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The Mutual Life Insurance Company of New York Organized in New York State 1842.  Began business 1843  The Record of 1908 The fiscal year ending December 31st was pre-eminently a prosperous one for the policyholders of this Company. In every material respect their interests have been advanced.  Favorable features of the year may be noted as follows:  The assets are now $539,038,968.13, an increase of $44,861,947.10. The total net reserve for outstanding policies and annuities is $433,137,. 716.00, an increase of $13,042,974.00. The reserve held for payment of deferred dividends and other contingencies (so-called "surplus") is $85,844,991.20, an increase of $28,314,221.75. The premium income for 1908 was $58,994,653.29, an increase of $2,355,453.09. The total income for 1908 was $84,880,026.81, an increase of $3,705,552.96. The new insurance paid for (not including revived) was $93,926,992.00, an increase of $45,206,942.00. The interest and rents received were $24,300,559.94, an increase of $1,466, 453!91. On the other hand, the death claims paid during the year were $21,664,819.77, a decrease of $1,629,213.04.  Increased Dividends There has been appropriated for dividends to be paid 1n 1909 the sum of $11,092,282.38. This sum greatly exceeds the largest amount ever before paid as dividends in a single year by any company. The increase made in the annual dividends of The Mutual Life in recent years, as a result of changes and improvements instituted by the Board of Trustees, is unparalleled.  Balance Sheet, December 31, 1908 ASSETS  LIABILITIES  Real Estate ........................................................ $26,196,029 64 Net Policy Reserve ............................................ $433,137,716 00 6,392,660 62 Mortgage Loans on Real Estate .................... 126,120,961 39 Other Liabilities on Policies............................ 1,826,692 47 Loans on Policies............................................ 63,048,558 17 Premiums and Interest paid in advance ........ 2,500,000 00 Dividends payable in 1909.............................. 11,092,282 38 Collateral Loans ........... ,........ ............................ 1,744,736 66 Bonds (book val.) and Stocks (market val. ) 309,279,002 09 Miscellaneous Liabilities.................................. 3,926,622 04 Held for future dividends and contingencies.. 85,844,991 20 Cash .................................................................... 3,850,766 03 Interest and Rents, due and accrued ........ .. .. 4,117,029 87 Premiums in course of collection .. ................ Admitted Assets .. ······-································$539,038,968 13   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Total Liabilities ............................................$639,038,968 13  THE MUTUAL LIFE INSUR~NCE COMPANY OF NEW YORK Home Office, 34 Nassau Street  LEE, HIGGINSON & CO. 44 ST.A.TE STREET, BOSTON 43 EXCHANGE PLACE, NEW YORK THE ROOKERY  -  -  - -  CHICAGO  Investment Securities Letters of Credit Foreign Exchange MEMBERS  Boston, New York, Philadelphia and Chicago Stock Exchanges  KOUNTZE BROTHERS BANKERS Letters of Credit  Securities for Investment We 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 se11 Government Bonds and execute orders in other securities for the usual commission.  To those about to travel abroad we shall be pleased to send our Booklet describing the method of issue as well as the advantages of our Letters of Credit. We buy and sell Foreign Exchange.  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.  0.\l,  BROADWAY   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  &  CEDAR  ST.,  NEw  YoRK  The Canadian Bank of Commerce HEAD OFFICE, TORONTO.  $10,000,000 $6,000,000  CAPITAL PAID UP, RESERVE FUND  WM. GRAY AND C. D. MACKINTOSH, AGENTS, NO. 16 EXCHANGE PLACE, NEW YORK, BRANCHES OF THE BANK IN CANADA.· British Columbia and Yukon.J • Cranbrook, • - • Creston, Dawson, Fernie, Greenwood, Kamloop!!, • Ladysmith, · Mission City, Nanaimo, Nelson, New Westminster, Pentlcton, Prince Rupert, Princeton, Revelstoke Vancouver, (4 offices) Victoria, White Horse, North Western Prov. Bawlf,  Brandon, Calgary, Canora, Carman, Claresholm, Crossfield,  B!N~~n,  Drinkwater, Durban, Edmonton, Elbow Elgin, Elkhorn, Gilbert Plains, Gleichen, Grandview, Granum, Hardisty, High River, Humboldt, Innisfail, Innisfree, Kamsack, Langham,  Lanigan, Lashburn, Leth bridge, Lloydminster, Macleod, Medicine Hat, Melfort, Melville Monarch Moosejaw, Moosomin, Nanton, Neepawa, Nokomis, North Battleford, Outlook Pincher Creek, Ponoka, Portage La Prairie, Prince- Albert. Radisson, Provost Red Deer, Regina, Rivers..1  IN LONDON:  Saskatoon, Stavely, Stony Plain, Strathcona, Swan River, Treherne, Tugaske Vegreville, Vermilion, Vonda, Wadena Watrous Watson, Wetaskiwin, Weyburn, Winnipeg, (7 offices) Yellowgrass, Ontario and Quebec.  Ayr,  Barrie, Belleville, Berlin,  QREAT  2  IN THE NBW YORK,  SAN FRANCISCO, CAL., (2 offices)  Blenheim, Brantford, Cayuga, Chatham, Cobalt, Collingwood, Crediton Dresden, Dundas, Dunnville, Exeter Forest Fort Frances, Fort William, Galt, Goderich, Guel:ph, Halllllton, Kingston, Latchford, Lindsay, London, Montreal (3 offices) Orangeville  Ottawa (2 offices), Paris, Parkhill, Parry Sound, Peterboro, Port Arthur, Port Perry, Quebec, Rainy River, St. Catharines, Sarnia, Sault Ste. Marie, Seaforth, Simcoe, Stratford, Strathroy, Thedford Toronto (10 offices) Walkerton, Walkerville, Waterloo, West Toronto Wiarton,  Windsor, Wingham, Woodstock. Maritime Provinces Alberton, Amherst, Antigonish, Barrington, Bridgewater, Charlottetown, Halifax, Middleton, Montague, New Glasgow, Parrsboro, St. John, Shelburne, Souris, Springhill, Summerside, Sydney, Truro, Windsor,  BRITAIN.  LOMBARD STREET,  E. C.  UNITED STATES.  PORTLAND, ORE.,  SEATTLE, WASH.,  SKAGWAY, ALASKA.  BANKERS IN CREAT BRITAIN. THE BANK OF ENGLAND, THE BANK OF SCOTLAND, LLOYDS BANK, Limited, THE UNION OF LONDON & SMITHS' BANK, Limited.  CORRESPONDENTS.  Belaium-Ba-nque D'Anvers. France-Credit Lyonnais. Germany-Deutsche Bank. Holland-Dhiconto Maatschappij. India, China, Japan and Philippine blands-The Chartered Bauk of India, Australia and China. Au1tralla and New Zealand-Union Bank of Australia, Limited; Bank of .Australasia. South AfricaBank of Africa, Limited; Standard Bank of South Africa, Limited. Sterling and Continental Exchange and Cable Transfers. Commercial and Travelers' Credits Collection1 made at all points. Hankin;- and Es:chan;-e business of every description ransacted with Canada.  BROWN 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, Phlladelphla, B01ton and Baltimore Stock Exchan;-e•.  Investment Securities Certificates ot Deposit  International Cheques  Bills of Exchange Bought and Sold.  Commercial Lettiers 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, Finns 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., PD, ,OB THE OONVENIENOli: OJ' T~V~'!,SBB,  123 Pall Mill,  I~ W,  Wm. A. Read & Co. Bankers Members of the New York and Boston Stock Exchanges  High Grade Investment Securities List of current offerings furnished upon application Commission orders executed in all the principal markets  25 Nassau Street, New  York  BOSTON  BALTIMORE  CHICAGO  19 Congress Street  203 East German Street  240 La Salle Street  T. W. STEPHENS & CO. BANKERS  2 WALL STREET,  -  NEW YORK  Investment Bonds INTEREST ALLOWED ON ACCOUNTS OF CORPORATIONS, FIRMS AND INDIVIDUALS, SUBJECT TO CHECK AT SIGHT GEORGE LEASK.  JULIAN W. ROBBINS.  :EDWIN M. LEAS"K,  GEORGE LEASK & CO., 1'1Eltl.BER8 OP THE NEW YORK STOOK EXOHA.NGE,  Bankers, 37 WALL STREET, NEW YORK. Stocks, Bonds and Investment Securities Bought and Sold on Commission. INTEREST ALLOWED ON BALANCES, SUBJECT TO DRAFT.  DEALERS IN  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  COMMERCIAL  PAPER  LA THAM, ALEXANDER & Co., BANKERS AND COTTON COMMISSION MERCHANTS,  Nos. 16 & 18 WALL STREET, N.EW YORK. CONDUCT  A  GENERAL  BANKING  BUSINESS.  MEMBERS OF THE NEW YORK STO CK- AND COTTON EXCHANGES. Stocks, Bonds and Government Securities bought and sold on commission. Accounts of banks, bankers, merchants and individuals received, and Intere~t allowed on Daily balances, subject to check at sight.  Contracts for cotton for future delivery bought and sold on commission. MAYNABD 0. EYRE,  MILTON J. WHITELY. WILLIAM A. JENNINGS.  JAMES WHITELY,} M. B. CAMPBELL, Specials.  PRINCE & \7\THITELY, 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. INVESTME N T  SECURITIES A SPECIALTY. rirect Private Wires to Boston, New Haven, Chicago, Pittsburgh, Baltimore, and Richmond, Va.  W. EUGENE KIMBALL.  LEEDS JOHNSON. EST AB LISH ED 1865.  R. J. KIMBALL & CO., BANKERS AND BROKERS, MEMBERS OF THE NEW YORK STOCK EXCHANGE -  7  NASSAU  STREET,  NEW YORK,  . (HANOVER BANK BUILDING.>  WILLIAM F .AHNESTOCK,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  THOMAS J, MUMFORJ>, Member of the New York Stock Exchange.  ROBERT B. DODSON,  FAHNESTOCK & CO., BANKERS AND BROKERS, (FIRST NATIONAL BANK BUILDING)  No.  2  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.  Wall Street,  1I  New York. I  ,  BROKERS AND DEALERS IN INVESTMENT BONDS, STATE, MUNICIPAL AND APPROVED RAILROAD BONDS. On hand for Immediate Delivery, Suitable for Savings Banka, Trust JJv.nds and other Oomervative Inve.atmenu. CORRESPONDENCE SOLICITED.  SIMON BORG & CO., BANKERS,  NO.  20  NASSAU  STREET,  NEW  YORK, .  MEMBERS OF THE NEW YORK STOCK EXCHANGE.  HIGH-GRADE  INVESTMENT SECURITIES  For Trust Estates, Institutions, Savings Banks and General Investors. Circular Upon Application.  H. N. -W-HITNEY & SONS,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BANKERS AND BROKERS,  No. -17 , BROAD STREET, NEW YORK. <MILLS BUILDING.>  MEMBERS OF NEW YORK STOCK EXCHANGE  MISSISSIPPI VALLEY TRUST COMPANY ST. LOUIS  Capital, Surplus and Profits, over $8,000,000 DIRECTORS: JOHN I . BEGGS, President United Rallways Company of St. Louts, President Laclede Gas Light Co., Pres. Milwaukee Light, Heat & Power Co. WILBUR F. BOYLE, Boyle & Priest. JAMES E. BROCK Secretary. AUGUST A. BUSCH, Vice-President Anheuser-Busch Brewing Ass. MURRAY CARLETON, President Carleton Dry Goods Co. CHARLES CLARK. HORATIO N. DAVIS, President Smith & Davis Mfg. Co. JOHN D . DAVIS, Vice-President. AUGUSTE B. EWING, DAVID R. FRANCIS, Francis, Bro. & Co. AUGUST GEHNER, President German-American Bank. S. E. HOFFMAN, aVice-President. WILLIAM G. LACKEY, Vice-President and Bond Ottlcer.  BRECKINRIDGE JONES , President and Counsel. W . J. McBRIDE, Vice-President Haskell & Barker Car Co. NELSON W. McLEOD, Vice-President Grayson-McLeod Lumber Co. SAUNDERS NORVELL, President Norvell-Shapleigh Hdw. Co. ROBERT J. O'REILLY, M. D. WM. D. ORTHWEIN, President Wm, D. Orthweln Grain Co. HENRY W. PETERS, President Peters Shoe Co. H. CLAY PIERCE, Chairman Board Waters-Pierce OU Co. AUGUST SCHLAFLY August ScblaQy & Sons. R. H. STOCKTON President MaJestlo Mfg. Co. JULIUS S. WALSH, Chairman or the Board . ROLLO WELLS, Mayor or City or St. LoulB.  AUGUST BELMONT & CO., BANKERS, NO. 23 NASSAU STREET. AGENTS AND CORRESPONDENTS OF THE  Messrs.  ROTHSCHILD,  LONDON, PARIS A.ND VIENNA.  ISSU_E 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 bidies, Yf'xico and California.  Execute orders for the purchase and sale of Bonds and Stocks.  CUYLER, 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 individuals received on favorable terms Dividends and interest collected and remitted. Act as aients for corporations in paying coupons and dividends; also as transfer agents. Bonds, Stocks and Securities bought and sold on commission at the Stock Exchange or elsewhere. Sterling Exchange and Cable Transfers bouiht and sold. Represent Land Mortgage Companies both as Financial Agents and in the care of Investments, either Mortgages or Real Estate.  DRAW ON BRITISH LINEN BANK , LONDON  ARTHUR LIPPER & COMPANY BANKERS AND BROKERS Members of New York and Philadelphia Stock Exchanges and New York Cotton Exchange  CORNER NEW STREET AND EXCHANGE PLACE, CABLE ADDRESS; KRASTENOLE  NEW YORK  ·"' SLIEBER'S CODES.,i HARTFIELD'S WALL ST.  LEO SPEYER Member N. Y. Stock Exchange  INVESTMENT SECURITIES 20 Broad Street, New York  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 six per cent, constantly on hand Safe Coal Co. Bonds, paying from 5% to'- 7% Detailed descriptions on application We revise the CHRONICLE Quotations for unlisted Steam Railroad Securities and solicit correspondence on this subject. CABLE ADDRUS  TELEPHONES  2794, 279~, 2796 BROAD,  FARB~ANG NEW YORK  LIEBER AND HARTFIELD'S WALL STREET CODES  PHILADELPHIA  BALTIMORE  Land Title Building  614 American Building   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  HARTFORD,w[CON N 39 Pearl Street  PAUL APPE ZELLAR  RIC H A R D H. S WARTWO U T  SWARTWOUT & APPENZELLAR Bankers  INVESTMENT SECURITIES. INTEREST ALLOWED ON DEPOSITS SUBJECT TO CHECK  CHICAGO First National Bank Building  40, 42, 44 Pine Street NEW YORK  DALLAS 305 Main Street  A. M. KIDDER & CO. BANKERS  18 WALL STREET, - NEW YORK (ESTAB LISH E D, 1865)  Members of the New York Stock Exchange  DEALERS IN HIGH-GRADE INVESTMENT BONDS ALSO SPECIALISTS IN  TAX-EXEMPT GUARANTEED STOCKS Transact a general banking business , including the purchase and sale · of stocks and bonds on commission. ARTHUR 0. SLAUGHTER.  PHILIP W. SEIPP.  FRANK W. THOMAS.  A. 0. SLAUGHTER & 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, 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.  BERTRON, GRISCOM & JENKS BANKERS Land. Title _Building, PHILADELPHIA  40 Wall Street, NEW YORK  INVESTMENT SECURITIES High-Grade Steam and Street Railroad, Gas and Electric-Light Securiiies, Netting from 4 to 6 per cent.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  HENRY W. SHOEMAKER.  WILLIAM F. WHITEHOUSE, M~MBER N. v. STOOK: ExcK~NQI  T . TOWAR BATES, MEMBER N. V. STOCK EXCHANG E  SHOEMAKER, BATES & CO., BANKERS, MEMBERS NEW YORK STOCK EXCHANGE  NEW YORK  37-43 WALL STREET,  500 FIFTH AVENU~  205 LA SALLE STREET, CHICAGO 217 REAL EST ATE TRUST BLDG., PHILADELPHIA  Investment Securities.  PARKINSON & BURR, 53 STATE STREET, BOSTON.  7 WALL STREET, NEW YORK.  MEMBERS OF THE BOSTON AND NEW YORK STOCK EXCHANGES.  INVESTMENT SECURITIES  BRIGHT, SEARS & CO., BANKERS AND BROKERS,  53 State Street, BOSTON. MEMBERS  65 Merrimack Street, LO WELL.  OF BOSTON STOCK EXCHANGE,  Connected by Private Wires with members of New York Stock Exchange.  COMMISSION  ORDERS  EXECUTED  IN  ALL  MARKETS  Knauth, Nachod & Kuhne, BANKERS,  NEW YORK  LEI PZ IG  MEMBERS OF NE W YO RK STOCK EXCHA NCE .  LE fTERS OF CREDI T .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TRAVELERS' CHECKS.  INVESTMEN T SEC URI TIES.  MAITLAND, COPPELL & CO., 52 WILLIAM ST., NEW YORK. TRANS.A.CT A GENERAL BANKING BUSINESS. ALLOW INTEREST ON DEPOSITS SUBJECT TO CHEQUE EXECUTE ORDERS FOR INVESTMENT : SECURITIE . ACT AS AGENTS OF CORPORATIONS AND NEGOTIATE AND ISSUE LOANS.  OF  BILLS  EXCHANGE, TELEGRAPHIC  TRANSFERS AND  LETTERS  OF CREDIT  -ON-  The Union of London & Smiths Bank, Limited, London, Messrs. Mallet Freres & Cie., Paris, Banco Nacional 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 OTHER  Investment Securities. HARVEY FISK & SONS, 62 Cedar Street, NEW YORK REPRESENTATIVES PHILADELPHIA, JAMES H. CHAPMAN ,  421 Chestnut Street .  OUR LIST  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  OF  BOSTON, MASS., JOHN B. MOULTON, 35 Congress Street.  INVEST MENT  SECURITIES  CHICAGO, ILL., D. K. DRAKE, Continental Nat. Bank Building.  SENT ON APPLICA TIO  THE FINANCIAL REVIEW.  Oo::o::J merce, Fi:n..a:n..ce:, . Railroads.  A:n..:n..-u..al-19 0 9  WILLIAM B. DANA COMPANY, PUBLISHERS COMMERCIAL & FINANCIAL CHRONICLE, FRONT, PINE AND DEPEYSTER STREETS, NEW YORK, Entered aooordtng t.o Act of Congress, in the year 1909, by WILLIAM B. DANA. OOMPA.NY, in office of Librarian of Congress, Waehlngto:P., D.~   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  C) c,. ' 't  t "',  RETROSPECT OF 19.08 1 _  ;'.}  .,_ ., •. )-  ;./·  l  1  ________________________________________________________________________  Pa;ei  Monthly Review of Current Event1k Money Market, Stock Market and Foreign Exchange______________________ __  15  LISTING OF SECURITIES ON THEN W YORK STOCK EXCHANGE____________________________________ Principal Note Issues Sold · during 1908 __ __ ____ __ _______ _ - ______ __ ________________ ________________ --······  33 35  CLEARINGS AND SPECULATION IN 1908 __ -- -- __ -- -- -- - - -- ---- -- -- ---- -- ------ ------ -- __ ------ -------- __ Sales of Stocks _______________________________________________________________________________________  353&  FAILURES IN 1908 _________________ _ -- -- -- -- -- -- -- -- -- -- -- -- -- ---- -- -- -- -- ---- -- -- -- -- -- ---- -- ---- ____ Failures by Branches of Business ____________________ -- __ -- __ ___ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ Yearly Failures Since 1857 ____________________________________________________________________________  37 38 38  Detailed Statement of Failures in United States and Canada in 1908________________________________________  39  .  1; · -,,:·r.V~ oAN  BANKING, FINANCE AND CURRENCY __ -------------- -- ---------------------- --------- ---------------- 40 Money Market for Three Years __ __ ___ ______________ ____ ____ ______ ________________ __ ______ ___________ _40-41 New York City Bank Movements-Averages for Week and Actual End of Week_______ ________________ ______ 41 Weekly Returns of Trust Companies _____ ____ __________ _____________________ __ _______ __________ ____ ____ 42 Combined Loans and Money Holdings of Banks and Trust Companies ______________ ______ __ __ ____ .:_________ 42 CROP AND OTHER PRODUCTIONS-OUR HARVESTS IN 1908 __ __ __ __ __ __ __ __ __ __ __ __ ___ __ __ __ __ __ __ __ 43 The Crops for a Series of Years _______________________________________________________________________ _43-44 Steel Rail Production in 1908 __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ 44 Bessemer Steel Output__ __ ___ ____ ___ ____ ________ ___ _ ____ __________ _______ _ ________ __________________ Pig Iron Production and Prices________________________________________ __ _______________________________ Anthracite Coal Production____________________________________________________________________________  45 45 47  GOLD AND SILVER-Review of Gold and Silver Production ____ ------------------------______________________ 48 Product of Gold in United States, Africa, Australasia, Russia, &c _________________________________________ -48-49 World's Gold Production since 1881 ____ __ __ ___ __ ______ __ __ __ __ __ __ __ __ __ __ __ __ ____ ____ __ __ __ ______ ______ 49 World's Silver Production since 1891-_ __ ____ __ __ __ ____ __ __ __ ____ __ __ __ __ __ __ ____ __ __ __ __ __ __ ______ ____ __ 50 Silver Quotations in London, Monthly from 1837 to 1908 _____ ____________________________ ·__ __ __ __ __ __ __ __ __  51  GREAT BRITAIN-BANKS AND TRADE_________________ _______________________________________________ 52 Review of the Year's Influences and Events______________________________________________________________ 52 British Imports and Exports___________________________ ________________________________ _______________ 52 Statements of Bank of England and Bank of France-Also Money Rates at Continental Cities ____________________ 54-55  TRADE AND COMMERCE-Our Foreign Trade in 1908-Calendar Year________________________________________ Values of Exports and Imports by Fiscal years, 1877-1908__ __ __ __ __ __ __ __ __ __ __ __ __ __ __ ____ ____ __ __ __ __ __ __  56 58  Exports of Leading Articles of Domestic Produce for Three Years___________________________________________ Imports of Leading Articles of Merchandise for Three Years________________________________________________  58 59  Comparative Prices of Merchandise, 1860, 1879 and 1905-1909 _________ ------------ - ------------------------  59  FOREIGN EXCHANGE-Daily Prices in New York in 1908 ---------- ____ -------------------------------------- 60 UNITED STATES DEBT, MONEY AND SECURITIES-Debt of the United States, 1793-1908___________________ Detailed Statement of Public Debt on December 31 1908 ____ ____ __ __ ____ __________ __ ___ ____ __ ____ ______ ____ Treasury Money Holdings ____________________________________________________________________________ Stock of Money in Country __________________________________________________________________________  61 61 61 61  Highest and Lowest Prices of United States Bonds, Monthly, 1860-1908 ____________________________________ 62-66 FOREIGN GOVERNMENT SECURITIES-Highest and Lowest Quotations, Monthly, 1904-1908__________________  66  STATE SECURITIES-Highest and Lowest Quotations of State Securities, 1860-1908 __________________________ 67-69 Prices of State Securities Monthly for Year 1908__ ____ __ __ ___ _ __ __ __ __ __ __ __ __ __ ______ _____ __ __ ______ __ __ 69 RAILROADS AND THEIR SECURITIES-Railroad Statistics for the United States ______________________________ 70 Mileage, Capitalization, Wages, Passenger and Freight Statistics __________________________________________ 7~71 Earnings, &c., Fiscal Years Ending June 301890-1907 ----- - ----- - ---------------------------------------- •72 Railroad Earnings in 1907 and 1908____________________________________________________________________ 73 Railroad and Miscellaneous Bonds in New York, 1904-1908-Prices Monthly _______________________________ 75-107 Railroad and Miscellaneous St ocks in New York, 1904-1908-Prices Monthly _____________________________ lQ7-123 Railroad and Miscellaneous Bonds in Bost on, 1908-Highest and Lowest Prices Monthly _____________________ 123-124 Railroad and Miscellaneous St ocks in Bost on, 1908-Highest and Lowest Prices Monthly ___________________ l24-125 Railroad and Miscellaneous Bon ds in Phila delphia , 1908-Highest an d Lowest Prices Monthly _______________ l26-127 Railroad and Miscellaneous Stocks in Phila delphia , 1908-Highest and Lowest Prices Monthly _________________ 127 Railroad and Miscellaneous Bonds in Baltimore, 1908-Highest and Lowest Prices Monthly ________ _________ l28-129 Railroad and Miscellaneous St ocks in Balt imore , 1908-Highest and Lowest Prices Monthly ____________________ 129 Railroad and Miscellaneous Bonds in Chicago , 1908-Highest and Lowest Prices Monthly ______________________ 129 Railroad and Miscellaneous St ocks in Chirago , 1908-Highest and Lowest Prices Monthly ______________________ 130  RAILWAY AND INDUSTRIAL SECTION.-(Issue of Jan. 30 1909 bound up witl=r'the Review) ____________ Appendix   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  VOLUME AND COURSE OF TRADE . .ANNUAL .A.ND MONTHLY RESULTS. RETROSPECT OF 1908. In traJe and mercantile affairs the year 1908 was one of intense depression, relieved only by partial recovery the latter part of the year. It is probably no exaggeration to say that the industrial paralysis and prostration was the very worst ever experienced in the country's history. The iron trade is one illustration; there the output month after month ran only a little in excess of 50% of what the monthly i otals had been in 1907 when at their maximum, and the aggregate product for the first half of 1908 was only 6,918,004 tons, against 13,478,044 tons in the first half of 1907. On-the other hand, in financial circles and in monetary affairs, and on the Stock Exchange, the year was one of steady revival of confidence , almost from beginning to end, forming in that respect a sharp contrast with that complete loss of confidence which distinguished 1907, and which eventuated in the financial upheaval in the· closing months of 1907 that threw the whole civilized world into confusion. The revival of confidence during 1908 made steady headway, notwithstanding the tremendous depression in trade , the lack of employment for labor, the loss of profits everywhere and the unparalleled shrinkage in the revenues of the country's rail transportation lines. We shall understand the reasons for the recovery in 1908 if we bear i.n mind the reasons for the antecedent loss of confidence. Ad verse legislation, national and State, directed against railroads primarily, but also against corporations generally; political attacks against men of wealth and against organized capital; the serious advocacy of political and economic doctrines which would completely change the theory of our Government and revolutionize social relations-these and kindred matters had threatened the security and stability of in vestment values. More than that, they had served to reduce the earning capacity of important undertakings and were threatening to reduce the same still further, and had made investors and capitalists fearful about entering upon new ventures, or extending further aid to existing undertakings; in a word, had induced a withdrawal of capital from the ordinary and customary channels and had brought enterprise to a halt. During 1908 this movement, so detrimental to the country's industries, received a severe check, or at least it became plain that it could not be carried much further. The courts made it clear that there was a Hmit set by the Constitution beyond which the legislator could not go, and the legislator himself showed by his course that he was unwilling to go much further in the wrong direction. As far as the States are concerned, there was relatively .l ittle additional legislation of the type which proved so disturbing during 1907, and in some of them the 2-cent passenger rate laws were considerably modified. As far as the Federal Government is concerned, President Roosevelt kept up his activities , and showed in many different ways that he had experienced no change of heart and that in his attitude and conduct he wa.s still controlled by the   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  same spirit and animated by the same desires as in the past. But the effects of his action were entirely different from what they had been before. They were no longer productive of results. His arguments and urgings fell upon deaf ears. Congress could not be got to enact the laws which he so vehemently demanded. There were many manifestations of the. President's activities and at times these served for the moment to put a damper upon the growing feeling of confidence. The remarkable special message which he sent to Congress on Jan. 31, embodying propositions for new legislation and attacking men of wealth, was one of the most extraordinary documents ever sent to a legislative body. The President's action was also seriously disturbing when in February, at a time when the railroads, by reason of the frightful losses in earnings which they were experiencing, were considering the matter of reducing wages, he sent a letter to the Inter-State Commerce Commission making threats of hostile action by the Government in case they took steps of that kind. Again, it was very disturbing the following July when he directed the Inter-State Commerce Commission to avail of its powers to prevent an advance in freight rates on the Eastern trunk lines. This placed these lines in an awkward dilemma . . Their earnings were falling off in an appalling way, but they could neither reduce wages nor advance rates . There were other occasions when the action of the National Government, and its manifestation of the old spirit , tended to keep in check the revival of confidence, but it is unnecessary to enumerate them here. The all-controlling fact was that the President's tenure of office was getting shorter and shorter, and that he had utterly failed to get Congress to enact new radical laws. The National Legislature had adjourned the previous May after a refusal to put on the statute books the measures especially desired by the President regarding labor and trust legislation. In particular the Anti-Injunction Bill, limiting the power of the courts to issue injunctions, and the bill for amending the Sherman Anti-Trust Law so as to give the Federal authorities absolute and arbitrary control over all corporations engaged in business between the States, were kept off the statute books-not even having come to a vote. There were also some indications, off and on, that public sentiment was changing. One case was the defeat at the primaries in Georgia of Governor Hoke Smith for re-election because of his radical course towards the railroads. Most important of all, one Court decision after another was being handed down, all going to show that the courts would not give sanction to attempts to undermine or disregard Constitutional safeguards and privileges . The decision January 6 of the U. S. Supreme Court holding the Employers' Liability Act of Congress unconstitutional was not, perhaps , very important , except that it showed that the Court would insist on careful observance of Constitutional provisions, even in small details . The Act was held invalid because it failed to distinguish between traffic  12  RETROSPECT .  :among the States and traffic within the State. The ~ondemnation on January 27 of Section X of the Erdman Law of 1898, which sought to impose upon inter-State carriers conditions regarding the employment of labor, was of wide significance and bearing. The Court held that the provision referred to was an invasion of personal liberty, an interference with the freedom of contract, and beyond the scope of Congress, inasmuch .as there is no connection between membership or nonmembership in a labor organization and the regulation of inter-State commerce. The next month, February 3, there came the ruling that a boycott by labor unions was an unlawful conspiracy in restraint of commerce under the provisions of the Anti-Trust Law of 1890. This judgment was concurred in by all the members of the Court. On March 23 the U. S. Supreme Court disposed of two of the celebrated cases where States had sought to impose upon carriers non-compensatory rates and charges, and had attempted to deny access to the courts by extraordinary fines and penalties. The Court by a vote of 8 to 1 condemned these laws. In July there came another Court decision of the highest importance. This was by the U. S. Circuit Court of Appeals at Chicago. It set aside the fine of $29,240,000 imposed on the Standard Oil Co. of Indiana by Judge Landis in August of the previous year. All of the three judges concurred in the decision and Judge Landis was reversed on practically every leading point. In September the U. S. Circuit Court of Appeals at Philadelphia declared unconstitutional what is known as the Commodity Clause of the Hepburn Rate Law of 1906. In December the U. S. Supreme Court declared that the IntP.r-State Commerce Commission could not compel answers to questions which had been put to E. H. Harriman and Otto H. Kahn in a general investigation the previous year. This decision was of great moment, inasmuch as it showed that the Commission had no general inquisitorial powers. Nor should we omit mention of the severe penalty imposed in December upon certain labor leaders by the Supreme Court of the District of Columbia for violating injunction orders. There has been stm another circumstance that contributed in a most powerful way to the restoration of confidence. It has been the attitude of the country's leading banking and financial interests. Through a long course of ad verse legislation the credit of the railroads had been almost destroyed. The bankers proceeded to build it up. They had monetary ease in their favor, but on the other hand a shrinkage in railroad revenues was going on that has no parallel anywhere. In April Mr. E. H. Harriman came to the assistance of the Erie RR. at a most critical juncture, averting a receivership for that property-a movement in which J . P. Morgan & Co. co-operated. The next month the latter firm came to the rescue of the Southern Ry. and organized a syndicate which took $15,000 ,000 3-year 6% notes of that company to provide for its very urgent needs. These were among the most important railroad events of the year. It showed not only that leading financi al interests were willing and ready to help embarrassed railroads , but , as a necessary corollary, that they had faith in the future of railroads and that they felt that there was little likelihood of further harm from political quarters .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  In a way the outcome of the Presidential election was also encouraging. Mr. Taft professes the same views and opinions as Mr. Roosevelt, but at least he has a judicial temperament, is believed to be much less impulsive, and furthermore he was so immensely to be preferred to Mr. Bryan that the whole country breathed a sigh of relief when Mr. Bryan's defeat was made certain. The satisfactory agricultural yields were undoubtedly an aid in promoting the revival of confidence. The cotton crop will be 1½@2 million bales in excess of the crop of 1907-08, while the aggregate production of corn, wheat, oats, barley and rye is figured at 4,339,000 ,000 bushels, against 4,166,000,000 bushels in 1907. Prices, too, are ruling fully as high as a year ago, except in the case of cotton. In the general trade depression the railroads suffered beyond all other industries. A statement published by us on subsequent pages shows a loss in gross earnings for the twelve months ending Dec. 31 of $290 ,140,542 on 205,129 miles of road , from which it is evident that for the whole railroad system, comprising over 230,000 miles of road, the loss for these twelve months must have been over $325,000,000. The shrinkage kept growing in magnitude during the first six months , and in May and June the falling off was at the rate of $600 ,000,000 a year. After that, however , the losses gradually diminished , though they were still large on t he roads running t hrough the manufacturing districts, like the Pennsylvania RR. At first the railroads found it difficult to offset the heavy losses in gross receipts even in part by economies in their expense accounts, but the latter part of the year they got control of their expenses and, beginning with September, reductions in the disbursements overtopped the losses in gross receipts. This enables them to make a better showing for the twelve months than at one time seemed possible. Necessarily there were dividend reductions and suspensions, but the number and extent of these was smaller than appeared likely. Receiverships also were less than had been feared. These latter, aside from the Seaboard Air Line and the Chicago Great Western, which came very early in the year , comprised chiefly the minor Gould roads, like the Wabash-Pittsburgh Terminal Ry., the Western Maryland and the Wheeling & Lake Erie. In money matters there was world-wide ease, which is tantamount to saying that business depression, so conspicuous in the United States, extended to all the civilized countries, thus limiting and restricting the demand for money. At the beginning of 1908 the official minimum of the Bank of England was still 7% , that of the Bank of Germany 7½% and that of the Bank of France 4% . These rates were successively marked down until the Bank of England minimum reached 2½ % , that of the Bank of Germany 4% and that of the Bank of France 3% . At no time during the year was there an increase in the official rate of any of these leading banks. It unfortunately happened more than once that there was a recurrence of friction between France and Germany regarding Casablanca affairs; and of course the upheaval in the Balkans, which came in the autumn, when Turkey was deprived all of a sudden of her suzerainty over Bulgaria, Bosnia and Herzegovina, was one of the events which threatened momentous consequences, and which , therefore, was reflected on the European  RETROSPECT. bourses and money markets. Fortunately, war was .-a verted, so that even the influence of this occurrence .never assumed any great importance in money circles .and quickly passed altogether away. One of the striking developments of the year was the noteworthy additions to their bullion holdings made by the leading European banks. The limited mer,.cantile and financial demand for money of course .facilitated this movement. The Bank of France ..all through the year was a persistent bidder for the .South African and other gold arrivals in London, and ,during the twelve months added over £32,000,000 to its gold holdings. The Bank of Germany made an :addition of £13,000,000. The Bank of England shows a loss for the twelve months. At all the European banks combined there has been an increase during the fifty-two weeks from £400,453,866 .to £455,094,480. At ew York there was never the slightest flurry in -money. After the latter part of January the rate for ,call loans on the Stock Exchange never got higher -than 3% until December, and during the summer, when there was extreme congestion of funds, call loans ;for days at a time ruled no higher than ¾ of 1% per annum. In December the rate on one day got .as high as 4½ % . Congress, just before adjournment, passed the Aldrich-Vreeland Currency Bill, providing for an emergency currency in times of stress by means of a sort of double-barreled action-on the direct :initiative of the banks with State and municipal bonds as security and through local currency .associations secured by segregated portions of the general assets. There was, however, never the slightest occasion for availing of these new facilities for issuing bank notes. On June 27 surplus reserves of the New York Clearing-House banks were $68,.233 ,025-the highest figure in fourteen years. Money holdings at that time were $396,480,200; by August 22 they had increased to $412,523,100, which was ·the maximum for the year. Surplus reserves at that ,date, however, were only $65,170,050. By Dec. 26 money holdings were only $344,911,300 and the -surplus was $18,269,675. It is important to note that under new laws passed by the New York Legislature, trust companies and also banks of loan and ·.discount are obliged to hold larger cash reserves in their own vaults and that on December 26 the total -of the money holdings of the State banks and trust •companies, outside of those in the Clearing House, .aggregated $108,401,800, as against $49,025,700 on February 8 1908, when these weekly returns were ·first furnished by the State Banking Department. On account of the business depression there was a .great shrinkage in Government receipts, while on the -other hand the disbursements were largely increased. As a consequence, there was a deficit reaching for the -twelve months ending Dec. 31 no less than $114,624,-000. The Government made large recalls of deposits of public funds from the banks on repeated occasions during the year, so that on Dec. 31 1908 the deposits of public funds with the banks aggregated only $123 ,928 ,436, as against $256,920 ,155 on J an. 1 1908. Government money holdings in Sub-Treasuries Dec . 31 were $313,175,726, against $274,506 ,495 Jan. 1. In November the Government sold $30,000,000 of 2% Panama Canal Bonds , reinforcing its cash holdings to that extent.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  13  On the Stock Exchange the revival of confidence was reflected in a most pronounced way. As 1907 was marked by frightful collapses in security values, so 1908 was distinguished by recoveries hardly less noteworthy in extent. The upward movement may be said to have been in progress all through the year, gaining force and impetus with the favorable court decisions that came one after another and with the success attending the numerous large new loan flotations by railroad and other corporations, and with continued ease in money. In the closing months of the year, after the defeat of Mr. Bryan, the upward movement assumed the proportions of a veritable boom. There were really only two months in the year when the upward course was seriously interrupted, namely in February and in September. On both occasions the causes were entirely political. In February prices suffered from the ill effects of President Roosevelt's special message of Jan. 31 and also from the President's letter to the Inter-State Commerce Commission concerning reductions in the wages of railroad employees. The feeling of depression at this time was intensified by the action of various public men and political leaders in renewing their attacks on corporate interests. A fear then began to spread that the crusade, so destructive in the two years preceding, would be continued, but cumulating evidence going to show that the courts would uphold Constitutional guaranties soon dispelled these fears. In September despondency again settled over the market, owing to the fact that Mr. Roosevelt injected himself so prominently into the campaign as champion of Mr. Taft, and that he and Mr. Bryan were vying with each other in ad vacating radical policies and doctrines. On the latter occasion the break in values reached serious proportions, and the fluctuations in prices were so wild and erratic that they have rarely been paralleled except in times of actual panic. The market was suffering from a genuine political scare. In October, however, hope again revived and it never thereafter disappeared. Taking the year through , and the whole list of stocks, the best prices for the twelve months were quite generally registered either in November or December-most largely in the latter month. In the early part of the year it was chiefly the standard stocks that advanced, but later the low-priced shares were the most conspicuous features. Among these latter, Chicago & Alton common stands out, perhaps, as prominently as any. From 10 in February this stock reached 68½ on Dec. 31. Toledo St. Louis & Western, by which the Chicago & Alton is controlled, shows a rise in common stock from 12 to 50. Among the better class of properties, Atchison common sold up from 66 to 101¼; Baltimore & Ohio common from 76½ to 111½; New York Central from 90½ to 126; Pennsylvania from 108¾ to 132¼; Reading common from 92½ to 143¼; Southern Pacific common from 66¼ to 122½; Union Pacific common from 110½ to 184½ ; Louisv. & Nashv. from 87¼to 125¾, &c., &c. Among the industrial properties, Steel common advanced from 25¾ to 58¾; Steel preferred from 87½ to 114% ; National Lead common from 36 to 92, though in this last instance the high point was reached in August, and the close was only 77½; General Electric rose from 111 to 162¾ and Amalgamated Copper from 45½ to 88%. In a word, a most note-  RETROSPECT.  14  worthy improvement occurred in all classes of share properties. The fact that the whole range of. stocks participated in the tremendous rise is made apparent in the following table, showing the high and low points for the year, and the opening and closing prices, for each of a large number of stocks, arranged in groups. RANGE OF LEADING STOCKS IN 1908.  Openinu. Trnnk LinesBaltimore & OhJo ______ Boston & Albany ______ Clev. Cln . Chlc. & St. L_ Erle _ _ _ __ - - - - - - - - - - N. Y. Cent. & Rud. Riv. N. Y. ChJc. & St. Louis_ Pennsylvania _________ Wabash ______________ Coal RoadsCentral of New Jersey __ Delaware Lack . & West. Delaware & Hudson ___ Lehigh Valley _a _______ N. Y. Ontario & West __ Reading ____ · ---· ____ _ Western and Pacific-Canadian Pacific _______ ChJca~o & Alton ____ __ Chicago Great Western_ Chlc. Mllw. &: St. PauL_ ChJc. & North Western_ Colorado & Southern ___ Denver & Rio Grande __ Great Northern, pret_ __ Illlnols CentraL _______ Minn. St. P. & S.S. M __ Northern Par-ific _______ Rock Is1and Company __ Preferred Southern Paclftc Co ____ Toledo St . Louts & West Union Paclftc _________ Southwe~ternAtch. Top . &: Santa Fe_ Kansas City Southern __ Mo . Kansas &: Texas __ . Preferred ___________ Missouri Pacific _______ St. L. & S . Fr., 2d preL St. Louis So•1thwestem_ Texas &: Pacific _______ Southern RoadsChesapeake & Ohio ____ Louisville & Nashville __ Norfolk &: Western ____ Southern Railway_ b- __ Preferred_ b-- _______ MiscellaneousAmalgamated Copper __ Amer. Car &: Foundry _ American Cotton OIL __ American Locomotive .. _ Amer. Smelt. & Refining Amer. Sugar Refining __  Lowest.  Clos-  inu.  Highest.  Dec. Dec. Dec Nov. Dec. Dec. Dec Dec.  81 ¾ 181 ½ 55 16 ¾ 90¼ 24½ 109 10¼  76 ½ 181 ½ 47 ½ 12 90 ¾ 24½ 108 ¾ 6¾  Feb. Jan. June Mch. Jan. Jan. Jan. Mch.  10 2 17 6 2 3 2 3  165 420 147½ 57¾ 32 ½ 94 ~4  160 420 141 ½ 52 ¾ 29 ¾ 92 ¾  Feb. Jan. Feb. Feb. Feb. Feb.  11 220 Dec. 17 228 Nov. 10 559 6 575 10 181 ~ Dec. 29 181 20 76 I Dec. 31 76 ¾ 19 46 ½ 47½ Dec. 10 17 143¼ Dec. 11 142¾  154 13¼ 8 104¼ 135½ 23 ¼ 20¾ 116 123 79¼ 117 ½ 15 28 x71¼ 14 ¾ 117  Feb. Feb. Feb. Jan . Jan. Feb. Feb. Feb. Feb. Jan. Jan. Feb. 20¾ Feb 66¼ Feb. Feb. 12 110½ Mch. 140 10 3¾ 103½ 135½ 21 14¼ 113 ¾ 122½ 79¼ 116½ 10½  17 13 8 2 2 19 19 10 17 2 2 3 3 17 6 2  111 ¼ 230 70½ 36 126 57½ 132¼ 20 ¾  lR0¾ 68¼ 14¾ 152½ 185½ 59 40½ 148¼ 149¾ 135 H\7¾ 25¼ 62% 122½ 50 184½  Nov. Dec. Nov. Dec. Dec. Dec. Den. Dec. Nov. Nov. Nov. Dec. Dec. Dec. Dec. Nov.  14 110½ 11) 226 14 70 11 34¾ 31 125 ¾ 56 24 30 132 22 19¼  18 31 17 2 29 9 30 29 17 16 18 2 28 30 31 27  177 68 11¼ 151 183½ 57¾ 39¾ 147 ¾ 148 132¾ 142¾ 24¾ 61 ½ x120¾ 48 ½ 183¾  14 ½ 19¼  66 18 17 ½ 46 28½ 19¼ 10 12¾  Feb. Feb. Mch. Feb. Feb. Feb. Mch. Feb.  14 101 ¼ Dec. 29 100 ¾ 25 42% Dec 28 40¾ 2 42 43½ Dec 23 19 75½ Dec. 23 73¼ 19 67 67 ½ Dec. 5 19 42¼ Dec. 30 41 ¾ 7 2:1!4 Dec-. 9 24 29 37¼ Dec. 30 36¼  30 91¼ 63¾ 12 ¾ 35½  25 ½ 87¼ 58 9½ 25½  Feb. Feb. Feb. Jan. Mch.  19 59 !!-ii 19 125 ¾ 19 86¼ 10 27¼ 5 63½  46½  45 ¼ 25½ 24 ¾ 31¾ 55½ 98 ¾ 27 ½ 37¼ 15¾ 111 6¾ 8 120 36 50 24 80 17¼ 14 ¾ 17¾ 25¾ 87½ 41  69 23 ¾ 24½ 56¾ 45¼  28 ¾  30 29¾ 34 ¾ 69¾ 99½ 28½ i~t;~°yta :fi~Efcteri{anslt 39 ¾ Colorado Fuel & Iron __ 19½ General Electric _______ 111 Interboro-Metropolltan_ 7¾ International Paper ____ 8½ Manhattan Elevated ___ 120 National Lead ___ ______ 39½ New York Air Brake __ _ 50 25¾ tt;_a~J~~e 80 Pressed Steel Car ______ 19½ 16 20 26 U. S. Steel Corporation Preferred ___________ 87½ Western Union Teleg ___ 56  ~:g~~~•sMJJfs  ~~f~~u~t~~~ fiuit::==  Feb. 19 Feb. 13 Feb. 19 Feb. 25 Feb. 17 Jan. 2 Feb. 19 Feb. 10 Feb. 11 J an. 2 Jan. 4 April 1 Jan. 4 Feb. 10 Jan. 2 Apr1120 2 Jan Feb . 10 Feb. 11 Feb. 10 Jan. 2 Jan. 2 Feh 19  22 31  12fi ¾  29 28  85.¾ 26¾ 62  7 Dec . 28 Nov. 25 Aug. 13 Aug. 7 Aug. 31 Nov . 13 Dec. 28 Dec . 5 Dec. 2 Dec. 24 Nov.18 Dec. 28 Aug. 7 Nov. 25 Dec. 8 Dec. 23 Dec. 14 Nov. 13 Aug. 7 Nov. 13 Nov. 4 Nov. 30  83½ 50¾ 42 57 ¾ 83 ¾ 131 ¾ 49½ 67¾ 40 159 17 ½ 12 153 ¾ 77½ 93 36¼ 104¾ 43% 25¾ 34 53½ 113 ¼ 69  Dec. Dec . Nov. Dec. Dec.  88 ¾ Nov.  50¾ 44 ¾ 59% 107 137 ¾ 53½ 69 ¾ 42 162¾ 20 13¼ 154 ¾ 92 98 40¼ 106½ 45 29 37½ 5R ¾ 114¾ 71 ¾  57 ¼  28  a Par v a lue ls $50 per share and price 111 dollars per share; not per cent. b Voting trustee certificates '!tamped extended. c Par value Is $25 per share and price is dollars per share; not per Cl'nt. SALES AT THE NEW YORK STOCK EXCHANGE SINCE 1892. Railroad and  Mtscellaneous Stocks.* Shares.  85 ,875,092 ____ - - - --- - - _---80,977,839 ---- - ----- - - ----49,075,032 - --------- - ------ -- _- - __-- - - - - __ - 66,583,232 - -- -- --- __ __ - __ -- 54 ,654,096 --- --- --- --- ----- 77,324,172 __ - _--- - __ - ---- -- 112,699,957 - --------- - ------ 176,421 ,135 - - - ------- --- - --- 138,380,184 - --- - ----- - - - - --- 265,944,659 - - -- __ -- -- _ -- _- __ 188,503 ,403 - --- - - - --- --- - --- 161,102,101 - ------------- --- 187,312,065 ____ -- ___- - _- - - -- 263 ,081,156 - - - -- -- 284,298,010 ---------___ _________ _____1 196,438,824 1908 - - ___-- --- --- -- __ 197,206,346  1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907  Ratlroad and  Mtscellaneous Bonds.  s  485,857 ,400 351,854 ,450 339,950,250 499,758,080 363,158,820 529,843,960 888,747,630 826,711,400 569,159,000 994,235 ,400 879,749,150 684,300,400 1,014 ,812,700 815,716 ,200 605,554,200 456,116,300 999,025,800  Government  Bonds.  s  State  Bonas. $  1, 729, 100 4,793,950 2, 143,250 3,792,800 4,345 ,400 10,929,900 7,480,250 5,5 3,200 2,284,000 26 ,494,150 2,004,950 10,394,950 24,581,980 3,642,700 10,582,180 2,013,200 2,082,200 7,012,080 2,502,800 1,892,670 1,378,050 3,675,900 1,162,050 470,600 24,652,575 681,180 1,189,120 x207 ,513,450 1,809,800 67,588 ,850 69,196,100 858,050 521,820 81,713 ,500  - - - - - - - -- - - -- -  * This Includes all stocks (except bank stocks) and also trust certificates, &c., sold In the "unlisted" department, except petroleum certificates sold by barrels. x Largely Japanese bonds.  The foreign exchange market pursued an uneven course throughout the year, but its main characteristic was strength, and exports of gold reached considerable proportions in April to July inclusive , and there was another outflow in December. Money r ates often were lower here than abroad, facilitating gold exports. Numerous large loans by railroad and other  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  corporations were brought out in the United States~ and in the case of not a few of such issues considerable amounts were placed abroad. Furthermore, in the early part of the year, when values on our . Stock Exchange were still ruling low, there were probably considerable purchases of the better class of share· properties for foreign account. On the other hand,. in the latter part of the year sales for foreign account to realize the enormous profits which had accrued as. the result of the rise in values appear to have been equally heavy. January saw a sharp rise in exchange· rates from the low figures reached in December 1907, when gold was still flowing this way from Europe. In February some weakness developed on offerings. of drafts against purchases of American securities for European account. The latter half of the month,. however, the market was strong again. The strength. was well maintained through March, and in April a . large outflow of gold began which continued through. the next three months. In June some weakness de-· veloped the latter part of the month, a prominent feature being a good supply of bills against the-placing abroad of a large block of the new Union Pacific loan for $50,000,000. The latter half of July there was again weakness. and the inducing cause appeared to be much the same, namely the drawing against credits which had been established at London and Paris through the previous. negotiation abroad of considerable blocks of American railroad and other securities. On the other hand, exchange was then being gradually accumulated to meet the requirements in connection with the maturity· the following November of $25,000,000 New York City revenue bonds negotiated in Europe the previous. year, and small amounts of gold continued to go out that month. In August exchange was weak almost the entire month, owing to the drawings against credits abroad which had been established in the way already mentioned. In September the course of exchange was once more completely reversed and rates again got up close to the gold-export point. The upheaval in the Balkans kept it high in October, though offerings of bills against securities placed abroad prevented any actual gold shipments that month. In November some buying of American securities, following the result of the election, weakened exchange the. early part, but realizing sales the latter part of ovember produced a renewed rise which resulted in a fresh outflow of gold in December. Below we bring together some general statistics for 1908 and 1907, affording an interesting contrast between the two years. GENERAL SUMMARY FOR TWO YEARS. 1908.  1907.  Coln and currency in U.S. Dec. 31_ ____ $ *3,399,116,912 *3,349,223,380 Bank clearings In United States ________ $ 132,272,067,412 145,175,733.493 197,385,225 222,315,684 Business failures ___________________ __ $ 196,438,824 197,206,346 Sales at N. Y. Stock Exchange ___ shares 645,353,800 4 53,443,450 Grain &: fl.our at Produce Exchange __ bush 1,423,169,820 1,116,402,243 Imports of merchandise (12 months) ___ _ $ 1,923,426,205 1,753,307,931 Exports of merchandise (12 months) ____ $ h88,182,391 30,969,357 Net exports of gold (12 months) _____ __ _ $ 2,486,617,307 2,196 ,476,765 Gross earnings 137 road s (12 months) __ -$ 5,499 Est. 4,500 Rallroadconstructed ______________ mll es 634,087,000 664,602,000 Wheat raised __________________ bushels 2,592,320,000 2,668,651,000 Corn raised ____________________ bushels 754 ,443,000 807,156,000 Oats raised ____ __ ______________ bushels 11,581,829 (?) Cott on raised ____ _ _______________ bales 25,781,361 15,936,018 Pig iron produced (tons of 2,240 lbs.)_ __ _ 3,633,654 1 , 921,611 Steel rail production (gross t ons) __ - ___ - 42,245,070 25,900,000 Lake Superior ore shipm ents (gro ss tons)_ 868,996,491 920,000,000 Copper production In U. s ___________ lbs . 67,109 ,393 64,665,014 Anthracite coal ______ (tons of 2,2 4 0 lbs .) 166 ,095, 335 175,000,000 Petroleum production (wholeU . S.) __ bbls 1,334,166 410,319 I mmigration into U. S. (12 montbs) ___ N o • A revised estimate of stock of gold coin was adopted Aug. 1 1907 , a reduction of $135 ,000,000 being made. h Net imports.  RETROSPECT. JANUARY.-CurrentEvents.-Business continued exceedingly depressed, with reports showing about 350,000 idle ·freight cars on the railroads and with railroad earnings recording enormous losses. In monetary affairs, however, there was an almost complete return to normal conditions. The premium fot currency, or cash money, disappeared with the --old year; the condition of the N. Y. Clearing-House banksimproved with great rapidity, the deficiency below reserve re•quirements having passed away with the statement for Jan. 11, and by the end of the month the surplus reached $40,526,725; Clearing-House certificates in this city and throughout · the country were rapidly reduced or altogether retired; money rates dropped to low figures and discounts abroad were sharply reduced. In brief, as far as monetary affairs were . concerned, all traces of the disturbance and distrust which had prevailed in Europe and America during 1907 were removed. The after-effects-in intense business depression, ·.1ack of employment, dwindling revenues and profits-remained, and were felt in every industry throughout the land. No further gold was taken in Europe for the U. S., though some more gold arrived previously engaged; in fact, owing to · the rise in foreign exchange here, there was talk of possible gold exports from this side. This removal of the American -demand for gold enabled the Bank of England to make very large additions to its bullion holdings through gold arrivals in London, besides which there was a large return flow to London of gold from internal circulation, so that the Bank's position was greatly strengthened and it was able to begin the re-. payment to the Bank of France of the .$15,000,000 gold bor. ~rowed during the crisis in 1907. In the p.ve weeks to Jan. 30 the Bank's stock of gold was inc.r eased no less than £7,762,304 . . On Jan. 2 the Bank's discount rate was reduced from 7 to 6%r on Jan. 16 to~ and on Jan. 23 to 4. The Bank of Germany on Jan. 13reduced from 7½ to 6½ and Jan.25 to 6%. "The Bank of France cut its.rate from 4 to 3 ½ on Jan. 9 and to 3 ·Jan. 23. All this caused a great improvement in English -consols the latter part of the month and the price Jan. 31 was · ,86 9-16 against 83¾ Jan. 2. The Sec. of the Treasury, Mr. . Cortelyou, by degrees recalled Govt. deposits. Such deposits Jan. 31 were only $238,190,042 against $256,920,155 at the beginning of the month. Treasury money holdings were increased from $274,506,495 to $292,085,948. Govt. deposits ·in the N. Y. Clearing-House banks were reduced from $78,889,100 Dec. 28 1907 to $61,024,0.00 Feb. 1 1908; the improvementin the condition of these institutions, noted above, -occurred in face of this withdrawal of Govt. money. The banks throughout the country began actively to retire banknote circulation; the amount of notes secured by bonds Jan. 31 was $641,919,664 against $643,459,899 at the beginning of the month, affording apparently little evidence of retirement; but, on the other hand, the notes afloat on legal tenders increased from $46,670,996 to $53,483,098, indicating large deposits of lawful money for retiring circulation. Various currcncy measures were presented in Congress, the most promin-cnt being the Aldrich bill reported by the Senate Finance Committee, providing for an emergency circulation based on municipal and railroad bonds; the bill of Chairman Fowler of the House Banking and Currency Committee, providing for ·the entire reconstruction of the country's currency system, .and the measure advocated by the American Bankers' Association, which differed from both of these. Notwithstanding -the monetary situation so decidedly improved, some further bank suspensions occurred. Outside of N. Y. these were not -of great consequence. In this city, however, as an aftermath -of the disturbances the previous Oct. and Nov., several banks were forced to succumb-all being institutions previously weakened and which had been carried through the crisis of the autumn by the Clearing House. These bank failures arose -out of the effort of the N. Y. Clearing House to compel the retirement of the few millions of Clearing-House certificates still -outstanding with a view to the resumption on Feb. 8 of the detailed bank statement showing the separate condition of ,each bank, which had been suspended on Nov. 21907. This ,directed attention anew to the banks which had received aid -during the crisisandinducedlargefurtherwithdrawalsof de-. posits from such institutions. The National Bank of North America was the first to feel the strain, and on Sunday, Jan. 26, it appearing very likely that it would the next day be subjected to a serious run, which it would be impossible to meet -without further aid from the Clearing House, the officials   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  15  asked the Comptr.o ller of the Currency to take charge. This suspension caused uneasiness on the part of depositors in other banks still holding loans on Clearing-House certificates. Hence, though on Tuesday, Jan. 28, the Clearing House decided to allow the banks more time in which to cancel the certificates, such banks were forced, one after another, owing to the large withdrawals of deposits, to succumb. The New Amsterdam Nat. Bank closed Jan. 29, the Mechanics & Traders (which had a few months previously taken over a Brooklyn bank and had many branches in the borough of Brooklyn) on Jan. 30 and the Oriental Bank on Jan. 31. At the close of Jan. practically all Clearing-House certificates issued in N. Y. had been retired except those representing loans to these suspended banks. At its highest the aggregate of ClearingHouse certificates taken out by the N. Y. banks was $88,420 ,000, but the maximum used at any one time was only about $74,000,000. There were two small suspensions on the Stock Exchange, namely Robert Maclay & Co. and Whitney & Kitchen; also a small suspension in Boston. The Pittsburgh Stock Exchan-"e re-opened Jan. 27 after having been closed since the previous Oct. 23. The New Orleans Stock Exchange resumed dealings in stocks Jan. 15; previously business had been confined to trading in bonds. The Hamilton Bank of this city, which had been closed since Oct. 24, reopened Jan. 20. As already noted, industrial affairs everywhere were at a low ebb, though in most cases the paralysis was not so complete as it had been the preceding December. The make of iron in the U. S. during Jan. was computed by the '(Iron Age" at only 1,045,525 tons, against 1,234,279 tons in th~ previous Dec., 1 ,828,125tons in Nov. and 2,3?6,972 tons in Oct. Under .the auspices of the executive official~ of ·the U.S. Steel Corp., conferences were held among the manufacturers of steel, and it was agreed to maintain prices for finished products of iron and steel (after the concessions a.l ready made in that respect after the panic), with the view ~o preventing demoralization and encourage consumers to feel that purchases could be made with reasonable confidence. In the cotton goods trade some drastic reductions in prices were announced, but they failed to stimulate buying to any great extent. An extensive lockout of cotton mill operatives in Lan.cashire, Eng., had been threatened, but was averted at the last moment by the withdrawal by the employees of their demands. The following Sept. a lockout occurred. Print cloths at Fall River, which had dropped the previous month from 5¼ to 4¼c., declined still further to 4½c. Middling upland cotton in this market fluctuated between 11.30c. Jan. 7 and 12.25c. Jan. 17, with the close Jan. 31 at 11.65c. Wheat sharply declined, the May option at Chicago dropping from $1 08½ Jan.4 to 95¼ cts. Jan. 31. On account of the depression in business four of the largest diamond importers in this city became embarrassed and their affairs were placed in the hands of trustees for liquidation. The railroads suffered severely. At the very beginning of the year the Seaboard Air Line Ry. went into receivers' hands, and later the Chic. Gt. Western had the same experience, and on Feb. 1 the Det. Tol. & Ironton also passed to receivers. The Chic. & Mil. Elec. RR. met a like fate. The Southern Ry. announced a reduction to take effect Feb. 1 of 10% in the salaries of the President and other high officials. The B. & 0. made a cut of 10% in the pay of all officers and employees receiving $166 a. month or more, also effective Feb. 1. In the political developments affecting the railroads there were some new unfavorable happenings. The very first business day of the year (Jan. 2) Washington dispatches announced that the U.S. Govt. contemplated legal proceedings against the Union Pac. or Harriman combination of roads. This was confirmed later and on Jan. 25 Attorney-General Bonaparte made official announcement that a bill in equity would be filed by the Govt. under the Sherman Anti-Trust Law to set aside control by the Union Pac. and its subsidiary corporations of the Southern Pae. and of the San Pedro Los Angeles & Salt Lake RR.; also to have declared illegal the ownership of stock in the Atch. Top. & Santa Fe and the Gt. Northern and th~Nor. Pac. companies. The stock holdings in Ill. Cent., N. Y. Central, B. & 0., Milw. & St. Paul, &c., were not attacked. Gov. Hughes in his message to the Legislature Jan. 1 urged extending the functions of the two Public Service Commissions in this State so as to bring telegraph and telephone companies under their supervision. Asit happened, too, the Public Service Commission for the Second District intimated in its an-  16  RETROSPECT.  I  nual report that it might be deemed advisable to order the swering questions regarding purchases for himself. The folrailroads in N. Y. State to adopt passenger rates of 2c. a mile ) lowing Dec. the U . S. Supreme Court held that none of the-a threat which was not carried out during 1908. The Ten- questions were within the power of the Commission to ask. nessee Railroad Commission ordered all roads to put into op- The Sovereign Bank of Canada became embarrassed, but the eration a fiat rate for passengers of 2½c. a mile on April 1- other Canadian banks took over its business and protected the the reason assigned was that the Southern Ry. had just en- depositors. In Chicago John R . Walsh, the former head of the tered into a compromise with the authorities in Georgia and Walsh banking institutions which suspended in De c. 1905, agreed to accept a 2 ½-cent rate in that State, and had also namely the Chicago Nat. Bank, the Equitable Trust Co. and promised to give the same rate to other States. A conference the Home Savings Bank, was found guilty Jan. 18 by a jury of railroad operating officials with Pres. Roosevelt took place on the charge of misapplying the funds of the Chicago Nat .. on Jan. 27, one of the subjects for consideration being the Bank. The N . Y. Clearing-House Association Jan. 13 took question of legalizing pooling , but the conference had no tangi- action providing for the admission of trust companies to full! ble results. On Jan. 31 Mr . Roosevelt sent a most extraor- membership in the Association on condition that they main-dinary special message to Congress couched in very intemper- tain a cash reserve in their own vaults of 25% of deposits, but, ate language. Its ostensible purpose was to urge the enact- nothing ever resulted from the step. The N. Y. State Supt. ment of a new employers' liability law , but it was devoted of Insurance, Otto Kelsey, notified the insurance companiesmainly to denouncing those who had opposed Mr. Roosevelt's that they must regain possession at once of all bonds loaned~ policies and methods,and was exceedingly bitter in tone and to national banks during the panic to be used as a basis for-in spirit. The President again advocated the numerous radi- bank-note circulation or as collateral for Govt. deposits. He cal doctrines to which he had ·committed his administration, stated that under the law the Insurance Dept. could not counargued in favor of some control of the physical operations of tenance the loaning of bonds by the companies. The latter the railroads and for Government valuation of the roads, and were also notified that in their annual statements they would took an incursion into a new field by denouncing margin deal- be allowed to make up their security valuations on the basis ings in stocks and in commodities and suggesting denial of the of an average for the thirteen months instead of taking..· use of the mails and telegraphs and telephones to those en- market values at the close of the year. A new tradegaged in speculative dealings. A number of encouraging agreement between the United · States and France was-court decisions came as a counterpoise to these unfavorable proclaimed, applying the minimum rate of duty under the political developments. On Jan . 6 the U.S. Supreme Court Dingley Tariff Act to Frencblchampagnes in return for the declared unconstitutional the Act of Congress approved June French minimum rate of duty on coffee, cocoa, chocolate, . 11 1906, known as the Employers' Liability Act, and which vanilla, &c., and mineral oils coming from the U. S., including: made railroads responsible in damages to their employees for Porto Rico. Race riots between the whites and the Japanese injuries resulting from the employees' own carelessness or the occurred at Vancouver, B. C. The District Court of Appeals. negligence of fellow-employees. The Act was declared illegal at San Francisco set aside the conviction of Mayor Schmitz-: because it failed to distinguish between traffic among the on the charge of extortion. States and traffic within a State . On Jan. 27 the U. S. SuRailroad Events and Stock Exchange Matters.-Adecided re-· preme Court held unconstitutional Sec. 10 of what is known vival of activity occurred on the Stock Exchange during Jan.,as the Erdman Law, approved June 1 1898, and which with a large and general advance in prices. The controlling: sought to prevent inter-State carriers from refusing to employ circumstances were the development of ease in the moneymembers of labor unions. This provision was condemned as market and a restoration of confidence in financial circles in. an invasion of personal liberty, an interference with the free- this country and in Europe. Bonds shared in the improvedom of contract and as being beyond the scope of Congress, in- ment, notably the U. S. Steel sinking fund 5s, and also someasmuch as there isno connection between membership or non- low-priced semi-speculative issues like Brooklyn Rapid Tran-· membership in a labor organization and the regulation of sit refunding 4s and Interb.-Met. coll . 4½s. The floating of inter-State commerce. Another highly important decision some large new issues, in particular the $30,000,000 5% equipby the U.S. Supreme Court came early the next month (Fe b. ment trust certificates of the N. Y. Cent. and subsidiary lines,. 3). In this a boycott which had been instituted by a labor tended to impart additional strength to the market. Returns organization against a firm of hat manufacturers doing trade of railroad earnings were in most cases exceedingly poor, but in several States was declared (all the members of the Court these were in large measure ignored in the belief that a revival concurring) an unlawful conspiracy in restraint of commerce of business activity would come in the near future-an expecunder the provisions of the Anti-Trust Law of 1890, and it tation which was not realized. The railroad receiverships was held that under Section 7 of the law the injured concern mentioned above were also an unfavorable feature. Stock could recover damages in triple the $80,000 claimed. On values, nevertheless , remained strong, with more or less irJan. 20 Judge Smith McPherson in the U. S. District Court regularity on special days and in special stocks, and this irregdeclared void the Missouri statute of 1907 forbidding corpor- ularity became more pronounced towards the close of the ations organized in other States from transferring suits from month as it appeared from the dispatches from Washington, the State Courts to the Federal Courts. The Penn. Supreme Albany and other State capitals that the spirit of antagonism Court Jan. 20 affirmed the decision of the Common Pleas to railroad interests had by no means died out . Amer. Smelt. Court of Philadelphia and held the Dunsmore Two-Cent Pas- & Refin. shares were one of the weak specialties, from causes senger Rate Law passed by the Penn. Legislature in 1907 il- peculiar to that property, the common dropping from 79 ¼ legal so far as the Penn. RR. was concerned on the ground J an. 15 to 62 % Jan. 23, with the close 67 ½- Atch. com .sold that the rate was unremunerative . In the U. S. District up from 68½ J an. 8 to 74½ Jan . 18 , with the close Jan. 31 at-, Court at Dallas, Tex ., Judge Edward R. Meek on Jan . 14 , in a 72¼. Milw. & St. P. com. advanced from 103½ Jan. 2 t0, case in which the Pullman Co. was a party, restrained an order 117 ½ J an. 18, closing J an. 31 at 113 ½. Del. & Hud. sold up, of the Texas RR. Commission reducing sleeping car rates. from 147 Jan. 2 to 168 J an. 10, with the close Jan. 31 at 152 .. This decision was affirmed the following Nov. by the U. S . Great Nor. rose from 115¼ J an. 2 to 125 ¾ J an. 18, closing Circuit Court of Appeals at New Orleans. On J an. 16 the at 121 1/s. N. Y. Cent. from 90½ Jan . 2 advanced to. Texas RR. Commission dismissed the application for a reduc- 103 Jan. 14, closing at 97. Pennsylvania from 108¾.. tion in passenger rates from 3c. a mile to 2 ½c on Texas roads. Jan. 2 got up to 117 ½ Jan. 20, with the close 112½,.. At the same time the order made May 20 1906 establishing a Union Pac. com. rose from 116¼ Jan. 2 to 123 % Jan ._ 2½c. fare on the Houston & Texas Central , against which an 18, closing 122 ½. U. S. Steel pref. from 87½ Jan. 2 injunction had been obtained in the Federal courts, was also rose to 95¾ J an. 14 with the close Jan. 31 92½. Amal.. withdrawn and canceled. In New Jersey the Court of Errors Cop. after moving up from 45½ Jan. 2 to 53¾ Jan . 15,. and Appeals on J an. 7 unanimously upheld the Perkins Main closed at 52. Can. P ac . stockholders were offered $24,336,-Stem Tax Act of 1906 increasing railroad taxes in that State. 