*8 91*8 91% 90*2 913S 90*2 91 90*8 90*8 10734 10734 107% 107% 1073s 107*2 107*8 107*8 101 101 10738 1073s 107 107 105*4 105*4 99*2 99*2 16953 lio"" 109*4 109*4 109*8 109*8 109 109*4 103 103 101*4 10238 9258 92% 103 85 92% 91*2 93 90*2 91*2 91 91 106*4 10634 1063s 106-% 94*4 94*4 8538 86*4 85*4 86*8 119*4 119% 92*4 93% 953S 96 91% 9234 9134 92*4 92 9238 92% 993s 99% 92*4 93*2 93% 94*4 93% 94*4 9234 94*8 935s 9334 89% 9034 8934 91*4 91*8 92*8 9134 9234 913s 92*s 91*2 91*2 90*8 90*8 89*2 89*2 94 96 95*2 96*? 95*2 96*4 9434 96 " 93% 95 943s 943g 94 99% 91 86*s 90*4 101 91 87*s 9034 94 94 100 100*2 00 10034 10058 101*2] 10038 101*2 100 101 9134 92 92*4 93 923s 93 91 91 91 91 85*2 87 85*s 87 87*4 88*4 87*2 88 86 87*2 8934 90*2 89% 91*2 91*4 92% 91% 92% 91*2 915g 90 90 ___ . 10634 10634______ 10034 IOO34IOH4 1013g 1073s 10738 106*2 107 105 105 10534 10534 108 108 993S 993g 10834 1OS34 102*8 102*8 110*2 110*2 1093s 109*8 101*2 101*2 101*2 101*2 97 97 108*8 108's 108*4 106*4 107*8 107*8 109*4 109*4 no no 109 109 102*2 103*2 102 103 101*2 102*2 101*2 103 10338 104*4 94*4 95*2 95 95 94*2 94*2 94*2 94*2 94 9478 107*8 10734 107*8 107*8 10734 10734 107*8 107*8 105 105 100*8 101 100 100*8 100*8 100*2 100*4 101 100*4 103 103 103*;2 103 108?; 92 9334 92 92 108*2 108*2 108*4 108*4 10134 103 101*8 1023g 84*s 84*8 84*2 84*2 10134 10134 94 11734 118 117*4 117*4 103% 10334 80 83 94 94*2 96 10378 10378 104 104 95 95 94 94 94*8 94*8 94*8 95*2 96 96*8 116 11634 11534 116*2 11534 116*8 116*4 1173s 117 11778 117*8 US 117 117*2 117 117*4 116 11634 116*8 116*8 116 116*2 115 115 115 115 116 117*8 10334 10334 103*2 103% 103*8 103*8 103*2 103*8 103*2 103*2 1033s 1033s i033g 103*2 82 83 80*s 82 8134 8134 7934 79*4 79*8 7£78 83 83 79 80*4 117 11734 117 117*2 116*8 118 953g 95*2 95*2 94*8 9678 9434 9434 95 106*2 105 106*2 105*8 1073g 106*2 107*8 105*4 104ig 104*8 104 104*2 91*4 923s 90 90 89 90*2 8978 92 91*2 93 92*4 91 91 85*4 8534 85 85*8 84*8 85*4 83*8 85*2 85 86 85*4 86 85 85% 88*4 8534 865S 85 86 9434 97*2 93 92*4 9384 92*8 95*2 94*2 98 94*4 94*8 93*2 95 85 85 85 84 84 84 84 83*4 83*4 82*2 82*2 83 84 8478 85*2----- 96 97 96% 97 105*2105% 105*2 106 96*8 97*8 94*2 94*2 95 96% 97 10484 107*2 1053s 106 105 106 105 103 103 104*2 104*2 90 91 91% 90*4 92 89*2 90*4 89 85*8 85*2 86*4 88 58 59 4484 44 46 58*2 59 44 86*2 8658 86*8 87*8 87*2 88 81*2 823S 81*2 82*8 87 82 87 87 82 82*2 88*2 88*2 5934 60*8 59*8 60*8 59*2 60*2 60 58*2 69*2 59*4 60 50 46 49% 49*4 49*8 49*8 50*2 49 48 49*2 50 9934 9984 99*4 99*4 99»4 9934 99*4 9934 99*4 9934 85 8584 85*4 85% 85 85*2 84*2 86 84 84*2 85 85 9434 95*4 95 9534 95*8 95% 95*2 96*8 94*8 95*8 102*2 10234 102*4 102*4 9984 9934 99*2 99=8 99% 99% 99*8 99*8 9934 9934 98 9 98*4 983s 98*2100 98 98*2 98 S 9334 85*2 96*4 85 87*8 87*s 88*2 83 62 61 62 5334 5478 57*8 6H4 54*2 9978 9978 9978 99<8 83*2 8434 83*4 85*2 8378 8478 853s 86*4 86 9978 9978 8634 84*s 84*s 9434 94*4 95*4 95*2 97 95*8 97 103 103*8 102*2 102*2 102*2 102*8 102*2 102*2 102*2 102*2 9984 9934 9934 9934 9978 9978 98*4 98*8 98*4 98*2 98 98*2 98*2 98*4 98*s 99 9378 947g 94 93*8 93*4 92*4 94’ 92*4 93*2 92*4 93*2 92*8 93% 92*8 93*2 95 106 93 94 93*2 943„ 93 25*4 26*2 29 25 30 25 29*4 36*2 36*2 36*2 28 35*8 32*2 32% 94*4 90*2 90*2 24 24 21*4 22*4 20*a 20*8 21 223g 23 22 20 24 24 23*2 26 107*2 107*2 20 104 104% 105 10534 106 107 107*2 107*2 79 79 75 78 853g 85*4 86*2 75 77 82 85 75 77 8434 86 85*8 8584 8534 "77" 85 23 71% 73*4 70*4 72*4 70*4 71*4 70*8 71*2 70 112*8 115 115 115 113*2 115 100 100 101 101 90 903s 90*8 90*8 89 97*4 97*4 97*2 97*2 903g 91% 92*4 91*2 9234 92 92*2 90 84*8 93 84," 85 71 69 70*4 85 89»s »6" 91 91 88*8 89*s 89*s 87 91 26 25*2 25*2 69*4 73" 7278 75 72*4 74*2 70 114*2 114*2 114 115 114 114 100 100*2 100*4 10034 83 83*2 85 85 70 70 89*2 89*2 89*2 89*2 88*s 88*g 92*2 89*8 91 89*8 90*4 89*2 90*2 96 89*2 90*4 89*8 92*4 91*2 9234 91*4 92% 92 9738 94 93*2 94 92 95*8 95 9578 95*4 95*8 94*4 95% 91*2 92*2 91*4 94*8 93*4 96*8 95% 96 94% 96 105*4 107*2 105*2 107*8 106*2 107*2 105 10634 104 106 7934 80 79*4 81*4 81 7878 79 81*8 80*4 81*4 78 78 102% 100*2101*8 100*8 101*2 1007g 103 102 103 101*2 1021;2)100*2 102*4 92% 90*2 91*2 90 91 90 6IS4 91 9278 9234 93% 92 93 95*4 95*4 94% 95*8 93% 95 93*2 94 93 94*8 92*2 94 93 94*8 92 94*4 9134 92*8 106*8 107% 106 10734 106*4 108*2 106 108*4 106*8 108 80*2 8034 80 80 78 78*8 78% 79 78 78 102% 1033s 101*4 102% 1007s 102% 101 92 92*4 91*4 92*8 91% 92*4 91 100*8 101*4 100 IOO84 100 102*2 101 102*4 1003sl02 103 103*8 104*2 104*2 102 103*8 90*2 9178 106*8 106*4 104*2 104*2 105% 105% 103*4 104*8 103*2 1035s 103*4 1035s 103 103*8 91 91% 90% 91 89*2 90*4 90*2 91*4 107 107 106*2 106*4 103*4 103% 103«s 104 107 107 < Option sale. 103*8 103*2 105 106*2 106*2 105 100*8 101 104*8 104*8 102*4 103*8 91 9178 106% 106% 102 102 103 103*8 103 103% 107 107 100 101 100*4 101*4 100 101 99*4 101 105% 105*8 105*4 10534 165% 105% 102% 103% 103*8 103* 2)103% 104 91*4 92% 92 93*8 92 93 106 106 106 106 105*4 106 102*4 102*2 102% 103*4 103-% 103% 103*4 103% 103% 103% 107 107 107 107 105 105 102*4 103 90% 91*4 106 106 RAILROAD BONDS 200 1916—Continued. January February April May June September March July August October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low HigKLow High Low High Chic Milw & St. Paul—(Concl.) Mil & Nor 1st ext.............. _4H Mil & Nor Consol 1934.. .4% Chic & North West— Extension 1886-1926________ 4 Registered______________ 4 General 1987 gold.............. 3^ Registered____________ 3)$, General 1987______________ 4 Registered______________ 4 Stamped________________ 4 General 1987______________ 5 Sinking fund 1879-1929....6 Registered_______________ 6 Sinking fund 1879-1929____ 5 Registered_____________ 5 Debenture 1921____________ 5 Registered______________ 5 Sinking fund deb 1933____ 5 Registered______________ 5 Des Pines Vail 1st 1947...4)£ Fremont Elk & Mo V 1st___ 6 Mil L S & W 1st 1921 g______6 Ext & impt 1929 gold___ 5 Mich Div 1st 2924 gold....6 Milw Sparta & N W 1st___ 4 St L Peo & N W 1st ’48 gu..5 Chic Rock I & Pac Ry—1917. .6 Registered_________________ 6 General 1988 gold__________ 4 Registered______________ 4 Refunding 1934 gold______ 4 Registered ____________ 4 20-year debentures 1932.___ 5 Trust Co certfs of dep.__ , do stamped-__ 101 1015s 101% 10134 10134 95% 96% 963a 9738 8212 84 97 80 97 97% 9758 9534 9534 96 96 98*4 98% 8134 8034 8H2 81 8134 81*4 81*2 80% 8134 80*2 81*4 81*2 8234 82*4 83% 83 81*4 81*4 94l2 95l4 94% 95*2 94*4 94*2 94% 95% 9434 95*2 933s 95*2 9334 94*2 9334 94l8 94 95 94*2 95*4 94* 95% 94*2 91*2 91*2 93 93 91% 94 94 96 96 94 95*2 9334 94 94*4 94*2 933g 94% 93% 9334 9334 9334 9334 94 95 95 94% 114% 11634 11534 116 116 116*2 115*2 116% 114% 114*2 114*4 114*2 112*4 11234 11338 11334 114*4 115*2 115 115 8 P4 83 813s 82 84*4 95*4 91% 9434 112% 112% 10434 10434 103 103 104 104 103 103 104*4 104% 104 104*8 109*2 109*2 10434 10434 10434 10434 10434 10434 10434 10434 104% 10434 104*2 104*2 105% 105*4 104% 104% 103*2 103*2 I63" 103*2 103% 1033s 103*8 103*8 102 102 101*2 102*4 102*2 102*2 10234 10338 103 103 102% 102*4 102*2 102*2 104 104 103*4 104 10334 10334 104*8 105 103% 104*4 104% 10458 104 104*2 104*4 104*4 97*2 97*2 101*2101*2 121% 121% 120*2 120*2 108 108 107%107% 107 107 108*8 108*2 108 108% 10634 106«4 106*2 106*2 106*2 107 106*2 106*2 106 106*2 111 111 111*2 111*2 91*2 91*8 913g 9138 91 .91% 9138 9134 92*2 92% 92*2 92% 91*2 92*2 92*4 93 92% 94% 92% 93% 1063g 107 107 107 10534 107 107 107 105 106*2 105% 10534 106% 107 107 10834 107*4 107*2 102% 102*4 101*2 102 161% 101% 101*2 10158 101*2 101*2 101*4 101% 101% 101*4 101 101% 10234 10234 1 00*4 101*8 102 102 IOH2IOH2 101*2 101*2 101 101*8 101% 101*2 82 8334 83*s 87 84% 85% 84*2 85% 84 85 82 "2 84 85*2 86*4 8434 86 86*2 88*8 86 88 8334 84 83 84*4 83 83% 83*2 83*2 85 86 65*4 6884 67*4 69 68*2 75*2 7234 75*8 72*2 75*8 71*8 7234 7034 72*4 71*2 77 7634 7934 74*2 78% 108*4 109 108% 108*2 10638 106% 107*2 107*2 112*2 112*2 91% 94 91*2 92*4 10638 109 108*4 109 101*2 102*8 102 102*2 101*2 10134 84% *87* 84*4 85 84 84 83 83 63*2 663S 63*4 69*2 67 67 41*2 44 43 49 56*2 63*4 60% 66*4 5634 63*4 43 47% 45% 48% 47 59 6234 6234 40% 42*2 42% 45 46% 46% 42* 43 4134 46*2 46*2 W” 54 6034 59 62% 53*2 61 41 41*2 45% 47 50 57 42 54% 95*2 97*2 97*2 97*2 92 95 95 9534 97 97 97*4 97% 56 60 54 56 58 60 58 59 55 65% 58 58 9734 9934 9934 9934 99*2 89*2 9934100 100 100 99% 99% 100 100 9934 9934 98*s 98*8 60 60 65 65 64 64 55 55 57 63 58 58 65 66*2 66 67*2 67*8 68% 6734 6734 67 68 71 71 118* 11838 118% 118% 11734 118 117*4 117*2 118*4 H85g 8734 8734 1017 g 101% 100*4 102 101*2 102 101% 101% 102*2 103 102% 102*2 101*4 102 102*2103 1O1*21O1*2 117*2117*2 118*4 118*4 118*8 118*8 do double stamped__ Coll trust Series O 1917. 4 Series P 1918.........................4 R I Ark & Louis 1st 1934.-4)3 Burl C R & Nor 1934 g.......... 5 Choc Okl & G gen 1919....5 Keok & Des Moines 1st___ 5 St Paul & K C Sh L 1st. .4)$ Chic St P Minn & Omaha.__ 6 Cons 6s reduced to______ 3)£ Debenture 1930____________ 5 Stamped_________________ 5 Chic St P & Minn 1st 1918..6 North Wisconsin 1st 1930..6 St Paul & Sioux City 1st g..6 105*4 105% 105 105 Superior Short L 1st 1930..5 Chic T H & S E—1st 1960___ 5 Chic & West Indiana—1932..6 10634 107*8 106*210634 81% 79*2 80*2 Consol 50-year 1952________ 4 80 Cin Ham & Dayton—2d 1932 4)) 86*2 86*2 1st guaranteed 1959-----------4 Clev Cln Chic & St L—1993..4 7938 81 78*2 80 85*2 85*2 20-year deben 1931______ 4H 85*2 87 100*2100% General Series B 1993______ 5 87 Cairo Div 1st 1939 gold------- 4 86 "77" VV" Cln Wab & Mich Div 1st 1991.4 St Louis Dlv 1st 1990 g____ 4 79* 84% "79*4 79% Registered______________ 4 Spring & Col Div 1st_______ 4 White W Val Div 1st 1940..4 8434 8484 C I St L & C cons 1920.......... 6 91*8 91*8 1st 1936 g............................... 4 102% 102% Cin S & C cons 1st 1928____ 5 C C C & I gen cons_________ 6 6634 67*4 Peor & East 1st cons 1940..4 67*2 70 29 34*2 36 Incomes 1990____________ 4 36 Trust Co certfs dep......... Cleve Short L—1st ’61 gu..4)3 100*4 101*2 100*2 101*2 8 10 Colorado Midland—1st g.—4 8 10 7 8 Trust Co certfs of deposit__ 91% 93% Colo & South—1st 1929 g----- 4 91*8 92 Refund & exten 1935.__ 4)^ 853g 87% 85 86*4 Registered____________ 4)$ Ft Worth & Den City 1st..6 105*210534 105*2 105*2 94 94 Cuba RR—1st 50-year 1952__ 5 Delaware Lack & Western— Morris & Essex Ref2000 gu .3^ 86*4 87*8 87*2 87*2 N Y Lack & West 1st 1921..6 108*8 108*2 109 109 104% 104% Construction 1923_______ 5 Terminal & impt 1923____ 4 Delaware & Hudson— 1st Penn Div 1917_________ 7 104*2 104*2 Registered_____________ 7 Convertible 1916___________ 4 100*2 100*2 100% 100*2 1st lien equip 1922--------- 4)4 100*2 101*2 101% 10134 1st refunding 1943________ 4 96*4 9734 96*4 9734 Registered Covertlble 1935____________ 5 Alb & Susq conv 1946 g..3)$ Registered____________ 3)4 Renss & Saratoga 1st 1921.7 Denver & Rio Grand 1st consol 1936 gold______ 4 Consol gold 1936------------4)4 Improvement 1928 gold. 1st & refunding 1955_____ 5 Registered------------------Rio G Junction 1st gu 1939.5 Rio G South 1st guar 1940 Rio G West 1st 1939 g---------4 Mtge & coll tr A 1949 G__ 4 Des Moines Union—1st 1917. Detroit & Mackinac— 1st lien 1995 g........................... 4 Gold 1995....................................4 Detroit Term Tun 1961____ 4)4 Dul Mlssabe & Nor—Gen *41 Dul & Iron Range—1st 1937..5 Duluth S S & Atl—1937............5 Elgin J & E 1st 1941 g............. .5 Erie—1st cons 1920 gold------- 7 N Y & Erie 1st ext 1947 g...4 2d ext 1919 g......................... .5 3d ext 1923 g................... .4)4 4th exten 1920 g_________ 5 N Y L E & W funding 1920.7 1st cons prior lien 1996 g—4 Registered______________ 4 1st cons gen 1996 g-------------4 Registered_______ 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 101% 101% 101% 101% 102% 102% 102%102% 102% 102% 1017g 1017g 101 105*8 105% 104 106*2 106*2 76 78*2 80 79% 77*2 79 78*2 79 85*2 85*2 83*2 83*2 99*4 99% 83*2 84% 82 83*2 7634 7634 80 80*8 8l" 81% 104% 104*2 104*2 107*2 107*2 106 107*2 76 78 76 77*2 79 80*8 86 90 100 100% 83 83*2 757g 77 79*4 8034 80 80% 86*2 90% 100*4 100*4 84 8534 77 77*2 80*2 8034 85 5334 59 56*2 66 105 79*4 100 100% 101%101% 101 101*2101 102 118 118 118 118 118 118 104*2 104*2 104*2 104*2 104% 104*4 104*4 104*2 105*2 105*2 104% 104*2 76 85 83 83 68 68 106 106 106*2 107 106*4 106*4 107 107 108 108 107 108 75% 7634 76 77 75*2 7734 76% 78 76 77% 75% 77 91 91 91 91 78 78 80*2 81 80*2 81 7834 7934 79 80*4 78 79*2 78*4 79 85*2 85*2 86*2 86% 84*2 85*2 83% 84*2 85*2 87% 99% 99*4 100% 101 1663416634 85% 85*2 85*8 85*8 84*2 8534 8534 8534 85% 86% 84*4 8534 75*2 77*2 75*2 77*2 76% 763g 76% 76% 78 80 8034 8034 8034 8234 80*2 8334 81% 82 8034 82 80*2 81 83 86*2 83 105 92*2 92*2 92% 92*2 102% 102% 74 54 50 9834 97 68 84 105 10534 10534 105 65*2 80 58*2 62 62 78*2 73*2 7834 60 58 65 75 71*2 753g 9S% 98% 99*8 99*s 97*4 97*4 98* 98 97*4 98% 59 60 58 7534 71 74 100%101% 102 102 9934 9934 9934 9934 63*2 63*2 627S 64*2 62*4 63*2 59 59*2 7 1 7634 72% 75 117*4 117*2 117% 117% 118% 118% 118 119 50 50 9834 9678 58 84 9234 9234 102% 102% 102 102 116*8 116*8 7634 77 76*2 76*2 32 38 36 36*2 .... 71 72 72% 73% 727g 73*2 67*2 6934 67 63*2 77 32 32 35% 38*2 36 40 36 36*2 24 32 25 26 25 38 38 2734 2734 100*2 101*2 100*2 101*2 9934101 100 100*2 100% 100*2 100 100*2 9934 100% 100% 101% 101% 102% 166% 101*2 15 18 16% 21 934 15 14 15*4 13 13 16*4 7 8 8*2 9 V" ’ 7*4 10 14% 1334 18 16 22 1534 11 14*2 9 10*4 6% 10 7 8 8*4 9 94 93% 94% 93*4 92 913 4 903 4 92*2 92 92*2 93*2 91 90% 91 92 91 92*2 90*2 91% 85 86*2 84% 86 84*2 85 83*4 84% 83 83% 8234 8334 82*2 85 84*2 85*2 82*8 84% 8234 85 87% 87% 105 105*4 105*2 105*2 105% 106% 105*2 10534 105% 105*2 10434 10434 10434 10434 105 105% 105*4 105*4 105 105% 86s4 8634 8834 87% 9534 86% 8684 87 8534 86 87*2 87*2 87% 87% 87 873g 87 87 108 108*8 108% 10834 10834 1O834 106% 106% 107 107% 107 107 107% 107*2 103 103 10234 10234 103*2 10334 103*8 1O334 98% 98% 98*2 98*2 98% 9834 9834 9834 98 98 10384 10334 107 107 1043g 104*2 103 103 103 103 103 103 100*4 100*2 100 100*4 100 100 100 100 101%101% 100% 10034 101% 101% 101 101% 101% 101% 102 102 100*2 101 101%102 101% 101% 98 98% 98*2 99*2 97% 99*8 97% 9734 96*4 9734 97 98% 98*4 99% 97*2 98% 98*2 99 96*4 98 9S% 98*2 106 10734 105% 107% 1 04 106 106 108 106 107*2 106*4 107 106*4 107*4 106% 108 106 107% 105 106% 105 105*8 105% 106% 87% 87% 87% 85% 87 86 86*4 85% 8684 87% 8734 8734 88% 87 8634 87*2 86% 87 8534 873S 8678 8734 87*8 88 8434 8434 112% 112% 112% 1123S 112% 112% 112% 112% 77 79*2 283*2 85 78*2 83 80 55*2 58% 56% 58 80% 82% 77*4 83% 7834 56 78% 83*2 80 5734 77 58% 66 84*2 86 83 85 65 73 35*4 35% 7434 76 65 65 75% 78*2 62 65 90 90 85 85 93% 94 7834 85 86 82% 85 69% 71 78% 7634 787g 78 837g 85 80 83 74 76 6434 65 74% 76 78 84% 82% 69 7834 85% 83*2 70% 78 83 83 67*2 78*4 84*2 83 69 77*4 83 81*2 65 7834 84*4 83 68 78% 85*2 82*2 67 87% 87% 86% 87*2 88 88 35 35 73 76 76 74*2 77*2 74% 76 73% 75 61 65*2 67 65 65 63 66*2 62 62 99 99 81*2 87 90 73*2 81 86*2 88 70 83% 80 81% 89 90 86 90 73 6534 69% 81»4 8134 78 78*2 80*2 76% 80 68 70 98*2 38*2 68*4 68*4 72 82 75 93% 94 93 9334 93 93 104 104 93 93 102% 102% 103*4 103*4 102*4 103*8 93% 93*2 933g 93*2 93% 95 10334 10334 103*4 103*4 103 103 103*2 104 110*2111% 11034 111 110*4110% 110*8 110*4 10934110*4 101% 101% 101%101% 102*4 102*4 102*8 102% 102*8 102*8 110%110% 110% 111 85*4 86*2 84*2 8534 8434 86 85*4 86 7434 76% 74% Vb 75*2 77 76*2 76*2 slO9%SlO9% 85 86 737g 75% 73% 75 » Option sale. 75 82 75 75 9034 92 9034 9034 9034 92*8 90*2 90% 91 94 93 93*2 90*2 93 104% 105*4 104% 104% 104*4 104*4 10234 1O234 101*2 10234 102*2 102% 102% 102*2 101’4 10134 101*2 101*2 9234 9234 94 96 96% 96*2 93*2 93*2 93 93*4 92*2 93 104 104*4 10838 109 10838 109 108*2 109*4 108*2 109 108 108% 110 110*2 96*2 96*2 95*2 95*2 101%101% 100*4 100*2 100 100 101»4 IOIS4 10134 10134 102 102 101*2 101% 2il073 4 10838 108% 108% 108*2 108*: 10834 10834 108 108 108*2 108*2 84*2 85 84% 86% 83 84 85 85*2 8384 8434 83 84 84 84 71 72% 73 74 73% 74% 72 . 74 74 75 73% 74% 71 74 72*2 72*2 RAILROAD BONDS 201 1916—Continued. April May June September January February March July 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 BONDS Erie—(Concl.) Pennsylvania coll tr 1951 g.4 50-yr conv Ser A 1953 g_ _ ..4 50-yr conv Ser B 1953 g__ -.4 ..4 Gen conv 1953 series D RnffalO N V gr F. 1st -.7 Chic & Erie 1st 1982 g___ -.5 Long Dock cons 1935___ __6 N Y I. R W Coal & RR Is N YI. W Dnrk & Imnt 6 N Y Susq & W 1st ref g__ __5 General 1940 gold____ ..5 Tprminol 1 1Q43 s Midland of N .1 1st ext 1940 5 Wilkes & East 1st gu g— ..5 Evansv & T H—1st cons__ -6 1st general 1942 g_______ -.5 Florida East Coast 1st____ 435 Ft Worth & Rio Gr—1st g._ —4 Gal Hous & Hen—1st 1933_ ..5 Gr North—C B & Q coll tr. ..4 Registered____________ ..4 1st & refund Ser A 1961. -4% St P Minn & Man 1933... __4 1st cons 1933 g_ __ __ __6 __6 Registered _ Reduced to_________ 435 Registered________ 435 Mont ext 1937 g ______ -.4 Registered __ ______ ..4 East Ry Minn No Div___ _ 4 East Ry Minn 1st regis__ __4 Minnean Union 1st 1922 6 90 89i4 89% 88’4 89% 89 71% 72% 71% 7212 70i2 72 78% 8034 777g 7834 79% 84 853g 86% 100 100 10534 1063.1 10638 107 IO6I4 107l| 1211. 1211. 1221a 1221a 1221. 1221. 102 102 1025a 1025a 1051a 106 98% 98% 98% 98% 98% 98% 80 80 89 70 7434 845g 89% 71% 7734 86% 89 70 77 8434 89% 89 72 70% 78% 71% 88% 845g 107% 107% 106% 107 123 123% 106 106 76% 81 106 98 72 106 99 77 893s 7134 7734 87 1067s 107 FI 78 86% 90 90 90 89% 89% 89 91 89% 87 91 9778 9878 9734 983s 99% 100% sl0278103% 955s 96% 77 78 87 86 863a 857g 857g 8£7g 83 96% 96% 96 96 92 93 ___ 83 85% 9834 98 985g 99 98l2 987g 98 985s 98 985g 98% 9834 98% 985g 977g 983s 9734 98% 97% 98% 99% 997g 99 100 99 100 99% 99% 99% 995s 97% 9738 1211a 122 1211212U2 1203a 1211. 1201. 122 1213a 1213a 12U2 12U2 120% 120% 1013g 10334 1033s 103l2 1033s 10334 103 103% 100 1033s 102% 102% 963g 9534 963g 957S 97% 96% 963g 965g 9658 96 96l4 96% 93 93 91% 91% 1091a 109% 1093a 1093a ___ 67 67 975s 97% 99 96 120% 98% 97»s 100% 97% 123 103 103 95% 96 123 1091a 11 1134 94 96 86 97 83 8434 8978 89 86 97 85 865s 9H2 8934 11 84l4 95 87% 96l2 9634 97% 97% 97% 97% 97 8534 8534 855s 855g 8584 8534 10534 106% 1067s 1067g 106 123 110 106 106 77 77 1007g 10134 1001. 102 90% 92 1003a 1003a 112 112 105% 10458 105 90 90 87 88 102 " 102 87% 90% 89% 1021. 1031. 103 101 88 88% 90 101 975s 98% 97% 975g 99 100% 96 96% 120% 12034 11934 11934 102 10234 96 96 90% 87 102 11512 116 116% 116% 90 90ia 90 90 1081a 1081a 107 108 108 108 62 62ig 893g 8778 883s 865s 88 89 887g 893g 107 107 8734 89% 88% 89 1013, 100% 101% 9978 9978 1005a 1005a 100% 100% 82 80 80 801. 80% 81 78% 79 1063a 1063a 1061a 1061a 1061a 1071, 9734 98% 9758 9734 9834 100 96 961a 120% 1201, 102 107% 107% 107% 107l2 98 985s 98% 10034 97% 1237a 9834 98% 99U 98 98 9834 975g 98% 995s 1003s 100l4 10034 97 97 97% 98% 120% 121% 1027s 1025g 103% 96% 9634 9634 96% 96% 94% 94% 124 124 1103s11034 74 11% 1478 137s 145g 14 86 86 86 87 87 907s 91% 91% 92 92 875S 875S 88 975g 975s 85% 85% — - 85% 84% 84% 85% 89% 89 88 91 897s 88 8934 89% 92% 915S 8034 8034 81% 81% 85% 853s 8434 86% 853g 87 90 90 7834 7834 7834 78% 79% 1073g 1073g 101 101% 10058 101 95 68 89% 87% 98 96% 95% 8934 6634 893g 87% 98% 81 685g 91% 88 9834 95% 91% 68 90% 88 98% 82% 100% 101% 100% 1005g 91 91 99% 101% 1113411134 111% 111% 1045s 105 III34III34 11134 94 115 115% 115 895S 895s 90% 91% 90% 91 99% 100% 99% 9934 1117s 104% 105% 104 89% 89% 95 7934 18% 87% 93% 88 983g 9S3j 86 85% 85% 85% 90% 89'g 90 92% 92% 91 82 »8% 86% 8734 93% 90%, 90% 82 79 79% 104 104% 104% 106 106% 105% 105% 1061, 1061, 85% 86 97 95 106% IO6I4 106% 106% 88% 88% 9834 9834 84 84% 8478 85 96 96 97 96 97% 97% 97% 96 86% 88 885s 90% 89 90 88% 89% 105 105 104b 104b 1025s 1025s 1021o 1021o 102b 102b 103 103 lOOlo 100" 100 “ 97% 94 9458 95 95 86 97 89?s 90 112% 112% 112%1127g 11234 113 113 113% 110% 110% 923g 9434 94% 96% 9478 96 95% 97 93% 93% 95% 95% 104 104 10558 1055s 106 IO6I4 106 106% 10734 10734 10734 10734 1011a 1011. 101%10158 10134 10134 1023g 102% 115% 114 114 11334 114% 11434 11434 115 115 114%11478 88% 88% 89% 8934 106b 106b 887S 887s 887a 887a 100 1011, 10034 1017s 1001a 1001a' 100% 1001. 78% 78% 77% 79 89 61% 56 88% 58 9234 93% 97% 97% 92 92 7534 13% 8634 91 805g 805s 79 79 91 91 915S 92 91% 91% 10634 10634 1075s 1075g 100% 101% 101% 102% 1017g 10234 101 102 9034 92 97 99 99 100% 99 lod' 89% 90% 9034 92% 92% 93 687g 68% 70% 70 68 71 69% 697s 895S 907g 90% 91% 8958 90»g 89% 90 88% 88 87 88% 88 88% 8734 88% 985g 98% 10134 99 100 983g 99 98 83% 8234 8234 83 83 82% 8258 81 92 92 92 92 100% 100% 10034 1 0078 1005s 1017g 10012 10178 101 101 100 100 90% 91% 89 91% 91% 91% 993a 1001, 1005g 1007g 1003gl01% 100l2 101 112% 113 112% 112% 85 63% 64 63 64 8534 87% 86% 87% 86 89 59 54 r 87 1 54% 82 8678 93% 813g 74 143( 87% 93% 70 87 62 61% 61% 62 863S 86% 85% 873j 8734 89 89 107b 107b 108% 62% 62% 89 89% 88 110 108% HO 88I2 8834 8834 8834 88% 8834 1Mb 1013a, 10078 101% 1007g 102% 102b 102b 1023g 103 101 79 106 101 79 78 107% 106 78% 79% 80 106 1053, 1053, 102 ' 102 101 101 80% 805s si" 1073a 1083a 1081a 1081a 1011. 1011. 100 ' 101 115 103 103% 89% 89% 6034 63 50 65 90 88 57 59% 92 93% 97% 97% 90 90 sale. 977s 98 995g 97% 1237a 953s 96% 96 84% 84% 84% 84% 96% 96% 96 96 8838 86% 88 893s 88% 89% 87 97sg 975s 1081. 1085a 1081a 1083a 1081a 1081, 108% 108% 1081a 1081a 105% 106 1023a 1031a 1023a 103 1021. 1023a 1017a 1021. 81 81% 80% 82% 81% 81% 88i2 89% 89 89 56s4 64i2 60 617g 55 55 87% 8934 88s4 89i2 87 90% 51% 57 54l2 60 56 58% 937g 93% 937S 93l2 937S 93 9734 99 97% 975g 97% 97% 927g 91 90 91 s Option 90 68% 71*8 8534 104 104 81% 81% 81% 81% 813g 82 81% 81% 101 102 95% 977s 99% 99% 100 101 86 10078 101 ion2 iou2 102 1011a 90 67% 68 8334 96% 97 98 76 76% 74 757g. 105% 105%. 122»4 123 1205a 1205a 109’s 1O938 1113411212 11134 1127g 11234 113 11258 113 11134 113 112% 11234 112 112 1093a 1093a 1101a 1101. 1093a 1093a 105% 105% 1091a 1091. 109 110% 9434 93% 94% 95 96 94 94% 953g 93% 9434 935s 947s 94% 95 93 93 105 105% 105% 105% 105% 105% 104% 104% 104 104 1037g 104% 115 78 90% 7234 74 87% 93 93% 93% 95 94% 95U 94 95 91% 93 70% 70% 67 68% 66% 68 69% 69% 70 94% 94% 88 88 103 101 93 88i4 89 88% 90 5234 60 77 1053a 1053j 1053a 106 90 90 86 86% 87 89 9914 9934 995s 995s 993S 995s 8512 85l2 8534 86 1023a 103 107 89% 6734 71% 85is 80 90% 89 ____ 108 107% ’1075g 101% 100 101% 101 10178 91% 97 96% 97% 96% 98% 903s 903g 697g 68% 70 685S 70 93 90% 92 91% 92 885g 877S 88% 86% 88% 98% 99% 98% 96% 98 82 83% 80 75% 80 1063a 1063a 1053a 1053a ioi 887s 88 89% 88 87% 71% 71% 80 105l2106i8 1055g 1055g 105 89% 69% 75 885s 1223a 1223, 127g 11% 12 13% 12 ____ 84% 86 94% 90% 9234 90% 91 87% 88 88 87 87 97 97% 97% 855S 855g 853s 853s 90 90% 89% 90% 887g 895s 8834 89 88 897s 887s 89% 88s4 89% 88 89% 9038 89 87% 81% 81% 81 81 86 87% 85% 8634 855s 86% 8534 86% 857g 86% 8538 911. s921. 92 92% 90% 90% 7834 7834 7834 81% 8134 8134 81s4 797s 797g 7834 79 101%102 1013s 103 lOOSg 103 102 102 1001. 1001. 90i8 90ig 92% 92% 89% 92 100% 101% 111 111 111% 112% 89% 6S3g 73% 865s 1093a 1093, 12% 11% 12% 12% 11% 11 88% 88% 84% 95% 947g 95% 945g 9434 9078 87% 87 87 87% 89% 89% 108% 10S5s 108 108% 108 102% 10234 101l2102i8 100% 91% 977g 96 977g 97 97 92% 9212 703g 69 70% 71 69 9334 9U2 93% 90% 92 8812 887g 8734 89% 87% 995g 975s 9934 99 98 83 83 75 89 70% 74% 873S 92% 92% 1107a 1107« 74 75 Debenture certificates B. 125» 14% Gulf & Ship Isld—1st 1952. ..5 85 85 Hocking Vail—1st cons g.. ..4 93l4 9334 Col & H V 1st ext g__ ___ ..4 Col & Toledo 1st ext 1955 4 Illinois Central—1st 1951 g __4 97% 9758 1st 1951 gold____________ 335 83% 85 Extended 1st 1951 gold__ 335 Collateral trust 1952 g__ ..4 88 89% 1st refunding 1955______ ..4 s89% 90 Registered __ ..4 Purchased lines 1952___ 335 83 83 L N O & T 1953 g.............. ..4 853s 87 Cairo Bridge 1950 g______ ..4 90 90 Loulsv Div 1953 g________ 335 Middle Div 1921 reg............ -.5 Omaha Div 1st 1951______ -.3 71 71 St Lou Div & Terml reg.. ..3 St Lou Div & Terml 1951. 335 81% 81% Registered____________ 335 Springfield Div 1st 1951.. 335 7834 7834 West Lines 1st 1951 g.__ ..4 Chic St L & N 01951 g... ..5 108 109 Joint 1st ref, ser A, 1963.5 102 103% fnd Illinois & Iowa—1st g.. __4 90 92% Internat & Gt Nor—1st T9 g-6 97% 98 James F & Clear—1st 1959. __4 Kansas C Sou—1st 1950 g._ ..3 70% 70% Refund & Improv’t 1950.. ..5 93 94 Kans City Term—1st I960.. ..4 8534 89 Lake Erie & W—1st 1937 g. ..5 98% 100 2d gold 1941.......................... ..5 83% 83% North Ohio 1st gu 1945 _ _5 Lehigh Val (N Y)—1st gu.. 435 101% 101% Registered______________ 435 Lehigh Val (Pa)—2003 g... -.4 9134 92% General Consol 2003____ 435 1011a 1011a Lehigh Val Term—1st gu g ..5 110 110 Registered______________ ..5 Lehigh Val Coal—1st gu g_ ..5 105% 105% Lehigh & N Y—1st 1945 gu_ __4 Long Island— 1047a 1047a 1st cons 1931 g . ______ 1st consol 1931__________ __4 General 1938 gold_______ ..4 86 90 Ferry 1922 g_____________ 435 Unified 1949 gold________ —4 85% 86 Debenture 1934 gold____ ..5 97 97 Guar refund 1949 gold__ ..4 87% 8734 NYB& Man Bch 1935... __5 ion2 101% N Y & Rock Beach 1927.. __6 1021. 1021. No S2iore Br 1st cons 1932 __5 Louis & Arkan—1st 1927 ft 97% 97% Louisville & Nashville—■ Gen 1930 gold___________ .-6 112 112% Gold 1937............................... ..5 Unified gold 1940________ ..4 94% 9534 Registered ______ -.4 Collateral trust 1931 golt ..5 105 105 E H & Nashv 1st 1919 g.. ..6 Lou Cin & Lex 1931 g___ 435 1003a 1003a N O & Mobile 1st gold__ ..6 ___ ___ Paducah & Mem Div 1946 ..4 St Louis Div 1st 1921____ ..6 2d gold 1980___________ ..3 61 62 Atlanta Knoxv & Cin Div -.4 8734 90 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 106 1223, 123 89% 89 70 68 74 71% 847g 87 10.Mo10.Mo 63 63 92 937a 93% 93i2 9234 93% 9234 93% 9234 93 66 67 67% 69 66% 66% ___ ____ 6II4 64 _5 5 Henderson Bridge 1st__ __6 Kentucky Central 1987 g. ..4 Lexington & East gu 1965 ..5 L & N & Mob & M 1st g.. 435 L & N—Sou-Monon joint ..4 Nash Flor & Sheff gu 1937.5 N’port & Cin bdCe i5u 1945434 Pensacola & Atl 1st gu ..6 So & No Ala gu 1936____ ft ft Gen cons 1963 gu____ Loulsv & Jeff Bdge gu T9 -.4 Minn & St Louis— 1st gold____ _ . ______ -.7 Pacific Exten 1st 1921 g__ ..6 ft 1st consol 1934 gold____ 1st & ref 1949 gold_______ ..4 Ref & exten 1962 Ser A, . ..5 Iowa Cent 1st 1938______ ..5 -» Ref 1951 gold_________ ..4 MSt P & S S M— Cons ’38 g -.4 MSS Marie & Atl—1st 1926 -.4 Mississippi Cent—1st 1949. ..5 106 89% 89 71 69 73% 70 84 86 1051.1051. 1101a 1103a 1st guar 1937 g Willmar & S F 1st 1938 89 70 7034 84 103 103 89 89 58 61% 5778 61 59 60 54 62 60 64 60 60 86% 87% 86% 87 55% 58 565S 58% 55 58 92% 93% 91% 93 91% 92 98 98% 97% 97% 97 97% ___ 92% 92% 60 61 89 5434 57% 91% 92% 97 97% 92% 93% 59 57 86 1013,, 1027c 81 102 81’ 103 81% 10834 10834 10734 10734 102 103% 102% 1023s 113 113 113% 102b 1033« 86 “ 89 ~ 90 6134 66 59 60 64% 6178 87% 90 90 63% 60 55 92% 9334 935s 97% 99% 9834 93 113% 113% 113% 92 65 6178 91% 6334 943S 9834 943g 895s 58% 62 907g 56 94% 9S% 95 91 6234 62 91 61% 95 98% 95 RAILROAD BONDS 202 1916—Continued. BONDS Missouri Kansas & Texas— 1st 1990 gold______________ 4 Ex January coupon___ 2d 1990 gold______________ 4 Trust co receipts______1st extension 1944 gold___ 5 1st & refunding 2004____ 4 Trust co receipts_______ General sink fund 1935..4)^ Trust co receipts _______ St Lou Div 1st ref gold____ 4 Dallas & Waco 1st gu 1940. 5 Kan C & 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 Sherman Shreve & Sou 1st.5 Tex & Okla 1st gu 1943 g__ 5 Missouri Pacific (New Co)— 1st & refunding 1923 ____ 5 1st & refunding 1926_____ 5 1st & refunding 1965_____ 5 General 1975___ __ _ 4 Missouri Pac—1st con 1920 g.fe Trust 1917 gold stamped__ 5 Col Tr Co ctf dep________ Stamped_________ ______ Double stamped___ -___ Triple stamped ______ Guar Tr Co ctf dep______ Stamped_______________ Double stamped _ _ _-_ do triple stamped__ 1st collateral 1920 gold------5 Col Tr Co ctf dep________ Stamped_______________ Guar Tr Co ctf dep_____ Stamped___________ Double stamped. ___ Triple stamped________ 40-year gold loan 1945____ 4 Bankers Tr Co ctf dep__ Stamped____ _______ 1st & ref conv 1959 ..----- 5 Guar Tr Co ctf dep_____ Stamped_______________ 3d 7s extd 1938 _____ 4 Cent Brch 1st 1919 g ___ 4 Pac of Mo 1st ext 1938 g----- 4 2d ext 1938 g .. ______5 St Louis Iron Mtn & So— Ger. cons ry & 1 gr 1931 g.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 Chat & St L— 1st consol 1928 gold............. 5 Jasper Branch 1st 1923___ 6 Me M M W & A1 1st 1917___ 6 Nat Rys of Mexico—1957 4 Ex January coupon ____ Guaranteed gen 1977 _ _ 4 Natl of Mexico—1st cons 1951 _4 N O Mob & Chic—1st ref 1960.5 N O Tex & Mex—1st A 1925.. .6 Non-cum income Ser A 1935.5 New Orleans Terml—1st____ 4 N Y Central RR—Deb 1935...6 Registered_________________ Consol 1998 series A_____ 4 Ref & lmpt ser A 2013.—4%S Registered _ ______ N Y Cent & Hudson Rivei— Gold Mortgage 1997____ 3J4 Registered____________ 3%i Debenture 1934 gold_______ 4 Registered _ __ _________ 4 30-year deben 1942_________ 4 Lake Shore coll g 1998—3 >2 January February April October November December March May June September July A ugust Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 7612 78% 75 78% 72% 75 41 46 70% 7334 72% n 50% 46 48 52 51 53% 5 1 52 50% 52% 46 50% 45% 46 5234 52 " 53 51% 52% 51% 55 40 42% 38% 40 61 87% 89% 89% 60 66 66 65 66% 50 63 40 38% 39% 36 42 40 38% 38 46 46 66 77 52% 50% 61 89% 65% 65 60 82 55 48 66 8833 61 52% 64 74 50 48 63 49 56 50% 50% 50 100 100% 1003g 101 90 91 8914 90 8834 8834 87 87 100% 91 90 86 87^2 8712 85 87 87 100% 92 91% 86 89 67% 76 55 49% 45 55 50 69 39% 38»4 48 40 40 38 38 68% 79 61 6134 69 81 5Ss4 61% 50% 50 100% 10034 100% 101% 92 92% 95 92 90 90 87 87 89 89 86 74% 76% 69 84 65 73 61 1013g 102 ___ 87 87 89 89 87 45 42% 44 73% 75% 45% 45 39 61 37 89 86 4434 42% 46% 41 4434 42% 44% 40 40 40 42% 46% 41% 45 44 451- 42% 42% 43% 431? 41% 42 82 82 50 50 90 90% 89 90 100% 100% 100 10012 102 102% 80 81 73% 74% 113% 114 108 109 76 76 102 102 8834 8834 8884 88»4 102 102% 74% 80% 70 74% 112 11238 106-% 107 88% 88% 88% 89% 87% 87% 87% 87% 85 8534 87 40% 40 36% 40 38% 39% 39% 37% 40 39% 38 82 50 50 50 90% 90% 90% 9034 90% 1001? 100% 100% 39% 39% 40 40 40 40% 40 40 41 42 101 102 79 80 71% 73% 113% 114% 75 40 40 36% 40 38% 101 101% 79 79% 70% 72% 114% 114% 9934 79 68 113 40% 42 37 72 82% 66 65 72 82% 83% 83% 67 66 66 67% 72% 70 50% 50152% 60 50% 55% 921? 93% 64" 65% 10134 102 101% 10134 91 97% 99 99% 937$ 99b 95% 96 90 " 94 94 98% 94 9434 82% 65 69% 50 56 82% 65 70% 50 5734 94% 94% 95 4734 46 47% 46% 46 46% 48 47% 46% 44 44 82 50 50 9034 92 1005» 1003- 4634 47% 46 49 48% 44% 46% 48% 47 483g 4S% 48 1003a 100% 100% 101% 81% 69% 115 102 101 101% 100% 101=8 100% 1023g 8134 813g 85 80% 81% 80 81 70% 70% 75% 74 75% 72% 75 113 112% 113^ ____ _____ 1113411134 96 51% 52 48% 51% 52% 48 47 48 45 48% 47% 45 50 50 47% 50 50 47 48% 48 46 48% 48 46 52 52 5034 51% 52 49% 93 51% 5134 50 51% 52 50 6434 6434 67 50 67 9034 89% 89% 89% 89% 89% 89% 92 10634 107% 107 10034 10034 30 ' 30 30 30 35 94% 95% 94% 9534 25-year 1931 gold________ 4 94% 95 94 95% 94 94% 94% 94% ___ 5 let 1952 gold 314 8334 85 2(l-yr debenture 1929___ 4 88% 903« 90% 90% 943g 95% N Y Chic & St L 1st 1937 g..4 93 95 83 83% 83% 83% 91% 93 91% 92% 89 90 89% 89% 102 102 100% 100% V 80 70 84% 85% 81 51 50% 40 69 85 64 75 51 51 95 101s4 101 101 98% 983g 98% 98% 96 95 95 995s 100% 103% 10334 100 LOO 93 57% 58% 51 52 59 55 93 93% 93% 57% 55 58 57% 55 " 82 58 55 58 58% 55 82 92 92 60 59% 53 61 60 59 64 62% 6034 63% 63 61 92% 93 107 83 107 107 89 107% 107% 30b 30 35 70 71 7034 73 111% 112% 111%114% 112% 112% 82% 83 81% 85% 92 92% 91% 94% 92% 92% 30 73% 74=4 113% 1155g 85% 86% 94% 95% 59 59 99% 99 50 50 73%. 73% 74 72 113 114% 111% 11334, 111 Ill 85% 86% 85% 96% 95 96% 96 94% 94% 82 8234 81% 83% 83% 84=4 8334 86% 84% 86% 82 83 84% 81 81% 81% 81% 80% 81% 8234 84% 83% 84% 84 93% 90% 9034 8934 9034 8934 92% 92 93% 92% 93% 92 92 92 SSI? 88% 90% 90% 75 76% 74% 75% 74% 79 77% 79 78 78 77% 78-% 73% 74% 75% 75% 76% 77% 75 77 77 77 7534 79% 7734 80 74 77% 78 78 78 9334 9334 9534 9534 78 7734 78% 94% 95 89 89 89 89 106% 106192 92 91% 91% 88 89 103% 103%. 103% 103% 1035g 1035g 103% 104% 104 104% 102 102 70 70 69 69 68% 70 97% 97% 101 101 103 103 97b 97b 84% 84% 83% 84 83% 85% 84% 84% 84% 85 83 83 831? 8334 9434 95% 94% 953g 9-1% 95% 94% 96 95 9534 94% 95% 94% 96 95% 95% 94% 95 94% 95 94% 94% 94 95 94% 94% 9334 94% 93% 95 9434 9434 102% 104 103 103 102 102 106% 106% 105 105 ' 83 83 83% 8334 84U 84b 82b 82b 82b 82b 8634 8834 88 88% 86% 88 881? 89% 943g 95 943g 93 93% 95% 92% 94% 91 92% 913g 923g 94 94 9034 9034 9334 9334 80 ’ 80 78% 79 83% 84% 83% 8434 8334 8434 84 84% 92 87% 91% 89% 91 90 92 89% 91 91% 92% 90% 92% 90 8734 88% 87% 88 86% 883g 87% 88% 89% 90 89 89% 87S4 89 1025$ 1025g 102 102 102 102 101% 101% 1001. 1001? 100% 100% 8534 8434 85% so 70 89 77% 80 83% 76% 76 51 51 50 51 40 69 75% 751? 77 77% 99% 99% 99% 101 88 ‘2 88% 107% 105% 107% 107%107% 107 70 70 70 69 113 117% 113 116% 112% 114% 110% 114 112% 114% 112% 114% 111%11334 113b 113l« 11434 117 115%116 85% 82% 84 86% 86% 86 88-34 84% 86% 8434 85% 83 94% 9334 945g 93% 943g 9234 93% 94% 95% 943g 9538 94% 95% 94 85 7S% 57 56 46 68% 64 49 40 79% 77 52% 50b 45b 64% 58b 42% 101% 103% 10234 103% 101% 102% 8334 84% 82 84 82% 84% 76% 79 7S% 82 78% 80% 11334114 ___ ___ 114 114% 30 8434 86 76 52 53 44b 6434 64 4434 40 77% 77 49% 47b 43 63 58»2 42 “ 87% 76% 76% 75% 75% 106% 107 84% 70 72% 50b 92% 96% 96 99 93% 93% 95% 9534 96% 99 90% 90% 901? 901? 91 91 90 92 101 79% 69% 113 82 67% 69% 50b 93% 95% 94% 95 95 ~ 95 100 84 88 50 45 443d 63 59 45 42 37b 94 971- 96 99 98% 9834 94% 96% 9534 97 963g 96% 9414 9414 9414 94b 63% 6434 63% 681? 67b 68b 67b 69 101% 1O134 101% 103 ‘ 102% 10334 10334 104 __ 106% 106% 100 100 101% 101% 100 100 101 101 10fi3o infib 106b 107 89% 88 75% 78 46 45 387a 59 59 40 39b 37b 100 96 94 88% 88% 107 75% 89% 88 8934 88 " 85 87% 88 84 75 10334 107% ___ _____ 107 110% 110% 101% 101% 30 30 73 4634 4434 4534 45 371? 387« 39 62 59 61 41% 43 94 83% 8334 86 86 833g 85 Pitts & L E 2d 1928 25-yr deben 1931_______4 West Shore 1st 2361 gu----- 4 Registered __________ 4 45 86% 86% 96 8534 86% 88 823g 83% 8234 833S 82% 83% 82 82% 817g 82% 82% 82% ___ ___ 81% 81% 81% 82% 81% 82% 82% 82% 81 81 92% 9234 92% 9234 91% 9234 90% 92 923g 93% 92% 93 90 90 90 90 75% 76% 793g 76% 77% 75% 77 74 76 77% 7934 76 74% 75 74 78 75 76 74 78 78 78 Certificates of deposit___ 84b 88 86% 87% 86 86 763g 763g 77 77 8034 79 80% 78% 78% Mich Cent coll g 1998.---- 3^ 77 Registered _________ 77 77 76 77=4 Beech Creek 1st 1936 gu__ 4 s96% s96% 96% 96% 95% 953g 95% 96 Registered _________ __4 2d guar 1936 g_ _ __ 5 104 104 Carthage Adirond gu_ _4 88 88 94 94 s89% s89% 105b 105b N Y fir North 1st 1928 & -.5 89% 89% N Y &■ Putnam 1993 g ___ 4 893^ 911? 895a 897a 895a 90b Rome W & Ogd 1st cons—5 10334 10334 104% 104% 104% 104% 104% 104% 103% 104% 1033g 103% Rome W & O Terml 1st gu__5 Rutland Og & L C 1st gu__4 St S aw & Adiron 1st 1996 g_5 2d 1996 g __ _6 L S & M S gold 1997...........3M Registered _ __3b Debenture 1928 gold____ 4 74% 76 4334 43% 48% 45% 49 46 84 85% 84 85% 85% 86% 85% 87% 86 84% 84% 95% 96% 95 96% 95% 96 95 955g 95% 96 88 89% 88 92% 95 94 95 95% 89% 89% 89% 88% 90% 95 91% 94 82 81% 81% 77% 78% 80 92% 91% 92% 92% 92 91 90% 90% 88% 89=4 8934 91 10034 10034 100% 100% 100b 100b 9934 9934 N Y Connecting—1st 1953.4)4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 101 101 9734 99% 99% 100 1 nn5<, 1 no5o 100b 100b 99% 9934 99% 100% 98% 9934 98 s Option sale. 100% 98 98% 97% 99 98% 99% 9834 99% 99 99*4 98% 99% 203 RAILROAD BONDS 1916—Continued. April September uctooer January February March nprit May june jJuly uty August August aeptemoer October p/ovemoer November uccemoer December Low High Low High ,ow High Low High Low High Low High Low High Low High Low High Low High Low High Low High BONDS N Y New Haven & Hartford— Non-conv deben 1947.___ 3% Non-conv deben 1954____ 3M Non-conv deben 1956____ 3% Non-conv deben 1947______ 4 Non-conv deben 1955______ 4 Non-conv deben 1956______ 4 Non-conv deben 1957______ 4 Convertible deben 1956.. 3)^ Convertible deben 1948___ 6 Registered_____________ 6 Har Riv-Pt Ches 1st 1954__ 4 Boston & N Y A L 1st 1955..4 Cent N E 1st 1961 gu______4 Consol Ry non-conv 1955..4 N Y Westches & Bos lst..4J^ Providence Secur 1957_____ 4 N Y Ont & W—1st g 1992....4 General 1955_______________ 4 Norf South—1st & ref 1961___ 5 Norf & South 1st 1941.............. 5 Norfolk & West—Gen 1931...6 Impt & exten 1934 g_______ 6 New River 1st 1932 gold.__ 6 N & W Ry 1st cons 1996.___4 Registered__________ Divisional 1st Hen_______ 4 10-25-yr conv 1932_______ 4 10-20-yr conv 1932_______ 4 Convertible 1938_______ 4J^ Registered__________ 4H Pocahontas C & C joint.4 Col Con & T 1st gu 1922...5 Scioto V & N E 1st gu g.__ 4 Northern Pacific— Prior Hen 1997 gold________ 4 Registered______________ 4 General Hen 2047 gold____ 3 Registered_______________ 3 Duluth Short L 1st gu 1916.5 St Paul-Dul Dlv 1996. St P & Nor Pac gen gold__ 6 St Paul & Dul 1st 1931....5 2d 1917...................................... 5 1st cons 1968_______ 4 Washington Cen 1st_______ 4 Nor Pac Term—1st gold.___ 6 Oregon-Wash—1st & ref 1961.4 Pacific Coast Co—1st gold__ 5 Paducah & Ills—1st 1955___4>£ Pennsylvania RR— 1st real estate 1923 gold___ 4 Consol 1919 gold__________ 5 Registered______________ 5 Consol 1943 gold__________ 4 Cons 1948 gold____________ 4 Consol 1948 £ stmpd S---------4 Consol 1960_____________ 4>$ General 1965____________ 4J$ Alleg Vail gu 1942 gold......... 4 Del Riv RR Bdge 1st gu.__ 4 Phil Balt & W 1st 1943 73 72 73 72 73 73% 73% 70 70 69% 69% 69% 70 71% 81 81 8U4 80% 80% 8II4 80 80’? 80 80% 80% 80% 79% 79% 79% 79% 77% 77% 77% 7734 77% 77% 77% 77% 81% 80 80 79% 80% 78% 79% 79 79% 79 79% 78% *7*8*% 77% 77% 77% 77% 76% 77 79% 79% 7034 7234 71 72 70% 72’4 70 70% 68% 69% 70 70% 70 70 69 71 68% 69 68% 69% 114% 115% 113% 115% 111% 11434 112%113’s 11238 113 112 113 112 112% 110 112% 112 H284 11134 113% 11034 11*2% 113% 114 113% 113% 112 112 111% 112 110% 110% 110 110 111% 111% 92 93 91% 91% 91% 91-2 91% 91% 91* 9*1 89 89 81% 8134 81 80 82 81% 80% 81 80 80% 79% 80 79% 82% 81% 83 80% 81 79% 79% 7534 73 74% 73 74 72 7434 74 76 75% 76 74 *7*5% 79% 81 75 79 73 75% 73 78 79 70 70 69% 69% 69% 69% 69% 69% 8134 825s 833s 80% 82% 80% 80% 81% *8*2% 80 80% 78% 78% 77% 80% 80% 81 81% 82 8U2 84 76 775s 78% 78% 79 79 *8 5 * 80 80 79 80 79 80 78 80 83% 85 98% 99% 98 98 98 98 97 98% 99% 100% 100% 101 119% 119% 119% 119% 118% 118% 119 119% 120 120 119% 120 11934 119% 119% 119% 121% 122 121% 121% 121% 122 121’2 1215s 122 122 119% 119% 120% 120% 120% 120% 120 120% 119 119 120% 122 120% I2OI4 93% 9334 93% 93% 92% 93% 92% 93% 92% *93% 91% 93% 92% 93 92% 95 94 953s 9438 96 95 96 94% 94% 903s 91 90’4 91 90% 90% 893s 90% »8 90% 89% 89% 8834 89% 903s 91% 90 91% 91% 92 91% 92% 134 140% 115% 116% 115 123% 119% 123% 124 124 13034 133 124 131 129 129 129% 137 138 146% 129 135% 116% 11634 114 114 120 123’4 130 136 137%143 141 141 11534ll712 119% 124 120 123 122 1263s 129 137% 132 132% 129% 132 129 137 137% 144 138 145 134* 1*3*4* 142 142 89% 90 89% 90% 89% 90 89% 89% 88% 8934 88 89 88% 88% 88% 8934 89% 8934 90 90% 90% 91 ’ 103 103 92% 94 92 92 91% 93 9134 92 93 93’s 93 93 9134 9134 92% 93 93 93 93 94% 93 93*3g 73 71% 8II4 80% 8 1% 80% 80 81U 82 71% 73 11412 116 114% 115% 8K4 82 81 82 807s 8*2 97 97 11934 11934 120%sl21% 120 120 93U 94 89% 91 113% 12114 119% 119% 11514 122% 89% 90% 103% 103% 91% 93% 9234 9414 93% 94U 93’s 93% 91% 92% 93% 92 65% 66*34 65% 65% 67 66 67 63% 10012 100l2 103% 103% 103 103 98% 98’2 993s 99% 98% 997s 98% 99% 99 100 105%106% 1055s 1063s 105% 106 105% 105% 10034 102 1015s 102% 102 102’4 IOU4 102’s 9634 9634 92% 9634 96% 96% 96 96 United N J RR & Canal...4 99% 99% 99% 99% 99«4 9934 101 102 1015s 10214 1017s 102% 101’2 10214 Pennsyiv Co—gu 1st g------- 4^ Registered____________ 4%i Guar coll tr 1937 reg____ 3>£ Guar coll ctfs B 1941____ 3\i Trust ctfs guar 1916_____ 334 Guar tr ctfs C 1942______ 334 Guar tr ctfs D 1944_____ 334 15-25-yr guar gold 1931.___ 4 Guar tr ctfs E 1952................ 4 Cin Lebanon & Nor 1st gu_4 Cleve & Marietta 1st 1935.434 Cleve & Pitts gu 1942 A..434 Series D 1950................... .334 Erie & Pitts gen B gu___ 334 Grd Rap & Ind ext______434 Tol Wal Val & O 1931 A..434 Series B 1933................... .434 Series C 1942____________ 4 P C C & St L gu A 1942..434 Series B guar 1942_____ 434 Series D guar 1945_____ 434 Series E guar 1949_____ 334 Series G guar 1957______ 4 Series I guar 1963____ 434 92% 92% 66% 6534 101 101% 99% 99% 102% 103% 103% 103% 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 10034 1OO34 91% 91% 100 9434 94 94% 9234 67% 66% 67% 65% 109% 109% 107 107 100% 100% 86% 86% 111 111% 83% 86% 85% 86% 8534 86% 85% 86% 95 96 100 101 100 100 99 99% 98 98 98% 99% 99% 99% 99% 100% 99% 99% 99% 99% 99% 99% 99% 99% 99% 99% 103% 103% 103 103 103 103 99% 103 98% 98% 983S 98% 98% 99 99 99% 983s 99% 98 99% 98 98% 104% 1053s 104% 105% 104% 105 104% 10434 104% 105% 101% 102’s 101 102 101 101% 101 101% 101% 102% 97 97 96% 97 963g 96% 96% 963s 9534 96% 94% 94% 98% 98% 98% 98% 9934 9934 99% 99% 99% 99% 100 100 101% 10134 100%102 166% 1*0*1% 100% 101 10034 101% 101 101 99 93% 9234 66% 65% 91% 91% 113 113 10934 111 99% 99% 98% 99 99% 100 98% 98% 98% 99% 99% 99% 99% 100% 99 9934 99% 100 99 99% 98% 99% 105% 1*06% 105% 106% 105% 10634 102% 103 102%103 101% 102% 97% 9734 96% 973s 99% 99% 98% 99% 99% 99% 101 102 101 101% IOII4 102% 10034 10034 87% 87% 85 85 94% 95 95 93% 93% 85% 85% 95’s 95’s 95% 95% 95% 953s 95% 94% 95 9984 9934 105 105 104% 105% 9838 98% 983s 98% 93% 93% 94 94 102% 102% 10138 101i2 101% 102% 102% 102% 102% 102% 10138 101% 1017s 101% 102% 102% 102%102% 102% 102% 9434 9434 95 95% 92 92 86% 86% 86% 86% 87 88 95% 9434 95% 95 95% 95% 96 92 91 90% 90% 91 91 91 91 99 100 100 103% 103% 89% 89% 89% 89% 90 90 88% 88% 9938 9938 100% 100% 100% 100% 94% 92 903g 99 94% 92 903s 99% 95% 92 90% 99 8634 8634 95% 95% 93% 93% 99% 9934 102% 10234 101% 10134 101 101% 101% 101% 101%101% 10138 1013s 101% 102% 102 102 102 10234 95% 95% 94% 95 95 95% 95% 95% 95% 95% 102% 103 102% 102% 101% 101% 1013s 1015a I62I4 10*2% 1013s 102% 1023s 102% Series J guar 1964____ 434 10U2 10U2 Refunding guar 1955______ 4 Chic & W Mich 1921.............. 5 • Flint & P M 1920 gold......... 6 1st consol 1939 gold------- 5 Pt Huron Div 1st 1939--------- 5 Philippine Ry—1st 1937______ 4 Pitts Shenan & L E—1st----- 5 Reading—Gen 1997 gold------- 4 Registered______________ 4 Jersey Cent coll 1951 gold..4 Registered_______________4 St Jos & Grand Isl—1st g___ 4 St Louis & San F (Reorg Co)— Prior Hen 1950 series A.__ 4 Prior Hen 1950 series B.__ 5 Cum adjust 1955 series A..6 Income 1960 series A_______ 6 St L & San Fr Ry gen 1931 g..6 General 1931 gold_________ 5 St L & S F RR 1996................ 4 Gen 15-20-yr 1927.................5 Trust co ctfs dep_________ do do stamped. . do triple stamped__ Southwest Div 1947_____ 5 Refunding 1951 gold____ 4 Trust co ctfs dep_______ do do stamped.. one stamp____ do double stamp.. do do triple stamp__ K C Ft S & M cons 1928 g..6 Refunding 1936 gold....4 KC & Mem Ry & Bdge 1st. .5 9234 91% 92% 91% 92 9234 9358 91% 93 92% 90% 92% 92% 92% 66% 65% *6*6*% 65% *66% 65% 6634 66% 67 6534 86% 86% 85 85 9934100% Chic St L & Pitts 1932_____ 5 Peoria & Pekin Union—2d.434 Pere Marquette— Refunding 1955______ 9134 91 65% 65% 90 90 90 90% 111% 111% 111 111 Ill’s 1113s 111 11U2 85% 8734 853S 86% 85% 86% 85 85% 8434 85% 84 84% 83% 84 96% 100 93 S96 95 95% 9534 96 9534 97 96% 96% 9834 9834 98% 98% 993g 100 92 92 65% 65 9138 91% IIOI4 IIOI4 109% 10958 1103sll03s 11038 110% 10934 10934 10934 10934 107 107 101 101’s 100%100% 100% 100% 90% 9058 110 110 90 90 111% Ill’s 87 88 94 94 93% 92% 663s 63% 107%107% 87 87 14 14 14 14% 14% 83 83 74 74 75 14 85 85 101 101 75 143S 15 85 85 104 105 75% 76 50* *5*0 50 .................. 94% 96% 94% 9534 94% 95’s 93% 9434 9234 94 95 95 95 9514 95* 9*5% 9538 96’2 955s 96% 94% 94’2 59 460 59 59% 59 59 60 60 50 106% 106% 96 95 9534 94% 95% 94% 95% 95% 963S 95% 95% 95 95% 94% 94% 94% 94% 95 94% 95% 94% 95 97% *97* *97 95% 96 95% 96 95% 96 95% 96% 9338 95% 94% 97 94 94 59 63 6534 6534 68% *68% 69% 71% 86 88 80% 85 46 55 110% 110% 109 110 109% 110 110 IIOI4 110 110% 102 102% 10234 10334 102’s 10234 102 102% 1007s 1*0*3 * 102% 102% 70 70 76 78 68% 68% 75 75 4534 54% 54% 57’s 53% 59% 65% 72 46% 47 50% 52 46 54 53% 57 54% 67% 66% 72% 47% 51% 46% 50 46% 4834 43% 48% 43% 52 51% 55 52% 64% 63% 70 68% 87% 74 39 89 67% 71% 72% 69% 72 62S4 635g 68 70 70 6312 66% 625s 643s 61 89 71 75 69 71 71’4 65% 71% 70% 75 74% 6934 71% 70% 70% 87% 8234 47 93 74% 80% 80 80 74% 80 68 74% 7234 71 73 31 31 19% 19% 20% 20% 20% 20% 20% 30 30 35 31 40 105 106% 89% 89% 98 99% 101% 101% 105 105 105% 105% 115% 115% 78 78 45 5334 68% 70% 85 863s 8034 84% 53 55% 110% 110% 10134 102 69% 69% 73 6834 69 84% 85 80% 83% 52% 54% 110% 110% 102 102% 70% 72% 70% 72% 72 73 70 72% 69 72% 69% 73 67% 69% 67 6934 69 70 93 82 79 81% 77% 79 82 79 81 75% 72% 75% 70% *7*3 77% 77% 67% 68% 83% 84% 83 84 5234 55 113 113 102% 102% 74 75% 92% 80 80 73 82 78 80% 79 80 68% 71% 70% 73% 69% 71% 8534 90% 88% 90% 85% 90 83% 89% 81% 89% 75 82% 54% 63% 55% 65 54 59»4 111 111 111% 111% 102% 103 103 103% 103% 1033s 73% 80 80 73% 81 79 71% 78% 76% 78% 82% 82 79 79% 80% 78 95% 95% 92% 80% 81 8334 80% 82% 85% 86% 86% 84% 853s 74% 743s 78% 79% 80% 76«4 78% 109% 110% 109% IIO84 110 110’2 110’s 1107s 110 110% 110 110% 109% 109% 109% 109% 109% 10934 10934110% 110% 111% 110% 111% 75 76 76 78 75 767s 75% 75% 75% 76 75 7534 7534 77% 77 79% 76% 77% 76% 77 75*4 78 75l2 77 90 90 s Option sale. 204 RAILROAD BONDS. 1916—Continued. BONDS St Louis Southwest San Ant & Aran P—Is, San Fr & N P—1st 191 Seaboard Air Line— Ga Caro & Nor 1st gu g.—S Registered_________________4 Convertible 1929___________ 4 Convertible 1934___________ 5 Registered_________ Cent Pac 1st ref gu g---------4 Registered_______________4 Mtge guar gold............ --3M Through St L 1st gu g4 G H & S A—M & P Dlv 1st g.5 2d guar exten 1931_______ 5 Hous & Tex Cent 1st gu. October 1 November January February March April May June July September August 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 78i2 80 6212 637s 65 6534 65 70 69 70»4 lOlig 10U2 828g 82 68 70 823g 83 70 717g 78i2 79 62 62 63l2 65ls 66l2 66l2 66l8 69ls lOPg 1015s 78i2 6278 6II4 65l4 6278 79 64 63 66l2 66 8212 83l4 67l2 71i2 84 82l8 65 70 86 84i2 83 67 71 86 8212 82is 66I4 70 78i4 64i4 65 69 68l2 83ls 82 66l2 70b 85b 8112 85 6734 6912 86 8318 80 64 69l2 85 81b 80b 65 68b 86 76i2 64i2 63i2 65 67 78 77 65 62 68 64 68l2 67 8OI4 8*114 66l2 68 6712 69 87i4 87i4 88 88 103 103 103 IO314 103b 10338 103ls 103b 103 103 10334 10*334 103 103 ____ 102l2 102l2 103 103 ___ _____ 103 103 1023410234 88 86 86 87i2 85 86b 85U 86i2 85 86l2 88 86I4 85 85 84 84 873S 888S 8712 8858 887g 80»8 8712 89U 8684 88i2 8738 88 106 10778 10378 10612 103i2 1051s 10338 1047s 10312 10578 10314 10514 107 107 8838 8978 90 91 90 91 9014 91 88b 90b 8812 90 89 89 8934 8934 8912 8978 89i2 91 89i4 90k 89l2 90 89b 90 8684 8684 ____ __ ___ 8478 8478 84 84 8478 8478 8478 85 102 102 102 102 80 80 67 67l2 8478 78 76 77 7578 77i8 77 80l2 64 64 62 63l2 61 6012 6558 655g 7014 66 62 6H2 64 66l2 66!g 70 6684 66l2 69l2 6778 66i2 6778 66 1017ft IOITr 10178 1017s 7914 64 69 6834 67 80 64 72 72 6884 74 79 64 6512 82 8112 82 66l2 68lg 85l2 81l2 82l2 8H4 82l2 6934 65i2 6734 70s8 6814 70l2 86l2 86 87 80l2 8058 675g 68 8478 78*2 78i4 64 66 84 79ig 79 6412 67 84l2 8058 82l2 68l2 68l2 87l2 99 99 99 99 100" 101 101 1»1 101 100 100 IO6I4 IO6I2 106 10714 96 96 ------------ - Qfib Qfib mil? mu? 96 10434 10434 10412 10434 105 105 10134 10212 102 7978 797g 65 671.4 82 102l2 1015g 102i2 IOII4 10134 10112 10158 10138 101i2 101 10138 10078 1O112 10212 1025s 1017g 10214 102 86 90 91 10212 103l2 7H4 7334 75 78 8212 8412 96 96 1031? 1031? 105i2 105i2 100 101 67 67 107U 1075g 108 " 108 ’ 94l2 941^ 95 95 97 97 96 96 96 96 85i8 855S 8514 8534 847a 8514 8434 8534 82l2 84l4 83i4 84* 8312 8378 8312 84i2 843g 8584 8534 9234 8512 87 95 95 9134 9278 9134 93ig 90 907s 90ig 9034 89l2 90l2 8978 9058 8958 9058 8958 9038 8912 90i2 8912 90l2 903g 92 IO2I4 103 102 103 100 102l2 1007s 102 101l8 10134 101 101l2 1005s IOH4 100l2 1013s 1013g 102U 10H2 10214 101 102 100ld lOOU IOOI4 lOOU lOOld 100ld 101 101 7034 73 701g 7134 7112 78 7018 72l2 69 71b 70 7134 7012 7184 7084 713g 7034 72 7514 771? 745g 7634 76 75 78 75 78 75 75 77 78 76l2 77l2 76i4 76i2 7614 7658 7514 75U 7514 7578 7578 7578 75 ____ 101 101 1013gl013g 100lg 100i8 103 104 10234 103 ___ _____ 100 100 10034 101U 100 100U 1021s 1021s 82 81 82 83 83 8478 84l2 845g 82 82l4 82U 83 83 80 8U2 81 84 80b 81b 81 1023s 1023s 103 103 1031s 1031d 1021s 1021? 99 ~ 99 " 983a 983d 99 99 98l2 98l2 9812 98i2 941, 941, 953s 96 9514 95U 9434 9434 941I 04b 1031410314 10234 103U 1023d 1033d 1021? 1023d 101l2 10212 1003d 1011s 1007s 1021? 1025g 10334 1O212 10334 1011? 103 85lft 851# 84l2 84b 8314 83i4 82 82 8178 817g 8H2 8H2 817g 83l2 79i2 8H2 81 * 8H2 104b 1041? 1043s 1043s 105 105 105l2 10512 1053g 106 10534 106 ' 10578 106 ” 10512 IO584 10558 IO6I4 1055g 10578 105l2 IO5I2 10514 10578 1065gl0634 10634 10714 10738 10734 991? ion? 100l2 10012 1001? 1001? 1011? 1011? 9978 9978 100 LOU? 101 10U? 58 58" 60 60 60l2 60l2 60 60 57U 67U 58 68 1067s 107 1067g 107 107 IO7I4 107 107 1071!! 1071? 10738 10738 10712 107b 10834 IO884 109b 109b 108i2108i2 1083b 1083s 109i2110i2 IO98410984 1051? 106 713d 102 102 102 102 718d 1035g 10378 10314 1031.1 10358 1035s 1031s 1031s 103l8 1043s 101 1015g 101 101 101 101 10034 101 101 101 100i210U2 101 1021? 1021? 102 102 1031s 1031s 102 102 104MIOU4 1033d 1033d 10U2 101 101 101 IOII4 1041? 1041? 1045g1057s 10234 10514 103i2104U 105 * 105 * 105 105 105 105 102l2 102l2 103 103 ______ 89b 90b 9014 90>4 9058 9058 90 90l,n 89l2 893a 94l2 94l2 93 93 99 9912 9812 9978 997s 100l2 995g 9958 1035s 105 103l2 105 166I4 10*61.1 10534 10534 106b 106b 87 * 87U 865S 87i4 8478 85 86 88 8478 86 1001? 1001? IOOI4 IOH4 95 97 9578 96i2 96 97i2 96 ' 97b 96 98i8 97 9734 4078 4178 35 35l8 35 35 -__ __ ___ 35 37 40 40 90 90 ____ l0334 104U IO384 104 103 103 103 10314 .... sl02 102l2 102U 102i2 102’s 102 lg 101 10 ll2 94 " 93 93 94 93 93 ___ 84 84 83 84 83 84l4 83 84 84 83 98lg 9S34 99 99 97l2 98i2 98 9858 9858 97 9734 98 51 51 61 61 56 60 50 50 83 83 80 81 78i2 78l2 81 81 58 60 58 59l2 56 6778 56 56b 54 56 54 106 106 106l8 1O61S IO6I4 IO6I4 10714 10714 1035s 105b 90iS 9OS4 8912 90is 90 91 90 91 89 94 91 94 23 23 94 94 913ft 913# 99i2 99l2 99i2 99i2 9912 100k 10034 IOO84 105 105 104 105 104 1043g 87 ’ 847g 85is 847g 86 8512 87 85 1003o 1005a 1001s 1007s 100U 1O0U 96l2 9714 97 98l2 97l2 IOU4 100 1005g 96 97 70 40 40 36l2 40 4412 44l2 52 64 70 88 88 104l2 10434 10334 IO5I4 10378 105 104 104 101 101 90 90 85lg 85U 8284 83 8234 83 82 82 8212 82i2 82l2 82l2 97l2 97l2 98l8 9*8*18 ___ ___ 97 97 97l2 97*2 9612 97 53i8 53ig 53’s 53lg 55 55 81i2 81i?l 83l2 83l2 83l2 8312 8018 80’g 81 81 80 80 62 55 65l2 545S 56 55 56 5912 63 60 56i4 57l2 62 53 53 99i2 99i2 104l2 1041? 845S 8512 991? 991? 9612 97 40 45 185S 1858 Trust co rects_______ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 102 1071? 1071? 85 Toronto Ham & Buff 1st_____ 4 Ulster & Del—1st con g--------- 5 Union Pac—RR & 1 gr 1947. .4 Registered .______________4 20-year conv 1927_________ 4 1st & refunding 2008______ 4 Registered_______________ 4 Oregon RR & Nav con g—4 Oregon Sh Line 1st g--------- 6 1st cons 1946 gotd_______ 5 Guar ref 1929 gold....___ 4 Utah & Northern 1926_____ 5 1st extended 1933_______ 4 Vandalia—cons 1955_________ 4 Cons 1957 series B____ Virginian—1st 1962 ser A____ 5 Wabash—1st 1939 gold--------- 5 2d 1939 gold............................ 5 Deben ser B 1939__________ 6 1st lien equip 1921 gold____ 5 1st and refunding 4s 1956— Eqult tr ctfs full paid.__ Eqult tr ctfs part paid__ Eqult tr ctf (stamp) full pd Eqult tr ctf (stamp) part pd Det & Chic Ext 1941.............. 5 Omaha Div 1941 gold____ 3% Tol & Chic Dlv 1st g......... 3M Wab-Pitts Term—1st g______ 4 Cent & Old Col Tr Co ctfs.. Cent Tt ctfs asst paid______ Columbia Tr Co ctfs________ Colum Tr ctfs asst paid____ Col Tr ctfs for Cent Tr ctfs. do do asst paid.... 79 64 70 69 67 10H210H2 99 So Pac Cal 1st 1937............... 5 78l2 80 65 67U 84 78 64 68 67 6534 ___ ____ 102l2 102i2 10238 10234 10234 10234 10334 10334 1031ft 1031ft 102 102 102 102 1017s 102 102i2 102i2 1023g 1023® 10134 102 84l2 83i2 85l2 85i4 89 87l2 88i2 85 84 85l4 84 873g 84 85 863S 8*7*58 8634 885g 88 885g 8712 885gl 86l2 877s 86I4 88 102l2 104 103 10434 10338 10534 104ig 106 104 106 10278 1047g 1021? 1021? 88” 89U 875s 88I4 88 90U 89i4 907g 90ig 91 90i2 91l2 86S4 8634 87^2 8712 89l2 8934 90 911^ 9012 9U2 91 89i2 89i2 89i4 90 9H4 84l2 841? 85 85 85 85i2 83 83 IOOI4 IOOI4 102 102 1021410214 ion210214 IO2I4 10312 102 102 IOH4 10214 ion2 ion2 102 102 1061? 1061? 106 106 106b 10612 9414 95l8 9538 953s 956s 9558 9558 9558 96 96 96 Austin & Northw 1st guar. Morgan's La & Tex 1st.— Texas & N O cons---------------- 5 Sou Pac RR 1st ret 1955—4 Southern—1st 1994 gold------- 5 Registered_________________ 5 Develop & gen Ser A-----------4 Mobile & Ohio coll tr g------4 Memphis Div 1st g______4H-S Registered__________ 4^-5 St Louis Dlv 1st gold---------4 Alabama Cent 1st 1918------- 6 Ala Gt Sou 1st A---------------- 5 Atl & Char A L 1944.......... 4)4 1st series B 1944-------------- 5 Atlan & Danv 1st 1948 g—4 2d 1948...................................... 4 E T Va Ga div 1930................. 5 Cons 1st 1956 gold__ ....5 E’Tenn reorg lien 1938.....5 Ga Midland 1st 1946----------- 3 Georgia Pac 1st 1922 g-.—6 Knoxville & Ohio 1st g------- 6 Mobile & Birm prior lien---- 5 Mobile & Birm 1945 g............ 4 Rich & Danv Deb 1927.......... 5 Sou Caro & Ga 1st g-----------5 Va Midland ser D 1921___ 4-5 Series E 1926____________ 5 Series F 1931....................... -5 Gen 1936.................................. 5 Va & S W 1st 2003 guar------5 1st consol 1958__________ 5 Wash O & West 1st gu_____ 4 Spokane Internat—1st g--------5 Terml Assn St Louis—1st..4)4 1st cons 1894-1944 g________ 5 Gen ref 1953 8 f___________ 4 St L Mer Bridge Terml_____ 5 Texas & Pacific—1st g-----------5 2d income 2000____________ 5 L A Dlv B L 1st 1931.............. 5 Toledo & Ohio Cent—1st g._5 Western Dlv 1st 1935--------- 5 General 1935 g____________ 5 Kan & Mich gu gold-----------4 2d 20-year 1927---------------- 5 Tol Peoria & West—1st g------ 4 Tol St L & W—Prior Hen...3^ Registered_______________ 3)) 50-year 1950 g_____________ 4 Registered_______________4 Coll trust 1917 ser A-----------4 7784 78i2 7758 63 62i2 6134 63i4 60 65ig 6478 10134 61 6314 64 IOI84 84 84 101 101 6714 98 97l8 98ls 97 97>8 93l8 94i8 933S 94i8 9014 9H? 90l8 91 9134 92l2 IO8I4 108b 106 106l2 9234 94 9014 92 IO784 109 10612 107U 9314 9334 97i2 18i2 98l4 9834 103i210434 104U 105 9834 100 98 9968 96l8 96>8 107 107 4612 4612 10414 IO4I4 4512 48 103 "103 U2 4U 1 334 cina cl3i2 1 312 114 378 83 86 10034 101l8 97i8 9758 95 9514 93 935g ■8978 91U 95U 9514 83 10034 99l2 100 973g 9534 9758 95l2 96 9212 93 b 9258 9312 90 9034 8934 90U 83 100 96 100 1007s 9614 98iS 96 97 9314 9414 89l2 90 89 89 9158 9214 9178 92 9178 9214 9178 93 10612 10834 108U 10834 108 10838 108ls 10812 107 107 106 107b 106 106 106 IO6I4 9278 9338 9218 93U 9158 9212 92 9338 102 102 95 95 90 90 91 91 91 91 91 91 91 9H2 983g 98®4 9714 9834 97l2 9834 975g 99 104 105 103 10434 103l2 104l2 10334 10434 98 9938 98 9914 98 99 9814 99 66I3 96i2 100 100 10034 96U 97i2 9614 97ig 9534 96 96 96 93l2 94 9314 93l2 89l2 90k 895S 90is 92 93 10712 IO8I.1 106 IO6I4 9112 92 lg 9158 10734 106 91 92 10778 10778 92 10038 10038 955g 9714 97U 96 9334 95U 94lg 8912 91i4 91 IOOI4 lOOSg I00l2 9*8i4 98i4 100 9734 96 98 99 9614 96 935g 95 93 9134 913g 9258 907g 10012 99l2 98l2 937g 92 9134 93 915g 9234 925g 93M 927g 10712 108 ___ ___ 108 108l2 108 106 L06lg 1O6I410684 1067g 107&8 107 9134 94 9314 94 93lg 94ls 93 94 1081g 10758 9334 9034 9034 98 9834 98 985S 98lg 99 10314 10414 103ls 10334 10338 104 98l2 98s4 98l2 99 98l2 99 9034 913s 9H? 911? 99 9958 99" 9958 983g 9938 104ig 105i2 105U106 10518 106 99 100 993g 1001? 99l2 100 105 105 100 IO484 10434 105 105lg 103i8103i8 104 104 1041s 1041s 104 104 105 105 731? 76 72 73 74 74 8512 8512 82 82 86 86 84 84 85 85 87 87 __ 4 13 li 2 23 4 17g 23 4 2 3i 2 1 1 112 2 3 312 ll2 u2 312 3U U4 134 84 112 2 2 1 134 2i2 3i2 234 4 1 15g H4 3 U8 2 1 2b lb 2tg 158 a t2 34 44i 2 /32I4 34l2 Z31 cl2 e31 Z30 3278 Z313g 35 /33i2 35I2I Z33i2 36 Z34 32 /3012 3212 (31 36i4 /32i4 »2 2 2 3 2 2 134 2 l’s Us Z353 4 Z34 34U Z34 34 35«4 d2212 4221? 1 ' H4 1’2 U2 11? H? n2 2i8 3 3 ’2 1’2 3414 Z337g 34U 7331? 3582/35 40U 734 c 1st paid. d 2d pal d. e 3d p aid. 1 Fu 11 paid. 8 Option s ale. 205 RAILROAD AND MISCELLANEOUS BONDS 1916—Continued. BONDS Wab-Pitts Term.—(ConcZ.) 2d gold 1954............................... 4 2d g 1954 Tr Co ctfs dep____ Washington Term—1st gu.3J$ 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 Wheel Dlv 1st 1928................. 5 Exten & impt 1930_________ 5 1st cons 1949 gold_________ 4 Trust Co ctfs of deposit 20-year equip 1922_________ 5 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 Bklyn Q C & Sub guar___ 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 Conn Ry & Lt—1st g 1951..4 H Stamped guar___________ 4J^ Det Unit—1st cons *32 g__ 4J-£ Hudson & Manhat—1957 A__ 5 Adjustment Inc 1957______ 5 N Y & Jersey 1st 1932............ 5 In terboro-Metrop—Coll__ _ . .5 Registered . [anhattan R Registered . January February September April May 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 7g »8 I4 >4 *4 84 *4 83*. 833, 71 ' 72*4 71 72*2 103«d 1037. 10434 105 81*2 81*2 82*2 84 98*2102 98 99*4 99*4 70 71 100 69*2 72 I4 *4 84 8434 72 75 104*2 104*8 835s 83*s 99 101 96*4 97 97 97 69 70 «8 * ®8 *8 I4 *4 14 14 843g 84*2 84*. 7338 72 73 75 72 73*2 72 73*8 715g 104*s 1043, 104*2 104*2 1045. 1043, 104*. 104*9 84*2 84*2 84*2 8434 84 84*2 84 37 100 100*2 100 100*2 102 102 100 100 100 9734 97 s96 896 97*4 97*4 97 84 37 100 97 73 I4 69*2 70 71 71 86*2 86*2 87*2 87*2 86*2 8784 87 87*2 86*4 87*2 85*4 86*2 84 89*2 90*s 89*4 90 88*2 89 88 88*4 85 86 87 87 85 85 87 86 87 86 85*2 86*4 85 86 86*2 86*2 86 85*4 86 103*8 10338 797s 797S 100*2101 101*2 1017s 103 103*2 797g 81 10078 101*8 101*2 101*2 1023s 103 ___ -____ 1007g 101*8 100*2101*2 100 1OO78 100*4 100l2 83*2 8484 83 85 76*4 75 97 98*4 99*2 99*2 10078 102 101 102 84*2 85 85 85 7584 7534 98*2 68*4 101?8 102*2 101?8 102*8 845s 86*2 8478 86*2 76 76*s 97»4 985S 76 737s 30*2 101 73 76*2 78 73 73*8 30 30*4 101 101 73 74 74*s 73 30 102 75*4 77 74*2 31 102 76*2 78 75*4 31*4 101 76 99*4 99*2 993s 9934 99*4 99*2 99*8 99*4 91 92*4 91*4 9284 92 92*4 92 9284 92*4 93 92*2 93*4 84?s 847s 68 102 103 79 79 100*2 101*8 IOU4 10178 103 79*4 100 __ _ 73*4 70 74*4 73 1017s 80*2 1003s 102*4 94 100*4 102 100 101*8 100*8 1007s 101*2 102 101*4 1013g 100*8 100*2 ___ 8234 8284 82*2 83 82*2 84*2 84 84 84 83 75 76*8 76*8 75 75 74 9484 96*4 97 9758 97 97*2 101 101 101 101 102*2103*8 78*2 78*2 100*2 101 101*2 102 10034 78*2 100 102 845s 85*4 85*4 75*8 753g 76*2 7234 755g 105*. 105*. 105*. 1043, 105 ___ 847s 84*s 8534 85*2 86 37 99*2 100 100 100 100 100*2 97*4 99*4 99*2 99*2 99*8 99*8 99 99 73 77 80 78 79 78*g 79 78 78*4 78*4 80 80 86*? 87 88 88 84*s 86 86 88*2 875g 88*4 86*2 87*2 85*4 87 88 88 88 87 88 89 843g 72*2 71 72*4 100*2 101 100*8 101 74*8 77*4 100*8 100*2 102*4 102*4 93*2 93*. 1003g 1017g 101" 101*4 10034 102 10078 101*4 84*2 84*2 83 84*8 83*2 83 ____ 83 84*2 73" 76*8 763s 73 73 74 9534 98 96*4 97*4 9684 97 IOD4 102 ion® ion® 1011® 1011® 81 795g 80*4 79*2 82 78 79*2 83*2 7958 83*4 80 81 72 7034 68*2 70*2 73*2 69*2 72*4 71*2 73 70 71*4 70 29 27*2 30 26*2 29*2 29 30*8 28 27*8 27*4 25*2 27*2 101 101 1003, 101*2 100*9 100*2 725s 74*2 72*4 743g 7338 75 73*8 74*2 73 7378 72*2 73*2 73 73 993s 99*2 98 99*2 98*8 98S4 9778 9884 97*2 98*g 97*2 9858 971® 9734 98*4 98*2 98*4 9834 93 91 91*2 92*8 90 91*8 895s 90*2 88*2 89*4 885g s95*4 895# 89% 9178 92s4 90*2 9178 90*8 91*4 89*4 90*4 89 92*2 93 93 103*4 80 101 ____ 100 100*2 102 102 941® 941® 100*8 101*8 8458 73 105*» 84*s 37 100*4 101 100*4 101*2 77*8 77*8 747s 75*2 100*2 1007s 100 101 100*8 10034 102 102*4 102 102 1017s 10178 Q41® Q41® 101 101*2 10078 101*2 1003s 101*8 101 101*4 101*8 101*4 100*8 100*8 85*g 83*4 84*4 8478 8478 85 85 83*s 84*8 84*2 85 85 74 73*8 74 77*4 735g 735g 96*4 97*4 96 97*2 96*2 97 101 101*2 101*s 101*2 82*4 855g 83*8 84*4 8H4 84*2 69 70*2 69*s 70 69*2 72 27 26 26 26*2 25*2 26*2 100*2 100*2 7234 7334 7234 73*2 71*2 73*g 10034 1013s 75*2 7734 98*4 987s 985g 99*8 98 9812 9812 91 92 92 93*2 92 92 93 987s 93 92*4 9334 92*2 935g Metropolitan Street— Ref & ext 1931...................... 4X Minn St Ry—1st cons 1919Montreal Tram—1st & ref A New Orleans Ry & Light__ 4% N Y Municipal—1st A 1966 N Y State Rys—1962..............4*4 Port Ry L & P—conv 1942. St Paul C Cable Third Ave—1st i 9984100 99?s 100 100 100 99*2 99*2 100 100*2 100 100*4 102*4 102*4 997g 100*8 100 100 99*? 99 100*4 100*4 99*4 9978 99 9978 99 99*2 99*2 100 1003g 100 160’ 9934 983s 99*2 98 99 98 ___ _____ 100*2 100*2 IOO84 100*4 99*2 100 99 100 100 100 100 99*4 99 1018a 10134 1021a 1021.1 102*2 102*2 102*4 102*4 92 93 93 93 93*2 93*2 93*2 100*4 100*4 101 101 937g 95 927g 93 92 92 94 95 94 95 95 80 80 9334 9334 85 85 86 86 857s 86 100 99 99 99 99 99 99 743g 78*4 75*8 77*2 7784 7934 78 72*2 73*2 75 78*2 7584 78*4 75*2 7678 73*2 75*2 74 75 74 75*4 74*8 76 55 60 69*2 57*2 637s 59*2 63*4 56 56*2 58*4 57*8 58*4 5734 60*4 57*4 58*2 545g 58*4 51*4 54 50 53*4 47 86 85*4 86 88*2 865g 88*2 86 88 8534 !7 8534 83 83*2 85*2 83*2 84*2 86 87*2 87*2 85*2 86*4 83 87 94 94*2 94*2 94 94 94 93*4 93*2 92*? 92*2 91*2 91*2 8878 8878 88*2 88*2 80 80 79*2 80 78*2 785g 101 95 95 96 96 98*4 99*2 997g 100*4 100 100 9984 9984 1007g 101 101 101 101*8 101*8 82*2 835g 83 80 106 107*8 9884 995s 69 68 GAS AND ELECTRIC Brooklyn Union Gas—1st.___ 5 105 Buffalo City Gas—1st_______ 5 25 Cincinnati G & E—1st_______ 5 Consolidated Gas—conv_____ 6 123 82 83 84*4 83 107 107 99*4 100*2 105 25 105*8 106 25 25 126*2 121 124 101 10212 101*4 101«4 103i4 103«4 1033s 104'8 10134 IOI84 87 87 01 91 01 8I84 83 83*2 84*4 106*2 106*2 100 1007g 82*4 83 79*2 82 108 108 99*2 1007g 68 69 73 74 60*2 60*2 55 ‘ 55 32*2 42*2 90*4 91 105*4 10638 106 120 107 81*g 82*2 81 82*4 81*2 82 79*4 8034 79*4 81*2 78*4 80 107*2 108 99 100*4 99 100*8 99 100 67 105 105 116 11658 128 128 *88*2 88*2 88 88I4 1013g 102 1015sl02 1007g 102 101 10184 106*2 10658 106*2 107 101i8 1O1S4 1018s 10H2 103 1037g IO384 104 103841O43S 101 101 IOOI4 10U2 89*2 04 9314 93U 103*8 103*2 103*2103*2 103 103 104*2104*2 104 104 117i8117i4 117*4 118*2 11678117l8 126 126 88 8884 1015g 102 1017g 102l8 88 88 101*2 102 1005g 10158 101 10214 10078 101*2 93 03 103*8 10358 1O4*2105*2 105 105*2 85*2 87 86I4 87 108 109 101*4 IOU4 IOU4 101*4 103 105 104 105*2 84 85ig 84 86 IO884 IO8S4 IOOI2101*s 101 101 075s 98*2 07*4 98*2 08ls 100 98*4 99*2 98*4 99*s 0178 92*s 91*4 03 9258 93 8U4 8134 7734 793) 106*4 106*4 9834 99*4 93 93*s 106*2 107 124*8 121 82 81 82*4 81 79 78 76 78*2 10678 103*8 99*4 100*4 9978 100*2 68^2 70 67 60 61*4 61 335g 37*s 30 32 36*8 3034 37 8934 90*4 89*4 90 — - .... 87 122*2 121*4122*2 121*4 12478 121 104*2105 85 86 67 59*8 60*s 59*2 59*2 01 ii478115 38 88 67 72 61*4 61 30*4 36*2 34 .... .... 87 106*4 106*8 106*8 107 1223g 121*2124 122 125 93*2 963s 100*4 745g 50 88 101 97*4 09 1008s 1903g 896*4 896*4 10034 100*4 9812 98*2 90*4 91*4 92*2 93*2 92 93*2 92 92*2 90ls 91 98*2101*2 99*2 1001s 9984101*2 1011210218 100*2 10278 100*8 100i2 0984 1001s 9934100i8 100l8 100i8 101 101 95 104*2105 85is 84l2 85 117 101 110 104*2104*2 95i2 105*2 10558 10412 IO5I4 971s 985s 98 s Option 80*2 75 107 1003g 8I84 76*4 107*4 101 75*2 76 53*2 53*2 36 397g 90 91 1065g 106*8 1063s 107 107 101 101 125 127 100*2 100*2 121*2 125*8 125 127 107 99*8 9934 99*8100 99*8 99*2 9134 93*2 9234 937g 917s 93 102 1023s 102*8 102*4 IOP4 102 1027g 103 103*4 103*4 1023g 103*4 101*2 101*2 101*8 101*4 91 91 86 86 91 91 IOOS4 10034 98*2 98*2 9734 9734 99 9934 99*4 99*4 89 9034 88 88 89 90*2 91*4 94 93 94 9234 935s 9934100 997g 101 101 101*2 101*8 102 9984 IOOI4 99*4 100 10058 10058 10034 10034 101 101 102*4 102*4 10034 IOH4 1015g 1015s 101*210158 10158 1015s 9934100 997g 1005s 100 101*4 100 100 9434 9514 93*2 94 9334 9514 95 96*4 9584 96 95*2 96*4' 93*2 937s 1045s 10514 105*2 105*2 105*2 105*2 105*2105*2 105 105*4 105U 105*4 83 84i2 83 82l2 84 84*2 82 83*4 83 84*4 83 84 102 108 102*2 104 10U2105 101*2 102 99*2 101*2 85 99 c997s/105 7101 104 102 105 100 102 100 101 85 98 c 1st paid. 81 81’s 76*4 75 107 107 100*8 10034 72 72 73 721^ 77 62 6P4 62 53 53 40 36*2 35 9234 90*2 91 107 108*2 105 107*4 ioii8 ioi*2 101l8 1013s 10138 10134 IOU2IO2 IOU4IOII2 101*8 101*2 101*4 101*2 1023410414 103 103*2 103U 10378 103*2 10334 104 104l2 1035g 1047s 104*4 104l2 10U8 10114 101lg IOII4 ion4 ioi3s 101*4 101U 101*2102lg 10U210184 10134 10134 94 94 93 93*2 92 *2 9234 9284 9234 93 94*4 87 94*4 103 10334 103i8 1033s 10384 10334 1037s 1037s 103 10334 9078 907s 907s 90?g 104*4 104*4 10434 105*8 1055s IO584 105*4 105*2 10434 105*4 105 105 11714 11784 116*2 116*2 116*2117 117 117 118 118 117*8118 116*sll7 128 128 88*2 88*2 88 88 101 10158 IOH210158 101 102 10034 102 101*2 105 1007g 102*8 10138 102 101*2IOIS4 10138 101’s 102 102*2 1003g 102 1015g 102*8 102*4 10234 101 102*4 101 101 100*4 10034 927S 93l2 9212 933g 93 93i2 93*2 9378 925g 937g 103*2 103l2 103 105 10334 105 10378 1045s 10334 104*2 104*8 105 104*2 10534 104*8 105 84 85*2 84 84*2 84 84*4 8334 86*4 853s 86*4 86 86*2 84*2 86*2 108*2 108*2 1085g 1085s 108*4 108*4 108 108*2 10034 10034 IOO84 10034 99*2 987S 9934 92 92U 93 93 03 93*2 92 92 92*s 9218 1143s 11478 11488 1143s 115*2115*2 115 115 115 115 115 115 101*8 102*s 1018s IOIS4 IOU4 1015s 100l2 1013s ion810214 IOOI2 10134 1005s 101 1003s IOU2 IOU2 101*2 10238 1023s 1023s 1025s 10234102S4 1013s 1013s IO214 102*4 1015g 1015g 10078 102*4 10212 102*2 101 101 101*8 101*s 101 101 MISCELLANEOUS Adams Express—coll trust__ 4 84 Alaska Gold Mines—1925....6 112 10-year conv 1926 ser B.__ 6 Amer Steamship of W Va—1st 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 99*4 1021® 1021® 74 74 61 62 58 59*2 597s 57 4634 43 41*4 45 45 45 92 90*4 91*4 90*4 91 Virginia Ry & Pow 1st__ ____ 5 91 Detroit City Gas—1923 g_ ...5 Detroit Edison—1st 1933_____ 5 1st & refund 1940 A.............. 5 Havana Elec Ry—1952_______ 5 Hudson Co Gas—1st 1949....5 Kan C (Mo) Gas—1922.............. 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 and ext 1st 1934 g..5 Louisville G & E—1st ref... Milwaukee Gas Lt—1st 1927..4 Newark Cons Gas 1948_______ 5 N Y Gas Elec Lt Ht 8c Pow...5 Purch money coll trust g..4 Ed El Ill 1st cons 1995 g.._5 N Y & Queens El Lt 8r P..........5 Pacific Gas 8c ElectricCalif Gas 8c El Corp—1937.5 Pacific G 8c E—30-year 1942..5 Pacific Pow 8t L 1st'1980......... 5 People’s Gas Lt 8c Coke—1st.6 Refunding 1947 gold_______ 5 Chic G L & Coke 1st.............. 5 Consumers Gas 1st________ 5 Ind Nat Gas 8c Oil 1936.......... 5 Mutual Fuel Gas 1st gu.__ 5 Philadelphia Co—convl919 ..5 Convertible deben 1922. 5 Standard G 8c E conv 1926 6 Syracuse Light—1st 1951.__ 5 Union Elec L 8c P—1st 1932.-.5 Refund 8c ext 1933________ 5 United Fuel Gas—1st 1936..6 Utah Power 8c Lt—1944........... 5 Utica Elec L 8c P—1st s f____ 5 Westchester Ltg—1950.......5 99*2 Full pa Id. 8312 84*2 84 86 90*4 85 9514 90*2 85 85*4 85 88 85 88 85 102 86*2 85 88 84*2 86 847s 102 .... 85*4 87 88 —• 206 MISCELLANEOUS BONDS 1916—Continued. BONDS Armour & Co—1st real ext. 4 >4 Booth Fisheries—1926_______ 6 Braden Copper—coll tr 1931--6 Bush Terminal—1st 1952_____ 4 Consol 1955________________ 5 Buildings gu tax-exempt__ 5 Chic City & Connect—1927--5 Chic Union Station 1st 1963 4>£ Chile Copper conv 1923 _____ 7 Registered_________________ 7 Computing-Tab-Rec—1941___ 6 Granby Cons MS & P—1st__ 6 Stamped___________________ 6 Great Falls Pow—1st 1940___ 5 Inspiration Cons Copper lst.6 Conv deb 1919_____________ 6 Internat Merc Marine______ Certificates of deposit_____ New 1st s f 1941____________ 6 Internat Navigation—1st____ 5 Montana Power—1st A______ 5 Mortgage Bond—1932________ 5 Morris & Co—1st 1939.......... 4M New York Dock—50-year.___4 Nlgara Falls Power__________ 5 Niag Lock & Ont Pow—1st ..5 Ontario Power N F—1st_____ 5 Ontario Transmission_______ 5 Public Service Corp N J_____ 5 Sierra & S F Power—1st_____ 5 Tenn Copper—conv 1925.___ 6 January February March April May June September July August October November December Low High Low High Low High Lchv High Low High Low High Low High Low High Low High Low High Low High Low High 93i2 94’i 94i8 95 86i2 88i2 87l2 89 87*2 88*2 87l2 92 87i2 88i2 88I4 90 94 9478 933s 94i2 93i2 9334 93i2 94 93U 9334 933s 935s 93 90 99 9912 9812 99 97i2 875s 88 88i2 89 873s 875s 87U 88 S7i2 88 88's 88I4 87i2 90 92i2 8734 887s 8712 88l2 867s 88i2 88 88lg 873s 8734 87i2 88 887s 873S 88i2 86 8734 8634 8712 8612 88 8634 873g 87 131i8 135M 130i8 133i2 12912 13U2 130 130 82 85 81 83U 8112 8334 104l2 108 10634 IO914 10612 107>2 10334 IO8I4 107U 109 107 107l2 9934100 100i8 10H8 9914100 174 19H2 176 189 176 195l2 174 192 180 190 17712 196 9612 102lg 95«4 102l8 95 98's 95l8 102l2 95l2 1O23S 95 9834 TELEGRAPH Amer Telep & Teleg coll tr__ 4 Convertible 1936 gold______4 20-yr convertible 1933____ 4>£ Cent District Teleg—1st------- 5 Commercial Cable—1st regis.4 '’----'berland T Sc T—1st____ 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 8112 827s 104l2 107 104 10712 100 10012 193 193 9334 95 9314 95 923j 923? 98 993s 98 "99" 88 88 9134 92i2 9134 92l2 89 90 87l2 8934 8H2 81l2 9912 995s 995s 100 9934100 995s lOO’s 100 1007s IOOI4 1023g 9978 100l2 128ls 133 126 130 123 127 123 12478 12012 131 125 129 12612 154 124l2 147la 144 144 8334 86 81 83 84l2 87 83 83 85i2 8212 83 84 87 875S 87 88 104 10534 1015g 106 105 105l2 10434 105 10412 107 IO6I4 107 106l2117 105 113 105 105 10434 105l2 105 106 103 105U 10412 107 106 107 107 115 10312 112 100 10012 IOOI4 10058 IOOI4 101 1005g 10034 IOOI4 10034 100l2 1005s 100l2 101l2 101 10H2 IOII4 10138 10278 10378 1053s 103l2 10534 106 1085s 101i2 9834 103 102i2 106is 103U 106 10512 10834 96l4 98ls 95 98 98 100 ____ _____ 105 105 107 108 96l2 97 96l2 98 975s 98l4 97 98 973g 98 94 94 923g 9238 92i4 9214 9212 92l2 74 74 73 75 73i2 74 73 74 7H2 72l2 IO2I4 10214 102lg 102ls 96 95 109 108!4 9634 108 9712 9134 99 95 9912 93 94 95i8 97 9658 97 9634 97 94 9412 94 9414 923g 93 9214 75i2 75i2 74 75 71 10034 10118 1O1S8 10158 10158 102 9258 92S8 92 94* ’95" 947s 95’2 94 9514 9334 94l2 92 92 92l2 93 92 92 93l8 9214 93 86 86 90l2 90l2 90 90 86 89?s 90i2 897s 90i4 8934 92 923S 9U2 913g 92 9114 9314 9II4 9234 9U4 92i4 91 119i2 125 119l2 1213S 116l8 120 • MFG. AND INDUSTRIAL Amer Agric Chem—1st ’28___ 5 102 103 IO2I4 10278 102ls 10234 Conv deben 1924__________ 5 97l2 98l8 973s 983g 98>4 99>s Amer Cotton Oil—deb 1931..5 96!4 9634 963s 9734 96 9734 Amer Hide & Leather—1st__ 6 10338 103l2 103l2 104ig 104 104 Amer Ice Securities—Deb___ 6 88 8812 85 8734 85 87 Amer Smelt Secur—Deb____ 6 112 118 110 112 110 112 American Thread—1st_______ 4 977s 983s 983s 98i2 983s 9858 Amer Tobacco—40-year______6 Gold 1951.................................. .4 s8512 s8512 8312 8334 Amer Writing Paper—1st___ 5 68 71 70 705s 6512 75U Baldwin Locom Works—1st-.5 105 105 Bethlehem Steel—1926______ 5 102l2 1035s 10234 l04i8 1037s 104's 1st & refunding 1942 A___ 5 ioi78 10234 102 103ig 100l2102i8 Central Leather—20-year.__ 5 .10034 102 1015g 102i2 10134 102 Consol Tobacco—1951_______ 4 Corn Products Refg—s f____ 5 99 lOO's 997s 1001s 997s 9978 1st 25-year sink fund 1934..5 96l4 967s 9814 99l2 9734 99 Cuban-Amer Sugar—10-yr___ 6 101l2 102l2 102 10234 10238 10234 Distiller’s Securities—conv..5 693g 72 70 73l2 71 7434 E I du Pont Powder_______ 4^ IO2I4 105l2 105 107i2 105 105 General Baking—1st 1936-.36 85 85 7834 79 General Electric—1942___ 79*2 80 82 83l2 Debenture 1952____________ 5 10334 105 104l2 105 104 105 Illinois Steel—deb 1940....4^ 9034 9218 913g 9234 905s 917s Indiana Steel—1st 1952______ 5 IOII4 10134 10134 103l2 10212 10312 Internat Agric Corp—1932___ 5 78l2 79 78 79 777s 79 International Paper—1st.__ 6 102 1021g 102 102 102 102l2 Consol conv sink fund____ 5 81 8334 83 84 8212 90 Internat Steam Pump—1929..5 75 76 76 785s Trust co certificates of dep. 7412 79l2 76* 7*8*i8 74 76 Lackawanna Steel—1st con..5 97i2 98i2 98 1005s 99l2 10018 1st con 1950 Series A______5 9U2 9778 92l2 9734 92l2 96 Liggett & Myers Tobacco___ 7 12434 126 1255s 127 126 127 Registered_________________ 7 12434 12434 12514 12514 126 126 1951............... 5 IOU4 102M 102 103l2 102 102l2 Registered_______________5 102 102 102 102ls 1021g 10212 Lorillard (P).................................. 7 1225s 126 12534 1263s 12612 127 Registered_________________ 7 124l2 12412 1255s 1255s 1951 .............................................. 5 100i2 10134 101 10214 101 10214 Registered_______________5 1005s 101 Mexican Petrol—conv 1921 A.6 107l2 128 108 xl3 1065s 116l2 Registered_________________ 6 111 111 1st & ref 1921 Series C____ 6 109 125l2 107 112 105 116 Registered ___________ 6 112 112 Nat Enam & Stamp—1st____ 5 96l2 98 9712 98’2 97l2 98 Nat Starch deben 1930_______ 5 National Tube—1st 1952_____ 5 100 1013s 100l2 10138 101 10138 N Y Air Brake—Conv________ 6 103i2 105i2 1037s 10478 10378 104i2 Railway Steel Spring— Latrobe Plant 1st s f 1921..5 9934100 100 100i8 '* Inter-Ocean Plant 1st 1931.5 9412 9512 95 95l2 95i2 957s 9734 9934 9834 99i2 Repub Iron & St—s f 1940___5 9534 98 Registered_________________ 5 Standard Milling—1st_______ 5 9578 97l2 9714 98 9734 98 The Texas Co—conv 1931____ 6 105 106 105 10584 105 105l2 Union Bag & Paper—1st____ 5 80 80i2 8214 82i4 Stamped___________________ 5 70 72l2 71 72l2 U S Realty & Impt—deben___ 5 7H2 73 U S Reduc & Refining_______ 6 U S Rubber—coll tr 1918_____ 6 103 103l2 1027s 103l2 10234 10314 U S Smelt Ref 8c M—1926____ 6 U S Steel—s f 10-60-year_____ 5 10334 105 1045s 105 104 105 Registered_________________ 5 1035g 105 10414 105U 104 1047s Va-Caro Chemical 1st 1923___ 5 983g 99l2 99 9958 98l2 9958 Conv deben 1924 s f_______ 6 102 103U 102 IO3I4 102 102l2 Western Electric—1st_______ 5 sl0178102i2 102l4 10338 10214 1031s Westingh El 8c Mfg— Conv (issue of 1915) 1931___ 5 130 138i2 130 137 12312 14U2 10-year coll notes 1917_____ 5 101i210U? 1013g 1015g 101l2 10158 COAL AND IRON Buff Sc Susq Iron—1st 8 f ’32.5 Deb 1926........ -5 Col Fuel & Iron—s f 1943____ 5 Colorado Indust—1st 1934___ 5 Consol Coal Md—1950_______ 5 Grand Riv Coal & C—1st.__ 6 Jeff 8c Clearf— 1st 1926............ 5 Pocahontas Cons Collieries..5 St L Rocky Mtn & Pac—1st. .5 Tenn Coal Iron 8c RR—Gen.5 Birmingham Division______6 Tennessee Division________ 6 Victor Fuel—1st 1953 _______ 5 Va Iron Coal & Coke—1st__ 5 12912 13514 90 937s 75 91 93 93 9234 9358 9334 95 74i2 77 74ls 7512 93 93 9434 9434 104 1047s 957s 957s 8934 89 90 89 8912 90 84 88l2 88 88l2 87 87l2 10U2 1033s 1015g 1017s 10178 102 10158 1017s 10134 10134 1017s 102 10134 1017s 89 92 95 76 93 90 90l2 923s 100l2 1013s IO6I4 108 102 102 "9914 lOO' 113 118 110 995s 100 9158 IOOI4 10558 102l2 92l8 10238 10834 102l2 113 100 11234 102 103 9714 97l2 9634 973g 10334 104 86 8884 106lg IO8I4 98 983s 88 104i2 91 10914 111 9912 110 9914 9314 91 9812 87*4 915s 8734 94 93 9914 87i2 927s 90 111 111 109l2 1105s 10934 10934 97U 993s 96U 9Sl4 9314 9634 10934110 110l2110i2 98i2 9912 97l2 100 9834 100i8 92l2 93*8 72 7212 73ls 72i2 IO2I4 105l2 102lg 92 9414 93 93 94 93 86 9212 9134 9378 92l2 9212 921? 925g 90U 93 9H2 99 9314 935s 927s 9278 73i2 737s 76 102l2 102 102 96 94 95 93l2 9314 94 93 92 9278 96 90 94 IOU4 1023g 973g 99ig 97 973s 1033g 104 86 87 108l2lll 98 9812 118 118 8334 8334 72l2 75U 10H2 105 1037s 104 101 102 1015g 102 IOH4 102 97 97l2 97 9733 103l2 104U 85 87 10734 IIU4 98 9858 11812 11834 10334 104i2 10378 104ig 10034 102i2 100 10214 10134 1023s 102 102l2 IO2I4 10334 9778 101 95l2 9714 10334 104>2 88 87 10734 117 98U 9834 120 120 85 85 79 80" 8012 8212 105 105 103 104 104 104U 10312 104 997s 1005s 10018 10058 100 10U2 101 10214 10158 10258 10218 103 99 997s 9712 9778 102i2 103 72l2 7653 102 104 99l2 99l2 9634 98 9934 10234 7514 7734 101 10238 96l4 99 1023g 1025g 7512 78 IOII4 10312 95?8 96^2 1O17S 1023s 72l2 76 101 10212 99 99 96 96l2 10134 10238 7314 75l2 101 10112 96 96l2 10218 1023g 73 75l2 101l2101l2 1027s 1035s 10212 103l2 103 1041s 9934 1005s 100l2 108l2 102 105 9 7 973s 96 975g 95 97U 1035s 104i2 10334 104i2 104 10414 87i2 88 88 88 8712 981s 110 115 1103s 122l2 105is II8I4 99 99U 99 9918 9S12 9812 120 120 11978 120 117i2 11713 837s 87 8234 85 82 89 88 94 8512 8812 105 105 103 103ls 103i8 103ls 103 10414 10314 104 103 104 101 1025g 102 103 101 103 IO2I4 103ig 10234 10312 101l2 1033g 84l4 84l4 9834 9834 99 99 99 99 9634 98l2 9778 983S 9778 98l2 1021s 1025s 102l8 103 10134 102U 72l2 74l2 713s 74 683g 7414 101l2 101i2 101 IOII4 10112 102!s 82 82 10412 105 907s 9U2 102 103 77 7734 102 10234 885s 90 82l4 8212 104l2 10514 90i2 9II4 iou210314 76 78l2 102 102 89's 9012 8234 83 10378 105 90 91!4 10Us 103ls 75 75l2 IOH4 10134 9U4 925S __ 103l2 IO4I4 90 9138 10H2103i4 7478 75l2 101l2 102 91 92 82 82l2 104U 10578 913S 9212 10238 10312 75 76 1013g 102 92ls 95k 815s 82l2 80l2 81i2 79 8012 105 IO6I4 10634 1085s 105 106 9238 94 93l2 94ig 9178 9334 103l2 105 103l2 1O45S iou210334 76 7834 79l2 81i2 74 797s IOH4 102 1017s 10214 IOU4 10134 95 99l2 99 100 99J8 100*8 7212 76 993s 100i8 9034 9414 12434 126l2 1247s 1247s 101 102 73 75 993g 9978 9238 93 125 125l2 1245g 1245g 10134 102l2 82 82l2 1031g 10434 89l2 9U2 102 10318 75U 77 1011s 102 91U 92 71 71 70 73 993s 9978 9134 9278 125 126 12434 12434 101l2 1025s 75 8234 8312 80"l2 76 80's 102 103 967s 97=8 9534 97ls 10378 105 86 87l4 10612 10734 977s 9838 119 119 102l2 10234 9634 9734 95l2 97 10378 104 86l2 87 107l8 109U 9778 98i2 118l211834 8212 82l2 7912 8212 80 84 9914100i8 995s IOOI4 997s 101‘2 iooi2 ion2 93l2 9734 96 9778 97 109 95 1O518 125 126 12034 1271g 127 128 127 129 12612 12612 IOOI4 IOH4 10034 IO2I4 10U2 1025s IOII4 102 102 103 101 10234 64 64 99l2 100 99’s 9934 90 92l2 9H2 94 125 12634 12312 125U 12612 127 12534 126l2 12512 126 12512 1255s 12414 12412 12434 126 125 127l2 126l2 12712 126l2 127l2 12514 125U 127 127 1263s 1263s 10034 IOH4 100i2 101 10034 102 IOOI4 101 10034 1017s 10034 ion2 10034 10214 101 102 101 102 107l2118 llll2 116l2 10712 11334 108i2110 107l2117 112 98 99 87 8712 997s 1013g 101 103l2 9834 99 85*2 85l2 98 98!8 87l2 88 100 10138 100l2 10138 100l2 1011s 102 104 102ig 104!8 103U 103i2 116l2 107 113 108 l0812110 110l2 108 112 111 117l2 110 109 11678 116 114i2116i2 111 11212 107 11212 97l2 985s 9834 102 100 101 IOOI4 98 98 91 8512 8512 10034 101’s 101 10U2 1013s 102l2 101 1025g 10012 10434 1061.2 102 103l2 1027s 103l2 10314 105 105 101 91 10158 106 100l8 100l8 100 100l8 IOOI4 10014 10018 10018 100l8 IOOI4 IOOI4 IOOI4 101 101 100i2 101i8 10034 101 9612 97U 9634 98 9634 97 97 97l2 9634 98 97l2 98 98 95i2 9634 965g 97 98i2 9934100i8 100 102l2 9934 ion2 98i4 993s 98i4 985s 975s 985S 97l2 98*4 977s 983d 98's 100 95 95 9834 9934 987s 99i2 99i2 100 9734 99 99l2 99l2 99 98ig 100 9914 98l2 9878 9778 99 1045s 1055s 104l2 105 l04l2 105 104 10434 104lg 10434 104l8 10558 105l2 106 105l2 106 105i2 106 82i 4 82l 4 84l 2 853 4 87 91 83 9II4 94 93l2 94l8 93l2 937s 82 8318 83 ................... 