View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

INSURANCE COMPANY OF NEW YORK  Abstract of Statement December 31, 1906.  $8 I ,883,632 97  Income for Year 1906 Paid to Policy-holders during year -  37,984, 2 7 I  Legal Reserves, etc.  29  411,236,019 41  ~ontingency and Dividend Ji"unds  -  84,628,630 17  Assets -  495,864,649 58  Insurance in Force  -  I ,  5 I 7, 2 5 7, I 80  00  2,901,865  02  Annuities in Force  During its existence of sixty.:four years, this Company has paid back to its membership-from the funds accumulated for their benefit-more than  $739,000,000. Notwithstanding the distribution of this vast sum, it has accumulated for the benefit of its membership assets exceeding   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  $495,000,000.  For information as to plans and rates, apply to the HEAD OFFICES OF THE COMPANY.  34  NASSAU  STREET,  NEW YORK  l , . I  ,  1907 Edition (pocket size)  STATISTICAL TABLES. OOPIES MAILED TO INVESTORS FREE, IN AOOORDANOE WITH OUR OUSTOM FOR THE PAST 26 YEARS . The current edition comprises 76 pages , and gives capitalization, earnings, fixed charges , dividends, etc. , of Railroad, Street Railway and Miscellaneous Com panies, including information on Preferred Stocks (whether cumulative or n on-cumulative as to dividends), high and low range fo r bonds and stocks dt!ring 1906 , last recorded sale , approximate income yield, etc., etc .  Spencer Trask & Co. INVESTMENT BANKER.S William and Pine Streets, New York. Branch=offices: Albany and Troy, N. Y.  KOUNTZE BROTHERS BANKERS Letters of Credit  Securities for Investment  w_e  are offering and recommending Railroad and Municipal Bonds suitable for Individuals, Trustees and Savings Banks. Our list may be had upon application. We also buy and sell Government Bonds and execute orders in other securities for the usual commission.  To those about to travel abroaJ we shall be pleased to send our Booklet describing the method of issue as well as the advantages of our Letters of Credit. W e buy and sell Foreign E xchange.  Collections  We have unexceptionable facilities through a large list of active correspondents, both Foreign and Domestic, including those in Cuba, Porto Rico, and the Philippines, by which we are Accounts of Corporations enabled to make collections promptly and at the Firms and Individuals solicited, interest allowed minimum of cost. .on deposits. Transfer of Funds made by cable, mail or Make Loans against approved collateral. telegraph to all parts of the world.  BROADWAY   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  &  CEDAR  ST.,  NEW YORK   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BLAIR _& Co., DOMESTIC AND FOREIGN BANKERS, NEWYORK. -  TRAVELERS LETTERS OF CREDIT.  The .Canadian Bank of Commerce HEAD OFFICE, T ORONTO.  $10,000,000  CAPITAL PAID UP, RESERVE FUND  $5,000,000  WM. ORA Y  AND H. B. WALKER, AGENTS,  NO. 16 EXCHANGE PLACE, NEW YORK, BRANCHES OF THE BANK IN CANADA. Br, Columbia. AtUn,  Leavings, Leth bridge, Cranbrook, Bawlt, Brandon, Lloydminster, J'ernte, Calgary, Canora, Macleod, Medicine Hat, Greenwood, Carman, ltamJoops, Claresholm, Melfort, Moo11ejaw, Ladysmith, Cros1dleld, Moosomin. Nanaimo, Dauphin, Nanton, Neepawa, Nelson, Edmonton, No rth B1ntlelord, New Westminster, El~n, Elkhorn, Norwood, Pentioton, Gifb&rt Plains, Pin<'her Ohek, Princeton, Glelohen, Ponoka, Prin e Rupert, Grandview, Pmtage la Prairie, Vancouver Htgh River, Prince Albert, (3 offices), Humboldt, Ra.'1tsson, Victoria. Innisfail, Red Deer, Regina, Innistree, Saskatoon, Kamsaoll, Stavely, Yukon Dlatl'lot, Ktnistino, Stony Plain, Dawson. LaDgbam, Strathcona, White Horse. Laehburn, Swan River, lllanltttba & N. W,T,  IN  Treherne, Vegrevme, Vermllion, Vonda, Wadena, Watson, Wetasklwin, Weyburn, Winnipeg (8 offices) ,' Yellow Grass. Ontario 11.nd  Ayr,  Q•ea. .. c.  Ba.rrie, Bslleville, Berlin, Bleoh~im, Brantford, Cayuga. Chat ham, Collingwood, Cobalt,  QREAT  DeLorimier, Dresden , Dundas, Dunnville, Fort Frances, Fort William, Galt, . Goderich, Gu~lph, Hamilton, Ki ngston. Latchford, Ltndsa,y, London, Montreal <2 offices), Oranaeville, Ottawa (2 office s), Paris,  Parkhill, Parry Sound,  Peterboro, P .ir t Ar1hur, Port Perry, Quebec, Ra.ipy River, St. Catharines, Sarnia, Sault S. Marie, Seaforth, Simcoe, Strat ford, Stratbroy, 'l'oronto 110 offices) Toronto June., Walkerton, Walkerville, Waterloo, Wlarton, Windsor, Ont., Win ~ham, Woodstock.  Mariti me ProYlncea.  Alberton, Amherst, Antigonish,  Barrington,  Bridgewat.er, Charlottetown,  Halltu,  Middleton, Montague, New Hlal'lgOW Parr11boro•, St. John, Shelburne, Souris. Springhill, Summerside, Sydney, Truro, Windsor, N. 8.  BRITAIN.  LONDON: 60 LOMBARD STREET, E . C. IN THE NEW  YORK,  SAN FRANCISCO, CAL. , (2 offices)  UNITED STATES.  PORTLAND, ORE.,  SEATTLE, WA.SH. ,  SKAGWAY, ALASltA.  BANKERS IN QREAT BRITAIN.  THE BANK OF ENGLAND, THE BANK OF SCOTLAND, THE UNION OF LONDON & ,SMITHS' BANK, Limited .  LLOYDS BANK, Limited) P A.RR'S BANK, Limited.  CORRESPONDENTS.  Belt;ium-Banque D'Anvers. France-Credit Lyonnais. Germany-Deutsche Bank. Holland-Disoonto Maatschappij. India, China, .Japan and Philippine 181and8--The Chartned Bank of India, Australia and China. Australia and l\ew Zealand-Union Bank of Australia, Limited ; Bank of Australasia. South Africa-Bank of Africa, Limited; Standard Bank of South Africa, Limited.  Sterlin1; and Continental Excban1;e and Cable Transfers. Commercial and Traveler1' Credit• Collections made at all points. Bankin1; and Exchan1;e business of every description transacted with Canada  BROVVN BROTHERS & CO., PHILADELPHIA,  NEW YORK,  BOSTON,  4th and Chestnut Sts.  59 WALL ST.  60 State St.  AND  ALEX. BROWN & SONS, Baltimore and Calvert Streets, Baltimore. ALL CONNECTED BY PRIVATE  WIRE.  Member• of the New York, Philadelphia, B01ton and Baltimore Stock Escban1;e1.  Execute Orders on Commission for Purchase and Sale of Stocks, Bonds, and all Investment Securities. Special Lists of Investment Securities furnished upon application.  Certificates ot Deposit.  International Cheques  Bills of Exchange Bought and Sold.  Commercial Letters of Credit and Travelers' Letters of Credit issued, available in all parts of the world. Collections made on all points; Telegraphic Transfers of Money made between this Country and Europe. Deposit Accounts of Banks, Bankers, Firms and Individuals received upon favorable terms.  BROWN, SHIPLEY & Co., LONDON,  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Founders' Court, Lothbury, E. C., .U.D, J'OR THE OONVENIENCE OJ' TRAVBLBRB,  123 Pall Mall, S. W.  GRAHAM & CO., BANKERS 435 Chestnut Street, Philadelphia, Pa.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  High-Grade Investment Securities. EXECUTE COMMISSION ORDERS ON ALL STOCK EXCHANGES ISSUE LETTERS OF CREDIT AND TRAVELERS' CHEQUES AV .AILABLN THROUGHOUT THE WORLD. SPECIAL LIST OF INVESTMENT OFFERlNGS UPON .A.PPLIC.A.TlON.  Wrri. A. Read & Co. Bankers Members of the New York and Boston Stock Exchanges  Investment Securities Deposits rectived and Interest allowed on Balances, subject to draft at sight Commission orders executed in all the principal markets  25 Nassau Street, New BOSTON  BALTIMORE  43 State Street  203 East German St.  York CHICAGO 205 La Salle Street  GEO. H. PRENTISS & CO., DEALERS IN  LOCAL No. 48 Wall Street,  SECURI7 IES, No. 147 •Montague Street,  NEW YORK.  BROOKLYN.  MEMBERS OF NEW YORK ST OCK EXCHANGE.  Orders on the New York Stock Exchange executed for Cash or on Margin.. GEOR G E LE~ SK.  JULIAN W. RO BBINS.  :EDWIN M. LEAS.K,  GEORGE LEASK & CO., 111Bl'1BER8 OP THE NEW YORK STOOK. BXODA.NGB,  Bankers, 37 WALL STREET, · NEW YORK. Stocks, Bonds and Investment Securities Bought and Sold on Commission. INTEREST ALLOWED ON BALANCES, SUBJECT TO DRAFT.  DEALERS  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  IN  COMMERCIAL  PAPER  LA THAM, ALEXANDER & Co., BANKERS AND COTTON COMMISSION MERCHANTS,  Nos.  16 & 18 WALL STREET, NEW YORK.  CONDUCT  A  GENERAL  BANKING  BUSINESS.  MEMBERS OF THE NEW YORK EXCHANGES.  Stooks, Bonds and Government Securit ies bought and sold on commission. Accounts of banks, bankers, merchants and individuals received, and lntereflt allowed on Daily balances, subject to check at sight.  Contracts for cotton for future delivery bought and sold on commission. MA YNA.RD C. EYRE,  MILTON J. WHITELY. WILLI.AM A. JENNlNGS.  JAMES WHITELY, } A. J . C.AMPB~ LL, Specials.  PRINCE & \VHITELY, BANKERS AND BROKERS,  No. 52 Broadway, New York, AND  15 CENTER STREET, NEW HAVEN, CONN. All Classes of Railway Stocks, also Grain, Provisions and Cotton, ,Bought and Sold on Commission.  INVESTMENT SECURITIES A SPECIALTY. Direct Private Wires to Boston, New Haven, Chicago, Pittsburgh and Richmond, Va.  W. EUGENE KIMBALL.  LEEDS JOHNSON. ESTABLISHED 1865.  R. J. KIMBALL & CO., BANKERS AND BROKERS, MEMBERS NEW YORK S T OCk... EXCHANGE.  7 NASSAU  STREET,  NEW YORK,  (HANOVER BANK BUILDING.)  WILLIAM FAHNESTOCK,  THOMAS J • .MUMFORJ>.  ROBERT B. DODSON,  Member ot the New York Stock Exchange.  FAHNESTOCK & CO., BANKERS AND BROKERS,  No.  2  BOND DEPARTMENT,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JACOB ZELi.BB,  Manager.  WALL STREET, NEW YORK.  MOORE & SCHLEY, BANKERS AND BROKERS~  No. 80 BROADWAY, NEW YORK. Members of the New York Stock Exchange.  J. S. & R. D. FARLEE, MEMBERS OF THE NEW YORK STOCK EXCHANGE,  No.  1I  Wall Street,  New York.  BROKERS AND DEALERS IN INVESTMENT BONDS, STATE, MUNICIPAL AND · APPROVED RAILROAD BONDS. On hand for Immediate Delivery, Suitable for Savings Banks, Trust Funds u.nd other Cor,3ervative lnve.atmenta. CORRESPONDENCE SOLICITED.  SIMON. BORG & CO., BANKERS,  NO.  20  NASSAU  STREET,  NEW  YORK,  MEMBERS OF T H E NEW YORK S T OCK E X C H ANGE.  '  HIGH-GRADE INVESTMENT SECURITIES For Trust Estates, Institutions, Savings Banks and General Investors. Special Lists Upon AppUcation..  H. N. VV-HITNEY & SONS, BANKERS AND  BROKERS,  ~o. 17 BROAD STREET, NEW YORK. <MILLS BUILDING.>  MEMBERS OF NEW YORK STOCK EXCHANGE   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MISSISSIPPI VALLEY TRUST COMPANY -ST. LOUIS Cap ital, Su r plus and Profits, $8,500 ,000.  A UGUST BELMONT & CO., BANKERS, NO. 23 NASSAU STREET. AGENTS AND CORRESPONDENTS OF THE  Messrs.  ROTHSCHII~D,  LONDON, PABIS AND VIENNA.  ISSUE LETTERS OF CREDIT FOR TRAVELERS,  AVAILABLE IN ALL PARTS OF THE WORLD.  Draw Bills of Exchange and make Telegraphic Transfers to EUROPE,  Cuba,  the other West Indies, Mexico and California. Execute orders for the purchase and sale of Investment Securities.  CU YLER, MORGAN & CO.,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  44 PINE STREET, NEW YORK. Accounts and Agency of Banks, Corporations, firms and indh-iduals received on favorable terms Dividends and interest collected and remitted, Act as agents for corporations in paying coupons and dividends; also as transfer a.gents. Bonds, Stocks and Securities bought and sold on commission at the Stock Exchange or elsewhere. Sterling Exchange and Cable Transfers bought and sold. Represent Land Mortgage Companies both as Financial Agents and in the care of Investments, either Mortgages or Rtlal Estate.  DRAW O.N BRITISH  LINEN BANK  '  LONDON  FISK & ROBINSON BANKERS 35 Cedar Street  28 State Street  NEW YORK  BOSTON  Members New York Stock Exchange  INVESTMENT DEPARTMENT UNITED STA.TES BONDS and other investment securities bought and sold. List of current oflerings suitable for Savings Banks and Trust Funds sent on application. Orders on New York Stock Exchange and in sound and marketable unlisted securities executed on commission for cash. BANKINC DEPARTMENT DEPOSIT ACCOUNTS of Corporations, Firms and Individuals received subject to sig~t draft. Certificates of deposit issued payable on demand or at a stated date. Interest allowed on daily balances and on money deposited pending investment. FISCAL ACENCY ACCOUNTS for the payment of bonds, coupons, dividends, etc., and for the transfer and ~egistration of securities received from municipal, railroad and other corporations. · We would direct special attention to the securities of the following companies, information concerning which may be found in the Railway Section at the end of this book on the pages indicaood: BUFFALO & SUSQUEHANNA RAILWAY-Page 27 & 28 BUFFALO & SUSQUEHANNA IRON -Pao-e 163 & 164 CULF '& SHIP ISLAND RAILROAD -Page 67 & 70 KANSAS CITY VIADUCT 8c TERMINAL-Page 80 8c 84  172 KEYSTONE TELEPHONE COMPANY-Page LOUISIANA & ARKANSAS RAILWAY-Page 87 & 88 NEW ORLEANS CREAT NORTHERN-Pa~e 103 8c 106 ST, L, ROCKY MOUNTAIN & PACIFIC-Page 129 8c 130  F. J. LISMAN & CO., Members New York Stock Exchange  NO. 30 BROAD STREET, NEW YORK  Investment Securities  . Safe Steam Railroad Securities, Paying from four to five per cent, con·s tantly on hand Detailed description on application In addition to those of Steam Railroads, we are now also making a specialty of bonds of such Coal • Companies as are indentified with the large Railroads, which have ample facilities for the marketing of their outputJ and proper Sinking F:nnd to safeguard the Security of the Mortgage. CABLE ADDRESS:  TELEPHONES:  2794, 2795, 2796 BROAD,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FARBRANG NEW YO.RK LIEBER AND HARTFIELDS WALL STREET CODES.  Harris Trust & Savings Bank Organized as N. W. Harris & Company, 1882.  N. W. HARRIS,  Incorporated, 1907.  President  MARQUETTE BUILD! G  CHICAGO  CAPITAL AND SURPLUS, $l,500t000 HIS institution, which in Feuruary, 1907, took over the extensive Western business of the Chicago house of the private uanking and bond firm of N. W. Harris & Company, acts as trustee, fiscal agent, registrar or transfer agent of corporate securities, and handles other affairs of trust, and does a general banking business, offering special inducements on deposits of reserves of other bank and trust companies.  T  BONDS FOR  INVESTMENT  Correspondence and personal interviews invited  N. W. HARRIS & COMPANY, NEW YORK AND BOSTON, EASTERN CORRESPONDENTS  .ARTHUR_:O. SLAUGHTER JR.  FRANK W. THOMAS.  PHILIP W. SEIPP  A. 0. SLAUGHTER JR. & CO., <Successors to A, 0, SLAUCHTER & CO.>  BROKERS~ ( New York Stock Exchange, .New York Produce Exchange, New York Cotton Exchange, MEMBERS:~ New York Coffee Exchange, Chicago Stock Exchange, Chicago Board of Trade, l St. Louis Merchants' Exchange.  I  I  139 MONROE STREET, NEW YORK LIFE BUILDING, CHICAGO.  HIGH-CLASS INVESTMENT SECURITIES.  .  PRIVATE WIRES TO NEW YORK, BOSTON, PHILADELPHIA AND OTHER PRINCIPAL POINTS,  A. M. KIDDER & CO_. BANKERS,  18 WALL STREET, NEW YORK. Transact a General Banking Business, including the Purchase and Sale of Stocks and Bonds for Cash   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BUY AND SELL  INVESTMENT SECURITIES.  Guaranty Trust Company OF NEW YORK 28 Nassau Street, NEWYORK  33 Lombard Street, LONDON, E.C.  CAPITAL AND SURPLUS, $7,500,000 Depository for Government of Philippine Islands  BONDS FOR INVESTMENT ACTS~AS TRUSTEE FOR CORPORATIONS AND INDIVIDUALS INTEREST PAID ON DEPOSITS FOREIGN EXCHANGE, LETTERS OF CREDIT, TRAVELERS' CHECKS   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CORRESPONDENCE LNVITEJJ  E. D. SHEPARD & COMPANY 31 NASSAU ST.,  146 DEVONSHIRE ST., 427 CHESTNUT ST.,  NEW YORK . BOSTON PHILADELPHIA  37 THREADNEEDLE ST., .  . LONDON  Dealers in First Mortgage Railroad Bonds and other Investment Securities Deposits received subject to Cheque, and Interest allowed on daily Balances Act as Fiscal Agents for Corporations and Municipalities  JOHN H. DAVIS & CO. BANKERS AND DEALERS IN  HIGH GLASS INVESTMENT SECURITIES MEMBERS OF NE~ YORK AND PHILADELPHIA STOCK EXCHANGES  Execute Orders on all the American and Foreig·n Exchanges and Carry Stocks and Bonds on Margin  NEW YORK  10 WALL STREET,  BERTRON, STORRS & GRISCOM BANKERS Land Title Building, PHILADELPHIA  40 Wall Street, NEW YORK  INVFSTMENT SECURITIES High-Grade Steam and Street Railroad, Gas and Electric-Light Securities, Netting from 4 to 6 per cent  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  T. A. McINTYRE & CO., 71  BROADWAY, NEW YORK. Members of New York Stock Exchange.  Government,· Municzjal and. Railroad Bonds BRA.NOH OFF'I0ES:  146 Adams Street, CHICAGO. B ALTIMORE, MD.  15 Congress Street, BOSTON.  SYRACUSE, N. Y.  ROCHESTER, N. Y.  BINGHAMTON ...{ Y  PARKINSON & BU RR, 53 STATE STREET,  7 WALL . STREET,  BOSTON.  NEW YORK.  MEMBERS OF THE BOSTON AND NEW YORK STOCK EXCHANGES.  INVESTMENT  SECURITIES.  BRIGHT, SEAR_S & CO., BANKERS AND BROKERS, MEMBERS  OF  BOSTON  53 State· Street, BOSTON.  STOCK  EXCHANGE,  65 Merrimack Street, LO WELL.  Connected by Private Wires with members of New York Stock Excha.nge  COMMISSION  ORDERS  EXECUTED  IN  ALL  MARKETS.  T. ~- STEPHENS & CO. BANKERS 2 WALL STREET,  -  -  NEW" YORK  Investment Bonds INTEREST ALLOWED ON ACCOUNTS OF CORPORlffIONS, FIRMS AND INDIV1DUALS, SUBJECT TO CHECK AT SIGHT  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MAITLAND, COPPELL & CO .. 52 WILLIAM ST., NEW YORK.  TRANSACT A GENERAL BANKING BUSINESS. ALLOW INTEREST ON DEPOSITS Sf~BJECr TO CHEQUE EXECUTE ORDERS FOR INVESTMENT SECURITIES.  AC'f AS AGENTS OF CORPORATIONS AND NEGOTIATE AND ISSUE LOANS.  BILLS  OF  EXCHANGE, TELEGRAPHIC  TRANSFERS AND  LETTERS  OF  CREDIT  -ON-  The Union of London & Smiths Bank, Limited, London, Messrs. Mallet Freres & Cie., Paris, Banco N acional de Mexico, Mexico, and its branches. Banca Commerciale Italiano, Genoa, and its branches. AGENTS OF THE BANK OF AUSTRALASIA, BRITISH GUIANA BANK, ETC.  United , States Bonds, Railroad.,  Mu..:n...icipal  AND OTH E R  Investment Securities. HARVEY FISK & SONS, NEW YORK, 62 Cedar Street PHILADELPHIA, represented by JAMES H. CHAPMAN, 421 Chestnut Street.  OUR  LlST   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  OF  INVESTMENT  CHICAGO, ILL., represented by D. K. DRAKE, 414 Continental Nat. Bank Bldg  SECURITIES  SENT ON  APPLICATION  THE FINANCIAL REVIEW.  FiI1..aI1..ce:, oo::r::o_merce=> Rail:r:-oads.  AI1..I1..-u.al-Feb. 1907  .. ,  ._. •  -  /  • ., •• ...,,,,. ....... 4--.,  1.._,..•\l#J. ,_..,, .. ,,  .,,••  l  ( t~::- . . . ' ..... ~.  .... 0  1  -.  ,  W l LLIA M B. DAN A COMP ANY, PUBLISHERS COMMERCIAL & FINANCIAL CHRONICLE, . PlNE STREET,  CORNER OF  Entered a.ooordlng to Act of Congreee, in the year 1907, by   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PEARL STREET, NEW YORK.  WILLIAM .B.  DANA. COMPANY, in offloe ot Librarian of Congreee, Waeb.1ngton, D. O.  J  '  ~  .r  '\•  I•'""  I  !  • I  ',·' \  :1·  ,_,  RETROSPECT OF 1906  j  CONTENTS .  Page. _ _ ____ __ ______ __ __ __ __ ____ __ __ __ __ __ __ ____________ ____ __ __ __ ____ __ __ __ __ __ __ 11  Monthly Review of Current Events, Money Market, Stock Market and Foreign Exchange________________________ ,CLEARINGS A D SPECULATION IN 1906 Sales of Stocks LISTINGS!OF SECURITIES 0  14  27 __ __ __ ____ __ __ __ __ __ __ __ __ __ __ __ __ ______ __ ____ __ __ __ __ __ __ 2  THE NEW YORK STOCK EXCHA GE  FAILURES-WHAT THEY SHOW AND. DO NOT SHOW Failures by Branches of Business ______________________________________________________________________ _ Yearly Failures Since 1857 ___________________________________________________________________________ _ Detailed Statement of Failures in United States and Canada  2931 32 32 33  BANKI G, FINA CE A D CURRENCY 34 Money Market for Four Years _________________________________________________________________________ _ 34 New_York City Bank Movements 36 CROP AND OTHER PRODUCTIO S-THE COUNTRY'S LARGE GRAIN HARVESTS _______________________ _ 37 The Crops for a Series of Years ________________________________________________________________________ 37-38 Anthracite Coal Production ____________________________________________________________________________ 38 Pig Iron Production and Prices_____ _____ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ 40 GOLD AND SILVER- Review of Gold and Silver Production 42 Product of Gold in United States, Africa, Australasia, Russia , &c ________________________________ _________ -42-44 World's Gold Production since 1881-_ __ __ __ ___ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ 43 World's Silver Production since 1891 Silver Quotations in London, monthly from 1 35 t.o 1906 ____________ ___________ ___________________________ _  44 45  GREAT BRITAIN-BANKS AND TRADE ______________________________________________ _________________ _ 46 Review of the Year's Influences and Events ______________ ___________________________ ____________________ _ 46 Statements of Bank of England and Bank of France-Also Money Rates at Continental cities ___________________ _ 49 British Imports and Exports _________________________________________________________________________ _ 49  TRADE AND COMMERCE-Our Foreign Trade in 1906-Calendar Year _______________________ ________________ _ Values of Exports and Imports by Fiscal years, 1876-1906 _________________________________________________ _ Exports of Leading Articles of Domestic Produce for Three Years ____________________ ______________________ _ Imports of Leading Articles of Merchandise for Three Years _______________________________________________ _ Comparative Prices of Merchandise, 1860, 1879 and 1903-1907 _____________________________________________ _ FOREIGN EXCHA GE-Daily Prices in  50 53 53 54 54  ew York in 1906 __ __ __ __ __ __ __ ____ ____ __ __ __ __ __ ______ __ ____ ____ ____ 55  UNITED STATES DEBT AND SECURITIE -Debt of the United tates, 1793-1906________ ____ ________________  56  Detailed Statement of Public Debt on December 311906 --------------------------------------------------- 56 Highest and Lowest Prices of United States Bonds , Monthly, 1860-1906 ____________________________________ 57-60 STATE SECURITIES-Highest and Lowest Quotations of State Securities, 1860-1906 __________________________ 61-63 FOREIGN GOVERNMENT SECURITIES-Highest and Lowest Quotations, Monthly, 1904-1906_ _____ ___________ _  63  RAILROADS AND THEIR SECURITIES-Railroad Statistics for the United States______________________________ 64 Mileage, Capitalization, Wages, Passehger and Freight Statistics __________________________________________ 64-65  ,  Earnings, &c., Fiscal Years Ending June 301888-1905 ------------ -------- ------------ -------------------Railroad Earnings in 1905 and 1906__ __ __ __ ____ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ ___ __ __ __ __ __ __ __ __ ____ __  66 68  Railroad and Miscellaneous Bonds in New York, 1902-1906-Prices Monthly__________________________________ Railroad and Miscellaneous Stocks in New York, 1902-1906-Prices Monthly ________ ___ _____________________ Railroad and Miscellaneous Bonds in Boston, 1906-Highest and Lowest Prices Monthly________________________ Railroad and Miscellaneous Stocks in Boston, 1906-Highest and Lowest Prices Monthly______________________ Railroad and Miscellaneous Bonds in Philadelphia , 1906-Highest and Lowest Prices Monthly __________________ Railroad and Miscellaneous Stocks in Philadelphia, 1906-Highest and Lowest Prices Monthly __________________ Railroad and Miscellaneous Bonds in Baltimore, 1906-Highest and Lowest Prices Monthly ____________________ Railroad and Miscellaneous Stocks in Baltimore, 1906-Highest and Lowest Prices Monthly ____________________ Railroad and Miscellaneous Bonds in Chicago, 1906-Highest and Lowest Prices Monthly ______________________ Railroad and Miscellaneous Stocks in Chic-ago, 1906- Highest and Lowest Prices Monthly ______________________  69 105 121 122 124 126 128 129 .130 130  RAILWAY AND INDUSTRIAL SECTION.-(Issue of Jan. 26 1907 bound up with the Review) ____________ Appendix   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  VOLUME AND COURSE OF TRADE . .ANNUAL .AND MONTHLY RESULTS.  RETROSPECT OF 1906. of 735,260 ,970 bushels, and an oats crop of 964 ,904 ,522 ' The year 1906 adds one more to the long series of bushels-these serve to afford an indication of the years of continued prosperity which have marked the fruitfulness of the soil. recent industrial history of the United States. At The year was unmarked by labor disturbances of a no time during the twelve months was there any in- very profound character. It is true there was trouble terruption to the unexampled activity which was the in the spring in the coal regions, resulting in suspension dominant characteristic throughout. There were of mining for a time, but the suspension never extended some disturbing and untoward incidents-more par- to all the mines in the country-and proved much less ticularly hostile agitation and hostile legislation serious than had at one time been feared. In the against corporate interests-but business was under bituminous regions, whence come the supplies of coal such impetus that even this undoubtedly threatening needed in manufacturing, an agreement was reached at feature did not bring any setback. Merchants, the very start through an offer of a return to the wage manufacturers and others had more business than schedule of 1903 , and these terms were at once accepted they could attend to, and hence the disposition by miners and operators in a large percentage of the was to let the future take care. of . itself, in the hope fields, and gradually by all. that the assaults on capital and wealth would prove Generally speaking , there were no important labor less ·serious than feared, and that the common sense troubles because a disposition existed on the part of of the people would prompt a removal of the elements the employer to grant increases in wages rather than ofjlarm before very serious damage developed. incur a cessation of work. Thus twice during the year The unparalleled activity experienced is well indi- the cotton operatives in the New England States cated by the series of investigations of complaints of obtained enhanced pay-the first time in June and the car-shortage made by committees of the Inter-State second time in November. Commerce Commission at various J?Oints in the West In the railroad field, owing to the overwhelming ;. at the close of the year. These complaints related to volume of business offered for transportation, the tengrain, to coal, to live-stock, to)umber and to practically dency of wages was steadily upward. The Penneverything that the railroads are called upon to · sylvania Railroad in November gave an advance of transport. 1Rail carriers were simply overwhelmed 10% in wages to all its vast number of employees with tonnage_:J Notwithstanding the tremendous ad- receiving less than $200 a month, involving an addition ditions made in recent years to their facilities, of $12,000,000 a year to the company's pay-roll. they were literally unable to move with due This necessarily set the pace and many other railroads expedition the enormous volume of freight pouring in at once fell in line, while the remainder will doubtless upon them from all directions. The inevitable result have to follow early in the new year. Among the was that they were constantly behind in their deliv- larger industrial corporations the policy was much the eries. An evidence of the condition of things existing same, and important wage increases were made by was furnished in a speech made before the Merchants' the U. S. Steel Corporation, the Standard Oil Co., &c. Club at Chicago on Nov. 10 by President James J. There were some striking catastrophes during the Hill of the Great Northern Ry., in which he asserted . year. Overtopping all others was the earthquake and that from 115,000 to 120,000 miles of additional track fire at San Francisco in April, which rendered homeless were urgently needed, and that to provide this addi- a great part of the population of the city and involved tional mileage, with the necessary equipment and other a property loss of $350,000,000. The insurance loss requisites within a reasonable length of time, and to was $235 ,000,000, of which it is estimated about 80% raise the capital for the purpose, was practically was, or will be, paid. Except in a year of unexampled beyond human ability to accomplish ~ "Why," said prosperity, such an enormous loss must have been Mr. Hill, "there is not money enough nor rails enough seriously felt in financial circles. As it was, the act.iviin all the world to do this thing." Furthermore, ties of many of the insurance companies were greatly Secretary Shaw, at a dinner in New York in December, crippled and their investment capacity for the time is reported to have said: "We who praysho.uld ask God being much curtailed. Among the smaller calamities to save us from any increased prosperity." may be mentioned the hurricane which passed over Ifwe look forthereasonsforthis phenomenal situation the Gulf States in September, and besides doing conwe find a rare combination of favorable circumstances. siderable damage to the cotton fields worked great Among these, foremost place must be assigned to the havoc at Pensacola and Mobile. constant and large additions to .the country's The spirit of hostility which developed against corpopulation. For several successive years immigrant porations and corporate interests and against capital arrivals have been averaging ov~r a million a year. and wealth was one of the distinctive characteristics Besides this, nature has been unusually lavish and of the year. · This hostility found expression in _various bountiful. The harvests have been abundant beyond ways-in the utterances of public officials, in legislative compare. It seems like a story from the Arabian ·enactments and in indictments and prosecutions in the Nights to state in figures what their yield has been. courts. So far as these prosecutions sought to enforce A corn crop close to 3,000 million bushels (2,927,416 ,- the laws and punish those who had been transgressing 091 bushels), exceeding by over 200 million bushels them, only praise can be spoken of the endeavors. even the record total of the previous year; a wheat er.op But, unfortunately, this does not seem to have always ~  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  12  RETROSPECT.  been the purpose in mind. Often it looked as if the object were to hold up to opprobrium men who had held a position of high esteem in the community and to make it appear that these men, beca~se of their wealth, must be and were detestable creatures. In and out of the public halls there were frequent references to "capitalistic wealth" and "swollen fortunes." As far as legislation is concerned, the event of greatest importance of course was the enactment of the Hepburn Rate Bill-a drastic measure giving the Inter-State Commerce Commission extraordinary powers of control over the railroads. Its capacity for mischief is infinite. But how it is to work in practice only the future can determine. Much depends upon the way it is enforced and whether its most drastic provisions are to be enforced at all. That the added powers given the Commission were not necessary for the effective regulation of the roads is evident from the numerous convictions which the Government was able to secure for violation of the prohibition against rebates and secret preferences and concessions-convictions and punishments obtained not under the new law but under the old law. Another important enactment of Congress was the meat-inspection bill-the outgrowth of the agitation against the beef-packing concerns. Theeffortsof the National Legislature in these _and other ways were supplemented by similar activity on the part of the States. On account of the high price of ice, some dealers in ice in nearly every State were subjected to prosecution in the State courts and convicted and punished-in some cases, as a result of apparently innocent agreements among a few small dealers . In not a few instances the continued prosperity of the railroads was reflected in enhanced returns to their shareholders. Perhaps the most striking increase in dividends was that of the Union Pacific Railroad, which in February raised the distribution on the co~mon shares from a basis of 5% to 6% and in August to 10%. In August, also, the beginning of dividends on Southern Pacific common was announced -at the rate of 5% a year. In general, however, the advances were very modest and hardly in proportion to the prosperity experienced. The Atchison, which has been favored with very large earnings, increased only from 4 to 5% per annum, whereat much disappointment was felt; and the Norfolk & Western made a similar small addition. The Baltimore & Ohio in September increased from 5% per annum to 6%. Later in the year the Pennsylvania RR. advanced from a basis of 6% to 7% and the New York Central from 5% to 6%. In this last instance the dividends of the controlled properties, the Michigan Central and the Lake Shore & Michigan Southern, &c., were also raised. The Lehigh Valley Railroad in December declared an extra dividend of 1% in addition to the regular semi-annual dividend of 2% . During 1906 also dividends were resumed on United States Steel common. It might be supposed from this recital of events that the course of speculation on the Stock Exchange through the year must have been upward. Far from it. Of course, in the case of a number of important stocks, and notably Union Pacific , great improvement in market prices as registered on the Stock Exchange was established. Barring exceptions of this character, the highest prices, as a rule, were made in the earlier months. The tension in the money market obviously acted as a bar to speculation on any general or extensive   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  scale , though it did not prevent stock market manipulation in particular instances , like Reading shares. Then , also, the new rate legislation inspired caution. Furthermore, the insurance enactments in this State circumscribed very materially the operations of the insurance companies, prohibiting further stock invest: ments and also forbidding syndicate operations, which for so many years had been initiated on a very extensive scale by these very insurance companies. It is to be noted that all through 1906 it was found difficult to place new railroad or other corporate loans , and dealings over the counters of bankers were on an exceedingly small scale. Furthermore, a number of bond syndicates organized in previous years were terminated in 1906 with considerable amounts of the bonds still unsold. As it happened, too, the fire insurance companies, like the life companies, were out of the market in great part. On account of the San Francisco fire and the large losses they had to meet in connection therewith, they were obliged to realize upon the securities already in their p9ssession instead of buying more. RANGE OF LEADING STOCKS IN 1906.  Openino . Trunk LinesBaltimore & Ohio ______ Boston & Albany __ ____ Canada Southern __ ___ _ Clev. Cln. Chic. & St. L_ Erle _______ __________ N . Y. Ceut. & H . R ____ N . Y . Chic. & St. I, ____ P ennsylvania ____ __ ___ Wabash ____ ___ _______ Coal RoadsCentral of New Jersey __ Delaware Lack. & West_ Delaware & Hudson ____ Lehigh Valley_ a _ __ _ _ __ N. Y . Ont . & Western __ Reading ___ ________ __ Western and PacificCanadian Pacific _______ Chicago & Alton ___ ____ Chicago Great Western_ Chic. Mil. & St . PauL __ Chic. & North Western_ Colorado & Southern ___ Denver & Rio Grande __ Great Northern, preL __ Illlnols CentraL ___ __ __ Minn. St. P. & S . S. M __ Northern Paclflc _______ Rock Island Co ________ Southern Pacific Co ____ Union Pacific _____ ____ SouthwesternAtch . Top . & Santa Fe_ Mo. Kansas & Texas ___ Missouri Pacific _______ St. L. & S. Fr., 2d pref_ St. Louis Southwestern_ Texas & Pacific ________ Southern RoadsChesapeake & Ohio ____ Louisville & Nashville __ Norfolk & Western _____ Southern Ry_b ______ __ do do pref_ b ___ MiscellaneousAmalgamated Copper __ Amer. Car & Foundry __ Amer. Cotton 011 ______ Amer. Smelt. & Reftnlng Amer. Sugar Refining __ ~~~~nra~fJP,ganslt== Colorado Fuel & Iron ___ G eneral Electric _______ Interboro-Metropolltan_ International Paper ____ Manhattan El evated ___ National L ead _________ Pacific Mall ss __ ___ ___ People's Gas Lt. & Coke Pressed Steel Car_ _____ R epublic Iron & SteeL _ Tenn. Coal, Iron & Ry __ U .S. Rubb er _________ U. S. St eel Corporation_ do do pref __ W estern Union TeL ____  113 ½ 254 69¼ 107 ½ 48 ½ 152 ½ 69 ¾ 144 ¼ 20 ¾ 223 ½  460  224  82 52½  139 174 ¾ 30½ 21 ¼  181 ¾ 221 30 ½ 39 ¾ 291 175 ¼  144 ¾  205  24 ¼ 66 ¼  150½  Lowest. 105 ¾ 239 65½ 89 38 ½ 126 59  May Dec. June Dec. May Nov. Mch. 122 ½ July 18 Dec.  204 437 ¾ 189 65 43 ¾ 112  155 ¾ May 25 ½ Sept. 16 June c146 ½ Dec. 192 Aprll 29 ½ Jan. 36 ¾ May dl78 Dec. 164 May 134 Dec. 179 ¼ May 22 ½ July 61 May 138 ½ May  89¼ 37 100 ¾ 47½  85 % 29 85 ½ 40½  56 ½  51 ½ 136 ¼ 84 31 ¾ 93 ½  22 33¾  152 ¼  85½ 36 100 ¼ 111 ½  41 ¾  39 ¼ 169 ¾ 153 296 89 56 ¾ 178 ½ e51 ¼ 23 ½  161 ½  83 ¼  48 101 55 ¾ 34 132 53 ½ 43 ½  107 93  May May May May May May  Closino.  Highest. 2 125 ½ Sept. 5 257 ¼ Feb. 30 70 ½ Jan. 29 109 ½ Jan. 2 50½ Jan. 12 156¼ Jan. 5 73½ Aprll 2 147½ Jan. 29 26 ½ Jan.  2 2 2 2 2 2  239 ½ 560 234 ¾ 86 57 ¼ 164  May May Nov. June Jan. Jan.  2 201 ½ Dec. 15 35 ¾ Oct. 28 23 ¾ Jan. 29 199¾ Dec. 27 240 Jan. 4 41 Oct. 2 51 ½ Jan. 26 348 Feb. 2 184½ June 31 164 Mch. 2 232½ Feb. 13 32 ¾ Nov. 2 97 ½ Sept. 2 195 ¾ Sept.  21 19 8 15 16 8 17 23  119 ½ 239 ½ 67 90 ½ 43 ¾ 131 61 ¾  24  138 ¾ 18  24  219½  22  222  8 27 23  134¼  24 515  78 ¾ 47 ½  14 193 27 8 20 17 ¾ 17 148 ½ 15 198 ¼ 3 36 ¾ 26 42 9 185 7 165 ½ 24 136 14 185¼ 30 29½ 21 92~4 4 180¼  May 2 110½ Sept.11 104 ½ May 2 43¾ Nov. 27 40½ May 2 106¾ Jan. 20 92¼ July 17 51 ¼ Feb. 6 48½ 20 ½ May 2 27½ Jan. 19 25 28 May 2 40½ Oct. 2 35 ¾ Nov. May Feb. Nov. Dec.  12  92 ¾ July 32 ¾ July 28 May 138 ½ May 127 ½ May 223½ May 71 July 40 ½ May 156 Dec. 33 ¾ June 16 ½ Sept. 140 Sept. May 66 28 ¾ June July 88 May 43 22 ¼ May 129 Jan. July 38 32¾ July 98 ¾ July 83 ¾ Dec.  13 13  65 ¾ 2 156½ 28 97 ¾ 12 42½ 15 103  2 2 2  2  27  11 25  2  29 13  30 56 19 143 ½ 92 2  26  16  118 ¼ Feb. 13 47 ½ Jan. 24 44 ¼ Jan. 11  174 157 4 300 12 94 ½ 19  Aug. Jan. Oct. Jan. Jan.  83 ¾  184 55% 26 ¼ 162  95 % 51½ 103  2 64¾ 2 41 ¾ 2 c166  13 59½ 13 50 ¼ 3 113 ¼ 24 94 ½  Jan. Jan. Feb. Jan. Jan. Oct. May Jan. Jan. Jan. Jan. Jan. Jan. Dec. Nov. Oct. Oct. Jan. Jan.  33 ½  94 % 115  42 ½  31 ½ 18 149 ¾ 8 133 % 13 290 26 26  78 ¾  26  142 ¾ 72 ½  53 9 160 ¼ 10 35 ¼ 15 18 19 19  37 ½ 2 98 ¼ 24 53 11 38 ¾ 30 160 51 2 12 48¼ 20 104¾ 26 84  a Par value ls $50 per share and price ls dollars per share; not per cent. b Voting trust ee certificates stamped extended. c Ex-rights. d Ex-certlflcate<: of beneficial interest in ore properties . e First dealt ln "when issu ed ," April 26.  The stock market was buoyant in January, but in February a severe break occurred, induced by the pending rate legislation in Congress, the reduction in this State in the price of gas to 80 cents, and other similar untoward occurrences. The prospect of a coal strike at this time also proved depressing. In March a slight improvement occurred. In April the market became thoroughly disorganized by reason of the strikes and suspension of coal-mining , the develop-  RETROSPECT. ments at Washington and the San Francisco earthquake. Early in May the market almost ran into a panic; and though later in the month some recovery occurred, in June there was renewed weakness and depression. This special period of liquidation seems to have been completed the early part of July; the latter part of that month aggressive buying was noted, which brought a · change for the better. In August there appeared to be a genuine revival of speculation, as a result of the resumption of dividends on United States Steel common and the unexpected action with reference to the dividends on Union Pacific and Southern Pacific shares. The buoyant tone, however, was not maintained in September; and in October the advance in the Bank of England rate to 6% gave the market a black eye and caused renewed collapse. In ovember the action the first day of the month of the Pennsylvania Railroad in increasing its dividend gave tone to the whole market for the time being. But, as on previous occasions, the effect was not lasting, and while a number of stocks were sharply advanced, a general feeling of listlessness soon grew up. In December great weakness again developed under the tension in the money market, the break in Reading and the extensive new capital issues by several large companies. In the money market there was more or less tension all through the year-at times extreme tension. And this state of things in the home market found its counterpart in the money markets of Europe, where conditions developed which have not been paralleled for a great many years past. Trade in Europe, and more particularly in Germany and Great Britain, was active, just as it has been in this country, and the urgency of our own demand for gold made resort to extraordinary measures necessary on the part of the leading European banks in order that the drain for the United States might not endanger their own reserves. As a matter of fact, the Bank of England's bullion holdings were more than once reduced to unusually small figures. In London it cannot be said there was any period of ease at all throughout the year. The Bank of England minimum at no time got lower than 3½% and in the autumn there came that series of events which led successively to a rise to 4, to 5, and finally to that unusual figure of 6%. At the time of this last advance the United States was taking gold in large volume for importation with the aid of Treasury advances. The Bank of Germany had a short time previously raised its rate to the same figure. The 6% rate sufficed to check further withdrawals for American account, but all through the remainder of the year there were fears lest an advance to 7% would have to be made. The Bank of Germany actually did adopt the 7% rate in December. The pressure encountered here will be apparent when we say that at four different times during the ye~r the Clearing House banks showed a deficiency in the 25% requirement of reserves to deposits-the first time in April, the second in September, the third in November and the fourth in December. With money in such urgent demand, Government receipts were exceeding the disbursements and the Secretary of the Treasury had to resort to all sorts of devices to get the moneys back into the channels of trade. He increased deposits in the banks on several occasions. He more than once offered special inducements for the banks to take out additional circulation. He anticipated interest payments. He at two separate times during the year intervened actively to promote imports of gold.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  13  There can be no doubt that the money market was all through the year more or less completely at the mercy of the Treasury Department. This led to a more active agitation than at any previous· time for the reform of our currency system so as to make it responsive to the needs of trade and independent of the operations of the Treasury Department. Both the New York Chamber of Commerce and the American Bankers' Association took steps to encourage currency reform movements, as narrated in our monthly recitals of events. The Treasury sold $30,000,000 of Panama Canal bonds in July, which served to add still further to Treasury accumulations. Hence, notwithstanding that Government deposits in the national banks Dec. 31 1906 were $158,753,158 against only $64,764,367 Jan·. 1 1906, the money holdings in Sub-Treasurie during the same period increased from $323,086,024 to $343,836,223. In the same twelve months , however, national bank circulation secured by bonds-in no small measure as the result of the Secretary's endeavor -was increased from $504,842,313 to $549,280,084. In January, with the return of currency from the interior, both the money holdings and the surplus reserves of the Clearing House banks rapidly increased and rates for money, which had been high at the opening of the year, rapidly returned to normal figures; but at no time was there ease. In February renewed firmness developed, in March the firmness became still more pronounced, and in April the pressure again became urgent , the San Francisco earthquake coming in to intensify the situation. May saw some improvements in conditions and in June and July the state of things was fairly satisfactory. In August there was renewed tension, which assumed a more aggravated form in September, and the rest of the year the money market may be said to have been more or less disturbed nearly all the time, owing to the high Bank rates adopted in Great Britain and Germany and the necessity for financing many transactions which had previously been financed on the other side. The foreign exchange market naturally reflected the disturbed monetary state of affairs and was largely dependent upon and controlled by it. In January rates for exchange sharply advanced, suggesting the possibility of gold exports. In February rates declined and in March imports of gold were begun. The import movement reached large proportions in April and May -this being the period when there was such an urgent call upon thi centre for funds in connection with the San Francisco earthquake and when the Secretary was seeking in every way possible to promote the influx of gold. The early part of June there was again a sharp rise in sterling, but the course was once more quickly reversed and there was talk then of renewed imports of gold, even without Treasury aid, which had been withdrawn. In August great weakness developed and in September the Secretary of the Treasury for the second time took advantage of the situation to promote a large import movement-with the result of upsetting the money markets of the whole world. The upshot was the action of the Bank of England in advancing its rate of discount in October to 6%, instantly reversing the course of exchange and bringing rates close to the export point. In November exchange see-sawed a good deal, but in December rates were again down to the gold-import point-with no attempt however, to engage any gold for import, owing to the fear that such action would further derange the European money markets and induce the Bank of England  RETROSPECT.  14  to advance its discount rate even beyond 6% . One of the features of the year was the immense volume of American finance bills floated in Europe, representing borrowings abroad . After the rise in the Bank of England rate to 6% and the complete unsettlement which this caused, these American bills were sharply discriminated against, particularly in France, and the borrowings in many instances had to be transferred to this side. Below we bring together some general statistics for 1906 and 1905, affording an interesting contrast between the two years. GENERAL SUMMARY FOR TWO YEARS. 1906.  :905.  2,992,75 ,207 3,2.'.!5,954,768 Coln and currency ln U.S. Dec. 31_ ____ $ Bank clearings in United tates _______ -S 159,808 ,640,886 143 ,909',448 ,441 102,676,172 119,201,515 Business failures _____________________ $ 263,081,156 284,298,010 Sales at N. Y. Stock Exchange, shares 478,432,825 448,109,250 Grain and flour at Produce Exch _ ___ lmsh 1,179,144,550 1,320,609,250 Imports of merchandi e (12 mos.) _____ _$ 1.626,990,795 1,798,247,943 Exports of merchandise (12 mos.) _____ -S 3,498,938 109,017,282 Net Imports of gold (12 mos.) __________ $ 1,907,244,247 2,131,306,699 Gross earnings 134 roads (12 mos.) __ ___ $ 5,050 5,750 Railroad constructed ______________ miles (est.) 692,979,489 735,260,970 Wheat raised _____________________ bush 2,707,993,540 2,927,416,091 Corn raised ______________________ bush 953,216,197 964,904,522 Oats ralsed ______________________ bush 11,319,860 (?) Cotton raised ___________________ _bales 22,992,380 25,307,191 Pig iron produced (tons of 2,240 lbs.)____ 34,353,456 38,400,000 Lake Superior ore shipments (gross tons) 901,907,843 950,000,000 Copper production in U. s __________ _lbs 61,410,201 55,698.595 Anthracite coaL ___ (tons of 2,240 lbs.) 46,988,533 39,840,686 b Petroleum (runs) productlon _____ bbls 1,055,834 1,229,942 Immigration Into U.S. (12 mos .) ____ No 14.542.223 15.744,347 Public land sales (yr. end'g June 30) acres o These are the statistics of the pipe line comparues a Estimated. handling the oils produced In the States of Pennsylvania, West Virginia, New York, Ohio, Indiana and Illinois. h Net exports.  JANUARY.-Current Events.-Trade and industry remained extremely active, with labor fully employed, and from all directions the accounts were most glowing-characteristics that continued throughout the year. The weather durng Jan. was extremely mild-a favoring circumstance with t e railroads and an advantage in many other respects. At times the temperature in this city rose above 60 degrees, while Jan. 20 to Jan. 23 a warm wave spread over the northern part of the country, and reports came of suffering from heat at some points, with maximum temperatures of 70 degrees and above at points like Pittsburgh, Cincinnati and St. Louis. Many different places in the North and West reported the warmest Jan. in twenty to thirty years. The strike of the compositors in the job and book trades for an -hour day extended to this city and to a number of other points not previously involved. There was discussion, too, of the possibility of trouble in both the bituminous and the anthracite coal fields with the expiration of the old wage contracts on April 1. Generally, however, there was freedom from labor troubles. The passage Jan. 29 by the House of Representatives of a resolution requesting the President to submit to the House any information which the Inter-State Commerce Commission might possess as to the existence of a combination in restraint of trade between the Penn. RR. and the various allied properties, like the B. & 0., Nor. & West., Ches. & Ohio, &c., disturbed financial circles for the time being, and caused a severe tumble in prices on the Stock Exchange. As it happened, too, the Hepburn Railroad Rate Bill was reported unanimously to the House on the same day by the Committee on Inter-State and Foreign Commerce. An incident early in the month was a speech by Jacob H. Schiff at a meeting of the Chamber of Commerce Jan. 4 declaring the money market conditions which had prevailed the previous sixty days a disgrace to the country, and saying also that unless our currency system was reformed a panic would sooner or later result compared with which all previous panics would seem as child's play. On Feb. 1 the Committee on Finance and Currency of the Chamber of Commerce, to whom the whole matter had been referred, made a report condemning our currency system as inelastic and radically defective, but suggesting that to allow national banks to issue additional notes equal to 50% of the bond-secured circulation (subject to a tax of 5 or 6% until redeemed), as recommended by Secretary Shaw, might result in inflation. They recommended that the $3,000,000 a month limit on the deposit of lawful money for the retirement of national bank notes be removed, and also that the Secretary be allowed to deposit customs receipts with the banks the same as internal revenue receipts, and that the banks pay a low rate of interest, not less than 2% , on Government deposits. A committee of five was appointed to consider the subject, which made its report in October. Early in the month Secretary Shaw ordered thB prepayment without rebate of the interest due Feb. 1 on Government bonds, the amount involved, however, being only about 1,800,000. Treasury money holdings Feb. 1 1906 were $319,953,762, against $323,086,024 Jan. 1, and Government deposits with the banks were $64,343,644, against $64,764,367. National bank circulation kept increasing, the amount secured by bonds rising from $504,842,313 to $506,365,749. At a meeting at New Orleans of the Southern Cotton Association it was again resolved (this having been the recommendation the previous year) that the acreage for the coming crop be reduced 25%, and planters were also urged to hold the remainder of their crop for 15c. a pound. There were two ginning reports from the U.S. Oen-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  sus during the month-the first, showing less cotton ginned than expected, served to strengthen the price, while the later report, revealing a somewhat larger total than had been looked for, had the opposite effect. Middling uplands in this market, which were 11.75c. Jan. 2, got up to 12.25c. by the 18th. The close Jan. 31 was at 11.35c. Print cloths at Fall River were advanced from 3¾c. to 3 13-16c. The Russian political situation for the time being improved . the Government apparently gaining the upper hand over the insurrectionists. The financial situation of Russia, ·,however , remained gloomy, and the Government had difficulty in rueeting £20,000,000 of maturing treasury bill~. Eventually German bankers agreed to take £16,000,000 of new bills, besides which 10 2-3 millions sterling of bills were placed in France. The terms were hard in both instances. The Moroccan Conference at Algeciras attracted wide attention. Fears of a possible dash between France and Germany gm.dually diminished, but were not entirely dispelled. In Great Brita.in Parliamentary elections occurred, at which the Liberal Party achieved an overwhelming victory; another feature of the elections was the large vote cast. for the labor candidates. Christian IX., "Father-in-law of Europe" and King of Denmark, <lied suddenly Jan 29, at the age of 88. He was succeeded by his son, Frederick VIII. The strained relations between Venezuela and France reGulted in the rupture of diplomatic intercourse between the two countries :!\1. Fallieres was elected President of France to succeed M. Loubet The House of Representatives at Wa hington on Jan. 16 passed the Philippine Tariff Bill by a vote of 2.53 to 72; it was still in the hands of the Senate Committee when Congress adjourned the following June . On Jan. 1 the Aliens Act passed at the previous session of Parliament, came into force in Great Britain, placing limits on t.lie freedom of immigration in.to that country. Marshall Field, Chicago's great merchant, died Jan. 16, and business was quite generally suspended in Chicago on Jan. 19, on the afternoon of the day of the funeral. The suicide of Leland W. Prior led to the suspension of the brokerage house of Denison, Prior & Co. of Cleveland, and also to the discovery of some extensive forgeries of m1micipal bonds. (V. 82 ,p.173). The committee on Departml:'nt Methods ordered by President Roosevelt on the complaint of the New England Cotton Manufacturers' Association to investigate the work of the forecasting of crops by the Department of Agricultme, and especially th~ cotton C'rop, mane its report by Chairman Keep. This report recommended dispensing with large numbers of individmi,l correspondents and ad vised that the determination of acreage planted be intrusted to the Census Bureau. Railroad Events and Sock Exchange Matters.-The speculation for higher prices made further noteworthy progress during Jan. The first few days much disappointment was felt because easier monetary conditions did not at once develop. The remarks of Jacob H. Schiff at the Chamber of Commerce meeting Jan. 4 also exerted an adverse effect, the market suffering a decided setback for. the time being. But as money rates declined the feeling quickly improved and great activity and buoyancy ensued. In many cases the advances were sensational, the more so as they followed such a long-continued rise in 1905. The latter part of the month the market became ragged and irregular, with enormous sales to r ealize profits and a considerable portion of the previous advance was lost. With the tendency already downward the p assage by the House of Representatives on Jan. 29 of the re olution referred to above regarding the relations between the Penn. RR. and certain allied trunk lines, caused a severe tumble in prices. Reading com. was very conspicuous both in the rise and the subsequent break. Opening Jan. 2 at 139, it reached 164x Jan. 23, then dropped to 134¼ Jan. 30 rnd closed at 141½ Jan. 31. Mil. & St. P. com. opened at L81% , derlined to 179¾ Jan. 5, shot up to 193 Jan. 22 and closed at 186¾ Jan. 31. N. Y. Cent., which had sold at 156 ¼ Jan. 8, got down to 147½ Jan. 30, with the close Jan. 31 150½. Un. Pac. com., opening at 150½,got down to 148 Jan. 3 advanced to 160½ Jan. 24 and closed at 155½ Jan. 31. A number of the low-priced stocks were whirled rapidly upwards; Den. & Rio G. com. advanced from 38 Jan. 4 to 51½ Jan 26, closing Jan. 31 at 50½. The industrial properties, however , were really more prominent than the railroad shares, and the coal and copper mining stocks particularly made sensational advances. Col. Fuel & Iron com. from 55½ Jan. 4 advanced to 83% Jan. 26; Fed. Min. & Smelt. com. sold up from 138 Jan. 4 to 199 Jan. 22; Int. Power from 58 Jan. 5 to 95 Jan. 29, and Tenn. Coal & Iron from 129 Jan.2 to 165 Jan . 12, a portion of the advance bejng in each case lost at the close. The sales on the N. Y. Stock Exchange for the month reached 38,512,548 shares. Some large new loan issues were brought out. The Penn. Company sold to a syndicate 20,000,000 of 4% bonds guar. by the Penn. RR. The Westinghouse Elec. & Mfg. Co. offered 15,000,000 convertible gold 5s to its shareholders. The Mo. Kan. & Tex. Ry. in a circular announced that shareholders would be asked to authorize $20,000,000 gen. mtg. 4½s, and that $10,000,000 would be offered to shareholders at 87½, payable in installments. Tenn. Coal, Iron & RR. approved an increase in capital stock from $23,000,000 to $30,000,000, and subsequently stockholders were offered $3,420,180 at par. Speyer & Co. on Feb 1 offered the unsold portion of $11,784,000 1st and ref. mtg. -1% bonds of the Chic. R. I. & Pac. Ry. Western Elec. Co. (Bell T elephone Mfg.) increased its authorized capital from 15,000,000 to 25,000,000. One of the events  RETROSPECT. of the month was the promulgation of the plan for the union of traction and subway interests in N. Y . through the organization of the Interboro.-Metropolitan Uo. for the taking over of the Interboro. Co., the Met . St. Ry. Co. and the Met. Securities Co . The U.S. Smelt. Ref. & Min. Co. was organized in Maine with authorized capital of $75,000,000, and took over the U. S. Mining Co. by an exchange of stock. The Corn Products Ref. Co. was organized and took over the control of the Corn Products Co . and the entire capital stock of the N. Y. Glucose Co., the Warner Sugar Co. of Waukegan, Ill., and the St. Louis Syrup & Preserving Co. The Pere Marquette RR. defaulted Jan. 1 in the interest due on the $3,500,000 of 4% coll. tr. bonds, and the Tol. Ry. & Term. Co. defaulted on its $3,500,000 4½% bonds. The Chic. Gt. West. Ry. resumed the payment of dividends on its pref. A stock. The Gen. Chem. Co. resumed on its com., declaring 2 % . The Amalgamated Copper Co. and the Boston & Mont . Consol. Copper & Siver Mining Co., controlled by the same, also further increased their dividends. Swift & Co. enlarged its capital stock from $35,000,000 to $50,000,000 , shareholders be~ng allowed to take the new stock at par . Bankers made a public offering of the unsold portion of $4,635,000 1st and coll. tr. 5s of the Manila Elec. RR. & Lighting Corporation. The Money Market.-There was a gradual return to normal conditions. The first few days, however, before the distribution of the large J an. interest and div. payments, rates still ruled high-the range for call loans on the Stock Exchange Jan. 2 being 25@60%; Jan. 3, 8@50%; Jan. 4, 6 %@22, and Jan. 5, 4@10%. On Jan. 31 the range was only 3¾@4. Rates for money on time at the close were 4¼@4½% per annum on 60-day loans, and 4½ for loans running three to six months. Commercial paper then was 4½@5 for 60 to 90-day endorsed bills receivable, 4¾@5¼ for prime and 5½@6 for good four to six months single names. There was a large return flow of currency from the interior, and both the money holdings and the surplus reserves of the Clearing House banks were heavily increased. Money holdings rose from $246,506,700 Jan. 6 to $277,608,000 Jan. 27. Surplus reserves, which were only $571,000 J an. 6, were $12,708,650 Jan. 13, $16,764,575 Jan. 20 and $15,829,850 Jan. 27. Deposits increased from $983,742,800 to $1,047,112,600 and loans from $1,004,658,300 to $1,041,113,300. Foreign Exchange, Silver, &c.-Except at the opening, when the tone was easy and rate lower, strength was the dominant feature of exchange during most of Jan. There was an urgent and a quite persistent demand for remittances in settlement for maturing finance bills, and also for sight drafts that had been speculatively sold . On occasions there was likewise a demand in settlement for stocks sold here for European account. With the advance in sterling rates, there was talk of the possibility of gold exports to Europe, but the Bank of France refused to allow interest on gold in transit, being disinclined for the time being to accumulate gold-the limit of its note circulation having been nearly reached-and this served to prevent an outflow. The fact that money rates, though having sharply declined, nevertheless ruled higher here than at Paris, also acted as a check upon shipments . The latter part of the month there was an export of $1,850,000 gold to Mexico on French account and an export of 500,000 to Argentina on London account. The shipments to Mexico were understood to represent payments for Mexican silver purchased on French account . Sterling was at its lowest point on Jan. 4, when 60-day bills were 4 8220@ 4 8230, sight bills 4 8540@4 8550 and cable transfers 4 8595 @4 8605. The high point was Jan. 27, when the rates were 4 84@4 8410, 4 8730@4 8740 and 4 8805@4 8815. There was a slight shading off from these figures at the close. The Imperial Bank of Russia raised its rate of discount early in the month from 7to7½% and laterto 8%,thisshowing the disturbed financial conditions in that country. Elsewhere on the Continent the tendency of rates was downward . The Bank of Germany Jan. 18 reduced from 6 to 5, and about the same time the Bank of Sweden reduced from 5½ to 5. At the close open market discounts at Berlin and Frankfort were only 3¼@3¾. At Paris the open rate market Jan. 31 was only 2¾. At London rates held up, and at one time the fear was expressed that the Bank of England might have to advance its official minimum from 4%. The Bank was able, however, largely to increase its bullion, adding £3,910,899 in the four weeks to Jan. 25, mainly as the result of the return flow from the interior of Great Britain. The London open market rate Jan. 31 was 3¾. Silver in London fluctuated between 29 11-16d. and 30¼d., with the close Jan. 31 30 3-16d. FEBRUARY. -Current Events. -The House of Representatives Feb. 8 passed the Hepburn Railroad Rate Bill by an almost unanimous vote-346 to 7. In the Senate there was much opposition to granting the Inter-State Commerce Commission the power to fix rates without allowing to the railroads the right of appeal to the courts, and there was talk of a compromise which would obviate the objections on this point. On Feb. 23, however, with the aid mainly of Democratic votes, the Senate Committee on Inter-State Commerce reported the Hepburn bill to the Senate just as received from the House, and Senator Tillman, a Democrat, was placed in charge of the measure. In this State, long existing hostility against the gas companies resulted in radical measures against the same. On the day the Hep-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  15  burn bill was reported to the Senate, the State Commission on Gas and Electricity issued an order at Albany reducing the price of gas in the Borough of Manhattan, beginning May 1, to 80 cents per 1,000 cubic feet, as against $1. This was after Senator Stevens, the author of the Act creating the Gas Commission the previous year, had introduced albill proposing to legislate the Commission out of existence again, because it had failed to cut down the price of gas. Following the action of the Commission, the Assembly at Albany Feb. 28 passed a bill by an absolutely unanimous vote reducing the price of gas to 80 cents in all the different boroughs of the city excepting Richmond Borough and a few of the outlying districts in the other boroughs. This bill passed the Senate the next month (Mar. 8) by 44 to 3 and became a law with the signature of Gov. Higgins Apr. 2. Fears of a miners' strike in the bituminous regions continued all through the month, and there was also talk of a possible strike in the anthracite r egions . Feb. 24 President Roosevelt addressed a letter to John Mitchell, President of the United Mine Workers, and also to Francis L. Robbins, President of the Pittsburgh Coal Co. and Chairman of the Bituminous Coal Operators' Committee, expressing solicitude over the possibility of a strike in the bituminous region and urging that a further effort be made to avert such a calamity. A special national convention of the miners was called for Mch. 15 in response to this appeal. There were also some further developments in connection with the troubles in the insurance world. Stuyvesant Fish resigned as a member of the Mutual Life Insurance Co.'s investigating committee and several of the counsel to the committee withdrew at the same time; later Mr. Fish also resigned as member of the Board of Trustees of the company and some other trustees likewise resigned. The Armstrong Committee of the State Legislature made its report with reference to the investigation of the insurance companies carried on by it the last half of 1905, and it contained radical recommendations bearing upon the future conduct of the business of the large life insurance companies. The weather during the month was mild. Grain prices were weak all around, the May option for wheat in this market declining from 91 cents to 87¾ cents. Cotton was also weak most of the month, influenced by the large visible supply and a heavier movement of the crop than had been looked for. From 11.45c. Feb. 2, middling uplands at New York declined to 10.80. Feb. 26, with a recovery, however, to 11.05c . Feb. 28 .. A favorable event of some importance was the announcement Feb. 13 of a settlement of the prolonged litigation between the Amalgamated Copper interests and F. Augustus Heinze and the United Copper Co. (V. 82, p. 396). National Bank circulation secured by bonds increased from $506,365,749 to 509,173,566. Treasury money holdings increased from $319,953,762 to $331,066,575. Government deposits in the national banks were $65,333,465, against $64,343,644. New York City sold $20,000,000 corporate stock Feb. 15 and the feature was that the rate of interest was 4%, previous issues for over a score of years having borne only 3½% interest. The bonds sold on a basis of about 3.65%. The threatened disturbance of tariff relations on Mch. 1 between the United States and Germany was averted through the passage by the Reichstag of the German Government's proposal to extend reciprocal tariff rates to the United States until June 30 1907. This assured to the United States the benefits of the German minimum rates. In response, President Roosevelt issued his proclamation extending to Germany the benefits of reduction of duty allowed under Section 3 of the Dingley Act. The Bank of France received authority to increase its note issues to a maximum of 5,800,000,000 francs, the previous limit having been 5,000,000,000 francs. The United States Supreme Court on Feb. 19 held a coal contract of the Ches. & Ohio Ry. with the N. Y. N. H. & H. RR. Co., under which the New Haven Co. got supplies of coal at a figure which involved a reduction in the schedule rates on coal, to be in violation of the Inter-State Commerce law. An event of the month was the announcement by Kuhn, Loeb & Co. that the different members of the firm would withdraw from all railroad directorates in which they had held seats . Railroad Events and Stock Exchange Matters.-A severe break in prjces occurred on the Stock Exchange during February. The passage, as enumerated above, by the House of Representatives of the Hepburn rate bill, the' action of the State Gas Commission in reducing the price of gas, the increasing firmness of the money market, the fears of a strike in the coal regions, the report of the Armstrong Insurance Investigating Committee, recommending that life insurance companies be obliged to dispose of their stock investments and be prohibited from making future investments in stocks, the decision of the U. S. Supreme Court with reference to a coal contract of the Ches. & Ohio Ry., and the uncertainty regarding the outcome of the Algeciras Conference, were all adverse features. The settlement between the Amalgamated Copper interests and the Heinze people and the increase in the semi-annual dividend of the Union P acific RR . from 2½% to 3% were favorable developments, though in the Union Pacific case expectations had been that there would be a distribution of some large bonus to the shareholders. The early part of the month the market yielded only slowly. But with the accumulation of unfavorable events, accelerating weakness developed, the lowest figures as a rule being reached on the last day, and the tone then was quite despondent. :Mil. & St. P. common declined  16  RETROSPECT.  from 188½ Feb. 1 to 176¾ Feb. 28; Gt. Nor. from 348 Feb. 9 to 305½ Feb.' 28; N. Y. Cent. from 153½ Feb. 14 to 145½ Feb. 28; Penn. from 144¼ to 137%, and Un. Pac. from 158% Feb. 2 to 148¾, ex-div., Feb. 23. Amal. Cop. sold off from 118¼ Feb. 13 to 107 Feb. 28, and the iron and coal shares also displayed great weakness, Am. Smelt. & Ref. com. going from 169 Feb. 1 to 153½ Feb. 28; Col. Fuel & Iron com. from 78¾ to 60; Nat. Lead com. from 90¼ to 70½; Sloss-Sheffield Steel & Iron com. from 93¾ to 80%; U . S. Steel followed .the general course and the (!ommon fell off from 46½ Feb. 1 to 40% Feb. 28. Consolidated Gas, on the reduction in the price of gas, tumbled from 181 Feb. 13 to 156x Feb. 28. St. L. & San. Fran. passed the dividend on its 2d pref. stock. Republic Iron & Steel Co., besides the regular 1¾% quarterly on the pref., declared 2% extra on account of accumulated unpaid dividends. Fed. Min. & Smelt . Co. in addition to 1½% quarterly on com. declared 2½% extra. New loan negotiations were again very numerous. Lake Shore & Mich. Sou. created a $50,000,000 new bond issue and disposed of $35,000,000. Chic. & Nor. West. stockholders were offered $16,267,400 new com. stock at par. Amer. T elep. & Teleg. Co. sold $100,000,000 4% convertible bonds to a notable syndicate of banking houses. Southern Ry. Co. announced that it would ask authority to create a new $200,000,000 mortgage, $15,000,000 to be issued at once. The Louisv. & Nashv. sold $10,000,000 of its Atl. Knoxv. & Cine. Div. bonds. Hallgarten & Co. made a public offering of a portion of $17,000,000 4½ % ref. bonds of the Col. & Sou. Ry. Kuhn, Loeb & Co. advertised 20,000,000 of Penn. Co. 4% bonds for sale. Del. & Hud. stockholders were given the right to take $14,000,000 4% 10-yr. debentures , to be convertible into st ock within 5 years on the basis of $200 of debentures for 100 stock. Bell Telep. Co. of Phila. increased its stock from 16,000,000 to 30,000 ,000 and offered $4,000,000 of the new stock to shareholders at par. Atch. Top. & Santa Fe shareholders were offered at par $17,296,000 50-yr. 4% conv. bonds. Mex. Cent. Ry. negotiated a loan of $33,000,000 with a syndicate of bankers to be used in part to refund existing obligations. The People's Gas Light & Coke Co. of Chicago reached an agreement with the city authorities regarding the price of gas and reduced its dividend in accordance with previous announcement. The United Bank Note Corporation was incorporated to succeed the American Bank Note Co. The Money Market.-Renewed firmness developed in money. This was largely the result of Treasury withdrawals. Surplus reserves of the banks Mch. 3 were down to $5,008,750, against $15,829,850 Jan. 27. Money holdings between the same dates were reduced from $277,608,000 to $262,395,000. Loans rose from $1,041,113,300 Jan. 27 to $1,061,997,200 Feb. 10 and then were reduced to $1,040,838,700 Mch. 3. Deposits increased from $1,047,112,600 Jan. 27 to $1,061,403,100 Feb. 3 and then fell to $1,029,545,000 Mch. 3. The range for call loans during the month was 2@8, though both extremes represented exceptional transactions and did not fairly reflect prevailing conditions; Feb. 28 the range was 4¾@6¾, with the bul_k of the business at 6. Rates for time money also hardened, being at the close 5½@6 for sixty days , 5½@5¾ for ninety days and 5¼@5½ for four to six months. Paper was then quoted at 5@5½ for double names, 5½@5¾ for prime single names and 6 for good single names. Foreign Exchange, Silver, &c.-Foreign exchange was almost continuously weak in February and rates were at their lowest on the closing day, Feb. 28. There was a liberal supply of bills against Amer. securities placed abroad by U. S. banking houses and there were also fairly large amounts of commercial drafts, chiefly against grain. There were likewise offerings of French finance bills encouraged by the high rates for money for three months in this market, as against the much lower discount rates at Paris. There were exports of $2,385,000 gold to Argentina and 2,000,000 gold was transferred to San Francisco for shipment to Japan. The Bank of Norway reduced its rate from 5½ to 5%. Sixtyday sterling fell from 4 8390@4 84 Feb. 1 to 4 8270@4 8280 Feb. 28; sight from 4 8725@4 8730 to 4 8595@4 86, and cable transfers from 4 8785@4 8795 to 4 8655@ 4 8660. Discounts at Paris hardened to 2¾, but at Berlin and Frankfort wer <l.l somewhat easier at 3%@3½; at London the quotation Feb. 28 was 3%@3¾. Silver in London fluctuated between 30½d. and 30 13-16d. and closed at 30 %d. The Bank of England still further increased its bullion holdings, having added no less than £8,733,633 for the nine weeks ending Mch. 1. MARCH . -Current Events. -Coal miners and coal operators failed to reconcile their differences, but in the bituminous coal controversy an important favorable development occurred at the very close of the month. In their final conference with the soft-coal operators held at Indianapolis, March 29, the United Mine Workers reduced their demands and insisted only on the payment of the wage scale of 1903. At the time of the industrial set-back early in 1904 the bituminous miners had made a two-year contract with the operators to expire March 31 1906 on the basis of a reduction of 5% in wages (the operators had proposed at that time a reduction of 15%), or one-half the advance granted the miners the previous year-1903. It was the restoration of this 5% cut which wa~ now demanded. Some of the operators, and notably Mr. F. L. Robbins of the Pittsburgh Coal Co.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  (who had retired as Chairman of the bituminous operators and been succeeded by John H. Winder), announced their willingness to enter into contracts on that basis, no matter what the action of the operators as a whole might be. A rule of the miners' organization would have prevented such an arrangement, making it necessary first to repeal this rule. When the final conference, on March 29, proved futile, President John Mitchell ordered a total suspension of mining in the anthracite regions beginning Monday morning, April 2, without waiting for the result of another conference between the anthracite miners and operators which the miners had called for April 3. This was followed, however, the next day (March 30) by the adoption of a resolution at the convention of miners allowing the miners to make contracts with all bituminous operators who would pay the 1903 wages. As a consequence, the possibility of a total suspension of mining in the bituminous regions was at once removed. Some U. S. Supreme Court decisions attracted much attention because of their bearing on corporations and corporate interests. March 12 the Court decided that the franchises of most of the important lines of the Chicago Union Traction Co. had expired (instead of having a great many years to run, as had been contended), making it possible for the city authorities in taking over such lines to acquire possession without any compensation for such franchises. A severe break in the prices of the underlying securities occurred as a result, North Chicago St. RR. stock, for instance dropping from 85 March 12 to 25 March 14. On the same day decisions were rendered in what were known as the tobacco and the paper cases. In the American Tobacco Co. case the Court held that the officers could not refuse to testify in inquiries or actions pending in the Federal Courts or decline to produce books, papers and contracts on the plea that to do this was to testify against themselves. The Court held that a witness could not be permitted to plead that some other person might be incriminated by his testimony or that the company in whose employ he was might suffer. Later in the month, Judge Humphrey in the U. S. Court at Chicago also rendered an important decision in the proceedings brought by the Federal Government against various beef packers and beef-packing concerns for violation of the Anti-Trust Law. The jury was instructed to acquit the packers as individuals on the ground that the information they had given Commissioner of Corporations Garfield had not been given voluntarily and therefore could not be used against them. The indictments against the corporations, it was decided, could be maintained. On March 31 the controversy between Germany and France regarding Moroccan affairs, which had been a disturbing feature for a full year, was at length settled. On that day, a complete accord was reached at the International Conference at Algeciras, which had been in session since the previous Jan. 16. The question of the distribution of the police at the various ports (the point concerning which the most serious differences had developed between the two countries) was settled on the basis of allowing France to police four ports, Spain ·two ports and France and Spain together Tangier and Casa Blanca, subject to an Inspector of Police. Early in the month the French Cabinet under M. Rouvier was unseated, owing to popular dissatisfaction with the methods of the authorities in taking inventories of church property-one of the steps in the process of separating Church and State. A new Cabinet was formed with M. Sarrien as Premier. Late March 2 the Secretary of the U.S. Treasury announced that he would deposit $10,000,000 additional Government cash in the banks at certain cities throughout the country. Cash in Sub-Treasuries was nevertheless only slightly reduced, being $330,596,598 March 31, against $331,066,575 Feb. 28. Government deposits in the banks increased to $76,350,723 from $65,333,465. National bank notes secured by bonds increased from $509,173,566 to $512,221,551. Middling upland cotton advanced from 10.95 cts. Mch. 1 to 11.80 cts. Mch. 28, with the close Mch. 31 at 11.65 cts. The Statehood Bill was defeated in open Senate. As it came from the House, it not only provided for the admission of Oklahoma and Indian Territory as one State, but also the union of Arizona and New Mexico as one State, notwithstanding the violent protests of the Americanborn population of Arizona. The Senate struck out all reference to New Mexico and Arizona, leaving it to apply only to Oklahoma and Indian Territory. In the House, Speaker Cannon succeeded in having the amendments disagreed to (by a majority of only 19 votes) and the bill was sent to a Conference Committee of the two Houses.-See remarks for June for compromise agreement. In the Philippines an engagement took place Mch. 6 to Mch. 8 between the American troops under Gen. Leonard Wood and about 600 rebel Moros, or robbers, who had fortified themselves on Mount Dajo, in the Island of J olo, and the whole force of Moros was exterminated. President Roosevelt sent a telegram congratulating the American troops upon their "brilliant feat of arms," but the fight was severely criticized in this country because of the slaughter of the women and children among the Moros. President Roosevelt signed a joint resolution instructing the Inter-State Commerce Commission to make examinations into the subject of railroad discriminations and monopolies in coal and oil. but sent a message to Congress criticizing the measure as not going far enough. A great mine disaster occurred in the Courrieres coal district of Pas-de-Calais, France, resulting in the loss of over 1,000  RETROSPECT. lives; it was followed by a strike involving over 40,000 miners, which lasted many weeks. Railroad Events and Stock Exchange Matters. -The course of prices on the Stock Exchange in March was more or less irregular, with the fluctuations in special stocks decidedly erratic. The money situation, together with the prospects of a coal strike and the various happenings adverse to corporate interests, served to place a restraint on speculation. Still, the undertone remained firm throughout and the latter part of the month a recovery ensued, so that most stocks Mch. 31 showed moderate improvement over Mch. 1. The proposed increase of $100,000,000 in N. Y. Central stock at first caused a break in that property, but later all the Vanderbilt stocks manifested strength. Sharp breaks occurred in Consol. Gas and Chic. Un. Trac. as the result of the causes mentioned above. Chic. Un. Trac. pref. dropped from 47½ Mch. 12 to 16½ Mch. 15 and Consol. Gas further declined to 142¼ (against 181¼ Jan. 27). The State of Maryland sold its $550,000 stock of the Washington Branch RR. of the B. & 0. RR. to the B. & 0. for $2,500,000. The Col. & Sou. Ry. resumed dividends on its 1st pref. stock, declaring 2%. The U. S. Smelt. & Ref. Co. declared a first quar. div. of 1¾% on its pref. stock. Crucible Steel Co. of America, which Dec. 1905 had resumed dividends on its pref. stock, declaring 1 %, increased the quarterly payment to 1½%- in Mch. Default was made in the payment of the interest due Mch. 1 on the 4½% coll. trust notes of the Cin. Ham. & Day. Ry. Atlantic Coast Line RR. shareholders approved increase of $10,000,000 in the authorized com. stock and $4,457,600 was offered to shareholders at par. The Bos. & Maine RR. sold $10,000,000 4% 20-yr. debentures, chiefly to refund maturing issues. Can. Pac. shareholders authorized $40,000,000 new stock and stockholders were offered $20,280,000 at par. Kan. City Sou. Ry. shareholders approved an issue of $10,000,000 4½% impt. bonds; also $5,100,000 5% coll. trust notes secured by $6,000,000 of the bonds. Stockholders were allowed to subscribe for the notes at 95. The N. Y. Chic. & St. L. RR. created and sold $10,000,000 of 4% deb. bonds. N. Y. N. H. & H. RR. listed $9,000,000 additional stock. The Money Market.-Money remained very firm and call loans at the Stock Exchange frequently reached 6, 7, 8 and 9%, the range for the month being 3@9%. Rates for time contracts, however, eased off towards the close, when the quotation was 4¾@5 for all periods from 60 days to six months. Quotations for commercial paper at the close were 5¼@5½ for double names, 5¼@5½ for prime and 6 for good single names. The payment of about $12,000,000, representing the balance due on the portion of the Japanese loan negotiated here the previous November, occurred Mch. 20. The money was promptly re-loaned, though, in the market. The money holdings of the Clearing-House banks Mch. 31 were only $256,203,900, against $265,700,400 Feb. 24, notwithstanding the increase of Government deposits in the banks, and surplus reserves were $5,13 1,275, against $5 ,125,725, though having in the interval been as high as $6,463,700. Loans were reduced from $1,049,301,800 Feb. 24 to $1,019,579,500 Mch. 10, but were $1,025,503,900 Mch. 31. Deposits Mch. 31 were $1,004,290,500, against $1,042,298,700 Feb. 24. Foreign Exchange, Silver, &c.-The feature in the foreign exchange market was the beginning of gold imports. The first engagement (on the 13th, of $1,250,000) was supposed to have been a special transaction rather than an exchange operation, but it was followed by some other engagements. Altogether, $2,150,000 was taken during the month at Berlin (American gold coin) and $1,430,248 (gold bars) at London. Sterling- rates ruled low throughout the month and the tone most of the time was weak, influenced by offerings of finance bills, the negotiation of sterling and franc loans and by a pressure of bills against American securities placed abroad. Rates were at their lowest Mch. 9, when 60-day bills were quoted at 4 82@4 8225, sight 4 8515@4 8525 and cable transfers 4 8575@4 8585, the latter dropping the next day still lower to 4 8550@4 8575. Later some recovery ensued, and thereafter rates see-sawed a good deal from week to week, but not within a wide range, the figures Mch.31 for the three classes of bills being 4 8250@4 8275, 4 8550@ 4 8560 and 4 8590@4 86. Money at London was easier and bank discounts Mch. 31 were only 3½@3¼. At Paris, rates stiffened, the open market quotation advancing to 3%. At Berlin and Frankfort also, there was firmness, open market discounts at one time being 4¼@41/s with the close 4. Silver in London ranged between 29d. and 30 7-16d. with the price Mch. 31 29 15-16d.  APRIL.-Current Events.-An unexpected disaster befell San Francisco by earthquake and fire. The earthquake occurred at 5:13 a. m. Apr. 18 and caused collapse of numerous buildings; fires broke out nearly everywhere, resulting in one of the most extensive conflagrations on record. The area burnt over comprised about 3,000 acres, containing 520 blocks and about 25,000 buildings, one-half of which were residences. The business section of the city , with all the bank buildings, was destroyed, and over 200,000 persons were rendered homeless. Congress appropriated $2,500,000 as a relief measure and extensive private contributions from all sources were received. The loss of life was smaller than might have been expected, being estimated at not !o exceed 500. The prop-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  17  erty loss reached, roughly, $350,000,000, on which the insurance was $235,000,000, of which about 80% was paid. All the banks remained closed until May 3, when the commercial banks resumed in temporary quarters. The savings banks did not open until some time later. (See "Chronicle" of June 16 1906, p. 1353, for banking conditions after earthquake.) Numerous suburbs of San Francisco as well as many other places in California also suffered severely. Shocks were felt as far south in California as Los Angeles, though at this point no damage was done. The drain upon the banks of this centre to meet the extraordinary demands for funds for shipment to California came at a time when the money market was already in a state of tension. Secretary Shaw took quite unusual measures, both before and after the earthquake, to ease the pressure upon the banks. On Saturday, Apr. 14, it was officially announced he had sanctioned a plan for facilitating gold imports and that this plan indeed had already been in operation for two days and had been availed of by the institutions that knew of it. For some time previously the banks had been allowed to count foreign gold in transit as part of their reserve; now the Secretary went a step further and made the money immediately available to the banks by allowing the importing institution additional Government deposits to the amount of the gold engaged for shipment. As security for the additional deposits, Mr. Shaw agreed to accept collateral other than Government bonds of the class in which New York Savings banks are allowed to invest. The deposit had to be returned upon the arrival of the gold. It was estimated that $32,870 ,000 gold had actually been engaged for import during the month; the arrivals of the metal at this point did not quite reach $12,000,000. The Secretary also extended every facility for furthering the immediate transfer of funds to San Francisco. Altogether, the transfers and direct shipments of funds to San Francisco and elsewhere incident to the disaster aggregated during the month $28,419,000, and further large transfers and shipments occurred the next month. The Treasury statement May 1 showed that Government deposits in the banks during April had been increased from $76,350,723 to $102,918,772. Treasury cash holdings were diminished from $330,596,598 to $303,986,761. National bank circulation increased from $512,221,551 to $514,423,519. There were other disturbing influences. The miners and operators in the anthracite regions failed to adjust their differences and a convention of the miners was finally called for May 3 to determine definitely whether a strike was actually to be declared. In the meantime anthracite mining remained entirely suspended. In the bituminous regions the situation was more assuring, many of the operators granting the wage scale of 1903 and the men returning to work. In many sections, however, the operators refused to yield, and strikes ensued. At Albany, the various bills for the regulation of life insurance companies in this State proposed by the Armstrong Investigating Committee became laws. They materially restrict the scope of the .financial operations of these large concerns and also limit their investments. The New York Legislature also passed the law requiring trust companies to keep stated reserves against their deposits-for the trust companies in this city 5% in cash, 5% in U. S. Government and N. Y. State bonds and certain municipal bonds of the State, and 5% on deposit with other financial institutions. The accumulation of the cash reserve was to be gradual-only 2% being required at first, 3% by July 1, 4% by Oct. 1 and 5% by Jan. 1 1907. See article May 5, page 1013. Discussion of the railroad rate bill in the U.S. Senate continued throughout the month. April 2 the U. S. Supreme Court decided against the Michigan roads in the tax cases against the State of Michigan. Some remarks in the opinion of Justice Brewer to the effect that "in the nation no one of the three great departments can assume to be given the functions of another," &c., attracted wide attention, being taken to have a bearing on the railroad rate controversy in Congress, but the words were afterwards expunged from the opinion by Justice Brewer. Saturday, April 14, at the laying of the cornerstone of the office building of the House of Representatives, President Roosevelt delivered a speech which had been well announced beforehand, on "The Man with the Muck-rake." This created quite a sensation because the President incorporated therein an argument in favor of placing a limit on large fortunes. April 17 announcement was made by Attorney-General Moody that Chas. E. Hughes, had, together with Alexander Simpson Jr., of the Pennsylvania Bar, been retained as special counsel by the AttorneyGeneral "to take under consideration all the facts now known or which can be ascertained relating to the transportation and sale of coal in Inter-State commerce." When Mr. Hughes was nominated for Governor, he relinquished thP fl,ppointment and the place was given to George C. Todd of New York. The special counsel were expected to advise the Department in the matter of instituting prosecutions against the coal-carrying roads. On the same day, the President sent a special message to Congress dealing with the recent insurance disclosures and urging the enactment of a bill prepared as a result of a convention of insurance commissioners held in Chicago in February. Apr. 18 another special message was sent to Congress condemning in unmeasured terms the decision rendered Mch. 21 by Judge Humphrey in the U. S. District Court at Chicago holding that the evidence collected by Commissioner Garfield could  18  RETROSPECT.  not be used to convict the beef packers incriminated thereby. An election in Chicago Apr. 3 on the question of municipal ownership indicated considerable change in public sentiment since the election of the previous year. See "Chronicle" of Apr. 7, page 773. Early in the month one of the most terrible eruptions of Mount Vesuvius on record occurred, doing immense destruction but being attended by a relatively small loss of life. The British Budget was submitted Apr. 30 by Mr. Asquith, the Chancellor of the Exchequer, and it was announced that the Government plans contemplated a reduction of one penny per pound on tea, the taking off of 2½ pence from the duty on stripped tobacco and the entire repeal of the duty on coal, the last mentioned to become effective Nov. 1. No change was announced in the income tax or the duty on sugar. A Russian loan for $440,000,000 bearing 5% interest was floated at the equivalent of 88, with a commission of 3% to the underwriters. Germany and the United States did not participate-$240,000,000 was allotted to France, $66,000,000 to Great Britain , $23,000,000 to Austria, $11,000,000 to Holland and $100,000,000 to Russia. The loan proved a decided success. In Berlin a German imperial loan for 260,000,000 marks at 3½% and 300,000,000 marks Prussian 3½% consols were floated, the issue price in both instances being 100.10%. President Roosevelt and the Emperor of China exchanged telegrams of congratulation in commemoration of the opening of the last link between Manila and Shanghai of the Postal Telegraph Cable Co.'s cable connecting the United States and China. The Court of Appeals at Albany Apr. 17 unanimously sustained the constitutionality of the Stock Transfer Tax Law of the previous year imposing a tax of $2 per 100 shares on stock transfers. Gov. Higgins the same day signed the bill taxing the tangible property of nonresidents in this State after he had previously vetoed the original bill to the same effect, but which he regarded as defectively drawn. The Governor also found objections to the bill which reached him substituting a recording tax of ½ of 1 % for the annual tax of the same amount imposed on real estate mortgages the previous year. He accordingly vetoed the bill. Another bill, altered to conform with the Governor's views, passed the Legislature just before adjournment and this measure was signed by him the next month. Railroad Events and Stock Exchange Matters.-The stock market the latter part of April was thoroughly disorganized. A series of adverse influences developed, the most of which have already been enumerated-the monetary tension, the strikes and suspension of mining in the coal fields, the action and utterances of the authorities at Washington with reference to railroads and other corporate interests, the earthquake and fire at San Francisco, together with sales of securities by the fire insurance companies to meet their heavy losses. The downward movement in prices became still more pronounced early the next month. As indicating the extent of the declines in April, Atchison dropped from 951/s to 87¾; Mil. & St. Paul com. from 179½ to 162½; Gt. Northern from 327½ to 282; North. Pac. from 223 to 193½; Reading com. from 140 to 120; N. Y. Cent. from 146½ to 132; Union Pac. from 1591/s to 144¼; Tenn. Coal & Iron from 152 to 139; and U. S. Steel pref. from 109½ to 1041/s. The Amalgamated Copper Co. further increased its dividend, bringing the quarterly declaration up to 1 ¾ % . The Mo. Kan. & Tex. declared the first dividend on its pref. Consol. Gas Co., owing to the reduction in the price of gas, reduced its quar. div. to 1% against 2% previously. An event of the month was the announcement that the syndicate organized the pryvious year by Kuhn, Loeb & Co. and J. P. forgan & Co. to underwrite the 100,000,000 3½% convertible bonds of the Penn. RR., offered to the shareholders at par, had expired by limitation April I; the syndicate, it was understood, sold about 60% of its holdings and distributed the rest among the participants. Balt. & Ohio shareholders were offered $27,750,000 new com. stock at par. The N. Y. N. H: & H. RR. sold $15,000,000 50-yr. 4% non-conv. debentures, and announced that it would exchange its stock for Consolidated Ry. Co. debentures on the basis of $100 stock for $200 of debentures. The Money 2l1arket.-The money market was ubjected to more or less pressure all through April. April 5 and April 6 call loans touched 30%, and Saturday April 7 the ClearingHouse statement showed a deficiency of 2,560,625 below the 25% ratio to deposits. · The reserve was restored the next week, but rates remained high until relief came through gold imports and the action of the Sec. of the Treas. in making the gold engaged for import immediately available through Government deposits. The large drafa upon the banks the latter part of the month for funds for transmittal to San Francisco has already been referred to; but the engagements of gold for import were on a correspondingly large scale and it was not easy to determine the prospects of the money market. After the 12th call loans did not get above 6½% and· the range April 30 was 3½@4¾%- For time money, before the relief extended by the Treasury Department, at one time a slight commission had to be paid in addition to the legal rate, making the charge 8% per annum for 30 days, 7½% for 60 days and 6½% for ninety days. But at the close quotations were 5 ½ @6 % for all periods from 60 days to six months. Commercial paper was then quoted at 5¼@5¾% for double names and prime single names, and 6% for good single names. Loans of the banks were :i;educed   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  from $1,032,709,400 April 7 to $1,009,275,200 April 14, but were up again to $1,039,210,500 April 28. Deposits, from 1,003,441,300 April 7, dropped to $981,861,600 April 14, and then increased to $1,028,683,200 April 28. Money holdings, after having diminished from 256,203,900 Mch. 31 to $248,299,700 April 7, increased to $268 ,232,800 April 21 and were $267,538,200 April 28. The reserve April 7, as already stated, showed a deficiency of $2,560,625; by April 21 there was a surplus of $16,366,725; April 28 the surplus was $10,367,400 . Foreign Exchange, Silver, &c.-Exchange early in April was demoralized as a result of the monetary tension here and easier discount rates abroad, and also the negotiation of sterling and franc loans representing borrowings of foreign capital by stock operators. There was then an almost entire absence of demand for remittance. Between the 1st and 11th rates declined fully 2@2½ cts. per pound for the different classes of bills. On the 12th there was a sudden upward reaction of 1½@2 cts., which at first was not fully understood but later appeared to have been caused by the inauguration of Sec. Shaw's plan for facilitating gold imports and which was not publicly announced until two days later. The recovery then begun was continued for several days, when the market again weakened. The latter part of the month the course of rates was irregular with the market considerably unsettled, it fluctuating under the influence of the varied conditions prevailing from day to day. The lowest figures were reached on the 11th, when 60-day bills were quoted at 4 8050@4 81, sight at 4 8290 and cable transfers at 4 8370@4 8385. By the 16th rates were up again to 4 8290@4 83, 4 8560@4 8565, and 4 8605@4 8615 respectively. The close April 30 was at 4 8125@4 8135, 4 8430@ 4 8435 and 4 8490@4 8495. The Bank of England April 5 reduced its discount rate from 4%_ to 3½, but as the result of gold withdrawals for the United ::-,tates and shipments to the interior of Great Britain, its bullion holdings for the five weeks ending April 26 were decreased £5,528,017, and May 3 the rate was again advanced. Open market discounts at London early in the month were down to 3%, but the close April 30 was at 31/s, on which day the rate at Paris was 2½ and at Berlin and Frankfort 3 ½%. Silver continued strong and in London got up to 30 9-16d., with the close 30½d. MAY. -Current Events. -The anthracite miners agreed to accept the terms offered by the operators, namely to continue the award made by the Anthracite Strike Commission in 1902 for another period of three years from April 1 1906. The agreement was reached May 7 and was approved by the miners in convention the next day. In the bituminous regions, the strikes continued in those districts where the operators had refused to concede the wage scale of 1903, but in Illinois an agreement was reached at the end of the month by which the miners returned to work early in June, getting the 1903 wages. The U. S. Senate May 18 passed the H epburn Rate Bill by a vote of 71 to 3, after making very extensive amendments to the m easure. One of these provided for what was called a "broad court review" of the acts of the Inter-State Commerce Commission. Other amendments provided for making pipe lines and express companies subject to the law and forbidding inter-State carriers to engage in the transportation of commodities of their own production. The ,.debate in the Senate was a long and bitter one and marked by many sensational incidents. President Roosevelt intervened in favor of having certain features incorporated in the bill, more particularly to limit the authority of the courts, and to that end had opened negotiations with the Democratic members of the Senate through ex-Senator Wm. E. Chandler of New Hampshire. The Democrats were apparently willing to co-operate, but later the President declared himself satisfied with much less radical amendment on the court review question than that advocated by the Democrats, and this led to charges of bad faith on the part of Senator Tillman and others. There were sensational developments also in other directions. On May 4 the President sent to Congress the r eport of Commissioner of Corporations Garfield of the results of an investigation into the oil business, accompanied by a message in which the Standard Oil Co. was severely arraigned for having, as alleged, obtaineo. secret rebates and other discriminations in its favor from the railroads. On May 25, the Senate attached a rider to the Agricultural Appropriation Bill providing for drastic Government inspedion of the business and operations of the beef-packing concerns in the United States. For further facts ' seeremarksfor June. Certain disclosures at an investigation into railroad practices made by the Inter-State Commerce Commission also attracted great attention at this time. The testimony showed that some employees of the Pennsylvania RR . had received gifts of money and stock from patrons. President Cassatt was in EuropP, but decided at once to ret urn home. A strike on the Great Lakes ordered at midnight April 30 by the International Longshoremen and Marine Transport Workers' Association proved of short duration, the men resuming work May 10. There were rather numerot1s strikes in Europe, but the May Day demonstration in Paris, which had been looked forward to with much anxiety, since the labor unions had threatened a political and social revolution, passed off without very serious disturbances. The French parliamentary elections held early in the month also proved assuring . In Russi a Count Witte  RETROSPECT. resigned as Premier and M. Goremykin succeeded him. The new political system in that country was inaugurated with the opening on May 10 of the Douma, or Russian Parliament. A conflict between this body and the Czar was at once precipitated, the Douma insisting that the Government should proclaim general amnesty, and also that the Ministry should be made responsible to it instead of to the Czar. One of the minor incidents was the presentation of an ultimatum to Turkey by Great Britain requiring the withdrawal by the Sultan of his troops from Tabah and other points on the Sinai Peninsula, which Great Britain contended was unquestionably Egyptian territory. The Porte finally yielded. The San Francisco banks resumed regular business May 21 and it was announced that the legal holidays which the Governor of California had declared from day to day would terminate afte Saturday, June 2. The monthly report of the Agricultural Bureau at Washington made the average of winter wheat May 1st 91, as against 89 April 1st, but subsequently heavy frosts were reported, with snow in several States. July wheat in Chicago advanced from 78 May 2 to 84½ May 21; later the weather improved and the close May 31 was at 82 cts. The low temperatures also retarded the growth of cotton, and middling upland in this market advanced from 11.75 cts. May 1 to 12 cts. May 16. By May 31, however, there was a decline to 11.45 cts., owing to improved weather and reports of increased acreage. Certain cotton mills in Connecticut and Massachusetts engaged in the manufacture of fine goods made voluntary advances in wages of 10%. This led to a renewal of agitation on the wage question at Fall River. Print cloths declined from 3¾ cts. to 3% cts. Some further imports of gold were made, with the assistance of Government deposits in the banks, but May 31 it was announced that aid of this kind would be discontinued for the time being. Government deposits in the banks were reported $92,534,755 May 31, against $102,918,772 April 30. The Treasury money holdings were $316,673,545, against $303,986,761. National bank notes increased from $514,423,519 to $516,036,146. King Alfonso of Spain was married May 31 to Princess Ena of Battenberg, who took the title of Queen Victoria. On the return of the bridal party from church, a bomb was thrown at them, concealed in a bouquet, but the King and Queen escaped unhurt, though other members of the party and some bystanders were killed. The House and Senate at Washington passed the denatured alcohol bill, providing for the use of untaxed alcohol in the arts after Jan. 1 1907; ~he measure became a law the next month . The great Simplon Tunnel through the Simplon Mountain, 12¾ miles long, from the Swiss to the Italian sides, was formally opened with proper ceremonies on May 19. Gov. Higgins signed the Barnes Liability Bill, increasing the liability of railroads for injuries to employees. He also announced that for the first time since 1841 the State would be able to raise its necessary revenues without levying a direct tax for State purposes, the adoption of the Constitutional Amendment in Nov. 1905 having relieved the State from the requirement of imposing a direct annual tax for the canal debt, &c. At the municipal election in Denver, Col., the municipal ownership ticket was almost completely snowed under. The death of Carl Schurz occurred May 14. The N. Y. Legislature, acting in accordance with the Constitutional Amendment adopted the previous November, reenacted the 8-hour law limiting to 8 hours a day the labor of employees employed on public works, whether done directly by the State or by contractors or sub-contractors (see V. 82, p. 1184). The Massachusetts Legislature passed a bill providing for a sliding scale of gas charges in Boston. See V. 82, p. 1270 . Railroad Events and Stock Exchange Matters.-The downward movement in prices continued with accelerating momentum the early part of May and the market at times had a panicky appearance. The announcement that the Presidrnt intended sending a message to Congress with reference to the Standard Oil Co. was made to do duty in depressing values. The message came Friday, May 4. From that time on the whole tone of the market was changed and the recoveries were in proportion to the previous losses. The announcement that the anthracite coal strike was to be terminated was of course a highly favorable development, and the fizzling out of the strike on the Great Lakes was also an assuring event. The dealings for a time averaged over 1,000,000 shares a day. The latter part of the month, owing to the developments at Washington, the market again became somewhat unsettled, and transactions dwindled to small proportions; but the recessions in prices were not important in most cases. Mil. & St. Paul com. touched 155¾ May 2 and sold up to 171¾ May 31. Gt. North. sold up from 275 May 2 to 307% May 31, and Ill. Cent. from 164 to 182; N. Y. Cent. was 130½ May 2, 142% May 11 and 139 May 31; and Union Pac. com. 138½ May 2, 151 % May 11 and 149% May 31. Reading com., after selling down to 112 May 2, got up to 142½ May 29, with the close May 31, 140%. Similar wide :fluctuations occurred in the industrial list, Amal. Copper touching 96 May 4, but being up to 111% again May 17, and closing at 107¾. On May 15 an issue of Pennsylvania Company 4½% gold notes running until Nov. 1907, for $50,000,000, guar. by the P enn. RR. , was disposed of through Kuhn, Loeb & Co., acting as brokers, at slightly below par-the net interest cost to the company being about 5% per annum. The Wis. Cent. Ry. shareholders authorized $8,500,000 Superior & Duluth Division   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  19  & Terminal 30-yr. 4% bonds and $7,000,000 were offered t shareholders at 89. Hock. Val. RR. agreed to exchang its com. stock for the minority stock of the Kan. & Mich Ry. on the basis of 60 shares of Hock. Val. for 100 shares o K. & M. Brooklyn Union Gas Co. reduced its dividend t a basis of 4% per year, against 8½ and 9½ previously paid. The Nat. Lead Co. declared a quar. div. of 1 % on its com. stock, being the first payment since 1900. Rep. Iron Steel Co.,in addition to the 1¾% quar. on the pref. stock, declared 2% on account of deferred dividends on the p f. Balt. & Ohio disposed of its interest in the Consol. Coal 01Md. The Money Market.-Money showed more or less tension early in May as a result of the liquidation in stocks and a continued drain of funds through Treasury transfers to San Francisco. On the 2d call loans touched 12%. Subsequently rates eased off and the range for the month was 1½@12, with the quotation May 31 2½@4. Rates on time also became more favorable to borrowers, May 31 being 4@4¾ for 30 to 60 days, 4¾@5 for 3 to 6 months and 5¾@5½ for seven months. Commercial paper then was 5@5½ for double names and for prime single names and 5½ @6 for good single names. Surplus reserves of the banks were $5,899,525 May 5, $12,894.,600 May 12 and $6,816,025 June 2. Money holdings, after having .been reduced from $267,538,200 April 28 to $262,717,900 May 5, were $266,003,800 June 2. Loans were at their lowest May 12 at $1,025,650,500 and from this there was an advance to $1,051,543,200 June 2. Deposits also were at their lowest May 12 at $1,014,556,400, rising to $1,036,751,100 June 2. Foreign Exchange, Silver, &c.-Exchange was quite weak at the beginning of May, facilitating further engagements of gold for import under Secretary Shaw's plan. The action of the Bank of England, however, May 3 in again putting up it s minimum from 3½ to 4 caused a recovery, and after that exchange developed strength with an important rise in rates, thus precluding further gold imports. The announcement that the Penn. RR. had sold $50,000,000 coll. trust notes led to liberal speculative selling of bills on the theory that a portion of the notes, at least, would be placed abroad. The Bank of England suffered further heavy losses of bullion the first two weeks owing to the continued drain to the United States, but subsequently was able materially to replenish its stock of gold aided by some large gold arrivals from India. The Bank of Germany, on the 23d, reduced its rate from 5 to 4½ and on the whole the monetary situation abroad considerably improved. But money rates here also declined and the last half of the month the exchange market was dull with the fluctuations in rates quite narrow. The low figures were May 3, when 60-day bills were 4 8050@ 4 807 5, sight 4 837 5@4 8390 and cable transfers 4 8440@ 4 8445. May 31 the quotations were 4 8210@4 8225, 4 8515@4 8525 and 4 8560@4 8570. Open market discounts May 31 were 3½ at London and at Berlin and Frankfort and 2¾ at Paris. There was a still further advance in silver, the price in London getting up to 31%d., with the close May 31 at 31½d.  JUNE.-Current Events.-Congress adjourned June 30. After numerous disagreements between the conferrees of the two houses of Congress, the Hepburn Railroad Rate Bill became a law June 29, mainly in the form devised by the Senate, though the original provision of the House bill, enlarging the Commission to seven _m embers with terms of seven years, was restored. The Meat Inspection Bill, which had been attached as a rider to the Agricultural Appropriation Bill in the Senate, also became a law, but only after some of its main provisions had been radically changed in the House. President Roosevelt June 4 transmitted to Congress the report of James B. Reynolds and Chas. P. Neill, the special committee appointed by him to investigate conditions in the stockyards at Chicago, in which serious allegations of uncleanliness were made, and the President urged the enactment of substantially the provisions contained in the Senate rider. The House Committee on Agriculture, however, under the chairmanship of James W. Wadsworth, insisted on material alterations, and some acrimonious correspondence between the President and Mr. Wadsworth followed. Eventually a compromise measure which the President was willing to accept was agreed upon. The President was obliged to waive a number of points he had insisted on, in particular that the expense of inspection should be borne by the packers themselves. Under the Act as passed, the cost is laid on the Government and an appropriation of $3 ,000,000 was made for the purpose. The so-called Pure Food Bill, intended to provide against impurity, adulteration and fraud in the production and sale of food supplies, also became a law. The Statehood Bill was changed in conference so as to admit Oklahoma and Indian Territory as one State under the name of Oklahoma, but providing that Arizona and New Mexico should only be admitted as a joint State if the people of Arizona and New Mexico both voted for such joint statehood at the general election Nov. 6. [At that election the proposition was defeated.] Some other measures passed were a bill defining when immunity should b e granted to witnesses from prosecution who give testimony in cases arising under the Inter-State Commerce and Anti-Trust Laws before Government tribunals, and limiting the immunity " t o a natural person who in obedience to a subpoena gives testimony under oath or produces evidence, documentary or otherwise, under oath"; the Naturalization Bill, providing for  20  RETRO PECT.  a uniform and more strict method of naturalizing aliens  throughout the United States; a bill for the reorganization of the Consular service on a merit bas·s; a bill increasing the liability of railroads to their employees in case of accident; a bill appropriating $25,000 for the traveling expenses of the President and those accompanying him when making trips about the country; a bill allowing national banks to loan to 10% of capital and surplus combined (instead of 10% of capital alone), provided this 10% does not exceed 30% of the capital alone. This last b ecame a law June 22, and quite a stir was created by the issue of a circular under date of June 23 by Comptroller Ridgely saying it would be the policy "to enforce the law by requiring every bank without exception to keep its loans and discoun ts within the statutory limits." The type of the Panama Canal was also determined by Congress, a lock canal instead of a sea-level waterway being decided on. A resolution was likewise adopted providing for purchase of supplies for t he canal in the United States unless the President deems the prices unreasonable or extortionate. Among the m easures which failed, or which went over to the second or short s 2ss:on of Cop.gress, were the bill forbidding political contributions from corporations, the immigration bill, the anti-injunction bills and the ship-subsidy bill. The Santo Domingo Treaty was not acted upon by the enate . President Roosevelt , through AttorneyGeneral Moody, allowed it to be announced June 22 that the Federal Government intended to take up at once the criminal prosecution of the Standard Oil Co. There were numerous other prosecutions and some convictions under the Interstate Commerce and the anti-trust laws, in which latte r several of the S tates also took a hand. In the State courts at Toledo certain ice dealers were convicted of combination in restraint of trade in advancing prices for ice and were s::mtenced to both fine and imprisonment. Pros8cutions of icemen were also begun in other States. In Kentucky the State Railroad Commiss:on ordered a sweeping reduction in local freight rates and in Texas the State Commiss:on ordered cuts in both pass~nger and freight rates and was temporarily enjoined. The Illinois Commission announced a reduction in freight rates on certain items and in Missouri legal proceedings were begun to restrain the State Board of Railroad and Warehouse Commiss:oners from putting into effect the schedule of freight rates provided for in the Maximum Freight Law enacted by the last Leg·slature. In Ohio (Feb. 8 1906), Virginia (March 15), and some other States laws had previously been passed reducing passenger rates to 2 cents p er mile . In Russ .a the s:tuation again b ecame very disturbing. Besides this the Douma was in constant conflict with the Czar's Ministers and Russ:an securities again experienced severe declines. In the Iron trade the dissolution of the Southern Furnace Association was announced. This occurred on June 14. Thereupon a considerable block of No. 2 Birmingham pig iron is reported to have been sold on the bas·s of $13 a ton, against $14. There was a quick rally to $13 50, and the matter proved of only pass:ng consequence. Important declines in the condition of wheat were reported at the beginning of the month. This, together with unfavorable weather-drought in the Southwest and excessive rains in the Northwest-caused sharp advances in grain prices. Later, with clear and warmer weather in the Northwest and cooler, with rains, in the Southwest, the price of wheat again receded. Sept. wheat in Chicago, after advancing from 79½ to 84%, closed June 30 at 811/s. Definite announcement was made that the P ennsylvania RR. had succeeded in placing a 3¾% 12-15-year bond issue of the Pennsylvania Company for 250,000,000 francs in Paris. The allegations developed against officials and employees of the P ennsylvania RR. before the Inter-State Commerce Commiss:on the previous month were followed by an extensive investigation by a special committee of the board of directors of the company. Mr . Cassatt showed that he personally had no interests or ownership in any of the coal companies making shipments over the P ennsylvania lines and only an unimportant interest in some other enterprises. In July the board of directors adopted the report of the committee and ordered that all officers and employees must divest themselves of interest in all coal and other enterprises where the holding of such interest might conflict with their duty to the company or the company's duty to the public. With large revenues, the U. S. Treasury increased its cash holdings from $316,673,545 to $328,152,366. Government deposits in the banks rose from $92,534,755 to $93,986,237. National bank circulation increased from $516,036,146 to $517,847,749. The Sec. of the Treasury gave notice that during July the depository banks would be obliged to repay the $10,000,000 special deposits made with them in March. In t he bituminous coal regions settlements with the striking miners were effected in Ohio, Indiana, Illinois and the Southwest (Missouri, Kansas, Arkansas and Indian Territory) and Michigan on the bas·s of the 1903 scale of wages . In Western Pennsylvania the men on the lines of the Buff. & Susq. resumed work June 25. A renewal of labor troubles at the Fall River cotton mills was fortunately averted. The operatives requested a restoration of the wages paid prior to July 25 1904 and eventually this was granterl, the advance to go into effect from July 2-giving an increase of about 14% in wages as compared with the 5% to 8% increase which the employees had b een receiving under the sliding scale. Print cloths at Fall River were reduced from 3% cts. to 3½ cts. The decline in cotton was interrupted   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  early in June on unfavorable weather for the growing crop and middling uplands in New York June 4 were 11.30 cts.; the weather subsequently improved and the price June 30 was 10.80 cts. At the mines of the Greene Copper Co. at Cananea, Mex., serious labor troubles occurred through a strike of the Mexican workmPn and their attempt to force the American workmen to join in the movement. A considerable number of miners were killed and one incident was the rushing across the Mexican border of armed Americans into Mexican territory at the request of the Mexican local authorities, who found themselyes unable to cope with the situation. King Haakon VII. and Queen Maud of Norway were crowned June 22. In the I talian Parliament a bill was passed reducing the interest on Italian 4 and 5% rentes to 3.75% and eventually to 3.50%. The conversion operation the next month proved a great success . The amount involved was $1,620.000,000, and only $740,000 bonds were presented for payment. In Massachusetts a law was enacted permitting the incorporation of high-speed electric railroads with authority to take lands by right of eminent domain under certain restrictions. Railroad Events and Stock Exchange Matters.