000 new com. stock at par. The Chic. R. I. & Pac. Ry. sold: On Jan. 16 Judge Hough in the U.S. Circuit Court held that $6,000,000 of its 1st and ref. 4s. The Mo. Pac. sold $6,000,Pres. E. H. Harriman ,of the Union P ac.,and Otto H. Kahn, 000 2-yr. coll. tr. conv. 6% gold notes to take up the $6 ,000,of Kuhn, Loeb & Co., must answer certain questions put to 000 5% notes issued in 1906 and which matured Feb. 10 1908 ~ them by the Inter-State Commerce Commission the previous It was announced that $38,585,400 6% conv. debenentures year touching the purchases of stocks of other roads by the had been subscribed for by shareholders of the N. Y. N. H Union Pac . Mr. Harriman , however, was excused from an- & H. RR. It was stated that the syndicate which had   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RETROSPECT. underwritten $14,576,000 conv. bonds of the Norf. & West. Ry. had expired by limitation Dec. 31 1907 and that comparatively few of the bonds had been sold. Consol. SS. Lines (the unfortunate Morse combination of steamship lines) defaulted in the int. on its coll. tr. bonds, and the company, as well as some of the steamship companies controlled, went into the hands of receivers. The long protracted litigation concerning the trolley lines of Chicago was finally terminated, enabling the carrying out of the plan for the rehabilitation of the properties under the name of the Chicago Rys. Co . The L. & N. RR. distributed its holdings of stock in the "Louisville Property Co." (controlling coal and other lands) in the shape of a 1 % div. to L. & N. shareholders. This was with the view to prepare for the going into effect on May 11908 of the provis on of the Hepburn Rate Law forbidding railroads from transporting over their lines any products in which they may hold any interest. The Clev. Cin. Chic. & St L . reduced its semi annual div. on the com. stock from 2 to 1 % . On the other hand, the N. Y. Chic. & St. L. made the annual div. on its 2d pref. stock 5 % against 4 % in 1907. Amal. Copper made a further cut in its div ., reducing the quar. payment to only ½ of 1%. Anaconda Copper, controlled by the Amal., and some other copper companies also again decreased their div . rates. The Cripple Creek Cent. RR. passed divs. on both com. and pref. shares. The U. S. Cast Iron Pipe & Fdry. Co. passed the div. on its com. stock. The Homestake Min. Co., which the previous May suspended divs., owing to a fire in its mines, resumed regular monthly payments. The Money Market.-In the money market there was a complete restoration of normal conditions and the latter part of the month rates dropped to low figures and the market really became congested. At the opening, pending the distribution of the large 1st of Jan. int. and div. payments, quotations still ruled high. On Thursday, Jan. 2, the quotation for call loans at the Stock Exch. got up to 20% and time loans were quoted at 10 for 60 to 90 days, 7 for 4 to 5 mos. and 6 for 6 mos. A loan of $500,000 at 6% for 8 mos. was actually recorded at that time. On Jan. 31, on the other hand, the range on call at the Exch. was only 1½@2 and trust cos. were out of the call loan market, since they could get 2 % by leaving their money on deposit with the banks. Time loans were then quoted at 3@3½ for short maturities, with no business recorded, while the rate for 4 mos. was 4 ½ and some money was placed at this figure on loans for 6 mos. Mercantile borrowers were advantaged most by the change in conditions, as previously they had had to submit not only to high discounts but in many instances to pay large commissions for obtaining loans. Early in the month the quoted rate for paper was still 8%. At the close quotations were 5 ½@6 for 60 to 90 days endorsed bills recei v. and for prime 4 to 6 mos. single names; good single names were quoted at 6@6½. The demand for short-term coll. notes issued by railroads and other corporations diminished somewhat, owing to the receivership announcements. In their first weekly statement of the year, Jan. 4, the N. Y. Clearing-House banks still showed $11,509,550 deficiency , but the next week a surplus of $6,084,050 was reported, and by Feb. 1 this surplus had increas:. d to $40,526 ,725. Money holdings increased from $250,606,900 Jan. 4 to $325,152,100 Feb. l. Deposits between the same dates rose from $1,048,465,800 to $1,138,501,500. Loans were $1,132,871,800 Jan. 4, $1,117,149,600 Jan. 11, $1,135,569,700 Jan. 25 and $1,133,786,100 Feb. l. Foreign Exchange, Silver, &c.-Foreign exchange developed great strength and rates for sterling sharply and almost continuously advanced until the last few days when some recession occurred. As noted above, all anxiety regarding monetary affairs abroad was removed and the leading European banks made successive reductions in their discount rates. Open market discounts fell away even more sharply. Gold engagements for the U.S. not only ceased, but the latter part of the month, with the rise in exchange, there was talk of possible gold exports from N. Y. Merchandise exports were on an exceptionally large scale, but there was a scarcity of commercial bills nevertheless, and it was suggested that the exports had been drawn against in advance of their actual shipment. Exchange rates were at their lowest figures on the opening day, at 4 7975@4 80 for 60-day bills; 4 8470@ 4 8475 for sight and 4 8575@4 86 for cable transfers. Sixtyday bills were at their highest Jan. 24 at 4 8390@4 84 and this was also the figure Jan. 31. The high point for sight   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  17  bills was 4 8720@4 8725 Jan. 27, with the close Jan. 31 4 8695@4 8705. The high point for cable transfers was 4 8755@4 8765 Jan. 24, with the close Jan. 31 4 8735@ 4 8745. Open market discounts at the beginning of the month were 5 at London; 4@4½ at Paris and 6@6¼ at Berlin and Frankfort. On Jan. 31 the rate at London was• 3 ½@3 ¾; at Paris 2 ½ and at Berlin and Frankfort 4 ½@41/s. Silver at London showed some recovery and from 24½d. Dec. 31 1907 there was an advance to 27d. Jan. 7, but the close Jan. 31 was at 25½d.  FEBRVARY.-Current Events.-The month opened in gloom, and closed in gloom, relieved only by the success of the N. Y. City $50,000,000 offering of 4½% bonds on Feb. 14. It was known beforehand that the J. P. Morgan syndicate would put in a bid for the whole issue and this was an important influence in insuring the success of the sale. As it was, the syndicate got none of the $47,000,000 long-term stock due 1957 and only $1,101,880 of the $3,000,000 assessment bonds due in 1917. Altogether 1 ,168 proposals were received for an aggregate of $271,242,650. The 1957 bonds were placed on an interest basis of about 4.29% and the $3,000,000 assessment bonds on a basis of about 4.38%. The disturbing events which served to revive the feeling of gloom in financial and industrial circles were wholly political. The more that Pres. Roosevelt's special message to Congress on Jan. 31 was pondered, the more discouraging it appeared to make the outlook, inasmuch instead of relief from the political attacks which had been such an important element in bringing about the prostration of the country's industries, it seemed to indicate a renewal of these attacks. Other political developments were of like character. William J. Bryan, Democratic candidate for the Presidential nomination,. in the week following the President's message, delivered a. number of addresses, in which he made attacks of his own on the railroads, on men of wealth,and on Wall St. Then,too,. the views and utterances of the candidates at that time most generally mentioned in connection with the Re publican nomination gave cause for concern. Sec. Taft made an address Feb. 10 in which he referred to the President's special message as a "bugle call" to renewed support of the policies of the Administration, and Feb.13 made another address in which he declared that "we have not quite enough regulation of railways. Other powers ought to be conferred upon the Inter-State Commerce Commission." He also advocated a new anti-trust law, made "more specific to bring all within its provisions." Senator Knox delivered an address Feb. 11 lauding the Administration and expressing approval in particular of the Hepburn Rate Law. He also urged that the law must be rigorously enforced, saying "we must not forget that the efficiency of all law lies in the efficacy and persistence of its enforcement." Governor Hughes sent a special message to the State Senate at Albany again demanding the removal of State Supt. of Insurance, Otto Kelsey, on the report of Matthew Fleming , a special Commissioner appointed by the Governor, the grounds being very unsubstantial (see "Chronicle" of Feb. 15 1908, p. 372) , and he also granted the request of Att.-Gen. Jackson that Dist. Attorney Jerome be superseded in the conduct of the so-called ice trust cases and that he, Jackson , be delegated to conduct the prosecution himself and infuse new vigor into it. The State Senate Feb. 26, by a vote of 30 to 19 , refused to endorse Mr. Kelsey's removal, this comparing with a similar vote of rejection the previous year of 27 to 24. The most depressing incident of all was the letter which Pres. Roosevelt sent to the Inter-State Commerce Commission on Feb. 18 concerning reductions in the force of railroad employees and prospective reductions in wages. The railroads at the time were suffering frightful losses in revenues, and retrenchment and economy were essential to escape bankruptcy. The President in his letter directed inquiry to determine if there was cause for any reductions and he indicated as one of the things which the Commission must look into the question whether the plight of the railroads had not been caused "by misconduct in the past financial o·r other operations" of 'the companies. Employees had previously shown a disposition to acquiesce in wage reductions as unavoidable. Now they began to assume an attitude of opposition. The L. & N. RR., which was singled out for special mention in the letter, later in the month rescinded its order reducing the pay of engineers and  18  RETROSPECT.  conductors 10%, which was to have gone into effect Mar. I. The conductors had already accepted the cut. A similar reduction by the Nash. Chatt. & St. Louis was also recalled. Feb. 15 it developed that the U. S. Government in prosecuting its suit under the Anti-Trust law against the Un. Pac. RR. had asked that the latter be enjoined from receiving dividends on the So. Pac. shares held by it. This last would have de prived the U. P. of aggregate income of 7, 22,000 per annum. About the same time it was also announced that the Inter-State Commerce Commission had placed information in the hands of U. s. Dist. Attorneys throughout the country tending to show violations of the Inter-State Commerce Act by the So.Pacific in the granting of rebates. It was stated that in these actions the Federal Government intended to co-operate with the State authorities in California, who claimed to have under consideration 4,000 alle.!!ed ..., illegal transactions on the part of the company ,and that if convictions were secured in all cases fines might be levied aggregating 80 ,000,000. The developments in some of the States were of like unfavorable character , though with occasional exceptions to the rule. The North Carolina Legislature enacted the 2½ cent passenger fare bill (with mileage books at lower rates) agreed upon between the Governor and the railroads , and to pass which the Legislature had been called in special session in Jan., thus replacing the 2 ¼cent rate of the previous year. The Kansas Legislature, which had been convened in special session Jan. 6, adjourned Feb. 4 without enacting either the 2c. fare bill or the law for the guaranty of bank deposits recommended by the Governor. On the other hand, the Kansas State Board of RR. Commissioners on Feb. 14 ordered Kansas roads to put into effect Apr. 1 a new schedule of freight rates involving a reduction in various articles averaging, it was said, 15 to 20%. Some additional receiverships were announced, prominent among them being the Intern. & Gt. No. RR. One of the reasons given for the step in this case was that the company had been called upon by the Texas RR. Commission to make additions and improvements involving expenditures of several mllion dollars.There were many other di turbing influences. One feature in particular was legislative propositions in various States and in Congress intended to prohibit margin dealings in stocks and in commodities, or else to impose heavy taxes on the same; that movement was stimulated by the President's specialimessage on Jan. 31, with its reflections on speculation. In the Southern States particularly antioption legislation and agitation were prominent. Developm ents regarding trade were somewhat mixed. In the iron and steel industry some slight reaction occurred from the previous extreme depression. Pres. Corey of the U. S. Steel Corporation was quoted Feb. 7 as saying that while in Dec. the mills of the company had been producing to only 36% of their capacity, they were now working on the basis of 45% to 50% of their production. On the other hand, some of the equipment companies were obliged further to reduce their working forces,· at the Baldwin Locomotive Works of Phila. only 9,000 hands were at work against 15,800 Jan. 1 1908 and 18,000 October 1907. In copper a further drop in pr ice to 12 ½c. occurred, and advices from Butte the early part of the month stated that labor conditions (owing to the suspension of copper-mining) had become so bad that soup kitchens had been started at that point by the Salvation Army and Sen. Wm. A. Clark to feed the large masses of unemployed. Fortunately the low price induced enormous exports of the metal (though no improvement occurred in the domestic demand) and at the very close of the month the welcome announcement was received that the Amal. Copper Co. would resume work in the Butte district Monday, Mar. 2. The make of iron in the U. S. during Feb. (29 days) was 1,079,721 tons,which, though only half the normal output, compared with 1,045,250 tons in Jan. (31 days.) In the dry goods trade , wholesale reductions in prices were made, without stimulating purchases, and the New England mills decided to continue for an indefinite period the curtailment beguntheprevousDec.,whenanagreementhadbeenentered into by about 75% of the spindleage of New England providing for a curtailment of 25% between Dec. 25 and Mar. 1. Pri-nt cloths at Fall River dropped from 41/s to 3.1/sc.; cotton Feb. 29 was 11.45c. for middling uplands in this market against 11.65c. Feb. 1. Wilson, Colston & Co., a very old banking house in Baltimore, announced its failure. A. .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Chandler & Co. of Philadelphia, a firm interested in street railway properties, also made an assignment. The Home Bank of Brooklyn Borough, a very small institution, was closed by the State Banking Dept. Feb. 1. On the other hand , the First Nat. Bank of Brooklyn, which had suspended the previous Oct . . re-opened for business Feb. 10. The N. Y. Clearing House ,in resuming on Feb. 8 the publication of the condition of the separate banks . began an nnovation by giving in the case of the grand aggregates (but not in the case of the separate banks) figures to indicate the condition at the end of the week in addition to the averages for the week. The State Supt. of Banking at the same time began to give out totals showing the condition of the banks and trust companies under his supervision-both those in the Greater New York and those in the rest of the State. Owing to large Argentine shipments, there was a sharp break in wheat prices, th e May option at Chicago declining from 981/s cts. Feb. 5 to 90¾ Feb. 19; but there was an equally sharp recovery and by Feb. 29 the price was up to 99 ½ cts. The Sec. of the Treasury Feb. 24 announced that national banks holding 100,000 or more of Government deposits would be required to return 25% of the same (calling for about 35,000,000), 10% to be due Mar. 9 and the remaining 15 % Mar. 23. Government deposits in the banks Feb. 29 were $230,515,443 against $238,190,042 Jan. 31. Government money holdings Feb. 29 were $304,225,160 against $292,085,948 Jan. 31. Bank circulation secured by bonds was reduced from $641,919,664 to $632,458,712. A financial crisis at Copenhagen was one of the events early in the month. One bank suspended and runs occurred on several others. It was dealt with by the passage by the Folkething of a bill introduced by the Government authorizing the State to guarantee the liabilities of certain of the banks. In Japan, also, financial tension was reported. A political incident in Europe was a military demonstration by Russia against Turkey which had for its object the forcing of the Sultan to withdraw his :troops from the Persian frontier. Later , harmonious relations were re-established. Some political unrest was also mani_fested at the Continental centres , owing to a misunderstanding between the Russian and Austrian Governments concerning Austria's plans for the construction of the Vienna-SalonicaAthens RR. The matter appears to have been quickly adjusted however. As a result of internal political dissensions King Carlos of Portugal and his eldest son, the Crown Prince Luiz Philippe, were both assassinated on Feb. 1. The second son, the Infante Manuel, became King. · Later the new King inaugurated a different policy and Premier Franco , who, during the reign of the former King exercised a sort of dictatorship, was superseded. The Supreme Court of Ohio, having affirmed the conviction the previous June of the officials of certain ice companies for having violated the State (Valentine) Anti-Trust Law, they were sentenced to a term of imprisonment. The Appellate Division of the N. y Supreme Court, First Department, on Feb. 14 affirmed the decision of Justice McCall refusing to grant permission to Att.-Gen. Jackson to annul the charter of the Consolidated Gas Co. of N. Y. on the ground that it was a monopoly in violation of the State Anti-Trust Law and also that it was operating on illegal or lapsed franchises. The Court of Appeals at Albany Feb. 19 reversed the decision of the Appellate Division of the Supreme Court, Third Department, which had sustained the order of the former Gas and Electricity Commission reducing the price of gas and electricity in Saratoga Springs. The right of the Legislature to delegate its powers to determine rates was upheld, but the Court declared unconstitutional that part of the former statute which provided that the prices fixed by the Commission should be the maximum for three years , or until upon complaint new rates were designated by the Commission. The U. S. Supreme Court sustained an Oregon statute forbidding employment of females in any mechanical establishment or factory or laundry more than ten hours during any one day. The decision was to the effect that under the so-called police power of the State restraints upon the rights of a woman to work may be placed not alone in her own interest but for the we fare of posterity through the children she gives to the world The Russian Military Court, which had been trying Gen Stoessel, who was in command at Port Arthur when the fortr ess was surrendered to the Japanese at the opening of 1905, passed sentence of death upon him, but with the recommendation that this sentence be commuted to ten years imprisonment in a fortress. The Czar subsequently acted in accordance w th such recommendation. A three-years agreement was enter d into between the leading transAtlantic steamshi p lines ending the passengerratewar which in Jan. had increased in intensity and which had been in progress since the previous August. The northern section of the McAdoo Tunnel under the Hudson River, built by the Hudson Companies, from Hoboken, N. J., to Morton St., N. Y., thence northeasterly to Sixth Ave. at 19th St., was opened to traffic on Feb. 26. The First National Bank of this city announced the establishment of a security company under the name of the First Security Co. with a paid-up capital of $10,000,000 (the stock to be held by six trustees in the interest of the bank) , for the purpose of acquiringreal estate, securities, stocks and other properti s owned by the bank. Payment for the stock was made by the declaration by the bank of a special dividend of 100 % . Pres. Roosevelt  RETROSPECT. sent a message and_report to Congress urging the improvement of the country's inland wat er ways and suggesting a bond issue for that purpose. Railroad Events and Stock E xchange M atters .-Influenced by the depressing circumstan ces narrated a bove , the stock ma rket wa s weak th e great er port ion of the month. Bonds of the semi-specula tive class , like Brooklyn Rapid Tran sit 1st ref. 4s, Interb.-Met. coll. 4 ½s, Chic. R. I. & Pa c. RR. 4s a nd of some of the industria l companies, were a lso prominent in the downward movement . This cont inued until a bout the middle of the month , when a pa rtia l recovery en su ed , but with the Gould South western propert ies and more particula rly Mo. Pa c. and Denv. & Rio Gr ., a n dalso West . Un . Tel. , developing renewed weakness . Th e la tter part of t he mon th the course of prices was irregula r, but with transa ct ion s on an ex ceedingly small scale . R eturns of railroad earnings continued very poor , t he increase in railroad receiverships was unpleasan t ly suggestive, a nd th is , with the contin ued polit ical a gitat ion , seemed to remove a ll indu cement for the purchase of securit ies . At t he close the copper shares displayed stren gt h on t h e la rge export sh ipments of the meta l. The Steel shares man ifested great firmness throughout; Steel pref . frp m 93 ¾ Feb. 4 sold down to 89.½ Feb . 10 ex div . of 1 ¾ % , but closed Feb . 29 a t 92x; B. & 0. com. sold down from 84½ F eb. 5 to 76 ½ Feb . 10 with the close 78¼ . Milw . & St . P. com . fro m 11 3¼ Feb . 1 dro pped to 105¼ Feb. 13 and closed a t 109¼ . Extremes for Gt. Nor . were 121 ½ Feb . 1 and 113 ¾ Feb . 10 with the close 117 ¾; for Nor . Pac . 126¼ Feb . 1 and 117 .½ Feb. 10 with the close 120¾; for Un. Pa c. 123¾ Feb . 1 an d 110 ½ Feb. 29 with the close 111 ¼ . N. Y . Cent. dro pped from 97 .½ Feb . 5 to 92% Feb. 19 and closed at 94 . Mo . Pac . fell off from 43% Feb . 1 to 28½ Feb. 19 wit h the close 31 .½; Ama l. Cop. , which was 52¼ Feb . I.fell t o 45 ¾ Feb. 19 and closed at 50¾. Among the roads wh ich went into receivers' hands were the Det . Tol. & Ironton, th e Macon & Bir m., the Chic. Cin. & Louisv . and t he Int . & Gt. North. Texas & Pac . made the annual div . on its inco me bonds only 3 ½ against 5 previously . The Federal Min . & Smelt. Co . omitted the div . on its com. sto ck. West Jersey & Sea Sh ore ma de the s .-a . div . on com. only 2 a s against 3 %. The Erie omitted the s .-a . div. paya ble in April on t h e 1st pref. usua lly decla red in Feb . Th e At l. Coast Line of Conn. ma de its qua r. div. only 2 %, against 2 ½%. Th e Int . Silver Co. reduced the qua r. div . on its pref. stock. The Associa ted Merchan ts Co. of N . Y. declared th e regula r qua r . div. of l ¾% on com. but omitted t he ½% extra. In the litiga tion by Stuyvesant Fish concerning the elect ion of Ill. Cent. directors , Judge F. Q. Ba ll in the Superior Court of Cook County, Ill., on Feb. 20 dissolved t h e injunction restra ining the Un. Pac. and the RR. Securities Co. from voting on the Ill. Cent. stock held by them. Judge Ba ll held that a foreign corpora tion may own stock in a company organized under Illinois laws. B. & 0. sold $6,000,000 5% 1-yr. notes. The Chicago City Ry. soldanadditional$4,000,000 of its 5% 1st mtge. bonds and the Chicago Rys. Co. sold $2,500,000 of 1st mtge. 5s and the next month sold $2,500,000 more of the same issue. The Money Market.-Ease preva iled in money the entire month, though time loans were at one time fractionally firmer, owing to some discrimination against the calla teral offered. However, there was compa ratively little inquiry for loans for the longer periods , commission houses relying quite generally on the call loan branch. The range on call during the month was only 1½@2¼%- Time loans at the close were 4 for 60 to 90 days, 4¼ for 4 months and 4½@4¾ for 5 to 6 mos. The demand for commercia l pa per was good, though the local inquiry was comparatively light. Rates at the close were 4 ½@5 for double names and 5@5 ½ for prime and 5½@6for good single names. The N. Y. Clearing House with the statement of Feb. 8 began to give out figures showing the actual condition of the banks at the end of the week in addition to the averages for the week. The statement of averages for Feb. 1st reported a surplus of $40 ,526,725. For Feb. 8th the averages showed a surplus of $29,832,175 and the actual figures a surplus of $30,378,750. From this la tter there was an increase to $33,072,000 Feb. 21; Feb. 29 the surplus, according to actual figures, was down to $27 ,789 ,075. Money holdings dropped from an average of $325 ,152 ,100 Feb. 1 to $314,178,300 Feb. 8 with the actual at tha t date $313,301,500. From this there was an increase to $323 ,327 ,800 (actual) Feb. 22 with a decrease to $321,993,700 Feb. 29. Deposits were $1,138,501,500 Feb. 1 (average) , $1,131,691 ,000 (actual) Feb. 8 and increased steadily thereafter to Sl,176,818,500 (actual) Feb. 29. Loans fluctuated somewhat but were $1,166,988,400 Feb. 29 (actua l), aga inst Sl,133,786,100 (average) Feb. 1. t Foreign Exchange, Silver, &:c.-Foreign exchange wa s weak the first two weeks, with a sharp decline in prices, a nd strong the last two weeks, with an equally sharp recovery. The weakness was due to a good supply of commercial bills , especially against cotton, and to considerable offerings of bankers' drafts arising in part from some purchases of securities for European account, but mainly out of speculati::ve selling of exchange on the idea that the Morgan syndicate would get a large part, if not the whole, of the $50,000 ,000 offering of N. Y. City bonds, in which eventa considerable amount of such bonds, it was expected, would be placed abroad. But this expectation was not realized, the syndicate being awarded none of the long-term bonds, and the second half of the month there was an urgent demand to cover the speculative sales referred to. Some demand also then developed for bills  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  19  to remit for securities sold here for European account because of the unsettled state of the stock market. A slight easing orf in ex cha nge was recorded the last two days , caused by offerings of ba nkers' bills against credits supposed to have been created through the placing abroad of some choice investment securities. Sixty-day bills dropped from 4 8370@ 4 8375 Feb. 1to48230@4 8240 Feb. 15 , with the close Feb. 29 at 4 8350@4 8360. Sight bills declined from 4 8685@ 4 8690 Feb. 1 to 4 8580@4 8590 Feb. 14 a nd were 4 8670@ 4 8675 Feb. 29 . Ca ble tran sfers fell off from 4 8730@4 8735 Feb. 1 t o 4 8615@4 8625 Feb. 14 , with the price Feb. 29 4 8720@ 4 8725. Money a t the European financia l centres was easy ,with open ma rket discounts Feb. 28 a tLondon 3%, at Pa ris 2¼ a nd a t Berlin a nd Fra nkfort 4%. The Bank of England continued to increase its h oldings of bullion. The Bank of Belgium reduced its rate of discount from 5 to 4% . Ea rly in t he mon th t h ere was a shipment of $500,000 gold from t his side to Argen t ine. Silver in London recovered t he early part of the month on buying for India , the price a dvan cing to 26%d. F eb . 10, but subsequently there was a sharp decline again, and t h e close F eb. 29 was at only 25 9-16d.  MA RCH .-Current E vents.- A more hopeful feeling developed during Mar ch, which was reflected in a sharp rise in prices on the Stock E xchange . Rumors gained currency t hat President R oosevelt would pla ce no obstacles in t he way of an advance of 10 % in railroad fre ight rates if the reby a redu ction in railroad wages could be averted . Furthermore, all t hrough t he month reports we re current that he would send another special message to Con g;ress, and t hat this would breathe a different spirit fro m t he startling do cument of J an. 31. The new message came Mar ch 25 , and in lan gu age was certainly in marked contrast wit h the previou s message . When analyzed , it be came a pparent enough t hat the President had n ot experienced any change of heart . He insisted that the Inte r-State Commerce Commission be given the power to pass u pon the issuance of all securities , and that a law be passed providing that whenever a F ederal court should determine to place a common carrier or other public utility concern under the control of re ceivers, the AttorneyGeneral .should have the right to nominate at least one of the receiver s . As to a mending the Anti-Trust law, the proposal was that " la bor organizations, farmer s' organizations and other organization s n ot organized for purposes of profit" should be exe mpt fro m the operation of the statute, provided they registered under the law, but that business and manufacturing concerns were to enjoy immunity only if they acceded to certain conditions which, in effect, would give the Federal Government control over all corporations engaged in inter-State business . The disposition , howeve:r: , was to ignore the subst ance of the message and to regard only the change in tone. Some favorable court decisions of great importance were of a more enduring character, and helped along the improved feeling. On March 23 the U. S. Supreme Court announced its conclusions in two of the celebrated cases where States had sought to impose upon carriers noncompensatory rates and charges, and at the same time had attempted to deny access to the courts by the levy of such heavy fines and penalties that no carrier could afford to take the risk of making itself liable to them. A conflict of authority between the Federal courts and the States had arisen the previous summer out of the question, and had then provoked some wild and inflammatory talk. The one case was that of the State of Minnesota and the other that of North Carolina. The U. S. Supreme Court disposed of both cases by an almost unanimous vote (8 to 1), Justice Harlan alone being in dissent. The claim had been set up that suits to restrain a State official from enforcing a State law are suits against the State, preventing it from carrying on its governmental functions, and that under the Eleventh Amendment to the Federal Constitution this was forbidden. The Supreme Court , however, held that this amendment qid not apply in cases like those under review, but that the Fourteenth Amendment governed, and that by the termli of this amendment no State can deprive any person of life, liberty or property without due process of law, nor deny to any person within its jurisdiction the equal protection of the laws. The Court also held that the authority of the Federal Courts was supreme in such cases. In trade matters , some fractional advances in the price of copper attracted atte ntion, and enabled Thomas W. Lawson to dispose of 700,000 shares ($5 each) of Yukon Gold stock by his usual specta cular methods of advertising. A somewhat more hopeful view of the immediate future of the iron and steel trades was also taken, and some remarks in the annual report of the United States Steel Corp., issued March 20, seemed to afford ground for this feeling. There were, however, many trade developments of the opposite nature. In the cotton goods trade, pretty general reductions in wages were announced (outside of Fall River, where the operatives were working under a sliding wage-scale with adjustment every six months) , the cuts generally amounting to 10%. Further curtailment of production was also decided upon. Even at the mills in Fall River owned by Mr. Borden, the American Printing Co . and the Fall River Iron Works , half-time running was entered upon March 23. Print cloths at Fall River were successively reduced from 3%c. to 3½c., to 3%c., to 3¼c. There was also a sharp decline in cotton, middling uplands in New York March 31 being 10.50c., aga inst  20  RETROSPECT.  11 .65c. March 2. In the matter of railroad wages, a proposed reduction on the Southern Ry. had been referred to Chairman Knapp of the Inter-State Commerce Commission and Commissioner of Labor Neill, as mediators, under Section 2 of the Erdman law; the mediators made a recom mendation, which was accepted, that the schedule of wages then in force in the operating, mechanical and roadway departments be continued unchanged for the time being. The Norfolk & Western employees rejected a proposition wihch would have permitted a return to the wage scale in effect prior to the last advance, if earnings dropped to a certain figure. The new Federal law requiring that railroad, telephone and telegraph operators should not be kept on duty more than nine hours in any day went into effect March 4, the Inter-State Commerce Commission having denied the application for an extension of time on account of business depression. It was estimated that the new law would add $10,000,000 a year to the expenses of the roads. The last of the N. Y. Clearing-House loan certificates taken out by failed banks were canceled March 28; the last of those taken out by solvent institutions had been canceled Jan. 27. One of the favorable developments this month was the progress made in the reinstatement, through reorganization, of suspended banking institutions. The Knickerbocker Trust Co . of this city, after having remained closed since Oct. 22 1907, reopened March 26. In the case of the Oriental Bank of this city, which had closed Jan . 31, the depositors received payment under an arrangement with the Metropolitan Trust Co. The National Bank of Commerce of Kansas City, which had suspended Dec . 5 1907, reopened March 30, Comptroller of the Currency Ridgely having resigned to accept the presidency of the bank; later in the year change in the control of the bank induced him to relinquish his position. The Aldrich Currency Bill passed the Senate March 27 by a vote of 42 to 16, after it had been radically amended, more particularly by eliminating the provision allowing the use of railroad bonds as security for the proposed emergency notes-see V. 86, p. 825 ,829. Government deposits in the banks were reduced from $230 ,515,443 to 202 ,662,623 as a result of repayments (estimated at $35,000,000) into the Treasury, in response to the Secretary's call of the previous month. Treasury money holdings increased from $304 ,225,160 to $326,842,842. Bank circulation ecured by bonds was reduced from $632,458,712 to $628,834,336. Government de posits with the N. Y. City Clearing House banks were reduced from 55,386,500 Feb. 29 to 43,510,200 March 28. The Government report on stocks of grain in farmers' hands showed small reserves March 1, but the wheat figures were somewhat larger than had been expected, and wheat sharply declined, the May option at Chicago March 31 being only 92 cts, against $1 01½ March 4. In the case of corn there was a sharp advance. New York State offered $5 ,000,000 4 % 50-year highway bonds and the subscriptions reached 81,535,000; the awards were on an interest basis of 3 .694%. In Europe there were further evidenc<'s of plethoric money markets in a reduction in the Bank of England rate of discount March 5 from 4 to 3 ½% and March 19 to 3, and a reduction March 7 by the Bank of Germany from 6 to 5½%- In Copenhagen, one of the banks taken over the previous month, namely the Detailhandlers Bank, was declared to be insolvent. and had to be liquidated. Sevral more railroad receiverships were announced-among others, the Weste rn Maryland RR. Congressman Hepburn introduced a bill in the House of Representatives intended to ch ck dealings in stocks . It was part of the general attack on the stock and mercantile exchanges which was becoming so common all over the country. The bill proposed to place a tax of 50c. on each share of stock sold, this comparing with 2c. a share imposed under the laws of New York State . Fortunately, the bill never made any progress in the House. In the U.S. Senate, Senator Tillman had a resolution adopted directing the Committee on Finance to make an inquiry into the conduct of national banks. A delegation of labor leaders, headed by President Gompers of the American Federation of Labor, submitted a petition to the two Houses of Congress, criticizing the U.S . Supreme Court decisions with reference to the Employers' Liability Law and the application of the Anti-Trust Law in cases of a labor boycott.11.cting in restraint of trade, and demanded new legislation in redress of these so-called grievances. Most of their recommendations were incorporated in the special message which President Roosevelt sent to Congress on March 25, and referred to above, though Mr. Roa evelt would not go so far as to urge legalizing the boycott which the Supreme Court had condemned. The message was understood to haYl' been written in support of the bill prepared by Seth Low President of the National Civic Federation , and which was introduced in the House of Representatives by Congressman Hepburn on March 23. The Civic Federation bill itself had been drafted after extended conferences with the President . The Venezuelan Government again rejected the offer of the United States to arbitrate the disputes between the two countries over claims of American citizens and carporations, and the President sent to the Senate the documents and correspondence relating to the matter, with a view to the taking by Congress of such steps as that body might think fit. The House of Representatives on March 16, by a vote of 255 to 5, passed a bill restoring the motto "In God We Trust," which President Roosevelt had had removed the previous year from gold coins. This action was   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  taken after one of the Representatives had stated that the President had given assurance that if Congi:ess directed the restoration of the motto he would not veto that action. An invitation was extended by the Japanese Government, asking that the American battleship fleet, which had completed its trip from the Atlantic to the Pacific, and which was to make a cruise from San Francisco to the Philippine Islands, be allowed to visit Japan. The invitation was promptly accepted, and the following autumn the American fleet was enthusiastically welcomed in Japanese waters. Some friction developed between Japan and China on account of the seizure the previous month by the Chinese customs authorities of the Japanese steamship Tatsu Maru, having on board arms consigned to revolutionary parties in the southern provinces of China. Japan sent a peremptory demand for the release of the steamship and cargo, and this China was forced to comply with. In the Supreme Court of the District of Columbia an order enjoining the American Federation of Labor from engaging in a boycott, or, more specifically, from publishing the name of the Bucks Stove & Range Co. of St. Louis in the "Unfair List" of the Federation's monthly magazine, was made permanent. James F. Shaw & Co. of. Boston, promoters of street railway enterprises, were placed in receiver's hands. In the case of the American Ice Company, where Attorney-General Jackson, at his own request, had been substituted by Governor Hughes as prosecuting officer in place of District Attorney Jerome, the special Grand Jury to whom the Attorney General submitted his evidence, tending to show a violation of the State Anti-Trust laws, voted not to indict. The Attorney-General also got into difficulties with reference to his action concerning the receiverships of various State banking institutions, some serious allegations against his office having been made, leading to criminations and recriminations. The Appellate Division, First Department, of the New York Supreme Court rendered a decision holding unconstitutional that part of the Stock Transfer law giving the State Comptroller the right to examine the books of brokers. The Court held that the Legislature could not compel a citizen against his will to submit to a search of his private books and papers in order that incriminating evidence against him might be found. Judge Holt in the U. S. Circuit Court sustained the demurrer of the American Sugar Refining Co. to the complaint in an action brought by the Receiver of the Pennsylvania Sugar Refining Co., alleging violation of the Sherman Anti-Trust Law. Judge Holt based his decision on the opinion of the U.S. Supreme Court in the case of the United States against the E. C. Knight Co. ,where it was held that manufacture was not trade or commerce. The following December, however, the U. S. Circuit Court of Appeals at New York reversed this decision and remanded the case to the lower Court for trial-see V. 87, p.1608. Railroad Events and Stock Exchange Matters .-The stock market displayed great strength most of the month. The moving causes are outlined in what has been said above. The reduction Mar. 18 in the .... Y. Central dividend from 6 to 5% per annum gave a temporary check to the upward movement, which, however, was soon resumed. The latter part of the month the favorable decisions of the U. S. Supreme Court and the President's special message, so much more temperate than the last preceding message, were powerful influences in stimulating a further adYance . The splendid annual report of the Steel Corporation also had an influence in the same direction. All through the month the Steel shares were prominent for their strength. The copper shares were helped by the somewhat improved outlook in the copper market. The last three days prices sharply re-acted, owing to the practical certainty of a strike at the bituminous coal mines throughout the country on Apr. 1, the difficulty of the Erie Railroad in providing for its maturing short-term notes , and the prospect of a reduction in the Atchison divi<lend. Mil. & St. P. com. advanced from 108½ Mar. 2 to 120 ½ Mar. 16 and closed Mar . 31 at 115½; Nor. Pac. rose from 120¾ Mar . 2 to 1291/s Mar. 24 and closed at 1261/g; Gr. Nor . from 117 advanced to 124¾ and closed at 122¼; Un Pac. com. rose from 110½ to 129, closing at 123½; N. Y. Cent. from 93½ to 101¾, closing at 97; Penn. from 111% to 118¾, closing at 115%. Among the industrial shares U.S. Steel pref. rose from 92¼ to 100, with the close 98, and Amal . Cop. from 49¾ to 62¾, with the close 58½. Consol. Gas on favorable Court action spurted up from 96 to 117 ¼, with the close 112 ¼. The Public Service Commission for the Second District denied the Erie RR. authority to issue scrip for the dividends declared payable the previous Oct. on its two issues of prt:if. stock and April 1908 on 2d pref. Cal. & Hecla Mining Co. declared $5 per share div. against $10 in Dec. 1907, $15 in Sept. 1907 and $20 per share at previous quarterly dates The Amer. Smelting & Refining Co. reduced its quar. div. on com. from 2 to 1% . Other copper companies also further reduced. West. Un. Tel. again made its quar. div. payable in stock. The Pac. Coast Co. reduced its quar. div. on both com. and 2d pref. On the other hand, the Minn. St. P. & Sault Ste. M. advanced the semi-annual div. on com. from 2 to3%. Crucihle Steel of Amer. passed its pref. div. Chic. R. I. & Pac. Ry. extended for one year at 6% its $6,000,000 twoyear 4 ½% notes maturing Apr. 1 1908. U. S. Rubber Co. :floated $8,000,000 of 5% notes due Sept. 15 1909 to refund a like amount of notes maturing Mar. 15 1908. '!.'he Money Market.-Continued ease prevaile notwithI standing the withdrawal of Government depo . from the  RETROSPECT. banks. Call loan rates never got above 2¼, with the range Mar. 31 l½@l¾. Time loans at the close were 3 for 60days, 3¼@3½ for 90 days, 3¾@4 for four mos. and 4@4¼ for five to six mos. Commercial paper was quoted at 5½@6 for double names and for prime single names. Surplus reserves of the Clearing-House banks rose from $27,789,075 Feb. 29 to $42,040,050 Mar. 21 and were$38,395,625 Mar.28. Money holdings rose from $321,993,700 Feb. 29 to $339,153,500 Mar. 28. Loans fluctuated from week to week and were $1,175,122,400 Mar. 28 against $1,166,988,400 Feb. 29. Depositsdeclinedfrom$1,176,818,-500Feb.29to$1 ,174,517,300 Mar. 7 and then increased to $1,203,031,500 Mar.28. Foreign Exchange, Silver &c.-For~ign exchange was devoid of any special features most of the month and the fluctuations were compassed within a relatively narrow range. The first half there were larger or smaller offerings of bankers' bills, reported to have been drawn against corporation collateral notes that had been placed abroad, and some against N. Y . City revenue bonds. It was also then expected that the successful bidders among large bankers for the $5,000,000 4% N . Y. State issue of Highway Improvement bonds would find a market for some of them in Europe, thus bringing further offerings of exchange. Towards the close of the month, on attempts to obtain cover for short sales , a sharp recovery ensued, and this, together with a fall in rates for sterling at Paris on London, led to a discussion of the possibility of early gold exports to France. On Mar. 2 quotations were 4 8370@4 8375 for 60-day bills, 4 8665@4 8670 for sight bills and 4 87@4 8705 for cable transfers. On Mar. 17 prices were respectively 4 8305@4 8310, 4 8580@4 8585 and 4 8605@4 8610. On Mar. 31 the figures were 4 8415@ 4 8425,. 4 8640@4 8650 and 4 8670@4 8675. As noted above, the Bank of England rate of discount was reduced from 4 to 3½ and then to 3%,and the Bank of Germany from 6 to 5½. Except at. London, however, there was some firmness in open market rates. At Paris the rate advanced to 21/s. At Berlin and Frankfort it at one time was 4½ but the close was 4¾. At London discounts dropped to 21/s@ 2 ½- Silver in London fluctuated within a narrow range and Mar. 31 was 25 9-16d.  APRIL.-Current Events.-While trade continued exceedingly de pressed, there was, nevertheless, further distinct improvement in the tone in financial circles and further appreciation in values on the Stock Exchange. Certain events furnished substantial grounds for a better feeling, chief among which was the favorable outcome of the negotiations for financing the pressing obligations of the Erie Railroad. This came early in the month. Up to the last moment it had seemed almost certain that the negotiations must fail, and the fact that an adjustment was reached came as an agreeable surprise. The Erie had $5,500,000 of one-year notes maturing April 8th. To take these up the directors had created an issue of $15,000,000 new 3-year 6% notes,of which $5,500,000 were to be exchanged for the old notes and $5,000,000 sold at par, the remainder to be reserved for future uses. An offer of the new notes for the old notes was made and a syndicate headed by J. P. Morgan & Co. agreed to underwrite the $5,000,000 of new notes to be disposed of for cash (without commission or cost to the company), but the sale was expressly conditioned on the exchange of all of the $5, 500,000 old notes7 par for par , for the new notes. The old note holders, however, evinced a decided disinclination to make the exchange. Mr. E. H. Harriman, a director in the road, then stepped into the breach and offered to purchase $5,500,000 of the new notes to provide the cash to pay off the old notes. This offer was at once aceepted and at the same time the J. P. Morgan syndicate took the other $5,000,000 of notes in accordance with the original plan, thus providing in full for the company's necessities. The signifiance of this event can hardly be exaggerated, for the belief had widely prevailed that a receivership for the company was inevitable. Another important event was the offering ,through Kuhn, Loeb & Co ., of $40,000,000, or £8 ,000,000, 40-year 4% bonds of the Pennsylvania RR .., secured by the consol. mtge. of 1873. A simultaneous issue (of one-half the amount) was made in London through N. M. Rothschild & Sons and Baring Brothers & Co., Ltd. The bonds being gilt-edged and offered at 96, success was a foregone conclusion; but no such enormous subscriptions as were actually received had been looked for. It was estimated the loan had been subscribed for over twenty-five times. Conditions being more favorable, various other loans were also brought out , as noted below, under "Railroad Events". Investors took kindly only to first-class loans, but even this was evidence of reviving confidence. Mr. Roosevelt sent another special message to Congress-the third within a brief period -urging labor and trust legislation along the lines previously . advocated by him, but it was practically ignored. Congress passed a new Employers' Liability bill, which the President approved, to overcome the objections of the U. S. Supreme Court to the old Liability Act, declared unconstitutional in January. The bill for amending the Sherman Anti-Trust Law, however, prepared by the Civic Federation, was strongly antagonized by mercantile bodies and others, and made little progress. Governor Hughes sent a special message to the N. Y. Legislature, urging, among other things, the making of an investigation into the subject of speculation in stocks and commodities. The  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  21 ·  Legislature adjourned April 23 without having acted on this suggestion, and also without having passed the law, • desired by Mr. Hughes, giving the Public Service Commission authority over telephone and telegraph companies. The Anti-Race Track Gambling Bill, so strongly advocated by the Governor, had been defeated in the Senate. Within three hours after adjournment, Mr. Hughes issued a proclamation convening the Legislature in extraordinary session on May 11 at 8:30 p. m. A pretty general suspension of coal mining occurred in the bituminous regions throughout the country beginning with April 1, but this attracted very little attention in view of the prostration of business diminishing the demand for coal. The suspension ·arose out of the fact that the old wage schedule had expired April 1 and no agreement had been reached on a new schedule. By degrees, however, matters were arranged. At a joint inter-State conference of operators and miners from Indiana and Ohio and the Pittsburgh district of Pennsylvania, held on April 17, an agreement was reached to continue the old mining rates for two years until April 1 1910. This was subject to a vote of the miners and work was not resumed to any great extent until May. In the Southwest the old mining scales were also extended for two years. In Iowa an agreement was reached extending the scale for a yBar. In Illinois progress was more slow, but here too a settlement was reached early the next month. Where work, therefore, was not fully resumed some time the next month, it was chiefly because depression in trade had limited the demand for coal and there was a desire to avoid overstocking the market, though it is proper to say that in and around Evansville, Ind., some miner.s went on strike May 14. Government disbursements lar2;ely exceeded Government revenues and cash in sub-Treasuries fell from $326,842,842 to $319,129,853, notwithstanding that Government deposits in the banks were drawn down from $202,662,623 to $200,713,219. On April 28 Mr. Cortelyou made a call for $45,000,000 more of Government deposits, $20,000,000 to b surrend red by May 9 and the rest by May 23. National bank circulation secured by bonds was further reduced from $628,834,336 to $625,425,375. The outstanding volume of not s, however, continued slowly to increase, owing to the fact that deposits of legal tenders to retire the notes were large and the notes came in for redcm ption very slowly . The Government report on winter wheat wasvery satisfactory, the condition, Apr. 1, being given 91.3. This, with rains in the Southwest, breaking the drought which had existed in that section, caused:)a decline in wheat, the May option at Chicago on April 8 getting down to 89 cts. Later in the month reports of dry weather were again received, and there was also considerable manipulation of the May option, and by April 30 the price had advanced to 99¾ cts. Middling upland cotton in New York declined from 10.50c. to 9.90c., but the close April 30 was at 10.30c. Print cloths at Fall River remain d nominal all the month at 3 ¼c. Two Brooklyn institutions, which had clo.3ed the previous October, re-opened for business, namely the Jenkins Trust Co., whose name was later changed to the Lafayette Trust Co., and the Borough Bank; the Lafayette Trust Co., however, was forced to close again Nov. 30. Two Stock Exchange houses in this city, T. A. McIntyre & Co. and Coster, Knapp & Co ., announced their suspension. Among the laws passed by the ew York Legislature during the session was a compreh nsive scheme of banking reforms embodied in 21 separate bills, increasing the powers of the Superintendent of Banks and providing for a much more rigid supervision of banks and banking by the State. One of the measures increases the cash reserves required to be held by trust companies. Under the law of 19J6 trust companies~ n cities having a population of over 00 ,OL.lO (applying, therefore, to all the boroughs in the Greater New York) had to keep a reserve fund equal to 15% of their deposits. · Only one-third of this, namely 5%, needed to consist of cash in vaults. Another 5% might consist of U. S. bonds and New York State and munici pal bonds, while the remaining 5% had to consist of money on deposit, subject to call, in certain other banking institutions. Elsewhere in the State a reserve of 10% was required , of which 3% had to be cash in vault. Under 1the new law, the whole of the 15 % in the case of Manhattan Borough (any borough having a population of 1,800,000) and 10 per cent in the case of the other boroughs, must consist of cash on hand, and the balance be on deposit with other institutions. Elsewhere in the State 5% out of the 10% must be cash on hand (instead of only 3% previously) and 5% on deposit. In the computation of the reserve, however, important deductions from the deposits are allowed, the law saying that the deposits shall be figured "exclusive of moneys held by it (the trust company) in trust which are not made payable under the conditions of the trust within thirty days and also exclusive of time deposits not payable within thirty days, represented by certificates showing the amount of the deposits, the date of issue, and the date when due, and also exclusive of deposits which are secured by outstanding unmatured bonds issued by the State of New York"-the purpose evidently being to rest the reserve requirements on the demand deposits. The new law allows the additional cash to be accumulated gradually, the full amount not being required until Feb. 1 1909. The Legislature also increased the reserve requirements of the State banks of loan and discount. Instead of a reserve of 15%  22 .  RETROSPECT.  legislation would fail notwithstanding the pressure which Pres.Roosevelt was bringing to bear. Congress adjourned May 30 after having passed an Emergency Currency bill, but a number of other measures which the President had insisted on did not even come to a vote. Among these measures were the two which had been particularly feared, namely the Anti-Injunction Bill, limiting the power of the courts to issue injunctions, and the bill for amending the Sherman Anti-Trust Law, intended to give the Federal authorities absolute and arbitrary control over corporations engaged in inter-State business. It seemed certain, too, that Secretary of War Taft would get the Republican nomination for President, talk of stampeding the Convention for Pres. Roosevelt for a third term having almost ceased. The Emergency Currency Bill, which was enacted, was a composite measure. The House Committee on Banking and Currency had the previous month (the 17th) unanimously tabled the Aldrich Bill as it had come from the Senate and had also tabled on Apr. 20 by a vote of 12 to 3 the bill offered by Congressman Vreeland providing for the creation of associations of banks and the issuance of emergency notes based upon commercial paper and other assets. It accordingly seemed as if all currency legislation would fail, but Speaker Cannon was very active and at a conference of the Republican members of the House on May 6th, the Republicans , by a vote of 115 to 21, placed themselves on record as approving "recognition of comercial paper through ClearingHouse associations as a safe and logical asset for emergency currency;" a committee of five was appointed to draft a bill along these lines. The bill as prepared was accepted by a Republican conference May 11 by a vote of 128 to 16. It was then rushed through the House and passed May 14 by 184 to 145. The Senate the next day promptly reje cted this House Bill and substituted for it the original Aldrich Bill, after eliminating from it certain provisions against which strong objections had been raised. The matter then went to conferees of the two Houses. The views of the conferees were so wide apart that again it seemed as if all currency legislation would fail. A compromise was finally reached by adopting the distinctive features embodied in the bill of each House.. This compromise bill was agreed to by the Senate and House conferees May 27 and was promptly passed by the House the same day by a vote of 166 to 140. In the Senate fillibustering tactics were employed by Senator La Follette (who spoke almost continuously from 12:30 May 29 until 7 o'clock in the morning of May 30) and two or three other members, but the bill passed in the afternoon of May 30 and was immediately approved by the President. It provides for a maximum of $500,000,000 of emergency notes to be obtained in two ways: (1) on the direct application of a bank on the offering as security of State and mun:cipal bonds and (2) on the application of individual banks through national currency associations composed of banks each having an unimpaired capital and a surplus of not less than 20% and consisting of not less than ten banks with an aggregate capital and surplus of at least $5,000,000, the collateral to be offered in this case being "any securities including commercial paper." The notes are to be taxed at the rate of 5% per annum for the first month they are out increasing 1% per annum for each additional month they remain out, until 10% is reachd. The law also provides for the payment by the banks of interest on Government deposits, the rate to be at the discretion of the Secretary of the Treasury, but not less than 1 % a year. The banks need not hold any cash reserves against such Government deposits. The law expires by limitation on June 30 1914 and under it a monetary commission has been created composed ofninemembersfromeachHousetoconsiderthewholequestion of currency legislation. This Commission is now actively at work studying the subject. Attempts to revive trade were made by a number of business men in St. Louis who organized what was called a National Prosperity Association, the idea being to have branches throughout the country. Efforts were devoted mainly to inducing manufacturers and producers to agree to a general resumption of work on June 1. Very little evidence of improvement in business was discernible. A reduction in the price of Southern iron led to the giving of some fairly liberal orders , and cuts in the prices of cotton goods had the same effect in the dry goods market. Another meeting of leading steel manufacturers from different parts of the United States was held on May 21 in the offices of the United States Steel Corporation. It was again decided to maintain the existing schedule of prices. After the close of the month, however, on June 1, it was announced that a cut of $4 a ton in bar steel had been authorized on that day by a committee of manufacturers of bar steel, the basing price at Pittsburgh being reduced from $1.60 per 100 pounds to $1.40. It appeared that some of the smaller manufacturers of steel bars had forced this action. The price of bar iron was at the same time reduced from $30 a ton to $27, and in June reductions in other forms of steel were made. At Fall River a wage agreement involving a cut in wages of 17.94% went into effect May 25. Mr. M. C. D. Borden, though not a member of the Manufacturers' Association , posted notices of a similar reduction at the mills of bis Fall River Iron Works Co., and also announced that there would be an immediate resumption of full-time working. by his plant. Quite a few mills elsewhere in New EngMAY.-Current Events.-The tone in financial circles land also decided to resume working full time. Print cloths further improved. As the month progressed, it became in- at Fall River were 3 ¼ cts. up to the 4th, when there was reasingly apparent that much of the threatened harmful a reduction to 3½ cts.; but, on the.:_22d the price again re-  for the banks of this city, of which one-half bad to be cash in their own possession, the law has been changed so as to increase the reserves to 25% in boroughs having a population of 1,800,000 or over, to 20% in boroughs having a population of 1,000,000 or over and less than 1,800,000, and to 15% in banks located elsewhere in the State. Two-fifths of the 25% may be on deposit with other institutions in the case of Manhattan Borough; one-half of the 20% required of Brooklyn Borough and one-half of the 15% required in other boroughs may be so kept on deposit and three-fif tbs of the 15% required elsewhere in the State (or 9%) may be kept on deposit. Under the old law State banks outside of this city were required to keep only 10% reserve, of which one-half had to be cash in vault. The New York Legislature also passed what was known as the Cassidy Anti-Bucket Shop Bill. Sir Henry CampbellBannerman died after having previously resigned the office of Prime Minister. He was succeeded by Mr. Asquith, who had held the office of Chancellor of the Exchequer. An Imperial German 10-year 4% loan for $160,000,000 and $100,000,000 Prussian 4% consols were brought out in Ber.lin and largely over-subscribed. A disastrous fire occurred at. Chelsea, Mass., Sunday, April 12, burning over one square mile of territory in the manufacturing, tenement and retail business sections and resulting in a fire loss estimated at $13,000,000. · Railroad Events and Stock Exchange Matters .-Continued strength prevailed in the stock market and further large and general advances in prices occurred. Returns of railroad gross earnings for April were exceedingly poor, but a feature of some importance was the fact that the returns of net earnings coming in for March made it manifest that the roads were at length getting better control of their expense accounts. Mil. & St. P. com. from 115¼ April 4 advanced to 129½ April 28 and closed at 127¾. Nor Pac. rose from 125 ¼ April 4 to 134½x April 28 and closed at 131 ½. N. Y. Cen. moved up from 96½ April 3 to 101 ½ April 28 and closed at 99¾. Penn. was 115½ April 3 and 121 ¾ April 28 and closed at 119 ¾. Union Pac. com. from 123% April 4 reached 138½ April 28 and closed at 135. U. S. Steel com. ranged between 32% and 37 and closed at 35½, and Amal. Cop., after fluctuating between 56% and 62 ½x, closed at 59 ½ . Among the local traction shares Third Avenue stock rose from 18 ¾ April 1 to 39 April 13, with the close 31~8. We have referred above to the success of the $40,000,000 loan of the Pennsvlvania RR. J.P. Morgan & Co. and Drexel & Co. offered at 91 $15,150,000 of Chic. Ind. & So. 50-yr. 4% bonds, guar. by the L. S. & Mich. So. The Norf. & West. sold $7,500,000 2-yr. 5% secured notes. Bost . & Alb. disposed of $7,000,000 4% 25-yr. bonds guar. by N. Y. Cent. The Interb. Rap. Tran. Co. brought out $25,000,000 3-yr. 6% notes. They were underwritten by J. P. Morgan & Co. and the loan proved a great success. Atch. Top. & Santa Fe on April 1 reduced the s.-a. div. on com. from 3% to 2½, and the Norf. & West. on April 23 announced 2% s.-a. on com., against the previous 2½. Int. Paper Co. reduced its pref. div. from a basis of 6% to 4%. The United Metals Selling Co. cut its div. from a basis of 30% to 20%. The U.S. Express Co., which the previous November, on the complaint of dissatisfied stockholders, bad increased its s.-a. div. from a basis of 4% per annum to 6%, returned to the former rate. The Money Market.-There was continued congestion of funds, notwithstanding the gold exports. Call money April 30 was 1¾@2, while time money was 2¼@2½for 60 days,2½ @3 for 90 days,3@3¼ for 4 mos.,3½@3¾ for 5 to 6 mos., and 4 ½@4 ¾ for over the year. Commercial paper was 4@4½ for double names and the best single names and 4½@5 for good single names. Money holdings of the Clearing-House banks increased from $346,264,800 April 4 (actual condition, not averages) to $377,006,400 May 2, while surplus reserve rose from $42,671,350 to $61,736,525 April 25, and then fell off to $60,810,875 May 2. Deposits increased from $1,214,373,800 to $1,264,782,100. Loans fluctuated more or less and were $1,194,148,800 May 2, against $1,179,474,700 April 4. Foreign Exchange, Silver, &c.-Gold exports were the chief event in foreign exchange, about $12,000,000 being engaged or Paris and $2,500,000 going to Montreal. Exchange was strong most of the month. Offerings of bills were in limited volume, and there was a dearth of commodity drafts, reflecting, chiefly, the small export movement of cotton, while there was an active demand for bills, said to be to furnish cover for contracts for future delivery of exchange made early in the year, and which were now maturing. At the close the tone was somewhat easier, one feature being offerings of bills against purchases of securities here for European account. The high point was April 21, when long sterling was at 4 85@4 8505 ; sight 4 8735@4 8740 and cable transfers 4 8775@4 8785. April 30 prices were 4 8460@4 S470, 4 87@4 8705 and 4 8730@4 8740, respectively. The Bank of Germany reduced its discount rate April 27 from 5 ½ to 5%. In the open market discounts April 30, were 2¾ at London, 2% at Paris and 4¼ at Berlin and Frankfort. The course of silver in London was downward, with the quotation April 30 24 5-16d.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RETROSPECT. covered to 3 ¼. In cotton a sharp advance occurred in part as the result of floods in Oklahoma and Texas. Mid-dling uplands in New York .were 10.20 cts. May 1 and 11.50 . -cts. May 25 , with the close May 29 at 11 .40 cts. Commissioner Herbert Knox Smith of the Bureau of Corporations issued his report on the investigation of the cotton exchanges of the country , in which the method of grading cotton at the N. Y. Cotton Exchange was criticised. Under the Treasury -call of the previous month $45,000,000 of Government deposits were surrendered, but Government disbursements largely exceeded receipts, and Treasury cash holdings in-creased only from $319;129,853, to• $345,416 ,802 , while Government deposits with the banks ran down from $200,713,219 to $164,912,412. Bank notes outstanding secured by bonds were further decreased from $625 ,425,375 to $624,714,147. New loan flotations were numerous. J. P .Morgan & Co. offered $16 ,000 ,000 gen. mtge. 50-yr. 4s of the Chic. Burl. & Quincy at 95½, and the loan was so largely oversubscribed that the price almost immediately advanced to 97. Redmond & Co. and the Equitable Trust Co. of this city offered at 98½ $17,000,000 1st lien 5-yr. 6% guar. gold notes of the Tidewater Co. 1:1,nd these also were over-subscribed. It also developed that the syndicate which at the close of April had offered $25 ,000,000 Interborough Rap. Trans. 3-yr. conv. 6% notes had not been obliged to take any of the issue itself and the members of the syndicate received about 2¾% on their subscriptions without having been obliged to advance any cash. Perhaps the most exhilarating event was the news which came the first half of the month that the needs of the So. Ry. for the immediate future (including some 5% sterling notes maturing in June and July) had been taken care of through the sale to a syndicate headed by J.P. Morgan & Co. of $15,000,000 3-yr . 6% conv. gold notes. New York City succeeded in placing $38,·527 ,000 of its current revenue bonds at low interest rates3 ½ @3 ¾%, A syndicate also took an option on $7,000,000 of the city's long-term bonds bearing only 4% interest, being the remnant of an offering made in August of the previous year, subsequent to which the rate of interest had to be raised to 4½%, The Federal Government May 22 began an action against the N. Y. N. H. & Hart. RR. under the Anti-Trust Law because of its acquisition of the Bos. & Me. RR. and about 1,500 miles of trolley road. Two weeks before the Supreme Judicial Court of Mass. , in a suit brought by the Att. Gen. of that Commonwealth, had handed down a decision holding that the company had exceeded its powers in acquiring control over the Mass. trolley roads. One of the important events of the month was the conference at Washington (held in response to a call of Pres. Roosevelt) -0f the Governors of the different States, together with the IJ.eaders in the industrial world, and U. S. Senators, Congressmen and Justices of the Supreme Court and Cabinet Ministers. The purpose of this conference was to secure co-operation on the part of Federal and State officials, and all tl;lose in authority, in husbanding the country's natural resources, and preventing waste and dissipation of the same. The New York State Legislature convened in special session on May 11, and the Governor urged anew all his projects which had failed at the regular session, one of these being t he appointment of unpaid .commissioners to inquire into uthe facts relating to speculation in securities and commodities ." but did not refer to the matter of race track gambling , which was the main purpose in calling the Legislature together. This subject was held over for a later date when the chances for the passage of an Anti-Gambling Bill would be better. The Governor vetoed the Act passed at the regular session which was intended to provide a five cent fare from Manhattan to Coney Island, and he also vetoed t he Bill for amending the Rapid Transit Law, which would have authorized the construction of rapid transit subways by private ca pital. The Governor said that the latter bill provided for 50-yr. grants and he did not believe in the city l osing control over its highways for rapid tran sit purposes for so long a period. The Union Trust Co. of Providence, R. I., which h ad su spended the previous Oct. , resumed business May 4 . On the other hand , the Allegheny Nat. Bank of Pittsburgh , through a la rge defalcation of its Cashier , was -0bliged to close its doors. This failure was supposed to have had extensive political ramifications. James Carothers & Co., a Pittsburgh Stock Exchange house, was placed in ;receiver 's hands, as also the firm of George W. Ma cMullen & Co. of the same city. A number of Cleveland institutions also went to the wall, namely the Euclid Trust Co., the Reserve Trust Co. and the American Savings Bank Co. Inman & Co., cotton commission merchants of Augusta, Ga., with liabilities of over 1 ¾ million dollars , w ere also forced into .bankruptcy. In this city the N. Y . Stock E x change firm of Mayer & Co., which had assigned the previous Oct.,resumed business. The month was exceedingly wet , and in Montana Kansas, Texas and the Southwest generally extensive floods :and washouts were reported. Considerable m anipulation of grain prices took place, based in part on the flood situation, and at Chicago a corner in the May option in corn was engineered under which the price of that option at that point at one time was advanced to 82 ¾ cts. The British Prime Minister Mr. Asquith, submitted the annual budget to the British Parliament, and one of the features in it was a provision for old-age pensions. A rumored invasion of India !by a large force of Afghans which attacked the British frontier ll)Osts caused a sharp fall in consols early in the~month, but the   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  23  Afghan demonstration was quickly checked by the prompt action of the British forces, and consols accordingly recovered. Later in the month they sharply advanced, closing May 30 at 88 as against only 85 3-16 May 4. Some more arbitration treaties between the U.S. and foreign countries were ratified by the U. S. Senate, making twelve such arbitration conventions altogether approved; namely with Denmark, France, Great Britain, Italy, Japan, Mexico, the Netherlands, Norway, Portugal, Spain, Sweden and Switzerland. Eleven of the Hague conventions entered into the previous year at the Hague Peace Conference were also ratified by the Senate during the session. Considerable changes were made by the Rhode Island Legislature in the laws regulating the investments of savings banks; the next month the Mass. law also was changed. The long contest between Mayor Tom L . Johnson and the trolley lines of Cleveland eventuated in the turning over of the lines to the Municipal · Traction Co., a company supposed to have been organized in the interests of the city. Complaints immediately began i:egarding the service and the employees also became dissatisfied and ext ensive strikes were inaugurated. Later in the year the electors refused to approve the franchise granted, and the whole scheme fell through. The Appellate Division of the Supreme Court of this State (First Department) unanimously denied the application of Att. Gen. Jackson to bring suit to forfeit the charter of the Interborough-Met. Co. , and Justice McCall in the Supreme Court in this city denied the application of the Att. Gen. for permission to bring action against the West. Un. Tel. Co. and the Postal Tel. & Cable Co. , to annul their charters, on the ground of the violation of the State Anti-Trusi Law. The U. S. Supreme Court, in a test case against the Gal v. Har. & San Ant. Ry. , by a vote of five to four , held unconstitutional the Texas Law passed in 1905 imposing an annual tax on railroads equal to 1 % of their ~ross earnings in such proportion as the length of the line within the State bears to the total length. It was held that the tax was an interference with inter-State commerce. Governor Hughes signed the bill providing for registration of land titles based upon the Torrens , or Australian , system. Railroad Events and Stock Exchange Matters .