8714 8714 93l2 94 94 94l2 93i2 94 82lg 82is 8214 8214 69 7H2 68 70 70l2 72 72 69 70U 6834 72 64 6878 68 70l4 70 7Us 73 10l2 14 15 15 15 11 11 15 16 25U 102 103 10214 103 IO2I4 103 102 IO2I4 10178 10214 102 10278 10212 103 10134 1027s 10134 103 110l2 111 11034112l2 109 11518 111 113 10912 111 110 11212 110l2112 10834 1137s 107 112 104 105 10473 105U 104 10512 10478 1051s 1047s 10512 105 IO6I4 106 10634 1O63S 1075g 105*2 107ig 104ls 10434 104U 10512 10412 10514 1045s 1053s 10434 105l4 105 106 1057s 1067s 106 1O712 10514 1065g 9834 97 9834 100 99 100 98 99 9814 9634 9758 9758 99i2 986s 99 98l2 9878 98 1007s 1O23S 100 ion2 IOOI4 IOII4 100's 1007s 100 10058 10012 102 1O13S 10312 1017s 10234 102 10314 101l2 10234 1017s 10234 10134 10234 10U2 102 1017s 10234 1017s 103 1023s 10338 1027g 103U 10134 1027s 11212131l2 1151s 128 117 10158 10158 1013g 10U2 101 9434 9512 95 75 76 75 90 93 93 96 93 95 7534 7414 915s 92 89i2 90ig 90ig 90i2 853g 87 102 10214 101l2 10134 IOH4 1015g 1015s 1015g 1011s 10H8 8834 8884 887s 90i2 89i2 89i2 87 9134 92l2 100 1013g 106 10684 1023s 10258 65 70l2 9334 92 98U 87i2 88I4 8734 915g 923g 101 10U2 10714 108 ____ -____ 89 917s 9214 101 10112 1O634 108ig 10U2 10112 71 71 9934 1005s 997s 10038 9934 1003g s Option sale. 127 112 118 10112 IOOI4 101 96 96'4 76 92 120 130 1005s 101 124 133 1007s 101 9612 96l2 93 95l2 95l2 95l2 95l2 98 98 98l2 79 7714 7634 82 7714 76 76 90U 90l2 92 92 92 91 91 907s 92U 92l2 94 8684 87 102 102 10034 10034 100l2 100l2 86 114l2 123 10034 101 ... 102 102 86l2 9138 9214 913s 9134 913s 9178 102 10234 i01i4 IOH4 10112 104 10734 109 108 109 1083s 112 102l2 1027s 10278 1031s 73 73 100 10058 10018 1005s 9978 IOOI4 93 98i2 80l2 93l2 1007s 101 99 9412 95 7834 9314 99 99 96 80 94 IOOI4 10034 9614 9614 95 77 93 97 79 94is 94l2 94U 94l2 945g 9458 85l2 85l2 87 87 85 101l2 10118 10U2 101l2 102 1001s 1001s 100 100 IOOI4 100 101l2 80 80 85 88l2 8712 8712 83l4 85 91*2 9312 93 85 85 85 10058 102 IOOI4 IOOI4 1OO34 IOOI4 827s 86 92 9338 9078 9278 9034 9U4 IO5I4 10534 10034 10514 98 1 0034 112 113l2 106 113 103lg 106 1023g 1027s 10212 102l2 __ _ -___ 73 73 997s 1005s 10038 10034 10012 101U 9934 1OO12 913g 92 103 104l2 109U 11334 10234 10234 207 RAILROAD AND MISCELLANEOUS BONDS 1916—Concluded. BONDS Michigan State Telep—1st 5 N Y & N I Tolop— 1920 5 N Y Telephone—1st 1939..4)^ Pacific Telep & Teleg—1st 5 October November December June July ' August September April May March January February Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 98 98 101i8 ion8 101*8 10U2 101i8 101i2 99*2 100*2 100*4 1007g 100 10034 100 10034 99i2 100 100 10034 10034 98 98 3 4 98 98*2 97*8 98*2 97*2 98 98*4 99 985 g 99l 8 98*s 993s 98*2 99*2 9978 10012 99 1007g 9978 101*8 9978 10058 IOOI4 10 Us 100 100«4 100*2 101i8 IOOI4 101 100*4 101 Southern Bell T & T—1st.__ 5 99*8 10038 West Union Teleg—1938.......... 5 slOlSslOVs Fund & real est 1950 g__ 4)4 94*8 96 Mutual Union ext 1941.___ 5 Northwest Tel gu_______ 4)4 101 10018 100i8 101 10H2 953s 96*2 101*2 ion2 ................... 1007g 10078 100*4 100*4 100 10H? 100*g lOUs 101*2101*2 ion2 ion2 98*4 997g 98*8 99*8 101 102 100 lOUs 101381013s loosg ioi'*; 10014ion8 100i8 101*8 9978 100l2 100 101 100l8 IOII4 100l2 IOII4 10034 1013s 101 10214 101 102 101 10134 100 10078 10038 101*8 101 1016s 100*8 101*2 100 IOU4 100 10218 IOOI4 102 lOUs 102 1007s 102 96is 97*8 96*8 97*s 957g 97U 95 9534 9434 95i2 9434 9514 945a 9534 94*8 96>4 947g 9514 947g 96 IOII4 101*2 94 94*t 10U2 IOOI4 1 s Option sale. 10034 101 1007s 1007g 100i2 100*8 100»4 101 1013s 101*8 97*8 985s 98*4 99 1007g 102 101i2 102 1917. BONDS Ann Arbor—1st 1995 gold__ 4 Atch Top & S Fe gen g 1995__ 4 Adjustment gold 1995_____ 4 Stamped______________ .. 4 50-year conv gold 1955___ 4 Convertible 1960__________ 4 Cal-Ariz 1st & ref 1962 Atlan Coast L—1st 1952 g___ 4 General unified 1964 4^ Lou & Nash coll 1952 g___ 4 November December October September August June May July March April Januaiy 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 71 73*2 73i2 68 97 9314 96U 93 93 85*s 88U 8514 8514 8412 87 85*8 89 104l2 106*2 101*2 102*4 104*2 107 10H2103i4 1003$ 1007$ IOOI4 100*4 97 99 R534 8.534 86 86 92b 9334 91l4 92b 97*2 100 98b 98b 104 1045$ 94U 963g 9U4 95 9334 951? 9312 94 10634 10719 9334 9334 8712 89 83*s 87i4 s94*8 » & O—Prior lien g 1925...3K 94b 963$ 923g 9478 95 95*8 Gold 1948___________ ___ 4 92 lg 943S 917g 9414 Registered 4 91 91 20-year conv 1933_______ 4)6 95lg 97lg 93U 96*8 Refund & gen 1995, ser A..5 10034 101*2 993g 101 Pitts June M Div _3)^ 88b 5941? Pitts L E & W Va System..4 87*8 90’ 85l2 8878 Southwestern Dlv 1st g..3)6 92is 94ls 91*8 93*s Registered__ _________ 3)4 Cent Ohio Reorg 1st 1930.4)4 Cleve Lorain & W 1933 . 5 Ohio River RR 1st 1936 _._5 107*2 107l2 General gold 1937_______ 5 Pitts Cleve & Tol 1st 1922..6 107 107 Pitts & West 1st 1917_ _ _ 4 Buff Roch & Pitts—Gen ’37. .5 110blllb Consol 1957__________ . 4)6 102b 102b Roch & Pitts consol 1st 1922.6 109341093.; Canada Southern Cons guar Series A 1962___ 5 103*4 10478 10234 105b Car Clinch & Ohio 1st 1938..5 92 ’ 92 9078 9078 Central of Georgia—1st 1945.5 108*4 110 10818 108*8 Consol 1945 gold___________ 5 10218 1027g 99 ' 103 Registered______________ 5 Chattanooga Div 1951______ 4 Macon & Nor Dlv 1946 g___ 5 Mid Ga & Atl Dlv 1947. ...5 10438 1043? Mobile Div 1946 g__________ 5 Central RR & Banking Ga__5 96 97*8 9612 97 Central of New Jersey— General 1987 gold__________ 5 119 120*2 117*4 118 Registered______________ 5 118 118 1173s 1173s American Dock & Impt.. .5 10378 10414 Central Vermont—gu 1st g__4 78 ' 793; 78 78 Chesapeake & Ohio— 945$ 94b Gen fund & impt 1929____ 5 1st consol 1939 gold________ 5 106U 108 1063g 108 ' Registered_____________ 5 1041? 1041? General 1992 gold......... ..4)6 9234 94" 88*2 92*? Registered __________ 4)4 90 92 Convertible 1930________ 4)6 85 86*2 81 85 30-year convertible 1946__ 5 93*8 94*4 90 9334 Big Sandy 1st 1944_________ 4 87 87 R & A Div 1st cons 1989 g_ 4 877g 88*2 2d consol 1989 gold____ 4 60*4 62 Chic & Alton—Ref 1949 g___ 3 5978 62 Chic & Alt Ry 1st 1950 g..3*2 5178 53*2 49*2 53 Chic Burlington & Quincy— Denver Division 1922_______ 4 9978 9978 9978 9978 Illinois Division 1949____ 3)6 8 ' 89 84*4 88*8 Illinois Division 1949_______4 96*8 9734 947g 98 Registered_____________ 4 Iowa Division 1919, s f__ __5 10212 102l2 Iowa Division 1919, s f____ 4 Nebraska Extension 1927..4 99 98 9834 99 General 1958__________ 4 94*g 97*s 943g 95 Chicago & Eastern Illinois— Refunding & impt 1955 g__4 31 33 Trust Co certfs of dep___ 31 33l2 1st consol 1934 gold __ _ __6 105b 107b 106 106 General consol 1st 1937_ _5 80*4 90 " U S Mtg & Tr Co ctfs of dep 90 90 87 87 do stamped __ _ __ Guaranty Tr Co ctfs of dep 88 90 85 85 Chic & Ind Coal Ry 1st 36__5 40 41 Chic Great West—1st 1959 4 72*2 73*2 70*s 73 Chic Ind & Lou—Ref 1947g..6 114l2 114*2 Refunding gold 1947_______ 5 100*4 100*4 Refunding series C 1947___ 4 85U 85>4 Chic Ind & Sou—50-yr 1956__4 90 " 9612 Chicago Milw & St Paul— Gen Series A 1989 gold____ 4 92*4 96 9138 94 Permanent 1925___________ 4 95U 96U 9334 94l2 Gen & ref 2014 A________ 4)6 95*8 98*2 95l2 9634 Gen & ref (temp form)__ 4)4 9512 96lg Gen ref conv 2014 B________ 5 10512 107*8 1021^ 10638 Gen Series B 1989 gold..3)6 81U 82=8 81b 82 General 1989 Series C___ 4)6 10234 105U 101 104i2 25-year debenture 1934 . 4 9134 94*8 9034 93 Convertible 1932_____ 4)6 1003g 102*4 97*8 100*8 Chic & Lake S Div 1921___ 5 103*4 103*4 Chic & Mo River Div__ __5 106b 106b Chic & Pac West Dlv_______5 103*8 10418 102U 103*8 C M & Pug Sd 1st gen 1949 _4 93 95U 92 93b 105 105" Dubuque Div 1st s f 1920__6 Fargo & So assumed 1924 g.6 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 61 65*2 62*2 62*2 61*2 63*2 60*8 89 90*4 87 89*2 86*2 89*2 93 87b 80*2 81*2 80*2 80*2 81 80*4 82 82 8134 82*4 81 81 817g 82 9834 99 10234 101 101*4 99*2 100 99 102*2 101 102*2 99*2 101 98 loob inn*? 91 94*2 94*2 8519 85b 78 90 90b 89 " 89 84*2 85*4 83 91 98*4 98*4 91 93*2 93*2 1003. 1003j 99b 99b 91*2 92*8 887g 92*4 87*2 89*8 87*2 88*s 87*4 89 ’ 87 87*? 87*? 851? 87*2 887g 1001a 106 106 89*4 89*4 86 823 4 82*4 81 ' 80 83 85*2 81*2 8414 77*2 78*2 79 118b 11819 115 115b 92*4 9334 9012 92*2 90 92 90 9134 90 89*4 91 92 92 917S 93 84*4 87*4 84*2 87 92l8 86*2 88*4 85 87 92b 92b 94 ~ 95 ’ 90*2 94*8 883g 91*4 88*s 8934 873g 89 84*4 99 10034 96*2 1007g 96 9878 96 97*2 96*4 87*s 94*8 8534 8534 79 92 92b 87 80 79*2 8134 78 80 83*4 79 86*4 88*8 83 87*4 84*4 90U 9H4 88 8934 87 88*2 86 87*4 86 63l2 64 93*8 94l2 91b 93 83*8 85>4 86 84 10U2 105 102 105 100b 1007$ 95*2 96*4 100 100 63i2 90*2 92 81*8 81 10134 101*2 100*8 100 65 9378 92 84 84*8 102*2 103*8 100*s 62*2 883s 87*4 82 82*2 99*2 100 91 78 83 58 85 83 80*2 78 95*2 96 59 8634 84 80*2 8034 96 96 57 51 5634 57 57 58 85*4 86*2 80*2 85*4 80*8 83*2 79 7778 92*8 91 79 79*2 95 94*2 72 72*2 85*s 847g 73*2 73 84 79 73*2 74*8 86*2 87 91*2 91*2 8234 8234 80*2 80*8 8834 84*s 87*4 80 82*2 82*2 8034 9934 863$ 85 853s 7834 77*2 80 78 851? 1001O 83 81 84 79*2 83 82 807g 8078 807g 83 9934 79 75 89*4 90*2 89*2 9034 85 90*? 90*? 8334 77 86*8 833g 8434 80 91 8734 9634 86 80 86 73 74 86 90 82*4 85 8038 90*4 94*8 86*2 88 78*4 7978 78 847g 86*4 84 81*2 83 91 88 797g 86 81*2 75 68 8884 84 76 86*2 80*4 71*2 79*2 77 80*4 69b 79*2 79*2 86 73*2 84 77 81 77 717g 74 8434 85 85 90 90 100 993g 993g 104 99b 99*2 103 99 85 108*fi 96 99*4 99*4 88*4 88*4 100*? 1001? 99 99*? 99*2 99*2 1035? 1035? 104 104 105*? 1051? 1011? 1011? 1011? 1011? ion? ion? 10134 10134 1021? 1041? 100*2 100*2 91 " 91 ’ 108*2 108*8 98 100 99 101 104 98 100*8 991? 100 85 108*? 98*2 97 97*2 97 95 99*8 0919 100 98 84 84 1007? 10U? 100 101 87*2 887g 88*2 88*2 83*8 85*2 98*8 98*8 97 1011? 102 983S 96*8 97*8 97 97 93 95 93 78 78 1003d 1003a 103 97*8 97*8 104b 104b 94*2 96*2 90 115 116 111*2 114*2 109 II6I4 U6l2 116*2 1161? 110 1107g 109 103*s 103*8 102 102 116l2118 967g 967g 95 95 104*4 106l2 104*2 105 89*2 84 86*4 84 ' 80 9234 90 84 87 87 81*2 81*4 611? 6234 597g 50 51 45*4 88*2 86*4 82 ' 90>4 109 109 91 91 90 90 100*2 10478 100*2 103*8 100*2 102*8 100*2 101 100 8434 76 100*2 99 101*8 9834 9934 943g 98*2 89 843g 86*4 8334 85*2 83*2 84*2 83 83 9178 84 85 81*4 62 ' 50 73*2 77 78*2 79*2 78*8 79 79 78*4 80 77*2 78 78 75 84 90*4 877g 89*2 87*4 88*2 84*4 8734 82*4 84*2 79*4 83 997g 100 85 " 85*8 81*2 85*s 94*8 94*2 95*2 92 91 91 102 102 9978 997g 997g 9978 9778 98 97*4 97*4 93 94*8 89 93 81*8 73 5978 46 81*8 73 597g 597g 597g 49*2 46*4 49*2 46 82*4 823g 80*2 80*2 47 44 46 42 44 87*4 87*2 87 87 70 87 87 70 75 30 86*s 91 90 84 98*4 s Option sale. 102 73 40*8 35 99 76 84 76*2 84 83 41 99b 8*4 99*2 99*2 96*8 96b 92 91 9034 9034 817g 84*2 81 83 29*2 29*2 97 100 97 98*2 76 83*4 88 82 84 97 85*2 9034 8578 84*2 98*2 100*4 101 104 104 61*2 637g 55 100 ___ 78 79 78*4 86*2 77 8534 88*2 84 83 75 85*2 80 757g 65 80*s 82*2 7534 8078 70 95 97*2 90*2 72*2 72*2 93*2 94*2 90*8 93 94*2 97 86*2 ___ 84 8434 80*8 83*2 79 90 9178 86*2 90*8 8578 8734 84 102*8 103 1CO34 103 100*4 101*2 101 9U2 9212 90*2 91*4 103 103 73*2 75 6834 64*2 66*2 64*2 65*8 63*2 65 86*8 91*8 90 86*2 9978 102 70 .... 76 87 93 89*4 89*4 10034 75*2 9734 87*8 94*8 30 100 32 32 65*2 68*4 67 70*2 71*4 6734 71 1123g 115*8 100*? 100*? 84l2 84*2 86*2 91 89*4 85 98 73*2 C7 86 90 35 35 79 69 733g 65*2 71 7134 7834 713S 79 73 71 71 587g 587g 37 36 40 99 100 100 9978 9978 99 80 80*4 79 80*2 77 77*2 76*8 77*4 8834 90*4 86*s 90 89 90 86 86*s 86 86 1003« 1003? 1003, 1003d 100*? 1001? 98 98 98*4 98*2 98*4 98*2 98*4 98*2 9434 9478 95 93 98 93*8 9434 927g 93*8 92 86 84*4 86 89*8 90*2 8934 91 89 91*4 87 88*2 85 32*4 32*4 33 31 32*4 35 86*8 92*4 9278 94*4 92 94*8 87*2 94*? 100 104 79 79*8 97 1013g 101*8 102 90 91l2 8734 90*4 9334 9734 97*4 99 827g 76*2 7938 74 997g 997g 80*4 82 80*8 82 92 90 90 90 30*2 30*2 30*2 31 30U 30U 27*2 33*2 3034 32 91 0338 9334 943S 94*8 96*4 9414 9534 103'10478 90 109 110*2 109 110 109*4 10934 105 10778 100 104 101*8 102 ___ 105*8 106*? IOU4 101*4 100 100 10934 110*2 108*2 109*8 100 100 100 100 100 100 96*? 96*2 55 70 70 55 102 102 100*8 101 95 84 89*2 77 87 86*2 89*2 85 7978 79 79*4 ___ 83 70 86*4 75 9934 9934 94 100*8 100*8 98*2 997g 96*2 77*2 77*2 100 100 1047? 1047? 1 61 ’ 52 60 101 947g 95 77 80 70 78 74 62 79 79 69*2 8334 70*2 77*2 84 87*4 84 ____ 74 74 75 65b 76*2 94 99 t 9734 98*4 79 « 79 RAILROAD BONDS 208 1917—Continued. BONDS February June January April July August September October November \ December March May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lotc High Chic Mil & St P (Cone.)— La Crosse & Davenport 1919.5 Wise & Minn Division............5 Mil & Nor 1st ext________ 4)4 Consol 1934....................... 4)4 Chic & North West— Extension 1886-1926________ 4 Registered_________________ 4 General 1987 gold________ 3)4 General 1987_______________ 4 Registered_______________ 4 Stamped_________________ ..4 General 1987 stamped______ 5 Sinking fund 1879-1929....6 Sinking fund 1879-1929....5 Debenture 1921____________ 5 Sinking fund deb 1933_____ 5 Fremont Elk & Mo V 1st.__ 6 Man G B & W 1st guar ’41.3)4 Mil L S & W 1st 1921 g............ 6 Ext & lmpt 1929 gold___ 5 Milw Sparta & N W 1st____ 4 St L Peo & N W 1st ’48 gu__5 Chic Rock I & Pac Ry—1917..6 Registered_________________ 6 General 1988 gold__________ 4 Registered_______________ 4 Refunding 1934 gold_______ 4 Registered______________ 4 20-year debentures 1932.___ 5 Trust Co certfs of dep.__ do stamped.__ do double stamped ____ Coll trust Series O 1917.__ 4 Colt trust Series P 1918_____4 R I Ark & Louis 1st 1934..4)4 Burl C R & Nor 1934 g______ 5 C R I F & N W guar 1921...5 Keok & Des Moines 1st_____5 St Paul &KC ShL 1st..4)4 Chic St P Minn & Omaha.__ 6 Cons 6s reduced to______ 3)4 Debenture 1930____________ 5 Chic St P & Minn 1st 1918. .6 St Paul & Sioux City 1st g..6 Chic Terre H & So’east 1st '60.5 Chic & West Indiana—1932. .6 Consol 50-year 1952_______ 4 Cin Ham & Dayton—2d '32.4)4 1st guaranteed 1959_______ 4 Dayton &M 1st cons 1931.4)4 Clev Cin Chic & St L—1993..4 20-year deben 1931_______ 4)4 General Series B 1993............ 5 Cairo Div 1st 1939 gold_____ 4 Cin Wab & Mich Div 1st ’91.4 St Louis Div 1st 1990 g_____ 4, Springf & Col Div 1st______ 4 C I St L & Chic 1920.............. 6 C I St L & C 1st 1936 g......... 4 Cin S & C cons 1st 1928.__ 5 C C C & I gen cons 1934.__ 6 Peor & East 1st cons 1940..4 Incomes 1990____________ 4 Certificates of deposit.. Cleve Short L—1st ’61 gu..4)4 Colorado Midland—1st g____ 4 Trust Co certfs of deposit__ Colo & South—1st 1929 g.__ 4 Refund & exten 1935.__ 4)4 Ft Worth & Den City 1st..6 Delaware Lack & Western— Morris & Essex 2000 gu__ 3)4 N Y Lack & West 1st 1921..6 Construction 1923_______ 5 Terminal & impt 1923.___4 Delaware & Hudson— 1st Penn Div 1917__________ 7 Registered________________ 7 1st lien equip 1922_______ 4)4 1st refunding 1943_________ 4 Convertible 1935___________ 5 Alb & Susq conv 1946 g..3)4 Registered____________ 3)4 Denver & Rio Grande— 1st consol 1936 gold________ 4 Consol gold 1936_________ 4)4 Improvement 1928 gold_____5 1st & refunding 1955_______ 5 Gio Grande Sou guar 1940. .4 Rio G West 1st 1939 g______ 4 Mtge & coll tr A 1949 G...4 Des Moines Union—1st 1917..5 Detroit Term Tun 1961____ 4)4 DulMissabe&Nor—Gen ’41..5 Dul & Iron Range—1st 1937..5 Duluth S S & Atl—1937............ 5 Elgin J & E 1st 1941 g.................5 Erie—1st cons 1920 gold______ 7 N Y & Erie 1st ext 1947 g__ 4 2d extended 1919 gold.__ 5 3d ext 1923 g....................... 4)4 4th exten 1920 g_________ 5 1st cons prior lien 1996 g__ 4 1st cons gen lien 1996 g___ 4 Pennsylvania coll tr 1951 g.4 50-yr conv Ser A 1953 g____ 4 50-yr conv Ser B 1923 g____ 4 Gen conv 1953 Series D____ 4 Chic & Erie 1st 1982 g............5 Cleve & Mahon Val 1938 g._5 Erie & Jersey 1st s f 1955__ 6 Genessee Riv 1st s f 1957__ 6 Long Dock cons 1935___ Coal & RR 1st gen 1922___ 6 N Y L E & W Dock & Impt.6 N Y & Greenwood L gu ’46.5 N Y Susq & W 1st ref g____ 5 Terminal 1st 1943________ 5 Midland of N J 1st ext ’40..5 Wilkes & East 1st gu g_____ 5 Evans & Indianap—1st cons..6 Evansv & T H—1st cons______ 6 1st general 1942___________ 5 Florida East Coast 1st_____ 4)4 Ft Worth & Rio Gr—1st g___ 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 100l8 100% 101% IOII4 101% 101% 10034101 1003g 1003S 102 102 102 1023s 100 100 9712 97% 97% 97% 10112 101% 98 9934 10438 10438 103*8 1035s 97% 97% 84% 95% 97% 97% 98*4 9712 863s 82% 85 82 98% 9512 97k 92 97 116 118 111 111 105% 105I2 105% 105% 10214 1023s 10034100*4 103% 103% 103U 103% 103U 10334 II8I4 H8I4 88" 88 ‘ 107U 107U 104% 104% 93% 9434 92 94 91% 91% 108 1083s 105 106 105 106 10012 1007g 99% 10078 1003s 100% 86*4 90 88% 88 8912 87 85*4 87 85% 85% 7534 78% 74" 76% 72U 74% 73 73" 105 102 117 102 117 104*4 104*4 84 73% 72 73 98% 98% 98% 98% 98% 98% 72*4 74% 70 71% 71% 73 101 102% 99% 100 61% 62 72 73 72 75 118*4 118*4 91 91% 162" 103’ 102 102 118 118% 104 104 82 82 107%108 106% 107% 76% 77 72*4 75 96% 96*4 60% 61 72 735s 115% 115% 101 161" 115% 115% 103% 1033s 82 86% 86 86 86 104% 106 105% 105% 104 104 98 98 IOOI4 100U IOOI4 10034 100U 101 100 100 99% 100 11312 11414 113% 113% H2I4 H2I4 10334 104 10314 104*4 87 81% 82*4 79 73% 70" 106 75 72% 69*8 67% 66 70 78 69*8 70 67% 72 106 106% 106 70*4 70% 72 98*4 8 8 92 83*s 103% 96 7 6% 87% 79% 101% 96 7% 7% 89% 81% 101% 88 86% 87% 88% 86 86 86% 85 107 107% 105% 106% 106 106% 104% 105 102*8 102*8 97% 97% 99% 99% 97% 98 84 105% 100 96% 84 83% 84 105% 105 105 100 96% 100% 100% 101%101% 85 87% 72% 73% 90 90 66% 68% 67 68% 82 84 107%109 106% 106% 80% 88 84 64*4 10034 11 5 92*8 84% 103*4 101 101% 101% 101% 100»4 101% 95% 98% 102*4 105*8 86 86% 84 79% 81% 89% 87 84% 85 65 67% 68 100% 100% 100*8 100*8 102% 102% 80% 85% 81% 84% 66 6734 66% 72 90 90 90 61 66% 62*4 61% 66 59% 62% 73*8 763g 73% 80 109 109 108 108 95% 2% 2 88% 80% 101 100% 101 94 97 99% 1033g 80 83% 98*4 88 95% 80 80% 94*4 96 9538 95*8 69% 69% 69% 69% 109 109 55 55 62% 62% 109 109 59 102 59 102% 86% 86% 9534 96 100 65% 62% 64% 59 83 843g 100 105 65 62 102% 102% 97 98% 97% 97*8 96 86% 88% 84 87 88 78% 79% 78 78% 80 100% 101% 100*4 10034 80 104% 100 96% 45 45 12% 12% 96 96% 93 4 4 5% 5*8 6 6*8 33g 434 5% 5% 5% 6 83 81 83% 82 85 81 84 81% 86%. 78% 77% 783g 76% 78% 72% 76% 68% 74 95% 95% 95 95% 80 78 80% 10334 106 104% 100 96% 94% 94% 94% 96 77% 77% 78 78 101% 101% 99% 99% 78% 85 82% 64% 66 67 76% 52 62% 68 72% 47% 9934 9934 99*4 99*4 90 90 62% 67 75 51% 67% 72 75 75 59% 57% 60 50 57 38 70 67% 69% 67% 67% 67% 69% 67% 67% 53 53 { 57 57 59% 58 58*4 55 85 84 100 67% 69% 77 53 84% 100 105 100% 100% 99% 100 106*4 98% 98% 97*8 97*8 97% 97% 1013g 101*8 80% 82*s 62% 66% 89% 90 60 62 59% 60% 71 74% 79% 60 88% 54% 54% 66 80% 6334 89% 60 59% 723g 80 80 61 62 88% 88% 53% 55 54 55 67 68% 100% 100% 99% 78% 60 88 52% 52 65 99% 80% 62 88% 54% 55% 67 78*8 80% 76% 58% 60% 5134 88 56 56 50% 54 64 66% 59% 99% 99% 100% 7934 58% 8834 51% 50 63% 100% 77% 79% 66% 74% 66 68 51*4 54 48 51*4 47% 56% 44% 50 44% 50 50 59% 100% 100% 104 105% 103 103 10334 103*4 103 103 1123g 1123s 11238 112*8 11238 112*8 100 100 102% 102% 82% 82% 70 67 67 100% 100% 85% 85% 94% 94% 90 s Option sale. 93 89 60 90 60 89% 90 39 38*4 43% 95 44 44% 51 95 110% 110% 102% 102% 70 59 9534 9534 95% 96 98*4 97% 98% 88 90 91 93 90% 91*8 90 91% 86% 86% 85% 863S 85 85 88%92% 93*8 91% 93% 89% 91 97 99 95 97% 93% 95 100% 75% 75*8 76 79 79% 78% 78% 75 75% 75% 69 80% 73% 80% 79*8 79*8 107% 109 106% 107% 1043g 105 107% 108% 107%107% 104 105 106% 106% 101 101 100% 100% 106% 108 107 108 75 81 28% 28% 100 102 98*8 9734 9734 63% 63% 59 96% 96% 106% 106% 107% 107% 107%107% 46 46 51 51 57% 59% 15% 15% 12% 12% 18 18 19 20 79*8 70% 78% 70% 72% 83 83 85 85 82*4 49% 66% 67 57*8 60 38 68 76% 68% 70% 67% 79% 84% 79% 84 80*8 80*4 75% 80 59% 59 59 60 60 69% 74% 68 66 66 68 98% 98% 98% 98% 85 92% 93 91 91% 91% 92 104% 104% 105 105% 102% 104 102 103 100% 100% 100*4 100*4 94 94 104 104 104% 105% 108*8 109% 106% 107% 106*4 107 99% 99% 98% 98% 86 91 90 67% 98 64 69 69 83% 84% 23% 80*4 87% 88 63*8 59% 68% 7l" Vi 106% 105% 105% 105 10634 105 105 104 72% 69% 71% 66% 69% 6534 66% 61% 65% 63 20 501% 100%101% 98*4 99% 96% 98% 104% 107 102% 105 87% 89*s 86 88% 76% 7058 66% 69% 66% 6734 61% 66 70% 71% 69 70% 70% 80 81 84 84 101 7634 785g 73 81% 78% 80 72% 84 70% 70 73 9658 97% 97% 98 70 1O258 10258 116%116% 116% 116% 114*4 11434 70 70 66% 70% 73% 75 30 30 25% 30% 30% 24 101% 101% 102 102 97% 97% 9734 98 98 74% 74% 73% 73% 100% 100% 85% 84% 85% 85% 85% 85% 85% 100S8 8 6 91% 83% 103% 93% 95 94% 94% 110*4 110*4 81% 80% 81% 80 70% 74 75*4 78 75*4 78% 75*4 78 85% 85% 85% 85% 85% 85% 101 101 83% 86 79" 80% 83*g 833g 80% 82 80% 80% 101*4 102*4 99% 10134 12 15% 17*4 12 11*4 93% 96 94% 85% 87*4 83*8 86% 104*8 105% 103 104*4 10134 101*4 1 4I4IOU4 IO4I4 104% 86*8 86% 80" 84 70% 75 68% 73% 63% 683g 73 965s 98*8 98*s 65% 66 67% 67% 67 67 67 70 965s 100 97% 97% 99% 99% 97% 97% 97% 97% 57 59 56 56 59% 61 55 55 55 55 63*4 6334 6334 63*4 68 69 68 68 113’ 114% 113 113 112% 112% 111 112% 110 110 91 91 97 97% 96% 96% 99 101% 97% 9834 97% 98 111 111 162’ 103% 101% 101% 102% 102% 75 71% 73% 69 88 88 88% 86% 76 71 72% 70*g 72U 86% 79% 86% 80 82 86 86 102% 102% 10U2 102% 10414 10414 97% 104 100 100 IOOI4 IOOI4 103% 103% 89% 87 72% 73% 69 106% 106% 106 72% 74% 72 70 96 96 78% 81% 86 87 100% 100*? 85*4 87 7938 81 88 86% 76 867g 75 87% 89 89 105 105 103U 103% 100% 10234 9934101 100U IOOI4 100 100% 100 100 73 71% 74«4 67% 72 69 74% 70 6834 69% 65% 6884 69 74% 70 78 78 87*4 91 9012 90% 105 81 88 90% 90% 97b 78h 80 83>2 79% 82 95% 92 94S4 89% 90 94*4 9434 100% 100% 56% 56% 37 37% 41% 85 50 49 55 95 RAILROAD BONDS 209 1917—Continued. September April June August October November December May 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 BONDS Gr North—C B & Q coll tr. 4 Registered_________ _____ 4 1st & refund Ser A 1961..414 St P Minn & Man 1933 4 Reduced to_________ 4>$ Green Bay & W—deb ctfs B__ Gulf &■ Ship laid—1st 1952 5 Hocking Vail—1st cons g_.4>3 Cnl ft H V 1st ort g 1948 4 1st 1951 gold 98*g 99*4 98k 99 100*4 101*4 9812 98b 121 121 97k 99k 97*4 98k 96k 97*8 98k 97*8 97*4 96 99k 100*4 99k 99*4 94 96k 93 99 99 llftb 115 121 121 118 103 105k 102*8 102*8 101*8 101*4 99 9434 94*4 97 981g 95 95 941? 98 92k 1083ft 1083ft 1247$ 1247$ 123k 123k 110b 1101? 12 137g 15k 12l2 13*4 84 84b 86b 84 82k 82b 82*g 9212 93*4 90 92 90k 91k 86l2 88 88 90 90 90k 99k 99*4 98*8 98*8 3M Collateral trust 1952 g 4 1st refunding 1955 ______4 Purchased lines 1952___ 3)^ L NO & T 1953 g_________ 4 Cairo Bridge 1950 g______ 4 Louisv Div 1953 g______ Omaha Div 1st 1951________ 3 St Louis Div & Term 1951 __3 St Louis Div Term 1951 3V£ West Lines 1st 1951 g 4 Carbon & Shawnee 1st 1923 4 Chic StL&NO 1951 g___ 5 Joint 1st ref, ser A 1963.5 Memphis Div 1st 1951__ 4 Registered____________ 4 St L Southern 1st guar__4 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 Kansas City Term—1st 1960.4 Lake Erie & W—1st 1937 g 5 2d gold 1941............................... 5 Nor Ohio 1st 1945 gu______ 5 Lehigh Val (N Y)—1st gu..4^ Registered______________ 4I< Lehigh Val (Pa)—2003 g .. 4 General Consol 2003_____4 k Lehigh Val Term—1st gu g 5 Registered_______________ 5 Lehigh Val Coal—1st gu g__ 5 Lehigh & N Y—1st 1945 gu 4 Long Island—1st cons 1931 g_5 General 1938 gold________ 4 Ferry g 1922.. . .. 4k Unified 1949 gold__________ 4 Debenture 1934 gold_______5 20-yr deben 1937_________ 5 Guar refund 1949 gold _ 4 N Y B & Man Bch 1935___ 5 N Y & Rock Beach 1927....5 Louis & Arkan—1st 1927__ 5 Louisville & Nashville— Gen 1930 gold_____________ 6 Gold 1937_________ ______ _ 5 Unified gold 1940_________ 4 Registered____ _______ _4 Collateral trust 1931 gold__5 £ H & Nashv 1st 1919 g____ 6 Lou Cin & Lex 1931 g __ 4^ N O & Mobile 1st gold____ 6 2d 1930 gold_____________ 6 Paducah & Mem Div 1946..4 St Louis Div 1st 1921............6 2d gold 1980_____________ 3 Atlanta Knoxv & Cin Dlv..4 Atlanta Knoxv & No 1st g 5 Henderson Bdge 1st 1931 __6 Kentucky Central 1987 g 4 Lexington & East gu 1965..5 L & N & Mob & Mont 1st _ .4 L & N—Sou-Monon joint. 4 Nflfihv F & Sheff 1st gen _5 90 92*8 85*8 86*8 94*8 79 72k 92 95 85*8 89k 94*8 83 7212 83 86i2 89k 90*8 88 9H2 94 91 86 88k 86 77 77 71 96k 95*8 96k 95*8 96k 95k 96k 95*4 95k 95k 95k 95k 95k 95*8 95 94*4 94 95k 95k 95*4 97 905$ 90b 95 111 111 99k 100 91 91 ___ 92 88 85 k 86 89k 85k 87 86 90 100 11 95k 93k 95k 92*8 93k 91k 93*4 91k 91k 94k 93*8 94k 92*8 93 95*4 89k 93 88k 89k 87k 87k 87 87 90*8 95 98 95k 95k 92l2 94l2 99 100 92*4 93 69k 71k 90 91 88 90k 98*4 101 80*4 83 87 84k 86 84 77k 78 84 69 92 97 ___ _____ 87 89*8 86*8 89k 98*4 99 80*8 80*8 90 90 97 97 89 89 98k 98k 94k 95 68*8 88 86*4 98*4 69k 90 87*4 99k 65 88 84 99 89k 89k 10112 102 100k 101k IOII4 101k 90k 91k 90k 91k 90k 91 101k102 100l2 101*4 100 100k 113k 113*4 114 114 113 113 105 106 106k 106k 90 90 104*8 104*j 106 106 85 89 85k 85k 97 96 82l2 68k 63k 65 60*8 89k 85 88k 85k 85 83 87k 84 99 76 78 76 81 74 75 77k 81k 73 74*4 72 74k 100 100 100 100 98k 99k 94k 95k 92k 94k 92l2 92k 91 70k 70k 65 65 " 92k ___ ____ 97 92 78 97 92 78 81k 75 76 69 65 65 93 96k 94 96 60 60*8 59k 59k 62k 60k 60k 60k 62 83 74k 77 78k 80 75k 78 79k 82 77 81 82*8 80 80k 79k 79k 77 82k 81k 82 96k 92 95 96 95k 95k 88 96 84 85 100 89 90b 87k 89k 86k 87*4 86k 87*ii 86 103k 103k 103 103k 103k 103 103 103 94k 80 95 95k 96 102k 102k 103k 103k 86 95 60 S212 82 96k 96 86 74k 75 95 87 98 103k 103k 87 87 104k 104k 78k 78k 81 99 100 81 96 94*8 94*8 82k 60*8 86*4 81k 85 83*4 82 83 95 95 97 86 85k 87k 86k 86k 98k 981’ 95k 95k 98 88 90k 84 97k 98k 96 97 96 103 100 113k H4k 112k 104k 104k 89k 89k 106 63k 63k 63k 63k 60 89 91k 88 89k 86 108*4 108*4 102 98 81 85 79k 81 85 85 86 91k 64 61k 95 63 97 92 98*4 78k 78k 5414 50k 89 58 90k ---60 55*s 58 105 100 79 83 86 ___ 50k 48 88k 49*8 90k 89k 57 50 93k 56 92 97*4 95 78*8 73*4 76k 72 78Sg 73*4 76k 45 48 52 50 28 65 6714 61 63*4 56 63k 63k 55*4 36 36k 40 36U 39 37 40 36*g 37 37<2 97 74k 67k 72 7414 67k 72 47 40 40 71 71 67k 70 104 94 106 98 85*4 87 100*8 102k 59k 59 k 82 105 100 82 81k 80k 100 104 83k 38 106k 106k 108k 108k- 81*8 81*8 81 81 100 100 75 75 105b105b 99 79 98k 98 94 79 99*4 97 94 99 99 99 100 100 74 74 98k 96k 97k 94l2 96k 92 98 98b 103k 103k 99 $9 ~ 98k 98k 100k 100k 921f 95 95 39 44k. 80k 85k 79 39*4 42 38 84*s 86 83 79 44k 83k 9ik 91k 89k 55 50 89k 90 94l2 89k 94 56 57 60 57k 49 92k 96k 92k 94k 89 97k 75k 75k 50k 50 77*i 77*4 96k 96i> 84 100*4 98k 99k 97 100 105 100 90 90 101*8 101*8 102 102 78b 79 80b 80b 7934 80 80k 80k 79 k 80 80k 83 103b 103b wob 100b 103b 103b 103*8 103*8 94 98*4 97k 98k 106 81*8 81*8 81*8 81*8 81k 95 90 80 85 105 95 100b 100b 90 90k 90k 103k 103k 106 60 60 60 60 60k 82 85 83 88k 83 83 R5k 85k 85k 85k 81 99 103*4 100k 103k 101k 102 99k 101 80k 80k 81 88k 58 61k 89k 57k 94*4 92 98*4 76k 76k 52 50 100 112k 95 103b 103b 100 11212 112*4 112*8 112k llOkllok 110k 110k 111 111 110k 110k 110 110 104 107 102*s 102*8 92k 91k 92k 90k 91*8 87*4 90*8 8£k 88k 86k 89 94k 95 k 91k 95k 91 103 95 92k 93k 93k 93l2 95 88 89 89 80 80 92 93 100k 100k 112k 113k 112k 113k 112k 113 96*8 97*4 93k 97 96k 96*8 106k 106k 106k 106k 9k 7k 8k 72*8 72*8 75*8 75k 82k 81 79k 79k 81 92 97 6 90k 93k 93k 82 82 80k 80k ___ 82 80 75k 75k 76 84k 84k 80k 84k 78k 81 71 98 97b 100 9k 10k 90 80 75 99k 97 88 95 82k 83 83*8 83k 82 82k 82k 81k 82 89 89 76k 76k 99k 100*4 98 88 90 ____ 10k 10k 90 101l2 102k 100*8 102 88 103 103 94*8 95 94k 95k 89*8 95*8 97k 95 96k 95 89k 89k 86k 86k 113 113 1O47« 1047« 100 12*4 Hk 12k 10k ilk 10k 11*8 10 80 80 82*s 86 82 80k 84k 80 90k 82 82k 90k 96k 96k 98 80 89«4 86 91k 85 87 ___ 91 9212 84*8 84*8 MSS Marie & Atl—1st '26 4 Mo Kan fc Tex—1st 1990 g..4 1st 1990 gold.............................. 4 2d 1990 gold................................ 4 Trust co receipts 1st extension 1944 gold_____ 5 1st & refunding 2004_______ 4 67 69k Trust co receipts General sink fund 1936..4^ 41k 45 Trust co receipts 41 41 5% secured notes “ext” 1916. Dallas & Waco 1st gu______5 Kan C & Pac 1st 1990 g.__ 4 Mo K & E 1st gu 1942 g......... 5 70k 79 Mo K & O 1st gu 1942............5 84 85 M K & T of Texas 1st gu g. .5 78i2 80 Tex & Okla 1st gu 1943 g__ 5 49 49 Missouri Pacific (new co.)— 1st & ref 1923..............................5 99U 99*4 1st & ref 1926............................. 5 97 981? 1st & ref 1965..............................5 General 1975______________ 4 66I2 68k Missouri Pac—1st con 1920 g.6 104 IO6I4 Trust 1917 gold stamped__ 5 106U 106k Col Tr Co ctf dep____ 106k 107k Double stamped___ IOH2 IOH2 Triple stamped____ 98*8 99k Quadruple stamped Guar Tr Co ctf dep__ 106 106 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 95*8 95k 93 95 85k 85k So & No Ala gu 1936.............5 107k 109 106k 106k 106*8 108 Gen cons 1963 gu ______5 102k 103k 102 103 102 102 81k 81k 8H2 81k 79 Midland Term’l—1st 1925 5 1st cons ’34 g______________ 5 1st & ref 1949 gold ________ 4 Ref fr exten 1962 Ser A 5 Iowa Cent 1st 1938_________ 5 Ref 1951 gold____________ 4 M St P & S S M—Cons '38 g._4 97k 97k 99*4 9534 115b 118 99 47 47 88 46 88 31 60 57k 37l2 3712 6912 69k 7014 70k 68*4 69 68I2 68k 55 79b 82 78 56 34 3514 87 48 45 86*8 46k 88 88 82*8 82*8 50*8 47k 49 45 86*8 47k 49' 50 88k 87k 88k 67k 68k 68 67k 68k 68 40 40*8 37*s 40 26ig 26*4 5534 5534 50*8 4934 56 56 34 3534 84 45 87 84 83 47*8 42 88 85 9412 68 68 3812 39k 27k 5038 49*8 4934 33 45U 4514 93k 98 9412 95k 94U 9534 91 93k 91k 927g 90 91lg 59U 61*4 59 61*8 68*4 613g IOII4 103 lOOh 1001? 100 101 106 106 106k 10714 106*8 106*s IO8I4 IO8I4 10412 108 98k 985g 99k 100k 96k lOQig 9712 98k 98*4 98*4 95k 95k IO6I2 106k s Option sale. 108 108 106 80 74 80k 80k 48 48k 45 44k 46k 43 69k 69k 40 40 68 78 99Sg 98 981? 98k 97 96 96 65i4 67k 65k 66k 61 65k 103 10434 102*4 10314 IOH2 103 80 47 9412 69k 69k 40k 40k 28 51 64k 64U 38 37k 86 86 83 45k 41*4 45 87 88 88 67 67 38k 39S4 49k 50 49*8 49*8 SSig 3H2 3U2 61*2 65 61i2 65 35 37k 37 37 27*8 27k 106 74 44 85b 60 56k 61 60 56ig 61 30U 30 30k 29 29 325g 325g 85b 57 57 30 27 30 25 30 26*4 263/ 52 52 45 45 42 42 40 40k 72l2 72l2 52k 58 55k 55k 50 56k 56k 50 ig 53k 50k 50k 50 94U 95k 93U 94 92 92k 88 91k 89 90 88k 89*4 57U 60*8 563g 57*8 IOOI2 10H2 100 100 90k 917g 88k 90 87 88 55*8 57 9934101 89k 88 85 52*4 99k 91k 8934 85 55k 99k 89*8 85i4 85 52k 98*8 91k 89k 86 60 98*f 210 RAILROAD BONDS 1917—Continued. BONDS Missouri Pacific (Cored.)-— 1st collateral 1920 gold.__ 5 Col Tr Co ctf dep______ Double stamped_____ Triple stamped______ 40-year gold loan 1945______ 4 Bankers Tr Co ctf dep.__ Stamped____________ 1st & ref conv 1959_________ 5 Guar Tr Co ctf dep.__ Stamped____________ 3d7sextd 1938.......................... 4 Pacific of Mo 1st ext 1938..4 Pac of Mo 2d ext 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._ Mobile & Ohio—New 1927 g..6 General 1938 gold__________ 4 Montgomery Div 1st 1947__ 5 St Louis Division 1927____ 5 St L & Cairo 1931 guar..4 Nash Chatt & St L— 1st consol 1928 gold________ 5 Nat Rys of Mexico—1957 4)4 New Orleans Terml—1st____ 4 N O Texas & Mexico—1st A 6 Non-cum income A_________5 N Y Central RR—Deb 1935...6 January February March April August September October November December 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 101*s 103 10U2 10U2 9714 97*2 58*2 69 58l2 60 102*2 103 58 5714 56l2 55’s 60i2 51 51 57*8 49U 4914 80 80*2 82 55*2 55*2 53 53 51 60 61 56l2 60 57 57 78 80 10H2 101l2 100*4 ion2 100*4 100*4 102U 103*4 84 86 80l2 84 U4i2114l2 77 77 ion210214 101*8 102 8U4 81*2 79 81ls 78l2 80 78*8 81 H2I4 114 78*8 78*8 98 77 7678 112l2 78 102 80 79*4 112l2 78 97 98i2 77l2 7811 73i2 74 108 108 70 70 97 76 73*4 107 70 9714 78l2 7414 107 70 97U 75*4 69*2 IO6I4 68 93 98i2 80 6978 IO6I4 68 93 94i2 97i2 94 73 78i2 80 72 74 71 10-1*4 104*4 90 91*4 91*4 84 89U 89*2 10514 106 s30 S30 72 72 96i2 99U 9812 99 47 48*4 llll2 113*8 107* 111 108 108 Registered________________ Consol 1998 series A_______ 4 86 88*4 8512 87 98 Ref & impt ser A 2013—4)4 9614 98*4 96 Registered____________ 4)4 N Y Cent & Hudson River— Gold Mortgage 1997............ 3)4 85*8 8678 80*4 85’4 Registered____________ 3)4 841? 8578 82l2 85 Debenture 1934 gold_______ 4 92l2 9414 90l2 9278 30-year deben 1942________ 4 91U 92 Lake Shore coll g 1998___3)4 78l2 80*8 76*4 81 Registered____________ 3)4 76i2 80 Mich Cent coli g 1998____ 3)4 7914 80i2 76’ '77*8 Registered____________ 3)4 80 80 97 97 Beech Creek 1st 1936 gu__ 4 N Y & Harlem 2000 g......... 3)4 8H2 81*2 N Y & North 1st 1928 g____ 5 N Y & Putnam 1993 g_____ 4 94 94 91*2 92l2 Rome W & Ogd 1st cons___ 5 104 104*4 103 103 R W & O Terml 1st 1918____ 5 100U 100U Rutland 1st cons 1941___4)4 Og & L Champ guar____ 4 70*8 70*8 70*8 70*8 LS&MSgold 1997............ 3)4 87U 87*4 85 85ls Registered_______:_____ 3)4 86*4 87 Debenture 1928 gold____ 4 95*8 97k 94i2 96*4 25-year 1931 gold________ 4 95*4 96*4 93l2 95 Pitts & L E 2d 1928............ .5 103*4 103*4 Michigan Central 1931_____ 5 1940 .......................................... 4 8212 82*4 86 1st 1952 gold................. ..3)4 86 20-year debenture 1929..4 90 91*4 90 90l2 N Y Chic & St L 1st 1937 g..4 94 95i2 93U 9314 Registered_______________ 4 25-yr deben 1931................ 4 80*2 82i2 81 West Shore 1st 2361 gu____ 4 9214 94 92*8 Registered_______________ 4 91*8 93*8 93*8 NYC Lines equip tr 1917..5 100l2 100l2 Equipment trusts 1918.4)4 100i8 lOO’s Equipment trusts 1919.4)4 Equipment trusts 1923.4)4 IOOI4 100*4 N Y Connecting—1st 1953.4)4 98*4 99i2 97*8 98*4 N Y New Haven & Hartford— Non-conv deben 1947.___3)4 Non-conv deben 1954____ 3)4 Non-conv deben 1955____ 3)4 Non-conv deben 1947______ 4 68 68 Non-conv deben 1955______ 4 67 Non-conv deben 1956______ 4 7518 75U 67 63 7 8 64 5714 60 Convertible deben 1956. .3)4 Convertible deben 1948.___ 6 103*4 110l2 99 10412 Registered_______________ 6 104 105*4 9912 99l2 Har Riv-Pt Ches 1st 1954...4 92 92 Bost & N Y Air Line 1st gu.4 Cent N E 1st 1961 gu_______ 4 78i2 78i2 79 Consol Ry non-conv 1930..4 79 N Y Westches & Bos 1st..4)4 73*8 7512 69i4 70 New England RR 1945.......... 4 Providence Secur 1957_____ 4 77i2 82 N Y Ont & W—1st g 1992.......... 4 80*8 83 Registered_________________ 4 General 1955_______________ 4 77' 80" Norf South—1st & ref 1961...5 Norf & South 1st 1941_________ 5 101 101 100 100 Norfolk & West—Gen 1931..6 120*2 122 120 120 New River 1st 1932 g_____ 6 N & W Ry 1st cons 1996____ 4 95 9714 92*4 97*8 Divisional 1st lien_______ 4 92*8 93ls 92 93 Registered_______________ 4 91 91 10-25-yr conv 1932_______ 4 132*4 133 129*4 12914 10-20 year conv 1932_____ 4 13414 136*4 Convertible 1938______ 4)4 135 135 126i2 12714 90U 91 Pocahontas C & C joint.4 91*8 94 Scioto V & N E 1st gu g.__ 4 9H8 92l8 Northern Pacific— Prior Hen 1997 gold............... .4 94*8 96*4 93U 96i4 92i2 92i2 Registered_____________..4 General lien 2047 gold_____3 6714 691s 65*4 67*4 Registered ______________3 66i2 67>4 St Paul-Dul Div 1996______ 4 9178 9178 St P & Nor Pac gen gold.__ 6 IIOI4 110l2 10978 10978 Registered_______________ 6 St Paul & Dul 2d 1917.......... 5 10012 10d2 1st cons 1968_______________ 4 110 110 Nor Pac Term—1st gold_____6 86 Oregon Wash—1st & ref 1961.4 86I4 87*8 85 99 96 9978 Pacific Coast Co—1st gold..5 96 Paducah & Ills-—-1st s f ’55.4)4 9912 101 100’s 100*8 Pennsylvania RR— 1st real estate 1923 gold__ 4 Consol 1919 gold_________ 5 IO214 10214 Registered ____________ 5 Consol 1943 gold__________ 4 99ig 9914 9914 99i2 Cons 1948 gold____________ 4 99*4 100*8 99*4 101 Stamped ________________ 4 Consol 1960...................... .4)4 106*8 107*4 104*8 10678 General 1965____________ 4)4 10278 104l2 100 10378 Gen 1965 temp ctfs______4)4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 91*8 92*8 60 60k 56*4 67*8 5512 58*8 55ls 60i2 60l2 5212 56*4 57 57*8 51 52l2 5514 5514 82 108 30 30 70 70 97l2 99 46 46 107l2llll4 106i2 109i2 103*4 107 107U 107U 86I4 87*4 85l2 8678 80 8314 9678 89 93*2 9678 98*s 92 95 95 104l8 104*8 94l2 96 35 49 104*4 107 70 94 96 47l2 45 10278 105I4 100 92l2 73 70 90 84 103U 103i2 101*3 104 39 30 68 68 97 9778 108 95 9414 95*8 91*2 94 76i2 73 74 71 73 71 71 71k 70U 71 82 82 102 102 80 94t2 94 96*4 93 50i8 4212 45U 36 103*4 97 100*8 96 80 77 77 9612 9912 97 97 94*4 40 35 98*8 93 37 96 34 87 42 95 96l2 96*8 80 83 76>4 78 89*8 91*8 92 94 7778 79 77*4 7778 8912 90 91*4 9314 89*s 92 86*4 88*4 77i2 85*8 83 84l2 79 80 83 73 7914 8078 79 78is 7914 76i2 78i2 74*8 7612 741S 7512 71 82 82 82*s 82 74 75 78U 78i2 86' "S8i 2 9078 92 85 87 80 85 79 82 77l 2 79 861 2 85 88*2 9114 85*s 87 70>2 71i2 70i2 72 78*4 76*4 74 79 76i2 76i2 74 70 70 70 70 75 96is 96i8 80 8U2 81*2 80 ion210214 8978 9012 90 90U 1C3U 103*4 102U IO2I4 9978 102 10H2 ion2 7612 76*4 77 75 68 69 71 70 65 67*4 67*4 67*4 69l2 70 69 69 66 68 68*s 7H2 77 78*4 60_ 60 76i2 76i2 98U 98i4 98l2 98l2 90 90 70*8 70*8 84l2 86 80*4 85l2 83l2 8478 79 79l2 95 95l2 91*8 94U 93*4 94 9514 91 10318 103ls SO's 80is 79 81is 7878 78 91l2 91*8 93 91*8 93 90l2 9212 90l2 91*2 8978 103 103 83 83 81*2 8H2 82ls 84 89*2 90 9312 93*j» 9l’ 93" 90>4 89 79 79 87i 2 90 86i2 89lS 90U 84l2 85*4 84l2 87l4 88 82lg 85 92 89 80 8H2 89*4 88 99i2 84ls 80 7978 7978 82 82i4 83i8 81ig 91l2 87 87 84*s 89 88 83l8 85l8 8412 82i2 83 82 83 8178 82 98*8 97i2 98i2 96i2 98*8 90>8 94 75is 78 80 78 92*4 90 92 8978 91 91*2 9014 91*8 89 90l2 92*4 93 75is 75ig 74U 75i2 7314 74 88 90l2 85 88is 82 85 82»4 &4b. 877s 90U 83l2 87 99i2 841g 84ls 84l8 82 81 8412 84 84is 62l4 62l2 62*8 62*8 81l2 8212 80 82l4 80 8U4 80 81 79i2 79i2 8178 82 8178 80l2 82 83 87 87 82 84 81 85 85 82 83 60is 79 80*2 77*2 78 98*8 94i8 94is 95 951s 9218 94U 90*8 90’s 50 50 52l2 52l2 68 68 57*4 10012 68 68 69U 6914 59 68I4 60 60 103 100*8 1017s 96 86 75 75 61 60 60 10012 93*4 97 86 82i4 82i4 59 57 58 9512 59 57 59 9714 58 56*2 49 95 80 80 77*4 77*4 5612 56l2 58 46 52l2 46 52 84 8712 83 80 50 41 50 43 55*4 56 70 70>4 67 69*4 79 82*8 78 78 99*4 99*4 115 116 91 89 127 128 129’ 13214 127is 89*4 89*4 88 9078 91 47*8 83*4 79i8 79‘s 57 57 75 74 75’s 75*8 129U 134 57 48 84 88ig 88ig 74 74 67*4 69i2 6112 66 92l2 96 9012 92 58 59 58 97l2 8514 94 7778 78i4 96i2 97 3778 47 70 70 39l2 41 67 67*8 66l2 67l2 65i2 67*4 65_ 74 74 66 39i2 46 6412 65" 75*4 75*4 96*8 96*8 108i2 109 95ls 897s 92*4 89 8978 86 88’s 85 90U 87*4 88i2 87 86 86 86 131*4 118*4 12378 128 117U117U 12712 11812 121l2 1251s 125l8 120*8 120*8 88 86i2 87U 86 86lS 87 86 8612 867s 8678 93 9414 89*4 93*8 88*s 9U4 88i2 88i2 92t2 92l2 88 88 647s 66iS 67iS 63i2 66*4 62 61 61 91*8 91*8 108 108 109i8 109is 88*4 84 86 10712 10712 10712107l2 107i8 107l8 87l2 86 87*8 84l4 87l2 80 84i4 7812 78i2 80*8 82 117l2117l2 84l4 84l4 80 80i8 105 84 81*s 84 85 84i2 6H2 58*4 60 >8 57 5912 88i2 86i2 88iS 85ig 87*8 8378 85*4 84 8512 8512 84ig 85*4 84 60 62 62 63 62 62*4 62*8 63 6II4 6II4 87 106 106 103ls 10318 104*4 104*4 105 84 103l2 103l2 8878 8878 109i2 110 110 83i2 85*4 8178 83l2 82 93i2 98*4 95 95 110 83 99l2 99i2 9912 99i2 81*8 8212 110 80 110 79 110 82 93 93 110*8 11018 74 76i2 73*4 74*2 99i2 99i2 99i2 99*2 101*8 101*8 101*8 101*8 98*8 99i2 98l2 100 99is 100 98*2 9812 10312 106 103*8 105 98 102*8 96*4 9812 96*2 9778 110 79 95 94 98i2 102 104 9578 9678 95i2 96*4 s Option 94 95 95i2 92*8 92*8 91*4 9212 91*4 92 92 92i2 96i2 99 9578 99 9914101 9978 101 100 102*4 100*8 IO2I4 10078 102 91l2 9312 89*4 91*8 86 91*8 95 96*4 94i2 95*4 92 9414 92l8 94 94*3 96*s 94is 95i8 9178 9412 9178 9212 89*4 89*4 sale. 211 RAILROAD BONDS 1917—Continued. BONDS October November December September April June Auoust January February March May July Low High Low High Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Pennsylvania RR—(Concl) Alleg VaU gu 1942 gold....4 97 97*8 97lz 97i2 Phil Balt & W 1st 1943 g..4 100 100 United N J RR & Canal__ 4 997g 9978 Pennsyiv Co—gu 1st g.__ 4)4 IOPs 102i4 100i2 IO214 1007g 102ig 99*g 1007s lOOU lOOU 100*8 100*8 Registered __________ 4)4 IOU2102U 87* 87* Guar coll tr 1937 reg.__ 3)4 80 80 Guar coll ctfs B 1941.__ 3)4 86*4 86*4 8512 85b Guar coll ctfs G 1942___ 3)4 15-25-yr guar gold 1931. 4 95i2 97 95b 95*4 91b 92i2 90b 9114 92 92*4 93 Guar tr ctfs E 1952_______ 4 92*4 92*4 03 91 91 Cin Leban&Nor 1st con gu.4 961*4 *96*14 Cleve & Marietta 1st 1935.4)4 100b 10012 166" 100 100i21001? 102* 162’ Cleve & Pitts gu 1942 A..4)4 Series D 1950.....................3)4 88b 89 b 88 88 Erie & Pitts gu B 1940..3)4 99 99 Grand Rapids & Ind ext..)4 98*4 *98*4 Tol Wal V & O 1st A 1931.4)4 Series B 1933................. 4)4 99b 99b Series C 1942.........................4 100 100 PCC&StLgu A 1942 ..4)4 102*4 103*8 103b 103b Series B guar 1942.___ 4)4 IOII4 IOII4 9812 IOOI4 997g 997S Series C 1942 guar___ 4)4 Series E guar 1949____ 3)4 95b 95b 9514 95U 9512 96 Series F cons guar 1953 Series G guar 1957_____ 4 97 97 96b 96 b 95b *9*5b 957g 9578 95b 95b Series H guar 1960_____ 4 97 97 102l2 103*8 Series I guar 1963_____ 4)4 103 103 10314 10314 Chic St L & Pitts cons—5 Peoria & Pekin Union—1st..6 93 94l2 92*4 96 Pere Marquette—1st A 1956..5 93l2 95 8714 91 76 1st Series B 1956_________ 4 77b 77*4 75 75*4 75 70 71*4 42 42 Philippine Ry—1st 1937___ 4 Pitts Shen & L E—1st 1940..5 109 109 1st consol 1943 g__________ 5 t o37g 94l2 91 94U 91 93 Reading—Gen 1997 gold___ 4 95b 96i2 94 9212 9212 Registered ____________ 4 95 95 90b 90b Jersey Cent coll 1951 gold.4 96b 97 95 96 94 94*8 90b 94 90b 92 St Jos & Grand Isl—1st g__ 4 79b 82 80 79b 79b 79 St Louis & San F (Reorg Co)— Prior lien 1950 series A.. 67b 6212 65ls 69b 66b 68b 65 69b 71b 66 84 85 Prior lien 1950 series B__ 5 85*s 88*4 83 87 8212 84b 77*4 82*8 Cum adjust 1955 series A..6 72*8 76 69 7014 73 71b 75 67b 7H4 66 5OI4 54 Income 1960 series A______ 6 6212 55 46*4 51 50 53b 51*4 56 112 11212 11218112l8 111 111 St L-San Fr Ry gen 1931 g._ General 1931 gold_________ 5 103*8 104 103 104 104* 104 100 100b 100 101*4 74i2 74i2 St L & S F RR Gen 1927....5 75 75 Registered __________ 68b 68b Trust co ctfs dep_____ 74b 75 do stamped________ Southwest Div 1947___ 5 Ref 1951 4 Trust co ctfs dep 78*4 78*4 K CFt S & M cons 1928 g 102b 104b 111 111*8 111 111 109*4 110b Refunding 1936 gold__ 4 76*4 79b 75 76b 72b 75 71b 73b 69*4 72 K C & Mem Ry & Bdge lst.5 90 90 St Louis Southwest—1st g..4 77*4 80 79*4 77 77b 75b 77b 72*g 76*4 2d inc bond ctfs gold____ 4 64*8 64l2 65 60 63 Consol 1932 gold________ 4 67b 72 70 66b 72 69 70b 62b 68b 1st terml & unify 1952__ 70 66*4 70b 68 64 65b 68*4 71b 66b 70 San Ant & Aran P—1st gu g.4 6378 64l2 63b 64 63 63*4 63b 63*4 63*4 64 San Fr & N P—1st 1919..........5 100b 100b Seaboard Air Line— Gold 1950............................. 797g 82b 78 78 81b 82 1950 gold stamped________ 4 81b 8278 80 82 79*4 79*4 7978 7978 78b 78b Adjustment 1949_______ 61b 64 66b 68 58b 60b 61b 63b 59b 63 Refunding 1959__________ 4 69b 70b 67b 69b 65 69b 67b 69b 62l2 65b Atl-Blrming 1st 1933 g____ 4 86b 86b 87 87 Carolina Cent 1st cons____ 4 88 88 Fla Cent & Pen 1st 1918 ..5 Ga & Ala 1st cons 1945.___5 100b 102 99*4 100 Ga Caro & Nor 1st gu g___5 102b 102*8 Seab & Roanoke 1st 1926___ 5 80 Pac Co—Ct Pac coll ’49 g .4 85*4 88 82*4 81 82 85b 82b 83*8 82 Convertible 1929__________ 4 867g 88*4 88 83 85b 85*4 82b 85b 81 Convertible 1934__________ 5 103 104b 100 103b 100 103 99*8 102 96*4 100b Cent Pac 1st ref gu g______ 4 917g 937g 88b 92*4 89b 90b 85*s 89 85*g 88 Mtge guar gold________ 3H 90*8 91b 89*4 89*4 85 87 Through St L 1st gu g..4 84i2 87b 84 84 G H & S A—M & P Div 1st g5 102 102 100b 101b 2d guar exten 1931______ 5 97 101 97 98b 96b 96b Hous E & W Tex 1st 1933..5 102b 102b 100b 100b 99b 100b Hous & Tex Cent 1st gu__ 5 106b 106b 106b 106b 105 105 104 104 ■ General 1921___________ 4 96 96 95 96b 95 96b 96b 96 Louisiana Western 1st 1921.6 Morgans La & Tex SS 1st T8 7 Northern of Cal guar 1938..5 Ore & Cal 1st 1927 gu____ 5 10Pg 10Pg 101 101 100 100 997g 100 9978 100 So Pac Coast 1st guar___ 4 96 96 94 94 94 94 San Fran Terml 1st 1950__ 4 86l2 89*4 87 797g 82 88b 87 87b 87* *9*l*b 85*8 87*4 Sou Pac RR 1st ref 1955__ 4 927g 95 90*4 94 90*4 92 Southern—1st 1994 gold___ 5 101*4 102*4 100 102*8 100b 101b 98 1OO7S 96b 99*8 Develop & gen Ser A______ 4 75 77 66 69 70*8 76 71 70 71b 67 Registered _____________ 4 76 76 71b 71b Mobile & Ohio coll tr g.___ 4 77b 77b 7712 78b Memphis Div 1st g___ 4)$-5 101 101b 98 99b 98*s 98*8 St Louis Div 1st gold______ 4 82b 84 83 78 73 77b 79b 79 Ala Gt Sou 1st A__________ 5 98b 98b Atl & Char A L 1944....4 b 95*4 96b 90 90 90 92b 92b 90 1st series B 1944________ 5 102*8 103*4 100*4 103b 99*4 101b 99 99 97 99 Atlan & Danv 1st 1948 g___ 4 83b 84 Atlan & Yadkin 1st guar..4 75 75 E T Va Ga div 1930.............. .5 105 105 Cons 1st 1956 gold______ 5 105*8 108 106*8 106*8 99*4 100 E Tenn reorg lien 1938.___ 5 100b 101b Ga Midland 1st 1946............ 3 Georgia Pac 1st 1922 g.__ 6 1067g 10678 1067g 107 Knoxville & Ohio 1st g.__ 6 109*4 109*4 Mobile & Birin 1945 g______ 4 74 74 72 72 Rich & Danv deb 1927....5 104*4 104*4 100 100 103b 103b Sou Caro & Ga 1st g______ 5 100b 101b 100b 100b 100b 100b 100 100b 98 99b Va Midland Gen 1936.......... .5 10778 108 105 105b 100b 100b Stamped _______________ 5 105b 105b Va & S W 1st 2003 guar___ 5 106b 106b 106b 106b 105 105 1st consol 1958__________ 5 90b 91b 91 91 Wash O & West 1st gu___ 4 937g 9378 Spokane Internat—1st g___ 5 96 96 95 95*4 Terml Assn St Louis—1st._4b 100*4 101*8 101b 101*8 101 101 1st cons 1894-1944 g_______ 5 100*4 102 102 102 Gen ref 1953 s f___________ 4 86 867g 88b 87 87*8 86 St L Mer Bridge Terml.__ 5 100 100 99 99 Texas & Pacific—1st g______5 100*4 102 100*8 101*4 100 101 99 100 99 99b 2d income 2000____________ 5 64 64 64 64 64 64 L A Div B L 1st 1931............ .5 89b 89b 89 89 Toledo & Ohio Cent—1st g._5 104*8 104l2 103 103b 103 103 Western Div 1st 1935______ 5 100 100 General 1935 g____________ 5 87 90 s Option http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 8912 8912 93*4 93*4 99b 100i2 99*8 99*8 99?g 997g 99 97 81*4 81*4 81b 8II4 89 90b 90b 90 90 86* 92 92 95*4 95*4 96*g 97 94*4 94*4 9978 97 89 86 84b 87 92*4 92*4 92 92 88lg 88ig 99b 99*4 99*4 100 99 99b 97*4 97*4 Olig 9*2*' 89*8 89*892b 92i2 90b 9014 99b 100 92b 92b 100>2 102 98*4 98*4 100 100 88b 90*8 87*8 90 70b 7214 70's 71 85 70 87*8 81 70 897S 91*4 89b 91 87*8 91 91 91 87 88 63 80 66b 487g 60 78b 6412 49 61*8 80 66b 53 91 91 62ls 64*8 6078 78 79b 77b 65b 68 65 49 49*4 46 100*8 100*8 100 100 84*g 82 65 101*8 101*8 83i2 81 8212 77l2 81 65b 66 68 87b 89b 87b 88b 87 87 87*s 6578 6578 657S 98 98 97b 97b 87b 80b 85 89*4 83 88b 80 87*8 87% 87b 61 6578 58b 77 79 75 60 62b 65 50 52b 43*4 59l2 77b 61*4 46*4 58b 60*4 54% 58 71 75 58b 60b 42l2 44l2 101b 101b 53b 61 637S 73 54 68 39 50 98b 98*8 96b 96b 63b 63b 102 103 104b 71b 69*4 71b 88 88 69*8 70b 6878 70 59 59 57 57 66 62 62b 62 63b 66b 63b 64*4 6212 63 62b 63 102 70 10312 104b 1027g 104b 103 69b 70b 69b 70*8 67 106 69 101b 104 66 67b 60 64% 66 70 70-2 66 69*8 65 67 61 62 62 62 64 62b 61b 60 61 61* 62 61b 59b 60 59 62 61 59b 61 68*4 65b 66*8 58 54 59 60 58 6078 71b 70b 70b 76b 76b 7514 75b 75b 75b 73b 74b 71b 73b 71 597g 63 55b 47b 42b 49b 45 587g 60b 55*4 59 47 55*4 46 62l2 64b 63b 63b 62*8 62*8 60 61b 57b 59b 54b 57b 53‘2 55b 80 80 99b 99b 99 99 100b 100b 78 79b 81b 82b 98*4 99*4 83*8 86 86 86 97 75 81 98 82 857g 78*8 82 99b 84b 857g 97 103 103 103 91b 92b 93b 81 847g 97b 66b 94 82b 86*4 99b 68*4 71 71 97b 99 80b 85 97*8 65b 103 817g 87 98 66b 75*8 81b 95*8 82 86 77b 82 987g 84 86 95 95 97 97 76 81 94l2 80b 87b 75 77*4 82 97 817g 87*s 75 95 96 75 76b 79*4 82 897g 9678 80 81b 88 89 76 76 100 100 99 93b 80 84*s 96*4 64b 99 93b 81*8 87*8 98b 66*4 90 90b 97b 99 100 100b 100 99 102 103b 81 83*8 95 6312 81*8 84*4 96*4 66b 80 83b 91 60 80b 84b 95 64 80 79 91*4 57b 70 70 80 77 89 56*4 80 79b 94 62 85 67 85 68b 95*4 97b 95 95 36b 96b 9212 9? 101*8 101*8 101b 101b 70 80 82*4 94 60*4 63 95 96b 96b 98*s 98*8 92 100b 100 99 99 100 70 91b 91b 100b 100b . 100 100 100b 100b 102b 102b 96b 96b 94b 94b 90b 90b 96*4 98 101b 103 98b 98b 99 99*4 100b 100 72 78*4 89b 79-a 71 79*8 90b 81b 103b 103b 59 65 58 90b 90b 67b 67b 66l2 66b 67 100 70 757g 88 78b 70 98b 97b 98 98b 98*8 98 99*4 99*4 97 97 97b 97b 93b 93b 95 94b 94b 99b 99b 99b 99‘2 95 82b 82b 95 95b 95b 94*8 95 97b 95 95 98 99b sale. 98b 98b 93*8 94b 91 60 91 60 98b 98b 90b 92 91b 93*8 83 50 RAILROAD AND MISCELLANEOUS BONDS 212 1917—Continued. January February April June September March May August November December July 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 BONDS Toledo & Ohio Cent—(Concl) Kan & Mich gu gold______4 2d 20-year 1927.................... 5 Tol Peoria & West—1st g 4 Tol St L & W—Prior lien 50-year 1950 g_________ ____ 4 Coll trust 1917 4s tr rets Toronto Ham & Buff 1st 4 Ulster & Del—1st con g 5 1st refunding 1952 g 4 Union Pac—RR & 1 gr 1947.-4 Registered ___ 4 20-year cony 1927....... .......... 4 1st & refunding 2008_____ 4 Registered _ 4 Oregon RR & Nay con g__ 4 Oregon Sh Line 1st g______6 1st cons 1946 gold......... .5 Guar ref 1929 gold............4 Registered _ _ 4 Utah & Northern 1926 g 5 Vandalia—cons 1955 4 Cons 1957 series R 4 Vera Cruz Pac—1st gu*34 4V£ 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 Det fir Chic Ext 1941 5 Omaha Dlv 1941 gold Toledo fir Chic Dlv 1st g Wab-Pitts Term—1st g 4 Cent fir Old Col Tr Co ctfs Cent Tt ctfs full paid Colum Tr ctfs full paid CoTrctfsCenTrctfs full pd Washington Term—1st gu 3 1st guar 40-vear 1945 4 West Maryland—1st gold ..4 West N Y&Pa 1st 1937 g 5 General 1943 gold 4 Western Pacific—1st 1946 A 5 Wheel & L E—1st 1926 g 5 Wheel Div 1st 1928 5 Exten fir impt 1930 5 Refunding ser A 1966 4bj 1st cons 1949 gold 4 825g 82&s 8212 9734 96l2 53 83>2 8312 81 59i2 59i8 60 25 97 100 IOOI4 84 84 84 97 94U 97 62 81 57h 54 59l2 57 79i2 79i2 78 60 60 567s 51 51 80 87l2 80 9934 9934 100 96l4 9884 96*4 98 98’2 9812 9612 96’2 9512 96l2 9478 92 9358 9334 9512 92 92 95i8 9114 94l2 9134 93 92 9134 92 92 9178 9178 92 92 78 93 52 80 50 96 98 96 90 58 58 92l4 8934 9178 89lg 90i2 8912 9H4 87 88l2 90U 90i4 90l4 88 90 87 83 77 105 103 88’2 "534 7234 7512 1041. 1053, 103b 103b 70 85U 85i4 86 10019 101 101 100 10218 1021, 7234 6978 99 86 8658 IOO84 103 90 90i2 85 8512 10438 103 86l2 867s 105l2 103 87lg 86 104 10112 86l2 86I4 105 104U 87U 86 86 104 1O4SS 100 100 856g 87 80 80 10012 102l2 9534 96l2 8234 856g 70i2 6712 70 99 102 102 88 8U2 85 7634 7812 88 89ig 87U 88 85 88 83l4 85 843g 8614 8U2 843g 7934 8234 7612 81 79 lg 79ls 102l2 104 96 96 80l2 84l2 98 98 81l2 8U2 97U 98 88 813g 813g 96 94 986s 100l2 98i8 1003s 98 9884 9458 97 95i2 9314 9434 99 10538 106?8 104l2 106l2 10412 105 101 104l2 100 1015S 100 lOO'g 99 10034 9U2 95 99ig 10038 9912 10034 9934100i8 100 101 9214 92l2 1005s 1005« 100 00 80 80 78 78 lOSlo 1051o 1051a 1051a 1011a 1011a 100 10034 76 73 73 75 75 77 84U 84>4 7g 7s 14 u2 32 32l2 37 35 32i2 40>4 3658 43l4 3734 387s 34 35 3658 3U2 33 40 34 35 34 3712 4112 37 8558 86I4 7534 7534 73 70 70 9134 9134 93 52 7734 7734 80 7912 7912 42 45 50 5g 4812 4978 48 48 95i2 95l2 96 947g 96i2 9H4 88i2 98 93i2 91 9H2 9514 92 9734 90 91 9234 88I4 91 89l2 90 88<2 92l2 88I4 90 85U 88’s 84*2 83 9134 9034 91«4 88 93 93l2 935s 91 88 88 87 95 86k 10734 108l2 10634 107 106 10634 ____ _______ 10512 10634 1037g 10414 103l2 107l2 1O85S 106 107ls 1067g 108 10678 10678 104 104 103 103 103 9478 92l2 94 92 93 93 89 92 8678 90 86I2 88 87 93U 9314 9858 100 6984 70 100 100 8778 84l2 8712 847g 86 102 " 66l2 70 101 101 9414 100 927g 99 957g 1OO12 93l2 99 35 92lg 99 92 99 35 9312 88 92 87 9514 92 99 93 97U 93 10014 97 81 93 89l2 91l2 8712 89 99 92 9612 84 9912 9912 76i4 76i4 66 86 8734 85 76 76 69 65 66 865g 835g 857g 58 76 85 59i2 56 1001, 76 85 60 lOOlj 64 65 8212 8412 79U 83i4 78 72 72l2 7U8 72i2 731g 7314 89i2 67 96i4 94 89l2 8II3 8P2 67 953g 90 977g 90 94 82 100 9958 9958 7878 82 82 79 76 79 Winston-Salem S R—1st 4 88’2 88*2 8878 85 Wisconsin Cent—1st gen. . 4 87 86 88 91 Trust 83i2 84 96>2 9612 53 55 83i2 80 5978 58 25 8234 100 receipts 80*2 78 79 78 78 77 77 78>8 78ig 80 86 86 85 86 85 875g 84 87 87 86i2 86l2 86l2 86l8 86i8 85 85l2 83 84l2 81 82 80 83U 8314 80U 71 74 STREET RAILWAY Brooklyn Rap Tr—1945 g___ 5 1st refund conv 2002 g 4 6-year secured notes 1918..5 Brooklyn Citv 1st cons 5 Bklyn Qns Co & S guar 5 Brooklyn-Un. El 1st g..4-5 Stamped guar__ _ 4-5 Kings Co E list 1949 4 Stamped guar 4 Nassau Elec guar gold 4 Chicago Rys—1st 1927_____ 5 Conn Ry & Lt—lstg 1951 4>£ Stamped guar 1951 4V£ Det Unit—1st cons ’32 g__ 4J4 Hudson & Manhat—1957 A..5 Adjustment Inc 1957____ 5 N Y & Jersey 1st 1932 5 In terboro-Metrop—Coll___ 4 Registered__ 4 Interboro R T 1952 ser A___ 5 Registered __ _ _ _ 5 Manhattan Ry—Cons gold..4 Registered____ 4 Stamped tax-exempt____ 4 Manila Elec—1st & coll 1953 5 Metropolitan Street— Bway & 7th Ave 1st g 5 Col & 9th Ave 1st gu 5 Eex Ave fir Pav F 1st gu 5 Mil Elec Rv & I.t cons 1926 5 Gen fir refund 1951 5 Minneap Street 1st cons 1919 5 Montreal Tram 1 st fir ref A 5 N O Rv I.t—gen 1935 4U N Y Municipal—1 st 1966 5 N Y Railways refunding___ 4 Adjustment Income___ .5 N Y State Rys—1962______4^ Port Ry I. fir P——conv 1942 5 Port Gen Elec 1st 1935 5 Rutland Ry fir I-t——__ 5 95 9978 IOII4 9934 10034 9712 100 737ft 7373 7584 7612 75 75 1003s 101i8 99 1007g 995g 9978 985s 100 97i2 inn. ini7» 10038 10038 80 92 i0038 loiu 9934101 99 99i2 98U 99 loot? inn. 991a 1001a 99 92 991s 98*2 99 85 ” 8684 85 823g 8212 81 85 8U2 75 85 87 8U2 8U2 74l8 7412 7412 74*2 70*2 71 9534 9734 96l4 9712 96U 97>s 92l2 9638 93i8 1013s 1013s 1013a 1013b 100 100 1001* lOObt 82 ’ 8538 80 84 83i2 86 86U 833g 85 66 68I2 6914 64l2 69 66^2 58 68l2 64 24l2 2512 19i8 2458 18 14 15 1C 20 100 10019 100 100 68ig 70l4 65 73i2 6534 71 69i2 61i2 71 63 983s 9958 97 975s 94l2 97i8 91U 99lg 97 97 98 98 97 9313 94 85lg 91 93l2 90»2 9U2 85l4 86 101 7fib lOl^g 77b 93i2 94l2 90l2 9234 90 99’2 100 98 98 9914 99 U 80 93l2 92 93 78 78 93 78 70 70 9414 9214 94 97 97 94 95 9312 92 93l2 7712 771? 77l2 77i2 78 “ 70 917g 9412 891' 92 ____ 8812 88i2 89 89 70 91 90i2 873g 89l2 85 85 89 7934 7778 79 54 61 58 17l2 147g 16 66l2 63lg 65l2 6H2 6334 60 63 9458 92l2 94 91l2 93l2 89 64 8578 81’g 837g 82*4 8358 84 84 84 59ig 62 92l4 87 83l2 85 5314 5934 50 893g 84l2 87 86 86 83l2 8312 84l2 86*2 81 6914 7134 3912 4758 3534 87^4 85 86 7758 78*2 90i2 90i2 9984 70 421g 85 99 6738 38 84 99 99 99 6914 63l2 6712 3034 39 40 8078 82 84 78 78 99 5712 22lg 76 5 100 81 761)1 7614 » 88 I i__ __ ___ 7914 53 53 53 5018 53l2 50 25 205g 23 20 2412 20 773g 773g 49t2 50 19 21 47«2 51 167g 19l2 i................. t................. 72 95 100 81 93 9712 97l2 99 63i2 54 57 52i2 56 27 22ig 26 3012 25 78l2 78l2 78i2 75 80 72 4 61 5 52 36 Union Tr (N Y) ctf of dep . Equit Tr (N Y) inter ctfs___ Vlfglnla Ry & Pow 1st______5 90 .... ____ 98*4 9834 79 99 65 55U 80 88 96U 96i4 85 56ig 51 ioni-> lnou 8934 8978 89l2 897g 82 7612 8434 76l4 8134 82 82 83 83 93 80 82 75 75 73 75U 67l2 70 5534 5034 55 54 4778 5U2 1234 147g 1H2 1314 11 15 94 95 103 96 9258 ____ 92 92 92*2 9214 92373 82 80l2 81 79 80l2 79 65 59ig 60 587g 59>2 58 13l2 12i2 1234 13 17i8 13 83 ____ 93 2 92 9312 92 7712 73 96»4 96s4 103 St Jos Rv I.t H & P 1st 1937 5 100 100 St Paul C Cable con g 5s 1937 79 8034 77 79 Third Ave—1st ref_________ 4 Adjustment Income_______ 5 70 73l2 6412 70l2 Third Ave RR—1st 1937 5 107 108 1 Ofila 1 07 Tr-CIty Ry fir Eight 1st 5 IOOI9 101 100 101 Underground of I.on 1938 4 Income 1948 6 Un Rys Invest Pitts issue United Rys St Ennis 1st St I. Transit gu 991? 98 92i2 913g 9134 9034 91i2 8914 89i2 67 67 68 68 987g 98*8 9878 983g 9834 9758 98l2 96 96 9258 85i8 8934 85lg 86i8 82*4 85 80 80 9812 98l2 9919 100 9778 91 95 1021a 1021a 7612 78 65 68 100 10012 99 89i2 90 70 70 6H2 6P2 50 50 3958 4I84 361< 34l2 42 37 37 9312 90 90i2 89i2 90>2 88 61 53 40 6478 71 5584 38 100 96«4 98 97U 76i2 76i2 66 38 55U 65 1053a 1057a 100 67l2 44l2 100 9714 635s 635g 51 3912 32 3784 35 37 35 89b> 51 37 37 37 50 32 32l2 33l2 86ig 6512 3612 101 97 64 66^2 65«4 66 4U2 35S4 40>2 35 101 99l2 97 98 82 62 60 60 60 50!8 35 34l2 33 34 34i8 32l2 3314 84 88 84 66 37 62l2 64Sg 58 3734 27 33 94 591g 52 35 30 90 94 92 59 35 95 92l2 82 60>2 6II4 58 60l2 57S4 58 31U 3212 37 30 32i2 28 31 82 83l2 80 37 28 28 28 28 35 34l2 34l2 28 28 38 7934 80 80 8OI4 80 60 60 26 78 26 80 75 7634 GAS AND ELECTRIC Brooklyn Union Gas—1st 5 Cincinnati G fic E—1st fic ref 5 Columbia G fic E—1st 1927_ 5 Stamped 5 Consolidated Gas—conv___ 6 Con Gas E L & P of Balt— 5-year conv 1921 5 Detroit City Gas—1923 g 5 Detroit Edison—1st 1933___ 5 1st & refund 1940 A _____ 5 Havana Elec Ry—cons 1952._5 Hudson Co Gas—1st 1949 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 107 90 123 10712 90's 87 89 129 116 9978 101 lOOU IOOI4 104i8 104i2 lOOig 104 1003s 101 10012 101 91 90j2 90 90>s 87 SO 00 89 123 11478 117l2 110 11534 106 113U 107 10914 105 105'8 104i2 105i8 10334 104 1OH21OH2 100»4 101 101 102 94 94 94 94 93 93 10434 1051? 102 10078 1007ft 104 104l8 100 10H2 10158 99 90'2 1031a 1031a 1021a 1021a 10214 10214 100 108b 10fi 10fi3x 105 1051a 101b 101b 1007r IOII4 1007s IOII4 103 995g 9978 98U 99U 96 97b. 96i2 96 97^2 9712 97U 97i2 9712 98 8534 8534 8434 8434 83l2 83i2 75i2 77 77 107i8 110 mila imia 983$ 9838 10034 10034 102lg 100 102 99l2 95 96 100i2 99 9234 9234 90i2 98 98 98 98 s Option sale. 77 105ig 110l2 104 IO6I4 lOO’s 105i2 98*2 101 102 9812 100 96 93 9812 10012 ___ 95ig 102 9812 101 96 93i2 9812 99 ___ 9334 97 99 96 ___ 9834 97 99 96 98 -__ 9U2 9834 98 98i2 101 92 95 98 ____ 92U 9214 92i8 96'8 96 lg 98 213 MISCELLANEOUS BONDS 191T—Continued. BONDS Kings Co E I. & P—1st ’37 g ..5 Purchase money 1997____ 6 Convertible dcben 1925.__ 6 Ed El 111 Bklyn 1st cons__ 4 Laclede Gas—1st 1919 g___ 5 Refund and ext 1st 1934 g.»5 Louisville G & E—1st ref 1918.6 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 Edis Elec Ill 1st cons______ 5 N Y & Queens El Lt & P....5 Pacific & Electric— Calif Gas & El Corp—1937.5 General & refund 1942.__ 5 Pacific Pow & L 1st 1930___ 5 Pat & Passaic 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 Ind Nat Gas & 011 1936____ 5 Mutual Fuel Gas 1st gu___ 5 Phila Co—Conv 1922............ 5 Standard G & E conv 1926__ 6 Syracuse Light—1st 1951___ 5 Syracuse Lt & Pow—1954___ 5 Trenton Gas & E—1st 1949..5 Union Elec L & P—1st 1932..5 United Fuel Gas—1st 1936..6 Utah Power & Lt—1944___ 5 Utica E L & Pow—1st 1950..5 Utica Gas & Elec—1957.......... 5 Westchester Ltg—1950_____ 5 October November December May June July August September February April March January Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hig* 9934 9934 97 100 II412H6 107U 110 10434 105k 116 II6I2 116i2116i2 88 88 88 88 89 1015g 102k 101k 10134 1007s 101 100 102k 102i2 100 102’s 100l2 101k 89k 1007s 100 lOOU 99 100 9934 100i2 9834 100 9358 9334 93 936s 9284 93 10478 10478 10458 10534 102 105k 10134 10358 85 88 84l2 85k 8412 85k 90 100 101 993s 101 99k 10034 997s 100i8 97 9238 937s 9H2 9384 9U2 92 89 95 95 100 91 101 101 101 101 96t2 96t2 105 105 110 110 99 993g lOOU 985g 100 98k 9834 977s lOOU 97 85* 87k 10078 101l8 100 955s 96k 94 100 100 96U 94 100l2 95 101 101 105k 106 100 104l2 102 100 105 104 98 99 98 90 100b101b 101 97k 101 100 103 99 103 99 76 76 99i2 98 97 ___ 100 90 90 76 98 9712 97»4 ____ 9478 9478 90 9634 95k 9714 963s 98 94l2 94l2 92l8 9478 9234 9314 90i2 9234 96 97k 95 873s 89k 87S4 885g 8734 88 86I4 87i2 8334 8634 82l2 8334 80i2 83i2 7914 82 95 98 101 101 76 9914 98’4 9714 95>2 100 92 99 98b 99b 9834 100 99 98k 99b 98 97b 99b 98 77i2 78i4 78 785s 7734 785g 79k 8058 79 ' 80 77k 78 105k 105k 100 100 9612 96b 100 115 115 100 10178 102k 103 10338 102k 102l2 101 1013s 10138 92 92 91 92 10U8 IOH4 100l2 100k 9414 94U 92U 94 101 102 3100 IOOI2 100 90 98i4 98i4 98 100 94b 94b 98 “ 98 .... .... 94 94 92 92 90 101b innb mob 84 90 96 91 96 92 92 96 9638 98 897g 897g 98 88 87 88 87 98l2 98t2 93 93 84 98b 98 99 876s 98’s 98’s 98b 98 " 9234 9234 99 ___ 85 86 86 88l2 96 96 74l2 72 65 60 64 62 75 63 63 99b 993* 99 99 98 98 89k 90k 8934 90k 8914 90 101 101 101 101 85l2 ___ .... MISCELLANEOUS Adams Express—coll trust..4 Alaska Gold Mines—1925____ 6 10-year conv 1926 ser B__ 6 Amer Steamship—1st 1920___ 8 Armour & Co—1st real ext_<, a Booth Fisheries—s f 1926.___ 6 Braden Copper—1931.______ 6 Bush Terminal—1st 1952___ 4 Consol 1955_______________ 5 Buildings gu tax-exempt..5 Cerro de Pasco Copper—1925.6 Chic Un Station 1st 1963..4)^ Chile Copper conv 1923______ 7 Col tr & conv part paid.__ 6 Coll trust&conv full paid.6 Computing-Tab-Rec—1941 ..6 Granby Cons M S & P—1st..6 Stamped _________________ 6 Great Falls Pow—1st 1940___5 Internat Merc Marine—1st..6 Montana Power—1st A____ 5 Morris & Co—1st 1939............ 4J^ New York Dock—50-year___ 4 Niagara Falls Fower________ 5 Niag Lock & Ont Pow—1st..5 Northern States Pow—1941-.5 Ontario Power N F—1st___ 5 Ontario Transmission—_____ 5 Public Service Corp N J____ 5 Tenn Copper—conv 1925____ 6 Wilson & Co—1st s f 1941____ 6 81 77 79 83i2 84k 83k 83i2 78 69 75 69 73 67k 75 75k 85 81 847g 70 78 6758 72k 67k 71 9358 94k 9314 9434 93’s 92 9612 98 86l2 88 921 90 93k 91 86 90k 8734 89 113 100i8 IOH4 99k 10078 9912 127k 132 123k 128k 127 97 88 92k 88 94 92 97 87 91 87lj 118 100k 132 92l2 94 95l2 87 87ls 85l2 112 93l2 94 965S 87 88 86l2 117 74 67 66 78U 74 70 68 68I2 65 86k 87k 106 109l2 106 10934 1013s 102k 9334 95l2 9934 10034 933s 933s 75 75U 10178 103 94l2 94l2 9734 99 93k 94k 8512 87k 8634 104 107 104 107 101 90 88I4 94~ 99 100’s 99 9334 9378 ____ — .... 75l2 87 101’4 9634 100 ____ 7512 81 84ia 92 75 81 89 66 58 ... 88 90 94 86 95 86 92 807s 107 92l2 no 8134 8278 10918 9314 114 88I4 1003g 83 83 102 101 101 9734 9778 96 90’s 947S 901?! 945s 90 95 96*4 9278 95 91l4 90 90 73 84 102 102 96 92 93l2 89l2 91 95U 9514 966s 9534 9658 96 86 8634 86’4 87 82l2 83 83i2 85k 85l2 8434 85 110 115 109 114 109 109i2 10834 92l2 94l2 92k 93i8 92l2 945S 98 122 12812 122 127k 122 124 113 lOOU 100b 100 83 100 100 102 947S 93U 9434 91 91l2 9U2 84 84 87 88k 867s 8712 90 92U 88k 92 10038 101k 1007s 10134 9314 935g 90 93 90 90 9034 9212 90 92 92 93 88 91 89 90 90U 89 88k 90k 89k 91 102k 103k 101 103k IOP4 103k 86 67 58 90k 9234 895s 917S 8934 9U4 94 91 84 94l2 89 75 66 100i2 100’s 101 86 86 86 86 103 104 98k 102l2 102 102k 100 103i» 102 102 100 99 99 97k 99 92 91 94k 90k 9134 95 96’4 9538 963s 90k 90k 74k 74k 10134 102k 101 102l2 100 102 965s 98k 9634 97k 9212 9384 91 92k 9034 92 64l2 6638 3734 14 14 34 72 60 58 102 90 95 100 67 66i2 58 58 102 89’s 74i2 74 64 68 66 64 96l4 89 87 84 113U 94 124l2 73 1O1U 1011? 9314 8834 90 92 857g 87 87 88 86is 88 92 94 93 93 94U 90 9934 lOl’s 9934 IOOI4 985S 100 104l8 9212 101 80 87 ___ 108 93l2 115U 87 8f 79 102ig 92 96i4 75i2 100 101 9H2 88 90 101 101 91l2 94 927g 97 98 80l2 1O512 92l2 104 80 76’4 75 10012 10312 97 70 103 77 98l2 94U 96i4 9fib Qfib 98 90’s 95 8778 91 87 86 73 9678 967s 97 97 8912 891" 87l4 89 87U 87l2 87 94 885s 73 87t4 * 7934 83 83 86 697g 79?s 89l2 87l2 881J 89l2 IOII4 89 95 983s 92 98l2 99 97 MANUFACTURING AND INDUSTRIAL. Amer Agric Chem—1st ’28. .5 Conv dcben 1924__________ 5 Amer Cotton Oil—deb 1931..5 Amer Elide & Leather—1st..6 Amer Ice Securities—Deb.. 6 Am Smelting & R—1 t A____ 5 American Thread—1st______4 Amer Tobacco—40-year____ 6 Gold 1951.................................. 4 Amer Writing Paper—1st__ 5 Baldwin Locom Works—1st..5 Central Leather—20-year___ 5 Central Foundry—1st s f ’31..6 Consol Tobacco—50-yr 1951..4 Corn Products Refg—s f___ 5 1st 25-year sink fund 1934. .5 Cuban-Amer Sugar—10-yr___ 6 Distiller’s Securities—conv..5 E I du Pont Powder________ 4H General Electric—1942____ 3}$ Debenture 1952___________ 5 Internat Agric Corp—1932..5 International Paper—1st__ 6 Consol conv sink fund__ 5 Liggett & Myers Tobacco___ 7 1951................... 5 Lorlllard (P)................................ .7 1951 ............................................. 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 Sinclair Oil & Refg—temp 1st 1920 (with warrants)______ 7 Without tvar’ts attached.. Standard Milling—1st______ 5 The Texas Co—conv 1931___ 6 Union Bag & Paper—1st.__ 5 Stamped __________________ 5 U S Realty & Impt—deben..5 U S Rubber—coll tr 1918____ 6 1st & refund 1947 ser A__ 5 U S Smelt Ref & M—1926____ 6 Va-Caro Chemical 1st 1923..5 Conv deben 1924 8 f______6 Western Electric—1st______5 Westlngh El & Mfg— 10-yr coll notes 1917_____ 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 10134 103 9934 104 94i8 96k 103 10334 99k 100k 101k 10314 101 103 94i2 96 103 103k 9934 9934 10H2104 9214 96 102k 103 100 100 9834 9912 98k 98k 119 119k 83k 85 8684 89’s 104 104U 10U2 103 100k 10234 98l4 98k 119 119 83k 83k 89 92 104 104 101 1021? 98 981 98 98k 119 119 119 119 831j 83 89 911 87 89k 103k 103k 99k 10034 90l2 99 .101 10H2 65’4 70 10378 104 987s 99i2 101 101l2 69 63 104 104 78 78 104l2 106 7Hf! 75k 100 100l2 99 100 127U 128l4 100k 102 12584 127 100 10134 106 107i2 10512 107 100 1007s 917s 9178 IOH4 10212 103i2 105l2 102k 104*2 102k 105 9634 9734 104k 104k 97k lOOU 10134102 6734 69 104 1041 80 811 1053s 1061 7434 75 100 102 99 100 101 103 108k 109 10U8 102 91 91 101 103 104k 106 100l2 101 9958 100i2 10534 106k 93 93k 903s 9038 55k 64 1027g 10438 105 106 72 73 100ig 101l2 98l2 9934 127lg 129 101l810258 124l2 128 10012 10158 10i>l2 107 10512 106l2 100 101 90 90 10112 1O212 102 105l2 100’4 1003) 99 ' 99 100 101 104l2 106k 89k 89k 90 90 555s 59 102 103U 99 99 100 100i8 104k 105k 88i2 88k 88k 89k 5384 57k 102 1025g 925s 9284 107U109 105 107k 10478 107 99U 100»4 99 10034 9914100 102 103 100 102 100 100l2 101l2 IO284 10034 102k 101 102 1003s 101k 101 101 99k 101l2 100 103 94k 9414 102l2 103 ' 99 99 96k 9712 1011 100l2 1OO5S 64 59 6H4 104 103k 104 781 106 100 10214 78 75 100 100l2 100k IOOI4 120 122 118 123 983s 100l2 98k 102 117 122 97 9934 106l2 109k IO584 107 106 109k 98 98 90 91 100 101k 10178 104 10178 10312 98 98 101 60 103 78k 10414 9834 99 100 100 93 10U2 101 103 93 102 100 10H2 997g 10038 9934100i8 98’8 9978 93b 9378 101 101’s lOO’s 100U 100 98i4 93 100 IOOI4 9778 100l2 9312 9578 92 9838 93 94 9314 93 99l2 100 99 100 100 90 9H4 82 97 84 8434 87b 9134 92 92 88 9lb 9258 8934 92b 875g 92 9634 95 95k 98k 9738 98i2 9712 98 9714 97i2 9634 973s 96 119 119 119 119 119 .... .... 119 119 9312 93 88 98 8634 9634 119 83 86 89 86l2 90 853s 79 8712 88’4 84 87i2 83 77 7912 ____ __ ___ 101 102 ___ 9934100 100’s 10038 IOOI4 101 98l2 99 9434 9778 94i2 95i2 91 9958 97i2 9914 97l2 99 99k 100k 97 9512 85 85 98 98k 100 61 98 99 100’s 65U 78k 78k 100t2 102U 72k 76 9934100 1001s 1001s 118 119l2 98k 993s 116k 1181s 97k 99l2 107l2 110 107i2 10834 99b 99b 92 92 100 10012 103 105 97b 98 ' lOO’s 65 9658 98 987S 98 98i2 97 98k 97U lOO’i 100l8 100i2 100 1OO3S 100 7H2 6978 753s 7334 76l2 73 97’s 97k lOO’s 76i2 97’s 96l2 100 73 9758 9658 95 100i8 100 76 70 IOH4 7478 9958 99i2 120 98 117U 99 ___ 107 10358 78 100 100i8 121 100i2 118 100U 781" 78b 997g 10112 75 76i8 IOOI4 101 99 9914 11912 120 98 100 118 I2OI4 97 100 10712 111 107i2 no 110l2 10H2 75 100 99 11314 96 11478 9514 105 105U 96i8 6812 100 97’s llOU 90i2 no 8978 100 100 99 7114 100 98 111 92 nn2 897S 105 10412 100’s 102l2 72 75l2 100 IOOI4 99 99 11714 11758 9714 98 112 116l2 963s 97’s 108l2 10812 106 107is 99 7U2 100 99 11112 94 111 94 10412 104l2 91 ___ ___ 9Us 91l8 90’4 9034 90 9978 9612 98 100l8 10H2 9978 10U2 99U 995g 98 10234 103l2 10234 10234 .... .... ion2102 99 99 9712 10018 74 95 96 66I4 70 100 100 98 98 no 111 86 90 10712 111 85 85 104 104U IO2I4 103 9H4 9114 94 95 9912 9934 100l8 10034 10034 10212 102l2 102l2 102is 102l2 1047s 10 478 .... ___ 10478 10478 99 99 99 —— — 98 98is ..... — 96 98 99 99k 99 98k 99 1001" 102 99 99 94 9312 93l2 93l2 93i2 98 100 98 98 94 103k 105 10234 10334 10218 10318 102ls 10314 102 10212 1007S 102 8234 8234 8134 8I84 881? 881? 51 " 54 ' 54 57 51U 52 51 50l2 54 49 5U4 51 1015s 102 101 102k 101 102 IOU4 10218 102 102 10H2 10134 84i2 87ig 83 82 86 85i4 86 89k 85k 88 103k 105 103 105 103 105k 102 104 102 103 102 104 98’4 9412 95i2 9978 95 97 97k 99 97k 100k 97U 98 99k 100l8 99 lOO’s 995s 99'8 9934 997S 99*8 9934 98l2 99l2 100 10134 100 lOlU 9978 101k 99 100t2 99 100 100 100’s 100 100 s Option sale. 100 lOOU 94 9334 93 9914 92l2 100 9334 90 93i2 9212 ion2 9618 505s 51 ion210214 7934 82l2 101 10214 94 95 97l2 993s 98i2 97 97 90 9212 99 49 50 9912 100 74l2 7934 98l2 100 9H4 96’4 97 97'2 96’4 977g 77 77 88 94 91 78 88 98 100 74 9434 917g 95 9514 1001s 77 98iS 9378 9712 98 RAILROAD AND MISCELLANEOUS BONDS 214 1917—Concluded. BONDS COAL IRON & STEEL Bethlehem Steel—1926_____ 5 1st & refunding 1942 A___ 5 Purch mon & imp 1936 s f__5 Buff & Susq Iron—1st 1932 _ 5 Deb 1926___________________ 5 Col Fuel & Iron—s f 1943___ 5 Colorado Indust—1st 1934..5 Consol Coal Md—1950_____ 5 Elk Horn Coal 1st 1925......... .. . 6 Elk Horn Fuel—1st conv ’18_ 5 Grand River C & G—lst__ _ 6 Illinois Steel—deb 1940___ 4^ Indiana Steel—1st 1952____ 5 Jefferson & Clearfield—2nd..5 Lackawanna Steel—1st con.5 1st con 1950 Series A____ 5 Midv Steel & O—conv’36 sf__5 Pocahontas Cons Collerles..5 Repub Iron & St—s f 1940..5 Registered__________________ St L Rocky Mtn & Pac—1st..5 Tenn Coal Iron & RR—Gen.5 U S Steel—s f 10-60-year___ 5 Registered________________ 5 Va Iron Coal & Coke—1st ..5 January February April March June July August September May 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 102*4 104 100ig 102 100 102*4 IOH2 103 100 102*8 99*4 10H2 100 101 98*g 10012 997g 10012 997g lOOU 98b 100 99*g 100’g 9812 IOOI2 9812 100 94 97 99 100*4 9812 9912 97*4 99 9412 967g 86l2 92 Rll? R2 95 93ig 9514 77l2 94 96*s 97b 92l2 93l2 8OI4 777g 8OI4 94 94l8 92 91 92*g 79 93 91 94 81 94 91 93l2 77*4 93lj 91 931? 93 93 81 80 78 95 91l2 94 104 104 9012 91 80 78 94 95 95 91 90 90i2 91 77l2 78lg 78l4 80 91 91 85 86l2 8712 88 77i2 79 75 77 80 80 9812 98b 97i2 98*4 937g 987g. 89tg 87 88 90 79 8H2 7678 79*g 84 85 74b 76 88 88 81*8 81*8 727g 75 85 85 98l2 9812 927g 90*4 91*4 88I2 90 92l2 94 9U2 93*8 91 10212 10314 101 103l2 IO2I4 103*8 101 103 100*4 102 101 98 10U2 10012 IOII4 99i2 93l2 9712 94*8 95*4 94l2 95 997g IOU4 9912 100*8 86 10Pg 105*8 10512 85 86 103lg 107lg 107 8712 1017g 10512 105lg 85 1017g 106*8 106 85 87 88i2 101 102 95 95 100 101*8 100*4 IOH4 10012 101 98 101 95U 99 97 100 95i2 105 10412 10714 92 95 91 93*4 93 94U 93lg 95 9212 9318 93 93 100ig 100*8 9912 100*8 99*4 IOOI4 9912 10012 99*4 99*4 85 86 8412 85 101 102 101 101 101 101 101 101 105l2 106*8 105lg 10618 104*4 105*8 104 105 105U IO5I4 104*4 1 047g 85 87lg 8SI4 90 87l2 88l2 87 84 86 84 85 86*8 87l2 86 101 IO2I4 99*4 IOH4 99*4 100b 97b 100 92 92 84l4 84b 81 96 98b 94 98 99l2 10212 105 927g 9378 92l2 93 100U 101 87 837g 85 9312 97l2 99 91>4 92l2 98*s 98I4 101*4 93 92l2 100i2 9712 98*4 97 94 99 90 89l2 9114 87-2 87 971*2 *9812 95l2 99*8 931. 90 87 98lg 9512 78 95 95 10012 IOOI2 96 104 105 103*4 10418 9912 104 166" IO2I4 98b 10.37b 1041s 103*4 103*4 98 86l2 87 87 87 .... .... 85 85b 85 97 90b 87*8 88 96 94*8 837g S07g 84i2 93 84 b 96i2 96 90 84 85b 94 78 7814 78i2 96 95 95 lOOU 93U 99U 981. 92U 98>2 90 ' 90 90 TELEGRAPH Amer Telep & Teleg coll tr..4 Convertible 1936 gold.__ 4 20-yr convertible 1933___ 4)^ 30-yr coll trust 1946______ 5 Cent District Teleg—1st__ 5 Chicago Telephone—1st 1923.5 Comm’l Gable—1st regis____ 4 Cumberland T & T—1st___ 5 Metrop Telep & Teleg—1918.5 Michigan State Telep—1st..5 N Y & N J Telep—1920______ 5 Pacific Telep & Teleg—1st..5 Southern Bell T & T—1st 5 West Union Teleg—1938 5 Fund & real est 1950 g..4H Mutual Union ext 1941.__ 5 BONDS Ann Arbor—1st 1995 gold. ..4 Atchison Topeka & Santa F General gold 1995 _______ -.4 Registered .......__ .... -.4 Adjustment gold 1995.---- ..4 Registered____________ -.4 Stamped______________ -.4 Registered________ _ -.4 50-year conv gold 1955... -.4 Convertible 1960_________ —4 East Okla Div 1st 1928... . 4 Rockr Mtn Div 1st 1965 4 Cal-Ariz 1st & ref 1962... 4>$ Atlantic Coast Line— 1st 1952 gold____________ 4 General unified 1964.__ 4^ Alabama Mid 1st gu 1928. .5 Bruns & West 1st gu 1938 4 Lou & Nashv coll 1952 g. ..4 Sav Fla & West 1st, 1934_ __6 Silv Spgs O & G gu 1918.. ..4 Baltimore & Ohio— Prior Hen g 1925 ________ 3^ Gold 1948.............................. -.4 20-year conv 1933________ Refund & gen 1995, Ser A -.5 Pitts June & M Div______ Pitts L E & W Va System ..4 Southwestern Dlv 1st g._ 3y, Cleve Inraln Hr XV 1933 ..5 Ohio River RR gen 1937 g -.5 * Pitts Cleve & Tol 1st 1922 -.6 Tol & Cin 1st & ref 1959 A __4 Buff Roch & Pitts—Gen ’37 ..5 Roch & Pitts 1st 1921 £ 6 Canada Southern— Cons guar Series A 1962.. ..5 Garo Glinch & O—1st 1938 5 Central of Georgia—1st 1945.5 Gonsol 1945 gold.__ .... -.5 Chattanooga Div 1951 g_ -.4 Macon & Nor Div 1946 g. -.5 Mobile Div 1st 1946 g___ -.5 Cent RR & Bkg of Ga—1937 ..5 Central of New Jersey— General 1987 gold_______ ..5 Registered____________ ..5 American Dock & Impt.. ..5 Lehigh & H R gu 1920 g_. -.5 Central Vermont—gu 1st g. ..4 Chesapeake & Ohio— Gen fund & impt 1929__ ..5 1st consol 1939 gold______ ..5 General 1992 gold_______ 4^ Convertible 1930_________ 30-year convertible 1946. ..5 Big Sandy 1st 1944______ -.4 R & A Div 1st cons 1989 g ..4 Chicago & Alton— Refunding 1949 gold ____ -.3 Chic & Alt Ry 1st 1950 g.. 3H Chic Burlington & Quincy— Denver Division 1922.__ —4 Illinois Division 1949.... 3^ Illinois Division 1949.__ ..4 Iowa Division 1919, s f__ ..5 Iowa Division 1919, s f__ -.4 Nebraska Extension 1927 ..4 Registered ...._ ...___ ..4 General 1958......______ -.4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9114 92*4 98 101 103% 106*4 100l2 lOVg 10214 103 10312 10312 9012 9214 98 981g 1041g 106 100 101*8 IO2I4 102U 99*4 10Ug 100*4 101 100l2 101’g IOH2 IOU2 99lg IOOI4 100*4 102 10012 101*4 102 103*8 97 99*4 997g 101 100l2 lOllg 99*8 100l2 95 100 101l2 100lg 100lg 100 99 100 9914 100 99*8 100lg 98 100 99 101 93l2 997g IOU2 101 103 97*4 91 91*4 100 100 1041g 1057g 100*8 10U2 102l2 102l2 98 100 997g 99*g 94 99 1007g 101 100 96 88I4 98 IO2I4 99 102 9114 98*8 104*8 100*8 102 8714 95 100 9814 10012 89l2 95 103 99*4 101l2 87 9514 100 981g 100 9914 100 96 89 95*4 100l2 99U 10U2 87 9512 99*4 97*8 lOllg 102 69 98lg 96i2 89l4 95l2 IOOI4 9912 102lg 102 69 98ig 8512 87*4 93U 93l2 99 100lg 96 98U 101U 10U2 102 102 9714 98 85*g 92 97 96U 100 867g 92 99 977g 100*4 95l2 97 99*4 997g 94 lOllg lOllg 91 93i2 94 95*4 937g 95l2 937« 94 91 92 mil. mil. 921? 937g 97U 9712 98*4 97 99 9712 99 92 9212 IOH2 IOU2 5 Option sal 95l2 98*8 98i2 100 98>4 IOOI4 99 IOH4 92lg 95 9314 96i2 96 97*8 92 e- 93i2 96*4 96 97 9U2 95*4 98 98 99 93 9414 98U 99l2 98lg 93ig mile iniio 9312 94 96i4 98l4 94 99 98 98b 92 92l4 , 8212 91*8 95b 96b 98*g 86I4 91*8 97*4 977g 99 97 95 99*4 99*4 8914 91 98 98 92*4 94b 93 94 9212 95 91 93 92 90 81 86 90 92l2 83lg 80i2 86 94l2 86 96b 89 97i2 83i4 90 9312 97b 90 91*4 90b 90 9912 99*s 99*8 99*8 86 86 86 90 88 91 91b 91 90 93*8 92*4 94 93 90 85*s 87*4 92 90 91i2 9412 91*2 93 October November December January February June July September March April 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 56 59 56 55 56 827g 85*s 82l2 85*8 80 83 72l2 73 74l2 75 84 86* 56 52 80 81*8 80b 82*4 80 80 80 747g 76 71*4 73l2 73b 73l2 74 73b 74 76 71*8 74b 73 74i2 76b 73b 78 72b 73 84 83 84*4 82*8 86 81b 83*4 82i4 87 82 84b 84*8 84 86 83b 8214 87*4 84*4 5314 5118 51’s 54*8 64*4 57 79*4 86 84 90 83i2 87U 8512 8512 79 81 80 81 81 74 73b 7478 73i2 75 7H2 71*8 79 84 86 84 72 7414 74i2 73i2 75*4 70 77 71*8 717g 7112 72 84 86 85ig 96 85 91i2 91i2 80 80i2 82*4 82*4 79 817g 84*4 83i2 84b 82 8U2 82b 81b 82 70 71b 71 99 99 87 77 76*4 80 89l2 78 79l2 83b 75 75 83*8 85 73b 70 79 77 79 77 81 80 85 79 79 76i2 76i2 76i2 76i2 77 76b 78 83b 8312 83i2 83i2 88I4 78 79U 82 86b 76 76b 80*g 88 77U 78*4 817g 83 8*5* 72 81 72 85 85b 76*8 76b 80 82 747g 83*4 95b 86*4 7714 787g 8078 82 75 83*4 99 99i2 86*s 76b 79b 80 83b 7214 82 89 78*s 80*s 82 83i*> 76 847g 88 88 9512 86b 75 78i2 78*4 87*2 77l2 797g 80i2 8614 76 78 78 81*4 74lg 74ig 83 83*s 82 96i2 96i2 87 78 79U 79 81*4 86 73*8 76 777g 82lg 97 97 88I2 90 90 91b 90 89b 90 991? 1031? 91b 90 90 101 91 101 65 65 65 10312 103b 100 102 99 99 99 100 100 85 90 97*8 7314 83 99b 97 9114 81 50*4 40 37 103 102 99 40 80 96b 77 73 8014 52 52 3514 38 89 78l2 83*4 84U 86 75 86*4 8112 7SU 80l2 103 10S 92*4 87 88 92*4 86 83 88l2 89lg 80 77l2 81 87l2 75 8614 65 68 6612 68 101 101 86 867g 85 87 98 86 98 90 867g 87 98l2 99U 86 86 87 92 93 951? 100 82i2 84 94 91’s 84 85U 88 87l2 78’g 88 9612 997g 997g 94*g 93 94*8 93 72*4 72*4 84U 84i4 84i2 84i2 871? 871? 88*s 8S*8 101 10214 100lg 102 100l8 101*4 10012 10212 101 1021g 106lg 10812 101 106 100 100 10112 101*8 lOO’s 101 98 9812 98l2 9912 98l2 98’2 97*8 98l2 98l2 987g 99lg 100 90 9714 78 76 81*8 67 67 67 67U 66 66 90 95 76 74 80i2 94 96*4 767g 76 81i2 90U 94*8 75U 75*4 80 90U 95l2 77’s 7714 81*4 95 74*4 76 79 95i2 76ig 77l2 81*4 51 37 51 5114 53 38l4 3712 42 87 96 76 7278 79*4 88 9714 78 7512 82*8 88 96i2 76*8 75 79*8 52 38 52 41 51i2 51i2 51 51l2 50*4 51 3712 39ig 38i4 40 39 41 98*4 9978 99b 9912 7414 73*4 76 73 7314 75l2 7314 74*4 73 837g 85 84 86 85 87b 82 8514 82l2 98 98 98 92 9214 92b 9214 91*8 94*8 91*8 91b 92 91 91 83*4 82*g 84b 82b 83*4 80 83 81 8312 80 « Option sale. 98*4 737« 84 99i? 97 91U 87 83 65 80 957g 97l2 95 95U 100ig 97 100 72 757g 74 75 75*4 73 76 7034 73 71*4 65b 70i2 69b 71 76 78b 77U 7978 78 81*2 787g 50 36b 47i2 39 90 787S 85U 86 81 75 86*4 1007ft 91*2 90*4 91*4 87 97U 9714 9612 96b 97U 9714 87*4 88b 88 90 103 104 102 103 98b 99 8812 74*4 77 79i2 85 8914 84 89is 84*4 87l2 98i2 997g 9978 83 104 104 99 87 73ig 75*4 77l2 57i2 5712 99 90 102 103 103 1021? 1021? 104 9912 99l2 99 74*8 78i4 82lg 85l2 78lg 86 83l2 85 84*s 851? 85>4 85U 86*4 73l2 767g 757g 81 7378 74*4 73*8 837g 81 837g 83l2 837g 80 93l2 93i2 87iS 76 78 8OI4 82ig 82l2 78i2 81 75k 76 92 95'2 96'8 95 9H2 9U2 787g 80 787g 80U 80*8 8314 84 77 80 8II4 837S 80*4 83*4 79b 81 76 77 76l2 74 75 75 78 78b 78U 79i2 76 81 SOU 81 78 9812 95*4 95*4 95*8 95*8 78 78 7H2 7212 6978 7212 69U 79 78 7U4 70i2 71 7214 70b 72*4 7H2 737S 70 99b 99b 867g 87 78 84 87 76 78b 81 99 b 99b 99 103 103 77 59 5512 56 81*s S0l2 8II4 80i2 8U2 79 911a 91U 99’s 99lg 72 737S 71*s 72U 72 73 82*4 80i2 817g 80 83l2 82 9514 74*4 76 79i2 97 81 80 86l2 76 76 73 71i2 80*8 80l2 98 98 97l2 97*4 98 98 97l2 97*2 98 9012 90*4 897g 897g 91lg 91*8 90*8 92 81ig 80 81'g 79*4 80»2 78 80 75i2 8312 99*4 99*4 93 96i2 101 787g 86 797g 85i2 8514 90*8 75 75 76i2 76i2 40 99 78<4 79l2 87 101*8 8312 8212 89 551? 55l2 44*4 38 4US 99*8 99*8 76*4 78*8 77i2 86 8818 85i2 99*8 98l2 98i2 9214 95*4 93 78lg 85'2 837g 89* 80 79l2 88l2 99*8 94’ig. 8712 RAILROAD BONDS 215 1918—Continued. BONDS September August October November Deeember June July March April May 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 Chicago & Eastern Illinois— 30 30 26 26 28 28*g 28*4 Refunding & impt 1955 g_ 4 30 25 25 25 30 29* 28 28*? 28*2 29i8 30 30 29 22 29 Trust Co certfs of dep.__ 25 28 98 101 100 100 100 100 1st consol 1934 gold-----------6 72 72 General consol 1st 1937....5 U S Mtg & Tr Co ctfs of dep 70 70 do stamped___________ Guaranty Tr Co ctfs dep.. 597g 58 56 55 5412 57*2 56*2 59*2 58 59U 56*2 58 Chic Great West—1st 1959—4 57 5812 54 57U 60*4 54 99*2 99*2 100 100 9934 993g 100i2 Chic Ind & Lou—Ref 1947 g..6 98 98 98*4 lOO’g 99 7258 725g 7258 705g 72*2 71 747g 75 7334 76 71 77 77 71*4 ChlcMilw & St P—Gen 1989..4 76?8 79 82 831^ 83 84 79 81 81*2 83 82 Permanent 1925____ ...-4 76*2 80 80 77*2 80*4 78*2 80 78*2 80 6684 687 8 66^4 643 4 673 4 67 67 69*2 67 68 69 67 70 67U 68*4 Gen & ref 2014 A--------- —4>$ 68U 70 68ls 7678 76 76 783g 80 78 80 80 78*2 7934 76 79l2 74 77 Gen ref conv 2014 B_ ...----- 5 77*4 80 7614 79 66 66 General 1989 ser B--------- 3)4 General 1989 ser C_______ 4JX 83 80*2 83 80*2 81U 80*2 80Sg 783g 80 84*2 83*2 8412 823g 82i2 80*2 81 7O34 70 74 74 667g 71 70 71 71 71 25-year debenture 1934.---- 4 70 70 74 Convertible 1932...