-The stock market, though strong early in the month, later developed great weakness. The provoking cause seems to have been mainly the hostile spirit shown against corporate undertakings as reflected in the events narrated above. Reading com. declined from 145¾ June 8 to 120½ June 30. N. Y. Cent. from 142¼ June 7 to 130¾ June 30; Penn. RR. from 135½ June 12 to 125 June 30; Mil. & St. Paul com., after advancing from 169% June 1 to 182½ June 13, closed at 171 June 30; No. Pac. sold off from 214 June 12 to 191 June 29; Gt. North. from 309 to 278½; Un. Pac. com. from 153 June 7 to 141¼ June 30; Amal. Copper from 1101/s June 7 to 95½ June 28, and U.S. Steel com. from 42 June 5 to 33¾ June 30. The syndicate formed the previous year to underwrite about $24,000,000 bonds of the Chic. Burl'. & Quincy (Ill. Div.) was dissolved, with a considerable amount still unsold. The ruling that the transfer tax on stock sales must be paid at the rate of 2 cts. upon each share sold, no matter what the par value, proved very disturbin~ in. the "curb" market, where so many shares of small denommat10ns are dealt in. The most important new capital issue was the placing in France of a 250,000,000 francs 3¾% loan of the Penn. Co., guar. by the Penn. RR. Bait. &Ohio RR.increased the semi-annual div. on its com. stock from 2½ to 3%. Amer. Locomotive began divs. on its com. stock, the initial payment (quar.) being 1¼%- Pitts. Cin. Chie. & St. Louis increased the semi-annual div. on its pref. stock from 2 to 2½%. Among other companies that increased divs. were the Anaconda Copper Min. Co . and the United Copper Co. (com.). In the U.S. Court Judge Lacombe continued the order previously granted restraining the public authorities from enforcing the 80-cent Gas Law, but stated that he did not intend to restrain individual consumers from bringing actions against the Consol. Co. The Money Market.-Money showed growing ease at the beginning of June but this was not maintained. Both the money holdings and the surplus reserves of the banks were steadily increased, supplies of money here having been augmented by large shipments from San Francisco, including considerable arrivals of Australian gold at Vancouver, B. C., which had been trans-shipped to San Francisco. Aggregate money holdings were $274,460,000 June 30 against $264,877 ,100 May 26 and surplus reserves $12,055,750 against $6,694,150. The latter part of June money again developed firmness with some slight flurries in the call loan branch, owing to preparations for the 1st of July int. and div. disbursements. The range for call loans was 2@6 and time loans at the close were 4½@5 for 60 to 90 days, 5% for 4 to 5 months, 5¼@5½ for 6 months and 5½@5¾ for 7 mos. Paper was quoted at 5@5½ for double names and prime single names and 5½@6 for good single names. Deposits of the banks increased from $1,032,731,800 May 26 to $1,049,617,000 June 30. Loans increased from $1,049,390,800 May 26 to $1,060,076,300 June 16, and were $1,056,944,900 June 30. Foreign Exchange, Silver, Etc.-Exchange underwent another quick transformation. Early in June there was a sharp rise, influenced by easier money here and by a good demand to cover finance and other loan bills about to mature. Foreign lenders appeared to be little inclined to extend or renew maturing obligations. About the middle of the month the tone was reversed. The announcement of the negotiation of the Pennsylvania RR. loan in France induced speculative selling of exchange while easier discounts in London and firmer rates for time money in New York aided the renewal of maturing finance bills. There were also indications of drawings of bills by representatives in this city of foreign fire insurance companies in settlement of losses sustained by the San Francisco fire. Altogether a sharp decline ensued, encouraging expectations of gold imports, even without the intervention of the Secretary of the Treasury; but only some very small engagements for import were actually made. The Bank of England rate was reduced June 21 from 4% to 3½% and the bullion holdings were heavily augmented. Exchange was at its highest June 12 with 60-day bills 4 83@4 8305, sight at 4 8605@4 8610 and cable transfers 4 8645@4 8650. June 30 rates for the three classes of bills were 4 8190@4 82, 4 8470@4 8475 and 4 8.:'i@4 8510. OoPn market di counts in London were  RETROSPECT.  21  easier and the quotation June 30 was 3½; but at the Conti- guilty of any breach of trust, must pay to the receiver of the nental centres rates stiffened and at the close were 3½@4 Bay State Gas Co. an equitable proportion of the profits at Berlin and Frankfort and 2% at Paris. Silver in London derived from the sale of certain other properties. See V ~83, under large selling orders declined t o 29 % d. June 15 but p. 157. The Supreme Court of Michigan affirmed the decision of the lower court overruling the demurrer of the Mich. closed at 30 3-16d. Cent. RR. in the action brought by the State of Michigan JULY .-Current Events .-The Sec . of the Treasury invited to collect taxes for the years 1856 to 1893, claimed to be due bids July 20 for $30,000,000 10-30-year Panama Canal bonds. in excess of the amounts already paid-V. 83, p. 213. Mr. Shaw used every device to help along the sale and it · The Money Market.-In money there was a return to ease. proved a great success. The bonds are by law available as Before Sec. Shaw's plans had developed with reference to security for bank notes and for Government deposits, and the the Panama Canal bond sale there was a fear lest that operaSecretary offered other inducements to attract bids and tion might produce some tension. But the Secretary coninsure a good price. He gave notice that banks holding ducted the sale so as to avert friction. Early in July 8% p ublic deposits secured by municipal obligations would have was paid for call loans, but this was due mainly to shifting to s.1bstitute Government bonds for the same. This led to of money incident to the turn of the half-year. On July 31 a demand for the old U. S. 2s and sent up their price. July the range for call loans was only 2¼@2½%- For time 9 they had sold at 103%; but July 17 sold at 104½ and money the rates were 4% per annum for 60-day p eriods, were quoted 104¾ bid, 105¼ asked; July 31 Mr. Shaw also 4¼ @4½ for 90 days, 4½@4¾ for four months, 5¼@5½ announced that banks bidding for the Canal bonds would be for five months and 5½@5 ¾ for six months. Commercial favored with special Government deposits and that part of paper then was 5½@5¾ for double names and for prime t h e money representing the bonds purchased would be left on single names, and 6 for good four to six months' single names. d eposit with the institution making the bids. The bidders Loa ns of the Clearing House banks dropped from $1,056 ,944,were not obliged to put up any money. This last feature 900 June 30 to $1,036,233 ,400 July 14, but increased again enabled a clerk in this city to obtain $5,819,580 of the bonds. to $1,058 ,415,100 July 28. Deposits followed a similar The bids aggregated $446,371,300 at an average price of course, dropping from $1,049,617,000 June 30 to $1,023,932,104.036. The largest award to any bidder was $15,000,000 to 000 July 14, with an increase to $1,060,116,900 July 28. Fisk & Robinson at 103.89@104.23. A New York City bond Money holdings, after declining from $274,460,000 June 30 sale a few days subsequently of $12,500,000 4% bonds proved to $265,551,000 July 7, rose to $283,921,700 July 28 . Surfar from a success for a variety of reasons. The City Comp- plus reserves , after getting down to $6,465,075 July 7, were troller placed only $11,029,100 at an interest basis of 3.94%, up to $19,391 ,000 July 21 and were $18,892,475 July 28. as against 3.65% at the city's sale of $20,000,000 4s the Business in commercial paper remained very limited. previous February. On July 31 the directors of the U. S. Eastern markets had been practically closed for some Steel Corporation voted to resume dividends on the com. time previously to mercantile paper because of the absence of stock-½% being declared for the March quarter and ½ % demand for this form of investment on the part of the fire for the June quarter, making 1% for the six months, payable insurance companies owing to the losses sustained by them Oct. 1. In the Beech Creek region of P ennsylvania the by the San F rancisco fire. strike at the coal mines was terminated about the middle of Foreign Exchange, Silver, &c.-The course of sterling July-this b eing about the last of the strikes in the soft-coal during July was irregular, the tendency of rates, however, regions to be settled. The outlook for the growing crops being upward, particularly the latter part. In the opening continued very favorable. A quite general decline in grain days the market was often weak, influenced in part by dear prices occurred. Sept. wheat at Chicago closed at 7 4½ cts. money on call here, and in part by reason of the offerings of July 31, as against 81% June 30; Sept. corn at 49¾, against bills representing drawings of local agents of foreign fire 52¾, and Sept. oats at 31½, against 36 % . Money holdings insurance companies on account of the settlement for the of t he U.S. Government further increased from $328 ,152,366 San Francisco fire losses. The latter part of the month the to $335,251 ,754 , but Government deposits in the banks decline in money in this market, together with the tension were reduced from $93,986,237 to $84 ,480 ,056, chiefly as the which developed at the European financial ce:Qtres as a r esult of the withdrawal of the $10,000,000 special Govern- result of the disturbances in Russia, produced a sharp rise in ment deposits placed with the banks the previous March. sterling. Before this rise some further occasional engageNational bank circulation was reduced from $517,847,749 ments of gold in London for import were announced and also to $516 ,573 ,399-this being the first decrease for a long engagements of gold from Australia. Thereafter profitable time. The Treasury statement July 31 showed only $7,- importations of the metal from London were precluded. 025 ,825 of .State, city and railroad bonds held as security for The low figures were July 3·, when 60-day bills were 4 8160@ public deposits, against $20,928,825 June 30 1906. On 4 8165, sight bills 4 8440@4 8445 (which figures were again Sunday, July 22, the Russian Emperor unexpectedly dis- reached July 17) and cable transfers 4 8480@4 8485 (this solved the Douma; the news caused intense excitement upon last, however, touching a still lower figure, namely 4 8470@ all the European bourses and led to serious declines in Russian 4 84 7 5 on the 17th), while the high figure was reached s ecurities. After the dissolution of the Douma the majority July 24, when the rates for the three classes were respectively of the members assembled at Viborg, Finland, and issued a 4 8220@4 8225, 4 8520@4 8525 and 4 8560@4 8565. The manifesto to the Russian people. They were soon dispersed, close July 31 was at 4 8220@4 8230, 4 85@4 8505 and 4 8545 however. Later, mutinies of troops and uprisings of the @4 8550. Open market discounts at the European financial people occurred in various parts of the Russian Empire, centres July 31 were 3 1-16@3 3-16 at London, 2½ at Paris creating grave anxiety all over the financial world. Sec. of and 3% at Berlin and Frankfort. Silver in London fluctuState Elihu Root started July 4 on a three months' tour of ated between 29 13-16d. and 30 7-16d., with the close July 31 the South American States to promote friendly intercourse at 30 1-16d. with the United States, and to attend the Pan-American Congress at Rio de Janeiro. He was everywhere enthusiAUGUST.-Current Events.-Somewhat of a sensation astically received. Brazil announced a new tariff reducing was created by the announcement Friday, Aug. 17, of the duties on flour and other American products 20%. Serious action on Union Pacific and Southern Pacifie dividends . An hostilities having developed among the Central American increase on U. P. common had been looked for, but no one States Guatemala, Salvador and Honduras, Mexico co- expected that the addition would be more than one or two operated with the United States in offering its good offices, per cent per annum (the stock having been on a 6% dividend and the two succeeded in bringing about peace. After eleven basis). Actually a semi-annual payment of 5% was any ears' struggle, Capt. Alfred Dreyfus of the French army nounced, placing the stock on a basis of 10% per annum. was finally vindicated; he was reinstated in the army and At the same time dividends were begun on Southern Pacific d ecorated with the Cross of the Legion of Honor. Russell common, a semi-annual payment of 2½% being declared, Sage died July 22, leaving his property to his wife. Alfred placing these shares on a 5% basis. On the stock market, Beit, the South African "diamond king," died July 16. this news coming so soon after the resumption of dividends Railroad Events and Stock Exchange Matters. -The stock on U. S. Steel common, engendered a speculative revival. market underwent a· decided change for the better. The Tension again developed in the money market without, howfirst two weeks the tone. continued weak, and there was ever, disturbing confidence in the general situation. Payfurther pronounced liquidation, carrying prices in not a few ment had to be made for the $30,000,000 Panama Canal cases to the lowest points of the year. Then a period of bonds sold by the U. S. Govt. the previous month, and dulness intervened, but about the 20th aggressive buying simultaneously Government revenues ran in excess of diswas noted, and the latter part of the month the tone was bursements. Secretary Shaw endeavored, as far as possible, quite strong. Altogether the upward reaction reached large to minimize the influence of these operations, but though proportions. Atchison com. sold up from 85% July 13 to Government deposits in the banks were increased between 92% July 31; Milw. & St. Paul com. from 167½ July 3 to Aug. 1 and Sept. 1 from $84,480,056 to $106,355,219, cash 182¼ July 26; No. Pac. from 190 July 3 to 205½ July 30; holdings in Sub-Treasuries nevertheless rose from$335 ,251,754 N. Y. Cent. from 127¾ July 2 to 137½ July 30; Pennsyl- to $346,664,238. National bank circulation again increased, vania from 122½ July 2 to 130¾ July 30; Un. Pac. com. rising from $516,573,399 to $524,439,160. The favorable from 139¾ July 12 to 152¾ July 31; So. Pac. com. from 63¼ crop outlook was reflected in declining prices on both the July 2 to 74½ July 31; Steel com. from 32% July 13 to 40 grain and the cottonExchanges. Sept. wheat at Chicago, July 31 and Amal. Copper from 92 % July 13 to 101¾ (ex- which had closed at 74½ July 31, was down to 70¼c. Aug. d iv .) July 30. The bond market remained extremely dull. 31; Sept. corn between the same dates declined from 49¾c. A block of $6 ,180,000 equipment bonds of the Wabash RR. to 47 ¼ c. Middling upland cotton in this market fell away purchased by Lee, Higginson & Co. was offered for sale in from 10.90c .July 31 to 9.80c.Aug.31. For the first time since P aris. Brooklyn Un. Gas Co. announced that the Sept. div. 1893 the U. S. Govt. b egan the purchase of silver bullion in would be entirely omitted. In the Bay State Gas litigation the market, the metal being needed for subsidiary coinage; Judge Putnam in the U. S. Circuit Court at Boston handed later in the year the monthly purchases were again susd own a decision holding that Henry H. Rogers, though not pended because of the high price. A shock in financial   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  22  RETROSPECT.  circles was created by the closing of the Real Estate Trust Co. of Phila. on Tuesday Aug. 28, following the .death the previous week by suicide of its President, Frank K. Hipple, who, it subsequently developed, had been guilty of gross fraud and irregularities. Earlier in the month, a financial institution located in one of the outlying sections of Chicago, namely the Milwaukee Avenue State Bank of Chicago, closed its doors. In this case, also, bad and fraudulent management was the cause. An earthquake at Valparaiso and other points in Chili, accompanied by fire, as in the San Francisco case, worked great destruction, leading to a heavy loss of life and property damage estimated at $200,000,000 or over. The Shah of Persia issued a rescript ordering the formation of a National Consultative Assembly composed of representatives of all classes of the population, from the princes downward. In China, a Chinese commission, after returning from a tour of the United States and Europe, recommended a gradual change to a constitutional government in China, giving from ten to fifteen years to educate the people to it, and an imperial decree appeared Aug. 30 promising the constitution but not fixing any date. President Roosevelt issued a proclamation putting into effect on Sept. 1 a new commercial agreement between the United States and Spain as to reciprocal tariff concessions. He also issued instructions to the Public Printer that in printing documents from the White House a so-called simplified form of spelling recommended by a spelling reform committee, which had the support of Andrew Carnegie, be adopted. The list comprised 300 words including "thru" and "tho" as the spelling for "through" and "though." On account of the opposition which developed when Congress re-assembled, the action was rescinded the following December. The Sewer Pipe Trade Association, in order to avoid prosecution by the U.S. Government, entered into an agreement with the U.S. District-Attorney whereby the Association was dissolved (V. 83, p. 382). The Commercial Cable Co. on Aug. 28 announced the opening of its cable to Iceland. An imposing reception was accorded William J. Bryan at Madison Square Garden in welcome of his home-coming from abroad; in his speech Mr. :2ryan declared in favor of the Federal ownership of trunk lines of railroad and the State ownership of all other railroads. A remark by Justice Gaynor that the Brooklyn Rapid Transit Co. had no right to charge a 10-cent fare to Coney Island rendered in a proceeding to which the company was not a party induced large numbers of passengers to refuse to pay the extra fare and led to riotous proceedings at various points along the line; the matter was finally settled by the company giving passengers rebate checks for the extra fare, which checks it agreed to redeem, provided the Court of Appeals eventually decided that the company had the right to charge only a single fare. The Valorization Act in Brazil, intended to raise the price of coffee to a satisfactory basis, and which was preceded by a convention between the three great coffee States in Brazil, became a law. It provide for an export tax of three francs per bag (about 58 cts.), and will involve an outlay, it is supposed, of 75,000,000in purchasing coffee. Railroad Events and Stock Exchange Matters.-A great revival of speculation 09curred on the Stook Exchange. The announcement after the close of business July 31 of the action of the U.S. Steel Corporation in resuming dividends on Steel com. was interpreted as a widely favorable event and the stock market the beginning of August naturally felt the quickening influence. Hence, when, on Friday morning, Aug. 17, the further announcement came that the dividend on U. P. com. had been raised from a basis of 6 % per annum to 10% and that dividends on So. Pac. com. were to be begun at 5% per annum, a tremendous impetus was given to the speculation for a rise. The next few days the advances in the prices of prominent stocks reached very large dimensions and transactions were on a tremendous scale-the sales Monday, Aug. 20, aggregating 2,716,000 shares. Union Pac. com. had sold at 153 Aug. 1 and reached 191¾ Aug. 30, with a further rise in Sept., and many other stocks also enjoyed large advances. The latter part of the month the condition of the money market suggested caution and somewhat of a halt in the upward movement then ensued. The market for bonds remained generally narrow and limited, as in previous months; in a few cases there were sharp declines-in N. Y. Cent. gen. 3 ½s because of the dissolution oi the underwriting syndicate with some of the bonds left unsold. There were suggestions of increased dividends on Atchison and other stocks. Atch. com. moved up from 92¼ Aug. 9 to 1081/s Aug. 29; Can. Pac. from 164¾ Aug. 4 to 179¼ Aug. 29; Gt. North. from 293¼ Aug. 4 to 334 Aug. 30; N. Y. Central from 137½ Aug. 1 to 146 Aug. 20; Penn. from 1301/s Aug. 1 to 146¼ Aug. 20; So. Pac. com. from 731/s Aug. 2 to 93½ Aug. 25; Amal. Copper from 100¾ Aug. 9 to 111½ Aug. 20; and U. S. Steel com. from 39½ Aug. 4 to 47¾ Aug. 25. Milw. & St. Paul directors gave shareholders the right to take the $25,000,000 of treasury com . stock at par; the privilege was worth $17 or $18 a share. Boston & Maine stockholders were offered 53,319 share~ of new stock at $165 a share, but subscribed for only 38,457 shares. New or increased dividends were declared by a number of copper companies, including Butte Coalition Mining Co., Calumet & Hecla, Copper Range Consolidated and Wolverine Copper Mining Co. The Republic Iron & Steel Company, besides the regular quarterly dividend of 1¾% on the pref. stock, declared 2% on account of arrears of dividends on this stock and repeated the operation three month later. The   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  American Express Co. announced an increase from 8 % yearly to 12% yearly. At the annual meeting of the Wells, Fargo Express Co. the Harriman ticket was reelected. The Brooklyn Ferry Co. defaulted Aug. 1 in the interest on its 6,500,000 first consols. An assessment of 3 per share was levied on the 280,000 shares of stock of the 8pring Valley Water Co. following the San Francisco earthquake and fire. The Pennsylvania RR. announced a reduction in passenger rates (V. 83, p. 324, 436), as also did the . Y. N. H. & H.-V. 83, p'. 435-the N. Y. Central, and a number of other roads (V. 83, p. 625, 686. In Wisconsin the State Railroad Commission ordered a reduction in grain rates. In Washington the Railroad Commission ordered an interchange of wheat traffic between eastern Washington and Puget Sound ports (V. 83, p. 295), and in Oregon assessed values of railroads were enormously increased. The Virginia Corporation Commission, after declaring unconstitutional the Churchman Act , passed by the Virginia Legislature and which sought to compel the railroads to keep on sale mileage books at 2 cents a mile (the provision was later also declared invalid by the courts), issueci a notice requiring the railroads to show cause Nov. 1 why they should not be compelled to make a flat rate of 2 cents a mile. The Money Market.-Money again developed decided tension. The ew York City banks had to meet the usual call for funds to move the crops, while at the same time the U. S. Treasury was taking money out of the banks, as noted above. The speculative revival on the Stock Exchange served further to intensify the pressure on the banks . Towards the close the failure of the Real Estate Trust Co . of Phila. also proved a disturbing influence. The last day of August the range for call loans was 8@12% while borrowers on time had to pay a commission in addition to the legal rate of interest. The surplus reserves of the Clearing Hou e banks declined from $18,892,475 July 28 to 2,869,400 Sept. 1,andmoneyholdingsfellfrom 283 921,700to 263,3 3,700. Loans .9,fter increasing from 1,058,415,100 July 28 to 1,077,191,700 Aug. 4, fluctuated thereafter and were 1,063,739,600 Sept. 1. Deposits, after rising from $1,060,116,900 July 28 to $1,076,599,300 Aug. 4, fell away to 1,042,057,200 Sept. 1. Time loans the latter part of the month were quoted at 6% and a commission of ¼ of 1 % for all periods from sixty days to six months. At the very close, there was an advance to the equivalent of 6½% for ninety days to four months. For periods beyond five months the rate was 6%. Commercial paper closed at 6@7 for double names and 6@7 for prime and 7½ for good single names Forei,gn Exchange, Silver, &c.-Sterling exchange developed great weakness. At the beginning of August, the markt>t was active and higher, influenced by a good demand to cover speculative sales and to remit for stocks sold for European account in consequence of the disturbed political and financial situation in Russia. Soon, however, the market manifested a declining tendency. Bankers seemed to be confident of lower rates as the result of the season's export movement of cotton and grain, which was expected to be large . ann they were disposed to anticipate such movement by operations in futures and by speculative selling. The growing tension in the money market encouraged negotiations in all forms of loan bills and induced holders of commodity drafts in the interior, to promptly market the same . Liberal purchases by Europeans of American securities al o at times supplied considerable amounts of exchange, apparently much more than offsetting the inquiry for bills resulting from foreign realizations on such securities. Altogether, the market became demoralized the latter part of the month _ Sight bills dropped from 4 8535@4 8540 Aug. 7 to 4 8325@ 4 8340 Aug. 30 and closed Aug. 31 at 4 8330@4 340 . Cable transfers from 4 8575@4 8585 dropped to 4 8375@ 4 84, with the close at 4 8390@4 84; while sixty-day bills fell from 4 8250@4 8260 to 4 8025@4 8050, with the close 4 8030@4 8040. Open market discounts at London advanced and were 3½ Aug. 31. At Berlin and Frankfort the rate at the close was 31/s and at Paris it was 2¼. ilver in London, after touching 29½d. Aug. 3, advanced to 30 15-16d. ' and closed at 30½d. The resumption of purchases of silver bullion by the U.S. Govt. exerted a strengthening influence .  SEPTEMBER.-Current Events.-The Secretary of the Treasury again intervened to ass·st in the importation of gold . Early in the month call money was quoted at 40%, and borrowers on time had to pay a comm;ssion in addition to the full legal rate of interest. Saturday, Sept. 8, the ClearingHouse banks showed a deficiency in their reservfs of $6,577 ,925. Government receipts were exceeding d'sbursements _ After the close of business Sept. 5 Mr. Shaw announced that he would repeat his operation of the previous spring and deposit public moneys with the institutions engaging gold for import, thus making the imports immediately available and saving loss of interest. The offer applied to imports from Australia or any other distant point, but was not to become operative until Monday, Sept. 10. Some gold had been engaged before this news arrived and thereafter the. takings were large . As recorded at the New York Sub-Treasury, 35,972,000 gold was engaged in Sept., against which Government deposits were made, and $2,000,000 morf' was engaged by the National Shawmut Bank of Boston. The arrivals at thi point during the month aggregated about 26 ,000,000 .  RETROSPECT. On the afternoon of September 27 the Secretary of the Treasury went still farther and announced that $26,000,000 of Government moneys would be added to bank deposits independent of the gold engagements. The bulk of this amount, of course, did not get into the banks until the following month. Secretary Shaw early in the month issued a notice warning the banks that they must not use Government deposits in making speculative loans on call in Wall Street . Oct. 1 Government deposits with the banks were $134,619,383 against $106,355,219 Sept. 1 and $84,480,056 Aug. 1. Money holdings in Sub-Treasuries Oct. 1 were $339,049,387 against $346,664,238 Sept. 1 and $335,251,754 Aug.1. Bank circulation secured by bonds further increased fro:in $524,439,160 to $527,768,924 . The large American takings of gold disturbed the European money markets, and both the Bank of England and the Bank of Germany raised their rates of discount, while sharp advances occurred in the open market. Developments in Cuba were very import ant. The insurrection in the island was making considerable h ead way a nd the Cuban Government appeared t o be helpless against it. President Roosevelt sent Secretary of War Taft and Assistant ecretary of State Robt. Bacon as commissioners to the island t o see if pacification could not be arranged and issued a note of warning that the United States would be obliged to interven e in fulfillment of its treaty obligations if this were not done . The effort proved futile. The Cuban President, error Palma, together with his whole Cabinet, resigned, leaving t he country without any Government. Accordingly, o n Sep t . 29, Secretary Taft proclaimed himself Provisional Governor of Cuba. The next month Charles E. Magoon was appointed to succeed him. The weather during September cont inued favorable to the grain crops, but in the case of cotton some deteriorat ion occurred, and, furth ermore , considerable damage was done the latter part of the month by the hurricane referred to b elow. Middhng uplands here , after advancing from 9.80c. Sept. 1 to 10c. Sept. 6, dropped to 9.60c. by Sept . 24, but recovered to 9.90c. Sept. 29, with a further sharp rise early in October. Political developments in New York State caused some uneasiness in business circles. William R. H earst, after having himself nominated as a candidate for Governor by the so-called Independence League, succeeded in capturing also the nomination by the Democratic Convention, notwithstanding the determined opposit ion of.the better wing of the party. The nomination, howe ver, of Charles E. Hughes by the Republican Convention was considered as simplifying the issue, with the prospects favorable for the defeat of Mr. H earst, especially as the latter's nomination led to large defections in the Democratic Party. On Sept. 26 and 27 a tropical storm did great damage on the Gulf Coast and also extended well up the Mississippi Valley. Pensacola, Fla., and Mobile, Ala., suffered severely, the property loss in each being estimated at severalmillion dollars, while considerable loss of life also occurred. A local event was the joining of the two ends of one of the two tubes being built by the Penn. RR. beneath the bed of the Hudson River. In a test case Judge Windes in the Circuit Court at Chicago on Sept. 15 held valid the $75,000,000 Mueller certificates which the city proposed to issue for municipal ownership of street railways. The case was at once appealed to the State Supreme Court. Early in the month it was announced that the Penn. RR. had sold to Kuhn, Loeb & Co. 400,000 shares of its holdings of B. & 0. stock and 160,000 shares of Nor. & West.-being abou-t onehalf its entire holdings in each instance, and reducing its interest in the share capital of these roads from about 40% to 20%. Later in the month it transpired that the Union Pacific-Harriman interests were negotiating with Kuhn, Loeb & Co. for the B. & 0. stock, and the purchase was subsequently effected. A commercial agreement was entered into between the United States and Bulgaria giving this country ' the benefit of Bulgaria's minimum tariff. President Roosevelt issued an executive order enjoining the enforcem ent of the 8-hour law by contractors on Government work. Race -conflicts between blacks and whites in the South were very frequent during 1906; one of these occurred in Sept. at Atlanta, in which many negroes wer~ killed. Railroad Events and Stock Exchange Matters. -The stock market during September was weak and strong by turns. The tension in money operated to repress speculative activity and Mr. Hearst's success in gaining the Democratic nomination also at one time exerted an adverse effect. A -sharp rise followed the action of Secretary Shaw in again -deciding to facilitate gold imports, but the buoyancy was not long maintained. Certain stocks enjoyed sharp rises by reason of special circumstances-Balt. & Ohio, for instance, when it transpired that the Harriman interests were seeking -t he Pennsylvania block of stock. The latter part of the month prices generally declined with the close somewhat weak. B. & 0. com. sold up from 117¾ Sept. 1 to 1251/s :Sept. 21 and closed at 122½ Sept. 29. Can. Pac. from 173½ Sept. 1 advanced to 183 Sept. 28, closing at 182¾ Sept. 29. Milw. & St. Paul com., after having advanced -from 177 Sept. 1 to 183 Sept. 4, sold down to 170 Sept. 28 and closed at 1721/s Sept. 29. Pennsylvania moved up from 141% Sept. 1 to 145¼ Sept. 17, then declined to 139½ Sept. 28, and -closed at 1411/s Sept. 29. Union Pac. com. rose from 191¼ Se~t. 1 to 195% Sept. 4 , declined to 181½ Sept. 28, ex-div. ofJ5%, and closed at 183. So. Pac. com., from90¾ Sept. 1 and 90½ Sept. 5, advanced to 97½ Sept. 21 and closed at "95½ Sept. ·29. Evansv. & Terre Haute RR. declared 4%   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  23  on its com. stock, being the first dividend since May 1901. The N. Y. Central offered shareholders $29,839,560 new stock at par. Clev. Cin. Chic. & St. Louis listed $4,402,400 additional common stock which had been sold. The Money Market.-The tension in money became still more pronounced. Call loans touched 30% SP.pt. 4 and 40 % Sept. 5; news of Sec. Shaw's decision again to a~sist gold imports did not come until after the close of busmess the latter day . Sept. 6 the highest rate was 25% and Sept. 7 it was 17 % . Thereafter no such extremes figures were reached, but even under the large deposits of · Government moneys in the banks, ease by no means developed. Sept. 28 the range was 4½@7. On time contracts a fractional commission had to be paid the entire month in addition to the legal rate. At the close, with the commission included, the rate was 7% for sixty to ninety days, 7@7½ for four and 6½@6¾ for five to six months. Some loans were t~en reported at 6 for eight to nine months on high-grade security. Commercial paper was not readily salable, but rates at _the close were nominally 6½@7 for double names and for pnme single names, and 7½ for good single names. Money holdings of the banks fell from $263,383,700 Sept. 1 to $246,975,600 Sept. 8, and then increased week by week to Sept. 29, when the amount was $271 ,055,100. The banks were $6,577,925 below the required reserve Sept. 8, but the deficit was made good the next week and Sept. 29 there was $12,540,350 surplus. Loans were reduced from $1,063,739,600 Sept. 1 to $1,036,460,400 Sept. 15 and then increased to $1,051,172,800 Sept. 29. Deposits dropped from $1,042,057,200 Sept. 1 to $1,005,487,600 Sept. 15, and were $1,034,059,000 Sept. 29. · . Foreign Exchange, Silver, &c.-Foreign exchange durmg September was more or less unsettled. Secretary Shaw's action in assist ing gold imports, the monetary tension here, the advance in discounts abroad, together with the obstacles thrown in the way of this country obtaining the gold. which it sought, were varying influences which affected prices of sterling bills one way or another from day to day. Dea:r money here encouraged drawings of finance and other loan bills, as it had in the month preceding, and also kept the demand for remittance light. A supply of exchange also came upon the market against a matured installment of the loan negotiated in France by the Penn. RR. There was at times some speculative selling of exchange b~ed ~pon expectations of lower rates when cotton should begm actively to be exported. Sight bills were at1their lowest Sept. 5 at 4 8285@4 8315. The close Sept. 29 was 4 8325@4 8335. Cable transfers were 4 8375@4 8380 Sept. 5 and 4 8410@ 4 8415JSept. 29. Sixty-day bills were at their lowest Sept. 22 at 4 7940@4 7950; the price Sept. 29 was 4 7950@4 7975. Th.e Bank of England put up its rate ·of discount from 3½ to 4% Sept. 13 and the Bank of Germany the next week advancedJfrom 4½ to 5. Bullion holdings of the Bank of England were heavily reduced, in large part as the result _of the takings~of gold for the United States. Open market discounts at London Sept. 29 were 4½@4¼, and at Berlin 3:nd Frankfort 4%@4¾. At Paris the open market quotat10n was 2½. Silver advanced still further, getting up to 31¾d. with the close 31 % d.  OCTOBER.-Current Events.-The drain of gold to the United States disturbed all the European money markets. On the 10th the Bank of Germany raised its rate from 5% to 6% and on the 11th the Bank of England moved up from 4% to 5%. Then on Friday, Oct. 19, ~he Bank of Engl:3'nd took the whole financial world by surprise and further raised its rate to 6%. 'This was the more startling as the Go_vernors had the previous day, at the regular weekly meetmg, refrained from a further increase. The explanation was offered that indications of renewed monetary tension in New York, followed on Thursday, the 18th, by a sharp break in our foreign exchange rates, made the Bank officials appr~hensive that there might be further takings of gold for this country at a time when they would have to meet a heavy call for gold for Egypt and other countries. The advance to 6% had the effect intended. The course of ~rnr exc~an~e market was instantly reversed, while loans bemg earned i_n Europe were to a considerable extent transferred to this side or else the holdings of stock on which they had been obtained liquidated. On the New York Stock E_xchange prices tumbled and the market on that and succeedmg days was in a state of demoralization. Furthermore, on Oct. 23 Mr. Shaw announced that further advances of Government funds to facilitate gold imports would be discontin~ed. This had a reassuring effect in Europe, though by that time exchange rates had risen so decidedly as to ma}rn furth~r imports of the metal out of the quest10n, even with the aid of Treasury advances. Prior to the suspension of the order, $8,634,000 more gold had been engaged with the help of the Treasury and $1,848,000 gold came in unaided. Altogether, from the beginning of the movement, $44,606,000 of Treasury advances for gold imports were made at New York and $2,000,000 at Boston, besides which $7,457,844 gold came in unaided. The Secretary also took some new steps to e3:se monetary conditions here. Of the $26,000,000 spemal deposits announced towards the close of September, the New York institutions got eventually $7,500,000, though only $3 ,000,000 had been allotted to them; interior institutions failed to take their full quota. Moreover, part of the remainder of the $26,000,000 was placed with the New York  24  RETROSPECT.  correspondents of the country depositories for their account, tc, be withdrawn by them as needed. All this was before the sudden advance in the Bank of England rate to 6%. :Following that event, Mr. Shaw gave notice that he would pe.rmlt national banks having deposits of Government funds with Government bonds as collateral to substitute municipal securities for such collateral up to an aggregate of $18,000,000 on condition that the Government bonds released be used at once as the basis for new bank-note circulation. The offer, it is understood, was availed of to the full extent. The Secretary, "to demonstrate in a limited form the benefits of an elastic currency," required that the banks , when taking out the additional notes, must make application for the retirement thereof between March 15 and Aug. 10 1907. The Ontario Bank of Toronto became embarrassed, owing to unauthorized investments, as alleged, by its General Manager, and on Oct. 13 an off er for the absorption of the institution made by the Bank of Montreal was accepted. The troubles of this Canadian institution were follow ed the succeeding week by considerable shipments of gold from this centre to Canada. Money holdings in Sub-Treasuries were reduced from $339,049,387 to $324,029,969, Government deposits in the banks increased from $134,619,383 to $148,975,346, and national bank circulation increased from $527,768,924 to $536,933,169. There was a pretty general rise in the cotton goods market, due partly to a growing scarcity of supplies and partly to a sharp rise in cotton . Print cloths at Fall River were first marked up from 3¾c. to 3½c., then on the 16th to 3%c., on the 19th to 3 ¾ c., and on the 20th to 3½c. Middling upland cotton in this market from 9.90c. Sept. 29 got up to 11.40c. by Oct. 11 , influenced at first by reports of damage from the tropical storm of the previous month and a small crop movement, and later by reports of killing frosts over a considerable portion of the South. The latter part of the month the price sharply declined and the close Oct. 31 was at 10.50c; the movement of the crop had now become quite large , while the Census Bureau r eport showed a much larger quantity of cotton ginned up to Oct. 18 than had been expected. J. M. Ceballos & Co., a banking house with large Cuban interests, made an assignment, with liabilities of $3,000,000. The French Ministry under M. Sarrien resigned, the Premier being ill. M. Clemenceau formed a new Ministry, retaining the portfolio of the Interior. Railroad Events and Stock Exchange Matters.-The stock market the early part of October was irregular with the business small. The copper stocks advanced on still higher prices for the metal and there was improvement in other directions, too. Dealings, however, were almost wholly professional. With the signing of the contract for the longmooted lease of the Great Northern ore lands to the U. S. Steel Corporation, the Steel stocks developed considerable strength and on Oct. 12 Steel com. touched 50¼, the highest price since Dec. 1901. The market, however, was showing growing weakness when Oct. 19 the news came of the advance in the Bank of England rate to 6%. This caused a sharp break throughout the list, which was accelerated the next day by an unfavorable bank statement. An irregular recovery followed, but weakness remained the prevailing characteristic until the close. The semi-annual dividend of both Atchison com. and Norf. & West. com. was increased from 2 to 2 ½% but the action in the Atchison case was followed by a· sharp decline, owing to disappointment because the increase had not been to 3%. The Amal. Copper Co. increased its quarterly declaration from 1 ¾ to 2% but this stock also declined with the weakening of the general market. Can. Pac. announced its intention to distribute 1% yearly on the com. shares beginning with 1907 from the interest received from land funds and land contracts. Atch. com. from 109 Oct. 2 dropped to 99½ Oct. 20 and closed at 100¾ Oct. 31. Milw. & St. Paul com. declined from 1781/s Oct. 12 to 168¾ Oct. 20 and closed at 170; N. Y. Cent. sold at 126¾ Oct. 31 ex-rights, against 141½ Oct. 10 with the rights on; Pennsylvania from 146¼ Oct. 11 got down to 139 Oct.26, with the close at 141; Union Pac. com. dropped from 191½ Oct. 11 to 180¼ Oct. 31. Bethlehem Steel Corp. reduced the div. on its pref. stock from a basis of 7% to 3%. Norf. & West. shareholders authorized $34,000,000 conv. bonds and a like amount of new com. stock into which the bonds may be converted. Chic. & North West. shareholders authorized an increase of $100,000,000 in com. stock, none to be issued immediately. Tenn. Coal Iron & RR. Co. shareholders authorized an increase in the stock from 30,000,000 to $50,000 ,000 and the directors voted to issue the $3,500,000 remaining of the $7,000,000 com. stock authorized in the spring. The N. Y. Court of Appeals handed down a decision sustaining the injunctions preventing the Consol. Gas Co. from shutting off the supply of gas to the plaintiffs in the case because of their refusal to pay more than the prescribed 80 cents per 1 ,000 feet. Wabash RR. shareholders authorized the $200,000,000 4% ref. bonds in accordance with the plan for retiring the debenture bonds. They also authorized $16,500,000 new pref. stock. The Money Market.-Money on call Oct. 1 reached 9%, but gradually the action of the Treasury the previous month in enlarging Government deposits made its influence felt and rates declined both at call and on time. With the beginning, however, of shipments of gold to Canada in connection with the Ontario Bank embarrassment, a hardening tendency again developed. On the 17th the call loans got back to 6%, and on the 19th, with the rise in the Bank of England rate to 6%,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  call loans were made at 7% . With announcement of further relief measures by the Secretary rates eased off. The last few days, however, the tendency again was upward, and Oct. 31 the range was 6@9%. Money holdings of the banks, after having been reduced from $271,055,100 Sept. 29 to $267 ,257 ,800 Oct. 5, increased to $275,718,400 Oct. 13 and then declined and were only $257,005,800 Nov. 3. Surplus reserves were reduced from $12,540,350 Sept. 29 to $9,423,125 Oct. 6, rose to $13,024,400 Oct. 13, then fell off and were 3,049,775 Nov. 3. Loans rose from $1,051,172,800 Sept. 29 to 1,082,358,500 Oct. 20, and it was thought this increase reflected largely the transfers to this side of loans which had been carried in Europe. On the other hand, the reduction following (to $1,052,790,900 Nov. 3) was taken to indicate a transfer of loans from the banks to the trust companies. Deposits Nov. 3 were $1,015,824,100 against $1,062,332,600 Oct. 20 and $1,031,338,700 Oct. 6. Rates for time money at the close were 6@6½ for sixty to ninety days and 6 for four to six months, while commercial paper was quoted at 6@6½ for double names and prime single names and 6½@7 for good single names. Foreign Exchange, Silver, &c.-The tendency of exchange rates the first eleven days of October was upward. At this time ease was gradually developing in the money market and money here was relatively cheaper than on the other side . As stated above, the Bank of Germany on the 10th raised its rate of discount from 5 to 6% and Oct. 11 the Bank of England advanced from 4 to 5%. The difference in money rates made further negotiations of finance and other loan bills unprofitable, besides stimulating a demand for remittance in payment for such of these drafts as were maturing. But after the 11th the course of the exchange market was downward. A sudden flurry in call money Oct. 17 and the selling of bankers' drafts on rumors of expected tension in Canada, in connection with the embarrassment of the Ontario Bank, caused a sharp break in exchange the following day (Oct. 18) and led to the action of the Bank of England Oct. 19 in moving up its rate to 6%. This step instantly rever ed again the course of exchange and only a slight further rise would have made it possible to export gold. The Bank of England for the six weeks ending Oct. 11, when the first advance in rate occurred, lost no less than £9,395,602 gold. The next week it made a small gain-£55,847. In the week enc;iing Oct. 25, notwithstanding the advance to 6%, bullion holdings were further reduced by £745,746. This was followed, however, by a gain the ensuing week of £120,587. On Oct. 11 sixty-day bills were 4 8115@4 8130, sight 4 8520@4 8530, and cable transfers 4 8590@4 8605. By the 18th they had got down to 4 80@4 8025, 4 84@4 8415 and 4 8465@4 8475, respectively. Then came the upward turn and Oct. 24 quotations were 4 8075@4 8085, 4 8590@4 86 and 4 8715@4 8720. It remains to be said that cable transfers on the 22d sold as high as 4 87 50 and on the 23d at 4 8780, an advance of over 3 cents compared with Oct. 18. The rest of the month the market was irregular and decidedly unsettled with the quotations Oct. 31 at 4 8040@4 8045 for sixty days, 4 8560@4 8565 for sight and 4 8665@4 8670 for cable transfers. Open market discounts were very high at all the European monetary centres, being Oct. 31 5½@6 at London, 5¼ at Berlin and Frankfort and 3½ at Pa~is. There was a further rise in silver-to 32 9-16d.-w1th 32 7-16d. the close Oct. 31.  NOVEMBER.-Current Events.-William R. Hearst was defeated in his canvass for Governor of New York by a plurality of 57,897, though all the other candidates on the Democratic State ticket were successful. The monetary situation in Europe improved somewhat, but in New York renewed tension developed. The Bank of England was not obliged further to advance its rate, though nearly all through the month fears prevailed that this might have to be done. The Bank was able to purchase practically all the arrivals of the metal in the open market, and in addition relief was afforded by the Bank of France agreeing to supply inquiries for gold on Egyptian account up to £1,000 ,000 and also in placing no obstacle in the way of private remittances of gold from Paris to London, these consisting largely of American coin£2 ,109,000 was transferred in this way from Paris to the Eng; lish capital the last two weeks, £1,494,000 consisting of American coin. Hence, though the Bank of England had an unexpectedly heavy drain of gold for Brazil to meet, it succeeded in increasing its bullion holdings in the five weeks ending Nov. 29 by £4,833,880. Discrimination against American finance bills at the European centres was one of the features. Nominally the Bank of France refused to discount any foreign finance bills, but the matter was of moment only as it related to American bills , the volume of which at the European centres had reached huge proportions. The Bank of France wanted to check speculative borrowing and was unwilling in the tension existing to provide facilities for possible takings of gold in Europe for American account. Many of the leading French banks joined in the refusal of the Bank of France; some other French banks, however, as well as French private bankers, undertook to discount American bills. Early in the month, when the regular rate of discount was 2 ½@3%, these American finance bills were discounted in Paris at from 4 to 4½%, according to circumstances. In this country no further aid came from Secretary Shaw during the month, and money holdings in Sub-Treasuries increased from $324,029,969 to $343,717 ,111. This addition occurred  RETROSPECT.  25  notwithstanding that Government deposits in the banks de- closing at 318½ Nov. 30. North. Pac. sold up from 209½ clined only from $148,975,346 to $145,559,439. National Nov. 1 to 228 Nov. 17 and closed Nov. 30 at 224½. Among bank circulation further increased from $536,933,169 to other properties that showed wide fluctuations or special $546,981,447. Much prominence was given in the newspapers strength Union Pac. com. sold up from 179¼ Nov. 12 to and by the authorities at Washington to a suit in equity 190½ Nov. 22 with the close at 187%; Mil. & St. Paul com. brought in the U.S. Circuit Court at St. Louis by Attorney- sold at 169½ Nov. 12 and 189½ Nov. 20 with the close General Moody, acting under the direction of President 182½; Del. & Rud. from 213½ Nov. 12 moved up to 234¾ Roosevelt, against the Standard Oil Co. and 70 alleged con- Nov. 22 with the close 228; Mo. Kan. & Texas com. rose stituent corporations and partnerships and certain directors from 33½ Nov. 9 to 43% Nov. 27, closing at 42¾; Reading of the company. Violation of the Sherman Anti-Trust Law com. from 138¼ Nov. 1 got up to 150¾ Nov. 22, closing at wasfcharged. Proceedings against the company on one 148; N. Y. Cent. rose from 126 Nov. 12 to 132¾ Nov. 19, ground or another were already pending in some of the State with the close 131%. The Pullman Co. declared a stock divicourts ' and similar action was threatened in other States. dend of 36%, the stock being increased from $74,000,000 to Standard Oil shares dropped from 598 Nov. 7 to 505 Nov. 23. $100,000,000. In the Ill. Cent. RR., Vice-Pres. Jas. T. The previous January sales were made at 700. Railroad ton- Harahan was elected President to succeed Stuyvesant Fish nage continued enormous and complaints of inability to move b;y the vote of 8 of the 12 directors present, the other 4 not promptly the traffic offered came from all parts of the coun- voting. Pres. Samuel Spencer of the Southern Ry. was try. A statement made by President James J. Hill in a killed in a rear-end collision on one of the lines of the system speech on Nov. 10 before the Merchants' Club of Chicago on the morning of Nov. 29 near Lynchburg, Va., the accident to the effect that from 115,000 to 120,000 miles of additional having been caused by the carelessness of one of the signal track were urgently needed attracted a great deal of atten- operators. Stockholders of the Clev. Cin. Chic. & St. Louis tion. The Penn. RR. Nov. 1 increased its semi-annual divi- Ry. were offered $10,000,000 new stock at 90. $20 ,000,000 dend from 3 to 3½% and Nov. 7 announced an increase of new stock of the General Electric Co. was authorized and 10% in the wages of all employees receiving less t han $200 a $10,861,200 offered to shareholders at par. The Western month, effective Dec. 1. It was estimated the increase would Union Tel. Co. offered to shareholders $10,000,000 4% conapply to about 185,000 employees over the whole syst~m, vertible bonds at 87 ½. The Fed. Min. & Smelt. increased and that the additional outlay would amount to $12,000,000 the extra div. on common. a year. The 1% increase in the dividend called for $3 ,060_,The Money Market.-High rates for call loans were re000 additional per year. The action of the Pennsylvania corded every week in November and on the last day, owing was taken as foreshadowing increases in wages all over the to the calling of loans in preparation for the first of December country, and a number of increases by other companies were payments, there was a sharp rise in the closing hour t o ~ actually announced. Some of the industrial concerns also Money holdings of the banks further declined from $257 ,005 ,raised wages, notably the U. S. Steel Corporation and the 800 Nov. 3 to $248,174,500 Nov. 10, and on this last date Standard Oil Co. At Fall River a request of the cotton op- the reserve for the third time during the year showed a deficit eratives for an advance of 10% made the previous month- of $1,514,125 below the 25% requirement. The reserve was the request was for the restoration of the wages paid prior to restored the next week and by Nov. 24 there was a surplus Nov. 1903-was finally conceded after the manufacturers of $4,403,425. Money holdings between Nov. 10 and Nov. had tendered a 5% increase and the proposition had been re- 24 increased from $248,174,500 to $253,894,700, a rise in the jected by the operatives and a strike ordered for Monday, rates of domestic exchange at interior points on New York Nov. 26. Print cloths remained unchanged at 3½c. but bringing some return flow of currency; but the last week rates middling upland cotton in New York, after declining of exchange at Chicago on New York dropped from a premium from 10.50c. October 31 to 10.l0c. November 9, rose to par, thus checking further shipments of money this way; to 10.40c. November 30. An agreement upon a plan accordingly, money holdings by Dec. 1 showed a decrease of currency reform was reached at a conference between to $251,107,800 and the surplus reserve was reduced to the committee of the American· Bankers' Association specially $1,449,125. In addition to the ordinary calls for money the appointed for the purpose and the Currency Committee of final payment on the $25,000,000 new stock of the Chic~ the New York Chamber of Commerce. The plan was also Milw. & St. Paul RR., calling for about $12,000,000, had to· concurred in by Congressman Chas. N. Fowler, the Chairman be met Nov. 12 Time loans at the close (including the comof the Banking and Currency Committee of the House of mission paid for securing the loans) were 7 ½ for sixty and Representatives, and met with the approval of some of the 7@7½ for ninety days, 7 for four, and 6@6½ for five toTreasury officials. It provided that the banks might issue six months. For periods running from 7 to 12 months loans· additional notes secured only upon their assets to the extent could be obtained. at 6%. Loans declined from $1,052,790,-· of 40% of their bond-secured circulation, but not to exceed ~0 Nov. 3 to $1,039,397,800 Nov. 17, but were $1,048,552,25% of the capital of the bank, upon the payment of a tax 300 Dec. 1. Deposits, after decreasing from $1,015,824,100 of 2 ½% per year. and also a further issue of credit notes Nov. 3 to $994,480,500 Nov. 17, were $998,634,700 Dec. 1. not exceeding 12½% of the capital upon payment of a tax Foreign Exchange, Silver, &c.-There were no wide flucof 5% per annum. These credit notes were to be secured tuations or important features in the exchange market during by a guaranty fund and the banks were to hold reserves November. It was naturally more or less sensitive to local monagainst them the same as against deposits, namely 25% in etary conditions, and easier discounts abroad also had their inreserve cities and 15% in country banks. The plan also pro- fluence. Declines, however, in exchange caused by high money vided that all public moneys above a reasonable working rates here were nearly always followed by a partial reaction balance, from whatever source derived, should be currently due to a demand to remit in payment of maturing finance deposited from day to day in national banks without the re- bills which demand was in evidence nearly all through the quirement of collateral security or any special guaranty-the month. At times, also, there was a demand to remit for banks to pay 2% interest on such deposits. The proposal stocks that had been returned from abroad, though this in for a Central Bank of Issue, suggested by the Chamber of turn was on occasions offset by a pressure of bills against Commerce, was discarded. During the month Presi- purchases of stock for London account. On the whole, dent Roosevelt made a trip to Panama to inspect the exchange rates were a trifle lower at the end of the month, work on the projected Isthmus Canal, and on the way except in the case of sixty-day bills, where the decline in back paid a visit to Porto Rico. The occasion was the first discounts abroad led to a slight advance. The quotations in history when a President had gone out of the United States Nov. 30 were 4 8075@4 81 for sixty days, 4 8550@4 8560 during his term of office. New York City Nov. 2 sold $4,- for sight and 4 8635@4 8645 for cable transfers. Open 500,000 4s at 101.899-a basis of about 3.91%, The Chase market discounts in London, which the middle of the month National Bank of this city declared a dividend of 400% and were 6¼% for sixty-day bills, at the close were only 5½@5% increased its capital from $1,000,000 to $5,000,000. Presi- for sixty to ninety day bills. At Berlin and Frankfort, dent Roosevelt dismissed in disgrace an entire battalion of where they had been 5¾, the close was 5%. The Paris rate colored troops, consisting of Companies B, C and D of the Nov. 30 was 3@3¼. Silver in London further advanced 25th Infantry, serving at Fort Brown, Texas, because some and touched 33½d. The close was at only 32d. of their number had been engaged in murder and riot at Brownsville, Texas, the previous August and the identity of DECEMBER.-Current Events.-President Roosevelt's the offenders was not revealed by the remaining men. The message to Congress, as expected, contained some radical action excited much criticism. Owing to the exclusion some recommendations, including a suggestion for a graduated time previously of Japanese children from the San Francisco inheritance tax. The President on the 5th also sent in a public schools, President Roosevelt directed the Secretary of message asking for authority to dismiss any officer of the Commerce and Labor, Victor H. Metcalf, to make an in- Navy; on the 11th a message telling of his visit to Porto vestigation to determine if Japanese treaty rights were being Rico and urging that citizenship be granted the Porto Ricans; violated. The report was submitted to Congress the next on the 18th he transmitted to Congress the report made to month. him by Secretary Metcalf on the situation affecting the JapaRailroad Events and Stock Exchange Matters.-The increase nese children in public schools in San Francisco; on the 18th in the Penn. RR. div. gave tone to the whole market Nov.1, he submitted a report on the dismissal of the negro troops at but this soon passed away apd the market became irregular Brownsville, Tex. On the 17th, he sent an illustrated mes-weak at first, then recovering, with sharp advances in cer- sage on the Panama Canal, and also some messages on minor tain special stocks, and finally lapsing into dulness, with the matters. A scarcity of fuel developed in the Dakotas, volume of business reduced to small proportions. The dis- Kansas and some other States, due mainly to the failure of tribution of the Hill ore properties was announced, certificates coal-dealers to lay in stocks earlier in the season. The Interof beneficial interest in these properties being created for Sta.te Commerce Commission made an investigation into the 1,500,000 shares-precisely the number of shares of Gt. matter and the railroads rushed shipments of coal through North. stock outstanding at the time. The stock, however, on passenger schedule time. This last in a measure disarweakened after the announcement. From 315 Nov. 1 it ranged their whole freight service, intensifying the congessold up to 333½ Nov.17,and then dropped to 314 Nov. 26, tion in grain and other freight. Several companies an-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  26  RETROSPECT.  nounced provisions for future capital needs on a very extensive scale, giving their shareholders valuable rights in connection therewith. The Great Northern Ry. offered $60 ,000,000 new stock at par, raising its capital from $150,000,000 to $210,000,000, payment to be extended over sixteen months, beginning with Jan. 1907 and terminating April 190 . The Nor. Pac. Ry. offered $93,000,000 out of a total proposed issue of $95,000,000 at par, raising its stock from 155,000,000 to $2p0,000,000. In this case the last payment will not be required until Jan. 1909. The Mil. & St. Paul offered at par roughly $100,000,000 ( 66,328,500 pref. a nd $33,164,300 com ) for the purpose of building its Pacific Coast extension,&c. the last payment not being due until Mch. 1909. Some other companies inviting subscriptions for considerable new capital were the Atchison and the Norf._ & West., besides which the Pitts. & Lake Erie was asking shareholders to authorize an increase in stock from $10,000,000 to $30,000,000. The tension in the local money mar~et continued, and in Germany the Imperial Bank advanced its rate from 6% to 7% . On Dec. 5 Secretary Shaw announced that on Dec. 15 he would prepay without rebate the interest on U. S. bonds maturing between and including Jan. 1 and May 11907, about $12,000,000. Later he offered to incre~se Government deposits in the banks by $10,000,000, taking as security bonds permissible as savings bank investments under the laws of New York and Massachusetts, the deposits, however, to be returned one-h;i.lf Jan. 20 and the remaining half Feb. 1. He also offered to buy $10,000,000 U. S. 4s of 1907, paying 101 for the registered and 102 for the coupon bonds. Not many of these bonds ( only $2,867 ,550) were t endered. Government deposits in the national banks Dec. ~1 were $158,753,15~, against $145,559,439 Dec. 1; Cash m 343,836,223, against 343,717,111. Sub-Treasuries was Bank circulation further increased from $546,981,447 to $549,280,084. The Banking and Currency_ Committe_e of the House of Representatives reported a ~11~ for the issue of national bank credit notes based on the Jomt plan of the bankers ·and the Currency Committee of the Chamber of Commerce. (See V. 83, p. 1502.) A bill to permit national banks to make loans on farm lands (but not on real estate generally) passed the House on the 5th by 111 to 51 votes. The cotton goods market manifested continued strength and print cloths at Fall River were advanced from 3½ to 4 cts. Mid. upland cotton, however, from 11.40 cts. Nov. 30 declined to 10.45 cts. Dec. 14, with the close Dec. 31 at 10.~5 cts. President Alexander J. Cassatt of the Pennsylvania RR. died suddenly on Dec. 28. Arnold Leo & Co., a Stock Exchange firm, announced its suspension .Dec. 22, largely, it was supposed, because of a drop m Reading s~ock. N. ~. City on Dec. 14 sold $9,800,000 4% bonds on an mterest basis of 3.93@3.98%. The clash in France between the Go_vernment and the Catholic Church on account of the execution of the Church Separation law, reached an acute stage and excited a good deal of attention. The German Reichstag was dissolved owing to its rejection of the budget for Southwest Africa. The Chemical National Bank of this city announced a proposed increase in its capital from $300,000 to $3,000,000 by the payment of a special equalizing dividend of 900% out of the bank's surplus fund of $7,200,000. Letters patent were issued in London Dec. 12 granting a constitution to the Transvaal. The House of Representatives on the 14th rejected a proposition to increase the salaries of Congressmen from $5,000 a year to $7,500. The U. S. Senate ratified the Algeciras Treaty concerning Morocco, but adopted a resolution declaring against foreign entanglements. Mr. Roo_sevelt was awarded the Nobel Peace Prize by the Norwegian Parliament. The President appointed Attorney-General Wm. H. Moody to the U.S. Supreme Court and reconstructed his Cabinet. Chas. J. Bonaparte, Secretary of the Navy, was made Attorney-General; Victor H . Metcalf, Secretary of Commerce and Labor, was appointed Secretary of the Navy, and Oscar S. Straus of New York succeeded Mr. Metcalf. It was also announced that later other changes would be made. Leslie M. Shaw retiring as Secretary of the Treasury and being succeeded by Geo. B. Cortelyou, Postmaster-General, Geo. Von L. Meyer, formerly Ambassador to Russia, will replace Mr. Cortelyou as Postmaster-General. _EthaJ:?- Allan Hitchcock will resign as Secretary of the Interior, his place being taken by Jas. R. Garfield, Commissioner of Corporations in the Department of Commerce and Labor. The Pennsylvania RR. sold to Kuhn, Loeb & Co. all the system's holdings in Ches. & Ohio stock, amounting at par to 15,630 ,000. The Buff. Rochester & Pittsb. Ry. transferred its interest in the stock of the Roch. & Pittsb. Coal & Iron Co. to the Mahoning Investment Co. and then distributed the shares of the latter to its own shareholders. The Inter-State Commerce Commission ordered an investigation of the relations between the Un. Pac. and Sou. Pac. railways. A plan for the general consolidation of Mexican roads under the control of the Mexican Government was announced. V. 83, p. 1470. Thomas F. Cole and John D. Ryan arranged to take over control of the"Greene Consolidated Copper Co., having mines at Cananea, Mexico, and a consolidation of that company with the Cananea Central Copper Co. was made. Railroad Events and Stock Exchange Matters. -A severe break in prices occurred in December, induced mainly by tight money and the large new capital additions announced by the Gt. Northern, the Nor. Pac. and the Mil. & St. Paul. T·he N. Y. Cent. raised its quarterly dividend from 1¼ to IH%, and this and other dividend increases brought   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  about,.ralliesl at times, but did not serve to prevent ;general and extensive liquidation. The last few days some of the losses were in part recovered. Nor. Pac. from 224½ Dec. 12 dropped to 179¼ Dec. 26 and closed at 185¼ Dec. 31; Mil. & St. Paul com. from 199% Dec. 17 declined to 146½ Dec. 29 ex-rights to take the new stock (worth 32@35) and closed at 148½; Reading com. was also strikingly weak and from 152½ Dec. 11 fell to 129 Dec. 24, closing at 134¼; Un. Pac. com. from 188½ Dec. 3 got down to 177½ Dec. 24 and closed at 180¼ Dec. 31; in N. Y. Cent. and Pennsylvania the net change was slight, the former closing at 131 against 131¾ at the opening, and the latter at 1381/s against 138½. Amal. Copper closed at 115 against 1131/s and U.S. · Steel com. at 48¼ against 47%. Can. Pac. was one of the strong features and advanced from 182¾ Dec. 1 to 201½ Dec. 14, with the close 193. Ill. Cent. dropped from 176 Dec. 4 to 165 Dec. 31. After the announcement of the proposed increase of $60,000,000 in the stock of the Gt. North., the Attorney-General of Minnesota brought suit to enjoin the issue. The Chic. Rock Island & Pac. Ry. sold to Speyer & Co. 10,000,000 4% ref. bonds. Gen. Elec. Co. shareholders were offered $10,861,200 new stock at par. Lake Shore & Mich. So. increased its semi-annual div. from 4 to 6%; Mich. Cent. from 2 to 3%; Pittsb. & Lake Erie from 5 to 6%; Pitts. Cin. Chic. & St. Louis from 1½ to 2%; The Nor. Cent. Ry., besides its semi-annual div. of 4%, declared 12½% in stock. Lehigh Val. RR. declared 1 % extra besides the semi-annual of 2% . The Vandalia RR. also increased its div. and so also again did the Anaconda Copper Min. Co. The Standard Gas Light Co., a subsidiary of the Consol. Gas Co. of this city, omitted its com. stock div. altogether and the Internat. Salt Co. suspended on its pref. The Money Market.-The stringency continued throughout December, though in the last week the tension was not so extremely acute as some had feared. The maximum on call was ~~%the first week, 28 the second, 29 the third and 18 the ourt week. On Monday, Dec. 31, however, loans were made at 45 , with the lowest figure 18 and the average 25. On time the quotation then was 7@8 for sixty to ninety days, 6½@7 for four months and 6@6½ for five to six months. For eight to nine months, it was possible to borrow at the legal rate of 6%. In the third week time i;-ates had been 13 for thirty days, 9@10 for sixty days, 8½ for ninety days, 8 for four months and 7 for five to six months. We have narrated above the efforts of the Sec. of the Treas. to relieve the tension. In addition, several of the railroads, like the N. Y. Central, the Chic. & North West. the Mil. & St. Paul, &c., paid their Jan. int. in advance of maturitymostly on the 26th. The Clearing House banks on Dec. 8 for the fourth time in 1906 showed a deficiency below the required?reserve, the deficit being! 6,702,175. Nor was this deficit wiped out the next week, though being reduced to 1,699,056; Dec. 22 there was a surplus ofl $3,280,900 and Dec. 29 the surplus was $5,369,225. Money holdings of the banks were reduced from $251,107,800 Dec. I to $238,842,200 Dec. 8 and then increased week by week until Dec. 29 when the amount was $250,694,500. , Loans were reduced from 1,048,552,300 Dec. 1 to $1,027,183,300 Dec. 22 and were $1,032,973,000 Dec. 29. Deposits were $998,634,700 Dec. 1, $967,061,400 Dec. 15 and $981,301,100 Dec. 2~. For commercial paper the rates at the close were nommally 6@6½ for double names and prime single names, and 6½@7 for good single names. Forei,gn Exchange, Silver, &c.-The course of exchange was almost continuously downward in December. High money here was one of the principal causes, but the market was also influenced by offerings of drafts against securities which had been bought here for European account. It was reported at Paris that franc finance bills were being more freely negotiated, usually at' a fraction over the Bank rate. At London, however, the disposition"'was to require the payment of maturing finance bills, and rallies in exchange resulted mainly from that cause. The Bank of Germany on the 18th further advanced its discount rate from 6 to 7%. The Bank of England left its minimum unchanged at 6. It had heavy calls to m eet for South America and for the Provinces, and its bullion holdings"in the four weeks ending Dec. 28 were reduced no less than £4,198,666, and would have been reduced still more"except that the Bank of France released some further amounts of gold for shipment to London and there were also other~large gold arrivals in London which the Bank of England secured. While exchange rates were weak on the very first day of Dec., with a fall of 30~35 points, the quotations then were 4 8040@4 8060 for sixty days, 4 8515@ 4 8525 for sight and 4 8605@4 8615 for cable transfers; but on the 29th prices were only 4 7820@4 78?5, 4 8270@4 8275 and 4 8405@4~8410. From these figures there was an upSight exchange ward reaction of 45@85 points on Dec. 31 on the 28th sold at 4 8260, the lowest of the year. These figures would have warmnted large takings of gold for importation only that it was known that such takings would be immediately followed by an advance in the Bank of England rate to 7% and possibly higher-a contingency that no one wanted to inyite. One small engagement of £50,000 in London on the 10th was the only one announced. Open market discounts in London at one time were 6@6¼; Dec. 31 At Paris the open market the quotation was 5½@5%. rate Dec. 31 was 3@3½ and at Berlin and Frankfort, fi½@ 5¾. Silver in London got down to 31 9-16d. but the close was 321/sd.  27  CLEARINGS A D SPECULATION. CLEARINGS AND SPECULATION IN 1906.  Like all the other indications of trade activity, the records of bank clearings for the calendar year 1906 tell a story of continued growth and expansion. In reviewing the bank exchanges for the preceding year (1905), we found that the totals far surpassed those of the best preceding period of twelve months. ow for 1906, with a further large increase, even this previously unexcelled aggregate of 1905 is left far behind. Of course, however, there is nothing very surprising in that fact. All through the year our factories and other industrial and business establishments were turning out an unequaled quantity of wares and goods, and practically every line and department of trade was seeking to enlarge its output; for it is literally correct to say that the demand for all classes of goods was all the time in excess of the supply. In the case of the metals trades, and more particularly in iron and steel, this was conspicuously true, leading finally to considerable importations from abroad to supplement the home production. Furthermore, the country harvested another large series of grain crops, and the cotton crop also ran much ahead of the reduced yield of 1905. Speculation was also more or less in evidence -though not to any very great extent in the mercantile markets. On the New York Stock Exchange the share sales reached figures never before attained, even though the general course of values was not upward. On the other hand, the tendency _of mercantile prices was upward In brief, all conditions and circumstances combined to swell the volume of the bank clearings. Taking the total of the exchanges for the whole country, the aggregate for 1906 reaches 159,808 million dollars, against 143,909 millions in the calendar year 1905, only 112,449 millions in 1904 and but 109 ,209 millions in 1903. The increase over 1905 is fully 11 % , and as compared with 1903, when many of the conditions were adverse, it is not far from 50%. It is also noteworthy that the ratio of gain over 1905 at New York does not vary greatly from that in the rest of the country. At New York the further growth in 1906 was 11.6%; outside of New York it was 10.1%. Such a close accord as this is rare. On account of the part played by financial transactions at this centre, and yet more on account of the fluctuations in Stock Exchange speculation, the course of clearings here is often quite different from that elsewhere-the two movements in some years having been the exact reyerse of each other. In the following we compare the clearings for 1883 and the twenty-three years since then for New York alone and for the points outside of New Y _ ork, bringing out conspicup¥sly the fact mentioned. ..,.  Year. 1906-------1905-------1904. _______ - 1903 -------1902 -------1901-------1900 ________ 1899 __ ______ 1898 ________ 1897 -------1896 ________ 1895-------1894-------1893-------1892 ________ 1891-------1890 ________ 1889 ________ 1888 ________ 1887 -------1886-------1885 ______ .,_ 1884. _______ 1883--------  New York Cleartngs.  Inc. or  Dec.  Clrorings Outside New York.  s % s 104675828,656 + 11.6 55,132,812,330 93,822,060,202 +36.7 50,087,388,239 68,649,418,673 +4.1 43,800,245,342 65,970,337,955-13.6 43,238,849,809 75;328,189,165 -3.9 41,695,109,575 79,427,685,842 +50.9 38,982,329,340 52,634,201,865 -13.4 33,436,347,818 60,761,791,901 +44.8 33,285,608,882 41.971,782,437 +25.6 26,854,774,887 33,427,027,471 +15.8 23,802,043,485 28,870,775,056 -3.3 22,375,548,783 29,841,796,924 +22.3 23,338,903,840 24,387,807,020 -22.0 21,072,251,587 31,261.037,730 -14.7 22,882,489,378 36,662,469,202 +8.6 25,256,657,420 33,749,322,212 -9.9 22,907,857,405 37,458,607,609 +4.4 23,087,956,388 35,895,104,905 + 15.4 20,215,145,550 31,100,027,521 -7.118,384,046,654 33,474,556,268 -0.6 17,616,680,056 33,676.829,612 +19.6 15,570,851.854 28,152,201,336 -9.113,287,102,263 30,985,871,170 -17.2 13,179,255,183 37,434,300,872-20.2 14,265,522,880   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Inc. or  Dec. % + 10.1 +13.9 +I.3 +3.8 +6.7 +16.6 +0.5 +23.9 +12.6 +6.4 -4.2 +10.1 -7.6 -9.4 +10.8 -0.8 +14.2 + 10.0 +4.3 +13.2 +17.2 +0.8 -7.6 +2.4  Inc. Tot.al  Cleartngs.  or  Dec.  s % 159,808,640,986 + 11.0 143,909,448,441 +21.1 112,449,664,015 +3.0 109,209,187,764 -7.4 118,023,298,740 -0.4 118,410,015,182 +37.6 86,070,549,683 -8.5 94,047,400,783 +36.6 68,826,557,324 +20.2 57,229,070,956 +11.7 51,246,323,839 -3.7 53,180,700,764 +16 .6 45,460,058,609 -15.9 54,143,527,108 -12.5 61,919,126,622 +9.5 56,657,179,617 -6.4 60,546,563,997 +7.9 56,110,250,455 + 13.4 49,484,584,175 -3.1 51,091,236,324 +3.8 49,247,681.466 +18.9 41.439,303,599 -6.1 44,165,126,355 -14.6 51.699,823,752-15.0  It will be seen from the foregoing that in both 1903 and 1902 ew York showed losses while the rest of the country recorded gains. On the other hand, in 1905 New York. recovering its previous losses,lhad 36. 7% gain, while the rest of the country had only 13.9% increase. Another circumstance with reference to the outside clearings is worth alluding to. In these outside clearings the course has been uninterruptedly upward year by year s:nce 1896, when doubts regarding the country's standard of values was definitely removed as a result of the Presidential election of that year. The amount and ratio of the gain has varied considerably from year to year, accordingly as conditions were extremely or only partially favorable; but the ga n itself has been continuous. As a consequence the outside clearings in 1906 reached 55,132 million dollars, as against only 38,982 millions in 1901 and but 22,375 millions in 1896. As Stock Exchange speculation is so much less a factor at the outside cities , the prodigious growth shown in their totals is a highly significant fact, reflecting the growth in population and in manufacturing and mercantile trade · in all parts of the country. With reference to New York, Stock Exchange speculation is always a factor present in bank clearings. And during 1906 the share dealings on the Stock Exchange, as already indicated, were of extraordinary magnitude. It is true that most of the dealings in stocks on the Exchange are now cleared through the Stock Exchange Clearing House, and hence such dealings do not directly enter into the volume of bank exchanges. Nevertheless, as we have many times pointed out, indirectly Stock Exchange business does affect very materiall.y the course and volume of bank exchanges. For the purpose of indicating the course of Stock Exchange speculation for a long series of years past, we present the following table: NUMBER AND VALUE OF SHARES SOLD AT NEW YORK STOCK EXCHANGE.  Year.  1906 1905 1904 1903 1902 1901 1900 1899 1898 1897  Stocks , Shares.  - 284,298,010 - 263,081,156 - 187,312,065 - 161.102,101 - 188,503,403 - 265,944,659 - 138,380,184 - r176.421.135 - 112,699,957 - 77,324,172  A ver. Values Price. (approximate)  94.2 87.3 69.9 73.2 79.9 79.0 69.2 78.6 72.7 67.0  s  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  Year.  1896 1895 1894 1893 1892 1891 1890 1889 1888 1887  _ _ _ _ _ _ _ _  Stocks. Shares.  54,654,096 66,583,232 49,075,032 80,977,839 85,875,092 69,031.689 71,282,885 72.014.600 65,179,106 84,914,616  Aver. Values Price. (approximate}  65.2 60.3 64.2 60.3 63.5 57 .1 60.2 61.0 62.5 61.1  s  3,329,969,940 3,808,338,604 3,094,942,769 4,550,260,916 4,874,014,262 3,812,247,419 3,977,664,193 4,059,231,891 3,539,519,143 4,508,778,899  Scrutiny of the foregoing table reveals that in every way Stock Exchange business during 1906 was of unexampled magnitude. Altogether the sales reached 284,298,010 shares, as against 263,081,156 shares in 1905 and only 161,102,101 shares· in 1903. The n ~tmber of shares dealt in does not always furnish a clear indication of the cours~ of the dealings, for these share transactions may be made up more largely in one year than another of $50 shares. The par value of the shares affords a much better guide. This item is not contained in the above table, but referring to a statement given on page 22 of the issue of our "Bank and Quotation" Supplement of January 5 1907, it is found that the nominal or par: value of the share sales was 24,843 million dollars for 1906, against 24,400 millions in 1905, 17,393 millions in 1904 and 15,028 millions in 1903. On this b~sis there is very little difference between 1906 and 1905, but a very marked difference as compared with 1904 and 1903. When we have regard to market values, which is perhaps the best guide of all, the comparison is much the same,  CLEARINGS A.r D  28  the total for 1906 being 23,393 millions , against 21,295 millions in 1905, but as against only 12 ,061 millions in 1904 and 11,004 millions in 1903. This serves to reveal why the gain in bank clearings in 1905 was so much larger at New York than elsewhere , and also why in 1906 the ratio of increase was very much like the increase for the rest of the country, New York City showing simply a normal addition in accord with the development in trade for the country as a whole. We have stated that the course of stock prices in 1906 was not upward. In this we have reference to the market as a whole. In the great majority of cases the highest prices were made in the early months. Yet there were exceptions to the rule , as always happens, and some of these exceptions were very conspicuous instances of their kind. Take Union Pacific, for example. This sold at 138½ in May, but in September, on the announcement of the increase in dividend to a basis of 10% per annum , the stock moved up to 195¾. Similarly, some of the other Pacific stocks made striking advances. On page 13 of this publication a table will be found showing the course of prices for all the leading groups of stocks. Another characteristic of Stock Exchange speculation in 1906 should not be overlooked. While the share sales were by far the largest ever reached , the bond sales were on a small scale. There was very little doing in bonds all through the year-and this was even more conspicuously true of the dealings over the counters of bankers and bond houses than of those on the Exchange. o doubt one reason for the inactivity was the tension which prevailed in the money market most of the year. Because of this and the activity of trade, more remunerative employment for money was to be had than by making investments in bonds. The annexed statement shows the details of the stock and bond sales for 1906 and 1905.  PECULATIO ot only did the bank clearings for the country as a whole during 1906 far exceed those of all previous years, but the different cities and sections of the country nearly all enjoyed the same distinction. Here is a table showing the course of bank c,l earings at the leading cities for the last four years-both for the full twelve months and for December, the closing month. BA K CLE ARINGS AT LEADING CITIES FOR DECEMBER AND THE YEAR. - -- D ecember- - - ---Jan. 1 w D ec. 3 1 -(000 ,000s 1906. 1905. 1904. 1903 . 1906. 1905. 1904. 1903. omitted .) S S $ $ $ S $ New York _____ ___ 9,228 9,690 8 ,501 5,498 104,676 93 ,822 68,649 65,970 Chicago -- - ------ 1.007 995 860 761 11 ,047 10,142 8,990 8,756 Boston--- --- - - -719 712 644 555 8,335 7,655 6,632 6,717 Philadelphia____ __ 668 623 624 494 7,687 6 ,929 5,776 5,842 St. L outs _____ ____ 272 261 259 234 2 ,973 2 ,890 2,793 2 ,510 Pi ttsburgh --- - - -230 228 203 167 2 ,641 2,506 2,063 2 ,357 San Francisco ___ __ 203 170 140 134 1.998 1.835 1.535 1,520 Ba lt imore______ __ 131 131 120 98 1,445 1,290 1,128 1,172 111 110 94 1,310 1,205 1,223 1,155 Cincinnati. _____ __ 111 128 llO 100 95 1,332 1.198 1.098 1.075 K ansas City ______ Cleveland - - - - - - _75 70 62 63 838 775 694 802 New Orleans ____ __ 114 114 112 116 1,020 963 971 828 Minneapolis ______ 102 97 95 80 991 914 843 741 56 Louisville _- _ _ _ _ _ _ 55 51 46 650 602 558 529 D etroi t - ----- - --57 56 49 44 670 598 526 523 45 43 40 36 493 430 409 394 Milwaukee __ __ _ _ _ Providence - -- ---38 37 31 34 397 381 349 357 46 40 38 33 504 443 398 394 Omaha-- ----- -- B uffalo----- - - - - 36 32 30 28 396 351 327 321 St. P auL_ ______ __ 41 34 31 27 419 343 316 309 Indianapolis______ 35 33 29 27 366 345 320 317 Denver --- ----- - 35 30 26 21 350 328 236 237 R ichmond ______ __ 27 26 23 19 303 260 240 208 Memphis -- -- --- 28 32 28 31 248 273 261 214 Seattle_ - ____ - - - _ _ 43 29 20 18 486 302 222 207 Hartford - -- - - - - _ 16 14 12 11 183 162 140 137 Salt Lake City ____ 33 25 16 17 288 212 156 156 Total - - - - - - - --13 ,524 13 ,798 12 ,254 Other cities _- - - - - 741 655 566  8,781 152,046 137,154 106,853 103,748 514 7 ,763 6 ,755 5,768 5,461  Total a ll -- - - - - -14,265 14,453 12,820 Ou tside New York _ 5,037 4,763 4 ,319  9,295 159,80~ 143,909 112,621 109,209 3.797 55 .133 50,087 43,972 43,239  The most striking way, however, to indicate the generally satisfactory condition of affairs during 1906 and the resulting further growth in clearings is to note that out of the whole 108 cities which have clearing houses and appear in our records, there are only six altogether, namely Peoria, Ill.; Jacksonville, Ill.; Canton, Ohio; Fargo, N. D.; Memphis, Tenn., and Augusta , Ga. , that report for 1906 a smaller total of clearings than for 1905. A detailed statement showing the clearings for the last two years at every clearing-house city was published in the "Chronicle" of Jan. 5 1907, page 1. Twelve Months, 190ti. Twel ve M onths . 1905. I Descript'n We annex still another table to show the clearings Par Value Actual Aver. Par Valu e A VIT . Actual Val·ue. Price or Quantity, or Quantity. Value. Price . by months-both the totals for the whole country and St'kjSh's284,298,010 263,081.156 those outside of New York. It will be observed that • 1vaL $24843,524,975 $23393,101,482 94.2 $24400,096, 780 $21295,723,688 87.3 RR.bonds $605,554,20( $590,833,750 97.6 $815,716,200 • $76.8 ,299 ,701 94.2 Gov'tbds. Sl.809,80( $1,189,120 Sl.988,334 109.9 Sl.273,672 107 .1 the ratios of gains were very large in the first quarter Statebds_ $67 ,588,85( $61,694,258 91.3 $207,513,450 $191,797 ,918 92 .4 $728,50( B'kstocks $1.405,953 193.0 $858,300 $2 ,070,957 241.3 of the year, more particularly during January and Total-- $25519,206,325 $24049,023, 777 94.2 $25425,373,850 $22259,165,936 87.5 February. Speculation was active on the Stock ExGrain, bu. 448,109,250 367,824,860 82c. 478,432,825 446,016,820 93 ¼ c. change at that time, and furthermore the winter was Total vaL ----- - - -- -- - - $24416,848,337 -- - - - - - -- -- ------ $22705,182,756 -- - -very mild, doing away with many of the interruptions The dealings in stocks were more evenly distributed to trade operations often encountered in these between the different quarters of the year than is months. usually the case, as will appear from the table we now MONTHLY CLEARINGS. introduce, giving the share transactions by months and Clear i ngs , Total All. Clearings Outside New York. by quarters for each of the last two calendar years. Month. SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.  i  1906. M'th Number of Shares.  Values.  Valu es .  of Par .  Actual.  $  $  Shares.  1906.  1905.  Par.  Actual.  s  s  Jan_ 38,512,548 3,513,808,700 3,333,481.498 20,792 ,558 1,931,154,400 1.374,870,687 Feb_ 21,699,800 1.968,990,600 1.831.598,764 25,239,088 2,323,637 ,850 2,014,562,018 Mch_ 19,467,684 1,729,841,900 1,591,417,290 29,138,838 2,708,955,975 2,178,193,156 lstQr 79,680,032 7,212,641.200 6,756,497,552 75,170,484 6,963,748,225 5,567,625,661 Apr_ 24,330,919 2,158,016,950 1.928,749,870 29,298,456 2 ,789,542,650 2,670 ,498 ,467 May_ 24,026,049 2,043,050,800 1,879,476,284 20,517,560 1,911,014,550 1.758,624 ,018 June 20,340,391 1.744,464,300 1.563,947,686 12,576,469 1,132,492,100 999,484 ,627  1906.  1905.  $  s  %  2d qr 68,697,359 5,945,532,050 5,372.173,840 62,392,485 5,883,049 ,300 5,428,607,112  M ay __ 13,218,402,167 12,059,910,393  1st qr. 41. 777,385 ,099 35,417 ,434,671 +18.0 13,837,526,708 c\prll _ 12,884,433,514 12 ,735 ,232,015 +1.2 4,341.197,947 +9.0 4,425,373,088 June _ 12,230,933,383 10,815,069,816 +13,1 4,414,712,521  11,832 ,982,357 +16.9 4,054,435,555 +7.1 4,175,862,976 +6.0 4,079,759,697 +8.2  2d qr. 38,333,769,069 35,610,212,224  +7.6 13,181.283,556 12,310,058,228 +7.1  6mos. July __ Aug __ Sept __  80,111,154,168 11 ,639 ,986,823 13,131.717,908 12,497,458,868  71,027,646,895 +12.8 27,018,810,264 24,143,040,585 +11.9 10,866,702,211 +7.1 4,383,460,720 4,027,669,659 +8.8 10,902,728,32(i t-:. 0.4 4,298,516,812 3,921.963,406 +9.6 10 ,885,727,807 I 1 t 4,183,626,823 4,026,268,430 +3.9  3d qr. 37,269 ,163 ,599 32,655,158,344 +14.1 12,865,604,455 11,975,901,495  6 m's 148377 391 13158,173,250 12128,671,392 137562969 12796,797,525 10996,232,773 July_ 16,346,221 1.448,273 ,600 1,310,479 ,816 13,273,655 1,214,488 ,750 1,075 ,487,631 Aug_ 31.804,816 2,847,353,750 2,701,479 .628 20,205,735 1,836 ,932,200 1,646,410,47 8 Sept. 26 ,018,270 2,159 ,177,650 2,155 ,974,863 16 ,012,044 1,488,401,350 1.335,798,497  9mos. Oct __ Nov __ Dec __  3d qr 74,169,307 6,454,805,000 6,167,934,307 49,491.434 4,539,822 ,200 4,057,696 ,606  4th qr. 42,-!28.323,219 40,226 ,643,202  9 m's 222546698 19612,978.250 18296,605,699 187054403 17336,619,825 15053.929,379 Oct. 21,894,130 1,882,466,875 1,795,498,764 17,674,807 1,634,368,380 1.458,976,410 Nov_ 19,400,130 1,633,318,300 1.625,498,740 26 ,823 ,550 2,469 ,764,700 2 ,178,330 ,407 Dec. 20,457,052 1.714,761.550 1,675,498,279 31 ,528 ,396 2 ,959,343,875 2,604,487,492 4thqt 61.751.312 5,230 ,546 ,725 5 ,096 ,495 ,783 76,026,753 7,063,476,955 6,241,794,309 010 24843,524,975 23393,101.482 263081,156 24400,096, 780 21295,723,688 Year 284298 -I •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  %  .fan ___ 16,321.500 ,279 11 ,848 ,355,885 +37 .8 5,083,299,601 4,113,631.330 +23.6 Feb __ 12,462,794,035 10,650,663,817 +17 .0 4,138,370 ,511 3,532,344,555 +17.2 Mch __ 12,993,090,785 12,918,414,969 +o.6 4,615,856,596 4,187,006,472 +10.2  1905. Number  --  117380,317,767 14,529,267,229 13 ,633,923,602 14,265,132 ,388  +7.4  103682,805,230 +13.2 39 ,884,414 ,719 36,118,942,080 +10.4 12,624,016,403 +15.1 5,185,224,067 4,598,003,486 +12.8 13,149 ,940,260 +3.7 5,025 ,935,790 4,607,269,049 +9.1 14,452 ,686 ,539 -1.3 5 ,037,237,754 4,763,173,624 +5.8 +5.5 lfi,248,397 ,611 13,968,445,559 + 9.2  Yea r _ 159808,640,986 143909.448,441 +11.0 55 ,132 ,812,330 50,087,388,239 +10.1  In grouping the clearings for the different _sections of the country, a feature observed in previous years is still in evidence. We mean that the largest ratio  29  LISTINGS ON NEW YORK STOCK .EXCHANGE. of improvement is reported by the Far Western and Pacific Coast group of cities. We all know that new communities are springing up there and that industrial progress is exceptionally marked in that part of the country. Even San Francisco, notwithstanding the dire suffering the city sustained through earthquake and fire, shows pretty nearly 9% increase over 1905 in its clearings, following 19 .6% increase in 1905 over 1904. At Los Angeles the 1906 gain is 20.6%; at Portland, 23.1%; at Seattle, 61.4%. For the Pacific group as a whole the 1906 increase is 19 .6%, which is much higher than the percentage of gain for any other group or section. The Middle group shows 11.4% increase, the New England 8. 7, the Middle Wes tern 8.9, the Southwestern and Northwestern 11.1 and the Southern 8.3. It deserves also to be pointed out that every group records an increase for every three months period of the year-with a single exception. This exception is the Pacific group, which in the second quarter alone had smaller clearings for 1906 than for 1905. The reason can be easily guessed-that was the period when San Francisco was overtaken by the calamity already referred to. The table we now present gives the clearings by groups for each quarter of the last six years. Thir d Quarter.  F ourth Quarter.  Total Year.  $  $  $  25,152,486 23,300,15.4 14,203,962 17,266,076 19,125,518 24,823,104  24,403,559 20,679,257 15,204,667 14,933,887 19,215,156 16,058,613  27,179,926 26 ,258,197 24,315,456 15,338,833 20,202,151 18,634,419  104,675,829 93,822,060 68 ,649,419 65,970,338 76,328,189 79,427,686  3,392,123 3,415,476 · 1905-- 2,844,150 3,107,080 Total other 1904- _ 2,383,860 2,452,473 Middle _______ 1903-- 2,639,532 2,816,282 1902 __ 2,444,287 2,670,375 1901-- 2,279,33i 2,702,260  3,166 ,438 2,955,868 2,453,529 2,579,692 2,553,749 2,229,867  3,563 ,196 3,343,722 3,023,287 2,571,117 2,703,881 2,485 ,973  13,537,233 12,250,820 10,313,149 10,606,623 10,372,292 9,697,435  2,456,888 2,277,983 2,138,411 2,572,452 1905-- 2,108,959 2,166,457 2,040,844 2,373,469 Total 1904-- 1.823,408 1,855,803 1,724,455 2,149,955 New England_ 1903-- 1.979,663 1,949,568 1,809,820 1,925,734 1902- - 1,974,918 1,986,155 1,862,025 2,056,734 1901-- 1,995,055 2,178,406 1,887,098 2,036,168  9,445,734 8,689,729 7,553,621 7,664,785 7,879,832 8,096,727  Clearings Reported. (000s omitted.)  First Quarter.  --$  27,939,858 23,584,452 14,925,334 18,431.542 17,785,364 1901-- 19,911,550  (1906-I 1905-New York --- ---11904- 1903-1902 __  l  Seco·n.d Quarter.  ---$  r••--  !"°'--  (""--  3,963,588 3,529,952 3,196,662 3,204,523 3,034,387 2,590,112  3,920,673 3 ,603,571 3,234,262 3,289,499 3,092,033 2,870,985  3,829,131 3,553,411 3,226,923 3,178,494 3,037,707 2,799,467  4,330,109 4,051,192 3,627,978 3,399,002 3,242,836 3,110,955  16,043,501 14,738,126 13,285,825 13,071,518 12,406,963 11,371,519  r06-  1,048,785 750,759 641,380 635,979 528,436 433,886  797,997 1,044,472 1,262,383 836,752 889,357 996,156 649,232 675,988 794,871 632,349 656,104 727,042 561,746 586,180 696,561 469,001 495,928 574,891  4,153,637 3,473,024 2,761,471 2,651,474 2,372,923 1,973,707  r•--  1,035,241 1,012,388 1,028,123 1,275,512 925,623 938,956 1,151,042 899,463 842,147 782,080 843,551 1,049,224 800,884 793 ,462 817,497 963,548 737,462 782,528 771,439 921,538 652,104 689,388 733,408 877,770  4,351.2fi4 3,915,084 3,517,002 3,375,391 3,212,967 2,952,670  r••--  1,940,902 1,699,700 1,762,981 l,455,2fi6 1,362,414 1,193,091  1,756,766 1,670,575 1,448,075 1,368,228 1,346,781 1,180,193  1,659,030 1,597.465 1.412,180 1,328,901 1,235,672 1,086,644  2,244,745 2,052,865 1,917,290 1.716,664 1,505,265 1,430,343  7,601,443 7,020,605 6,540,526 5,869,059 5,450,132 4,890,271  41,777 ,385 1905- - 35,417,435 Total alL ___ __ __ 1904- _ 25,575,772 1903-- 29,139,967 1902- _ 27,901,244 l1901-- 29,055,133  38,336, 769 35,610,212 24,626,087 28,122,886 29,521,072 34,913,337  37,269,164 32,655,158 25,551,093 25,304,395 29,272,016 25,291,026  42,425,323 40,226,643 36,868,061 26,641,940 31,328,967 29,150,519  159,808,641 143,909,448 112,621,013 109,209,188 118,023,299 118,410,015  1905-- 11 ,832,983 Outside 1904-- 10,650,438 New York ____ 1903-- 10,708,425 1902-- 10,115,880 1901-- 9,143,583  10,421,925 10,856,810 10,395,553 10,090,233  10,346,425 10,370,508 10,056,861 9,232,413  12,552,806 11,303,107 11,126 ,815 10,516,100  55,132,812 50,087,388 43,971 ,594 43 ,238,850 41,695,109 38,982,329  907,606 731,884 581,072 630,415 539 ,198 418.988  927,913 812 ,335 647,123 696 ,094 672,432 474,108  942,762 1.171 ,516 826,346 959 ,557 678,171 836,720 649,238 716,574 632,210 681,362 473,787 530 ,215  3,949,797 3,330 ,122 2,743,086 2,692,321 2,525,202 1,897,098  1905-Total 1904- Middle West __ 1903-1902-1901-· 1905-Total Pacific____ 1904- _ 1903-1902-1901- 1905-Total 1904-. other West_ _ _ _ 1903- _ 1902-1901-1905-Total Southern__ 1904 __ 1903 __ 1902-1901--  ["°'- _  r906-- 13.837.527 13.,.,.,sa ,, ...,.••, 15,248,397 12,310,058 11,975,901 13 ,968,446 (1906 - -  /"°'--  Canada ____ _____ 1904- _ . 1903 - 1902 __ 1901--  With reference to speculation on the mercantile exchanges, there are few reliable data. No official record is furnished of the amount of sales on the Cotton Exchange, and hence it is not possible to indicate the extent of the transactions or to make comparisons with the years preceding. On the Produce Exchange the volume of business appears to be   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  steadily contracting. In this case, too, no official data of the dealings are available, but, following our practice of previous years, we have made up from the figures given from day to day in the daily papers certain results which ought to furnish a fairly close approximation to the actual totals. From these results it appears that the total of the grain sales (spot and options) in 1906 amounted to only 448 million bushels, against 478 million bushels in 1905 and 627 million bushels in 1904. A synopsis of the transactions in quarter-year periods is furnished herewith. SALES OF FLOUR, WHEAT, &c., AT NEW YORK PRODUCE EXCHANGE. (Two ciphers (00) omitted trom figures for Wheat, Corn, Oats, Barley and Rye.) Flour.  Wheat.  Corn.  Oats .  Barley & Malt.  Rye.  Total.  Bbls .  Bush.  Bush.  Bush.  Bush.  Bush .  Bush.  3,6\J6,0 3,039,0 5,855,0 7,982,0  739,0 40,0 97,238,700 25,0 - - ---123,357,100 60,0 ----- 220,634,450 245,0 94,2120,043,750 200,0 40,0 162,090,850 405,0 86,0 153,342,600 134,0 192,0 125,084,400 70,0 ----- 120,522,750 2 ,0119,-046A50 100,01,174,0 157,920,050 1.420,C 187,991.950 32,0 318,0 233,984,400 120,0 --- - - 120.319,200 109,0 280 ,0 129,246,325 60,0 - -- - - 153,704,800 569,0 107,0151.478,550 360,0 558 ,0 155,864,500 205,0 301),0 252,452,125 -- - --6,( 105,466,950 1.746,0 5,( 105,306,650 565,0 ----- 133,993,800 65,0 -- - --124,204,000 468,0 938,0130,211,200 525,0 44,0 229 ,736,950  1st qu.~rter, 1906 _ 1.016,600 81,577,0 6,612,0 1905- 867,800106,571,0 9,817,0 I 1904- 586,100 204,966 ,0 7,116,0 1903- 559,900 88,901.0 20 ,302,0 .. ..  1902_ 1901-  549,300139 ,082,0 15,459,0 4,838,0 658,800128,288 ,014,458,0 7,141,0  2d quarter, 1906-1,089,200109,450,0 5,748 ,0 4,659,0 " 1905- 967,500105,900,0 6,624,0 3,575,0 II  .. .. II  19041903_ 1902_ 1901-  464.100107 ,831,0 4,017,0 656,900126,981 ,0 17,675,0 483,100162,665,013,159,0 719,200 200,270,0 23,279 ,0  5.108,0 9,034,0 8,574,0 6,849,0  3d quarter, 1906-1,109,600109,082,0 3,541,0 2,583,0 " 1905- 1,223 ,850 109 ,688,0 8,502,0 5,160,0 .. .. ..  19041903_ 1902_  576,400 137 ,977 ,0 7,135,0 623,900128,953,012,053,0 473,000133,025.0 13,090,0 702,250 213,899,0 27,176,0  5,939,0 6,989,0 6,703,0  728,400116 ,288,0 7,629,0 626,000 104,437 ,0 9,534,0 553,600100,392,018.501,0 557,100 200,470 ,0 18,035,0  6,224,0 7,351,0 7,421,0 8,156 ,0  " 19017,712,0 4th quarter,1906- 913,100 96,689,0 2,983,0 1.680,0 " 1905- 1.059,700 87,748 ,0 6,152,0 4,887,0 II  " " . ..  Total " " " " ..  19041903_ 1902_ 1901_  Hl06- ____ _ 4,128,500 396,798,018,884,012,618.0 993,0 238,0 448,109,250 1905 __ - ___ 4,118,850 409,907,031.095,016,661,0 1.950,{ 285,0 478,432,825 1904 ______ 2,355,000567.072,025,897,023,126,0 685,{ ----- 627,379,500 1903 ___ ___ 2,466,700449,272,059,564,031,356,0 979,01,375,2 553,646,350 1902_ - - --- 2,059,000 535,164.0 60,209,027,536.0 1,028,0 2,956,0 636,158,500 1901- - - - - - 2,637.350 742,927,0 82,948,0 29,858,0 1,167,01 748,0869,516 ,075  LISTINGS ON NEW YORK STOCK EXCHANGE IN 1906. A year as remarkable as 1906 has been; both commercially and in its financial aspects, could scarcely fail to present some notable features in its record of securities authorized and listed. The extrao,rdinary development of general business, and the resulting increase in dividends by many companies, has made it "the stockholders' year," rendering especially popular new issues of stock and convertible bonds of successful companies, until, as the year closes, the Great Northern, Northern Pacific, Atchison, Norfolk & Western, St. Paul and General Electric have offered or are about to offer additional amounts thereof to a total in the aggregate of over $300,000,000. On the other hand, the strain on the money market has made it impossible to float more than a small part of the many bond issues proposed, and for which mortgages have been filed, by new companies. These general remarks explaih why it is that in spite of the unusual capital outlays in progress throughout the twelve months, the listing of bonds representing new capital, if we exclude $425,000,000 Japanese war bonds as exceptional, show a great falling off compared with each of the two years just preceding, while the issues of share certificates for the same purposes have largely increased; though of course including none of the immense offerings just now impending by the companies above named. These last will for the most part be paid for in installments extending over more than a year and will therefore not figure largely in the additions to the regular list of the Exchange until another year is past. Below are the usual ten-year comparisons and also a new table dividing the issues accord_ing to the nature of the maker.  30  EW YORK STOCK EXCHA GE.  LISTI  LISTINGS ON NEW YORK STOCK EXCHANGE . :Issues for n ew -capt,tal, &c.  Bonds.  1906 1905 1904 1903 1902 1901 1900 1899 1898 1897  _______ ___ ______ ____ --------- ___ - - - - - _ --------- ------- - - --- - ----- ------ - - -___ - _ - - - _ ___ ______ _  $ x303,112,000 569,079,000 429 ,810,500 a191,515,050 197,516,313 220,171 ,700 147 678,597 156,304,760 245,219,480 87,720 ,502  Old issues now l1sted . $  12,304,500 20,000,000 12,798,000 2,878,000 21,270,100 6,287,000 22,908,000 26,243,000 15,713,500  Stocks .  1906 _______ - __ - -------____ 1905 ___ 1904 -___ 1903 ----- -- - -1902 -- - - - ----1901 -- - ------1900 __ _ - - - - - - 1899 -- - ------1898 ---- - ----1897 - - - - --- ---  237,479,600 125 ,123,300 120,635,050 172,944,200 251,069,400 429,537,450 296,.550,572 311,420,285 69,754 ,130 53,275 ,671  16,440,700 99,889,200  -- ------,600 38,791  11,462,300 76 .090,600 130,205 ,000  -- ------52,646 ,600 2 4 ,369 ,900  R eplactno old securiti es.  Companv and Title of Loan.  Total.  $ $ 256,482,000 x571,89R ,500 390,947,650 980,026,650 105,269,100 5 35,079,600 376,975,750 581 ,288 ,800 333,1 24,987 a533 ,519,300 681 ,568,300 9 23,010,100 289,747,403 443,713,000 346,171 .480 525,384,240 428,602,200 700,064,680 253,981 ,900 357,415,902  408,849,150 662,769,450 308,422 ,400 533,434,900 55,231,750 175,866,800 215,154.49 5 426,890,295 521,500,895 784,03 2 ,59 5 1,136,385 ,66 5 1,642,013,71 5 194,179,428 620 .93 5 ,000 392 ,75 2,320 704,172.605 405 ,753,266 528 ,153,996 425,329.320 502 ,974,891  Note.-Applications for the listing of Trus t Company receip t s and of securities marked "assented" (If preparatory to reorganizat ion), or of securities stamped ••assumed " or "assessment paid" -the securities t hemselves having previously been list ed-are not Included In t his t able. a Not Including $1,155,000,000 Imperial Russian S t a t e 4 % cert ificates of rent e. x Excludes $425 ,000,000 Japanese Governme nt bonds .  1906 1905 1904 1903 1002 1901 1900 1899 1898 1897  -----------  ST OCKS .  BONDS. Railroad .  Street Ry.  Miscell.  s  $  $  305,727 ,500 538,584,000 343,036,500 270,759,000 434,612,000 667,006,000 269,303,000 446,634,000 458,995,200 294,063,900  Rai lroad.  248 ,1 86 ,550 176,922,800 120,915 ,550 226,015 ,400 390,388 ,340 284,584,515 381 ·,205 ,200 410,716,630 246,632,121 441,963,191  126,231,000 a 139940000 29,650 ,000 411,792,650 17,118,000 174,925,100 52,042,000 258,487,800 12,780,000 x86, 127 ,300 65,321,000 190,683,100 17,000,000 157,410,000 13,040,000 65,710,240 3,397,000 237,672,480 27,948,000 35,404,002  Street Ry .  M iscell .  188, 210,100 226,372 ,800 58 ,274,400 298,237 ,700 54 ,951,250 ---- ---- 200,874,895 54,479,850 339, 164,405 62,000,000 zl29~29.,§00 16,806,500 222, 23 00 51.980,000 241,475 ,975 7,577 ,000 273 ,944 . 75 25,189,000 35,822,700  I  x Omitting RUBa Excluding $425,000,000 Japanese Government b ond s. i Includes U.S . Stee l. Sl.018.688 .000 .  u1an bonds, $1 ,155,000,000.  Purpose of Issue.  :~\ ~c1!ni.f :~ucf.r~fv~~l1\~s= ·~ii:&8L*~1r!1~1! fgn~s1:·  LISTI GS OF STREET RAILWAY BONDS. C omp any and T itle of Loan .  I Y ear.  Amount.  Mo. Pac.-St. L. I. M. & So., Riv. & Guli Dlviislons 1st 4s ___ ___ __ _ . __ i2 ,607 ,ooo __ Exten. & acquisitions. 122,ooo __Rteireold bonds. un. & ref. 4s__ ____ do 3rd 4s ______ . __ ___ 3,739 ,ooo __ Old 7s extended. • . do 1 3 E. RR . Nor. & West. Div. 1st lien&gen. 4s_ 5,000,000 __ ExteI11Slon & lmprovem'ts. Ohio Connecting 1st guar . 4s _______ 2,000 .ooo __constructton & lmprovs. Penn .Co.4% 15-25yr.guar.g.loan'06 20 ,000,000 __ Improvements. Pltts.Cln.Ch. &St.L .con.4s,ser. F ___ 1 ,000,ooo __ lmprovem'ts & equlpm't. Reading Co gen. 4s ______________ 3,500,000 __ Acqulsltlons & lmpr'ts . 598,000 __ Retlreold bonds. ____ ____ __ ____ do St. Louis Mem. & S. E. 5-yr. _4 ½ s __ l3,393,000 __ Retlre old bonds. ___ 2,234,000 __ completlon of road. do do do St. Louis & San Fran. ref. 4s _______ 1,000,ooo __ Jmprovem'ts & equlpm't . _______ 2,348 .000 __ Retlreold bonds. do do So. Pac. Co. 2-5-yrs coll. tr. 5s ____ 7,253,000 __ Refund old 4½s. So. Pac. RR. 1st ref. guar . 4s ____ __25,ooo,ooo __ .(Jorporatepurposes. ______ 53,990,000 __ Refunding old bonds. do do Southern Ry 1st consol. 5s __ ______ 2,222,000 __ Jmprovem'ts & equlpm't. 84,000 __Retlreoldbonds. _ ______ _ do do 600,000 __ Extenslon & lmprove'ts. Mem. Div. 1st 4s __ do 500,000 __ Improvements. St . L. Div. 1st 4s __ do Term . RR. Assn . of St. L . ref. 4s ___ 1,000 ,ooo __ Acqulre St. L.B. & T. Co . Vandalia RR. consol. 4s ser. A _____ 2,400,000 __ Double-track,equlp., &c. 600,000 __ Retire old bonds. _ _ __ do do do Wabash 1st lien t erm . 4s ______ ____ 1,047 ,000 __ Acct.Chlc&8t. L. term's. Wabash-Pi t t s . 'l!erm. 1st 50-yr. 4s __ 2,000,ooo __ Extenslons & lmprovets. Wes tern Maryland 1s t 4s __ ________ 2,099 ,ooo_ . Extensions & lmprovem ts 79 ,ooo __Term. & dock. racllltles. Wheeling & Lalrn Erle 1st cons. 4s_ _ Total ____________________ __$30 5 ,727 ,500  A moun t.  Purpose of Issue  Brooklyn Rap . Tran. r ef. conv . 4s __ $4,750 ,000 __Acqulsltlons, &c. 129 ,000 __ Retire underlying bonds. __ do do do I nterboroug h -Met. Co. coll. tr. 4 ½ s 67 ,825 ,000 __Exch. Int. Rap. Tr. stock. Int. Trus t Co. (of Buffalo) col. tr. 4s 5,000,000 __ Improvements. 12,940,000 JAcq. sec's & pay oblig's do do do 1 subsidiary companles. 744,000 __ E xtenslons & lmprove'ts. ManllaEI.RR . &L.Cor.l st 1.& c .tr .5s 4,041,000 __ Exch. secur. subsld. co's. do do do ew Orl Ry . & Lt . gen . 4 ½ s ______ l3,357,000 {Exch. old bonds under reorganization plan. 286.000 __ lmprovem ents . do __ ___ _ do do Portland R y . 1st & r ef. s . f . 5s _____ 5,000,000 __ Acq. Portland Cons. Ry. 9 82 ,000 __ Retlre old bonds. __ __ do do do 200 ,ooo __ Jmprovement . St . ,Toseph Ry . L. H. & P. 1st 5s ___ U n R vs . of St.L.-St.L. Tr .Imp .5s_ 10,000 ,ooo __ Improvem'ts & extens'ns. 977,000 __Retlreold bonds. gen. 1st 4s do do T otal . ____ ___ _____________ _$126,231,000  LISTINGS OF MISCELLANEOUS BONDS. At 303 millions the total amount of bonds listed on Purpose of Issue Amount. C ompany and Title of Loan. tr. 4s '29_$5 ,000,000 __ Exten Ion of system. Teleg. & Telep. Am. account of new capital looks small indeed alongside American Tobacco 6scoll. of 1044 ____ _ . 4,095,000 }Exchange for securities of acquired properties. 611,000 4s of 1951-_____ do the 569 millions and 430 millions, respectively , of the Bethlehem Steel 1st ext. guar. 5s ___ 7 ,400,000 __ Improvement!'. Buffalo & Susquehanna Iron 5s __ ... 3,000,000 __ Construction of plant. years 1905 and 1904, though it is materially larger Central Leather 5s of 1925_ _____ ___ _ 591,000 __ Exch. U .S.Leath.securlt's City of New York 4 % regls . stock __ 31,500,000 __ Various municipal purp's. assessment bonds __ 1,000,000 __Street & Park openings. than for any of the other years shown in the ten-year do 602,000 __ Exch . Col. F. & I. debs. Col. Indus. 1st guar . 5s, ser. A_____ 1st guar. 5s_ _ _ _ _ 2,500,000 __ Acquisitions. record. On the other hand, the same item among Consol.doInd. Coal. Serles B __ 4,000,000 __ Work'g cap. & lmprov'ts. do ½ %ster.loan,lst ser 150,000,000 __ Extraord. war expenses. stocks amounting to 237 million, is conspicuous for its Imp.Jap.Gv.4 2d ser.150,000,000 __ Extraord. war expenses. do do do 4 % ster. loan 125,000 000 __Ex. exp. & re1undlng. do increase, following, as it does, 125, 120 and 172 mil- Ingersoll-Rand lst5s ______ _____ __ 2,000,ooo __ Acq. stocks constlt. co's. Laclede Gas Lt. ref. &ext . 5s _____ __ 2,000,ooo __ construc'n expenditures. lions respectively, in the year 1905, 1904 and 1903. Mich. State Telephone 1st 5s _______ 4,181 ,000 __ Pay obllg. & corp. pums. do ___ ___ 1,475,000 __ Acquls.,exten., &c. do do But even it appears moderate when contrasted with ew York Dock 50-year 1st 4s_____ 220,ooo __ Erecttwoplers. Philippine 1s1.-Gov.Wks. &Imp. 4s 1,000,000 __ Public purposes. the amount for the years 1899 to 1902, inclusive. Ry. Steel Spg . Latrobe plant 5s ____ 4,362 ,000 __ Acqulre property. Rep. Ir. & St. 1st & coll. tr. 5s _____ 8 ,625,000 f Pay outstanding notes lmpts . & work'g capital. The second of the tables above discloses the fact that Sunday Creek Co. 39-yr. coll. tr. 5s_ 3,865,000 __1Acq. stk. constituent co'!!. 600,000 __ Jmorovements. . Coal, Iron & RR. g-en. 5s__ ___ the listings of street railway stocks and bonds have Tenn Un.Elec.L. &P.(St.L.)lst 30-yr. 5s_ 4,448,000 __Addltlons & lmprovem'ts _ _ 1,754,000 __ Retire old bonds. • do do do together aggregated more than twice as much as in U .S.Gov.2 % 10-30-yr.Canal loan ___ ao,ooo,ooo __constr'n Panama Canal. . Ele c. & Mfg . conv. s . f. 5s ___ l5,000,000 __Extenslons & work. can. West any of the earlier years, while the miscellaneous bonds West. Union Tel. coll. tr . cur. 5s ___ 111,ooo __ Exch. Maine. Tel. stock . Tota l _______ _______________ $564 ,!l 40,000 (excluding the Japanese issues) reached only a moderate total as compared with most of the preceding years. The convertible bonds, a feature in the earlier days In the following tables we indicate the purposes for of American railroad financing, and later for a period which the several new blocks of bonds-railroad, of years almost lost sight of, are here represented by street railway and industrial-have been issu~d. three prominent issues, namely 10 millions Albany & LISTINGS OF RAILROAD BO N DS . 3½s issued for refunding, convertible Susquehanna P ur p ose of Issue. Amount. Companv and Title of Loan. Albany & Susq . guar. conv. 3 ½ s __ $10,000,000 __ Refund 6s &7s,mat. Apr .1. in to. D. & H. stock $1,000 in bonds for $500 in stock; 15 ;ggg= :8g:i~u~'ftgn· o~<t~~d '. &c. 14 millions of the Delaware & Hudson's own debeni~fi!1ntTcdo0 Bit: fstdo~~:t~a~~~~~~s~~~ 1,ooo __ Exch.foroldsecuritles. do _____ 22,ooo __ Exchange for old bonds. Baltimore & Ohio prior lien 3 ½ s __ _ tures convertible on the same conservative basis, 500 .000 __ Improvem'ts &- equ\pm't. Central or Georgia consol. 5s _ __ ___ Central Vermont 1st guar. 4s ___ .. __ 10,654,500 __ 0ld bonds just listed. Chesa. & Ohio gen. 4 ½ s ________ __ 2,000.ooo __ Extenslons & lmprovem'ts issued for the acquisition of Albany and other trolley Chic. Burl. & Quincy Ill. div. 4s ____ 4 ,154,000 __ Improvem'ts & equlpm 't . ____ 19,682 ,000 __ Retire old 7s due July '03. lines , for new equipment, the Wilkes-Barre cut-off, do do do ' 6 ,000 __ Retireold5s. ____ do do do 200,ooo __ Improvem'ts & equlpm't . Chic. Ind. & Louisville ref. 5s _ __ ___ &c. There are also 15½ millions of Atchison 4s of Chic. M. & St. P. gen. 3 ½ s, ser. B __ 5 ,782,000 __ Acquls . , equip. & lmp 'ts . 668,000 ._Retire old bonds. __ <lo do do issue of 1905, convertible dollar for dollar, among the 110,ooo __ Acq. C.R. I.&P.Rt1. stock . Chic. R. I. & Pac. RR. coll. tr. 4s __ 11,ooo __ Acq. St.L.&S.F.com. stk. coll. tr. 5s__ do do year's listings. The shareholders of the Atchison the bonds. old Refund. __ ,784,000 6 ___ ___ 4s ref. Ry. Pac. & I. R. Chic. do _ _ _ _ _ _ 5,000,000 __ Improvements. do do will vote next month on authorizing a new issue of 257,000 __ Exchange for old bonds. Chic. St. P. Min. & Omaha con. 6s_ _ Chic . & W. Ind . consol. 50-yr. 4s ___ ll,883 ooo __ Trackelev.,oth.lmp . ,&c. ___ 5,260,000 __ Replacegen. mtge. bds. do do do convertible debentures and the shareholders of the • Clev. Cln. Chic. & St. L. gen. 4s ____ 1,000,ooo __ Equipm't & lmprovem'ts . 75,000 __ Retire old bonds. _ __ do do do Norfolk & Western are at the present time subscribing Del. &Hudson conv. 10-yr. deb. 4s __ 2,400 ,ooo __ Additional equipment. __ 7 ,500,000 __ Acq. Un. Tr. of Alb. stock. for a large block of bonds of the same description. do do do __ 1,600,000 __ Acq. hal1Schen. Ry. stk. do do do __ 2,500 ,000 __ Wilkes-Barrecut-off, &c. do do do Among the new issues notable for their size are the 150.000 __ Extenslon of road. Detroit & Mackinac 1st lien 4s _ _ ___ 214,000 __ Retlre car trm:ts. Det.Tol.&Ir.-D.So.O.Dlv.50-yr.4s_ millions Southern Pacific RR. refunding 4s, over 79 Georgia Midland 1st 3s_ _ _ _ _ _ _ _ _ _ _ _ 1,650 ,ooo __ Old bonds just listed. R25,000 __ Acqulsltlons & equlpm't. Hocking Valley 1st consol. 4 ½ s__ __ of the same having been issued for refunding bonds. old Retlre two-thirds __ 175,000 ____ do do do 970,000 __ Jmprovem'ts & equlpm't. Kan. C. Ft. S. & Mem. guar. ref. 4s_ 363 ,000 __ Retlre old bonds. __ do do do for "corporate purposes." The remainder the and Lehigh Valley gen. con. 4s __ ___ __ _ 1,900,000 {Pay car trusts and stock purchase bonds. appears with 7¼ milCompany Pacific Southern Long Island guar. ref. 4s __ __ _____ _ 4,517,000 __ Improvements. 666,000 __ Extens\on of road. Louisiana & Arkansas 1st 5s _ _ _ _ _ _ forrefundingpurposes bonds) (2-5-year lions short term M1chl1?an Central 50-year 3 ½s _____ 1,000,ooo __ Improvements . M1nn.St.P.&S .Ste.Me.lst .cons. 4s _ 5,860,000 __ Constructlon of road. and the St. Louis Memphis & Southeastern, a sub190,000 __ Excbange for old bonds . do do do Mo. Kan. & T ex. 1st & ref. 4s _____ 3 ,448,000 __ Termlnals & equipment . gen. 4 ½s _______ 10 ,000.ooo __Retlre eq. notes & lmp ts. sidiary of the St. Louis & San Francisco,'with -15½ do ~   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ·m  31  MERCA TILE FAILURE8. millions of 4½% bonds running only five years. The Pennsylvania system has listed several small blocks of bonds, but of its three principal loans in 1906 only one, the 20 millions of Pennsylvania Company 15-25year 4s have been listed here, the others being the same company's French loan 250 million francs ($50,000 ,000) at 3¾% due in 1921 and $50,000,000 short-term 4½s due in November of next year. The Chicago Burlington & Quincy has paid off the last of its old consols and chiefly on that account has listed 23¾ millions of Illinois Division 4s. The Missouri Kansas & Texas has successfully . arranged to finance its requirements for new equipment and improvements and besides 3½ millions first refunding 4s has listed 10 millions of its new general mortgage bonds, the total issue being limited to 20 millions. The trolley and trolley and lighting companies which have made large contributions to the list, in most cases of stocks as well as bonds, include those in ew Orleans, Manila, Buffalo, St. Louis, St. Joseph and Portland, Ore.; also the Interborough-Metropolitan Co., the holding company which unites the Subway and surface lines of New York City. The Brooklyn Rapid Transit Co. also has listed 4¾ millions convertible 4s for improvements and additions. Below we give the purposes of all new stock i::isues: LISTINGS OF RAILROAD STOCKS. Amount.  Companv ana Class of Stock.  Purpose of lssue.  Allegheny Val. & West.,guar. stlc_ $200,000 __ Additlonal track. Atlantic Coast Line RR., common __ 4,557 ,600 __ Improvem'ts & equlpm't. Baltimore & Ohio, common _______ 27 ,750,000 __ Improvements. Buffalo & Susquehanna, preferred __ 1,000,000 __ Exten.,Equlp. & lmpr'ts. Canadian Pacific, ordinary ____ ____ 2 ,008,500 __Subscribed by stockh'rs. Chic. & Alton RR., 4% non-cum. pf.19,448,800 }Exchange stocks former C.&A. Ry. and RR. common __ l8,420,500 do do Chicago Great Western, pref. B ____ l4,000,000 __ Exch.Mason C.&F .D. pf'd. Chic. Mil. & St. Paul, common ____ 25,000,000 __ Extenslons & lmpr'ts. 135,000 __ Exch. convert. bonds. preferred ___ do do Chicago & North Western, common 16,267,400 __ Exten., equip., &c. Clev. Cine. Ch. & St. L., common __ 4,402,400 __ Sold for corp. purposes. Cleve. & Pitts. special guar ________ 3,434,700 __ lmprovem'ts & equlpm't. Cripple Creek Central, preferred ___ 3,000,000 }Reorganization of Dem·er & Southwestern Rl-·common ____ 2,500,000 do do 49,000 __ Exch. convertible bonds. Delaware & Hudson Co., stock_____ 950,000 !Old stocks just listed. Detroit & Mackinac, preferred ____ do common _____ 2,000,000 do Great orthern, preferred _________ 25 ,000,000 Purch. equip., secur. of sub. co.'s & other cap. obi. . 135,600 {Exchange St. Paul M. & do do M. Stock, &c. Manhattan Ry., stock ____________ 4,800,000 __ Improvernents. 37,400 }Exchanged for common atlonal RR. of Mexico, 2nd pref__ stock. 18,700 deferred__ do do N. Y. Cent. & Hud. Riv. ,stock ____ -47 ,032 ,000 Complete Grd. Cent. term., electrify lines, &c. N. Y. New Hav. & Hartford, stock_ 3,584,600 } Exch. Consol. Ry. deb. & 1 subsidiary stocks, &c. Pennsylvania RR. stock __________ 3,194,150 __ Exch. for Alleg. Vy. stock. Pitts. Ft. W. & Chic., guar. spec ___ 3,029,700 __ lmprovem'ts &additions. !Exchange for P. Y. & A. Pittsburgh Youngstown & AshtaRR. old stocks. bula, preferred ________________ 9,100,000 152,000 Exchange Chicago Rork Rock Island Co., common_________ Isl. & Pac. Rv. stock. 77,300 preferred ________ do Union Paclftc, common ___________ 6,901,200 __ Exch. for conv. bonds. Total ______________________ $248,186,550 LISTINGS OF STREET RAILWAY STOCKS. Comp·a nv ana Class of Stock.  Amount.  Purpose of lssue.  ,,..Companv ana Class of Stock.  Amount.  Purpos e  Interborough-Metrop. Co., pref_ __ $45,449,600 }Exch. stocks Met. St. Ry. & Met. Securities Co. com ____ 93,042,500 do do . Manna Elec. RR & Lt. Corp., com_ 4,978 ooo __ Exch. secur. subsld. co's. New Orleans Ry. & Light, preferred 10,000,000 } Issued under reorganlzatlon plan. com 20,000,000 do do do Philadelphia Co. of Pitts .• com _____ 3,240 ,ooo __Arquls'ns & extensions. Twin-City Rapid Transit, common_ 2,100,000 __ Ext., lmpts. & equlpm't. UnltedRys.Inv. of San Fr., com __ _ 9,400,00(} __Acq. Phlla. Co. com. tic. Total------------- ---- ____ $188.210.100 LISTINGS OF MISCELLANEOUS S'I'OCKS.  cit Issue.  American Ice Securities, stock _____ $4,730 ,200 __ Rxch. Amer. Ice stock. Amer. Pneumatic Service. preL ___ 5,000,000 } Old stock just listed. do com __ 8,290,700 do do Associated Merchants, 2d preferred_ 5,000,000 __ Sold for corp. purposes. 73,800 __ Exch. for 1st pref. _ do do do 900,000 __ Pay accum. div. on pref. Barney & Smith, common __ -"_____ 100,000 __ Underwriting new bonds. __ _ __ _ ___ do do Bethlehem Steel, preferred _______ 14,908,000 } Exchange old securities under reorg. plan. common ________ 14,862,000 do 561,900 }Exchange U.S. Leather Central Leather, common________ securities. 593,900 preferred ___ ____ do Chase National Banlc, stock ____ ___ 4,000,000 __Stock dividend. Colorado Fuel & Iron, common ____ 4,102,500 __ Working cap., lmpts., etc. Corn Exchange Bank, stock _______ 1,000,000 __ Increase of stock. Oorn Products Refinlng, pret_ _____ 28,263,800 }Exch. for shares of Corn Prod. & other co's. do common _____ -49,023,700 do Diamond Match Co., stock ________ 1,000 ,ooo __ Im prov em 'ts & extens'ns. 35 ,000 __ Exchange preferred stock. Electric Storage Battery, common__ General Chemical, preferred _______ 1,000,000 __ New plant, imp'ts, &c. General Electric, stock ___________ 6,034,l00 __ Improvements, &c. 200,000 __ Old stock just listed. Hamilton Bank, stock____________ Ingersoll-Rand, preferred ________ 4,500,000 }Acc't acquls'n stoc~s In,g. common _________ 3,000,000 Serg. and Rand Dnll co .• . do International Steam Pump, preL __ 2,500,000 }Acquire Power & Mining Machlnerystoclr. com ___ 5,500,000 do do Klngs Co. El. L. & P., stock _______ 3,200,000 __ Exten. & lmprovem'ts. 996,000 }Acquire Monollne Comp., Mergenthaler Linotype, stock ______ &c., propert~•. ~exlcan Telegraph, stock ____ .. ____ 1,000 ,ooo __ Stock dividend. 1:tchlgan State Teleph., preferred __ 1,460,500 } ExchangP. old bonds under reonran . plan. 898,800 com_ do do  ~g  ~g   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ~i~:  2.:JtJ~~ / mtr-~~~~1:!!;t~c. addit'n~. ,  Company and Class of Stock.  Amount.  Purpose of Issue.  $73,700 J Acqulre Un. El. L. & P. of 1 St. L. & Lac. Gas stock.$ Pullman Co., stock _______________ 26,000,000 __ 36% stock dividends. 