-The speculation for higher prices made further noteworthy progress. The rise proceeded in face of continued heavy losses in railroad gross earnings, though, on the other hand, comparisons as to net earnings were in many cases very much better than they had been. About the 20th the market became topheavy and on the 22d the announcement from Washington that the Government had determined to begin an action against the N. Y. N. H . & H. RR. under the Anti-Trust Law dealt prices a staggering blow, leading to a severe and general collapse. After a few days , recovery again took place, though Mo. Pac. and other Gould stocks proved weak features on the news of a receivership for the Wabash-Pittsburgh Terminal Ry. Mo. Pac. sold up from 45¼ May 1 to 64½ May 20 and closed at 47½ May 29. Mil. & St. Paul com. advanced from 127 ½ May 1 to 140 May 19, with the close 130¼. Nor. Pac. sold up from 1311/s May 1 to 138½ May 19; in the break the latter part of the month it declirted to 129 ½ May 27, but closed May 29 at 134¼. So. Pac. com. was 781/s May 1, 89¾ May 19 and 84¼ May 29. Un. Pac. com. was perhaps the most pronounced feature of all, rising from 1341/s May 1 to 151 ½ May 19. It closed at 141. Amal. Cop. was 59¼ May 1, 69¾ May 19, with the close 64¾. U.S. Steel com. was 35½ May 1, 391/s May 18 and 37¼ May 29. The plan for the merger of the several Mexican roads having proved a success, a syndicate of bankers in this country and Europe offered at 94 $13,750,000 of the new company's (National Railways of Mexico) prior lien 4½% bonds, due in 1957. Subscriptions closed June 3 and the loa n was said to have been over-subscribed. Ill. Cent. shareholders authorized $28,512,000 new stock and $14,256,000 was offered to shareholders at p ar. R eceivers were appointed for the Wa bash-Pittsburgh Terminal Ry. , the company being unable to meet the interest due June 1 1908 on its $30,200,000 1st mtge . 4s . The Oklahoma Central Ry. was placed in the hands of a receiver. The Pennsylvania RR. reduced its semi-annual dividend from 3 ½ t o 3% . The Quincy Copper Mining Co. again reduced its dividend , making a quarterly declaration of only 4%, against quarterly payments of 18% at. 'the beginning of 1907. On the other hand, the North Butte (Copper) Mining Co. resumed dividends after an int ermission of six months. 1'he Money Mark et.-Money rates remained extremely low notwithstanding the large gold exports and the surrender of $45 ,000,000 Government deposits. Call loans at one time dropped to 1% and trust companies were in active competition with the banks . Only choice grades of commercial paper were in demand. Good ordinary grades appeared to be plentiful , but did not seem attractive to buyers. Money holdings of the Clearing-House banks rose from $377 ,006 ,400 May 2d to $386,268,800 May 9, and then dropped to $368,589 ,000 May 29 . Surplus reserves the first week increased from $60 ,810 ,875 to $67,112,725, and then declined to $46,262 ,950 May 29. Loans increased from $1,194,148,800 May 2 to $1,220 ,089 ,300 May 23 and were $1,218,677 ,900 May 29. Deposits increased from $1,264,782,100 May 2 to $1 ,302 ,135,100 May 23 and were $1,289,304,200 May 29. Time loans at the close were 2 ½ for 60 days, 2¾@3 for 90 days , 3 @3¼ for 4 mps., 3 ½ for 5 mos., 3½@3¾ for 6 mos. and 4 ¼ @4 ½ for 7 to 8 mos. Rates for paper were 3¾@4 for choice double names and 4@4 ½ for prime single names.  · 24  RETROSPECT.  Foreign Exchange, Silver, &c.-The foreign exchange market was strong almost throughout the whole of May and gold exports were on a very large scale, the engagements in one week reaching $13,455,000, so that the supply of gold bars at the Assay Office became exhausted. The gold was destined chiefly to Paris and Berlin, though one lot of $500,000 went to Switzerland. The demand for bills was stimulated by the existence of a short interest of some magnitude. There was also a more or less urgent demand to remit for American stocks sold for European account, with a view to realizing the profits that had accrued as a result of the boom in our stock market . The Bank of England rate was reduced from 3 to 2 ½% May 28. Rates for 60-day bills were at their highest on the closing day, May 29, namely 4 8555@4 8565, and sight bills were at their highest May 12 at 4 8730@4 8735, with the close May 29 at 4 8715@4 8720, while the high point for cable transfers was reached on May 9 at 4 8770@4 8775, with the close 4 8740@4 8750. Open market discounts got down to 1 % at the close at London, 1½@2 at Parisand 3¾ at Berlin and Frankfort. Silver at London fell to 24d. May 6 but recovered to 24 7-16d. at the close.  JUNE.-Current Events.-The overshadowing event during June was the Republican National Convention. It was held at Chicago and resulted in the nomination of William H. Taft, Secretary of War in Roosevelt's Cabinet, for President. Mr. Taft was nominated on the first ballot. James S. Sherman of New York was named for Vice-President. President Roosevelt dominated everything connected with the Convention, and the platform adopted by it embodied nearly all the ideas and policies for which he bad been contending, including a demand for measures which Congress had failed to pass. Mr. Taft's nomination had been accepted as a foregone conclm;ion, and in financial circles a disposition had grown up to think that he would make an acceptable President, but the nature of the platform caused keen disappointment. At the Convention determined opposition developed against the insertion of an anti-injunction plank, and some change in the wording of this plank was made. As adopted, it involved a concession to labor leaders, inasmuch as it declared that "the rule of procedure in the Federal courts with respect to the issuance of the writ of injunction should be more accurately defined by statute, and no injunction or temporary restraining order should be issued without notice except where irreparable injury would result from the delay, in which case a speedy hearing thereafter should be granted," but at the same time declared in favor of upholding the authority and the integrity of the courts. This, and the expression in the platform of adhesion to the Roosevelt doctrines, created an unfavorable impression, as did the fact that Mr. Taft seemed anxious to identify himself completely with the Roosevelt policies. Indications also pointed more strongly with each succeeding day to the nomination of William J. Bryan at the Democratic Convention at Denver in July. There were, however, some other occurrences indicative of the development of a public sentiment opposed to .further radical Government action. At the Georgia primaries at the beginning of the month, Governor Hoke Smith, who had taken office only the year before (,June 1907), and had then been elected by a very large majority, was defeated for renomination for a second term. During bis brief period of administration , Mr. Smith had shown great hostility to railroad interests, and he was opposed at the primaries by the man whom he had removed from the Board of Railroad Commissioners, namely Joseph M. Brown . Mr. Brown , it appears, did not make a single speech, though wielding a trenchant pen, and he gained his victory because he stood for a more conservative policy and had declared himself in favor of abrogating the jurisdiction which had been given the Board of Railroad Commissioners over local public service corporations. The death of former President Grover Cleveland on June 24 served as a reminder of the days when it was not the fashion on the part of high Government officials to yield to the dictates of unreasoning public clamor. Mr. Cleveland's death brought splendid tributes to his worth from the press and from persons in all walks of life and all shades of political belief. Other instances of a more conservatiYe spirit were also in evidence. Thus in Louisiana bill providing for anti-option legi -lation like that enacted in many of the other Southern States, so as to prevent dealings in cotton for future delivery, met with setbacks at the hands of the committees of both Houses, and early in July the bills were voted down by decisiye majorities in the two Houses. In Indiana the Railroad Commission gave a decision in favor of a trolley road in a case where fares had been advanced, and in Wisconsin the Supreme Court ruled against the Attorney-General in an action brought for the removal of the officers of the Mil. Elec. Ry. & Light Co. for the alleged corrupt use of money in securing the extension of the company's franchises in 1900. The Court held that the State had not sufficient interest in the matter to justify it in bringing such a suit, and also declared that the right to call men to the witness stand (under the so-called "discovery" statute of 1898), and examine them as to their private affairs, was a most serious invasion of their liberties, if not, indeed, a deprivation of property in many cases, and could be justified only on the ground that courts are entitled to the information in aid of a proper judicial proceeding. The re umption of full time by many cotton goods manufacturers and the starting up of business concerns in some other lines had the effect of mak-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ing the tone in trade circles a bit more cheerful. Encouragement was also derived from the fact that the number of idle cars on the railroads appeared to be djminishing. On the other hand the dry goods market, after its activity early in the month, began to halt again. The price of print cloths at Fall River remained unchanged at 3¼ cents. Middling uplands cotton in New York advanced from 11.30 cents June 1 to 12.20 cents June 19 and closed at 11.50 cents June 30. In the steel trade an important incident was the action of the steel manufacturers in reducing prices after a downward movement had been resisted for many months. On June 1, as noted above, a cut was made in both bar steei and bar iron. It was then explained that this action would not affect iron and steel prices generally, but on June 9 reductions were also announced in steel billets and certain classes of finished material-billets being marked down from $28 a ton to $25, Pittsburgh sheet bars from $29 to $27 and plates from $1 70 to $1 60. Crop advices were not uniformly favorable, but were on the whole good, and as it appeared that early reports of damage to the crops from rains had been exaggerated, prices declined. The latter part of the month, however, recoveries again ensued. The condition of winter wheat June 1 was given as 86, against 89 May 1 and against 77.4 June 1 1907; and the condition of spring wheat was 95 June 1, against 88.7 June 1 1907. New York State was able to place a batch of 3% canal bonds which the previous year had gone to the State sinking fund and were still held by it. A number of Brooklyn banking institutions which bad suspended during the panic of the previous· autumn resumed, more particularly the Williamsburgh Trust Co. and the Brooklyn Bank. The Home Bank of Brooklyn, which suspended Feb. 1 1908, also resumed. Two of the banks in this city, the Amer. Exch. Nat. and the Chemical Nat ., surrendered their holdings of Government deposits because the Aldrich-Vreeland Currency Law makes obligatory the payment of interest on Government deposits, except such as are held for the transaction of Government business. Aggregate Government deposits in the banks July 1 were $165,219,315, against $164,912,412 June 1. Money holdings, hov.ever, in Sub-Treasuries were reduced from $345,416,802' to $339,612,920. National bank circulation afloat on bonds stood at $623,250,517 June 30, against $624,714,147 May 29. The extraordinary session of the New York State Legislature ended June 11, and Governor Hughes, through delay in presenting the subject for the consideration of the Legislature (so as to allow a vacancy in the Senate to be filled and also to allow for the convalescence of another Senator, who was absent on account of severe illness) succeeded in having the bill providing for the abolition of race-track gambling passed. Some of the other measures recommended by him, however,. failed, among them the one which would have placed telephone and telegraph companies under the jurisdiction of the Public Service Commission. Commissioner of Labor Neill was delegated by the Secretary of Commerce and Labor at Washington to conduct an investigation of telegraph and telephone companies, in accordance with the resolution introduced by Senator La Follette and passed by the U. S. Senate before its adjournment. Bills in equity were filed by the U. S. Government in the U. S. Circuit Court at Philadelphia against the anthracite coal roads, to test the constitutionality of the commodities clause of the Hepburn Rate Law. In compliance with this same clause, the Hocking Valley Ry. Co. divested itself of its interest in coal properties along the line of its road-see Vol. 86, p. 1409. Julius Christensen & Co., a well-known Philadelphia bond house, was obliged to make an assignment, owing to the difficulty of negotiating traction securities in which it was very largely interested. A visit of King Edward of England to the Czar of Russia at Reval was one of the incidents of the month. Following very close upon the visit of the President of France to King Edward, the event was looked upon in Germany as an attempt to isolate Germany, but appar ntly the object was simply to promote continued peace. In the recount proceedings of William R. H earst and the State Attorney-General , to determine Mayor McClellan's title to his office, all the votes cast at the election in November 1905 were re-canvassed in the Supreme Court, and the final result showed a. plurality for Mr. McClellan only a few hundred short of the figur s reached when the vote was originally counted. In the case of the operation by receivers of the Metropolitan Street Ry. and ew York City Ry. lines, some further dismemberment of the system occurred, resulting in the cutting off of more free transfer privileges. Mr. Taft after his nomination resigned his post as Secretary of War, to become effe ctive June 30, and he was succeeded July 1 by Gen. Luke E. Wright who had held the post of Governor of the Philippines. A grand jury in the Supreme Court on June 20 returned four indictments against the American Ice Co. for alleged violation of the anti-trust laws in contracts made with independent companies. The jury acted in accordance with the views expressed by Judge Goff. Two previous grand juries had refused to indict. Judge Trieber in the U. S. Circuit Court at Little Rock granted a permanent injunction restraining the Arkansas RR. Commission from imposing the penalties prescribed by the Barker Demurrage Law passed by the last Arkansas Legislature, for alleged failure to furnish coal cars to the Denning and Coal Hill mines, as demanded by independent shippers. In Texas, Attorney-General Davidson instituted suit against the American Book Co. of ·New Jersey and the American Book Co. of New York  RETROSPECT.  25  to obtain judgments of ouster from the State and collect $8,000,000 was exported during June . The Bank of France penalties aggregating over $3,000,000 for violation of the reported the largest gold holdings on record, but nevertheless kept bidding for the gold arrivals in London; as open anti-trust laws of the State. Railroad Events and Stock Exchange Matters .-Business on market discounts were higher at Paris than at London, it the Stock Exchange dwindled to small proportions. A succeeded in getting most of these gold arrivals. The Bank sharp rally at the very beginning of the month carried of Germany reported the largest gold holdings in recent. prices of practically all the active issues up from 3 to 7 years and on June 18 reduced its rate from 4½ to 4%. points, but this movement culminated on the 2nd day of the Prices for bankers' sterling were generally at the highest. month. A sharp decline then ensued, influenced by the cut figure of the month on June 1, when quotations were 4 8560 in steel prices, and thereafter the market became very @4 8565 for 60-day bills; 4 8715@4 8720 for sight and sluggish, with transactions on many days the smallest in 4 8740@4 8745 for cable transfers. On June 30 the prices months. After the holding of the Republican Convention, for the three classes of bills were respectively 4 8560@ some increase in activity was observable, but this was at 4 8575, 4 8690@4 8695 and 4 8715@4 8720. Open market the expense of values. Dividend reductions or suspensions discounts June 30 were 1 3-16@1¼ at London, 1 % at Paris by a number of important companies served to add to the and 3 % at Berlin and Frankfort. The price of silver in weakness. But the market soon became inert again, with London from 24¼d. June 2nd advanced to 25%d. June 23; the movement of prices sluggish, except in special stocks, but the close June 30 was only 24¾d. and the course more or less irregular. The tone at the close was, nevertheless, fairly good. Mil . .& St. P. com. JULY .-Current Events.-The National Democratic Conadvanced from 131½ June 1 to 137 % June 2, dropped to vention at Denver nominated William J. Bryan for President 130½ June 23 and closed June 30 at 133¾. And the course and John W. Kern of Indiana for Vice-President and formuof this stock reflects pretty well the course of the general lated an extremely radical platform. This action had been market. L. & N. reduced its s.-a. div. from 3 to 2½% looked for and was interpreted as having at least one faand the s.-a. div. on Lake Erie & Western pref. and that on vorable aspect, namely that it removed doubts as to the Clev. Cin. Chic. & St. L. com. were both passed. The outcome of the Presidential contest, making the electionof Mo. Pac. also omitted its semi-annual declaration, the Mr. Taft a certainty. The other important political event previous payment having been made in stock. Amer. Car of the month was Mr. Taft's speech of acceptance on July 28. & Foundry reduced its quar. div. on com. from 1% to½%, The speech proved a disappointment, as Mr. Taft declared Republic Iron & Steel suspended the quar. payment on pref. unqualified adherence to a ll of the Roosevelt doctrines and Texas Central omitted the ordinary annual div. on com. policies, and promulgated radical views throughout. It was West. Un. Tel. declared a quar. div. of ½% in cash after couched, however, in temperate language and marked by a having paid the two previous dividends of 1 ¼% in stock. judicial tone in sharp contrast with the customary utterances Chic. & Alt. RR. declared an initial div. of 1% on its com. of Mr. Roosevelt. Overshadowing these political happenstock. Wheeling & Lake Erie RR . was placed in the ings, there was one event of transcendent importance. It hands of a receiver. The property of the Brooklyn Ferry was the decision of the U. S. Circuit Court of Appeals at Co. was sold at foreclosure sale. The Erie RR. arranged Chicago July 22, setting aside the fine of $29,240,000 imwith J. P. Morgan & Co. for the purchase of the coupons posed on the Standard Oil Co. by Judge Landis in August due July 1 1908 and Jan. 1 1909 on its $35,000,000 prior of the previous year for having accepted, as alleged, conlien 4s and its $44,012,000 gen. lien 4s. The syndicate cessions froni published freight rates on sh ipments of oil over organized in Feb. 1906 to underwrite $100,000,000 4% the Chicago & Alton RR. Judge Landis was reversed on 30-year conv. bonds of the Amer. Tel. & Telegraph Co. practically every leading point, and, most important of all, was dissolved, and it was stated that close to $90,000,000 every one of the three Judges (Peter S. Grosscup, Francis E. still remained in the hands either of the primary or junior Baker and William H. Seaman) concurred in the reversal. underwriters. The syndicate organized in 1906 to under- As Judge Landis's action the previous year had played such write $7,000,000 Superior & Duluth Div. & Term. 4s of the a prominent part in unsettling confidence and in bringing Wis. Cent. expired by limitation and it was understood about the financial collapse the following October and that very few of the bonds had been sold to the public. November, so this decision overruling him had a mostsaluPittsb. Cin. Chic. & St. L. Ry. sold $6,000,000 of its 4% tary effect. The only thing to qualify the feeling of satiscons. mtge. bonds due in 1957. Kuhn, Loeb & Co. brought faction was the action of President Roosevelt with regard to out $50,000,000 of the new issue of "first lien and refunding the matter. Mr. Roosevelt issued one of his characteristic mtge. 4% bonds" due June 1 2008 of the Union Pacific RR. statements in which the Attorney-General was directed to take The issue price was 95½. The loan was heavily over- immediate steps to have the case against the oil company resubscribed. The Manhattan Ry. sold $11,712,000 cons. tried, and in which he said that there was "absolutely no mtge. 4s, mainly to retire $10,818,000 6% bonds of the question of the guilt of the defendant or of the excepMetropolitan Elev. RR. maturing July 1. A banking tionally grave character of the offense," and declared that syndicate, headed by J.P. Morgan & Co., made an offering "the President would regard it as a gross miscarriage of at 91½ of $13,000,000 4% deb. bonds due in 1934 of the justice if, through technicalities of any kind, the Standard N. Y. Cent. & Hud. Riv. RR. Balt. & Ohio sold $7,610,000 Oil Co. escaped the punishment which would have unquesof various issues of bonds. The Hudson Companies made tionably been meted out to any weaker defendant who had a new issue of $5,000,000 1-yr. 6% notes secured by $10,- been guilty of such offense." This ebullition of wrath had 000,000 of Hud. & Manh. RR. (Hudson River Tunnel) no effect beyond temporarily weakening the stock market. 4½% bonds. Another very important development was the continuation The Money Market.-There was a superabundance of of efforts to secure some advance in railroad freight rates, loanable fund s, notwithstanding that the trust companies this being considered the only alternative to a reduction of were reinforcing their cash reserves in preparation for the wages, in view of the tremendous losses in earnings which higher reserves called for by July 1 under the new State the roads were sustaining. In the Southwest, a quite genlaw. Money holdings of the Clearing-House banks ran up eral advance, effective Aug. 10, was announced, and some from $368,589,000 May 29 to $396,480 ,200 June 27, but increase in rates on sugar and on coffee from the Atla ntic dropped to $377,087 ,500 July 3 as a result of withdrawals seaboard and New Orleans to Chicago, Duluth, St. Paul , &c. by the trust companies. Surplus reserves rose from $46,- was made. In the South, advances of 2@4 cents per 100 lbs. 262,950 May 29 to $68,233,025 June 27 (this being the on flour, grain, meat and other food products from Western highest figure since 1894) and then fell to $47,585,350 points into the Southern States was scheduled to go into July 3. Deposits fluctuated more or less and were $1,318 ,- effect Aug. 1. In this case, Judge Emory Speer, in the U. . 008 ,600 July 3, against $1,289,304,200 May 29. Loans Court for the Southern District of Georgia, on July 25 isalso fluctuated from week to week, but were at their highest sued an injunction restraining the advance as far as Georgia point on July 3 at $1,245,557,000, a,gb.inst $1,218,677,900 ooints were concerned, and July 30 decided to continue the May 29. The range for call loans for the whole month was restraining order until the new rates should first be passed only 1@1¾%, with the rate June 30 1¼@ 1½% - The upon by the Inter-State Commerce Commission. Early the trust companies were out of the market the latter part of the next month, however (Aug. 5), U. S. Circuit Judge Pardee month on account of the excessively low quotations. Time of Atlanta dissolved the order of Judge Speer, thus allowing loans at the close were 2@2¼ for 60 days; 2¼@2½ for theroadstoputthehigherratesineffectin Georgia the sa me 90 days; 3@3 ¼ for 4 to 5 mos .; 3 ½ for six mos., and 4 for as in other States. The trunk lines between Chicago and the· over the year. Commercial paper then was 3½ for choice seaboard a lso discussed the question of advancing rates, but double names and short single names and.:_4½ for choice to in that instance shippers made a vigorous protest and finally good six months single names. appealed to President Roosevelt. This induced Mr. RooseForeign J xchange 1 Silver, &c.-Irregularity was the velt to i~sue an order much like that promulgated by him distinctive feature of foreign exchange during June . At the preVIous February, when there was talk of reducing first the market was lower because of specull:l,tive selling, wages. He plainly intimated that the roads would take such then it became generally strong, influenced by a demand to a step at their peril, and the Inter-State Commerce Commiscover short contracts and to remit for stock sold for European sion , at his direction, gave out a statement saying it would account and to meet maturing obligations or provide for ~va il of its P?Wers of inves~iga~ion for the purpose of keephalf-yearly settlements. The latte r part of the month the mg advances m check. Indicat10ns of better trade conditions course of prices was lower again, one feature being a good were a marked feature during July. Railroad earnings supply of bills against the placi.J;i.g abroad of a large block showed only about 15% decrease in gross, against 18½% of the new Union Pacific loan for $50,000,000. Gold in June and 22½% in May. The fortnightly return for exports continued the first three weeks, but thereafter no July 22 showed only 308,680 idle freight cars and for July further shipments were made until June 30, when $300,0_00 8 but 303,560, a gainst 349,994 June 10 and 413,605 April 29. was tak~n.. The gold all went to Germany and the ship- Th~ coppe~ trade, too, ~a.dually got into better shape, while ments, 1t 1s understood, were not conducted through ex- decidedly mcreased actiVIty was reported in the iron and change operations, but by cable order. Altogether about, steel trades. The quarterly report of the United States   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  26  RETROSPECT.  Steel Corporation, issued July 28, showed for June 30 a smaller aggregate even of unfilled orders than for March 31, the comparison being 3,313,876 tons, against 3,765,343 tons; this compared with 7,603,878 tons orders on the books on June 301907. OfficialsoftheSteelCorporation,however, authorized the statement that during the first 24 days of July new orders bad been coming in at a rate to engage 72% of the capacity of the plants of the Steel Corporation, against only 50 to 55% previously. Some questions of wages were satisfactorily adjusted in the iron and steel trades. The wage scale of the sheet and tin workers was arranged for the year ending June 30 1909 by the Amer. Sheet & Tin Plate Co. (a subsidiary of the U.S. Steel Corp.), on the basis of a reduction of 2% for sheet workers and of 6% for the tin plate men. At a conference in Detroit betweeh the Western Bar Iron Association and the Amalgamated Association an agreement was reached July 11 on the wage scale for iron mills on the basis of an average reduction from 8 to 10%. The Republic Iron & Steel Co. also reached an agreement regarding wages in a number of different departments and started up some of its mills and furnaces previously idle. Cotton declined, middling uplands July 31 at New York being 10.70c., against 11.50c. June 30. Prospects for the growing grain crops became somewhat impaired, and active speculation carried prices materially higher. At Chicago Sept. wheat advanced from 85½ to 921/s; the Sept. option for corn from 70½ to 77c., and the Sept. option for oats from 391/s to 46½c., the high figures being reached generally the.latter part of the month. In financial circles an event which bad considerable influence in promoting confidence was the action of the Balt. & Ohio RR. (at the instance of Mr. Harriman it is believed) on July 9, in declaring the regular semi-annual dividend of 3% on the common stock notwithstanding that net earnings for the year ending June 30 had decreased $7 ,900,000 and notwithstanding that the 6% dividend for the year had not been earned by $1,300,000. It was decided to draw upon accumulated surplus for the deficiency. The Southern Ry. management again deferred the question of wage reduction with its employees. The brokerage firm of Cameron, Currie & Co. of Detroit went into the hands of a re,ceiver. Government revenues fell $24,870,000 below disbursements, and the deficit would have been greater by ·$ 5,879,322 except for the payment by the Central Pacific Rwy. of two semi-annual notes aggregating that sum-this tlast completely settling the indebtedness of the Central Pa·,cific to the United States. The Sec. of the Treas. on July 2 .issued a call upon the banks for the surrender by July 15 of '.$45,000,000 Government deposits, but the amount was sub1iequently reduced to $33,279,270 by Mr. Cortelyou because certain interior depositories protested against further recall. Government deposits in the banks during the month fell from $165,219,315 to $130,660,745. Cash in Sub-Treasuries increased from $339-,612,920 to $347,212,665. Bank circulation secured by bonds increased for the first time during the year, rising from $623,250,517 June 30 to $625,360,982 July 31. Justice Erlanger of the New York Supreme Court on July 2 sustained the demurrer interposed by the Consol. Gas Co. of New York to the complaint in the suit brought by State Attorney-General Jackson to oust the company from the use of the city streets on the ground that its franchises had expired. Judgment absolute was directed in favor of the company, it being held that no amendment of the complaint could cure the defect. On July 7 Mr. Jackson brought suit in the N. Y. Supreme Court to restrain the American Ice Co. from doing business in New York State on the ground of alleged violation of the Anti-Trust and Stock Corporation laws. Attorney-General Herbert S. Hadley of Missouri on July 30 instituted two suits against the so-called Yellow Pine lumber trust, one being a quo warranto proceeding brought before the Supreme Court at Jefferson City against 43 lumber concerns, asking that they be ousted and their property confiscated, and the other being brought before the St. Louis Circuit Court, in which an injunction was asked to restrain 11 corporations and 20 individuals from entering into a trust agreement in restraint of the trade in yellow pine lumber. Similar suits were filed the same day in Topeka by the Attorney-General of Kansas, and it was the intention to begin like a:ctions in Guthrie, Oklahoma and Austin, Texas; but the filing of suits in these latter States was temporarily postponed. These various actions were the outgrowth of evidence taken the previous March by the Attarneys-General of Missouri, Texas, Kansas and Oklahoma. Merchants on the Pacific Coast became greatly exercised by the announcement that the trade of the United States with the Orient and Australia and New Zealand was likely to be dealt a severe blow by the action of the trans-continental railroads in giving notice that on Nov. 1 they would be obliged to abandon a large portion of the business referred to, owing to a ruling of the Inter-State Commerce Commis.sion requiring the railroads to publish the inland proportions of their import and export rates and not to change these rates -except after stipulated notice. An Old Age Pension Bill was passed by the British Parliament, to become operative .Jan. 1 1909. French rentes enjoyed a sharp advance on the adjournment of the French Parliament without having ,enacted the Income Tax proposal, which bad been pending for several successive years , and which would have taxed .rentes. As a result of a revolutionary movement carried through by the Young Turks, Abdul Hamid II, the Sultan, was compelled to grant the Turkish people a legislative as-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  sembly and to decree a constitution for the Turkish Empire. The new Parliament met the following December. Railroad Events and Stock Exchange Matters.-The stock market showed great strength throughoutalmosttbewholeof July. The factors in this strength are indicated in the circumstances narrated above. The tone remained good even when reactions were in progress or when some special incident, like Mr. Roosevelt's cricitism of the U.S. Circuit Court of Appeals in the Standard Oil case, served temporarily to weaken prices. Towards the close the volume of business was reduced and there were recessions, induced in part by sales to realize profits. The Gould stocks were strong features the latter part on the arrangements for taking careofthe$8,000,000 Wheel. & L. E. 3-yr. 5% notes maturing Aug. 1 and on rumors that as part of these arrangements the differences between the Harriman and the Gould interests had been or would be reconciled. Mil. & St. P. com. sold at 133¼ July 2, 143½ July 23 and closed at 141¾ July 31. U. P. com. advanced from 145 July 1 to 155½ July 23, with the· close 155¼; So. Pac . com. from 86x July 3 rose to 93½ July 23 , with the close 93. Gt.Nor.soldatl37½xJuly23againstl31Julyl, and Nor. Pac.at 1421/s-xJuly23,against 136% July 1. N. Y Cent. fluctuated between 103½and ll0¼and Penn. between 1201/sand126¼. Amal.Cop.rosefrom65%Julylto77½x July 31. U.S. Steel com. displayed continued strength, rising from 37¾ July 1 to 45½ July 23 with the close 45½. Del. & Hud. sold $13,309,000 1st & ref. mtge. 4s. Cent.Pac. Ry.,asnotedabove,paidthelastofthenotesgiventheU.S. and bankers sold $18,000,000 of the company's 1st ref. mtge. 4s at 95½. Chic. So. Ry. defaulted in the int. due July 1 on $4,000,0001st mtge. 5s; the Cin. Ham. & Day. on its $2,000,000 4½s of 1907; the Cin. Ind. & West. on its $4,672,000 1st and ref. 4s and on $3,162,000 Ind. Dec. & West. 1st 5s; the Toi. Rys. & Lt. on its $4,866,000 4% cons. and on $1,250,000 Toi. & West. Ry. 1st mtge. Receivers were appointed for the Norf. & So.; also for the United Box Board & Paper Co.; and for its subsidiary, the Amer. Strawboard Co. Buff. Roch. & Pitts. declared only 2% s.-a. on com., against 2½ in Feb. Pitts. & L. E. made 5% s.-a.,against 6%. Nasbv. Chatt. & St. L. reduced from 3% s.-a. to 2½. Hunt. & Broad Top Mtn. passed on pref. Pac. Coast declared only 1 % quar. on com. and 2d pref., against 1¼% in May and 1½% previously. The N. Y. N. H. & Hart. RR. sold its $10,994,900 stock in the Bos. & Me. RR. to John L. Billard of Meriden, Conn. The Money Market.-Extreme ease continued notwithstanding the further recall of Govt. deposits and the additions to trust co. reserves. Call loans did not get above 1¾% and much of the time were down to 1 %. Time contracts were a little firmer at the close. Quotations July 31 were 2% for 60 days, 2¼@2½ for 90 days, 3¼@3½ for 4 mos., 3½ for 5 mos. and 3¾@4% for 6 mos. In the paper market one feature was the reported buying for European investors. Some 60 to 90-day double names were sold for foreign account at 3@3½ but the paper was exceptionally choice and very little could be obtained; 4 to 6 mos. high-grade single names were more plentiful and the European inquiry was in great part met by acceptable offerings at 4@4¼%. After the drop in the money holdings and surplus reserves of the ClearingHouse banks in the statement of July 3, owing to the trust co. withdrawals, both items again very rapidly increased. Money holdings rose from $377,087,500 July 3 to $399,790,900 July 25, and were $398,429,200 Aug. 1. Surp. reserves increased from $47,585,350 July 3 to $58,407,725 July 25 and were $57,263,475 Aug. 1. Deposits increased from $1,318,008,600 July 3 to $1,365,532,700 July 25 and were $1,364,662,900 Aug. 1. Loans increased from $1,245,557,000 July 3 to $1,273,551,100 July 25and were $1,273,106,400 Aug. 1. Foreign Exchange, Silver, &c.-Foreign exchange, though showing considerable irregularity, was on the whole firm the first half of the month, with the tendency of rates upwards. The latter half of the month, however, rates eased off, mainly as the result of drawings against credits which had been established at London and at Paris through the previous negotiation abroad of considerable blocks of Nat. Rys. of Mexico, Del.& Hud., &c. On the other hand, rumor had it that exchange was being gradnally accumulated to·meet N. Y .City revenue bonds negotiated in Europe the previous year and which were to mature in Nov. $300,000 gold was shipped to Germany early in July while~on July 16 $1,000,000Jgold bars were exported to Paris. Otherwise there was no outflow to Europe. Rates were at their highest about the middle of the month, when 60-day sterling was 4 8575@4 8585; sight 4 8710@4 8715 and cable transfers 4 8735@4 8740; July 31 I prices were 4 8530@4 8540, 4 8685@4 8690 and 4 8705@ 4 8715. Open market discounts stiffened at London and July 31 were 1½@1%, but on tbeContinentratesfelloffand July 31 were l¼ at Paris and 2½ at Berlin. Silver in London fluctuated irregularly, with the price July 31 24 3-16d .  AUGUST.-Current Events.-The American Railway ABsocia tion reported for Aug. 5 only 281,621 idle cars and for Aug. 19 but 253,003, as against 308,680 on July 22 and 413,605 on April 29. One of the. unfavorable events was the appointment on Aug. 8 of receivers for the Pillsbury-Washburn Flour Mills Co., Ltd. In the cotton goods trade severe curtailment of production continued to be practiced, and it was a common complaint that goods were selling below cost of production. Depression was also a feature in the cotton-spinnin,g industry of Great Britain, and the Lancashire  RETROSPECT. Federation of Cotton Spinners, after having severely cur- the N. Y. Supreme Court at Albany against the various antailed the output of yarn, decided on Aug. 19 to give notice thracite companies, charging them with having entered into -0f a reduction of 5% in wages. This led to a lockout the an agreement which in effect constituted a monopoly of the next month, as noted under September. At Fall River hard coal business of the State. The Federal Government there was fear at one time of possible friction with the oper- had the previous year begun a similar suit. The Inter-State atives, but mill owners accepted the proposition of the unions Commerce Commission issued an order in the case of the as represented by the Textile Council that in future in the ap- Cattle Raisers' Association of Texas against the Mo·. Kan. & plication of the sliding scale wages should rise or fall with a Tex. Ry. Co. and 58 other carriers, directing the roads to variation of 2 ½ points (instead of 5 points or 10 points) in reduce rates from one-half cent to 5 cts. per 100 lbs. on range the margin between the price of a cut of standard cotton cattle in the Southwest, and also directed a reduction in doth and its equivalent in weight of raw cotton. Print the terminal charge at Chicago from $2 per car to $1. The doths were reduced Aug. 24 from 3¼ to 3½ cts. and Aug. law passed by Congress granting compensation to artisans 25 to 3 cts. An unsettling feature as the month progressed · and laborers for injuries sustained in the service of the United was a sharp break in the price of cotton. A speculative States went into effect Aug. 1. Attorney-General Bonaparte ,clique headed by Jesse L. Livermore, a daring young opera- at Washington gave an opinion holding that national banks tor, had b.een conducting a campaign for higher prices in in Oklahoma could not legally take part in the scheme for the October option and came to grief. Early in themonth guaranteeing bank deposits enacted by the Oklahoma this option was advanced fully a half a cent, getting up Legislature. The Brazilia,n Congress granted permission to Aug. 7 to 9.85 cts. Then a severe slump occurred, and by the State of Sao Paulo, as part of the coffee valorization Aug. 21 the price was down to 8.51 cts. On Aug. 31 a still scheme, to raise a loan of £15,000,000 to consolidate existlower point was reached, namely, 8.43 cts., with the close, ing issues of bonds,and also gave authorityto raise the surhowever, 8.55 cts. Spot cotton at New York advanced tax on coffee exported from 3 francs to 5 francs gold per bag from 10.60 cts. Aug. 1 to 10.85 cts. Aug. 6, but closed Aug. of 60 kilos (132 lbs.). The higher tax went into effect in 31 at only 9.50 cts. The latter part of the month heavy Oct. 1908. Purchases of coffee under the valorization rains, long-continued, resulted in extensive floods in a num- scheme had been previously discontinued. The coal ber of sections in Georgia and the Carolinas-Augusta, Ga., miners' strike in Alabama, begun on July 6, and which particularly suffering quite severely, the water in some of had been marked by much violence, including the firing by the streets of the city reaching a depth of 4 ft. and the prop- the strikers upon a train carrying non-union men, resulting -erty loss being estimated at about $1,000,000. Some damage in the killing of several of them, was on Aug. 31 called off, to cotton in that part of the South resulted, without, how- the union making "an absolute, unconditional surrender." -ever, bringing any recovery in the price of the staple. In The new English patent law, under which foreign patents grain, also, some impairment of prospects occurred, without may be· revoked unless the patented article is manufactured furnishing ground for fears of crops less than the average or the patent process is operated in the United Kingdom, in size. Grain prices advanced early in the month, but went into effect Aug. 28. wheat subsequently eased off when it appeared that damage Railroad Events arid Stock Exchange Matters.-There was a in the Northwest from adverse weather conditions had been further noteworthy rise on the Stock Exchange and new high greatly exaggerated. December wheat at Chicago from records for the year were established, though the upward 92½ cts. Aug. 1 rose to 99% cts. Aug. 5, but subsequently movement experienced a setback the latter part of the got down again to 93 cts. (Aug. 17) and closed Aug. 31 at month. In the early rise, which reached very exceptional 95¼ cts . Corn and oats were at or near the highest figures proportions, the copper mining and industrial shares were at the close, the December option for corn at Chicago clos- especially prominent,and American Smelt. & Refining com. ing Aug. 31 at 67% cts., against 61¾ cts. July 31 and, (which Thomas W. Lawson had singled out for special December oats Aug. 31 49% cts., against 44 cts. July 31. mention) and Nat. Lead, com. spurted up nearly 20 points, A favorable event was the success attending an offering by but the best class of railroad properties, like So. Pac., J. P. Morgan & Co. of $17,000,000 Trans-Con tin en tal Short Un. Pac., Reading, &c., also participated in the movement. Line 1st mtg. 4s of the Atch. Top. & Santa Fe. On the The rise eventually met with determined opposition from Stock Exchange, the further rise in prices developed the interests having short contracts outstanding for large existence of a very large short interest. To resist the ad- amounts. The market had begun perceptibly to weaken vance and facilitate a covering movement, flagrant manipu- when the flagrant manipulation on Saturday Aug. 22, allation of the market on the part of this interest resulted. ready referred to, created a very uneasy feeling , which, howOn Saturday, Aug. 22, the manipulation became so bold ever, was allayed to a considerable extent by the prompt and unconcealed that the Stock Exchange authorities at action of the Stock Exchange authorities. For a few days once began an investigation. The operations of the Stock after Aug. 22 the tone was very uncertain, with some sharp Exchange house of A. 0. Brown & Co. of this city, one of declines in prices, there being fears that the effect of the the largest brokerage firms in the United States, with branch disclosures would prove very damaging to the market. offices at numerous points throughout the country, particu- The upward movement, however, was soon resumed and larly came in for criticism, and on the following Tuesday, the close found it in full swing again with new high records Aug. 25, this house announced its suspension ,after having for the year for such stocks as Union Pacific and Southern made delivery of only 277,000 shares out of a bout 750,000 Pacific. The generality of shares, however, closed well shares, supposed to have been sold by the firm on the pre- below the best figures of the month. Mil. & St. Paul com. vious Saturday. One incident growing out of the rise in sold up from 142 at the opening Aug. 1 to 147% Aug. 11 , stocks was the advertising campaign carried on by that noted then got down to 140¼x Aug. 20 and closed Aug. 31 at 144½; Boston speculator, Thomas W. Lawson. He gave his ad- Gt. Nor., from 137 ¼ Aug.1 rose to 140 Aug. 13, dropped to vertisements the usual air of mystery, but finally ended his 135 Aug. 20 and closed Aug. 31 at 137¾; N. Y. Cent. from campaign in the recommendation to everyone to buy the 110¼ Aug. 10 sold down to 100 Aug. 20 and closed at stock of the Bay State Gas Co., just taken out of receiver's 106¼; So. Pac. com. and Un. Pac. com. both touched their hands, and of which he had a short time before been elected highest Aug. 31, So. Pac. having sold up from 92½ to President. He called it "National" stock. This company 107% and Un. Pac. from 154½ to 164¾; Amer. Smelt. had an authorized capital of $1,000,000,000 (20,000,000 & Refining com. was 88% Aug. 3 and 107 Aug. 7, with the shares of $50 each), and had at that time apparently $184,- close Aug. 31 98¾; Nat. Lead com. was 72½ Aug. 1, 92 587 ,500 stock outstanding. He in effect announced that Aug. 7 and closed at 86¼; Amal. Cop. advanced from 78¼ it would henceforth devote itself to speculations in the stock Aug. 1 to 831/s Aug. 8, got down to 74¾ Aug. 15 and closed market. New stock was to be issued at gradually rising at 81 ½; Steel com. from 45¼ Aug. 1, moved up to 48 prices , and the proceeds used in aggressive operations in Aug. 10, receded to 44 Aug. 15 and closed at 47¼. Among the stock ma rket "with and against" what he termed "the the specialties Con. Gas of New York, which had been adsystem." At a special meeting of the stockholders of the vancing for many months, touched a new high mark at 147% Bay State Gas Co., President Lawson was authorized in his Aug. 31; in January it had sold at 96 and in Oct. 1907 as discretion to dispose of $14,350,000 additional stock, and low as 74. The Mex. Cent. syndicate , which in June 1906 the directors were instructed to make further issues should ha,d bought $33,000,000 5¾ col. tr. notes of that company Mr. Lawson at any time deem it convenient or necessary. disposed of the unsold balance, approximately $15,000,000, The stock sold up from 54 cents per share Aug. 1 to $2 per to a coterie of local investors. The Grand Trunk Ry. of Can. share Aug.21, and closed Aug. 31 at $1%. Meadows , Will- omitted the usual interim div. on 1st and 2d pref. Cent. iams &Co.,a brokeragehouseof Buffalo, N. Y., with a mem- of Ga. passed the div. on all the three classes of incomes. bership in the N. Y. Stock Exchange, suspended. The The Penn. Coal & Coke Co. was placed in the hands of a Mechanics' & Traders' Bank of this city, which had suspended receiver, owing to the failure of the Penn. Beech Creek & the previous January, resumed Aug. 17 as a purely Brooklyn Eastern Coal Co., the lessee of the property, to meet its institution under the name of the Union Bank of Brooklyn. rental obligations. The two Walsh roads, namely the Besides giving up its Manhattan offices, it discontinued two South. Ind. and the Chic. South., were placed in the hands of its Brooklyn branches. National bank circulation secured of a receiver. by bonds increased from $625,360,982 July 31 to $625,986,The Money M arket.-Call loans on the Stock Exchange 993 Aug. 31. Govern men~ deposits in the banks were re- several times got down to ¾ of 1 %, and at no time ruled duced from $130,660,745 to $128,907,343, and Treasury higher than 1 ¼%. Time loans were more liberally offered, money holdings fell off from $347,212,665 to $320,899,584. and the money withdrawn from abroad, through the recall Judge Richard L. Hand, appointed Commissioner by Gov. of credits and balances, as noted below under exchange, Hughes to examine into the charges of neglect and wrong- came in competition with domestic supplies. Trust comdoing made against the District Attorney of New York panies were reported to be large purchasers of commercial County, William Travers Jerome, submitted his report with paper for investment. The supply of the best nam~s was the finding that not one of the charges against Mr. Jerome was limited and rates for paper fell to low figures. Time loans proved, but that all were disproved upon the evidence. V. 87, at the close were 2% for 60 days; 2 ½ for 90 days; 3 for 4 mos. p. 509. State Attorney-General Jackson began proceedings in and 3¼@3½ for 5 to 6 mos. Paper was quoted at 3¾@4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  /  28  •  RETROSPECT.  for choice double names and 4 ¼ @4 ½ for prime and 4 ½@ 5 for good single names. Money holdings of the ClearingHouse banks rose from $398,429,200 Aug. 1 to $412,523,100 Aug. 22 and were $410,948,300 Aug. 29; surplus reserves increased from $57,263,475 Aug. 1 to $65,170,050 Aug. 22 and were $61,741,650 Aug. 29. Deposits were $1,396,826,600 Aug. 29, against $1,364,662,900 Aug. 1 and loans $1,294,766,100, against $1,273,106,400. Foreign Exchange, Silver, &c.-Exchange was heavy almost the whole of August and sterling bills sharply declined. The weakness was in part occasioned by the gradual recall from Europe, through sight sterling and cable transfers, of bankers' balances and credits representing the proceeds of securities negotiated abroad within preceding months. It was estimated that an aggregate of $30,000,000 was available in this way at the time, representing the proceeds of National Rys. of Mexico, Penn. RR. and other securities placed abroad, and which had been temporarily loaned out in London, Paris and elsewhere on the Continent. There was also some pressure of commodity bills against exports of wheat and offerings of drafts against future deliveries of cotton. Rates were at their highest Aug. 1 when 60-day bills were 4 8525@4 8535, sight bills 4 8685@4 8690 and cable transfers 4 8705@4 8715 and at their lowest on Aug. 25, at 4 8410@4 8425, 4 8570@4 8575 and 4 8585@4 8595. The close Aug. 31 showed only a trifling recovery. In the Bank of England £1,000,000 gold which had been held for India account, was "unearmarked". It developed that Germany had for some time been taking gold from Australia. Open market discounts at the European centres were 1 7-16 @l 9-16 at London Aug. 31 and 1¼ at Paris, and 2¾ at Berlin and Frankfort. Silver in London suffered a further decline and closed Aug. 31 at 23 %d.  SEPTEMBER.-Current Events.-The political situation became disquieting. This was mainly by reason of the action of PFes. Roosevelt in taking an active part in the Presidential campaign on behalf of Mr. Taft. At first interest focused chiefly on the Sept. State elections in Vermont and Maine. The Vermont election occurred Sept. 1 and proved ·entirely satisfactory. As it is a tradition that when the plurality for the Republican candidate for Governor in that State exceeds 25,000, the Republican party is certain of victory in the national campaign, and as the actual plurality was 29,000, the result foreshadowed Mr. Taft's victory. The Maine showing, however, was different. The election occurred Sept. 14 and resulted in a plurality for the Republican ticket of only 7,700, stated to be, with one exception, the smallest plurality in a Presidential year since the Civil War. The vote, however, happened to be based on the liquor prohibition issue. As the Presidential election had been proceeding in an apathetic manner, Mr. Roosevelt on his return to Washington after his summer vacation at Sagamore Hill announced his determination to infuse some "ginger" into it. The opportu.nity had come a few days before and Mr. Roosevelt was quick to avail of it. Mr. William R. Hearst in championing the cause of the candidate of the Independence Party, sought to make it appear that the two old political parties both had affiliations with the so-called trusts or large corporations, and that those who would destroy these trusts must support the Independence ticket. He accordingly published some correspondence alleged to have passed between John D. Archbold of the Standard Oil Co. and Sen. J.B. Foraker of Ohio several years ago, and also made the allegation ·that Gov. C. N. Haskell of Oklahoma, Treasurer of the Democratic National Committee, was a tool and agent of the Standard Oil Co.,and had been connected with an attempt to bribe or influence AttorneyGeneral Monnett of Ohio to dismiss suits pending several years before against the Standard Co. Mr. Roosevelt, accepting the Hearst charges as true, gave out a statement say ing that Mr. Haskell and Sen. Foraker represented the influences which had been arrayed against his policies and his Administration and contended that Mr. Foraker had been repudiated by the Republican Party, while Gov. Haskell still retained the confidence of the Democratic Party and the support of Mr. Bryan. Mr. Bryan asked for proof to show that Mr. Haskell had been connected with the Standard Oil matter in Ohio, and in this way the controversy continued, each trying to make it appear that the opposing candidate could not be trusted to carry out radical policies. Business interests naturally viewed the prospect with alarm. In the end Mr. Haskell resigned his post as Treasurer. An incidental development was that Gen. T. Coleman du Pont of Delaware tendered his resignation as head of the Speakers' Bureau and also as member of the executive committee for the East of the Republican National Committee. Gen. du Pont was interested in the so-called Powder Trust, against which the Federal Govt. had a suit pending, and it was understood that Mr. Roosevelt had insisted on his resignation. Trade appeared to be slowly mending. The Amer. Ry. Assn. reported a decline in idle freight cars from 253,003 Aug. 19 to 222,632 Sept. 2, to 173,587 Sept. 16 and to 133,792 Sept. 30 The cotton mills in Lancashire, Eng., were shut down, owing to the failure of the operatives to agree to the 5% reduction in wages determined upon by the spinners the previous month. The cut was not to go into effect until Jan.1 1909, but the manufacturers wanted the operatives to indicate agreement in advance, and when this was not forthcoming locked out the workers. The stoppage affected about 200,000 hands and some 40,000,000 spindles. Middling upland cotton in N. Y. closed Sept.30   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  at 9.30c., after having been 9.60c. Sept. 17. Print cloths at Fall River remained at 3c. A circumstance of a highly encouraging nature was the decision Sept. 10 of the U.S. Court of Appeals for the Eastern District of Pennsylvania ( composed of Judge George Gray of Delaware and Judges GeorgeM. Dallas and Joseph Buffington) declaring unconstitutional what is known as the "Commodity Clause" of the Hepburn Rate Law of 1906. Wheat prices further advanced sharply. The Govt. crop report showed a further impairment in spring· wheat, continued dry weather over much of the winter-wheat area delayed planting operations of fall-sown wheat, and there was an urgent demand for cash wheat by millers in theNorthwest. The movement of spring wheat to market, apparently induced by the high prices, reached record-breaking proportions, but this had little effect in satisfying the demand. Rains in the winter-wheat belt the latter part of themonth caused some reaction in prices at the close. Dec. wheat at Chicago from 95¼c. Sept. 1 rose to $1.02% Sept. 21 and closed Sept. 30 at 99¾c. Dec. corn at Chicago, after getting up to 70%c. Sept. 11, sharply declined on hot forcing weather over the corn belt, placing most of the corn crop beyond danger from frost, and closed Sept. 30 at 65%c. Bank circulation secured by bonds increased from $625,986,993 to $626,972,885. Govt. deposits in the banks increased from $128,907,343 to $129,925,200. Treasury money holdings were reduced from $320,899,584 to $310,001,850; this reduction apparentlyfollowedlargelyfrom the redemption of bank notes out of deposits of legal tenders made in previous months, theRedemption Bureau having for many months been much in arrears in its work; for Sept. 30 the total of bank notes still afloat against which deposits of legal tenders had been madefor retirement was only $48,639,442, comparing with $59,339,115 Aug. 31, $66,728,009 July 31, $75,083,400 June 30 and $46,670,996 Jan. 1. Forest fires, as a result of long-continued drought, were a feature of this and the previous month. These fires were noted nearly everywhere in the northern part of the U. S.-in Michigan, in the Adirondacks and in theWhite Mountains. In the Adirondacks, when the situation had become seriously threatening, the drought was broken on Monday, Sept. 28, by heavy rain, and there was likewise somerain in other parts of the country. These rains, however, were not prolonged and dry weather continued over large areas for some weeks subsequently. In Europe there was some revival of political unrest wth reference to the Algeciras controversy growing out of Germany's suggestion of the immediate recognition of Mulai Hafid, the new Sultan of Morocco, who had overthrown the old Sultan. France and the other signatory Powers insisted that Mulai Hafid must first give assurances that he would carry out the obligations of Morocco. Eventually the matter was settled on that basis. As a result of the satisfactory progress of the monsoon, the India Council for ~he first time in many months was able to sell the whole amount of its Council bills and transfers, removing the necessity of the further sale of English consols from among its investments, which sales had served to weaken the market for consols. No recovery, however, oc curred, consols being quoted at the lowest figure since the previous Jan. The Trust Co. of America of this city at the beginning of the month made the final payment on the $25,000,000 loan which it had obtained from the Associated Trust Cos. at the time of the unprecedented run on it the previous autumn. Two Pittsburgh financial institutions were closed, namely the Cosmopolitan Nat. Bank and the Mt. Washington Sav. & Trust Co., and some sensational incidents attended the closing; the latter, however, was subsequently reopened and paid off its depositors. As a result of the investigation by the special committee appointed the previous month by the Board of Governors of the N. Y. Stock Exchange, Albert 0. Brown and Lewis G. Young, the Board members of the failed firm of A. 0. Brown & Co., were expelled from the Exchange. The Cassidy Anti-Bucket-Shop Law in this State went into effect Sept. 1. In Rhode Island, also, a law prohibiting the operating of bucket shops became operative on the 1st. A portion of an issue of$14,000,000 of Republic of Santo Domingo Customs administration 5% gold bonds was offered by bankers in this city. N. Y. City placed some revenue bonds at 2@2½% int. In the U. S. Circuit Court at St.Paul, Minn., Judge Van Deventer on Sept. 3, at the instance of the St. L. Iron Mt. & So. and other roads operating in Arkansas, issued an injunction restraining the Arkansas RR. Comm. from enforcing the 2c. fare rate on the ground that the rates were unreasonable and non-compensatory. In Pennsylvania Judge Bouton of the Court of Common Pleas on Sept. 17 issued a perpetual injunction restraining the county officials from enforcing penalties against the Buff. Roch. & Pitts. Ry. under the 2c. rate law passed by the Penn. Legislature in 1907. In Massachusetts, in the case of the Fitchburg & Leominster St. Ry., the RR. Comm. declined to allow the issue of new stock at par where the shares were selling at a premium, as it might have done under a new Mass. law. For the purpose of effecting an improvement in the system of bank examinations, Comptroller of the Currency Lawrence 0. Murray called conferences at Washington of national bank examiners and the next month also called the national bank receivers together. A plan was promulgated in Oct. for the grouping of national bank examiners into districts, each district being in charge of a chairman with meetings at stated periods, which each examiner must attend, one object being the getting of information concerning doubtful credit and doubtful paper.  RETROSPECT. Railroad Events and Stock}Exchange Matters .-A sharp and general break in prices occurred, owing mainly to the development of political uneasiness. The result of the Maine election and the suspension of dividends on Amer. Locomotive com. were the original provoking cause. The news of the decision of the U.S. Circuit Court declaring unconstitutional the commodity clause of the Hepburn Law came on the same day as the dividend suspension referred to, namely Thursday, Sept. 10, but, beyond strengthening for the time being the anthracite shares, had little effect on the market. As the month progressed the increasing prominence given to the radical policies which both the Presidential candidates were favoring became more and more disturbing until eventually a sort of political scare developed. After each downward movement there was usually more or less recovery. The market almost the whole month, however, remained in a highly sensitive and excited condition, and, seldom, except in times of panic, have prices fluctuated so widely or the course been so erratic. The\ latter part of the month the tone improved, leading to an upward reaction. Mil. & St. P. com. from 146 Sept. 2 got down to 127¼ Sept. 22 and closed at 133¾; Gt. Nor. dropped from 139½ Sept. 9 to 125¼ Sept. 22 and closed at 130¼; Nor. Pac. was 1461/s Sept. 9, 130¾ Sept. 24 and closed at 136¼; Un. Pac. com. declined from 168½ Sept. 9 to 1491/s Sept. 22 and closed Sept. 30 at 158¾; So. Pac. com. was 1101/s Sept. 9, dropped to 961/s Sept. 22 and closed at 103¾ Sept. 30. Consol. Gas of N. Y. reached 154½ Sept. 9, then dropped to 136 Sept. 22 and closed at 147 Sept. 30. U. S. Steel com. was 48½ Sept. 8, then sold at 41 ½x Sept. 22 and closed at 45 ¾. The Copper shares were weak and Amal. Cop. fell away from 811/s Sept. 1 to 68½ Sept. 22, but closed at 75 Sept. 30. Amer. Smelt. & Refin. com. fell from 99 ¼ Sept. 2 to 79 Sept. 22 and closed at 84¾; Erie com. was one of the strong features, and after selling up from 23¾ Sept. 1 to 31 ¼ Sept. 10 closed Sept. 30 at 30. Boston & Maine reduced div. on com. stoc from 1 ¾% quar. to I½%- Ry. Steel Spring Co. reduced on com. from 4% per annum to 2%. A. Booth & Co., Chicago, suspended on both com. and pref. and later passed into the hands of a receiver. The Amer. Agri. Chem. Co. sold $8,000,000 of its 1st mtge. 5% conv. bonds. The Money M arket.-Money in Sept. ruled slightly firmer. There was, however, a superabundance of loanable funds. The customary movement of currency to the West was noted, but it was more moderate than usual. Call loans on one occasion (the 10th) reached 2 ½%- Sept. 30 the range was 1 ½@2%. Time loans at the close were 2 ½ for 60 days; 2¾@3 for 90 days, 3½ for 4 mos. and 3½@3¾ for 5 to 6 mos. Failures of Western houses involving some relatively large losses to banks holding paper, particularly A. Booth & Co., Chicago, made buyers of mercantile notes conservative, and the inquiry was confined to choice names. Choice double names for 60 to 90 days at the close were quoted at 4@4 ½ and prime 4 to 6 months' single names were 4½@5. Money holdings of the Clearing-House banks were reduced from $409,037,600 Sept. 5 to $386,719,400 Oct. 3 and surplus reserves fell from $56,741,375 to $38,889,300. Deposits rose from $1,409,184,900 Sept. 5 to $1,422,868,700 Sept. 12 and then decreased to $1,391,320,400 Oct. 3. Loans were $1,308,029,300 Sept. 5, $1,326,280,600 Sept. 12 and $1,311,329,000 Oct. 3. Foreign Exchange, Silver, &c.-The course of foreign exchange was completely reversed. Rates moved up sharply, and where previously there had been talk of early gold imports, there seemed now some likelihood of gold exports. Political unrest in Europe, caused by Germany's attitude on the Moroccan question, had not a little to do with the rise, inasmuch as it led to extensive selling here of securities for foreign account, though the break in the stock market may also have induced selling. At the close commodity bills against grain and cotton appeared to be in good supply, and this, with the elimination of the short interest, led to a recession in rates. The high points were on the 16th or 17th, when 60 days' sterling was 4 8525@4 8535; sight 4 8670@ 4 8680 and cable transfers 4 8705@4 8710. Sept. 30 quotations were 4 8485@4 8490, 4 8625@4 8635 and 4 8660@ 4 8665. Open market discounts were higher at all the European financial centers, when fears developed regarding renewed tension concerning Morocco, but subseq uently eased off again. At London the rate at one time was 11/s@ l¾, but Sept. 30 it was 1¼@1 1/s . At Paris the rate advanced to 2 1-16 and closed at 2% . At Berlin and Frankfort there was a rise to 3 ½@3 %, with the close 3 ¼ - Silver in London kept very close to the lowest figures and Sept. 30 was 23 ½OCTOBER.-Current Events.-Unexpected troubles developed in the Balkan regions of Europe. On Monday, Oct. 5, the startling news was received that Bulgaria ha d declared its independence of Turkey and that Prince F erdinand had been proclaimed Czar of the Bulgarians. Next it appeared that Austria had determined upon the annex ation of Bosnia and Herzegovina , whose affairs it had been administering under the Berlin Treaty of 1878, but which nominally were Turkish principalities. Shortly afterward the Island of Crete, also a Turkish Treaty dependency, declared its independence of Turkey and asked for union with Greece. Thesituation was rendered still more dangerous by the fact that the other Turkish principalities, in particular Servia and Montenegro, regarded their interests as being jeopardized, and threatened to take up arms against Austria and Bulgaria. The critical   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  · 29  state prevailing was reflected in a decline in English con.sols and.French rentes and a precipitate fall in Turkish , Russian, Servian and Bulgarian securities, while all the European bourses became more or less disturbed. Large sales of American securities for European account were made here and in London. The strenuous efforts exerted by the English and the French governments prevented an outbreak of hostilities. The hands of the Turkish Govt. were in a measure tied by the fact that the revolution the previous July by the Young Turks had shorn the Sultan of his power, and the Turkish Legislature was not to convene until Dec. The attitude of the German Govt. remained more or less of a mystery throughout. In the U. S. the tone in trade and financial affairs steadily improved, on the idea that Mr. Taft's election was a foregone conclusion and that this was distinctly in the intere ts of the general welfare. The number of idle freight cars kept diminishing, being reported 133,792 for Sept. 30, 115,036 for Oct.14 and 110,912 for Oct. 28. The return of the U.S. Steel Corp. for the Sept. quarter, made public Oct. 27, revealed decidedly better earnings than for either of the two preceding quarters and also a slightly larger aggregate of unfilled orders for Sept. 30 than for June 30. In the copper trade a noteworthy revival of activity occurred. In the dry goods trade, likewise, gradual improvement was noted, and print cloths moved up from 3c. to 3 ½c. The large movement of the new crop militated against any very great rise in the price of cotton. Still, middling uplands in this market, after having declined from 9.30c. Sept. 30 to 9c. Oct. 9, subsequently advanced to 9.45c. Oct. 28, with the close Oct. 31 9.35c. The Bulgarian situation caused a renewed advance in wheat and the Dec. option at Chicago on Oct. 12 got up again to $1 02¼; as the prospect of war diminished, the price eased off and Oct. 20 was only 97 ¾c., but on reports of serious damage to the Argentine wheat crop by frost the price stiffened once more, the close Oct. 31 being at $1. Dec. corn at Chicago closed at 63¼c., against 651/gc.Sept. 30. One of the last remnants of the panic of 1907 was r emoved in the formal dissolution of the Committee of Trust Cos. of N.Y. City, which at the time of the panic contributed about $30,000,000 for the relief of Pmbarrassed companies. Govt. deposits in the banks increased from $129,925,200 to $131,693,493 and Treasury money holdings were reduced from $310,001,850 to $290,464,703. Bank circulation secured by bonds stood at 626,778,555 Oct. 31, against $626,972,885 Sept. 30. There was a joint offering in this country and in Europe of $20,000,000 (out of a total issue of $25,000,000) of 35-year 4½% s. f. gold bonds of the "Institution for Encouragement of Irrigation Works and Development of Agriculture S. A." guar. by the Mexican Govt. The loan was over-subscribed. At the Canadian elections which turned largely on the question of sustaining the policy of the Govt. in furthering the construction of the Grand Trunk Pac. Ry. and other Canadian trans-continental railway enterprises by Govt. aid on an enormous scale, the Liberal party and the Premier, Sir Wilfrid Laurier, achieved a sweeping victory, insuring a continuation of the development of the vast unsettled area of the Dominion. The Comptroller of the Currency, with the view to enforcing greater responsibility upon the directors of national banks, framed a series of 29 questions which bank examiners are to put to the directors hereafter in making examinations, and ordered that the directors be immediately convened by the examiner when entering upon his work. A receiver was appointed for the banking house of E. H. Gay & Co. of Boston in an involuntary petition in bankruptcy. At a referendum vote the electors of Cleveland refused to confirm the franchise which Mayor Tom L. Johnson and the City Council had granted the Municipal Trac. Co. to enable it to operate all the trolley lines in Cleveland. This caused chaos in street railway matters in that city and the next month receivers were appointed for the Municipal Co. At Gulfport, Miss., Judge Wood in the Chancery Court on Oct. 6 in the case of the L. & . RR. held unconstitutional the Mississippi law penalizing carriers for removing to the Federal Courts suits originating in the State Courts. The strike of the mechanics of the Can. Pac. Ry., begun Aug. 4, was reported to have collapsed early in October. Railroad Events and Stock Exchange Matters .