______ 4^ 73 74 75*2 71*4 75 7H4 75 78 76*s 75l2 777g 76*2 7734 75*2 78 72*2 75 Chic & Lake S Div 1921....5 97 97 92 92 94 94 Chic & Mo River Div 1926—5 9634 9634 97 97 Chic & Pac West 1st 1921..5 97 98 98*2 97 97 98 95*2 961? 98ig 9758 ___ 747g 7478 74ig 74l2 74*2 74*2 Chic Mil & Puget Sd 1st...4 97*2 97*2 Dubuque Div 1st s f 1920—6 99*2 99*2 LaCrosse & Davenport 1919.5 98 98 99 100 96 96 95 95 Wise & Minn Div 1921............ 5 97*g 97*s 977g 977g Wise Val Div 1st s f_______ 6 85 85 85 85 85 85 Milw & Nor 1st ext_ ...—4*4 Consol 1934....................... 4)4 81*4 81*4 8H4 8II4 89 89 Chic & N West—Ext 1886-19264 89 89 85*2 85*2 Registered_________________ 4 72 673 4 673 4 697g 697g 67*2 72*g 70 713 4 707g 68 70 70 General 1987 gold.............. 3)4 7P4 73*g 71 Registered____________ 3)4 84i2 797g 83 82*2 83*2 8034 8234 8014 8238 805g 82lg 82*2 83 General 1987__________ 4 80*g 85*4 84 84U 83 81 Stamped__ ____________ —4 81 81 80*g 82*2 81 997g 99Vg 997g 997g 997g 997g 997g 997g 99*2 997g 101 101 General 1987 stamped_ ...5 101 101 102 103 Sinking fund 1879-1929..—6 104 104 94ig 94lg Sinking fund 1879-1929—5 Registered_______________5 95 96*2 9514 Debenture 1921________ ...-5 96*2 95*g 95*g Registered__________ 5 100 100 935g 935g 93*2 93i2 97 95*g 95*8 95 96i2 93 93 Sinking fund deb 1933_____ 5 97 Registered_______________ 5 94l2 94i2 105 105 Fremont Elk & Mo V 1st—..6 101 101 100*? 100*9 101 101 10212 102U ioo»a inns,, 10112 101U 98 101i8 Milw L S & W 1st 1921 g—6 98 95 *g 96 98 Ext & impt 1929 gold.---- 5 98 98 1021a 1021a > Mich Div 1st 1924 g--------- 6 7334 733 4 73*? 73 73ig 74 74 Milw Sparta & N W 1st.___ 4 76*g 7414 74«4 92 92 93 93 St L Peo & N W 1st 1948....5 73 77*g 7434 747 8 74*2 7734 74i 2 73i 2 74i 2 76 72 76 736g C R 1 & P Ry—Gen 1988 g...4 74 73*2 76*2 76*2 7514 713g 7138 Registered_ ___________ -.4 6212 6434 6334 65*2 65*g 68 6634 68i2 67 69 Refunding 1934 gold-----------4 65 68lg 64*2 67 66*2 68 68*4 69*4 70 71 80*g 80*g 66 70 20-year debentures 1932.___ 5 66 70 62 62 627g 627g 67i4 6534 67*2 66 62 64 62 66i2 66*2 66*2 65*2 66*2 R I Ark & Louis 1st 1934—4>S 627g 63 96 96 Burl C R & Nor 1934 g......... 5 95 100 97 97 Choc Okla & Gulf gen 1919 .5 93 Consol 1952 g____ ______ 5 93 57 60 61 60 60 63 Keokuk & Des Moines 1st..5 59 611? 61*2 61*2 65 59 59 59 69 St Paul & K C Sh L 1st—4>$ 59 68 67*g 67*2 68*2 68*2 67l2 67i2 67 103 103 102 102 104l 2 10458 1053 4 106i 2 1047g 10514 104*g 105 Chic St P Minn & Omaha.__ 6 1045g 105*8 85*2 85*2 88 88 Cons 6s reduced to______ 3)4 81*2 84i2 85*g 85*g 907g 907g 88 Debenture 1930____________ 5 89*2 997g 997g 9934 9934 100*4 100*4 100ig IOOI4 100lg lOOU 100 100 100 100 St Paul & Sioux City 1st g..6 95’ 95 Superior Short L 1930_____ 5 58 58 Chic Terre H & So E—1st ’60. .5 1031 2 104 103*» 1031? 1031a 10312 10319 10319 103 103 105 105 Chic & West Indiana—1932..6 67 66 66*g 653g 66 6512 6534 65*2 657g 653,» 653g 65*2 665g 66 64 Consol 50-year 1952..._____ 4 64 64*2 67 Cin Ham & Dayton— Dayt &Mich 1st cons 1931 4)4 62l2 59«4 62*g 62 60 63 63l2 64*g 62*2 6334 63 631? 6212 64 Clev Cin Chic & St L—1993..4 59 63*4 62 63*4 72 .... 69 77*2 77*2 77*2 77*2 20-year deben J931----- —.4)4 68l2 70*2 65U 74*2 74l2 7512 75*g 76*2 .... 80 80 86*4 86*4 General Series B 1993—------ 5 6334 6334 62 62 62 65 Cin Wab & Mich Div 1st ’91.4 6434 6434 64 64 6334 64 66 63 68 64 68 St Louis Div 1st 1990 g_____4 65 67 Registered_______________4 7H4 71U 67 99 99 Cin Ind St L & C cons 1920.6 C C C & I gen cons 1934.__ 6 10034 1003a Registered______________ 6 477g 46 5134 5134 40 50 50 50 50*g Peoria & East 1st cons 1940.4 47 51*2 50 13 12l2 13 13 13 13 12*2 13 Incomes 1990____________ 4 10 10 Trust Co certificates.... 90 87lg 90 83*2 83*2 90 88*2 88*2 90 85 851?, 86*g 86*g 86*g 87 Cleve Short L—1st 1941 gu.4J4 88 6 8 7 8 Colorado Midland—1st g------- 4 5*g 534 Trust Co certfs of deposit... 7*2 7*2 83l2 86I4 837g 86 847g 85i4 85 837g 84*g 85 856g 85*2 855g 837g 86 86 Colo & South—1st 1929 g------4 8234 84 687g 70*2 6714 70 733g 7034 70 68 73 Refund & exten 1935_____4)4 66 72U 7034 715g 7034 72l2 71 73*2 71 96*g 98ig 96*2 97 96 963g 97 96lg 98 96 97 Ft Worth & Den City 1st_ 6 96 98*2 98*2 Delaware Lack & Western— 747g 747g 74*2 74*2 75lg 75*g Morr & Essex Ref 2000 gu.3^4 73*g 73*g 101 101*2 101 101 N Y Lack & West 1st 1921..6 1005g 102*2 1015g 102 101l2 102 102 102 101l2 102 95’ 98 98 957g 9578 96 96 96 96 95 Construction 1923_______ 5 9334 9334 Terminal & Impt 1923——4 Delaware & Hudson— 933g 933g 94 94 9314 9314 93U 9314 94 94 1st lien equip 1922.......434 8212 83*2 8I84 86*2 80*2 8214 817g 84 82 88 8312 8Hg 83 80 8034 1st refunding 1943_________ 4 83 805g 79 861 2 867g 87*2 89 885g 90 86 88*2 85*2 Convertible 1935_____....__ 5 87*2 86I4 88 86*4 86*4 88*2 88*2 75*2 76 74*2 71 Alb & Susq conv 1946 g—3 34 74 73*2 7314 73U 713g 713g 72*4 72*4 ___ 75*2 72 101*9 101*9 1033g 1033g Renss & Saratoga 1st 1921_ 7 Denver & Rio Grande— 6634 64i4 65*2 63 64 665g 6S 67 69 63 63 1st consol 1936 gold........4 60*2 69 65 67 6714 68 67 72 71 71*2 715g 71 71 68 71 Consol gold 1936________ 4)4 68 71*8 7534 7212 747g 70 74i2 72 705g 705g 73 72 7634 70 72 74*2 74 Improvement 1928 gold_ ..5 76 547g 56 52*g 54 53 49 53 51 51 1st & refunding 1955______ 5 497g 51*2 48*4 50 50*2 487g 50U 50*2 56 50 50 Trust Co certlfs of depos_ 51U 5H4 64l4 6312 65 64 63 63 63 64 6312 66 65 65 64 66*2 67 Rio Gr West 1st 1939 g_____ 4 64 67*2 64 52 54 5034 51 51 51 50 50 51 55 50 50 55 Mtge & coll tr A 1949 g---- 4 52 763S 73 757g 75 77 77 77 75*g 75*g 73 75 Detroit Term Tunn 1961..4)4 77*2 77 —- 76*2 76*2 76 9712 97l2 96s4 963j Dul Missabe &Nor—Gen 1941.5 97 97 Dul & Iron Range—1st 1937..5 87 85 87 Duluth S S & Atl—1937............ 5 82 90 Elgin Joliet & East—1st 1941.5 93*2 100 100*2 100 100 1001s 101 lOOU 100i2 100U 100U Erie—1st consol 1920 gold. 7 101 101 N Y & Erie 1st ext 1947 g—4 78 78 96*g 96*g 96*g 96ig 2d ext 1919 gold_________ 5 3d ext 1923 gold..............4)4 93*2 95 1003s 1003s N Y L E & W fund 1920..—7 667g 65*2 66 66 66 69 66 66 69 67 67 66*2 1st cons prior lien 1996 g__ 4 67 67i2 66 66*2 687g 65 5234 537g 5212 5H4 5334 53 54 5334 5434 53 53lg 51 57 53 55 1st cons gen 1996 g_________ 4 49*2 57U 51 78 76 77 79 77i2 7838 78 78l2 78*2 78 Pennsylvania coll tr 1951 g.4 78*2 78*2 78*2 75U 75U 76 493g 47*2 49*2 47*2 49 42i2 4584 44 445s 45 48 46 50-yr conv Ser A 1953 g__ ..4 42 4914 47*2 50 48*g 44 4434 46 4434 49U 47l2 497g 48 493g 48 44 44 49 48 46 45 50-yr conv Ser B 1953 g------- 4 42*2 49 49*4 497g 5334 525g 5134 52*2 507g 533g 52 54 51 51 54 Gen conv 1953 Series D__ .4 49U 56 4934 48*2 49*2 50*2 87S4 88 82 82 93 92 90 91 93 93 93 90 90 88 Chic & Erie 1st 1982 g......... 5 90 88 98*2 98*2 100 100 Erie & Jersey 1st s f 1955__ 6 96 96 Genessee River 1st s f 1957_ 6 Long Dock cons, 1935______6 Coal & RR 1st gen 1922....6 103 103 103 103 s Option sale. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 297g 29*2 30*8 27 29 28*2 29*2 28 100 100 100 100 757g 757g 72*2 72*2 75 60 101 76*4 84 73 88 66 77*2 83 87 707g 75 74 82*4 82*2 75 56*4 101 71 81 67*4 78 67 101 76*2 84*2 73*2 87 75 69 101 825g 88*s 81 94 66 88*2 81 89 60*4 ___ 77-*g 80 70 80 66 ___ 80 86*2 77*g 88 883g 76 75 975g 89*g 76*2 84 975g 92 92 99 96*4 97 985g 100*8 98 797g 80 75*g 75*4 78*4 80 95*4 96*4 98 677g 71 82*2 7934 98 98*g 98*g 887g 887g 90*2 88*2 887g 90 925g 95 72 73 74 70 71 84*4 85 82 88 90*2 91*2 925g 95 75 81*g 87*8 100*a 1007# 96 96 975g 98 92 *g 92*g 1071s 109 93 98 97 106 97 106 93 98 110 110 96*2 96*2 76 76 92 93*2 98*2 98*2 72*2 77 78 84*4 79 68*2 74 67 73*4 80*4 75 813g 76 70*2 73 95*2 96 71*g 69 73 66 69 110 70 72 112 65 69 90 93 88*2 90 9934 9934 99*2100 92 100 623g 635g 62 102*» 104 62 67 68 103 69 106 70 69 71*2 92 100 79 79 64 66*g 69 745g 7U? 71*2 81*2 .... .— 68*g 83*2 89 63 63 6634 70 72 106 58 12 5834 60 16*g 76 106 62 897g 90 85 87 713g 77 54*>8 59 90 91 867g 91 87*2 89 77*2 8234 78 81 9934 9934 100 101 102 96 96 92*2 92*2 102 102 102 92 92 93*2 94*2 883g 8434 87 79 85*2 86 907g 86*4 90*4 98*2 95*g 97*2 72*4 7234 76 77*2 76*2 76*2 64*2 71*2 77 56 52 63 55 75 70 76 81 625g 56 64 55 79 70 797g 82 61 77 80 90 63 99 100 100*2 100 78*g 78*g 70 595g 78*2 52*4 52 55 91 99 98 74*2 77 58*2 61*2 687g 75 72*2 73*2 59 61 61*2 59 807g 837g 83 835g 1003a 1003a 66*2 5234 78*2 47*2 47*2 50 88 98 97 72 77 94*4 94*4 99 101*2 100*2 100*? 70 79 58 64*2 79*2 8134 51*2 58 51 59 52*2 62 92 9C 98*? 102 707g 75*2 53 60 86 86 47 53*2 46*2 53 50 58*4 94*8 96 99 103 108 iOS RAILROAD BONDS 216 1918—Continued. BONDS Erie—(Concl.) N Y Susq & W 1st ref g.__ 5 Terminal 1st 1943_______ 5 General 1940 g__________ 5 Wilkes & East 1st gu g------- 5 Evansv & Terre H—1st cons..6 Florida East Coast 1st.__ 4H Galves Hous & Hen—1st____ 5 Gr North—C B & Q coll tr__ 4 Registered__________ ____ 4 1st & refund Ser A 1961..4)^ St P Minn & Man 1933_____4 1st cons 1933 g___________ 6 Reduced to_________ 4)£ Mont ext 1937 g__________ 4 East Ry Minn No Div 1st__ 4 Mlnneap Union 1st 1922__ 6 Mont Cent—1st guar 1937 g.6 Mont Cent—1st guar ’37 g..5 Green Bay & W—deb ctfs B__ Gulf & Ship Isld—1st 1952...5 Hocking Vail—1st cons g..4J4 Registered______________ 4)3 Col & H V 1st ext 1948........... 4 Col & Tol 1st ext 1955____ 4 Houston Belt & Ter—1st5 Illinois Central—1st 1951 g ..4 1st gold 1951......................... Collateral trust 1952 g_____4 1st refunding 1955_________ 4 Purchased lines 1952....3H LNO &T 1953 g...................... 4 Registered______________ 4 Cairo Bridge 1950 g________ 4 Louisv Div 1953 g._............ 3)3 Omaha Div 1st 1951________ 3 St Louis Div & Term 1951._3 St Louis Div & Term 1951 _3H West Lines 1st 1951 g______4 Chic St L&NO 1951 g....5 Gold 1951......... ................. 3^ Joint 1st ref A 1963 _____5 Memphis Div 1st 1591___ 4 St L Southern 1st guar__4 Internat & Gt Nor—1st T9 g_6 Kansas C Sou—1st 1950 g___ 3 Refund & Improv’t 1950__ 5 Kansas City Term—1st 1960.4 Lake Erie & W—1st 1937 g...5 North Ohio 1st gu 1945 g__5 Lehigh Val (N Y)—1st gu..4)3 Lehigh Val (Pa)—2003 g............4 General Consol 2003____ 4)3 Lehigh Val Term—1st gu g__5 Lehigh Val—10-yr coll tr ’28 g_6 Lehigh Val Coal—1st gu g__ 5 Lehigh & N Y—1st gu 1945...4 Long Island—1st cons 1931g_5 General 1938 gold_________ 4 Ferry gold 1922__________ 4^ Unified 1949 gold.................. 4 Debenture 1934 gold.__ ...5 20-yr deben 1937___________ 5 Guar refund 1949 gold____ 4 N Y B & Man Bch, 1935....5 N Y & Rock Beach 1927....5 Louis & Arkan—1st 1927.__ 5 January February March Aprtl July May June September October August 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 74 75 61 62 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 62 74k 7434 80 80 75 77 60 63 60 63 66 66 61 92k 943g 9234 94 92k 9314 89, 86*2 87*4 88 92 9134 88 86k 93 92 88 86k 9334 9334 93k 93k 9334 94 81k 81*2 81k 817g 817g 82i4 925s 92k 83 81 75is 78 78 78 76l4 77 76 77 87 87 81 81 78 78 81 74 79 74 95 95 89 90 77 77 78 78 78 77 78*4 72*2 77k 77k 7778 7738 78 83 80k 82 80k 8134 79 80 78k 79k 783g 79k 77k 78*4 773g 78 70 70 70 70 71 71 76*2 7334 74*2 74l2 76*2 75 72 74 75 74*2 74*4 74k 76k 74k 71k 72 72 95 71 71 62 63 62 63 98 98 85k 90*2 90 91 80 80 60 75 75 81*2 61*2 77 76 90k 90 58 7334 75U 78 90 59k 77 78 78 93k 93k ---- .... 64 Ig 64*8 65k 65 k 5814 58k 62 62 63 63 79 79 97 97 85U 85*2 .... 915g 58»4 7414 7458 85 94 87*2 87*2 85 78 903 g 903 8 87*g 87k 87 90*2 90k 102 L02 innu loou 88 6534 6534 78k 78k 7834 7834 87 88 85 78 87 88 88 85 85 74k 74i8 75 88 88 88 75 88 98k 99 99 99 70 9134 95 97 97 72 75 73 7912 79*2 73 74 74 90 90 73 73 73 73 72 75 75 75 71 72k 74 74k 75 94k 96 80 80 109 8534 88*2 83 99 109 109 10Qoo 1 nQ5« 1107ft 1107fi 94i8 94k 85k 83i2 84k 85k 883g 84k 863g 99 87 74 7738 77k 80 74 93 74 96 73 73 95k 96 62 65 75 95k 90 62 65b 75 96 90 593g 78 73 85 61*2 84 76*2 86 80b 92 77 87 100 101 70 1 107ft 93k 83 96 67k 67k 74b 43k 46 81 43 k 84k 60*8 62 60k 62i4 60k 63 3334 35 34 33 23 29 3234 27*2 28 32 32 28 40 40 30 26 30 28 36 77*2 81*2 ---- 94 62 83k 76k 86 95k 65 91k 83k 88 94 95 95k 62 k 84 80 89*2 96 65 87 82 89k 92 88 81k 81k 80 89*4 89*4 91 103 100 103*41 102 100 100 ’ 9934 80b 92 103 103k 9934 93 74 72 72 71 70 72k 72k 90 90 1 107ft 93 93k 84*2 83k 84*2 81 93 96 100k 100U 96 75 96 79*2 81 78 78 81 72 80 76*2 75 80 80 78*2 76k 77k 84 77*4 79 94 94 94 94 91 91 111 111 108 108 93 94 94 100 100 84*2 81k 87 85*s 90 86*4 89*2 93 96 96k 98k 98*2 70 92k 94 93 100U 101*2 101k 57k 78 78 78 95k 102 102k 7434 7434 90 93 93*2 83k 83*s 68k 68k 95 104*2 104*2 101 100 ... 74k 95*s 103*2 103k 75 75 90*2 90k 91k 85 67*4 67*4 .... 100 78 79 95*s 95 83 95 78 94*4 93 85 78 95*2 82 83 95 101U 101U 99 104 74 42 44 42l2 43 44 42 40 43 43 46 7534 80b 80 80 78 43 45 44*2 42 40*2 8312 86*2 843g 84k 84>2 85 91k 80*2 80k miu ioiu 99 9 83 85*2 85 71k 71k 100U 57k 80k 78 95k 1ft21o 10210 28 82 9434 90 79*2 80 83k 85 78 78 73*2 73*2 93 74 85 100 28 77 92k 87 58 58b 77*2 77*2 77*2 77*2 74 104 77 61k 77 71*2 85 80k 84k 84k 84*2 76 77 77 85 96 96 100 9734 98k 98U 59*4 75 71k 85 92l2 92l2 109 73 85 91 83 80 963S 70 71k 71k 7ik 7ik 7134 72k 71 93 88*8 93 7534 79*2 82 81k 87 65b 65b 8534 86*2 85*2 86*4 85*2 86*4 86 92*2 93k 96 70*s 70*8 963. 100 94U 94U 93 7534 76 " 77*2 64*4 64*4 58*4 58*4 66k 92 93 931o 59 60 60 613S 61k 6212 59 60k 60 76 75*2 78 77k 80" 78k 79k 78k 79*2 77*2 78k 7534 76k 73 75*2 72k 73k 75k 74l2 75k 74k 78 92 83k 83k 9434 9434 94 100U 101 ... 86 66 80 97 65k 65*2 65*2 65*2 67 81k 81k 67*2 67*2 68U 75 95 78 97 67 97 97 8ik 82*2 82*2 82*2 82 80 94 92*8 92k 925g 94 93k 9434 93*2 94 93k 9438 93k 9412 93*2 94 96k 95k 9334 9334 93*2 93*2 .... 93 93*2 94*4 94*4 ___ 92k 92*2 9234 93k 8734 85k 88*2 89 86*4 8734 85 92*2 89 86k 86k 88k 90 86k 87 89 k 89k 108 108 106 108 111 111 92 913g 92k 92 9212 91*4 91*4 93*2 93i2 93k 95 95 91k 91*2 9434 85 8834 89*4 90 85 84 84 81k 83 k 83l2 8334 80 80 innu innu m.sift insi> 1045ft 105 103 108 93i2 93k 95 95 95 95 834 7 9k 7*2 7*2 7*2 8*8 83 7612 77 76 75 75 76 77 78 75k 77 81k 83 83 75*2 76 75 76k 74k 78 75 76 74 82 80 75k 75 86 75k 76 73k 75k 73*2 73*2 81 87b 88 109 1093.1 Gold 1937................................... 5 9334 9334 Unified gold 1940................... 4 85k 87k Collateral trust 1931 gold. .5 99 99 E H & Nash 1st 1919 g......... 6 Lou Cin & Lex 1931 g___ 4J^ N O & Mobile 1st 1930 g....6 St Louis Div 1st 1921............ .6 innu innu 2d gold 1980...........................3 Atlanta Knoxv & Cin Dlv..4 77 79 Atlan Knox & Nor 1st 1946_5 Henderson Bridge 1st 1931.6 Kentucky Central 1987 g__ 4 Lexington & East gu 1965..5 9134 93 L & N & Mob & Mont 1945 4 L & N—Sou-Monon joint..4 Nashv F & Sheff 1st gu.__ 5 9634 9634 Pensacola & Atl 1st gu..__ 6 So & No Ala gu 1936_______ 5 Gen cons 1963 gu_____...5 93*2 93l2 Louisv & Jeff Bridge—gu___ 4 Minn & St L—1st 1927 g______ 7 1st cons 1934 g_________ ...5 1st & ref 1949 gold_________ 4 41 46 Ref & exten 1962 Ser A____ 5 Iowa Cent 1st 1938.__ ..._5 7878 79 Ref 1951 gold........................4 41k 46*4 MStP&SS M—Cons ’38 g._4 83*2 84*2 1st consol 1938____________ 5 M S S M & Atl 1st 1926____ 4 Mo Kan & Texas 1st 1990 g..4 60*2 62l4 2d 1990 gold............................4 35 35 Trust co receipts__ ______ 34 34 1st extension 1944 g_______ 5 Trust co receipts_________ 1st & refunding 2004.______ 4 Trust co receipts_________ General sink fund 1936..4)3 27 34 Trust co receipts_________ 30 32 Kan C & Pac 1st 1990 g____ 4 58 58 Mo K & E 1st gu 1942 g... 5 Mo Kan & Okla 1st 1942___ 5 Trust co receipts_________ do double stamped.. M K & T of Texas 1st gu g._5 49 56k Tex & Okla 1st gu 1943 g___ 5 40 40 Missouri Pacific (new co)— 1st & ref 1965______________ 5 85 86 1st & ref 1923______________ 5 90k 92 1st & ref 1926............................. 5 89i2 90 General 1975________ ______ 4 55’g 5934 Missouri Pac—1st con 1920 g.6 98*2 99*2 Pac of Mo 1st ext 1938 g___ 4 St Louis Iron Mtn & So— Gen cons ry & 1 gr 1931 g.5 Unifying & ref 1929 g.__ 4 Riv & Gulf Div 1933 g___ 4 7434 7434 104 104 7934 74 78 74 4234 46 45k 46 46 45 81 81 81b 81b 42k 45k 43k 44k 843S 84k 86 86 60 101 74 45 45k 60 101 74 79 79 71*4 71*4 72 46 45 45*2 44b 4534 45 41 ___ 45k 443s 4438 41 78*2 78*2 78 46 45 43k 44k 433g 46*4 45 8134 81 80 94*2 94*2 97*2 62 64 k 60 k 61k 60k 61k 61k 62 30 30 30*2 3034 3212 31k 31k 30 30 31 31k 31k 32 35 40 40 42k 45 41 42 2634 27k 25*4 26*2 26 26*2 263g 29 27 25 25*4 26 61 31 25 37 60 56 52 55 51 53 50k 51 83k 91 89 57*2 9914 84 92 90 59 99*2 803g 90 86's 56 99*2 82k 9H4 87k 58 99 k 79 90 87 5633 99 79 80 80 80 78k 78k 81 90k 88 57k 99k 81 90k 87k 57k 98k 62*4 67 32 33*4 30 33 32 35 40 26k 32 26*2 27 50 52 62 60 60 75 48 78*4 48 50 8134 78 46 47 85k 85*4 97*2 100 68 69 36 35 33*2 78*2 53*2 50*4 82 52 90 102 45 47k 80 45 88 52 50k 83*2 49 89k 74 37 94k 67 30k 28k 94k 69k 35k 32 44 46 41 41 32k ---- .... 32k 34*2 27 32k 32k 60 53 52 53 62 73k 73k 60 43 56 82 91k 88k 59k 99k 9234 94 93 90*2 94U 9314 94 k 92l2 95k 92 74 72i2 75 73*2 74k 73 76 73 73k 75 69i2 71 66*2 69 68k 69k 68k 70 69 71 s Option aaie. 50k 52k 50 50 49k 49*2 83k 90 87k 57k 99 85 91*4 8734 58k 9834 84 90 85*4 57*4 9834 84 9034 88 58k 99 84 90k 87k 5734 98k 79*2 79*2 85 90k 87k 58*4 9834 81 89k 85*4 56 98 81 90 86k 58 98*2 52 k 56 55 30 82 8538 90 92*4 863g 91k 56s4 62 9834 99 58 58 79*2 81 86 9234 92*2 61k 99*s 58 ---- .... 30*8 8934 95*2 94 67 100 88*2 94 k 93k 62k 99*8 89*4 96 93k 65 9934 84*2 84*2 9334 95*8 96*4 95k 98 93*2 93 91 91*4 9334 91k 94 92k 94 83 80*4 82*4 74k 753s 74k 7634 74*2 76»4 753g 76k 7934 8lk 81 6934 72 72 76 70 68*4 68*2 75 k 74k 77 78k 71k 71k 70*g RAILROAD BONDS 217 191S—Continued. BONDS 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 High Low High Low High Low High Mobile & Ohio—New 1927 g__6 1st extention 1927 g--___ __6 General 1938 gold______ _.4 St I. Cairo guar 1931__ 4 Nash Chatt & St L— 101i2 IOU2 98 102b 102i2 102i2102i2 101 92 92 95 65b 65i2 mob 101 101 Natl RR Mex—1st cons 1951_ 4 6234 94l2 93 4638 48 91b 94 9134 74 7138 63 92,4 46 9412 9!lg 7434 6234 94 " 45 93 82 82is 84ls 835g 84b 8II4 83 741S 72 Debenture 1934 gold_______ 4 78 Registered _ __ _4 Lake Shore coll g 1998...3)4 61 79 7734 79 73 7214 65b 64 83 8OI4 815s 80 70 695g 72 63 70 70 64 65U 6412 64b 64 62 61 61 63b 63i2 63b 63b 64 84 86 84 85 84 8OI2 82 61 77 74 6934 69 70 69 75 81 7978 77l2 84 8212 76,2 78,2 75 77,2 77i2 85,2 83i4 875g 82 77 693s 7138 69 70l2 7014 72l2 75 665s 66*8 77lg 77l2 7714 7778 77’s 82 81l2 79 615g 6134 66l2 6612 65’4 ___ ____ 61 62 6612 73% ___ 63 64 63l2 64 63 69 ig 72 77 8OI2 75 82 80b 82 63,2 80 7678 7734 7312 78 61 77 7312 74 78 61 79 74i2 7234 75l2 62 76 72b 74 7858 62 7712 76 867s 88 N Y New Haven & Hartford— Non-conv dehen 1954 T_3V^ 52 Non-conv deben 1955......4 Non-conv deben 1956______4 Convertible deben 1948....6 84 N Y Westches & Bos 1st..4)4 46 N Y Ont & W—1st g 1992....4 64 General 1955 4 Norf South—1st & ref 1961..5 61 Norf & South 1st 1941 5 Norfolk & West—Gen 1931-.6 86 84 52 86 79 63 76b 76 85b 51 61 55b 56b 5734 60 57 56 58 55b 55b 56 86I4 83b 90 47 6734 60 ____ 84b 106 84b 83’2 84l2 84 84l2 84 7414 76 82 81b 82 64 64 64 79 73 77 7634 7212 75 85b 61 49,2 4734 48 45 47b 4514 66ls 68b 68b 68b 68b 64 60 63l2 63b 64 60 63b 827s 106 8578 85 74 74 76i2 76i2 77 63 63 65 7314 74 73U 71ig 72 71i2 74l2 80>2 77 65 75 71i2 52 51 7478 75 50b 50b 50 8384 8634 84 83 51 60 52 87 51 4712 51 64 65’2 65 51 60 54 88 52 65 52 60 59 5D8 82 ' 61ls 61 5H4 87 60 60 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 71 90 75 90 88 88 88 90 72 73 72 51 59 59 5118 83 ' 8312 100 97 99 89,2 92 87b 8734 86 87’4 85 100 100 85i4 85 74 84b 100 87 60 59 53 88l2 83l2 9714 97 70 70 98 97 98 96b 97 9534 96 963S 97b 84 84 84 84 9634 9634 9314 9314 931? 931? 100'100 100 88 88 88 88 84l2 85ig 84 98b 9858 98lg 97l2 74U 74h 745g 82b 83b 82l8 84 84 87 87 8734 8734 88 80 65 82 65 99 83 99 86 86 86 55*2 66 60 46 100 803g 81l2 79 62b 631? 65 84 85 ................... 61 5712 74,2 7034 67,2 64 5078 48 5958 73 68 51 100 81 65 88 83 8314 83U 8II4 83 58b 71 67 49b 88 88 88 8812 88l2 56b 58b 6934 72i4 64 61 44 47b s Option 85 985s 9612 97 97l2 78 82!g 77l2 76 63 7112 71 77’s 7858 78 64 74 71i4 81 59 55 62 55 59 60 63 88ig 83l2 90 90 8878 8878 90 90 90 90 81i2 80 66 64 45 81 6478 8434 8178 8334 83 84i2 815s 84 81*2 811? 82l2 84b 83 8334 8H2 82i2 83 83 80 80 80 80 63 63 82 58b 70b e ’ s4 45 sale. 6OI4 75 6684 51 583S 7334 66U 47i2 5912 75 6734 49l2 5978 60 60 90 83l2 76 76 78l2 76l2 63i2 72 70 81 8U2 80 68 80 7512 tl 83l2 81 66 7978 78 90 60 60 5834 55 531? 857s 5834 5934 56 9334 88 87i2 74i2 825g 80 90 84 82 7H2 82 78i2 883g 84 82 7212 82 78,2 89 56 54 91 59*2 55 94 5514 58 <4 58 59 5912 55 92 58 63 60 58 95 70 106 105 80l2 78 1O43fl 59U 7334 67 4812 59 60 75 725g 68’4 67i2 50l4 4834 106 106 79ig 76 67 685s 108i2 106 ,663- lnfi38512 87 88l2 807s 8412 85U 5978 74 68i2 52 67 69U 109 107,g 84 85 104l« 1063« 84 109 107ig 89'2 85’4 105 1085* S634 76l2 76 72 R3lg 8312 76 7412 7658 80 “ 81«4 7934 79 58is 58i2 58 8278 83 34 88,2 8514 8378 90 7914 60U 5934 64U 6C4 623g 58 83 83l2 90'g 89*2 91 103 771# 107 " 65U 781S 77 84 101 72 101 103 771g 107 " 80i2 84 1037»1037g 765r 78 79,2 78 877g 88 9514 9514 90U 8334 84 92 83 85 8534 927g 945g 9378 9512 97 8578 87i« 8578 9114 91 85 9678 98 97 9014 921« 87ig 9078 8534 993g 93 7g 100l8 93U 96ig 88 87l2 875s 87^8 9734 97U 98i4 9714 98l2 76,2 76,2 87,2 87l2 84ig 84,8 81 8878 8878 90 89 looi’ inni’ 79b 81’2 8li2 825S 80 8IS4 80 ____ 65 66 64l8 6578 64 44 50 45 8134 8412 81 56b 69,2 64 4734 88 69,g 86I4 85 100 9412 95 86ig 87 81 588 7134 885g 91,2 8912 89,2 921g 88 90 87 98i 2 98l2 8478 82 9134 9134 9134 93i2 911? 921? 91l2 9112 s88 7534 89 73is 73ig 653s 65U 655s 655s 67 1083g 10838 10634 1083g 72 73b 71 7314 7H2 73 96 97b 9612 97is 953s 96b 943s 96 9714 98b 95b 98 89b 91b 89 90b 88»4 895a 88b 9034 86b 891’ 8634 89 97 71 7334 7384 69 73 6834 66 60 60 69 69 5134 53 52l2 53 5212 60 54l2 58ig 5918 651S 53»2 58,2 64 6414 63l2 6312 63l2 63*2 66 70 71 68ig 68 73 63 6178 65 65 60b 60b 62 81b 8H2 815s 815S 10514 105U 725g 72l8 72b 73 83 83 82 76 69 69 96 97,2 52 57 J758101l4 89l2 84l2 79 71 68’4 73’g 69is 69l8 86,4 72i2 70i2 7178 71 72 72 74 71 71 71 71 85*2 8514 875s 877g 92i4 86i2 84 106 105 82 83l4 8H2 84,g 80 805s 80'2 8134 80 81b 83 80'2 79 N & W Ry 1st cons 1996___ 4 83 85 83U 85 74l2 745g 78 76i2 78b 78b 71 Divisional 1st lien_______ 4 74l8 74,g 74,2 76b 75b 76b 75b 75b 1043fl Convertible 1938 4V£ 105U 10514 105b105b 105 105 104 105 10312 103l2 10-year convertible 1929 6 781« 797a 83>4 85 76i2 85b 85is 80b 81 Scioto Val Ar N R 1st guar 4 78 79 78i2 79ig 7712 7712 Northern Pacific— 8434 79b 8U2 7912 81 7934 823S 79b 81b 8OI4 811’ 8O’g 8184 793g Prior lien 1997 gold________ 4 83l2 845g 82 Registered _ _ 4 80 80 7834 791? 7834 7834 57 59i2 565a 57b 57 58 59l2 57 General lien 2047 gold.....3 59,2 6H2 59’2 61 6014 58b 59b 59l8' 61 Registered 3 853g 853g Refund & imp ser A 2047.4 853S 853s 8538 853g 83 83 74 74 75 75 St Paul-Dul Div 1996 4 102 102 1025g 103 St P & Nor Pac gen gold....6 1027g 1027g 102 1027g lOO^s 101i8 Nor Pacific Terminal—1st .6 Oregon Wash—1st & ref 1961.4 Pacific Coast Co—1st gold. 5 Pennsylvania RR— 1st 1923 . ___ __ 4 Consol 1919 gold..........5 Consol 1943 gold , 4 Consol 1948 gold 4 £ stamped $ bonds __ _ 4 Consol 1960_____________ 4,1/ General 1965____________ 4)4 Allegheny Val gu 1942____ 4 Phila Balt & W 1943 ............ 4 Pennsylv Co—gu 1st g____ 4J^ Registered______________ 4)4 Guar coll ctfs B 1941..........3)4 15-25-yr guar gold 1931..__ 4 Guar Series E 1952__ ______ 4 Cleve & Pitts gu 1942 A..4^ Grand Rap & Ind 1941__ 4 J^ Ohio Connecting 1943____ 4 P C C & St L gu 1940 A.-.4)4 Guar 1942 Series B..........4)4 Guar 1945 Series D______ 4 Series E guar 1949_____ 3)4 Series F guar 1953_______ 4 Series G guar 1957_______ 4 Series II guar 3960__ ..._4 Series I guar 1963______ 4^ Series J guar 1964______ 4)^ Chic St L & Pitts cons_____ 5 Pere Marquette—1st A 1956..5 1st Series B 1956__________ 4 Philippine Ry—1st 1937.......... 4 Pitts Shen & L E—1st 1940_ 5 Reading—Gen 1997 gold___ 4 Registered________________ 4 Jersey Cent coll 1951 gold.4 Registered______________ 4 St Jos & Gd Isld—1st 1947.. _4 St Louis & San F (.Reorg Co)— Prior lien 1950 series A.__ 4 Prior lien ’950 series B.__ 5 Cum adjust 1955 series A..6 Income 1960 series A______6 72 70 9712 5712 103i2 7734 7734 96 96i4 98,2 95U 95l2 9512 963s 96 72 73 83 83 6034 6034 72i4 7334 70 84 31 ig 38 68 94 54 98ls 965g 98 86b 82l2 83b 8134 82b 823S 85 92 92 100 65 94 54 9834 67b 67i4 60 ' 60 92 94 74 73 73 73 73*2 7134 7134 72 73 73 721’ 72H 84 84U 87b 84b 86 85’s 8658 83 85b 82 73U 757s 72 9518 9578 100 30 30 65 92l2 92 51 48 94U 933g 7214 73 63 71 81b 7678 78 ___ 7412 741? 98»4 98>4 98' 98' 70>2 701’ 71 78 78 21 63 92l2 92 49l2 48 94l4 93 9558 9558 72ls 7334 25-year 1931 gold________ 4 Michigan Cen 1931 reg___ 5 1940 4 20-year debenture 1929..4 N Y Chic & St List 1937 g_. 4 25-yr deben 1931________ 4 West Shore 1st 2361 gu.__ 4 Registered -_____ -_______ 4 80 79l2 7912 Mohawk & Malone 1st gu _ 4 N Y & Northern 1st 1928 5 Rutland 1st cons 1941 -4)^ Og 8r T- Champ gu__ -__ 4 Rutland-Can 1st gu____4 Utica 8r Black River gu__ _4 L S &M S gold 1997............ 3)4 Registered _ _ ___31^6 Debenture 1928 gold____ 4 82l2 85 7214 70U 7034 70 71l4 70 70 70 70b 7034 78 7614 77b 7434 78 78b 81 62,2 6378 6334 6334 65 97i2 97l2 97b 99i2 71 6414 64l4 6538 64 Mich Cent coll g 1998....3)4 65 21 64 63 63 63b 63b 9334 94 9334 9234 93b 92i2 93i2 92l2 93 94 46 4712 46b 47U 45j2 4612 45 4978 45 45 93i2 94l2 9334 9334 927g 9334 933g 943g 93b 95 9134 6934 71 69 7312 74 75 7312 71b 7334 74 60 N O Texas & Mexico—1st A 6 92 Non-cum income A 1935------5 40 N Y Central RR—Deb 1935...6 923g 921’ Consol 1998 series A_______ 4 74 Registered __ _ 4 Ref & impt ser A 2013.__ 4)4 80 N Y Cent & Hudson River— Gold Mortgage 1997_____3)4 71 102l2 101b ion- 95 90% 90’’ 91 91 91 90*2 91 91 93 93 793g 81 645g 65 78 78 93i2 95 92l2 9212 92i2 93 9678 7958 68l2 45 92 92 95 95 95 95 9812 90 84l2 84 87U 89 68i2 697g 73i2 70-4 715g 46 45 40 8034 8212 81 8514 845g 91i2 8412 89 81i2 8H2 82 8278 87 88 8684 87 7178 7178 5734 71 683s 5014 5938 73U 70 54 5812 71 68I4 4578 63 77i2 74 51 62l2 7534 7134 48l2 67l2 825g 76 55 62,2 783g 65 43 6434 81 725s 5034 RAILROAD AND MISCELLANEOUS BONDS 218 1918—Continued. BONDS St L-San Fr Ry gen 1931 g___ .6 Genera! 1931 gold________ 5 K C Ft S & M cons 1928 g. .6 Refunding 1936 gold__ .4 K C & M Ry & Bdge 1929.... .5 St Louis Southwest—1st g. .4 2d inc bonds ctfs gold.... .4 Consol 1932 gold________ . 4 1st terml & unify 1952.__ 5 San Ant & Aran P—1st gu g .4 San Fran & Nor Pac—1st s f_ .5 Seaboard Air Line— Gold 1950................. .............. .4 1950 gold stamped. ______ _ 4 Adjustment 1949_________ 5 Refunding 1959__________ 4 Atl-Birming 1st 1933 g.__ 4 Carolina Cent 1st cons... .4 Fla C & Penin cons 1943 __ .5 Ga & Ala 1st cons 1945___ .5 Ga Caro & Nor 1st guar__ .5 Spah A- Rnannke 1st 1926 .5 So Pac Co—Cen Pac coll ’49 g.4 Convertible 1929__________ .4 Convertible 1934__________ 5 Registered_____________ .5 Cent Pac 1st ref gu g____ 4 Through St L 1st gu g .4 G H & S A 2d gu exten 1931 .5 Gila Val G & N 1st 1924 . .5 Hous E & W Tex 1st 1933. .5 Hous & Tex Cen 1st, 1937. .5 General gold 1921______ 4 Austin & N W 1st 1941___ .5 Morgans La & Tex 1st 1920 .6 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 Mobile & Ohio coll tr g__ .4 November December June September October January February April May July March 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 95is 95ig 95 102l2 102l2 101 683g 69 66l2 50162 5734 59U 70 52l2 53i2 74 77 72i2 75’2 86ig 78 86l2 71 96*4 68l2 50164 59i2 60l2 66 95 102 lnih mill 101 91 lOOU 101 10012 63lg 62 64 67l2 65 66l2 6584 66 57 60i2 60l2 59 61 52 54 55 58 58 5934 601- 59l2 595g 59 1001- 100197 97i2 97 97 lOUg 101i2 100 lOUg 6684 6734 66 6634 85’g 8518 6534 67l2 66i2 67i4 637g 6814 101 92 94 94 10034 1005g 101 69 65'4 65 59 57 54 55 593g 59 62 60 58l2 58 60lg 577g 100 7H71k 54 501? 49 50l4 4934 55 53l2 5I84 52 52 56i2 5584 75 75 93U 90l2 94 91U 9114 91U 723g 723g 717g 72l4 7134 74 76 72U 76 72 757g 77 7634 78ig 757g 78 79 77 80ig 7834 923g 90 935g 90l2 9212 91 90 95 89U 89 89l2 815g 773g 803g 80*2 8H4 79 82 815g 79 80 88 8Cl2 87 76 72l2 72l2 71 9634 701- 7012 70^2 5534 49i2 52i2 56U 53 5514 74 77 7U2 71*2 49 52 73 607g 59 58l4 58 587g 57 100 67 68I4 57 55i2 56i2 5684 75 93k 90i2 94 9U4 727g 7934 90 89l2 8OS4 76 96 IOOI4 66 85ig 65 55 60 58 55U 67lg 70 57ig 537g 55 573g 56l2 57 ions95 993g 643g inns94i2 945g 97 95 97 993g 100 IOOI4 1007g 103 73l2 72 65l2 65 77 6512 66 66 54 59!g 59 60 5634 58i4 57 56 54l2 56 72l2 54 65 62 60’g 72l2 57 645g 607g 64 77 57 68i2 65 66l2 101 103i4 74i2 77 7234 75 647g 67U 60 61 66i2 68I4 757g 757g 70 71 75U 725g 74 7212 72 50i4 59 55b 54l2 5914 5612 61 57 64 66 57i2 57i2 64i2 62 74 74 76 76 92i2 92l2 92l2 92l2 95 95 70 54 56 723g 71 82 77 70 77l2 77 80 7214 70!g 721S 72 793g 7734 85 84*4 86I4 78i2 7934 7834 7934 77 83i4 88 9034 105 99ig 10914 101 105 90U 91i4 90!g 92ig 897g 92 82 835g 84 84l2 77ig 79l2 76% 79i2 76 75 86 77 86 86 85 85 8684 8634 86l2 865g 8534 86l2 747g 747g 76 78 95 95 93 93 93 93 8512 85i2 96 87 87 90 91 92 9212 100 100 933s 933g 96U 9612 7334 7334 73 797g 78 74 78 77i2 811- 78 77 78 787g 825g 81 82i2 7634 8034 7634 78U 777g 8034 77l2 80 92i2 9U2 93 91 93 90i2 90i2 615S 6OI4 61l2 6OI4 617g 61l2 60 68l2 68 67 66 66 68 67 87 69l2 69l2 691? 64ig 687g 64lg 65 873g 877g 90U 9314 92 59 68 87 St Louis Div 1st gold______ 4 675S Ala Gt Sou 1st A _____ .5 Atl & Char A L 1944 A ..4K Atl & Char A L 1944 B.......... 5 91 Atlan & Danv 1st 1948 g__ .4 E T Va Ga div 1930.............. .5 Cons 1st 1956 gold______ .5 E Tenn reorg lien 1938____ .5 Ga Midland 1st 1946...... 3 63 Ga Pacific 1st 1922................ .6 Knoxville & Ohio 1st g___ 6 100 Mob & Bir prior lien 1945 __ .5 Mobile & Birm 1945 g_____ 4 68 Rich & Danv deb 1927.__ 5 95 Sou Caro & Ga 1st g______ .5 Va Midland ser E 1926___ .5 General 1936___________ .5 Va & S W 1st gu 2003......... .5 Va&S W 1st cons 1958... .5 72l2 95 94 95 63 100 92U 70>4 96 971? 51 985g 985g 93 617g 63 65 66 685g 69 82 83 967g 9678 97l2 98 93 93 93 93 93l2 94 94 90U 885g 90 867g 8884 88 61i2 627g 62lg 67lg 92 69 69 66I2 6334 6234 64 67ig 6512 66 92 66l2 6412 67 62 98 63 66lg 93 82l2 82l2 84l2 923g 91 92 91 70 86 80 85U 85l4 867g 85i2 85i2 83 93 93 86 78l2 78i2 80 84l2 82l4 84ig 82 84 80 52 80 53 80 53 87 86 84 75i2 89 86 86i2 79*2 8684 86 86I4 78*4 855g 8734 855g 87l2 88 86 877g 8234 87 82*4 8612 8P4 78l2 81 78 80 82ig 8212 1015g 102 95l2 9712 83 85 89 89 48i2 50’g 45 SO lOO-’g 94ig 817g 80 10112 95U 84 7934 101 95U 82 48 80 102 95k 83ig 80 72 72 61 99 477g 50 48 49 87 86 863g 78U 8834 84 87l4 86 87 89 85 80i2 7612 79 80 1017g 973g 85l2 796g 1017g 96 82 84 72 72 8OI4 102U 96 8312 84 841? 83 783g 86 8412 8434 7914 853g 83 83i4 78 80^8 00l2 8734 90 88i2 93lg 905g 9512 91 8434 8212 84l2 82 90 96 97 96 97 597g 6112 59lg 61 82 59ig 59?g 60l2 60i2 58 79U 81 8012 82 60 60 60 60 721g 72 lg 72 76 76l2 70 82 87 83 853g 7934 783g 783g 783g 787g 101 IO2I4 101U IOII4 955g 95?g 81a4 8234 81 82 97 59'g 59i2 59lg 62 69 77b 77l2 47 46 46l2 47 98U 98U 100U lOOh 70 81 95U 52 101 98 70!g 70lg 90l2 90l2 80 10U2 9534 836g 97 86 80 80 80ig 917g 88U 9034 89 90 90 89i4 9U2 88 ’ 91U 93 93 95i2 93i2 955g 92l2 945g 9214 93i2 9234 95 93 8534 86 8434 86 8434 86l2 8434 86 85 58 99 74 93 87lg 87ig 9434 9434 94 90 90 90 7434 66 61 75l2 8U2 81i2 907g 7934 81 92ig 89 8OI4 847g 88 41 41 93 80 52 96*4 66l2 70 75 75 94lg 94ig 98 93 8U? 104 97 84l2 95 98lg 98ig 9834 987S 8158 81&8 6714 6714 95 95 82l4 86 84 85U 85 46lg 46’g 100 66l2 73 73i2 75 74 69 93 93 84l2 93i2 70 94ig 69 80 104 95 82l4 95U 94 62i4 68 66 80 98ig 98lg 98l2 98lg 98l2 94I2 94l2 94 96 95»8 96 80ig 793g 81 71i2 74 77 7U4 73 755g 7734 7584 82l2 8U2 86I4 825S 85*4 8834 90i2 89 72l2 86 90 73 73 7712 7812 7612 78 9134 93k 92l2 93l2 92 ... 9612 94 9314 92U 92«4 91 70k 96 96 96 95 9712 94 94l2 94l2 91*2 92 95 9114 93ig 9U2 92l2 92lg 92lg 917g 917g 94lg 95 86 90 92lg 86 88 88 52 51 1001- 1001- 10M- 10m- 100 1001k 1001-1001- 101 1001- 101 101 IOII4 9814 98l4 100 100 91l2 9U2 68 95 94 92 85l2 85i2 1st cons 1894-1944 g_______ .5 Gen ref 1953 sf___________ 4 Texas & Pacific—1st g______ .5 2d Income 2009___________ .5 L A Div B L 1st 1931........... .5 Toledo & Ohio Cent—1st g. .5 Western Div 1st, 1935_____ .5 General 1935 g____________ .5 Kan & Mich 1st gu 1990... .4 2d 20-vear 1927_________ .5 Tol St L & W—Prior lien. .3)4 50-year 1950 g____________ 4 Ulster & Dela—1st cons____ .5 Union Pac—RR & L gr 1947. _4 Registered_____________ 4 20 year conv 1927_________ .4 1st & refunding 2008_____ 4 10-year secured 1928_____ .6 Oregon RR & Nav con g__ .4 Oregon Sh Line 1st g_____ 6 1st cons 1946 gold--------- 5 Guar ref 1929 gold--------- 4 Utah & Nor 1st ext 1933__ .4 Vandalia—cons 1955________ .4 Consol Series B 1957______ .4 Virginian—1st 1962 ser A__ .5 Wabash—1st 1939 gold......... 5 2d 1939 gold............................. 5 Deben series B 1939_______ .!> 1st Hen equip 1921 gold__ .5 1st lien 50-yr terml 1954__ .4 Washington Terml—1st 1945 .4 West Maryland—1st gold.. .4 West N Y & Pa—1st 1937 g. .5 General 1943 gold.__ .... .4 Western Pacific—1st 1946 A. .5 Wheel & Lake E—1st 1926 g_ .5 Refunding 1966 seriesA..4)4 1st cons 1949 gold..______ .4 Winston-Salem S B—1st.__ .4 Wisconsin Cent—1st gen---- .4 Sup & Dul div & term 1st. .4 96 100 64 8518 64 55 603g 58 58l4 57 587g 547g 897g 92 82 90 96 89 77 77 52 48 49i2 49 88 88 85 85 8412 87i2 853g 88 84»g 85*2 84l2 85'2 8334 87l2 77 79ig 78ig 8234 1023. 104 79" 8OI4 787g 79 1003gl01lg 997g 100i2 96 96 82 80ig 8634 81 83 84i4 87 90 9U2 91 82l2 80 80 91 96 86 89 89ig 90 83 84 52l2 56i2 53 89<4 sr 87U 91 86lg 90 8234 87i2 194183 85 101 IO2I4 97 97 85i2 90i2 1023a 97h 97l2 98 98 98 98 65 65 82 6034 72 5834 57ig 5834 5712 63 60 60 82l4 80i2 8134 80 90 90 56 89U 895g 88*4 91 82t4 861101 10514 85 86 16U2104 99 99l2 85*2 87U 61 9612 »S 95 973g 9* 89ig 897g 83 835g 83i4 8134 80 93 90 60 63 60 60 60 60 60 60 60 5512 55l2 56l2 56l2 56 59 575g 575g 56 59b 59l2 6012 63 72 67U 67*4 72ig 7134 72l2 72 723g 757g 76 7134 7214 72 72 73 69U 697g 69l2 72 787g 75 75 74U 7714 8H2 83i4 813g 8212 82 92 93 6712 67l2 94lg 9714 89l2 5S7« 67 79 85 63 69 61 72 83 79 787g 70 87 64 8Ua STREET RAILWAY Brooklyn Rap Tr—1945 g__ .5 1st refund conv 2002 g.__ .4 6-year secured notes 1918. .5 Certfs for 3-yr Option A__ .7 Certfs for 3-yr Option B__ .7 3-year secured 1921_______ .7 Brooklvn Cltv 1916-41_____ .5 Brooklyn-Un El 1st g.__ 4-5 Stamoed guar_________ 4-5 Kings Co El 1st 1949............ .4 Stamped guaranteed... .4 Nassau Elec guar g 1951 .4 Chicago Rys—1st 1927...__ 5 Conn Ry & Lt—1st 1951....4)4 Stamped quar 1951 - 4V£ Det Unit—1st cons ’32 g 4)4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 797g 81»4 82 65 9434 9714 95 83ig 82 83i2 80 69 6512 69 68 96l2 92U 9Cl2 95 85 87l2 82 85U 85U 81 82 82 8H2 84 84 8612 83lj 85 72 63 85 72l2 72 70l2 1 69 * Option sale. 69 79 79 80ig 80 797g 80 82 8334 80 68 68 9734 97 80 80 84 8034 81 8Ug 815g 81’g 81 68I4 65 65 973g 95i2 98i2 95 9734 95ig 96 96l2 96l2 95ig 79ig 80 80 80 66 66 78 80 79 7914 80 7934 7934 78i2 79ig 55 82 55*2 56 82 81 56 83i4 81 85 72l2 72i2 73U 697g 721- 70 821- 8312 83l2 803g 85 65 65 96 96l2 96 97 847g 88 96'4 9434 955g 9434 96^8 89 89 h 803g 821g 82ig 80 85 81 80 68*2 68l2 95 63 5519 5984 60 8214 82i2 83l2 80l2 85l2 85^2 6934 70 70k 69 65’8 83i4 8518534 74i2 62 65 80i2 84 86I4 86b 71 75 84*4 85 59 65 9584 95*4 96 8312 951* 92 ’ 92 8684 80 85 84 86*2 8684 82«2 8212 72 717g 717g 70 68«2 6812 62 60 65 65 88 87 81 87*2 871e 87i« 73 80 73tg 75 219 RAILROAD AND MISCELLANEOUS BONDS 1918—Continued. BONDS September October Novemb r December August July June May January February March i April Low High Low High Low High i Low High Low High Low High Low High Low High Low High Low High Low High\Low High Hudson & Manhat—1957 A..5 Adjustment Inc 1957_______ 5 N Y & Jersey 1st___________ 5 Interboro-Metrop—Coll__ . Interboro R T 1966__________ 5 Registered .._______________5 Manhattan Ry—Cons gold__ 4 Stamped tax-exempt_______ 4 Manila Elec—1st & coll______ 5 Metro WSEl (Chic) 1st 1938..4 Metropol St—Bway & 7th Av_5 Milw Elec Ry & Lt—ref 1931.4 'A N Y Railways ref 1942________ 4 Adjustment Income 1942___ 5 N Y State Rys—1962.............. 4A Port Ry L & P—conv 1942.___ 5 Third Ave—1st ref___________ 4 Adjustment Income________ 5 Third Ave RR—1st 1937............ 5 Tri-City Ry & Light—1st___ 5 Underground of Lon 1938..4}^ Income 1948________________ 6 Un Rys Invest—Pitts Issue__ 5 United Rys St Louis 1st__ ...4 United RRs San Francisco__ 4 Union Tr (N Y) ctf of dep__ Equit Tr (N Y) Inter ctfs.... Virginia Ry & Power 1st______ 5 547S 57 487s 53i2 5234 61 1934 15l2 17 1434 17l4 16 5312 57l2 53 80l2 84 83 5578 85 79 79 8012 82 79 78 79 79 Amer Writing Paper—1st__ .5 Trust co ctfs of dep______ Baldwin Locom Works—1st. .5 Central Leather—20-year__ .5 Central Foundry—1st 1931.. .6 Consol Tobacco—1951_____ _4 Corn Products Refg—s f___ .5 1st 25-year sink fund 1934. .5 Cuban-Amer Sugar—10-yr__ _6 Distiller’s Securities—conv. .5 General Raking—1st 1936 6 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 52l2 54U 5134 54 79 83l2 79is 82 79 79 76 77 62U 5778 24l2 18i2 90 50l2 54l2 50i2 53 85 8018 82’s 79l2 6078 15i2 25 78«4 78 77 7458 745S 75 75i4 78i2 7458 7634 7434 75 80 80 53l2 23 70 66l2 68 62l2 62l2 62l2 62l2 52l2 55 53i2 55 5418 57 56 55 55 5212 55 3‘il4 32i2 36i2 2978 3478 33 38l2 28 36U 2712 32 90lg 90lg 95 92l2 933s 92* 92i4 94is 92lg 96 80 80 76 76 60 56 56 60 50i2 50i2 55 55U 25 825 s25 23 2612 22 22 25 25i2 25i2 2434 25 27 23 2434 s25 25 7734 78i4 77 80 80’s 51 2178 50 50i2 4934 50 1734 19 1734 1834 1934 21 18i2 2618 19 ' 247s 20 ' 26 8434 8412 87l4 84 90 90 9134 93 8978 93 82 82 83 83 84l2 841" 80 80 74 74 79 75 103 106 1053i 1071" 94 94 90 90 7734 80 99l2 1005s 54 2134 68 50 1934 90 89l2 75 78 99U 90 90 78 78 100 91i4 92 75" 76 77 80 99U 101 94 94l2 963S 95 9538 98 95 96 91l2 9P2 94 98 87l2 86 86 76 7312 76 91i2 88 79 84 55 65 16ig 20i2 48 50 51 7738 7934 78 51 80 585s 84i4 54U 76 98i4 9778 89 8878 8578 85 88l2 87i2 70U 68 8112 73i2 73i2 731.1 7734 8Ug 81’g 80 84i2 76i2 753s 77 76i2 76 80 81 54 79 52 46 23lg 19 63 52ig 50i2 41 22 18 2U2 6518 6434 65lg 4834 2O58 63 67 59 53 58 2934 35 36 90i2 9P8 56 59 56i8 58i2 55U 58l4 31i2 36i2 32i2 3878 91i2 92i2 66 22lg 22!g 221" 2234 221" 2212 22 77 7734 77i2 78 77 981S 89 85 90 6878 98’s 89i2 85l2 87i2 68 98U 98 8934 86lg 88is 86 6834 68 88i2 905g 91i2 90-ig 887s 91U 8634 8634 88 79 7878 78l2 8OI4 7834 793g 7834 7934 78 100 9812 73 73 7U2 78 7818 74 77lg 73i2 74 78 78 80 80 90i2 91 91 90 8OI4 83i2 8OI4 82 64 18U 19 83 66 19 20 85i2 22 77 66 65 66 11 91 19k 5U2 56 28 36 97 95M 65 49 66 50 22 23 22i2 2434 2434 25 25 25 77 87 54 85 8U2 81l2 S8I4 4734 "77’ 95 907g 94lg 94 91 91 82l2 82l2 82 82 8134 8134 108 101 106 79'g 80 79 lg 79l8 82 82 79 79 79 81 991" 99 1005g 10034 108 103 91l2 91l2 95U 9514 94lg 94ig 9334 9334 95l2 95l2 95l2 95l2 94l2 94l2 8978 90 31l2 9U2 9312 93i2 94l2 94l2 9238 93 80 76 80 77 1O53« 106U 92 90 79 79 • 75 7514 76i2 77 1051" 1061" 9U2 93 90 79 83 65 66 66 98i2 98 >2 98 78l2 79 92 93 96lg 93l2 95 98 95 98 93 83 100 89l4 98 7412 74l2 71 71 71 71 821« 87 86 83 84 84 8614 87 86 87 95 8478 82 92 83i2 80 66>8 25 25 83 65 23 22 8U2 90 79 83 91 91 91 80 80 8778 106 7812 79 80 8778 IO8I4 80 80 8058 91»4 92 83 7518 80i2 81 81 85 104l2 78 79 8058 98 87 10634 80 801" 805s 98 86I4 85’g 85ig 83 8612 86l2 86 86 87 8534 95l2 93i2 95 84 60 22 25 82 85 104l2 75 77 8058 94 97 91i2 911" 93 963g 98l2 95i2 9978 9712 8834 89 89 87 87 75 67 67 67 67 67 95 95 9112 93 91 9514 96l2 95i2 9634 9534 97 9234 9412 93U 94l2 9214 95 82 82 100 lOO’g 100 101 100l2 101 87 89i4 863g 88I4 8734 8812 98l4 98l4 9858 9878 9884 99lg 117 117 7n2 711" 84 92 81 6634 30 28 85 86U 86I4 9634 94 86 68 9034 87i2 89 88 80l2 79 7914 763g 100 727g 7278 7478 75 78 82i2 77l2 80l2 75 7878 77l2 7978 7778 81 9212 92i2 9212 92i2 92lg 92i2 93 93 95 9312 92 83 100 100 100 8634 86l< 88 975g 9734 98 90i4 88 68 63 66 24 24 2114 20 8578 83 67 98 73 73 73U 9758 9812 98 ___ 90U 84l2 8734 87 8734 87 69 69 6812 69 9478 9478 98l4 97l2 98 91 89 9114 95 93i2 93l2 813g 83i2 82l2 83l4 8284 83 66i2 66 66 63 19 18 20 19 18 20 823g 8478 84l2 8578 83 87l2 86I4 87l2 86I4 87 86 85i2 87l2 97 100l2 9234 95l2 82 82 98’2100 88 89l2 97U 9738 8U2 4834 53 24 20 6678 66l2 58 36l2 91i2 9234 56 59 9812 9378 95U 95'g 96i4 94 9412 94 82 981j> 89 978S 81l2 50i2 22 66 6612 55 34i4 90i2 9234 94 94 95 95 94^8 9478 947g 95 58 88i2 90 871? 873g 90 8678 8678 107 10312 10412 103i2 105i2 10334 1051" 75l2 79 77i2 80s4 78 78 79 77l2 78’2 79 81l2 83 78i2 79 96i2 9634 9634 96 95 97 96i4 96 95 95 95k 95i2 95i2 96 94 94 93 90l2 901" 9058 9058 92i4 94l2 90U 93 9038 10134 97i2 10238 93 95 90 897g 887g 92 883g 89i4 8834 89ig 88 90l2 8812 89 9212 91 82 98U 86i2 9678 60 6934 1712 22 65 20>4 87 5034 50l2 55l2 8078 78l2 83 99U 99U 97U 89 8573 85 87l2 8938 88i2 6912 70U 69 9712 98 66 66 9634 97 86 5734 60 59 59i2 18l8 20*4 183s 20U 87 8812 8812 91 90 9058 78 78 78 78 99" "9334 99 99 100 58 8934 86I4 87 89 90 1023g 106l2 106 1071" 103 77i2 76l2 8012 755a 73 78*2 91 91 93l2 90U 8634 5958 21U 90 52 8158 7878 7878 MISCELLANEOUS Adams Kxnress—coll trust __ .4 MFG AND INDUSTRIAL Amer Agric Chem—1st ’28. .5 Conv deben 1924_________ 5 Amer Cotton Oil—deb 1931. .5 Amer Hide & Leather—1st.. .6 Am Smelting & Ref—1st A.. .5 American Thread—1st______ .4 American Tobacco—40-yr .6 Gold 1951. _ _ 4 56i8 54 1512 16l2 76U 76U GAS AND ELECTRIC Brooklyn Union Gas —1st.__ 5 9412 95 Cincinnati G & E—1st & ref.5 Columbia G & E—1st 1927..5 7512 7534 Stamped___________________ 5 76 76 Consolidated Gas-—conv_____6 100 102 10012 101 Con Gas E L & P of Balt— 92l2 92l2 5-year conv 1921___________ 5 Detroit City Gas—1923 g____ 5 94U 95l2 Detroit Edison—1st 1933_____ 5 95 95 9212 9212 1st & refund 1940 A________ 5 94 94 Equit G L of N Y—cons ’32 g.5 Kings Co E L & P—Pur M ’97.6 Edis El Ill Bklyn 1939____ _4 9734 98i2 Laclede Gas—1st 1919 g___ .5 97i2 98 92 Refund and ext 1st 1934 g. .5 943g 943g 92 4 N Y Gas Elec Lt Ht & Pow... 5 87U 88l2 73’ Purch money coll trust g_. 4 69 70>2 70 Edis El Ill 1st cons 1995__ .5 Pacific Gas & Electric— Calif Gas & El Corp—1937 . .5 905g 92l2 9134 92 8034 General & refund 1942__ .5 79i2 80 80 .6 98*2 98i2i 5 80 81 7978 8OI4 84 Phila Co—Conv 1922________ 5 82 .6 Syracuse Lt & Pow—1954 s f_ .5 Union Elec L & P—1st 1932.. .5 United Fuel Gas—1st 1936.. .6 971’ 97l2 84 83 Utah Power & Lt—1944____ 5 80lS 83 Westchester Light—1950.... .5 10-year conv 1926 ser B__ .6 Armour & Co—1st real ext. 4J4 Booth Fisheries—s f 1926__ .6 Rradera Conner—1931 _ _ _ .6 Bush Terminal—1st 1952 , ,--4 Consol 1955 5 Buildings gu tax-exempt.. .5 Cerro de Pasco Copper—1925 _6 Chic Citv Sr Conn Rv—1927 5 Chic Un Station 1st 1963... 4^ Chile Copper conv 1923_____ .7 Coll tr & conv A sub rects .6 Coll trust Ser A 1932 conv 6 Computing-Tab-Rec—1941 __ .6 Granby Cons M S & P—1st __ .6 Stamped__________________ 6 Great Falls Pow—1st 1949 _ _5 Internat Merc Marine—1st. .6 Montana Power—1st A____ .a Morris & Co---- 1st s f 1939 4U _4 Niagara Falls Power 1932___ .5 _6 Northern States Pow—J 941. .5 Ontario Power N F—Jst.__ .5 Pan-Amer Pet & Trans— .6 _6 1920 1921........................... ............ .6 .6 1922 .6 1923 . . 1924 ____ _____________ .6 .6 1925 ... _6 1926 ... _6 1927 ._ Public Service Corp NJ_____ « Tenn Copper—conv 1925__ .6 Washington W P—1st______ .5 Wilson & Co—1st s f 1941... .6 54 7534 94 9034 91 78 98 78 99 8178 64 25 25 83 60 25 26 8234 63 32 32 87 921" 83 8034 81 92 80 78ig 7978 94 96 95 82ig 80 80 7978 7912 86 797g 81 85 87l2 85 107U116 77l2 8712 79 871" 80 80 99ij 9414 90iS 97ig 9H2 95*2 76 76l2 76i2 76i2 91 9578 85 88 1007« 1007" 85 86 89'2 92 90 90 70 70 90 90 96 96 8112 85is 85lg 90 86I4 107 78U 77 805s 94 97 9312 9912 88 75 67 91 9878 94 8734 90 88 83l2 78i2 77 100 100'8 7478 77’s 83 86 78 90 91 91 32 39 36 30 8578 89 87l2 111 8514 85 82 100 91 118i2 89l2 89’g 85 100 9534 95 87 88 1013a 1013" 9134 92 9* 97 893g 89i» 90 97 8912 8912 65 321" 31 ~ 85l2 69 35 35 8734 96 80 96l4 80 8n2 83 86 90 1057g 11212 8178 86is 83 851" 82 85 98 98 9778 10478 98l2 1047s 10012 103 885g 92i4 91l2 93 85i2 89 81 81 7334 7334 94 961" 96 97 90ig 92 99l2 99l2 99 99l2 loot" 1001" 83 85l2 87 91i2 90 91 85 86lg 8634 8634 ---- 87M 89 116 116 105 II8I2 108 108 116 116i2 110 1191" 1163" 1163. 114 116 116 119 116 119 77U 763g 79 95 94i2 95l2 78 76 95 95 9034 935g 907s 92 943g 963g 93’g 96 9334100 9678 99 82 80 10034 101 100 101 8678 885g 847g 873g 993g 9914 993g 99 117 117 7H4 71l4 833g 85i4 84l4 87 73i2 98lg 9n2 84i2 90 73l2 863g 87 91 103 108 108 108 108 79 86 7912 941" 94l2 91 923i| 9534 953g 100 97tg 94!g 96l2 98iS 106 84 81 100 IOOI4 86 90 9914 993g 1171" 1171" 71U 71l4 115 122 86I4 90 108 9612 9712 100U 104 8978 85 100 100 90ig 953g 995s 995g 117 117 84i2 89 80*2 91 9234 9914 98 IOU4 87 9912 9134 ___ 99 103 88 100 92l2 75 75 86lg 88l2 89 87 99>2 10034 100 100 9934100 lOlig IOII4 1003410134 10012 10078 99 99l2 99>2 99 9778 99 9914 9934 9434 96 95ig 94 95i2 94l2 96 97U 93 95*4 97>s 94 93U 94i2 93U 94l2 9312 9U4 933g 95i2 953g 963g 9578 97 80 80 8212 8312 84i2 8412 80 80 84 84 81l2 82 73l« 7312 975g 975g 97i2 9712 101 101 97«4 9734 9714 98is 98'4 98l4 9834 9834 9912 9912 9958 995g 99i2 99i2 9734 9734 97i2 9734 977g 9834 98lg 99 99l2I01 9912 100 97lg 9714 98 95 99 99i2 99*2 991’ 9914 995g 997« 1001" 100 100 8234 78i2 82 855g 86 87i2 85U 88 87 85l2 88l2 8712 8912 75 86 87 85 79U 8278 80 87<2 85is 8712 84 83 80 79 75 79 80 83 75 * Option sale. MISCELLANEOUS BONDS—RAILROAD STOCKS 220 1918—Concluded, BONDS General Electric 1942______ Debenture 1952___________ 5 Ingersoll-Rand—1st 1935__ .5 Internat Agric Corp—1932.. .5 International Paper—1st__ .6 1st & ref conv s f, 1947 __ .5 Consol conv sink fund.__ 5 Ligget & Myers Tobacco.__ .7 1951............................................ .5 Registered_____________ 5 Lorillard (P)............................... .7 1951............................................ 5 Mexican Petrol—conv 1921A. -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 Pierce Oil—5-yr conv 1920__ .6 10-year conv 1924_________ .6 Railway Steel Spring— Inter-Ocean Plant 1st 1931 .5 Sinclair Oil & Refining— 1st (warrants attached)__ .7 Without stock warrants .7 Standard Milling—1st.___ .5 Texas Co (The)—Conv 1931. .6 Union Bag & Paper—1st s f. .5 Stamped. _______________ .5 Union Oil of Cal—1st A......... .5 U S Realty & Impt—deben.. .5 U S Rubber—coll tr 1918___ .6 5-year sec notes, 1923_____ .7 1st & refund 1947 Ser A__ .5 U S Smelt Ref & M—1926___ .6 Va-Caro Chemical 1st 1923.. .5 Conv deben 1924 sf_______ 6 Western Electric—1st_______ 5 COAL IRON & STEEL Bethlehem Steel—1926______ 5 1st & refunding 1942A.__ 5 Purchase money 1936____ .5 Buff & Susq Iron—1st 1932.. .5 Debenture 1926___________ 5 Col Fuel & Iron—s f 1943___ .5 Colorado Indust—1st 1934.. .5 Consol Coal Md—1950.............. .5 Elk Hom Coal—1925................ .6 Grand Rlv C & C—1st 1919.. .6 Illinois Steel—deb 1940.___4}$ Indiana Steel 1st 1952______ .5 Lackawanna Steel—1st conv .5 1st con 1950 Series A_____ .5 Mldv Steel & O—conv ’36 s f. 5 Pocahontas Cons Collerles.. .5 Repub Iron & St—s f 1940__ .5 St L Rocky Mtn & Pac—1st_ .5 Tenn Coal Iron & RR—Gen. .5 U S Steel—s f 10-60-year.__ .5 5 Registered____________ Va Iron Coal & Coke—1st._ .5 TELEGRAPH Amer Telep & Teleg coll tr_ .4 Convertible 1936 gold____ .4 20-yr convertible 1933.__ 4 30-yr coll trust 1946_______ .5 7-year convertible 1925__ .6 Cent District Teleg—1st___ .5 Chicago Telephone—1st 1923 .5 Cumberland T & T—1st___ .5 Metrop Telep & Teleg—1918. .5 Michigan State Telep—1st.. .5 N Y & N J Telep—1920............ .5 N YTelephone—1st 1939...4 Pacific Telep & Teleg—1st_ .5 Southern Bell T & T—1st__ .5 West Union Teleg—1938.__ .5 January February September October November December June March April May 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 9434 97 71 74 9612 9734 985a 100 6812 73l» 73 9934 9934 99 115 115i2117 88ls 92 95 111 85 1131? 115 90 90 115 93 73 73 73 98i2 9614 98i2 96 7334 70i2 7134 70*4 73 7312 70 98 114 86 95 114 92 115 95 110 89 97 113 112 93lg 91 97 114 93 110 11418 11058 112 91 90 8912 9058 8712 92 MM infi 106 106 95 95 91*4 91l4 9214 92i4 93 93 94l2 94l2 93 95S4 95 93 94 95 99 100 99»4 9934 9912 9934 98*4 9912 Ido 7612 94 90 9414 95 78l2 97 93U 95 98 49 45 100’s 100 7778 96i2 94 9612 97 7934 98 97U 97«4 97l2 91 87 100 47 100 76 78i2 95<2 97 9334 965g 9512 96 9512 97 9314 9134 92l2 99i2 90 8912 87ig 87 92l2 97i2 9858 973g 87 85 45 100 52 50 lOOlg 100 77U 7834 93 96 9334 9434 98 95 95i2 97l2 81 97 953g 98 98 785g 92ig 94 95 96 95’s 9514 93ig 96l2 9334 96 98‘8 98i2 99 89 90 897g 91 89'8 92i2 93ig 89<2 92 7934 8334 8134 80 81 78l2 80 7914 80 90 90 85 85 83 83 84l2 85 85 85 85 86 74 73 75 73l2 74 73*4 76 74 75 75 83 83 86 90 93 95 98 98 83 94 81 96 ig 95 89 82 8512 9734 94 85l4 97 96l2 90 85i2 85>2 98i4 82 84 9534 9434 96 95 9034 90*4 8478 85 87ls 96 96 9778 9612 9712 9412 80 80 9712 9512 9512 9512 95i2 9212 9934 97 99 100 99'g 96l2 9*8* 97ig 99 98 9978 9714 9719 9634 96’4 9784 85 86 84 84 85 85ifi 85 82l2 97 9578 90*2 83U 82 83is 81 8134 8134 85l2 86 88l2 90>8 94 90 93*2 83 95 95 8812 80l2 85l2 96 96i2 90 85 92 90 92 97i2 50l2 51 100 100 96 87 80 81 95 947g 88 8058 11H2 91l2 89l2 lllU 89l2 945g 96 95 9934 9878 99 9012 90i2 9312 94 107*4 108i2 IO8I2 llli2 110*4 112 111 113i2 887s 887S 86 90i4 897g 9314 915g 9334 10938110l4 107 87>2 84 87 107 107 107 106 94 97 98 94 97b 97 98 97U 95*4 8312 85 83i4 109*4 85 116 108 108 Ull2 110*4 112 IIII2II3 90*4 93 91 93 8312 90 117 18112 165 165 162 164 117 175 95 95l2 947g 9478 95 97 97 97 97 97 97l2 98*4 99i8 9934100 98 98*8 991a 101 la 991a lOOlo 993. lnoio 83 85 90l2 86U 90 ' 88 89lg 93lg 90 9978 8712 97 87«4 87 92i2 91 92 9H2 93lg 90 87 6434 102S4 87’2 lOOlg 9612 1017g 98 86I4 86I4 84 83i2 83i2 74ig 74l2 75 75 87 95 7334 87 95 96 98*4 9714 86 96 98 98’2 86 97 9512 9584 95 9914 98 98b 96 96 99 86 85 85*4 86 81ig 825g 817g 94 94i2 93 9434 95i2 95 9234 90 92 8712 88b 86 87 92l4 9234 92U 92S4 93U 8O5S 77 84 8812 82 86 e93 81 95b 93i2 96b 95*8 873g 98 85 90 90*4 93ig 8058 9734 947g 82 92 94U 86 8512 863s 93 86 86 73i2 76 84l2 95 95l2 897g 89 863g 95 85ig 86i2 9434 98 94i2 96 86 90 87l2 92 88I4 88I4 927g 95i8 81 81 9512 9212 9314 94*4 96 98b 96 98l2 977g 100U 98 98 98 98b 97 86 85i2 85i2 82b 94b 95 91 88 87 96 78 83 83 88 817g 817g 86 87 92 8212 8212 84 90 89 8884 89 9078 90>4 93’s 9314 9714 d95b (1941a (Z96 (f957a(fl001a 997a 105 78b 77b 78 82 • 92l2 91 7934 93l2 937g 86 86 73Sg 74b 73l2 74 9512 96 100 97 99 9714 8584 90 98 89 92 95 93 86 6434 __ 101 83*4 88l2 85lg 85 96 9512 100 99U 94l2 96 96 95 9812 100 10034 100 967g 96i4 977s 97 68 100 84 74 81 94 95 98*4 96b 7934 96 93 96*4 9414 98 96U 96i2 9512 825g 95 96i2 92i8 88l2 88l2 88lg 97 86i2 87i4 8684 92 91 90 92 92l? 93 9034 92l2 90 80 85l2 85 s Oi>tlon sale. 87 90 67 65 10018 100 93 94 96i2 95U 96 96i4 9534 96i2 96 96*4 94 96b 92 89 90*8 86 90 87 88I4 89 88I4 9012 89 90i2 87i2 89 83 86 8078 82l2 813g 82 80b 82b 80l2 81*4 Si’s 87i2 83 8012 81*4 94 9434 91 97*2 88 991210078 100l2 10334 95 90 81 7914 95 93 96«4 96 82 95 96 93 88*2 87’s 9714 9812 9812 98lg 983S 100 88 100 96 80*2 97*8 9434 96 96*2 8U2 94 9512 9114 86 87’g 94 83ij> 9578 96l2 96l2 92 87lg 97U 83 95 9478 89ig 83i2 9134 907g 91*2 92 88 97 89 925s 92l2 93 7934 94 93b 96b 9514 99i2 99 98U 97 94*8 95U 95 95 79 9512 9358 96 95l2 83 80 8234 78 81U 83 8OI2 83 8OI4 82 85i2 86 87 91i2 88 91 86 89 85 8612 82 9378 90’s 9314 897s 9438 86l2 90l4 86 95>8 90 99U 99l2 98’2 99 68lS 68ls 93 90 90*2 99i2 86*4 8634 97 97 8534 87l8 8612 90*4 92l« 92U 91 92 90’g 90 93 92 87 88 110 90 93 93 94 93U 96b 95lg 9712 96 91i2 9012 92 90>2 9358 92 94b 92 93U 9958 98 98U 98 99’g 987g 9914 99 867g 83 83 90 5334 56 5312 5212 51 55 53 54 101 100 lOOlg 100 100 100 100b 100 (1937s (19419 98lg 99 109 90 99U 9914 99k 99i2 1047a 1047a 1047a 1047a 89i4 93i2 88 86iS 88l4 86 90 90 98 98i2 100 49 loois 100 75l2 75 74 96U 96*2 111 11234 110 90’s 9134 90 89l2 110l2lll78 110 913g 88l2 90 96 95 9984 99 96i8 96ig 86 89l2 841j 88 SS 90 96*2 10U8 7284 74 1061a 1071a 10634 1063a 98 98 96 98 7314 687g 70ig 66U 66I4 72 9734 9712 10178 9912IOP4 96 96 96 75b 7234 75b 747g 7712 74l2 7714 75i2 77 ' 73 73 73 9884 97h 98lg 9712 99ig 9714 98 8634 8634 7534 75 81 97 96 8312 85 8612 99 97 89 S9U 91 94 801g 80's 95 95’2 99 101 Qsio inn5» 8614 867g 8412 78 86l2 92i4 8612 78 92 96 1 003a 103 93i2 9312 873s 873s 85 92 88 98 8714 91 91 93l2 8II4 86 85’4 86 97 97 86I4 85U 8634 85 887s 89l2 9058 87 88*4 8778 9012 86 9014 90>2 90 90 80i2 8II4 801a 811a d Full paid receipts. 88 86 87 88 84 865s 8712 89l2 8734 87 87b 87ig 81'a 81b e Part paid 87 90 87 89l4 89U 91 931g 95 93>8 93>s 88 85l2 895g 875s 92 8958 90*4 90*4 9612 94l2 89 87l2 91 93 97 93i2 8912 91 93 93i2 915g 80 841o 85i« 92ig 99 88ig 91’s 96 95l2 9312 9158 receipts. PRICES FOR STOCKS AT THE NEW YORK STOCK EXCHANGE. In accordance with a rule of the Stock Exchange which went into effect October 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 par or face value is assigned to the shares. In these tables we have reduced the range of prices in the earlier months of the year 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^-108^ per cent, but the range for that month^is shown in these tables as 52^g-54X dollars per share. |s»15. Pri -es 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 Atchlsom 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 J00 Chicago Great Western__ .100 Preferred______________ .100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis November \ December September October January February March April June July August May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low HighLow High 93 963S 96 98t2 99 107 6714 743g 69ig 73U 84l2 887g 92t2 96’4 99 6334 67 85iS 955g 99 106 71 71 8834 9414 97 98 64i2 67t2 86I4 lOOU 99 104 73U 7078 90U 99 105 9812100 105 113i2 7H2 797g 7214 70 88*4 93 90 85 15458 16834 15358 15934 153U 165 16012 174 56 56 56i2 56l2 324 325 465g 40 4458 40 493g 41 46*8 44 938 93g 812 9 11*8 1118 1118 1118 10>4 123S 1012 1112 IOI4 123S 11’4 14lg 32 27 27l2 30i2 28 32l2 31l2 3658 965g 98i2 104 6912 68 847g 10234 101 112 775g 7158 99 98 105 71U 69 90s4 8712 102i2 101’s 106 78«2 717g 90 9834 96*4 98 75 6934 84 80 102*4 98'g 104 82*4 73i2 881S 80 100 98 99U 78]8 70U 83i4 104 sg 99*8 105 843g 713g 87l4 152*4 16634 14134 157h 138 14738 144 158*4 54 55ig 60 56 275 275 300 300 39 47 377g 41*8 355g 4112 4034 47i2 9 9 914 914 8 1514 22 22 lll2 13 1012 127g 10*4 12 10’4 12 33 2513 337g 275g 313g 26i4 2934 29 100*4 105i2 103’s 1083410638 IHI4I05I4 10812 97I2IOH4 995g 1013g 101 102ls 9914 1017g 10234 112 109 115 114 116 113 115*2 9578 92 96 81’s 8934 87lg 947g 93 78>g 7014 7458 7312 757g 757g 7934 77 83t2 86*8 83l2 8812 88 92ls 87i2 90i2 85 80 80 85l2 91 93l2 921a 921a 1097a 1097« 150 16312 1557g 18512 18114 194 178 1845a 54 54 55 58*4 58*4 61 290 305 250 250 300 301 6412 5178 50t4 6234 60i2 6434 61 46 117g 15 12 13 13 15 8I4 10i2 20 19i2 21 2214 22i4 20 11*4 13*2 12 15U 15is 17i2 14*8 15l2 2934 337g 32 36*4 36*8 4112 38l2 397j RAILROAD STOCKS 221 1915—Continued. STOCKS January February March April May June August September October Noiember December July Low High Low High Low High Low High Low High Low High Low High Low HigK^Low High Low High Low High Low High 95 88 80 86 84*4 907g 88b 98b 85b 96 86*8 81*8 89 Chicago Mllw & St Paul.. .100 86*4 93i2 83k 89 93b 77*4 91 93b 96b 92 101b Preferred _10C 1241s 130 123 127*4 123b125 125 128b 123 128 1247b 127 122 126 121 127 1207a 125b 1247b 129b 129*b 133b 1301s 135 6-32 6-32 7-64 Chicago & North Western. .100 122 129i2 122 12714 121 127 127*8 132 124b 130 125 128 118b 125 123b 128 12512 130b 127 132 131*8 135b 130 135 1701b 1701b 170 174 163 163 Preferred 100 175 175 166 170 167 170 163 170 147g 24b 18 19 15 22*4 14*4 20 Chic Rock Isl & Pacific__ .100 21*8 10b 16b 13 21b 18U 36*4 20*4 38*8 157g 26 24b 17*8 25 Chicago St Paul M Xr O 114 114 115 115 100 115 115 116b 119*4 1191b 123 120 120 126 131 130 130 124 124 130*4 130*4 135 135 Preferred __ .100 32 21 25 30 30 34 32 32 49 25 30 36 50 36 Cleve Cin Chic & St Louis .100 21 34l2 30 32b 32b 33 33b 52 50b 48 65 60 75 .100 56 58 60 58 57 60 61 55 62 65 75 50 58 76 77 Preferred______________ 53U 60*8 53b 57b 64b 77 Cleveland Xr Pittsburgh . 50 78b 78b 79b 79b 79b 79b 50 Special guaranteed 45b 45b 257g 24 27?g 36 30 30 26 35 25 28 25 27*8 28b 32 28 28 Colorado & Southern_____ .100 247g 26 28*8 26b 29 36b 38b 34 557g 557g 51 49 47 48 48 First prepared__________ .100 45 49*4 53 51l2 51b 49*8 49*8 46 52b 54b 51 48b 48b 53 56b 56b 60 45 Second preferred 100 37 35 41 50 45 35 50 37 49b 48b 52 271s 271s 100 Cripple Creek Central Delaware & Hudson______ .100 142 152 144*8 149b 145 149 1497g 153 146b 15078 146 148 142 147 138b 149*8 139b 144 140b 152 151b 154b 150b 153*4 Del Lack & Western______ ..50 199%212b 205 209b 205 212*8 212 2147g 202 208b 205 212b 210 211 207b 207b 206 207b 210 212b 212b 238 220 236 57g 7 6 Denver & Rio Grande___ 100 4 7l2 6*8 7b 8b 7b 7 9b 8 512 5*8 5 6b 7 15b 8b 6b 1078 10b 16b 14 7 13 7 1U2 9*4 15 Preferred______________ .100 612 137g 10 15b 18b 12 8b 127g 9b 12b 8b 12 10b 19b 18*4 29*8 24 29b Des Moines Xr Ft Dodge 4 7 5 7 7 100 7b 6b 6b .100 37 29b 29b 35 100 70 70 Detroit Xr Mackinac. __ Detroit United Ry 100 60 70 62 60 69 6OI4 60b 5214 61 58 60 61 70 69 58b 60 61b 62 60b 62 2 4 5 4 4 2 4 5*8 5 6 6 8*8 6b 8b 6 Duluth S S & Atlantic___ 100 5 4b 5 4b 47g 4 7b _ __ 71? 10 4 4 10 13 13 .100 10 7 9 7 Preferred______________ 71?. 8b 8*8 8b 8b 12*4 13b 12b 15b Erie______________________ 100 21l2 23*4 197g 2314 20*8 2578 25b 30 33*8 31b 44b 40b 45*8 40*8 44*4 22b 287g 24*4 27*4 24*4 27 26b 30b 28 First preferred_________ 100 3378 37l2 32b 36*4 33U 41 44b 39b 42b 38b 41*8 40*4 45*8 43*8 537g 50b 587g 55*4 59b 55b 59b 40b 46*8 37 29 29 33 35 37 41*4 40 50 30*4 33 b 33 Second preferred_______ 100 28 3014 27 32b 37b 30b 37b 34*4 36 47b 52b 50 54b 621s 621s Erie Xr Pittsburgh 50 Great Northern preferred. .100 11234118 112*4 11618 11314 119 117 122*4 114b 121 117 120 114b 118b 116 1207g 117*8 122*4 118b 12512 123*4 128*8 124b 127b 37*4 31 Iron Ore Properties___ 34b 41*8 29 37*4 33b 43*8 38b 45 25’4 35*4 28b 34b 30*4 36 40b 50l2 44b 54 46l2 52b 47*8 517g 84 84 73 79 80 82 85 85 87 100 71 79 81*8 8ib 81b 81 88b 100b 100b 100 100 Preferred 95 96 101 100b 1001s 97*8 96b 97*4 97b 98b 98b 99b 99b 112 118 100 Illinois Central___________ .100 107 110 103 108*4 10212 109*4 108b 113 105 110b 106 108b 99 103*8 100*8 1047g 102 108 105*4 110 107b 110b 106 108*4 187g 21*4 19b 22*8 197g 22*8 19b 24b 21b 25b 21 Interboro Consol Corp __ 22b Preferred 100 75*4 76b 70 73*8 80*4 78b 82 75*8 71b 76 73b 77 77b 80b 12 Interb-Met vot trust ctfs. .100 10*8 12b 11*4 13 14b 1414 24*4 17*4 23b 21b 24*8 19 22b 19b 22*8 197g 22b 19l2 24 21b 25 21b 22b 78 85 82 82 75*4 73b 77 76*4 78 83*4 82 Preferred______________ 100 49 53*8 527g •58*4 55*4 66U 65*8 75*8 62b 73*4 71*4 777g 71 100 6 7 7 10 6*8 6*8 Preferred .100 18 18 65 67 K C Ft S Xr M tr ctfs pref 65 60 61 61 60 68b 68b 68b 227g 247g 237g 29*8 25*4 28*8 26b 337g 31*4 35b 30b 32*8 21 25 24 Kansas City Southern____ .100 21b 25lg 20*8 23 27b 247g 29*8 24*4 27 59 55 Preferred______________ -100 56 57*4 61 57*4 60b 577s 60b 58b 59b 55b 59b 55*4 60 58b 64b 62*8 65b 63b 647g 57*8 547g 57 100 4 Keokuk Xr Des Moines 6 6b 6b 13 14 16*s 8 6 7 7 9*8 8*4 14*4 13 Lake Erie & Western_____ 100 5 6*4 7*8 71* 6b 6b 7 9b 9 19 21ls 191 b 191 b 30 Preferred 100 21 21 33 29 20 23b 32b 41b 23b 6978 677g 73b 67b 71% 70% 73 69% 72b 69*4 74 73*4 72 Lehigh Valley______...___ 50 65%69% 64*8 68b 66 71 81b 78b 83b 80b 83 " 23*g 18*8 18*8 177g 177g 15 Long Island.. ___________ ..50 15 19b 17b 18*8 16b 18 16b 15*4 22 20b 247g 21b 27*8 227g 24*4 21 Louisville & Nashville.__ 100 112 12112 112 117*8 110 120 117b 125b 113 121 117 120 104l2117b 110 116 115*4 122 121b130b 126 130b 127 130b 129 .100 129 128 125 126 128 Manhattan Railway______ 127 126 128 128 129 127b 129 127 128*4 125 127b 127 127b 127b 129*8 130b 130b 132 Michigan Central______ 100 110 L10 100 100 15 14*4 16 1012 19*8 13 14 16 18 Minneapolis & St Louis__ .100 10l2 14 8 16*8 14b 18*8 1412 16 13*4 167g 12 14b 12b 16b 16 327g 33*4 40 49 43 34 32 34 24 Preferred___ __________ .100 25 27 25 33 40 37 43 30 26 34 36 43*8 37 Minn St Paul & S S M____ .100 106 116 109 112b 110 117*4 116 122b 115 120 115b 118b 106*4 118 116 124 117 123 118 125 1227g 126b 122 125 100 126 128 Preferred _ 128 132 125 125 123 123 127 1317g 1271s 132 1231b 1281s 125 1281" 1271s 1321b 131 136 74*4 75 Leased line certificates. 75 70 75 75 77b 78 70b 70 87« 4 Missouri Kansas & Texas. .100 77g 12b 10 7*8 8*8 4*4 7b 6 11*8 912 14b 10b 15b 11*8 14 8*4 6 9b 6 8b 12b 5 40 29* 15 33 36i 2 24 21 Preferred______________ .100 26 26 26 34*4 18 30b 3114 31b 13b 26*4 16b 18b 15*4 17b 10b lib 16*8 97g 12*8 10U 14 1*4 Missouri Pacific__________ 100 26*8 15U 12b 18b 10b 15b 6*g 12*8 5*8 3b 4*4 3b 5*4 5b 87g 1*4 67g 3b 67g Certificates of deposit.. 5b 7b 3 8Us 811s 81 81 82 84 50 Morris & Essex___________ 83 84 80 83 81 88b 90. 90 82b 82l2 811s 85 82b 83 Nashv Chatt & St Louis.. .100 125 126 125U 125U 125 125 121 125b 125b 125b 120 124 12O12 120b 120 120 12212 122b 125b 125b 133 133 134 134 Nat Rys of Mex pref___ 100 23 20 1412 14b 19b 19b 17 2812 25b 25b 25 23 19 25*8 ___ Second preferred_______ 100 47g 47g 6 7 5 5 6 4*4 6b 5 6b 7 6b 9*4 8*4 9*4 8b 9b 7b 7b 4*4 6 N Y Central & Hud River. .100 84*4 92*4 81*8 90b 8H2 87*4 83b 9212 81*4 90 85 90*8 8212 89b 88 92b 91 98b 96*8 103*8 100*8 104l2 101b 110b ____ 32 42*4 42 36 35 30 33*8 34 N Y Chicago & St Louis__ .100 35 35 34 34b 36b 45b 43 46*8 31b 3012 33*8 30b First preferred_________ 100 75 80 80 83 75 84b Second preferred______ 100 63 50 50 62 65 66 N Y Lack & Western_____ 100 112 113*8 112 112 116 116 118 118 5214 45 N Y N H & Hartford.......... .100 49 57 43 68*s 60b 67b 55 72*8 83 89 67*4 65l2 70*4 68 73*4 7778 62b 59b 71b 60 65l2 61 257g 28l2 24b 297g 26b 29b 27b 32*8 30 35 N Y Ontario & Western.. .100 21*4 24*8 22 23*8 23b 28b 27 33b 29b 31*8 25b 32*4 27*4 31 Norfolk Southern________ 100 25 17 17 17 17 15 15 20 20 25 20 18 20 21*4 21*4 27 15b 15b Norfolk & Western_______ .100 99b 103b 997g 103b lOOU 103 101*4 106b 101 105*4 102 104 1017g 106b 104b 109b 106 11578 113 119*8 116b 122*8 116b 1227g 84*4 Preferred (adjustment). .100 85 90 85 85*4 83*4 86b 85b 85b 86*s 86b 85b 85b 89 80b 81*4 83b 83b Northern Central________ 50 42*8 42*8 68 68 North Ohio Trac & Light.. 100 114 117*4 115b 118*4 Northern Pacific_________ .100 100 107 991g 10518 100b 106b 104b 112*8 102b HOb 103b 108b 10U2 107*4 104*8 11078 106 112 62 67 691s 70 Pacific Coast Co_________ 100 Pennsylvania____________ ..50 52b 5414 51% 53*8 51% 54% 53% 55% 52l2 54% 52% 5378 52% 54b 53% 55*8 54 57% 56% 60*8 58b 61b 58b 60b 11 14 9 678 11 9 12 7 9 9 13 9 Peoria & Eastern_________ 100 4 6 6b 63g 7 15b 80 72 72 86 85 Pitts Cln Chic & St Louis. .100 69b 72 70 65 68 70 75 80 70 69b 69b 68 70b 65b 67b 73b 80 Preferred______________ 100 96 96 90 91 90 90 90 96 96 97 90 98b 154 154 Pitts Ft Wayne & Chicago .100 158 158 158 158 Reading Company________ ..50 71% 76% 70%, 73% 71 74% 72% 78% 69*8 757g 70*8 75b 71b 74*8 72%77% 73%77% 757g 84l2 80l2 85*8 79*8 84 43 44 First preferred_________ ..50 42*4 43U 43 41%41% 40b 41b 40*8 42*8 42 45 43*4 44b 42b 4212 42b 42% 44 42l2 43 42b 45 Second preferred_______ ..50 41b 4212 40 42*4 44 42b 41b 41*4 42 40*4 40b 41b 41b 42 43b 40 42b 42 42% 40 41b 44 4212 43b 84 1 J2 ]8 *8 Rock Island Company___ .100 7s b *2 lb *4 *8 *8 b lb s 12 58 1 *8 *2 ’8 b *8 b b 7g 12 100 *a *4 1 1*8 ! 2 Preferred______________ Us ns Us b *8 38 17g 2b b 7g *8 *8 *2 *8 *8 lb «4 22 25 25 Rutland, preferred_______ 100 22 21? 2 8 2 4 21ft 4*8 St Louis & San Francisco. .100 7 3b 6b 6 6b 2b 5 1*4 3 2b 6b 4b 5b 4b 7b 4 5b ll First preferred_________ 100 10 11 10 10 7 10 10 11*4 10l2 11 8 10l2 14l2 9 9b 12 12b 8b 10 10b 8 10b 9 4*8 4*4 Second preferred_______ .100 3 4 67g 5 8 7 5 10*4 5b 7b 4 4*8 5 8 3U 8 8*8 7b 5b 7b 4*4 6*4 167g 1778 17 1212 14 St Louis Southwestern__ .100 16 19 15 16 19 19 23 17*4 15 17 11 16 16 16b 16 19b 23 i3i2 15 32 33 Preferred______________ 100 34 37 30 36 36*4 44 45 31 33 37 29 34b 34 30b 31 45l2 Seaboard Air Line________ .100 1H4 15b 1U2 14*4 11*4 15 12*4 15 20b 17*4 19 14b 17 lib 14b 11*8 15b 13*a 16b 15b 19b 18 13b 15 42*4 40 41 36 Preferred .. ___________ .100 38 32 36 43*4 39b 4ib 38 37 29*4 35l2 31 39U 32 35*4 42 32*4 39b 33 31b 38 92*8 102 99*4 1037g 997g 104b Southern Pacific Co.___ .100 81*4 88b 8II4 85*4 81*8 88b 86*8 95 84b 93b 8512 90*4 82 b 88b 85*4 91*4 87b 95 977g 987g 9478 967g 96*4 997g 101U 106U 1003ft 1003«i 1021a 104 Certificates of interest 98*4 98'b 1023a 1055ft 1041a 1051a 1143ft 117 118U 119*s 1183ft 120 Subscrip rects part paid 92ls 967s 9718 971g 137g 16*4 15b 197g 18b 2578 22*8 26 24*8 24b Southern Railway________ 100 14 18 12*4 17 1312 17b 167g 19*8 15*4 187g 15b 17b 1212 16 65 55 63 60 52*4 42 61 Preferred______________ .100 58 43 48 43 58b 56b 64 51b 4412 51 60b 63*8 54b 61b 50b 58b 49 14 1278 15b 147g 177g 14 Texas & Pacific__________ .100 11 10 16*4 14 11*8 13 13b 10b 15b 14*4 16b 8b 15*4 15b 8b 13b 9b 13 487g 43*4 48lg 47b 55*8 53 54 Third Avenue new_______ 35 58 46*8 54*4 50 55b 50 50b 55b 53b 60*8 56b 64ls 60b 64b 59b 62b 1 87g 7 5 Toledo St Louis & West.. .100 2 2 2 7*4 2b. 4b 5 3b 1*4 2b 2 lb lb 3 Trust Company receipts 6 5b 5b 5b 6b 6 Preferred______________ .100 6 9*8 7 7b 6b 7 512 7 ___ ____ 9b lib iob 14l2 7l2 8b 7 5b 6b 6 13 7 7 6 7 7 12b 11 7b 6 94 97 97 Twin City Rapid Transit. .100 97 92 9078 92 98 97 100 97 99b 95*8 99*8 957g 98 99b 93 b 97b 90 92b 93 98b 95 135 L35 125 .25 Preferred______________ 100 Union Pacific____________ 100 115*4 12278 116*8 12U2 1177g 126b 124*8 134*8 121 132b 123 129*4 123 130 125*4 134*8 127*4 1347g 131b 139b 135 141b 135*4 13978 82*g 84b 82b 84 82b 80 Preferred______________ .100 7912 81b 8OI4 81*4 79 80 83 81 80*g 82b 80 80*4 80 81b 80b 81*4 80b 82 34 Warrants______________ 29*8 30 3512 35b 29*8 29b 30*8 27b 29b 2714 287g 28 31b 28*4 28*4 29 31b 31*8 34 United Rys Investment__ 100 11 8 14U 21 14 19 16 26 25*4 20*8 8 21*8 17 9*4 Ills 8 22b 27 24b 27b 21 19b 15 43 257g 30 35 387g 31 Preferred______________ 100 23 39 34*4 31 31 21U 29 37b Jib 23b 40b 29 42b 367g 45*4 41*4 47*4 38 Virginia Rv & Power 100 45 47b 48b 48b 1212 16*8 15b 17b 15b 16*4 437g 487g 46 Preferred A when issued 49b 447g 47 Preferred B when Issued 25b 31*8 28*4 32 b 277g 30b 3o i4 I4 100 Wabash _ 12 2*8 1*8 *4 1*8 34 2U 18 lb *2 Preferred______________ 100 j8 2*8 6b lb 3*8 *8 *8 b 18 b 1*8 2*4 1*4 3 b 3*8 *8 *8 b 317g 29*8 35b 32lg 35b 31 32*4 22 Western Maryland Ry___ 100 9U 2114 16 26 24 25 24 26*4 23b 267g 22 27 20b 17 29b 28 Preferred .. ___________ .100 25 44 50*8 48b 49*4 43 1 45 36 40 37 40 35 35 35 34 36 38 30b 30b 30 48b 45 Wheeling & Lake Erie___ .100 2 3*8 2 2b 1*4 3*4 2U 3 J2 lb lb 2 b 2b 412 4b 6b 4b 5b *4 2b h lb 2 First preferred_________ .100 14 12 12 10 12 9 19*4 15 16 0 7 9*4 14b 11 17b 12b 12 4 a 8b 2b 4 2b 7 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis PSIHW'V. J’ 222 RAILROAD AND MISCELLANEOUS STOCKS. 1915—Continued. ! October January February April March June July August September November December May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High STOCKS Wheeling & L Erie sec pref. 100 Wisconsin Central________ 100 3 33 EXPRESS. .100 SO Adams____________ _____ American________________ .100 90 United States____________ .100 71 Wells, Fargo_____________ 100 77b COAL AND MINING. Alaska Gold Mines_______ ..10 Alaska Juneau Gold__ in Amalgamated Copper____ 100 ?<5 Amer Coal of Allegheny__ Amer Zinc Lead & Smelt. _ .25 Anaconda Copper Mining. ..50 Batopilas Mining_________ ..20 Burns Bros______________ 100 100 Preferred__ Butte & Superior Cop, Ltd ..10 75 Chile Copper____________ Chino Copper____________ ...5 Colorado Fuel & Iron____ .100 Comstock Tunnel._ ___ ___2 Dome Mines, Ltd. (The)__ __10 Federal Min & Smelting.. .100 Preferred_____________ .100 Granby Cons M S & P, Ltd .100 Greene Cananea Copper. _ ion Guggenheim Exploration. ..25 Homestake Mining_______ 100 Inspiration Consol Copper ..20 Miami Copper_______ .. _ ...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 Agricul Chemical__ Preferred . _ _________ American Beet Sugar.. Preferred_____ ______ 190 (00 100 100 100 100 6 397s 5 3b 4b 4 3058 35b 317g 36 80 95 71 85 82 83 65 80% American Cotton Oil___ Preferred______________ Amer Hide & Leather____ Preferred_______ .. .. American Ice Securities__ American Linseed________ Preferred______________ American Locomotive____ Preferred___ __________ American Malt Corp______ Preferred______________ Am Smelt Sec, pref B____ Preferred Ser A stamped Amer Smelting & Refining Preferred____________ . American Snuff__________ 100 100 100 100 100 100 100 100 ,00 100 100 100 025 934 10 2934 30 45b 525s 114 118 165s 1958 17b 19b Il’s 1338 15b 815S 1 lb I5U 303g 481’ .... 1834 90 v8 214 18b 33b 5534 ........ 734 35 48 9012 33U 80 11 37 5234 91 3Sb 82 39 97b 4b 1934 205i) 714 24 22U 9534 4 28b 78 2412 28 483g 115b 18 18 1134 2 17% 89b 1 U8 157S 25b 49 36b 52l4 117 19b 19b 1258 2 2138 98 1 lb 177g 3034 5438 36b 9 33 48b 91 35b 83 87b 9 36 50b 91b 42 85 87b 25 92 40 112 29b 95 4578 11378 82 107 82l2 109 47b 43b 97381 ___ 538 438 2414 26 25b 22b 1U2 9 30b 26 2834 2034 96b 81 53g 6 30b 30 78 78 100 100 100 _100 100 100 100 100 100 100 78 3034 35 26=8 23 13734 1341s 135 5834 67% lOOU 104b 148 148 106 106 26 27 99b 11034 109 114 58b 58b 1173S 121b 220 233b 105b 107b 1734 18 5 8 6 8 6 35 ion2 46b 91 40 i03i2 5438 105 28 99 473g 103b 33b 101b 5734 105b 118 39 129 39 126% 129 7 •5 2714 15 47 80 33 10038 110 98 8 20 49b 115 18b 19 1178 2 19b 88 u b 163s 26b 51b 40 91 85 66b 90 85 89 63 93 65 97 89 85 60 94 33 38% 32b 38b 32 95 91 67 100 95 93 62 98 53b 64b 115b 117b 24b 353g 23% 29b 125g 167g 2b 4 2034 2434 92 96b b8 % »4 2 19b 26b 2934 35b 56b 73 41 45 13b 47 50b 91b 46 8684 4834 97% 53g 28b 2934 lib 30b 2834 85 5b 32b 80 46b 54b 95b 98 8 5 27 42b 2734 35 14 10 29 34b 28b 68 89 100b 37g 63g 25 32b 78b 83 6134 69b 101 104 14934 152 104 104 24b 27b 101 106b 109b 112 59 58 119b 122b 222 225 106-b 108 1534 17b 6638 76 103b 107% 150 165 104 1061’ 27b 40 106b 114b 112 114b 6034 60 1187g 123% 224b 252b 106b 108 32 16 78b 8434 80 8 8 2658 92 54 b 103b 73 8b 8 36 96 91b 10534 5 27 17 50 7?b 32% 10U8 112 5 30 2138 5434 77b 373g 103 116 101 100 101b 115 119b 114b 120 62b 119 3334 27 16 3b 23% 94 »4 lb 2434 35b 69 42 58b 116b 28b 25 1434 3b 2ib 90 58 22% 32% 6334 36 67b U9b 33b 27b 16b 45g 24b 94% 4 6b 26 39b 70b 46 19b 53b 597g 93 4934 ___ 102b 102b 991s 103 15l2 47 50 93b 45 84 19b 54b 54% 95 533S 86 54 117 26 22 13b 3 18b 85% % 1 20b 29 59b 37 12b 38 50 92 3934 153 29 44 93b 100b 5834 46 lllb 116 4534 4734 92 95b 107 107b 1431’ 42b 92 47g 27b 28 9 26b 38 93 4b 21b 82 55 101 59b 11734 29b 26b 13% ___ 213g 90 2 3b 22 34 63% 40 63% 120 3234 28b 15 ___ 26% 96% 3b 43g 24 393g 68 49% 16 52b 48b 93 45 85 33% 72 56 b 94 57% 85 99b 10514 100 1481’ 1571’ 35% 47b 96b 103% 51b 56b 113 116 97 109 45 91 55g 28b 29 10 29 45b 93b 5 26 79 115 113 48b 91 7b 36 32 13b 32% 54b 98 6b 28b 81 32 43b 105 11O34 114b H5b 60 60b 119b 124b 225 228 106 108b 28 , 30b 89% 84 9b 11 7 7 61b 101b 159 112b 155 44 100 52b 113% 100 100 95 96 65b nob 107 67 35b 32 102 104 69b 113 2b 57g 4 34 43 39 95 100b 64 112 35b 31 12 76 23 104 Ulb 68b 123 5 8b 45 37 102b 120 110 133-b 4312 45b 123b 13478 23 25 165 61% 106b 59% 114 50b 94 77g 36b 29b 13 31 60 98% 6 26b 80b 5b 6b 45 35 105% 110b 113 114% 65 65 119b 122b 222b 227 106 106% 22 25% 90b 83 8b 9 47b 6934 10134 105b 135 17234 113 120b 5 5 85 6b 5b 64 85 101% 105b 164b 275 116b 142 127 130 126b 126b 72 512 28b 14b 35 74% 35 10212 119 72 5b 28b 16b 41 74b 42 104 121b 534 28 8 30 79 40 103 127 100 102 103 10034 101% 102 118b 13134 12is4 130% 123b 128b 125 62 69b 96 100 12% 17 7934 75 40 40 2434 3234 9O7S 86 with July, 534 28b 14b 36 79 43b 104b 127 129b 78% 101 16b 80b 45 83 S91’ 106 to par of $ 64b 97 13 76b 45 29 10934 102 159 183 168 5234 6434 55b 105 107b 10434 5634 73b 66b 1157gll8 116b 113 170b 139 116b H8b 117 44 91 6b 32 22% 9% 26% 42% 94% 47g 25 80 46*2 36b 67 76 65 61 95b 95 667g 63b 91 88 159 118 48b 77b 64b 97b 68l2 90 403g 7H2 64l2 957g 61 88 49b 763S 73 99 687g 93b 103 100 174 657g 10834 85 H7b 170 21934 59 68b 104b 108b 76l2 98 115 117b 14834 156 117b 120 145 130 49b 132 25 837S 817S 915s 1«4 lb 3b 94s8 82 86 108 6834 64b 747g 257g 263r 51b 573g 43b 47b 4358 47b 4538 53 447g 4134 66b 50b 64b 48b 58b 37 7c. 17c 10c. 16c. 9c. 15c 2234 21b 23b 21 20 27b 24 29b 25 35 25b 32 30 35b 28b 37 41b 52 43 51b 485g 53b 50b 567g 843S 84*8 4214 3834 473s 37 643g 73 695g 80b 59b 68b 63b 68 11634 118 118 120 119b 120 120 12134 31b 367g 34b 433g 4134 47b 41b 47b 24b 27b 26b 2934 29b 355S 32b 3558 145g 16 14 15 15b 17 15b 14 25g 4b 3 37g 3b 334 3b 738 24 29 39 3734 36 38b 32 42b 93 106b 99 1057g 103b 114 103b 10978 35 8 534 25g 3 4b 3b 2b 5b 334 5b 2b 4 4 6b 4l2 67g 2134 25 247, 27b 25 27b 21 24 523g 70 6034 6934 4934 64b 37b 65 63b 69b 65b 70b 67b 73 b 7034 81b 647g 58 62 48 60 73 66 74 30b 64 54 93 54b 85 120 125 43b 125 6^2 40 3512 2334 337g 21b 2758 13 10b 13b 934 lib 747g 69 b 7434 70’s lb lb 178 l’s 86 108 56b 71b 5634 68 5878 107b 103 122b 126 27 23 75 70 6b 7b. 30 30 135g 18 37 45b 82 76 4134 33 101 104b 118b 120 5934 65b 58 61 63b 9434 94b 97 94b 96 12% lib 157g lib 15b 73 74 75 81 79b 49 48 18b 3434 84 93 0 Pax value $25; changed, beginning 45 47 92 90b 103s 9 68b 66b 45 46% 43% 14c. 24b 36 5334 88b 10Rl« 1061s 40 30 100 112% 1123S 115 61 61 116 122% 218 237b 106b 109 26 32b 6034 38 35 100 102 100 8334 155 125 105b 113 no 132b 26b 82 7 32b 20b 47b 83b 44b 104 52b 9434 67g 37b 35 11% 31 6034 98 534 27 8338 84 73 43b 30b 9c. 167g 21 42b 88b 80b 61b 7334 64% 84b 74 10234 108b 103 107b 106b 108b 156 156 151 145 149 150 89b 83 8b 15 9 6 126b 12834 127 26b 82 4b 4b 6 28 28b 30 15 18b 1234 42 52 38 80 80 77 33 36b 34% 101b 102b 1013g 11534 118 55 100 102 98b 5 2734 1834 531?. 80 * 3914 104 112 45 9OI4 9 65 67b 79% 66 4934 39b 47b 43b 48 36b 23b 33b 283g 34 8c. 21c. 7c. 616 19 934 60 10 9b 15 12b 12 3434 3434 33 65 29b 29b 34 91 79 b 79b 79b 79b 88 54% 117 25b 24% 13 2 21% 9558 1»4 2 1934 30b 5738 44 2b 3 32 35 66 X29b 36% x30b 37b 65b 72 1 1 lb lb 1% 7# lb 40b 39 28b 27 lib 20 43 56b 49% 59 91 93 44b 50b 86 85 99 95 90 92b 90 102b 1321’ 1321’ 136 155 443g 32% 31 26 9234 96 95b 100b 47% 46b 59b 40b 112b U4b 113b 116 48b 4934 46U 481s 9134 102 82 90 106b 108b 107b 109 8b 34 48 90 3S34 85 485s 44^2 97% 558 5 2834 25b 26b 25b 10 8 27 26b 23b 19 83% 75 53jj 4 31 29 7834 78b 797g 77U 79 11334 122b 23g 234 Continental Can, Inc____ 100 4014 49b 100 Preferred______________ 88b 93 10% Corn Products Refining.. 100 8 C9b Preferred______________ 100 65 Crex Carpet. 100 Crucible Steel of America.. 100 Preferred___________ ____ inn 6 Ex-right3 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 80 83b 62 b 90 53 32«4 37b 34 2134 27 23 64 56 100 103b 144 145 103 10438 26b 32 Amer Steel Foundries __ 10334 llll2 American Sugar Refining. 1127g 114b Preferred new__ __ . 58b 60 Amer Telegraph & Cable. _ 116 121b Amer Teleph & Teleg___ American Tobacco________ ICO 220 23434 Preferred new__________ 100 103b 107 1734 American Woolen. ______ 100 16 Preferred________ 89% 96 93 97 69 65 94b 100 28b d24»4 27% W25«4 29b 028b 39 34 7H :2 78 b % % 2 25b 313S 91b 973g 44l2 48b 113 115 59b 60 82 82 inn 105 107 Amer Writing Paper, pref. 100 Assets Realization________ 100 100 Baldwin Locomotive_____ 100 Preferred______________ 100 Bethlehem Steel Corp___ 100 Preferred______________ 100 100 J00 Brooklyn Union Gas_____ 100 100 Brown Shoe 100 Preferred _ Brunswick Term & Ry Sec 100 Butterick_________________ 100 Calif Petrol vot trust ctf. . 100 Preferred______________ 100 Case (J I) Thresh M pf ctf 100 Central Leather__________ 100 Preferred______________ 100 Cent & South Amer Teleg. 100 100 duett, Peabody & Co Preferred__ ___________ 100 Com putin g-Tab-Record 100 Cons Gas SL1 LfrP (Balt) 100 Consolidated Gas N Y___ 100 85b 93 73b 9434 b 3 1»4 31 30b 36 5134 58b 50% 5534 53b 635g 6134 79b 623g 7738 64b 77b 69b 75b 64 inn 100 100 100 100 100 100 813s 83 70 85 26b 29b 27U 30b 283g 35b 34b 40b 29b 39 Trust Co ctfs of deposit. Preferred inn 134 American Can____________ Preferred______________ Amer Car & Foundry.__ Preferred______ ___ American Cities preferred American Coal Products.. Preferred______________ 82 83 70 85 1 1 234 3b 2% 3b 3234 37b 31b 35 31b 33b 28 108 150 168 114 118 138 lb 27 427g 7134 83 70 74b 97b101b 65 713g 93b 95 67*4 7112 84b 9lb 2b 4b 7912 8834 108 " 109 63 74 233g 2578 51 ' 557g 48b 54 273g 30U 32b 32b 50 54 80 80 523g 43 X22 83’ 122b 125 43b 46-3g 3234 36 b 15b 167g 123g 6 33l2 377g 106 1133g 334 53g 4b 6 257g 24 5534 64b 77b 8134 60 67 ’3034 34-b 78b 857S 69b 727g 97b 100 68b 727g 93 95 99b 101b 100 190 21034 5634 64b 10534 113b 7634 88b 116b H7b 42 46 135b 150 119 119 106b 1901’ 1993s 583g 6234 109b H3b 7534 827g 116 118 147 160 ____ 115l2 116 114 115 5334 58b 57b 63 54l2 64 96 100 9934102b 977g 99b 10 14b 1038 13b 10b 12b 46b 59b 47 587s 495g 5634 2534 25 2834 26 22 27b 2834 213g 25 20b 31b 21 427g 36 48b 38 50b 41 5938 7434 58b 733g 67b 72b 983S 105 101 10234 98b 100 1134 9 6 12b 13b 9 31I2 37 33 37b 26b 37 837g 83 857g 85b 84 81 86 87 86b 9134 88b 92 76b 843S 7934 883g 8334 95b 90b 10138 9634 1087g 1053g 108b 106b 109b 107 109b 109b 113 1103g 112b 150 150 148 152b 150 157b 150b 155 147 152 1061’ 1061’ 106 1103g 106 106 4134 58 51 60 57b 74b 57 68b 6038 64l2 107b 112b 108 lllb 108 1147g 113b 1197g 11378 119 1145g 116 115 113b 115 116b 11512119b 117b U834 62 63 64 64 63 63 62 64 1213g 124b 122 126 123b 12534 125 130b 127b 1293g 223b 238b 225b 233 22578 23534 212 237 195b 220b 106b 107b 108 110b 108b 11038 108b 111 10678 109 2638 38b 3334 57 48 57b 46 54b 46b 50b 56 50 46 53b 57b 49 51b 957g 9534 100 97b 98b 96 97b 84b 9434 91 96 98 97 99b 95 ? 98 97g 8b 10 11 1434 lib 145g 7 8b 12 123g 8 10 9 5 & ___ ___ 5 14 741» 55 68b 57 8334 78b 150b 102 154b 10512 137b 109b 121 70 104 106 106 114 107 1127g 109 112 108 112 250 311 283b 369 362 600 400 500 450 485 132 180 1403g 183 155 184 160b167 145 160 40 4212 SO 80 126b 128 127 128 128 13834 132b 137 13134135 40 45 32 37b 41 46 50 37 26 26 8834 93 95 99 64 77 84 85 75 88 5 6 8b 13b 10l2 1434 6 7b 6b 8 30 31 32 28 28b 28 30b 36b 30 32 2034 18b 28b 2434 385g 113g 197g 173S 2134 18 547g 81 4534 43 59 32 47b 41b 46b 43 80 80 83b 90b 83b 90 78b 80 78b 80 43 6U4 52 b 61 5334 50 b 5934 56 41b 46 103b108 104b 108 10634 108 108 110b 109 110b 131 135 135 144 125 126b 128 130 ___ 74 73 60 60 75 69 62b 75 79b 66 IO334 10334 106 109 107 1105g lllblllb 493g 41b 48 42 lllb H3b 114b H5b 12434 13078 126 1313g 128b 150b 141b 147 141b 14634 48 95 634 34 2234 lib 29b 48 96 5 247S 80 527g 97 9b 413g 26 24b 41b 58b 99 8 29b 81 4912 54l2 95 99b 1234 8 36b 525g 2534 22 16b 2134 32 38 51b 7234 97 100b 6b 8 2534 30 80 81b 9034 82 85 100 75 943g 82 120b 95b 127 10034 104 102b 108 105b109 10678 108 107 109b 145s 19b 1678 203g 173g 21b 18b 2078 18b 21 823S 87b 84b 91 8778 91 87b 9634 85 80 41 41 41 41 41 40 36 40b 41 40 7034 76b 85 92-34 7334 1097g 79b 106b 67 65 100 106 10134 112b 106 110b 103 112b 1109 1 11?4. x Ex—dividend in li quidation. 50 per shajre. I 1 1 223 MISCELLANEOUS STOCKS 1915 -Continued STOCKS Cuban-American Sugar__ .100 Preferred______________ 10( Deere & Co preferred____ .100 Detroit Edison___________ _10( Diamond Match__________ 10( Distillers* Securities Corp. .100 E I du Pont Powder pref__ _10( Eastman Kodak__________ .100 Electric Storage Battery._ .100 General Chemical________ .100 Preferred______________ -10( General Electric__________ .10( Gen Motors vot trust ctfs. .100 Preferred vot trust ctfs. .100 Goodrich (B F)___________ .IOC Preferred______________ _10( G W Helme............................ .100 Preferred___ .100 Ingersoll-Rand___________ too Int Agric Corp v t c______ .100 Preferred vtc__________ .100 Int Harvester of NJ______ ion . Preferred________ ______ _10C Int Harvester Corp_______ .100 Preferred _ ___ ________ 10C Int Mercantile Marine___ 100 Preferred ________ 100 Certificates of de nosit January February March April May June August September | October November December July Low High Low High Low High Low High Low High Low High Low High Low Higl Low High Low Higl Low High Low High 38 88 112 4534 40 52b 93 95 88b 88b 89 112 11134 113 11284 11534 47 40 10b 1334 10 165 165b IO8I4 108b 140 145b 82 94b 9Ob 96 24’2 3234 9S34 95 112 123g 92 115 73 114 1 4 112 12b 9934 117 73’g 114 2b 8b 51 94 86 114 lib 5b 10b 63g 15»4 90b 91 166b 172 106b 1083g 139 143b 94b 82 94 96 29 33b 96b 97b 180 192b 106 107b 138 143 917g 127 94b 103 3034 44b 97 100b 186 215 107b 109 1423g 161b 122 150 100 10534 5334 41 100 10234 175 175 112 5b 8 92 98 90b 113 113 112 55 70 67b 901? 13g 15g 2 5 5b 5b 8634 125 103 105 9 lb 92 114 115 103 105 92 114 125 109 95b 116 1237, 110 99 127 112 122 100 101 94 97 124 13434 100 100 29 11 24l2 30b 24l2 3434 32 17b 1534 28b 20 50b 99 100 100 99 91 96 92 b 96 97b 99 605 605 783] 701» 761* 69 202 215 215 220 224 290 287b 300 288 29834 290 360 108 109b 109b no 110 110 109 110b 111 112 11434 11434 145 162 15134 175 161b 177b 167b 178b 170’g 178b 173 185b 125 146b 135b 159 1537g 189b 181 224 219b375 320 395 97 101b 98 10278 101b 107 105 110b 1093/, 115b 111b H3b 377g 53b 42b 557g 4834 55 80’. 51b 64b 60b 74b 72 101’a 102’? 1011=103 102’r 105’= 104l2 108b 107 109b 1093= 114’- 63b 51 70b 98 96 100 90b iii 115" 115 b 68 101 90 1137g 91 101b 90b 115b 113 102 93 126 112 6 14 96b 112 73 100 13g 5b 5b 75g 96b 10634 114 114 65 80 100 100b 17 17 90 101b 10934 114 60 73b 100 102b 6 20 95 10’2 8 25 30 96 114 110 60 62b 64 99 97 97 14 30b 98b 110 62 99b 934 243g 28 42 ' 9834 lll3g ___ _____ 60 70b 18b 23*4 36 44b 105 109b 115b 117 68 70b 20b 28b 46 66 1053gll3b 117 117 68 71 100 100 111 17478 102 106 95b 97 130 133 116 122 38b 49b 140 177 101b 106’4 9534 96b 1321? 133 103 120b 45 49b 63 72 328b 340 11234 114 174 183 365 476 113 115b 67b 77b 111 113 165 165 114b 114b 24 54 107 118 69 106 64l2 69 315 "315 115b116 172 17S 450 558 113 136 70’g 77b 111 114b 185 185 1121? 112b 200 "200 " 2934 22 29 673g 55b 7134 11134 108b 11234 120 117b 11934 71 71 85 106 108 108 18 20b 65b 7534 6234 77b 2081? 2193= 190 223b 180 200 17934 202 Internat Nickel v t c__ __ 100 107 " 107 1051? 110 108 108b 109’? 109b Preferred vot trust ctfs_ _100 93g 8 lis4 9b lib 97g 1134 11 87g International Paper_____ .100 8 8’4 lib 93g 10b 8b 10b 9 12b lib 127g 8b 9b 87g 12 3834 37b 43 3934 38 407g 38 Preferred_________ _____ 100 34 36 33 35 35 48 45’g 5034 35b 41b 37 39b 3434 38b 37 43b 42 7g 2 International Steam Pump .100 5 7b lb 107g 534 6b 7b 6b 8b 6b 23 Preferred ______________ 100 5 15 15 8134 8lb 88 8234 8234 Kayser & Co (Julius)____ .100 80 80 79 85 80 80 76 78 80 83 83 84 85 84 82b 87b 83 77b 80 10834 10834 1083= 109 First preferred_______ _ ’00 107 107 1205g 121 120b 121 121 123b 122 124b 123 125 124 125 123b 125b 124 126 12712128b 128b 130 126b 128b Kings County Elec Lt & P. .100 99 99 1093g 106b 123 122 127b 126b 139 133 135 134 137 137 160 160 180 185 249b 240 250 250 260 Kresge (S S) Co__________ .100 99 ____ 105b106 106 108 107b 109b 106 109 110 110 10934 10934 110 110 1107g 112 110b 111 110 112 110 110 Preferred______________ .10(1 49 33 44 72 30 Lackawanna Steel________ .10(1 28 45b 37 85b 80 84b 28b 30 28b 35 50b 43b 5234 50 67b 9434 7734 913g 67 Laclede Gas (St Louis)__ .100 927S 97 97 98 99 104b 101 102b 100 100 101 10334 101b103 102 10534 103 105b 102 185 94b 977g 96 106 2223 4 215 220b 220 231 220 222 225 223 225 222b 229 220 225b 225’g 250 246 259 247 260 Liggett & Myers Tobacco. .100 207 220 Preferred______________ .100 113S4119l2 117 119 116b 118b 1167gll8 117b 118 117 118b 116b 119 118 118b 118 1197g 116 119 117 119b 1187gl20 Loose-Wiles Biscuit tr ctfs .100 28l2 31 16 19 20 23 25 26 29 23 26 29 23b 197g 22 20b 23 19b 21 18b 19b 17b 18b 19 9734 91b 94b 89b 90b 90 95 First preferred_________ .100 100 105b 86 92 95 93 95 96 90b 95 92 b 90’g 93 95 95b 93b 987g 647o 671o 65 100 Second preferred____ 65 65 60 60 60 60 65 55 65 60b 65 60b 60 100 165b180 175 175 172 184 175 * 183b 169 170 P Lorillard __ 170 176b 175 175 1701=1 1S2ao 182 189 180 187 Preferred______________ 100 H214II8 115 115 117 118 117 117b 11334 117b 116b H7b 114 116b 115’g 115’g 112 116 113 115 115 115b H5b H5b 827g 79 7934 76 76 74 777g 79’2 80’g 84 Mackay Companies_______ .100 72b 75 77 81 76 74 74 79 75b 82 76b 77 79 80b 677g 69 Preferred______________ 100 6734 6934 65 68 66 66 68 67 65l2 667g 67b 66 66b 66'b 66 67b 65 67b 6434 66b 65 66 100 2 2 Manhattan Beach__ 5 3 Manhattan Shirt_________ .100 50 51 50 50 50 53 54 51 59 59 66 50b 50 69b 58 62b 52 62b 62b 61 102’? 1033= 101’? 102 Preferred______________ 100 101 101 1011? 10U? 101 101 107b 108 2434 47 Maxwell Motor trust ctf__ .100 15U 19 17b 25 42 58 35 49 54b 39b 473g 29 71’g 7834 40’g 31 62b 83 42b 57b 5234 92 63 8734 75 9434 92 103 First preferred trust ctf. .100 43U 59 55 80 85 80 96b 10234 89 IO334 63b 83 87b 8434 89 82l2 92b 87 237g 21 387g 35 34 ” Second preferred trust ctflOO 18 26 25 43'b 28b 44 40 27b 3534 30b 40 35b 49b 43l2 68b 50b 65b 52b 59?g ___ 52b 52b 43 447S 38 41 56 49 42 May Department Stores__ .100 40 35 38 5334 50 637g 60 35 38 65b 45b 527g 51 Preferred______________ .100 97 97 96 96 96 96 98b 947g 96b 95 96b 96b 98 96 97 98 102 102 104 106l2 96 95b 95b 95 657g 79b 68 7734 74 Mexican Petroleum_______ .100 51 65 63 89 8734 81b 92l2 85 74b 62b 77 84 9534 90b124b 74b 67b 97 97 84 847g 77 Preferred______________ 100 67 94 86 8534 90 77 78 77b 74 80b 75 79’2 <8 75b 88 86 87 86 104b 85b 88 48b 54b 5034 5534 4534 53 Montana Power__________ 100 42 46b 45b 52 5534 54b 60b 56b 61 48b 52b 46 49b 48 58b 69b 6912 7934 Preferred______________ .100 99 101 99b 101b 99 101b 100b 103 101 101b 102 102b 102 103 102 10634 105 107b 106 107b 108b 114 108 114 National Biscuit_________ 100 121 132 118 127b 1197g 123 116 125 116 1227g 118 120 119 121 118 122 120 130 123 131b 125 128b 1247g 12734 Preferred___ ______ ____ 100 121 125 120b 126 121b 124 120b122 119 121b 121b 124 121b 124 120b 124 122b 124 121 124’g 121 125b 125’g 127b 68 80’= 70 National Cloak & Suit___ 100 78I4 Rllg. 7614 82 71 90 79b 6S1? 747. 691? 73b 70b 100U 102b 102 106b 1021? 105’= 1035= 1041= 1041a 1041a 10412 109 Preferred ______________ 100 1097g IO8I4 111 109 110 llOlg 1034 10 1334 12b 17b 13b 17b 15 Nat Enameling & Stamp.. .100 9b 12b 10 3434 27b 3lb 18b 16 27b 22b 2534 24b 313g 2734 36’g 26 Preferred______________ 100 79 79 85 83 85 92 79b 79b 797g 80b 79 80b 82 91 94 89 83b 90 87b 89 94b 97 90b 91 5234 7034 59 467g 52 615g 70 National Lead__ _________ 100 44 48 49b 65 60 68 68b 587g 65 63’g 68 64b 70b 63 68b 6234 67 Preferred______________ 100 10434 10934 105b 10834 106b 107b 108 110 108b HO 110 111 1073g 10934 109 112b 110b 112b HO lllbUOb 115 110 tll2b 947g 89 111b 109l2 151b 141b 16434 144 163 128 145 134 142 New York Air Brake______ .100 57 59 75 56b 587g 58 69b 68b 100 98b 84 New York Dock__________ ion 14 18*4 15 15 Preferred______________ 100 25 25 657g 66*8 67 7234 76 Nor Amer Co new stock___ 100 64 71 68 74 71 70 66b 81 71b 77 75b 71b 78b 71b 74b 713g 75b 72 76b North Western Telegraph. .50 51 51 207g 18 207g 18b 2334 19b 24b 22b 3634 31 Pacific Mall Steamship__ 100 18l2 22b 19 3734 29’g 38 30 34b 30b 3334 3O’g 34 ®8b 33b 32 Pacific Telep & Teleg_____ 100 27 33 32 31b 26b 26b 26b 26b 26b 39b 28 30 32 41 48b 41b 45b 29b 37b 31b 47 49b 42 88 90 91 Preferred______________ 100 893a 90b 88 90b 91 95 95 94 94 People’s Gas Lt & Coke___ 100 117l2l207g 117b 119 118 123 119 123b 112l2 H8b 114b 116 114b H7b 115 117 115 118b 117 121b 117 119 106bH77g 403g 36 22 Pettibone-Mulliken______ 100 60 6978 5934 60 15 15 84 59 75 75 23b 24 20b 23 69 100 First preferred _ 83 91 93 89 90 90 4034 36b 45b 43 Philadelphia Co (Plttsb).. .50 36 49 45b 49 35b 40b 41l2 4634 425g 457g 75 -__ 80 Pittsburgh Steel pref____ 100 -__ 75 80 80 85 74 78 85 92 90 90’g 90 97b 95 98b 97 10134 97b102b 317g 25 39 Pressed Steel Car_________ 100 28 27 59 34b 3234 5934 36 50 67 583g 75b 65 43b 5034 43b 53 73b 63 66b 78b 60 93 Preferred______________ 100 100 102b 90 100 86 94 100b 95 100 97 100 99b 100 100 101b 98b 101 104 106 103b 105b 103b 105’g Pub Serv Corp of N J_____ 100 106 106 105b 105b 105b 10534 104 11034 105 109b 104b 105 100 100 10012 101 100b 100b 103 112 112’2119 113 120 Pullman Company________ 100 152b 155l2 150b 152b 150b 154 153’g 163b 152b 158 155 167 155’g 162 156 16434 1567g 162 160 170b 1637g 16934 163b 169 3434 30 23 40 Railway Steel Spring_____ 100 22b 2534 21 19 30 4234 493g 43b 46b, 25b 24 36b 25 37b 35’g 44b 37’g 53 44l2 54 92 88 87 Preferred______________ 100 88 92 87 91 94 86b 95 99 102 100 102 91 98 88b 91 94b 94 21 Republic Iron & Steel___ 100 1934 223g 19 19b 23 22b 34b 24 31b 27b 3034 27b 46b 383g 47b 417g 557g 48b 56b 47 55b 48b 57b 883g 82 7834 72 77 89 7534 79b 78 Preferred______________ 100 72 81b 88b 867« 97b 95b 1027g 997g 103b 100 1047g 104’g 110 109 1125g Rumely (M) Co___________ 100 65g 27g 6b 2 7S 4b 4b 2 b lb 5b 3b 63g 3b 6b 3b lb 4*2 3b 14 3b 634 4 4 Certificates of deposit__ 131a 1473 Preferred________ ______ 100 2b 16 334 5b 3 14 9b 6 10b 157g 5'4 lib 834 18b 6b 10’2 7b 1234 734 1134 7b 7b 9b 18 714 7'4 712 c29 Certificates of deposit 25U 26 Sears, Roebuck & Co_____ 100 182U 197l2 198 209b «3134206b 137 140b 132 138b 136b 139 139 14834 147 159 153 15734 153 158 1557g 172b 172b 188b Preferred______________ 100 1213gl213g 124b 125b 125b 125b 123’g 12434 124b 125b 124 12434 123b 124 124’g 124b 124b 125 124b 125 12434 12434 125 126 2734 25 2634 25b 28b 30 42 Sloss-Sheffield Steel & I.. 100 24 38 28 667g 32b 37b 31’g 44b 42’g 567g 51 65 55 64b 5534 623g 60 100 Preferred _ 91 40 45 South Porto Rico Sugar.. 100 44 60 70 40 72 72 75 100 85 93 92 150 110 156 14434 164 89’g 89b Preferred______________ ion 100 100 100 110 110 110 108 109*2 93b 93b Standard Milling__________ 100 4434 4734 43b 46b 45 54 52 50 55 53 75 84 78 89 83 96 70 51b 553g 48 56’2 55l2 56b 55 Preferred______________ 100 69 70 69 66 70 66 8334 79 68b 73 72b 68 82 85 68b 70 73b 73 80 85 81 70b 73b 72 7734 59 Studebaker Corp (The)___ 100 3584 44 80 41b 4734 45b 58b 54 65b 8034 76'g 85 82b 120 106 1457g 136 195 140 173 148b 177b 97b 98b 102b 9634 101b 99 101 Preferred______________ 100 91 92 96b 91b 96 99b 102 b 1017g 107 104 1093a 108b 119b 110 117b Ill’s H4b Texas Co (The)____________ 100 132 135b 12334 135 127b 143b 136 144b 120 1397g 122b 132b 125b 133b 133l2 157 151 173b 160 172b 165 220 206 237 Subscrip rects full paid L23 123 124*2 126 133 148b 149 170 160 166 172b 212 210 236 1051= 105b Texas Pacific Land Trust. 100 111 111 101b 101b 993a 10219 95 102 Tobacco Products Corp pf 100 97 100b 98 99*9 97 102 991? 103 100 102 98 10012 99 Underwood Typewriter__ 100 ___ 695g 60 55 60 66 66 66 63 687g 767g 75 55b 81 97 60b 88b 88b 8934 8934 77b 80b 75 ___ 100 100 100 103 -__ _ 105 105 100 100 L03b 104 104 105 107 107 110 110 Preferred_________ __ 100 looig 100U 98b 99b Union Bag & Paper_______ 100 43g 6b 5 63g 6 57g 83g 6b 7b 6b 77g 7 7 73g 9’g 834 6b 5 5b 6b 5b 6b 5’g 67g 307g 253g 27b 25&g 26 Preferred_______________ 100 26b 28b 26b 28 227g 27b 25 267g 27b 25 27 29 25b 28 27b 25b 2834 2734 31b 427g 443g 453g United Cigar Mfrs_________ 100 42 463 4 43 477g 43 b 42b 4534 47b 51b 43 44b 43b 45b 45b 61 56’g 6634 6034 65b 61’g 643g Preferred_______________ 100 102b 105 103 10334 104 104b 103b 103b 100 102b 103 L03 103 104b 103 106b 105b HO 105b 105b 105b 109-b United Cigar Stores______ .10 934 958 1012 9b 10b 9 Preferred . _____________ .10 1H2 115g lib 12’g lib 12 ’ 20 ~ United Dry Goods Cos____ 100 20 Preferred_______________ 100 48b 503g 60 60 59 56 64 56 60 597g 50 58b 57b 59’g 57b 75 60 68 70 71 74 66b 59 58 United Fruit______________ 100 139 163 1437= 159b U S Cast Iron Pipe & Fdy._ 100 8 10 9b 9b 10b 10b 10 16b 12b 18b 13b 15b 12’g 17 15b 23b 19b 25 23b 317g 25b 307g 23b 26b Preferred_______________ 100 35 35 40 527g 5134 55b 48 51b 32b 34b 32b 34 40’g 35b 42 45 46b 40 45'b 37 46 39 47b 43 397g 59b 537g 597g 57 15 U S Industrial Alcohol___ 100 15 267g 46 20 27 45 36 92 128 101b 125 116 13134 76b 70b 98 Preferred_______________ 100 70 7734 80b 79 75 8934 87 94b 90’g 92 73 78 9834 101 101b106 102?g 107 103b 106b 89b 92 93b 98 ftEx- stock div. c Assessme ot paid. x Ex-div dend in liquidation. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 224 RAILROAD AND MISCELLANEOUS STOCKS 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 Detinnlng_________ 100 Preferred________________100 Ward, Montg. & Co, pref__ 100 Western Union Telegraph.100 Westlnghouse Air Brake__ 50 West'h'se El & Mfg assent__ 50 First preferred___________ 50 Weyman-Bruton__________ 100 Preferred________________100 Willy s-Overland___________ 100 Preferred______ .___ _____ 100 Woolworth (F W)__________ 100 Preferred .........______ 100 January Februarg September October November December August March April May June July Low High Low High Low HighLow High Low High Low High Low High Low High Low High Low High Low High, Low High 43 50 51% 59% 102 104% 40* 102% 15 80 5 21 57 53% 109 22% 88 5 21 40% 49% 40% 48 38 43 1% 1’4 1 5% ”i% "i% 53 58% 53% 66% 64% 74*4 56% 71 101% 103% 102 106 105*4110 104 107% 76% 76% 38 4414 42% 49% 47% 60% 48% 60% 102 105% 10334106% 105% 110% 104% 110% 19% 22% 19 2334 22% 31% 27 37 82 89% 90 96 81% 85 95 101 7 7 8% 8% 36 63% 61 33% 37 59 59 32 87 96 90% 94% 92% 115 116 116% 41 97 96% 94% 117% 53% 64 106% 112% 29 34% 100 15 39 36 44% 39% 43 35% 33 25 36% 30 38 2% 5 5% 3% 5 2 4% 2% 4%l 3 4% 4% 3 6% 2% 578 3% 6% 3% 5% 3% 5 54% 52% 56% 52% 58% 53% 56% 53*4 45% 54% 49 106% 102% 105% 103 108% 106 108% 106% 108% 107% 110 58% 68% 109%113 28 36% 96 102 66% 77% 110 113% 32% 41% 100 102 7 7 35 73% 79% 76*4 88% 113%117 39 52 36 102 110 107 110 19 13 16% 14 35 40% 112% 77% 70% 63% 69% 65% 68% 65*4 70% 68 75% 74 140 141% 141%143 33% 36% 31% 54 39% 53% 45% 50% 47% 56% 54% 60% 64% 65 63% 64% 62% 65 58% 59% 60 60 65% 68 67% 70% 232% 232% 255 255 64% 62*4 67 36 35 42% 1% 10*4 1 10% 48% 67% 105% 108*8 102 96% 127 96 100% 94 109% 116% 118% .112 65 116%135 100% 103 104% 111% 118 %120% 110 123 99 101 100% 105 119% 120% 115 134% 100% 105 102 105 120% 120% 122 139% 102% 103% 104 106 120 120 135 196 103% 107% 103% 108% 122 124 75% 143 62% 71 83% 88% 84% 89% 115% 116% 115%117 43% 61 45% 50 108%113 111 113% 12 12 10 10 43 43 81 81% 90 86% 89% 143 74% 63% 72% 66% 71 85 76% 82% 78 80% 112 112 178 225 220 265% 2 10 268 230 255 107% 109% 1 08% 110 110 114% 112%115 105%109 108% 115% 111 115% 113% 120% 122 122 120% 122% 122 - 124 122% 124 1916. STOCKS January April February March May June October November December august September 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 Par $ per share $ per share Albany & Susquehanna.. .100 Atchison Top & Santa Fe . .100 101% 108% 102% 104% Preferred_______ _______ .100 98% 100% 100 102 Atlanta Birming & Atlan.. .100 Atlantic Coast Line RR.. .100 112 115 111%112 Baltimore & Ohio________ .100 86% 96 85% 89% 75% 77% Preferred.................. .......... .100 76% 80 Brooklyn Rapid Transit_ .100 86 88 84% 87% Buffalo Roch & Pittsb__ .100 ___ 93 94 Preferred ______________ .100 Canadian Pacific................ .. .100 166 183% 165% 176 Canada Southern________ .100 58% 58% 57 58% Carol Clinchfield & Ohio. .100 Preferred______________ .100 Central of New Jersey___ .100 290 290 Chesapeake & Ohio_____ .100 60% 66% 60% 63% Chicago & Alton RR------- ,100 10% 10% 8 8% Preferred __ .100 20 20 Chicago Great Western__ .100 Preferred____ _________ .100 Chicago Milw & St Paul.. .100 Preferred_____-________ 100 Chicago & North Western .100 Preferred______________ .100 Chic Rock Isl & Pacific__ .100 12% 15*8 34 39% 94% 102% 131 136% 129 134% 174% 175 16% 19% 12% 13% 34% 36% 93% 98*4 128 132% 126 130% 175 175 16% 20% Chicago St Paul M Xr O . .100 120 120 Preferred .100 136 136 40 47% 39 Cleve Cln Chic & St Louis .100 40 70 73 Preferred ______________ 100 74 76 Cleveland & Pittsburgh.. ..50 Colorado & Southern.__ 100 27% 32% 27 28% First nreferred ...______ 100 51 55 48 Second preferred_______ 100 48 43 50 Cripple Creek Central.__ 100 Preferred ______________ 100 38 38 Delaware & Hudson______ .100 150 154% 149% 152% Del Lack & Western......... .. .100 223 225 219 225 9 12% Denver & Rio Grande.__ .100 11% 14 18*4 20% Preferred........................ .. 100 19% 24 76 88% Detroit United Ry.............. 100 70 81 6 5 Duluth S S & Atlantic__ .100 5 6 Preferred 100 10 10 10% 14 Erie _________ _____________ 100 35 43% 35% 39% First preferred_________ .100 50% 59% 50% 55 Second preferred_______ .100 45% 54% 44 48 Rights_________________ Great Northern preferred. .100 119% 127% 119%123 Iron Ore Properties__ no par 42% 50% 41% 47*4 96 Havana Elec Ry L & P___ .100 95 Illinois Central___________ .100 105 109% 102% 106% RR Securities series A Interboro Consol Corp. _no par Interboro Consol v t c..no par 16% 21% 15*4 19% 77% 71 75% Preferred ______________ 100 73 18% Interb-Met vot tr ctfs.__ 100 17% 20% 17 Preferred ______________ 100 80% 80% Iowa Central_____________ 100 Preferred______________ 100 Joliet & Chicago_________ 100 K C Ft S & M tr ctfs pref- .100 Kansas City Southern___ .100 25% 32% 24% 27*4 61 Preferred______________ .100 60% 64% 60 Keokuk & Des Moines___ 100 3% 3% Preferred ______________ 100 14 Lake Erie & Western____ .100 12 16% 13 35 Preferred______________ .100 37 41 37 76 79 Lehigh Valley____________ ..50 74% 83 22% 21 22 Long Island. _________ .. ..50 20 Louisville & Nashville.__ .100 124 130% 121% 12oi2 Manhattan Railway_____ .100 130% 131% 129% 131 Michigan Central_________ 100 125 130 127 127 15% 6 Minneapolis & St Louis__ .100 6 6*4 Trust Co ctfs of deposit. Preferred______________ 100 16 33% 15% 18% Minneap & St L RR (new?) _ _ .100 Minn St P & S S M............. .100 120 125 120*4 123% Preferred 100 135 137 1358, 1353, Leased line certificates 100 75 75% 6% Missouri Kansas & Texas. .100 6% 7% 5 Preferred____________ _ .100 14% 16% 13% 14% Missouri Pacific 100 4 4*4 6% Certificates of deposit______ 4 4*4 6 Missouri Pacific Ry {new) Preferred (or inc bonds) Mobile <&- RirminfSfiam nref 100 Morris Essex 50 83 83 81 81% Nashv Chatt & St Louis. _ .100 130 130 Nat Rys of Mex pref 100 23% 23% 23% 24 Second preferred_______ .100 7% 9% 7% 8 N O Texas & Mexico v t c_. New York Central »______ .100 103% 111% 10134 108 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis $ per share S per share •? per share S per share S per share S per share S per share $ per share $ per share S per share 250 250 102 104% 100% 104% 101%107% 103% 107% 102% 106 101*4 105% 102% 107% 104*4108% 104 108% 101% 106% 100% 102 100 101% 100% 101 99 101 98% 101 100 101 100% 100% 98% 100% 98% 99 98*4 99 15 18b 12 11% 12% 18 109 111% 106% 112 107% 114 112% 117% 111 115% 111 115 112 116% 116 121% 121 126 117% 123% 82% 88 84% 94% 87% 92% 85 90% 84% 89% 85 85 90 91 90% 85 83 89% 81% 88 76 76% 75% 76% 75 76 77% 74% 76*4 72% 74% 72% 76% 75% 77 75% 77 74% 76 74 83% 87 85% 85 87 84% 88*4 85 88% 84% 85% 83% 85% 83% 86% 83% 86*4 83*8 85 81 92 92 __ 94% 94*4 93 93 95 97% 97 97% 96% 100 97% 97% 97 97 110% 114% 115 115 162% 169% 162% 169% 164% 183*4 173% 179% 174% 183% 173% 179*4 174*4 181 172% 182 167% 174% 162*4 168*4 58% 58% 58% 58% 58 58 58% 58% 58% 58% 59 59 59 57% 58% 57% 57% 56 66 68 31 29 50 50 50 50 300 300 310 310 300 310 295 295 64% 59% 67*4 59% 63% 59% 63% 59% 68*2 65% 71 60% 65% 58 63% 59 71 66 70 62 10% 10% 10 8 8 9 10 8 8% 14% 13% 21*4 18% 24% 20 20 20 20 18 18 20*4 24% 22% 32 28% 33 1 15 12% 14% 11*4 12% 11*4 14% 12 13% 12% 13% 12% 13% 12% 13% 13 13% 16% 15% 13% 16 34% 39*4 33 37% 34*4 39 45% 35% 39 34% 37% 35 37 47% 41 37% 35 46*4 39 37 92% 96% 91 95% 92% 101*4 96 101% 94% 99% 92% 97% 91% 98 89 95 94% 98% 91*4 97 127% 129% 123 130 128% 129% 129% 130*4 1281? 1307$ 126 130 124b 127b 12Kb 129b 125 127 123b 125b 124% 127% 125 127 125% 131 128 131 126% 130 126 129 124 129 126 131% 124 129*4 123 126 174 174 165 165 169*4 170 168 175 170 170% 168 168 175 175 175 175 170% 176 15*4 18% 15% 19*4 16% 22% 19% 24% 19% 23% 16% 20 16% 20 18% 36% 31% 37% 30% 40*4 31 38% 1 1 51a 11 51a 118 118 120 123 114 115 " 116 117 131*4 133 139 139 133 134 133 133 13314 13314 40 44 38 40 54 41 50% 59% 53% 58 59 49% 53% 50*4 55*4 53% 62% 57 60% 50 81 86 70*8 76% 70% 70% 71% 82 84*8 80 80% 83 81% 81 84*4 82 84*4 83% 84 83 8114 8114 79 79 83 83 24*4 27 26 25% 30 28 29*4 36% 30% 33% 30 30 32% 30*4 37 32% 36 30% 35 30 47% 50 46 49% 50 54% 53% 60 5934 55% 56 60 62% 61 56 61 62 57% 60 58 40 40 45 45% 45 57*4 50 65 50 62% 49% 52 32 32 34 34 149%153 149% 151% 150% 155% 150% 153% 151 151% 150% 151% 149% 152% 151% 156 152 156 148% 151*4 216 218 222 224 220 227 1230 237 225 227 230 230 230 238 238 238 235*4 242 231 239*4 12 12 15% 13 16% 14% 15*4 14% 14% 13 14% 23% 18% 23% 17 20% 8% 9% 9 15 15 20 26% 34% 30% 37% 32% 35 29 36 18% 22% 22 32 3578 34% 52% 43*4 51 48 85 89 100 99% 115 111%116 116 119 115 119% 116 116% 116 119 117%121 119 128% 88 .__ -__ 5 6% 4% 4% 6 5% 5i2 5 6% 6% 4% 7*4 5% 9 4% 6 10% 13% 11% 12% 1018 13lg 10 lll2 16 10 10 1O12 101? 1314 13 35% 38% 32 37% 33% 40% 34% 39% 34% 37% 34% 39% 35% 41% 36% 41% 35% 39*4 32% 39% 55% 51% 54% 51% 55 48 54 50% 64 62*4 49*4 65% 51 52*4 55% 50% 54% 46 51*2 56 41 44% 44% 47% 44 43 46 44 47*4 44 45 43% 4634 42% 47% 44 47 41% 44% 40 % 119*4 123% 118% 122*4 118 123% 119% 122% 117%121 116% 119 116% 121 117% 120% 116% 120 115 118 39% 47% 36*4 44% 38% 42% 33% 39*4 34% 36*4 34% 41 40% 46 42% 47% 32 45 37 47 101 104% 99*4103 100% 106 103% 108% 102% 106% 100% 103 100*4 106% 10578109% 103% 109 104 75 75 108% 18*4 19 16% 17% 16 19% 16% 19% 15% 17% 15*4 17% 16 18% 17 17*4 18 72% 74 71% 74*4 74 76% 73% 77 73% 75 73% 74 71% 74*4 73 16% 17% 16% 17% 16% 16% 18% 75 ~ 2% 6 2 3% 3% 2% 2% 3*4 3 9 9 9 10 60 64 25 27% 60 62 3 29 29 13 13% 36% 36% 76 80% 20% 22% 121% 125 129*4 130% 4 15 63 68 71 73 68 70 69 23% 27% 24% 27% 24 23% 27 58% 61% 60 61% 59 61% 60 4 5 5 5% 11 11 32 32 75 79 22 28% 122% 126% 128 129*4 105 105 6% 6% 7 18% 17 19 10 32 75*4 26% 127 129% 107 5% 14% 38% 85 32% 131% 129% 110 7 18% 18% 14 20% 38 45 76% 84% 31% 41% 129 135% 129% 131% 5 17 119 116% 118% 117 136 136 83% 83% 129 ” 129' 130 6% 7% 102% 107 7 130 138 7*4 __ _ 18% 22% 41% 44% 76% 80% 36 38% 127% 133% 128 129% 6% 4*4 6% 5% 5*2 18% 14% 15% 124% 120 129 135 136% 74 75 74 75 3% 4% 3% 4% 4% 5 3*8 5 13% 10% 13% 10 12 10 12 11 5% 3% 4*4 4 7% 5% 7% 414 5% 3% 4% 4 7% 5*4 7% 119 69 26% 24% 26 60 60% 58 140 19% 21% 39 43*4 82% 77 33% 36 126% 130% 128 129% 5 5*4 19*4 17*4 19% 15% 18% 76% 76% 73% 77 69 19U 761? 7 7 9% 7% 7 15% 15 77 77 70 7519 7412 75 23% 27% 25% 28% 25 28*8 24% 28% 59% 61 59% 62% 58 61*4 56% 60 5% 6 4 6 4% 5 17 41 77*4 34% 128 128 4% 18 19% 26% 23 25*8 22% 30 44% 53% 49 55 55% 48 83*4 81 87% 80% 84*4 76 33 37% 32% 34 32 34*4 133%140 132% 137 130 135 129% 132 130 130% 128% 130*4 126 135 6*4 6% 8 6% 7*4 6% 6% 21 44% 85% 35% 134*4 131 18 122% 129*4 121 124 121 125% 136 137 130 135% 12819 132 7212 72% 72 72 4 4*4 3% 4% 3% 4% 11% 10 13% 11% 12% 10 5% 7% 3% 5% 3% 5 5% 7% 3% 5% 3% 5 22% 23*4, 22% 24b 48% 50 " 47*4 52% 82 82 140 140 5% 6 80% 18 5% 5% 100% 105% 102*4 108% 102*4 108% 102% 106% 102% 107 34% 26 36 30*4 347a 26 124 130 117%'125’ 116 120 130b 136 120b 1221a 751$ 75 4 8*4 6*4 8% 7% 13% 13% 24 18 24% 16% 21 13*4 22 13 4*4 10% 9 4% 10*8 9 22% 13% 13 23 27*4 25*s 30% 30% 38% 51% 59 ’ 55*4 59*8 59 " 64% 81% 81% 83% 83% 135b 135b 5% 5% 6 102*4 110*4 106% 114% 106 714 _ 21 110 101 .... 251‘ 109% 225 RAILROAD AND MISCELLANEOUS STOCKS. 1916—Continued. October November December January April May September February March June July August Low High Low High Low High Low Hiyh Low High Low High Low High Low High Low High Low High Low High Low High STOCKS Par K'Y Chicago & St Louis-- .100 First preferred_________ 100 Second preferred_______ .100 N Y Lack & Western_____ 100 N Y N H & Hartford.......... .100 N Y Ontario & Western__ .100 Norfolk Southern________ .100 Norfolk & Western_______ .100 Preferred______________ .100 North Ohio Trac & Light .100 Northern Pacific_________ .100 Pacific Coast Co___ _____ 100 2d preferred_____..______ 100 Pennsylvania......................... ..50 Peoria & Eastern................ - .100 S per share 3 per share S per share S per 43 40U 44l2 33 33b 36b 33 b 84 84 62i2 67 66 61 58b 59b 61 115 115 6OI4 64l2 57U 63 57’g 62 57b 26 28 26b 2878 26 28b 26 23 23 23 21i2 27 125 137*8 125*4 132*4 128 133 127 86*3 86b 85*8 87b 89 8612 88 QD flnio1 85 85 87 87 112 116 110 114b 109b 112 ’ 108b 62 63 63 65 65 65 72 57*4 55U 58*s 567g 5914 56*2 58*s 55b 56*g 55 10l2 in2 1U2 1514 11*4 12 11 11 9 9 5 per share S per share S per share S per share S per share 417g 36 41 45 3414 37*4 33 36 33*4 43 84l2 90*4 79 79 52U 62 60 66 60 53 50 56*8 58 6II4 116 116 64i2 68 57 6514 57b 63b 65b 7778 6578 72 26b 31 29 26*8 29*4 27 29b 26b 28b 26 24 21 21 20 27 20b 20*4 22b 11414 122*g 114*4 118b 114 114*8 119 124*8 12112127b 88 88 87 86I4 88*4 84b 86*s 847S 89 89*8 70 70 llli211878 111*8 114*4 11H211412 109*4 11412 109*4 115*4 53 55 55 55 55 53 share S per 36b 34 75 58b 55 shared per share $ per share 45*4 38b 43 36b 36 80 80 75 57*8 57*4 64 60 63 115U 116bill5 115 62 49b 59 62b 58*4 62*8 56 28 26*8 29*8 28*4 337g 27*4 34*g 25 26 24 31b 23b 25b 25 137*8 137 147b 138b 145 131 142b 86 86b 85b 86b 85b 87b 85 11378 110b 115 109*8 113b 108 111*4 Second preferred_______ .100 3U 47S 37S 4 Trust Co ctfs of dep__ 33 Wisconsin Central__ _____ .100 36b 38 37b 72 56 56b 58 58b 57b 60 56*8 5878 55*s 57*3 16K 8 9 8 15*4 13b 17*8 13 14b 14 36*4 38b 72 73b 87 8178 78 83 78 80 80 80 83b 79 80 88 83 80 86 85*4 80 86*4 82 81 95 95 93 92 92 90 92 92 95 95 96l2 91 94 93 95 93 93 95 95 95 157 157 156 156 158 15S*j 156b159 157 157b 155b 155b 81 89*s 81*4 88b 85 110*4 94 107*8 93U 101*8 93 109*4 102*4 H5b 10412114b 105b 112 98*4 1127s 42 4212 44*4 4212 43 43 45 43*4 44b 44 45b 44b 45 421g 42*4 43 44 42b 45b 43 447g 47*8 4578 46b 45b 47 44b 46*3 44l2 46b 43b 46 52 45 45 47*4 44 47 44b 46 174b 176 *4 >4 78 *4 ®8 30 31 27 30 30 28 27 35b 27b 27b 25*4 24b 30b 15b 167g 1512 17*4 16»2 17b 15*4 17 ” 16 16*4 167g 23b 22 50b 45b 50 46 II4 278 5 5l2 2b 4^2 2b 4 734 834 5 7 7i2 712 7b 2b 51’ 2 3*4 2*4 6 6 684 filg 3b 514 16 20 16 16 20 24 16*8 16*8 16b 17 32b 19*4 20 1814 20*4 23b 27b 27 417S 46i2 43 42 57 43 41 40 43 40 40 37b 42b 42 b 48 477g 521’ 50 15 17*4 15*8 17*8 16 17U 1514 ie' 19b 15b 14b 1778 15 15b 16*4 14 15b 16b 14b 16 14 17 40 36 35 37 37l2 39b 37*8 39b 36 41b 37*8 40 38b 36 42 b 37 34b 37 36b 41 35 39*i 9678 99b 95*8 100b 95b 103b 99b 103b 98*s 102*4 94*8 100"s 96b 100b 9414 98*4 9514 101*4 961s 100 1153,, llfi*s 11719 1201’ 116I9 11719 22*4 24*8 23 297S 27b 36*4 21*4 20 24U 21*8 24U 22*8 25 19*8 217g 18 26b 247g 30*4 26 60 70 66 57 56 61 59 67 72 71 68*4 65l2 71 67 65b 69b 67 69b 67b 73b 77S 1078 9*8 13U lll2 137g in2 13b lib 12b 10b 13 6*4 8b 19b 17*8 21*4 lib 16b 15 63i4 62l8 68<2 61b 67 59*8 63 59*4 64*4 58 b 62*8 52b 59*8 48 55b 48*8 52b 59b 62l2 60 5 5 6 97S 9b 13*i 7 5 7 512 7*8 1034 7 6b 7b 7b 6 12 9*4 9 6 6I4 filo 5*4 7 7 ___ 15 2’4b 11 11 11 17*4 18 11*4 11 13*4 13*8 13b 13b 13b 12l2 13 11 11 12 13b 15b 19b 19b 8b 9b 12 95'g 94 96 95 97 95 98 96*8 99 96*8 96 96b 97 95b 95 97b 977S 9612 97b 96 125 125 130U 1347S 129*4 134*8 131b 143*8 13478 139*4 135*8 140b 137 14378 137 152b 143 153*8 146 153*8 142b 150 82*4 80 84b 84b 8212 84b 82b 84 82 81b 83*4 82*8 83i4 82*s 82*4 82*s 82*4 82*8 82*4 82 10l2 16i2 7*4 11*8 8 11 9*4 14b 10 8b 10b 8 87g 10l2 9*8 17 13b 17 9b 11 27 21 187g 23b 18 22 21 20 24 17 20b 30b 21 18*4 24*8 18 27b 32 23b 32 4733 47*8 47 4512 4614 47 16 14*8 16b 147g 17 13*8 16 13b 15b 15*4 15*4 1312 15 1314 14*4 13b 14b 13b 147g 14 41b 47b 42*4 46*4 43b 51*4 467g 5U2 49 52b 48b 51b 47*4 52 b 51b 587g 54*8 58b 527g 601’ 25b 29b 25 30 26lg 2914 26 b 28*4 26b 28b 26b 28*4 28b 3178 287g 31*4 28b 32* 28b 26 37 25 33l2 27 31 27b 30*8 28*8 32 25b 29b 26 34b 28b 33U 29 33b 27 30b 27 4t 46 42 40 49 46*8 45 55 41 45 4714 48*s 46 47*4 46*4 51 47b 44 21 27*8 46 58b 5 37g lb 3*8 178 11*4 2*8 3b 2*8 4b 3*8 6U 4 3b 6b 2b 5*8 2 4b 6 3*8 2 3*4 3*4 2 lib 34 34 2*4 6b 4b 14 1212 13b IOI4 13*4 10 137g 18b 12b 15 16 14 5 9 17 5b 14*8 3‘2 3 b 6 14b 33 35 2 4 3b 2*g lib 6*8 514 7 5 3b 4*8 378 5 6^2 2*8 6b 2b 4 7*4 5 2 4 4 3b 2*4 117g 35 36 35*4 33 54*4 48 35 43*8 417g 56b 47*8 52*4 467g 52 b 48 54b 4S A*' 40b 39 EXPRESS Adams__________ _________ American__________ ____ . United States............... ..... Weils Fargo......... ........ 13214 145 1247g 128b 45 49*8 124*4 128b Preferred v t C wh iss__ Pitts Cin Chic & St Louis. .100 Preferred________ _____ 10(1 Pitta Ft Wayne & Chicago .100 Reading Company________ ..50 First preferred_________ ..50 Second preferred_______ ..50 Rensselaer & Saratoga___ .100 Rock Island Company.__ 100 Preferred________ ______ 100 Rutland preferred________ 100 St Louis & S F (Reorg Co) Preferred _____ ___ St Louis & San Francisco. .100 First preferred_________ 100 Second preferred_______ 100 St Louis Southwestern__ .100 Preferred______________ .190 Seaboard Air Line________ .100 Temporary stock tr ctfs. .100 Preferred______________ .100 Southern Pacific Co______ .100 Certificates of interest. Southern Railway________ .100 Preferred______________ .100 Texas & Pacific__________ .100 Third Avenue____________ .100 Toledo St Louis & West__ .100 Trust Company receipts Preferred______________ .100 Twin City Rapid Transit. .100 Preferred _________ 100 Union Pacific..__________ .100 Preferred______________ .100 United Rys Investment__ .100 Preferred______________ .100 Virginia Rv & Power. _ _ 100 Wabash (Reoro Co)________ .100 Preferred A____________ .100 Preferred B____________ .100 Western Maryland Ry.__ .100 Preferred______________ .100 Preferred when issued __ Wheeling & Lake Erie.__ .100 Trust Co ctfs of den 5714 59*4 55*8 57b ___ 13 13 79 88 82 b 78 98*4 90 157*, 75b 84b 76b 43'b 417g 43 417g 44 4114 6S 378 8*4 6b 19 44 16 COAL AND MINING Alaska Gold Mines_______ ..10 Alaska Juneau Gold Mg.. -.10 Amer Coal of Allegheny__ -.25 Amer Zinc Lead & Smeltg. ..25 Preferred______ ........ ?5 Anaconda Copper________ -.50 Batoplias Mining_________ ..20 Burns Bros............... 100 Preferred_______ _____ 100 Butte & Superior Corp__ ..10 Chile Copper_____________ ..25 Chino Copper____________ —5 Colorado Fuel & Iron___ .100 Cons Interstate Callahan. ..10 Consolidation Coal of Md_ .100 Dome Mines Ltd (The)___ ..10 Federal Mining & Smelting .100 Preferred______________ .100 Granby Cons M S & P. .. .100 Greene Cananea Copper.. .100 ?5 Guggenheim Explor Homestaks Mining_______ 100 Inspiration Consol Copper ..20 Kennecott Copper______ no par Miami Copper____________ _.i5 Nevada Consol Copper___ ...5 Old Dominion Co..______ ?5 Ontario Silver Mining___ .100 Pittsburgh Coal of N J__ .100 Certificates of Deposit.. .100 Preferred______________ .100 Certificates of deposit Quicksilver Mining_______ 100 Preferred______________ .100 Ray Consolidated Copper. ..10 Shattuck Arizona Copper. ..10 Tennessee Copper________ ..25 *8 12 25 7S 7„ 25 4 6 5*4 10 8b 8b 8 5*8 7I4 19 19 19 45 44 44 187S 1512 17b 30*4 42 35 38b 98 104b 119U iinio 20 24b 65 59 7b 10 59b 62b 6b 6b 97b 101 117 11778 19*4 22U 57 60*8 6b 8*8 59b 61b 10i2 10*8 10 9 9578 95 10 8 96b 95 131b 8278 17 31*4 47*4 1414 44 28 25b 43b 140l4 84 21U 39*4 48^2 17 487g 32b 3178 45b 13178 82*4 12*8 27*8 135b 84 17*4 34 13b 42b 25*8 24b 44 15b 45b 29*4 30 44 2*8 414 2*4 3*8 First preferred_________ .100 11 Trust Co rtfs of den .100 .100 .100 .100 *4 7g 79 90 158 84b 46 48 15 147b 154l2 128b 140b 4514 47 128 135 11 12b 135*4 1497S 128 130b 45 46 125 130 2338 26b 20*4 2414 9*4 9b 10b 9 83b 92*8 27« 2 82 85*4 105 105 75*8 947# 22b 25 52 60 39*4 49U 1447g 129b 49*4 128b 17l8 22*8 18*4 21*8 8*4 10 87g IOI4 65*4 70*4 66*8 84*4 76 82b 9H4 214 3*8 83l2 87 104 109 71 79*4 22*4 25*8 51*4 55*4 42U 53 139*4 125 48 125 135 125 3112 123l2 140 129 48 126b 19*8 2414 87S 9*8 137 123 3012 125 19*8 23l2 7*4 9*8 94l2 38*8 64 80b 87*8 77*4 2*4 2 1*8 70 74b 76 91b 86*4 9778 82 8378 88*4 77 87b 2 27r 27S 2 82 80b 84l4 78 108 108 867g 105U 86b 97*4 20*4 23*8 20*8 2314 5214 58b 61 65*4 39*8 50*8 38b 46 23 29b 30 33b 50b 5714 89 99 45 49*4 21 2314 130 132*8 43*4 47*8 527g 65*4 3478 37*8 35*4 39 15 16b 15 16b 26b 29 35 30 51b 57b 94 85 46b 51 22 24b 126 129b 4778 43 23b 25b 15 31 36*4 54 b 88 92b 44 53*8 20*4 21U 129 ' 133b 43b 4914 52 58b 3378 38b 15b 17b 70b 73*4 6*8 11*8 6b 9b 6*8 9*4 25b 30U 29b 36*4 287g 35 24l2 147g 35b 84 41b 20*4 26 20 43*4 9HS 51b 22*8 42*8 42*8 36 16*4 69^2 8 22*8 4878 59 39b 18b 71 IH4 28*4 141 137 140*4 133*4 126 126b 128b 126 3112 29b 134 127 128 124 87ls 7H2 86*s 2ig 74 137 128 31*8 128b 16*4 19b 77g 8*8 lib 18 7b 8 29*8 59b 77b lb 68b 31 61*4 78*s lb 66 35*4 691’ 88b 38b 67b 83b 2 68b 17r 79 b 87*4 20l2 62 39U 97 22*8 547g 4514 65 20i4 47*8 39l2 96 60b 70b 62 22*8 19*8 21b 19*4 5578 46b 51 47 43 45*8 41b 46 23 23 18 69*4 20*8 54 51b 18 25 17b 37 86 46b 28b 19*4 427g 917g 51b 25*4 17 35ig 85 34 28 17 40 9112 48ls 22*4 17*4 35b 80b 44i2 26b 177g 40 88b 48b 129*8 130 43 46l2 54b 58 34 3714 1678 18*8 134 44U 46*8 34 16 134 5078 547g 3678 18U 25*8 12*8 36b 80 40 26b 15b 38 87 46b 130b 132 46 b 52 44*8 49b 33b 35b 157g 1678 135 135 47*8 58 44b 51*8 357g 33 17 19*8 151b 146 135b 134 30 31 138 132b 140 128 29b 128 141b 129 28 127*4 117g 16 77« 7 35 35 34 44b 70b 79b 84 102 1*8 2b 77b 80*i 1071» 1071s 62b 71 19*8 23b 52 59b 46b 63 b 20 20 11*4 6*4 35 41b 75 88b 1*8 78b 13b 77g 35 53*8 81b 98*8 2b 81*4 61*4 20*8 51*4 48*4 20 68 23*4 63b 617g 24b 27 247g 48b 95*4 52 24 20*4 39*8 88 49*4 25*8 20*4 42 93 53 136b 125 28 124 24b 17*4 39b 86b 46b 135 135 56b 69*8 49b 577g 34b 41*8 19*8 23b 133b 135b. 60b 68*8 50*4 56*8 36b 40b 20 23*8 150 139b 31 139 135 130 22 136 144 13wt< 23 144*g 1178 14*4 10b 14l2 8*g 6’b 8b 7 35b 36ig 52*8 65b 31b 63b 79 87 65 8H’ 94*4 105*8 77b 101b 1*8 2b 1*8 2 81*4 86 b 83 91*8 107 107 105 105 65*4 74 417g 73*8 22b 39b 23b 34*s 60*4 74 47*4 70b 52b 617g 40*4 58b 22b 28b 181’ 26 116 118b 110 117 22*8 21 25 18 25 13 20 18 41*4 50b 34*4 48 90 120 81blH 53 5012 56b 41 66b 53b 38b 23b 74*4 64b 49*8 34b 133 49 b 40 33 20*4 134 72 59 47b 32 Utah Copper_____________ ..10 77 81*4 771ft 86*4 79*4 86b 77b 83*8 78 Virginia Iron Coal & Coke .100 54*4 62l2 50 51 48 55*4 48 59b 50 82i4 75 49 56 5*4 7*4 57g 7b 6 7 33*8 44 41b 50 387g 44l2 4478 40b 54 33b 58*4 32 110 112 111 115 113 113 104 110*8 106*8 114*r 105*8 115b 37g 2 3b 2 2*2 3 3 b 4b 3b 4*4 ___ ____ 24 26b 26*8 37 237g 34b 27*8 31 33*4 29b 37 22 24*4 21b 25*8 21*4 25b 24 15*4 19b 84 74*4 79*8 767g 84*8 82*8 99*4 91 lOSb 105b 130 90b 127*4 52 65 72*4 45 50i2 41 45 57 48 44 48 58b 42 VARIOUS Acme Tea tern certfs____ ion 1st preferred tem certfs. .100 Advance Rumely_________ 100 Preferred ______________ 100 ..50 Ajax Rubber, Inc 52 97i8 21b 15 32 42 64U 52i2 97ls 20’4 40 6412 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 104*4 111*4 102 110i2 100 105 4 6*4 4U 5*4 2*8 5 4 67S 5 8*4 5b 8 22*4 25*8 22*4 26 23U 247R 33b 40U 34*4 38*4 69*8 53 b 66b 53U 617S 51 7b 6b 8b 8b IH4 6l2 8I4 6 7b 6 337r 30l2 25b 29 27 26 28*8 26 26b 29 27l2 29 28b 27 25b 28b 26 33b 10012 103*4 101 104b 100 103l2 100 103*8 100*8 103 103 103 1001, 103 IOOI9 103io 2*4 4 2*s 27g 2*8 3 2b 3*8 2*4 3*4 2l2 414 37« 5 4b fib 3b 4’s1 3i2 6i2 5 b 5b ___ ___ 22 22*4 26 23*8 21b 23 24b 27 24b 21*4 23*4 20 307s 28 34 277g 33l2 24 29 26 33 30*4 36b 31 44 47l2 22b 3534 23 64*8 42 50*8 33 28b 22*4 27*4 15 39 21b 18 43 39 52 96 15 317g 63 52*4 97 15b 32b 66 51b 93l2 14 327g 637g 55 96 15b 34*8 66b 53*4 93b 14 31b 63 59b 95*4 18 36 67 57*8 96 15 30*8 63 62 977g 187g 35 68*4 62b 97b 15b 33 69b 69b 98b 19*d 36*4 77 59 98 17 35b 69 6Sb 98 21*4 41 89b 226 MISCELLANEOUS STOCKS 1916—Continued. 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 Par $ per share S per share Allls-Chalm Mfg v t c______ 100 25 3134 26% 33% Preferred v t c__________ 100 7512 83 77 8234 Amer Agrlcul Chemical____ 100 67 72% 65 72% Preferred________________100 97 99i2 967S 98% American Bank Note________ 50 Preferred_________________ 50 American Beet Sugar______ 100 62l2 69 6134 7134 Preferred________________ 100 94 9478 9434 96% Am Brake S & Fdry ctfs of dep 102 103% 101l8 10234 Preferred ctfs of dep.. 193 195% 165 184 American Can_____________ 100 597S 6434 5734 64% Preferred________________ 100 110 1137S 109% 112 Amer Car & Foundry______ 100 6334 78 6434 74% Preferred________________ 100 117%118% 117 11818 American Coal Products__ 100 1547s 17578 159 173% Preferred________________100 115 11638 115% 116% Pref subscription rects 1137811512 American Cotton Oil______ 100 51% 57% 52 56 Preferred________________ 100 98 9934 100 100 Amer Hide & Leather______ 100 97S 12 934 10% Preferred________________ 100 48 57 46% 5238 American Ice Securities__ 100 25 28% 28 31% American Linseed_________ 100 2138 25% 2 1 24% Preferred________________100 3934 43% 3834 43% American Locomotive______ 100 6034 69 64 7138 Preferred________________ 100 100% 103 1013s 103 American Malt Corp_______ 100 8% 934 83S 9% Certificates of deposit. Preferred_______________ 100 315s 34% 32% 335s Certificates of deposit Am Smelt Sec pref B______ 100 85% 87% 86% 87is Preferred Ser A stamped___ 92 9334 92 9334 Amer Smelting & Reflnlng.100 96i411338 97 104 Preferred_____._________ 100 112 114% 11112114% American Snuff________ 1487S 14878 ___ 108 110 106 106 Preferred new________ 53 61% 52 Amer Steel Foundries.. 58 11O3S116% 111% 11434 American Sugar Refinini 117 11834 116 118 Preferred new________ 63% 65 68 68 126% 128% 126% 12778 Amer Teleph & Teleg. Rights_____________ American Tobacco___ 200% 208% 188 20934 106% 108% 105% 108% Preferred new______ 44 53% 9434 95 Preferred__________ 42 63% 47 5334 Amer Woolen of Mass92 9734 96 Preferred __________ 99% 11 1334 11% 12% 6 8 6 6% per share 26ls 3378 7514 81 65% 69% 96 98 8 $ per share 23% 30% 72% 78 63 68 96% 9738 64% 74 95% 96% 100l4 100i4 165 185 56% 6538 110 112% 64 75% 116 119% 156% 168 115l4ll512 63 733g 66 76 93 9458 9434 97 100 100i4 100i2101 52% 6178 109 112% 55 71% 116 117 140 16334 115 117 52 56% 101 102 938 11 45 543S 277s 3058 20 2434 3814 4734 66% 8334 9934 104 8 9% 50% 55 101 101 938 10'4 49 53% 26 29 22 25 45 53% 63% 82% 100 10034 7i2 10 3212 36% 33 86 87% 92% 94 95% 103% 111% 113 130 145 106% 108% 48% 5634 10734 113% 115%11678 65 67 127% 131 Preferred . laldwin Loc Preferred . Rights........................... Preferred__________ .100 Bethlehem Steel Corp Preferred__________ Booth Fisheries___________ 100 Brooklyn Union Gas______100 Brown Shoe________________100 Preferred________________100 Brunswick Term & Ry Sec.100 Bush Terminal__ __________ 100 Butterick__________________ 10C Calif Petrol vot trust ctf__ 100 Preferred________________ 100 Case (J I) Thresh M pf ctf.. 100 Central Leather___________ 100 Preferred________________ 100 Cent & South Amer Teleg.-lOO Chandler Motor____________100 Cluett Peabody & Co______ 100 Preferred________________ 100 Columbia Gas & Electric__ 100 Computing-Tab-Record___ 100 Cons Gas El L & P (Balt).. 100 Rights______________ Consolidated Gas N Y____ 100 Continental Can Inc______100 Preferred________________100 Continental Insurance____ 25 Corn Products Refining__ 100 4 Preferred________________ 100 Crex Carpet________________100 Crucible Steel of America..100 Preferred________________ 100 Cuba Cane Sugar Corp. .No par Preferred________________ 100 Cuban-American Sugar.__ 100 Preferred________________100 Dayton Power & Light pref100 Deere & Co preferred______100 Detroit Edison__________ ..100 Rights____________ Diamond Match___________ 100 Distiller’s Securities Corp..100 Drlggs-Seabury Ordnance____ EI du Pont Powder pref___ 100 Electric Storage Battery__ 100 GastonWllliams&Wigm.no par. General Chemical__ ______ 100 Preferred________________ 100 General Electric.._________ 100 Gen Motors________________ 100 Preferred________________ 100 Gen Motors Corp tem ctfs. .100 Preferred tem ctfs_______ 100 Goodrich (B F)......................... 100 .100 Preferred Calf States Steel tr ctfs__ 100 1st preferred tr ctfs_____100 2d preferred tr Ctfs______ 100 Hartman Corporation____ 100 G W Helme................................ 100 Preferred_______ 100 Ingersoll-Rand ____ ._______ 100 let Agrlc Corp v t c__ _____ 100 . Preferred v t c.__ ......100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 52% 593g 109 112 56 63 116 117i4 149 162% 115l4ll678 52U 54 99 102 >878 934 48% 52 2734 30 22 24i4 48 52l4 6484 753g 101 10214 7% 9U 52% 573g 98% 99% S34 1034 4834 5334 28 307g 187g 23 44U 4978 65% 7434 101U 103U 5% 87g 52% 55 98% 99% 978 113g 4938 5478 25 2978 17% 203s 42 45 58 683g 99% 102 6% 7% 34 377g 86% 87% 923g 96% 90% 9834 109% 113% 144 149% 48 55% 107% 11434 115% 119 66 60 127% 130 46% 52% 108% 1133s 117 118 63% 61 128% 131% 118% 99%114% 8334 10938 83% 92% 74 109% 108% 109% 108 10834 10734110 104 92 110 41978455 126 130 430 492 130 137 130%132 50% 52 9534 9934 934 14 96 100 2978 31 2734 42% 57% 8038 86 8838 51% 56% 10878 110% 135 140 129% 129% 5334 51 96 97 10% 10% 100 121 29% 31 27% 34% 577S 67% 85 87 51% 557g 109% 110% 140 140 89% 93 70 74 110 112 129 131% 5334 57 96% 98% 934 1234 114% 116 29 30 21 29% 4834 61% 85 86 51% 5638 110 111% 135% 136% 89% 95% 70 74 109 109 126 129 54% 57 9734 96 9 9% 107b 11319 287g 28 2034 247g 45 53% 85% 88 49 55 110 111 138 140 9638 88 68 74 109% 109b 126 57 97 8 52% 46% 50% 45% 47% 44 115 108%112 46 13034 13534 86% 81 109% 109% 58 58 1734 2138 91 95% 135% 14434 1307s 138% 130% 137% 8334 7834 88 75% 86% 76 108 108 106 107% 108 110% 55 58 19% 25% 20% 23% 20 2334 93 101% 95% 9734 94% 100 41 45 45 41 5234 75% 7034 86% 70% 99% 108% 111% 111 117% 111 119 75 112 152 106 207% 241 105 109 187% 186 206 180% 245 106 IO4S4 10934 105 106 98% 94% 95 140 131 133 4% 4% 106%108 1047g 106% 102% 105 4334 43% 497g 50% 41% 48% 96% 95 96 132% 1413g 136 66 285 290% 114% 116 166 173% 470 485 11034114% 6734 76% 68 110 113% 112 6034 63% 285 350 114% 116 165 173% 440 485 11234116% 74% 68% 773g 114% 114 11634 180 180 119 119 20% 297g 20 567S 74 60 39% 4034 3838 4078 84% 86 84% 8578 85 88 9134 93% 92% 95% 95 97 907g 96% 92% 1015g 9634117 110% 113 1123g117% 137%143 ' 140% 14734 107 107 108 109 44% 53% 50 53% 62 57 108% 112% 108%11138 10878 11334 116% 118 1187g119 11734 120 60% 60% 62% 62% 65 65 12S38 12938 129% 133% 130% 134% 67 72% 62% 74 63 " 66 70% 82% 104% 1053g 430 464 135 135 61 53% 58% 51 56 48% 543g 10134 10134 100 102 100% 101% 11% 20% 15 185g 10 18% 8478 60% 79% 67 79*2 54 2778 2938 27% 30% 27% 3234 233g 22% 27% 215g 2778 17 52 60% 5178 6234 4878 55% 74% 84% 82% 98% 6734 94 103% 107 10634 109 103 10734 778 12% 8% 10% 8% 11% 9% 10% 5134 40% 50 46 493g 46 51 87 96 94 97% 97% 95% 100% 99% 102 9634 101 105% 11438 110% 1223410078 119 115% 118% 115 11734ll378117 138% 144 140% 143 140 ” 151 liO 110 108 108 107%109 57% 65% 63 72% 59" 73 11178 12558 115% 122 104 117% 11878123% 120% 1227g 120% 121% 63 6434 62 62 65 65 132 133% 12678 134% 123% 128% 1% 2% 178 2% 220 228 216 22978 210 222% 107% 110 107% 109% 107%110 6684 68 56 66 6’ 65*2 6538 74% 104% 105% 417%494 .132 135 60% 66 52% 56% 100 102 958 13% 51% 67 27% 3034 21% 2434 49% 5334 75% 82% 104% 107 7% 9 69 450 550 130 135 265 305 113 116 168 178% 415 495 111 116% 5138 54 99 101 958 1078 50% 5834 27 29% 18% 233s 4538 5178 67% 79% 101 106 7 8% 55 571&I 65% 67% 66 71% 62% 68 66 42% 4734 43 51 99% 96s4 98% 94 203s 18% 25% 22 438 4 450 480 133 140 44 114 36% 40 $ per share S per share S per share 24 27% 25% 38 24 36 79 8234 82 92 91 7834 86 84% 102 9778 101 102 101 102 102 103% 40 44 42% 44 41% 41% 51% 5234 5178 ft234 5134 5134 94% 104% 99 78 108% 83 1077g 99 10078 99% 100 100 100% 1093g109% 107 109% 107 107 189 199 190 209 185 200 56 66% 61% 67% 64 113 115 113 115 10778114% 63% 727g 67% 7734 60% 78% 117 119 11634 118% 116 119% 43 457g 42 47% 44% 5138 4678 94% 953g 95 98% 96% 98% 97% 23 29% 25% 28% 26% 36 31% ____ _____ 4 3 3 2% 4 21 65 50 55% 43 98% 102 97 11 21% 17 3 6% 4 445 493 130 145 72 76 110% 112 34% 38 86 88 9334 95% 93 IO214 11158 114 148 148% 84% 907g 100 100 103% 106% 1923g 198 54 6234 110 113% 56% 65 11538 11738 1417g 149 S per share 22 2734 78% 833g 763s 8334 1005s 102 38% 3834 5134 51s4 8684 99 99 100 103% 106% 191 196 60% 68% 112 1153g 60% 733g 11534 118% 146 155 487S 987g 26% 5 63% 73 1037g118% 100 107% 108% 108 $ per share 21% 26% 74 80% 6934 793g 99% 101% 40 40 76% 94% 97 102 102 104 174% 175 50U 593s 1091411H2 53% 61 116U118 14038 163 117 117% $ per share 19 24 70% 77 66 697s 9884 100 39% 41 53 53 86 96% 98 100 106 108 168 198 51% 5678 108% 11034 52 6934 115%117 130 148% 116% 118 $ per share 22% 2734 75% 84 6434 70 98% 100 191 200 191 199% 198 209% 202 206% 205% 22434 215% 225 217%2247g 106 107% 105% 106% 105% 107 106% 108 10534 108% 107 10834 108% 113 1st preferred__________ 2d preferred___________ Assoc Merchant 1st pref. 62 « 77 35 85 86% 9338 943g 88%104% 109U113 136 136 107 107 44 53 105% 111 115% 116 65% 697S 127 128% $ per share 2434 30 75U 84% 6634 71% 97% 99% 24% 1834 22% 6638 5638 64 9638 11634 93% 9434 131% 132% 130 130 130 129 130 129 132% 54% 56% 58% 61% 60% 54 58 102 99 101 100 100 98 99 684 8% 6 8 7 7 7 28 28 21% 24 48 53 8678 90 5034 55% 110 1117g 139 141 89 108% 74% 68 44 427% 456 135 135 45 28% 29% 2234 15 40 50% 887a 887g 53% 57 111 112% 140 141% 107 131 72 76 108 1103g 28% 28% 15% 22% 40 49% ___ ____ 52% 57% 109% 112% 134 136 1007g 113 71 7434 109 109 437g 47% 40% 43 114 116% 131% 141% 132 139% 83% 104% 96 10334 10934 112 111 111 54 58 18% 2034 13% 2084 9734 93% 95% 85 50 50 73 87% 88% 73 112 118 113% 119% 59% 6O84 95% 95 220 23934 226 234% 106 109 108 110 95% 96% 89 93% 90 92% 131% 134% 135% 137 13238 137% 92% 102 108 109 55 55 13% 147g 89 91 45 45 6338 747g 113 116 56% 63% 93 9534 225 225 108 108 95% 95% 90 90% 139 139 28% 29 17 20% 4334 48 84 86 54% 58% 11034113% 134 138 100 107% 6978 75 108 111% 41% 44% 134 94 107 1417g 100 107% 13% 15% 8934 9178 45 45 66^4 79% 115% 118 52% 5934 93% 95% 216 250 108 108 95% 95% 90 92 137%139 537g 98% 51% 3% 21 65 51% 587g 37 97% 99% 94% 46 76% 39 3% 3% 3 28 70 75 65 49% 49% 49% 5778 99% 6734 3% 28 68 49% 72% 68 70% 67% 69% 66% 72 68 801? 1071? 104 127b 92 14734 71% 95 633a 701? 70 73% 60% 73 7634 93 79% 93% 7678 90% 52" 8134 104 106% 106 109 106% 108% 987g 108 150% 15638 153 165% 157% 167 *12713 167% 3i8 4 " 117% 117b 117% 120 118% 120 480 580 530 ‘650 ’ 601 700 489 649 13478 138 133 155 140 186 130 160 45 45 130 13234 132 133% 131%133 130 133% 65 73 61% 67 66 71% 72 76 95 99 100 99 100 99% 101% 95 7% 8 7% 10 7% 9 12 8 108 110 109% 112 108 112% 28" 29 16% 20 28% 29 16% 24 19 24S4 22 25% 21% 27 22 2934 45 52% 48 53% 50 56% 48% 63% 8378 8378 82 86% 847S 89 87% 89% 56% 74% 71 98 96% 123 75 113 112% 115 114 116% 115 117% 113 117 138 140% 140 143 150 150 148 152% 101 111 103% 107% 102 116 96 114% 70 73% 70 72 70 7334 6934 72 108 109 109 110 110 112% 113% 113% 30% 44 38% 49% 35 54% 30% 32 4334 47 46 48% 47 50% 4634 50% 110 113 113 126% 124% 12934 121% 130 1 2% 134 4% 13534 140% 137% 142% 135 140 12934 137 96 111 99 106 98% 106% 83% 1003g 110 112% 112 113 112% 114 112 113 6438 58% 68 56 14 17% 15% 19% 17% 28% 20% 2934 90 9234 90% 93 9178110 107 113% ___ _____ 50 50 50 50 ____ ____ 73 97% 78% 96% 82% 96% 50% 873g 116%122 118% 123 120% 124% 111 1247g 54% 66% 6078 76% 65% 76% 43 6934 9378 98 95% 100% 98 997g 9134 9938 235 26978 182 237 216%235 190 223 108 10878 109 110 109 109 10038 10038 97 97 90 9434 94 96% 9438 9634 97 9978 139 140% 140 148% 14838 149 147 148% 109 110 113 119 118% 121 118% 122 108 108 1117g 42 47% 41% 47% 24 4534 64% 47% 54% 42% 51% 41 4634 43% 4738 44 49 85 11934 85 90 69 98% 45% 7978 104% 104% 61% 66 62 67% 63 683g 67% 72 66 68% 6934 72% 64% 72% 58 61 58 65 45% 51% 41% 45 35 43 320 345 325 339 300 300 296 305 305 305 303 308 315 335 319 329 310 315 114 115 115%116 115% 115% 113% 113% 114% 114% 114% 116 115 116 116 11678 116% 117 159 168% 162 17434 165 174% 163% 17034 167% 172% 167 186% 174%187% 1787g 18534 160% 183 405 460 415 525 515 560 465 510 500 585 574 750 759 850 810 818 750 750 111 116% 113% 120% 112% 117% 108 116 113% 127% 124% 128% 123 128% 120 12578 117% 121 120 135 88% 93 68 73 49% 70% 72% 80 72% 7834 7234 79% 70% 76% 69% 74% 70 773g 71% 77 114 116% 114% 115% 1133S116% 1133g114 113% 114% 113 114 114 114% 1127S114% 110% 113% 7734 78 72% 78 7334 74 90% 72 82 76 96% 90% 96 95 193 100 175 71 91 95% 95% 101% 99 101 101 115 107 110 96 87 89 95 101% 91 843 S 98% 92% 98 95% 190 108% 140 87 80 87% 82 81 90 72 81 75 75 75 78 185 185 185 185 180 180 17934 19834 117 117 117 117 265 270 250 250 205 300 215 215 2434 14 11 13 11% 187g 15 27% 20% 28% 17 1734 12 15 19% 15 ,.19% 15 40% 5234 44 61 523 4 50 5934 37 527g 40 43% 42 38% 4934 47 ^5878 50 5934 * Ex-divl dend and rights. 106 42 227 MISCELLANEOUS STOCKS 1916—Continued. April November December March May * June September October January February 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 STOCKS Par $ per share $ per share $ per share S per share S per share S per share $ per share S per share $ per share $ per share .3 per share $ per share Int Harvester of N J__ ... 100 Preferred_________ .... 100 Int Harvester Corp_ ..... 100 Preferred____________ _ .100 Int Merc Marine ctfs dep. .100 Preferred ctfs dep-------- .100 100 Internat Nickel v t c____ ..25 .100 Preferred vot trust ctfsInternational Paper-------- .100 Preferred_____________ .100 Jewel Tea Inc____ -___... 100 Preferred _ ________ 100 Kayser & Co (Julius)____ -100 First preferred________ 100 Kelly-Springfield Tire.__ ..25 Preferred_____________ 100 Kings County Elec Lt & P- .100 Lackawanna Steel_______ .100 Laclede Gas (St Louis)__ .100 Lee Rubber & Tire_____ no par Liggett & Myers Tobacco. .100 Preferred_____________ .100 Loose-Wiles Biscuit tr ctfs .100 First preferred________ 100 Second preferred______ 100 P Lorillard______________ 100 Preferred___________ _ .100 Mackay Companies______ 100 Preferred________ ____ 100 Manhattan Beach........ 100 Manhattan Shirt_____ ... 100 Preferred_____________ 100 Maxwell Motor trust ctf__ .100 First preferred trust ctf. .100 Second preferred tr ctf. .100 May Department Stores__ .100 Preferred_____________ .100 Mexican Petroleum______ .100 Preferred_____________ .100 Moline Plow 1st pref_____ .100 Montana Power_________ 100 Preferred____ _________ .100 National Biscuit________ .100 Preferred_____________ 100 National Cloak & Suit___ .100 Preferred_____________ .100 Nat Enameling 8t Stamp.. .100 Preferred_____________ .100 National Lead___________ .100 Preferred_____________ .100 New York Air Brake_____ .100 New York Dock_________ .100 Preferred _____________ .100 Nor Amer Co new stock__ .100 Nova Scotia Steel & Coal.. .100 Ohio Cities Gas ______ -.25 Owens Bottle-Machine___ --25 100 Preferred _ _ _ _ _ _ Pabst Brewing pref............. 100 Pacific Mail Steamship__ ...5 . Rights Pacific Telep & Teleg____ 100 Preferred_____________ 100 Pan-Amer Petro & T pref. . .100 People’s Gas Lt & Coke__ .100 Pettibone-Mulliken______ ion First preferred________ 100 Philadelphia Co (Pittsb).. ..50 Pittsburgh Steel pref____ .100 Pressed Steel Car________ .100 Preferred_____________ 100 Pub Serv Corp of N J-- .. 100 Rights__ Pullman Company_______ 100 Railway Steel Spring____ .100 Preferred_____________ 10o Republic Iron & Steel.__ .100 Preferred_____________ .100 Rumely (M) Co ctfs of dep Preferred ctfs of dep__ Saxon Motor Car Corp’n.. .100 Sears Roebuck & Co_____ .100 Preferred_____________ .100 Sloss-Sheffield Steel & I.. .100 Preferred........................... .100 South Porto Rico Sugar.. .100 Preferred_____________ .100 Standard Milling________ .100 Rights__________ Preferred_____________ 100 Studebaker Corp (The)__ .100 Preferred_____________ .100 Stutz Motor Car of Amer.no var Texas Co (The)__________ -100 Rights_________ _____ Subscrip rects full paid Texas Pacific Land Trust. .100 Tobacco Products Corp__ .100 Preferred _____ __ Underwood Typewriter__ .100 Preferred_____________ .100 Union Bag & Paper_____ .100 Preferred_____________ .100 United Cigar Mfrs_______ 100 Preferred_____________ .100 United Cigar Stores.......... .100 Preferred_____________ .100 United Drug.. _________ 100 1st preferred__________ --50 2d preferred_____ . . . . .100 United Dry Goods Cos___ 100 Preferred_____________ 100 United Fruit____________ .100 Subscrip rects_________ U S Cast Iron Pipe & Fdry. .100 Preferred_____________ .100 U S Industrial Alcohol__ .100 Preferred_____________ .100 U S Realty & Improve’t__ .100 U S Reduction & Refining .100 Preferred_____________ .100 *Ex-dividend and rights. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1081J112 116 119,2 73 78 107 108 I6I2 23l2 7512 85U ]088411238 114 119 68I4 73,4 107 107 133S I8I4 64 8H4 IIOI4 114 117 117 70 84i4 1047g 105 21 29U 80 98 112 11934 11758 119,2 78 837g IO584 109 21l2 273g 853S IOO84 11212 11734 118 120 78,2 82 106,2 106,2 2178 2658 79l2 93,2 11314 116 118 118,2 78 79 108 108,2 24S4 443g 86,4 10434 114 118 118 120 7712 80 108 109 41 5078 1037g 12558 4578 50l2 109 109,4 10,2 115g 45 495g 81 96 108 113 82 82 4558 5058 106 108,2 10 113g 4512 49,2 84 937g 107 110 83 83 427g 48U 107 107 11,2 15 5658 6684 7714 82 104 10984 97 98 68I2 76ls 957g 97 128*4 12984 65 78s4 103,2 106 48,2 54 240 24818 119 121 1618 19 3958 45 105 106 143g 167g 6558 75 83 92,4 109 112 9734 98 118 118 69U 7934 96l2 965g 127 127 6984 79U 105 105,4 423s 473g 260 26934 12034 122 1634 1634 ___ __ 4058 5512 1063g 106,2 15,2 317g 7134 100 88 92 IIOI4 111 98 99 116,2116,2 78 85l4 985g 101 127 128,2 7584 90 104 10634 45 4934 270 294 I2I84 12212 14 15,2 78U 82 232 2397g 118’4 119 8H2 871g 67 6734 178 17g 66 67 66 67 62 65 11412115 113 114 79 89,2 69 8258 75,8 86I2 85,4 913g 83,2 88 85 8734 64S8 6078 5234 59 52,2 587S 60i 8 63 7 8 60 66’2 60 63 1073g 107,2 105 107,2 885g IO984 9412 104,8 9418 105 89,2 96,2 90 94 90 93,2 225 239 120 122,2 84 86 66,4 67 69,4 78 78 87 5084 58’2 64 65 105 105 89 113,2 93 9734 70 757g 97l2 97,2 12684 129 64 733g 105 1065g 4684 54U 240 250lg 119 121 20 2038 84 85 6234 62,2 195 220 118,2 119,2 79 86i8 67’8 68,2 1>4 1>4 62 67k 118 118 73 8934 8H2 91,4 54 60,4 527g 683g 104 109 9558112 94 9734 45 483g 107 108 1034 127S 483g 59,2 77,2 87,2 105 1087g 847g 100 11634 117 70 76i2 96 9634 127 127 65 73,8 104,2 106,2 47U 56,2 24834 251 119,8 120,2 .. ___ 84 86 59,2 59,2 218 224 119 119 81 84 67’2 6884 76 8H2 112 115 1187g 123U 125 125,2 75,g 79 108,2 1087g 1984 25»4 937g 96 60l2 6712 113,2 115 125 147,2 10 10,4 25 25 7034 6534 69l2 7712 8034 112 115 119,4 121,2 125 12958 71 79 106 108 22l2 25 94 95 64,2 69 lg 113,2 116 125,4 139,2 9,4 10 25 25 6784 697g IO884 IIU4 109 114,2 114 11514 118 11938 71 73 68’8 75 1047g 1047g 1488 18 1634 253g 6H4 75 70'2 91 rl97«4227i4 s45 65ig 42 49,2 1091211112 1O958111S4 110 110,4 10 12i4 958 11,2 912 123g 44,2 60-14 42i2 48 43 5058 67 8334 106 110,2 8484 84s4 8C4 85 85 85 HU4II234 114 114 69,2 767g 96,2 97i2 12812 130 129t2131 128,2130 7284 83S8 74 84 77 86 104,2 106 104,2 1077g 10312 106 49,4 53 48,2 527g 25984 265 252 260 24934 25584 119 120,2 120 121U 118 122 15 168g 20 21 1612 20 9Ha 9H2 85 90lg 78 8212 65 56 55 56 50 50 179U 185 185 19818 187,2 1983g 11512 11714 118 11858 H7I4 120 79 813g 79 80,2 80 91 67 6778 67 68,2 65,2 67 60 60 109 109 63,2 7534 86 93 4914 67 60ig 62 10214 104 99 12938 97 10558 55 55 109 109 6OI4 73I2 84 89 4384 5434 5Hg 55 102i2 105 941211238 98 100l2 74 7712 109 111 120,2 125 125 128 76 81l2 110121117s 23 2984 92 95 6534 7378 113 115 13914 15312 1478 15 70 75 112 114i2 120,8 123l2 128,8 129 75 76,2 IIII4II3 22l2 293g 94 97i2 6478 7214 112 115 138,2 152 10 1512 69 75 69 71 110 110 67,4 74,2 82 86,2 42,4 6778 5058 69,2 105 105 93,4 11584 95 10212 98 98 68,4 79l2 IIIS4I12 120i2125,4 125 126,2 72,s 76 IO8I4 110 23 28 95b 97 65l4 695g 113,4 114 137,2150 __ _ ___ 68 51 547g 1897g 197 119,2 120lg 78 80 6612 68 66 7212 953g 96 127 127 65 7314 105 IO6I4 41 4884 251,2 272 120,2 121 16 177g 821S 827g 59,2 5912 22212239 11812 118,2 81,2 827g 67,2 683S 8012 8712 115 116 120,2 124 124 126 74 78,2 108 IO984 22I2 25'4 87 937g 11012113 120 121l8 124 12784 74 7584 109l8 110 21,2 24U 947g 95 64 6834 62,2 6684 1131gll4 1133gll4 128 142 118 135 ___ _____ 9,4 9,2 91,2 94 116 116 118,2 I2O84 75 76lg 109 109,4 2178 257g 63 67 113 1167g 126 140 65l2 70,4 65,2 68,2 66 83 83 II84 1284 12l2 28 25l2 19 22 383s 44 36 93l2 9312 96 98 99 39U 34 95 99U 95 34 36 96 83 85 22,4 295g 221g 2684 22 29,4 19,2 80c. llg 90 32,4 36 39,4 34 36 33,8 35 33 96 97 97,2 95 10534 1117g 100i2 10778 52 52 60 65 9234 9234 4CH4 44^8 41 46 96 100i2 93,2 95,2 5314 65is 61 5934 10H8 1047g 100 103 116 116 116 117 103 106 1015g 1045g lOOlg 1037g 101 4334 65 90 90 3984 4414 93i2 98 49 58 lOPg 103 II6I4II8 3912 445g 977g 99,2 435g 64l2 100 103 117 125 40 417g 97 99 43 48U 100 101 124 132 38 407g 95,2 98,2 44 51,2 99,2 10012 126l2 132 164 17U2 3778 44 99 100 4814 6514 108 110 11 13U 24 26 162 167,4 38,s 44U 98 100 48i2 547g 108 111,2 12,2 13 161 163,2 38’s 44S8 9514 9934 4834 5434 108,2 112 14 14,2 24 24 160 163 32 4II4 955g 96 43,g 5238 107,4 109 1597g 166 37 44,2 95b 98 44 50 10758lHS4 178 188 1258s 1253g 6558 63l4 98l2 101 146 155 107 107 92 96 170,218, 12612 127 55 61 97 98 155 17384 106 110 9078 91 I68I4 177 12584 127U 53,4 6038 97i2 98,2 170 205 10912 113,2 86 97 1735g 18212 126 126 47 56 9H2 93 189 21912 116 116 93 96 178 188 126,2 126’2 51 57 95 95 205 225 117 118 95 103,2 102,2 101 102 19 101 190 235i2 193«4 216,2 189 208,2 1534 183g 100 101 100 105 101,2109,2 86 86 86 86 ill 111 110 lids 684 8I4 7 87g 83S 7 28 2984 28 3034 29,2 35 6H2 637g 109i2 110 fc9i8 984 ftllSg 117g 59,2 62 106 108 k9 10 *1H2 117g 59l8 64 108 109,2 1:914 9l2 S117g 12 31 95 37 96,g 103 I84 6134 6134 6384 6334 67 68 68 77 11314 113,4 81 99 83,2 95,2 71*2 86 44 76 83,4 88,2 86 88 8034 86 65 82l2 52■’’8 5938 54,2 58U 48 55 32 50^2 627g 6934 64l2 72 60,g 68 61 63 103 106 106 10778 106 1 075g 10112 116,2 105 1137g 10438114 89 1097g 935g 95,2 96 98 95 96 9414 99U 95 95 895g 95,2 9212 99 97 IIOI4 955g 1147g 114,2117 117 117 116,2 117,4 115,4 115,4 118 123 121 130,2 12012 125,4 120 127 125,2 128 127 128,2 127 128,4 125U 126,2 76 847g 82,g 84,2 82 84,2 77,2 84 109 110,2 1097g 112i2 111 IIH2 11034 112,2 237g 313g 2512 30,2 27,2 36 24 36,2 95 96 96 100,2 90,s 997g 95 96 64,2 745g 6634 735s 66,2 70,4 57 70 11334 1163g 113 117,g 1127gll5 111,4 H23g 134 152U 152 16234 157,2 186 132l2 17584 1434 1434 1434 24,4 15 2034 1284 16 35 35 32 6OI4 47 50 66 69,2 67,2 7134 69 71i2 69 757g 142 156 105 149 75 855g 82 107 9312 124U 77,2 80 84S4 96 9334 9878 95 105 83 84 116 117 118 118 117 117 92 92 92,4 92,4 82,4 82,4 2578 30,2 23,2 27U 2434 277g 1734 29 96,2 9834 3414 41,2 35 38 34 38 965g 965g 97 97,2 98 98 97,2 100 101,211138 108,2 118 108,2 1133g 96 32 97,2 96l4 1035g 96'4 37 97,2 101,2 109,2 38,8 41 96 9858 42,2 50,4 97 100,2 130 131 3834 40,2 98,2 lOOU 473g 55,2 9812 1013s 130 131,2 16218 1647g 4058 47,2 9638 98 42 49,2 10678 11178 85 85 40 43,2 40 4758 40 48 104 106 103 105 10034 104 60 74 72 88,4 69,4 85,4 104 106 104 108 102 1 073g 130 132 131,4 134,4 129 134 5,2 6 161 163 160 168 164,4 177 167l2 17634 1661g 170 I6H2 166,2 40Sg 45,2 43 5034 44U 56,2 50 577g 53,4 6134 46 60>2 9712 1007g lOOlg 102 100 102,4 IOOI4 103,4 99 102 97 97 82lg 77,2 93 6934 90,g 4558 55,8 52,g 8384 60 42 48 107,211058 109,4 114 10938 116,2 110 114 114,4 117 101 116,8 180 186,4 125 126,2 46’2 55 9634 9634 210 240 11934 120 95 101 185 202 126U 12714 37 47,2 953g 953S 179 190 116,2 117 97 99 19884 212,2 126 126,2 42,4 50,2 95 96 179 185 114 116 905g 92 5g 86 873g 8612 87l4 8512 89 1417g 167 135 15634 133 151 110 1135s 110 113 111 114 68 ll2 11558119,8 11634 12678 118 125 120 122 120 12 llg 120 123,2 71 80,2 78,2 87 79 90i4 110 110 111 112 11258 11434 34l2 46l2 39 4834 44 48,2 104 12234 113,2 12258 1138311884 22 475g 8284 11914 47,2 553g 45 52l8 387g 49 1061s 106 7 8 IO6I4 107 106,8 108,g 2884 64 6O84 75,2 39 677g 9334 107U 102 107,4 98,g 109l2 85 9H2 85 9U4 74 85 107 11034 110 110l2 109 111 97 98l2 9734 9734 98 115 116 116 74l2 8234 75 787g 56 75,2 98 99i2 98,2 99 97,2 97l2 128,2 1291^ 12112 I27S4 I2H4 122,2 82 90 87 107 73,2 105,8 106 109,2 10812 II884 100 116,2 39 46l2 37 43,g 25,g 377g 285 300 290,4 305 277,2 2897g 122U 1237g 12238 124 120 126l2 153g 34 19 27 21 25,2 817g 88 85 87 89 89,2 45 45 60 65 222 237 2225g 230 225 235 119,2 121,2 119,2 121 120 121l2 85 86l2 85 87 8234 85 66 67 65 67 647g 66 38 43 98 104,s 52,2 6914 100 104,2 13034 137 77 8434 2065g216 125 126 49,2 65 96 98l2 178 205 115 115 9484 9984 777g 81 75 81 637S 78,4 211,4 225 223 233 2181s 232,2 1263g 12684 126 126l2 126l2 127,2 5434 66,4 62 93,4 50,4 85 96 98l2 98’4 103l2 100 100 205 225 21712224 170 215 117,2 117,2 116 120 115 115 97 107,2 102,2 IO6I4 97 103,2 34 92 94,4 9012 90,2 90,4 90,4 86 89 86,4 94 88 94 87,4 87l2 85 87l2 8812 93 1211g 146is 121 1465g 13412 1443g 120i2 13734 121 13234 119,4 134,2 12734 138,2 120 131 lOOlg 12134 109 112,4 109 IIH2 110 111 109 109,4 109 11034 IO8I4 110l2 10934 112 109,2 112 110 110 68 79,2 63l2 71 63 68 48,2 64,2 180 200 180,2196U 177U196 185 196 187 19834 192,2 228 217 232 *204,224112 194 237l2 1738 1834 25,2 27 235S 3314 el93/2053g /187 190 Z181 189 18684 193 122 122 115 116 120 120 130 130 144 158 155 155 4584 47 45,2 563g 52 59lg 5212 55,4 5212 6OI4 103 103,2 103 103 IOOI4 105 99 104 IOII4 105 10258 106,2 105 105 102 104 100 103,2 8984 96 94 106 103 103«4 97U 100 98 102 100 109,4 108 110 105 110 103 107U 117 117 120 120 ___ ___ 113 113 117 11734 11512 116 117 118 57g 85s 18,2 1314 16,g 11 15 Sl2 73g 4,4 6,4 5 5,8 63g 6,2 8>2 784 11 30 33,8 32 397g 40 48i8 46,2 59 5512 75,2 73 92 80 82,2 28 32,2 30 33 87l2 104,2 101 129 90 116 60 62 47l2 52 49 60,2 46 49,2 47 477g 42 48 58 61 5612 585g 52 57 107 78 108 10634 108 108 108 110i 2 lll 109 109 108 108 108,8 HO 108,8 109 108 1081s r90 9478 9034 97,2 93 98s4 93 99 98 10584 9812 105,2 9934 1045g 98,g 101 95 IOOI4 ril5 115 117 118,2 116 116 117 117 119 120 118 119 119 119 119,2 120 119,4 119,4 75 80 72 77 5212 5312 52l2 5358 94 95,2 91 92l2 297g 30 2012 2034 2212 25 70 7H2 63 687g 63 63 136,2 14912 136S8 150,2 13914 1487g 144 15034 dl41 141 <1141 141U Z147el48 15l8 25 163g 20,2 16,2 26,2 167g 22,4 49 54,4 50,4 52 49 51U 48,2 50 12634 169 142l2 163,2 14212 I6H2 137 170l2 107 114 106 108 102 106 10234110 3S34 49 39 40 44U 4834 3834 43,2 112 37g 134 3l8 158 212 l’s 17g 134 3 1 4 1,2 214 112 134 5Ex-rights. d 1st paid. e Second p aid. J Full 14684 16434 155 169,2 150 16234 157 1687g 161 19,8 23,g 50 50 145 162 104 106,2 40 40 1’8 , 1,2 H4 lBg paid, ft P 19,2 24,2 50 643g 130,2 162,2 104,2 10612 25 35,4 1 134 1 17g ar value $ 1812 22lg 52 5434 97 13334 99,2 1005g 27,g 31 1 P4 1 1 10 per eha 19,8 22lg 525s 53,2 104 1177g 10312 103,2 287g 29 llg 23g 84 2,4 re. r Par 16734 157 164,2 159 164,g 140 16338 19,2 27 525g 57 10884 133 103 105 27 30 13s 3lg 1>2 3lg value $10 2212 28 25 28,g 19 28,3 5534 637g 627g 67i2 597g 66 117 14834 13U2 148U 94l2 138U 100 104 104 105 103is 106 30 34 28 31,2 25 39 1»8 234 134 2,2 ,2 214 158 3l2 ,2 3,2 15s 3 0 per shar e. s Par value $25. RAILROAD AND MISCELLANEOUS STOCKS. 228 1916—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 STOCKS Par U S Rubber............................... 100 First preferred...._ ....100 U S Smelt Ref & Mg.................50 Preferred ...______ ....___ 50 United States Steel.._____100 Preferred_______ 100 Utah Securities v t c...___ 100 Virginia-Carolina Chem__ 100 Preferred______ ...___ ...100 Vulcan Detlnnlng_______ __ 100 Preferred___________ 100 Western Union Telegraph.100 Westinghouse Air Brake.__ 50 Wes’h’se El & Mfg assent__ 50 First preferred________ ...50 Weynian-Brutoa___________ 100 Preferred________________ 100 White Motor (new)__________ 50 Willys-Overland, com______100 Common__________________ 25 Preferred____ ___________ 100 New preferred____....___ 100 Rights______________________ Woolworth (F W)_________ 100 Preferred________________ 100 Worthington Pump&Mvtc. 100 Preferred Avtc_________ 100 Preferred B v t c 100 $ per share $ per share ■S per share 49 58*2 49 53% 4734 54% 107 110 106% 107*2 106% 111 673g 6984 51% 53 78% 89 805s 85% 7934 87>4 115% U73g 115*2118*2 115% 117*2 19 20*2 18 20*4 17 18% 42 4734 45*4 51 43l2 49 109 112 109 110i2 109% 111*4 7 7 9 9*2 25 25 8734 89% 87 91% 87*2 92 139 139 63* 69% 62% 68% 60% 71% 75 78 76 78 76% 79 225 225 111 115 119*4 235 S per share $ per share $ per share 5 per share 5 per share $ per share $ per share $ per share ,$ per share 50 543g 1063g 112 65 78 51 53% 80 86 116 U73g 16% 19 4534 36 108 10934 51% 57U 108 110 66% 78% 51% 52% 80% 86l2 115 117% 16% 17% 3934 44% 108% 109 25 25 90 96% 139 139 53% 66% 55% 64% 70 75 70 73% 88I4 92 114% 114% 118% 118% 200*4 232% 206 239*2 211*2243 52 67% 108*2110*8 62*2 8034 50 52 82% 873g 11634 118*8 16*4 20 38 44% 108 1093g 7% 7% 20 25 52% 5938 108% 111*4 66% 73% 50 51% 86 99% 116*4118% 1634 173g 38*s 4334 109 111 51 54% 107% 11038 66 73*4 50 5034 83*g 87*4 116*4 118*8 1634 18% 37 41% 108 110 7*8 7*8 56 63% 111 115 70*4 79 50% 53 95 120% 117%122 17 20 40 453g 110*2113% 8 10*2 20*2 26*2 9234 9634 9434 102% 92*2 96*8 92% 95 139% 143 56% 633g 5234 593g 56 62 5734 65% 73*2 74 70 70*8 73% 74% 281 281 116% 116% 115 115 225 276% 271*2 325 69 74 57% 62% 59 68*4 55*2 70% 110*4 114*4 110 113% 109% 115*4 70*2 77*4 71 77*2 81*2 57 5034 52*2 5034 5134 50*4 52% 108 12134 1183S 12934 100% 127% 119 122 121 123 117 122*4 273S 17*4 19% 18*s 263g 21 41% 47% 43% 51 38*4 50*4 110*8112 112 114*4 111 114*2 99 11534 11534 54% 593g 53% 56*2 45 57*4 76*4 44% 58% 43% 48*2 42 U034112U 103 106 102 106 102*2104% 104 109*4 106% 117 105 104 109 118 122*2 119 125*2 119 123 122% 12834 125% 139% 134*g 139 134% 137*2 123*2124% 124% 124*2 124% 124*2 124 12434 124 125 | 123 125*2 124*4 124*4 25 27*2 95 97*2 £2% 52% 106 48*2 3634 43*4 34 102*2104 103*4 105 135 138 125 125 26 32*2 96*2 98*2 52% 60% 105*: 100% 10434 94*8 103% 59*2 67*i 62*2 6734 51*4 64*4 7334 74 75 75*4 71 75 97*2 104 94 5434 38% 99*2 *8 2*4 13534 13934 138*2 14134 137*2 141% 136 140 124 125 12434 125% 125% 126 124 125 30% 363g 31*4 35% 31% 34% 28*8 35% 97 100 97% 100 95*8 98 97 . 99 59% 68*2 58*2 63 55% 62 55*4 62*4 1917. 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 STOCKS Albany & Susquehanna._ 100 American Cities Co pref__ .100 Atchison Top & Santa Fe. .100 Preferred.......... ......... .100 Atlanta Birm & Atlan___ .100 Atlantic Coast Line RR.. .100 Baltimore & Ohio________ .190 Preferred______________ .100 Brooklyn Rapid Transit.. .100 Buffalo Roch & Pittsb___ 100 Preferred ______________ 100 Canadian Pacific_________ .100 Canada Southern 100 Carolina Clinch & Ohio__ .100 Preferred________ .100 Central of New Jersey____ 100 Chesapeake & Ohio_______ .100 Chicago & Alton RR______ .100 Preferred______________ 100 Chicago & East Ills pref__ .100 Preferred trust rects .100 Tr rects for St L & S F Chicago Great Western__ .100 Preferred______________ .100 Chicago Milw & St Paul__ .100 Preferred______________ .100 Chicago & North Western. .100 Preferred______________ .100 Rights________ Chic Rock I & Pacific (new) 7 % nreferred Chic Rock Isl & Pacific 100 Trust receints Trust receipts full paid Chicago St Paul M A- O J00 .100 Preferred Cleve Cin Chic & St Louis. .100 Preferred 100 Cleveland & Pittsburgh 50 Special guaranteed 50 Colorado & Southern_____ 100 First preferred_________ .100 Second preferred 100 Cripple Creek Central 100 Delaware & Hudson______ 100 Del Lack & Western______ 100 Denver & Rio Grande_____ .100 Preferred______________ .100 Detroit & Mackinac pref 100 Detroit United Rv 100 Duluth S S A Atlantic .100 Preferred______________ .100 Erie______________________ -100 First preferred.................. .100 Second preferred_______ .100 Great Northern preferred. .100 Iron Ore Properties__ no par S per share $ per share $ per share S per share S per share S per share S per share S per share 8 per share S per share S per share 8 per share 180 180 20 20 104 107*2 100% 103% 100% 10534 101*4 105*4 98*2 103 100 10234 99% 101% 98 100*8 95 98% 90*4 9734 82 88 90*8 75 95% 98*2 96 96*4 94*2 96 95 89 98*2 100 98 89*2 93*2 82 98% 100*2 98*4 9934 98 99*4 96*2 98 75 85*3 163S 15*2 15*2 14% 14*2 12 1334 16*4 13% 15*8 14 15*2 17*2 14% 16% 15 16 13*2 10 11*2 83.1 9*2 8*4 9 94% 99% 79% 95 116 119 110*2 114% 111*8 115*2 113*8 115 108 114 108% 113*2 107% 111*2 108*4 111 108 109 100 107 7534 79*2 67% 76»4 70*2 753g 68*2 7334 67% 70 64 74 80% 85 68% 5334 6434 4534 54*2 38% 57 77% 74*8 82 60 59 62% 48% 58 74*8 72 73% 70 67 75 76% 73 69*2 66% 68 73*s 68% 71*4 69% 70% 68*4 7034 68 62 4734 49*2 60*2 40*4 50 36 63% 58*2 63 75*4 82 65% 7534 65*2 69% 633S 68*2 54 56*2 60*2 58% 62% 58 72 72 95*2 95*2 94% 94% 90 91 85 85 85 85 80 80 115 156 165 148*2 15834 14934 16738 5558 56b 55 55*8 54 54b 25 26 25 25 50 50 300 300 2991s 302 62% 6534 66% 6OS4 57% 62% 16 19*2 15% 17 17% 21 25 26% 11 11 12 12 12 12 12*2 12 9*4 11 11s 157*8 165*4 155*4 164 5434 56 25% 25b 23 25 50 ' 50 57% 61*4 55 16*2 16*2 23*4 2334 23 6 ' 8 6 7*8 9 10 13 11 12 10 10*2 12*2 11 32% 38 33 33 37 35% 29 79*4 86 78*2 87 79% 83% 69% 117*2 12484 117 120 117 120 111*4 115% 121 113 119% 113 116% 108*4 172 172*2 166*2 166*4 160 160 153 1% 1% 1*2 1% 35*g 37 30 80% 84*4 75*2 68 " 71 65 26 30b 3434 2534 27b 26 20% 27 29% 34% 25% 29*8 261« 281s 27 (2365s (2417s (2391x <49 <38 13 13 13 14*8 38*2 41*4 92 87 124% 125*2 120 . 124% 170 170 111 11234 1347o 1247o 50 51 78*4 80 27 56 105 107 107 130 130 130 40 48 40 70 75 71*8 82*4 82*4 20 30 57*2 55 107 130 130 46*2 42 77 73*2 80*8 50 ~ 25% 25 28% 24 54% 57% 54*8 55 42 46 34 as 1498a 1517s 138*4 149*2 234 236 22734 233 12% 17 11*2 14 22 32 41 31*2 120 120b 5 534 10 11 3434 30*4 45% 49% 3934 37 114*4118*4 347S 38 130 45 73b 80b 50 27 55% 7*2 5 62% 58% 62 16 16 16 11734 4b s 1134 10 25*8 31*2 38*4 43*2 31 35*2 112*4 116 3334 31% 38*8 5 11*2 29*4 44 34 116 12*2 11 3234 36 71 78 109 113% 110 111% 145 149% 10% 11*2 32 34*2 65*2 74*8 108 111 108 110 144% 145% ion Lake Erie & Western______ 100 Preferred__________ ____ .100 Lehigh Valley____________ -.50 ..50 22% 46*4 7634 34 25*4 17 5384 40 79% 70*4 47b 22 45 75*2 4119 Louisville & Nashville.__ .100 128*4 13334 122% 127% Manhattan Railway______ .100 129 129*2 127*2 128*2 inn 128 128 Michigan Central__ _ ____ _ 100 Mlnneap & St Louis (new). .100 24 26 32% 23 Minn StP&SSM................ .100 115 119 105 113*2 Preferred _100 Missouri Kansas & Texas. .100 7 8 7*2 11 Preferred______________ .100 18 17 20*2 14 d 1st paid. e 2d paid. -— http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 10 1034 29 33*2 65% 71% 106*2111*2 106 10934 144 145 37 40*2 37 70*8 70*8 70 101 106 100 41 70 139% 73g 9% 21 27*4 44% 56*8 86*2 99% 98 105 140*2 145 6b 1934 35 73*4 93% 141 3% 4 6 9 23% 2534 35% 39 2934 28 101*4 106*2 30% 34*2 10134 10134 104% 102*8 10$ 102 104 82 41*4 34 71*4 66 87*2 82 24 34 34% 26 66 61*4 63*2 6 8% 17*2 25 49 35 62*2 81 85 95 137*2 140 82 70 26*2 25 70 30*2 18 21*2 18*2 23*2 44% 46*4 45 50 46 46 33 92 2 5*2 13*2 20 15% 87*2 22*8 12 35 10334 103 103 99 104% 101 102% 97*4 101*2 93 110 6*8 8 1934 22% 30 32*2 2234 2434 101%105 32 36 16 16 21% 25% 31% 37*2 24 29 10334 10734 323g 3634 1434 17*2 40 40 97 100 100 101 100% 103% 99 110 3*2 5*4 15*4 24 18 97 2534 13 110 3% 6 21% 31*4 22% 103 34*2 13 9934 90 109 192% 167*2 190 6 5 6 15 9% 14*2 95 3*8 5*2 16 24*2 18*4 97*4 28*s 12% 35 99 104% 98*4 90 2 5 13*8 183.1 15*8 79*4 22% 9 28 90 5b 6% 17*2 29 2234 92 27*2 12 35 8534 96 60 60 8% 10*2 83S 9*4 6% 9*8 6*8 7% 534 8% 53 57% 50*4 54*2 44*2 53*2 4134 47*2 39*2 4534 21 22% 19 53% 54 52 4*2 12*4 25 30*4 26*2 61 64 59 123 115 8 22 47 87*2 97% 143 24 28% 18% 26% 16*2 19% 16 35 25b 63 48 53*2 44 63*2 733s 60*2 65*2 53 50 59% 51 54% 46 52*2 39*8 46 35*4 59 18*2 I884 110 9 9 24% 27% 36*4 40*4 28*2 30*4 106 108*2 31*4 35% 231 220 220 48% 42 51% 10 13 8 4% 106 116% 109 114*2 9934 11334 95 105*2 95% 102% 87 209 210 21234 21234 198 210*4 195 196*2 1921? 196 180 8% 6*2 8*8 6 7 9 9 7 7*8 9*2 8 12 14% 17 19*2 15 16*2 1234 16*2 13% 16*2 12 4% 4% 3*4 3*4 4*2 5 2034 23 18% 23% 21% 23% 54 55 56 55 54*2 52 434 4*4 1934 17*4 15*4 18*2 17*4 18% 34 34 30 35 40 36 62 62 66*2 69 57*4 64 44 417g 40 39 43 39 4334 4n3,< 39 41b 40 40 131*4 128 119 131*8 124 128 123*8 123 116*2 121% 115 115*4 120 21% 24*2 22*4 109 115 110 127 83g 7 9*4 14*2 17% 16 50 50 236 240 231 4734 56% 42 8 10 8 26*2 20*4 27 25% 27% 25 20*8 24*2 21*4 24 54% 55 54% 50 46 46 55 55 53 50 41 46 46 42*2 62b 62b 67b 67b 12% 13*2 9*2 13 8*4 10*2 9 “ 10*2 8% 10 64 50*4 60*8 53% 59*4 52*2 57 67*2 55% 66 117*9 120 151*2 130’s 137% 126 51 51 26*4 35% 40% 34 72 70 67 671j fi7b 3 5 21% 2434 54*4 5734 5 s 18*2 21% 44 40 66*8 72*2 397g 4.3b 42 b 425g 125 131 127% 127*2 12634 12634 9*4 10 26% 30% 54*2 66*2 99% 106 103 107 144*4 144% <45% <43 <46*2 64*2 69*2 63% 67% 100 100 100 " 118% 140% 106b 122 229*2 230 210 224 13 5*2 12% 15 32 12% 31 35 8934 8934 114 118b 112 " 112 ’ 4b 9 8 9% 9 22% 2738 26*2 30 38*2 42% 34*2 413g 31 34*2 26*2 31*2 109*2 114% 103% 109% 30 35 29*2 36% 101 ms ins 100*8 106*4 103 58 11 4 Gulf Mobile A Nor stir tr rtf 1 Oft Preferred 100 Havana E2oc L & P 100 9913 991g .100 IftS IOS W Preferred Illinois Central___________ .100 10484 106*8 100 104*2 Leased line inn 78b 78b RR Securities set A 75 75 Interboro Consol v t c..no par 1434 17*8 1134 74% Preferred______________ .100 66*4 72% 61 67*2 Interb-Met vot tr ctfs ion 147g 1478 12b 12b Iowa Central.......................... .100 6*4 6*4 4 4 Kansas City Southern.__ .100 24 24 25% 21 Preferred______________ .100 56% 58*2 53*2 57*4 57% 61% 55 11*2 11*2 11 22 22 5 35*2 33*4 38*2 33% 38 77*4 79% 71*2 78*4 81 65 68 71 58*8 69% 25*8 22 27 50*2 55 44 44 132 22*2 22*2 61*4 59 15 23 10 12 34% 81*2 116 11334 153 157% 162% 147% 158 33 1393s 144 229 238 12*2 14% 28% 36*4 11434 11434 114 4b 9 25 3784 30 111% 27*4 100 158*2 162% 157*2 166 2234 17«4 19% 15 18*4 13*2 18*2 15% 20 40 48% 44 50*2 53 50 51*2 4934 52 12% 13 13 10 8*2 10 16 8*2 12 2434 23 ------ 15 25% 27 15 28 64*8 5834 62% 55*2 60*2 50*2 5534 50*8 59 35 35 128% 121*4 125% 113*2 124*2 115*2120*2 112% 119*2 103 116 115 113 115*2 108 108 101 13734 97 100*4 93*4 100 100 100 100 100 80 100 100 113*2 110 115 110 110 1434 19 17 15*4 9*2 13*2 9*8 10% 6% 19 17*4 11 19*2 15*2 17*4 14 10;- 102 108 10434 107% 99 104 101% 10434 96 1023g 8434 98% 78% 95% 75% 1205s 120 126 119 L20 114 117 117 117 534 6b 5*2 638 43S 5*2 433 5% 4 4*4 3*2 634 5 7% 7*4 6 8 7 11*8 9 7% 9*2 7 13 10 10*4 13 10 11*2 13*2 11*2 13 80 10*4 88 6*2 *0*4 RAILROAD AND MISCELLANEOUS STOCKS 229 E917—Continued. November December June April May August September October January February March 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 Missouri Pacific___________ 100 Certificates of deposit__ Certfs of dep 1st paid___ Certfs of dep full paid__ Missouri Pacific RR tr ctfs.100 Preferred trust ctfs______ IOC Monongahela Val Trac______ 25 Morris & Essex______________50 Nashv Chatt & St Louis.___ 100 Nat Rys of Mex pref________ 100 Second preferred________ 108 New Orleans Tex & Mex v t cl00 N Y Central................................ 190 Rights___________________ N Y Chicago & St Louis____ 109 Second preferred________ 109 N Y Lack & Western_______ 100 N YNH& Hartford............ .100 N Y Ontario & Western__ .100 Norfolk Southern________ .100 Norfolk & Western_______ .100 Preferred______________ .100 Northern Centra! 50 Northern Pacific_________ .100 Pennsylvania____________ ..50 Peoria & Eastern__ 100 Pere Marquette v t r______ .100 Prior preferred v t r 100 Preferred v t r______ 100 Pitts Cin Chic & St Louis. .100 Preferred _ 100 Pitts Ft Wavne Chicago 100 Pitts & West Virginia__ 100 Preferred______________ 100 Reading Company________ ..50 First preferred_________ ..50 Second preferred_______ ..50 Rutland preferred 100 St Louis-S F stk tr ctfs___ .100 Preferred stk tr ctfs ser A 108 St Louis Southwestern__ .100 Preferred______________ .100 Seaboard Air Line________ .100 Preferred______________ .100 Southern Pacific Co______ .100 Certificates of interest. _ Southern Railway________ .100 Preferred ................ ............. .100 Texas & Pacific...................... .100 Third Avenue____________ .100 5 per share 5 per share S per sahre 5 per share § per share 13b 16b 10b 10S4 lib 12b lib 834 4b 634 11 1358 12b 7U 4 13 16b 10b 14 .100 .100 .100 .100 COAL AND MINING Alaska Gold Mines________ ..10 Alaska Juneau Gold Mg .. ..10 American Coal of Allegany __25 Amer Zinc Lead & Smelting.25 Preferred______________ ..25 Anaconda Copper________ ..50 Batopilas Mining_________ ..20 Burns Bros______________ .100 Preferred______________ 100 Butte & Superior Corp.__ ..10 Calumet & Arizona __10 Cerro de Pasco Copper_.no par Chile Copper_____________ . .25 Chino Copper____________ ...5 Colorado Fuel & Iron.__ _ 108 Preferred__________ .___ 100 Cons Interstate Callahan. ..10 Consolidation Coal of Md .100 Dome Mines Ltd (The)___ ..10 Elk Horn Coal Corpn____ ..50 Preferred____ __ ________ _50 Federal Mining & Smelting .100 Preferred______________ .100 Granby Cons MS&P_____ .100 Greene Cananea Copper.. .10c Homestake Mining_______ .100 Inspiration Consol Copper ..20 Kennecott Copper______no par Miami Copper.. _________ ...5 Nevada Consol Copper.__ ...5 Ontario Silver Mining____ .100 Pittsburgh Coal of N J___ 100 Certificates of Deposit. _ .100 Preferred______________ 190 Pref certfs of deposit___ 100 Pittsburgh Coal (of Pa)__ .100 Preferred___ __ _______ 100 Pond Creek Coal_________ ._10 Quicksilver Mining_______ .100 Preferred______________ .100 Ray Consolidated Copper. ..10 Shattuck Arizona Copper. ..10 Tennessee Copper_______ ..25 Utah Copper_____ _______ ..10 Virginia Iron Coal & Coke. .100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis per share S per share $ per share 8 per share. S per share $ per share $ pel' 'hare 19 3058 34 58 61 27 53 58b 313S 28b 3134 27 3034 2334 28b 57 51 58 57b 59b 5134 57b 83 83 15 15 6 7 57s 57(j 412 412 18 18 20b 17 2038 22 98b 9234 100 100 1035s 91 lg lg 3458 38b U4* 114" 30 57 34 57 39b 5278 26b 29b 28b 28b 132b 138b 87 89b 3684 46 22b 26 25 26b 127b 131b 867s 89b 10638 56b 11 30b 70 55 80 101 537s 97g 27 6734 107 56 9b 29b 70b 74 87 81 87 IIOI4 573S 12 3634 7312 57 82 i fifth 1 finb 971410414 43b 45 443g 45b 33 35 2284 263s 42 35 27 32b 50b 53 16l2 18 37 39b 95b 98b 88b 4234 42 33 19«4 35 25 14 32l4 90 293s 333g 27b 68 70b 58 1934 14*4 17 4412 4834 36 7 10b 8b .100 15b 18b 15 Twin City Rapid Transit.. .100 9314 95 93 Preferred______________ 108 125 125 Union Pacific____________ .100 1413s 149l8 131 82 Preferred______________ .100 83 85 United Rys Investment__ .100 884 113fj 6b 2334 18 Preferred______________ .100 20 Wabash (Reorg Co)________ .100 14b 1534 IPs Preferred A____ _______ .100 53 58 46b Preferred H ___________ .100 28b 30b 243s Western Maryland Ry.