500,000 __ lncreaseofstock. Seaboard National Bank, stock____ Sears, Roebuck & Co., preL _______ 10,ooo,ooo __ Acqutre property. United Cigar Mfrs., pref __________ 5,000,000 __ Acqulsltlon of properties. 503,000 __ Exch. convertible bonds. United Fruit Co., stock___________ 7,500 JExch. U. S. Realty & U.S. Realty & Improvement, stock 1 Construction stock. U.S. Rubber Co., 1st pref _________ 5 ,ooo,ooo __ Acq. Gen. Rubber Co. ,&c. ________ 1,757,200 __ Exch. Rub.Goods pf. ~tk. do do com. stk. do do 2d pref ________ 1,370,RO0__ do Total ______________________ $226,372 ,800 North American Co., stock______ __  STOCKS, BONDS, ETC., PLACED IN UNLISTED DEPARTMENT. American Malting, certificates of deposit for common stock___ __ _ $321,700 262,100 preferred stock___ ___ do do do do 188,400 Distillers' Securities Corporation. stock_______ ______ ___ ____ __ Wabash RR., certificates of deposit for Serles A debentures_ do Serles B debentures_ do do do  The leading railroad stock issues sold at par to the shareholders for the respective companies to provide for improvements, additions, new equipment, &c., ew York Central, 47 millions; were the following: Baltimore & Ohio, 27; St. Paul and Great orthern, each 25; and North ·Western, 16 millions. There have also been listed by the Chicago & Alton RR. (consolidation), 38 millions; Chicago Great Western, 14 millions; Pittsburgh Youngstown & Ashtabula (consolidation), $9,100,000. The notable industrial issues for the first time included with those on the official list are, with others, the Ingersoll-Rand (tool) company consolidation, the Sears-Roebuck mail order house of Chicago, the ·corn Products consolidation, the Bethlehem Steel reorganization of the United States Shipbuilding Co. and the Pneumatic Service Co., which is doing so much to facilitate the distribution of mail in New York and other cities. There has also been listed the new stock of the Pullman Co. which was issued in order to distribute to its shareholders a portion of the accumulated surplus. FAILURE RECORDS-WHAT THEY SHOW AND DO NOT SHOW. When one studies the annual lists of failures, as made up ancl published at the end of every twelve months, if a crisis has occurred within the cycle the . story necessarily turns on it and is solved by it; but when the year is an ordinarily prosperous one, too little comes within the record to make the presentation of facts complete enough to trace, through the figures given, the action or influence of the conspicuous events which have been a chief part of the year's commercial and financial history. A crisis is a matured end which results as the culmination of some prolonged mistakes in legislation or in business methods that one can follow through the years in which it has been maturing and culminating. On the other hand, any year which has no such round-up may include many important events but has no tell-tale. For illustration, by·far the greatest calamity which has happened in 1906, and for many a year, was the San Francisco fire and its attendant losses. Almost the whole city was blotted out of exist~nce and the surotwithstandroundings received a severe setback. ing that city, in population and as a business centre, was by all odds the leading city in California, that State is reported by Dun as aggregating in 1906 only 380 failures and $2,048,259 liabilities, against 519 failures and $2,955,689 liabilities in 1905. Instead, therefore, of showing an increase in casualties and liabilities in 1906, on account of the fire, &c. , there is more than 26% decrease in both items. Consequently, this great calamity leaves in the record no discoverable marks of its inroad. That discrepancy, it should be added, is not because the figures are wrong or that the system is  32  MERCA TILE FAILURE .  necessarily wrong. Just so , also, there are many other of the 1906 happenings that have materially interfered with the progress of trade and commerce and yet make no show in the failure records; some have not yet worked out their results, while others are incidents having little relation to failure figures because probably not so serious as to cause at the moment casualties. Of this character was the car shortage and freight embargo-matters of very grave inconvenience in numerous sections, but in the failure records as given not noticeable even where the pressure was most severe. We should expect, however , to have met with distinct traces of some other of the prominent characteristics of the year's business, and are disappointed in finding so little of that nature disclosed. Take the wide speculations that have prevailed, the extreme tension in money, most prominent in New York, testing credit severely, and the rapid conversion there and in its vicinity of floa ing capital into fixed forms . These certainly are all of cankerous growth , and as a practical fact have been in a measure prominent in every part of the country. In all these respects ew York has had a fearfully bad name. Indeed, it would seem that the best orators of the land have searched through their lexicon from A to 'l to find words terrible enough to paint in proper colors the evil work being carried on by speculators at this centre; besides, too, what a hubbub has been made over its habit and capacity for absorbing capital, which. whenever uut of occupation, flows into New York bank vaults by force of a natural law, to the loss of its use at interior centres-a capacity so great as to lead our ecretary of the Treasury in all his distributions of ca:sh to discriminate against ew York. Yet after it all , ew York State shows only 1,144 failures in 1906, against 1,290 in 1905; to be sure, the aggregate of liabilities is $23,859,101 in 1906, against only 20,380,214 in 1905, a difference which, according to the teaching of to-day, is of no great account, since the decrease in number shows that the loss comes out of the larger capitalists-the troublesome millionaires. In the same connection it is interesting to note that the State of Illinois, wherein is the more saintly town of Chicago, advanced materially in 1906 both in number of failures and total liabilities. Looking at the future of failures, we do not recall any decidedly prosperous year in which a spirit of caution was so marked a feature throughout as has been the case in 1906. This recognition of an approaching danger has, too, been a growth much more pronounced as the year has progressed, not being extended over the whole country until the close of the year and even at that late date in a modified form, and not including within its grasp a good many leading industries . With a strong and buoyant start, it took time and it took pressure of a highly unfavorable kind to undermine the exuberant gladness and confidence the year began with. What undermined confidence was the war that has been waged against capital, making capitalists less venturesome, capital more seclusive, what WP. call money dear, and rendering securities unsafe ,anrl enterprise injudicious. Now that commercial and financial affairs have been pushed down hill, it will of course be harder to get them back. People who understand the influences governing the flights of capital . and how easy it is to give it wings. were well   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  aware where affairs would land when the agitation of the inter-State commerce rate bill began. The descent has not been as rapid as anticipated, because, though hostile bills have been passed and disturbing threats uttered , thefr execution has been delayed in large measure. If the spirit continues in 1907 as in 1906, we shall, before a decided recovery is reached, get where we shall secure our schooling in money wisdom through more serious suffering than we have had yet. There has been another force adverse to easy production accumulating influence in the last two years. Higher prices for raw material and higher prices for wages call for the absorption of more capital in manufacture and in the stocks carried. We referred to this point a year ago when writing of the year's failures. We then said that larger expenses and a smaller net profit on a given unit of capital have become the rule. As a consequence, those who make the most money must be those who handle abundant capital and who can afford, if need be, to lose interest in carrying the more costly stocks; besides that , those who have not large capital stand at a disadvantage in buying the supplies of materials they need. Thus it comes to pass that every advance in wages and in commodity values has an influence in discouraging the smaller trader. FAILURES BY BRANCHES OF BUSINESS, Calendar Y ear . From D un•s R eview. 1905.  1906.  --- -  N o.  Ma nufacturers . Iron fo undr,es a nd nails _ Ma chinery a nd tools ____ Wool'ns ,crpts . &kn.it gd ot tons, lace & hosiery_ Lumber ,carp't' rs&coop _ Clotbing and mi llinery __ H a ts , gloves a nd rurs ___ Cnemicals and drugs __ } Pa ints and oils ___ ___ _ Printing and engra ving _ Milling and ba kers __ ___ Leather , shoes & harness Liquors and tobacco ___ Glass ,earthenw .& bricks All other __ ____ ____ __ _  -  46 132 16 6 291 397 36 47  L iabilities . 2, 42 ,378 6,142,741 727,449 158 ,000 5,411 ,163 3 ,989,378 666 ,627 1,346 ,297  1. 7 6,225 123 150 1,087,642 1. 08,225 60 97 71.0 5 93 3 ,333, 62 996 15,504 ,290  N o. 54 196 30 14 336 426 57 66  Liabilities. 1,729 ,184 5,359 ,5 2 1,541.119 1.100.900 6 ,015 , 70 3,701,558 475,936 1,499,901  1904.  No . 81 197 42 33 321 461 46 46  Liabiliti es. 2,525,948 ,443,859 1,763,132 1,920,710 8,376,913 4,120,268 926,192 614,795  172 1,795 ,945 212 1,036,757 1,828 ,442 77 1,524,178 107 1,748,273 86 893 14, 94,984  1,633,563 1,208,930 2,654,311 2,3 9,221 3,566,859 12,805,772  Tot.al manutacturing _ 2,490 45,675 ,362 2 ,726 44,252,629  52,950,473  Traders . <:e neral stores ___ __ ___ _ 1,306 9,055,591 Groceries , meat & fl.sh __ 2,071 6 ,754,244 H otels and restaurants_ 448 3,226,690 Liquors and tobacco __ _ 890 3,360,191 Clothing and furnishing_ 670 4,999,677 Dry goods and carpets __ 429 4,751.664 249 1,495,560 Slloes, rubbers & trunks Furn! ture and crockery_ 169 1.175,933 285 2,942,269 Hardware .stoves & tools Drugs and paints ___ ___ 1,700,885 310 J ewelry and clocks ____ _ 158 1,416,011 B ()oks and pa pers ___ ___ 314,441 41 Hats, furs and gloves __ _ 549,315 47 All other _____________ 770 6,443,665 Total trading- ___ __ _ 7,843 48 ,186,136 Brokers & transporters _ 349 25 ,340,017  1,542 2,043 436 1,042 664 491 289 193 314 340 193 62 35 831  9,883,664 1,5 7 11,274,427 7 ,655,082 2,194 8,090,044 2,615,372 4 4 3,432,666 4,110,681 986 4,466,164 5,736,568 788 5,997,662 5,133,030 456 7,997,507 1,459,495 334 2,368,486 219 1,665,842 1,205,850 2,853,512 326 3,091,460 1,665,616 351 2,081,596 1,639,554 216 1,681,230 411,205 64 491,807 576,561 320,316 46 7,064,458 847 11,214,192  8,475 51,754,503 8,898 64,429,644 319 6,669,040 453 26,822,194  Total commerriaL __ _ 10,6 2 119,201,515 11,520 102,676,172 12,199 144,202 ,311 Ba nking _______ _______ 78 20 ,227 ,155 58 18,805,380 99 28,158,811 Note.-Iron. woolens and cottons include all the branches or those manulactures; machinery includes vehicles , shipbuilding, hardware, fixtures and implements; lumber includes saw, planing, sash and door mills and furniture; clothing includes furnishings; chemicals Include chemical fertilizers; printing includes books and maps; leather and shoes Include saddlery, trunks and rubber goods; liquors include wines, brewers and bottlers; glass includes pottery, lime , cement, quarry and stone; general stores Include department stores and inatallments; groceries include creamery . teas and coffees; hotels include lodging houses and caterers; dry goods include curtains and draperies; furniture includes glass and glassware; hardware includes implements and utensils; and jewelry includes watches and optical goods Brokers Include agents , commission men, real estate agents , Insurance, storage, e--;:press , ha rbor lines , &c.  The following is a record of the yearly aggregate of failures back 1857:  to  YEARLY Year. No. Lial>ilities. 1906 - - 10,682 $119,201,515 1905 -- 11.520 102,676,172 1904 -- 12,199 144,202,311 1903 - -12,069 155,444,185 1902- -11.615 117,476,769 190L_ll ,002 113,092,376 1900- -10,774 138,495,673 l 99 __ 9,337 • 90,879,889 1898- -12,186 130,662,899 1 97-- 13 ,351 154,332 ,071 1896 - -15,088 226,096 ,834 1895-- 13,197 173,196,000 1894- -13,885 172,992,856 1 93- - 15,242 346,779,939 1 92 __10 ,344 114,044 ,167 1 91-- 12,273 1 9, 68,638 1 !l0 - - 10 .907 189.8:\6.964  AGGREGATE OF FAILURES. Year. No . Liabilities. Year . 1889 __10,882 $148 ,784,357 1 72 __ 1888- -10,679 123,829,973 187L _ 1887-- 9,634 167,560,944 1870- 1886- - 9 ,834 114,644,119 1869- 1885--10,637 124,220,321 1868-1884- - 10,968 226,343,427 1867 __ 18 3 __ 9,184 172,874,172 1866 - 1882 __ 6,738 101,547,564 1865- 188L- 5,582 81,155,932 1864 __ 1880- - 4,735 65,752,000 1863 __ 1879 __ 6,658 98,149,053 1862 __ 1878- -10,478 234,383,132 186L1877- - 8,872 190,669,936 1860- 1876 __ 9,092 191,117,786 1859-1875- _ 7,740 201 ,060,333 1858- _ 1 74 __ 5 ,830 155,239,000 1857- 1873 __ :i .183 228 .499.900  No . Liabilities. 4,069 121,056,000 2,915 85,252,000 3 ,546 88,242,000 2,799 75,054,054 2,608 63,694,000 2,780 96 ,666,000 1.505 53,783,000 530 17 ,625,000 520 8,579,000 495 7,899,900 1,652 23,049,000 6 ,993 207,210,000 3,676 79,807,000 3,913 64,394 ,000 4 ,225 95,749,000 4 ,932 291.750,000  MERCANTILE FAILURES.  33  JliERUANTILE FAlLURES IN THE UNlTED /STATES AND CANA.DA lN 1906 PREPARED BY MESSRS. R. G. DUN & CO. COMMERCIAL FAILURES.  CLASSIFIED FAILURES 1906.  Total 1906.  States.  I  N_o_. _, __ A_ss_e_ts_._,_L_i_·a_bi_·ii_·t_1_·e_s. _ _ ___ _ ___ ,_ _  No.  No.  L i abilities.  $  Maine ____ ___ . _. _. _ ew Hampshire . . __ Vermont_ __ ___ . __ __ Massachusetts _. ___. Connecticut __ __ . ___ Rhode Island_ __ __ __  M anuf acturing.  Tota,l 1905.  153 844,805 1,283,527 189 40 125,621 249,944 58 47 498,073 605,260 59 7 42 2,450,679 6,270,695 887 235 698,532 1,776 ,395 236 105 1,276,419 369,907 93 ---1- - - - -1- - - - - 1 - ~ New England.· -- - 1,322 4,987,617 11,522,240 1,522 " 1905 __ 1,522 4,835,574 12,030,061 -- -1904 __ 1,537 8,494,982 19,538,497 ----  192 38 23 170 88 96 121 125 250 178 70 137 230 161  3,420,216 186,728 270,723 590,342 648,859 410,136 584,866 404,562 1,034,638 838,421 475,024 809,246 917,330 949,614  -- -- ---  4,911,492 703,75fi 459,581 892,025 759,375 637,991 619,647 590,147 1,594,745 1,901,337 617,815 1,104,258 1,519,648 1,404,069  1  5,041,264 8,460,369  5.402,917 5,516,878 7,942,946  54 54 66  1,527,528 1,471,919 3,135,182  2 2  447 12,352,992 68 1,395,782 288 5,136,728  620 64 685  5,861,518 850,987 5,600,009  77 4 31  5,644,591 205,795 383,292  1  3,500,000  5  7,194,768  803 18,885,502 1,369 12,312,514 112 832 17,695,709 1,425 11,672,280 99 932 19,158,734 1,645 18,064,841 142  6,233,678 2 ,083,942 7,979,026  South ------- - - ·- -- 1,879 11,540,705 17,715,886 2,118 16_,_9_4_2_,6_8_2_1 " "  - - - · l- - - - -1-- - - - l  1905 __ 2,118 11,112,278 16,942,082 1904 __ 1,917 19,364,068 25,385,979  Arkansas ____ _____ _ T exas ______ _ . .. _. _ Missouri ___ . ____ __ _  $  $  1,264,198 ------ - 252,460  60 13 5 19 12 15 9 14 21 21 5 9 22 19  I.~1;{t~~S:;== =-= == ====  Banking. No. Liabilities.  670,379 2 212,487 - - - 211,714 3 2,594,416 47 874,621 - - - 2 839,300  1,198,9671 409,612 193,640, 808,0431 625,011 1,177,255 2,131,5141 878,639 2,017,067 1,133,976 1,272,419 1,938,970 1,646,004 1,511,565  172 71 26 169 98 142 108 128 311 188 136 178 221 170  OtherCom'l No. Liabilities .  114 31 31 431 169 78 854 985 979  37 9 13 264 66 25 414 483 492  l\liddle - --- --·-- - -· 2,284 19,781,074 37,431,694 2,356 31. ,_4_5_1_,9_3_1_ Maryland __ ____ . __ _ Delaware _____ _. __ _ District of Columbia_ Virginia _____ . ____ _ West Virginia. ___ __ North Carolina ___ __ South Carolina ___. . Florida ______ ______ Georgia ____ __ __ ___ _ Alabama __ ___ __ __ _ Mississippi _____ ___ _ Louisiana _____ ___ _  Liabilities. $  1 ew York _______ ._ 1,144 12,596,135 23,859,101 1,290 20,380,214 New Jersey _______ _ 136 1,431,653 2,452,564 148 2,081,646 Pennsylvania ___ ___ _ 1,004 5,753,286 11,120,029 918 8,990,071  1905 __ 2,356 15,715,819 31,451,931 l904 __ 2,719 25,461,470 45,202,601  No.  $  1,248,407 405,035 251,149 8,109,480 1,447,256 568,734 1  H  " "  Trading  Liabi lities.  -- --- - -  - - - -·- - -  244 275 301 26 26 76  605,058 37,457 450,766 2,412,081 901,774 184,659  - 4,591,795 ---  1,857,534 235,421 372,082 191,887 224,800 155,375 78,287 91,847 129,788 1,032,312 81,691 201,504 532,699 650,608  120 23 18 149 75 80 112 110 222 157 65 125 205 141  8,090  ------2,780  787,438 64,335 87,499 693,938 522,575 481,116 541,360 438,300 1,213,152 869,025 536,124 880,422 981 ,645 714,461  12 2 -- - 2 1 1 -- - 1 7 ------3 3 1  2,266,520 404,000  5,835,835 1,602 8,811 ,390 5,870,121 1,801 10,662,710 9,096,256 1,572 9,182 ,566 275 325 323  1,261,194 2,215,291 1,637,390  29,663 1,540,398  6 10,694,768 18 8,448,551 16 8,216,642 1 2  ------ --  116,000 77,094 250,000  6,200 12,000 1,500 ---- -- -60,000 251,805  2 3  35,000 510,000  -- ------  --- ----22,332 5,304 39,000  1 2 1 l 1  150,000 212,000 16,338 150,000 250,000  33 42 44  3,068,661 409,851 7,107,157  15 11 11  5  205,150 24,000 96,849  4 1 3  420,000  3 12  ---1,766,432 3,112,000 3,739,272  306 354 411  849,249 1,633,416 1,911,338  1,648,966 2,460,692 2,818,295  348 422 403  1,370,053 3,585,746 2,537,556  Southwest_ - · ___ _ 1,071  4,394,003 4,779,035 4,617,030  6,927,953 1,173 7,493,355 __ __ 8,529,886 __ _ _  7,493,355  128 96 128  923 1,488,079 1,506,860 1,055 1,364,811 1,034  5,113,875 5,88,~ .173 5,676,351  20 22 26  325,999 98,322 1,488,724  8 4 3  585,000 750,000 74,000  6,433,872 2 ,986,941 1,678,851 6,678,106 3,063,895  158 71 22 247 41  3,667,140 1,694,827 1,287,865 4,143,300 724,414  1,931,254 1,516,068 777,369 2,702,235 815,497  17 2 ,160,188 66,239 7 1 1,600 60 11 ,561 400 3 27,006  2  120,000  14  5 ,120,900  16 27 29  5,240,900 5,802,604 8,678,400  " H  1905 __ 1,173 ! 904 _ _ 1, 188 482 298 138 893 146  Ohio- ·- --- - -·- · - -Indiana ---~ 1\liclligan ____- -. _· .·-__-_ Illinois _. __ ___.. ___ Wisconsin ___ . _. __ _  4,787,762 7,758,582 2,467,619 3,277,134 1,388,259 2,066,834 8,806,458 18,406,935 1,051,162 1,566,917  551 337 136 770 155  Central_ ·- - ·- -- - - 1,957 18,501,260 33,076,402 1,949 20,841,665 " ..  1905._ 1904..  1,949 12,967,738 20,841,665 2,254 17,528,689 30,470,200  Minnesota ______ ___ Iowa ______ . _. ___ __ Nebraska ___ __ _____ I{ ans as ______ _. ____ Indian Territory. ___ Oklahoma ______ ·Montana _____ ·-·- - orth Dakota _____ _ South Dakota . _-· __ Colorado ___ ·-- - - ·- Wyoming - -- -·ew Mexico--______ __  - -- _ _ __  - - - --- - _ _____ . _  1,315,427 2,246,930 291 2,575,086 769,600 1,368,500 285 1,483,900 280,114 479,093 59 734,410 786,715 1,140,787 208 489,930 288,905 420,417 314,266 68 413,043 121 256,030 578,587 204,605 318,927 23 232,076 192,174 24 285,859 254,340 180,884 301,800 46 175,592 427,029 766,905 168 896,805 7,100 22,923 6 10 22,500 6,173 8,752 4 - - - - 1 - - - - -1- - - - -1---- - - - - West . . . . . . _. . . l 299 4,714,756 7,773,936 1,303 7 ,757,492 4,912,658 1905 . 1,303 7,757,492 . . . . 1904 .. 1,456 5,504,999 8,668,496 .. . . 234 247 80 249 73 104 86 32 53 131  Nevada ___ ____· · · - · Utah ___ . . ... __ . __ Idaho·-·--· ·· · · · · · Arizona ___ . . . .. . . _ Washington Oregon . _. _. . .. ... _ California Alaska . _. . _. . _. . _. Pacific ·-· ···· ···  1905.. 1904..  4  29,900 92,686 194,572 52,400 948 ,269 369,655 999,966 3,459  870 1,099 1,128  2,690,907 3,502 ,988 3,466,834  6  51 53 16 218 142 380  21 57 48  91,494 238,303 171,969  290 161 519 3  1,942,265 742,586 2,955,689 16,680  4,753,404 1,099 6,158 ,986 ___ . 6,406,652 . __ .  6,158,986  50,300 113,682 316,849 85,400 1,417,389 710,690 2,048,259 10,835  · ·-· ·- - ·  307 220 115 586 102  539 11,517,546 1,330 7,742,423 88 13,816,433 562 10,838,553 1,323 8,071,442 64 1,931,670 5,917,513 578 11,116,105 1,565 13,436,582 111 39 53 6 29 4 4 6 4 7 16 1 --- -  855,283 329,100 24,815 90,809 64,286 7,60.5 30,754 14,030 34,010 303,751 923  -- ------ -1,755,366 - --  169 205 169  188 188 74 209 69 98 80 27 46 114 5 4  1,102 1,389,091 1,081 1,842,024 1,250  6 10 1 61 28 87  -- --- --24,500 47,500 500 636,020 185,359 707,360  -- --  ---- ----  6 45 42 15 151 110 290 4  193 273 248  1,601,239 1,911,031 1,912,174  663 805 853  -- - -  Unit~d States . . ·- 10,682 66,610,322 119,201,515 11,520 102,676,172 1905 . . 11,520 57,826,090102,676,172 1904 .. 12,199 84,438,076144,202,311  -  182,622 221,401 1,084,056  1,109,208 1,032,100 454,278 1,034,078 356,131 395,838 288,173 269,644 267,790 461,154 22,000 8,752  -- -2 - -- 1 --- 1 -- - . ----  5,919,871 6,180,261  28 17 37  50,300 89,182 267,349 84,900 771,369 515,388 1,314,548 10,835  -- - --1 ---6 4 3 --- -  - --- -. . -- ----- 2,000 ------- 10,000 9,943 26,351 - ---- - --  2  48,000  3,103,871 4,023,149 3,946,097  14 21 27  48,294 224,806 548,381  2 1 6  48,000 13,000 655,826  -5,699,146 ---  7 6 ---11  -  282,439 7,300 --- - ---15,900 -- -- - - -9,600 ------ -2,185 - - ---- - 2,000 -- --- - - --- -----  2 1 3 1  122,000  -· 2s~ooo 74,000 10,000  1 1 2  50,000 30,000 159,280  319,424 l-1 448,530 15 646,211 · a2  470,280 2,071,337 5,254,273  2,490 45,675,362 7,843 48,186,136 349 25,340,017 2,726 44,252,629 8,475 51,754,503 319 6,669,040 2,848 52,950,473 8,898 64,429,644 453 26,822,194  ·· · · - · · · · - ·--···  165,000  58 18,805,380 78 20,227,155 99 28,158,811  CANADIAN FAILURES IN 1906. Total Commercial. Provinces. No.  Ontario •. __ ... • .. _.. ___ . . . _.... . ,Quebec. ____ ._ ... __._._ . . _. . _. . . . British Columbia .•. . _. __.... _... . Nova Scotia .. _. . _... __ .... ... _ .. Mani to ba ____ . _. . . .. ... __ . _. .. . . . . ew Brunswick . . ... . · - · - · · ·-·- ·· Prince Edward Island .. . .... .. . . _. . Alberta . _.......• _ . . ____ . _. _.·. . .  Assets.  Liabiliti es.  445 $2,387,674 $3,197,491 469 3,025,180 4,426,554 44 226,043 236,666 56 136,875 285,950 107 453,200 441,600 36 134,530 281,332 47,100 9 109,180 18 88,450 107,000  --  Total 1906_····- ···•-·•···-- · · - 1,184 $6,499,052 $9,085,773 ' " " " " .' .. " " " " "  1905_ ... . ... ............ . 1904 _. . . . . . ... __ . . __ _ ... . 1903 __ _. . _ .. __. . . . . .. __ .. 1900. _ .. . ... __ .. . .. . .. _ . . 1901 . •.. . . ... .. . · --···· ·1900 _. _ . . . . . _ . _. _ - .... . . 1899 ___ · -· ··· ·- ··· · ···-· · 1898 __ · ·· · · · --- •-·•···-· 1897. _ . _ ... . _. _ . __ __ .. _ . _ 1896 _. _.... . . __ ... . .. _.. . 1895--- --··-· -- --····-·· · 1894 .. _ .. _ . _ . . . . .. . _ .. . ..   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1,347 1,246 978 1,101 1,341 1,355 1,287 1,300 1,809 2,118 1,891 1,856  6,822,005 8 ,555,875 4,R72,422 7,772,418 7,686,823 8,202,898 7,674,673 7,692,094 10,574,529 12,656,837 11,500,242 13,510,056  9,854,659 11,394,117 7,552,724 10,934,777 10,811,671 11,613,208 10,658,675 9,821,323 14,157,498 17,169,683 15,802,989 17,616,215  Manufacturing. No.  Liabilities .  129 $1,631,684 115 1,680,136 16 56,091 8 14,800 19 82,500 16,300 5 - - -- ------1 1,000  Trading. No.  Liabilities.  298 $1,228,262 350 2,710,543 180,575 28 271,150 48 351,600 85 187,832 28 9 109,180 106,000 17  293 $3,482,511 863 $5,145,142 289 3,129,262 1,039 6,552,821 307 4,136,908 914 6,.577,788 227 3,043,248 4,243,543 725 209 4,247,723 874 6,221,017 289 3,595,095 1,029 6,845,329 3,201,665 1,010 7,252 ,340 308 318 4,594,153 950 5,953,138 303 2,229,083 964 7,412,240 459 3,659,135 1,315 9,931,806 590 5 ,692,977 1,503 11,381,482 441 9,788,932 5,872,502 1,439 494 5,898,385 1,345 11,436,258  Other Commercial. No.  L iabilities.  18 4  $337,545 35,875  3 3  7,500 77,200  28 19 25 26 18 23 37 1 19 33 35 25 11 17  $458,120 172,576 679,421 265,933 406,037 371,247 1,159,203 111,384 180,000 566,557 95,224 141,555 281,572  Banking . No.  Liabilities .  ----- 5  2 6 6 l 6 3 5 5 3 7 6  $3,672,268 30,749 2,199,225 269,000 600 1,386,971 2,348,000 512,307 154,000 212,000 613,000 876,814  -MONEY MARKET AND NEW YORK CITY BANKS. . . MONEY RATES FOR FOUR YEARS. We furnish herewith a record of the money rates at New York for the last four years. A review of the. money market by months will be found in the '' Retrospect of 1906," the first article in this issue of the '' Financial Review;" similar monthly summaries for the other years will be found in previous numbers of the "Review." MONEY MARKET AT NEW YORK-RATES IN 1906. TIME LOANS.  CALL LOANS. 1906.  At At Stock Exchange. Banks& Tr. Cos.  60  30  days.  days.  90  days.  COMMERC'L  Five Four Six Seven Months. Months. Months. Months.  PAPER.  DoubleNames. Single-Names.  1906  ---  Choice Prirre Good WEEK Ending- - - - - - - - - - - - - - - - - - - - - - - - 60 to 90 4 to 6 4 to 6 Days. Months. Months. Range. Av'ge. Min'm. Range. Range. Range. Range. Range. Range. Range - - - --- ·- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5 __ __ 4 -60 January 8 -8½ 6 -7½ 5¾-6 25 6 6 5½-5¾ 5½-5¾ 5½-5¾ 5 -5½ 5½ 5½-6 __ _ .January 5 12 ___ _ 3 -8 12 6 G 5 -5½ Q -5½ 5½-6 5½ 5½ 5½ 5¼ 5 -5¼ 19 ____ 3 -6½ 4 4¾-5 5 5 -5½ 5½-6 19 5 4¾ 4¾ 4½ 4~4 26 ____ 3½-4½ 4 26 4 4¾-5¼ 5 -5½ 5½-6 4½ 4½ 4½-4¾ 4½~¾ 4½-4¾ February 2 ____ 2½-5 2 4½-4¾ 4½-5 5½-6 4½-4¾ 4½-4¾ 4½-4¾ 4¾-5¼ 4½ 3¾ 3¾ ====February 9 ____ 2½-4½ 4 4½-5 4¾-5¼ 5½-6 9 4½ 4¾ 4¾ 4¾ 4¾ 3 16 ___ _ 2 -5½ 16 4 5 5 -5¼ 5½-6 5¼ 5½ 5½ 5¼-5½ 5¼-5½ 4~ • 23 ___ _ 2 -8 23 3 5 -5¾ 5 -5½ 5½-6 4¾ 5 -5¼ 5 -5¼ 5 -5½ 5 -5¾ 5 -5¾ 2 ____ 3 -7 ____ March March 2 6 3 5½-6 5½-5¾ 5¼-5½ 5¼-5½ 5¾-5½ 5 -5½ 5¼-5¾ 5 9 ___ _ 3 -6 5 -5½ 5¾-5¾ 6 9 3 5¼ 5½ 5½ 5¾-5½ 5¼-5½ 5¼-5½ 16 ___ _ 3 -9 4 16 5 -5¾ 5 -5¼ 5 -5¾ 5 5 5 -5½ 5¼-5¾ 6 4½ 23 ____ 3 -5½ 4¾ 23 6 5 -5½ 5 -5½ 3½ 5½ 5¾-5½ 5¼-5½ 5¼ 5¾ 5¼ 30 ___ _ 3½-8 6 30 4 4¾-5 4¾-5 4¾-5 4¾-5 4¾-5 5¼-5½ 5¼-5½ 5 6 ___ _ 5¾-30 ____ April April 6 6 15 5 -6 6 5½-6 5 -6 5 --5½ 5 -5½ 5 -5½ 5¾-5½ 5¾-5½ 13 ____ 2 -25 13 5½-6 5½-6 6 -6½ - - - 15 6 8 5¾-6 5¾-6 5¾-6 5¾-7½ 5¾-6½ 20 __ __ 2½-6½ 20 4 4 5 5 -5½ 5 -5¾ 5 -5½ .5 -5½ 5 -5½ 5 -5½ 4¾-5½ 4¾-5½ 5 -6 27 __ __ 3 -5¾ 27 4 6 4 5½-6 5½-6 5½-6 5½-6 5½-6 5¾-5¾ 5¼-5¾ __ __May 4 ____ May 4 -12 5H-6 5½-6 5½-6 5½-6 5½-6 5½-6 5½-6 6 6 5 ll_ ___ 2¾-5 6 11 5 5 4 4¾-5 5 5 5¼-5½ 5¾-5¾ 5¾-5¾ 3 lS __ __ 2½-4 18 -5½ 5½-6 4½-4¾ 4½-4¾ 4½-4¾ 4½-4¾ 5 5 -5¾ 5 3 ~¾-4½ 3¼ 25 __ - - 2 -5 25 4 4¾-5¾ 4¾-5¾ 5½-6 3 4¼ 4½ 4½ 4¾-5 4¾-5 3½ l 4 -4¾ 4 -4¼ 4¾-5 June 4 4¾-5 4¾-5 4¾-5 5¼-5½ 5 -5½ .5 -5½ 5½-6 ____ June 3 - - -_ 1½-5 8L___ 2 -4 4 4 5 -5½ 5 -5½ 5½-6 8 2½ 3¾ 4¾ 4¼-4½ 4¾-5 4¾-5 15- __ 2½-5 15 4¾-5 -5½ 5 -5½ 5½-6 3¾-4¾ 4 -4¼ 4½-4¾ 5 4¾-5 3 2½ 5¼ 22 ____ 2 -4 22 4 -4¾ 4¾-4½ 4¾-4½ 4¾-5 4¾-5 5.,¾-5½ 5 -5½ 5 -5½ 5½-6 3 4½ 3¾ 29 ___ _ 2 -6 29 3 4½-5 4½-5 5 5 5¾-5J~ 5½-5¾ ,5 -5½ 5 -5½ 51½-6 3½ 6 ____ 2 -8 6 July 2 4½ 5 4¾ 5 -5¼ 5 -5¾ 5½-5¾ 5½-5¾ 5 -5½ 5 -5½ 5¾-6 ===:July 13 13 __ -- 2 -3¼ 2 5 -5½ 5 -5½ 5¾-6 3 4¼ 4½-4¾ 4¾-5 5¾-5½ ,5½-6 20 ____ 1½-3 I 20 6 2 3½-4 4¾-4½ 4¾ 5 -5¼ 5½-5%' 5½-5¾ 5½-5¾ 5½-5¾ 2½ 27 27 __ -- 2 -2½ 2½ 6 2 3¾-4 5½-5¾ 5½-5¾ 3½ 4¾ 4¾-5 5 -5 .¼ 5½-,5¾ 5½ ____ Augu t 3 __ __ 2 -3½ 2¼ Augu<;t 6 3 2 4 4¾-5 5 -5¼ 5½-5%' 5½-5¾ 5½-5¾ 5½-5¾ 4½ 10 __ __ 2 -5 5½-6 6 10 4 5½-6 5½-5¾ -4½ 4 -4½ 5 -5 .¼ 5½-5¾ 3¼ 2¼ 17_ _ __ 2 -4¼ 3½ 17 6 5½-6 5½-6 2½ 4½-5 5¼-5½ 5½~5¾ !>¾-6 5¾-6 24 ____ 3 -6 24 6 6 6½ 6 6 6 6 6 5 3½ 6 31_ ___ 3½-12 31 6 -7 6 -7 6 7½ 6 3½ 6¼ 6¾-6½ 6¼-6½ 6 -6½ 6 -6¼ Si>ptember 7 ____ 2 -40 -7 6 -7 6 : : ==September 7 7½ 20 6 7 7½ 7½-8 6½ 6½ 14 ___ _ 2½-12 14 6 -6½ 6 -6½ 6¾-7 3 7 6½ 6½ 6½ 6½ ---21 6½-7 6½-7 7 -7½ 21__ -- 2 -10 -7½ 6 3 7½ 7½ 7 -7½ 7 28 ____ 3 -7 28 6½-7 6½-7 7½ 3 7 5 7 7 -7½ 6½-6¾ 6½-6¾ 5 ___ _ 3 -9 6 -7 5 6 -7 October 7 -7!~ =: : =October 4 6 6 6 6 6 5½ 12 ____ 3 -4½ 3¾ 12 6 -6½ 6 -6½ 6½-7 3 5½-6 5½-6 5½-5¾ 5½-5¾ 19 __ __ 3 -7 19 -6½ 6½-7 6 -6½ 6 5 3 5¾-6 5¾-6 5½-6 5½-6 26 ____ 2 -7 26 6 -6½ 6 -6½ 6½-7 6 6 3 6 -6½ 6 -6½ 5 ·November 2 ____ 3 -9 6 6 -6½ 6 -6½ 6½-7 ====November 2 7 6 6 3 6½-7 6½ 9 6 -6½ 6 -6½ 6½-7 9 __ - - 6 -15 6 -6¼ 6 -6¼ 6 7 6½-7 8 6½ 16 ____ 2½-20 9 6 -6½ 6 -6½ 6½-7 8 7 8 3 6½ 6½ 7½ 23 ____ 4 -12 23 6 6 -6½ 6 -6¾ 6½-7 4 7 6 -6¾ 6 -6¼ 7 -7½ 7 -7½ 8 30 ____ 3¾-27 1 -6 ~ 6 -7 30 6 6 -6½ 6 4 6 7½ 7 -7½1 7 6 -fl½ 6 -6½ : : : =December 7 6 -6½ 6 -6¾ 6½-7 Dcc; :nber 7 ____ 2 -36 -8 ½ 8 7 6 -6 ½ 6 -6 ½ 18 6 " 8 8½ 14 ____ 4 -28 14 6 -6½ 6 - 6½ 6½-7 12 4 7½~ 7½ 6½~ 6½~ 2L ___ 2 -29 21 6 -6½ 6 -6½ 6½-7 u 20 9 -10 8½ 8 7 7 6 28 ____ 3 -18 28-6½ 6 -6½ 6 ½-7 6 8 7 -7½ 7 -7½ 6½-7 6½-7 6 3 Note.-Where quotations for time loans are above 6 per cent, borrower had to pay a commission in addition to the legal rate. WEEK Ending-  ~  RATES IN 1906. 6 ____ 2 -3½ 13 ____ 1¾-2½ 20 ____ 1¾-3 27- - - l¾-2 3 ____ F ebruary 10 1¾-3 ____ 1½-2¾ 17 ____ 1¾-3 24 ____ 2 -3 3 ____ 2 -3 1\'.{arch 10 ____ 2¼-2¾ 17 ____ 2½-4 24 ____ 2 -3¾ 31_ ___ 2¼-4½ 7 ____ A pril 2½-4¾ 14 ____ 2¾-4 21_ ___ 2½-7 28 ____ 2½-4 5 ____ 2½-3¼ May 12 ____ 2 -3 19 ____ 2 -2½ 26_ -- _ 2 -2½ 2 ____ J urn~ l½-4 9 ____ 2 -3 16 ____ 2 -2¾ 23 ____ 2 -2½ 30 ____ 1¾-6 7 ____ 2 -3½ J uly 14 ____ 2 -3 21_ ___ l¾-2½ 28 ____ 1¾-2 4 ____ A ugust 1¾-2 ¾ 11_ ___ 1½-2 18 ____ 1½-2 ½ 25 ____ 1¾-3 september 8l ____ 1½-3 ____ 2 -3½ 15 ____ 2½-4 22 ____ 2 -4½ 29 ____ 4 -7 6 ____ 2 -8 0 ctober 13 ____ 3½-6½ 20 ____ 3 -6 27 _ -- _ 3 -4½ N ovember 3 ____ 4 -6½ 10 ____ 4½-15 17 ____ 4 -25 24_ --- 4 -6½ December l_ ___ 3 -12 8 ____ 4 -27 15 ____ 3 -15 2'L __ _ 4 -16 ~l ____ 6 -125 J anuary  2¾ 2¼  2 1½  2¼ 2  2¼ 2½ 2¾ 2½  3½  3½  3¾ 3½ 3¼ 3¾ 3 2½  2½  2¾  2¼ 2¾ 2½ 2½ 2¼ 2¾ 2~ 2 2 2 1½  2¼  1¾ 2 2  2¾ 2¾ 2½  3¾ 5 7  5¾ 4¾  3¾ 5 8 15  5½ 5 10 8 8 40  a No loans hy t1ust cos.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  3 2 2 l½-2 2 2 2  ~~  2¼ 2¾  3½ 3½ 3½ 3¼ 3 3 3 2½  2¼ 2¼  2¼  2¼  2½  2¼ 2  2½ 2¼ 2¼ 2a 2¾a l¾a 2a 2a 2¼ 2½  2¾  ---  --  --  3½-3¾ 4½ 6 4¾-5 6 5 3½ 5 6 -12 6 -20 5½  5 6 6 6 6 b A.  -8 -20 -10 -10 -100  -  -  -  comm1ss10n  -3¾ 3 -3¾ 3¼-3½ 3¼-3½ 3¼-3½ 2¾ 3 -3¼ 3 -3¾ 3 -3¾ 2¾ 2½-2¾ 2¾-3 2¾-3 3 -3¾ 3 -3¾ 3¼-3½ 3 2¾ 3¼ 3¼ 3¼ 3½ 2¾-~ 2¾-3 2¾-3 3 -3¼ 3 -3¼ 3½ 3 3 3 -3¼ 3 -3¼ 3¼ 3 3 3¼ 3½ 374 3 3¼ 3¾ 3½ 3 3¼-3½ 3¼-3½ 3½-3¾ 3¼-3¾ 3 -3¼ 3 -3¼ 3¼-3½ 3¾-3½ 3½-3½ _,3 3 3¼ 3¼ 3¼ 3¼-3½ 3¼-3½ 3½ 3½ 3½ 3¾-3½ 3¼-3½ 3½-3¾ 3½-3¾ 3½-3¾ 3¼-3½ 3¼-3½ 3½-3¾ 3½-3¾ 3½-3¾ 4 3½ 3½-3¾ 3½-3¾ 3½-3¾ 3½-3¾ 3¾-4 3½ 3¼ 3½-3¾ 3½ 3½ 3¾ 3¼ 3½ 3½ 3½ 3¾ 3¾ 3¼ 3½-3¾ 3½-3¾ 3½-3¾ 3¾-4 3 3¼ 3½ 3½ 3½ 3¾ 3 3¼ 3¼ 3¼ 3½ 3¾ 3 3¼ 3¾ 3¼ 3¾-3½ 3½-3¾ 2¾-3 2¾-3 3¾ 3¾ 3½ 3¾ 3 3 3¾-4 3¾ 3½ 3¼ 3 3¾-3½ 3¼-3½ 4 3½ 3¾ 3 3 3¾-4 3¼ 3½ 3½ 2¾-3 2¾-3 3 -3¾ 3½-3¾ 3¾-4 3½ 3 3 3¾ 3½ 3½-3¾ 3 3¼ 3¼-3½ 3½-3¾ 4 -4¾ 2¾ 3 -3¼ 3¾-3½ 3½-3¾ 3¾-4 2¾ 3 3¼-3½ 3½-3¾ 3¾-4 3 2¾ 3¾-3½ 3½-3¾ 3¾ 3 4 4 3¼ 3½ 2¾ 3 -3¾ 3¾-3½ 4 4 4 2¾-3½ 3¾-3½ 4 4 4 3¾ 3¼-3½ 3½-3¾ 4 -4¾ 4 .~ 4¾ 4 -4¼ 3¾-4 4 -4¼ 4¼-4½ 4¾-4½ 4¾-4½ 3¾-4 4 -4¾ 4¾-4½ 4¾-4½ 4¾-4½ 4 -4¾ 4¼-4½ 4¾-4½ 4¾-4½ 4¾-4½ 4¼-4½ 4½ 4½ 4½ 4½ 3  4¾-5 4¾-5 4½-4¾ 4½-4¾ 4½-4¾ 5 -5½ 5 -5¾ 4¾-5 4½-4¾ 4½-4¾ 5 -5¼ 4¾-5 4¾ 4½-4¾ 4½-4¾ 5 4¾ 4¾ 4½-4¾ 4½-4¾ 4¾-5 4¾-5 4¾-5 4½-4¾ 4½-4¾ 6 5¾-6 5½ 5 -5¼ 5 -5¼ 6 -8b 6 -7b 6 5½-6 5½-6 6 5½ 5¼-5½ 5 -5¾ 5 -5¼ 5½-5¾ 5¼-5½ 4¾-5 5 5 7b 6 5½-6 5½ -6 6 6 -7b 6 5 ¾ -6 5½ 5H 7b 6 5¾-6 5½-5¾ 5½-5¾ 6 -6½b 6 6 5½ 5½  \\US  -  -  4 -4½ 4 -4½ 3½-4 3½-4 3½-4 3¾-4 3¾-4 3½-4 3¾-4 3¾-4 3¾-4  4 -4½ 4 -4½ 3¾-4¼ 3¾-4¾ 3¾-4¼ 3¾-4¼ 3¾-4¼ 3¾-4¾ 4 -4¼ 4 -4½  4¾-5  4½-5 4½ 4½  6,  13 20 27 4½ ====February 3, 4½-5 10- -- 4½-5 17 - --4½-5 24 -____ - - - March 4½-5 34½-5 - - - 10 4 -4½ 4½-5 17 ---3¾-4¾ 4 -4½ 4½-5 - - - 24 3¾-4¼ 4 -4½ 4½-5 - - - 31 ____ April 3¾-4 4 -4½ 4½-5 7 4 -4¼ 4 -4½ 4½-5 14- - -3¾-4¾ 4 -4½ 4½-5 - - - 21 3¾-4 4 -4½ 4½-5 28 - -- 3¾-4¾ 4 -4½ 4½-5 ____ May 5 12 -4½ 4½-5 - - - 3~-4¾ 4 3 81-4¾ 4 -4½ 4½-5 19 ---3¾-4¼ 3¾-4¼ 4½-5 - - - 26 ____ June 4½-5 2 3¾-4 3¾-4 3½-4 4½-5 3½-4 9 ---3½-4 3¾-4¾ 4½-5 - - - 16 3½-4 23 3¾-4¼ 4½-5 - - - 3¾-4¾ 4½-5 - - - 3½-4 30____ July 4 -4¼ 4 -4¾ 4½-5 7 4 -4¾ 4 -4¾ 4½-5 14 - --2} 4 -4¾ 4 -4¾ 4½-5 -- -4 -4¾ 4 -4¾ 4½-5 28 ---____ August 4 -4¾ 4¼-4½ 4½-5 44 -4¼ 4¾-4½ 4½-5 11 -- - 4 -4¼ 4¾-4½ 4½-5 18 - -254¾ '4 ¾-4½ 4½-5 _ _ _ _ 4¾-4½ 4½-4¾ 5 -5½ ____ September 1 4½-4¾ 4½-4¾ 5 -5½ - -- 8 4½-5 4½-5 5½-6 - - - 15 4½-5 22 4½-5 5½-6 - - - 4½-5 4½-5 29 5½-6 - - - 4¾-5 4¾-5 5½-6 ____ October 6 5 13 5 -5¾ 5½-6 - - -5 5 -5½ 5½-6 2 0---4¾-5 4¾-5 5½-6 27 5 5 -5¼ 5½-6 ====November 3 5 -5½ 5 -5½ 5½-6 10 - --6 6 17 6½ - - - 5½-6 5½-6 24 6 -6½ ____ December 1 5½-5¾ 5½-5¾ 6 6½-7 - -- 1•½-6 5½-6 5½-6 6 l5 6½-7 - - -5½-6 6 6½-7 2z --- 6 6 29 6½-7 - - --  charged m add1t10n to legal rate, lmninng the rate up to this fi~ure. ,  ____ January  --- ----  .,..  35  NEW YORK MO EY MARKET. MONEY MARKET AT NEW YORK-RATES IN  a~ ,, 190~  At  WEEK  LOANS. At Banks&  SwckExch'ge. ';'::!.!O~s  Ending-  I  Range. IAv'ge Range.  ~-~:.:.::  Janui.ry  Tn<E LOANS.  30  ~'!!!:_ _!:!_~  --  -  ---  -·  -  -  -  --  -  -  90  Four  days.  Five  Six  Seven  Months. Months. Months.~  Range. Range. Range. Range. Range. Range. Range.  -ti ;:$"9 ~½!412llg-3 2 -212 15 22 .... ____ l¼-212 214 1 7a 2 I¾ 2 29 .... 112-2 312l 111 2 February 5 .... llg-2 12 .... 1!\i.-2 1 7s 2 19 119-11\i llls 1¾"17s 1¾ ♦26 .. :. llg-2 4 .... 1¾ 2 March 212-2¾ 11 ____ l½!-2 17s 2 18 ____ 1~-2 7 11 2 1 1:\1-2 25 ____ llg-184 'lie l¾l ____ 1¾April 8 ___ _112-ll\i llls 1¾112-1&.l llls H .... 114-1!\i 112 13422 .... 1 -Ilg 114 114-112 29 ___ _ l - 11-i 116 l -114 May &.____ .•. 1 -112 114 11413 ...... 214 1711 2 2 20 .. l -2 ... 2 27 .. . 1 -l&. 138 1½3 ... . 1 -112 l¼ 1½1lune 10 . ... 1 -1"4 116 11417 .. _. 1 -1'-4 118 l -114 24 . .. . l -114 1~ l¼l_ ___ 1 July -1½ 118 114-1',i 1~ 1-.8 .... 1 H ___ _l -1"4 118 114¾-118 22 .. .. 12- · .lt 1 7!1 l* ~9 . .. ¾-1 711 l* August 5 ... . lla-1 12 .... 7s-1 15-16 19 .. _. 12-1·1 ~ 2n ..• . 7 s=--114 1 September 2 .... 7s-l 15-16 9 .... 7 a-112 l 16 ... 7s-2 114 17s 23 .... 1¾-2 30 .. _. 112-212 2 October 2 7 .... 112-212 2 14 ..•. ll\.-:-2½! 2 21421. ... llg-21q 17a 2 -214 28 ... . 1~-2lg 2-¼ 2 -212 November 4 .... 2 -2.lg 214 2¼2'4 21411. ... 2 -3 18 ... . 2 -3 21.i 21431,;i 21.g-3~ 25 .•.. 214-4 December 2 . ... 212-4 312 312-4 \J ••• 2 -5 3¾ 312312:.:i1a 3 16 .... 2-3 14 ° 27s 2¾ 23 .... 212-3 3 2~30 - · 219 - 5  -  60  ----  -  ---  412 4-'2-5 412-5 412-5 -112-5 4 -4¼4 -4¼ 4¼-412 4¼-412 4¼-412 3 -312 3 -3½ 3¾-4 3!1&-4 4 3¾4 4 -4¼4 -4¼ 4 312-4 4 -4¼ 4 -4¼ 414-412 4¼-412 3~-4 4 -414 ,I, -414 4124124 3 -311! 3 -312 4 4 -414 3343 4 -4144 -414 4123¼3 - 314 3 -3¼ 312-4 312-4 3¾-414 3 3l\i-4 3¾-4 4 -414 h4123122¾-3 3143123¾-4 3¾-4 b4¼-4½a 3lg2¼1-3 3 4 3124 212-3 3 3143143¾-4 3!\-4 ,,4_ 2193¾212-3 3 -312 21g3lg4 3 3143342143 3¼-312 3lg-3lls Z¾-4 2122142¾3 2123¼-312 3¼-3¼ 2¼212-3 3 -3¼3 -314 319-4. 2123½212319-4 3 2¾3123 -3¼ 3 -3½ 3123½3¾-4 a4lg3 2143 -312 3 -3-¼I a312-& 214ll!ia-2¼ l¾-2¼ 2:\J,-3 2¾-3 3 -314 312-4 2'11-2¾ 2 -;, -234 2.Ig-2¾ 2¾-3 3 -312 3¾-4 2 2¾2:\3 212312219-i 12·~-2 l ~ - i 2123 2 2¼-212 212-2¾ 3 314-312 314-312 2 2¼214-2½! 3 -3¼ 3192 3lg31,,3143142122 3 3 212314-312 3¼-~lg 2 3 3 212312-3:\J. ;- 12-3¾ 31,;i2 3.Ig2 3 3122 a 2143193123122 3 3122123½!3192 3 3122½13122 3123122123122¾312-311.l 312-3¾ 312-3~ 3 2¾312-4 312 - 4 312-4 3 31g 3¾-4 3:\-4 3¾-4 3¾-4 3 3 -31i 314-3:\a '- 4lg-4 312-4 319-4 3¾3 3-¼3343¾3lg312-4 312 4 312-4 312-4 3 3½1-334 312 - 3¾ 312-3¾ 312-3:\J. 3 314-312 3¼-312 334-4 3¾-4 319-4 3'-l-4 alg - 4 312-4 312-4 3½33123¼-319 312312312-4 312-4 3lg-4 S½!-4 312-4 3lg-4 312-4 3!\-4 3¾-4 3l\a-4 3¾-4 3~-4 3¾-4 4 4 4 4 3~-4 3¾-4 4 312-4 3½!·-4 312-4 312-4 312-4 3'1!-334 312-334 312-3¾ 3½!-334 ;ilg-3¾ 3 -3143 -3¼ 314-312 3~-312 3¼-312 -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -----  -  -  ,.,,_ . _  • TLlt1 was rate at hanks; trust companies did not loan.  -  ---  a Tilts 1s rate for 8 months.  1904.  I ou.Jf.MERG'L PAPER. Doubtename. 1  . Single-names.  1904.  i'f/{)o !1tm6 [ t<t:i days. Months. Months.  6  WEEK  0  Endin,-  8 5 -5-'4 5 -5-'2 0½3-ti . ••• J~l.Ut..ry 15 4¾434-5 5 -512 ..... 22 4¾-5 4!\a-5'"4 5¼-512 ..... 29 412-5 4¾-5~ 512-6 42'&4¾-5¼ 512-tt : : : : February 5 12 4¾-5 4¾-514 512-6 ...... 19 412-4¾ 4¾-5 14 5111-6 .... 26 4~-5 4¾-514 512-6 4. 4¾-5 434-5'-4 512-6 ::::Marcll 11 4 ... -5 4¾-514 512-6 --·· 18 4&.J-5 412 - 5 5.Ig 6 .... . 25 4'11-434 412-5 5 512 ....... 1 4¼-412 412-5 5 -fi12 ___ _April 8 4 -41,.>,4 -4½ 4½-5 ..... 15 4 -412 4 -412 -ilg-5 22 -i 4 -412 412-5 ...... 29 3~3¾-414 4.lg-5 6 334-4 3~-4 .. '112-5 13 3,-4 334-4¼ 4lg-5 ..... . 20 3¾-4 4 --412 412-5 27 3¾-4¼ 4 -412 412-5 3 3 34-4'9 4 -4Lv 412-5 ·::·June 10 319-4 334-419 412-5 .... 17 3124 -419 4lg-5 .... 24 3½312-4 4 -412 1 3¾-.. 419-='> ::::July 3128 312312-4 -4, -tlg .... 15 ... 31238ia-4 412-5 22 3½! 3½-4 412-5 .... 29 312-3¾ 3¾-414 41.i-5 4 5 4 -4½ 412-5 ::::August 4 12 4 -412 412-5 .... 19 3¾-4 4 -412 412-5 .... 26 d½!-3~ 3lli-4 412-5 3:\a-4 4 -412 412-5 : :::september 2 9 3¾ 4 4 -4¼1 412-5 16 4. 4¼! 4¼1-5 5 -5½ 23 412-4!\ 412-5 512-6 .... 30 412412-5 512-6 7 414 4¾ 412-5 512-6 ::::october 14 419 - 4¾ 412-5 512-6 -4lg 21 4 4½-5 512-6 .... 28 4 -412 4 -412 512-6 4 4 -4½1 4lg-5 .:::November 4 11 3::\a-4 4 -412 5 -512 .... 18 4 -412 414-4¾5 -512 25 4 -412 414-4¾ 5 -512 4 -4111 414-4:\i 5 -5-¼I ::::neoomber 2 9 414-412 414-4:\ 5 -512 16 4 -412 4 -412 4¾ - 512 23 4 -4lg 4 -4½ 4~-512 30 4 -1124 -412 412-5 ....  ---·  ::::May ---·  ~. -.  ....  -  ·--.... .... ....  b This ia ra.te !or 9 months.  MONEY MARKET AT NEW YORK-RATES IN 1903. OA.C,L BONDS.  1903. WEEK Ending-  At .At Ba1,ks& Srock Exch' ge. Tr·stCos RanqP. 1.A v'ge Range.  2 . .. . a -15 9 . .. . 3 -9 16 .. _. 212-5 23 ... . 2lg-4 '£ 30 . . _2212 -4 6 ___ February 13 ___ _ 2 -312 -3~ 20 2 -3 27 ____ 2 -4 6 ____ 3 -6 March 13 ___ , 212-H 20 . . _. 4 -7 \ 27 ... 312-7 3 .... 512-15 April 10 ..•. '2½!-11 17 .... 212-6 24 .•.. 2 412 1. __ _ 2 -3 May 8 ... . 2 -2¾ 15 . .. . 2 -"ll\a 22 . .. l¼l-3 29 ·- ·_112-2½ 5 ___ 1¼-412 June 12 . .. . 1¼1-4 19 . .. 2 -2~ 26 .. . 1~-3 July 3 . .. 2 -10 10 ... . 2 - 412 17 . .. 2 - 4½ 24 ... . 112-3 31. .. 1 - 3 Augus~ 7 ... 1¾-312 14 1 -3 21.. ... ___ l¼-3 28 . .. 112-~ September 4 ... . 112-212 11 . .. . 2 -212 18 .... 2 -212 25 .... 2 -3 2 .. _. 2 October 9 ____ 2 -4 -3½! 16 ... 112-212 23 . ... 1¾-2~ 30 ·- · 214-5 November 6 .... 2 -6 13 .••. 2.lg-6 20 .... 4 -8 27 .... 2 -9 December 4 . ... 512-9 11. •• . 312-7 18 .... 3 -6 Janu1:1.ry  ~t---· :-=J½  1112 5¼ 414 4 3¾ 3 2:\ 2¾ 3 41g 5¾ 6 5!\.l 8 6 5 314 212 212 2½1 ~lg  214 3 2!\i. 2 '-4 2 '4 5 3 3 2 2 23l;i ~  2 1¾. 2 2¼ 2¼ 238 2-'l 2 ½l  2 ~14 4 414 5 5 612 7 51g 514  3~  6  * T e e a r uom1nal rate   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TIME LOANS.  30  60  90  days.  days.  days.  OOMMERC'L PAPER.  Four Five ' Seven Six .Months. Months. Months. Months.  - - - - - - - - - - - - ---- - - - - - Range. Range. Range.  -  -  -  Range. Ranqe.  Range. Range.  -  DoubtenamP,  1903. Single-names.  0/wice Prirne 60 to 90 4to6 days.  I  WEEK Ending-  Good  4ro6  Months. Months.  -  6 .. .. January 6 6 2 6126 ti 5 -5½5 -512 5 -5125 -512 .... 514-5 12 514-512 5¾9 5 5 -512 5 -512 5 -512 .... 5 -5¼ 5 -512 5~16 4:\J.-5 434- 5 4¾-5 4¾-5 5 -514 5 -512 5~23 412-5 412-5 412-5 412 5 4~-5 4¾-5 5 -512 30 412-5 ,!lg-5 4-12-5 412-5 4¾-5 512-6 .. _.February 6 4~4¾4~-514 5~4 -414 412-434 412-4¾ 4½1-4¾ 13 ··-· 4 ½-4¾ 412-434. 412-4¾ 412-4¾ 4¾434-5 14 51220 4 34-5 434-5 4:\J.-g 4~-5 5 -514 5 -5 -. 51227 14- 5 -512 5 - lg 5 -512 5 -5'i 514-534 5-12-6 6 5½!filg - 534 5½1-534 5¼1-5¾ nom. nom. ·--· n ••m. 6 13 6 . ..... 5 34-6 534-6 512-534 512-5i\ 519-5¾ 5½-534 20 6 5 -5 34 fi - b12 5 -512 5 -512 27 512-534 512-6 6 --~6½ 6 5lg-· 5½-6 ti -612 ____ April 514-512 514-512 514-5½1 514-512 3 6 5 12-53.. 6 -612 5 -5½ 5 -5¼ 5¼10 519'1145 5 5 5 -5½ 512-6 ..... 5 5 17 5 3-124¼-434 4.~-4~ 4½1-4 ll:l f>¼-534 5¾-6 51424 4 3-12-4 ¼~4125 5 -5½ 5½-6 4¾4121 212-. 3¾- 4 3¾-4 4-124124!\i.- 5 5 -512 512-6 ... 4-128 2'1!3:\- 4 3¾-4 4 4lg4 !12-5 4 34-514 5 14-5lg 15 2½3~4125 4 412-5 4 ¾-fl14 512-6 ...... 41222 2lg4 5 4 412~9 412- 4 ~ 4 ¾-514 512-6 ...... 4lg- 5 4 ¼-5 5 -!'l12 5 -5 1~ 5 -5126 3 4l\<t¾-5¼ 5½-6 .. June 5 4 3 412512-6 5 434-5 5 lg5 -5½ , lg-6 ....... 51212 2ig4 4¼5 5 5 - 5 12 5 - 5 ½ 5 14-5½ 512-6 ...... 5 19 3½2124 12514-5 lg 5 12312-4 4 125 - 5 ~ 5 1226 6 ,! 3123 3124½15 5 ¼-5 12 5 - 5 12 5-12::::July 6 3 3.Ig-4 319-4 4~-412 4¼-412 5 3 5 - 5 12 5¼10 5 ¾-6 ..... 412- 5 5 3 5 - 5 12 512512-6 5 -512 17 5~-6 ... 2 4~-5 434-5 ")lg5 1g- 5 :14 ft34-H ti 6 24 ....... 2 4 -6 4 - -6 4 12-6 412--6 5 14-6 5345¾-6 6 -612 31 2124 125 ½ t 534-6 612-7 5127 5 1 5¾2 - 15 5 -5 12 6 -612 612-7 ...... 14 6 6 2 4¾-5 5 -512 512-5¾ 6 6 -ti½ 612-7 ... .. . 21 1 6 2 -- 5 -5125 -a 12 512- 512-6 512-6 6 -612 612-7 28 6 ~ 4125 12- 6 512-K 5-"46 -612 612-7 : : : : September 4 /5 6 '6 2 -212 4 4¼1512-K 512-6 4½!ti -6lg 612-7 ..... . 51211 !', 4-½12½6 512-534 512-5\ 512- 534 6 -612 012-7 ...... 18 2126 5½ti 6 6 6 -612 612-7 25 16 2i..-3 5 -5lg 512-6 512-6 5 12-6 512-6 6 012 612-7 ::::october 2 6 212412-434 fi -514 5 - 514 5 -514 5 -514 6 -6½! :tl½-7 ---9 16 6 -2 4¼1-4¾ 5 5 ~ 5 6 16 6½ 612-7 . ... 4:\J,-5 434-5 4~-5 434.-5 212512-5\ . .. . 23 -6'2 .. ~12-4 5 5 5 5 5 512-6 5¾512-6 6 -ti½! 30 512-6 512-6 5¼-6 512-6 512-6 5 5¾-6 5 ~-6 t1 -612 ..• November 6 5 6 6 5¼1-6 5½1-~ 5-½l-6 6 6lg6 ··-· 13 5 5125125 -!'ilg 5 - 5 125 - 512 ti 6 -612 612-7 ··-· 20 6 6 6 6 512 -5~ 54:i-5¾ 512-5:\J. 6 6 -612 t>½l 7 27 6 512-6 512-6 512-6 512-6 6 6 6 6 -612 612-7 . . _. December 4 5 .... 5126 5 -a~ 5 - 5 14 6 5126 - hlg 6-½!-7 .••. 11 6 6 512 514-512 f)J4-5lg5 5 ).8 6 6 -6lg1~¾-7 ··-· 3111512514-512 4½1-5 412-!'> 41.-5 412- 5 24 ]512-534 5:\a-6 6 -612 .••. 5lg514- 5-½i 412-5 4lg-!'i 412 5 412 -5 6 51g - 5~ 5~ 6 6 31 612 ..•. colllmerc1a.l paper was practically unsa 1a ble.  ti -12 5 -7 4~-5 5 4 -412 4¾ - 5 4 212-3 2~-. . 2¾-3 2lg- -3 -  -  -  -  -  -  -  -  --  -  -  -  -  -  -  -  -  ·--·  ::::March  -  -  -  -  -  ---·  ---  -  -  -  -  5 -512 5 4¾-5 4124124 - 4 14 4 5 5126 5¼-5 ¾ 5 -51'i 514-51i 5 -5'i>  -  -  .:::Augu  -  -  -  -  -  -  ---· :==:May  -  -  -  1·  -Ew YORK CITY BA K MOVE  36  rn T .  In the following table we show the maximum and NEW YORK CITY BA K IN 1906 AND 1905 minimum deposits and the maximum and minimum To indicate the bank movements at this centre we of surplus reserve for each of the last eleven years. furnish below a summary of the returns of the New MAXIMUM AND MINIMUM OF DEPOSITS A rD SURPLUS RESERVE. York Clearing House institutions for each week of Surplus Reserve. Deposit,s. the past two years. We omit in all the columns the :.!,'~. Minimum. I Maximum. Minimum. I Maximum. last two figures. The Clearing House returns, as is 8.228,550Sep. 7 8 40,182,J5Feb~ 7 438,437,600Nov. 261 525,837,200~ec. 1896 known, always give the averages for the week, not the 1897 675,169,900Dec. 11530,785,000Jan. 2 159,14 ,250Jan. 30 ll.523,450Dec. 24 23,037, 700Dec. 31658,503,300Apr. 30 62,206,250June20 4,240,400Sep. 17 1 9 ' results at the end of the week. 1899 914,810,300Mch. 4 736,836,900Nov.18 43,933,725May27 !.2,788,950Nov.11 1  1  NEW YORK CLEARING HOUSE BANKS STATEl\IE, T-(00S O1\UTTED). 1906. Week Ended  Loans.  Deposits.  Money Holdings. 1- - - - - - - - - - -1Reserve to de- SurplWJ (2) Legal (3) Total (1) Specie. Tenders. Money. posit,s. reserve. a  1- - - - - 1- - - - - 1- -- - - - - - - - - - - - - - - -  h-  5 _____ 1.004,658,3  S  %  983,742, 167,336,0 79,170,7 246,506,7 25.05  M===== 1:&~i:m:i 1.i~i:§ggj n~:m:~ ~~:rng:i m:ng:i  ~t~~  27 _____ 1.041.113,3 1.047,112,6 193,006,4 84,601.6 277,608,0 26.49 Feb.3 _____ 1.057,365,1 I.061.403,1193,492,l 83,986,3 276,478,4 26.04 IQ _____ 1.061.997,2 1.060,950,9 190,894,5 80,286.8 271,181.3 25.55  571.0  1ggd 15 ,829,9  !L=== l:8~5:~S~:~ t:8i~:m:~ rn~:gg~;~ ~g;g~g;~ m:¥8Sj ~t~§  11.127,6 5,943,6 5,789,9 5,125,7  25.48 25.64 25.57 25.62 25 .50  5,008, 6,463,7 5,865,1 6,363,8 5,131.3  262,395.0 256,946, 7 258,082 ,3 259,631.6 256,203.9  M~~~-- 1.040,838,7 1,029,545,0 182,672,8 10_ - - -- 1.019,579 ,5 1.001.932,0 178,668,0 17 _____ 1.025,432,4 LOO ,868,7 180,451.7 24 _____ 1,029,333.6 1,013,071,3 182,424.5 31- --- - 1,025,503,9 1,004,290,5 177,895,0 April7 _____ 1.032,709,4 1.003,441.3 171.758,0 14 _____ 1.009,275,2 981,861.6 172,704,7 21- ___ _ 1.017,429,0 1.007,464,3 189,653,6 28--- -- 1.039,210,5 1,02 ,6 3,2 186,734,3 May5 _____ 1,042,110,9 1,027,273,5 183,146,6 12 _____ 1,025,650.5 1.014,556,4 186,443,4 1,040,722,1 1,026, 32,9 185,441.6 19___ 26--- -__- 1.049,390,8 1,032,731.8180,981.0 June-  79,722(2 78.278,7 77,630,6 77,207,1 78,308,9  79,571,3 80,090.3 81.395,9 83,896,1  262,717,9 266,533,7 266,837,5 264,877,1  25.56 26.26 25.97 25.64  5,899,5 12. 94,6 10.129,3 6,694,2  183,105,6 187,129,6 185,357,0 188,883 ,8 187 ,184,5  82,898,2 81.816,3 83,761.9 84,397,2 87,275,5  266,003,8 268,945.9 269,118,9 273,281.0 274,460,0  25.65 25.68 25.67 26.03 26.14  6,816.0 7,162,1 7,073.4 10,912,9 12,055,8  1.050,578,11.036,343,7 181.281.0 84,270,0 265,551.0 25.62  6,465.1  2 _____ 9 _____ 16_ --- 23 _____ 30_ - - - Jul,y7 __ ___  1.051.543,2 1.059,162,6 1.060,076,3 1,057,758.3 1.056,944,9  1.036,751,1 1.047,135,4 1,048,182,1 1,049,472,3 1.049 ,617 ,0  76,541.7 248,299,7 77,533,2 250,237,9 78,579,226 ,232, 80,803,9 267,53 ,2  24.73 d12 ,560,6 25,46 4,772,5 26.61 16,366,7 26 .00 10,367,4  1.tPl.ttt.~ii:~t 1~ 1 ~S:8~sJ88I:~: i:~8:~ii:~xsr:~. 2~ ~:~ittm~~· 1i 1gg~ 1902 L019,474,200Feb. 21,863,125,8000ct. 1 26,623,350Feb. 1 d!.1,642,050Sep. 20 666,975Mch . 7 1903 963,219,300Feb. 21 41.552,000 ov.28 27, 80,775Jan. 31 ~~:~~~:gxst~•~gdf.~:m:~zg:g~Jr 35 9~~:~Xd88t~~: n 1:~5tm:i22i~~: rnsi 1906 L0~!.~9,3__Q9Aug. 4967,161.400Dec.15 19,391.000Ju1y21d1.6,702,175Dec. 8 We add the following two tables, the one showing the condition of each bank at the beginnlng of the year and the other the condition at the end of the year. CONDITION OF NEW YORK CITY BANKS BEGINNINO OF 1906.  January 6 1906 1 Capital. OOs omitted.  Surpluii.  I  Loans.  Specie.  Legals.  Deposits. Res've. a  % 2,000,0 2,741.8 16,268,0 2,371.0 1.476,0 14,551.0 26.2 Bank of N. y __ 2,050,0 2,576,3 23,000,0 5,027,0 2,654,0 27,194,028.2 Manhattan Co_ 15,890,535.0 2,000,0 1,421.0 11.270,9 4,322,5 1,243 ,0 Merch3.nts' ____ 3,000,0 3,485,3 20,037,0 4,595,0 2,248,0 21, 08,0 31.3 Mechanics'____ 1.500,0 3, 55,3 20,865,8 4,959,6 1,884,0 23,261.2 29.4 America ___ ___ 4,199,024.3 251.0 773,0 5,441.0 253,1 Phenix__ ____ _ 1.000,0 City ______ ___ _ 25,000,0 17, 67,4 158,080 , 27,710.9 8,145,5 143,157,625.0 300 ,0 7,747,7 23,245,8 4,752,8 1. 40,5 22,390,229.4 ChemicaL_____ 5,910,426.7 594,2 989,3 5,451.5 3 2,6 600,0 Merchants' Ex. 6,099,1 25.2 595,7 944,3 8,292,0 1,000,0 2,266,2 Gallatin _______ 2,932,8 21.0 96,5 519,.1 2,425,5 144,5 300,0 Butch. & Drov _ 6,512,0 23.6 795 ,0 748,0 5,632,0 359,0 700 ,0 Mech.& Traders 5,025,224.0 628,1 579,6 4,567, 561.6 500,0 Greenwich____ American Exch. 5,000,0 4,346,8 29,130,0 3,550,1 1.886,3 21.547,1 25.2 Commerce _____ 25,000,0 12,177,7 129,397,3 16,509,4 10,444,7 106,113,9 25,4 3,000,0 4,361.0 21.251.3 2,149,6 1.591.5 16,821.5 22.2 Mercantlle ____ 3,974,5 17.l 362,7 318,3 3,330,3 651.9 422,7 Pacific _______ 5,487 1 23.5 766,0 528,3 5,642,1 450,0 1.055,4 Chatham_____ _ 2,787.8 30.3 614,9 232,3 2,068,1 437,2 200,0 People's _____ _ 2,000,0 1.829,2 13,571 ,1 1.542,1 1.454,3 11.630,8 25.7 orth Amerira_ 56,430,023.8 3,000,0 7,068,8 49,619,4 7,288,3 6,158,3 Hanover______  3 ~t~ :l 1~:M8:g d& i:m:; &g8~:g 1.m:~ i== ggi:8 lzI1fns·-ceri rn:g~~:s blrassau M===== ½:8~tm:~ 1:&!U~5:g m:iiu ~~:m:~ ~~s:m:~ ~Ui 18,892,5 3,654,517.0 376,6 243,2 3,313,7 325,9 500,0 _______ 28 ----- 1.058,415,l 1.060,116,9 194,450,9 89,470,8 283,921.7 26.71  Aug.4 _____ 1,077,191.7 1.076,599,3 195,547,2 11- ____ 1.072,46 ,3 1.062,904,3 188,939 ,0 18 _____ l,067,292,4 1.053,756,0 189,129,0 s~t...:.:-- 1.011.132, 1,053, 51,7 186,032,8  87,725,3 85,05 ,6 81.411.5 81.120.2  283,272,5 273,997,6 270,540,5 267,753,o  26.30 25.77 25.66 25.41  14,122,7 8,271.5 7,101.6 4,290.1  2,869,4 1063,739,61.042,057,2 181.745,6 81.638,1 263,383,7 25.27 8- - - -- 1.051.774,1 1.014,214,1 169,341.6 77,634,0 246,975.6 24.34 d16,577,9 !_ ____  Imp. & Traders' Park_________  1.500,0 3,000,0  6,733,5 7,215,0  23,603,0 3,881.0 1.388,0 63,550,0 13,381.0 4,749,0  20,834,0 25.2 71,649,025.3'  10,000,0 15, 82,7 8 ,1 1.000,0 774,1 250,0  89,184,0 13,262,3 2,213,0 436,3 8,315,2 1.531.9 219,0 471.0 3,251.0  72,154,021.4 7,798,0 25.2 3,675,018.7  g~~~c~~~~  25.90 26.23 25.57 25.54  9,423,1 13 ,024,4 6,201.0 5,673,7  3 _____ 1,052,790.9 1.015,824,1187,652,2 69,353,6 257,005,8 10 _____ 1.045,498,2 998,754,5 181.803,4 66,371.1 248,174,5 17 _____ 1,039,397.8 994,480,5 183,906,4 67,0 5,4 250,991, 1.043,468,3 997,965,1 185,016,2 68.878,5 253,894,7  25.29 24.84 25.23 25.44  3,049,8 dU 514,1 2,371.7 4,403,4  v';J.=.---  1----8----15----22 _____ 29 _____  1.048,552,3 1,044,668.8 1,027,666,3 1,027,183 ,3 1,032,973,0  99 ,634,7 181.687,1 9 2,177,5171,954,9 967,061.4 171.940,1 971.648,8 176,627,6 981.301.1 179,323,0  69,420,7 251.107,8 66,887,323 ,842,2 68,126,1 240,066,3 69,565,5 246,193,1 71,375,5 250,694,5  1.44°9 ,1 25.14 24.31 df 6,702,2 24.82 dt 1.699,1 25.32 3,2 0,9 25.55 5,369,2  1905.  Jan.7 __ ___ 14----21----28----Feb.-  l,069,742,7 1,064,336,8 1.098,811.5 1.115,643,2  1.109,168,6 1,119,160,1 1.163,815,2 1.189,828,6  203,684,0 215,591.4 224,029,8 231.525,2  85 ,216,4 88,657,9 90,657,8 92,911.5  288,900,4 304,249,3 314,687,6 324,436,7  227,313,5 222,571.0 220,953,8 86,389,6 307,343,4 223,170,4 86,431.9 309,602,3  26.04 27.18 27 .03 27.24  11 ,608.3 24,459,3 23,733,8 26,979,6  4 _____ IL---18----25 _____ Mch.4 ___ -IL---18-----  1.128,086,8 1.196,980,3 l.142,106,11.202,972,3 1.136,012,1 1,192,555.9 1,121,281.4 1.179,824,9 1.134 425,3 1.132,920,3 1.127,678,4 1.109,701.7  1.189,970,0 1.1 7,665, 1,174,438.1 1.150,661,9  219,628,4 86,253,8 305,882.2 25.69 221.189,7 5,004,9 306,194,6 27.77 215.060,0 83,703,7 298,763,7 25.43 210,350,2 83,794,6 294,144,8 25,56  L-- -8----15 _____ 22 _____ 29 _____ May6----13 _____ 20-- ~-27 _____  1.099,289,7 1,090,759,6 1,099,611.1 1.107,294,9 1.097,902,1  1,138,661.3 1.128,100,7 1.139,702,0 1.151.968,6 1.146,528,6  209,481.1 208,035,2 210,954.8 216,116,9 217,715,1  83,848.8 82,672,5 3,323 ,1 83,323,3 85,582,3  293,329,9 290,707 ,7 294,277 ,9 299 ,440,2 303,297,4  25.72 25.76 25.81 25.99 26.44  8,664,6 8 ,6 2,5 9,352,4 11.448,1 16,665,3  1,092,121.9 1.099,716,9 1.120,426,8 1.111.003,4  1,143,897,9 1.150 ,219,7 1.165,151,7 1.155,129,2  220 ,303,7 219,888,3 215,174,2 214,622,8  84,400,2 84,379 ,2 84,333,7 85,625,3  304,703,9 304,267 ,5 299,507,9 300,248,1  26.62 26.44 25.69 25.99  18 .729,4 16,712,6 8,220,0 11.465,8  3 _____ 10 _____ 17 _____ 24_____  1.101.283,1 1.0 9,520,9 1.104,860,9 1,102,812,7  1.136,477,7 1.123, 32,8 1.140,284,8 1.146,792,9  204,546,5 205,492,7 205,857.4 214,369,6  85,623,2 85,293,0 86,423,3 87,423,3  290,169,7 290,785,7 292,2 0,7 301,792,9  25.53 25.87 25.62 26.31  6,050.3 9, 27,5 7,209 ,5 15,094 .7  }_ ____ 8 _____ 15 _____ 22 _____ 29 ___ __ Aug.5 _____ 12 _____ 19 _____ 26 _____ Sept.~ 2 _____ 9 _____ 16 _____ 23 _____ 30 _____ Oct.7 _____ 14 ___ __  1.120,869,0 1,116,458.5 1.107,308,1 1.126,366,7 1.144, 47,4  1.166,038,9 1.15 ,305,1 1.159 ,01 ,2 1.177,39 ,2 1.199,744,9  214,744,1 210,971.3 220,162,1 220,190 ,5 224,830,7  88,424,5 86,562, 89,115,7 89,109,0 90,411.5  303,16 ,6 297,534,1 309,277, 309,299,5 315,242,2  25.99 25.68 26.59 26.26 26.27  11.65 ,9 7,957, 19 ,523,3 14,950,0 15 ,306,0  1.146,163,7 1.139,891.4 1,146,101.5 1.144,607,9  1.197,126,3 1.1 6,659,2 1.188,551.3 1.181.084,5  222,102,3 221.391.0 221,194,8 219,450,3  89,340,8 88,120,6 85,298,7 84,799,0  311.445,1 309,511,6 306,493,5 304,249,3  26.01 12 ,163,5 26.07 12 , 46,8 25.782 9,355.7 8,978,2 25.76  1,136,920,8 1.106,683,5 1,085,821.9 1.076,440,6 1 071.630,3  1.166,587,7 1.125,422,6 1.096,353,2 LO 3,195,8 LO 0 ,465,1  213,787 ,2 207,472,4 202 ,175,2 200,454,4 201.506 ,0  83,358,6 78,714,6 76,548,4 75,579,6 76,050,3  297,145,8 286,187,0 27 ,723,6 276,034.0 277 ,556,3  25.46 25.42 25.42 25.47 25.67  5,498.9 4,831.4 4,635,3 5 ,235,1 7,440,0  1,059,740,9 1.059,261,7 195,038,4 1,030,284 .3 1,026,157,6 191.952, l  28 _____ Nov.4 _____ 11 _____ 18 _____ 25 _____  1,041, 19,4 1,042,092,3 196,059 2  25.40 25.98 26.22 26.18  4,2 6,2 10 ,211.4 12,5 3,2 12.430,9  1.058,272,4 1.052,77 .5190,464,6 1,044,287,8 1.028,31 , IR2,266 ,3 1,017,083,6 999,069,0 179,607,3 1.012,288,3 999,177,6 184,466,6  2,354,3 25.22 24. 75 df 2,428 , 2,915,2 25.28 9,157,l 25.91  A~fu:_:.-·  Juri -  July-  i!:~Zts m:~~Z:8  zt _____ 1.026,690,1 1.023 , 59,4 193,161.3  Dec.-  2 _____ 1.023,882,3 1.007,172 ,5 179,843 ,4 9 __ __ _ 1.016,320,8 992 ,235 ,7 173.526 ,3 16- ---- 1.004,5fi4,0 983,888,5 174,2 Hl,1 23 ___ __ 1,006,107,1 98.5.028,4 176,212 ,8 30 _____ 1.001,025,0 977,651.3 173,005 ,6  74,515,1 73,286.1 75,714,1 74,203,7 75,699,8  254,35 .5 246,812,4 249,933,2 250,416,5 248,705,4  26.65 19,841.9 25.91 11.036,9 9,204,4 25.76 26.25 · 14,646,1  25 .24 24 .86 25.39 25.41 25.43  a This ts the surplus In exce. of 25% against the deposits, Government being Included in the totnls the snme as•in the past.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  8.3 9,7 9,27 ,2 5,154.2 6,479,3  •~g8:8 ¥:f~o:g 8:8!8:~ f:~~~:g ·m:~ 8:88§'.g ~s:: 2  4  3  2.m:~ 1!:itH ~U 2.!M:~ 1H~~:~ 2,§g~:i J~~~i~~r-==== 3.588:8 626,0 2,192,0 10,970,025.6 300,0 1.582,8 10,017,0  Gerla~~lr-: Chase_________ Fifth Avenue__ German Exch__ Germania_____ Lincoln_______ Garfield_______ Fifth_________ Metropolls ____ West Side_____ Seaboard ______ FlrstN., Bklyn.  267,257,8 275,718,4 271.784,l 264,348,2  75,173,8 73,207,2 71.388,4 69,998,6  6,490,627.1 8,166,2 27.0  733,4 514,8  1,381.2 453.~  Second_______ First _________ N. Y. Nat. Ex. Bowery_______  6 _____ 1,052,331.2 1.031.338,7 192,084,0 13 _ ____ 1.065,657,8 1.050,776,0 202,511.2 20 _____ 1.082,358,5 1.062,332,6 200,395,7 1.062,333,2 1.034,698,1 194,349,6  1.027,8 1.692,2  1.000,0 1.000,0 2  M===== ½:8~N:§~g:i f:8g~:m:i m:~Nt~ ~a§!:g ~~gg~:~ ~g:fg 1r:~fU oJ~...:.:--- 1,051,112.8 1,034,059,0 193,327,3 11.121,8 211.055,1 2a.20 12,540,4 N~r-::..::--  6,863,3 6,151.7  Market & Fult_ Shoe & Leather  Li_bf':tirocCEx~ ew Amster___ Astor ________  ~i8:8  t8~I:8 m:~ 43,384,1  1.000,0 100,0 200,0 200,0 300,0 1.000.0 250,0 1.000.0 200,0 1 000,0 300,0  4,951.2 1,749,6 754,4 898,1 1.483,0 1.334,2 435,0 1.615,9 749, 1.000,0 638,5 2  10,170,7 2,987,2 3,161.6 12 ,387,2 7,558,0 2,717,4 9,124,6 4,301.0 14,647,0 4,454,0  350,0  614,5  4,029,0  tm:~ ~ti m:i t¥8:i 47,749,723.6  9,798,0 1.500,4 523,3 2,381.5 835,0 150,0 701.8 492,0 1,285,l 2,275,7 318,4 1.615,1 162,5 484,8 7 3, 1.571.4 372,0 736,0 2 ,446.0 1.656,0 521.0 5 4 ,0  11.261.7 25,7 4,429,622.4 5,980,620.0 13,525,l 26 .3 7,822,824.7 2,694,824.0 10,566,9 22.2 4,712,023.5 16,565,0 24.7 4,6 0,0 23.6-'  ~k~ i:m:? m:§ f:m:~ tm:~ ·~Bt~ l.888:8 6,303,019.1 586,0 623,5 5,788,4 603,8 500,0 476,0  252,0  3,562 ,020 .4  Tot~ls _______ 116,472,7 140,800,5 1004,658 ,3 167,336,079,170.7 ~ a Total United States deposits Included, $8,423 ,000 . CONDITION OF NEW YORK CITY BANKS EN D OF 1906. Dec. 29 1906.  OOs omttt.ed.  Capital.  Surplus.  Loans.  Specte.  Legals.  25:ii  Deposit,s. Re-  a've. a - - - - - - - - - - ---- --$- -----  %  2,000.0 2,956,2 17,102 ,0 2.768,0 1.356,0 15,090,027.3 Bank or N. y__ 2,050 ,0 2,863,7 21.2e0,0 3,874,0 2,400.0 23,7 0,0 26.3 Manhattan Co_ 876.0 13,301.6 24 .1 2,000.0 1,490,0 12,0l!6,8 2.332.1 Merchants'____ 3 ,000 .0 3,6 0 ,6 19.167,0 2,795.0 1.901.0 18,164,025.8 Mechanics'____ 20, 07,7 3,25 ,4 2,091.7 21,420,9 25 ,0 1.500,0 4,0 3, America__ ____ 6,774 ,024.8 111.0 7,572,0 1.570,0 375,1 1.000,0 Phenix_______ City __________ 25,000,0 20,663,4 141.347,9 25,764,7 7,919,2 118,592,928.4 300,0 7,914,6 23,431.8 4,159,9 1.710,0 21,791.2 26.8 Chem!caL_____ 5,844,6 26.7 280,6 5,543,8 1.282,4 4 5,4 600,0 Merchants' Ex_ 5,986,525.7 613,9 927,0 8,280,1 1.000,0 2,353,2 Gallatin_______ 2,506,521.4 79,2 457,9 2,397,1 157,3 300,0 Rutch. &Drov. 7,430,0 24 .4 827,0 987.0 6,549,0 386,9 700,0 Mech.& Trl\ders 6,550,422.4 401.9 1.070,3 5,698,2 646,9 500,0 Greenwich____ 3,905,9 1.075,4 19,481.8 25.5 5,000,0 4,607,3 27,026,1 Amer. Exch ___ Commerce _____ 25,000,0 13,811,8 130,090,5 16,454,7 8,396,2 101,491.8 24.4 · 3,000.0 4,711.9 20,923.7 3,312,9 1.194,8 17,463,825.8 Mercantile____ 3,979,216 .8 406,2 263,5 3,419.5 772,7 500,0 Pacific _______ 5,782,728.8 878,6 787,5 5,755,7 1.01 ,2 450,0 Chatham______ 2,592,126.7 584,5 109,7 2,105,2 466,3 200,0 People's______ 2,000.0 2 ,197,8 16,151 ,4 2 ,692,4 1.373,6 15 ,406,4 26.3 orth America. 3,000,0 7 , 50,7 51.364,3 12,670,8 4,955 ,2 61.003,3 28.8 Hanover______ 6,720,022 .7 442,7 LO 8,3 7,435,0 1.000.0 1.157,8 Irving ________ 1 ,62 ,3 2,672,2 1. 62,2 17,902,5 2"5.3 60,5 2,550,0 Citizens' Cent__ 3,597,019.3 447,3 247,6 3,277, 352,5 500,0 Nassau_______ 25 .8 6,378.5 637,4 6,894,6 1.014,2 Market&; Fult'n 1.000,0 1.51 ,4 156,6 11,834,126.0 11.232,3 2,920,2 809,2 2,000,0 Metrooolltan __ 3,000,0 4,767,6 35,136,0 6.703,0 4,022,0 40,524 ,026.4 CornExchange_ 9,959,819.5 456,1 750,0 1,202,9 10,1 1.7 1,491.1 Oriental ______ 1.500,0 7,030,9 23,979 ,7 4,151.0 1.121.0 20,617,0 25.5 Imp. & Traders' 3,000,0 8,144,2 68,139,0 14,477,0 3,941.0 75,208,024 .4 Park__ _____ __ 1.597.1 24.6 169,4 224,5 1.335 ,4 123,4 250,0 East River_ ___ 17,860,7 2,833.8 2,314,3 19,403,7 26.5 3,000,0 3,083,1 Fourth_______ 9,363,028 .7 9,307,0 1 ,164,0 1.523,0 1.777,8 300,0 Second_______ First _____ ___ _ 10,000 ,0 18,109,2 81,465,7 13,008,0 1.675,8 61.539,7 23.8 9,652,7 26.4 370,0 9,902,5 2,181.8 910,4 1.000,0 . Y. Nat. Ex_ 4,260,019.7 255,0 588,0 3,885,0 778,2 250,0 Bowery___ ____ 6,118 ,2 24.0 490,3 980,7 5,149,9 40,7 200,0 N. Y. County__ 3,843.2 24.6 184,8 762,5 4 ,005,1 603, 750,0 German-Amer_ 5,000,0 4,159,6 46 ,368, 4 10 ,634,2 1.110,7 48,577,824 .1 Chase_ ___ _____ 625,3 11.244 ,6 27.5 10,113,2 2,473,4 100.0 1, 40,5 Fifth Avenue__ 4,467, 21.4 825,0 135.0 3,399,4 14,1 200,0 German Exch__ 5,551.220.7 678, 473,0 4 ,645,5 936,5 200,0 Germania_____ 300,0 1.670,4 15,015,8 1.914,8 2,526,7 16,867,226.3 Lincoln_ ______ 8,216,024.5 363,5 1.649 ,2 7,885,1 1,000.0 1,391.1 Garfield_______ 2,9 3 ,8 21.7 188,2 459.9 3,0fi5,6 456,6 250.0 Fifth______ __ _ 9,653,622.2 1.142,3 1.006,3 9,990,1 1,660,3 1.000,0 Metropolis ____ 4,422,024.6 527,0 563,0 4,317,0 84fi,2 200,0 West Side_____ 17,412,0 3,363.0 1.48 .0 19,905,024.3 1.000 .0 1,260,1 eaboard ______ 4,971.0 22.7 4.55,0 674,0 5,084,0 685,3 300,0 First N., Bklyn. 8,398,825.0 693,0 10,651.9 1.415,0 1.000,0 2,224,9 Liberty ___ ____ 7 ,150 ,1 25.5 455,0 1.374,0 6,149,0 571,4 1.000,0 N. Y. Prod. Ex. 5,990,020.1 505,1 701.2 5,397,fl 280,9 1.000,0 New Amster ___ 4,726,020 .4 233,0 733,0 5,088,0 727,7 350,0 Astor ___ _____ 190,015,224,0 25 .3 12,645,0 3,666 ,0 100,0 1.542,3 State ___ ______  123.lSO.O 156.632.3  ~~ Totals _______ aTotal United States deposits Included, 516 ,529.000 .  .71.371.5 a98l.301.1 25.fi  CROP AND OTHER P .R ODUCTIONS. CER E ALS, IRON AND COAL PRODU~T.  T HE COUNTRY'S L A RGE GR A IN H ARVESTS .  1  The Bureau of Agriculture at Washington has made public its final estimates of the grain harvests of 1906; and a phenomenal record they disclose. In the case of all the leading cereals the 1906 crops come either very close to the rughest previo us totals or they actua lly exceed such totals . The corn crop is put a t no less than 2,927,000,000 bushels , or 220 ,000,000 bushels in excess of the corn production of 1905 , which was itself of unequaled magnitude. The wheat crop is not the largest ever made, but exceeds that of all the years immediately preceding and really falls but little behind t he record total reached five years before , in 1901. The spring-wheat yield was somewhat below that of 1905, the comparison being 242 ,372 ,966 bushels against 264,516,655 bushels , but the winter-wheat yield was heavier , being 492,888 ,004 bushels against 428,462,834, and, indeed, surpassed that of all previous years . This gives a t otal wheat crop for 1906 of 735,260,970 bushels, against ·692 ,979 ,489 i~ 1905 and 552 ,399,517 bushels in 1904and comparing with 748,460 ,218 bushels in 1901. Perhaps the most surprise will be felt as to the estimate fo r oats . The Department makes the crop larger even than that of 1905, which, with one exception, was the best ever raised. The surprise is owing to the fact t hat all through the season the reports concerning this crop were more or less unfavorable, a nd up to the time of the appearance of the present figures the well-informed had looked for a decrease of from 100 to 150 million bushels from the large total of 1905. In the Government Crop Reporter for January 1907 attention is called to the fact that, owing to a revision in the acreage figures, the acreage· devoted to oats has been raised from 27,678,000 t o 30,959,000 acres. This accordingly explains the · unexpected increase in the size of the crop. Nevertheless the disposition is to think that the - Department in this instance has taken a too sanguine view of the out-turn. If the yield should be as large as indicated by the Bureau, it is certainly a noteworthy circumstance that the price should rule higher than that realized on the previous crop. We do not mean the price in any particular locality, but the general average. The Department gives the farm value of all the various crops, indicating what the farmer receives for his produce at the point of production. Of course the price varies considerabl;y in different parts of the country , being governed largely by nearness or remoteness to shipping points and cost of transportation to the consuming centres, but taking the average of these farm values for the whole country it is found that the price for 1906 works out 31. 7 cents per bushel, as against only 29.1 cents in 1905. Barley and rye are of much smaller consequence than any of the cereals already named; these minor productions , though, also reveal for 1906 exceptionally favorable results. To show how the output as a whole for t he five cereals here mentioned (namely, corn, wheat, o~t , barley and rye) compares for the last five years, we have prepared the follo wing table.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CROPS OF WHEAT, COR~ . OATS , B ARLEY AND RYE. Total P roduction .  1906.  1905.  1904.  1902.  1903.  Bushels . Bushels. B 'U/Jhels. B ushels . Bushels. Corn ______ 2 ,927 416 ,091 2 ,707 ,993,540 2,467 ,480,934 2 ,244,176,9 25 2 ,523 ,648,3 12 Wheat ___ 735,260 ,970 69 2,979,489 552 ,399,517 637,821,835 670,063 ,008 Oats __ ____ 964,904 ,522 953,216 ,197 894,595,552 784,094,199 987,842,712 Ba rley ___ 178 ,916,484 136,651.020 139,748,954 131 ,86 1.391 134,954,023 Rye __ ____ 33,630 ,592 29,363 ,416 27,234.565 27.616,045 33,374 ,8 33  Tot.aL __ 4,839,872 ,900 4,5 18 ,456 ,29 1 4,081,459,522 3 ,827 ,3 17,766 4 ,350,13 ,647  From the foregoing we get a gra phw idea of the way farming interests have prospered in 1906. The aggregate yield of the five crops for 1906 is 4,839 million bushels as against 4,518 million bushels in 1905, 4,081 million bushels in 1904 and 3,827 million bushels in- 1903. Thus we have a yield in 1906 greater by a thousand million bushels than that of 1903, which was by no means a poor-crop year. Even allowing for a possible over-estimate of 100,000,000 bushels in oats, 1906 still retains its pre-eminence and distinction as a period of exceptionally bounteous harvests. There is perhaps one other characteristic of 1906 to which allusion should be made in recounting the year's advantages. With the exception of oats, there was at no time any doubt that the crops would be large if not unprecedented. There were occasional complaints of damage at isolated points , but speaking of the agricultural productions as a whole, nothing occurred during the planting and growing season to impair the prospect of a large yield. In brief, there was almost complete freedom from the anxieties which usually attend the work of farming from week to week and from month to month during the time when weather and meteorological conditions are of such supreme import~nce. And even rumors of damage were very infrequent. We add still another table to show the wheat, corn and oats crops since 1880, or for the last twenty-seven yea;s. In this way the 1906 figures become still more impressive, since by contrast with the much smaller totals of most of the years preceding additiona J emphasis is given to the magnitude of this year's totals. The table also contains a column indicating the cotton crop for each of the years given. It is proper to _say that the figures of this staple inserted for 1906 are simply the average of the estimates of the New York Cotton Exchange. CROPS OF WHEAT , CORN , OAT A D COTTON S I NCF. 1879. Y ear.  1880 1881 1882 1883 1884 1885 1886 1887 1888 188!i 1889 1890 1891 1892 1893 1894  - - - - --- - - - - - - - - - - - - ---- - - ----__ - _- ___ - - - _____ - ---- -- - - --- - -- - -- - - - - -- - - -- -- _ ------- --- ------------ ----------- -- - - - - - - -- - -- -- - - - - - - -- - - - - - - - - - - - - - - - - -1 (Census) - _ - - - ; 1 ----- ---- --- ---- -------- -- - - --- -- - --- ___ -- __ --- --- - ------___--_ - - __ - _______  1 95 ---------- - --- -- - - - - - -__- - -_______ 1 96 -- -- -- -__- __ 1897 1898 ----- -- ------- -1899 - - --------- - -! 1899 (Census) - - - - - - -1 1900 -- _-·- - - - - - - __ ___ 1901 a ______ ______ ___ 1902 --- - - - - -- - - -- ___ 1903 - - - - - - - - - - - - - - - 1904 - - - - - - - - - - - - - - - 1905 - - - - - --- --- - - --1906 - - - - - - - - - - - - - - - -  Wheat.  Corn.  Oats.  Bushels. 498,549,868 383,280,090 504,185,470 421,086 ,160 512,765,000 357,112 ,000 457,218,000 456,329 ,000 415,868 ,000 490,560,000 468,373 ,968 399 ,262,000 611,780,000 515 ,949,000 396 ,131,725 460,267,416 467,102 ,947 427,684,347 530,149,168 675,148 ,705 54 7,303,846 658,534,252 522,229 ,505 748 ,460 ,218 670 ,063 ,008 637 ,821,835 552 ,399,517 692,979,489 735,260,970  Bushels. 1,717,434 ,543 1,194,916,000 1,617,025,100 1,551,066,895 1,795,528 ,000 1,936,176,000 1,665,441,000 1,456,161.000 1,987,790,000 2,112, 92,000 2,122,327,547 1,489,970,000 2,060,154,000 1,628,464 ,000 l ,619,496i31 1,212:110, 52 2 ,151,138,580 2 ,283,875,165 1,902 ,967 ,933 1,924,184,660 2 ,078,143,933 2,666,440,279 2 ,105, 102,516 1,522 ,519,891 2,523,648,312 2,244 ,176,925 2,467 ,480.934 2,707,993,540 2,927 ,416,091  Buahels.  417,885,380 416,481,000 488,250,610 571.302 ,400 583,628,000 629,409,000 624,134,000 659,618,000 701.735,000 751,515,000 809,250,666 523,621,000 738,394,000 661,035,000 638,854,850 662,086,928 824,443,537 707 ,346,404 698,767,809 730,905,643 796,177,713 943 ,389,375 809,125,989 736,808, 724 987,842,712 784 ,094,199 894.595,552 953,216,197 964,904,522  CoUon.*  }  }  Balea. 6,589,329 5,435,845 6,992,234 5,714,052 5,669,021 6,550,215 6 ,513,623 7 .017,707 6,935,082 7,313,720  8,655,616 9,038,708 6,717,147 7,527,212 9,892,761 7,162,476 8 ,714,011 11,180,960 11,235,383 9,439 ,559  10,425,141 10,701,453 10,758,326 10,123,686 13,556 ,841 11,319,860 d12,457,000  a These are the revised grain figures ot the Agricultural Department Issued a tter the Census reported its results for 1899, showing much larger ootals than tho e or he D epartment. * These are our own ftgures . d Average est imate ot the New York Cotoon Exchange.  38  CROP A D OTHER PRODUCTIONS.  It remains to ·be said that in the case of the other leading agricultural products the yield 1s also quite generally above that of 1905. This is not true of hay, where the crop is put at 57,145,959 tons against 60,531,611 tons; but in the case of potatoes the yield is given as 308,038,382 bushels against 260,741,294, and m the case of tobacco 682,428,530 lb against 633,033,719 lbs. We have referred above to the farm price for oats as being higher than a year ago. The average as to the other crops is, as a rule, lower, thus making the exception of oats all the more significant. For corn the average is 39.9 cents per bushel against 41.2 m 1905 and 44.1 in 1904 and for wheat 66.7 cents against 74.8 cents in 1905 and 92.4 cents in 1904, as will be seen from the table we now present.  BARL&Y CROP FOR FIVE YEARS.  Barley. California ________ _ Iowa _____________ _ Minnesota ________ _ WlS<'Onsin - - -- -- -- North Dakota _____ _ New York ________ _ Kansas ___________ _ South Dakota _____ _ Washington ______ _ Nebraska _________ _ Michigan ____ _____ _ Oregon __ _________ _ Ohio ____________ _ Vermont _________ _ Ida ho - - - - - - - -- - --  ~K~ ========= Barley___ _____ Corn_______ __  I  ::"  .. "  Buck,vheat____ Potatoes ____ _  ~~  1905.  Cents.  Cents.  66.7 58.9 31.7 41.5 39.9 59.6 51.1  74.8 60.7 29.1 40.3 41.2 58.7 61.7  . - 1 1902. 1~  Cents.  Cents.  Cents.  Cents.  92 .4 68 .S 31.3 42.0 44. l 62.2 45 3  69.5 54.5 34.1 45.6 42.5 60.7 61.4  63 .0 51.4 30.7 45.9 40.3 59.6 47.1  62 .4 55.7 39.9 45.2 60.5 56.3 76 .7  I  I  In order that the reader may have the product by States for the different crops, we append the followng tables. WHEAT CROP FOR FIVE YEARS.  1906.  Bushels. 38 .760,000 15,734,800 31,591,420 22,349,600 15,315,400 2,266,876 8,436,500 22,910,000 5,803,281 3,360,000 1,827,000 2,09.5,170 653,250 420,168 1 ,928,148  1905.  Bushels. 26,606,960 11,661,390 29,012,526 14,742,584 19,326,244 2,331,735 3,364,438 9,962,400 6,772,560 1,828,695 904,473 1,855,722 606,923 507,578 2 ,646,120  1904.  Bushels. 28,091,999 13,552,945 32,123,041 14,941,290 17,518.074 2,614,554 3,238,488 9,787,624 5,824,198 1,878,407 868,082 1,753,111 786,472 437,019 1,707,310  1903.  Bushels 30,878.242 11,294,923 27,783,170 13,393.975 12,468,384 2,!H5,786 4,387,845 10,656,438 6 .158,257 1,704,262 945,529 2,048,473 686,977 393,382 1,440,706  1902.  Bushels. 29,751,124 13,505,024 25,956,245 16.ii0S,630 lii,861,557 3,359,210 2,223,024 8,927,754 6,121,278 2,033,256 1,106,277 1,988,136 1,024,007 384,734 1,748,945  TotaL ___________ 173.951,613 132,13fl .348 135,122,614 127,156,349 130,497,201 All others ______ ____ 4.964,871 4,520,672 4,626,340 4,705,042 4,456,822_ Total United States_ 178,916,484 136,651,020 139,748,954 131.861,391 134,954,023 RYE CROP FOR FIVE YEARS. Production , Production, Pr1Jduction, Production, Production .  Rye.  AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS. 1906.  Productwn, Production, Production, Production, Production,  1906.  1905.  Bushels. 5,886,505 2,165,984 4,796,253 991, 65 1,048,996 1,286,478 1,593,810 2,145,600  1904.  1902.  TotaL ___________ Allothprs__________  30,382,449 25,605,812 24 ,395,181 26,374 ,807 30,482,533 2 .992 .384 2,010,233 2,839,384 2,98~.609 3,148,059_  Total United States_  33,374,833 27,616,045 27,234,565 29,363,416 33,630 592  876,226 424,039 300,000 208,176  Bushels. 5,746,525 2,404,974 5,23,5.806 1,095,931 1,340,437 1,215,506 1,749,159 2,286,622 937,420 2,228,491 233 ,708 837,421 469.350 284,028 309,429  Bushels . 6,076,160 2,884,262 6,209,633 1,239,941 1.056,2 8 1,496,848 2,163,167 2,779,655 1,125,2 6 3,250, 22 272,772 808,908 574.606 293,174 251.011  Pennsylvania _____ _ ~ew York ________ _ Wisconsin _____ ___ _ Iowa ___ • _________ _ Kansas ___________ _ lllinols _____ • _____ _ Minnesota ________ _ i\1:l('hig:i,n ____ ____ __ New Jersey _______ _ Nebraska __ _______ _ Ohio ____________ _ Caiitornta ________ _ Indiana __________ _ Maryland _________ _ Virginia _________ _  HA8:~~i 210,348  Bushels. 5,367,108 2,177,761 4,905,263 1.059,623 928,382 1,283.568 1,648,967 1,752,590 1,224,422 2,157,237 221,343 512,255 478,588 303,770 374,304  1903.  Bushels. 6,025,011 2,430,226 4,546,259 980,425 1,026,272 1,093,508 1.707,046 5,800,000 1,347,844 1,995,000 1,014.000 802,355 1,105,000 289,649 219,854  Production. Production, Production , Production, Production, Wheat.  1906.  1905.  1904.  1903.  Ohio ____________ _ Indiana __________ _ Minnesota _____ ___ _ Kansas ___________ _ Callfornia ________ _ Illinois ___________ _ North Dakota _____ _ South Dakota _____ _ MissourL _________ _ Michigan _________ _ Pennsylvania _____ _ Oregon ___________ _ Wisconsin _____ ___ _ Nebraska _________ _ Washington ______ _ Iowa ______ _____ __ _  Bushels 43,202,100 48,080,925 55,801,591 81,830,611 26.883,662 38,535,900 77,896,000 41,955,400 31,734,900 13,644,960 29,073,188 14,215,597 4,690,810 52,28 ,692 25 ,075,258 9,212,218  Bushels. 32,197,710 35,351,464 72,434,234 77,001,104 17,542,013 29,951.584 75,623,044 44,133,481 28,022,338 19,003,274 27,860,671 13,382,585 7,8\:13,381 48,002,603 32,516,810 13,683,U03  Bushels. 17.563,478 12,525,993 68,344,256 65,019,471 17,474,864 21,542,421 53.892,1\l3 31,556,784 27,163,141 6,873,005 21.857,961 14,050,193 7,4 3,563 31,453,943 32,140,603 11,266,220  Bushels. 28,303,515 23,994,030 70,652,597 87,249,567 20,926,192 16,571,940 55,240,580 47,252,994 22,194,614 15,524,862 26,038,444 12,438,827 8,365,335 42,157,560 19 ,986,345 12,531,304  1902.  Bushels. 36,333,379 35,484,44 79,752,404 45,827,495 22,374,201 32,601,932 62,872,241 43,973,033 56,266 ,494 18,693 ,218 24,628,171 15,512,460 9,655,094 52,726 ,451 23,672,1 7 14,869,245  Tot.1.L -- - - -- --- - - 594,121,818 574,599,299 440,208,089 509,428,706 575,242,453 A.llotbers ______ ____ 141.139,152 118,380,190 112,191,428 128,393,129 94,820,555 Total United States a 735.260 ,970 692,979,489 552.399,517 637,821,835 670,063,008  a Of which 492,888,004 bushels winter wheat and 242,372,966 bushels spring wheat in 1906, against 428,462,834 bushels winter wheat and 264,515,655 bushels spring wheat in 1905. CORN CROP FOR FIVE YEARS. Corn.  Iowa ____ _ Illinois ___ _ Kansas __ _ Missouri __ Nebraska_ Indiana __ Ohio ____ _ Texas ___ _ Tennessee_ Kentucky_ Penn'a ___ _ Arkansas __ Wisconsin_ Mi<'higan __ Minnesota_  Production.  Production,  Production,  Production,  1906.  1905.  1904.  1903.  Bushels . 373,275,000 347,169,585 195,075,000 228,522,500 249,782,500 183,893,767 141,645,100 155,804.782 86,428,912 105,437,376 57,960 ,239 52,802,569 60,105,732 54,575,000 50,149,277  Bushels. 305,112,376 382,752,063 193,275,836 203,294,798 263,551,772 187,130,623 112,399,396 139,146,404 77,207,912 94,893,638 56,085.903 38,323,738 55,407,849 41,775,936 48,997,455  Bushels. 303,039 ,266 344. 133,680 134,609 ,669 151 ,522,643 260,942,335 143,396, 57 99,628,555 136,702,699 80,890,025 86,815,580 48,535,748 48,332,614 45 ,119,913 36,990,468 41,809,083  Production.  Bushels. 229,218,220 264,087,431 171,687,014 202,839,584 172,379,532 142,5 0,886 8,095,757 140,750,733 75,283,778 82,545,54() 45,447,636 48.212,()63 43,639,449 44,212 ,228 40,726,870  1902.  Bushel.s . 297 ,686,016 372,436,416 222,805,621 264,232,605 252,520,173 171,332,142 121 ,608 ,51 2 44,867,415 73,081,329 90,093 ,357 53,658,426 50,655,042 42,425,349 35,193,814 33,826,559  TotaL __ 2,342,627 ,339 2,199,355,699 1,962,469,130 1,791,707,327 2,126,422,776 584,788,752 508,637,841 505.011,804 452.469,598 397,225,536  All others_  Total U. S. 2,927,416,091 2,707,993,540 2,467,480,934 2,244,176 ,925 2,523,648,312 OATS CROP FOR FIVE YEARS.  Oats. Illinois------ - ----Iowa ____ ____ ______ Minnesota _____ .____ Wisconsin _________ Kansas ____________ Ohio ------------MlssourL __________ Pennsylvania-----New York _________ Michigan---------Nebraska __________ Indiana----------North Dakota ______ South Dakota ______ Texas -- - --- - -----  Production. Production, Production, Production, Product·ion ,  1906.  1905.  1904.  1903.  1902.  Bushels. 107,763,500 140,777,000 72,011 ,160 91,630,000 24,780,000 48 .380,000 14,685 503 31,816,496 40,233,784 43,747,500 72,275,000 50,196,000 40,485,608 46,410,000 31.822.512  Bushels. 132,779,762 131.115,180 80,669,700 98,579,988 23,248,223 37,993,108 19,684,885 39,480,324 43,030,782 35,948,951 58,474,370 47,432,822 46,594,381 28,103,517 28,713,416  Bushels. 117,341.952 122,323 ,200 85,178,503 86,734,515 16,955,087 49,733 ,541 16,265,549 39,761,818 42,4 0,143 32,175,665 57,908,489 42,358,732 31,010,360 27,825,252 28,688,320  Bushels. 98,525,762 84,133,944 68, 09,174 79,688, 46 26,011,753 30 ,752,419 17,401.783 34,582 ,863 44,584,812 29 ,602,995 59,426,658 29,457,705 21,845,006 27,267,194 32,475,613  Bushels. 153,450,423 124,738,337 82,259,697 95,037,810 31,529,128 46,409,791 27,816,165 45,036,182 52,982,560 40 ,340,137 62,121.601 48,565,685 29,437,402 24,100,844 20,807,361  Total_ __________ 857,014,063 851,849,409 796,740,526 684,566,527 884,633,123 Allothers __________ 107,890.459 101,366 ,788 97,855,026 99,527,672 103,209,591 Total United State.s_ 964,904 ,522 953,216,197 894,595,552 784,094,199 987,842,712   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  THE DECREASE IN LAST YEAR'S ANTHRACITE COAL PRODUCTION. It has often been observed that the anthracite coal trade does not always follow the course of general trade, but seems to pursue an independent pathshowing, -not infrequently, a decrease in production at a time of rising prosperity and great activity m in dustrial affairs, and vice versa. Some such reflection will undoubtedly occur to the reader when he sees the anthracite figures for 1906 and notes that they show a decrease in output as compared with the twelve months preceding of nearly 6,000,000 tons. However, the anthracite trade is governed now by totally different conditions from those which formerly prevailed. There was reason for erratic movements m the trade when chaos rather than order reigned-when, through cuts in prices, purchases and consumption of coal might for the time being be immensely stimulated, or when the managers, brought suddenly to their senses by impending bankruptcy, would seek to restore prices in part, only to find that the market for coal had, as it were, completely vanished-dealers and consumers having stocked up in advance to such an extent at the lower prices that they had no need for coa~ at the higher figures. No such conditions prevail at this time. The an thracite trade is now managed in accordance with com mon sense rules, thanks to the community of interest existing among the various carrying and producing interests m the trade. Different reasons therefore must be sought for the 1906 falling off in production. And these reasons can be found in abundance. In the first place there were disagreements with the laborers or miners. There was suspension of mining through the whole of the Pennsylvania anthracite fields during April and the first ten days of May. The contract between the miners and operators, entered into after the great miners' strike in 1902, and which was based on the award made early m 1903 by the Anthracite  CROP AND OTHER PRODUCTIONS. Strike Commission appointed by President Roosevelt, expired April 1 1906, and the miners were unwilling to enter into a new contract on the same basis. Speaking through Mr. John Mitchell's organization, the United Mine Workers, the miners asked for decreased hours and increased pay, on top of the large increases they had obtained in 1903 and in previous years. The suspension of mining, which was complete, was a step taken by the miners pending the conclusion of the negotiations between them and the operators for a new contract more favorable to the men, as they hoped, and was in the nature of a weapon to compel the operators to accede to the terms demanded. But eventually the miners were forced to give way. Popular opinion did not support them in their demands, as the consuming public saw very clearly that a further , advance in wages meant a further advance in price of coal, and this consumers were unwilling to pay, especially as they felt the miners were already faring exceptionally well. Mr. John Mitchell, with great perspicacity, seemed to recognize this fact, and on May 7 the miners agreed to accept the terms originally proposed by the anthracite operators and continue the award made by the Strike Commission for another period of three years, to April 11909, with only some slight and insignificant modifications. It seems to be correct to say that the miners in no essential particular gained anything by their course. In the meantime, however, coal mining was stopped, and the effect on the year's output can be judged when we say that in April the shipments to market were only 488,203 tons J as against 5,278,041 tons in April 1905 and 5 ,407 ,786 tons in April 1904. For May the shipments were 3,254,230 tons, against 6,005,158 tons in 1905 and 5,285,079 tons in 1904. The loss sustained at that time was never subsequently recovered. Indeed, no serious attempt seems to have been made to make it up. In the remaining seven months of the year, the monthly figures only in three instances showed larger totals than for the corresponding month of 1905. In the other four months there were decreases, as will be seen from the following comparative statement, showing the monthly shipments to market for each of the last six years.  39  stored at various points along the lines of the coalcarrying roads in anticipation of a possible strike. It thus happened that, though in May 1906, owing to the idleness at the mines, only a comparatively trifling amount of coal came to ma.r ket, there was at no time any shortage in supplies at consuming points, the stored coal being sufficient to meet all demands until production was resumed. There can be no doubt that this is an accurate statement of the situation of affairs. And yet in and by itself it does not seem entirely sufficient to account for the large decrease for the twelve months. If we combine the 55,698,595 tons shipments for 1906 with the 61,410,201 shipments for 1905 we get an average for the two years-and this seems a fair way of treating the matter-of 58,554,398 tons, which compares with 57,492,522 tons for 1904, showing a relatively small increase, and with 59,362,831 tons in 1903, in which last year, however, the shipments were of more than normal extent by reason of the strike of 1902. Other things being the same, this average for the last two years is smaller than one would expect it to be, except for the possible intervention of extraneous causes. One such extraneous circumstance will easily be recalled-and a very important one, too, as far as the anthracite trade is concerned. We refer to the mild winter which prevailed, especially during January and February, when the demand for coal for family use is ordinarily at its maximum. In this city the temperature at times in January 1906 rose to above 60 degrees and January 20 to January 23 a warm wave spread over the northern part of the country. Many different places in the North and West reported the warmest January in twenty to thirty years. In February the weather was almost equally mild. Bearing this fact in mind, together with the other circumstances already narrated, and the large decrease in anthracite production and consumption at a time of great trade prosperity, is no longer difficult to understand. It is well enough to note, too, that at the close of 1906 the total of the stocks of coal at tidewater was rather smaller than we are accustomed to see it at the end of the year. In other words, on Dec. 31 1906 these tidewater stocks were 583,125 tons, against 714,143 1906. 1905. 1904. 1903. 1902. Months. 1901. tons December 31 1905, 715,715 tons December 31 January ____ 5,458,084 4,408,578 4,134,245 5,964,950 4,538,138 5,192,290 February ___ 4,712,099 3,922,601 4,326,269 5,070,608 3,741,253 4,123,594 1904 and 714,276 December 3°1 1903. We show hereMarch _______ 5,797,167 5,258,567 4,375,033 5,211,450 3,818,767 5,002,315 ApriL _______ 488,203 5,278,041 5,407,786 5,044,998 4,924,829 3,715,295 May ________ 3,254,230 6,005,158 5,285,079 5,156,449 1,708,892 4,693,562 with the anthracite shipments for each year back to June _______ 5,676,018 5,844,052 5,728,795 5,436,497 92,203 4,792,443 It should be understood that these shipments July ________ 4,981,448 4,546,743 4,623,227 5,377,495 ' 239,079 3,699,628 1873. August ______ 5,400,511 5,041,838 4,325,734 5,169,402 321,774 4,711,517 September ___ 4,527,886 5,082,232 3,967,600 4,654,444 455,883 4,379,143 do not include coal used at the mines nor coal sold October _____ 5,384,768 5,205,694 5,131.542 3,925,642 1,276,257 4,938,033 November ___ 5,182,153 5,421,584 5,124,068 4,091.147 4,984,384 4,697,329 locally, nor yet the consumption by the anthracite December ___ 4,836,028 5,395,113 5,063,144 4,259,749 5,099,431 3,623,453 - - - - - - - - - - - - - - - - - - carriers themselves. Probably, to get at the total Total tons-55,698,595 61.410,201 57,492,522 59,362,831 31.200 ,890 53,568,602 output it would be necessary to add from 10 to 15% It appears from these figures that for the calendar to the figures of shipments. year 1906 the anthracite shipments to market from Year. Tons. Year. Tons. 1906 ____ -- ---- __ -- _____ 55,698,595 1889_ - - -- _________ -- ___ 35 ,407 ,710 the Pennsylvania fields were only 55,698,595 tons, 1905 __ ---- -- ____ -- ---- _61,410,201 1888 ____ --- -- __________ 38,145 ,718 1904 __ ---- --- -- -- _ --- __ 57 ,492,522 1887 -- -- -- _ ----- ___ -- __ 34,641,017 1903 _____ ___________ ___ 59,362,831 1886 ___________________ 32,136,362 against 61,410 ,201 tons in' the calendar year 1905. 1902 ________ --- ___ -- ___ 31,200 ,890 1885 __ -- ---- _ --- -- -- ___ 31,623,529 1901 -- _ ---- - -- __ --- __ 53,568 ,604 1884-_ -- -- ____ -- _______ 30,718,293 It may seem strange that no determined effort should 1900 __ ____ -- ____ --- - -~ __ _45,107 ,486 1883 __ -- _ -- _____ -- __ -- _31,793,027 1899 ___________________ 47,665,203 1882 ___________________ 29,120~96 have been made in the later months to retrieve the 1898 _________ --- -- -- __ -41 ,899 ,751 1881 _____________ ___ -- _28,500,017 ____ -- ----- _______ _41,637 ,866 1880 _______ --- _ -- ___ -- _23,437 ,242 losses of the earlier months. An explanation, how- 1897 1896 ___ - -- -- _ - - - _ - - _ - - -43 ,177 ,483 1879 ______________ -- -- _26,142 ,689 1895 __ ------ - - -- -- - - __ _46,511,47711878 __ - --- - - ---- ---- ___ 17 ,605 ,262 -e ver, is found in the fact that during all the latter part 1894 ___ -- - __ --- - - _ - ___ _41,391,200 1877 -- -- ---- -- --- ______ 20 ,828,179 1893 ________ -- _____ -- _ _43,089 ,536 1876 ____ -- __ -- _ __ -- ____ 18,501,011 ____ --- _ -- ---- ____ _41 ,893,320 1875 __ -- _ ------ -- ______ 19 ,712,472 -of 1905 a strike in 1906, with the expiration of the 1892 1891 ___ _____ -- ____ -- __ _40,448,336 1874 ____ -- _______ --- ___ 20 ,145 ,121 miners' contract, had been nearly everywhere looked 1890 ___________________ 35,855,17411873 ___________________ 21227952 · forward to and preparations ma.de in advance for the As to the amounts passing over the different roads, event. The "Engineering and Mining Journal" of it is almost superfluous to say, in view of the large this city, in its annual review, points out that the ship- decrease in the total shipments in 1906, that no one ments of 1905 were swollen by large quantities of coal of the leading coal-carrying roads transported as much sent from the mines in November and December and coal to market in 1906 as in 1905. In the ratios,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4Q  CROP AND OTHER PRODUCTIONS.  however, there have been larger or smaller fluctuations, and under the contraction in the total movement some roads have fared better than others. The Lehigh Valley's proportion was appreciably reduced; that of the Lackawanna was considerably increased, though in the case of that road such increase is simply a recovery of what the road had lost in the years preceding. For 1906 the Lackawanna's percentage of the total shipments was 16.52, as against 15.56 in 1905; but going back to 1902 we find that its proportion in that year was 16.51%, or almost precisely the same as for 1906. There is, of course, a thoroughly good understanding among the different coal-carrying roads, but the fact that these percentages of the total shipments over the different routes vary more or less from year to year is evidence that no hard and fast rule exists for the division of the traffic among the lines. The table we now present shows the shipments over the leading roads in each of the last four years. --1906-- --1905-- - -1904-- --1903--  Tons.  Reading ----11,258,295 Lehigh VaL. 8,536,254 Cent. N. J.. 6,983,217 D. L. & W~- 9,201.875 Del. & Hud. 5,346,695 Penn. RR--- 4,856.004  %  Tons.  %  Tons.  %  Tons.  %  20.21 12,574,502 20.48 11,399,622 19.83 11.490,963 19.36 15.32 10,072,120 16.40 9,611,426 16.72 9,737,160 16.40 12.54 7,983,274 13.00 7,201.276 12.52 7,404,612 12.47 16.52 9,554,046 15.56 9,33.3 ,069 16.23 9,575,551 16.1 3 9.60 5 ,640,528 9.19 5,276,797 9.18 5,927,283 9.99 8.72 4,890,635 7.96 4,765.953 8.29 4,555,459 7.67  Penn. Co&Ll 6,225.622 10.14 5,711,173 9.93 N.Y.S.&W.J N.Y.O.&W .• 2,444.273 4.39 2,864,096 4.66 2,646,730 4.61 Del. S. & S •• 1,435,445 2.58 1.605,378 2.61 1.546,476 2.69  Erte _______ ~ 5.636,537 10.12  6,343,852 10.68 2,693,462 4.54 1.634,489 2.76  Totat_ ____ 55,698,595 100.0 61.410,201100.0 57 ,492 ,522 100.0 59,362,831100.0  With reference to prices, the changes during 1906, as in the years immediately preceding , were limited to those made in accordance with pre-arranged plans. The practice in recent years has been, as is known , to have a fixed schedule of prices (on the basis of $5 a ton for egg, stove and chestnut and $4 75 for broken or lump coal), but to allow a rebate from these figures during the spring and summer months, beginning with the 1st of April. The rebate is 50 cents a ton the first month, then drops to 40 cents, 30 cents, 20 cents and IO cents with each successive month thereafter, until in September the rebate disappears altogether and the full winter schedule goes into effect. During 1906 there was some deviation from this practice, occasioned by the cessation of work at the mines during April and part of May. That is to say, the discounts of 50 cents and 40 cents respectively in April and May were omitted, owing to the stoppage of mining. The discounts, however, of 30 cents, 20 cents and IO cents for June, July and August, respectively, were given. As to the tidewater prices of the steam sizes, the "Engineering and Mining Journal" states that these were fairly uniform during 1906, closing at $2 80@$3 00 for pea, $2 25@$2 50 for buckwheat, $1 45@$1 50 for rice and $1 30@$1 35 for barley. THE COUNTRY'S PIG IRON PRODUCTION IN 1906. The official statistics of iron production in the United States for the calendar year 1906, as furnished by J\fr. J as . M. Swank, bear out the general estimates of the magnitude of the year's output. The year was one of marvelous activity and buoyancy in the iron and steel trades and the figures reflect that fact. Perhaps the best way to indicate the extent of the output and the great advance made is to say that in the twelve months of 1906 the country produced 25,307,191 tons of pig metal, that this compares with 22,002,380 tons in 1905 and but 16,497,033 tons in 1904. Thus the make in 1906 was over 50%   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  larger than it had been only two years before in 1904. It is true that 1904 had shown some falling off from the maximum of previous years, but it was by no means a period of very small production. A very noteworthy feature connected with the iron and steel business in 1906 is that it was a year of sustained activity from beginning to end. At no time was there any setback or indication of any. Production was maintained at high figures throughout. We do not mean that there were no variations in the .,utput from month to month. Local conditions always play more or less part in affecting the output and each furnace has special circumstances of its own to contend, against serving temporarily to reduce its own make of the metal. Weather and temperature are also important factors at certain seasons, besides which furnaces are often obliged to blow out for repairs. Such fluctuations in the monthly output as occurred during 1906 seem to have been due to one or more of these causes. The demand for iron-and for that matter for all the products of iron and steelwas never interrupted and every furnace and mill devoted all its energies to meeting such demand and never quite succeeded in the effort. In the spring it did seem as if prospect~ve suspension of coal mining over large areas of the United States might interfere with the obtaining of the necessary supplies of fuel by the makers of iron and perhaps throw the whole trade into disorder. But fortunately this possibility was averted through the compromise agreement reached between the mine operators and miners, under which mining was continued at a very large percentage of the coal collieries on the basis of a return to the wage scale of 1903. In several of the coal-producing States mining was actually suspended in considerable part for several weeks, but the fact that the remaining mines continued at work prevented any fuel scarcity. It is quite remarkable that the tone of the iron and steel trade never showed any unfavorable turn. In 1905, which was also an extremely prosperous year, there was at least a lull in the spring, namely in April and May. In that year the tone in those months was distinctly weak, and orders for the time being were almost completely withheld, buyers fearing a relapse, which never really came. No such lull occurred in 1906, and the tone remained firm, even buoyant, from beginning to end. The nearest approach to anything even savoring of a let-up in the unrestrained buoyancy which prevailed occurred in June, when the dissolution of the Southern Furnace Association was announced and a block of No. 2 Birmingham pig iron was offered at a cut of $1 per ton in price. But this affair had relation only to the foundry grades of iron-iron used in steelmaking being unaffected-and an upward rebound quickly ensued, so the incident proved little more than a passing event. Dividing the last two years into six months periods, each six months shews an increase in the make of iron over the six months preceding. The last half of 1904, when things were rather quiet in the trade, the prod~ct had been 8,323,595 tons. From this there was an increase to 11,163,175 tons in the first half of 1905; in the second half a further increase to 11,829 ,205 tons; in the first half of 1906 an increase to 12,582,250 tons; and in the last half still another increase to 12,724,941 tons.  CROP AND OTHER PRODUCTIONS. The further additions latterly, it will be seen, have been small, but that is simply because previously the output of the existing furnaces had been breught nearly to its maximum, while the building of additional furnaces is a slow matter. Mr. Swank reports the whole number of furnaces in blast on Dec. 31 1906 at 340, against 323 on June 30 1906 and 313 on Dec. 31 1905. Actually, there were 374 furnaces in blast in the second half of 1906, compared with 361 in the first half. In 1905 the number in blast during the last half was 349 and in the first half 334. Mr. Swank states that theaggrega te of active furnaces at the end of 1906 was larger than at the close of any year since 1889, when 344 furnaces were in blast. PRODUCTION OF PIG IRON IN HALF-YEARLY PERIODS.  Gross Tons. I  1896-lst half______________ -4,976.236 2d haJL ______________ 3,646,891 1897-lst halt _______________ 4,403,476 2d haJL ______________ 5,249,204 1898-lst half _____________ __ 5,869,703 2d half_______________ 5,904,231 1899-lst half _______________ 6,289 ,167 2d ba1t_______________ 7,331,536 1900-lst haJL ______________ 7,642,569 2d bal1 _______________ 6,146,673 1901-lst halt___________ ____ 7,674,613 2d half------------- - -8,203,741  1902-lst 2d 1903-lst 2d 1904-Ist 2d 1905-lst 2d 1906-lst 2d  Gross Tons .  half ______________ 8,808,574 half_ _____________ 9,012,733 half ______________ 9,707,367 halt_ - - _____ - _- --- 8,301.885 halt ______________ 8,173,438 haJL _____________ 8,323,595 half_------ _______ 11,163,175 half ______________ ll,829,205 half ______________ 12,582,250 hait--------------12,724,941  41  In a study of the year's results, it is always interesting to see the distribution of the make of iron among the different States and geographical divisions. Chief intereet in recent years has centred in the progress which the South records. Not so very long ago predictions were very confident that the South would soon surpass the other sections of the country. Nothing of the kind has actually occurred. The South is increasing its product from year to year in common with the rest of the country, but at no unusual rate. In 1906 every State from which figures are furnished made an increase over 1905 with a single exception, and that exception was a Southern State, namely Virginia. The output of the whole South in 1906 was 3,467,216 tons, against 3,219,673 tons in 1905, 2,743,313 tons in 1904 and 3,237,079 in 1903. In the three years, therefore, the South added only 230,137 tons to its output, though the production of the whole country in the same three years rose from 18,009,252 tons to 25,307,191 tons. In 1900 the South's contribution was 2,604,671 tons. The increase to 3,467,216 tons in 1906 reflects substantial growth. In the same six years, however, Pennsylvania increased its product from 6 ,3-65, 935 tons to 11,247 ,869 tons; 0 hio from 2,470,911 tons to 5,327,133 tons; Illinois from 1,363 ,383 tons to 2,156,866 tons, and even New York has run up its production from 292,827 tons to 1,552 ,659 tons. The South contributed 18.89% of the country's production in 1900 but only 13.70% in 1906. In the following we show the production by States for each of the last six years.  With home production and home supplies inadequate to meet home needs, consumers the latter part of the year turned to the foreign markets for a part of their needs. The Government trade statistics show that 379,828 tons of pig iron were imported in the twelve months of 1906, against only 212,465 tons in 1905 and but 79,500 tons in 1904. But the movement was limited to the crude material. Importations of iron and steel in other forms did not increase materially. PRODUCTION OF PIG IRON BY STATES. Taking all classes of iron and steel where quantities 1906. 1905. 1904. 1903. 1902. 1900. 1901. are reported by weight, the imports in 1906 (including the pig metal) were 584,410 tons, against 416,454 Tons. Tons. Tons. Tons. Tons. Tons. 1,674,84 1,453,513 1.561,39 1,472,211 1,225,212 1,184,337 tons in 1905 and 266,398 tons in 1904. On the other 483,52 310,526 544,03 537,216 448,662 490,617 hand, our exports of iron and steel, after a slight con426,87 302,096 418,36 392,77 337,139 362,190 304,53 270,945 199,013 183,00 166,597 166,758 traction in 1905, decidedly increased again in 1906, 98,127 37,106 68,462 71,562 102,441 110,72 28,984 70,156 75,602 32,315 27,33 notwithstanding the exigencies of the demand in the 10,150 5,530 11,653 home market. Moreover, in this case the movement 290,073 293,441 324,57 is made up mostly of iron and steel in their higher 2,604,671 2,743,313 3,237,079 3,034,57 forms. We exported only 95,059 tons of pig and Penn'a 11,247,86 10,579,127 7,644.321 8,211,5 8,117,80 7,343,257 6,365,935 scrap iron in 1906, as against 57,187 tons in 1905, Ohio_ __ 5,327,133 4,586,11 2,977,929 3,287,434 3,631,388 3,326,425 2,470,911 1,552,65 1,198,06 605,70 552,91 401,369 283,6G2 292,827 but of iron and steel in all their different forms (includ- N.York N.Jers' 379,390 311,039 262,29 211,667 191.380 155,746 170,262 2,156,866 2,034,483 1,655,991 1,692,375 1,730,220 1,596,850 1,363,383 ing the pig and scrap iron just mentioned) we exported Illinois Mich'n 369,456 288,70 233,225 244,709 155,213 170,762 163,712 373,323 351,41 210,404 283,516 273,987 207,551 184,794 no less than 1,183,468 tons, against 1,010,384 tons in Wisc'n Mo_b -413,040 407,77 151,776 270,289 269,930 203,409 159,204 1905. Of this, 328,036 tons consisted of steel rails, All oth' 20,239 15,987 12,071 17,766 15,446 11,82 13,543 192,616 tons of billets, 174,014 tons of wire, 112,555 Gr.Tot_ 25,307,19122,992,38 16,497,03318,009,25217,821,30715,878,35413,789,242 tons of structural steel, 56,024 tons of bar iron, 46,237 tons of wire nails, &c. -from which an idea can be a Including Colorado and State ot Washington. b Including Minnesota. formed of the excellent character of our export trade The course of prices during 1906 was upward, not in iron and steel. merely in the case of iron but in all classes of iron and IMPORTS_AND_EXPORTS OF ALL KINDS OF IRON AND STEEL. steel products. Supplies were inadequate to meet 1906. 1905. 1904. 1903. 1902. 1901. Imports ________ tons_ 5 4,410 416,454 266,398 1.178,797 1,206,813 221.292 the demand and there was a genuine basis for higher Exports----- --------1,183,468 1,010,384 1.167,709 326,590 375,078 700,857 prices in the enhanced cost of labor and the other Excessofe:xports _____ 599,058 593,930 901,311 _______ _______ 479,565 The price of steel Excessofimports _____ ------- _______ _______ 852,207 831.735 _____ _ factors entering into production. rails at the mills in Pennsylvania was kept unchanged There is no longer any information regarding the stocks of iron on hand, the American Iron and Steel throughout at $28 per ton, which was the more noteAssociation having in 1905 abandoned the collecting worthy as the price of steel billets, out of which theof statisti-cs regarding unsold stocks. This makes it rails are made, advanced from $26 25 in January to impossible to arrive at reliable figures of the actual $29 50 in December. A slight shading of prices occonsumption of iron. Presumably stocks of iron are curred in April or May, but the tone even then renow down to very small figures. However, there is mained good, as already indicated. No. 1 foundry nothing tangible available in the shape of facts. In the pig iron at Philadelphia was $26 50 in December, following table, which, as originally conceived, was against $19 in January, and basic pig iron at the same intended to furnish a clue to the consumption, we now point was $26 25, against $17 91. In the following take no cognizance of the stocks, but limit ourselves we show the yearly averages of prices of certain staple articles from 1899 to 1906, inclusive. It will be noted to the imports and exports. that the averages for 1906, even after the advance PEG IRON PRODUCTION, STOCKS, IMPORTS, ETC. established, remain in most cases below the level atTons of 2,240 lbs 1906. 1904, 1902. 1905. 1903. 1901. tained in 1902. StockofpigJan.l (?) 446 .442 598,489 49,951 73,647 446,020 Produc•n dur. yr_ 25,307,191 2,992,380 16,497,033 18,009,252 17,821.30715,878,354  AVERAGE YEARLY PRICES OF IRON AND STEEL, 1899 TO 1906.  Total BUpply __ 25,307,191 3,438 ,82217,095,522 18,059,20317 ,894 ,95416,324,374 Stock end of yea ('l) a-446,442 446,442 598,489 49,951 73,647  Articles-  Cons'n home pig_ 25.307,19122,992,38016,649,08017,460,71417,845,003 16,250,727 Imports of pig___ 379,828 212,465 79,500 599,574 619,354 62,930 Total _________ 25,687,019 23,204,84516,728,580 18,060,28818,464,35716,313,657 Exports of pig __ ~ 83,317 4~21 49,025 20,379 27,487 81,211 Domestic cons'n.. 25,603,702 23,155,624 16,679,55518,039,90918,436,87016,232,446  a No data as to stocks were turnished this time; we have taken the amount the same as at the end of previous year.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1906. 1905. 1904. 1903. 1902. 1901. 1900. 1899. $  OldironTral1satPhila _____ ton_2305 No. 1 anth. fdy. pig at Phlla. " 20 98 Gi:a.y torge pig Iron at Phila. " 17 79 Gray forge pig Iron, Lake ore, at Pittsburgh ___ ____ ____ " 19 85 Bessemer pig iron at Pittsb'g " 19 54 Steel rails at mllls In Penn __ " 28 00 Steel billets at mllls at Pitt.ab. " 27 43 Best refined bar Iron from store at Philadelphla--100 lbs. 1 98  S  $  S  $  S  $  22081622 2117 2383 1932 19512036 17 89 15 57 19 92 22 19 15 87 19 98 19 3615 58 13 67 17 13 19 20 14 08 16 49 16 60, . 16 28 24  j2 36 00 03  12 89 13 78 28 00 22 18  1 92  1 72  17 18 28 27  52 98 00 91  2 00  19 20 28 30  49 67 00 57  14 20 15 93 27 33 24 13  2 13  1 84  16 19 32 25  90 49 29 06  1 96  16 19 28 31  72 . 03 12·. 12  2 CJI'·  PRODUCTION OF GOLD AND SILVER. U ITED STATES A D THE WORLD.  GOLD AND SILVER PRODUCTION AND MOVEMENTS IN 1906. If our judgment respecting the gold supply was confined to the facts relating to the active struggle for gold which has been in progress the last six months of 1906 between the world's monetary centres, the conclusion would be that the output of the mines was not only decreasing but that it must have been on the decline for a series of years. That the struggle for possession has been phenomenally sharp, hardly needs ot only has the old supply been sought, to be said. but the weekly deliveries from the mines have met active, eager bidders. Every one knows, however, that the active demand was in no degree due to a decrease in the production. The world's production of that metal has been growing since 1882 and without a setback, except the shortage in the South Mrican supply which occurred in 1900 to 1902 inclusive, caused almost wholly by the Boer War and the lack of labor which followed its close. Previous to that occurrence the year 1882 was notable as being the twelve months of the smallest gold output of the world's mines since 1851. In 1882 the yield shrank to a value of only$99,757,848,or expressed in ounces, to 4,825,794 ounces. Prior to 1851 the annual compilations are more or less unreliable. With 1882, the year of minimum yield, the new era set in. At the start the increase was slow; for the first six years it averaged only about one million dollars annually, the year's total in 1888 being only $106,989,444. In 1887 South Africa began its marvelous career as a gold producer, with an output that year of 28,754 ounces, valued at $122,140. We give in our tables below the annual progress not only of Africa but of all the other important producers which at present furnish the world's annual new gold supply. But how does the total output distribute itself? Where bas it all gone? Why should there be such lack in supply in sight and coming into sight as to warrant so earnest a scramble to get possession of every little bit of the new output? The size of the additional totals the markets have received during recent years is a marvel. Including the year just closed, the eleven years since 1896 have added to the old stock $3,322 ,760 ,841. It should be kept in mind that we are not referring to any article of the character of food products but to a non-perishable article. The aggregate product of the same metal in the fifteen years from 1882 to 1896 reached but $1,870,434,882. That is to say, in the eleven years ending with 1906 the new supply was $1,452,325,959 largerthan it was in the whole previous period of fifteen years. Moreover, as the article we are dealing with is, we repeat, not perishable, has a high value, and is kept with special diligence, the public holds to-day, excepting what has been used in the arts, $5,193 ..195,723 in addition to the stock on hand in 1881, which sufficed to facilitate trade at that time. These few facts would on their face appear to afford evidence of an abundant supply to meet every want of the world's business centres without friction. It should also be added that the world's con-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  umption of gold in the arts, &c., is not large, though it has been gaining during recent years. Growth is particularly true of the United States, but it is also ' true, though in a less degree, of the rest of the world. Our Mint Bureau is generally accepted by the world as the authority on that point. Mr. Roberts's latest compilation is fqr 1905. His total given for that year was $85,122,000. If we assume $92,000,000 as the amount so used in 1906-it being a very active year in an industrial way-the estimate given for last year would seem to be not far from the actual figure. The places of lodgment for this large gold output and stock are much more numerous than they were formerly. There is scarcely one among commercial nations now that has not in some way adopted the gold standard, not on a basis of full value but by some fixed relation to gold, and is consequently keeping and building up a stock for reserve. This has come about through the well-known circumstance that it is only a short time since silver was the actual currency of many countries that are no longer in that situation. One by one, through different methods, they have gotten into the cunent which has carried them away from silver to gold. With such a tendency existing, it is hard to follow the routes and stopping-places where the metal collects, or to measure its volume. As to the prospective output of gold, a little fear has been felt lest the Transvaal production might suffer a moderate setback. This feeling was due to the new phase of the labor prospects which the new Constitution imposes. It plainly deprives the colony of a free hand in dealing with Chinese labor, while allowing it to deal with Kaffir labor as it pleases. Altogether, it is hoped that the crisis in the Transvaal is now passed and the mines will continue to keep up an increasing product. If that expectation is realized, we see no reason why the world's output should not be further added to. A noteworthy fact is the remarkable vitality in the supply from the United States. The Director of the Mint has published in his general report for quite a number of years an aggregate claimed to include in a single total the visible supply of gold in the world and also the supply in circulation. For the last two years (1904 and 1905) the statement is much fuller and decidedly more useful. His report for 1905 has been issued this month and in it I e has brought down these data to December 31 1905. They show a total visible stock of gold in the world I at the date mentioned (Dec. 311905) of $3,469,300,000 I and in circulation $3,014,200,000. The similar comI pilation given in the 1904 report-that is, for the year ending Dec. 31 1904-makes the stock in banks and public depositories $3,364,600,000 and in circulation 2,622,500,000. We bring these figures for the two years together, with the totals of consumption and the world's gold output. Of course circulation figures are very largely and necessarily estimates; but the visible stocks are a compilation made up of reports from forty-one different countries. We give below these returns with other data referred to above.  43  PRODUCTION OF GO~D A D SILVER. For Year  In Banks ana  ending--  In Circulation.  Depositories .  $3.014.200,000 2,622,500,500  Dec. 31190!L$3,469,300,000 Dec. 311904_ 3,364,600.000  TotaZ Amount WorZd ' s of YieZd. Consumption. S378 ,098,942 346 .034 ,521  $85,122,000 80,000,000  These figures, if we assume the estimated circulation to be substantially correct, show a requirement to meet the world's demands in excess of the world's product. Of course the addition to the world's visible stock ($104,700,000) is not in a sense an actual demand; and yet it may have been taken in pursuance of a statutory call for more reserve; and hence one of the year's needs. Leaving that item out, however, and assuming the increase in circulation in some measure an exaggeration, as is usually the case with new-gold-standard countries, and adding the amount used in the arts, it will be seen that the requirements were in excess of the production. The following detailed compilation of the gold proq.uct will enable the reader to trace the growth in the contribution from the various sources of supply since 1881. The 18 9 issue of this Review contains a table carrying the record back to 1851.  I  GOLD.-PRODUCTION IN THE WORLD-OUNCES AND VALUES. CQ  .,,  ll>OOCQ .... <O ('f)~LQ,qi,-t  0)  o;~~~~~  CQO, ... ,j<CQ <00 .... CQI--  '° 00  t--CQOOO,<O (N(00,0,0  ..;..;..;.,;oo r: .;iJ::l~~gc:~ .,., 0 sss::::::  ~  ,-t  ""  ::..  i  0  CQ CN  01""""1~l00>  .;; '-00.;;..;.,; ,.; .,.,  ._CQt---.i<..-.CN <looll>ll>lO..-. ~~<X?.t-:"!.~"",....,.... ....  .,.,  .;:!~~~~  00 00  C::.CNO..-.-.i<O>  '°'°'"'t--CN -.i<ooo ....... "Cf't,-t,-t"q'IQ  q  ~ L.'".)  C'l?COMOOCO <OOOOMlQ :e"' "'°'"'""°' t'--l""""ICDOC\I r--:r..:o~-.:r.- ~ 00000')00 0,00"" CQ(N 0,CQt--<OCN  ~<OCOl""""l!N  °'"'"'°'"' .;;.,;0000.;;  "' ~ C\lr:O)~C'i OC'l?OOl""""ICO CNCNCNCQCN  ~~~~~  00  °''"'t--CNOO <O>C<Oll>t-<OIN O>CCt--  ~  ~ -.i:.  """" 0, ~ CN t-g '°"""""00 "" '-000'-0'-000 COO)<N'q'lt-::£ ...00 0 "' CN CN CQ CQ CQ CN 00 q  ~C,C,--4!""""1(N  0000,CN"" 00(00,lt)O,  .;;c,;.;;.,,.·oo .,; lt).C,,lt)CQO)  ~  ~  ......  0 CN 00  r:.;;.,;.,;~ 00 cicici .,;_;; ~ c-.ecr.iooMco 0 01""""10C00) CQ -.i<-.i<O>OOCN t--C,,(01--0, q j:;~~~~ ..; ~...; ..➔ C'Q~ CQ ,.;.;;ci,.;o CIJ.....COOO..-. CN CN CN CN CN c,.tCNc-lC'IC'l  r""'"'.;"'  CN O)C() C'Q...-4  O)C'l':)-.::f'll""""lt--  ~ M 00  q  >C '"'IN CQ-.i, l""""ll""""llQCOCO  t-->C<O<O.....c  .,., 0 t--  0,0<0l'-0  ~  <OC'l?lO<Nr:-  t--CQOO OO<O  "" .,; <¢ooocie¢ 00 ..;00~.,;..; ...-4C()CQL000 CN :g t--CNCNOO, t--CQO'"'<O q t-:t-:"?.~<X?.  l S~,.;.,;.;;cici r:  ~~tQ...;,...;  ~  !1::~t--CNlOOOI"' ae:.<X?.<X?.C:.q -q """"""""'° ~  qq'"!~t-: '°'°'°'°'°  "' CN  !;;  t-l00'>1"""'4t-  M  U",)t--001--  CN  ~  o-.i<CNO>-.i< • .;000>00000  .-...:i.  0> -.i<  t--  q)O)t--lQOOLO  'CN CQOOOO !;;"'~~~<X?.~t-: ~t--CQO>,...IN  ......  CQOCQlO .... I ~ CN CCO>CN""ll> CQ-.j< "'"""" ......  "'d"COt--l""""'C.,...(  ,S-6  CC <X?. -.i,  Q.,  CQ  ,..;...:;  CQ  0(0'1""""1C00 t'-0()'1""""100M  C~6;1;:g~g~ ~  0  (N(Nci,CQ"Cfl  cc  :e  ll>CN<OCNCQ I 00 cr.>CNceeNO ...-4 CNOOCNINO >C  ,.;~.,;.,;ci o  OO~r:-LOtC  ""-q~~~ COt--t--000> MC"ilt-Ct)<i:tt  ,-t  l""'4000)"'!:f'tc-Q "Cf't-.::111.QCOlQ  00 ..;,....;r:..:;r,,:  qr-:~~q OCQ<OO-.i<  'l""""I  eN  _;;~..;.,;c,i M  <X?.'<1'.t-:t-:~1'"! CN-.i<lO<OOO 00  c-:tOOl"'"'l<NOO  1"""'41"""'41"""'4'1""""1  CN  co a,  <OOC,,lQOO ,j< l'- l'-  CN  '"'.-<  . •ooooo~T  $ ~.,, ........ .,,.CQ  cc q  o, oOO<Oq~l':  ~  ;§i:i~:g~  t-  O~O....t~  C"il  a,  ..;.  l'->COOCNCQ .... CQCQ-.j<CQ  t-cc  ""'"'""'°0 -.j<,j<,j<,j<OO  "" >C  ,..; ....;,...;....;,..;  CJ:) ,..;....;....;,..;,..;  r---:  ciei,..;,..;,..; CD  1--CN..,.OO>C CQ<O .....cCCCN  00 0  C'Q'l""""ICX>OO  C'I':>  CN>CCNOO<O  -.i,00 .... 0 0  ""  r:,..;eoc,;oo  0000000,  (NCQ-i:,tCOCQ  ~5""""""''°""  '1""""1...-!'1""""11"""'47""'1  CC<0<0,...,.....c  00  S:-:CDCQ,..;  Cf.)OOlOr-:ci  ~  8· oooo~T oooo•ooT ~~•OT .;;,ir:..;r: r: oo.,,.·..;r-:o ..; ~ci....;ot0 Ci? l<}:~:~ ~~ ~-~~T ~-.i,ooCNCN-.i<  M CQ  <00,<0001-<C L.")CC'"'""'° I "' 00<00,j<lt) ll>  .,;..;..;r-:ci ,.; t--t-->C<O<O CQ  c-1..  CN ~  ~ >C  >C<O<Ot--r--  ..;r:<£cio o"Cl't CDCQl'-C'l?CD  00,j<OCN<O  a,  CQ  "'  CN  ~  CO  ~  ~lQ(0"""40')  CN CN  r-  CC  """1(0-◄ I.Qet:,  CQCQ""""""  t--  O?,  H"OOT ci~o..;..; ci O•OOT ·--OOT t-c:n  O')  CNCC'"'O'°  <O  C'lt-C'QlOci,  ....t  ~0)01"""4r""'I  C\l  C°'l tr., lO  C.OOCNlOCO  ,...,t  t--OOCN-.i<t--  0  <00,-.i,<00,  t--  ?""'t..-4C'Q'l""""IC'l':I  (N  0)'1""""10')('1":)("I')  (0  t-->Ct--CQ>C  0,  """" CQ l'-,.... o..-.lNOO>  "" ""  CQO,CN<OOO  ~oo•-T -.i<  <N  CQ  oo~~T CDCD1"""'40cr.>  lO  "Cf'',:;f11.t')C:,t-  ,....  00 <X?.  ~  ~  ;'.! 0 0 0  0 0 0  ~  a,  0 t--  00  CQOO>O>t--  0  ~  a,  r:  t-  CN q  I ~oooo~T •~ooooTci ~GOOOT ~i!~~;J~~ ci ~•oooTr:  0, 00  t-:  ~ a ........ ""'!q~  lO  -4,..;....;  .g 00005lg~  ,I  COOOl.Ol/)C'-1  -85~~"""''°  ~  ,..;.,_;'1""""11""1?""(  CNt--OOlO I ...  )~~~~~~~ ~ I .":)c,,05~~:t~ ::: ;::S~~~,OOOCQ  ~  ~~ ...... ~  CQ  ,.;.;;<¢cil!)  ,..;,..;,..;,..;,--i  tCQ  C'l0L0'1""""1"'1  Ct)  a,  00,00,j<-.j< OCN° lt)O,  -q,""""  "' ,.; ,.... CN  .,; M..;  ,..;,..;,..;"'"1....; lQ  CQ CQ  (0LQ,-..(lQO  .....cCN<OOCQ  00 -.i<  ,.;..;.;;~o CQO,<OCQ>C  ~l.(.)00~~0  ~0~~~~~ ~~,-t,-t"""4  ''  .;  0  "'  oooooooT ~oooooT ooool oooo~oT ..;'°..;r-:oo o ..;.-:.;;o..; '° oo-.icxir:ci oo inooci.,;  CN t--  0,  0¢  ~  ~,..;  ~ t-  CNt---.i<OOO ,...,c,:,00000  CN CN  -.::,tO')C',l....CCO  C'Q  OOOCQOOt--  00  '"'O>CQCNOO  >C  0,0,00000 CC>C<O>C>C  t-0  OCDC'O'l""""ILO  0  <Ot--1"""4«:)C\I  (N  COI.Qt-O'JC"-1  ,.....  tQt-.....C"'100  t-  C'QC'Q0').-40')  ...;,..;,..;,..;,..; 00 ,..;,..;,..;....;c,; CD ciciMCQCQ  :ooofOCD 1  C'Q  ~  I  CN (NCO~ ,j<CO t-- 1 .....c ,.....  '  ~  CNCNCQll>,j<  '  $ ~~~~;i~ :  ....  ..; coCQ....;c,;o,..; "' 0)  0>  co ~,...;~,...;,...;  '::': ~  MC'Q,.....C'QOO  ...;  1t--C'lOC'Q  q_  CO  ,..;,..;  CN  ~  ~GOOOOT 0000"00~1~  00 00  o, C'Q  ~  C¢CQCQCQ~  00~~~00100  OOllNt--0 '"!"!.t-:<X?.~ 000,j<>CCN >C.....CO<OCC  c,,,...<0-.i,r,..  00  ~  1""""(0C)C,H,OLC';)  ,..., - -.i<oot--c,:,-.i, O , l'-C,,'"'<00>  (N  ....  ~  <N.. INCQe¢  ~  CV:, (N  ,..;,..;,..;(N  lt:l  OOCl"H'"':>Oe-:.t  tO ,....;,...;,...;cq.. ~..  ~  c,;c,;~._;M  ~  ~  ~&j~~g :  00000-.i< >COO-.i<t--  Ot--<00><0 OOOOlOOO<N  lQCX)(O,-.◄  1"""'4....-(C\IC'QC'Q  r:o~.,;.,; o  0  lQ  'l""""IQO)t--t,.  t-....CC'QC(h--t  O')l01""""'11Cf"""'4  (N  ...-4~...-l(Nt--  lQ<Ot--0.....c  O  .....CC0CN'"'t--  ""'!  -q • ~<X?_~-q'I!_ .,...; -  $. •..-.t---.i,coo °''"'"" I CN-.i< OCNCNt--CN t--0001-- ICQ >C O>CQO>OOO OOOCNO>C I'° O CNOOOO<O t--l'-CQCN<O .... I'° t-ii~~~~~ ~ci~ci: I ~ ~~5~~ ~ ~ci~~~ I"":: ~ IO~ u:,o:,~~u:, ~  1"""'4'1"""4'1""""11"""'40  lQ  l'-00,j<(Ot-CN lQ ,j< u,-.i,  CJ:) ,..;,..;...;,..;  000'"'0>0  "'"'"'"''°  1-.i<CCCQCN 1lQt0c-:IO I'° '-.:f1 I  :I  ~o  000-<<0<0  U")  Ol "Cf4  ~0)00,...-t'q"I  ,..;co..;U'l  1  ~  ~  "".,., 00 ~ ....0  !i "',.;  a,  ~  ~  ~~g;~~ : ~~~~g :  ~o~~~~~ ~ ~~~~~ ~ ~~~~~ ~ ~~~~~ ~ a For figures from 1881 to 1871 see Vol. 70, pages 256 to 260.  ·• " 1871 to 1851, see Vol. 54, pages 141 to 144. ·' · · '1.'he ounces In the foregoing table for any of the countries given may be turned Jnto 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 Australia in 1906, stated in dollars Is $81.956lr'l8 o.nn in sterling, £16,840 ,955, •• ,, • a] ;.:J  OFFICIAL DETAILS FROM GOLD-PRODUCING CO UNTRIES .  From the reports we have obtained from the mines, mint bureaus and other official and semi-official sources respecting gold-mining in 1906, we are able to deduce the following: United States.-The preliminary estimate of the output of the gold mines in the United States for 1906 which Mr. George E. Roberts, the Director of the Mint, has kindly furnished us, indicates that the country as a whole has increased its production approximately 10%, or in about the same ratio as in 1904 and 1905. This in itself is a satisfactory showing, but unless there has been large exaggeration in the reports coming to hand during the year from sections where it is claimed that development has progressed with decided -rapidity, it is likely to prove an under-estimate. Reports   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  VaZue.  Fine ozs.  Value. ·  80.464.700 4,265,742 $88,180,700 4,648.913 $96,101.400  l'-  0000,ou, '"'O>COOCQ  OOCDlQr-.:~ CD ,..;..;._;ci~ ..; lQO,..;a>oo  Fine ozs.  Africa.-The history of gold-mining in Africa partakes, as the reader knows, of the marvelous. It is only a score of years ago that the first gold was found in the country, and yetexcept when interrupted by the Boer War and its after results-production has increased steadily and rapidly, until in 1906 the aggregate output of all the fields reached 6,601,685 fine ounces. This outcome becomes more significAnt when it is stated that the annual yield of gold in Africa now exceeds by nearly 50% either of the producers (the United States and Australasia) nearest to it in aggregate production. Furthermore, its 1906 product is over onethird of that of the whole world, and is greater than was obtained from all countries in as late a year as 1891. From the Witwatersrand district alone 5,559,534 fine ounces have been secured, which is an increase of over 18% over 1905. One of the difficulties under which mining has been prosecuted since the close of the war was largely eliminated in 1906. We refer to the insufficiency of laborers. The year opened with a quite adequate force in the mines, and we have heard no complaints of lack of men since. Moreover, a report received from Johannesburg states that the recent invention of a new drill driven by an air-hammer is thought to hold out a promise of relief in some measure from the labor difficulty by enabling the companies to employ more whites as well as Kaffirs and Chinese in the mines. Not only the Rand but the reports from the other individual fields in Africa which we have received are distinctly encouraging. The Rand, as stated above, produced 5,559,534 fine ounces in 1906, the December result being 529,521 fine ounces, or 115,100 fine ounces more than for the corresponding period of 1905. The results by months for the Rand proper for the last six years were as follows. The figures are stated in fine ounces, the basis on which reports are now officially made:  00  ci  VaZue.  Colorado __ .. 1,180,147 24,395,800 1.243,291 25,701.100 1.101.549 22,771.200 California ____ 918,873 18,994,800 928,660 19,197,100 901.416 18,633,900 Alaska ______ 443,139 9 ,160.500 722,026 14,925,600 1.028,024 21.251.100 South Dakota 339,815 · 7,024,600 334,460 6,913,900 330,048 6,822,700 Montana ____ 246 ,606 · 5,097,800 236 ,520 4,889,300 221.838 4,585,800 Arizona----- 161.761 3,343,900 130,192 2,691.300 155,952 3,223,800 Utah ------- 203,902 4,215,000 248,691 5,140,900 250,206 5,172,200 Nevada----- 208,390 4,307,800 259,246 5 ,359,100 474,840 9,815'800 Idaho -----72,742 1.503,700 52,032 1.075,600 52,908 1.093,700 Oregon__ __ __ 63,366 1,309,900 60,222 1.244,900 66,269 1.369,900 New Mexico__ 18,475 381.900 12,858 265,800 12,379 255,900 Washington__ 15,862 327,900 17,899 370.000 17,057 352,600 South. States 18,493 382,300 17,782 367,600 14.382 297,300 Other States_ 909 18,800 1.863 38,500 22,045 455,500  ;;  cc  lQ....ilCt-eq  GOLD PRODUCTION IN UNITED STATES. ---1904--- ---1905---- ---1906--  Fine ozs.  CN 0, CN_ CN 00  ..;..;M<¢o oo 0 OCNC00000 lQ ooo:ioor--  GfJld  Production.  