-The stock market displayed strength throughout October on improving uade conditions and on the belief that Mr. Taft would be elect ed President. The copper shares were strong on the rise in the price of the metal and the steel shares on the gradu J reviva l of activity in the iron and steel trade. An encoura$sing feature was that the railroads showed diminishing ratios of decrease in gross earnings, while net earnings in not a few instances recorded substantial gains b ecause of savings in expenses. The disturbances in the Balkans were an untoward development the early part of · the month. Considerable selling of American securities for foreign account occurred, occasioning for the moment a decided weakening of prices on our Stock Exchange. After a few days, however, the market again recovered, and the la tter part of the month a number of leading stocks sold at the highest figures of the year up to that time, among others the Atchison shares, the Union Pacific shares and Steel com. Atch. com. sold up from 86½ Oct. 9 to 93¾ Oct. 30 and closed Oct. 31 at 93. Mil. & St. P. com. advanced from 132½ Oct. 9 to 144¼ Oct. 27 and closed at 142¼;Un.Pac. com.rosefrom 158½Oct.ltol73½ Oct.30, closing at 171 ½, and So. Pac. com. rose from 100 Oct. 9 to 109½ Oct. 30 , with the close 107%; Nor. Pac. com. was  I  30  RETROSPECT.  135½ Oct. 1, 146¼x Oct. 30 and closed at 144½; Gt. Nor . .com. was 129½ Oct. 1, 134½ Oct. 5 and closed at 132¼; Penn. rose from 121 ½ Oct. 1 to 127 ¼ Oct. 30, closing 126%; Amal. Cop. sold up from 72 Oct. 9 to 80½ Oct. 27 with the close 79¼, while Steel com. moved up from 45 Oct. 5 to 48¾ Oct. 28, with the close 47 ½; Third Ave. stock was one of the weak features, dropping from 40% Oct. 7 to 27 Oct. 23. Int. Paper Co., which in April had reduced the quar. div. on pref. from 1 ½ to 1 % , made a further reduction to only ½%. Chic. R. I. & Pac. Ry. concluded negotiations with bankers for the sale of $9,000,000 first and ref. mtg. 4s. New York City banking houses placed $14,000,000 Southern Pac. RR. 1st ref. mtg. 4s. St. Louis .& San Francisco RR. financed its $7,100,000 notes maturing Dec. 1. An offering of $8,000,000 1st mtg. 5% conv. bonds -of the Amer. Agr. Chem. Co. was made. The Va.-Car. Chem. Co. sold $12,000,000 of 15-yr. 5% debentures. The Money Market.-Notwithstanding the Balkan disturbances, no spurt occurred in money, and call loans on the .Stock Exchange at no time got above 2%, with the range the last business day 1 ½@2%. Time loans at the close were 2 ¾ @3% for 60 and 3 for 90 days; 3 ¼ for 4 and 3 ½@ 3¾ for 5 to 6 mos. Commercial paper was then 4 for choice '60 to 90 days double names and 4@4 ½ for prime 4 to 6 months single names. Loans of the Clearing-House banks between Oct. 3 and Oct. 17 increased from $1,311,329,000 to '$ 1,342,975,300, but by Oct. 31 were down again to $1,328,436,000. Deposits increased from $1,391,320,400 Oct. 3 to $1,423,151,600 Oct. 17, then declined to $1,404,706,100 Oct. 31. Money holdings were reduced from $386,719,400 Oct. 3 to $383,768,800 Oct. 10, increased to $388,056,700 Oct. 24 and were $384,675,500 Oct. 31. Surplus reserves fell from $38,889,300 Oct. 3 to $31,576,850 Oct. 10, and then increased to $33,498,975 Oct. 31. The money holdings of the State banks and trust companies not in the Clearing House increased from $99,270,000 Oct. 3 to $102,889,400 Oct. 31 and the loans of these institutions increased from $958,208,400 to $976,105,400. Foreign Exchange, Silver, &c.-The unfavorable developments abroad caused a sharp advance in exchange early in October. These events led to liberal selling of securities for European account, creating a demand for exchange, besides which, owing to the uncertainty as to the possible outcome, bankers were indisposed to draw freely, thus diminishing the supply of bills. Offerings of grain and ,cotton drafts, while liberal in amount, did not serve altogether to check the advancing tendency. Very possibly also there were some further purchases of exchange to complete the requirements of New York City in connection with the payment in November of $25,000,000 New York City <revenue bonds held abroad. French cable transfers advanced to the gold-export point and sight franc drafts later also did, leading to rumors of probable exports of the metal to Paris. Offerings of exchange, however, against an installment of. bonds of the Nat. Rys. of Mexico placed in Paris earlier in the year checked the upward tendency. On re-buying of securities previously sold on European account and on indications that friction regarding Balkan affairs was diminishing, exchange weakened and on Oct. 31 sterling bills were at or near the lowest figures of the month. The high point was Oct. 9, when 60-day bills reached 4 8510@4 8535, .sight 4 8675@~ 8685 and cable transfers 4 87@4 8710; Oct. 31 prices were 4 84@4 8405, 4 8610@4 8615 and 4 8640@4 8645. Open market discounts in London rose .sharply, owing to the unsettled feeling, particularly as there was a demand for gold for Egypt and other countries. Rates Oct. 30 were 2¼@2¾%, At Paris there was an advance to 2 ½@2 ¼, but at the German centres discounts were lower at the close at 2 ¾@2 ½%. Silver in London fell to 23 1-16d. Oct. 30 and was 23,¼d. Oct. 31.  NOVEMBER.-Current Events.-Expectations were realized and Mr. Taft was elected President by a very decisive majority, he carrying States having 327 electoral votes against only 156 by Mr. Bryan. The effect was to bring about great buoyancy on the Stock Exchange and to still further stimulate trade revival, which had been making slow headway before the election on the firm belief that Mr. Bryan would be defeated. A short speech made by Mr. Taft before the Commercial Club at Cincinnati two days after the election greatly strengthened the growing feeling of confidence. In this he gave assurance that enterprises "within the statutes" might proceed without fear of being molested, and stated that legitimate business would not be prevented from enjoying fair profits. There were also, however, other favoring developments. On Nov. 6 the great lockout of cotton operatives at Lancashire was settled, the employers having agreed to defer until the first pay-day in March the 5% reduction in wages. Furthermore, on Nov. 19 the Fall River Cotton Manufacturers' Association decided to continue through the next six months the existing schedule of wages, instead of making a further reduction as they would have been entitled to do under the sliding scale. There was a large influx of buying orders in the dry goods trade. Print cloths at Fall River were first marked up from 3½ to 3¼ cts. and then to 3%, Middling upland cotton at New York closed Nov. 30 the same as Oct. 31, namely 9.35 cts.; the range for the month was 9.25 cts. to 9.55 cts. The -0opper market became somewhat excited and Lake copper from 13½ cts. in October got up to 14% by Nov. 10, with   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  the close 14¾@14½ cts. Some noteworthy disturbing incidents occurred in Europe without, however, exercising any great influence here. Early in the month there was a revival of friction between France and Germany in connection with Casablanca affairs, but this was soon smoothed over, as it involved merely the question how far the German Government had the right to extend its protection over Germans who had enlisted in the foreign legion of the French army and deserted. A seriously unsettling situation, however, followed as the result of the publication in the London "Daily Telegraph," at the close of the previous month, of a remarkable interview alleged to have occurred between Emperor William of Germany and a retired British statesman, supposed to be Lord Rosebery. This interview was full of indiscreet references and utterances. In it the Kaiser resented as a "personal insult" the intimation of hostility on his part towards England, declaring that he entertained the most friendly feelings for England. He also said, however, that in this he was in a minority in his own country, as the sentiment of large sections of the middle and lower classes in Germany was antagonistic to England. At the time of the South African War, the German Government, he stated, had been invited by France and Russia to join in compelling England to end the war, but that he had refused. He furthermore stated that he had worked out a plan of campaign for ending the Boer War and had dispatched it to Queen Victoria. This interview failed to placate English public sentiment. Indeed, the British people looked upon it as an attempt to disturb the accord which had developed between Russia, France and Great Britain by recalling incicents which had happened many years before,' when these countries were still at cross purposes. In Germany the results were equally unfortunate for the Emperor. When the Reichstag met, a storm of protests against his course arose. Eventually Chancellor von Buelow was forced to ask the Emperor to endorse a statement to the effect tliat hereafter his aim would be "to insure the stability of the policies of the German Empire under the guardianship of constitutional responsibilities." The Emperor yielded with apparent good grace. The Emperor had also given an interview to an American journalist the previous July, and this was to have appeared in the "Century Magazine" for December. The German Foreign Office succeeded in having that interview suppressed. To meet deficiencies in revenues, a new scheme of taxation was laid before the Reichstag, providing among other things for taxes on newspaper advertisements and upon gas and electricity used in household service. Another important event was the announcement on Sunday, Nov. 15, of the death of the Dowager Empress of China, Tsi-An, and the death the day before of the young Chinese Emperor, Kwang-Hsu. An edict placed upon the throne Prince Pu-Yi, the 3-year-old son of Prince Chun, who became Regent of the Empire. The $13,936,500 3% U. S. Treasury certfs. of indebtedness issued during the panic of 1907 were redeemed Nov. 20, and as these had all been held as security for bank notes, the aggregate of notes secured by bonds diminished during the month from $626,779,350 to $614,907,265, while the deposits of legal tenders for notes in process of retirement rose from $39,065,637 to $52,270,912. On Nov. 18 Sec. Cortelyou invited proposals until Dec. 5 for $30,000,000 2% Panama Canal bonds. On Nov. 25 he asked for the surrender on Nov. 30 by the 800 national bank depositories throughout the country of $5,000 each of their deposits of public funds, involving altogether $4,000,000. Government deposits diminished from $131,693,493 to $130,111,806. Government revenues continued much below Government disbursements, and cash in Sub-Treasuries declined from $290,464,703 to $281,981,409. Wheat further advanced, notwithstanding more favorable accounti, regarding the Argentine crop. The latter part of the month, on reports of the breaking of the drought in the Southwest, a slight downward reaction occurred. December wheat at Chicago ranged between 99¾ Nov. 5 and 1041/s Nov. 21, and closed Nov. 30 at 103½@1/s. New York City was very successful in a sale of $12,500,000 4% bonds, this being the first public offering of 4s since the resort to 4 ½ % issues the previous year. The bids aggregated $148,266 ,360 and the long-term bonds went on an interest basis of 3.89%. There were several important court decisions. On ov. 7 the U. S. Circuit Court of Appeals for the Southern District of New York, in the suit of the U. S. Government, held the American Tobacco Co. an illegal combination in restraint of trade under the Anti-Trust Law of 1890. This decision went further than any previous Court ruling, the majority opinion, written by Judge Lacombe, saying that under the Anti-Trust Law it would be illegal even for two individuals engaged in inter-State trade to enter into a partnership, since they thereby restrained competition which might otherwise exist between them. The U. S. Circuit Court of Appeals for the Seventh Circuit, sitting at Chicago, denied the application of Attorney-General Bonaparte for a rehearing in its ruling setting aside the $29,240,000 fine imposed by Judge Landis against the Standard Oil Co. The Government later in the month applied to the U.S. Supreme Court for a writ of certiorari. The same Court of Appeals granted an interlocutory injunction restraining the InterState Commerce Commission from enforcing its order reducing freight rates on commodities shipped from the Atlantic seaboard to the Missouri River. The Commission's order was an attack on the long-established system of ratemaking  RETROSPECT. under which Minneapolis and St. Paul, enjoying the benefit of water competition, had been getting more favorable rates than Kansas City and other Missouri River points . . Judge Grosscup, who wrote the opinion, stated that as the order disturbed commercial conditions that had grown up through a long term of years, it was proper that the Commission should be restrained until the facts could be judicially determined. On Nov. 30 the U. S. Supreme Court reversed the action of U. S. Circuit Judge Pritchard in declaring the passenger rate of 2 cents a mile, fixed by the Virginia Corporation Commission, void because confiscatory. The decision, however, was not on the merits, but on the ground that the method of procedure had been erroneous, and .that an appeal should first have been taken to t he Virginia Court of Appeals. The strike of the motormen and conductors of the Chester (Pa.) Traction Co., begun the previous April. 13, was terminated by the men on Nov. 23. The strike had been broken some time before; during its progress it had been attended by many extraordinary incidents, such as the dynamiting of cars, &c. In the trial in the U. S. District Court in this city of Charles W. Morse and Alfred H. Curtis of the failed National Bank M North America of this city, both were found guilty, and Morse was sentenced to fifteen years in prison, but in the case of Curtis sen tence was suspended, he having been regarded as a tool of Morse , and the jury having made a recommendation for mercy. Hamilton Fish resigned as U.S. Asst. Treasurer at New York and the President appointed George S. Terry in his place, but appointment was held up in the Senate. A State Clearing-House Association was formed in California, the object being to provide a thorough syst em of examinat ion into the affairs of the banks . The new Uniform Bill of Lading recommended for adoption by the Inter-State Commerce Commission went into effect Nov. 1 on 416 roads in official classification territory extending west to the Mississippi River and sou.th to the Ohio. Wit h the view to reducing the stock of legal t ender 5-franc silver pieces, the French Government and the other members of the Latin Union agreed to melt down a certain portion and to coin the metal into token money of the denominations of 50 centimes and one and two •francssee V. 87, p. 1383. There was a further decline in silver, the price in London getting down to 22 5-16d. (and the next month still lower, to 22d.). The reasons assigned were diminished consumption in the arts because of business depression and selling of the metal by China and India. At the November election Michigan adopted a new State Constitution. The French Government granted an application for the official introduction into France of bearer certificates representing 50,000 shares of the first preferred stock of the U. S. Rubber Co. The Jenkins Trust Co., one of the failed Brooklyn institutions, which had resumed in April and adopted the name of the Lafayette Trust Co., was compelled on Nov. 30 to go into liquidation. Railroad Events and Stock Exchange M alters.- With the news of Mr. Taft's election, great buoyancy developed on the Stock Exchange and continued throughout the month. All classes of share properties participated in the rise and the vast preponderating proportion of all the stocks dealt in on the Exchange reached the highest figures of the year up to that time, and Steel com. reached 58¾, the highest point in its history. The latter part of the month, with the realizing sales growing in volume, and with some adverse features, like the American Tobacco decision and the suit against the American Sugar Refining Co. to recover customs duties, recessions of larger or smaller importance occurred and there was likewise some diminution in activity; but the tone remained good. U.P. com. sold up from 172½ Nov. 2 to 184½ Nov. 27 and closed Nov. 30 184½; So. Pac. com. advanced from 107½ to 120½ and closed at 119¼; N. Y. Cent. from 105¼ to 118½, closing at 117¾; L. & N. from 108 ½ to 122¾, closing at 121; Mil. & St. P. com. from 142¾ to 151 ¾, closing at 150¾; Penn. RR. from 126 ½ to 131 ½, closing at 129½; Amal. Cop. from 79% to 88¾, closing at 84¾; Consol. Gas from 142½x (Nov.11) to 167¼, closing at 163; and Steel com. from 47½ to 58¾, closing at 55½. Nor. Pac. declared 11.26% extra out of the profits of a subsidiary company, namely the Northwestern Improvement Co. Col. & So. declared an initial div. of 2% on com, Mass. Electric Companies, after an intermission of four years; declared 1% on pref. Ill. Cent. sold to Kuhn, Loeb & Co. $20,000,000 ref. 4s, all of which were quickly re-sold, partly in Europe. Denv. & Rio Gr. sold $17,500,000 of its ref. 5s, a portion of the proceeds being used to take up $15,000,000 of coll. tr. notes taken by the same bankers some months previously. To finance its needs for 1909 and 1910, the Amer. Tel. & Tel. Co. sold to a syndicate $50,000,000 more of its 4% conv. bonds. Chicago City Ry. sold $6,000,000 more of ~its 1st mtge. rehabilitation 5s. Bankers invitetl subscriptions for $4,000,000 Philippine Ry. 4% bonds guar. as to interest by the Philippine Government, the amount being largely over-subscribed. The Money Market.-The revival of Stock Exchange speculation increased somewhat the demand for money and call loan rates on one day got as high as 3%. Time money also advanced, but the latter part of the month rates were marked down to lower figures than before. Nov. 30 quotations were 2½@2¾ for 60 days, 2¾@3 for 90 days, 3 for 4 months, 3¼ for 5 to 6 months and 3½ for 7 to 8 months. The range for call loans that day was 1 @2. Commercial paper rates were also lower, being 3 ½@4 for choice double   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  31  names and 4@4½ for the best single names. There was no demand for merely "good" paper and very little was made. Money holdings of the Clearing-House banks fell from $384,675,500 Oct. 31 to $379,330,400 Nov. 7, rose to $386,013,500 Nov. 21 and were $381,960,200 Nov. 28. Banks and trust companies outside the Clearing House kept adding to their cash holding and Nov. 28 held $105,950,600, against $102,889,400 Oct. 31. Surplus reserves of the Clearing House banks were only $23,881,125 Nov. 28, against $33,498,075 Oct. 31. Loans were reduced from $1,328,436,000 Oct. 31 to $1,318,234,700 Nov. 7 and then increased to $1,348,282,700 Nov. 28. Deposits fell from $1,404 ,706,100 Oct. 31 to $1,391,422,600 Nov. 7 and rose to $1 ,432,316,300 Nov. 28. Foreign Exchange, Silver, &c.-Foreign exchange was lower early in November and strong and higher the latter part. The early weakness was occasioned to some extent by the buying of American securities following the election. The subsequent advance was due in part to sp eculation, in part to the near maturity of option contracts for the delivery of exchange that had been sold several months b efore and in part to considerable selling of American securities induced possibly by a desire to realize profits. The advance brought exchange to the gold-export point, but no exp orts occurred until the beginning of December. The low point was Nov. 10, when 60-day bills were 4 8335 @4 8345; sight 4 8560 @4 8565 and cable transfers 4 8585 @4 8590. The high figures were Nov. 30 when prices were 4 8440 @4 8450, 4 8665@4 8.67 5 and 4 8695 @4 8705. Open market discounts at London advanced to 2½, with the close 2 ¾ @ 2 9-16; at Paris discounts Nov. 30 were 2 ½ a nd a t B erlin and Frankfort 2 ½. As noted above, silver furth er declined and Nov. 30 was 22 5-16d.  DECEMBER.-Current Events .-Some furth er important court rulings, for which the year was distinguished, were handed down. In the attempt of the Inter-State Commerce Commission to compel E. H. Harriman and Otto H. Kahn to furnish answers to certain questions put to them in a general investigation of the Harriman roads, the U. S . Supreme Court held that the Commission had exceeded its powers in undertaking such an investigation of its own mo t ion, and could not compel witnesses to testify. In the Supreme Court of the District of Columbia, in the case.,of the Bucks Stove & Range Co., the executive officials of tne American Federation of Labor were sentenced to varying terms in jail for having violated an injunction of the Court forbidding the continuance of · a boycott in inter-State trade against the Stove & Range Co. Samuel Gompers, President, got a year; John Mitchell, Vice-President, nine months, and Frank Morrison, Secretary, six mo·nths. The sentences were stayed, on appeal being taken. As one effect of these sentences the Federation of Labo'r decided to discontinue, by advice of counsel, the publication in future numbers of the Federationist" of the "We don't patronize" list. In the Supreme Court of Missouri (the Court of last resort in that State) a unanimous decision was rendered Dec. 23 in what were known as the ouster cases, the Court holding that the Standard Oil Co. of Indiana, the Republic Oil Co. and the WatersPierce Oil Co. had conspired and combined to monopolize the oil business in Missouri. The Court decreed that the Waters-Pierce Co., in which the minority interest had been contesting for control, might continue in business if by Jan. 15 it could show that it was to be operated asanindependent concern. The other companies were given until March 1 1909 to close up their affairs and get out of the State. Afte:r the marked spurt of activity in November, following the defeat of Mr. Bryan, there was some slowing down in trade and business, but the tone remained very confident. The number of idle freight cars on the railroads increased from 110,912 Oct. 28 to 222,077 Dec. 23. Print cloths at Fall River were advanced Dec. 2 from 3¾ to 3 7-16 cents. Middling upland cotton Dec. 31 closed at 9.35 cts. (after having been 9.10 cts. Dec. 11), against 9.35 cts. Nov. 30. Wheat prices advanced still further early in the month, the May option in Chicago touching $1.11 Dec. 4, but the winterwheat condition figures issued by the Department of Agriculture Dec. 7, though showing an average condition of only 85.3, with acreage reduced 5.6%, were somewhat better ·than had been expected, and by Dec. 15 the price was down to $1 04¾; the close Dec. 31 was at $1 OS½. An important event was the announcement that on Jan. 1 1909 commodity rates on trans-continental traffic over the railroads were to be advanced 10%. The advance related to the portion of the rate applying west of Chicago. No definite action was taken with reference to trunk-line schedules between New York and Chicago. President Roosevelt in his annual message to Congress, in discussing a change made by Congress in the measure relating to the Secret Service, providing that there should be no detail from the Secret Service and no transfer therefrom, made the statement that "the chief argument in favor of the provision was that the Congressmen did not themselves wish to be investigated by Secret Service men." This remark was resented in both Houses of Congress, and the House of Representatives adopted a strongly worded resolution asking the President to transmit to it the evidence upon which he based his statem!mts. A letter was also made public written by Mr. Roosevelt, dealing with unfounded allegations against Mr. Taft's brother and the President's brother-in-law in connection with the $40,000,000  32  RETROSPECT.  !)ayment for the Panama Canal some years ago. In this letter a savage attack was made upon Mr. Delavan Smith and the "Indianapolis News," and also (in connection with an-other matter) upon Mr. Wm. M. Laffan and the "New York Sun." Later, Mr. Roosevelt sent a special message to Congress defending the canal purchase, and making an equally bitter attack upon Mr. Joseph Pulitzer, the proprietor of the ·"World," and suggesting his prosecution for libel by the Government. With the view to having a tariff bill ready for the extra session of Congress, to be called after the 4th of next March, the Committee on Ways and Means of the Hou e of Representatives conducted tariff hearings at which .Andrew Carnegie appeared, also Judge E. H. Gary of the U.S. Steel Corporation and Charles M. Schwab of the Bethlehem Steel Corporation. The two latter argued in favor of continued tariff protection, though Mr. Gary stated that the Steel Corporation would be able to take care of itself, but that the effect of a radical reduction in the tariff would be disastrous to the smaller steel concerns . Mr. Carnegie insisted that steel needed no protection whatever. Notice was given of a definite understanding reached between Japan and the United States (by the formal exchange of notes on ov. 30) for the preservation of the status quo in the Pacific Ocean and the Chinese Empire-see V. 87, p. 1450. The new Turkish Parliament was definitely opened amid great enthusiasm -on Dec. 17. After the holding of a second conference of the Governors of the different States, for the conservation of the country's natural resources, President Roosevelt addres ed letters to the Governor General of Canada and to Pre ident Diaz of Mexico, inviting their co-operation in an international conference for conserving the natural resources of orth America, to be held Feb. 18 1909. President Castro of Venezuela went to Europe, and during his absence the Dutch warships eized certain coast guard ships as a repri al against Castro's Government for having refused to give sati faction for unfriendly acts against Holland. An uprising then occurred, whereupon Gen. Juan Vicente Gomez, the ViGe-President, who had been acting President during Castro's absence, assumed the full reins of Government (after he had frustrated an attempt on his life), and constituted a :riew Ministry. The new Administration revoked the decree prohibiting the trans-shipment at Willemstad, Island of Curacao , of goods destined for Venezuelan ports, which had been the main q_ause of the difficulty between Holland and Venezuela , and the Dutch accordingly suspended naval operations. The new Government also permitted the resumption of trade between Venezuela and Columbia at all frontier points. President Nord Alexis of Hayti was deposed as a result of a revolution carried through by Gen. Antoine Simon , and the latter subsequently became President. The U. S. Government on Dec. 5 sold $30 ,000,000 2% 10-30-year Panama Canal bonds and awarded the whole issue at an average price of 102.4368. The bids aggregated $102,808 ,800. Government deposits in banks Dec. 31 were $123,92 ,436, against $130,111,806 Nov. 30, and Government money holdings in Sub-Treasuries $313,175,726, against $2 1,9 1,409. Bank note circulation secured by bonds was 62 ,7 6,205 Dec. 31, against $614,907,265. The State of Sao Paulo, Brazil, floated £15,000,000 ( 75,000 ,000) 5% gold bonds in connection with the coffee valorization, to refund Joans previously put out. The bonds were guaranteed by the U. S. of Brazil and $10,000,000 of the same were offered in this city and largely over-subscribed. The Joan has a lien on 7 ,000,000 bags of coffee and provision is made for the disposition of this coffee in stated amounts from year to year. See V. 87, p. 1619. The bond and stock brokerage house of H. W. Poor & Co. of New York announced its suspension Dec. 26 . This was followed on Monday, Dec. 28, by the su pension of the house of the same name in Boston. It appeared that Mr. Poor was the sole member of the ew York house, though the Stock Exchange had not been notified of the retirement of the other members. In the Boston house Mr. Poor held only a minority interest. The two board members of Marshall, Spader & Co. of this city (Thomas W. Moorehead and William H. Martin) were suspended from the Stock Exchange for three years in connection with transactions with Coster, Knapp & Co., which failed the previous April. The trial of John G. Jenkins Jr., formerly President of the failed Jenkins Trust Co. of Brooklyn, on an indictment charging misuse of funds, resulted in his acquittal. The firm of Phelps, Dodge & Co. was incorporated with $45,000,000 capital to take over the mining properties and metal selling business of the old firm. The International Smelting & Refining Co. was organized with 50,000,000 authorized capital (present issue $20,000,000 to $25,000,000) by interests identified with the Amal. Copper ·Co. Gov. Hughes refused the investigation into life insurance legislation of this State asked for in a resolution adopted by the Committee on Insurance of the . Y. Chamber of -Commerce. He carried out, however, his determination to have an inquiry made into speculation in securities and commodities and appointed a committee for that purpose, to -serve without pay, and consisting of a number of eminent men. ·The Chamber of Commerce empowered its Committee on Finance and Currency to associate with themselves other members of the Chamber with a view to making an investi.gation of the financial affairs of New York City. The Union Ferry Co. raised its passenger fares between ew York and .!Brooklyn to 3 cts. for all hours of the day. Prior to April 12 l. 908 the rate ha~ been 1 cent during the rush hours and 2 cts.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  the rest of the day. The New York Terminal Co., which succeeded to the property of the Brooklyn Ferry Co. at foreclosure sale, discontinued the operation of five of the .ferry lines across the East River. A dreadful earthquake on Dec . 28 destroyed Messina in Sicily and obliterated Reggio, Bagnaro and other towns in the Department of Calabria in Southern Italy, causing a loss of life estimated at 100,000 to 150,000. Railroad Events and Stock Exchange Matters.-While maintaining its strength and tone, the stock market during December displayed a great deal of irregularity. Some stocks made new high records for the year, while others showed a reactionary tendency. Fluctuations were wide from week to week and from day to day. The low-priced shares were again a striking feature and some of these were whirled up with great rapidity. About the middle of the month some demoralization was caused by a sharp break in Amer. Smelt. & Ref. stock, induced by the announcement of the organization of the opposition company referred to above. The market soon recovered its tone under the leadership of the low-priced shares, the traction properties being particularly prominent. Amer. Smelt. & Ref. com. sold down from 94½ Dec. 1 to 76¾ Dec. 18 and closed at 83½ Dec. 31. Amal. Cop. followed a closely similar course, declining from 85½ Dec. 1 to 75¾ Dec. 21 and closing at 83½; Steel com. was 56¾ Dec. 9, 5l¾x Dec. 21 and 53½ Dec. 31. Among the low-priced specialities, Chic. & Alton com. sold up from 48¾ Dec. 3 to 68½ Dec. 31 and closed at 68; and B. R. T. rose from 54½ Dec. 3 to 69¾ Dec. 28, with the close 67¾; Mil. & St. P. com. dropped from 152½ Dec. 2 to 143½ Dec. 21 and closed at 151. So. Pac. com. touched 121½ Dec. 11, got down to 115¾ Dec. 21 then rose to 122½ Dec. 30, and closed at 120¾x. One strengthening feature was the large reduction in expenses shown in the monthly returns of some leading roads. Atchison was conspicuous in this respect, and the com. stock, after declining to 94¾ Dec. 21, advanced to lOl¼Dec. 29 and closed at 1001/s. N. Y. Cent. advanced from 116½ Dec. 3 to 126x Dec. 31 and closed at 125¾. Wis. Cent. declared its initial div. on pref. stock and W. U. Tel. made its quar. div. ·¾%, against ½%. Fed. Min. & Smelt. Co. resumed on com. On the other hand, Mich. Cent. and Lake Shore & M. S. declared only the regular dividends, omitting the extras, and the Rutland RR. omitted its dividend altogether. An important event was the acquisition of the Col. & So. by the Chic. Bur. & Quincy. The Lake Shore disposed of its entire holdings of Lehigh Valley RR. stock. St. L. & San Fran. RR. sold $30,000,000 of its gen. lien 5s and the Chic. R. I. & Pac. Ry. sold $9,000,000 1st and ref. 4s. U. S. Rubber Co. sold $15,000,000 6% col. tr. bonds. Ches. & 0. sold $11,000,000 gen. fund. and imp. 5% bonds. The B. & M. sold $11,700,000 20-yr. deb. 4½s. The Money Market.-Money became firmer in Dec. and call loans on the Stock Exchange at one time got up to 4½, with the rates Dec. 31 2½@3. The advance followed from the reduction in money holdings and surplus reserves of the Clearing-House banks, due to the Treasury's ab orption of cash by reason of the sale of $30,000,000 Panama Canal bonds and to the additions to the money hodings of the trust companies. Rates for time loans at the close were 3@3¼ for 60 to 90 days, 3¾ for 4 mos. and 3½@4 for 5 and 6 months. The money holdings of the Clearing House banks were reduced from $381,960,200 November 28 to $344,911,300 Dec. 26. Surplus reserves dropped from $23,881;125 Nov. 28 to $14,184,050 Dec. 19 and were $18,269,675 Dec. 26. Loans were reduced from $1,348,282,700 Nov. 28 to $1,264 ,616 ,800 Dec. 26. Deposits fell from $1,432,316,300 to $1,306,566,500 Dec. 26. The money holdings of the State banks and trust companies outside the Clearing House increased from $105,950,600 Nov. 28 to $108,401,800 December 26. Foreign Exchange, Silver, &c.-Foreign exchange the first half of the month was almost uninterruptedly strong and the highest rates for the season were reached, with a renewal of gold exports for the first time since the previous July. Indications then seemed to point to an advance in the Bank of England minimum, with the probability of higher discounts in London than rates for money in New York. The effect of this was to promote selling of American stocks for foreign account. There were also some transfers of loans from London to New York. The advent, however, of dearer money here, together with the negotiation of American securities abroad, occasioned a downward reaction, bringing sterling below the gold-export point. The latter part of the month an urgent demand for remittance for settlements maturing at the end of the year caused a renewed advance, and the market remained strong with rates at or close to the gold-export point, and some further small shipments of gold occurred. The high figures for exchange as a rule were on Dec. 14, when 60-day bills were 4 8505@4 8515, sight 4 8710 @4 8725 and cable transfers 4 87 45@4 8770. Some decline then ensued, but quotations Dec. 21 to 23 were again close up to these figures and cable transfers Dec. 23 were 4 87 50@ 4 8765. The close Dec . 31 was at 4 8510@4 8520, 4 8705@ 4 8710 and 4 8735@4 8745. Open market discounts at London tended lower and were 2% Dec. 31; at Paris, however, the tendency was upward, with the closing quotation 2%. At Berlin and Frankfort rates Dec. 31 were 2½. Silver touched the lowest figure of the year on Dec. 2 at 22d. Recovery ensued, with the price Dec.31 23 3-16d.  LISTINGS ON NEW YORK STOCK EXCHANGE.  33  LISTINGS ON NEW YORK STOCK EXCHANGE  LISTINGS ON THE NEW YORK STOCK Bonds. Issues fO'T ,u:w Old issues I Replaclng I capUal, &c now listed . old securi.-tes. Total. EXCHANGE DURING THE YEAR 1908. $ $ $ $ 1908 ________________ _ _ 648,869,500 128,294,500 872,958,000 'The expansion in the amount of bonds listed on the 1907 _________________ _ 246,733,914 95,794,000 72,362,000 101,717,086 420,813,000 12,304,500 256,482,000 X 571,898,500 1906 ___ -- - - - - - - ---- - - - x303,112,000 New York Stock Exchange during the year 1908, as 1905 20,000,000 390,947,650 980,026,650 - - - - - - - - - - - - -_ 569,079,000 1904 __-- ___ _______________ 105,269,100 535,079,600 429,810,500 -compared with the total for the preceding twelve 1903 12,798,000 376,975,750 581,288,800 ------------------_ a191,515,050 1902 _________________ 2 ,878,000 333,124,987 a533,519,300 197,516,313 months, is indeed striking. The aggregate reached 1901 --------------- --- 220,171,700 21,270,100 681,568,300 923,010,100 147 ,678,597 6,287,000 289,747,403 443,713,000 1900 ---- _____ _- ----- -______ - --- --- - 156,304,760 22,908,000 346,171,480 525,384,240 by the issues representing "new capital, &c. ," not 1899 ___ -Stocks. ____ -- -- _--- ------ 123 ,977,900 248,780,200 141,169,350 513,927,450 ,only exceeds by 160% the corresponding figure for 1908 95,869,506 576,032,050 1907 __ - _-- ----- - - ----- 159,106,244 321,056,300 16,440,700 408,849,150 662,769,450 ------------------ 237 ,479,600 1907, but it establishes a new record for the last decade. 1906 1905 __________ - - - - - - - - 125,123,300 99 ,889,200 308,4-22,400 533,434,900 1904 ____ -- -- _- - - - --- - - 120,635,050 ---------55,231,750 175,866,800 The total amount of bonds, also-new, old, refunding, 1903 38,791,f.()0 215,154,495 426,890,295 -- -- _--- -- ___ -- --- 172,944,200 11,462,300 521,500,895 784,032 ,595 1902 --- ---- --- -------- 251,069,400 &c.-has only twice in the last ten years been exceeded. 1901 ------------------ 429,537,450 76,090,600 1,136,385,665 1,642,013 ,715 ------------------ 296,550,572 130,205,000 194, 179 ,428 620,935,000 1899 _________ - - - - - - - - - 311 ,420,285 The listings of stock issues for new capital, on the 1900 - --- ------ 392,752,320 704,172,605 -0ther hand, have remained close to the minimum Note.-AppUcatlons tor the listing or Trust Compftny receipts and or securltteS marked "assented" (If preparatory to reorga;-;.:;:;atlor•). or of securities stamped "asrecord for the decade, although, when the "old issues sumed" or "assessment pald"-the securities theru;;eives having previously been not Included in this table. just listed" and those "replacing old securities" are listed-are a Not Including Sl,155,000,000 Imperial Russian State 4% certificates or rente. x Excludes 425,000,000 Japa nese Government bonds , included, the result is not widely different from that ·BONDS. STOCKS. for other recent years. Year. Street Ry. Mtscell . Street Ry. Mtscell. Ratlroad. Railroad. While the showing of new bonds listed is, · as we $ $ $ $ s have said, noteworthy, the figures are somewhat mis- 1908 --- 506,160,000 65,076,000 301,722,000 200,502,600 2,417,600 311,007,250 1907 --- 267,992,000 16,072,000 136 ,749,000 146,750,800 20,443,400 408,837,850 leading in case they are allowed to go unanalyzed, 1906 --- 305,727,500 126,231,000 a139fi4o1ooo 248,186 ,550 188,210,100 226,372 ,800 1905 -- _ 538,584,000 29,650,000 411, 92,650 176,922,800 58,274,400 298,237,700 54,951,250 17,118,000 174,925,100 120,915,550 -o r are not considered in their relation to current 1904 -- _ 343,036,500 -------- 200,874,895 1903 --- 270,759,000 52,042,000 258,487,800 226,015,400 1902 --- 434 ,612,000 12 ,780,000 x86,127 ,300 390,388,340 54,479,850 339,164,405 financial events. A year following immediately upon 1901 --- 667,006,000 65,321,000 190,683,100 284,584,515 62,000,000 zl295429200 --- 269 ,303,000 17,000,000 157,410,000 381,205,200 16,806,500 222,923,300 -one of continued financial stress, culminating in panic 1900 1899 _- - 446,634,000 13,040,000 65,710,240 410,71G ,6aQ 51.980,000 241,475,975 and a general disorganization of the country's money a Excluding $425,000,000 Japanese Government bonds. x Omitting Russian markets, was bound, as the tension gradually relaxed, bonds, Sl,155,000,000. z Includes U. S. Steel Sl,0113,688,000. The follqwing tables show the purposes for which to witness the listing of numerous loans that, under the several blocks of bonds, rnilrcad , street railway normal conditions, would have sought the consideraand miscellaneous, were issued: tion of the Exchange at an earlier date. As is well LISTINGS OF RAILROAD BONDS known, 1907 was a period of temporary financing, Com1Jcitw and Title of Loan Amount Purpose of Issue At-ch Top & Santa Fe gen 4s- ___ $4,000,000 - _Jmpro1Tements do do E Ok div lf<t 4s 3 ,475,000 __ constructlon of road through note issues; these, no one of which was listed , do do 10-yr conv 5s_ 3,885 ,000 - _ Eouio Imo ts & exten'ns do Transc. Sh.L.4s.17,000,000 __ Canst'n and purch. :,f road. aggregated 330 millions. The note issues in 1908, Bait do& Ohio, Southw div 1st 3 ½s 1,400,000-- Tmprovem'ts & extensions do do do do 6,000_ . Retire old bonds as compiled below, were confined chiefly to the first do do prior lien 3 Hs- 2 ,000,000 __ Improvements & exten'ns do do do do 3,000 - _Retire old bonds half of the year and amounted in the aggregate to only do do 1st 4s ________ 4,000,0Q0 __ Jmprovements & exten'ns 2,000 -- Retlre old bonds .about 190 millions. On the other hand, permanent Buff doRoch do& Pittsdoconsoldo 4 ½ s-- 3,000,000 __ Generalcorporatepurposes do do do do __ 1,090,000-. 1lt.t!re old securities financing was resumed on a large scale too late in Canada ~outhern 1st 5s, extended _14,000,000-. 01d 5s extended a~ 6 % Centr:. .Fau~c 1-;tref guar 4s ____ 20,585,000 -- Retlre notes to Gov't consol 5s- _ _ _ _ _ 2,000,000 __ Retire series A 6R 1908 greatly to affect the year's listings, and even the Chesdo& Ohio 1st RI!; Sandy Ry 1st4s 4 ,771,000 --Construction of road Potts Cr'k Br 1st 4s 600,000 __ constructlon of road 50 millions of bonds sold by the Union Pacific last Chic doBurl & Quincy gen 4s _____ l6,000,000 __ Add'ns, lmp'ts, equip, &c & East Ill ref & lmp't 4s-- 2,250,000-_Addltlons & tmprovem'ts June have not as yet been placed on the "regular list," Chic Chic Rock Isl & Pac Ry ref 4s_ 9,318,000--Addltlons & lmprovem'ts do 3,798,000--Ref'gbonds &equip rrotes which js the only one embraced in our compilation. Chic doR I &doPac do RR coll tr 4s _ 140,000 __ Acqulre CR I &P Ry stk Chic St Paul Minn & Om consols 2,241,000- - Constructlon & acqulslt'ns The remarkable ease with which bond issues have been do do do do 464,000 __ Refundlng old bonds We~to Indli~a co~g1 4S-- 2,m:888=j\~g~~~~J ~e~m~ob~~J:ts floated in recent months has only since the close of Chic Clev Cin Ch & St L gen 4s ____ 1 000,000 __ Jmprov'ts, equlp't. &c do do do __ 83,000 - -Retlre old bonds 1908 begun to produce large additions to the amounts Colo do&South ref &ext 4 ½S ----12,740,000--Acqulresecurltlesofsubsldlary cos • lmprov'ts, &c of listed securities. do do do do 150,000--Retlre old bonds do 1st 4S--------300,000 __ Jmprovements The fact is that the magnitude of the additions to CubadoRR 1st 50-yea r 5S----- ---- 7,799,000 __ constructlon of road lmpr' ts & secm·lthe Stock Exchange sheet during 1908 is in considera- Delaware & Hudson 1st & ref 4s-- 13,309,000--Equlp't, tles of other roads 367,000 __ c ons truc' n, equlp't, &c Denver & Rio Grande 1st consol 4s ble measure due to financing of an earlier period. For Evansv & Terre Haute 1st gen 5s 4 73 ,ooo __ Improv'ts & equipment Great Northern Consol 4s of 1933 _ _ _ _ _ _ _ _ _ _ _ _ _ 482 ,000 - _Retire old bonds instance, the New Haven road and the Telephone com081 1 4 ~:sia:tMf~nM&11f!nd ;on\S\~ s ·m:888=:fi!~i:i:! ~~1~!lE~n1~ pany have listed in the course of the 12 months de- Hocking Valley 1st consol 4 ½s- _ _ 382 ,ooo __ Jmprovem'ts & equipment bentures to a total of 45 millions and 100 millions re- ir'wc' i~ni~~ftei if~fuea:u48re·(~is: 2 ·m:ggg==k~Fti~Jr~egl~ bonds do do do do 1,832,500 __ Jmprovem'ts & equ lp't spectively, dating back to 1906, but all representing· LehlghVall. gen . consol. 4 _______ 1,539,000--Retlre car tr.&stk.pur.bds. Loulsv. & Nashv . unlf. 50-yr. 4s-- 3,000,000--Retlre old bonds. new capital, while the last installment of the subscrip- Mex.lean Central consol. 4s_______ 181,000--General purposes. do do do ________ 10,000}_Retlreold7sandscrlp. 1st cons. Inc. 3s 28,000 tions for a large part of the same was not due until Minn.do& St. do Louis 1st & ref. 4s ___ _ . 700,000 --Add 'ns , lmp'ts & equlp't do __ 455 ,000 __ Retlre old 7s. early in 1908. Altogether, the New York New Haven M inn.doSt. P.do& S.S.doM. con. 4s ____ 3,280 ,000--Constructlon of road. do do do do __ __ Retlre old bonds. & H artford has secured the listing of seventeen differ- Mo . Pac. coll. 40-yr. 4s of 1905 - ___ 8,0001,ooo ,000 __ General purposes. do St.L.I.M . &So.1st 30-yr.4s 567 ,ooo __ Jmprovements & exten'ns. ·ent issues, railroad and street railway, many of them do Riv. & Gulf divs. 4s_____ 811,000 __ Jmp'ts, constr'n & equlp't. do unlf. & ref. 4s _______ ___ 60,000--Constructlon o! road. long outstanding, the total face value thereof being National RR. of Mex. 1st consol. 5s 253 ,ooo __ Equipment. N. Y. C. & H. R. 30-yr. d eb. 4s-- _13,000,000 __ Terminal lmp'ts, &c. . 179 millions. Among the latter's new issues are not N. Y. C. Lines equip . tr. of 1907--30,000,000--Purch. equip. forsyst . llnes. N.. Y. Chic. & St. L. 25-yr. deb. 4s_ 5,000,000--Equlp't, constructi on, &c. Y . New Haven & Hartfordonly the aforesaid 45 millions of 1906, but also 31 N.Non-conv. 3 ½ & 4 % debens ___ .40,000,000 __ OJd securities just listed. do 4 % debens. of 1906_ 15,000,000} _Improvements and general millions of the 39 millions 6% debentures offered to the do 3 ½% debs. of 1906_29,997,100 purposes. Convertible 6 % debentures - ___ 31,069,400_ - Subsc. at par by st'khold'rs. £hareholders in December 1907. The City of New York 4 0 ~~~\t:.·lp:.Xrsl:t~lr-.3'Js_ _8it:m:888:=b1fcrt ovne~j~~st.Ifsied. bonds , also, to a total of 105 millions, listed during do do do __ 4,042,000 __ Jmprovements, &c. Naugatuck RR. 1st 50-yr. 4s ___ 2,500,000] the year, include, besides 50 millions dated November N.Y.&N.E.-Bost.Term..lst 4s_ 1,500,000 New England consol. 5s ____ __ 7,500,000 _OJd bonds just llsted. do do 4s _____ 10,000,000 1907 and sold in the first half of 1908, some $55,N. Y. Prov. & Boston gen. 4s-- 1,000,000 Prov. & Springfield 1st 5S---- -750,000 000,000- placed in 1907, and yet of necessity included Prov. Terminal 1st 50-yr. 4s ____ 4,000,000--Improvements, &c. RR. cons. 4s (loan May '08) _20,000,000- _ Improvements, &c. among the new capital issues which were listed dur- Penn. Philippine Ry. 1st 30-yr. 4s ______ 4,305,000 --Constructlon of road. Cine. Chic. & St. Louis con.} 6,000,000{_Improv'ts, equlp't, securing 1908. Following is our usual 10-year comparison: Pttts. gu. 4s, ser. G----------- --- -ltlespurchased, &c  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  d:  34 Compan11 and Title of Loan  LISTINGS ON NEW YORK STOCK EXCHANGE. Amount  Purpose of Issue  Reading Co. general 4S-- ________ $1,366,000 __ Acquisitions & lmprov•ts. St. Louts & San Fran. ref. 4s- ____ 2 ,000,000- _Improvements & equlpm't. do do do -548.000-- Rettre old bonds. St. Louis Southwest. consol. 4s___ 795,000--Extenslon of road. Sou. Ry. devel. & gen. 4s, ser. A--20,000,000--Improvements & equlpm't. Undergr. El. Rys. of Lon. pr. 1. 5s_ 5,000,000 __ cash requlr e'tsreorg. plan. do do 4½s of 1933 ___ 14,000,000l_Exchange for profit-sharing do do Income 6s ___ __25,000,000 _ notes. do do 4½s of 1933 ___ 1,000,000 _Reserved tor spec. Interest. do do Income 6s _____ 1,000,000 _ fund. Union Pacific 20-year conv. 4S - --- 1,500,500--Constr'n, acquisitions, &c. Vandalia RR. consol. 4s, ser. B--- 1,299,000--Improvem'ts & equipment. do do do __ 1,701,000--Retlre old bonds. Wabash RR. 1st 5S------------771,000--Retlre old bonds. do lstret. & ext. 4S-683,000--Exchange debens. A & B. do do do 1,837 ,ooo{_Real estate, Improvements, pay equipment bondR. Wabash-Plttsb. Terminal 1st 4s ___ 1,236,000--Improv'ts and acquisi t ions Wisconsin Central 1st gen. 4S----800,000--Improv'ts, equip., &c. Total ____________________ - $506,160,000 LISTINGS OF STREET RAILWAY BONDS. Compan11 ana Title of Loan. Amount . Purpose of Issue. Brooklyn City 1st consol. 5S--- -- -$1 ,860 ,000--Improvement s. Bklyn. Queens Co. & Sub. 1st 5s-- 3,150,000--Acqulsltlons & lmprov' ts. do do do 350,000- -Exch. underlying bonds. do do 1st cons. gu. 5s 629,000 __ constr'n & gen'l purposes. Bklyn. Rap. Trans. 50-yr. 5s 1945_ 375 ,000--Improvements. do do 1st ref. conv. 4s 4,500.000- _Acq.&secur.contr'ld prop'!!. Havana Electric consol. 5S- ------ 1,050 ,000 - - E xtenstons & lmprovem'ts. do do - - - _- - - _ 65 ,000 - _Refunding old bonds . Int. Rap. Tr. 3-yr. conv. 6 % notes 15,000,000-- Ret. 4 % notes dueMay 1 '08 do do do 9,500,000{ P ay oth. not es, pay'ts acc't constr'n Bklyn. subw'y,&c . Manhat. Ry. cons. 4s, tax exempt_l0,818,000 - -Retlre old Met. El. bonus . do do do 804,000 - -Extenslon to Bronx P a rk. N. Y. New Haven & Hart. systemConsol. Ry. 3, 3½ & 4% debs--11,153,000] Hartford Street Ry. 1st 4s __ ___ 2,500,000 New Haven Ry. 1st 5S- - ------600,000 _Qld securities just listed. Winchester Ave. 1st 5s - _ _ _ _ _ _ _ 500,000 Worcester & Conn. East. 1st 4 ½ s 1,992',000 St. Jos. Ry., Lt. & Pow.1st5s-- - 140,ooo __Jmprovements. Total --- - - _- _ -- - _-- - - -- - -$65 ,076,000 LISTINGS OF MISCELLANEOUS BONDS.  Company and Title of Loan.  Amount.  Purp1Jse of Issue.  Allls-Chalm. Co. 10-30-yr. s. f . 5s.SI0,325,000--Exten's, work. capital, &c. Amer. Teleph. & Teleg. conv. 4s_100 ,000 ,000--Constructlon & acquisi t ions do do do 7 ,388,000 __ Acquire West. Elec. stock. Bklyn. Union Gas conv. deb. 6s ___ 3,000,000- -Old securities just listed . do do 1st consol. 5s - _ _ 201,000 _ -Ex.change underlying bds. Gen. Elec. conv. deb. 5s 1917 -- - - 12,875,000 __ Gen. pur. & work. ca pital. International Paper cons. conv. 5s_ 1,000,ooo __ constructlon & acqulslt'ns. do do 1st 6s _ _ _ _ _ _ _ _ _ 23 ,ooo __ Exch. for prior lien bonds. Michigan State Telephone 1st 5S-925,000--Extenslons & lmprovem'ts . New York City 4% corp. stock ___ l3,000,000} do do 4½% do 82,000,000 _Varlousmunlclpalpurposes do do 4% ass'mt bds ___ 2,000,000 do do 4½ % do 8,000,000 N. Y. & Richmond Gas 1st 5s- _ _ _ _ J 64 ,ooo __ Extensions & lmprovem 'ts. N. Y. State4% highway Imp. bonds 5,ooo,ooo __H !ghway Improvements . People's Gas Lt. & Coke ref. 5s - - - - 2,000,000- - Addltlons & lmprovem ' ts. Ind. Nat. Gas & OU ref. 30-yr. guar. 5S---------------- - -- 4,000,000 -- Retlre old bonds . do do do 2,ooo,ooo __ Pur. of prop. by Peop's Co. Union Bag & Paper Co. 1st 5s _____ 2,376,000 __Acqulsltlons, Improv'ts,&c. U.S. Gov't Pan. Canal 10-30-yr. 2s30,000,000 - - Construction of cana l. U.S. Red. & Ref. Co. 1st 6s ______ 1,841,000--Old bonds just llsted. Utica Gas & Elec. ref. & ext. 5S - -- 1,000,ooo __ constr'n, acquisitions, &c. Western Union conv. 4s, ser. A ___ 10,ooo,ooo __ Improv'ts and ext ensions. We t'ghouse El. & Mfg. cons . 5S- - 2,604,000 __ Paydebtsunderplan. Total ·---_---- ____ ------_ --$301 ,722.000  Notable as the recent period of prosperity was for new railroad construction, comparatively few of the large bond issues here included were made ostensibly on account of the same. Additions and improvements play a much more prominent part. As representing new railroad lines, two issues of the Atchison are conspicuous, namely the 17 millions Transcontinental Short Line 4s and the 3½ millions Eastern Oklahoma division bonds, whHe, on account of improvements, new equipment, &c., the same company has put out some 8 millions of other issues. Two other strictly construction issues are the 4¾ millions of Big Sandy Ry. (Chesapeake & Ohio) bonds and 3¾ millions of Minneapolis St. Paul & Sault Ste. Marie 4s. The Colorado & Southern (recently acquired by the C. B. & Q.) listed 12¾ millions of its refunding and extension 4½s "to acquire securities of subsidiary companies" and for improvements, but practically the greater part of this amount represents new construction. These issues certainly form a relatively small exhibit. The fact is that much of the railroad construction work undertaken by the great companies, such as the St. Paul, the Northern Pacific and the Great Northern, was largely financed before the depression in business began. The outlays of the Union Pacific for new building have been partly met from the 50 million dollar bond issue sold but not yet listed, while the Virginia Railway (Mr. Rogers's Tidewater road) was temporarily financed through a note issue placed by Redmond & Co. The bonds issued for improvements and acquisitions are far more notable. Here we have the New York  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Central's 13 million debenture 4s and the 5 million 4% debentures of its subsidiary, the New York Chicago & St. Louis and the 30 millions of N. Y. Central Lines equipment trust bonds, the last named having provided equipment also for the Lake Shore, Michigan Central and other roads in the system. Here, too, are the 20 millions consol. 4s of the Pennsylvania RR. and 6 million 4% bonds of its subsidiary, the Pittsburgh Cincinnati Chicago & St. Louis. The Southern Ry. Co. has sold and listed "development and general" 4s to a total of 20 millions, to provide for the needs of its extensive system. The Delaware & Hudson Co., on account of trolley and other acquisitions, has listed 13 1-3 millions 1st refunding 4s. Other notable listings are 16 millions of Chicago Burlington & Quincy general 4s, 8 million Missomi P acific collateral trust 4s of 1905, 7½ millions B. & 0. bonds of several issues and 13 millions Rock Island refunding 4s. Turning now to bond issues other than those of steam railroads, we note the 46 millions of securities of the reorganized Underground road of London, 30 millions of United States Panama Canal 2% bonds; 11 ¾ millions Manhattan Ry. consol. 4s, issued chiefly to refund matming 6% bonds; 24½ million 6% notes of the Interboro Rapid Transit Co. of Jew York City, the one short-term issue to be listed, largely a refunding issue; 12½ millions convertible debentme 5s of the General Electric Co., and 10 millions convertible 4s of the Western Union Telegraph Co. The stock listings of all classes are grouped as follows: . LISTINGS OF RAILROAD STOCKS. Company ana Class of 8tock.  Amount.  Purpose of Issu e.  Cana dian Pacific, ordlnary------$23,206,000 __ Jmpr'ts . equipment, &:c. Chicago & Alton RR., common___ 834,200--Exch. stocks former C. & A. RR. and Ry. Chic. Mllw. & St. Paul, preferred-_ 85,000- _Exchange convert . bonds. Cleve. & Pitts. spec. guar. better•t_ 529,750--Addltlons and equipment. Cuba RR., preferred ___________ -10,000,000- _constructon of road. Denver & Rio Grande, common --38,000,000} Exchange stocks of old do do preferred ___ 45,772,200 company. mr::1fg~~t~~~·R~1:~~~========~~:m:i88=:~Es~~&~l~~c~~;:~~l·d~~:: Minn. St. Paul & s. s. M., preL ___ 1,400,000J Subscribed b:,,· stockholders do do com ___ 2,800,000J at par. Missouri Pacific, stock ___________ 1,935,200--2½% stock dividend. Pennsylvania RR., stock- ------71,650--Exch. stocks subsld . cos. Pitts. Ft. W. & Ch.,gur.spec.stock 2,681.300--Improvements & equlpm't Rock Island Co., common---- - 139,9001-Exchange Chic. R. I. &.,Pado do preferred_______ 100,900] cUlc Rv. stock. Southern Pacific Co., common__ __ 3 ,000- - Exchange for pref. stock. Wabash RR., common _________ 207,500}_Exchange debenture "A" do preferred _________ 207,5'00 and "B" bonds. Total _____________________ $200,502 ,600 LISTINGS OF STREET RAILWAY STOCKS. Company ana Class of Stock.  Amount.  Purpose of Issue.  United Rys. ot St. Louis, pref- ___ $2,417,600--Acct acq. St. L. & Sub.Ry . Total ______________________ _$2 ,417 ,600 LISTINGS OF MISCELLANEOUS STOCKS. Com1)anv ana Class of Stock. Amount. Pur1}0se of Issue . Amer. Agrlc. Chem. Co., pref_____ 444,400--Purchase of property. American Locomotive Co., com ___ 25,000,000} _Old stock just listed . do do pref ---25, 000,000 American Steel Foundries, stock--17,184,000 _Exch. for old stock. American Malt Corp., common___ 680,1001-Exchange for stocks of do do preferred _ _ 542 .400 r AmerlcanMalt Co. American Snuff Co., preferred ____ 12,ooo,ooo} Old stock just 11s1,cd. do do common ----11,001,700 1  i~~~i-1~: ~~:.!tJ;~~~·:-~~~~~==11:8i8:888==~~ssi~~k~uas\f1~ed. Central Leather Co., preferred---383,000--General purposes. Consolidated Gas Co of N. Y., stk-18,719,500--Exchange conv. debenture, Corn Products Refining, common_ 535,0001-Exchange stocks Corn Prodo do preferred 1,505 ,1 OOJ ducts and other cos. Crex Carpet Co., stock----------'- 3,ooo.ooo __ Am. Grass Twine stk.red'd. Eastman Kodak Co. of N.J., com_ 50,000--Employees tor services. Granby Consol. M., Sm. & P., stk_ 40,500-_Acqulsltlon of prop., acc. Int. Harvester Co.pf.stk.tr.certfs_60,000,000}-0ld stock just listed do do common do 60,000,000 Lincoln Nat. Bank of N. Y., stock_ 500,000--Stock dividend. Michigan State Telep. Co., com ___ 3,500,000--Exch. for vot. trust certrs. 3 ~~~~~r3a°t~d~}!ff =~l~tti1:d1~~tJ~ sted . Union Bag & Paper Co., preferred 11,000,000} _Old stock just listed. do do common 16,000,000 United Fruit Co., stock---------301,000--Exchange convert. bonds do do ------------- 1,940,000--Stock"dlvtdend. U.S. Reduc. & Ref. Co., preferred 3,945,800l_Old stock just listed. do do common 5,918,800 Vulcan Detlnnlng Co. ,preferred - _ 1,500,000 _Old stock just listed. do do common __ 2,000,000 Western Union Teleg. Co., stock __ 2,447.100--Stock dvldends (2½%), West'se El. & Mfg. Co., assenting_ 8,938,950}_Payment of debts and sub• scdptlons under plan,  cl~: ·-e~tock: ·tJS:888:  Total ____ - _ - _- ___ . - __ - - - - -$311.007 .250  Three large blocks of new railroad stock sold to shareholders at par figure in this table, namely 58¾ millions of Great Northern Ry. (the subscription payments to which were spread over many  CLEAR! GS AND SPECULATION. months), 14¼ millions of Illinois Central and 23¼ millions of Canadian Pacific "ordinary" stock. The Denver & Rio Grande, having been consolidated with its controlled properties, the stock of the consolidated corporation, consisting of 38 millions common and 45¾ millions preferred, has taken the place on the list formerly occupied by the same amount of common and preferred of the old D. & R. G. The "miscellaneous" stocks which have been listed aggregate about 311 millions, and aside from the 17 millions of reduced stock of the Steel Foundries company and the 9 millions of stock sold under the reorganization plan by the Westinghouse company, the total is almost exclusively made up of the old stock issues only now listed by such great industrial corporations as the Snuff, Harvester, Locomotive, Bag & Paper, Reduction & Refining and Butterick (pattern) companies. The "unlisted" department is the temporary abode of two or three important stock and bond issues; mostly part-paid securities:  35  to call to mind the sale of 17½ millions Denver & Rio Grande bonds (new issue), 30 millions St. Louis & San Francisco general lien bonds; 20 millions of Illinois Central refunding 4s due in 1955 (new issue); 11 millions Chesapeake & Ohio (new issue); 12¼ millions Chicago & Western Indiana consols; 8 millions Chicago & Alton refunding 3s; 50 millions American Telephone & Telegraph Co. convertibles; 15 millions United States Rubber collateral trust 5s (new issue); 12 millions Virginia Carolina Chemical first mortgage 5s, &c., &c. Clearly these issues will afford considerable material for the Listing Committee in the new year.  CLEARINGS AND SPECULATION IN 1908. The record of bank clearings for the calendar year 1908 tells the story of depressjon and stress in mercantile and industrial affairs-a predominant feature, as we all know, during most of the period. In reviewing the exchanges for the preceding year (1907) we STOCKS, BONDS, &c .. PLACED O "UNLISTED" DEPARTM:RJ'vT• pointed out that, while for the most part the course Chicago Milwaukee &St. Paul certificates for common and preferred stock, 6 st of business affairs had proceeded along favorable ti!~ i~~e1vi~We g~~dfirst co~vertlble 20-year 6s, $3,000,000. Northern Pacific certfs. of subscription for new stock (87 ½ % paid). lines .. a conspicuous let-up occurred the last quarter, Union Pacific temporary bonds for 1st lien and ref. 4s. Virginia Carolina Chemical Co. temporary certifica tes for 1st M 5 largely induced by the monetary troubles that set year 5s of 1923, $8,200,000. Utah Copper Co. stock, $651,200. in in October. The turn of the year, however, witDlstUlers' Securities Corporation stock, $39,600. Federal Sugar Refining preferred stock, $2,000. nessed no change. On the contrary, for the first Following are the leading note issues sold during three or four months of 1908 a condition of inactiv. 1908, only one of which (the Interborough issue ·ality in all directions was conspicuously discernible. ready mentioned) was listed. Several of these are Building construction work, a marked decline in the already in process of being re-financed on a permanent volume of our foreign trade, serious losses in railroad basis. earnings, noticeable increase in the number and liaPRINCIPAL NOTE ISSUES SOLD DURING 1908. Note.-Only the six Issues marked "x" were put out during the last six months. None of the note issues has been listed on the Stock Exchange except the $24,500,000 bilities of commercial failures, all joined in telling a Interborough Rapid Transit Co. 6% notes, which are shown above In table of "Street tale of unsatisfactory conditions. Moreover, lack of Railway Bonds." employment for labor the changed conditions had Int. Dal.e. Ma/.urtty. Amount. brought about turned the tide of immigration against s Baltimore & Ohio RR _____________ 5% Mch. 2 1908 Mch. 2 1909 9,660,000 Boston & Lowell RR ______________ 6 % Feb. 11908 Feb. 1 1909 us, departures greatly exceeding the arrivals month 900,000 Boston & Maine RR ______________ 6% Jan.-Mch. '08 Jan.-Mch. '09 3,000,000 by month. All these drawbacks continued pretty X Apr.-May '09 do do Oct.-N ov. '08 7,300,000 -- -- -- ----- -- 3½ % x Boston Suburban Electric Cos ____ 5 % July 1 1908 July 1 1910 500,000 x Boston & Worcester Electric Cos __ 6% Juiy 1 1908 *July 1 1911 300,000 inuch throughout the year, although the last month Chicago Railways Co ______________ 6% Feb. 1 1908 Feb. 1 1913 5,000,000 (funding notes) __ 6% Feb. 1 1908 Feb. 1 1913 1,200,000 or two (following the Presidential election) some do do Chica.go Rock Island & Pacific Ry __ 6% April 11908 April 1 1909 6,000,000 Chesapeake & Ohio _______________ 6% July 1 1908 *July 1 1910 2,500,000 AnDenver & Rio Grande RR _________ 6% Aug. 11908 *Aug. 1 1913 10,000,000 Improvement in the situation was discernible. Erle RR ____ - - _---- ___ - - - - - - - - - April 8 1908 *April 8 1911 12,080,000 other recent development also favorable to business Fitchburg RR ___________________ 6% 500,000 6 % Jan. 15 1908 .Jan. 15 1909 Gulf & Ship Island RR _____ ____ - __ 6 % Feb. 1 1908 April I '09--11 1,000,000 Hudson Companies (Tunnel RR.) __ 6% Feb. 11908 Aug. 11910 2,832,000 revival is the apparent change in sentiment in many do do do do 6% ,Tuly 1 1908 July 1 1909 2,713,000 --- 6% Oct. 15 1908 Oct. 15 1911 6,030,000 quarters with regard to corporations; there are indido do X do do Inter borough Rapid Transit of N. Y = 6% May 1 1908 May 11911 24,500,000 Interborough-Metropolltan Co _____ 6% May 27 1908 May 27 1910 4 ,545,000 cations that a policy of less interference is finding favor x Kansas City Mexico & Orient _____ 6% *Aug,15 1910 Aug. 15 1913 1,000,000 Kansas City Railway & Light co __ __ 6% Sept. 1 1907 Sept. 1 1912 4,125,000 with our legislative bodies. Metropolitan West Side Elevated ___ 6 % Dec. 1 1907 Dec. 1 1912 100,000 Missouri & Northern Arkansas _____ April 1 1908 Oct. 1 1911 900,000 The aggregate of clearings for the whole country Missouri Pacific __________________ 6% Feb. 10 1908 Feb. 10 1910 6,000,000 6% Mobile & Ohio ___________________ 5% Feb. 15 1908 *Feb.15 1911 600,000 for 1908 reached $132,272,067,412, against $145,175,New Orleans Railway & Light co ___ 6% June 20 1908 *June20 1909 1,300,000 New Orleans Terminal Co __________ 6% April 10 1907 Aprll 10 1909 2,500,000 Norfolk & Western Ry __________ __ 5 % May 1 1908 May 1 1910 7,500,000 733,493 in the previous year, $160,019,717,333 in Northwestern Elevated RR ________ 6 % F eb. 1 1908 F eb. 1 1913 140,000 Norfolk & Southern _______________ 6% Nov. 1 1907 Nov. 1 1910 2,750,000 1906 and $143,909,448,441 in 1905, but in 1904 the Norfolk & Portsmouth Traction Co_ 6 % Mch. 2 1908 Mch. 10 1912 1,800,000 Northern Texas Traction .co _______ May 1 1908 May 11911 500,000 total was smaller than that now recorded, having been Pere Marquette __________________ 6% 6 % Mch. 1 1908 Mch. 1 1912 2,600,000 St. Louis & San Francisco RR ______ 6 % Jan. 29 1908 *Aug.29 1908 3,000,000 only $112,449,664,015. The loss from 1907 is 8.9o/c, Southern Railway ________________ 6 % May 11908 *May 1 1911 15,000,000 Tidewater Co ____________________ 6 % June 1 1908 *June 1 1913 17,000,000 and compared with 1906 and 1905 the decreases are United Railways or St. Louis _______ 5½% July 11907 *July 1 1909 800,000 Washington Water Power Co _______ 6% July 11908 *July 11911 3,000,000 17.3% and 8.0% respectively, but contrasted with Tot. RR. & Street Ry. notes, &c_ - - --- ---- ------ ----------- 171,175,000 1904 there is an increase of 17.7%. At New York Boston Rubber Shoe Co ___________ 5% June 11908 *Sept.151910 4,500,000 Cleveland Electric Illuminating co __ 6% Jan. 11908 *Jan. 1 1913 500,000 alone the 1908 total not only records a decline from Consolidated Gas Co. or New York __ 6 % Feb. 1 1908 Feb. 1 1909 5,000,000 Denver Gas & Electric Co __________ 7% 1908 250,000 1907 of 9.1 % , but shows a loss from 1906 of 24.3% *1911 Diamond Match co _____________ __ 5% July 11908 *July '09-'12 2,000,000 x Lake Superior Iron & Chemical Co_ 6% Jan. 2 1909 Jan. 2 '10-'12 1,100,000 and from 1905 of 15 .5% . As regards the comparison Minneapolis General Electric co ____ 6% Dec. 16 1907 Dec. 15 1908 641,000 National Gas, Elec. Lt. & Pow. Co __ 5% .Jan. 1 1908 *Jan . 1 1909 300,000 with 1907, it is to be said that during the early months Portland (Ore.) Gas Co ____________ 7% April 1 1908 *April 11911 500,000 San Diego (Cal.) Cons. Gas & EI. Co. 7% April 1 1907 April 1 1912 250,000 Scranton Lumber co ______________ 6% April 1 1908 April 11913 1,000,000 of tlie year-in fact, down to about the close of JuneSecurity Investment Co ___________ 5% Apr!J 1 1907 April 1 1910 300,000 very heavy losses were the rule, due in considerable Total Industrial companles ___ ____ -- .., __ ----------- ----------- 16,341,000 Total RRs., street rys. and Indus_ ----- ----------- ----------- 181,516,000 measure to the diminution in activity on the Stock • Subject to call at an earl!er date at a certain price at company's option. Exchange' but increased dealings later (and especially Space does not permit us to summarize even the · in November and December)-transactions greater principal bond issues which have been placed in re- than in the previous year-gave a more favorable cent months but not listedJ and which have served to showing. Finally, as the aggregate volume of busiput the finances of the companies concerned in easy ness on the Exchange for the full year 1908 was apcircumstances for many months to come. Suffice it proximately the same as for 1907, the decrease of  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CLEAR! GS A D SPECULATIO  36  Mexican and Cuban issues, totaled 82¼ millions, against 70 millions in 1907 and only about 25 millions in 1904. The year's aggregate sale of bonds at the :.N" ew York Exchange was, therefore, a little more than 1,081 millions, agajnst 526 mmions in 1907 and the previous record total of 1,040 millions in 1904.  9.1% from that year, shown above, is a virtual measure of the loss in clearings due to the smaller volume of mercantile business. Outside of New York, likewise, the late year's aggregate was less than that for 1907, having been only 52,996 million dollars, against 57,993 millions, and there is also a decline from 1906, when the total reached 55,344 millions. Contrasted with the 50,087 millions of 1905, however, a moderate increase is shown, and the gain over 1904 is quite important. While, as stated above, the situation of affairs was rather better the last two months, the twelve months' aggregates for almost all cities were smaller for 190 than for 1907 and in many cases lower than the 1906 :figures. Conspicuous losses are to be founq at such -centre as Pittsburo-h, Philadelphia, Baltimore, Cleveland, San Franci co and ew Orleans. But we pass further comment, as reference in detail to the various cities with lower totals in 1908 than in 1907 wouia entail the mentioning of 88 of the 114 clearing houses included in our compilation which will be found in the Chronicle of Jan. 2 1909, page 1. With that said, we present a table covering the exhibit of clearings for New York, the cit ies outside of New York and the ~ountry's aggregate for the sixteen years 1893 to 1908 inclusive. Inc.  Y ear.  I ;:c.  ~fe~rt~;~  ----  1908 1907 1906 1905 1904 1903 1902 1901 1900 1899  ~m  1896 1895 1894 1~93  % ::, ______ I 79,275,880,256 -9 .1 7,182,168,381-16.7 ------l ______ 104,675,828,656 +11.6  ______ J -----______ ------ 1 -------- --------  ====== i  -----______ ; ----------- 1  Clearings  Inc.  N~ts:~~k.  if:c.  .,.  %  9:i, 22,060,202 +36.7 6 ,649,418,673 +4.1 65,970,337,955 -13.6 76,328,189,165 -3.9 79,427,685, 42 +50.9 52 .634,201. 65-13.4 1 60,761,791,901 · +44.8  28 ,, 70,775,056 -3.3 ~9.