__ 188 25 2884 22 3984 Preferred______________ 100 41 42 Western Maryland {new).. .100 2d preferred 100 Western Pacific 100 Preferred__ __________ _ 100 227g 14U Wheeling & L Erie (new)__ .100 20 Preferred . .. _________ .100 48 50s8 3834 1st pref rects full paid__ 30 Wisconsin Central________ .100 50b 5414 45b EXPRESS Adams____________________ American________________ Uniied States____________ Weils Fargo______________ S 42 b 22 25b 126b 85 47b 257g 25b 134b 86b 10212 10734 53b 55b 10 1034 26 29b 68b 68b 75 76 15 94 92 139b 84S4 9b 2034 14 51b 27b 25b 41S4 133b 81 8 20 117S 47b 24b 21 39b 145b 82b 107S 22b 13b 52b 27 24 41 8I4 678 36 35 677s 80b lb 89 1097« 4534 8b 7b 37 39 69 81b 2 1»S 97 12034 115 115 38b 49 24 52 44 41 24b 5634 48b 7 67g 35b 65b 777g lb 115 4434 81 37b 2138 54b 4434 111 17b 97g 8b 2 25b 25 14 99 50b 2b ___ 28b 28 16b nib 58 Il’S 39 75b 4034 131 48 40 34 20b 6 35 1071s 2 4b 23 22b 13 97 46 15b 45 8734 45 131 58b 45b 39b 2538 7b 15 21 437g 40 84 89b 41 46 128b 128b 5584 63b 44b 4734 38 42b 2334 26b 5b 6b 4734 43 1111a 3 4b 27b 28 16b 112b 57b 35 2212 24b 121b 82 38 2334 24b 124b 8234 34i2 6414 98 40 b 4258 25 62 84b 39b 3958 34ls 67b 95b 40b 41 16 28 28 46 12 25b 8884 18b 30b 29 48b 14b 30 95b 1634 186s 16b 1858 28 30 29 30 29 32 32 30 47b 47b 125g 14b 12 13b 28 27b 31 29 92b 955s 9034 945s 14 27b 30 43b 10b 26 91b 17b 29 3134 45 1234 28b 95b 23 515s 13b 17b 4 2834 585g 16b 29 31 61b 92b 40b 4258 13934 80 8 17 125s 49 2584 134 78b 6b 15 12 47l2 25 139b 80 8b 18 13 52b 276s 23 38*4 15*1 44 173s 37b 17b 37b 12b 39b 13 32 213s 38 18b 47 16b 36b 193s 3734 1534 45b 13b 32 22b 39841 17*2 47 1634 353s 52 46b 52’s 51 13234 137b 7988 80 7 10b 16 22 lib 1234 48 50 25b 27b 19 35 1512 45 15b 33 51b 45 112 110 110 115b ____ 18" 18 20 1023g 97b 99b 110 100 18b 94 110 100 19 97b 110 90 18 90b 688 6b 40 29 65b 74«4 lb 96 116 41b 76 3334 6 7 4b 6i2 48 48 28 36b 63 66 75ss 87 1 138 93b 99b 117 117 4084 4734 76b 84b 32b 38b 2038 24b 5134 603s 45 553g 5 4b 42 30 62 80b b 98 6i2 5b 42 35 64 86b lb 104b 5 3b 22 60 74b 1 98 40b 80 35b 21 5434 50 4634 82 37b 22 b 61b 58 36 76b 34 1958 515s 4738 18 14 42 86b 4334 127 62b 46b 43b 24b 55g 658 lib 38b 78 40 115 52 b 41b 40b 2134 16 17 16b 18b 1534 953 12b 11 3034 37 34 38b 45b 17 " 24 lib 24 37b 49b 43 49b 85 87 78 88 4534 455s 40 41 107b H5 107 107 535s 65b 6138 66b 43b 50b 44 49b 37b 41b 40b 413S 2258 26b 23b 2638 5b 6b 5b 638 134 2 28 b 24b 15b 107 64 2b 25s 32b 27b 1734 17b 73b 111 16b 76 24 57b 77b 38b 38b 2834 23 29 6?1s 55b 60b 68b 83 87 38b 35 38b 3934 35 37 14 30 28 43b 10b 2534 89b 16b 31 30 44 12 27b 9334 15b 24 27 39 8b 19b 8434 58 IlfiSj 116b lift 1 2 lb 23s 2 2 lb lb 313s 28b 31b 28 245s 28b 26b 27b 15 17b 16b 19b 111 11834 107b118 73 66b 74 61 2H2 35 *” 18 48 17 35b 126b 76b 7 15b 9b 46 24 132 78b 10 20 1034 48b 25b 20b 16is 25 16!l 15 4618 42i2 15b 1P4 2334 33 183g 31 1.534 45 1338 29 49b 40 4634 37 130b 138b 78 80b 7b 9 16 19b 10 lib 47b 50 25 27 17 15i2 45 13b 29 505s 49 83 45 4b 13 45 37b 60 92 49 b 4b 15b 50 37b 60 75 89b 40b 4738 5 . 61s 12 4 15b 46 50 63 21 5334 60b 34 35b 24 57b 7334 37 36 1834 56 6458 35 33b 18 12 25b 22 34 7b 16b 7534 251 s 62b 74 35b 3584 18 15b 29b 25 42 10b 20b 85b 2H2 53 13 14 25b 60*2 16b 17b 17b 31 28 43b lib 25 92 116b 129b 74l2 77b 6b 8b 13i2 18 8b 10b 40 48 20b 25 108 71 6 12 7 38b 1834 117«4 177g 283g 1.51g 44 12b 24 1218 23 1234 38 8b 16b 1512 26 1484 41 lib 22 15 27 1434 4178 10b 21 5 3b 15 33 62b 53 815S 68 lb lb 101b 93 41 79136 ' 2134 56 53b 16b 17 12 3634 4534 2534 5434 84 43 102b 62b 45b 41b 2158 23b 5 63S 9b 33 44 18 45 80 40 101 5212 4134 39l2 25b 77b 32 16b 5lb 43 7434 7b 15 9 41b 22 39 75 80 16b 80 1 1»4 2b 3 3b 2b 4b 3b 2 2b 3b 3b 16 25 60 53 78b 64b lb 1 97b 90b 18b 55 74 2b 105b 13b 44b 58b 1 95 18 54 7238 lb 06b 30 79 33b 19b 54b 47 17b 65 31 14b 40b 3434 25b 77 33b 18b 51b 44l2 IP4 40 51b 1 99b 110 15b 63b 29b lib 35b 2934 15b 44 60b lb 116 [11 19 65 32 16b 43 36b 23b 76 32 16b 49b 42 147g 1512 35l2 52 7b 10b 18 22b 71 78b 16b 70b 5 3b 39b 79 37 20b 5638 51b 12 20 71 81 16 84b 3l2 2 5b 4 12 12 62 65 lftft lftft 101b115 69b 71 4b 6 lib 14 7 9b 36b 4434 18 23 b 4334 35b 37b 33 115 110 110b 70 98 94 80 98 98 98 88b 93 16b 19 17b 17b 16b 16 93 88 84b 8834 75 90b 91b 92 5b 4b 12b 18b 40 46 2134 2834 26b 33b 2034 17b 2384 17 22 20 9258 105b 100 106 77b 80 71 71 13b 15b 2534 26b 24 2634 3412 36b 8b 1038 1734 19b 78b 84b 1193a 1193a 1151s 1171, 111 111 2612 29b 25b 28b 2638 29b 25b 28b 25b 28b 23b 26b 55 63 58 54b 59b 52 54b 57 5418 58 56b 63 15 17 1634 12b 16b lib 13 15b 17b 16b 17b 15 21 16 19b 2338 18b 20b 19b 2134 19 18 17b 24 5 7b 12 12 11 10 8 1414 812 8i2 86S4 89b 85 85 86 80 86 84b 76 79b 67b 76b 110 110 19 98b 14 2H2 10 44 104b 98b 102 91b 10034 53b 49b 5234 4834 52l2 8i2 6 20b 14b 16b 15 17b 63 37 39b 43b 61b 69b 71 74b 70 3534 27 61 68 91bl0038 39b 41b 41b 43b 128b 76b 7 16 10b 4458 23 1345s 141b 79b 81b 8b 9 19 20 lib 12i2 48 51 24 26 98b 102b 100S4 5134 5338 51b 7 18 213g 16 63 62b 64 43b 72 74 71 65b 9634 41 42b 291» 29b 1978 25b 2Pg 25b 44 52b 38 37*2 47 I6I4 77 697g 697s 121 121 120 24b 3034 30b 36b 21b 31 20b 22b 19b 22b 1934 22 21b 23b 11434 1223.1 109b 114b 103b 110 82 81b 81b 80 81b 82 160 49b 39b 47b 40b 515s 49 2b 3b 313g 2934 1734 17b 77 23b 23b 20 45b 45b 44 76 1105s 1181s 1141-> 115 2b 2l2 26b 27b 14b 108 5234 2678 27»4 26 27b 50 5014 50 5034 104b 104b 32b 40b 33b 40b 21 24b 23b 22 2434 25b 24b 25 11Gb 128 122 126b 82 82 84b 82 160 22b 59b 835s 3934 40 2478 44 I6I4 75 120 4>8 612 6b 8b 638 7b 534 63S 5b 6 1534 26b 24 33 20 20 17 23 19b 26 26b 36b 22b 28 89 9334 86b 91b 80b 89i4 7434 82 72U 62b 73 70b 7634 65 1023g 106b 98b 105 100S4 105b 52 b 537s 513S 53b 52b 53b 8 9 23 183S 21b 28 17b 22 53b 64 58 63 65 68 40 40 72 74 66 73 9b 7b 40 373s 39 70 68b 853s 8684 13s lb 125b 122b .16 50 46b 8I84 83 40b 39b 27b 213g 24b 6334 5078 5934 54b 4534 53b [12 1984 17 1734 21 17 18b 19 109 L1212 1003a 1008a 1041s 113 1734 197s 2014 2434 19b 21 14 15 41 37 923g 87 42 47 127b 131b 55b 597s 435s 4714 40 42b 23 25 538 6b 44 44 38’4 523g 110 ' no ~ io7i»mi-. 54 113 46 247g 2634 133 86 12 15 15 14b 93b 90b 905s 8484 90 125b 1251? 123 123 115 120b 116b120 20 20b 99b 106 100 101 38 26b 20 56b 48b 48b 38b 54 113 39b 23 2684 12634 85 21 35 12b 41 41 40 14 13b 18b 19b 36b 41b 3U2 47 30 48 50 52b 47 6b 634 37 31b 6412 70 77 129 584 6 16 17 92b 9734 86~ 94" 154 154 2034 2638 53b 66b 99 97 90b 102b 92 43 44b 42 41b 41b 413 4 41b 42b 44b 43b 33 2284 19b 21b 18b 20b 35 35 37b 31b 34b 263g 26b 27b 28b 31b ___ 48 5Pe 47b 52 15 16b 13b 15b 14 32 36 31b 34s4 31 94b 9138 98b 93b 967s 1177« 1177« 119U 1191a 2634 307s 267g 29b 30 67 56b 61b 55b 59b 14b 17b 14l2 17 17 44 38b 4184 29 40 83e 4 5 8b 7 137b 140 125 128b 20b 2114 105 144 lib 7b 36b 413g 72l2 863g 2 108 117 52i4 77 129 28b 33U 27b 337s 26b 3038 54 68b 51b 59 49b 53 18 18 17 17 78 80b 123b 12478 10b 14 3934 42b 53b 62 b 13g 104b 11434 1284 17b 6lb 31 17 4234 3634 25 13 3534 30 12 12 16 10b IP4 7 10b 13b 12 90 90 934 10b 8b 10 7b 8b 6b 734 65g 95g 23 24 25 20 18 25b 34b 24 28b 22 14 20 26b 45 53b 78b 83 43 40 107 107 49b 58b 40 44b 33b 39b 21 233s 5b 7b 1434 15 17 23 42 4034 45 36 78 80 82b 70 40 43b 3412 41b 108 108 102 102b 5434 4134 50b 47 4238 3134 40b 39 32b 36b 29b 34 20b 2234 1634 20b 6 734 4b 6 12 30 65 34 95 38 26 25 16 3b 13b 36 70 38 95 44b 34b 29 17b 4b 8b 28 65 35 89 38 28b 25b 16 4 12 3534 78 38 95 47 32b 2*Jb 1834 6b 5234 86 20 lb 1»4 25b 23 15 94l2 59 39 75 17 ’2 b 19b 1834 11 7ib 50 46b 80 17 lb lb 22b 20b 1334 80 b 5234 37*2 74 1734 b b 20 15 % 11 70b 47 43b SO 19 1 1 23b 18b 12 b 82b 50 621a 6810 4434 58b 118 118* 117 122 lb 184 26b 23b 17 101 65 2 2b 28b 25b 1834 110b 70 12ft 45 87b 21b lb lb 24b 23 1534 93b 60 121 48 90 26b 1»4 lb 28b 25 18b 107b 71 45b 85 21 1 1 24l2 2234 14l2 8934 54b 54b 871" 23 lb lb 27b 25 16b 100 60 43 78 18 1 lb 2134 18b iu2 77b 55 MISCELLANEOUS STOCKS 230 1917—Continued. January February March April May June August September October November December July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High VARIOUS Acme Tea tern certfs. 1st pref tem ctfs__ Preferred______ Ajax Ri bber, Inc. Preferred v t c. Preferred__________ American Beet Sugar. Preferred__________ Preferred__________ American Can________ Preferred__________ Amer Car & Foundry. Preferred__________ Preferred__________ Amer Hide & Leather. Preferred__________ inn 100 100 100 .50 ion 100 100 100 .50 .50 100 100 100 100 ion inn 100 100 100 100 100 inn inn 106 100 100 100 too 100 inn 100 $ per share 54 58 9638 96b 18’2 17 347S 37b 80 71b 26b 29 83b 85b 87 93b 102 103b 431.1 43 51b 53b 87 99b 97b 98 102 103 185 188 44 51b 109 11058 6334 69b 116b 118b 48b 50b 10034 10119 12b 14b 65 75 28 Brooklyn Union Gas. Preferred ion 100 100 .100 100 inn .100 inn Preferred .100 100 Central Foundry..___ 100 Ordinary preferred. ion Central Leather______ _10t Preferred__________ .ion mo mt Cluett Peabody & Co. 100 Preferred__________ .100 Computing-Tab-Record__ .100 .100 .10( Consolidated Gas N Y. _10( Continental Can Inc.. 100 Preferred___________ ..25 .100 ,10( Preferred . 10( Crex Carpet. .100 _10( par _10< _10( 100 Preferred__________ .100 Deere & Co preferred. .101 Rights. IOO Distiller’s Securities Corp. .100 Drlggs-Seabury Ordnance. .100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 129 129 07 071b QQio inn 8b 914 100 1001s 1978 19b 24 54 85 S per share S per share 54 54 55 55 94 94 1734 14b 18b 16b 28 32b 30b 34 75 68 68b 72b 24 30b 24b 2834 85 81b 86b 81 88 93b 93b 88 100 100 102b 101 42 40 40 43 49 49b 86b 9838 90b 9734 95 98 102 102 183 183 176 180 45b 40b 51b 43b 5134 36 106 109 106b 109 103b 106b 66 57 63b 71b 64b 71b 116b 117b 116 117 115b H6b 42 43 48 46b 39b 43 981o lOOU 96 100 100 9914 13 11 10 17b 12b 16*8 58 65s4 59b 71*4 59b 70b 3234 24 1734 20b 50 53b 7414 8234 104b 106b 7*2 9 8 9 ion 45b 49b 4933 4958 100 100 100 Am Smelt Sec pref B_______ 100 93b 9914 Pref B trust rects________ Preferred Ser A stamped. 98b 100 ioo 10338 110b 100 1147S 117b 100 137 137 100 Preferred new______ 100 59 Amer Steel Foundries. 63 100 108U 114 ion 118 121b. Preferred new. 100 100 Preferred____ ________ Amer Telegraph & Cable. 100 02 100 123b 128b Amer Teleph & Teleg___ 1% 2^8 Rights________________ Subscription receipts.. American Tobacco_______ 100 216 21934 Preferred new_________ 100 IO6I4 10934 100 4334 4734 100 9534 97 Preferred , 100 43 50i4 ion 378 378 100 Assoc Dry Goods. 100 1st preferred__ 100 2d preferred.__ 100 68b 78*4 100 107b 121b .100 63 Preferred_________ 66 .100 53b 62 Baldwin Locomotive. mo 10134 102l2 Preferred_________ mo 12234 133 Rights__________________ 2b 334 Subscription receipts__ Preferred______________ ion 118 118 Preferred rights________ Pref subscription rects. Bethlehem Steel Corp_____ inn 395 515 23 33*4 Rights................ ................... ion 122 12914 100 123 135 Preferred Rights... American Linseed_______ Preferred_____________ American Locomotive.__ Preferred_____________ American Malt Corp____ Certificates of deposit. Preferred_____________ Pref certificates of dep. American Malting_______ 1st preferred__________ S per share 52 55 95 96 15b 17 30U 32b 66 71 20b 2734 84 79b 94 83 98*s 102b 4134 42b 5038 49 81 102b 95 97b 1534 48 6212 103 7 7 43 46b 27b 26 19*8 52b 74b 10434 710 9 513s 5lb 21b 55b 7538 106 15 19 28 62 6R 122b 126 ni AR7* A3 12438 12734 122b 126 d43 d45i? 201 215 " 10434 108 37b 4934 94 96b 37 47b 4 3 21b 21b (Z46*s <Z49 20734 220 106b 107b 45b 53 9634 99b 44 54b 3b 3b 17 17 52b 53b 43 40 72 71 91 1183s 65 61 50 63b 100 102 109 118b 2 2b 117 117 cl20 415 6 29 10534 130 125 125 125 61 93U 7b 100 1914 128 64 95 10 100 19b 98b 100 140 145 130 32 56 66 22 29b 307* 6n 62 64 5934 56 21b 24b 102b 1128ft 68»4 117’4 55b 94b 194 ioo _. _ o pai 33 40 6 Ex-rights 410 28 S per share S per share S per share 8 per share S per share S per share S per share 1334 14 27 28 66b 68 28 3134 8284 84 91b 94b 99b 10034 12b 14 27 29b 60 67 23b 31*8 83 86b 89 9334 100b 100b 40 38 49 49b 50 b ................... 47 93*4 82 97 92 97b 89 94 94 97 97 94 94 10234 10334 100 101 185 200 191 191 185 195 4634 53 4678 51b 3834 49b 104 111b 105 107b 106*8 109 71b 803s 74b 78b 67b 77b 116 118b 114*8 116b 115b 117 36 38*4 34l2 40b 37b 43 95 95 1334 16b lib 14b 12b 15b 595S 66 61b 59b 6884 52 16b 8b 157g 13 52 55 48b 54b 25 26b 6234 53 61 52 22*s 26 23b 27b 24b 29b 64*4 63b 60 59 63b 59 69 763s 6884 7334 59b 73b 104b 105 103 103b 103 105b 145g 16b 28b 29b 68b 71 27 31*8 84b 86b 91b 93b 101*s 10158 11 23 60 22 81b 83b 97b 12 9 24 19 04 54 18b 26 84 73b 89b 76b 99b 96 81 90 88 95 170 38 100b 66I4 109 30 170 45b 103b 73 113b 35 172 37b 94b 62b 106l2 29 172 47b 102 7034 109 31b 155 29b 92b 58 100 24b 78 14b lib lib 12b 10 54 60b 48b 63b 50b 113,1 919 12 13b 11 4910 43b 48 47 37b 162 39 96b 6634 107b 28 78 14b 61b 11 40b 49 55*2 2138 25*4 57 61b 57b 64b 101 . 103 46 21b 55b 52 97 60 26b 62 b 62b 1003s 48*2 21b 56 47b 94 56*2 27b 75 56 9738 48*4 23b 65i2 46*8 93 10 51 88 15 60 93 8*4 11*2 50 54b 93 90 lib 24 60 25 78 87b 97b 95 973s 943a 9719 99b 102b 9434 108b 111b H3b 134b 135 94 93 99 97b 112b 130 <Z45l9 rZ47 184 209 100 107 47b 54b 97 98 42 49 3 3b 12 12 52 60b 60 93 60 51 99b 109 67 113b 6234 63b 101b 121 9034 94 91 91 9738 100b 96 106b 110b 114 120b 120b 99b 102 56b 72 10734 1185s 116b H8b 30 36b 90 90 60 61 116b 1243g 13 10b 17b 11 18*8 15b 10b 15b 12 69 60 66b 64 71b 64*8 70*8 62 70*8 90 90 94 94 91b 91b 91b 91b 90 90 92b 92b 9834 1O1S4 99 99b 97b 99 92b 97 95b 98 104b 11234 100b 107*s 92*4 104b 90b 102 80 99b 11278114b 112 113b 110b 114 108b109 102 108*8 130 130 125 129b 130 130 120 120b 105b 119*4 98 99 98b 98b 100 100 99b 99b 72 68 75 66 73 61 61 66 69b 56 115b 1263g 118 124*4 108 124b 106 113 100 ill 118 119b 1187s 119b 115 118b 114b 115 109b 115 3234 40 42b 59b 51 61b 38b 54b 42b 83 95 95 80 98 98 573,i 57*4 59 62 59 59 120b 123b 11734 121 117b 120 114 119b 112 ' 116b e66 e71 189 19934 100 103b 456s 5538 95b 97b 38 49b ___ ___ e67b e70b 192b 198b 101 104 51b 5834 96 100 40b 48 2b 2b 52 52 38 38 57 65 95 109b 59b 6234 50b 663s 99 101b 104b 120b 64 104 60 61b 99 111 1121,1 1123c 105b115 112 115b 2b 284 1071ft 1107ft 1063g 10734 119 149S4 124 149 125 143b 312 16 103 14334 114b 143b 116b 13734 120 120b 120 121 120 121 193 210 100 102 51b 5438 97b 98b 36b 41 278 27g 15 15 53 51b 51b 53 64 117 62 7434 102b 123b 57b 62 101b 110*4 60*4 62 66b 76b 99 10078 105b 1083s 114 122 106b 106b 108 110 143 110 158b 125 195 218 100b 103 46 53b 96b 98b 35 41b ___ 15 15 35b 35 60 62 b 95b 108*8 61b 62b 56 75*8 9934 100b 100b 108b 51 35 60 87b 58 55 99 89b 51 35 63b 10434 6134 66 101 100 108b 103 106 109b 127b 92 110 109*s 107 138 <790*4 g90b 190b 198b 99b 101 4434 48b 94b 97 34 29 1 2 9 22 54 19b 72 79 92 7b 20 48b 15b 69b 73b 91b 44b 44b 42 69b 83b 69 91 91 48 64b 9 9b 19b 8b 12 15b 1934 62 63 59 62b 53 67b 54 98b 97 102 105b 114 130 1041q 10419 63 60b 65b 55 108b 114*8 110 11438 117*8120 1187a 11934 74 69 89b 103b 54 63b 43 59 100 102b 111 122b 24b 27b 1734 22b 19b 26b 52 63 58b 55 63 75b 65b 72 102b 103b 102 10334 9538 98 06 ~ 96 98b 100 9458 102b 111 115 130 142 103 103 52 63 1O438 1158s 117 121 70 88b 112b 115b 155 155 90b 99 72 68 108 1157a 34b 42 b 41 45 119 1263s 119b 12934 82b 94 110 112 52 55b 22b 18 983s 103 44 46 50b 69b 107 114 3534 43b 8512 91b 159 170 ion? 102 96b 99 140 1433.) 129 26 45 66 28b 25 ___ 88b 97b 91b 93b 103 103 17984 17934 39b 53 103 1083s 61b 77b 115b 118*4 38b 44 92 97 11 15b 55b 6534 92b 6934 99b 99b 94 80b 104b 105b 51 58 ■89b 100 107b HOb 51b 62b 83 83 57 57 103b H3b 83b 112b 117 98 70 97 H5b 120 10434 71 40b 47 43 43b 122 125b 118 122 9434 88 111 111 54 57 20b 27b 100b 108b 40 40 62b 73b 110 114 37S4 48b 8738 92 167*4 195 105 105 96*4 99 131 134b 47o 434 4b 12l2 14 36 42b 17 20b 46b 51 83 84 28 36b 49b 53b 83b 9534 80b 96b 112b 1127s 112b 114 115 115 114 115b 75b 92b 78b 83b 63 65 65 65 110 110 39b 42 38b 44 40 40b 37b 40 113 113 ___ ___ 108*8 109b 104 11184 99 1023s 95 97b 12 37 18 48 80 13 38b 20b 51b 80b 14b 14b 38b 40b 15b 18b 43b 46b 80b 80b 25b 2934 40 45 77*4 86b 107 113 115 115 68b 80b 63b 64 9434 114 120 101 71 8O84 963g 109b 112 117 120 85 96 6734 68b 42b 477s 43 40 113 121b 110 120b 90b 94b 109 110 55 56 2284 26b 96*4 107*4 37 433g 38»4 40 109 11434 104bll33s 9034 96b 108b 108’4 53 53 223g 3434 98 104 91 101b lllb H2b 114 114 76 92 65 67 110 110 3734 41b 38b 4284 40 40 35 36 108 108 111b 113*4 10734 109*4 99b 105b 87 103b 94 6103b 102b 103 108b112 52 55 54 54 50 51b 46b 48 30b 34b 32b 37b 28b 35*4 23b 31S4 94 103b 106 96b 105b 9634 98 99b 72b 111 483g 9134 205 102*4 99b 128 59 83b 104 110 41 46b 88b 92 184b 196 991? 102*4 98 ’ 100 120 125b 78b 91b 102 108 4134 46b 89b 92b 180 197 103 104 97b 100 12434 12434 82 lllb 120 93 69 59 107 43b 90 185 101 98 128 128 128 lib 203g 1234 1934 87*a 6212 76*? 75 623,1 6O84 62 61 37 37 92 93 88 94 90 95 351 30b 34 33b 30 30b 33 e 2d paid d 1st paid 18b 23b 84 RO 64b 67 15b 39 2384 55 85b 7734 91b 102b 103 38b 43b 8834 90b 185b 197b 100*8 102 99b 100 122b 124 16b 26b 20 35 88 32 66b 85b 99b 103 27 4078 88 90 180 200 105 107b 99 100b ___ 28b 24 303s 63b 75b 95 98 27b 34b 83 87b 16978 175b 102 102 100 100b 112b 115 24 39b 54 54b 58b 60 407f 30b 33 37 36b 40*4 38 89 90 88b 86b 88 85b 85b 32 41 33 36b 411, 35b 39b g 3d paid /Full paid 14i2 28 4934 19 72 7934 91b 30 150 L54 30b 39 87 97b 60b 71 101 105 21 27 80 80 10b 13b 43b 56 9*2 11 35 39b 90b 67*8 9934 80 57 27 71b 56b 97b 93b 79 101b 97 50b 61 92b 9S*r 09 106 53 62b 80 80 RR KR 9534107b (78812 (788b 176b 98 41 92b 20 1 51 36b 56b 92 59 49*8 95b 92l2 100 16Sb 182 9734 95 37*4 43b 93 87 17 28*8 1 1 13 10 51 53b 53b 38b 36b 37 61*4 52b 59b 109 90*8 102 61 58*8 60b 65*2 49b 59 99b 94b 9438 92 99b 87 193 100 47 94*8 30 lb 102 70b 96 I2b 14b 36b 39*4 lib 17 35 44b 80 80b 28 30b 41 44 67 86*8 100b 105 ___ ___ 63 74 54 64 101*1 1013d 31 32 102 83 89 39b 35 103b 101 100 46 46b 25b 32*4 89 99b 4434 42 59b 74b 89b 95 25b 33b 78 83b 140 165 93b 98b 99 100 107 107 123 89 38b 88b 19b s« 10 168b 92 45b 90 26b 1 10 54l2 89 58*4 50b 93 82 56 00b 60 59b 98 9ib 99b 100b 983a 100 74 13084 156 120 121 13 37b 19b 51 83b 9b 20b 45b 15 65 72 91 29 42 74 75b 63 78b 85 122b 142b 103*4 128b 690b 108b 69b 95*8 72b 120 120 103 115b 95b 103b 84 93 85 b lb f93lft 1011ft /94b ___ 94 105 105 105 101b 101b 89 95 90 118*4 121 116b 11984 65 65 68 70 71b 71b 73b 67 65b 67 95 95 88 97 97 1234 9b 11*4 14b 10 7% 9 6b 7*4 5 9b 10»4 8b 10b 8b 958 9 17b 17b 17b 17b 17b 15 36*4 38b 30'2 2014 25*8 22b 25b 17b 24 17b 23 5534 51b 57«4 47b 53b 46 53 62i4 47 85 88 85 85 85b 8578 84 83b 85 8234 97b 113b 115b 146b 155 93 103b 72 75 113 115 41 47b 46 45 122 126b 12934 1345s 8934 87 595a 114U 4434 93 170 18b 5212 68 10334 7b 7b 3 per share 52 55 92 92 1234 I6S4 28b 31b 67 72b 23 32b 803s 863s 90 95b 101 10134 83b 66b 79 b 83b 66b 79b 91 85 90 98b /93 98*4 90b 65 65 88*4 534 7b 7 12 10 10 10 3334 37*4 34b 36*4 10b 1334 10b 14 " 3934 32 29b 39 78 80 75 75 31b 25 24b 30b 36 43 35 4U2 6684 58b 69b 55 98 101b 97 10212 100 100 ___ ____ 56 66 59 68 45 53 46 48 891ft100 90 90b 25b 32b 27b 32b 24 33 27b 32 102 10238 86b 90b 80 88 76b 85b 76 96b 97b 80 97 97 42 41 42 38 24b 303s 26b 31 88b 91 89b 9ib 49b 85 24b 76*4 140 59*4 89*4 30b 80 140 45*4 55 83 91b 25b 29b 74 b 79 126b 147b 94l2 99b 91b 9534 104 107b ___ 31b 440 31 373. 27 353r 50 30 81 31 48 25 73 29b 50 25 78 36 47 48 75 30 75 34 53 30 81 37 MISCELLANEOUS STOCKS 231 1917 - Continued.' STOCKS General Chemical_________ 100 Preferred________________ 100 General Cigar, Inc_________ 100 Preferred________________ 100 General Electric____________100 Gen Motors vot tr ctfs_____ 100 Preferred vot trust ctfs..100 General Motors Corpn_____ 100 Preferred________________ 100 Goodrich (BF)..........................100 Preferred________________ 100 Gulf States Steel tr ctfs.___100 1st preferred trctfs______ 100 2d preferred tr ctfs______ 100 Haskell & Barker Car__ no par Hartman Corporation (The) 100 (G W) Helme.............................. 100 Ingersoll-Rand_____________ 100 Int Agricul Corp v t c______ 100 Preferred v t c____________100 let Harvester of N J_______ 100 Preferred________________ 100 Int Harvester Corp________ 100 Preferred________________ 100 Internat Mercan Marine___100 Preferred________________ 100 Internat Nickel v t c________ 25 Preferred vot trust ctfs. .100 International Paper_______ 100 Preferred________________ '00 Preferred ctfs of deposit.100 Preferred stamped_______ 100 International Salt_________ 100 Jewell Tea Inc______________100 Preferred________________ 100 Kayser & Co (Julius)______ 100 First preferred__________ 100 Kelly-Springfield Tire______ 25 Preferred________________ 100 Kelsey Wheel Inc__________ 100 Preferred________________ 100 Kings County Elec Lt & P. . 100 Rights_________________ Kress (S H) & Co__________ 100 Preferred________________ 100 Lackawanna Steel_________ 100 Laclede Gas (St Louis)_____ 100 Lee Rubber & Tire______ no par Liggett & Myers Tobacco__ 100 Rights______________________ Preferred________________ 100 Loose-Wiles Biscuit tr ctfs. 100 First preferred__________ 100 Second preferred________ 100 P Lorillard.................................. 100 Preferred________________ 100 Mackay Companies________ 100 Preferred________________ 100 Manhattan Beach_________ 100 Manhattan Shirt__________ 100 Preferred________________ 100 Mathieson Alkali Works___ 50 Maxwell Motor trust ctf___ 100 First preferred trust ctf..100 Second preferred tr ctf. .100 May Department Stores..100 Preferred _______________ 100 Mexican Petroleum________ 100 Preferred _______________ 100 Midvale Steel & Ordnance50 Montana Power__________ 100 Preferred _______________ 100 National Acme_____________ 50 National Biscuit__________ 100 Preferred _______________ 100 National Cloak & Suit.__ 100 Preferred _______________ 100 Natl Conduit & Cable__ no par Nat Enameling & Stamp.. 100 Preferred _______________ 100 National Lead_____________ 100 Preferred _______________ 100 New York Air Brake______100 New York Dock___________ 100 New York Dock preferred..100 Nor Amer Co new stock.__ 100 Nova Scotia Steel & Coal.. 100 Ohio Cities Gas (The)............25 Rights .................... Rights______________________ Ohio Fuel Supply__________ 25 Owens Bottle-Machine (The)25 Preferred _______________ 100 Pacific Mall Steamship.__ 5 New preferred__________ 100 Pacific Telep & Teleg____ 100 Preferred _______________ 100 Pan-Amer Pet & Trans pref 100 People’s Gas Lt & Coke.__ 100 Pettibone-Mulliken ______ 100 1st preferred____________ 100 Philadelphia Co (Plttsb)..50 Pierce-Arrow Motor Car.no par Preferred________________ 100 Pittsburgh Steel pref____ 100 Pressed Steel Car_________ 100 Preferred _______________ 100 Pub Serv Corp of N J______ 100 Pullman Company________ 100 Railway Steel Spring______100 Preferred _______________ 100 Republic Iron & Steel___ 100 Preferred________________ 100 Royal Dutch Co. tr co ctfs___ Savage Arms Crp_________ 100 Saxon Motor Car Corp.__ 100 Sears Roebuck & Co______100 Preferred _______________100 Sinclair Oil & Refg Corp no par Sloss-Sheffield Steel & I.. 100 Preferred _______________ 100 South Porto Rico Sugar__ 100 Preferred _______________ 100 Rights................................. Standard Milling_________ 100 Preferred 100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis April January February March May June August September October November December July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High $ per share S per share 8 per share 249 250 246 250 240 240 115 115 108 112b 109b 109b 43 44lg 100 104 166b 17134 161 167 161b 1697g 700 700 121 121 101 146b 99 115b 10712 125 88 88b 93 9078 8934 89 5378 61b 51 58b 58b 53 110 112 108b 111b 108 110 120 137 99b 118 106 133 10518 105b 102 105 106b 107 117 11712 75 190 78 190 15ls 18 40 447g 119b 123 118 121 83b 88 11234 114 23b 35b 77b 92l4 40 44b 106 108 42b 4958 9934 10478 697g 73 13U 1578 35U 4H2 113 118b 117 120 785s 837g 111 112b 1934 27b 6258 73 37b 45 106 106 35b 46 9534 104 • 78 112 127b 117s4 118 57 5g 64b 92l2 92b 65 108 115 60b 109 120 1181s 49 91b 66b 109 135 1181s 58 91b 70 52 93 S per share $ per share S per share 205 220 234 240 221 221 ___ 112 112 112lg 112b 35 38 1001410014 98U 102 1507g 165b 1567g 16434 14984 160 98b 121 85 92b 4784 55b 107 109b 115 129 10634 109 100b 112 87b 92 48b 53b 107 108b 116 131b 107 108 70S4 64 14b 19b 37b 487g 113 120 116b 119b 75b 81 110b Hl 2458 367g 68b 95b 40 473S 103 103 33 46 94 105 14b 102 60 108 130 $ per share 220 226 11178 113 44 44 IO484 10434 161b 169b 65 109 130 74 260 260 15b 21b 42 53 11158 H8S4 114 116 76 b 817S 108 111b 3378 25 75b 88b 40b 45 117 217g 18 5412 48 107b H7 114 118 73 80b 102 104 25b 3138 753g 86b 38b 44b 207g 18 49 57b 112 1177g 115b118 65 73 102 103b 26b 30b 79b 85b 38b 42l2 1C3 1033s 457g 32b 45 96 9834 98 99 72 77b 116 48 113 54 115 125b 125b 23 27b 87b 90 55 62 226 232 120 120b 83 89b 65b 67b 158 15g 76b 77b ___ 120b 124 227g 20 23 92 91 93 6I84 6I84 220 222 200 219 115 118 115 118 847S 8984 86 89b 65 67 64 66 2 2 72 72 81 75 118b 120 19b 22 118 18 200 200 118 120 84b 85b 64b 65 lb lb 70 76 199b 204 115 116 82b 84b 64 64b lb lb 71 68 49 6134 70 74b 36 40 60 65 106b 107b 95 106b 94b 96 57b 60 47b 57 64 69 32 36b 587g 6178 106 107b 82 93 92 94 557g 56b 50b 58b 67 74 33b 3684 62 6684 106 107b 816g 9714 91 93 60 6138 97 108 117b 117b 5584 55 43b 57 63b 70b 29b 35b 59b 62b 105 105 83»4 94 91 91 55b 62b 104 98 115 117 50 4684 63b 30 55 1057a 85 90 54b 93b 117b 99 114 109b 95 114 116 105 116 120 122b 122 127 80 84 111 112b 118b 119 125 125 8284 79 112 112 2534 3234 96 98 58b 61b 112 114 142 155 13 16 24 95b 52 11134 128 13U 34 b 9634 58b 11212 148 13b 115 123 81 110 119 IO984 116 125 122 125 82b 80 80b 112 3134 36 96 98 55 63b 108b 11238 144 156 12b 15b 32 96 54b 109 130 133d 69 71b 66 110 125 90 104 116 87 3b 3b 6978 66 7238 66 106 -__ -____ 90 105 98b 135b 124 4 4b 5 .... ____ 99b 106 54 50b 52b 48 99S4 98 102b 80 118b 115 25 21 26b 21b 97b 31 29b 3378 33 98b 98b 98b 95 96 90 90b 95 10H2 91 99«4 77b 20 20 50b 96 117b 19b 25*4 18 100 100 32 34b 29U 98b 98b 98b 92 95b 98 103 106b 86b 40b 42 101 102 72lg 83b 102 107 130 131 16234 167b 49 53«4 100 101 75b 835g 102i2 10534 3684 3984 3638 40 99 101 73 78b 104 10584 125 128 1595g 161b 43 55 100 100 60 80 99 102 33b 38 100 101 72 79b 102 103 121 125 156b 160b 46 53b 97b 97b 76b 85 101b 103 61b 6384 52 58 187 2327g 125b 126 5584 5934 65b 57b 7434’ 99 94 98 182 179 195 114b 49 54 173 189b 125b 126 5234 5914 4278 72b 93 93 185 190 975s 10078 96b 97 94 97b 89 90b — — 89b 89»4 ... 62 71 178 181 50 95 165 114 54i2 53 68 38 59b 106 993g 96 643g 102 H7b 105 112b 112 119 70b 78»a IO684 1063a 29b 393g 90b 98 52b 5784 101 109b 132b 154 14 19 34 38 66 68 61 91 95 99 1437g 1227g 14284 6 997g 101b 74b 8234 101 105 125 128 160b 162 48 55 38 98 100 75b 86b 101b 10438 60 6634 6884 68 46 59 225 238b 215 226 127 12734 126l4 127 119 20 3584 98 59b HO84 149 14 51 99 116 2384 97b 33 95 937g 94b 1247g 91 5334 104b 128b 110 19b 21 53b 60b 110 1157g 116 118 69b 75b 101 105 26b 31b 813g 917g 38b 40b 10319 10419 33b 36b 100 105 69 45b 50 43 46b 54 104 105 b 103b 105b 100 12584 112 116 44 110 52 110 1053a 107l« 8784 80b 98b 937g 1037g 81 89b 70b 8134 767g 883S 80 99 b 95 102b 10378 98 10278 100 100 99 100 93 97 22 s4 30 18 23b 19 22b 17b 1934 1784 193g 17b 23 277b 281 250 26534 260 262 225 225 230 230 225 235 20 88 109 88 45 104b 115 110 62 637g 51b 62 93 88 91 117 124 114 11634 115 118 116 178 25s 1’4 238 2S8 23S 1213g 8934 5334 107b 130b HO S per share S per share 205 205 190 198 ___ 109 109 36b 377g 36b 36b $ per share S per share 161 181 153 166b 100 100 303g 34 30b 32 135b149 125b 143 122b 135 105 83 45 102 96 108 86b 109b 80b '83b 43 46b 102b 103 92l2 105 105 108 815g 101 74 81b 38 44b 99b100b 87 97 102 102 74b 73 32b 93 77 101b 117 88b 50 105 119 108 38 39b 37b 39 39 40 34b 37b 31 5334 61b 71b 62l2 65b 55b 63 58b 58b 52 35b 43b 33 102b 1027« 95 94 96 99 49 103 88 46 104b 123 109b S per share 210 210 nob H2b 36 39 987g 987g 147 155b 115 17 205 205 115 115 823g 83 64 64b lb lb 72b 77 25b 97 29 95b 94 82 13 42 107 111b 69 105b 24b 797g 30b 99 25 96 65b 68b 62 47 35b 43b 98 103b 100 101 110 50 44 1091a 110 27 81 107 46 197g 58b 116 1187g 79 105 343g 935g 4078 10312 36b 55 185 111 76b 63 53 54 48 52b 31b 493g 29b 35b 65 69 59 68 63b 69 30b 34 24b 3078 1984 25 54 56b 52 b 55b 51 55 103 103 105 105 9234 10384 92b 1007g 897g 101 937g 977g 91 95 95b 94 61b 67b 57 63b 517g 5984 93b 99b 89 95 85 90 112 115 110 110b 110 110b 3334 3584 33b 35 34b 35 108b no 109 110b 100 110 115 1183g 115 115 115 119 7134 73b 107 108 38b 307g 377S 34 33b 39 37 42b 38b 45b 37b 4434 ___ 96b 9984 99 993g 56 5612 60b 55 52b 5684 108 110 109 110b 108b 108b 143b 1557g 127 140b 125b136 16 18 21 17 18 18 38 40 40 40 587g 61b 62 61b 6384 60 93 109 94 98b 98 110 116b 142b 5284 12634 45b 583g 53 2884 63b 18 4934 328.J 34b 33 35 4134 41 97 98 99 100b 100 100 70 79b 74b 80b 101 102b 100 102b 118 120 139 156b 136 14584 5478 5212 58 45 9678 10034 96b 99 76 94 88b 94b 100b 1057a 102b 1057g 6534 62 59 72 108 43 15 37b 48 16212 17634 168 175b 125 126 125 125 5058 577g 393g 57j8 45b 64b 57b 63b 03 95 93 93 176 209 20484 207 112 112 8b 912 937g 9378 88b 88b 9 12b 31b 43b ioib110 110 112 57 68 103 105 21b 313g 77b 106b 25b 33b 97b 98 20b 30 185 111 81 64 4034 85 28b 80 45b 85 2812 80 50 52io 102 104 84 75 80 95 1734 15 179b 200 734 26b 10034 110 5034 97b 23b 88b 247g 92 18b 75 14 38 108b 110 56 98b 2834 103b 2734 92 29b 75 50U 5834 31 90 100 60 62 37 94 105 377g 78 21 75 95 55 67 48 48b 48 89 89b 91 90 74 29 139 145 54 49 99 98 85b 93b 102 10334 6212 67 79 1021$ 1934 15 164 170 41U 517g 95 175 463$ 58 95 175 82 106 7234 80 32b 38 913g 94 83 90 ___ 28b 35b 317g 40b 9b 11 31 37b l03b!147g 110 110 50 57 92 95 17b 2412 74b 97b 24b 303g 22 ___ 29b 62 b 53 54i2 65 " 33 33b 95 101 367g 75 23 70 45 7712 28 70 43 43 6934 80 12 151 81 80b 15b 172 100 102b 97b 102b 12b 15 14b 16b 80b 80b 172b 172b 102 108 74 76 637g 60 170 170 103b105 70 80b 58 65 53 357g 28b 34 68b 6238 66 21 17b 20b 497g 51 55 101 101b 9734 80b 95b 93 90 91b 54b 4234 52b 85b 69b 7934 110 107 108 33b 297g 3212 104 91 102 118 114 116 68 7134 59 105U 1001-. 103 32b 20b 27b 4584 36b 4634 94 93 b 94 527g 44 5078 104 100 105 129b 107 124 15 17 16b 39 40 58 47 50 75b 8934 96 4934 317g 47b 19b 50b 13 47b 70 103 29 61b 19 49b 73 82l2 847g 90 397g 45b 6434 7234 101 102 25b 28 797g 937g 105b 109 56 5834 98 98 20b 253g 3834 31 92 95 38b 4412 100 103b 98 114 13b 147g 145b 170 100 102b 71b 75b 57b 60 60 60b 45- 45 1934 30b 49 5834 17b 2434 43 b 47b 98 98 67 80b 87b 87i2 39b 437g 5834 6612 95b 96 25b 2634 85b 92 104 106 58b 60 13b 2412 383g 32 377g 99 99 13b 40 45b 50b 39 59 60b 79 3234 37 32 44b 100 121 21 40 46b 68 38*4 4784 49 85 92 25b 29b 25 44b 473g 42b 42b 797g 87b 60b 82 51b 62’ 108 108 2434 226g 26b 273g 24b 2634 23 2134 25 21b 22b 20 95^2 9434 91 93 94b 92 72 64 37 75b 63 25 25 91^2 92 33 39 33l2 36b 29b 34 385« 32 •371g 3812 37 QK7o QSln 93 9534 9312 96 99b 100 “ 97b 99b 95 97 74 60 58 64b 52b 60 98b 100b 101b 102b 997g 102 116 117 115 117 112 114 140 143 1293gl41 128 140 44 48 37b 46b 46b 53 99 99 97 98 95b 9778 783g 93b 765g 85 71 83b 1015g 104 100b 102 98 100 b 6334 67b 6518 6758 6412 70 7534 9612 60 58 70 77 117g 15 15 19 7 12b 160 170 150 162b 141bl5634 125 125 118 118 383fi 2934 3614 3634 4334 35 42 4678 37 45 48 56 93 93 88U 90 177 186 159 180 150 156 115 115 25b 22 95*2 92 92b 78b 71 35 4084 415g 39 Qfilo QRlo 997g 100b 7034 7612 101b102 52 94 50 91b 45b 13234 102 107 1212 15 60 86 91 47b 79 10838 32 96 115b 7134 105 " 26b 36b 93b 49b 103 117b 17 43 b 80 21 75 95 98 100 68 82b 80b 80 b 103g 15 170 17934 1 inn 1 mu 102 24b 30b 26 101 101 26 26b 25 94 89 68b 80 55 77b 86 97 97 17 19b 190 205 114 103b 111b 15b 16b 80b 80b 208 208 111 116 79b 80b 64l2 64i2 35b 27b 31 42 45 61 66b 51 59b 60 38b 42 98 111 110 110 30 81 107 1O53j 100 205 206 115b115b 827g 80 63s4 643g 1 lb 157g 49b 112 112b 76 105b 34b 9238 3634 99 3ib 96 46b 415g 47 105 10.5 89b 97b 78b 94 98 98 98 98 163g 23b 19b 215g 222 2397g 222 235 1 15g 115b 11612118 110 115 167g 17 17 17b 17 65 67 45b 52b 47b 50 95 91 89 93 20b 97 26b 95b 90 68b 74 16b 50 10934 113b 75 105 28b 86b 36b 103 26 94b 75b 38 99b 90 1017g 118 18b 20 17 18 87 87 89b 87 39b 37b 43b 35 25b 25b 25*4 35 96 99 297g 2412 27b 25 25 31 33 3612 89 91 92 88 897g 90 94 87 4934 5634 49 60b 94 93 95 90 107 113 97 109 122b 13334 106b121 39 b 48b 36b 45 96b 96b 88b 95»4 66b 803g 68 79b 953g 94 89 97 72«4 6P4 7314 66 497g 56 ’ 60 55 47g 67g 5b 7b 133 143 123b 144 117 118 115 122 281$ 3212 2514 3114 33b 39b 33*2 40 145 108 8U 9 88 88 85 86 85 78 87b 87b 85 84 8534 8234 8234 8534 8534J .... — 81 158 108 135 100 140 .08 85b 77b 78b 791^ 81 8 232 RAILROAD AND MISCELLANEOUS STOCKS 1917—Concluded. STOCKS Stewart-Warner Speedom. .100 Studebaker Corp (The)__ .100 Preferred _____________ .100 Stutz Motor Car of Am no par Superior Steel___________ .100 1st preferred__ ________ .100 Texas Co (The)___________ .100 Rights__________________ Texas Pacific Land Trust. .100 Tidewater Oil____________ .100 Tobacco Products Corp. .100 Preferred _____________ .100 Transue&Wllllams Steel no par Underwood Typewriter.. .100 Preferred _____________ .100 Union Baft & Paper______ too UnionBag&Paper Corp (new) 100 United Alloy Steel_____ no par United Cigar Mfrs_______ .100 Preferred _____________ too United Cigar Stores_____ .100 Preferred _____________ .100 United Drug_____________ 100 1st preferred__________ ..50 2d preferred__________ .100 United Dyewocd_________ 100 Preferred______________ 100 United Fruit____________ 100 United Paperboard______ 100 U S Cast Iron Pipe & Fdry .100 Preferred _____________ 100 U S Industrial Alcohol__ .100 Preferred _____________ 100 U S Realty & Improve’t__ .100 U S Rubber............................ .100 First preferred________ 100 U S Smelt Ref & Mg............ ..50 Preferred ___________ ..50 United States Steel______ .100 Preferred _____________ 100 Utah Securities v t c_____ 100 Virginia-Carolina Chem .. .100 Preferred _____________ 100 Vulcan Detlnnlng_______ 100 100 Western Union TelegraphlOO Westinghouse Air Brake.. 50 Wes’h’se El & Mfg assent ..50 First preferred________ ..50 Rldhfa White Motor (new)________ ..50 Willys-Overland ________ ..25 New preferred_________ .100 Wilson & Co Inc. v t c__ .100 Preferred _____________ 100 Woolworth (F W).............. 100 Preferred ................ .......... 100 Worthl’n Pump & Meh v t c.100 Preferred A___________ 100 Preferred B___________ .100 ____ —---------------------- January February April March May June August July 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 S per share 100U 100*2 102 1IO12 107*2 108*8 48 5334 ■3 per share .$ per share S per share $ per share •3 per share S per share S per share S per share 8 per share 3 per share $ per share 43 43 94U 107 97U 106 83i2 100U 79U 9078 64U 86*4 52 48 36 66*4 44U 56*8 42 33*8 45U 40U 50 U 46 9978 104*4 9212 102 103*2 107U 102i2 106*2 104 107 94 91 90 94 85 89 90 85 95U 94 90U 91 41l2 43 44*2 60 44U 47U 4212 45 31U 41U 3612 457g 40U 45 U 3912 41 37*4 42U 35*4 37U 35*4 39 4R 34U 50 39 47U 37 32 50 45U 30U 383s 3178 3834 43U 51*4 43 Q7 QSla Qfi 99*2 100U 1001-. 101M 101 102*2 102U 102U 100 100 225U 243 200 234 217U234 205U 227U 199 224*4 206 223U 185 215 1567g 194*4 160 170 136 165 132U 146 " 114*4 142U 31*8 33*4 19*2 22U 19*4 23 f1311af1AO nsnn /»i39 Z13258/13234 /227 238 /218 224 ft22212{23112 /180 /180 153 167U 131 131 1941a 196 195 202U 204U 206U 198 204 170 175 165 175 54*8 58*2 48*2 54U 51U 59 51 56*4 50*8 57*4 55U 61 72l2 42*4 53U 4212 51U 56*8 66 65 80*s 68*2 7412 47 100 103*2 99 100 99 105 98 101 98 102 99l2 105 103 105 997g 104 99*4 100 90 93 99U 89 86 90U 45 46*4 40 45 427g 46U 41 42 48 45 4312 48U 41U 46 44U 38 40 43 41 39 40 37 39 40 102U 105*4 lOOU105 103 109*2 95 100U 95 96U 92 99 102U 90 100 86l2 91 98*4 98U 108U 105 109 83 91 117*4 117*4 117U120 114 114 1133x 113A, 1123. 114 115 115U 114 114 in2 12l2 117g 15U 11*2 12 11*4 14 10 12 10*4 12*8 11*8 11*8 8*4 10U 8*4 1014 8U 8U 95 112 72 88*2 94U 74*4 88*4 80 95 85 75 81 90U 98U 96 100 81 76 64*4 72 59*8 64 60U 67 46 44 48U 42 40*8 48U 44l2 49*8 42l2 45*4 42 *2 44*2 42 44 39U 44 36 34l2 37 40 4212 44 44 47 108 110 100 105U 99 103U 91*2 99*2 98 102*8 98*2 101*4 95*4 101 99U 107U 1037g 118U 116 12778 113U122U 86*4 1187g 81l2 94 81’g 917g ORD mib 118 120*i 119 119 113 119 111 113 105 110 102 102 119 119*2 72 75 72 74 69*4 76 70 75 74 72 64 70*2 80 7U2 75 66U 67 66 74U 79U 74*4 76U 73 70U 53 53 53l2 54 52 53*2 51*2 53 52 52U 51l2 52l2 5U2 54 50U 53 50 50 50 50 49 48 90 90 90 91 84 85 87 89l2 91 90 90 80 83U 75 797g 7978 74 85*4 87 85U 85U 84 78 75 6434 61 62 65 65 68U 65 68*4 63 61 59 61 61 61 94 95 95U 93 95U 95 96 94 147 154*8 135 145 13778 147*4 131*2 142*8 131U141 13312 140*4 130U 137U 128*4 136U 125 130 117 126 105U 119 105 119U 29 32*4 33*8 26 33 28 26 29*4 24 20 20 22U 15U 18 207g 2412 207g 22*4 16*4 22 20i2 18*8 2278 18 16 20*2 23U 17 21 18U 24 17*4 1212 1678 10 12*8 10 1212 61 63 55 60 54 58 54 52 56 56 58 57U 6U2 55 51 50 42 50 50U 46*i 49 46 112*4 13012 111 132U 118 130 10012 128 1127g 143U 137U 171U 152 169l2 123 168 125 142 112 140*4 98U H47S 103 119*8 103 104*2 98 100 100U 102l2 97*2 97*2 98 1047g 105 106 100U 103 103*4 104*4 100U 104 88 95 98U 100 89*4 94 10 22*4 14 11 14 14 16 11 12 12 11 11 10 16U 15 16*4 11*4 13U 12 14*8 10 12U 50*4 56U 51U 62l2 55*4 60U 53 56U 65 59U 57 64*8 57*8 63*8 59*4 67 53l2 57U 62*4 55U 60U 48U 55U 45 109 114*4 1057g 109 106 10878 IO6I4 109*4 10412 107 106 107U 105l2 108 10578 107 103 106 9712 103U 94*4 98U 91 97 64*4 54l2 63*8 52*8 63U 58U 63*8 56 56 627g 58 42 61*4 67*4 52*4 60*8 56 61 62 46l2 66*4 44 47U 40 51*2 52U 5078 52 50*4 49*2 50 50 51U 49*2 61U 51 51*8 49*4 51*8 49*2 50*8 49 48 43*8 45 49*4 43*8 48 108 11578 99 109i2 103U118 108*8 118*4 112U 136*8 125U 134*8 1187g 130*8 109U 12778 103*4 113*4 199U mu 88*4 99*8 79U 92*8 119*2121U 117 120 116*4 11814 117*8 119U 116*8 119*4 116*4 119U 117U119 116*8 119*8 115U 117U Ill’s 116U 107U 112*8 102*4 108*8 13*4 17U 9U 14*8 9U 12 17*4 20 21U 24*4 19*8 2112 19*2 23*8 19*8 21 18*4 20*8 18U 19 17 15U 18U 15 42 45 46 42 45U 39*4 43 36U 42 34U 42 36 37U 43U 40*2 45U 40 38*4 29U 35*8 26 35U 30U 3412 98 104 99*4 99*4 97 109*8 112U 110 112 107U112 108U Hl 104*4 109 106U110U 108 110 110 111 105 109 99 7 7 7 7 6 7 8 10U 8U 8U 24 20 24U 23 23 24 24 24 25 23U 23U 25 94U 9278 94*8 91*8 94 76 95 99*4 9212 95*2 92 99*8 95*8 98 85 90*4 95*4 92 85 87*2 91*4 83*4 897g 78 110 110 111 113U 497g 55*8 48 507g 43*2 49*4 43U 47*4 40 36 52 55*8 46 5378 47U 54U 47*2 53 47 45*4 56 40*4 33*4 407g 63 63 56 68 70 67 57 70 70U 67*2 68*4 68 68*4 66*4 66*4 65 52 U 57U 12 1 U 112*2 11212 115 115 115 115*4 50 45U 49U 46 43 43 4878 52*2 46 43*2 47 33*4 36U 34 37 47*4 43*2 47 47U 51*8 45 49 45U 36 35 35lg 38*2 30 32 36U 29U 34*8 24*8 31U 27*8 35*8 29*2 35U 28U 34*8 25U 29U 19 26U 15 20U 16*4 21 sou 69*4 7212 95 98 94*4 92 95 98*2 9212 99U 98U 100 92*2 95U 92 97U 94 96U 90 91*2 85 87U 69 64*4 62 76*2 67U 76U 65*4 7278 57 65*2 45 58 58 58 58*2 68 84*4 69*8 8378 69 63U 42 49U 4212 48 96 ___ 105 106U 97 104 105 107 104 106 102*8 102*8 104U 105*8 103*8 103*8 101*8 103 102U 102U 99 100U 96 139*4 151 137 148 137*4 145 132 14078 120 132*4 123U 128U 125 126 122 126*2 114l2 122*2 115U121 107 115U 99’g 11’ 125 12618 125*4 125*4 125U126 124*4125 123 125U 122*4 122*4 123 123 121 123 122 122 120U 121 116 119 H3 14U 32U 3714 33 23l2 26*2 24U 2678 24 26 24 31 3678 32 25 25*2 28 35 28 37 30U 37*8 34 36*2 35 94 94 86 95 95 91 91 91 94 95 91 91 88 88 86 91U 95 97U 55 56 501» 57’k 53 53 55*4 50*4 53U 50 56U 55 63 58 59U 58U 60U 54 50 50U 54 58U 56 U 61 e Second paid. f full paid. h Part pai d. 1918. STOCKS September October A ugvst November December June Jtdy February January April 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 High $ per share $ per share S per share $ per share $ per share $ per share $ per share $ per share S per share $ per share $ per share 1R23d 1R4la ISOM 185 180 ISO 101 101 1012 1012 84*8 87U 84*4 88 86 83U 85*4 84 82l2 87U 83 86U 97U 90U 99*4 86U 81 88 86U 82U 84U 83 82 84 81U 81U 85U 85 85 81*8 83U 80 82U 80U 82U 80 82 92 U 80 81*8 82U 82 80U 82 9U 8 9U 9U 9 10U 7U 8U 8U 8*8 9 8*8 8*8 8U 9U 8U 9*8 9U 10U 8 8U 9 93 91 93 98 92 95U 98*4 95’g 104 102 109 89l2 92 90U 91*2 89*s 90*8 90 94*4 91*8 95 90 54 53*4 56 57*4 53 58*4 51U 62 49 55U 53U 56U 53 57 55U 50U 54*8 50*2 56U 50*8 52U 51 53’g 56 61U 56*2 64U 53 557g 57U 55 56 54 54U 57 55U 57 55U 57 54 U 53*8 57 56U 53 447g 38 36*s 43U 45 41 45U 36 41U 38U 41U 38U 41U 40 48U 38*8 46U 38i2 417g 38*2 43U 39 70 75 75 70 80 80 75 75 100 100 110 110 49 41 41 49 42U 42U 135*8 149*4 144l2 149*4 135 14678 135 139U 137U 150 143U 149*8 146U 154’g 151 1727g 156 170U 1621217478 155*4 172 210 220 220 220 216 216 216 216 202 203 55*4 57*8 56 59 54 56U 59*4 56*4 617g 55*4 62*8 49*4 54*4 52U 56 60*8 54U 56*4 55*2 60*8 55*4 59 11 8 8 9U 9U 7U 7*4 9U 7 9 10 10 8U 9*4 18 18 5 5 5 912 678 8*4 7 7 8*4 8 11 6*8 6 6U 7’r 7U 778 7 8 7 8 8U 7U 8*8 7U 8 247g 23U 25U 22U 25U 23U 25*4 24 197g 25 32 18*2 19 19U 23*4 22U 24U 24 23 20*4 21U 20 537g 39*4 44*4 43*8 5178 47U 54U 46 44 45 41 47*4 38 52 U 44 38*4 437g 37U 4112 37*8 46*4 42 74 77 81 78 72 75*8 71 75U 81U 75U 84 86*8 76*4 69U 76 77*4 73 66U 71’g 69 79U 68 93*4 95U 94U 104 967S 107 9212 95 92U 9278 91U 94 92*4 94*4 8912 93U 90 91U 90U 93*4 91U 93 125 125 127 130 127 127 129 130 129 135 137 137 29 3212 2278 18 25 19*8 21U 19 20U 18U 24U 22*8 23*4 22*8 24U 23U 26U 24*4 27U 23 18U 23 5634 67 76 82 U 77U 83U 78U 88 71U 76 64 67U 66U 71U 69 61U 66 73*8 80*4 76 6912 65 46 " 57U 51*4 56 59 61U 64’g 62*8 68U 65U 69U 66U 72*4 65 571’ 5512 61 65 75 5312 5912 75’g 78 69 74 74 70 70 71 Chicago St Paul M & O__ .100 70 70 697S 69’g 75 78 70 70 70U 70 Preferred______________ .100 327g 33 32 30 33 30 35 36 Ciev Cin Chic & St Louis. .100 28 31 31 30 31U 38 31*4 26 28 39U 30 30 35U 40 63*4 63*4 6578 67 5834 6434 65 65 697g 70 Preferred _____________ 100 61 61 61 61 22 21 22U 18 ' 22 23 21 21 23 22*4 23 18 27U Colorado & Southern___ .100 20 2n 2 19 23 26*8 23U 20*4 20U 21U 52 51 49 First preferred________ .100 50 47 49 50*8 50*8 50 48 48 53U 54U 55 47 50U 48 50 48U 4978 ___ 44 44 44 43U 44 Second preferred_______ 100 47 44 44 45 40 40 45 2R 2R Cripple Creek Cent pref. .100 Delaware & Hudson_____ 100 105*4 113 109U115U 106U111U 100U 106 103*8 112 109 U llO’g 107U 108U 108 110U 107*4 110 109 117U 112 119*4 Del Lack & Western____ 100 170 180 177U 177U 173 179 160 170 164*4 165 162U 163U 160U 162U 163 183 170 185 176 183 175 185 57g 5 4U 5U 4 Denver Rio Grande __ 100 512 4 5 4 5 7 214 6 312 4 6 Preferred _____________ .100 6U 13*8 7 5 6*4 6*4 9U 8 12U 9*4 12U 9U 8 9*8 10*8 7U 8*4 6 7U 8U 6 Detroit United Rv 88 87 88 85 ion 90 85 88 85 85 80 80 85 85 90 85 85 3 4*4 Duluth S S & Atlantic__ .100 3U 3U 3U 3U ___ 3U 4 2U 2U 2*8 2*8 212 2U. 2*4 4U 6*8 6 8 8 7U 7*4 6*s 6*8 5 8U Preferred ________ _____ 100 7 7U 8 7 6 5 16*4 15 23*8 Erie___________ __________ .100 14U 17U 14*8 15*4 1412 16U 14 18U 17 15U 14U 17*8 15*8 1GU 15U 15*4 14*4 157g 15 34 36U 35 First preferred_________ ,00 23U 28U 24*4 26*4 24*4 30*8 27U 29*8 28 33U 34*4 31*4 33*4 31U 33 30U 30U 29U 30U 2378 23 22 22 24 24U 20*8 27U 22 19U 20*4 20 23 Second preferred______ .100 18*2 21U 1912 19*8 19 24*4 23 21U 24 92 Great Northern preferred. .100 86 88 91*4 90U 93U 89 93U 90U 96U 93*4 106U 90*4 90 89*4 92U 87U 92U 877g 91 93U 89 34U 34*8 31 iron Ore Properties__reo par 25U 28*4 26*4 30U 25*8 29*8 26U 30*8 29U 34*8 31U 34U 31U 33U 31U 32'U 30*8 33U 29 9’g 934 8 8 9 8 8 8 8*2 10 31 31 33 33 Preferred 100 28 27 27 33U 35 30 30 28 28U 27 30U 30U Havana Elec IP 100 95 95 97 96 96U 102*4 98U 105U 97 94 96 Illinois Central__________ .100 92 97*8 95U 98U 95 96*4 94*4 97U 96 96U 94U 96U 96 interboro Consol Corp..no par 7U 9U 8 87g 6*4 8U 6U 7*4 7*8 9 7*2 9U 6*4 878 678 8 6*4 9 7U 8U 7*8 8 4412 35U 46 41’g 36U 38U 34 33U 39 33 34 38 36 Preferred __________ ... 100 43*8 47U 41 46 38*8 29 41U 43*4 39 Par Alb&ny & Susquehanna. .100 Allegheny & West gu____ 100 American Cities, pref_.__ 100 Atchison Top & Santa F. .100 Preferred _____________ .100 Atlanta Birm & Atlan__ .100 Atlantic Coast Line RR.. .100 Baltimore & Ohio_______ 100 Preferred _____________ .100 Brooklyn Rapid Transit. .100 Buffalo Roch & Pittsb__ .100 Preferred ______ ....... 100 Canada Southern....... ,00 Canadian Pacific________ .100 Central of New Jersey..__ 100 Chesapeake & Ohio______ .100 Chicago & Alton RR______ 100 Preferred ______________ .100 Chic & E Ills Pref tr rec__ .100 Chicago Great Western.. .100 Preferred ______________ .100 Chicago Milw & St Paul.. .ICO Preferred ____________ .100 Chicago & North Western .103 Preferred _ ____ 100 Chic Rock 1 & Pacific tem ctfs. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis $ per share 89U 95U 86 90*2 5 7*8 100 10678 48*2 56 5312 57*4 25*8 38*4 46 46 154U 161U 54U 59*4 7!2 8j4 10 u 14U 7*8 9*4 23U 30 38 48*8 82 70 94 100U 130U 13 ll» 247g 28*4 78U 855s 62*4 73 76 " 82 110 110 34*4 37 67 67*g 20U 23U 49 54 46 48 100 115*4 176 185 312 6 5 10*8 16U 26*8 20 937g 31U 8 33 20 3212 23 99 33*s 9*2 35U 95U 100*4 4*4 8 17U 34 233 RAILROAD AND MISCELLANEOUS STOCKS 1918—Continued. 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 STOCKS Par $ per share $ per share 5 per share $ per share .100 2’s 4 65 65 Kansas City Southern__ .100 157s 1834 17 18ig 15U 1758 15k 16 Preferred _____________ .100 45 4934 48 49 48 50 51 49k Keokuk & Des Moines.__ 10(1 419 10 ’ 9l2 10i2 958 934 9 Lake Erie & Western_____ .100 9 9k Preferred _____________ 100 21 21 18 18U Lehigh Valley___________ ..50 55 6278 57U 59k 5914 5634 59l2 56 Louisville & Nashville__ .100 110 115 11134 114l2 11234 118 111 11434 Manhattan Railway_____ .100 96 9834 94 94 95 98 97l8 98 Guaranteed stock_____ 100 95U 96 Michigan Central_______ .100 80^2 8012 Minneap & St Louis (new) .100 9U 10i2 8U 914 8U 103g 7k 9 Minn St P & S S M.............. 10(1 80's 89 87 89i2 87 85 90 88k Preferred _____________ .100 109 109 105 105 Leased line certfs______ 100 Missouri Kansas & Texas. .100 438 6l2 458 5 45g 5U 4i2 4k Preferred _____________ 100 6^2 9l2 77s 8 8 8l2 7k 8k Missouri Pacific tr ctfs__ .100 20 2478 2D2 24 2D2 2414 20 22U Preferred tr ctfs_______ .100 41 46 43i2 5178 50U 5414 50U 52l2 Morris & Essex__________ ..50 75 75 Nashv Chatt & St Louis.. 100 Nat Rys of Mex second pref 100 fil2 712 678 7lg 7i2 5 New Orleans Tex & Mex v t clOO 18 21 18i2 20 17 1878 20l2 18 7358 6758 70l2 N Y Central_____________ .100 6712 7358 6978 7234 68 N Y Chicago & St Louis. _ 100 14 16 15 15U 155g 16 First preferred_________ 100 Second preferred______ 100 42 42 N Y Lack & Western_____ 100 2934 N Y N H & Hartford.......... 100 2712 327s 27l2 30i2 27l2 3034 27 N Y Ontario & Western.. 100 18U 21l4 1912 20l2 20 2D2 19 20 20 21 17 2D Norfolk Southern________ 100 20 20 Norfolk & Western_______ .100 102 105i2 103U 10638 102 10684 102k 105 Rights _____ __________ Preferred _____________ 100 76 76 78 79 Northern Central________ ..50 7214 72U 8634 84 Northern Pacific_________ .100 81lg 88H 83 8634 82l2 85i? Pacific Coast Co_________ .100 45U 45U Pennsylvania____________ ..50 451? 17h 4434 4638 44 4514 4334 4478 4l2 5 Peoria & Eastern________ 100 6 6 4k 5 13’ Pere Marquette v t c_____ 100 IDs 14 12 m2 1234 9k 12 52l2 5618 Prior preferred v t c.__ 100 55 53 55 5834 5478 57 Preferred v t c_________ I no 36 37 31 31 35 35 30 30 Pitts Cin Chic & St Louis. 100 Pitts Ft Wayne & Chicago 100 128 128 127 127 Pitts & West Virginia___ 100 225g 28l2 26U 28i2 26 30’s 25k 2734 6734 66 Preferred _____________ 100 61 69 67i2 66 68k 66 Reading Company________ 50 70ig 767s 73=g 787s 7534 85k 775g 83 ___ First preferred________ .50 35 37 38 36 35 35 Second preferred______ .50 36 36 35 38k 3658 37 37 37 Rensselaer & Saratoga-__ 100 Rutland preferred____ _ ion 1234 9i2 1214 93s 1034 St Louis-S F stk tr ctfs__ .100 101? 14 12 Preferred series A____ .100 23 21 22 25 26 25k 21 30 St Louis Southwestern.. 100 20 23 19lg 19k __ 20 20 Preferred _____________ .100 40 37 4012 3412 3978 37 40k 40i8 Seaboard Air Line_______ .100 7l2 812 734 7i2 812 7i2 8k 7 Preferred _____________ .100 16U 1914 173g I8I4 1684 19k 15k 17l2 825S 8834 8II4 877s 80k 8334 Southern Pacific Co_____ 100 80l2 85 U P-Ore Sh L ctfs of lnt_. 243.4 215g 25k 203g 2234 Southern Railway_______ 100 2D4 2478 23 Preferred _____________ 100 57 5978 5712 6OI4 58U 6178 57k 6034 1834 1734 1978 18 16 Texas & Pacific_________ 100 16 19k 15 Third Avenue___________ 100 173s 2134 1778 195s 17l» 1778 16 18 Toledo St Louis & West__ 100 Preferred______________ 100 Toledo St L & West tr rects 5i2 51 ■■ Pref trust receipts ____ 1212 1212 8*2 9 52 Twin City Rapid Transit.. 100 65 61k 47 6514 62 6514 52 Union Pacific___________ .100 1093.1118 11312 12334 116 123k 117 12078 703s 70ig 7212 7D2 74U 70 Preferred _____________ 100 69 71 434 65j 434 638 478 63S 5 United Rys Investment.__ 100 7h 100 143 4 1334 103 4 101 2 Preferred _____________ 12 12 11 15U 734 Wabash (Reorg Co)________ 100 734 9U 8I4 878 734 8k 7 Preferred A____________ 100 3914 4412 40i2 4338 40 4312 39k 4158 22l2 Preferred B____________ 100 2014 23 21U 23U 22 23k 22 143S 14is 1734 14 Western Maryland_______ 100 13 17k 13k 14&s 25 25 26 3D2 29 2d preferred____________ 100 20 30 20 100 14U 14 Western Pacific__________ 13 16i2 1514 15 1514 13 Preferred _____________ 100 46 53 52 51 58 54U 50k 5134 8Vg Wheeling & L Erie________ 100 8l2 10l4 9 10’8 9 10U 8 2234 21 17k 18 Preferred _____________ 100 2078 21l2 20 21 36 36 Wisconsin Central_______ 100 37 39i2 36U 38 36U 38k EXPRESS Adams ___________________ American ________________ United States____________ Wells Fargo______________ 100 77 ion 100 100 75 COAL AND MINING Alaska Gold Mines________ .10 Alaska Juneau Gold Mg__ .10 Amer Coal of Alle£ Co .25 Amer Zinc Lead & Smelting.25 Preferred ______________ .25 Anaconda Copper_________ .50 Batopilas Mining_________ .-20 Burns Bros________________ too Preferred ______________ 100 Butte Copper & Zinc v t c -.5 Butte & Superior Mining.. .10 Calumet & Arizona Mining. 10 Cerro de Pasco Copper..no par Chile Copper_____________ -25 Chino Copper____________ -.5 Colorado Fuel & Iron____ 100 Preferred_______________ 100 Cons Interstate Callahan. .10 Consolidation Coal of Md.. too Dome Mines Ltd (The).__ .10 Elk Horn Coal Corpn____ .50 Preferred 50 Federal Mining & Smelting.100 Preferred ______________ 100 Granby Cons MS&P______ 100 Greene Cananea Copper.. 100 Homestake Mining.............. 100 Inspiration Consol Copper. .20 Island Creek Coal________ -.1 Kennecott Copper.__ no par Miami Copper____________ ..5 Nevada Consol Copper.__ ..5 Ontario Silver Mining___ 100 Pittsburgh Coal (Pa)____ 100 100 Preferred http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 80 ___ 71 80 83U 80 7514 65 80 80 16 82l2 78 1«4 23g 2 27s Da 1®8 2 21g 1678 47 6672 1’4 L195S L10 1034 2234 70 33U 1738 45l2 4212 13 43 6O18 1 116 110 9U 18lg 6712 29U 15 39 3612 16k 46 65 1®8 12514 L10 10l8 2412 69 32'8 16k 134 23s 27« 3i2 1278 41 59ig 1 11034 17U 47 6412 D8 114 16l2 6312 2934 15 4DS 3434 2112 66 3212 175g 44 39h 8 92 83g 22 10 8 94 10 8i2 9i8 8 2434 233g 28l2 2634 37 11 1378 10*8 13 36 3114 36l2 30 7912 75 78 76 39l2 4D4 40U 45 89 8D2 84 80 48’g 44l2 485s 435s 60 60 3334 32i4 3414 29 33ls 30U 32l2 2978 1914 183S 19i>8 1734 534 5i2 514 5 47l2 467s 5834 51 82l4 81’s 84 80 934 27 74 38i2 8D2 425g 3078 2934 18 414 42 7934 65 73 80k 80 16U 141? 71U 80 14 43 6D2 1 108 110 95g 183S 6512 31U 16 43ig 37lg 1U lk $ per share $ per share S per share $ per share S per share 5 per share 3 3 3 5 60 60 59 59 18 19i8 17i2 185g 1714 193s 17i2 20 18lg 213s 1538 20 5212 56 52 54 5038 5234 52 55is 52i2 54 50 53 3 3 834 9 9i8 9i2 9 7i2 8 7U 10l2 8’s 10i2 9 2034 25 22 21 21 23 20 20 20 2014 6338 5834 62 5858 60 57 59U 57i2 6034 59l2 6134 59 11258 117 115 11614 113 116l2 114 116l2 11478 11612 11534 12134 96 96l2 94 99l2 99l2 9734 98 98l2 94 98U 95 100 96 96 95 95 100 100 89 85l2 91 89 9178 9178 9178 95 IDs IDs 10 9U 113s 9l2 1138 10l2 1134 10l2 1134 9 94 94 89 88 89l2 88I4 93 95 88 89 87i8 89 112 112 105 105 105i8 105ls 106 108 43S 714 2012 52 70 1197s 458 19 68 16 178 28 19 16 103 76 84 89 9i2 21 2012 37l2 7i8 1334 29 23U 40 8'4 18i2 87is 1143. 26 63 12l2 11 28 2778 20 20 37 33U 734 7i2 20 19U 85l4 84 118U 2478 2314 243s 23 623g 6234 6178 63 145g 16 1734 15 18i2 1958 18l2 18 1178 13 i8 ID4 28 26 28 21 22 20 35 7% 7U 8I4 1712 2D2 1812 82i4 84l2 8234 16U 8ng 1143. 2034 23 61 585g 1734 16 14 1712 21 17 6i2 4 11*2 8i2 44>8 39i8 126l2 120 71i4 6914 83i 10U 17 20 9i2 85g 43l2 41 2514 2378 135g 16 1378 25 2812 2784 2034 19 15 5112 5934 59 8 9 10 19 1878 22 38l2 35’8 34 5U 9 4212 118 70 6i2 13i2 7i2 3934 22 Ua li2 1«4 2 734 812 8U 9 13g 3ig l’a 23jj 52 52 15i2 203s 48 52 6D2 68I4 1 d4 120 126 938 21 6678 3D2 15i8 363g 453g 47lS 31l2 27 19l8 834 48l2 80 1212 29l2 69 34U 1678 4212 5034 8 13 858 6 7 7k 858 26 2678 2558 27 25 9'8 29 75'8 40 6I4 10l2 41 12338 71 934 18 12 4312 26l2 16 32 24l2 64 978 20 3634 67l4 62 69 88 89i2 90 16k 7634 73 79 1034 33i2 71 35i2 17i2 47U 54l2 9l2 32 78 4334 76 54 6234 3234 31 1934 10l2 54 81 75 75 877g 865s 88I4 8734 91 86 433g 45 43U 44 43S 6 1334 lll2 I6I4 1378 57 57i2 55l2 58 35 367s 367g 36 5334 2578 2578 50i8 133s 1934 13k 14 45 47 4412 49'8 62k 66 6II4 7P2 1 1 n2 li4 120k 132 123i2 134 9k 30 76 40k 75 46k 6234 30k 27U 183g 734 50k 81 76 4434 221S 16 10838 445s 435s 44l2 438 5 5i2 1514 14i2 151? 57 58 60 397s 3812 40 51 50 5278 130 130 32l2 3738 27 3U4 2812 3D2 325g 37 783g 81 7034 681S 80’2 78 80 67 8618 93U 8634 9178 7834 9034 86I4 95 345 g 37 37 39 38 38l4 40 37 38l2 39i8 40 38 38 36 100 100 4312 514 9l2 56 35 50U 9lg 18l2 6884 3P2 1538 40 S934 33k 3138 20 8k 57k 83k 75 76 978 2158 69i8 32l2 1673 427s 42 8k 28k 37 Ilk 33 79 41k 80k 46k 45g 5 2178 20 71U 7314 12 9i2 361? 30i2 74i2 80 45 40i4 68 5634 4734 67 3478 31 3034 2678 2178 19 lll2 107s 56i8 48 84 80 19U 2414 543g 59i2 3 3i2 93s IDs 25 25 5634 65i8 116 12434 98 103l2 91U 92 107s 157s 93 97'2 112 113 62 62 534 5 5 5i2 5U 6^2 5 6I4 514 634 834 10 10 8i2 9 10’s 12 ID4 101? 13i2 2258 24U 225g 247s 23ig 26is 2334 2714 24l2 3158 5934 56i2 60 5434 58i2 531? 5878 55 55i2 62 69 73 67 67 70 70 117 117 1197s11978 108 108 434 5 83g 103s 5 5’s 514 5 5 9i8 23 28l2 35 18 28 23 18’s 19 2078 24 82l2 75 8458 71 73i2 71 72lg 76’2 73 75 133g 21 22 14l2 15 34 6434 65 55 55 58 55 40 44 45 48 4578 3734 45i8 36lg 42U 39i2 23 2178 20'8 225g 20 1978 16 16^2 1083g 10214 10412 10234 10414 10278 878 185g 67 30k 14i2 43s8 40k 40 36k 10 5 6 7iS 9 2234 24l2 53i2 55i2 41i2 41l2 73i2 5912 88 82 15 15l2 76 7034 1«4 6 9l2 247g 55ig 70 1197s 6 2434 75B4 16 $ per share $ per share 4i2 4 5i2 3 11 11 5 7 10U 15 4334 40U 1205s 123'8 7014 71 8I4 9i2 16 17i2 1134 10 38l2 43 24 26 14U 1534 ___ 2U2 2278 61 63l4 914 912 19i2 2078 35U 37i2 59 59 16U I6I4 72 72 5U 1414 42l4 12058 70U 8 1314 9ig 37 1434 2934 19 60 69 153g 3078 213s 71 71 74 86l2 9D2 88>g 96 43i2 534 12i2 61 39 54 44U 435s 4934 5 6 6 1534 13t? 1558 5834 63 61 40 42 39 577s 54lg 54 1241? 1241? 3234 37 33l2 38’2 7734 80 78 8078 8634 96l4 8534 92 35 37i8 38 37 39l2 37 114 114 534 11 43 1221g 693s 8 14 834 3778 23U 13 25 18l2 59 83g 18 3434 92 213s 18 495g 53U 65 69l2 Ds d2 120l2 139 17U 4912 65I4 Dg 135l2 Il’s 2634 67U 33i2 16ig 39 443g 1278 315g 69 3412 17ig 4178 48>4 11 25U 68 333s 16 385s 45 10 IP4 9 334 2U 212 d2 12ls 10 978 25 67 3278 1534 38i4 45 93 40 433g 5lS 125g 5778 44 46 130U 34U 78i4 78i2 37i2 3578 9714 40 47l2 5*2 1713 60 44 53 130U 3834 8HS 86 37i2 39 5 5 10 10 32 527s 12512 132 6934 7414 7lg 834 13l4 16l2 77s 10is 3078 3914 191? 24ig 14 10 24 30 19 23 6H? 64 8I4 10l2 171? 2078 2978 36 7U 15 51 137'2 715s 8t2 11 14 19 8i2 10i8 38 4078 23 25 153g 1234 15l2 31 25 25 19i2 1834 1918 62 58 60l2 8I4 934 9U 19 23 18 3934 36 36 11 45 126 6912 37s 218 3U 134 4>8 212 3i2 2 1834 15 17i2 14 I6I4 1234 52 51 5D2 45 50ig 50 65l 2 67l 2 69 6978 7414 63i2 1 1 1’2 138 d2 Ds 14858 139 155 148 L61l2 145ls 275g 68 35 167s 40‘s 48l4 4478 93l2 3714 2D4 2Di 10858 Dg 78 7214 73i2 5ig 7 14 14i2 48 50 126l2 137l2 7034 7634 9 10 15 18 9 ID4 3834 4134 23 26 1234 1612 25 3078 2434 19 64 60 1234 9 19i2 26 34 33 678 12 43U 128lg 70i4 8i2 15i2 10 403g 2478 1212 17 30 33i2 195s 25 37i2 40 83s 12 1912 25U 97 110 5934 55 48 61 5D4 52 83i2 77l2 79 85 91 91 16U 16i8 lG’s 16 16is 16 6334 65 64i2 79 71 74 178 8 9 30 36i2 73i2 7934 333S 28 283s 2714 325s 275s 3478 69l4 67l2 7078 6534 7514 16i2 15 18l2 18l2 27ig 18i2 1734 2D4 14l2 20l2 534 7 7 13l2 29l2 2334 37i2 914 22l2 10534 50l2 80ig I6I4 70 ' 3ig 4l2 6i2 8I4 1312 24 283g 5U4 587s 70 70 20 20 1234 17U 2214 33 19 19i2 28 37 8 IOI4 2U2 17 9734 1O45S 1381? 1381? 28U 323g 7034 68 2234 29l2 1214 16 4i2 41? 12l2 10l2 28l2 28 19 28 93g 8I4 203g 23 88l2 87 62 9M 183s 38'4 8I4 105 46i2 50i8 5’g 678 15 1878 64 60 40 50 53 581? 1251? 1251? 33l2 403s 77 82 81 93 3S34 37 38 3914 18 35 4=8 3 2U 1>2 IOI4 40 2314 24l2 10l2 15 90 9314 IO6I4 108 41 93l2 3834 45'8 38 4258 3314 4278 30lg 20i2 243s 20 20U 2278 2034 24 173d 173a 16 14 14 16 16 1025g 10778 104 11D2 103 11214 104l2 12l2 10l2 2812 27 20 3412 8 71a 2D2 19 893s 8414 U8U 265s 25lg 6678 66 1578 15 19l2 15U 534 7U 16 44U 129 71l2 8U 15l2 21i4 18 53 55 334 334 7i2 853 23 18 535g 6034 118 12Dg 78's 100l2 80 1001s 95g III4 273S 23 66 70 3434 34U 175g 17ig 4078 38l2 493g 38U 3i2 10 9 1078 2714 70l2 38 24 44U 4614 lO’s 8 185g 66 3214 18l2 375g 42 69 95i2 80 16U 161& 78 ' 64 595g 89 16ig 7314 33g 1‘2 434 23s 1512 11 3834 50 733s 59 23S l’s 15534 149 13i2 4612 677s 134 .56 53g 27s lll2 2578 70l2 39 235s 4478 41 101 101 834 914 958 8I4 9 8i8 7 87s 1078 984 1438 12 2734 2478 263s 26i2 30’4 27l2 28l2 28i2 2914 28 4312 9i2 1212 12l2 10 1478 1134 IDs 1134 15 10U 343g 34 34 33 4312 37l2 4234 381S 44i2 3934 76i2 79 825s 81 84 76 79 79 86 76 4234 42l2 44l2 43 44l2 57 45U 4434 5058 49 72 70 70 74 75 80 85 75 75 90 55 51«4 56i4 51 54 <8 52 55U 53ig 5Sl2 46 67 33'8 325g 34ig 33 34is 32i2 3478 33l2 4038 345s 273g 285g 275g 29is 2734 2912 24 2878 2878 30 20i2 195g 20l2 1934 2078 197g 21 195g 21 17U 13 978 12U 8l2 IOI4 7ig 103s 67g 734 7 523g 48 5134 47U 5334 441S 54 49l2 525g 50 8178 80l2 815g 8D2 827g 82l2 8314 823g 83i4 8P4 Slg 1612 61 33 17U 313s 36 87s 213S 69 36 203g 3834 4D2 8I4 914 11 137s 285g 30 15 3D4 4312 14 43 83 58'4 95 56l2 9 37 78 44l2 95 4Ds 12 4078 81 49U 95 4914 4H4 28l2 21 8 497s 84i4 31U 2214 16i2 678 4534 85 365s 253s 1912 8I4 48*4 857s 234 MISCELLANEOUS STOCKS 1918 - 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 STOCKS Par Pond Creek Coal ctfs______ .10 Ray Consolidated Copper. .10 Shattuck Arizona Copper. .10 Tennessee Cop & Chem.no par Utah Copper_____________ .10 Virginia Iron Coal & Coke. 100 VARIOUS Acme Tea 1st pref________ Advance Rumely__________ Preferred ______________ Aiax Rubber. Inc $ per share t per share $ per share 18 18 2212 247g 233g 25b 233g 25 177g 15b 17b 17 18b 16 1834 15b 17b 15U 173g 17 8034 8534 7634 82b 773g 81b 7038 66b 69 64 55 66 $ per share 19 19 2334 26b 16 18 1634 19l2 87b 77 67b 73 100 80 100 11 13 12l2 14b 14b 14b 123g 1478 12 soo 25?8 29b 2014 30b 28 29b 28b 32b 33 50 49 507g 52 58 56 54 51 51 58 Allis-Chalmers Mfg.. .__ 100 Preferred ______________ 100 Amer Agricul Chemical___ 100 Preferred _____________ 100 American Bank Note____ .50 Preferred __________ 50 American Beet Sugar____ 100 Preferred _____________ 100 Am Brake S & Fdry_______ 100 Preferred _____________ 100 American Can___________ 100 Preferred _____________ 100 Amer Car & Foundry____ 100 Preferred ’_____________ 100 American Cotton Oil____ 100 Preferred _____________ 100 Amer Hide & Leather___ 100 Preferred _____________ 100 American Ice___________ 100 Preferred _____________ 100 Amer Internat 60% pd___ 100 American Linseed________ 100 Preferred _________ ____ 100 American Locomotive___ 100 Preferred ______________ 100 American Malting________ too 1st preferred____ _____ 100 1st pref certfs of deposit American Shipbuilding__ 100 Am Smelt Sec pref A stpd __ Amer Smelting & Refining 100 Preferred _____________ 100 American Snuff_________ 100 Preferred new. ________ 100 Amer Steel Foundries____ 100 American Sugar Refining. 100 Preferred _____________ 100 Amer Sumatra Tobacco__ 100 Preferred _____________ 100 Amer Telegraph & Cable.. 100 Amer Teleph & Teleg_____ 100 American Tobacco_______ 100 Preferred new__________ 100 Amer Woolen of Mass.__ 100 Preferred _____________ .100 Amer Writing Paper pref. 100 Assets Realization________ .10 Assoc Dry Goods. ______ 100 1st preferred__________ .100 2d preferred___________ 100 100 Associated Oil_______ Atlan Gulf & WI S S Lines 100 Preferred _____________ .100 Baldwin Locomotive_____ .100 Preferred _____________ 100 Barrett Co iThe)________ 100 Preferred 1_____________ .100 Bethlehem Steel Corp__ .100 Common class B______ .100 Preferred _____________ 100 8% preferred__________ 100 Booth Fisheries_________ 100 Brooklyn Union Gas____ .100 Brown Shoe___________ __ .100 Preferred _____________ 100 Brunswick Term & Ry Sec .100 Bush Terminal___________ .100 Butterick _______________ 100 Calif Packing Corp (The) no par Calif Petrol vot trust ctfs. .100 Preferred _____________ .100 Case (J I) Thresh M pf ctf. .100 Central Foundry_________ .100 Preferred _____________ 100 Central Leather_________ 100 Preferred _____________ .100 Cent & South Amer Teleg. 100 Certain-Teed Products_no par 1st preferred__________ .100 2d preferred_______ .100 Chandler Motor_________ 100 Chicago Pneumatic Tool. .100 Cluett Peabody & Co_____ 100 Preferred _____________ .100 Columbia Gas & Electric. .100 Computing-Tab-Record . .100 Cons Gas El L & P (Balt). 100 Consolidated Gas N Y___ 100 Continental Can Inc_____ 100 Preferred _____________ 100 Continental Insurance.. -.25 Corn Products Refining. .100 Preferred _____________ .100 Crex Carpet_____________ .100 Crucible Steel of America .100 Preferred _____________ 100 Cuba Cane Sugar Corp.no par Preferred _____________ 100 Cuban-American Sugar.. 100 Preferred _____________ .100 Deere & Co preferred___ 100 Detroit Edison__________ .100 100 Diamond Match_ _ __ Distiller’s Securities Corp .100 Electric Storage Battery. .100 Fisher Body Corporation no par Preferred _____________ .100 Gaston Wms & Wlgmore.no par General Chemical_______ 100 preferred _____________ 100 General Cigar, Inc_______ .100 Preferred _____________ 100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis $ per share 1818 1938 223g 24ig 15b 17b 127g 1734 78 83b 50 55 1734 72U 78 89b 32 21 76 86 91 32 92b 76b 104 8978 93lg 85 105b 90 58 98 109 6034 81 51 9934 140b 94 44b 92 203s 64 10714 110i2 6834 88 23 79 85 92l2 3H2 283g 81 84 95 97 97 165 165U 387g 4358 94b 9634 74 79b 109l2110 30b 32 81b 79 1334 12 55b 62b 1234 1334 41b 42 52b 55b 3058 3334 7134 75 59b 67b 98 99b 9 1034 537g 46 163 40 96 7514 110 31 787g 12 56b 14U 42b 52 30b 71 60ig 98 8'2 42i2 163b 45b 97 803g 110’2 38b 80 1338 60 26b 48 55 34b 74 663g 99 lob 4934 92 92 75*2 105 91b 99 9412 82b 10634 93 99 128 895g 91b 74b 7934 104b 105b 93l2 95 125 144 897S 89 73 84b. 103b 106 100 100 6II4 66b 100 106 IO8I4 no 86 96b 90b 93 50 50 99b 107b, 1503g 159 94 98b 48 56U 957g 93 23lg 2734 1 lb 13 12b 12b 13 54lg 54b 61b 65b 9834 106b 110 110 907g 100b 90 90 61 61 953g 1013g 154 168b 95 95 497g 53l2 947g 93 20b 25b 61 68 104 116 110 113b 975g 145 89 100 50 5114 96 loib 155b 170 93 95 5212 607g 953g 94 2534 22 70b 7878 77 84 85 86 174?8 175 34b 41b 89U 90b 68b 73l2 106 109 3234 25 80 80 1178 13b 56 50 lib 12l2 3834 43 54 5838 3378 27 69U 7434 53b 5938 95 96b 9 1U8 51 56 277g 8134 90 92 84 86 168 168 37b 43U 90 95 7134 7834 110 110b 33 30 80 80b 12b 143g 55b 63b 12I2 15 41 42b 53 58b 31b 34b 753S 74 57b 69b 96b 100 97g 13b 49 58b 90 92l2 80b 105 94 90 93 86b 106 94 26b 83b 87 92l2 34b 747g 82 60 68b 104 108b 1097g 110l2 66b 95b 93 88 531o 00 60 108 1047g 109b 165 162 1687g 99 98b 97 563g 493g 49 93 925g 94b 25 31>2 25 3613 36lg 56 59^2 9734 10534 58 60b 56lg 64U 93 98 86 85 100 101 74U 83b 7238 833s 90 90b 96b 100b 21 23b 28b 8134 83b 94b 3134 32b 42 76b 70 b 86 87 42l2 953g 743g 110 36b 78 1234 59 247g 455g 52b 3234 75 62 97b 7b 44^2 12 51 68I4 84 80b 95 45 95 52 51 95 3138 35 32 30 95 98 92 84 8478 923g 56 333g 35 30b 31 92 b 95 101 46 3534 963S 57 57 10334 114 60b 6434 71b 7958 987g 99 86U 91b 100l2101 78b 8234 74 81 92 92 9934 10134 2214 2434 80 80 54 54b 104»2 112b 61b 62b 833g 73 96 97 85b 88 10034 101 7934 78 75b 8134 81b 90b 78 5478 98l4 2834 3212 96 84 68I4 103 44 34b 96 40 59 88 28b 78b 55 99b 3378 32b 96 90 737g 105 44 38 977g 40 655g 90 33 83 56 83 56 37 8612 88 96 35b 75 9D2 5034 97 81b 11034 43b 84 1434 6934 35b 53 58b 4278 81b 7134. 100 9b 4434 12 51 61 57 1013411334 62 63b 787g 10134 98b 100 933S 86 1005g 101 96 80 77b 94 33 41b 38 b 43b 37b 41b 49 49 35b 26 28 34 34 34 75 80 70U 77 ___ ___ 3334 39 3134 36b 33b 36 165 175 ISO 180 170 175 10334 10334 100i2 100l2 ___ 397g 45 34 36b 37b 43 96b 96b 58 60b 101 105b 6334 65 84 93b 100 100b 92b 947g 102 102 81 85 79b 85b 90 90 104 106 23 27b 797g 85 68 68 ___ lib 13b 9 9b 407g 4134 18b 20 59b 6134 82 82 3434 35b 44 46b 66b 713g 10234 104 103 104 33 34 84b 84b 78b 78b 877g 81 88 79b 8334 82 7O34 68 54 52 48b 48b 50b 52 3134 343S 32b 3434 31b 337g 317g 34 39 3212 32i2 37 39 37b 857g 89 87b 91b 83b 88b 713g 677g 75b 70 72 70 103 103 104 104 99b 103 50 50 48 50b 4234 35b 3934 38b 4334 39 95b 977g 97b 99b 99b 10134 40 40 50 50 747g 60b 70b 52 683g 59 55 60b 675g 60 897g 91b 90b 9134 86 90 90 88 88b 90 28U 33b 30b 337g 27b 31b 2834 33b 29b 3278 8034 79b 8134 797g 81b 83 80 79 7834 82 1463i 152 145 150 152 152 145 145 957g 90 95 95 94 91 95 95 9434 9534 95 94b 96 957g 95b 95b 90 91 98 98 102b 108 103 105 104 104b 106 106 103 104b 89b 697g 101 44 45 45 297g 34U 327g 90b 93b 933g share 18b 25 167g 21 8434 73b 38b 523g 48 49 33 35 79b 80b 33b 34. 165b 173 100b 100b 42 42 S per share S per share 17b 18b 2334 243g 23b 245g 15b 16b 1434 15b 193g 18 19b 16 80 85 84b 81 72 73 71 72b $ per share 16b 16b 2334 25b 14Sg 16b 183g 16 93 81 72 70 § per 15 21 15 13b 7534 59 share S per share 16 25b 19b 2234 153g 13 17 177g 1234 15 80 34 91b 71b 70 56 58b- 82 82 177g 15b 173g 16b 21b 18b 2634 23b 26b 17 16 15b 18 627g 417g 39b 45b 43 4934 50 3 4 52 48 44 47b 57b 61b 63b 627g 66b 65 7214 64 61 57 55 65b 6212 63b 1 1*2 2634 33b 32 35b 3lb 347g 32l2 34b 29b 333g 25b 30 24b 29 7934 84b 82 84 86b 82l2 83b 83 84b 8234 84b 7934 83 85b 8934 925g 89 101 96 100 98b 106 100 1033g 99b 102b 87b 91 95 92b 93 93b 94b 93b 94b 92l2 92b 92 95b 98b 96b 101 34 35 35 34 35 35 4134 4134 4212 42b 64 66 70b 66 a 72b 6834 71b 673g 70b 64b 71b 48 50b 66 85 82 82 8534 83 83 85 85 90 90 90 90 168 168 162 162 168 168 175 175 160 160 423g 47b 45 49b 46b 48b 43b 47b 41b 47 42b 48b 40b 48 937g 96 92 93b 9434 93 94b 9134 94 94b 93 97b 95b 99 823g 863g 83b 86b 8234 88b 80b 88b 793g 86b 82lg 9334 75b 87 109 109b 10934 10934 107b 10934 109b Hlb 1087g 111b 107 111 10734 115b 4434 3S3g 44b 38b 417g 38 43b 39b 4212 40b 4334 39b 4334 41 8434 85 78 82 82 79 ___ 78 83 86 88 203g 16b 19b 18 22 13 19 22b 147g 20b 13b 16b 127g 15b 65b 82 813a 947g 9434 75 80 86 77b 91b 69b 81b 65b 76b 3534 257g 36b 32i2 49 2934 337g 2934 337g 32 37 48 39b 437g 49b 513g 48b 54 49 51 587g 51 57 55 48b 50 51b 61 53 5S34 5334 58b 5734 5234 54b 52 b 55b 51b 54b 533g 60b 52 425g 41 43 42b 39 42 40 38b 425g 40 40b 4234 39 47b 8054 76b 797g 77 7934 78b 83b 82 78 92 81b 78b 80b 78 62 5934 683g 60 69b 6334 68b 65b 6734 64b 'OS 62b 69 66b 98 99 97b 98 97b 99 9Sb 99b 99b101b 997g 100b 100 102b 23g 5b 5 5 7 334 5 3 5b 8b 7b 9 3b 5 44 43b 39 42 4034 4034 42b 50 46b 43b 48b 43 43 42 42l2 43U 41 45b 43b 48 12934 135 130 130b 132 140 89b 897g 893g 893g 90 93 98 90b 91b 91b 89b 91 95 95 733g 8034 76b 813g 76b 79b 75b 8034 76b 9434 7934 94b 743g 863g 10434 106 1047g 106b 105 106b 103 104b 103b 108 106 110b 1037g 108b 997g 97 95 98 997g 100 107 97 97 97 85 90 85 85 797g 77 9234 80b 94 677g 66 63 8534 95 75b 72 83b 92b 108 114b 109 114 108b 111b 106b HO 10734 1143g 109b H37g 110 113 10834110 109 1113g 109b HO 108b 109b 109b Hl 111b 114 112 114b 12834 1457g 117b 142b 121b 132b 105b 126 104b 11734 94b 109b 9034 105b 8234 87 9834 103 96 101 S212 88 9234 89 95 84 90 90 56 56 55 55 50 50 5ib 55 95 100b 91b 98 96b 99b 98b 109b 10234 109b 973g 10434 90b 99 158 166 160 165 157 16434 160 165 165b 195 185b 195b 188 19834 347g 98 93 9634 997g 98b100b 95 95b 94l2 95 95b 92lg 95 573g 603g 58 5134 50 587g 54b 59 59b 5334 583g 48b 55b 49 9534 94 b 95 93b 947g 935g 9534 95b 957g 95 94b 96 94b 9634 22 28b 27b 293g 32l2 38b 30b 36 23b 23 29 b 33 27b 32 13g lb lb lb lb 2b lh 13 15 15 12 12 15 14 14 13 13 13 18b 52 52 63 63 58 58 10212112 64 61 80b 96b 100 100 88 95 99b 102 81b 865g 775» 87b 90 90 100lg 103 lOUg 1067g 104 10634 104 106 22 22b 25 26 22b 2434 22b 2434 85 85 8412 84b 62l2 62i2 63U 63b 62 65 65 65 95 95 97 96 96 97 95 96 96 95 98 98 6b 73g 7U 87g 634 7b lib 113g 16b 6b 6b 7 80 80 734 10b 10b m2 10lg 10lg 7b 9b 41 36b 39’ 37b 39u 3834 40b 3934 43 b 39b 45b 40 213g 12 16b 15U 183g 15 16b 153g 18b 16b 197g 19 637g 4438 43 36 59 49 58b 48b 43 46b 43 47b 73 82 84 84 85 78 85 85b 83b 84 88b 85 35 30 41b 37 41 37 40 35k 28 37 33b 26 41 46 43 53 45 45b 4112 4934 48 50b 45b 48 733g 62 7134 63 61b 69U 68 703g 63b 72 63b 7234 103 105 105 108b 10212 107 102I2 10334 103 10412 103 104b 104 105 106 107b 109 110 108 108 105 105 35 38 90 90 87 87 59 58 10534 120U 6034 63 6234 817g 96b 100 93 87 100 101b 837g 77 8234 75 $ per 18b 23b 16 19 80 71b 80 16b 14 36b 34 60b 58 2212 76 81b 92b 311? 42 70 86 2034 74 85b 91 S per share 19,b 20 253g 23 1634 16 17b 20b 767g 82b 73 71 4934 6434 50b 50b 35 35 ___ 31 36b 174 176 100 102*2 40b 43 55 50b 3434 87 2634 180 99b 41 61b 515g 43 8834 33b 180 100 58 993a 100 8234 92 7234 68 99 101b 50 53b. 41 >8 4578 100b102 63b 9034 29 807g 693g 91b 32l2 81b 5934 65 102 106 63b 65 88b 96b 100b 100b 92b 94 100 1013g 8334 85b 82b 85'b 60b 64 100 106 63b 64b 86 95b 10134 102 92 96b 100 101 7934 87 787g 873g 94 94 10234 105b 1027g 105 25b 277g 25b 28b 82 78 80 78 67 67 67 67 96 96 133g 11 12b 11 834 415g 183g 60 83b 32 43 66b 103 834 43b 207g 63b 85b 32lg 46 713g 104 60-b 56 39 91 31 88b 68 51 99 35b 33l2 9934 69 55 100 417g 38 94b 1083g 102b 1097g 65 60 105 105 367g 4134 36 37 6434 61 103 103 37b 447g 3634 38b 98 1053g 69 74b 105 105b 54 57 45b 50b 101b 103 50 5H2 70 63 69b 52b 64b 53b 53 91b 89b 91 88 90 88 91 S134 29b 31b 28b 33b 28b 34 8134 79 81 8lb 79 78b 82 136 94 104 6738 72b 104b107 56 60 46 49 102 104 94 56b 60b 56b 56b 35b 39b 91 90 28^8 30 185 185 100 100b 46 52b 48b 53 99 99b 9934 99 53b 5234 37b 89 28 65b 69b 104 11212 65b 67b 71 78b 102 102 101b no 107b 107b 60 68b 60b 69 84 91 104 106b 21b 24b 80 90 68 68 96 96 8b 9b 11 10b 1534 153g 18b 17 17b 407g 40 4334 43b 50 4834 46 21b 1934 2434 18b 247g 19 23b 65 61b 68 61b 6634 63 70b 89 83b 90b 91 92b 25" 22 18 20 19 • 19 34 35 33 35 35 39 65b 71b 62b 7034 563g 64b 5434 64b 10234 104 103b 107 104b108 101b106 105 105 102 103 104 104 106 106 30 30 35 40b 3712 3734 85b 85b 94 89b 90b 86 7078 73 6684 713g 98b 98b 99 100 50 51 4234 4434 39b 4434 9934 1003g 100b 10234 927g 927g 94 103 104 65b 697g 103 115b 643g 67b 70b 84b 102 104 100 104b 104b 104b 60b 66*2 5934 69 91 91 10134 106 22 26 92 93b 74 71 95 95 8 10 8b 40 18 61b 83 86 89b 85 89b 68b 69b 695g 69b 53 53 54 54 98 98 33 37b 3334 36 35 35 35 35 65b 90b 29b 80b 136 60b 71 103 11434 63 66b 73b 89b 99b 104 95 109 101 103b 67 78b 673g 79 89 b 91 102 104b 22b 26b 93 90 65 65 96 96 10 13b 93 104 65b 76b 102 106 5134 547g 42b 45b 101 103 92b 92 b 9534 96 104 104 109 109 49b 5S"8 52 52 b 3534 36 82b 82b 2Gb 23 180 180b 100 100b 44b 497g 45 53b 51 35 42l2 8712 90b 25b 31'b 177b 130 99b 100b 44b 487g 9934 IOS 95 110 96 120 44b 51 38 91 23b 168 100 4334 40 92i2 32 163b 101 45b 55b 61b 87 91 2834 3134 77b 8134 150 150 937g 95b 113 46 113 52b 36 37 92b 93 32b 29 168i2168l2 1023g 103 45b 49b 235 MISCELLANEOUS STOCKS 1918—Continued. August September October July Novembeti December January February June 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 General Electric. Rights................ Preferred _____________ Gulf States Steel tr ctfs. S per share 12734 140 23g 3b 10634 139b 81 83b 38 49 96 99U 86 9612 102 102 42 44 34 3978 8 per share $ per share S per share 5 per share $ per share S per share $ per share S per share S per share S per share $ per share 134 143i2 134b 1413g 136b 143 142 153 142 149b 143 149b 14434147b 14134149 148b 158b 147 157 142b 155b 10 15U 38 48b lllb 122 106b 108b 59 70 97 97 14 15i4 4934 47 120 130 109 110b 72 70 102b 102b Helme (G W) pref. Int Agrlcul Corp.__ Preferred _________ Int Harvester of N J. Preferred _________ Preferred 116b 141b 83b 88 41b 50b 98 100 95 90 42 40 37b 40 113b 129b 80b 84 41b 45 99b 9912 88 93 H43412334 79 81b 42 47b 99 100 88 lllb 37 40 37b 42b 37 12 40 120 109 53 13 44 126b 109 60b .... 40" 12b 15b 42 47 115b 122 108b HOb 55 61 97b 100 132 80 44b 100 79b 99b 45b 40b 41b 41b 42 --39 43b 41b 43b 42b 49b 45!2 114b 128 79b 81 42 46b 99b 100 84 10934 117 81 42i2 98 84 1434 17 44 57b 121 13134 108b 110 61b 65 95 97b 16b 55 126b 110 60b 96 Preferred certfs. Preferred .. International Paper. Preferred .. 21 833g 27 95 24b 58 International Salt. Jewel Tea Inc_____ Preferred _______ 1st preferred__ Kelly-Sprlngfleld Preferred _____ Kelsey Wheel__ Preferred ____ Kresge (S S)_______ Preferred________ Kress (S H) & Co.. Preferred __ _ __ Lackawanna Steel. First preferred.__ Second preferred. Preferred ________ Mackay Companies. Preferred ________ Manhattan Beach.. Manhattan Shirt____ Marlin-Rockwell v t c. First preferred__ Second preferred. Preferred Mexican Pe Preferred Moline Plow 1st pref. Montana Power_____ Preferred _________ National Acme______ Preferred National CI< Preferred Natl Conduit & Cable..no par Nat Enameling & St: Preferred ________ National Lead______ Preferred ________ New York Air Brake New York Dock_____ Preferred _________ Nor Amer Co new stock___ ICO Nova Scotia Steel & Coal___ 100 Ohio Cities Gas (The)______ 25 Ohio Fuel Supply__________ 25 Owens Bottle-Machine (The) 25 Prefer red _______________ 100 Pacific Mail Steamship_____ 5 Rights_______ New Preferred Pacific Telep & Teleg___ 100 Pan-Amer Petrol & Trans__ 50 Preferred________________ 100 People’s Gas Lt & Coke__ 100 Pettibone-Mulliken ______ 100 1st preferred____________ 100 Philadelphia Co (Pittsb ...50 Pierce-Arrow Motor Car.no par Preferred _______________100 Pierce Oil Corpn___________ 25 Pittsburgh Steel pref. 100 Pressed Steel Car___ 100 Preferred ________ .100 Pub Serv Corp of N J. 100 Pullman Company.. .100 Railway Steel Spring .100 Preferred ________ .100 Republic Iron & Steel___ 100 Preferred ______________ 100 Royal Dutch Co tr co ctfs.__ Rights______________________ Savage Arms Corp________ 100 Saxon Motor Car Corp___ 100 Sears Roebuck & Co______ 100 Preferred _______________100 Sinclair Oil & Refg Corp no par Sloss-Sheffield Steel & I.. 100 Preferred 100 South Porto Rico Sugar.. 100 Rights______________________ Preferred ______________ 100 Standard Milling_________ 100 Preferred 100 Studebaker Corp (The)...100 Preferred 100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 36 97 95 43 28 81 92 25U 243S 31b 94b 92b IO2I4 3078 27b 2934 96 96 95 3078 293g 33b 23b 89b 27b 95 28b 99 65 61 65b 62 5638 563g 53b 36 38 40 35 95 92 9714 95 95 104 104 4714 44 76b 29 89 81 94 95 76 85 13 182 104 17b 83b 53 160 175" 185 98 99 101 74b 75b 75 57 58 59 23b 557g 1934 47 9834 79 87 43b 80b 85 16 19534 107 22b 83b 57 196 101 78b 62b 75 30 60 24 47l2 98b 9378 90 48b 67b 73 9978 100b 2634 3034 93 100 108b no 100 100 15b 1778 37b 44l2 96 96 43b 47U 104 104 117b 125 18b 20b 42 44 43 45U 63b 69 35b 40b 425g 4434 553g 60 27 32b 64b 60 2178 26 5178 42 100b 103 8884 98b 92 95 44 47U 69 72 32 30 98 100 110 110b 72 72 100 102i2 185g 15 43 53b 9834 99b 47 58b 100 103 126b 138 22 22 46 46 45 46b 6734 69 38b 425g 4334 42 62 65 47 30 90 95 23b 85b 27 92 29 26 9438 28b 92 4134 23b 85 27b 88b 3334 55 7334 81b 87 90 12b 15b 180 180 10334 107b 19 20 55 55 56 102b 1023r 103 82 76 80 19b 19b 1834 26 20b 22b 20b 20b 24 89 95 40b 48 90 40b 33 100 23 25b 21 3678 43b 36b 933g 97b 92b 90b 98 59 63b 95 95 101b 101b 100lsll6 45b 53U 96 95 725g 8238 92b 9514 7058 77b 93b 93b 5978 69b 96b 9778 102 104b 1143gll4 51b 56b 98 98 75 81b 9534 99b 73b 77b 53 66I4 634 11 1393415512 117 117 29U 34 4284 39 62 66 70 68 1034 9 734 10 149b 156 140 152 119b 119b 273g 35b 33 39 42 5534 53b 48 81 81 ___ 170 170 160 160 158 102 84 89 46 94 16b 57 124b 112 64b 100 17b 6134 127b 112 66 100 5534 103b 87b 85 19b 165 1033g 26b 83b 179" 103 73 65 55 55 103 103 8434 81 82 83b 18b 2234 166b 166b 102ig 104 25 29b 86 86b 70 75 163 195 91 91 58b 6484 95 96 104b 109b 110 117 48b 5534 96b 98 76 81b 97 97b 70b 80b 9134 47 33 100 28 39b 95 90 90 5734 60b 93 95 98 100b 115 118b 51 57b 96b 97b 77b 84b 9734 98 72b 77b 110b133 77 78b 44b 47b 100 100b 76b 87 99b 99b 48 48 44 47 17 17b 6234 57 124b 130 106 lllb 64 66b 108 108 185 14 60b 125 104 62 104 112 140 753g 7934 47 59b 100b 102 63 77 ___ 46 48 43b 46b 100 100b 185 16b 63b 132b 106 63b 105b 64 48 65 27 54b 203g 51b 32b 58b 233g 52b 64 66 64b 101 30 91 109 67b 101b 31b 97 109 2934 31 94b 95 107b no 18b 5234 94b 5934 100b 129 25 46 17b 2138 503g 53b 96 96 58b 6034 104 104b 123 127 23 23b 41 56b 36 41b 59 24b .... — . 20 93b 90b 92 48b 42b 45b 37 96 96 28 25b 31 29b 37 36b 43 41b 95 98 95b 97 90 59b 93 100 112 53 98b 81b 983g 87 4734 4812 87 28 86 86 94b 87b 90 6634 72 101b 101b 30b 32 91 90 ___ 58 60 100 100 16 18b 51 53 95 95 58 59b 1013g 104 123b 129b 22 22 42b 61 3938 43 61 90 693g 94b 102 115b 5834 98b 93b 100 117 21 19 91 92b 95 42b 51b 44 16b 63b 138 10634 70 106 109b 109b 33 124 b 34b 122 136b 79b 86b 51 59b 101b 10334 63 69b 95b 95b 50b 52 45 43b 123b 132 80 83b 53b 5734 95b 104 5834 69b 93b 95 54 55 45 48b 10b 15b 1034 14 44 5.3b 47 52b 103 121 107 114 21b 31b 99 125b 30b 35 109b 116b 114 116 25b 283g 10834117 31b 3334 96 96b 37b 29b 3534 29b 3314 64b 62b 6434 61b 63 38 94 105 57 87 35 101 60 64 102b10212 72 8II4 84 89 18b 21b 17214 18634 103 10934 27 42 8514 9H4 81 86 14534 162 101 107 763g 7714 64 64 34b 40b 27 94 94b 88 ___ 103 34b 88 103 72 54b 6312 90 90 90b 33 33 29»4 90 90 87 104 104 105 105 105 105 104b 106 105 105 67U 67b 103 103b 68b 7414 65b 72 84b 87 83 88 19 23U 20b 24 179 18912 189 210 110 110 106 IO8I4 3534 40b 38 4534 93 94 9l" 96” 91 92 152 160 150 160 110 110 104b 106 75 77 70 75 64 64b 64 64b 65 2734 25 54b 58 20 21b 5334 51 100b 102 96 103 99b 102b 95b 96 95b 96 49b 53b 51b 54b 37b 62 37b 42 60 109 28b 30b 28b 32b 3lb b b lb 60 38b 46b 61 90 42 35 93 93 56b 62b 94 93 98b 10434 114b 119 5234 5834 97b 98 96 81 97b 100 91 75 46 85 2834 56b 21 53 102 102b 95 5334 57 36 4234 59 100 6234 62 61b 28 30 94 101 105 82 65 26 53 19b 5034 102 90b 94 47 14b 49 94b 5634 100b 123b 24 46 59 60 29 55 55 103 103 8534 80 86 83 83 18b 22b 19 20b 164b 169b 168 171 101b 1023g 10212 104 27 29 27b 31 87 87 77b 77b 144b 163 1453g 148 100 100b 7334 75b 725g 74 64 64b 64b 64b 64 10219 10219 13b 18b 47b 52b 9734 9734 54b 61b 105 105 122 128 86 39b 2978 98 26 34 8934 96 53b 35 99 26 42b 93 19 65 128b 110 67b 96 59 63 6434 61 61b 63b 62 55b 553g 55b 34 33 30b 32b 34 93b 91 91 88b 92 100 10334 105b 5134 47b 51 4634 45b 51 48 41 41 45 85 85 76 76 245g 24b 28b 28l2 90 90 87 87 8934 93b 92b 92b 90 89 89 90 90 87 83 85 90 90 95 95 85 85 40 40 26b 29b 24b 29b 25b 28b 51 53b 61 55b 52 55b 2134 21 23 19 20b 22 48 50 50b 54b 51b 54 100b103 89b 98b 90b 9738 90 10238 91 93 94 93b 93b 94 43b 45b 4434 47b 45b 61 95 95 66 70b 67b 69 66b 68b 95 98 b 98b 98b 98b 98 33 31 27b 29b 28b 30 9734 92b 94 97 92b 96b 110 114 109 111 14b 15b 46 49b 9734 9734 54 59 9934101 121 135b 19 20b 47 47 44 45b 64 62 35b 39b 41b 42b 56b 62b 164 82 45b 100 85b 99b 45b 48 64b 6134 53 30b 42b 31 88 90b 88b 100 1011910119 89 44 35 99 25b 36 90>2 159 82b 4734 100 8534 59 13b 18 48b 54b 9734 97 56 61b 102 105b 125 139 20 27 46b 48 43 45 41b 43b 59 62 60 63b 4234 35b 39b 36 42 42 57 59 58 61 107 107 23b 25b 24b 30b 2778 30b 29 32b 29b 32b 90 55 32 98 30 38 92 135 81b 4434 98 83 14 57 131 106 66 106 104 107 30b 2734 31b 2534 28b 2534 2834 25b 29b 27 95b 1O43S 97b106b 104 b 105b 100b 109b 93b 104 30b 30 31 27b 2934 28b 31b 29 b 3034 29 92 92 90 90 89b 90 ___ ___ 90 38 31b 36b 32 45b 3334 4058 34b 3734 34 57b 55 103 103 9lb 83 85 12 1838 16 13b 14 165 165 165 180 165 102 103b 101b 103b 100b 21 18b 22b 21b 23 85 85 83b 63 58 61b 63 200 200" 170 170 172b 172b 170 104 105 104 104 102 7134 74 75 76b 75 64 64 61b 62b 64 64b 65 b b 49 48 46 65 70 70 55 50 50 100 100 7334 81 85 85 13 15 165 185 1017s 103 17b 1934 82b 83 75 47U 42 76b 29 89 90 94 93b 2934 99b 2934 98 34b 99 63b 56 39b 92 157 8234 45b 100 86 87 2934 60 22b 54b 29 37b 2512 4212 597g 6734 5012 69b 3238 23 2912 19 53 62b 61 63 98 100 973412138 H6I4 194 15018 176 98 102b 101 10434 96b 97 541g 4434 5134 4214 46 51 25b 5634 20b 53b 68b 71 70 79b 9914 99U 30b 3134 3038 31 9112 109 106b 106b 109 110 55 58 100 103 100 100l2 14b 17b 1534 18I2 5234 43l2 50l4 50 92 95 91b 91b 57 59 57U 6434 101b 102 103b 105 118b125 109b 121 20b 20b 20 22b 46 48 48b 39 42b 46b 6234 64 67 37 3S3g 3734 48 41b 42b 40 44 57b 69b 5634 61b 40b 70 40b 44b 70b 109 33b 30b 33 2b 31 80 85 27b 50 19 59 100 155U 107 41 30b 53b 2212 6312 104 17984 107 47 73b 8H2 7134 79 106 106b 30" 31b 2734 30b 105 109b 108 110b 10834110i4 112U 11234 66 67b 103b104 13 16b 14U 1734 44 49 4012 45 83 88 90b 91 60 63 62b 6934 105U 104U 105b 9984 108 98b 103b 20U 24 23b 26b 45 48b 51 ’ 5712 45 53b 59 63b 52lg 55b 39U 47b 415g 443g 433g 45 4178 44 54 62 44 58U 3334 31b 3514 33 40 19 20 203g 27 20 22b 24b I8I4 2OS4 7034 64b 70U 63i4 7214 64 95 92b 97 97 124i2 12 123 113 121 5034 49 4734 45 59 48 61 47b 5638 30 30 30 30 28b 29b 2634 28b 38 40b 37b 393g 96 97 97 97b 16b 17b 93 91 93 92b 64 71 68b 73 9578 96 95 100 98 100 89 97 lllbll47s 111 112b 56b 6234 603g 70b 98b 100 100*8 102b 88b 9438 91 94b 99b 101 100b 101b 98 106b 103 109 273g 2934 3734 403s 95b 98b 14b 1734 94 94 67b 72b 94b 9834 95 98b lllb 114 65b 7134 1013g 102b 87b 94b 99b 102b 78b 100 15 20 62b 74b 5b 6b 139 141b 120 120 30b 34 59b 62b 93 93 120 125 64b 68b 70 73 80b 71 72 b 73 70b 74 6b 93g 6b 7b 7b 8b 6b 8b 434 7b 141 144b 136b 144b 13334 136 136 143 136b 140b 116 116 25b 29b 26b 30b 27b 343g 30b 34b 3034 333g 50 60b 58 64 71b 64b 7034 62 59b 62b 87 93 93 93 93 92 87b 92 93b 92 162 152 152 160 160 134 160 125 127 125ff 126 7b 7b 334 7b 102 105 105 105 105 105 105 107 107 84 9484 9434 9434 102b 103 10634 105 118 116 118 117 92 92 91b 96 89 80b 81b 80 80b 55b 46b 56b 38b 49b 33b 413g 35b 44 39 b 4734 43b 47 42b 4584 43 94 94 92 95 90 85 85 863S 90 .... .... 