0,  r ~ ~~: g l ~ I~ I~ • oooooooT GOOOOGT ~oo~~T O"•ooT ~o•~T ~:::  from Colorado tend fully to confirm Mr. Roberts's figures of about $3,000,000 decrease in that State, and the moderate falling off in California is hardly to be questioned. Furthermore, an addition of nearly 50% to the previous year'syield in Alaska is probably close to what the official compilation will show. But the gain in Nevada, large as it is estimated -almost 90%-seems below what reports have warranted unless, as stated above, periodic advices from the various ,fields have been decidedly exaggerated. Even making allowance for ordinary exaggeration, the amount of gold secured in Nevada in 1906 would appear to have been much more than 474,840 fine ounces valued at $9,815,800. Goldfield and Tonopah have been the districts of greatest activity in 1906, and the important feature of the year was the rich strike in the Mohawk mine at the former place in April. Work has been pushed almost unceasingly since that time, and it is confidently stated that $10,000,000 or more had been taken out in 1906. Other new mines have also served to swell Nevada's aggregate output of gold. States other than those already referred to show no changes of importance. Mr. Roberts's estimate for 1906 makes the output of the mines 4,648,913 fine ounces, valued at $96,101,400. The ounces and values for each State in 1906 compare as follows with the final results for 1905 and 1904:  WITWATERSRAND DISTRICT-FINE OUNCES. Ounces. 1901. 1902. 1903. 1904. 1905. January________ 70,341 192,935 278,867 357,214 February_______ ____ _ 81.405 187,978 282,436 351.052 March_________ __ ___ 104,128 208.456 299,625 385,575 April__ ___ _____ _____ 119,589 218,900 297,470 385,394 7,479 19.779 25,960 28,475 31.936 33,393 39,076 52,897  138,603 142,781 149,179 162,751 170,802 179,660 182,749 189,537  224,409 228,168 242,070 262,569 267,513 275 ,664 272,107 278,710  306,586 299 ,913 298,825 301.113 301.131 313,928 324 ,011 349.889  400,149 396,188 401.121 410,859 399,536 397,868 407,056 414,421  1906. 411,256 389,283 424,773 420.467 441,936 456,014 473,385 489,787 486,522 521.397 515,193 529,521  E Totals _______ 238,995  1.691.525  2,859,479  3,653,794  4,706,433  5,559.534  May ----------  June ___________ July ---------August-------September _____ October ________ November ______ December ______  Aside from the Rand, there is a group of mines in the Transvaal, comprising eleven workings, in Barberton, Lydenburg, Klerksdorp, Heidelberg and Leydsdorp. This group has also done better than in 1905, increasing its yield from 190,788 fine ounces to 227,083 fine ounces. Rhodesia likewise makes a very satisfactory report, advancing its output in 1906_ to 553,985 ~ross ounces, as ag~inst 409,836 gross ounces m the preceding year, and the mmes of West Africa and Egypt that produced 165,303 gross ounces in 1905 report 221,591 gross ounces in 1906. Furthermore, advices indicate that the French colonies, which include Algeria, Madagascar and the French Soudan, have likewise assisted in enlarging the world's new supply of gold. Bringing together the results for all the fields outside the Rand, we reach an estimated production of about 1,042 _,151 fine ounces, or  PRODUCTIO  44  OF GOLD A D SILVER.  254,111 fine ounces more than in 1905. The following indi- prosecuted than in 1905. For the purposes of this compilacates the progress of gold mining in all portions of Africa tion we have estimated the 1906 output as approximately 1,027,970 fine ounces. Results for fourteen years (including since 1887: the 1906 estimate) are appended. AFRICA'S GOLD PRODUCTION-FINE OUNCES. --Other--W<UwaterarandOunces. £ Oun.cu. £ 1887 {pa.rt yr) 122,140 28,754 212,390 50,000 808,210 1888------- 190.266 212,390 1.342,404 50.000 18S9 ------- 316.023 303,939 71.552 1.732.041 407,750 1890 _______ 600,860 1891 ------539,691 2,552,333 127,052 631.652 4,255,524 148,701 1892 ------- 1.001.818 679,550 5,187,206 159,977 1893 ------- 1.221.151 967,500 6,956,934 227,765 1894 - ----- _ 1.637 ,773 7,837,779 270.000 1.146,906 1895 ------- 1.845,138 1896 _______ 1.857,071 7,888,465 293,035 1.244,755 1897 --.----- 2,491.552 10,583,616 326,941 1.388,780 1898------- 3,562,813 15,134,115 341.908 1.452,357 1899 ------- 3,360,091 14,273,018 305,784 1,298,909 709.051 1.679,518 166,922 1900 ------- 395.385 1.015,203 235,701 1.001.211 1901------- 238,995 7,185,260 307,286 1.305,299 1902 ------- 1.691.525 1903 ------- 2,859,479 12,146,494 458,183 1.946,290 1904------- 3,653,794 15,520 ,329 509,747 2,165,303 1905------- 4,706,433 19,991.658 788,040 3,347,436 1906 _______ 5,559,534 23,585.400 1.042 ,151 4,486,849 Year.  ---Total,Ounces.  28,754 240,266 366,023 479,302 727,912 1.150.519 1.381.128 1,865,538 2,115,138 2,150,106 2,818,493 3,904,721 3,665,875 562.307 474,696 1,998,811 3,317,662 4,163,541 5,494,473 6,601.685  £ 122,140 1,020,600 1.554,794 2.035,9 0 3,092,024 4,887,176 5,866,756 7,924,434 8,984,685 9,133,220 11.972,396 16,586,472 15,571.927 2,388,569 2,016,414 8,490,559 14,092,7 4 17,6 5,632 23 ,339,094 28 ,072 ,249  v aiues.  Russia s production In 1893 ________________ $27,808,201 "1894 _____________ ,___ 24,103,396 " " "1895 ________________ 28,894,360 "1896 ________________ 21,535,757 "1897 ____ ___________ _ 23,245,666 .• 1898 _______ _________ 25,463,337 "1899 ______ __________ 22,167,100 "1900 ________________ 20,145,500 "190L _______________ 23,464,562 "1902 ________________ 22,739,013 "1903 _________ _ ______ 24,632,200 "1904 ________________ 24,803,200 "1905 __________ , ----- 22,291,600 "1906 _______ _____ ____ 21,2f\O,OOO  Ounces.  1,345,224 1,167,455 1,397,767 1,041,794 1,124,511 1,231,791 1,072,333 974,537 1,135,100 1,100,000 1,191,582 1,199,857 1,078,356 1,027,97  lndia.-For the first time in a number of years the returns from the mines of India have failed to add to their annual yield of gold. The early returns we receive are confined wholly to the workings in the Colar field, the important source of supply in India, and for 1906 their aggregate product - - - - ---- ---- - - - - - - - - reaches but 563,478 gross ounces, against 615,561 gross Total ____ 37,626,205 159,797,647 5,880,745 25,040,258 43,506,950 184,837 ,905 ounces in 1905. In fact, the current total is less than in any Australasia.-The returns obtained from Australasia in- year since 1902. The statement of yield of the Colar field dicate a rather important decline in aggregate production of for seven years, presented in gross ounces, is as follows: gold during 1906, the decrease for the whole country approxiEAST INDIA-GOLD PRODUCTION PRINCIPAL MINES . . mating 267,461 fine ounces. While this result is disappoint1900. 1901. 1902. 1903. 1904. 1905. 1906. ing, it cannot be said to be entirely unexpected in view of Ounces. Ounces. Ounces. Ounces. Ounces. Ounces. Ounces. the developments of 1905, and goes to confirm the ex- Champion Reef. ______ 158,642 217,135 213,838 211,466 159,574 158,999 164,063 8,075 86,909 84,357 ------------ 6 ,8 1 66,236 73,571 84,698 planation then given for the falling off in output in some Ooregum_____ ------ __ .205,918 205,3 9 201.909 192,897 168,504 163,000 163,135 important districts. The reason we gave a year ago Mysore Nundydroog --------- 72,439 70,561 68,569 70,129 58,031 57,000 47,737 for the discouraging returns was that the lower levels Balaghat Mysore ______ 46,432 42,470 31.706 27,155 26,607 19,500 15,509 5,096 6,915 7,800 MysoreWest&Wynaad 8,525 13,177 12,328 11.441 of a number of the leading mines were turning out a CoromandeL_________ 6,676 5,000 4 ,272 593 2,641 5,875 6,082 ine Reefs_ _______ ___ ____ _ poorer grade of ore. In W estralia the yield hn,s been 3,000 737 Mysore Gold Field__ __ _ ____ steadily declining since 1903, moderately at first, but in the Wondall 1.869 (Deccan)_____ _____ 1.523 202 last year the loss reached 160,769 fine ounces. The same is Road Block---------- _____ true of Queensland, the mines of that colony contributing Totals ------------563,478 615,561 606,193 597,786 514,328 501.607 495,840 but 493,120 fine ounces of gold to the world's new supply Other Countries.-There are a few other sources of gold in 1906, against 577,559 fine ounces in 1905 and 686,469 fine ounces in 1903. Victoria has done less well than in 1905 by supply to which passing reference should be made. Mexico, some 24,000 fine ounces, but shows a gain over 1904 and the most important of these, continues to progress at a 1903. On the other hand, New Zealand gives a mod- moderate pace, and our information leads us to conclude erately better result than in 1905. We append a table in- that the output of the country reached about 775,000 fine dicating the product of each colony in fine ounces, the figures ounces in 1906 against 738,261 fine ounces in 1905. Outside in a few instances being in part estimated, but we believe of Russia, Europe contributes only in a small way to the will very closely approximate the actual output. It will be world's gold product-Germany, Sweden, Italy, Turkey observed that the aggregate yield in 1906 was 3,964,630 fine and Great Britain reporting amounts running from a few ounces up to near 200, and Austria-Hungary annually furounces against 4,232,091 fine ounces in 1905. a little above 100,000 fine ounces. South American nishing CES. OU PRODUCT OF GOLD IN AUSTRALASIAN COLONIES-FINE supply individually, alSouth Tasma- Total A us- countries are uncertain sources of New New So. Queens- Western though between 300,000 and 400,000 fine ounces can be extralasia. land. Australia. Zealand. Australia. nia. Yrs. Victoria. Wall'.!. 30,603 180,968 21,541 17,965 I.453.112 pected as their yearly contribution. 1890 ___ 554 ,225 116,774 531.096 Japan, China, Korea 27,886 231. 37 26,404 44,497 1.518,690 1891---530,287 141.069 516,710 and Siam in the Far East,and Central America , complete the 54,785 218,401 35,857 39 . 17 1.63 .23 1 92 ___ 602,100 142,227 545 ,051 101.132 206 ,852 30,844 34 ,377 1,711, 92 list of countries from which the world's annual new supply 1893.--612.467 163,571 562,649 190,561 203 ,810 32,976 53,243 2 ,020 ,1 0 1894 ___ 619,786 298, 04 621.000 From the scattered data we have been 212,992 270,012 43,556 50,567 2 ,170,505 of gold is drawn. 1 95 ___ 6 0.879 331.352 5 1.147 258,764 242,624 26,684 57,579 2,185, 72 able to secure from these miscellaneous producing districts, 1896_ - _740,680 272,386 5 7,155 633,515 231,512 9 ,497 55.876 2,690,21 1897 ___ 747,744 268, 40 743 ,294 we are led to make only a very slight addition to the 1905 966,167 257 ,762 18,400 63,995 3 ,235.63 1898 ___ 770,277 314,3 5 844,652 1899---793,418 468.665 871.816 1.512,366 358 ,418 30,351 70,492 4,105 ,526 aggregate. 1900---726,666 190L--711.046 1902 ___ 728,380 1903---767,351 1904---771.298 1905---810,050 1906---786,054  281.209 216,884 254,432 258,4 8 269,817 274,263 253,987  855,959 733 ,975 653.362 686,469 624,917 577,559 493,120  1.438.659 1.616,933 1,769,176 2,064,798 1,985.230 1.955 ,316 1,794,547  335 ,300 26,45 412,868 29,668 459 ,408 23,662 479,738 24.401 467,647 17 ,9 13 520.040 20,547 532,922 a22.oro  65,710 70,990 60,974 36,678 60.000 74 ,316 ,nS.2,000  3,729,961 3,792 ,364 3,949 ,394 4,317,923 4,196, 22 4,232,091 3 .964,630  a Estimated In part.  SILVER PRODUCTION OF THE WORLD.  Although silver has appreciated in value considerably the last few years, as a result of the increasing demand for that metal, apparently it hasnot stimulated enough the desire for statistics to enable usto securemuchearly dataofproduction. We have, of course, obtained Mr. Roberts's estimate of production in the United States and a little information from Mexico and Australia, but from elsewhere nothing. Such information as we have, however, seems to point to a production differing but slightly from a year ago, and on that basis we have prepared the 1906 figures given below. With regard to the price of the metal, the 1906 advance has been important, reaching in the average 3 1-16d., the highest London price having been 33½d., the lowest 29d. and the average 30 ½d. In 1905 the average was 27 13-16d., in 1904 was 26¾d., in 1903 was 24¾d. and in 1902 was 241-16d. It is worthy of note that 33 ½d., the highest point reached in 1906, is higher than at any time since December 1893. We give below a statement covering each year since 1890. See "Chronicle" of Feb. 11 1899, page 25 , for fip-ures back to 1 71.  Canada.-For such information as we have. obtained bearing upon gold production in ·Canada in 1906 we are under obligation to Mr. E. D. Ingalls, Mining Engineer to the Geological Survey of Canada. His estimate now at hand indicates a further decrease in yield of nearly 100,000 fine ounces, the total output of gold being placed at only 604,689 fine ounces against 700,800 fine ounces in 1905 and the large aggregate of 1,350,475 fine ounces in 1900. As the discovery of gold in the Yukon district was responsible for the great increase in Canadian production from 1896 to 1900, the steadily decreasing results from that field explain the rapid falling off in yield in recent years. That the Yukon is the really important contributor to the Canadian total remains true. The gold taken from its mines served mainly to run the yearly total up by rapid stages from 136,274 fine ounces in 1896 to 1,350,475 fine ounces in 1900, and after the con- SILVER.-WORLD'S PRODUCTIO IN OUNCES AND STERLING. All Other Total. United stant decline of the past five years the output is nearly Fine Toto.l Values. Australia. Producers. Mexico. States. 4½ times what it was before the far North became a factor Ounces. Ounces. Ounces. Ounces. £a Ounces. Ounces. in production. The results for Canada for the last fourteen I 91. ___ 58,330,000 35,719,237 10,000,000 33,916,175 137,965,412 25,900,270 1892 ____ 63,500 .000 39,504.800 13,439,011 36,496,175 152 ,939,986 25 ,370.513 years, stated in .fine ounces and values, are as follows: 1893 ____ 60,000 ,000 44,370,717 20,501.497 41.228,063 166 ,100,277 24,655,510 Canada's production In " " " " " " " " " " " " " " "  Values.  1893 _________________ $927,200 1894 _________________ 1,042,100 1895 _________________ 1,910,900 1896 __ ___ _____ _______ 2,817,000 1897 _________ _ ___ ____ 6,089,500 1898 _________________ 13,838,700 1899 _________________ 21 324,300 1900 __ _________ ____ __ 27,916,752 1901_ _____________ ___ 24,462,222 1902 ___ _________ _____ 20,741,245 1903 _______________ __ 18,834,500 1904 __________ _______ 16 400,000 190~ ____ ___ __________ 14,486,800 1906 _________________ 12,500,000  Ounces .  44,853 50,411 92,440 136,274 294,582 6119,445 1,031,563 1,350.475 1,183,362 1,003,359 911.118 793,350 700,800 604.689  Russia.-At the early date we close this review, it is impracticable to obtain any complete data of Russia's ~old, product from either official or unofficial sources. It is, however, highly probable from the course of affairs reported that the working of the mines has been a little less vigorously   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  l 94 ____ 49,500,000 47.038.381 1895---- 55;726,945 46,962,738 Total '91-95.287,056,945 213,595,873 1896_ - - - 58,834.800 45,718,982 1897---- 53,860,000 53.903,180 1898- - - - 54,438,000 56,738,000 1899---- 54,764,500 55,612,090 1900 ____ 57,647,000 57,437.808 Total '96-00.279,544,300 269,410.060 1901. ___ 55,214,000 57,656 ..549 1902 ____ 55,500,000 60,176.604 1903 ____ 54,300,000 70,499,942 1904---- 57,682,800 60,808,978 1905 --- - 56 ,101.600 54 ,652,893 Total 'Ol-05-278 ,798,400 303,794,966 1906---- 56,183,500 55,000 ,000  18,073 ,440 53,140,696 167 ,752,517 20,226,410 12,507.335 53 ,983,231 169,180,249 21.059,416 ---74,521.283 218,764,340 793,938,441117.212,123 12,238,700 40,268,888 157,061.370 19,959,882 11.878 .000 44,431.992 164,073,172 18,885,500 10,491.100 51.560 ,764 173,227,864 19,488,135 12,686,653 44,161.000 167,224,243 19,161.112 13,340,263 44.413,802 172,838,873 20,344,575 ---- ---- ---- ---60 .634,716 224,836,446 834,425,522 97,839,204 10,230,046 49,910,688 173 ,011,283 19,598,934 8,026,037 39,060,842 162 ,763,483 16,318,731 9,682,856 33,206,394 167,689,192 17,292,944 14,558,892 31.285,738 164,336.408 18,059,886 12,561.600 34 ,023,869 157,339,962 18,233,407 55.059,431187,487,531 825,140,328 89 503,902 12,000,000 34,500,000 157,683.500 20,285,325  a Values ot silver In this table are commercial values and are computed on the average price each year of silver as given by Messrs. Pixley & Abell, London. Value of£ In this table. 4.8665.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  A TA.BLE SHOWING THE FLUCTU.A.TIONS IN LONDON IN THE YEARS.  PR-ICE OF B.A.R SILVER PER OUNCE ST.AND.ARD, FROM J.A.NU.A.RY,  JANUARY.  FEBRUARY.  MARCH.  APRIL.  MAY.  JUNE.  Pence.  Pence.  Pence.  Pence.  Pence.  Pence.  JULY_._  - Pence.  .A._TI_G_U_S_T._ SEPTEMBER.  __ 1  Pence.  1  Pence.  OCTOBER.  1835, TO DEC~M.BRR, 1906, INCLUSIVE. NOVEl\lBER.  Pence. Pence. 1835. .•. 59 7s 60 60 5934 5934 595s -5934 5934 5914 595s 595s 5912 1836 .... 595s -5934 5934 -60 595s -6018 593s -5934 60 6018 60 -60 14 6014 -6O3s 6018 -6O3s 6018 -6014 6018 1837 ..•. 6014 -6O3s 60 60 5912 -59 7s 5912 -5934 5914 5914 -595s 59 -595s 59 14 -5912 59 -5914 5914 -5912 1838. ... 5912 5919 5912 593s -5912 593s 593s 593s 593s 5912 5912 5919 -5934 1839 ..•. 603s -6O5s 6O5s 6014 -6O5s 60 -6014 6014 -6O3s 6O3s 6O3s -6012 6O3s 6012 6012 6014- -6012 1840 . - · 6014 -60¼ 6014 6014 -6O3s 6014 -6012 6018 -6014 60146018 -6014 6014- -6O3s 6019 -6O5s 6012 -6034 6012 1841. ••. 6O3s 6O3s 60 60 6014 6018 -6014 5978 -60 6018 6018 5934 -5978 5978 1842.... 595s 593s -5912 59¾ 5914 -593s 593s -5912 5934 -60 5934 595s -5934 593s -595s 5918 -59-14 5914 -593s I 1843. ••• 5918 -595s 59 -59 14 59 -5918 5918 5918 5918 -5914 5914 5914 5914 5914 5914 1844 .... 5914 -593s 593s 5914 593s 5912 595s 595s -5934 5934 5934 595s 595s 1845.... 5914 5918 -59 14 58 78 -5918 5878 5878 -5914 59 -5914 5918 -5914 593s -595s 593s 5912 -5978 593s -59 7s 1846.... 5914 5914 5914 59 59 59 5918 5918 5918 5914 -593s 6018 1847 .... 6018 -6O3s 6O3s 6O3s 58 7s -6u3s 5878 -5914 59 -5978 5978 -60 5934 -60 595s -5934 5914 -5912 5918 1848 .... 5918 -59 14 5914 -593s 5918 -5914 5812 -5912 5912-- 60 5912 -595s 5912 -59 7s 595s -59 7s 59 7s 5912 -59 78 5912 -595s 1849 .... 595s -5934 5934 60 -6018 59 79 -60 59 7s 5912 -5978 595s -5934 5934 -5978 5912 -5934 593s -5912 5912 1850 .... 595s -59 34 5912 -595s 593s -5934 595s 595s 595s 595s -5976 59 78 60 -6018 6018 -6O3s 6O3s -6114 1851.... 615s 6112 -615s 6112 6112 6118 -6112 6078 - 6118 6034 -61 6034 -61 6012 -6034 60 -6O5s 6O3s 1852 .... 6012 -60 34 6012 6O3s 59 79 -60 59 70 59 78 -6014 6O3s 6O3s 6O3s 6034 -6118 6118 -61 7s 1853.... 613s 613s 613s 613s 6O5s -613s 6O5s -6118 6118 -6112 6118 -617s 6178 -6218 6178 -6218 617s -623s 1 1854 .... 6112 -6134 615s 6179 615s -6178 6078 -6134 61 4 -6112 6114 6114 61 -6112 6118 -613s 6118 -6112 1855 .. . . 6112 -615g 6119 -615s 60 70 6O5g 6114 -613s 6112 6112 -615s 6H.1 6112 6112 60 -613s 1856 .... 6O 7s -6114 6118 -613s 6012 -61 6012 - 61 61 -6118 6034 -6114 6078 6114 -6ll!s 615s -62 14 62 6214 1857. ... 6214 6112 -617s 613s -6134 613s -6134 61 -6112 6178 6112 -617s 6134 -62 6112 61 7s 6112 -6179 1858.... 6112 613s -61 78 613s 6114 -613s 6112 -617s 613s -6112 6114 -613s 6034 -61 6034 6118 -6112 6114 -6112 1859 .... 6134 -62 6134 6134 -62:\,i, 61 79 -623s 6214 -623s 62 -6214 62 -6234 6134 -62 61:\,i, -62 61 78 -62 62 1860 .... 62 -623s 62 -6218 6134 -621s 61:\,i, 615s 615s -6134 6112 613s -615s 615s 615s -61:\,i, 6114 -615s 1861. ... 6114 -613s 6118 -6114 6O5s -61 6O 7s -6134 6034 -6O 7s 6O3s -6O5s 6018 -6014 6014 -6012 6014 -6078 6O5s -6034 60 70 -6118 1862 .... 61 -615s 6112 -6134 6114 -613s 6118 -6114 6114- -613s 61 -615s 61 -6118 6114 -613s 6114 -613s 6114- -6178 617s -6218 1 863 .... 615s -6134 6112 -61!!s 613s -6112 61 -613s 6114 -615s 61 -615s 61 -6114 61 -6118 6118 -613s 6114- -615s 613s -6134 1864 .... 61 7s -6212 6114 -6178 6112 -6134 6114 -6178 6078 -6lls 6118 -613s 6118 - 616 16 61 -6112 613s -615s 6O5s -6114 6O 7s -613s 1865 .... 6112 -6158 613s -6112 61 -613s 6O!!s 60916 -6034 6012 -6034 6012 -6034 6034 -6078 6058 -61 6118 -6114 6114 -6134 1866 .... 613s -6134 6O 7s -6112 60 78 - 61 61 -6112 61 -62 615s -6214 60158 -6134 6O3s -6O5s 6034 -61 6078 -61 6078 -61 1867.... 60 79 6034 6O5s -6034 6034 -6114 6O3s -6034 6O3s -6012 6012 6O3s - 6012 606 16 -6O5s 6O3s -6012 6O3s -6012 1868 .... 6O3s -60 79 6O3s -6012 6012 -6118 6012 -6O5s 6O3s -6O5s 6038 6038 -60716 6018 -6038 6018 -6014- 6014- -6012 6038 -6012 7 1869 . ... 6O5s -60 9 6034 -61 6012 -6034 6012 -6O5s 60 -6O3s 60 -6014 6014 -606 16 6014 -6O3s 6O3s -6012 6O3s -6012 6O3s -6012 1870 .... 6012 -6034 6O3s -6012 · 6O3s -6O5s 6O3s -6012 6O3s -6012 6O3s -6012 6012 -62 6O3s -6O::S 60 14 -6O3s 6O3s -6O5s 6012 -6O5s l871. ... 6012 -6O5s 6012 -6O5s 6O3s -6012 60316 - 6014 60316 -6014 6O3s -609 16 6012 -6O5s 6O5s -6034 6O5s -6013 16 6014 -6O!!s 6O5s -61 l872 .... 6O5s -6118 6034 -6118 6034 -60 79 6014 -6O7s 601 16 -6012 60 -6018 60116 -60316 60 -6014 60616 -60716 60 -6014 5914 -5934 1873 .... 5934 -591616 5934 -5916 16 5934 -59 70 5934 593s -5978 596 16 -5912 59516 -5938 581310-593 16 581316-5918 5812 -59 57 79 -5818 1874 .... 58 -5912 5812 -59 5812 -593s 58916 -5914 5812 -58 78 58-'2 -59 5814 -5812 5778 -5818 575s -58 575s -5713 111 57 34 -5814 7 1875 .. . . 5712 -575s 573s -5712 57 -5714 5718 -573s 5612 -57 551:; -5578 5511 16-f>5 s 56 -565s 5611 16-5634 5634 -5718 565s -561616 1976 .... 54 7s -5618 53 -54 7s 5212 -5414 5312 -54 52 -54 50 -52 4634 -5112 5014 -5334 5118 -529 16 52 -53 5s 5318 -55 1877 .... 56 7s -58 14 56 -5734 5314 -5618 5312 -55 535s -5458 5312 -54 5318 -5412 54 -5414 5414 -5514 545s -555s 54 -55 1878 .... 5312 -54 5316 16-5514- 5418 -55 5318 -5414 5314 -53 70 5 2 ~ =5 3 1 16 52516 -5213 16 5218 -5234 5112 -5218 4912 -519 16 5O3s -5034 1879 .... 495s -51 4912 -5014 48 7s -5014 4912 -5018 50 -5134 5 1 ~ 5 3 51 -5218 5118 -5178 513s -5ll!s 519 16 -5334 53 -5334 1880 .... 5214 -52 34 52 -529 16 5134 -5212 5134 -5214 521 16 -52 14 523 16 -5278 5212 -52 7s 5212 -5278 5218 -525s 5113ur52616 5l5s -517s 1881. ... 51 -5134 51 14 -52 7s 52 -52 7s 52 -5218 5112 -52 51 -5111 16 5079 -523s 5114 -5178 515s -5113 16 511316-521s 517s -52 1882 .... 511310-5218 52 -521 16 517s -521 16 521 16 -525 16 5218 -52716 5178 -523s 515s -52 5178 -521 16 5134 -521 16 5112 -5116 16 5078 -5134 1883 .... 50 -509 16 5O3s -51 5034 -513 16 5O3s -5013 16 501 16 -5O3s 501 16 -5034 506 16 -5012 50716 -5O5s 5O5s -5016 16 50 78 -51 5012 -501616 1884 .... 5034 -51 51 -513s 5O111s-51316 5012 -51 5034 -5016 16 5O5s -5016 16 5011 16-5078 5O9ie -5018 5O5s -5018 50716 -5078 4911 16-507 16 1885 .... 4938 -50 48 1316-499 16 49 -493 16 48 7s -4978 4816 16-50 49 -493 16 4918 -4914 487 16 -493 16 4714 -483s 4714 -475s 47° 16 -4712 7 1886 .... 47 -46 s 4616 16-4619 4679 -4611rn 4611 16-46 46 -4434 453s -4411 16 449 16 -42 425s -42 45 -425s 4578 -4412 47 -45 7s 1887 .... 4718 -4614 47 -466 16 46716 -446 16 449 16 -4314 4334 -437 16 4414 -4311 16 44716 -43 70 4514 -4414 45 -447 16 4434 ...431s 16 4316 16-4358 1888 .... 449 m -4414 44316 4313 16 4334 -43 42 7s -4212 425s -415s 4214 -42 426 16 -42 4218 -4116 16 443 16 -421 16 433s -4278 4318 -4218 1889 .... 4211]6-423s 4234 -4212 425s -4214 42616 -42116 4214 -411516 42316 -42 42616 -42 42916 -4214 421116-4238 4312 -425s 443s -435s 1890 . ... 44 7s -4418 445s -4311 16 4438 -4334 48 -43 78 4712 -46 · 49 -4614 5078 -479 16 5412 -5034 545s -50 5112 -4818 4834 -45 1891. ... 4834 -46 7s 4634 -4412 456 16 -445s 45 -43 78 4518 -4414 46 -4414 463s -455s 4618 -451 16 456 16 -4434 45 -441 16 441 16 -4312 1892 .... 4334 -4134 411616-4118 4ll!s -39 4018 -3914 4038 -3911rn 4118 -40116 4014 -39116 39116 -377s 38516 -3818 395s -3818 39 14 -3834 1893 .... 38916 -3818 3812 -3814 383s -37916 385 16 -38 38916 -375s 3834 -3012 3434 -3218 3478 -3211 16 3412 -33 78 3418 -3112 3234 -3112 1894 .... :U34 -3019 3011 16-2712 2779 -27 293s -2918 2914 -281 6 28 15 16-280 16 28to 16-287s 3012 -2811 3014 -293rn 299 -28 5 296 -2838 18!-15 . ••. 27716 -273 16 2711rn-27 14 2934 -27Gs 3O 7s -29 75 30 75 -30316 3011 a-3O3 16 305s -3O3rn 301< 16 -301416 30916 -307 16 313s16 -3c l!s16 31 16 -3O5s 1896 .••. 30 7s -3019 J111 16 -3O34 319ts-311e 31S16 - 3Ol s1 e31"¼ -3016 1,, 319 111 31 3111 3112 ·-3139 ::n3s -3O3s 3011 16-30 306 .. -2934 3O3H-2934 1897 . ... 291311,2911H 2934 -291116 291Js -28°16 2Fllg -28316 28316 -2712 2734 -2712 27111f-2 63s 2612 -2334 2714 -2334 27121 -259 16 2 12 -263s 1898 ..•. 26 7s -2fllg 2614 - 251!s 2fU 16 -25 26 18 -2fi11 16 2675 - 25 7s 2712 -2Rll 16 27 71, -27 271s 1 fl- ... 71e 28f>rn -2'?11 111 21'14 -2 · 9 6 2Ro 16 -2 - 19 1899 .... 275s -27 14 271g -273s 279 111 -273s 28 7 s -273s 2834 -28 28· -2711H 2734 -275s 2 713 16-2718 273s -2613 26lo -2615s 27 . 6 -2611 1 , l l•OO .••. 27111~-27 27~ -276 16 2711 1.-27716 2712 -27&u 2 ~1!s -2719 28916 -279 1~ 2811 6 -2734 287 6 -27 0 16 2914 -287 1611 30 ' 16 t -2918 291 f 16-297" lS-101. ••. 29916 -27~ 2812 -277ii 28316 -27 610 271515-261616 271!s -27316 27916 -2714 2714 -261316 2718 -2634 27 -2H79 26711 -263s 2612 -253s 1902 .... 2618 --2571 6 2512 -250 16 257 16 -2413 16 24 7s -235 16 24 -23° 16 24716 -2~15 1, 249 16 -247 16 247 16 -2418 2418 -239 16 · 311 16-23~ 23'4 -2111u 1903 .... 223s -211116 22~16 -21 714 22 79 -2218 25116 -221!s 2514 -24616 24916 - 2418 251g -24¼ 26~ -251116 27916 -2614 2819 -27710 271!s -26¼ 1904. .• • . 27516 -25¼1 27111 -2~11e 2611 16-21\111 25111 -247 16 2515 16-2518 2618 -255 16 27 -263s 27 -263 16 267s -26 2616 16-2619 2 14 -26~ 190, .... 279 16 -2838 i711e -2851 11 251s 1 t1-2711 11 251 , 6 -26°'3 2618 -2 516 267 16 -27¼; 2678 -275 16 2714 . '2 83s 28 -2ts34 285 -2815 16 2815 16-3(16 , 6 1906 .... 2111, 6-3O1,f 3018 -30131 6 29 -3Oi, 6 29:!i; -309 16 309 16 -313s 2991 6 -3118 291s, 11 -3O716 2978 -3 0 ' 51 6 3O151e-3134 3111 61..-329 , 6 32 -3318  DECEMBl!JR. Y'ARAVG YEARS.  Pence.  595s 5978 -60 5912 60 -60¼1 6014 6014 -60¼1 5934 5918 -5914 5914 5912 5918 -5914 6018 5918 5912 5912 -595s 6112 6034 6114 -613s 615s -61 7s 615s 613s 6112 -6134 62 -623s 6114 -61~ 62 6114 -613s 61 -61-'4 615s -61~ 611!s -6134 615s 61916 -617A 6034 -6078 6O3s -6012 6034 -60 79 6O3s -6O5s 6012 -6O5s 6012 -6179 595s -5934 58 -581 16 5714 -5734 5618 -565s 5514 -5812 5334 -5414 4912 -5011 16 523s -53 515s -52 5134 -52 50 -5078 5012 -51 4912 -4978 46 78 -4712 463s -45 4518 -4313 16 4278 -426 16 443s -4334 4912 -4714 4414 -4319 39316 -371616 32616 -3134 2819 -273, 6 3011 16-30 30 -2913 111 2734 -2515 ,f< 271!s -2714 275 6 -2615 111 297a -2919 2534 -241516 221!s -21 1s 1, 26716 -25 289 , 6 -273s 293s -305_; 319,,. -32.1S6  . ... 1835 .... 1836 ..•. 1837 .•.. 1838 .... 1839 .... 1840 .... 1841 .... 1842 .... 1843 . ... 1844 .... 1845 .... 1846 .... 1847 ..•. 1848 .... 1849 ..•. 1850 ... . 1851 .... 1852 .... 1853 .... 1854 .. .. 1855 .... 1856 .... 1857 .... 1858 .... 1859 ... . 1860 .... 1861 .... 1862 .... 1863 .... 1864 .... 1865 .... 1866 .••. 1867 .... 1868 .... 1869 .... 1870 .... 1871 ..•. 1872 .••. 1873 •••. 1874 .... 1875 .... 1876 ..•. 1877 ..•. 1878 .... 1879 .••. 1880 .••. 1881 .••. 1882 •••. 1883 .•.. 1884 .••. 1885 •••. 1886 ..•. 1887 •••. 1888 •••. 1889 •••. 1890 .. 1891 •••. 1892 .... 1893 .... 1894 ..• ,1895 .. .. 18 6 ..•. 1897 ..•. U-98 .... 1899 .•• . 1900 ..•. 1901 ... . 11!02 ... . 1903 .••. 1904 .... 1905 .... 1906  GREAT BRITAIN-BANKS  & TRADE.  COMMERCIAL MOVEMENTS IN 1906.  BUSINESS IN ENGLAND IN 1906. (Communicated b~• our London Corresp•mdent.l  J an-uary 12 1907. The improvement in trade which began a couple of years ago made marked progress during 1906. But the improvement was almost confined to the foreign and colonial trade. The home trade is still rather depressed. The crisis of 1890, accompanied as it was by a revolution in Argentina and by a general breakdown in all the South American countries, as well as by severe depression in Spain, Portugal and Greece, followed soon after by the silver crisis in the United States and by the banking collapse in Australia, caused investors in this country to withdraw from investment in foreign countries. For a very considerable time they confined themselves to home and colonial investment, and it used to be remarked with surprise that while the Baring crisis bore heavily upon the wealthy, the working classes seemed to be better off than ever and wages were exceedingly well maintained. As a matter of fact, there was very marked activity in all kinds of home enterprises. Building was, perhaps, exceptionally active and the towns grew at an extraordinary rate. Gradually , however, home enterprise was carried too far. There was a setback in the building and other trades, and a couple of years ago, in consequence, the investing public once more turned its attention to foreign countries. The result has been a very large investment, not only in our colonies, but in North and South America, Egypt, India and the Far East. Our exports, in consequence, have grown at an extraordinary rate. For example, the exports of November 1906 show a gain of over 43% compared with the exports of November 1903. It is true, of course, that this very large gain is due to some extent to a marked rise in prices. Practically about half the increase may be ascribed to the rise in prices andhalftothe expansion in quantity. The largest expansion was in iron and steel and in machinery. The imports have increased during the year satisfactorily, but to nothing like the exten,t in which the exports have increased. In November, for example, the gain in the imports compared with November of three years before was only about 10%. Apart from the large investments abroad there has been a very marked increase in the purchases of British goods by other countries. Germany, in particular, has imported unprecedentedly large quantities of British iron, steel and coal. The United States, also, in the last three or four months of the year imported very large quantities of iron and steel. Mainly this was due of course to the extraordinary prosperity of German and American trade; but to some extent it was due, in the case of Germany, to great floods, which made it difficult to navigate the canals, and to the inability of the railways to find sufficient rolling stock to carry the goods. In short, it was found cheaper and more expeditious to get iron and coal from England for the northern parts of Germany than to get either from the German mines. There was a marked increase , likewise, in the re-exports. A considerable part of our imports was, in fact, brought here for the purpose of being sold to other countries. The Board of Trade returns for December show that the value of the imports for the twelve months was £607,987,893, being an increase of £42,967,976 over the preceding year, or 7 .9%. The value of the exports of British and Irish produce and manufactures for the year was £375,672,913, the highest on record , being an increase over the preceding year of £45,856,299 , or 13.9%. The total value of the re-exports was £85,163 ,386, being an increase of £7,383,473, or 9.5%. 'rhus the net imports amounted to £523,000,000, and the excess of imports over exports to £147,000,000. The traffic returns of the seventeen principal railways of the United Kingdom for the year show that the passenger receipts amounted to £43,163,000, being an increase of £706,000 over the preceding year, or 1.6%. The goods receipts amounted to £52,409,000, being an increase of £ 1,464 ,000 over the preceding year, or 2.8%.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The revenue returns for the year 1906 bear eloquent testimony to the prosperity of the country. The Chancellor of the Exchequer had estimated a decrease in the receipts for the year of £1,223,000 because of the remission of taxes. As a matter of fact, for the nine months of the financial year which have thus far elapsed, the receipts amount to £90,834,838, being an increase over the corresponding period of last year of £1,497,763. This shows an increase over the estimates of nearly two and three-quarter millions sterling, even assuming that there is no further growth in the last quarter of the year. In this last quarter (which is only just beginning) the receipts alway~ exceed those of any other quarter of the year, because the great bulk of the income tax is paid in those three months. Consequently it is reasonable to anticipate that the increase will be decidedly larger. Probably the total growth of revenue will exceed the estimates by more than three million~ sterling. It is known that large economies have been effected. The returns issued on the last day of December and covering the preceding nine months show a very considerable decrease. But it is possible that much of the decrease represents a mere postponement of payments. Until the 31st of March it will not be possible to ·determine what the total savings are, but it looks as if the savings would be at least two millions sterling. It seems to follow, therefore, that the Chancellor of the Exchequer will have a large surplus to dispo~e of. In any case, the figures as they stand are an evidence of the activity of trade. The London Clearing House returns show that the grand total of clearings during the year amounted to £12,711,334,000, being an augmentation over 1905 of £423,399,000. The Honorary Secretary to the Clearing House states that for six successive years the annual totals of the paid clearings have exceeded all previous totals, a sequence only equaled in length by the years 1868 to 1873, in the last year of which the total was less than half of the total for 1905. The increase for the past twelve montru; is considerably less than the increase of 1905 over 1904. But there is a rise under every heading except on the Stock Exchange account days. In other words, owing to the political apprehensions and dear money, the Stock Exchange has been far less active than in 1905. The Hon. Secretary points out that during the first half of 1906 the gain in the clearings was greater than in the latter half, and that the slight falling off in the latter half has been contemporaneous with the rise in the value of money. Evidently, therefore, there has been some check to trade as well as to Stock Exchange business by the scarcity and dearness of money. Agriculturally the year was checkered. In the south, southwest and east of England the latter half of March, the whole of April and May and the first half of June were exceedingly dry and cold. The weather was propitious enough for the sowing of spring crops, but it was exceedingly unfavorable to vegetation. Everything, therefore, in the middle of June was decidedly backward. The hay crop was particularly so. The latter half of June, July, August and the first half of September were exceptionally hot and dry. The drought that ensued made the hay crop a very short one, and seriously injured the root crops, feeding grass and green crops in general. The root crops were so bad, indeed, that cattle farmers grew alarmed lest they should not have feed enough for the winter. They consequently sold their cattle at what prices they would fetch, which caused a serious fall in prices. Towards the end of September, however, rain began to fall. October was bright. and warm by day and at night wet. Vegetation made great progress, and as November likewise was wet, there was a complete change in the aspect of the later crops. In contrast with the weather over the greater part of England, in the north and northwest of England and all over Scotland and Ireland, the summer was both cold and wet. Grass, green crops, root crops, and so on, were all abundant, especially the potato crop was excellent except in the western parts of Ireland , where it was affected by disease. Thus towards the end of the year cattle farming changed completely, there being then every evidence that there would be abundance of feed. Nevertheless, prices have not recovered. Regarding the cereal crops, the decrease in the acreage, generally speaking, continues. Wheat shows a decrease of 41,279 acres, the total acreage now but slightly exceeding a million and three-quarter acres. The acreage under barley, on the other hand, increased to just a little over a million and three-quarters acres, so that the  BU I ESS IN GREAT BRITAIN. acreage under the latter crop is now practically equal to that under wheat. There is little change in the acreage under oats, which again considerably exceeds three million acres. In the minor crops-rye, pea·s and beans-there is a very great ·increase in the cultivation of beans, and an almost corresponding decrease in the cultivation of peas. The total yield of wheat during the year was 59,091,772 bushels, being an average of 33.66 per acre. The yield of barley was 60,553,977 bushels, or 34.58 per acre. The yield of oats was 123,383,857 bushels, or 40.55 per acre. Since the new wheat crop began to be marketed there has been an average fall of 4s. per quarter. The price in consequence is now 2s. per quarter lower than this time last year. Home-grown wheat is, of course, so small a proportion of the total consumption of the country that the price of the home art icle is ent irely regulated by the price of foreign. In the coal trade the year just closing has been one of the most active and prosperous for a very long time past. In recent periods the only year comparable to it is that of 1900. But the activity and rise in prices in 1900 was due in large measure to a war demand for shipping, whereas the demand of the year just closed was entirely due to the extreme prosperity of trade all over the world, and more particularly to the extreme prosperity of the United States and Germany. The manufacturing industries of this country, as already observed, had become very active in 1905, and continued to increase in activity during the whole of the past year. Yet it was not until the second half that the coal trade seemed to feel the influence. In the second half there was a decided rise in prices, and to a very large extent this was due to the demands of the United States and of Germany. The demand for house coal has been small, for the winter of 1905-06 was exceptionally mild; and, until Christmas, this winter was also warm and genial. The demand for all other kinds of coal, however, in the second half of the year became very marked, and prices in consequence rose considerably. The best anthracite was quoted 19s. 4½d. on the last day of 1905; on the 1st day of 1907 the quotation was £1 ls. Steam coal at Cardiff was quoted on the last day of 1905 12s. 6d.; on the first day of 1907 it was quoted 17s. Steam coal at Newcastle in the interval has risen from 9s. 6d. to 12s. 6d.; steam coal at Glasgow from 8s. 9. to !Os. 3d.; best gas coal at Durham from 9s. 6d. to lls. 6d.; and best foundry coke at Newcastle from 16s. 9d. to £1 4s. Colliery shares have improved in consequence of the improved outlook of the coal trade. There was no very great activity in these shares, however, until the second half of the year; and even in the second half the rise was only moderate. The total exports of coal, coke and manufactured fuel amounted to 57,792,204 tons against 49,359,272 tons in the previous year, an increase of 8,432,932 tons, or 17 .1 %. The value was £31,504,291 against £26,061,120, being an increase of £5,443,171, or 20.9%. The iron and steel trades fared better even than the coal trade. The main feature of the trade was the enormous foreign demand, more particularly the demand for the United States and Germany. But the year was also remarkable for the largest importation of foreign iron ore, for the largest production of pig iron, for the largest shipments of pig iron, for the largest output from the steel works of this country, for the largest exports of manufactured iron and steel, and for the largest tonnage of shipping ever launched in one year. It will thus be seen that in every branch of the trade there has been extraordinary prosperity; so much so that companies which had paid no dividends to their shareholders for years have been able to distribute very handsome amounts. Prices of all kinds have risen, and there is great hope respecting the future. For a considerable time past the production of iron ore in this country had b een declining. In the past year it increased. As the official figures are not yet accessible , it is impossible to state how much, but there appears to be no doubt that there has been an increase . Furthermore, the imports of foreign iron ore have gained. It is noteworthy that the imports from Spain have increased, whereas until the past year it was feared that Spanish iron mines were becoming exhausted. The manufacture of pig iron was, therefore, on a very large scale. It is estimated at about ten million tons, and the exports were also exceptionally large. The exports of iron and steel, raw and manufactured, amounted to 4,688,846 tons against 3,721,382 tons in the previous year, an increase of 967,464 tons , or 26.1 %- The total value of the exports was £39 ,880,563 against £31,826 ,438 in the prnvious year, being an increase of £8,054,125 , or 25.3%. The cotton trade in all its branches was prosperous throughout the year. It was, perhaps, more prosperous in the second half than in the :first, but it was very good all through the year. The demand, both home and foreign, for the manufactured article was exceptionally large, and production , consequently, was on an augmented scale. In the spinning branch the demand was greater than t he supply, partly because of the great outturn of the weaving branch, and partly because new spindles were not brought into operation as quickly as had been expected. Twelve months ago it was known that a very considerable number of new spinning mills were under 'construction and projected. It was expected th.at a sufficient number of them would be at work during the past year to fully meet the demand for the weaving branch; but that has not proved t o be the case . According to one authority on the subject, t here are just com-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  47  pleted, under construction or projected 195 new mills, with about eight and a half millions of spindles. On the other hand, the number of new looms is very moderate . The same authority estimates them at about 80,000. There is, however, much diversity of view on the subject. In consequence there is a feeling in some quarters that the limit of expansion of the Lancashire weaving branch is nearly reached, while the expansion of the spinning branch seems to have received a new stimulus. The best opinion, however, does not accord with this. It is pointed out that many of the new mills will not be fully equipped for a considerable time and that possibly during t he new year the spinning supply will not quite equal the demand, while it is stated by persons in a position to know t hat we shall see in t he early future a considerable expansion of t he weaving bra nch. However that may be, the prospect at present is for full activity for both branches during the new year. · According to a calculation lately made, 70 or 80 spinning companies, with a total capital of about five millions sterling, had declared profits averaging a bout 18% of the share capital and about 13% on the share and loan capit al combined. Very many of the spinners do not make t heir accounts public; but it is believed that t hese 70 or 80 companies are fairly representative . The account s of few of the weavers are published. There is not, therefore, t he same certainty with regard to their profits; but it is b elieved that the profits were at least as large and probably somewhat larger than in the spinning branch. During t he year the price of the raw material has been rather high and, compared with other y ears , fairly steady. Middling American was 6.10d. on January 2; on August 24 it t ouched the lowest point at 5.59d. , and on October 15 the highest at 6.59d. The extreme difference between the highest and the lowest is 1.3d., whereas in 1905 the price ranged from about 3¾d. to 6½d. The relations between employers and employed were satisfactory during the year , practically no trouble having occurred, for advances were m ade in 1905 which for the time being, at all events, satisfied t he employees and were fully justified by the results of the past year so far as the employers were concerned. The woolen industry has been as prosperous as the cotton. The receipts of raw wool from Australia exceeded t hose of 1905 by about 270,000 bales. Yet the price of the raw material rose steadily during the spring colonial auct ions in London. In the summer the lamentable disaster at San Francisco, a great strike in the woolen district in France, and fears regarding dear money caused a setback which sent prices at the July and September auctions lower t han they were at the beginning of the year. The settlement of the Continental strikes and the re-entrance of American buyers caused a marked recovery at the November sales, so that at the end of the year prices were about 5% higher th an they had been at the beginning. Moreover, although, as already said, the receipts of wool from Australia exceeded those of t he preceding year by as much as 270,000 b ales , it is estimated that the supply in the hands of the growers' agents and of merchants is smaller now than it was at the end of 1905, when unquestionably it was very small. In the opinion of the trade, the supply at present is the smallest in recent times. Therefore, the prospect for the new year is very favorable and high hopes are entertained that a furt her rise in prices will take place. Against this, however , it is point ed out that the new Australian clip is larger even than t he clip of 1905. It is est imated that it exceeds it by 170 ,000 bales. Consequently, in many directions it is thought that very little further rise can be counted on; but that everything points to a very active and a very good busin ess admits of no doubt. The total receipts of colonial wool in London for the six colonial wool auctions amounted t o 1 ,313 ,814 bales and the total catalogued for t he sales was 777,443 bales. The official figures respecting shipbuilding are not yet published, but there appears t o be no doubt t hat t h e new t onnage turned out was larger than in any previous year. The total tonnage is estimated by an exceedingly good authority at 2,002,571 tons , having 1 ,845,983 horse-power. Of this total, 1,193,881 tons was constructed in England 658,830 tons in Scotland and 149,860 tons in Irehrnd. It is noteworthy tha t the northeastern district of E ngland is now competing on almost equal t erms with the Clyde for the very best kind 9f shipping. A littlP while ago t he Clyde stood altogether the first shipbuilding district in t he world. Now the northeast of England is running it neck and neck. Messrs. Doxford of Sunderland turned out last year 20 vessels of an aggregate tonnage of 86 ,632 tons; H arland & Wolff of Belfast turned out 9 vessels of 85,287 tons; Swan, Hunter & Wigham, Richardson, 21 v essels of 74,424 tons; Russell & Co. , 18 vessels of 71,540 tons , and William Gray & Co. 19 vessels of 63,226 tons. The Clyde turned out a much larger quantity of work than in any previous year, yet has not constructed any la rge vessel t o compare with those built by the preceding builders. The Cunard Company's two turbine steamers were both complet ed in the y ear just closed . The Lusitania was launched in June a nd the Mauritania in September. They are each of about 33,000 tons, with 45,000 tons displacement and 72,000 horse-power. The White St ar steamer Adriatic, of a bout 25,000 tons , was also launched last year, and the warship Dreadnought, of 18,000 tons displacement; the Lord Nelson, of 16,500 tons displacement, and the Agamemnon, of about the same size, were all launched in 1906. The prospects for the new year  48  GREAT BRITAI  are far fess bright than were t hose at the beginning of the year just closed. Then t he orders were abundant; now they are few and far between, and the out look is not encouraging unless freights rise considerably or t he cost of new ships falls very materially. The stock markets were kept down all through t he y ear by disturbing politics and dear money. In December 1905 the Unionist Government resigned and a Liberal Government cam e into office. The following month the General Elections were held and gave an unprecedentedly large majority to the new Government. The city is intensely Conservative , and it therefore looked with much disfavor upon the new Government. Besides, the Ministers had strongly resisted t he introduction of Chinese labor into South Africa, and had practically pledged themselves to put an end to it. Therefore it was feared that the n ew Government would proceed to action which would seriously injure the goldmining industry a nd plunge South Africa once more into distress. There is an immense amount of Brit ish ca pital invested in South Africa and the policy of the new Government offended very many who in other matters fully sympathized with it . There was, in consequence , a heavy fall in South African mining shares. The m arket for t hese securit ies continued very depressed until the issue t he otiler day of the new Const itut ion for the Transvaal, when it was found that the :Ministers were not quite so black as t h ey had been p ainted. Since then there has been come slight recovery. The recovery, however, does not fully represent the change in popular sentiment. There is now an inclina tion to hope the b est from t he new Constitution and t o expect that South Africa will very soon enter upon a period of great prosperit y . The unfavorable effect of the change of Government was heightened by apprehensions respecting the relat ions between Germany and France . In the preceding year the two countries had agreed t o the Algeciras Conference, and the British Government, though it had at first refused to attend, withdrew its objection at the request of France. The Conference met in January , and for a long time serious anxiety was entertained . I t very soon became plain that the great majority of the governments represented at the conference were in fav or of France; and, accordingly, it was feared that a decision would be arrived at to which Germany would refuse t o agree , and that, in consequence, the conference would break up without doing anything. Happily, an arrangem en t was arrived at satisfactory to both parties; and since then a more hopeful feeling has prevailed. Still, the feeling was not allowed to translate itself into acts because of the condit ion of Russia. Early in the year that condit ion was grave in deed, and most people were prepared for a violent revolut ion. Gradually, however, the disturbances came to an end, and although the Duma was dissolved, there was n o repetition either of the strikes or of the mutinies. Since then, t he Army has continued to obey orders and quiet has been maintained. Still, the public looks on with a certain distrust because it is generally recognized that the revolution is only in its early stages and that at any moment something quite unexpected may happen. Anxiety was also occasioned during the year by the antagonism of the nationalities in Austria-Hungary and the fear that Austria and Hungary themselves might come into collision. At one time, indeed, it looked as if the Magyar Party was prepared to face a quarrel both with the Emperor and with the Austrian Government. Happily, an arrangement between the Magyar Party and the Emperor has been arrived at and there seem now to be good grounds for hoping that a satisfactory arrangement will also be arrived at by Austria and Hungary, while in Austria itself the passing of the Universal Suffrage Bill gives hope that the quarrels of the nationalities are about to come to an end and that a Federal system will be introduced. Other unfavorable influences were the separation of the Church and State in France, the condition of the Balkan States, the dispute between Great Britain and Turkey respecting the Egyptian boundary and the unrest of .the Moe hammedans both in Africa and Asia. At the close of thyear, however, the apprehensions excited had greatly calmed down. Unfortunately, exceedingly dear money caused apprehensions of another kind and generally speaking brought about a heavy fall in securities. American securities were an except ion and there has been a considerable rise in copper and diamond shares . On the other band, nearly everything else is decidedly lower at the end than at the beginning of the year. British Government securit ies stand at a quotat ion which would give a full 3% to ·the investor. British municipal and colonial government securities give about 3½ % and foreign municipal securities from 4 to 5 % . Foreign government securities, however, have been fairly well maintained. The most striking exception is that of Russia. In April a great international Russian loan of nearly 90 millions sterling was brought out at 89. The price fell at one time to 77 . Nearly half the fall by the end of the year ha d been recovered , but the loan was still at a discount of about 8. The dearness and scarci ty of money referred to were due to the wonderful prosperity over all the world, the consequent strong demand of a great many countries upon London for gold, and the earthquakes at San Francisco' and in Chili. The Bank rate at the opening of the y ear stood a. t 4% and because of the gold inqui.ry for South America,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  France and the United States, it remained at that figure until the beginning of April. It was then put down to 3½%. But in May, owing to the American demand, it was raised again to 4%; reduced in June to 3½%; raised once more in Sept. to 4%; early in October to 5%, and on the 19th of October to 6%, at which it continued to stand till the end of the year. The chief cause of the advance to 6% was undoubtedly the very large demands of New York upon London. Contributory causes were the strong demands for Egypt, and the fear of a large drain for Russia, Germany, Argentina and India. But for the rise to 6%, it is reasonably certaiQ. that a good deal of gold would have been withdrawn both for Argentina and for India. Moreover, the withdrawals for Egypt would probably have been larger than they were if the rate had not been raised. During the last two months of the year the fear continued that it would be necessary to put up the rate to 7%, for it was known that a considerable amount of gold was require.cl by Brazil to carry out the conversion law in addition to what might be required by Argentina, Egypt and India. If there is not a revival of t he American demand, it is hoped that the rate will soon be reduced, for it is believed that the Egyptian demand is now satisfied and that the Indian demand will be satisfied in a few weeks. The new issues during the year have not been heavy. There has been a very large investment abroad, but it has only to an inconsiderable extent taken the form of public issues. The most noteworthy public offering was the bringing out of the international Russian loan here in April. For very many years before it would have been impossible to place a Russian loan here, for the political antagonism of t he two countries was too pronounced to allow of success. Since the war with Japan, however, and more particularly since the establishment of the entente cordialewith France, there has been a drawing together of England and Russia. In this country, it is now believed that Russia will have to avold war-like enterprises for a long time, and it is desired to give her financial help in developing her resources. Of the total loan, somewhat exceeding 89 millions sterling, a little over 13 millions sterling were offered in London and were all subscribed for. The other loans were unimportjant, being chiefly to the British Government, the colonial governments and the Indian Government, and to homr and foreign municipal governments. The imports of gold amounted to £46,042,590, against £38,567,895 in the preceding year, showing an' increase of £7,474,695, or 19.4%. Of the total, £25,713,703 came from British South Africa, £6,901,086 from Australia, £3,227,792 from India, £151,956 from the Straits Settlements, £243,053 from Ceylon and £136,062 from New Zealand; so that of the total gold,exceeding 46 millions sterling, £36,373,652 came from British territory. The exports of gold amounted to £42,617,267, from which it would appear that there was retained £3,425,323 out of the total imported. It seems plain, however, that the demands for the arts was greater than the proportion of the imports retained at home. Of the total exports of the metal, £14,188,394 went to the United States; £6,285,046 to Egypt; £4,621,451 to France; £4,285,875 to Argentina and Uruguay; £2,802,490 to Brazil; £1,694,905 to Russia; £1,411,455 to countries unspecified; and £4,681,186 , to India. The other exports were in small amounts, none of them reaching a million sterling. The demand for silver. which was strong in 1905, became still stronger in the year just closed, and the price rose considerably. The highest point touched in 1906 was 331/sd. per ounce, which was 2 13-16d. over the highest price of the  year before. The lowest price touched in 1906 was 29d., which was 3 9-16d. above the lowest touched in the preceding year. The principal demand was for India. The crops in India were all exceedingly good and trade was very active. The Government, moreover, had not coined very much recently, and therefore an exceptional demand for silver sprang up. So great was the demand that the exports of silver from England to India during 1906 exceeded those of 1905 by as much as £7,467,000, the value being £15,064,000 against £7,597,000. Moreover, the United States Government, having coined all the silver purchased under the Sherman Act, began to buy in the open market. This added very materially to the influence of the strong Indian demand. The French Government, likewise, was a purchaser of silver, and though, owing to the return of peace, neither Russia nor Japan bought on the scale that they did during the war, yet there was purchasing by both governments. The price of silver at the beginning of the year was 30 1-16d. per ounce. It continued to rise to 30 13-16d. at the end of February, when there occurred a sharp setback to 29d. in March. The price fluctuated until Augm:t. Then another upward movement set in, and with slight variations the price gradually reached 331/sd. in the middle of November. After that there was another setback, owing mainly to very dear money in India. The Indian Government, however, again began to purchase silver, and the price once more recovered, closing at 32 5-16d. From the Board of Trade returns it appears that the total imports of silver during the year amounted to £17,288,063, against £12,992,014 in th preceding year, being an increase of £4,296,049, or 33.3%. The total exports amounted to £18,865,28.5, from which it is evident that we exported during the year £1,.577 ,222 more than we imported. Of the total exports British India took £15,063 ,-  49  BUSINESS IN GREAT BRITA! -  In the subjoined statement we show all the changes in the 9~7, against only £7,596,829 in the previous year. The imports of silver into India in the past year, in fact, are the Bank of England rate in each year from 1899 to 1906 inlargest ever reco rded-are about twice the average during clusive: the 33 years immediately preceding the closing of the BANK OF ENGLAND RATE OF INTEREST. Indian mints. The appended table, made up from the official statements lRate Number Rate Number Year. Year. % of aavs. % of aavs. of the Bank of England, shows the position of the Bank as ---regards bullion, reserve, &c., each week of the year: 1903. 1899. 1 Jan Jan 19 Feb 2 July 13 3 Oct 5 Oct Nov 30  BANK OF ENGLAND IN 1906.-(00,000s omttted.)  Jan~ary  3 ___ _ 10 __ _ _ 17 ___ _ 24 __ _ _ 31_ __ _ Feb.~uary 7 ___ _ 14 ___ _ 21_ __ _ 28 __ _ _ March 7 ___ _ 14 __ _ _  ~. A~~ll  21- __ _ 28 ___ _ 4 ___ _ I L _ __  18 ___ _ 25 __ _ _  M:1!'?'  2 ___ _  9 ___ _  16 __ _ _ 23 ___ _ 30 ___ _ 6 ___ _ 13 ___ _ 20 ___ _ 27 ___ _  June  Ju~r  4 ___ _  11- __ _ 18 ___ _ 25 ___ _  Au~~st  L __ _ 8 __ -15 ___ _ 22 ___ _ 29 ___ _ September 5 ___ _  ,.:1 :: .1  u  g==== 26 ___ _  Octo}?er  £  50,1 48,0 41,1 47,3 45,3 41,8 39,6 42,5 45,5 41,8 41,0 42,7 43,7 42,8 44,7 43,5 48,5 48,1 44,8 42,1 42,1 42,7 44,6 42,7 42,7 44,6 48,4 45,9 43,5 43,6 42,4 42,2 42,1 42,2 43,8 45,7 42,5 40,9 43,2 43,2 45,4 42,4 40,8 40,l 40,9 40,4 42,3 44,2 45,0 41,8 44,1 43,4  9,5 8,1 7,7 7,8 8,0 9,6 13,7 16,8 18,1 17,4 19 ,1 19,4 19,3 15,6 10,1 9,9 9,5 8,3 8,2 9,4 10,3 10,0 8,6 9,1 11,5 11,4 12 ,1 7,2 9,0 9,7 9,5 8,5 9,5 11,1 10,6 8,9 9,2 11,2 11,3 9,7 6,2 7,6 8,9 9,6 8,8 9,3 10,6 8,3 6,1 6,6 7,0 6,9  28,7 29 .8 31,0 32 ,4 32,8 33,6 34,1 36,0 37,3 37,7 38,l 38,7 38,5 37,2 35.0 33,8 33,1 32,5 31,2 31,6 33,4 33,7 33,6 34,8 37,2 37,6 36,8 37,4 37,3 37,2 36,8 36,3 37,0 37,8 38,5 38,1 35 ,1 34,7 34,0 31,6 29,1 29,2 28,4 28,5 29,2 29,8 31,1 33,3 32,9 32,8 30,0 29.1  3 ___ _ 10 ___ _ 17 ___ _ 24 ___ _ 31_ __ _ ovember 7 ___ _ " 14 ___ _ 28,2 i;·.i .. 21 ___ _ 28,2 ,._, " 28 ___ _ 28,1 December 5 ___ _ 28,4 " 12 ___ _ 28,5 19 ___ _ 28,7 ,. ·" 24 ___ _ 28,8  £  £  £  29 ,3 29,4 28,4 28,3 28,5 28,2 28,1 27,9 28,3 28,3 27,9 28,1 28,5 29,2 29,3 28,9 28,7 29,1 28 ,8 28,7 28,6 28,9 29,0 28,6 28,9 29,4 30,3 30,1 29,9 29 ,9 30,6 30,0 29,6 29.3 29,2 29,1 28,7 28,4 29,1 29,7 29,3 28,8 28,7 28,8 28,6  1 (c?ka~at ~e.ru~~ ~e~ts~pf1\1~  £  £  17,4 18,3 12,8 13,4 13,9 12,6 12,7 15,2 16,4 16,4 16 ,1 16,1 16,1 16,1 16,1 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 17 ,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 16,0 15,5 15 ,4 15,4 15,4 15,4 15,4 15 ,4  42,4 37,0 33,2 37,2 34,9 33,3 34,3 35,8 38,0 33,3 33,7 35,3 36,8 33,6 32,3 31,9 37,1 36,4 34,0 32,0 31,2 31,5 32,0 29,1 29,5 31,4 36,5 29,4 28,8 29,8 29,4 28,1 28,0 28,7 28,7 29,5 29,3 20,6 33,6 35,0 35,1 33,0 33,4 33,4 32,6 32,1 34,0 31,4 30,6 28,1 33,9 34,1  £  17,8 18,8 21,0 22,6 22,7 23,8 24,5 26,6 27,4 27 ,8 28,6 29,0 28,4 26,4 24,2 23,4 22,8 21,9 20,9 21,4 21,8 23,2 23,0 24,6 26 ,7 26,6 25,0 25,7 25,9 25,7 24,6 24,8 25,9 26,9 27,8 27,4 24,8 24,8 23,4 20,4 18,3 18,9 18,2 18,1 19,1 20,0 21,4 23,6 22,9 22,7 19,7 18,7  (f)88o~i~\/\i) 9 ~ 5c"t.  %  4a  -------------- --------------  -------  ---3½b ---------4c ----------  ---------3½d ----  --------- ----  -- --  %  3 23-32 3¾ 3 15-16 3¾ 3½ 3½ 3½ 3½ 3¾ 3 7-16 3% 3½ 3¼ 3  3 1-16 3½ 3½ 3½ 3½ 3% 3½ 3½ 3 7-16 3 7-16 3 3-16 3¼ 3¼ 3¼ 3¼ 3¼ 3¼  ---- 3¾ 4e 4 ---- 4¼ ---- 4 5-32 ---- 4¼ 5f 4 % 6g 4½ ---- 6 ---- 5 ½ ---- 5¾ --- -------------------  6  5¾ 5¾ 5½ 5% 5 15-16 5 15-16  lt April 5 1906 ;  3 3 3 3 3 3 3 2¾ 2½ 2% 2% 2¼ 2¾ 3  3 3 2¾ 3  5 5 5 4½ 4 ½ 4½ 4½ 5 6 6 3¾ 4 ¼ 3 ¾. 3 ¾ 3¾ 3 ¾ 3 ½ 4¾ 5¼ 5  6 4¾ 6 4%  5 5 5 4½4½4½4½5 6 6 7 3 ½ 4 ¼ H-i 3 ¾ 3 ¾ 3 ¾ 3 ½ 4 ¾ 5 ¼ 5 ¼ 5 ¾ 5  a  5  h  5 4 ½4½ 4 ½ 4½5 6 3¾ 3½ k 3½ d 4¾ X  4½  7 5¾  6  7 X  5¾  4½ 4 ½ 4½ 4½ 5 5 5 4 ¼ 4¼ 4¾ 4¾ 4¾ 5  3 3 2½ b  3  4 4 4 3¾ 4 ½ 4½ a 4  4 4 4 3½3 ½ 3 ½ 3 ½ 3½4½4½4 3 ¼ 3 ½ 3 ¾ 3 ¼ 3¼3 ¼3¼3¾4¼4¼ 3½  3  4½  2% 2% 4 ¾ 3 ¼ 4  4½4½4½4½4 h  4¼  h  4 4 4 4½4½4½ 3 ½3½ 3¾3½4 ¼ e e 4½  7 8 N. N.  8 8 N. N.  4½ 4½ 4 4  4 ½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4 4 4 4 4 4 4 4 4 4½ 4½  5 5 4½ 4½  ii 5 5 5 5 5 5 5 6 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4¾ 6  1 ½ 7 ½ 6½6 ½ 6½ 7 ½ 7 ½ 7 ½ 1½ N.  N. N.  N.  6 6  6 6  .-Nominal. a 4 7-16; b 2 11-16; d 3 9-16; h 4 1-16; k 3 11-6; X 5 3-:-16 e47-16. GOLD AND SILVER IN BANK OF FRANCE-(00 0008 omitted) 1906.  Gola. Silv'r Total  - - - --  £ Jan. 25 114.2 Feb. 22 114,4 March 29 116,9 April 25 119,8 May 31117,6 June 28 117,9 July 26 116,9 Aug. 30 116,7 Sept. 27 114 ,8 Oct. 25 112,8 Nov. 29 110 ,3 Dec. 21 :ios,2  £ 42.3 42,4 42 0 42.2 42,5 42,7 42,5 42,1 41.9 41.3 40,4  £ 156,5 156,8 15 ,0 162,0 160,1 160,6 159,4 158,8 156.7 154,1 150,7 40,0 148,2   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1905. Jan. 26 Feb . 23 March30 April 27 May 30 June 29 July 27 Aug. 31 Sept. 28 Oct. 26 N'ov. 30 Dec. 28  Gold. Silv'r!Total  £ 107,7 112,8 110,6 111.7 114,6 115,3 117,3 118,8 118.5 116,6 115.7 115,1  i  1904. -£-1-£- 1- - 44,0151.7 !Jan. 28 44,1156,9 Feb. 25 44,0 154,6 March 31 43,9 155,6 April 28 44,3 158 ,9 May 26 44,4 159,7 June 30  44,l61.7  JUiy  44.3163,1 Aug. 43,9161.5 Sept. 43,8160.4 !Oct. 43 .7159,4 Nov. 43 ,0 158,1/ Dec.  Gold. Silv'r Total  £ 93,8 93,8 94,5 97,2 109,4 111.0  28 108,7  25 29 27 24 29  Jan 1 May 21 June 18 Sept 3  140 May 21 4 28 June 18 3½ 77 Sept 3 3 120 Dec 31 4  to to to to  ,---  days days days days  ---  Year's average ____ 3.75 365 days  --- - - - -  1904. 1 to Apr!l 14 4 Jan 11 days April 14 to AprU 21 3½ 6 7 days April 21 to Dec 31 3 5 7 days --4½ Year's average ___ _ 3.29 4 119 days 3½ 21 days 35 days 3 1905. 165 days 4 - - Jan 1 to Mch 8 3 --Year's average __ __ 3.96 365 days Mch 9 to Sept 6 2½ Sept 7 to Sept 27 3 1901. 2 day1, Sept 28 to Dec 31 4 Jan 1 to Jan 34 35 days 7 5 to Feb Year's average ____ 3 14 days to Feb 21 4½ 105 days Feb 21 to June 6 4 June 6 to June 13 3½ 7 days 140 days June 13 to Oct 31 3 1906. 62 days Oct 31 to Dec 31 4 1 to April 54 --- - - - Jan Year's average ____ 3.72 365 days April 6 to May 3 3½ May 4 to June 21 4 1902. 23 days June 22 to Sept 13 3½ 1 to Jan 23 4 Jan Jan 23 to Feb 6 3½ 14 days Sept 14 to Oct 11 4 238 days Oct 12 to Oct 19 5 6 to Oct 2 3 Feb 90 days Oct 20 to Dec 31 6 2 to Dec 31 4 Oct 3.75 365 days  105 days 7 days 254 days  -366 days 67 182 21 95  days days days days  95 28 49 84 28 8 73  days days days days days days days  ---- 365 days  i~~· ~  --- - - -  Year's average ____ 3.33 365 days  --- - - -  Year's average ____ 4.27 365 days  The exports of iron and steel from Great Britain have been as below each year since 1876, inclusive: EXPORTS OF IRON AND STEEL FROM GREAT BRITAIN.  ---- 3 ¼  6 5 4¼ 3¼ 5 3¼ 5 3¼  19 4 19 days 14 days 2 3½ 161 days 13 3 82 days 3 3½ 2 days 54½ 56 days 30 5 31 days 31 6  Year's average ____ 1900. Jan 1 to Jan 11 Jan 11 to Jan 18 Jan 18 to Jan 25 Jan 25 to May 24 May 24 to Ju ne 14 June 14 to July 19 July 19 to Dec 31  ---- 3 ¾ ---- 3 ¾  1906. Rates of Interest at-  Bank rate ______ Open market_ __ HamburgBank rate ______ Fr~g;,~r~rket_ - Bank rate ______ Open market ___ AmsterdamBank rate ______ Open market_ __ BrusselsBank rate ______ VI~~:-market ___ Bank rate ______ Open market___ St. PetersburgBank rate ______ Open market _ __ MadridBank rate ______ Open market ___ CopenhagenBank rate __ ____ Open market ___  Jan Feb July Oct Oct Nov Dec  ---- 3  _:_The following are the bank and open market rates of interest at a number of the principal Continental cities on the first day of each month during 1906 and on the closing day of the year:  ParisBank rate ______ 3 3 3 3 Bc~iYi~ market ___ 3¼ 2 9--16 2½ 3  to to to to to to to  107,6 105,7 104,3 106,1 106,3  £ £ 44,1 137.9 44 ,3 . 138,1 44,6 139,1 44,7 141,9 45 ,0 154,4 45,3 156,3 45,1 153.8 44 ,9 152.5 44,4 150 1 44,0 148,3 44,2 150.3 44,1 150.4  1906 ___________ _ 1905 ___________ _ 1904 ____ _: ______ _ 1903 ___________ _ 1902 ___________ _ 190L __________ _ 19 00 ___________ _ 1899 ___________ _ 1898 ___________ _ 1897 ___________ _ 1896 ___________ _ 1895 ___________ _ 1894 ___________ _ 1893 ___________ _ 1892 ___________ _ 1891_ __________ _ 1890 ___________ _ 1889 ___________ _ 1888 ___________ _ 1887 ___________ _ 1886 ___________ _ 1885 ___________ _ 1884 ___________ _ 1883 ___________ _ 1882 ___________ _ 188L __________ _ 1880 ___________ _ 1879 _____ ______ _ 1878 _____ ___ ___ _ 1877 ___________ _ 1876 ___________ _  Pig Iron.  Ratls.  Other Descriptions.  Tons. 1,664,442 982,876 810,934 1,065,380 1,102,566 839,182 1,427,525 1,380,342 1,042,853 1,201,104 1 ,060,165 866,568 830,985 840,294 767,053 840,055 1,145,268 1,190,371 1,036,319 1,158,174 1,044,257 960,931 l,•269,576 1,564,048 1,758,072 1,480,196 1,632,343 1,223,436 924,646 881,442 910,905  Tons. 463,240 546,569 525,371 604,076 716,210 572,724 463,731 500,667 609,403 782,045 747 ,662 457,552 425,242 558,375 468,003 702,247 1,035,431 1,089 ,892 1,020,002 1,011,779 739,651 714,276 728,540 971,165 936,949 820,671 693,696 463,878 441,384 497,924 414,556  Tons. 2,561,164 2,191,937 1,927,171 1,895,145 1,759,248 1,485,813 1,649,433 1,746,171 1,592,094 1,702,957 1,782,571 1,511,421 1,393,771 1,457,905 1,504,223 1,697,844 1,820,731 1,905,919 1,910,242 1,973,075 1,605,289 1,455,475 1,497,439 1,508,095 1,658,531 1,517,458 1,466,055 1,196,170 933,193 965,285 899,809  Total. Tons. 4,688,846 3,721,382 3,262,842 3,564,601 3,579,104 2,807,719 3,540,689 3,717,180 3,244,350 3,686,106 3,550,398 2,835,541 2,649,998 2,856,574 2,739,279 3,240,146 4,001,430 4,186,182 3,966,563 4,143,028 3,389,197 3,130,682 3,496,991 4,043,308 4,353,552 3,820,315 3,792,993 2,883,484 2,296,860 2,346,370 2,224,470  The quantities and values of textile exports from Great Britain for the last three years are given in the following table: EXPOR'l'S OF TEXTILE FABRICS. Year's Exports.  1906.  1905.  1904.  Quantities. Cotton yarn ______________ Jbs. 207,373,100 205,100,500 163,901,400 Piece goods ____________ yds. 6,261,295,000 6,196,783,900 5,591,822,000 Jute yarn ________________ lbs. 53,106,600 46,201,900 45,948,300 Piece goods ____________ yds. 172,932,100 170,383,800 197,031,500 Linen yarns ____________ __ Jbs. 14,975,500 14,694,300 14,750,500 Piece goods _____ ___ ____ yds. 190,966,800 183,445,900 161,763,200 Woolen yarn ___ _______ __ .:,lbs. 55,344,900 49,599,900 54,378,300 Woolen tlssues ___________ yds. 79,980,600 72,288,100 67,121,100 Worsted tissues ___ _______ yds. 99,252,200 106,523,400 103,931,000 Values. £ £ £ Cotton yarn_________________ 11,835,967 10,318,554 8,955,098 Piece goods____ ______ ______ 75,394,237 70,821,119 64,078,276 Jute yarn__________ ___ _ _____ 856,08l 600,772 486,093 Piece goods________________ 2,463,473 1,978,146 1,953,009 Linen yarn__________________ 1,008,831 927,617 902,618 Piece goods________________ 5,326,744 4,841,869 4,318,210 Woolen yarn_____ ____________ 5,340,065 4,243 ,949 4,209,523 Woolen tissues ___________ ___ _ Sl,7311.374 9,162,548 7,491,431 Worsted tissues______________ 6,827,800 6,663,486 6,535,201  The complete trade figures of imports and exports into and from Great Britain for three years are as follows: EXPORTS AND IMPORTS. 1906.  1905.  1904.  Exports. £ £ £ Home products ___________________ 375,672,913 328,81&,614 300,711,040 Re-shipments of Imports ___________ 85,163,386 77,779,913 70,304,281  Total exports ___ ____________ ____ 460,836,299 407,596,527 371,015,321 Imports . Total merchandise _________________ 607,987,893 565,019,917 551,038,628 Excess of Imports over exports ______ 147,151,594157,.(23,390 180,023,307  TRADE AND COMMERCE-RETURNS OF. FOREIGN INPORTS AND EXPORTS. THE GROWING MAGNITUDE OF THE I interests. With labor more fully employed at better COUNTRY'S FOREIGN TRADE. wages than ever before and with everybody making The foreign trade statistics for the calendar year money, consumption of necessaries and of luxuries 1906 published by the Government are interesting be- alike was necessarily promoted. And the fact that cause the figures serve to give emphasis to the fact the country's productive capacity in all lines was exthat our external trade was, in one particular at least, panding, obviously increased the call for the materials an exact duplicate of our domestic trade-that is, needed in such production and which had to be drawn was of unexampled proportions. In another particu- in larger or smaller extent from abroad. The further lar also there was close correspondence between the fact that home production in many cases fell far ~hort two, namely in that the growth was general and ex- of home consumption, notwithstanding the increase in tended all along the line. By this we do not mean said production, made necessary an additional draft that there were not some articles in which there were upon the foreign markets on that account too. decreases rather than increases, but that the general The value of the merchandise imports for the twelve trend was upward and the expansion was participated months of 1906 was $1,320,609,250. This compares in by all the leading branches and departments of with $1,179,144,550 the previous year and with $1,trade and business, though in isolated instances there 035,909,190 in 1904, when for the first time the mermight be a falling off, for special reasons, of larger or , chandise imports had a value of 1,000 million dollars. smaller consequence. Both the merchandise imports I It is necessary to go back only to 1898 to find a total and the merchandise exports considerably exceed the less than half that for 1906. In the year referred to largest previous figures. As the same statement was the amount of the imports was $634,964,448. In the true of the totals for 1905, we have another point of eight years since then, therefore, we have more than resemblance to the internal trade in the fact that doubled the imports. The further addition of 141 growth has been cumulative and continuous. million dollars in 1906 is the more noteworthy as it As the best way to indicate the expansion which has was made in face of a considerable falling off, for occurred in our trade with the outside world, we will special reasons, in certain large items of imports. take the figures of imports and exports combined More particularly there was a great shrinka 0 ·e in before dealing with either one separately. For 1906 sugar, and also a shrinkage in tea and coffee. this total trade for the first time reached 3,000 million The coffee imports show a decrease both by reason dollars, the aggregate being $3,118,857,193. In 1905 of a diminution in quantity and a decrease in price. the aggregate trade was $2,806,135,345 and in 1904 Brazil hopes to advance the. price of coffee through $2,487,227,930. In two years, therefore, the values its valorization scheme but thus far the effort has not of imports and exports combined have risen over 25%. borne the fruit expected-the price is lower rather If we extend the comparison further back, the progress than higher than it was six months ago-and consumers becomes still more striking. It was not until 1899 and dealers in this country apparently evince no disthat the total trade for the first time reached 2,000 position to lay in extra supplies in fear of a prospective million dollars, being for that year $2,074,435,381. advance. At all events, for the twelve months The 1,000-million mark was reached as early as 1871, the imports of coffee into the United States from when the combined trade had a value of $1,033,463,- all countries were only 857,013,585 lbs., against 187. In other words, it took from 1871 to 1899 (28 893,887,352 lbs. in the corresponding period of 1905 years) to add the first 1,000 million dollars and only and 1,112,709,546 lbs. in the same period of 1904. the seven years from 1899 to 1906, to add the second Values were $72,252,465 for 1906 against $75 ,307,536 1,000 millions. This shows at what tremendous strides for 1905 and $87,427,099 for 1904. In sugar the dethe country has been progressing in recent years. cline in import values has followed as the result of the Of course there has been a double influence at work decrease in price. The importations in quantity were in swelling values in such a tremendous way: not only 3,864,665,661 lbs. in 1906, against 3,737,336,660 lbs. have quantities of imports and exports risen de- in 1905 and 4,137,696,178 lbs. in 1904; the values cidedly, but in addition prices have advanced- were only $79 ,015,471 again~t $102,542,503 in 1905 speaking of articles of merchandise generally and not and $84,470,401 in 1904, the average price per pound of any particular kind or class. Doubtless prosperity having been 2.04 cents for 1906, 2.78 cents for 1905 in the United States alone would not have sufficed to and 2.05 cents for 1904. The falling off from the bring such a general enhancement of prices. As a previous year, it will be seen, was over 23 million matter of fact, however, prosperity has been world- dollars. There was also a falling off in the imports wide-in its sweep taking in those two other leading of raw wool, apparently because the total had been nations, Germany and England. rather larger than usual in 1905. But aside from the That our own imports and exports should have items here mentioned, the importations pretty generfurther increased in 1906 cannot be deemed at all ally increased and in many in~tances increased heavily, strange in view of the favorable conditions ruling here. ,· the growth being most marked in the articles most The merchandise exports continued to expand because needed in manufacturing and in industrial pursuits of successive large crop yields and the imports were I as a whole-chemicals and hides, for example. The swelled by the activity and prosperity of all industrial imports of cotton manufactures, too, were on an ex-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  51  TRADE AND COMMERCE. tensive scale in face- of a considerable decrease in our exports of cotton manufactures. At the end of this article we give a series of tables, one of which shows the items of imports and exports where marked changes appear, and from this the import movement can be studied with greater detail. As to the export movement, the agricultural exports still form a preponderating proportion .of the whole. This is tantamount to saying that our merchandise outflow is still · dependent to a large extent upon the out-turn of the crops-modified, of course, by the varying demand for the same by the outside world and the crop yields in other leading producing countries. The crop situation in the United States during 1906 was, on the whole, favorable to a fair export movement. The grain yield was large in 1905 and was again abundant in 1906 and there was no such wild speculation in prices as had prevailed in some previous years. It is to be said, however, that, notwithstanding the large grain crops, the grain deliveries were small, and this feature was emphasized as the year progressed. Whether the reason why grain came forward relatively in such a slow way was that given in some quarters, namely that the railroads, because of freight congestion, did not supply cars fast enough to carry the grain to market, or whether farmers as a matter of policy held back supplies, the fact of a small grain movement remains. In the grain export trade the year was one of moderate proportions-better than the two years immediately preceding, which were poor periods in that respect, but falling far behind the years when the grain export movement was of exceptional extent. Thus the wheat and flour shipments for the twelve months aggregated 127,209,434 bushels as against only 71,788,579 bushels in 1905 and but 64,957,158 bushels in 1904, but as against 161,367,104 bushels in 1903 and 212,445,731 bushels in 1902. The values of the wheat and flour exports for the different years bear about the same relation to one another, having been $107,558,377 for 1906,against$67,101,166 for 1905 and $61,231,117 for 1904, but as against $134,517,491 for 1903 and $165,346,005 for 1902. The corn exports were 102,518 ;817 bushels, which is somewhat less than in 1905, but there have been occasions when the corn exports for the twelve months reached 200 million bushels. Low prices have tended further to increase the disparity in values. The breadstuffs exports,· as a whole, were valued at $189,069,690 for 1906,against$154,300,630for 1905 and only $98,307,218 for 1904, but as against $200,012,362 for 1903 and $276,404,299 for 1901. Thus, in the case of these breadstuffs exports, the year 1906 was only of fair extent. In the matter of cotton, on the other hand, the state of things was reversed. Here there was another large increase on top of noteworthy increases in the years preceding. The better price received for the staple was the cause of the further expansion; in quantity the shipments fell below the exceptional total of the year preceding, reaching only 7,450,110 bales against -8,009,374 bales in 1905. The average price, though, was 10¾ cents per pound.in }.906, against only 9!1 cents in 1905. The 1906 yield of cotton was very good but this did not cut any great figure in the export movement until the last three months. The previous season's yield had been small and that circumstance controlled the export movement for the first nine months.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  On account of the higher price the reduced amount of cotton exported had a value of $413,137,936 in 1906 as against $392,600,644 in 1905. As to the other leading staples, the exports of provisions also were higher in value for 1906 than for 1905, but whether a continuance of this condition in the case of that branch of the export trade can be depended upon would seem to be a matter of doubt. The allegations against the beef-packing concerns and the bitter attacks made upon them in Congress during the period of the discussion preceding the passage of the Meat Inspection Bill have left a deep impression in foreign countries, and in the closing months of the year many items of the meat exports were showing large decreases as compared with the corresponding dates of the year preceding. The cattle and live-stock shipments actually record a decline for the twelve months as a whole. With reference to the petroleum exports, these also have risen to still higher figures. The further expansion followed both as the result of another gain in the volume of the shipments and of better prices. In value the petroleum ~xports for the _twelve months were $85,738, 66 in 1906, against $79,640,929 in 1905, and in volume the shipments were 1,269 million gallons, against 1,221 million gal Ions. From what has been said it will be seen that the situation was that there was an increase in the export values in the case of each one of the four leading staples. But that is not all. There was at the same time an increase in the exports in general. One ex ception to this statement must be made. The ship men ts of cotton manufa9tures fell off, owing in the main to the decreased demand for American goods in China and the East. Even the iron and steel ex ports increased heavily, notwithstanding the extra ordinary consumption of iron and steel at home and the fact that domestic manufacturers were unable to keep up with the demand. The iron and steel ex ports in 1906 were about $29,600,000 higher than in 1905 and $44,000,000 higher than in 1904. To indi cate the changes from year to year in the export ag gregates of the leading staples and the relation of these changes to the merchandise exports as a whole, we in troduce here the following table, covering the figures ' • for the last six years. EXPORTS 'OF LEADING PRODUCTS FOR SIX CALENDAR YEARS.  Exports.  1906.  1905.  1904.  1903.  1902.  1901.  $  s  s  s  $  $  Cotton ___ 413,137,936 392,600.644 368,839,188 378,635,778 290,491.225 300,985,383 Breadst'ffs 189,069,690 154,300,630 98,307,218 200,012,362 195,711,992 276,404,299 Prov'ns&c 208,586,501190,600,703 166.164,404 181,476,994182,628,790 206,931,309 Cattle,sh' p and hogs 39,445,859 42,974,935 43,646,211 38,932,402 25,841.639 39.290 ,067 Petr'l'm&c 85,738.866 79,640,929 80,624,207 72,628,539 68,597,143 72,784,912 TotaL _ 935,978,852 860,117,841 757,581.228 871,686,075 763,276,525 896,395,970 All other  exports 862 .269 ,091 766,872,954 693,727,512 613,067,008 597,409.408 568,979,890 TotaL- 1798247 943 16269907951451308 740 1484753 08313606859331465375 860  It will be seen from the foregoing that the greatest gain has been in the general exports. Comparing 1906 with 1901, the value of the shipments of the five sta ples given has increased from $896,395,970 to $935, 978,852, but the "all other exports" in the same. in terval have risen from $568,979,890 to $862,269,091. -Notwithstanding the increase in the imports, the trade balance in favor of the United States for 1906 was in excess of that for either 1905 or 1904 ,the comparison being $477,638,693, against $447,846,245 and $415 409 550. A much larger proportion however  TRADE A D COMMERCE.  52  than usual was liquidated by shipments of gold to the United States. The net import of gold for the twelve months reached no less than $109,017,282, against net imports of the metal in 1905 of only $3,498,938 a nd a net gold outflow in 1904 of $36,408,593. Combining the merchandise exports with the gold movement and also adding on the silver movement, we get the following comparative results with reference to the trade balance as a whole. YEARLY TRADE BALANCE.  BREADSTUFFS AND COTTON EXPORTS FOR CALENDAR YEARS. 1906. Wheat and flourBUBhels_ _ _ _ 127,209,434 Values _____ 107,558,377 Wheat, av.price 78¼c. Flour, av. price $408 Com-bUBhels 102,518,817 Values_ $52,840,269 Av. price __ 5l½c, Oats-bUBhels 25,480,450 Values_ $9,336,121 Av. price __ 36¾c. Cotton-bales 7,450 ,110 Av. price __ lO¾c.  1906.  1905. 1904. 1903. 1902. Excess of$ $ $ $ Merchan. exports--477,638,693 447,846 ,245 415,409,550 489,258,756 391.369,063 liver exporta _____ 14,846,944 21.573.967 24,048,203 16,635.834 22.870 ,019 Totat__ _________ 492,485 ,637 469,420,212 439,457,753 505,894,590 414,239,082 Gold lmports ______ l09,017,282 3,498,938 a36,408 ,593 20,920,862 8,162,726 Grand tota'- ----383,468,355 465,9.21,274 475,866,346 484,973,728 406,076,356  a Excess of exports.  On the face of the returns there still remained an excess of exports for 1906 of $383,468,355 after the large gold imports. How much of this would be left unliquidated after allowing for freights, for interest on American securities held abroad, for undervaluation of imports, for overstatement of the values of exports and the various other items th~t have to be taken into account in any such general reckoning we ill not undertake to say. As a matter of record and for the convenience of the reader, we append several additional tables which have been drawn upon very largely in the statistical references and illustrations contained in the remarks a bove. MERCllANDISE EXPORTS AND IMPORTS (CALENDAR YEARS). Calmdar Year.  1870 --------------1871 --------------1872 ------------- -1873 --------------1874 - -------------1875 --------------1876 --------------1877 --------------1878 --------------1879 --------------1880 --------------1881 ---------- -- --1882 --------------1883 --------------1884 --- - ----------1885 --------------1886 --------------1887 --------------1888 - ------------ -1889 _______________ 1890 _______________ 1891 --------------189? _______________ 1893 --------------1894 --------------1895 --------------1896 --------------1897 --------------1898 _______________ 1899 --------------1900 _______________ 1901 --------------1902 _______________  1903 1904 1905 1906  _______________ ----------------------------_______________  Exports.  Imports.  Excess.  $  $  s  403,586,010 461.132,058 Imp. 57,546,048 460,352,088 573,111,099 Imp. 112.759,011 468,837,948 655,964,699 Imp. 187,126,751 567,757, 67 595,248,048 Imp. 27,490,i81 569,872,553 562,115,907 E:zp. 7.756,646 510,947,422 503,162,936 E:zp. 7,784,486 590,666,629 427,347,165 E:zp. 163,319,464 620,302,412 480,446,300 E:zp. 139,856.112 737,091,973 431,612,383 E:zp. 305,479.590 765,159,825 513,602,796 E:zp. 251,557,029 889,683,422 696,807,176 E:zp. 192,876,246 833,549.127 670,209,448 Exp. 163,339,679 767,981.946 752,843,507 E:zp. 15,138,439 795,209,316 687,066,216 E:zp. 108,143,100 749,366,428 629,261,860 E:zp. 120,104,568 688,249,798 587,868,673 E:zp. 100,381,125 713,347,290 660,893,586 Exp. 52,453,704 715,212,840 704,576.343 E:zp. 10,636,497 691,620,852 719,484,680 Imp. 27,863,828 827,055,750 762,884.881 E:zp. 64,170,869 855,399,202 814,!:109,575 E:zp. 40,4 9,627 970,265,925 818,364,521 E:zp. 151.901.404 938,020,941 830,490,141 Exp. 107,.'i30,800 875,831,848 766,239,846 Exp. 109,592,002 825,102,248 676,312,941 Exp. 148,789,307 824,860,136 801,669,347 Exp. 23,190,789 1,005,837,241 681.579,556 Exp. 324,257,685 1,099,709,045 742,595,229 Exp. 357,113 ,816 1.255,546,266 634,964,448 Exp. 620 ,58Ull8 1.275,467,!:171 798,967,410 Exp. 476,500,561 1.477,946,113 829,149,714 Exp. 648,796,399 1,465,375,860 880,419,910 Exp . 584,955,950 1,360,685,933 969,316,870 E:zp. 391.369,063 1.484,753,083 995,494,327 Erp. 489,258,756 1.451,318,740 1,035,909,190 Exp. 415,409,550 1,626,990.7!:15 1,179,144,550 Exp. 447 ,8 46,245 1.i98.247,943 1,320,609.250 Exp. 477,638.693  Total Trade. $  864,718,068 1,033,463,187 1,124,802,647 1.163,005,915 1.131.988,460 1.014,110,358 1.018.013,7!:14 1.100,748,712 l.168,704.a56 1,278,762,621 1,586,490,598 1.503,758,575 1.520,825,453 1.482,275,532 1.378,628,288 1,276.11~.471 1.374,240,876 1,419,789.183 1.411,105,532 1.589,940,631 1.670.30 .777 1,7 8,630,446 l.768,51 t.082 1.642,071,694 1,501.415,18!:I 1,626,529,483 1.687,416.797 1,842,304,274 1.890,510,714 2,074,435.a8I 2,307,0!:15,827 2,345,7!:15,770 2,330,002,803 2,480,247,410 2,487,227,930 2,806,135,34.'i 3,118,857,193  FOREIGN TRADE MOVEMENTS BY MONTHS. (In the tollowing tables three ciphers (000) are in all cases omitted .) 190 190 Exports. Imports. Excess. Exports . Imports. Excess. Merchandise. January-March- ___ 457 ,881 324 ,352 +133,529 367 ,447 311. 59 +55 ,5 April-June ___ ____ 399 ,962 313 ,007 +86.955 373 ,522 278 .0 3 +95,439 JuJy-Beptember ___ 379,991 310 ,908 +69,0 3 361,582 282 ,331 +79,251 October _________ 187 ,354 154 ,373 I 18,128 +69,226 J07 ,445 +46,92 November _______ 182,656 170,328 119,806 +62,850 98 .284 +72044 December ________ 190 .264 199,739 101,143 +98,596 134,864 +55,400 TotaL _________ I ,798 ,108 1,321,065 +477,043 1,626,991 1,179 ,145 +447 ,846 Oold and Oold in Ore. .January-Ma rch ___ 20,147 34 ,015 10,316 9 ,223 +24,792 +9,831 April-June _______ 5 ,817 52 ,222 -40,758 7 ,3 7 -1,570 11,464 July-September ___ 4 ,1 0 2 , 46 49 ,238 -45,058 13,730 -10 , 4 October _________ 27 ,251 -20,175 10,722 -10,411 7 .076 311 November _______ -6,971 1,964 1,137 5 ,203 -4 ,066 8 ,935 Decembe r ________ 2,669 - 5 ,859 7 ,588 4 .029 -1.360 1.729 TotaL ______ ___ 46,795 155,550 -108,990 50,294 46 .560 -3.499 Silver and Silver in Ore, January-March ___ 12,592 12.477 19 ,165 6 .515 +6.488 +6.071 April-June _______ 14 ,272 12 ,489 11,000 8 ,658 +3 ,272 +3 ,837 .July-September ___ 12 ,004 14,362 9 ,31 7 9 .333 +2 ,687 + S,029 October _________ 4 ,512 2 ,433 -336 3 ,547 3 ,883 +2 ,079 ovember _______ 5 ,362 4 ,307 +l,055 4 ,562 3.352 +1.210 December ________ 5 ,4 6 8 ,196 4 ,122 4 ,693 +1,364 +J.503 TotaL _________ 44 ,351 +14.685 · 35 ,939 +21,574 59 ,036 57 513  +  Excess ot export.'!.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -  Excess of import.'!.  64,957,158 161,367,104 212,445,731 71 ,788,579 $67,101.166 $61,231.117 $134,517,491 165,346,005 75c. 80,½c. 82 9-16c. 83¾c. $3 72 $3 85 $4 37 $4 40 18,723,960 91,732,780 46,498,607 111,265,931 $60,154,326 $25 ,257,143 $49,135,007 $11,567,976 53 9-16c. 6l¾c . 54 5-16c. 54c. 1,494,857 5,976,703 1,220,134 28,822,001 $2,552,962 $617,745 512,684 $9,960,006 42 ll-16c 41 15-16c. 41 5-16c. 34 9-16c. 6,687,441 7,093,436 6,561,643 8,009,374 10 7-16c. 10 15-16c. S½c. 9½c.  EXPORTS 12 MONTHS ENDING DECEMBER Rxports1906. Agricultural implements _________ $24 ,744,762 Automobiles ___________ ___ _____ 4,409,186 Cars for st&am raUways __________ 6 ,605,412 Copper, not Including ore _______ _ 89,013,011 Cotton manufactures __ _____ _____ 42,961,048 Fruits and nuts ___ ______________ 15,697,255 Furs and fur skins_____ ____ __ ____ 7,778,383 Hides and skins ______________ ___ 1,877,388 Hops __ ---- ----- · ______________ 4,051,634 Iron, steel, &c _______________ ___ 172,555,588 Leather, &c __ ____ ______________ 45 ,1 91,248 Naval stores _________ _____ ____ __ 20,840,212 0!1 cairn and oil meaL ___________ 24,767 ,619 Oil, vegetable ___ _______ _ ____ ___ 16,382,639 Paraffin and paraffin wax _____ __ 8 ,462,504 Seed ___ _______________________ 14,259,421 Tobacco, not Incl. manufactured __ 32,120,495 Wood and manufactures __________ 77,255,225  IMPORTS 12 MO THS E  1870-1871-1872-1873 -1874-1875-1876 -1877 -1878 -1879 -1880-18RL18 2 __ 1S83 -1884- 1885 •• 1886-18R7 -1888-1889 -1890-1891-1892 -1893 -1894-1 95-_ 1896 -1897 -1898-1899 -1900-1901-1902 - l!:103 -1904-1905 -1906--  53.103.745 44,915.975 68,638.125 25,496,118 43,149,091 53,413,947 31,231,739 18,982,638 8,655,948 4,115,446 3,062.459 2.603,54a 38,721.079 6,048,770 40,948,246 11.417.207 41.283,222 9,144,426 34,526,447 50,935,412 24,063,108 77,093,065 76,545,328 79,983,726 101,849,735 104,967.402 58,256,890 34,276,401 16,194,954 45,379,411 54,134,623 57,783,939 36,030,591 44,346,834 121.211,827 46,794,467 46,562,098  s  Imports. $  1904. $21,654,8112 1,897 ,5111 2,078,480 74,816,934 33,610,617 17,992,719 5,282,661> 2,430,81)4 4,891,954 128,455,1\la 35,824,402 16,388,142 18,899,790 13,162,217 8,272,856 2,257 ,08f> 31,540,1n 61,253,3711 .  DING DECEMBER 31. 1905. $68,884,147 3,908,877 8,965,387 75,307,536 5,765,238 22,221,145 54,517,059 12,199,686 4,690,115 41,329,098 44,850,722 26,913,304 20,180,791 6,5ol ,319 4,138,364 73,396,718 48,517,906 21\,401,283 38,732,737 12,952,519 12,553,626 54,812,294 33,591,904 102,542,503 15,003,51\8 26,316,023 18,676,139 32,152,512 46,832,139 21,373,747  1904 . $64,258,777 3,915,61:i 8,888,524 87,427,099 4,308,076 18,412,872 47,423,190 ll,656,6SI\ 4,080,27~{ 36,310,282 38,863,836 24,385,220 15,680,571 5,967,413 4,360,057 57,616,810 43,784,297 21,621,970 29,319,839 10,870,214 11,319,534 54,879,276 31,036,251 84,470,401 16,857,279 22,356,896 16,658,564 28,132,618 29,355,344 16,132,501  SILVER .  GOLD. Exports.  :n.  1905. $22,124,312 2,695,655 4,673,721 84,890,302 56,461,000 15,667 ,152 7,096,119 903,308 1,484,808 142,030,513 38,947,422 18 ,043,472 22,110,818 17,315,952 7,872,771 3,347,024 26,801,200 59,792,974  Imports1906. Chem icals, &c _______________ ___ $78,647,978 CoaL _____ ______ ____ ___________ 4,129,555 Cocoa or cacao _______ ____ .. ______ 10,176,767 Co tree ____________ - - - - - - - - - - - - - 72,252,465 Copper-ore and regulus _________ 6,845,870 Copper-pig. bars, Ingots_. ______ 30,478,769 Cotton manufactures ____________ 68,911 ,371 Earthen, stone and china ware ____ 13,564,289 Fertilizers _________ - - - - - - . - - - - - - 4,1\99,835 Flax, hemp, &c.-unmanufact'red 39,144,052 Flax, hemp, &c.-manufactured _ 60,491,679 Fruits and nuts _________________ 32,709,802 Furs and fur skins __________ ______ 22,351,993 Glass and glassware _____________ 7 ,685,032 Hats, bonnets, hoods, &c ________ 5,978,011 H ides _________ __ _ - - - - - - - - - - - - - 83,884,981 India-rubber ___ _____ _______ - - - - 53,391,137 Iron and steeL ___ ___ ___________ 34,827,132 JewclrL diamonds, &c __ _________ 46 ,047,021 Leather and manufactures ________ 18,246,549 Oils ___ __ - - - - - - - - - - - - - - - - - - - - - - 15,320,203 &c _______ ___________ 64,734,493 Silk- raw, Silk- manufactured --- --------· 34,378,932 Suirar _ __ - ___ - - - __ - - . - - ________ 79 ,015,471 Tea ______ - - - - - - - - - - - - - - - - - - - - - 14,047,046 Tin _ ___ . _ __ . ________ . _______ __ 37,446,508 Tobacco- unmanufactured _______ 26,627,147 ·wood and manufactures oL ___ ___ 40,660,987 " ' ool- unmanufactured _______ __ 38,372,869 " ' ool-manufactured ____________ 22,667,466  Year Ending DPc. 31  100:>..  1903.  1904.  1905.  Exceas o/ Exports ( +) or Exports. Imports(-) . $  s  Imports.  s  10,430.561 +42,673,184 27,846.083 15,259,199 5,841.948 +39,074,027 32.524,495 10,!:162,467 11.113,290 + 5 7 .524 ,835 32,048,799 10,068,714 20,537,254 +4.958.864 38,076,207 9,212,185 7,422.806 +35.726,285 29,577,984 7,830,998 14,338.789 +39,075,158 25,889,567 8,547,357 23,673,291 +7.558,448 25.122,736 10,798,043 11.629,655 +7.352,983 29,336,929 12,141.560 10,477,859 -1.821.911 18,209,252 18,389,884 78,767,941 -74,652.495 21.701.552 14,425,017 73,644,698 -70,582,239 12,983,442 11,631,025 60,398,620 -57 ,795,077 17,063,274 8,595,645 13,402,528 +25,318 ,551 17.317,055 9,098,385 22,055,961 -16,007,191 25,794,670 14,153,357 27,957,657 + 12,990,589 29,563,748 15,504,777 23,645.311 -12,228,104 33,280 .542 17,772,718 -26,613 27,112,707 19,758,414 41.309,8a5 44,903,327 -35,758,901 27,733.192 21,000,721 11.034,074 +23,492,373 30,020,603 21,761.359 12,061,520 + 38,873,892 20,742,875 26,799,458 +3,683 ,652 28,609,101 30,764,904 20,379,456 45,203,377 +33,889,688 27,930,116 27,915.905 18,165,056 +58,380,272 36,362,281 31,452.956 73,280,575 +6.703,151 46,357,748 27,765,696 21.350,607 +80.499,128 47,245,807 17,633,594 34,396,392 +70,571.010 54,211.086 24,373,347 104,731.259 -46,474,369 64,056,741 30,279,740 34 ,022,812 +253.589 58,661.292 33,082,302 158,163,952 -141,968,998 53,797,104 29,131.380 51.334,964 -5,955,553 53,461,737 30,843,929 66,749,084 -12,614.461 66,221.664 40,100,343 54,761,880 +3,022,059 55,638.358 31.146,782 44,193,317 -8,162,726 49,272,954 26,402,935 65,267,696 -20,920,862 40,610,342 23,974,508 84,803,234 +36,408,593 50,135,245 26,087,042 50,293,405 -3,498,938 57,513,102 35,939.135 155,579,380 -109,017,282 59,074,785 44,227,841  Exceaa I E:zp'rt8(-r)OT Imp011&(->  s  + 12,586.884 +21.562.028 +21,980,085 +28.864,022 +21.746 ,986 +17,342,210 + 14,324,6!:13 + 17,195,369 -180,632 +7.276,535 +1.352,417 +8,467,629 +8,218,670 + 11,641,313 +14,058,971 + 15,507,824 +7,354,293 +6,732,471 +8,259,244 + 13,943,417 -2 ,155,803 + 14,211 +4.909,325 + 18,592,052 +29,612,213 +29,837,739 +33,777,001 +25,578,990 +24,665,724 +22,617,808 +26,121.321 +24,491,576 +22,870,019 + 16,635,834 +24,048,203 +21,573,967 +14,846 ,944  Note.-For years 1886 to 1906 Inclusive the figures embrace gold and sliver In ore; In the years preeedlng both were Included In the merchandise movement.  53  TRADE AND COMMERCE.  EXPORTS OF LEADING ARTICLES .FOR YEARS ENDING JUNE 30.  IMPORTS AND EXPORTS BY FISCAL YEARS.  The subjoined statement, compiled from the latest The table below shows the exports and imports m revised figures, shows the exports of leading articles in each of the last three fiscal years. All items are inach fiscal year (ending June 30) since 1876. cluded the exports of which exceeded $1,000,000 in value in any one of the years. N~~~~•NN.OO~NOO~•o~~•••0o~~~~Q~ O~M~O~~~M~N~O~~~~~~~~~~~~~~~~~~ ~~~~~~~o~o~~~~~o~~~M~~~~~~~~~~N  ~M~~~~~~~~o~~~o~~~~N~~~M~~O~MM~  ~~·•~NQ~~oo~~~~.~~·~~~~~~O~O~O~N  A rticles.  MOO~NN~··N~O~O~O~o~•~•~~~~OO~M·  ~~~~~~~~~~~~N~M~N~~~~~~~~~~o~~~ Mrl~~~~NN~NNNNNN  ~MM~~~  ~~  ~oo•~~•~o•N~M~O~MM N ONOM~oo•~NMO  •~~~~N~~~o~~~N~~~~•o~o~~~~o~~~~  M~~MM~~N~~~•o~~o~~~~~NNO~O~~ MO~  ~~~~~~~MoM~~~~~o~~~~~M~NM~N~~~~  ~~~NM~~~~O~OOO~MMOONO~O~~Q~Ooo•~ ~M~o~~~~NNNNO~M~~oo~~~Q~~~~~oo~  M ~~~~~~~~N~~~~~ ~~  ~  ~~~~~~~MN~N~~~ N~~~~  ~  ~  M~N~N~  ~~~  rl  AAAAAAAAAAAAA~~A~AA~ccc~c~A~A~A  ~;!!!!!!~!~!!~~~~~~~~!!!~!!~!~!  o•~~N~M~~~•M~~o~~~oo~~~~~~MNOO~  ~oM~~~~~~No•o~~~~Nco~•~~oNo•ooo •0N~0~~•0•~·~NN~~~~NN~~~~~••oo~  MN~~MNN~~N~MNo~~~~~~NMN~~N~N~~o  ~~~rl~~rlO~rl~~~O~M~~~~~~~~~~~~N~ ~O  ~~~~~~o~~~o~o~o~~~~o~ N• ~co~~~on  ~~~~~~~oN~~M~N~~N~~~N~~~~~~~~~~ ~MO~M~O~~N•~~o~o~  ~~~~~ONO~~·NN ~NN~N ~ ~  ~N~OO~·M•·~  N  N  ~ciAAcAcccAAAAcAAcAccAcAAAcccccc  ~~~~~~~~~~~~!!~~~!~~~~~~~~~~~~~ 0 1- --:----'-:--=-:__;:,:.=~=-=====-======:=:..::::.:=-=.::..::::::.='-'='--'=---  ~;~~~~~:~~~~;~~~~~~~~~~~~§~~~~~  ~~  ~  ~~~~M~~~~M~~~~Moo~~~~~~~N~NoN~~  Q~  ~~~~$~~~~~~~~g~~~~~~~~;~~~~~~~~~ ~~~oM~~o~M~~~~~NNoo~o~~~~~d~d~~ ~~  t~  ~!  :a 0  ~  :::..  ~§  NNNN~~~NN<?NNNM<?Nn•~·~~o~o~•~~·~  ~o  ~~O~NM~~OOO~<?~OON~~~•~o~o~OO~NO  ~~  C  ~  h  z  ... 0  ~  C~  ,•  "'  z"z  oN~o~NoMoNo~~N~~o~N~No~~~~~oo~M ~OOM<?OON••~..-.Q·~~<?~QO~O<?NO~~N~~• ~~~~~o~~~~~~~~~~q~~~~~~~~~~~~~~  :::I  ~~~o~~~N~1"""fl"'""l~ON~~~~~c~~~O~Q~~~,-,-f~ <?<?~OOM~~<?OOnN~O~~o~~o~•~~~•om<?~ O~<?O~~~N• ~o o•mo~ONO~O~~~<?~N~~• o  ~ ~  ~~~~No~N~~~~~~~Mar.·o~r.:~~d~~~..:~.;.·N oooM~NNN~~~~o~N~~M~oM~~~N~~o~.;N NNN1"""f 1"""f1"""'41"""'4l"'""IN~1"""fNNNl"'""IT""4NM~~~~~~~~~~~~  ~  *O~NO~O~O<?<?OO<?~~nco~•o•N~~~~ N~CO ~~••o•o~o~~o~N<?o~oo•..-.a~..-.~~o..-.o~o  ;><  -l  < 0  o:i  ~  h  ~  :..  ~  fil  R,  8  ltl  Q  ~~  ~i Q~ ~~ ~ 0~  0  :c:  ~  Q  ~ -.n.  :.:J  NO~O~~~~~N~NNN~O~O~~O~~~~~~~~~~  N ~~ON~<?ONNCO~<?•~~<?~O~<?..-.O~~ OO<?OM  "(/)  oom~~~~~~~~~~~~~q~oo~cq~~~~~~~~~ -"""1,-,-f,-,-f....-ll"'""!,.....,-,-f,-,-f,-,-f  ~  ~~  ~  ~~  z  ~ ~  ~ ~  :i:::  =-' :..  f  ~  ti ~~  ~~  ~,  ~~  ~  ~  0 ::i.  ~. ~ ~ ~  ::;!  .::::i  z  ~ 'lJ  ..-< ..-<.:_:~..:._ _ :....:..:_  _ _ _ __  C~  ~~ t~ ~  ~~~~~~~-~-~~.'""'..~~q~~~~"'. ~.•.~~qo_L?~L~-~~-~  ~~N  1"""1  rlC\lNCO~  f""'4N~~e~~~c:-:)f""'(e(O~~l01"""1~~rl  ~~~~~~~~~~;~g~~~~g~~~~~~~~~~~~~ •o•~<?<?O~~~<?N·~~a~~~O~Q~OO~O~NO~  ~iiii~iii~igg~~iiii~iiig~ii~i~i~ COOO  .--4  OCO '-e' ~<Otr.> ll':I ll':l .-'40  rl  U":> ~I ll':ICO o:trl  --::r 0:>rl Or,. c:-:>N o:>CO C:OQ  i~±~~~~iii~~~~~~ii~ ~~~iriri~i~iii t,.1"""10::,tr:)~  01:.0 • • · '-' ~ ~ l'-  ri  C.C N ..--4 ~ .....-1 ,qi Lt:,0  ~•NQ~~•oaooo~o~nNoQ~-~<?N~ooo<?~~~• oo•~NOO~OOCN.~OOOriN M ~O~~N<?Nri~·~  :i.,  3  ----,-- ,--_:_~_ -M,---<  ~~~c~~~~~~~~o~~~~-~~~~o~~~~~~,.....~  ~~~~~~~~~~~~~~~~~~~~~~8~~~~~~~~  ~~~~lt)~~~~OOO~«)~~~~~~r-:~r-:~~~~~~~N  0  ~  ~~"""1~~~~~~1"""f~N~~~~01"""f~....-t~~~....-tN~~~~O~  ~~~~~~~r.:..:No~~~N~~~..:~~~r.:~~~M~~NM  l'-000:>ll':lrl~~~~ C\lO~CO rlOOOO OOlOU-:,['-OOC\l~U-:,ONlOC::,MCO~ C::,rl00C::,N~C\lC::,C0~1"""1~~QOOO~a.r:,rlrl ~ r,.o~a.r:,C\l"'-"COC:O~  ~  <  ~~iiiiiiiiiii~i~~ii~iiiii~iiiiii  NOO:>C\l "'-" OOCOC\JlO ['-  :-<  0 8  ~~~~~~~~~~~~~~~~~g~~~~~~~~~~~~*  Q~:~iiiii~ii~i~i~iiri~~g~iiii~iiii~i ~~ I  ~  8  0  ~CO~O~<?nON~COCN•N~ ~ z~~•~o-~N~..-<N  ---· ~.,-- ,U)=---:cc,s-:--,::-::--::-:::--::-~:-:--  'lJ  :-<  oN~~~~~~~NN~N~M~MN~~.;do~ ~N~~d~~  ~~ooo~~~~~~~~~o~N~~~~~~c~oo~~~~~  .::::i  < >  ~MCM~~•oN~~~~O.Q<?O~~o~~·~~~o~..-.~  ~~~~~6~~~~~~ci~~~~~g~~~g~~~~~~~~~  <  ..J  ~iiiiiiiiiiiiggg~ii~gtiiiiiiiii~ NNN~~~~~~~~~~¢~NO~~~~~~N~~~~O~~  8  0  ~..-.oo~~ oo•o~~•NN~..-.<?.OC J..-< N <?Q~O~<?·  ~~~~gg~~~~gg~~~~~~~~~~~~~g~~~~~  <?-..-<_L~-~-~-~_s_m_o__:_:::_<?_ ~_ N_. _ ._~_. _._~_~_ N_ -- -<? . -;---~- N----:-- -<? C__:§:.... ~ • ~ o ~ ~ NNN~o<?•Q~<?-~~O~<?<?N..-<C~N~~N ·N~OO~<?<?O~NNOON~..-<oono~O~N~o~o ..... ~  8  ::i ..J  ~ ~ ..-<OC..-<~~~NOOO..-<~o•o~• : . O~CONN~-o~co ~N~•o•aooo<?~o~~~•Q~~<?ono~oo~~~o ~N~•~nN•m~~N0<?~~ ........ ~ .... 00<?<?00.~NC~  ~~~~~~~~~~~~~~~~~~~~~g~~ci~~~~~~~  "OJ  .:..  ~~~~~~~~q~~~~~~~~~~~~~~~~~~q~~~  ~~O~<?N~~~~~Q~~~~~~~~~~~~~~~~~~~  ~~~~~~NOMO~M~~~o~~o~~MNMM~~~~~~  z  :..  q~~~q~~~~~~~~~~~~~~~~~~q~~~~~q~  ~ Q~,~~~~~~~~g~~~;~~~~~~~~o~g~~~~g~~~  0  <?  ~ :iJ  o~~~~No~~NM~~~M~~~~~~Orl~~~o~~~rl  ~~.;~No~o~~r.:r.:~~~~~M~c~o oc~.;~~r.:~~ rlrlrlrlrlrlrlC\lrlrlC\lf""'4C\lN~~~c:-:)c:-:)NC\JNC\l~  rlrlrlrlrl  I  o:i  h  ~  0 R,  ....~  o•o~mo•o~~Orl~~N~•~o o ~o•<?~~• ~oorlO O~rl~C::,ll':lll':l~rlC::,~OrllO~COU":>C:Orl~COOOt--O~C:Oll':INCOCO~ ~NNO<?NOrl<?C<?C<?~<?O.<?..-<~O~~C~~NO<?Q~  N~O~~~r-:~~~~O~~~~~~~~~~_;~~~~~~~~  ~Q.<?NOM~<?<?O.~<?~ ~MO ~~~  l rlQO~ON~O~N  ~C\l~COt'-C~l'-~0['-C::,QNC::,NCO~"'-"~~C~Qll':IOOQOCON  r--:- r.D ~ lQ OO~-- r-: ~ eD ON~ 0 N«J ~ _; ~~ ~ M~ 0 00 ~~~..;~~CO C\lrl  C:0~~1"""1NNN~~1"""1rlrl~C\l['-c:-:)M~~C:O~CO~~QU":)Q  O~NO~~~. <?0~~~ N 0~ . . , . . ,r, • N ~ 0~ L~ ~ ~ rl ~<? ONn~•N~~ON<?~rlOOO~N < ~~~,r,~~m•<? ~~ ·  rlrll0['-['-<0lOQC0~1"""1['-rl<O~rl~C::,~o:>~~CO~~rlC::,N~OC:O  d~~NO~~~M ~~~~~~~or.:~.;o~..:o.;NO~~~c •No~o~n~ON<?~O<?~~COQCN<?•~~~N~~~~  ~~<?o~o~~ ....  ~o~~Qrl<?Q••~o~~OrlQrl~~ooo  o..:~~~N~M~~~N~~~~~~~~~~~~~M~~~~~  con•~•NN~~<?ON•~·N~O~~=-c•NONQ..-<N  •~••~~~~~o~c~~~~oo~m~~~~c~~Q~Q~~  :!  0  :i:::  rn  :.cl ..J ::::i  < 8  t I  I  It  I I It  I I  I I  •  I  I  I  I  I I  I  I I  I I  I I  I I  I  I I  I  I  I  I I  I I  I  I I  I  I I  =~~OOriN<?•oc~~QO~N<?•o~~OOOO~N<?•o~ ~~~~~~~~~~~~OOOOOOOQOQ ~QQQOOOOOOO  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~  Note.-Tota!J of gold coin and bullion and silver coin and bullion In 1895 to Hl06, Inclusive , Include gold and silver In ores. In preceding years ol d and s ilver In ore were In cluded in merchandl!:e.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1905· 06.  1904·05.  1903·04.  Agricultural Implements, value_ . . -- $ 24,554,427 20,721,741 22,749,635 1,895,605 Automobiles and parts of, value ___ _$ 3,497,016 2,481,243 Bacon and hams - ---· -·- -- ---- lbs. _ 555,478,512 465,705,359 444,614,805 value _________ .... . $ 55,921,304 46 ,991,165 46,740,619 do do 5,882,888 6,588,958 Beef, canned,value ___ __ ___ · ·-·-·- $ 6,430,446 do fresh and salted ___________ lbs. 349,341,808 292,557,749 357,433,493 value ____ ___ ·-·- $ 29,029,843 25,247,526 30,122,603 do do 6,292,914 5,585,544 Barley, value __ ___ ____ ___ _____ .. _$ 8,653,231 4,347,304 Books, maps, etchings, &:c. , value ._ $ 5,839,452 4,844,160 2,557,484 3,025,764 Brass and manufactures of, val ue _._ $ 3,474,981 Butter . __ _______________ ______ lbs. 27,360,537 10,071,487 10.717 ,824 1,768,184 1,648,281 do value. __ __ ____ ___ ___ ______ _$ 4,922,913 Cattle and sheep, value __ __ . ___ ._ .. $ 42,885,260 42,285,369 44,210,895 3,766,980 Animals, other, and fowls, value _. $ 6,254,308 4,442,912 Carriages and horse and trolley cars, and parts of, value _____________ . $ 6,275 ,700 4,468,395 4,816,414 Cars for steam roads, value __ . _____ $ 6,644,944 2,607,592 1,934,352 Casings for sausages, value _____ ____ $ 2,572,479 2,646,868 2,353,167 530,216 1,484,795 1,165,161 Cement, value -- · --- - - ---·-- -- --- $ 2,172,571 2,064,790 2,208,585 Cereals, prepared, table food, value_$ 2,452,239 1 ,084,044 Cheese, value·- - ------ - ----- -- · - - $ 1,940,620 Chemicals, dru11:s and dyes, not In• cludlngmedlclnes,value ______ ___ $ 13,272,373 10,948,417 10,582,530 2,281 ,1 95 2,316,414 Clocksandwatchesandparts,value_$ 2,598,441 2,048,154 2,312,082 1,970,401 Coal, anthracite _____________ __tons value _________ ____ $ 9,722,322 11,535,887 10,097,808 do do 6 ,4 34,713 6,707,788 Coal, bltumlnous ____________ . _tons 7 ,155,592 do value·-·------ --- ·- $ 18,494,05!1 17,622,435 17,722,515 do 3,721,459 Coffee, value _____________________ $ 3,600,987 2,048,558 2,223,233 2,228,442 Coke.value _______________ ______ _$ 2,435,604 976,925 1,338,718 Copperore,value. - -----·------··-$ 1,895,971 Copper, manufactures of, value ____ - $ 81,282,664 86,225,291 57,142,081 Corn. ___ _____ ___________ __ __ bush . 117,718,657 88,807,223 55,858,965 do value .. . _. _____ ____ ____ __ _._ $ 62,061,856 47,446,921 30,071,334 Corn meal, value ________ ___ ___ . __ $ 1,623,397 1,113,295 1,691,669 Cottolene, lardlne, &c., value --·-· - $ 4,154,183 3,613,235 3,581,813 132,544 166,531 162,459 Cotton, Sea Island ________ ._100 lbs. do other_ __ ___________ . 100 lbs. 36,177,992 42,881,958 30,499,384 3,154,376 3,365,448 Cotton, Sea Island, value ____ __ ____ $ 3,335,022 do other.value ___________ ____ $ 397,670,899 376,599,566 367,655,870 Cotton manufactures-Colored . _yds. 116,975,946 127,916 ,497 91,:\19,979 5,439,277 7,325 ,408 value --·- · · $ 6,929,307 do do Uncolored - ·------------- --- Yds. 594,517,108 566,584,218 156,060,758 value _____ ______ ____ __ _$ 36,252,553 33,995,134 9,256,922 do All other, value ___ · -·- - -- ---- - -$ 9,762,173 8,345,538 7,707,514 Cycles and parts of, value ______ ____ $ 1,370,765 1,378,428 1,965,026 692,834 880,827 1,080,274 Earthen, stone and China ware, vaL$ 396,408 543,386 E11:gs, value- ·- · - ---------------- $ 1,038,649 2,031,070 Feed, grain, for animals, value _____ $ 4,839,690 3 ,054,252 7,112,512 7 ,620,886 Fert!llzers, value ______ ____ ··- -- -· $ 8,686,965 7,857,041 6,527,863 Fish, fresh, dried. pickled, &c ., val _$ 7,559,178 6,414,636 6,766,809 Flax, &c., manufactures of, value __ - $ 8,157,211 Flour (wheat) ______ ___________ bbls. 13,919,048 8 ,826,335 16,999,432 do value- -·-- - - ----- - -- - -- -- · · $ 59,106,869 40,176,136 68,894,836 Fruits (lncludlnl!" canned, dried and preserved) and nuts, value __ __ . _$ 15,274,158 15,606,586 20,678,665 Furs and fur skins, value ______ ____ $ 8,002,282 6,599,222 5,422,945 Glass and g-lassware, value ____ _____ $ 2,433,904 2,252,799 1,978,481 Glucose or g-rape sugar, value _______ $ 3,489,192 3,206,794 2,949,545 3,311,777 3,710 ,907 Grease, ~craps and soap stock, vaL _$ 4,138,333 Gunpowder, &c., value _____ ______ _$ 3,568,038 2,559,837 2,441,596  ;i~i~: .~t~~===  :!  1,116,307 3,125,843 4,365,981 1,223,255 6,204,228 10,887,774  1,089,505 4,480,666 3,175,259 1,051,641 4,780,817 8,172,980  1,052,705 2,116,180 3,189,100 3,246,887 4,436,124 8,297,723  ,val Hides and sklns, other = $ ===== == ===furs == == than India rubber, &c . , manuf., value_ ._ $ Instruments, scientific, value _. ____$ Iron and steel , and manufactures of, not Including ore, total value ___ . . $ 160,984.985 134,728 ,36:l 111,948,586 1,365,654 1,419 ,225 1,763,470 Jewelry, gold and sliver_ ____· --· · -$ 1,502,888 1,579,125 1,954,091 Lamps, chandeliers, &c., value- --· -$ Lard ----- - - - -·--- - - ·-- ------ -lbs. 741,516,886 610,238,899 56 1,302,463 do value ______________________ _$ 60,132,091 47,243,181 46,347,520 Leather and manufactures of, value _$ 40,642,858 37,936,745 33,980,615 854,119 Maltllquors,value ________ __ _____ $ 1,116,776 1,012,808 1,589,790 1,283,219 Marble and stone and manuf, value _$ 1,466,561 3,897,793 4,911,005 Medicines, patent or prop., value __ _$ 5,059,601 1,367,794 2,156,616 Milk, value-- --- · --- --- --·--- --- - $ 1,889,690 3,230,982 Musical Inst. and parts of, value ____ $ 3,168,052 3,144,787 940,558 3,196,622 3,240,544 Nickel, nickel oxide, &c., value .. __ $ 475,362 Oats, value __ ___ __ ___ ________ ____ $ 16,234,918 2,085,992 . 463,062 1,423,742 948,088 Oatmeal, value ----- ------- · -----S OU cake and meal, value ___ ___ __ ___ $ 23,991,564 21,776,611 17,069,178 998,613 890,937 1,172,206 Oil, corn, value --- ·---- - -- ---·- --$ Oil, cotton•seed __ . _______ __gallons _ 43,793,519 51,535,580 29,013,743 value. - ---- - -- - - ·-··- $ 13,673,370 15,125,802 10,717,280 do Oil, lllumlnatlng __ __ _. ______ gallons. 864,361,606 822,881,953 741,567,086 val ue - --·---··- ··- S 54,181,617 56,169,606 57,902,503 do do 011, lubrlc., and heavy paraffine_gals. 146,110 ,702 97,357,196 88,810,130 value --- ·- - ------ ·-- --$ 17,974,721 13,142,860 12,048,842 do Oil, mineral, crude, Including all natu• ral olls ----· · -·-- ---- -- --gallons . 139,688,615 123,059,010 114,376,920 6,572,923 6,359,435 do do value · - -- ·---- -· - - -- -S 7,016,131 1,802,207 2,575,851 OU, naphtha, value _____ ___ ___ __ ._ $ 2,613,677 Oleomargarine (Including oleo) - - .lbs . 221,452,249 153,091,409 171,321,090 value-- -- ---- - - ·-·- S 18,489,232 12,196,183 13,479,432 do 2,756,581 Paints, pigments and colors, value ._ $ 3,773,064 3,126,;317 Paper and manufactures of, value_ . - S 9,536,065 8,238,088 7,543,724 Parafflne and parafflnc wax _____ lbs. 178,385,368 161 ,894,918188,65 1 ,lll 8,859 ,968 7,789 ,160 value ____ ___ _$ 8,808,245 do do 963,329 993,394 Pork, canned, value __ ____ __ ___ _ ._ $ 1.215,857 Pork, fresh and salted ___ - - - - - - - _lbs. 155,265,158 133,833,473 130,858,681 do value . ... . - - -·- ---- --- --- - - -S 12,943,046 10,703,828 11,197,206 1,009,304 897 ,425 Poultry and game, value_ - - - - . - - - - $ 1,397,004 88,465 2,254,446 138,853 Rice, value.- -- ------ - - - ------·· · $ 2 613,929 2,355,537 2,469,609 Rosin, pitch, tar, &c ___ ________ bbls. 6,699,067 7,204,54 2 9,998,317 value - ---·· -- -$ do do 440,980 1,191 -905,350 Rye, value · -------· - - - - --- - -- --- S 2,583,325 2,557,747 8,912,662 Seed, all kinds, value _____ ____ . ___ $ 2,499,933 2,670,231 2,781,179 Soap, value._. _____ . _______ ____ __ $ 2,276,826 2,572,152 1,991,692 Spirits, dlstUied, value _____ _____ __$ 1~ 1 Splrl~~ of turg~ntlne _value_-_:-~~~-o_n_si ~ Starch, value . _. _____- _- - - - -- - - - .$ 1,490,797 1,430,572 1,340,282 2,970,894 3,414,687 Su11:ar and molasses, value_. ______ _$ 3,783,971 Tallow __ . __________________ ___lbs. 97,567 156 63,536,992 76,924,174 3,801,302 do value -- · --·- -·--- · · - - - - -- --$ 4, 791,02 5 3,022,173 731 ,553 721,900 1,069,146 Tin, manufactures of, value ___ __ ._ $ Tobacco (leaD --- --·-·-------- - lbs. 302,333,075 328,232,009 305,382,128 value ______ __ ______ _$ 28,602,452 29,644,547 29 464,732 do 5,042,719 5,690,203 5,410,480 Tobacco manufactures, value ______ $ 2,603,374 3,200,860 3,567,127 Vegetables, Including canned, value_$ 4,394,402 44,230,169 Wheat __ ._. ___ ___ _-- ____ - - __ bush. 34,973,291 do value. __ __________________ _$ 28,757,517 3,905,579 35,850,318 Wood and manufactures of, value __ -$ 69,080,394 58,002,977 65,428,417 2,025,109 2,050,122 Wool and manufactures of, value ___ $ 2,148,613 1,064 ,900Zinc and manufactures of, value ____ $ 1,911,980 2,190,112  2:m :m  a Also Included under animals, other .  tm :m :m :m  TRADE ·A D COMMERCE.  54  IMPORTS OF LEAD7NG ARTICLES YEARS ENDING JUNE 30.  The following table, made up from the latest revised returns, shows the imports of leading articles (both quantities and values) m the last three fiscal years. It embraces all items the imports of which exceeded $1,000,000 in value in any one of the years included m the statement. Art1cles.  1905-06.  1904-05.  1903-04.  --------------- ---------------1------ ---·l ·---------I ---------  Argal, or argoL ___ ____________ lbs . 26.140,835 26,281,931 2,291,951 2,358,061 value__ ____________ do do c 4,2 45.019 AutomobUesanctpartsof,value ____ $ 1,142,710 1,265,091 Bones.horns. &c.,andmts.of, value.$ 4,589,858 5,601,345 Books, maps, etchings, 4':c., value __ $ 768,275 1,907,264 Brass and manufactures of, value ___ $ 6,557,347 4 ,51 3,667 Breadstuffs, all kinds, value ________ $ 2,370,498 2,695,746 Bristles, value ________ ..; __________ $ 1,306,446 1,357,114 Brushes, value _·------~- - --- --- -- $ 866,178 1173,211 Buttons and button forms, value ___ $ Cement, Roman, Portland, &c ___ lbs. 392,963,827 382,754,136 1,276,597 1,302,239 do value ________ _____________ $ 3,379,600 4,303,830 Cheese , value _ ___________________ $ Chemicals, drugs, dyes and medicines (Including those given here separately) , value _______ ____________ $ 74,452,664 64,779,559 Cigars, cigarettes, &c ___________ Jbs. 807,721 800,580 do value __________ ________ __ $ 4 ,031,21i4 4,028,107 Clays, or earth, value _____________ $ 1,222,814 1,.4 83,278 Coa!, bituminous ___ . __________ tons 1,522,152 1,820,687 value ____ __ _______ $ do do 3,713,748 4,367,750 5,755,596 Coal tar, colors and dyes, value _____ $ 5,705,091 8,577,649 8,697,515 Cocoa, or cacao, crude, value ___ ___ .$ Coffee,value __ _____________ _______ $ 73,25/i,134 84,654,062 Copper, and manufactures of, value_$ 25,835,502 19,942,511 Copper, ore and regulus, value _____ . $ 4,892.961 6,727,861 2,738,319 3,313,306 Cork, and manufactures of, value . __ $ Cotton.raw, value _____________ -- -- $ 10,879,592 9,414,750 Cotton, manufactures ofBleached and unbleached, . dyed, colored, stained or painted, square yards _________ - - - - _ - - - . - - - - - .. 74,657 ,229 47,519,370 do value ___________ . 11,936,591 do 7,949,874 6,150,484 7,218,897 Hosiery. shirts, drawers, &c., vaLS Other manufactures of, value ___ __ $ 43,887,/1:\4 34,810,739 Cutlery, value __________________ . $ 1,892,278 1,800,704 896,245 821,611 Dye woods anct decoctlons, value_ ... $ Earthen, stone and Chlnaw11.re, vaL $ 12,877,528 11,659,723 2,970 ,260 2,036,791 Feathers and down , crude , value __ ._ $ 4,018,352 2,507,636 Feathers and flowers, artltlclal, vaL _$ Fertilizers, value. ______________ __ $ 4,446,3/iO 4,524,700 Fish, value _____ __________ ______ .$ 11,607,602 10,498,076 Flax, hemp, jute, &c., raw, value ___ $ 39,360,2$10 38,118,071 ma.nut's of, value_ - $ 51,437,581 40,125,406 do do Fruits and nuts, value __________ ___ $ 28,915,747 25,937,456 Furs and fur skins, value __ ___ ._._.$ 21,855,682 18,306,302 Glass and glassware, value _________ $ 7,507,823 5,948,839 Glycerine, value _________________ .$ 2,302,183 2,052,011 Gloves, kid and leather , value ______ $ 6,812,719 4,727,489 Grease and oils, value _____________ $ 1,170,514 1,295,855 Gums, value _____________________ $ 11,900,724 10,630,481 3,854,349 3,428 ,404 Hair and manufactures of, value __ •. $ Hats, bonnets, &c., and material for, 4,379,473 4,571,184 value __________________ _______ $ 359 ,5 15 502,051 $ ________ __ ___ _________ value Ray, Hides and skins, value ______ ___ ___ $ 83,882,167 64,764,146 1 ,980,804 2,326,982 Hops, value ____ ·-------- - -- · ----$ Household and personal effects, &c. , free of duty, value ______________ S 3,941,875 3,263,384 3,285 ,464 2 .754,376 Horses, cattle and sheep, value_ . _ . $ 1,159,426 1,120,070 Hide cuttings, &c., glue stock.value$ India rubber and gutta percha ___ lbs. 58,345.115 67 .899 ,473 value ._ $ 45,302,611 50 ,088 ,554 do do Jndlgo, value ____________________ $ 1,044,148 873,781 Iron and steel, and manu:tactures ofPig Iron • .. __________________ tons. 271,700 122,977 value .. __________ ____ _ __ $ do 7,778,884 2,089 ,0 69 Jng-ots, blooms, &c ___ ________ lbs. 44,001,417 21,953,028 do value _________________ .. S 2,672,668 1 ,641,549 Total value_ a ___ __ ________ _____ $ 29,053,987 23,510,164 2,200,5·85 1,506,790 Inctla rubbP-r, &c., manufactures ,val$ 1,905,544 2,053,841 Ivory, animal anct vegetable, value_ $ Jewelry and manufactures of gold and 1,739,953 silver, value ____ _______________ $ 1 ,303,652 3 ,904,8 39 4,302 ,:rn7 Lead, and rnanufactures of, value . $ 11,1170 ,84 8 Leather, value. ___ . _. _____ _ ______ $ 5,612 ,1>42 1,326 ,102 1,657,339 Leather manuf. other than gloves ,vaIS 1,661,454 Licorice root, value _____________ __ $ 1,780,109 Lime, chloride or_ ______ _ . _____ lbs. 108 ,556,316 96,119,711 879,260 value _____________ $ do do 776,281 Lumber, value ____________ _______ $ 10,363,684 14,137,396 3,li55,402 Machinery, value __ ___ ___________ : __ $ 2,943,300 2,738,85fi Malt liquors, value __ __ ___________ $ 2,405,344 1,785,662 Manganese ore and oxide, value ____ $ 1,661,2$19 Marble and stone, and manufactui:es 1,569,403 1,636,7811 of, value _______ ____ _ ___ ______ $ 3,600,088 3,831,436 Matting, Including Chinese, value ___ $ Metal, metal compositions, and manufactures 01' (not Including brass and 6,243,790 7,888,565 $ _______________ value Iron, &c.). 1,137,844 6fl0,718 Molasses. value _____________ ____ _$ l ,2110, 125 1,277,435 Musical Instruments, value ________ $ 1,205,873 1,673,879 Nickel ore and matte, value ________ $ Oils, animal and vegetable, value ___ $ 13 ,723,948 11,593 ,520 2 ,632,409 2,440,222 Opium, lncludln~ prepared, value __ _$ 1,524,301 1 ,6911,808 Paints and colors, value ___ _ _ . __ ___ $ 4,381,324 4 ,908,782 Paintings, statuary. &c., value __ _ ._ $ 5,623,638 6,998,761 Paper and manufactures of, value __ _$ Paper stocl,-Ra~s .. - ______ ____ _.lbs. 140 ,207,38:l 149,519,018 2,184,863 2,118,762 do value ___ ________ ________ $ 1,1111,732 2,251,348 All other, value ___ _____ _______ _$ 936,403 1,054,426 Perfumeries and toilet preps, value ._ $ 1.510,435 1,599,052 Plants.trees.shrubs, &c.,value ____ $ 1,851,285 2,678 ,546 Platinum. value __ ____________ . ___ $ 915,306 1,291,166 Plumba~o. value _________________ $ Potash ________________________ Jbs. 302,421.49fi 298,043,250 5,446,602 5,583 ,739 do --------------- --------- - -$ Precious stones, cut and uncut, unset, value ______ . _ __ _ __ __ __ _______ _$ 40,380,762 33,761,506 4,253,414 5,117,054 Provisions, all kinds, value ________ $ Rice and rice meaL _____________ lbs. 1611,547,957 106,4/14,515 2,010,966 :l,082,203 do value _____________________ $ 3,457.619 5,388,043 Seeds , value ___ ___ _______________ $ 1,128,922 1,368,156 Shellsandmanufacturesof,value _ __$ Silk, raw ___ __________________ _lbs. 14,505,324 17,812,133 do value _____________________ $ 52,855.611 59,542,892 Silk, manufnctures of, value _______ $ 32,910,590 32 ,614 ,540 282,829 37.'l ,986 Soda, nitrate ot_ __________ ____ tons 9 ,683,39/i value _____________ $ 13,117,887 do do 4,583,356 5,188,116 Spices, all kinds, value _______ . __ ... S Spirits , distilled (Including product of 5 ,005,058 5,524,767 United f;tates returned), value . __ $   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  24,571,730 2,550,223 c 785,881 4,529,187 340,628 3,247,503 2,367,301 1,372,227 892,612 610,291,961 1,993,303 3,284,811 65,294,558 684,408 3,054,011 1,191 ,291 1,046,323 5,043,824 4,918,503 8,873 ,709 69,551.799 18,215,442 3,466,,'!81 2,205,138 8,541,510  51,448,203 8,303,485 6,044,691 35.176,070 1,896,213 1,522,283 12,005,004 2,742,018 2,603,835 3,503,726 9,889,607 37,814,285 40,308,837 24,435,854 14,763,002 6,583,168 2 ,58 3,270 5,095,337 1,157,923 10 ,171,882 2,727,062 3,963,043 914,842 52,006,070 1,374,327 3,040,523 2,586,313 854.483 59,440,168 40,619,203 1,282,497 191,135 4,047 ,167 205,074.443 3,398,692 27,028 ,312 1 ,156 ,982 1,305,536 2,048,821 3,1\38,734 4,909,231 1,095,647 1,472 ,323 99,085,386 772,532 12,026,857 3 ,184,968 2,313,325 009,319 1,672,374 3,609,795 6,337,823 1,018,Hl8 1,361) ,285 1,1911,13/i 11,179 ,442 2,350,103 1 ,674 ,193 3,286 ,2112 5,319.086 99,403 ,763 1,511,8:15 1,388.1178 853,135 1,493,789 1,816,037 9fl1.134 243,721,012 4,403,794 23,626,608 4,197,4116 154,221,772 :J,073,430 3,587.4119 1,286,491 12,6:10,883 44,461,564 31,973,680 293,574 9,259,6511 4,366,008 4 ,fl57 ,507  .4.rttcles.  1903-04.  1004-05.  · 1905-06,  Sugar, not above No. 16 ______ • __ lbs. 3970154648 3658131447 3682318668 value ___ _________________ , $ 85,098,903 96,740,676 71,400 ,113!> do 506,114 904,773 361,185 aboveNo.16,value _______ _ $ do Sulphur, crude, value ___ __________ $ ;~~~~= -~r_e~ -~a_l~~ ~::: ~ ~ ~:: ~ ··. lbs~ 93,621,750 102,706,599 112,905,541 do value ____ __________________ $ 14,580,878 16,230,858 18,229,310 Tin, blocks or pigs _________ . ____ lbs . 