~41,796,924 +~2 .3 24 .3 7,807,020 \-22.0 31,2Gl,037,730 -14.7  ~~:~&U!t48; 22,375,548,783 23,338,903,840 21,072,251,587 22,882 ,489,378  +~u ~~:2~g:&n:~~i -4.2 51,246,323,839 -3.7 +10.1 53,180,700,764 + lti.6 -7.6 45,460,058,609 -15.9 -0.4 54,143,527,10 -12.5  - 8.9 -9.3 +ll .0 +2,.7 +3 .0 -7.4 -0.4 + 37.6 .5 +3n.6  ti?:~  'tock Exchange dealings are, as we have before remarked, a very important factor in bank clearings at ew York. At times when the aggregate of clearings for the remainuer of the country exhibited an increase over the previous year, the New York total recorded a decrease solely because of lessened activity in Stock Exchange operations. This was true in 1888, in 1900, in 1902, in 1903 and 1907, and much larger los es locally than elsewhere in 1894 and some other years are imilarly accounted for. As regards 190 , of cour e, the situation is somewhat different. Transaction: in shares, as already explained, were approximately the same as in 1907 1 and dealings in bonds of all cla es-railroad and miscellaneous, State, .city and Government-were not only of greater aggregate than in the preceding year but in excess of the previous record made in 1904. We append a compilation showing the annual share dealings since and including 1 NUMBER AND VALUE OF SHARES SOLD AT NEW YORK STOCI{ EXL:HANGE. 1  : Values Aver. Stocks, Year. ,_s_h_ar_es_._ Prtce. (approxtmate) ,J Year. $  1908 __ 197,206,346 1907 __ 196,438,824 1906 __ 284,298,010 1905 __ 263,081,156 1904 __ 187,312,065 1903 __ 161,102,101 1902 __ 188,503,403 190L_ 265,944,659 1900 __ 138,380,184 1 99 __,176,421.135 1898 __ 112,699,957  I  J  l ' alue.s Aver. Prue. (approxtmote)  I  15,319,491,797 1897- _ 14,757,802,189 11896 __ 23,393,101,482 '1895 __ 21.295,723 ,688 1894 __ 12,061,452,399 1893 __ 11,004,083,001 1892 __ 14,218,440,083 1891 _ 20,431,960,551 1890. _ 9,249 ,2 5,109 18 9 __ 13,429 ,291.7151 88 __ 8 ,1 7,413 ,985  86.6 85 .8 94.2 87.3 69.9 73 .2 79.9 79 .0 6!l .2 7 .6 72.7  Stocks, Shares.  77,124,172 67.0 04,654,096 65.2 66,5 3,232 60.3 49,075,032 64.2 80,977, 39 60.3 85, 875,092 63 .5 69,031,689 57 .1 71.2 2,8 51 60.2 72,014,600 61.0 65,179,106 62 .5  s  4,973,553,065 3,329,969,940 3,808,33 ,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  1  -·-  .•.  - - - --- - -- - - - - - - - - -  A feature of 1908 ,ms the popularity of bonds in the dealing . Railroad and miscellaneous issues of a par value of $999,025,800 were traded in, a total more than double that of 1907 and exceeded only in 1904, when tran actions aggTegated 1,014¾ millions. t ate and Government bond sales, includina Japanese,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  /$15859,166,101  As has already been pointed out, the aggregate of bank clearings outside of ew York as well as for this city in 1908 was less than for the previous year or for 1906, and it is also to be stated that the different cities and sections nearly all shared in the decrease. This js quite well shown in the subjoined table, which indicates the course of bank clearings at the leading cities for December and the full twelve months of each of the last four years. BANK CLEARINGS AT LEADING CITIES FOR DECEMBER AND THE YEAR ---December--- ---Jan. 1 to Dec. 3 1 - - 1905. 1906. 1907. 1908. 1907. 1906. 1905. 1908. (000,000s  omilled.)  %  -8 6 132,272,067,412 +4.8 145,175,7:!3,493 +10.1160,019,717,33 3 +13.9 143,909,448,441 +1.3 ll2,449,664,01 5 +3. 109,209,187,764 +6.7 11 ,02 3 ,298,74 0 +16.6 118,410,015,182 +0.5 6,070,549,6 <I +23.9 \14,047,400,783  ttm:m:m t~t~  1  1$16757 ,215,912  Total val.  Inc.  S 52,996,187,156 57,993,565,112 55,343, 88,677 50,087,<!8 ,239 43,800,245,342 43,238,849, 09 41,695,lU!l,/i75 38,9 2,329,340 33,4~6.347,1H8 33,285,608,882  Aver. Prtce.  Actual Value.  Aver., Par Value rtce. or Quantity.  Actual Value.  Par Value or Quantity.  TotaL_ $18775,735,420 16291,050,75286.8$17532,966,2751 15222,201,814 86.8 636,964,287 98.7c 645,353,800/ 466,165,160103.5 450,443,750 Grain ,bu .  - -----1  1- - - - - - 1  I~- - - - - - - - - - - . . J - . . - - - - - - - - - - - -  196,438,824 197,206,346 St'kJShs_ l 1 Val_ $17G94,247 ,800 $15319,491,797 86.61$17006,377, 125 $14757,802,189 86.8 396,464,512 86.9 RR.bonds $999,025,800 $885,406,197 88.1 $456,116,300 $948,626110.6 $858,050 573.491109 .9 5521,820 Govt.bds.j $66,173,334 95.6 $69.196,100 $85, 123,684104.2 $81,713,500 State bds. 813,153194.2 $418,700 $455.583 200.3 $226,500 Hank stks  ;:c.  Cl::i~~~s.  Twelve Months 1907.  Twelve Months 1908.  Descrtption.  I  $  tm •m $  gi~~a:ir~======== Boston __________ PblladelphJa______ St. Louis_________ Pittsburgh_______ San Francisco_____ Baltimore _______ Cincinnati________ Kansas City_____ _ Cleveland________ ew Orleans______ Minneapolis______ Louisville________ ~il~~~~kee-======= Providence ______ Oma.ha__________ Buffalo__________ St. Paul__________ Indianapolis _____ Denver__________ Richmond________ lllempbls ________ Seattle___________ Hartrord ________ Salt Lake City----  5  720 571 2C3 183 152 121 114 181 67 93 98 64  ~g  33 59 36 45 38 41 30 27 41 15 29  517 493 246 203 129 104 91 123 64 96 102 37  :s  :S  9 •g~~ i'.55~ 712 719 668 272 230 203 131 111 128 75 114 102 56  :r  :~  623 261 228 170 131 111 110 70 114 97 55  !~ 37  38 46 36 41 35 35 27 28 43 16 33  28 42 32 46 25 31 27 27 31 13 13  40 32 34 33 30 26 32 29 14 25  79,276 11,854 7,339 5,938 3,075 2,065 1,757 1,241 1,230 1,848 750 786 1,057 580 668 548 337 662 409 484 380 410 299 253 429 167 257  :s  $  87,182 104,676 12,088 11,047 8,335 8,135 7,687 7,161 2,973 3,166 2,641 2,744 1,998 2,134 1,445 1,473 1,310 1,362 1,332 1,649 838 897 1,020 957 991 1,158 650 645 670 712 493 562 397 390 504 568 396 445 419 485 366 399 350 408 303 322 248 249 486 489 183 184 288 292  93,822 10,142 7,655 6,929 2,890 2,506 1,835 1,290 1,205 1,198 775 963 914 602 598 430 381 443 351 343 345 328 260 273 302 162 212  Total _________ 13,568 815 Other cities____ ___  8,784 13,524 13,798 124,039 136,256 152,046 137,154 6,755 7,874 8,920 8,233 655 761 639  Total all _______ 14,383 Outside New York_ 5,117  9,423 14,285 14,453 132,372 145,176 160,020 143,909 4,073 5,057 4,763 52,296 57,994 55,344 50,087  We have remarked further above that while in early months of the year 1908 inactivity was the feature of operations on the New York Stock Exchange, the contrary was a fact towards the close. In that respect 1908 contrasted sharply with 1907, when greatest activity centred in the early months. Space not permitting of any extended reference to that point, we would merely remark that sales in the last quarter of 1908 were not only much heavier than in the corresponding period of 1907, but slightly exceeded those m 1906. SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.  -1907. 1908. I M'th.-------------------------Number  I  01  Sh ares.  --Par.  Values.  Values.  Number  Actual. $  01  I  Par.  Shares.  Actual.  $ $ : : .116,594,895 1,396,403,800 1,015,764,111 22,702,760 1,948,477,925 1,854,950,930 Feb_ 9,8 39,706 833,199,900 609,986,418116,470,972 1,318,394,800 1,241,478,649 Mch_ 'l5,9 39,2§5 1,387,712,725 1,014,698,437 32 ,208,525 2,787,043,450 2,609,820,422 $  I  l stqr -12,3 73,856 3,617,316,425 2,640,448,!J6fi,71,382,257 6,053,916,175 5,706,250,001  April 11,6 48,12::l 1,024,180,450 782,948,479119,235,652 1,686,695,950 1,508,967,413 May 20,9 75,022 1,855,881,050 1,470,479,816 15,827 ,245 1,346,719,475 1,204,698,417 June 9,6 52,437 857 ,496, 500 771.664 ,681\ 9,749,4la0 826,398,975 740,089,460  2d q ri42 ,2 75,582 3.737 .558,000 3,025,092.980 44.812,312 3,859,814.400 3,453,755,290  ·,tm:m:gig  fi m's g4 ,6 49,438 7,354,874,425 5,665.541 !!4>< ll6194 56!-I filly _ l~.8 .'i7, 563 t ,249,522 .675 964,269,4 I 12 . 11,354  9,160,005,291 990,994 ,f\00 AUg_ 18,881.265 1.699,430,100 1,584,406,183 15,561.58311.390,644,625 1.180,470,609 Scpt.17,5 82,4991.557,670,875 1.485,649,298 12,223,54 1 1.088,393,825 902,471,817 3d qr 50,3 21.32714,506,623,650 4,034,324,962 40,596,478 13,620,258,050 3,073,937,026 V m's i::! ◄ 9 70 ,76~rll861498 .075 9,699,866,908 156791 04 713533,988,625 1223:i.942,317 Oct_ 14,2 66,901 l,302,230,3751,252,695,988 17,333,793 1,550,957,050 1,127,476,980 2' 41 ' . 4 849,293,525 617,436,014 01,072 ,137,925 778,946.878  ~~;- ~::~gtm ~:m:~77 :~gg12:~gg:m:m 1tm::~ tthq r 62,235,581 5,832, 74~ ,72i> :,,(j I 9,624 .  l 9 39./\-17 .77 7 3 472 .3 88 , 50 02 ,5 2a ,85U,872  -{ear I 9720G :'146!l7694.247,800ll5<!19,49 l.797 I 964::lll 824 1700G,377.12514757.802,189 1  37  MERCANTILE FAILURES.  Total Fovrlh Taira Second Clearf.ngs Reported. Ftrst At stock exchanges outside of New York, and due Yem-. Qwrun-. Quart#r. Quarter. (OOOs mnttted.) Quarter. ----1---1 to a renewal of activity in the closing months of the $ $ $ $ s r19o8 __ 17,147,346 17,811,268 19,524,685 24,792,581 79,275,880 year, we find that transactions were quite generally I 1907-_ 26,531,458 21,371,556 20,232,482 19,046,672 87,182,168 { 1906 __ 27,939,858 25,152,486 24,403,559 27,179,926 104,675,829 93,822,000 greater in 1908 than in 1907, although smaller than in New York ______ I 1905 __ 23,584,452 23,300,154 20,679,257 26,258,197 I 1904 __ 14,925,334 14,203,962 15,204,667 24,315,456 68,649,419 l1903 __ 18,431,542 17,266,076 14,933,887 15,338,833 65,970,338 1906. Boston, for example, reports total dealings r19os __ 2,667,069 2,718,484 2,788,852 2,875,397 11,049,802 last year of 13,002,235 shares and $39,828,800 bonds, 3,410,094 3,502,746 3,259,576 3,154,647 13,327,063 r907-_ 1906 __ 3,392,123 3,415,476 3,166,438 3,563,196 13,531,233 against 14,308,687 shares and $7,682,700 bonds in Total other 1905 __ 2,844,150 3,107,080 2,955,868 3,343,722 12,063,820 Middle _______ 1904 __ 2,383,860 2,452,473 2,453,529 3,023,287 10,313,194 1907 and 18,297,818 shares and $8,695,310 bonds in ll903 __ 2,639,532 2,816,282 2,579,692 2,571,117 10,606,623 r19o8 __ 1,993,691 1,985,226 1,999,174 2,386,106 8,364,197 1906. At Chicago the aggregate transactions were 11907-_ 2,619,964 2,346,523 2,173,489 2,134,607 9,274,583 833,943 shares and $15,261,000 bonds in 1908, which T-0ta.l /1906 __ 2,456,888 2,277,983 2,138,411 2,572,452 9,445,734 1905 __ 2,108,959 2,166,457 2,040,844 2,373,469 8,689,729 New Eniland_ 1904 __ 1,823,408 1,855,803 1,724.~55 2,149,955 7,553,621 compares with 817,164 shares and $4,566,100 bonds the l1903 __ 1,979,663 1,949,568 1,809,820 1,925,734 7,664,785 previous year and 1,234,537 shares and $5,858,050 rl9o8 __ 4,034,045 4,085,792 4,033,601 4,588,388 16,741,826 I 1907 __ 4,395,913 4,549,767 4,457,819 4,063,140 17,466,639 bonds in 1906. In Philadelphia 8,384,977 shares and I 1906 __ 3,978,641 3,935,899 3,844,656 4,346,612 16,105,808 {1905 __ 3,529,952 3,603,571 3,553,411 4,051,192 14,738,126 Middle West __ I 1904 __ 3,196,662 3,234,262 3,226,923 3,627,978 13,285,825 $19,739,716 bonds were traded in, against 8,57-8,805 Tota.I ll903 __ 3,204 ,523 3,289,499 3,178,494 3,399,002 13,071,518 shares and $12,099,096 bonds in 1907 and 10,680,573 938,985 1,029,500 1,123,783 3,987,028 894,760 1907 __ 1,239,478 1,218,829 1,188,632 1,016,668 4,663,607 shares and 20,360,188 bonds in 1906; and at Balti1906 __ 1,048,785 797,997 1,044,472 1,262,383 4,153,637 __ 996,156 3,473,024 889,357 836,752 750,759 more 190,024 shares and $21,784,603 bonds covered Tota.I Pacific ____ 1905 1904 __ 2,761,471 794.871 649,232 675,988 641.380 1903 __ 727,042 2,651,474 656,104 632,349 635,979 the 1908 total, comparing with 153,912 shares and r19os __ 1,249,712 1,215,742 1,282,922 1,536,626 5,285,002 $15,649,010 bonds in 1907 and 524,286 shares and I 1907-- 1,213,449 1,282,194 1,291,206 1,384,472 5,171,321 I 1906 __ 1,035,241 1,012,388 1,028,123 1,275,512 4,351,264 {1905 __ 938,956 1,151,042 3,915,084 925,623 899,463 31,688,513 bonds the preceding year. Total 843,551 1,049,224 3,517,002 842,147 782,080 other West ___ I 1904 __ ll903 __ 963,548 3,375,391 817,497 800,884 793,462 When it is stated that only 26 out of the 114 cities 1,907,325 1,693,413 1,773,524 2,194,070 7,568,332 included in our comparative record report increases, 1907 -- 2,126,158 1,955,212 1,901,694 2,107,298 8,090,352 1906 __ 1,974,196 1,790,197 1.694,366 2,291,453 7,750,212 and those as a rule very small, and that at very many ruta.l Southeru __ 1905 __ 1,699,700 1,670,575 1,597,465 2,052,865 7,020,605 1904 __ 1,762,981 1,448,075 1,412,180 1,917,290 6,540,5215 other points the losses are quite conspicuous, the 1903 __ 1,455,266 1.368,228 1,328,901 1,716,664 5,869,059 r19og __ 29,893,948 30,448 ,910 32,433,258 39,495,951 132,272,067 · generally unfavorable situation of affairs during 1908 11907 __ 41,536,514 ::i6,227 ,727 34,1103,766 32,907,726 145,175,733 __ 41.825,732 38,386,426 37,320,025 42,488,534 160,019,717 becomes clearly apparent, even though conditions the i'.,>lal all ________ j 1906 1905 __ 35,417,435 35,610,212 32,655,158 40,226,643 143,909,448 __ 1904 25,575,772 24,626,087 25,551,093 36,868,061 112,621,013 last two months were, on the surface, fairly ll903 __ 29,139,967 28,122,886 25,304,395 26,641,940 109,209,188 satisfactory. The situation month by month for (1908 __ 12,746,602 12,637,642 12,808,573 14,803,370 52,996,187 I 1907 __ 15,005,056 14,856,171 14,271,284 13,861,054 57,993 ,565 the two years for the whole country and outI 1906 __ 13,885,874 13,230,940 12,916,466 15,311,608 55,343,888 j 1905 __ 11,832,983 12,310,058 11,975,901 13,968,446 50,087,388 side of New York 1s shown in the appended com- Outside New York ___ _ 1904 __ 10,650,438 10,421,925 10,346,425 12,552,806 43,971,594 ll903 __ 10,708,425 10,856,810 10,370,508 11,303,107 43,238,850 pilation. .MONTHLY CLEARINGS. Canadian bank clearings, in line with those for the States, were less in 1908 than in 1907, but exUnited Clearf.ngs Outs-Ide New Yor.t. Cleartngs, Total All. Momh.1- - - - - - - - - - - - 1 - - - - - - - - - - - an increase over 1906. The aggregate exhibited 1907. 1907. 1908. 1908. % % changes for the thirteen cities of the Dominion in $ $ $ $ Jan -- 11,359,308,232 15,054,655,406 -24.5 4,609,033,277 5,416,984,522 -14.9 Feb -- 8,756,701,857 11,823,958,740 -25.9 3,860,671,029 4,492,448,964 -14.1 which there are clearing-house organizations were Mch _ 9,777,937,943 14,657,900,282 -33.3 4,276.897,604 5,095,622,479 -16 .1 $4,142,194,346, against $4,342,678,161 in 1907, or a 1st qr_ 29,893,948,032 41,536,514,428 -28 0 12,746,601,908 15,005,055,965 -15.1 April_ 9,764,431,744 12,661,631,615 -22.8 4,276,857.436 4,994,103,001 -14.4 decrease of 4.2%, and compared with 1906 the gain May __ 10.858,707,179 12,406,704,867 -12.5 4,188,873,348 5,071,850.921-17.4 June _ 9,825,771,157 11.159,390,575 -12.0 4,171.911,240 4,790,217,610 -12.9 reached 4.9%. All but four of the cities record losses, 2d qu_ 30,448.910,080 36,227,727,057 -15.9 12,637,642,024 14,856 .171.532 -15.0 but only at Hamilton and London were the percentages o mos_ ti0,342,858,11 2 77,764,241.485 -22.4 25,384,243,932 29,861.227,497 -15.0 The Canadian clearings July __ 11,071,981,347 12,372,028,084 -10.5 4 ,453,893.5i>8 65,0fl0,2tl5,d79 -12.0 of decline at all conspicuous. Aug __ 10,248,695,249 11,558,715,889 -11.3 4,023,581.641 4,668,225,399 -13.8 Sept __ 11,112,581,447 10,573,022,063 +5.0 4,330,097,831 4,542,793,316 -5.o by quarters for the last six years are given below.  r. _  r••--  2d qr_ 32,433,258,043 34,503,766,036 -6.0 12,808,573,061 14,271,284,394 -10.3 ·9 mos Oct __ Nov __ Dec __  92,776,116,155 12,136,130,544 12,976,376,842 14,383,443,871  112268,007,521-17.438,191,816,993 13.,804,896,282 -12.1 4,901,858,771 9,679,735,498 +34.1 4,785,354,040 9,423,094,192 +52.6 5,117,157,352  44,132,511,891-13.5 5,608,~92,641 - 12.6 4,178,993,335 +14.5 4,073,167,245 +25.6  4th qr. 39,495,951,257 32,907,725,972 +20.0 14,804,370,163 13 ,861,053,221  +6.8  Year _ 132272,067,412 145175,733,493 -8.9 52,996,187,156 57,993,565,112 -8.6  It will be noted in the foregoing that down to the dose of October there had been but one instance where a gain was recorded, and that in the September total for the whole country, which was due to a spurt of .activity on the ew York Stock Exchange. In ovember and December quite important gains were recorded, which served to cut down materially the otherwise heavy loss. Carrying the comparison back 1906 there is hardly a month in which the 1908 figures do not exhibit more important declines than are shown for 1907. As egards the several groups into which we have arranged the various cities, there is very little of interest to be said except that the best showing 1s made in the Middle West, where the loss in 1908 from 1907 was only 4.2%, and in the "Other West," where a gain of 2.2 % is to be recorded. The table of clearings by groups for each quarter of the last six years is now presented.  to   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Clearinos Heported.  '1  Ftrst  81JC(Jnd  _ _<_o_oo_s_o_m._tu_ed_._>_ _ ,__Q_u_a,_ter_. Quarter.  s  s  Thtrd Quarter.  s  Fourth  Total  s  $  ~~  Canada-1908 _________ _ 952,520 1,014,090 1,272,510 4,142,194 903,074 1907 __________ _ 1,004,009 1,070,924 1,087,591 1,162,154 4,324,678 942,762 1,171,516 3,949,797 927,913 907,606 1906_ - - - - - - - - - 959,557 3,330,122 826,346 795,590 748,629 1905 __ - - - - - - -- 836,719 2,743,085 678,171 647,123 1904 ____ --- --- 581,072 1903 _________ - _ 737,073 2,692,821 629,239 696,093 630,416  FAILURES IN 1908. Commercial failures in the United States during 1908 were not only greater in number than in any former year, and very decidedly so in most instances, but the aggregate of liabilities was in excess of any twelvemonth period since 1896. It 1s to be said, however, that in 1907 the situation became worse as the year progressed, liabilities increasing from quarter to quarter until in the final di vision a total exceeded but once by any corresponding figure was recorded. On the other hand, the trend in 1908 was in the opposite direction, the closing quarter furnishing the smallest result of the year. There was likewise quite a steady diminution in the volume of liabilities from period to period in 1908, which was looked upon as an encouraging feature in an otherwise unsatisfactory situation. With that development in mind, the further we get away from  MERCANTILE FAILURES.  38  October 1907 and its untoward events, the more we become convinced that commercial affairs are steadily, though slowly, moving towards what may be termed a normal condition and a materially reduced mercantile mortality. To enumerate the causes responsible for the large volume of failures in 1908 would be to re-state what we have said monthly, or to epitomize what we say in our "Retrospect of 1908" on pages 11 to 32 of this publication. According to the compilations of Messrs. R. G. Dun & Co., the number of failures in 1908 was 15,690, against only 11,725 in 1907, and the highest totals heretofore recorded were 15,088 in 1896 and 15,242 in 1893. Aggregate liabilities for 1908 at $222,315,684 were, however, not very largely in excess of the preceding year, but greatly exceeded the totals for most earlier years. At the same time the latest aggregate was surpassed in 1896, 1893 (with its record liabilities of 346 millions) 1884, 1878, 1873, and as far back as 1857, when a 291 million total was reported. But, whjle the 1908 aggregate of liabilities was much above the average of former years, the average liability per failure was less than in 1907, and only a little greater than the mean of the 17 years 1891 to 1907 inclusive. Furthermore, it was much below the average for the full period Dun's record covers-1857 to 1908. It is thus evident that there was a large preponderance of disasters to small merchants or manufacturers in the late year, and that consequently the effect was very far-reaching. We have stated above thatincontradistinctionto1907 the failures during 1908 were, as regards amount of liabilities reported, a quite constantly diminishing affair. To indicate that clearly we append the following: FAILURES BY QUARTERS. ----1908. ----1907.---Averaoe Averaoe No. Ltab1.ltttes. Ltabttity. No . Ltabt.littes. Ltab1.l1ty. 1st quarter ______ 4,909 $75,706,191 $15,422 3,136 $32,075,591 $10,228 2nd '' ______ 3,800 48,668,642 12,808 2,471 37.493,071 15,173 2,483 46,467,686 18,714 3rd " ------ 3,457 55,302,690 15,997 4th " ______ 3 ,524 42,638,161 12,099 3,635 81,348,877 22,379 Total -- ______ 15,690 $222,315,684  $14,170  11,725 $197,385,235  $16,834  Referring to the classified statement of failures, we find that disasters were greatest in the manufacturing branches, the liabiHties of that class aggregating $96,829,015, as compared with $106,640,444 in 1907 and only $45,675,362 in 1906. The obligations of "traders" who were forced to the wall totaled $91,.661, 957, against 58,698,148 in the previous year and $48,186,136 in 1906, and liabHities in other lines aggregated  $33,824,712,  against  $32,046,633  and  suspension of banking institutions is fully recognized, but it is pointed out that no such disastrous consequences have followed in its wake as attended the failures of 1893. Canadian failures returns for 1908 also reflected improving conditions as the year progressed. For the full twelve months the disasters aggregated 1,640 in number and $14,931,790 in amount of liabilities, comparing with 1,278 for $13,221,259 in 1907 and 1,184 for $9,085,773 in 1906. The present totals , both as regards number and· amount, were exceeded in each year 1894 to 1897, inclusive. Debts in manufacturing lines aggregated $5,976,498, against $6,667,452 in 1907 and $3,482,511 in 1906; trading liabilities were $8,242,436 in 1908, against $5,756,651 and $5,145,142 respectively in the two preceding years, and other bankruptcies covered obligations of $712,856 in 1908, comparing with $797,156 in 1907 and $458,120 in 1906.  FAILURES BY BRANCHES OF BUSINESS. The feature of the statement of failures by branches of business as prepared by Messrs. R. G. Dun & Co. that particularly attracts attention is the large increase exhibited, as compared with previous years, in the liabilities of firms in the trading division. While in most branches of the manufacturing industry liabilities were less in 1908 than in 1907, the contrary was the case among traders, with the showing particularly adverse in "groceries, meat and fish." Calendar Year. From Dun's Revtew.  1908.  No.  Ltabtltttes.  ----  1907.  No.  Liabtlties.  Manufacturers . $ 62 Iron, foundries and nails 2,265,673 9,830,888 61 Machinery and tools ____ 272 8,724,246 188 9,093,837 Wool'ns,crpts.&knlt gds 30 1,658,784 24 1,562,168 Cottons, lace & hosiery_ 26 728,594 29 3,708,659 Lumber,carp't'rs&coop_ 522 17,748,169 409 23,623,376 Clothing and mllllnery __ 552 5,376,196 415 7,027,833 Ha.ts, gloves and furs ___ 919,029 1,1 1,345 70 54 Chemicals and drugs ___ 40 724,861 27 462,248} Paints and oils ________ 31 2,918,321 384,269 10 Printing and engra.vtng_ 5,183,040 1,709,240 233 163 MUiing and bakers _____ 308 10,971,875 217 2,070,477 82 Leather, shoes & harness 1,094,746 2,991,578 . 72 Liquors and tobacco ___ 135 2,126,773 1 102 2,462,694 Glass,ea.rthenw .& bricks 148 4,072,583 102 3,449,735 All other _____________ 1,316 30,419,293 1,040 28,981.929  1906.  Liabtltttes.  No.  $  46 132 16 6 291 397 36 47  2,842;378 6,142,741 727,449 158,000 5,411,163 3,989,378 666,627 1,346,297  •  1,786,225 123 1,087,642 150 1,808.225 60 871,085 97 3,333,862 93 996 15,504,290  Total manufacturing_ 3,825 96,829,015 2,913 106,640,444 2,490 45,675,362 Trader11. General stores _________ Groceries, meat and fish Hotels and restaurants_ Liquors and tobacco___ Clothing and furnlshing_ Dry goods and carpets__ Shoes, rubbers & trunks Furniture and crockery_ Hardware.stoves & tools Chemicals and drugs___ Paints and oils________ Jewelry and clocks_____ Books and papers______ Hats, furs and gloves___ All other _____________  1 ,849 13,808,725 1,367 9,426,643 1,306 9,055,591 2,708 16,852,702 2,312 8,083,231 2,071 6,754,244 610 4,608,874 430 4,662,009 448 3,226,690 1,0 9 5,710,394 , 813 3,558,005 890 3,360,191 1 ,031 8 ,846,786 ' 691 6,331,513 670 4,999,677 667 7,615,081 473 5,429,511 429 4,751.664 409 2,947,443 1,495 ,560 254 1,419,020 249 313 3,264,891 220 2,056,531 169 1,175,933 398 4,131,207 318 2,76 ,873 285 2,942,269 442 2,386,954 304 2,056,333} 310 1,700,885 63 846,553 48 166,0 8 314 4,442,987 182 1,698,258 158 1,416,011 87 673,243 70 350,109 41 314,441 49 580,160 30 333,241 47 549,315 1,243 14,929,958 770 6,443,665_ 1 907 10,358,783 Tota.I trading _______ 11,272 91,661,957 ! 8,419 58,698,148 7,843 48.186,136 Brokers and transporters 591 33 ,824,712 ! 393 32,046,633 349 25,340,017_  $25,040,017 respectively. Financial bankruptcies in 1908, although much greater in number than in 1907, covered a decidedly smaller volume of liabilities, but in 1906 disasters of this character were comparatively unimportant as contrasted with either of Total commerclaL ___ \15,690 222,315,684 :11,725 197,385,225 119,201,515 these two later years. It is, perhaps, incorrect to Banking______________ 180 123,126,956 1 132 233,325,972 10,682 58 18,805,380 speak of these embarrassments of financial institu- Note.-Jron, woolens and cottons Include all the branches or those manufactures; Includes vehicles, shlpbu11d1ng, hardware, fixtures and Implements; tions as failures, as in most cases suspension, especially machinery lumber Includes saw, planing, sash and door mills and furniture; clothing Includes chemicals Include chemical rertULzers; printing Includes books and in the last two years, was brought about through furnlshings; maps; leather and shoes Include saddlery, trunks and rubber goods; liquors Include wines. brewers and bottlers; glass Includes pottery. lime, cement, quarry and causes other than unsound condition and with the stone; general stores Include department stores and Installments; groceries Include creamery, teas and coffees; hotels Include lodging houses and caterers; dry goods cause removed resumption followed. But as the Include curtains and draperies; rurniture Includes glass and glassware; hardware Includes Implements and utensils: and jewelry Includes watches and optical goods, failures, suspensions, or whatever they should be Brokers Include agents, commission men, real estate agents, Insurance, storage, correctly called, are a part of the year's history, we express, harbor lines, &c . The following is a record of the yearly aggregate of failinclude them in the table below as a matter of record. ures back to 1857: COMMERCIA L FAILURES.  --Number-- ------Ltabt.littes - - - - 1908. 1907. 1906. 1908. 1907. 1906. Manutacturlng_ 3,827 2,913 2,490 $96,829,015 $106,640,444 $45,675,362 Trading _______ ll,272 8,419 7,843 91,661,957 58,698,148 48,186,136 Other __ ______ 591 393 349 33,824,712 32,046,633 25,340,017  Total _______ 15,690 11,725 10,682 Banking_______ 180 132 58  $222,315,684 123,126,956  $197 ,385,225 233,325,972  $119,201,515 18,805,380  Total _______ 15.870 11,857 10,740  $345,442,640  $430,711,197  5138,006,895  As a part of the year's record R. G. Dun & Co. have prepared an article exclusively devoted to bank suspensions in which that branch of the subject has been quite thoroughly discussed. The seriousness of the 1907 crisis that was responsible for the very extensive  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Year. No. 1908 __ 15,690 1907 __ 11,725 1906 __ 10,682 1905 __ 11 ,520 1904 __ 12,199 1903 __ 12,069 1902 __ 11,615 190L_ll,002 1900 __ 10,774 1899 __ 9,337 1898 __ }2,186 1897-_13,351 1896 __ 15,088 1895 __ 13,197 1894 __ 13,885 1893 __ 15,242 1892 __ 10,344 1891- _12,273  YEARLY AGGREGATE OF FAILURES. Liabtlities. Year. No. Liall'lliltes. Year. No. $222,315,684 1890 __ 10,907 $189,856,964 1873 __ 5,183 197,385,225 1889 __ 10,882 148. 784,357 1872 __ 4,069 119,201,515 1888 __ 10,679 123,829,973 187L_ 2,915 102,676,172 1887 __ 9,634 167,560,944 1870 __ 3,546 144,202,311 1886 __ 9,834 114,644,119 1869 __ 2,799 155,444,1 5 1885 __ 10,637 124,220,321 1868 __ 2,608 117,476,769 1884 __ 10,968 226,343,427 1867 __ 2,780 113,092,376 1883 __ 9,184 172,874,172 1866 __ 1.505 138,495,673 1882 __ 6,738 101,547,564 1865__ 530 90,879,889 188L_ 5,582 81,155,932 1864__ 520 130,662,899 1880 __ 4,735 65,752,000 1863__ 495 154,332,071 1879 __ 6,658 98,149,053 1862 __ 1,652 226,096,834 1878 __ 10,478 234,383,132 186L_ 6,993 173,196,000 1877 __ 8,872 190,669,936 1860 __ 3,676 172,992,856 1876 __ 9,092 191,117,786 1859 __ 3,913 346,779,939 1875 __ 7,740 201,060,333 1858 __ 4,225 114,044,167 1874 __ 5,830 155,239,000 1857 __ 4,932 189,868,638  Liabtliltes. $22 ,499,900 121,056,000 85,252,000 88,242,000 75,054,054 63,694,000 96,666,000 53,783,000 17,625,000 8,579,000 7,899,900 23,049,000 207,210,000 79,807,000 64,394,000 95.749,000 291.750,000  39  MERCANTILE FAILURES. MERCANTILE FAILURES IN THE UNITED STA.TES AND CANADA IN 1908. PREPARED BY MESSRS. R. G. DUN & CO.  COMMERCIAL FAILURES.  CLASSIFIED FAILURES 1908.  Total 1908.  Total 1907.  States. No .  New_____________ England- _ Ma.ine New Hampshire ____ _ Vermont ___________ _ Massa.ch usetts _____ _ Connectcut _______ _ Rhode Island _______ _  168 66 38 840 275 112  New England ______ _ l,499 ".. "  1,318 1907 1906 ------______ _ 1,322 1905 ______ _ 1,522  Assets.  Liabi it'ie.~.  $  $  No.  Liabilities.  1907 ______ _ 2,905 1906 ______ _ 2,284 1905 ______ _ 2,356  South-  Ma.ryla.nd Dela.ware___________ District of Columbia._ Virginia.____________  266  24 58 311  17,519 4,408  47 3 3  2,098-,548 17,251 4,601  4,670,887 3,154,485 1,318 13,977,425 16,604,394 --4,987,617 11,522,240 --4,835,574 12,030,061 ---  16,604,394 ----------------  442 380 414 483  4,836,171 9,836,769 4,591,795 5 ,041,264  998 905 854 985  6,175,987 6,179,740 5,402,917 5,516,878  59 33 54 54  2,142,327 587,885 1,527,528 1,471,919  826 77 433  30,498,615 2,466,112 7,374,963  1,121 105 1,089  16,192,018 941,808 8,161,203  145 7 79  18,461,558 396,601 1,684,537  1,336 40,339,690 1,056 59,540,976 803 18,885,502 832 17,695,709  2,315 1,684 1,369 1,425  25,295,029 17,016,273 12,312,514 11,672,280  231 20,542,696 165 26,628,973 112 6,233,678 99 2,083,942  147 22 37 259  1,959,319 66,270 536,166 1,870,134  2,790,057 38,925 783,669 2,348,359  4,117,020 73,417 926,199 3,204,868  -------  ----------------  196 38 45 166  2,837,418 245,710 1,270,287 1,109,888  1:i 1.m:m  103 2 17 41  ig5  1,903,107 7,147 285,513 1,271,172  m:m m 1·m:m  1907 _______ 1906 _______ 1905 _______  2,969 2,125 1,879 2,118  33,205,375 25,232,190 11,540,705 11,112,278  38,618,843 26,298,791 17,715,886 16,942,682  2,125 -------  26,298,791 ----------------  481 319 2 44 275  Arka.nsa.s ___________ Texas______________ Missouri____________  490 421 705  1,732,228 2,301,672 2,549,055  291 330 4 68  1,259,032 2,595,108 3,396,577  73 32 159  94 6,409 331,215 1,017,320  Southwest __ ________  1,616 1,089 1,071 1,173  6,582,955 10,893,648 1,089 4,300,011 7,250,717 --4,394,003 6,927,953 --4,779,035 7,493,355 ---  7,250,717 ----------------  543 291 188 835 130  7,683,281 5,039,019 3,451,641 8,832,684 1,839,728  - - - -1- - - - - - 1- - - - - 1  2,954,377 · 3,743,019 4,196,252  Ohio --------------790 10,640,281 11,805,184 Indiana. ____________ 366 4,257,352 5,215,253 Michigan___________ 255 3,183,559 4,529,524 Illinois------------- 1,142 10,465,251 18,451,519 Wisconsin__________ 186 1,477,994 2,017,173 Cent;,a.l ____________ " "  1907 _______ 1906 _______ 1905 _______  West- _________ _ Minnesota Iowa. Nebraska. ___________ . Kansas · ____________ ' Oklahoma. _________ _ Montana. __________ _ North Dakota. ______ _ South Dakota.. __ :. __ _ Colorado ___._______ _ Wyoming __________ _ New Mexico ________ _  30,062~534  2  29,663  25 102,912,687 2f  3,465~isi  47 106,377,868 28 132,806,812 6 10,694,768 18 8,448,551  16  254,594  3  1,172,950  4 11  104,520 63,162 303,000  2  37,370  3  1 4 5 1 5 1 4 5  105,014 62,828  89,000 1,295,701  34 18 15 11  2,792,863 7,817,995 1,766,432 3,112,000  4 4  85,000 1,124,541 530,000  i1  731,435 1,04 9,028 2,288,110 1,617,637 1,147,219 2,994,952 1,4 83,921 1,489,572  2 7 3  4,000 40,458 1,619,463 17,000 25,070 5,003 1,231,000 210,500  15,511,111 2,421 13,133,583 1,748 5,835,835 1,602 5,870,121 1,801  19,229,962 10,594,182 8,811,390 10,662,710  67 58 33 42  3,877,770 2,211,026 3,068,661 409,851  405 379 510  1,960,168 3,34 1,833 2,998,235  12 10 36  47,800 69,971 180,697  264 135 128 96  2,294 ,944 1,294 1,948,438 927 1,488,079 943 1,506,860 1,055  8,300,236 5,150,339 5,113,875 5,888,173  58 27 20 22  298,468 151,940 325,999 98,322  264 91 50 318 41  5,838,481 3,461,652 1,410,823 5,957,500 931,447  503 265 195 776 139  3,503,631 1,652,663 1,407,612 10,388,419 1,012,260  23 10 10 48 6  2,463,072 100,938 1,711,089 2,105,600 73,466  25 6 6 3  7,989,180 64,800 50,000 2,315,768 236,824  764 17,599,903 1,878 592 17,053,829 1,339 539 11,517,546 1,330 562 10,838,553 1,323  17,964 ,585 8,177,553 7,742, 4 23 8,071,442  97 56 88 64  6,454,165 1,614,971 13,816,433 1,931,670  42 21 16 27  10,656,572 3,765,293 5 ,240,900 5,802,604  7 2  118,446 2,000 2,418 99,643  8 5  254,942 195,000  1 16  5  378~000  3  4 ,400  30,024,437 22,285,630 18,501,260 12,967,738  42,018,653 26,846,353 33,076,402 20,841,665  1,987 -------  26,846,353 ----------------  249 252 54 316 194 129 51 37 95 3 22  16,406,717 877,700 230,604 995,375 847,972 375,802 333,239 171,535 1,101,786 25,000 86,329  11,219,722 1,324,300 350,668 1,699,634 1,043,508 496,995 414,266 250,960 1,578,731 34,000 154,687  236 225 64  1,545,668 1,067,100 786,178 979,028 590,905 603,174 334,199 268,855 570,392 21,500 39,400  62 45 8 72 5 14 4 1 8  9,774,111 388,600 44,978 564,550 10,900 69,160 33,959 1,043 1,070,136  180 205 45 228 189 112 47 36 87 3 21  1,326,665 933,700 303,272 1,035,441 1,032,608 423,435 380,.307 24!},917 508,595 34,000 152,687  7,021,105  219 167 169 205  11,957,437 1,578,043 1,755,366 ~.389,091  1,153 1,018 1,102 1,081  6,380,627 4,858,709 5,699,146 5,919,871  4 7 8 1 103 53 144 1  48,250 20,900 638,075 9,000 2,287,805 366,993 914,736 4,000  37 72 58 16 252 146 631 1  419,347 379,702 294,524 106,891 1,405,791 917,708 4,771,568 20,000  321 264 193 273  4,289,759 3,548,806 1,601,239 1,911,031  1,213 798 663 805  8,315,531 6,361,352 3,103,871 4,023,149  232  81 125 35 44 90 3 7  1907 ______ _ 1,212 1906 ______ _ 1,299 1905 ______ _ 1,303  4,388,365 4,714,756 4,912,658  7,021,105 7,773,936 7,757,492  -------  '"" ....  1907 ______ _ 1,089 1906 ______ _ 870 1905 ______ _ 1,099  5,771,404 2,690,907 3,502,988  10,177,643 4,753,404 6,158,986  Total United States __ 15,690 146,199,325 222,315,684 " " "  !  72 177 363 249 126 145 313 211  2,739 1,987 1,957 1,949  PacificNeva.da. ___________ _ 467,597 41 293,068 29 240,654 Utah. _____________ _ 406,602 42 348,323 80 294,053 Ida.ho ____________ - _ 932,599 66 841,134 57 232,360 Arizona. ___________ _ 115,891 15 152,400 17 85,882 Washington ________ _ 3,837,101 286 2,863,045 377 1,733,915 Oregon ____ ________ _ 1,328,038 205 1,040,949 133 1,175,557 California. __________ _ 5,773,841 621 4,922,804 795 2,682,672 2 17,000 24,000 6 242,500 Ala.ska.------------◄ -1 1 -1 -1 - - - - 11 Pacific ____________ _ 1,583 6,988,673 12,885,669 1,089 10,177,643 " " "  ______ 2,255,129 2,832,332 1,192,029 97,123 326,091 2,407,070 1,622,185  2 1  7 7 3 2  30,000  ----1-----  2  -·--1- - - - 10 1,739,541 19 28,052,226 8 585,000 4 750,000 2  - - -1- - - - - -1- - - - - 1- - - 1- - - - - - 11- - -1- - - - -1- - -1- - - - -·I ---- - - - - - - - - 1 1 - - - - -  -----1 West. _____________ _ ----1------1 1,402 21,452,059 18,566,971 1,212 " " "  $  4 2  62,580,620 103,186,222 19,781,074 37,431,694 15,715,819 31,451,931  Liabilities.  $  745,397 224,301 97,038 3,743,197 921,821 444,233  42 65 23 10 12 60 40  Central-  $  Bankino. No.  141 50 31 512 188 76  577,865 976,493 2,682,456 6,761,807 1,655,355 1,259,701 2,092,117 1,982,655  1907 _______ 1906 ________ 1905 _______  Liabilities.  298,864 68,974 19,691 3,231,913 883 774 332,955  76 135 265 250 103 116 307 191  " " "  No.  23 14 7 281 84 33  735,435 3,344,615 6,739,905 2,826,666 1,269,412 3,326,046 5,121,991 3,322,257  Southwest-  Other Commercial.  Liabilities .  1,531,136 257,954 1,748,142 7,519.339 4,255,065 1,292,758  1,061,780 297,683 116,729 9,073,658 1,822,846 781,789  651,141 3,987,501 7,301,075 2,358,202 1,002,765 2,047,567 4,060,712 3,041,132  " " "  No.  $  78 226 435 275 138 159 380 254  South ______________  Tradino.  Liabilities.  178 62 41 694 226 117  491,454 129,116 52,132 2,925,893 719,859 352,433  m ~:m:iii tm:m  ~~f~~f;a::::::  Woe:tth South Carolina.______ Florida. Georgia. ____________ Ala.ha.ma.___________ Mississippi____ ______ Louisiana._____ ______ Tennessee __________ Kentucky __________  No.  $  MiddleNew York _________ _ 2,092 30,282,523 65,152,191 1,553 85,145,204 New Jersey ________ _ 189 2,182,470 3,804,521 129 2,898,482 Pennsylvania. ______ _ 1,601 10,809,946 17,220,703 1,223 15,142,536 Middle ____________ _ 3,882 43,274,939 86,177,415 2,905 103,186,222 " " "  M anufacturiho.  1907 _______ 11,725 138,535,645 197,385,225 1906 _______ 10,682 66,610,322 119,201,515 1905 _______ 11,520 57,826,090 102,676,172  -------  ----- -----------  --- 197,385,225  I  3,287 96,829,015 11,272 91,661,957 2,913 106,640,444 8,419 58,698,148 2,490 45,675,362 7,843 48,186,136 2,726 44,252 ,629 8,475 51,754,503  4  40~000 2,000 30 27 28 17  228,907 584,353 319,424 448,530  ----1----25 23 11 15  867,942 8,313,335 470,280 2,071,337  2  243,839  6,000  1 1 143,505 43,337 87,537  5 3 6  168,000 280,331  - - -1- - - - -1 49 27 14 21  280,379 267,485 48,294 224,806  591 393 349 319  33,824,712 32,046,633 25,340,017 6,669,040  18 692,170 19 22,507,777 2 48,000 1 13,000 180 132 58 78  123,126,956 233,325,972 18,805,380 20,227,155  CANADIAN FAILURES IN 1908. • Total Commercial. Provinces.  No.  Assets.  Liabilities.  Ontario ______________________________ 609 $4,614,783 $5,265,283 Quebec __________________ - - - - - -- - - - - 4,449,772 6,550,569 652 British Columbia. ____________________ - _ 232,219 166,870 16 170,278 432,309 67 Nova. Scotia. ________ - - - _ - - - - - - - - - - - - - Manitoba.. ______________ - __ - _ - - - - - - - - 1,046,600 1,074,869 109 215,300 107,815 42 N ew Brunswick. ______________________ p rince Edward Island _____________ - - _ - 18,800 87,900 6 1,367,846 1,138,690 139 Al berta. _____________________ - - -- - - - - Tota.I 1908 - _ - - - - - - - - - - - 1,640 $12,008,113 $14,931,790 1907 _____________ __________________________  .. .... .. ...... . .... ....  1,278 1906 _______ - _ - - - - - - - - - - - - - - - - - 1,184 1905________ ---- -- ___________________ -- ---- -- - -- - -- -- - - - 1,347 1904 1903 __________________________ 1,246 978 1,101 1,341 1900 _________ _______ __ - ____ - _ - 1,355 1899 __________________________ 1,287 1898 ___________________ · ______ 1,300 1897 ____ - _ - - - - - - - - - - - - - - - - - - - - 1,809 1896. _ --- -- ---- --- - -- -- -- ----- 2,118 1895 - ----- ----- - -- -- ---- --- ---- -- 1,891 1894 __ ________________ - ___ 1,856  mr=====" ~==================   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  9,443,227 6,499,052 6,822,005 8,555,875 4,872,422 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  13,221,259 9,085,773 9,854,659 11,394,117 7,552,724 10,934,777 10,811,671 11,613,208 10,658,675 9,821,323 14,157,498 17,169,683 15,802,989 17,616,215  M anufacturino.  No.  ILia><•~•"·  194 $2,826,976 158 2,230,075 3 43,350 7 50,774 25 451,169 10 106,650  Tradino. No.  -27 --  267,504  392 $2,333,935 482 3,754,010 11 123,520 60 381,535 80 598,200 31 107,650 6 87,900 109 855,686  426 393 293 289 307 227 209 289 308 318 303 459 590 441 494  $5,976,498 6,667,452 3,482,511 3,129,262 4,136,908 3,043,248 4,247,723 3,595,095 3,201,665 4,594,153 2,229,083 3,659,135 5,692,977 5,872,502 5,898,385  1,171 $8,242,436 847 5,756,651 863 5,145,142 1,039 6,552,821 914 6,577,788 725 4,243,543 874 6,221,017 1,029 6,845,329 1,010 7,252,340 950 5,953,128 964 7,412,240 1,315 9,931,806 1,503 11,381,482 1,439 9,788,932 1,345 11,436,258  ------  Other Commercial.  Bankino.  - - - ------- --------  Liabilities.  No.  Liabilities.  23 12  $104,372 566,484  ---  ------  - --  4 1  ------  25,500 1,000  --3  ------  43 38 28 19 25 26 18 23 37 19 33 35 25 11 17  $712,856 797,156 458,120 172,576 679,421 265,933 466,037 371,247 1,159,203 111,384 180,000 566,557 95,224 141,555 281,572  15,500  No.  Liabilities.  --2- --- - -- --- -- 2  -----5 2 6 6 1 6 3 5 5 3 7 6  $2. 13-7~224  -------------------------------  $2,137,224  --------- --  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 MARKET AT NEW YORK-RATES IN 1906. TIME LOANS.  CALL LOANS. At At Stock Exchange. Banks& Tr. Cos.  1906. WEEK Ending-  Range. Av'ge . Min'm. -- - 5 ____ 4 -60 January 25 6 12 ____ 3 -8 6 G 19 ____ 3 -6½ 4 4½ 26 __ __ 3½-4½ 4 4 February 2 ____ 2½-5 3¾ 3¾ 4 3 9_ - -- 2½-4½ 16 ____ 2 -5½ 4¾ 4 23 __ -- 2 -8 3 4¾ 2 ____ 3 -7 March 3 5 9 ____ 3 -6 3 5¼ 16 ____ 3 -9 4 4½ 23 ____ 3 -5½ 4¾ 3½ 30 ____ 3½-8 4 5 6 ____ 5¾-30 April 15 6 13 __ -- 2 -25 15 6 20 ___ _ 2½-6½ 4 4 27 ____ 3 -5 ¾ 4 4 4 ____ 3 -12 May 6 5 ll__ - - 2¾-5 4 3 3 3¼ 1~ - --- 2½-4 25 __ __ 2 -5 3 3½ June 1½-5 4 3 L_ - 8 ____ 2 -4 2½ 3¼ 15- __ 2½-5 3 2½ 22 ____ 2 -4 3 3¼ 29 __ -- 2 -6 3 3½ 6 ____ 2 -8 July 2 5 13 ____ 2 -3¾ 2 3 20 ____ l½-3 2 2½ 27 ____ 2 -2½ 2 ½ 2 3 ____ 2 -3½ 2¾ Augmt 2 lQ __ __ 2 -5 3¾ 2¾ 17 ____ 2 -4¾ 3½ 2½ 24 __ __ 3 -6 5 3½ 3L __ _ 3½-12 6 3½ September 7 ____ 2 -40 6 20 14 ____ 2½-12 3 6 .½ 21_ ___ 2 -10 6 3 28 ____ 3 -7 3 5 5 ____ 3 -9 October 4 5½ 12 ____ 3 -4½ 3¾ 3 19 __ -- 3 -7 5 3 26 ___ _ 2 -7 3 5 November 2 ____ 3 -9 3 6½ 9 ____ 6 -15 6 8 16 ____ 2½-20 3 8 23 __ -- 4 -12 4 8 4 6 D ec ember 7 ____ 2 -36 18 6 14 ___ _ 4 -28 12 4 2L ___ 2 -29 20 6 28 ____ 3 -18 6 3 Note.-Where quotations for time loans  ---  30 .. ··13¾-27  90 days.  60 days.  30 days.  COMMERC'L  Four Five Six Seven Months. J!onths. Months. Months .  DoubleNames.  PAPER.  1906  Single-Names .  Choice Prine Good 60 to 90 4 to 6 4 to 6 Daus. Months. Months.  --------------- --- --Range. Range. Range. Range. Range. Range. Range --- --------- --- ------ --- --6 5½-6 8 -8½ 6 -7½ 5¾-6 5½-5¾ 5.1,~-5¾ 5½-5¾ 5 -,5½ 5½ 5 -5¾ 5 -5½ q -5 ½ 5½-6 5½ 5½ 5½ 5¾ -4%' 4¾-5 5 5 -5 ½ 5½-6 4_ ¾ 5 4¾ 4½ 4½-4¾ 4½-4¾ 4½-4¾ 4¾-5¾ 5 -5½ 5½-6 4½ 4½-5 4½ 4½-4¾ 4½-4¾ 4½-4¾ 4½-4¾ 4¾-5¾ 5½-6 4¾ 4¾-5¼ 5½-6 4½ 4¾ 4¾ 4¾ -- 4½-5 5 -5 ¾ 5½-6 5¾-5½ 5¾-5½ 5 5½ 5½ -- 5 5¾ -5¾ 5 -5¾ 5 -5½ 5 -5¾ 5 -5¼ 5 - 5½ 5½-6 -- 55 -5¾ -5½ 5¼-5%'. 6 5½-5¾ 5¾-5½ 5>(-5½ 5¼-5½ -.... 5½-6 5 -5 ½ 5¾-5¾ 6 5¾-5½ 5¾-5½ 5¾-5½ 5½ 5½  WEEK Ending-  ___ _January  5 12 19 26 ====February 2 9 - -- 16 -- -23 -- - ____ March 2 9 ---16 6 5 -5¾ 5 -,5¾ 5 -5¾ 5 5 5 -5½ 5¾-5¾ - - -23 5 -5 ½ 5 -5½ 6 5¼-5½ 5¾-5½ 5½ 5¼' 5¼ 5¾ -- -6 30 4¾-5 4¾-5 4¾-5 4¾-5 4¾-5 5¾-5½ 5¾-5}~ -____ - - - April 6 6 5½-6 5 -6 5 -6 5 -5½ 5 -5½ 5 -5½ 5!/4'-5 ½ 5¾-5 ½ 13 5½-6 6 -6 ½ - - - 5¾-6 5¾-6 5½-6 8 5¾-7 ½ 5¾-6½ 5¾-6 20 5 5 -5½ 5 -5¾ 5 -5½ !i -5½ 5 -5½ 5 -5½ 4¾-5½ 4 ¾ - 5½ 15 -6 - - -6 27 5½-6 5½-6 5½-6. 5½-6 5 1i-5¾ 5¾-5 ¾ 5½-6 4 ,5!1-6 5½-6 5½-6 5½-6 5 11-6 5½-6 5½-6 6 == ==May 11 6 4¾-5 5¾-5½ 5¼-5 3,1 5¾- 5:W 5 5 5 5 ---18 5 -5}1' 5 -5 ½ 5½-6 4¼-4½ 4½-4¾ 4½-4¾ 4½-4¾ 4½-4¾ 5 -25 4¾-5 4¾-5 4¾-5¾ 4¾-5 ¼ G½-6 4 4¾ 4½ 4½ - - - - June ____ 1 4 -4¾ 4 -4¾ 4¾-5 4¾-5 4¾-5 4¾-5 5¾-5½ 5 -5 ½ .5 -5½ 5½-6 8 4 4 4¾-5 5 -5 ½ 5 -5 ½ 5½-6 4¼-4½ 4¾-5 4¾ ---15 -5 ½ 5 -5 ½ 5 ½ -6 3¾-4¼ 4 -4 ¾ 4½-4¾ 4¾-5 4¾-5 5 5¼ - - -22 41,~ 4¾-5 4 -4¼ 4¼-4½ 4¼-4½ 4¾-5 5,¼-5½ 5 -5 ½ 5 -5 ½ 5 ½ -6 ---29 4½-5 4½-5 5 5 5¼-5~1 5½-5¾ .5 -5!,(, 5 -5½ 5~1-6 - - - - July ____ 6 4½ 5 -5¾ 5 -5¼ 5½-5¾ 5½-5¾ 5 -5 ;.~ 5 -5 ½ 5%'-6 4¾ 1 ,5 ½-6 13 5½ 5¾-6 4¾-5 5¼-5½ 5 -5 1 5 4¾ 4½-4¾ -- - 20 6 3½-4 4¾-4½ 5 -5 ¼ 5½-5¾ 5½-5¾ 5½-5%'. ,5½-5¾ 4¾ -- -27 6 3¾-4 4¾-5 5 -5¼ 5 ½-5¾ 5½--5¾ 5½-5¾' 4¾ 5½ 3½ - - -____ August 6 3 4 4½ 4¾-5 5 -5 ¼ 5½-5~1 5½-5¾ 5½-5¾ 5½-5¾ 10 5½-6 5¾-6 6 4 -4½ 4 -4½ 5 -5¼ ,5½-5%' 5½-5¾ - - -53,-2-6 17 6 5½-6 5¾-6 4½-5 5¾-5½ 5½-5¾ ,5.¾-6 -- -24 6 6 6½ 6 6 6 6 6 6 - - -31 6 -7 6 6 -7 7½ 6¼-6½ 6¾-6½ 6 -6½ 6 -6¾ 6¾ -7 -7 6 6 7½ ====September 7 7 7½ 7½-8 6½ 6½ 14_ 6 -6½ 6 -6}1 6¾-7 7 6½ 6½ 6½ -- -21 6¼-7 7 -7½ 6½-7 7 -7 ½ 7½ 7½ 7 -7!1 28 6½-7 6½-7 7½ 7 7 7 -7½ 6 ½-6 ¾ 6½-6¾ 6 -7 7 5 6 -7 6 6 6 6 6 ====October 12 6 -6!16 -6 ½ 6½-7 5½-6 5½-6 5½-5¾ 5½-5¾ ---19 6½-7 6 -6½ 6 -6 ½ 5½-6 5¾-6 5½-6 5¾-6 -- - 26 6 -6½ 6 -6½ 6½-7 6 6 6 -6½ 6 -6½ 6 -6½ 6 -6 ½ 6½-7 6 6 ====November 2 6½-7 6 7 9 6 -6½ 6 -6Y,: 6½-7 6 -6¼ 6 -6¼ 7 6½-7 6½ 9 6 -6½ 6 -6 ½ 6½-7 8 7 6½ 7½ 6½ 23 6 -6½ 6 -6¼ 6½-7 6 7 6 -6¼ 6 -6¼ 7 -7 ½ 7 -7½ --7 30 -6½ 6 fl'< 6 6 6 -p 7½ 7 6 -6½ 6 -"½ 6 -6½ 6 -61/4 6½-7 ====December 7 8 -8½ 8 7 6 -6½ 16 -63,,-~ 14 6 -6 ½ 6 - 6½ 6½-7 8½ 7½~ 7½ 6½~ 6½~ -21 1I 6 -6½ 6 -6 ½ 6½-7 8½ 8 7 7 9 -10 28 -6½ 6½-7 -6½ 6 6 8 7 -7½ 7 -7½ 6½-7 6½-7 are above 6 per cent, borrower had to pay a commission in addition to the legal rate.  - - --  -- --  -  --  -  -  --n~  -  7 -7½1  -  -  -- --- ---  -  ------ --  MONEY MARKET AT NEW YORK-RATES IN 1907.  Pcmnium \ 1907. WEEK Ending-  Jan.  Feb.  Mch.  April  May  June  July  Aug.  Sept.  Oct.  Nov.  Dec.  TIME LOANS.  CALL LOANS.  At At on Cur- Stock Exchange. Banks& rency. Tr. Cos.  Ra nge. Ran(Jf'. I .4.v'oe. M  4 ____ 11_ ___ 18 ____ 25 ____ -- 8L____ 15 ____ 2:l ____ --8L____ 15... ___ 22 ____ 29 ____ 5_____ --12 19 ____ 26 ____ 3 ____  2 -45 2 -15 2½-5 2 -4 1 %-4 2 -6 2½-6 2 -f, l,,~ 4 -7 3 -6¼ 3]~-25 2 -6 2½-14 1 -4½ 1½-2½ 1¾-3 1 ¾-2¾ 1 -4 -3 2 lQ_ - - 17 ____ 2 -3 24 ___ _ 1 ½-2½ 31_ ___ l ¼-2 ½ 7 ____ 1¼-2½ 14 ____ 1 ¾-3½ 2L ___ 2¼-3 ¾ 28 ____ 2 -12 5 ____ 3½-16 12 ____ 2 ½-8 2½-4 19_ - - 26 ____ 2 -3 2 ____ 2 -3½ 9 ____ 2 -6 2 ¼-5 16-____ --23 1 ¾-3 30 ____ 2 ½-4 5 ____ 2¼-4 13 ____ 2 -G½ 20 ____ 2 -5 27 ____ 1 -6 4 ____ 3 -10 lL ___ 2 ½-6 18 ____ 2 ¼-10 25 ____ 5 -125 l_ ___ 1 -3 3 -75 8 ____ 1 -4 4 -25 15 ____ 2½-4 5 -15 22_ -·- _ 1½-3 ½,3½-15 29 ____ ¾-1 ¾ :3 -12 5 ____ ½-2 13 -13 13 ____ ½-1 ½2 -25 20 ____ ½ -1 ¾6 -17 27 ____ ¼ -1 MJ6 -25 3lg ___ f ½- ,,5 -20  15 6 4 2¾ 3  nf  4% 5 5 5½  10  4 6 3 2 2¾ 2¼ 2¼ 2:'i 2½ 2¼ 1¾ 2 2½ 3 5 8 6 3¾ 2½ 3 4 3 21,{ 3 3 5 4 4 5 5 5 40 50 22 10 10 7 6 18 12 20 17  'm.  30 days. Range.  60 day,.  90 II day,.  Four  I  Five  COMMERC'L Six  --- --- --- --- --- --Range.  I?:ange.  7  -  7 6  1907.  Choice Prime Good 4 to 6 60 to 90 4 to 6 Days. Months. Months.  WEEK Endir..~•-  Monlhsffonths . Months . Month,. - - Range.  Range.  Range.  6½-7 6 -7 6 -6½ 6 -6½ 6 6 6 6 6 6 6 5¾ H2 5½ 4 ½-4¾ 4 .¾-5 5 -5¾ 5½ 5¾-5½ 5¼-5½ 5½-5¾ 5½-5¾ 5½ 5½ 4~{ 5 5¾-5½ 5¼-5½ 5¾-5½ 5 -5¾ 5¾-5½ 5¾-5½ 5¼ 5¼ 4 5¾-5½ 5½ 5½ 5½ 5¾ 4 5¾ 5¾-5½ 5½-5¾ 5½-5¾ 5¼ 4 5.¾-6 5½-5¾ 6 6 5¾ 5¾ 7 -7½ 6½-7 6 6 6 8 6>~ 3 6 -6 ½ 6 6 6 6% 6½ 3 6 6 6 6 6½ 2 4½-5 5 5¾ 5¼ 5¼ 2 4¼-4½ 4¼-4½ 4½-4¾ 4½-4¾ 5 5 2 3½-4 3 ½-4 4 -4½4 -4½ 5 5 4 -4 ¼ 4½-4¾ 4¾-5 4¾-5 1¾ 3½ 4 3 :}4 4½ 4½ 1¾ 3½ 4 2½ 4¾ 4¾ 4½ 3 '' 2 4 3¾-4 4½-4¾ 4½-4¾ 4½-4¾ 2 4 -4¾ 4 ½-4¾ 4½-4¾ 4¾ 3 -3½ 3 ¾-4 4 3¾-4 2 ½-3 4½ 4¾ 1½ 3½ 4 ½ -5 l½a 3 -3½3 -3½ 4½ 4½-5 4½-5 4 -4¾ 2 3½-4 4½ 4¾ 5½-5¾ 3¾ 4 4½-5 2½ 4½ 4½ 5½ 5½ 5 4¼-4½ 4½-4¾ 5¼-5½ 5½-,5¾ 2½ 5 5¼-5½ 5~{ 3½ 43-i-4½ 4½-4 ¾ 5¼-5½ 5½-5¾ 5½-5¾ 6 2½ 5 4½-4¾ 5¼-5½ 2½ 4½ 5 5¾ 5% 5¾-,5½ 5½-5¾ 2 -2½1> 4 4¾-4½ 5 6 53{ 2½ 6 -6¾ 6 -6 ¾ 5 5½ 63,{ 6½-7 6½-7 2½ 5 5 -6 6 2 }1 6¾-7 6 -6½ 6½-6~1 6¾-7 63-'2 2a 7 6½-7 7 6 6½ G~-i-7 j 6 -6½6 -6½ 67~-7 6½-7 2½ 5 5½ 2 ,½ 5½-6 6 6 6 5¼ 2½ 6 6 6 5 5½ 5½ 2½ 6 6 6 5 5¾ 5½ 2½ 5¾-6 6 6 6 5½ 3 5¾-6 6 -6½6 -6½6 -6 ½6 -6½ 3 6}.f 6 6 6 -6½ 6½-7 3 6 6 6 6 6½ c6½-7. c6½-7 c6½-7 6 c6 c6 e 12 -16 12 -16 No business e 12 -15 No husiness e 12- 15 12 -15 No business e No business 12 -1-5 12 -15 e 12 -15 No business e No regis. rates ; all business subject to speci e 7 -8 8 - 10 8 -10 8 15- 18 12 e 8 10 6 --7 12 10 -12 e 7½-8 e 12 10 10 6 5 3 2½ 2¼ 2 2 ,I,. 4 3  Seven  Range .  PAPER .  DoubleNames. Single-IN ames.  - i-  -  ____ Jan. 6 -6½ 6 -6½ 6 1/2-7 4 6 -6½ 6 -6½ 6½-7 11 --- 18 6 -6½6 -6 ½ 6½-7 -- 61,1 5¾-6¼ 5¾-6¼ -____ - - - Feb. 25 1 5¾-6¼ 5¾-6¼ 6½ 5%-6¼ 5¾-6¼ 8 6½ ---lf; 5¾-6¼ 5¾-6¾ 6½ ---5¾-6 2~ 5~4'-6 6½ 1---____ M:ch. ,.5 ~4-6 5¾-6 1 6½ 1 16 8 -6¾ 6 -6¼ 6½-7 ---15 -6¼ 6 -6¼ 6½-7 1- - - 15 15 -6½ 6 -6½ 6¾-7 22 ---6 -6½ 6 -6½ 6¾-7 29 1- - - ____ April 5 6 -6½ 6 -6½ 6¾-7 12 6 6 6!,:1 ---5¾-6 5¾-6 19 6 -6H - - - 5½-6 5½-6 26 5½ 6½ ---5½-6 5 ½-6 3 G - - - - :\'lay 5½ 5½-6 10 5½ ---5½-6 17 5½ 5½ ---24 5½ 5½ 53-'2-6 ---5¾-5½ 5 -5½ 5 -5½ 5½ -____ - -- June 31 5 -5 ½ 5 6 5½ 7 5;.2-6 14 5½-5¾ 5 ½-6 6½ ---5½-6 5¾-6 6 -6½ - - - 21 5½ 5.¾-G 5½-6 6 -6½ - - - 28 5½ 5½-6 6 -6½ ____ July 5½ 5 5½-6 6 6 -6½ - - - 12 5½-6 6 19 6½ ---5½-6 6 26 6½ ---6 6 -6½ 6½plus ____ Aug. 2 6 -6½ 6½plus - -- 6 9 6 -6½ 6 -6½ 6½plus - - - 16 6 -6½ 6 -6½ 6½plus - - -23 6½ ' 6½-7 6½ 30 6½-7 6½-7 6 7 -7½ ====sept . 6 6½-7 6½-7 7 -7½ - -13 6½-7 6½-7 7 plus - -- 20 7 7 27 7 plus 7 7 4 ====Oct. d7 d7 d7 -7½ --- 11 d7 6 18 d7 -7½ d7½ pl --- c6 d7 -7½ d7 -7½ 25 - -- --No business - - - ____ Nov. 1 d7- 7½ d7 -7½ 8 - - -d7 -7½ d7 -7½ 15 - - ---No business 22 - -8 8 -____ -- - Dec. 29 al agree ment. 6 d8 d8 13 --- d8. d8 20 d8 27 d8 - -- 8 g31 8 ----  -  -  -  ---  -  -  ---  a Trust compames not in the market, rates bemg too low . o Lower rate at banks only; trust compames put out no money at that figure. c Nominal rates; no o'ferings. d Quotations entirely nominal; no business. e Banks and trust companies out of the market. f The premium on currency practically disappeared with the last day of the year. g Covers busmess for last two days ot year . ·  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  41  NEW YORK MO EY MARKET .' RA TES IN 1908. COMMERC'L PAPER.  TIME LOANS .  CALL LOANS.  I  1908 .  WEEK Ending-  At At Stock Exchange. Banks .  At Trust Cos.  30  days.  60  days.  DoubleNames. Single Names.  I  Six Seven Faur Five Months . Months. Months. Months .  90  days.  - - - ------ - Prime Good 4 to 6 Days. Months. Months.  May  Jµne July  Aug. Sept. Oct.  Nov. Dec.  *  60 to 90 4 to 6  - - - - - - - - - -----__ xJan. 3 8 8 6¾-7½ 6½-7 5½ 5½-6 5¼-5½ 5¼-5½  6¾-7½ 6½-7 6 -6½ 5½-6 5½-6 5¼-6 4½-5 5 -5½ 4½-5 5 -5 ½ 5½-6 5½-6 5½-6 5½-6 5½-6 5½-6 5½-6 5½-6 5 -5¼ 5½  -- 7½ -- 6½-7 - - 6 -6½ - - __ _Feb. 6+  5½-6 5½-6 -  -  4½-5½ 5 -5½ 5 -5 ½ 5½-6 3½-3¾ 4 -4½ 4½-5 3½-3¾ 4 -4 ½ 3¾-4 4 -4½ 3½-3¾ 3¾-4 4 -4½ 3½-3¾ 3¾-4 4 -4½ 3½-3¾ 4 4½-5 3½ 4 -4½ 4½-5 3½ 4½ 3½ 3½ 3½-4 1¾-2 2 -2 ¼ 2½-2¾ 3 -3¼ 2 3½-4½ 4½ 2 -2¼ 2¼-2½ 3 -3¼ 3 -3¼ 3½ 3½ * 3½-4 3½-4 l ¾-2 2 -2¼ 2¾ 3 -3¼ 3½ 4½ 1¼ 1½ 2 3½-4 3½-4 4 -4½ 2½-3 1 2½-3 3½ 1¾ 3½-4 3½-4 4½-5 1 l ¾-2 2 -2¼ 3 -3¼ 3 -3¼ 3¾ 3½-4 3½-4 4½-5 1 2¼-2½ 2½-3 3¼-3½ 3½-3¾ 3¾-4 3½-4 4 -4¼ 1 2 2¼-2½ 3¼-3½ 3½ 3¾-4 1 2 -274 2½-3 3½ 3½-4 3¾-4 3½ 3½-4 4 -4½ ¾ 1 1 2 3 -3¼ 3 -3½ 4 -4 ½ 2½ 3¼ 3½-3¾ 3¾-4 1 2 3 -3¼ 3½-3¾ 3¾-4 3¾-4 4 -4½ 4½+ 2½ 1% ¾ 1 2 3¾-4 4¼-4½ 4½-5 2½ 3 3¼-3½ 3¼-3½ ¾ 1 1 1 ¾-2 2 -2¼ 2¾-3 3 -3½ 3½-3¾ 3½-4 4 -4½ 4½-5 1 1 3¾-4 3~i-4½ 4½-5 2 -2¼ 2½ 3¼ 3¼-3½ 3¼-3½ 4 4 -4½ 4½-5 1 1 2½ 2¾ 3 -3½ 3¾ 3¾ 4 1 1 2¾-3 4½ 2½ 3½ 3½-3¾ 3 ½ -3¾ 4 4 -4½ 2¼-2½ 2½-2¾ 3½ 3½ 1¼ 1¼ 3¼ 4 4 -4½ 1 1 2¼-2½ 2½-2~ 3 -3¼ 3½-3¾ 3½-3¾ 4 4½ 1 1 2¾-3 3¼-3 1 2 3¼-3½ 3½-4 3½-4 4 -4½ 4½-5 1 1 2¾-3 3¼-3½ 3¼-3½ 3½ 3½ 4 1 4 -4½ 1 2¾-3 3 3 ½ -3¾ 3½-3¾ 3¼ 4 -4 ½ 4½-5 3 -3¼ 3¼-3½ 3½ 3¾ 3¾ l½ l½ 4 4 4 4 -4 ½ 1 1 4½ 3¼-3½ 3½-3¾ 4 3 4½ 3¼ 3½ 3½-3¾ 3¾ l½ 1½ 3½-3¾ 4 -4½ 2¾-3 3 3½ 3½ 3½ 1½ 3¼ 1½ 1 1 3¼-3½ 3½ 3¾-4 4 -4½ 3½ 2½-2¾ 2¾-3 4½ 2¼ 3½-4 4 -4½ 3½ 3½ 2¼ 1½ l½ 3 3 -3¼ 3 -3¼ 3¼-3½ 4½+ 2 2 3¾-4 4 -4½ 4½-5 3¾ 3½ 3¼ 3¼ 3¼-3½ 3½-3¾ 3¾ 3¾-4 4 -4½ 4½-5 3¼ 2½ 2½ 3¾ 3½ 3½ 3½ 3½ 4 3¾-4 4½-5 2½ 2½ 3 -3¼ 3 -3 ¼ 3¼ 3 3¼ 3 ½ -4 3½-4 3¾ Trust compames out of market on account of low rates. x Covers only the portion of the week fallmg m 1908.  ~  l½ 1¼ l½ 1¾ 1½ l½ 1 1½ 1¼ 1½ 1¼ 1 1¼ 1 1 1 1  l¾ 1½ 1¾ l½ 1¾ 1¾ 1½ 1% l½ 1% 1½ 1½ 1½ 1¼ l¼ 1¼ 1 Ys 1 1 Ys 1 1 Ys 1 1¼ 1¾ 1¼ 1½ 1¼ l½ 1½ 1½ 1¾ 1¾ 1¾ 1¾  l¾ l¾ 1¾ l¾ 1½ l½ 1 1½ 1¼ 1½ 1½  4 3½-3¾ 3½-3¾ 3¾-4 ·3 3½-3¾ 3 -3¼ 3½-3 ¾ 2 -2 ¼ 2½ 2¾-3 3¼ 3¾-4 2¾-3 3 -3¼ 3½ 2½ 3 3½ 2½-2¾ 3¼ 2½ 2¾-3 3 -3¼ 3½ 2 -2¼ 2½ 2¾ 2¾ 2 -2¼ 2¼-2½ 2½-2¾ 3 -3¼ -  2¾-3  ..  2¾-3 3 2¾-3 2½ 2 -2¼ 2½ 2¼- 2½ 2½-3  4 3¾-4  WEEK Ending-  Choice  --- ------------ --- --- --Range. Aver. Min'm. Min'm . Range. Range. Range. Range. Range. Range. Range. ------ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6 Jan. 3x __ 5 -20 10 10 7 7 10 10 ___ 2 -9 6 6 6 6 4 4 6 6½ 17 ___ 2½-6 5½-6 4 3 3 5¼-5½ 5¼-5 ½ 5¼-5½ 24 ___ 1½-3 4 4 5 2 4½ 4½ 1½ 2¼ 31_ __ 1½-2 4½ 3 -3½ 3 -3 ½ 3 -3½ 4½ 1½ 1¾ 7 __ _ 1 ¾ -2 Feb. 14 -* l½ 3½ 4 -4¼ 4¼-4½ 4½-4¾ 4½-4¾ ___ 1¾-2 3¾-4 4½ 4½-4¾ 4½-4¾ 4¼ 1½ * 2L __ 1½-2¼ 4 -4¼ 4½-4¾ 4 ¾-5 4¾-5 2 4½ 1¾ l½ 28 ___ 1½-2 4 2 4 4¼ 4½-4¾ 4½-4¾ 1¾ 1½ 4 4¼-4½ Mch. 6 ___ 1¾-2 4¼ 3¾ l½ l¾ 3½ *2 13 ___ 1¾-2 3¾-4 4½ 3½-3 ¾ 3½-3¾ 1½ 1¾ 20 ___ 1¾-2 2 1½ 1¾ 3¼ 3¼-3½ 3½-4 3¾-4 3¾-4 4¼-4½ 27 __ _ 1¾-2¼ 2 2 3 3¼ 3½-4 4 -4¼ 4 -4¼ l¾ 4 4 April 3 ___ 1 -2 3 3¼-3½ 3¾-4 1% 1¼ 1½ 10 ___ 1½-2 17 ___ 1¼-2 24 ___ 1½-2 - - 1¾-2 8L___ 1½-2 15 ___ 1 ½ -2 22_ -- 1 -1¾ 29 ___ 1 ½ -1¾ 5 ___ 1¼-1¾ 12 ___ 1½-1¾ 19 ___ 1¼-1¾ 26 ___ 1 -1¾ 3 ___ 1 -1 ¾ 10 ___ 1 -1½ 17 __ _ 1 -1 ½ 24 ___ 1 -1 ½ 31_ __ 1 -1¼ 7 ___ 14 __ _ 'i 2L __ ¾-1¼ 28_ -- ¾-1¼ 4 __ _ 1 -1¼ lL __ 1 -2½ 18 ___ 1 -2 25 __ _ 1 -1½ 2 _ __ 1 ¼ -2 9 ___ 1 -1½ 16 __ _ 1 -2 23 ___ 1 -1¾ 30 ___ 1 -2 6_ - - l½-2 13 ___ 1 -3 20 ___ 1½-2 27 ___ l ½-2 4 ___ 1 -3 11 ___ 1½-2½ 18 ___ 2 -4½ 25 ___ 2½-3½ 3L __ 2½-3½  1908.  4 ½-5 4½-4¾ 4½-4¾ 4½-4¾ 4½-4¾ 4 -4½ 4 ¼-4½ 4½-4,i 4 -4¼ 3¾-4 3¾-4 3¾-4  4½-5 4 -4½ 4 -4½ 4 -4 ½ 4 -4½ 3½-4 3¾-4 3¾-4 3¾-4 3½-3¾  10 17 24 '31 7 14 --21 --28 --___ l\lch. 6 · 13 --20· ---___ - - April 27 3,  10  -- -- -___ - - May ---- -  17 24 1 8 15 22 -___ - -June 29 5 12 --rn - --___ - -July 26 3 IO, --17 --24 -- 31 --___Aug . 7 14 --21 ---___ -- Sept. 284 11 -- 18 --25 --___ Oct. 2 9 - -16 --23 ---___ - - Nov. 30  J6  13 20 27 4  -------  ___ Dec. 11 -------- -  18 2.'> 31  NEW YORK CITY CLEARING HOUSE BAN KS-AVERAGE CONDITION EACH WEEK AND ACTUAL CONDITION -·  WEEKLY AVERAG l~S OF 00\' DITION (00s omitted .) 1908.  Week  Loans.  Deposits.  s  $  Ended.  January4 ______ ____  ACTUAL CONDITIO:\T EXD OF WEEK (00s omitted.)  (1)  Specie.  Reserve; (2) L eyal (3) Total to De- Surplus Tenders . [ Money. posits. Reserve.a  -- --------s s s  $  Loans.  Deposits.  s  $  1,132,871,8 11 __________ 1,117,149,6 18 __________ 1,126,677.7 25 __________ 1,135,569,7  1,048,465,8 1,051,651,0 1,090,188,5 1,127,168,0  192,120,9 206,732,5 229,027,2 260,242,7  58,486,0 250,606,91 23.89 dfll, 509,6 ---------- ---------6,084,1 - -- -- - - - - - - - --- -- - - 62,264,3 268,996,8 25.57 22,635,5 ---------- - - -- - - -- - 66,155,4 J295,182,6 27.06 37,064,5 ---- ---- -- ------ ---68,613,8 1318,856,5 28.28  1,133,786,1 1,139,755,7 1,135,248,2 1,143.969,7 1,161,057,7  1,138,5Pl,5 1,137,384,5 1,132,309,1 1,146,291,4 1,167,623,7  258,139,6 254,081,3 253,424,2 258,374,8 261,318,2  67,012,5 325,152,1 60,097,0 314,178,3 60,503,3 313,927,5 60,666,6 319,041,4 59 ,850,4 1321 ,168,6  1,164,349,2 1,160,719,5 1,161,653,6 1,164,539,7  1,175,700,5 1,171,829,3 1,182,080,2 1,189,334,3  265,288,7 264,496,4 271,990,0 275,210, 1  58,772,4 59,126,0 60,954,5 61,912,0  February!_ _________ 3 __________ 15 __________  21- _____ ____ 29 __________  March7 ---------14 __________ 2L _________ 28 __________  AprU4 __________  1,180,378.7 1,213,954,4 281,926,2 lL _________ 1,187,411,8 1,225,520,9 287,144,6 18___________ -- -- -- ___ 1,195 ,728,9 1,245,609,9 296,676,7 25 1,190,518,2 1,250,903,8 304,738,1 May2 ____ ______ 1,190,455,2 1,257,759,2 308,045,0 9 ________ __ 1,196 ,342 ,2 1,270,324,9 313,304,5 16 __ _____ ___ 1,201,120,0 1,276,220,6 313,980,5 23 __________ 1,219,047,9 1,296,923,3 312,055,41 29 ___ -- -- -- _ 1,215,118,5 1,285,788,8 298,729,8  June--  6___________ - - - - - - - - - 1,211,601,9 1,282,500,4 295,945,3 13 1,213,866 ,6 1,289,256,4 301,467,5 20b ________ 1,239,922,1 1,321,258,5 312,117,3 27- - - - - - - - - - 1,231,220,8 1,320,176,4 316,670,2 July3 __________ 1,241,096,5 1,320,470,8 306,623,6 IL ______ ___ 1,255,712,8 1,328,300,2 301,491,9 18- ___ ______ 1,264,688 ,3 1,346,013,2 310,163 ,6 25 __________ 1,270,921,4 1,358,988,2 316,610,9  AU(Just1 __________ 3 ________ __ 15 __________ 22 __________ 29 ____ -- - _ - -  Money Ho ·dtnos. u. s. Reserve1 (:0 L eyal (3) Total to De- Surplus Gov't Specie. T enders . Money . posits. Res've. a Dep'tts.  Money Holainos.  1,273,230,9 1,275,62 1,6 1,290,013,6 1,286,591,3 1,289,795,6  1,365,401,3 1,368,51ft5 1,385,928,3 1,388,134,9 1,394,617,3  321,313,4 3i~.791,7 32'4,635,9 331,266,7 334,142,0  S eptember-  5___________ - - - - - - - - - 1,300,731,4 1,402,641,4 329,086,5 12 1,322,730,5 l,420,061,9 326,511,6 19 ______ ____ 1,318',152,8 1,412,563,5 323,694,9 26_ ---- ---- _ 1,312,020,1 1,405,935,0 321,194,5 October3 _____ _____ 1,312,130,7 1,396,77 1,4 311,&96,3 lQ _____ _____ 1,324,358,0 1,402,753,1 306,469,5 17 ________ __ 1,338,433,3 1,416,647,9 304,992,5 24 ______ ____ 1,338,426,9 1,418 ,13~.4 306,290 ,2 31 __________ 1,333,365 ,6 1,411,416,3 305,162,4  November7 ______ ____  1,323,142,1 1,396,920,9 301,116,9 14 __________ 1,328,147,6 1,403,522,6 302,088,1 21 __________ 1,332,773,1 1,4 14,028,3 303,390,5 28 ____ ______ 1,340,537,1 1,425,375,0 304,427,2 December5 ____ __ ____ 1,347,145,3 1,424,132,5 296,706 ,8 12 ________ - - 1,339,547,4 1,408,597,9 289,966,8 19 ____ ______ 1,315,980,1 1,368,912,4 272,848,2 26 ________ __ 1,276,745,3 1,322,151,9 269,198,6   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  (1)  s  !  --- - - -  ------ - - -- - ; -- - - -I  I  s  -- - - - -  s  ------  -- -- -- -- - - -  - - -- - ----- -- -- --  ------  ----  s  -------------  s  ------  ------  ------ -- - -- - - -- - ------ - --- - -- - -- 30 ,378,8 --- - - - - - -- -  28.55 27.60 27.73 27 .83 27.50  40,256,7 29,832,2 30,850,2 32,468,6 29,262,7  -- - - - - - - -1,135,737,8 1,133,086,6 1,153,855,5 1,166 ,988,4  - - ----- ---  1,131 ,69 1,0 1,133 ,324,6 1,161,023 ,2 1,176 ,818,5  -- - - - '252,154 ,7 252,623,7 261,431,5 263,011,8  - - - - --  61,146,8 63,199,7 6 1,896,3 58,981,9  - -- - -313,301,5 315,823,0 323,327,8 321,993,7  -- - 27.70 -----27.86 32,491,9 59,507,1 27.84 33,072,0 59,229,8 27 .36 127,789,1 55,3 6,5  324,061,1 27.56 323,622,127.61 332,944,5 28.15 337,122,1 28.34  30,136,0 30,665,1 37,424,5 39,788,5  1,160,895,2 1,162,961,9 1,159,768,4 1,175,122,4  1,174,517,3 1,179,103,7 1,186 ,133,0 1,203,031,5  267,162,4 58,748,6 267,822,2 60,303,l 277,277,3 61,296,0 276,380,51 62,773,0  325,911,0 328,125,3 338,573,3 339,153,5  27 .74 27.82 28.55 28.18  32,281,7 33,349,4 42,040,1 38,395,6  52, 71 ,3 48,328,7 48,281,5 43,510,2  62,252,7 '344,178,9 28 .34 62,501,3 ,349,645,91 28 .52 64,699,2 361,375,91 29.00 66,972,6 371,710,7i 29.71  40,690,3 43,265,7 49,973,4 59,984,8  1,179,474,7 1,196,766,7 1,194,607,4 1,187,816,4  1 ,214,373,8 1,241,000,1 l ,248,556,2 1,250,822,3  284,317,l 291,732,3 300,164,0 306,236,4  346,264,8 355,458,0 365,395,1 374,442,1  28.52 28 .63 29.26 29.93  142,671,4 45,208,0 ,53,256,1 ,61,736,5  43,519,l 43,561,2 43,571,6 43,488,5  68,747,7 68,160,2 69,681,9 68,660,8 70,627,4  61,947,7 63,725,7 65,231,1 68,205,7  376,792,7' 381,464,7 383,662,4 380,716,2 369,357,2  29 .95 30 .03 30.06 29.35 28.72  62,352,9 63,883,5 64,607,3 56,485,4 47,910,0  1,194,148,8 1,197 ,914,6 1,208,879 ,8 1,220,089 ,3 1,218,677 ,9  1,264 ,782,1 1,276,624,3 1,286 ,477,5 1,302,135,1 1,289 ,304 ,2  309,133,4 1 67,873,0 317,207,5' 69,061,3 316,371,1 69,249,5 311,000,91 69,813,5 296,382,7 72,206,3  377,006,4 29.80 386,268,8 30.24 385,620,6 29.88 3 0,814,4 29.24 368,589,01 28.58  60,810,9 ,67,112,7 64,001,2 55,280,6 46,263,0  39,955,(), 37,239,7 31,652,2 28,549,6 19,870,3  71,872,0 ,367,817,3 74,237 ,9 375,705,4 76,909,2 389,026,5 79,472,7 1396,142,9  29.13 29.59 29.87 30.43  47,192,2 53,391,3 5 ,711,9 66,09 ,8  1 ,211,015,2 1,219 ,468,3 1.242 ,809 ,2 1,223.061,5  1,284,120,7 1,297,360 ,5 1,327,336 ,4 1,312,988,7  297,220,5 73,085,4 305,413,91 75,598,5 3 14,197,5 78,910,3 316,758,41 79,721,8  370,305,9 29.29 381,012,4 29.82 393,107,8 30.04 396,480,21 30.63  49,275,7 56,672,3 61,273,7 16tl,233,0  19,848,6 19,850,7 19,084,0 18,919,0  78,1 9,4 1384,813,0 29.54 77,636,4 379,128,3 28 .81 79,068,1 389,231,7 29.12 79,652,4 396,263,31 29.35  54,695,3 47,053,3 52,728 ,4 56,516 ,3  1,245,557,0 1,261,470,4 1,270,049 ,4 1,273,551,1  1,31 ,008,6 1,338, 714,7 1,352,034,8 1,365,532,7  298,979,6 305,701,6 309,606,4 , 320,209,6  78,107,9 79,041,0 80,322,6 79 ,581,3  377,087,5 384,742,6 389,929,0 399,790,9  47,585,4 50,063,9 51,920,3 ,58,407 ,7  17,346,2 11,051,5 9,315,3 9,244,1  79,120,5 78,561,7 79,464,8 78,915,0 79,871,3  1  28 .98 28.97 29.03 29.47  1  I  400,433,9 401,353,4 404,100,7 410,181,7 414,013,3  29.52 29.52 29.35 29.74 29.87  59.~3.6 59,224,3 57 ,618,6 63,148,0 65,359,0  1,373,106,4 1,281,734,5 1,293,041,9 1,285,797,2 1,294,766,1  1,364,662.9 1,374,777,4 1, 390,136,3 1,389,412,2 1 ,396,826,6  320,015,5 322, 109 ,9 327,552,9 334,765,9 328,331,9  78,413,7 78,723,1 79,094,l 77,757 ,2 82,616,4  398,429,2 29.38 ·57,263,5 400,833,0 406,647,0 1i i : a g 412,523,1 29.88 :65,170,1 410,948,3 29 .61 61,741,7  9 ,2 28,0' 9 ,226,6 9,243,9 9,262,5 9,256,2  81,218,8 410,305 ,3 80,496,7 407,008,3 79,664,5 ,403,359,4 80,328,8 401,523,3  29.43 28.84 28.73 28.74  59,645,0 51,992,8 50,218,5 50,039,6  1,308,029 ,3 1,326,280,6 1,314,154,3 1,311,605,8  1,409,184,9 1,422,86 , 7 1,408,579,7 1,404,043,9  328,940,2 325,064,6 322,795,1 318,368,2  80,097,4 81,072,8 79,790,8 80,170,4  409,037,6 406,137,4 402,585,9 398,538,6  29.21 28 .72 28.76 28.56  56,741,4 50,420,2 50,441,0 47,527,6  9 ,255,2 9,291,7 9,392,5 9,242,1  79,585,7 391,482,0 28.21 78,926,01385,395,51 27 .65 0,640,6 385,633,1 27 .39 81,122,9 387,413,1 27.48 81,280,8 386,443,21 27.55  42,2 9,6 34,707,2 31,471,1 32,880,0 33,589,1  1,311,329 .o 1,333,084,5 1,342,975.3 1,339 ,168,5 1,328,436 ,0  1,391,320,4 1,40 ,767,8 1,423,151,6 1,419,259,0 l ,404,706,1  307,493,3 303,732, 1 306,705,2 305,877,3 304,604,3  79,226,1 80,036,7 80,675,0 82,179,4 80,071,2  386,719,4 383,768,8 387,380.2, 3 8 ,056,7 384,675,5  27.97 27.40 27 .39 27 .51 27 .55  38,889,3 31,576,9 31,592,3 33,242,0 33,499.0  9,240,2 9,244,3 9,241,3 9,243,3 9 ,248,2  78,393,3 379,510,2 27.33  379,330,4 27.43 381,860,51 27-30 386,013,5 27 .30 381,960,2 26 .82  31,474,8 29,838,7 30,416,2 23,881,1  9,252,4 9,189,7 9,182,S: 8,854,3'  19,530,7 14,929,1 14 ,184,l 18,269,7 _  8,688,8 9,185,4' 8,862,2 8 ,792,9  ~t~~  ~g:~~t~  m:n~:~1~u~  80,047,2 384,474.4 27.14  30,280,0 30,212 .0 29,599,6 28,130 ,7  1,318,234,7 1,330,159,7 1 ,337 ,942,0 1,348,282,7  1 ,391,422,6 1,408,087,1 1,422 ,389, 1 1,432 ,3 16 ,3  300,237 ,1 302,108,3 305,781,5 301,,l00,6  79,093,3 79,752,2 80,232,0 80,659,6  79.498,1 79 ,082,3 79,389,6 78 ,262,7  376,204,9 369,049, 1 352,237.8 347,461,3  20,171,8 16,899,6 10,009 ,7 16,923 ,3  1.,339 ,279,3 1,336,422 ,2 1,288,3 10,7 1,264,616,8  1,411,435,9 1,400 ,057,4 1,337,231,8 1,306,566,5  293,307,1 285,220,5 268,842,8 267 ,577,6  79,082,6(72,389,7 26.53 79,947,9 365,168,41 26.24 79,649,2 348,492,0 26.22 77,333,7 344,911,3 26 .58  26.57 26.37 25 .92 26.46  NEW YORK CITY BANK MOVEME TS.  42  BANKS AND TRUST COMPANIES IN 1908. In the table on the lower half of the preceding page we have furnished a summary of the returns of the ew York City Clearing-House banks for each week of the past year. These Clearing-House returns have heretofore given only the averages for the week, but, commencing with the statement for February 8, the actual figures at the end of each week have also been made public. It will be observed that we show both sets of figures in our compilation. Formerly weekly figures of condition of the banking institutions of this city were limited to these returns of the New York Clearing-House banks. On February 8 1908, however, the State Superintendent of Banking inaugurated the practice of requiring weekly reports of all the banks and trust companies in the State under his jurisdiction and of making the returns public at the same time as the Clearing-House figures. This enables us to add one other table here, namely the following, showing the totals of condition for those State banks and trust companies in the Greater New York not included in the Clearing-House returns. The figures are the averages for the week. STATE BANKS AND TRUST COMPANIES CLEAR! ' G-HOUSE.  00a omitted. 1908.  Loans and Investments Specte.  OT IN THE  DeposUs Reserve % *LegalTotal Less Due on of Tenders Depostls. from.Other Deposus. ReBanks ,&c s've.  - - - - - -1-- - - -1- - - ___ ,_____ ,____ - - - - -s $ $ % Feb.  Mch.  Aprl!  May  June  July  Aug.  Sept.  8______ 15______ 2L_____ 29______ 7_____ _ 14______ 2L_____ 28______ 4______ IL_____ 18______ 25______ 2______ 9______ 16______ 23______ 29______ 6______ 13______ 20______ 27-_____ 3______ IL_____ 18______ 25______ l______ 8______ 15______ 22______  29______  5______ 12______  19______  26______ 3______ 10______ 17 ______ 24______ 3L_____ Nov. 7-_____ 14______ 2L_____ 28______ Dec. 5 ______ 12 ______ 19 ______ 26 ______  Oct.  * Includes  770 ,262, 13 ,271,3 10,754,7 727,643,7 613,478,5 1 3,022,3 __ _ 773, 52,3 140,517,8 10,558,5 731,596,5 620,332,9 182,443,024.9 770,931 ,9 41,57 , 10,750,2 729,547,1619,674,01 3,454 ,125.6 769,650, 42,475,4 10,618,0 732, 01,0 619,417,418 ,562,2 26.2 772,690,5 42,944,2 10,588,2 739,396,5 619,701,6 194 ,314,327.0 773,948,9 43,345,2 10,374,7 740,353,2 623,178,7 192,993,626.5 775,340,143,413,210,177,3 749,183,7 625,467 ,3 199,749,427.1 812,982,146,450,510, 8 ,7 796,755,5 653,593,5 223,008,028.4 810,715,4 46,410,3 10,442,1 808,483,0 652,019,4 236,070,329.7 812,523,2 46,342,0 10,766,3 805 ,770,3 652,202,1233,636,029.5 806,372,2 46, 65,7 11,142,3 819 ,710,5 654,565,8 246,540,3 30.6 814,770,8 46,924,6 12,184,0 832 ,517,1 656,515,5 257,271,931.5 829,127,6 47,095,3 11,689,5 856 ,926,5 670,188,6 268,392,531.6 852,750,9 48,009,7 12,077,1 886 ,858,6 698,516,1 283,035,432.5 861,556,2 49,160,5 11,900,9 897 ,160,3 711,324,7 284,536,132.3 861,3 5,0 49,719,6 12,005,7 908 ,259,5 714,143,6 292,153,832.8 866,760,0 52,306,8 12,077,2 921 ,000,6 722,442,7 301,687,833 .4 881,218,5 55,725,6 12,171,3 941 ,845,7 742,324,6 306,442,233.2 892,550,2 59,729,3 12,437,5 950,664,4 757,621,1304,162,5 32.6 896,451,3 61,00 ,2 12,184,0 959 ,087,2 762,401,4 308,113,332. 905,177,8 63,508,7 12,735,0 974,765,9 776,249,1 312,367,632.7 907,862,5 76,236,9 13,371,9 993 ,315,9 790,094,1 328,447,136.2 905,746,182,844,914,868,4 991 ,946,8 809,552,3 317,945,935.4 905,774,4 82,562,115,532,9 997,289,0 804,402,4 327,838,236.3 903,831,6 82,981,8 15,340,2 999,271,9 805,011,3 329,353,8 36.1 907,476 8 83,161,6 14,664,91,005,379,4 807,727,2 333,024,836.6 911,307,6 83,847 ,2 14,529,5 1,015,842,3 814,485,4 337 ,064,6 36.6 918,007,185,983,714,877,5 1,025,423,0 824,165,9 340,718,936.6 930,383,0 88,521,0 14,568,9 1,036,729,0 839,410,2 340 ,007,936.1 933,862,187,779,3 15,949,3 1,043,606,5 846,706,8 338,996,935.8 940,417,0 87,318,2 15,123,4 1,046,932,6 852,831,1 334,838,635.2 943,959,1 85,813,1 15,376,0 1,043,008,7 851,741,9 331,329,7 34.6 951,244,2 84,638,3 15,125,4 1,042,563,1 858,981,0 322,124,5 33.7 949,792,8 83,923,8 15,009,7 1,044,808,2 859,901,2 322,442,9 33. 958,208,4 4,679,3 14,590,7 1,060,591,3 869,693,6 327,820,233. 961,637,2 85,390,2 15,021,5 1,063,691,0 876,052,5 328,328,333.7 968,473,1 85,555,1 15,352,9 1,068,099,0 882,424,1 325,370,133.3 973,547,186,442,2 15,052,0 1,081,917,8 889,655,7 332,265 9 33.5 976,105,4 87,937,8 14,951,6 1,083,505,4 892,406,l 332,096'.4 33.5 972,068,7 88,535,114,644,61,077,230,2 889,441,7 324,587,532 .9 979,911,5 88,413,4 15,374,2 1,078,426,8 894,968,3 318,462,3 32.1 98-5,306,4 89,273,7 15,168,9 1,090,479,9 902,360,2 322,142,2 32.2 991,191,2 90,551,2 15,399,4 1,104,841,1 910,348,3 329,479,6 32.4 1,011,778,8 90,378,6 16,358,1 1,118,755,8 933,127,0 321,465,431.4 1,030,876,0 91,040,7 17,083,11,123,055,3 951,442,l 276,053,629.7 1 ,047,342,6 91,623,7 17,345,7 1,124,661,0 966,037,3 294,656,628.5 1,057,049,2 91,267,0 17,134,8 1.115,026,6 971,940,6 278,464,427.1  bank-notes.  To make our record entirely complete, we add yet another table intended to show the weekly results for the New York City banking institutions as a whole. In the following we h~ve combined the averages for the Clearing-House banks with the weekly averages of the trust companies and banks in the Greater New York outside of the Clearing-House as to two of the items-that ic:: the Loans and the Money Holdings. BANKS AND TRUST COMPANIES IN GREATER NEW YORK.  00s omitted. Loans Total and Money Week Investments Holdings. Ending- - - - - - -1- - - - - 1 $  Feb. 8---------- 1,910,018,5 363,204,3 15 __________ 1,909,100,5 365,003,8 2L _________ 1,914,901,6 371,370,4 29 __________ 1,930,708,5 374,262,0 Mch. 7 __________ 1,937 ,039,7 377 ,593,5 14 __________ 1,934,668,4 377,342,3 2L--------- 1,936,993,7 386,535,0 28 __________ 1,977,521,8 394,461,3 April 4 __________ 1,991,094,1 401,031,3 ll_ _________ 1,999,935,0 406,754,2 18 __________ 2,002.101,1 419,383,9 25 __________ 2,005,289,0 430,819,3 Ma.y 2 __________ 2,019,582,8 435,577,5 9 __________ 2,049,093,1 441,551,5 16 __________ 2,062,676,2 444,723,8 23 __________ 2,080,432,9 442,441,5 29 __________ 2,081,878,5 433,741,2 June 6 __________ 2,092,820,4 435,714,2 13 __________ 2,106,416,8 447,872,2 20 __________ 2,136,373,4 462,218,7 27 _________ _ 2,136,398,6 472,386,6 July 3 __________ 2,148,959,0 474,421,8 IL _________ 2,161,458,9 476,841,6 18 __________ 2,170,462,7 487,326,7  Week EndingJuly 25 __________ Aug. L _________ 8 __________ 15 __________ 22 __________ 29 __________ Sept. 5 __________ 12 __________ 19 __________ 26 __________ Oct. 3 __________ 10 __________ 17 __ ________ 24 ___ ------31_ _________ Nov. 7 __________ 14 __________ 21_ _________ 28 __________ Dec. 5 __________ 12 __________ 19 __________ 26 __________  Loans Total and Money Investments Holdings. 2,174,753,0 494,585,3 2,1 0,707,7 498,260,4 2,186,929,2 499,730,1 2,208,020,7 504,961,9 2,216,974,3 513,271,6 2,223,657,7 517,741,9 2,241,148,4 512,746,9 2,266,689,6 508,197,4 2,269,397,0 503,123,1 2,261,813,3 500,456,8 2,269,339,1 490,752,0 2,285,995,2 485,807,2 2,306,906,4 486,541,1 2,311,974,0 488,907 ,3 2,309,471,0 489,332,6 2,295,210,8 482,689,9 2,308,059,1 484,870,2 2,318,079,5 487,549,3 2,331,728,3 490,425,0 2,358,924,1 482,941,6 2,370,423,0 477,172,9 2 ,363,322,7 461,207,2 2,333,794,5 455,863,1  In the following table we show the maximum and minimum deposits and the maximum and minimum surplus reserve of the Clearing-House banks, based on weekly averages, for each of the last twelve years.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MAXIMUM AND MINIMUM OF  TEW YORK CLEARING-HOUSE BANKS.  Surplus Reserve.  Deposits. Year  Maximum.  I  Minimum.  Maximum.  I  Minimum.  1 1897 675,169,900Dec. 11530,785,000Jan. 2! 59,148,250Jan. 30 ll,523,450Dec. 24 1898 823,037 ,700Dec. 31658,503,300Apr. 30 162,206,250June20 4,240,400Sep. 17 1899 914,810,300Mch. 4 736,836,900Nov.18 43,933,725May 27 dt.2,788,950Nov .11 1900 907,344,900Sep. 15748,953,l00Jan 6 30,871,275Feb. 3 2,686,425Mch.17 19011,012,514,000Mch. 2 70,950,lO0Jan. 5 30,799,450Jan. 26 5,211,525July 6 1902 l,019,474,200Feb. 21863,125,800Oct. 18 26,623,350Feb . I df.l,642,050Sep. 20 1903 963,219,300Feb. 21 41,552,000 OV .28 27,880,775Jan. 31 666,975Mch. 7 19041,224,206,600Sep. 17 886,178,900Jan. 2 58,613,075Aug.20 8,381,375Nov.26 1905 l,202,972,300Feb. ll 977,651,300Dec. 30 26,979,550Jan. 28dt.2,428,800Nov.ll 1906 l,076,599,300Aug. 4 967, 161,400Dec. 15 19,391,000July 21 dt.6,702,175Dec. 8 19071,128,194,600June 1 1000578300 Jan. 5 19,441,225Apr. 6df. 54103600Nov.23 19081,425,375,000Nov.2 1104 465800Jan. 4 66,098,800June27df.11509550Jan. 4  We add the following two tables, the one showing the condition of each Clearing-House bank as reported for the week ending February 8 (the date of the first detailed statement issued after October 26 1907) and the other the condition at the end of the year. ------  CONDITION OF NEW YORK CITY BANKS.  I  Feb. 8 1908. Captlal. Surplus. I Loans. Specie. Legals. Deposus. a Re_o_o_s_o_m_u_iea_._ ,_ _ _ _ _ _ _ _A_v_er_a_u_e_. _A_v_er_au_e_. Average. Average. s've.  s  %•  Bank or N. y__ 2,000,0 3,27 ,8 19, 15,0 4,382,0 764,0 19,009,027.0 Manhattan Co_ 2,050,0 3,236,6 23,950,0 8,624,0 1,419,0 29,725,0 33.7 Merchants'____ 2,000,0 1,672,8 17,820,0 3,846,0 1,452,0 18,604,028.4 Mechanics'____ 3,000,0 3,750 ,1 25,059,0 8,415,0 1,525,0 29,074,034.1 America______ 1,500,0 4,631,9 24,425,9 5,378,3 2,109,5 26,756,027.9 Phenlx _____ __ 1,000,0 524,3 7,263,0 1,491,0 7i,0 6,012,026.0 City 25,000,0 24,2 2,9 176,755,4 51,110,1 2,100,0 170,524,5 31.2 Chemical______ 3,000,0 5,70 ,7 32,704,0 6,897,5 2,012,3 33,629,826.5 Merchants' Ex_ 600,0 555,8 6,159,4 1,098,4 306,9 6,046,4 23.2 Galla tin_______ 1,000,0 2,423,9 9,347,3 1,428,1 510,3 7,415,326.1 Butch.