80b 84b 90 92 90 117 26b 3514 40 47 98 101b I6I4 19b 94 94b 66 70 95 97b 85 97 114 129 65 69b 100l2 102b 80 9138 993g 10038 98 145 59b 67 6I4 12 169 142 3034 35 40b 5134 100l2 103 15b 18b 91l4 94 5512 69U 98 100 88 93 12434 132i4 65U 72!4 102 104 73 83 99U 9934 9834 131 28b 333g 3934 46 101b 104 1584 17 90 90b 60 67 90b 92 * 114l21251g 71 78b 103 105b 783g 73 967g 100 70 110 59 62l2 5H2 63b 81g 18 7 IOI4 158 16734 161 176b 31b 38b 32b 3834 31l2 345g 51 60 45 52 46 51 90 87 90 90 135 140 117 118b 84 84 53b 5234 70b 92 92 36 110 110 116b 117b 85 86b 47b 72b 95 100 120 120 8534 86 48b 5334 91 95 MISCELLANEOUS STOCKS—BOSTON BONDS 236 1918—Concluded. STOCKS 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 Par St utz Motor Car of Am no par Superior Steel___________ .100 1st preferred___________ 100 Texas Co (The)__________ .100 Rights. ______________ Texas Pacific Land Trust. .100 Tidewater Oil___________ .10) Tobacco Products Corp. .100 Preferred _____________ .100 Transue&Williams Steel no par Underwood Typewriter.. .100 Preferred _____________ .100 UnionBag&PaperCorp {new} 100 United Alloy Steel ____ no par United Cigar Stores_____ .100 Preferred _____________ .100 United Drug____________ .100 1st preferred.......... ..50 2nd preferred_________ .100 United Dyewood_________ .100 Preferred _____________ .100 United Fruit____________ .100 United Paperboard______ .100 U S Cast Iron Pipe & Fdry 100 Preferred _____________ .100 U S Industrial Alcohol__ .100 Preferred _____________ .100 U S Realty & Improvet.. 100 U S Rubber_____________ .100 First preferred_________ .100 U S Smelt Ref & Mg............ ..50 Preferred ______________ ..50 United States Steel____ .100 Preferred _____________ 100 Utah Securities v t c____ .100 Virginia-Carolina Chem. .100 Preferred _____________ 100 Vulcan Detinning_______ 100 Preferred _____________ 100 Western Union Telegraph .100 Westinghouse Air Brake.. ..50 Wes’house El & Mfg.__ ..50 First preferred________ ..50 Weyman-Bruton_________ 100 Preferred_____________ 100 White Motor____________ ..50 Willys-Overland _________ -.25 New preferred_________ -100 Wilson & Co Inc v t c_____ -100 Preferred _____________ 100 Woolworth (F W)________ -lOo Prof rred __ S per share $ per 3834 47 43ig 34i2 40 3478 95 136i2155i2 148 178 178i2 49 56 90 9U2 3978 40M share 4734 38 95 16034 185 185 5634 53 93 90 40*8 40 100l2 103 10884 1O834 112 112 67i2 70 65 70 37 3978 38l2 40 9034 9734 99 89 101U10Da 69i2 70 46 48 80 80 200 200 51 5578 90l8 90)8 3912 401s 100 100)8 107 107 68* 68 6778 75 38l2 40 38l2 40)4 8334 91l4 8578 90*8 106 106 70 69*s 70l2 69l2 70)4 70 46l2 48l2 50 50 79 78 78 78 773g 77*i2 133 116U126 125 1134 14l2 44 44 114 124i2 95 95 1U2 lli2 51 57 95 98U 4278 47l2 43 45)2 88*s 98 108lg 112*8 lll2 14l2 3334 4212 98 101l2 1534 14 4734 43 11912 13084 97 97 8l2 9 5914 56 99 10 li8 4434 4834 4534 44 9278 9812 109i4112l4 13s8 15i2 43 39 10034 103 853g 92 $ per share $ per share $ per share $ per share 42)2 4234 45 41U 43)2 43)2 4634 43 4034 37*s 45*8 38)2 4334 34U 36)2 35 95 9514 140 15334 1403s 14812 142)g 15934 143 156 89 91 185 190 4812 54l8 87U 90 40 40l4 104 104’s 96 119 95 96)2 95 131 119f2125 14 14i4 41 45 11812125l4 98l2 99 8)4 8 54 5778 lOO’s 103)4 42 46l2 4534 4534 86l2 92*8 108 11018 13 13*8 3812 411S 102l2 102l2 8’4 8I4 2514 2514 893S 93 6334 53 95 91 42 39 lOOU102 106 106 7812 80 44)2 39 87 9478 103 103 6934 71 48)4 48)4 78 79 59 61 119 128 21)2 22 13l8 167s 4334 45)2 116l2 137 9478 97 12*8 1414 54 6Q)4 10238 1051s 38)4 44 42l2 43l2 9538 11334 109*8 111*8 125g 14)2 44 49*8 10778 109 IDs 1412 4334 42 120l2 127l4 97 95 17 10 52 59 102)g 104)2 36 4314 423S 45)2 8884 963S 105 111 12 13)8 41 47 IO2I4 104)4 734 8 32 38)2 92 95*8 89l2 9434 $ per share $ per share 40 4034 3934 39*4 42 44)2 39)2 43l2 94 94 146 154 14934 155)2 130)2 150 186 186 56 67i2 92)2 9578 37)2 4034 104>2 10434 106 106 75 75 41 39 873g 105l2 104 104 69 70 4812 48’2 77 77 61*8 93 39)2 105 104 75 38 95)8 110 71 49)2 77)2 72)8 97U 40 105 104 75 40 102)2 110 71 49l2 78 58 58 124 124 128*8 125l2 130l2 128 134 129 14 1618 4212 44l2 117 12578 97 97 133S 14 5434 60 IO2I4 103l2 40's 45 44 44U 96l4 1103g 10914 112 12 12*8 47 525g 106 109 912 912 38 38 89l4 91i2 114 lOn Worthi’n Pump & Meh v t c.10 34 Preferred A___________ .100 86 Preferred B___________ 100 59 44 40 40’s 45i2 42 1734 20 22 17 19 78i4 78i2 82i4 79i2 82l2 59 51U 56i2 50)2 5734 983g 983g 120i2 116 120 110 11878 4134 16*8 80 52 43)2 39l2 41)2 1778 1678 2138 82 8U2 80 5634 55 66)2 95 95U 110*8 1157s 11212115 40)2 1834 7978 56*8 .$ per share $ per share 42 37 43 4834 3712 41)2 3478 37*8 95 95 176 203 178 196 180 1434 1534 43)2 43)2 12078 130)2 95)g 9514 1312 17iS 58 63i4 104 1061g 4484 42 4414 4414 101)2 10914 HOI2H2I4 12)2 13*8 47l2 52)S 109)2 109)2 7934 89 180 180 182 182 673g 7278 63)g 72l2 96*4 98 96 97 3734 3878 105 105 104)8 104‘8 107 107 75*)8 70 70 75l2 38 3978 37 39 9734 104is 97 10434 102 106 48 42 41)2 21 1914 8278 8178 65)4 60 48 13)g 15 43 44^2 12314 12934 95U 96 16l2 1678 60l2 643g 104 105 42 4212 423S 43 10738ll612 10934 112)2 12 12)2 50*8 56l2 104U107 47)2 48 12)2 14 40 4314 109 124U 94U 95 1434 1434 5914 64 1023g 10412 4134 4378 43)8 42)2 21 19)g 83 82)4 64 56)2 190 68)g 9434 3634 106 107 71 3678 9878 105 70 49 78)2 190 77*8 96 38’2 IIOI4 107 74 39)2 105*8 107 76 49 78)2 137l2 148 •$ per 45 35 98)« share 55 38 981a 617514 191«4 14)2 17U 180 20014 200U 76)2 823g 96*s 10478 38l2 4078 112 112 115 115 7212 75*i2 74 76 3678 4038 37*8 3912 IOOI4 10534 103l2 108«4 74l2 79*l4 96 101 37 4078 109 Ill’s 1 081a 1 083a 79 75 84 50)2 50)2 49*8 84 79)S 84 58 142)2 147 145 9078 50 8514 58 166i2 14 15l2 42 45l2 9778 114 94 94l2 17 26 61 70)2 1017s 104)2 42 )2 5034 43l2 4434 107)8 116 1007s 114*8 110 111 110)8 11234 1234 11 11 15l4 5134 5534 5334 5914 105 108 109U 110 42 42 77U 85l8 8134 8514 4484 41l2 43)2 41 3812 433g 40*8 43l2 40 42)8 39)g 41)2 40s8 47l2 41 643g 64i2 6378 6378 64 59 64 63l4 64 60 60 ___ 59 3634 15l2 75 45U $ per share 38 3914 41 4314 98 100 14912 188 4438 42 59 4434 59 4678 20 83 62l2 44)S 4678 19)8 2Hg 80 83 49l2 58 QOlo 1127sll4 IIOI4 11334 111 112 11112112 1143a 1143a 1133a 1133a 114 115 4334 44 34 35 42l8 38i2 43 40 62 69 55U 4612 56i2 54 67 67*8 62 87i2 853S 8812 8934 8934 88 89 91 91)4 8812 91 90 90 90)s 90 60 63)2 62i4 6434 65 597s 6212 62 69 69 68)4 67 677s 7038 68l2 69l2 66 6 Ex-rights. 13 1514 13)2 16)2 4512 46'2 4312 46i2 97 105U 96 10534 943g 94l2 96 9734 1978 23 17U 22 65 7538 72 lg 8012 1O2>2 108 107 110 4512 5034 4334 4834 4734 467fT 47 45 94 104)8 9212 9934 1101211234 11118 1135s 1634 12 1434 13 56 50 6OI4 51 110 111 IIII4 113*8 87S 10l2 42 35 82 95l2 95 93)2 8434 89l4 95 95 42)2 4534 41l4 4534 40l4 4412 64 64l2 64l2 60 200 200 100 100 46 42t2 47i2 50 48)s 45 20l2 26)4 22l2 30 24ls 27 82 84l2 8914 87l2 89 85 51 73 64)4 61 68 7714 02 Q2Iij 98 091o OOU 98 113*8 12812 120 125 120U 1273s 111 113 113 113 • 51 6134 50)8 55 51 573s 90 90 90 88 90 88 6334 66 66 68 66 68i2 PRICES OF BONDS AND STOCKS IN BOSTON, PHILADELPHIA, BALTIMORE AND CHICAGO. In the following compilation we show the lowest and highest sale prices of bonds and stocks at the Stock Exchanges in Boston, Philadelphia, Baltimore and Chicago for each month of the year 1918. The prices for bonds are all “and interest/’ and for stocks they are dollars per share. BOSTON BONDS IN 1918. BONDS U S Liberty Loan 1932-’47._3X do 1st 1932-47. _______ 4 2d 1927-42. ______ 4 do do 1st 1932-47. ------- 4X 2d 1927-42. ------- 4M do do 3d 1928 ... ------- 4'< do 4th 1938 ... ------- 4X Alaska Gold Mines Ser. A___ 6 Convertible deben ser B.__ 6 Amer Agricul Chemical 1928..5 Conv debentures 1924______ 5 Amer Foreign Securities____ 5 Amer Telep & Teleg 1929------- 4 20-year convertible, 1933.4H Collateral tr 1946__________ 5 7-year convert 1925________ 6 American Writing Paper____ 5 Anglo-French 5-year_________ 5 Atch Top & Santa Fe 1995.__ November December September October August July June May April 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 96.5298.80 97.2498.20 97 98.98 98 99.26 98.5499.80 99.24 99.80 99 34 99 90 95.04 93 34 95 04 96 98 95 97.50 95.8097.50 95.6497.14 93.7496.70 93 95.5097.22 94.5497.20 95.7497.90 95.64 97 93.7496.70 92.84 95.18 93 04 94 34 93 64 95 90 93 04 95 90 95.14 97.30 94 84 96 40 21 20 95 99l2 93 94l8 94ls 82 91 94i2 96i2 9638 96*8 955s 93 9234 93U 93 97 7934 83 80i4 81*8 80i2 8212 80U 81 8 Us 82 86)2 86l2 92* m 867g 8934 90 9138 9234 9312 94l4 95i4 7538 79 64 Central Vermont, 1st________ 4 64 Ches & Ohio—Conv 1946_____ 5 Chicago Burl & Quincy— Denver Extension 1922_____ 4 Chic Jet Ry & Un Stk Yds... .5 Refunding, 1940___________ 4 Cumberland Telephone______ 5 Dominion Coal 1st 1940...___ 5 French Republic 1919______ 5X General Electric 1952________ 5 Great Northern—C B &Q coll .4 9234 94ls Registered_________________ 4 Kan C Mem & Birm 1934.___ 4 Income 1934________________5 K C & M Ry & Bridge 1st......... 5 Marq Hought & Ont 1925.___ 6 90 90 89 Massachusetts Gas, 1929__ 4X 88 8412 1931 . ................................ 414 84 Michigan State Tel 1924___ ...5 Mississippi River Power 1st__ 5 67t2 68 Registered_________________ 5 New England Teleph, 1932___ 5 90's 79 New River (The) conv, 1934..5 Oregon Short Line 1946______ 5 Pond Creek Coal 1st_________ 6 90i4 9014 Punta Alegre Sugar 1931_____ 6 79 80i4 Sinclair Oil with warrants__ 7 Southern Bell Telephone.__ 5 Swift & Co 1st, 1944..................... 5 93 9438 933s United Fruit s f, 1923............ 4)4 93 Debenture Jan 1925_____ 4)4 91 91 Debenture July 1925_____ 4)4 United Kingdom of G B & 1.5)4 U S Smelting R & M conv_____6 94l2 97ls U S Steel Corporation, 2d___ 5 99*s 99*8 90 Ventura Oil—conv 1922______ 7 80 Western Telep & Teleg----------- 5 87l2 89 Atl Gulf & W I SS Lines..............5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 843g 843S 76 78 75 99 74101 90 94 14 96 80 94 04 95 90 9414 97 00 94 04 96 04 94 84 97 50 992410020 98 74 99 96 95 44 98 86 94 64 97 74 95 44 97 24 94 04 97 74 95 44 98 74 96 94 98 90 95 44 97 50 96 14 98 14 95 74 97 54 96 14 98 24 96 34 98 24 76i4 9178 9U2 92 74 97 8038 77i2 78 867g 78 83 8978 90 94i2 947g 98 100 777s 78 90i2 90 84i2 86 87i4 7034 70U 72i2 71 71 86i2 90i2 '96' *91 75 90 90i2 91i2 90i2 90i2 90 86i2 84i2 84i2 84i2 85iS 85 68 70i2 70 71 ’96' *9*1*)2 89* *91 90 77 92 81 95 79 95 80 90 80 95 95i4 94i4 98 95is 9278 94 9534 94U 98 9278 94l2 93i2 95 95 95 95’s 95 97 97 92 81 9714 9714 88 90 87i2 87i2 85 88l2 90U 8934 9O>4 87 85 88 95 98l2 90 86 93 78 90 86 87i4 72 80 77 83 8734 843g 85>s 9478 9538 100 104i2 100*8 10212 847g 87U 76 83)j> 84 70 9978 9978 92l2 92l2 94l2 92i2 94 92 92 90l2 9078 91 90 91 75 72l2 7212 72l2 73l2 7234 73l2 7234 72S4 76i2 76i2 75 84l2 84l2 87i4 87i4 97*8 97*8 9818 98’s 9212 9238 9234 9314 94l8 C312 94l4 94 923S 9238 75 61 58i2 58i2 84i4 89 85 97 14 99 40 92 34 95 10 92 24 94 30 96 14 97 80 93 64 96 34 95 04 96 80 94 04 96 90 34ig 34i8 30i2 32 96i4 96i4 99 99l2 100 10U2 101 101 95*8 86)4 8612 92i4 92l4 92lg 92i8 92i8 92i8 9434 9434 80 8178 82 747s 76is 7414 75*2 74 747s 76i2 7434 7514 743s *76* 6578 657s 100 100 90 9178 9178 89i2 91i2 87i2 90 7212 7234 74 93 -4 9334 92 996410250 93 64 94 50 93 04 94 06 93 64 94 48 93 14 94 16 94 54 95 76 94l4 9334 9334 93i2 9378 93*8 93*8 94i4 9534 95’s 95*8 75 61 84i4 91i2 9U2 86 86 85 85 89i2 90 84i2 84i2 81 80’2 81 81 70 70 70 70 72 90’2 86i2 87i2 84i2 87iS 85 75 75 75 75X 75 96 95 93i2 93i2 95 95 7834 80 79 80i2 81 92 94i2 95 95i2 95i2 95 95 97 95 97l2 9878 95 93 95 90 89 8212 86 83 94 95i8 95 64 91 70 91 70i2 71 88 89i2 88 82 88 83 92i2 90 9212 91 86i2 86i2 86t2 87i2 72 73 86i2 86i4 89 89i2 94i2 76i2 93i2 79 96 79 85l4 8514 90i2 91 90i8 91i2 91 95>s 95i8 96 95 99*8 99*8 993s 95 ’981s 98*18 96*8 92 90 84l2 84i2 85i4 83 75i2 75 87 92i2 90 95U 92 91i2 86i2 88U 90 99i2 99i2 97i2 96 97i2 93k 94 96is 96i2 96i2 96i2 100 96 96ig 96i2 96i2 100 9938 95 95 95 97 91 93 91 83l2 8312 88 95*8 1 00’g 92 87 94l2 9234 93l2 92 91 92 237 BOSTON STOCKS BOSTON STOCKS IN 1918. 1 November December September October August June July May April February January 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 8212 851g 841g 8418 8114 8114 123" 129- 125 128U Boston Elevated__________ :.100 37 4812 3912 48’2 Preferred________________ 109 92 88 Boston & Lowell___________ 100 90 100 24 20 28 Boston & Maine___________ 100 19 35 35 Preferred___________ .-.-100 35 27 159 I68I2 2 * Preferred_____________ no par | Bost & Worces Elec Cos pref. Chicago Junction Ry______ 100 Preferred__________ 100 84 85 83 85 Concord & Mon—Class 3___ 100 7912 Class 4________________ .--100 80 80 Conn & Passum. pref______ 100 104 104 Connecticut River_________ 100 65 55 61 FitcJiburg, preferred______ 100 53 115 116U 116 116 Preferred 125 I26I4 1221? 126 61 55 4312 56 87 22 30 160 30 85 90 25 32 168 30 85 Punta Alegre Sugar- Reece Button-Hole.. ~2S~ 90 531g 95 95 33 90 27 31 1st preferred. 2d preferred.. Preferred___________ U S Steel Corporation. Preferred___________ 95 98 92 130 25’ 20 20U 114l2ll‘i34 115 98*2 36 3112 34’ 43 44 45 160 160 165 3 3 212 14 15 12 30 30 147 ___ 82l2 83i2 8312 8334 4 17 2712 3058 27 3i2 478 21 24 15 70 2912 28*8 1412 25 “ 133 83 1412 25 “ 138 140 83 85 95 130 21 119 94 121 20 12278 95 121 21 12278 95 94 121 2012 118 95 95 121 2012 12014 95 125 20 1221S 70*4 97 125 25 12534 705s 88I2 125 22 12034 95 125 2214 122*2 49 57 47 56 49 60 95 125 21U 12238 78’2 81iS 84 885s 9114 90 89i2 85 93 90 87i4 83 94 90 9034 89 86 93 85l2 83l2 88 9312 95 9514 93l2 95*2 93l2 95 76c. 1 Hs 134 H2 8 8 878 1212 12i2 99 107 1051410812 10012 108 1101? 10814 111 108 109 107l2 I0«4 109 993S 2i2 15 10512 110'-4 107l2 H2 10 9978 101 9512 158 12 105 11012 10112 51U 93 64 7712 III4 1114 98 10534 10534 120U 104 114 106 ' 6234 62l4 6214 61 61 5812 61 2234 2434 2212 21 2312 22 26 9412 66 79 12l2 11U 112 62i2 2434 4 137 140 84 28 138 83 85 28 138 83 493S 92 61 77U 1334 11 4512 9312 63 79 1312 13 110 109 39U 33 45g 4 154l2 140 56 94i2 62 80 13U 50l8 93 61l2 77U 11 5614 9634 62 78 1234 512 6 1212 13 5214 2 1 1’4 212 14l2 10 12U 11 105 115l2 10734 114 10 Sis n;.34 107 no 96 101 95*8 100 5412 94 68*2 78i2 12 6058 95*2 77 80 14 103l2 11338 62 63 2212 245g 1014 11 15 13 1534 13 171? I6I4 15 112 112 109 36 31 33 26l2 29l2 75 75 60 60 5i2 434 5i8 414 5 412 534 11 ll7g 13 12 1212 11 53 ' 58 527s 52 52 55 150 143 150l2 138 146 138 143 128 13812 1347g 14312 13512 141 212 334 33s 378 6 6i2 12i2 14 137l2 143’ 312 6*4 14*4 92 92l2 7914 8H2 65 66i2 10 90 91 66 92l2 82l2 66I2 45 121 li2 12 38 89* 88 88 95 100 96 64 69 ____ 65 131 132 130 ____ ____ 97 102 11514 116 29 32 32 11 1112 1112 3 3 3 112 12 40 88 9834 ___ 65 136 100 117U 35 12 3 12414 132 13D4 125 113 11512 2 2 88 87 61 88 96 64 138 97 112 3334 12 3 140 98 11612 34i2 13's 3 312 512 12i2 334 878 89l2 90*2 89 78 80l2 79i2 63 65l8 64 4414 4414 no 114 no 99c. 99c. 2 3 40U 88 88 58i2 3c. 56 9314 70 78 13 9c. 5712 95l2 73 82 15U 106 61 2234 1O18 12*2 110l2 61 24l2 11 15*2 414 5 9 11 40c 75c 4l2 5U 10912 114 IO8I2IW4 9114 98 5c 30c 3c 5714 60 9314 9512 76 70 79 77 15 18 102 6234 23*4 1014 12 114 4*4 712 134 140 137 27*2 32*2 32 14H2 15134 14112 14934 143 3'2 3i2 584 5 518 6 12 13U 1314 12 4i8 5iS 312 4*4 92l2 9212 91 77U 8H2 79U 70 65 65 4412 115 124 118 113 5 1334 4 734 89*2 80 62 5*8 15U 478 834 8934 8684 65 109 107 5 1512 37g 81g 90 82l2 63 41 109l2 10558 64 2734 135s 1414 114 92 130 21l8 12078 90 92 60c 412 108l2 108U 9034 96 130 22U 12834 28 30 85 84i2 85 82 88 87 no 105 27s 2 1334 1034 100 104 94i2 98i2 lc 503 85c 85c 1 1 1 34 1 5 5i2 4 5 4l2 4 5 11158 106l2 IIOI4 108 113l2 109l2 114 no 108 no IO8I2II2I4 111 114 99 96i4 9934 98i4 109iS 103 109 59 96 80 80 1578 553g 93l2 76 80 14 100l2 99 106 9314 9134 96 585g 96 84 81 15 45S 678 5U 73g 27 35 312 312 5 “ 5 5I2 18 37g 4% 3!8 93g 8U ri2 90 90 90i2 84 88 80 63 67 65 41 37 371? 115 11134114 45S 634 143 93 113 3178 13 312 144 96 1191s 34*2 1378 3*2 29l2 33lg 29 16i2 3U 8U 88 83i2 63 38i2 no 4i2 17" 16 35g 318 814 8h 90i2 881? 84 83i2 64i4 63 39 113l2 115 76c 141 92 13434 14614 6106 14378 102U 10934 10512 11434 102 11734 138 278 1*2 101 109 45 5012 46*2 50 49 48l2 50l8 47 48 50*8 49 52 4978 50 51 52ig 50c 50c. 55c. 55c. 40c. 60c. 69 70 70 71 69 71 70 71 6978 72 72 71 7212 70 7212 71 47 50 47 48 48 4912 49 49i2 4S 49l2 48 49 48 49l2 47U 49 75 80 77 7812 81 79 77 79 78*8 77 79 79 80 77 77l2 79 11512 125 125 133 II8I2 131 11912 12512 119 128*2 123U 128 124 129 126 13034 4414 42l2 44l8 44 41 47i2 4378 45U 4234 48l2 3978 4434 3812 41U 39 41 25 26 2512 25 25 26i4 25 25i2 25 2612 25 2434 2534 26 2612 25 8878 9778 91's 9812 87 92l2 8878 96U 95U 11334 96*2 11038 10134 109U 10712 11612 1081s 11012 110 112 108 110l2 10934 111 109l2112 10934 111 110l2 11214 11038lll 5 658 75S 578 634 6i8 85S 758 884 838 6 >2 8 634 734 7 778 103 112 51 52 125 9 140 145 93 93 11278 114 34 34i2 13 1378 138 1212 42 134 1 83 79 234 158 25c 53 52 1714 14 46 45 144 94is 116 34*2 13*2 65c. 55c 55c 1 U4 8134 77 234 li2 25c 54 5012 1684 1258 48 42U U4 82 2 25c 54 I6I4 46U 7678 138 25c 50 125s 44 79 >2 1*4 30c 51 14 47 1 79 134 45c. 52 19U 48*2 25c 25c 75 2 15c 50 18 51 34 79 4l2 30c 5H2 21i4 54 *2 71 1% 30c. 47 15 45 76 3%6 35c 5034 20U 5014 7512 3 20c 49 17i2 48l2 80 334 40c 50 I8I4 5014 60c 7512 25g 25c 49 151g 49 87 90 105 2l2 14 88c 78i2 312 30c 50b 1712 50 100 100 104 11212 130 130^ 24 20 126 12978 43i2 4938 5612 51 99 102 96‘2 100 55c. 60c. 5 512 11058 113 112 115 9712 10434 50ig 94is 82 78 17 577g 97i2 85U 81 19 107 65 2n2 1312 1112 112l2 67 24 147g 14i2 4i2 534 612 8ls 39 40 165 184l2 631? ‘ 60 1.54 2.35 1485g 155 3258 29 142 91 27 108 7H2 74 48l2 49 77l2 80 13412 147 39i2 4412 2578 2612 IOII4 H234 llOU113 7U 884 1834 18 38 99c 99c 76 83 3lS 41s 30c 40c 47 49U 14i2 16ig 50 50 ft Ex stock 91 53 38 __ _ 98 56 155 95U 126 51 1378 3 343a 39 12214 12712 150 160 91 96 1253S 130 45i2 4934 12 13 3 3i2 150 92 114 47 12l2 3 50 53 50c 50c 74l2 82i2 49 49i2 82l2 79 142 14812 4234 46 26 26l2 94lg 104 llllg 112l2 9 758 19 17 52 56 45c. 45C. 82 89 49l2 50 86 83 144 166 4314 46l2 26 26l2 9234 9978 112l4ll338 7b 8i2 17l2 1878 3434 313a 11812 IIU4 131 4934 52 31 45S 6i2 23i2 18 3i2 65g 85g 9lg 92 93 86 81 6658 69 3634 38 132 133l2 38 3 73 70 49 48 7712 7812 128 135 39i2 4078 253g 2612 107 11578 1103glll 6l2 71? I8I4 25 29 90 95 95 90 8634 IOOI2 9312 100 60 60 60 60 38 1 73 138 25c. 48l2 1312 45 5114 96U 92 81 18 16i2 11134 6714 26 14l4 1334 131l2 49 7 7l« 5 ____ 1912 4>8 3% 37« 9 8i2 9 93 90 90 90l2 8334 91i4 68 6512 71 37l2 38 137 133 147 1 11212 119 42 50c. 50c. 33 148 93 128 363 4 50 3612 13 1312 13 141 91 ill 35 12 3 143*2 93 112U 32 13 55 95i2 86 80 15 47g 712 4014 88 8878 89*2 8858 88?4 88l2 88*2 88i2 8834 89 89 90 87 89i2 86 82l2 8534 83 89 86l2 86i2 89 64l4 58 6234 67l2 64 6H2 59 64 62 60 56 138 140 97 97 11312 118 32 33i2 13 13<2 3l2 3i2 50 94 80 79 14 434 53g 47g 5 8i2 812 9h 6 39 41i4 140l2 138l2 152 140 149 149 170 163 186 64l4 41 43 55U 4834 5514 53l2 6034 56 1.50 1.65 149*2 1445S 14712 142l2 148 148 157l2 147 15734 534 9 85l2 85l2 76l2 76i2 74 ___ 90 125 115 120 64l2 56U 6134 95 100 100i8 105U 10412 112ig 133 24l2 2214 24 12738 136»8 7214 7678 71 90 90 80 49 47l2 50 59 55 59 49 58 94ig 85 80 14l2 161? 10312 105 100 10578 104 11334 10414 66 63 65 2514 2778 25l2 2812 2212 26l2 21l2 13l2 13 141? 1312 1412 1314 14 lll2 12l2 12 15 12 13i2 12 122 126l2 129 49 5812 94l2 75 78 15 145 76'8 97 98 33^2 45U 3812 4212 3378 4234 3038 37 86 95 84 87 93U 130 21 1225g 100i2 97 91 94 93i2 93i2 133 66 91i2 91 2812 168 168 50c. 50c. 12 14 ___ 3014 83 73 78 72 72 105 106 115 5334 6134 58 61 55 106 109 109 109 75 8078 70 70’4 85 79 85 80 81 — 93 lg 93is no 134 3i2 2 134 234 1634 10’4 1134 16 10 12 12 12 12 14012 144 92 91 10912 nil2 34 34i2 13 1378 1 78 112 25c 50 13 41 9514 88i2 146 80 98 104 37 60 169 28 95 94 99 130 130 22 23 12258 71 87 81 81 81 80 4734 49U 46l2 49U 47i2 4712 50 56l2 53l2 5634 5318 56 5714 54 92 125 21 122 88 4712 45 54 62 12 110 37 8934 8934 94U 88i2 125 130 125 135 134l2 66i2 7034 69i2 7434 71 9612 97 9414 97 95 97 97 85 85 88 33 36i2 31 3314 40 40 45 45 160 169 162 169 168 2 3 3 7*2 2U 4*2 2 33 18’2 23U 3234 1512 2312 15 29 70 3734 45 46 36*2 42 •39l2 4458 39 83 88 4512 42 54 51 45l2 90 6OI2 76 1212 81U 130 69 95 85 33 43 170 78 78 75 71 115 115 115 115 no no 62 62l2 64 60 63 60 112l2 112l2 113U 113U nll211112 7612 7738 80 81 78l2 81 77l2 80 92 92 83 42l2 39 49 51 50c http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 88 2412 37 160 212 12 8238 132 74 97l2 85 37i2 43 160 85 433g 37 51 48 83 38 47 Warren Bros__ 1st preferred. Preferred 133*2 130 76l2 70 823g 130 71 97 80 30 39 155 541g Stewart Mfg Corporation.no par Rights___ Warrants . 88 25i2 37 160 135 76 124 58 78 80 7012 701 j> 7012 701? no 120 108 1O834 no 120 60 65 60 5712 60>4 58 11434 115 115 115 8M2 80 "8134 82~ 80 81 ” 82 80 83 Maine Central_______ ___ ___ 100 "so" 85 80 Preferred________________100 Manchester & Lawrence__ 100 Mass Electric Companies.-100 2 3'4 212 312 2l2 4 12 15 Preferred, stamped______100 17 8>2 1478 11 Pref trust certfs of dep. N Y N H & Hartford...............100 Northern N H_____________ 100 Northern Texas Electric___ 100 Norwich & Wore, pref______ 100 Old Colony.................................. 100 Providence & Worcester___100 Rutland, preferred________ 100 Union Pacific______________100 Preferred________________ 100 Vermont & Massachusetts-100 West End_______ 50 Preferred_______________ ..50 MISCELLANEOUS. American Agricult Chem___100 Preferred______ 100 Rights______________________ American Pneura Service....50 Preferred____ ___________ 50 American Sugar___________ 100 Preferred_____________ ..100 Amer Telep & Teleg________ 100 Warrants___________________ Rights______________________ Amer Woolen of Mass______ 100 Preferred________________ 100 Amoskeag Manufacturing_ 100 -Preferred________________ 100 Art Metal Construe Inc___ 10 Temporary voting tr ctfs__ Atl Gulf & W I S S Lines...100 Preferred_________ ______ 100 Booth Fisheries________ no par Century Steel of Amer Inc.. 10 Cuban Portland Cement-__ 15 Cudahy Packing__________ 100 Cumberland Power & Lt.,100 Preferred _______________ 100 Dominion Steel Corp______ 100 East Boston Land__________ 10 Eastern Steamship Inc____ 25 Preferred________________ 100 Edison Elec Ilium__________ 100 Fairbanks Co_______________ 25 Rights________________ Geneial Electric___________ 100 Rights________________ Gorton-Pew Fisheries_______ 50 Internat Button-Hole______ 10 Internat Portland Cement--10 Preferred_________________ 50 Island Oil & Transportation 10 Loew’s Theatres____________ 10 McElwain (W H) 1st pref...100 Massachusetts Gas________ 100 Preferred________________ 100 Mathleson Alkali Works__ 50 Mergentholer Linotype.__ 100 Mexican Telephone______...10 Preferred________ 10 Mississippi River Power___ 100 Preferred________________ 100 New England Cotton Yarn.100 New England Telephone__ 100 Nova Scotia Steel & Coal..100 Preferred________________100 Pacific Mills................. . 87 21»s 33 150 82l4 132 7U2 97 87 36i2 44 170 85 8314 84U 39 39 1 86 538 25c 35c 49 47 13 15U 46 47 dividend. 1 76 358 35 37 60c. 75c. 77 69 35/ii 45g 20c. 30c. 40i2 47i2 13i2 10 40i2 46 238 BOSTON STOCKS—PHILADELPHIA BONDS BOSTON STOCKS IN 1918—Concluded. STOCKS Price per share, not per cent. June November December January August September October February April May July March 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 Anaconda________ .... .50 Arizona Commercial_______ ..5 Arnold_____________ _____ .25 Batopilas_______________ .20 Bingham Mines___ ________ .10 Bonanza (Development Co) .10 Butte Batlaklava Cop__ .10 Butte & Superior Copper.. .10 Calumet & Arizona________ .10 Calumet & Hecla__________ .25 Centennial______________ .25 Chile....... ................... ................. .25 Chino Copper________ -.5 Copper Range..__________ .25 Daly-West__ ... .20 Davis Daly________________ .10 East Butte Copper_________ .10 Franklin__________ ___ .25 Granby Consol M S & P__ 100 Greene-Cananea__________ 100 Guanajuato Consolidated. ..5 Hancock Consolidated____ .25 Hedley Gold......................... .10 Helvetia Copper___________ .25 Indiana______ 25 Inspiration Consol Copper. .28 Island Creek Coal_________ ..1 Preferred_______________ ..1 Isle Royaie________________ .25 Kerr Lake_________________ —5 Keweenaw Copper_________ .25 Lake Copper______________ .25 La Salle Copper. ______ ___ .25 Mason Valley Mines________ ..5 Mass Consolidated__ ____ .25 Mayflower—Old Colony__ .25 Miami Copper_____________ 5 Michigan_________________ .25 Mohawk _______ __________ .25 Nevada Consolidated____ ..5 New Arcadian Copper______ .25 New Idria Quicksilver_____ ..5 New River Company_______ 100 Preferred_______________ 100 N1 pissing Mines___________ . 5 North Butte______________ .15 North Lake_______________ .25 OJibway__________________ .25 Old Dominion_____________ .25 Osceola ____________________ .25 Pond Creek Coal__________ .10 Quincy____________________ .25 Ray Consolidated Copper. .10 St Mary’s Mineral Land.__ .25 Santa Fe (Gold & Copper). .10 Seneca Copper Corp____ Shannon____ _____ _______ .10 Shattuck Arizona_________ .10 South Lake________________ .25 South Utah Mines & Smelt. ..5 Superior__________________ .25 Superior & Boston_________ 10 Trinity..... ..................... ............. .25 Tuolumne Copper_________ 1 U S Smelt Refln & Mining.. .50 Preferred_______________ .50 Utah-Apex Mining_________ ..5 Utah Consolidated________ ..5 Utah Copper______________ .10 Utah Metal & Tunnel______ ..1 Victoria___________________ .25 White Pine Extension______ .25 Winona ___________________ .25 Wolverine_________________ .25 Wyandotte..._____________ .25 6334 61% 6534 61 61 65 13% 12% 14% 12% 13 11 20c. 20c. 1% 1% 1% 1% 934 1012 20c. 21c. 22c. 26c. 45c. 25c. 35c. 25c. 40c. 243g 17% 1834 19% 22% 17 62% 67% 6534 70% 67% 71% 431 464 427 460 425 435 12 14 13% 14% 13% 14 41% 43 44^2 48% 1% 2 534 5 10% 9 4 5% 74% 75 39 39 8 10% 12 12 20c. 25c. ROc. 1 50 56 82% 80 19% 26 5% 5 99c. 1% 6^2 7% 234 2 5 5% 6 7 1 1% 32 30 1% 2% 66 58 18% 19 134 2 13% 13% 17 20 75 80 8’/, 8% 14% 16% 40c. 60c. 84 42% 57 17% 70 22% 52 65c. 7 5% 16 1% 11c. 4% 3 »4 45% 65 195g 75 2334 57 90c. 7% 44 45 1% 5 9 5 77% 40% 93c. 7% 12 28c. 75c. 46% 54 81% 21% 538 1% 6 2 5% 6 99c. 31% 2 61% 19% I84 13% 17 76 8% 1434 25c. 99c. 41 58% 18 72% 23% 53 60c. 45 48 23S 5% 10% 6 77% 44% 1 9 12 28c. 90c. 46% 6134 84 23% 6 1% 6% 3 6 6^2 1% 31% 2% 65 19% 2% 14 19 77 8% 16% 50c. 99c. 44 61 20% 76 24% 56 1% 403g 4234 43% 4538 1% 2% 53g 6% 8% 984 5% 6% 79 77 4034 41% 8 10 15c. 70c. 44% 60 82 21 5% 1% 5 2% 5 5% 65c. 31 1% 60% 18% 134 14 17 75 8% 145g 25c. 1% 3934 54 1834 69 2134 49% 1 8*2 9V- 1b 534 5 16 2 1% 20c. 14c. 5% 4 334 3 5% ___ 1% 14c. 4% 3% 4 5% 16% 16% 13g 1% 11c. 16c. 4% 434 2% 3% 4 3% 1% 93c. 45 44% 46 2% 2 12 10% 83% 83% 234 2 2% 3 4i2 1% 49% 46 25g 1134 85 2% 3 4 1% 46% 46 2% 11% 8134 2% 3 5 134 34% 1^6 8U 3% 99c. 42 4434 2 9 77% 2 2% 5 2 1 1% 1»4 1% 34 36 28 33 35 84 .... — 90c. 34 3% 95c. 43% 43 2 10 80 2 2% 9 10 22c. 90c. 4434 67% 84 22% 5% 1% 6% 3% 5 6% 1% 31 2%, 63 20% 2% 17% 19 77 834 15% 95c. 1% 41 59% 20% 73 243g 54 1% 47^2 633g 65% 62 70% 12% 14 12% 14 25c. 25c. 1% 1% 1034 9% 10 10 20c. 20c. 25c. 30c. 25c. 31c. 19% 21% 18% 33 66% 69% 68% 73% 430 445 430 465 1319 12 13 14 40% 43% 1% 5 9 4% 76 42 1 7 41 46% 2 6 934 5% 79 43% 1 8% 40% 473g 44% 50 1% 1«4 5% 634 834 10% 4% 5% 77 77 40% 44% 7U 8 1% 1% 12c. 14c. 4% 434 2% 234 25c. 50c 69 70 83% 25 5% 1»4 834 3 5 6 2% 30% 2% 66% 20% 2% 16% 15 75 9 17% 75c. 1% 45 55% 1934 78 2534 5434 1 1?14 10 4% 4 16% 17 13g 1% 14c. 18c. 6% 4 2 2% 3% 99c. 36 42% 2 9% 79 2 2% 3% 85c. 38 42% 1% 9% 78% 134 3 15c. 70c 523g 64 83 2j% 23% 5 5% l’/« 1% 5% 6% 2% 3 412 4% 5 5% 65c. *13g 27% 2834 2% 2% 61 63 1834 19% 1% 2 16 16 15c. 50c. 473g 60 80% 75 8% 13% 60c. 1 39% 53 18 69% 23% 49 84 75" 9 15 75c. 1% 42 55% 19 7134 25 53 1 958 10 3 43g 3% 99c. 43% 4534 2% 10% 80 3% 2% 20c. 50c. 48% 62 81 22% 5% 1% 5-% 2% 412 4% 1% 27 1 62 19% 1«4 15 14 73% 8% 14% 50c. 1 39 48 18 70 2434 48 80c. 4% 1%S 44 44% 2% 1034 84% 2% 3 1 2 1%6 134 27% 29% 27 30 61c. 80c. 40c. 1 6134 68 66% 70 65% 6934 65% 69 14% 1334 15% 1434 16% 1434 16 13 1 934 10% 10% 10% 93g 15c 15c 25c. 30c. 25c 30c 22c 25% 29 28% 31 25% 27% 26% 6734 69% 67 67 70 69% 66 432 445 445 464 45034 465 445 12 12% 13 1034 1234 1034 14 163g 163g 15% 383 4 37% 40% 393g 41 39 40 4834 45% 44 47 46% 50 46 25g 2% 134 2% I84 2%, 2% 534 6% 5% 6% 5 5% 6 934 10% 934 8% 9% 8% 10 43g 4% 5 334 4% 4 3 74 73% 7834 79 79% 81 75 4234 44% 42 42 42 44% 44% 10 10% 53g 7 6 25c. 50c. 523g 6234 80 23% 5% 1% 5% 2% 25c. 1 523g 66% 84 25 534 1% 6% 234 25c 40c 52% 61 80 25 5% 1% 6 2% 3% 5% 2%. 2834 2% 57% 19% 134 14 5 5% 2 3 27% 27% 40c. 1% 56 63% 1% 2 15 16 73% 74 8% 9 8% 14 15% 14 65c 50c. 75c. 50c 42 40 41 46% 52 49% 18% 20 18 66 73 67 24% 23% 23 52% 50 49 50c. 75c. 55c 12 10 11 334 4% 4 16% 16% 1 1% 2 14c. 19c. 11c 5 5% 434 2% 2 2 20*2 3% 3% 234 94c. 99c. 95c 45% 41% 40 42% 44% 42 )34 134 2% 834 10% 93g 80% 81% 80% 1% 2% 2 2% 25g 2% 7% 25c 75c 55% 64 82 29 534 1% 7 3% 4 6% 3% 29-g 234 62 203g 2% 14 8% 153g 80c 60c 43% 54% 19 71 25% 54 75c 12 5% 13g 20c 6 2% 2012 334 1% 44% 4434 2% 11 83% 2% 3% 6 6^2 534 15c 50c 52 6134 80 25% 5% 1 5 2% 15c 60c 53 64 82 27 6 1%. 5% 2% 4% 2% 28 2% 55 1934 1% 15 12 65 83g 1334 60c 75c 39% 49 18 67% 23% 48 50c 11% 35g 5% 2% 283g 2% 58 1934 2 15 15 70 834 15 60c 75c 42% 52 18% 6934 243g 50 75c 12% 4% 25c 60c 52% 54% 7934 25 5% 80c 5 2 3% 334 2% 29 2% 55 ____ 1% 14% 13g 1 16c 18c 434 6 1% *4% 3 1%, 42 42 134 934 81 1% 2% 3% 1% 43 44 2 10% 81% 2% 2% 1034 35c 2634 70 465 12% 15lo 40% 48 3 5% 10% 4% 8334 49% 6 30c 80c 54 64% 81 27 534 1%, 5% 3 3% 5 3% 29 3 57 ____ 1% 14% 7334 59% 67% 68 73 64 12 14 14% 16% 12% 16 20c. 20c. 20c 20c 9% 10 20c 20c 20c 35c 2334 24% 67 70% 450 460 11% 12% 383g 46 2% 5 9% 4 84 50 42 50% 2% 5% 10% 5 8434 56 5% 8% 30c 60c 54 52% 79% 25% 534 1 5% 3 4% 4 1% 29 234 53% 20% 1% 13% 30c 65c 56 56 8134 27 6% 1 7 3 4% 4% 4 29% 4% 57% 20% 134 14 % 1 6 434 2% 92c 4134 42 1% 33g 81% 134 2% 3% 1 43% 4334 2 10% 84% 2 2% 1% 1% 1 1% 2 1% 1% 22 26% 23 23% 26 27 30 50c. 50c. 50c GOc 50c * Assessm ent paid. 7 30c 80c 53% 52% 83 27 6 13g 6% 3 3% 53g 4% 2834 4 60 20% 23g 13 66 12% 75c 75e 39 55 14% 66 23 42% 40c 13 3% 16% 1 1% 1% 12c 18c 10c 4 6^2 512 33g 4% 3% 2% 90c 4234 42% 134 9% 84% 1»4 2% 1 1% 25% 21 50c 3% 95c 50% 46 2% 10% 90% 2% 2% 3 75c 44% 44% 23g 834 75% 1% 2% 10% 9 5c. 16c. 30c. 48c. 1634 20 61 68 425 470 12% 14 31% 40 2% 434 834 3% 80 4534 50c. 8% 434 30c 80c 46% 49 81% 25 5% 99c 5% 2% 3% 4% 2% 26% 234 55 20 1% 10 67 70 68 68 83g 9% 8%6 834 13% 1434 13% 15 25c 70c 30c 50c 75c 75c 42% 41% 39 39 52 57 55 51 17 18% 15% 17% 72 69% 65 65 22% 2434 24% 253g 49 46 50 48 60c 75c 60c 70c 10% 12% 10% 1334 3% 4% 3% 4 4% 3 9 10 20c 20c 30c 48c 19 22% 66 70% 450 460 13% 13 22% 22% 44 40 44% 51% 234 3 4% 512 12 10 334 5 7934 7934 44% 5734 37% 46 234 53g 11% 412 80 48% 50c. 7 50c. 425g 44% 79% 23 5% 95c. 334 80c. 49% 49 7934 26 534 1% 5% 234 334 234 22% 234 50% 16% 1% 934 3% 45g 334 24 3% 56 18% 1% 10% 66 834 15 95c 1% 43 60 16 69 24% 48 65c 15% 4% 16% 1% 13c 8% 4% 6312 83g 10% 30c. 1% 32 47% 1234 59 19% 38 25c. 133g 234 14 1% 10c. 5 2% 66% 9% 13 75c. 1% 40 59 14% 66 21% 4514 45c. 1534 3% 14% 13g 13c. 8% 3% 4 99c 50% 47% 4% 10 913g 2% 3 2% 73c. 44 45% 2% 7 72% 1 1% 3 94c. 4834 47% 334 9% 79% 2%, 3 134 % 13g 23% 20 22 84 1%, 21% 18 50c. 60c. PHILADELPHIA BONDS IN 1918. BONDS Allegheny Valley gen, 1942__ 4 American Gas & Electric_____ 5 Small bonds________________5 Am Telegr & Tel conv 1925.__ 6 Anglo-French 5-year________ 5 Atlan City Elec 1st 1938______ 5 Baldwin Loc Wks 1st 1940.__ 5 Registered_________________ 5 Bethlehem Steel_____________ 6 Purchase money 1936______ 5 1st extended s f 1926_______ 5 Choctaw Okla & Gulf Gen__ 5 Consul 1952________________ 5 Consol Traction of NJ_______ 5 Delaware & Hud conv 1935___ 5 El & Peo Trac—Trust rets__ 4 Small bonds________________4 Eqult Ilium Gas-Lt 1st______ 5 Hudson & Manhattan—Inc__5 Refunding 1957___________ 5 Interborough-Metrop 1956.4^ Inter-State Rys 1943______ ..4 Small bonds------------------------ 4 Keystone Telephone 1st_____ 5 Lake Superior Corp, Inc.....5 Small bonds________________ 5 Lehigh Coal & Navigation— General 1924____________ 4J4 Registered____________ 4)^ Funding & Impt 1948______ 4 Consol 1954_____________ 4)4 Lehigh & New England gen..5 Lehigh Valley—Con 1923..4)4 1st extended 1948__________ 4 Collateral trust 1928_______ 6 Consol 1923________________ 6 Registered_________ ___ Annuity___________________ 6 Annuity_________________ 4)4 General consol 2003.___ ...4 Registered_______________4 General consol 2003______ 4)4 Registered 4)4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis January February March April September in urea Apru may June jury August aeptemoer uciooer ________ December 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 Hig 80 80 82 82 80 81 80% 79 80% 78% 79 82 77% 79% 78 80 98% 98% 100% 100 100% 9934 9934 100%101 100% 101 100 100 110 110 79% 7934 80 80% 80% 80% 80^4 79 SO 83% "8l" 83 100 78 79 79 80 7834 81 79 80 76% 77 79 80 95 95 9834 9934 98% 99 1OO3S 100 85 85 80% 80% 8512 82 80 86 9934 9934 102% 102% 77 82 88% 85% 85% 102 96% 88% 87 86% 102 97% 99% 99% 81% 81% 81 81 95% 95% 96% 9612 86 86 91 72 73 73 74 72% 73 73 73 70 73 7234 73 91 6834 68 70% 70% 73% 70% 73 7034 67 70 71% 69 65 71% 70 68 69 73% 70 70 71 70 73 73 101%101% 101%101% 102% 102% 102% 102% 102 21% 21% 40% 41% 40% 40% 89 89 89% 89% 89U 90 4934 50 47% 48% 49 49 48 48 89% 90 53 55 53 55 92 92% 55% 59% 55 59 59 57 90 96% 71% 72 72 73 102% 103% 91 90 90% 96% 73% 72% 72% 73% 104% 103% 10434 55 62% 3934 46% 40 40 88% 90 87% 87% 87% 90 52 56 54 62 51% 53 52% 52% 5234 5234 55 62 96% 96% 93% 95 93% 94 87 87 93% 94 92% 93% 101% 101% 100% 100% 80 80 89% 90 97 78 78% 903g 91% 90 78 78% 92 85 85 8834 89 92% 89% 92% 94 100 94 100 93% 93% 1623s 103% 98 98 97% 98% 98% 10034 102% 103% 101% 101% 101 101% 100%100% 101 101 10234 103 101%101% 101% 101% 101%101% 118 118 11934 11934 120 120 118 120 115% 116 115%116 97 80 79% 79% 77 77% 75 78% 88 88 90 88% 90 88% 89% 88 88 75 75% 75% 75 88 88% 77 76% 76% 79 85 85 87 85 82% 80% 81 8934 91% 91% 91% PHILADELPHIA BONDS AND STOCKS 239 PHILADELPHIA BONDS IN 1918—Concluded. BONDS August September October November December 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 Lehigh Valley Goal 1st----------- 5 100 1001? Registered_______________5 Lehigh Val Tr Ref & Impt ’60.5 Midvale Steel & O------------------5 National Properties 1946---- 4-6 Small bonds______________4-6 Newark Passenger________ ...5 N O Texas & Mexico Inc--------- 5 New York Central deb 1935___ 6 Northern Central—Ser A '26.5 North Pennsylvania—Gen---- 4 Paris, City of, 1921.................... 6 Pa & N Y Canal—Cons 1939..5 Registered_________________ 5 Consol 1939______________ Pennsylvania RR—Reg 1919..5 100 100 General 1965____________ 4J4 8912 92 Consol 1960_______________ 4^ 98 9834 Registered____________ 4>S Consol 1948............................... 4 88l2 89l2 Consol 1943................................4 P W & B trust certs 1921___4 Pennsylvania Co 1921______ 1931........................... —.......... Pennsylvania Lighting 1940—5 Peon & Maryland Steel______ 6 People's Passenger—St tr cts.4 Philadelphia Company 1st__ 5 87l2 87l2 Registered_________________ 5 Stamped s f & redeem______ 5 Registered______________ 5 Trust Co receipts------------Consol & collateral trust..5 Stamped_______________ Phila Electric—1st1966...____5 94ig 96 Registered_______________5 96 Small bonds___ ._______ 5 94 Registered____________ 5 95l2 95>2 1st 1966 s f.................................. 4 Phila & Erie—Gen 1920.... Phila & Reading—Ext 1937...4 Reading Terminal 1941....5 Public Service Corp of N J.__ 5 Reading 1997_________________ 4 83l2 85 Registered______________ Jersey Centra’ ?ollat------ 4 Schuyl R East S 1st 1925_____ 4 Spanish American Iron 1st__ 6 100 100U SunbHaz&W 2d 1938_______ 6 United Rys gold tr ctf 1949___4 Small bonds--------------------United Rys Investment— 1st coll trust 1926__________ 5 U S Steel Corp—2d 1963........... 5 Welsbach—Coll trust________ 5 Small bonds______________..5 Western N Y & Penna gen__ 4 Wilmington & North—Gen..5 York Railways 1st 1937--------- 5 89l4 89l4 997g 100 100 100U 100i2 100i8 100U 99U100U 100 1001s lOOig 10012 100l2 101 lOOig 100 100i2 100 10012 7914 7914 40 40 40 42 38 9712 97^2 32 32 39l2 88 31 29 88 31 29 39 40 35 40 54 54 9812 98i2 100U IOOI4 573g 573g 983g 99lg 98l2 985g 90 8934 90 8 87l2 8834 86i2 87lg 86l2 87 89U 91 9012 87 88l2 8932 89 93 94 97lg 98ig 96 95 95 95 97U 967g 97U 97U 97U 95l2 9512 95 86 86 95U 9512 96 97 96 97 90 897g 897g 9112 94 94 99 97 99 96 96l2 102 77 102l2 78 97U 97U 98 100 lOOU 100 845g 84U 843g 84 83l2 83i2 95’ 95 9412 943g 835g 835g 90 90 10134 102 101 101l2 IOU2 10112 101l2 87 87 87?2 87i2 8534 8534 74 745g 73 94U 9514 93 94l2 93 9412 94l2 93l2 9612 94 95l2 96l4 96 95 95 94 75 9414 93l2 96 94 79 82 7512 82 94 95lg 9212 95 95i2 97 95 95 76 76 94 94 97 94 102 101 93’ 95 *89* 89 96 76 76 9012 93 76 76 8934 91 93 93 95 95 93 102 9634 "9714 9714 84 84 76 78 80 86 9012 9214 92l2 95 86I2 88 933g 95 9514 95i2 96 93 95i2 97 95 95 9514 9634 9634 90 1026g 1025g 60 58 785g 7834 79i2 84l4 8II4 82l2 8II2 837g 83 81 80 80l2 83 83 84l4 84l2 93 93 100 lOOig IOOI4 IOOI4 99 102i2 10212 58 58 60 55 57 91 91l2 91 91 " 82 84U 85 83 8312 81 8412 84i2 60 54 97 913g 91l2 7912 8414 82l2 84 9934 99 90 8034 8214 807g 84l4 84l4 91 8434 8834 86 86 85 87l2 87* 8712 99i2 99 99% 99 99 9912 100 56i4 56i4 56i2 57 56i2 56i2 57U 56 55l4 59 97 95l4 95!g 9534 94 95 9534 9534 95 56 66 5712 59i2 58l2 59l2 57 65 99lg 99ig 983g 983g 92?2 935g 957g 92l2 92l2 93 93i2 92i2 93 9534 60lg 63l2 92i2 92i2 8912 8934 8934 8934 8934 100 100i4 "57" 57” 67b 63 63l2 PHILADELPHIA STOCKS IN 1918. STOCKS Alliance Insurance. American Gas--------- 1st preferred. Baldwin Loco V Preferred ____ Preferred v t c. Cambria Iron___ Cambria Steel— 2d preferred_______ Cans Traction of N J. East Pennsylvania . Preferred_________ Insurance Co of N A. Preferred Preferred________ Lake Superior Corp. Receipts 2nd paid. 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 ................... 19 19U 79 90 82 89 912 10 912 9>2 ................... 79 80 5834 6334 9534 9534 58 58 46 47 40’g 42 115 136 ................... 6412 ___ ___ 49 147g 47 8 17 24 18 64l2 ____ 5012 147g 51 10 17 255g 18 86 10 80 29 76i2 80ig 73l2 76 1012 11 75 75 73 73 79 74 65 48 43 125 46 40 127 66lg 66lg 6534 67 66 63l4 8034 733g 96i2 96l2 58 59 59 48 40l4 41 4014 125 125 125 55 49l4 51 48 50 48 15 17 16l4 1634 157g 49 51l4 49l2 51l4 4834 25l4 257g 25 2534 25l4 20 26i4 23l4 25 70 70 8l2 9 8’2 812 8i2 8i2 812 57 5734 50 12 14l2 135g 17l4 1312 163g 14 6134 6412 63 64 63lg 65 63ig 41 43i2 55 58l4 5634 5912 5634 63 5734 20 20 Preferred .. Lit Brothers. MlnehlU......................... Norristown_______ _ Northern Central__ North Pennsylvania- Pennsylvania ____ ___ ___ Philadelphia Company. Cumulative 6% preferred.50 Phila Blectric............................. 25 Phila E,ectric of Pa (The)...25 Warrants_____________ Philadelphia Rapid Transit.50 Voting trust receipts_____ 50 Philadelphia Traction______ 50 Philadelphia & Western.___ 50 Preferred_________________ 50 Railways Co General_______ 10 Reading____ _____ 50 1st preferred________ .....50 2d preferred______ 50 Tonopah Belm Dev__________ 1 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 80 10 75 28 19i4 69 ’ 11 67 19i4 19i4 73 60 11 IOI2 73 65 83ig 807g 1003g 8534 95 89ig 100 100 100 62 64i4 63 64 60 48 4712 48 4014 4034 41 40 40l4 38 127 127 127 128 135 131 66 437g 485g 45 467g 44 5034 51l2 507g 51i2 50 70 85 *82 45V. *26 70l2 85 84 4738 27l4 30 33 25 26i2 ................... 293g 293g *27l2 30 70 7114 4 71 414 77 75 80 85ig 4478 25 75 85 90 *4612 26 4512 51l4 73l4 73l4 89 44 25 24 3012 90U 455g 2534 28 31l4 91i2 947g 96i4 877g 100 100 100 100 60 58 60 48 40 39 39 38 131 92 92 9U4 74l4 8734 IOOI2 101 102 60 60 48 49’4 50 361 2 38 39 125 130 40 40 90 90 717g 8334 102 103 60 66 52 56 38 40 118 118 42l4 42l4 66l2 66 55 4934 49 52l2 49 5134 5112 555g 53 32i4 28 16l4 14l4 14i2 15 36l2 30 4912 4712 48 61 71 65 47i2 64 26lg 25l2 26 22 25 26 23 27 26 31 32 2512 2534 25 2534 25 2512 245g 253g 25 2634 2634 26 26 28 23’4 71 7H4 68l2 7 29 26 26l2 2434 25l2 25lg 2612 24 71 67 66 68l2 67 68 7 8 8 5 6 32 26 24 56 32 67 26l2 25 25 23 62 71 717g 69 7012 67 84 4312 29 25 33 85 4434 29l2 25 34 837g 44l2 29 24 33 837g *435g 26l2 24 31 253g 24lg 245g 24 26 68 26 23 2512 26 24 25 25 25 33 25 51i4 4234 455g 4134 46V 50 4912 52 50 52 70l2 70 80 80 82l2 83 4334 44l2 4334 27lg 27l2 2734 33 16 28l4 20ig 70i4 11 ' 49 1934 73ig 59ig 6312 57i2 65i2 53V 6034 27 243g 243g 243g 243g 261? 46 5234 503g 52l2 517g 54i4 5U2 54 45 50 51ig 50 50ig 50 50U 50 50 85 44l4 29l4 2312 33 62 109 52 56l2 52i4 545g 53l4 57 29 37 30l2 37 34 40l4 65l2 7334 70 7412 71 78 15V 2534 20 64 11 7 7 7U 11 12 46V 46V 47V 50 47 49 49 49 21 1612 187g 163g 183g 16lg 18l4 17 6734 70ig 69 76i2 6834 69l2 685g 70 6U2 5812 60'4 57ig 5934 57ig 607g 59 251? 46 45>2 47l4 46i2 59ig 487g 50 50 50 50 50 121 121 73 73l2 83 83 8434 87 8834 85 88 44 45 435g 45lg 43l4 21l2 27 26 29l4 28 2312 24 23 29 31 32i2 31 34 74i2 78i2 757g 85ig 78 8234 79 36i4 36i4 35i2 36 36 36 3 33g 3 3i4 3 3i2 3%, 3% 3 52 55 33l2 29 67l4 64 26 2712 25l2 2612 25 2434 27 25 7 8 8 8I2 8 8 7l2 8 50 48V 50 48 48V 47 16 15 18i4 153g 1834 1734 215s 18 65 6334 68 65 67 667g 70 68 59i4 59 72 76ig 100>2 104 70 ’ 75l4 53 57 39 40 115 115l2 62 109 27 25’g 26l2 79 79 19i4 19 19 19 19i4 19 19i4 19 19i4 54 70 ‘ 7434 76 65 65 ’ 50 6034 51 68 53 lll 4 1U 4 10i2 11 11 10i2 IOI2 60 62i2 5934 5934 58 6934 70 62 68 73 67 73 71 80 8434 84 4934 463g 35 31 30 3212 365g 3434 71 7534 7634 86l4 50i4 35 30 37l4 85 86l4 4312 4734 30 32 30 34 24l2 25'g 2414 26lg 25 25 273g 251g 2814 263g 28 26l4 28 67lg 69 68 70 *65l2 6712 66i4 70 6 6 2712 2478 255g 8 8 27 27 28 2778 26l4 271j 71l2 72l4 6978 71 2 2 2 2 87l4 91l4 863g 92 87l2 953g 82 92l2 78l2 85\ 90lg 863g 945g 865g 93 37 37 33 33 38l2 3812 37i2 38 38 38 3i2 27g 3^. 25g 3^6 27g 3 1% 2% 2l4 25g 2^« 33g 2i4 25g 1 * Rx-dl'v. PHILADELPHIA STOCKS—BALTIMORE BONDS 240 PHILADELPHIA STOCKS IN 1918—Concluded. STOC KS Price per share, not per cent. April January February June September March May July ,4iz?usl October November December Par. Low High Low High Low High Low High Low High Low High Low High Low High Low High Loto High Low High Low High Tonopat Mining_________ ...1 Union Passenger_________ -.50 Union Traction__________ ..50 United Cos of N J_______ .100 United Gas Improvement. -.50 U S Steel Corporation___ .100 Preferred ______________ .100 Warwick Iron & Steel_____ -.10 Welsbach Company_______ .100 West Jersey & Seashore__ -.50 W’estmoreland Coal_______ -.50 Wm Cramp & Sons_______ .100 York Railways___________ ..50 Preferred______________ ..50 334 4 3 40 192 68k *91l2 42 195 70 98k 39 190 *663g 8634 8k 41k 42 44 42 72 76 85 *74 80 75 8k 8k 934 32 31 33 8k 41k 42 73 85 934 32 41 190 6912 88k 109k 8 4 4212 190 72k 9734 1093,i 8k. 3k 3k 2% 3% 41 193 69 92k 38k 39k 189k *190 65k 66k 8884 96k 8^6 8k 4034 69 79 9>2 32 48 70 83 9k 32 7k 2k 39 k 187k 66 947g 110 8k 8k 3 41k 189k 68k 11334 110 8k 40 39k 40k 39 69 76 70k 76 77k 79 75k 79 31k 32 31 31 2k 37k 187 *65k 963g 8 3 40 187k 67k 109k 8k 2i2 2k 38 185 65 115k 2*4 2k 3S34 185 6538 109k 36k 182k 64k 107k 8 234 37 182k *62k 107k link 1103s 110k 8k 8k 8k 8k 2l2 37k 185 64 10134 38 182k 66 k H6k 40 40 39 39k 39l2 40 7134 7434 72k 74 73 70 84 75 7934 82 83k 80 7k 7k 3134 3134 31k 32 * Ex-dtvi dend. 40 79 31 3 3 2k 4 150 40 37k 39k 41l2 38 k 185 185 183 190k 190 62k 69k 69k 77k *70k 101k H43g *94k 10334 9234 212 1103a 111k 111k 8k 8k 8k 8k 41 42 74 70 79 81k 75 7k 7k 31 44 73k 76 7k 31k 41 8k 8k 3k 150 42 193 74k 99k 8k 44 44 46 75 73 *7534 86 92k 80 7^2 7b 734 3lk BALTIMORE BONDS IN 1918. BONDS Alabama Coal & Iron-------------5 Alabama Co general_________ 6 Small Bonds_______________ 6 Anacostia & Potomac________ 5 Atlanta & Charlotte 1st 1944.5 Atlanta Consol Street-----------5 Atlantic Coast Line RR— Convertible deben 1939______ 4 Small bonds_____________ 4 Atlantic Coast Line (Conn)— Certificates________________5 Certificates 5-20s--------------- 4 Small bonds_____________ 4 Augusta Ry & Electric---------5 Balt & Annap Short Line----- 5 Baltimore Brick_____________ 5 Balt Dry Dock & Shipbldg—6 Baltimore Elec stamped______5 Balt Sparrows Pt & Ches—4)4 Balt Traction 1st 1929----------- 5 Boston Sand & Gravel----------- 6 Canton Co_____________ -____ 5 Carolina Central____________ 4 Central Ry—Consol 1932--------5 Extension 1932____________ 5 Charleston Con Ry, G & E—5 Charleston City Ry 1st--------- 5 Charleston WVa Steel 1st 6% notes July 1917 coupon on.. Charleston & West Caro 1st..5 Ches & Potom Telep (Va)----- 5 Chicago Ry 1st 1927-------------- 5 Consol series A___________ 5 Cincinnati Gas & E ref---------5 Citizens Ry L & P (N N) 1940.5 City & Suburban 1st-------------5 City & Suburban (Wash) 1st.5 Cleveland Elec Ilium-------------5 Coal & Coke 1st 1919-------------5 Coal & Iron Ry 1st....... ........... .5 Columbia Ry G & E-------------- 5 Consolidated Gas 1939--------- 5 General 1954____________ 4)4 Consol Gas, Elec L & Pow_.4)4 5% notes__________________ 5 6% notes__________________ 6 Consolidation Coal ref.—4)4 Refunding-------------------------- 5 Convertible------------------------ 6 Small bonds_____________ 6 Cosden & Co series A 1932------ 6 Series B 1932_______________6 (Old Co) Refunding 1926---- 6 Cosden Oil & Gas 1919----------- 6 Elkhorn Coal Corp 1925______ 6 Elkhorn Fuel 1918------------------5 Small bonds------------------------ 5 Fairmont & Clarks Trac------- 5 Fairmont Coal 1931__________ 5 Fla Cent & Penin cons 1943..5 Extended--------------------------- 6 Florida Southern 1st-------------4 Georgia & Alabama cons------5 Ga Caro & North 1st-------------5 Georgia & Florida---------------- 5 Georgia L P & Ry 1st 1941------ 5 Georgia Pacific 1st---------------- 6 Georgia Ry & Elec 1st 1932—5 Ga South & Fla 1st 1945--------5 G-B-S Brew 1st assented------- 4 2d income__________________ 5 Funding 1934 (scrip)--------- 6 Hagerstown & Frederick------- 6 Houston Electric____________ 5 Houston Oil div certifs-----Small certificates------------Jamison Coal & C—G C--------- 5 Kirby Lumber Contract____ 6 Knoxville & Ohio____________ 6 Lake Roland Elev guar gold..5 Lexington (Ky) Street--------- 5 Macon Ry & Light 1953--------- 5 Maryland Dredge------------------- 6 Maryland Electric 1st----------- .5 Merch & Miners Trans______.6 Metropolitan Street 1925_____ 5 Milwaukee Elec Ry & Lt__ r4)4 1st 1926____________________ 5 Milwaukee Gas Lt 1st 1927—4 Minneapolis Gas & Elec 1934.5 Minn St & St Paul Co joint...5 Mo Kan & Tex ext 6% notes — Monon Coal----------------------------5 Monon Valley Traction______ 7 Series A 1942______________ 5 Montreal Tram ref 1941______ 5 Mt V-Woodb Mills 6% notes..6 Nashville Street Ry---------------- 5 New Orl & Great Northern..5 New Orl Mob & Chic 1st------- 5 Newp News & Old Point____ 5 Norfolk & Atl Term 1st 1929..5 Norfolk & Carolina 1st______ 5 Norf & Portsmouth Trac___ 5 Norfolk Railway & Light___ 5 Norfolk Street Railway______5 North Baltimore Traction__ 5 Northern Central series B---- 5 Northeastern (S C) 1933--------6 Pennsylv Water & Power 1st.5 Pere Marquette--------------------- 5 Petersburg Class A 1926______ 5 Portland Ry refunding 1930..5 Portland G & C ref 1940______ 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis January February March April A fay 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 79k 80 98 98 76 76 80 83k 82k 88 88k 87 94k 94l2 927S 95k 82 83 84 84 82k 88l2 92k 95k 84 84 84k 84l2 84k 848,1 84k 84k 86k 90 90k 90k 85 85 87 87 9234 93U 92k 92k 96k 96k 75 75k 85k 86 90 93k 93l2 74 78 73k 74 80k 78 90k 99k 99*k 79 83k 82 8234. 90 90 87 55 87 55 83k 83k 9334 9334 99 99 93 93 93 93 98k 99k 90k 90k 91 91 9834 9834 97k 97k 97k 97U 80 80 99k 99k 99k 99’k 76k 76k 90 91 90U 901-1 100k 100i2 90 93U 9212 92k 9034 9034 8934 90 89 89 96k 96k 100k 100k 92k 94 95 95 *78* *7*8** 90k 90U 90k 90k 166" 160" *92* *9*2* 92l2 92i2 9738 97k 90k 90k 85 85 99 100 98k 99 98k 98k 9834 99k 98 87k 87k 90 91 97k 97k 98k 9834 88k §1* *8*3* 83k 92 95 93 9534 96k 96k 8158 83k 84 IOII4 10334 101 80 80k 94 96 97 100 81k 83 94 96 98k 100 92 92 88k 84 93k 96k 84k 102U 8234 80 80k 83k 86k 88k 82U 83i4 9234 93 96k 9658 86 86 84k 85U 99 10134 100i2 10034 78k 80k 7958 82k 79 79 96 96 96k 97k 9634 97k .... — 9934100k 9958 99k 92 92 90 9334 ’631*4 *9*3*k 91 93 92k 92l2 90 91 80k 81 91k 92 96 8734 89 102 102 90k 92 9134 92 86 98 9834 9834 90 90k 89k 8934 98 84 86 98k 97 98 9734 98k 87U 84 84k 8134 82 78k 7934 9034 9134 9112 9212 953 91 95 94 95 96 96k 95 88 88 86k 87 98k 99k 98k 99k 83 99k 89k 85k 98 99 89* *8*9** 85k 85k 95k 97 9734 98 87k 87k 8734 89 92 92k 92k 99k 99k 100k 100 100k 99 85k 83k 85k 84l2 86k 85 83k 85k 8434 87k 91 90k 91 91l2 9U2 96 96k 96k 9634 9634 96 95 98k 98k 99k 93* *9*3*’ 92k 93 92l2 92k 96 93k 99k 100k 100k 10134 84k 84k 9H2 92 101 101 90k 90k 91k 91k 102 98k 96k 97k 97 96 96* *9*6*34 12 12 65k 65k 99k 100l2 98k 991- 90 90 98k 99 97k 98k 9634 97k 96k 97 96k 96k 96k 97k 100k 100l2 96* *9*6*k 88 80 80 9934 9934 9934 98k 98k 98 88 88 92 9134 92 90 101 101 1O112 10H2 88k 87k 88 97 82 97 82 81k 83k 84 873g 9934 9934 87k 87k 94k 94k 9H2 94 84k 84k 89k 89k 3212 32l2 93k 94k 80 7478 74k 65 65 98k 98k 98k 9834 81 85 80 9934100 95k 95k 9934 9934 5238 523g 82 83 99k 83k 83 95U 9734 92k 93k 98k 84 94i2 94k 92l2 94k 82 100 100 89k 89k 95 95 97k 96k 96k 22 22 87k 87k 97k 95k 96k 9534 98 97k 98 98 87U 8H2 90k 95k 96k 97 9H2 9534 91l4 91l4 93k 93k 91k 91k 94 95 95 96 96k 97 9634 9734 92 92 94U 94U 89 89 87k 88k 86* 8*6*34, 66k 661^ 92k 92l2 92 92 90 90 91k 9H4 91k 9H2 91k 91k *9134 9*2*14 89 99 93k 93k 81’s 84 87 98k 99k 99k 99 7934 81k 79 80 77 79k 78k 80 79 78 80 81 79k 78k 80k 80k 81k 79 91k 91l4 90k 96 S 96k 96k 96 96 9334 96k 95 95k 96 95k 101i2 10134 10134 10134 10138 98k 100 100 86k 86k 87k 87k 82 82 83 83 84 91 92 91l4 96k 97 97k 89 89 89 86I4 8634 88k 89k 8558 86 99 99 985s 99U 98k 9834 7734 80 92 94k 9234 94k 94 94k 93k 93l2 93k 9334 9334 94 93k 95 22 22 101 90k 90k 81k 82 83k 83k 53k 53k 31l2 31l2 94k 94k 99 80 99 80 97 97 79k 92 97 99k 84 80 92 97 100 79k 79k 7978 797g 90 90 91k 92 101l2 101l2 84l2 85 85l2 97 97 78k 78k 79i2 79l2 95 95 95 95 92k 92k 92k 92l2 92l2 96 92k 92k 9212 9212 9984 9934 100k 100i2 101 85 8534 8412 8534 72* *7*2*’ 101 8812 88l2 887g 89i2 98k 98k 82k 82k................... BALTIMORE BONDS AND STOCKS—CHICAGO BONDS 241 BALTIMORE BONDS IN 1918—Concluded. September October November December January February August 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 Public Service Building______ 5 Raleigh & Gaston 1st 1947—5 Rich & Danville deb 1927....5 Rich & Washington 1943____ 4 St Joseph L H & P 1937........... 5 Savannah Fla & West 1st___ 5 1st 1934............. 6 Seaboard Air Line stamped..4 Refunding 1945___________ 6 Seaboard & Roanoke 1926____ 5 Seattle Electric 1st 1930______ 5 South Bound________________ 5 Syracuse Gas_________________ 5 Texas & Pacific—La Dlv------- 5 United Elec Lt & Power----- 4>$ United Railway & Electric—4 Income____________________ 4 Funding________ 5 Small bonds_____i_______ 5 Notes______________________ 6 Virginia Midland general------ 5 4th series small bonds..3-4-5 5th series__________________ 5 Small bonds______________ 5 Virginia Ry & Power________ 5 Wabash equipment 1921-------- 5 Wash Balt & Annapolis----------5 Wash & Vandemere________ West Penn Traction 1960------ 5 Wilmington & Weldon 1935..5 1935 . ............................. 4 95b 95b 95b 95b 99 95b 9534 9534 9534 865g 865g 99 108b 108b 76’ Yd 87" 91 91 85b 73b 56b 77 79 94b 85b 75b 74 58b 56b 77 80 95 77b 73b 7634 58 53b 57 80 80 82b 80b 96 94b 95b 93b 93b 93 98 80 - 80 81 87" 93b 93b 95 95 83b 83 73b 53 75 76b 92 92b 74b 53b 76b 76b 93 92b 83b 72 52b 74b 75 91b 83b 73b 53 75b 76b 92 86 83b 71b 52b 73b 73b 92 86 83b 72 53 74b 75b 92 84 71b 52 73b 73b 92 84 76 72 71b 523S 52b 57b 74 74b 74b 74b 76b 74 76 74 73b 75 76b 82b 92 94 96 98 98 96 8334 82b 83b 82b 82b 9934 9934 8234 83 97 97 82b 825g 8134 82 9934 9934 92 92 86 77 54b 76 78b 96 86b 77b 57 80 82 96 97b 81-b 8134 81b 82b 82b 85b 83b 84b 76 9934 9934 76 99b 99b BALTIMORE STOCKS IN 1918. STOCKS September October November December January February March April Moy June August July 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.. __________ 10ft 52 1st preferred___________ 10ft 80 2d preferred __________ 100 56 Atlan Coast Line (Conn).. Atlantic Petroleum Baltimore Electric pref— Baltimore Tube. -----------Preferred . _ -------------Boston Sand & Gravel pref Canton Co________________ Celestine Oil v t__________ 32 100 90 3b .50 38 10ft 79b 100 58 80 58 60 60 59 60 36b 90 334 38 80 36 88 334 37 79 36 88 37g 37 79 60 85 59 593g 35 87 87 70 593g 35b 23g 3b 78 80 85 68 90 85 70 33b 35 234 79b 75 85 2b 75 86 100 ..5 ..5 Preferred .. --------- — Commercial Credit. ------- ?5 25 Preferred______________ Preferred B___________ 25 Consol Gas El L & Pow---- 100 Consolidation Coal..------ 100 Cosden & Co ____________ ...5 Preferred ._ ------.. .. ...5 Davison Chemical ___ No par Elk Horn Coal Corp--------- .50 Preferred ..____ _____ ..50 fins Appliance pref_ __ Ga Sou & Fla 1st pref------ 100 2d preferred- -------------- 100 Gillette Safetv Razor Gulf Mobile & Nor----------- 100 Preferred .. ____ ___ Iftft Houston Oil trust ctfs----- 100 Preferred trust ctfs_______ .100 Kirhv T.ntnher Md Apartment House pref Mer & Miners Trans..__ Iftft Mer & Miners Trans v t— .100 Monon Valley Trac_______ ..25 Preferred ._ _________ 25 Mt Ver-Wood Mills v t r... .100 Preferred vtr. . ______ 100 4 40 4 41b 43b 43b 94 100 93b 106 63g 8 3b 4 30b 38b 22b 25b 98b 102 102 (04 67g 8b 334 4 32b 3534 23b 28b 26 96 99 9134 106 634 77g 3b 334 33b 35 27 29 39b 40 95 86 6b 3b 32 26b 8919 106 93 85 70 87 92 93 80 36 36 36 35 82 82 80 81 2b 3b 2b 3 73 87 150 150 2 3 75 96b 85 6b 3b 32 2534 98 87 7b 334 35 27 85 1.50 1.65 80 80 68 64 67 36 37 "SI 37 37 37 38b 40 80b 82 82 90 98 82 95 83b 83b 85 2b 234 23g 2b 17g 2b 17S 3b 2b 3 35 37 2 42 70 81 2b 43 77 85 91 S7(-> 90 76 74 85 91 68 76b 757g 74 86 83 74 85 8~5~ 35 82 35 56 77 1534 22b 15 685g Norfolk Ry & Light.._ 1... Iftft Northern Central___ — ..50 70 Pennsyl Water & Power.. .100 61 Poole Engineering & Mach .100 Public Service Building pr ef__ 95 Robinson Oil_____ __ _ _ __10 Preferred---------------------- ..10 Kannla Rpfininf1 5 53 40 74 65 lib 65 81 79 16b 23 16b 73b 95 67* 60 60 43 64 82 92 83 90 1534 16 15b 17b 68b 74 16 16 15 16 15 70 73 7lb 73b 71 223g 223g 62 4 7 73b 73 73 66 73 72b 73b 72 45 45 44^2 44b 44b 44b 44 96 8434 684 3b 30 25b 40 25 95 85 6b 3b 34b 28 40b 75 75 75 75 25b 98 86b 7 334 39b 30b 41b 97 85 534 3b 35b 27b 103 86 6b 334 39b 29b 30 120 20 27b 37 3 30 120 23b 1934 21b 29b 2634 2734 383g 37 37 33g 3 3 31 120 18b 2534 3 25b 102 82 7 3b 34 28b 44b 251-> 07^5 85 734 4b 37 31b 45 24 25 104b 108b 80 83b 684 7 3b 4 287g 35 28 30b 44b 44b 70 70 65 65 71 86 68 80b 72 10 74 78 15 84 75 82 79 78 78 7234 76b 7134 76 64 66 73b 66 65 73b 62b 68 14b 15 13b 14b 73 74 70 71b 69 65 65 63b 63b 63b 63b 6134 65 63 67 65 64 63b 65b 64 65b 65 53 54 63 54b 63b 63 96 96 96 96 5 4b 5 8 8 734 8 8b 734 8 8 8b 8 8b 934 934 lc. lc. Seaboard Air Line pref---- .100 Southern Hotel _______ 115 117 Symington preferred.. .. Iftft United Ry & Electric------- ..50 23b 24b 23b 24b 28 Wash Balt & Annapolis__ ..50 26 28b 27 Preferred . _________ ..50 40 39b 41b 38 334 Wayland Oil & Gas_______ ...5 3b 33S 3 1011 13 13 Western Maryland 44 24b 24b 101b 104 83b 87b 6 7b 334 4'g 35 37 28b 29b 44 44 101 8 30 30 84 78 71*4 75 101 20 65 65 15b 14b 15 1434 15b 16 17 17 7334 72b 74b 71b 76 71b 74b 72 73 83 85 1.25 1.25 1.35 1.35 1.25 1.30 1.35 1.35 1.20 1.20 25 97 85b 67g 3'b 36b 26b 10 76 79 71b 72b 73b 72&g 72b 70 79 71 15b 15b 15 15b 15 78b 84 84 78 16 16 72b 71 64 47 45 48 67b 67b 68b 64 80 85 1.30 1.45 83b 83b 845g 937g 42b 66I2 lib 65 72b 76 82b 85 25 98 95 86 83b 7 6b 334 3b 37b 35 27b 25 40 28 98 90b 7b 334 33b 27 too 94 SO 20 70b 69 63 70 94 94 8 8 31 30b 30b 120 177g 19b 1834 21 21 20 20 303g 27b 26b 30b 28 30b 30 38 38 35b 37b 334 3b 3»g 3b 3 b 3b 3 70 20 67 68 8 17b 16 74 71 20 70 7334 71 73b 70 7lb 74 65 66 67 15 73b 70 73b 70 15 17 73 65 9b 912 33 33 71 70 71b 70 72b 65 71b 73 20 20 16 17 16b 16 71b 74 76b 78 69b 72b 72b 76 2 2 75 76 7234 79 62 62 78 80 77b 80 21b 21b 110 20 30 39b 3 110 20 31b 27 40 36 3b 3 2034 21 20b 2334 20 22b 30 28 29b 263g 31 37 39b 36b 37b 37 3b 3b 3b 3b 3b CHICAGO BONDS IN 1918. BONDS RAILROAD AND MISCELLANEOUS BONDS Armour & Co 4J^s________ 1939 Debenture 6s___________ 1923 Booth Fisheries S F D 6s..1926 Chicago City Railway 5s..1927 Chicago City & Con Rys 5s 1927 Chic Pneum Tool 1st 5s___ 1921 Chicago Railways 5s______ 1927 5s, Series “A”__________ 1927 4s, Series “B”__________ 1927 4s, Series *-C”__________ 1927 Adjust income 4s_______ 1927 Chicago Telephone 5s____ 1923 Commonw Edison 5s______ 1943 Commonwealth Elec 5s---- 1943 Cudahy Pack 1st M g 5s___ 1946 Liberty Loan 3>£s________ 1947 Liberty Loan 1st 4s. .1932-1947 Liberty Loan 2d 4s__ 1927-1942 Liberty Loan 1st 4XS..1932-47 Liberty Loan 2d4J<s—1927-42 Liberty Loan 3d 4Xs_____1928 Liberty Loan 4th 4J4s___ 1938 Metrop W Side Elev 1st 4s.1938 Extension g 4s__________ 1938 No W Gas Lt & Coke 5S...1928 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis January February March April May June July September October November December 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 8434 8434 84 84 88 88b 88 88b 88b 87b 87 83b 87b 88 59 55 55 54b 57 90 89 87b 85 61 56 93 85b 82 76 59 58 84b 84b 8534 8534 84b 85b 83 89 89 87b 90 88b 84b 8684 85b 86b 85 52 52 56 57 54 96b 97 84 82 83 84b 8334 59b 58 59b 96b 96b 30 27 27b 30 96 96 96b 96 9334 94b 91b 94 92 92 91 91 98.62 97.20 98.30 97 96 97.50 95.80 97.10 95.74 97.10 94.70 97 50 83 55 8434 81*4 84 82b 83 59 52b 55 31 96 90 31b 96b 94b 907g 92 90 90 97.20 98.80 95.04 97.24 95.70 97.52 58 58b 57 48 86" 60 82 83 82 82 80 54 54 55b 60 59 9134 91 90 90 90 90 98.40 99.10 98.40 98.70 95.90 96.80 93.7096.60 95.80 96.90 93.70 96.60 96.70 98 56 b 68 49 55 86 55 89 85 55 58b 56b 56 b 53 45 4.8 48 56 32 33b 94b 96 90 92b 89 90b 9lb 91b 99 99.50 93 94.80 92.80 94.90 89b 86b 62b 95 85b 76 59 96 88 8434 55 97 8234 76 55 97b 88 86 59 97 83b 76 57 83b 84 99?8 89b 9012 90b 86b 873g 88 52 55 59 9978 91 91 60 1003a 1013j 9034 91b 87b 91 49 53b 82b 84b 84b 87b 81 86 55b 5834 55 53b 34 3214 34 35 35 35 35 35 931’ 94b 93b 93b 93b 93b 9334 95 897g 9034 88 89b 873g 883g 89b 93 60 49 28 28 9634 9612 97U 95 95 93b 98 96b 9134 913i 97809960 97 97 70 98 20 92 50 94 20 96 94 8097 60 92 50 96 60 97 40 97 44 96 8097 80 92 90 96 30 95.20 96.80 94 80 96 30 94 58 95 50 94 40 96 20 95 80 97 30 96 50 97 84 94 SO 98 70 96 60 98 94 96 60 49 55 56 58 58 55 56 57b 57b 57b 56b 58*4 55b 58 50 50 5619 60 49b 50 66 66 9134 91 99 24 99 70 995610220 99 6010180 99 50 99 80 93 70 94 30 93 80 94 20 9410 96 60 95 60 98 92 94 93 84 94 92 94 94 95 80 9516 96 88 94 20 96 26 96 38 96 90 95 00 95 50 96 60 93 6093 96 94 CHICAGO BONDS AND STOCKS—CURB MARKET 242 CHICAGO BONDS IN 1918—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 BONDS Northwestern Elevated 5s .1941 Peo Gas Lt & C ref gold 5s_1947 Chic Gas L & C 1st 5s__ 1937 Pub Serv Co 1st ref g 5s__ 1956 South Side Elevated 4>£s--1924 Swift & Co 1st S F G 5s.--.1944 Wilson & Co 1st 6s________ 1941 75 8II4 78 8912 80 80 79l2 8P4 80 81 80 7812 8OI2 93 95b 94 95b 93 9434 95b 95b 95U 947g 7912 807g 80 75 77b 88 8OI4 79 95U 927g 94 96 75b 7814 90 80 80 77b 88 80U 80 9414 9434 753s 75^2 75 74b 74b 88*2 7734 80 80 78>4 78b 7814 94 95b 94 96 95 95 70 70 75b 7513 76 7412 7412 87 ” 87 88*2 7734 77 7734 77 7734 77 77 76 80 8012 76 78 78b 78b 917g 94 95 90 90b 92 9114 9434 9434 94 95 94 __ -1 77 74 75 74 75i2 78 80 80 8818 88’8 90 77 7758 81 7912 9078 93" 9358 93 983g 90 7012 701? 85 85 80 90 86I4 88b 88 79b 79l2 80 97 9714 96 8514 9812 CHICAGO STOCKS IN 1918. January February March April May June July September October November December A ugusl 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 RAILROAD AND MISCELLANEOUS STOCKS American Radiator------------ 100 250 American Shipbuilding....100 87 Preferred_______________ 106 85 255 255 265 9034 91b 87 90 ___ -____ 250 265 248 250 9034 99 847g 86 97 85 128 89 248 148 123 86 250 235 240 14S 140 122b 132 91b 89b 90 ^pipdran Straw Board____ 100 242 250 122b 130 87 90 245 238 245 235 245 116 116 128b 128b 127b 139 112 139 88 83 86 87b 86b 90 238 245 116 101 300 122 113 45 50 50 50 9134 9134 9134 9134 Co preferred___ 100 22b 25 Booth Fisheries new..(no par) 18*2 233g 217g 26 22b 25 84 86 z83 82 85 85 80 Preferred_______________ 100 83 Bucyrus Co common____ _____ Butler Bros ___ ____ -___ ____ 2 2 2 2 2 2b Chic City & Con Ry pt sh com. 2b 2 1734 15b 18 15 16 Preferred _____________ -__ 14 17b 14 234 234 4 4 4 4 Chicago Elev Rv common____ 12 12 54b 50b 63 61 Chicago Pneumatic Tool—100 47b 51b 49 71b 5434 60 Chicago Rys Part Ctf Series 1__ 53b 54 11 15 8 10 10 9 12b 12 Part Ctf Series 2____________ 2b 2 2 2 Part Cff Series 4 __________ 1»4 1*4 Chicago Telephone Co________ 99 99 Chicago Title & Trust------- 100 165 175 170 170 167 167b 165 170 Commonwealth Edison----- 100 103 107b 106 108 105 108 103 107 Cudahy Packing Co com—100 10712 112 110 114 111 114b 111 11434 Cudahy Cash __ ________ Armnur& 2234 24b 23b 2734 25 81b 81 84 80 81 12 16919 ___ lb 234 7g lb 2b 17 14 14b 16b 12 18b 16 3 3 3 4 3 3 3 12b 12b 12 b 12b 12 18b 18 67 7034 65 74b 68 71b 68 58 58 58 12 13 12 17 12b 16 13b 13g 134 1 1 1 1 1 1 1 23 82 24 84 165 167 165 165 101b104 100 101b zlOO 102 lllb 11434 zl08bU5 113 115 2734 83 12 169b 2b 18b 3 18b 6934 53 16 1 96*2 9812 971. 23 25b 28 83 79 79 12b 09U 104 26 26 b 22 81 75 83 13 100 7g 7g 1 lb 34 14 14b 14b 17b 13b 1 1 22 18 20 697g 6234 68b 70b 63 39 11 12 12 9 10 2 b 238 2 1 lb :2 165 165b 160 101b 104 100 112 115 110 163 165 165 102b 100b 112 112b 111 130 180 110 125 1 I87g 295 300 lift 12s 108b 121 8434 87 74*2 74b 45 47 101 21 80 8 103 24 83 b 78 1334 22 66b 62b 69 42 13 734 10b 2 34 185 119 133 189 111 128b 1023* 189 117 132 105 94 109 5334 72 106 96 112 55 76 110 7g Deere & Co pref----------------- 100 Diamond Match----------------- 100 Hartman Corporation------- 100 Hart, Schaff & Marx, com.. 100 Preferred_______________ 100 Haskell Ar Barker Car Co______ Illinois BrlcML-------------------- 100 IJhhy (W I) _____________ Lindsay Light---------------------- 10 95b 102 40 53 97 112 44 65 34 37 58 55 179ip 1791p 24 11 2S 11 9434 97 108 lllb 40 42 64 67 108 108 38b 39b 53 56 21 10 24b 10b M41 1 st preferred _ 443g 443g Midvale Steel Ord Co___ 50 28 Middle West Utilities corn-_ 100 25 25 26b 65 59 61 57 30 30 National Biscuit preferred-100 National Carbon pref (new)---- 114 115 ___ -____ North Ampr Pulp Ar Paper Co . 684 684 Page Woven Wire Fence com _ 20 55" 44 53 People’s Gas Lt & Coke------100 41 75 77 76 Pub Service of Nor Ill, com. 100 72 z87 90 87b 88 Preferred_______________ 100 Quaker Oats Co----------------- 100 250 275 280 285 98 100 Preferred_______________ 100 95 100 Sears-Roebuck, common---- 100 139 154 149b 157 1197gl20 Preferred_______________ 100 120 120 67b ■Shaw W W common___ ___ ___ 5334 62b z60 91b 91b 60 Stewart Warner Speed com. 100 47 53b 51 Swift & Company-------------- 100 124 133 125 132 Swift International _ __ ___ Union Carbide & Carbon---- 10 4812 53 United Paper Board com---- 100 15 167g 95 108 3634 62 103b 40l4 51 96b 112 40b 62 108 41b 54 Woolen common ______ 46 95 59 98 96b 113 39 61 105 39b 50b 96 113b 4234 60 ___ 40^2 41 49 54 94b rl08 40b 59 19b 213g 107g 107g 1934 22 zl9 113g 113g 24b 27 58b 61 24 57 107 120 112 107 116 5 5 4134 48 747g 77 87b 87b 265 270 99 100 140 153 119b 120b 60 69 52 124 25b 59 114 5 5 40b 47 75 75 86 87b 270 274 97b 9934 Zl397gl45 117 120 67 67 50 22 92 94 105b108 41 41 57 60 103b 106 49 19b 21 114 114b 114 lllb 2 3 5 7 6 6b 45b 43b 49b 42 70 7134 73b 75 82 86 275 275 260 270 99 -__ __ ___ 97 13634 113 133 138 115 115 6534 69 68 68b 15 1434 17 51 96 17 60 91b 102 22 20b 19 60b 91b 104 102b 103 56b 50b 573g 523g 57 98 z96 99 99 b 98 1 55 97 95 108b 45b 56b 103 z92b 105b 44 55 103 94b 111 46 57 105 93b 106 46 56 103 95 108b 49 57b 103 94 107 46 57b 105 97b 112 48 62 105 49 51 49 50 48 50 45 60 15b 19b 15b 17b 1 65b 98 zll2bU2b 114 42b 50b 71b 73 82 83 238 245 92b 97b 135b 144b 120 120 65 69 88b 89 60 54b 60b 58 102b 110b 105b U4b b 2 101 109 105 107 50b 5434 47b 5234 47b 52 b 49 b 543g 49 15 50 93 103 43 55 103 58 56b 5234 55b 53b 61 138 134 146 106 144 13g 3 917g 82b 96b 96b Ward (Montgomery) & Co pref. 106 108 1037g 110 zlO3blO6 103 104 Wilson & Co common______100 Preferred ____________ 100 94 b 108 37 60 105 39*2 48 593g 535g 59 19 22 21 58b 58b 60 22 100b 103 57b 64 96b 98 101 56 19 60 i08b 10234 100 60 1071. 107b 115 5 5b 43 50b 7lb 75 85 85b 238 245 92b 96b 136b 140b 115 115 64 64 90 90 56b 60 ___ 16b 17 10 10b 18 40 18 40 ‘114 114 94 98 zl08bU5b 50 54b 62 72 63 6334 IS 26 15b 17 19 25b 21 14 14b 18 2434 15 66 66 21b 27 40b 50 30 30 27 53 30 60 30 55 25 30 59 25 121 59 67 114 114 11534 119 118 5b 49b 77 80 235 94 146 5b 58b 81 85 259 97b 168 4b 4b 47b 56 89 92b 88 90 260 300 99 102 160 176b 62 63 5634 6434 62 10234 111b 110 72 118 4b 4^2 49 61 8034 95 81 85 255 258 95 99b 158 162 118 120 63 76 69b 82 534 5 4434 50b 75 75b 83 79 245 250 97 95 138b 142 115 115 5834 547g 58b 22 21 19 6 Ob 60b 61 insis 103b 103 104 75 99 75b 114b 130b 121b 107 110b 32 35 33b 50 577g 69 54b 61 19b 26 103 105 21 63 101 105 3 57 57b 63b 62 96 95 95b 92 5034 50«4 z Ex-dlv. lb lb 63b 50 60 63b 57 94 97 93b 96 z92 40 55b 3 24b 19b 63 65 101 109 107 84 100 7934 127b 45b 67b 4 23 65 110 3b 3b 5b 72 68b 76b 99 99 98 “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 1914. 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 1918—that is, the highest and lowest price each month of 1918. It should be understood that no such reliability attaches to transactions on the “Curb” as to those on the regularly organized stock exchanges. On the New York Stock Exchange, for instance, only members of the Exchange can engage in busi ness and they are permitted to deal only in securities regularly listed—that is, securities where the com panies responsible for them have complied with certain stringent requirements before being admitted to dealings. Every precaution, too, is taken to insure that quotations coming over the “tape,” or reported in the official list at the end of the day, are authentic. On the “Curb,” on the other hand, there are no restrictions whatever. Any security may be dealt in and any one can meet there and make prices and have them included in the lists of those who make it a business to furnish daily records of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CURB MARKET 243 mind, particularly as regards the mining shares. In the circumstances it is out of the question for any one to vouch for the absolute trustworthiness of this record of “Curb” transactions, and we give it for what it may be worth. The New York Curb Association has undertaken in recent years to insure character and standing for the “Curb” market, but it publishes no record of prices, and exercises no supervision or control over the dealings on the “Curb,” and in the nature of things can exercise none so long as business is done on the open street and no one can be prevented from taking part in the same. The Association does, how ever, approve securities for trading, where certain required information is furnished, and these are desig nated as “listed” stocks. Still others are “admitted to quotation” without any formality, the Standard Oil stocks being conspicuous in this respect. By far the greatest number of securities traded in, however, on the “Curb” are dealt in at the free will of those congregated there. We do not gather any records of our own of “Curb” transactions. A daily list is issued by the Curb Quotation Co., and this list furnishes the basis for all our compilations below. Note.—We desire to call attention to the fact that many of the securities traded in on the “Curb” are often, after a time, transferred to the Stock Exchange and so disappear from the “Curb” records. The “Curb” record in such cases is manifestly incomplete without the corresponding Stock Exchange record. For 1916, 1917 and 1918 where securities have been listed on the Exchange, a notation to that effect is made at the proper place. It will therefore be a simple matter to obtain a complete record either for the month or year by consulting the Stock Exchange table for the year on a previous page. 1914 For Twelve Months Ending Dec. 31 COMPANY Par Sales No. Shares For Twelve Months Ending Dec. 31 Range of Prices Open Low High COMPANY Last 960 178,178 10,109 13,000 65,380 10,500 670 16,700 17,470 8,065 46,550 30,000 76,400 145,983 780 1,500 75% 3% 1% 1% 1% % 2% 28 37 87 3% 1,745 500 75 820 1,350 48,531 55,300 50 100 80 200 510 115 300 100 100 4,722 100 100 15.010 9,437 75 12,945 1,256 220 237 475 500 110 69,875 75,251 48,752 46,857 43,600 1,800 50 12,100 6,235 750 45,595 50 476,075 43,700 60 27,409 118,875 370 100 22,859 218,560 114,163 3,127 10 398,595 118,543 1,595 175 79,900 24,288 1,853 97,482 14% 1 15% 28 % 23% 23)4 50 50 98 5% 101 42 94% 25 42 25% 18 15% 15 8% 110 39 107 77 95 195 2% 103 4% 3% 22 7 18 48 100% 57 97% 4% 2% 7 7% 23 160 13 7% 62 52% 84% 9 94% 114 140 5% 3% 4% 27 11% 74% 2%, 1% 1% % %6 2% 25 33 81% 1% % 2 27 11% % 75% 6 1% 2% 1%. % 2% 30 40% 87% 3% 75 2%, 1% 2 4% 30 13% % 3% 27% 13 % % INDUSTRIALS AND MISCELLANOUS. American Druggists’ Syndicate .10 American Writing Paper_____ 100 Atl Gulf & W Ind SS L_______ 100 Auto Sales Gum & Chocolate.. .100 50 Bay State Gas. ___________ 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 £1 English Marconi pref _______ 100 Houston Oil. . . Intercontinental Rubber tr ctfs .100 Inter Smelters . _______ Kelly-Springfield Tire.______ 100 100 Preferred!- ______ ___ New 1st pref _____________ 100 New 2d pref_____ _____ 100 Lehigh Valley Coal Sales__ ..50 Liggett & Meyers rts . ____ Manhattan Shirt pref w i 100 Marconi Wireless Tel of Am nevF__5 100 Maxwell Motors com_____ 1st pref . __________ . 100 2d pref--------- ---------------- . .100 Mays Oil______ __ _______ 100 Montana Power________ Preferred _ . . _ — 100 National Cloak & Suit___ ___ 100 100 Preferred ______ 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 ... _____ __ ft Sterling Gum w i 5 Stewart-Warner Speedometer. .100 Stewart Warner__ _____ 100 Tobacco Products pref______ United Cigar Stores new ... 1(1 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 ______ __ . 100 100 Preferred ___________ W orld Film _______________ ...5 13% % 14% 24% %6 15 16 50 50 98 5% 101 42 90 25 42 24% 18 15% 10 5% 110 39 105 75 90 150 2 103 2% 3% 22 7 15 46% 100% 44 90 4% 2 7 6% 21% 160 7 3% 48% 51 81% 8% 85% 109 140 3% 3% 8 3 22 20 5% 3% 58 58 90 90 2% 6% 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 Crescent Pipe Line_________ 50 100 Cumberland Pipe Line _ Eureka Pipe Line____________ 100 Galena-Signal Oil .... 100 Preferred ___________ IOO Illinois Pipe Line wi _______ 100 Indiana Pipe Line___________ 50 National Transit____________ 25 New York Transit__________ 100 Northern Pipe Line__ ______ 100 Ohio Oil ________ _ . 25 Pierce Oil Corp_____________ ..25 ♦Cents per share. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Sales No. Shares Range of Prices Open Low High 13 345 235 229 191 118 270 15% 388 325 670 232 305 355 176 367 106 72 170 37 20% 16 610 459 400 263 425260 265 205 170 121 366 312 24 23% 577 468 538 358 710 680 299 248 505 345 436 397 248 200 480 440 338 172 107 83 258 200 77 37 STANDARD OIL SUBIDIARIES— {Concluded.} RAILROADS AND MISCELLA NEOUS RIGHTS Baltimore & Ohio pref w i____ 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. _______ Southern Pacific rights __ _ United Cigar Stores rights____ U P rts ev $3 C div___________ United Profit Sh rights_____ Western Union rights_________ Par 100 181,668 4,668 90 10,605 45 45 6,064 3,732 532 1,223 5,124 2 285 8,393 20,521 2,064 5,448 58,084 14,500 ______ 28 10% 465 275 95 660 99 197 39% 46 220 166 154 120 86 31 216 83 140 60 15 1 15% 28% X 24% 24% 50 50 98 5% 101 43 94% 25 42 25% 18 15% 20 10% 110 71 145 78 97 195 2% 103 6 16 48% 20% 25 49% 100% 57% 98% 5% 2% 7 10% 33 168 14% 7% 62 52% 88% 9% 95% 118 140 18% 4% 8 37 6% 91% 96 6% % %6 2% 25 • 33 81% 2% % Pierce Oil new___________________ Prairie Oil & Gas______________ 100 Solar Refining________________ 100 South Penn Oil________________ lOO Southern Pipe Line____________ 100 Southwest Penn. Pipe Line____ 100 Standard Oil (California)______ 100 Standard Oil (Cal) rights________ Standard Oil (Indiana)_______ 100 Standard Oil (Kansas)________ 100 Standard Oil (Kentucky)______ 100 Standard Oil (Kentucky) new___ Standard Oil (Nebraska)______ 100 Standard Oil ofN. J___________100 Standard Oil of N. Y___________100 Standard Oil (Ohio)___________100 Swan & Finch Co______________ 100 Union Tank Line______________ 100 {Vacuum Oil__________________ lOO Washington Oil________________ lO 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 13% % MINING 15% Atlanta__________ ____________ 1 935,000 24% 25 Barnes-King Development 5 700 1% Beaver Consolidated. . _____ _.l 55,700 *30 17 56,700 *12% 17% Big Four_________ ________ Blue Bell __ ____________ 195,250 5 50 Boston & Montana___________ ft 40,185 50 5% Braden Copper.. . _ __ __ ft 223,215 7 91 ft 143,381 2% 5% British Columbia Copper__ __ 1 Buffalo Mines Ltd____ ______ 68,975 101 1% Butte & London____________ . ft 3,200 *34 43 Butte-New York____ __ ____ 1 8,300 90 % Butte & Superior _. ________ 10 25 100 38% Calumet & Arizona. _ _____ 10 35 42 65% 20,000 24% Canada Copper Corporation.. ..5 2% Canadian Gold Silver . _____ 268,300 19 18 -.1 202,048 *68 15% Caribou Cobalt__________ C. O. D. Cons.. ...______ 10 172,600 5 Combination Fraction. ______ 6 102,700 *11 Consol Arizona Smelt___ __ _. ft 114,038 110 % Con Copper Mines .... ..5 69 18,400 2% Consolidated Nevada-Utah. .. 145 67,750 % Copper Mines__________ 78 2,940 1% Crown Reserve . . _______ 1 95 103,150 1% Davis-Daly Copper .10 9,710 2 165 Diamondfield Field Daisy_____ 74,500 2 *4% *4 Diamondfield Black Butte. 103 108,210 . _ ft 6,230 2% El Paso Con________ 2% 10 2,300 *3 14% Ely Central _____________ . .10 113,000 *4% 41% Ely Consolidated Eureka Consolidated-________ *3 17 25,100 First National Copper.. -.5 15 2,637 3% . . ____ 49% Florence .. 265,900 *25 ft 100% Giroux Mining____________ 400 1% 45% Gold Hill_____________________ 10 239,600 *20 Goldfield Consolidated_______ 10 1,622,485 95 .1 5% Goldfield Merger. 44,200 *41 2% Greene Cananea Copper . . .. 460 10 Greene-Cananea old.. . . . 20 7 62 6% 7% Greene-Cananea new. ._ __ 100 23,575 30 Greenwater Copper M & S. .. ft 369,862 29 15 Halifax Tonopah. _ . . 1 168 9,800 1% 7% Inter Mines Dev Co________ 76,460 *28 1 1,830,300 *14 3% Jumbo Extension. .... ______ 48% Kerr Lake__ ft 127,802 3%, *2 51% King Edward_________________ -.5 7,000 . _ ____ 87% Kewanus. 123,300 *20 9% Keystone Mining__ __________ 200 i% La Rose Consolidated 91 -.5 72,220 1% Lone Star__ ______________ .. 101 13,100 *10 Mason Valley new _ . . ft 140 5,517 3% McKinley-Darragh-Savage____ 1 17 256,247 1 4% Mines Co of America new. _____ .10 24,700 2% 3% Mutual Mining Co___ _______ 500 *50 Mutual Mining & Leasing pref. 20 7,370 1 3% Nevada Hills.. ________ ____ -.5 131,670 *45 84% New Utah Bingham______ __ 40,450 *40 New Utah____________________ 93 16,500 % 5% Nipissing Mines Co__________ -.5 151,962 7% North Butte Development. . . 8,600 %. Ohio Copper______ _____ .. —5 4,650 %> Oro . ______________ 1,355,975 *10 Pacific Smelters_________ . 28 28 34,700 % 18% 14% South Utah M & M___________ -.5 5,675 % 575 Standard Silver-Lead.__ 850 84,760 1% Stewart. _ _________ __ _____ ..1 243,835 375 295 1% 183 112 Stewart Min tr ctfs. ._ 1,900 1%6 690 660 Tonopah Belmont______ .____ 1 300 7% 116 Tonopah Merger_____________ 105 1 597,940 *52 Tonopah Extension.. 273 225 1 106,043 1% 66 39% Tonopah Mining of Nevada___ 1 14,728 6% Tri-Bullion_________ ______ __ 73 57 ft 1,300 3-32 235 Tularosa ____________________ 355 ft 30,600 % 196 166 Tuolumne Copper____________ ..1 16,515 *55 Union Mines__ _____ ____ 154 154 2,000 *5 165 Union Copper______________ 130 ft 200 % 158 98% United Verde Ex____________ ftOc 1,200 1% 47% 37 West End Consol__ __ ____ -.5 467,051 1%, 333 West End Ex. ._ _______ 220 *3 267,300 92 Wettlaufer Silver Mines. _ .. ..1 133 14,900 *4 White Knob Copper pref_____ 198% 142 774 % Yukon Gold Mines___________ ..5 116 60 14,480 2%, 24% 1% 18 6 4% 5% 4% 1% % *34 % 38% 65% 1% 3% 60 4 10 % 1% % 1% *63 % 4 2 1% 3 2% 3 1% *24 % *20 *89 36 10 5% 21 4% *24 21 *13 3%, 2 20 1% % 10 2% *44 2% 50 1 20 36 % 5 %, %, 5 3-32 % 1% 1 1%6 7% 26 1% 5% %« 3-32 23 5 % 1% *46 1 4 % 1% Last Sales CURB MARKET 244 1915 For Twelve Months Ending Dec. 31 COMPANY Par Sales No. Range of Prices Open Low High RAILROADS AND MISCEL LANEOUS RIGHTS— Amalgamated Copper rights______ Boston & Maine_______________ 100 Chic Milw & St Paul rights_______ Delaware & Hudson rights________ Detroit Edison rights____________ Erie rights______________________ Interborough Cons Corp com wi.. Preferred w i________________ 100 Missouri Pacific wi_____________ Missouri Pacific preferred wi_____ New York Central rights_________ Texas Oil rights__________________ Virginian Ry__________________ 100 Wabash w i____________________ 100 Preferred A__________________ 100 Preferred B__________________ 100 Western Electric rights__________ 159,] 87,1 1,8 6,'i 320,( 24,J 26,1 5/ 1_. 