92,822,635 84,868,662 80,764,530 do value ______ _________________ $ 30,932,908 23,378,471 21,486,311 Tin plates ________ _____________ lb'l.lZ0,819,732161,066,820126,909 ,3 60  ~-:m:m f:~:::m r:m:~~g  Y:lir:~===:=::~~:=~:~:1-b~'>~  Toia°cco, value __________________ s do Toys, value .. _ . _________ . ________ _$ Vanilla beam,, value __ . _. ______ - $ Veg-etables, all kinds, value . ____ ___ $ Watches and movements, value ____ $ Wine In casks _______________ gallons. value _____ __ __ _____ __ $ do Wine In bottles _____ . ___ ___ qts., doz. value __ ___ _______ ___ $ do Wood and manufactures of. value __ $ Wood pulp, value _____ ·---·-- - ---$ ·wool and woolen goodsWool, raw _ b ________ ._._ .. __ __ lbs. value ____ _______ _______ $ do Cloths, value----- ---------- - -- $ Carpets ____________ ___ ___ sq. yds. value ______ _________ ___ $ do Dress goods ________ _____ .. sq. yds. . value ______ ___________ $ do Total wool manufactures , value_.$  3~:m:m 3::m:m 3f:m:m 22,447 ,514 18,038,677 16,939,487 4,977 ,38!> 4,964,457 5,887,863 1,424,647 871,442 1,321,550 7,008 ,602 3,983;272 5,002,932 2,369,2:l f> 2,479,7-'lO 2,565,343 4,017 ,691 :J,973,919 4,482,499 2,352,485 . 2,387 ,011'> 2,567,712 807 ,:198 861,584 962,082 7,004 ,852 7,889,436 8,426,256 36,528,563 20,564,323 26,984,35:~ 3,602 ,66& 4,584,942 .4,500,955 201,688,668 249,135,746 173,742 ,83-1 39,068,372 46,225,558 24,813,501 4,158,507 3,977,059 5,157,420 844,9:12 1118,850 1,182 ,005 2,797,:10 2,877,993 4,643,520 52,830,942 45,170,270 43,857,599 8,205 ,835 8,612,663 10,049,686 23,080,683 17 ,893,663 17,733,7811  a Including machinery, b11t not· Including iron ore: also including thevalues already stated separately. b Includes hair of the camel, goat, alpaca, &c . c Included under" all other manufactures of iron and steel" prior to ,Jul~· 1 1905.  COURSE OF MERCHANDISE PRICES. To furnish an indication of the course of merchandise values, we give the following table. It shows the prices of leading articles of merchandise in New York about the first of January m 1860, which was before the war excitement had begun to affect the markets; on January 1 1 79, when gold payments were resumed; and for the past five years-1903 to 1907 ~ inclusive. COMPARATIVE PRICES OF MERCHANDISE IN NEW YORK.  January 21860.  c.  $  BreadstuflsaFlour-No. 2, ext_bbls. Patents _____ - --- bbls. Rye, superfine ___ bbls. Cornmeal , Br'ywlne _bbls. bWheat-Whlte,No.1 .bu. Red Winter, No. 2_bu . West'n Spr'g, No .2_bu. Rye, orthern __ ____ bu . Oats, No. 2, whlte __ _bu. Corn-  1879. C.  3 90 7 75 3 10 2 85 1 11 108 ¾ 98 --- 92 60 33 46 ½ 4 7 4 3 1 1  30 50 00 90 50 30  1903. $  c.  2 85 4 65 3 60 3 25 Norn'! 79½ 80¼ 59 42  1904. $  c.  3 30 5 20 3 70 3 00 Norn'! 92¼ 91 63 44¼  1905. $  c.  4 10 6 20 5 00 3 10 Norn'! 1 23 119½ 90 Norn'!  1906. $  c.  3 20 5 45 4 40 3 05 Norn'! 95¾ 89 76 37  1907 . $  c.  3 00 4 65 4 00 2 75 Norn'! 80  81¼. 75 40½  West. mixed, o.2_bu. 56 53 52 ½ 47 51 90 57½ cCottonMiddling Upland __ ___ lb. 8.90 13.50 9 7-16 7.10 11.75 10.7511 8.52 13.12 Low Middling Upland_lb. 6.57 11.37 10.2.'>11¾ 9 1-16 Cotton goodsBrown sheetlngs _____ yd. 5½ 8 6¾ 8¾ 7½ 7¾ 7½ Print cloths, 64x64- - _yd. 3 2% 3% 3½ 3¾ 3¾ 5¾ FishDry cod (Georges) ___ qtl. 4 50 4 25 8 00 8 00 6 50 9 00 -- - Norn'! 24 00 No . l(Mass.)mackerel bbl. ---- 16 00 29 00 21 00 -- --5 Hay-Shipplng ____ lQO lbs . 1 00 45 80 82½ 87 ½ 97½ HemJ}-Manila ________ Jb . - --10 9 10½ 9¼ 6½ 9¾ Hops. prime State _____ _lb. 21 34 15 19 16 34 33 Ironton _ _____ ___ pig Nom'I Nom'l Nom'l Nom'l 25 00 24 50 22 00 Scotch American pig , No. L _ton - - -- 17 00 25 00 15 75 17 75 19 50 25 2.'> Lead-Domestic __ -100 lbs. -- -6 20 4 00 6 05 4 70 4 12½ 4 25 LeatherHemlock sole, light __ . lb. 24 24 28 24½ 19½ 27½ 30 82 92 Lime-Com . Rockland _bbl. 82 80 75 87 - --32- i,..; 42 Molasses -N. Orleans .gall. 37 37 38 53 35 Naval StoresSpirits turpentine __ . gall. 71 56 27½ 68 44½ 53 59¾ Common rosin ______ bbl. 1 65 4 25 2 55 190 1 35 2 82½ 3 65 OilsCrude whale ____ .. _- . gall. om'l Norn'! Nom'l Nom'l Nom'I 52 38 Nom'l Nom'l Norn'! Nom'l 66 81 Crude perm _______ gall. 1 40 Linseed, Calcutta __ _gall. 70 62 75 43 57 65 63 P etroleumR efined In bbls ___ __ gall. - - - 7 50 7 60 7 65 9 10 8¼ 8 30 Provl~lonsPork , mess _________ bbl. 16 37½ 7 05 18 50 14 75 13 00 14 75 18 00 Nom'l 25 · Beet. plain Western_bbl. 9 50 10 00 1100 9 00 8 50 Beer hams ___ _______ bbl. 14 50 1700 21 00 20 50 23 00 22 00 Nom'I H ams, pickled ______ _Jb. 12 12¼ 6 9 9¾ 9¼ 10½ Lard, Western _____ __ lb. 9.47 ½ 7.30 7.07½ 7.50 10½ 5.75 10.50 Butter, prime Rtate ___ lb. 2 24 23 26 24 28 28½ Cheese. fine factory ___ Jb . 12 14 14 12 14 11 8¾ Rice-Domestic ________ lb. 5 3½ 4¼ 4!4 6¼ 4½ 4¼ SaltLiverpool ground _. _sack 115 90 90 90 90 70 --Domestic fine_ 280-lb.sack - 90 90 90 90 -- ---- SurrarCuba . fair refining ____ lb. 413-32 3 39 1 3½ 6¾ 3 7-H' 7¾ Refined bards ________ lb. 5.15 4.45 4½ 8¾ 4.85 4½ -Tallow . ____________ __ _Jb . - ... 10½ 6½ 5½ 5¾ 6¾ 4¾ 4¾ Wool- XX Ohio fleece __ Jb. 34½ 32 30 35 38 40 33  --  I  a FLOUR-"No. 2 Extra in bbls." is now the common Rblppln~ flour to Great Britain, and Is about the same as the "Wheat Flour, State." quoted In 1861> and previous yeara-"Patent.s" are the highest grades and correspond with Extra Genesee of 1860 and previous yea.!"l. b WHEAT-"White No. 1" probably corresponds as nearly as any pre ent gradewith White Genesee In old classlficatlon-"Red Winter No. 2" would probably rank with "Red We.,tern" of old classltlcatlon. Tbe other grades mentioned for breadstuffs cover same as quoted In olc lists of prices In "Hunt's Merchants' Magazine." c COTTON-On Oct. 1 1874 grades of cotton as quoted were changed by tbeNatlonal Cotton Exchange. According to the new clas$1ficatlon every gra.d C" was reduced. so that (!or Illustration) Mlddlln!(', according to new classltlcatlon was on that day quoted 3i c. lower·than Middling 01' the old classlflcatlon.  FOREIGN ExcH,A NGE RECORD: PRICES FOR 1906. · In the tables which follow we furnish a record of the fluctuations in the rates of exchange:at New York on London for each day of the past year. The tables have been compiled so as to show the actual rates at which bankers' bills were quoted. Business in exchange is now done at such a small margin of profit, the fluctuations being often measured by small decimals, that posted rates no longer afford a close guide to the course of the market. A record of these posted rates, however, for 1906 can be found in the "Chronicle" of Jan. 5, 1907, page 32. 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, t he 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 values 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 2¾%, and accordingly the present London quotations of American securities are about 2¾% above their actual value-a bond worth 100 here being -quoted there at 102¾. 1 •  •  ACTUAL RATES OF STERLING EXCHANGE DURING 1906 JANUARY.  Day.  S~'fzzf1Y  L ____________ 2 ___ 4 $225-8250 3 ___ 4 8225-8240 4 __ -4 8220- 2.30 5 __ -4 8250-8260 6 __ -4 8250-8275  'f31:JI:.  FEBR.UAR. Y.  Tr~<;/:,}~s.  HOLIDAY __________ _ 4 85p5-8565 4 8630-8640 4 8540-8550 4 86 -8610 4 8540-8550 4 8595-8605 4 8570-8580 4 8625-8635 4 8575-8585 4 8635-8650 7- _____________ SUNDAY __________ _ 3 ___ 4 83 -8310 4 8635-8640 4 8715-8725 9 __ -4 8305-8315 4 8625-8650 4 8715-8730 10 __ -4 8330-8340 4 8660-8670 4 827:.!-8735 lL--4 8325-8335 4 8650-8660 4 87 -8710 12 __ -4 8340-8350 4 8650-8660 4 87 -8710 13 __ -4 8335-8350 4 8655-8660 4 8710-8725 14- -- ----------- SUNDAY __________ _ 15 __ -4 8325-8335 4 ·8660-8665 4 8710-8720 16 __ -4 8325- 335 4 8660-8665 4 8715-8725 17 ___ 4 8340- 350 4 8675-8680 4 8725-8735 l __ -4 8350-8360 4 8695-8705 4 875,5-8765  it= J i~gt~m : ii1o=im 1mtim·  21-------------- SUNDAY __________ _ 22 __ -4 8390-84 4 8725-8740 4 8785-88 23 __ -4 8380-8390 4 8710-8715 4 877 5-8780 24---4 8390-84 4 8715-8725 4 8775-8785 25 __ -4 8395-8405 4 725-8735 4 8785-8795 26---4 84 -8410 4 8730-8735 4 8795-88 27 __ -4 84 -8410 4 8730-8740 4 8805-8815 28-------------- SUNDAY ----------29 ___ 4 8390-84 4 8725-8735 4 8790~88 30 __ -4 8395-8410 4 8725-8730 4 8795-8805 31. _.4 8395-84 4 8725-8730 4 8790-8795-  Range-  High 4 84 -8410 4 8730-8740 4 8805-8815 Low 4 8220-8230 4 8540-8550 4 8595-8605  Day .  s~ftif.ay  j1gf:.  Tr~::JJ:rs .  Range-  .4 8390-84 4 8730-8735 4 8790-88 4 8270-8280 4 8595-86 4 8655-8660 JUNE.  MAY.  8tx'JiiJl/Y  iflt~  4 8390- 4 4 8725-8730 4 8785-8795 4 8390-84 4 8725-8730 4 8785-8795 ·4 8380-8390 4 8720-8725 4 8775-8785 ----------- SUNDAY __ ___ _____ _ 4 8390-84 4 8725-8730 4 87 0-8790 . 4 8385-84 4 8730-8735 4 8790-8795 4 8385-84 4 8725-8735 4 8790-88 4 8380-84 4 8725-8735 4 8790-88 4 8380-84 4 8720-8725 4 8780-8785 4 8380-8390 4 8715-8720 4 8775-8785 ----------SUNDAY ______ __________ ___________ HOLIDAY __ __ __ 4 8305-8375 4 8695-8705 4 8760-8765 4 8340-8350 4 8665-8675 4 8720-8730 4 83 -8325 4 8650-8660 4 8705-8715 4 827 5-83 4 8625-8630 4 8680-8685 4 8290-83 4 8630-8640 4 8675-87 ---------- - SUNDAY __________ _ 4 8275- 285 4 8615-8625 4 8665-8675 4 8285-83 4 8625-8635 4 86 0-8690 4__827~3 4HOLIDAY 8620-8630 __________ 4 8685-8695_ _________ 4 8275-8285 4 8625-8635 4 8685-87 4 8280-8290 4 8625-8635 4 8675-8685 ----------- su_ DAY ----------4 8290-83 4 8625-8635 4 8685-8695 4 8285-83 4 8615-8620 4 8680-8685 4 8270-8280 4 8595-86 4 8655-8660  Tr~<;/:,j~s.  S~YzzP.ay  j1Jf:.  Tr~::ffts.  L _-4 8120-8125 4 8425- 430 4 84 0-8485 2 __ .4 8075- 0 5 4 8375-8390 4 8440-8445 3 __ -4 8050-8075 4 8380-8390 4 8440-8450 4 __ -4 8050-8075 4 8390-84 4 8440-8450 5 __ -4 8075-81 4 8415-8425 4 8475-85 fi _______ ____ ___ S-CJNDAY __________ _ 7 __ -4 81 -8125 4 8450-8460 4 8515-8520 8. _-4 8125-8130 4 8475-85 4 8520-8525 9 __ -4 8175-8180 4 8535-8540 4 8590-8595 IQ __ -4' 8225-8250 4 8565-8575 4 8605-8615 1 L _ -4 8230-8240 4 8545-8555 4 86 -8605 .4 82;!5-8250 85.50-8560 __________ 4 8605-8610_ 12 13 -_______ ________ 4SUNDAY 14 ___ 4 8230-8235 4 8550-8565 4 8595-8605 15- _-4 8225-8230 4 8530-8535 4 8580-8590 16- _.4 82 -8225 4 8525-8530 4 8580-8585 17 __ -4 8210-8225 4 8530-8535 4 8580-8590 18- _ -4 8210-8225 4 8520-8530 4 8570-8580 19 __ -4 8210-8215 4 8515-8525 4 8565-8575 20---- ---------- SUNDAY ___ ___ ____ _ 2L __ 4 82 -8205 4 8525-8530 4 8575- 580 22 __ -4 8205-8210 4 8525-8530 4 8575-8580 23 __ -4 8205-8210 4 8520-8525 4 8565-8570 24---4 8210-82;!0 4 8520-8525 4 8560-8570 25 - _-4 8210- 225 4 8525-8530 4 8570-8575 26 -8210-8220 8520-8530 ______ 4 8565-8575 27 ___-4_____ .______ 4SUNDAY .____ _ 28---4 8210-8215 4 8525-8,530 4 8575-8580 29 __ .4 8205-8210 4 8520-8535 4 8570-8580 30 ------ - ------- HOLIDAY __ _______ .__ 31---4 8210-8225 4 8515-8525 4 8560-8570  4 8210-8225 4 8510-8525 4 8565-8575 4________ 8215-8230 8530-8540 ____ 4 8580-8590 __ _ 4SUNDAY ___ ___ _ 4 8240-8245 4 8550-8555 4 86 -8605 4 8250-8260 4 8555-8565 4 8595-8610 4 8260-8275 4•8570-8580 4 8615-8630 4 8290-83 4 8590-86 4 8640-8650 4 8285-83 4 8585-8595 4 635-8645 4___________ 8285-8310 4SUNDAY 8590-8595 ________ 4 8635-8645 __ _ 4 8290-9295 4 8605-8610 4 8640-8645 4 83 -8305 4 86 -8605 4 8645-8650 4 8290-8295 4 8590-8,595 4 8630-8635 4 8290-83 4 8,590-86 4 8635-8645 4 83 -8310 4 8590-86 4 8635-8645 4 83 -8310 4 8585-8595 4 8635-8640 -- --------- SUNDAY ____ ______ _ 4 8275-82 0 4 8575-8585 4 8615-8625 4 8260-8265 4 8535-8540 4 8580-8585 4 8245-8250 4 8530-8535 4 8575-8580 4 8230-8240 4 8515-8525 4 8550-8560 4 8230- 240 4 8505-8515 4 8540-8550 4 8225-8235 4 8505-8510 4 8535-8545 ----------- SUNDAY __________ _ 4 8220-8225 4 8495-85 4 8530-8535 4 8210-8220 4 8485-8490 4 8525-8530 4 8210-8215 4 8475-8485 4 8515-8525 4 ·82 -8210 4 8465-8475 4 85 -8510 4 8190-82 4 8465-8475 4 85 -8510 4 8190-82 4 8470-8475 4 85 -8510  High 4 8230-8250 4 8565-8575 4 8605-8615 Low 4 8050-8075 4 8375-8390 4 8440-8445  4 83 -8310 4 8605-8610 4 8645-8650 4 8190-)!2 4 8465-8475 4 85 -8510  .  Range,-  SEPTEMBER. 11 Da . s~i~ • • T1~~;iers. 1!.. .4 8025-8030 8330-8335 __________ 4 8390-8395_ 2 ___________ __ 4SUNDAY 3 _____________ HOLIDAY ----------,  Z1fl't:.  4 __ -4 8030-8035 5 __ -4 80 -8005 5 __ .4 8050-81 7 ___ 4 805()-81 8---4 8050-8060 9 ______________  4 8325-8330 4 84  -8405  4 8285-8315 4 8375-8380 4 8330-8390 4 8410-8420  4 8.':350-8-':360 4 8410-8420  4SUNDAY 8340-8350 _______ 4 84 -8410 ___ _ 10---4 80 -8010 4 8335-8345 4 8390-84 1L--4 7981)-7985 4 8335-8340 4 8385-8390 12 __ -4 7975-80 4 8345-8350 4 84 -8405 13 __ -4 8025-8035 4 8375-8380 4 8430-8140 14 __ .4 8030-8040 4 8390-84 4 8440-8450 15-_________ _.4 8040-8050 8395-84 _________ 4 8450-8460 16 ____ _ 4SUNDAY __ 17__ -4 8015-8025 4 8380-8390 4 8440-8450 18---4 7990-80 4 8360-8365 4 8420-8425 19 __ -4 7985-7990 4 8340-8345 4 8390-8395 20 __ .4 7975-7985 4 8345-8355 4 84 -8410 21_ __ 4 7950-7975 4 &':Jn0-8370 4 8425-8430 22 ___ __ -4____ 7940-7960 8370-8.':375 _____ 4 8430-8440 23 ____ ___ 4SUNDAY _____ _ 24 __ .4 7955-7965 4 8365-8375 4 8450-8460 25 __ .4 7960-7970 4 836()-8365 4 8440-8445 25 __ -4 7965-7975 4 8345-8::150 4 8425-8435 27 __ -4 7950-7975 4 83:m-8340 4 8415-8425 28 __ .4 7!)50-7975 4 8320-8::130 4 8410-8425 29 __ -4 7950-7975 4 8325-8335 4 '8410-8415 30-------------- SUNDAY ----------31  RtmtJe. High 4 8000-81 4 83~5-84 4 8450-~460 Low 4 7940-7950 4 8285-8315 4 8375-8380   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Range-  OCTOBER.  i11'/;.  S11ffzis~y  T~g~~iers.  4 7940-7950 4 8335-8340 4 8415-8425 4 7965-7!)75 4 8365-8370 4 8435-8445 4 7955-7965 4 8365-8::170 4 8455-8460 4 80 -8025 4 8370-8380 4 8450-8460 4 8025- 035 4-8385-8390 4 8450-8460 4___________ 8015-8025 4SUNDAY 8390-84 __________ 4 8460-8475_ 4 8040-8050 4 8425-8435 4 848/\-8490 4 8085-81 4 8485-85 4 8550-85fi0 4 8115-8120 4 8490-8495 4 8560-8565 4 8115-8130 4 8520-8530 4 8590-8605 4 8115-8125 4 8505-8510 4 8575-8585 4 8075-81 4 8470-8480 4 8530-8540 -- --------- SUNDAY _____ _____ _ 4 8045-8050 4 8465-8470 4 8525-85:!5 4 8050-8055 4 8455-8460 4 8520-8525 4 8035-8040 4 8450-8455 4 8505-8510 4 80 -8025 4 84 -8415 4 8465-8475 4 7950-7975 4 8460-8465 4 8540-8550 4 8015-8025 4 8525-8.535 4 8610-8625 --------- -- SUNDAY _____ ___ __ _ 4 8060-8065c4 8455-8550b4 866Q-8665 4 8065- 075 4 8575-86 a4 87 -8710 4 8075-8085 4 8590-86 4 8715-8720 4 8075-81 4 8590-86 4 8710-8720 4 8075-81 4 8585-8595 4 8680-8690 4 8060-8075 4 8570-8580 4 8675-8680 ---- ------- SUNDAY __________ _ 4 8030-8035 4 8550-8555 4 8645-86/\0 4 8060-8065 4 8565-8570 4 8070-8675 4 8040-8045 4 8560-8565 4 8665-8670 c made at; a 4 87,80. b 4 8750.  Sixt11.-Day Bills.  .I\\AR.CH.  Sight Bills.  Cable Transfers.  ,  Ra:nge.  f/J/:.  Tr~::JJ:rs. Day.  ___________ SUNDAY ______________ 1 4 8260-8275 4 8540- 550 4 8590-8595- __ 2 4 8260-8:.!75 4 8530-8540 4 8575-8585--- 3 4 8255-8265 4 8520-8525 4 8560-8565- _ _ 4 4 8240-8250 4 8495-85 4 8535- 545 _- _ 5 4 8225-8250 4 8450-8475 4 8510-8520 ___ 6 4 8235-8250 4 8475-8480 4 8515-8525 ___ 7 ----------- SUNDAY ------------ -- 8 4 8175-82 4 8420-8425 4 8460-8470. - - 9 4 8075-81 4 8340-8350 4 8370-83 5_ - _10 4 050-81 4 8290-8410 4 8375-8480 ___ 11 4 82 -8210 4 8480-8490 4 8525-8535- __ 12 4 8215-8225 4 8485-8495 4 8525-8535- __ 13 4 8225-8235 4 8490-8510 4 8525-8550-- - 14 __________ _ SUNDAY ----------- --- 15 4 8290-83 4 8560- 565 4 8605-8615- - -16 48275-8285 48545- 550 48575- 585- -- 17 4 250- 275 4 550-8560 4 8590-86 __ - 18 4 82 -8225 4 8475-85 4 8525-8550---19 4 81 -8 125 4 84 - 425 4 8450-8475- - _20 4_ ________ 8125-8150 8415-8450 __ 4 __________ 8460-8510- __ _-21 __ 4SUNDAY 22 4 8155-8160 4 8445-8450 4 8475-85 ___ 23 4 8 120-8125 4 8435-8440 4 8490-85 ___ 24 4 8110-8115 4 8440-8445 4 8495-85 ___ 25 4 8125-8150 4 8435-8445 4 8490-8510_ - - 26 4 8125-81.50 4 8430- 440 4 8490-85 ___ "1.7 4_________ 8125-8135 8415-8425 _____ 4 8485-8495__ 4SUNDAY ________- -28 _29 4 812.1:,8135 4 8430-8435 4 8490-8495- - _30 31  4 8275-8285 4 8580- 590 4 8640-8650 4 82 -8225 4 8515~8525 4 8550-8535  4 8290-83 4 8050-81  Ranoe-  Sixt11.-Day Bills.  JULY.  Siqht  Rills.  Cable Transfers.  --- -------- SU DAY __________ _ 4 8190-8195 4 8450- 460 4 8490-85 4 8160-8165 4 8440-8445 4 8480-8485 -----------HOLIDAY __________ _ 4 82 -8215 4 8475- 480 4 8510-8515 4 82 -8215 4 8460-8470 4 8505-8510 4 8210-8225 4 8475-8485 4 8510-8525 ----------- SUNDAY __________ _  Range-  4 8560-8565 4 85!:J0-8fi HiF:h 4 8290-8350 4 8370-8385 Low AUGUST.  Six'}fifls~Y  iw:.  rr<i:J:rs. Day.  : ~~10:mi : ~tii=~~95 4 82 -8215 4 8480-8490 4 8520-8535 ----------- SUNDAY _________ . _ 4 8215-8225 4 8495-85 4 8.530-8540 4 8220-8230 4 85 -8505 4 8545-8550  4 8225-8235 4 8505-8515 4 5545- 555 ___ 1 4 8240-8250 4 8515-8525 4 8560- 570--- 2 4 8240-8250 4 8515-8525 4 8560-8570 __ _ 3 4 8240-8250 4 8515-8530 4 8565-8575- - _ 4 ___ ________ SUNDAY ------- ----- -- 5 4 8235-8245 4 8530-8535 4 8570-8580_ _ _ 6 4 8250-8260 4 8535-8540 4 857/\-8585- __ 7 4 8250-8260 4 8525-8530 4 8565-8575--- 8 4 8230-8240 4 85 -8505 4 8540-8550 - - - 9 4 8210-82"1.0 4 8485-S490 4 8525-8535 ___ 10 4__________ S2 -8210_ 4SUNDAY 8480-8485 ____ 4 8520-8530 ___ 12 11 _____ __ ___ 4 8190-8195 4 8470-8475 4 8520-8525 ___ 13 4 8195-82 ~ 8475-8485 4 8525-8530 ___ 14 4 8190-8195 4 8470- 480 4 8520-8530 ___ }5 4 8190-82 4 8470-8475 4 851.5-8525 ___ 16 4 82 -8210 4 8475-84 0 4 8520- 525 ___ 17 4_____ 8185-8195 8470- 475 __4 __ 8520-8530 ___ 19 18 ______ 4SUNDAY __________ 4 8170-8175 4 8460-8470 4 8510- 5"1.0 ___ 20 4 8160-8165 4 445- 450 4 8490- 5 _- _21 4 8125-8135 4 435-8440 4 8490- 495 __ _22 4 8150-8160 4 8440-8445 4 84!:J.5- 505-- _23 4 8140-8150 4 440- 445 4 8495-8505 ___ 24 4___ 8125-8145 8435- 440 ________ 4 8505-8515 ___ 25 ____ ____ 4SUNDAY ______ 26 4 8120-8125 4 8415- 420 4 8495-85 ___ 27 4 8110-8115 4 8410-8415 4 8480-8490 ___ 28 4 8065-8070 4 370-8375 4 8445-8455 ---29. 4 8025-8050 4 8325-8,j40 4 8375-84 ___ 30 4 8030-8040 4 8330-8340 4 8390-84 ___ 31  4 8220-8230 4 8520-8525 4 8560-8.'i65 4 8160-8165 4 8440-8445 4 8470-8475  4 8250-8260 4 8535-RMO 4 8575-8585 High 4 8025-8040 4 8325-8340 4 8375-84 Low  : ms=~~ 1m&:ms 1i~si:mg  4 8180-8185 4 8460-84fi5 4 8495-85 4 8190-82 4 8460-8465 4 8490-8.5 4 8190-82 4 84,55-8465 4 8490-85 4 8170-8180 4 8450-8460 4 8485-8495 ----------- SUNDAY _____ _____ _ 4 8175-8}85 4 8445-8455 4 8475-8485 4 8180-818.5 4 8440-8445 4 8470-847.5 4 8180-8185 4 8445-8450 4 8475-8480 4 8175-8190 4 8445-8450 4 8475-8485 4 8185-82 4 845.5-8465 4 8490-85 4 8190-82 4 8475-84'80 4 85 -8510  ---------- - SUNDAY __________ _  4 8205-8210 4 851.5-8520 4 8550-8.560 4 S220-8225 4 8520-8525 4 8560-8565 4 8210- 215 4 8.5 -8505 4 8540-8545  1~i~s=~i~s  Ranqe-  Sixty-day Bills.  NOVEMBER.  Si.{Jht Bills.  Cable Transfers.  4 8050-8075 4 8555-8565 4 8660-8670 4 8060-8085 4 8580- 5 5 4 87 -8710 4 8075-81 4 8!;85-8595 4 87 -8710 ----------- SUNDAY __________ _ 4 8055-8060 4 8590- 595 4 870.5-8710 -------- --- HOLIDAY __________ _ 4 8060-8065 4 8595-86 4 87 -8705 4 8060-8070 4 8580-8fi85 4' 87 -8705 4 8050-8060 4 8570-8580 4 8670-8680 4 8050-8075 4 858.5-8590 4 8690-8705 ----------- SUNDAY _____ _____ _ 4 8025-8030 4 8560-8565 4 8675-8680 4 8015-8020· 4 8565-8570 4 8670-8675 4 8020-8025 4 8560-8.565 4 8660-8fi65 4 8025-8050 4 8565-8575 4 8fi65-8675 4 8050-8075 4 8585-8590 4 8685-8690 4 8075-81 4 8595-86 4 8690-87 ---------- - SUNDAY ____ ______ _ 4 8075-8080 4 8590- 595 4 8685-86!)0 4 8060-8065 4 8570-8575 4 8660-8670 4 8060-8065 4 8570-8.575 4 8660-8665 4 8040-8060 4 8570-8575 4 86fi5-8675 4 8050-8070 4 8565-8575 4 8660-8670 4 8050-8065 4 8570-8575 4 8665-8670 ----------- SUNDAY ___ _______ _ 4 8050-8055 4 8570-8580 4 8665-8675 4 8055-8060 4 8565-8570 4 8665-8670 4 8050-8075 4 8565-8575 4 8650-8660 -----------HOLIDAY __________ _ 4 8075-81 4 8550-8560 4 8635-8645  l:!-:S  4 8115-8130. 4 8590-86 a4 8715-8720 4 7940-7950 4 8335-8340 4 8415-8425  APR.IL  S~Yiifay  4 8265-8275 4 85 0-8590 4 8640-8650 4 260- 270 4 8570- 575 4 8635-8645 4 8260-8270 4 8570-85 0 4 8640-8650 -------- __ _ SU DAY __________ _ 4 827 5-8285 4 8580-8590 4 8630-8fi40 4 8270-8280 4 8575-8580 4 8620-8630 4 8265-8275 4 8555-8560 4 8595-8605 4 8240-8250 4 8525-8535 4 8580-8590 4 82 -8225 4 8515-8525 4 8575-8585 4 82 -8225 4 8520-8525 4 8550-8575 ----------- SUNDAY _____ _____ _ 4 82 -8225 4 8545-8555 4 8575-8585 4 8240-8250 ,4 8550-8560 4 86 -8fil0 4 8:.!50-8260 4 8565-8575 4 8610-8620 4 8260-8270 4 8575-85 5 4 8625-8635 4 8260-8275 4 8570-S575 4 8615-8625 4 8275-8285 4 8575-85 5 4 8620-8630 ----------- SUNDAY __________ _ 4 8260-8270 4 8570-8580 4 8610-8620 4 8250-8260 4 8555-8565 4 86 -8605 4 8245-8255 4 8550- 555 4 8595-86 4 8255- 265 4 8550-8560 4 8590-86 4 8255-8265 4 8550-8560 4 8590-86 4 8250- 275 4 8550-8560 4 86 -8610 -------- ___ SU1 DAY ~- - ___ c __ _ _ 4 8235- 250 4 8535-8540 4 8575-8585 4 8235-S250 4 8,530-8535 4 8575-8580 4 8240-8250 4 8525-8530 4 8575-8585 4 8240-8250 4 8520-8530 4 8570-8580' 4 8250-8260 4 8525-8530 4 8580-8590 4 8250-8275 4 8550-8560 4 8590-86  Ranoe.  .  4 8075-81 4 8595-86 .• 4, 8705-8710 4 8015-?3020 4 8550-8560 4 '8635-8645  Range-  Sixty-day Bills.  DECEMBER..  SiQht B1lls.  Cable Transfers. Day,  4 8040-8060 4 8515-8525 4 8605-8615- -- 1 - ----- ---- - SUNDAY ----- - --- ---- - 2 4 8025-8030 4 8510-8520 4 8605-8610 ___ 3 4 8020-8030 4 8505-8515 4 8595-86 _ _ _ 4 4 7990-80 4 8475-8480 4 8565-8570- -- 5 4 7975-80 4 8460-8470 4 8535- 545 ___ 6 4 7925-7950d4 8415-8425e4 8490-85JO ___ 7 4 79 -7925 4 8390-8405 4 8450-8475- -- 8 _ __________ SUNDAY ----- ----·----- 9 4 7860-7865 4 8350-8365 4 8440-8445 __ -10 4 7910-7925 4 8390-8395 4 8475-8480---11 4 7880-7885 4 8365-8370 4 8460-8465 ___ 12 4 7875-79 4 8340-8350 4 8430-8450 ___ 13 4 7850-7875 4 8330-8340 4 8425-8435 __ - 14 4 7825-7850 4 8335-8345 4 8435-8450 ___ 15 -··-- - ------ SUNDAY -------------- 16  : mtms: ~~l&:im 1mtm8===U  4 7785-7790 4 8280-8290 4 84 -8405 ---19 4 7775-78 4 8325- 350 4 8425-8450 ___ 20 4 7825-7850 4 8325-8:!35 4 8435-8450 ___ 21 4 78 -7815 4 8310-8320 4 8420-8435 ___ 22 - - ------ --- SUNDAY _________ _____ 23 4 7770-7775 4 8280-8290 4 8415-8425 ___ ?.4 ----------- HOLIDAY _________ __ ___ 25 4 7775-7780 4 285-8295 4 8430-84:l.'i ___ 2(1 4 78 -7825 4 8275-8280 4 8405-841.'L __ ?7 4 78 -782514 8270-8280 4 8405-84rn ___ 28 4 7820-7825 4 8270-8275 4 8405-8410 ___ 29 ------ ----- SUNDAY ____ __________ 30 4 7875-79 4 8350-8360 ,4 8450-8475 __ . 31 Ssles were made at; d 4 8385.· e 4 8450. 14 8260.  Range.  4 8040-8060 4 8515-8325 4 8605-8615 H gh 4 1110-111514 821o-s21s 4 84 -8405  Low  UNITED STATES SECURITIES. COURSE OF DEBT AND PRICES. The following table shows the public debt of the United States from 1793 to 190,6, 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 th 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 1793to 1843, inclusive, and for July 1 (close of the fiscal year) since 1844, inclusive. The debt was at its highest on August 31 1865, when it amounted to $2,756,431,571. UNITED STATES DEBT 1793 TO 1006. Year.  .-!mount. Year. Amount . Amount. Y P.ar. Year. · - - - 1812 __ ___ --$45,209,737 1831. ._ •• $39,123,191 1850 _____ __  1793. -- .. _ $80,352,634 1794 .• _ •• 78,407,404 1795 .• _ •• 80,747,587 1796 .• _ .. 83,762,172 1797 ____ _ 82,064,479 1798. __ - • 79,228,;520 1790 . ••.. 78,408,669 1800 .. _ .. 82,976,204 1801. .... 83,038,050 1802 .••.. 80,712,f>32 1803 •.•.. 77,054,686 1804 ..•.. 86,427,120 1805 .... _ .• 82,312,150 1606 . • _ •• 75,723,270 1807. __ . • 69,218,390 1808 .•• • . 65,196,:317 1809 . • _ •. 57,023,102 1810. __ .• 53,173,217 1811. ••. . 48,005,587  1813 . .•.• 11H4 • . - · 1815 . __ __ 1816 . • . -1817 . •.. . 1818 . . . . . 1810 ... . .. 1820 ... . . 1821._ •.• 1822 . • _ •• 1823 ..•.• 1824 . •••• 1825 .• _ .• 1826. _ •. .. 1827 ___ .. 1828 .••.. 18211 .. - •. 1830 .• _ . •  55 ,962,827 81,487,846 90,803,6110 127,334,933 123,491,%5 103,466,633 05,529,648 91,015,566 89,987.427 93,5111,671' 00,875,877 90,269,777 83,788,432 81,054,059 73,987,357 67,475,043 58,421,413 48,565,406  1832 ___ 1833 • •••. 1834 •. ___ 1835 • ..•• _ 1836 ••.• _ 1837 ....• 1838 .. _ . . 1839 . ••• _ 1840 . ·- ••• 1841-. ··1842 .• -·· . 1843 • • ___ 1844 . • __ • 1845 .• _._ 18411 ___ •• 1847. __ •• 1848 •• • • _ 1849 .• _ • .  24,322,23:5 7 ,0!ll ,608 4,760,082 37,513 3311,9n7 3,308,124 10,434,221 3,573,343 5,250,87n 13.594,480 20,601.226 32,742,922 23,461,652 15,925,303 18,550,202 38,821>,534 47,044,862 63,061,858  1851. •••. 1852 ___ .. _ 1853 ___ .• 1854. ____ 1855 • • _._ 1855. __ • . 1857. ·-·· 1858 ..•.. 1859 .• _._ 1860. _ _._ 186L __ .• 1R62.- •.• 18'13 ___ . 1864 •• -· ·· 1865. __ ._ 1866 __ •·• 1867 •• _ .• 1868 .• _ ..  Amount. $63,452,773 68,304,796 66,109,341 50,803,117 42,242,222 35,586,956 10,965 ,95:l 9,998,622 37,900,192 53,405,234 59,964,402 87,718,660 505,312,752 1,111,350,7:37 1 ,709,452,277 2,674,815,856 2,636,036 ,11;3 2,508,151,211 2,480,853,413  Year.  Amount.  1869 .• _._ 1870 .•••• 1R7L ••.• 1872 ___ . _ 1873 _____ 1874 •• _ . • 1875 •• _ •• 1876. ·-· 1877 • • _ • • 1878 •. - •. 1879 .• _._ --. 1880 181\L.•____  $2,432,771,873 2,331,169,956 2,246,994,068 2,149,780,530 2,105,462,060 2,104,149,153 2,090,041,170 2,061) ,925 ,340 2,019,275,431 1,9!)9 ,382 ,280 1,906,414,905 1,919,326,747 1,819,650,154 1,675,023,474 1,538,71\1 ,825 1 ,4:38 ,5 42 ,995 1,375,352,443 1,282,145,840 1,175,168,675  ll\R2 . •• . _ 1883 • • --·· 1~84·--·· 11185. ___ • IRM . __ .•  1887 .. _._  Amount.  Year.  1888_. ___ $1,063,004 ,89f. 1889 . • ___ 975,939,750 1890 .. ___ 890,784,371 1891. •••. 851,912,75 1 1892 • • _ • • 841,526,46 838,069,476 1893 .• - •. 1894 • • _ •• 899,313.380 1895 .. _ .• a932 ,830 ,667 1896 • • _ .• 955,297 ,254 1897 . ••. . 986,656 ,081> 1898 • . _ •• xl ,052 ,085 ,49! 1890 . . • . _ 1,155,320,23 1900 . ••. . 1,107,711,25 1901.._ •• 1,044,739 ,12!} 960,457,241 1902 .• - • • 925,011,63 7 lll03 .••.• 967 ,2;n ,7741904-·-·· 1905 • . ___ 989,866,772 1906 .•••• 964,435,687  a V\Te have Increased the amount for this date $31,157,700 to allow for the foreign ha.If 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. :z; We have enlarged the amount for 1698 by $25,000,000 to allow for receipts up to that date (.Tune :JO) on subscriptions to the $200,000,000 new Government 3 per cents, such receipts having Increased Government cash by a correspond.Jog sum. It Is proper to say that the augm1mtatlon In the net debt at this period would have been much heavier than that recorded by these figures ($1,052 ,Olla ,492) except that during the fiscal year the Govern · ment received $60,201,81\5 cash from the Union Pacific sale, only $29,904,952 of which went to redeem maturing Paclfil: Ralh·oad bonds.  UNITED STATES DEBT STATEMENT DECEMBER 31 1906. To bring the results down to the latest date, we add the official statement of the public debt as it appear . from the Treasurer's returns at the close of business on the last day of December 1906. INTEREST•BEARING DEBT DECEMBER 31 1906. InterC8t  Amount Issued.  .  ---Amount Outstanding--r;tal. R~tered.  co;pon, m:~tt~gg 5~tm:M8 2~:~fggg 5~t~:t:~g  Payable. TUle of LIJO.n2s, Con.'!Ols of 1930 ••••• Q.-J. 3s, Loan of 1908-18 ..••. Q.-F. 4s, Funded Joan, 1907 ••• Q.-J. 740,933,500 4s, Refund'g certificates.Q.-J. 40,012,750 4s, Loan of 1925 •• ·-···Q.-F. 162,315,400 Panamacanatloan, 1916Q.-N. 30,000,000  65,408,150 28,906,150 114,314,300 25, 70 •...... .•..•... 94,174,800 24,315,100 118,489,900 22,080 30,000,000 29,977,920  Aggregate lnt.-bearlng debt .. 1.767,996,660 834,015,220 88,676,790 922,717,88(} Note.-Denomina.tlons of bonds a.re: Of $10, only refunding certificates; of $20, loan of 1908; coupon and registered. Of $50, a.11 Issues except 3s of 1908; or Sl00, all Issues. or $500, all except 5s or 1904, coupon; or 1,000, a.11 Issues. Of $5,000, all registered 2s, 3s and 48; of $10,000, all registered bonds. Of $20 ,000, registered 4s, loan of 1907; of $50,000 registered 2s of 1930. DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. Du. 31. Nov. 30, Funded loan of 1891, continued a.t 2%, called May 18 $40,000 00 $40,200 00 1900, interei<t ceased Aug. 18 1900 .•••••••••. ·-··· 26,600 00 Funded loan of 1891. matured September 2 1891. •••.• 26,600 00 120,300 00 Loan of 1904, matured February 2 1904 .•••• • •.••..• 120,300 00 931.865 26 Old debt matured prior to Jan. 11861 and later•• • ...• 931.875 26 Debt on which Interest bas ceased .•.••••••••••••. $1.118,975 26 Sl,118,765 DEBT BEARING NO INTEREST. United States notes .•.•••••••••••••••••••• _••••••.••• __ •••••• $346,681.016 53.282 Old demand notes .• ·······························--···-···National bank notes-r.e demptlon account.. . ................... 46,632,672 6,865,237 Fractional currency, less SS,375,934 estimated as lost or destroyed..  26 00 50 50 28  Aggregate debt bearing no lnterest .••••••••• ·-·······-······S400,232,208 28 lncrea,e (+) RECAPITULATION.  Du. 31 1906. l~lalrification o/ Debt.Intcrest--bearlng debt •• _ .•.. $922,717,880 00 1.118,765 26 Debt, Interest ceased........ 400,232,208 28 Debt bearing no Interest.....  or Decre,ase (-·) Nov. 30 1906. $925,159,190 00 -$2,441.310 00 -210 00 1.118,975 26 +710,657 50 399,521.550 78  Total gross debt .•••...•.• Sl.324,068,853 54 Sl.325,799,716 04 -Sl.730,862 50 381.470,287 02 +7,526,789 08 388,997,076 10 cash balance In Treasury.a. Total net debt .•.•.•.••••  $935,071.777 44  a Including $150,000,000 reserve fund.  TREAS UR y CASH AND DEMAND LIABILITIES · The cash holdings of the Government as the items stood Dec. 31 are set out in the following: LIABILITIES. I $ ASSETS. $ I Tnt.StFundLiabUUies-7'rustFurull-Joldings. Gold coin •.•..••...•• - 639,114,869 00IGold certificates .••.•.• 639,114,869 00, Silver dollars .....•.•.• 476,256,000 00 Silver certificates •••••• 476,256,000 00 6,616,000 00• 6,616,000 00 Treasury notes of 1890.. Silver dollars of 1890... Total trust llabllltles.1,121.986,869 Total trust fund ••••• 1.121.986,869 00 Gen. Fund L Ulb-Uities-General Funtt H Olding!24,430,111 Gold coin and bullion... 105,279,951 99 National Bank 5% fund. 58,719,670 00 Outstanding checks and Gold certificates....... 9,601.979 drafts .•...•.•.•.•• _ 8,438,975 00 Sliver certificates •••• __ 1,695 00 Disbursing officers' ba.1• Sliver dollars.......... 71,442,340 ances .. _......... . • 833,600 02 Silver bullion.... . ..... 4,772,663 00 I Post Office Department United States notes ... _ 10,943,738 15,171001 aecount ·····-······ Treasurynotesof1890.. 1.572,720 National bank notes . •• _ 11,105,884 00 Miscellaneous Items .• __ 3,720,429 61 Fractional silver coin... 153 95 Total gen'! llabllltles ••• 117,990,889 Fractional currency.... 601.132 54 Minor coin . • _......... 346,896 70 Bonds and Interest paid.  oo, H),  31>  13 82 00,  40-  Tot. In Sub•TreasurlE>s 193,836,222 81 In Nat. Bk. Deposltarles Credit Treasurer or U. S. 146,827,867 99 11.925,200 4/il Credit U.S. dis. officers.  ------,  Tota.I In banks....... 158,753,158 44 I In Treas. or Philippine IslandsCa,h balance and Rt'.seNJ62,090,515 50 Credit Treasurer or U.S. 2,308,068 75 Total ca.sh and reserve.. 388,997,076 1 Credlt U.S. dis. otticers. Made up of----4,398,584 25 Avalllable 238,997.076 10 Total In Philippines.. and Reserve FundRueroeFundHoltti1lfl8Gold coin and bullion._. 150,000 000 00 Gold&buH. 150,000,000 00 Grand tota.L_ •••••.• 1.628,974,834 50  ------  Grand totaL_·····-·1.628,974,834 50>  $944,329,429 02 -$9,257,6/il 58  TREASURY CURRENCY HOLDINGS.-The followThe foregoing figures show a gross debt on Dec. 31 1906 ing compilation, based on official Government statements ,of $1,324,068,853 54 and a net debt (gross debt less net cash in the Treasury) of $935,071,777 44. · · · · · · · · · · indicates the currency holdings of the Treasury on the first. of November and December 1906 and January 1907. STOCK OF MONEY IN THE COUNTRY.-The followTREASURY NET HOLDINGS. ing table shows the general stock of money in the country, Nov. 1 1906. Dr.c. 1 1906. Jan. 1 1907. as well as the holdings by the Treasury, and the amount in S $ S Holding!tn Sub•Trea8Urlc8circulation, on the dates given. Net coin and gold bulllon .•••••••• _ .. •. .• 302,973,951 317,952,371 .313,999,62:Z-Swck o/ Money Jan. 1 1907- -Money in CtrculationJan. 1 Held in In United J an. 1 States.  Gold coin and bulllon . • 1.587,018,385 . ......• Gold certificate11_a. .... Standard silver dollars. 561.635,530 Sliver certificates .a . ..• Subsidiary silver ..... . 127,841.368 Treasury notes of 1890. 6.1>16,000 United Stat.es notes .••• 346,681.016 National bank notes . •. 596,162,469  Treasury .d  s  255,279,952 58,719,670 1.695 8,438,975 3,720,430 15,171 4,772,663 11,105,884  1907.  s  692,623,564 580 ,395,199 85,377,835 467,617,025 124,120,938 6,600,829 341.908 ,353 585,056,585  1906. ~  654,168,025 480,939 .019 83,736.227 463,960,485 110.029,365 8,274,884 343,262 ,091 527,173,475  Total ••....•. • •.•• 3.225.954,768 342,054.440 2,ll83,900,328 2,671,543,571 l'ooulatlon of tne United StateR Jan. I 1907, estimated a.t 85,367,000; circulation per capita, s:-n 78. a For redemption of outstanding certlficat.es an exact equivalent In a.mount or the appropriate kinds or monE'y Is held in the Treasury, and Is not included In the account of money held as a.qgets of the Government. tt This !ltatement, of money held In the Treasury as assets of the Government does not include deposits of p1Jblir. monP.y at National Bank Deposltarles, to the credit of • the Trea.orurer of the United States, amounting to $146,827,867 99.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Net silver coin and bullfon..... •••••••.. •. Net United States Treasury notes......... Net legal-tender notes .•••••••.•••..•.••• Net national bank notes................. Net fractional silver ••••.•••••••••••• ···Mlnor coin, &c ••••• ·-·-················  5,721.951 17,482 2,164,867 8,649,611 3,506,651 995,456  8,000,408 15,424 3,420,694 9,916,945 3,893,072 518,197  9 ,274,270-• 15,171 4,772,663. 11.105,884 3,720,43(),948,183  Total cash In Sub-Treasuries •••••••••• _.324 ,029,969 Less gold reserve fund .•••• _._ . ··-·· .• _•• 150,000,000  343,717,111 343,836.223150,000.000 150,000,00  Cash balance In Sub-Treasurles ••••••..• 174,029,969 Cash In national banks_ .••• --· •••• -· .•••• 1-18,975,346 cash In Philippine Islands ••••••• ·-····... 4,730,063  193,717,111 145,559,439 5 ,003,377  193,836,223· 158,753,15ll 4,398.684'  Net Cash In ban.ks, Sub-Treasuries .•..... 327,735,378 344,279,fl27 356,987 ,965 Deduct current llabUltles.a.... . _ ••••..•• 104,434 ,568 112,809,640 ll 7 ,990,889· Available cash ba.la.nce·-·--··-··-···· .• 223,300,810  a "Chtel1y disbursing omcers• balances.  231.470,287  238,997 JJ7  d Includes $833,600 silver bullion and $948,183 minor coin , etc. , not lnotttded I statement "Stock or Money."  57  ECURITIES.  U NITE D STATES  PRICES OF UNITED STATES BONDS.  In the following tables are shown the highest and lowest prices of U. S. Government securities for each month from 1860 to 1906, inclusive. In the first-mentioned year the total debt was almost nominal. Then followed the war period till April 1865; thence the period of speculation until September 1873; thence the period of recuperation till the resumption of gold payments on January 1 1879, and the subsequent funding of the maturing bonds into new bonds at 4½, 4, 3½, 3%, and finally in September 1891 the extension of the 4½s at 2%, payable at option. In 1894 a somewhat different era began with the issue of 100 million dollars of 10-year 5% bonds to meet deficiencies in revenue and make good the depletion of the gold reserve , followed by the issue in 1895 of 62,300,000 of 30-year 4% bonds, under the celebrated contract with the Morgan-Belmont Syndicate , to protect the gold reserve, and another issue of 100 million dollars for the same purpose in February 1896 . In 189 the war with pain led to the issue of. 200 ,000,000 of new 3 per cents. In 1900 refunding of the existing debt (all except the 4s of 1925) into new 2% consols was provided under the Gold Standard Law. This refunding progressed until December 31 1900, when the Secretary suspended the privilege. The extended 2 per cent were paid off. In 1903 holders were given another opportunity to refund, and in 1905 the privilege of exchanging the old bonds for the new was again accorded, the time on this last occasion expiring ovember 29. In July 1906 the Secretary of the Treasury was very successful in selling $30,000,000 10-30 year Panama Canal bonds, the bids a~gregating $446,371,300 at an average price of 104.036. U. S. GOV E R NMENT S EC U RITI E S .  1860.  u. s. 6s of 1868, COUP - ___  I  Januarv. \_::~_uary March . AprU. May. June. July. Auoust. Sept'ber. October. Nov'ber. Dec'ber. Low J·lioh lLow Htoh Low Hioh Low Hioh Low Hioh Low Htoh Low Hioh Low Htoh Low Htoh Low Hioh Low Hioh Low Hioh - - - - - - - -1-- - - - 1 - - - - - 1 - - - - 10612 107  10612 107 14 10612 10714 108  10814 10 3g 10!!12 108 °108 108 109 109 1023s 1025s 103 10012 100:i-1 101 10334 10334 1041 2 1011s 102 102  5s of 1865 , coup _______ 9 100 991s 100 997s 10012 10012 10214 102 5s of 1874 , coup _______ 9914 10012 1003s 10012 100-34 10134 103 10314 103  10914 10 102 102 102 102 10212 103 102a4 10318 10212 103  1861 .  u. s. 6s of 1868 , COUP ---6s 5s 5s 5s  of 1881 , COUP- - - - - - of 1865 , COUP- - - - - of 1871 , COUP -- - - - . of 1874, COUP - - - - - -  1862 . u. s. 6s of 1868 , COUP - ___ 6s of 1881, COUP ------5s of1865, COUP- ----5s of 1871 , COUP - ____ __ 5s of 1874 , COUP - __ _ __ 6s, certificates - - -----7 3-10 notes - - ---- ___  95 91  9 100 - - - - ---90 1s 92 91 93 92 97 92 93 90 7912 0 78 805s 7 12 85 5  ------ -- ---- ---98  95 6 95 434 89 94 6 5 9134 7 85 0 8912 7514 79  995a  8712 90 8 90 90 90 90 903s 87 14 938 8914 .91 3s 9114 9534 85 86 89 87 734 714 9 7912 80 1 112 5 7814 81 7912 811s 6 82 1  83 512 751s 75  95 94 97 9714 102 10312 9438 921? 98 9734 10512 10512 98 92 - 9212 9312 97 93 93 96 9612 65s 90 8914 96 9518 963s 99 99 1001s 1001s 997g 10112 10214 10534 10412  85 8712  9712 9  9512 95 8412 94 92 91 85 75 90  9612 9612 90 612 5 9 99  92 9312 8712 8212 83  100 103 92 . 634 91 99 10514  9612 9 18 94 34 85 9814 1021s  9912 10134 94 90 91 997s 1051 2  9612 99 94 89 8 9814 1023-1  100 10212 95 91 913g 995s 1047s  103 102 96 9212 91 9812 103  1031g 10434 97 93 94 9934 103  10112 103 97 _- - 9112 9712 10312  102 10412 97 - ___ 93 993s 105¾  102 10214 95 9134 9112 9434 10012  102 1043-t 95 !)23-t 927g 973.i. 10414  110 104 107 101210412105 100 97 100 10114 9 12 1011s 991s 9714 9912 1071s 105 107 10712 10512 10712  1045s 105 9612 100 9914 10534 10512  1071s 105 101 1013s 997s 10714 10714  106 107 ________ 97 97 101 10134 9914 995s 10612 1073s 105 10612  10634 - --9614 lOFs 99 10512 106  11034 ---10014 10212 9912 i085s 108  1083-1 117 100 98 981s 10534 106  110 14 125 100 10214 99 1075s 1071s  10 12 124 98 10134 98 10612 10612  110 127 100 1z 10214 9812 1067s 1071-t  1011 8 10714 99 97 9712 10014 10614  1863 .  U. S. 6 s of 1881 , coup ____ 9134 99  9334 1021:; !19 9712 99  5sof 1865, coup ____ ___ ________ 96 5s of 1874 , COUP - __ _ __ 86 90 8512 6s, &old certifica tes -_ _ 9434 9714 937s 6s, curren t certifica tes _ __ _ _ _ _ _ _ __ _ _ 7 3-lOs, A. & Q ______ _ 100 103 10134 7 3 10s, F. & A- ______ 10212 103 10212  10014 997s 94 9814 _ _ __ 9634 10512 10434 10412 1023s  10512 991s 9814 1001s 10012 1071s 107  10434 10612 ________ 9514 9814 997s 102 98 997s 10412 106 104 107  1071s 104 97 101 98 106 10634  10834 106 98 102 997s 10712 109  10712 106 9 3-1 10014 97 10312 107  1864.  u. s. 6 s of 1881 , COUP - _ __  104  107  10634 11112 11114 1131g 113 105  118 114  113 115 111 10512 10714 101  10912 1087s 108 1007s 115 977s  1103s 10914 10914 97ag _ _ __ 9912  10812 10214 10212 9414 9912 99  5-20s, coupon - ____ _ __ 1011 2 1047s 10334 107 107 11012 10-40s, coupon .--- ______ _______ ______________ 7 3-lOe, A.,& Q _ ____ _ 10638 1075s 1073-1 111 lll 113 1-year certificates - _ __ 9734 981s 971s 9912 991s 997s  114 102 1067g 1045g 10934 10612 10684 10112 109 10612 113 105 10312 95 10814 115 10912 112 103 110 10214 10712 107 112 107 9734 991s 98111 9 12 9234 9 as 93 9614 9334 9514 93  109 111as 99 112 95  10412 10612 9212 104 9412  10634 10812 9612 10834 9512  10612 10012 94 107 95  113 10714 9914 124 98  1125g 1061s 9812 11612 96  11 liO 1021 2 1223s 97 7&  105 10538 10514 9112 __ _ _ 985s  _________ __ _ _______ _ ____ ___ _ ____ 103  1866.  u. s. 6s of 1881 , COUP - ___  10912 1123g 110 110 10234 119 · 98  5-20s , coupon ___ ___ _ 10638 5-20s, new. coup __ _ __ 10612 10-40s, coupon -- ____ __ 1001 2 7 3-10 note s ______ ___ _ 114 1-year certificates- _ _ _ 967s  11112 112 111 1027s 11612 9812  1()312 10434 10()34 891 4 114 9612  Illig 11134 11038 10234 11412 985s  1866 . . s. 6s of 1881, COUP - __ _ 10334 10458 10334 10412 10414 10518 10458 10Sl2 107  11034 107 106 975s 997s 9912  10 34 102 103 9434 9912 995s  11012 10414 104 9734 997s 997s  10612 1037s 1035s 965s 9912 975s  10834 106 10538 98 100 9914  106 10512 104 93 9814 9712  10714 1067s 105 981 8 99°8 9834  10714 1057s 105 937s 98 9 12  10 lg 10 is 10634 941 2 995s 99  10638 10134 101 9212 97 9734  10814 10514 103 9418 9914 995s  10514 9914 987s 8934 955s 9614  10658 103 10114 9234 99 977s  1063s 100 99 9038 9614 9712  10 l',1 1051s1021s 95 987s . 985s,  1067s 10414 10334 10312 971s 103 103 103  110 10878 106 10514 99 10412 10412 10412  10912 10814 10512 106 99 104 104 104  113 14 11034 11334 1077s 110 108 10934 10734 10314 9712 10758 10512 10634 1051s 106°s 105  112 11212 10912 1095s 10014 10112 1063s 10612  11112 1113s 1095s 109 991s 106 1055s 10512  11312 11514 111 1113s 1001s 107 10614 10614  112 10112 10534 10534 9912 105 104 104  11434 11078 1073.~ 10938 10()34 1081s 1061s 10734  10934 1051s 10414 1041s 99 104 10318 104  1131~ 10818 107 1053.i; 10534 10534  102a8 102 lOFs 9314 991s 987s 99  1033s 1033s 10312 947s 9934 995s 9912  103 1027s 103 90 9912 9914 99  1043s 10418 1041s 923s 10014 10012 10014  10314 10334 104 9112 100 997s 997s  1063s 10578 106 9612 102 102 102  100:is 101as 10114 94 10012 101 10()34  10912 10912 10214 10112 1021s 102 1023s io21s 9612 953.t 1025s 102 10258 102 1023.1 102  11078 1043s 10338 10312 9714 10314 10338 1033s  U.S. 6s of 1881, coup ___ _ 10612 108¾ 10112 5-20s of '62 , coup ____ __ 10614 108 10734 5-20s of '64, coup __ __ __ 1051s 106 10534 5-20s, '65 , c., M. & N- _ 105 10634 10534 5-20s, '65 , c., J. & J ___ 103¾ 1045s 1043s 5-20s of '67 , COUP- _____ _______ _____ 10-40 s, COUP<>D- _ _ __ _ _ _ 9914 100 9934  11012 11134 10812 1091s 1067s  10838 1087s 10711! 1071s 10612  11018 111 108 10834 1073s  1087s U03s 1075s 1071s 1071s  11014 11114 1091s 1095s 10112  11012 107 1051s 1055s 10712  112 1097s 106 10 10838  1117s 1095s 10534 10612 10812  11314 1107s 1075s 10734 11012  109 1105s 10712 1075s 10612 - - - - - - - __ - __ - - - - - - - - - - - - - - - - - - - - _- _- 107 10134 9712 9814 977g 99 99 997s 9912 10012 10012  11034 11214 1097s 1097s 10834 1085g 10234  11014 1115s 109 10912 10734 1077s 1021g  1121s 1147s 1105s lllls 1087s 1087g 10314  11034 11014 1087s 10938 10112 1075g 9912  11214 11514 11014 11112 109 109 997g  11012 11112 10814 10838 106¾ 10614 995g  11238 11314 1095s 11014 1075s 108 tolls  112 1077s 105 1057s 10738 10712 1003g  11314 111¾ 1085s 107 10558 10412 10612 10434 108 10112 108 10712 1023g 1005s  1127s 1083s; 106 10518 10858 109 104  1123s 11134 10912 11014 1081s 10838  11014 10914 10714 1075s 10614 10614  1117s 11034 1083s 109 10734 10112  1107s 1091s 10758 1077s 1063s 10634  11312 11212 11078 lllls 109 10912  113 108 10658 1065s 1087s 10914  116 llFs 10934 1097s llFs 1121s  11612 11134 1095g 110 1123s 1125s ____ ---- ____ ---- ---- --··- --- - 10934 1053g 10014 10138 10012 103 103 1057g 10534  1181s 1137s 11114 11134 11414 1143s 1101s 10738  11234 11234 110 11034 108 1081s 1081s 1065g  1155s 1145s 1115s 11234 10912 1095s 1095s 1085g  1131s 11234 108f>g 110 1073s 10612 107 108  11614 115 11114 11212 10914 1093s 10938 1095g  11312 11212 10914 10934 1077s 10734 10814 10412  11412 11514 11014 1115s 10914 10914 10912 10538  113 11214 1091? 1091; 10758 1075s 1081s 10414  11514 111as 115 1055s 11234 10434 1127s 10434 11118 1061 2 112 1071,t 1121s 1075s 1065g 103  11512 11418 1135s 10918 10834 10638 10878 10118 11018 10934 11114 10934 111 110 10634 105  115 11158 1075g 10838 110,8 1111,r 111 31. 1057g  1051s 10614 11234 114 11212 1135s 11212 11334 U47g 11 11334 11512 11738 120 1147s 11612 11538 11714  105 1135g 1127s 1125s 1157g 1135g 11734 11512 1153s  1081s 11612 11658 11612 11938 11734 122 118 11834  10712 11534 11534 1157s 11412 11312 11712 11812 118  110 12014 12014 12014 11912 11712 12358 1221s 1231s  10912 12014 1201s 120 119 11758 12234 11712 12238  10712 116 11538 1161s 1181s 11718 12114 1171s 11634  1145s 11212 122 12012 12212 11938 12214 1191s 12334 1205g 12312 1201g 1251g 1223s 1221s 1225s 12334 121114  11.612 12234 1227s 1225s 12418 124 12514 125 125  10814 11214 117 12034 1167s 12112 11634 12138 11814 12212 11812 12214 11914 12314 119 12314 119 123  1073s 11614 1157s 1157s 117 117 11914 11812 119  10938 11811! 1181s 1183s 120 11912 121 120 12014  108 1063s 11614 113 11614 11314 11618 113 114 11034 11338 1l0l2 116 1117s 11934 11214 11914 11518  11018 11614 1151 2 1151 11418 11312 116 11612 120-5  5-20s of 1862 - ________ 102:i4 5-20s of 1864- __ _____ _ 10112 5-20s of 1865 _________ 10112 10-40s _ _ _ _ _ __ _ __ _ _ _ __ 9278 7 3-10 notes. 1st _ _ _ ___ 9814 7 3-10 notes, 2d _ _ _ _ __ 9734 7 3-10 notes, 3d _ _ __ __ 9734  105 10214 1021s 9334 9938 9938 99  1011 4 100-3-1,  1867.  1868 .  • S. 6s of 1881 , coup __ __ 1083s 112 11034 5-20s , 1862 , coup ______ 1077s 1117s 110 5-20s , 1864, COUP --- --- 10514 1095g 10738 5-20s, 1865, M. & N- ___ 106 1101s 10812 6-20s, 1865 , J . & J ____ _ 10412 10814 10614 6-20s , 1867 , coup _____ _ 10451! 1083s 1067s 5-20 s. 1868 , coup __ ____ _____ _______ 10-40s, COUP------ - --- 1017s 10412 10414  1869 .  . S. 10-40s, coup _______ 10534 5-20s, 1868 , COUP----- - 10714 6-20s , 1867 , coup ______ 1067s 5-20s, 1865, new, coup _ 1065s 5-20s, 1865 , COUP ------ 10734 6-20s, 1864 , COUP------ 1075g 6-20s, 1862 , COUP------ Illig 6 s of 1881 , reg ________ 109 6 s of 1881 , coup ___ ____ 111   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1085s 10814 11014 10912 1087s 11214 109 1085s 1131s 108~s 1083s 11314 110"8 11012 1161s 10934 10914 11514 1135g 113 11812 11112 11112 11412 11238 1121s 1l6¾  10738 11 7g 11914 119 1177s 11634 1215g 11612 121  10612 11334 11334 11312 111 110-34 11238 11514 1153s  58 u.  UNITED ST ATES SECURITIES. J anuary. F ebruary.  s.  M a rch.  A pril.  M a y.  June .  . July.  GOVER.NMENT - - SECUR.ITIES. Low High Low H ion L ow Hi(Jh Low H i gh Low Hi(Jh L ow H i oh Low Hi(Jh  A ugust.  S e pt'ber.  October. , No'IJ'ber. , D ec~1!:.!-:__  Low  Hi(Jh Low High Low Htoh Low High Low High  1870. U.S. 6s of 1881, coup _- - 5-20s,1862,coup ______ 5· 20s,1864,coup ______ S-,20s 1865,COUP -----5~20s, 1865, new coup __ o-20s, 1867, COUP -----5-20S,1868,coup ______ 10.40s. COUP - - - - - - - - - 6s, currency _- - - - - - - - -  1135g  11558 11 312 113 1127g 1115s 1117s 11134 10934 1091g  11812 11578 1161 2 114 116 11314 1161g 11312 1143,1 11178 1141s 1121g 1145g 113 1131g llllg 11112 11114  11814 11334 1155g 10912 11514 1083g 1151g 10838 1141s 1071s 11414 10 11438 10812 114 10434 1117s 1105s  1161 2 11414 1133g 11318 1113,1 1121g 1123s 10834 11318  113 7g 11014 10914 1093g 10734 10812 10 18 1085g 11114  11678 116 1175s 11514 lllls 11212 11414 11058 1117s 1145g 1105s 1r2 113 18 11234 11414 11 35g 11314 1143-1 1131 2 11314 115 10853 10738 10858 1123-1 1121 2 1127g  11738 111 11034 1103-1 1127g 1127g 113 1075g 113  1181 2 11212 11134 11134 11414 11438 11438 10834 11434  1123g 1083-1 10834 10834 10738 10758 108 10638 11014  11514 1121g 112 112 lllls Illig lllis 1087g 114  1131g 1101s 10978 10834 1085s 10834 109 10678 11034  11458 1127s 11112 11178 11014 11038 11012 11034 11214  1133.i 11212 lllls 11112 110 11018 11014 1057g 111  1145g 11412 112 1123s 11034 11078 1107g 107 112  11312 1117s 11114 11058 11018 11014 11012 10614 111  11418 113 1113.i 11214 11012 11053 1107g 10678 1113s  113 18- 1135J 113 2 109 10914 10912 10614 11078  11014 11014 11012 107 11112  1091s 1091g 1095s 10614 10934  1103 1103 111 1067s 1107g  11014 10858 10778 108 107 10714 10778 10634 110  11314 11012 10918 10914 1085g 10878 10914 1095s 11112  113 11038 110 110 109 109 10934 10912 11114  114 34 11234 11178 11214 111 11118 11134 1111s 11338  1i458 11178 11112 11134 1101 2 11012 11078 108 1135g  11618 113 11238 11238 lllls 11114 11134 1093-1 11538  11614 11218 11214 11212 11114 11138 11158 10812 11518  11714 114 114 114 113 113 113 10912 1153-1  117 11034 11078 11078 113 11234 113 109 11512  1173s 11134 11134 11134 114 114 11418 110 11578  11714 112 1117s 11178 11378 11318 114 10938 11514  1181g 1133g 113 1131s 1147g 11538 1151g 11034 11578  11478 11334 11312 11314 11214 11238 11278 111 113  11614 11514 11434 11414 1127g 11314 11338 113 14 115 18  116 1137s 1137g 114 11212 113 11314 110 114  119 11434 11414 11412 11358 1135g 11412 111 11634  118 11458 11434 11434 1135g 11334 11414 11112 11412  11938 11558 11558 1157g 1145g 11434 1145s 11134 11614  11514 11334 11318 11312 112 112 112 107 11012  11814 1151s 1157s 116 11434 11478 115 11134 11412  11612 111 1107g 11112 113 11358 1135g 10918 11112  11734 1113,1 11134 1123g 11414 115 115 110 113¾  11714 10914 10934 11012 11:=;,4 1143g 1145s 10918 11318  118 111 111 1113 115 11578 116 10978 11514  U. S. fund. 5s of 1881- ___ 10912 6s of 1881, reg ________ 11418 6s of 1881. COUP ----- - - 11412 5-20s,1862 ,coup ______ 10934 5-20s,1864 ,coUP ------ 10912 5-20s, 1865, COUP ---- - - 11034 5-20s, 1865 , new, coup_ 10978 5-20s, 1867 ,cou p ______ 11138 5-20s, 1868 ,coup ______ 11134 10.40s, reg ___________ 109 A0.40s, cou p __________ 10912 6s, currency __ _______ _ 11434  11018 11434 11534 1105s 11034 11238 11134 113 11314 11012 1105s 11534  10734 114 11414 11018 110 11058 110 11114 11114 10638 10934 11334  10878 11478 11558 11114 11138 11178 11058 112 11238 10712 11078 11478  10834 11414 11514 111 111 11218 11018 11138 112 10714 10734 114  110 10918 11434 11434 11534 11512 11214 11238 11238 1i212 11278 1125g 11112 11112 113 11218 11318 113 108 108 10838 108 14 11512 11518  11218 117 11818 11534 11534 11612 11434 11518 116 1105s 11078 11634  11114 11618 118 1121g 11218 1127s 11434 11512 11534 110 11038 11614  113 11714 11934 114 11378 115 11614 11738 11718 111¾ 11214 11738  112?8 1141 2 1195s 114 114 11434 11614 11738 11718 1105g 11112 11438  11338 115 1205s 115 115 116 11712 11812 1173~ 11134 11258 115  11312 11512 117 11458 114"8 11518 11334 11518 11478 11138 11214 11438  11334 116 11818 11534 11534 1163s 115 116 116 11178 11314 115  11214 114 11614 11'418 114 11458 11318 11334 11314 10834 11112 11212  11278 11614 11814 11838 11612 11678 11512 11618 11534 1095s 1135g 11414  10934 11338 11478 113 11314 11312 112 11214 11234 10734 1075s 11134  11134 11412 11614 11458 11412 11434 11334 11414 114 109 1031 8 11234  111 11414 1155s 11514 11458 11538 1135s 11378 114 10778 10734 111  11138 11514 117 11618 116 11638 115 11514 115 1085s 1085g 114  110 11412 11618 11112 11138 11218 11414 11414 10734 10734 11314  11012 11618 11718 113 11314 11314 11534 11618 11534 10814 10812 11412  111 11234 11718 11214 11238 11212 115 11578 11534 10912 10918 112  11112 11458 118 113¾ 113lq 1133s 1165 1171 1163 110 10978 11338  U S. fund. 5s of 1881- - - - 11214 11518 6s of 1881 , reg - - - - - - - - 11458 11718 6s of 1881 , COUP ------- 11412 11914 5-20s, 1862 , COUP- - - - - - 11258 11538 5.20s, 1864, COUP - - - - - - 11314 11514 5-20s, 1865 , COUP ----- - 11358 11638 5-20s, 1865 new, coup _- 11234 11538 5-20s, 1867 , COUP- - - - - - 1133s 11634 5•20s, 1868 , COUP ---- - - 11338 11678 10.40s, reg ___ - _- _- - - - 1095g 114 10.40s, cot P- - - - - - - - - - 1097g 11512 6s, currency _______ ___ 11258 11512  11314 11658 11814 11414 11412 11514 11414 11614 11614 111¾ 11418 11412  11334 11738 11834 11578 11558 1161g 1145g 11634 11658 11212 11518 11514  113 11614 11814 11558 11512 11638 ll43s 116 11618 11012 11058 11358  11518 118 12014 11714 11738 11814 11634 11814 118 11214 11212 115  11514 11614 11834 116 116 118 11518 11612 116 10912 111 11214  11614 118 121 11858 11858 12012 118 11918 11734 112 11378 115  11514 11714 12014 11478 11434 11714 11712 11914 118 11178 11358 115  11614 119 1225g 11634 11634 11814 11914 12178 12012 11214 11438 11614  11438 11512 12218 11578 11614 11658 119 12038 120 11214 11278 11314  11534 117 1231 8 1171g 11714 1191 8 12034 12178 12078 11312 115 11412  11438 11678 11914 11612 11612 118 116 11714 11712 11334 11438 11414  11578 1185g 12018 11714 11734 11912 118 1191g 11834 11518 11538 1147g  m;: ii1f:  11918 117 117 11834 116"8 11858 118 1121g 11512 11312  12012 11712 1175g 1193g 11734 1195g 119 11334 11618 11438  11112 112 11514 11338 11414 110 11134 11334 113 112 106 10814  1147g 117 11978 1137g 11714 11834 11678 11914 11878 114 11434 1135F  10634 10912 11112 10512 10618 10712 10934 110 110 10312 105 10812  109 11534 11578 109 110 11114 11334 11514 115 10914 10934 1115s  10614 11034 11214 10512 10612 10738 11)914 11012 110 10512 10518 108  10918 11478 11512 10914 111 111 11378 11478 115 10814 1081 2 1105s  10914 11114 1l6l2 110,s 1115g 11112 11412 11514 11612 109 10812 10812  11314 11612 121 116 11714 11714 11934 120 1183 1121 1131 1143  11134 11734 11812 11558 11658 11638 11614 11734 11758 11038 114 11514  1143-1 12014 121 11818 12012 12114 1195g 12038 12014 11358 1163g 1167g  11414 11812 11938 11612 118 11918 118 11834 11812 11214 11234 1157s  11518 11934 121 11814 120 12034 11912 1203g 12018 115·18 11538 117  11538 11912 12034 11734 11934 12058 119 11934 11934 1145g 11418 11634  117 12018 122 11834 12034 12134 12014 12018 12012 li5 11512 11714  115 11958 120 115 117 11778 11914 12014 11978 11478 11434 11012  11512 1203g 122 1155b 11714 11838 12014 12034 12012 J 1514 11538 11714  113 11618 12118 11338 11614 11712 119f2 1197s 120 11312 11318 1145s  11538 11712 122 11538 11714 11814 12078 12138 12114 11478 11434 11534  11212 11538 11658 11112 11534 11634 11512 11614 116 11218 11212 11558  11312 112 1173g 11714 119 11814 114 11134 11612 11534 11734 11634 11634 116 11778 11738 11814 11712 11312 10978 114 11312 1173.1 11712  11258 11758 1185g 11212 116 117 14 11658 1177g 11858 1107g 11412 1173,1  112 11678 11734 11218 1151g 11578 11514 11634 11612 11012 11114 11112  11258 11778 11858 11234 11578 11678 11634 11734 11778 111 11178 11758  11214 11714 118 11234 11538 1163s 11534 117 11714 111 11112 11738  11278 118 11858 11334 1163g 1177s 11653 1177s 1177g 112 1123s 11818  11112 118 11858 11034 113 11414 11612 11734 11778 11178 11178 11778  113 112¾ 11914 11558 11$178 11912 11234 11214 1143-1 11414 1163s 11614 119 11814 120 11938 11934 11978 11338 112511 11418 11334 119 11614  11378 11858 1221g 1143g 116 1183s 121 122 12034 11518 1151 118  11434 11834 11934 11534  11534 1197s 12058 11634  11412 11878 11934 11638  11512 120 12138 11712  11712 122 12338 11834 121 12178 12218 1233g 12212 1161g 11714 12478  1155g 12158 12318 11614 11778 11958 12158 123 123 1153-1 117 1231g  117 12278 12458 11718 11 lg 12018 12278 12414 124 117 118 12434  11718 12014 12518 11778 11814 12134 12318 12438 124 11758 L8l4 122  119 1211s 12614 11814 11914 12234 12418 12512 12512 11812 11912 12258  11434 119 120 11534 116 11712 11718 118 11912 11612 11634 122  11878 121 123 11618 11878 12218 12012 12218 12112 11778 11914 123  11534 11838 11818 120 1201g 11434 11734 12214  122 12278 11812 1193s 12134 12234 11818 119 119  12138 1223g 11412 11834 12034 12234 11712 1183g 117  1193g 11934 11534 1173s 11938 121 11778 11838 1175g  120 12034 11634 11818 1201g 12134 11858 119 11858  11734 118 11212 113 11678 121 11512 11834 11534  1871.  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 - - - - - lo.40s, COUP - - - - - - - - - 6s, currency _______ ___  igt ig~~!l i:~! iZ~34 1067g 10814 10634 1075  1872.  1873 .  114  1874 . U. S fund. 5s of 1881- --- 111 11334 6s of 1881 , reg __ ______ 11578 11758 6s of 1881 . COUP -- - --- - 117 11838 5-20s, 1862 ,coup ______ 11234 11478 5.20s , 1864 , COUP- - --- - 114 11658 5-20s, 1865 .cOUP ------ 115 11778 5.20s, 1865 , new, cou p_ 11412 11634 5-20s, 1867 ,coup ______ ll5 118 5.20s, 1868 ,coup ______ 10.40s, re ~ - - _- - - - - - - - m14m 10.40s, COUP- - - - - - - - - - 113 11414 6s, currency ___- _- _ - __ 114 11514  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, cou p5-20s. 1867, COUii> --- - -5-20s, 1868. COUP - - - - -·10-40s, reg ________ ___ 10.40s, COUP--------- Curre ncy 6s ___ _______  11512 11718 11678 11814 1165g 11814 11514 11714 11658 118 11934 121 12034 12112 1205s 12112 1207g 12212 11918 120 12034 122 122 12334 12214 1237s 12218 124 12312 125  11938 11938 11334 11634 119  12012 120 11438 11714 120  11914 11938 11334 11334 1185g  4 12012 12012 11412 11538 11912  11434 120 121 1181g 11812 12118 11918 11978 11934 11378 11512 1191g  122 12234 1177g 11978 12214 123 11914 11934 11858  122 12212 117 11914 121 1231g 11668 1195g 1173s  1235s 12378 11814 120 12258 12334 11814 12134 11878  1213g 12212 11818 11878 12118 123 11734 11812 11814  1231s 12314 11834 1195g 12178 12334 11858 11914 119  12034 12134 11734 11812 12012 12214 117 118 11734  125  125  128  1251~ 1211; 12618 127  11378 11478 10912 11078 114 11712 11418 11412 11258  11134 10734 1083s 11138 11412 10912 1133s 10914  11412 10812 11034 11312 1167g 11138 11478 11118  11158 10734 108 11118 113 10914 11058 10918  11338 10812 10912 11278 11412 11078 11112 11034  11212 1085s 10812 11138 11338 11058 11112 11012  11414 11112 11012 113 1151g 11238 113 11214  10612 10258 10518 10634 10738 105ls 103 14 1013g 11812  10714 10314 106 10914 10834 1063s 104 14 10234 11912  10538 10258 105 108 10612 103 1023g 10178 11812  10612 10334 10618 109 10812 1043s 10312 10214 11912  10558 10312 10512 10858 10378 103 10178 10018 118  10718 10458 10714 109 10538 10412 103 10178 119  1071s 104 107 10958 10538 10438 10234 10038 11714  10734 10434 10758 11012 106 10558 10338 10034 11914  10614 10134 10234 1043g 10578 10434 993g 11912  10678 10238 10434 1083s 10712 10614 100 1211s  10578 102 10212 10434 10414 106 100 12078  10634 10214 1027g 10538 1047s 10638 10018 122  10534 102 1023s 10114 10378 104 9913 121¾  10658 10214 10212 10214 10458 10514 10018 122  10578 10634 10612 10712 1073s 1075g 10438 1047g 10418 10434 10438 105 ---- --- - - --- ---- ---- ---- ---- ---- - -- - -- -- - --- --- ---- ---- ---- ---- --- - ---- ---- --- - ---- ---- -- -- ---10114 102 10412 10.518 10312 104 1035g 10334 103511 10414 10178 10234 10214 103 10478 10634 107 10778 10534 10612 1057s 1061~ 105 10614 10438 . 10534 99 10134 10178 10312 10212 103 10134 10238 1005g 102 10118 10234 12112 12412 12418 12512 123 12312 1225s 124 12314 12314 ---- - . - ; ;  11358 118 11814 11414 116 11818 11714 11818 118 11434 115 11712  116 11938 1195s 1155g 11712 11912 1185s 11912 11934 11612 11634 120  U. S. 6s of 1881 , reg - - - - - 1195g 6s of 1881 , COUP---- - -- 12078 5-20s, 1865 , COUP- - - - - - 11614 5-20s, 1865 new. coup _ 117 5-20s, 1867,coup ___ ___ 11938 5-20s ,1868 ,cou p ______ 120 10.40s, reg - - - -- -- - - -- 11738 10-40s . COUP --- - - - ---- 118 5s of 1881 , COUP- ------ 11634 4 12s, 1891, reg __ __ ____ Currency 6s - - - - - - - - - - 122ss  iit:: ggl4 rn:; m~: 11838 11938 11838 1193  11938 11914 11912 121 12112 117 118 124  11834 11878 11812 11912 12012 11512 11678 12312  11912 12014 1193s 12114 12112 11634 11734 12412  11418 11534 11834 12012 12078 11512 11718 12312  11412 11612 12038 12234 1227g 117 11712 12514  -- --  -- --  1151? 11934 12112 12218 11678 118 122  1165 121 12314 123 11734 118 1223  11978 117 11778 1203.1 11712 12834 11618 11234 11318 117 78 113 11334 11978 11638 117 1215g 11814 11812 11634 11438 11512 11958 11514· 116 11738 11478 11578 11118 11138 12634 12712 12458 12634 12512 12658 12i1s 1251; 12638 127  11558 11634 11134 1115s 11434 11612 113 11312 11312 11038 123  11818 11914 114 1133s 11614 118 11434 11578 11518 11112 12534  l16l2 117 10934 11212 11512 11634 1135g 11414 11134 110 1235s  !'1734 11818 11014 11314 11614 1175g 1141g 11512 11314 11138 12412  11214 11512 10812 1115g 11412 11612 112 11112 1103s 108 12078  11378 1173 1095 1133 1163 118 11378 1131 8 112 3s 1095 1221  ---- ---- ---- - - -117 11934 11938 12034 12112 11512 1193-1 123  11678 11734 11758 11978 120 11518 11634 ~2318  1876 . 12238 12234 11518 11914 12138 123 118 11834 11712  119 12278 11514 11914 12138 1233g 11712 1r83s 11678  12038 1241g 11658 121 12314 12414 11818 11878 11734  1877 .  u. s. 6s of 1881 , COUP- - - -  5-20s, 1865 , COUP - - - - - - 10814 5-20s, 1865 ne w . coup _ - 10914 5-20s, 1867 ,coup ______ 11218 5-20s. 1868 ,cou p ______ 11434 10.40s, re~ __________ _ 11214 10-40s , COUP ------- - -- 11278 5 s of 1881 , COUP------- 111 412s . 1891 , COUP- ------ ---4 s, 1907, reg __________ -- - Currency 6s __ ___ _____ 12178  1141s 11534 11458 11518 11178 11212 11114 11238 11038_111 iio3; 113 115 11218 11278 11078 1083s  1113~ 1143g 116 113 11334 112 109  10918 112:is 11512 11134 11212 11078 10634  10738 10334 10612 10914 10578 10438 10318 10012 119  10878 10434 10758 10934 10758 1057g 1047g 10138 122  1083s 1045s 10118 110 10712 1053s 1033s 1011s 119  10912 11034 11014 11078 10912 111  10612 1085s 11112 112 11234 111 1083s 10538 12318  107 10912 1125s 113 11314 112 109 106 126  10578 1081g 11078 10812 112 10834 10778 104 12334  107 10938 11112 10958 11318 11018 109 10512 12514  10538 10578 107 108 1095s .11018 10678 10858 10734 1')934 10718 10834 105 10634 10138 103 1205s 1233s  105 10678 10918 10638 10738 1065g 10378 10118 1201s  10578 10838 10934 1075g 1087g 10778 10538 1025g 12034  10558 10814 110 10734 10814 10612 1051s 10218 12114  10638 10914 11112 10818 10834 107 1055s 10234 122  10558 10814 110 10658 10712 10514 10318 101 120  10634 10934 11134 10838 109 1073s 10514 1031'8 1221  107 10238 10518 10758 10878 10678 10418 10014 12018 120  10758 10258 10618 10814 10938 10734 10478 10058 12014  10712 10238 10458 108 10834 106 10434 10058 11918  10814 10234 10512 108 10914 10638 105 10078 1205s  10738 10258 10518 10714 106 10534 10338 10012 11912  10814 10278 10512 108 10612 10614 10334 10078 11978  1075s 10234 10518 10738 10534 10514 10278 9934 1191g  10818 10314 10618 108 1063s 10618 104 1001s 12038  10814 10338 10578 10812 10612 105 104 100 12114  10918 10334 10612 10912 10734 10638 10514 1003s 122  1091 8 10358 10518 108 1075g 10618 104 1003s 119  1091 2 10334 1061 8 10934 1081 8 10634 10434 10012 , 120 n  105  10512 10514 10658 10614 1071  110 11314 11612 11258 113 112 10834 ---- - - -- - - - - ---- ---- -- -- --- ---- - - -- - - - - - - -- ---- ---- ---- ---- ---- ---- -- - 1233s 12212 12334 1223s 1233s 1233s 12434 12518 12512 122 . 12218  1878 .  u. s. 6s of 1881 , COU P- - - -  5-20s, 1865 new, coup _ 5-20s , 1867, coup ______ 5•20s , 1868 , COUP - - - - - 1o.40 s, COUP -- - -- ---- 5s of 1881 , COUP - - --- - 4 12s , 1891 . COUP - -----4s, 1907, coup -------Currency 6s __ _ - ______  11034 10518 10858 11114 10918 107 10438 10112  1879 .  --u. s. 6s of 1881 , COUPp ______  5-20s, 1867,cou 5-20s, 1868 ,coup ______ 10.40s. COU P- - - - -----5s of 1881 , COUP- - - - -- 412s , 1891 , COUP--- --- 4s, 1907, coup ------- Currency 6s, re~ ------  1880 .  ---- ---- ---- -- - - ---- --- - -- - - --- ---- ---- ---- ---10234 10514 1oli5s 1.23  10312 1057s 10238 123  102 1061s 10214 124  1023s 10714 10358 125  10212 10538 103 12 114  103 3s 106 3s 1041 4 122  . •I'  107111 1065g 10 71b 10378 10414 10412 10434 10412 1045g 10434 1047g 1043s 10478 10413 104 u. s. 6s of 1881 , COUP - - - - 1041g 10478 10518 10558 10514 10578 10578 10614 1063s 1025g , 10234 10212 10234 10212 103 10234 .1033s 101 1011  5s of 1881 , COUP- - - -- - 412s, 1891 , COUP----- - 4s, 1907, coup ------ __ Currency 6s. reit ____ - -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  10338 104 103 10633 10734 10778 103 10434 105 - - - - - - - - 126  10358 103 10914 10712 107l;i, 10612 126 ----  1  1031s 10358 1033s 10334 101¾ 102 10312 10338 104 10812 10878 10918 10878 1105g 1093s 10934 10934 1101g 11114 1113g 109 '. 11034 10814 11012 11114 11258 1115s 112 1073g 10658 10712 10718 109 10834 10978 10818 10938 1097s 11018 1033s; 11058 10714 1095s 10978 11212 11112 113 ---- - - - - -- - - ---- -- -- ---- ---- -- - - - --- 128 128 --- - - --- ---- -- ·· - 12912 130 134 134  UNITED STATES ,SECURITIES. U.S. OOVER.NMENT SECURITI E S.  U.  s.  J anuary. F ebtarv.  March.  May .  April.  J uly .  J une.  59 Auou st.  Sept'ber.  October.  N01J'ber.  D ec'ber.  1881.  6s of 1881 , coup ____ 1011 2 5s of 1881, coup . ______ 10112 4h s, 1891, coup _______ 112 4s, 1907, coup ___ ____ 11238 Currency 6s, reg ______ 133  1882~  U . S. 6s of 1881 (a) coup ._ 5s of 1881 (a) coup ____ 4126, 1891, cou1>------4s, 1907, cou1>- -- ----Currency 6s, reg --~--Optional 3s, reg _______ ( a) Continu~d at 312%.  10134 10038 11134 1123s ----  i o134 101 11218 114 ----  102 1007s 1111a 1121a 131  10214 102 11234 11434 131  101 10234 11418 11812 131  1007s 10118 1145a 1177s ----  101 10212 11418 1181s ----  10034 102 1135a 118 - ---  1011 2 10113 10318 10 113 1133-1 11514 119~s 1183s ____ ----  11234 1187s 10318 13112  104 1135s 11934 10412 13112  10373 11314 1187a 10334 ----  1037s 1137a 120 10414 ----  _ - ________________________________ _________ _ 11212 1133s 113ls 11334 113 11338 11238 113 11238 113 11234 119 1201 2 11938 120 119 11918 11938 120 11812 1191 8 11878 10358 10414 103 10334 10314 10358 10312 104 103 1033s 103 ---- ---- ---- ---- ---- ____ --- - ____________ ----  1141s 12314 1007s 13434  11478 12414 ~007s 13434  114¾ 1235s 101 13514  11453 11314 11378 113 11378 110 11358 11033 11158 112 11258 --- - ____ 11178 112¾ 11233 11334 11378 11412 112a4 1137a 12373 12334 12478 12314 124 11812 123 14 11812 12034 11812 12053 11953 1203g 120 1211s 11934 12 F s 12112 '12234 12214 12334 101 101 101 10034 10114 100 10034 100 10034 100 100141001s 10034 10034 101 10014 101 ________ 10112 10112 13514  10034 10218 1143s 11714 131  1023s 102 1125a 11312 133  10378 1027s 1143a 11614 133  10334 1015s 11434 1161a 135  10612 105 1161 2 1131 4 135  1027s 103 1147a 11758 134  104 10414 11538 11838 134  10134 10212 1145g 11112 ~- --  100¾ 10112 10238 10312 11334 11453 11758 11853 1~9 130  10138 10114 1013g 100 10014 10114 102 ________________________________ _______ _ 103 10114 10214 1011s 10134 10034 10213 1011a 10114 1005a 10153 10014 10014 10134 10134 1011a 10338 11612 11512 1151 4 1141s 1141 4 114 115 1145a 1145s 1127a 113 113 11314 113 113ls 112 78 11312 12134 1205s 12 11 2 1201a 12034 11853 1205s 1195s 1201 4 11912 1201 4 11858 11912 11873 119 12 120 121 ________________________________ ________________________________ ___ _ ---- - - ----- - ---- ---- ---- ---- ---- ---- ---- - --- ---- - - -- ____ ---- ____________ 10214 1021 4 10134 10233 102fis 103  1883.  U. S. 5s of 1881 (a) coup._ 102 412s, 1891, coup _______ 4s, 1907, coup ___ _____ Optional 3s, reg. ______ Currency 6s, reg ______ (a) Continued at 312% _  10214 103 10112 1025s 10078 10112 1003g 10118 10114 1015a J.0234 101 1021a 101 10112 9934 1021s lOFa 1143a 1147a 11334 11458 1127a 11358 113 113 11338 11534 11714 11434 1165g 116 11738 11512 11638 116 ________________________________ ____  10134 10178 11258 1131 2 133  ______________________ ______ 11214 114 11334 11418 11412 115 11938 12114 120 122 12134 J2234 10112 10338 10014 1001 2 100 14 1003s 13212 135 13534 13612 136 .1361 2  11312 11938 10358 ____  _______ _ 11378 11473 123 12513 10034 102 134 13412  1884.  U S. 412s, 1891, cou1>---4s, 1907, COUP ---- - --Option 3s , :reg ______ _ Currency 6s, reg __ __ __  1885.  s 41 2s, 1891, coup ____ 4s, 1907, coup ________ Optional 3 s, reg _______ Currency 6s, reg ______  U.  1125s 1127s 11212 1121s 112 11218 1123a 11234 11234 11314 11214 1211 2 1221a 12134 1223g 1221s 1225s 1213g 12214 12158 12214 1221a 101 10112 10112 102 101 10112 101 1021s 10258 10314 103 14 _______ _ - _- - - _____________ ______ 13614 13712 13412  11234 12312 1041 2 135  11212 1223s 1031a 13314  11218 12218 10378 1333s  11234 1131 4 1225s 1231 8 1027a 10314 ________  1121s 12218 1031a 134  11212 1231 2 104 134  114 11134 1125s 11212 11212 1123a 11234 1113s 1121s 11134 1121a lllla 1117s 12733 12534 12712 1257g 1261 2 12534 126 14 126 12733 1257g 127 12512 127 101 1007s 10112 1007a 10134 1007s 10112 1013s 1021 2 1005s 10034 100¾ 1005s 1361s 135 135  1097a 1261s 10012 133  11212 11133 11212 1101s 11112 11014 11034 12834 12734 129 127 12914 12814 129¾ 10012 100 1001 8 _ _______ 10034 ·101 134 132 13212  11014 12834 13458 13714  108 10838 12412 12558 ________ __ ______  1886 .  U . S, 412s, 1891, cou1>--- 4s, 1907, COUI> - - - ----Optional Ss, reg _______ Currency 6s, reg __ ____ U.  s.  11212 123 10034 13514  11234 124 1021 2 1351 4  11218 12413 10038 1361a  11212 1225s 10312 134  1131 2 124 104 134  11312 11312 12308 12318 10234 104 ________  112¾ 12368 10318 133  1121s 124¾ 10412 133  1887.  412s, 1891, coup ____ 10934 11812 110 4s, 1907, coup ________ 12634 12812 1283s Cur. 6s, 1898. reg _~ ___ 13212 1325s 134 5s Cur Gs, 1899, reg _: _________ __ 1371s  1087s 1097s 128 1295s 135 135 136121367s  110 12834 1347s 13712  U03s 1293s 13478 13712  1101s 1101s 12834 1295s ___ _____ 1371s 137Is  10914 10934 1087a 10914 129 1291 2 12714 1281 8 13214 13214 131 132 ______ __________  108 1253s 128 129  11oas 1281s 128 129  10814 12412 127 ____  108°4 1083s 109 1261 2 1263s 12634 127 _ _ ______ _____ _____ __  121 12413 ----- - -  1085s 12634 _- ____ _  1888.  u. S. 412s, 1891, coup ____  1011 2 10812 10112 108 1063s 10634 10612 1077s 10734 1081s 107 1011 8 10714 10114 10112 10734 1067s 10678 1085s 10858 10812 4s, 1907, coup ________ 12514 125 12 12534 12658 1253s 12512 12334 12658 1261 2 1271 8 12712 1231 8 12714 12738 1273s 12858 12812 130 12668 129 121,14 6s, cur., 1898, reg _____ ________________ 127 127 1277s 1277s __ _ _____ _______ _ 127 127 - --- _____ _ _ _ ____ 12912 12912 13014 6s, Curr., 1899, reg ____ ------------------------- - -------- -- ------- - - -- - --- - ------ --- - - ---- - - - -- ---- - - - - - - - -  U. S. 4s, 6s, 6s,  1093s 10s12 10834 12812 1281s 12812 13014 --- - ----  --- - ---- --- -  1889.  412s, 1891, coup ____ 10812 109 109 109 10734 10818 10814 10814 ___ _____ 1067s 1067s 10634 10634 1067s 1067E ______ __ 10534 1053-1 10512 10512 10434 105 1907, coup _______ _ 12614 128 14 128ls 12878 1295s 12918 12834 129 12914 1291 2 129 14 1295R 1281s 12812 128 12816 12718 12814 127 , 12114 127 127 1271s 12712 curr., 1898, reg ____ 12712 1271 2 1255s 125-'>s --- t:urr. , 1899, reg ____ ---- ---- --- - ---- ---- ---- ---- ---- - - - - - --- ---- ---- - --- -- -- - - - - - - -- - -- - - --- ---- --- - - --- --- -  1890.  U.S. 412s, 1891, coup ____ 10434 105 10412 10434 10312 10334 10312 10312 _ _______ 10234 10318 103  103  - --- ____ 10334 10334 __ _ _ ____ 104  104  4s, 1907, coup ________ 125 12514 1231g 1233s 122 1231s 122 1221s 122 1221 4 122 12234 12112 124 1237s 12318 124 1261 2 1225s 1241 4 123 124 122 6s, curr . , 1898", reg. ___ _______ _ - - __ - ____ - _____________ _ 12434 12434 - _______ ________ - _ ______ _ - - ___ __ - __ _ ____ - - _ _ ____ 115  12314 115  1891.  U.S. 412s, 1891, coup ___._ ___ _ ____________________ 102 102 --- - _______ _ _ ___ 1005s 10058 10034 10034 ___ ___ _ _ 4s, 1907, COUP-- ----- - 12014 12 112 121 121 12112 12112 122 122 ---- - - -- - --- - - - - 117 11718 11634 11634 117 11812 116 117 1lfµ4 117 1167s 11814 6s, carr., 1898, reg _______ _ ____ --- - ____ ---- ____ --- - ____ ---- _________ ___ 118 118 - - - - ____ --- - __ __ --- - -- - - --- - ---- ---- --- -  1892.  u. S. 4s, 1907, COUP-----  11612 4s, 1907, reg __________ 116 ' 6s, curr., 1898, reg ____ 116 6s, curr .. 1899, reg ____ 11812  1111 8 11634 117 11714 11712 1155s 1163s 11612 1171 2 1173s 1181 8 11614 11678 116 11614 1147s 115 11412 115 1145s 115 114 1145s 11714 11612 11634 116 1163s 1155s 1161s 11534 1171 2 11614 11634 116 11634 116 116 _ __ __ _ __ 1143s 115,58 11414 115 113 11312 116 ---- --- - --- - ---- - --- ---- ---- - - -- --- - ---- ---- ---- --- - - - -- - --- -- - - - - -- ---- - --- -- -- ---- ---11812  1893.  U.S. 4s, 1907, coup ____ _ 113 114 11234 113 11212 11412 11234 2s, optional, reg _______ _ _ _ _ _ _ _ _ __ _ _ _ __ _ __ _ _ _ _ _ _ ___ _ 4s, 1907, reg __________ 1133s 11414 11134 113 11134 1121s 11234 6s, currency, 1898-- - -- ________ ---- ---- 11312 11312 - - --  1135s 11258 11234 110 11134 108 1111 4 108 1121 2 11112 112 111 11112 11212 114 114 _ __ _ __ __ _ _ _ _ 96 9934 97 97 9614 9514 - - - 1135s 11212 113 110 11034 10812 Ulla 10734 llFs 110 11012 11084 Ill¾ 112 11312 113 _ __ _ ---- ____ ---- ---- 108 108 --- - _ ___ - -- - ____ - - - - -- -- ---- ---- ----  115 ---114 ' ----  1894.  U, S, 4s, 1907, COUI> -- - - - 11212 11334 5s,1904,coup ______ _____ _ ____ 4s, 1907, reg __ _____ ___ 11258 114 Cherokee 4s, 1897- _____ - __ ____ 5s,1904,reg _______ ___ ____ ____ 6s, currency, 1895- ---- ---- ____ 6s, currency, 1896 _____ ________ 6s, currency, 1898-~ - --  1141g 1141g 114 115 11412 11434 114 11414 11414 115 11334 1173s 1171 2 1173s 11712 118 1191 2 11734 ,11814 11758 11314 11318 11312 114 1121s 11334 11312 1141 4 1131 2 114 1125s 1133s 11314 - - - _ - __ _ • - - - - - - __ - - - - - ___ - - - - - - __ 104 1173s 117311 11112 11712 _ __________ _ ____ 1177s 118¾ 118  115 115 119 119 11418 114 ---118 10112 ----  115 11934 114 _ _ __  11414 1193s 11413 ---11934 ---- --- -  ll5 120 11412 - - _I19J4 ----  l14lls 116  11918 11558 ---119 ---106 111 14  11434 11714 11312 ---117 14 ----------  116 11912 1141s ---ll9 ----------  1125s 121a4 11518 11214  11258 1221 4 115¾ 11212  113 12314 116 1113-1  112 123 1161 2 1121s  115  1153s  112 1205s 11434 1115s 12084 1147a  11214 12112 1,1514 1117s 1207s 115  112 119 112 110 11712 11312  11212 f2I3s 115 11112 11712 1151s  109  109  115 114 11914 1171 2 1141 8 11358 104 11812118 ---- ---- --- - ---- - - -- ---- ---- ---- ---- ---- --- - ---- 10112  11712 11412 ---119 --- --- - ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --- - ---- ---- - - -- --- - ---- 106 11114  1895.  U. s. 4 s, 1907, coup ___ __ 11234 1131 2 110 113 112a4 11218 112 4s, 1925, coup ________ ________ 11814 11938 119 1201 2 1201 2 5s, 1904, coa1>-------- 11558 11714 114¾ 11514 115¾ 116 11518 4s, 1907, reg ______ __ __ 11214 1131 2 110 ·113 11034 11138 1111 2 4s, 1925, reg_______ ___ 12012 12034 12034 5s, 1904, reg ___ _______ 11438 11714 11434 11518 1157s 116 1147s 2s, optional, reg _______ 6s, currency, 1896. ____ 10234 10234 6s, currency, 1898 ________ _ ____ 10834 10834 ___ _ ____ 10812 6s, currency, 1899- _:- _:- _____ ____ - _- - ____ - - _ - - ___ - _-  U  11238 1211 2 1151 2 11134 12034 116  11212 1201 2 115a8 11134 12058  1133a 12358 11514 11218 12112  11312 12358 1161a llFs  11358 12318 11634 11214  11212 113 12314 1241 8 11634 11634 112 'J.1212 _ __ _ _ _ _ _ 11634 11634 1155s 1167s 9612 961 2 97 97  10812 109  109  - _ - _ - - __ - _ - _ - - - -  - ___ - - - - - - - -  11212 12112 11512 11134  11453 116  102 1s 102 1s - - - - - - - - - - - - - - - - - - - - - - - - -· - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - .. - - - -  1896 .  s. 4s , 1907, COUP---- -  4s, 5s, 2s, 4s, 4s, 5s, 6s,  109  110  1925, cou1>-------- 11514 117  1904,  CODI> - __ -- ___  113  optional, regis----- ____ 1907, registered ____ 108 1925, registered __ __ 11412 1904, registered-- ___ 112 currency, 1897 ----- ___ _ 6 s, currency, 1898 ____ _ ___ _ 6s, currency, 1899-- --- - - --  114  10812 111 113 118 112 114  ____ 110 108 1141 2 113 1131 2 112  11014 11734 11312  ____ ---- ---____ 105 105 ___ _ ---- --- -  11014 llllg 1091g 1097g 1097s 11014 10912 1163s 11114 11634 119 116¾ 11718 1163s 113 11312 11312 1141s 1125g 113 11234 95 1081410812 108¾ 109 10834 10914 108 11612 1173s 117 118 11612 11758 11614 113 113 11334 11334 1127s 1127s 11234 103 14 10314 ____ ---- ---- - - -- ---________________ - - -- ____ ---10712 10712 - - - - - - -- - - -- - - -- ----  11014 11814 11314 95 10878 1181s 113 - ------ - --  10712 1091s 106 10734 11234 11634 11114 11312 11034 113 10812 109 94 94 106 10812 10434 10612 1127s 11634 11134 11312 11034 11234 10834 1091s --- - ---- - - - - ---103 103 --- - ---105 105 - - -- - - --  1897.  U, s. 4s, 1907, coupon ___ 111¾ 1121 2 1121s 4s, 1925, COUP- _______ 1201g 124 1221g 5s, 1904 , coup. _______ 11414 11438 1133s 2s, optional , regis. ___ _ __ __________ 4s, 1907, reiristered ___ _ 1105s 1115s 11112 4s, 1925, registered . __ . 12014 1221 2 1223g 5s, 1904. re11istered ____ 11314 11334 11334 6s, currency, 1898- __ __ 10318 10314 10312  1131 4 113 11312 112 11234 112 1125s 1125g 11314 1117s 1123s 112 1231s 123 12334 12353 12412 12212 12314 12334 125¾ 1247g 12634 125 11318 1137s 11414 1141s 1143s 113 11312 114 11434 11412 115 11314 _________________ ___ - - - _____ ___ - __________ - - 9812 112 111 1113s 1101s 11112 11034 111 1103s 11112 1115s 112 112 12258 12314 12358 123 12312 12234 12314 12518 125ls 1241s 12534 12512 11334 11373 11414 11314 11314 113 11314 1135s 114¾ 11312 10312 6s, currency, 1899----- __ ___ ___ 10612 1065s ____ _ ___ 10712 10734 - - -- ____ --- - ---- ---- ---- - - --   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  11134 122as ll534 11134  1063s 1135s 10914 91 10534 11334 110 ---103 - - --  ,1077s 117¾ 11112 91 10612 11612 11014 ---103 ----  10612 10814 10914 11012 11012 115 11812 11813 120¾ 119 11013 1111!! 111 11312 11338 96 96 , 9512 10573 10734 10812 11012 109 . 11512 11612 11934 120 ,, 120 110¾ 1103s 111 14 11234 1133s ---- --- - --- - -- -- - - - ---- ---- --- - ---- - ------ --- - --- - -- -- - - - -  11334 1141s 1276s 12812 114 1147s ---- ---11~34 1131s 12714 12714 11314 11.5 10234 10234 ---- - - -- - - - - ---- -- -- ---- - -- -  11212 12534 11378 9812 11214 12534 113 7s  11314 125 1137s 9814 11134 126ts 11414  114 126 115 9814 11214 1261s 11414  11312 126 115 ---112 1271s  114 12814 1157s ---1127s 1271s  11212 12088  114 96 11012 1203g 114 -- ------ --  115 115 12858 12912 11438 115 ---- ---ll2~s 113 12''F8 129 11412 11412 9934 9934 -- -- ----  UNITED STATES SECURITIES.  60 U. S. OOVER.NMENT SECUR.ITIES.  1898. U.S. 3s, 1918, coupon - - 3s, 1918, small COUP- . 4s 1907, coupon- - . - - - 4s,1925,coupon ---- - 5s, 1904, coupon -- --- 2s, optional, regis --- - 3s, 1918, registered - - - . 4s, 1907, registered --- 4s, 1925, registered - . - 5s, 1904, registered- . - 6s, 1899, registered- - - -  u.s  JanUUT'I/. F et>ruarv.  March.  April.  }vfav.  June.  Jult1.  Auoust.  September  October.  NO'Dember. December.  Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low H f.(Jh Low High  - --- ---- - --- --- - ---- --- - ---- ---- - --- ---- -- - - - - - - 104 10412 10412 10512 10434 ---- ---- - - - - ---- - -- - - - - - ---- ---- ---- ---- ---- -- -- - ---- ---- 10434 10512 10412  10912 12112 11112 10278  10778 107¾ 11212 129¾ 113  109 109 1133-1 13012 11312  10758 10714 1123g 129 1113-1  10714 11238 12912 112  10818 11234 12912 11312  1081s 1121s 12912 1125g  1095g 1095g 113¾ 1325s 111¾ 101 108 11312 1325g 111  109 10912 11314 13312 11112 102 10934 1125s 13234 11212  11014 11512 13412 11312 102 · l1(}:l4 115 13414 11314  1041 2 11034 1093-1 11512 13414 11412 1001 2  104 ---- ---10912 11012 10912 11012 ---- ---- 109 110¾ 11412. 115 11514 11614 ---- ---- 13412 1385g 1137g 11418 11234 114  10434 10934 10914 11512 138 113  105 112 110 115:;4 138I~ 113:l4  ----  10314 110 109 11418 133 11312 ---- 10014  11114 115 13412 11534  112 11712 13712 11612  109 115 133 1125g  104 104 10912 10934 1147g 115 - --- ---1125g 11334  ·104¾ 10934 11412 1381s 115  1101.,, l16:l1, 139 115  107 h734 11012 98  111 12214 1117g 98  1123s 12712 11312 104  1131s 12912 115 104  11178 11312 10834 12612 12834 11812 ---- ---- 11134 10312 10312 103  111 125 11134 103  106 11634 11112 1027g  10718 10612 11212 129 11234 9912 10612 1117g 1285s  108 10712 113 1295g 11314 9978 1075s 112¾ 129  107¾ 107 11314 129 112 99 10714 11258 12858 lll34  107 10612 112 128¾ 11134  10814 1075g 114 12912 11258  107 111 12834 112  10 lg 11218 12834 112  ---110 10912 114 13334 11314  11034 11012 11434 13414 1135g  10914 109 11434 13418 114  11134 lll 118 134i8 11558  10934 10912 11434 134 11434  1 0914 114 13318 112¾  1097g 11434 13318 11238  11114 11412 13414 11234  112 11514 135 11312  ----  1061s 106 112 12814 li314  106 106 11258 1275s 11212 985g 1057s 11134 12712 1121s  113 1253s 11212 9812  ----  10512 1051s 10514 104¾ 11114 11034 11114 111 112 11112 112 1105g 125 125 i2812 12634 12734 127 1275s 127 1121s 11214 1123g 11112 1125s 11314  10514 105 11134 12634 112 9858 ---- ---- ---- ---- ---- ---105 105 10514 1053g 10412 1055g 10514 10634 109 10734 10912 11014 111 111 11112 11012 11012 11012 111 111 1217s 12214 12412 12412 124 124 12712 1281g 127 127 38 12634 12714 1271g 10934 11014 ---- -- - - ---- ---- 112 112 11212 11258 11234 11234 1117s - - -- -- -- ---- ---- --- - ---- 10214. 10214 ---- ---- 10212 10212 -- --  1135s 1145s 113 11434 110 12812 12934 1235s 12834 11812 114 115 11312 11334 11014 - --- --- - 9812  ---- ---- ---- ---- - -- - - - --  108 11114 110 120 12314 122 10934 111 111  1057s 10512 112-12 12712 11212 9912 1061g lllls 12712 11258  --- - ----  107;;4 107li,: 1131: 1291~ 113 991 :! 1071 ;: 112 1283,: 112f>i.-  ----  1899.  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- - - -  10634 10612 112¾ 128 11178 99 10634 11214 128 ---- ---- 11134  10942 1085g 11414 13038 1127g ---10834 113 130¾ 1125s  10812 108 11358 13012 113  10318 109 10812 114 13412 11212 ----  104 110 10912 11614 135 114  - - - - - -- -  10834 lHl2 13412 1125g  1091 2 11614 1345g 1141g  - - - - ----  10912 10914 11412 131 113  10834 10812 1125s 12912 11258 ---- ---- 10112 10 12 10934 10812 11214 114 11214 ---- ---- 13014  109¾ 10912 11312 13012 11258 10112 10812 1125g 13014  1081s 108 11314 13018 11112  10834 10814 11334 13012 11112  10814 108 113 130 112  10834 10878 11334 13012 112  10818 10738 112 130 111¾  ---- ---- ---- ---- - ---  10812 10834 1083s 1087s 10714 11214 11214 11118 1111 2 11114 ---- ---- ---- ---- 1'.!91g - - - - - --- ---- - - - - 11112 1111 2 11178 112 11012  10812 108 1121"2 13012 112  1075s 108 11258 12914 11012 ---- 101 10758 108 1115s 112 12934 12934 1101 2 111  l1Qi>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, rcgis - - - . Cons. 2s, 1930, regis- . 3s , 1908-18, regis . - - - - 4s, 1907 , registered . - . 4s, 1925 . regi s tered . -- . 5s, 1904, registered . - - -  ---- ---- - --- 104  105 11214 11134 11812 1375s 11634  10834 114 1325g 11212  109 10812 11518 134¾ 11318  10912 109 1155g 135 11312  ---- ----  10912 11012 --- - --- 1145g 116 134 13414 114 114  -- -- ---- - - - -  10834 10912 1091 2 ---- ---- 10934 1151s 116 1153g 13134 13414 134 1131g 11314 11312  -  - - - 104  11012 10934 116 13418 11334  ------- ---- 1091g 110 10912 10912 11014 11012 11414 11412 11412 116 11512 11512 11412 11434 13414 13478 13318 1331g - - -- ---- 13414 13414 11312 11312 11334 11334 - -- - - - - - 11314 114  10434 10934 115 137 113  105 10934 116 138 113  lOi  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 - - . -  10514 10534 11012 110 114 13812 110 10512 10912 114 13712  106 10534 111 110 11412 13812 113 12 10512 11012 11412 138 --- - - - -  10514 1057s 10638 10638 10614 lOti•s 10612 1063-1 1067g 10814 10714 1075s  ----  ---- ---- ---- -- --  11012 11112 11034 11012 11034 111 11334 114 114 ---- - --- 13734 11034 11034 11134 10512 106 10534 11034 11078 111 11334 114'14 113 ---- ---- 13718 ---- ---- 11178  112 112 115 14 138 14 11134 10614 111¾ 113 137; 8 1117s  ---- 1095g 109 109 10814 109 11218 11214  10958 110 109 113  11114 111 114 13812 11114 106  -- ---  112 111 114 13958 11214 10612  ---- ----  11314 11312 --- - --- -- -- ---·  109:lg 11012 10834 - - - - - - - - 10812 ---- ··-- - 11358 13814 13834 1385s 10914 110 ------- --- - 1063-1 109 10912 109 11312 1135g 11212 13812 13812 - -- 110 110 ----  ---- --- -  1085s 1085s - - - - - - - - 10914 10914 10912 10912  10812 1083,i 10814 ---- ---·- 10834 11212 113 113 13812 13812 1367s 10912 10912 ------- ---- ------- ---- 108 11234 11314 --- ---- 139 139 137 ---- - - - - --- - - - - -  10834 10838 10838 10812 10834 ---- ---- 10634 11312 11314 11314 112 1371 2 137 13914 13912 ---- - - - - - - - - 108 -- -- ---- -- -- 109 10834 --- - ---- 10712 ---- ---- ---- 11134 137 - - - - - - - - --- -  1093g 109¾ - - - - - - - - 10734 10734 - --108 10812 107 · 10112 1067g 10678 10534 ------- ---- - - .. - - - - - 106¾ 11058 11114 1101 2 111 10834 10914 - ----- - ---- ---- ---- - -· - - - - - - ------- - - -- - --- ---- 10612 10612 104 10834 ---- ---- 10712 10712 ---- - --- 1057a 107 107 ll0f>s 1111.1 10912 10912 10814 10958 1081 2 ---- ---- 13514 136 132 13214 ---10512 1051!'! --- - ---- - --- ---- - - - -  ---- ---- ---- - -··Hl7 10712 10834 108 106¾ ---- --- - 10614 ---- 11114 11112 11034 ---- ---- ---- 13734 104 ---- ---- 10514 10 34 1067s 107 107 1075s  10912 10812 11358 13914 ---10634 109 11234  10812 108 11234 13912 108 10918 10712 1121s  10812 10812 10812 108 108 108 11214 11214 113 ---- ---- 139¾ 107l4 ---- ---- 10834 ---- ----  - ---  112  109 108 113 1397t,: lQj l4 10R7 ,  i 1i1; 1115s llFb'  ---- 13914 13914 - - - - - - - - - - - ---- ---- - - - - - - - - ---- - --- ·-- - - - -  1902. U.S. cons. 2s, 1930, coup. 10812 3s , 1908-18,COUPOn - --- 1087g 3s, 1908-18, small, coup - - - 4s , 1907 , coupon -- - - _ 11178 4s, 1925, coupon ------ - --5s , 1904, coupon ---- - - ---Cons. 2s, 1930, regis . - 3s, 1908-18, regis. _. __ . 3s , 1908-18 , small. regis 4s, 1907, registered -. - . 112 4s , 1925, registered . __. 139 5s , 1904 , registered . - .. --- -  u  10812 --- 1091 2 1087s - - - - 10 14 112 1121g ---- ------- 10614  10912 10912 10912 111 - - - - ---- ---- 13934 10614 ---- ---10912 109  10912 10958 10912 11F>8 13934 1097s 10~18  112 139  112 1121::? 11112 11112 11114 11 114 13912 13912 ---- ---- - - . - - - - ---- ---- ---- 10612 10612 10514 10514  ---- 10834 10834 - - .. - - - - -  109 10814 11114 13734 10512  108  10814 10  10 .  - - - - - - - - 10734 1073 -- -- --- - - - - - - 13612 13612 - - - - - - 10378 105 - - - - - -  10758 10814 10814 10734 lOF;  - - - - --- - ---- ----  10 12 10734 11012 111 11112 1095s 111 10812 1091::? ---- 137 137 - - - - - - - - - -- - - --- 13512 1351'.! - . - . 10514 10514 - - -- 103.'!4 103:J-1  1903. S.cons.2s,1930,coup. 3s, 1908-18, coupon . - . 3s, 1908-18 small, coup 4s, 1907, coupon -----4s, 1925, coupon - - - ... 5s,1904,coupon . .. -- Cons. 2s, 1930, regis . -.. 3s, 1908-18, regis .... - 4s, 1907. registered ... 4s, 1925, registered . - - . 5s, 1904 , registered ._ ..  - - - - - - - - 10712 10778 10834 1071g ---- ---- 1071g 10934 11014 - - - - - - - ·- - - - 136 ---- ---- 103  10712 10714 10718 -- - 136 10314  ----  ----  10814 109  ---- ---- 10614 10614 106 10714 1083.; 1071-1 1071 2 108  ---- -- -- 10812 10812 1071-1 10714 -- - 10914 111 l10l2 112 1103-t 11112 - --137 13712 - --- ---- - - - ·--10314 103¾ ---- ---- 1031-1 10314 10314 ---- ---- ---- ---- 106 10618 106  - - -- --- - ---- - --- 107 10912 11012 10934 10934 109 - - - - ---- 1351s 1351s 135  10614 10634 10634 ---- ---- 10834 108 10712 109 10612 10612 10814 ---- ---- ---- 10612 10612 ------- 111 11118 10912 110 11134  ----  10314 106 107 1073-1 10812 10714 10714 10734 108 11012 11034 11114 11034 111 110 110 13534 1351g 13514 13578 13612 13514 13514  - --- ---- - --- - - - - - -- - ---- - - - - - - - -  ----  -  -- -  - - - - ----  - - -- --- - 10138  1067s 10734 111 13414  1067s 108 111 13414  1067g 10634 ----  ----- - - - - - - - - - - - - - - - - - - 10112  1083-t 1091s ---11134  10634 10838 1093g 11034 ---- ---- ---- 13514 10112 ---- ---- - --1067g 10912 10912 10658 10634 . _ . • • - . - 10712 - - -- 109 110 11012 ---- 135 1351g 13514 10112 10112 10112 ----  10734 110 10938 111 13514  ----  10634 10914 112 13514  ----  10638 106/lg 1061g 10712 10812 107 10712 10712 - - - ---- - -- - 11014 13414 13412 --- 10114 10114 --- 1063a 10634 - -- 1077g 10778 11214 11214 109 13334 13414 - - - -  --- - ----  1061. 10 '  ---  -  ---  -  110:,.  ------ -  1091::?,  --. - - .. - - - - -  1904. U. S. cons. 2s, 1930, coup 3s,1f08 ·18,coupon ---3s, 1!08 ·18, small, coup. 4s, H07 . 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 10614 ·- - - - - - - - ---- ---- ·· --- ---- ---- ---- ---- -- ----- ---- 107 10714 10534 10634 106 10612 10614 10614 105 14 105 14 10614 10634 -- - - ---- 10534 10534 ---- ---- 105 105 1047g 10512 108 108 108 108 107 10718 10714 10714 106¾ 10634 - - - - - - - 133 133 ---- ---- -- - - ---- 13212 133 ---- ---- 13112 13112 11134 11134 -- -- ---- ---- ---- ---- - - - - ---- ---10512 10714 10512 10512 10512 106 105 10518 - -- - ---- 10518 10518 10514 10514 - - --- - - - - ---- ---- 10634 10634 ---- ---- 1055g 10534 ---- ---- 10434 10434 10458 105 - - -- ---- 107¾ 1073s 10634 10712 10814 10814 10614 107 10614 1063i, 106¾ 1063g ---- ------- ---- ---- ---- ---- ---- 1327g 1327g 132¾ 132¾ - --- - --- - - - - - -- - - - - - - ---  10514 1055s ---10712 108 10634 - - - - - - - - 10718 10712 10712 107 134 134 13234  10714 1071g 10712 13234 --- - ----  ---- ---- ---10558 10558 105 105 1055s --- --- - - - -- 1065g ---- --- - ---11014 11014 111 ---- ---- ----  - - -- 10412 10412 105 10534 10434 105 10412 ---- --- - - --- 1041! 1065g 10412 10612 10612 ---- 1307g 13078 1307g 111 ---- ---- 110  105 105 1041:!: 10, 131 110  --- - - - - - ---- ---- ------- ---- ---- ---- ---- --- - ---- --- -  13178 1317s -- -- ---- - - - -  - - -- - - - - -- - .  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 U.S. cons. 2s, 1930. regis 3s, 1908-18, registered . 4s, 1907 . registered- - __ 4s, 1925, registered . - __  - - - - - - - - --- - ---- 10514 105~ 10434 10478 -- -- ---- 10412 10412 - - - - - - - -  1045s 10512 104  104  10412 105  -- -- ---- --- - ----  1051g 1057g 10412 10412 10534 ---- ---- ---- ---- 133 10918 1091s --- - ---- 110 10434 -7-- ---10412 10412 10512 10512 ---- ---- ---- - - - - - - - ---- ---- 13212  10534 133 110 ' 10434  ----  104 10478 104 ---- ---- -- -10514 --- - - -- - - - - ---- 13214 13214 133 ---- 10914 10914 109 10478 10412 10478 104:I~ 104 104 103:!-1 10412 ---- -- -- 104 - - - - ---- ---- 13212  106  106  - ---  ----  10434 ----  ----  1045s 10434 10412  1321?. - - - -  10414 104 ---- ---- - - - 104 133 ---109 10318 104 10312 104 ---1327s ----  ---- ---- - - - - - - - - --- - - --- -- -- --- -  104¾ ---- ---- 10334 10414 ---- ---- ---- ---- ---10414 1041 8 10418 1047g 105 -- -- 133¾ 133¾ 13412 13412  10378 10412 1043s 13412 --- - ---- ---- -- - - ---- 10812 1037s ---- ---- 10414 10414 10312 10412 103 - --- ---- ---- ---- ---- 105  10434 10412 10514 13412 10812 10312 104¾ 10518 ---- ---- ---- ---- ---- - - - - - - - -  10314 lO.'P4 ---- ---- 1023-1 104 10378 10378 -- -- -l05lg 105/lg 10312 103•~ 13234 1333s 13014 130->.t ---- ---- 11012 1101:!:  ---- -- --  10312 1037g 10434 10.'>¾ 1027s 10314 13258 133:lg 13034 13F~  1906. U.S. cons. 2s , 1930, coup. 103 !.~ 103!, 3s,1908-18,coupon . ___ 1031 8 104 4s, 1907. coupon ----- - 10314 10312 ~s, 1925, coupon _____ _ 130 13112 Ph Ip.gold 4s , '1W4,coup 10912 10912 U.S. cons. 2s, 1930, regis. 10318 1031g 3s, 1908-18, registered . - - - - - - - 4s, 1907. registered . -- . 103 103 48, 1925, regii;tered - - - - ---- ---Pan. Can 2s, 1936 , regis. ---- ----   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  10412 1035s 103;8 - - - -· 10434 104 1043s 10234 10418 10338 10334 10314 ---- 131 13214 12912 111 10318 10312 ---- ---- ---- -- - - 10318 1037g 10234 ---- ---- - - - - - - - - 103 10314 10314 10334 10334 1035g 10358 10312 12918 12918 ---- ---- ---- ---- 129  103 10358 10412 102ss 1031s 1031g -- - - ---- 1033-1 12934 13014 - - -10834 10834  ----  ---- ----  - - - - 10312 10312 ---- ---- 1045s 104711 - - - - - - - - 10412 10412 10412 10412 104  10314 10312 131 111 10312 1023-1 10312 129  1051.r 103 10314 10258 10258 10312 104 10312 10378 10312 -10312 ---- --- .... 1033g 103¾. 10358 10414 10234 10278 10314 10358 ---- ---- 10214 10212 102 1021g 1017s 102 12958 1295s 12934 12934 129¾ 13112 - --- ---- 13014 13112 13034 13034 13012 1303.:  10314 10312 iciiss·ioi1; 10334 103,34 - -- - ------- ---- --- - - - ----- ---- - - - - ------ - - --- - --- ---- ---- - - - - - - - - - --- ----  ---- -- - -  10512 10312 10312 - - - 103¾ 103¾ 103 13014 13112 131  10512  ---- ----  104  - - - - - --- ---- -- -103 102 10214 -- -13118 - - - - - - - - 13078 - - - - - - - - - - - - - - - - 10518 10518 ----  --- - ------- ---- --- -- - - - - - -  104  ---- 1()034 1003-1 13078 - - - - - - --- -- --  S TATE SECURITIES-RECORD OF. PRICES 1860 TO 1906, INCLUSIVE.  In the tables which follow we furnish a record of the course of prices of State securities on the New York Stock Exchange since 1860. Dealings in these securities are now very small. We also show for the last three years the fluctuations in Foreign Government securities dealt in on the Stock Exchange. 1860 to 1865, inclusive. DESCRIPTION. C<mipiled from saie Prices.  1860. Lowest.  - - - - - - - - - - 1- ----Ohio, 68, 1886 ______________ 106½  Kentucky 6s __ ______ _____ __ 99 Illinois, Int. Imp. Stock, 1947 100 Interest ___ __ 100 " " " Illinois 6s, 1879, coupon_·____ 10412 Illinois War Loan __________ _ __ _ _ Indiana 5%---------------- 86 Michigan 6%-------------- _ 98 Tennessee 6%------------- - 64 Tennessee 6 % new bonds__ _ _ . __ _ Virginia 6%--- - - - -- -- ---- -- 73 Virginia 6% new bonds __ ____ ___ _ North Carolina 6 %- --- ------ 7712 North Carolina 6 % new bonds __ _ _ North Carolina 6 % special tax ___ _ Missouri 6%- __ ___ _ __ _ __ __ _ _ 61 Louisiana6 % -·-Calitornla 7% __ ___- --------___ _ __ ___ 94 82  Jan Dec Feb Mch May Jan Mcb Dec  1865.  1864.  1863.  1862.  1861.  J,/ighest. Lowest. Highest. Highest. Lowest. Lowest. - ----- - - - - - - - - ------ ------ - - - ------ - - ----•----,,----- - ----Nov ___ _ 11312 Aug 87 Dec 109 Feb 93 Jan 115 Dec __ _ _ 10634 June 65 April 97 Jan 7012 Jan 100 10612 Oct ___ _ 10012 July- - -10612 Sept 75 June 8514 Sept 8014 Jan 110 Dec - --_ _ _ _ _ _- - _ _ _ _ 77 Jan 10512 Dec !)3 May ---Aug 75 July 93 April 75 Feb 84 106 June 77 Dec 8334 Oct 7734 Jan 105 Dec ---Dec Feb 50 Mch 92 Mch 42 Jan 65 Feb 57 Jan 6712 May 52 July 64 93 June 3414 June 77  Highest .  Lowest.  Highest.  Lowest.  Dec 95  Mch 36  April 81  Dec 100  Sept 44  June 8212 Feb 60  Mcb 49  Highest .  Jan 6512 Jan 74  Oct 49  Dec 75  Feb 47  Jan 64  Sept 50  Jan 73  N ov  June 53  Dec 80  Mch 49  Jan 63  Aug 58  Jan 86  Dec  Oct 7514 April 51 Feb 75 April 60 Jan 167 Aug 112  Mcb 79 Feb 80 M_a y 155  D ec D ec Jan  Dec 8478 June 35 May 72 Jan 40 Jan 5614 Feb 5912 Dec 75 May 60 Jan 9912 Oct 45 May 7712 Mcb 59 Jan 70 Mch 55 Nov 80 Mch 52 Jan 95 Sept 7112 May 88 Jan 7634 Jan 11612 Dec 114 Aug 13914 Mch 123  1866 to 1871, inclusive. DESCRIPTION. Compiled from saie Pr-ices.  1866. Lowest.  1867.  Highest.  Lowest.  Lowest.  - - - - - - - - - - - ------ ----- - - - - - - - - - - - - Tennessee 6%-------------- 84 Tennessee 6% new bonds __ _____ _ Virginia 6%-- - ---- -- ------- 60 Virginia 6% new bonds _________ _ North Carolina 6%. ______ ___ 73 North Carolina 6 % new bonds __ _ _ North Carolina 6 % special ta~ __ . _ Missouri 6% _______________ 71 Louisiana 6% ______________ 80 California 7 % -------------- 106 Connecticut 68- - ------------ ___ _ Rhode Island 6s ____________ ___ _  Mch 100  June X61  Nov 72  Jan 41  Nov 88  Jan 45  Jan 7014 July - --- - - -- - - - Jan Mcb 60 - --- - - - - - - - Mch 6012 July  Mch 9314 Dec 8634 Mch .Jan 100 Sept 80 Feb April 120 Oct 115 Jan ___ _ 9812 Jan ---- 99 April  106 90 128 102 100  July Jan Dec Sept Mch  --- -  1870.  1869.  1868.  Highest.  Highest.  Lowest.  Highest.  Lowest.  1871.  Highest.  Lowest.  ------ ----- ----- ------ ------~----,-  X59 78 Jan 7812 June x4914 4012 --- X4312 Jan 60 May X47 49 - --Jan 79 X50 X4034 - - -- 27  iiine  84 Nov 108 ___ _ 128 Dec 134 __ _ _ ___ _  Dec Dec Dec Sept Dec Nov  Jan Jan 59½ Jan 6334 Jan 66 38 Jan Jan 64  70 6978  Jan 45 18 Mch X4812 Jan Jan 57 Jan X40 2012 Dec X5212  Feb 85 Sept 9612 June 85 Mch ___ _  70 68 14 76 73 55 3612  Jan 95  July July Mch Mcb July July  61 61 59 60 12 31 1518 121:i June 89  Dec Jan Oct Feb Dec Dec Dec Jan  Highest.  Aug 76 766g Aug 74 April 75 .May 5Il4 Feb 29 18 Feb 2178 Feb 9912 July  1872 to 1877, inclusive. DESCRIPTION. Compiled from PricetJ Bid. Alabama-58, 1886---------8S of 1888---------------Arkansas-68, fund _________ 7s, Little Rock & Ft. Smith Callfornla-7s ____________ • _ Connecticut--68 ____________ Georgia-68 ____ __ _________ 7s, new ______ _____ . ______ Illlnois-6s, 1879, coupon __ __ Kentucky-68 ___ __ _____ ___ Louislana-68, Levee _______ _ 7s, consol _____ __ _________ Mlcbigan-68, 1883- _________ Missouri-6s, long _... ... ___ _ New York-6s, bounty, coup. North Carolina, 6s, old, J. & J. i,s, new, J. & J ___________ 6s, special tax ____________ Ohio-68, 1886 __ - - --- - _-- - Rhode Island-6s. ____ • _____ South Carollna------68 __ • _______ 6s, J. & J ________________ 6s, A.&; o ____ ___________ Tennessee-6s, old __________ 6s, new ____ _____ ·-------_ Vlrginla-6s, old ____________ 68. consoL. ______________  1872. Lowest.  1874.  1873.  Highest.  - - - ------  Lowest.  Highest.  --  July Aug June Nov Dec Oct Nov Nov Nov Jan Jan  57 82 40 27 116 10234 82 91 99 100 55  Jan Feb Feb July June June May May JUiy Aug Aug  ---- - - -- ---- ---- - 85 -- - ------- - --Nov 98 May -9178 sept -9112 iiine 85 Oct 9634 June Oct May Jan Oct  ---- - -99 · Jan  40 April 23 Sept Jan 22 63 5s Jan 63 58 Jan July 42 5012 July  1875.  Highest.  Lowest.  1876.  Highest.  Lowest.  1877.  Highest.  ----- - - - - - - - - - - - - - - - -- - - - - ------ - - - - ----  Mch 6212 May 45 55 Aug 90 Jan 45 80 Nov 5712 June 25 40 Aug 60 Feb 15 50 109 Sept 115 June 101 Jan 10212 Dec 97 98 Jan 77 Jan 59 70 Feb 90 May 70 84 - - - - -- -- - --- 85 Jan 101 July 95 95 Oct 6712April 50 50  105 34 3018 15 10  Lowest.  May 103 Mcb 20 Mcb 14 Mcb 5 - - - - ---- 99 10212 June 98 56 July ' 22 Mcb 8 39 36 April 19 8012 Dec 6312 8018 Dec 6214 56 18 Feb 32 Mch 44 59 109 3814 23 16  Nov Oct Dec Nov Nov May Nov Nov Mcb Nov Nov Oct Oct  108 June 3312 Jan Jan 19 1712 June 107 April Mcb 101 Jan 40 2212 Jan 28 April 8434 Mch Mcb 85 Feb 47 5614 Mcb  Jan 25 40 April 8 Sept Aug 5 Jan 110 Jan 97 Jan 65 Jan 82 Jan 95 9712 July 15 June - ... ----Jan 94 9212 Aug 10312 Jan 18 June Aug 10 5 Sept Jan 100 Jan 97 20 April 6 12 Jan Feb 12 Oct 67 Oct 67 28 June 4912 Jan  39 45 35 23 114 106 80 92 10212 102 28  Dec July Mcb Jan Nov Dec Dec Dec June Nov Nov  25 25 20 8 105 103 80 88 12 99 100 25  Dec Dec Jan Mch Jan Jan Jan Jan Jan Jan Jan  4112 Jan 42 April Dec 38 17 June 117 May Dec 110 96 Sept Dec 104 Dec 104 Dec 104 Dec 40  104 98 34 110 29 2112 1112 10612 105 30 31 30 9112 9112 42 58  Dec May Jan Mch Feb May Dec Nov Dec Dec Mch Mch Jan Dec  101 9478 10518 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  10712 10234 109 27 16 434 10814 108 3512 35 35 12 78 77 1s 4012 76  - --- ---- - - - Dec  26 26 25 3  Jan Jan June Dec  35 34 4512 18  Lowes,.  Nov 32 April 32 Feb 15 Feb 2  Highest.  Jan 43 Jan 43 July 30 Aug lO  ---- --- - --- - -- - - -- - --- - --Jan 113 Nov 106 Oct 113  105 91 1005s 100 100 37 5212 Oct 103 June 10134 June 102 Jan 13 Jan 5 May 34 Sept 105 Oct 105 Dec 30 July 30 Dec 30 Jan 4012 Jan , 40 Oct 22 Dec 73·  Aug Jan July July Dec Dec Aug Jan July Sept Oct Aug Jan Jan June June June Dec Dec Sept May  Mch 93 97 10712 June 103 Dec 100 104 10414 Jan 100 46 May 35 6912 June 50 107 April 101 108¾ Sept 10414 105 68 May 101 1812 Nov 15 Jan 6 9 3 14 Feb 1 Aug 105 114 Dec 105 111 Nov 32 40 37½ Feb 30 3712 Feb 30 Aug 36 13 49 Aug 35 49 Jan 30 37 7812 Nov 6212  Nov Nov Jan Jan - - -June  Feb 10278 July /an 10914 Mcb Jan 10312 D ec .Ian 107 Nov Jan 56 D ec Jan 8812 lfay luly 107 Jun eJan 10878 June :Jan 10112 FebOct 23 .Jan Oct 12 Feb Aug 312 Jan Oct 11412 June Oct 111 May Jan 45 Aug 45  April' April  Aug 44 April Dec 4714 Nov Dec 46 3.s Nov Jan 34, Nov Dee 8312 June·  1878 to 1883 , inclu sive. 1879.  1878  DESCRI'PTION. Compiled from Prices Bid.  --Highest. Highest. Lowest. L=est. ---- ------ ------ ---Aug 53 Dec Alabama-Class A, 3-5S, 1906 - - - 44 Jan Arkansas 68, fund-1899-1900 15 -nee -2612 -Jaii 5 April 20  7s, various railroad Issues._ Connecticut 61L- ____ . 1883-84 Georgia 6s ____ __ ____.. 1886 7s, new ________ . ____ • 1886 7S, gold ________ __ __ __ l890 Louisiana 7s, consoL ___ _1914 Michigan 68 ___ _____ : ---1883 75 __ _ . _______ __ . ___ - -1890 Missouri 6s __ ________ l882-83 6s ___ ________ ___ __ _1889-90 Funding bonds _____ 1894-95 Hannibal & St. Joseph_ 1887 New York 68- - -- -- - - - - -1887 6s, loan _______ ___ ____1883 6s, loan ____ ___ ____ . _ . 1892 orth Carolina 6a, old_ 1886-98 N . C. RR ____ _____ l883-4-5 7s , coupons off_.. do Funding Act _____ ._ 1868-98 New bonds __ . . __ __1892-98 Special tax, class L . ___. _. Consol, 48------------1910 Ohio 68-------- ---- - -- -1881 6s __ . ______ __- ___ __ - _1886 Rhode Island 68, ooup.1893-99 South Carolina 6s, Act Mch. 23 1869,, non-funding _____ 1888 Brown consol. 68- ____ .1893 Tennessee 68, old __ __ 1890-2-8 6s, new ____ __ _1892-98-1900 Virginia fis, old _________ ; __ _ 6s com;oL ______ . ________ _ 68 deferred. _. _____ _____ - -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dec 2 Jan 105 9614 Feb 10412 Jan 1051:i Feb 6934 Dec Jan 101 108 May 101 July 10212 Aug 104 Sept 100 April 113 July -- - 11514 1414 July Feb 65 Mch 45 Aug 8 Jan 7 Jan 2 - --- - - -Dec 102 Jan 105 Jan 105  Jan 6 109 April 1025s July Dec 110 Dec 109 8412 Feb Dec 106 Oct 115 10484 Dec 107 June 109 June 10614 June 115 June - - -Nov 124 1918 Dec Dec 85 Dec 65 11% Dec Dec 11 212 April - --- -- - 106 May Dec 111 11712 May  34 Feb  218 May  -jan  ---30  · a95s May Nov Nov 3712 Jan  Mch 1 104 April 99 Sept Jan 107 Jan 107 3614 Aug 10112 Jan 100 July Aug 101 10312 Aug Jan 105 Jan 102 106 June Mch 106 117 Sept 1712 Feb Jan 85 Jan 65 Mch 7 Feb 8 Mcb 1 - - - - --- Jan 101 10534 Mcb Jan 110 1  30 24 2518 Feb 25 20 June 31 May 74 Feb 75 66 Feb 75s Dec 5 14 4  Feb  814 .May 109 June 10218 July Dec 114 113 June 6712 Jan 10612 June Jan 115 10512 June 10812 June 112 May 10714 June Jan 110 110 June 121 Feb Dec 28 Dec 111 Dec 92 Jan 14 1512 Dec Dec 5 - --105 May Oct 115 116 May 4  Oct  -----Feb -- ---Feb 41  Mcb 3312 Oct Jan 35 Mch Jan 86 Oct Sept 814 May  -  1880.  Lowest.  1881.  Highest.  2  Jan  634 Jan  Mch Jan 20 8 April Aug 102 Feb 106 109 April 111 April 5314 Jan Jan 102 Jan 114 102 July 10814 Jan Jan 111 Jan 107 Jan 105 Dec 102 Jan 115 Feb 32 Jan 115 Jan 90 Dec 10 Dec 20 Jan 6 Oct 80 10014 Jan Dec 107 114 July 71  41?  Jan Au~ Jan Jan 45 Jan 30 Jan 104 1212 Feb  - -- - -- - 10212 ---- - 50 Dec 45  30 April 25 June Jan 18 Jan 75 5 12 Jan  Highest.  ---- - ----- ----  5412 Jan 7312 Dec Dec 10 April 21 Aug 1212 Dec 2 Aug 107 12 Nov 104 Dec 97 April 107 Dec Jan 112 107 Dec 109 April 116 Aug 54 14 Dec 40 Jan 10514 Nov 102 Dec Jan 118 110 Jan 105 Nov 100 10512 Jan 11114 Dec Nov Jan 115 106 Dec Jan 110 102 Jan 111 Oct 106 Dec 107 Mch 104 Dec 120 Nov 115 Jan 32 14 Dec 26 Jan 115 Mcb 110 Jan 95 Mcb 90 912 Jan 12 14 Dec Jan 20 Dec 15 2 July 6 12 Jan 60 July 8312 Dec 100 June 103 12 Oct Jan 112 June 106 Jan 121 Dec 109  - - --  Lowest.  4878 32 105 17 14  Dec Dec Dec Dec  1882 . . Lowest.  1883.  Highest.  lntDest.  Highest.  Jan 8114 Dec 79 Sept 8512 Dec '80 July 84 Dec 20 Mch 3712 Jan 10 Mcb 28 39 Jan Aug 7 Nov 5 June 35 Oct 68 40 Feb• Jan 100 J an 103 JuneMcb 103 106 July 100 Aug 109 Jan 102 April 1071! Jan 113 June 103 Aug 11012 April 10312 July 107 May 114 June 105 Aug 1161? June· 11912 June 11212 Aug 11712 Mch 112 Dec 63 April 7112 July 63 ApI11 75lz Nov 69 Aug - --105 Sept 100 July 104 ----Feb Jan 120 June 114 122 Oct 110 Jan 118 Jan 103 Dec 100 · Jan 103 108 July 100 Jan Jan 115 June 109 July 113 June 117 April 109 May 113 July 120 Nov 116 119 Feb 121 JuneJan 10912 Dec 108 Jan l10l2April 113 May 100 11212 May 108 .Oct 112 June 1107 Jan 110 April110 April 101 June 105 June ---- ---- - -- - - -- 122 July 119 June 121 Feb 113 April 120 Jan Oct 20 July 301:i Nov 28 Jan 82 40 llcb Aug 120 July 156 Nov 155 Jan 160 July 150 Aug 130 Jan 135 130 July 100 July 130 July Nov 8 June 11 Jan 10 Jan 11 April 16 Jan 15 28 April 1212 June 20 Jan 16 April 934 April 5 June 8 Jan 4 July 8 34 Jan Jan 7712 Feb 8212 D ec, 89 June 75 Sept 82 10212 June ---------- ------- - -- 115 June 106 -Feii 112 June 106 Feb 10912 MellFeb 110 Jan 120 Feb ' ll5 Jan 118 ~ay 120 1234 Nov 10612 Dec 78 June 7778 June 40 May May 121 2014 April  4  100 41 40 2612 80 10  July June Dec Dec June Mch June  10 14 105 77¾ 77 14 36 100 1758  Jani 212 May Dec 100 July Jan 30 July Jan 30 July Feb 30 -'lfay July 50 Mcb Jan 6 Oct  612  10434 44 12 44 40 8212 13  Jan Dec Feb Feb May Jan Jan  62  STATE SECURITIES. 1884 to 1889, inclusive.  DESCR IPTION. Comp ued from P rices B u/,.  1884. L owesk.,  H ighest.:  1885. Lowest.  H ighest.  1886. L owest.  1887.  Highest.  Lowest.  Highest .  1888 . Lowest.  ---- ------ ------ - --- - - ----- - - - - - ----- ----- - - - - - Sep t D ec  1889.  H i ghest .  L owest.  H ighest.  ---- - ------ - - - - --  Alaba ma-Class A , 3 to 5,1906 78 D ec 97 8112 J an 101 83 Jan 108 Dec 102 Sept 10878 Apr 10312 July 1061 2 J an 10212 J an 1071 2 Jum CJass A, small ______ ______ 78 A ug 81 J an 80 Jan 101 · Pe~ · J an 105 A ug 100 July 108 Dec 10312 Oct 106 Mch 102 July 108 Ma:i, Class B, 55 _____ ______ 1906 12 J a n 10212 April 99 J a n 108 Dec Jan 11 0 Dec 103 Sep t 114 Mch 107 July 110 J an 107 Oct 11212 Jum Class C, 4s __ ______ ___ l 906 97 J an 97 D ec 95 Oct 82 58 D ec 81 J a n 103 12 Aug 98 Sept 105 75 Mch 100 J an 10212 April 98 Oct 102 Jum May 105 , Jan 104,, :Jan 107 . 6S, 10-20- - -------- - - - 1900 100 Mc.h ·104 Oct 107 12 Mch 100 Sep t 106 Oct 100 Mch 104 June 100 July 103 Feb Arkansas-6s, ! und_1899-190 9 1 Oct 16 Mch '3 "J an 9 12 Oct 5 May 11 12 Dec 10 J an 11 April 3 April 1112 Nov 5 Mch 14 Dec 7S, L. R. &F~..s. issue ___ __ 5 Sept 25 Feb ·10 Jan 22 Jan. 12 Dec 16 Oct 28 D ec 35 July Mch 26 J an J an 8 Sept 12 5 1s , Memphis & Lit tle R ock _ Sept Feb Jan J an 13 5 25 10 19 Oct 27 Dec 20 J an 27 May 5 Mch 20 J an J an 8 Sep t 12 7s, L. R . P . B . & N. o ___ __ 5 Sep t 24 ,Jan 20 Feb IO J an· 12 12 OV 271.:i Dec 17 Dec 34 April 5 Mch 25 Feb 8 Sep t 12 J an 7s, Miss. 0 . &R. R ______ __ 5 Sep t 24 34 Feb 10 Jan 2112 J an 12 Nov 21 April 18 Nov 34 April 5 Mch 20 J an 8 Sep t 12 J an 7B, Ark. Central RR _____ __ 1 J uly 934 Feb 2 J an 8 Oct 5 J uly 8 Feb 7 J an 12 April 3 Apr il 712 Nov May June 5 8 -Georgia-65 _____ ______ l 8S6 98 Sept 104 Ap ril 100 Feb 103 June 100 Feb 10212 J uly -- - - --- - - --- -- - - - - -- -- -- - - -- --- - -- -- - - -- - - -- ---7s, new bonds ___ _____ l 886 100 May 10612 May 101 Jan 10512 June 100 12 Jan 10212 Mch - --- --- - - - -- -- - - - --- - - - - -- -- ---- - --- -- - - -- -- --- 7s, endorsed _______ ___ l886 100 May 10612 May 101 Jan 10512 J une 10012 J an 10212 Mch - --- -- - - --- - --- - -- -- - - - - --- - --- - -- - - -- - - - - - - - - -7s. gold bonds __ ______ ! 90 107 Mch 109 12 J an 11 4 14 Oct 10812 Dec 114 Oct 115 Feb 104 Nov 109 J an 103 July 106 Mch 101 14 Oct 105 J an Louisiana-78, COOBOL ___ 1914 6514 June 78 Feb 73 Jan 7 D ec 84 J an 94 Nov 93 J an 102 Jan 109 Oct 100 N ov 105 May 109 Jan S ta mped 4s _____________ _ Feb 8234 Nov· 79 14 J a n 9238 Mch 88 J uly 93 63 Sept 7512 Dec 67 J a n 86 Feb 9412 D ec 7s, small bonds ___________ 62 July 72 Feb 65 Oct 75 Aug 67 J an 78 Nov 80 Feb 89 April 86 July 90 Feb 84 Feb 9 112 D ec Ex matured coupon ____ _ 56 July 6812 Feb 60 J an 68 Aug - -- - - - - - - - - - - - - - - -- - -- - -- - - - - - - ---- -- -- - - -- -- - - - - - - ---Michigan- 7s ___________ 1890 110 July 118 F eb 108 May 115 Oct 108 J an 105 11 2 Nov 109 May Feb 106 Jan 105 Oct 105 J an 107 J an 10434 June 100 10612 Ma y 101 lfissouri-65, due 1886------J an 102 Nov - --- - - -- - - -- - - -- - - - - - - - -· - -- - - -- - -- - - ---- - - - - - - - 6s __ __ ______________ 188.7 100 July J a n 10112 June 102 J a n 10412 May 100 Jan 10212 May - - - - ---- - - - - - - - - - --- ---- - - -- - - - 100 July 108 April 103 6s --- --- - - - _________ 1888 103 July 10912 April 103 J an 109 June 10312 Aug 10612 May 100 Jan 103 12 Mch 100 Jan 10212 June - - -- ---- - - -- -- - J an 105 12 J an 113 June 107 J an 110 Mch 104 July 10712 F eb 101 Aug 10312 May 100 J an 103 Dec 6s --------- - ----- 1889-90 105 July 111 Asylum or Univ _______ 1892 107 July 115 May 107 J an 117 June 110 Mch 108 Nov 112 J a n 10312 July 107 J a n 113 Jan 102 Feb 108 Mch 118 . Funding bonds ____ - 1894-95 111 Mch 112 July J a n 122 June 115 J an 119 July 110 Oct 115 J an 106 Mch 108 Jan 104 Feb 11212 Mch Hannibal & St. Jo _____ 1886 108 May 11012 Mch 102 July 123 A pril 100 July 104 April ---- ------ - --- - -- - -- -- --- - - -- - --- - ---- -- - Hannibal & St. Jo ___ __1887 108 May 11012 Mch 102 July 123 April 101 July 104 A pril 100 Jan 101 J an --- - - -- - -- -- - -- - - --- -- - - ---- - -- F eb 103 July 107 New York-65. gold, reg_1887 105 S ept 109 F eb 102 Oct 104 April 100 July 103 June - --- --- - - -- - - -- - - - -- -- - - ---- - -- 6s. gold coupon _______ l 887 105 · Sept 109 12 Jan 103 July 107 F eb 102 Oct 104 AprlJ 100 J·uly 103 June ---- - - - - - --- - - - - - - - - ---- - - -- - - -6s, loan _______ _______ 1891 111 July 115 Sept 110 July 118 12 D ec 110 Sept 115 Aug 110 July 113 Nov 107 July 112 Jan - - - - - -- - ---- - - -65, loan _____ _________ l892 115 Jan 113 July 122 D ec 112 April 120 Jan 116 Aug 112 July 115 D ec 111 Mch Jan 106 J an 107 Oct 115 6s, Ioan _____ ________ _ l 893 117 May 115 July 124 J an 120 Dec 115 April 122 A ug 115 July 118 J a n 108 J an 106 D ec 111 14 Mch Oct 113 J a n 31 May 30 No . Carollna~ 65 old _1886-98 2712 June 3212 May 30 Mch 30 J an 35 J an 35 J a n 361:: Mch 35 F eb 38 Nov J an 36 6s, old , A. &;Q ___ _____ ____ 2712 June 3212 May 30 J an 31 May 30 May J a n 35 J an 35 Mch 30 F eb 37 J an 36 12 Mch 35 Jan 36 N. Car. RR _______ l883-4-5 160 J an 160 J an 165 May J an 160 J an 165 Jan 170 Aug 170 Jan 150 May 180 J a n 150 Mch 170 J an 5 Jan 135 Jan 135 N . Car. RR., 7s, coupon off_ 135 Jan 135 J an 135 Aug 140 Jan 140 Mch 140 J a n 145 Nov 80 Jan 150 May J an F45 N. Car. RR. , A. & O ______ 160 J an 160 J a n 165 Jan 160 Jan 165 Aug 170 Jan 150 May 180 May Mch 170 J an 170 Jan 150 J a n 175 Jan 130 Jan 135 J an 135 N. Car. RR., 7s, coupon off _ 135 J an 135 Mch 140 Jan 145 Aug 140 Jan 140 J an 145 Nov 80 Jan 150 May May 10 Funding Act_ ____ 1866-1900 8 J an 11 Oct. 1218 May 10 Aug 1212 May 10 Jan 10 Jan 1312 May J an 10 J a n 13 12 Mch 10 Funding Act ___ __1868-1898 8 Jan 11 May 10 Oct 1218 May 10 Aug 1212 April 10 Jan 10 Jan 1312 May J an 13 12 Mch IO Jan 10 Aug 20 New bonds , J. & J __1892-98 15 Jan 21 Aug 1912 May 18 May 20 Mch 15 Sept 22 Jan 15 Aug 20 Jan 15 Jan J an 23 New bonds . A. &o ________ 15 Aug 20 Aug 19 14 May 18 Jan 21 Mch 15 S ept 22 Jan 15 May 20 J an 23 Aug 20 Jan J an 15 Chatham RR ___ ________ __ 1 May 3 F eb 2 Jan 7 Dec 5 Sept 13 Qct Dec 4 Nov 8 Jan F eb 8 7 Sept 15 April 6 Jan 8 Jan May Mch 2 D ec 8 Feb 5 Aug 10 Special t.ax, class L - 1898-99 Nov 11 J a n 1458 Nov 8 · nee 1612 June 6 4 I Special tax, class 2 ______ __ Ma y 3 34 Aug 2 12 J an Feb 10 Jan Aug 10 12 Oct IO Nov 1612 June 71 ,, Oct 11 F eb 6 1 4 12 Dec 10 Special tax: railroad issues __ Feb 5 July 10 Jan Dec 16 12 June 6 Oct 11 1 May 3 12 Aug 212 J an 8 4 12 Feb - - -- -- - - - --3 1 J a n April June D ec D ec June 108 Sept Aug 122 J a n J an 12312 12534 Mch 117 127 102 105 4 115 2 115 129 118 6s -------~- - -------- 1919 Consol. 4.S-: __________ 1910 75 . Sept 8 414 April 8 1 J an 91 12 D ec 8 12 J an 100 34 D ec 94 Jan 91 Jan 99 June Dec 100 12 J an 91 - Nov 96 Small bonds: _______ ______ 78 May Ma y 82 Mch 80 J a n 90 D ec 87 Aug 93 Dec 98 Jan 96 J an 98 Jan 89 J an 89 Nov 95 Obio-6s -- - ~~_________ 1886 104 July 108 J an -- - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - --- --- - -- - - -- - Dec 103 June 106 April LOI July 103 Jan 125 June 118 Mch Feb 110 July 124 Jul y 115 Jan 105 Dec 111 F eb 120 J an 106 R hode Island~65, cp _l 893-99 110 Sept 122 Feb 115 South Car .-68 ,Act Mch. 231 1869 . non-fund. 1888 ___ / Dec May 7 14 D ec 5 Sept 734 April 3 J an 612 Oct 5 Aug 5 1 June Jan 334 April 5 3 12 Mcb 2 Brown consol. 6s ______ 1893 100 July 107 Dec 10412 J a n 10912 Sept 104 Sept 11012 ov 104 July 10912 Mch 104 J an 107 May 101 Sept 106 June Aug 6834 Sept J an 5212 Nov 53 Tennessee--65 . old ___1890-2-8 35 June 435s April 42 Mch 64 Dec 63 Oct 65 12 J an 57 J a n 651 2 D ec 57 Aug 6834 Sept Mch 4134 J an 521 2 Nov 53 Mch 64 Dec 63 J an 6512 Dec 57 6s, new bonds_l892-98-1900 35 June 43 Oct 65 12 Jan 57 6s, new series _____ ____ 1914 35 June 4234 April 41 34 Jan 5212 Nov 53 Aug 68.34 Sept Oct 65 12 Jan 57 Mch 64 Dec 63 J a n 6512 D ec 57 Dec 73 12 Jan 7812 Sept Oct 76 14 Feb 67 J an 6114 Dec 62 Mch 73 J a n 75 12 D ec 67 Jan 49 April 48 Compromise. 3-4-5-65- _l 912 41 New settlement, 65 ____ 1913 - - -- - --- - - -- - -- - --- - ---- -- -- - - - - 103 Dec Jan 110 Aug- 109 Dec 100 Nov 10612 Feb 97 Jan 105 May 102 Jan 105 June New settlement, 58- ___ 1913 ---- -- - - -- -- ---- --- - ---- - --- - -- - 100 July 102 Mch 90 Aug 100 Jan 103 Feb 99 12 Dec 100 Jan 7614 June Mch 73 New settlement, 38 ____ 1913 -- -- - -- - - - - - -- - - - -- - --- - - - -- - - -- 7112 J u ne 80 Aug 68 Sept 78 12 Mch 68 Dec 71 Virglnia-6s, old ___________ _ 33 Jan 48 Jan July 47 Aug 50 Oct 48 July 40 J a n 45 Nov 42 Jan 48 Jan 40 J an 37 J a n 47 6s. new bonds ________ l866 33 Jan July 40 Aug 50 Oct 48 Jan 48 Jan 37 J an 45 Nov 42 J an 48 J a n 47 July 47 Jan 40 6s , new bonds _____ __ _l867 33 Jan 48 Jan Aug 50 Oct 48 J an 48 J an 40 July 40 J an 45 Nov 42 J a n 37 J a n 47 July 47 65 , consol. bonds __________ 45 Apr 75 Feb July 65 Jan 50 July 70 Dec 95 Jan 65 J a n 50 J an 85 Nov 80 Mch 75 J a n 100 6s , ex m atured coupoOB ____ 30 J a n 42 June July 42 .Jan 32 J an 37 J an 55 Nov 50 Dec 53 J an 32 June 40 F eb 41 J a n 60 6s, consol.. 2d series _______ 40 May 50 Jan July 55 Jan 35 Dec 50 J an 60 Dec 60 J a n 69 July 60 June 65 D ec 50 April 60 6s , deferred bonds ______ ___ Jan 812 Sept June 9 Jan 4 A pril 1314 Oct 9 Dec 15 Oct 8 12 Jan 7 Mch 1334 Nov 7 J an 5 4 Trust receipts __________ __ - - - - - - - - - - - Aug 10 12 Jan Dec 13 Nov 7 Mch 10 Oct 9 Feb 7 Mch l3 J4 Nov 8 Sept 16 IO Feb 124 June Feb 122 Dec 120 J a n 120 Or.t 11512 Dec 122 June 116 Dist. of Col.-3.65s , cp .• 1924 106 July 114 Apr11 1121 2 Feb 11 6 July 11 6 Nov 110 June Fundlng- 5s , coup _____ tR99 105 Julv 112 Dec 106 Dec 109 Mch 109 J a n 110 14 J an 110 J a n 11 212 Ju ly 104 Mch 109 F eb 100  i5~  'Nov  sept  1890 to 1895, inclusive. 1895. DESCRfPTION. 1890. 1891. 1892. 1893. 1894. 1890 Compiled jromPrice,s Bid;1----- - -- -1-- - - - - -- - I·- - - - - - -- 1--- - -- - - - 1·- - -- - -- - ·t - -- - - - -1891 to 1895 from sales. Lowest. Highest. Lowest . H i ghest. L owest. Highest. Lowest. Highest. Lowest. Highest. Lowest. Highest. - - -- - - - - - -- ,- - - - -- - ---- - - - --- - ------1·- - - - f - - - -·1---- -- - - --- - - - - -- - ---- - - - - - -- - - - - - Alabama-CI.asa A, 4 to 5,1906 103 Nov 108 July 100 Sept 104 Feb 100 Sept 105 June 95 Sept 10314 April 9712 Feb 1045s Dec 10312 Jan 10912 Oct Class A, small _____ ___l906 ____ ---- - - -- - -- - 102 Aug 102 Aug __ __ ___ _ _____ ___ 10234 Dec 10234 Dec ___ _ Class B, 55_ ____ _____ _1906 110 July 110 July 10534 July 10814 Mch 104 Feb 10712 June 100 Nov 10612 J a n 98 Jan 104 Sept 10812 Sept 11012 Dec Class C, 45 ________ ___ 1906 10234 June 10234 June---- ·___ _ - -- - ---- 94 Feb 97 Aug 9012 Oct 9478 June 9334 Jan 9334 Jan 10014 Sept 10114 Dec Aug 93 June ___ _ Currency funding 45 __ _ 1920 10534 Dec 108 · April 95 Sept 9714 Dec 95 14 J an 9778 June 89 Sept 9318 Nov 92 Mch 912 Feb ___ _ Arkansas-65, "Holford" ____ 17 Feb 17 F eb 7 May 7 May 7 Nov 9 14 Oct 10 Oct 18 Oct 8 7s, L. R. &.Ft. S. issue_ ___ _ 8 · Dec 9 O ct · 6 Sept 6 Sept 9 Aug 22 Oct 6 Dec 6 Dec ____ 7s, L. R . P. ~- & N . o __ ___ 7 April 7 April 412 Sept 418 Sept 512 Aug 20 Oct Sept 17 J an 6 June 12 Mch 8 June 9 June Mch ___ _ 7s, Miss. O . .&:RedRiver ___ ---- --- - -- - - - --- - --6 Aug 2112 Oct 10 Oct 12 Oct 7 June 11 7s , Memphis & L. R __ ____ _ 512- Ma y 512 May---- ---- __ __ 10 Aug 1012 Sept ___ _ 7s, CentralRR __ ____ _____ 7 Oct 7 Oct ____ --- - ___ _ ---6 Nov 8 34 Oct ___ _ Funding 6s, "Non-Holford" ____ ____. ____ -- - - 1.56 Oct 156 Oct ____ ___ _ ___________ _ Dist. of Col.-cp. 3-658-- 1924 _____ ·___ ---- -- - - 111 June 11512 June 11112 Feb 11412 Jan ___ _ Registered ________ _______ 11912 Aug 12212 April 11312 Dec 11312 Dec ___ _ Georgla-7s. gold bonds_l890 100t2April 103 Mch ____ _-f __ ____ _ ________ __ ____ _ Louisiana-Consol. 43 _______ 89 Sept 9814 J an 85 - July 931 2 Feb 8434 April 98 D ec 92 Sept 98 Jan 9712 June ___ _ Jan 95 Consol. 4s, small ____ __ ____ 86 Oct 9534 April 86 Mch 91 Jan ___ _ June ______ __ ___ _ Consol. 4s, stamped___ __ __ _ __ _ - - - - __ - - - - - - __ - _ - - - - __ - _ - _ - - ___ _ - --- 97 June 97 Newconsol. 4!'- -- - · - - - - - - - ____ - - -- - - -- - -- - - - - - - - - 97 June 97 June 9212 Mch 10012 Dec Nov ___ _ Missouri-Funding bonds ______ __ - - -- --- - ---- __ _ _ Nov 105 - - - - 105 Asylum and Unlv ____ _l892 106 May 10612 May ___ _ New York City and County12 12 4 No~03~r~~~~~g'ha~'k~~~ --5- April --5- Aprfr ~=~ 31 2 Sept 478 Oct ___ _ West. No. ('Ar. RR., 65____ ____ ____ ____ ____ 4 Mch 514 Aug __ _ _ Specia ltax , railroadlasues__ 7. Aug 91 2 J an 5 J an 5 J an ______ _____ _ Trust receipts__ ___ _____ 414 April 11 J an 518 .April 6 J a n 3 April 514 Oct ___ _ 3 -Feb --334 Sept - - - - - - - - - - - Special true, Western RR ___ --·-- ---- ---Dec ___ _ ____ ____ __ __ t 2 Dec 12 Dec Special t.ax, Class}___ _____ 6 Mar 6 Mch __ _ _ 4 Dec 4 312April 312April __ _ _ Class2 __ __________ ____ --- - - -- - ------31s Aug 4 Aug --- April ___ _ Nov Nov 100 .Ap~II lOOL -Oct 102- May 103- Aug 106 Jan 1001 0 Aug 94 Co~~k === ====== == 1910 9!!~ AJ~~ 1M J;~~ 9g 10~ May 97 _ _- _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 98 Oct 98 Oct F eb 97 - F eb _ _ _ _ Small -- - ~----- --- -1911I 97 Feb 97 F eb 91 F eb 99 . Mch 97 6s ___ __ ___ _____ _____1919 118 Dec 128 July 12312 Aug 124 April 122 May 12512 Feb 115 Sept 127 Feb Mch 12112 May 12618 Aug 124 . Jan 127 - - - - __ - _ _ _- _ _ __ _ New 6s __ ________ __ __ _ _____ ----- -- --- - ---- --- - -- -- 10814 Oct 10814 Oct _ __ _ Funding Act of 1866-- - - -- 10 Oct 10 Oct - - -- ---- ___ _ ---- 1012 Oct 1012 Oct _ __ _ - - - - _ _ _ _ - - - - __- _ _ _ _ _ _ __ _ Dec 2 318 Mch 534 Jan 214 Nov 3 Dec 112 April 5 Oct 112 June 212 Jan 112 Jan 278 Dec So. Carolina- Non-fund. 65_ __ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ Brown consol. 68 ___ _ __ ___ _ 100 Oct 104 June 96 Oct 9812 Dec 9412 F eb 9812 Oct __ _ _ Nov Nov 108 20-40, 4128-- -- - - ~- -- - 1933 - -- - - - - - ---Tennessee-Jan __ _ _ Newsettlement6B _____ l913 10112 Dec 110 Mch 101 May 10612 Dec !OIis Aug 10112 April 100 Sept 107 Oct 103 Jan 107 Small __ _______ ____ ____ 108 June 108 June 101 1,1:ay 106 June 103 Aug 103 Aug ___ _ Newsettlement5B ____ _ l913 101 Oct 105 F eb 99 Nov 10214 May 9912 J an 10412 June 97 Sept 97 Sept 101 April 104 April ___ _ Small ____ ___ __ ___ _____ 102 Sept 10234 Sept 101 Feb 102 Dec ___ _ Newsettlement3.s ____ _1913 68 Dec 76 April 67 July 7178 Dec 68 Aug 763s Mch 7214 Jan 8414 Dec 82 -9134 July Jan 7914 Aug 64 Small _____ __ ____ ___ ___ 1112 Mch 73 June 66 Feb 74 Mch 7314 Mch 77 Sept 7812 Jan 85 Nov Nov 7034 Feb 6712 Jan 76 Aug 71 Jan 74 Jan ___ _ Compromise 3-4-5-&! ___ _1912 731z Nov 83 June 74 Aug 74 Aug 75 Feb 75 Feb 74 Redemption 412f!_ __ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _____ _ _ Dec 106 July ___ _ - --- 105 Old 6s, 1890-2-8 _______ ___ 6812 Jan 6812 Jan ___ _ Vlrginia-6s , deferred bonds__ 10 July 10 July 8 June 91, Jan 712 Oct 914 Jan ___ _ St.amped ___ ___ __ _____ ____ _ __ _ _ _ _ _ _ __ _ _ _ _ _ 7 May 834 Sept ___ _ Trustrecelpts _______ ___ __ 7 May 113s June 514 Aug 914 Jan gt, Mch 914 Feb 4 June 4 June 5 . Jan 8l2April ____ ---- --- - --- Trust receipts, st.amped__ __ ____ 6 July 9 Jan 51 4 Dec 8¾ Jan 5 May · 7 Jan 6 . Jan 13 Dec 512 Dec 13¾ Jan Funded debt; 2-3s ____________________ _ ___ _ 5134 Sept 573s Dec 5512 Jan ,6114 Dec 5834 Feb 6418 Sept· - --- ___ ____ _ _____ ___ 6218 July 6212 July Registered ___~~ ---·-- - - __.__ 10-40s __ J ______ _ _ _______ _,__ _ _ ___ 40 Jan 40 Jan __ _ _ ---- 75 July 75 July == :====~-=: -53--  f  !f! }!~  As~~  -Jan  ~~i~te~~':;;   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -sep~ -sa- sept::::  63  STATE SECURITIES. 1896 t o 1901, inclu sive .  L :>w£st.  1898.  1 97 .  1896.  DESCRIPTION. CJmpiled from Sale Prices.  Highest.  I H ighist.  Lowlst.  Lowest.  wg--  <\lab::1.ma-Class A , 4 to 5,1906 1011;- Nov J a n 10518 July 10812 Sept GI.1ss A, smalL _______ l 906 ______________ _____ _ ____ ---- ---Class B, 5s ______ _____ l90G 100 Aug 100 Aug 104;l4 July 1073-1 June Cl:i.ss C, 45 _________ __ 1906 931 2 Oct 100 April 98 12 Feb 100 April Currency funding 4s ___ l920 94 Sept 100l2April ________ - --- ---Arkansas-6s "Holford"_ ____ 37s May 37s May - - -- ---- ---- ---Dist. of Col.- cp. 3.65s __ l924 _______ _ ______ __ _________ _______ Loui,i:1.na-New coUS9l. 48 ___ 901 2 Sept 991 4 F e b 93 Sept 10014 Nov Consol. 4S, small_ ______ ___ - - -- -- -- -- - - ---- ---- ---- ·-- - ---No.Carolina-Consol. 48 _1910 102 Jan 1055s June 10312 July 10512 June 6s __________________ 1919 116 Oct 124 April 127 June 127 June Special tax, Westerµ RR ___ 34 Dec 34 D ec - - - Special tax, Class 1-___ ____ 13s June I7s April - --~o. Carolina-20-40, 4125_1933 ___ _ Non-fund. 6s ______ __ _: ___ _ · I Jan 112 May --·-Tennessee-Aug 881 2 Feb 76 April 9214 Dec Newsettlement3s ____ _l913 74 Small __ _ _ _ _ _ _ __ _ _ _ _ __ _ 81 Feb 81 Feb 72 Feb 9112 Dec Aug 621 4 April 61 J an 70 D ec Vl rglnh- Funded debt. 2-3s __ 55 312 June 65s Jan 6s, deferred tr. rec. stamped . 4 July 71 2 Nov  108 12 105 1051s 98 --- --- 115 100 98 101 128  Mch Aug Aug ·Aug  109 108 108 104  Lowest.  Highest. ·  Lowest.  