&Drove. 300,0 14 ,9 1,863,5 470,7 86,5 1,972,328.2 Greenwich ____ 500,0 723,2 4,890,7 1,051,6 394,5 5,336,627.0 Amer. Exch ___ 5,000 ,0 4,858,4 33,174,6 4,868,8 1,697,3 26,074,525.1 Commerce_____ 25,000 ,0 15,287,4 146,100,1 21,353,0 10,903,7 125,301,4 25.7 Mercantile __ __ 3,000,0 2,384,1 8,805,3 963,1 142,6 4,225,426.1 Pacific ___ ____ 500,0 823,4 3,073,0 856,5 383,5 3,219,838.4 Chatham ______ 450,0 1,055,3 5,511,4 773,0 785,8 5,566,228.0 P eople's ______ 200,0 470,4 1,697,4 706,4 51,6 2,047,037.0 Hanover ______ 3,000,0 9,022,6 58,916,5 13,980,9 7,126,7 71,016,829.7 Citizens' Cent__ 2,550,0 1,216,4 20,662,3 4,861,7 321,3 20,027,228.3 Nassau _______ 500,0 364,9 4,190,5 444,5 592,3 4,323,623.9 Market & FuJt'n 1,000,0 1,581,7 7,647,0 1,711,4 605,0 8,009,828.9 Metropolitan __ 2,000,0 1,033,2 10,358,3 1,854,8 101,4 9,566,120.2 Corn Exch ange 3 ,000,0 5,069,5 37,277 ,0 11,080,0 3,544,0 46,878,0 31.2 Imp. & Traders' 1,500,0 7,428,6 26,410,9 5,236,0 1,553,0 24,585,0 27 .6 Park_____ ____ 3,000,0 9,337,5 68,643,0 16,535,0 3,403,0 75,986,026.2 East River____ 250,0 125,0 1,222,8 305,0 148,3 1,472,830.7 Fourth _______ 3,000 ,0 3,370,4 21,393,0 4,923,0 1,476,0 22,732,028.1 Second _______ 1,000,0 1,636,0 10,038,0 2,399,0 404,0 10,424,026.8 First ___ ______ 10.000,0 19,533,9 109,756,0 23,157,8 1,043,5 95,959,025.2 Irving at. Ex . 2,000,0 1,234,3 16,911,3 2,562,2 1,505,1 15,996,9 25.4 Bowery ______ 250,0 785,0 2,924,0 730,0 88,0 3,440,023.7 . Y. County __ 500,0 1,113,7 7,267,2 1,068,8 534,3 6,985,922.9 German -Amer_ 7-50,0 626,0 3,673,7 855,8 168,3 3,529,429.0 Chase_________ 5,000,0 5,252,9 73,157,8 16,415,0 1,946,1 75,271,324.3 FHth Avenue__ 100,0 1,924,4 12,537,8 2,459,2 1,364,8 14,086,627.1 German Exch __ 200,0 879,4 3,618,9 230,0 760,0 4,360,6 22.7 Germania_____ 200,0 966,9 5,173,2 862,1 365,0 5,784,821.2 Lincoln_______ 1,000,0 1,131,2 13,825,5 2,719,1 1,103,8 15,674,824.4 Garfield_______ 1,000,0 1,3 9,8 6,480,0 1,230,9 224,1 6,115,823.7 Fifth-- - -----250,0 431,2 3,018,8 609,7 232,4 3,169,926.2 Metropolis ____ 1,000,0 1,743,9 10,140,9 1,178,6 1,602,4 10,234,527.1 West Side_____ 200,0 705,7 ~3.831,0 717,0 274,0 4,169,023.7 Seaboard______ 1,000,0 1,533,1 17,916,0 5,496,0 938,0 21,846,029.4 Liberty_ ____ __ 1,000,0 2,424,7 14,315,8 2,540,1 857,1 12,875,726.3 N.Y. Prod. Ex. 1,000,0 646,3 5,278,0 1,567,8 177,1 6,137,928.4 State_________ 1,000,0 858,6 11,357,0 2,396,0 171,0 12,536,020.5 Fourteenth St_ 1,000,0 377,4 3,398,5 240,4 747,5 3,559,927.0 Totals, average 124,350,0 159,561,1 1139,755,7 254,081,3 60,097,0 1137,384,5 27.6 a  ------1 -----------------------Actual figures Feb.8 ___________ 1135,737,8 252,154,7 61,146,81131,691,0 27.7 Dec. 26 1908. Bank or N. y __ Manhattan Co. Merchants, ___ _ Mechanics' ___ _ America _____ _ Phenix ______ _ City  ---- - - - - ---- - - - - - - - -  2,000,0 2,050,0 2,000,0 3,000,0 1,500,0 1,000,0  3,382,8 3,479,7 1,645,0 3,716,3 5,032,4 620,1  25,000'0  25,531,3  19,995,0 3,905,0 1,154,0 37,550,0 10,962,0 1,669,0 18,820,0 3,374,0 1,763,0 28,342,0 5.386,0 1,968,0 27 ,274,6 4,323,7 3,179,0 7,314,0 1,358 ,0 353,0 182,754,4  41,842,1  8,240,0  18,526,027.3 46,200,027.3 19,567,026.5 29,078,0 25.3 29,374,0 25.5 6,519,026.8 183,890,127.5  ChemlcaL ____ _ 3,000,0 5, 32,2 29,726,0 5.904,8 1,834,9 29,344,026.3 600,0 533,0 6,594,7 1,295,0 458,l Merchants' Ex_ 6,838,0 26 .1 Gallatin ______ _ 1,000,0 2,418,9 9,527,0 1,125,6 743 ,4 7,528,125 1 300,0 150.3 2,178,5 649,2 67,1 2,429,029 .3 Butch. & Drove Greenwich ___ _ 500,0 733,7 6,695,9 1,795,9 200,0 7,582,226.4 Amer. Exch __ _ 5,000,0 4,968,0 30,574,4 4,970,2 1,251,4 24,147 ,1 26 .0 Commerce ____ _ 25,000,0 15,546,3 156,601,9 23,579,6 11,414,3 137,330,125.7 Mercantile ___ - 3,000,0 2,521,7 12,389,6 1,592,5 787,0 8,818,527 .3 Pacific ______ _ 500,0 852,4 3,355,9 881,2 471,3 3,541,6 38.1 Chatham ____ _ 450,0 1,009,1 6,855,8 834,6 1,138,2 7,325,227 .1 People's _____ _ 200,0 466,5 1,854,3 510,0 65,2 2,325,2 24.7 Hanover _____ _ ·3,000,0 9,989,6 65,943,7 10,144,5 10,234,1 77,316,6 26.6 2,550,0 1,400,7 22,831,4 5,507,0 324,8 22,886,0 25,7 Citizens' Cent__ assau ______ _ 500,0 392,3 4,730,1 416,1 853,3 5,047,425.1 1,000,0 1,619,9 7,979,3 1,492,0 1,061,8 8,477,930.2 Market & Fult'n Metropolitan __ 2,000,0 1,207,5 11,381,3 2,970,6 195,1 11,697,627.0 Corn Exchange 3,000,0 5,241,2 43.154,0 6,650,0 5,746,0 50,169,024.7 1,500,0 7.416,4 2 , 29,2 5,178,0 1,647,0 27,20(),7 25.2 lmp. & Traders' Park ________ • 3,000,0 9,584,6 7,079,0 25,084,0 1,439,0 100,440,026 .4 East River_. __ 250,0 100,3 1,331,9 331,6 188,8 1,608,932.2 Fourth ______ _ 3,000,0 3,363,1 25,277,0 3,933,0 2,700,0 26,187,025.4 Secon!! ______ _ 1,000,0 1,753,0 11,014,0 2,820,0 334,0 12,013,0 26.2 First,- _____ -- - 10,000,0 17,072,2 129,341,9 34,423,3 1,796,4 134,489,727.1 lrvlng Exch __ _ 2,000,0 1,375,2 18,947,2 4,573,9 902,7 20,404,826.9 Bowery _____ _ 250,0 792,1 2,216,5 758,0 71,0 3,270,0 25.3 N. Y. County __ 500,0 1,137,4 7,465,5 1,393,0 696,5 8,145,226.4 750,0 655,0 3,938,2 819,1 234.9 German -Amer_ 3,821,227.5 Chase ________ _ 5,000,0 5,617,5 73,952,6 15,517,6 4,704,7 81,029,725.1 Fifth Avenue __ 100,0 2,10 ,1 12,904,7 2,883,4 994,0 14,721,0 26.3 German Exch __ 200,0 92,5 3,368,7 380,2 670,7 4,190,6 25.0 Germanla ____ _ 200,0 993,6 4,707,4 735,8 669,7 5,470,425.7 Lincoln ______ _ 1,000,0 1,278,2 16,391,1 3,612,8 1,072,4 18,266,8 25.7 Garfield- _____ _ 1,000,0 1,137,4 7,279,3 1,547,5 528,0 ~7.444,4 28.2 250,0 · 464,4 3,215,5 453,3 330,0 rJ,265,9 24.2 Fifth--------Metropolis ___ _ 1,000,0 2,000,3 12,257,8 2,144,5 1,053,0 12,703,625.1 West Side. ___ _ 200,0 929,5 4,117,0 954,0 252,0 4,583,026 .3 Seaboard _____ _ 1,000,0 1,665,1 20,147 ,0 5,419,0 1,458,0 24,547 ,0 28.1 Liberty ______ _ 1,000,0 2,512,0 15,648,6 3,572,5 278,3 14,897 ,5 26.1 1,000,0 670,6 6,956,0 1,903,8 140,1 8,116,025.1 N. Y. Prod. Ex. State ________ _ 1,000,0 827,7 10,454,0 3,463,0 247,0 13,681,027.1 14th Street ___ _ 1,000,0 319,8 4,860,4 961,3 509,3 5,502,5 26.7 Copper ______ _ 2,000,0 2,490,8 20,621,0 4,866,4 173,2 20,194,4 25.1  - - - - - - - - - - -------  Totals, average 126,350,0 165,447 ,7 1276,745,3 269,198,6 78,262,7 1322,151,9 26.4 Actual figures  Dec. 26_  .  1264,616,8 267,577,677,333.7 1306,566,5 26.5  a Unlted States dePoBlts Included, 59,675,100 Feb. 8 and $9,265,500 Dec , 26 _::,  CROP AND OTHER P .R ODUCTIONS. CEREALS, IRON AND COAL PRODUCT. OUR HA.RVEST TN 1908. In the case of all the leading products, the 1908 grain crops are greater than those for the preceding year, but quite generally less than in 1906-a remark, moreover, that applies to almost all products of our farms. At the same time the increases over the previous season are in most instances materially less than were anticipated early in the season. The corn crop, our leading cereal in volume of yield, reached, according to the final estimate, 2,668,651,000 bushels, an aggregate exceeding that for 1907 by only 76 million bushels, but exceeded by 259 millions in 1906 and by 39 millions in 1905. Moreover, the current yield is only 2 million bushels more than the corrected total for 1 99 reported by the Census Bureau. As to the wheat crop of 1908, it exceeds that for the previous year by 30½ millions of bushels, but falls behind the total for 1906 by nearly 71 millions, and exhibits a decline of over 28 millions from the yield of 1905. The spring-wheat product at 226,694,000 bushels was very moderately greater than that of 1907 (224,645,000 bushels), but shows diminution from the outturn of either 1906 or 1905, when 242,372,966 bushels and 264,516,655 bushels, respectively, were raised. Winter wheat did better, relatively, the current year's yield, which is now reported as 437,908,000 bushels, comparing with 409,442,000 bushels a year ago,· 492,888 1004 bushels in 1906 and 428,462,834 bushels in 1905. Combining the two varieties, we have a total wheat crop for 1908 of 664,602,000 bushels, against 634,087,000 bushels in 1907, 735,260,970 bushels in 1906 and 692,979,489 bushels in 1905. And, furthermore, this year's yield was exceeded in 1902, 1901 and 1898. The oats crop, while of course moderately in excess of 1907, furnished the real disappointment of the season, the yield having been appreciably less than in a number of earlier years, when the area was considerably lower. The Department makes the crop for the current season 807,156,000 bushels, or 52¾ millions more than in 1907. Compared with 1906, however, there is a falling off of 157¾ millions of bushels. Barley reached its record production in 1906, when, according to the final estimate of the Department of Agriculture, 178,916,484 bushels were produced. This season's yield, at 166,756,000 bushels, therefore, is, with that exception, the largest, and contrasts with 153,597,000 bushels in 1907. Rye exhibits merely a nominal increase in yield this year as compared with the previous season. To indicate the aggregate yield each year for the last five seasons of the five cereals referred to (corn, wheat, oats,barley and rye), we have compiled the subjoined table:  The total production of the five leading grain crops is here seen to have been 4,339 1016,000 bushels in 1908, against 4,166,013,000 bushels in 1907, 4,839,872,900 bushels in 1906, 4,518,456,291 bushels in 1905, 4,081,459,522 bushels in 1904 and 3,827,317,766 bushels in 1903. The better showing this year than last (when the yield was so disappointing) is so moderate as contrasted with the increasing need of cereal products to meet the constantly augmenting consumptive requirements I that it furnishes little cause for gratification. Acreage considered, 1907 was a year of low average product, and it is to a further increase in area in 1908 that the additional yield above indicated is more largely due than to greater average productiveness. In fact, from an additional area of 2.7% under the five ·above enumerated crops, the gain in product was 173 million bushels, or only about 4½%- Furthermore, on the basis of the combined acreage of the five mentioned cereals, the general average product in 1908 has been well below the normal of recent years. It figures out 22 .8 bushels per acre, or a little better than in 1907, but compares with 26.4 bushels two years ago, 25.6 bushels in 1905 and 23 .8 bushels in 1904. The estimated production of potatoes for 1908, given by the Department at 278,985,000 bushels, is not only less by 19 millions of bushels than in 1907, but falls behind 1906 by 29 millions and was exceeded in 1904 and 1902 and as far back as 1895. The crop was also of poorer quality, reducing its value as food. The yield of rice in 1908 apparently marked a record in the production of that cereal in the United States. It is given as 21,890,000 bushels, against 18,738,000 bushels in 1907, 17,854,768bushels in 1906 and the previous record of 21,096,038 bushels in 1904. Hay is another crop the outturn of which in 1908 has been in excess of that for any former year, reaching 70,798,000 tons, against 63,677,000 tons in 1907 and 57,145,959 tons in 1906. The Department's final estimate of the tobacco product of the country in 1908 is materially greater than the preliminary approximation given out in November, but the crop, nevertheless, falls behind that for any year from 1900 to 1903 inclusive, on account of the much smaller area planted. The yield is stated at 718,061,000 pounds, against 698,126,000 pounds in 1907 and 682,428,530 pounds in 1906. The Department, in addition to estimating the crops quantitatively, also attempts to fix their value to the producer on the basis of the farm value per bushel, &c., on Dec. 1. We gave a table last year covering those values for the five principal grain crops for five years, and continue it this year.  CROPS OF WHEAT. CORN. OATS, BARLEY AND RYE.  Total Proctuclum.  1908.  1907.  1906.  1905.  FARM VALUES ON DECEMBER I. 1904.  Crops.  1908.  1907.  1906.  1905.  1904.  Bushels. Bushels. Bushels. Bushels. Bushels. 2,668.651,000 2,592,320,000 2,927,416,091 2,707,993,540 2,467,480,934 664,602,000 634,087.000 735,260,970 692,979,489 552,399,517 807,156,000 754,443,000 964,904,522 953,216,197 894,5115,552 166,756,000 153,597,000 178,916,484 136,651,020 139,748,954 31,851,000 31,566,000 33,374,833 27,234,565 27,616,045  Corn ______ 1,616,145,000 1,336,901,000 1,166,626,479 1,116,696,738 1,087,461,440 Wheat ___ 616,826,000 554,437,000 490,332,760 518,372,727 510,489,874 Oats ______ 381,171,000 334,568,000 306,292,978 277,047,537 279,900,013 Barley ___ 92,442,000 102,290,000 74,235,997 55,047,166 58,651,807 Rye ______ 23,455,000 19,671,243 23,068,000 17,414,138 18,748,322  TotaL __ 4,339,016,000 4,166,013,000 4,839,872,900 4,518,456,291 4,081,459,522  Total ___ 2,730,039,000 2,351,264,000 2,057,159,457 1,984,578,306 1,955,251,456  Corn ______ Wheat ___ Oats ______ Barley ___ Rye ______   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  $  $  44  CROP A D OTHER PRODUCTIO S.  The average farm values on Dec. 1, as reported by the Department in each of the last six years, for some of the leading crops, are set forth in the subjoined table. AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS. 1908.  1907.  1906.  1905.  1904.  1903.  Cents.  Cents. 87.4 73 .1 44.3 66 .6 51.6 69.8 61.7 95.6 85.8  Cents.  Cents.  Cents .  Cents.  66 .7 58 .9 31.7 41.5 39.9 59.6 51.1 101.3 90.3  74.8 60.7 29.l 40 .3 41.2 58.7 61.7  92.4 68.8 31.3 42.0 44.1 62.2 45.3 99.3 65.8  69.5 54.5 34.1 45.6 42.5 60.7 61.4 81.7  Wheat ____ ____ per ~~shel 92.8 Rye ______ _- _73.6 47.2 Oats Barley _______ _ 55.4 60.6 Corn Buckwheat ___ _ 75.6 Potatoes _____ _ 70 .6 Flaxseed _____ _ 118.4 Rice __ _______ _ 81.2  84.4  95.0  In addition to these, the farm value of hay Dec . 1 is given as 8 98 per ton, against $11 68 per ton last year, $10 37 in 1906 and 8 52 in 1905, and tobacco at 10.3 cents per pound this year compare with 10.2 cents in 1907, 10 cents two y ears ago and .5 cents in 1905 . We now apperd a table showing the wheat, corn, oats, cotton and potato crops for the last 27 years1882 to 1908, inclusive-thus giving opportunity for the reader to see at a glance the comparison the 1908 figures make with those for a more extended period of years than in the compilations given further above. CROPS OF WHEAT, CORN, OATS, POTATOES AND co~o~ SINCE 1881.  WHEAT CROP F OR FIVE YEARS. Wheat .  Ohio Indiana ___________ Minnesota _________ Kansas _________ ___ California _______ __ . Illinois __ ______ ____ North Dakota ______ South Dakota _____ _ MlssourL _____ _____ Michigan _______ ___ Pennsyl vanla ______ Oregon ____________ Wlsconsn ____ _____ Nebraska ______ ____ Washington _______ Iowa ______________  Productton , Production , Production, Productto'lt, Production,  1908.  1907.  1906.  1905.  1904.  Bushels .  Bushels.  Bushels.  Bushels.  Bushels.  33,328,000 45,169,000 68,557,000 79,282,000 11,680,000 30,212,000 68,428,000 37,862,000 ~~.260,000 15,732,000 29,415,000 15,148,000 3,328,000 44,295,000 27,162,000 8,068,000  30,677,000 34,013,000 67,600,000 65,609,000 20,520,000 40, 104,000 55,130 ,000 32,4 0,000 29,212,000 12,731,000 30,095,000 15,265,000 2,955,000 45,911,000 35,045,000 7,653,000  43,202,100 48,080,925 55 ,80 1, 591 8 1,830 ,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 4,690,816 52,288,692 25,075,258 9,2 12,218  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 7,893,381 48,002,603 32,516,810 13,683,003  17,563,478 12, 525 ,993 68 ,344,256 65,019,471 17,474,864 21,542,421 53,892,193 31,556,784 27,163,141 6,873,005 21,857,961 14,050,193 7,483,563 31,453,943 32,140,603 11 ,266,220  TotaL ___________ 539,926,000 525,000,000 594,121,818 574,599,290 440,208,089 All others __________ 124,676,000 109,087,000 141,139,152 118,380 ,190 112,191,428 Total United States a 664,602,000 634,087,000 735 ,260,970 692,979,489 552,399,517  a Ot which 437,908,000 bushels winter wheat and 226,694,000 bushels spring wheat In 190 , against 409,442,000 bushels winter wheat and 224,645,000 bushels spring wheat In 1907.  THE COUNTRY\"1 SMALL RAIL OUTPUT  IN 1908. If any one wants an illustration going to show the intimate connection existing between prosperity or Wheat . Corn . Year. I Oats. I cou=.• Potateos. adversity in the railroad transportation field and prosBushels. Bushels. Bushels. Bushels. Bales. 1,617,025,100 488,250,610 6.9112,23~ 170,972,508 perity or adversity in the iron and steel industry and 1882 ------ 504,185,470 1,551,066,895 571,302,400 5,714,052 208,164,425 1883 ----- - 421,086,160 1,795,528,000 583,628,000 5,669,021 190,642,000 1884 --- - -- 512,765,000 1,936,176,000 629,409,000 6,550,215 175,029,000 trade in general , he will find it in the figures of steel 1885 ------ 357,112,000 1, 665,44 1,000 624,134,000 6,513,623 168,051,000 1886 ------ 457,218,000 1,456,161,000 7,017,707 134,103,000 rail production furnished by Mr . James M. Swank of 659,618,000 1887 ------ 456,329,000 1,987,790,000 701,735,000 6,935,082 202,365,000 1888 ------ 415,868,000 1889 _____ J 490,560,000 2,112, 92,000 751,515,000 r,313.720 204,881,441 the American Iron & teel Association. In a subse2,122,327,547 809,250,666 217,546,362 1889 (Cen)"l 1 468,373,968 1,489,970,000 523,621,000 8,655,616 148,289,696 quent article we review Mr . Swank's figures of pig iron 1890 ------ 399,262,000 73 ,394,000 9,038,708 254,423,607 1891 ------ 611,7 0,000 2,060,154,000 1,628,464,000 661.035,000 6,717,147 156,654,819 production and show how complete was the collapse in 1892 ------ 515,949,000 1893 ------ 396,131,725 1,619,496,131 638,854, 50 7,527,212 183,034,203 1,212,770,052 662,086,92 9,892,761 170,787,338 1894 ------ 460,267,416 190 in the pig iron trade . In that case we are dealing, 1895 ------ 467,102,947 2,151,138,580 824,443,537 7,162,476 297,237,370 2,283,875,165 707,346,404 ,714,011 252,234,540 1896 ------ 427,684,347 of course, with very much laro-er totals, but the results 1,902,967,933 698,767, 09 11.l 0,960 164,015,96-1 1897 ------ 530,149,168 1,924,184,660 730,905,643 11 ,235,3 3 192,306,33 1898 ------1 1899 ___ __J 675,148,705 547,303,846 2,078,143,933 796,177,713 } 9,439,559 228,783,232 are not so conclusive on the point in question as where 2,666,440,279 943,389,375 1899 (Cen)l. 658,534,252 1900 ------ 522,229,505 2,105,102,5 16 809,125,9 9 10,425,141 210,926,897 we deal simply with the rail output . The aggregate 1901 a _____ 748,460,218 1,522,519,891 736,808,724 10,701,453 187,598,087 987,842,712 10,758,326 2 4,632,7 7 make of pig iron covers all the various purposes for 1902 ------ 670,063,008 2,523,648,312 2,244,176,925 784,094,199 637,821,835 10,123,686 247,127,8 0 1903 -----1904 ------ 552,399,517 2,467,480,934 894,595,552 13,556,841 332,830,300 which the metal is used . On the other hand rails are 953,216,197 11,319,860 260 ,741 ,294 1905 --- --- 692,979,489 2,707,993,540 964,904,522 13,550,760 30 ,03 ,3 2 1906 ------ 735,260,976 2,927,416,091 u eel by the railroads alone, and therefore the falling 2,592,320,000 754,443,000 11. 581.329 297,942,000 1907 ------ 634,087,000 1908 ______ 664,602,000 2,668,651,000 807,156,000 d 13321000 278,985,000 off in their output can be ascribed to no outside causes a These are the revised grain figures or the Agricultural Department Issued after It shows unmistakably that the railthe Census reported Its results tor 1899 , showing much larger totals than those or or influences. the Department. * These are our own figures. d Average estimate or th.: roads were in a bad way . The truth is, they were in members or the New York Cotton Exchange. For the information of the reader, the product by no condition to buy rails except to meet their most States for the leading cereal crops is herewith presented . urgent needs. Consequently, a tremendous shrinkage _ _ _ _ _ __ _ C_O_R_N_C _ R_O_P_FoR FIVE YEAR_S_. _ _ _ _ _ __ occurred in the purchases of rails, and yet more in Production, I Production, Production, Productton, Production, Com. the orders for rails, for not a little of the 1908 rail pro1908. 1907. 1906. 1905. 1904. duction, small though it proves to have been, mu t, we Bushels. Bushel.a. Bushels. Bushels. Bushels. Iowa_____ 287,4b6,000 270,220,000 373,275,000 305,112,376 303,039,266 Illinois____ 298,620,0u 342,756,000 347,169,585 382,752,063 344,133,680 should judge, represent orders given in the previous Kansas --156,200,000 155,142,000 195,075,000 193,275, 36 134,609,669 We~ia~a-= ~&tm:888 m:m:888 ~~tm:~gg ~tm:~~~ ~~i:m:g~~ year before railroad managers had any inkling of the Indiana __ 137,835,000 168 ,840,000 183,893,767 1 7,130,623 143,396,857 prodigious slump in earnings which was to ensue during Ohio ____ __ 136,675,000 117,640,000 141,645,100 112,399,396 99,628,555 Texas_____ 201,848,000 155,589,000 155,804,7 2 139,146,404 136,702,699 190 . Tennessee _ 83,080,000 78,364,000 86,428,912 77,207,912 80,890 ,025 Kentucky_ 84, 23,000 93,060,000 105,437,376 94,893,638 86,815,580 Mr. Swank reports the production of all kinds of Penn'a____ 57,275,000 45,922,000 57,960,239 56,085,903 48,535,748 Arkansas__ 54,035,000 43,430,000 52,802,569 38,323,738 48,332,614 Wisconsin 49,674,000 46,688,000 60,105,732 55,407,849 45,119,913 rails in the United States in 1908 at only 1,921,611 Michigan__ 60,420,000 57,190,000 54,575,000 41,775,936 36,990,46 Minnesota_ 46, 35,000 43,605,000 50,149,2771 48,997,455 41, 09,0 3 tons, against 3,633,654 tons in 1907, the decrea e, Oklahoma_ 122,239,000 113,265,000 134,230,590 110,442,368 102,636,6 6 The Total ___ 2,186,416,000 2,152,064,000 2,476,857,929 2.309,798,037 2,065,105,816 therefore, being 1,712,043 tons, or over 47 % . All others_ 482,235,000 440,256,000 450,55 ,162 39 ,195 ,4 73 j 402,375,118 falling off in Pennsylvania amounted to 637,745 tons Total U.S. 2,668,651,000 2,592,320,000 2,927,416,091 2,707,993,540 12,467,480,934 and in the remainder of the country to 1,074,29 tons. 1 OATS CROP FOR FIVE YEARS . But 1907 itself had recorded some decline, and if comProdu.ctton , Production, Produclt()M., Production, Productton, parison be made with 1906, the contrast becomes yet Oats. 1907. 1906. 1908. 1905. 190-1. more striking. In that year the country's production Bushels. Bushels. Bushels . BusheJ.s. Bushels . Illinois ___________ - 94,300,000 101,675,000 107,763,500 132,779,762 117,341,952 of rails fell but little short of 4,000,000 tons, the Iowa ____ ________ _ - 110,444,000 108,900,000 140,777,000 131,115,180 122,323,200 Minnesota _________ 59,004,000 61,985,000 72,011,160 80,669,700 85,178,503 precise total being 3,977,887 tons. As compared with Wisconsin _________ 73,085,000 51,700,000 91,630,000 98,579,988 86,734,515 Kansas _____ --- - - - - 21,868,000 16,380,000 24,780,000 23,248,223 16,955,0 7 this output only two years before, the 1908 total, at Ohio ------------- 38,544,000 36,480,000 48,380,000 37,993,108 49,733,541 Missouri ___________ 13,510,000 14,254,000 14,685 ,503 19,684,8 5 16,265,549 Pennsyl vanla ______ 27,382,000 29,689,000 31.816,496 39,4 0,324 39,761.81 1,921,611 tons, reflects a shrinkage of over 50o/o. New York _________ 37,625,000 37,086,000 40,233,784 43,030,782 42,480,143 Michigan __________ 41,847,000 30,534,000 43,747,500 35,948,951 32,175,665 Furthermore, the 1908 output is the smallest since Nebraska __________ 56,078,000 51,490,000 72,275,000 58,474,370 57,90 ,4 9 Indiana ___________ 35,425,000 36,683,000 50,196,000 47,432,822 42,35 ,732 1897. In other words, we would have to go back North Dakota ______ 32,737,000 32,340,000 40,485,608 46,594,381 31,010,360 South Dakota ______ 31,395,000 32,728,000 46,410,000 28,103,517 27,825,252 eleven years to find so diminutive an output . 9,500,000 31, 22,512 21,675,000 28,713,416 28,688,320 Texas ----------- If now we advert to railroad curtailment in one or Total ____________ 694,919,000 65 1,424,000 857,014,063 851, 49,409 796,740,526 All others _____ - - - - - 112,237,000 103,019,000 107, 90,459 101,366,7 8 97,855,026 two other p directions, we cannot fail t;o become Total United States_ 807 ,156,000i754,443 ,000 964,904,522 j953,216,197 894,595,552 impressed wit the part which prostration in the I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  45  CROP A D OTHER PRODUCTIO S. railroad industry has played in bringing on and intensifying depression in the iron and steel industry. In a very comprehensive article in the issue of our "Railway and Industrial" Sectron for J an . 30 1909, dealing with Railway Construction and Betterment Work in 1908, we pointed out that, while the railways of the United States, Canada and Mexico in 1907 had spent well over $475,000,000 for equipment which they bought (excluding the comparatively insignificant output of the shops of the railways themselves), the corresponding expenditures for 1908 aggregated probably not much over $130,000,000. This, it will be observed, is a tremendous shrinkage. The number of locomotives built in 1908 was only 2,342, as against 7,362 in 1907. The number of freight cars built is estimated at only 78,000, against 290,000. Considering the numerous other directions in which there was a forced curtailment by the railroads in new construction and improvement work, it can readily be seen in what great measure the falling off in Bessemer steel production, to which we shall presently;~refer, and the complete collapse in the iron industry , must be ascribed to the absence of railroad orders. As far as rail production is concerned, the falling off in total output has occurred in face of a decided expansion in the make of rails out of open-hearth steel. It appears that the output of open-hearth steel rails in 1908 was 567,304 tons, against only 252,704 tons in 1907, the increase being 314,600 tons, or more than 124% . On the other hand, the Bessemer rail production in 1908 was only 1,354,236 tons, as against 3,380,025 tons in 1907, a decrease of 2,025,789 tons, or nearly 60 % . The 1908 Bessemer steel rail product was in fact the smallest since 1896, a dozen years before, when 1,116,958 tons were rolled. The rail mills in Pennsylvania are credited with an output of only 315,563 tons of Bessemer rails in 1908 against 1,093,932 tons in 1907 and 1,298,409 tons in 1906, and the other rail-producing States with a total of 1,038,673 tons, as against 2,286 ,093 tons in 1907 and 2,493,050 tons in 1906 . It is noteworthy that not only was the home consumption of rails so greatly reduced, but there was also a large shrinkage in our exports of rails. The United States shipped only 196,510 tons of rails to foreign countries in 1908, as against 338, 906 tons in 1907, 328,036 tons in 1906, 295,023 tons in 1905 and 416,250 tons in 1904 . In the following statement we undertake to show the home consumption of rails after allowing for the imports and exports of rails. RAIL PRODUCTIO-  AND CONSUMPTION.  1908. Bess. rails. produced, tons_l,354 ,236 Other rails, iron and steeL _ 567,375  1907. 3,380,025 253,629  1906. 3,791,459 186,428  1905. 3,192,347 1 3,5 2  1904 . 2,137,957 146,754  Total productlon _______ l ,921,611 Imports, Iron and steeL __ 1,719  3,633,654 3,752  3,977,8 7 4,943  3,375,929 17,278  2,284,711 37,776  1,924,330 196 ,510  3,637,406 338,906  3,982,830 328,036  3,393,207 295,023  2,322,487 416,250  Home consumption ____ l,727,820  3,298,500  3,654,794  3,098,184  1,906,237  Exports, Iron and steeL __  It will be seen that the home consumption of rails in 1908 was only 1,727,820 tons, against 3,298,500 tons in 1907 and 3,654,794 tons in 1906. Turning now to the production of Bessemer steel, we find a shrinkage in output as striking as that in the case of rails. Time was when Bessemer steel production constituted the greater portion of the country's total steel production. But that is no longer the case. Open-hearth steel production has made such tremen https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  dous strides in recent years that in 1907 the make of open-hearth steel fell only 118,461 tons below that of Bessemer steel. What the open-hearth production was in 1908 cannot be stated in the entire absence of official figures of any kind. These official figures will be awaited with great interest. Undoubtedly a considerable shrinkage occurred. In the Bessemer output the shrinkage was of huge proportions, doubtless due to the fact that Bessemer steel goes so largely into the production of rails and into railroad work generally . According to Mr. Swank's figures, the aggregate production of Bessemer steel ingots and castings in 1908 was only 6,116,755 tons, against 11,667,549 tons in 1907, a decrease of 5,550,794 tons, or over 47 % . But 1907 itself had registered a decrease from 1906, and as compared with the latter year the loss has been over 50%, the comparison being 6,116,755 tons, as against 12,275,830 tons. As in the case of the country s total rail production, the output of Bessemer steel in 1908 was the smallest since 1 97, eleven years before, when 5,475,315 tons were made. In the following we show the production of Bessemer steel by States for the last six years . PRODUCTION OF BESSEME R STEEL INGOTS BY STATES.  Gross Tons1908. P en nsylvania __ _2,106,382 Ohio __________ l,955,446 Illlnols _________ l ,237 ,747 Other States ____ 817 ,180  1907. 4,351,841 3,636,679 1,723,073 1,955,956  1906. 4,827,725 3,769,913 1,684,772 1,993,420  1905. 4,491,445 3,131,149 1,651,250 1,667,531  1904. 1903. 3,464,650 3,909,436 2,050,115 2,330, 134 1,257,190 1,366,569 1,087,185 986,690  Total ____ ___ _6,116,755 11,667,549 12,275,830 10,941,375 7,859,140 8,592,829  In Pennsylvania the decrease from 1907, it will be observed, was no less than 2,245,459 tons, or over 51 % ; in Ohio, 1,681,233 tons, or over 46%; in Illinois, 485,326 tons, or over 28% , and in the remaining tates, 1,138,776 tons, or over 58% . The railroads, as we have seen, have been chiefly responsible for these shrinkages, and the railroads again were the chief sufferers from the same, inasmuch as in the assembling of the materials for the making of the steel and the distribution of the :finished product these shrinkages involved very heavy reductions in railroad traffic, accounting for the prodigious losses in earnings for which 1908 will ever be noteworthy.  THE FALLING OFF IN IRON PRODUCTION.  Mr. Swank's statistics regarding iron production in the United States confirm the estimates of private authorities and show an unprecedented decrease in output. In a preceding article treating of the Besse mer steel production and the make of rails, we show that the collapse in the iron trade followed mainly as the result of the unparalleled adversity experienced by the railroad carrying industry. The industrial depression from which the country suffered in 1908 is commonly attributed to the panic of October and November of the preceding year. The depression certainly succeeded the panic, but the panic, in the first instance, was occasioned by the legislative and governmental crusade against railroads and corporations generally and against capital and wealth, destroying confidence in security values and bringing about a tremendous depreciation in the market value of the same. The result was that the railroads and other large corporations could no longer raise new capital except on exceedingly onerous terms, and were hence forced to cut down new work to  46  CROP AND OTHER PRODUCTIONS.  the lowest possible nnmmum. Stated in brief they were unable to give orders on the old scale for equipment, for rails, and for the hundreds of other things needed in the carrying on of new construction work and in the making of improvements and betterments. This curtailment of work and cutting off of orders reduced mills, factories and furnaces wholly or in part to idleness, and this in turn diminished the traffic of the railroads, bringing about unprecedented losses in earnings. These losses necessitated still further curtailment of expenditures, as they made reductions in the ordinary expenses of the roads imperative, thereby intensifying the depression in trade which was occasioned in the first instance by the diminution in the orders of the railroads for materials and supplies -all resulting from the legislative and governmental crusade. According to the official figures, the production of all kinds of pig iron in the United States in 1908 was 15,936,018 tons, as against 25,781,361 tons in 1907. The decrease, it will be observed, was almost 10 million tons-actually 9,846,343 tons, or over 38% . The total was the smallest of any year since 1901, when the make of iron was 15,878,354 tons, In the second half of the year some improvement occurred; the make for that six-months period was 9,018,014 tons, as against only 6,918,004 tons in the first six months. The subjoined table shows the production in half-yearly periods for each of the last twelve years. PRODUCTION OF PIG IRON IN HALF-YEARLY PERIODS.  Gross Tons.  1897-lst halt ______________ _4,403,476 2d . hil.lL ______________ 5,249 ,204 1898-lst halL---------- - ---5,869,703 2d halL ______________ 5,904,231 1899-lst half_ _____ ------ -- _6,289,167 2d half_ _____________ _7,331,536 1900-lst ha!L----------- ___ 7,642,569 2d ha!L ______________ 6,146,673 1901-lst haJL __ ----------- _7,674,613 2d haJf_ ______________ 8,203,741 1902-lst half_ _____________ 8,808,574 2d half_ _____________ 9,012,733  1903-lst 2d 1904-lst 2d 1905--lst 2d 1906-lst 2d 1907-lst 2d 1908-lst 2d  Gross Tons.  half_ _____________ 9,707,367 halL ___ ______ ____ 8,301,885 halL __ ___________ 8 ,173,438 halL _____________ 8,323,595 half__ -- --- _______ ll,163,175 halL __ - _- ________ ll,829,205 halL _____________ 12,582,250 halt_ _____________ 12,724,941 halL ----------- __ 13,478 ,044 half_ _____________ l2 ,303,317 halt_ _____________ 6,918,004 halt_ _____ ________ 9,018,014  In the case of the separate States the losses in all instances were of large proportions. There was not a single State, even among those producing only minor amounts of iron, that had a larger output in 1908 than in 1907. Pennsylvania is credited with only 6,987,191 tons, as against 11,348,549 tons; Ohio with 2,861,325 tons, against 5,250,687 tons; Illinois with 1,691,944 tons, against 2,457,768 tons. In the South the comparison is much the same, though Alabama came much closer to its previous year's output than any of the other large producing States, having made 1,397,014 tons, against 1,686,674 tons. For all the Southern States combined, however, including Alabama, the comparison is 2,326,792 tons, against 3,445,221 tons. PRODUCTION OF PIG IRON BY STATES.  Tons  2,240  lbs.  SOU/,h.  .states.  Ala __ Va __ Tenn.. w.va Ky -Ga -N. C_ Texas. Md --  1908.  1907.  1906.  1905.  1904.  1903.  1902.  Tons .  Tons.  Tons.  Tons.  T<Fns.  Tons .  Tons.  1,397,014 1,686,674 1,674,848 1,604,062 1,453,513 1,561,398 1,472,211 310,526 537,216 510,210 544,034 483,525 478,771 320,458 392,778 418,368 426,874 302,096 372,692 393,106 290,826 270,945 183,005 199,013 291,066 298,179 304,534 66,551 102,441 37,106 63,735 110,725 98,127 127,946 45,096 32,315 75,602 1 70,156 l 92,599 55,825 38,699 J f 24,345 11,653 5,530 3,095 J 293,441 303,229 332,096 324,570 411,833 386,709 183,502  TotaL 2,326,792 3,445,221, 3,467,216 3,219,673 2,743,313 3,237,079 3,034,574 Penn .. Ohio_ N. y_ N.LIllln __ Mich.a Wlsc.b Mo.c _ Ma.ssd  6,987,191 ll,348,54911,247 ,869 10,579,127 7,644,321 8,211,500 8,117,800 2,861,325 5,250,687 5,327,133 4,586,110 2,977,929 3,287,434 3,631,388 401,369 552,917 605,709 1,019,495 1,659,752 1,552,659 1,198,068 262,294 191,380 311,039 211,667 379,390 373,189 225,372 1,691,944 2,457,768 2,156,866 2,034,483 1,655,991 1,692,375 1,730,220 244,709 233,225 155,213 288,704 369,456 436,507 348,096 210,404 322,083 273,987 351,415 283,516 373,323 148,938 270 ,289 151,776 269,930 407,774 413,040 468,486 313,071 12,071 15,446 15,987 17,766 20,239 19,119 13,794  Gr Tot 15,936,018 25,781,361 25,307,191 22,992,38016,497,03318,009,252117,821,307 o!~~ug!fifo;~i'.a~·1nt1~~~db~~1:~~~~~ta.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  cincludlng Colorado, Washlni·  In the case of the imports and exports, the decreases were also very large. We have reference not merely to pig iron alone, but to the shipments and imports of all kinds of iron and steel. These show more conclusively the prevailing situation than would the movement of pig iron by itself. The imports, ofcourse, fell to small proportions, being for 1908 of all kinds of iron and steel only,207,005 tons, against 662,350 tons. On the other hand, the exports were also heavily reduced, as was natural considering that trade depression in this country entailed depression also in the other principal countries of the world. For 1908 United States exports of iron and steel were only 963,130 tons, as against 1,301,981 tons in 1907 and 1,325,740 tons in 1906, as will be seen by the following: IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL. 1903. 1904. 1905. 1906. 1907. 1908. 578,209 416,454 266,398 1,178,797 662 ,350 Imports ______ tons 207,005 Ex:ports __________ *963,130 *1,301,981 *l,325,740 1,010,384 1,167,709 326,590  --- ---- ---- --- ---  ---  593,930 901,311 747,531 639,631 Ex:cesa or exports 756,125 852,207 ______ ______ ______ ______ Ex:cessoflmports__ ____ __ * Includes tor 1908 114,370 tons; for 1907 176,831 tons, and tor 1906 141,784 Item this for tons, or pipes and fittings, these .belni the first years when the weights were reported.  Nothing is known concerning the stocks of pig iron remaining unsold in the hands of the producers, the latter having some years ago discontinued furnishing the statistics. The only measure of home consumption is that furnished by treating the stocks as unchanged and adding the imports and deducting the exports. This we undertake in the following statement. We use here only the imports and exports of the pig metal, since in this instance the purpose is to show merely the consumption of pig iron. PIG IRON PRODUCTION, STOCKS, IMPORTS, &C. Tons of 2,240 lbs.  1908.  1907 .  1906.  1905.  1904.  1903.  (?) 598,489 446,442 49,951 Stock or pig Jan.I ii (?) (?) Produc. dur.yea.r 15,936,018 25,781,361 25,307,191 22,992,380 16,497,033 18,009,252  Total supply __ 15,936 ,018 25,781 ,361 25,307 ,19I 23,438,822 17,095,522 18,059,203 (?) (?) 446,442 (?) *446,442 598,489 Stock end or year Cons'n home pig_ 15,936,011~ 25,781 ,361 25,307,191 22,992,380 16,649,080 17,460,714 79,500 Imports or pig __ .., 212,465 599,574 379,828 489 ,47E 92,20 Total ________ 16,028,22( 26,270,83f 2s,681,orn 23,204,845 16,728,580 18,060,288 49,025 49,221 20,379 83 ,317 73 ,703 Exports or pig __ 46,69f Domestic cons'n_ 15,981 ,524 26,197 ,133 25,603,702 23,155,624 16,679,555 18,039,909  * No data as to stocks were furnished at this time; we have taken the amount the same as at the end of previous year.  With reference to prices, a belief quite generally prevails outside the trade that values were not allowed to decline to any very great extent. But that is a mistake. Through the action of the United States Steel Corporation and harmonious co-operation on the part of other large producing interests, there was undoubtedly greater stability of values than at previous periods of extraordinary business depression. And yet, between the extreme high prices prevailing in 1907 and the extreme low prices touched in 1908 the gulf is a wide one. In the averages for the two years, too, the declines have been very considerable, except in the case of steel rails, where an unchanged quotation of $28 at the mills in Pennsylvania has been maintained for many years. A comparison of yearly averages for a number of leading articles of iron and steel at Philadelphia and Pittsburgh is furnished in the following: AVERAGE YEARLY PRICES OF IRON AND STEEL, 1900 TO 1907. 1908. 1907. 1906. 1905. 1904. 1903. 1902. 1901 $ $ $ $ :S 5 5 OldlronTrallsatPhlla _____ ton_l8.60 23.88 23.05 22.08 16.22 21.17 23.83 19.32 No. 1 anth. fdy. pig at Ph1la. " 17 .70 23.89 20.98 17 .89 15.57 19.92 22.19 15.87 Gray forge pig Iron, Lake ore, at Plttsbrugh ___________ " 15.23 21.52 19.85 15.62 12.89 17.52 19.49 14.20 BessemerplglronatPlttsb __ " 17.07 22.84 19.54 16.36 13.76 18.98 20.67 15.93 Steel rails at mills In Penn__ " 28.00 28.00 28.00 28.00 28.00 28.00 28.00 27 .33 Steel billets atmllls at Plttsb. " 26.31 29.25 27 .43 24.03 22.18 27 .91 30.57 24.13 Bes.t refined bar Iron from store at Phlla.delphla_lO0 lbs. 1.70 2.11 1.98 1.92 1.72 2.00 2.13 1.84  Arttcles-  As a fair sample of the course of prices, steel billets at Pitts burgh may be taken. The average for 1908 was only $26 31, as against $29 25 for 1907. In the  47  CROP AND OTHER PRODUCTIONS. case of iron the fluctuations have been much wider. For instance, the average for Gray forge pig iron at Pittsburgh was only $15 23 for 1908,as against $21 52 for 1907. We may add that from $23 15 in June 1907 this grade of iron declined until it reached its minimum of $14 40 in October 1908, from which there was a partial recovery to $1~ 23 in December.  ANTHRACITE COAL PRODUCTION IN 1908. The production of hard coal in the calendar year 1908 was larger than might have been expected , considering the general and extreme paralysis of the country's industries following the financial revulsion in 1907. The explanation is no doubt found in the circumstance that hard coal as a fuel goes largely into domestic and family consumption, being used for cooking and heating rather than for manufacturing purposes. Thus this class of fuel is less susceptible to changes in business conditions than bituminous coal. A severe or a mild winter often plays a more important part in extending or restricting the anthracite output than the condition of general business. In the twelve months of 1908 the shipments of anthracite to market from the Pennsylvania fields reached 64,665,014 tons, as against 67,109 ,393 tons in the calendar year 1907, the falling off, hence, being, roughly, only 2½ million tons, or less than 4%. Bearing in mind that the 1907 total was much the largest ever reported, the decrease is certainly quite small. On the other hand, as we pointed out in reviewing the 1907 figures, though the movement for that year was much in excess of that or any other year, yet, taking the results for a series of years, it appeared that recent growth had, after all, been small. That being so, there was really no good ground for looking for any great contraction in 1908. We present the following table to show the anthracite movement for each year back to 1873. The figures cover only the shipments to market. They do not include coal used at the mines nor coal sold locally, nor yet the consumption by the anthracite carriers themselves. To get at the total output it would be necessary to add from 12 to 15% to the figures given. For 1907, for example, while the coal sent to market was 67,109,393 tons, the actual amount of anthracite mined was 76,079,121 tons. In 1908 the quantity of anthracite mined, it is thought, must have been about 73J500J000 tons.  month. Presumably there was a reason for this. The reason is certainly not found in the weather conditions, for temperatures have been above rather than below the normal. The conclusionJ therefore, is that some basis exists for the reports which have been current that coal had been mined and shipped in excess of immediate current needs so as to fortify the companies against the possibility of a strike of the miners the coming spring. The wage agreement entered into with the miners two years ago expires with the 1st of April, and it is known that the minersJ organization contemplates renewing the demands made in 1907, and which it was finally obliged to waive. In the event that trouble should actually ensue, an extra supply of coal will be available against the possibility of a forced curtailment of the output. In the table we now subjoinJ we show the monthly output for each of the last six years. 1904. 4,134,245 4,326,269 4,375,033 5,407,786 5,285,079 5,728,795 4,623,227 4,325,734 3,967,600 5,131,542 5,124,068 5,063,144  1903. 5,964,950 5,070,608 5,211,450 5,044,998 5,156,449 5,436,497 5,377,49 5,169,402 4,654,444 3,925,642 4,091,147 4,259,749.  Total tons_64,665,014 67,109,393 55,698,595 61,410,201 57,492,522  59,362,831  Months-  January ____ February ___ March ______ April _______ May ________ June _______ July ________ August ______ September ___ October _____ November __ December ___  1908. 5,618,339 4,502,756 4,766,158 5,987,221 6,089,116 5,704,852 4,541,506 4,599,093 5,211.047 5,977,497 5,839,491 5,827,938  1907. 5,249,946 4,563,720 5,235,814 5,916,583 5,976,906 5,974,272 5,669,024 5,795,347 5,512,717 6,108,065 5,743,522 5,343,477  1906. 5,458,084 4,712,099 5,797,167 488,203 3,254,230 5,676,018 4,981,448 5,400,511 4,527,886 5,384,768 5,182,153 4,836,028  1905. 4,408,578 3,922,601 5,258,567 5,278,041 6,005,158 5,844,052 4,546,743 5,041,838 5,082,232 5,205,694 5,421,584 5,395,113  In view of what has just been said, it would be decidedly enlightening to have statistics bearing on the quantity of coal stored up at interior points, thereby affording an idea of the available supplies. No such statistics, however, are to be had. Estimates are· that these stocks are much above the ordinary. As concerns tidewater stocks, official statements show that these are larger. And yet the increase is not very striking. For Dec. 31 1908 these tidewater stocks are reported at 899,542 tons, against 713,620 tons at the close of 1907, 583,125 tons at the end of 1906. and 766,322 tons at the close of 1905. With reference to the shipments over the different routes, it is noteworthy that, in face of the general decline, both the. Erie and the New York Ontario & Western brought increased quantities to market. What is still more noteworthy is that in the ratios of the shipments over the different routes, there has been an increase in each and every case, save only over the Reading and the Lehigh Valley. This means that these two have had to bear nearly the whole burden of the falling off, the shi pinents over the Reading having decreased from 14,018,795 tons to 12,578,883 tons,. Tons. Tons. I YearYear1908 _______ - _-- __ - _- _- _ -- _64,665,01411890 ____ -- ____________ -- _-35,855, 174 and those over the Lehigh Valley from 11,532,255 1907 ---- ---- -- --------- ___ 67 ,109,393 1889 --- _--- -- ___ __________ 35,407,710 The Reading had pre1906 -- _---- -------------- -55,698,595 1888 _------ ________ -- ---- _38,145,718 tons to 10,772,040 tons. 1905 ----- -- ---- -------- ___ 61,410,201 1887 -- _- -- __________ --- ___ 34,641,017 1904 --- ----- ------ _-- _____ 57 ,492,522 1886 _-- --- _______ - -- _-- -- _32,136,362 viously been gaining, but the Lehigh Valley (whose 1903 _ -------- ------ _______ 59,362,831 1885 ___ -- ____ -- _----- _ --- _31,623,529 1902 _ ------- --- _-------- __ 31,200,890 1884 ---- --- -- -- ____ --- _-- _30,718,293 figures now include the Coxe Bros. line, or Delaware 1901 ----- ------ -- _--------53,568,604 1883 --- _-- _____ -- __ ---- ___ 31,793,027 1900 -- ------- - _-- - --- ____ _45,107 ,486 1882 -------- ___ --- _-- __ -- _29,120,096 Susquehanna & Schuylkill RR.) has been losing for 1899 _ --- - --- ------ _----- _-47 .665,203 1881 ------ __ -- ____________ 28,500,017 1898 _ ------------------- _ _41,899,751 1880 -- ---- ____ -- _-- _______ 23,437 ,242 some years. The Erie has been adding to its per1897 --- ----- ------------ _ _41,637,866 1879 ------ _-- _-- __________ 26,142,689 1896 _---- ----- _-- --- --- __ _43,177 ,483 1878 -- ---- ___ --- -- -- ______ 17,605,262 1895 -- _------- _--------- __46,511,477 1877 -- _--- ________________ 20,828,179 centage, by degrees, for quite a while, and so has the 1894 ---- ------ ___________ _41,391,200 1876 ------ ___ --- __ --- _____ 18,501,011 The Ontario & Western, however,. 1893 ----------------------43,089,536 1875 ---------- ____________ 19,712,472 Pennsylvania RR. 1892 ___ -- __ - _-- - _- __ -- ___ _41,893 ,320 1874 ___ --- ____ ________ ___ _20,145,121 In the following 1891 ___ -- ---- _ - - - - _- _- ___ _40,448,336 1873 - - - - -- _ -- _____ ___ -- __ _21,227 ,952 was falling behind prior to 1908. four years of the last the for comparison a furnish we There is still another influence that may have served routes: different the over shipments to keep up production in 1908. When the shipments - - 1 9 0 8 - - - - 1 9 0 7 - - - - 1 9 0 6 - - --1905--are examined by months, it is found that while in the Tons. ;,. % i % Tons. % Tons. % Tons. Readl ng _____ 12,578,883 19.45 14,018,795 20.89 11,258,295 20.21 12,574,502 20.48· months from February to October, inclusive, the Lehigh VaL_ 110,772,040 16.66 11,532,255 17 .18 J8,536,254 15.32 10,072,120 16.40 11,435,445 2.58 1,605,378 2,61 Del. S. & s __ J amounts generally fell below those for the correspond- Cent. N. J ___ 8,495,425 13.14 8,714,113 12.99 6,983,217 12.54 7,983,274 13.00 D. L. & W ___ 10,088,697 15.60 10,237,419 15.25 9,201,875 16.52 9,554,046 15.56 Del. & Rud __ 6,461,666 9.99 6,562,768 9.78 5,346,695 9.60 5,640,528 9.19' ing months of 1907, in the last two months, on the Penn RR ____ 6,019,457 9.31 6,203,271 9.24 4,856,004 8.72 4,890,635 7.96, lwlf Coal __ l other hand, the shipments ran well ahead of those Penn. Erle ________ ~ 7,450,17511.52 7,151,68310.66 5,636,53710.12 6,225,62210.14 S.&W.J Y. N. of the previous year; for December, indeed, they are N. Y. O. & W. 2,798,671 4.33 2,689,089 4.01 2,444,273 4.39 2,864,096 I""' 4.66 reported to have been the largest ever made in that TotaL _____ 64,665,014 100.0 67,109,393 100.0 55,698,595 100.0 61,410,201 100.0,  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PRODUCTION OF GOLD AND SILVER. UNITED STATES AND THE WORLD. GOLD AND SILVER PRODUCTION AND MOVEMENT IN 1908. The world's gold production for 1908 has once more shown a tendency toward increase. It will be remembered that in 1907 the tendency was quite generally in the opposite direction; that is to say, leaving out the increase in the product of South Africa, the aggregate of all the other sources of supply in that year showed an actual loss, though small, compared with 1906. We repeat, it is satisfactory to find that the tide is now the other way, and that all important contributors to the new supply, excepting only Australasia, have shared in the increase. It seems hardly necessary to say that South Africa continues to exhibit the largest growth; not only is that true} but the returns indicate a development that is urprising. Judging by the progress made in past years, sometimes under adverse conditions of labor (a progress checked only by the Boer War and the period of recuperation therefrom), a belief is encouraged that a like development will continue for years to come. Much has been done recently in connection ·with the matter of labor supply. Fears of scarcity as a result of Chinese repatriation have been proven groundless. Instead of loss, we show below that the working force of the Rand at the close of 1908 was the largest on record. A glance at the table of details of gold production for a series of years demonstrates the importance of Africa as a source of supply of the metal. It is only twenty years ago (in 1888) since that country produced only 240,266 fine ounces, or but little over four per cent of the aggregate output of the world's mines; now (in 1908) its yield is 8,179,685 fine ounces, or nearly 40% of the total. Coincidently, the mining of gold has been developed in other countries but in no phenomenal way. Australasia's yield of 1,344,002 fine ounces in 1888 was over 25% of the world's aggregate; its zenith of production seems to have been reached in 1903 when the outturn was 4,317,923 fine ounces. The latest year gave 3,560,943 fine ounces, or not quite 17% of the whole yield. The United States also has largely increased its yield in the same twenty years (1888 to 1908) from 1,604,841  ated around one million fine ounces annually for many years, but while the 1908 product, as we estimate it, was greater than for some years previously it nevertheless fell below the total for 1895. We thus see that gold production has advanced rapidly in recent years, but it is owing largely, as heretofore stated, to the development of African fields, the world's yield increasing from 5,175,623 fine ounces in 1888 to 14,016,374 fine ounces in 1898 and reaching 21,037,818 fine ounces in 1908, the annual increments having been thoroughly absorbed in one way or another. We cannot trace all of the new supply the world's mines annually contributes to its final place of lodgment, but the major portion of it can be accounted for in the augmentation of the stocks of the principal banks and treasuries of the world and the amounts used in the industrial arts, leaving the remainder to represent increase in circulation, addition to stock in countries from which reports are not received, &c. Note that in the seven years 1894 to 1900 inclusive, the total product, expressed in fine ounces, was 81,532,607 ounces, valued at $1,685,425,746. Of this new supply 583,344,000 went to increase stocks of the principal banks and treasuries of the world and $447,141,470 was (according to our Mint Bureau estimates) used in the industrial arts, leaving 654,940,276 to be accounted for in gains in stock elsewhere, additions to circulation, &c. Covering later periods in the same way we reach the following results: for the interval 1901 to 1904 inclusive, a balance of $276,001,602, and for 1905 to 1907 inclusive, only $10,240,900. A recapitulation of the results for the 14 years shows that, besides increasing the world's stock by $2,070,447,000, and allowing $1,101,943,570 as used in the industrial arts, there remained a balance of $941,182, 778 unaccounted for-gone out of sight Gold stock principal banks and treasuries of the world December 31 1893. Mint Bureau figures _______________ -$1.915,053 ,000 World's production 1894 to 1900 inclusive ______________ 1,685,425,746 TotaL __ _______ __ ______________________ ____________ $3 ,600,478,746 Deduct stock December 31 1900 ______________________ 2,498,397,000  or which used in the arts, Mint estimates______ _________ _u,102,081,145 447,141,470 Leaving to be otherwise accounted for__________ ______ $654,940,276 stock December 31 1900 _________________ ___ __________ $2.498,397,ooo World's production 1901 to 1904 inclusive ______________ 1,237,207,002  to 4,659,161 fine ounces, but its proportion of the i~~ct-s-tock-Decemtiei--si-il o4=====================$tm:i~6:883 world's aggregate has in the meantime fallen from I . $589,o3i,~02 31 % to 22% . Other countries have also increased · or which used in the arts ____________________________ 313 •03 • 00 their production in the same twenty years, and have therefore, in a limited way, helped to supply the world's needs for the metal. Canada, from .a very unimportant position, came into considerable prominence as the result of discoveries in the Yukon district,  Leaving to be otherwise accounted for____________ ____ __ $276,001,602 Stock December 311904 ________ ___ _______ _____________ $ 3 •146 , 570 , 000 World's production 1905 to 1907 inclusive ______________ 1,190,940,600  De1~~~\tock-Decembel~31-i907============= ===========$tm:g~g:ggg Of which used in th e arts---------------------------Leaving to be otherwise accounted for____________ ______  $352,010,600 34 759 700 1. , $10,240,900  and the annual output of the Dominion exceeded onE; Recapitulation. million fine ounces each year from 1899 to 1902 World's stock December a1 1893 _________________ __ __ _________ $1,915,053,ooo product, 1894 to 1907 inclusive ___ _____________ 4,113,573,348 inclusive. Subsequently, yield fell off, and ·while it Tota1__ _____________________________ _______ _____ ___ $6,028,620,348 was a little greater in 1908 than 1907 it nevertheless Deduct stock December 31 1907 _________ _________ ______ 3,985,500.000 was barely one-third of the 1900 output. ~Iexican or which used ln the arts _______ ______ ___________ ___ _$2,043,126,348 1,101.943,570 mine have been doing better year by year for some Leaving to be otherwise accounted for_ _____________ ____ $941,182,778 A feature of 1908 which is of course not indicated time past and the outturn is now close to the one million-ounce mark. Rus ia's production has fluctu- above was the large increase in the gold holdings of  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PRODUCTION OF GOLD A D SILVER. the Bank of France-about 170,000 ,000-and there was also an important addition (approximately $50,000,000) in the amount held by the Bank of Germany. The following detailed compilation of the gold product will enable the reader to trace the growth in the contribution from the various sources of supply since 1880. Corresponding information from 1871 to 1881 -will be found in Vol. 70 of the "Chronicle", page 256, and from 1851 to 1871 in Vol. 54, page 14.  yield moved up from 894,424 fine ounces in 1907 to 1,012,528 fine ounces in 1908, thus nearly equaling the product of 1906; in California the advance was from 1,010,921 fine ounces to 1,103,522 fine ounces and Colorado's output increased approximately 132,000 fine ounces, largely the result of better returns from Cripple Creek. From the mines of South Dakota the yield was also appreciably heavier than in 1907, the net result for the whole United States being a gain in yield, as stated above, of 284,334 fine ounces, of which the value is $5,877,556. The ounces and values, as estimated for each State in 1908, compare as follows with the final reported results for 1907 and 1906:  <iOLD.-PROD U CTION IN THE WORLD-OUNCES AND VALUES. ...... .-3 coo  g8888 ~ 8~~~~-~ ~~~~~ ~ cii : :::: ~ :::: : ~ : : : : : ~  Oc+  a,.  c:,n.;:..e,.:,Ni-,i..  'o ' ......  ' '  10  I I I I  :~  ' 'N  I I I I  I I I I  I I I I  I I I I  0 0  I I  ....  ,i:.,i:.,i:.c:,,c:,, QI co c:,,co,.....,i:.co ,i:. NCO Ql:)O NO>-.JCON -.J i:,,i:,, _ ooococ,,"c,, °N CONNCOC) -J "'<a ... ,I:. __.Nc:,,,1:.,i:. QI C:,,0  'i,,;.. c.,;.;:..i  ;;.-:i,..  Qt,l:.C,,....  ......  c,,  ~";....c,.)CO.i::i,.-;.... C:00)....,.CO-.J 0  ,i:.c:,,...ioo.i:. ,_.  -:i,._i:,,"'°""' i:,, -.J,l:.Q>,..<0 C c.,.,.....,Nt-,,1-C) N  0COOO-.JQ> •  I  I  I  I  I  ::::: I  I  I  I  I  C:0  ~ I  c.,,~c.,N.,_...  I  I  I  I  I  I  I  I  I  I  ::::: I  I  I  I  I  (0  ~ I  C,,,l:.C:,,NN CO  N1',.....,  ':.J";..kQ)';.... 0  :..o:..i"'i:,, oo  N0C,,COOO COQIQI0QI coi:,,a,i-,oo Q>NC,,-.J-.J ...,.i.  0')0000 l\:I  QI CO i:,, 0  <:.n  C,,C,,NN-.J Qta,cooo",... °N c,,a,0 ... Qt ,i:. NQl,l:.000 0 c.ooo:..i-.,.:.. °N 0-.JN<Q0 c,,  ,....i.i-,i.  0)  aJ N.,....C.:,._. 00  0 0 ... 0000 QI i:,,:..oo°Na> 0Qo<QC:,,CO QI QI0NOO0 c,,  ~-q-q•...1.  I  I  I  I  I  I  I  I  I  :  I  I  I  I  I  ...........q ...................  Ni-,i.i-,i.i-,i.  i-,i.  ';....O'J'e:-;....-.J  ~  r-""0')00<:,;,N .,_..  QIQ, ... 0-.J ,i:. ~  ~e11-;...c.nco C:.,,,C.,.,l\:I ............  ,1:.C,,N  oo~;...~C11;...  °Nco""...ii:,,"'  c.o""...i C,,N C:,,N  ""...i-:i:..ooi:,,i:,, ,i:.00000 -.J N0000 N  oo°Nc.oco:.. oo co ... <De,, c:,, c,, -.J0OOQIN ,I:.  c,, ooc,, N,... °Nco OON NC-~  N -..1-.JQ>Q>QI"' -.J ... --.I ... ,I>. 00 o,:..oc,,:..i ;:i, CO 0NN-..1 O> ,l>.Ql ... 00,1>. 00  C,,a,  ...,N  a>oooo"c,,:..i :..i -..!NQIC,,Q> 0 0-.Jc,,0CO QI  +i>A.  ,l>.O, o .... 0QI ",i:,.c,, NO O><:lt c.oco  Q>,I>.  """'  a,:i,.. :i:..i-.. ,!>.Qt OOQI  c,,,.. .l>-N  ...  OOA~  NQI  "'"' QIOO ~co  Q>,I>.  CO,!>.  c,,c,,c,,NNC,, -..1.1>-NCOQ> 0 OOQ>Q>OOQ>  a>  oo:..:i,..i:,, co COC,,QIQIQI 00 00,1>.CONCO N coc.,,coc,,oo-.,. ,l:.NCO0OO <:It ~i-,....(7).;:.. N  ...  Qlc,,Ql,l>.,I>."' c,, .i>-<DOO,.. a, 000,<:11:..i:..i co OOQIC,,00,.. 00 C,,NOO0c,, c,, :_.a,a,c,,';,.i c,,  o  CJli-,.c.,coO -.J  ,1:.0CD-.J,I:. 0  ""...iooc.oooo i-o O>,..NCD,1:. N oc,,c,,ooo ...  ,1:.C,,N,_.QI -.J  o o 00 oo N 0  NC,,NNN O>t-OOC.)0 N,1>.CO-.JN 'i-..a,:..i'c.,co NC,,,1:.00,:o 00C:,,0000  i-,,i,1-q-i. ...,.t-,,1,  co-.JQl,l>.N CO 00 00 QI CD i:,,coo,i:,,co N,..O>Q>,I>. ,1>.CO0-.J-.J  01 ,I:. CO co QI  00 i-,,i,  N  "c,,  ,_. CO co'i-.oa,co"c,:.. ,_.C,,00CON Q> QIC,,0000> a,  I  I  I  I  I  I  I  I  I  .t,J  I  0)  NOq:>:..~  -.J ""...i c,, o  OOQ,l>.-.JN N oo,..QIQI .i>-  ...  NNNNN 0 ~<:,.) .....................  i,;:..  °Nooco:i..-.,. c,, O>c,,OOCON QI ,..QtQICO-.J 00 :..-.,.O00:i..oo O~.-""""',i:i,. 00  N-.J..-QIQI QI  i-,,i,,...q ...q . ..1.t-,,1,  C)1:  ....... c o o 0 00Q,C,,,1>.,I>. -.J  a,  ococoa,'i-.. oo O>COOOC,,-..1 QI Ql,1:.CO0Q> CO  ~  Q:>  -.Ji-,1.~c.,co N  Q>00C,,Q>c,, c,,  °'  ~ ·~.:o ~  -.Jc,,ol>-0c,, CO c,, ,1>.,l>.COC,, c,,  ~ I  NNNNNCi) ....... 0 0 0 ....... _ °Nooa,';i,..:_.~  ~N~CO~~  ::t~k~g ...ic:ocoo ...  A  O)[\)Ci,.>000)  -  t-,,1,t-,,i,t,-  !!  s::  ~  ~eg~~o~  ;.;,;,.,;,,21 ;:;~~~g;~ :i..~a.oo:..~ ... ,l>.Ql,l>.C,, O)t-,,1,~00C)t  *For figures from 1881 to 1871 see Vol. 70, pa.ges 256 to 260. 1871 to 1851, see Vol. 54, pages 141 to 144. The ounces In the foregoing table for any of the countries given may be turned Into dollars by multiplying by 20 .6718. The value In pounds sterllng may also be ascertained by multiplying the ounces by 4.2478. Thus, according to the above, the product In Africa In 1908, stated In dollars, Is $169,088, 812 , and In sterling £34,745,238.  Official Details from Gold-Producing Countries.  From the reports we have secured from the mines, mint bureaus, and other official and semi-official sources respecting gold mining in 1908, we are able to deduce the following United States.-The preliminary estimate of the production of the gold mines of the United States for 1908 furnished by Mr. F. A. Leach , the Director of the Mint, denotes that the country as a whole has increased its output 284,334 fine ounces of an approximate value of 6 millions of dollars. This is rather better than expected in view of the smaller outturn from Jevada mine which reports from time to time have indicated, but some augmentation was anticipated. The rcsul t for the year in -evada as now estimated is a loss of 160,640 fine ounce , as compared with 1907, but every other State of much prominence as a producer reports an increased product. In Alaska the  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Gold Produclton.  GOLD PRODUCTION IN UNITED STATES. ---1906-- ---1907--- ---1908Ftne ozs.  Value  Ftne ozs.  Colorado .• _. 1,109,452 $22,934,400 1,010,921 Calllornla. ___ 9ll .04 1 18,832,900 815,288 Alaska------ 1,033,537 21.365,100 894,424 South Dakota 319,512 6,604,900 200,185 Montana ____ 218,752 4,522,000 167,987 Arizona _____ 132,891 2,747,100 128, 71 Utah ..•• ____ 248,208 5,130,900 247,758 Nevada _____ 448,852 9,278,600 745,507 Ida.ho -- -- -50,102 1,035,700 60,754 Oregon __ • ___ 63,860 1,320, 100 59 ,124 New Mexico .• 12,877 266,200 15,964 Washington._ 4,983 103,000 12,689 South. States 10,990 227,200 11,712 Othrr States_ 3,643 276 5,700  Value.  Fine ozs.  $20,897,600 1,103,522 16 ,853,500 947,260 18,489,400 1,012,528 4,138,200 372,019 3,472,600 160,729 2,664,000 113,454 5,121,600 190,128 15,411,000 584,865 1,255,900 70,185 1,222,200 54,157 330,000 11 ,647 262,300 10,748 242,100 11,818 16,101 75,300  Value .  22, 11 ,784 19,581,570 20,930,7 4 7,690,294 3,322,551 2,345,308 3,930,290 12,090,218 1,450,, 30 1,119,52 240,756 222,189 244,306 332,848  Totals _____ 4,565,333 $94,373,8004,374, 27 $90,435,700 4,659,161 $96,313,256  ooocx,c.,-;._e,.,  ......  .,i:...e,,e,.:,NN .,...  0Q>N<QQ> c:,, co:..ia>co':..i coa>o ... o COQINNN ':..Ja,co°No, -.JQIO>QIQ> OON-..1,__.CO  Q)Q)C)t...,..i-,,i,""""'  I  I  I  C,.:,ON-.JI  f"_c:,,_c:,,_c:,,_c:,, :" NOOQIOOOO -.J a,coc,,...io 00 N QtN00Qt  00 00 co.i:. c,,:..i  I  I  I  01).)Q>QII  NC,,,..-.JQ> 0 co...ioo,i:.oo a,  :  I  I  I  ~~~~: ,. '"',. I  .................................. c,,i:,,o,c,,O> ooooococo oo...i,i:.a,c,,  l  :  I  I  ,.  Ni-,1-......,i,..,1,i-,i. 00  :":' Qlc,, a>co Qlc,,  :  ~  I  N-.JNN0 N  c,,c,,c,,NN CO  ..  I  :  I  a. a. :_.a,o"i-:a. -.J000-.J ,I:.  NC,JO')~I  ... I  C)O  I  ",i:,.t1t"c,,°Ni'> co Qt,1:.,1:.CDQI 0 c,,0,1:.0-.J CD  .i::..  c:.n  .............  Qt,l>-C,,N,..c,  I  OOOOOO<DN QI  -.J<:Jl ...... C.,O')  0  ~~~~~ ~ g;g;g;g;g;§~ ()o *<'!)~ :::: : ~ ::::: ~ 0COOO-.JQ> •  I  49  A/rica.-Barring the period of the Boer War and the time of recuperation therefrom, Africa has shown steady and rapid development in the mining of gold. Up to 1888 little or no gold was obtained from that Continent and in 1888 its product was but 240,266 fine ounces, or less than 5% of the world's total product. In 1908, twenty years later, the yield reached 8,179,685 fine ounces, an aggregate greater than produced in the whole world in 1893, and nearly 40% of the total, of which as heretofore said, it is the most important item. Eleven years ago the products of Africa Australasia and the United States were all of them approximately the same in amount; in 1908 the first-nam ed exceeded the other two by 129% and 77% , respectively, and almost equaled their combined total. The Witwatersrand district, the leading field of Africa, furnished alone in 1908 6,782,538 fine ounces, or 9% more than in the previous year, the product of December 1908, the closing month, at 637, 853 fine ounces, exceeding all records for a similar period. After the developments of recent years we are prepared to see even a higher mark attained froi-n year to year, as the labor supply is reported to be entirely satisfactory. The repatriation of Chinese who had been injected into the country's industry is no longer a disturbing element, the loss in labor being more than made good by an increase in native labor; at the close of 1908 the total working force in the mines was 161,005, including but 12 ,283 Chinese, against only 141,966 at the end of the previous year, of which 35,676 were Chinese. The Asiatics have therefore ceased to be a cause for concern in the operation of the mines. The results of gold mining in the Rand proper by months for six years were as follows: WITWATERSRAND DISTRICT-FINE OUNCES.  1903. 192.935 187,978 208,456 218,900 224,409 228,168 242,070 262,569 267,513 275,664 272,107 278,710  1904. 278,867 282,436 299,625 297,470 306,586 299,913 298,825 301,113 301,131 313,928 324,011 349,889  1905. 357,214 351,052 385,575 385,394 400,149 396,188 401,121 410,859 399,536 397,868 407,056 414,421  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  1907. 520,089 475,785 520,163 518,243 506,100 487,956 513,655 534,598 517,746 532,993 530,215 562,684  1908. 540,202 520,969 553,440 543,361 558,243 550,240 561,988 565,545 565,439 594,054 591,204 637,853  Totals. _____ 2,859,479  3,653,7M  4,706,433  5,559,534  6,220,227  6,782,538  Ounces. January -- --February - - -March _______ April ________ May _________ June ________  July- ----- --August_. __ • __ September •.•• October ______ November ____ December ____  We are not permitted to doubt that districts outside the Rand a lso made progress in 1908. The fields at Lydenburg, Barberton, &c., in the Transvaal reported an aggregate output of 270,079 fine ounces, against 231,157 fine ounces in 1907. Rhodesian production advanced from 525,315 fine ounces in 1907 to 607,012 fine ounces in 1908, and in Egypt, West Africa, the oudan, &c., gains are also recorded. The subjoined compilation covering the progress of gold mining in all section of Africa since 1886 is submitted without further comment:  50  PRODUCTION OF GOLD AND SILVER.  AFRICA'S GOLD PRODUCTION-FINE OUNCES. ---Total----Other---Witwatersrand-£ Ounces. £ Ounces . £ Ounces . Year. 122,140 2 ,754 122,140 28,754 1887(partyr) 1.020,600 240,266 212,390 50,000 80 ,210 190,266 1888 ------1,554,794 366,023 212,390 50,000 1.342,404 316 ,023 1889 ------2,035,980 479,302 303,939 71.552 1.732,041 1890 ------- 407,750 3,092,024 727,912 539,691 127,052 2,552,333 600,860 1891 _______ 4,887,176 631.652 1.150.519 4,255,524 148,701 1892 ------- 1.001.818 5,866,756 679,550 1.381.128 5, 187,206 159,977 1893------- 1.221.151 7,924,434 967.500 1.865,538 6,956,934 227,765 1894 _______ 1.637,773 8,984,685 271),000 1.146,906 2,115,138 7,837.779 1895------- 1.845,138 9,133,220 7,888,465 293,035 1.244.755 2,150,106 1896 _______ 1.857,071 1897 ------- 2,491.552 10,583,616 326,941 1.388.780 2,818,493 11.972,396 1898------- 3,562,813 15,134,115 341.908 1.452,357 3,904,721 16,586,472 1899 ------- 3,360 ,091 14,273,018 305,784 1.298,909 3,665,875 15,571.927 2,388,569 562,307 709,051 166,922 1.679,518 1900 ------- 395,385 2,016,414 474,696 1.015,203 235,701 1.001.211 1901------- 238,995 8,490,559 7,185,260 307,286 1.305,299 1.998,811 1902 _______ 1.691.525 1903 ------- 2,859,479 12,146,494 458.183 1.946,290 3,317,662 14,092,784 509,747 2,165,303 4,163,541 17,685,632 1904------- 3,653,794 15,520 ,329 788.040 3 ,347,436 5,494,473 23,339,094 1905------- 4,706,433 19,991.658 1906 ------- 5,559.534 23,585,400 1.042,151 4,486.849 6,601.fi85 28 .072,249 1907 ------- 6,220,227 27,403,738 1,200,847 5,100,958 7 ,421,074 32,504,696 1908 ___ ~ ___ 6. 782,538 28,810,393 _1._39_7_,1_4_7 _5_.9_3_4._84_5 _8_._11_9_,6_8_5 _3_4_,7_4_5_.2_3_8  Values.  Russia s production In 1893 ___ ___ ___ _______ $27,808,201 "1894 ________ ____ _____ 24,103,396 " " "1895 _________ _____ __ 28,894,360 "1896 _______ _________ 21,535,757 "1 897 ________________ 23,245,666 "1 898 ________________ 25,463,33 7 "1 899 __ ______________ 22,167,100 " 1900 ___________ _____ 20,145,500 "1901_ _______ ________ 23 464.562 "1902 ____________ ____ 22.739,01 3 "1903 __________ __ ____ 24,632,200 "1904 ________ ____ ____ 24,803,200 "1005 ___________ ----- 22,291,600 "l!JOIL __________ __ ___ 1A.4<l4,700 "1907 __ ______________ 26,684,000 " 1908 ________________ 28.000.000  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 1,078,356 943,056 1,290,840 1.354,502  India.-ln this country there was apparently a small increase in the production of gold -in 1908, the returns from the Cola.r field s'e eming to warrant our drawing that conclusion. Compared with 1906, 1905 or 1904, however, the yield is less . As will be observed in the subjoined table, Total ____ 50,628,970 216,011 ,778 8,478 ,739 36,076,061 59,107,709 252,087,839 the output from the Colar field was 534,377 gross ounces in Australasia.-Since the retrograde movement in pro- 1908, which compares with 531,829 gross ounces in 1907 duction set in in 1906, progress in that direction has been and 563,478 gross ounces in 1906. steady in Australasia's yearly aggregates. Extended comEAST INDIA-GOLD PRODUCTION PRINCIPAL MINES. ment on the fact does not seem called for, especially as we 1902. 1903. 1904. 1905. 1906. 1907. 1908. Ounces. Ounces. Ounces. Ounces . Ounces. Ounces. Ounces. can offer no clearer explanation for it than that given on Champion Reef. ______ 120,533 128,671 158,642 217,135 213,838 211,466 159,574 ____________ 86,252 73,562 68,881 66,236 73,571 84,698 88,075 former occasions-the poorer quality of the ore from the Ooregum Mysore ________ ____ __216,488 209,441 205,918 205,389 201.909 192,897 168,504 Nundydroog _________ 80,889 74,964 72, 439 70,561 68,569 70,129 58,031 lower levels. In 1908 Westralian production dropped to Balaghat Mysore __ , ___ 28,039 33,574 46,432 42,470 31.706 .27,155 26,607 7,800 8,525 13,177 12,328 11,441 Mysore West & Wynaad 2,176 9,319 1,648,505 fine ounces, against 1,698,553 fine ounces in Coromandel 5,000 4,272 593 2,641 2,298 _________ 737 1907, and in every other province , with the possible exception Others ______________ of Tasmania, and South Australia, the yield of gold reported Totals ____________ 534,377 531,829 563,478 615,561 606,193 697,786 514,328 was less than in the previous year. We subjoin a comOther Countries.