501,653 21,C 5,1 105,( 95,2 123,4 57,( Aetna Explosives_______________ 100 1 Ajax Rubber Tire______________ 50 18,1 Alliance Film Corp__ ____________ 36,1 Amber Oil & Ref_______________ 25 Am Brake Shoe & Fdy_________ 100 25 Preferred___________________ 100 10 Am-British Mfg________________ 100 54,930 Preferred___________________ 100 9,730 Am Graphophone______________ 100 194 Preferred___________________ 100 10 Am Int Corp__________________ 100 13,310 American Machine & Foundry. 100 2 Am Shipbuilding_________ 100 185 Am Thrift Society, pref__________ 5,850 Am Tube & SCo_______________ 100 4,100 Am Writing Paper______________ 100 16,790 Am Zinc, Lead & Smelt_________ 25 555,613 Atl Gulf & W I SS______________ 100 153,875 Preferred___________________ 100 24,025 Auto Sales Gum & Chocolate__ 100 100 Bankers Dis Corp________________ 1,690 Bethlehem Steel, w i___________ 100 80 Bliss (E W) Co............ ................ 2 Bridgeport For & Proj___________ 100 Brit-Am Tob, ordinary__________ £1 25,450 Ordinary bearer______________ £1 31,305 Burns Bros____________________ 100 1,740 Canada Steel__________________ 100 40,060 Canadian Car & Fdy_________ 1.100 100,995 Preferred___________________ 1(0 38,285 Canadian Gen Elec____________ 100 400 Canadian Nat Gas Corp__________ 1 415,595 Carbon Steel________________ .100 24,297 1st preferred_______________ 100 720 2d preferred_________________ 100 1,578 Car Lighting & Power___________ 25 744,650 Carriage Fact (Can)___________ 100 8,925 Central Foundry______________ 100 125,480 Preferred___________________ 100 24,720 Chalmers Oil____________________ 5 1,900 Chalmers Motor w i___________ 100 2,435 Chandler Motor_______________ 100 60,505 Chevrolet Motor Car w i______ 100 127,837 Cosden &-Co________________ ____ 244,120 Cramp Shipbuilding___________ 100 146,334 Crocker-Wheeler_______________100 85 Cushman’s Sons preferred_____ 100 200 Delaware Lack & West Coal___ 50 75 Diamond Match...___________ 100 5 Dominion Steel_______________ 100 5,849 Driggs-Seabury Ord w i________ 100 62,155 Rights_________________________ 8,335 Eastern Steel__________________ 100 4,195 Preferred___________________ 100 100 Electric Boat__________________ 100 135,518 Preferred___________________ 100 61,053 Elk Horn Fuel_________ 100 100 Emerson-Brantingham_________ 100 205 Emerson Phonograph____________ 5 91,287 Federal Dyestuff & Chem______ 50 6,550 Fisk Tire________________ ________ 4,816 Guantanamo Sugar_____________ 50 12,943 Hall Switch & Signal___________ 100 69,912 Preferred___________________ 100 20,353 Hartman Corp_________________ 100 2,460 Haskell & Barker Car_____ (no par) 12,950 Hendee Mfg___________________ 100 67,904 Hopkins & Allen Arms_________ 100 lO,014 Preferred______________ 1O0 605 Houston Oil___________________ 100 120,830 Preferred___________________ 100 3l0 Intercontinental Rub tr ctfs____ lOO 62,203 Internat Arms & Fuse Sec Corp_25 4,020 Internat Merc Marine ctfs____ 1O0 2,058,520 Preferred ctfs_______________ 100 1,875,543 Engraved trust certfs__________ 37,915 New common w i______________ 9,261 New preferred w i_____________ 11,974 Internat Motors______________ 100 291,389 Preferred__________________ 100 34,856 Internat Nickel_______________ 100 12,175 Internat Nickel new___________ 25 26,47l Internat Petroleum___________ £1 377,676 Internat Steam Pump___________ 23,398 Preferred A w. i________________ 400 Preferred B w.i________________ 1,700 Jewel Tea____________________ 100! 10,280 Preferred__________________ 100 f 8,750 Kathodian Bronze pref________ ...5 337,085 Kelly-Springfield Tire__________100 37,911 1st preferred________________ 100 11,426 2d preferred______________ 100 2,054 New stock wi___________ :___ 25 44,775 Keystone Ord___________________ | 27,330 Kresge (S S) wi_________________ 10, 14,000 Lake Torpedo Boat______________ 10 191,240 1st preferred__________________ 10 68,710 Lee Tire & Rubber______ (no par)[ 9,000 Lehigh Valley Coal Sales_______ 50, 126 Lima Locomotive_____________ lOO 1,490 Manhattan High Pow Mar______ i 7,055 Manhattan Transit_____________ 20 202,675 Marconi Wireless Tel of Am_____ 5 346,035 Maxim Munitions Corp_________ 10 192,900 McCrory Store Corp___________ 100 2,664 Preferred wi_________________ 100 980 Mexican Lead_________________ 100 1,660 Preferred____________________ 100 25 Mexican Petroleum____________ 100 15,525 Midvale Steel & Orrt w i_________ 50 1,224,608 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Last Par Sales No. Shares Range of Prices Open Low High Last Sales 62 9% 69% 100% 56 92 1%6 255 20 73 92% 55% 49 63% 157 20 5% 35 17% 115 8% 7% 4% 30 48 14% 9% 9 13% 77% 8% 16% 45% 75 4% 62% 4% 53% 73 101 9% 114% 117% 11% 12% 2% 33 7 17% 4% 7% 6% 51 9 68 100% 50 90 INDUSTRIALS AND MISCELLANEOUS— (Concluded.-) 1% 104 % 3A A A 27 78 20 50 % 104 3-32 6 22 y2 14% 51 30 A 2% 22% 10 38% 19% % 1% 104 % % 1% 1% 22% 72% 17% 40 27 78% 20% 50 1% 6% 24% 15% 51 30 % % % % % INDUSTRIALS AND MISCELLANEOUS * Ceots per share. For Twelve Months Ending Dec. 31 COMPANY 132 67 132 67 3A 24 100% 150 25 38 65 87 21% 85 39 1% 44% 1 29% 28% 42 9% 2% 75 300 28 17 17% 57 24 76 104 130 1% 43 68 .50 1% 41% 14 14 7% 162 93i2-95 100 6% 30 82 97% 291 94 47 66% 25 30 66 29 51 20 35 9 35 60 64 15 36 76% 53% 41% 85 102 10% 55 5% 20% 1% 4% 33 37 55 2% 21 135 49 8% 4 96 54 61 99 3 69 76 93 75 10 13% 18 20 46 160 34 92% % 2% 15 50 97 8 42% 20% 60 % 24 100% 150 15 38 65 87 12 85 39 1 44% % 29% 28% 42 9% 2% 75 300 28 13% 14 57 21% 75 102 126 1% 41 68 50 1*18 41% 8% 14 7% 162 77 93 6% 29% 82 97 291 94 47 66% 25 30 66 29 50 20 18 9 35 60 56 12 27 76 53% 27 35 80 9 54 5% 20% % 3 33 37 55 2% 18 135 49 8 4 96 54 59 98% 3 69 76 92% 72% 10 13% 10 13 46 160 14 88 % 2% 12 50 95 7% 42% 20 60 137 71% 1 24 100% 150 85 130 82% 87 21% 85 48 1% 47 3 72% 36 49% 9% 7% 75 300 28 19% 20% 79 36% 119 128 130 3% 134 80 80 13% 54% 19% 36% 8% 172 96 157 15% 93 103 97% 305 94 52 190 30 40 66 580 570 20 35 15% 46% 126 71 36 55 77% 59 43% 73 102% 25% 66% 18% 30 24% 77% 54% 56 75 53 74 210 52 14% 40% 99% 60 65 100 68 309 98% 173 78% 12 17 50 26% 50% 167 34 107% 1% 5% 15 55 97% 11% 42% 23 97% 12,335 1% Midwest Refining ___________ 50 Mutual Profit Sharing_______ 5 104 3,750 9,412 % National Cloak & Suit_______ 11)0 Preferred_________________ 100 7,116 16,000 1%. National Steel Car of Canada. .100 Preferred_________________ .100 70 % Nevins Electric______________ 24 58,400 25 77% New Jersey Zinc___________ 100 New York Transportation____ 20 20 80,565 Otis Elevator________________ 100 40 60 Preferred .. __ __________ 100 75 % Pacific Gas & Electric__ _____ 100 500 4 23% Peerless Truck & Motor Corp. -.50 156,045 14% Penn Mar Ord & Cast________ 35,375 46% Poole Eng & Mach__________ 100 21,327 31,111 21% Pyrene Mfg Co__________ ... ..10 3,050 % Redtop Elec, Inc_____________ Reo Motor Car . _________ 10 4,725 Reo Motor Truck. _________ 10 1,260 Reynolds (R J) Tobacco_____ 100 100 Riker & Hegeman Corp______ 5 336,793 Biker & Hegeman new_______ 137 5 18,700 Preferred new______________ 100 100 70% Rumely (M) new____________ 100 18,452 1 24 Preferred _______________ 100 300 10 292,100 100% St Joseph Lead__________ Sapulpa Refining____________ 5 49,300 150 19,800 Preferred________________ ...5. 24 Savoy Oil __ _____________ ---- 0 95 11,520 Saxon Motor Car________ _. .100 21.680 80 Sherman Carbide_______ _____ 500 87 Standard Motor Construction 10 415,753 15 85 Steel Co of Canada, Ltd______ 100 61,555 Steel & Radiation, Ltd______ 100 12,972 48 Sterling Gum wi_______ 5 1 208,950 Stewart-Warner Speedometer _ .100 633 46 5,500 2% Studebaker rights__________ Submarine Boat_______ .(no par) 1,773,675 69 Tobacco Products___________ 100 279,167 31 Preferred__ ______________ 100 21,320 46 5 525,213 9% Triangle Film ctfs___________ United Cigar Stores of Am. _ . 100 18,035 15 Preferred___________ __ 100 216 75 Common new_____________ 10 1,485,000 300 Preferred new_______ ______ 10 36,897 28 625 14% United Cigar Stores of Canada ....5 Preferred .. ____________ ...5 100 15% United Fruit rights_________ 86,100 79 United Profit Sharing ctfs____ 13,500 35 United Profit Sharing new____ 1 956,550 85 U S Light & Heating_________ 100 725,180 102 Preferred_________________ .100 119,135 126 3,500 2% U. S. Light & Heating pref__ 56,720 Utah Securities Corp.._____ 100 71 Ventura Con Oil____________ ...5 80 88,150 Victoria Oil ._ _. _________ 1 345,900 65 5 21,220 6% Wayland Oil & Gas.. ______ .. _______ 50 41,700 53% White Motor 100 Willys-Overland___________ 4,753 14 Preferred ______ __ _____ .100 823 31 8% Willys-Overland pref w i___ 1,200 165 Willys-Overland rights 940 83% Winchester Repeating Arms. .100 11,980 World Film________________ . ...5 479,590 133 14% STANDARD OIL 86% 103 SUBSIDIARIES. 97 Anglo-American Oil_________ £1 129,399 305 Atlantic Refining_____________ 100 2,064, 94 Borne-Scrymser Co__________ 100 17 47 Buckeye Pipe Line______ __ 50 3,943 140 Chesebrough Mfg Co (Cons).. .100 13 28 Colonial Oil . . . __ 100 160 39 Continental Oil _ _ ______ _ 100 878 66 Crescent Pipe Line____ __ 50 1,159 470 Cumberland Pipe Line_______ 100 126 500 100 Eureka Pipe Line__ 469 20 Galena-Signal Oil _______ 100 3,093 21 100 Preferred _ _______ 40 14% I llinpis Pipe Line w i. . _ 100 16,886 46 50 4,086 125% Indiana Pipe Line__ _____ National Transit. ______ .. 25 15,180 65 100 New York Transit__ 769 23 Northern Pipe Line_________ 100 1,142 42 Ohio Oil.. ________ _______ 25 23,790 76 25 3,879 54% Penn-Mex Fuel_______ 80,278 28% Pierce Oil Corp_____________ 25 Prairie Oil & Gas______ _ _ .100 21,832 58 1,111 Ex-rights . _______________ 95 Prairie Pipe Line______ . _. 100 26,511 23 _________ 100 459 66% Solar Refining ____ 100 2,863 16% Southern Pipe Line.. _ ____ 100 4,988 28% South Penn Oil.. 376 20% Southwest Penn Pipe Line _ . 100 100 Standard Oil (California)__ 12,498 77 8,363 52% Standard Oil (Indiana)______ 100 100 Standard Oil (Kansas) 525 56 Standard Oil (Kentucky)____ 100 601 70 Standard Oil (Nebraska)_____ 100 88 27 100 Standard Oil of New Jersey 17,196 48 Standard Oil of New York____ 100 23,464 209 418 50% Standard Oil (Ohio)_________ 100 Swan & Finch Co____________ 100 108 13 40% Union Tank Line _ _________ 100 6,768 5,217 99% Vacuum Oil. ---------------------- 100 Washington Oil__________ __ ..10 145 60 62% 99% MINING. 31% 292% Alaska-Juneau_______________ ..10 343,675 31,500 96% Albion Mining.. . _________ American Commander_______ 917,575 172 751,100 74% Alta Con Mining____________ ...I Arizona Consolidated________ 100 10 345,750 16% Arizona Duquesne_________ 1 2,787,160 Atlanta. _ . ___________ 12 Beaver Consolidated_________ ...1 200 14 ________ 424,600 46% Big Cottonwood Big Ledge Dev Co____ 140,922 167 Bingham Mining. _ _______ 200 14 88,900 96% Blue Bell___________ .. . 1% Blue Bull____________________ ...1 196,800 461,300 3% Booth .. ________________ _ Braden Copper _ _________ ...5 1,052,127 13 Buffalo Mines, Ltd__________ 1 11,400 53 5 168,800 Butte Copper & Zinc_________ 95 1 Butte-New York___________ 159,935 10 5,510 42% Butte & Superior___________ -_1(J 300 22% Cactus Mining, ___________ 9,350 78^ Calaveras Copper___________ ...5 37 32 6% 6% 44% 45 94 94 38% 38% 90 90 1 % 255 255 6% 6% 72% 72% 92 92 55% 55% 45 28 58 58 107 107 7% 7% 5 5% 32 32 12% 12% 115 115 4 7% 7% 5% 4% 4% 28 20 45 47 11% 11% 7 7 7 7 5%, 6% 64%' 77% 8 7%( 6 6% 35% 31% 62 75 4 2%, 62% 49% 4 3% 13% 14% 73 25 88 89 6 5% 88 95 114% 111% 8% 9% 8 11% 2 2 33 33 5 7 16 17 4% 1% 2% 5% 4 5 % 17 17% 10& 134 2%. 5% 51 %• 56 84 84 95 95 106 106 2% 1,980 1.980 3 5% 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 14 *47 *9 *22 6% *25 *44 *39 *12 1% 8% *6 *11 *41 6% % 2% % 40 *42 2% 11 41 7 8 6% 25 15 39 3 1% 8% 3 4% 34 6% %6 2% % 40 42 2% 22% 14% 3% 6 56 99 97% 108 4 1,980 5% %. 255 15% 73 92% 55% 31% 59% 150 19 5% 32 17%. 115 5% 5% 4% 25 45% 14% 9 8% 12 67% 8 11% 44% 68% 2%i. 57 4% 43% 32 100 7 101% 117% 9% 12 2 33 6% 16 1% 3% 4% %> 18 12% 2% 5% 52% 96 96 108 3% 3% 19% 19% 700 700 290 290 125 115 730 730 152 135 278 275 54 54 53 53 249 250 172 166 144 139 207 181 112 117 39 30 233 223 116 111 190 190 71 69% 19 17 485 435 260 230 255 234 314 314 239 236 388 384 135 125 398 378 560 545 430 360 355 305 370 370 547 570 238 229 471 475 166 134 93 88 233 240 52 52 16% 48 17 23 6% 40 50 39 13 4% 8% 6% 11 58 18 1% 10% 4% 69 45 4% 12% 41 8 15 6% 37 22 39 5 1% 8% 6 6 39 17% 1% 6% 3% 64 45 4% 245. CURB MARKET 1915—(Concluded) For Twelve Months Ending Dec. 31 For Twelve Months Ending Dec. 31 COMPANY Par Range of Prices Sales No. Shares Open MINING— (Continued.) 312,645 Caledonia Copper________________ Canada Copper__________ ______ 5 373,700 42,955 Caribou Cobalt__________ ______ 1 739,100 Cashboy_____ __ ____ _____ 68,445 Cerro de Pasco Copper___ (no par^ 403,985 Chile Copper wi. _______ 174,200 COD Consd ---- --------Combination Fraction___ 37,500 99,200 Comstock Tunnel.__ __ ______ 2 Cons Ariz Smelt. _______ ______ 5 1,161,690 Cons Copper Mines . . . . _______5 18,775 399,550 Consolidated Nevada-Utal _______ 14,616 Crown Reserve__ ______ ______ 1 1,000 Daly-West. ________ ___ ____ 20 _____ 10 2,800 Davis-Daly Copper.__ 242,780 Diamondfield Black Butte Dome Extension________ _______1 190,035 2.000 Dome Lake _ __________ _______1 1,000 East Caledonia_________ El Paso Con. ___________ ______ 5 250 149,400 Ely Consolidated________ _____ 10 1,092,900 Emma Copper. ________ Federal Reserve Min-----130,600 First National Copper__ _______5 2,834,810 Florence . __________ 150,959 Foley O’Brien__________ _______ 1 2,700 Genesee. . __ ______ 64,520 273,466 Goldfield Consolidated__ _____ 10 Goldfield Merger_________ . ........... 1 1,501,700 30,100 Gold Hill_________________ .......... 10 Green-Can new__ __ ____ ___ 100 62,057 Greenwater Copper M & S. ............ 5 200 Guanajuato Con M & M_. ______ 5 400 Halifax Tonopah________ ______ 1 7,750 Hecla Mining __________ 29,310 Howe Sound wi.. _____ 185,940 156,300 Inter Mines Dev Co_____ Iron Blossom_____ ______ ......... 10c 107,820 Jim Butler _________ ............ 1 56,950 Jumbo Extension_______ ............ 1 2,608,201 Kerr Lake_______________ ..............5 67,070 Kewanus__ ____ _________ 1,416,730 Kennecott Copper_______ (no par) 2,132,000 Keystone Mining_________ 200 Lake Superior___________ 3,920 La Rose Consol. _______ --------- 5 93,115 Lone Star.. ____________ 210,205 Magma Copper_________ 150.960 Majestic Mines.. ___ --------- 5 296,968 Marsh Mining______ _____ 73.555 Low High COMPANY Par Last Sale Sales No. Shares Range of Prices Open Low High Last Sale MININ G— (.Concluded.) *74 *74 lYs % *63 30 3 *7 55 34 22% 17% *7 4 *10 6 *13 8 Ys Ys 2% 1% Y *17 Y %> 3% 3% 1 1 *6% 2 7 7 23 % 23 % *24 24 1 1% *7 7 *34 16 18 16 1% lYs *58 35 *25 25 *33 33 1% 1%> *34 14 % % Ys 24 23 Y *4% 4% Ys Ys *30 25 3% 2% 2% 2% *30 15 *70 *61 *96 *96 2Ys *50 4% 3 *29 9% 25 25 3% 3Y 10 10 % Ys *12 3% 12jf 12% *40 *60 29 *38 1% 2% 63 10 55 26% 9 11 17 1%, 2% Ys % 3% 2Ys 9 36 24 24 1% 12 92 20 10 Ys 83 37 44 lYs 43 Ys 44 Ys 4% Ys 42 4 7% 30 lYs 1% 2Ys 5% 47 59 % 3% 13% % 13 16% 2 38 87 2% 35 5% 39 25% 4% 8 10 1% 2 Ys 3% 2Ys 4 26 24 24 1 9% 21 17 8% 47 28 33 1% 18 Ys 42 4% Ys 30 3% 7% 23 1%, lYs 1% 5 20 56% 3% 12 % 4 15% 1% 33 Mason Valley________________ ft 6,250 lYs 1% 4Y McIntyre___________________ ft 164,900 ♦43 *39 1.10 M c Kinley- D arragh- Savage__ 1 511,773 *58 73 19 Mines Co of America_________ ..10 46,410 4% 2 2Ys Montana Con________________ 38,500 1% Ys 1% Mother Lode.. ____________ 3,771,550 *17% 52 17% 1 Nat Zinc & Lead_______ _____ 133,470 *35 3% *33 Nevada Hills__ . _______ ...5 60,390 *32 16 37 New Utah Bingham________ 159,193 *58 *58 5% Nipissing Mines _____ ...5 298,430 5% 8% 5% North Butte Development____ 66,600 Y % % Ohio Copper_________________ ...ft 2,000 Y % Y Oro . . ___________________ 204,900 *I28 16 5 Pacific Smelters_____________ 7,500 % Ys 40 Peterson Lake____________ __ ...1 221,500 38 32 Ray Hercules________________ 516,400 7 7 3Ys Rex Con Min__ ____________ ...1 987,185 *37 57 23 Rochester Mines___________ 164,900 *67 *54 1%6 Sandstorm Kendall__________ 316,750 *7 14 4 San Toy____________________ ...1 179,060 18% 15 27 76,825 5% Santa Fe_____________ _____ 5% 3 Sells_______ ... ..................... 122,250 *36 38 20 Seven Troughs Coalition_____ 37,700 45 48 44 Silver Pick__________________ 204,010 *6 6 12% Ys *10 South Utah Mines. .. __ ...5 13,720 Ys Standard Silver-Lead________ 375,995 2% 1% 1% Stewart . .. _______________ ...1 871,165 2Ys 1% Ys Success Mining_______ __ 2,113,265 *64 *56 1Y Superstition MC____________ 1,068,905 *18 36 18 Temiskaming____________ ___ ...1 62,400 *48 75 48 Tintic Mining_______________ 4,500 1% 4^ 4 Tonopah Belmont__________ 1 21,570 5% Tonopah Mining of Nevada__ ...1 56,559 7% 5 7% 2Ys Tonopah Extension__________ ...1 330,032 4% 2% Tonopah Merger____________ 1 454,065 *35 30 63 Tularosa___________________ ft 109,200 % % Ys 1 251,970 *25 Tuolumne__________________ *23 % Tri-Bullion__________________ ft 361,619 Ys % % 25 Trinity Copper_____________ 550 13 13 12% United Copper_______________ .100 200 % % U S Continental Min_________ 26,600 17 13 17 United Verde Ex___________ 50c 300 6% 6% 6% 14% Utah Con___________________ ...5 175 14% 14% Wasatch____________________ 135,611 1% lYs % West End Cons____________ ...5 460,625 *58 50 *100 West End Ex___ ________ 619,780 8 ♦3 2 Wettlaufer Silver Mines_____ ...1 41,200 12 ♦3 3 White Knob Copper preferred. 49,350 1 3% 1% Yukon Gold Co_____________ ...5 49.295 3% 2% 2Y 4% 93 43 3% % 26 2% 20 4Ys 8% % % 6 % 38 3% 30 54 8% 25 3% 32 44 7 % 1% Ys 65 32 65 1% 4% 6% 4Ys 55 Ys Ys % 12 % 14 6% 14% Ys 80 3 10 2 2% 1916 For Twelve Months Ending Dec. 31. COMPANY Par Sales No. Shares INDUSTRIALS AND MISCELLANEOUS Range of Prices. Open Low High Last 48% 15.300 48% 59% 55 98 97 3% 7.300 98% 97% 14,020 28 12 34 28 58 51.630 72 72 62 ,201,200 20 3% 25 4 63 102,065 70% 73% 64% 14,400 5 5 9 8% 3,200 8% 8% 8% 8% 8 18,910 20 43 18 23% 19.850 65 45 70 36,617 12% 14% 13% 11% 134 20 134 134 134 88,824 16 al2% 569 55% 60 24,500 60 65 62% 12 3.325 10% 12 11 19 41,250 24 26% 19 200 75 75 76 76 269,183 2 2 4% 11% 71 11,180 75 72% 76 26 805,205 30 69% 66 42 72,282 45% 65% 60 5,395 56 55 130 129 96 96 70 96 96 125 200 125 126 126 62 25,021 68 121 118 3.301 80 80 96% 95 105 5% 5% 5% 5% 24.500 16 16 21% 21% 53,600 15% 15% 20% 21% 25 1,925 30 25 31% 108,545 2% 2% 3% 7% 42 130,150 60 76 52% 42.850 36 30 32 38 13 52,350 13 20% 15% 10 106% 106% 106% 106% 36 230 38 38 36 4.325 40 40 64 62 82 14,490 80 40 44 10,972 100 70 83 101 159.250 2% 2% % % Carbon Steel___________________ 100 10,335 65 55 105 133 First preferred______________ 100 69 160 80 100 100 Second preferred____________ 100 365 59 58 80 80 Car Light & Power_____________ 25 281,575 6% 2% 2% 7% Carnage Factories_____________ 100 25 39 39 39 • 39 Carwen Steel Tool______________10 198,744 18% 7% 7% 11% Central Foundry______________ 100 60,154 11 32 24 11 Preferred___________________100 49 40% 28.630 • 25 25 Chalmers Motor, w. i_____ (no par) 34% 36,566 36 33 39% / Chandler Motor Car_________ 100 93 94 40,985 82% 79 Charcoal Iron Co. of America___ 10 96.500 8% 5% 8% 7% Preferred_________ 10 47,800 5% 7% 6% 6% Chevrolet Motor, w. i_________ 100 660,550 130 114 278 125 Consolidated Ordnance________ 25 6,285 25 25 26% 25% Cramp (Wm) Ship & Eng. Bldg.100 80. 73 98 15,730 86 Crocker- Wheeler______________ 100 101 3,760 101 107% 103% I Cuba Cane Sugar____________ (nopar) ,382,900 43 43 71% I Preferred__________________ 100 138,950 87 87 102 95 Curtiss Aeroplane & Motor(no par) 56,739 50 18 60 25 Davidson Chemical____________ (nopar) 2,710 68 38 38% 68 Dominion Steel & Coal________ 100 585 45 45 59 58% IDriggs-Seabury Ordnance, w. ilOO 77,658 141 65 155 75 Eastern Steel_________________ 100 129 129 63 170 63 Edmunds & Jones Corp__ (no par) 49% 38,831 37 49% 40 Preferred___________________ 1O0 1,569 95 96 93 97% Eisenlohr (Otto) & Bro., Inc__ lOO 55 55 55% 1,648 55 Preferred___________________ lOO 3,600 99% 98 101 98 Electric Boat, preferred_______ 100 370 200 375 370 375 Electric Gun 1 86,770 1% % 1% % I Acme Tea, Inc_______________ 100 I Preferred_________________ 100 Aeolian Weber Piano & Pianola. 100 Aetna Explosives, old com_____ 100 Aetna Expl., new com.,w.i.(no par) I Ajax Rubber, Inc_____________ 50 Alliance Tire & Rubber________ 10 Preferred_____________________10 American & British Mfg______ 100 Preferred___________________ 100 American Druggist Syndicate__ 10 American Graphophone, pref.. 100 American International Corp.. 100 American Motor, w. i__________ American Navigation___________ 10 American Sumatra Tobacco__ 100 Preferred___________________ 100 American Writing Paper______ 100 Am. Zinc, Lead & Sm.pref., w.i.100 I Atl. Gulf & West Indies S3.. 100 I Preferred_________________ 100 Atlantic Steel_________________ 100 Preferred___________________ 100 Babcock & Wheeler____________ Baltimore Tube_______________ 100 Preferred__________________ 100 Bankers' Disability Corp______ British-American Tobacco, ord_.£l Ordinary bearer______________£1 Burns Bros. Ice Corp., w. i____100 Butler Chemical________________ 5 Butterworth Judson______ (no par) California Packing Corp..(no par) California Shipbuilding_______ 10 Preferred__________________ 100 Canada Steamship____________ Canada Steel__________________ Canadian Car & Foundry_____ 100 Preferred__________________ 100 Canadian Natural Gas Corp_____ 1 * Cents per share, t Without par value, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis For Twelve Months Ending Dec. 31 COMPANY Range of Prices Sales Par Shares Open Low High Last Sale 20Y2 3% 14 7% 70 5 108% 9 11% 46 51% 74 37 Ys 93 122 5% 4% 70% 59 96 38% 125 95 98 8% 102% 64% 75 21 y. 38 3% 75% 54% 1 4 51% 29 5 50 97 55 10 27 % 25c 5 16 15 19% 76 25 45 51% 17% 5 40 60% 7% 63 99 Ys 52c 5% 3^ 20% 1% 8% 7% 68 5 108% 20% 4% 14% 8 77 5% 116 13 11% 55 ; 1 56 79 42% 95% 168 7% 4% 70% 61 97 38% 172 100 99 14 102% 86 75 21% 43 4% 83 54% 3% 6% 52% 33 6% 61 103 70 11% 29% 53c 5 19 26% 30 95 25 45 57% 17% 13 41% 61% 7% 69% 106 61c 5% 6% 33 299 96% 75 63% 101% 15% 20% 3 9% 7Y 75 ft 116 6% 10% 53% 47% 77 40 93% 125 2 4 49 % 56 97 36% 130 88 99 8 102% 79 75 10 23 3% 79 40 3% 6% 52% 26 6 45 100 25 5% 28 Ys 5 12% 24 22 95 5 25 53% 17% 13 41% 61% 7% 65% 106 38c 2% 5% 3% 280 96 69 52 97 13% INDUSTRIALS AND MISCELLANEOUS— (Continued) Emerson-Brantingham______ 199 25 Emerson Motors, Inc________ 19 116,990 5 144,275 KmArson Phonograph _ Enger Motor Car. .".___________ 19 7,456 Essex Motor Truck__________ 100 • 2,350 Etowah Milling & Power_____ 420 Fajardo Sugar_______________ 199 190 Falls Motor Corp., com_______ 19 24,850 Falls Motor voting trust certifs .10 4,409 Fed. Dyestuffs & Chem w i. stk50 19,440 Regular stock__ __ _______ 59 28,500 Federal Sugar___________ ___ 100 1,200 Fisher Body Corporation..(no par) 20,130 Preferred__________________ 199 3,900 Fisk Tire. _______ _ _______ 109 1,695 Flemish-Lynn Phonograph__ ft 144,900 Preferred______ ft 6,800 Gaston, Williams & Wigmore. -(+) 211,469 General American Tank Car . . < + > 1,675 First preferred____________ 199 500 199 General Asphalt____________ 1,900 General Motors, w. i_________ 199 89,250 Preferred, w. i____________ 199 13,416 General Railway Signal______ 199 742 Grant Motor Car Corporation. ..10 93,240 Great Atlantic & Pac. Tea, pref. 100 200 59 Guantanamo Sugar__________ 19,059 I Gulf States Steel__ ________ 199 100 199 Hall Switch & Signal________ 20,095 Preferred________ ________ 199 8,231 Hart-Bell Co________________ ft 23,000 Hartman Corporation________ 199 12,675 Haskell & Barker Car________ -<t> 193,087 Havana Tobacco____________ 199 3,900 Preferred. ________________ .100 3,150 Hawaiian Sugar.. _ __ __ 775 Hendee Manufacturing______ 199 18,380 Hocking Valley Products_____ .100 709 Holly Sugar Corporation..(no par) 48,057 Preferred_________________ 199 23,563 Hopkins & Allen Arms_______ 190 5,394 i Hupp Motor Car. ________ 19 130,130 Hutchinson Sugar Plantation. .2ft 2,950 Imp Carbon Chaser________ 1 637,850 Imperial Tobacco of Canada.. ft 250 Intercontinental Rubber___ 199 76,848 International Arms Fuze Secur 2ft 46,300 I Intern. Mercantile Marine__ 199 92,275 I Preferred________________ 199 24,650 International Motors________ 199 8,441 Preferred___ . _________ 199 3,626 International Nickel, new. .. ..25 90,000 Int. Portland Cement____(no par) 200 820 International Steam Pump______ 1,000 Preferred B____________________ 860 International Tunesten 250 I Jewel Tea__________________ 199 11.518 I Preferred________________ .100 4,850 Joplin Ore, new stock________ 439,011 Joplin Ore Spelter___________ ft 57,581 Kapo Manufacturing. _____ ft 102,581 Kathodian Bronze, pref______ ...5 194,620 Kelly-Springfield Tire, old com 435 I Common__ ______________ 199 722 I Second preferred_________ 2ft 21,135 Kelsey Wheel__________ _____ .100 4,500 Preferred 8,550 Kenefick Zinc Corp(no par) 116,530 44 43 74 35 93 115 1% 3% 37% 56 95 36 117 88 95 7 102% 56 75 5 16 3% 68% 33% 3^ 51% 25 5 30 93% 18 5% 27% Ys 5 10 7 14 76 3 17 50 17% 5 40 60% 7% 60 99% 22c 2% 4Ys 3 297 280 95 Y 95 67 74 Y 61 52 97 101% 12% 13% a $10 paid, b $50 paid. I Listed on New York Stock Exchange whore additional transactions are recored. CURB MARKET 246 1916—(Continued) For Twelve Months Ending Dec. 31. COMPANY Par Sales No. Shares INDUSTRIALS AND MISCEL LANEOUS—(Concluded) Keystone Ordnance_____ .________ 4,100 Keystone Tire & Rubber_______ 10 137,20C Preferred___________________ 33.80C Kresge (S. S.), w. i_____________ 10 142,645 Preferred, w. i_______________ 10 4,70(1 Kress (S. H.)_________________ 100 1.55C Preferred___________________ 100 10.30C Lake Torpedo Boat_____________ 10 227,520 First preferred______________ .10 32,555 I Lee Rubber & Tire______ (no par) 41,175 Lehigh Valley Coal Sales_______ 50 457 Lima Locomotive_____________ 600 Lima Locomotive, w. i________ 100 13,710 Preferred, w. i______________ 100 2,061 Loft, Inc______________________100 3,005 Lukens Steel, first preferred___ 100 410 Lynn Phonograph_______________ 1 163,841 Manhattan Electrical Supply.. 100 15,500 Preferred__ -________________ 100 4,800 Manhattan Transit_____________ 20 388,941 Marconi Wireless Tel. of Amer___ 5 76,100 Marlin Arms____________ (no par) 102,475 Preferred voting trust rects.. 100 37,430 Preferred, v. t. c., 1-3 paid... 1,500 Maxim Munitions_____________ 111,091 McCrory Stores_______________ 100 400 Preferred___________________ 100 400 Metropolitan Motors___________ 10 2,825 Mexican Petrolum Export_____ 15,100 Midvale Steel__________________ 50 677,700 Milliken Bros., preferred______ 100 870 Mitchell Motors, Inc_____ (no par) 80,495 Motor Products__________ (no par) 17,370 National Acme Co______________ 50 8,885 National Motor Car & Vehicle._(t) 61,865 New York Shipbuilding__ (no par) 19,300 New York Transportation_____ 100 14,190 North American Pulp & Paper..(t) 372,700 Nymo Zinc & Lead___________ 25 980 Onio Cities Gas________________ 25 55,700 Ontario Steel Products________ _ 25 Paauhau Sugar________________ 20 1,875 Pacific Mail SS., w. i__________ 5 300 Z Preferred_________________ 100 400 Peerless Truck & Motor________ 50 135,263 Penn. Marine & Ord. Cast____ 4,200 Penn Seaboard Steel__________ ___ 25 Perlman Rim____________ (no par) 119,780 Pierce-Arrow Motor Car_______ (t) 52,300 Preferred___________________ 100 1,600 Poole Eng. & Mach___________ 100 28,395 Princess Motor Car Corp___ ;____ 1 6,362 Pugh Stores Corporation, w i___ 10 27,900 Pullman Ventilator Corp________ 5 Preferred_____________________ 5 37,950 Pyrene Mfg. Co_______________ 10 4,905 Redtop Electric_______________ 32,228 Reo Motor Car________________ 10 201 Republic Motor Truck__ (no par) 20,870 Preferred______________________ 300 Riker & liegeman (Corp for Stk )_5 279,211 Rumely (M.), new_______________ 600 St. Louis Rocky Mt. & Pac. Co.100 24.500 St. Joseph Lead________________ 10 292.500 St. Nicholas Lead_____________ 17,000 Saxon Motor Car_____________ 100 102,226 Scripps-Booth Corp______ (no par) 27,725 Seaboard Steel & Mangan, (no par) 9,650 Signal Commerce Motor Truck, (t) 5,600 Smith (A. O.)________________ (nopar) 17,790 Preferred___________________ 100 18,452 Smith Motor Truck, w i________ 5 39.500 Smith & Terry Transportation. .10 86.450 Spicer Manufacturing__________100 9.300 First preferred______________ 100 1,915 Springfield Body Corporation.. 100 26,481 Preferred___________________ 100 11,461 Standard Motor Construction__ 10 47,490 Standard Shipbuilding_________ 10 84,600 Steel Alloys Corporation________ 5 87,005 Steel & Radiation_____________ 100 3,025 Sterling Gum___________________ 5 444.500 Stromberg Carburetor____(no par) 72,050 I Stutz Motor Car of Amer. (no par) 200,245 Submarine Boat______________ (nopar) 921,120 Thomas Aeroplane____________ (nopar) 9,100 Times Square Auto Supp._(no par) 13.750 Z Tobacco Products____________ 100 365,075 Todd Shipyards______________ (nopar)19,148 90,085 Transue Williams Steel Forgings(f) Triangle Film Corporation_______ 317,826 Unicorn Film Service____________ 1 26,250 United Alloys Steel Corp______ (t) 487,050 Z United Cigar Stores, w i_____ 100 13,180 Z Preferred_________________ 100 900 United Drug__________________ 100 100 Preferred, new_______________ 50 1,000 7.300 United Dyewood______________ 100 Preferred____________________100 647 United Motors___________ (no par) 1,297.355 United Profit Sharing, new______ 1 500,095 U. S. & Foreign Exploration______ 500 U. S. Light & Heat_______ 10 224,550 51,017 Preferred_____________________ 10 U. S. Steamship Co____________ 10 224,450 U. S. Tungsten_________________ 1 168,295 United Zinc Smelting Corp (no par) 22,677 Universal Motor, w. i____________ 5 68.450 Utah Securities Corporation___ 100 34.750 600 Virginia Chemical Development__ Voca-Phone Corporation__ :_____ 1 22,385 Z White Motors________________ 50 626,220 4,350 I Willys-Overland, pref., w. i__ 100 2,570 I Willys-Overland, new_________ 25 21,700 Wilson & Co__________________ 100 World Film Corporation________ 5 278,700 Wright-Martin Aircraft_______ (t) 537,900 15.450 Preferred___________________ 100 Zinc Concentrating_____________ 10 372,110 RAILROAD STOCKS Minneapolis & St. Louis, new_____ 100 5,550 Missouri Pacific, w. i____________ 850 Preferred, w. i_________________ 65,600 New York Central, w.i_______ 100 Pere Marquette_______________ 100 177,000 5,248 Prior preferred______________ 100 1,050 Preferred____________________ 100 5,100 Pittsburgh & West Virginia____100 1,200 Preferred____________________100 91,800 Rock Island__ ,_______________ 100 24,984 Preferred A. _ _______________ 100 100,360 Preferred B ;100 1 Without par value. Z Listed on New York http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Range of Prices. Open Low High Last Sale Par Sales No. Shares Range of Prices. Open Low High RAILROAD STOCKS— (Concluded) Rock Island (old company)____ 100 Preferred (old company)____ 100 St Louis & San Francisco (new) __ Virginian Railway_____________ 100 Wabash-Pittsburgh Term., w. i. Preferred, w. i______________ Western Pacific RR___________ 100 Preferred____________________lOO Wheeling & LakeErie_________ 100 Preferred____________________100 Last Sale 975 75C 1.04C 10,620 11,025 51,425 33,185 15,504 46,000 7,600 % % 12 23% 18% 51 12 36 24% 49 % %, 12 21%! 17% 46 12 36 17% 49 % % 16 24% 25 58 25% 51 25% 57 52,350 45,000 56,000 1,700 83,050 9,845 785.600 5,400 679,000 84,050 20,000 8,500 200 109,800 70,305 42,400 30,100 14,108 33,350 % 1% % 2 % 28 21-32 14 8% % 1 1% 13% 1 20 25 6% 1% 1% % 1% % 1% %« 26 % 14 % % % 1% 13% 1-32 15% 20 5% 1% %« 9% 2% % 2 % 30 21-32 15% 8% 1 1% 1% 13% 3% 20 27% 6% 1% 1% % 1% %» 29% % 15% 2% % 1 1% 13% 1-32 15% 26 6% 1% %. Anglo-American Oil____________ £1 41,760 Atlantic Refining______________ 100 272 Buckeye Pipe Line_____________ 50 1,001 Continental Oil_______________ 100 70 211 Crescent Oil____________________ 50 Cumberland Pipe Line________ 100 241 Eureka Pipe Line_____________ 100 65 1,322 Galena-Signal Oil, com________ 100 Illinois Pipe Line, w. i________ 100 12,757 Indiana Pipe Line______________ 50 321 594 National Transit_______________ 25 492, National Transit;____________ 12.50 New York Transit_____________ 100 99 Northern Pipe Line____________ 100 161 Ohio Oil_______________________ 25 53,018 Penn-Mex. Fuel Oil____________ 25 1,016 Pierce Oil Corporation_________ 25 17,973 Prairie Oil & Gas______________ 1O0 3,815 Prairie Pipe Line______________ 100 14,413 Southern Pipe Line____________ 100 4 1,076 5% South Penn Oil_______________ lOO 2,668 South West Penn Pipe Line__ 100 14 136 6 Standard Oil (California)______ lOO 10,663 29 Standard Oil (Indiana)________ 100 4,861 67 Standard Oil (Kansas)_________ 100 51 98 Standard Oil (Kentucky)______ 100 30 6 Standard Oil (Nebraska)______ 100 6 15 11,962 Standard Oil of New Jersey___ 100 32 Standard Oil of New York____ 100 17,686 17% Standard Oil (Ohio)___________ 100 42 %. Swan & Finch Co_____________ 100 25 78 Union Tank___________________ 100 1,767 35 Vacuum Oil___________________ 100 2,428 29 X oy OTHER OIL STOCKS 39 95 Alberta Petroleum________________ 152,700 51c 5% American Oil & Gas_____________ 1 68,980 1 9% Barnett Oil & Gas_______________ 1 370,030 2% 46 16c California Oil____________________1 190,100 101 23,100 77c Preferred______________________ 1 80 Century Petroleum_______________ 41,750 60c 120 Consol Mexican Oil Corp_______ 1 39,550 1 7% Continental Refining__________ 10 17,600 10% 6 Cosden Oil & Gas________________ 5 812,150 10 6% Preferred______________________ 5 204,245 6% 39% Cosden & Co___________________ 5 622,855 14% 98,882 % Empire Petroleum_______________ 5 5% 39 Federal Oil______________________ 5 1,999,505 % 73% General Refining & Producing___ 1 206,525 % 26 Houston Oil__________________ 100 88.505 22% 28 Preferred____________________ 100 150 59% 40% International Petroleum_______ £1 158,600 12% 46 Interocean Oil________________ 100 100 21 84 Preferred____________________100 100 38 43 51c Kenova Oil______________________ 1 293,678 2% Keystone Oil of New York______ 1 76c 13,320 1 25c Lincoln Oil & Gas_______________ 1 42,886 49% Mays Oil_______________________ 1 10c 11,500 95 Merritt Oil Corporation________ 10 41,000 14 117% Metropolitan Petroleum_________ 5 285,320 12% 81 54c Midwest Oil_____________________ 1 1,797,830 82% Preferred______________________ 1 117,300 85c 66 Midwest Refining______________ 50 41,525 56 97% Monongahela Oil________________ 1 161,700 73c 45% Mountain States Oil______________ 320,300 35c 1 Muskogee Refining______________ 1 717,760 1% % Nevins Electric Survey__________ 1 186,650 % 2 70c New York-Oklahoma Oil________ 1 399,877 4% Oil & Exploration______________ 10 40,835 6% Oklahoma Oil____________________ 1 3,648,850 20 Preferred______________________ 1 400,830 % 4 Oklahoma Producing & Refining..5 899,420 5% 6% Omar Oil & Gas_________________ 1 809,670 54c 19% Pan-Amer. Petrol. & Transp____50 11,550 48% 8 Preferred____________________100 22,448 102 1 96,260 1% Pennsylvania Gasoline_______ *..l 57 25c Prudential Oil & Gas, Ltd_______ 1 599,320 106 Pure Oil, common_______________ 5 18% 200 47% Royal Dutch Co_________ (no par) 44,400 71 56 Sapulpa Refining________________ 5 429,757 8% 1 Preferred______________________ 2,600 8% 13% Savoy Oil_______________________ 5 28,410 12 60 Sequoyah Oil & Refining________ 1 572,722 1% 4 Sinclair Oil & Refining___ (no par) 480,920 49 Southern Oil & Transportation.. 10 119,290 8% 69c Tex-Mex Petroleum_____________ 1 384,300 24% Tide Water Oil________________ 100 24% 25 35 186 23% 22 U. S. Consolidated Oil___________5 15,600 4% 21% 50% 50 United Western Oil______________ 1 1,060,856 55 49% 35c 106% 107% 106% Utah Petroleum_________________ 1 374,558 30c 37% 37 29 Vacuum Gas & Oil_______________ 1 514,780 72% Ventura Consolidated Oil____ .___ 5 74% 12% 91,720 71 61 60% Victoria Oil______________________ 1 961,143 2% 59 24 20% Wayland Oil & Gas______________ 5 20% 58,030 5% 52c 56% 54 54 Wayside Oil & Refining__________ 1 4,000 34c 45% 42 36% West End Oil & Gas_____________ 1 895,700 94% 90 Preferred______________________ 1 2,800 83 % 80 75 2 83,400 68 Exchange where additional transactions are recorded. 14% 650 90 230 40 60 206 151 155 93 32% 15 200 95 189 59 12 359 205 190 330 106 234 487 345 428 500 465 200 235 100 80 216 18 990 119 340 44 95 240 206 255 114 34 19% 234 119 400 72 17% 650 345 226 620 118 387 848 560 750 500 700 285 560 150 95 399 17% 900 115 333 41 94 236 195 229 114 32% 19 234 119 388 59 14 605 333 212 580 115 365 830 550 750 500 682 267 430 100 94 385 10 12 10% 12 11 19% 12 12 18% 10 16% 16% 10% 12% 10% 67 60 75 102% 101 105 12 14 6% 13 8 14% 46 44 56 82 82 90 16 22 22 33 48% 35 95 95 95 105 105 107 99 100 100 12% 2% 2% 32 31 40 95 94% 98 2 2% % 3 3% 4% 23 88 34 102% 70 80% 64% 63 48 12% 13% 2% 44 44 45 94 96% 94 2% 3% 2% 17% 17% 20% 77% 77% 61% 32 40 33 51 73% 66% 72 56 87 41 34 41 42 33 44% 48% 42 48% 16% 15 12% 12% 15% 7 4% . 5% 5% 67% 78 67% 42 42 42 27 27% 27 22% 22% 25 92 92 94 30 18 31% 61 59% 58 60 60 60 162% 111 115 42 42 65 109 101 101 150 148 80 1 1% 1% 9% 10% 9% 2ys 2% 6% 5% it* 20 y 17% 7 sy2 2a* 29 45 54 74 56 98 98 98 6% 4% 1?* 17 15 40 30 ?|* 22 14 9-32 87* 68* 60 62 50 35 31 26 25 6% 5% 5% 45 45 39 98 98 93% 6% 6 4% 9% 9% 11% 48 y8 46 47 y2 102 y 100% 104 101% 51 51 139 102 101 10% 5% 10% 14 6 12% 7% 2% 2% 68 41 35 2% 2% % 45% 44% 38% 78 53% 65 24 45% 43 28% 22% 22% 41 41 39 37 29% 51% 95 74% 73 48% 42 46% 6% 6% 1% 90c 1% 1% 56 47 49 100% 93 93 117% 117% 117% 81 77 77 82% 82% 82% 73% 50 50 99 97% 101 94 67 42% 2%, % 1% % % % 4% 3% 1% 6% 3% 4 8 6 4 38 27 20 8% 4 8 9% 4 4 20% 18 18 8 7% 7% 1% 1% 1% 60 46% 52% 104% 104% 106% 47% 41 42 60% 56 59% 2% % 2% 36 29 13% 80 60 80 6% 3% 5 25 22 50% 107% 29 73 60 24 55 36% 83 68 Stock For Twelve Months Ending Dec. 31. COMPANY 10% 17 16 11 11 60 105 8% 9 49% 90 16 46% 95 105 99 2% 36% 97% % 3 50 101 64% 4% 45 96% 3% 20% 58% 38 51 56 36 33 44% 14% 8% 4% 77 42 27% 25 94 18 58% 60 134 52 106 90 1 10% RIGHTS Aetna Explosives_________________ American Telep. & Teleg_________ Chesapeake & Ohio_______________ Chicago & North Western R.R____ Cosden & Co____________________ Driggs-Seabury Ordnance..._____ Erie Railroad____________________ Fed. Dyestuffs & Chem., w. i_____ Midvale Steel & Ordnance________ New York Central R.R__________ Oklahoma Producing & Refining. Pacific Mail S.S_________________ Swift & Co______________________ Tennessee Copper________________ Texas Co March stock issue______ November stock issue__________ United Fruit________ ____________ Westinghouse Elec. & Mfg_______ Willys-Overland_________________ FORMER STANDARD OIL SUBSIDIARIES 50c % 2% 13c 76c 58c 1 10% 6% 4% 13 5% % % 12% 59% 9% 21 38 ’%> 42c 25c 9c 11% 3 38c 75c 53 65c 30c 1% 3-32 70c £ % 5% 30c 46 80 % 14c 18% 64% 7% 8% 9 1% 35% 7 % 185 4% 55 35c 28c 7% 1 3% 52c 30c % 1% % % 16 24 23 54 21 47% 25% 56 2 % 70c 68c %. 1% 4% 2% 19c 15%c 78c 78c 62c 61c 1 1% 11 11 18% 14% 6% 5 27 17 9 7 7% 6 1% % 24% 21% 61 61 13% 10% 21 21 38 38 92c % 80c 43c 43c 40c 20c 20c 14% 12 25 3 85c 57c 85c 1%. 85 83% 2% 2% 31c 40c 5%, 5%S 1 % 1 1% 1 % 20c 12c 1 1% 13% 11% 95c 40c 50 49% 102 97% 1% 1% 34c 15c 18% 18% 74 66 16% 10 9% 9% 14% 11 2%, 1% 67% 61 9% 7% 2% % 186 185 6 6% 2% % 74c 50c 1% % 8 13% 2% 1% 9% 4% 70c 70c 60c 1.05 1 % 3% 2% CURB MARKET 247 1916—{Concluded) For Twelve Months Ending Dec. 31 For Twelve Months Ending Dec. 31 COMPANY Par MINING STOCKS Sales Range of Prices No.--------Shares i Open Low High L ast Sale COMPANY Par MINING STOCKS — (Concluded) Sales No. Shares Range of Prices Open Low High Arizona Central________ 1 52,900 35c 15c 41c 55c Adanac Silver Mines_____________ 1 876,400 55c 75c Oatman 1% Oatman Big Jim______________ 10c 108,900 70c 2X. IX. Alaska-British Columbia Metals..1 610,800 63c 25c 2 1 1-3^ Oatman Crescent______________ 10c 55c 73.300 32Xc 32Xc 53c 53c Alaska Mines Corp_______ (no par) 1,352,900 IX. 35c 24c Alaska Standard Copper_________ 1 200,600 26c 31c 25c Oatman Extension____________ 10c 154,000 12Xc 12XC 65c 60c 70c 34,450 91c 37Xc 70c 55c Oatman Gold Mining &Milling. .1 Alaska Westover Copper_________ 1 622,260 23c 15c 25c 91,525 Alta Consolidated Mining________ 285,400 14c 13c 32c 32c Oatman Gold Key_______________1 Oatman Lazy Boy _______________ 1 30c 29c 50c 99,610 American Commander___________ 1 528,000 18c 5Xc 14c 5Xc Oatman Lexington______________ 1 63c 50c 68c 62,905 Arizona Chloride_______________ 10c 464,450 36c 33c 56c 42c Oatman Nellie__________________ 1 32c 77.700 29c 32c Arizona Copperfields_____________ 1 633,100 35c 35c 3X X 16c 16c 50c Arizona Eagle__________________10c 5,800 13c 13c 15c 13c Oatman Southern M. &M____ 10c 276.500 X. X. IX 65c 65c Ohio Copper_____________________5 198,800 Arkansas Arizona________________ 1 25,200 % % New, when issued _____________ 1 188,100 IX IX 2X Atlanta Mines_________ 1 1,683,810 7c 23Xc 10c 23 Xc 83c 20c 16c Azurite Copper__________________ 1 7,700 55c 55c 60c 59c Old Emma Leasing____________ 10c 1.985.200 ____________________________ 1 334.560 5Xc 2Xc 6c 8c Bailey Cobalt____________________ 1 59,700 15c 11c Oro 9Xc Pacific Mines Corporation _______ 1 5,200 IX. IX IX. Bannock Gold___________________ 12,400 IX IX IX IX Peabody Consolidated Copper__ 5 2 19.600 4 4 Barnes King Development_______ 5 820 3% IX IX Peerless Jennie___________________1 3X 77c 75c 77c 32,500 Beaver Consolidated Mines_______ 1 2,000 41Xc 35c 41Xc 38c Peterson Lake__________________ 1 39c 20c 39c Big Cottonwood________________ 25c 51,900 5c 3Xc 5c 5c Pitts-Idaho Co., Ltd____________ 1 328,600 28.750 IX. IX. IX Big Jim________________________ 10c 468,360 iys IX IX Pitts-Jerome____________________ 1 515,350 85c 85c 2X Big Ledge Copper________________ 1 922,400 8 IX IX 3X Portland Consolidated Copper__ 1 62c 55c 64c 18.400 Bingham Mines_________________ 10 281,850 9 10 10X 15X Progress Mining & Milling _______ 1 371.700 % X X 80c Bisbee Copper Mining & Dev_____ 1 590,750 2 X % Ray Hercules___________________ 5 539,450 3X 2X 6X Bitter Creek Copper______________ 1 158,200 X X Rex Consolidated Mines________ 1 2.908.900 X 31c 12Xc 75c 40c Booth____________________ _____ 1 530,400 10c 43 Xc Copper_____________________ 1 62c 62c 83.250 IX Boston Creek____________________ 1 60,800 85c 85c IX. Rilla IX. 50c 84c 56c 50c Boston Montana Development__ 5 2,071,200 50c 80c Rochester Mines________________ 1 1,161,850 2X Round Mountain ________________ 1 58c 34c 78c 93,075 Bradford Mines, Ltd______________ 1 43,500 37c 38c IX IX Ruby Silver _____________________ 1 51c 50c 60c 42,950 Bradshaw Copper________________ 1 46,850 IX IX IX IX. Sacramento Valley Copper______ 1 88,920 IX IX. IX Buffalo Mines, Ltd_______________ 1 14,548 X IX St. Nicholas Zinc________________ 1 218,100 IX X. X. X Butte Copper & Zinc____________ 5 902,100 21 4X 10X Sandstorm Kendall______________ 1 8c 5c 69.200 8Xc Butte-Detroit Copper & Zinc_____ 1 321,600 91c 1 IX IX Santa Fe Gold & Copper_______ 10 R% 41.300 2 3X Butte & New York Copper_______ 1 125,880 IX IX 3X 4X Rita Development________ 1 172,960 X IX. IX Cactus Consolidated Mining Co._l 2,600 IX IX. IX. IX Santa 13c 26c Toy________________________ 1 669,520 26c Calaveras Copper.______________ 5 170,870 4 2" 6X 5X San Scratch Gravel Gold Mining _____ 1 219,280 79c IX. X 4lc Caledonia Mining.:_______________1 792,678 85c 48c IX. 3ection Thirty Mining __________ 10 22,427 13 10 15 X 76c 80c 80c California Treadwell Gold________ 1 75,100 78c, Seneca Copper___________ (no par) 11.250 15 14X 16X Calumet & Jerome Copper_1 1,351,000 % IX 3X. 2 Seven Troughs Coalition ________ 1 23c 46c 60c 121.150 Canada Copper__________________ 5 628,000 2 IX. 2X IX Short Creek Zinc & Lead________ 1 13.600 2 IX IX Cashboy_________________________ 1 817,990 42c 3Xc 9Xc 7c Silver King of Arizona___________ 1 60c X IX Cerro de Pasco Copper____ (no par) 298,120 39 32 X 47 X 34 X Silver King Consolidated________ 1 124,000 47.400 4X 5X 4X Cerro Gordo Mines_______________ 76,800 2 2% IX 2X 7c 3c 38c 65c Silver Pick Consolidated________ 1 652,820 Columbia Mines_________________ 1 16,400 65c 65c 75c 15c 15c 21c Commonwealth Mining__________ 1 5,000 15c 15c 20c Silver Tip________________________ 841.500 20c Standard Silver-Lead ____________ 1 395,790 2 1% X Comstock Tunnel_______________ 2 181,200 10c 7c 17c 9c Mining_________________ 1 384.150 5-32 X X Consolidated Arizona Smelting__ 5 1,662,400 3 1 X. IX IX Stewart 30c Mining_________________ 1 1,995,700 65c 95c Consolidated Copper Mines_____ 5 152,924 2 5 IX 3X Success & Boston______________ 10 34,000 9 5X 5X Consolidated Homestead_________ 1 220,900 X IX X X. Superior Superstition_____________________ 1 529.300 32c 27c 72c Consolidated Nevada Utah______ 3 459,400 X. X X X. Teck Hughes____________________ 1 105.100 40c 96c 40c Cresson Consol. Gold M. & M__ 1 319,320 6X 8X 5X 7X Temiskaming Mining____________ 1 275.100 81c 51c 68Xc Crystal Copper__________________ 1 99,800 1 IX. X IX Tennessee Copper Neg. rec _______ 1,300 23 X 23 X 24 X Darwin Lead & S. M. & D_______5 111,963 5X 5X 16X 14X I Tennessee Cop & Chem.. (no par) 300 18 19X 19X Davis-Daly Copper_____________ 10 300 3X 3X 3X 3X Thompson Krist________________ 1 32c 29c 36c 14,800 5c 5c 3Xc 4c Diamondfield Black Butte________ 1 48,400 11.700 X X IX Dome Ex_______________________ 1 36,400 38c 35c 40c' 36c Tintic Mining___________________ 62c 54c IX Dominion Gold Mining__________ 1 12,700 25c 25c 28c 26c Tommy Burns Gold Mining_____ 1 1,274,490 76,002 Tonopah-Belmont ________ 1 4 5X 4X Double-Header Silver____________ 1 230,400 52c 3c IX X Tonopah Extension______________ 1 545,690 4 3X 7X Dundee-Arizona Copper__________ 226,225 2 X 2X X Tonopah Merger ________________ 1 60c 300 60c 61c Dupont Copper__________________ 95,713 1 IX IX Tonopah Mining________________ 1 3X 28,055 7 5X 7X Eagle Blue Bell__________________ 1 81,500 2X IX IX 2X Copper_________________ 12.200 2 4 4 East Butte_____________________ 10 6,000 18X Tortillita 17X ^c 20 X 76,100 1 X X 14c Ely Consolidated_______________ 10 7,000 16c 15c Tri-Bullion Smelting & Devel____ 5 75c 46c 94c Arizona____________________ 1 338.560 Ely Giroux Copper______________ 1 8,400 %■ 10*‘ Troy 10* Tularosa_________________________ 15,156 X. X X Ely Witch_______________________ 5 18,500 27 27 Copper_______________ 1 156.300 X X 2X 19c 17.Xc: Emma Copper___________________ 1 2,574,715 3X IX Tuolumne 4X 3X 5X 18c 24c 16c United Eastern_________________ 1 149,335 Federal Reserve Mining__________ 500,800 15c, United Mines of Arizona ________ 1 55c 55c 756,850 2X First National Copper___________ 5 358,585 8X 8X 3X U. S. Continental Mines________ 1 1.388.200 3 8c 4c 18c 53c 40c 55c Florence Goldfield________________ 1 21,550 40c 66.700 IX X IX 70c, 76c 76c United Verde Consol. Copper_____ 70c Florence Silver___________________ 1 52,350 United Verde Extension_______ 50c 1,120,400 45 6X 6X Fortuna Mines___________________ 1 95,146 2 IX IX 2X 30c 19c 34c 73.600 21c 21c 25c 22c United Western_________________ 1 Fortuna Independent__________ 10c 20,700 IX IX 5X 49c 54c Unity Gold Mines_______________ 5 200,999 52c Gilpin Eureka Mines________ 1 3,600 54c 53.350 11 lox 6X 48c! 70c Utah Metals_____________________ 1 Goldfield Consolidated__________ 10 781,000 IX. IX. 19.250 1 IX 2X 20c Goldfield Merger_________________ 1 769,280 5c 21c 6c Velvet Copper__________________ 1 11.350 4X 4X 5X 15c 14c 15c 15c Virginia Lead & Zinc____________ 5 Goldfield Red Lion_______________ 13,300 15.300 8 8 6X 10c 30c 13c Virginia Mines__________________ 1 20c Gold Hill________________________ 5 99,300 81c 65c IX 37c 35c 60c 38c West End Consolidated_________ 5 429,445 Goldstone Mining Co____________ 1 289,950 16c 10c 23c 13c Grand Canyon Gold_____________ 1 270,340 10c 20c 13c Wettlaufer Silver________________ 1 126,000 25c 52c 25c 80c 30c 84c 30c White Caps Mining___________ 10c 267,750 Granite Gold Mining____________ 1 42,200 White Cross Copper _____________ 1 166.700 1 1 X Greene Cananea (old)_____________ 7 9 9 9 9 Knob Copper & Dev., pf.10 18,210 3 IX IX Greenmonster Mining____________ 1 1,662,100 1 IX 2X White 6X White Oaks Mines ______________ 5 154,148 5 3X 16X 6c 7c 5c 7c Greenwater Copper Min. & Sm._5 118,700 57c 57c 59c White Pine of Nevada___________ 1 2,600 51c Grizzly Flats Gold Mining_____ „_1 134,950 51c IX Winona Copper_________________ 1 100 5X 5X 5X Guanajuato Consolidated_______ 1,000 1 1 Yerington Mt. Copper ___________ 1 18c 18c 44c 679,650 4c 4c 21c 16c Hargraves Mining________________ 1 264,500 40c 39c 50c Trust ctfs..(no par) 13.750 Hecla Mining_________________ 25c 350,342 3X 9X 7X Yukon-Alaska 3X Gold Co_________________ 5 26.300 2X 2X 2X Hemple Copper Co_______________ 25,100 X X IX X Yukon Yuscaran Cons. Mines of America.5 98,230 IX. X IX Hollinger Gold Mines____________ 5 985 26)4 30 26 X 30 X Howe Sound, w. i_______________ 1 302,415 BONDS $ 7X 4X 9X 6X 48c 47c 93c 62c Adams Express 4s____________ 1947 Hull Copper______________________ 591,500 19,000 82 82 82 X 12c 10c 27c 17c American Foreign Securities 5s 1919 Independent Lead_______________ 1 1,645,300 75,000 98 98 98 Inspiration Needles Copper_ 1 2,191,007 X X IX X Amer. Telep. & Teleg. new 5s_____ 4,745,000 100 98 X 100 10c Atlantic Gulf & West Ind. 5s..1959 135,000 84 22c 10c 31c International Mines_____________ 1 631,445 86 84 Internat. & Intercont. M. & R..5 47,475 3,631,000 100 x 100 X 102 X IX 2X IX B altimore & Ohio new 5s_____ IX Iron Blossom Consol. Mining..10c 229,220 IX. I British Govt. (Un. King’m of 2X IX. Jerome Verde Copper___________ 1 1,711,650 Grt. Britain & Ireland) 5XS.1918 1,336,600 99 X IX IX. IX 98 X 2X 99 X Jerome Victor Extension________ L 160,465 I 5Xs______________________ 1919 6,424,000 99 X IX IX 3X IX 97 X 99 X Jim Butler_____________________ ll 437,208 78c 84c I 5Xs____________ 1921 6,641,000 98 X 99 IX IX 97 X Josevig Kennecott Copper_______ ll 48,400 1 30,000 99 X X X X Z Canada (Dominion of) 5s____1921 99 X 99 X 21c 27c Jumbo Extension________________ 1 1,056,505 Z 5s._____ 1926 102.500 96 X IX 96 X 97 X IX. Z Kennecott Copper_______ (no par) 524,400 Z 5s________________________ 1931 840,000 96 95 97 56 X 49 X 56 X 55 X 13c lie 16c 11c Cerro de Pasco Copper 6s____ 1925 3,308,000 120 Keora Mining___________________ 24,600 110 128X Kerr Lake________________________5 16,600 Chesapeake & Ohio cons. 5s..1946 9,154,000 98 X 5 4X 4Xe 5X 93 X 98 X 19c Chicago Milw. & St. Paul 4s______ 1,715,000 95 X 22c 28c Kewanas_________________________ 1 557,500 8Xc 96 X 94 X Keweenaw_____________________ 25 100 3X Chicago Union Station 4XS..1963 2,319,000 100X 3X 3X 3X 99 X 101 x 55c 45c 58c 47c Con. Arizona Smelting 5s____1939 1.262.900 35 La Exposicion___________________ 45,500 70 25 30c 12c 71c 15c Cosden & Co 6s__________________ La Jara Gold____________________ 1 838,602 7,000 103 103 107 La Rose Consolidated___________ 5 146,400 1 New 6s____________________ 1926 1,257,000 100 100 107 % X X. Cosden Oil & Gas 6s, w. i____ 1919 3,050,000 119 60 Lexington-Arizona_______________ 1,500 60 60 60 99X 125 1 1 Loma Prieta______________________1 125,200 47.700 92 X 92 IX IX Cuban Mortgage Bank 6s________ 93 X 40c 40c 50c 50c Cudahy Packing 5s___________ 1946 Loon Lake____________________ 25c 54,900 60,000 99 99 99 12c 93c Z Erie convertible 4s, w. i_________ 9,728,000 91 16c 1 Louisiana Consolidated________ 10c 1,226,378 86 X 91X 69 Magma Copper__________________ 5 616,745 15 13 98 39X French Municipals 5Xs_____ 1919 1,966,000 98 96 X Majestic Mines__________________ 5 117,200 IX. X % Int. Merc. Mar. conv. 6s, w. i_____ 6,888,000 99 IX. 94 X 103X 30c 7c 41c Marsh Mining___________________1 1,225,750 10c Lehigh Valley 4Xs, w. i_____ 2003 128,000 101X 100X 101X Marysville Gold_________________ 1 181,050 1 IX. 2X IX Metropolitan Petroleum 6s_______ 1,110,000 92 X 92 X 104X Mason Valley____________________5 228.450 2 100 93 4X 8X 5X Midvale Steel & Ord. 5s, w. i._1936 18280000 100 McIntyre_______________________ 1 128.450 1 3-32 402,000 68 68 X 2X. IX Z Missouri Pacific 4s, w. i_________ 64 X 40c 72c 40c 51c New York City 4Xs_________ 1966 1,328,000 102 X 102 X 104X McKinley-Darragh-Sav__________ 1 405,050 25c 39c New York State 4Xs_____________ 315,000 104X 103 X 105X Miami Consolidated_____________ 1 553,200 1 1 42c 42c 70c 68c Paris (City of), France, 6s, w.i.1921 1,464,000 99 Michigan Gold Milling & Mining. _ 561,072 98 X 99 X 4 Mines Co. of America___________ 10 48,945 45,000 83 83 84 IX 3X 2X Pierce Oil 6s_________________ 1924 Mojave Tungsten_______________ 2 225,400 8 44,000 100 102 100 5X IX. IX Poole Eng. & Mach. 6s_______ 1926 Monitor Silver Loz. M. &M_____ 1 516,670 16,000 88 88 88 X X 2X IX Rumely (M.) 6s__________________ Monster Chief__________________ 1 600,550 X. Russian Gov’t 6Xs, w. i_____ 1919 2,400,000 100 x % X X 98 X 102 X New 5Xs_________________ 1921 1,370,000 94 X 81,150 Montana Consolidated___________ 94 X X IX X 94 X 64c 64c 80c Z St. Louis & San Fr. Ser. A 4S.1950 465,000 72 X 1 Montana Gold__________________ 1 189,900 68 X 72 X 20c 54c 25c 41c Z Series B 5s_______________ 1950 Mother Lode Mines_____________ 1 4,346,000 17,000 68 X 70 68 X 45 42 Z Adjustment 6s____________ 1955 194.250 65 X 76 Murdock Mining & Milling______ 1 79,500 38 38 65 2 Z Income 6s ____________________ Mutual Mining & Leasing, pref___ 2,700 60,000 37 37 IX IX IX 40 X 80c 80c 95c 85c Sinclair Oil & Refining 6s_____ 1926 10538000 99 X Nancy Hanks Montana__________ 1 173,600 94 X 122 20,000 106 X 106 National Lead & Zinc____________ 1 23,420 2X 4X 3X Standard Milling 6s_______________ 2X 106X 21c 20c 17c 17c * Sulzberger & Sons 6s_______ 1941 914,000 100 Nevada Hills Mining____________ 5 8,300 99 X 103 34c 34c Newray Mines, Ltd______________ 1 1,173,000 5,000 103 103 103 IX IX Todd Shipyards 6s_______________ 102 76,750 74,000 105 New Utah Bingham__________ 2.50 108 % 5X 4X % Victoria Oil 6s___________________ Western Pacific RR. 5s______ 1946 1,140,000 82 16 N. Y. & Honduras Rosario_____ 10 81 73,655 19X 16 X 14X 90 X Nipissing________________________ 5 349,485 1933 135,000 /30X /23 /31 9X 7X 6X 8X Western Pacific Ry. 5s ctfs Nome Alaska Dredging__________ 1 1 Wilson & Co—See Sulzberger & Son sCo. 600 IX North Butte Develop 1 76,900 10,000 99 X X. X X X. Winches. Repeat. Arms5% notes. 99 X 99 X /Flat. * In July 1916 name changed to Wilson & Co. Z Listed on New York Stock Exchange, where additional transactions are recorded. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Last 18c 1 45c 17c 68c 16c 50c 66c 30c 25c IX IX 64c 2Xc IX 2X 77c 21c IX. IX 64c X 4X 47C % 64c 39c 56c IX X 6c 2X X 15c X. 11 15X 30c IX X 4X 23c 19c X X 42c 8X 48c 79c 67c 24 X 18 34c IX 4X 3X 61c 5X 3 X. 55c X. 2 5 IX 9c X 37 X 19c 3X 7X 1 5X 7X 69c 13c 36c X 2X 5 58c 5X 24c 49c 2X X 82 X 98 99 X 86 101 98% 98 X 97 X 99 X 97 X 96X 112 94 X 94 X 99 X 55 107 104 103X 93 X 99 86 X 97 X 96 X 100X 102X 95 65 X 104 X 105 X 98 X 83 X 100 88 98 X 94 X 68 X 69 75 X 40 X 112 106 X 102 X 103 103 89 X /23 99 X 248 CURB MARKET 1917 For Twelve Months Ending Dec. 31. COMPANY Par INDUSTRIALS AND MISCELLANEOUS Aetna Explosives_________ (no par) 1 Preferred___________________ 100 Certificates of deposit__________ ' Air Reduction, com_______ (no par) American & British Mfg_______ 100 Preferred____________________100 American Drug Syndicate______ 10 American Graphophone_______ 100 Preferred____________________100 I Amer Ice, new com w i_______ 100 I Amer Inter Corp ($50 paid).. 100 Amer Nitrogen & Chem__________ Amer Sec. w i___________________ p Amer Stores, com_______ (no par) 1st preferred________________ 100 I Amer Sumatra Tobacco______ 100 /Preferred__________________ 100 Amer Tin & Tungsten__________..1 Amer Wire Wheel_____________ Amer Writing Paper com______ 100 Atlantic Fruit________________ 100 Atlantic Steel_________________ 100 b Baltimore Tube, com________ 100 I Beth Steel, Class B com, w i..l00 I Cum conv pref w i_________ 100 Boyd Motors__________________ 10 British-Amer Tobacco ordinary. £1 k Ordinary bearer______________ £1 Butler Chemical________________ 5 Butterworth Judson______ (no par) I California Packing Corp______ (t) California Shipbuilding________ 10 Canadian Car & Foundry______ 100 Preferred___________________ 100 Canadian Natural Gas Corp_____ 1 Carbon Steel, common________ 100 2d preferred________________ 100 Car Lighting & Power________ 25 Carwen Steel Tool______________ 10 I Centra] Foundry, com_______ 100 ►* /Preferred__________________ 100 Chalmers Motor Corp, w i_(no par) Preferred___________________ 100 Charcoal Iron of America______ 10 k Preferred_____________________10 Chevrolet Motor, w i__________100 Cities Service, w i________ (no par) Cities Service, old_____________ 100 Preferred____________________100 Continental Motors, com_______ 10 Preferred____________________100 Cramp (Wm)&Sons S & E Bldg.(t) Curtiss Aeroplane & Motor____ (f) k Preferred___________________ 100 Davison Chemical_____________ (|) Eastern Aniline & Chemical_____ 5 Eastern Steamship_______________ Eastern Steel_________________ 100 1st preferred________________ 100 c Edmunds & Jones Corp______ (t) Eisenlohr (Otto) & Bros, pref. .166 Electric Gun_____________________ 1 Elite Plan Stores______________ 50c Emerson-Brantingham, com___ 100 Emerson Motor_________________ 5 Emerson Phonograph____________5 Erickson Wheel_________________ 1 Everett, Heaney & Co., Inc_____ 20 Falls Motor Corp______________ 10 Voting trust ctfs_____________ 10 Federal Dyestuff & Chem reg__ 50 When issued___________________ Federal Sugar Refining________ 100 / Fisher Body Corp_______ (no par) / Preferred_____________ 100 Fisk Tire______________________ 100 Flemish-Lynn Phonograph______ 5 Preferred_____________________5 Gillette Safety Razor w i..(no par) Grant Motor Car Corp________ 10 Guantanamo Sugar_____________ 50 Hall Switch & Signal___________ 100 Preferred___________________100 Hart-Bell Co____________________5 / Haskell & Barker Car___________ 5 Havana Tobacco______________ 100 Preferred__________________ 100 Hendee Mfg, common________ 100 Holly Sugar Corp, com____(no par) Preferred__________________ 100 Hopkins & Allen Arms, com____ 100 Hupp Motor Car Corp__________10 Imp Carbon Chaser______________ 1 Inter-Continental Rubber_____ 100 Inter-Lube Chemical____________ 5 Inter Arms & Fuze Securities___ 25 Int Manganese Chem____________ 5 Internat Motors, com__________100 Preferred__________________ 100 Internat Motors new wi_______ 1 st preferred________________ 100 2d preferred________________ 100 Internat Trading Corp, com_____ 1 k* Preferred_____________________ 1 Jones Bros Tea Co, Inc________ 100 Joplin Ore & Spelter_____________ 5 Kathodian Bronze, pref_________ 5 /Kelsey Wheel, Inc, pref_________ Keystone Tire & Rubber_______ 10 Preferred____________________10 Kresge (S S) new com__________ 100 New preferred______________ 100 Common_____________________ 10 Preferred____________________10 / Kress (S H) & Co, com_______ 100 ** / Preferred_________________ 100 Lake Torpedo Boat, com_______ 10 1st preferred_________________ 10 Lehigh Valley Coal Sales_______ 50 Lima Locomotive, common____ 100 Preferred__________________ 100 Loft, Inc______________________ 100 Lukens Steel, common_________ 50 1st preferred________________ 100 /Manhattan Electrical Supply. 100 / Preferred_________________ 100 Manhattan Transit_____________ 20 Mansell Screen_________________ 10 Marconi Wireless of Am_________ 5 Sales No. Shares ,294,266 10,825 177,450 198,753 7,230 520 19,020 1,160 550 100 36,775 200 100 17,385 150 81,550 100 64,250 350 44,200 1,200 305 15 12,110 53.850 11.400 20.700 50,210 4,430 12,335 17,020 6,600 2,875 I, 535 2,390 5,675 75 205,745 342,725 53,325 81,075 49,000 100 42,000 8,440 332,613 28,480 28,477 41,994 100 4,413 940 380,911 225 545 12,150 300 4,479 100 2,130 100 100 42,000 106,100 200 12,763 128,735 2,000 55.850 2,100 1,200 500 200 1,360 200 1,119 180 500 4,620 970 300 100 8,050 1.500 3,925 61,650 8,050 1,550 6.700 6,930 3,582 350 18,110 67.400 31,820 134,800 10,540 1.700 1,270 555 1,970 320 238 82,600 96.700 410 298,025 8,950 100 53,115 300 8,275 400 9,600 3.500 10 200 120,648 II, 380 400 47,766 100 151 2,445 6,104 7,080 5,050 45,530 6,334 68,956 Range of Prices. Open 4% 21 4% 65 10 25 12% 118 124 10 57 21 10 37 98 19 82 Low 2 14% 1% 45 3 25 10% 116 121% 10 47% 20 10 35 98 15 82 High 10% 51% 10 99% 12 40 15% 120 125% 10 57% 21 10 38 98 31% 82 1 20 5% 13 150 100 140 110% 4% 19% 21 3% 70 39% 16 37 88 1 109 75 5% 14 38 57 11 55 9% 7% 146 Last Sale 45 10 72 5 26 10% 116 121% 10 57 20 10 36 98 30% 82 % 20 2 11 150 100 130 94 3% 15% 16% For Twelve Months Ending Dec. 31. COMPANY Par INDUSTRIALS AND MISCEL LANEOUS—- (Concluded) Sales No. Shares Range of Prices Open Low 101,245 50 Marlin Arms, com v t c________ (t) 47 500 33% Pref two-thirds paid________ 33% %c 3 Maxim Munitions_____________ 10 1,535,450 2,500 20% Mexican Petroleum Export.. 20% / Midvale Steel & Ord w i_______ 50 523,700 60 50 6,690 52 32 Mitchell Motors, Inc____ (no par) 825 41 39% Motor Products Corp____ (no par) 400 Nash Motors_________________ 100 75 75 37,680 37% Z National Acme Co____________ 50 31 1,800 30 Nat Motor Car & Vehicle, (no par) 23 142,300 35% 31% / Nat Conduit & Cable____(no par) 1,900 Nevada Smelting________________ 1 % % 26,038 44% 29% N Y Shipbuilding________ (no par) 16,425 N Y Transportation___________ 10 15% 12% 2 North Amer Pulp & Paper, (no par) 217,840 8% 29,535 56 53% Ohio Cities Gas, com w i________25 5,600 4 3% 1,300 14 15 6,225 17 10 400 50 50 Penn Seaboard Steel v tc. 23,300 52 37% / Pierce-Arrow Mot Car.. 400 104 101 105,885 3 3% 823 88 40 100 32% 32% Premier Motor__________ (no par) 240,645 4 3% 2,580 10 8% 40,820 21% 13 200 20 20 10,080 66% 42 2,895 95 92 81,370 16% 15 15,200 32 29% 5,675 24 24 5,500 58 55% 2,000 1 1 Scripps-Booth Corp________ 500 26% 26% Seaboard Steel & Manganese___(t) 1,007 38 34 Smith (A O) Corp, common____ (t) 1,366 96 87 422,985 5% % 34,325 8% 9% 350 88 88 220 78 55 10 120 120 Preferred. 209.480 5% 6 300 5 5 171,950 6% 6% 350 28 28 1,500 32 28 216,198 27 10% 20,155 32% 28 / Superior Steel.. 9,563 97% 99 / 1st Preferred . 5,617 85 71 10,600 43 40% % 445,510 2% 230 80 46 108,500 49% 42 / United Alloys Steel Corp. 1,011 63 63 55,385 3% 3 855,860 46 14% 8,600 30% 30 6,070 %> % 88,798 36 31% United Sugar w i. 70,227 4% 1% 54,260 2 5 80,911 1 U. S. Light & Heat Corp. 1% 2 300 2 344,370 6 3% 7,350 25 25 2,550 59 56% / Wilson & Co wi. 66.900 1 % 2,218,700 4% 15% Wright-Martin Aircraft. 17,990 48 30 137,975 2 4% High Last 122 33% 4% 20% 65% 55 45 77 38% 30 37% % 47% 20% 9% 59% 4 16 17 53 54 104 6 90 32% 8 11% 23 20 75 98 21 37% 28% 65 5 28 42 97 89 33% l’n 20% 60% 32 39% 77 35 23 37 % 34 16 2% 58% 4 16 12% 53 41% 101 3% 50 32% 5% 9% 13 20 43% 92 15 35 24% 60 % 19% 19% 4% 1% 12% 11 133 125 100 100 126 126 92% 110% 1% 1% 15 19% 21 15% 3% % 40 55 43 33 33 36% 14 15% 14% 12% 25 12% 42 88 44 %e % % 72 5 105 80 28 75 75 75 34 2% 1% 2% 87 8% 8" 11% 9 25 16% 1%. 35 10 41 10% 35 53% 93 93 11 2% 4% 52 82 55 55 55 120 120 6% 7% 7 9 15 6% 5% 6 5 134% 50 5 99 6% 9% 30 27% 29 29 224 181 225 210 28 34 85 65% 85 67% 12 6% 6% 35 6% 6% 32% 35 98% 98 98% 98 98 100% 90 70 90 70 75 87 16 16 62% 27 46% 61 47 63 77 78 3% 38 % 39 45 48 80 4% 6 ll* 44% 52% 11% 12 66 66 110 100 122 122 3 5% 70 70 70 70 19% 49 37 36 37% 36% 33 34% 93 93 93 93 % 99% 99% 99% 33% 37 % %. % 6 %. 1% % % 4 12 7% 12 14 14 15/ 2% 3 1% 3% % 2 2 3 13% 3% 5% 6% 25 33 33 25 42% 45% 21% 20 25 58% 59 8 8 5 1 % 10% 10% 10% 6% 17 39 39 39 38 5 35 65 5 5 5 4% 75 2 93 75 95 39 38% 38% 39 97 RAILROAD STOCKS 92% 92% 96 42% 1,000 43% 42% 43% 78 / Long Island ctfs of dep-------79 SO 78 21 6,000 20 23% 1 20% 1 % % 54 2,470 51% 50% 55 1% 1% 1% 40,190 36 34 42 42 78% / Rock Island, c< 80 78% 85% 12,385 84 91 90% 8 / Preferred A. 5% 8 5% 70 14,585 74 68% 75 65 /Preferred B. 65 65 65 16% 3,350 24 16% 21 4 8 2% 47 450 55 47 55 18 13 10 19% 3% 4 3% RIGHTS 40 45 36 3 26,600 3% 2 3% 1% Anglo-American Oil_______ 1% 8 2,400 9% 8 8% 5 American Graphophone____ 4 4 6% 2% 900 3 2 2 27 Barrett Co________________ 31 38 27 33% 4,740 36 26 26 50 Bethlehem Steel___________ 41 63 40 82,000 1 5 1% 5 99 Common B______________ 94 94 102% 3,300 1% 1% % % Butte Copper & Zinc_______ 16 20 16 21 2c 10c 252,650 10c lc 4 3% Canada Copper___________ 2% 5% 8,700 1% 1 % 1% 1% %6 Chic & North West Ry _____ %> % 4,000 % % 13 z % % Chile Copper______________ 9 8 13 %6 15,000 % %« % 2) 2% Cosden Oil & Gas__________ 2 3% 57,100 3 1 1% % Curtiss Aeroplane & Motor. 24 27 22 29 4 2% 300.000 4 1% 8% General Electric___________ 8} 9 8% 2% 500 2% 2% 2% Kings Co Elec L & Pow___ 5 5 5 5 22 22 200 21% 22 Midwest Refining_________ 25 25 25 25 58 61% 67% 15,200 61% Ohio Cities Gas___________ 13 17 19 10 % % 19,100 % % Oklahoma Prod & Ref______ 68 40 35 68 % 12.000 % % Republic Motor Truck_____ % 20 30 33 15 1 1 1 300 1 % Savoy Oil_________________ ) % 5,700 % % 1% Sinclair Oil & Refining ____ 58c 1 55c 1% 22% 26 24,220 22 21% 48 48 48 40 1 5,000 1% % % 16c Westinghouse Elec & Mfg.. tf30 35c . 14c 1 3 1 5% FORMER STANDARD OIL 92% 93 92% 93 SUBSIDIARIES 18% 14 17 11 17 21 16 1 151,010 .. ... 16% 17) 16% 17% 800 792 1090 0 83 64 105 105 60 122 85 83 0 791 97 108 108 94 435 435 435 0 3 11 13% 12) 10% 39 39 39 0 10 Crescent Pipe Line11 11 11 11% 190 190 162 0 70 65 65 65 65 195 213 0 30 ______ 195 107 107 105 105 140 190 0 300 ........... 120 3% Galena-Signal Oil. 10% 2% 184 250 184 0 1,781 5% 10 5% 114 90 80 0 782 98 84 95 84 20 16 15 0 420 National 49 47) 63% 47 192 193 0 70 ______ 185 94 94 94 94 99 106 98 0 150 __ __ 100 105 100 105 298 435 278 5 4,990 __ 45 33 45 40 13 9 ♦ 10% 5 3,300 .. .. 101% 100 96 104 640 382 380 0 82! _____ 36 47 36 51% 444 240 227 0 2,96£ 99 i 93 U 100 187 201 187 0 3f 1 % i %6 Z242 610 1245 0 T /350 10 10 10% 10 103 103 120 0 4, 3% 3 3% 2% + Without par value. 6 Listed on Baltimore Stock Exchange. c Listed on Chicago Stock Exchange. / Listed on New "York Stock Exchange where additional transactions are recorded, v On unlisted department of Philadelphia Stock Exchange. /New stock. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 249 CURB MARKET 1917—(^Continued) For Twelve Months Ending Dec. 31. COMPANY. Par FORMER STANDARD OIL S UBIS DI ARIE S—(Concluded.') Standard Oil (California) _. 100 Standard Oil (Indiana)______ 100 Standard Oil (Kansas)_______ 100 Standard Oil (Kentucky)_____ 100 Standard Oil (New Jersey)__ .100 Standard Oil (New York)____ 100 Standard Oil (Ohio)_________ 100 Union Tank Line_____________ 100 Vacuum Oil__ -____ -_____ .100 OTHER OIL STOCKS Acme Oil__ ____ __ . .___ Alcoken Oil . . __ ___ _____ ---5 Allen Oil- . -___ __ Alpha Oil & Gas______________ ---] 1 American Oil- .. __________ American Oil of N E_________ ---1 American Ventura Oil________ 1 Arkansas Petroleum_______ . ft Atlantic Petroleum__________ 1 Barnett Oil & Gas__________ 1 Bethlehem Oil & Gas________ -.10 Bilton Oil & Gas___________ 1 Bliss Oil & Devell- ______ . _ 2ft Boston-Wyoming Oil________ ---1 Consol Mexican Oil Corp_____ 1 Continental Refunding_______ 10 Preferred___ __ -_____ .. --10 Cosden Oil. ________________ Cosden Oil, pref_____________ Cosden Oil & Gas____________ Cosden Oil & Gas, ctf________ Crosby Petroleum__________ --.1 Crown Oil _________ _______ 1 Cumberland Prod & Ref’g____ 1 Elk Basin Petroleum________ ft Elkland Oil & Gas__________ ---1 Esmeralda Oil Co______ _____ 1 Federal Oil________ ________ 5 Friar Oil - .. ..................... 1 General Ref & Prod__ _______ 1 Glenrock Oil-- ______________ 10 Hanover Oil & Ref___________ . ft Henderson Farm___________ 1 Houston Oil, com______ _____ 100 Preferred________ ______ . -100 Humble Goose Cr O & R_____ . 1 Internationa] Petroleum_____ £1 Island Oil & Transp__________ -.10 Kansas Utah Con Oil________ 1 Kenova Oil_________________ 1 Kentucky Petroleum Products --10 Keystone Con Oil________ .. 10 Knickerbocker Wyoming Pet- -.10 Preferred__________ ______ --10 Lost City Oil________________ . 1 Merritt Oil Corp. . ______ 10 Metropolitan Petroleum______ 2ft Mid-Cont Con Oil & Util_____ 10 Midwest Oil_________________ . 1 Preferred_____- ___________ 1 Midwest Refunding_________ ..5ft Monongahela Oil____________ 1 National Oil & Ref..... ............. . ■ ft Preferred_________________ ft New Era Oil________________ . 1 New York Oklahoma Oil_____ 1 N Y & Texas OH.......... .............. 1 Northwestern Oil____________ 1 Ohio Fuel Oil-- .......................... 1 Oil & Exploration___________ 10 Oklahoma Oil. com__________ ---1 Preferred _______________ ---] Oklahoma Prod & Ref_______ 5 Okmulgee Prod & Ref________ ft Omar Oil & Gas_____________ ,. 1 Osage-Hominy Oil-- ________ ft Pan-American Petroleum_____ -.50 Pawhuska Oil________________ ...I Pennsylvania Gasoline_______ 1 Penn-Kentucky Oil__ ______ ft Penn-Ohio Oil & Gas_________ 10 Penn-Wyoming Oil__________ . 5 Peoples Oil__________________ ...I Price-Hall Petroleum_______ ---1 Red Rock Oil & Gas_________ 1 Rice Oil______ __________ ...I I Royal Dutch Co________ (no par) Sapulpa Refining.. . ______ . 5 Savoy Oil_____ _________ 5 Security Prod & Ref ______ ...5 Security Ref. & Pro._____ Sequoyah Oil & Ref__________ ...I Sinclair Gulf Corp___ ____ (no par) I Sinclair Oil & Ref_______ (no par) Somerset Oil _ ___________ 1 Southern Oil & Transp_______ 10 Stanton Oil _______ .. . . ...I Texas National Oil__________ ---1 Tide Water Oil_______________ Tuxpam Oil ___________ ...I Tuxpam Star Oil __________ 1 United Petroleum________ _ 1 United Western Oil _. ______ 1 United Western Oil new w i__ 5 Vacuum Gas & Oil Ltd. _ . 1 Ventura Con Oil _ . _. --.5 Victoria Oik _____ _ 1 Victoria Oil, new _ ______ -.10 Victor Oil . _______ __ _ 1 Wayland Oil & Gas________ _ 5 West End Oil & Gas_______ __ ...I West States Petroleum______ ...I Wyoming Oil & Ref__________ .. 1 Wyoming Petroleum __ __ . 1 Wyoming United Oil, new_____ _(+) Wyoming Wonder Oil__ _____ ...I Sales No. Shares 4,014 374 15 10 8,717 34,895 5 1,415 1,221 Open Low 212 480 400 290 490 222 475 82 350 High 445 947 400 290 800 345 475 105 490 Last Sale 224 575 400 290 527 255 475 85 350 4,900 2 2 1% 1% 42,120 2 2% 1% 1% 441,850 55c % 1% 59c 86c 98,800 70c 54c 44,000 22c 20c 25c 23c 44c 19,300 43c 40c 45c 32c 420,750 25c 12c 16c 42c 49c 48c 297,450 46c 33,350 8% 5% 9% 5% 868,300 2% 1 4% 1% 30,510 10% 10 10% 10 % 19,630 % % % 32 1,100 33 34 34 13c 52c 24c 2,199,100 16c 34c 40c 80,177 1 1% 600 11 8% 11 8% 1,350 9 10% 9% 10 751,100 17% 18% 5% 7% 3% 26,145 3% 5% 5% 211,100 14% 16% 12 11% 81,300 10% 13% 13% 10% 75c 26c 22c 468,250 31c % 183,840 1 1% % 1%6 639,605 2%, % 1% 612,100 14% 7% 5% 6% % % 756,100 % % 1,487,800 3 % % % 581,130 2% 6% 2% 6% % 382,170 % % % 162,580 1% 1% % % 637,160 4 10% 19% 4% 72,400 1 9 1 4% 9,100 1 1 1% 1% 44% 165,215 22 15 40% 700 62 57 6 ft 65 2% 40,635 5% 4% 2% 363,800 11 10 15% 13 3,800 2% 2 1% 1% 146.450 1% 1 1 1% %6 1,268,470 % 105,900 9% 7% 7% 8% 187,750 5% 4% 4% 9% 84,265 8 3 1% 1% 52,810 9 10% 10 9 % 259,640 47c 1% % 43% 932,770 21% 12% 11% % 1,614,550 4% 3 %6 42,533 12% 12% 12% 15% 55c 1,429,400 58c 1.80 96c 86c 86c 461,700 1% % 195,967 141 108 90 188 46,950 3% 3% % % 8,800 3% 3% 3% 3% 8,800 5% 4% 4% 5% 4,000 35c 34c 36c 36c 118,370 1 % % 1% 214,100 1 1 3 1% l‘»2 1,669.300 48c 47c 58c 92,340 21 19 22% 19 9,300 % % % % 3.692,700 10%c 3c 3%c 16c 11c 14c 421,100 1 1 745,500 12 14% 7 5% 3,000 6 5% 6 5% 16c 75c 40c 1,102,300 39c 656,800 7% 10% 5% 5% 6,846 43 54 40 35 %6 50c 25,850 28c % % 178,215 1% 1% % 208,300 5% 5% 4% 6% 194,150 12% 12% 12% 12% 25,060 8 8% 8% 8 2,000 1 1 % % 3,200 1 % % 1% % ]%» 698,800 53c % % s82 1,212,193 % 47,820 66% 58% 60 67% 206,800 12 10 8% 8% 11,092 12 9 11 8 17,300 4% 4% 4% 6% % 1,000 % % % 2,019,090 2% % % 1% 10 69,377 40 40% 17 229,200 61% 54% 50 63% % 201,000 34c 34c % 6,600 3% 3% 7 7% 23,425 1% 1% 1% 1% 9,800 60c 28c 60c 43c 62 225 225 225 225 60c 7,300 58c 55c 61c >32 55c 718,070 ’»! 1% 383,300 55c 10c 55c 20c ».2 1,580,520 % % 1%. 1,500 5 5 5% 5% % %« 143,200 % %6 4,300 5% 5% 5% 5 1%6 2% 670,025 1% 1%. 151,640 3 3% 11% 11% 62c 60c 62c 6,200 61c 4% 3% 25,850 3 5 60c 149,500 60c 8c 9c 1%C 307,530 1 • % % 43c 48c 244,405 % 43,100 2% 2% % 1% 52,590 ft 5% 3% 7% 18c 18c 28c 137,300 33c MINING STOCKS % Acme Copper Hills Mines_____ ..10 385,780 1 Adanac Silver Mines_________ ...I 20c 7,000 22c Aguacate Mines, __________ ---1 5c 6,200 1% % Alaska-Brit Col Metals_______ -..I 1,339,230 % Alaska Mines Corp_______ (no par) 828,628 % Alaska Standard Copper_____ 5c 1 567,959 25c Alaska Zinc & Copper________ .. 1 6,000 % % American Commander_______ ...1 426,400 8%c 3%c Arizona-Binghamton Cop____ 5% 14,575 5 3 %, Arizona Chloride . _______ -10c 881,510 44c Arizona Copperfields.______ ...I 71,800 % % 1 Without par value. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 2% 22c 2c, % 1% 52c % 11c 6% 1 % For Twelve Months Ending Dec. 31. COMPANY Range of Prices. 1% 20c 8c % 5c % 4c 3% % %. Par Sales No. Shares Range of Prices Open Low MINING STOCKS— {Continued} Arizona Cornelia____________ 1 Arizona United______________ 1 Arkansas Arizona___________ 1 Atlanta Mines_______________ 1 Atlas Copper_______________ 1 Austin Amazon______________ 1 Barnes King Develop______ .5 1 Beaver Cobalt_______________ Big Jim . __________________ 10c Big Ledge Copper___________ ft Bingham Mines_____________ 10 1 Bisbee Copper Min & Dev.__ Bitter Creek Copper_________ 1 Booth_____ _____ _______ 1 1 Boston Creek . ___________ Boston Montana Dev________ ft Bradshaw Copper___________ ... 1 Brant Mines____ __________ 1 Buffalo Mines, Ltd__________ 1 Bullards Peak ...______ Butte Copper & Zinc____ .. ft Butte-Detroit Copper & Zinc. ...1 Butte & New York Copper__ 1 Butte-Ransdell Copper_______ ft 10 Butte & Zenith _ ___________ Calaveras Copper___________ ft Caledonia Mining___________ ... 1 Calumet & Jerome Copper___ 1 1 Calzona Mines______________ Canada Copper ___________ ft Carlisle Mining______________ ..ft .1 Cash Boy__ __ __________ Cerbat Silver M M_________ ...1 I Cerro de Pasco Copper— (no par) Cerro Gordo Mines__________ 1 1 Coco River Mining________ _ 1 Cobalt Prov Min____________ Columbia Mines ._ ________ ... 1 1 Commonwealth Mining -----Consolidated Arizona Smelt. _ ..ft Consolidated Copper Mines— ft Consolidated Gold Mines_____ . 1 1 Consolidated Homestead_____ 3 Consolidated New-Utah______ 1 Copper Valley__ ___________ Cresson Cons Gold M & M-----1 1 Crystal Copper . — . -. Darwin Lead & S M & D_____ ...ft Darwin Mines Develop----------10 Davis-Daly _________________ 1 Denbigh Mines______________ Dexteretta Mines___________ 1 Dome Extension- __________ 1 Duncan Mfg & Mill_________ 50c Dundee-Arizona Copper______ 1 1 Eagle Blue Bell______ ______ Eastern Copper______________ 1 Ely Witch.................................. ft 10 Ely Consolidated____________ 1 Emma Copper______________ Ferber Copper.__ __________ 1 First National Copper_______ ft Fortuna Consolidated_______ 1 Gibson Consolidated Copper. . 1 10 Gila Canon_____________ ____ Gila Copper. ______ _______ 10 Glendale Mining & Milling— 1 Globe-Dominion Copper_____ 1 10 Goldfield Consolidated_______ 1 Goldfield Merger____________ Gold Hill Mining __________ . ft Gold Warrior Mines_________ 1 Grand Canyon Gold_________ ... 1 1 Great Bend__ ______________ Great Verde Ex Copper_____ 25c Green Monster Mining______ -50c Grizzly Flato Gold Mining____ ...1 1 Hargraves Mining. ________ Hecla Mining _ ____________ 2ftc Hollinger Gold Mines_____ft Howe Sound, w i_____________ . 1 1 Hudson Bay Zinc____________ Independence Lead__________ 1 Inspiration Needles Copper__ 1 International Mines_________ ...1 Inter Mt Mines Dev________ .. 1 Iron Blossom ____________ 10c Jerome Prescott Copper______ 1 Jerome Verde Copper. _ ______ 1 Jerome Victor Extension------1 Jim Butler. _ ______________ 1 Josevig-Kennecott__________ ...1 Jumbo Extension. . ________ 1 1 Jumbo Mining ofN M_______ Kerr Lake _________________ ft Kewanas. _________ .. . 1 1 Kirkland Porphyry Gold M-. La Rose Consol____________ ft Lavelle Gold__ ________ _____ 1 Loma Prieta Con M___ _____ 1 Loon Lake_______ ______ 25c Louisiana Cons_____________ 10c Lucky Girl . __ ... 10c 1 Magma Chief-. _ ________ Magma Copper______________ ft Magmatic Copper.. . ______ 10c Magnate Copper____________ 1 Majestic Mines __ __ . .. . ft Mammoth Channel Gold.. .. 1 Marsh Mining_______ ______ ...1 Marysville Gold Mining______ ...1 Mason Valley.. . _______ ft McKinley-Darragh-Sav______ 1 Miami Consd_________ __ 1 Miami Merger Copper_______ 1 Milford Copper. ______ . _. 1 Mines Co of America_________ 10 Mogul Mining..___________ ...1 Mohican Copper____________ 1 Moj'ave Tungsten.. _______ 2 Monitor Silver L&ZM&M-. 1 Monster Chief_____________ 1 Montana Gold______ _____ ...1 Mother Lode Mines________ 1 Mutual Mining & Leasing, pref ...1 Nancy Hanks Montana.. . . 1 National Leasing. ________ 1 National Zinc & Lead ____ 1 Nevada Ophir__ ______ __ _ 10c Nevada Rand-. __ ________ -10c I Listed on New York Stock Exchange, where additional transactions are recorded, 306,090 % % 32c 26,700 55c 37c 6,000 44c 10c 7c 1,484,200 122,200 % % 343,360 1% % 100 1% 1% 48c 4 Sc 500 234,570 1% % 1,214,738 1 3% 15,500 12% 9% 492,910 %» % 10c 79,225 % 10c 3c 152,356 209,500 1% 1% 37c 77c 1,505,220 73,835 1% % 50 69,000 t56 25,800 1 1% 71,000 % % 459,300 5% 11% 524,610 %. 1% 56,360 1% % 8,400 5% 5% 3,350 6 5% 5,300 5 1% 36c 50c 1.122,950 1,752,280 % 1% 20,100 % % 514,200 1% 1% 4 62,675 5 7c 3c 1,329,600 36c 34c 68,900 34 38,128 36% 2% 38,300 1% 490,190 1% % 41c 41c 5,000 2,600 % 20c 20c 21,000 1,138,580 1% % 335,172 3 3% 60c 35c 10,400 15c 256,086 % 18,000 % % 27,765 % % 2 262,745 7% 66c 99c 141,025 2,400 11 8% 11c 2,325 % 1,400 6 5 2% 109,660 1% 66,550 % % 16c 16c 4,500 2% 26,350 % 76,102 1% % 2% 100 2% 51c 52c 389,450 5c 5c 3,600 15c 10c 328,400 3,015,123 % 1% 50c 50c 142,450 67,898 3% 1% 14c 12c 421,100 2 111,368 2 50c 75c 40,600 16% 16% 26,025 18c 18c 11,800 210,700 % 72c 583,456 % 3c 6%c 537,080 10c 3c 17,200 60c 60c 40,700 13c 13c 14,200 4c 9c 221,500 25c 74,800 1 1,192,150 2% % 2,200 1 % 10c 15c 1,364,500 343,150 3% 8 200 5% 5% 23,260 8% 3% 81,480 1% % 29,000 10%c 10%c 84,235 % % 9c 6c 527,475 1,800 1% 1% 143,795 1% % 406,696 1 1% 3,244,900 % 1% 2 27,850 69c 86c 437,617 217,775 % % 13c 716,300 27c 176,050 % % 4% 14,766 4% 4c 19c 290,701 50c 50c 89,000 153,000 % % 1 9,700 % 142,950 1 1% 48c 40c 50,875 90c 1,914,650 % 14c 14c 18,000 257,908 % 196,150 40 31 31c 17c 234,095 75c 502,665 %« 82,980 1%, % 30c 30c 71,100 10c 5c 912,450 191,450 % 1% 6 364,400 3% 50c 46c 218,800 40c 35c 13,200 30c 319,600 %6 90c 95c 471,450 13,400 2 1% 45c 15c 874,800 273,800 1 %6 137,795 1% % 46,670 1% 1% 1,151,728 % %6 81c 40c 24,300 43c 25 %c 1,722,300 49,310 % % 85c 203,720 % 19c 5c 1,797,500 54c 25c 1,162,500 25c 15c 92,200 10c 9c 63,000 t New Stock. High Last Sale 1% 1% 32c 55c 37c 44c 20c 9c % % % 1% 1% 1% 48c 48c 1% % 6% 1% 13% 11 % 1% 10c % 4c % 1%. 1%6 45c 82c 2% 1% 62 64 1% 1% % % 14% 7 2 % 2% % 6 5% 6 7% 5% 1% 46c 78c 2% 1% I % 8 1% 4% 6% 16c 4%c 39c 44c 39% 40% 2% 1% 6% 2% 42c 42c % % 20c 20c 2% 1% 12% 6% 70c 70c 27c % Ms %6 1% 1% 4% 7% 75c 1% 12 8% 12c 1 5 7 2% 2% % %« 18c 18c 2% % 2% % 2% 2% 57c 55c 12c 12c 10c 19c 2% X. 63c 61c 3% 1% 40c 44c 2%. 2%. 