June 10812 Jan -- - - - -- - ------- 109 14 Oct -- - - 102 Jan - --- - --- ----- -- ---- ---·118 D ec____ -- -- 121 April 1061s Nov 10834 J a n 110 April 10612 July 10012 - Mch 10912 Feb 10912 Feb---- ---104 Nov 108 April 108 April 105 Oct 128 Feb----  June May Mch Jan Feb  Ma y 107 Mch ---Sept ____ D ec----  Oct 113  May 98 May 9412 April 8312 Feb 91?  Dec 94 D ec 99 Nov 9312 ov 95 Dec 8212 Jan 8734 Aug 534 Dec 9  Highest.  Loweai.  Highest.  1161s Mch ---- ---109 14 Oct 10234 Sept ---- ------- ---121 . April 108 Aug ---- ---10634 May --- -  108 Aug ---- ------- ---102 F eb 109 Aug ---125 April 10612 Aug ---105 Feb 135 }4:ch  10912 April ---- ------- --- 103 12 Mch 109 Aug 126 109  July April  10614 Nov 13612 Mch  Mch __ __  Mch 120  ---- 120 87 87 65 412  1901.  1900.  1899.  H ighest.  June 935s Sept. 965s Jan 91 ·, Jani 965s Sept 85 Jan 963s Mch 6 Dec 10  June 95 June June 9412 $pt Dec 9312 June Mch .714. July  9934 96 9834 1034  May Feb Nov Mch  1902 to 1906 , inclusive . 1903.  1902.  D ESCRIPTION. Compiled from Sale Prices.  Lowest.  H igtu.st .  Lowest.  1904. ·  Higheat.  Lowest.  1906 .  1905.  Highest.  Lowest.  Highest.  Highest.  - -- -- - - - - - - - - - - - - - - - 1 - - - - ------ - - - - ----- - - - - ------•----•----- ----- -----Alabama-CJ.assA,4to5- ----------------- --- 1906 ClassC, 4s ____ __ ____________ ____ _____ _____ l906 Currency funding 4s _______________________ 1920 Dl ~tricto!Columbia , 3 .65s ____________ ___ _____ l924 Loulslana- Newconsol. 4s ____________________ l914 North Carolina-Consol. 48 ___________________ 1910 Special tax bonds____________________ __________  1043s 10212 111 ___ _ 106 104  Sept 107 Jan F eb 10212 Mch Mch 111 Mcb _________ ___ Ma y 107 Aug Jan 10412 Jan Fs Oct 2 Nov  Te~~~:!:::&ewsettlement-3s======~=========1913 - 9512 Mell -9658 do do small3s _________ ___ ___ 94 June 95 Vlrglnla-Fundeddebt2-3s ____ ____ _____ _________ _ 9514 May 9934 do do re'"(lstered 2-3s_ __ _ _ _ __ _ _ Brown Bros. & Co . ce7tltlc:1tes for deferred ctfs. 6s ,_ 714 Jan 153s  ____ _ ___ ---___ _ ____ 121 Mch 121 Mch 106 Aprll 106 April ________________ 112 Dec 112 Dec  102 ----  11934 10214 101 _ ___  -Feb -94- July 97 Jan 9514 Feb 9312 Oct 9414 May 95 Jan 9312 Dec 95 Nov 9112 Oct  614  Oct 12  Jan  612  Aug 10234 May 10112 Jan 102 Dec ____ ---- ---____ ---- --- - - -- -- - - ---- ---- ---_ ______ _ _______________________ _ Oct 11934 Oat _____________ ___ 11712 June 118 July 10512 D ec ___________________ _ July 10314 Dec 10234 Oct 10234 Oct.IOI · July 101 ___ _ __ __ _ ______ _ 1 1 Mcii -9712 .-Dec -95 - July -97- Hay ;~14 ~~34 Aug 9512 Dec ____ ______ __________ -"-- ---Mch 973s Dec "9634· June 9712 June 94½ Sept 9634 _ _ __ _ __ _ _ __ _ _ _.- _ _ _ _ _ _ __ _ May 1612 Dec 10 April 2412 · Nov 20 · ·:Jan 30  ~1::t;  June  July  ~'--:--:t; Jan Feb  DEALINGS IN F OREIGN GOVERNMENT SECURI TIES AT NEW YORK STOCK EXCHANGE. 1901. JANUARY FEBR'RY, M ARCH.  ____B _o_N_o :s.  APRIL.  JUNE.  MAY.  JULY.  AUGUST. 8BPT'B~R. OCTOBJIR NOV'B~R ~ J:~'B.BB..  Low.Hhrh •~ow .High Low .High Low. Hl;.{h Low .High Low.High Low.High Low .High Low.High Low~ig h ~ ~ ~lgb Low .Hi,rb  Imp. Japane8e Govt.~terllnir loan 19 Ll .. ti !Id series 1911 .... . . 6 R e p.Cubo.19tUloan .!\ U. s. Mex. 1899 loo. .~ Gold debtot 1904 ... 4  • . ••. - ..••..•. - • . . . .• - •• . . • •• - ... . ..•• - . . . . 92¾- 9~  .... . ... .... -  9t¾- 93~  93}-jj- 94:l,jj 93¾ 95  89 - 95½ 89~- 92:Jd 91~- 93% . . . ... - . . 8 •¾- V·•  98~- 99'4 9~ -10~¼ 100¼-101¾ 99}t-lOZ!J.( 10~~ -102~l02~-10i~lluJ~ 103% 97¾· 9,!>9 .••• - •••. . •• .••• - . . • •• - •. . .. . . .. .... - .... :··· - ..... .. . . _ .. .. .... - ....... - .... 93:M- 94,M  9~,- 08¾ 98¼- 98.½ 99 -100½  1906 . ·-I  BONDS.  JANUARY FEBR'RY, MARCH. ---- - - - - - - -  Low.High Low.High Low.High  Jmp. ,1apane8e G ovt . " t erll nir loan 19 Ll .. 6 !ld s e r ies 1911 ...... 6 8terllu 1r loao 19'.l~.4¼ 2d 8erfea 1 9 l ~ ---4¼ ~terlln ir l o nn 1 9 31..4 R e p. Cu ba 190 I- loan. :-. U. ~- Mex. 1 ~99 lo a u .5 Gold de bt o t 1 904 .... 4  94~- 99¼ 99~-102 UO}-jj - 98¼ 9iJ.11-100  APRIL.  MA·Y.  1  101 -103½ 97¾-103¼ 97~-102¼ 100~-lOllh lOQ¾ -102 99 -101),-4 95),4- 93 9l11;- 99)i 98\i- 9 >1~ 9~ 10)  100 -102 99.!,(-101  1  100~ 102½ 98¾ 102¼ t00;.(-101 :1,t 9i!J4-102 90¼- 91~ 90J.1i- 92J,fi  .... - .... .... - ... .. - .... 86¼- 88¼ SB - 9J:J4 89-U- 93~ 91}-jj- 93 8~- 9-d¾ 90¼- 92'1i ... - ... ... - .... . ... - ·•• · ... - . ... .... - .... .... - .... .... .... 8:3%- 91¾ 90 - 9L¾ .... - .... .... - .... ... - .... .... - .... .... - .... .... - .... .... -- . ... .... - .... ... - . ..  -  98 - , 00~ 97!,(- -~'¼ 91 - '931-A 91~- 93)1j  99 -100 98}-jj-99¾ 91--U- 93 9I"U- ll3}t  - .......  - . ...  1081,(-100½ IQ>¾-108 104M-105-U 104¼-105~ 104½-105¾ 105¼ 107 106¾-107¼ 107 -103!4 105 -105-~ 105~-105·~ 11.<M -105~ 105 . -105% LOO -100¾ l0{%-10, \14 100½-lOL¼ 10~-100¼ 1001,.(-10~ 100~-100% 99¾ 100 100 - 100¾ 1 ~100-~ 10) -100 1100 -100!,,i 100 -100 9 ,~- 94!,(, 94~- 94¾ 9! - 95 >4 95)4- 96 94~ - 95 92 - 93¾ 98~- 93¼ 93¼- 9 1~ 94J.1i- 9-!¾ 9i 92 - 93 9i~ 93~ -. 95  1906. BOND S .  ..  JULY. AUGUST. S:!BPT BER. OCTOBBR NOV BER 011:C'BER. - - - -JUNE. - - ---- ---- ---- - - - - - - ---Low.Hi;rh Low.High Low.High Low.High Low.High Low.High Low.High :Low . High Low.Hh,;b ---  ---  l'ANUARYI FRBR'RY,, MARCH,  -APruL, - - - - >Ln, --------  I  JUN<, I JULY, ------------  OOM-101½ 97~-lOL¾ 91¼- ll8l-fi ~-923,( 83¾- 8d}t 104¾-105 99¾-100~ 91)4- 95¼  99¼- 99;14 98!,(- 9~ 9~- 94¾ 92¼- 93¾ 84¾- 85¼ 105¼ lOtS IOOJ,ji-101 94 - 94~  I  A lJGUST. ':!EPT'BER. OCN>BBR Nov 'Bu / o.c•. ..,  - - - -- - - -----  Low. Hlirh Low.High Low.Hillh Low.High Low.Hlirh Low.Hlgb Low.Hiirh Low.High Low.High Low.Ht,;ch Low . Higb lLow .Hlgb  Imp. Japanese Govt.S terlln1r_loan 19Lt .. 6 !Id aeries 1911 ...... 6 8 terlla 1r loan 1 9~5 .4¼ ~d sertea UH~ ... 4¼ Sterllnir loan 193 1..4 R e p.Cuba, 19U4 loan .:U. 8 . Mex. 1899 loo. u.~ Gold debt o t 1 904 ... 4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  9;,-u-1oo-u 1r o -100¼ l~-lOL¼ lJ-l¼ -101) 997,-ti-100¾ 100 -101¼ 921}:(- !15¼ 90xi- 95 90¾- 92½ 91¼ · 93½ 89¾- 9ll)j 89%- 91¾ 84:}.(- 87 87 - 88 87 - 88 lOf>M-108 106 -107~ 108¾-105 9Q;.f-10U½ 1011,4-101¾ 99¼-100 9i - 94~ 93'¼- 94¾ 92¾- 95  97¾-100 97~- 99~ 91¾- 94J~ 90¾- 93¾ 8 l~- 86 103~-105¾ 99~- 99¾ 943,(- 96  99¼-100~ 93¼ · 99?,1. 9i - 94¼ 90¾- 93½; 82 - 83 105~-106 9~-100¾ 94~- 94¾  99%~100~ 1no -101~ 97 -100¾ 96¼- 9i"U 96½- 97~ 99.!,(-100 99¾-100¼ 97 -100!4 96-U- 971),. 96¾- 97¾ 91 - 92¾ IH¾- 91~ 91 - 92¼ 91~- 9'2¼ 91¼- 93 90¾- 91¾ 8~- 91 89~- 90½ 89%-- 92¼ 90~- 92Wj 82½- 83½ 82~- 83¼ 82 - 83 82 - 8l~ 83 - 80( 104 -106½ 101¾-103 103 -104!-9 103 -10!¾ tOl¾ -103 97¾- 98 98 - 99 99 - 99¼ 98¾- 98¾ 9S - IJ8 94 - 94½ 93¾- 9i~ 9~ 91~ 94¼ - 95¾ 93~- 93~  RAILROAD  TRAFFIC  PRICES.  AND  RAILWAY STATISTICS- TOCK A D BO D PRICES.  THE GROWTH OF THE RAILROAD SYSTEM. In a very comprehensive article on pages 67 to 69 f this publication, we furnish an elaborate review f the course of earnings of United States railroads for -the calendar year 1906, with the influences and conditions 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 railroad 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 t raffic, income, capitalization, rates, &c.-and has from time to time enlarged their scope. Hence there is now available a body of data of great usefulness .covering a long period of time and prepared in accordnee with uniform methods. The work of compiling the returns has throughout been under the direction f Prof. Henry C. Adams. The figures are made up for the fiscal year ending em June 30, and as it takes about fifteen months after the close of the period before the complete report, with its extensive mass of  The first statistical report of the Inter-State Commerce Commission was for the year ending June 30 1888, but naturally the early returns were somewhat incomplete. MILEAGE OF_THE ROADS. We begin by showing the length of road in operation at the end of each fiscal year on June 30. LENGTH OF ROAD IN OPERATION. Whole Unite4 Stat.a .  1905 1904 1903 1902 1901 1900 1899 1898 1897 1896 1895 1894 1893 1892 1891 1890  June 30. ___ --- ___ -- _ ------------ - - - - --• ••• -__ • ________ ------------------------------------------------------------------------------- • -- ---- •• _ •• _ • _•• - •• __ __ •••• _ • ___ • -----------------------  Increoae  lnfonnaU.on, How Obtained. Official R eturn8. Unotrl Fi(IU'Te& . Mile&.  Mile&.  217,017.68 212,577.57 207,186.84 201,672.83 196,075.07 192,940.67 188,277.49 185,370.77 182,919.82 181.153.77 179,175.51 . 176,602.61 170,332.30 165,690.97 164,602.79 159,271.74  1.083.36 1.326.77 790.38 799.02 1.162.37 405.11 1,017.17 1,025.55 1,508.65 1,622.86 1.481.96 2 ,105.94 6,128.77 6,872 .55 3,799 .95 4,325.31  fur Year.  Total. M-UU. 218,101.04 213,904.34 201,977.22 202,471.85 197,237.44 193,346.78 189,294 66 186,396.32 184,428.47 182,776.63 180,657.47 178,708.55 176,461.07 171,563.52 168,402.74 163,597.05  Mila.  4,196.70 5,927.12 5,505.37 6,234.41 3,891.66 4,051.12 2,898.34 1,967.85 1,651.84 2,119.16 1.948.92 2,247.48 4,897.55 3,160.78 4,805.69 5,838.22  The foregoing relates wholly to the length of road or line in operation. 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, and in a few instances use has been made of the average length of operated line rather than the actual mileage in details, is ready for public distribution, the latest full re- operation on June 30. SUMMARY OF SINGLE TRACK, 2D, 3D AND 4TH TRACKS, YARDS AND turns are for the twelve months ending June 30 1905. SIDINGS. The statistics of the Government are now everywhere Total .accepted as authoritative, and in the series of tables given Length of Length of Le'gth of Le'glh of Yartls &: Whole Track. SingleTr'k 2d Track 3dTrack 4thTr'ck Sidtnga. United States. below the figures are all derived from the yearly reports of ----Miles. the Commission, though we do not always present them in Mile& . Miles. Mtles. Miles . Mile&. June 30. 1,215.53 69,941.67 306,796.74 216,973.61 17,056.30 ---- -- ------the precise way in which Mr. Adams gives them. There is 1905-- . 212,243.20 15,824.04 1.609.63 1904 _____________ 1,467.14 1,046.50 66,492.46 297,073.34 just one table where the information has been derived from 1903 ---- -- ---- __ -- - 205,313.54 14,681.03 1,303.53 963 .36 61,660.06 283,821.52 ----. _-- • __ 200,154.56 13 ,720.72 1,204.04 896.11 68,220.93 274,195.36 1902 ---.a different source. We refer to the table we are now about 1901 _______________ 12,845.42 1.153.96 876.13 54,914.86 265,352.29 to give, showing the miles of new track laid each year. In 1900 - - - - - - • - - - - • - - - 195,561.92 192,556.03 12 ,151.48 1,094.48 829.29 52,153 .02 268,784.30 •• _•• _____ _ 187,534.68 11,546.54 1,047.37 790.27 49,223.65 250,142.61 ____ 1899 that case the figures are taken from the annual volumes of 1 98 - _• ___ • _- _- _- _ • 184,648.26 11 ,293 25 1 009.65 793.57 47,589 .09 246,333.82 Poor's Manual. In this way we get data covering the calen- 1897 --------------183,284.25 11.018.47 995.79 780.48 45,934.46 242,013.45 181,982.64 10 ,685.16 990.45 764.15 44,717.73 239,140.13 dat. ear and are able to carry the comparisons back to the l1 95 06 --------------_. _••• ______ • __ 177,746.25 10,639.96 975.25 733.12 43,181.32 233,275.90 early days of railroad history. The following is the table 1 94 --------------- 175,690.96 10,499.30 953.16 710.99 41,941.37 229,795.78 668.46 42,043.40 230,137.27 referred to. It indicates the new construction each year, 1 93 _______________ 176,461.07 10,051.36 912.98 92 --------------9,367.21 852.70 626.47 39,941.45 222,351.35 nd the aggregate length of road at the end (Dec. 31) of the 1 91 _______________ 171.563.52 ,865.71 813.13 749.51 37,318.05 216,149.14 168,402.74 year. It will be noticed that the changes in total mileage 1 90 ___ • __ •• _______ 163,597.05 8,437.65 760.88 561.81 35,255.16 208,612.55 from year to year do not agree with the additions through new construction. This is due to the fact that the Manual finds it necessary to make adjustments and corrections of past ME EMPLOYED ON RAILWAYS AND THEIR WAGES. mileage and to the further fact that some old mileage is •• The Commission collects very extensive statistics regarda bandoned from time to time. It is of course much too early ing the employees of the railroads. The table below shows t o have Poor's figures for 1906, but, taking the new track the number and classes of such employees, for a series of laid in that year at 5,750 miles, there were on Jan. 1 1907, years. roughly, 223,000 miles of railroad in the country.  RAI LROAD CONS'I'RUCTIO~ YEARLY AND TOTAL MILEAGE 11' OPERATION. Years.  Miles of New Roa1t BuW.  Miles in  Operation Rnd of \'car .  Years.  Miles of New Road Built.  Miles t11 O perat1,011 Ena nf Y,·nr.  46.8-14 4,615 1869_______ 52,922 6,070 1870_______ 60,293 7,379 1871_ ____ _ . 66,171 5,878 1872_ _____ _ 380 70,268 4,007 11173_______ 633 72,3115 2,117 1874_____ __ 1,091' 74, 096 1,711 1875_______ 1,27:l 76,808 1,497 2,712 224 1876_ _____ _ 79,082 2,280 1877 ______ . 1,913 416 81,747 2,302 2,629 389 1878_______ 86,556 4.746 1870_______ 93,262 6,876 1880______ _ 103,108 9,778 1881____ __ _ 4,026 491 1842__ _____ 114,677 11182 ______ . 11,599 4,185 159 1843_ ______ 121,422 6,818 1883______ _ 4,:\77 192 1844__ _____ 125,345 3,973 1884 _____ -4,633 256 1845 _______ 128,320 3,131 1885 _____ -4,930 297 1 846____ ___ 136,338 8,128 188fi _____ ::__ 5,508 668 1847 _______ 149,214 12,983 1887_______ 5,111-lfl 398 1848 . -----· 7,365 1.369 _ __ 156,114 ____ 1849 7,066 1888 __ ----161,27/l 5,695 1889_______ 9,021 1,651) 1 850 _______ 166,654 5,656 1890_______ 10,982 1,9111 1 851- _______ 12,908 1.92G 170,729 1852 ______ .. 4,620 18!}1_______ 175,170 4,584 1892_ ______ 15,360 2,45.? 1853_ ______ lll,7211 1,:\60 177,516 1854 . ______ 2,7119 1893_ ______ 179,415 2,264 1894_ ______ 18 ,3 74 1,65•1 1855_______ 22,016 3,642 181,065 1856______ _ 1,938 1895 __ ----182,760 2,067 1896_______ 24,503 2,487 1857_______ 184,591 2,161 1897_______ 26,91l~ 2.46a 1858_______ 186,Sl0 3,199 1898_______ 28,789 1.8.?I 1859 _______ 190,818 4,512 11199_______ :rn,826 1,846 1s50___ ____ 1!)4,262 4,157 1900_______ 31,286 6:11 1861------3'.!,120 834 1911,743 1862 ______ . 4,912 1901_ _____ . 202,9311 5,076 1902_______ 33,170 1,050 1863______ _ 207,335 4,675 1903_______ 33,0llll 7a8 1864_______ 212,394 5,003 1904______ _ 217,341 5,050 1905_______ 223,000 1906. ______ est;5,750 39,2!>0 2,449 1867_ ______ ~1::..c6c..::8....=-...:.-_-_--_-_-;____c2,979 _ _ _4_2...:..,2_2_9_ _ _ _ _ _ _ _ _ _ _ _ __  1830___ ___ _ 1831 _______ 1832___ ____ 1833_ ______ 1834_ _ _ ____ 1835_ ______ 1836_ ______ 1837___ ____ 1838__ _____ 183Q_ ______  mL=====  72 134 151 253 465 17i>  m  mi:=~==== uu   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  23 95  229  ~:m  i~:~~~  NUMBER OF EMPLOYEES IN SERVICE OF THE GenCon,En,Other eral Other y ear end:ing Olti- Ofti- Oftice Station Station gine- F ire- duomen. men. tora. June 30. cera. cera. Clerks. Agents. men. 1905 ---5,536 5,706 51,284 35,245 125,180 54,817 57,892 41,061 1904 ---5,165 5,375 46,037 34,918 120,002 52,451 55 ,004 39,645 1903 __ _4,842 5,201 42,218 34,892 120,724 52,993 56,041 39,741 1902 __ -4,816 5,039 37,570 33,478 105,433 48.318 50,651 35,070 1901 __ -4,780 4,923 34,778 32,294 94,847 45,292 47,166 32,092 1900 ___ 4,916 4,669 32,265 31.610 89,851 42,837 44,130 29,957 1899 •• .4, 32 4.294 29,371 30,787 83,910 39,970 41,152 28,232 1898 __ .4,956 3,925 26,845 30,699 78,603 37,939 38,925 26,876 1897 __ .4,890 3,830 26,837 30,049 74,569 35,667 36,735 25,322 1896 ---5,372 2,718 26,328 29,723 75,919 35,851 36,762 25,457 1895 ---5,407 2,534 26,583 29,014 73,569 34,718 35,516 24,776 1894 ---5,257 1.778 24,779 28,199 71,150 35,466 36,327 24,823 1893 -- .6,610 __ -- 27,584 28,019 75,181 38,781 40,359 27,537 1892 ---6,104 ---- 25,469 26,829 69,511 36,739 37,747 26,042 1891 ---5,271 ---- 23,879 26,192 67,812 34,801 36,277 24,523 1890 _ •• 5,160 ---- 22,239 25,665 66,431 33,354 34,634 23,513 Other Section Shop- Foremen. June 30. t.ers. men. 1905--56,089 176,348 38,217 1904.-53,646 159,472 37,609 1903--56,407 154,635 37,101 1902- -51.698 136,579 35,700 1901--48,946 120,550 33,817 1900-.46,666 114,773 33,085 1899-.42,501103,937 31.690 1898 • .40,374 99,717 30,771 1897--37,740 91,415 30,414 1896--38,846 95,613 30,372 1895--35,564 88,661 29,809 1 94. _36,328 84,359 29,660 1 93-.41,878 93,709 29,699 1892-.40,080 87,615 28,753 1891--37,718 83,865 27,890 1890--37,936 80,733 27,129  Year  Car-  endi1l{l pen-  Other Trackmm. 311,185 2 9,044 300,714 281,075 239,166 226,799 201.708 184,494 171.752 169 ,664 155,146 150,711 180,154 171,810 163,913 157,036  Teleg. Swuch OperaTenders, tors, &c. &:c. 45,532 31.963 46,262 30,425 49 .961 30,984 50,489 28,244 47,576 26,606 50,789 25,218 48,686 23,944 47,124 22,488 43,768 21,452 44,266.,, 21,682 43,158 20,984 43,219 22,145 46,048 22,619 42,892 20,970 40,457 20,308 37,669 18,968  Equip. Employees. 8,753 7,495 7,949 7,426 7,423 7,597 6,775 6,349 6,409 6 ,502 5 ,779 7,469 6,146 5 ,332 5,911 6,199  ROAD. Ma-  Other Train,-  chin-  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 64,637 61,734  i!ts . 47 ,018 46 ,272 44,819 39,145 34,698 32,831 30,377 28,832 28,229 29,272 27,740 29,245 30,869 28,783 27,388 27,601  men.  All Others. 178,965 160,565 168,430 147,201 131,722 125,386 107,261 98,673 90,725 88,467 3,355 85,276 105 ,450 98,007 93,543 83,300  Total Employeea 1 ,382 ,196 1,296,121 1,312,537 1,189,315 1,071,169 1,017,653 928,924 874,558 823,476 826,620 786,034 779,608 873,602 821,415 784,285 749,301  The changes from year to year in the average daily compensation of the different classes of employees i indicated in the table which follows:  65  RAILWAY STATISTICS.  - - - -- Ag{ITegate Stock and D e b i - - - - --  AVERAGE DAILY COMPENSATION OF RAILWAY EMPLOYEES .  01au--  1905. 1904. 1903. 1902.,1901. 1900. 1899. '98. '97. '96. '95. '94. '93. '92.  s  $  s  s  $  s  $  $  $  $  -  s  $  ,-  $  $  <.en. ot'cers 11 74 11 61 1127 1117 10 97 10 45 10 03 9 73 9 54 9 19 9 01 9 71 7 84 7 62 -0th. ot'cers 6 02 6 07 5 76 5 60 5 56 5 22 5 18 5 21 5 12 5 96 5 85 5 75 - - - --omce cl'ks_ 2 24 2 22 2 21 2 18 2 19 2 19 2 20 2 25 2 18 2 21 2 19 2 34 2 23 2 20 -S ta. agent!! 193 1 93 1 87 1 80 1 77 1 75 1 74 1 73 1 73 1 73 1 74 1 75 1 83 1 81 -0th.st.a.men 1 71 1 69 1 64 1 61 1 59 160 1 60 1 61 1 62 1 62 I 62 1 63 1 65 1 68 Enginemen 4 12 4 10 4 01 3 84 3 78 3 75 3 72 3 72 3 65 3 65 3 65 3 61 3 66 3 68 F iremen ___ 2 3!< 2 35 2 28 2 20 2 16 2 14 2 10 2 09 2 05 2 06 2 05 2 03 2 04 2 07 -Conduct.ors 3 50 3 50 3 38 3 21 3 17 3 17 3 13 3 13 3 07 3 05 3 04 3 04 3 08 3 07 th.t.r'nm'n 2 31 2 27 2 17 2 04 2 00 1 96 1 94 1 95 1 90 1 90 190 1 89 1 91 1 89 :Machinists. 2 65 2 61 2 50 2 36 2 32 2 30 2 29 2 28 2 23 2 26 2 22 2 21 2 33 2 29 2 06 2 04 2 03 2 02 2 01 2 03 2 03 2 02 2 11 2 08 ,p,nte~- 1 9 1 91 1 86 19 1 08 Oth.shopm. 78 1 75 1 73 1 72 1 70 1 71 1 69 1 70 l 69 1 75 1 71 Sec.foremen 1 7 1 7S 1 78 1 72 1 71 1 68 1 68 1 69 1 70 1 70 1 70 1 71 1 75 1 76 th.tr'km'n I 32 1 33 1 31 1 25 1 23 1 22 1 18 1 16 1 16 1 17 1 17 1 18 1 22 1 22 w.ten.,&c. 1 7 I 77 1 76 1 77 1 74 1 80 1 77 1 74 1 72 1 74 1 75 1 75 1 80 1 78 T el .op. ,&c . 2 1 2 15 2 08 2 01 198 1 96 1 93 1 92 1 90 1 93 1 98 1 93 1 97 1 93 F loatequip. 2 17 2 17 2 11 2 00 1 97 1 92 1 89 1 89 186 1 94 1 91 1 97 1 96 2 07 All others __ 1 8 1 82 177 1 71 1 69 1 71 1 68 1 67 1 64 1 65 1 65 1 65 1 70 1 67  221226 2 2  Owned uy RR . Corporations. $  Whole Total Swck U.S. Outstanding. June 30 S  1905---6,554,557,051 1904- _-6,339.899,329 1903- _-6,155,559,032 1902 ___ 6,024,201,295 190 L __ 5,806,566,204 1900- _ -5,845,579 ,593 1899-- - 5,515,011,726 1898- - -5,388,268,32 1 1897 _- _5,364,642,255' 1896 ___5,226,527,269 1895- _-4 ,961.258 ,656 1894---4,834,075,659 1893 ___ 4,668,935,418 1892 __ -4,633,108.763 1891---4,450,649,027 1890- - -4,409,658,485 1889---4,251,190,719  Not Owned U// Railroads.  Total Stock and Bonda.  9,940,853,945 9,585.467 ,711 9,263,897,233 9,029,104,413 8,649,879,906 8,803,156,067 8,644,152,935 8,507,644,698 8,437,617,674 8,243,052,418 8.155,832,670 7,883,948,743 7 .610 ,296 ,34 7 7,544,222,703 7 ,249.344,986 7,126,673,041 7,366,745,677  12,579.006,074 12,086,71l8,312 11.582,289.186 11,237.623 ,206 10,855,377 ,811> 10,746,206,416 10,246,066,102 10,029,030,953 9,904,553,850 9,744,399,332 9,603 .o 14,204 9,428,007,413 9,173,318,580 8,935,679,756 8,532.270, 702 8,533,580,042 8 ,518,718,578  s  2,638,152,129 2,501,330,601 2,318,391,953 2,208,518,793 2,205,497,909 1.943 .050 ,349 1.601,913,167 • 1,521.386,255 1,466,936,176 1.501.346,914 1,447,181,534 1,544,058,670 1,563,022,233 1,391.457 ,053 1,282,925,716 1,406,907,001 1,151,972,901  $  TRAFFIC MOVEMENTS-PASSENGER AND FREIGHT . TRAFFIC OF U. S. RAILROADS-PASSENGER AND FREIOHT.  CAPITAL PAYING DIVIDENDS. A very large amount of the capital of the railways is still  u nproductive . The changes from year to year in this regard :ue set out in the table we now present. IVIDEND-PAYING AND NON-DIVIDEND-PAYING STOCK AND DEBT .  Wlwl< rrn:ttea  ID"""""" Paut.  S tates. JWM30.  Swck Swck Funded Debt Receiving Dividends Receiving Nothing. Receiving Noth'g.  s  %  $  s  %  %  Arrwunt.  % of  $  W'ole Debt.  11905 --- - 237,964,482 5.78 4,119,086,714 62.84 2,435,470,337 37.16 449,100,396 6.36 19 57.47 2,696,472,010 42.53 300 ,894,215 4.49 '[904---- 221,941,049 6.09 3,643,4: !l903 ____ 196,728,176 5.70 3,450,73 , 69 56.06 2,704,821,163 43.94 272,788.421 4.33 1902 -- -- 185,391,655 5.55 3,337,644,681 55.40 2,686,556,614 44.60 294,175,243 4.89 1901 ____ 156,735,784 5.26 2,977,575,179 51.27 2,828.991,025 48.73 361,905,203 6.23 !1900 ---- 139,597.972 5.23 2,668,969,895 45.66 3,176.609,698 54.34 378,937,806 6.78 1899---- 111.009.822 4.96 2,239,502,545 40.61 3,275,509,181 59.39 572,410,746 10.45 1898 _ --- 96,152,889 5.29 1.818,113,082 33.74 3,570,155,239 66.26 852,402,622 15.82 1897 ---- 87,110,599 5.43 1,603,549,978 29.90 3,761.092,277 70. 10 867,950,840 16.59 1896---- 87,603,371 5.62 1,559,024.075 29.83 3,667,503,194 70.17 860,559,442 16.26 189,5_ ___ 85,287,543 5 74 1,485,618,453 29.94 3,475,640,203 70.06 890,561,460 16.71 1894---- 95,515,226 5.40 1,767,925,565 36.57 3,066,150,094 63 .43 914,757,607 17 29 I 93- ___ 100,929,885 5.58 1,809,600,846 38.76 2,859,334,572 61.24 743,015,132 14.39 1892 ____ 97,614,745 39.40 2,807,403,326 60.60 777,719,420 15.56 1 91 ---- 91,117,91::l 5.07 1.796,390,636 40.36 2,654,258,391 59.64 473,925,526 9.90 87,071.613 5.451.598,131,933 36.24 2,811,526,552 63.76 No statistic s. 'l1890 89 ---____ 82,110 .198 5.04 l.629 ,750,927 38.33 2,621.439.792 61.67 775,851,795 18.19 1888---- 80.238.one 5.3 1,490,267,149 38.56 2,374,200,906 61.44 827,554,319 21.69  ,_,r,,,.,o,_.,,  ..  .Vote.-The per cent of dividends paid ls figured by the Commission on the dwtdendl"'lJling 8tOck only.  CAPIT ALIZA TIO OF RAILWAY PRO PER TY. The statistics regarding railway capitalization prepared by t he Commission give details separately regarding stocks and fo nded debt. The stock is further subdivided into common a nd preferred and the funded debt into bonds, miscellaneous bligations, income bonds and equipment trust obligations, as shown by the tables herewith. OAPITALIZATION OF RAILWAY PROPERTY-DEBT AND STOCK. W hole - - - - - - - - -.F unded Debt.- - - -- - - -- - D ebt U .S. J une  Brmds.  Miscellan's Obligations .  30. $ 1905-6 ,024 ,449 .023 1904-5,746,898 ,983 1903-5,426,730,154 1902 _5,213,421.911 190L5 ,048.81l.6ll 1900-4,900,626.823 1899-4,731.054,:H6 1898-4,640,762,632 1897-4,539,9ll,595 1896-4,517,872,0!\:l 1895-4,641,755,548 1894-4,593,931,7/54 1 893-4 ,504,383,l!\2 1892_4 ,302,570,9Q3 189L4,08l,621.675 1 90-4,123,921,557  $  786,241,442 723 ,114 ,986 640,704,135 564,794 ,588 545,780.485 464,983 ,341 485 ,781.695 486,977,279 430,718,303 457,735,531 445,221,472 456,277,380 410,474,647 392,107 ,940 379,600,890 324,242,541  ·  Income Bonds .  Equipment Trusts.  S S 253,707,699 186 .302 ,906 229,876 ,687 173,334,694 234,016,821142 ,980,Ll6 242,556,745 89,208,425 218,872,068 68,116 ,723 219,536,883 60,308,320 21\0,048,753 42,058 ,348 262,194,688 40,351,111 259,847,154 39,888,767 314,4.2 5,977 50 ,304 ,931 242,603,226 55 ,915,327 242,403 ,681 63,970,204 248,132,730 62 ,699,282 303,205 ,522 55 ,153 ,595 324 ,288 ,690 54 ,755 ,157 76,933 ,818 49,478 ,215  --------~',{,()CK,---------  W hole U. S. Common. S J une 30.  1905--5,180.933,907 1904 __5 ,050 ,529 ,469 1903- -4 ,876,Qfl] .012 1902_.4 ,722,0li6,1 20 l90L-4,475,408,821 1900_-4,522 ,291 ,8:!8 1899 __ 4,323.300,Q69 1898 _-4,269,271,714 1897 _ _4 ,367 ,056,657 1896 __ 4,256,570,577 1895 _ _4.201,fi97,351 1 94 _ _4,103,584,166 l 93 __ 3,982 ,001,602 1892 _ . 3,978.7fi2 ,245 l 89L _3,796,2:l(),374 1890 __ 3,803.?84,Q43  ToUll D ebt.  Prefe:rred .  Total.  S  S  1,373,623,144 6,554,557,051 1,289,369,860 6,339,899,329 1,278,598 ,020 6 ,155,559,032 1,302,145,175 6 ,024 ,201,295 1,331,157 ,:l 3 5,806 ,566,204 1,323 .2 7 ,755 5,845,579,593 1,191,710,757 5,515 ,011 ,726 1,11 ,996,607 5,388 ,268,321 997,585 ,59 5 .364,642 ,255 969 ,956,692 5 ,226 ,527 ,269 759,561,305 4,961 ,258,656 730,491,493 4,834,075 ,659 686,925 ,8 16 4,668,935,418 654 ,346,518 4 ,633,108,763 654 ,409 ,653 4 ,450,649,027 606 ,373 ,542. 4 ,409,658 ,485  Per m i l e of road.  S 31 ,301 30 ,8:16 30 ,8fi9 30 ,930 30 ,568 31,280 30,267 30 ,054 30,074 29 ,484 28 ,602 28 ,186 28,1 84 29 ,240 27 ,596 28 ,194  s  per M . of road.  s  7,250 .701.070 34,625 6,873,225 ,350 33,429 6,444,431,226 32,317 6,109,98 1,669 31,371 5,88 1,580 ,887 30,963 5,645 ,455,367 30,210 5,518 ,943,172 30,289 5,430,285,710 30 ,289 5,270,365,819 29,546 5,340,338 ,502 30,126 5,3 5,495,573 31,048 5,356 ,583,019 31,233 5 ,225 ,689 ,821 31,545 5 ,053,0:18,050 31,1 25 4 ,840 ,266,412 30,012 4,574,576 ,131 29,249  -Ag'gate St'k&DebtPer M. ToUll. of road .  13,805,258,121 13 ,213 ,124.679 12,599,990 ,258 12.134 ,182,964 11 ,688 ,147 ,091 11 ,491,034,960 11 .033 ,954 ,898 10,8 18 ,554,031 10,6:15,008 ,074 10,566,865 ,771 10 ,346,754 ,229 10,190,658,678 10 ,506 ,235,410 10,226,748 ,134 9 .829,475,015 9 ,437,3 43 ,420  S  65,926 64,265 63 ,186 6 2,301 61,531 61,490 60,556 60,343 59 ,6 20 59,610 59 ,650 59 ,419 63 ,421 63 ,776 60 ,942 60 .340  Whol.e - - - - - - - - - - F r e i g h t S e r o i c t r - - - - - - - - -U. S . Tons moved Tons 77WVed Tons 1 M. Mile11 run A11erage Mile11 run by June 30. le1111 aupli 'm one mile. perM.road by f't tr'm. tr'n-lo'd frrlghl car8.  1905 - - - - 784,920,188 1904 ____ 714 ,375,339 1903 ____ 714 ,767,821 1902 ____ 657 ,846 ,807 1901 - - - -583,692,427 1900-- - -583 ,351.3,51 1899 __ . _501,5:n ,375 1898 - - - - - -- -- -- -- 1897 -- - - - - - _- - - --1896 - - - - - -- -- - -- -1895 _- -- - - - - - - _- - 1894 ---- __ .. ______ 1893 ____ ---- - --- - 1892 ____ - --- ----- 1891. ___ --- ------ 1890 ____ -------- - -  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 11-t.077.576,305 95,139,022,225 95,328,360,278 85,227,515,891 • 80 ,335,104,702 93,588,111,833 88,241.050,22.5 81.07:l,784, 121 76,207 ,047 ,298  861.396 829,476 855,442 793,351 760,414 735,366 659.565 617,810 51!1,079 523,832 479,490 457,2.52 551.232 543,365 502,705 487.245  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  322.26 307.76 310.54 296.47 281.26 276.85 243.52 226.45 204.62 198.81 189.69 179 .80 l!la.97 181.79 181.67 175.12  15,082,070,763 14,353,650,056 14,193,718,005 13,326,514,369 12.811.211.703 ------- -----____ __ ___ . __ _ ___ -- __ __ ___ _ _ -- ______ . __ _ _--- __ ______ _ ___ _____ _.. _-·--- - - -- - - - -_______ __ ___ _ --- ··- - --- - --------· - - -- ----·--- - - -- --  Whole - - - - - - -.Passenger S e r v i c e ~ - - - - - - - Aggregate Rev. U . S. Pas11engers Pass . carried Pas8. lM. Mtlesrun Pcuu'gers Trainmilrnqe June 30. carried. one mite. per M.r'd. lY1J pass.tr. per tr'n vass. & ;re' i.l.  1905--- _738,834,667 23,800,149,436 109,949 459,827,029 1904 ___ .715,419,682 :.!1,92~.213,536 104,198 440,464,866 1903-- - -694,891.535 20,915,763,881 103,2Yl 425,142,204 1902 ___ _649,878 ,505 19,689,937,620 99 .314 405,613,231 1901--- - 607,278,121 17,353,588,444 89,721 385,172 ..567 1900 ____ 576,865,230 16,039,007,217 83,295 363,521.596 1899----52:1,176.508 14,591.327 .613 77,821 354,416,916 1898----501.066,081 13,379,930,004 72,462 341.526,769 1897 - - - -489,445 ,198 12 ,256,939,647 66,874 335,018,ti05 1896- ---511.772,737 13,04~.01)7,233 71.70,5 332.854,218 1895----507,421.362 12 ,188 ,440,271 68 ,572 317,565,615 1894-- - -540 ,688,199 14,289 ,445,893 81.333 326,503,219 1893 - ---593,560,512 14 ,229,101.084 83,809 335,618,770 1892 - - - -560,958,211 13,362,898 .299 82,285 317,538,883 1891----531.l 3,998 12,844,243,881 79,642 307,927,928 1890 __ _ _492 ,430 ,865 11,847,7%,617 75,751 285,575,804  48 46 46 45 42 41 41 39 37 39 38 44 42 42 42 41  1,038,441,430 1.007,529 ,542 982,946,284 936,148,675 90il ,092,818 886,781,590 _____ ____ _ _____ · --- ______ ___ _ -- -- -- - - ------- - - ------ --------- - --------- -- -___ ___ __ __ -- - --- -- --  PASSENGER AND FREIGHT RATES AND TRAIN-MILE EARNINGS. RATES PER TON AND PER PASSENGER AND PER TRAIN MILE. Rate Rate Trai n Earni ngs. Year Endi ng per pas. perwn per per Pas11enger Freight Jun.e 30 . mile. mile. per mile. per mile. Cents.  1905 1904 1903 1902 1901 1900 1899 1898 1897 1896 1895 1894 1893 1892 1891 1890 1889 1888  - ----Gents.  .766 ---- - - 1.962 .780 ------ 2 .006 .763 ------ 2.006 .757 ------ 1.986 .no ------ 2 .013 .729 --- - -- 2 .003 .724 ------ 1.978 .753 ------ 1.973 .798 ------ 2.022 .806 ------ 2 .019 .839 - - - - - - 2 .040 .860 - - ---- 1.986 .879 - - ---- 2.111 .898 ------ 2.126 .895 --- - -- 2.142 .941 --- - -- 2 .167 .(:122 ------ 2.165 ------ 2.349 1.001  $  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  $  AU Traim--Pas8enger & Frei.ght . Earns. per Cost per Profit per train mile. train mile. tr'inmile.  s  s  2.49.68 9 1.97.906 1.32.140 2.42.703 1.93.960 1.31.375 2 .43 .967 1.91.380 1.26.604 2 .27.093 1.82.350 1.17.960 2.13.212 1.72.938 1.12.292 2 .00 .042 1.65.721 1.07.288 1.79.035 1.50.436 0.98.390 1.73 .112 1.45.'149 0 .95.635 1.65.358 1.38.194 0.92.918 1.63.337 1.39.567 Q.93. 838 1.61.190 al.37.723 aI.18.693 1-55.744 I .36.958 0.93.478 1.63.018 I .43.475 0.97.426 1.64.611 1.44.649 0.96.580 1.63 .683 1.43 .345 0 .95.707 1.65.434 1.44.231 0.96 .006 1.65.377 1.39 .191 0.94.868 1.65.700 - - - - ----- -- --  ---$  .65.766 .62.585 .74.776 .64 .390 .60 .646 .58.433 .52 .046 .49.814 .45.276 .45.729 a .19.030 .43.480 .46.049 .48.069 .47.638 -48.225 .44 .323  - - - - --  a These a re reported as "revised figures;" originally earnings per trnln mile tor a ll trains were give n as S1.35 .947: cos t per tra in mile, $0.91.829 , which would leave a profit per train mile of S0.44.118.  EARNINGS , EXPENSES, CHARGES, DIVIDENDS. In bringing together the Commission's figures dealing with the earnings and disbursements of therailroads,some explan-  ation of the method pursued in the compilation of the figures is necessary . The income statement is now presented in two forms. In the first the totals are the aggregate of the figures reported by the several carriers, no attempt being made to eliminate duplications either in receipts and expenditures or in charges and dividends. In the second the railways of the United States are treated as a single system, all duplications of receipts and expenditures which arise on account A considerable portion of the stock and bonds of the rail- of inter-corporate relations existing between the carriers ways is owned by other railroads. The amounts so held being eliminated. In the second form the data extend back '('ach year are shown in the following. The statistics in this only to 1898. We give the comparisons both ways. The extent of the duplication involved in.the first method, -case go back to 1889. which is avoided in the second, is shown by a comparison OWNERSHIP BY OTHER ROADS- STOCK AND BONDS . of the item of income from other sources for the latest year. - - ----Bonu.'f--- - - -- - - --Swck- - -Altogether, the railways were in receipt of a non-operating NotOwned Total W hole Ownr d l:m Owned l)y Not Owned Bonds. RR . Corp'ions l)y Railroads . income of $231,898,553; U. S. RR . Corp'ns l)y railroads. but from the second form of state.June 30 . $ $ s s 5 1905---568,100 .021 5 ,456,349 ,002 6,024,449,023 2,070 ,052,108 4,484 .504,943 ment it appears that the "Clear income from investments" 1904 __ -558,472,242 5,188,426,741 5,746,898,983 1,942·,858 ,359 4,397 ,040 ,910 was only $51 ,725,750. The difference between the two 1903 ___ 520,068 ,745 4,906,661 ,409 5,426,730,154 1,798 ,323 ,208 4,357 ,235 ,824 1902 __ -498,373 ,449 4,715,048 ,462 5 ,213 ,421.9ll 1,710,145,344 4,314 ,055 ,95 1 amounts represents duplications and measures the extent 190L- -468,830,698 4,579,980 ,913 5 ,048,811 ,611 1,736,667,211 4,069 ,898 ,993 of inter-corporate payments. Similarly, the difference be190() __-472 ,831,377 4,427,795 ,446 4 ,900,626,823 1,470 ,218 ,972 4,375 ,360,621 1899 __ _394,414,8fi8 4,336,639 ,508 4,731,054,376 1,207 ,498,299 4 ,307,513 ,427 tween "Interest on funded debt" in the old statement and 1898 ___ 369,522,097 4 ,271,240,535 4,640,762,632 1,151.864,158 4 ,236 ,404,163 "Net interest" in the new is arrived at by deducting from 1897 ---403.978,556 4,135,933,039 4,539,911,595 1.062,957,620 4 ,301,684,635 1896 __ -400.111 ,3113 4,117,760,700 4,517,872,063 1,101,235,551 4,125 ,291 ,718 the aggregate of interest accrued, as reported by the differ1 895 __ -395,/\42 .915 4 ,246,212,633 4,641,755,548 1.051.638,619 3 ,909 ,620,037 ent railways, the interest which the companies received from 1 94 __ _415.314.fl:!7 4 ,178,617,117 4,593 ,931,754 1,128,744,033 3,705,331,626 their holdings of bonds in other roads. In like manner , 1 93 __ -42! ,23 7,814 4,077,145,268 4,504.383,162 1.135,784,339 3,533 ,151,079 1 92 ___ 327,170.787 3,975,400,206 4,302,570,993 1,064,286,266 3,568,822,497 "Net dividends" in the new form means the aggregate of 945,227,541 3 .505,421.486 dividends declared, less the amount received by the coml 91- - -337,618,175 3,743,923,500 4,081,621,675 l 90 __ -443,053 ,242 3,680. 6 ,315 4 ,123,921.557 963,853,759 3,445 ,804,726 l 89 __ _304,232,502 3,963 ,295,357 4 ,267.527 ,859 847 ,740 ,399 3 ,403,450,320 panies on their own holdings of stocks in other railroads.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  YEAR ENDING JUNE 30.  1905,  1904.  1903.  MIJ: of road_____________  216,974  212,243  205,314  J  1902.  1901.  200,155  195.562  1900.  I  1  192g556  Pass~~~!a~:~-------Ma.IL__________________ Express ;_ __ __ __ ____ __ _ Other earn'gs pass. trains  1899.  1898.  187,535  184$648  472,694,732 444,,26,991 421}04,592 392.~63,248 35d56,265 323,715,639 291,112,993 45,426,125 44,499,732 41,709,396 39,835,844 38,453,6021 37,752,474 35,999,011 45,149,155 41.875,636 38,331,964I 34,253 ,4591 31.121 ,613 28,416,150 26,756,054 11.040,142 10,914,'746 9,821.277 8,858.769 8,202,982• 8,161,022 7,6 7,363 l.45i:6~5:~~i 1,37tgg1:m 1,33tm:&~i 1,2ou~g:m 1,11tm:m·1.04~:m:m 91tm:18~ Miscell.earn'gsfromoper'n_ 52,319,148 49,9 6,011 46,702,131 38,339,384 36,729,1041 36,282,917 33,990,940 Unclasslfted earnings______ __________ __________ 90,496 54,000 54,000 114,377I 64,798 1  Frgt!/;:~~:rromtrains:  I  1897.  1896.  1895.  1894.  1893.  I  183,284  181,983  177,746  175,691  169 780  I  26 6 ,9 10 ,,.4 9 0 1 251.f35,927 34 0 608 35 2 33,754,466 25,908,075 24,901.066 7,224,000 6,629,980 87tm:~b~1 77t~6~:m 31.110,42~I 28,1184,004 93,357 225,359  266,f62,533 252J46,180 32,379,819 30',969,746 24,880,383 24,284,508 6,691.279 6,114,786 78g:~1H~6 72tm:iii 28,574,237 27,088,987 579,3981 532,943  285,149,558 30,059,657 23,035,300 6,187,899 69iJ~i:m 25,518,742 174,530  5  301.491,816 28,44'5 ,0531 23,631.394 6,455,7781 82~:0~3:ml 27,732,0531 93,575  1891.  I  1890.  1889.  1888.  161.275  I  156,404  153,385  136.884  1892. 162,397 8 286, 05,708 26. 61,143 22,148,9 8 5,826,438 79t~!8:~~ 26,375,854 146,974  111:m:m  Total from operations ____ 2,082,482,406 l.975,174,0911.900, 46,907 1.726,380,267 l.588,526,03711,487 ,044,81411,313,610,118 l.247 ,325,6211,122,089,773 1,150,169,37611,075,371,462 1.073,361,797 l ,220,751.87411, 171.407 ,343 1,096,761,395 1.051.877 ,632 964,816,129 910,621,220 _I 275,046,036 261.280,454 266,421.774 248,381.594 231,056,602 211,220,521 180,410,806 173,314,958 159,434,403 160,344,950 143 ,1176,344 143,669,386 169,258,376 164,188,701 153,671,576 152,718,837144,821.953134,447,859 288,441.273 267,184,739 240,429,742 213,380,644 190,299,560 181.173,880 150,919,249 142,624,862 122,762,3~~ 133,381.998 113,788,709 112,894,526 136,875,909 128,712,016 117,047,895 114,038,756 106,709,258 101.650,972 771,228,666 758,238,681 702,509,818 609,961.695 565,265,789 529,116,3261 4 6,159,607 464,674,276 432,525,86 .. 442,217,582 1 431.148,963 394,513,035 435,465,575 406,726,649 384,385,458 354,l 9,220 330,915,439 299,049.713 55,319,805 51.579,196 47,767,9471 44,197,880 42,566,553 39,328,765 38,676,883 36,476,686 36,481.269 36,083,2851 35,907,017 79,771,497 85,548,837 80,683,378 75,926,707 70,221,050 60, 20,469 55,601.045 566,372 613,183 409,571 326,934 1.208,766 589,019 802,454 882,494 1.320,872 961,229 899,382 565,878 772,602 687,252 856,257 926,108 1,439,582 4,245,067 1 Total expenses __________ l.390,602,1521.338,896,2531.257,538,852 1,116,248,7471.030,397,270 961,428,511 856,968,999 817,973,276 752,524,764 772,989,044 725,720 ,415 731,414,322 827,921.299 780,997,996 731,887,893 692.093,971 644,706,701 594,994,656  Expenses-  Total net Income________  691.880,254 231.898,553  636,277,838 212,933,990  643,308,0551 610,131.520 205,687,480 196,323,629  558,128,7671 525,616,303 179,746,449 162,885,071  456,641.119 148,713,9 3  429,352,345 138,202,779  369,565,009 125,090,010  377,180,132 129,024,731  349,651.047 132,432,133  341,947,475 142,816,805  392,830,575 149,649,615  390,409,347 141.960,782  ~  281.f78.599I 260,786,453 300,063,8912773!9.150 24,870.015 23,367, 73 a ' b I0 21.594,349 20 277,711 a b tf> 5,382,848 4;965,383 a b tf> 73tm:88~ 644,717,801 613,2go,679 > 23,817,697 24,302,398 a b ~ 62,582 468,304 397,784 ---------- z  Malntenanceofway&struc. Maintenance ot equipment_ Conducting transportation_ Generalexpenses__________ Unclassified _____ ._.______  Net trom operations_______ Incomefromothersourceic  I I  364,873,502 133,911,126  359,783,661 320,109,428 315.626,564 126,767,064125,169,702 89,593,471  tn  ._, i'0  rn <! rn  ~  rn  l------+------+------i------+------:------+--- ---+------:------+------l-------+------+------l- -------,f-------f-------·1-----1-----1 Z 923,778,807  849,211,828  848,995,535  806,455,149  737 ,875,216 I 688,501.374  605,355,102  567,555,124  494,655,019  506,205,063  482,083,180  484,764,280  542,480,190  532,370,129  498,784,628  486,550,725 445,279,130 405,220,035 --l  310,631.802 11.451,400 116,380,644 612,518 63,474,679 37,720,624 56,416,753  297,674,738 13,945,009 110,857,803 453,341  283,953,124 9,060,645 112,230,384 430,427 57, 49,569  21  26  251,158,087 7,102,847 94,406,737 595,192 46,337,632 13,070,045 28,529,749  24  247,880,230 7, 44,336 87,505,302 508,598 43,137, 44 4,544,813 21,976,390  249,624,177  252,512,920 7,860,261 94,324,738 589,523 39,832,433 4,016,1182 26,830,664  252,779,523 10.239,190 98,325,046 509,257 38,125,274 4,418,003 24,612,017  25  240,074,895 7,935,873 102,211,645 665,212 34,053,495 4,126,273 27,337,545  219,521,005 8,171,494 96,145,136 4,456,589 33,280,095 4,887,975 22,245,418  221,499,702 213,173,672 8,114,76~ 6,795,937 91,97!:l,995 96,330,391 2,302,096 31,207,469 27,-59(f,394 4,511,508 25,183,600 -- --- - - --  Income above charges_____  327,090,387  Dl~~:~~~•-~-c~-=-=--------Other payments__________  Jnt.,Rent,als,Irnp'ts, &c-  I~~~~:tg~~~~~t~flm11ties Rents paid for lease of road_  Salaries and malnt. ot org'n_ Taxes ___________________ Improvements____________ Otherdeductlons__________  HJh:rni  34,712.~68 42,637,299  252,949,616 4,912,892 112,644,822 101.951.319 520,102 532,2991 50.944,372 48,332,273 31,938,901 25,500,035 32,6 2,094 27,074,690  278,785,926  296,376,045  280,276,327  241.511,3181 227,260,447  164,154,813  140,319,421  81,257,506  89,631.926  56,116.259  237 ,964,4821 221,941,049 ll5,546 82,415  196,728,176 420,400  185,391.755 29,584  156,735,784 10,752  139,597,972 4,542  111,009,822 80,114  96,152,8 9 87,975  87,110,599 267,390  87,603,371 494,386  85,287,543 673,957  197,148,576  185,421,239  156 ,746,536  139.602,514  111,089,936  96,240,864  87,377,989  88,097,7571  85,961,500  53,064,877  44,078,557 19,576,653.  gtm:m 47,276,109  1:m:m  111,697,122 527,038 54,465,437  ~:m:~~~I  ~:Mg:m 92,391.008 443,325 43,828,224 6, 47,905 30,524,597  8,469,0631  92,972,322 545,468 39,970,791 5,162,240 19,829,076  Total._________________  238,046,897  222,056,595  Year's surplus__ __________  89.043,490  56,729,331  99,227 ,4691  94,855,0881  84,764,7821  87,657,9331  a "Other earnings !rom, operation" tare given as  tfl  285492433 --l (') :i:  96,489,013  6,120,483 1,534,1691 29,845.241 45,851.294 8.ll6,745 b "Other earnings from operation" a re given as 19,991,391.  14,036,056:  13,587,903'  12,070,383 19,278,538  GRO  ~  YEAR ENDING JUNE 30 .  I i ~ ....  Mlle,  ;:s  ~  I  I I  '1j  wwwwwwwwwwww•  !;')?'.:":'°:>°:'°:'°!'-?'??0!0?~ ~0~00>~00~~~~~~<::, ,_.,_.,-ot-:1i:oc.n .... O)oo..s:..c.n,_..  ~oo~wo,~ow~~o~w  ,_.,_.,_.,_.,_.,_.,_.,_..,...,_.,_.,_.,_. 1.,~;.,.1.,t,.:J1.,1.,W~kb:i~:..:S  ~§:!~~~~~~~~~~~~ tv~;...oo:..,ooc.nc.nw;...~;...~-...}0),-.QOW t._j,-.C;,lt,...:>000(00 w~~~oo,o~oo~~•~  WW~HO~~~~~~ :- :0;"~ !"!~~??7:-1~?? <: '  , a.JooC1,J,:o-"""-.Jc.nc.nc.no,.r:i,.O)-.JQ  ,_.,_..,...,_.,_.,_.,_.,_.,_.,_.,_.,_.,_.,_.,_.,_.  ~~~~~~~~~~~~~~~~~ ~~~wooo~~o,~ooowoo~. ge~:s~~~~~~~~~~~ ,_. ,_. .J:,,,. . ca:,,_. ... ~  'I  !"l  -!  '!  A D NET REVENUE, INTEREST CHARGES , ETC.  ~~ tll"' ~  ,.·  road ____ -- -- _-- --  216,974  I  Total net Income _______ _ 743 ,606,004  ~-  1903.  1902.  1901.  1900.  1899 .  1898,  212,243  205,314  200,155  195,562  192,556  187,535  184.648  685,658,808  693,204,784  653,198.661  591.617,415  558 .142,319  4 2,6 6 ,115  451.2 9 ,9 1  282,118,438 13 ,945,009 61.696,30'_1  268,830,564 9,060,645 57,849,569  260,295,847 7.717,103 54,465,437  252,594,808 5,526,572 50,944.372  242,998,285 4,912,892 48,332.273  241.657,535 7,102.847 46,337,632  237,578,706 7,073,053 43,828,2:.!4  Fued Charges--  Net Interest on funded debt_ 294,803,884 Interest on current liabilities 11.451.400 Taxes __________________ 63,474,679 Salaries and maintenance of leased lines ____________ _ 612,518  ~  ~~  fi·  !'-~~!'-:":":":":":":":"?~~~~ ,_.~wcoo,_.,-.,_.~~~c.oO)OO)COo  [  o~~ooooooowoo~~oo~~~~~~~o,o~~~o~~wooow  I  ("}  ,~~-~  453,341  430,4_27  527,038  532.299  520,102  595,192  443,325  TotaL_________________  370,342.4 1  358.213,142  336,171.205  323,005,425  309,598 ,051  296,763,552  295,693,206  288,924,208  Remalnlngavallable _______ Net dividends____________  373 ,263.523 188,175,151  327,445,666 · 357,033,579 1 3,754,236 166,176,586  330,193,236 282,019,364 157,215.3 O 131.626,672  261.378,767 118,624,409  186,992.!io91 162,365,773 94,273,796 83,995,384  ·Balance---------------  185,088.372  143,691.430  190,856,993  172,977,856  150,392,692  142,754,358  92,719,113  78,370,389  Improvementa ___________ _ Deficits on weak lines {est.)_ Miscellaneous deductions ___  37,720,624 5,000,000 53,324,258  38,522,548 5 ,000 ,000 43,439,551  41.948 ,183 5,000 ,000 44,681.341  34,712.968 5,000,000 38,409,800  31.938 ,901 5,0C0,000 28,689,009  25,500,035 5 ,000,000 24 ,596,390  13 ,070 ,045 5,000 ,000 21.584,191  6,847,905 6,000,000 25,524,597  Balance _ __ _____ ____ ___  89,043 ,490  56,729,331  99,227.469  94,855.088  84,764 ,782  87,657,933  53 ,064,877  47,159,227  D eductions-  C'IJ-'3  ~s  ~- ~  or  1904,  Gross earnings __________ - - 2,082 ,482,4061.975,f74,0911.900, 46,907 1.726,: 0 ,267 1.588.:26,037 1.487,044,814 1.313 ,610,lH 1.247 ,325,621 Operating expenses ______ - - 1.390 ,CO2, 152 1.338 ,896 ,253 1.25 7,538,852 1.116 ,248, 7 47 1.030 ,397 ,270 961,428,511 856,968,999 17,973 ,276 et earnings __________ _ 691.880,254 636,277,838 643,308,055 610,131.520 558.128,767 525,616,303 456,641.119 429 ,352,345 Clear Income from lnvest'ts_ 51.725,750 49,3 0,970 49,896,729 43,067,141 33.488,64& 32,526,016 26 ,044,996 21.937,636  I I  ~,-.oco~w0>w:..O)-.J-.JC11c.o  1905.  C)  w  O)c,OWtnt;..:)c.nc.nCOti.:ICOO)...,.~  m  ---- --- --  Results After Eliminating Duplications.  !='  ,  101.607,264  ~  'I  - - - - -- - - - - - - - -- - - -- - - - - - -  I  ,  91,117,9131 5,371,100  101,929,135  ~~~~~~~~~~000000  :  110,076.9161 101,758,587 101.388,736 119,727,602  102,941,289  ~.....,,_.,_.,_.,_.,_......,,_.,_.,_.,_.,_.,_.,_.,_.  I  55. 755 ,9701 111.058,034 115,965,191 1 97,614,745 95,515 ,2261 100,929,885 4,314,390 6,092,038 2,0ll,404  87,071,613 82,110,198 2,616,591 ---- -- - -89,088,204 82,110,198  00000000000000000000~~~~~~  o~~W.~O>~OO~0~~w•~   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  rn  ~  > 596,688,420 570,425,902 552,619,490 526,178,822 496.363,898 461,240,927 441,200,289 427,235,703 413,397,513 416,573,137 425,966,921 429 ,OOS ,310 431.422,156 416.404,938 388.707 .712 384,792,138 343,890,394 285,492 ,4.33 ~  Total._________________  :  ~:m:~~l  107,222,921 589,872 36,514,6 9 2,957.069 25,971,210  1  l====l====l====l=====l=====ll=====ll= ===t= = = =  I  RAILROAD EARNINGS .  67 · 1  Through the whole range of industries the situation was one of great activity and of almost unalloyed prosperity. There were other favoring circumstances. The harvests proved abundant and they succeeded bounteous harvests the previous year. Then there was an almost complete absence of the rigors of winter, January and February having been noted for the mildest weather experienced in those months for a very long while. . A few illustrations may be given here to show m how many different ways the traffic of the r?~ds ':as added to. The shipments of coal and coke origmatmg on the lines of the Pennsylvania Railroad east of Pittsburgh and Erie were 49 ,426,018 tons in 1906, again~t 46 329 562 tons in 1905 and only 40,245,935 tons m 1904. 'The shipments of iron ore by water from the Lake Superior region were 37,513,589 tons for 1906, as against 33,476 ,904 tons in 1905 and only 21,226 ,664 tons for 1904. All this tonnage had first to be moved from the mines to the upper lake regions and afterwards, on its arrival at the lower lake portsi had to be transported to the iron-making plants. And yet conditions were not all favorable. The suspension of coal-mining during the spring months was an adverse feature, though the suspension was only partial. In the anthracite regions the mines were idle during the whole of April and for the first ten or twelve days of May. The anthracite carriers as a consequence suffered severely. The loss sustained at that time was never subsequently recovered, and the shipments of anthracite aggregated only 55,698,595 tons in 1906, against 61,410,201 tons in 1905. In the bituminous regions suspension of mining was not general. Nevertheless, in Pennsylvania and in most of the Middle Western and Southwestern States there was much idleness for two or three months. It deserves also to be mentioned that, though the yield of the crops in both 1905 and 1906 was large, this brought comparatively little benefit to most of the Western roads. At the Western primary markets the grain deliveries for the 52 weeks of 1906 were only 686,319,773 bushels, as against 690,180 164 bushels in 1905. As the grain deliveries at {he Western points the first six months had been 283,933,868 bushels, as against only 245,120,288 bushels in 1905, the figures given make it plain that du_ring the last half of the year there must have been a decided shrinkage in the Western grain receipts. The reason for the falling off in face of the good crops raised is alleged to have been the inability of the railroads furnish an adequate supply of cars to move the gram offering. The latter part of the year a fuel scarcity developed along the lines of the Great Northern Ry. and some other roads in that section, and this tended · Mileage. Gross Earnings. still further to handicap the railroads in supplying the Increase (+ ) h h Ji:c. \f GiYear IPrececl Year InYear Year OT necessary cars. Coal was rushed t roug on pasCr'se Given Preceding. D ecrease (-) • h t ven. · • · seno-er-train schedules, t ying up equipment • m t ba Year . Roacla MUes . Miles . % $ $ $ % 0 1896 ~- 196 148.916141,110 0 .81 879,622.029 877,303.635 + 2.318.394 0.26 way and intensifying the freight congestwn, e1891 __ 192 154.930153,133 1. 11 974.466,753 919 ,976,190 + 54. 49 0, 563 5 -92 ·d dd"mg grea tl y t o the expenses • 190 151 .801156.295 o.961.05o,895 .o38 973 ,241,319 +77.647.119 1.91 s1 es a 1898 1899 - - 16 8 156.95Sl53,535 2.231.128.928,9161.021.612.030+101. 3 16 ,88 6 986 1900 - - 171 151,401152,122 3.411,216 .924,951 1.116.009,184 +100,915,767 9.o4 T h e trunk lines t o the seab oar d seem to have fared 1901 == 157 112 .819110,549 L361.495,915,4061.3s2,897,6o5+143.011 .80110.51 much better i·n the matter of the grain traffic. At all 1902 147 170 395167 6411 1.64 l.542,725,8321.449,841.005 +92,8 4,827 6.46 1903 -- 135 142 179.66f 112·18f 176 rn9:203 1.573.578.981 + 182.099.84911.6513 events the rece1·pts at the seaboard for the 52 weeks 1904 -492 2.121.155,678,8361 1.791.773,338,8781.762 ,201,391 +11,137,487 o. 1905 - - 128 180•398178 '264 1. 191,901 ,424,202 1.1s5 .384.568+ 152,039,634 8.66 1906 == 134 186:681182 :611 2.232. 131,306 ,6991.901 .244,241 + 2i4.o6 2 ,45 2 11-7 4 aggregated 289,148 ,931 bushels, as against 25 , 2 936 ,169 Note.-N e1ther the earnings of the Mexican roads nor the mining operations of bushels in 1905. E ven in this case, in the latthe anthracite coal roads are included In this table. ff f d · th It is within the knowledge of everyone that as far ter half there was a falling o , or urmg e as business and trade conditions are concerned every- period from Jan. 1 to J une 30 there had been a~ inthing was favorable to large earnings during 1906. crease of 55,000,000 bushels in these seaboard receipts,  RAILROAD GROSS EARNINGS FOR THE CALENDAR YEAR 1906. The year 1906 makes still more noteworthy the record of large and continuous gains in gross earnings for which the railroad history of the last decade will always be famous. Indeed the latest year in the magnitude of its further increase surpasses all its predecessors, furnishing added testimony to the marvelous industrial expansion experienc·ed during the decade. Our tables just as they stand show an increase for the twelve months of $224,062,452. The totals are of huge proportions, the aggregate for 1906 being $2,131,306,699 and for 1905 $1 ,907,244,247. And yet this does not cover absolutely the whole railroad system of the United States. The mileage represented,. embracing all the roads in the country from which we have been able to procure returns, is 186,687 miles . As there were probably about 210,000 to 215,000 miles of road in operation during the twelve months, this leaves 25 ,000 to 30,000 miles unrepresented in our tables. The earnings for much of this mileage it will not be possible to get at all for the calendar year, and the returns for the rest will not be available for some time to come. We should judge that if we could get results to cover the whole railroad system of the country the increase for the twelve months would be in the neighborhood of $240,000 ,000, of which $135,000 ,000 was made in the first six months and $105,000,000 in the last six months. Let the reader pon.d er well what such an additionalmost a quarter of a thousand million dollars-means. Let him recall further that in 1905 we put the increase for the full mileage at $180,000,000 and that in the same way we estimated the increase for 1904 at $10,000,000. Furthermore, that previously we computed the gain for 1903 at $210 ,000 ,000, for 1902 at $105,000,000, for 1901 at $155,000,000, for 1900 at $120,000,000, for 1899 at $140,000 ,000, for 1898 at $90,000,000 and for 1897 at $75,000,000. It will be seen that we have here an aggregate improvement for the ten years from 1896 to 1906 in the prodigious sum of $1,325,000,000. In other wor?s, aggregate gross earnings of United States railroads for 1906 were $1,325,000,000 larger than they had been in 1896, the year of trade prostration and of the silver campaign. In the following we furnish a summary of the yearly gain just as registered in our tables, and comprising, not the entire railroad mileage of the country , but only the roads from which we found it possible to get returns. The increases even in this way are of enormous extent, being , as already stated, $224,062 ,452 for 1906 and follo wing $152 ,039,634 gain in 1905, $11,137,487 gain in 1904, $182,099,849 in 1903, &c. , &c.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  !o  68  ~  RAILROAD EAR I GS.  the total for the first six months of 1906 having been 153 ,043,583 bushels, against 98,670,328 bushels. The Western live-stock movement was also decidedly irregular. At the six leading markets, namely Chicago, Kansas City, Omaha, St. Louis, St. Joseph and Sioux City, 8,817 ,524 head of cattle were brought in in 1906 against 8,690,802 head in 1905, and 10 ,056 ,550 head of sheep against 9,708,107, but the arrivals of hogs were only 18,354,696 against 19,042,841. Southern roads sustained a decided falling off in their cotton traffic. This was because of the shortage of the yield in 1905, which affected the cotton movement for the first nine months of 1906. The new season's yield, however, was prolific, and the last three months part of the previous loss was made good. For the full twelve months the receipts at the Southern ports were 8,597,130 bales against 9,024 ,470 bales in 1905, while the shipments overland were 1,406,558 bales against 1,437,094 bales. The gains in earnings continued through all the months of the year, speaking of the roads collectively. But during the later months they were of much smaller magnitude, and some of the separate roads at that time, for reasons peculiar to themselves, recorded losses. A summary of the monthly increases is furnished in the table we now present. The gains in January and February, on account of the favorable meteorological conditions, were of unusual magnitude. MONTHLY GROSS EARNINGS .  · Months. January February _____________ March ________________ April _________________  117 118 114  May _______ __ _________ I l l  June JU]y - - - - - - - - - -- -- - - - - August September __ ______ __ __ October _______________ November December b • ___________  r-, .  ~  Roads  124 113 117 118 122 119 123 65  ::.  152,980,485 142,656,542 159,258,890 136,685,537 152,183,742 146,010,301 168,336 ,461 179,191,945 184,551.471 198,733 ,329 186,696,274 83,796,332  1905.  s  126,555,852 112,895,257 143 ,978,440 128,005,775 138 .557 ,872 130,233,293 148,013,565 159,835,022 171,553 ,520 179,405,367 175.724 ,985 79,327,117  Incre.ase ( +) OT Decre.ase (-). +26,424,633 +29.761.285 +15.280,450 +8.679,762 +13,625.870 +15.777.008 +20,322,896 + 19 ,356,923 +12,997 ,951 + 19,327,962 +10,971.289 +4,469,215  %  20.88 26 .36 10.61 6.78 9.83 12.11 13.73 12.11 7.58 10.77 6.24 5.64  b Returns for December only partial as yet.  In the case of the separate roads. The array of increases disclosed is of imposing extent and character. In the following we have brought together all the changes for the twelve months for amounts in excess of $250 ,000, whether increases or decreases. There is really but one decrease, that of the Buffalo Rochester & Pittsburgh, and in that instance the falling off follows directly as a result of the strike of the bituminous coal miners. PHINCIPAL CHA!IIGES IN  GROSS EARNING::; FOR  12  Incrense!' .  MONTHS.  lncrea.~es .  Pennsylvania (2 roads) _b$22 ,797 ,700 Seaboard Air LI nc ____ _ a$1,167 .~67 Southern Paclfic _ _ _ _ _ _ 13,938,642 Internat'l &; Gt Orth __ 1,151 ,622 Canadian Paclt1c ______ 13 ,040.419 Central of Georgia __ __ _ 1 ,112,194 1,100,70() Atch Top &: Santa Fe . _ 11,390,874 ;'l'ortbern C'entraL ____ _ Long Island _ ________ _ ~orthern Pacific______ 9,331,801 1,094,130 Baltimore & Ohio_ ___ _ 8,797,172 Cine New Orl &: Tex Pac 1,070,406 Chic&: North ~estern_ 1,034,851 7,342,078 St Louis & Southwest __ Gt Northern syst (2 rds) 6,987,767 Ch!c St Paul Minn &: o_ 1 ,o:n.814 Union Pacific __ ____ ._ _ 6,882,044 Chicago Great Western_ 1,013,842 Rock Island_____ ___ __ 6,562,142 Ala NO & TexPac(3 rrts) 985,764 Louisville & Nashville__ 6 .232 409 Western Maryland ____ _ 937,560 N Y Cent &; Hud Rlv __ 890,446 5,994,167 Chicago & Alton _____ _ Chicago Mllw &: St Paul 793,470 5,669,837 N Y Chic & St Louis __ _ Southern Railway_ __ __ 5,533,583 Phi la &: Reading _____ _ 635,fill7 St Louis &: San Fran___ 5,387,001 Bangor &: Aroostook_ . _ 616,963 Illinois CentraL _ _ _ __ _ _ 5 ,319,913 Bessemer &: Lake Erle __ 603,073 Mo Pac Syst (2 rds) __ __ 4,006,750 Central of New Jersey _ . 580,800 Lake Shore&; Mich So__ 553,000 3,!143,567 West Jersey &: Sea Shore Gr Trunk Syst (4 rrls) _ _ 552,27 5 a ,569 ,236 Toledo & Oblo CentraL Norfolk &: Western____ 547,877 3,494,722 Lehigh Vallcv ____ ___ _ _ Erle _______ __ ___ .. __ 3,335,657 Duluth &: Iron Range __ 541,629 Chesapeake &: Ohio____ 503,014 3,192,110 Det Toledo &: Ironton __ Michigan CentraL_____ 463,817 2 ,991,717 Ala Great Southern ___ _ Wabash______ ________ 2,888,195 Wisconsin Central. ___ _ a463 ,5 37 Atlantic Coast Line_ ___ 2,706,226 400,782 Mo Kansas &: Texas___ 383,938 2,699,327 Texas&Paclfic _ ___ ___ 2,667,421 Wheellnl!' &: Lake Erie __ 376,352 Canadian Northern __ __ 330,635 2,319,700 Atlanta Blrm &; AtL __ _ Duluth Mlssabe &: Nor_ 323,399 2,269,348 Ga South &: Florid.a. . __ Denver&. Rio Grl\ode__ 313,865 2,169,899 Colorado Midland ____ _ Georg-la RR _________ _ 313,667 Clev Cine Chic & St L__ 2,077,152 304,640 Minn St Paul & S SM__ 2,032,735 Colorado Southern_____ 295,169 1,865,336 Pitts&: Lake Erle_____ 1,643,758 Kanawha &: Michigan __ 288,882 Mobile&: Ohio __ ______ l,494,l'i21 Iowa CentraL . _______ _ 262,758 Yazoo & Miss Valley___ 1,481,6/14 Kansas City Southern__ 1,444 ,390 Total (82 roads) ___ . . $221,157,812 Nash Chatt &; St LoU!s_ 1,3:54,!\21:l Decreases. Phlla Balto &: Wash___ 1,265,000 BufT Rocbestt-r &: Pitts_ $1,100,007 a These figures cover 11 months only: December not yet reported. b These figures cover only llnes dlrectly operated east and west of Pittsburgh and Erle. The results for tht. Eastern llnes show an ln~rea.ce of •14,317.000 and for the Western lines an Increase of $8,479 ,8 00. i":3   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  *::k~:1uPaJ:ia~~-_:-_:-_:-_:-  f~~~l~n: l%~:::a~~  GROSS EARNINGS LAST TWO CALENDAR YEARS.  Gross Earnings.  Name of Road .  Jan. 1 to Dec. 31. Alabama Great South_ Ala N O & Texas PacNew Ori & Nor East_ Alabama & Vlcks--Vlcks Shreve & Pac_ Atch Top & Santa Fe __ AtlantaBlrm &Atlan'c Atlantic Coa~t Line __ _ Baltimore & Ohio ____ _ Bangor & Aroostook __ Beliefon te Central ___ _ Bessemer & Lake Erie_ Bost Rev Bch & Lynn_ Bridgeton & Saco Riv_ Buffalo Roch & Pitts __ Buffalo & Susquehanna California & Northwest Canadian Northern __ _ Canadian Pacific _____ _ Central of Georgia ___ _ Central of ew Jersey _ Cba ttanooga Southern_ Cbesapeake & Ohio __ _ Chesterfield & Lane __ _ Chicago & Alton _____ _ Chicago Great Western Cblcago Ind & Loulsv _ Chicago Ind & South __ Chic Mllw & St p ___ _ Chicago & North West Chicago Peo & St Lows Chic St Paul M & o __ _ Chicago Term Transfer Cincinnati Northernern Cln N O & Texas Pac __ Clev Cin Chic & St L __ Peoria & Eastern __ _ Colorado Midland ____ _ Colo & Southern __ _ Col Newberry & Laur_ Copper Range _______ _ Cornwall __ ___ ______ _ Cornwall & Lebanon __ Denver & Rio Grande_ Detroit & Mackinac __ _ Detroit Toi & Ironton_ Duluth & Iron Range_ Dul Mlssabe & North __ Dul Rainy L & Winn __ Dul So Shore & AtL __ _ Elgin Joliet & Eastern_ Erle - . - - _- - - -- - - - - -Fairchild & Northeast_ Fonda Johns & Glov __ Georgia RR __ -------Georg1a South & Fla __ Grand Trunk of can __ _ Great Northern System Montana Central __ _ Gull & Ship Island ___ _ Hocking Valley ______ . Hunt'g'n & Broad Top Illinois Central ______ _ Internat & Gt Northern Iowa CentraL _______ _ Kanawha & Michigan_ Kansas City Southern_ Lake Erie & Western __ Lake Shore & Mich so_ Lehigh Valley _______ _ Lexington & Eastern __ Long Island _________ _ Louisiana & Arkansas_ Louisville & Nashville_ Macon & Birmingham_ Manistee & Northeast. Manistique _________ _ Maryland & Penn ____ _ MlchJgan CentraL ___ _ Mineral Range ______ _ MlnneapollR & St Louis Mlnneap St P & is SM_ Missouri Kan & Texas_  1906. $3,942,648  1905. $3,478,831  Mileage.  Inc. (+) OT Dec. <~> 3+463,817  3,224,190 2,722,620 +501,570 1,496,721 1,292.858 +203,863 1,529,308 1,248,977 +280,331 85,020,061 73,629,187 + 11,390,874 1,362,569 1,031.934 +330,635 23,243,051 25,949,277 +2,706,226 71,755,673 +8,797,172 80,552,845 2,259,785 2 ,876,748 +616,963 -3,565 57,068 60,633 6,010,765 5,407,692 +603,073 667,145 790,203 +123,058 a43,957 a46,660 -2.703 8,567,433 -1,100 ,097 7,467,336 1 ,638,650 1,334,001 +304,649 1,639,616 -50,657 1,588,959 6,786,000 4,466 ,300 +2.319,700 67,752,255 54,711,836 +13 ,040 ,419 11,643,275 10,531,081 +l.112,194 24,257, 31 24,838,721 +580,890 150,723 118,529 +32,194 22,130,119 +3,192 ,110 25 ,322,229 43,275 35,196 +8,079 11,146,048 +890,446 12,036,494 9,017,942 8,004,100 +1,013,842 5,833,724 +62,345 5,896,069 2,115,044 2,332,730 +217,686 57,979,454 52,309,617 +5.669,837 59,087,802 +7.342,078 66,429,880 1,690,338 1.661,473 +28,865 12,390,066 +1,027,814 13,417.880 1,620,963 1,713,827 +92,864 847,231 1,027,727 + 180.496 8,741,821 7,671,415 + 1,070,406 22,517,763 +2,077,152 24,594,915 2,960.725 +98,555 3,059.280 2,018,303 +313,!<65 2,332.168 10,644,852 12,510,188 +I.865,336 298,226 261.627 +36,599 a608,023 a682,079 +74,056 220,284 174,650 +45,634 a422,352 a360,692 +61,660 18,219,253 20,389,152 +2.169,899 1,035,459 1,231.465 + 196,006 a3,673,831 4,176,845 +503,014 8,142,813 7,601,184 +541,629 7,806,951 +2,269,348 10,076,299 183,879 + 126,231 a310,110 2,938,678 +222,372 3,161.050 2,417,481 +246,275 2,663,756 47,832,190 +3,335,657 51,167,847 31,006 -12,814 18,192 758,685 697,743 +60,942 2,624,357 2,938,024 +313,667 1,775,997 +323,399 2,099,396 37,990,117 +3,569,236 41.559,353 45,139,013 +6,752,607 51,891.620 2,578,668 2,813,828 +235,160 1,925,833 2,326,615 +400,782 6,138.089 6,522,027 +383,938 797,467 +43,883 841.350 48,957,268 +5,319,913 54,277,181 6,557,554 7,709,176 +l.151.622 2,788,309 +262,758 3,051,067 1,945,783 2,234,665 +288,882 7,085,092 8,529,482 + 1,444,390 5,037,293 5,212,810 +175,517 42,544,378 38,600,811 +3,943,567 33,043,975 +547,877 33,591.852 497,029 542,908 +45,879 b7,824,985 +1.094,130 b8,919,115 892,792 1,187,961 +295,169 39,624,356 45,856,765 +6.232,409 144,530 +18,446 162,976 c361,824 +3,923 c365,747 92,679 +3,759 96,438 344,624 +9,727 354.351 23,283,869 26,275,586 +2,991.717 718,136 +29,927 748,063 3,518,909 +166,762 3,685,671 10,209,593 +2,032,735 12,242,328 20,459,997 +2,699,327 23,159,324 40,701.756 +4,147,220 44,848.976 -140,470 1,674,513 1.814 .983 Mobile & Ohio _______ _ 8,539,680 +1.494,521 10,034,201 Nashv Chatt & St L __ _ 10,192,404 +1.354,529 11,546,933 229,535 253,921 Nevada Cal & Oregon_ +24.386 Nevada Central ___ . __ 43,775 75,461 +3l.ti86 1,109,884 1,074,417 +35,467 New London Northern NY Cent & Bud Riv __ +5,994,167 86,095,599 92,089,766 N Y Chic & St Louis __ 9,108,729 9,902,208 +793,479 N Y Ontario & West __ 7,455,200 + 78,525 7,533,725 NY Susq & Western __ 2,852,893 -13.595 2,839,298 ·orrolk &WesternJ __ _ +3,494,722 29,686,565 26,191.843 Northern Central ____ _ 10,645,848 11,746,548 +1.100,700 Northern Pacific _____ _ 56,710,143 66,041.944 +9.331,801 Pacific Coast. ____ ___ _ a5 .907,742 -58.143 a5,849.599 Pennsylvania RR Lines - Dlrertly op erated East of P itts & Erie_ 148,239.890 133,921,990 + 14.317 .900 72,013,535 +8,479.800 80,493,335 West or Pltt.q & Erle. Phlla Bait & Wash ___ _ 14,753,949 +1,265,000 16,018,949 Philadelphia & Read __ 40,147,371 +635,567 40,7 2,938 12,837,736 14,481.494 Pittsburgh & Lake Erle +1.643,758 Raleigh & Southport __ a50,074 a71,201 +21.127 Rlrh Fred'b'g & Pot __ al,545,969 al,691,842 + 145 .873 Rio Grande Southern __ 516,560 +70,429 586,989 Rork I sland System __ _ 47,622,208 +6,562,142 54,184 ,350 Rutl and ._ .. ________ _ 2,562,089 +237 .118 2,799,207 al,425,202 al.305,848 + 119,354 St Jos & Grand IRiand. St Louis & San Fran39,368,071 +5,387,001 44,755,072 Incl Chic & East IIL 8,701,946 +1,034,851 9,736,797 St Louis Southwestern_ Seaboard Air Line ___ _ a14,201,305 a13 ,033 ,438 +1.167,867 Southern Indiana ____ _ 1,371,022 + 185,544 1,556,566 Southern Pacific _____ _ 113,586,845 99,648,203 + 13 .938.642 Southern Railway ___ _ 49,819,714 +5,533.583 55,353,297 215,759 220,523 Staten Island Railway. +4.764 745,842 +153,823 Staten Island Rap Tr _ 899,665 Texas CentraL ______ _ 1,034,642 + 163,457 871.185 Texas & Pacific ______ . 12,130,388 +2,667,421 14,797,809 3,810,225 4,362,500 +552.275 Toledo & Ohio CentraL -29,129 1,281,205 1,252,076 Toledo Peoria & West_ Toledo St L & West __ _ 3,982,144 +229,504 4,211.648 Toronto Ham & Buff_. +78,447 770,277 691 .830 Union Pacific __ __ ___ _ +6.882,044 63,608,662 70,490,706 860,609 +167,480 Vlrl!inla & Southwest_ 1.028.089 Wabash _______ _____ _ +2,888,195 23,579,261 26,467,456 5,229,458 W Jersey & Sea Shore_ +553,900 4,675.558 Western Maryland ___ _ 4,242,935 +937,560 5,180,495 5,172,1)56 Wheeling & Lake Erie. +376,352 5,548,408 Wisconsin Central _. __ a6,214,495 +463,537 a6,678.032 Wrightsv & Tennille __ al78.790 +16,619 a195.409 Yazoo & Miss Valley __ 9,412,977 7,931.323 +1.481.654  M~~:iJJ~~~~====  1906.  1905.  - - - --309  30!>  196 143 189 9.260 380 4,333 4,030 482 27 13 21 568 243 205 2,433 9,055 1,890 648 105 1,827 22 970 818 591 340 7,043 7,468 255 1.712 102 248 338 1.983 350 336 1,663 75 82 13 26 2,532 333 684 225 242 68 592 236 2,151 33 75 307 395 4,528 6,039 250 307 347 67 4,371 1.159 558 177 827 886 1,520 1,445 92 392 218 4,298 105 129 78 84 1,.745 140 799 2,162 3,072 5,949 388 926 1,230 144 94 123 3,774 523 548 239 1.876 462 5,781 137  196 143 189 9,147 324 4,333 4,026 428 27 249 13 21 568 243 205 1,876 8,568 1.878 648 105 1.708 22 970 818 591 212 6,912 7,410 255 1,697 102 248 338 1,983 350 336 1,646 71> 82 13 26 2,470 332 684 212 185 68 592 235 2,151 33 75 307 395 4,554 5,974 250 280 347 66 4,459 1,159 558 177 827 886 1,520 1.445 92 392 187 4,117 105 129 78 84 1,745 140 799 1,842 3,043 5,849 388 926 1,226 144 94 123 3,774 523 548 239 1.848 462 5,706 137  3,698 2,841 706 1,000 191 94 83 180 7,801 46 312  3.682 2,812 706 1,000 191 64 63 180 7,205 468 312  6,008 1,451 2,611 197 9,341 7,551 13 11 277 1.826 441 248 451 88 5,602 134 2,517 332 536 498 977 76 1,239  6,022 1,441 2,611 197 9,196 7,200 13 11 277 1,826 441 248 451 88 5,414 134 2,517 332 477 498 977 76 1,210  '.!4-1  Toti (134 roads) ___ _ 2,131.306,699 1.907 ,244,247 +224.062,452 186,687 182,611 Net 1nrrP1u,e <11 .74%) a These figures are for 11 months un1y; tH?Urei< 1ur Ut>l·eniber nut bavmg a11 yet been reported. b These figures are approximate. c These fi~u"'s are for 10 mos. only  RAILROAD BONDS.  EARNINGS OF NORTHWESTE:EtN AND NORTH PACIFIC GROUP,  To complete our analysis, we annex the following six-year comparison of the earnings of leading roads, arranged in groups: EARNINGS OF ANTHRA0ITE OOAL GROUP.  Year.  1906.  1905.  1904.  1903.  1902.  1901.  s  s  s  s  $  Cent of NJ __ 24,838,721 24,257,83122,126,832 2,118,626 b15,999,34916,783,498 Lehigh VaL_ 33,591.852 33,043,975 0,429,68730,933,635b22,487,53827,153,364 NY Ont & W 7,533,725 7,455,2 6,845,317 0,950,456 5,057,168 5,864,026 NY Snsq & 2,839,29 2,852,893 2,740,793 2,957,000 2,124,880 2,79!>,495 Phlla&Read.d 40,782,938 40,147 ,37135 ,446,677 6,247,812 27,912,369 29,473.976 Tota.L _____ 109,586,534 107,757,270 97,589,306 99,207,629 73,581,304 82,071,359 b Basis tor 1902 changed, making :figures tor 1902 1n the case of Central RR. or New Jersey $15,999,349, Instead or $15,107,661 as :first reported, and In the case or Lehigh Valley RR. $22,487,538, Instead of $23,174,514. d These are the earnings or the railroad company only; the results of coal-minlng operations are not included In any of the years. EARNINGS OF TRUNK LINES.  Year .  1906.  1905.  1904.  1903.  1902.  1901.  s  s  s  s  s  s  Year.  Tota.L __ 536,551.316 1488,537 ,998 447,520,986 1456,001,097 408,431.544 383,607,906  Can Pac __ Ch Gt W._ ChM&StP Ch & CStPM&O DulSS&A Gt No Sys Iowa Cen Mlnn&StL Minn St P &SSM Nor Pac_ StJ&Grisl Wisc Cent.  1905,  1904.  1903.  1902.  s  s  s  s  s  67,752,255 9,017,942 57,979,454 66,429,880 13,417,880 3,161.050 54,705,448 3,051.067 3,685,671  1901.  54,711.836 48,714,665 46,348,956 40,120,406 8,004,100 7,783,139 8,234,800 7,477,256 52,309,617 48,743,057 48,688,423 46,404,839 59,087,802 d53, 705,091 d54,396 ,248 d52 ,026 ,708 12,390,066 11,480,169 12.055,268 11,907,52 2,938,678 2,498,576 2,728,745 2,741,049 47,717,681 41,334,649 41.910,161 40,205 ,622 2,788,309 2,484,860 2,371,664 2,518,20 3,518,909 2,'832,958 2,971,896 3,576,941  s  34,467 .709 7,438,771 44,362,007 45,916,020 11,196,401 2,548,967 33,855,265 2,396._779 3,472,744  12,242,328 10,209,593 7,598,376 7,276,517 6,825.377 5,600,429 66,041,944 56,710,143 48,897,631 47,973,128 45,201.578 38,734,461 gl,577,707 1,458,353 1,282,040 1.413 ,706 1,268,903 1,436,952 g7,236,212 6,772,675 6,548,342 6,683,208 6,407,486 5,631.0_55  Tota.L- 366,298,838R18,617 ,762 283,853,553 283,052,720 266,681.890 237 ,057,660 g December 1906 not yet reported; taken la.st year. d Includes trans-Missouri lines tor the whole twelve months of 1906, 1905 and 1904 and from Feb. 16 to Dec. 31 In 1903 and 1902, bu tin no portion or preceding years. EARNINGS OF SOUTHERN GROUP.  sameas  Ala Gt So_ Cent of Ga Chea & o_ CNO&TP Louis & N Moblle&O NC &StL Nort &W. South Ry_ Yaz &MV  1906.  1905.  1904.  1903.  1902.  s  s  $  s  s  3,942,648 ll.643,27fi 25,322,229 8,741,821 45,856,765 10,034,201 11,546,933 29,686,565 55,353,297 9,412,977  3,215,804 9,957,994 20,106,363 7,058,524 37,629,928 8,055,803 10,378,507 23,229,099 47,028,224 8,468,947  3,478,831 10,531.081 22,130,119 7,671,415 39,624,356 8,539,680 10,192,404 26,191,843 49,819,714 7,931.323  2,971.086 9,418,882 18,771.370 6,676,930 • 36,814,414 7,785,856 10,005,967 22,505,339 44,113,938 7 ,539 .156  1901.  2,576,45~ 8,362,27f 15.634.526 5,811,797 33,029,025 6,976,170 8,688,021 18,918,718 40,177,481 6,995,908  s  2,354,802 7,323,294 15,894,222 5,335,104 29,336,817 6,173,406 7,681.882 10,624,516 36,708,527 6,352,309  Tota!_ __ 211,540,711 186,110,766 175,129,193 166,602,938 147,170.379 133,784.879 EARNINGS OF SOUTHWESTERN GROUP.  b Includes Canada & Atlantic, beginning with October 1904.  EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.  Year.  1906.  i-----+-----1-----1-----r-----,----  Year.  Bait & o_ 80,552,841 71.755,673 65,200,262 66,196,543 60,071,409 55,133,869 <::CC&StL_ 24,594,911 22,517,763 22,141,101 21,197,783 18,976,576 18,608,545 Peo & E-- 3,059,280 2,960,725 3,051,19! 3,073,873 2,614,702 2,606,!)36 Erie _____ 51 ,167,847 47,832,190 45,106,921 47,589,837 41,659,237 41,090,909 Gr Tr Can. b41.559,353 b37,990,117 b34,086,339 35,524,998 31,045,497 28,954,059 LSh&MS 42,544,378 38,600,811 35,161,053 34,768,080 30,449,292 29,272,673 Mich Cent. 26,275,586 23,283,869 21,492,945 22,552,201 19,045,083 18,490,274 NYC&HR 92,089,766 86,095,599 78,573 ,205 79 ,909,414 71,944,960 69,733,475 Pa-EofP & Erle. 148,239,890 133,921.990 118,145,094 122,626,394 112,663,330 101,329, 795 Wabash __ 26,467 ,456 23,579,261 24,562,857 22,561.974 19,961.458 18,388,271  69  Year.  1906.  1905.  1904.  1903.  1902.  1901:  s  s  s  s  $  s  Buff R och & Pitts 7,467,336 8,567,433 7,696 ,052 7 ,769 ,490 6,678,594 6,255,734 Chic Ind & Louis. 5,896,069 5,833,724 5,382,569 5 ,346 ,252 4,764,076 4,404,250 Hocking Valley __ 6,522,027 6,138,089 5 ,803,354 6,282,778 5,604,320 4,917,663 Illinois CentraL _ •4,277 ,181 48 ,957,268 48,669,356 47,161,474 42,242,985 39,078,789 Lake Erie & West 5,212,810 5,037,293 4,970,992 5,218,728 4,704,280 4,533,204 Toled o & O Cent_ 4,362,500 3,810,22f 3,783,608 3,832,459 2,977,141 2,753,896 Toledo Peo & W _ 1.262,076 1.281,20f 1,279,656 1.164,175 1.155.504 Toledo St L& W 4,211,648 3,982,144 3,164,278 2,865,366 2,720.498 Wheel & Lake E _ 5,548,408 5,172,05{ 4,289,433 4,481.047 3,859,042 3,195,464 To ta.L ________ 94,750,055 88,779,437 85,635,035 84,536 .162 74,849,979 69,015.002  J:m:m  1906.  1905.  1904.  s  s  s  AtT &SF 85,020,061 Col& s s~ 12,510,188 Den &RG 20,389,152 Int&GtN 7,709.176 MoK&T. 23,169,324 MP&C Br. 46,523,489 StL&SF_ 44,755,072 StL&SW 9,736,797 South Pac 113,586,845 Texas & P 14,797.809 Unlon Pac 70,490,706  73.629,187 10,644,852 18,219 ,253 6,557,554 20,459,997 42,516,739 39,368,071 8,701.946 99,648,203 12,130,388 63,608,662  1903.  66,974.014 8,465 ,680 16,440,471 5,870,130 19,043,575 43,693,616 37,342 ,697 8,337,655 92,641.800 12,433,147 56,821.210  66,467,610 8.871,368 17,012,239 5,887,164 17,579.236 43,095 ,768 34,661.112 7,479,950 92,098,384 12,094,743 54,040,818  1901.  1902.  s  59,953,880 8,410,512 17,168,800 5,248,911 16,709,896 37,495,687 29,694,671 7,281.916 85,798,789 11.236,601 48,619,915  s  58,404,462 7,308,935 16,848,622 5,148,093 16,363,908 36,661,094 26,819,136 7,366,007 82,124,034 11,769,942 45,634,890  Tota.L __ 448,678.619 395,484,852 368,063,995 359,288.392 327,619 .578 314,449,123  OOURSE OF PRIOJJ;S OF BONDS ON NEW YORK STOCK EXCHANGE, 1902 TO 1906. 1902. BONDS.  ·- - - -  JANUARY FEBR'RY.  MARCH.  - - - - - - - - ----  APRIL.  MAY.  JUNE.  JULT.  AUGUST. SEPT'BER. OCTOBER. N0V'BEU. DEO'BER..  ---- - - - - - - ------ - - - - - - - - - - - - - - -  --- -  Low.Hi1tb Low.High Low.High Low.High Low.High Low.Hi1tb Low.High Low.High !,ow.High Low.High Low.Hlgb Low.High  -  --- -  Aln.. Mld.-Su S.F & W. 97 - ~ Ann Arbor-] •t, '9:i,1r.4 9~- 98 97 - 99 99 -100 99 -100 99 -100 99 -100 99\.Q-100 95 99½-100 98¾- 99½ 97 -99 Atch. Top. & S. Fe.General, irold, 199:i.4 l ~-104¼ 103½-l~ 1{)4¾-105¾ 103 -104 103 -1031}.t 103¾-103¾ l0l½-104¾ 103!J4-104~ lil~-1~ 100 -102¾ 101¼-102 101 -102~ Rearlstered ........... 4 103 -103½ 103½-104 104 -105}4 103!':(-103'$;! 103 -103 102 -102!':( .. . - ... . ... - . .. . 104½-104½ 100 -100 101 -101 10~-102~ Adiustm't, Ir •, 199:i, 4 92 - 95¾ 93¾- 94¼ 93½- 94¼ 94 - 95 93~ 94¼ 93½- 9i 95J.( - 97 9i~- 97 913½- 97 95~- 96½ 90%- 92 89 - 92 Reiri stered ... . .. .... . 4 94J.(- 94¾ .... - ... . 93½- 93¼, 94½- 94½ .... - . ... - ... ... - .... .... . ... ... - .. .... - . .. .... - ... .... Stamped, guar .. ... . 4 112 - 95§:f li3½- 94¼ 113½- 94~ 94 - 94% 91½- 93 91~- 92¾ 91¾- 95 P4½- 95 94½- 95 92~- 9!½ 90¾- 92 88½- 91~ D,bentures, s ..r.A .. 4 . ... .... .. - .. ... . - .... . .. . . ... ... 97 - 97 .. ... .... - ... .... - . ... - .... ... Deben .. Series L ..... .4 .... 95¼- 95¼ ... - ... .... .. .... - . . . . . . ... - . .. . 94M- 94¾ 921r 92'Ji .... . - ... ·••· - ... At. Knox. & No -1st :i .... .... . ... - ... . ... - ·•·· · •· - ... ... ·•· · .... .... ... - ... lH¾ 114~ . ... - .... ... - .... .... .... ... . Baltimore & Ohio93 - 95 116¼- 96¾ 86~- 97!,4 95½- 96¾ 94¼- 95¾ 93¼- 95 Pr. lien, Ir•• 192~ ... 3½ 94~ - 96 96 - 96¾ 95M- 96¼ 115¼- 97 96 94. -9~ 94. 97 - 97 Registered ..... ... . 3~ .. . .. . - .... .... - . .. . . .. - ... 96½- 9~ · •·· ... .... .... - .... .. . - . . ... - .. Gold, 1948 ............ 4 102~-104¾ 10~-104~ 103¾ -104¾ 102}4-103½ 102 -102¾ 102l4-103¼ L02¾- 103½ L0~-104.!rl! 103~-105 99:J.a-102 LOO -101~ L00½-102½ ... Reirlstered ........... 4 102 -102½ 102½-10a,a .. . . . - ... .... - ... . .. - ... l0<i -104 .... . Conv. deben .• 1911. .. 4 104 -108½! 105¼-108¼ 106 -108 107 -110 l06 -109¼ 106¼-107½ 10814-112½ 109!4 1]6 ll0 -11~ L07 -111 .... .... - .... Pltts.Jc.&M. Div.3½ 90¼ - 90¾ 90%- 92½ 82 - 93}4 92½- 93}1! 00½- 91 90~- 91½, 9ll - 907-i 89 - 9,, 90½- 91 90¾- 91 89),j(- 89~ .. . ... 100½· 101 10(% -101 100 -100~ il7½- 98½ 97½- 98 97~- 99 911½- 98'7/4 97¼- 98½ 96 - 98\.4 91 - 96:)t. 94 - 96 P.L .E & W.Va.Sts.4 ... 91 - 91½ 90!J4- 91½ 91~- 9111a 90 - 9~ 90 - 9~ b9 - 9091, 88½- 90 90¼- 91 90¼- 91 !!,.W.Dlv., 1st, a .. 3½ 90½- 91 r,... 89~ 88¾ · 90 .... .... ... . ... - .... .... . ... . - .. .. .. . .... ReiriMtered. .... .3 x .... 90!,4 - 90¼ . .. . - ... . ... - . ... . ... - .. . .. . .. .. ... .. .... . ... ... - . .. . ... - . ... ... . .. · • Mon. Riv., lat 1ru ... . G .... - . .. .... - ... .... lU¼-114¼ .. . .. . .. - ... .... . ... .. . · · •• - ... · •• - ... 108 -108 .. .. . ... . .. - .. ... C.O.Reor., t11t,con.4~ .... - ... . .. - ... .... - ... . ... ... . . Buff. Roch. & Pltt8b.Genero.l ..... . ..... .... . . l) 118¾ -118½ 119¾-119½ 117½ 11· ½ 118 -118 ... ... - ... 117 -118½ 116 -117 116 -116 ... - ... L16 -116~ 117 -117 R. & P., 1st, 1921 ... ti .... - ... . 128 -12~ . ... - .... .. - . .. - .. 129 -130½ L30 -130 ... - ... .... - .... ... - ... . .. - .... Con8ol., 1st .... .. .. .. ti .... - ... 127¼· 127½ 129 -129½ 129 -129 t27½-128½ - .. L25M-126 126½-127 .... - . .. 125¾-125~ . - . .. 126 12i .... -102 .. 102 .. . ... ... -103 Buff.& e.-1., t. rf'f.' :it .4 102 . . - . ... . . - .... ... .. . . - .. . .. Burl. C.R.& No.-lat.:i 104¼-105 105 -105¾ 105¼-105¾ 10()%-106 L06 -106\.4 103¼-10$¾ 103¼-104¼ 103%-104½ I0<i½-104.½ 104¾-l0i¾ 105 -105¾ 102½-1V3 Consol.1st & col. tr.:i 124¾-124¾ l.24¼-124:lil 126~-126¾ - ... . .. . - .. 12!!,4-125 124.¾-124¾ ... - .... .... .... L21¾ 122 122 -122 L22½ -123 .... . .. - ... .... - . .. ... - .. . . ... - ·• · · .... - . .. .. - . .. Realstered ..... ... . . l) .... - ... 124*12!¾ .... - .... ... - . .. ... ... . .... . .. .. ... . . .. C.R.I..F.&N.W ,ht.l) 118 -118 .... - ... ... . .. - . ... ... . - .... .. - ... ... - . .. ... - . .. . ... ()an. Soutb'n-l&t, au.:i l~-106 105½-106 105'.¼-107 106½-107½ 106~-1071.Q 10~-107 104¾-105 101% -105½ 105½-106 1051,(-106 l05¾-106 105¾-107 ~d mortgaae ...... .. ... ~ 1Q9M-110½ 109!1(-111 107¾-109 108!14-101:1¾ lv9 -109¼ 109 -110 HO -110 110 -110,ti 107½-107➔., 107 -107 107¾-108 L0i¾ 109 .... ... . Rt'glstered .... ....... ~ - ..... .. - .. .... .... . ... .... ... ... . .. - ... . . ... . .. ... L06 -lt6 106~-106~ C. B. U. Pac.-l&t, ir, .. 4 .. - .... ... - . .. 93 - 94 93½- 94.½ 94 - 95 93 - 93 . ... .... · •· .... . . Cent. RR. & B., Ga .. :i 106½-l ~ l0i¼-103½ 108¾-109~ 1091,(-109~ ... 109 -109 109 -100¾ . ... - . ... .... .. . LOS -109 L07½-10t! ,o,;½-107½ Ventral of Georlrla... l19½-121 121 -121 122 -122 120 -121~ .... 1st ... .. ... . . ... . . .. - . .. · ••· .... 122 -123 121!J,1-121¾ 122 -122 12i¼-122~ Con&ol., 194 :i, irold.. :i 106½·111½ 110½-111¾ 110½-111 110~-113½ lOo½-110¾ 108*109½ 10!%-109~ 109 -111~ 108¼-110¼ 108 -110 106¾-107~ l0!1.~-lu7 1st pref. income ...... :i 76 - 80 79 - 80 78 - 79¼ 78¾- 89½ 85 - 86 80 - 85 'i2 77 - 80~ 74 - 79 76½ 82 - 84¼ 77 - 86 80¼- 84 2d pret. Income . . ..... ~ 32J.( - 36 34 - 35:J:1 32½- 3~ 34 - «½ 38¼- 41~ 34½- 31J~ 35¼- 311½ 36 - 44¾ 38½- 40½ 37 - 4.3½ 35 - 40 3! - 36~ 3d pref. Income ...... ,l) 18½- 21~ 19½- 20~ 19~- 19½ 19 - 31 25½- 26 26 - 29½ ~5¼- 30¾ 25¼- 2S 21¼- 25:% 26 - 26½ 26 - 30 24 - 261,( Chau. Dlv., 19~1 .... 4 91¾- 92¼ 93¾- 93¾ .... - ... . .... .. 92 - 92 ... .... 92 - 92 . ... - •· · .... . . - . .... - .. .. · • • Mac. & No.Dlv.,lst.:i . . .. .... .... ... - . 108)4-108¾ ... ... . Mobile Div •• l8t ...... l) 106 -106 .... ... . .... 112½-112½ ... .... ... ... . . ... . - .... ... . Cent. of New Jersey1st, consol., 190~ .... 1 .. .. - .... .... - ··• · ... .... 101¼-101¼ .... .. ··• · . .... - ... .... .... . .. . ,Gen. mort., 1987 .... :> 132 -137 136¾-137% 137 -140~ 139¼-Hl 1~-H0 138¾-139½ UJ6½-187 1~-136½ 136 -136 l34 -136¾ 136%-137 135¾-186¼ Re1rlstered ..... ...... :) 131 -136 136 -137 136 - 138½ L38 -139)4 138 -138 137 -138}.1 L35¼-136¾ .... 136¼-136~ 133 -136~ · •• · lS<i¾-136 Am. Dock & Imp ...... :> 11~ ·114 114 -114 ... - .. . - . ... .... 112~-113¾ ... - ... 113!,(-114¼ 113½-113¾ 114¼-ll~ - .... 115 -116 . L. & W., mort., '12 .. !} .. . - .. .. . 105 -100 .. - . .. ... . .. - .... .... . .. - .... 102 -102 C'on. ext, . '1 O. 1ro . 4 • 102 -lllll¾ 1n3J,i -105 103½-l• 5 ,l):~:tl- 1"4 ,0:1~ 1'18¾ 102lli!-102¾ 10! -10274 102~-102~ 102 -102 102 :,~; · ·11~·.- -101½ 100 -lOZ  -~  .... .. - .... - ...  -  ... ....  ....  -  -  -.  .... -  -  ... -  .... -  -  .. - .. -  -  -  .... ....  .. -  -  -  -  -  .. ... .. - ....  ,  -  -  .  .... -  .... -  -  -  -  -  -  ....  -  -  -  - ....  ············~   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -  -  .... ..  ...  -.  .. -.  .... -  -  .... . ... ... .... -... .. ... .... -  -  .... - .... .... - ... .... - .... ... -  -  .  ..  .. ..  ...  -  -  ....  .. -  .... ... -  ..  ....  ... ... ... -  -  - ... .. .. -  .... ...  ... -  .. ... ... .. - .... .. - .... .. ....  70  RAILROAD BONDS. 1902-t.:ontinued. ,JANUARY FEBR'R'Y.  BONDS.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. 8EPT'BER. OCTOBER N0V'BER. DE0'BER.  Low.High Low.High Low.High Low.Hiirb Low. Hiirb Low. Hiitb Low.High Low.High Low.High Low.Hiirh Low.Higl:! LowHlgb  Cent. Pn.c.-See So.P.Co, Che.sn.pen.ke & OhioeertesA, gold, 1908.6 113½-113¾ lH -114½ 114¾-115 112 -112 112 -112¼ .. - .... ..•• - ••...••• - .......• - ........ - .... 109¾-l(){i¾ ... - ... . Mort1ra11 e, 1911 ... .... 6 ... . - . .. 116¾-116¾ 117 -117 114 -114 .... - . ... 114¼-114½ . . . - .• . •.•• - .... 114 -114 ..• • - ... . 112 -112 113 -113 1st, con,, g., 1939 .... r, 120½-121¼ 120¾-121¼ 120¾-123 122¼-123~ 119½-121 119~-1201}.! 120 -121 119¾-120½ 119¾-120 119 -120¾118 -118½11M(-118¼ General, 199:l .... . .4-½ 106½-107J.!, 107¼-111¼ 107½-108)4 1077/4-108¾ 108 -108½ 108 -108½ 108¼-108½ 108 -108;14105¼-1~104½-106¼ 104½-105½102 -105 Crn.hr Vo.I., 1st, gold.ii .... - . ... .... - . . . 108¼-115½ 116 -116 .... - ... . 113¼-113½ 113 -113 112 -112 R.&A.D,lstcon.'89 4 104 -104½ 104¾-105 .... - .•. 104¾-105½ ..•. - ... . 10i¾-105J.11 .... - .•.. 103 -103 103 -1oa 103¼-103½ 102½-103¼ 2dconsol., 1 989 ... 4 .... - ...... .. 100 -100 118 - 99¼ ..• - .... 99 · 99 Warm Sp. Val., 1 st.. r, - ... . 106½-106½ ..•. Eliz. Lex. & B. S .. .. r, 101¾-101% 102 -102¼ Chien.go & AltonSI o ldng 1und, 1903,.6 103¼-103¾ - .... 104½-104½ 102¼-102¼ 102¾-102¼ - .... 101 -101 Refundlnir, 1949 ..... 3 87¾- 88 87¼- 88 87¼- 87½ 85 - 86 85 - 86 85 - 85!,i 85 - 86 84¼- 85 84¼- 85~ 82½- tl\J¼ 82¼- 82½ 82¼- 83~ Railway, 19:i0 ... . .... 3 ½ 84½- 84¼ 84 - 84¾ 84 - 84¾ 84¼- 84-U 84 - 85 85 - 86 83 - 83¾ 81¾- 83½ 81 - 82¼ 79 - 81½ 78!1&- 81 78 - 81 Registered ... . ..... 3~ . ... - .. ... . . - . .. . 83¾- ts3¾ 83¾- 83}.f ..• Chic. Burl. & QuincyConsol.. .... ......... . .. 7 104¾-105¼ 105 -105¼ 105¼-105¾ 105½-105:i,. 105¾-106?,s 10{%-106¼ 102M-103 103 -103~ 1031,,(-103½ 103)4-103% 104 -104¾ 104¼-104~ Denver Div., 192:! .. 4 102½-103½ 100¾-101¼ 101 -102 101½-101½ ... 101½-102 102¾-102~ 100¾-1001).\ ... - ...... . . - . . . . 101 -101 . ... - .••. Illinois Div , t 949.3½ 102 -102¼ 102¼-102½ 102¼-103½ 102¾-103 l02M-102¾ 102 -102¾ 99½-100 99 - 99~ 98¼- 99½ 9S¼-100 98 - 99¼ 977/4- 98¾ !own.Div., sink. fd ... r, .... - .\ .. 116¼-116¼ 114¼-lHil,t ... - ... ..., - ... 114.¾-114~ ... _j 1919 . . .. . . . . . . . . . . . 4 . . . - . . . 106 -106 .... - .. .. 105 -105 . .. - ... . 104¾-104¾ . . . . - . . . . ... - .. 103 -103 N ebr'ska Ext., 1927 .4 111 -111¼ 111 -111½ 1117-(-111½ lll¾-111½ 109¼-110 109¼-109¼ 109 -109% 107¾-109 .... - .... 108 -109~ 107¼·107¼ 107 -10~ S. W . Dlv,, 19~1 . .... 4 . .. . - ... . 99¾-100 Debenture, 1913 . .... ~ 109 -109x 109%-110 109½-110 101}¾-110 107½ 109~ 108 -108¼ 108!4-108!,( 108¾-lOE'¾ 108 -103¼ .. .. - ... 106¾-106!'.( 106½.1063' Hn.n. & St. J ., cons .. 6 121¼-122 121¼-122 119 -1111 119¾-119¾ 118¾-118¾ ll~-119 119 -119 . . . - .... 116¼-116-U 116 -116 ll7 -118 117 -117 Chic. & • ast, TIJtnois1st, slnkinll fund ... .. ti . .. , - .. . 112¼-112½ 112½-112½ . . .. - .... 114 -114 111 -111½ 111 -111 111¼ 111)4111¼-lll¾lll½-lll¾ 112!4-112¼ 109¼ 109¼ lstconsol., aold .... . .. ti .... - .. ..... - . . .... - .... 138½-139 139½-139½ 139½ -139½ 139¼-139% ... - . .. . - .. 136 -13~ Gen. cons. 1st, 193'7.f> 122½-123¾ 123¾-124¼ 124¼-125¼ 125%-126½ 124 -124¾ 124¾-124:¾ 123½-124¾ 123¾-124 123½-123¾ 123½-123½ 120 -121 1203-3-121 Reglstered .......... . r, .... - .... 124¾-124¾ - .. . . 120 -120 Ch.& In.C' I Ry ., 1 st.:i . . . . - . . .. .. . - . .. . 125 -125 - . . . . .. . . 123½-123¼ 123½-123½ 123 -123 121¼-121¼ Chic. I. & Lou.-Ret .. 6 126 -129¼ 127 -129 128¾-129½ 129½-132 131¾-132 132½-132½ 129½-131 132 -132 131)4-131½ 131 -181 . 130 -132 .••• Refundlna-, 194'7 .. ... ~ 113 -114¾ 114 -115 115 -115½ 115 -115½ 116 -116 116¾-117 - ... 116 -116 117 -ll'i . .. - ... 117¼-117½ •••• Lou. N. A. & C., lst.6 113%-113~ 113¾-113:J4 113¾-113¾ 114¾-:ltl.~ 114¼-115 l... Chic. Mllw. & St. P.Consol., 190:i .. ....... 7 182½-185 183:J,t-186 ... - : •. 186 -196 . .. . - •••. 185 -185 188 -183¾ 189 -189 190 -191 194½-194½ - .... 114¾-114~ 112¾-112~ lJ.2¼-112¼ . . . . - .... 113¾-113¾ 113¼-113½ 113¾-113¼ Terminal ............ .. r, 112 -112 113 -113¾ 115 -115 Geo. M.,"A" 1989 ... 4 110¼-114½ 113¾-114¾ 114¾-116¾ 116¾-116¼ ... - . . . 117 -117 114¼-114¼ . . . • - . .. 113 -113 113¾-113¼ 118 -113¼ 113 -113¼ ... . 111 -111 Registered ... .. . ... .. 4 .. .. Gen.M., "B" 1989.3½ 104¾-lOi¾ Chic. & L. Sup. Div .r, . ... - ..... ... - ... . 120¾-120½ Chic. & Mo • .R. Dlv .. r, 118%-121 123 -123 . ... - ... . 124¼-124¼ ... . - .... 121½-121½ Chic. & Pac. Div ...... 6 114½-116½ i15%-115% 116¼-118 ... - ... . 117¾-117½ .... - .... 115}:(-115)4 114¼-114¾ .... - . ... 116 -116 - •... 115¾-115:)s Chic. &Pac. W. Dtv.r, 116¾-119¾ 120 -120¾ 120 -121½ 121!4-121¾ 121¼-121½ 121 -121½ 117¾-118¼ 117¾-117¼118¼-118½118¾-119½ 119¾-119½118½ -120 Dakota. & Gt. So •. ... :J 112¼-112¼ 115 -115 .... - . . . . . .. - .... 115!}.(-115¾ .... - .... 113¾-113~ . •.. - .... 113 -113½ 112½·113¾ 1st H. & D. Dlv ....... 7 .... - . . 122¾-122½ 123¾-123¼ 124 -124 123½· 124 123¾-1~ .... - ... 120¾-120~ ... - •••. 121¾ ·~2 1910 ................... ~ 108½-108½ . . . - .... . .. - .... 110 -110¼ ... - .. .. .... - .......• - .• • 107¾-107¾ ···· 1st I. &D. Exten . .... , 182½ 182½ .. . - . - ........ - .. ...... - ... 191 -191½ 1st La. C. & D., '19 .. :i .... - ... . .. . . - ... 119 -119 - . .. 118¾-118¾ .... - ........ - . ...... . - •... 116 -116 .... Minero.I Point Div ... ~ .... - . . . 101,3-3 109¼ . ... - . ... 108¼-108¼ . ... - . ......• - .... 109 -109 let So. Minn. Div ..... 6 114 -115½ 115¾-116 116 -116¾ t17 -117½ 116¾-117 117 -117 114~-114¾ 114¼-114½115 -115 - •... 115%-116 - .. 115 -116 1st So. West. Dlv ..... 6 113¾ -114% 114½-114¾ 115 -115 Wis.& Min. Div .. .... ~ 116¼-116¼ .... - •.• . LlS¼-118¼ 121¼-121¼ 120:J:(-120~ . ..• - •... 117¾-ll8½ 117¾-117¾ .... - .. . 118½-119 118¾-119½ .. .. M. & No., 1st, 1910.6 115 -115 116 -116 116½--117 ► 1.stonex • ., 1913 ... 6 .... - ... . 120'4-120¾122 -122 ... - .... 123¼-123¼ ... - ...... .. - . .. . 120½·120½-·•· Ohlc.&Northw • . Con.? 140 -141 138½-139¼ 138 -138 138 -l'.38 136¾-138 135¼·136½ 135 -135 l35J4-135¼136 -136 134 -135 134)4-134~ Gold, coup. , 1902 .... 7 103½·103¾ . ... - •.. . 103%-104 104¼-104½ 104¼ 104¾ 101¼-101½ 101¾-101¾ 101¾-101¾ lv2 -102 102 -102 72 103 -103 Gold, reit., 1902 ... ... 7 . ... - .... 103%-103% 104 -104 - .. . 101¾-lOB~ .... - .... 101¾-102 .... Exten. bonds, 1926 .. 4 .... - . .. . 107½-107~ 107 -107 .... - .... 107¼-107½ . ... - .... 107¾-lOilH, .... - .•. 105 -107% Registered . .. ...... 4 .... - ... . 1Q6¾-106¾ . . . General, 1987 .. . 3 ½ .... ... - ... 106¼-106¼ - .... 106 -1~ 102¼ 102!,4104½-104¼ l!Jlnklna; tund,coup .... 6 115 -115 117 -117 118 -llS . ... - .. .... .. - . .. . 115½-115¾ .... - ........ • Sln.klna- 1und, coup ... ~ 108¼-109 109¼-109¼ .. - . .. 110 -110 .. - .. . 109 -109 . ... - .... 109 -109 - ... 106½-106½ 106½ 106¾ 107 -107 !I~ yrs, deben., 1909 .f> 108¼-109 108¼-109¼ 109½-109½ . ... - .... 107¼-107½ 107~-107¾ 108¼-108¼ 107 -108 108 -108 103 -108½ 105½-106¾ 108 -108 Registered ........... ~ .... - ... . . .. - .. . 105¼-105¼ 30-yen.r deb., 1921. .r, 115 -115 - .. . 117¼-117¼ - . . . . Ll4 -114½ 115¼-115½ .. . - .... 115 -115 118¼-11$( ... Debenture, 1933 ..... l'i 121½-122 122 -122 122 -1213 121½-124 123 -123 123¼-123½ . .• 11731;-119¾ .... MU.& Mad., 1st,'0a.6 ... 106 -106 North. Illinois, lttt .. ~ ... . - ... . . .. - ... . 109½-109½ .... - ... . . . . - .•• . 108 -108 Ott. C.F.&St.P,,lst.il .. .. · ... . .... - .... 107 -107 Win, & ~l. Pet., ~d .. 1 .... - .... .. . . - .... 119¾-119¾ 119¼-111)!,p .... Ll6½-116½ ... - ••. . 133 -133 131¾·131¾ .. . M.L. S.& Wlst.,'21.6 l.:17¼-137¼ 137¼-137¼ · .... 136¾-137¾ 133¾-134 133¼-134¼ 133%-133¾ .... Ext. & Imp., s. 1'... . ~ 128 -128½ . . . - . .. l '?5%-126¼ 126¾-126 12tJ¼-126½ . . .. - .... 125 -125 - •.• . 123¼-123J.<? l21 -12-! 124 -124 Ashland Div., 1st .. ti . . . - ... 142¼-142½ Mich. Division,lst.6 139¼-139¾ .... __, Incomes. J 911. .... . f; ... - . . . . ... - ... 110¼·110¼ - ... . 114¼-114¼ ... Chic. R. hl'd & P.Ry.6 128 -130 130 -130 131 -131½ 131"-132 131½-131½ 131½-131½ 129~-129½ 128¾-128¾ 128¼-128¼ 128 -128~ 128~-129 128¾-129 Registered ...... ..... . 6 .. .. - .... .... - .... 129),.(-131 ... - .. .. .... - ... . 127%-128 128¼-128¼ . . . - .... 129 -129 12i!"-128)4 .... - ... . General, l 98!S, Ir•• •• •4 105¼-lll 110¼-111¾ 110:)a-112¾ 112 -113¼ 110¾-ll~¾ lll½-112¼ 110 -110½ 108~-109¾ 10!,¾-109% 108 -109¼ 108¼-108¾ 108¼-1~ Reai11tered .... .... ... 4 109 -109 .... - .... 111 -112 111½-112 Coll. tr., Se1·. B, '04. 4 9~ - 99 - •... 100~-100¼ 100¾-100¾ .... Coll. tr., ~er. C, '0il .. 4 99¾- 99~ . • . - . . . . . • • • Coll. tr., ~er. H, '10.4. ... - . . .. 99¾-99J,i; . .•• Coll. tr., . e r . It[ ,,' 1 :i.4 99:l,4- 99¾ .... Coll. tr., Ser. N, '16.4 Rall,on.d, ~OO:.e ..... 4 .. .. - . . . 82¼- 86¾ 83¾- 87~ Reaistered .... .. ... .. 4 .. .. - ... 86¾· Hl¾ D.M.& .lf.D.ht,'0a.4 .. .. - .... 98 - 98 99¼- 99¼ .. .. - . . . .. . . - . . .. 117¾- 97¼ 1st, 1 lfU.)... .. .. ~ )\) . .. - . . .. 91¼- 91¼ ...• - • . . . 92 - 92 93 - 98 . . . . - .... K.eok. & Des lU. , 1st.~ 110¼-110¼ . ... - .... 109¾-110½ .. .. - . . . . . .. Chic, ~t.P. lUln. & Om.ti 139>9-140l'4 140½-140¾ 140 -141 141 -H2 141%-141¼ 138¾-138½ 138½-139 137½-138 138 -138¼138¼-1383,a 138¾-138~ 134½-135¼ Chlc.1!,t.P,& .U.,bt .. t 140 -140 140¾-H.Q¾ lil¾-141¾ .... - .... . ... • ... . .... - .... 138½-138½ . •.. - .... 138}4-13t¾ l35¼ ·l35½135 -135 No. Wis., li.t, 1930 .. 6 .. .. - . . . . . .. - .. . . - .. .. . ... - ........ - .. 140 -140 . ..• - ........ - •• •. 13'i½-137.¼ .. - .. . ~t. P. & S . City-bt .. tJ 129.!,4-129>!! 128¾-130¼ 130¼-130¾ 127¾-128¼ ... - .... 128¾-129% ... - ... . .. - •.• 129 -129 1251.(-125¼ 126 -127 125¾-125~ Chic. Term'l Trn.nst..4 87 - 90 86 - 89 87½- 90 88 - 9<».f ~ - 90 90 - 110:14 88 - 89½ 89 - 90 89 - 90 87½- 89 86 - 87½ 85 - 86.!4 Chic. & W. Ind.-Gen.6 . .. - .... . ... - .. . . 118 -119 117¾-117¾ 117¾-117¾ 118¼-118¼ .... - .... 117 -117 116¾-116¾ . ... Cb.& W.Mich.,'21 . ~ .. .. - .... 109 -109 Choe. Ok. & G., lUI 9.:; 105 -110 110¼-llOJli .. .. - .... 113¼-113¼ 114½-114½ . ... Ctn. l;lam. & DaytonCin. Day. &Ir.1st... ~ 1H¼-_;_.L4½ ..•. - •... 115½-115½ llS¾-113~ ... . - ... . 114:J,!-114¾ .•.• - . . .. 113!,p-114 5 See V.C.C. c.1.s.L.&C. i & !!,t. L.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  71  RAILROAD BONDS. 1902-Continued. BONDS.  JANUARY FEBR'RY.  MAROH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. 8EPT'BER. OCTOBER. NOV'BER. DEO'BJCR.  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High  Cl. Ctn. Chic. & :St. L.General ... ............. . 4 102!!!-104 103 -104 103¾-103½ 103¼-104¾ 103¾-104½ 102 - 102½ 102 -102¾ 102 -102~iU01:l:(-102½ 100 -102 101 -lOZ 98 - 99¼ Cairo Div., 1st, 'a9 .. 4 102 -102 - .... 102 -102 102 -102 101¼ ·101½ . .. - • . . . .. - ..•• Ctn. Wah. & M., lst.4 .... - .... .. . . - .... 101½-101½ .... - .... 1031}s-103% L03J4-1"3¾ 102 -102 102¼-102711100 -100 . . . . LOl½,-101¾ ... - .... St.L.Div., lst.1990.4 103½-103½ 103 -104 104 -104½ 104¾-104¾ 102%-103½ 103½- 104 .. . . - .... 102¼-103½ 103 - 103¾ 103 -103 101¾-102 l01¼-102!J.( ..•. 103 -103 Reaistered ....... ... 4 . . . . Sp1•. & C. Dtv, 1st .... 4 .... - •. . . 101 -102 - . .. . 102¾-1021$4 ... - .. . 102 -103 C. I. St. L. & C., lst.4 105 -106 . ... ·- .... 105%-105¾ .. . . - .... 99:¼;- 99~ - . ... 113%-113% 113%-113~ 114½-114½ . . . . - . . . . 115 -115 . . . . Clo. Snn. & Cl., con.~ .... • ....... - . .. 115 -115 115½-115½ .... c. c. C. & I., consol .. ., 184¼-134¼ ... - .... . •.. General consol ...... 6 .... - . . . . . . . . .~. - .... 183 -138 Peo. & E,, 1st, cons .. 4 98¼-100¼ 100½ 101½ LOO!l,(-102 99½-100 100 - 101 99 -100½ 100 -100 100 -100% 100 -100¾ 98 - 99½ 99 - 99½ 98¼- 99½ Incomes, 1990 . .. . . 4 7d - 80 78¾· 82½ 80 - 81¼ 75 - 76¼ 72 - 75 73 - 74 72¼- 73 73 - 75 75 - 81 76¾- 81 76¼· 78 75 - 80¼ Clev. Lor. & W .-lst .. :i .... - ........ - . . .. .. - ... . 114½-114½ 116½-116½ .... - ... 116!,4-116¼ .... - .... 114 -114 Cl. & M.ah. v.-1938 . .~ 127¾-127½ - .... 128 -128 . ... Colorado Mld.-lst.3-4 82 - 84¾ 84¼- 87 85¼- 86% 85 - 86 84 - 85J4 84 - 85½ 1st, gold, 1947 ... .. .. . 4 82¼- 84;J4 84 - 86½ 86¼- Be¾ 85½- 85¾ 84 - 85!,,i 83½- 85½ 83 - 85 83 - 83¾ 82%- 85~ 82 - 83~ 80 - 82 79½- 82 Col. & So.-lst, ir.':l9.4 91 - 93¼ 91½- 94¼ 94¾- 95 94¾- 95 92 - 9!¼ 91 - 94 91 - 93¾ 90 - 98 94 - 96J4 94l}.t- 96 94!,r 96¼ 963,t- 97 Delo.ware & Hudson" 1st, Po.. Div., 191., .. ., . ... - .... 144 -144 L43 -143 . ... - ... . 140)4-140}( Alb.& Susq., lst,ll'n., .... - .... 115¾-115¾ - .... 113 -113 . . .. 106 -106 1st, coup., iiuar ..... 6 ... . - . . . 10$¾-108:1:( .... - .... 109 -109 1 1st, reiiistered .. ... 6 .... - .... lll¾-111¾ .. .. Ren. & Sar.,lst,'21.7 .... - .... 151½ 151½ ... - .... 147½-147¼ .... - .... 143¾-143¾ Re&"istered .......... '7 . . .. - ... . 147½-147½ .•. Oel. Lo.ck.& West'n1907 ......... ............ , 120 -120.¼i .... - .. . Ll7¾-117~ ... . . .. 117½-117½ ... . - .... . ... . ... 114¾-115 115 -115 Morris & Essex, lst.7 136.¼i-136¾ 136%-136¼ 137 -137 138 -138 .... .. 135 -135 - .••. 135\1:1-135¾ . .•. - ........ 132!4 132¾ Consol., a-uo.r......... 7 137¾-137¾ 137~-138 ... - .... IH9¾-141 140 -140 137 -137½ ...• - .•. 137 -137 . ... - ....... N.Y. L. & W., lst .... 6 183½-133½ 134½-135 135¼- 136¾ 136½-136¼ 137 -137 135:J:(-135,. .... - .... 132%-133¼ 133¼-133¼132¾-132½ Construct'n, 1923 .. ~ .... 116%-116¾ 117 -117 118)4-118J.it 117 -117 ... - .. .. 1153,t-115¼ .... Term'l & lmpr'mt .. 4 .. . - .... 103½-103½ 104 -105½ 103¾-103¾ . ... 102 -103¾ ... - ........ - .... 103 -103 102 -103 !Syr.Bingh.&N.Y .. '7 .. .. - .... 116¾-116!¾(117 -117¾ ... - .... 114)4-114¼ . .. - •... 112 -113%112 -112 War. RR., lsr, ref.3J.t .... - . ... 103¼-103½ ... Denver & Rio G1·0.ndeConsol., 1936 .... ..... . 4 101 -102½ 102)4-102~ 102%-103¼ 103¾-104½ 104)4-10!¾ 103¾-104¾ 101~-102¼ 102¼·102¾ 101 -102½ 99¾-101¾ L00¾-101¼ 100¼·101~ 1st con sol., 1936 .. . 4.½ 111 -112 . . . . - .... 110¼-110½ 112 -112 110}2·110½ .. . - .... 108½-110 105 -105 106 -106 Improvement, 19'l8.~ 110½-110½ lll¼-112 111 -112 111 -113¾ 111 -11~½ 109%-11::. 109 -110 109¾-109!':( . ... - .... no -110 LlO -110 105 -106 Denv. & So. W eet.gen.~ 89¾- 90 89 - 90 88¾- 89½, 83 - 89¼ 87 - 88 84¼- 90 90 - 91 89 - 90 . . . . Det &Mack.-l8t Hen.4 . . .. - . . . .. . . - . . .. .. . . - . . . . . - ... tOl -101 102 -102 . .. - . . . . . . . . - .... 102½-102¼ Gold .. .. .... ............. 4 92½· 92¼ .... 94 - 94 94 - 95 94½,- 95½, . .. - . 94 - 94½ 93½- 93½ Detroit Sonth'n, ht .. 4 86 - 86¼ 84¾- 86¾ 86¼· 86¾ 86¾- 87¾• 87¼- !:l7¾ 85¾- 86¼ 86%- 86¼ 86 - ~ 86 - 86 85¾- 86 Ohio !!ton. Div., ht .. 4 93½- 95 93¼- 95½ 92½- 93¼ 92½- 95 94 - 94¼ 93 - 94 94 - 9! 93½- 94 93 - 94 91 - 91¾ 92 - 92 91¼- 91¼ Duluth & I. R.-lst ... ~ . .. . - .. 113½-113½ 115 -115 112%-112¾ Ll2¾·11~ llt¾-115 114 -115 - .... 114 -114 113?}.(-114 114 -114 Dul.S.S.&Atl.-1937'.~ 111 -113 112¼-114 - ... . 114~-114¾ 115 -115 115 -115 - .••. 115 -115 . ... E.T. Va. & Ga.-See So, - . ... 112%-113 ll4 -114 Ela. Joi. & E.-lst, g .. :J .... - •... 115 -115 .. 112 -112 - •... 117 -117 118 -118 Erie-1st, Ext., 1911 .. ~ 115½-115¾ .... - ..•. ll3J,jl-113½ 116¼-116¼ ~d, Ext., 1919 ........ . ~ 121 -122 - .... 118%-118¾ 119~-119¼ .... 115 -115 llfl¼-116¼ . . . . 3d, Ext., 1923 ....... 4½ .. .. - ..... ... - . . .... - ... . 119¾-119¾ 119¼-119ni 117 -117 120 -120 4tn, Ext., 1920 ....... ~ 121 -121¾ .... - ... 117 -117 ~th, Ext., 1928 ... ... .4 1()8¾-109¾ .... ht, consol., a-old ...... , 140¾-141 Ll0¾-142 138 -138¼ 138¼-139 138 -139 13 ¾-139 139 -140),( 140:}.(-140¾ 137 -137¾ 137 -137 137¼-137% 187!1:(-138 1st, cons., ii., fond'ir.1 ... . - .... 139 -139 - ....... - ... . 136 -l;i6 .... - .. . 13ij -139 - ... . 136 -136 . ... ht con. prior lien, g.4. 98¾-100 98¼- 99¼ 98¼-100¾ 99¾-100¾ 99¼ 100½ 100¼-102 98¾, -100 99 -100¼ 99½,-100½ 97½- 99¾ 97¼- 93¾ 97}4-100 Reirlstered ........... 4 .... - . ... 98½,· 98½ ..•. - . . ... ... - - -1st con. gen. 1., '96 .. 4 88!,:(- 90 87½- 89 87¼- 87¾ 87¼· 88¼ 87½- 88¼ 87¾- 89 86½- 87¾ 86¼- 87½ 85¾:- i.7½ 84¾- 86½ 84 - 85¾ 83 - 87½ Penn. coll. tr., 19:il.4 94¾- 95¾ 9SJ4- 9! 93½- 94 93¾- 96 94½- 95¾ 9!½- 95¼ 94¾- 95¾ 93 - 93½ 92 - {13½, 91 - 94 92 - 93¼ 91 - 92¾ Buff. N. Y. & E,, 1st.') 133 -133 .... - . .. . .. .. - ........ - .... 130 -130 . - .... 127¾-128 Chic. & Erle, ht, g . . ;l 123½-12!l¾ 124¾-125 125 -125½ 125¾-125¾ 123¼-124 123¾-124 123½,-123½ 123½-123¾ 123%-124 123 -123½ 120¼-120½118¾-120 .Jeff"erson, 1st, a-uar.. :i 106 -106 .... - .... 106 -106 103¼-103~ .... • . - ... . 106 - 106 . ... - ........ Lona- Dock, cons.'3:i.6 ... - ........ - ........ - ...... .. - ... 136)4-136¼ 1S7!,4-137J4 .... - .... 1S4:¼;-135½ 134 -134 Coal & k.R,, ht, ':.l·l.6 .... - ........ - . . . . . .. - .... 117 -121 116¾-116¾ . • - .... 113¾-113¾: . Dock & l"!pt., bt .... 6 .... - . . . ... - ... . ... . 118½-118½ .... - .. .....• Mldl'd ot :N. J., lst ... ti 115~-116¾ 117½-117½ 117 -118 - ... . 115¾-115~4 ...• - ... . 114%-114¾ .... - •.• . Ll2¼· 112¼ N. Y. Sus. & W., ref.ii 115¼-116 116~-116¼ 117 -118 117 -117 117 -117 - •. .. 114 -114 - .... 114 -lH½ ~d, 193'1 .. ......... 4~ .... - ....... - .... 102 -102 103 -103 Gen., a-old, 1940 .... ~ 110¼-110½ 109 -109 LlO -110¼ ... - . . . 101} -109 109 -110 107*108½ . .. - . . .. 108 -108½ 107¾-lOS 105 -106 Term'I, 1st, 1943 .. :\ 116 -116 . ... - .. - ... . 116¾-116¾ . .. - ... 110 -110 Wilk.& E., 1 st,'4.'l.:i 112½,-113 113½,-114½ .... - .... 115½·115½, 114½-lH¾ .... - .... .... - .... 114½-114½ 114 -114 ll4½ 114¾ U0½,-111 vansv. & T. H .-Cou.6 1233,t-123¼ .... - ... .. ... - .... 123 -125½ b6½-126¾ 121½-122 - ... t:ff -121 1st, iren., l 94~, gold.~ 108¾-llO UQ¾-111 111½-112 - .... 108¼-109¼ 109¼-110 Mt. Vernon, lst,'23 .6 112 -112 .... Ev. & lnds.-1st, con . . ti .. . 115!',!-116 114 -115 Fl . & P. Mq.-See P. lllq, Fla.C.& P.-Con.,'43.il ... - .... 106½-106x, .. .. . .. - . . .. . ... Ft. W. & D. C.-lst .... ti 106 -108:1,i 107 -114¾ 112½-114 112 -115¾ 114 -116½ 113 -113% 112½-114 112½,-115 114 -115~ 113ni-115 ll2½-114¾ l03½,-lll Ft. W. & R. Gr.-lst..4 88¼- 88½ 88 - 89 89 - 92 89¼- 92½ 89½- 90¾ l!O - 90½ 87),jl- 87¾ 88 - 39 .... 87 - 87¾ ~6¼- 87 i-6}(- 86}( Galv. H. & H. of'~~ .. ;) 103 -106¼ .... - ... . 102 -103½ - •••. 105½,-105¾ 103 -105½ ... tot -102 LOJ -103 G.H.&S.A.-SeeS . P .Co. Ga. & Alo..-1st, con .. ;) .... - ... . .... 112 -112 111 -111 Ga . Car.& N.-lst,gu.!) 109½-lOP¾ .... - ... . 111½ 111½ L12 -112 Ga. Pacific-See l!!!outh'n G.No.-U.6.& Q. cl.tr.4 95½- 97 95:J.(- 96½ 95¾- 96 95¼- 96½ 95¾- 96¼ 95¾- 97)4 95 - 96¾ Q5¾- 96 95½- 96¼ 94¾- 96¼ 95¾- 96¼ 94¼- 96½ Rea-lstered..... ... 4 9~- 96% 95¾- 96¼ 9!¼- 95½ 94%- 96 94¾- ll5¼ . .. - .... 95 - 95¾ 95%- 96 941,r 95)4 94¼- 94¼ 94¾- 9!1k, 9a - 95¼ Hock. Val.-lst., con,4½ 107¼-108~ 108¾-109}9 108½-110 109½-111¼ 11072 -112 110¾-111 108 -109 l08¼-109¾ 108%-109¾ 107½-1CJ9 L07¼-l09¾ L07¾-110 C. & H. V ., 1st, ext. .4 .... - ....... . - .... 106 -106 105¾-105¾ ... - . . . . . . - . . . . . .. - . ... L06 -106 .. - .... 106 -106 - ••.. 105¾-105½ H . E. & W.T.-Seo S. P. H. & T. C.-See So . Pac. Ullnois Cenr.ro.1ht, gold, 19~1. ....... 4 115 -115 116 -116 .... - .... llf>¼-115¼ .. . . - . .. . .. . - ........ - .. - .... 113)4-113¾ 1st, gold, 19Gl .. .... 3½ .... - .... 105¾-105¾ 104¾-104½ . . . • - . . .. . .. - . . . . . .. - ........ - ... . - •.•. 104 -104 Gold, 19G2 . ........... . 4 105½-106¾ .... - . . . . - .... 105 -105½ 106 -106¾ 106¾-106¼ .... - .... 104¾-105½ Gold, t9G3 ............ .4 105 -106 105 -105 105:}s-106 105¾-105½ 103:¼;-103¾ 104½-104~ 104½-104½ - .... 104¾-105½101½-105 103¼-104 L02¼-103 Reiilstered ........ ... 4 .. - .. ... .. - . . . . - ........ - . ... 104%-10!¾ ... Loulsv. Div., aold.3½ 101¼-101¼ iOQ½-100¼ ..• - ... . 101¼-101¾ .... - . ... . ... 98¾- 98¾ 9 ¾- 98½ I 8½- 98½.... St. Louis Div., gold .. 3 .... - ........ - . . .. ... - ........ - .... 87¼- 87½ ... Gold, 19~1. . ... . 3¾ .... - ....... - ........ - ,........ - .... 100¼-lvO¾ 101 -101 100 -100 9811:(- 9~ 98}4- 98¼ .... - .. Western Lines, lst .. 4 114¾-114!'4 113½-113½ .. . . lll½-111:¼; - .... no -110 .. .. - .•. . C. St. L. & N.O.,ai.cp.~ .... - .... 129~-130 - ... . 180¼-131 131 -131 127¼-127¾ ... - .... 127¼-127¼ .... - ..• lt7¾-127~ 127 -127 Reirlstered ........... G ...• - ... ···· .... 126)4-126¾ .. . Gold, 19~1 . ........ 3 ~ .... - ........ - .... 104%-104% . . . Memp. Div., t ■ t .... 4 .... - ........ - . . .. 1~-106¾ . . . . - •••. l~-106~ 105 -105 St. L. 1-o., 1,.t. irn .. 4104½:!0_!::...::¼:.;_._•_··---··-·-l_O_l_-_10_1__:__ _ _--'-'-----'-'~..:......__:..:...:....:.:..:.:..:......__:.:...:.....:..:...:..:..;___;~~..:......__;.:.:..:.:.:..:..;..;_.......;,,;.:.;;:.:..:..;..;___ . _   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,'  RAILROAD BONDS.  72  1902-Continued. BOND~.  ,JANUARY FEBR'RY  MARCH.  APRTL.  M.AY.  JUNE.  • JULY.  AUGUST.  ; e:PT'BER. OCTOBER  NOV'BKR. DEC'BEB.  Low.High Low.High Low.Hiith Low .Hi~h Low.Hiitb Low.High Low.High Low.High Low.High Low.High Low.Hhrh Low.High,  ---  ----  ---- - - - - - - - - - - - - -· - - - - - - - - - - - - ·- - - - - - - Ind. Dec. & We8t'o- .... 108¼-109 107 -107 l05~ -1051H - ... 107*110 - ·-· · 108 -108 l8t, gold, 193~ .. ...... ~ . ... - ... l07½-107¾, lat. guar., g., 193~ - ~ ... Ind. llllnoh & lowa102¾-102¾ l8t, irold, 19~0. . . . .. 4 100 -100 lnternat'l & Gt • .No.- .... ll9!,(-121¼, 18t, 1919 ............... 6 l23 -125½ 1231'-126 125 -125½ 125 -127 121!,i-128 122 -122 124 -125¼ . . . . - . .. . 125-U-126¼ 124½-125 97 - 98 117 - 99 99¾-100 99½-101 2d, 1909 ............... . ~ 100¼-102½ 101 -103 100½-101 100 -101½ 09½-101¾ 100 -100¾ 98½-102 ll•l½-103 - . . . . 71 - 71 75 - 78 75 - 75 .. - . . . . 75 - 75 3d, 19~1 . ...... ....... . 4 75 - 79½ 7~- 80 Iowa Cent.-18t, irold .. ~ 116~-117½ l17 -17 117¾-119 119 -119¾ .... - .... 116 -116 117½-117½ 116"'·117 117 -118~ 117½-118¼ 119¾-119¼ 115 -115¼, 91 - 95 96¼- 97 97 - 97 97 - 97 96 - 96½ 96¾- 97 Refundinll, 19~1. .... 4 95 - 95 Kan.& tl.-S,-eT.&O.C. 71¼- 73"5 73¾- 74 72 - 72¾ 71¾- 72~ ;2 - 7~ 72 - 72½ 72 - 72½ 71½- 72½ 68¾- 70 69¼- 69~ 68¾- 693,f K.Clty ~o.-18t, 19~0.3 71¾- 72 Ken. Cent.-See L. & N. L. Erle & We8t-l ■t ... ~ t2fi¾-120x, 121¼-121½ 121!1:(-1211).f 121¾-122 121¼-121½ 123 -123 120¾-121¼ L21l,4-121¼ 121 -121 120½-121 120¼-122 ll9!,j;-120 118 -118 118 -118 L18¼ -118¼ 118¼-Ue~ llc -1!7½ ll7¼-ll'ni: ~ci . .... . .. ............... . ~ ll6 -117 117~-117~ 112¼-1~ - .. . . 115 -115 112¼-112~ 114¼-116¾ .Northern Ohio, l8t .. ~ 113 -113 L. Shore-See N. Y. C. Leh. Val. (Pe..), coll ... l5 109 -lOJ 110½-llOx Leh. Valley, N. Y .l8t, a-oar. , aold ..... 4x 109 -110 1.10 -110x llO -110'}.i Lll½ -111~ lll!,-4-112 111¼-111½ 109~-109~ 110 -110 110 -110¾ 109 -109 108½-109 108½-108¼. 109¼-109½ , RPglstered .... .... . 4 ~ .... - . .. . 119½-120¾ .... - •.. 118¼-ll~ 118¾-ll~ - ..• . ll7½-117¼ Leh. Val. Term'I - l st.~ 11$¾-119 Leh.Val.Coal-l1>t,iru.~ .. - ... . . ... - ... . 108¼-108½ . ... 97 - 97 Leh. & .N. Y.-lat, 1r11.4 . .. - . 97 - 97 96¼- 96¼ Longl8land- •... 117½-118 118½-118½ lat, consol., 1931 ... . ~ 121½ ·121½ 122 -122 122 -122 Gen. mort., 193~.... 4 102 -ll:2 102;14-103½ 102¼-103 103¾-104 103l}.(-104)4 101;1;(-102½ 103 -103 102 -103 103¼ ·103x, 102 -103½ 103 -103½ -103 103 Ferry, l8t, 192~ . .. ~~ .... - .. . 104 -104 Unified, 1949 .. . ...... 4 91) -100 100 -102 100 -101~ 101 -102 102 -102~ 102 -102 102}..(-102~ 102½-103 100¾-101½ 101 -101 10~ -101 ll'0~-100¼ Debentures, 1931 .. -~ 111 -111 . ... N. Y. B. & M.B.,con.l) 116 -116 118 -118 112 -112 N. l'. & R. B .. lat .... ~ 112½-112½ ...• No. l!!!h. Brahch. \st I:» 114-!>4-114½ .... 112½-112½ Loulsvllle & Na8bv.l 118;J4-119~ 119},:(-120 119¾-120 120}..(-122 121 -121~ 119 -119 119 -119 L19 -119 120 -120 119 -119½ 119 -119½ Ll5½-117 General.... - .... 115 -115 111 -111 .. .. 116 -116 116 -116 116½-117 :SO-year, gold, 193,-.a .. .. - . .. Unified, gold, 1940 .. 4 100½-lOlx 101},:(-101¾ 101¾-102¾ 102,4-103 102¼-103¼ LOS -103¾ lOl¼-102¼ 101¼-102),4 101 -102,4100*101➔.l 101 -101¾ 101 -101!'£ - . . . . .. _ Reirlstered .... ...... .4 lllO -100 - .... 116 -ll6 t15¼-115¼ 110¾-111 llQ¾-111 Col. trust, g •• 1931 .. . ~ .... - . . ll6 -115 Coll. trust, ~-~Os .... 4 100¾-lOi 101 -101¾ 101*101½ 100¼-101 100 -100 100 -100½ 100~-101 100¼-100½ 100¼-100¾ 98 - 99½ 119 - 9il~ 99!,(- 99¾, - . . . L12 -113¾; - .••. 115 -116 .E. H. & N., 1st ........ ti . .. - ... 114¼-114½ 114½-115 - .... 109¼-109½ .. .. Louisv .Cin. & Lex . .U, N. O. & Mob., lst .... ti 128½-129~ 129 -130½ .... - •.. 123,4 1 ~ ...• • ~d .. .................. ... ti 122 -122½ . .. 115 -115 116¾-116¾ Pensacola Dlvlslon .. ti .. . l12 112¼ 112¼-113~ . . . . - ... . 114 -114 114¾-114¾ 115 -117 - .... 114 -lU .. . . Pensac. & Atl., 18t .. t, ... 125½-125½ ... - . . . . 127 -12i½ .. - ... 125¼-125¼ . . . . St. L. Div., 1st, ':It.ti . ... 75 - 75 77½- 77½ . • 2d, 19~0 .. ..... , ... . a .... 99 -100 Ken. Cent., 1987 ..... 4 99 · 100 100;14-lOO!J( 100!1:(-100¾ 100¼-lOl½ 101 -101 100!1:(-101 - . .. . 100 -100 L.&N.&M.&:n. l8t4x 110¼-110¼ .... - . . . 110¼-110½ . ... Nash.Fl.&S.,lst,ii:u.:"> . . . - ... 114¾-114¾ . . - .... 114¼-114¾ . . . - .•. 113 -113 So. & No. Ala ., s. ~. . ◄l . ... - •• . • • . • - ... . .•.• - ... . 112 -112 .... L.N.A.&C. - SeeC. 1.&L. Manbat.-l'on., J 99U.4 105¼ •1Q6½ 106~-107 107 -107½ 105 -106 104¾-lOSlh LOi½-104;14 104¾-105 10!¼-104¾ 104¼:-105¼103½-104¼ 104},s--105 103 - 1 ~ Reirhtered ........... .4 . . . . . . . - ... . LOS¾ · lUSUt lUetropol.Elev., lst .. ti t13 -114 . 11$¾-114 113½-114 ll:3¾-114 113¾-lH llS¾ -114:ui . . . - ... . lll½-112 111½-1113,a 111 -H2}:{ 111¾-112¼ ll2¼-ll2lJL 62)4- 84 83¾- 85 Mex.Centrul-Consol.4 82 - 83½ 82¼- 83 82½- 84 79 - 80½ 74 - 79 79½- 8.'l 82~- 84¾ 81;J4- 82½ 82}4- 82!1:( 80-U- 83 1st con sol. income ... 3 81 - 33½ SQ¾- 32¼ 30¾- 34~ 33½- 86½ 31½- 34 31¾- 33~ 32 - 33½ 3l~<i- 33½ 28 - 82¼ 26¾- 29~ 25 - 277,1 21 - 26 22¼- 25½ 20¼- 23½ 21 - 22¼ 22 - 22¾ 22 - 23½ 18½- 22 2d consol, income .... 3 21 - 23½ 22 - 23 21½- 24 17 - 20 15~- 17¼ 14¾- 18 Coll. trust, 190,- .. . 4¼ ... 96 - 96 96 - 9~ 98¼- 98¾ 96¼- 97½ 97½- 97½ . . . . Mex • .N aL' 1-!.!d, inc., B, Tr. Co. ctf8. deposit . . . - . . . . 35 - 86~ 39 - 40¼ . . . . lat, 68, Tr. Co. ctCl!I. ... 100½ 100½ 101 -101 Mich. Cent.-See N. Y .C. M.L.S,&W.-.See C.&N. M. & N.-SeeC.M.&!S.P. Mlnneap. & St. Loui ..lst, gold, 19~7 ....... . 7 147¼-147½ . ... - .. .. . . . . - .... 144)(-144~ - ... . 118 -118 • I a. Ext., l 8t, 1 U09 .. 7 119¼-119¼ . . . . - . . . . 119 -119½ 121 -121 - .... ll9¼-119¼ ...• Pacific Ext., 18t . .. .. ti . - ... . 127 -127¾ . ... - .... 12~-126¾ . . . . - .... 127 -127 - . .. . 120¾-129¼ ... Southw. Ext., 1st .... , 121 -121 - .... 121 -122 120 -120¾ L20 -120 1st, con., t9a4, g .... o 120¾ -l:!O½ 122 -122 122~-122¾ 124½1-124½ 122¼ -123 '22¾-123¼ 123 -123 ll!lt & ref., 1949 . .... . 4 103½-10411, 104,4 100 103Xz-104 104¼-105½ 104!1-.(-lU.';½ l05 -105½ 105¾-106 105),:(-105¼ lOi -104,4102½-104¼ 103¾--103§1, 102 -103 Texas& Mo. Kan. 97¼- ~ 99 - 99¾ 99¼-100¾ 100¾ 101~ 100~-101¼ 99:)ji-lOQ¾ 99¾-100½ 99¾-100¼ 99½;-100'!,.( 99 -100¾ 9&¼-101 ht, aold, 1990 ....... 4 98 - ll9 so - 83 81¾- 83¾ 81½- 83½ 8-t½- 84~ 82½- 83¾ 83 - 85½ 85¾- 87¾ 84 - 84½ 83¼- 85 81½- 83½ 80 - 83 2d, Income, 1990 .... . 4 82½- 84 1st, exten., g., 1944.~ 103 -106¼ 105 -105¾ 105¾-107 107 -108 104½-106U 104¼-107lla . .. . - .... 106 -107¾ 106 -108 106 -106 103½-105 102½-103 - . .. . . .. - . ...... - ... .... . - .. . . 85¼- 87¾ 86 - 88¼ 87¾- 87¾ . .. - .... 86 - 86 St. Louis Div., 1st .. 4 .. - . Dall. & Waco, lst... o 105 -105 102 -106¼ 106¼-106¼ . . .. - .... 102~ -102!,4 • . - • ••• • •• - •• • •• ••• - ••• • 106¼-106¾ .. .. - . . . . . . . 88 -90 88 -90 88½-88½ 91 -91 ll0¾-90~ . .•• - .... 91 -91 - . . . 90¾-91¾ . ... - . .. . 90½-91 K.C.&P.,ht,1990.4 91 -92 M. K.& T. ofT., l8t.~ 105½-107\11: 107 -107 104¾-105¼ 105½-106 . ... - .... 106 -107!14 1071)(-107¾ 108¼-108½ 1051)(-106¼ l\)5)&-105½ 101 -103 100 -104 - .... 105¼-105½ Sh. IS. & So., J ,-t a-u .. ~ LOl½-105¾ .... Mo.Kan.&East,-l8t.~ 111¾ 112 lll}..(-112 113 -113½ lll½-113 111¼-112½ lll -111¼ 112½-112½ 112¼-112¾ 113 -113 109½-109¾ 1093,a-109¾ 109 -110 M.i88onri Pacific3d, 1906 .. ..... .... .. . .. 7 114¾-114¾ 113¾-ll~ 118;(-113¾ . .. - . .. . 110½-ll~ Lll -112~ 112½-112½ L12¾-113 ...• - ... 113 -118 LlO -110 . ... lstconsol.. ..... ........ ti 123½-121 l.2a¾-124½ 124¾-125 125 -126~ 122 -123 L22¼-124¾ 124¼-124½ 121½-12-l¾ 123:14-1:&5¾123½-12-l 20¾-121¼ L20¼ -121¼Trust, gold, 1911 . . . . :, 106¾-108 108 -109¼ 106¾-107¼ 106;14-107¾ 107~-108 107¾-109 108¼-109 108½-109 108¾-107¼ 105¾-106½ 105½-106½ 103 -lo5~ . . . - . .. . 107 -108 108 -109 lOtS¾-106¾ 106¾-106¼ 105 -106¼ 105 -106½ 103¼? 105¼ 1st, collat., Ir ,, 19~0.;} L071M-1U8~ 106 -107 1('6¾-108 107 -107 92 - 92 92½- 9,3 92 - 94~ 93 - 93 95 - 95~ 92 - 94 93¼- 93¼ 93¼- 94 93¾- .-5 93 - 94 91¼- 94 ·cent.Br'ch Rv., 181.4 91¾- 114 Pac. of Mo., ht, ext .. <t L07 -107¾ 105 -105 .... - .... 104}4-104¼ 105~-105¼ 106 -106 .... - ... . 105 -105 . .. - .... .. - ... 105 -105 104 -104¼ - .... lH -lU -114 114 . . . . . . . ... . .. -116½ 116 . . . . ... O 114 -114 ~d, 193S, ext St.L.&I. i.gen.& l.!I'. •) 117¾ 118 117¼-118¼ 118¼:-120 1163,g -117½ t15¼-117 116¾-117~ 116½-117¼ 116½-117½ 116¼-117¾112}4-114½ ll3 -114½ ll2 -114 - ... . 112½-112½. - ... . 114 -lU Sta mp., iru ., I !t:I t. .~ 91 - 92¾ / 92¾- 93¼ 93 - 94¾ 9~ - 9i¼ 92½- 93x 92 - 93 9! - 95 ll4 - 95 92¾- 94½ 94 - 94½ 94 - 95 Unify.& ref., 19'l9.4 92½- 94 ...• - . ... - .... 93 - 93½ 93 - 93 Mob. & Blrm.-194~ .. 4 .. .. - .... 100 -102 - .... 97 - 97 Mob. J. & K. V.-ht .. ;) . . .. lUoblle & OhloNew, aold, 192'7 . . . b 130 -130 13(%-131¼ 131 -131¼ 131¼-181¾ 181¾-132 129 -129 - .•. . 129¾-129¼ 130¾-130¾ 129½-130!,ii l30½-l30l>\ 128 -128 1st. Exteu., tu,1 . ... h 127 -128½ 127 -127 - .... 127 -127 99½- 99½ ll9 - 99 . . . . - . . . . 97 - 97 98½- 98¾ 99 -100 100 -100 99 - 9J Gen. mort., 193S..... 4 .. .. - . . . . 9, - 98 - .... 116 -lltl½ 117 -117~ ll6¾-116~ ll'lontgom. Div., lst. . O 116 -116½ 114 -114 - .... 115¼-116 . ... - .... L15 -115 1H -115 l!!it.L.& t;o.lru, col.tr.ti . .. - .... 91 _ ·91 (}un.rantePd.] 1J!J I. . 100¼-101½   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  73  RAILROAD BO DS. 1902-• u1111uued. NOV'BBR  BONDS.  DEC'BER.  APRIL. JUNE. AUGUST. SJCPT'BKR. OCTOBER. MAY. JULY. JANUARY FEBR'RY. MARCH. 1 - - - -1: - - - - - - - - - - - - - - - - - - - - - - - - - - ____ ,____ ,____ - - - -  ----------1  Lnw.Hlirh Low.High Low.Hlp:h Low.Hlirh Low.Hlirh Low .High Low.High Low.Hlp:hJ..ow.llighLow.HiJlhLow.Hlgh Low.Htp:la  Mor.L.&T.SS.-Seee.P. Nn.8h. Chatt. & St. L.- .... 127 -127 12'1 -127 126 -126 12611;-i\?~ ht. .... ......... .. . ..... '7 126¾-127 126¼-126¾ 126¾-12~ 128 -128¼ 128 - 128~ 128¼-129 12f>¾-i2~ . Con8ol.ir., 1928 ...... ~ 114 -114¾ 114 -115 116 -116 114%-lU¾ 114 - lLl¾ 114 -1147,( 115¾-115½ 115 -115¾ 116 -Jljf 113 -ll~ 112¾-l 13~ 112~-114 .... -116 116 .... btMcl'tl.M. W.&A.6 .... Na,ional of MPxicoPrlor lien, 19-lti ... 4¼ ... - .... 10~-102½ 102¾-102¾ 102 -102½ 102 - 104 104 -104 1017-(-101¾ 101 -101½100 -101'1; 100 -101 ..•. - .. .. 101 -1~ 73 - 75 74½- 76 75¼- 77 78 - 79½ 77¼- 80 1st, consol., 19~1 .. 4 .... - .... 8~- 80¼ 80¾- 81½ 80 - 81¼ W - BO¾ 78½- 79½ 78 - 79 New York Uentral-103 103 101"-102'111()2½-102~ -102 102 101%-101~ N. V.C. & B., ht,cp .. 1103¼-1~ 103¾-103~ 103¾-108¾ 103¾ 104 104¼-104¾ 104¾-lOlU 101%-101½ 101*101~ .... - .•.. 101%-102¼ 102¼-102½ . ... Retri8tered .... ..... . 1 ... - ... 103¼-l0:3}4 108¾-103'i1i 103¾-10~ lOi¾-104~ 1~-101¾ . .. Gold, l 99'7 . ....... . 3~ 108 -109 108¾-109 108¼-lOJ lOSIJ:(-109¾ .... - .... 105¼-109 106¾-107 .... - .... l~-108?,,j . . •• - ... 106 -106 104 -106~ - ••• . . .•. - .•. 100 -106 .... - ... 108½-108½ . .. Reirhtered ..... .. 3 1,, 109 -109 - .... 102¾-102l¼ 102M-108 103 -103 108½-103¾ 103M -103¾ . . - •.•. . .•• - , . • 102%-102¾ 102~-103 Deb., 1884-1904 ... ~ 103¾-104 .... - ... 101¾-101¾ 102%-102~ .. .. ... - . .. 10~-102½ . . Registered ......... :; 103½-103¾ . ... - ••.. 1~-lOOM ..•• · •....... ... - ... 1017,(-1(,llJ:1 .... Deb., Ir•, '90-190~.4 .. .. .... ... , , ... 99 - 99 •••. .... Reirhtered .... . .... '1 1()()¾- 100¼' . ... - .... 100 -100 100 -100¼ - . . .. 100¼-10011; . ... 101¾-101¾ 101¼-101¾ Debt certs., ext., ir.4 100}9-101 . ... 99½- 99¾ l Real tt>re ~ ......... 4 93¾- 94¾ 93M- 9~ 93 - 94½ 93 - 941' 92 - 94 !l5 - 95¾ 94;,(- 95¾ 94¾- 95¾ 95¾- 96 95¾- 911¼ 95!,'- 96 Lake ~bore, coll ... 3½ 97½- 98 93¾ 91 - 93 92~93½ 92½94 93 93½ 93 9t½ 93 9~¾ 93 94 93¾95 93½94¾ 91~95 93½96¼ 94 Reirl8tered ...... .. 3¼ 92 - 93 94!J4- 95~ 93 - 94~ 94 - 94~ 94 - 94 93 - 94 94¼- 95 Mich. Ceot'I, coll .. 3~ 95~ 97¾ 94¾- 95½ 94 - 94¾ 93¾- 95¾ 94½- 95 - .... 93½- 93~ .... 93 - 98)4 ReiristerPd .... .... . 3 .,. 91 - 96 93 - 95 VI. Bltum. f'oal, 1,.t.4 .... - .... - .. ..... - .... 105 -105 .... N.J.Junc.,lst,aru .. 4 .... - .... . 113¾ 114 -115¼ 114½-116 113¼-114½ 114 l14½ll~-lli31 ll3 -114 113 -113!l4112 -11~ 112¾ -113!,4 113 112*113 -113 112 Wfl8t !!;bore, guo.r .. 4 Rel{i8tered .... .... ... . 4 112¼- 112½ 112½-113 112¾-113 ll2¾-114 l18 -lH¾; 113½-115,¾ ll8 -114 113¾ 114 113 -113~ 112§11-11~ 112½-112½ 109 - 112~ 104¼-104½ .... - ........ - .... 104¼-l~ . .. - .. . 105~-105¾102%-1~ L.S.&M.S.ld, cn.,cp.1107)4-107½ 107¾-10~ 10'7¾-107'¼ 107¾-1071' .... 104 -105 .. .. - ....... _ ~d com,ol., reg . . .... '7 107¾-107½ 10'7¾-111 7¼ 107:J(-107:J( 107¾-107lh 104\,4-104~ Gold, 1997 . .. ... 3½ 108¼-108¾ LOS -109½ 108J4-108¼ 108¾-108:J( 108½-1091,6 .... - ... 107¾-107½ .... - .... 107J,.(-1~ 105½-106½10!l~-106 104 -105),( .. . .. .. ........ ........ . .. - . . 114 -114 Det. Mon.& T •. lst.1 - ... 127½-127½ .... - ....... . Mabon. Uoal, l8t ... ~ tttlcb. Cent., l8t, con., 101¾-102 102,¼-102¾ 102%-102¾ .... . - .... 101~-101¾ .... ....... -~ l8t, consol 1931 .. ...... . .... ..... :l .... - .... 132¼-132½ .... - .... 128¼-129 180 -180 128 -128 .. . . ) Rearlstered .. ...... ~ 130 -130 ... . - ......• - ........ - ........ - .... l.!7 -127 - •... 119½-119½ N. Y. & No., 1st ... :) 121¼-121½ 121¾-121¼ .... - .... .. . - ... 121½-121½ R. W .& O., con., l8t.~ 125¾-127¼ 127*127'tl 127¼-127½ 124:J(-124;J,f 123~-124¼ 123¼-123½ l.22½-123½ ... - •... 121 -121 llS½-12~ 120¼-!22 121½-121½ Osw. & R., ~d, gu ... -~ 113:1:(-114½ . ... - ... 108 -108 ..•• - ••.. 105½-108½1097,4-109% Utica&Bl.Rh,.'~'1.4.. I'. V. Ch. & et. L.- ht.4 107 -108 107 -107¾ 107¼-108 10~-1~ 1057-(-106¾ 105¾-106 lOf>¾ -107 107 -107 106½-107 104½-105 184½-105¼ 104 -105½ - ••.. 1~106§fi . .•. - .... 105 -105 105 -105 H eahrered ............. -1 .... - •··· .•. N. Y. N. H. & Hartt.226 -22<3 226 -229½ . . .. • Con.db. ct., n.11 ins.pd. 204½-204¾ 205¾-206½ .!05:J(-200 210¼-214 - .... 225 -225 . . . . Housat., con., 1937.~ 135¼-135¼ .... 106¼-106¼ N. Y. & N. Eng., l st.6 106%-106¼ .... N. y. o. & w ., ret., ht.4 104 -105¾ 104 -105¾ 103 -103¾ ~03¼-l~~. 103½-104¾ 103¾-104 108½-104½ 104 -lW¾ i02 -lOi 101½-103~ 102¾-103 .. ioo½=lOS3' N. Y, S. & W .-Su Erle. - .... 116½-116½ . . . - .. .. .. .. Nori. & 80.-lst, '41 -;.: ~ .... Norfolk & WesternGeneral .. ........ . ... 6 134~-134½ 135 -135 135 -135¼ 135¼-135¼ ... - . .. t34 -134 133 -133 133 -133 ..•• - .•.. 131~-131'4 ... . .... - ... . 135 -135 135 -135)4 . . - .... 134¾-135 NewRiv,,lst,193~.6 .. .. - .... .... - ........ - . . .. 129 -132 18.J:l:{-135'1:f ... - ... . 135½-136 182¾-132¼ .... Jmpt. & Est., 1934 .. ti .... - , ... 132 -133 133 -133¾ N.& W. Ry., lst,con.4 102 -103 102;lt-104½ 103¼-103¼ 101¼-102 LOl½ -102 101½-102 101¾-102 101¾-10~ 1Q2½-1Q3'4100½-101¼ 100 -101¼ 99 -100½ - .. .. .. .. Registered ... ........ 4 100½-100½ .... ~c. Val. & N. E., ht.4 101½ ·10'2 102 -102l¼ 103 -104 103¾-1~ L02 -102¾ 101½-102½ 10:Z -102½ 102¼-103 102 -11J3 .... - .... 100%-101 100¼-101½ 90 - 93 93 - 9,1 93 - 9~ 92¾- 94 94J,.(- 95 92 - 9331, 92!►.1 - 95 Pocah. C. & C.jolnt.4 ... - ....... - . . .. ... - ....... - .. . Northern PacificPrior lien ....... .. . ... 4 104¼-105¾ 105¼-10~ 10~-106¼ 105 -105¼ 104½-105¼ 10!;!4-105¼ 104 -1~ 104¼-1~ 104 -10411; 103 -103½102¾-103¾ 103 -104 Rea-lste1·ed ........... 4 104 -105 104 -105½ 104½-105½ 103¼-103¼ ... - . . 104 -104 104¾-104¼ 104~- 104¾ 104¼-104!,4102 -102 102½-lOi L03¾-103¼ 74!1(- 75¾ 74¾- 75~ 74 - 71™ 72¾- 7431! 72 - 7394 71¾- 73 7~- 74¾ 74¼- 74¾ 73 - 73% 78¼- 75 Gene1·al llen, 204'7 .. 3 rnl,4- 75¾ 74¾- 75 - .... 72½- 72½ 72 - 72 72 - 74 75 - 75 Reaii8tei:ed ........... a 72 - 72 .... 102½-102,¾ -102 102 -100 100 -100½ "'t• Po.ul-Dul. Div.-4 100 129¼-129¼ ... - .•.. 1271(-127'4 128 -128 128 -128½ St . Paul & No. Pac .. 6 .... !St, P. & Dulutb- .... 118 -118 122 -122 l8t Morr., 1931 .... :) 121 -121 - .... lll½-111½ ... - .... 112½-l.12¾ . ••. - ••.. 110 -110 .... )2d, 191'7 ........ ...... ~ .. .. - .. .. 112½-112½ .. .. - .... 110),(-110% - . ... 100 -100 ·••. 1st. cousol., 19tiS .. 4 100 -100 ... Wash. Cent. ht,'4S.4 ... - .... 94½- 94½ . ... No. Pac. Ter. Co-l8t.. 6 115 -115 116 -116'!i 118¾-119 .... - .... 119 -119½ .... • . .. 116 -116 .. .. - •.•. 11~-117½117¾-ll~ ...•• - ••• . 118 -114 Ohio Rlv.-lst, 1936 .. ~ .... - ....... - .... 110 -110 - .. . 108 -108 108½-10831, .... G .. n, gold 11131 ....... ~ See Or. RR. & Or. lty. & :No.v. l nioo Or .... hort Line. Po.c. l'acilic Coast Co.-lsr .:} 112 -113¾ 114 -114 113½-114½ .. . - .... Ha -118¾ 109½-113!14 111 -112 111 -112 112 -113 112 -114 110½-112 108 -108½ - •.•. 101 -101 .•.. - .•.. . .. Pu.uo.mo.-lst, 8. t ... -4~ ... - . .. 101½-lOlXi 101½-101,¾ 102 -102 102½-102,ki .... - .... • PeuD11ylvanln. Co.1st, coupon. . ....... 4x 112 -112¾ 111¾-llSJ.4 113 -113 113 -113 112¾-118¼ 113¾-113½ 111~-llHi lllJ,i-111~ .• .• - ••• . 109½-llO½ .... - •... 111 -111 - . ... 109½-1~ - .... 11294-112¾ 112),(-112~ ll~-110:k; .... . Kegistered . ......._4½ 111½-111½ 112 -112½ 112 -112 - •••. 98 - 98 .. •. 98¾- 98¾ 97½- 117¼ ... . - .... 98¾- 98¾ .... 98 - 98¾ 97½- 98 Guar., 194l, B .. .. 3311 99 - 99 - ........ 97½ - 98 Tr. Co.ctfs.,a-u.' lti.3~ .... - ... - ·-·· .... - ••.. 96 - 97 - ........ - .... 122½-122½ .... - ... 123 -123 C,St.L.&P ,lst,'3~.. ~ 123 -123 P.C.C.&St.L.,1Sr.A4~ .... - .... 116½-116),ji . ... - .... 114¾-114¾ ... - ... 115 -115¼ .... - ..• . 112 -112 112),(-112½ 113 -113 Seriel!I B., 194~ ... 4½ 115½-115½ .. .. - .... .. . . - . . .. 114¾-114¾ .... - .... 115¼-llf>¾ 115%-115¾ · - . . . 106),(-106¼ . ..• l!!e.-ies D, 194~ ..... 4 .. . 07½- 97¾ 97 - 97½ .... l!!e1·ie,d£, 1949 .. .. 3~ .... - .. ...... ... 127%-127¾ •... .••• 128¾-128;lt . .• . .... - .... 132 -132 Pltts.Ft.W.&C,, bt.7 130 -131 131½-131½131½-131½ .•.. 127;lt-127¾ .... - .... 128¾-128¾ . . . . - .... 131½-131½ ~d, 1912 ... .......... 7 130 -130 130 -130 - •••• 111 -111 - . . . . .. . - .... 111 -111 - .... lll½-111½ . ... G.Rn.p.& I.,lst ex.4½ .. .. Pen0t•Y lvanla RR.- •••. 105½-105½106 -106 - .... 110½-110½ .... Real el!ltate, 19 13 .... 4 ... - .•.. 103¼-104¾ 103½-104½ 104¾-108 107¾-109!,4 109¾-~ l~-110~ 105¾-1~ 103¾-l<m( Conv., aiold, 191~ .. 3~ .... P .& E.-su c.c.c&s. L . Peo.& Pekin Un.-ls .. 6130 -180 180¾-130" ..•• Pere Marqueue- •••. 121¾-J.22½ .. . . - .•.. 121 -121 Flint & Pere Marq":"'.'ti .... - ........ - .... 125 -125 124 -124½ .... - .... 124%-125 •••. .. - •... 112¼-112½ . .•• - ... .,., - ........ - .... 112 -112 1st cons., ir .. 1939 .~ 114 -114 1147,(-11!1!'4 115 -115 .... lll½-112¾ .... 113½-113½ 114 -114 118½-ll~ 114¾-114¾ 114¾-lU~ lll¾-111½ ... . Pt. Hur. Div., 1st .. ~ 117 -117 P.C.C.&St.L-See Pa.Co, - ••.. 112½-112½ P. & L. :E.,'2d, 1928 ... :l .... 121 -121 121 -121 .. .. - ... !19 -119 .... Pitt8b.Sh.&L.E.-l8t.~ .... - ... . 101 -101 102½-102½ 101 -101¾ . . . . 101½-101¼ lOl½-lOlxi 102 -102½ . . . . Plttsb. & West.-lst .. 4 100 -101 100 -100½ ...• 101 -101 - . .. 100 -100 101 101 .r. P. M. & Cn. ctf111 ..... .... -  ~n.v.i   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  74  RAILROAD BONDS. 1902-Vontinued. JANUARY  FEBR1RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. 8EPT1BER. OCTOBER. NOV'BER. DEC'BKB.  -----1----1----- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Low.High Low. High Low.High Low.Hiirb Lqw.Higb Low.High Low.Hillb Low.High Low.High Low.Hiirh Low. High Low.High ------------ - - - - - ---- - - - - - - - - - ---- ----------- - - - - - BONDS.  Plttsb.Y.&ABh.-':l'7.~ .... - ........ - . ...... - .... .... - ........ - .... 111 -111 . . . . - · · · · • · •• - · •• • · • .. - • - •.••.... - •••• kt20½-120¼ 97¼- 98½ 97½- 99½ 96 - 98¼ 96J4- 97¾ 95¼- 97¾ Readln(C-Gen., t9:J7 .4 97¼- 99 98¾- 99¾ 98!1:(- !l.9½ 98¾- 99¼ 99¼-100¾ 99¾-101 98 - 99 96¼· S-6¼ 95½- 96¼ 93 - 94 92½- 94 Jersey Cent. <'Ollat... 4 . . . . 92 - 93¼ - . . . . 