-Aside from the countries already pilation indicating the product of each colony and the referred to, Mexico is the most important producer calling combined aggregate for a series of years: for attention. From a very limited yield in 1888 developPRODUCT OF GOLD IN AUSTRALASIAN COLONIES-FINE OUNCES. South Tasma- Total A usNew New So. Queens- Western  ment has been quite steady,and on the whole rapid, until now that country ranks sixth in amount of product. Such 116,774 531.096 30,603 180,968 21.541 17,965 1.453,172 141,069 516,710 27,886 231.837 26,404 44,497 1.518,690 information as we have secured as to the working of the 142.227 545 .051 54,785 218.401 35,857 39,817 1.638,238 mines in 1908 seems to justify an estimate of 919,126 fine 163,571 562,649 101.132 206,852 30,844 34,377 1.711.892 298,804 621.000 190.561 203.810 32,976 53,243 2,020.180 ounces as the output, that comparing with 903,699 fine 331.352 581.147 212 ,992 270 ,012 43,556 50,567 2,170,505 ounces in 1907 , Lacking conclusive data from South 272,386 587,155 258.764 242,624 26 ,684 57,579 2,185,872 268,840 743,294 633 ,515 231.512 9,497 55,876 2,690,278 American districts, and bearing in mind the fluctutating u rse appears966.167 257,762 18,400 63,995 3,235.638 nature of the product there, the only safe co_ 314.385 844,652 468,665 871.816 1,512 ,366 358.418 30,351 70,492 4,105,526 to be to estimate 1908 the same as in the previous year, 281 ,209 855,959 1.438,659 335,300 26,458 65,710 3,729.961 216 ,884 733,975 1.616,933 412,868 29,668 70,990 3,792.364 and we can do no better t han fo1low a like course for European 254,432 653,362 1,769,176 459,408 23,662 60,974 3,949 ,394 countries other than Russia, the aggregate outturn being 258,488 686,469 2,064,798 479,738 24,401 36 ,678 4,317,923 269,817 624 ,917 1.985,230 467,647 17,913 60,000 4,196,822 very moderate in any event. Central America probably 274,263 577 .559 1.955 .316 520,040 20,547 74 ,316 4,232 ,091 did better in 1908 than in 1907, and a further increase in 253,987 493.120 1 ,794,542 532,922 14,078 50,888 3,925,591 247,363 457 ,596 1,698,553 477,303 11 ,870 65.354 3,668,308 product is liable to have taken place in China and Siam. 224, 788 452,451 1 ,648, 505 474,415 al4,330 a70,453 3,560 .943 Bringing together a11 obtainable data from "other countries" (not including Mexico), we are of the opinion that a Estimated In part. there is justification for putting the combined product Canada.-An important increase in production in British slightly ahead of 1907. Columbia is responsible entirely for the gain Canada's SILVER PROD U CTIO N O.F THE WORL D . yield for 1908 exhibits over the 1907 r esult. At least that is So little early data with regard to the production of the explanation furnished to us by Mr. Jno. McLeish, ilver is procurable that the reaching of any definite conStatistician of the Department of Mines of Canada, in clusions at this time as to the 1908 yield of the world's is out of the question. We have, of course, Mr. connection with the estimate he has so kindly favored us mines Leach's estimate for the United States, which foreshadows with. His estimate points to an augmentation in output in a decline of about 5 million ounces, due largely to the 1908 of 58,848 fine ounces, the aggregate yield being placed shutting down or reduced running of some of the large at 464,401 fine ounces, against 405,553 fine ounces in 1907. smelters during part of the year. Canada,on the other hand, consequent upon the heavy augmentation in yield in the But even the increase reported for 1908 does not prevent Cobalt district, app arently shows a large increase, and the Dominion exhibit from making a sorry comparison with from Australasia and Mexico it is probable that the 1908 the of Development new supply approximated the 1907 result closely. The any year prior to 1907 back to 1898. Yukon territory brought Canada into prominence in the drop in the price of the metal doubtless acted as a check upon mining operations, especia11y where the product was last-named year and its production increased heavily for largely low-grade ore . The net decline in value of silver a few years but latterly returns have been comparatively during 1908 at London was 5 7-32d ., the average price poor. The results for Canada for the last sixteen years, having been 24 13-32d., with the highest 27d. and the lowest 22d. In 1907 the average was 3(} ;3-16d., in 1906 was stated in fine ounces and values, have been as follows: Ounces. 30½d., in 1905 was 27 13-16d. and in 1904 was 261/sd. Values. 44,853 We give below a tatement of silver production covering Canada's production In 1893_ ________________ $927,200 50,411 " 1894 _________________ 1,042,100 " " See "Chronicle" of Feb. 11 1899, 92,440 each year since 1890. " 1895 _________________ 1,910,900 136,274 page 258, for figures back to 1871. " 1896 _________________ 2,817,000  Yr.t. Victoria. 1890- •• 554,225 1891- •• 530,287 1892. - -602,100 1893 ___ 612,467 1894 .- -619,786 1895---680,879 1896_ - _7 40 .680 1897 ___ 747 ,744 1898 __ • 770,277 1899 ___ 793,418 1900---126,666 1901--- 711.046 1902 ___ 728,380 1903---767,351 1904- __ 771 .298 1905---810,050 1906 ___ 786 .054 1907 ___ 710 ,269 1908_ --676,001  Wall's.  "  land.  1897  Australia. Zealand. Australia. nia.  -----------------  5  9 5 ,os , oo  ::.. mt===============Jr·m:~88 27 916 752 1900 • ----------------- • }g8t===============Jt:~:t~!~ ::" 1903 _________________ 18,834,500 " 1904 _______________ __ 16 400,000 " 1905 _________________ 14,486,800 " 1906 . ----------------12.023.932 1907 _________________ 8,383,500 " 1908 _________________ 9,600,000  tralasia.  ~~t:!~~ 1 ,031 ,563  }j~g;~~~ 1,003 359 911 118 793,350 700,800 51\1 ,6fi0 405,553 464,401  Russia.-lt is never possible to ob tain early information as to gold production in Russia that is at all conclusive,and for that reason any estimate made is frequently subject to  SILVER.-WORLD'S PRODUCTION IN OUNCES AND STERLIXG. F ine  Ounces.  ~:i!;~~  Ounces.  189 1-. __ 58,330.000 1892 ____ 63,500.000 1893---- 60,000.000 1 94 ____ 49,500 ,000 1895---- 55,726,945 Total '91-95.287,056,945 1896---- 58 834.800 1397 ____ 53,860.000  Mexuo.  Australia.  Ounces.  Ounces.  35 ,719,237 39,504.800 44,370.717 47,038 ,381 46,962,738  10,000,000 13 ,439,011 20,501.497 18,073 ,440 12,507,335  t,~l!:1;. Ounces.  Total  Ounces.  33,916.175 137,965,412 36 ,496,175 152,939.9 6 41.228,063 166,100.277 53.140 ,696167,752,517 53.983,231169,180,249  ::i~~a £  25,900,276 25 ,370,513 24,655,510 20,226,410 21.059,416  213 ,595,873 74,521.283 218,764 ,340 793.938,441117 ,212,123 45,718.982 12,238,700 40,268,888 157,061.370 19,959,882 53,903,180 11.878 ooo 44,431,992 164,073.172 18,885.500  mt=== itm:ggg itm:888 fg::~J:J~g tl:fgtJ3t m:m:m ttm:m  i~~1---  57.647,ooo 57,437,808 13 ,340,263 44-413,802 172,838,873 20,344.575  ·gt~~= ~;:m:~88 i~:i1i:g~g f8:~ftm  f~tm:g~~ ii:m:m  2 2 2 ~t:8f3:t:~ important revision. Such was the case for 1907, which 19 year, instead of showing a moderate decrease in yield, 1902 ____ 55,500.000 60,176,604 8 ,026,037 39,060.842 162,763 ,483 16,318,731 1903---- 54,300,000 70 ,499,942 9,682.856 33,206 ,394 167,689.192 17,292,944 actually made a marked gain. The indications are that H!04 ____ 57,682,800 fi0,808,978 14,558,892 31,144,596 164 ,195,266 18,044,172 there was a further augmentation in yield in 1908 , giving }~~~1--- 56,101.600 65,040,865 12,561,600 35,884,774 169,588,839 19,652,873 a record production for the country' and for the purposes I 1dit~~= ____ 56,514,700 61,147,203 19,083,031 48,269,689 185,014 ,623 23,271,622 of this compilation we have estimated it at ' 28 I 000 I 000 I 11907 1908 (est.)51,798,053 61 ,000,000 19,000,000 52,000,000 183,798,053 18,666,990 a Values or silver In this table are commercial values and are computed on the or 1,354,502 fine ounces . Details for the last sixteen years ~!irf:~tfi~i~;;1!:h l.~~6~~ silver as given by Messrs. Pixley & Abell, London. Value are appended:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  2~~:m:i88 31tm:~~g f~:g~f :m l~g:~~i:m m:~:g:i~~ ~t~8g:~~i   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  A  TABLE SHOWING THE FLUCTUA.TIONS IN LONDON IN THE PRICE OF BA.R SILVER PER O UNCE S'FAND.AI?.b, .FROM jANUARY,  YEARS.  J ANUARY.  FEBRUARY.  MARCH.  Pence.  Pence.  Pence.  1837 . ... 6014 - 603s 60 60 1838.... 5912 5912 5912 6058 6014 - 601is 1839 .... 603s -6058 1840 . . 6014 -60¼ 6014 3014 -603s 1841. •• . 603s 603s 60 1842. .•. 595s 593s -5912 59!Js 1843 .... 591s -5958 59 -5914 59 -591s 1844 .... 5914 -593s 593s 5914 1845.. .. 5914 591s -5914 5878 -591s 1846 .... 59 14 5914 5914 1847 .... 601s -603s 603s 603s 1848 .... 591s -5914 5914 -593s 591s -5914 1849 .... 595s -5934 5934 60 -6018 1850 .... 5958 -5934 5912 -5958 593s -5934 1851. .. . 61 5s 6112 -615s 6112 6012 603s 1852 .... 6012 -6034 1853. .. . 613s 613s 613s 1854 . ... 6112 -6134 6158 6170 1855 .... 6112 -615s 6112 -61 58 60 78 1856 .... 60 7s -6114 6118 -613s 6012 -61 1857. .. . 6214 6112 -6178 613s - 6134 1858. ... 6112 613s -6178 613s 1859 .... 6134 -62 6134 6134 -6234 1860 . ... 62 -623s 62 -6218 613.4 -621s 1861. .. : 6114 -613s 611s -6114 605s -61 1862 . .. . 61 -6158 6112 -6134 6114 -613s U63 .... 6158 -6134 6112 -6158 613s -6112 1864 .... 6170 -6212 6114 -6178 6112 -6134 1865 .... 6112 -615s 613s -6112 61 -613s 1866 . ... 613s -6134 6078 -61 12 6078 -61 6034 605s -6034 1867. ... 60 7s 1868 .... 603s -60 7s 603s -6012 6012 -611s 1869 .... 6058 -60 7s 6034 -61 6012 -6034 1870 .... 6012 -6034 603s -60½, 603s -601is L871. ... 6 0 12 -60 5s 6012 -6058 603s -6012 t872 .... 605s -6118 6034 -611s 6034 -60 7s 1873 .... 5934 -591516 5934 -5916 16 5934 -59 7s 1874 .... 58 -5912 5812 -59 -38 12 -593s 1875 . . .. 5712 -5758 573s -5712 57 -5714 1976 ... . 54 7s -5618 53 -54 78 5212 -5414 1877 .... 56 78 -58 14 56 -5734 5314 -561s 1878 . ... 5312 -54 5316 16-5514 3418 -55 1879 .... 491is -51 4912 -5014 18 78 -5014 1880 . ... 5214 -5234 52 -5211 16 5134 -5212 1881. ... 51 -5134 5114 -52 7s 52 -52 70 1882 . ... 511316-5218 52 -521 16 5178 -521 16 1883 . ... 5 0 -50916 503s -51 50 34 -513 16 1884 .... 50l\1 -51 51 -513s 5011 16-51316 1885 . ... 493s -50 4813 16-499 16 t9 -49al 6 1886 .... 47 -46 7s 4616 16-4612 16 78 -461 rn 1887 .... 471s -4614 47 -465 16 !6716 -445 16 1888 .... 449t 6 -4414 443 16 4313 16 4334 -43 1889 .... 421 16- 4238 4234 -42½, -125s -4214 1890 .• . . 44 7s -4418 4458 -4311 16 443s -4334 1891. ... 48:i! -46 7s 4634 -4412 455 16 -4458 1892 .... 4334 -41 34 411516-41¾3 4158 -39 1893 .... 38916 -3818 3812 -3814 383s -37916 1894 .... al!\i -3012 301 , 16-2712 2-7 70 -27 18!-15 . ••. 27710 -27316 2711 i!i-27 14 2934 -27Ge 1896 .••. 30 79 -3012 Jl111 11 -3034 31 11 rn -311e 1897 ... 2913u1-29111 ~ 2934 -29Ll1t 291is -285 16 1898 . ... 2t>70 -1618 2 614 - 251is 2 1>1 6 -2n 1 899 . ... 2715s -2714 27~ -273s 279 1~ -273s 27~ - 270111 2711 1e-277 16 1 oo .... 27 11 16- 27 l POl. •.. 29915 -27~ 2812 -27 71'! 28315 -27015 1902 .... 261s -257 16 25¼ -25616 257 16 -2413 16 Hl03 .... 223s --211116 22 '• 10 -21 7fl 22 71l -221s 1904 ... 2 i 516 -25¼1 27¼ -:&P'I~ 2n11 16-2,i. 1905 .... 28% -27916 286 6 -:l7~ 2711 ,e-2513 fl 1906 .... 3014 -2 ,1 16 301 16-1019 30 ; 16 -29 1907 .... 327 16 -315 16 3212- 3112 321 16 -30 ' 16 1908 .••• 27 -24 7s 26~ -253s 251316-2 57 16  APRIL .  Pence.  MA Y.  - PenCC:- -  JUNE.  Pence-. -  J ULY.  - Pence. -  1837,  Tu DECEMBER,  AllGUST.  SEPTEJ\IBER.  OCTOBER.  NOVEMBER.  Pence.  Pence.  Pence.  Pence.  1908,  JNCLUSiVE;  DECE.MBI,;R. Y'AR AVG YEA HS.  Pence.  -59 78 5912 -5934 5914 5914 -5958 59 -5958 5914 -5912 59 -59 14 5914 -59½ 5912 -5912 593s 593s 593s 593s 5912 59½, 5912 -5934 60 -60¾-6014 6014 -603s 603s 603s -60½, 603s 6012 6012 6014 -60½, 6014 -6012 601s -6014 6014 601s -6014 6014 -603s 6012 -6058 6012 -6034 6012 6014 -60~ 60 6014 1301s -6014 5978 -60 601s 601s 5934 -59 70 59 78 5934 5914 -593s 593s -5912 5934 -60 5934 5958 -5934 593s -5958 591s -5914 5914 -593s 591s -5914 1 591s 591s 591s -5914 5914 59 4 5914 5914 5914 5914 593s 5912 5958 5958 -5934 5934 59 34 5958 5958 5912 5878 5878 -5914 59 -5914 591s - 5914 593s -59 50 593s 5912 -59 78 593s -59 78 591s -59'4 59 59 59 591s 591s 591s 5914 -593s 601s ~09~ 587s -6&3s 5878 -5914 59 -59 78 59 78 -60 5934 -60 5958 -5934 5914 -59½, 59 18 v ,, 5812 -5912 5912- 60 5912 -59 1is 5912 -59 78 5958 - 59 7s 59 70 5912 5912 -59 70 5912 -5958 5912 -59 78 591is -5934 5934 - 59 78 5912 -59 34 593s -5912 5978 -60 5978 5912 5912 -59~ 591is 591is 5958 5958 -59 7e 59 78 60 -601s 601s -603s 603s -6114 6112 6112 611s -6112 60 78 -611s 6034 -61 6034 -61 6012 -6034 60 -6058 603s 6034 59 78 -60 14 5978 -60 5978 603s 603s 603s 6034 -6118 611s -61 78 6114 -6138 1 613s 6058 -613s 6058 -611s 611s -6112 6118 -61 7s 617s -62 18 6170 -6218 6170 -623s 6158 -61'-s 6158 -6178 6078 -6134 6114 -6112 6114 61 14 61 -6112 611s -613s 611s -6112 l1~ _ 1"-· 60 58 . 6114 -613s 6112 6112 -6158 6134 6112 6112 60 -613s 6 -... 6 -q 6012 -61 61 -611s · 6034 -6114 60 70 62 6214 6114 -6158 6158 -6214 6112 -6170 62 613s -6134 61 - 6112 6178 6112 61 70 -623!-! 6112 -617s 6134 -62 6114 -613s 6112 -6178 613s -6112 6114 -61 30 6034 -61 60 34 611s -6112 6114 -6112 6114 -61~ 6178 -623s 6214 -623s 62 -6214 62 -62 34 6134 -62 6134 -62 6178 -62 62 62 613.4 6158 6158 -6134 6112 613s -615s 6158 6158 -6134 6114 -615s 6114. -613s 6078 -6134 6034 - 6078 603s -6058 601s -60 14 60 14 -6012 6014 -60 7s 605s -6034 60 7s -611s 61 -6ll.4 611s 6114 6114 -613s 61 -6158 61 -611s 61 14 -613s 6114 -613s 6114 -617s 617s -6218 615s -61:.\i 61 -613s 6114 -6158 61 -611is 61 -6114 61 -611s 611s -613s 6114 -615s 613s -6134 6158 -61:.\i 6 1 14 - 6178 6078 -611s 6118 -613s 611s -61616 61 -6112 613s -615s 6058 -6114 60 70 -613s 615s 60 5s 609 16 -6034 6012 -6034 6012 -6034 60 34 -60 7s 605s -61 611s -6114 6114 -61 34 61 916 -6l7f! 61 -6112 61 -62 615s -6214 6058 -6134 603s -605s 6034 -61 60 78 -61 60 78 -61 6034 -60 7!! 6012 603e -6012 606 16 -605s 603s -6012 603s -6012 603s -6012 6034 -6114 603s -60::\i 603s -6012 6012 -6058 603s -6058 603s 603s -60710 601s -603s 60 1s -6014 6014 -6012 603s -6012 6034 -60 7s 6012 -6058 60 - 603s 60 -6014 6014 -60510 6014 -603s 603s -6012 603s -6012 603s -60½. 603s -6058 603s -6Q½, 603s -60½, 603s -6012 6012 -62 603s -6058 6014 -603s 603s -6058 6012 -605s 6012 -605s 60316 -6014 60316 -60 14 603s -60916 6012 -6058 601is -6034 6058 -60 1316 6014 -6058 6058 -61 6012 -617s -6018 601 16 -60316 60 -6014 606 16 -607rn 60 -6014 5914 -59 34 5958 -59 34 6014 -6078 601 16 -6012 60 593s -5978 596 16 -5912 59516 -593s 581316-593 16 581316-59¾3 5812 -59 57 7s -581s 58 -58 111s 5934 58916 -5914 5812 -587s 5!:·'2 -59 5814 -5812 57 70 -5818 575s -58 5758 -57Vl16 5734 -5814 5714 -5734 571s -573s 5612. -57 55 •:. -5578 5511 16-55 7s 56 -565s 5611 16-56 34 563,1 -5718 5615s -561510 561s -5658 5312 -54 52 -54 50 -52 4634 -5112 5014 -5334 511s -529 16 52 -5358 531s -55 5514 -5812 53½. -55 5358 -5458 5312 -54 5378 - 5412 54 -5414 5414 -55 14 545s -5558 54 -55 5334 -5414 3 7 5378 -5414 5314 -53 8 5212 -537 16 525 16 -5213 16 5218 -5234 5112 -521s 4912 -519 16 503s -50 4 4912 -50 11 16 4912 -501s 5 0 -5134 5112 -5::J 51 -521s 511s -5178 513s -515s 519 16 -5334 53 -5334 523s -53 5134 -5214 521 16 -5214 523 16 -5278 5212 -52 78 52½, -52 7s 521s -525s 511316-52516 515s -517s 515s -52 51 -5111 16 50 78 -5238 5114 -517s 511is -511316 5113 16-5218 517s -52 5134 -52 52 -5218 5112 -52 521 16 -525 16 5218 -52716 5 178 -523s 515s -52 5178 -521 16 5134 -521 16 5112 -5115 16 50 78 -5134 50 -50 78 7 503s -501316 501 16 -503s 501 16 -5034 505 16 -5012 50716 -505s 5058 -501616 50 s -51 5012 -5016 16 5012 -51 5012 -51 5034 -5016 16 505s -5015 16 5011 16-50 7s 509m -50 7g 505s -50 7s 50716 -50 70 4911 16-50716 4912 -49 70 48 78 -4978 4815 16- 50 49 -49:l16 49 18 -4914 487 16 -493 16 47 14 -483s 4714 -4758 47516 -4712 46 7s -4712 4611 16-46 46 -4434 453s -4411 16 449 16 -42 425s -42 45 -4258 45 7s -4412 47 -45 7s 463s -45 449 16 -4314 4334 -437 16 4414 -4311rn 447 16 -43 7s 4514 -4414 45 -447 16 44~ -4313 16 4310 16-4358 4518 -431316 4278 -4212 425s -4158 4214 -42 425 16 -42 421s -4115 16 443 16 -4211 6 4.33s -42 70 4318 -42 7s 42 70 -42510 425 16 -421 16 4214 -4115 16 423 16 - 42 425 16 -42 429 16 -4214 4211 16-423s 4312 -4258 443s -4358 4.43s -4334 48 -43 7s 4712 -46 49 -4614 5078 -479 16 5412 -5034 545s -50 5112 -4818 4834 -45 4912 -4714 45 -43 78 451s -4414 46 -4414 463s - 455s 461s -451 16 456 16 -44 34 45 -441 16 441 16 -4312 4414 -4312 4018 -3914 403s -3911 16 411s -40116 4014 -391 16 391 16 -37 7s 385 16 -3818 3958 -3818 3914 -3834 39316 -371516 38516 -38 38916 -3758 3834 -3012 3434 -321s 34 7s -3211 16 3412 -33 7s 341s -3112 3234 -3112 32516 -31¾ 293s -291s 29 14 -281 6 28 6 , 6 -286 16 28 16 16-28 70 3012 -2811 16 30¼ -293 1 fl 299 16 -28 ' 516 296 16 -2838 2812 -27316 3078 -29 78 30 70 -303 16 3011 11-303 16 301is -303lf,. 301• 16 -3014 309 16 -30716 313s -3l,5s · 31 -3058 30Ll16-30 31311, -301 -li e 31¼ -30151, 31 91a 31 ~11< 3112 ·3 139 313s -3038 301110-30 3001 -2934 30 ·, , -2934 30 -291315 2 812 - ~83 16 283 , 6 -2712 2734 -2712 2711 1,-2638 2612 -2334 2714 -2334 27½, -2flll 6 2 12 -263s 2734 -251610 26 lf -2nll 111 2678 -2578 2712 -2 11 u 16 2r~ -27 271 ~H-~71s 286 16 -2711 16 2!'14. - 2 9 6 2Ro 1El -2 1.g 2758 -2714 28 78 -273s 2834 -28 28 -271J 1 .. 2734 - 275s 2 7J 3 16-271s 273s -2613 e 26 •11 - 6-2658 27 fl - 261 ' -1, 276 6 -261616 2712 -27flu 2 75s -2712 2811 111 -279 1, 28 • 6 -27¾ 287 6 -27 t 1~ 2914 -287 16 30316 - 2918 29 1, 16-291 , 29 7s -29½ 271516-261616 271is -2 ' 316 27916 -2714 27¼ -261316 2718 -26~ 27 -2h 7s 26 '•• -263s 2612 -253s 2534 -241516 2478 -236 16 24 -'L3o16 247 16 -2316 , 6 249 16 - '.!47 16 247 16 -2418 2418 - ~3»16 3 11 16-2.114 , 3 . - ~1 11 1, 22 5s - 21 316 25116 -2211s 2514 -24615 24916 241s 2512 -2414 ~6l\1 - ~5~10 27916 - ·, 614 2812 -27716 t.7 58 -2614 2 b716 -25 :tfl'-.1 -247 16 2515 16-2519 2618 -256 16 27 -2f>3s 27 -2 63 16 ~6?s - 26 2615 11:;-'L6½ 2 14 -'L61i 2811 6 - , 73s 26~ - ~57 6 27616 -2 n1t, 271<! -2 •,7 fl 27616 -2 678 33s -2714 2~34 -28 2 151 , -285 1,; 3()5 6 - 2815lr 30516 -29 3g 3oio16 -'21:111& 3138 -309 16 311s -21:19 6 :➔ 07 16 -29 1316 3015 6-29 7s 3134 -3016 16 329 6 -3, 11 16 :·l3 i.. -3 ·t 3 '.!3s -31 11 , , 301':i -30 3112 -2915lll 31116 -305s 3115 16-31 \32 14 -3110 319 16 -311 16 30 7s -277 16 281 16 -2 612 2634 -24 316 11 .15~ - 45 16 2413 1 •. 4 1253s -2414 2478 -243 6 243s -235s '.!431 6 -23 16 24 -23116 235 16 -223 6 'L3:l16 -22 5912 593s 60 60 14  ii~  GREAT BRITAIN-BANKS  & TRADE.  COMMERCIAL MOVEMENTS IN 1908. BUSINESS IN ENGLAND IN 1908. (Communtcated by our London Correspondent.)  London, January 9 1909. The year just closed has been a year of depression, anxiety and stagnation. Trade has been exceptionally bad, profits have been small and employment has been scarce. There has been a good deal of distress amongst the working classes. According to the Clearing-House returns, the total clearings amounted to £12,120,362 ,000, a decrease compared with the preceding year of £610,031,000, or 4.7%. Indeed, we have to go back to the year 1904 to find as low an .amount of clearings as in the year just closed. The -clearings for the fourths of the several months, which are usually taken to indicate the amount of trade as distinct from Stock Exchange operations, show a decrease of £85,846,000, or 15.8% , and the clearings for each month separately are less than for the corresponding months last year, with two exceptions, viz.: May and August. On Stock Exchange paydays there has been a decrease of £149,775,000, or 8 .2% . In the middle of August the Stock Exchange decrease compared with the corresponding period of the year before was as much as £227,313,000. From that time onward them was a gradual improvement. On the other h:rnrl. the clearings on Consols settling days show an increase of £13,153 ,000 , or 2.1 % . The highest amount paid was on the 1st of July £76 285 000, and the largest amount ever paid on' a C~nsois settling day . As, however, the ordinary displacement of C3:8h on the 1st of July is very considerable, the clearmgs on that day this year should not be regarded as a guide for future reference. The Board of Trade returns show that the total imports during 1908 amounted to £593,140,723, a decrease compared with the preceding year of £52 ,667,219, or 8.2%. The value of the exports of British and Irish produce and manufactures amounted to £377,219 ,579, a decrease compared with the preceding year of £48 ,815,504, or 11.5% . The reexports all?-ounted to £79,665,569, a decrease compared with t he prec~dmg yea: of £12,276,515, or 13.3%. The decline in our foreign trade 1s, of course, partly due to the fall in prices, but ?Y no mean~ wholl:y so, for _there is, unquestionably, a considerable shrmkage m quantity also. Our foreign customers have not been during the year in a position to buy as fully from us as before, and therefore there has been a la:ge shrink~ge. The shrinkage is greatest in the trade with the Umted States. The imports of American produce of all kinds, though large, have fallen off more than under the circumstances would have been expected. The exports from this country to the United States have fallen off much more. serio~sly, as w_as inevitable considering the condition of thmgs m the Umted States in the early months of the year. Our trade with Canada and Newfoundland also suffered severely. Naturally, these countries shared in the crisislin the United States. Our trade with Germany also suffered very severely. At first the falling off was less than was generally expected, because the German demand for Britis_h_ coal during the early months of the year continued surpnsmgly large. But for the whole year the falling off in the trade with Germany is serious. The trade with the S~uth A_n:ierican countries also s1;1ffered, particularly that with Ch1h, where there was an mdependent cri is and a severe one. There was a marked falling off, too, in the trade with both Brazil and Argentina. In the early part of the year our trade with India was large because of old contracts which were only then being executed, but later in the year the trade with India suffered considerably. There was, likewise, a considerable falling off in the trade with Japan and China. The complete trade figures of imports and exports into and from Great Britain for three years are as follows: EXPORTS AND IMPORTS. 190 .  Exports. £ Home produrts__ _ __ __ _ _ __ _ ____ ___ _ _ 377,219,579 Re-i!hlpments of Imports____________ 79,665,569 Total exports--------------------  1907.  I  190fi.  £  £  426,035,083 91,942.0 4  375,575,338 85,102,4 0  456,885,148  517,977,167  460,677,818  Total -~erchandlse_ __ __ __ _ _ _ _ _ _ _ _ _ _ _ 593,140,723  645,807,942  607,888,500  Excess or Imports -over exports __ _____  127,830,775  147,210,682  I mports .  136,255,575  The return of the seventeen principal railway companies   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  of the United Kingdom for the year just closed amounted to £96,994,000, showing a decrease compared with the preceding year of £2,347,000, or 2.3% . Here again we have to go back to 1906 to find as poor returns. It ought to be pointed out here that the figures are not revised. They are the figures published week by week and they will be revised and corrected later on. We compare these unrevised figures of the year just closed with the unrevised figures of the preceding year. For the first half of the year there was a decrease of £172,000, or 0.9%, in the passenger traffic, while for the second half of the year there was an increase of as much as £255,000, or 1 %, making for the whole year an increase of £83,000, or 0.19%. On the other hand, there is an unbroken decrease in the goods traffic. For the first half of the year the falling off was £994,000, or 3.6%; for the second half the decrease was £1,436,000, or 5.1 %; making for the whole year a decrease of £2,430,000, or 4.4%. Probably the increase in the passenger traffic is due mainly to the goodness of the weather since the 1st of May. The first four months of the year were cold and harsh, which, perhaps, accounts for the falling off in the passenger traffic in the first half of the year. The summer was exceptionally fine and the autumn was still finer. Consequently, we find a very material increase in passenger traffic in the second half of the year, so considerable, indeed, as to blot out the decrease for the first half of the year and to give a substantial increase for the whole year taken together. On the other hand, the falling off in tbe goods traffic was greater in the second half of the year than in the first, from which it would seem that the depression in trade grew more and more as the year went on. It is to be remembered, however, firstly, that the strike in the engineering trade, and later on in the cotton trade, threw large numbers of people out of employment and disorganized great industries . Furthermore, it is to be recollected that in the Far East trade was disorganized by the drought and famine in India, the crisis in Japan and the disorganization of business in China, owing to the fall in silver. As the year drew to a close, there was a more hopeful feeling, and manufa~turers reported that orders were coming in more satisfactorily. Throughout the year the working classes were restless and dissatisfied and sometimes adopted measures very unwise even from their own standpoint. For months together there were fears of a great railway strike, which, however, was happily averted. Ultimately there was a strike in the cotton trade, brought on by the obstinacy of the card-room workers. There was, likewise, a strike in the engineering trade. All well-informed people knew that the cotton strike could only add to the distress of the country. But the card-room operatives were inexorable, although all other branches of the trade were willing to accept the employers' terms . Happily, that strike came to an end some time ago. Over and above this, the year has been a very anxious one because of political apprehensions. More p articularly, the action of Germany in regard to Morocco raised fears, not in France only but generally all over Europe , that Germany was resolved either to compel France to withdraw from the entente with England or else to fight. There are good grounds now for hoping that a better understanding has been established. At all events, the Casablanca incident has been referred to arbitration. At the very moment when this was done, AustriaHungary, by annexing Bosnia and Herzegovina, raised another difficulty which ever since has kept Europe in grave fear of a general war. At the moment of writing, the prospect seems more favorable, but even yet the danger of war weighs upon business of every kind. The revenue returns for the first nine months of the financial year show a net decrease of £5,029,503 It is to be recollected, however, that in April last there was a reduction in the sugar duty which was estimated to cost ths Exchequer £3,400,000. Moreover, the Post Office hae during the nine months made important concessions to the public which have diminished the Post Office receipts by £70,000. The falling off is much smaller than it threatened to be at the end of October, for if we make allowance for the reduction in the sugar duty and the Post Office concessions, the real decline in revenue is less than two and a half millions sterling. In the first six months of the financial year there was a falling off in the revenue of as much as £4,41&..000, whereas in the three months ended with December the falling off was only £611,000, showing a very remarkable recovery in the receipts. It looks now as if the deficit at the end of the year would be quite moderate. During the three months ended with December there was a remarkable improvement in the receipts from income tax, stamps, house duty, telegraphs and telephones. The Customs receipts of course declined because of the reduction in the sugar duty. There was also a decline of £550,000 in Excise, which is the least satisfactory of all the items . It is too early yet, of course, to form a definite opinion as to whether the recovery in the receipts from taxation during the quarter ended with December was due to special efforts on the part of the collectors to get in as much revenue as possible, or signifies that already trade has begun to improve. Un-  BUSINESS IN GREAT BRITAIN. doubtedly there is a feeling amongst the commercial classes that the worst is over and that a recovery has set in. Manufacturers report that orders are being placed with them more freely than before and there is a decided rise in prices in some great industries, notably in wool. The weather in 1908 has been very exceptional and has exercised a detrimental effect upon British farming. The last two months of the preceding year were exceptionally wet, and therefore delayed winter sowing. The first two months of the year just closed were dry and somewhat cold. They were welcomed, however, by the farmers as the ground dried, and thus it was possible to make up for much of the delay caused by the extreme wetness of the preceding two months. March was a wet month, which again delayed sowing. April, for the season, was very cold and stormy, and at the very end there was an exceptional fall of snow. Owing to this condition of the weather the area under cultivation was decidedly decreased. Under cereals, for example, there was a falling off of as much as 82,000 acres, and in many other crops, likewise, there was a shrinkage. May, June and July were warm and favorable, though for a little while in June and the beginning of July there were complaints of drought. August, when dry weather would have been exceptionally welcome, was a wet month, and interfered greatly with harvesting. Unfortunately the broken state of the weather continued well into September. The end of September and all October were exceedingly fine, and, indeed, almost to the very end of the year the weather was mild and genial. The crops did not do well because of the weather. Of the cereal crops the best was wheat, which, however, was not quite as satisfactory in c; uality as in quantity. The worst was, undoubtedly, barle~,. It is said that the quality is worse than for a great mar.y years and the price now ruling for malting barley seems 1,0 show that the proportion of that quality is exceptionally 3mall. Hay and grass were favored by the weather and the potato crop was large and good The price of wheat ruled high during the year. The lowest touched was 30s. 3d. :>er quarter, which is higher than the minir,num for a great ·many years past . But the quantity of wheat now grown in this country is so small that farmers did not benefit as much by the high prices as they would have done had oats and barley ruled equally high. Although, however, the price cf wheat was higher than for a considerable number of years, the tendency was for it to drop all through the year and at the close it was decidedly lower than twelve months previously, because the promise now is of abundant crops in India and Argentina and of a fairly good crop in Australia. The chief attention of farmers is now given to thebreedingand feeding of animals, and in that re~pect the year has been about an average one. In spite of the competition of the motor, especially in the town , the demand for horses continues wonderfully good, and the prices exceedingly high. Horned cattle have also been in good demand and sheep have done well. The coal trade has, taking it altogether, been surprisingly active during the year, considering the many unfavorable circumstances which affected it. The strike in the engineering trade, the lockout in the ship-building trade, the great depression in ship-building, the extremely mild weather, which lessened the demand for house coal, and the great falling off in the foreign demand for coal, especially in the German demand-owing to these unfavorable circumstances, the price of coal tended downwards throughout the year , and yet the fall has been moderate. The volume of business was large, probably about the same as in the very prosperous year of 1907. In several districts attempts were made to lower wages, but they met with only partial success. But In some cases wages were reduced from 4 to 6%. chiefly, either the reductions were merely- nominal, or the demand of the employers for reductiont1 wafl given up. The iron and steel trades have ~:ien g1 eatly depressed during the year just closed. So far as the pig iron trade was concerned, the most depressing influence was the falling off in the demand for the United States and Germany. In the first eleven months of 1907 American consumers bought as much as 430,859 tons of British pig iron. In the corresponding period of the year just closed they only took 58,140 tons. During the same eleven months of 1907 Germany received directly and through Holland 606,518 tons . In the corresponding period of last year she took only 403,329 tons. This falling off in the American and German demand naturBut generally the ally told very seriously upon the trade. foreign demand fell off, with the exception of the French and Italian. The Italian demand in the year just closed was exceptionally large, as much as 203,289 tons. As the ship-building industry was almost paralyzed, the home demand also fell off greatly, and in consequence the whole trade suffered. Prices went down in all directions. In the finish ed iron trades the fall is from 20s. to 30s. per ton. In the pig market there has also been a sharp fall. Indeed, in the early part of the year the fall was so continuous and so marked that speculators thought it safe in February to sell on a large scale for delivery three months later. The sale price was 48s. Ultimately, as they were unable to deliver, they had to pay 57s. 6d. But as soon as the excitement was over the price dropped abruptly to nearly 49s. The great depression in the iron and steel trades naturally led to various disputes, the employers insisting that they could not go on p aying the high wages ruling at the beginning of the yea(~and the men resisting with all their might every  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  53  reduction. It is estimated that from Jan. 1 to Nov. 30 there had occurred 357 trade disputes, in which 297,854 workmen were involved, with an aggregate loss of 10 ½ million working days. Of the variousdisputes, the mostserious and prolonged were those in the ship-building and engineering trades. For seven months this dispute was continued, causing great dislocation of trade and serious loss to the men in wages. The dispute was entered upon by the men in opposition to the advice of their leaders, so much so that Mr. George Barnes, M.P ., resigned the Secretaryship of the Amalgamated Society of Engineers because, contrary to his advice, they entered upon a struggle which he foresaw would be ruinous to them. In the end the Board of Trade intervened and the representatives of the men were constrained to advise their clients to accept the terms offered by the employers. The exports of iron and steel from Great Britain have been J as below each year since 1876, inclusive. EXPORTS OF IRO  Al'-1'D c-3TEEL FROM GREAT°lBRITAIN . Other  Ptg Iron.  Raus.  Descrtpttons .  Tons.  Tom.  1,298,248 1,943,939 1 ,665,809 982,876 810,934 1 ,065,3 0 1,102 ,566 839,1 2 1 ,427,525 1,380,342 1,042 ,853 1,201,104 1 ,060, 165 866,56 830,9 5 840,294 767,053 840,055 1 ,145,268 1,190,371 1,036,319 1,158,174 1,0 l4,257 960,931 1, 269,576 1, 564 ,048 1,758,072 1,480,196 1,632,343 1,223,436 924,646 881 ,442 910,905  Tons.  453,574 429,161 460,328 546,569 525,371 604,076 716,210 572,724 463,731 590,667 609,403 782,045 747,662 457,552 425,242 558,375 468,003 702,247 1 ,035,43 1 1,089,892 1,020,002 1 ,011 ,779 739,651 714,276 728,540 971,165 936,949 20,67 1 693,696 463, 78 441,384 497,924 414,556  2,349,154 2,779,127 2,556,063 2,191,937 1,927,171 1,895,145 1,759,248 1,485,813 1 ,649,433 1,746,171 1,592,094 1,702,957 1,782,571 1,511,421 1,393,771 1,457 ,905 1,504,223 1,697,844 1,820 ,731 1,905,919 1,910,242 1 ,973,075 1,605,289 1,455,475 1,497,439 1,508,095 1 ,658,53 1 1,517,458 1,466,055 1 ,196,170 933,193 965 ,285 899, 09  Tolal. Tons.  4,100,976 5,152,227 4,682,200 3,721,382 3,262,842 3,564,601 3,57Y,104 2,897,719 3,540,689 3,717,180 3,244,350 3,686,106 3,550,398 2,835,541 2,649,998 2,856,574 2,739,279 3,240,146 4,011,430 4,186,182 3,966,563 4,143,028 3,385,197 3,130,682 3,495,991 4,043,308 4,353,552 3,820,315 3,792,993 2,883,484 2,296 ,860 2,346,370 2,224,470  Taking the whole year through, the weaving branch of the cotton trade has done very badly, while the spinning branch has done exceedingly well. It is quite true that during the past few months the spinning branch has begun to feel the consequences of the depression, and the outlook now is far from bright. But if we extend our attention to the whole of the past year, there is no doubt thatthespinning branch has done well. A report published of one hundred Oldham mills which make known their accounts shows that they made an averagt; profit of over 16% on their share capital for the year ended ov. 30 and that the average dividend actually distributed was 11 ¾% - In the previous year it is quite true that the profits and dividends were much higher, but then 1907 was altogether an exceptional year. Again, it appears that ninety companies which do not disclose their profits have paid a mean average dividend of 14 ½%- Finally, we find that sixty-eight other companies averaged 16.18% profit on their share capital for the year. From these figures it seems clear that the spinning branch of the trade has done well. But the weaving branch has done badly, and in the end that must tell upon the spinning branch. Besides, the erection of new· mills is going on at an extraordinary rate. It appears, for example, that spindles for Amedoan yll.rn partly working now number 1,401,164; spindles in cour1Se of erection number 1,894,624; and spindles projected number 590,000. In addition to these, spindles partly working for Egyptian yarn number 573,000; and in course of -e rection 737,956. It is stated that makers of spindle machinery are getting alarmed at the enormous additions which have been made lately and are still being made, and that they are demanding in some instances cash on delivery; in other instances, cash on placing the orders in the hope of bringing about a check. The weaving branch, on the other hand, has undoubtedly had a bad year, and though the results of their trading are not usually published, it is understood that some of them have been hard pressed. There have been a few failures, but on the whole not so many as might have been expected. The wool trade, like every other industry in the country, suffered during the year just closing very severely from the universal crisis, which began in its acutest form in the United States, but quickly spread to all the world. Our foreign customers found themselves unable to buy upon the usual scale. With the single exception of Argentina there is a falling off in British exports to every country on the globe. This falling off in business was aggravated by an accumulation of stocks in foreign countries. In the Far East, more particularly, there has been a very large accumulation of goods which could not be disposed of, and even at the close of the year the accumulation has not been got rid of. -~·>$The goods were bought at considerably higher prices than have ru1ed ever since the panic in the United States, and it will take some time yet before the glut will be completely di5:"  BUSINESS IN GREAT BRITAIN.  54  posed of. In the spinning branch of the trade, moreover, the difficulties were aggravated by spinners placing in 1907 orders for wool at the high prices then ruling. The drop that followed the panic in the United States has embarrassed a great many of these spinners, and the result has been either the closing of factories or working on short time. As unemployment increased at home the purchasing power of our own public was materially reduced, and thus the difficulties of the trade were increased. Nevertheless, the latter half of the year has been better than the first half, and hope is now strong that the New Year will show a still further and satisfactory recovery. At the colonial wool auctions in London in the early part of the year, foreign buyers of every kind were very few and American buyers were almost entirely absent. Prices dropped very heavily and continued to fall away until July, when there was a slight recovery; at the September sales there was a further recovery; and at the December sales there was a very strong demand, with a still greater recovery. Moreover, the December sales were attended by good American buyers as well as by a large number of Continental buyers. Still, in spite of the steady recovery in prices from July to December, at the close quotations are lower by from 10 to 20% than they were at the closing sales of 1907. EXPORTS OF TEXTILE FABRICS.  Year's Exports.  1908.  1907.  Quantttte.s. Cotton yarn ________ ____ lbs. Piece goods _________ yds. Jute yam _____________ lbs. Piece goods _________ yds. Linen yarns ____________ lbs. Piece goods ___________ yds. Woolen yarn ___________ lbs. Woolen tissues ________ yds. Worsted tissues ________ yds.  214,876,200 5,532,413,200 50,158,500 166.986,900 13,705,700 151,949,000 50,910,100 75,665,J00 74,297,100  241,076,700 6,297,707,900 67,518,600 179,376 ,600 16,442,000 184,999,100 58,098,600 84,881,100 99,011,700  Values.  Cotton yarn ______________ _ Piece goods ____________ _ Jute yarn ________________ _ Piece goods ____________ _ Linen yarn ______________ _ Pler.e goods ____________ _ Woolen yarn _____________ _ Woolen tissues ___________ _ Worsted tissues __________ _  £  £  12,857,270 70,238,363 714,739 2,025,216 903,477 4,267,726 4,609,230 9,641,278 5,932,307  15,416,971 81,049,207 1,232,238 2,748,755 1,242,638 5,526,979 6,014,107 10,311,046  7,393,489  1906. 207,378,700 6,260,771,400 53,060,600 172,968,200 14,978,200 190,957,700 55,328,000 79,957,400 99,230,700 £  11,835,603 75,372,268 865,475 2,463,845 1,007,963 5,326,955 5,339,531 9,734 ,575 6,827,700  The shipbuilding trade has been exceptionally depressed throughout the year. Freights have been exceedingly low and great numbers of vessels have been laid up because it was found unprofitable to work them, and arrangements have been entered into in large numbers between various important lines in the Atlantic trade to terminate rate-cutting. Similar arrangements have been made in connection with the general cargo freights between Brazil and the Continent and the United States; between the United States and West Indies; between the United States and the Mediterranean and between large German companies trading in many different directions. Steamers have been laid up in foreign ports with their crews on full pay. It is estimated that at present the tonnage laid up at home and abroad is about a million tons. Steel plates were quoted at the beginning of the year at £6:12:6d.; they are now nominally £6:0:0d. Prices for building are about 10% lower on the year. Second-hand steamers are about 20% lower. Sales to foreign owners have been very limited. It is not possible as yet to give an accura te statement of the tota l number of vessels built since Lloyd's Register is not yet prepared to issue its report. But we take the following figures from an exceedingly careful authority in Glasgow, which foll ows the shipbuilding industry with great attention, and whose annual estimates prove to be very nearly correct when the figures of Lloyd's Register are published. According to this authority, the total number of new vessels of every kind constructed in 1908 was 1,325, against 1,826 in 1907, a falling off of 501. The falling off really was greater, beca use barges and small craft are included. If we had the fi gures for large vessels alone, we should see even a greater decrease. The total tonnage was 1,076,362, against 1,828,295, a decrease of 751,933. The horse-power was 1,148,375 in 1908, against 1,775,705 in 1907, a decrease of 627,330. In these figures are included the outturn of the Royal Dockyards as well as the output of all other yards. The stock markets during the year have been depressed. anxious and unprofitable. Partly this has been due to the universal crisis and the political apprehensions. But largely it ii:! the result of disorganization. Heretofore, the city usually has had certain great leaders, who were followed by very large classes, and who, therefore, were able to guide the Stock Exchange. At present there is not a single leader who has an extensive following, and who, therefore, is able to give the initiative. Perhaps the consequences of the absence of leadership were never more clearly shown than in the first two months of the year. In his Budget statement in the preceding April, Mr. Asquith had given full notice that he was building up a very large sinking fund, roughly, about 15 millions sterling, and all persons who followed the weekly Treasury returns knew that only a very small portion, a mere fraction, of this sinking fund had been applied in the first nine months of the year. In the first nine months of the year the British revenue is always much smaller than the expenditure. In 1907 the Government , instead of borrowing in the open market to pay its way, as it usually had done, used temporarily the sinking fund, with the result that m the first three months of · 1908, when the revenue  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  largely exceeded the expenditures, it was able to apply to the redemption of debt the whole of the sinking fund. Every well-informed person knew that the great bulk of the sinking fund, practically about 12 millions sterling, would be applied in the first three months of 1908. Yet, strange to say, the great majority of the public looked on apathetically while, in consequence of Treasury redemption and buying back by "bears," consols were sent up about 8 points. Even more striking was the abstention of the great body of the public when the remarkable rise in American railroad securities took place in the first nine months of the year. Owing to the absence of leadership, the City utterly misunderstood the character of the panic in the United States. It took for granted that the crisis resembled preceding crises, when immense masses of capital were sunk without immediate prospect of return, and it concluded, therefore, that the depression which followed would be long continued. As a result, it refused to believe that there could be a quick recovery in American securities, and it looked on while those securities went up in a most remarkable manner, predicting that there must be a collap'se and another panic. It was not until the opportunity for making money had disappeared that the majority of our public recognized the mistake they had made. 1n other directions there was very little opportunity for making money. I n fact, the political anxieties were so general; so serious and so continuous that nearly every other department of the Stock Exchange was depressed. Even consols, which, in the first two months of the year were run up to over 88, were sent down again to under 85. British railway securities were depressed, partly because of mistaken policy on the part of Parliament, partly because of bad management on the part of the directors and managers, and partly because of the general crisis. Parliament insists, or at all events hitherto has insisted, upon maintaining competition between the railways and at the same time exercising control over them. It has been pointed out by competent critics that either control or free competition might succeed, but that both together could not possibly succeed. Yet Parliament has, up to now, persisted in the policy. The railway companies, too, have always divided their profits up to the hilt, on the principle that investors were entitled to whatever the net earnings of the railways were, and that all betterments, extensions, and so on, should be paid for out of fresh capital. The result has been a breakdown in the system which has now lasted for several years. Recently, the railway companies have been entering into arrangements amongst themselves to put an end to wasteful competition. Whether Parliament will interfere to prevent this is not known, and the consequence is that, owing to bad traffics, diminished dividends and uncertainty for the future, investors are holding aloof. Regarding the stock markets as a whole, the one really cheering circumstance, apart from the recovery in the American market has been the great improvement in the gold industry in South Africa. The best estimate that can be formed is that the total outturn of South Africa, including Rhodesia, will this year exceed 30 millions sterling . Immense amounts of gold have been shipped to this country, and the cost of working has been greatly reduced. At the beginning of the year, therefore, all well-informed persons took for granted that there would be a great recovery in prices, and active investment began. Unfortunately, the political apprehensions which have been so severe and so continuous , soon frightened buyers, and although the whole recovery has not been lost, the market has more or less been thrown into disorganization. Throughout the year money has been exceedingly cheap. On New Year's Day the Bank rate stood at 7% ; on the following day it was put down to 6%. During the month of Janua.r y it was reduced by successive steps to 4% ; in March it was reduced to 3% and in May to 2½%, and so closed the year. The open market rate for three months' Bank bills has averaged £2:6:9d. per cent, and for deposit rates at notice the average rate has been £1:16:4d. per cent. For day-to-day money the rate has been £1:19:8d. per cent. During the first three or four months of the year a good deal of gold went into the Bank of England, but since April no bar gold has been sent in. Coins have been received from India, China and elsewhere, but large as the amount of bar gold imported has been, none has been received by the Bank of England since April. As already said, the main demand for gold has been for France and India, though for a little while there was an active demand for both Germany and Austria. The situation of the Bank of France as to its stock of gold and silver, according to the last returns of each month of 1906, 1907 and 1908, was as follows: GOLD AND SILVER IN BANK OF FRANCE-(00,000s omitted). 1908.  Gold. Stlv"r_ Total:,  £ Jan. 30 __ 107,4 Feb. 27 __ 110,6 Mch. 26 __ 110,6 Aprll 30 __ 113,9 May 29 __ 121,7 June 25 __ 126,1 July 30 __ 127,7 Aug. 27 __ 129,0 Sept. 24 __ 129,8 Oct. 29 __ 131,8 Nov. 26 __ 135,3 Dec. 3L _ 139,5  1907.  Gold. Stlv'r Total  £ £ II £ 36,3143,7 11Jan. 3L- 105,8 36,2146,8 Feb . 28-- 105,5 36,3146,9 IMch. 28 __ 104,2 36,2150,11Aprll 25 __ l03,5 36,6158,3 May 30 __ 105,9 36,8162,9 June 27 __ 110,5 36,3164,0 1July 25 __ 112,4 36,2165,2 Aug. 29 __ 111,8 36,0165,8 Sept. 26 __ 111 ,5 35,6167,4 Oct. 3L- 111,4 35,6170,9 Nov. 28 __ 108,0, 35,31174,8 Dec. 26 __ 101,6 1 11  1906.  Gold. Silv)Tota  £ £ !I £ 39,4145,2'1Jan. 25 __ 114,2 39,4144,9 Feb. 22 __ 114,4 39,2143,4 Mch. 29 __ _116,9 39,2142 ,7 April 25 __ 119,8 39,5145,4 May 3L_ 117,6 39,7150,2 June 28 __ 117,9 39,3151,7 July 26 __ 116,9 38,8150,6 Aug. 3Q __ 116,7 38,5150,0 Sept. 27 __ 114,8 37,5148,9 Oct. 25 __ 112,8 37,3145,3 Nov. 29 __ 110,3 37,0144,6 Dec. 27 __ 108,2  £ £ 42,3156,5 42,4156,8 42,0158,0 42,2162,0 42,5160,1 42.,7 16 0 • 6 4 2 15 9 4 42,1158,8 51 41,9156,7 41,3154,1 40,4 150,7 40,0148,2 1  55  BUSINESS IN GREAT BRITAIN.  In the subjoined statement we show all the changes in the is no public record. When we take all this into account, Bank of England rate in each year from 1900 to 1908 in- we shall see that the investments at home and abroad in the year just closed have been on an enormous scale. Of the clusive: total amount subscribed, there was raised for Indian, Colonial BANK OF ENGLAND RATE OF INTEREST. and foreign countries about 148 millions sterling. Of this Rate Numbe:r Rate Numbe:r latter sum, 39 millions were invested in government loans, Year. Year. % of days . % of days. - - - 9 millions in corporation stocks and 63 millions in railways. 1905. 1900. A large part of the government loans was, it may be noted, Jan. 1 to Jan. 11- ____ 6 11 days Jan. 1 to Mch. 8_ - - - - 3 67 days for railway purposes. Allowing for the government exJan. 11 to Jan. 18 _____ 5 7 days ! Mch. 9 to Sept 6 _____ 2½ 182 days 25 _____ Sept. 7 to Sept. 27 _____ 21 days penditure upon railways, the subscriptions for railways Jan. 18 to Jan. 7 days 3 4½ Jan. 25 to May 24 _____ 4 95 days nearly reached 90 millions sterling. 119 days Sept. 28 to Dec. 31_ ____ 4 Of the total invested in May 24 to June 14 _____ 3½ 21 days --- Year's average _______ 3 June 14 to July 19 _____ 3 35 days 365 days government securities, £19,363,937 were for foreign counJilly 19 to Dec. 31_ ____ 4 165 days 1906. were for India, and £14,942,614 were for -- - - - Jan. 1 to April 5 _____ 4 95 days tries; £4,950,000Foreign Year's average _______ 3.96 365 days April 6 to May 3 _____ 3½ 28 days the colonies. corporation stocks absorbed £4,4 to June 21_ ____ 4 May days 49 1901. 485,512 and colonial corporation stocks £4,652,905. For3 _____ 13 _____ 3½ 84 days 2 days June 22 to Sept. 11 Jan. 1 to Jan. 7 _____ 4 _____ 35 days Sept. 14 to Oct. Jan. 3 to Feb. 4 28 days eign railways took £42,344,634; Indian railways £6,894,250, 5 ____ 4½ 14 days Oct . 12 t o Oc t . 19 _____ 5 8 days and colonial railways £14,335,776. Feb. 7 to Feb. 21_ Miscellaneous invest105 days Oct. 20 to Dec. 3L---- 6 Feb. 21 to June 6 _____ 4 73 days ments absorbed £36,007,588. June 6 to June 13 _____ 3½ 7 days ·--31_ ____ Yea.r's average _______ June 13 to Oct. 4.27 365 days 3 The gold production of the world during the year just Oct. 31 to Dec. 31_ ____ 4 • 1:g ~:~: • 1907. 17 days closed will probably not fall very much short of 90 millions Jan. 1 to Jan. 17 _____ 6 --Year's average _______ -3.72 365 days Jan. ·18 to April lL---- 5 84 days sterling , and a very large port10n of this has come to London April 12 to April 25 _____ 4½ 14 days 1902. During the _____ 4 112 days and been offered for sale in the open market. 23 days April 26 to Aug. 15 _____ 4 Jan. 1 to Jan. 236 _____ Jan. 23 to Feb . 3½ 14 days Aug. 16 to Oct. 3L - - - - 4½ 77 days first three months of the year the Bank of England secured 238 days Nov. 1 to Nov. 4_ ---- 5½ Feb. 6 to Oct. 2 _____ 3 4 days a large proportion of the gold so arriving. From the month 90 days Nov. 5 to Nov. 7 ---- - 6 3 days Oct. 2 to Dec. 31_ ____ 4 ____ 7 54 days of April onward, with a break of about eight weeks in the -- - - - Nov. 8 to Dec. 31_ Year's average _______ 3.33 365 days -Year's average _______ 4.92 365 days late summer, most of the bar gold received from South Af1903. rica J Australia and India was exported to France, where the Jan. 1 to May 21_ ____ 4 140 days 1908. 2 _____ 28 days Jan. 2 days Bank's stock increased over 30 millions sterling. 1 to J an. May 21 to June 18----- 3½ 7 Germany 77 days Jan. 3 to Jan. 16 _____ 6 June 18 to Sept. 3 _____ 3 14 days 7 days and Austria, also obtained during the eight weeks reSept. 3 to Dec. 3L ____ 4 120 days Jan. 17 to Jan. 235 ---- 5 _____ 42 days ferred to a considerable amount of the metal. 4 On the other -- - - - Jan. 24 to Mch. Year's average _______ 3.75 365 days Mch. 6 to Mch. 19 _____ 3½ 14 days Mch. 20 to May 28 _____ 3 1904. 70 days hand, bar gold has been continuously shipped to India to the 1 to April 14 _____ May 29 to Dec. 31_ ____ 105 days Jan. 4 In December 2½ 217 days total amount of about 3¼ millions sterling. ·Aprll 14 to April 21_ ____ 3½ 7 days -- - - Year's average _______ ·3,01 366 days gold was minted for the first time in Canada at the Ottawa April 21 to Dec. 31_ ____ 3 25 4days Mint. The total imports of gold during the year into this --Year's average _______ -3.29 366 days country, according to the Board of Trade returns, were £46,145,314, and the total exports £49 ,969,099 , leaving a deficit The appended table, made up from the official statements of £3,823,785. of the Bank of England, shows the position of the Bank as Silver has been falling in price all through the year. regards bullion, reserve, &c., each week of the year: The Government of Mexico availed itself of the opportunity to coin at a good profit, but it was India which BANK OF ENGLAND IN 1908-(00,000s omUted). was mainly attracted. The lowest prices failed to give Res'rve life to the manufacturing trade at home. But week -B'Uton Deposus. SecurUtes. Market Note n both Rate of after week, from the commencement of the year, the Indian (}<JVCtrDeNotes Bank 3 Months' 1908. e:rn,.. Other. and bazaars took silver. There was, at the same time, a steady cula- . part- Publt.c. Othe:r. Rate. Bank. ment. Cotn. Btlls. , tion. · ments - - - - - - - - - - - - - fl.ow of silver rupees from circulation to the Government coffers. This, coincident with the persistent country de£ £ £ £ £ £ £ % % 1 ____ 15,8 40,8 21,5 32,5 7,6 52,7 6a 5 1-16 Jan. 8 ____ 29,5 mand for bar silver, showed, as time went on, that the na5,3 45,1 16,3 27,8 24,3 28,9 34,8 4¾ 15 ____ 28 ,4 tives, attracted by the fall in the metal, were buying orna44,5 26,9 4,5 35,8 14,3 25,9 sii 4½ 22 ____ 14,3 26,3 27,5 28,3 37,3 6,7 43,3 4c 3~4 ments. The reflux to the Treasury became an embarrass42,1 25,8 28,9 14,3 28,0 38,5 8,9 29_ -5 ____ ment to the Government, as it prevented the sale in London 27,1 Feb. 28,1 37,5 10,7 40,5 14,3 27,8 -12 ____ 27,9 38,0 13,6 39,8 14,3 28,7 28,6 3 13-16 of Council drafts. To restore the equilibrium, the gold se19 ____ -15,3 40,0 14,3 29,6 29,6 27,6 38,7 3¾ -26 ____ 27,8 curities in the gold reserve were partially replaced by silver 14,3 34,8 29,9 39,3 17,2 43,7 3 7-16 4 ____ -28,2 40,8 14,3 34 ,0 29,5 3½d 39,3 18,7 rupees. The Government shipped sovereigns from India Mch. 3¼ IL ___ 27,9 34,9 30,5 40,0 19,3 41,6 13,7 3 1-16 -41,4 34 ,2 31,3 40,6 19,6 13,7 2 13-16 and released two millions in sovereigns "ear-marked" in 3e 18. --- 27,8 25 ____ London as security for the note circulation. Against the 43,7 30,9 13,7 37,2 40,7 19,8 2¾ -1 ____ 28,2 34,4 29,2 43,4 April 8 ____ 28,9 39,7 15,6 13,7 2¾ -stock of cash thus created, tenders were invited for drafts 28,2 11,2 43,7 30,8 28,9 38,7 13,7 2 7-16 -15 ____ 29 ,1 41,4 30,0 26,1 36,8 13,7 10,7 11-16 on London, and a total amount of over 8 millions sterling ---- 22 9-16 22 ____ 28,5 30,2 26,9 37,0 10,4 42,8 13,9 was disposed of. Happily, the monsoon was satisfactory, 29 ____ 28,6 43,1 14,3 29,5 37,3 10,0 27,1 2¾ -6 ____ whereupon remittances Eastward again began. Under 44,4 27,2 May 13 ____ 28,7 9,0 14,3 29,7 37,5 2½ -28,4 43,4 14,6 29,0 37,0 9,4 27,0 2 1-16 these circumstances, a speculation was got up in the Bom-20 ____ 28,3 29,0 2 10,4 43,0 14,6 27,7 37,6 -28,8 37,7 10,4 42,8 14,6 27,7 1 11-16 bay Bazaar to "corner" the "bears" by locking up the local 2½1 273 ---____ 28,5 44,2 29,3 38,2 9,8 15,0 27,5 June 10 ____ 29,2 1¾ stocks, which at one time amounted to about two millions 29,0 9,8 44,3 15,0 29,4 27,4 38,0 ------ 1¾ sterling. The struggle between the "cornerers" and the 15,1 28,8 38,9 9,8 46,0 28,5 30,0 1 7-16 17 ---24___ 29,0 46,2 15,2 30,0 28,9 39,4 10,2 ---- 1l¼5-16 "bears" was very keen and long-continued, but ultimately ___ July 8i_____ 9,6 51,2 15,2 36,3 27,l 30,0 38,6 ended in an arrangement between the two. Still, it dis4,9 15,2 26,5 29,7 37,8 48,8 30,0 1¼ -15 ____ 29,5 29,1 15,2 26,8 organized the market for a considerable time. The imports 37,8 5,3 47,8 1¼ -22 ____ 29,5 29,3 46,8 37,8 6,5 15,2 26,7 1¾ -of silver into this country during the year amounted to 29 ____ 29,5 46,1 15,0 37,1 5,8 28,8 26,0 1¾ -5 ____ 29,9 and the exports to £13,283,888, showing a 45,4 15,5 28,5 24,6 36,1 5,2 Aur. ---- 11¾7-16 £10,326,889 12 ____ 29,5 5,1 25,5 36,5 45,5 15,5 27,7 deficit of £2,956,999. 19 ____ 29,1 8,1 44,7 27,7 27,6 38,3 15,5 1¾ ---- 1½ 26 ____ 29,2 The following are the bank and open market rates of 44,2 27,9 38,7 7,9 15,5 26,7 2 ____ 27,3 44,6 15,5 26,7 38,3 6,7 Sept. g ____ 29,5 l¾ interest at a number of the principal Continental cities on -26,4 29,1 45,5 15,5 27,5 38,1 5,7 1% -first day of each month during 1908 and on the closing 46,2 26,3 28,0 6,3 15,5 16. - - - 28,8 38,4 ---- 1l½7-16 the 23 ____ 44,3 15,5 26,5 28,2 28,8 38,6 7,6 day oflthe year: 30 ____ 29,5 8,1 42,5 26,2 26,9 38,0 15,7  ____ ____  g~ .  Oet.  7 ____ 14 ____ 21- ___ 28 ____  4 ____  Nov. 11 ____ 18 ____ 25 ____ 2 ____ Dec. 9 ____ 16 ____ 23 ____ 30 ____ 11  29,4 29,0 28,9 28,5 29,0 28,8 28,4 28 ,5 29,0 28,9 29,1 30,0 29,7  Jan. 2 1908.  36,9 36,5 36,6 36,4 35,9 35,7 35,8 35,6 34,6 33,9 33,0 30,9 30,7  b Jan. 16.  4,3 4,0 4,5 7,6 6,3 6,1 9,0 9,3 8,1 7,4 7,2 8,0 7,9  46,6 46,7 46,1 41,3 42,3 41,7 40,0 42,8 41,6 40,7 41,6 42,6 53,6  c Jan. 23.  16,6 16,6 16,0 14,7 14,7 14,7 14,7 14,7 14,7 14,7 14,7 ·14,7 14,7  26,0 25,9 26,1 25,6 26,3 25,4 26,2 29, 6 28,5 27,6 29,5 34,2 45,1  d March 5.  25,9 25,9 26,2 26,3 25,3 25,4 25,8 25 ,5 24,1 23,5 22,3 19,4 19,4  -------  ---  ----  -------  1½ 1¾ 1½ 1 15-16 2 2 1-16 2 3-16 2¼ 2½ 2¼ 2¾ 2¾ 2¼ 2 5-16  e March 19. 1 May 28.  New issues during the year have been on an enormous scale. Excluding conversions and issues known to have failed, the total of new issues taken by the public amounted to 203 millions sterling. Of course, foreigners applied for a portion of this large amount. How much was taken by foreigners and how much by the British public it is impossible to say. But if we allow for even 28 millions having been taken by foreigners, the total British subscriptions would reach 175 millions sterling. The whole of this has, of course, not been yet paid up. Some of the installments will run on in the New Year. But even so, there must have been at least 150 millions sterling paid up. We have to recollect that companies working abroad apply a portion of their profits for betterments. We have to remember, also, that private individuals spend large sums abroad of which there  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1908. \Jan. Feb. Mch Apr. May J'ne July Aug Sep. Oct. Nov. Dec. Dec. 1 1 1 1 1 31 1 1 1 1 Rates of interest at- 1 1 1  ParisBank rate ______ Open market_ __ BerlinBank rate ______ Open market ___ amburgBank rate ______ Open . market ___ Frankfort-Bank rate ______ Open market ___ AmsterdamBank rate ______ Open market ___ BrusselsBank rate ______ Open market_ __ ViennaBank rate ______ Open market ___ St. PetersburgBank rate ______ Open market ___ MadridBank rate ______ Open market ___ CopenhagenBank' rate ______ Open market ___  3 4 3 3 3 3 3 3 3 3 3½ 2½ 2¼ 2¾ 2¾ 1¾ 1¾ l¼ 1¼ 2  3  3  2¾  4 4 4 4 4 5 4 4 6 5½ 5 4¾ 4¾ 4¾ 4¼ 3% 3¼ 2¾ 2¾ 3¼ 2½ 2¾ ,2¾  7½ 6  7  4 4 4 4 6 4 4 4 5 5½ 5 4¾ 4¾ 4¾ 4¾ 3% 3¾ 2¾ 2¾ 3¼ 2½ 2% 2¾  7½ 6  7  4 4 5 4 6 5½ 5 7½ 6 6¾ 4¾ 4¼ 4¼ 4¾ 3¾ 3¼ 2¾ k  4 4 4 4 3½ 2¾ 2¾ 2¾  3 3 3 4 4 3 3 3 5 3½ 3½ 3½ 3 d 2¾ 2½ 2¾ 2½ 2½ 2% 2¼ 4¾ 3¾ 3% 3¼ b 6 5 5½ 4  4 3 3½ 3½ 3½ 3¼ 3 2¾ 2¼ 2 3¼ 3 3½ a 4  4  6 4½ 4½ 4½ 4½ 4 e 4 4¼ 4 5¾ C  4 h  3½ 3¾  7½ 6½ 6½ 6½ 6½ 6  6 N.  N.  N.  N.  N.  N.  N.  N.  3 3 3 3 2¼ 2¼ 2¼ 2½ 4  4  X  X  4 11  4 3¾  5½ 5½ 5½ 5½ 5½ 5½  N.  N.  N.  N. N.  4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4½ 4 4½ 4 3½ 3½ 3½ 3½ 3½ 3½ 3½ 4 8 7  7 7  6½ 6½ 6  6  6  5  6 5  N.-Nomlnal, a 3 1-16; b 3 5-16; c 4 1-16; X 3-15-16; Y 3 9-16.  t 2 15-16;  3  2¼ 2  6 5  6 5  6 5  a2  7-16; e 3 11-lti: h 3 13-16:  6 5  5½ 5½ 5½ 5 5 5  TRADE AND COMMERCE-RETURNS OF. FOREIGN INPORTS AND EXPORTS. DECREASED TOTALS IN OUR FOREIGN TRADE. Final eviden~e of the diminution in our foreign commerce in 1908 is furnished by the trade statement for December, issued at Washington on Jan. 15th. With but three exceptions the merchandise exports month by mont_h exhibited losses from the corresponding period of 1907, the falling off in some instances being large in amount, and imports in every month but December were generally well below those of the previous year. It is furthermore to be noted that the 1908 outward movement of goods covered a slightly smaller aggregate value than for 1906 and that the year's inward flow was materially less than in 1906 and moderately below 1905. A more complete idea of the check our foreign trade has suffered can be reached by combining the figures of exports and imports. In that way the total foreign trade is $2,869,282,928, or a decrease of nearly 477 millions from 1907, a loss of 249 millions from 1906 and a gain of only 63½ millions over 1905. At the same time a favorable feature is that our total trade has increased nearly 1,000 millions of dollars in the last decade (closing with Dec. 1908), or over 52%, against an augmentation in tlie preceding similar period of 488 millions, or less than 35%. Between 1878 and 1888 the advance was only 243 millions, or a little in excess of 20%. Thus it will be seen that notwithstanding the setback experienced in 1908, our trade during the decade which ended with that year made a greater advance than in the two preceding decades combined, and in fact almost equaled the gain recorded in the thirty-year period -1868 to 1898. As to merchandise imports for the twelve months of 1908, the total reached a value of $1,116,449,681, comparing with $1,423,169,820 in the previous year, $1,320,501,572 in 1906 and $1,179,144,550 in 1905. In 1904 the $1,000-million mark as a measure of our import movement was first reached, the total then being $1,035,909,190. The 1908 aggregate is therefore the lowest recorded since 1904. With sugar and a few other notable exceptions, all the important items jn the import schedule shared in the 307 millions loss shown by the 1908 total of imports. Luxuries naturally exhibited a decided shrinkage in the inflow, but many articles that can in no sense be so classed showed very appreciable declines. Copper imports for the twelve months were, for instance, largely below those for 1907, both in quantity and value, but part of the decrease in value was due to lower prices. Cotton manufactures recorded a decline of 23 millions of dollars and raw cotton a loss of 8½ millions. Coffee imports were slightly less in 1908 than in 1907, and iron and steel and manufactures imports in 1908 were only about half what they were in the previous year. As regards exports, agricultural products continue to be the leading item in the total. The grain crop situation in the United States in 1908, while on the ·whole a little more satisfactory than in the previous year, was nevertheless not as favorable as in 1906  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  and 1905, and our surplus available for export was consequently somewhat restricted. Better prices, however, which were received for most of the grains caused the decrease in value of the exports to be smaller than the decline i~ quantity. Thus the shipments of wheat and flour for the twelve months, although aggregating only 151,338,121 bushels, against 160,127,925 bushels in 1907, covered a value of $153,741,845 as compared with but $151,044,577 in the previous year. In 1906, 1905 and 1904 the outflow, both quantity and value, was much less than in 1908, and even in 1903, when more bushels went out, the average value, and consequently the total in dollars, was less. It is worthy of note, furthermore, that the exceptionally large exports of 1902 (212,445,731 bushels) returned a value only 11 millions greater than that for 1908, owing to the lower average prices prevailing at that time. Corn exports were materially less in quantity in 1908 than in any recent year, but on account of the higher prices obtained, the value comparison is not so unfavorable. The 1908 shipments at 37,577,717 bushels appear very small, as contrasted with 83,200,872 bushels in 1907. Breadstuffs exports in the aggregate covered a value of $196,262,583, against $214,639,465 in 1907, $189,069,690 in 1906 and $154,300,630 in 1905. Cotton shipments were greater in quantity than in 1907, but the lower prices obtained made the value comparison unfavorable to 1908. The average export price in the late year was only 10 cents per lb., as against 11¼ cents in 1907 and 10¾ cents in 1906. Thus it happens that the total value of the 8,436,143 bales exported in 1908 was only $438,829,110, against $469,826,601 for the 8,135,734 bales sent out in 1907 and $413,137,936 for the 7,450,110 bales shipped in 1906. The aggregate value of provisions exports in 1908 was only $181,490,154, against $197,634,350 in the preceding year and $208,586,501 in 1906. Petroleum shipments for the twelve months of 1908 were of record total, both as regards quantity and value, having been over 1,500 million gallons and $108,815,455, against 1,295 million gallons and $91,383,064 in 1907, and 1,270 million gallons and $85,738,866 in 1906. Of the other important articles of export in which there has been notable expansion in recent years may be mentioned wood and its manufactures, and iron, steel, &c. In the former of these the shipments advanced from $54,239,776 in the twelve months of 1905 to $77,255,225 in the like period of 1906 and $86,082,714 in 1907, but in the twelve months of 1908 there was a drop to $71,437,748. Iron, steel, &c., exports advanced year by year until in the twelve months of 1907 a total of $197,066,781 had been reached; the corresponding aggregate for 1908 is only $151,113,114. To indicate the changes from year to year in the export totals of leading staples, pointing out at the same time the relation those principal items bear to the aggregate outward movement of merchandise, we  57  TRADE AND COMMERCE. have compiled the subjoined table, which covers the results for the last six years. EXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS. Exports.  1908.  1907.  s  $  1906.  I  ii  1905.  I  1904.  1903.  I  s s s 378,635,778 Cotton. __ 438,829,110 469,826,601 413,137,936 368,839,188 392,600,1544 Breadst'fls 196,262 ,583 214,639,4 5 189,069,690 154,300,630 98,307,218 200,012,302 Prov'n<i&c 181,490,154 197,634,350 208,586,501190,600,703166,164,40·1 181,476,994 Cattle,sh'IJ & hogs_ 27,533,329 34,808.819 39,445,859 42,974,935 43,646,211 38,932,402 Pe 'I'm &c 108,815,455 91,383,064 85,738,866 79,640,929 80,624,207 72,628,539 Total_ __ 952,930,631 1008372299 935,978,852 860,117,841 757,581,228 871,686,075 All other exports_ 1799,902,616 915,053, 906\862 ,264 ,582 766,872,954 693,727 ,5121613 ,067 ,008 Total ___ 1752833247 192342620511798243434 1626990795 145130874011484753083  From the foregoing it will be observed that in 1908 the greatest loss was in the item "all other exports," which dropped from $915,053,906 to $799,902,616, whereas in the corresponding period the value of the five leading staples showed a decrease of but 56 millions of dollars. If, however, we extend the comparison to cover the earliest and latest years in the table (1903 and 1908), we find that the most favorable showing is made by "all other exports," which increased in the interim 186 millions of dollars, against an augmentation of only 81 millions in the leading items. And this lends confirmation to our remark that the expansion of our manufacturing and other industries has eliminated agricultural products as the preponderating element in our foreign trade, although they continue to be the most important. The decline in imports for the year having been much greater than in exports, the trade balance in favor of the United States in 1908 exhibited a large increase over that of the previous year, and was in excess of any total heretofore recorded, with the exception of 1900, compared with which it shows a decrease of approximately 12 millions of dollars. The favorable balance in 1908 was $636,383,566, against $500,256,385 in 1907 and $477,741,862 in 1906. In contradistinction to 1907 the movement of gold was against us in 1908. Very heavy imports of the metal in the closing months (November and December) of 1907 gave us a net inflow for that year of $88,182,391. In 1908, after the first two or three months, the net movement was quitesteadilyoutward, and for the full year aggregated $30,969,357. Of silver we exported net $9,640,705, against $15,713,506 in 1907. Bringing together the various net balances we reach the following comparative results of the foreign trade as a whole.  