75c 50c 17% 17% 19c 18c 1% % 77c % 10c 3%c 12c 4c 74c 68c 15c 14c 4C 13% C 2% % 2% Ms 1 1 25c 14c 4% 9%6 5% 5% 8% 4% 1% % 12c 12c %6 15c 20c 1% 1% 21j2 1% 4% 2% 3 % 2 % 77c I % 49c 15c 3% 3% 6% 5 5c 27c 50c 50c % % 1 1% 1 1% 71c 61c 1% % 16c 16c % %. 42 59% 21c 54c 1 %, % 1% 32c 32c 23c 6c 1 1% 5% 8% 59c 75c 42c 35c 1% %6 2%6 1%. 2% 1% 84c 40c 1% % 1% % 1% s32 % 75c 81c 27c 46c 8 6% 1% % 30c 6c 76c 27c 20c 25c 13c 14c CURB MARKET 250 1917—(Concluded) For Twelve Months Ending Dec. 31. COMPANY. Sales Par MINING STOCKS — (Continued) New Cornelia___________ ---------5 New Utah Bingham_______ ...2.50 Newray Mines__ __ . .. ______ 1 N Y & Honduras Rosario. _ ____ 10 N Y Zinc_________________ ______ 1 Nicklas Mining__________ ______ 1 Nipissing Mines__________ --------- 5 Nixon-Nevada__ ________ . ...I North Butte Devel_____ _ ______ 1 Ohio Copper__ ___________ --------- 5 Ohio C, new, wi______ __ ______ 1 Old Emma Leasing_______ ___ 10c Peabody con Copper.. _ . --------- 5 Peerless Jennie. _ _____ ______ 1 Pitts-Idaho Co, Ltd ... ______ 1 Pittsburgh-Jerome Copper .......... 1 Pole Star Copper ______ 1 Portland Con Copper . _____ 1 Progress Mining & Milling ______ 1 Provincial Mining _ ______ 1 Rawley Mines. _________ ______ 1 Ray Hercules Mining . ............ 5 Ray Portland __________ ............ 1 Red Warrior Mining _ _ .1 Rex Consolidated._ _ _ ______ 1 Richmond Copper.______ ______ 1 Rochester Mines_________ ______ 1 Round Mountain. ______ 1 Sacramento Valley Copper ______ 1 Sagamore Mining Co_____ ______ 1 Santa Fe Copper_____ __ . ______ 1 San Toy_____ ________ ______ 1 Santa Rita Development ______ 1 Scratch Grav G M_ __ .. ...1 Section Thirty Mining. _ _____10 Seneca Copper. no par) Senorito .... ______ 1 Silver King of Arizona____ ______ 1 Silver King Cons of Utah . .1 Silver Pick Consol . ____1 Slocum Star ___________ ______ 1 St Nicholas Zinc__ ______ .. ..1 Standard Silver Lead. ______ 1 Stewart. _ ___________ ______ 1 Success Mining .. ..1 Superior & Boston Mining _____ 10 Superior Copper . Superstition 'Mining_____ ______ 1 Teck Hughes.. _ _____ ...1 Temiskaming_______ _____ ______ 1 Thompson-Krist_________ ______ 1 Tom Reed _. _ _. _ ______ 1 Tommy Burns G M com . . . 1 Preferred . _______ __ ______ 1 Tonopah-Belmont._ _ .. ______ 1 Tonopah Extension__ __ _ ...1 Tonopah Merger. _ _ . ______ 1 Tonopah Mining_________ ______ 1 Tri-Bullion Smelt & D . .......... .5 Trinity Copper_________ . . .25 Troy-Arizona ______ 1 Tularosa _ _______ ____ __ ______ 5 Tuolumne Copper.. . _. ______ 1 Tuolumne River Gold . _____ 1 United Magma Mines ______ 1 United Mines of Arizona.. ______ 1 United Eastern Mining. . ... 1 United Copper Min. . _ ______ 1 US Continental Mines____ ______ 1 US Tungsten _ . ______ 1 United Verde Extension ____50c Unity Gold. _ _____ ______ 5 Utah Apex. ._ _________ ______ 5 Utica Mines._ _ _ _ . . ...1 t Without par value. Shares Open 20,156 15 25,700 % 315,650 IK 3,175 16K 380,390 % 70,850 1 168,600 8% 76c 1,067,000 20,700 K 39,600 IK 1,201,600 IK 55c 1,009,310 5,600 IK 77c 22,635 7,000 iy8 11,800 1%, 20c 13,000 986,500 IK 254,700 % 41c 125,300 14,000 IK 77,980 4K 333,500 72c 227,003 1 1,297,600 50c 191,550 IK 65c 557,450 40c 10,441 116,425 IK 81c 70,400 200 K 15c 119,350 61,936 59c 75,440 24,540 10K 97,355 15K 253,350 1%6 1,088,225 K 42,765 4K 300,020 23 Kc 24c 28,710 433,025 K 192,850 K 341,050 »« 681,260 42c 10,265 6K 1 49,600 49c 691,250 68c 8,000 1,000 42c 148,500 32c 28,610 IK 737,650 30c 401,300 1 32,950 4K 303,795 4 1.500 IK 20,292 5K 215,050 % 11,720 7 53c 639,350 3,700 K 62,100 2K 11,000 K 56c 231,100 473,556 IK 94,308 5 82,840 % 332,900 9c 403,630 22c 138,400 38K 121,750 3K 1,050 3 30c 671,950 Low 14 12 K K K K 6K 25c 14c IK K 25c IK 76c IK K 20c 22c K. 35c IK 2K % K 8c 48c 28c 26c 1 81c K 11c sXc 35c 6K K 1 K 2K 5c 18c 5c K Sc 3K 1 12c 66c 42C 27c IK 14c 1 2K % IK 3K K 6K 14c K 1 K 15c K 3K K 7c 7c 31K 2K 3 8c High 15K % IK 16K K 2 9K IK K Last % Range of Prices Sales Par Shares MINING STOCKS — {Concluded) Open Low High Last Utah National Min______________ 1 652,630 K Verde Combination Copper____50c 143,900 93,760 K Verde Inspiration_______________ 1 Virginia Lead & Zinc_____________ 5 12 400 18,625 K Virginia Mines___________________1 K West End Consolidated_________ 5 302,040 14,800 8K Wettlaufer Silver________________ 1 White Caps Mining___________ 10c 1,305,920 1 14c White Caps Extension________ 10c 239,650 90,075 IK White Cross Copper_____________ 1 White Knob Cop & Dev, pref__ 10 1 2,000 41c White Oaks Mines_______________ 5 4,555 31,070 2K White Pine of Nevada___________ 1 78c Wilbert Copper_________________ 1 419,950 IKs Yerington Mt Copper____________ 1 2,079,708 2,900 IK Yukon Gold_____________________ 5 22c Yukon-Alaska Trust______ (no par) 200 33c 65c 1 69c 5K IK 67c 10c 35c 32c K 2 4K 50c 21c 25c 2 22 K K 64c 5K IK 60c 4c 34 c 5c % IK 2K 23c 14c 11c IK 22 7Kc IK 78c 5K IK 84c 10c 2% 33c K 2 5 50c 33c 60c 2K 37 K K 68c 5K . 1 68c 5c Aetna Explosives 6s______________ 61,000 Amer Smelting & Refining 5s._ 1947 1,694,100 Amer Teleph & Teleg new 5s. .1946 1,400,000 Atlanta & Char A L Ry 5s____1944 274,500 Balt & Ohio 5% notes 1-yr__ 1918 136,000 Balt & Ohio 5% notes 2-yr__ 1919 37,000 Bethlehem Steel 5% notes____1919 5,796,300 I British Govt (United Kingdom of Gt Brit & Ireland 5Ks_____ 1918 6,451,000 I 5Ks....................1919 5,140,000 Canada (Dominion of) 5s_____ 1919 14443000 5s-------------------------------------- 1937 17,000 Canadian Northern 6s, w i________ 347,000 Canadian Pacific 6s_______________ 71,000 ZCerro de Pasco Copper 6s____1925 40,000 Chalmers 6% notes_______________ 2,000 I Chic Milw & St Paul 4Ks...2O14 2,250,000 Chic & West Indiana 6%notes 1918 730,000 I Chile Copper 6s_____________ 1932 178,000 Consol Arizona Smelting 5s__ 1939 220,500 Consol Copper 7s_________________ 4,600 Cosden Oil 6s________________ 1926 1,393,000 Cosden Oil new 6s________________ 935,000 Cosden Oil 6s Series B___________ 83,000 Cudahy Packing 5s__________ 1946 236,000 Erie Railroad 5% notes______ 1919 437,000 I French Municipal 5Ks______ 1919 2,902,000 Z French Govt 2-yr 5% notes..1919 2,131,500 General Electric 6% notes____ 1920 4,156,000 2-year 6% notes.._________ 1919 597,000 Great Northern 5% notes____ 1920 802,000 Hocking Valley 6s________________ 125,000 International Paper new 5s_______ 10,000 Long Island debenture 5s_________ 438,000 Mason Valley 6s_________________ 29,800 Z Midvale Steel & Ord 5s_____ 1936 1,738,000 National Conduit & Cable 6s_ .1927 5,000 N Y N H & Hartf 5% notes..1918 182,000 N Y Central 2-year 5% notes.1919 395,000 N Y City 4Xs________ ______ 1962 5,000 N Y City 4Ks,w i___________ ___ 1,421,000 N Y State new 4s________________ 630,000 Pennsylvania RR 4Ks_______ 1965 2,435.000 Poole Eng & Mining 6s______ 1926 10,000 Russian Government 5Ks____ 1921 6,033,000 Russian Government 6Ks____ 1919 4,905,000 Sinclair Gulf Corp 6s________ 1927 107,000 Sinclair Oil & Refining 6s____ 1926 2,185,000 Southern Ry 5% notes_______ 1919 1,001,000 Sulzberger & Sons 5s______________ 7,000 Todd Shipyards 6s________________ 2,000 U S Rubber 5s_______________ 1947 8,943,000 Victoria Oil 6s_______________ 1926 7,600 Western Pacific new 5s_______ 1946 818,000 Wilson & Co 6s______________ 1941 20,000 81 100K 99 100 98 K 98 K 9SK 75 90 99 95 K 98 K 98 K 95 K 81 100 K 100 K 100 99 K 100 98 K 80 91K 100 K 97 K 99 K 98K 95 K 99 K 99 K 95 K 95 K 98 K 101 K 115 95 96 K 99 K 100K 61 100 106 106 92 98 K 98 K 97 99 100 98 K 98 99K 99 85 62 95 K 100 97 K 97 105K 101 103 K 98 95 94 K 98 K 99 K 114 98 K 102 100 97 103 90 102 K 98 K 98 K 93 95 98 K 99 112 91K 94 K 97 K 100 K 45 100 97 K 77 K 90 98 97 94 98 K 98 98 K 97 99 K 99 79 62 95 100 96 K 96K 105K 101 103 K 97 K 95 36 45 96 110 96 K 102 100 91K 101 87 K 102 K 99K 99 K 97 K 95 K 99 K 101 K 116K 95 96 K 99 K 101 62 180 110K 109 93 100K 98 K 98 K 99 Ke 102 99 K 98 K 99 K 99 K 89 90 97 K 100 98 K 97 K 105K 103K 105K 98 K 95 94 K 98 K 99 K 115K 99 102 K 100 97 103 91 K 102 K 98 K 98% 94 K 95 98 99 112 91K 94 K 97 K 100K 50 180 97 K 77 K 91K 98 98 96 K 99 K 99 K 98 K 97 99 K 99 K 81 90 95K 100 96 K 96K 105K 101 K 105K 97 K 95 45 49 K 96 110K 96 K 102K 100 92 K 103 87 K 102K 15 IK 1% 68c 2K 81c IK IK 22c IK K 45c 47c IK IK 5 3K 3K % 1% K 58c 11c IK 62 Kc 31c 72c 47c 26c IK IK 1932 IK. K K 20c 11c K K 38c % 14K 6K 16 K 2 IK % K 4K 26c 5c 25c 18c 8c K 3K K« % K GOc 9c 7K 3K 2J^ 2K 60c 14c 83c 83c 42c 42c 34c 27c 2% 2Ks 70c 21c 1K 2K 5 3K 4K 1% 1% 1% 7 3K K •K« 7 8K 70c K K 2K IK 1 1K 57c 15c 1K K 3K 5K 11c 29c 41K 4 3 30c For Twelve Months Ending Dec. 31. COMPANY Range of Prices. 7c 7c 38 K 3K 3 11c BONDS Z Listed on New York Stock Exchange, where additional transactions are recorded. 1532 9c K IK 2K 20c 17c 12c IK 22 I New Stock. 1918 For Twelve Months Ending Dec. 31. For Twelve Months Ending Dec. 31 COMPANY Par Sales. No. Shares COMPANY. Range of Prices Open Low High INDUSTRIALS AND MISCELLANEOUS Aetna Explosives _ .(no par) Preferred ... ... 100 Trust certificates. ___ Air Reduction Co, on com (no par) 100 Amer & British Mfg com IOO Preferred . __ Amer Writing Paper common.. 100 Atlantic Fruit. __ ._ 100 100 Atlantic Fruit & S S Auto Scales . __ 50 Blumenthal (F) & Co common. IOO too Preferred ... British-Amer Tobacco ordinary .£1 Ordinary coupon _ .£1 Burnrite Coal Briq _ _____ Burns Bros Ice common.___ 100 mo Burns Bros 2d pref Butterworth-Judson. __ (nopar) Canadian Car & Foundry com. 100 100 Preferred _ __ _____ •Carbon Steel common _ 100 Second preferred. . _ .. 100 Car Lighting & Power________ 25 Carwen Steel _ ______ .10 Chalmers Motor Co com (no par) Preferred ... 100 Charcoal Iron of Amer com__ 10 Preferred___ _ ... 10 Chevrolet Motor _ 100 100 Cities Service common 100 Preferred ... . ... Columbiaville Woolen___ 10 Corp of Florida.. . _______ 10 Cramp (Wm) & Sons S & E B 100 Cuprite Esmeralda Sulphur__ -.1 Cuprite Sulphur ___ 1 Curtiss Aero & Motor (no par) Preferred _ _ . ___ 100 Davidson Chemical v t c (no par) Dictograph Products. _ 10 Eastern Vending . _ . . -.5 Edmundst Jones Corp com (no par) Par Last Range of Prices. Open Low High Last INDUSTRIAL AND MISCEL- 222,350 7K 5K 16K 5K 6,562 46 72 62 41K 1,090 7 6K 8K 6K 7,164 72 50 50 76 K 840 5 1 5 3 1,985 20 33 27 15 21,100 2 2K 4K 2K 2,450 11 15 10K 15K 2 700 2 3K 3K 300 2K 2K 2K 2K 308 65 100 65 95 150 86 86 95 95 26,700 16 23 14K 23 K 223,500 25 39 16K 14K 136,975 IK IK 5K 3K 396,411 19 48 18K 53 K 50 64 995 50 63 K 9,675 55 19 59 K 20 K 575 19 24 24 20 60 1,325 44 44 60 3,392 77 133 118 77 100 65 65 65 65 521,160 2 IK 3K 2K 6,193 9 9 8K 9K 11,400 3 7 3 6K 30 100 30 39 39 3,750 7K 8K 7K 7K 7 2,755 6 6K 6K 290,800 100 100 160 152 12,574 210 290 200 305 82 7,008 68 K 68 K 81K 21,420 12 10K 10K 11 K 2,750 8 8 7K 7K 90 1,020 86 80 91K 48,310 1 1 IK IK 219,760 IK 1K K 2K 10 42 191,233 26 K UK 50 74 50 1,455 70 100 31 31 31 31 3,750 8 8 7K 7K 37,170 6 5K 4K 4K 21 21 21 500 21 LANEOUS—(Continued) 1 Electric Gun. .... Emerson Phonograph _ ...6 Empire Tire & Rubber _ Everett, Heaney & Co, Inc.. ..20 Falls Motors vtc____ __10 Freeport Texas Co . (no par) Gen Amer Tank Car 1st pref. _ .100 .100 General Asphalt common 100 Preferred ______ General Development ..25 General Motor debenture stock 100 Gillette Safety Razor___ (no par) Grant Motor Car Corp com.. ..10 Grape-Ola common ...1 1 Preferred _ . _ _____ Hall Switch Signal common. _ .100 Preferred ... . . .100 100 Havana Tobacco common. 100 Preferred . . Hendee Mfg common. . __ .100 Holly Sugar Corp com__ (no par) 100 Preferred _ _ _____ Hupp Motor Truck Co ..10 Hurlburt Car Corp (no par) Preferred _ .100 Imperial Tobacco of G B & I. ..£1 IOO Intercontinental Rubber__ 5 Inter-Lube Chemical 100 Z Internat Harvester new. Internat Manganese Chemical ...5 International Motors common .100 100 First preferred. __ Second preferred _ . _ .100 International Trading Corp.. ...1 Preferred __ l Keystone Tire & Rubber com. ...10 10 Preferred _____ 100 Kirby Lumber common 100 Preferred 100 (S S) Kresge Co common__ 100 Preferred . _____ Lake Torpedo Boat common. ..10 /Listed on New York Stock Exchange, where additional transactions are recorded. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Sales No. Shares 78,450 K K K K 4 36,973 1 2K 4K 100 3K 3K 3K 3K 1,400 21K 20 20 K 21K 4 4 400 3K 3K 32 1,598 38 39 K 31K 90 90 90 50 90 62,555 23 K 40 K 23 K 71 71 2,300 61 61 100 22 K 22 K 22 K 22 K 79 78 14,600 79 K 83 K 110 16,664 78 77 K 114 300 3 3 3K 3K 80,248 % % K K 129,700 2 Kb 2K» IK IK 3 1 7,650 7K 4K 12 13 12 18 1,400 2 1,000 3 K K 400 3K 3K 3K 3K 16 16 14 14 100 35 40 230 40 K 35 96 110 99 K 96 99 K 58,080 4K 5K 2K 2K 18 7,185 18K 20 K 14K 105 105 100 105 105 10 10 10 10 75 25,150 9 8 10K 15 K 2 3 9,800 2 2K 104 zl04 98 800 98 8K 780 8 8K 7K 36 37 23 650 23 56 56 55 55 55 14 14 27 K 710 27 K 18,600 1K % K 2,400 K« IK Ks IK 502,360 45 K 46 K 12K 13K 17 K 10 15K 17K J5K 17 8,420 19K 10K 10K 61 63 491 60 60 85 85 3,225 70 69 K 101 104 100 265 104 6 IK 67,120 3K 1K CURB MARKET 251 1918—(Continued) For Twelve Months Ending Dec. 31. For Twelve Months Ending Dec. 31 COMPANY Sales No. Shares Open Low High 33 41 102 40 5044 50 50 102 102 54 X. 4 5 44 80 44 8144 1 X 107 107 34 25 85 85 48 42 18 944 41 4744 20 1444 454 254 20 17 5644 4044 34 23 1 54 30 30 3 54 344 1544 554 6 644 11 954 13 54 11 44 13 44 1344 36 4044 1 144 12 1754 38 38 15 15 8 8 654 644 16 16 87 86 244 54 44 44 1354 844 854 844 16 1454 35 3644 20 44 1044 644 444 102 102 1 35 X 33 54 % X. 2 54 3 254 3 154 3 344 5 744 144 144 454 454 54 44 1144 354 69 6144 INDUSTRIALS AND MISCEL LANEOUS—(Concluded.)— X. 254 78 54 104 20 80 42 6 39 1344 2 13 3444 23 36c 30 254 544 544 954 1044 1344 31 % 10 38 14 8 644 16 86 1-32 44 754 5 1454 21 944 4 73 X. 19 X X. 44 144 1 154 444 144 254 44 344 45 RIGHTS 38,838 11,400 228,250 300 85,000 400 800 600 4,325 52,900 105,000 10 44 17 9-16 1 2X 16 1244 Mfi 44 344 154 15 44 54 X. 2 16 1244 44 1-32 10 17 144 1 X 244 22 1744 154 Esmeralda Oil Corporation.. 1 Federal Oil 5 Friars Oil ._ .. ____ . 1 Glenrock Oil .. _ -.10 Globe Oil 1 Guffy-Gillespie Oil, preferred. . Kill Hanover Oil & Refining . 5 Houston Oil, common .10(1 Humble Goose Creek O & R ...1 Imperial Cons Oil __ __ 1 International Petroleum £1 ..10 Island Oil & Transp . Kansas-Utah Cons Oil 1 ... 1 Kenova Oil __ __ Kentucky Petroleum. _. (no par) Kinney Oil ______ _ ...1 Lost City Oil _ ... 1 Mays Oil. _ ... III Merritt Oil Corporation Metropolitan Petroleum Corp ..25 Mexican Eagle Oil _ Mid-Cont Con O&U_______ Midwest Oil common. 1 1 Preferred. . __ Midwest Refining _ _ . _. ..50 __1 Mineral Wells Petroleum. ..1 Monitor O & R 1 New York-Oklahoma Oil New York Chino Oil .. . _. 1 Northwestern Oil. ___ -.1 Oklahoma Oil common _ 1 1 Preferred __ __ Oklahoma Prod & Refg . ft Okmulgee Prod & Refg___ ft Omar Oil & Gas. 1 10c Overland Petroleum _ __ I Pan-Amer Pet & Transport.. ..50 Penn-Kentucky Oil ft . .1 Penn Pet & Ref___ Pennsylvania Gasoline.. _ __ 1 Penn-Wyoming Oil _ . 5 1 Picardy Oil ___ Queen Oil _ . .... . .1 ...1 Red Rock Oil & Gas ...I Rice Oil . __ Royal Dutch, new ______ _ 1 Royal Oil______ .... Sapulpa Refining. ft ft Savoy Oil Security Prod & Ref. ft Sequoyah Oil & Ref ... 1 ...1 Sinclair Gulf Corporation, (no par) Sinclair Gil & Ref warrants __ 1 Somerset Oil .. ..10 Southern Oil & Transp . . 1 Southwest Oil. . . . — .. Standard Gas & O Sep Corp ft 1 Stanton Oil ____ ..10 Stockton Oil ___ Texas Co, wi . ...I 1-32 Texana Oil & Ref ...1 344 Tuxpam Star Oil 1 2% 15 ' United Western Oil, new __ _ 1 United Petroleum _ 54 ft 54 Ventura Con Oil. X. Vacuum Gas & Oil Ltd----- . .1 2 1 Victor Oil . __ __ 10 1644 Victoria Oil. 16 Wayland Oil & Gas . .. .. ft ...1 54 Wyoming Petroleum __ FORMER STANDARD OIL SUBSIDIARIES Anglo-American Oil___________ £1 Atlantic Refining_____________ 100 Buckeye Pipe Line_____________ 50 Colonial Oil__________________ 100 Crescent Oil___________________ 50 Eureka Pipe Line_____________ 100 Galena-Signal Oil_____________ 100 Illinois Pipe Line_____________ 100 Indiana Pipe Line______________ 50 National Transit____________ 12.50 New York Transit____________ 100 Northern Pipe Line___________ 100 Ohio Oil_______________________ 25 Penn Mex Fuel________________ 25 I Pierce Oil Corporation________ 25 Prairie Oil & Gas_____________ 100 Prairie Pipe Line_____________ 100 Solar Refining________________ 100 Southern Pipe Line____________ 100 South Penn Oil_______________ 100 Southw Pa Pipe Lines________ 100 Standard Oil (California)_____ 100 Standard Oil (Indiana)________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________________ 100 Union Tank___________________100 Vacuum Oil___________________ 100 Washington Oil________________ 10 Shares Open Low High Last 3c 6c 1,744,450 X X. 380,125 4 IX 2X IX 17.90C 1-32 X. X. X. 734,40C 5 3X 4X 2X 1 13.61C X X 1X 50C 100 X 100 x 101 x ioi x 3 149,845 IX IX 7X 528,985 41 78 X 39 X 86 X 4 34 4,500 4X 4X 4X 187,350 X X X. X 152,900 19 x 13 M 17X 12X 1,504,446 6X 1 *£ IX 6X 3,650 X X Vi X 884,100 3-32 X Ys X 4,500 6Ys 7X 5X 7X 39,365 1 Ys X X 7,105 Ys X. X X. 4,900 16c 1 lc 11c 14c 23 387,690 21 Y. 17X 29 X 870,680 y* 2X. X 2X. 12 12 300 12 12 8,550 7 7 6X 7X 97c 87c 1.16 1,377,535 1.35 99,600 1 IX. 1 X. IX 123 207,372 105 90 139 104,800 3 IX IX 3X 58c 55c 58c 2,000 55c 98,500 X. X X X 39c 30c 25c 44c 51,850 57c 50c 1,181,600 42c 89c lc 3Xc 1,311,700 1c 8Xc 4c 14c 16c 161,100 3c 135,960 7 10X 9X 6X 1,721,600 2 1 2Ys 11 X 23c 433,800 38c 18c 40c 15c 21c 27c 123,600 19c 56,230 40 40 70 65 X 137,429 4X 5X 4X 5X 1 25,580 1 X X 127,400 X. X. X X. 500 3X 3X 3X 3X 25c 25c 38,900 15c 27c 50c 18c 8c 86c 1,653,380 844,825 1 Ys X X 3c 3c 1,437,130 Yi X 63,090 56 82 70 X 114,500 IX. X IX X 134,010 7 6 8X 10X 2,885 6X 6 9X 9X 55,500 X X X 555,500 X. % X 1% 556,500 15 24 15 22 X 39 993 40 20 43 46,450 X. X X. X 3 10,000 2 IX 3X 39c 57c 25c 58c 144,025 3,000 X X X X 66,595 IX IX X 2X 10 10 10,400 9X 9X 800 167 167 179X 174 78c 750,180 X. X. IX 2c 3c lc 22c 6,491,800 230 200 X Me 11-3? 166,098 % 2X 2X X 9c 17c 17c 7c 33,500 1,800 8X 5X 8X 5X 71,400 3-32 5-32 7Xc X 61c 62c 61c 60c 18,500 292,132 4 2X 6X IX 16,210 3 3X 3 3X 300 X Ys X X MINING STOCKS 216,200 143 442 21 65 38 716 749 681 560 5 165 6,136 34,498 427,650 3,018 1,550 10 103 996 40 3,728 390 10 5 5,990 11,617 5 20 1,710 2,497 20 11 X 908 ____ 85 470 36 180 85 138 90 14 90 100 290 26 13 418 249 310 166 245 93 210 620 335 485 490 248 415 91 85 325 32 , 18X 1030 100 470 40 200 145 192 103 1644 90 113 365 64 1854 662 296 310 185 300 96 260 700 335 485 710 327 415 91 107 420 32 1754 1020 92 470 37 190 94 155 102 1644 90 110 332 60 1644 655 255 310 180 293 94 260 698 335 485 705 322 415 91 107 404 32 OTHER OIL STOCKS Allen Oil________________________ 1 37,735 American Oil of New England__ 1 53.500 American Ventura Oil___________ 1 1,104,750 Appalachian Oil______________ 10c 465,500 Atlantic Petroleum______________ 5 1,200 Barnett Oil & Gas_______________ 1 657,100 Black Diamond Oil_____________ 10 300 Boston-Wyoming Oil____________ 1 1,300,000 Central Oil______________________ 1 77.500 Continental Refining com______ 10 1,100 .Preferred____________________10 200 Cosden & Co., com_____________ 5 484,908 Preferred_____________________ 5 5,410 Crown Oil______________________ 1 432,265 Crystal Oil & Refining___________ 1 78,734 Cumberland Prod & Refin______ 1 73,800 Dixie Gas______________________ 10 41,850 Drillers Oil____________________ 10c 57,080 Duthie Oil______________________ 1 114,400 Elk Basin Petroleum____________5 84,275 Elkland Oil & Gas______________ 1 286,850 Empire Petroleum________ _. 2 350 X 22c 6c 6c 2X lMfi 744 24c 51c 12 12 ‘ 44 344 % 1 154 1044 /^6 57c 654 44 1X 17c 6c 4c 244 TY 15c 45c 1144 12 554 344 10c 1 44 1044 y* 53c 6X 3-32 144 % 22c 21c 10c 3 IX. 7X 33c 65c 1344 13 854 444 IX. 144 144 1054 44 60c 744 44 2 54 18c 7c 4c 244 Y* 754 19c 45c 13 13 654 4 11c 154 44 1044 44 57c 6 3-32 2 Alaska-British Columbia Metals. 1 America Mines ____ 1 Amer Tin Tungsten___ 1 Amina Mining___ __ ____ ____ 50c Arizona Bingham Copper _ _ 5 Atlanta Mines__ . . . 1 Aurora Silver Mines__ . . ft 1 Big Ledge Copper Co ... 5 Bingham Mines_____ 10 1 Boston Montana Devel .. . ft Bradshaw Copper Min. . _ ..1 1 Buffalo Mines. ______ I Butte Cop & Z;nc vtc. __ .-5 Butte-Detroit Cop & Zinc _ .1 Butte-New York Copper. 1 Butte Ramsdell Copper. _ __ 5 Caledonia Mining__ __ ____ ..1 Calumet & Jerome Cop.. — 1 Canada Copper Co Ltd__ 5 ..1 Candelaria Silver______ ..1 Cash Boy. ... .. __ Cerbat Silver M & M. _.l 1 Coco River Mining _. __ ..1 Consol Arizona Smelt ... 5 Consol Copper Mines -.5 Consol Homestead__ 1 Copper Valley. . _______ 1 Cresson Con Gold M & M. ..1 Crystal Copper Mines . _____ 1 Darwin Lead & Silv M & Dev. _ ..ft Davis-Daly_______ .10 Denbigh Mines . __ .. 1 Dome Extension 1 Dendee Arizona Copper ._ ..1 Dupont Copper. __ 1 East Butte_____ _ ___ .10 El Salvador Silver __ . _____ -.1 Emma Copper. _______ -.1 Eureka Croesus Min________ ..1 First National Copper.. ___ -.5 Fortuna Consolidated ____ ..1 Gibson Con Copper . __ ..1 Globe Dominion Copper_____ __1 Golden Rule Mines. 1 Goldfield Cons Mines__ __ .10 Goldfield Merger..__ _____ __1 Gold Hill Mining . ________ ..5 Great Bend _______ 1 Great Verde Ext Cop__ _____ 25c Green Monster Mining. ._ .50 Hattie Gold Min _ ______ 1 Hecla Mining._ _ . ______ 25c Howe Sound Co__ ..1 Hypotheek M & M_ __ ____ 10c I Listed on New York Stock Exchange, where additional transactions are recorded. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Range of Prices. Sales Par Last OTHER OIL STOCKS— (Concl.) Lima Locomotive common____ 100 23,027 44 X Lukens Steel___________________50 200 41 Lukens Steel 1st pref__________100 10 102 Manhattan Transit____________ 20 13.500 X Marconi Wireless Tel of Amer__ 5 296,959 3X Marlin Arms v t c_______ (no par) 1,000 78 Maxim Munitions_____________ lO 673,100 % Midland Securities Co________ 100 620 104 Mitchell Motors_________________ 1,675 29 Nash Motors_____________(no par) 200 80 National Ice & Coal__________ 100 500 47 Nat Motor Car & Vehicle, (no par) 4.900 7 N Y Shipbuilding________ (no par) 4,105 39 N Y Transportation____________10 32,600 16X North Amer Pulp & Paper, (no par) 160,020 2X Peerless Truck & Motor_______ 50 48,750 14 Penn Seaboard Steel_____ (no par) 19,270 43 Pa Coal & Coke_______________ 50 18,654 3214 Perfection Tire & Rubber_______ 1 32.900 42c Pittsburgh Rolls Corporation.. 100 25 30 Pocahontas-Logan Coal_________ 5 3,550 3X Poulsen Wireless______________ 100 110,130 12 Prudential Pictures_____________ 5 30,530 5X Pyrene Manufacturing Co_____ 10 1,840 9X Relc Equipment Corp__________10 41,826 io x Reo Motor Car________________ 10 100 1344 Republic Motor Truck___ (no par) 2,300 4044 Roanoke Ore & Iron Corp______ 1 74.500 1 St Joseph Lead________________ 10 137,005 15 St Louis Rocky Mt & Pacific.. 100 100 38 Scripps Booth Corp_____ (no par) 265 14 Seab Steel & Manganese..(no par) 200 8 Security Drug_________________ 10 1,950 6 44 Smith (A O) Corp com___ (no par) 20 16 Preferred___________________ 100 75 87 Smith Motor Truck____________ 10 1,726,431 1 Springfield Body Corp com____ 100 100 X Standard Motor Constr________ 10 81,280 1144 Steel Alloys Corp_______________ 5 18,752 5 Steel & Radiation Lt__________100 725 15 Stromberg Carburetor____ (no par) 5.900 21 Submarine Boat v t c____ (no par) 348,020 1244 Thiogen Co of Am______________ 5 186,398 4 Todd Shipyards Corp____ (no par) 785 74 Triangle Film Corp vt c________ 5 43,000 % United Motors__________ (no par) 106,740 20 United Profit Sharing_________ 25c 20,448 X United Zinc Smelting____ (no par) 6.900 2 U S Aeroplane Corp_____________ 5 18,925 144 U S Light & Heat com_________ 10 199,313 144 Preferred____________________ 10 4,100 IX U S Steamship_________________ 10 640.900 5 44 Victory Gun____________________ 1 10.900 1X Wayne Coal_______________ ____ 5 200.900 344 World Film Corp vtc___________5 31,300 X Wright-Mar Aire Corp___ (no par) 712,700 654 Preferred___________________ 100 4,169 45 American Telephone & Telegraph. American Sumatra Tobacco...__ Anglo-American Oil______________ Lorillard (P) Co_________________ Norfolk & Western RR__________ Pacific Mail Steamship__________ Penn Seaboard Steel____________ Port Lobos Petroleum___________ Royal Dutch Co_________________ Texas Company_________________ Wilson & Co____________________ COMPANY. Range of Prices 752,843 262,100 426,725 192,495 74,300 904,400 62,700 X. 50c Ys 30c 5X 9c 2X X. 50c X 22c 3X 3c 2X 70c 91c % 68c 6 13c 6X 1,14X678 200 IX 10X X 9X IX 10X 3,514,150 90,020 4,600 66,200 1,055,200 21,075 6,700 1,700,350 1,044,400 206,900 423,300 1,482,700 509,200 45c IX X 6X 38c X. X 6X 2c X 4X 23c X IX 37c 3c 42c 96c IX IX X 1X 6 56c IX 2X 53c 19c IX 1 IX. 4X 22c X 4X X 2X 5X X 12c X. X 9X 55c 11c % IX 30c IX X X. 17c lc 3c 2Xc X. X. 33c 2X 3X 12c 2X IX. 7X X 2X 6 X 5 5X 2X 14c IX. X 10X IX X. 2X 2X 46c 3 IX 1 X. 11c 5c 10c 1 1 86c 6X. 4X 35c 34,910 283,800 321,650 151,225 86,240 229,450 200 2,900 700 96,685 7,440 20,715 5,900 800 480,732 ,196,445 670,369 31,210 239,800 179,816 154,600 96,455 279,800 407,800 9,000 382,450 9,500 229,630 324,310 219,632 8,030 1,014,000 x« % 5X 46c IX. 2 37c 4c 46c 2X IX 6X 24c 1 4X X 2X 5X 2 12c X 10 X 55c X. IX. 2X 40c 2X X X X. 3Xc 4c 5Xc X. X 50c 4X 4X 16c iox 50c 89c X 56c 4 5Xc 5 lzg % 9X 53c X 1 11 2Xc X 4X 29c X. 2X. 53c 8c IX 1 1 IX. 6X X X 5 5 X 5X X. 14c IX X 10 IX 12c IX 2 40c 2 X X 23c 6c 5c 4Xc 1 X 43c 4X 4 12c 252 CURB MARKET 1918—(Concluded) For Twelve Months Ending Dec. 31 COMPANY Par Sales No. Shares For Twelve Months Ending Dec. 31. Range of Prices Open Low MINING STOCKS— (Continued) International Mines.. . __ .1 14c 8c Iron Blossom Con Min______ -10c 57,670 % K Jerome Prescott Copper____ ...1 178,450 3 Ks Jerome Verde Copper__ __ ...1 243,650 % K Jim Butler.. _ ...1 603,875 78c 32c Josevig-Kennecott Cop.. _ ...1 87,460 K Jumbo Extension_______ ____ 1 343,650 15c 8Kc Kerr Lake_________ _____ __ ...5 14,225 5 5 Kewanus ______ ...1 6c 262,550 lKc Kirkland Perplyn G M____ 1 50c 41,000 50c La Leona Silver__ __ 5 57,270 3% K La Rose Consol Mines. . . .. ...5 112,450 K K Lampazos Silver _ ________ ...1 416,000 K K Lavelle Gold ...1 1 3,800 K Liberty Silver......................... ...1 430,750 28c 28c Lone Star Con _ ____ ...1 479,010 5c lKc Louisiana Consolidated______ ...1 145,900 Vi K MacNamara Mining________ ...1 8,400 33c 32c Magma Chief__________ 1 113,730 K> K Magma Copper_____ _____ ft 58,085 42 23 Marsh Mining______________ ...1 420,000 6c 2Kc Mason Valley ft 81,070 5K 2K McKinley-Darragh-Savage. 1 162,900 55c 38c Milford Copper. _____ ____ ...1 1,250 iy8 K Mines Co of America________ -.10 2,900 IK K Mines Holding...__________ 1 4,600 K. Mogul Mining_______________ ...1 22,100 35c 10c Mohican Copper.. _________ .. .1 47,700 14 K Monitor Silver Lead & Zinc . ...1 1,000 Vs K Monster Chief_______________ ...1 886,100 5 K Mother Lode________________ ...1 1,611,800 27c 25c Mutual Mining & Leasing___ ...1 31,000 1 1 National Leasing_________ 1 1.193,000 6c lKc National Zinc & Lead_______ 1 691,800 28c 7c Nevada Ophir Mining___ 10c 135,800 19c 13c Nevada Rand_________ _____ 10c 107,000 13c 13c New Cornelia__ ____________ ft 83,050 15K 15K N Y & Hon R C M_________ 10 3,300 11 12 K Nicklas Mining______________ 10 27,400 28c 28c Nipissing___________________ ...ft 52,300 8 8K Nixon Nevada Mining_______ ...1 31c 141,495 % Ohio O_____________________ 1 496,800 % K Onondaga Mines Corp_____ .. .1 934,280 2 IK Pacific Tungsten__________ ...1 638,600 % IK Pole Star Copper___________ , . 1 77,200 20c 20c Porphyry Copper .. .. . 1 99,100 67c IK Portland Consol Copper_____ 106,800 33c 30c Provincial Mining__________ .. .1 192,800 44c 43c Rawley Mines. . . _______ 1 49,820 IK IK Ray Hercules Mining________ ft 163,300 3 3K Red Hills Florence__________ ...1 2,500 4Kc 4c Red Warrior Mining_______ ...1 76,150 K K Rex Consolidated Mining___ ...1 333,200 10Kc 7Kc Rochester Combined_____ . . 1 247,500 38c 34c Rochester Mines____________ 1 704,200 30c 27c St Nicholas Zinc____________ ...1 102,000 3c 6c San Salvador________________ 1 7,500 K K Santa Fe Copper____________ ...1 8,800 K K San Toy Mining. __________ ...1 82,400 12c 7c Seneca Copper Corp___ (no par) 48,600 7K 7K Senorlto Copper....................... .-.1 122,450 K K Silver Canon Mining________ ...1 184,000 65c 65c Silver Fissure Silver_________ . . .1 345,200 K K Silver King of Arizona____ . ...1 837,220 5-32 5-32 Silver King Cons of Utah___ 5,195 3K 2K Silver Pick.. ____________ . I 121,350 5c 2Kc Silver Plume Consol_________ 1 54c 61c 105,875 Standard Silver Lead________ ...1 210,680 K. K. Stewart____________________ 1 10c 676,700 K Success Mining____________ 1 607,400 9c 7c Superior Copper. __________ 10 26,545 2 2 Superstition Mining_________ ...1 40,200 8c 8c Tintic Mining_______________ 5,000 K K Tonopah Belmont__________ ...1 2 19,695 3 Tohpoah Divide. __________ ...1 17,000 1% 1% Tonopah Extension_________ ...1 1 349,075 IK Tonopah Mining____________ 1 10,235 4 2Ke Tri-Bullion Smelt & Devel__ ft 70,520 K K Troy-Arizona_______________ ...1 230,011 15c 8c Tuolumne Copper_______ __ _ ...1 43,100 IK K United Eastern______________ ...1 20,225 4 3 United Suplhur Mines _ _____ 1 8,870 K United Verde Extension____ .50c 65,700 36 K 32 U S Lead & Zinc________ __ 6c 1 9c 635,605 Unity Gold_________________ 54,470 ft 3K 3K Utica Mines__ ___________ 9c 1 11c 31,500 Verde Combination__ ___ -50c 1,500 K K Ward Mining & Milling..__ ...1 18c 4c 799,000 Wasapika.. __ . ____ ...1 40,000 37Kc 37Kc Washington Gold Quartz. . _ ... 1 74c 73c 66,600 Washoe Copper ___ _______ ...1 11,800 IK K COMPANY. Last Sale High 20c % 9K K 90c K« 24c 6 10Kc 50c 4K % 2 1 62c 33c K 34c K 42 8Kc 6K 60c IK IK Kt 35c K K 15K 56c 2K 8c 38c 21c 23c 19K 14 46c 9K 1% 1% 6 2K 28c IK 34c 57c 2K 4K 4Kc K 15c 41c 54c 7c IK K 18c 16 1 88c 1 K 3K 9Kc 76c % K 16c 3K 13c K 3K 2 Kt 2K 4 Kt 29c IK 5K K 42 60c 6K 12c K 52c 50c 91c IK Kt Kt K 35c Kt 13c 5K 7c 50c K K 37c K 56c 8c K 33c Kt 26 4Kc 2K 48c K K Kt 15c K K 5 35c IK lKc 11c 19c 22c 18 12 36c 9K 43c K 4K IK 22c 68c 32c 49c 2K 3K 4c K 8c 36c 27c 4c IK IK 8Kc 15K K 72c % 13-32 2K 6c 69c K 16c 7Kc 3 11c 2 Kt 2 2 Kt 3 K 10c K 4K K 39 9c 5 10c % 28c 49c 89c K Par MINING STOCKS— (Concluded) West End Consolidated___ ...5 Western Utah Extension . ...1 White Caps Extension______ ..10c White Cap Mining .... ..10c White Knob Copper_______ 10 10 Preferred _ _ ______ __ _ Wilbert Mining____________ ...1 Yerington Mt. C. _____ ____ Yukon-Alaska Trust_____ (no par) Yukon Gold Co_____________ ...5 Sales No. Shares Range of Prices. Open Low 69c 15c 10c 12c 5c 1 17c 10c 22 IK 498,800 509,500 162,400 974,640 8.500 7,985 105,900 7,800 915 18,100 65c 11c lKc 8Kc 5c 1 4c 8c 21 K Last High IK 22c 18c K 10c IK 17c 10c 26 2 IK 17c 2c 10Kc 8c 1K 5c 8c 24 K IK 99 K 99 K 100 95 95 93 K 99 K 98 K 100 100 K 100 K 101 K 100 K 99’K 101K 100K 100 K 102K 99 K 103 K 99 K 99 K 103 99 K 100 99 101K 98 97 K 101 96 96 K 100 K 96 99 K 95 K 95 95 K 99 K 95 100 Vi 95 K 98 K 98 K 98 K 96 K 96 K 100 99 K 99K 101 99 98 K 100 K 98 K 98 100 K 97 97 K 100 K 97 96 K 101 96 96 96 97 95 94 K 94 K 94 K 99 K 97 98 K 98 K 101 100 K 101 K 99 K 99 K 99 K 102 K 102 117K 57 35 55 115 115 125 79 79 79 K 82 79 83 98 97 K 102 K 96 K 96 K 96 K 97 93 K 93 K 101K 101 K 106K 98 98 K 101K 99 99 100 K 97 98 97 K 90 98 99 K 100 K 99 K 100 K 98 98 98 K 99 98 K 99 K 98 K 98 K 98 K 98 98 98 K 98 98 98 97 K 98 K 97 K 96 96 96 104K 104 K 109K 98 K 99 K 99 K 97 K 97 K 99 K 97 K 97 K 97 K 100 102 100 99K 101K 99 K 99 99 101 k 98 K 98 K 101K 98 K 98K 103 K 50 38 78 33 73 41 99 99 K 98 K 76 78 81K 99 97 K 97 K 98 98 K 98 K 100 100 99 K 100 98 K 100 99 K 99 K 98 K 97 K 99 K 99 K 98 K 98 K 97 K 96 K 96 K 96 K 96 K 96 K 96 K 98K 98 K 96K 97 97 K 97 K 97 K 101K 98 K 75 75 75 99 K 101 K 99 K 98 K 100 K 98 K 97 97 93 K 99 K 99 K 99 K 100 94 K 100 101 101K 102K 102 K 102 K 101 K 101 100 K 99 K 99 K 100 K 98 34 99 K 100 K 100 K 100K 100 K 100 K 96 95 K 99 K 98 K 100K 99 K 117 35 125 79 K 79 K 102 K 96 96 K 103 K 101 100 K 97 K 92 99 BONDS Amer Cotton Oil 7% notes__ 1919 Amer Telep & Teleg conv 6s 1925 6% notes__ . . ..Feb. 1919 Amer Tobacco serial 7s______ 1919 Serial 7s_________ ______ 1920 Serial 7s__________________ 1921Serial 7s._____ _________ 1922 Serial 7s__ _______________ 1923 Armour conv deb 6s __ 1919 Conv deb 6s _ .. _______ 1920 Conv deb 6s_____________ 1921 Conv deb 6s . ________ 1922 Conv deb 6s_____________ 1923 Conv deb 6s.______ _ 1924 Balt & Ohio RR 2-yr 5% notes___ Beth Steel 5% notes____ Feb 1919 Serial 7% notes________ .. 1919 Serial 7 % notes__________ 1920 Serial 7% notes___________ 1921 Serial 7 % notes___________ 1922 Serial 7 % notes___________ 1923 Braden Copper 6s__________ 1931 I Brooklyn Rapid Transit 7s.. 1921 Canada (Dom of) 5% notes.. 1919 Canadian Pacific 6s _______ Chicago & North West deb 5s. 1987 Chicago & Western Indiana 5s___ Cities Service deb 7s___ _____ 1966 Consol Arizona Smelting 5s__ 1939 Consolidated Copper 7s.____ Cosden 6s Series'A_________ 6s Series B _. ______ _____ Cudahy Packing 7% notes__ 1923 Denver City Water 4Ks_____ 1948 Erie 5s ______ __________ 1919 Federal Farm Loan 5s_______ General Electric 6% notes___ 1920 6% notes____________ Dec 1919 Great Northern Ry 3-yr 5% notes. Interboro Rap Tran 7% notes. 1921 Kansas City Ter Ry 6s _____ 1923 I Lehigh Valley RR 6s_______ 1928 Liggett & Myers Tobacco 6s. 1921 Moline Plow serial 7s_______ 1920 Serial 7s__________ __ __ 1922 Serial 7s_______________ .. 1923 N Y Central 2-year notes. New York City 4Ks_______ I Norfolk & Western conv 6s. 1929 Penn RR gen 5s____________ Phila Elec 6s notes_________ 1920 I Pierce Oil 6 % notes ______ Procter & Gamble serial 7s__ 1919 Serial 7s_______ ___________ 1920 Serial 7s__________________ 1921 Serial 7s _. . ___________ 1922 Serial 7s_______ __ ___ 1923 Russian Government 6Ks___ 1919 5Ks------- ----------- --------------- 1921 St Paul Union Depot 5Ks___ 1923 Sinclair Gulf 6s_ _______ 1927 Southern Ry 5% notes____ 1919 Studebaker serial 7s__ __ ____ 1919 Serial 7s__________________ 1921 Serial 7s_______ . _______ 1922 Serial 7s________ _______ 1923 Serial 7s________ . ______ 1924 Serial 7s__________________ 1925 Serial 7s.__ _____________ 1926 Serial 7s__________ ______ 1927 Serial 7s_______ ____ ______ 1928 Serial 7s. _ _ __________ 1929 I Union Pacific Ry 6s . . 1928 . . U S Light & Heat 6s US Rubber 7s._ .. .. .. West Elec 1-year 6% notes__ Wilson & Co conv 6s_. .. .. 1928 Winchester Repeating Arms 7s 1919 8268,000 924,000 3,715,000 678,000 890,000 674,000 1,425,000 2,688,000 437,000 325,000 283,000 396,000 560,000 573,000 1,000 2,330,000 603,000 704,000 693.000 1,342,000 2,856,000 426,000 220,000 8,099,000 44,000 755,000 10,000 125,000 33,000 60,000 15,000 60,000 1,459,000 95,000 13,000 4,742,000 1,234,000 1,012,000 63,000 3,405,000 544,000 290,000 1,704,060 1,000 16,000 6,000 24,000 000,000 1,335,000 3,220,000 542,000 18,000 137,000 111,000 214,000 104,000 193,000 5,414,000 3,114,000 177,000 164,000 103,000 11,000 39,000 52,000 22,000 11,000 10,000 5,000 31,000 100,000 8,000 2,760,000 7,000 469,000 1.417.000 1,310.000 35,000 99 K 98 K 98 K 98 98 K 96 « 108 K 98 K 98 K 97 K 100 100 K 101 Q 100K 100 53 49 99 K 81 K 98 K 98 99 K 98 K 99 97 K 98 K yb ‘/e 96 K 96 K 97 101 K 75 101K 100 93 K 99 K ZListel on the New York Stock Exchange where additional transaction? are recordel. “CURB” MARKET PRICES—MONTHLY RANGE FOR 1918. September ; October November December April June July August January February 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 INDUSTRIAL AND MISCEL. STOCKS. Par. Aetna Explosives____ (no par) Preferred________________ 100 Col tr ctfs__________________ Air Reduction Co Inc com. (t) Amer & Brit Mfg com______ 100 Preferred________________ 100 Amer Writing Paper com..100 Atlantic Fruit____________ 100 Atlantic Fruit & SS_______ 100 Auto Scales_________________ 50 Blumenthal (F) & Co com.100 Preferred________________ 100 Brit-Amer Tob ordinary__ £1 Ordinary coupon________ £1 Bunrite Coal Briq___________ 1 Burns Bros Ice common___ 100 Second preferred________ 100 Butterworth-Judson . (no par) Canadian Car & Fdy com..100 Preferred________________ 100 Carbon Steel common____ 100 Second preferred________ 100 Car Lighting & Power______ 25 Carwen Steel Tool_________ 10 t Without par value. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 612 8 4U2 47 7 7 6Sg 95g 42 52 53 934 61 73g 55 70 8lg 8ig 8lg 8I4 72 77 77 68 76'2 70 15’ 2 20” 2l2 10l2 11 2 2 100 90 1634 16’-4 1734 65 86 16 5 5 212 3l2 214 11 15i2 ................... ................. ... __ 1578 1634 17 18 19 90 95 1478 15U 77 2 S’2 51 SO 23g 9 834 834 3 70 75i2 22 25 4 22 12 12 13ig 13lg 31g 25g 95 90 95 16 17 1414 15’4 145g 16l4 1514 1614 1638 1758 29l2 23 64 55 3012 5 28 2l4 15 3 25 3 33 4l2 95g 12l2 684 103g 54 54 4i2 4i2 1 3 334 414 3 3U 53s 78g 3 3 5U Sig 62 62 •612 612 50 60 212 234 15 95 20i2 2314 '22l4 233g 163g 16ig 183g 1712 18i2 1734 1 8 I8I2 21 16l2 17l2 15i2 18i2 1734 18i2 17i2 I8I4 I8I4 2112 2034 233g 2212 25 16 1834 29i2 26 314 3i2 212 5lg 13s 4SS 443g 4134 527g 42 3934 34 36i2 34 20 59l2 2334 24 25 60 90 91 116 lid' 112” 114 133 112 120 65 23g 234 27g 2lg 25g 21g 212 3'4 2lg 21g 9 9i2 9 9l2 9 9 25 54 90 65 20 72 3[8 25g 19 50 44 85s 8I4 1634 133g 1434 1H4 1438 ioi2 1334 66 68 65 65 65 69 5612 60 72 118 214 212 53i2 42 49 19 30 20 120 1=8 2 Kg 2l» 2lg 214 CURB MARKET. 253 “CURB” MARKET PRICES—MONTHLY RANGE FOR 1918 (Continued.) September October November December August January February 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 INDUSTRIAL AND MISCEL LANEOUS (.Concluded'). Chalmers Motor Corp, (no par) Preferred________________ 100 Charcoal Iron of Amer com. .10 PreferreJ .._______________ 10 Chevrolet Motor__________ 100 Cities Service com_________ 100 PreferreJ________________ 100 Columbiaville Woolen______ 10 Corp of Florila_____________ 10 Cramp(Wm)& Sons S & E B 100 Cuprite-Esmeraida Sulphur.l Cuprite Sulphur____________ 1 Curtiss Aerop Motor com., (t) PreferreJ................. .100 Davidson Chem v t c . .(no par) Dictograph Products_______ 10 Eastern Vending____________ 5 Edmunds & Jones Corp com (t) Electric Gun_________________ 1 Emerson Phograph__________ 5 Empire Tire & Rubber________ Everett, Heaney & Co, Inc..20 Falls Motors v t c___________ .10 Freeport Texas Co_________ (t) Gen Amer Tank Car 1st pf.100 General Asphalt com______ 100 Preferred________________ 100 General Deielopment______ 25 General Motors deb stk w i___ Gillett Safety Razor________(t) Grant Motor Car Corp com.. 10 Grape Ola common__________ 1 Hall Switch & Signal com..100 Preferred________________ 100 Havana Tobacco com______ 100 Preferred________________ 100 Hendee Mfg com__________ 100 Holly Sugar Corp com____ (t) Preferred________________ 100 Hupp Motor Car Corp______ 10 Hurlburt Mot Truck com., (t) Preferred________________ 100 Imperial Tob of Gt Brit & Ire_£ Intercontinental Rubber..100 Inter-Lube Chemical________ 5 Internat Harvester new.. 100 Int Manganese Chem________ 5 Internat Motors com______ 100 First preferred__________ 100 Second preferred________ 100 Internat Trading Corp com..l Preferred__________________ 1 Keystone Tire & Rub com..10 Preferred_________________ 10 Kirby Lumber com________ 100 Preferred________________ 100 Kresge (S S) Co com_______ 100 Preferred________________ 100 Lake Torpedo Boat com___ 10 Lima Locomotive com______ 100 Lukens Steel com__________ 50 First preferred__________ 100 Manhattan Transit________ 20 Marconi Wireless Tel of Am..5 Marlin Arms v t c___ (no par) Maxim Munitions__________ 10 Midland Securities Co____ 100 Mitchell Motors______ (no par) Nash Motors_______________ 100 National Ice & Coal_______ 100 National Motor Car Vehicle (t) New York Shipbuilding.__ (t) New York Transportation..10 North Amer Pulp & Paper., (t) Peerless Truck & Mot Corp..50 Penn Seaboard Steel., (no par) Pennsylv Coal & Coke Corp.50 Perfection Tire & Rubber___ 1 Pittsburgh Rolls__________ Pocahontas-Logan Coal_____5 Poulsen Wireless__________ 100 Prudential Pictures_________ 5 Pyrene Mfg_________________ 10 Relc Equipment_____;_______ 10 Reo Motor Car______________10 Republic Mot Truck, (no par) Roanoke Ore & Iron Corp__ 1 St Joseph Lead____________ 10 St L Rocky Mt & Pac Co comlOO Scripps-Booth Corp..(no par) Seaboard Steel & Mangan..(t) Security Drug_____________ 10 Smith (A O) Corp com. (no par) Preferred________________ 100 Smith Motor Truck_________ 10 Springfield Body Corp com. 100 Standard Motor Constr.__ 10 Steel Alloys Corp____________ 5 Steel & Radiation Ltd_____100 Stromberg Carburetor (no par) Submarine Boat v t c_______ (t) Thlogen Co of America______ 5 Todd Shipyards Corp, (no par) Triangle Film Corp v t c____ 5 United Motors________ (no par) United Profit Sharing____ 25c United Zinc Smelting.(no par) U S Aeroplane Corp________ 5 U S Light & Heat com______ 10 Preferred_________________ 10 U S Steamship______________ 10 Victory Gun_________________ 1 Wayne Coal__________________ 5 World Film Corp vtc________ 5 Wright Martin AircraftCorp(t) Preferred________________ 100 4'g 4ig 7 3 30 30 39 39 8 8! 71’ 734 63g 7 100 120 115 135 210 2191a 200 215 68k 74l2 7512 79 734 734 86 86 O-ig 63S 8I2 8»8 118 209 llOU124 205 208 734 80 Us 1 1X> 1. 13c 84 3O12 3812 34 71 484 3U 43g *8 27g 8I4 838 6ig 6l2 122 144 130 210 215 200 7i4 7U 6 6ig 638 63g 127 160 145 150l2 142 152 244 305 285 301 280 291 813g 82 7314 77 11 12 "iii4 Ti"i2 10ig Il’s 10S8 12 128ls 141 115 209 209l2 216 '2 33d . s8 9 35S 5i2 5g Q 35g 214 83 1 Xs 1*4 42 74 3 Xs >2 U2 2ls 131 216 9U2 .... .... 90 1 13g >2 7g Xs 7 36l2 4034 36 38 5i8 57g 55g ll4 134 1’2 ’8 l2 3334 36 28 u 14 11 16 50 50 31 31 7i2 8 36i2 34i2 90 233g 61 3812 3934 34l2 3134 3134 90 32l2 28i2 37 30 61 £6 71 1'2 134 2l2 6 4i2 712 13 17i2 U2 3l2 40 40 40 99!8 99's 96 2ig 234 14’g 105 9U U2 41 102 l2 33g % 334 5g 16 18 2lg 314 35g 5i2 6l2 934 11 17i2 16 33g 334 78 8U2 >2 % 212 234 I6I4 20 47c 48c 314 314 Xs 312 12 87 U2 Xs 1834 177g I8I1 207g 33g 334 1 Xs 58 Xs Xs 10 117g 1414 1412 358 17 4434 32l2 32l2 234 314 10l2 157g 40l2 15 I5I4 16 38 38 15 15 ”6l"2 ’ 634 6i2 1514 334 2lg 2% 2%, 185g 18 Xs 3 Xs 3i2 25g 3U 3g Xs 1034 137g 412 47g 10 38 11 16 17l2 15l2 16 15U 18 37“ 17ig 277g 28 17 4512 137g 20 14 14 13l2 21g 212 2lg 33s 3ig 15 16 14l2 54l2 5612 53 563s 50 31 28U 33l2 29l2 34 30 53g 234 4l2 2l4 234 33 45l2 40 47 33g 3ig 35g 58 >2 % 38 35g 6 12 4714 46U 41 16 1312 238 3l2 27g 43 17 50 50 50 49 31 26l2 32 27 f2 434 *2 4i4 5'4 12 44 1512 14ig 14U 312 2l2 3U 46l2 17 H2 2i4 12 378 34 434 20 25*8 42 8 48 91’ 214 3 16l4 1912 50 34l2 42i2 40 43l4 3134 23 28 30 12l2 1478 10lg 11 34 13l2 13l2 3934 3984 ’1558 14i2 1434 14l2 1434 9U 10i2 934 934 1058 12 6l2 lll4 1258 12l2 135g 712 1034 135g "% 'Tl2 15 15 15 5i2 7 11 1U2 ’35' 3612 id’ "1414 ”8" 6i2 10U 13l2 12 27« 13i2 113S 13i2 1U2 157g 4I4 412 4 5 80 80ig 1 34 7g % 305g 2478 2834 2212 263g 3g Xs % 2 U2 U2 Us 184 434 H4 134 5lg 38 61S 58 734 218 25g 134 25g 3 33g Listed on ns 47S Us 10 4U 5g lOOU zl04 Listed Ex. Sept25T8". 43g 4l2 414 5U 45g 514 46 47 44 46l2 4534 4534 50 50 10l2 10l2 1212 14 74 7g 1 197g 265g 8 501; Xs 334 16 23g 14 177g 19 4 17 5s 16 13 73 11 99 19l2 16l2 19 62l2 60 63 Xs 3i2 1734 lXs 2’Xs 8i2 lli2 1134 1414 Xs Xs 12 37g lll2 12 14 16 8 4 3 12 3U 9§" 334 2212 22!2 833s 78 81 101i2 102 114 3>8 78 102i2 101 3 % % 2lg 2Xs 1 334 33S 8I2 534 6I2 1O12 1034 10l2 10l2 16 100l2 100 36" 14l2 1534 214 25g 1512 17l2 32 1434 16 8i2 82 82 80 84 100 104 101 101 234 314 27g 314 314 46 44U 4412 42 3i2 41 102 97 23g 3434 40*2 37i2 24 56 2712 16 134 17ig 31i4 29 % 7g 1% 23g 3ig 9l2 10 10l2 1134 60 63 69l2 75 % 7s 15g 17g 40 96 18>2 20i4 1234 1334 5s l's lXs 33l2 29 134 3414 "11*4 "T14 2 3l2 20 105 16U 1» 17g 6I4 33 96l2 94 77l2 80 21 21 llg 2I-I4 20 14 140 208 8 134 134 ll» 2 15g 214 25 3234 2912 417g 27 38 28l2 32 56 70 Xs Xs 334 414 130 215 5i4 H4 434 1>8 h 67g 834 45 51 12 67g 1 2lg 5 21g 314 534 i2 67g h 87g II4 234 1«8 lXs 1% 1U2 13i2 in2 1334 5 5 5ig 6 3g Xs 1’Xs 1234 1234 5 51g 1434 15 125s 13U 12 >8 Xs ’Xs 8l4 1212 534 6l2 758 63g 8i2 8U 8i2 834 21 25 25 26 26 36i2 19l2 16 11 1434 16 1714 16 1812 13 16 15U 2014 1434 18 9i2 13 5'8 6 53g 5l2 4l2 45g 418 5lg 4i2 6 5U 6I4 90 96 88 89 102 102 % 84 3g Xs X. X. ’X. 22l2 263g 26 3434 313g 345g 3U2 335g 26i2 33ig 30'4 345g 32l2 353g 32i2 35’s Xs 3g 134 17g 2 25g U2 3 2 3 17g 234 134 214 134 17g 17g 17g 15g 15g 13g 15g ll4 Vs 3l2 37g *434 "6% 47g 6_i8 534 67g 5i2 7ig 578 618 578 612 578 6i4 "412 " 6 ‘8 8i2 117g s8 12 912 11 958 107g 60 69 64 67 33g 3ig 334 234 35g i4 i4 14 8I4 934 634 8l2 538 75g 4i8 558 65 65 62 65 62 65 55 59 334 45g 3i2 45g 60 61lg RIGHTS. Amer Tel & Tel_______________ American Sumatra Tobacco... Anglo-American Oil_________ General Electric_____________ Lorillard (P) Co______________ Norfolk & W RR (to take bds). Pacific Mail S.S______________ Penn Seaboard Steel_________ Port Lobos Petroleum_______ Royal Dutch Co_____________ Texas Company______________ Wilson & Co (to take bonds).. t Without par value. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 3i2 45g hange Jan 15 17 12 "'«* ”l 16 16i2 l’s Xs 2 12l2 16 14i4 171; 12 214 1434 16 ’4 134 CURB MARKET 254 “CURB” MARKET PRICES—MONTHLY RANGE FOR 1918 (Continued). January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High FORMER STANDARD OIL SUBSIDIARIES. Anglo-American Oil_______ £1 Atlantic Refining------------- 100 -50 Buckeye Pipe Line-100 Colonial Oil_______ .-50 Crescent Pipe Line. -100 Eureka Pipe Line Galena-Signal Oil com___ 100 Illinois Pipe Line............... 100 Indiana Pipe Line---------------- 50 National Transit________ 12.50 New York Transit________ 100 Northern Pipe Line----------- 100 Ohio Oil,......... -------------------- 25 Penn-Mex Fuel_____________ 25 Pierce Oil Corp--------------------- 25 Prairie Oil & Gas._................. 100 Prairie Pipe Line---------------- 100 Southern Pipe Line______ 100 South Penn Oil___________100 Southwest Pa Pipe Lines-,100 Standard Oil (Calif)----------- 100 Standard Oil (Indiana)----- 100 Standard Oil (Kentucky)-.IOO Standard Oil (Nebraska) —100 Standard Oil of NJ-------------100 Standard Oil of N Y----------- 100 Standard Oil (Ohio)----------- 100 Swan & Finch____________ 100 Union Tank Line_________ 100 Vacuum Oil________________ 100 in2 12 95 95 135 192 145 192 100 93 94 95 97 95 96 134 180 93 135 180 96 134 185 98 138 189 99 98 100 300 100 365 104 330 105 348 321 335 321 335 418 258 478 265 475 255 500 278 465 270 479 270 470 264 490 272 275 290 182 287 182 290 278 290 272 290 1U2 13l2 12i2 13i2 1334 155S 14l2 15 I6I4 18is I6I4 1778 14?s 18 908 908 945 1018 957 985 1015 1030 1020 1020 "62" 93” 94 94 93 ’85" 86” 90 93 90 470 470’ ’ 37 40 40 37 37 37 37 37 190 190 92 127 127 95 100 112 85 110 94 90 165 172 162 167 148 151 138 147 150 168 165 178 153 157 92 92 90 90 95 95 97 98 103 90 14 14 14 16 16 16l2 90 90 102 103 102 102 107 110 110 110 105 113 320 327 323 324 315 320 290 301 299 337 315 336 313 335 64 26 40U 47l2 47 48 26l2 2612 N. Y Stk. Exch . 29 1918. 13 173s 1638 18i2 15>8 17>s 498 574 555 555 550 662 495 526 501 502 253 268 257 262 255 255 249 255 251 296 288 295 242 287 95 96 36 200 36 200 187 97 189 97 113 325 113 344 477 270 310 524 279 310 262 275 267 267 95 219 635 335 210 620 216 620 212 255 96 223 245 245 166 250 175 300 185 287 185 287 180 287 180 294 219 254 94 215 214 215 215 630 245 680 225 690 249 700 228 690 260 698 225 237 229 233 212 640 229 640 216 635 225 636 93 216 625 335 520 252 563 284 540 273 579 285 510 258 542 273 485 538 258 485 558 267 543 265 555 279 525 267 545 275 522 268 532 280 515 262 523 270 490 248 521 259 512 258 415 600 287 415 576 276 635 302 571 282 710 327 97 350 95 357 85 350 343 343 95 350 91 97 330 91 100 331 339 339 96 329 96 333 92 317 32 92 325 32 166 317 105 420 384 396 105 371 107 405 OTHER OIL STOCKS. Allen Oil..----------1 Amer Oil of N E--------------------- 1 Amer Ventura Oil------------------ 1 Appalachian Oil---------------- 10c Atlantic Petroleum-------------- 5 Barnett Oil & Gas------------------ 1 Black Diamond Oil-------------- 10 Boston-Wyoming Oil-------------1 Central Oil__________________ 1 Continental Refining com._ 10 Preferred_________________ 10 Cosden Co com-----------------------5 Preferred__________________ 5 Crown Oil___________________ 1 Crystal Oil & Refg___________ 1 Cumberland Prod & Refg------ 1 Dixie Gas___________________ 10 Drillers Oil............................ --10c Duthie Oil---..........................---1 Elk Basin Petroleum________ 5 Elkland Oil & Gas------------------1 Empire Petroleum------------------2 Esmeralda Oil Corp---------------- 1 Federal Oil__________________ 5 Friars Oil____________________ 1 Glenrock Oil________________ 10 Globe Oil-........... ......... -1 Guffy-Gillesple Oil pref—100 Hanover Oil & Ref------------------5 Houston Oil com__________ 100 Humble Goose Cr Oil & Ref l Imperial Con Oil____________ 1 International Petroleum---- £1 Island Oil & Transport--------10 Kansas-Utah Cons Oil----------- 1 Kenova Oil__________________ 1 Kentucky Petroleum.(no par) Kinney Oil___________________ Lost City Oil-------------------------- 1 Mays Oil_____________________ 1 Merritt Oil Corp------------------- 10 Metropolitan Pet Corp--------- 25 Mex Eagle Oil_______________ Mid Cont Cons Oil & Utilities Midwest Oil com------------------- 1 Preferred__________________ 1 Midwest Refining__________ 50 Mineral Wells Petroleum--------1 Monitor O & R Co------------------ 1 N Y Chino Oil_______________ 1 N. Y.-Oklahoma Oil_________ 1 Northwestern Oil___________ 1 Oklahoma Oil com__________ 1 Preferred__________________ 1 Oklahoma Prod & Refg--------- 5 Okmulgee Prod & Refg--------- 5 Omar Oil & Gas--------------------- 1 Overland Petroleum_______ 10c Pan Amer Petrol & Transp.50 Penn Kentucky Oil----------------- 5 Penn Pet & Refg--------------------- 1 17c 6c 1 712 22c 45c 6^2 3&8 34 1 22c 12c 58 10c 16c 1 lXa 734 30c 22c 65c Us SM 378 lXa U2 25c 838 378 7 334 «8 1 378 24c 21c 25c 12 12 1U2 13U 12 13 658 7U 334 312 684 34 38 758 378 »8 *4 i4 6?8 8 3*2 35g % *2 334 684 7is 38 Xr 1 U2 6U 6?s 3i2 3t»s 138 178 16c 638 Xa lie 18 58 658 95c 1.24 1.07 1.15 92c 1.17 87c 1.01 93c 1 Us Us lXa 138 lXa lXa Us 1X« 103 115 106 113 90 108 105 97 111 134 158 2 138 134 212 214 184 218 SA 5o 39c 44c % 42c 3g »8 87c 334 334 334 334 Penn-Wyoming Oil__________ 5 Pennsylvania Gasoline--------- 1 3S Xa Xa 12 Picardy Oil__________________ 1 Queen Oil___________________ 1 45c 86c 17c 41c 22c 35c Red Rock Oil & Gas-------------- 1 12 1 % 1 % 78 Rice Oil..___________________ 1 *8 74 >8 '2 % 12 Royal Dutch (new stock)------Royal Oil____________________ 1 Sapulpa Refining------------------5 8I4 10 8i8 9 8 8I2 8 9 7l2 938 Savoy Oil____________________ 5 8»4 8U Security Prod & Refg-------------5 ®8 34 % 78 Sequoyah Oil & Refg-------------1 % 1^8 18 19i8 Sinclair Gulf Corp----- (no par) 15 1712 23l2 16 35 40 Sinclair Oil warrants_________ Somerset Oil-------------------------- 1 Xa >2 Xa 12 134 212 li2 2 Southern Oil & Transp------ 10 Southwest Oil-----------------------1 Standard Gas & O Sep Corp. _5 U2 238 138 212 Stanton Oil----------------------------1 1% 2 934 10 Stockton Oil------------------------ 10 Texas Co (when issued)----------Texana Oil & Refg------------------1 3c 312c 6l2c 22c Xa 3-32 Tuxpam Star Oil------------------- 1 17c 17c 7c 10c United Petroleum------------------1 9-32 Xa United Western Oil-------------- 1 Xa 134 U2 214 United Western Oil new--------712c 7i2c Vacuum Gas Oil Ltd-------------1 Xa 7 7 53S 8I2 Ventura Cons Oil___________ 5 358 634 312 3?8 Victoria Oil_________________ 10 3i8 Victor Oil___________________ 1 334 312 Wayland Oil & Gas__________ 5 Wyoming Petroleum________ 1 57c 67c lc 22c 30c U 14 27e 8c 10c 1 8lg 8iS 13s 8>2 8ig 5s 1X> 8U 10’4 8 8I2 58 % % 1% 1534 17 1512 17 % 834 7 U2 2 10 10 158 2 10 10 78c 92c 70c 3i2c 8c 3c Xa Xa 7S 2 3-32 5-32 434 >2 4i8 Us 234 35s % Us 3is 378 % 1 33g 37g 4 44c 25c 878 Xa 2l8 3?8 32c 56c 50c 2c 80c 3c Xa 134 lXe lXe 418 278 334 ‘3i8 '3'l2 3i8 3i2 314 833S 71 76 23s 72 81 85 70 79 % % 13-32 % 13-32 U s4 1358 13i2 157s 13U 1534 1314 1334 13 3>s 378 3’s 3S>s 33g 4is 314 334 3is 7s 4 1 tz. 71 78l2 15is 197g 3U 6»8 13c 24 24 lXa 134 15c 84 ®8 84 1812 22 % u4 2034 2512 2U4 25 2U2 2434 1 138 2l4 u2 13S 2Xa 67g 7's 95c 1.03 87c 1 93c 1.09 98c 1.09 1.03 1.3& U4 lXe U8 lXa U4 u4 u„ lXa U8 U4 113 116 107 115 114 137 129 139 1/118 138 234 30c 33S 30c 52c 62c 42c 55C 48c 59c 48c 56c 46c 55c D2c 2c lc lc 3c 4c 658 7 is 678 1014 884 10U 6U 7is 9U 10ig 214 334 2 234 1 214 2 134 2fc>8 2lS 25c 30c 25c 28C 20c 22c 18c 27c 21c 25c 45S Xa 44c 3c 6i8 54i2 70 51g Xa 62c 5c 758 50c 334 3?8 35c 47c 6 Xa 1 2c 212c U4 3-32 l8 238 3i8 64 63] 80 61 8 7 6 7i2 14 i2 U % Xa Xa 17 1612 24 33 25c I4 82 - 59i2 71S8 8 "634 ' 7’lg 638 63.4 I4 X J2 58 19U 22b 378 45c ”78 "l78 1’2 &8 50c 5934 66 >8 ]4 34 Xa 58 20 17U 18 25 30 32 1 4c Xa 412 514 2l2 II4 1S4 loois iniia 84 U2 3-32 5-32 9c 2U 33s 'U2 ”l’78 138 68c lc 7i2c Us 1% 58C 4c 178 434 Xa 3g 15c 25c 16l2 2034 18 20 35 20 55c 6i8 5-32 934 8 Xa 534 10c % 25c 16c 7-32 Xa 718 4c 2 % 13-32 13U 1434 334 4*2 84 53l2 5U U2 23s 14c 27l2 23l2 21U 293S 24 U4 Us 78 34 138 12 12 7 73S 7 6»8 7U 1.12 1.03 1.20 98c 1-12 Us lXa lXa lXa lXa 119 105l2 120 112 116 23a 3 3U 178 234 55c 58c 40c 44c 25c 43c 14 69c 59c 67c 57c 73c 4c U?.C 212c 2c 3c 3c 6c 7c 10c 8i2c 678 75S 8 6i2 77s 8 43S 6I4 33S 434 35c 30c 40c 23c 32c 58c 2C 8c 7c 10c 16c 638 6i2 7i2 678 7i2 6I2 7i8 6U 634 334 9 5 m2 7 218 414 3>s 53S 28c 40c 26c 32c 30c 35c 21c 32c 22c 15c 25c 19c 27c 21c 26c 48 52 53 50 48 51 5’4 5^8 512 5 5»4 534 62c 1 4c u2 % 5-32 7S 13s 3c 178 134 334 514 15s 2 67i2 57l2 86l2 66 85>4 58 138 5c 212 4 1 7ig 4is 3c 4?s 1*4 is 658 378 6c 2i4 35g 78 778 4c 43g 13 14i2 378 4?s 684 6c 234 5C 214 Xa 20c 712 6 15s Xa 18c 14c 13s 138 6 712 9c 284 1358 13 3l2 4i2 '4 58 lg Xa Xa 5l2 5c 214 143s 13 312 414 658 Xa 20c 2U2c is 8c 14c 2*8 3ls 38 55s Xa 21c 584 8c 12c 234 3’s 1-32 1-32 33s 334 u 6?s Xa 17c J8 10c 25c 278 334 1 18c 5i8 J8 338 15c % 534 u 6i8 5 U Xa 22c % 7c 5i2 J8 51s 312 6c U4 la 1Z, 8c 178 U2 6I4 »Z« 6c 10c 578 Xa 89c 8c 25c 65s 6 3-32 % 1912 18 20U 23l2 17t2 20 Xa 34 % 38 *2 78 60c 3c 18c 6U 65fj J8 5-32 5-32 b 70c 5c ’2 22c U »Z« 6c 13c 4c 4c 214 2U Xa Xa 7 Xa 6U 3-32 la 512 712 56c 3o *2 12c 18c 7c 10c 214 258 U Xa 1O18 1038 3-32 5-32 6 6>4 r/. Xa 19c la 21c 10c 1014 1058 1458 13 3&S 5i8 58 15c 5c 58 Xa 78 20c 1234 1358 3 4U 2034 24l2 38 »8 19c 8c 33c 137g 4 134 Io la 12c 434 714 41s 7h 3 41 4812 4U2 453s 42 3 712 4 3914 5314 3912 50 43s 434 13 ■>/. 8c 20c 1 1 10i8 10’2 1014 1084 33g 5 Xa 16c 2b 3 % lXa 58 53c 60c 53c 59c 6U 634 6U 7 14 Xa 114 2 J8 Xa Xa 23 4 4 212 3i8 314 38 10c »8 lc 1 2c 34 1 "I34 ”234 35c 138 134 167 179l2 30c % 2c 2c 34 1»8 214 934 10 Xa 1 34 3 8l2 2I4 834 234 "3" "¥ 312 3i2 134 42c "i" ”134 % 27S MINING STOCKS. Alaska-Brit Col Metals----------- 1 America Mines-----------------------1 Amer Tin & Tungsten----------- 1 America Mining------------------50c % * Listed on N. Y. Stock Exchange Oct. 24 1918. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Xa 12 38c 50c 54c 53c Xa Xa >2 y Ex-rights. 38 22e 70c 45c 65c 45c 56c 55c 70c 65c 12 Xa % 32c 25c 39c 60c 40c 68c 37c 72c 71c 81c 76c 14 3s Xa Xa 40c 35c 68c 50c 38c 85c 82c l2 54c 38c 87c 86c 44c 36c 88c 88c 50c 91c CURB MARKET 255 “CURB” MARKET PRICES—MONTHLY RANGE FOR 1918.—(Continued.) October August September November December February March April June July January May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hight MINING STOCKS (Continued). Arizona Bingh Cop__________ 5 Atlanta Mines_______________ 1 Aurora Silver Mines_________ 5 Austin Amazon______________ 1 Big Ledge Copper Co-------------5 Bingham Mines_____________ 10 Booth_______________________ 1 Boston & Montana Devel.---- 5 Bradshaw Copper Min----------- 1 Buffalo Mines________________ 1 Butte Copper & Zinc v t c----Butte-Detroit Cop & Zinc---- 1 Butte & N Y Copper--------------- 1 Butte Ramsdell Cop-------------- 5 Caledonia Mining------------------ 1 Calumet & Jerome Copper---- 1 Canada Copper Co, Ltd--------5 Candalaria Silver------------------ 1 Cash Boy____________________ 1 Cerbat Silver M&M-------------- 1 Cerro Gordo Mines---------------- 1 Coco River Mining---------------- 1 Consol Arizona Smelt_______ 5 Consol Copper Mines________ 5 Consol-Homestead__________ 1 Copper Valley Mining----------- 1 Cresson Cons Gold M & M-----1 Crystal Copper Mines-------------1 Darwin Lead & Silv M & D---- 5 Davis Daly__________________ 10 Denbigh Mines-----------------------1 Dome Extension_____________ 1 Dundee Arizona Copper--------1 Dupont Copper_____________ 1 East Butte---------------------------- 10 El Salvador Silver------------------1 Emma Copper________________ 1 Eureka Croesus Min_________ 1 First National Copper-----------5 Fortuna Consolidated----------- 1 Gibson Cons Copper-------------1 Globe-Dominion Copper--------1 Golden Rule Mines---------------- 1 Goldfield Consol Mines--------10 Goldfield Merger Mines--------- 1 Gold Hill Mining.............. 5 Great Bend__________________ 1 Great Verde Exten Copper.25c Green Monster Mining--------50c Hattie Gold Min------------------- 1 Hecla Mining_____________ 25c Howe Sound Co--------------------- 1 Hypotheek M&M Co--------- 10c International Mines-------------- 1 Iron Blossom Cons Mining. 10c Jerome-Prescott Copper--------1 Jerome-Verde Copper________ 1 Jim Butler___________________ 1 Joswig-Kennecott Corp--------1 Jumbo Extension Mining------ 1 Kerr Lake___________________ 5 Kewanus____________________ 1 Kirkland Porphyry G M-------- 1 Lampazos Silver_____________ 1 La Leona Silver_____________ 5 La Rose Cons Mines___ _____ 5 Lavelle Gold_________________ 1 Liberty Silver________________ 1 Lone Star Cons_____________ 1 Louisiana Consolidated--------1 MacNamara Mining-------------- 1 Magma Chief._______________ 1 Magma Copper_______________5 Marsh Mining________________ 1 Mason Valley________________ 5 McKinley-Darragh-Savage —1 Milford Copper_______________ 1 Mines Co of America________ 10 Mines Holding-----------------------1 Mogul Mining________________ 1 Mohican Copper____________ 1 Monitor Silver Lead & Zlnc._l Monster Chief_______________ 1 Mother Lode Mines__________ 1 Mutual Mining & Leasing---- 1 National Leasing____________ 1 National Zinc & Lead----------- 1 Nevada Ophir Mining_____ 10c Nevada Rand_____________ 10c New Cornelia_______________.5 N Y & Honduras Rosario M.10 Nicklas Mining--------------------- 1 Nipissing Mines_____________ 5 Nixon Nevada Mining----------- 1 Ohio Copper_________________ 1 Onondago Mines Corp----------- 1 Pacific Tungsten____________ 1 Pole Star Copper____________ 1 Porphyry Copper____________ 1 Portland Cons Copper_______ 1 Provincial Mining___________ 1 Rawley Mines________________ 1 Ray Hercules Mining________ 5 Red Hills Florence____________ 1 8c Bg 12c 114 12c 912c 13c 10c 3 212 3 4&8 u Xo X. Xe 1 11?, % i38 1019 12c 53g 6I2C 9I2C 5U 6lg % Vs 34 V4 5c 3c 412c 312c 5c 412c 512c 412c 6c 3c 41c 54c 42 c 87c 52c 96c 49c 57c 40c 63c Bg 31 X. X. X. 15g 7g llfl 67g 9 8>2 10-34 Listed on New York Stock Exc Bg 9-32 X. 5-32 13-32 U X. 3g 1 34 34 78 % % v4 % 7g 1’8 4U 6 55g 6 44c 56c 45c 55c 40c 52c 40c 46c 39c 44c 1 13g 1 V? 1 V4 Us 1% Vg H? 2*8 IBs 21g U2 178 1% 2ig 2 ix. 178 3l2c 1312c 9c 42c Vg 15g 138 1>4 23g 21? 1»4 15g 2lg 1% 5 7 5lg 23c 28c 22c *2 1>8 34 434 51 47g 212 712c 13c 12 lU llg 1]8 lBg 2 1% 2lS 63g 5U 6 25c 22c »8 25g 1 1 512 414 512 19c 138 23g 21g »4 12 23g 40c 2X. Vg u Xo 7g IX. 2lg 238 37c 40c 178 218 58 Us X. 4?g 17g 2lg 134 1% 6ig 7 >4 734 X. 134 434 14c % 314 78 90c 38 24c 534 8l’C 50 x. 1 m 1 4i2 58 X. 4ig 414 334 41g 10c 20c 12c X. 17-32 38 178 25g 2U % 7g X. 57c 69c 57c X. u 15c 18c 13c 512 534 7c 9c 6c 50 50 % ns 334 X. 38 35c 434 438 512 7c 43g 4% 53a 4c 16c X. 934 % 5c Bg 34 4X 478 10e 23c 1 SP 3g 13-32 7!2 X. % 70c 67c 80c 34 38 14c 42 36 36 4c 6c 5c 53g 6I4 5 53c 54c 38c 51? 212c 5c li2 4lg % 114 lh 3 414 X. % 1 2 5a 13a 3g 15-32 X. 58 3g 25c 25c. 33 40 3334 37 37 27 8I2C 512c 612C 4c 512c 312c 4 47g 4 5l2 412 5 51c 37c 46c 40c 42c v2 V2 50c V2 X. X. 35c 25c 25c 3g 3g • U X. 7-32 X. X. 25c 27c 2512c 2912c 1 2 8c 3c "6c 3c 15c 28c 21c 38c 18c 18c 21c 13c 13c 15c 1512 "1712 16l2 17l2 1214 1412 28c 46c 36c 36c 81? 8ig 8I2 8 7g IX. 7g IX. 7g X. % I*x. 2 3 2 2 20c 28c 23c 3lc 43c 1U 312 34c 31c 51c 46c 2l2 2 4Vg 4U 10c 5c 50c 42c Vg 2 1% 43c 41c 6c 4c Vg 34 2 2 13g 1% 412 53g X. X. 34 4B8 5 58 Bg 53g 5Bg 1% 2>g 12c 14c lie 434 4c Bg 48c 42c 1 X. 2 Vg 45c 43c 6c 3c 1 Vg V? 2 1X. 1% 5 5l2 J8 % v4 78 Vg 7c 6c 51c 48c 23c 59c 4c 47c 44 c 7c Bg X. X. 4c 52c 34c % X. 2 1% 45c 412c 512c 13g 1 lBg 1% 6 5 U U 45g 5 % 78 58 1 6c 3i2c 4c 2i2c 3g 4c 8c 15c 55g 55g 212c 512c >4 9l2c 13c 5Bg 534 4c 3c 8c 34 38 86c 50c 47g 484 414 4c *2 14 X. X. 14 56c 47c 50c 38c 9c 10c 48c 23c 3g X. 2 2U 49c 47c 712c 6c 13g 1 35C 6 IX. 67c 58c 5l2 5 3g X. 9c 10c 6 6 2l2c 3c 40c 312c J2 3c 9c V2c 212c 3i2c *2 X. 3& X. 2»g 53c 9i2 13g 534 14 ix. 134 634 U 47g 51g 5 5 J2 X. % 1 2l2c 212c 2c 18 1 Bg Vg 7g V2 lBg 1«8 212 Vg 40c 39c 134 212 40c 58 24c 21c lc 5c 38c lie Vs 5c 4c 8i2c 60c 43c 434 6X. 37s 45c 534 45g Bg J2 X. Bg 49c 32c 40c 14c 12c 23c 519 ft 6c 5c IOI2C 49c X. 50c 34c 3c 4c Bg 1 1 1% 2X« 518 65g 47g 5 % 2X« X. X. X. 33c 65c 38c 60c 59c 83c 63c 45g 4X« 45g 3% 4Bg 4X. 5X« 41g 4ig 4 21c 35c 22c 35e 12c 24c 8c 12c 8c 13c 3g 13-32 13-32 X. 13-32 X. X. 14 X. B8 X. X. Bg X. X. 55c 60c 57c 66c 47c 60c 88c 8l2c 10c 4c I4 334 5c 3c lie 512c 612C X. 18c % 9c 712c 4 5U 5U 3i2c 612c 212c 312c Xr 39c 34c 36c 30c 34c 32c 42c 34c 5c 319c 5c 212c 2c X. 3g X. 38 X. 34 X. 518 5>2 3c 312c X. 9-32 V2c 2i2c 28c 38 534 412c 10 10 1 1 76c 75c 1’4 Vg 25c 11c 12c 2 Vg 1% 1 17g Vg 13g 1 Hg 2 __ 214 ___ Vg 1% 1% 40c 38c 46c 40c 46c 40c 43c 35c 3 178 218 ls4 234 2 Xo X 3g 1 3g X. 12 34 78 B8 X. 28c 20c 24c 19c 22c 17c 22c 17c 4c 2c 3c 2c 212c — .... 2c V2C 5g 1 18c lie 12 38 4U «4 X. 67c 59c X. X. 16c 11c 5 3c 74c 71c 75c 71c 15c 7 32 15c 15g V? 114 1% V2 2lg 178 1’8 178 23g 1% 2 38c 35c 35c 30c 32c 30c 11 58 84 8c % 68c 65c 13-lt 34 214 1 34 65c 60c 7-32 5<o X. 7g IX. 114 Vg Dg 1’4 35c 39c 37c 2 2 >8 5 6 312c 412c X. 13g 2 2 134 1% 5>8 63g I4 X. 1 412 5 2 % 6c X. 434 55g 612c 10c 35g 4!g 5 X. hange Feb 14 1918 5-32 5-32 10c 18c 1 412c 10c 27g 5U 7c 1 34 % % 34 Vg 934 934 4c 3i2c 5c 4c 4c 3c 512C 60c 51c 55c 48c 53c 38c 50c 41c x2 1 21g X. 5c Bg 5 3c V? 1 3c 48c 214 X. X. X. 7R 3g 7-32 9-32 14 3c 312C 214c 312c 38 3i2c 20c 'g 2U 2 534 1? 14 13-32 312c 412c 3g X. 4c 3c 3c 5c 5c 512c X. 1 X. »4 X 34 2 l7g 53g 14 114 43g 6c Bg 78 2 Vg 514 7-32 1 412 55g 978 10ig 8c X. 134 Bg 55c X. 14c 5U 6c 50 12c 1 7c 61^ X. u 538 39c 47c 43c 50c 40c 58 ix. v4 1 %6 1>4 1% 1% 1% 1X. 1% 37c 10c 4I2C 7j2C 5c 6^2C 5c 1 Bg 1 34 1'8 78 34 12 2%, 35c 2 % 8c 34 4i2c 3 62c 43c 51c 51c 10c 33c 4c X. X. ’2 X. 56c 49c ^2 56c 45c X. 3g 3g 25c 25C 25c 25c 25c 25c 25c ___ 31 29 35 31 34 35 30 35 4c 5c 3i2c 4c 312c 5c 4c 4I2C 314 4 3i2 4ig 334 4l2 37g 412 39c 45c 41c 46c 40c 75c V2 38 51c 38c 5c 32c 25c 25c 25c 35 28l2 351? 23 412c 2i2c 4c 4c 412 3i2 4 214 41c 42c 50c 48c % % 3g 57c 13c 34c 25c 30 5o 334 48c 34 34 43c 33c 35c 20c U 1-32 3-32 6c 29c 41c 33c 1 II4 5c 7c 21c 29c 22c 18c 19c 18c 14c 23c 19c 16i4 I8I4 16 8I4 834 7g 23g 112 llg 4ig 1 28c 22c 67c 34c 30c 57c 50c 2ig 2 434 4 Red Warrior Mining_________ 1 34 ^2 ^2 14 Rex Consolidated___________ 1 9c 1012C 914c 15c lie Rochester Combined________ 1 Rochester Mines____________ 1 27c 36c 33c 40c 32c St Nicholas Zinc____________ 1 3c 4c 7c San Salvadora_______________ 1 Santa Fe Copper_____________1 34 II4 San Toy Mining______________ 1 11c 12c 1H2C 18c 11c Seneca Copper________ (no par) 9 712 8 ___ 1 Senorita Copper Corp_______ 1 Bg 14 U *2 Silver Cannon Mining_______ 1 Silver Fissue Silver__________ 1 34 Silver King of Arizona_______ 1 14 X. X. % % Silver King Consol of Utah_-1 2i2 234 312 7c 412c Silver Pick Consol___________ 1 412c 6c 5c Silver Plume Consol-------------- 1 47c 58c 51c Standard Silver-Lead________ 1 ■"'% ■'% 13-32 X. 38 7-32 14 Stewart_____________________ 1 X. u Success Mining______________1 7 c 912c 9c 1012C 912c Superior & Boston_________ 10 2l4 2B8 Superior Copper______(no par) 214 2% 21g 2 Superstition Mining________ 1 Tintlc Mining________________ U Tonopah Belmont Dev_______ 1 3 3lg 3U 3 314 Tonopah Divide_____________ 1 1% Tonopah Extension Mining.. 1 V2 1% 1’4 lU Vg 3Sg 3Bg 3U Tonopah Mining____________ 1 3Sg 4 Tri-Bullion Smelt & Dev____ 5 X. 3g X. X. 17c Troy-Arizona________________ 1 13c 16c Tuolumne Copper__________ 1 lXi United Eastern Mining______ 1 334 4 4 514 4Sg http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1019 9c 4 6c 56c 45c 15c 30c 18c 27c 1712 8I4 834 34 1 1-32 % 1 178 37g 26c 212c 25c 18c 20c 17 u 6c 53c 35c 5c 2c 30c 18c 19c 15c 23c 22c 18 20 834 85g 9 13-32 78 36c 58 78 Vg 25g 31? 314 ix. u 8c 5c 37c 34c V2 1’2 v2 2c 23c 14c 19c 8c 6c 49c 35c 13g V2c 3c 26c 13c 15c 15c 22c 1834 18 195g 85g 87g 61c 40c % % 434 47g 134 13g 83g 9l2 55c 36c IX. % 2 6 218 IX. 5c 36c 32c 234 134 V2 19c 15c 18l2 19ig 35c 33c 234 1«4 18c 7c 17ig 18i2 17 834 8l2 61c 33c IX. »4 514 212 2 v8 8l2 83g 43c 31c 1 3g 33g 2'g 134 % H4 68c 33c 52 c 50c 21g 45g 4 54c 51c 53c 49c 53c 4X 4lg 45g 7g 14c 34 12c X 8c 58 334 4U 378 4^2 4lg 4i2 4c 412c X. 12 u X. X. 9c 8c 8c 8c 41c 36c 43c 35c 38c 35c 36c 34c 47c 36c 39c 33c 37c z30c 36c 32c 9c 45c 31c 4c 7g 40c 38c % 7-32 14 43g 4 >4 10c 35c 54c 35c 234 278 33g 3X. 33g 2‘/. 1% IX. 134 3U ___ 21c 12c 15c II4 5 3% 478 378 1012C 1U2C 11c 11c 10c 127s 107g 1212 11 10 s4 Bg 1 Bg 3a 84 % 7-32 7g 13X 7-32 14 212 6c 4c 4c 3l2c 5c 4c 75c 70c 76c 71c 74c 69c 13-32 l2 3g X. X. 13-32 3 ‘4 X. 7-32 X. X 14c 7i2c 16c 7c 9i2c 9c 234 16c 18 11 12l2 884 812 41c 33c 78 «4 434 4 IX. 812 8i2 43c 33c Bg 78 434 35g 9’4 52c % 4lg 312 4i8 35g X. 5-32 X. 82c 14c 10c 11c 1134 10 10V 7g S8 78 11,2 42c 33c 2 278 3ig 3X. 33g IX. 2Bg X. 10c 1 33g 1% 3 u 24c 1 4X. 5c 72c 10c 117g »4 % 15-32 34 3c 6c 7l2c 10c lli2 12X 34 3l2C X X. X. 14c 17c 11c 10c 9c 1234c 10c 3’8 3 27g 3ig 2% 3 v4 IX. IX. 2Bg 2% 2X. m 12c 17c 10c 1 3 3’s 36c 37c 30c 7c 712c 8c 8c 8c 10U 12 10U 1334 13 3 J8 X. 36c 27c 37c 78 13g 10c 15U 8i4c 9i?c 13 16 60c 74c 71c 75c 73c 7S 72c 88c 7a 7a % 1 % % 78 % % % 15-32 Bg 15-32 17-32 X. 12 13-32 15-32 38 X. X. X. 3 4U 5c 4c 38 14 18c 12c 12c lie 3 3lg 27g 27g Vg 4c 212c 312c 4c 5c 512c 912c X. 13-32 14 15c 12c 15c 13c 12c 10c 14c 10c X. 16c 11c U 13-32 15c 18c 7c lie 8c 13c 38 27g 1% 25g v2 1% 212 2% IX. 15g 21g 2% 15c II4 3lZ 10c 12c 1X, 1X. 33g 4ig 7c 12c 78 1 35g 4X. 2U 2Sg V4 IX. 212 234 X. Xr 8c 10c 334 4i2 2X« 314 1 3 J8 Vg 31? X. 78 7« 4lg 4% 212 2Bg 1% 2Bg 3 3lg 4U 47g 256 CURB MARKET “CURB” MARKET PRICES—MONTHLY RANGE FOR 1918.—{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 MINING STOCKS (Concluded). United Sulphur Mines_________ 1 United Verde Extension___ 50c U S Lead & Zinc............................... 1 Unity Gold Mines______________ 5 Utica Mines______________________ 1 Verde Combination________ 50c Ward Mining & Milling------------- 1 Wasapika________________________ 1 Washington Gold Quartz---------1 Washoe Copper..------------------------ 1 West End Consolidated______ 5 Western Utah Extension______ 1 White Cap Extension_______ 10c White Cap Mining----------------- 10c White Knob Copper Con------ 10 Preferred_____________________10 Wilbert Mining................................ 1 Yerrington Mt Copper----------------Yukon-Alaska Trust------------- (t) Yukon Gold Co--------------------------- 5 ’2 363s 38 3ig 9c »1 3712 42 3612 9c 14c 18c 37g 518 5'g 10c 10c 11c % 11c 50i2 38 3812 38 40i2 39 60c 29c 36c 26c 31c 20c 57g 512 63S 4 4h 6 37l2 36 41U 35 30c 20c 29c 17c 43g 6i2 5 4i2 38 36i2 38 28c 15c 22c 39 6c 5g 22c lie 1%8 1U 1%. U4 3t 70c 86c 75c 82c 76c li,l 80e 82c 5c 38 138 Us 7c 7c ' 4c 27c 13-32 27c 5c 5c 3c 37c 13c 9c 7c 8c 10c 8c 5c 30c 10c ll4 9c 993s 9378 9934 945g 9914 9938 9334 94 9934 9934 94U 95ig 1 2 11c 78 11c 1112C Vg 9c 5i2 15i 10c 134 6c 5. 18c 10c 14c 8i2c 10c /M 7 11-32 17-32 % 17c 16c 11c 73c 10c 58 39 Hg % Hg 1*8 31c 52c 25c 37i2c 49c 44c 80c 78 c 82 c 81c 94c l'g 94c 1 1-32 13c 23c 11c 18c 2c 3c 8i2c 18c 8c 8c ll4 U4 7c 7c 1 15o li2c 36c 50c 91c 1%> I’Xe l’Xe 19c 13c 22c 2c ll2c 2c 9i2c 16c li4 134 7c 10c U8 l3s 5c 6i2c Hi BONDS. Amer Cot Oil 7% notes.-.1919 Amer Tel & Tel 6s____ Feb 1919 Conv 6s............... .......... Aug 1925 6s J P M Receipts------------ ----------Amer Tobacco serial 7s—1919 Serial 7s..................................... 1920 Serial 7s...----------1921 Serial 7s___________________ 1922 Serial 7s___________________ 1923 Armour & Co 6s---------------------- 1919 Conv deb 6s_______________ 1920 Conv deb 6s_______________ 1921 Conv deb 6s_______________ 1922 Conv deb 6s_______________ 1923 Conv deb 6s-------------------------- 1924 Balt & Ohio 2-yr 5% notes. Beth Steel 5% notes.Feb 15 T9 Serial 7% notes----------------- 1919 Serial 7% notes.................... 1920 Serial 7% notes.................... 1921 Serial 7% notes.................... 1922 Serial 7% notes.................... 1923 Braden Cap Mines 6s----------1931 Brooklyn Rap Tran 7s--------1921 Canada(Dom of)5% notes.1919 Canadian Pacific 6s---------------Chic & N W Ry 5s................... 1987 Chic & West Indiana 5s------Cities Service deb 7s------------ 1966 Consol Arizona Smelt 5s. .1939 Consol Copper 7s-------------------------Cosden & Co 6s, Series A-----------6s Series B_____________________ Cudahy Pack’g 7% notes.1923 Denver City water 4>£s—1948 Erie RR 5s......................................1919 Federal Farm Loan 5s------------------General Elec 6% notes--------1920 6% notes____________ Dec 1919 Gt North Ry 3-yr 5% notes... Interboro R T 7% notes..1921 Kansas City Term Ry 6s..1923 Lehigh Val RR col tr 6s..1928 Liggett & Myers T 6% notes ’21 Moline Plow serial 7s----------1920 Serial 7s___________________ 1922 Serial 7s...................................... 1923 N Y Central 2-year notes-----------N Y City 4^s............ -......................... N Y N H & Hartford 5s................ Norf & West conv 6s------------ 1929 Pennsylvania RR gen 5s-----------Phila Electric 6% notes...1920 Pierce Oil 6% notes--------------------Pressed Steel Car 7s------------ 1923 Procter & Gamble serial 7s . 1919 Serial 7s............................ 1920 Serial 7s.................................... -1921 Serial 7s...................................... 1922 Serial 7s.................. 1923 Russian Govt 6J^s--------------- 1919 5Ms............................................. -1921 St Paul Un Depot 5Hs------- 1923 Sinclair Gulf Corp 6s------- 1927 South Ry 5% notes.Mar 2 1919 Studebaker Corp serial 7s .1919 Serial 7s........................... — .1921 Serial 7s.................................... 1922 Serial 7s...................... -............. 1923 Serial 7s.................. -............... 1924 Serial 7s___________________ 1925 Serial 7s...................................... 1926 Serial 7s.................................. -1927 Serial 7s............................ 1928 Serial 7s........... .......................... 1929 Union Pacific 6s. . ..................... 1928 U S Light & Heat 6s......... ............ US Rubber 7s________ ______ _____ West’g’se El Mfg 1-yr 6% notes Wilson & Co, Inc, conv 6s.l92S Winchester R Arms 7s--------1919 tWithout par value. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 99 9934 9878 995g 9834 99‘g 99 995« 993s 9978 99i2 9934 94l2 95 99 100 97l2 98 96=g 9634 955s 96 95 9534 95 9578 96=8 97Sg 97ig 98 9478 9534 97i2 98ig 99 lOOU 97U 9734 96i2 9634 95i2 9578 95 953s 95 95l2 9734 98'4 9778 983S 98lg 98i2 9S12 99i2 98l2 98 97 96i2 95ig 9534 947g 95=8 95 9534 98i4 98b 985g 985g 97l2 97'2 9512 97l2 99l2 99l2 55" 57 100 lOOU 100lg 99 lg 98l2 98i2 99 97l2 96 95l2 95U 95 9938 9778 9634 9578 9534 9534 9934 9978 9934101 9934 100U 983g 100 98 99U 98 9914 100 100 99i2 9934 9934100 9978 100 9934 98>8 97l8 97 97 97U 100U101 9978 101U 100i8 10m 9912 10312 99U 102L 99»g IOOI4 98'g 99l2 97i8 99k 9678 99l2 98 99l2 98U 99=8 100U 1007s 100U IOIU 10034 10U2 lOllg 102U IOU4 103 993410U2 9934101 1007s ioiu 101 10134 IOU4 102l2 102 10278 102 103 lOllg lOllg 100U 1005g 9978 1003g 985g 9934 98U 99 98lg 9878 9934100l2 9834 10012 9912 100 99l2 100 99 10012 100ig 1005g 9934100 9934 100lg 9934 1005g 9978 1003g 9938 9778 9634 9534 9534 9534 99l2 9878 9834 9834 79l2 7912 977g 9634 96l2 10534 IOOI4 100lg 9814 97i2 98l2 98 100 4512 58 40 52 100 99 9958 983g 997g 98UlOOU 38 43 40U 49 35 42l2 37U 39 97T 97U 97lg 973g 9834 99 9834 9834 995g 99 9978 100l2 10Ug 9978 lOllg 993410Ug 9978 101T IOOI4 lOVg 38 42 33 3712 IOOI4 102 1007s 10U2 lOllg 101U 101 10178 10178 10234 38 42 36 40 97l2 98lg 9858 99 985g 99U 983g 985g 9834 9978 9912 99=8 9914 "9914 99=g 99=8 98i4 117l2 40 973g 100U 9934 101l2 IOU2 102l2 9634 9634 104 10434 104 9934 100’-g 100 99l2 100lg 100 10478 IO3I4 10378 100U 10034 lOllg 100 lOOig 10()34 9734 9812 973g 99l2 9984 100i2 N Y Stock Exch Au 98i2 99L 98 98 9712 99l2 1003g 1007s 100 lOO’s 117 35 50 98 9734 99341007s 102l2 10234 50 79 82 83 79 97lg 978g 97lg 96lg 9634 9634 96l2 935g 9334 97 97 101U 1025g 1023g 103U 103 106ig 104 995g 100U 997g lOOSg 995g 987s lOOU 9934 IOOI2 99i2 IOOI4 100 1003i 100 101 lOOig 101 99 997g 9978 100k 9978 lOOig 100'g 1007g 100U 1007g 9978 10034 9934 100'g 997g 10012 993g 973g 98 97 97U 98 9734 16634 10034 9934 9978 16612 10012 100=8 101 96 96 945g 97 9414 96i4 Listed on N Y Stock Exch Aug 19 1918. 9878 9934 95=8 9678 9612 97l2 971g 9734 97ig 9734 973g 98i4 97U 99 973g 9734 98ig 98’g 97 9714 lOOig l6l‘78 973g 98 9758 9734 9984 90 98U 9934 lOOig g 30 1918. 9812 995g 98l4 98 98l2 10412 108s4 107b 1091g 98U 995g 98 97ig 98lg 9814 99 97l2 97l2 Listed on N Y Stock Exchange Aug. 29 19 100 100 100 100 100=8 1005g 10012 100i2 100>2 101 1663410112 IOOI2 100l2 10012 10034 10334 10334 100 10U2 100 10U2 100l2 10034 48 71 44 60 61 78 63 5512 64l2 55 38 48 42 67 42 60 55 62 66 53 58l2 54 3612 47 9834 99U 8OI4 80T 81i2 76 8OI4 76®4 79l2 80 9812 985g 98U 98l4 98 98l2 99U 100 9834 100 98l2 9912 973g 993g 97U 9878 9678 967g 9634 9634 965g 9812 97 9778 Sep 12 T8 9778 9812 9778 100lg 100 lOVg IOII4 10U2 9834 99U 99l2 99=8 98 993g 99=8 9912 9978 99U 10112 9978 100U 100 100 93U 97 I Henry L. Doherty & Company 60 Wall Street, New York FISCAL AGENTS Cities Service Company and Subsidiary Corporations Importance of Cities Service Company and its Subsid iary Corporations in the Public Utility and Petroleum Producing, Transporting, Refining, and Distributing industries is shown by the following statistics for 1918: OIL AND REFINERIES Barrels of Oil Produced.................................................................... Number of Oil Wells Owned..................................................... Daily Refining Capacity (Barrels of Crude Oil) .... Oil Storage Capacity in Barrels..................................................... Number of Tank Cars Owned and Leased.............................. Number of Distributing Stations (Excluding Foreign Countries) . 17 Q32 693 3 137 33,585 6,447 541 2,323 165 NATURAL GAS Gas Sold in Cubic Feet ............................................................ Number of Gas Wells Owned..................................................... Miles of Gas Mains Owned............................................................ Population Served........................................................................... 46,814,889,000 2 181 4 529 976,985 ARTIFICIAL GAS Sales in Cubic Feet.................................................................... Twenty-four Hour Capacity in Cubic Feet.............................. Number of Customers.................................................................... Miles of Mains on 3-inch basis..................................................... Population Served .................................................................... 6,112,357,000 18,523,000 103,041 1,748 1,031,000 ELECTRIC PROPERTIES Kilowatt-hours Sold .............................................................................. 513,714,799 Kilowatts Installed Capacity..................................................... 268,363 Kilowatts Connected Load............................................................ 442,333 Number of Customers.................................................................... 169,618 Population Served .................................................................... 1,286,000 ? , ELECTRIC RAILWAYS Number of Passengers Carried..................................................... Miles of Track........................................................................... Number of Cars Owned............................................................ Population Served .................................................................... I for FRASER Digitized http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 109,174,092 407 908 574,285 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis A Bond Service to Meet National Investment Requirements TDANKS, dealers and private investors now have convenient access to the in ternational bond service of The National City Company through correspondent of fices located in more than 50 American investment centers. Extensive new facilities provide prompt, accurate information on markets, quotations, and new issues. Quick action is secured by more than 10,000 miles of private wires. Carefully investigated bonds and short term notes of the following classes are bought and sold: United States Government, Foreign Government, Municipal, Public Utility, Railroad, Industrial, and Realty. Ac ceptances are supplied for very short time investment. Special recommendations for special investment requirements furnished upon request. Our latest Offering Sheet will be sent upon requestfor CR-233. The National City Company National City Bank Building, New York Uptown Office: 514 Fifth Avenue, corner of 43rd Correspondent Offices in More than 50 Cities N. Y. Ten Eyck Bldg. N. J. 790 Broad St. N. Y. Wilder Bldg. Rochester, Albany, Dayton, Ohio Newark, Atlanta, Ga. Denver, Colo. New Orleans, La. San Francisco, Cal. Detroit, Micii. Omaha, Neb. Seattle, Wash. Baltimore, Md. Hartford, Conn. Philadelphia, Fa. Springfield, Mass. Boston, Mass. Indianapolis, Ind. Pittsburgh, Pa. Kansas City, Mo. Portland, Me. Trust Co. of Ga. Bldg. Atlantic City, N. J. Chalfonte Block Charles & Fayette Sts. 10 State St. Buffalo, N. Y. Ellicott Square Bldg. Mutual Home Bldg. 718-17th St. 147 Griswold St. Conn. Mutual Bldg. Fletcher Sav. & Tr. Bldg. Chicago, III. 1017 Baltimore Ave. Los Angeles, Cal. 507 So. Spring St. Cincinnati, Ohio Cleveland, Ohio 137 So. La Salle St. Fourth Natl. Bank Bldg. Guardian Bldg. Bonds 301 Baronne St. First Natl. Bank Bldg. 1421 Chestnut St. Farmers’ Bank Bldg. Union Mutual Bldg. 424 California St. Hoge Bldg. Third Natl. Bank Bldg. St. Louis, Mo. 415 Olive St. Washington, D. C. 741-15th St., N. W. Portland, Ore. Wilkes-Barre, Pa. Milwaukee, Wis. Providence, London, Minneapolis, Minn. Richmond, Va. Montreal, Can. First Natl. Bank Bldg. Railway Exch. Bldg. R. I. Industrial Trust Bldg. 923 East Main St. Toronto, Can. 10 King St. E. Builders’ Exch. Bldg. Short Term Notes Miners’ Bank Bldg. E. C. 2, Eng. 34 Bishopsgate 74 Notre Dame St. W. Acce ptances FRBNY RESEARCH LIBRARY 3 5107 00008 460 0 J. P. MORGAN & CO. WALL STREET, CORNER OF BROAD New York DREXEL & CO., PHILADELPHIA CORNER OF 5TH AND CHESTNUT STREETS MORGAN, GRENFELL & CO., LONDON http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NO. 22'OLD BROAD STREET MORGAN, HARJES & CO., PARIS
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