97½- 98 95½, 96 95!1:( 96¼ 96¾- 96½ 96 - 97 Rich. & Dnnv.-See So. Rio Gr. WeBternlst M • .. . . ........ ... ... 4 100 -101½ 100 -101½ 100" 101½ 101 -101¼ 101 -102¾ lOl!JJ-102¾ 100 -101¼ 100 -100¾ 99 -100¾ 99 -100¼ 99~ 100½ 99 -100 96 - 95 94!1:(- 95:l:( 92➔.(- 92¾ 93 - 93~ 94 - 94¾ 93¼- 94~ 93~- 93½ 94 - 9i¾ Mort. & coll. n·., A. ... 4 93 - 94 91¼- 91¾ .... Utah Cent., 1 Bt, '17 .. 4 97 - 97 .... - .... 112¼-114¾ 113½-115¼ 114 -114 . . . . - •... . . . . Rio Gr. J unct'n-lst .. ~ .. . 82 - 82 . . . . 82¼- 82¼ . .. . - . . . . 80¼- 80½ . . . . Rio Grande So.-lBt .. 4 .... Guar., 1940... ....... . 4 91 - 92 92~- 92¼ .•.. - . . . . 93¼- 93¾ IM - 94!4 9'¼- 9i~ . ... 94~- 94¼ 921¼- 93 R. W. & 0.-SuN. Y. C. Mt.J.& G.I.-l8t'4,.3•4 95 - 96 95¼- 98 97½- 98:l:! 98 - 98¾ 97 - 98 98 - 99½ 96 - 96 97 - 9 7 96¾- 97½ 97 - 97 97 - 97 8t.L.&I.M.-See M.Pnc. St. L. & San Fran.Cla88 B, 1906 ... ...... .6 111½-lll½ 110 -110¾ 110!..(-110½ 110¼-110½ 107½-107½ 108)4-10~ 107½-107½ 107 -108¾ lO'TM-107¾ 108 -108 105),ti-105¼ 106 -106 Class C, 1906 ......... . fi .. - .... llOJ,ti-110~ 11~·110¾ 107 -107 .. . . - . ....... - .... 1087,(-108¾ .... General, 1931 ... .... . ti 131½-133½ 133¾-134 . .. . - .... 132¾--132¾ ••.. - •••. 131½-131¾ 180),ti-130¼ .... - ••..... - •... 130¾-131½ 130 -1:lO General, 1931 ....... . ~ 115%-118 ..•. - .... 117 -117 117 -117¼ 116½-118 117 -117 114½ 114½ 114 -114~ 116 -118½ 114 -115 115 -115 115 -115 St. L. & S. F. RR.-&' .. 4 96 -100 98½- 98½ . . . - . . . 99 - 99 97½- 99 99 - 99 99 - 99 99¾- 99½ 101 -101 . . . . - .. . . . . . . - . . . 97 - 97 Refundlnai. 19~1 ..... 4 116½- 98 97¼- 98),ti 97½- 977/4 e97],,(- 97¾ 96¾- 97½ 97 - 98 97 - 9',½ 96 - 97½ 94¼- · 95¾ 93½- 95 94¼- 95 94 - 9~ s. w. Div., 1947 . .... ~ 100 -100 - .......• K.C.F.S .&M.,con.fi .. - ... ..... - ....... - . ... 125¼-125~ .... - ... ... .. K.C. Ft:s.&M., ref.4 90¾- 91½ 91 - 93 92 - 94¾ 01¾- 92¾ 91 - 91½ 90¾- 91J.( 90¼- 91¾ 91 - 92 91 - 92¼ 87¼ -89 86 - 88 85"- 86½ St. Louis 8outhw'n1st, 1989 ....... .... .. . . 4 96¼- 99½ 98 - 99 98 - 99¾ 99¾--100½ 97½- 98¾ 98½-100¼ 99*100¾ 99 -100 99 -100 98 - 00¾ 95M- 98 94 - 96¼ 2d Inc., 1989 ....... . .. 4 77 - 79½ 78¾- 79½ 79 - 80¾ 80½- 88 83¾- 85½ 85 - 87½ 85 - 811¾ 89 - 90½ 88½- 89~ 87 - 88½ 85),ti- 85¾ 81 - 85¾ Trust Co. certlfic's . . .... 81 - 81½ 80¼- 81¾ l¾-- 81¾ .. .. - ...... . Consol., aiold, 193!1 .. 4 . . . - ........ - ........ . - . . . . 88 - 90 88½- 89½ 88¼- 90½ 88¼- 88¼ 88 - 88 80 - 86 8t.P. & Dul.-SeeN.Pac. t!lt. P. Minn. & Man. 2d mort., 1909.... -a• 6 116½,-116¾ 116¾-117 .... - .... 114¾-114~ 114½-114¼ 115¼-115¼ ... - •••• 112 -112 ... - ... 112),ti-112¼ 1Bt, consol., 1933 .... 6 13'7¾-138¼ 138¾-139¼ 139¾-140¼ 140½-141½ - ..•. 133¼-136½ ..•. - ••.. 136M-lafl!>.l 186¼-137¾137 -137¼ ,. Re1rlstered ........... 6 .... - ........ - . ... . .. - .... 139 -139 140 -140 .. .. - .. . . . .. Reduced to ......... 4¼ 114}(-114!1:( 114 -114¼ 114 -114¾ 115 -115¼ 115 -115½ 115 -115¼ 112 -113 112¾-112¾ 113),ti-113¼112¼-112½ L12¾-ll.2%112"-112'( Dakoto. Exten81on .... 6 116¼-117 117 -117],,( 117¾-117¾ llSJ,ti-118¼ 115%-115¾ 115¾-115¾ .... - ... 115½-115¼ . .. - . ... 115¾-115¾ 113),ti-113¾ ... - ... . Mont.E:s:t.,lBt.193'7.4 106 -106~ .•.• - .... 106¾-107½ 109 -109 107½-107¾ . .. - . ... 105¼-106¾ 106 -106 106 -106 104 -lO!t 105¾-105¾102~104 E.Mlnn.,lstDiv.tst.~ 106¾;-107 .. .• - • .•. 107¼-107~ . .. - ... . .••• - •.. 106%-106¾ .... - .. . . 107· -107 107¼-107~ .... Mont.Cen.,lst,1937.6 .... - ........ - .... 140¾-140¼ 141 -141¾ ••.. - ••.. . .. - ... . .... - •... 133¾-133:11! .•. 1Bt, llUar., 1937 ... . ~ .... - .... .... - .... 124¼-124¼ 124½-125 ...• - .... 124¼- 124¼ ... Will. & S. F ., l st ... ~ 124%-t2i¼ 125¼-1253-ii . . . . l'J. A. & A.P.-Bee 8 Pac. Sav.Fln. &West.- ••.. 128 -128 ... . 1Bt, cons., 11., 1934 .. 6 .... - .... 110 -110 .. . • - ..•. lll~-112~ . • . . - .......• Ala, Mid., 1st, 1928.~ ... . - .... 97-97 - . . . . 95 - 95 . . . . - . . . . 96 -96 Sil. ep. o. & G •. gu .. 4 89~ 92 .••• - . . • . 93¾- 93¼ 93 - 93 - • • • . . • • • - . • • • 84 - 87¼ 85¼- 87¼ 85~- 86),ti 85¾-- 86½ 86¼- 00 82¼- 84 86¾- 89 84 - 86½ 83 - 85 t!leaboard Air Line .. . 4 .... - . . • . . . . . - .... 104¼-105¼ 102¾--103 103 -103½ 103½-10!¼ 104 -104½ 103¼-104.¾ 103 - 104½ 101 -102 100½-101¾ Collat. trust, 1911 .. ~ .... - • • • . 96¼- 96J4 . . . - . • . . . . . . - . . . . . . • . - . . . . . . . . - . . . 97 - 93 97 - 97 . ..• S. & R.-Car. C., con .. 4 .... S. c. & Ga.-See South'n Southern Pacific Co.2-~-year, 190:i ... .4½ 99 -100¾ 100¼-101¼ 101 -101¼ 101 -101¼ .. . . - . .. . 99 - 99¾ 99¼-100½ 100 -100½ 99 -100¾ 99¼-100½ lOOJ,.(-100¾ 97¾- 98M Collat. trust, 1949 .. 4 93¼- 94~ 94¾-- 95 ~ 95 ~ - 9~ 95 - 96 92 - 93¾ 92¼- 94 93!1:(- 95 9a - 95 92¼- 94¾ 92¼- 94 89 - 91¼ Re1ris1ered ........... 4 .... - ........ - .... ~ - ~ 95 - 95 .... - .... .... - ........ - ........ - . .. . .. - . . . . .... - ........ - ... . Cen. Pac., 1st, ref.It .4 103)4-164 101¾-101~ 101¾-102¾ 101¾-102¼ 101¾-102¾ 102¼-103¼ 102¾-103¼ 100¼-101¾ 100)4-101 100 -101 100½-102 101),ti-101~ 4> Mort., (CU., (C.,'29.3¼ 87 - 87½ 87¾- 89 88½- 89¼ 8 ½- 89 88¼- 89 87 - 88¼ 8814- 89¾ 8d¼- bS¾ 81¼- 89¾ 85¾- 88 86 - 87 84¾- 85¼ G. H. & S. A., 1st .... 6 .... - ... . . .. - .... 109¾-109¾ 112 -112 .. .. - . ... 111¾-113 ...• - ... . llOJ,ti-111 110 -110 110 -110 ~d, 190~....... . . ... '7 . ... - ........ - ... . 108 -108 M. & P. Div., 1st .. ~ .... - . . .. 109¼-109½ .... - ... 110¾-110¾ .... - .... 108 -11:.! .... Gila. Val. G.&N.,lst.~ .... - .. . 112 -112 108 -109¼ ...• B. E.& W.Tex.,lst.~ . ... - .... 105 -106 .... - ••.. 10:i -103 1st, (CO., lit•, 1933 ... :) .... - .... 102¼-102½ Hous.& Te:s:.C., 1st.~ 110¾-111 111 -111¾ lll¼-112 lll¾--112¾ lll¼-112 1127-(-112¼ 110 -111 111 -111 110¼-111 lll -111¾ lll¾-111¾ 111 -111¾ Consol., ll•, 1912 ... ti . . . - .... 113 -114¼ 113~114½ . ... - . . .. 110¼-110¾ 113¼-113¼ ... - ... . 110¾--111½ 110¾-ll~ 112 -112 General, g., 1921..4 ~ - 95 95 - 95),ti 95 - 95 94 - 95 9!¾- 95 94¼- 95½ 95 - 95½ 96 - 96 96 - 97 90½- 93 00¼- 93 91¼- 92¼ Waco & N.W., l8t .6126¾-127 125¾-127½ .... =1ao·· :::.~ = :::: IUor(C. La. & T., 1st., 135 -137 - .... 133¼-133½ ... . - .... 134¼-13!½ . . . 1st, 1920. ....... . .. ti 123 -123½ 123¾-123½ .... - .... 122 -122 ~an An. & Ar. Pass.4 87¼- 90 89¾- 92 91 - 91¼ 90¾-- 92 90½- 91¾ 90¼- Ul¼ 88 - 89¾ 88¼- 89¼ 88 - 89¼ l:l6 - 89 86¾- 87¾ 85 - 87ll:( So.Pac.,Ariz.1909 ... 6 112¾-112¼ 113 -113 113 -113 112¾ 112¾ .... - . ...... - .. . .... 1st, 1910 . .... ....... 6 .... - ........ - .... 114 -114 114¾-114¼ 114),ti-114¼ 114¼-114¼ . ... - .... 112¼- 112~ ... . o. Po.c .• Cal., 190~ .6 107M-108¼ . . . . - . . . . 105½-105½ 105¼-105'( 105¾-105¾ . . . . - .... 105 -105½ . . .. 1st, 1906, C. & D . . 6 110¾--110¾ .... - ........ - ........ l st, 191 ~ .. ...... ..... . 6 . . . . 119¼-119¼ . .•. S.P., Cal.1st, consol., stamped, 190~-3'7 .~ 109 -110¼ llOJ,ti-111 110¼-110¼ 111 -111 108¼-100 109),ti-109:ki 109¾-109¾ 109¼-110 110 -110¼ 108!1:(-108¾ 108¼-108½ - ... . 112 -112 S. Pac., N .Me:s:., lst.6 .... - ..... .. . - .... 115 -115¼ 115¼-116¾ .. .. T.&N.O.,lst,'0~.7 .... - .... 108-108 . ... - .......• - ..•....• 8ablne Div., 1Bt .... 6 .... - .... 114¼-114¼ . . .. - •... lll¼-111½ . . . • - ........ - ... . ...• 8outhern1st, consol., 1994 .... ~ 119½-1213<i 119½-120¾ 120¾-122¾ 122¾-123 122¼-l.23 123¼-124 120¾-122¼ 121 -122 lls,(-122 118 -120 118 -119 118 -120 Jl.eail•tered .. ......... ~ 122 -122 lll. & o. col. tr., '38.4 97 - 98 97 - 99¼ 98 - 99 98 - 99 98~ 9J 98!1:(- 99 98¾- 99¾ 99 -100 97¾- 97!,4 95).(- 96 94¼- 94¼ 94 - 95 Memphis Div ..... 4¼-~ .... - .... 112¼-113 115 -115 - . . . . . . - •.. . .... St. Louis Div., 1Bt ... 4 99¾-100½ 99➔-!-100¾ 99½-100¼ 100~101¼ 101 -101¾ 101 -101¾ lOOJ,ti-100¼ 100)4-100½ 100½-100½ 99 -lCiO 99➔-!-100¼ 99¼-100¾ A.ti. & D., 1st, ir,'4S.4 94 - 96¾ 96¾- 96¼ 96}1- 96~ 97 - 97 98 - 98 9 ¼- 98½ 95¾- 95¾ 96 - 96 96 - 96 .. - .... 95 - 95 Col. & Gr,, l st, '16 .. ti .... - . .. . ... - ... 119 -120 - ••. . .• .• E.T. Va.& Ga,, Div.. ~ 117 -117 117½-117½ 118 -118 120 -120½ 118½-119 l19¼-119¼ - .... 116!1(-116¾ . .•• - .. . 117½-117¼117½-118 ConBol .. 1st, g •.. ..... ~ 120 -120,t 121 -122¼ 121¾-122 122½-122¾ 120)4-122 121 -122 121 -121¼ 122 -122 122 -122½ 121 -i21½ 118¼-118¾ 118 -119¼ E. Tenn. reorg. lien .. ~ .... - ... . 116¼-116½ .... - ... . 116½-116½ 113¾- 117¼ 117¼-117½ . ..• - .... 114 -114 . . .. - ... . 114),ti-114¼116)4-116~ Ga.Pac.,lst,&'old ... 6125 -125¾126¼-126¼ .•.. - •.•. 127½-129 128 -128 128 -128 - ... 126¾-126¼ ... - . . . 126 -126¼ ... . - •••• Kno:s:. & o., 1st, (C... 6 125 -127¾ .... - .... . . .. . .. .... . - ....... - ... . l26¾-12d¼ .... - .... 126¾-126¾ ... - ........ - •••. Rich. &Dan., con.,g.6 120.!,(-120¼ 121½-122 121¾-121¾ 122¾-122¾ 122 -122½ ..• - ... . 119 -121 - ........ - •... 122 -122 ... . - .... 120½-121~ Deb., 19~7, stamp ~ .... - .... 112¾-112~ 113~-113¾ .... - .... 1117-(-111~ .... - ....... - . ...... - .... •ll¾-112 111 -lllM Rich. & llleck,, '4S.. 4 .. .. - .... .. - .... 90 - 90 - .... 92 - 92 !!JC!). Car. & Ga., 1st .. ~ 109 -109¼ 110 -110 110 -110:J,4 110%-111 109 -110½ 110 -112 111 -111¾ llQ¾--110~ 110½-111 t09¼-109,1i 106 -108¼ 1()6%-107 Va. Mid., ser. C. '16.6 .... - .... 123 -123 .... - . . . . . .. - .... 113¼-113½ . . • . - •••• teeriel'I D, lU~t. .. 4-~ .... - •..• 114 -114 .. . . - . . . . . - •.•. 114 -114: Series F, 1931 ...... ~ .... - •.• . 115¼-116 115½-115½ 116 -116 .... - ••.. 117 -117½ 116¼-117 Genera,, 1936 ..... . ~ 115 -115 •• - •••. 114 -116 Wash. o. & W ., '24.4 .... W. N. Car., 1st, con.6 .... - .... 120 = :::: :½=l:¼ 120¼-120½ .••. - . •••• ll5½-ll~ll~-1i~ -119 - . . .• 98lk 9Eijj 104¼-104¼ . . . . - . . . . . . . . - • • . . .. • . _ •••• Staten 181.-1111, '43.4~ .... 0  _:::: iso  __________   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  =~.·.·.1.:.·:.:.  _______  ..:..._  _.;._  i2~=uii..  ii1M~ll8.. U.9  RAILROAD AND MISCELLANEOUS BONDS  75  1902-(Jontinued. BONDS.  JANUARY FEBR'RY •  .M.AR0H.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NO 'BER. DE0'BER.  Low. High Low. High Low.High Low.High Low.High Low.Higb Low.High Low.High Low.High Low.High Low.High Low.High  ----  ------4  ----------•-----<-·----  Term'l Ass'n of ~t. L.lst, 1939..... ........ . 4~ .. .. .... - ... 114½-114½ ..•• - •.. . .••• - ... ... .. - ...... .. - •.•..•.. - . .. . .•• - •.. . 111 -111 ..•. - .... .... - •.•• tat, con sol., 1944 ... . :; 116½-116½ ........... 116¼-116½ ...• - .... . ..• - .... 116¾-116¼ .... - . ... 118 -118 ..•• - ..•. 118 -118½ 119 -119 119 -119 St. L. Mer. B'ge Ter.:; 118½-113½ .... - •....•.• - .... ll.2¾-112¾ 115 -115½ ..• - •....•.• - .....••. - ••...•.• - ••...••. - •.....•• - ••.. . •.• - ..•• Tex. & N. u.-See So. P. Texas & Paclficlst, Eastern Div- .... 6 .... - . . . .... - ........ - ........ - ........ - ....... - ... . ... - ....... - ... tOl:1:(-101¾ ... - ......•. - ...• l•t, gold, 2000 . ...... . :; 119 -121 120¾-121 120!,(-121 t2Q¼-121;14 121 -122 119~-119¾ 119¼-120 120 -120 120 - 121½ 119 -121 120 -12~ 116 -118 'Jd, ir., Inc., ~000 .... . :; 98 -101 100 -102¾ 96 - 98½ 97½- 99 .... - .. . . 98½- 99¼ 99½- 99½ 90 -100 09½- 90~ 99¼- 993' 100 -100 98 - 98 Toledo & Ohio Cent'll8t, 193:; ... ... . ........ :; 114½-114½ ..•. - •.•. 118¾-118¾ 113¾-113¾ ..•. - ..• . 114 -114½ 112½-112½ . ..• - •... 114: -114 114: -114 .. 114 -114 '\f.Dlv.,lst,103:J .. :J ... . - ....... - ........ - ....... - ...... - ..... .. - ... .... - ...... - ....... - .... .... - ... 113¾-113Ji .... - •..• General, gold, 193:J.:; .... 107 -108½ .... - ... . 108%-110¾ 109 -109 . .. - .. . ... - .....•• - .... 109 -109 .... - ........ - .... . .. . - .•.. Kan,& M,,l8t,gn,,ir.4 98½· 98½ 98¾- 98!14 118¾- 98¾ 98;(- 98~ .... - .... 94½- 96 96 - 96¼ .•.• - .... 98½- 98½ .... - ......• - ....... - ... . Toi. Peoria & West.1st, 191'7 .... :..... . .4 91 - 92 01 - 92½ 92 - 93 92½- 93 92½- 93 93 - 93½ 91¼- 92 92 - 92 .... - .... . ..• - ......• - •.. 91 - 91 Toi. St. L. & West'nPrtor llen . ....... . ... . 3½ 90¼- 91 90 - 91¼ 90 - 90¾ 91 - 91½ 91¾- 91½ 91½- 92¼ 88½- 90½ 9~- 90:)( 901,.(- 90¼ 88½- 90¼ 89 - 90 8~- 89 :;o.year, a., 192:; ... 4 82½ 83¾ 88¾- 87 84½- 85¾ 81JJ;!- 83¼ 82 - 83¼ 82.½a- 88½ 82¾- 83¾ 83 - 84½ 82½- 84 78 - 81 78 - 80 75 - 80 Tor, H. & Buff,-l8t . . 4 97½- 97½ 98¾- 98¾ 99)4- 99¼ ... - ... . 91J - 99½ 97 - 97 98½- 98½ 9:l - 9~ .. .. - . .... . _ - ....... - ... . .. . - ... . Uls. & Del.-lst, con . . :; 111 -111 111%-111¾ 112 -112 .... - .... 113 -113 110½-lll½, lll½-111½ 112½·112½ ... - ... . .... - .... 114 -lU 109 -109 Oni on Pacific'" :;o.yr., ,iold, 1941 ... . 4 104¾-105¾ 105 -106¾ 105½-106¾ 104¾-105¾ 105½-106¼ 105¾-106½ 104)4-104¾ 104½-105¼ 104½-105¼ 103)4-105 104¾-105¼ 103¾-105 Rearistered ........ ... 4 105 -105 105 -105½ 104½-106 104"-105~ 105)4-105¼ 106½-106½ 104¾-1Ci4¾ - . . 105!,t-105¼ 104 -104 103 . -105 1st lten, conv., 1911.4 1057,( 107¼ 105¼-107¼ 105¾-106¼ lOff¾·llOJ}.t 105!)r1077~ 107 -108½ 107¼-110½ 108¼-112¾ 107¼-1187,i; 106~-110¾ 105¼-107~ 103 -106¼ Reiiistered .......... . 4 .. - .. . . ... - ....... . - ... . 106 -106 .... - .... .... - .. .... .. - ........ - .. . . ... - ... .... - ........ - •.. . 105!,t-10.S¼ Or. Ry. & No.v. lst .. ti 109 -109 .... - . .. . . ... . .. . .. . ... . ... - • . . . . .. - ... .. ... - .•.. .. - . .. . .. - . .. . . . - . .. . .... - ... . Or. RR.&; Nav.,con.4 102 -10:!½ 108 -104½ lOi -la4½ 104 -104½ 104)4-104¾ 102~·103% 103 -103½ 102¾-103¼ 103 -104 101½-103 102½-103¾ 100 -101 Ur. Short Line, 1st .. 6 128½-129½ 126 -128 127 -128 126¾-127¾ 127 -128 126¼-128½ ... - •... 125½-126 125½-126¼ 125 -126 125¼-126~ 11!5 -126 Or. s. Llne,lst, cons.:; 117 -118 117½-118 117%-119 llfl¾-119½ 118 -119 118%-119¼ 116½-117 116 -117!1:t 116 -117)4115 -116 115 -116 115 -115¼ 4s &; participo.tlna- .. .... - ........ - .. . .. . . .. ... - ...... - ....... - ... - ........ - .... 92¾- 96 92 - 94½ 92¼- 93¾ 91'4- 96¼ Utah & No., 1st, •o~.1 ... - . .. . ... - ... . .... - , . . . • - . . . . .. - .. . ... - ........ - ... . ... - ....... - ... .... - . ... 115 -115 ... - .•.• 19~6 ............ . ..... . a .... - ... .. - .. .... - .... 114½-114½ ... - .... . .. - .... . .• - .... . ... - •.. . - .... . .•. - .. . .. - . .. . ... - ..•• Va. Mld.-See Southern. Wabashlat, gold, 1939 ..... .. . :; 118¼-119 ll~-119 119 -120 119½-121 118?8-120¼ 119½-120 119 -120 118¾-120 118 -120¾ 119 -120½ 116 -118 ll5 -116¾ 2d mort., gold, 1939.~ 114 -lU¾ 111 -112 110½-lll¼ 110¾-111½ 110,¼i-112½ l ll½-112½ 112¼-113 109 -110½ 109 -110¾ 109 -110 107½-110 107 -108½ Deb. inc., 1939, A .... 6 .... - .... 100 -101 .. . - . ... lOL½-102 .... - .. . 108 -103 100 -100½ ... - ........ - •... 104 -104 100¼·1007-1104 -104 Deb. inc., 1939, B .. . ti 66½- 69¾ 68¾- 76 72½;- 76½ 74¾- 78l}.t 74½· 78 73¾- 78½ ?5¾- 78 76 - 78¾ 77¼- 89 'i6 - 84¾ 75 - 81 70¾- 77¼ 1st lien, a. t., 19~1. .ti .... - . . . . . . . . . ... 105 -105 105 -105¾ . .. - . . . . . •• - • • • . .. - ... . 107 -107 . ... - • . . . . . - . . . . .. - . . . . L04¾·10i½ D.&Ch.Ext.194i• .. ti .... - ... 109,½-110 . ... - ....... - ... Lll¼-111¼ .•• - ••. . 1011 -109½109½-109½ ..•. - •... 110½-110½ .... - ••. . ll()¼-111 Des M. Div., 1939 ... 4 95 - 95 . .. - .. . .. .. - ..... .. • - .... 97 - 97 ..• - .... . . - ........ - .... . .. - .... . . ... - .... . .. - ...• Omaha Div., 194 t.3½ ... - . .. 87 - 87 87 - 88 86¼- 88½ 87¾- 80 88¼- 89 88½- 89 69 - 89 88;(- 88½ 85¾- 85~ 88)4- 83~ 83 - 83 T. & C. Dlv., 1941 .. 4 . ... - ... .... - .... 98 - 98 .•• - •... . ... - .... .... - ... . ... - ..... . .. - ... . . ... . ... - ... . ... - •..... . . - . ..• !St. L. K. C. & No.~ Mt. C, B'ge,l11t,•0~.6 .... - . . . 111½·111½ ...• - ••.. 109 -109 110 -110 . ••• - ........ - ..... ... - .. . 110½-111 .... - . . . . . •. - .... 109 -109 West. N. Y. & Pa.1st, 1931 . ........ ...... :; 119½ -120¼ 120 -120½ 120½-121 L20½-121 120½-121 121 -121½ 119 -119¾ 119½-119¾ .... - .... 119 -119¾ ll8 -119 119 -11~ Gen'l, 1943, gold .. 3-4 100 ·100 99½-100 100 -101 98¼- 9:3½ 98¼- 98¾ 9~-100 100¼-101¼ lCll¼-101½ 101¾-102 99¼-100 99 - 99 99 - 99¾ w.vo..C.&Pitt.-l!lt.ti 112½·114J.9 - . ...... - ... .. . . - •...... - •.. . . . - .... . ... - ... .. .. - ,. ..•.. - ... . - ........ - . . .• Wheel.& L.Erie-1111.:; ., .. - . . .. 115 -115¼ .. •• us -113 ...• - .... . ... - •.•..... - ......•• - •. . . . ..• - .... - ... 113 -113 . ... - ...• Wh.Dtv.,lst, a.,'28.:i 112½-112½ . ... - .. . . . .. . - .. . . .. - ....... - . •. . .. .• - .•.. . ... - .... .... - •.. . 113 -113 .. - ....... - •.....•• - .•.• Ext & lmpt., 1930. :; .. .. - ........ - . ... . ... - . . . . . .. - ... .... - .... . .. - ........ - . ... . .. - ... .... . - . .. . 111%-111¾ .. . - . . . . .. - •..• 1st con., 1949 ........ 4 91½- 93½ 93¼- 94 91 - 92 91½- 98½ 93 - 95½ 91¾- 97½ 94¼- 96 95½- 97 93½- 94½ 91¼- 98½ 91½- 93 91 - 92 Wisconsin Cent'l Co.:;o.yr. 1st, ai., 1949.4 88¼- 89!4 88 - 90 89½- 90¾ 90¾· 95 93¾- 94¼ 93½- 94 91½- 93 92 - 93 92½- 93½ 91 - 93 91 - 92½ 90¾- 93},( TREET RAILWAY, Brooklyn Rap.Trans.~ 107 -103½ 107 -108 108 -110¼ 107J.fi-109 107% -109 . . .• - .... 107½-108 108 -109 107%-108¼ 102 -105 102 -108 103 1 -103¼ B'klyn City,lsr, con.l 112½-112½ 112½-112X? 112½-112½ - .... 114 •114 ... . - ........ - ........ . ... - . . . . ... - .. . . . ... - .•...... - ••.. B.Q.C, & I!;., con. gu.a LOO -103 103 -103 101 -105 lOi -106½ . . . - .... 102 -102 .... - .... 102 -102 108 -103 .. .• - . . ... ... - ... . . .. . - .•.. B'klyn Un. El., ht.4-a 100¾-102~ 100¼·101 100½-101~ 101 -102 101¾-102½ 102¼-104 103½-105 102½·103¼ 101 -10211.( 101 -102¾ 100¾-101½ 100 -1023' Stamped auar .... 4-a .... - ... .... - .. .... - ... . 101½-101½ .... - ··• · . ... - .... l<M¼·104¼ .... - .. .. ... - . ... .. - . .. . .. . - .. .. .... - ... . Kinas Co. Elev., li.t 4 90 - 92 90 - 91½ 90¼- 03 92 - 92¾ 89¾- 91 89 - 91 89 - 89½ 87 - 89 86½- 88 86¼ · 87¾ 86 - 87 87 - 89 <Jonn.Ky.&L-1 .. t.4½ .... - .... . ....... - . . . . 98 -98 . .. - . . . . . - .. ... ... - ........ - .. . .... - .. 99¾-9931i . . .. - ....... - . . . .llletropol. St1·eet Ry,Genero.l. .. ........... :; 120½-122 119 -121 119½-120!,e 120 -120½ 119¾-120¼ 120 -121 120 -122 119½-120 119 -120 l16¾-118 117½-118 116½-119 H.etnndin~, 200~ . .. . .4 .... - ........ - ........ - . . . . . . . - ... . . .. - . . . . ... - . ...... . - . .. . 98¾- 99 98½- 99 96½- 97 96¼- 96½ 116 - 96~ B'y&1a.hAv.,1943.~ 118½-118>11 - .... 119½-119½ 119½-119¾ ... - .... 117½-118 118 -118 . ... - .... 118:Jfi-118¾117½-117,¼119 -119 tll.l¾-117 Col. & 9th Av., 1st .. :; . ... - ... . 124½-124½ .... - ... . 121¾-123 122½-123½ 122½-122½ ... - . .. . ... - •.. . . ... - .... 120 -120 120 -121 ... - .... Lex.Av.&Pav.F .. 0123 -123¼124 -124 ... - .. . 120:J;t-121¼121 -1221.(122½-t22½122~-123,¼{ - ... .... - •.. . .... - ... 120½-121 120½-121 Third A venue (N. Y .) 1st, con., an.,2000.4 99)4-101 101 -101¾ 100!1:(-101:k, l00¾-101 10(¾-101¾ 101¼-101~ 98 - 99¾ 98¼- 98¾ 97 - 9~ 97 - 99¼ 9~- 90½ 97¼- 99:1:( 1st, 1937 ... ...... . ... .:; 123 -124¾ 124 -126 124½-125 124½-126½ .. - .. .. 123¾·127 12! -125 ... . - . . .. . .. - .... 120¼-120¾ 120¼-121 121¾-122 et.W.S.El.(Ch.) ... 4102¾-103 101 -101 101 -101 101¾-101¾102 -102¼102¼•102¾!02¼-1027~101 -101 .... - ••.. ...• - ... . 101 -101!,t .. .. - •.•• Mlnn.St.Ry.-l&t,con.~ . ... - ... . ... - ........ - ....... - .. . ..... - .... 110 -110 . ... - . . . . . . - ....... . - •....... - ... .. ... - ........ - .. . . GAS AND ELECTRIC. Brooklyn U. Gas-1st:; 117 -117¾ 117¼·119 117½-119 119~-120¼ 118 -118½ 117½ ·118 117%-118 117½-118 118 -llo¼ 117½-118¼ 115)4-117 ll5x,-117 Det. City Gas, 1923 ... ~ 98¼- 93 93 - 95 95 - 97½ 96½- 98 96 - 98¼ 93 - 99½ 95¼- 97¾ 97 - 97 96 - 97 98½- 98½ 96¾- 98½ 98¼- 99 Detroit Gas-1918 .. . . :i ... - .. . . ... - .... .. . - ....... - .. 104 -101 . ... - . ......• - •.• . . ... - ••...... - ........ - .•..... . - . ..• .•.. - •••• Eq. Gas,L., N. Y-Con.:i .... - ... . ... - ........ - .... .... - ... .... . - .... 118 -118 .... - •... . ... - .•.. . ... - .••..... - .•. . 117 -117 117 -117 Kina-11 Uo.El.L.&Pow• Purchase mouey. ti .... - ....... - .... .... - .... 124 -124 124 -124 123 -12i 124¼-124.~ .... - .... 124 -124 121 -121 ... - •... 120 -120 Ed. El. 111. (B'klyn) ..4 97 - 97 97 - 97 97¾- 98 • .. - .... 98 - 98 91:!¾- 99 .... - •....... 9i½- 97½ . ... - ... . .... - .•...••• - .. .. Lac. Go.s, St.L.-lst,a .:; 108½-110 108 -109 107½-109½ 100½-110 108½-110 10~-109½ 1.08¼-109 108 -108¾ 107%-108¼ 108¼-108½ 108 -108½ 107½-108½ MUw. Gas-L.-lBt •.. . 4 .. - ... .. ... - . ....... - ....... - ... . ... - .... 95½- 95~ 95 - 95¾ ... - ... . .... - ........ - .. ...... - ........ - •... N.Y.El.L.H.&P.-ht,6112½-118½ 118½-11~ 115¾-116 116 -116¾ 116 -116 114 -114 113½-114 112 -113½118½-113½111½ -113½118 -113½110¾-111¼ Pnr. mon. col. tr., g.4 97 - 98~ 96¾- 97 96 - ll6½ 96 - 97 95¾- 98 97)4- 97¾ 97¼- 98 96 - 90¼ 9i¾• 96¼ 94 - 95¼ 94' - 95½ 94 - 95 Ed.ls. El. lll., ht,' lo.:; 107¾-108½ 108¼-109 106½-1~ 106½-106½ 107½-108 107 -108 .. . - .... 107½-107½ 105½·105¾ 105½-105½ 105¼-106 10'-¼-105'( l•t, co11s., 199:;, g . • c) - ••....•. - ••...•.. - • . . . . •• - .... . ..• - .... 121¾-121➔.( 120 -120 ..• - .•.. . ..• - . . .. 120 -121 . ..• - •.•• 120 -120 N.Y.&Qn.E1.&Puw.Con,, a;old, 1930 ... . .. ti 104½-107 104½-105 105 -106 106 -106½ 106½-107½ 107 -107½ 107¼-108½ 106 -107 107 -107¾105 -106¼108 -108 ~07¼-107½ eeople'11 G. L. d, Cokelst, iruar., a., 1904 .. ti .... - . .. . . . . - ... .. ... - . . . ... - ........ - .... 104 -104 ..•• - ........ - ........ - ........ - . . • . . .. - ••• . . . . . - •••• 2d,ainar.,g.,1904 ... 6103 -108 •••• - •.•. 1.03½-103½ .... - ... . 105¼-106 103¼-103½ . ... - .... .... - •.. . ... - .... 103"'· 104¼104½-104¾ .... - •.•• 1st, con., ,i., 1943 ... . 6 121 -126 121 -122 122¼-128 121 -121 120%-121 ...• - .... . ... - ..... ... - ... 121 -12131117~-120 120¾-121 120 -120 Retundlnai, 19'11. :) ... - ........ - . .. . . ... - . .. . . . - ........ - . .. . . .. - ...... .. - ........ - .. .. .. - ........ - .... 104 -104 ...•~ - .. . • Ch. G.-L. &; C., 1st .. :; 109 -lOQ½ .... - .... . ... - ... . 100¾-liO 109¾-1011¾ 110½-111¼ 108½·109 108¾-108!1,i 110 -110 109 -109 110 -110 109 -109 Con. Gas, 1st, 1936.:; ;108¾ 108¼ 108¼-109 109 -109 109¼-109½ .. .. - ••.. 107¼•108½ 108 -108½ . ... - ... . ..• - ........ - .....•.. - ... 1108½ 108½ Eqult. Gas & F., lst.6 102~08 103¼-103¼ 104 -104¼ 105 -105 ... -, ... ..... - •....... - ..... . .. - .. . . .... - .... 105 -105 10,i½-1~ .... - •.. . Mutual Fuel Gas .... :; 105 -105 .. .. - ........ - ........ - .... 105½-106 .. .. - •... 105 -105 . ... - . . . . . .. - . .. 105 -105 ...• - •. . . . ... - ... .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD AND MISCELLANEOUS BONDS.  76  190:l-Concluded. 1  BONDS.  - ---  MISCELLANEO U"'• Ad11m8 ExpreH-Coll . 4 Am.S ,S . ofW. Va.,' llO.~ B' k lyn Fer., l 8t, c o n 8.~ B 'kln W.& W.H.-l8t.~ Det, M. & ill. L. G.-Inc. Man. R.H.& L.- Gen .. 4 N . Y . Dock-~O-ye ar .. 4 U . S. R e d . & R ef.-l8t.6  JANUARY FEBR RY •  1  .MAROH.  Jd.AY. JUNE. JULY. AUGUST, 8EPT O CTOBER. Nov'BER . DEO'B KR. - - - - - - - - - -APRIL, - - - - - - - - - - - - - - - -BER. --- --- ---  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low. High Low. B ig 105 -106% 106¼-107¼ 104 -1~ 103¾--105 1~-105½ . .. 100¾-101¾ 79¾- 81 83¼- 85½ 80 - 82 79'.¼- 82¾ 81 - 82 76 - 76 - .... ... 30 - 35 50 - 55 53 - 60 34'4- IS4 52 - 55  .... - .... ... -  .... ....  .... .... - .... .. ..  .... -  38 - 50  ·•• ·  00¾-  94 - 95  .... -  98 91¾- 95 85 - 89¾ 86 - 89  .... - ....  1053'-106¼ 105 -106 105¾-106¾ 104 -105 104½-104¾ 104¼-105 103¼-104¼, 100¾-100¾ ... . . .. . - ... 78 - 79!,:a 76¾- 77 80¾- 82 82¼- 82¾ 80 - 80¾ 80~- 80% 80 - 80 ... . . . · · • 64, - 80 59 - 08 53 - 60 78 - 91!,:a 82 - 90 7i¾- 86 80 - 90¾, . ... .... - ... . ... .. - .... ··••· 96¼- 973' 96¾- 98 95¾- 97 95~- 96 95¾- 96¼ 95¾- 96 94¾- 95 8tJ - 87% 85 - 87½ 84»1- 87~ 85 - 86 85 - 86 . 85 - 85-  -  - .... .... .... ... .... - .... .... - ··• · ... 95 -100  97 - 99  86 - 87¾ 86 - 88  ...  .... - .... .. . - .. ... - . ... ... ... . .... ... . .... . ... .... .. .. - . .... - ... . - .... .... . .. . ... - .... - .... . ... - ....  T ELEG R APH AND TELEPHON E. Am. T elepb. & Tel'arh.4 .... - . .. . 99%-100 100 -10<% . ... .... .... ... - . .. . .... .... 973'- 97½ · ••· - ... ... .... . ... - .... Comm' l Cable-l8t..... 4 .... ... .... - ... . ... .... .... ···- .... - . ... .... .. . . ... - .. . .... .... . ... - . . . ... .... . 100~100¼ . M e t . T ele p.&Tel., l8t.~ .... - ... ... . .... ... lli¾-114¾ . .. ... - ... . .... ... .... - .... .... - . ... .... .... lU -lU .... . W . Union TelearrapbCol. tr., cur,, 1938.. . :) 112¾-113 112½-ll~ 118 -113 112 -112% 112 -112¾ .. .. - . .. . llQ¼-111¾ 110 -111 110 -110¾ 109¼-llO¾ 110 -110~ 110 -111 Fund. & R.E.,':)0 .4~ 107¾-108¾ 108 -109 109 -109¾ 1~-109¾ 106%-107¼ 106 -107 105¾-l~ 106 -10~ 106 -106 105 -107 l()i¼-10~ 103%-1~ Mutual Union, 8. f .. . 6 113¾-113¾ 113¼ 118¼ .... - . ... 112¾-112¾ llQ¾-110¾ 111 -111 .... .... .. .. - .... . .. . .... .. . - . ... - .... ··•· ....  -  -  - . -  ....  - ....  .. ... -  -  -  -.  -  .  - .... .... -  -  - ...  -  ...  -  -  MANUFACTURING A ND IN D U!!!TRIAL. A m . Bl cycle-S.f. deb~ Amer. Co t. Oll,19 1~ 4~ A m.Hlde &Lea.-lat.ti A m . Spirlu Mf1r.-l8t.ti A m. Thread-l8tcoll .. 4 C o n8o l. Tobuc., ~0-yr.4 Regl8tered. ..... . 4 Dft8till. ot Am ., 1911 .. :) 111. Ste , 1-"on-conv . . . .. Inter11'l Paper-181 .. .. 6 Nat.Starch M'f'a--tu.ti N. l!ha1cb Co.-!!!.f.deb.ll .8tan . Rope & T.-ls1 .. ti lncome8, 1iold, 1946.~ U . S. Leather-Deb.8.f.ti  65½- ~ 63 - 661,$ 60 - 66~ . . ... .. 66½- 6tl½ . - . S8 - 91 9i½- 96 115 - 96 96¼- 93 90%- 92¾ 112½- 9iJ 97~- 97¾ 9d - 98 .... . .. lUO -100 . ... ... - .. . . .. . .. ·•· · ·•·· - ... . . 110 -112 108¾-109 108½-109 108 -109 107¾-109 l08 -108~ lOS¾-109% 107 -107~ 107 -108 107 -10~ 108¾-108~ LOS -lOSxi, 106:ij-108¾ lQS¾-101! ll~-110¾ 106 -106'4 .1.06¾-lOtJ¾ 11J5¾-106 104 - 104 tO'l -102¼ 95 -102 .... .. . . .. 89 - 89~ 90. - 9.3.½ 98 - 95 94 - 95 ... - .. · · - - .. 85 - 85 ... 73 - 80 - .. . ... 58 - 61 68 - 74 b5 - 66¾ 66 - 70 70 - 74 65 - 72 66 - 70 d6¾- 68¾ 68 - 19 M - 68% 65 - 65 62 - 66~. 6¾- 9 7 - 10¾ 10 - 13¾ 12 - 19 14¼- 18 12~- 1~ 14 - 15,½ H¾- 16½ 13 - 15 13 - 16 10½- H½ 9¼- 12 ll:J¼-113¾ 114 -114 114 -lli¾ 115 -116½ 112 -112~ ll2¾ ·113 112¼-lli 113%-113% 118 -113½ li3 -114 110¾-lll :.:..1 -ma.  C OAL AND IRON. Co l. Fuel-1919, lr·•····6 l ol. F. & 1.-Geo., s.f.6 Conv. debeo., 1911 . . ~ Grand R. C. & C.-l8t.6 K an. & H.C. & C.l8t.~ T enn.Coal lron&Ry.Tenn. Dlvl81on .... .. . ti Blrm. Div., l8t, con.ti De B~rd.C.& 1.-Gu.ti  .... - ... . .... - .. .... - .... 112 -115 .... - .... . .. - .. .. ... - .... 110¼-110½ .... - .... .... - ... . ... - .... .... - ··lQS¾-104 108 -104½ 104~-105¼ 105 -106~ L05 -105¾ 105¾- 106 103 -104 103 -103\J.:1 102~-103 ... - .... 102¾-103 ·•·· - .... . ... - .... 103¾-107 102~-111¾ 10~ 109¾ 101 -10~ 101¾,-106½ 98 -101½ t,5 - 99¾ 93¾-100 92¾- 98 90¼- 95¼ 108 -108 .... - .... .... - .... .... - ... . ... - ... 115 -116 ... . - ... . . ... - . .. . - · •· .... - ... ... - ... ··•· - ...... .... - ... . 106 -106l,4 .... - .... .... - . ... .... - ... .... - .... .... - ... . . ... - . ... . ... - ... ... - .... .... - ·• •· ... - .... 108 -109 109 -109 .... - .... 110 -111¼ 108¼-110 110 -110 .... - .... 110¼-ll~ 110 -110~ 106 -107½ 107¼-107~ . .. - ... . 109 -109 109 -111 .... - .... 112 -112Jl,.a 112¼-112¾ 113 - 113 .... - .... 108 -110 110 -110½ 110 -110!,4 11(%-110~ 108¾-110 103 -103¾ 101¾-103 108 -103 103 -104 102 -103 .. .. - ... 102 -103¾ .... - ... l03,¼-108½ 10-2½-103 l00½-103 .. . - . ....  50 - 60 100 -100¾ 94¼- 98~ 80 - 85  55 - 60 99¾-100 9(>%- 97½ 82¾ - 86 .. 82* 82% - .. .. 65,i- 69~ ~-67~ 05 - 67 66½- 65½ 86 - 88¼ 87 - 90¾ 87 - 88  .... ....  55 - 60 99½- 99¾ 98"!-9-100 86 - 90  .. .... .. ....  59¼- 73 100 -101 96¾- 97¼ 84 - 88  63 - 69 lOQ¼-101 97¼- 99 86 - 88 83 - 83 64%-68¾ 65 - 67  .... - . ..  65 - 67¾ 100 -100¾ 117¼- 97~ 88 - 91~ · 2 - 83 tl6¾ - 68  .... .. ... .... - ... .... - .... ... ....  ... .  .... -  68 - 66 100¼-10~  57  -~  45 - 60 tQ0¼-100½ fn½- 99¾ 99¾- 100 96¾- P9 90 - 91 89 - 91¼ 87 - 87 . . ... . ... . 67 - 68¼ M¾- 66:U 6t!¾- 69  ... - . ..  .... .. .  ..  -  .. .. .. ... .. -  45 - i7 99 -100 96 - 97 85 - 85  .. - .. .... -  ... -  42 98 115 86¾-  38 - 45¾i -100 94 - 95 86 - 86¼ Ill}  - . .. .. .. - . ...  .. - . ... ... ....  ... -  -  ..  46 1'9 97 89  .... ... -  .. ...  105¼-106  I  1903. JANUARY F11BR'BT.  MAROH.  BONDS.  I  APRIL.  MAY.  JUN1C.  JULY.  -  AUGUST. 8EPT'BER. OCTOBER. Nov'BER. DEO'Bfll.  Low.High Low.High Low . Htirh Low.High Low.High Low.High Low.High Low.Hiirh Low.High Low. High Low.High Low.Big~  A la. Mld.-Stt S.F & W. A nnArbor-ht,'9~,ar.4 94U- 003,C 94M- 98 98½- 95~ 98¼- 9G MM-~ 94'1(- ~ Di - ~ 98¼- 94~ 93 - 98½ 91 - 92¾ 91¾- 92" 913'- 9~ Atch. Top. & S. Fe.G e neral, irold, 199~.4 102 -l<>l'U lOlff-102,t 101¾,-lOI 99¼-100¾ 99¼-100½ 999(-100¾ 99 -100 98~- 99~ 99¾-100 97¾-100¾ 99-U-100¾ ~ - 1 ~ Rea-t 8 tered .. ......... 4 1()2¼-102¼ 10~-10~ •••• - •....••. - • • . . . •• • - •••. 100 -100 97~- 99¼ .... - .. •. 97¾- 97¼ 97 - 99 . ••• - ••.. 99~-l~ AdJuatm't. ar •• 1993, 4 91¾- 921M 91 - ~ 90 - 91~ 89¼- 91 88¼- 91~ 86¼- ~ 87 - 90 8~- 90 87 - ~ 69).6- 92 86 - 8~ 87 - 88 Rrarlatered. . ........... 4 . ... - ... . .... - ..... • . • - . . .....• - ........ - ........ - . . . . '15 - 75 ..•• - ••.. . ••• - . .. .••• - .•..••• - ....••• - ...• Stamped, aruar ... ... 4 91¼- 921).( 91M- 92¾ 90 - 91¾ 89¼- 91¾ 88¼- 90¼ 86 - 89 8' - 88¼ 8' - 90 88¾- 8'™ 86¾- 89 86 - 87 ~ - 88 Ea8t.Okla. DIY •• let.4 .... - .. . .... - .... . ... - . . ...... - .. .. .... - ........ - ........ - .... • •·· - •··· .... - .... •·· - •·· · 9i½- 94½ 9~- 98~ A t.Coa 8 t Llue- ht, ar.4 .. . . - . . . . . .•• - • .. . 9334'- ~ 93ff- 9G 93¾- 96 91M- 98% 9 ~ M!c 92¾- Ill ~ ~ 90 - 91~ 91~- 98½ 9~- ~ Baltimore & OhloPr. llen, &'•• 19~3 ... 3¾ 9~- 94¾ 98¾- 9' 99),(- 98'l ~ - Gi~ "3M-~ 98'(- 941).( 91¼- ~ 91.¼- 12~ QI - M 92½- 97 94¾- 116 9'ff- 9G Reariatered. .•••.•. . 33-!t 94 - MJ.ii • • • • - • .. • • ••• - • • • • • • • • - . . . • ••• - •• • • • • •• - • • . . • • • • - • • • • • • •• - • • • . .. • • - • • • • . • • • - ........ - • •• • . . • • - •••• Gold, 1948····-•···•··4 101¼-108 101¾-1~ 101½-lOla¾ 99¾-101 101 -1~ 101 -1~ 99J(-101~ ~lOlJ,c IJ9U-102~ 99~-102 100 -lOl. 100¾,-101 Rearl ■tered.. .......... 4 .... - ... . 101 -1~ ...• - .... 1~100~ 102¾-1~ .... - ••• .. ..• - •••.••• - .... ~ - 981d OOM- 99J4 .••• - •••..••• - .••• Con..-. 4ebea .• 1911.-4 104¾-lOG •..• - . ... 101 -108 100 -108 •• . . - ••••.••• - . .••.••• - •• •• rn - 97 Sl8 -100 97 - rn 94 - 99"!4 .... - •••• Pltt■ • .Je.& M, DiY.3¾ 89 - 00 90 - 91 OOM- ~ 00¼- ~ 89 - QOM 89 - 89 .... - . ... 88 - ~ ..•• 87¾- 8™ •··· - •··· P.L.E.& w.va.Sn.4 00~- ~ 00 - 00M IJG¼- 96 96~- 97 9~- 963,( 95~- 00¼ ~ 98¼ IK¼- 96 9' - ~ M¾- 96~ 98'(- 1)4~ 9~ 943', s. W. DI..-., l ■t. ar •• 3¾ 88 - 89 ~ - 89 87M- ~ 87¼- 89!,( 89 - 89¼ 889(- ~ 87 - 88 86~ 88 8'1¼- ~ 87¼- ~ 88!4- 89 ~- ~ c.o.Reors. l ■teon.4~ .••• - •• . • ••• - •••••••• - •••• ••• - ••• •••• - . ...... - ••• • •••• - •••••••• - ••..••• - •••• lOOM-1 ~ .•• - ........ - •••• Buff. Roell. & Pltt■b.General ...... .......... . :) ll~-118¼ 11$f-l~ 11~·116 1 ~-11~ 110 -1~ 115 -116 115 -1115 lU. -116 la -1~~18 -11~ US¼-11~ .••• - ··••· R. & P., 1st. 1921 .. . 6 1.28 -128 .•.. - . .. 125 -125 ..•• - . ....... - ••• • ~-12i~ •••• - ••• • ••• - ••• • •••• - •••••••• - ••• . ••• - •. •.. ••• - •••• Con■ol., 1et ..... ..... 6 125 - ~ .••• - •... . .. - . . . . . .• - . . • . . .• - •••. . ••. - ••. . ...• - ... . . . •• - ••• . .••• - •••. . ••• - •••. 1~-122¼ .••• - • . •• Burl. C.R. & N o.-ht.~ l~-108½ l ~ - 1 ~ 108~-l()SM 1~-104. lQSM-106 101'4-l~ lOlM-lOI 101¼-101¼ 102½-l ~ l0~-10, 101~-l~ Coneol. l8t & col. tr.A 121¾-122 122 -192 .••• - •••. 120 -1211 Jll03'-120~ .. .. - ... . .... - •••.•••• - ••• . •••• - •••.•••• - •••. . ••• - ........ - •••• Rearl•tered .•••.••.• .. ~ . •• • - •... llO¾-liO¼ 12Q¾-12<»t • ••• - ••• • • • • • - • . . • • •• - • • • • • •• - • • • • • ••• - ••• •. ••• - • •• . . ••• - • • • . . •• • - • • • . •• • - .... Can. South'n-l8t. cu.3 l ~ - 1 ~ 104 -1~ l ~ - 1 ~ 10~-104.~ l<M~-1.ii~ 104.'½-l~ 100 -108 102¾-108 ll~-109½ 108 -1°' 104. -10i¼104.%-100)6, ~d morta-aare ........... ~ l(J81A-1Q8M lOSff-1~ 10~),(-106 l ~ - 1 ~ 100 -1~ lOIS½-106 106¾-106 lOG -107 10!¾-106½ 106 -106 106¼-106).4 106 -107 Rearl■ tered ... ........ ~ . .. . - .. .. . . - .. .. l ~ - 1 ~ .. •• - ........ - ••• . • • . • - •• •• . ... - ••• . 107 -107 .••• - ••• . . • •• - ••• . .... - •• . . • ••• - •.•• C. B. U. Pac.-l8t, a-... 4 .... - .... 9S - N3' .... - ........ - ........ - .... 9ll - 99 .••. - ........ - ........ - ... .. ... - ... . ... - ....... - ... . Vent. RR. & B., Ga .. 3 .... - . .... .... - ... . l ~ l ~ 1073(rl~ •••• - •••••••• - •••. lOl,¾-1°'¼ •••• - •••..••• - ••. . .••• - ••• . .••• - .. . ••• - .••• . Central of Geordalet . ......... . .. . .. ....... 3 1 ~-ll!2¼ .••• - ••...... •.•••• - •.•.•••• - •••• .... - •••.•.•• - •••..••• - .... . ••• - .••..••• - •... 11'7 -117 CoD8ol" 194 3, arold..~ 106 -109 1083'- ~ 107 -1~ 106 -108¾ 1 ~ - 1 ~ 10, -105~ 102¾-,10~ 102 -10AJ4h.04¾,-105~ 104¾-107 !08~-1~-103¾-10' let pref. lncome ..... . 3 76¾- 80 78 - 79¾ 7~- 78 7~- 77 78¼- 78 72¼· 75 6iJ¾- 78¼ 68 - 7~ 68 - 76 65 - 68 6l - o;; 6i¾- 70 ~d pref. Income . . ..... ~ 87 - s~ 3~- ~ 86 - S~ M - S7 81¼- s~ 31½- M~ 26 · - 82% 2' - 81 29 - 29½ 25 - 27~ 26 - 2~~ 28 - Sl~ 3d pref. Income....... :) m¾,- WI ~ WI 24¾- 26 2' - 25 ~ 26 28¼- 2'¼ 18 - 22 a - 90 . ••• - ..• . 18 - 18~ 16 - 1~ 18 - 21 Mobile DIYI ■' ■ l ■ t. .. G • • •• - •••• • ••• - •••.•••• - •••• • • • • - . • . . • ••• - ••• . .••• - .... 108 -108 . ••• - • . . . • •• - . -. - ••• - ••• . · •• - · · · -· · - • · ·• Cent. of New J ereeyGen. mort., l 9S7 .... 3 188¼ -lM 189 -l.SS 130 -1819' 12~-181 182 -189¾ 131¼-182 1261'-129¼ 126~-128 1128 -128~ ~-131 129¼-180 1~131 Red8tered ..... ...... ~ 132¼-188¼ 181½-131½ ••• - •••. ,1~-Hl9 131 -132 1180,t-l ~ 127 -127 126 -127 tl.2~-12594 l2CS -129 b.28 -180 128 -12\J Am. Dock & lmp ...... 3 113 -118 118¾-ll~ 113¼-113¼ 113¼,.(-1~ •••• - ••. • .••• - •••• l~-lQSM: 109 -109 •••• - • .. . . •• - •••. 112 -112 i.J.J2¾-112~ · L. & w" mort., '1~-~ 103¼-IOS¼ 104. -104. 11os -108 108 -108 1 ~ - 1 ~ . . . . - .... 100¾-100¼ 100¾-100~. ... - ••. . . •• - ... tl03 -108 105 -106 Con. eit., '10, cu.4~ 100.l,(-102¾ lOlM-1003,( 1003,(- 101~ 101 -101¼ 101¼-102}( lQ0¼-101,SllOO -101" 100 -101¾ .••• - •••. l~-101~ lQO'ff-101:U 99J,rl~.  I  Cent. Pa.c.-Su So.P .Co. Clle8apeake & Ohloeerle■ A, arold, 1908.6 .••• - •••..••• - ••• . 111 -lll   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  ••• . • ••••••• , - ••••• ••• - •••. 11~11~ •••• - ••••.••• - •••.•••• - .... . ... - ••• . •··· - •···  77  RAILROAD BONDS 190:J-Vontlnoed. BONDS.  JANUARY Fli:BB'BY.  MARCH.  APRIL.  HAT.  JUNII.  JULY.  AUGUST. 8111PT'BJ:R. OCTOBER. NOV'BER. 0.0'Bll'B.  Low. High Low.High Low.IDgb Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Higb  Clle.... & Ohlo-(Oon.)Mortaaae.1911 ....... 6 'lat, con., 8' 09 1939 .... ~ Retrl ■tered ........... :J General, 199~ ...... 4~ Ural.-Val., l ■ t,Kold.'5  llSM-11' .... - ... . .... - .. . . 111¼-llt 118 -118 . ... - .... 111 -111 110¼-110¾ ••• - ......• - . ..... - . . . . ~1~110M llS}s-119~ llSff-119~ 116¾-118 116¾-117¾ ll~-116¾ 114¼-ll8 114,M-1~ 11~-115 114~-115¾ 11~-117 lH -114),(p 114~-1~ .... - ........ - .... ... - ........ - .... . ... ... •........ - .... 1115¼-lll>½ t12~-112¾ .••• - ........ - •••• l ~ l ~ 1()6M-l~ 10'"'-1~ 1029(-1~ lM -lM~ 103 -1CM% lOO~lCM 101¾-lOS½ lQOM-102'.U 101¾-102 l~-lOl¾lloOU-103 .... - ... - ........ - ....... - .... 112 -112 .. - ... . . ... - ...... B..&A..D.1 ■tcon.'S9.4 101¼-102 102 -102 101 -102 102 -108 103 -lCM lM -104 98 - ~ ~ - 98½ tm4- 99'7~ 98¼- 98½ 00¼-100 1101¼-lOlW ~dcon■ol., 1989 .... 4 l>6 - 90 .... - .... 93¼- 90 9S - 9'7 98 - 98 U73'- 973' ... - ........ - .... .... - •.•. 92 - 92 95 - 96 95 - 96 Greenbrier Ry., l ■ t.4 .... - ........ - ........ - ........ - ........ - ........ - ........ - ........ - ........ - ........ - ........ - .... ~ 9096 (Jhlc.&Alt.-S.f,'03 .. 6 .... - . ..... .. - .... 101'-(-1019( .••• - .. .... .. - ........ - .....• - .... .... - ... · ·•• - ....... -r ••• . Refandln.-, 1949 ••••• 3 Sl'U- 88~ 88~- 88~ 82 - 88 80 - ~ 81%- ~2 81 - 81~ 80~- 81 20¼- 81~ 81 - 81~ 79'-(- 83 81¼- S2% 81 - St : .Ra"1DG11, 19:JO ........ 3~ '18 - ~ 77 - ~ 75 - 77¼ 74 - 't7 '78 - 77½ 75M- 76¾ '71 - 7~ 70M- ~ 72¼- 78½ 71~- '75 72¾- 71.~ 7S - 7~ IQhlc.Burl.& Q.-Con ■.'7 101 -102 101%-101~ 101'8-102 102 -1~ 102%--108'),, 108¼-1~ . ... - ........ • ........ - ........ - . . . . ... - ........ - .• Denver Div., 192:i •• 4 101%-101" 100¾-100¼ 100 -100~ 100 -lOOJ.( 100~-101¾ 100%-101~ 1~-101 . ... - .... 98¾- ~ 98¾- 987,4 .... 1009(-101~ Illlnol■ Dlv.,1949.3~ ~ - 97 90 - ~ ~ - 95':( 94%- ~ 95¼- 90 9' - ~ ~ - 93 89U- ~ 913'- 91,. 91¾- ~ 9i¾- ~ 91. - ~ Iowa DIT., 1919 ...... 1) . . . . . . . . . . . . . - ........ - •••••••• - •••••••• - .... • •• - ........ - .... 109¼-109¼ .••• - ... . .•• - ....... - .. .. 109¼-10~ 1919 ................... 4 l~-104¾ . .. - ... . .... - . .. . 101¾-102 . ..• - ..• . 101¼-101¾ .. .. - .•• 101 -101 .... - •.....•• - .... ll>OlJ.(-100'-( .•.. - •••• :Rebr' ■ka Ext.,1927.4 10'1 -101" 107M-1~ lO'lff-1~ 107!,,(-l~ 1 ~ 1 ~ 104M-1~ 1 ~ - 1 ~ 102¾-l~l~-10~1069'-l<>tSMl05~-10~105U-l06M  Re.-l ■tered .. ...... ... 4 8. W. Div., 19'11•.... 4 Debenture, 1913 ..... ~ Han. & St • .l •• con ■.. 6 C:,ldc. & K. 111.-l ■t, ■.f.6 1 ■tcon ■ol., irold ....... 6 Gen. con ■• ht, 193'7.~ Cb.& In.C'I Ry.,lst.:J (lblc. I. & Lou.-Ret.. 6 Refundlnar, 194'7 ..... 6 Lou. N. A. & c •• l ■t.6 (Jblc. Mllw. & St. P.Con ■ol., 1903 ......... 7 Terminal .... ........ .. 6 Gen. M., "A." 19S9 ...4  . ... - ........ - ... . ... - . . . . . ... - .... . ... - .... . ... - .. .. .. . . - ... . .... - ........ - ........ - .. . . ... - ... 1106 -lOG .... - ........ - ....... - ........ - ........ - .... 100¼-1~ 100 -1~ .... - ........ - .....•• - .... ·•• - .... . ... - •.•• 105 -106 105 -105 •••• - .... 107 -10'1 1~-lOS 106~-105~ 106 -1~  106M-107 10'1 -1~ 10~-108 1069'-1~ 1()4%-l~ 117 -117" 117"-117¾ 118%-11~ 118 -114% ..•• - . . . 110 -110~ •••• - • .• 11()3'-ll~ 1109'-l~ 110 -110 . .. . - .... 186¼-186½ .... - ........ - .... 131 -181 100~121% 121 -121~ W -UU 1183'-119 115*11'7 120 -120% 1~120% . ..• - ...... . . - ....... . - .... . .•. - . ... 129 -129 129 -130~ 128 -129 129 -129 113¼-11~ ..•• - .... u~-11~ ll~-110½ 111 -111¼ 110~-111¾ .... - •••. 110¾-111~ 110~-110>' 110%-110¾  .... 111. .... 126 111 ....  - ••• • - •••• - .... -115 -130 -111 - ....  114 -111, .... - .... . ... - ... 111. -lU. 118~-118½ 118'(-lH 105 -106 .••• - .... IJ.~106¾ 106¾-1~ 107M-107M 1 ~-100 128 -128 .... - .... 1197 -131 128¼-180 .... - .... . ••• - ..•• 113 -11~ 118'-(-ll~ ll~ll~llU -11~116¼-116 ll4¼-ll~ - .... . .• - •.. 111 -112 .... - .••. . •.. - .... ... - •..• 124~126 124~-12~ 1~-12i¾ 125¾ ~ 126¼-126½ 12034-J~ 108 -10~ ... - ........ - ........ 10'1¾--107¾ 1 ~ 108 10$¾ 109 - .... 106~110¼ ••• - ••••  .... - ........ - ........ - ........ - .. ,. 178 -178 .... - .... 170 -170 .... - . •. 160 -160 167 -167 .... - ....... - •••• .... - .. .. . . . . - .... 111 -111 111 -111 111 -111 . • .. - ........ - ........ - .. • . . • - . . • . . • . • - .... 110¼-ll~ 11()1)(-1113( lll%-112 lll3'-11ll,( 11~-ll()M 109 -110'-( 110 -llOM 110 -110% 108¼-107 lOS -lOS ~04¾-105 108 -1103,4 110 -110 110¾-lll  Gen. M ... B" 1989.3¾ .... - ........ - ........ - ••• • .. • . - ........ - ... . Cblc. & L. Sup. Div .:I .... - ........ - •••. .. .. - .... 11~-11~ . . • • - • . .. . . •• Chic. & Mo • .R. Div •• :J .... - ........ - .... 117Jrll7'U 11~-11831a 1183'-118" .... - .... Chic. & Pae. Dtv ...... 6 ll.2"-113'4 .••• - .... 113~-113~ . . .. - ....... . - ..•. 113¼-113~ · Chic. & Pac. W. Div .:J 117 -11~ 11'1 -ll'T!c 116~-117¾ 116 -ll'l!c llff¾-11.'™ 11~-117 . .Dakota & Gt. So . .. .. ~ 111~111¾ ... • - ... . lll¾-111¼ . ... - •••. 111%-111% • ... - .... l ■t H. & D. Div ....... , .... - .. . . 119¾-~ 119l',(-119!M •••• - .... 119¾-ll~ ....  .. .. - • • .. - .. • 118'-(-lH 111 -111 llS¾-114¼ lOfl¾-1011% - ••••  . ... - . • • • .. .. - .... • ... - . .. . • .. - •• . . 98 - 98 . • . . - . . . .. • - •• •. . . .. - ... · • ... - ·.. · .. • - .... 118'-(-~ .... - .. 117 -ll7 117¾-ll™ 118 -118 .. . - •... 111¼-111¾ ... - . . ...... - •.. . 112 -112 118¾-11' 115':(-116¼ 116¼-117~ 116¾-116,£ 109 -100 . • •• - • .. • . • .. - .... 111¾-111".... - .• •• 116 -116 . ... - ........ - ........ - .... 118%-119 - ... . .... - ........ - ........ - ........ - ........ - •••...•• - ........ - •-· ••• - ........ - .... 1~-107M  .1910 ...... _ .......... ~ .... l ■t I. & D. Exten . . ... , .... - .... 183 -185  ..•• - .... .... - ••. .... _- ·..... ·. ........ : •••. ·•·. ·. ·.•••• : ·. ·.·.·.1·~:.:IU:n·.;.. IU··~=llS·:..; •••••••• : ........ - •••• l ■t La. C. & D., '1 D-:1 .. .. - . . . . . .. - . . . . . - ... . 11, 116 -116 .. .• .LiD~ . . . . . _ "711 711 ... • • ... •••• Mineral Point DIT ... :) .... - ........ - ....... - . ....... - ... . 105>,(-105~ .... - ....... - ....... - ........ - ........ - ..•• 1•t !!!lo. Minn. Div ..... 6 112¾-118¾ 11~-113¾ 118¼ -118½ 118 -118½ 118¼-118¼ 118¾-113% 110¾-110¾ 110¼-ll°" 111 -112'4 112'4-112¾ 112¾ 11~ 112~-118~ lat So. West. Dtv ..... 6 112M-112M .... - ........ - .... ll.2¾-112¼ 112¼-112'.( 1!2¾-113~ ... - . .. l.09¾-10931 ... - •••. .. - .... 112 -112 112¾-112~ WI■.& Min. Div .. . J • • 6 .... - .... 116¾-116¾ . •• - ........ - . . . 117 -117 116 -117 llJ -112¾ .... • •••• US¼-118¼ 111. -114¾ 115~-115~ ll!SM-11~ II. & No., 1 ■t, 1910.6 .••• - •••..••• - .... .... - •••....• - . . 113 -118 .... - ... . .... - ........ - ........ - •••• llS -118 .... - ........ - •••• 1st oa ext., 1913 ... 6 .... - ........ - ... . . .. - ... 118¾·11~ 111 -W 116 -116 116 -116 .... - ....... . - .... . ... - .••. •··• - ... . .... - •··· (Jblc. & N.W.-Con ■ •.. 7 1BS -IM ~-183 181~-lSl'U 131¼-182% •••• - .... ~-132),( 1301,(-130¾ 180¾-JJIO¾lSl -181 181¼-181 180 -181 l t ~-181 Exten. bond ■, 19~6 .. 4 .... - .... 101 -101 .... - .... 104¼-104.¾ .... - .... . ... - .... . ... - ....... - ........ - ... . .... - .... 103¾-103~ . General, 198'1 ..... 3¾ ·-• - ........ - ........ _ ••.. 91 - 98 ~101 100~100¾ 100 -100 96¾- 96 95¼- 90 96¾-100 98 - 99¾ 99 - 1!9~ lllnkln.- tand, c•••··6 .... - ........ - ........ _ ........ - .... 1.12 -11.J . ••• - ........ - ........ - ........ - .... llS¾-113~ 113~-llSM Rearlatered ........... 6 .... - ........ - ........ _ ........ - .... 110).6-11~ •••• - ........ - .••.•••• - ........ - ........ - .... 112¼,-112}ii lll¼-111~ Blnklnar fund, coup . .. :J .... - .... 109¾-1~ 100~-109¾ 106 -106 .. •• - ... . .... - ... . 108 -1~ 10~-108 •••• - .... 107 -107 1~-108'4 108¼-110  ~;::.·::~::::·i"ooo:: !~=!:~ .Rearl■tered.  i~ :1ciG· ·  -11,  ~~=!:' :::: : :::: :::: : :::·  i~:100·· io3*1M¾ i~1~i~¾:105itioo~:109 .. i~i100··~06 :101% - .. .. .... 112 -l12 .... - .... 111¾-llll,11 108 -10~ .... - .... 108 -lOS .... - •••• 1()6¼-108 108 -10~ .... - .... 1~-10~ 110 -110 118 -ll8 .••• - .... 118 -1183' 115¼-116¼ 115¼-11634 115¼-118¾ ... - •• . 114¾-114~ -••• - ••.. . ••• - •••. • •· • - •·· • •··• - •··· .... - ........ - ........ - ........ - .... 1~-l<>bfl .... - .... .... - ••• • .••• - ........ - ....... - •••. IJ.05%-105% .... - ..• . . .. - ........ - ... . .. .. _ .... 115¾-116% . ... - ........ - .... .. .. - .... 111'8-111~ . • • • - .... 114: -11' 110% 110!).( 111~-111~ Ulff-13~ 182%-132% -. . •• - .... lSQM-181'-( 1313'-131~ 129~-~ 1~-l.J9¼ l.27¾-127¾a8 -128~ .••• - •.• . ...• - .. . . 127U,.1:t7~ 125 -126 122¾-122¾ 12~-121~ ll~-1193' 119¾-HO¼ .... - .... 118%-118¾ 114¾-116 . ... - .... 116~-116~ 118~ 118% 119 -llQM .... - ........ - .... .... - ... . .... - .... 1~133H ... - .... ·•- - .... 128¾-~ .••• - ••...••• - .... 131-U-13l'U, 131'-(-lBlM .... - .... - ... .. ... - .... .... - ........ - ........ - ........ - ... . .... - . .•. 108 -109 .... - •.••.••• - . . ...... - .. . . . . . . - .... 127 -127 127 -127 .. •• - •••. l.27¼-127¼ ~-1.27¾ . •.. - .... 121!,(-lil~ . •• - • . . 124¾-1~ l2i¾· 125¼ 121,'-(-124M 126¼-126¾ 1.26M-127 125¾-121>~ .... - ..•. 126"-,~ 122'8-122¾ 120¼-120½ . .•. - ........ - .... 122 -122 12S -125 106 -108 108 -1~ 106~-106 106 -106 105¾-106¼ 105 -106 (19:1,(-108¾ 99~101 99 -100!,4 99!14-104. 102 -104 10~-104 107 -107 .••• - •••• .. •• - •• • . . • •• - ••• • ... - • . • . .... - • • • • . . . • - • •• . .... - .. • . . . . • - • • • • . ... - •··• .... .. _ ........ - .... .... - ........ - ........ 98 - 98 , •• - .... .... - ... . .... - ........ - .. .. .... ........ _ ....... - .... . . . - ... .. .. - .... 82¼- 95 .••• - ........ - .. . , ... - ... •••• - ..•• 86 - 89 86 - ~ 88¾- 88 84, - 86¾ 80 - 85 7~- 81~ 78¼- 81 72~ 7~ 6€%- 71.~ 69M- 71».t 69:U- 7,&," 67M- 71~ So¼:- 88!,t . . .. - . . .. . . .. - • •• . .. . • - • ... . .• . - . . . . . . •• - • • •• . . • . ... - ........ - ... . .. .. - •• •• 85 - 89M '71¾- 86 71¾- 78 'ilM- 78 69¾- 77¾ 72 - 75" 7~- 7'1~ ..•• - . ... 98%- ..•• - .... 97 - N .... - . .. .... . - ........ 95J.4- 95),,1 .... - ........ 92¼- 98 .... - ••• . ..•• - •.•...•• 00 - 00 .••• - ........ - •••• 94:J&- 94!M .... - •... . .. - .... ... . - ........ - . •·· .... - .. .. .... - ........ - .......... . .. 106 -100 106 -1073i 107¼-108¾ 105¼-105~ .... - •.•. lOi¾-10!½ . •.• - ..•• 131>¾-1~ ~-186¾ 138 -184 .... ..... 180¾-180¾ 132 -13» - ••• 128¼-129¼ 138 -133 183 -lSi 180~-lSl .. . . - .... .... - . . . . . ... - ........ - ... . .... - . . . . 95¼- 95½ 929'- 93 lM~-1~ .... - ........ - .... 13'7 -137 lSl~-181~ .••• - •••••••• - •••...•• - ....... - .••. 130~·180~ l ~ - 1 ~ .... - ........ - .... .... - ........ - ..... ... - .... 126 -126 . .•• - ....... - •••..•• - •••• 126 -12~ 126¼-1~ 126~-l.26~ 123~-123~ 12' -124 124 -12,l 124 -124 .. •. - •.•. 123%-123~ 121 -121 121¼-121¾ 12.13,(-121~ 84 - 86 84 - 84¾ 83 - 84 82¼- 84¾ 88¼- 84¾ 81 - 83½ 71¼- 80 72M- 76 73 - 73½ 72¼- 74 76 - 76¾ 76 - 79 .... - •••. lltlff-11~ 114 -11~ 118¾-113¾ ••• - .... lU -lH 1113'-lll¾ .... - .... 111¼-111¼ 109¼-109¾. ... - ........ - .••• .... - .... 107 -1.@ 109 -109 • ••• - ........ - ... • • ••• - .... . .. • - ••• . .... - • .. . • .. - .... . ... - ....  ...•... ~ .... - .......• - ...... . . _ .... .. .. - ........ - .... ,. ... - ........ - ........ - .... 104 -104. .... -  SO-year deb., 19~1. .~ Debenture, 1933 •••• . :. Ott.C.F.& St.P.,l ■ LG Win. & St. Pet., :Id" 7 M.L. S.&Wlat.,•~t.6 Ext. & Imp., ■• f .. . . :. Mich.Division, l ■t.6 Income ■, 1911 ...... ti Chic. R. 181' d & P. Ry.6 .Rearlstered ............ 6 General, 1DS8, ar ..... 4 Re.-lstered .. .. . . . .... 4 Coll. Lr., ■ er. II, '04..4 Cell. tr., ■ er. J!, • 18..4 :Railroad, :lOO:l ...... 4 Real ■ tered ..... . ..... 4 Coll. tr.,.-., 1913. 6 .D.M.& F.D.lst,'O:J.4 lat, 190:J... . ... 21,t  Extension, 190:1-.. 4 K.eok. & De■ .LU., l ■t.:J (Jhlc. ~t.P. Min. & Om.6 Con ■ol. ti ■, red. to 3;.  Chic. St.P.&M.,bt .. ti No. Wis. l ■ t. 1930••• 6 St. P. & I!!!. CltY-1 ■ t •. ti C,hlc. Term' 1 Transl. .4 'Chle. & W. lnd.-G-en.ti ~hoc. Ok. & G.. 191 9.~ Cln. Ha.a. & Dayton190~.............. , ..... . '7 .... - ........ • ........ - ........ - ........ - ........ - ........ ;_ - ........ - ........ CID. Day. & Ir, lat••• ~ 11'-U-115 .... - ........ - ... . .... - .... ll.i¾-118¾ lll~-111~ •••• - ........ - •••. 1113'-112 .... - ...... -  suc.c.c.  CJ.J.8.L.&C. {& ~t. L. CL Cln. Chic. & St. L.General ..... ........... . 4 Cln. Wab. & M., lat.4 ~t.L.Dlv., lat. 1990.4 W. W •Val.Div.. l ■ t.4 C. I. St. L. & C., l ■t.4 ()In. San. & Cl. con■.:J c. C. c. & I. con ■ ol ... 7 General con ■ ol ........ 6 .Peo. & E., 1st, cons .• 4  IIDM-108 99¾-101 100 -1~ 99M-1003,( 9~-100~ OOM- 98 100 -100 .••• - ........ - •••••••• - .... 98~- gg~ .••• 102 -102¾ 102M-108¼ 108¾-1083' 10~-1~ 101 -101~ 101 -101 .... - . . . . . ... - .. .. 915 - 95 • • .. - .. • 102~-102~ •••• - .... 103 -108 .••• - •••. 100!,(-101¼ lOi -104 . .. . - • .. . . . • - . ... .••• - .... lli~-114~  97"  - .... 104¼-lMU - .... 111.23'-118  95 - 98 . ... - ..• • 00¼- 99¼ 99 -100 99'4-100 .. • • - .. • . • • • • - ........ .... - .... 99 - 00 100 -100 . ... - ••• • 11:tU,.112'U .. .. - .... . . . . - .. . . . .. . - ... . . . .. - .. .. . . .. - .. . . .. . . - .... 120 -129 . . .. - .. .. .. .. - .. . . . .. • - • . . . .. .. - .. .. . • .. - • • • • 131¼-181¼ . •. • - •.•. 132 -132 132 -188% 131 -131 . ... - .... 1273'-127~ .... - .••. 1~-1~ . . • - .... 130 -130 ~-100 99 -100 G9 -100 95 - ~ 95 - 98 98 - 96!,f: 94 - 94}9 98 - 9~ 95 - 95~ 93 - 95 95¼- 96 915¼- 98~ Income ■, 1990...... 4 78 - 82 81~ 81ll,t 78 - 81 7~- 7~ 72~ 74 6'l - 71 58 - 60 55 - 62 60¾- 68 58~- 62 60 - 62 60 - 63 pe-Y,Lor.& Wh.-lst.~ .. .. - ........ - , ....... - ........ - ........ - .... - ... . 110 -110 11~-110!,c 100 -100 ...• - .... 112~-ll~   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  9:5 -  95 95 lOOJt,-101 .... - .. • • 94¼- ........ .. • • - .. .. .... -  98 - 98  96 95'8- 96 UCi 95¼- 9~ ... gg - 99 94½ . . . . - . . . . ••. 97M- 97¾ .... 111~111~  9~- 97¼ 96~- 97 ••• - .... 98 - 9d  RAILROAD BONDS.  78  1903-Contlnaed.  _____ _____ BONDS. ,  JANUARY FBBB'BY.  lilABCH.  APB.IL.  Jmo.  MAY.  AUGUST. SIIPT'B:sR. OCTOBER. Nov'Bira. DKO'BBB.  JULT.  ----------1---Low.High Low.High Low.High Low.Hip 62 - M~ 62 - 63½ M - m." .••  ,l.ow.Hlgb Low.Hl,ib Low.High Low.High Low.High Low.High Low.High Low.Rig  ff1 - ff1 n - 77% 73 - 73¾ 70 - 'iB .••• ~ - 78 Vol. Mt•. ht, 1947.... 4 'n%- ~ 711~- 803' 78 - 80 82M- M 82 - 86'4 83½- 86 8' - 863' ~ 89U ~ 893' 88 - 86 ~ol. & Se.-ht, a.'~9.4 9~- ~ GOW- 113' SSM- 0034 88 - ~ 89 - IIO Delaware & Hud•on- ........ - ........ - •••• ·•- - ••• lat, Pa. DIT., 1917 .. '7 . ••• - •••••••• - •••• 18T -18'1 ••••· - ........ - •• . 1~1~188 -1 07¼-l073'l~l0'1'6 - ·•· · 107 -10'1 A.lb. & ~0941., tat, aru.'7 .... - .... 1113'-1113' .... - ••••.••• - ••••. , .. - .... l~-10$6 100 -100 •••• - .... 105 -105}1i ~ - 1 ~ ........ . ....... ........ .... 106"-105~ .. ........ l•t, par .. 1906. ••. 6 •••• - •••• ••• - ••••..•• - ........ ... . ... - ........ - ... lll'U-111-U Del. L. & w.-190'7 .. _, 116 -117 •••• - •••• 111 -118 .... - •••. ~-11~ 1183'-113~ 113¾-U' • ••• - .... 1~-1~ • ••• - • • .. • . . . - . .• W3'-12~ 180 -130 • •• • - ••• . .. • • - .••• 1~138 129¼-129¾ 129¾-199¼ l'llorrl■ & EHex, ht. '7 1~-1 - ••• • • • • - •••• 180 -1803' CouHl 09 par......... '7 1~-1~ .• . - •••• .... - •••. 182 -182 184. -1~ .••• - .... l.80½-130¼ 1~-1 .... - .... 121%-129~ S0¼-180¼ •• Y. L. & W .. ht ... . 6 .... - .... 181¼-Ul¼ •••• - .... 180}1i-181~ .••• - ••• . .••• - ... 127%-127~ 126!1,(-126 ~ - ••••••• - .... 118 -113 •••• 109%-10fl¾ 108M-1081U •••. •••• -lU 116 . . .••• ~15 116 -116 W . . ... . .... Con•trllct'n, 19~3~:J .... lOlM-101~ .. •• - .. .. .. .. - ... 100 -100 Term'I & lmpr'mt..4 lOS -108 1()9¼-1~ •••• - •••• 108 -lOS lOI -l<>IU . .. - ... . •••• - •••• l~-1 100 -lCX, .... - ··• ... 1()8¼-1 - •••• lOGM-110 .••• - •••. .. •• - ••• 8yr. Dinah. & N. Y .. 'T .... - •••. 11334-113% .... .. •• - •••.•••• - ··- ........ - •••. War. RR .. 1•t• ret.3~ .••• - •••• 102 -1~ •••• - ••• . .••• Denver & Rio GrandeG8 ~ ~ SSM~ 99 ~ 98 ~ 98 99U ~ ""' Con ■-1., 1SJ36- ...... 4 98 1•t con•ol,, 1936... 4¾ l~-105M 105¾-lOIIM 106 -1063' los,(-106 1~-107 .... - .... OS -1~ lmpreTement, 19'lS.:J 105 -18'1 107 -10~ 107¼-107¼ 107!,4-lOn( 108 -108 .••• - •.•• . ••• - .... 105 -106 85 • 86 a - 68 .. . . - ... . &O - 61 ... . 78 - '18 •••• - ••. . 70 - 70 78 - 80 ~env.&Se. Weat.aren.:J ~ 80 88 - ft .•• . l&0¾-100,¼ ... Det.&Kack.-l•tlten.4 . ... - .... 983'- ~ .... - ........ - ........ 98 - 98 81 - 91 .. • • - .. • . .... Gold .................... . 4 . .. . - •.. . . . .. - .. . . .. - . . .. 9$¾- 98¾ .. • • - .... 01 - t1 - . . . . .... - . . .. .... - ........ - .. _ - ..•• .... - ••. . 76¼Detroit South'•• 1•t •• 4 84 - 85 •••· - .... . • .• - ••• . . . . . - ........ - ........ - •••• 83 - 88 80 - 8S Ohio l!!e. DlT,, l•t. ... 4 89 - 92 ~ 91% .... - ........ - .. . 8~Dalath & I. R.-t.t ... :J .... - ... 114: -11, 1U -118 109¼-109~ 112"·118 110 -110 1~10!% 109 -110 109 -108 .••• - •••..••• - .... 118 Dul.S.S.&A.tl.-1937.:J lllH-11~ 118 -118 111 -111 .••• - .... 11' -116 116 -lffi E.T. Va.&Ga.-BuSo. Bl1r. J'el. & E.-t•t• a .. :J 11'3,rl - .... llJH-~ .... - •••• • •• • - •••• 1D -113 ~116 11' -115 118¼-llS¾ 113 -116  11111111111111 " ,.  :.  ■:.  Brlel ■t,  Ext.. 1947 •...... a  1'd, Ext .. 1919 ... ..... :} 3d. Bxt.. 19~3 ...... 4 4th, Ext .. 19!10 ....... :J 6th, Ext.. 1928.. ...... 4  .... .... .... .... .. ..  -  -  - ......•. -  - .... 114:  - ........ -  -114  .... 113~-ll~ .... 111 -111 ....... - .... ... . . .. - ....  •••• - •••• •• - •••••••• - ... . .... - .... 111 •••• - •••.•••• - ........ .... - •••.•••• - •••• ·us -112 . ••• -  •••• - .... ... - ........ - ........ -  10l'J1j-l01~ •••• - .... .. • • 189 -189 •••• - .... 183 -1S5" 184¾-1~ 185¼-135~ 1~-134'4 184 -18'11i .... - ........ .... - .... 185 -186 184, -184. 1~-1823' .... - ........ _ ........ - .•. . 180 -180 .... • 96* 96 ~ - 9! ; . 979'18~- 99¾ 95!'(- ~ 98 - 9 97 - 9~ 97 - ~ 98¼97%- ~ 98 - 99 ... - ... . .. .. 98 - 98 .... - ........ - ........ - •••• 97 - f11 79¼- 88 es,(- 86¾ 8(%- 85 ~ Bf 85 - 86% 88;.t- 86 ~ - 873' 86¾- 88 =~ - == :•: . 89 =~ · ~ ~ - 92"' 89 - 91¾ 87 - 91 88 - 811¾ 92~- 94~ 91¾- 92¾ 89¾- 91½ 88 - 91" 91¾129 -180}1i 129~-1203' 129 -129 ••.• - ........ - .... 126~ 126½1 .... 121!,s-121½ •••• - .... 120 -120 119 -120 117¼-118 118 -119 119 -119 117¾-118 ll~-119 117¼-ll ~ - ........ .•.• - ........ - ........ - .. . .... - ... . .... _ •... .... lM¼-1~ 18'¾-~ •••• - •••• iao -Ul 111 -m ~18'¾ .. •• - ........ - •••• . •• • - .. . . . .. . ... - •.•. .... - .... . .. . - .. .. .... - •....... - ........ _ .... .... -  l•t• conHI., sold. . 7 l ■t, con• .. ar., tund'ar., ' • .. . •: lat con. prior lien, ar.4 Reirlatered ......... .. 4 ; = l•t con. area. I •• '96 .. 4 , _ ;! , : •;~ Pena. coll. tr., 19:Jl.4 Buff. N. Y. & E., ht.'7 ~ Chic. & Erle, l•t• a-•• :J .lefrer•on, l•t, araar.• :J Lon,r Dock, con•.' 3:J.6 Coal & RH.., l•t ara •• 8 Dock & lmpt. l•t .... 6 ..•• - . . . .. •• - •••.•••• _ ........ _ ••• . . . .. _ ... .. ... _ ........ - •• .. •••• - ..•. 1~-I l 1 · ; . lt ' . Jtlldl' d of N • .J., l ■t ... 6 ..•• - .... lllU-l~ ~ lllU . ••• - •••. 1~11~ 11(%-110¾ .••• - .... 110 -110 .••• I I ft. Y. Su .. & W •• ref.~ 113 -114, US -W 110 -110 109 -1123' 111 -112 111 -111 111¼-111~ 108 -108 •••• ! - ••• • ·•• - ........ - •••• l~-1 ~d, 193'f ........ .... 4¼ 108 -108 .... - .... •••• - •••• fl'lM- 87!!( 1~101 ,, I - ........ - •••• 99 - 80 ~-100 •••• Gen., arold, 1940•... ~ 106¼-108¾ 1()6¾-1~ 106 -108 .••• - •••• 1~-1 I. I . - ....... - ........ - ..... ,n ......... - . ... 108 -108 'l'erm'I, l•t, 1943 .• :i 113 -117 - .... 107¼-107¼ •••• Wllk.&E., l•t.'4'1.6 110 -111 .... - ..•••••• - •••• 112 -111 111 -111 f , I -~ 1 I I ~van•v. & T. H .-Con.6 1.22 -122 llO -120 ·-- - •••• 122 -122 ~-121¾ Hl -m .... - ....... . J•. • t · If tt 11!1t, aren,, 1942,arold.~ 106 -106 lOI -1.0GU 101 -I.OIIH 108 -108 l°' -MS UIS - ~ .... - •••• ··- .... - •••• 107 Bvana. & Ind. l ■t con.6 ·•- - . ....... - ........ - ••.• .•••• - •••••••• - • 11'1. & P. Mq.-&le P. Mq, -10'7 l~-107 1023'-106 lOS ll't. W • & D. C,-ht•... 6 11~112M 11134-111¼ 109¾-lU 18' -11~ 111 -111 l°' -108¾ 1°' -1 75 - 76 71 - 7' - 'i6 81 - ~ 81¼- ~ .... - •••• 80 8' - § ll't. W. & R. Gr.-t•t..4 •.•• - .••. 86 - 86 8'l,s- 86 -100 •••• - ••• . . ••• - ··&alv. H. & D. ot•~~.. :J . •• , - •••. :&.OG -IOI 108 -108 1003'-~ . ••• - ••••.••• - ........ - •••••••• G.H.&S.A.,-Su !!!. P .Co _ ........ - .... lOOMGa. & A.la.-l•t• con .. ~ ...• - ........ - ........ - .... 169 -100 l~-1 - ........ - .... lOll -111'1 • ... 10'1 -107 - • - ........ Ga. Car. & N .-l•t,iru.~ 11~110¾ 110 -110 108'4:-1~ •••• - •••• 109¾-109½ .... Ga. Pacific-Su l!!outb'n 9-l% 9~- 94¼ 92 - 98M 903'93M G.N o.-C. B.& Q. cl.tr.4 ~ - 94cM 98 - 94% ~ - ~ 91 - 98!!( 98~ 9G 919'- 9''4 88 - 92¾ 87¼- ~ 90 - .... 91 -92 92 -93 9(%-92 89¼- 90 4 93¼- 94½ 93¾- 94}d; 91"- 98% 90 - 91~ 9~- ~~ 89 - 9' 91 - 91 Re&'l•tered..... . . . .... - .... 105 -105 02%-1 - •.•• lOII -108 lcmf--108 102¾-10 Gulf & Sh. I. l•t ref .. :J . ... - ... . 104 -106 105'(-l~ ... - ........ 105¼-lOOU 106M-1()6J4 Bock, Val,-18t, cou,4¾ 1~-109¼ 107 -100 107 -108 1~1G8 107 -lO?'M 107 -108 10& -105 104 -106 104, -105 104,;rl C. & H. V .. t ■t, ext..4 105¼-1001' .... - •••• 106M-1~ •••• - __ •••• - .4 ♦• 100 -1.00 ............. - ••. 1 B. E, & W,T.-Su S. P. H. & T. C.-Bu Se . Pac. llllnol• Centrall8t, irold, 19~1•••••••• 4 ~-112~ .... - •••. ~-~ 11.S -1~ t~-118 .... - •••• ··- - •-· ••- - •••••••• l•t, ,rold, 19:Jl ...... 3~ .... • ••••••• - ........ - •••. 1019:(-lOlM lOIB -lOI •••• - •••• ··- - .. . . . . - . . .. . . . . - . . .. . ... - .....••. Retrl ■tered. ........ 3~ .. . . - .. . . .. . • - • .• . 114, - N •••• - ........ - ........ - ••• ~ - 9 Extended, 19:Jl .... 3¾ .... - ........ - ........ - ....... . - •••• .••• _ ........ Gold, 19:J~ ............. 4 108¼-108¾ •••• - •••• 108¼-103,i 10234-1~ 1°' -1°' .... - •••• lM -IN .... - .... 1~104 1()2¾-102~103 -103 .••• lOl)rl~ 101!,s-1 101¼-lOS .... .... lOlU,.111 101¼-101~ 1023,(-108 •••• Gold, 19~3 ............. 4 1()2¾-lOS 108 -1~ •••• - ........ - ••••..•• - ••• _ ...... __ ........ - ........ - .... .... Cairo Brldare .......... 4 ..•• - ........ - .... 106¼-106¾ .... 98 - 19 .... - .... 91~- tl. .••• 86 - 115 .... - .... IIIWLoal•v. Div., arold.3~ ...• - ....... - -•• .... - .... 91 - 86 8t. L. Div., a-old .... •. 3 .... - .... •-• - •••• .... - •....•.• - .... ..• _ ........ - ........ - ••. 85M19:Jl .................3l. ..•• • •••...• - ........ - ........ - ........ - .. ,. qr - fl ·•- - ....... I~ : I, : W e•tera Line•, l ■t..4 111 -111 •••• - •••. 1 ~ 1 ~ •••• - •••• 107M-107% ••• - ••• • •••• - •••.•••• . ; -118 119 -119 . ••• - •••• : - ........ - •••••••• - ........ ............. - ........ C,St,L.&N.O.,ar.cp.:) ~ I -117 .. • - ........ - ·- · B.eaiatered ......... .. ~ .... - .... ·•- - .......................... - ........ - •••• ..•• - ....... . - •••• 104.,.-1~ 109~-lUW _ •·- ..... Meai,. DIT.. t ■t .••. 4 1~-1~ .. _ - •••••••• - • .••••••••••••••• Ind. Dec. & We•t'n~ I f •••••• 18t, cold, 193:J........ :J .... - •••. •-• - -•• l07U-lG'l}, .... - ••• . .••• - ••••••••••••• ••Ind. 1lllnol• & lowal1n, arold, 19~0 ........ 4 lOI - •••• 100 •••• • •••• 102 -1• .... - •••. SIIU•••• • ••• ~ lnteruat' I & Gt. No.119 - ~ 120¼-120½ 120 -190 18¼-llSH l ■t, 1919"· • • •• ........ 6 Ult -WU 120 -l!SU .. . . - ... . 111 - ~ 119 -122! 9 .. . - .... ~-119~ 118¼-11 98 -100 2d, 1909 •••••••••••••••. ~ 88 -100 163.- 17¼ 97Jti- gg 96 - 18 96 - ~ ~ - 96 ~ - 97 95 - 96 9~- ~ 98¼- 80 96 - 18 3d, 19!11 ............... 4 •••• - .... '10 - 75 ,. •• • •••• •-• • - ••" " - ••• • 70 - 70 •••• - ••U • .. ., .... - •••• •••• 108¼-llOJ..d . • •• - .. • . ~ - 1 ~ 109 -1 Iowa Cent.-l■t, aold..:J 1.UJ.-lli~ 11, -116U lDM-116 1U -11, us -11~ 111 -111 108¼-~ 108 -1 81 - ~ • - • R - n Refundluar, 19:11 ••••. 4 11:1 - 1111 • - • •••• - •••• 12-e:a •••• - ........ - ........ - .... 91-811 Kan.& M.-Bu T.&O.C. K.Clty So.-tn. 19~0.3 81 - eQM 81ffI i : ' , ,i ~-70 i • Ken. Cent.-&, L. & N. ; ;t , I .... - •••• M -117 116¾-118 L. Erle & We■ t-t■ t ••. :J lleK-UO 118M-ll~ 118 ~ 119u-UO 118 -1193' 117¼-117¾ .... - •••• ll.6¾-llG I' . II lll~-111 l ill -111 I • 1()9¼-111 ~-118¼ .... - .... 118 -1~ 111¼-111~ 108 -108 108 -110 2d ........................ :J ~-ll.8U 118'6-11 ' I ~ I Ol>¼-109¾ 111 -111 - • • • . • •• • Northern Oltlo. ht .. :J 1.14H-~ 1U -W .... - •••• 111 -ll1 .••• - .... 111 -111 . ••• • C. • Y N. L. Shore-Su Leh. Valley, N. Y t, 11 t It 11 I ._ I I l ■t. p a r.. arolcL •••• ,~ 108 • ~ J.08¾-1~ 1~~ 107M-10'7M 108 -1~ 108¼-108¾ .. - - .... 1 ~ 1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I: . :·. : :- : :-. I  II  4 .,  ••••  -  ....  . ...  -  ........  -  I  ~ t  •  • •  • .  •  ; ..  •  •  •  .·  0  f '  I  '  - ........ - ....... -  04  .....  -  111  .... - ·-· .... -  .......  4  - ........ - ....... - ....  -1•  88--  1111111 • ' ;•,• •:  '  1  I  t,•  ,◄  •  ;◄  79 ,  RAILROAD BONDS. 1903-Contlnned. ,JANUARY FEBB'RY. MARCH.  BONDS.  -----  APRIL.  MAY.  JUNB.  JULY.  AUGUST. ~EPT'BJCR. OCTOBER. N0V'BJCR. DE0'BBR.  Low.High Low.High Low.High Low.Hlirb Low.High Low.High Low.High Low.High Low.High Low.Hlgl! Low.HlghLow.Hlab  Leh. Val. Term'l-18t./i .... - ........ - ........ - ........ - .... 11~11, 113%-118% .... - ........ - •••..•• - ........ - ........ - ....  Leh.Val.Coo.1-1,.t.gu.3 Leh. & N. Y.-18t, iru.4 El. Cort. & N ., au.,a.3 Lona l8lo.ndl 8t. con•ol., 1931 .... /i Gen. mort., 193S•••. 4 Perry, l•t, 192!1 ...4~ Untfled, 1949-........ 4 B'klyn & Mon., l•t../i  ...• - ........ - ....... - ........ - . . ...... - ........ - ...... - ........ l<M~l~ 106 • -106 -tot 9'7 - t'T 96 - 16 .... - .... 987'- 93¾ 96 - 96 9~ - 96 .... - ........ - ........ - •••• ~1 • ft .... • .... 9' - 9' ... . - •• • • .. .. - .... 100 -100 .... - •• • • • ••• - .. .. . .. • - • • .. • ••• - .. • . . • • • - • • • . . .. • - •• • • . • •• - • • • . . • •• - • .. . .. •• - ••-  118 -118 ... . - ........ - ........ - ..•.••• - ........ - .... ... - •••. 101¼-1023' 1013'-102 101¼-102 101"-102 101~102 1~-1~ 100 -100~ 993'.... - ....... - ....... - .... 102 -109 101 -101 100¼-l~ .••• - ........ 999'-1003' ~-100 100¼-l~ W7J6- 118 118 -100 99¾- 99~ ~-100~ .... .... - ........ - .... lOISJ,(-1053' .... - ........ - ........ - ........ - ........ -  ... ... .. 993' 100 ... .. ... .. . . ... ... ....  !i.oo  - •••.•••• - .... .... _ ·•-100 lOO -101 101~1019' 100 -lot - ........ - .... 100¼-100¼ . ..• - ... . - .... 96¼- 99¼ 98 - 9il¼ 98}r 98M - ........ - .... . ... - ••••.••• - ... .  Loubvllle & No.•hv.General .... .... ... . . .. 6 11~-116% 115%-11~ 111\M-117' 116¼-ll~ 116'.(-118 ll~-115 11~11~ 116 -116 .... - .... 1173'-11'™ 116 -118 30-year, aold, 1937./i 111¼-112 112 -112 .... - .... 118 -118 111 -111 111¾-112 .... - .... 111 -111 ... . Im -lli - .... 1110¼-110~ Unified, sold, 1940 .. 4 99"-101" 1()()¼-101!1, ~-100~ ~101¼ 1()()¼-101¾ 100¼-101~ 98¾- ~ ~ - 99 98 - 99 98 - 98M 9iJr 9~ ~-l<>OM Col. trn•t, ir •• 1931 ... /i 112 -118¾ lli -lli lll¼-112¾ 112 -112 110¼·112 110 -110 lllM-112¾ .... - ... .. •• - .... 111 -114~ 111 -111 109 -1~ Coll. trust. 3-!l08 .... 4 100 -1~ 101 -1013' 101~-101" .. .. - • .. . .. .. . . .. • • - .. .. . . .. •· • • £. u. & N •• 1■, ........ ti . ... - ........ - .... lll¾-111¼ .... _ .... 114¼-11'¼ ...• - ........ - :::: -1is .. ::: _ :~: Loult1T.Cln. & Lex.4~ 1083'-1083' ... - ........ - ........ - .. . . .. - .. .. . . - . .. .. •• - ....... - ....... . - ... . ... - .•. . .... - ... . N. O. & Mob., ht .... 6128 -129 126~li6¼ - .... 196 -126 126 - ~ .... - ........ 124'¾-1243,(~-124¾123¼-1273-fi~-127¼12 6}4-1263' !ld.1930 .............. 6 .... - .... 1, ... - .... .. - ........ - ... . .... - ..... . .. - . ....... - .... 122!1(-J.22M .... - ........ - .... ... . - .. . . .... - .. .. Pen■ac. & Atl., bt .. 6 118 -118 110% 111¾ 111U-,111Ji .... - .... lll~-111¾ lll"-112½ 118 -118 110 -110 .... - .... 111 -111 .... - •••• Ken. Cent., 1 DS7 .....4 98ff- ~ ~- 99 100 -100 100 -100 99 -100 97¼- 97¾ . .. • - • • .. .. •• - • .. . ~ - ~ 96¼- 9'1M 98 - ~ ~ NM L.&N.&M.&N . l8t.41' .... - ........ - .... .... - ........ - ........ - .... 107¼·107½ ... : 9.0.. ;.:· : 8.6... ·8·'.,;,.,: 86 .•••. 8 ••6. : oo";; ·8·:.: : ,.,.., , ·89···u.: a.nu  ii~-1i2i/ ..: - .::: iis  L.& N.-!ilouthJolnt.4 .... - ........ - .... 89!1(- 90½ 90 - 92 91~ fi 01 - 91¼ 86 Na•h.Fl.&S.,lt1t,11rn.~ 11, -1149' •••• - •••• 118 -118 ... - ........ - ........ - .... 118 -llB  -us··~is  "" "7ll ni ., """1 ~ .... - . ... 106¼-106½ .... - ....... - ... . 111 -lllH  80.&No.Ala.,auar.~ .... - ........ - ....... - ........ - ....... - ........ - ........ - ....... - .... IM -1M~l05 -1007' .••• - ........ - ... . Stnklnsr fund ...... . ff .... - .... •••• - •••• 110 -llO .... - ........ - ... . .... - .... .... - ........ - ........ - • .. .. .. - ........ - ........ - .. .. £.N.A.&Ci-BeeC.l.&L. ManhattanCon ■ ol.,  1990 ......... 4 lOf -lM¾ 1~1041.( 108 -l<M  Metropol.Ele-Y ., l•t .. 6 109¼-110 110 -110 110 -110 Mex.Central-Conaol.4 76 - 78 76'U- 78 76 - 7~ h t con8ol. lncome ... 3 25¼- 27¼ 26 - 28¼ 26 - 18 ~d coD8ol. Income .... 3 16~- 18¼ 17 - 18¼ 1 ~ lSM Coll. tru8t, 1907 .. •4~ '¥1 - '¥1 95* 96M 9' - 9IS¾ Mich. Cent.-See N. Y.c. M.L.S.&W .-su C.&N. M. & N.-suc.M.&S.P. Mlnneap. & St. Loul8ht, irold, 1927 ........ 7 la. Ext., l•t, 1909 .. 7 Pacific Ext., 1 •t ..... 6 l ■t, con., 1934, tr .... 3 1 ■t & ref., 1949 ...... 4 Mo. Ko.n. & Texa ■ht, aold, 1990 ....... 4 ~d,lncome, 1990.... . 4 ht, exten •• Ir•• 1944.3 Dalla ■ & Waco, l11t.~ K.C.& P.,l•t.1990.4 M. K.& T. of'T., bt.3  8he1'.8b.& S.t11t,  .... - .... lt~-145¾ .... .... - .... 116"-ll~ .... ... . - ........ _ ........ 120 -120¼ 120¼-1~ 119 108~-1~ l~los,( 100  - .... - .... - .... -120 -102  101 -101-U 101~-lot 110 -111 110¾-111¾ 76¾- 7V 78 - 80 24 - 27" 25¼- 28¼ 14"- 18~ 16¼- 18¼ 9' - 94M 98'Jr 9'1  144¾-l"¼ .... . ... - ........ 123¼-128¼ .... 117 -117¼ 118 98 -100¾ 100  97¼- 99¼ ~ - 1 ~ 98M-100 98¼- ~ 88 - 85 81,t- 82M 80 - 82½ 80 - 82~ 1()2U-l~ . ... - ....... - .... 102 -103¾ .... - ........ - ........ - ........ - ... . 90 - 90 87¼- 88¾ 88 - 88 88 - 88 108¼-106 l°' -106¼ 102 -10~ 102 -103  lOlff-101'4 111 -111¼ 75 - 77¾ 21M- 25½ 14!1(- 17 9~- 96'U  MIHonrl Paclfto3d, 1906 .......... ...... , l•t consol. .............. 6 Trn•t, irold, 1917' .... Ii ht, collat., a-,, 19!10./i Oent.Br'ch Ry., l ■ t.4  1103,(-111  110 -11~ 10'7¾-108  100 -102 1011}.(-102 99 -103¼100 -102¾101¼-1~ 108 -1~ 108%-109 109~-1~ 109½-109:14109¼-1103' 70 - 74 71¼- 74 69¼- 71¼ 71 - 72½ 70¼- 78 14. - 17½ 12¼- 17¾ 18!4- 14~ 13~- 15½ 14. - 16H 8¾- 11 9~- 9:U f - 8¼ 8¾- 8~ '1¼- ~ 92 - 93'4, 91¾- 93¾ 9lff- 93¾ 92~- 93¾ 91 - 91  - ........ - ........ - .... 1'8 - ........ - ........ - ........ - ........ - ........ - ........ -116 11~-114¼ 112¼-118 109 -101¾ 99¼-100¾ 08 -100 97  -148 14' -li4 14' - ........ - ...... - ........ - ........ -112 112 -11.l!M . . .. - 98¾ 96JJ4- 97 98  -1« 146 -14.6 141¼-1• - .... 114¾-lli~ ll.2ff-ll23' - ........ - .. • .... - ... . - .... 118 -113 .... - ... . - 98 97 - 97¾ 97 - 97  99¼-100 96¼- 99¾ 95 - ~ 95¾- Dnfi 97 - 98 97' - 98¼ 9 ~ 9~ 9G!I(- 97' 803'- 82¾ 79 - 81¼ '17 . - 81 76 - 78J.!, 76¼- 78½ 75"- ~ 75 - 76~ 76 - 78'( 101 .... 90 102  - .... 98 -102 97"- 99 97 -100~ 98 - ~ 98¼- 993' - ........ - ........ - ... . 101 -101 ... - .... .... - .... - ........ - ........ - .... . ... 867'- 86¼ .... - •••• -1013,( 99 -102~ 97 -lOOM 97 -1~ 98 -1~ 99¾-1~ .... - .... lO!S¾-106 .... - ........ - ....... - .... 100 -102~ 109 -109 1()8¼-109 .... - .... 105¼-107 106~-1063,(10'1 -109  -108 lOO'U-101 .... - ........ - .. ... ... - 90 . ••• - ........ -108 101 -101¼ 97  an.~ .... - ........ - ........ - ........ - .... ... - ... .. .. - .. ..  llo.Kan.&Ea•t.-l ■t./i 109¼-110  lOO -1011¼ 108 -109 M - 7~ 12¼- 2-'I 8 - 15 9!! - 96½  1~108% 1()8¾-109  109¼-110 1103'-110~ 111 -111 111 -111¾ 108 -108 108 -108 107¼-107½ 107 -1<>'™ 10'7 -107' 1077'-107¼ 105¼-105½ 106:U-107 120'U-121¼ 120!!(-121¾ 120 -122 120¼-12~ 118 -119 1183'-119 118 -118½ 118 -118 118 -119 118¾-120¾ 117 -118 117¼-ll~ lM¼-106¾ 106'!-t-107% 102M-1M¼ 108%-104¾ lM➔.(-105¾ 103¼-106 103¼-100.( 104 -105 102 -108¼ 102¼-105 1M%-105:J41()4¾-105~ l<M¼-107½ 104¼-105 103 -10!½ 108¾-104% 104¼-10~ 103~-105M lM -lM½ 101¾-103 102 -102 10111:(-10!¼ 105 -105¾ 105 -105M 98¾- 94.¾ 91¼- 9~ 89 - 90¼ 90 - 91 90 - 91¼ .... - ... . ~ - 92 .... - ........ - .... 91¾- 91¼ 91¼- 92 92¼- 98 104¾-105¼ 108 -103¼ 102¼-108¼ 103¼-108¾ 108%-108% ...• - •.•. 108¼-104 101~101~ 100 -100 101 -101 101¾-102~ 101;.(.,-101" 112 -118 112¼-112¾ 112 -112 112 -lU .... - ........ .. •••• - ........ - .... 107%-107%108!)4 108:),(110¼-110½112 -118 118¼-115 114¼-115 11' -115 11~-118 lU -118 111 -1123,( llO -112 110 -111:½ 110¾-111¾109¼ ·111¾110¼-lll 110¾-ll\M .. .. - ........ - •... . . .. _ . .. . .. .. - .. .. . ... - ........ - .... 111 -111 111 -111 111 -111 108 -109¾ . . .. - . .. . .. .. . .. . 90 - l>l¼ ~ - 90¼ SSM- ~¾ 87' - ~ 87¾- ~ 87 - 88 &.ft • 87 Si¼- 86¼ 88 - 86¼ 82 - 86~ 8514- 86~ ~ - 86M .... - •••• •••• - ....... - ........ - ....... - ........ - ........ - ........ - .... ... - ........ - . .. .... - .... 91%- 919' .... - .. • . ~ - 90 .... - ........ - .. . . ·•- - ........ - .... .... - ••••.••• - .... · ... - ........ - .... .. · • - • ... · ... - · ··  Po.c. of Mo., l11t, ext-4 2d, 193~, ext ... .... ~ 18t.L.&J.M.aen.&l.ir.~ Stamp •• an., I 93 t .. ~ Unify.& l"ef., 19~9.4 Rlv.&G. D., l ■ t .... 4 llob. & Blrm.-1943.. 4 llobtle & Ohlo.!few, aold, 1927 ...... 6 127¼-lt?¾ 12'7 - ~ 125 -126 19' -114 .... - .... ~~ .... • •••. 122 - ~ .••• - .... 123¼-123~ 125 -126 12~-liSM l ■t, Exten., 19•J7 .... 6 ~125¼ ... - ........ - .... 1 2 ~ ~ .... - ........ - ....... - •••. •••• - ... . 119 -120 .... - ... ... .. - . . .. Gen. mort., 1938..... 4 .... - .... 96¼- 97¼ 116¼- ~ 93 - 98 93U- H .... - .... 91M- tlM 91M- 91~ - ... . 90 - 91½ .. .. - .... OS - 98 Monta-om. Div •• l8t..~ 1115 -115¼ .... - ... 114 -lli .••• - ........ - ........ - ... . ••• - ... . .... - .... Ut -llO .... - .. . 111 -118 112 -119 St.L.& Cairo, col.tl".4 ... . - ... . 98 - 118 .... - ... . • ••• •••• .... - .... .... - ........ - ........ - ........ - ....... - •••• 89 - ~ Gv.ar., irold, 1931 •. 4 .... - ................. - ............ . .... - ........ - ........ - ........ • ........ - .... 98~- 98½ 98¼- 98~ .... - .. .. Kor. L.&T.!!lS. - Su~. P. •a■h.Ch.& St.L.-l ■ t.7 W - ~ 123¼-11!8% ~~ 122M-12Mt ~ 1 9 ' 12' -12' .... - ....... - ... . 120M-12~ 120¾-121 121 -121 122 -126 OoHel.a., 1928...... ~ 11'!1(-llG tU -118 113 -118 112 -112¾ 112%-112¼ .... - ... 112¼-112¼ 110 -111 •••• - .... lOIJ¼-110 110~-111½ lllJ.8 ·111}4 aatlonal of MexicoPrior lien, 19~6.... 4¼ 1~-101 101 -101¼ 100¼-101¾ 101 -102 102 -108¼ 109 -10'.IU 98 -100¼ 98¼-101½ . .•. - .... 102~-108 .... - ... . 102¾-lOSM 1•t, con•ol., 19~1 .• 4 75¼- ~ 7 ~ 7~ 7oU- 76'4 78 - 76½ 76"- 7~ '76 - 78¾ 76 - 78¾ 7i¼- 77 74 - '17~ 73~- 76 '75 - 7~ 7!¾- 76 If. Y. Cent'l & Had. R.Gold, 1997 ........... 3¼ 1°' -lM 1~104 102¼-lOS'Jfl 102 -100 109 -108¼ 108 -1~ 96 -100 ~ - 96 9IS¾- 96¼ 96).4-100 99 - 9~ 9~-100 Rea111tered .... ..... 3 ~ 1~-1~ .... - ... . 102 -102 101 -101 lOl'Jf-1003' 100 -100~ ..•• ' 95~- 95~ ...• - •.•. 99 -100 ..•• - ... . 98¼- 99U Deb., 1884-1904..... ~ 108 -108¼ 108!!(-1031' 101 -101" 101 -101 101*101M 101~-lOlM 101¼-101% .... - ... . . .. • - .... 10()¾-10011! 101 -101¼ 101¼-101'4 Realstered... .... .... 3 . .. - .... .... - ........ - .... . ... - .... 100 -100 101¾-101~ .... - ........ - ... - ........ - .... 101~-101"!,4 .... - ... . Deb •• a-., '90-1903 ... 4 10()%-1~ - ... . ... - ........ - ........ - ... . WM- 99'U .... - ........ - .... .. - ........ - ........ - .... . ... - ... . Debt certs., ext., a, .. 4 lOQ¾-100¾ .... - .. . ... - .... l~-100¾ . ... - .. .. .. . • - . . .. .. .. - . .. . .. •• - .... 100 -100 .... - ... • ll9¼- 99¼ 99~- 99¾ Lake Shore, coll ... 3½ ~ - 9''11 01 - ~M ~ - 91¼ 91~- 99" 90 - ~ 88 - 90 87 - 91 88 - 90 89 - 90 59¼- 91 88¾· 90lJ4 88 - 891,( Red•tered .... .... 3½ .... - .. .. 90 - 91 8~- 90¾ 89 - 90¾ 90 - 91 ~ - 89 87¼- 88!1( 88~- 88¼ 86 - 87 86➔.(- ~ 86 - 89 86!J.(- 88~ lllcb. Cent'I, coll .. 3¼ 91¼- 9~ 91 - 91 91 - 91 80 - 90¾ 89¾- 90¾ 87 - 87 87 - 89 86 - 80 88 - 88¼ . •• - .... 8S - 89 87~ 8'i..-. Real•tered ......... 3 1.f 91 - 91 . •• . .. .. .. - .. .. . .. • - .... ,. - .. • .. • • - . .. • .. .. - • .. •• •• - . .. . ... • - .. .. . • • • - .. .. ... • - .. . .. .. - ... Beech Cr'k, l ■ t, aa .. 4 .... - .... 10'7➔.(-107¾ 107¼-107¾ - .... 108 -108 .... - ........ - .... . ... - .... •••• - ........ - ... . .... - .... 1067'-10~ Resrl•tered .......... . 4 .. .. - .. .. .. .. - .. .. • • .. - .. .. . .. • - .. .. • .. • - ........ - • .. . • ••• - ........ - • ... .. .. - .. .. .. .. - .... 103¼-lOS½.... - .. .. Weat Shore, a-nar . .4 110 -111 110¼-lllJ( 110 -111¼ lOQ -110 109¾-110¼ loo,(-110¼ 106¾-108¾ 107,(-109 107~-109¼ lOB -108¾ 107 -108½ 108}8-109 Regl11tel"ed .... ....... . 4 109¼-111 109¾-~ 110 -11~ 109 -110 109 -11~ 106¼-109½ 106 -10'7¼ 106 -107 1~107 105'4:-lOd 107 -108 l OG}ii 107~ L.8.&M.S.'ld, cn.,cp., 1()2lj(-103 .. .. - •••• .... - ........ - .... l<>Sff-10~ lQOM-101 101¼-101¼ 101¼-101'.U lO'J -102 . ... - .... .. .. - ... . .... - .. .. ~d COD881., rear... .... 7 102}4-102,t ••• - .... • ... - .. .. .... - .. .. - .... 101 -101 .. • • - • .. lOlff-101~ .... - .... 102~-102¼ . .. • - ........ - .. .. Gold, 199'7.. ... .... 3~ 105}4-105¼ - .... 101 -108¼ 101 -101 1102¼-lOS 101 -101¼ 98 -101 ••• - .... 98 • ~ 98 -101½101¼-102!'4100 -1~ Retrlstered . .... .. 3 ~ lOG -lOCI .... - .... .... - • • • . . ... - ... • .... - .. .. .. •• - .. .. • • - .. .. .... - .. .. WM- 97!it 98¼-102~ 100¼-101~ 99M- 99N Bahon. Coal, l ■ t .... 3 124 -124' •••• • ... •... - .... . ... - ... . .... - . . . • ••• - ........ - ... .. •• - ••• • .••• - ........ - .... 121 -121 .... - .. .. Pltt•.McK.& Y. l8t.6 189 -180 • . •• - ........ - . ....... - ........ - ........ - ........ - ....... - ........ - .... ... - ... ... .. - ....... - ... . Mich. Cent'I, 1909... 6 •••• - ........ - .... l l ~ l ~ •••• - .... 11J -lU . ............ - ........ - ........ - .... UOJ.(-110¾ 111~-lll~ •••• - •• •• 1931 .. ...... _ .......... G ~1263' - •••• ~J.2S¼ .... - ........ - ........ - ........ - ... . .... - ........ - ........ - ... ..... - ........ - •••• l ■t. ,rol., 193~ ... 3~ .... • ........ • -•· •••• - •••••••• - ... . .... - ........ - ........ - ........ - ........ - .... ~ ~ .... - ....... • .. .. , K.Y.&Har,~ooo.aH .... - ....... , • ........ - ........ - •• , ..... - ,. •••• ,, - ,.,. , • ., - • .,, ••• , - ., .. 100 -1.00 .. ., - , . .. .... - Ill - ~ ~ -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  80  RAILROAD BONDS. 1903-Contlnoed. JANUARY F E BR'R Y .  MAROH.  APRIL.  MAT.  BOND"•  JUNE.  JULY.  AUGUST. 811:PT'JJER. OCTOBER NOV'Bl!:R. DBC'JJEB.  Low .High Low.High Low. High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hiirh Low.Htgll  ------·---- - - - - - - - - - -N. Y. Central-(Oon.}-  ----  ---- ---- -- - - --- - - - - - - - - - - - -  N. Y. & North'n, lst.~ . . . - .. . .... - .... . . .. - .... .... - ..... . . . . ..... .. - ..... .. - ........ - ........ - .... 116-116 .... - .... .... - .. . R. W .& O., con., ht.~ 121¼-1~ 1.12 - l ~ 121%-122 118 -118¼ 1 ~-11~ 11~11'™ 117 -118 . ••• - ... . 11~119 U 7¾-ll~ 117}(-ll™ ll?ff-117" Utica & BI.Rlv.,'~ ·l .-1 l0'7x.-107~ lO?'ff-10~ .... - .. .. .... - ........ - ...... . . - ... 101 -10-i .. .. N. Y. Ch. & St. L.-l11t.4 104 -104-U 1°•~-105 104%-106 102 -1~ 102 -103" 102 -108 101 -102¾ 101¾-11)2~ 102¾-103¼ 100 -l<>i 103 -104 103 -10S!1( Re1rlstered ............. 4 .. .. - . . .. 102 -102 1033i-103:H 103 -103 103 -108 .... 'N. Y. N. H. & Hartt.Con.db. et., all ln11.pd 219 -221 219¾-219¾ 209 -209 206 -206 • • • • - • • • • • . .. Hou11at., con., 193'7.~ .. .. - .... 131¾-181¼ .... - ..• . ~-131M .. .. - . • .. . • .. K. Y. & N. Ena-•• l11t.'7 ... - .... . .. , - .. .. .. .. - .... 105 -105 106 -lleM . . . . 1., ....... ..... .......... 6 - ••• .. •• - .. .. ... - .... 108l'(-103,t 105 -105 .... - .... 101 -101 Ill. Y. O. & W.,ret,,l11t.4 lot -103¾ 1~1033' 100 -101 99 -101 100¾-101~ 100¼-101 99 -IOU~ 99-U-101 97¾- 99 98¾-100½ 101 -102~ 101~-10'2~ Re&'lstered ...... . ...... 4 ... . - .... . .. • - .... 1 ~ 1 ~ .... - •••• 101 -101 • ••• - .... 100 -100 ft. Y. 8. & W .-&e Erle. Mort. & 80.-l11t, '41 . . ~ ~-11~ 114 -114 .... - .... .. .. - . . ...... - ........ - ... . Non. & We11t.-Gen'l-6 .... - .... 188 -188 188 -188 188¾-133¾ . ... - •••• 180 -180 .... - ....... - .••• New Riv., l ■ t, 193~.6 182 -18~ . ... - ... ... .. - ........ •.. 128 -127~ 127 -1~ .•. - •••• lmpt. & Est., 1934-6 .... - ... .. . . - .... 128 -128 •.•• - .... . ••• - .. . 127 -127 .... - .... N.& W.Ry., t ■ t,con.4 100 -101-U 101 -101-U 99M-101¾ 97M- 08¾ 98¾-1003' 98 - 08'U 96 - 98¾ 96 - ~ 96¾- 97 94%- 96M ~ 97 ~ VT Re1rlstered ........... 4 . . . . - . .. ... . - . . . . . . .. - .. .. . . .. - .. .. .. .. 9S - 98 96~- 96½ .. .. - . .. .. • • ~c. Val. & N. E., bt.4 100¼-101 100~-100½ 100 -101 lOQM -101 99~-100¼ 97 - 99 97 - OS¼ 97 - ~ 96-U- 98~ 97)i- 98 97 - 9~ 98 - ~ Pocah. c. & C.Joln~ 91 - 98% 92~- 93 90 - 92~ 90~- ~ 92 - 9, 89 - 90~ ~ 90 SSM- eg~ 88 - 89~ 87~- 89¼ 89¼· 90 88 - 8~ No.PacUlo-Prlor llen.4 102M-10i 103¼-108¼ 102~-10~ 101~·102'U 101~-1~ 101,t-1~ 99¾-101¾ 99¼-lOO'U 100!1!-101¼ 100 -102¾ 1011'-1021)1. 102~-108 Rel'latered ........... 4 102 -108¾ 102¾-103~ 108¼-103¼ 100 -1~ 102 -102~ 10l'U-10l'U 100 -101¾ 99'U-lO~ 101 -101 100¾-100½ 102¼-102~ 101¼-109~ General lien, !i04'7 .. 3 72¼- 78~ 71-U- 7~ 71~- 72~ 71 - 7~ 71~- ~ 7~- 7~ 71 - 72 70¼- '71~ 70 - 71 70 - 71½ 69¾- 70~ 70 - 71 Reirllltered ........... 3 70½- 7~ 70~- 72~ 7~- 71 .... ... 68 - 68 - .. . ~ ~ St. Paul & Dul. Dh,4 .... - .... 101 -101 .... - ........ - • .. 97 - 98 96 - 96 St, Paul & No. Pao.. 6 127 -127 1.26 -W .. .. - .. .. 12G -126 .... - .... 121 -121 .... - .... 122 -122 .... - ........ - •.•• St,P.& Dul,. l•t.'31.3 .... - ........ - .... 112!,t-l~ .... - .... . ... - ........ - .. . lid, 191 '7 .. .. . . . . .. .. 3 . . . . - .... 106 -106 . • •• - .... 106 -107 107~-l<m,( l•t• con11ol., 1968 .. 4 9'1 - 98 9'1 - 9'1 96U,- ~ .... .... . ... - . ... 96¾- ~ .... !Co. Pac. Ter. Co-let..6 1~-118 .... - . .. 1~-11~ •••• - •••• 116¾-116¾ .... • ... 110 -11~ 111 -111 •••• .. .. 111½-111~ . . .. Ohio RI-Y,-l ■t, 1936.. 3 .... - ........ - .... .... - .... 114 -11'¾ .... - . . .. .... - ... . .... - ........ Or,RR,&Na-Y,t8te On. Or. -;bort Line. 5 Pac. PacUlc Coa•t Co.-ht.G 10'7 -108 109 -111 107¾-1~ • .. - . . .. 109 -llO lot -1~ 101 -1°'~ 101¾-104 102¾-105½ 104 -1~ L06~-106~ lOSJi(-lOI Panama-let,•• t ..... 4½ 102 -102 .... - ... . 102 -102 102 -102 - ........ - ........ .... - ........ - .. .. Penn•YI-Yanla Co.ht, conaol ... .. ....... 4XI 108'-(-109!)p 109¾-110 109½-110 1~-1~ 109 -119~ 110 -110 10'71Ji(-107,t .... - .... 108 -108 110 -110 110~-111 11~-111 Ke&'letered ... . ..... 4¼ 108 -109½ 1()9¼-109~ 106 -106 - ........ Guar., 1941, B- . . .. 3¼ 97 - 97 .... - .... 96 - 96 - .... 94 - 94 91¼- 91½ .... - .... 923'- 9"' 'l'r.Co.ctf11.,1ru,,'16.3~ ... - ........ - ........ - ... . 9G - 90~ 9G - 9a . ... - .... 95 - 96 .... - .... 95~- 9GM .... - .. .. C.St.L,&P ,lst,'3!J-3 l.22¾-123 1123'-Ula~ .... - ........ - ... ... - ........ - ... 118 -118 Cle-Y.& P,,iru, .. A".4½ .. . - .... .... - ........ - .... 108~-108~ ... - . ....... - .... ..•• - •••• P.C.C.&St.L.,Sr.A4½ ll~-114¾ .... - .... 11()3'-110~ .... - .... l~-l~tl.07¼-10731 .... - ........ Serie• B., 194!i ... 4~ .... - .... 112 -lU ll()¼-110¼ llOH-llOH 11~-11~ .. .. - ........ - .... 106 -10791 109 -109 . .•• ~erie■ E, 1949 ..•• 3¼ 96 - 96 - ...... . . - .... 92 - 92 .. - .... .... - .... 98 - 98 P.Ft.W.&C.,~d,'l!i.1128 -128 - •.. . ll9M-l19't .... - ... . .... Penn11yl-yanla RR- ••• • 100 -1~ . . • • - .... 1~-1~ .... - ... . 105 -lOG .... 104 -104 .... Real estate, 19~3••. 4 . . .. - .... 106 -106 - . • . . . .. - .... 114. -114. 0on110I., arold, 1943.. 4 ... . 0onaol., irold, 1919 .. 3 ... . Conv., irold, 191!1. ,3½ 104~-10'7 104¾-1~ 97¼-lOiM ~ 98~ 95~- 96¾ 94 - 96 94 - 96~ 93U- 96 94 - 96 94% · 97U 94¾- 96~ 95 - 95" G. K.. & I., ht, ext.4~ .... - .... 1~106 109~-109~ 109¾-1~ 109~-109¾ 110 -110 111 -111 P.& E.-su c.c.C&S.L. • ... 120 -120 121 -121 .... - .... 114½-114.¾ . ••• - •••. . . •• Peo.& Pekin Un.-l11t.ti 127 -127 1.96 -128 ,id, 1921 .............. 4k ... - ... . ... - .. .. .... - .. .. 95-96 Pere Marqueu116 -11~ .. • • - .. • . . . .. - .... 118 -118 - . ••. 119 -120 1~-119¼ .. • • .Fllnt & Pere Marq .. ti 121¾-121½ .. .. 107 -107 10'7 -107 107¾-107½ . .•• - .... 10'7¼·108 .•. . 11(»6-111 l•t cons., a., 1939.~ 111 -111 - .... 109 -109 .. •• 108 -109"' 106~-l<m4 108 -108~ 106¾-109 109 -109~ 109 -109 Pt. Hur. Div., l11t . . G 118 -118 - .... 112 -112 lll¾-111¼ 109 -109 . . • • P.0.C.&!!lt. L-Su Pa.Co. Pitt• !'lb, & L. E.,l ■ t 3 • - .... 111M-116h 11™-11~ .... - .... . ... - ........ - .... .... Plttsb. & Weet.-l8t. 98 .... - ....... - ........ • .J.P. M. & Co. ctfs ..... .. .. - •... 100~-1003' .... - ... .. .. - ........ - .... .. .. - ....... . - .... •··· Readln1r-Gen., 19~'7 .4 95½- 98¼ 97 - 98 DOM- 9™ 96 - 97U 97 - 97-U 96M- 98½ 93M- 9tlM 94 - 9534 94 - 9~ 94¾- 96'4 96U- 9'n.( ~ - 97M Real•tered.. . .. . . .. 4 ... - . . .... .. 96 - 96 .... 96¼- 96½1 - ........ - .... . ... - ........ .Jer■ey Cent. eollaL.• 4 98¼- 96 9'M- 95J,s 98¾- 95 91!1(- 92-u 92¾ · 92½ 90 - 91½ 90:1:(- 9~ 91~- 92 91¾- 91¾ 89 - 92½ 92~- 92¾ 92 - 92" Rich. & Danv.-Su l'io. Rio Gr. We11t.-ht M.4 97 - 98½ 97 - 98 96 • 97 94 - 98½ 97 - 99 9'1 - 98M 95 - 96 94 - 94?,t 94~- 96 95 - 95'4 95 - 96 95¼- 97 Mol't, & coll. ti',, A- .4 91 - 92 913'- 92 .... 88 - 89M 89¼- 91 89 - 89 ~ - 90 . . .. 89 - 90 88~- 86 82 - Si½ 84 - 84 Rio GI', Junct'n-lst .. ~ 112½-112¾ 1103, -110½ •••• - ....... - ........ • - ... lots -105 Rio Gr. So.-Gu., '40 .4 ••.• 76 - '16 .... 92 - 92 • ........ - ... . ... R.W.&0.-SuN. Y.C. 87 - 87 • • • . 81 - 85J.1i 85 - 87 8t,J.&G.l.-l8t,194,.4 9' - 9' - .... 87-89 92 - 92 87 - 89 @t.L,&I. M.-Stt M,Pae. @t, L. & !'San Fra.n.ClaH B, 19O6.......... 61Q6M-106 • . • . - .... 1()5Jf-106 .. .. - •••. 10G -106 .... - .... .. .. - .... lotff-1°""105~-105¾ .. •• - ... 108¾-104¾104ff-104ff Clu11 C. 190ti.. ........ 6 .... - .... .... - . ... 103~-106¾ 106 -106 103¾-103¼ •••• - . ••. lOtM-10-&M 1 ~-104~ ... - .... 104¼-lOi~ . .. - .... 104¼-104~ Genera.I, 1931 ........ ti 12~-129 1IU -129 .... - . .. . 12~-1271}( 127~-1271Jt 127*127~ 120 -124¼ 121 -121 121 -122 . ..• - •.•. 124¼-125 125¼·12~ General, 1931 ........:) 113 -11'¼ 118~-113~ 118 -11~ 110 -114 118~115 11~-llSM 108¾-109¼ 109 -109¾ l08}i-109 110¼-110¼ lll¼-111~ 112 -113 th. L. & !"I, F. HR.Consol.a-old, 1996 ....& 96¾- 9CS½ ... - ........ - .... . ... - .. .. .... - ... . .... - ........ - ... 92 - 92 .••• - .... . ... - .... 92 - 92 98 - 98 RefaodlDl'o 19~1 ..... 4 - - 91~ 87%- 89~ 86¾- ~ 86ff- ~ SoM- ~ 84H- 86 '78M- 88 7~- 88 '78M- 81~ 71)J.(- 82~ 81~- 86 8' - ~ 8. W. Div., 1947 ..... 6 .... - ........ - ....... . - ... . . . .. - . ... 100 -100 .... - ....... - .... ···• - , ... K.C.F.S.&M.,con.6 ... . - ....... . - .. .. W -12' .... - . . .. ... - .. .. 118 -118 ... . - ••••.• •• - .. .. .... - ........ - . .. 119 -119!,,(119 -119 &. c. Ft.S.& M., ret.4 86,-- 88½ 87!,.(- 88 86 - 87¼ 85 - 86 BG - 86M 88¾- 86'4 80 - 8,M 79 - 80 76 - 80 74¾- 78 77¾- 80 n~ 79 tilt. LoulB Southw'a91¾- etM ~ - 92~ 91¾- 95 ~2¾- 96 118 - 95 ht, 1989 ......... . ...... 4 94M- ~ ~ 9'1~ 96 - o™ 94¾- ~ 93¾- 96 91"- 93 91 - 91 8QH- 81~ ~ - 7' 68-U- 7' 70¾- '72 69 - '72½ 69¼- 71 71¼- 76 !id Inc., 19~9 ....... . .. 4 84 - So½ es - 84~ 88 - 83 88 - 83 81 - 88 Con ■ ol., l'Old, 193~ •• 4 ~ 86 8'U- 86 88 - 84-U 82 - 82¾ 81 - 83 7'IU- SO¾ 76 - 7'1 66 - 69't 6'73-r 72'4 6'2'~- 71¼ 68-U- 71~ 69 - '71H 8t• .P, & Dul.-SuN.Pac. t't. P. llllnn. &Man.~d mort., 1909....... 6 118¼-118¼ 113¾-11S½ .... - ........ - .... . •• - ........ - .... . ... - ........ - .... ll~-11~ .... - ....... - ••. . :t.1~1109' ht, conaol., 1933 ... 6 184.½-185~ 18'¾-184~ •••• - .... 131¼,132¾ 182¾-1~ 182 -182 l~-l27ff .... - . . .. 128 -128 128~-131~ 182¾-182~138 -138 Reduced to ......... 4¼ llQM-111½ 111 -111~ .... - .... 109 -11~ 111 -111 110~-110¼ 106 -108 10'7 -10'7 108 -108 108 -1~ 110¾-ll~ lOll¾-110 Dakota Extenslon .... 6 114 -114 .... - ........ - .... 118¾-118M 111 -1113' . .•• - .... 110!,4-1113' .••• - .... 109¾-111 .... Mont.Est,,ht.1937.4 1~-104. lOB -108 102,t-108 102¾-10'.t¾ 10'.t¾-10'-Z¾ 100 -100 100 -101¾ 100 -101 101 -101 101 -102½ 101!1(-102~ 100 -101 E,Ml11n.,l11tDlv.l•t.~ .... - .... 105¾-106~ .... - .... 108¾-103¾ 104 -104. •••• - .... 108 -103 103 -104 .... - ........ - ........ M.ont.Cen.,l11t,193'7.6 184 -184~ .... - .... 13' -18' .... - ........ - .... .... • ....... - ........ - ........ - ••• · ht, iruar., 1937 .... 3 .••• - •••• 118¾-11~ ..•• - .... 110¾-11.G 110~-llO~lUU,-11113,jj . ••• - .... llllff-121 Will, & S. 11'., let .... 3 .... - •••..• •• - ........ - .... . ... - .... . ... - ••• . 114.!J1i-ll'ff M.A. & A.P.-See !S . Pae.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ........  -  - ........ -  - ........ -  :4 :::: - :::: i~-100¾ i~-100¾ ·::. -  - ........ - . .. .. - .... 98 -  .... .... -  81  RAILROAD BONDS. 1903-Conitnoed. JANUARY FEBR'RY.  BONDS.  MARCH.  APRIL.  JULY.  MAY.  AUGUST. 8EPT'BER. OCTOBER. NOV'BlllR  DEC'BEB.  Low.Hlllb L ow.Hlllb Low.Hlllh Low.Htllb Low.Htllb Low.Hlllh T.ow.Hlllh Low.Hlllb Low.lllgh Low.Htirb Low.High Low.Hlllll  ----------,---- ---- ----  ••.,.• F'la. & W e8t.1•tt cone., c .. 1934 .. 6 •••• - .. . . ... . - ........ - ....... . A la. Mid., 1 8t, 19~!5.~ 11~-11~ . . . . - . . . . . •• - •... 111 -111 - .... ... SIi. fiip. o. & G •• ca .. 4 95 - 95 96 - 96½ .••• - .••••••• - . . • • 9~ - 951,4 . . • • - • . . . .. . -  - ........ - ........ - .. .  t!leaboard A Ir Line ... . 4 Collar. tru8t. HU 1 .. 3 eeah. & R.-let, •~tt •• 3 Carollnn. Cent., con.4 8od. Ray & !!'0.-11111 ... 3 •• C. & Ga.-See ~oath'n •outhern Pn.c1flc Co.-  88!4- 84:U 101¼-102~ •••• - •... .••• - •.•. 102 -102  !1•3-year, 190~ ... . .4¼ 98 - 99 Collnt. truet, 1949 .. 4 90¼- 92¼ Aat11t1n&l!i.W.,1et.3 .... - .... «Jen. Pac., let, ref,a.4 101~-102 Re ..18tered ....... . .. 4 .... Mort., cu., c.,'29.3¼ 84 - 87 G. H. & s. A., tet.... 6 112 -112 lid, 1903...... . . . ... 7 .... - .... M. & P. Dtv., let .. 31~-1~ GllaYal.G.&N.,hL3 .... - .... B. E. & W.Tex.,let.:J .... Ho ■ e.& Tex.C., 1.et.3 110 -111 Ooneol., a .. 1912 ..• ti General, ... , 19~1 .. 4  lie. of Cal ., let, cu •.. ti Or.&0 .. 1et,ira.,'!l7.3 ~an An. & Ar. PaH.4 80.Pac.,Arlz.19O9••• 6 let, 1910 •••..•..•••• 6  @o. Pac. Cal., 190:J .. 6 let, 1903, B .......... 6 t ■t. 1906, O. & D .. 6 1 et. 1902, E. & P .• ff 1et, lPl':1- ............ ff let, coneol., 1937 .. 3 Mtamp., 190~-37'.~ 8. Pac., N.Mex,.. l 111t 6 Tex.&N.O,.ler,'O:J.7 Con••••• aold, 1943 •• 3  84 - ~ 102¾-103½ .... - ... . 95¼- 96½ .••• - •.. .  88 102 .••• ..•• .•••  - 84 -103 -  9~-100 98 - ~ 91¼- 92 88 - 91¼ 105~106¼ 99!4-101 987,(- 99¼ 99¼- 99!4 86¾- 88¼ 85¼- 87 110!4 ·110~ ..•• 105 -106 .••• -  - ••• .. ••• - ••···••• - •••. 1125¼-125¼ .•••  - • ••.. • • • - .. · - . . • .. • . . 82~ 81¼88~ 7~¼80½ 'i7¾79~ 75 81 73¼- 78 79 102 -103 lOJlJ(-102~ 101 -102 100~-102 100½-101½1101¾-101-U - ••.. 111~-lll~ . . • • - ••.  - ........ -  98¼69 98 .••• 86 -  · •• • - · .• · · • • • 913'- 91¾ . • • . 64 - 70¼ 67¼98 -101¼ 9_79490-90  99 99 -100½1 97 - 971Ji{ 95'½- 97½ 08 - 9'ilJ.t 07 - 98 97 "" 99½ 91 90 - 91 BIS~- 88¼ 84~- 80 84 - 86¼ 85~- 67 85 - 87¾ .....•• - .•. .. ... 9~ 983'- 99¼ 98 - 99¼ 97¼- 99¼ 96 - 98 96¾- 98 97!4-100 - . . . . .•• 86¾ 87 - 88 84 - 85~ 88 - 84¼ 82 - 84J.1i 85 - ~ 85 - 86  -........ -  .... - ........ 109¼-109½ •••. -  • •· · .... 73 99"  · · •• . . •. 70 95M-  •••• •••• 7~ 993(  ll9¼-100 97~86¼- 89~ 87 - .... . ..• 99 - 99¾ 9~•.•• - •.•....• 85'-(- 86 83~-  9~  .••• -  883' •.••  993' .••. ~  - ........ - ···•  - ••.. 103 -106¾ •••• - •••• 104 -104 - •... 101¼-108 ..•• - . . . 102¼-104 - ••.. l0i½-104~ 103 -108 105 -105 111 -111 . .•• - .••. 110 -lll!!Ji 111~-112 112¼-118¾ -109 110¼-110~ •••• - .••. UQM-1J.2M - ••• . 109 - • • • • 90 - 91 90 - 91 91 - 91¾  - .... 105 -105 11~-110¾ llQ¼-111¼ 110¼-111 111¾-111¾ 112 - 110¼ 1()8M-lll ll2 -112 111¾-111~ 111 -111½ .•.• - .....••• 98 - lM •••• - •••. 9' - ~ 90¼- 92 92 - 92 •••• .••• - •••..••• - •.•• 102 -102 •••• . ...• - .... . ... - ......•• - •••• 1029'-102;( •••• - .....••• 75 - 7'7¼ 74 - 78 72 - 77¼ 73¾- 79 75 - 76" 76 - 79 85 - 86¼ 85 - 86 82 - 85 80¼- 84 79 - 81 78¼- 79 - ..• . 107 -107 . • • • - •••• 1061-f-lOBff •••• - •.....•• - ••.. 110¼ 110~ .••• - ••.. . ••• lllM-111~ ...• - . . .. 111 -111]4 lll¼-111½ .•.. - .... . ••• ..• - .... 105'-(-lQISM .••• - ••• 108 -103~ lOS"'-103¼ .••• - •••. 103M-l~ .••• - •••. 102 -102 • ••• ...• - ........ - ........ . .. . - .... 10!~-l0il,c . .• , .... - ... . .... - ........ - .... 105'-(-105¾ 1~1063' .••• llQ¼-119½ 119'-(-ll~ . . • • - • • • . • ••• - ••• • . . •• •••• - ••.. 119M-119'4119 -119 - .....••• - •••. 108 -108 .... - ........ - .... 110 -110 •••.•.•• - •••..••• - •••. 107~-107¼ .••• - ..•..•.• - ••• . ••• 109!,(-109]4 ..•• - •... 109¾-110 . ..• - ••.. 107¼-108 . ... - ... . lOOM-107!4 1063'-108 107¼-107½ 108¼-1081' 100~-106 1063'-lOOM ...• - •... 112 -112 lQSM-108¾ .••• - •• •...•• - ... . .•. - •••..••• - •••..••• - •••. 103¼·108¼ . .•• .••• - •••.••• - •••••••• - ••••...• - •••. 102 -102 - •••• 101 -l0G .••• - • . . . . •• . -  - .... ...  - .... .... - ... .  - ........ - ........ -  - ........ - ........ - ........ - ........ - ....... -  ....... - ....  •outhernlet, coneol., 1994 .... 3 118"-118¼ 117 -118 116 -117J.1i 114~-117 116 -116~ 115!,(-116¼ 112 Recl ■ tered ........... ~ .... - .... 116 -117 - .... . .•• M. & o. col. tr., '38.4 983'- 9~ 96¾- 97¾ 9'¾- 9'~ 94 - 9ISJ.1i M - 96 92 - 98 89 Memphh Dlv ..... 4¾•3 118 -113¾ ..•• - •••• . ... - ••.. 112½-112½ •••• - .•••..•• - •••..••• St. Looi ■ Dl-.., ht.-4 ~ - 98¼ 9~- 98¼ 97M- 97~ 96¼- 95% 95M- 96½ ~ - 97 1M A.ti. & Uan., l8t,'48.4 •••• - .... . ... - .... - ... . .... - ..• . ... - ... . .... (Joi. & Gr., 1Nt, '1 ff •. 6 .... - .... .... - ........ - . .. - . . . . . . .. E.T. Va.& Ga., Div .. 3 115 -115½ 115 -115½ 115¾-1159:( il~-116¾ 116 -11~ •••• - ••••.••• Conl!IOI •• ht, .......... 3 119~ 119~ 118½-119 118¾-119 117J4-119¾ 115 -117 1111 -115~ 115 E. Tenn. reora. lien .. 3 114 -115'4 . .•• - ..•.•••• Ga. Pac., let, .. old ... 6 l ~-124 128¾-123½ 122 -122½ ..• - .....••. Knoll., & O .• let, .-... (1123 -llU lU¼-124½ . ... - ......•• - ••••..•• - •••• .••• RJch.&Dan.,con., ... 6\17¾-117'411™-117~116~-117¼117 Deb., 19~7, etamp 3 . ... - ... . llO~·lllM •.•• - .... 109 t!lo. Car. & Ga., l8t..3 106 -107½ 107 -107¾ 107 -107 107 Va. Mid •• ■er. B.'11.6112~112~ ..•• - ••..••• ""erle11 D, lD!lt ... 4-3 .... - .... 11.I -W .... Serie ■ E. 19~6...... 3 UIS -116 . . •. •••• General. 1936 ...... 3 Jl!S¼-116 115"•116¼ ...• - ••. . 11,  Stamped, anar . .. . 3 Wa8h, 0, & W.,'24.4 W. N. Car., let, con.6 Term'l A••'n of 15t. L.ht, 1939•••••••••••••• 4¾  .... - ........ - . . ...... .... 98 - 93 ..•• 11.G -1111  ll~-115½ 116~-115¼ .•••  -11~ 111¼-118¼ 112M-118!14112 -1~ 111 -U.J 112¼-ll~ - •.. . lll!,(-111~ . ..• - ••...•.• - . . . . .•• - •••••••. - ••.• - 98 ~ - 9S 90 - ~ 80¼- 9'J~ 91 - Di~ 98!,(- 95'( - •••. 110¾-lll 112 -112 1118 -118 - M 9i - lM •••• - •••. 92~- 95~ 93¼- 95½ 9IJM- 90M - .... 90¼- 90½ 91 - 91 . ••• - ... , . .. - .... 116 -116 ·••• - •••..••• - •••• - •... 112 -112 114 -114 ..• - ••...••• - ..•• -116 11, -116 114¼-lllS¾ 115¼-117 115¼-117¼116 -117'-( - ••••.••• - •.• . 110¾-ll0J.i! 110¼-110~1110¾-lllM - ••• . ll~-119~ 120~-120¾ . •.• • •••• - •••..••• - ••. . 122 -122 . ••• - . . •• ,-118 •••• - •••. 117 -117 114 -11' lli¾-115¼ .••• - ••• . 11.16¼-116½ ...• - ..• 1118 -118 -109~ ..•. - •••• 100!,(-100~ .••• - • . .. 108 -108 .... - .... 107 -107 108¼-l~ -108 11)6¾-1~ 1043'-l0IS½ 104 -10i¾ 103 -104. 103~-104.¾ 103 -104¼ 102 -102'4102~-108 - ••.••••• - ••• . ..•• - ........ - .... .... - ... . .... - •••• • •• -11'5 110 -112¼ lli -118 110 -110~ 108 -109 . ••• - ••• . 110 -110½ 109 -110½ 109 -llOM - .... 118¼-113¾ .••• - ••• . . ••• - • • . . 91~- 91~ 92 - 92 92 - 98 - •••. •••• • - •••. lllS~-116½  - ........ -  - ........•........  112 -1111 t~-112M .••• - •••..••• - .... 1 ■ J, coneol., 1944 •••• 3 U8 -118 - •••..••• - •.•. 116~-117 St. L. Mer. B'ae Ter.3 ...• - •••..••• - •••. 117ff-llffi .••• .. ex. & N. 0.-Su So. P. 1.'esae & PaclftcJ ■ t. E, D.Dlv., 19O'5.fi ..•• - •••..••• - •••.•••• - •••• let, .. old, ~uoo ........ 3 116¼-117'4 116¼-117l4 116 -116 uis -117¾ ~d, a .• Inc., !j000 ..... 3 99 -100 99 - 99 .••• 87 - 87 La. Dh. K. L., let ... 3 Ill -111 1.'. & O. llt'1nt.-18t,'3~.3 lll¼-112 - ••.. 112:1(-112¾ 112 -112 We■ r.. 01.,,,., l11t, ':t3.~ . .. . Geueral, aold, 193:).~ 107 -107 Kan.& M .• t ■t ... u.,a.4 98 - 96 1.'ol, Peoria & We■t.-  let, lDt,.......... ..4 41.'ol. St. L. & Weet'n·Prl or llen ....•....•.•. 3½ GU-year, a., 19!l3 ••. 4 1.'or. H. & Bnff.-let .. 4 IJle. & Del.-let, con .. 3 «Jnlon Paclftc-  00 - 91  107 -107 00 - 97 91 - 92  95 - 96  00 - 92  89!'(- 90~ 89 - 90  SSM- 85¾ SIS - SIS~ 85 - 81S  8G -  76 - 80  7' - 77  78 - 79¾ 76'(- 78  ... . - . .. .... 110 -110  SIS¾  98 - 98 llQM-110),,( 110 -110]4 109 -110  109 -111" 111 -111¼ 107),,(-107]4 ...• . • • • - . . •. 114~-ll,lJ. .•• , - •••• lJ.2¼-113¾ 110 -110 - ••.. 116 -11.IS •••• - ••••.••• -  102 -109 118 -118~ 87 - 87 - .... 118 -118  . . . . - •• . . 113¾-115¼ 81 - 81 . .. . - . . •. 112~-112~  - •••• . .•. . ••• - •.. . 113¼-113-U LU¾-11,iU - ..• . ..•• - •.. 107M-107M  . ••• - . . . . 118).(-116 •••• - •... . ••• - .... 110 110¼ 110~-110~  . • •• - . . . 100 -100 . • • • - • . . . . • • • - • • • • . . . - ..•• 118 -115 118¾-115 lU -117 ll6¼-ll8 114¼-ll~ . . . - . . . : ..•. - ... . .••. - ..•..••• - •••. BIS - 94.U 108¼-109 108¼-109¼ 109¼ 110 . . . • - ... . 109M-110 . . .• . . 100 -100 110 -110 111 -111~ ua -118 - ... 118 -113 110 -ll0 111 -1.U .••• - ... . 105 -105 91 - 92 88 - 88 90 - 110 92 - 92¾ 00 - 90¼ 90¼- 00¼  89¼- 91 85~74 .••• .••• -  90¼- 90¼ ..•• - •••• 88 - 00  86 84 75'4 73 •••.•••• ••• . ••••  -  .....  88 - 88  S9 - 91  92 - 92  89 - N  BIS~ 8G - 85¼ St - 85 82 - 88½ 88~ 8' 79 77 7C»r 72 69½- 72~ 6!S - 72~ 68¼- 71¼ 68~- 7014 ••• . .••• - ••••••• - ••••.••• - . •. .. ..• ••• . 108 -108 .••• - •••..••• - •.• . 108 -108 .••• - •••• 106~-l~  n -  A0-yr .• aold, 1947-.. 4 102!1(-103'8 10239-10~ 101~-108 101¼-103 102),,(-102¾ 102 -108 99¼-100~ 99~-100 P9J.1i-100 99~-10~ 102~-102% lOZM-108-"' Realetered .... ...... . 4 102 -108¼ 102~-108¼ . . • . - • . . 101"-102¾ 102¼-102¼ ..•• - ... . 100 -100 9~- 99~ 99 - 99~ 100 -102¾ . • •• - •••. 100 -102~ ht lien. conv., 1911.4 1 ~·10~ 104~-106~ 101~-l()lij.s DJM-10~ 98¾-1~ 92¼- 96¼ 92 - 96¾ ~ - 96 91!'(- 95 92"'- 96¼ PS¼- 94'½ 9'M- ~ Retr18tered ........... 4 105M-l0IS¼ ••.• - •....••• - •.•.••.• - •....... - ..• . .••• - .......• - .. .. .••• - •....••• - ....••• - ••••.•.• - .... ..•• - •... Or. RR. & Nav,,con.4 l()()M-10194 101¾-101¾ 99¼-101¾ 9~-101 99¾-102 97!,(- 98¼ 97 - ll8¾ 97¼- 98 96"- 97:14 98 -100½ 99!,(-l~ 97¼- 99 Or. l!!!lhort Line, let .. 6 1.26 -127¼ 128¼-124¾ 123 -124 123¼-12494 125 -125¾ 126 -126¼ 123 -123 120 -120 120 -120 120}9-124 12:.!"-124 123 -12,iJ,( Or.15. Llne,l ■ t, cone.3 113 -114 118 -11394 lll!J(-112!1:( 112 -118¼ 113 -lU 111 -112~ 108 -110 l~-110~ 110 -111 111 -113½ 113¼-lU 113¼-ll' 4 ■ & partlclpatlnc.. ~ - ~ tH¼- 9694 91M- 94~ 90 - 9SJ,,( 91~- ~ , 89¾- 92 89~- 92¼ 87~- 90'J1 87¼- II~ 88 - 92!14; 91),,(- 92!,4 91~ 92'( 17tab & No. l ■t •••••••• 1 .... - ........ - •••• ..•• - •••• .... - •••· .... - ........ - ........ - ... . .... - .... 112 -11.i Va. lllld.-Su l!!loathern. Va. & 15. W .-ht, iru .. G ... - •.. 101¼-102¾ 101 -109 102 -102¾ 102 -103¾ .•.• - •••. 101 -101~ 100 -101 101 -101 100 -101 101 -101~ 101¾-102½ Wabu.1th-ht, a .. '3D .. ~ 118!,(-117!14 117¼-118 116 -117½ 116~-118 UIS -116!1:( 113¾-lld 114 -115J,4 114 -116¼118 -lH~ 113¼-117 112¼-114 ll3¼-114'U 2d mort., irold, 1939.3 108 -111 107 -108~ 106 -107 lOi¼-108½ 106¼-108 10, -105;1t 105¼-l0tl:l-fi 103¾-105 106 -106~ 10,i -106Xi 105}9-106~. iOIS¼-lOOM Deb. ,nc., 1939, A-.. 6 101¼-101½ l0lM-101'-' ..•• - ..•. 100 -101~ •.•• - ..• . .••••....•••• - . . .• . . . - . •• ..•. - ........ Deb. Inc,, 1939, B .... ti 76'-(- 78114 77¼- 84!14 7i - 88 67 - 77~ 73 - 78 71 - 76¾ !SIS¼- 72¼ 52 - 62¾ 51¼- 60 62 - 67 5: M- 679' 5~- e3M 1 D. & Ch. Ext. I 940 .. :J 109 -109 108¼-109 108¾-lOSM 108 -lOII½ L09 -109¼ 108'-'-l~ 107 -109 .••• - •••• l05 -1 J7¾ 105¼-107!':t l u8 -108¾ . • • OmahaDIT., 1941.33' 8' - 85U •••• - •••. 86 - 86 81 - 81 88¼- 84!4 8' - 84~ •••• - .••• 80 - 80 .••• St. L. K. C. & .No.l!'lt, C. R'ire, l.111t,'O~.ff ..•• - ... . 108 -108 1~109¾ . .• . - •.....•• - . •...••• - .•.••••• - •••• t •• •• -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD AND MISCELLANEOUS BONDS.  81  1903-Contlnned. JANUARY F1nJR'RY,  BONDS.  APRIL.  M.AROR.  MAY.  J~.  JULY.  - - - - - - ---- ---- ----  AUGUST. SJIPT'BER. OCTOBER. NOV'BER. DIIO'BJIB.  ------  Low.ffil{h Low.High Low.ffigh Low.High Low.mgb Low.mgh Low.mgb Low.High Low.High Low.High Low.High Low.High We ■t.  N. Y. & Pa.let, 1937 ............... -6 Gen'l, 1943, a-old .. 3•4 W. No. Oar. Su So. Ry. W.Va.Ceut. & P.-ht.6 Wheel'a & Lake Erle1111 ........................ ~ Wh. Div., l•t. 19~8-ii Ext & lmpt,, 1930•. ~ let con., 1949 ........ 4 Wl11consln Ceut'I Co.60-yr. l ■t, a-., 1949.4 @TREET RAILWAY. Brooklyn Rap.Tran8.~ B'klyn Clty,l ■ t, con.~ B,Q,C. & i-,, con. a-u.6 B'klyn Un. El., 18t.4•ii Stamped anar .... 4•ii KiDll'II Co. Elev., lat .4 No.s8au Elt>c., a-uar .. 4 Conn.Ry.& Lt.-111t.4~ llletropol: Street Ry,General. . .. .. . ... ...... . ~ Refuudlna-, !lOO~..... 4 B'y & ,-,b Av.,1943.~ Col. & 9th Av., 1111 .. ~ Lex. Av, & Pav. F .. O Third Avenue (N. Y,) lat. coo •• au.,~000.4 1st, 193,-............. ii ltlet. W, S. El. (Ch,) ... 4 St. Paul 0, C,, con11ol.~ United H y ■ ,,8t.Loul8.4 United RRe., San Fr•. 4  - - - ----  ---  - .... 114. -1~ m, ..-110 llli -11~~ .... - .... 11'7 .... - .... ·....••· -- ........ ....~96¼ .... - .... .... .... ~ - 903t . ... - .... - .... .... - .... .... - .... .... - .... .... - .... .... - .... ..... - .... 106 -1<6 .... - .... .... - .... - .... .... - .... lllM-lU 11& -11~ ... - .... .... - .... 112 -Ill .... - .... .... - .... -1~ - .... .... - .... .... .... .... - .... .... - ... . .... .... .... .... ... - .... .... - .... .... - .... .... - .... .... - .... ·-· .... - ... .... - .... .... -- .... 11~-110},4 . .. - .... .... - ... .... - .... .... - .... .... - .... .... - .... .... - .... .... - ........ - .... .... - .... .... -- .... .... -- .... 110 -110 913,(-92¾ 92¾-- 98'4 90 - 91¾ ~-92¾ 00,,C- 92 89¼- 91¾ 87%-~ 80 - 91 85 -8™ ~-19H - 89 815 ll'nc'-117~ 1173(-118¾ 1173(-118¾ 1173'-ll'fM 1173,(-118 D9 - 99~ ~ - 1 ~ loo,t-101~ O'TM- 99  -11~  · ••·  ·•• ·  llJ  8G  90 - 91M OO'U-9S½  "°"-  923,( 90 - 92  105 -lO'n,t 1~-1°™ 106~-10~ 108 -lOli 110 -110 109~-109~ 1093,(-110 ... . - . ... ... 102 -102½ 102 -104.¾ 101~-102¾ 100¼-102¾ 100 -101% 101¾-102 100 -100 . .... 89 - 89½ 87 - 89 87¾-- 89 87¾- 8'nfi ... 85¼-85½  .... - ....  .... - ...  91 - 91  1~-106  90 - 91½ 86 - 90  102 -102½ 102 108 101 -102 100 -102 98 100 -100'½ 99 -101 97 lOOM-lQOM . 815 - 86 815 - 85 8S . 102 -105  ... - .... .... - .... .... -  lOlM-102 - .... 100~ 101  .... .... .... - . .... - .... .... - ... .... ... - .... .... - .... .... - .... .... - .... ... - .... .... ....  .... - ...  101 -101 87 - 87  ,  118¼-120 11~-117½ 1183,(-115¾ 118 -11'¾ lli~-116 91i - 96¾ 95~- 96¼ 94 95½ 92 - 92¼ 92~- 93¾ 116'.(-116M 116;,(-117 117 -117½ - . 111%-11~ . - .... 11~118% 118¾-llSU \21 -121 1213,(-121~ 118 -118J,,(  .... - ....  .. .  ...  ....  ... - .... .... - .... ... - .... .... - ... .... - ....  lli -lUI  114¾-ll&  - 90  tJ9 - 9(% 89 - 89¾ ~ - 90  -103 11~-104. 99M-100 -108 . ·•• · 106 -108 . .. -100½ 100¼-100½ . 94. - 99 9~- 98 - 99  ... -  99~-100  89 - 91M  99~-1~  .... - .... . ... - .... .... .... .... ....  ... 97 - 99¾ ll8 -1019' . ... ... ... . . . ... .. . .... . ... - . ... - .... - 85 .... - .... &¾- 8-i½ 81 - 8S 83¾ · 86 - ... . .... .... .... - .... ... . ... . ... - .... - .... . . -- .... 90 - 90½ . ... -- .... .... - .....  lll¾-118~ 111 -112  110,(-111¾ lll~-118"1° 118 -11~ 88 - 90 - . -114. 113:J:(-113~ 111¾ 1123,( 1L2 -112 . - . .. . 115 -115 .... 11'¼-115¼ .. .  .... - .... 90 -9~ 89 - 89 .... - .... .. 114 -114. 1181¼-113¾ 112~-118'4 111 -111 110  ... ....  - ....  .... - ... 118¾-118¾ 117¼-117½ .... - ..... .... .... ... .... - ..... .... - .... 116¾-116¾ 116 -116 .... - . .. .... -- . .... - . ... - ....  ....  96 - 98 ~-~ Q'iJ(- 98!1,( 96¼- 98 122 -122 119~-120 119¾-119¾ 11~-11~ 99¾,- 99¼ . 102Mr-1~ 113 -113 109~-109~ . 85%853t ·•• · 78~- 80~ 77 ... 79  .... .... - .... .... .... - .... .... .... - .... ....  87 - 90  - .... .... - .... .... -  ...  ....  ...  96"-  97 - 98 97¼ 93¼- 95¼ 93 - Sl4M 91 - 94'¾ 91 -9~ 93 - 95'4 9~- 9'7 119M-119¾ 11'7½-118½ 117~-1173( 110 -115 11'7¼-1173' 118 -118 118 -li8 117'4-119 . 94.¾- 96~ g5 - 95 96M- 96"  .... - .... .... - ... . .... - .... .... .. - .... .... - .... .... - ... .... 84'Jr 85M 84. - 85" .... - .... .. 78M- 80  76M- 79  76  -~  - .... .... .... .... - ... ... -  75 - 79½ 79  - .... - ... . ... - ... . ... - ... .... - .... - .... .... - . .. .... - .... .... - ·•· · 76 -71M - 80 76ff-7™ 76 - 77  GAS AND ELECTRIC. Brooklyn u. Gati-1111 ~ 11~-117 11~-116'½ 116¾-1169i llli -116 11~-116½ 112~· llli 112¾-118¼ 112~-118 112M-118¾ 114. -116 112¼-118'4 ill~-11~ Buffalo Go.8-18t........ :i .... . ... . .... - .... ... . ... ... 76 - 76~ 76 - 791' 74 - 76 .... - . .. . 98 - 99 Det. City Gas, 1923.. -~ 97 - 97 96 - 99 9-ni- 98½ 98¼-91i¼ 96 - 90 92¼- 9t¾ 9& - 98'4 95~- 97 97 97 - 98 97 - 98 Detroit Gae, 1918 ..... ~ 100 -106 .... .... .... .... . . ... .... - ... . °EQU It. G.-L.(N. y .)con.~ . - ... .... .... . . . .. . 112 -112 _.,, ... 8'7 Gen. Elec.- Deb., .-.•• a~ 85~- 8534 84 - 84 83~- 83:M 86 - 85 100 -106 105 -10~ . Bud. Oo,Gee-l ■ t,'49.ii ... 101 -105 . Ktnc11 Uo.EI.L.&PowPurchase money .. .. ti 120 -120 l~-118¾ 118¼-11~ 118 -11~ 117 -117 118¼-113~ 115 -116~ 12& -125 . ·••·• Ed. El. Ill. (B'klyn.)~4 .... ... . ... 9~- 94¾ .... . .. ... . ... ... . ... 91%- 96¼ 95 - 96 Lac. Gas, St.L.-1st,a-.ii 108 -108¾ 1~107½ 100¾,-1()73' 106 -107¾ 105"-107 104.*106¼ 10~-105 103'4;-104.½ 103 -104. 102M-106 108¾-105 104.¼-lO~ ... .... ... .... ... lllllw. Ga11-L.-1at . . ... 4 .. .... .... .... ... 87~-~ K. Y. El. Lt. H. & P.l11t ........................ 6 110%-111 lllM-1~ 107 -111¼ 10'7 -109 109U-11~ 106 -108 103 -107 102¾-lo.'rn 108 -103M 105~-109~ 108 -109¾ 106 -108'6 Pur. moo. col. tr,, 1r.4 95 - 973( 94, - 95 91 - 94.% 90¾-93 92 - 981( 91 - 92¾ 90 - 91M 87 - 90¾ 88 - 90¾ 873'- 91 89!M- 91 00 - 92 .... 1~-106 .... - .. 102 -102 103 -104. 103~-10~ 104 -104. Edi ■• El. lll,, lat,'10.~ . 106¼-10'7 104. -1~ 104. -104¾ 1~105 11, -114. . ... . lat, coo8., 199~, a .. ~ 119 -119 .... - .... 119 -119 •• Y. & Qu. El.& Pow.102 -108 108 -108 Con., ,rold, 1930 ... . .. ~ 10~1073i 100 -100 100 -100 100 -100 99¾-lOlU -104. . . . If. Y. & Rich. G, & B..~ . ... .... 102M-102M p eople'a G. L. & Cok101 -101¾ let, a-uar., 11'., 1904 .. ti 108½-108¾ 1 ~ 1 ~ .... . . .... 100 -100 100~-lOOH . 100¼-101~ 1()23'-108 . ~d, a-uar., a-., 1904 ... 6 - ... . 102¾-102¾ 101 -102¾ 116 -117 117¾-117¼ 116 -116¾ 117¼-11~ 116 -120 117 -117½ let, con., a-., 1943 .... 6 124. -12~ .... - ... .... . .... .... ... . ... ... 105 . 103¼-106 I) 105 -106 -105 107¼-107¼ 105~-105~ 103 -104. . ... . Retandln1r, 1947. .... 108 -108 l~-108 l~-100 108 -108¾ 100 -100 104.'4;-10!9' 105 -106 108¼-106 106 -106½ 107 -108¾ Ch, G.-L. & C •• lat .. ~ ... - .... .... Con. Gae, 1 at, 1936.:J 108 -108 108¼-108½ 107 -108 107 -107 1~107 105 -105 102¼-102½ . - ... 103 -106 108 -108 108 -103 Eqult. Gae & F •• lBt.6 102 -1~ 1~10~ 102M-103~ 101¾-101¼ .., , 102¼-102¼ 102¼-102H . . Mutual Fuel Gas .... G 104. -106 106 -105 ... 100 -100 ·••· 100 -100 .  .... .... - .... .... - .... ... .... - .... .... .... - .... ....  - ... - .... .... .... ... -- .... ···• .... - ....  -  - .... .... - .... .... - .... .... - .... ....  .... - .... .... - .... .... - .... - .... ...  .... .... - .... ... - .... ... . ... . ... . ... - .... -  - -·· .... - ....  .... - .... ... - ... .... - .... .... - .... .... ... . ... .... .... .... -  .... - .... .... - .... ....  ~  - .... .... .... .... - .... -  .... - ....  '°' -  ~  .... -  MISCELLANEOUS. A dame Eipre8-Coll.4 B 'klyn Fer., l ■ t. coos.ii D et. M..& ill, L. t.;.-Inc. N • Y. Dock-30-year .. 4 @ o. Yuba Water-Con.ti 11 .8. Red. & Rd.-lat.6  104. -106¼ 78 - 76 86:¼- 90 Q4, - 9C5  ···• 8G  lOli~-106 711 - 75 85~- 95½ 92 - 92¼  ... - .... 82  103 -105 78 - 71i 86"- 94. 90 - 92  .. .. ....  - 88  - 85  TELEGRAPH AND TELEPHONE. A m. Telepb. & Tel'.-h.4 M et. Tel. & Tel.-lat-3 N • Y. & N. J, Telepla .. G w • Union Telea-raphCol. tr., cur., 1938... 6 109 -109 109 -110 J!und. & R.E.,'60.4~ 108 -104% 104. -loel Mutual Union, s. t ... 6  108 -104.  los,..(-104.  .... - .... .... - ....  ....  109 -109 104¼-10:S 109 -109  "   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .... - .... .... .... -  ....  ~  -.  ... - ....  74. -8' 90¾- 90½ 90¼- 91 . ... 108 -108  -.  ...  90 - 91  .... .... ... ... . .... .... ... . .... - .... .... - .... ... - ..... .... - .... ·-· - .... 79 -- 79 .... -- .... .... -- .... ·-·• - .... .... -- ....  ... - .... .... .... .... ........ ... .... - .... ..... .... ......... -- .... .... - .... .... -- .... .... -- .... - .... lll~-112~ ll()M-11<>,.(  - .... l~-lOISk .... - .... .... - .... .... - .... .... - .... .... - .... .... - .... - .... ... - ... ..... - .... .... - ... ... - .... .... - ....  110 -110 110 -110 100 -108 106 ~106¾ 105 -10& 102~-101¼ 102 -1~ 102~-103!ki 102 -103 102 -103 109 -109 107"-107½ •••  -~ .... .... - .... .... 1,.... .... -~.... .... - .... .... - .... - .... ....  - .... - ....  - ... .... - .... .... - ... . .... - . ... .... 81 72 - 81».(  79¾- 84. 72 - 80 00¼- 90½ 893'-91  .... - ....  105 -106 107 -107 107 -108 102 -108¼ 102 -108¼ 100"-101'4 101¼·102¾  MANUFACTURING A.ND INDUSTRIAL. ., . . .... ... A m. Blcycle-S. f. deb.6 8tS - 4,2~ 84, -8' A mer. Cot. Oll,191~ 4~ 100 -101 99¾-1~ 99 - 99 97¼- 97~ 96'Jr 98 96M- 98 96 - 96¾ 98-U- 9~ 8S 85 ~-92 70 - 87 - 80J,1i 66 - 71 - 86 A m.Hlde& Lea.-lst.ti 95 - 96¾ 96~- ~ 02 - 96 90M- 92 90 - 91¼ 87 - 87 85 - 85 80 - 80 88 - 90 88 - 90 A m. Spirtt11 1Ufar,-1at.ti 88 - 91 93 - 9'M 89 ... ·· ··· .. . ... .... .... .... .. .. , 78 - 78 A.m. Tbread-tatcoll .. 4 80 - 80 .... .. . 51M- 58 01¼- IS7~ 52¼- IS6 ou ■ ol. Tobac., 60-yr.4 6~- 67!1,( 68¼- 65~ 01~- 63'½ 60¼-~ 60 - 02¼ 69¼- 61~ IS6¼- 61 . ... - ... .... - .... .... 61¼- 61¼ . Realstered ... .. . ..... .. 4 ... . .. .. - ... . 69 69 - 62¼ 69 - 62 G8 -'1~ 66 IS8 - 62~ 61 - 05'4; - 68 D lat. Secor. Cor.-111t.~ 76 - 77 74.¼- 76¾ 7l°J3 • ... .... .... . . 99 99 . . ... .... 99 ... lstill. .... .... ot Am., 1911 .. ~ - . - 99½ 98'-'-100 - 99 - 99 D I nter n'I Paper-111t .... ti 108 -110 107 -lOi 107 -108¾ 108 -10~ 106'4-108 106 -107 107 -107¼ 108¼-108~ 103 -104. 104. -106 93 . ... ... - . ... .... . ... .... .. a.nick. loe.,Chtc.-111t.6 96 - 96~ 9lS - 97 91¾- 9!l. .. .. .... ~-97½ 96 ... . .... L acka. Steel, 111t '23 ..:i . ... .... . . 00 - 00½ 891'- 90 N at.Starch lU' t'a-111.6 94, - 95 94, -9~ ~ -9!S - ... . .... . . .. 69 -6~ 00 - 69 70 - 76 70 - 71 68 - 68 69 - '70 61, - 70 .... N •~to., cb Co,-8,f.deb.6 80 - 80 {0 - IS7 .... 37¼- 40 60 - 62¼ 67 - 61 60 - 68 64 - 65 8 tan. Rope & T.-1111 .. ti 66"'- 68 60 - 63 34~- 86 Inco111ee, &'Old, 1946.ii 11¼- 1~ 10¼- lSX. 93,(-~ 8¾· 9M 8 6 '7 1¾- 2 1¾-- 4, 6~- 'i¾ 8 ~  -  - .... ... ........ - .... - .... ...  108 -104.~ 103¾-10~ 101¾-102¼ 101 -1023i 101¾--102" 101¾-1~  - 87M - 87 87 - 90¾ 91~- 91~ 91~- 91" 91M- 92 89¼- 91 104. -104. . . ... 82 -82¼  - .... .. -  82 - 82  lOIM-1.M  - .... .... - ... .... - . ... .... - .... .... 82 • 879' 71) 8S  .... - .... .... - .... ... - .. ... - .... ... - . .... .... - .... .... .... . ... .... .... - .... -- .... .... - .... .. .... - .... .... -~ ... - .... .. - .... - .... - .... .... ... -~ - ..... ... ... -- .... - ... .... - ... ... .. '  .... - .... .... -  ;  -.  ....  ... -- .... - ... . - . - .. ... - . - . .... -  . .. .... - .... .... -- .... ... - .... .... .... .... .... ... - .... .... - .... ... - .... ... -- .... .... -- .... ... ..... - ... .... .... .... - .... .... - .... ..... .. - ... .... - .... .... -- .... .... .... - .... ... . .... - .... ... - ........  .... .... .... .... .... ...96¼96¾ .... - .... .... ··.... -- .... .... -- .... .... -- .... . - . .. . .... - .... .... .... .... .... - .... - .... - .... l~-108~ .... - .,.. .... .... - .... .... - ....  .... -  -  .... ... - .... - .... - ... .... -~ - .... - .... - ... - .... - .... - .... ... ... - .... ... - .... .... - .  - . .... .... .... - .. .... - ... ... .... ... .... - .... .... ... - .... ... .... - ... ... - .... . ... .... - .... .... .... - .... .... - .... ... - .... .... - .... ... - .... .... - .  ···• - .... .... - .... ....  .... - .... ....  .... - .... ... ..  - .... ... - ... .... - .... - .... 6790 -- 9170 69~-97 - 71¼ 85 - 86¼ 87 - 88 - .... .... - .... 75 - 77 M - IS6 5t'U- 1'18 ... - .... .. - .. . 60 - 62 60 -6' ... - .... . ... io:; -106 106 -106~ - . .... - .... · ··• - .... 92 - 93½ 93 - 93H ·•• t  89 - 89  - .... . ... - .... 33 - 35 1 - 1~  90¾-iO'U 64 - 64, 83 -8~ 1 I  -  RAILROAD AND MISCELLANEOUS BONDS.  83  1903-Concloded. BONDS.  J.4.NlJAJl'J' i'DB'BY. MA.Boll.  MA.Y. --- --- - - - --- ----APRIL.  JUNL  JULY.  AUGUST. SEPT' BER• OCTOBER. NOV'BIIR. DIIO'BBB.  Low High Low.High Low.High Low.High Low.Htirh Low.High Low.Hll(h Low.High !Low.High L ow.High Low.High Low .Htgll  17.8. Leather-Deb.a.f.6 112 -114¾ 11' 17. 8. ~blpb.-1at, A. . .. :) 80 - 86 OelL & mert-. t9:i2 .~ Ill - 91 IJ.S. St. Corp.-~d,'63.~ Realatered . ........... . :5  -11,  11' -11'  - -- -  108¾-110 1108¾-110 110 -110 106 -106 llOI -l<m4 .... - .... .... - .... .... - .... ltOu,.. CiG 93 -'° 2G -UOM - B5¼ .... - .... ··•· - .... .... - .... .... - . ...... . ... .... .... .... . ... . ... .... . ... . ... . ... .... .. .. . .. - . .. . .... .... - .... .... -- .... .... - .... .... - .... NU-~ 81,t- 87~ 77%-&~ 76~-- 8°'4 67~-- 711~_ ~... -- 73~ 65 - 72 ~ - 719' .... - .... .... -·••·· .... - .... .... - .... ... - .... .... - ... 78 - 80¼ 77 - 80 68M- 76 ~ - 72~ 70~- 7~ 89 -n AND COAL IRON. Ool. Fuel-1 919, If ...... 6 .... - .... - .... .... - .... 1U -112 .... - .... .... - .... .... - .... .... - .... .... - .... .... - ... - ....l M -10& Col. F. & 1.-Gen., a.f.:) lOSM-106 1oi -102Mt 102 , -1~ 102 -108 102 -108 100 -108 IWU-100¼ 993'- 99½ 90 - 99~ 91S - 98 94!1( - 9~ 963'- 98 Conv. deben., 191 l. .~ 93 - 96¾ 89:Jr 92¾ 85 -~ 79 -~ SIM-87!1( 763'- 86 79 - 88 77 - 81 76 - '19~ 67M- 76½ 60¼- 71 613'- 71~ eff. & Cl. O. & I .-!ld.:5 ... - .... .... - .... .... - .... .... - .... ...,. - .... .... - .... .... - .... .... -... .... - ... 102¼-10~ .... ........ - .... 'reno.Coal h•on & Ry.General, 1 9 ~1 •..• . . .. 3 .... - .... .... - .... ... - .... .... - .... .... - .... .... - .... 91 - 91 .... - .... .... - . ... .... - .... .... - .... .... - . ... Tenn. Dh1Rlon ..•••• . 6 1073'-107¾ lOC,U--1079'( 107 -10'7 .... - ... .... - .... 103 -108 .... - .... .... - .... 102¼-102M . ... 99 - 99 100 -100 Blrm. Div•• lRt, c,on.6 l~-107 l~-108 107u--108 .... - .... 111 -UJ 110 -lll 109 -109 .... - ....103 -lM 11023'-l ~ 1003'-100¾ 103 - 10& Cahaba O. M.-lat ... 8 .... - .... .... - .... .... - .... .... - .... .... - .... .... - .... .... - .... .... - .... ... - ........ - ... .... - ... 102 -102 De Bard.O.& 1,- Gu.ff .... - .... 101 -102 101 -101'4 102 -109 102 -10-J 102 -102 102 -103¾ 98 -100 .... - . .. 96 -100 96 - ~ 97 - 97 Va. lren O. & 0,-lat..:J 80 - 80 79 - 81 77 - '19 77 - 78¼ Tl - 783,( 7G - 78 '16 76 - 76 73 - 71. 72 - 78 66 - 70 07 • 70 ~  -118¼ lllU,..111~ 110~-lll  110  · · ••  ~  .  - ff  1.904. BONDS.  J ANUARY ---  _________ ,____ ,___________ - - - - - FEBR'R Y.  M A RCH.  A PRIL.  MAY.  JUNE.  J ULY.  .A.UG UST 8 11:P T 'BER . OCTOBER., NOV' B ER. --DEC'BER. - --  Low. H igh Low.High Low.Hqzh L ow.High L ow.High Low. High Low. High Low.High Low ,High Low.HiJZh Low.High Low. Ht,rh  Ala.Cent.-SuSen b.A .L. Ala. Mld,-Su A ti. C, L. &.nn Arbor-ht, '9:J.a-.4 92 - 93½ 92 - 93~ 92½- 93 91¾- 92¼ 92 - 93~ 92:J:(- 95¼ 94 - 95 95¾- 9~ 96 - 96 !M¾- 97 96!1(- 98 99 - 99!4 Atch. Top. & 8. Fe.General,arold, 199~.4 98¾-100 99}.(-100 99¾-101¼ 99~-100¾ 100¼-101¾ lOlJ,.(-102¼ 102¾-103¼ 103¼-103¾ 10$¾-104 101%-102~ 102½-103 102%-103¾ Rearlstered . . . ..... . . .4 99!,(-100 99¾ - 99:J,t 9!».(-10 1¼ 99 - 99% . . . . - •. . . 101¼-101½ 103¼ 103¼ . .. . - . ... 103¼ 103¾ 100 -100 101 -102½ 101 -101½ .&diustm't, Ir•• 199:5, 4 87¾- 90 87¼- 89~ 87!1(- 89¾ 80 - 92 91 - 92 91 - 94¼ 92:Jt- 9~ 93 - 95J., 95 - 96½ 96:J,i- 98 92½- 9c&½ 94 - 94¾ Rearlstered .•... . . . ... 4 82½- 82½ . .. . - .. .. . . .. - • . •... .. ... ... . Stamped, ,ruar ...... 4 t-1½- 99¾ 8 7¾- 81)% BS - 89¾ 89¼- 92 89 - 90¼ 88!1(- 92~ 91¾- 93.11! 92M- 93¼ 93 - 94½ 94;.( - 95~ 92x\- 94~ 9-!¼- 95 Deben. "D.'' 1906 .. . 4 100 -100 118 - 98 .... - •. .. 99¾- 911¾ •••• - • .. . 99 - 99 - . . ..... . SerlesE, 1901 ... . 4 . . .. - .. . 99~ - 99~ •••• Serles F, 1908 ...... 4 . ... - . .. . 98 - 98 . •• . - .• . . 99M- 9:i¾ 99½- 99~ .... - ... . Series G . 1909.. . .. . 4 . . . . - . .. • . . . . - . . . . . . . - . . . . 99J4- 99,Serles H, 1910 ... . . 4 ... . 97¼- 97½ .• •• - ... . . . .. - . .. . ... Serles I, 1911 .. . ... .4 . . . . •··· - .. ..... - ... . 98¾- 98½ •·· SerlesK, 1913 ... . . 4 .. •. •· · · - •·· · ~ - 97 . ... - .. . . •· · · EaRt.Okla.»lv., lst.4 .... - . ... 92¼- 92¼ 93¼- 95¾ 96 - 97¾ 97½- 99!,4 96¼- 97 96¾ - 97½ 973' - 99 Atl,Knox.&No.-lst.:J . .. . - ........ - .... il2 -112 . ... - .. •. 112½-112½• •· · Atlantic Cqast Line-99,(-101!1( 95 - ~ 97 - 99~ 98¼-100-U 97½- 98¾ 98¼- 9$.t' 98 -100 ht. aro l d . . .... .. ... . ... 4 92!1(- 94~ 92¼- 93¾ 91 - ~ 92¼- 94½ 94¾- 96 Redstered .. . . . ... . . . 1 .... - .. . 92 - 92 Sav.F.& W . ,lst.'34.:J ll~-112~ · ... - ••• . 113¾ ·113½ 114 -114 - •... 114¼-114¼( . ••• Ala. Mldl'd. lat. •~S.:J .... - ... . 100 -109 112 -112 .• • . - .. .. 93 -93 ..• . - . . . . .•• Br. & W., 111t,1938.4 .... - ... .... 98 - 98 98 - 98 97!1(- 07;1-.f 811. l!'p. Ocala & G .. . 4 . . . . - ..... .. . Baltimore & Ohio-Pr. lien,&'•• 192~ ... 3½ 93¼ - 95¼ 92¾ - 94!'4 93 - 94¾ 93¾- 94,t 94¾ - G5½ 95 - 06¾ 94%- 95¼ 94)(- 9(».t 94:J:(- 95¾ 9!¾- 96 95~- 96~ 96 - 96¼ Reelstered. ....... . 3~ .... - ... . . .. - .. . . 92!4- 92~ 93¼ - 93½ 95¼- 95¼ .• •• - . .. 93 - 93 . ... - .. . . 96 - 96 Gold, 1948 . ............ 4 100¾-102 l OO)c-101~ l O()M-102¼ lOOJ.,(-101 100½-101½ 10 1J4-103 102¾-103¾ 103 · 103½ 103 - 10~ 101¾-103ll:i 103 - 10~ 102M-10$¾ Reelatered ........... 4 .... - . .. . 101%-101¾ ... . - •. .. 100,(-10()¼ 100 -101 100 -101½ 10a -103 •• • - . .. 100¼ -102~ 102 - 102~ .. •. - .. . . Oonv. deben., 1911 ... 4 .••• - •. .. .... - . . . . .... - . . . . 97 - 9~ . ... - . . . . 97 - 98 .. . . - . .. . ... - .. . . . . 101¼-101~ . ... - . ... 103 -106 Pitta.Jc,& M. Div.3½ 87¼ - 89¾ 89¼- 89¼ BS - S8 SQ¾- 89,. 88¼- 89¼ 89 - 90¼ 90½- 91½ 91~ - 92 91½- 92 91¼- 92~ 90~- 91 91 - 91% P.L.E.& W • Va.Su. 4 93!4- 95 92¼- 97 94¾- 94¾ 94~- 96'A 94¼- 95 05½- 9':Mt 97½- 9~ 9 ¾- 90 98¼- 99~ 99 -100711 98¾-100 98¼- 99¾ s. w. Div., ht, a-•• 3¾ 87~- 89 87¼- 88¾ as - 88¾ 88¾- 90¾ 90 - 91¾ • 9~- 92¼ 90.l,(- 91¾ 91¼- 91¾ 91¼- 92 91* 92¼ 92 - os~ 93 - 94 Mon. Riv .• lat, eu ... : . .. . - .... 105½-105.11! .•. - ... . 108 -108 - • • . 108 -100¾ . . . . Cent. O. Reore.lst.4~ .. . . Pitta. O. & Toi., 1 at.6 122 - 122 . ... - . • . 119½-119½ .... - •. .. 100 -100 100 -100 •100 -100 . . . . - ... 98-98 •••• Pitts.& W., lst.'17.4 ... - . . .. 100 -100 .. .. J.P. M. & Co. ctf9 .. . -··· Buff. Roch. & Plttsb.- . . . 114½ -114!'4 115¾-115¾ General. ... . .......... . . ~ 116¼-117 115 - 116 113½·114 ..•• - •.. . 115 - 115¼ 116¾ -117% ••• . - .•• . 117¾- 117½ . . . . R. & P., lat. 1921 .. . 6 .. .. - .. .. .... - . .. 121¼ -121½ . .• Con 80 1., 1st .......... 6 . .. . - . . . 121¼-121),d t22 -1~2½ 124 - 124 124 -124 .. .. - . . . . . . . . - . . . 123¼-123¼ .. .. Baff.& 8U11q,-ht, ref .4 98¼- 09 97¾- 98¼ 97¼- 98 97½- 98 9~- 99¼ 98 - 100¾ 98¼- 99¼ .... - •.. . 98¾- 99¼ 981¼- 99¼ . .•• - ... 99¼-100¼ B.C.R.&N. See() RI&P Can. South'n-lst, a-u .~ 102¼- 103¾ 102½ -108 102¾-108¾ 103½-104½ 104¼j-104½ 104¼-106 103¼-10~ 103¾-103¾ 103¾ 104 103M-104¼ l04 -104¾ 1()4¼-i05!J4 lid mortgaee ..... . .... . :J 106¼ ·10~ 106¾-107¾ 104¾-105¾ 105¾-106 105¾-106 105!1:(-107 107 -109 .. . . - .. . 106 -106 107 -107 106½-107 l Oo½-107 Realstered . .. . . .. . . . . :J . ... - ........ - .... 105 -105 107 - 107 . .. . o. B. u. Pac.-1st, g ... 4 92½- 92½ .. . . - .. . . 90 - 911}.t .... - . ... 92 - 92¾ 90½- 91¼ 92 - 93 93 - 94 95 - 96 . .. - ... . l/5¼- 95½ 93¼- 93½ Cent. RR. & B., Ga .. ~ . . .. - .. . . . .. - .... 107 -107 106%-108 . .. • - . . .... . • - •••• 108 - 108¼ . . .. - •.. . 110½-110¾ 111¼-11~ 109¼-110 109½-1011¼ Uentral of Georala1at .. ... . ..... . .. .. . . . .... . :5 118 -118 116½-116½ 116½-116½ ..•. - . . . . ..• - . . . . - .. . . 117 - 117 120½ -120¾ 120¾-120¾ . . . . - •. OonBOI,, 194 ;J, gold . . ;J 103¾-106¾ 105 -106 105 -107¼ 106¾-100¾ 106¼-107¾ 106%-111 11~-112 110¼-lll¾ 111 - 1 12 112 -114 111 -112 110½-113M :Registered. 19'1:J . . ~ .. . . - .. . .... - •··· . ... - .... .... - .... 105¾-107½ .... - ... . l at pref. income ... .. . ~ 68 - 71½ 67 - 71 65~- 68 68¼- 71 70¼· 76 72 - 75 74 - 80 80 - 85 80:(- 88:½ 82¼- 69 88¼- 93 89 - 93 2 d -pref. income . . .. . . . ~ 28½- 32 29 - 30½ 28 - 30 29 - 81¾ 31 - 36:k, 3'1 - 36 35¼- 43½ 42½1- 47:J( 47~ 55 52 - 65 6l¾- 7i¾ 70 - 74¼ 3d pref. Income . ...... :} 19 - 20lol 113¾- 19½ 18 - 18¾ 19 - 20 20½- 2a 21½- 23 23)4- 28711 26½- 35 33¾- Si!¾ 37 - 51 49 - 65711 60 - 64 M ac. & No. Dlv •• l at.~ .. . . - . ... 104 - 10! . . .. . ... - ..... . .• - . . . 10i;.(-i07!,d .•• - .... -.. . - .. . . ... • - . . ... . .. M obile Div., 1948 .. . :} . . . . - .. .. . .. - ... . •.. . - .... 92¾- 92½ .. . . - . .... . .. - ... . .... - . . ...... - ... . 93½- 93½ 9,0:1- 9!¾ 93 - 96 Chatt. Div. , 19~1 .... 4 . . . . - ... . .... - ....... Cent. ot New Jers eyGen. mort., 1981 .. . . ~ 128¼-131~ 128¾-131:ki 128 -129~ 12tl¾-129% 1291}.{-132¼ 130¼-133¾ l32¼-133 132%-134. 133½- 134 13l~-134¾ 135 -136~ 135¾-136½ Re,ilstered ..... · · · ···:) 130½-130½ 130 -130 128¼-128¾ 127½-128¾ 129¼-laO 12J¾-13U¾ .. . . - .. . . . . - .... 13279-133 l3t¾-la2~ 132*133¼ 13:!¾-133~ Am, Dock & Imp ..... . ~ 111¼ ·112½ lll¼-111¾ lll½-111~ lll¾-113 .... - . . .. l l3¼-ll:lx, 111½-111½ .... - . . .. 114 -114 114 -114 .... - ..•. 114 -114¾ L. & W •• mort., '12 .. ~ - . .. .. ... 102 -102 .... - .... 10.t!l<(-103½ 103¼:-103¼ . . . - .. . 103¾-103~ I04l}.(-10J.¾ 103 -103 , Con. ext . , '10, gu. 4~ 100 -102 101¾-102 100*101 101 -101¾ 101½-102 100½-101:¾ 102¾-102hi 102)4-103½ 102 -102~ 101¼ 103 102½-104 101% ·102½ Cent. Pac.-See So.P.Co. Chesapeake & Ohloee:,rles A, a-old, 1908.6 .. . . - .... lOS¾-108½ 109¼-109¾ 108 -108 ... - ...... . . - .. . . 108 -108 ..•. - ........ 106½-106¾ M ortaiage, 1911.. . .. .. 6 111 -111 .... - . . . .. .. - . . . lOU½-110¼ 109¾-110~ . . .. - .... lll½-111¼ ...• 1st, con,, g., 1939 ... . :} 1141¼-116 115¼-116¾ 116½-116¼ 116¾-118 115 -115¾ 115¼-118 117%-119 llS¼-119 llSM-119~ 119½-120¼ 118 -119½ 118 -11~ Reehtered . . ........ . ~ . . .. - .. .. 115 -115 113 -113 115¼-115¾ ... - ... . 114¾ 114!>.I us -118 .... - . . . ... - . ... 117¼-117½ .... General, 199:! .. . . .. 4 ½ 102 -104 103 -103~ 100½-102 101¾-102¼ 102%-104¼ 104 -105~ L05¼-107 lOtl¼ 108 105 - 105¾ 105¼ -106 105%-108½ 107 -108½ R.&A.D,lstcon.'89.4 99¾-101 100¾-101½ 1100¾-101~ 101)4-101~ 101 -101~ lO l x,-103 100¾-101½ 102 -102 101¼-102~ 102 - l Oa 102 -102½ 102 -103½ 2d coHol., t 9S9 . . .. 4 94½- 94½ •• •• - •. . . 94¾- 94¾ 9t ¾- 9!1¼ - •••. 96½- 97 96 - 96 .... 98¾- 9o½ . . .. . ... - ... . 98 - 99  C Ee~;I~r:; ;~; :;;~ ·:~;; ·;; ;~ ~= ~ :~=~~ ~  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  =:·  ~ =:. ;~:; ~ :  ; :~ ;  :1: ;:.  RAILROAD BO DS.  84  1904- Continued. BONDS.  JANUARY FEBR'RY.  MAROH.  APRIL.  MAY.  JUN"ll:.  JULY.  .,\ UGUST. ~EPT'Bl!:R. OCTOBER. ~OV'BER. DEC'BBR.  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hlllb Low.High  - - - ----  ---- ---- ---- - - -  ·- - -  - - - - - - --- - - - - - - -  Chic. Burl. & QuincyDenver Div., 192:! .. 4 101¾-101¾ 99 - 99 99 - 99 •.. - .... l ~ - 1 ~ ... - . . . 101¾-102 .. . . - .. . . 101 -101¾ 101 -101 101~ 101M Illlnoi11 Div.,1949.3½ 92 - 93 91 - 93 91 - 92¼ 91¼- 98 98 - 94 92;1.!- 95¾ 93¼- 94 94 - 94¼ 91¼'- 9!½ 94¾- 95¼ 95~- 96-U 96~- 97~ Rea-l11tered ......... 3J.t .... 91~- 91~ 90¼- 90¼ .... - ... . Gold, 1949........ . 4 ... - .... . ... - ... . .... - ........ - ., .. 105 -105 105!1:(-105~ ... - .. . . . . - ... .. ... - . .. . .. - ... . Iowa Div., 1919 ... ... ;) . . . . - .... 109¾-109~ . . . - ..... .. 1919 ................... 4 ... - ... 102¼-102¼ 100~10(».C 101¼-101¼ 101~-101¼ lOll).(-102¼ 102¼-102}4102¼ 102~ 100¾-100½ , 02 -102 .... - ... . Nebr'11ka Ext.,192'7.4 lOlll}.(-106 105 -10~ 10!1.~-105 101)¼-106!1;( 103½-105 10~-104!1;( l(/4¾-105 lOi¼-105 105 -106 106~-107 106¼,105~ 105½-106~ S. W. Dlv., 19'll ..... 4 100 -100 100!1,!-100!'4 .... ....... . .. •. 105 -1053' .. 108 -108 108 -103 ' 08 -10,¼ ... . Debenture, 1913 ..... 5 105¾-106 105"•106¼ 106 -107 106¼-106¼ ... . 10~ -106 - . . . 114 -114, 114½-114½ . ... - . . . . . . - . .. 112¼-112~ ... . - .. 118½-118¾ Han. & St. J ., con11 .. 6 114½-114½ 115 -115 Chic. & Ea■ t. JJ1lnol11- ... . 108 -108¼ .... - .... 105~-105~ . ... - . .. . 107¼-107~ 107½-107~ ... - ... . 107%-108 106¼ 106¼ l11t, 11lnkln1r fund . .... 6 106¼-106~ .... !!mall bond11... ...... . ti .... - ........ - ... 103½-103¼ . ... - ... . ... l ■ tcon11ol., aold ....... 6 . .. - ... . .... - ... . 129 -129 . ... Gen. con11. l11t, 1931'.l> 115!1,!-116;;i 116 -116¼ . . .. - .... 117~-118 114½-115"4 116 -116 116¼-118½ 118¼-llll'½ 120 -120 ll9½-120 ll7½-118½ 118 -120 Cb.& In.C'l Ry.,l11t.5 112~-113 116¼-116¼ 116 -116 117 -117 Chic. Ind. & Loul11v .Retundln1r... ....... . .. 6 126!14-128 126½-126½ . . .. - .... 1.28 -129 129 -129 130 -130 129 -1~9½ 130¼-180¼ 130½-130¾ 131 -132 132¾-13~ .. . . lll½-113 114½-lll~ 114 -114 116 -ll6½ 116½-116!,(, .... Retundln1r, 194, ..... 5 .. . . 109 -109½ . . . 111'9-111¾ ll23,4-112~ Lou. N. A. & C., l11t.6 108 -108 Chic. Dlllw. & St. P.Oon11ol., 190~ ......... , ... - .... 170 -170 169 -173 175 -175 - .... . ... - ... 172 -172 177½ 177½ 18!1. -le4 .. .. - ... 178 - 178 Terminal. ........ . .. .. ~ .. . - .... 109 -109 110 -110¼ .. .. - ... . 11~-110:U 109!1,!-110 110 -110 UO¼-llv'½ lll -111 Gen. M.,"A" 1989 ... 4 108¼-109 108½-10~ 107)4-10~ 108 -109¼ 109 -109" 109 -109;14 108 -109¼ 10~-110 109 -110 110 -110¼ ll0¾-11~ lll¼-112 .tRe1rl ■ tered . ...... . .. 4 .. .. - .... .... 109½-109½ ... Gen. M ... B" 1989.3~ 98 - 98¾ . .. . - .... 97¾- 97¼ . ... - . .. . 98}9- 98:U .... - ... 97~- 97~ .. .. - . . . 97½- 9~½ ... - . . Chic. & Mo. R. Div .. 5 119 -119 . ... - . . . 115%-115!U 116 -116 .... - ... . ll9¼-11B'.½- 120 -120 Chic. & Pac. Dlv ...... ti 10~-111 110¼-110½ .... - .... . ... - .. .. . . - . . . . 112¾-112¾ ... - . . . Chlc.&Pac. W. Dlv.:i 114➔.(-116 115 -116 115 -111\¾ 115 -115¼ 115½-116¼ 116¼-117 114!'-(-115¾ 11~-116 l16%,116~1161{-117 117¾-ll'i¾ ll7¾-118½ Dakota & Gt. So • ... :} .... - . . .. .. - ... 109¾-110 110~-111½ 111 -111¾ lll:14'-lll¾ - ... . lll¼-111)4 ... - .. 112½-112½ 112¼-l12j.j · .. lllt H. & D. Dlv ....... 1116¾-116:X 117)4-118¾ .. .. - . .. . 117¾-117'4 .... - .... 116¾-116% ... 1910 .................. ~ 106 -106 ... - ... . 106 -106 .... - •... 10(} - 106 lat I. & D. Exten . .... 7 .... ·_ - .... 169 -169 l11t, La C. & D., '19.:) .. . . - ....... . - .... 112½,-112½ 113 -113 Mineral Point Div ... :) .... - ........ - ... 107 -107 106¾-106¾ 107 -107 .. 106 -106 107¾-107~ .. l ■ t So. Minn. Div . .... 6 110!1.(-110¾ .... - . . . 111 -111 lll~-112 112¾-112¼ 112!,,(-ll~ 110)4-110,-, U0¼- 111 lll¼-111½ 111¾-111¾ 112 -112 112¼-113 lat So. West.Dlv ..... o .... - .... 109¾-109¾ .. .. 111¼-112 .... - ... . - .. . . 111 -111 .... WI ■.& Min. Div ...... :i ll!l.il:(-114~ 114¾- lli¾ 114 -114 114~-114¾ 115¼-115¼ 116½ -116J.9 11! -114¼ .. . . - .... 115¼-115~ .... - ... . ..• ill. & N., lst, 1910 ... ti . ... - ... .... - ... . ll<».(-111 112 -112 l12 -112 . . . - . . . ... - •... 110½-110½ M.& No., l.11t on ext.6 ... - ... . .... - ... 11'~-114¼ ll7 ¾ 117¾ .... - .... 115½ 115½ . ... - ... 116¾-116~ 118¼-118},i Chic. & Nortbweat.129 -129 Con ■ol .... ............... , .... - .... 129¾ -129~ . . .. - .... 129:J:(-129!14 129¼-129½ 127%,128 - .... 12 J.4-12 )4129¾-13~ 130½-130½ Exten. bond11, 1926 ..4 104 -104 . ... - .. . . ... - ... . 102¾-105 .... - .. . . 10!¼·104311 . . .. 104~ 104¾ }Rea:l11tered .......... . 4 .... - ........ - ... . .... - ....... . - .. .. 1()2¾ -102¾ .... General, 198'1 . .. . 3½ 98¼- 99 98¼- 98¾ 97½- 98½ 99 - 99~ 96>ii - 96½ 99 - 98 981}.(- 99 99 -100 LOO -100~ 100 -100 .... 1!Hnkln1r fund, coap .. ti . . . . - ... .. ... - . .. - . .. llll,4-111~ . .. - .. 109~·109½ ll6 -118 115 -115~ 116 -116 8lnkin1r fund, coup ... ~ 109½-109),{i 109-'l<{-109¾ 110 -110½ 108)4-108¼ lOll:k(-110 109 -110 - ... . 109¾-109¾ 110¾-1103,, 110½-110¾ Re1rl11tered ........... ~ .... - ... . ... - .... 106 -107 ~~ yr■ , deben., 1909.:) 105¼-105½ 104½-106 - ... 108 -108 103~-103~ . ... 105 -105 .... - ........ - ... 104 -104¾ 105 -105 Reallltered . ..... .... ;1 104¾-104~ .... - ... 101 -101 3U•yeardeb., 1921 .. 5 10 ¼-108'½ ... - ... 108¾-1~ .... - .... 107½-10'7JS 108¼-lOS:l,4 .... - .... ll0½-110½ .. . . - . . . . .. .. Re1rl ■tered .... ....... ~ 108!14-10~ .... - ........ Debenture, 1933 ..... l\ .... - .... 115¼-11531, 116 -116¼ 118 -118 116 -116½ .... - ... 118 -118 - . . . . . . . - . . 115¼-115~ Relfl ■tered .. ........ ~ . . .. - .... 115~-115¼ . . .. - ... . 116 -116 . . . - .... 114¾-114\.! M.llw. & Mad., l11t .. 6 .... - .. . 104~ 1.04½ . . . . North'n Illlnolll, l ■ t,G .... - .... 105½ 105½ . .. . - .. . Wln. & St. Pet., 2d .. '7 .... - .... 112~-112½ 109¼-109~ 109:}.t-109!1:. 129¾-lt9:k, 129¾-129;k.129!1(-129~ 127~-128 128 -12~ lU.L. S.& Wht.,'21.6 128~-129 128¼-128¾ . . .. - .... 129 -129 126¾-12~ 127!4-127'A Ext. & Imp., 11. f .... 5 .... - .. . - .. . 118 -118 ill9¼-119!-4 . . . . - ... . 117~-118~ .... - ........ Mich. Div., lat ..... 6 .... - .. .. - ... 1181'4-133 Conv. deb., 1907' ... G .... - .... .... .. .. 108 -103 Chic. R. hl'd & P. Ry.6 122¼-122¼ .... - .... 123¾-13(9 - .... 121%-123 123 -123¾ 125 -125 Red11tered ...... ...... 6 .... - ... 120 -120 .... - ... . 122½-122,½ . .. - ... -1123%-124 General, 198~, lf ..... 4 101 -lOi 101½ ·103 102¼-lOS 102½-104 103 -10~ 103½-105~ 104 -105¼ 10-1 -104"4 104¾-105U 10-!½-105¾l04M-106½ 105'(-106½ J. ■t & refund., 1934.4 .... .... !.... - .... 96!J4'- 97!,( 101!,(-101¼ Coll. tr., ■ er. C., •o~.4 . . . . 97 - 97 ,S erlee H. 1910 ..... 4 ... Serie• ill, 191G ...... 4 .... !!6 - 96 Seriea N, 1916 ...... 4 ... 93-93 .... 9i-94 Serle ■ O, 1917 ...... 4 .... . . . i . .. - ... Serie• P, 1918...... 4 .... 90 - 90 Railroad, :i0O!l ...... 4 66½- 74;J4 67½- 72 68 - 70½ 70¼- 78~ 68½- 71¾ 61½- 69½ 6~- 72~ 70¼- 75 U½- 78 76¼- 78¼ 75%, 82'U 793'- 82½ Red11tered ........... 4 . .. - ........ - . . .. rnJ(- 70¾ 71U- 71U 7tl½- 7t:½ Coll. tr •• ar., 1913 ... f> 7& - 85 79¼- 82~ 76¾- 79 78½- 82% 79 - 82 78½- 80 80 - 82'% 81¼- 86;k. 84¼- 89 86 - 90 88~- 96½ 93 - 96 Burl. O. R. & No.lat.:) 101%-102 102 -102~ 102 -103 103)4-108½ 103¾ 103'½ 101),,(-101½ L01¾-1U2 102¾-103~ 103 -103¾ - ••.. ,L03¼-108~ 101 -101½ Red ■tered ...... . .. :l .. . - .. . . . .. . lOl~-101"1 . . . . - . . .. . . 120 -12~ ... - .... 122 -122 . . • Con11. let & col. tr.. 5 117 -117 - •.. 117 -117 llt>½-115½ 115%-115¾ 119 -119 C.R.I.F.&N.W.bt..6 ... - ...... - ... 112½,·112½ ... - ... . llQ½-110½ ... - .... 109 -109 - .... 105 -105 Ch. Ok. & G., 1919 .. f> 1 ~ 104~ .... lat, con11ol., 19~2 .. 5 103'¼-108¼ . .. . D.M.&F.D.Ext.'06.4 93¾- 98 . .. . l11t, 1905 .......... ~~ . ... - ........ - . .. 95 - 95 . ... Keok. & De■ M., ht.~ .... - ........ - ... . 106 -106 104½-104½ .... - ... . 106 -106 106½-106~ .... 8mall bond ■ .......... {> . • • - . . • - . ••• 102¾-102!,f, . . . . - ... . . ... Ohle. St.P. Min. & Om.ti 130~-132 131 -131~ 130¾-182 131 -133 133 -138:J:I 180¼-131 132½-133~ ... - .... 134' -134½ 136¼-135¾ 1136¼-185~ 133 -134½ Cblc.St.P.&M.,ht .. ti lS0¼-131 181 -131 - •. .. 132¼-182~ ... . No. Wh. l ■ t, 1930 ... ti .... - . ... 129¾-129;14 .... - ... . .. St. P. & S. Clty-t ■t .. 6 121½ -121~ 121 -121 122½-122:lii 120 -122¼ 121½-122½ 122}(-122~ 123~-123½ . ... - .... tl22½ 128¼124 -124¼ Chic. Term'l Tran11t .. 4 r,s - 8~~ 79 - 82 78½ - 80 80 - 80¾ 72¾- 80!1,! 73),,(- 76 73 - 71'> 78¼- 74¼ 74 - 77 77¼- 82 82 - 85½ 84~- 86 Chic. & W. lnd.-Gen.6 ... 110 -110 111 -111¼ .. . - . ... - .... 113 -113~ C.O.&G. Su C.R.l,&1'. Cln. Day. & lr.-l8t ... 6 .... 113¼ 113¼ ...• - ... lllJ,,(-112 98½- 99 .... Ctn. Ind. & W •. •~3 .... 4 .... 98 - 98 99).- Oil½ 97 - 97 Clev. Clo. Ch. & St.L.General .. ...... . ....... . 4 95~- 97¾ 97¼- 98½ 97~-101 100¼-101¾ 100¾-101 98½-101 100¾-102 101 - 102 101½-102 100 -102½ 102¼ -103~ 100½-101~ Cairo Div., l11t.... 4 .... .. .. - . .. . ... - ... lOOlJ.i-101¼ 101¼-101¼ ~!1.( -101~ 100 -100 Cln. Wab.&M., l11t.4 . ... - ... . 98 - 98 .... - .... .. .. 98~- IJ8¼ . . .. St.L.Div., lat. 1990.4 100 -101 911¾-101¾ 100:J,f-102 102 -102¾ 100~-1~ 100¼-102 lv()¾-102 .... - ... . 101¾-103 Realstered ........... 4 99 - 99 - ........ - . ... 100 -100 C.I.St.L.&C.,con11.6105 -105 - .... 102 -102 .... - .. . ..... LUO 100 l11t, 1rold0 1936,..... 4 101 -101 - .... 100¾-101½ .... - .... 102½-102½ 102½-102½ .... - •. . 10131,-103 Ctn. San. & Cl. con .. :) .... ... . 110½·11~ . ... - .... 112¼-115},4 .... - . . • .. .. - .... . .. ..   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BONDS.  85  1904-Contlnoed. BONDS.  JANUARY  FEBR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. 8EPT'BER. OCTOBER NOV'BER. DEC'BER.  Low. High Low. High Low. High Low. High Low .High Low. Hi11:b Low. Hi11:h Low .High Low .High Low .High Low .Hillh Low. High  ----------1----  C. C. C. & St L. -(Con.) c. C. C. & I., coneol..'7 .... - ........ - ........ - .... 126 -126 123 -123 Gen. coneol., 1934.o .... - ........ - .... 128 -128 .... 130 -180 .Peo. & E., 1st, cone .. 4 95½- 98 97 - 97 95¾- 96~ 95 - 96 96½- 9~ 96 - 98¾ 9~ 100 99 - 99 100 -100!14 98 - 99½ 98 - 99¾ 98~-100 Jncomes, 1990 . . . . 4 60 - 64¾ 63 - 64 63 - 65 59 - 59 58 - 59 59 - 62 61 - 66 65 · - 68¾ 67:1:(- 70 69¾- 7a 71 - 74~ Clev.Lor.& Wh.-lst.:l .. ., - .... 1123,f;-112½ .... Clev. & M.. Val , '38 .. :S .... - .... 116 -116 . ... Col. Mid. 1st, 1947 .... 4 56 - 63>4 60 - 61 60 - 60½ 59 - 60½ 60 - 60 68½- 59 58 - 60½ 60½- 64 63½- 67 66½- 69~ es:x.- 73 72J.c- 77¼ Col. & so.-lst, ar.'~9.4 87 - 89~ 841,t- 87!,,i 84 - 86 85 - 86 83¾- 81'4 82 - 84 83:J:(- 85¼ 8::l¼- 84¼ 83¼- 86'A 85¾- 88¾ 87~- 90 88½- 94 Delaware & Hudsonlst, Pa. Dlv., 1917 .. 1137¼-137¼ 137 -137 133¾-133¾ .... Alb. & l!!nsci., 1st, aru.1 108 -108 .... 104}4-lO!l¼ - .... 105¼-106¼ .. - .... 106 -106 .... 1st, aruar •• 1906... . 6 .... - .... 106 -106 - .. . lOJ¼-103¼.... .! .... 104 -1C4 Re,ii11tered ......... 6 ... - .... 103 -1()3 Reuss. & iear., lst ... 7 .... - • . . 146¾-14~ . . . - . . . . . . . - .... 142 -142 Del. Lack. & We11t'n190'7. . .............. , 112¾-112¾ .... ....... - .. .. - .... 109¼·100¼ .. . - ... .... Morris & :&,seI, t11t.7 129,¼-129½ 129¼-129¼ 131J4-131¼ .... - ... . 127,¼-127~ 128 -128½ 120 -130 - .. 128¼- 123½128¼-128.½i Consol., aruar .. .. ..... , .... - .... 130%-130¾ ... - .... 131½-131½ 182 -133 12~-128'11, 130 -180 180!,<;-130½ .... - .... . ... - .... .... - .... 129¾-129¾ N. y. L. & W., tst .... ti 127 -127 .. . - .... 128¼-129¼ ... - .. 129%-129½ 129¾-129~ 128½-126½ 129?><;-129½ .... Construct'n, 1923M:S 114½-114¼ 111¼-111¾ 112 -112 112¼-112¼ 114 -115½ 114¾-114¾ 114!,g-114½ .... Term'l & lmpr'mt.. 4 100¼-100¾ .. . ... - .... 100½-100½ ... - ... 103½-103¾ ... - .... .. .. .. .. 105¾-105~ 102,¼- 102½ .. .. Syr. Ilingh. & N. Y .. 1 .... - ... . 109~-1097Ai ... - ........ - ... .. .. - ... 108¼-lOb¼ .... - ... Denvel' & Rio GrandeCon•ol., 1936.. ...... 4 97%- 98,¼ 97¼- 98½ tle¾- 98 97l':(- 99½ 98½- 99➔.f 98¾-101¼ 99¼-101¼ 100~-101 98¾-101½ 100½-101~ 100!14-101'• 101),g-102¾ tar, consol., lfJ36 .. 4¼ .. .. - .. .. .... - .. . .. .. - . ... 109 -109 ... - ... . .. . . - .... ... . - ... . 104¼-104¼ ... - .. .. Improvement, 19'l8.:S 103 -103½ 104)4-104¼ 104¾-lO!l¾ 104¾-106 106 -106½ 104 -10! 105½-106½ 106 -107 107½-107½ 107 -10) 107!14-107¾ 107½-107~ Rio G1•. We11t,, lat .. . 4 9.l - 97 95 - 96¼ 95¼- 96½ 95¾- 96½ 95¾- \16J,a 96¼- 99¾ \l~-101 91>½-100¼ 99½-100¼ 99,¼-100 99 -100 99 -100 Mort. & coll. tr.,A.4 83½- 85½ .. .. - • .. &5 - 85 83 - 84¼ 87½- 88½ 87l':(- ~9¼ 88¾- uo 89 - 91 89½- 90 88 - €8¾ 88J.4- 89½ 89 - 8~ Denv. & So. W e11t.1ren.1> 35 - 36 24 - 24 . . . . De11 Moine• 0n.-lst .. :) ... . - .. .. 99:J,fi-110 - .... ... Det. & Mack.-lat l'n.4 .... us - 98 100 -100 100 -100 99½- {19½ . ... Gold ....... .............. 4 94 - 94 .. .. - ... 93¾- 94 94 - 94 94).4- 94¼ 92¾- 93½ 92¼- 92½ 94~- 94½ 95 - IJ5}{ 95,¼- 95¾ 95,¼- 95½ 95~- 95½ Detroit So.~tst, ':Jl , 4 . .. . 45 - !l5 45 - 67½ 67,¼- 70 38 - 88 41 - 44 - .... .. .. - ... 38 - 45 3; - 41 Ohto ~o. Div., ht.... 4 . ... 78 - 81!-1, 81½- 88 83½- 84 70½- 79½ 79 - 70 88 - 90 69 - 78 80 - 80 78 - 71J~ 78 - 78 66½- 70 Dllluth & I. R.-tst ... :S 110¼-111¾ .... - .... 112½ -112½ 109!1(-112 110½-110½ 110¾-111¾ .. .. 112½i-112)1i .... - .... 113½-113¾ 114 -117 .... - -... Dul.S.S.&Atl.-193'7./j 111 -111 - ... 112¾-112½ 113 -113¾ . .. . - .. . . .. • - .... 118¾-113½ E.T. Va. & Ga.-See So. .... 114½-114½ 113 -113 115 -115 116 -116 . • - ... 116~-116¼ 117¼-117¼ .... Elir. Joi. & E.-1.r, g .. :l 115 -115 114 -114 Erle-let, ext., 1941 .. 4 ... . 2d, Eit., 1919 ... ..... :S .... - .... 112½-112½ 112%-112¾ .. . 113¾·11~ .... 3d, Ext., 1923 ...... 4½ 111 -111 110½-110:lt - .... 108¼-108½ 108½-108½ 110 -110 - .... 109 -109½ · . .. 4th, Ext., 1920 ....... :S ll!l½-114~ 114!i-114x ll4 -114 ... - .... 111 -111 ~th, Ext., 19,l ...... ,a .... - . .. - .... 103½-103½ .... - .... 101½-101½ l8t, consol., riold .... '7 132¾-l:35¼ 135¾-185~ 131¼-131¼ 131¼-132¾ 132½-132~ 13 1¾--184 - ... 132½-133 131½-134¾ 131½-135 t et con. prior lien, ar.4 97 - 98xi 9tl~ 98¼ 96½- 97~ 97¼- V::i½ ,98¾- 98¾ 98l,i-100~ 98¼- 99 9~- 99¼ 98~- 99¾ 99 -101~ l(J0¾-102~ 101½-102¼ Rearhtered .......... . 4 98½- 98½ 1st con. aren. I., '96 .. 4 84 - 86;., 84 - 86¾ 84¼- 85½ 1.-5}9- 87~ 85 - 87 84¼- 867-1 Si - 86 84¾- 87 &3¾- 89 87½- 89¾ 88~- 92 91½ 93,¼ Registered ........... 4 .. .. - .. . 85¾- SJ~ - .. .. .. .. - . . . . 8'3 - sq Penn. coll. ti'., 19:Sl.4 89½- 93>2 88¾- 00¾ 89 - 90 89¼- 91 89 - 91½ 89¼- 92¾ 92½- 95¼ 91¼- 92 91¾-- 93 92¼- 93¾ 93~- 1,5:k, 94 - 95¼ 9~9J ~0-yr. couv., 19:Sa .. 4 .... - .. . . ... - .... - ... 127¼ -127» . ... - ... Bufr.N.Y.&E.,let.1 .... - ... 25¾-125!-4 .... - .... l06 -103 Buff'. & S. W., ar.,'08.ti .... - . .. . .. · - .... Chic. & Erle, 1st, ar .. :S 117¼-118¾ ll7,¼ -118 117,¼-118½ 118 -119½ t16 -117 116¼-118½ 118½-120 119¼-120 120½-120½ 122 -121 120 -122 121½-121¾ Je.m ,reon RR., l•t .. :S .... - ... .. .. - .... . ... - ... 103 -lOJ Lonar Dock, con•.'3/j.6 .... - .... 131 -131 182 -18~ 180 -132 .. .... - .... . ... Uoal & RK. ., let·1r11 .• 6 lll$½- ll3}i .... - ... ... - ... 118 -118:J;i 115¾-ll~ 117¼- .177-1 118 -118¼ . ... N. Y. & Greenw. L .. :S 108½-108½ .... - . ... ... - ..... ... - ... . 108¼-1~ .... Mldl'dof N.J., lst ... ti 111 / -111¾ 111½-111½ 111%-,111¾ Ll0¾-110¾ 110½-111 . lt;9l':(-109~ - .. .. .... N. Y. Sue. & W., ref.:S 109½-11.9½ .... - .... 110¼-110~ 111 -111 lll -111 - .... 114¼-115½ l l ~ 115:>f, • • • • - ... . 111 -111 .... .. ~d, 193'7 ............ 4½ .... .. .. .... 102 -102 103 -104 - ........ - ... 101¾-101¾ LOO -100 99:J,(- 91)¼ .... - .... 98 - 98 Gen., gold, 1940.... :i 108¼-104 .. - .... 102,¼-102½ 101½-102½ L02¼-103 103½-103½ 102,¼ -108~ .... - .... 106 -106½ 107¼-109 109 -110 - .... 117 -117 - ....... Term'I, 1st, 1943 .. :i 118~ 113½ ... - • .. .. . - .. . .. . L07),g-1~ 109¼-111 109¼-103½ 110¾--110¾ 111¼-lll½ 112½-112½ 109;J4-109~ Wilk.& E., 1 st,'42.~ 106~-107¼ 108 -108 107,¼-108~ 108¼-109 . ... l07 -107 . .. - .. .. .. . - ........ - .. .. . .. - .... 107¼. -107!,f! 108 -116 Evan.& lnd.-lstcoo.6 .... l:.lO -1:W . ... - ... .. .. - .... 121½-121½ . - .... 116 -116 . ... 123 -123 .... Evansv. & T. H .-Con.6 .. .. I05'.)t-105¾ 10~-105'4 106,¼-107½ ••. - .... 105½-106 . .. . 103 -103½ .... .... 101 -103 1st, aren., 194~, gold.;} .... - ........ . .. . - .. .. .. .. - , .. 1U4 -104 Sullivan Co. Br'cb .. :S ... . Fl. & P. Mci.-See P. Mci. Ft. W. & D. C.-lst .... ti 102¾-105½ 10-l -105½ 104½-105½ 105,¼-107¼ 106½-10':3 104 -104½ 104 -104¾ 104½-105½ 106½-llO½llO -111¾ 110~-111¼107¾-108~ Ft. W. & R. Gr.-lst ..4 71 - 7l 73xa- 74 'i2¼- 7a¼ 72½- 74 75 - 75 76½- 78 83 - 83½ 82 - 85~ 84¼- 85 84 - S5J.li 84½- 86¼ 8 5¾- 89 Galv.H.&H.of•~~ .. ;} 101¾-lUl¾ ... - .... 102½-103½ .... - .... 102½ -102½102¼-102),4 .... - ••• 103 - 104~ .... - .... 102 -103 103 -103 103 -103~ G.H.&S.A.-See!!i.P.Co. Ga. & Ala. ! See Seab. Ga. C. & No. l Air Line Ga. Pacific-Su l!!!outh'n G.No.-c. B.& Q. cl.tr.4 90¾- 94 91 - 98>., 91¾- 04}4 93¾- 94½ 94 - 941-fi ,.94~- 98 95¾- 93:X 96¾- 97~ 961'- 97¾ 97¾- 9fl½ 9 ~-101½ 99½-101¾ Reirlstered..... .... 4 90 - 91¾ 91~ 98¼ ... - .. .. 92¼- 98 ll2¾- {13~ 92¾- 94½ 94~- 9>:I 96¾· 97¼ 95¼- {15½ 95!4- 97 00 -100 97¾- 99 Gult & Sh. I. l11t ref..~ 102¾-103>4 t02~-103¼ 102 -103 103¼·103½ 104 -104½ 1011):(-105¾ 102½-lOJ!,4 L02J1i-103½ 103),g-104¼ 10-1 - lOl½ 10:Jl}.t-l 6 106 -106 Hock. Val.-lst,con8.4½ 103½-•U5 104¾-105~ 104~-105¾ 105½-107¼ 107 -107½ 107%-110¾ 107¼ -108 103 -109 108 -lOrl¾ 108 -lOJ¼ lv9 -111½ 111 - 111~ Rearlstered ... ...... 4x 107¼-107½ .... ... 105¼ ·105½ .. .. - ... ..... - ••• .I. C. & H. V •• let, eit.. 4 .... lU0~-100)4 - .... .. .. H. & T. C.-See t;o Pac . Illinois Cenr.ral- ... 113 -113 .... - .... 115 -115 .... let, arold, 19/jl ........ 4 .... 102 -102 .... lOll,c-101¼ .. .. 1st, gold, 19:St ...... 3½ .... 70 70 - ....... let, Sterlin"', 19/jl ... 3 .... 102½-104 106 -106 105 -105¾ .. . . - .... 105 -105 103 -106 1081};(-103¾ 104~-104~ Gold, l 9~:l............. 4 . .. . - ... . 104¾-104½ 104 -104 104 -10! 103 -lOd 102 -104 104¼-104¼ Gold, 1&~3 ............ .4 102 -103 102¾-103 102½-103 108),g-103½ 102~-102¾ 101 -101 Registered ....... .... 4 .. .. 95¾- 95~ C4: - 94¼ 9!½- 94½ 95¼- 95¼ 96 - 96~ 96¼- 96!4 96¾- li7¼ 93½- 93½ .... Loulsv. Di•,., gold.3½ P3,l,4- 93,.. 95 - 95 - • • .. .. .. - • .. S<l¾- 85x, 86 - 86~ • • .. Omaha Dh., 111t, g .. 3 .... 85¾- 85¾ 81 - 85 .. .. 85¼- 85¼ . ... - .... .. St L. Div., !lOI J ..... 3 80 - 80 94½- 95 94}4- 91½.... 93 -93 ... . 19:St .................. 3)1, .. .. - ... , 10~¾-105~ .. .. 10'i¼-l07~ .... L06l':(-10tl~ . .. Westera Lines, lst .. 4 .. .. .. . - ... 124½·124½ .... Bellev. & Car., l11t .. 6 .. .. 118 -119 119¾-119:J:1 . C.St.L.&N.O.,rear.~ .. .. - .. .. 109 -109 - . ... 104¼-104¼ .... Memphis Div., lst.4 .... 98¼- 98¼ 93~- 98¾, Gold, 19.11, ........ 3x 87 - 87 - ....... - ... 102½-102½ 103 -103 St. L. Sonlh'n, lst . .. 4 .. .. ln.D.& W.-l11t.1r.'3:J.:J .... .. .. 100 -106 99%- 99~ 98 - 98 .... - .... 98½- {18½ 99k 99½ Ind. Ill. & 1.-ht,':S0.4 .... - .... 99 -101   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  86  RAILROAD BONDS. 190il-Continued. JANUARY FEBR'RY.  BONDS.  MARCH.  APRIL.  MAY.  JUNE.  JULY  AUGUST. BEPT'BER. OCTOBER. NOV'BER. DEC'BER.  Low.Hl1tb Low.Hlgb Low.Hlgb Low.High Low.High Low.Hbrh Low.High Low.High Low.High Low.High Low.High Low.High  - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -----1----1---- - - - - ·- - - - - - -  lnternat'I & Gt. No.lat, 1919.•............. 6 U8~-119¾ 119!,4-119~ 119 -119 .•. - .••...•• - ... . 119¼-121 120 -120 .•. . - ... . 121¼-121¾ 121¼-122 119½-119½ 119~-121 2d, 1909 ................ 6 98:14- 9ll¼ 99 -100 97 - 99 98½-100 98½-100 98½· 99¾ 99 - 99¾ 9~-100¼ 98!1:t- 99½ 98¾-100 00 -100½ t00¾-101½ 3d, 19~1 ............... 4 ... - ........ - .... .... - .. 68 - 72 70!'4- 72¾ Iowa Cent.-lst, aold .. 6 109¾-109¾ 110¾-112 109¾-110¼ 110¼-110½ 111 -111¾ 110 -110¼ 110 -112¾ 112¼-114 114 -114¾ 114¾-114½ . . - •.•. Ll3 -113 Refundlna, 19:Jt ..... 4 .... - .... 89 - 89 .... . ..• - ...•••• - •.. . 85 - 87¼ ..•. 87½- 88½ 85¾- 86¾ 86 - 87% 86 - 88 86 - 87½ Kan.& M.-See T.&O.C. K.Clty So.-ht, 1960.3 69¾- 70¾ 68¾- 10½ 68 - 70½ 68¾- 70}4 6~- 70½ 69¾- 71¾ 71 - 71¾ 71½- 78¼ 72 - 73 71¾- 72½ 71½- 73 72~- 79¾ Ken. Cent.-Su L. & .N. L. Erle & Weat-18t ... 6 115½-117¾ 118 -119 117 -118 118 -119 119 -119 119 -11931; ... - .... 119½-ll~ 119lJ,t-120_½120x,-120}?119¼·120l,t 120 -120 2d . ................... ... . 6 110½-112 . ••• - .... 112 -112¾ 112½-112¾ .•.. - ••• • 114¼-114¾ •••• - ... l l2il:1:-112lJ4 .• Northern Ohio, lst .. 6 .... - ... . lll¾-112 .... . .. 116 -116 110 -115}., ll5 -116½ ... L. Shore-See .N. Y. C. Leh, Vall. <Pa.), coll .. 6 .... - ........ - .... 107 -107¼ . . .• - .... . ... - . .. 107¼-107U 108 -108¼ Leh,V.N.Y.-lst,au.4½104!':(-106 .... - .... 106 -106 107 -107½107¾-109½ - .... 108½·108½110 -110 108 -109 109¼-109½110½-llQ½ lll¾-lll¾ Rearl ■ tered ..... ... . 4½ 105 -105 ..•• - . ..... .. - . . . . ... Leh. V. Ter.-lat, au .. ~ .... - .... 116 -116 ... 116¾-116½ . ... - ... . Leh.Val.Voal-ht.gu.~ L07 -107 - .... 111 -111 ...• - .... 108 ·108 Leh.&N. Y.-lat,au.4 .... - .... 92 - 93 ..• . - •••. 9;1 - 99 .•.. .... - .... 98½· 98½ E. c. & N., 1st pret .. ti ...• 106½·106½ . .•• 1914, auar ........... ~ .... - ... . I00¾-100~ .... Lonar Islaudlst, 1931. ... ........ ... lj ... . - . .. . 116 -116 .••. - .•• . 116¼-116¼ . ..• 116¼-118 Gen. mort., 1938. ... 4 100½-100½ 100½-100½ 100 -100~ 98¾-100 100 -100 98 - 98 91) - 99½ . • • • - . • . . 91) - 91) 1u2 -102 102 -108 100½-100½ Ferry, 1st, 1922. -4~ 101½-101½ 101. -101 ..• • 100 -100 Gold, 193~............. 4 . ... 99¼- 9!.IJ.4 •••• - •• . ••• Unified, 1949- ....... 4 91) - 99 99 - 91)~ ..• 96¼- 98 98 - 99 100 -101 101¼-101¼ 101¾-101½ 100 -100~ 100¾-101 102x\-102x 102}4-102¾ Debenture, 1934..... ~ .. .. - .... 110 -110 - ......• Gen. ref., Ir•, 1949 ... 4 .... - .... 100¾-100¼ .... - .... 101 -101¾ 101¾-101¾ 101¾-108 100½-100½ 100¼-101¾ 101¾-102~ 101¼-102¼ N.Y.& Rock.B., 1st.~ .... - ... . .... - ... 10'1½-107¼ ... . North Shore Br'ch ... :1 ...• - . . . L09 -109 . . . . - .... - ••.. 100¼-101¾ 101¼-101¾ 101 -108¾ lOS!J:(-104¼ 102 -103% 103 -103l}f 103 -103~ 103~-103¾ Louls'a & Ark.-lat .. 6 .... Loulsvllle & Nashv.General. ... ........... 6 116 -116 115¼-116 Llfi¾-115¾ 115~-117¾ 1173,s-117½ 117 -117~ 117 -118 - .... L21 -122 1187'-119 Gold, 1937............. ,'.1 .••.• ••• - • • • 114¼-ll!i½ 115);(-1151}4 ..•. - ... . 115½-117 Unified, 1rold, 1940.. 4 98}4- 99¾ 99 - 99 98¼- 91) 08¼-100½ 1003,t-101¾ 1001)4-102 99H-100!J.t 100%-101¾ 100¼-101 l00¾-102ll-' 102¼-103~ 103 -104¾ Rearlstered .......... .4 . . . ... - . .. . .. . - .... 101¼-101¼ . ..• - ••.•.... - . . . . • • - .... .... - . . . . ... - ... . ..•• - ... . Col. trust, ,i., 1931 .. . :i LOO -101)½ 110 -110 .. .. - . . . . ... - . . . . lll¾-118 . ... - ........ - ... . .. .• - .... 116¼-116½ 112¾-112~ 114½-115½1 Coll.tr.,6-~0s,1923.4 ... 96¼- 96¾ 96¾- 97½ 97¾- 91)½ 98¾- 99¾ 98¾- 99½ 98¾- 9.1¾ 97 - 97½ 97!4- 98½ 97~- 9~ E. H. & N., let, '111-t; .... - ........ - .... lll¾-111½ . ..• - •.....•. - ••. . 113¼-114 .••. - .•.. L15:)4-115~ 114 -114 Louie. Cin. & Les.4½ ... - ....... - . .. 105%-105~ .... - ... . N. O. & Mob., let .... ti 123¾-124 ...• - •.. 125 -125 ...• - ••• . 123¾-123¾ 126½-126~ .•.• - •.. lSOx\-130½ 131¼-13ln,131~-l31¾ ~d, 1930 .............. t; . ... - ... - ....... - ... . ... - ... . 124.½i-12i~ ..•. St. Louie Div., let•.. ti . .. - ... .. ..• - •... 119 -119 121 -122 .••• Pensac. & Atl., lat .. fl 115 -115 Ken. Cent., 1987 ..... 4 97¼- 98 - . ••. 93 - 98 99½- 99½ 99 - 1!9 99 - 99 100¾-100½ 101~-101¼ 101¾-101~ 100 -100 L&N&M&.M,let.4~ .. . - •.. . 105¼-105½ 107¼-107½ .... - .... 108¾-1~ - ... . ... L.& N.-8outhjolnt.4 89 - 0-2 91¾- 92 91 - 91½ 91 - 91¼ 91¼- 9294 92¼- 94 92 - 94 94 - 95½ 95 - 96¼ 95 - 96¼ 95¾- 9?' 96¾- 9799 - •••..••• - • . . 115 -115 117½-117½ .•.. - .•.. 116 -116 N.F.&8.,lat,aru.'37.~ .... - • . . 112 -112 ..•. . ... - .... 117 -117 - ... 115 -116 So. & No. Ala., a-uar.lj 115 -115 Louis. & Jeff. B'dae .. 4 ... - . • . . 91¾- 97~ 97½- 97½ . . . - . . . 98¼- 98½ . . . . - • . . . 98½- 99 - • . • 98 - 98¾ . . . • L.N.A,&C.-BuC. l.&L. Manhatlan-1990 ...... 4 102 -108¾ 108 -104 108),(-104 101¾-102~ 102¼-10~ L03~-1011 105 -105~ 105½-106½ 106½-107¾ 105 -105~ 105 -106% 105 -105¼ - .... L05 -105 Rearlstered . ...... ..... 4 . • . . Metropol.Elev., 1Bt .. 6 t07¼-108 108¼-10~ 108½-108¾ 108'4-109¾ 10974-109¾ 109¼-110¼ - .... 107¾-107!1.( 107!':(-108¾ 10&¾-108½ 108¾-lOSU 109¼-110 Mex.Central-Consol 4 67¾- 71~ 64- - 69 64 - 65¾ 64½- 68 68}9- 67 60 - 65 62 - .64 61¼- 62~ 62½- 68½ 68¼- 74!,t 72 - 79 75),,i- 77 1st consol. Income ... 3 14%- 16~ 12¼- 15 l& - 14¼ 12½- 13!1:t 12 - 14 12 - 18~ 13¼- 15½ 13¾- 141,ti 14¼- 1; l6J.1i- 2t¼ 20 - 28½ 21 - 25M 8¾- 10:% 10 - 17½ 15 - 19¼ 15¼- 17~ 2d consol. Income .... 3 7½- 9¾ 7 - 8½ 7 - 8¾ 6 - 8 7 - 8 6¾- 7:J;t 7¾- 9¾ . • • Coll. trust, 1907 ... 4!,6 91½- 96 91 - 9! 91~- 94}4 94¾- 96 95 - 95 98¾- 98½ 92¾- 92¾ . . • . - . • . 92 - 92 112 - 94 94. - 96 96 - 96 Mich. Cent.-See .N. Y .c. M.L.S.&W .-see O.&N. M. & N,-SeeC.M.&!!,.P. Mlnneap. & St. LoulsPo.ciflc Ext., 1 at ..... 6 . . - .... 120¼-120½ . . • . 111 -111 118 -113 Iowa Ext., l ■ t, '09 .. , .... - . . . . .. . - . . . . ... - .... ··•· - .... 118 -114 l14~-116 118 - 118 118 -118 117 -117 116 -116¾ .•.• - ••.• 1st, con., 1934, ar •••. ~ 115½-115~ 114¼-115¼ .... 95).g96 96~,i96¾ 96 96}:( 96¼ll6¾ 96¼96¾ 95¼95¼ 95 95 96¾97½ 96¼- 97½ lat & ref., 1949 ...... 4 97 - 98 97¾- 97¾ 96 - 96 99 - 99 . . . . - . . . 07¼- 97½ lid - 98½ 9:s½- P9¼ 100~-10~ M.S,.P.& S.S.M.,'38.4 .... - .... Mo. Kan. & Texaslst, itold, 1990 ....... 4 96½- 98¾ 96¾- 98 97¾-100 99½-100½ 100 -100~ 98 - 98¾ 98¼1-100¾ 99¾-100¾ 100 -10~ 100¼-102½ 101¼-108 100 -101~ 2d, Income, 1990..... 4 79 - 81 75½- 78~ 77;s- 78 77¼- 79¼ 77¼- 78:14 76¼- 79 79 - 81 78 - 80½ 79½- 8<»4 80¼- 87 84'½- 87 84½- 86½ 1st, exten •• g., 1944.~ 98½- 99)4 98¼-100 99 -101 100¾-104¾ 100 -101½ 99¼-102 101¼-103~ 108 -103½ 102½-108~ 103¾-105!1:t 102 -107 L03~ 104 St. Louis Div., lst .. 4 . . .. 80 - 82 .... - ....... - . ..... .. - .... 82½- ~ 85 - 85 85 - 85!,t 85¾- 88 86½- 88 7¼- Si¾ Dallas & Waco, tat.~ 102 -102 - .... . ... - .. .. 105½-105½ 10~-10~ K.C.& P.,ht,1990.4 87 - 87 87 - 88¾ 86 - 86 86½- 86½ 87½- ~ 88¾- 88¾ 90 - 90 88 - 90 90 - 90 91 - 91¼ 92¾- 95 94 - 94½ Mo. Kao.& Ok., 1st.:i .... - . .. . .. - ... 104 -105 1047,(-104¾ M. K.& T. of T., lst.~ 99 -lOOk 99¼-101% 99¼-101 100¼-102¼ 101 -102¼ 101 -102¾ 102¾-105¾ 105 -10~ LOS -104¼ 103¼-106 1U5 -110 105!':(-107 Sher.Sb.& S.lst, aru.5 100 -100 - •.. . L02½-108 . ... - ... . tOS -108 - . -.. 102 -102 105¼-105¼ 104¼-104¾ 106 -106 Texas & Okla., 1st .. ~ . .. - ........ - .... .. .. - ... . tO! -105 104½-1<'4¾ 4.lo.Kan.&East.-lst.5 108 -108 Lll -111 111 -111 106½-108 108½-108½ 109 -110 - ... . 111 -111¾ lll¾-112½ 108¾-109½ 109!':(-110½ 11(}¾-lll,¼ Missouri Po.ciflc3d, 1906 ................ , . ... - .... 107¾-107¾ 100¼-109½ ..•. - .. . . l06¾ 10i% 108 -108 - .. •. .... - ... 109 -109 . ... - .... L05~-105¾ 1st consol. .............. 6 11~%-119~ L19 -11911 119½-120 120~-122¾ 119J4-119~ L19¾-12U¼ 120¾-121½ 121¾-122 122 -122¼ 12:t¼-122½ Ll9lJ;!-121 L21¼-123¾ Trust, gold, 1917 ... . I) 104¼-107 106 -107 104 -105~ l05¼-105l1! 105¾-106~ LOd -107!}.. 107½-108 107½-109¼ 105¼-106!}.f L06 -106¾ LU6~ -107°¾ 107 -108½ 1st, collat., a,, 19~0.~ 106¼-107½ tOS¾-105 t04¾-105;J4 105¾-106 L06 -107!,4 107½-108¾ i08 -106¾ lOil -106.½ . . .. - ... . 1071¼-108¼ 108½-101) 1108 -101) Cent.Br•ch Ry., tst.4 93 - 93 91¼- 92 92¾- 92¼ 92¼- 1!3 98¼- 94' 93¼ · 95 96 - 96 9i - 95 91¾- 96 95½- 95½ 95½- 96 115¾- 98 Pac. ot Mo., 1st, ext .. 4 . ... - ... . LOl -101 101¼-101½ 101¾-102!,4 102 -102¼ L03¾·103¼ . ... - .. . 102½-102½ .... - ....... - ... 10~),fi-103½ 103%-103¼ 2d, 1938, ext ....... . 6 . ... . . .. . .. L09½-109½ 110 -110 113il:1:-1H¾ ... . - ....... - ..•. 113%-115 115½-115½ 116 -116 116 -116 116¼-117 Si.L.&I.M.1ren.&l.g.~ lll¾-113 112¼-113~ 112¾-115½ 112¾-113¼ 113 -114¾ 111½-116 115¾-116¾ 116¼•117 117 -118 114.ys-116¾ Ll5¾-117~ 116 -117 Unity.& ref., 1929.4 84 - 86 84¼- 85¾ 85¼- 88 87¾- 88½ 87¼- 88½ 88 - 91½ 88¾- 90¾ 89¾- 91½ 91¼- 93¼ 92 - 93~ 9J¾- 1:16½ 95¼- 96¼ Reirhtered .... _. ... 4 .... 87¾- 87¼ .... r .. ..... - .. . Riv.&G.D.,lst .... 4 .... - .... 91 - 91¼ 91¼- 92¾ 91 - 92% 92¾- 94 93¾- 96 95 - 96 95¾- 9il 95¼- 96 93¾- 97 95¾- 97~ Mob. & Hlr.-Pr. lien.~ . . . . - ... . lll½-111'1! . .. . - •.•..•.• 95 - 95 1946 ...... ···· · ··· ....... 4 .... 91 - 91 . .. . . .• . 91-94' , .••• Small bonds.......... 4 ... . Mobile & OhloNew, aold, 1927 ...... 6 ... . - .... 126 -126 126}9-126½ 123¾-123¾ . ... - .... 125¼-125¼ .•.• - ... . 128 -128J8 l28J,g-12!i¾ 126 -126 .... 121 -121 1st, Exteo., 19~7 .... 6 130 -130 94¾- 9i½ . .•• - •.. 96¼ - 96¼ 96¾- 96!Ji 90 -93½.,.- ... . 93-93 Gen. mort., 1938..... 4 94 - 94 ...• - •... 112 -116¼ . . . . - . . . 115 -115 - . . . . 113½-113½ . . . . Montaom. Div., lst.. 6 114 -114 ••.. 92¼- 92~ . ••• St. L.& Cairo, col.tr.4 ... . 90 - 90 ••. ~ - 88¾ 90 - 91 - • •• 101 -101 . . . . Guar., 1931, aold.. 4 ... . Mor.L.&T.SS.-See l!I.P.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  87  RAILROAD BONDS.  JANUARY FEBR' RY.  MA.ROH.  APRIL.  MAI.  JUNE.  JULY.  AUGUST. oEPT'BER. OOTOBER. NOV'BER DEO'BER.  BONDS. Low.High Low.Higb Low.High Low.High Low.High I.ow.High Low.High Low.Higb Low.High Low.High Low.High Low.Hhrh  No.sh. Chatt. & St. L.ht ...... .. ....... . . ... 7 120 -120"9 120 -120 120¾-123¼ 122½-123 l23½-128M 1243-s-~ .... - • •. . ••• - •• •. 121½-121½ 122¼-l~ 123¾-123¼ 124 -125 fl on sol. a'., 1928 ..... . ~ 112 -112½ 112M-113 115 -115 110,¼i-111 112½-113 112 -113¼ 113¼-115¼ 115 -115!,4 115 -115¼ 113½-113¾ 114¼-115 115 -116 Mcll. lU. w.&AI.. . . 6 .... ... - .... 113¼-113½ .. T. & P Branch, 1st.ti .... - .. . . . .. - ... .. ... - . .. . . .. - .... 113 -113 - ... . .... - ... . .... - ........ No.,ional ot MexicoPrior lien, 1926 .... 4½ 100)4-100¼ 100 -101 .... - ... . 101½-101¼ 10~102½ 103)4-103½ ..•. - ... 102¾-10~¼ .... - •....... - .. . 104 -104 104 -104 1st, consol., 19~1.. 4 74½- 76¾ 73 - 76JJ4 73¼- 76 78½- 74¼ 73~- 74½ 74 - 78 76½- 78 757,(- 76¾ 76½- 78 76¼- 80¼ 79:J:!- f2 81~- 82 N. Y.Cent'l & Hud.R.Gold.1997 . . ........ . 3½ 97'4- 9~ 96'4- 9~ 97 - 971-fl 98 - 98¾ 98¾- 99¾ P9~-101¾ 99 -100 99½-10~ 100 -10~ 100 -100½ 100¼-101¼ 100%-101½ Reaistered ...... ... 3.x 98 - 98 . ... - . .. . . .. - .... . .. . - ........ - .... 98 - 99¼ ..•• - •.. . 99 -100 - .... 100 -lOOX! 98%-100½ Deb., 1884-1904 ... .. ~ 102~102¾ 1()2¾-102¾ 100 -1~ 100¾-100¼ 101¼-101¼ 101'1;-101!14 . . • • Realstered ... ........ 6 .. . - .... .... - ... 100¾-100¾ 1007,,jj-100~ .•.• - . .. .... Rea-. deb., 1899 •04..:i .... - ...... .. - ... 100,¼i-100½ . ... - ........ - .•.. . ... - .... ... Deb., g., '90-190:i .. . 4 100 -100)4 .... - ... l t10¾-l ¾ .... - . ... .... - .... .... - ... . .... - .... 101 -101 .... - ... 100¼·100¼ Debt certs., ext., ~ ... 4 - .... 100%-100% 100¼-100% 101¼-101¼ 90¾- 90M .... - ........ Lake Shore, coll ... 3¼ 88 - 90 86 - 88 86 - 88¾ 88¾- 89½ 891.4- 91 90½- 92¾ 92%- 93½ 91¼- 91~4 90 - 91¼ 90 - 91 00¾- 91¼ 90¾- 91 ½ Re~18tered. ....... 3 ½ 86 - 87½ .... - .. . 86 - 86!14 86¼- 88¼ .... - .... 89½- 91¼ 89¾- 91¼ 89~- 90~ 89¾- 89¾ 89 - 89¾ 139¾· 90¼ 89½- 90 Mich. Cent'l, coU .. 3½ 89 - 90 87 - 87½ 85¼- 87 87½- 88¾ 87~- 90 89½- 90¼ 90½- 91¼ 89¼- 89~ 89¾- 90 88¾- 89½ 897-(- 90 89¼- 90¼ Beech Cr'k, lat, a-u .. 4 104e -105 - ... . 105¼-105¼ .... - ........ - .... 10(%-106},p 105¼-105~ .... - ....... - ... 108 -108 Reaistered ........... 4 . .. . - .... 102 -102 . . . . - .. .. . • • . - .. .. • • . . - .. .. . . _ . .. . .. • _ .. . . _ . .. . .. . _ . West !Shore, guo.r .. .. 4 106¾-109 108¼-109 107¼-108% 107~-108 107¾-109 108}-4-109½ 107 -108½ 107½-108~ 108 -108¾ 109 -109¼ 109 -109¼ 109½-llC¼ Registered ............ 4 106}(-10~ 107 -lll8¾ 107 -107¼ 106½-107 107 -107¾ 105½-107¾ 105¾-107¾ 107 -107¾ 107 -108¼ 108)4-1C9 108 -109 108 -110 L.S.&M,S., g., •97 .3¼ 100 -10~ 100 ·100¾ 98 -100 98:U- 99¼ 99¾-100% 99 • 99¼ 99!}.(-100½ 100¾-l~ 100½-100!14100¼-101¾ 101¼ ·102 100 -100¼ Rea-lstered .. ....... 3).{i •• •• - ........ - ••••.••• - • ••. 98 - 98 .. •• - •... . .. - . . ...... - .. ...... - ... . ... . - ... 10()%-100% .•. - .... 99½- 99½ Debenture, 19~8 .. 4 ... . - . . . . . .. - . .. 98½- 99½ 99 - 99¾ 99¾- 99'4 99¾-100¾ 100¼-101½ 101¾-102 99¾-100 9tl¾-100¾ 100 -101 100¾-101'1; Mich. Cent'l, 1909... ti 1123-(-112¾ ...• - .... 109%-109% . .•. 1931 . ................... :) 122 -122 . ••• - •.•..... - .... • •. - .... .... - .••. 121¾-121:ki ...• - .... 121 -121 .... - .... 122½-122½ Rea-lstered .. ... ... . 6 .... - • • • • • •· • - •. •. .... - .... . ... - .... 121 -121 .... 1940 .... ······ ....... . 4 ..•. · .... 105¼-106~ .••• - •.•. 106¼-1061,,( .•.. ht,aold,1932 .. . 3~ .... - ••.. 97 - 97 97 - 97¼ 96¼- 96¼ .••• - •••.••• - ........ N.Y. & North'n, Jst.~ .... - .... 115½-115½ US -113 .... - ........ - . . •..•.. - .... 115}fi-115½ .... R. w .& o., con,, lst.3 .... - .... 117½-117½ 117¼-117¼ 116¾-116¼ 115¼-115¼ 116%-116¾ 117 -118 119 -119¾ . ... - ........ - ••. 117¾-118 Utica & Bl,Riv •.'!l,.4 .... - .... 10!\ -104 .... - •... 104¾-104¼ . ... - •••••..• - •....... N. Y. Ch, & St. L.-11.st.4 103 -104, ll8¾-104e 103¾-104e¾ 102~-103½ 103~-104 103¼-104¾ 104¾-105 104¾-105¾ 105¾-106 104 -105 ' 104e -104¼103!'-(-105 Reiilstered .. .......... . 4 . . . . - . . . . . . . . - ... . 101 -101 . . . . - . . . . . . . - . • .. . . • • _ . . . . . . . • _ _ •. . . . • • . _ N. Y. & N. Enir •• lat ... 7 .... - ... .. ... - ....... - .... 101¼-101~ ..•• - ........ - •••...•• 1023,(-102:¼ .••. - •... 1st, 1903 .. .............. 6 .... - ........ ........ - .... .... - . .. .... - ... . 101¾·101¼ .•.. - .. .. N. Y. o. & W.,ret.,ht.4 101~-102½ 102¼-103½ 100~-101¾ 100½-101¼ lOQM-103½ 102%-103½ 103 -104e 1033'-104 102 -103¾ 103 -105 104e½-105½104e,t-105)4 N, Y. S. & W.-Su Erle, Norf. & So,-lst, '41 .. :i .... - .... 111 -111½ 111¾-111¾ 112 -112~ ..•• - ... . ... . - •• •..•.. - •... 110 -110 110¾-ll0½ 111 -111 110 -110 No1'folk & WesternJmpt. & Ext,, 1934 .. 6 ... - .... .. .. - ........ - . ... 132½ ·132½132 -132 New Riv,, 1st, 1932.ti .. .. - ... 128½-129 125¼-127 - .... 131¾·132½ 132 -132¾ 132½-182¾ . .. . - ........ - ... . 132½-132¼ N.& W.Ry,, lst;con.4 96½- 97½ 97¼- 98 97¾- 99 97 - 98¾ 97%- 98¼ ~ -1 ~ 100¾-101¾ 101¾ -102 101¾-l~ 100 -101 100½-101~ 10°"-101% Reailatered .......... 4 •• • - • •• • · · · • • •• . . . . - . . . 99¾- 90¾ . . •. - . . . . . . •. Dlvis'nn.1, l ■t llen .4 ••·· - .... · ··· ···· . ... - ... . - . ...... - .... 98¼- 99¼ Pocab. c. & C.jolnt.4 88 - 90¾ 87½- 90¼ 88¾- 90 90 - 91¾ 00¾- 92 89!'-(- 93½ 93 - 94 93¾- 95 98¾- 941-fl 91¾- 95½ 95 - 97¾ 94½- 95 Col. C. & T., lst,''l!l.6 .... - · · · · ·.. ·.. . ... - .. . .... - . .. . . - . . . 112 -112 .... - ..... . .. - .. . . . .. - ... . .. . . - ... . ~c. Val. & N. E., bt.4 100 -100 99¼-100 99½-100¼ 100 -101¾ 99~100 100-X1·l<>O¾ 101 -101¼ 101½-102 102 -103 102¾-103 101¾-102¾101,t-102¼ Northern Pu.cUlcPrlor Uen ............... 4 101½-103¾ 102 -103~ 102¼-103¾ 102¾-103¾ 103¾-104¾ l0i~-105 103!1:(-105½ 104¼-105~ 104%-105~ t04e¼-105½ 104!'-(-105%105 -106 Reiristered .. ....... .. 4 ... - .... 101 -102¼ 102 -102¾ 103 -103½ 108 -104e½ 103½-101~ 101 -104.¼ 1033,6-101 102¼-104% 101¾-104~ 103¾-104!)( General lien, 2047 .. 3 70%- 73 70¾- 72)4 70¾- 72 71¼- 73 7~ - 73 71¾- 74 ¾ 74 - 75% 74 - 74!J;t 74 - 74!14 74.~ 75¾ 74¾- 75¾ 75 - 76 Reaiistered ...... ... .. 3 68¾- 69 70¼- 70¼ . ... - ... . .... - ... 70½- 70¼ 71¾- 72¾ .... - ••.. 75¾- 75¼ 73½- 74~ . .. - .. .. St. Pn.ul & Dul, Dlv.4 97%- 9i¾ .... - . •. . 9'i½- 97.x .. . . - .... 100¾-100¾ 98¾- 98'4 St, Paul & No. Pac .. 6 .... - ... ••• · 122¼-122¾ .... - .... . ... 125 -125 St,P.& Dul., 2d, • I 7.~ 107:J.(-108¼ .•.• ... - •.. . 105½·105½ .... - .... 107 -107 .... - .• . . 1st, consol., 1968.. 4 • • • • - . . . . 96½- 96½ .... Waah. Cent.Ry,,lst.4 .. .. - ... . 85 - 85 ..•. - . . . . 90 - 90 90)4- 114 No, Pac. Ter, Co-lst..6 ... . - .... 111 -113 112½-112¾ .... - . ... 113½-113½ .... 118 -119 •.. 118 -118 118 -119 118½-118'.t Ohio Riv., lat, 1936 .. 3 .... - .... 110 -110 .. 112½-112~ 115½-117¾ 115¼-115¾ ...• General, 1931 ....... 6 •··· - ... . 111 -1133,6 .. .. - ... . 111 -111 112 -112 Or.RR. & Nav, i Ste t·n, Or. Short Line. 5 Pac. Pacific Coast Co.-lst.3 105 - 107 106¼-107¼ 105¼-108½ 108½-109¼ 1081'(-110 107 -107¾ lO'i:>.(-110 109½-109½ 109½-110¾ lll¾-111¼ 112½-112½ lll¼-113¾ Panama-lat,•• t .....4}1 •·· - ... . •··· - .. .. •··· - .... •·· · - ........ - .... 102½-102¼ . ... Pennsylvania Co.1st, conaol ............ 4½ 108 -109 108½-108¾ 103 -109 lQS¼-109 108¾-109¼ 109¼-1107-( 108 -108¾ 108½-108½ 109}(-110 1097,(-110 109;¼-111½ 110%-112 Realstered . ... . .. .. 4½ . ... - .... 106)4-108J.2 107½-107½ 108 -108 105~-l0;JJ,4 .... - .•. Tr,Co.ctfs.,gu.,'16.3}1 .... - . .. . 96 - 96 95-U- 95¼ ...• - .......• - ..•. 96)4- 96}4 97½- 98 . ... - .... 99 - 99¼ 99¼- 99¼ 97½- 98)4 97¾- 97¾ C,St.L.& P., ht.'3~.6 .... - ... . . . . - ... . US -118 118¾-118¼ . ••• - •..•••• - ••. 120 -120 118 -118 . ••. Clev. & P., ser. D . . 3¾ 96 - 96 .••• Brie & Pitt., ser.C.3x . ... - .... 9d,t- 9~ .••• P.C,C,&St.L.,Sr.A4½ 109½-109% .... - •... 110 -110 108 -108 ...• - . .. . 110¼-110½ . •• • - . . . 113 -113 Serles B., 1942 ... 4 ½ 109!':(-111¾ ...• - •. .. 110 -110 .... - .... 1111).(-111~ 112¼-112)4 •... Serie• C,-194~ 4½ .... - ... •·· · 110 -110 .... Serles D, 1946 ...... 4 101½-101½ .... - .. 102 -102 - .. . 101¾-104½ .... ~eriea E, 1949 .... 3½ .... - .... 91 - 92 ...• - .... 90 - 91¾ 90½- 90¼ ..•. 91¾- 91~ 93½- 93½ .... P .Ft. W .&C.,~d,' 12., . . . - . .. . 121 -121 . • .. 3d, 191!1 .............. 7 ... - ... . 119 -119 .... Pennsylvania RR.Real estate, 1923.... 4 105 -105 104,¼-105½ 104½-107¾ .... Consol., arold, 1919.. :} ... - ... . ... . - ....... - . .. .... - .... lll½-111½ . .. . Conv,, gold, 191!: .. 33-9 95 - 96!}.( 94½- 97 94!!(- 96~ 96½- 97 9i!Jf:- 95¾ 94!'-(- 97 OOM- 9~ 97¾- 99 90 -100¼ 99JJ4-103 100½-103~ 102~-103!'-( Realstered ... ..... . 3¾ . .. . - . . . . 96¾- 96¾ . . •• G. R. & I., lat, est.4½ .... - .... 108½-108¼ .••• - ... . 110 -110 - ........ - .•.• Phil. Bait. & Wruth.4 .... - .... 107 -107¼107½-107% U,N • .J.RR.&C ..... 4 .... - ... . ll0¾-111 P .& E.-see c.c.c&S.L. Peo.& Pekin Un.-lat.6 123¾-123½ .••. - •••. 120¼-121 .... - ... 120~-12~ .... ~d, aold, 1921-..... 4½ .. . . - ........ - ........ - .... 99 - 98 100 -101 Pere Mu.rquetteFllnt & Pere Maftl .. ti 118½-118½ .... - .... 118¾-118JJ4 118 -118 . •• - .... 120 -120 120¾-122 121¼-rnl~ ..•. - ... . 120¼-120¼ 120!':(-120~ 121¾-121¾ 1st cons., g., 1939.:} .... - .... 107~-109¼ .... - .... 108 -110~ 109 -109 .••• ..• - .•.. . .. - .... lll¾-111½ ..• . - .... 111 -111 111½·111¼ Pt. Hur. Div., l8t .. :i 109~-109¼ 110¾-110¾ . ... - •••..••. 112¼-112¼ ll~-112% .... - .••. 112}(-112¼ .... r'.C.C.&St.L-See Pa.Co, Pitt ■ • Sh. & L. E.,lat.:i .... - ........ - . ... llS¼-115~ .••• .••• - •••.•••• - .... 114¾-114¾ .•.• - . ....••. • Pltts.l'.&Asb.-lat .. :J 114,¼-114,¼ .••• - ........ - ••...••• - ••• . ..•• - •••. 117½-117½ ..•. ReadlnirGeneral, 19D7 ........ 4 94%- 96¾ 96%- ~~ 95%- 96¾ 00%- 98¾ 98¼- 91% 99¼-101 98%- 90¾ 98M-100 99¼-100¾1~-102 101%-102%10l'U ·l033,t Rea1stered ........... 4 .... - . . . ... - ........ - ... .. ... - .... 98 - 98 99 - 99 99 -100 99½- 99¾ 99¼- 99~ 100 -100 ..•. Jersey Cent. collat .. 4 91%- 93}4 98~- 93% 93¾-. 94~ 92 - 93 93 - 9~ 93% · 95 95 - 96 95'1;- 96 95~- 97~ 94¾- 97~ 96 - 98~ 98 - 99 Phil, & ttead., con~ .7 .... - . .. . . - . . .. 119:)ti-119XI 119¼-119~ .... - .•....•. - •..•..•. - .•..••. - .•..   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  •  •  -  ••••  RAILROAD BONDS. 1904-Continued. JANUARY FEBR'RY.  MARCH.  APRIL.  MAY.  J:UNE.  JULY.  - - - - - - - - - - - - - - - ----- 1-----1--·-Low .Hlllh Low.Hlllh Low.Hlllb Low.High Low.Hlllh Low.High Low.High -----------,---- - - - - - - - - - - - - - - - - - ·- - BONDS.  AUGUST. SEPT'BER. OCTOBER. NOV'BER DEC'BER.  Low.High Low.UigbLow.llillh Low.Hillh Low.Hillb  - - - - - - - - - - - - ----  Rich. & Danv.-See i-o. - . .. . ... - ..•. 110¾-110~ 110¾-111½ .•.. - ........ - ........ - ........ - . . . . . . . . - ... . Rio Gr. Jc.-lat, 'J9 . . ~ .... R. G. w.-See D.& R.G. Rio Grande Sonth'n- •... 68-68 .... - .... 63½-63½ .... - ... . 75 - 76 lat, 1940 .......•...... 4 - . . . . 87½- Si½ . . . . Guaranteed, 1940 .. 4 .••• R. W. & 0.-See N. Y. C, - ..•. 103¾-104 Rutla11d-l ■ t, con ■ .4~ .... 94 - 95 - .... 84-84 87¾- 92 - .... 91 - 93 91¾- 94 St. J. & G.I.-lat,'47'.4 .... St.L.&I.M.-SeeM.Pac-. St.L. & San Fran.Ry.- ... . 106½-106¼ . ... - ... . 104 -10! ClaH B, 1906.•....•... ti 104¼-104¾ 105 -105 . ... - ... . .... - .... 103~103~ 1Cl3¼-103¼ ... - . . . . . .. - •... 103½-103½ 103¾-103% ..• - .. . ClaH C, 1906 ........ fi .. . General, 1931., ...... ti 123 -124½ 124½-124½ 1221},.-122:¼ .... - .•.. 125 -125 126 -127 .... - .... 125¾-125½ 120 -126 . ... - . .. 128 -128 129 -1303,4 General, 1931 ........ ~ 110 -111 110 -110¾ 110½-110~ 111 -112 lll¾-112¼ 112 -112½ ll()¾-111 lll½-111½ 111¾-113 112½-112½ 113¼-114 114½-lU¾ 96 - 96 96~ - 96½ . . . . - . . . . 96 - 96 96½- 96½ . . .. - . . . . 98½- 98½ 99¼- 99¼ . . . . RR. conaol. a-., 1996.4 79½- 83½ 80 - 82.½ 82 - 83¼ 81¾- 82¾ 81¾- 83 80:J:{- 82¼ 81¾- 85.½ 84¾- 87 86 - 87 86¾- llO¼ 89 - 91 Refundlna-. 19:11 ..... 4 82¾- 84 - . . . . 94 - 94 94 - 94 93¼- 98½ 96 - 96 :1-year aold note■ ..4h . . .. 98¾• 98¾ ••• - ... . S. W. Div., 1947 .... ~ LOO -100 - .... 123\.6-126~ .•.. - ... . - . ... 119¼-119½ .... - ... 122!,,i;-122½ .... K. C.F.S.& M., con.O K. C. Ft.S.& M., ref.4 78 - 80% 79 - 8(,½ 78¾- 80¼ 78¼- 80½ 79¾- 80¾ 79 - 81¼ 81 - So¼ 84¼- f5¾ 85¼- 86 84 - 86¼ 85¾- 89 86½- 90 Reiristered ........... 4 77½- 78½ St. Louis Southw'n92¾- 94 92¾- fl4½ 94¾- 96¾ 94 - 95¾ 91¼- 95 95¼:- 96¾ P6½- 97 97 - 98¾ 98½-100¼ 97¼- 88 97¾- QR¼ lat, 1989 ................ 4 92¼- 94 73 - 76 77 - 82½ 82¾- 83 82½ - 85 82 - 85¾ 85 - 85~ 2d Inc., 19~9 .......... 4 72¼- 76¼ 74 - 76 76 - 78½ 77 - 78 70½- 77½ 71 - 74 68½- 72 71¾ - 79¾ 78 - 80 79¾- 81 79¾- 83 79¾- 81¾ Oonsol., a-old, 1932 .. 4 70 - 74¾ 70 - 731kj 70¾- 72¾ 72 - 74¾ 67¼- 74¾ 65¾- 70 St.P. & Dul.-SeeN.Pac. l!lt. P. Minn. & Man. 110¼-110¼ 110¼ 111 111¾ 112 109½ -109¾ 110 -110¾110¾-llO¾ 2d mort., 1909..... .. 6 ... - ... . 110¼-110½ ... - . . . 107~-107¾ 109 -109 1st, conaol., 1933 ... fi 130 -131 130¾-131 131 -132 .. .. - . .. . .. . - •.. . 132 -132 l::12¼ -132¼ 133½-133¾ 134 -13!¾ 134%-13!~ . ... - ... .. ... - ... . Reduced to ......... 4¼ 107¾-108% 107¼-107½ 107¾-107¾ 108~-108¼ 109 -109 110 -110 103¾-lUS¾ .. .. - ... .. ..• - . ... lll¾-112¾ lll¾-111¼ .... - .. . . - . .. 111 -111½ lll¾-1111¼ .... - . . . . . .. - .. 111¾-lU¼ Dakota Extenslon .... 6 . . . . - ... . 110¼-111 111¼-111½ 109½-109¼ . .. - .. . 103 -103 103¼ -101 103½-103½103¾-104 104 -104½103 -103½ Mont.Ext.,lst,1937.4 100 -101½ 101 -101¼ 101 -101½ 101¾-101;}4 1oi -103 - ... . 104¼-104½ . . . . - . . . 102%-102¾ .. . . . . . - . ... E. M. l st div., 1st .... ~ ... . - •... 133 -135¾ . . . • Mont.Cen.,tst,193,-.6 .. .. • . . 134!14 -134¾ Registered . . ......... 6 ... . - .... 114¾-114½ . . .. - .•. . 116¾-llll¾ •·· 1st, guar., 193'1 .... :} ... . Will. & S. F., 1st ... . :} 117 -117 S. A. & A.P.-See S . Pac. .... .... - ·•· · .... San Fe Pr. & P.-l ■ t. ~ 110 -110 s. l!. & W .-See A.. c. L. 68 - 69½ 69 - 70¼ 69 - 70 69 - 70 70¼- 82½ 81!14- 83¼ 80 - 81¾ 81¼- 85¼ 83¾- 85 Seaboard Air Llne .... 4 65 - 70½ 65%- 68¾ 69 - 70 97 - 98 97¼-100 100 -1023,fi 102¾-103 102¼-10! l01½-102Jl:j 102 -103¼ Collat. trust, 1911 . . :» 96 - 98½ 96¾- 97 97 - 97¾ 98 - 99½ 96),6- 97 . •· , . .. . . . . . . . .... 104¾-104¾ ... - ........ - . . . . .. - . . . . ... - . . . . .. Fla. C. & Pen., '43 .. il . ... Ga. & Ala., 1st, con.:» 102 -102½ ... - . .. . 102¼-103¼ 102'7k10!l¾ 104¾-105½ 105½-105¾ 104 -105 lOi½-108¼ 108½-108¾ 109¾-109¾ 112 -112½ ... . . ... 105½-105½ .•.• - -··· 108 -1(8 - ... . 109 -109 .... - .... 110,t-110¾ . . . Ga.Car.& N.,lst.iru.~ .... 92¼- 92Jc 93 - 93 92½- 93 - . . . . 91 - 92¼ . . . . - . . . . . . . - . . . 98 - 98 ... . - .... ...• Carolina Cent,, con.4 S.C. & Ga.-See South'n Southern Pacific Co.!l•:J-year, 190:i .... .4½ 97¾- 99¼ 98¾- 99¼ 99 -100 100 -101¼ 101 -101¾ 99¼-100¾ 100:kHOO¾ 100½ 101½ 101¾-101¾ 101¾-1024, 102¼-l' 2.½ 100 -100¾ Oollat. trust, 1949 .. 4 87¾- 90 87¼- 89½ 88 - 89½ 69¼- 91 90!14- 92¼ 89!14- 93½ 93¼- 91¼ 93¾- 95 93½- 94¼ 93¾- 9.JJi 94¼- 96x 93 - 95 Rea-lstered . ......... 4 85¾- 87¾ 94¼- 94½ .. . - .... • • • • - . . . . . . . - .. . Austin & N. W •• 1st.~ 97 - 97 98 - 98 100~-102 .... - ... . .... - ... .. .•• - .......• - •... 109 -110 113¼ 113~ . . . - .. . 110!14-110¾ Ven. Pac., 1st, ref,ir 4 99¾-101¾ 97¼- 98¼ In;.(- 9J IJ9 -100 99½-101 100 -100¼ 100~-101¼ 99¼-100¼ 100 -100¼ 100¼-102½.101¼-102 101!c-10t½ Mort.~ iru,, S'.. '29.3½ 84 - 85½ 84 - 85¼ 84¾- Si¾ 84½- 85½ 85¾- 86¾ 85 - 88 Si¼- 88 87¼- 88¾ 87¾- 88,i. 88¼- 88}.; 88½- 89 Si¾- 89¼ G.H,& S.A .. 1 ■ t,'10.ti 107 -107 - . .. IOd½-109,{i .•• 110½-110½ 2d, irold, 190:i ..... , 1(\()).{a-100¼ 102 -102 ... - .... 1031}.(-103¾ .... - • . .. 103 -103 M, & P, Div,, 1st .. ~ 107 -107 .••. - ••.. 105¾-105~ 109 -109 - .... 107 -107 . ... - .... . ... - . .. . 112 -113½ 112¼-lh¼ 110 -113 112¼-112¼ GIia Val. G.&N.,lst.a 105 -105½ 105¾-105¼ ... - . . LOS -108 106 -106 105 -105 106 -106 107 -107 . ... - ... . lOS_x;-110¼ . .. 110 -110 H,E.&W.Tex 0 ,l ■t. : - .... 103½-103_½ . ... - ... . 106¼-10 7¼ .... 104¾-104¾ Hou ■.& Tex.C., lot.~ 110 -lllJ.ia 111 -112 111 -111¼ 112 -112 - • . . . .... - .... 111 -111½ 112¾-112¼ 113 -113~ 112½-118¼ Consol., ir., 1912 ... ti 112 -112 .... - . . . 112¾-113 - .. . . 113 -113 112 -112 112 -112 112¾-112¾ ll3 -113 .... - ... 113 -113 General, g., 1921 . . 4 80½- 92 92 - 9.2¼ 93 - 93 ll3¾- 93~ 92 - 93 .... - .... 94 - 9! ...• - .. . 96 - 96 .... - • . • . 95¼- 95),. 95 - 95 J.tlorir. La, & T., 1st.? .... 130 -130½ 130 -130 - •.. 129½-129x ... ht, 1920 .... . ........ 6 .... - ....... - . . .. 121 -121 - •.. . 122 -122!-t 122 -122 No. of Cal ., l ■ t, gu ... ti - .. 106¾·106¾ 106¾-106¾ lOBM-107 104¾-104¾ ... - •... 105 -106 .. \ . Or.&C.,lst,a-u.,•2,-.:.100 -100 .... - ........ - .... 102 -102 ~an An. & Ar. PnH.4 76 - ~ 78 - 80¾ 78 - rn 78¾- 80 80 - 82¾ 81¾- 87¾ 83¾- 85M 82½- 85¼ 85¾- 88 87¾- 90¾ 88 - 90 88 - 90¼ So.Pac.,Arlz.1909.. . 6 105 -105¼ .•. - •... 106½-106½ 107 -107 108 -108 .... - ........ - .... 106 -107¼ 109¾-109¾ - •... 110½-110¼ lat, 191U . ..... ...... ti 106 -106 .... - .. . . 107¼-107½ 108¼-103¼ .... - ... . 103¾-108¾ 105¾-105¾ l07 -107¾ U0½-110~ ll()¾-110~ ... . - ... lll¼-111¼ So. Pac. Cal., 190~ .. 6 ... 101½-101½ 102 -102 - •... .. . - . 100¾-lO()l}{, .... - •••....• - •... l11t, 1906, C, & D .. 6 .... 102 -102 - , ... 104).t-104¾ .•.• - .... . •.• - .... 104¼-104¾ l ■ t, 190:l, E & F .... ti ... - .... 115¼-115¼ ...• - ... 112½-113 - ......... 1st, 191 :I .............. ti .... 114¼ 114½ .... - •... 114¾-114¾ 1st, consol,, 1937" . . :} ... - .... 119 -119 ... . Stamp., 190:i-37".a 107 -107 .... - . ... 109 -109½ 109¼-110 107¼-107¾ 107~-109 109 -109¼ 109 -1C9 109 -110 110 -110¼ 107J.ia-107½ 107~-107M S. Pac., .N.l'tlex,, 1 ■ t ti .... - .... 10~-108:14 108 -108 ...• - .... 108 -108 .... Tex.&.N.O., l ■t,'0li.1 .... - -·· 101 -101 .... - ... . 103 -103 .... Sabine Div., 111t ... . t> . • • • • ••• 109 -109 Consol., irold,1943.:» 103 -103 8outhernl11t, con sol,, 1994 ... . :} 111¼-114 111 -113¼ lll¼-113¼ 113 -115¾ 115½-116¼ llfi¾-118 lH -115½ 114½-117¾117 -117½ 117¼-118¾ 118 -120 119 -121 - . . . . .. • • - . .. . . . • . - .. • . .. . • - . . . . . . . . Re11l•tered .. ......... :i .... - •.•. 108 -110 . • . . 93 - 9! 93 - 94 92¾- 95 9!¼- 95½ 96½- 97½ 94½- 95 95½- 96 P.6 - 96¾ 96¾- 97½ M. & o. col. tr., '38.4 93 - 95 95 - 95¼ 93 - 93 - .... 114 -114 . ..• - .....•.• - •.•. 115½-115½ . ... - •... 117)4-117¾ Memp. Div,, lllt.4~-:l ... St. Louis Div,, lst ... 4 9'1 - 94½ 94 - 95 93.\-9- 94 93¾- 94¾ 03¾- 95 94 - 98 95 - 97 95½- 97 97 - 98 IJ7J,(- 99 99 -100),4 119 - 99 Ala. Cent,, 1st ........ t> .... - ........ - .... 115 -117½ .... _ .. • . . .. . - • . . . . . • . - • . . . . . . . - ..•. 11s¼-tl8x . • . • - .... - • . • . 94~- 95¾ 94¼- 94½ 96¾- 96½ 96¼- 97 96¼- 97½ Atl. & Dn.n., lst,'48,4 .... - .... 91¼- 92 91¾- 91¾ .... - ••.. 95 - 96¾ 2d, l 94S .. ............ 4 .... - .. . . .. . - . . . . 90 - 90 89¼- 90¾ Cul. & Greenv., lat.ti .... - .... 118 -118 .••• - ... . - .... 113¾-115 - .. . 116 -116½ .... 116¼-116¼ E.T.Va.& Ga., Div .. :) 113¼-113¼ .... - .... 113 -113 113½-113½ . ... Consol., 1st, g ....... . :» 117½-118¾ 117½-118¾ 118 -118½ 118}4-119¼ 117 -118½ 118 -118½ 118¾-119 119 -120 120 -121 120¾-121¾ 119~-121 121 -121 - . . 111)4-111¾ 112¾-112¾ .... - ... •. E. Tenn. reorg. lien .. :) ... - .... 110¾-110½ ...• - .... 109 -109 111¾-111¾ 112 -112 112 -112 Ga. Pac., 1st, gold ... ti 11~-118¾ ..•. - •... 122 -122 - .... 123 -123 .... - ... 122¼-122¼ . ... - .... 122¼-122¾ 123!'4-12! 125¾-125¼ Knox. & o., 1st, ir ... (i 120 -120 .... - •... 122 -122 - ••.. 121¼-124 - .... 125 -125 - ... . 124¾-124¾ Rtch.&Dan,,con.,a-.ti ... - ....... . - ... . lH -115 115 -115 116 -116 116 -116% . . . . 116 -116 116½-116½ 117¼-118 . .. • - .. . . .. . - ... - .... 112}2-112.½i ... - ........ - .... lll¼-111¼ Deben., stamped .... ~ ... - ........ - ... 112 -112¾ Rich. & Meck. , Jst .. 4 .... - ........ 87 - 87¼ ... So. Car. & Ga., 1st .. :» 103¼-103~ 103':(-104½ 104½-105¾ 106 -106 104¼-104¼ 105 -105¾ - .... 107¾-107¾ 109. -110¼ 107~-108 •••• Va. Mid., 11er. A,' 11.ti .; .. - ........ - ... 103 -103 .... 8erle11D, 1921, .. 4 :» .... - ........ - •....... - .... ·· ·- - .... .... - ••.. 110 -110 .... - ......•. - ... . 109 -109 .... - .... 110 -110 General, 1936 ...... /i 110 -111 lll¼-112 110¾-110¾ 112 -113 .... - .... 112 -113!14 ....~ - •... 112¾-116 113¾-116 117 -117 .... - ••.. 116_,-116 Stamped, iruar ... . Ii ..•. - .. . . . .. - . . . . 110¾-110¾ 112¼-112¼ 110¾-110¼ .... - .. . 117 -117~ W. N.Cn.r .. 1Nt,con fi 113¼-114!,:{ 112¾-113 113 -113 . . 116~-117 114 -116 .... - .... 115¾-115~   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,  ..  RAILROAD A D MISCELLANEOUS BONDS.  89  1904 - Continued. JULY. AUGUST. 8EPT'BER. OCTOBER. NOV'BER DEC'B~R. JANUARY FEBR'RY.\ MARCH. APR "L. MAY. JUN'lC. BONDS. _ _ _ _ _ _ _ _ _ _ _ _ Low.Hla-b Low.Hla-b ~ow.Hia-b Low.Bia-b Low.Hla-b Low.Hia-b Low.Hia-b Low.High Low.Bla-h 1,ow.Hlirb Low . Hla-b Low.High  - ... 100 -100 l!Jtat. I ■ l'd Ry,-tet .. 4¼ .... - .... , .. . - .... Term'l A•a'n of "t• L.. .. 110 -110 .. .. l8t, 1930 ............. 4 ),( .... - . .. .... - ... . . .. . 114¾-114¼ 115 -116 116!,(-116'A .. .. l ■ t, conaot., 1944 ... . 5 115¾-115¾ 112!,d-113 - .. 117¼·117~ 118 -118~ . . - . . . . 98 - llS½ 98¾(-100¼ 100 -100½ 100¼-100½ 100½-100½ LOQ¾-101¼ Gen. ref., 1U:J3 .... 4~ ... St. L, Mer. B'ge Ter.:J .... - ........ - .... 110 -110 ... . 112¼-112¼ .... Tex. & N. 0.-Su So. P. Texaa & Paclflc- . . .. . . . . - .... 102 -102 .. .. - . .. 100 -100 .. .. 101½- 101½ tOl½-101~ lat, E. D,, 1905 ...... 6 .... lat, gold, 2000 .. ..... . ;J 116½-116½ 116 -116-U 115¼-ll7 116¾-118¼ 118¼-118¾ 115¾-119 117½-119 118 -119¼ 119¼-12-0¾ 120 -122 120¾--122 119¼-121¼ 90 90 - 90 85 - 89 86 - 85 80 - 82 .. .. - • .. 81 - 81 88 - 93 'Jd, a-., Inc., !1000 ... .. 5 92¼:- 93 85 92 - 93;14 93½- 98 95 - 97 La. Div. B. L,, l8t ... 5 108 -110~ 108 -108 ... . - .... .. .. - . .. 108 - 109 - . ... 109¼-109½ . .. . - . . . . 10~-106~ 105¼- 106½ . ... - .... W.M.W.&N.W,1st.:i .... - .... 101 -106½ 106½-106½ . ... Toledo & Ohio Cent' 1lst, 193:J ....... ........ :} 112J,,(-112½ .... - . . 113 -113 .... - .... lH!J,(-116 - .. . . 116½- 116½ 114 -lU West. Div., 1st, '3:J.5 ... - .. . .... - .... 111 -111 General, gold, 193:J.5 105¾-105¾ .... - . . 103½-103½ 107 -107¾ 107 -107 - .... 105 -106 92¼- 93 Kan.& M .,lst,gu,,g.4 91½ - 92 93¼- 94½ 96 - 96 . . . . 96 - 96 .. .. 91¾- 9 Z½ 92 - 92 96 - 96¼ 91 - 1:11 89¾- 91½ 92 - 92 Toi. Peo. & W.-tst ... 4 67 - 88 90 - 90 .. .. - . .. . 90 - 90½ 90 - 92 87¾- 88 86 - 86 93 - 93 86¾- 90 93 - 95 84 - 85 84¾ - 85¾ 84 - 84'¼ 85 - 87 87 - 90½ 8911(- 9J~ 90 - 90½ 90 - 90½ Toi. St. L. & We8t .. 3¼ 81 - 83¼ 81 - 8 3 81~- 83 83 - 84 69¼- 70½ 69M- 71 :JO-year, Ir•• 1925 ... 4 71 - 72¾ 69 - 71¾ 69~- 70 71 - 73¼ 72½- 77¼ 77¼- 82¾ 78¼ · 62 ~ 80¾- 84 82½- 84 68 - 70 94 - 95~ . ... - .. Tor. Ham, & B.-lst. 4 .... - .... •··· - .. .. .... Ulster & Delawarelst, con11ol. ........ ... .. 5 106¾-106)4 lOOJ,,(-106½ .... - ... . 108 -109 109,½i-109~ 110½ -112 112 -113 110 - 111½ ... - ... 111½-112½ 112¼:- 113 111 -111 tar, retuod., 19:i:l ... 4 .... - . . ...... - .. . . ... ... . - .... .. .. - ... . 91¾- 92 92¾- 93 94¾- 9!~ 93 - 93½ .. .. - .... 9i%-- 9i¾ Union Paclflc50-yr., llOld, 1941 ... ,4 100¾-103¾ 102½-103~ 102¾-1037-" 103½-104¾ 104¼-106~ 104¾-106 103¼-1015% 105 -106¾ 104¼-105:U, 104:M-105½ 106 -106½ 106!':(-107¼ - Registered ........... 4 100¾-lOS½ 102¾-102¾ 102,½i -104 . . . . - •.. . 102,½i-104 .... - .... . . .. - ... .. .. - . . .. . - . . .. 103¼-104¼ . ... - .. . 102~-104~ 1st lien. conv ., 1911.4 95}.(- 1!8¾ 94¼- 97 ~ 91¼- 981}.( 93½-100¾ 98¾- 97~ 96¾ -100 99¾-103¼ 101¼-105¾ 103¾-107 106¼-114~ 108¾(-116x 106!',(-116 Reglstered ........... 4 96¾- 96~ .... - . .. . .. . - . . ...... - .. .. . .. - ... 96:J(- 98¼ .... - ........ - .... 105½-Iu5 ~ 110 -110 109¾-116¼ ... - ... . or. Rll.. & Nav,,con.4 98¾ 100¼ 98½-100¼ 99 -101¾ 101¼-101¾ 102 -102¾ l C'0½-102¼ 101¾ -102¾ 101¾-102½ 102~-103 103 -103¾ 103,½i-104¼ 102 -102½ Or. Short Line, 1st .. ti 123¾-124 120¼-122 120¾-122 121¼-122 122¼-122¾ 124¼ 124½ 126¼-125¼ 121 -122 122¼-124 124 -125 125 -125¾ 125¼-127 Or. S. Llne,lst, cons.5 111 -113¼ 113 -113½ 112¼-113¾ 114¼-115 114¾-116¼ 115¾-117 114½-115 114¼-117¼ 116¼-117½ 117¼-118¾ 118 -120¾ 119 -121½ 4 8 & partlclpatina.. 91¾- 9~ 90¾- 93 90'h!- 95~ 9!¼- 95:1:1 94¼- 95 94¾- 97¾ 97 - ll8¾ 95¾- 97 96¼- 99¾ 98½-104¼ 103!1(-1041,1 103¼-101¾ Registered ......... 4 .. .. - .... .. .. - ... 963,(- 95¼ .. .. - .. .. - ........ - . ... l03¾-103M Ctfs. for refund. .... 4 ... - . ... . .. 961-$- 97¾ Va. Mid.-&e S outhern. - .. . 103½-103½ 103½-104 103¾-104¼ 102½-102½ 103 - 103 106 -106 Va. & S. W.-lst, 1ru .. :J 100~ 103¼ lOi -104 - . .. . 107 - 107 110 -110 Wabashlst, gold, 1939 ..... ... ~ 114½-116 115¼-116 115¼-1163,( 116,½i-118 114¾-116~ 116¼-117½ 117¾(-1181' 117¾-118 117¾-118¾ 118 -119 117 -118 117 -113¾ 2d mort., aold, 1939.5 106:J(-109¼ 106¼'-107 106½-107 108 -108¼ 108 -109 109 -109¾ 109%-110 107½-108 108 -109 109½-110½ 110 -111 110¼-111¾ Deben.lnc., 1939, A.ti.... .. .. - ... 94 - 94 95 - 95 .... - . . .... . . Deb. inc., 1939, B .... ti 61 - 68 63¾· 66¾ 57 - 62¼ 60¾- 63¾ 66¾ - 61~ 5d - 61¼ 57 - 60¼ 58 - 63 62¾- 66¼ 64¾- 68~ 64¾- 70¾ 65 - 693,( 1st lien equipment .. ;} 102 -102 .... - ... ... .. - .... . .. - . • . ... - . .. . ... - ........ D. & Ch. Ext., 1940.5 106¼-107 .... - .... 107 -107 108½-108¼ .... - ... 110½-110½ . . .. - . . . 109~-110 110,½i-112 111½-112¼ 112 -112 Des Moines Div, lst.4 . ... - .. . 90 - 90 96½- 97 .... - .... Omaha Div,, 1941.3~ 80¼- 81½ 7074- 79:U 81~- 81¾ 81¾- 81½ 81¼- 81¼ 83 - 83 85 - 86 82¾- 83¼ 83¾-- 83~ . ... - ....... 96 - 96 9: ll:(- 99 - ....... - ... .... - .... .... Toi. & Chic. Dlv . .... 4 ... - . . .. .. . • - .. .. 85¼- 87 84 - 88 ST¼- 89 • 88¼- 91 West. Maryland-lst.4 ... West. N. ]{. & Pa.- .... 116½-116½ ll'i¾ -1171'4117½-117¾ 118½ -118).{z ll9l}.(-119'( - .... 116}(-116 1st, 1931 ...... ... . . ... 5 . . . . - . .. 116 -116~ 93 -93¾ .... - ... . 96 - 96 General, 1943 ....... . 4 .... 96 - 9fl¾ .. . . - .. . . 96J,,(- 115},t 96¾- ~ W. No.Car.-Su So. Ry. ~ W. Va. Cent. & Pitts.1 ■ t, 1911 ............ . .. ti . ... ... 112 -112 Wheel'&" & Lake Erle109¼-112 . ... lsr, 19~ti ..... ........ .. 5 ll2¼-114 112 -113Xi .... .. • 112¾-112¾ 114 -114 - .. .. . • . - .... 110}(-110~ .. . Wheel. Div., 1st ..... ~ .... - ... . ... . - .... 109 -109 .. .. - .. . . .. . Ext & Jmpt., 1930. . 5 .... ·· ....... . .. . .. .. - .... 102!',(-103 100 -100¼ 100½-100½ .... ~0-yr. equip., 19!1~.. 5 .... - ....... - ... . 102¼-102~ 1st con., 1949 . .. . .. .. 4 88¾- 91 89¼- Ill½ fJO½- 92 88~- 90½ 86 - 89¾ 87¼- 89¾ 89¼- 90 91 - 91¾ 89½- 90½ 90¼- 91¾ 91 - 93.½i 93 - 9t Wisconsin Cent'l Co.50-yr. ht, a., 1949 .. 4 88½- 90 89 - 90 89 - 89¾ 89¼ · 90¼ 90 - 110½ 90 - 91¾ b9 - 90 89½- 90 89¾- 91 901" 93 91¾- 93¼ 92 - 93  STREET RAILWAY. B'klyn Rapid Trans,Gold, 1945 ... .......... ~ tsr, conv., !.I00i.t ...... 4 B'kbn Clty,ht, con.~ B.Q.C. & s., con. go./J B'klyn Un. El.,ht',4-5 Kings Co. Elev., tst.4 NaHau Elec., aoar .. 4 Conn.Ry.& Lt.- 1st.4x Metropol. Street Ry.General ........... .. .... ;} Refondina, 200~. .... 4 B'y & '7th Av.,1943,:i Col. & 9th Av., 1st .. ~ Lex. Av. & Pav. F .. :) 3dAv.,l8t,an.,2000.4 1st, 1937 ... ..... ...... ~ l'tlet. W. S. El. (Ch.) ... 4 l'tlt nn. ~t.-1 st consol .. 5 !!It. P. C. Cable - Cone .. /i Underar•nd El. Rys. of London profllt•sh'l'.. 5 United Rys.,St.Louls.4 United RRs., San .Fr. . 4 GAS AND ELECTRIC, Brooklyn U. Gas-ht 5 Buffalo Gu-let. . . ..... ;} Consol. Gae (N. Y.)Conv deb.1909 ...... 6 Det. City Gae, 1923 ... 5 Gen. ~lec.- Deb., jl••• 3~ Bod. Co.Gait-lst,'49,5 K. C. (Mo.) Gaa-ht... ~ Kin1r1t Co.El.L.&PowPorchase money . . .. ti Ed • .El. Ill. (B,klyn),4 Laclede Gas,St.Loui ■ht. irold ..... . !\   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  101 -102  100 -100  100 -102 93¼-102¼102 -102½10Z~-106.lfil05 -106¼106 -106¼106 ·106¾104¾-107~107!,(-108 107~·109).( 73 - 75 72¾- 77% 763'- 77¾ 76½- 80 77M- 78¾ 78 - 82~ 79¾- 82 80:J(- 86 83!':(- 86¾ 83¾· Sa¾ 107¾-107¾ 108¾-108½ 108¼-108½ 108¼-109¾ . ••. - .... 108¼-109 . . - ..• . 109½-110 107~-108¼108¾-lOJ~ 109¼-109~ ... 100 -100 •••• 100 -100 - .... . .. . .. .. - ..•. 102 -103 101"'-103 ... - . . . 106 -105½ 105¾·1053,( 100!',(-103¼ 100 -101 100%-102¼ 101¼-102¾ 102~·10!~ 104,½i-107 107 -1~ 106 -108¼ 107¼-108 107½-108½ lOJ -111 109¾ ·110¼ 86 - 87¼ 82 - 85 83 ·- 85 85 - 86¾ 85 - &Ile 86¼- 90½ 90 - 91 88¾- 91¼ 90¾- 91 91 - g3 92 - 93 92 - 93 . .. . - .... - .. .. 79~- 80~ 79%· 81 80¼- 85 82¼- 83¼ 82¾- 88 86¼- 89 87½- 89% 88½- 90 88 - 89~ ... - ........ - .. .. 90 - 92½ 90 - 91 92 - 91 94¼- 97½ 96½- 97 97 - 98 97½- 98½ . ... - ... 99 - 99¼ lOQ¾-100:J(  .. . . - ....... - ...  113¼-116½ 112½-113½ 113 -114 8~- 92~ 90 - 9lx, 90 • 91½ ll2J,,(-113½ 113 -118½ 113 -114 119 -119 118¼-118¾ 116½-116¼ 116J,,(-116¼ .... - ... . lU -lH 94¼- 95!,4 9!¾- 95 94,½i- 95 117 -117 116¾-ll~ 116 -117 95 - 95 W - 95 . ... -  112¾-113½ 112¼-113¼ 112¼-114 89 - 90½ 90 - 90½ 89.li- 9031, 115 -116 ... - .. .. 113 -115 .•. - ... . 116¼·11~ .. . . - ... .... - . ... 115 -116½ .. .. - ... 94¼- 94½ 91 - 94Jfi 9!¾- 98 118 -118 119 -119¼ 121 -121 - ... . 9i - 94  .... -  - ... . ... -  .... -  112:J&-lU  .. . 106¾-106¼ ....  - . ... 110 -110  .. . . .... 75½- 80  lU -116¾ 114},(-116 115 -116½ 116 -118¾ 117!',(-llSi. 117¾-118¼ 90 - 91¼ 91 - 92¾ 91¼:- 92½ 90¼- 92 91¼- 92 91¼· 93~ 115¼-116 .... - .... l16¾-116½ . ... - .... 117 -118 116¾-117¾ 117¼-118¼ 1191}.!-118¾ .... - . . . . 117 -117 US -118½120 -120 . . - .... 117¼-117:J,i 115¼-115~ .... - . .. ... .. - .... . ... - . . .. 93¾- 94¾ 9-1 - 96~ 96¼- 9d¾ 96¼:- 97 96½- 98 97¼- 98 - . .. . llS½-118½ 117¾-117.lfi . ... - .. .... ..  79 - 79¾ 78¾- 80  113 -114  .... - ... . 66 - 66  81 - 81 77~- 78  .••• -  99¾- 99¾ 97 - 99¼ SO¾- 80½ so;,- SO¾ . • . . 79¼- so Bl¼- 82½ 86¼- ~ 85 - 88½ 87¼- 89 77 - 79,½i 78¼- 80~ 80,½i- 83!':( 84 - 84½ 84¼- 85 82¾- 86¼ 84¾- 87¼ 87¼- t8  113¼:-114½ 11$¼-116¼ 112)4-113~ 112¼ 115]4 115¼-115½ 115¾-116~ 115¼-116½ 116!,4-ll'i¾ 114½-117½ 11631;-117 - ... . .... - .•.. 63 - 63x, 64 - 60 llO - 60 63 - 70 70 - 70¼ 68 - 70 69 - ll9  .... - ..... ... -  - ........ - ........ - .. . 171%-172 96 - 96¾ 96 - 97½ 97 - 97" 97¾- 98 96½- 97¼ 97 - 97 88¼- 88¼ 88 - 88 ... - .... 88 - 88 88 - 90 10:l -106 104:J(-105½ 104¾-lO!M .... - .... 103¾-103Jfi l~l':(-105 .. .. - ........ -  171¾-173¾ 95¼- 96¾ 9 J¼- 90¼ - ....  172¾-178 178 -18:1 186½-19i~ 186 -188¾174 -187 96¼- 96½ 97 - 9:3 98~100 99¼- 99¾ l00¼-101 .... - ••.• .... 91¾- 91½ . •.• - .... 105¾-105¼ .... - .... 109 -109 - .... 107~-108)4 .... 100 -100  117¼-11?½ 119 -119 ... -  119 -119  119 -119  106 -loo,,( 105 -106  106¼-107  106¼-108¼ 106:J(-107¼ 107%-107:J& 107M-108¾ 107M-103!,4108~ 109½ 109,rllO¼ 108 -109 108,¼-109~  - .... 120 -120~ .. .. - •••. 120¼-122¼ .... 93¾- 93~ 94%98,¼- 04¼ cl6 - 96¼ ... .  94," .... - .... .... - .. ..  • .. . 124, -125  90  RAILROAD AND MISCELLANEOUS BONDS. 1904-C:oncluded. BONDS.  JANUARY FEBR'RY.  ----  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BER, DEC'BER.  - - - - - - - - - - - - - - - - - - - ---- - - -- - - - - - ---- ·- - - - - - - - - - - - - - - - - - - ---- ---- - - 87~- 89:'4 80~- 90 80 - 89¼ 89 - 90 .... - ... 00 - 00½ .... - . ..... - . .. . ... - .... .. - .... .... Low.High Low.High Low.High Low.Higb Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High  Mllw. Go.s-L.-lat ..... 4 N. Y. El. Lt. H. & P ... :J 107 -108¾ 107 -108½ 107 -107½ 107 -107½ 107 -108 105½-l~ 108~-109¾ 109 -109½ lG0½-110 110 -111 lll~-113¾ I0~-111 95 - 96½ 03¾- 9t½ 94, - g4;14 04¾- P4~ 94 - 96 95¾- 96~ Pur. moo. col. tr., ll ,4 02 - 03¾ 00 - 91¾ 90~- 91 00¾- 01~ 91~ 03¼ 02~- 05 .... 104!,4-104'¼ 105¾-105'4 .... .... .... - ... . .... - . ... 104¾-104.}1 104¼-104~ Edl11.El.lll., l11t,'lO.:J 10! -105 10~-105!4 102¾-102½ 103 -108¾ 115>:!-Jl5!4 117 -117 120¾-120¾ - ..... .... - .... .... . .... - .... . ... l ■t, COD8., 19911, lf.,:J ·••· .... N.Y.&Qu.El.&Pow..... 101 -101 . ... .... . ... . 101 -102 100¼-101 .... ... .... . . ... 107~-107~ ... .. Con., aold, 1930 ...... ~ - .... .... .. ... .... .... .... .... - .... .... .... .... - .. . ... . ... . - ·•· · N.Y.&Rlch.G.,1921 ~ ... .... .... 100 -100 People's G. L. & Cok... .. . . ., .. - ... 102¼-102½ l11t, euar ., e., 1904 .. 6 - .... 101¼-101¾ 103 -108 101 -101 101¾-101~ 101~-101¾ .... - ... . .... - . .. .... .. . .. . .... .... .. ... . .... ... :ld, euar., a., 1.904 .. 6 -122 124 122 .... -124½ 120¼-124 122 -122 12~-1251',;a 128 124½-125 . ... .... - · •• · -128 1st, con., ll•• 1943 .... 6 ·•· · ll~-110½ ... .. .. 103 -103 .... .... ... - .... .. .. - • · - .... .... - .... .. . - ... 104¼-104¾ 106 -106:ij RetundlDll, 1947. ~ ... - . ... 104 -104 . ... - ... 108 -109 108~-109~ 110¾-110¼ Ch. G.-L. & C., lat .. ~ 106¼-107 107 -107 107¾-107¾ 107 -108 108 -108 109¾-109¼ 106~-107 104 -106~ ··•· ... 105M-105~ 107 -107 105J,g-106½ 107 -lOi½ 10~-10~~ 10~-107¾ 105¾-105¾ .... Con. Ga11, l 11t, 1936,:J 105 -106 .... .... .. - . .. 102~-102¾ . ... - ... . 102~-102\.i, 103 -103 .... .... ·•• · Eqult. Ga11 & F., l11t.6 ·•·· - .... lOl!J(-101¾ 101 -101 .... .... .... 101¼ 101½ .... .... LOl¼-102½ 102 -104 . .. .... .... 105 -105 105 -105 .... .... Mutual Fuel Ga11 .... 6 .... MISCEL LA NEO 08. A dams E1tpres!t-Coll 4 102 -108 102¾-102~ 101 -102¼ 100¾-101¾ 101 -101½ 101 -102~4 102¼-103 103 -103½ 101¾-102½ 1027'-103½ 103 -104 103¼-104 62 - 62½ .... 62 - 62½ 62 - 64 63¼- 63½ 60 - 60 62 - 63 63 - 64 B 'klyo Fer., l11t, cons.~ 61 - 66~ 64 - 64 64¾- 64¾ 64 - 65 . .... .... . .. .... ... . . ... . ... 107~-10"'4. .... .... .... - .... ... .... .... . C hie. Jo. & U. Stk. Y . ,'i .... 81 - 83 .... .... ... . . ... 80 - 81 ··•· - .... 78 - 80 78 - 'i8 D et. M.& ill. L. G.-Inc. 82 - 82 80 - 83 76¼- 76!,t 80}901¼ 90!,400!,,i 90 00 90¾01 90 91 .... 91 00 91 .. 01 90 89¼00¼ 93 00½ 02'492~ N . Y. Dock-110-year .. 4 - 95 p rovldent Loan.'21.4½ .... ... .... .... . ... .... .... - .... .... .... . ... - . - .. - . ... 98¾- 98¼ .... .... .... ... . .... .... . .. . . ... . ... 112 -112 ... .... s o. Yuba Water ........ 6 .... .... . 70 - 70 71¾- 75½ 80 - 80 80 - 86 .... - ... .... . u • S. Red. & Refin'g,.6 .... TELEG. & TELEP. 94 - 94 00 - 90 .. . . ... - . ... . ... ... ... - . ... .... ... .... - ... A m. Telepb. & Tele,i.4 ... . . .... .. . . ... ... . ... ... 92 - gz .... .... . ... .... .... .... ... .... .... .... .... . C ommerc'l Cable, l11t.4 .... ... . - .... 109~-109" 109M-109¾ . . ... - .. .... - ... . .. . .... - . Ill et. Tel. & Tel.-l11t.:J .... - ... .... - ... .... - . . . w • Union Tele!lraphCol. tr., cnr., 1938. . .:i 107 -107½ 10& -107 107 -107½ 107¼-108¾ 108¾-l~ 108J4-108¾ 108 -108¾ 108-..-109 110 -110½ ll0¼-110½ lJ~-112 112¼-112~ Fund. & R.E.,':J0.4¾ 101¼-104 101~-103;14 102¼-10~ 103½-lOJc¼ 101¾-102 101¼-103½ 103½-105 10474-105 105 -106 t05¾-l06½ 104 -104~ L04lki-104~ ... .... .... - .. ... 107 -107 .. - .... .... .... . .. . .. . ·· •· - .... - ... Mut. Union Tel.,•• t.6 ... - .. .... 100 -103¾ . ... - .... ... - . 102 -102 .... 102¾-103 .... - . ... . ... - . ... ... . ... ... . - . ... No. West.Tel . .'34.4¾ M 'F'G AND INDUS'L. 97 - 07½ 08 - 08 .... - ... 0i) -100 05 - 95 97 - 07 06¼- 09¾ 97 - 97 90%-100 . ... OO_xi-100 A mer.Cot,011,191~ 4~ 77 - 80 77 - 77 75¾- 80 80 - 85 85 87 64 - 85½ 86 - 87 87 - 05~ 05 - 9cl¾ A m.Blde& Lea.-l11t.ti 70 - 81~ 80 - 86½ 76¾- 78 82 85 87 82 85¾85~ 86 85 87 87¾ss 86¾86½ 85¾85½ 88 88 87 94¾ 93 m. Spirits Mfar.-lst.6 96 96 - 97¾ A .. 75 - 77 77½- 78!4 · ••· - ... . 79 - 79 78½- 81 80¾- 82¾ 82¾- 83 83 - 86 86 - 87 87 - 85% A m.Tbread-111t coll .. 4 74 - 74 .... .... .... .. . .... ... . .... ·••· 107½-108 106¾-111~ 108 -112¼ .... . .A mer. Tobacco (new).6 .... .... .... . ... . .. . .... - ... . .... · ·•· .... - .... .... .... ·••· . ... 64 - 65¼ 68¾- 74:k 69 - 76 Ctfs. for eold, 1931 .. 4 57'-(60 56 58¾60 - 59¾ 59¾- 62¾ 61;(- 64¼ 62 - 72~ 70~- 77½ 72¾- 76~ 74~- 84¾ 74 - 86" C 001101. Tobac., :iO-yr.4 65 - 61¾ 68M- 57¼ .... ... 57¾- 68~ 587'- 58¼ . ... - .... 61¾- 611}.j 68¼- 68½ 72 - 72¾ 73 - 74 77 - 79 85¼- 85!4 Real8tered .. .......... . 4 ••·• 68 - tl5¾ 64¾- 67~ 66¾- 74½ 68 - 74½ 78~- 77% 77 - 80 D lllt. Secur.Cor.-l11t.~ 68 - 68¾ 64¼- 66½ 65¾- 68 64 - 65~ 62¾- M¾ 61¾- 65 92 - 92 ··•· - ... . .... .... .... .... - . ... .... - ... . .... - . .. . .... - . ... · ·• · - .. . .... .... I II, ~teel deb., 1913 .. 6 I ntern'l Paper-l11t.... 6 106¼-106~ 105!ij-106 105¼-106 106 -106¾ 107 -107 108 -108½ 108¾-109½ 106¾-106~ 108¾-109¼ 109 -109½ 109 -100~ 109 -109¾ 102 -101 -102 101¼-102 10114-103 100½-101½ 101 -102 101½-102¾ 102~-103½ 103 -1033i 104 -105M I nt. Steam Pump, '13.ti 08 - 98½ 07 - 09 100 .... - .... ... . .... ·••· - .... .... - .... .... . ... . - .... .... .... ... - . ... . .. 91~ .... K nickerb. Ice (Chic.) .:J L o.cka. Steel, l•t '23.. ~ 98 - 93½ 03 - 93¾ 94 - 95¼ fl2¾- 96}ii 96¾- 98¾ 97¼- OS 97%-101 10~-102 101¾-102¾ 100 -102 101%-105~ 105 -106 ... 88 - 00¼ Si - 88 87 - 87 E"O - 89 . - ... 90 - 00½ . ... - . .. . - . .. N at.Starch M'.f'll-lllt.6 .... . - .... ·•• · 90 - 90 .... .... 65¼- 66 .... .... - .... 65¾- 651}.j . ... - .... 64 - 64 64 - 64 63 - 70 70 - '15 73 - 78 N .Starch Co.-8.f.deb.~ 40 - 42 38 - 38 39 - 40 38 - 40 88 - 48 38 - 41½ .... - . ... 39 - 41¼ 39¾- 40½ 40 - 52 45 - 49¾ 8 tan. Rope & T.-1111 .. 6 85 - 47 2 8 1~2½2 - . .. . 2½- 2½ 1¾- 2¼ 2)4- 4~ 3¾- 4 3 IncomeB, llOld, 1946.:J 4¾ - 3 1½- 2 8¼ 9½ 4 - 7 u .s. Leather-Deb.11.f.6 107¾-109 108 -110 109¼ ·110¼ 112 -112½ 109½-110 109 -109¼ 110½-110~ 110,fi-lll½ 112 -112½ 112¾-118½ 110 -llOX? 110~-lll¾ .. . ... .... 80¾- 83 80 - 85 81¾- 92 89¼- 01;14 89~- 97 05½- 9i¼ ... .... - .... . - .... u • S. Realty & Imp ... 6 .... - ... . ··•· - .... .. . .... .. . .... - ... . .... - . ... . ... .... . ... - . ... .... - ... .. - .... u• S. 1!!.ihlpb.-lst, A .... O ·•• · 28 - 28 u.S. St. Corp.-2d,' 63.:J 68¾- 75½ 71~- 73¾ 'i2 - 75¼ 75%- 7~ 71¾- 74 73 - 75¾ 75¾- 70Ji 77¾- 80 79* 82¾ 82~- 88!4 84 - 95~ 88 - 94 71¾- 74.¾ 72¾- 75½ 76¼- 79'¼ 77¾- 79~ 79:J.(- 82¾ 82¼- 86 &1'- 95~ 00}9- 94 Rearistered ............. :J 68¾- 74~ 72 - 78 74¼- 74½ 7~- 79 COAL AND IRON. ... .... 105 -105 105 -105 .... .... ... .... .. ... . ... .... ... .. 107¾-107),ji ... - .. .. - . ... C ol. Jfuel-1919, e ...... ti .... 07 - 98¾ 98 - 09 07!,4-100 95½- 06¾ 05)4- g7 09~-100 100 -100 100 -100½ luO -102 101 -102),ji 102¾-103¾ C ol. F. & 1.-Gen., s.f.l) 97~- 00 78 - 78 .... - . .. 74 - 74 . ... .... 79 - 80 60 - 00 80 - 91 .... .... Conv. deben., 1911 .. ~ 69 - 73½ 70~- 70~ 71 - 74 73 - 73 70 71 .... . ... Tru11t Co. certlfic't• 72¾- 'i8½ 71½- 72½ 69¾- 69¾ 69½- 75 - 72~ 71¾- 72~ 73 - 78¼ 78 - 88 81 - 88 82¾- 87 - 71 .... .... .... .... .... .... - .... 102½-102½ .... .... Gr. River Coal & C.. 6 ... .... .... - . .. .... ·••· .... .... ... ···.... .... .... .... . ... . ... ... 106¾-107~ 107%-107~ 107½-107¾ C ontlnent'I Coal-1st.cl T eon.Coal Iron & Ry..... .. · ... ..... .... .... - .... .... .... 91!'.(- Ql!J( 92 - Q2 . ... . 92¾- 92½ 92 - 96 95¾- 96¼ 96 - Q6}i General, 19iJ1 ....... . :J .... 102 -104 106 -106 .... .... . ... - .... .... Tenn. Dlvl11lon ...... .6 .... - .... .... - . .. . ... - . ... 111 -111 ·•· · 110 -110 104 -106 106 -106½ 108 -108 106¾-1~ 108 -108 110 -110 1127kll2½ 112 -113~ lll!J.(-113¼ .... .... Blrm. Div•• l11t, con.6 101¼-103 102 -10! 101¼-104 103¼-104 104 -105 105 -105 10114-102 102¾-10! 104¼-104¾ . ... - . ... 105:14-105¾ De Bard.U.& 1.-Gu.6 100¼-100¼ .... 71 - 71½ 71 - 72 71 - 71 67½- 73 71 - 71 66¼- 71½ 71 - 71 73 - 76 V a. (l'OD c. & c.-l11t .. :J 68 - 70 68¼-72 76¼- 84¾ 82 - 87  .... - .... .... .... - .... .... .... - ... .... - .... ... - .... .... .... - .... .... -  .... •··· .... .... ....  -  .... .... . .... - .... .... - .... .... - ... .... .... .... - .... ·•·· - .... .... - .... . ... - .... .... ...  -  ~  .  - .... .... - ... -  -  ....  -  ........ .... ... -. ... -.... - . .... - .... - .... .... ··•·  -- .... ..  -  ... -  -  -  - .... -.  ....  -  -  .... - .  - ....  . ...  -  -  -  -  -  .... -  ..  -  .... ... ...  -. .  -  -  .... - ....  -  ....  ... - .... -  - ...  -  .... ...  .... -  ..  -  . .... .. .... - . ... -. .  ....  ... -  -. .. -  ...  .... - .. ... .. -  -  ....  ....  -  ... -  -  .... - . .... - .... -  ....  -  - ....  -  .  .... .... .... .... .... - .... .... - ....  -  - .. -  ... - ...  .... ... .... ... .... - . ... -- ... .... .... .... .... - .... ... - .... .. . .... .... . ... .... . .. ... - .... .... - . ...  -  - .. -.  ...  -. - .... - .... ... - ... - .... -  -  - ....  .... - .... .... - ....  .... -  ... -  ....  - ....  .... ... - .... .... - .... .... - ... .. .... .... - ....  ... -  ....  ... - .... .... - . .... -  - ....  -. - ....  -  ... -  .... -  -.  -  .... -  -.  -  -  - .... .... - ... .... --  ... -  1m~-  ..  -  - .... - .. -  -  ....  -  - ....  .  -  -  -  -  -.  -  ...  1900. ;  BONDS.  JA.NU.A.RY FEBR'RY. MARCH.  APRIL.  MAY.  JUNB.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BER. DEC'BE.S.  ----  Low.High Low.High Low.High Low.High Low.High Low.lligh Low.High Low.High Low.High Low.Higo Low.High Low.High  --- --- --- --- --- --- --- ---  09¾-100 99 - 98½ 983,4-100½ 99¼- 99¼ 99¾-100 100 -101 09¾- 00¼ 99~- 90~ 99 - 09¼ 08 - 99 98¼- 9g Ann Arbor-111t, '9:J,!f.4 96¼- 98 Atch. Top. & S. Fe.General, llOld, 199/1.4 103%-104¾ 104 -104¾ 104 -105 102~-103 101¾-108¼ 108 -104 103M-105 108:14-104~ l04¾ 106 102¼-103¼ LOl;J&-102~ 102 -103 101¾-101~ .... 102¼-102½ 100¾-101¾ 101¾-102M Registered ........... 4 - . ... 102}.;-103 . ... - . .. . 103¾-lOt¾ 101!,4-10~~ .... ··••' ... . ... - .... 103 -103½ 100 -103 100¾-101¼ 101~-103¼ 102 -105!¾ 104¾-106 103l,i 105¾ 102¾-105 lOl!ij-103 .... Couvert.,eold, 1966,4 .... .Adju11tm't, &r·• 1996, 4 94¾- 05~ 95¼- 97¾ 96¾- 97¾ 06¾- 07 96 - 97¾ 06 - 073,4 96½- 07 07 - 00 09 - 00¼ 00 - 09¼ 03½- 94¾ 03¼- 04½ .... .... - .... .... .... .... .... .... . .... 05 - 05 ... . .. . . ... .. . - . ... Reel11tered ........... 4 .. - . ... 98¼- 07% .... - . 04 - 95% Oi - 96¾ 04¾- 05 05 - 07 96¾- 07¾ 06¾- 08 9¼ - 94¾ 03¼- 04~ Stamped, guar...... 4 04¾- 96 06 - 98 ~-9nt 96 - 97 .... .... · ••· ··• · .... .... .... ~-~ .... . .... .... .... .... - ... . ·Deben ... E," 1907.... 4 - . ... . . . . . ... 00¾· 00¾ .... - .... .... .... .... . .. . . . .... . Deben. "G," 1909... 4 ... - .... .... ... . ... - .... . .. - .... .... . .... .... ·••· - .... .... Deben. "H," 191 O... 4 00½- 09¾ .... - .... .... .... - .... 0~ 90~ 101¼-101¼ . .. 003'- 00~ .... .... . ... . Ea11t.Okla.»lv., l11t.4 00!,4- 00),( - . .... . ... .... . ... A.ti. Coast L.-lst, a ...4 101 -102¾ 102 -103½ lOOl':(-102~ l()()M-102¼ 101;.(-192¾ 101"-10214 102M-102¾ 102¾-103¾ t01}(-10i 101)4-102 101 -102x 101¾-1023,t .... .... .. . 102 -102 101½-101¾ .... . .... . ... Re(ll11tere4 .... . ... .... . 4 . - . .. ·•• 9t ... .. . .. . ... 181¼-13131! .... ... .... ... . 8av.Fl.&W.,1•te.6 . - .. 114.%-114~ . ... . - . ... Alo..Jnld,,111t,19~S .. :J ... 100~-100)4 .... . Brun & W ., lst.'38.4; . 101 -101 ... . ... .... •811. s. Ocala & G ..... 4 .... ... 07 - 97;~ 95!}fr- 95~ 05 - 96% .. . .... - .... . .... ·L .&N.coll. a., 19:i~-4 ... .... .... ··••1 96 - 96¼ 95¾07¼ 95),(05 96¾ 05¾06)4 05¾07¾ 95¾06~ 05¾- 05¾ .9. & 0.-Pr. 1.,e.'2:J.3~ 94¾- 06 05 - 05¾ 95 - 96 - 05M 06¼- 07~ Gold, 1948 ... ......... .4 103¾-104¾ 104¾-105¼ 104¾-105 102¾-103J4 103)4-104¾ 104 -105 105¾-106¾ 105~-106 105 -105½ 103 -108½ 102 -103~ 102¾-103¾ lOS -108 10¼ -10! 105 -105 104¾-10!½ 102¼-10~4 102~-100~ 102 -102¼ 108 -103 Rearlstered ........... 4 1()4¾-104¼ . .. . .... 118¼-114 .... . .. - ... .... .... ,Oonv. •eben., 1911--4 105 -106~ 105 -109J4 100 -110¼ 106 -110¾ 105 -109 ,u~- 01:Js 01¼- 02 01¾- 02½ 92~- 0 1 ~ 03 - 93 .... ·Pttts.Jc.&M. Div.3¼ 91¾· 9'2¼ 92 - 98 03¾- 03¾ 03¾- 93¼ 91!1(- 91:14 00¼- 91 98 -9~ '18!4- {II) 00¾-100½ 100¾-100~ lu0¼-101 ,p.L.E.& W.Va.Su. 4 90!4-1~1100 -101 L00!,4-lOOM 100¾-101 98¾- OQ 08¾- 99~ 09¼-100 0-2:Js- 98 O~93¾ 02¼9S3i 92 02 03 01 93 - 02¼ .s. W. Div., 1st, lf .. 3¾ 92 - 98 92¾- 93 92¾- 98¾ 92!4- 03 92~- 92¾ 92¾- 03~ .... . ... .. . - .. .. - .... .... .. .. - ... 02"'- 92¾ .... Rearlatered. . ...... . 3~   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .... -  ....  .... .... -  ... .... -  .... - ..... .... - .... .... .... ... - .... .... - .... .... .... - .... .... .... - .... .... - ..... .... ··-· - ....  - ....  -  ... ... - .... .... - .... .... .... ... - .... ... .... ... - .... ... .... .... -  -  - .... - .... - .... .... - .... .... - ..... .... - .... ....  - .... .... - . .... .... -- .... ... .... - .... .... -.  .... - ....  ... - .... - .... .... - .... .... - .... .... - ....  .. - ....  .... - ........ - ........ - ........ -  -  ...  - .... .... - . ... - .... ....  - .... .... .... -  ... .... -  ... ... - ... .... - .... .... ... - ..... - ... ....  -  ... ..... .... - ....  ... - .... . .... - . .... - . .... - .... .... - ... .... .... .... - .... .... - .... .... - .... .... ... - ...  .... .... .... -  -  - .... ....  ... .... - .... . - .... .... - . .... .. - ... -  ....  .... -  -  -  -  -  ... - ... -. ... - ..  - ....  ... -  ... - ....  - ....  91  RAILROAD BONDS. 190:i-CJontlnued. JANUARY Fll:BR'RY  MARCH.  APRIL.  MAY.  JUNJC.  JULY.  AUGUST. SEP'TBER. OCTOBER. Nov'BER  DEC'BER.  - - - - - - - - - - - - - - -· - - - - , - - - - - 1 - - - - - - - - - - - - 1 - - - - - - - ------- ·- - - - - - - - - - - - - - - - - - - - - - - BONDS.  Low.High Low.High Low.High Low.Hhrb Low.Hilrh Low.High Low.High Low.High Low.High Low.High Low.High Low.High  Bait. & 0.- Con.)Mon. R,, li.t 1ru. g ... :J .... - .•. . 108¼-108J.ii .••. Cent. o. Reora-.lst.4½ .... . 109 - 109 .Pitta.& W., lst.'17.4 .... 98 - 98¼ 98 - 98 97!'4- 97~ LOO -100 •••• - . ... 98¾- 98½ J.P. M. & Co . ctfs ... .... - ... . 99 - 99 . •.• - .•...••• - •••. .•.. - .•.. Buff.Roch.&P.-Gen.;} .... - .... 119¼-119½ ... - . . . 120 -121½ 120¾ ·123.l,d 123 -123¼ .... - •••. 123¾-128¼ ..•• - ..•. R. & P., lat, 1921 ... ti 126¾-126¼ . ... - . . . 124½ 124¾ .•.. . - •• • .•• . - •••. 124 -i24 .... - . .. 125¾-12~ Conaol., lat ...... .... 6 124¾-124\14 126 -126 126 -126 - .... 126¾-126½ .... - .... 129 -129 130 -130 Buff.& s 08 q.-1 ■ t, ref.4 98¾- 99 98 - 98½ 98¼- 99¼ 99 -100¼ 100 -100½ 99¾-100½ 98¾- 99¾ 98¾-100 100 -100¼ .... - . . . .... - . . . 99½-100 Can. South'n-lst, a-u.:i 102¼-10S~ 103~-104 103½-104 103½-103¼ 103!1,t-104¾ 104¼-104¾ 102 -102¾ 102),(- 103½ 1021Ji-103¼ 102½-103~ 103 -103¼ 1033,ti-104 ~dmorta-o.a-e ........... :i 107 -108 108 -109 105¾-106¼ 105'4-106¼ 105J,ii-107 106:ij-107 107),(-107½ 108),(-109 104in-1os l04¼-105½105J,(-105lia L07 -107 C.B.U.Po.c.-lst,a-... 4 94 -94 -tJent. RR. & B., Go. ... ~ 110 -110 112 -112 - . .. . 112 -112 . ..• - ... .. •• - •... • .. - ... . 108!'4-1~ . . - .... . .. . - . • . ••.• - ... . ... . Central of Gn.-ht ... :i 121 -121 ... - . .. 121 -121 120 -121½ 119 -119 119¾-119¾ . ... - .. . ..•. - .. . 119¾-119¾ 120 -120 •••• - .. . 120 -120 Consol., 194:i, gold.. :i 113 -118¾ 113~· 115½ 115 -115½ 115),(-116¾ 113 -114 113¾-114 118!'4-115 114 -115 114¾-115½ 115¾-116¾113¾-114¼ US -114¾ 1st pref. income ..... . :i 90 - 92 91 - 92½ 91 - 93 IH½- 94 92 - 94½ 9J¼- 97~ 96 - 96~ 97 - 99 98 -101 95½- 96¾ 95}(- 96¼ 953,ti- 95¾ 2d pref. Income ....... :i 69 - 733,.! 67 - 74¾ 67¼- 74¾ 74½- 78~ 74¼- 81 803'- 85 83½- 86 85½- 87½ 85 - 88:)4 81 - 83~ 80 - 82½ 80 - 82 Stamped .. ........... . ~ . . .. . .. - .. . . . . . . - . . . . . . . . - . . . . 82 - 82 81 - 81 3d pref. Income••••.•• ~ 57 - 62½ 56 - 59;1,i 52¾- 60 59 - 62½ 59 - 66½ 67 - 78¼ 73 - 78¾ 773',- 80 79 - 8&½ 76 - 78½ 74¼- 77~ 75¼- 76'4 Chatt. Dlv., 19:11-.. 4 95 - 95 95 - 95 . ••• - •... 94¾- 94¼ .••• - •••. 93 - 931'4 . •• - ... . .... Macon & N. D. lat. .. :) .... - ... 115¼-115½ Mld.Ga. &At. Olv . . :i .... - .... 110;.t-110~110¾-110¾ .•. Mob Div.• 1st ........ a .... - .... 115¾-115_\1! , , .. - ... . . . .. - .• . . •• . - •.•• Cent. ot New .J er8eyGen. mort., 198'7 .... :i 184 -181»:( 135¼-136¾ 135¾-136¼ 185¾-13~ 135½-136¾ 136 -136¼ 133jij-184 134 -134¼ 134¾-134¾ 132M-135 182:J;t-13431!~34-¼· 134¾ Rea-lstered ..... ...... ~ 1333-.(-134 185 -135¾ 134 -134 134 -134¼ 184¼-134¼ 134¾-135¾ .••• - .... 13-1¼-133¾ 132¾-132¾ IS2¾J-133:Jf.133 -133¼ 131~138 Am. Dock & Imp ...... ~ 113 -113 112¾-113 113¾-113½ 115 -115 114¾-114½ 114¼-114½ 112 -112 1123,6-113 - •... ll3!1(-118¾ 113!1,( -118!'4 L. & W., mort., '1~ .. :i 103¾-104¾ .... - . . . 103¼-104½ . ... - . ... .•. - .. . . . •.. - .. . .... - . ... LOl¾-102 Con. ext., '10, aru.4!-t 101:J:(-102!,4 102½-102¾ lu2 -102¼ 102 -102¼ 102 -1021i 101¾-101¾ 101~-101¾ lOlM-102 102 -102 102 -102¼ 102¼-108 101 -101¾ Oheso.peo.ke & OhloeerlesA, a-old, 1908.ti 107½-107½ •••• - . .. . 1083-ti-108¼ .••. - ... 106 -106 •••• - .....••• - .... . ... - •.. . .••. - •••. 1043-.(-104~..t ...• - •.. : ••• Mortaraae,1911 ....... ti .... - .... 111 -111 .... - . . .. .•. - ... . 10~-108¾ .•.• - .... 110 -110 . ..• - ... 111¾-lll½ .... - .... 108¾-108:):1109 -109¼ ht, con., Ir•• 1939 ... . :i 118¼-119~ 1193,ti-119¾ 118½-119½ 119¼-122 117¼-118 117¾-118 118 -119½ llfl¾-119!}s 118½-119¾ 119¾-121 118¼-118¾ Ll8 -119 Rea-l11tered .......... . ~ .... - ...... . - ... . .... - ... . .. - . . . . 116¼-116¼ ...• - ... • • - ... .... - . , .... - .. . ...•• - ... 117½-117½ ll6¼-116¾ General, 199~ ...... 4½ 107¾-109 l~-110 105¾-106:U 106¾-108 107¾-108 107½-108 107¾-109¼ 10!)¾-111 107¾-108¾ 107¼-lOS¾ 107 -108½ 107 -108¼ Real8tert"d .... .. ... 4½ .... - ........ - . . . ... - .. .. .... - ... . .... - .... 106¾-107¼ . .•. - ..• . ..•• - ........ - ••..•.•• - .• . 107¾-107:lii . .•• - ••• . CralaValley, lst ..... :i .... - ........ - ... . 113 -113 .... - ........ - ....... - ...... . ....... ; - .... .... R.&A.D.Istcon.'89.4 101¾-102¼ 102¾-103½ 102½-103¾ 102½-103 103 -103¾ 103!14;-104 101¼-102 101¼-101½ ..•• - •... 103~103½ 103:)4-103½ 104½-104½ 2d con8ol •• 1989 .... 4 . . . . - . . . . 98¾- 98½ 97 - 97 gg - 98 - . . . . . . .. - • • . . 98 - 98 . . • • - • .. . . • • • - .. . . . • • • - . .. . Wu.rm "P• Vall., 1st.ii .... - .... 113¼-113¼ .•.• - ........ - ....... . - ••....•• - .••..••• - •••...•• - •.....•. Greenbrier, l 8t, aru.4 .... - ... . . . .. - ....... . - ..... .. . - .... , ... - .... 100 -100 . ••• - . •. . ... - .. . .•. - ..• • Chlc.&Alt.-Hef.'49 .. 3 84¾- 85 85 - 85½ 86 - 86¾ 84¼- 85 84¼- 85~ 84¾- 85½ 8411:t- 86 84¾- 85 84¾- 85 8~- 83¾ 8234- 83~ 823,.!- 83¼ Railwa11, 19:iO . . .. .... 3X! 80½- 83 82 - 82~ 81¾- 82¾ 81¼- 82!,4 80½- 82½ 803,4- 82 79:1(- 80½ 80 - 83½ 82¼- 83¼ 81 - 82¾ 80½- 81~ 79¼- 80:J:( Registered. . .. . 3~ . .. . - . . .. . .. . - . .. . 80¼- 80¼ . • . . - . • . . • .. - . • . . . .. . - . . . . . .. . - . . . . ... • - . • . . . . • . - . . . . • • - •••. Chic. Burl. & QuincyDenver Div•• 192:l .. 4 101¾-102 101 -101 101¾-101¾ ... - •••. 102!,4-102¼ 102 -103 103 -103 100!1(-100¾ 1013-.(-101¼ 101¾-101¾ 101% ·102 tOl!l:(-102 Illinois Div,,1949.3½ 95½- 00½ 96½- 97 96¾- 97¼ 97 - 98 97 - gs 97!1:(- 97¼ 95¾- 96¼ 95¾- 96¼ 96 - 96~ 96 - 96¾ 95¼- 96.l,4 96:1( Rea-lstered ......... 3~ . ... - .... 96¼- 96.¾ .•.• - . .. .••• - ... . . .• - . . . ..•. Iowa Div., 1919 . ..... ~ 110!,,(-110¼ .•• • - ........ - ........ - ••...••. 1919 ................... 4 . ... - .... 103¾-103~ 103¾-103¾ 103 -103 ..•• - •. .. 101!1:t-10S •..• - .. .. 102¾-102~ .••. - .... 101½-101½ lOl:)s-101~ . ..• Nebr'ska Ext.,192,-.4 106}4-107 107 -108 108 -108!,4 108¼-108~ •••• - ••.. L00¼-106¾ 107 -107 .••• - .... 107¼-107¼107 -107 10~¼-106 106 -106 Rea-latered . ......... .4 . . . . - .... 106¼-106½ . •. • - • . • . .. . . - .... lOOl,4-106¼ .. •• - ••. . . •. • S. W. Div., 19'lt ..... 4 .... - ... . .... - .... 100 -100 .••• - .... , ... - ... . ...• - .......• - ... . .••• Debenture, 1913 .... .:i 107 -107 107 -108 1073-.(-107¾ 108 -108¼ . . . • - •.. . 106 -106 106¼-1063,ti 107 -107!,4 107¾-107½ . •• • - •.. 1102 -106 Han. & St. J., cons .. 6 .... - .... lllM-112 ••• • - ••• . 114 -114¼ 112'.(-ll.2¾ ••.• - •. •. lU -114 - ••• lll¼-111~ lll¾-112 Chic. & Eaat. Illlnols-., Retnnd. & fmpt ...... 4 ...• - ........ - ... . .... - .. . 97¾- 97¾ l•t, slnklna- fund . .... 6 105 -105 ••• - •.. . 106¼-106¼ ..•. - .... 107!)4-107¾ .... - .... 104.¾-104¼ 105:)s-105~ . .•. - ••.. 105!1:t-106¾106¼-10631, 10~% -103¾ lstconsol., ,rold ....... 6 183½-134½ 136¼-137 138 -138 135 -135 · 137¾-137~ 187¼-188 138½-138¼ . .•• - . .. . ... - ....... - ... . 186¼-186½ 135¾-135¼ Gen. cons. ht, 193'7.:i 118¾-121 120¼-121 120:J:(-120:):( 121 -122 118¼-llg¾ 119 -120¾ 120 -120¾ 1.22 -122 121¾-122 121:J.(-121¾ • •• - •.• 117M-118}4 •Rearlstered ....... .. ~ .. . . - ... 119¼-119¼ . • . - • •• . . •• • - . . .. . • • • - . . .. . . . • - .. • . . • • • - • • • . .. • • - . .. . • • - •••• Ob.& In.C'I Ry.,lst.ii .. .. - ... . .... - ... 120 -120 121!4-121!,4 .... - •... 118%-118¼119¾-119~ .... - ... . 120 -120 Ch. Ind. & Lou.-Ret. 6 134 -134!)4 135 -187 135 -136¾ 135 -135 - • • . 134 -lSi . ... - .... 135 -Ia5 1353,4-135½ 135½-135¾ 135¼-135!1:( Refunding, J 94'7 .. ... ii .... - .... 115 -115½ ..•• · - . . .. lU -114 . . . - . . 112 -112 . ... - ........ - •... 118½-118¾ 115½-115½ 115½-115½ Lou. N. A. & C., 1st.ti 109¾-lOil¾ lOg¼-109¾ ..•. - •... 110 -110¼ .••• - .... 111¾-111¾ ..•. - .... 110¾-110¾ 109:1(-109¼ 110 -110 1103-.(-110)4 .••• - •••• (J.M.& St.P.-190~ .... '7 178 -180 183 -184 187 -187 .... - ••....•. Terminal ...•........ . . :i 109"-100¾ 110¼-110½ . ... - .... 111 -111¾ lll¾-111% 111¼ -llll':t ...• - •....••• - •... 110¼-110½ .... - ... . 110 -1103,4 Gen. M.,"A" 1989 ... 4 112 -112 112 -ll3J.9 112¼-113% U2½-113¾ 118¼-118½ 112¼-112¾ 110¾-lll 111 -111 110:)s-110!14110¾-lll 111 -112 110¼-111¼ Gen.M. 61B" 1989.3½ 98¼- 98¼ . : •• - ••.. . .•• - •... . .. . - ........ - ••. . •.• - •... 99 - 99 97 - 97 97 - 98 g5¼- 96% 97 - 973,ti 97½- 97¼ Chic. & L. S. Dlv .... li .... - ........ - ... . .... - ... 116¾-116¾ ...• - ....... - •.• • •• - ........ - .... 115¾-115¼ .••• Chic. & Mo • .R. Div .. :i . . . . - . ... 119½-ll!J:¼ . • • . - ..•. 120 -1.20 119¾-119¾ .. • • - • • • . . • • . - • . .. • • • • - • • • US¾-1113¾ ••• Chic. & Pac. Dlv ...... 6 110 -110¼ ll()J.(-110~ 111~111% .... - .... . .. . - . . .. lll~-111¼ . ... - ........ - ••. 109:1:(-109~ 110¼-110¾ 110¾-1103,4 Chlc.&Pac. W. Div.~ 116 -117~ 116¼-116~ 116~-117¼ 1173,ti -117¼ 116¼-ll~ 117 -117¾ 114!14-116¼ 115]4-116 .... - •... 115½-116 115½-116¼ ll5M-118¼ Dakota & Gt. So•. ... ~ 112¾-112¾ . .• • - ... . 112 -112 . •. • - • . . . . . • . - .. . . . • • . - • • • . .. . . - .. . . • • • .h t H. & D. Dlv ....... '7 114¾-114¾ 117 -117 115½-117 llb,si-115½ 115¾-116 .... - •.•. 113:J.(-113:14 .••• lat I. & D. Exten . .... , .... - ........ - .... 183¾-184 185 -185 ... - ... . ...• - ••• .•.• - •.. . .••• - •••. 185 -185 1st, Le. C. & D., '19.~ .... - ... . .... - ........ - .. .. 115 -115 115%-115:k; .••• - ••. .. .• - ••. . .••• - •••. ll3¾-11&¾ Mineral Point Div ... ;} .... - ........ - ... . .... - .... 106~-106~ ..•. - ........ lat So. Minn. Div ..... 6 1103,4-110¼ 110%-111 11()¾-111 .•.. - .. . ..... - •... 111 -111¾ 108¼-109 .••• - ••• 1097,-s-109'7.;1il09½-110 109¾-110¼ ht So. West. Dlv ..... 6 lOQ½-109½ 109¼-109½ ...• - ... . 109¼-lOg¾ 109¼-110 .••• - .... 108¼-1083,ti ..•• Wis.& Min. Div ...... :i 1153,6-115~ .••• - ... 115¼-115% 116¾-116¾ 116½-116!1,f 116½-116½ .. •• - •••....• - ..•. ll5¾-11531! 115),(-1153,4 M. & N., lst, 1910 ...6 .... - ... . ... - ... . ll.2¾-1123,ti .... - ........ - .... 110 -110 .••• - •••...•. - ..•• M.& No., 18t on ext.6 116¼-116¼ .•.. .. - .....••• - •...•••• - .... 115¾ 116¾ •••• - ••• . . .• - •.•• (Jhlc.&Northwest •. . '7129),(-129½128 -l.28Xil28 - l.28¼128¼-l.28½1263,.!-127¾···· - .... 127 -127 l27½-l.27~127¼-127¾ .••• - •... 126 - 126 Bxtenalou USS6°2G.4 .... - ... . .... - ....... - .... 105¾-105¾ .••• - ....... - ........ - .... 104!14-l.04¾ 104¾-lOt~ Rea-lstered ......... .4 . . . . - .. . . . . . . - . . . . . . . . - . . . . . . . . - .. . . . . . . - .... 102¾-102M . • •• General, 198'7 ..... 3¼ 99%·100¾ 101 -101 g9½-101 100¼-101 g9¾ - 99¾ •••• - •••. 101 -101~ 101~-101¾100¾-1017i101 -101¾ ••·· - .... 99 - 99 ~lnklnar fund, coup .. 6 .... ' .... 118 -118 117¾-117½ 1!8 -118 .••• - .. . 114¼-114¾ .••• Rearlstered ........... 6 .... - ... . 117 -117 .... - ... . ••• - ........ - . •.. ...• - •• .. 114 -114 Slnklna- fund, coup .. . :i . .. . - .... 11S -113 . • .. - •... 110¾-110½ • • • • - • . . . . . • • - •••. 113¾-113½ 110 -110 110 -111 . • • -:Rearlstered ........... :1 .... - ........ - ........ - .... 111 -111 • .••• - .. . 1083,.(-108¾ .... ~~ yrs, deben., 1909.:i 104¾-105 105½-106¼ 105½-106 .••• - •••..••• - ••. 104 -105¾ 104¾-105¾ •.•• - ••• 105 -105 105¾-105~ 103 -103¾ .••• 3U•Yeardeb., 1921 .. li 11.2¼-112¼ 112¾-113!,t .•.• - ........ - ••.. 111~111¾ 112 -112¾ 113)4-113¼ •••• - •••. 1143,4-114¾ 111'4-lll¾ .• Debenture, 1933 ..... ~ .... - .... 117¾-11831! 119%-119¾ 119¾-119¼ 117 -117 .•.• - ••• . 119 -119 l18 -118 116 -116 . ..• Rearlatered .......... ~ .... - ... . .... - ... . 11531.-115½ ••• - •.•.•••• - ••• . 115 -llli North. Illlnola, lst .. 6 .... - ....... - . .. 1 ,. •• - ••• • 1053,.!-1053' Ott.C.F.&St.P.,lst.ii .... - ... 107 -107 104¼-104¼ ...• - ••• . 105 -106 •••• - •••..••• - •••. toi -104 Win. & St. Pet., !Id,.,- .... . ... 110¼ 110¾ •• •• - ... • •• - ••. . . •. - ••.. M.L. S.& Wht.,'21.6 129~-l.29~ . • . • - ••.. 180 -130 . . • • - •••. l.27¾-127% •• • - ••.. 12g3'-12gJ14 .• •• - • •• l26¼-l.26¾ Ext, & Imp., t9i,9.ii .... - ... . .... - ....... , .. . 118¾-118:l( .••• • •.. l20 - 1.20 Mich. Div., 1st ..... .6 131¼-1S1~ . .•• - •••.•••• - ••••..• - •..•••• - •••...•• - •••. Conv.deb.,1907 ... :1 .... - ........ - ........ - .... 105¾-105¾ .... - •••••••• - ....... - •••• (J. R. I. & P. Ry.-'17 .6 122~-122¾ 128 -126 l.28¼-123½ 123¾-l.24 •••• - •••• 120¾-121¼ 121M-121¾ •• ,. - •••• 122¼-122½1.29 -122 12.2 -122 Rearl■tered . .. . . ...... .8 .. .. - . . . .. . . - . . . . . . . . - . . . . . .. . - .. .. 123 -123 • •• • - •••••••• - •.•.•••• - •••••••• - •••••••• - ••••I.... - •.• .... - ••••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  95¼-:  RAILROAD BO DS.  92  190:i-Continued. BONDS.  JANUARY FEBR'RY.  MAROB.  APRIL.  MAY.  JUNIC.  JULY.  AUGUST. SE PT'BER. OCTOBER  Nov'BER. DEC'BER.  - - - - - -- - - - -·- Low .Hi11:b Low.HiJlb Low .Hl!lb Low.Hi!lb Low.Hiirb Low.Hlirb Low.High Low.High Low.Hig-bLow.Hi!lb Low.Hi~ Low.High  Chlo. a. I. & P.-<Con.) General, 198~, ll••· ··4 lOi~-106¾ 105~-107 106~-1C6¼ 106½-106¾ 10{1%·107 106~-107½ 105¼-106 1057-(-106 105¾-105Ji 105½-105~ 105 -105¾ 105J.4-105M . ... - .... .... - . . .. lOl¾-104}.( . . . - ...• Reaistered. .. .. .. . 4 .... 95¾- 93¼ 95 - 96 96¼- 97 P6¾- 1!7¾ 97 - 98¼ 08~ 99 05 - 96¼ 9.;¼- 97 ht & refund •• 1934.4 97 - 99¼ 98¼ 98-U 97½- 98~ 95~- 96 117½- 97½ . .. Coll.tr., ■er. I.1911.4 .... .... 4 ... - •·· 96¾- 961}l ... 1912 J, Serles 96~- 96¼ ..•• Serles L, 1914...... 4 .... 96 - 96 97 - 97 95 - 95 .••. ~erle ■ M., 191:J .... 4 •••• 94½- P!l½ 95 - fl5 - .... 96~,-96½ .... SerlesO,1911 . .. .. 4 .... 78 - 80)4 78 - 81 84¼ 82 S!l¼ 83¾82½- 84½ 79 - 81½ 79~- 82½ 82¼- 83 Railroad, :l002 ...... 4 81¼- 83 82¼- 83>l! 81¼- 83½ 82 - 85 - 79 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Re1rl11tered ...........4 .. . . 93J.4- 9!½ 92 - 94½ 89~- 92¼ 87 - 9~ 91¾'- 91¾ 94 - 9!l¾ 94¼1- 97 93½- 9">¼ 92½- 05¼ 90¼- 93 Coll.tr•• ir•• 1913 ... :) 95 - 97~ 96½- 93 Bari. C.R.& No.lat.I) 101¼-101~ 10'2¼-102¾ 102¼ -102~ 102¼-102½ .... - .... 100¾'-101¼ 101 - 101½ lOl½-102 l01¾-102J.1i 102!,4-102~ 102%--102½ lC'O -100.!( Con ■ • l ■t & col. tr .. :J .... - .... 12<>½1-120,½ L21½ ·121½ 118¼-118¼ llS¾-120½ 119¼ 119¼ 121 -121 119½-120 12uM-120¾ 118½-118½ .... - . ... ll!:!~ -11~ - .... 111 -111 . C.R.I.F.&N.W.lst.~ .... Ch. Ok. & G., 1919 .. :) .... - ... . 110 -110 115 -115¾ UQ¼-110¼ ... - . ... . ... - ........ - •... 108 -103 ...• - .••..... - ..... . .• - ..•..... - ........ l11t. con11ol., 191)2 .. :J .... - . .. . ... - .. . . . . . - . . . 115 -115 . ... - . .. Keok. & Dea M., 1st.I) .... - . .. .... . - ... ll~-110!)4 109 -109½ 109¼-109¼ . .. - ... 110 -110 ..•• - . ... 110½-110½ .... - ... .. ... - . . . . . .. Ohle. St.P. Min. &Om.6 1837i-134½ 1353,6-136 136~-138 137 -137¼ 138 -138 134¼-137½ 13'7¼ -187¼ 137¼-137¾ 18i~l37¾ 13 ¼ -138.J.2133¾-139 135½-1353' Chlc.St.P.&M.,lttt .. 6 .... - ........ - ... . .. . - ... . 135 -135 ~ .... - ....... - ....... - ........ - ... . •.•. - ••.. .... - .... 135~·135)4135~-1353' . 125¼-125¼ .••• - ..•. 122½-12S . ... - ........ - ... . St. P. & 8. Clty-lat .. 6 .... - . . 125¼-125½ .... - ... . 123¼-123h! 123}.(-124 124}.(-125 97 - 98~ 96¼- 97 . ... - •••••••••.••• 98¾- 99~ 99½-100¼ 99 -100 97 - 97 97 - 97 97 - 97¼ 97 - 97 Chic. Term'l Transt .. 4 8~- 99 9i¾-100 97¾- 9:} 95 - 99 91¼- 95 94¼- 95 9! - 98 941):(- ll5½ 95 - P7 Coupon off: ....... .. . 4 84¾-97¾ 94½1- 95¼ 94).!- 951>4 94¾· 95 115 -115 114>2--114½ 115 -115¾ . .. - .... 113¼-11S¼ .. .. - ........ - .... 113~-113¼ Chic. & W. lnd.-Gen.6 ... - ... 115 -115 . .•. - . ... - .... 117%--117¾117¾-117~ . .• - ....... - . ..• 116 -116 Cln. Day. & Ir.-lst. .. ~ .... - .. . . .. - . . . 117¼•119 117¼-11 . - . . . 96¾- 96'¼ .•. Ctn. Ind. & W. ':)3 .... 4 98¾- 99½ 98 - 99)4 98¾ · 98¾ 98~- 99½ 99 - 99 108¼-lO!l 103½-101 10S½-104}.f 102¾-108}.( -103¾ 103 -103½ 102 101}.(-lOl¾ 102¼-103~ 102¼-103_½ 1023,4-103½ -101 Clev. Clo. Ch. & St.L.4 101 -10S 103 ... - .... 100 -100¾ .•. - ........ - .... 102 -102¾ . ... - .... 101¾-102 Cairo Div., l ■t. ... . . 4 .... - . .. 100¾-100¾ . ... - ..... .. - .... LOI -101 - ... 100)4-100¾ 101~-101¾ 102¾-102¾ . - ... . Cln. Wab. & M., lat.4 .... - .... 9 ½- 98~ l00¾--10~ ..•• - ....... - ... St.L,Dlv., lat.1990.4 100¼-102 102~-103~ 102 -102¼ 102!1.(-108 100¼-101¾ 101¼-102 102).(-lOi¾ 102½-103¼ 103 -103 10~-10$¾ 101¼-102 100¾-101~ •• • - •....... Sp. & Col. Div., lst.4 .. . . - ... . 99¾- 99¾ .... - .... 101½-101½ 100¼·101 LOl¾-101~ 103 -103 . ..• - •...••. - • ••. 102½-102½ 101%-101~ .. C. I. St. L. & C.,'36.4 .. .. - .. .. ... - ... . IOZ½-102½ 101½-101¼ .•.. - ••...... - .... 101¼-10 1¼ ... Reabtered .. . . ...... 4 .... 114 -114 112¾-112¾ . ..• - ... . .•.• - .••..... - .... 115¾-115¼ 115 -115 - •.. . 114¼-114¾ . . . . Oln. San. & Cl. con ■.~ 112 -112 - ... 121¾-121'4 . ..• - . . . . .. . - .....•.• - ... . 123),(-123¼ .. . C. C. C. & I., con1101..1 ... - . . 13lll,4-18l¾ 132¼· 132¼ 134¼-ll?4½ 135 -135 .• .• - ... . . ... - .... 135 -135 Gen. con•ol., 1934.o .... - . . . 134 -134 98 -100 100 -100 10:J -101 99¼- 99¾ 99½-100 98 - 99½ 99 -101 lOff>.(-100¾ 100¾-101 99~-100 99~ 100 Peo. & E., 1st, cons .. 4 9~-100 7'!¾ 73 - 74¾ 74 - 76½ 74¾- 76½ 73~11 - 75 73 - 76½ 75~- 78¼ 7l¼74~ 71½80¾ 72 84 80 82 76 Jncomea, 1990. ..... 4 73 - 7tl½ . .. - . ...... - ... . .... - ... . Ll5~-115~ .. - ... . CI.Lor.& Wheel.,'3!1 .. /1 .... - .... - •.. . . . . Clev. & M. Val• '38 .. :) 116½-116½ 73½- 75¼ 75 - 78¼ 74 - 75½ 7i½- 76¼ 7S - 75¾ 75 - 76¼ 7!lijji- 75¾ 78½- 75 75 - 76 75~- 77 Col. Mid. lat, 1947 .... 4 73ll,4- 75¼ 74½- 76 98).(- 94½ 93¾- 94¼ 93½- 9!l¾ 94!1:( 93¼- 9!l 93¾96½ 91¾95 93½- 95¼ 93¼- 9!l¼ 91 Col. & So.-l11t, ll,'!l9 .4 91¾- 94½ 90},i- 93½ 92 - 94 Delaware & H11d11on- •••. .... - .....•.. .. - ... . 13! -134½ lst Pa. Dlv., 1917 ... '7 .... - ..... . .. - .... -'.lb. & 81111q., lat, aru ., .... - ........ - .... .... - ........ - . . . . . .. . - .... 103¾-103¼ ...• - •....... - ..•..... - .... 101).(-101¼ ... - .... 102¼-102¼ lllt, 1raar., 1906 .... 6 104;i-104¼ 104).!-104¼ 106¼-106¼ 102¾-102¾ 102¼ 102½ 102 -102 102'4;-102¾ 103¾-10~ 103¾·103;14 100¼-100¼ lOlJ.4-1017-f 101½-101¾ ... - .... 142¼-142~ . ... - . .• RenH. & ~ar., l11t .. . , . ... - .... 106½-106½1031{-106¾ 106¾--106¼ ... - . ... Del. Lack. & w.-•o,-., 110 -110 110~-11oi. 108 -108 . - ..•. 12~-129¾ 126 -127 126!,(-126¼ ...• - •....• • - ... . . . - .... 130 -130 123~-123}.( 126lHi-126¾ Morris & Esaex, l ■ t.1 .... - .... l.28~-128½ .. - . .. 130¼-130¼ 180}.(-130½ 130~-130¾ 181~-lSl!IJf 128¾-128¾ 128½-128½ ...• - •... 126¼-129J.4127½-12~ 130½-180½ 12cl¾-12/J% Con ■ol., 1ruar...... ... , .. .. . . . _ .. ..... - .... .. _ 127 -127 .... Re1rl ■tered ......... , 130 -130 ]!(,Y. L. & W., l ■ t .... ti .. .. - ... . 129¼-129¼ 129}.(-129¾ ... - . .. . 129½-180 lSO)i-130½ ..•• - .•• 127!':(-128¼ .... - . ... L29 -123¼ L28¾-129 . . . . . . • .. .. l13J,4-1133' ll3¾-113M . • . . . . • • - • •• . . . . • - . . • . . . . . - .... 112¼-115 Con■truct•n, 1923.~ . . . . • . .. . .. - .. .. - .. . ...• - .. ....• - .. .. 101½-105 lO i!':(-105 ... . 104 -104 Term'I & lmpr'mt.. 4 103 -103¾ 104 -104 103¾-105 . .. - •.• . L03¾-104¼ 105~-105_½ 105¼-108 107 -107 lOf\½-106½ . •. Syr. Bln1rh, & N. Y .. 7 106"-107½ . . - ••.. 107 -107 Denver & Rle Grande1013'-102 101 -101'4 lOOl':(-101!4 L00)(-101~ lOlM-102½ 100½-101 101 -102.11! 101~-102 101 -102 LOl~-102 101~-lOJ!J( Con ■ol., 1936- ...... 4 100 -102 - . . . . . . . . - • . . . . . . - .... - . . . . . . . • - . • • . . . . . - . . . 106¼-lOtl~ - ... . 108 -108 111t, CODl!IOI., 1936 .. 41,f, •••• - ••.. 108 -100½ - .. .... - •... 106¼-109 109 -110 -109½ 108 1928.:S 109½-109~ 109}9-110 108 -103 107¼-108 109¾-109)( 109¾-110 Improvement, 97 - 99¾ 99¾-100¼ 98½-100 99¾-100 98 - 99½ 99~-100 9113'-101 99!,,6-100 Kio Gr. \\' e11t., 1 ■ t... 4 98¾- 99~ 99 - 99¾ 9iJ~-lOO 99½-100 91½- 91¼ 92 - 92~ 90 - 91½ 90 - 91 90 - 92¾ 91 - 91~ 91 - 91¼ 91¾- 91¾ 91~- 92 Mort. & coll. tr.,A.4 89 - 94½ 92 - 94~ 90 - 94 . . . . - • . . . . . • - . . . . . . • . - .• . 101 -101 . . . . - .... Det.&Mack.-l ■ t llen.4 .... 96 - 96½ 96* 97 . • • - • . . . 95¼- 95¼ . . . . - . . . . . • • • - • • . 95¼ - 95¼ 96~- 96'4 ... Gold ......... ... ........ 4 95 - 95 - ....... 81¾- 81~ . ... 80 - 84 Detroit So.-l11t, ':JI. 4 70 - 72 93~- 96¼ 93¼- 93J.4 93¼- 93½ 9:3¾- 93J.4 91 - 93 92½ 92¼ - 9!l 9Z 92¼98~ 93 92 93½ 93 96½ 923,s92x 90 4 ... lllt. Div., o. ~ Ohio - ••••.... - ... 114¼-lH½ 114~-ll!l½ .... .. . - .... . ... - ... . 114 -114¾ Ll6 -116 ll!l>2-ll!l½ 115 -115 Daluth & I. R.-t ■ t ... :) . . .. - ... . .... - . ... 113¾-113~ L14),{i-114¾ 114 -114 ··• - •. .. 116~ -116 D111.s.S.&Atl.-193,..:J 111~-111~ l12~-1U L14½·114:½ 115 -llo - . . .. 120 -1 !0¾ 120 -120½ 120)1i-120'4 .... - •• •. LIS½ -118½ l18~ -1183' - ... . 120 -120 Ll8 -119½ .l!:lg-. Joi. & E.-l ■ t, ar .. ~ 1173,s-117¼ Erle- .•. . 1081¼ -108~ ...• - •••. .. .. - .... 101 -107 l ■text.,1947 ........ 4 .... - ... . ... 109 -109 - .... 110¼-llOJ.fi .••• - .. - •••. 109 -109 3d, Ext., 19!l3 ....... 4~ 107¾-107½ - . •. . 114¼-114.l{ 114½-114½ 114½-115¼ 115}(-115¼ 1133'-113~ 4th, Ext., 19!10 ..... .. :) .... - . .. 117¼-117½ .... .... - . . . . . •• 3th, Ext., 1928 ... ... . 4 101¼-lOlx 103 -103 . . ..• - ........ - •.•. 132 -132~ 132!1.(-132¾ L33 -138 1<l2¼-18S l~-187 138 -188½ .... - •... 134½-13!1½ . . . 1 ■ t, con11ol., 1rold .... . , 1$5¾-137 l11t con. prior lien, lf.4 100 -102 101¼-102 LOll,4-102 101¼-102 101¾-102~ 101¾-103½ 100½-101¾ 101}(-lOJ½ 102½-103 LOl¾-102~ LOl¼-102½ 101 -102~ .... - . .. ..... - .. ..... - .... 101¾-101½ .... - •.•. . ..• - ... . - ... . .... Heirli,tered ........... 4 92~- 91 92 - 93:U 93¾- 94¼ 93>ll- 9"-3' 94 - 94½ 9S - 9!l l ■ t con.1ren. I., '96 .. 4 91 - 9~ 91¾- 92!',i 92¾- 93½ 92¾- 93¼ 92¾- 93½ 93¼- 95 95½- 96¼ 1!4¾- 95½ 95¾- 96½ 9/i~· 96 96~- 98~ 96 - 97 94¼- 95¼ 95 - 96 .Penu. coll. tr., 19:)1.4 95 - 97½ 94½- 95¾ 94~- 95'A 94\{i- 95 1~ 106¼ -109M 106 106}-&-110 111}9-114 107½-114¼ 105½-lOS¼ 103}9-105¼ -106½ 103 105.\,(-108 107M-111 108½-109 95¾-108,½ 30-n. conv., 19:);j . . 4 Buff'.N.Y.&E., l ■t., .... - ... . ... - .. . 126½·126½ ... • - ........ - •••.••.• - •••. .. .. - ••..••• - ••••.••• - .•. . . .. - •... 127 -127 ..•• - .. . . - ••••.... _ Baff. & s. w., ar.,'08.ti .... - ....... - .... 105 -no Ohle. & Erle, lat, If •• ~ 121¼-122½ 123 -123 122¼-123½ 123¼-123½ 120½-121½ 121½-122¼ 122}.(-128 123 -123¾ 123¼-123!J,t 124}(-125½ 122!1(-123 121 -121¼ - •••. lOi~-104½ ..•• - ••• . •• - .. .. 102~-102M - ... . 102'-(-102~ 103 -101 Je1feraon RR., lat .. :S .... - . .. 105 -105 .... - ... .. •• •.• •. 13-!½·1'4¼ LonirDock,cons.'3:S.6184~-135½ 136¼-136½ 136}( 136¼ . ..• - .....••• - . .. lM¾-lM½ . ..• - ••• .. ••• - •. . 115!,6 ·115½ .• . - •.. . 115¾-115¾ - . . . . ... - .... .... - .... 116 -116 Dock & lmpt, Co . .... 6 . ... - . . . - •••..• . - . ... 121 -121½ . .• - •.. . ..•• - •••. . .• - .... . ..• - ..• . 117 -117 N. Y. & Greenw. L .. :S 117 -117 - .•. . no~-110¾ 107Jt-107¼ .•• - .... 1083'-108½ 109¼-110 110}(-110¾ .••• Mldl'd of N. J,, l■ t ... 6 .... - .... .... - . . . . . • - . . . . . • • - ••.. 116'4-116~ . • . 1'11. Y. Su 11. & W ., ref.~ lH~-115½ 116 -116 116 -116 116 -116 . • . • - • • . . . . . . - •.. . .•. - •• .. 102¼-102¼ - ... 102½-102¼ 104 -104 ...• - ... 101 -101 101¼-103 2d, 1937 .. .. ...... . 4~ .... - . . . . . .. - ••. . lOOM-107~ 107}(-107½ .••• - •.. . . . - .•...•• Gen., 1rold, 1940 ... :r. 110½-111 LOO -109 110 -110 110 -110 110½-llOJ.( ..• ••• . 119¼-119~ 118~-118¾ Term'I, 1st, 1943 . . ti 117½-117½ . ..• - •••.••• WRk.& E., lst,'42.il 109¾-109¾ . . - •.. . . .•• - ... . 114 -114 . ... Bvan. & lnd.-lst con.6 118~- 113~ 114 -114 E•an ■v. & T. Haute- .... 120½-121 120}(-120!4 122 -122 ..•• Consol ............... ..... 6 .... - .... 128¼-124¼ 123¼-123½ .••• - •.•., ...• - •.. . li4 -12, lat,1ren.,1942,irold.:) .... - ....... - .. . .... - . ... lOtl3'-106.11107 -110½110¼-110.11, 110¾-111 111¼-111½112 -112 110 -110 llQM-112 111 -111 - •.•. .•• - ..•• Mt. Vernon, 1.at ....... 6 .... - . . . ... - .... 116 -116 114 -114 Pt. W • & D. C,-lllt .... 6 108¼-112¾ 109¼-111½ 109~118 113 -114¼ 118 -lU 109~-111 109!ij-114¾ 114 -115 113 -113¾ 113 -114 113 -lH¾ 111 -118 90 - 92 96 - 96 89½- 91¾ 89 - S9J,4 89½- 9Z 90 - 90 110¾- 92 90 - 90 90 - 91 86}9- 87½ 89 - 89 Pt. W • & R. Gr.- l ■t ..4 86 - E6 101 -101 . Qalv. H. & H. of'l!i~.. :S 106¼-105½ . . . - . . 105~-105½ .. .• - •... 1023'·102½ ..• - .......• 99}9 -104),( 102¼-103~ 101 -101¼ 101¼-101¼10l¾ ·102}jl013'-102¼101 -lO'i¾ 101 -102¼ G,No.-C.B.& Q. cl.tr.4 99 -101½ 99~-100¼ 99~-100¼ 99¼-100 91%-100 _ 100¾-101 100>2--101½ -102 101 -101¾ lvl -101% 101 -101¼ 101 Relll ■tered ..... ...... 4 98½-101¼ 99~-lOJ¼ 1!8¾ · 99~ 98~- 98½ 9!3¾-101).t Gulf & 8h. I. l ■t ref .. :) 103 -105}4 101~-105~ 105 -105 . .•. - ..•.•••• - •.•. 1043'-104x, 102 -10~ 102¾-102~ 103¼-10~ .••• - ••• . 103 -103 102 -103 ' Bock. Val,-l ■ t.cona.4~ JOO -110~ 11()¾-111~ ll~-111¼ 11()¾-111 111 -111¼ 111 -ill 109}:(-110~ 112 -112 lll¼-112 lll¼-112.;c, 111 -lllM 109¼-110   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ........  ,~  RAILROAD BO DS.  93  190~-Contlnued. BONDS.  JANUARY  F1!:BR 1  RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BER. DEC'BER.  _ _ _ _ _ _ _ _ _ _ _ Low.High Low.Hlr;h Low.High Low.High Low.High Low.High Low.High Low.Hillh Low.Hlllh Low.Hillh  ~w~  Low.High  Booklnar Valley.-(Con.) C. & H. V ., lat, ext.. 4 . . . . - .... 100 -100 - .. . . 103 -103 . . . . Col. & Toi . l st, ext.4 .... - . . . 102~-102% l02¾- 102¾ IOS½i-103¼ 103)1; 103¾ llllnoh Cent.'l-19~1 .. 4 .... - .. . 110~-110,( . . • . - .. 109¾-111 110:!,.( -110¼. 110 -110 ht. gold, 19:51 .. .. .. 3½ ... . - ... . 103 -103 101¾-101½ . .•. - .... 102½-102½ 102➔.£ - 102¾ 102 -102 102 -102¾ .••• - .. . .• - ... . Extended l st 19:51.3¼ . . . . - .... 102 -102 102~-102~ .. . - ... . Gold, 19:52... .......... 4 105 -105 •••. - ... 106¾·107~ ... lOfl¼-107 . . - .... 108 -108 107M-107¾ ... . - .. .. 105¾-105~ 105¾-105¾ 106¼-106¼ Gold, 19:i3 ............ .4 104¼-106 105¼-105¼ 105 -105½ 101)¾-105~~ 105 -105'4 105¾ ·105¾ 105½-106 106~-106¼ . . - .. . 106¾-107 l04½-105M- 104'4-105¾ Realt1tered ... ....... . 4 .... - ........ ... - .... 103 -103 106½ -106½ .... Cairo Bradare, 19:i0.4 ... . - . . . . 95 - 95 .... - .. .. Loulsv. D1'r., gold.3½ P4¾ - 95 .... 94¾- 96¼ 94¾- 94~ 95¾- 95"1 . ... 96 - 96 94~- 9.l¼ 94¾ · 95 Omaha Div., 1 ■ t, g .. 3 85¼- 86 .... Ell - 81 .... St L. Div., 19:51 •. . .. 3 .... - . . . ... 85 - 85 84 - 81 86¼- 86.1,,,i Gold, 19:51 ........ 3¼ 95¾- 95½ ••• .•.. 96 -96 92¼- 92¼ W e@tern lines, 1st... 4 .... - . . . . . . . 109*109~ .... Bellev.& Caron.l ■ t.6 .... - ........ - ... . 122 -122 .. . • 122 -122 c.st.L.&N.0.,19:51..l 123¼.12s~ 125 -125 .... - ... . 124 -124 . . . • . . .. 121%-125 !Uempbia Div., lat.4 110¾-110¼ . .•. Ind.Dec & West.-lst.~ .... - .... 109),11-109~ ... - ... . 110¼-110½ lll¾-111:1:( Ind. Ill. & 1.-lst,':i0.4 ... . - ........ 91)%-100 . ... - ... . 100¼-100½ . ... - . . . 99¾- 99¾ .. .. - .... . ... - .... L00¼-100¼ . .. - ..... . . . Int.& Gt.No.-lst,'19.ti 121 -121¼ 121¾-122!,c 12~-122½ ..• - ... 119!,.(-120~ 120 -120 119 -121¼ 120~-120½ . .. - ... 122).(;-122½ 118 -119½ 119 -119 2d, 1909 ............... . ~ 101~-103 102 -103!,:d 100 -101~ 101 -102 100¼- 101¾ 101 -102 102 -102¾ 102¾-103 l00¾-100¾ 100¾-lOLx, 101½-101½ 100 -101¼ 3d, 1921 ............... 4 70¾ · 79¾ 79 - 81 75 - 78 76 - 77½ 78 - 80 79 - 80 81¼· 81½ 82 - 82 81½-- 81½ 81~- 81½ 78 - 78 Iowa Cent.-lat, a-old .. ~ 114!,.(-115 114¾-116 115¾-115¾ 114.¾-115½ 114¾ 115¾ 112¼-1121Ji 113 -113 .. . - .... 113¼-lU ... - .... 117 -117 118 -118 H,efundln1r, 19:51 ..... 4 86 - 86½ 88 - 88 85¼- 85½ rl5 - 85 .•• • - ••..•••• - ••• .. .•• - • •• . 85 - 87 . . .. - .. .. 86 - 86 K.Clty 80.-lst, 19:i0.3 72¾- 76 74~- 75¼ 72 - 74¾ 70 - 71\1:1 70,( - 71J.fi 70¼- 71!,( 71¾- 72¾ 72¾- 73 72¾- 73)., 71~ 72¾ 72¼- 73½ 72~- 73¾ L. Erle & West-lat ... ~ 117¼-119~ .... - ... . 118½-118½ 118% -119 119 -119½ 119~-120 118 -118 118¼-118½ 118½-118~ ll9 -119 120 -120 120 -120 2d . ............. ......... . ~ .... - . . . 112¾-112-U 114½ ·1147,§ 116¾-116¾ . ... - ••. . 114½-lU¾ 1H¼-114x ... Lll)¾-115½ 116¼-115¼ 115½ 116½ Northern Ohio, 1st .. ~ 117¼-1111½ 119½-120 .... - . ... - . .... .•. - ... 118½-118111 ... - .... 117 -117 Leh. Vo.II. (Po..), eoll .. ~ 108,(-108}d .... - .... 1011~ 109¾ 109¾-109\¼j . ..• •...... - .... Gen. cons,, !l00!I .... 4 .... - ... .. ... - ........ - ........ - .... •·· - ... . ... - .. . . .... - . .. . 101¾-101¾ .. .• - .... 100¾ 100¾ Leh. V.N. ¥ ,-1st, &'U.4½ .... - .... 110½-110½ 111¼-llll,{i 110¼-lll 111 -112¼ 112¾-112¼ ... - ... l:0½-110½ LlO~ 112½ lll¾-112¾ lll¼-112 Registered ........... 4½ .... - .. .. . .. - .... 108.J.(;-108½ ... - . ... llOJi-110½ 112¼-112¼ Leh, V. Ter.-lst, a-u .. ~ 119!,(-119~ .••• - ... .. ... - ... 117¼-117½ 119,(-119~ . ... .... - ... 118½-118½ .. . - ... . Leh.Val,Coal-l•t11ru.:'i .... - ... .. .. . - ....... - . ... 115 -116 Leh. & N. Y.-tat, au.4 99 - gg .. .. - •.•..••• - .. .. .... 97'9- 97~ .... - .... 98~- g~ 9i;.(- 98~ Lonar Isl'd-lst. 1931.~ 117¾-117¾ 117¼-117>11 .. . ·· . .. 117½·117½ . .. - . . .. 116 -116 .. .. - ... . 115½-116 Gen. mort., 193~ . .. 4 .... . . lOH(-101:J:I 10l!J4-101¾ 101 -101 101¼-102Xi 101 -101 1007A1-101¾ .... . ... - . . . 101~101¾ 102¾-102¼ . ... - ... . Ferry, 1st, 1922 ...4½ 105 -105 . ... - . .. . .. •· - ........ - . .. . • • • - • • •. . . , - .... 102,(-102¼ . . - .... 102 -102 Unified, 1949......... 4 101~-103 101:!,.(-102 100¾-101% 100)4-101 100¼-102 100)4-101¼ 100½-102¾ 102¾-102~ .•• - .... 100½-lOO¼lOO;J.(-100?.( 101 -101% Gen. ref., Ir•, 1949 ... 4 102 -103½ 103 -103¾ 101½-102 lOl¼-102 102 -1'>2:k, 101¾-102¾ 102 -102¾ 102¼-103¾ 101 -102 - .... 101¼-102 lOl>ii-102 B'klyn & Mon., 1st .. 6 .... - ........ - ... - ... . 105 -106¼ 1'. Y. & R. B., lst .. ~ . ... - ....... - ....... 111¾-111~ . ..• No.Sho.Br'b,lstcon.~ .... - ... . .... - ... •··· - .... 112~-112~ .•• Loule'o. & Ark.-lst .. ~ 104¾-104.½ 105%--105¼ .... - .... 104¾-106!,4 ...• - ... .. ... - •... 101)¾-105~ 106 -107 . .. 10!½ ·104~ ... . Louis. & Nash.-Gen .. ti 119 -120 119¾-120¾ 121 -121 120%-122 121¾-122 ll9 -120 120 -120 .• . - ... 121 -121 121~-121½ 122 -122¾ ll9 -120 Gold, 1937 ............. :. 117 -117 119½-119½ ... - ..•....• - ... . ll8¾-118'4 . ... .. . l18%-ll~ ..• Unified, arold, 1940 .. 4 102½ 103¼ 102¾-103!-!, 103 -104 102:1:1-103½ 103¼-104¼ lOt½-105!,4 103 -104¾ 103¼-104¼ 104 -105 104~·105½ lVi¾- 106 105 -106 Col. tru11t, ar .. 1931 .. . ~ 114¾-114¼ .... - ... . .••• - ••.. 115 -llo .... - . . .... - . . . ... . - .... ll8¼-113!!1< 120!1,!-120¾ 113 -118 114½-114¼ Coll.tr.,:i-!l0e, 1923.4 98¼- 99¾ 99*100% 99%-100½ 97¼- 98¾ 93 - 93½ 98½- 90¼ 99 - 99% 99)4-100 100 -100~ 98 - 98¾ 98 - 99 98¾-100 E.D.&N.,ht,'19 .. 6114¼ ·114½•··· - ........ - ........ - .... 116¼-117 114¾-114¼ .•. Lou la. Clo. & Lex.4½ . ... . 109 -109 N. O. & Mob., tat .... 6 130½-180½ 130~-1301)4 ..• - .... 131¾-131¾ 1811}(-181"4 182 -182 - ••.. 128¾- 130 ...• - .... 131 -131 UU¾-131~ 131 - 131 !Id, 1930 .. ............ ff . ... .... lzS -128 . .. 126½-126~ .... Pen•acolo. Dlv ........ ti . ... la -114 ...• - •.....•• St.LoulaDlv .• l ■t ... ti .... - ... . 121¾-121½ ..•• 2d 1iold, 1980 ... .. .. 3 . .. . - . . . . . .. ... . 74!ki- 74~ .... Atl.Knox.&No.,lat.:i .... - ........ ... . 113¼-113~ 114¼-114~ .... - . • . . . Penanc. & Atl., lat .. 6 .... - .... 113 -113 112~-112½ • .•. - ... . ..•• - .•·· · .•.. - ... . .... - ........ - ... . . .. - ... 114¼-115 115 -116¼ Ken. Cent., 1987' ..... 4 983,6- 9U½ 99!>4- 99~ 100¾-100½ 101¼-101~ 100¾-100¾ .••• - ........ - . ... 101)1;-102 101¼-102~ ... - .... LOl~-102 L&N&M&.M,lat.4~ ... . - ... 110 -110 .... ... - .... 103 -108 L.& N.-l!toutb.jolnt.4 96 - 96½ 96¼- 96'¼ 96¾- 97 96~- 97 97 - 97J.. 96¾- 96¾ 00 - 97 96½- 97 97 - 97 93 - 98¼ 98 - 9:3).A 96½- 98 Rearl ■ tered .... ..... . 4 . . . . - . . . . 95 - 95 - . . . . . •• . . . . . . . • - ... . N.F .4-8.,l ■ t, aru.'37'.~ 1153,(-115!,( 114¼-ll~ 115 -115 - ..•. 115½-115½ 80. & No. A.la., 1ruar.~ 116½-1163' . ..• - ... . 115}(-ll6~ .•• •.... ... - ....... . !Sink. lund. 111 Ltl .•. ti .. .. - ... . •... - . .. . . .. - .... .. .. .... . ... - ... ... 107 -107 LoulsY. & Jeff. B'are 4 .. . 99}(- 99¼ ... ... . .... - .. - ... . 98M- 93~ .•. MAnhtttran, t 990 ...... 4105¾-106~~06¼ ·107 lOfl½-107 104¼-104~ 104 -lOi~ lOi¼-104¼ 104,(-101¾ 1043'-105~ 104\1:(-10:i'U l03¼-10i~ LOS -104 l03!ij-104 Rearlatered . ........ ... 4 .... - .. . . . .. - ........ - . ... 104 -104 - . . . . . .. - ..• . l06J4-106~ 106~106% 106¾-lO,l~ 106¼-107M Metropol.Elev., lat .. 6 106¼-107 107 -107}( 107 -10731 108 -108¼ 108 -108 108¾-109 'i7 - 79 77 - 81 79 - 82½ 80¼- 82¼ 79½- 81~ 80¼- 81% Mex.Central-Consol 4 73¼- 77 74 - 75½ 75 - 78 76¼- 79 76 - 77 76 - 79 lat conaol. Income ... 3 23!,(- 26~ 22¼- 24% 24 - 26½ 21½- 25 19 - 22½ 19¼- 21,a 21¼- 23~ 23 - 2tl¾ 21 - 25~ 24¼- 26¾ 23¼- 26 24)4- 26 2d coneol. lncome .... 3 16 - 17¼ 14 - 17 12½14¼ 14 18½ 16¼18 17¼- 20 17 - 20!,4 19 - 20;( 16 - 17½ 16~- 16 11 - 18 11~- 13 Coll. trust, 1907 ... 4!,t 00 - 98 94½1- 95~ Q5 - 95~ . ... - . . . . 95¼- 116 96½- Q7]..( 97¼- 99~ 96¾- 97Xi 91¾- 94>1, - •• . 96¾- 98 Minn. & !!!It. L.-1 at .... 7 - .. . . 137 -137 Po.cl fie Ext., 1st ... . . ti - .... 122 -122 - ... . 120:),(-120¼ .• .. 8. W. Ext.,l•t.1910. 7 .... 113¼-113!,( ... - . . . . ... Iowa Est., l•t, '09 .. , 111 -111~ .... - ... 108~-108¾ - ... lll¼-111¼ ... lat, con., 1934, ll' .... ~ 117!1(-117¾ . . •. . ... ll7 -117 - .... 114¼-114➔.I - ••. ll6~116¾ 113!14-114¾ 1•• & ref., 1949 ... .. . 4 97¼- 98'¼ 98 - 93 96 - 96 95¼- 97 96 - 97¾ 96 - 97½ 96¾- 97½ .... - . ... 96½- P7¼ 97 - 97 9~- 97 97 - 97 De•M.&F.D.t93:i4 .... - ... . .... - .... 98 -98 97½ · 98!,4 96 -96}( 96¼-97¼ ... - ........ - ..•.... - ... . M.!!!t.P.& s.s.M.,'38 .4 99 - 99 - . ... 101 -lO!J.fi 100½-100>:. 101 -101~ 102¾-10.2~ 101 -101¼ lOl¼-101¼ 101 -101½ . ..• - .... 102¼-102¼ 10~¼ ·1023,6 Mo. Kan. & Texaslat, srold, 1990 ....... 4 10~-101¼ 100¼-101~ I00½-101½ 101¼·10 :¼ 102 -104¼ 100¾ ·102 lOl!>(-102 102 -103¾ 102!i-103 lOl¾-102!1.( 101¼ 103~ 10-) -100~ 2d,lncome, 1990 ..... 4 86~- 87¼ 85 - 86 85 - 86 85 - 86¾ 84¾- 86 85¼- 87 80¼- 88¾ 86 - 88¼ 8~- 88 tl - 88¼ 881.(- 90 88¾- 90 ht, exten., g., 1944.~ 103¾-107 106 -107 106¼-108 106¼-108 104 -105!14 105¼-106 105¼-106¾ 105¼-10 ~ 106 -108½ 107¼-108¼ 105¼ ·106~ ,Ocl¼-107¼ St. Louis Div., lat .. 4 87 - 87 90 - 90¾ 90¾- 9u¾ 91 - ill½ ... - .... 90½- 90½ 91¼- 92¼ 9.2¾- 91 93½- 93!J,1 92 - 92~ 92¼- 92¼ 02¾- 93¾ Dall. & Waco, l•t . .. ~ .... - . ... ... - .. . - . ...... - ... . 107 -107 l0t1¾ ·106!):( K.C.& P,,ht,1990.4 94¾- 95 94¾- 95¼ 95 - 95 95 - 95 - ... 95 - 96¾ 96¾- 97¼ .... - .... 95!1:C- 95¾ 9t\¼- 97 .... - •••• Mo. Knn.& Ok., lst.d 106 -106¾ 106¾-108 LOS -10:!¾ 107 -10:3)11 106¼-106 106 · 106Jfi 106¾-lOi¼ 10i¼-109h 109 -109~ 109¼-109½ 107 -109¼ 108~109 M. K..& T.ofT., lst.~ 106¾-1U9~ 108¼-109 106 -107¾ 106 -107¼ 106 -108 107 -108½; 11-7 -108½ 108]1(-110 110 -110 109),{-110 108%-109 108 -109 ~her.Sb.& 8. 1st, a-u.~ ... - . .. 107¾-107½ ... 106¾-106¾ .... - ... . . ... - ... ..• • 107½-107¼ Texas & Okin.,, Jst .. ~ 104¼·104½ 107 -107 106¼-106J,f. 105'!(-10~ 106 -106 105¾-106 - ... . 108 -108¾ •.•• - ... . .. - . ... 108 -108 10-%-108¾ Mo.Kan.&East.-181..:) 111 -111}!. . ... - .. . . ..• - .. .. 112¼-llll¼ 112¼-112¼ 112¾-114 ...• - ... . lli¼-114½ 113,(-113!,c 111¾;-118 lU¾-115 115 -115¾ MIH011rl Po.cUlc3d, 1906 ................ 1 106¾-106½ 1()6%-106¾ .... - ... 107 -107 103~-104~ 104¼ 10i1't lOi¾-104¾ ... - ... 105 -105 105¼-106 102~-102¾ 102¾;-102,t 1st consol. ............. . 6 123 -126)1 124¼-125!,4 125 -126¾ 125~-125% 122½-li~ 121¼-122~ 121½-121¼ 122 -124½ 124¼-124¾ 126 -125Xi 122 -122¾ lil¼--123 Trust, arold, 1917 . ... ~ 108 -llOX. 109 -110¾ 10~-107~ 106½-107)4 106).,j-107'A 107 -107¾ 107 -103½ 108¼-lOU 105¼-106~ 105)4-106¼ 105¼-105'1/s 105¼-106¼ ht. collat., a-,, 19~0.~ 109 -110 107 -lO'nf, 107¼-108.¼ 108 -1~ 107l}.(-108Xi 108 -108¾ 103¼-109¼ 107)4-107¼ . . .• - •... 107¾-lU'f¾ 107¼-108 107¼-107% 40,yr. 194:5, ll'••·····-" .... - ........ - .... \14~- 98 95¾- 00)4 94½- 94¾ 93½- 94¼ 98½- 94 92 - 94 Cent.Br'cb Ry., ht.4 97¼- 98 96 - 96½ 95¼- 97¾ 95 - 96~ 96 - 97 \17 - 98 97"- 9,S¾ 96J4- 97~ . .•. - ... 97¼- 97M ,1)7%- 97'7,1; 97~- 97'.( Leroy & C. V. A. L .. ~ ... - .... 10!¼--110 - ..•. · ·• • Pac. ot .Mo., 181., ext .. 4 .•.• - •... 103 -104 104 -104),6 104¼-104~ 101~-10.; 106 •105~ 106 -105 . •.. - .... 103¾-103~ ...• - .... 108'-(-103¾ 1{)4¼-10-1¾ ~d. 193~. ext 6 ... . - . .. . ll6X1-ll7 1,,4 117~-117½ 117¼-117~ ll.B4(-118H ... - . ... 117½-117~ 111, -119 119¼-119~1111¼-11P¼120 -120   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BONDS.  94  1906-~ontlnnied. BONDS.  -----------Mo. Pnclflc-(Oo-n.}-  JANUARY F111BR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. N0V'BER  DEC'BE"R  - - - - - - - - - - - - - - - - - - - - - - - - ------1-----1-------· ---- ---- ---- ---- - - ·- •----• --·---.-  Low.High Low.Hlgb Low.Hlgb Low.High Low.Hlgb Low.Hlgb Low.High Low.High Low.High Low.Higb[,ow-High Low.Hlirb.  St.L.&I.M.a-en.& l.ll.~ 116¾-J.18 urn-US¼ 118 -119 116½-118 116¾-117 116 -116~ 115%--116¾ 116¾-117~ 117½-117;1,1115!,,(-116¼ lltl -116¼ 116 -116M Stamped, auar .. .. ~ ... - .. . ll6 -116 Unify.& ref., 19~9.4 94 - 95¾ 95¼- 96!4 95½- 96).s 95 - 9e¾ 94¾- CB 95 - 95~ 93:1:(- 95"- 93¾- 94¾ 94~- 94¾ 94~- 84:11 9-l - 95~ 94¾- 95~ Riv. & G.D., 1st .... 4 96¾- 98 97¼- 971>4 95½- 97¼ 96 - 96¾ 94 - 94¾ 9:l½- 953,s 95¼- 96 95¾- 97 96½- 97 9 tS¼- 97¾ 9-l¾- 95lJ!l 94:½- 95 Mob. & Bir.-194:i .... 4 ..... - · -·· .... - ........ - ... 93~- 93¼ .... - .... - . . .. .... - ........ 96 - 96 .... Mob.J. 4r,K. c.-t ■ t .. ~ .... - .... 97¾- 88¼ 97 - 98% 961,g- 98¾ 95¾- 96¾ 96~·100¼ 97 - 99½ 98)4- 98½ 96¼- 97 . ... - .... 97 - 98 97 - 99 Mob.& 0.-New, 1921.ti 126¾-127¾ 128 -12S¼ l~-129 128!1,(-129 128 -12;} 1251¼-125¾ .... - .... 129 -129 128¾-128¼ 129%--130 12~ -129 ll!lt, Exten., 19~'7 .... ft .... - ....... - .... 122 -122 124 -124¾ ... . - .... 124!)4-126 . ... - ........ - ......• - .. _. l2Z -122 Gen. mort., 1938..... 4 98 - 98 97¾- 89 97¼- 97J,:( 98 - 98 96¾- 97~ .... - .... 99 - 99¼ ... - ... 93 - 98 98 - 98¾ Monta-om. Div., 1st.. ~ 115%-115¾ 113!1:(-114 .... - ... 114M-114¾ . ... - ........ - .•. .. .. - .... 115 -115 115 -115 115½-115½ 115¾-115~ ... St.L.& Cairo, col.tr.4 . .. 95 - 95 .... - ........ - . .. .. - .... 92¾- 92¼ . .. - ... . .... Nash.Ch.& St.L.-lst . .,, 120¾-121% 117 -121½ .... - . ... 122¼-122¼ 122½-122½ 122 -123 120¾-121¼ 120 -120 121 -121 121½- 121½ 121½-12191- 121¼-121¾ Consol.g., 1928 ...... 6115¾-116¼ 116 -116 116%-117 114¼-115 lH¼-114¼ 114~-115 .... - .. . ... - ... . 116 -116 114½-ll,i~ 114 -114.,a lU¼-114¾ .Jasper Br .• lat ...... . ti 119 -119 .... - ........ - ... 121 -121 - ... 120¼-120}i 120 -1~0 ... . - .. . 124 -124 McM. M. W. &Al. ... ti .... - ... 117¼-117¾ ••• - ... . •• - ... . .... National ot Mexico.Prior lien, 19~6 .... 4¾ .... - .... .... - ........ - .. .. 105½1-105~ ·· -· 106 -106 1st. consol., 19~1 .. 4 81¾- 82½ 81¾- 83 82¾- 83¼ 80½- 81¼ 79¾- 80½ 80 - 81½ 81¾- 82¾ 82 - 8!1¾ 84 - 85 83 - 84 84 - 85 84¼- 85¼ N. Y.Cent'l & Hud.R.Gold, 1997_ ........ -.3¾ 99¾-100¾ 99:1:(-100¾ 99¾-100¼ 100 -100¾ 100 -100~ 100¼-100¾ 98M- 99½ 99 - 99¾ 99¾-100 99¾- 9c1h 9ft -100 99¼- 99¼ Reaistered ......... 3~. 99¼-100 100 -l()(P,.( 100¾-100¼ 100 -100 .... - ... . 99 - 99 99%- 99% 99 - 911 9,¾- 99½ 97¼- 98¾ Deben., a,, 1934 ...... 4 .... - ... . .... - .... ... - ... . 102%-102% 10014-101 100½-101¼ 101 -101¾ 101¼-101½ 101¼-10231! 102¼-102¾ 100 -100~ too -lOOM Relllster"d .......... .4 .... - ........ - .... 1c2 -102 .••• Deb •• sr.,'90-190~ ... 4 .... - .... lOOM-100;1,( .... - ........ - ... . .... - ....... - ........ Debt certs., ext., ll ... 4 - ··-· .. -. - ... 101¾-101~ . .. . - ..... _.. - .. .. .,_. - .. _. . ... Lake Shore, coll ... 3½ 91 - 93 9~- 91½ 90¾- 91¾ 91~- 92½ 91 - 91¾ 91¾- 92 91:½- 92½ 90 - 91 90~ 91½ 90¼- 91% !lO¼-- 9tx 89 - 91~ Rellil!ltered...... ... 3½ 90¾- 90¾ 89½- 00 811 - 90½ 90 - 90 8914- 00½ 90 - 90½ 89 - 90¾ ~ - 90 88½- 90!,.4 89 - 90¼ 90 - 91 89!,g- 91 Mich. Cent'l, coll .. 3½ 90 - 91:½ 89¼- oo 89)4'- 90½ 89¼- 91 89¼- 91¼ 89½- 901-4 91!,s- 91~ 89¾- 90~ 90 - 90¼ 89½- 90)'., 90¼- OJI}.; fill¼- 90 80 -90 90 -90 Rea-latered ......... 3½ . .. . 89 - 89 89 - 89 89¼- 89.>!! .. • • - . .. . 90 - 90 .. • • Beech Cr'k, lat, 1ru .. 4 .... 1061,g-107½ .... - .... 105%-105¾ .... - .... 1~-106~ Reall!ltered. ....... .. 4 .. . . - .. . . .. . . - . .. .. .. 101 -lO!l Moh. & Mal., l8t .... 4 .... - ... .... - . .. .... - ........ - . ... ... - .... 105 -105 N. Y. &,,Put., 1st, au.4 103 -103 10!1 -107 106 -106 .... - .... 106 -106 106 -106 West Shore, 1ruar . . .. 4 103¾-109 108¼-110 108~-109¼ 109 -109¾ 10~-109½ 109~-110 107½-109½ 108!!(-109½ rn8¾ 109 ~ 109¼-109¾ 108¼-109~ 108 -109½ Relll11tered ... ....... .. 4 1077Ar-108!,4 108 -lu8¾ 108¼-109 108)4-109½! 108¼-109 107 -109½ 107¾-108~ 108 -109 108 -109 108!,:t-109 107¾-1087A; 107 -108¾ L.S.&M.S., a., '97.3\.t 100),.(-101¼ 101 -101~ 101 -101 . 100¾-100¾ 100!,u-102 99¼-101¾ 100!,s -lOOh . ... - ... . 101½-103 102½-103 102¾-102~ 100 -100¾ Rellistered ......... 3x .... - .... 100¼-100¾ . . . - ........ - .. .. 99!,u-101¾ 99¼- 99¾ . ... - ... . Debenture, 1928 .. 4 101%-102¼ 102%-103¼ 100¾-101¾ 100¼-101 100 -101¼ 100¼-101¾ 101!,s-102¾ 102¼-102¾ 100¾-100%100¼-101 lOQ¾-101 100¼-101)4 Det,M. & Toledo .. 7 ... 103¼-103¼ .... - .... 102 -102 Mahon. Coal RR. .. ~ ... - .... 124 -124 - ... . 123½-123½ ... Mich. Cent'I, 1931 ... ~ .... - ... . 124 -124 - .... 122 -122 122%-122% Rellil!ltered ........... ~ .... - ... . 120 -120 - .... 119 -119 .... 1940 ................... 4 .... - .... 106 -106 .... l8tll, 193~ ........ 3~ .... - • . • . 99 -100 100 -100 97¾- 97¾ N. Y.&Hal'lem .... 3½ .... - .. _. :-... - .... 105¼-105¼ .... N. Y. & North'n, ll!lt.~ . ... - .... 118 -119½ .... 116¼-ll~ 116 -116 R.W.& o.,con., ll!lt.~ 119 -119 119¾ ·119¾ .... - •••. 117¾-117½ 117¾-ll~ 117:J-4-117¾ 118¼-118¼ 118¾-118~118l}4-118¾ .... Utica & Bl.Riv.,•~~.4 .... - ·- · 107¼-107½ . ... - ....... - .... . ... - .. ...... N. Y • Ch. & St. L.-lst.4 104¼-105 l (l5 -l<X>¾ 105%-106 104 -10!¼ 104 -104¼ 104½-105¾ 105 -105¾ 105 -105¼ 105:J,.!-106¼ tMJ,s-104~ 10!14-lOir., lO! -10!1¼ N. Y. o. & w .• ret.,ll!lt.4 105 -105¾ 105"·106¾ 103¼-10!1¼ 103¼-104¼ 103 -104 103 -104 lOS¾-104¾ 104 -104.'4102),(-103 103!,s-104¾ , Od½-10! 102%--10! Realstered. . .... ..... 4 103¾-103¼ .. . - . .. . . .. . - .. .. ... - .... 105¾-lO.;l}fi . .. • Nori. & 80.-lst, '41 .. ~ .... - ··-· lll¼-111¾ .... - .... 112 -112 - ... 108~-108:J,.! Norfolk & Wel!lternGeneral, 1931 ........ 6 133¾-133½ . ... - ....... lmpt. & Ext., 1934.. 6 ... - .. .. 132¾-132¾ 132¼-132½ ... New Rtv·e r, 193~ .... 6 .... - ... . 1~-129:}.j . • .. N.& W.Ry., lst,con.4 100 -103½ 103J4-104¾ 103 -103¾ 101 -101¾ 101¼-102~ 101%-102½ 102½-103¼ 102¾-103 102:J,4-103}1, 101¾-101~ 101%-lOZ 101%-102½ Dlvla'nal, lat llen.4 97 - 98 98)4-100 99)4- 99¼ .... - .... 100¼-100¼ 100 -100¾ 98¾- 99½ 99 - 99 .. • - __ . 99_¾-100¼ 99~-100¼ 99!J(-100¾ Poca~. C. & C.jotut.4 95 - 96~ 96¼- 97¾ 96 - 97½ 96¾- 97-¼; 98¾- 97¼ 94½- 96¼ 95¼- 97!14 96½- 98 96¾- 07½ 96¼- 96~ 1'63'- 97 91¼- 95 Col.C.&T.,lst.'~2.:} .... - .... 109¼-109½ ... - .... ... - ... .. ... - ... . ... - ·-- .... - ... .... - . . ~c. Val. & N. E., ht.4 102 -102¾ 102¼-103 l02¾-102l}t. 102%-103 100 -101 101 -101¼ 102 -103 102¼-103 102¼-103½ 102¼-103 100 -101X? 100)4-lOQlls Northern PacificPrior lien, 1997 ...... 4 lM!J.(-105¾ 1053,4-106 105¾-106¾ 105 -105~ 105¼-105~ 105%-106¼ 105¾-106¾ 105!1.(-106)4 105%-106~ 10!¾-1051k, lOSl}.(-105½ 104¼-105¾ Rell•• prior Uen ..... 4 104)4-105¼ 104 -105 .... - .... 103¼-105 104 -105¼ 104!1.(-105).s .... - .... 10(%-106.½, 103)4-104 104~-104¼ ... - .. General lien, 2047 .. 3 76~- 78 76¾- 77¾ 76)4- 77¼ 76)4- 77½ 75½- 77!-f? 76 - 77% 76!1.(- 78¼ 77 - 77½ 77 - 77¾ 77 - 78¾ 76¾- 77¾ 76¾- 77¾ Rea;llltered ........... 3 76 - 76¾ 75 - 75 74½- 74¼ 75 - 75 76 - 76 . .. . - .. • . .. • . - . .. . .. St. Paul-Dul. Div .. 4 .... - .... 101 -101 100 -100 99½- 99½ .... - .... lOl½-102 101 -101 . ... - ... LOO -100)4 St. Paul & No. Pac.-6 1243%-126¾ ... . - ... . 126 -126 125¼-125~ - .... 125½-125½ 125 -ll!5 .••• - ... . .. . St,P.& Dul., ll!lt,'31.~ .... - ... . .... - ... - ........ - .... lH -114 2d, 1917 .. .......... .. :) . . .. - ... . 108 -109 - .... 107\1-4-108 .. • • - .... 109 -109 lat, Consol,, 1988.. 4 .... P9¾-101 - ... . 100¾-lCiO~ ... . ... . 100 -100 .... - ... . 100¼-lOOX! 100¼-l~ Wa ■ h. Cent.Ry,,lst.4 .... - ....... - ........ - ... . 92¼- 92½ .... .... - ... . 94.94 No. Pac. Ter. Co-lst..d 115 -116¾ . _.. - ....... - ........ - ........ - ••• . 116~-116¾ .... - .... 114¼-114>2 .... Ohio Riv., l•t. 1936 ..:} .. -. - ·-· 118¼-118¼ .... - ........ - .... .• . .. ..... - ... . .... 11~ -118 General, 1937 ....... ~ .... - .... 113¼· 113¼ .... - ·--· 111~-111!4 . .•. - . . .. 111½-111½ . ... - ._ .. us -115 111 -111 ll2½-112,\,\ 112)4-lU½ Ozark & Cher.Cent.-~ .... - .... .. . . - .. . . 99¾- 99¼ 100¼-100¼ 100 -100 100¼-101¼ 101 -101 - ... 99½-100 ... - . . 9;} - 99 Pacific Coast Co.-ll!lt.:} 118¾-113:J.t 114 -115½ 114½-115 lU -114½ .... - ... . 112 -112 112)4-114¼ . .. - ... 114.~-115 1157-{-116¼ lli¾-116 113½-lU Panama-l•t. •• • .....4}1104 -10! - .... .... - .... 102¾-103 . ... - .... .. - .... 104½-lO!l½ .... - ---· ... - ... 10! -104¼ 104!J.(-105¼ Pennsylvania Co.lat, con11ol ............ 4½ 111 -111 111 -111¼ 110¾-lllJ.11 110¼-111 llQM-111 110½-111 108¼-109 108½-108¾ 108½-109 109)4-109~ 108¼-109¼ 1081}4-109)4. Rellistered ......... 4½ 106 -106 .... - .... 106 -106 .... - .... ... - ... . ... - ... . t07¾ 107:J,.! Gen.col.tr.ctfs.'31.3½ .... - ........ - ........ - ... . .... - .... 9~- 93~ Gu.col.tr.ctfs.,B.. 3~ .... - .... 94 - 94 . .. - ....... - .... 94 - 94 94 - 94 93¼- 93¼ .... - .. _. 93).(- 93¼ Tr.Co.ctts.,llu.. '16.3~ .... - .... 97'¾- 98 .... - •••. 98¾- 98¾ 97 - 97 . ... 98 - 9g .••• - ... . 98¼- 911¼ fl8 - llil~ 97¼- 95 . c.st.L.& P., ll!lt,'32.:} .... - .... 117\14-117¾ 117%-1177~ 120 -120 - ... . ll~-118¾ . .. - , ••. 119 -119 Cl.&P.,SerlesC .. 3½ .... - ........ - . ....... - ...... -- .... ... - .... .... - ... 98½- 98¾ P .c.c.&St.L.,Sr.A4~ 114¼-114¼ . ... - ... . . .. • - .. .. ... • - .... 113 -113 - • . .. . ... - .... 114½-114½ 112½-112~ 112¾-112x 111¾-lll!J.( Serle8 B., 1942... 4½ 113¾-113¾ .... - ... . 112½-112½ .... - .... 112~-112:>i 113½-113½ .... - ... . .... - .... 11~-l~ lll¾-113¼ Ul¾-112¼ !!,erles C, 194~ ... 4½ ... - ........ - . ...... . - .... 112¼ 113 .... - ... . .... Serles D, 194:i...... 4 ... . - .... 103 -103 . • • • - .. • . . .. - .. . L03½-103½ l!!eries E, 1949 .... 33,6 .... - .. .. 93%- 93% 93¼- 93~ 93%- 93¾ 93 - 93 .... - .... 93 - 93~ 96¼- 96½ .... - .... 93~- 93:h 94 - 9!l Pennaylvanla RR.Real estate, 1D23w .. 4 .... - .... 106 -107 .... - ... . .. •• - ... . .... - .... 109 -109 10~-107 107 -107 Conv., a-old.191:i .. 3½ .... - ........ - ... . 101¼-101¼ 101 -101¼ 101),,(-102% 101 -10~ 100½-102 1,9}8-100¾ ~7½-100~ Conv., a-old, 1912 .. 3~ 103 -104 103!!(-106¾ 104½-107 105 -105¾ 101~-lOS 101~-lOS¾ 103!!(-10!1¾ 104)4-108¾105 -106 104~-105¾ lOl~-103~ 102 -104 Alle1r. Vall., 194~ ... 4 .... - ·-· .... - ......... - ....... - ... .. ... .... 10'1}:d.-104¾4 .... - ._... . .. - .. .. Cleve. & Mar., lst.4½ no -110 ........ - ........ - ........ G. H.. & L, lat. e.s:t,4~ .... - ........ - .... 111 -111 lll½-111½ 1113,4-111}4 .... - .. .. • .. - .... ll~-110¾ . . • - ... . Phil. Bait. & Wash.4 .... - .... 108~-108¼ ... - .... t06:Jt-106~ . ... - .... 109 -109!ki .... - ... . 109~-109¾ 108¼-108;t, 108½-lOSM Peo.& Pekin Un.-l8t.b 123¼-123¼ .... ~d, 19:11 .............. 4½ .... lOQM-lOQM - .... 103½-10:i¼i ... - .. .. Pere illal'QaeueFllnt & Pere Marq .. ti122 -122 123 -123 •••• - .... 110½-1193' 120 -120\.{j 121¼-121~ 121!'(-121~ ..•• - . . . . . . . - .... 1213-9-121x   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ........  - ···~ .... ......... -  .... - ....  RAILROAD BONDS.  9S  1906-Contlnued. BONDS.  JANUARY FEBR'RY.  MA.ROH.  APRIL.  1  MAY.  JUNE.  JULY.  AUGUST. 8EPT'BER.O0T0BER. N0V'BER. DEC'BER.  - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----1-----1-----1--  Low .High Low .High Low .High j,ow .Hlgb Low. High Low. High Low. High Low. High Low. High Low. High Low. High Low. H~b  Pere marquette-(Con.J 1st cons., g., 1939.6 112 -112 •••• - ... . 113¼-113½ 114 -114~ 1121¼-112¾ 112!>4-11~1)4 113 -113 •••• - •... 114¾-lH~