MERCHANDISE EXPORTS AND IMPORTS (CALENDAR YEARS).  $  1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1 83  ---------------------------------------------------------------________ __ - - - - - --------------________  1884 1885 1886 1887 1888 1889 1890 1 91 1892 1893 1894 1895 1896 1 97 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908  ---------------------------------------------------- - --------------------------------------------------------- -- ----------------------------------------------------------------  TotaJ ___________ 646,024,271 515,969,891 494,471,112 469,420,212 439,457,753 Gold exports. _____ 30,969,357 *88,182,391*108,870,222 *3,498,938 36,408,593 Grand total _____ 676,993,628 427,787,500 385,600,890 465,921,274 475,866,346 * Excess of Imports.  It will be noticed that with all items included, the year 1908 exhibits an excess of exports of $676,993,628, which compares with $427,787,500 in 1907 and $385,600 ,890 in 1906, and is, moreover, a record aggregate. As a matter of record, we append several additional tables, which have been drawn upon very largely in the references contained in the remarks above. BREADSTUFFS AND COTTON EXPORTS FOR CALENDAR YEARS. 194. 1905. 1906. 1907. 1908. Wheat and flourBushels ____ 152,500,000 160,127,925 127,209,434 71,788,579 64,957,158 Values _____ $154,900,000 151,044,577 $107,585,377 $67,101,166 $61,23c,117 83,¼c 82 9-16c. 78¼c. 94.¼c. 99½c. Wheat, av. price $4 37 $4 40 $4 08 $4 25 $4 n Flour, av. price. 46,498,607 Corn-bushels _ 39,700,000 83,200,872 102,518,817 111,265,931 Values_ 25,326,000 $46,991,377 $52,840,269 $60,154,326 $25,257,143 54 5-16c. 54c. 5l½c. 56 7-16c. 67c. Av. price____ 1,220,134 25,480,450 28,822,001 1,745,859 1,200,000 Oats-bushels _ $512,684 $9,336,121 $9,960,006 $886,04.0 $604,500 Values _ 4115-16c. 34 9-16c. 36%c. 50¾c. 50¾c, Av. price____ 7,093,436 8,009,374 7,450,110 8,132,734 8,440.000 Cotton-bales_ 10 15-16c. 9½c. lO¾c. ll¼c. l0c. Av. prJce____   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  403,586,010 460,352,088 468,837,948 567,757,867 569,872,553 510,947,422 590,666,629 620,302,412 737,091,973 765,159,825 889,683,422 833,549,127 767,981,946 795,209,316 749,366,428 688,249,798 713,347,290 715,212,840 691,620,852 827,055,750 855,399,202 970,265,925 938,020,941 875,831,848 825,102,248 824,860,136 1,005,837,241 1,099,709,045 1,255,546,266 1.275,467,971 1,477,946,113 1,465,375,860 1,360,685,933 1,484,753,083 1,451,318,740 1.626,990,795 1,798,243 ,434 1 ,923,426,205 1,752,833,247  I mports. $ 461,132,058 573,111,099 655,964,699 595,248,048 562,115,907 503,162,936 427,347,165 480,446,300 431,612,383 513,602,796 696,807,176 670,209,448 752,843 ,507 687,066,216 629,261,860 587,868,673 660,893,586 704,576,343 719,484,680 762,884,881 814,909,575 818,364,521 830,490,141 766,239,846 676,312,941 801,669,347 681,579,556 742,595,229 634,964,448 798,967,410 829,149,714 880,419,910 969,316,870 996,494,327 1,035,909,190 1,179,144,550 1,320,501 ,572 1,423,169,820 1,116,449,681  Totat Trade.  Excess.  I  $  $  Imp. 57,546,048 Imp.112,759,011 lmp.187, 126,751 Imp. 27,490,181 Exp. 7,756,646 Exp. 7,784,486 Exp. 163,319,464 Exp. 139,856,112 Exp. 305,479,590 Exp. 251,557,029 Exp. 192,876,246 Exp. 163,339,679 Exp. 15,138,439 Exp. 108,143,100 Exp. 120,104,568 Exp. 100,381,125 Exp. 52,453,704 Exp. 10,636,497 Imp. 27,863,828 Exp. 64,170,869 Exp. 40,489,627 Exp. 151,901,404 Exp. 107,530,800 Exp. 109,592,002 Exp. 148,789,307 Exp. 23,190,789 Exp. 324,257,685 Exp. 357,113,816 Exp. 620,581,818 Exp. 476,500,561 Exp. 648,796,399 Exp. 584,955,950 Exp. 391,369,063 Exp. 489,258,756 Exp. 415,409,550 Exp. 447,846,245 Exp. 477,741,862 Exp. 500,256,385 Exp. 636,383,566  864,718,068 1,033,463,187 1,124,802,647 1.163,005,915· 1,131,988,460, 1,014,110,3581,018,013,794 1,100, 748,712 1,168,704,356 1,278,762,621 1,586,490,598 1,503,758,575 1,520,825,453 1,482,275,532 1,378,628,288 1,276,118,471 1.374,240,876 1,419,789,183 1,411,105,532 1.589,940,631 1,670,308,777 1,788,630,44& 1,768,511 ,082' 1,642,071,694 1,501.415,189' 1,626,529,483 1.687,416, 797 1,842,304,274 1,890,510,714 2,074,435,381 2,307,095,827 2,345,795,770 2,330,002,803 2,480,247,410 2,487,227,930 2,806,135,345 3,118,745,006 3,346,596,025 2,869,282,928  EXPORTS 12 MONTHS ENDING DEC. 31. 1907. 1908. 1906. Exports_________________ $25,264,939 $25,597,272 $24,744,762 Implements Agricultural 5,756,972 • 4,409,186 Automobiles and parts oL _____________ 4,948,594 9,191,023 Cars!!or steam railways__________________ 5,727,330 6,605,412 30,683,659 40,200,096 Coal---- - -------------- - -------------- 36,886,509 Copper, not Including ore ________________ 90,555,503 100,800,355 89,013,011 26,323,062 Cotton manufactures ____________________ 26,854,183 42,961,048 2,862,845 Hops __ _ __ _ _ _________ _ _ _____ ___ ___ _ _ _ _ 2,455,410 4,051,634 12,990,110 Instruments, &c_ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ __ _ __ 9,288,074 13,282,363 Iron, steel, &c __________________________ 151,113,114 197 ,066,781 172,555,588 42,420,076 Leather, &c _________ ___________________ 40,530,356 45,191,248 22,266,677 Naval stores ___________________________ 18,047,495 20,840,212 19,651 ,232 OU, vegetable __________________________ 21,777,194 16,382,639 10,209,448 ParaUJn and paratlln wax________________ 6,922,638 8,462,504 8,856,352 Seeds _ _ _ __ _____ __ _ _ _ __ _ _ _ _ _ _ _ _ __ __ _ _ _ _ 5,522,494 14,259,421 32,841,503 Tobaccco, not !ncludlng manufactured _____ 32,644,984 32,120,495 86,082,714 Wood and manufactures _________________ 71,437,748 77,255,225 IMPORTS 12 MONTHS ENDING DEC. 31. 1907. 1908. Imports1906.L $3,157,168 Automobiles ________ _ _______________ $2,558,819 $4,416,048 6,586,900 Books _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ __ _ 5,161,407 6,180,152 5,245,435 7,035,176 ------------------------- 7,491,343 Breadstuffs 86,668,908 Chemicals, &c ________________________ __ 66,822,109 78,645,985 4,129,555 5,398,167 4,059,786 Coal-------- - ------------------------- 12,999,836 15,165,579 Cocoa or cacao _________________________ 10,176,767 72,252,465 71,824,961 Coffee ------------ --- ----------------- 71,807,994 38,790,334 Copper-pig, bars, Ingots ________________ 22,930,261 30,478,769 21,810,910 Cotton ____ ____________________________ 13,465,318 10,711,540 79,524,943 Cotton manufactures ____________________ 56,532,199 68,911,375 41,948,545 Flax, hemp, &c.-unmanufactured ________ 30,090,053 39,144,052 65,554,648 Flax, hemp, &c.-manufactured __________ 44,883,173 68,412,339 40,455,067 Fruits and nuts _________________________ 30,307,169 32,709,802 83,884,981 77,650,059 57,653,781 Hides -- - ----------------------------38,789,851 19,957,261 Iron and steeL ___________________ ___ ___ 34,827,132 34,587,571 Jewelry, dJamonds, &c __________________ 15,752,310 46,047 ,021 18,892,533 Leather and manufactures ________________ 11,524,473 18,246,549 15,320,203 18,588,115 Olis --------- - ------------------------ 17,933,396 12,783,406 Paper and manu!actures _________________ 10,466,365 8,438,831 71,776,374 SIik-raw, &c ___ _______ ________________ 64,239,034 64,734,493 41,035,836 SIik-manufactured ____________________ 27,020,212 34,621,064 79,015,471 83,389,812 Sugar------------------------------ - -- 88,906,795 14,047,046 16,660,322 Tea ---------------------------------- 14,892,961 37,446,508 32,075,091 Tin ---------------------------------- 23,932,560 24,291,164 Tobacco--unmanuractured ______________ 24,506,028 26,627,147 47,603,716 Wood and manufactures oL ______________ 39,638,216 40,657,601 39,673,007 Wool-unmanuractured ________________ 23,304,465 38,361,869 23,416,434 Wool-manU!actured ___________________ 15,552,243 22,667,472 GOLD.  SILVER.  Yf,/1,r  Endtng Dec. 31  YEARLY TRADE BALANCE. 1904. 1905. 1906. 1907. 1908. $ $ $ $ $ Excess ofMerchan. exporti; __ 636,383,566 500,256,385 477,741,862 447,846,245 415,409,550 Silver exports----- 9,640,705 15,713,506 16,729,250 21,573,967 24,048,203  Exports.  Cal.endar Year.  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 -896 -8971898 -1899 -1900 -1901 -1902 -190~ __ 1904 -1905 -1906 -· 1907 -1908 --  Exports.  Import!.  s  Excess o1 Exports(+) OT Exports. Imports(-).  s  53,103,745 10,430,561 +42,673,184 44,915,975 5,841.948 +39,074,027 68,638,125 11,113,290 + 57,524,835 25,496,118 20,537,254 +4,958,864 43,14.9,091 7,422,806 +35,726,285 53,413,947 14,338,789 +39,075,158 31,231,739 23,673,291 +7,558,448 18 ,982,638 11,629,655 +7,352,983 8,655,948 10,477,859 -1 ,821,911 4,115.446 78,767,941 -74,652,495 3,062,459 73,644,698 -70,582.239 2,603,543 60,398,620 -57,795,077 38,721,079 13,402,528 +25,318,551 6,048,770 22,055,961 -16,007,191 40,948 ,246 27,957,657 + 12,990,589 11,417,207 23,645,311 -12,228,104 41.283,222 41,309,835 -26,613 9,144 ,426 44,903,327 -35,758,901 34,526,447 11,034,074 +23,492,373 50,935,412 12,061,520 +38,873,892 24,063,108 20,379,456 +3,683,652 77,093,065 45,203,377 +33,889,688 70,545,328 18,165.056 +58,380,272 79,983,726 73,280,575 +6,703,151 101,849,735 21,3'i0,607 +80,4.99,128 104,967.402 34,396.39~ +70,571,010 58,256,890 104.731.259 -4.6,474,369 34,276,401 34,022.812 +253.589 16,194,954 158,163,952 -141,968,998 45,379,411 51.334.964 -5,055,553 54,134,623 66,749,084 -12,614,461 57,783,939 54,761,880 +3,022,059 36,030,591 44,193 .317 - -8 ,162,72~ 44,346,834 65,267,696 -20 ,920,862 121.211,827 84,803.234 +36,408.593 46,794,467 50,293,405 -3.498,938 46,709.158 155,579,380 -108 ,870 222 55,215,681 143,398,072 -88,122,391 81,215,456 50,246,099 +30,969,357  Imports.  $  $  27,846,083 32,524,495 32.048,799 38,076,207 29,577 984 25,889,567 25,122,736 29,336,929 18,209,252 21,701.552 12,983,442 17,063,274 17,317,055 25,794,670 29,563,748 33,280,542 27,112,707 27,733,192 30,020,603 20,742,875 28,609,101 27,930,116 36,362,281 46,357,748 47,245 807 54,211,086 64,056,741 58,661,?92 53,797,10<! 53,461 737 66,221.664 55,638,358 49.?72,954 40.610.342 50.135,245 57 .513,102 60,957,091 61,625,866 51,837,671  15,259,199 10,962,467 10,068,714 9,212,185 7,830,998 8,547,357 10,798,043 12,141,560 18,389,884 14,425,017 11,631,025 8,595,645 9,098,385 14,153,357 15,504,777 17,772,718 19,758,414 21,000,721 21,761,359 26,799,458 30,764,904 27,915,905 31,452,956 27,765,696 17,633,594 24 373,347 30,279,715 33,082,302 29,131,580 30,843,929 40 .100 ,343 31,146.782 26,402,935 23,974,50ll 26,087.042 35 939,135 44,227,841 45,912,360 42,196,966  Exce!s of Exp'rts( + )OT Imports(-). $  ~  +12,586 884 +21,562,028 +21,980.085 +28,864,022 +21,746,986 +17,34.2,210 + 14,324,693 +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 +R,259,244 +13,943,417 -2 ,155,803 +14,211 +4,909,325 + 18,592,052 +?9,612.213 +29.837,739 +33,777 001 +25,578,91JO +24,665.724 +22,617,808 +26 .121,321 +24,491,576 +22,870,019 +16,635,834 +24,048,203 +21,573,967 +16,729.250 +15,713,506 +9,640,705  Nc1.e.-For years 1886 to 1908 Inclusive, the figures emt?race gold and sllvel"' In ore; In the years preced1ne- both were Included In the merchandlBe movement.  TRADE A D COMMERCE.  58  EXPORTS OF LEADING ARTICLES FOR YEARS IMPORTS AND EXPORTS BY ENDING JUNE 30. FISCAL YEARS. The subjoined statement, compiled from the latest The table below shows the exports and imports m revised figures, shows the exports of leading articles each fiscal year (ending June 30) since 1876. in each of the last three fiscal years. 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Agricultural Implements , value _____ $ 24,344,398 26,936,456 24,554,427 3,497,016 5,502,241 5,277,847 Automobllesandpartsot,value ____ $ Bacon and hams _____ ___ ___ ____ lbs. 462,959,563 459,900,195 555,478,512 value -- ----------- $ 50,648,305 50,169,179 55,921,304 do do 6,430 446 1,615,808 2,467,875 Beet, canned, value _______________ $ do fresh and salted----------lbs. 249,050,192 345,350,070 349,341,808 value -- -------$ 23,659,327 30,215,455 29,029,843 do do 8,653,231 4,556,295 3,205,558 Barley, value_ - - - - - - - - - - - - - - - - - - -$ 5,839,452 5,813,107 6,107,053 Books, maps, etchings, &c., value--$ 3,474,981 4,580,455 3,701,871 Brass and manufactures of, value ___ $ 6,463,061 12,544,777 27,360,537 Butter -- --------------------- lbs. 4,922,913 2,429,489 1,407,962 do value __ ------------------$ Cattle and sheep, value_ - - - - - - - - - --$ 29,928,419 35,327,634 42,885,260 Carriages and horses and trolley cars, and parts or, value ______________ $ 6,967,519 5,650,731 5,806,972 Cars for steam roads, value ________ $ 8,550,263 7,679,535 6,644,944 Casings tor sausages, value _________ $ 3,959,384 3,422,271 2,572,479 Cement, value __________ _________ $ 1,470,317 1,180,415 1,165,161 1,885,915 Cereals, prepared, table food, value_$ 1,942,238 2,208,585 Cheese, value ____________________ $ 1,092,053 2,012,626 1,940,620 Chemicals, drugs and dyes, n ot Including medicines, value _________ $ 14,397,342 14,539,186 13,738,840 2,598,441 3,169,272 2,848,725 Clocks and watches and parts, value_$ 1,970,401 2,481,920 2,837,778 Coal, anthraclte _______________ tons 9,722,322 value ------------$ 13,837,397 12,154,640 do do 7,155,592 8,812,332 9,944,957 Coal, bltumlnous ___________ ___ tons value ------------$ 25,518,362 22,573,122 18,494,054 do do 3,600,987 4,959,417 4,788,471 Coffee, value---------------------$ 2,435,604 3,013,088 2,718,385 Coke, value----------------------$ 1,895,971 1,838,588 1,808,131 Copper ore, value----------------$ Copper, manufactures of, value_ - - - _$ 104,064,580 94,762,110 81,282,664 Corn ________________________ bush. 52,445,800 83,300,708 117,718,657 do value -- ----- ---- -----------$ 33,942,107 44,261,816 62,061,.856 1,623,397 2,313,410 2,053,447 Corn meal, value _________________ $ 4,154,183 6,166,910 6,035,418 Cottolene, lardlne, &c., value------$ 162,459 76,058 126,996 Cotton, Sea Island----------100 lbs. other ______________ 100 lbs . 38,042,991 45,106,114 36,177,992 do 3,335,022 2,075,446 3,351,132 Cotton, Sea Island, value_ - - - - - - - - - $ do other, value __________ _____ $ 434,434,070 479,202,351 397,670,899 Cotton manufactures-Colored--Yds. 80,264,971 120,286,042 116,975,946 6,929,307 7,502,082 5,809,019 value -----$ do do Uncolored ______________ ___ yds. 125,729,841 206,054,297 594,517,108 8,459,064 13,737,165 36,252,553 value -- _____________ $ do 9,762,173 All other, value----------------$ 10,909,675 11,066,165 1,370,765 1,182,914 796,277 Cycles and parts of, value----------$ 1,080,274 1,097,000 1,145,679 Earthen, stone and China ware, vaL$ 1,038,649 1,542,789 1,540,014 Eggs.value----------------------$ 4,839,690 4,466,358 5,874,140 Feed grain tor a nimals, value-----$ 8,686,965 8,596,711 Fertilizers, value _________________ $ 10,970,931 7,559,178 5,536,856 5,685,916 Fish, fresh, dried, pickled, &c . , vaL$ 8,157,211 8,308,112 7,225,798 Flax, &c., manufactures of, value--$ Flour (wheatJ---------------- bbls. 13,927,247 15,584,667 13,919,048 do value -- -------------------$ 64.170,508 62,175,397 59,106,869 Fruits (Including canned, dried and preserved) and nuts, value _______ $ 14,338,864 17,588,432 15,274,158 7.712,890 7,139,221 Furs and fur sklns, value----------$ 8,002,282 Glass and glassware, value _________ $ 2,505,417 2,604,717 2,433,904 Glucose or grape sugar, value. __ - - _ $ 2,540,640 3,017,527 3,489,192 5,762,709 Grease, scraps and soap stock, value.$ 5,473,623 4,138,333 .-----$ ______ Gunpowder, &c., value 3,705,517 4,082,402 3,568,038 Hair and manufactures, value _____ -$ 1,165,475 938,433 854,038 Hay, value __________ - _ - _ - ___ - - - . $ 1,463,010 976,287 1,116,307 2,963,107 3,531,972 3,125,843 Hops, value---------------------$ 2,612,587 4,359,957 4,365,981 •Horses, value-------------------$ 1,563,225 Hides and skins, other than furs, val.$ 1,760,032 1,223,255 7,573,570 India rubber, &c. , manufac., value-$ 7,428,714 6,543,735 Instruments, scientific, value ______ $ 11,578,010 13,661,455 10,887,774 Iron and steel, and manufactures of, not Including ore, total value ____ $ 183,982,182 181,530,871160,984,985 1,763,470 2,060,144 1,496,686 Jewelry, gold and silver ___________ $ 1,954,091 1,875,869 1,827,216 Lamps, chandeliers, &c., value----$ Lard ________ ___________ ______ lbs. 603,413,770 627,559,660 741,516,886 do value ________ -- -----------$ 54,789,748 57,497,980 60,132,09 Leather and manufactures of, value_$ 40,688,619 45,476,969 40,642,858 1,116,776 1,215,340 1,020,172 Malt liquors, value---------------$ 1,466,561 1,433,123 1,248,996 Marble and stone and manuf., value_$ 5,059,601 5,834,850 6,475,713 Medicines, patent or prop., val ue ___ $ 1,889,690 2,191,111 2,455,186 Milk, value----------------------$ 1 Jfi~;lif1cf::r:c~~·!!~~t==J 1,670,881 16,234,918 624,509 Oats, value----------------------$ 948,088 1,122,162 705,853 Oatmeal, value------------------$ Oil cake and meal, value __________ $ 21,866,761 26,415,627 23,991,564 1,172,206 1,083,929 1,450,120 Oil, corn. value __________________ $ Oil, cotton-s~ed -· - __________ gallons 41,019,991 41,880,304 43,793,519 value -- -----------$ 17,226,451 17,074,403 13,673,370 do Oil, lllumlnatlng ____________ gallons 10417 25901 894,529,432 864,361,210 value------------$ 70,809,415 56,249,991 54,181,617 do do Oil, lubrlc ., a nd heavy paraff!ne-gals. 159,763,900 136,140,226 146,110,702 value -- -------------$ 20,370,613 17,179,562 17,974,721 do Oil, mineral, crude, including all natural olls ___________________ gallons 135,223,575 128,175,737 139,688,615 7.016,131 6,626,896 6,465,114 value--------------$ do do 2,613,677 2,735,598 4,003,827 Oil, naphtha, value _______________ $ Oleomargarine (Including oleo) ___ lbs. 215,479,332 200,734,785 221,452,249 value -- _________ $ 19,578,222 17,340,339 18,489,232 do 3,773,064 3,931,899 4,001,824 Paints, pigments and colors, value--$ 9,536,065 9,856,73~ 8,064,706 Paper and manufactures of, value -- $ Paraf!lne and parafflne wax _____ lb~ . 178,709,678 185,511,773 178,385,368 8,808,245 9,030,992 8,740,929 value _______ $ do do 1,215,857 287,460 532,442 Pork, canned, value--------------$ Pork, fresh and salted----- ---- -lbs. 165,880,405 177,895,188 155,265,158 do value - - - - - - - - - - - - - - - - -- - - -$ 14,884,104 16,310,944 12,943,046 1,397,004 1,086,618 881,792 Poultry and game, value---- ---- --$ 2,255,181 2,063,668 2,467,471 Oil, residuum, value ______________ $ 2,469,609 2,597,588 2,740,871 Rosin, pitch, tar, &C------ ---- bbls. 9,998,317 value--- --- ---$ 11,495,448 11,444,869 do do 905,350 562,016 2,184,335 Rye, value ______________________ $ 8,912,662 8,683,688 ll,0fl4,609 Seed, all kinds, value------- -- ----$ 2,781,179 3,806,007 3,407,220 Soap.value----------------------$ 1,525,225 1,827,757 1,816,287 Spirits, distilled, value ____________ $ Spirits of turpentlne _________ gallons 19,532,583 15,854,676 15,981,253 10,077,268 10,241,883 value----------$ 10,146,151 do do 1,490,797 1,126,465 1,142,054 Starch, value--------------------$ 3,783,971 3,179,619 3,361,611 Sugar and molasses, value _________ $ '!·allow - - - - - - - - - - - - - - - -- - - -- - - _lbs. 91,397,507 127,857,739 97,567,156 4,791,025 7,182,688 5,399,219 do value -- ---------------- --$ 1,069,146 1,181,534 1,011,733 Tin, manufactures of, value-- ------ $ Tobacco (leaf) __________ _______ lbs. 323,033,034 331,548,309 302,333,075 value ____ -- -----$ 34,342,293 33,193,881 28,602,452 do 5,410,480 5,735,613 4,736,522 Tobacco manufactures, value------$ 3,567,127 4,007,833 3,895,294 Vegetables, Including canned, value.$ Wheat ______________________ bush. 100,371,057 76,569,423 34,973,291 do value -- ------------------$ 90,736,767 60,214,388 28,757,517 Wood and manufactures or, value--$ 81,521,305 83,349,575 69,080,394 2,148,613 2,287,926 2,261,919 Wool and manufactures of, value ___ $ 2,780,199 2,143,574 1,606,032 Zinc and manufactures of, value ____ $  tm:m tm:m tm:m  •Also Included under animals, other.  TRADE AND COMMERCE.  IMPORTS OF LEADING ARTICLES YEARS ENDING JUNE 30. The following table, made up from the latest revised returns, shows the imports of leading articles (both quantities and values) in the last three fiscal years. It embraces all items the imports of which exceeded $1,000,000 in value in any one of the years included in the statement. Articles.  1907•08.  1906·07 .  1905·06.  - - - - - - - - - - - - - - - -1-- · · - - - -..---1-----  Antimony, value.-·•-···-·-·-·---$ Argal, or argoL- · ··---·--·-····lbs. do do -···-·-·~···-···-··$ Automobiles and parts of, value .••• $ Bones.horns, &c.,andmfs.of,value.$ Books, maps, etchings, &c., value •• $ Brass, fit only for remanuf., value._$ Breadstuffs, all kinds, value •• _. __ .$ Bristles, value_. _________________ $ Brushes, value _____ • _____________ $ Cattle, value ___ . _____ -· __ -- - - - - -$ Cement, Roman, Portland, &c •• -lbs. do value.----·--------·-----$ Cheese, value----·-·-----·-·-·---$ Chemicals, drugs, dyes and medicines (Including those given here sep• a.rately) , value_ .. - - - _. - . - - - - - . - $ Cigars, cigarettes, &c. -- _ - -· - -- .lbs. do do value--·------·----$ Clays, or earth, value •. -·-----·---$ Coal, bituminous __ . - • _ - _ •. - - .. tons do do value·-··------·--·$ Coal tar, colors and d yes, value ____ $ Cocoa, or cacao, crude, value ____ __ $ Coffee,value_. ___ ._. ___ ·---· ·----$ Copper and manufactures of, value_$ Copper ore and regulus, value_ .. ___ $ Cork and manufactures of, value. __ $ Cotton, raw, value-----·-·-·-·---$ Cotton, manufactures ofBleached and unbleached, dyed, colored, stained or painted, square yards __ - . - - - • -- - • - - -- do do value-- --· -·- ··$ Hosiery, shirts, drawers, &c., val_$ Other manufactures of, value._._$ Cutlery, value __ •• _. - _ -- -- - . -· - •• $ Earthen, stone and chlnaware, val_$ Feathers and down, crude, value .• _$ Feathers & flowers, nat.& artlf.,vaL$ Fertilizers, value _____________ - - . -$ Fish, value __________ • __ - - -- - • -- _$ Flax, hemp, jute, &c., raw, value.-$ do do manuf's of, value ___ $ Fruits and nuts, value·-------·---$ Furs and fur skins, value----·-----$ Glass and glassware, value_._. _____ $ Glycerine, value ___________ - -- •• -$ Gloves, kid and leather, value--·-·-$ Grease and oils, value _______ ._. ___ $ Gums, va.1ue ___ . -----· __ -- _. -- _. _$ Glue stock, value_. _____ - ------ -- _$ Ha.Ir, unmanufactured , value. ___ ._$ Hats, bonnets, &c., and material for, value ----------·---------·---$ Hides and skins, value •• --·-·---·-$ Hops, value---·-·---·- -··-- ----·$ Household and personal effects, &c., free of duty, value ___ •. ___ ._. ___ $ Horses, cattle, sheep, &c., value._.$ India rubber and gutta percha.- .lbs. do do value--"-·-----·-·-$ do do manuf's of, value_._$ Indigo, value._ . _._· --_ . - - . - - . _. -$ Iron and steel, and manufactures of-  Pl~jronvalue·-:::::::::::::::~~:  Ingoj~• b '. o~~e.~~= = ::: ~ === == ====$ Total value_a·- ·-·---·- - -···-·-$ Ivory, animal and vegetable, value.$ J"ewelry and manufactures of gold and silver, value ___ ·-- ___ • -- _____ . _$ Lead, and manufactures of, value __ $ Leather, value •. ___ -- __ . _ ·- - - ____ $ Leather manuf .other than gloves, val $ Licorice root, value _______ ._·- ____ $ Lumber, value •. _____ . ___ • ___ . ___ $ Machinery, value ___ - -- _. -- -- - __ - _$ Malt liquors, value. - _. ____ -- -· ___ $ Manganese ore and oxide, value._._$ Marble and stone, and ma.nut. of, vaL $ Matting, Including Chinese, value_._$ Metal, metal compositions, and manu• facturesof, value ___ • ___ . _______ $ Musical Instruments, value _______ .$ Oil cloth, value·-------·---------$ Nickel ore and matte, value.-.-----$ Oils, animal and vegetable, value ___ $ Opium, Including prepared, value __ $ Paints and colors, value _____ . _____ $ Paintings, statuary, &c., value ____ $ Paper and manufactures of, value·-$ Paper stock-Rags ______ • ______ lbs. do value ___________________ $ All other, value----·---·-·-·---$ Perfumeries and toilet preps .• value_$ Pipes and smokers' articles, value __ $ Plants, trees, shrubs, &c., value ___ $ Platinum, value __________________ $ Plumbago, value _______________ ._$ Potash ______________ ._. _____ . lbs. do value--------------------$ Precious stones, cut and uncut, un• set, value _____________________ $ Provisions, all kinds, value_ -- _ - _ - -$ Rice and rice meaL __________ -- _lbs. do do value _____________ $ Sausage casings, value ____________ $ Seeds, value-----·---------------$ Shells and manufactures of, value--$ Silk, raw. _____________________ lbs. do value------·-------------$ Silk, manufactures or, value _______ $ Soda,nltrateoL _____________ ._tons do do value ______________ $ Spices, all kinds, value ____________ $ Spirits, dlstUled (Including product of United States returned), value ___ $   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  672,934 1,915,362 795,398 26,738,834 30,540,893 28,140,835 2,305,185 2,562,384 2,358,061 2,991,039 4,842,279 4,245,019 982,073 1,137,328 1,275,091 6,036,693 6,451,309 5,599,948 427,496 1,850,519 1,763,280 7,138,214 5,892,968 4,513,667 2,097,777 3,261,877 2,695,746 1,681,640 1,586,556 1,357,114 1,507,310 565,122 548,430 573,437,777 1123763 604 392,963,827 1,973,472 3 ,669,92 6 1,302,239 5,586,706 5,704,012 4,303,830 73,237,033 758,068 4,245,451 1,680,100 1,981,467 5,123,862 4,883,675 14,257,250 67,688,106 24,462,663 7,057,080 4,249,006 14,172 ,24 1  82,997,914 74,452,664 775,078 809,580 3,995,564 4,031,264 1,846,289 1,483,278 1,689 ,8 69 1,820,687 4,184,541 4,367,750 5,635,001 5,755,596 13 ,376 ,562 8,697 ,515 78 ,231 ,902 73,256,134 39 ,428,687 25,835,502 8,296,328 6,727,861 4,063,982 3,313,306 19,930,988 10,879,592  79,485,524 12,424,860 9,035,574 46,922,347 2 ,018,143 13,427,969 4,360,721 6,395,233 4,965,316 12 ,292, 770 35,496,313 54,467,572 37,354,742 15,918,149 6,570,123 2,470,178 7,826,719 1,103,081 12,535,521 1,265,382 2,770,658  82,640,331 13,008,067 8,671,848 52,024,721 2,263,107 13,706,790 4,401,731 5 ,104,384 5,341,430 12,335,988 42,239,358 65,108,785 35,867,160 21,884,034 7,596,631 2,459,458 10,633,668 1,355,739 14 ,974,156 1,473,188 3,038,996  74,657,229 11,936,591 7,218,897 43,887,834 1,892,278 12,877,528 2,970,260 4,018,352 4,446,360 11,607,602 39,360,290 49,693,042 28,915,747 21,855,682 7,507,823 2,302,183 6,812,719 1,295,855 11,900 ,724 1,160 , 683 3,704,987  6 ,820,259 4,571,184 4,852,548 54,770,136 83,206,545 83,882,167 1,974,900 2,326,982 1,989,261 4,446,187 4,777,459 62,421,770 36,713,490 2,050,135 1,058,354  3,835,354 3,941,875 4,344,282 3,914,422 77,510,728 58,345,115 59,121,320 45,302,611 2,453,847 2,200,585 1,233,541 1,044,148  204,092 564,846 271,790 7,778,884 6,201,808 15,654,767 36,958,859 41,484,776 44,001,417 3 ,033,928 2,172,916 2,672,668 27,607,909 40,587,865 29,053,987 1,524,155 2,470,405 1,995,544 1,779,527 1,672,275 1,739,953 4,364,890 4,472,777 4,302,307 8,071,285 4,852,409 6,670,848 1,448,200 1,688,580 1,657,339 1,140,541 1,864,436 1,661,454 20,257,458 20,959,365 19,366,850 4,963,429 3,646,480 3,655,402 3,464,671 3,408,763 2,738,855 1,672,654 1,773,018 1,785,662 1,585,171 1,946,262 1,636,788 3,769,202 4,333,044 3,831,436 6,768,637 1,400,213 2,102,313 2,391,140 18,292,393 2,487,910 1,738,257 4,310,767 12,223,058 113,596,603 1,715,942 1,959,984 1,120,796 1,032,285 2,003,973 1,644,644 1,207,216 359,774,442 6,495,550  10,325,446 8,032,549 1,498,724 1,277,435 2,313,772 1,744 , 539 1,897,784 1,673,879 17,068 ,777 13,723,948 3,068,126 2,440,222 2,013,481 1,696,808 5,867,265 4,908,782 10,727,885 6,998,761 159,861,027 140,207,383 2,335,590 2,118,762 3,244,938 2,255,702 1,250,855 1,054 ,426 1,126,635 809,950 1,841,206 1,599,052 3,266,961 2,678,546 1,626,666 1,291,166 334,849,340 302 ,354,117 6,289,342 5,579,249  16,716,052 6,586,780 212,803,392 4,798,553 2,182,036 6,371,470 1,280,477 15,424,041 63,665,534 32,717,668 330,090 12,546,611 3,591,537  42,468,022 6,768,432 209,603,190 4,392,146 1,288,922 6,404,776 1,629,387 16,722,207 70,229,518 38,653,251 342,073 14,041,202 5,113,000  40,380,762 5,117,054 166,547,957 3,082,203 874,293 5,388,043 1 ,368,156 14,505,324 52,855,611 32,910,590 373,986 13,117,887 5,188,116  6,560,606  6,886,691  5,524,767  59  Articles.  1907·08.  1906-07.  1905•06.  Sugar, not above No. 16--·-·---lbs. do value.--------- ·---·---· ·$ do above No. 16, value ____ . __ $ Sulphur , crude, value_. ___________ $ Sulphurore, value·--------··---·-$ Tea ·-----···-·---··--·-------lbs. do value--------·----·----·-$ Tin, blocksorplgs._. _______ ____ lbs. do value--·--·----------·---$ Tin plates.------------·------.lbs. do value·---·-·-------------$ Tobacco, leaf ___ _______________ lbs. do value ____________________ $ Toys, value--------·-------·-----$ Vanilla beans, value. _____________ $ Vegetables, all kinds, value. _______ $ Watches and movements, value .• _$ Wine In casks·---·---·---··gallons do value·--··--------·-----·$ Wine In bottles .. _. ____ __ qts., doz. do value------·---------·---$ Wood and manufactures of, value._$ Wool and woolen goodsWool,raw_b·--·---·---------lbs. do value _________________ .$ Clotbs, value----·-·---------·-$ Carpets __ . ___________ ___ sq. yds. do value •. --------·-·---··$ Dress goods. _________ • ___ sq . yds. do value·-·--·------··-··-$ Total wool manufactures, value_.$  3365059323 79,911,348 346,799 430,840 2,687,626 94,149,564 16,309,870 77 ,739,059 25,295,061 140,739,972 4,291,953 32,056,043 22,870,328 7,206,423 1,170,135 8,289,068 2,451,009 5,443,782 3,008,996 995,087 7,737,531 43,527,174  4384255067 92,476,380 329,873 638,222 2,492,608 86,368,490 13,915,544 96,013,005 38,117,459 142,529,406 4,651,332 39,540,321 26,055,248 6,993,561 1,523,156 5,728,472 2,983,113 5,213,458 2,966,154 1,056,341 8,842,627 42,969,941  3970154648 85,098,903 361,185 1,597,563 1,954,517 93,621,750  - - - - - - - - - - - - - - - -1- -..---1------1-----  14,580,878 92,822,653 30,932,998 120,819,732 3,412,243 37,355,477  22,447,514 5,887,863 1,321,550 5,092,932 2,565,343 4,482,499 2,567,712 962,082 8,426,256 36,532,706  125,980,524 203,847,545 201,688,668 23 , 664,938 41,534,028 39,068,372 4,859,796 5,732,200 5,157,420 686,784 1,068,010 1,182,005 2,795,066 4,435,067 4,643,520 45,035,142 46,924,917 52 830,942 9,217,804 9,240,225 10,049,686 19,387,978 22,321,460 23,080,683  a Including machinery. but not Including Iron ore; also Including the values already stated separately. b Includes hair of the camel, goat, alpaca, &c. c Included under "all other manufactures of Iron and steel" prior to July 1 1905.  COURSE OF MERCHANDISE PRICES. To furnish an indication of the course of merchandise values, we give the following tal;)le. It shows the prices of leading articles of merchandise in New York about the first of January in 1860, which was before the war excitement had begun to affect the markets; on Jan. 1 1879, when gold payments were resumed; and for the past five years-1905 to 1909, inclusive. COMPARATIVE PRICES OF MERCHANDISE IN NEW YORK. January 2-  1860. BreadstuffsaFlour-No. 2, ext.bbls. Patents . . ...••.. bbs. Rye, superftne ••• bbls. Cornmeal.Br'ywtne .bbls. bWhea.t-Wh1te,No.1.bu. Red winter, No 2.bu.  $  c.  4 7 4 3 1 1  30 50 00 90 50 30  1879. $  c.  1905. $  c.  1906. $  c.  1907. $  c.  1908. $  c.  1909.  s  c.  3 90 4 10 3 20 3 00 4 15 4% 7 75 6 20 5 45 4 65 6 10 6 00 3 10 5 00 4 40 4 00 5 40 4 50 2 85 3 10 3 05 2 75 3 65 3 45 111 Nom'l Nom'l Nom'l Nom'l 1 18 108¾ 1 23 95¾ 80 1 08¼ 1 08 98 89 119¾ 81½ 120½ 120¾ R;:.e~~~t~~;•.~~~~=~~: --92 60 90 76 75 90 81½ Oats, No. 2, white ••. bu. 46½ Nom'l 33 37 40½ 56·57½ a5 CornWest. mixed, No.2.bu. 90 47 56 51 52½ 76 68 cCottonMlddllng Upland .•••• lb, 11 9 7•16 7.10 11.75 10.75 11.40 9.30 Low Mlddllng Upland.lb. 111/s 9 1-16 6.57 11.37 10.25 10.4( 8.30 Cotton goods-Brown sheetlngs •.••. yd . 8 8¾ 6¾ 1½ 7 1/s 1¼-7½6¾·6¼ Print cloths, 64x64 •• _yd. 5¾ 3 1/s 2¾ 3¾ 3½ 4¾ 3 5-16 FishDry cod (Georges) ••. qtl. 4 50 4 25 8 00 9 00 8 75 6.25·75 No.l(Mass.)mackerelbbl. •... 16 00 Nom'l 24 00 Nom'l Nom'l Hay-Shlpplng .••• 100 lbf 1 00 45 82½ 80 85 80 62½·65 6½ 10½ 9~4 10 8¾ 81/s 16 15 34 19 21 15½ 12½ IronNom'l Nom'l 25 00 Scotchplg ·-······-·ton24 50 22 00 Nom'l Nom'I American pig, No. L.ton .... 17 00 17 75 19 50 25 25 18 50 17 50 Lead-Domestlc_ •• 100 lbs. ..•• 4 00 4 70 6 05 6 20 3 70 4 17½ LeatherHemlock sole, light ••. lb 30 24 19½ 21½ 28 25 'Z7 Lime-Com. Rockland.bbl. 75 80 87 92 ..26½ Molasses-N. Orleans .. gall. 53 37 35 38 32½ 30 Naval StoresSpirits turpentine ••. gall. 44½ 27½ 53 68 71 43½ 41½ Common rosln .•...• bbl. 1 65 1 35 2 82½ 3 65 4 25 3 20 3 25 OllsCrude whale ...•.... gall. 52 38 Nom'l Nom'l Nom'l Nom'l Nom'l Crude sperm .•..... gall. 1 40 81 Nom'l Nom'l Nom'l Nom'l Nom'l Linseed, Calcutta ... gall. 57 63 43 62 70 69 70 PetroleumRefined In bbls ..•.. gall .•••. 7.65 8¼ 7.60 7½ 8¾ 8½ ProvisionsPork, mess ..•..... . bbl.16 37½ 7 05 13 00 14 75 18 00 15 00 16 75 Beef, plain Western.bbl. 9 50 10 00 · 9 00 Nom'l 8 25 10 50 12 75 Beefhams ..• .•...•. bbl.14 50 17 00 23 00 22 00 Nom'l Nom'l 26 Hams, pickled ••••••• lb. 9¼ 6 9 9¾ 12¼ 9 9 Lard, Western ... ••.. lb. 10½ 5.75 7.07½ 7.50 9.47½ 8¼1 9.90 Butter, prime State ... lb. 24 23 28 26 28 29½ 33 Cheese, fine tactory .•• lb. 11 8¾ 12 14 14 15¾ 14 Rice-Domestic ..•..••. lb. 4¼ 6¼ 3½ 4½ 4½ 5¼ 5½ SaltLiverpool ground •.. sack 1 15 70 90 90 •... Nom'l Nom'l Domestic ftne.280·lb.sack ···•••• 90 90 •••• 99 1.65 SugarCuba, fair reftnlng.- •. lb. 7¾ 6¾ 4 13·32 3¾ 3 9·H 3.8) 3.67 Reftned hards . •.•••.. lb .••.. 8¾ 4½ 4½ 5.15 4.~ 4.50 6¾ 4¾ Tallow ··-········· ··· lb. 10½ 4¾ 6½ 5~ 5.78 Wool-XX Ohio fleece .. lb. 40 35 33 38 34½ 35 Nom'I  :~:r.;-~~~te=:::: :}t ..  aFLOUR-"No. 2 Extra tn bbls." ls now the common shipping flour to Great Britain, and Is about the same as the "Wheat Flour, State," quoted In 1860 y:~.hlghest grades and correspond wttb 0  ';:~1r:~;:~: Jt~f60~~gi::; ~e  b WHEAT-"WhUe No. 1" probably corresponds as nearly as any present grade Winter No. 2" would probably  ~: :~~l~.i:ewes~~!~0~1~1:~f:!!?:C-;~•::~  lls~hir ~tJ;!s fn_a~;iu:i~~~oe%ia~ls• b~e:::!~~ ..cover same as quoted 1n old c COTTON-On Oct. 1 1874 grades or cotton as quoted were changed by the National Cotton Exchange. According to the new classification every grade was renduced, so that (for l~ustratlon) Middling, accord1ng to new c~ltl.catlon, was o that day quoted 1/sC. lower than Middling or the old classldcatton  FOREIGN EXCHANGE RECORD, PRICES FOR 1908. 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 narrow margin of profit, the fluctuations being often measured by small decimals, that "posted" rates no longer afford a close guide to the course of the market. A record of these posted rates, however, for 1908 can be found in the "Chronicle" of Jan. 2, 1909, page 35. The methods of quoting sterling exchange have varied widely in the past, but by the law of Congress of March 3 1873, the Custom House valuation of the pound sterling was placed at its true value of $4 8665, and from January 1 1874 sterling exchange has been quoted accordingly, the quotation when at par being $4 8665. The London Stock Exchange early in the year 1874 also made a change in its method of quoting, but valued the dollar a-t 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. ACTUAL RATES OF STERLING EXCHANGE DURING 1908.  Day.  JANUAR.Y. Sixty-day Sight Bills. Bills.  IL------------ HOLIDAY 2 __ -4 7975-80 4 8470-8475 3 __ -4 80½-80 ¾ 4 8520-8530 4 __ -4 8035-8040 8530-8540 5 _____ ______ ___ 4SUNDAY  Cable Transfers.  _____ ____ _ 4 8575-86 4 8605-8615 4 8630-8635_ __________ 6 __ _4 8075-81 4 8560-8565 4 8635-8640 7 __ _4 81 -8125 4 8550-8560 4 8585-8610 3 __ -4 81 -8125 4 8560-8570 4 86 -8610 9 __-4 8125-8150 4 8540-8550 4 8610-8615 10 __ _4 8140-8150 4 8550-8560 4 86 -8610 11 _4 8115-8120 4 8550-8560 4 8605-8610 12 __ ______________ SUNDAY ___ _______ _ 13 __ _4 8130-8135 4 8550-8555 4 86 -8605 14 __ _4 8125-8130 4 8540-8545 4 8590-86 15 __ _4 8145-8155 4 8565-8570 4 8625-8630 16 __ _4 8175-82 4 8575-86 4 8640-8650 17 __ _4 8250-8260 4 8640-8650 4 87 -8710 18 __ _4 8275-83 4 8670-8680 4 8725-8730 19 ______________ SUNDAY __________ 20 __ _4 8310-8315 4 8685-8690 4 8745-8750 2L _ -4 8320-8325 4 8680-8685 4 8730-8735 22 __ -4 8325-8335 4 8695-8710 4 8745-8755 23 __ -4 8340-8355 4 8690-8715 4 8750-8760 24 __ _4 8390-84 4 8710-8720 4 8755-8765 25 __ _4 8365-8375 4 87 -8710 4 8755-8760 26 _____ _______ - _ SUNDAY _ - - - - -- -- - 27 __ _4 8380-8385 4 8720-8725 4 8755-8760 28 __ _4 8375-8380 4 8710-8720 4 8750-8755 29 __ -4 8375-8380 4 8705-8710 4 8735-8740 30 __ _4 8380-8390 4 8715-8725 4 8750-8760 31_ _ _4 8390-84 4 8695-8705 4 8735-8745  Stxty-Day Bills .  4 8370-8375 4 8685-8690 4 8730-8735 ___________ SUNDAY __________ _ 4 8360-8365 4 8660-8665 4 8695-8705 4 8350-8360 4 .8655-8660 4 8690-87 4 8340-8345 4 8645-8650 4 8675-8680 4 8325-8335 4 8650-8655 4 8675-8685 4 8315-8325 4 8650-8655 4 8675-8680 4 83 -8310 4 8635-8640 4 8665-8670 ___________ SUNDAY __ --------4 8285-8290 4 8630-8635 4 8650-8655 4 8280-8285 4 8610-8620 4 8645-8650 ___________ HOLIDAY ______ - - -- 4 8250-8275 4 8585-86 4 8615-8625 4 8250-8260 4 8580-8590 4 86] 5-8625 4 8230-8240 4 8585-8595 4 8615-8625 ________ --- SUNDAY ____ - - -- - __ 4 8275-83 4 8615-8635 4 8650-8675 4 8340-8345 4 8680-8690 4 8730-8735 4 8350-8355 4 8670-8675 4 8720-8725 4 8345-8350 4 8660-8670 4 8695-8715 4___________ 8340-8350 4HOLIDAY 8665-8675 __________ 4 8705-8715_ _____ - --- -- SUNDAY __ - -- -- - - -4 8350-8355 4 8685-8690 4 8720-8725 4 8350-8360 4 8680-8685 4 8720-8725 4 8340-8350 4 8670-8675 4 8710-8715 4 8350- 360 4 8675-8680 4 8710-8720 4 8360-8370 4 8660-8670 4(8710-8720 4 8350-8360 4 670-8675 4 8720-8725  Range-  High 4 8390-84 Low 4 7975-80  Day.  Stxty-Day BUls.  Crible Transfers.  L _ _4 8450-8460 4 8690-8695 4 8725-8730 2 __ -4 8435-8450 4 8690-87 4 8715-8725 3 ______________ SUNDAY __ - __ - -- -- _ 4_ - _418440-8445 4 8685-8690 4 8715-8720 5 __ _4 8445-8450 4 8690-8695 4 8720-8725 6 __ _4 8440-8445 4 8695-87 4 8720-8725 7 __ _4 8460-8465 4 87 -8705 4 87 50-8760 8 __ _4 8480-8490 4 8710- 720 4 8750-8760 9 __ _4 8490-85 4 8720-8725 4 8770-8775 10 ______________ SUNDAY __________ _ 11 __ _4 8505-8510 4 8725-8730 4 8765-8770 12 __ _4 8510-8520 4 8730-8735 4 8755-8765 13 __ _4 8515-8525 4 8715-8725 4(8750-8755 14 __ _4 8510-8520 4 8710-8720 4!8735-8745 15 __ _4 8515-8525 4 8705-8715 4 8730-8740 16 __ _4 8510-8515 4 8705-8710 4 8730-8735 17 ___________ ___ SUNDAY __________ _  rn::::imtim : mtim : mtmi  20 __ -418530-8535 4 8720-8725 4 8750-8755 2L. -4 8525-8535 4 8715-8725 4 8740-8750 22 •• .418525-8535 4 8710-8720 4 8735-8740 23 •• -4 8525-8535 4 8710-8715 4 8735-8745 24 ______________ SUNDAY __ ---- - - - -25 __ _4 8520-8525 4 8710-8715 4 8735-8740 26 __ _4 8525-8535 4 8710-8720 4 8730-8735 27 __ _4 8540-8550 4 8715-8720 4 8745-8750 28 •• -4 8550-8560 4 8715-8720 4 8740-8745 29 __ _4 8555-8565 4 8715-8720 4 8740-8750 30 ______________ HOLIDAY __________ _ 31--- ___________ SUNDAY _____ - __ ---  Stxly-Day Bills.  Sight Bills.  Cable Transfers.  4 8560- 565 4 8715-8720 4 8740-8745 4 8545- 555 4 8695-87 4 8725-8730 4 8540-8550 4 8710-8715 4 8730-8735 418550-8560 4 8695-8705 4 8720-8730 4 8540-8550 4 8690-8695 4 8710-8720 4 _8545-8555 4 8690-87 4 8720-8730 ___________ SUNDAY __________ _ 4 8535-8545 4 8690-8695 4 8710-8725 4 8540-8545 4 8685-8690 4 8710-8720 4 8525-8540 4 8670-8680 4 8695-8710 4 8525-8550 4 8680-8690 4 8705-8715 4 8530-8540 4 8680-8685 4 8705-8710 4 8530-8545 4 8680-8690 4 8705-8710 ___________ SUNDAY ·--- ---- - -4 8520-8525 4 8690-87 4 8715-8725 4 8530-8540 4 8705-8710 4 8730-8735 4 8545-8555 4 8705-8710 4 8725-8735 4 8550-8565 4 8710-8715 4 8735-8740 4 8710-8725 4 8550-8560 4 8695-87 4 8540-8550 4 8685-8695 4 87 -8710 -- - - ---- - - - SUNDAY __________ _ 4 8535-8545 4 8695-87 4 8710-8715 4 8555-8565 4 8690-8695 4 8705-8710 4 8545-8555 4 8690-8695 4 8705-8710 4 8565-8575 4 8695-8705 4 8720-8730 4 8570-8575 4 8695-87 4 8720-8730 4 8560-8570 4 8695-87 4 8720-8730_ ___________ SUNDAY __________ 4 8560-8575 4 8685-8695 4 8715-8725 4 8560-8575 4 8690-8695 4 8715-8720 Range-  OCTOBER. Cable Transfers.  Stxty-day Bills.  Sight Bills.  Cril>le . Transfers.  ----------- SUNDAY ___ _______ _ 4 8370-8375 4 8665-8670 4 87 -8705 4 8360-8365 4 8675-8680 4 87 -8710 4 8360-8370 4 8665-8670 4 8695-87 4 8370-8385 4 8650-8660 4 8675-8685 4 8355-8365 4 8635-8640 4 8660-8670 4 8345-8350 4 8635-8640 4 8660 8670 ___________ SUNDAY ___ _______ _ 4 8335-8340 4 8610-8620 4 8645-8650 4 8345-8350 4 8625-8630 4 8650-8655 4 8340-8345 4 8620-8625 4 8645-8650 4 8335-8340 4 86 -8605 4 8625-8635 4 8320-8330 4 8580-8590 4 86 -8610 4 8315-8320 4 8590-8595 4 8615-8620 ----------- SUNDAY ___ _______ _ 4 8320-8325 4 8595-86 4 8625-8630 4 8305-8310 4 8580-8585 4 8605-8610 4 8330-8335 4 8605-8610 4 8630-8635 4 8315-8325 4 8595-86 4 8625-8630 4 8340-8350 4 8590-86 4 8620-8630 4 8340-8345 4 86 -8615 4 8630-8640 _ __________ SUNDAY _________ _ 4 8345-8350 4 86 -8605 4 8630-8635 4 8345-8350 4 8595-86 4 8620-8625 4 8350-8355 4 86 -8605 4 8630-8635 4 8340-8350 4 8595-86 4 8625-8630 4 8370-8380 4 8615-8620 4 8640-8650 4___________ 8385-8390 4SUNDAY 8630-8640 __________ 4 8655-8665_ 4 84 -8405 4 8640-8645 4 8670-8675 4 8415-8425 4 8640-8650 4 8670-8675 4 8415-8425 4 8675-8680 4 87 4' 305-8310 4 8 580-851'5 4 86 Stxty-Day Bills.  JULY, Sight Bills.  4 8550-8560 4 8690- 695 4 8560-8575 4 8685-8695 4___________ 8575-8585 4HOLIDAY 8690-87 ___________ SUNDAY 4 8555-8565 4 8685-8695 4 570-8575 4 8695- 705 4 8555-8565 4 8690-87 4 8565-8575 4 8690- 695 4 8570-8580 4 8695-87 4 8570-8575 4 8695-8705 __ - - ____ __ _ SUNDAY 4 8565-8570 4 8705-8710 4 8565-8570 4 8710-8715  -8710 -8410  Cable Transfers.  4 8715-8720 4 8710-8715 4 8710-8720_ __________ __________ _ 4 8710-8715 4 8715-8720 4 8710-8715 4 8710-8720 4 8715-8720 4 8715-8725 __________ _ 418725-8730 4¼8730-8735  Cable Transfers.  APR.IL. Sight Cable Btlls. Transfers.  Day .  4 8425-8430 4 8650-8655 4 8670-8680 ___ 1 4 8425-8435 4 8645-8655 4 8675-8680 ___ 2 4 8430-8440 4 8645-8650 4 8670-8680 ___ 3 4 8425-8430 4 8646-8650 4 8675-8680 ___ ~ _ ____ ____ __ SUNDAY ______________ 5 4 8415-8420 4 8645-8650 4 8670-8675 ••• 6 4 8410-8415 4 8650-8655 4 8675-8680 ___ 7 4 8415-8420 4 8655-8660 4 8680-8685. __ 8 4 8425-8435 4 8665-8670 4 8685-8690 ___ 9 4 8440-8450 4 8665-8670 4 8690-8695 •• -10 4 8435-8445 4 8680-8685 4 87 -8105 ___ 11 _ __________ SUNDAY --------------12 4 8445-8450 4 8690-8695 4 8715-8720 ___ 13 4 8450-8455 4 87 -8705 4 8725-8730 ••• 14 4 8465-8470 4 8720-8725 4 8750-8755 ___ 15 4 8470-8480 4 7820-8725 4 8760-8765 ___ 16 4 8475-8485 4 8715-8725 4 8750-8760 ••• 17 4 8475-8485 4 8710-8715 4 8750-8755---18 ----------- SUNDAY --------- -----19 4 8480-8485 4 8720-8725 4 8760-8775 ___ 20 4 85 -8505 4 8735-8740 4 8775-8785---21 4 8485-8490 4 8730-8735 4 8765-8770_._22 4 8475-8485 4 8715-8725 4 8750-8765 ___ 23 4 8485-8495 4 8725-8730 4 8755-8765--.24 4 8480-8485 4 8730-8735 4 8760-8765-- _25 ___________ SUNDAY --------------26 4 8470-8475 4 8725-8730 4 8765-8770---27 4 8470-8475 4 8715-8720 4 8750-8755---28 4 8450-8455 4 87 -8705 4 8735-8740---29 4 8460-8470 4 87 -8705 4 8730-8740---30 Range-  4 85 -8505 4 8735-8740 4 8775-8785 High 4 8410-8415 4 8645-8650 4 8670-8675 Low AUGUST. Stxty-Day Btlls.  Stght Bills.  Gahl~ Transfers.  Day.  4 8525-8535 4 86 5-8690 4 8705-8715 ___ 1 ---- - ------ SUNDAY ______________ 2 4 8515-8525 4 8670-8675 4 8690-8695 ___ 3 4 85 -8515 4 8650-8665 4 8670-8680 ___ 4 4 8480-85 4 8640-8650 4 8660-8675 ___ 5 4 8490-8510 4 8645-8655 4 8665-8680 ___ 6 4 8515-8525 4 8650-8655 4 8670-8675 ___ 7 4 85 -8505 4 8645-8650 4 8660-8665 ___ 8 ----------- SUNDAY ______________ 9 4 8505-8510 4 8650-8655 4 8665-8670 ___ 10 4 8495-8505 4 8645-8650 4 8660-8665 ___ 11 4 8490-8510 4 8655-8660 4 8670-8675 ___ 12 4 8485-8495 4 8640-8650 4 8660-8670 ___ 13 4 85 -8510 4 8645-8650 4 8665-8675 ___ 14 4 85 -8510 4 8640-8650 4 8660-8670 ___ 15 ---- _-- ____ SUNDAY _ -------------16 4 8575-8585 4 87 -8705 4!8715-8725 4 8490-85 4 8650-8660 4 8655-8665 ___ 17 4 8575-85 5 4 8695-8705 4(8710-8715 4 8480-8490 4 8635-8645 4 8655-8665 ___ 18 _____ - _- _- _ SU DAY __________ _ 4 8485-8495 4 8635-8640 4 8645-8655 ___ 19 4 8565-8575 4 8695-87 4 8705-8710 4 8480-8490 4 8620-8630 4 8635-8645 ___ 20 4 560-8570 4 8695-87 4 8705-8710 4 8475-8485 4 8615-8620 4 8630-8640 ___ 21 4 8550-8560 4 8680-8685 4 8690-87 4 8465-8475 4 86 -8610 4 8615-8625 ___ 22 4 8540-8550 4 8665-8675 4 8680-8695 ----------- SUNDAY ______________ 23 4 8440-8460 4 8590-8595 4 8610-8615 ___ 24 4 8520-8530 4 8670-8675 4 8690-87 4 8525-8535 4 8675-8680 4 8695-8705 4 8410-8425 4 8570-8575 4 8585-8595 ___ 25 - - - - - - - - - - - SUNDAY __________ _ 4 8415-8430 4 8590-8595 4 8610-8615 ___ 26 4 520- 530 4 8685-8690 4 8705-8710 4 8430-8450 4 8585-8605 4 8615-8625 ___ 27 4 8520-8530 4 8685-8690 4 87 -8710 4 8440-8450 4 8585-8590 4 8605-8610 ___ 28 4 8530-8535 4 8695-87 4 8705-8710 4 8425-8430 4 8575-8585 4 86 -8605 ___ 29 4 8525-8530 4 8690-8695 4 8705-8715 ---------- - SUNDAY ___ ____ _______ 30 4 8530-8540 4 8685-8690 4 8705-8715 4 8425-8435 4 8570-8575 4 8595-86 ___ 31  :8m:mg :mtms !1ms=m8  4 8575-8585 4 8710-8715 4 8735-8740 4 8520-8530 4 8665-8675 4 8680-8695 Sixty-day Bills.  NOVEMBER. Sight Cable Bills. Transfers.  ___________ SUNDAY __ _____ __ _ _ 4 8375-8385 4 8605-8610 4 8625-8635 ___________ HOLIDAY __________ _ 4 8375-8385 4 86 -8605 4 8620-8625 4 8375-84 4 8585-8595 4 8610-8620 4 8375-8385 4 8575-8585 4 8605-8615 4 8355-8360 4 8560-8565 4 86 -8610 _____ ___ __ _ SU:t-tDAY __________ _ 4 8355-8365 4 8565-8570 4 8590-8595 4 8335-8345 4 8560-8565 4 8585-8590 4 8335-8340 4 8565-8570 4 8585-8590 4 8350-8375 4 8575-8585 4 8595-8610 4 8360-8370 4 8575-8580 4 8605-8610 4 8355-8360 4 8585-8590 4 8605-8610 ----------- SUNDAY __________ _ 4 8365-8370 4 8590-8595 4 8615-8620 4 837 5-8385 4 86 -8605 4 8625-8630 4 8375-8385 4 8595-86 4 8620-8625 4 84 -8410 4 86 -8610 4 8625-8635 4 84 -8410 4 8620-8630 4 8640-8650 4 8395-8405 4 8615-8625 4 8635-8645 - ------- --- SUNDAY __________ _ 4 84 -8410 4 8635-8645 4 8655-8665 4 8410-8415 4 8650-8660 4 8675-8685 4 8415-8425 4 8645-8655 4 8670- 680 -----------HOLIDAY·---------4 8440-8450 4 8655-8660 4 8680-8690 4 8425-8430 4 8660-8665 4 867 5-8680 ----- ------ SUNDAY ______ ___ _ _ 4 8440-8450 4 8665-8675 4 8695-8705  L. -4 8415-8425 4 8590-8595 4 8595-8605 2 __ -4 8410-8420 4 8595-86 4 86 -8610 3 __ -4 8450-8460 4 8590-8615 4 8615-8645 4 __ -4 8460-8465 4 8605-8615 4 8630-8640 5 __ -4 8450-8475 4 86 -8605 4 8625-8635 6 ______________ SUNDAY __________ _ 7 ______________ HOLIDAY _____ _____ _ 8 __ _4 8435-8455 4 8620-8625 4 8635- 650 9 __ -4 8460-8470 4 8635-8640 4 8655-8670 10 ___ 4 8480-8485 4 8650-8665 4 8680-87 lL.-4 8490-85 4 8640-8650 4 8675-8685 12 __ .4 8490-85 4SUNDAY 8645-8650 ___ 4 8670-8680 13 ______________ __ _____ _ 14 __ -4 8490-85 4 8650-8655 4 8670-8680 15 •• -4 85 -8515 4 8660-8665 4 8685-8690 16 •• -4 8510-8520 4 8670-8675 4 8705-8710 17 __ _4 8525-8535 4 8670-8680 4 87 -8710 18 •• -4 8510-8520 4 8650-8660 4 8675-8685 19 •• -4 8505-8515 8625-8630 __________ 4 8665-8675_ 20 ___________ ___ 4SUNDAY 21-.-4 8485-8490 4 8645-8650 4 8670-8675 22 •• -4 8510-8515 4 8655-8675 4 8675-8680 23 •• -4 8505-8510 4 8650-8660 4 8670-8675 24 •• -4 8485-85 4 8625-8650 4 8650-8665 25 __ _4 85 -8510 4 8635-8640 4 8660-8670 26 -4 8490-8505 8635-8645 _________ 4 8655-8665 27 •• _________ _____ 4SUNDAY __ 28 __ -4 85 -8505 4 8635-8640 4 8665-8670 29 __ _4 8490-85 4 8635-8640 4 8660-8670 30 __ _4 8485-8490 4 8625-8635 4 8660-8665 31 ___ ------- --- - -- - - - -- -- ----- - -- -- -- -  4 8490-8505 4 8625-8630 4 8650-8655 4 8490-8510 4 8615-8620 4 8640-8650 4 8475-8480 4 8610-8615 4 8630-8640 - ------ __ - _ SUNDAY __________ _ 4 8475-8485 4 8605-8610 4 8620-8630 4 8485-8490 4 8635-8640 4 8655-8660 4 8470-8480 4 8625-8630 4 8660-8670 4 85 -8510 4 8640-8660 4 8670-8685 4 8510-8535 4 8675-8685 4 87 -8710 4 8510-8515 4 8660-8670 4 8675-8685 ----------- SUNDAY __________ _ 4 85 -8510 4 8655-8665 4 8680-8685 4 8485-8495 4 8645-8650 4 8685-8690 4 8490-85 4 8655-8660 4 8680-8690 4 8490-85 4 8650-8660 4 8675-8685 4 85 -8505 4 8645-8650 4 8670-8680 4 8495-85 4 8650-8660 4 8675-8685 ___________ SUNDAY __________ _ 4 8475-8480 4 8645-8650 4 8675-8680 4 8495-85 4 8655-8660 4 8675-8680 4 8480-8485 4 8655-8660 4 8675-8680 4 8475-8485 4 8650-8655 4 8670-8675 4 8475-85 4 8655-8665 4 8675-8685 4___________ 8475-8485 4SUNDAY 8650-8660 __________ 4 8675-8685_ 4 8470-8475 4 8650-8655 4 8675-8680 4 8460-8470 4 8650-8655 4 8675-8680 4 8445-8455 4 8640-8645 4 8665-8670 4 8435-8445 4 8635-8640 4 8665- 670 4 8425-8450 4 8620-8630 4 8645-8655 4 84 -8405 4 8610-8615 4 8640-8645  Range.  Range.  R ange .  High 4 8525-8535 4 8670-8680 4 8705-8710 Low 4 8410-8420 4 8590-8595 4 8595-8605  4 8510-8535 4 8675-8685 4 87 -8710 4 84 -8405 4 605-8610 4 8620- 630  4 8440-8450 4 8665- 675 4 8695-8705 4 335-8340 4 8560- 565 4 8585-8590   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Stxty-Day BUls.  Range-  4 8570-8575 4 8715-8720 4 8740-8745 4 8520-8525 4 8670-86 0 4 8695-8710  SEPTEMBER. Stxty-day Bills.  JUNE. Sight B ills.  MARCH Sight Btlts.  Range-  4 8360-8370 4 8680-8690 4 8730-8735 4 8230-8240 4 8580-8590 4 8615-8625  Range-  Htgh 4 8555-8565 4 8730-8735 4 8770-8775 Low 4 8435-8445 4 8685-8690 4 8715-8720  Day.  Sixty-Day Bills .  Range-  4 8720-8725 4 8755-8765 4 8470-8475 4 8575-86 MAY. Stght BUls.  FEBRUAR.Y, Stght Cable Btlls. Transfers.  Range-  4 8525-8535 4 8685-8690 4 8705-8715 High 4 8410-8425 4 8570-8575 4 85 5-8595 Low DECEMBER.. Sixty-day Btlls.  Sight Cable BUls. Transfers. Day. 4 8450-8460 4 8670-8680 4 87 -8710 ___ 1  4 8445-8455 4 8675-8680 4 8705-8710 ___ 2 4 8460-8470 4 8665-867 5 4 8695-8705 ___ 3 4 8440-8450 4 8640-8645 4 8665-867 5_ _ _ 4 4 8430-8435 4 8645-8650 4 8670-8675 ___ 5 ----------- SUNDAY ______________ 6 4 8430-8440 4 8645-8650 4 8675-8680 ___ 7 4 8440-8450 4 8660-8665 4 8690-8695 ___ 8 4 8450-8460 4 8685-8690 4 8715-8720 ___ 9 4 8470-8480 4 8685-8695 4 8720-8725 ___ 10 4 8480-8490 4 8690-8695 4 8725-8730 •• _ll 4 8475-8480 4 87 -8710 4 8730-8735 ___ 12 _ __________ SUNDAY ______________ 13 4 8505-8515 4 8710-8725 4 8745-8770 ___ 14 4 8475-8485 4 8665-8685 4 8715-8720 ___ 15 4 8470-8480 4 8660-8675 4 8705-8710 ___ 16 4 8475-8485 4 8685-87 4 8720- 730 ___ 17 4 8490- 5 4 8690-87 4 8720-8730 ___ 18 4 8490-85 4 87 -8705 4 8730-8735 ___ 19 __ - - _- _--- _ SUNDAY ______________ 20 4 8510-8515 4 8705-8710 4 8750-8755 ___ 21 4 8505-8510 4 8705-8710 4 8750-8755 ___ 22 4 85 -8515 4 8695-8715 4 8750-8765 ___ 23 4 85 -8510 4 8690-8695 4 8740-8745 ___ 24 ----------- HOLIDAY ______________ 25 - -- - - ______ HOLIDAY ______________ 26 ----- ------ SUNDAY __________ ____ 27 4 8490-8495 4 8680-8685 4 8735-8740 ___ 28 4 8485-8490 4 685-8690 4 8730-8735 ___ 29 4 85 -8515 4 8690-87 4 8725-8740 ___ 30 4 8510-8520 4 8705-8710 4 8735-8745 ___ 31 Range.  4 8510-8520 4 8710-8725 4 8750-8765 High 4 8430-8435 4 8640-8645 4 8665-8675 Low  UNITED STATES SECURITIES. COURSE OF DEBT AND PRICES. The following table shows the public debt of the United States from 1793 to 1908, inclusive. In the year 1856 and subsequently the totals given are the net amount of debt (not including accrued interest), less the balance of coin and currency in the Treasury. Bonds issued to the Pacific railroads are not included in the statement. For some of the years the figures printed below do not agree with those reported in the monthly debt statements issued by the Government, as a change in the form of the statements was made several times. We give the results on the same basis for all the years. The. totals are for January 1 of each year from 1793 to 1843, inclusive, and for July 1 (close of the fiscal year) since 1844, inclusive. The debt was at its highest on August 31 1865, when it amounted to $2,756,431,571. UNITED STATES DF.BT 1793 TO 1008.  Year.  Amount.  Year.  Amount.  1793 ______ $80,352,634 1812 _____ $45,209,737 1794 _____ 78,407,404 1813-1- _ - _ 55,962,827 1795 _____ 80,747,587 1814 _____ 81,487,846 1796 _____ 83,762,172 1815 . ____ 99,803,6'10 1797 _____ 82,064,479 1816 ______ 127,334,933 1798 _____ 79,228,520 1811 _____ 123,491,!165 1799 _____ 78,408,669 1818 . ____ 103,466,633 1800 _____ 82,976,294 1819 .. ____ . 95,529,648 180L ____ 83,038,050 1820 ___ ·- 91,015,566 1802 _____ 80,712,632 1821_ ____ 89,987,427 1803 _____ 77,0i>4,686 1822. ____ 93,546,676 1804 _____ 86,427,120 1823 _____ 90,875,877 1805. ____ 82,312,150 1824 . ---- 90,269,777 1806 __ ___ 75,723,270 1825 _____ 83,788,432 1807 _____ 69,218,390 1826 _____ 81,054,059 1808 _____ 65,196,317 1827 _____ 73,987,357 1809. ____ 57,023,102 1828. ____ 67,475,043 1810 _____ 53,173,217 182P _____ 58,421,413 11n1. ____ 48,005,587 1830 _____ 48,565,406  Amount.  Year.  1831- ____ $30,123,191 1832 ___ __ 24,322,23,i 7,001,698 t.'~33______ ---1834 4,760,082 1835 _____ 37,513 1836 _____ 336,957 1837 _____ 3,308,124 1838 _____ 10,434 ,221 1839 _____ 3,573,343 1/MO _____ 5,250,875 1841. _ .-- 13,594,480 1842 ... .. - 20,601,226 1843 _____ 32,742,922 ll\44 _____ 23,461,652 1845 _____ 15,925,303 1846 _____ 18,550,202 1847 _____ 38,826,534 1848 _____ 47,044,862 1849 _____ 63,061,858  Amount.  Year. 1850 _____ 1851_ ____ 1852 _____ 1853 _____ 1854 _____ 1855 _____ 1855. __ - 1857 _____ . - --1858 1859 _____ 1860 _____ 1861- ____ 1irn2 _____ 18/i3 ___ . . 1864 _____ 18fi5 _____ 1866 _____ 1867 _____ 1868 _____  $63,452,773 68.304,796 66,109,341 59,803,117 42,242,222 35,586,956 10,965,953 9,998,622 37,900,192 53,405,234 59,964,402 87,718,660 505,312,752 1,111,350,7a7 1,709,452,277 2,674,815,8!>6 2,636,036,163 2,508,151,211 2,480,853,413  Year.  Amount.  Year.  Amount.  1869 _____ 1870 _____ 1871- ____ 1872 _____ 1873 _____ 1874 _____ 1875 _____ 1876 _ ___ 1877 ___ __ 1878 _____ 1879 _____ 1880 _____ 1881. ____ 1882. __ _ _ 1883 _____ 1884 _____ 11185 _____ 188fL ____ 1887 _____ 1888 _____  $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 2,060,925,340 2,019,275,431 1,909,382,280 1,906,414,905 1,919,326,747 1,819,650,154 1,675,023,474 1,538,781,825 1,438,542,995 1,375,352,443 1,282,145,840 1,175,168,675 1,063,004,895  1889 _____ 1890 _____ 1891- ____ 1892 ___ _ _ 1893 _____ 1894 _____ 1895 _____ 1896 _____ 1897 _____ 1898 _____ 1899 ______ 1900 _____ 1901. ____ 1902 _____ lll03 _____ 1904 _____ 1905 _____ 1906 _____ 1907 _____ 1908 _____  $975,939,750 890,784,371 851,912,751 841,526,463 838,969,476. 899,313,380 a932,830,667 955,297,254 986,656,086 xl,052,0'85,492 1,155,320,235' 1,107,711,257 1,044.739,120 969,457,241 925,011,637 967,2:H,774 989,866,772 964,435.687 878,596,755 938,132,409  a We have Increased the amount for this date $31,157,700 to allow for the :foreign half of the Morgan-Belmont loan negotiated abroad, which did not appear In the Government debt statement for June 30 1895, though the money In payment for It had already been received and counted In the ·rreasury cash. x We have enlarged the amount for 1898 by S25,000,000 to allow ror receipts up to that date (June 30) on subscriptions to the $200,000,000 new Gov~nment 3 per cents, such receipts having- increased Government cash by a correspundlng sum. It ls proper to say that the augmentation In the net debt at this period would have been much heavier than that recorded by these flg-ures ($1,052,085,492) except that during the fiscal year the Government received $60,201,885 cash from the Union Pacific sale, only $29,904,952 o! which wrnt to redeem maturing- PacUl.c Railroad bonds.  UNITED STATES DEBT STATEMENT DECEMBER 31 1908. To bring the results down to the latest date, we add the official statement of the public debt as it appears from the Treasurer's returns at the close of business on the last day of December 1908. INTEREST-BEARING DJ!!JECEMBE.fm~1J92!.~tanding--  P~~~f/ Jss~. Regtsiered. Couf°n. Toial. 01 Loan2s, consols ot 1930. ______ Q .-J. 646,250,150 641,129,750 5,120,400 646,250,150 3s, Loan ot 1908-1918 ____ Q.-F. 198,792,660 40,901,580 23,043,880 63,945,460 4s, Loan ot 1925 _________ Q.-F. 162,315,400 97,273,200 21,216,700 118,489,900 TUle  2s, Pan. Canal Loan 1906_Q.-N. 2s, Pan. Canal Loan 1908_Q.-F.  54,631,980 29,583,360  54,599,980 28,084 ,480  32,000 1,498,880  54 ,631,980 29,583,369  Aggregate lnt.-bearlng debt.-1 ,091,573,550 861,988,990 50,911,860 912,900,859 Note.-Denomlnatlons ot bonds are: or 20, loan or 1908, coupon and registered. or $50, all Issues except 3s or 1908; or $100, all Issues. or $500, all Issues; of $1,000 , all Issues. or 5,000, all registered 2s, 3s and 4s: or $10,000, all registered bonds. or $50,000, registered 2s ot 1930. DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. November 30. December 31. Funded loan of 1891, continued at 2%, called May 18 1900, Interest ceased Aug . 18 1900_______________ 32,000 00 $32,000 00 Funded loan ot 1891, matured Sept. 2 189L_________ 24,450 00 24,450 00 Loan ot 1904, matured Feb. 2 1904_________________ 71,050 00 71 ,050 00 Funded loan or 1907, matured July 2 1907. __________ 2,581,000 00 2,390,100 00 Refunding certificates, matured July 11907_________ 17,930 00 17,91000 Certificates or Indebtedness matured Nov. 30 1908____ 6,250 00 Old debt matured at various dates prior to Jan. 1 1861 and other Items or debt matured at various dates subsequent to Jan. l 186L__ _____ _ _ _ _ _ _ _ __ __ ___ _ 914,585 26 913,425 26 Aggregate debt on which Interest has ceased since maturity _________________________________ __ $3,647,265 26 DEBT BEARING NO INTEREST.  =:: :=: ==::::::: =:::  $3,448,935 26  =::::::: =  :g~g gg  g~~:!!~n~~~::: ==:: :: : ::: =$346,6~~ National bank notes-Redemption account______________________ 46,905,160 00 Fractional currency, less $8,375,934 estimated as lost or destroyed__ 6,861,924 28  Aggregate debt bearing no lnJi~~5!i,I'l'ULATION~-------------$400,501,382 78  ClasstftcattonDec. 31 1908. Interest-bearing debt ______ $912,900,850 00 Debt Interest ceased_______ 3,448,935 26 Debt bearing no Interest____ 400,501,382 78 cJit8;1!~;;;~~reasucy*==$1,m:iitm  Jncren.se ( +) or  Nov. 30 1908. Decrease (-). $883,317,490 00 +$29,583,360 00 3,647,265 26 -198,330 00 403 ,856,167 78 -3,354,785 00  g: ' 1·m::~~:m g:  Total net debt __________ •$997,349,750 70 • Including $150,000,000 reserve fund.  $989,433,560 71  +.m~m:m  g~  +$7,916,189 99  STOCK OF MONEY I THE COUNTRY .-The following table shows the general stock of money in the country, as well as the holdings by the Treasury , and the amount in circulation, on the dates given. -Stock of MoneyJan.1 '09- -Money in CirculattonIn UnUed Held in Jan. 1 J an. 1 States. Treasury.d 1909. 1908. $  Gold coin and bulllon ____ _l,653,881,807 176,291,097 Gold certltlcates_a_______ _ __________ 56,412,360 Standard silver dollars____ 563,663,812 4 ,219 Silver certificates.a_______ _ _________ 20,378,201 Subsidiary silver ___ ___ __ _ 153,226,112 18,162,747 Treasury notes or 1890____ 4,596,000 6 ,811 United States notes _______ 346,681,016 10,258,047 National bank notes ______ 677,068,165 25,287,727  $  619,317,841 801,860,509 72,443,593 470,837,799 135,063 ,365 4,589,189 336,422,969 651,780,438  s  648,573 ,173 706,612 ,349 91 ,312,428 467,731 ,347 134,980,859 5,469 ,056 345,275,422 679,034 ,664  Total _________________ 3 ,399 ,116,912 306,801,209 3,092,315,703 3,078,989,298 Population of the United States Jan. 2 1909 estimated at 88,209,000; circulation per capita, $35 06. * A revised estimate by the Director or the Mint· of the stock of gold coin was adopted In the statement for Aug. 11907. There was a r eduction of 135,000,000 . a For redemption of outstanding certificates an exact equivalent In amount or the appropriate kinds or money IS held In the Treasury, and is not Included In the account of money held as assets of the Government. d This statement of money held In the Trea-sury as assets of the Government does not Include deposits of public money In national bank deposltarles to the credit of the Treasurer of tbe United States, amounting to $112,126,477 57.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood Dec. 31 are set out in the following: ASSETS.  LIABILITIES.  Trust Fund Holdings-  Trust Fund Liabilities-  S  $  Gold coin _____________ $858,272,869 00 Gold certificates _______ 858,272,869 00 Silver dollars __________ 491 ,216,000 00 Silver certificates ______ 491,216,000 00. Silver dollars otl890._ _ 4,596,000 00 Treasury notes ofl890. _ 4,596,000 00 Total trust fund _____ l,354,084 ,869 00  General Fund H oldin9s- ·  Gold coin and bullion___ Gold certificates_______ Silver certificates______ Silver dollars__________ Sllverbulllon__________ United States notes____ Trea-sury notes ot 1890. _ National bank notes____ Fractional silver coin___ Fractional currency____ Minor coin____________ Bonds and Interest paid_  26,291,097 56,412,360 20,378,201 4,219 4,324,443 10,258,047 6,811 25,287,727 18,162,747 239 2,023,736 26,097  46 00 00 00 90 00 00 00 30 18 62 31  Total trust llabllltles.1,354,084,869 00  Gen.Fund Liabilities-  National Bank 5% fund Outstanding checks and drafts _____________ Disbursing officers' balances-------------Post omce Department account ___________ _ Miscellaneous Items. __ _ Total gen. llabllltles.  27,826,764 63 10,968,449  n  76,139,615 96 5,383,966 79 2,293,677 11 122,613,473 60  Tot. In Sub-Treas'les. 163,175,726 77 In Nat. Bank Deposltarles CredltTreasurerofU.S. 112,126,477 57 Credit U.S. dis. ottlcers. 11,801,958 21 Total In banks _______ 123,028,435 78 In Treas. of Philippine Islands-Credit Treasurer or U.S. 2,002,828 05 Cash balance and 1eserve-Credlt U.S. dis. offlcers_ 3,006,900 34 Total cash and reserve__ 319,501,417 34 -----Made up orTotal In PhJI!pplnes._ 5.,009,728 39 Avallable.-169,501,417 34 ·and Reserve Fund HoldingsReserve FundGold coin and bulllon___ 150,000,000 00 G<>Id&bull. 150,000,000 00 Grand tota\. ____ ----1,796,198,759 94  ------  Grand tota\. ________ l,769,198,759 9~  TREASURY CURRENCY HOLDINGS.-The following compilation, based on official Government statements, indicates the currency holdings of the Treasury on the first of October, November and December 1908 and Jan. 1 1909. TREASURY NET HOLDINGS.  Holdings in Suo-Treasurtes-  Oct. 1 '08. Nov. 1 '08. Dec. $  $  '08. Jan. 1 '09' $  $  Net coin and gold bulllon _______ 222,058,504 232,051,793 228,201,751 232,703,457 Net silver coin and bullion ______ 17,955,086 10,113,154 12,726,314 24,706,864 Net United States Treasury notes 16,191 13,775 10,143 6,811 Netlegal-tendernotes __________ 5,490,551 3,686,960 3,043,833 10,258,047' Net national bank notes ________ 39,829,288 22 ,642,191 17 ,752,117 25,287,727 Net fractional silver ___________ 21,746 ,013 19,272,269 17,913,465 18,162,747 Minor coin, &c ________________ 2,906,217 2,684,561 2,333,786 2,050,073Total cash In Sub-Treasurles_.310,001,850 290,464,703 281,981,409d313,175,726 Less gold reserve fund _____ • ____ 150,000,000 150,000,000 150,000,000 150,000,000, Cash bal. In Sub-Treasurles ___ l60,001,850 140,464,703 131,981,409 163,175,726 Cash In national banks _________ l29 ,925 ,200 131 ,693,493 130,111,806 123,928,436 Cash In Philippine Islands ______ 4,687,105 4,029,618 4,769,987 5,009,728 Net Cas!J In banks, Sub-Treas.294 ,614,155 276 ,187 ,814 266,863,202 292,113,890 Deduct current llabllltles.a _____ ll5,561,582 109,305,561 115,475,840 122,612,473-  Avallable cash balance _______ l79,052 ,573 166,882,253 151,387,362 169,501,417 a "Chiefly disbursing omcers' balances."  d IncludPs $4,324,444 silver bullion ancr:s2,050,073 minor eotn, &c., not Included  In statement "Stock of Money."  UNITED STATES SECURITIES. PRICES OF UNITED STATES BONDS. In the following tables are shown the highest and lowest prices of U. S. Government securities for each month from 1860 to 1908, 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 unt il September 1873; thence the period of recuperation till the resumption of gold payments on January 1 1879, and the subsequent funding of the matming 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 MorganBelmont Syndicate, to protect the gold reserve, and another issue of 100 million dollars for the same purpose in February 1896. In 1898 the war with Spain led to the issue of $200,000,000 of new 3 per cents. In 1900 refunding of the existing debt (all except the 4s of 1925) into new 2% consols was provided under the Gold Standard Law. This refunding progressed until December 311900, when the Secretary suspended the privilege. The extended 2 per cents were paid off. In 1903 holders were given another opportunity to refund, and in 1905 the privilege of exchanging the o'ld bonds for the new was again accorded. In July 1906 the Secretary of the Treasury was very successful in selling $30,000,000 10-30-year Panama Canal 2% bonds . In April 1907 the Treasmy offered to exchange $50,000,000 of the 4s of 1907 into 2% consols and called the remaining 4s for redemption July 2 1907. At the time of the panic in November 1907, in order to provide a new supply of bonds· for bank-note circulation , the Treasury invited bids for $50,000,000 additional Panama Canal 2s (besides offering a large amount of one-year 3% certificates of indebtedness), but eventually allotted not quite $25.000,000 of the bonds . In December 1908 $30 ,000,000 more of the Panama 2s were sold.  u.  S . GOVER.NMENT  SECUR.ITIES.  I  Aprt,l. July. Auoust. Sept'ber. , October. Nov'ber. Dec'ber. May. June. January. February March. Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh Low Hioh  1860 .  u. s. 6s of 1868 , COUP- - - -  10612 107  10612 10714 10612 10714 108  108 14 10838 10912 108 108 108 109 109 10238 10258 103 10012 10034 101 10334 10334 10412 10178 102 102  9918 100 9918 10012 10012 10214 102 5s of 1865 , COUP ---- - -- 98 100 5s of•1874, COUP- ---- -- 9914 10012 10038 10012 10034 10134 103 103 14 103  10914 108 10812 10734 10734 ---- ---102 102 102 102 10212 93 98 103 10234 10318 10212 103 95 103  96 92 89  96 93 95  97 89 8612 825g 79  98 9312 8812 83  10112 102 102 103 10412 10214 97 95 97 9134 9112 93 9112 9712 993g 9434 10312 105:ls 10012  102 10434 95 9234 9218 9734 10414  1861 .  u. s. 6s of 1868, COUP---6s 5s 5s 5s  of 1881 , COUP------of 1865. COUP - -----of 1871 . COUP ------ of 1874 , COU P- - - - - - -  98  100  94  100  95  - --- - --- 9314 93 14 91 9018 92 91 93 92 97  91 86 89 8712 91 9312 85 85  9512 95 8412 94 92 91 85 90 75  95 94 9134 85 8912  86 8434 85 78 75 14  95 89 86 80 79  88  90 87 90 83 85 8518 903s 8512 8634 86 89 7518 79 7712 80 75 7812 76 82  8712 90 88 8714 8938 8914 85 87 86 ---- ---- 7912 7912 78 14 81  90 913s 8734 81 81  90 9114 87 14 8112 811s  90 9534 89 85 86 1031g 10434 97 93 94 9934 103  92 9312 8712 8212 83  92 95 18 89 86 86  83  1862 .  u. s. 6s of 1868 , COUP---6s of 1881 , COUP- -----5s of 1865 , COUP------5s of 1871 , COUP - - - - - - 5s of 1874, COUP- - - - - - 6s, certificates- - - - ___ 7 3-10 notes- - - - - - ____  85 87 12 85 7912 78  90 9134 8612 80 805g  ------9712 98  9212 9238 9014 88 85 ---- ---- 97 995a 9914 98 90 8812 8634 79 7812  92 93 90 80 85  95 94 3s 98 88 88 97 100  9714 102 10312 94 97 9212 98 9734 10512 10512 9212 9312 97 92 93 9612 93 ------- 1 96 951g 865g 90 89 4 96 9638 99 99 1001g 1001g 9978 10112 10214 10534 10412  1011s 10714 99 97 9712 10014 10614  9612 9612 90 8612 85 98 99  100 103 92 8634 91 99 10514  9612 981s 94 8834 85 9814 10218  9912 10134 94 90 91 9978 10512  9612 99 94 89 88 9814 10234  100 10212 95 91 913g 9958 10478  103 102 96 9212 91 9812 103  10512 9978 9814 1001g 10012 1071g 107  10434 10612 10718 ---- ---- 104 95 14 9814 97 9918 102 101 997g 98 98 10412 106 106 104 107 10634  110 10812 100 10114 9918 1071g 10712  104 10412 97 9812 9714 105 10512  107 105 100 10118 9912 107 10712  1045s 105 9612 100 9914 10534 10512  10718 105 101 10138 9978 10714 10714  106  107  97 101 9914 10612 105  97 10134 995g 1073s 10612  10634 11034 10834 ---- ---- 117 9614 10014 100 10178 10212 98 99 9912 981g 10512 1085s 10534 106 108 106  11014 125 100 10214 99 1075s 1071g  10812 124 98 10134 98 10612 10612  110 127 10012 10214 9812 1067g 10714  114 102 10678 1045g 10934 10634 10112 109 10612 113 ---- ---- ---- ---- 103 10312 103 110 10214 10712 107 112 9234 9838 93 9614 9334 9514  10612 105 95 107 93  109 11138 99 112 95  10412 10612 9212 104 9412  10634 10812 9612 10834 9512  10612 10012 94 107 95  113 10714 9914 124 98  11258 10618 9812 11612 96  118 110 10212 12238 9778  10714 1057g 105 937g 98 9812  1081g 1081g 10634 l,J412 995g 99  1063g 10134 101 9212 97 9734  10814 10514 103 941g 9914 995g  10514 9914 9878 8934 955g 9614  1065g 103 10114 9234 99 97 78  1063s 100 99 9038 9614 9712  10814 1051g 10218 95 9878 985g  1863 .  u. s. 6s of 1881 , COUP- - - -  5s of 1865 , COUP- -- ---5s of 187 4 . coup ___ ____ 6s, ~old certificates - ___ 6s, current certificates73-l0s, A. & Q _______ 7310s , F. & A-------  9334 10212 9134 99 99 8512 9712 86 90 9434 97 14 9318 99  10014 9978 94 9814 ---- ---- 9634 10134 10512 10434 10212 10412 10238  ---- ---- 96 ----  ----  100 103 10212 103  10834 106 98 102 9978 10712 109  10712 106 9834 10014 97 10312 107  ----  ----  1864 .  u.5-20s, s. 6s of 1881 , COUP---coupon _________  104 107 10634 11112 11114 1131g 113 10112 10478 10334 107 107 11012 105  113 115 10512 10714 10-40S, COUPOn-- ------ - --- ---- - --- ---- ---- ---- --- - ---- ---- ---73-l0e, A.&. Q ______ _ 10638 1075g 10734 111 111 113 10814 115 10912 112 1-year certificates- - - - - 9734 981g 971g 9912 991g 9978 9734 9918 9818 9812 118 114  111 101  1865 .  u. s. 6s of 1881 , COUP- ---  5-20S,COU POn --------5-20s, new, coup ______ 10-40s,COUPOD ---- --- 7 3-10 notes - - -------1- year certificates- ____  10912 1063g 10612 10012 114 967g  1123g 110 110 10234 119 98  10912 10878 108 1007g 115 9778  11112 10312 llllg 105 112 10434 11134 1053g 111 10034 1103g 10514 10218 8914 10234 9112 11612 114 11412 ---9812 9612- 9858 985g  1103s 10914 10914 973g  10812 10214 10212 9414 ---- 99 12 9912 99  11034 107 106 975g 997g 9912  10834 102 103 9434 9912 995g  11012 10414 104 9734 9918 9978  10612 10378 1035g 9658 9912 9758  10834 106 10538 98 100 99 14  106 10512 104 93 9814 9712  10714 1067g 105 9818 995g 9834  1866 .  10518 10458 l0Sl2 107 10912 10912 11018 10678 110 10912 11314 11034 112 11112 11312 112 u. s.. Gs of;l.881. COUP---- 10334 1045g 10334 10412 10414 10414 1087g 1077g 11212 103 1043g 10314 1063g 1003g 10214  5-20s of 1862 - -------5-20s of 1864 --------5-20s of 1865 --------10-40s _ - - _- _ - _- ____ - 7 3-10 notes, 1st-----7 3-10 notes , 2d -----7 3-10 notes, 3d ------  10334 10312 971g 103 103 103  106 10614 99 10412 10412 10412  10814 10512 106 99 104 104 104  11334 110 10934 10314 1075g 10634 1065g  108 10734 9712 10512 1051g 105  10912 1095g 10014 10712 1063g 10612  11138 1095g 109 9918 106 1055g 10512  11514 111 lll3s 1001g 107 10614 10614  10712 10534 10534 9912 105 104 104  11434 1107g 10734 10938 10034 1081s 1061g 10734  10934 10518 10414 1041g 99 104 1037g 104  11314 1081g 107 10714 10034 10534 10534 10534  109 11058 10712 10758 10612 107 ---- ---- ---997g 9912 10012 10012  11034 11214 10978 10978 10834 1085s 10234  11014 1115s 109 10912 10734 1077g 10218  11218 1147s 1105s 11118 10878 1087g 10314  11034 11014 1087g 10938 10712 1075g 9912  11214 11514 11014 11112 109 109 9978  11012 11112 10814 10838 1063s 10614 995g  11238 11314 1095g 11014 1075s 108 10118  112 1077g 105 10518 1073g 10712 10038  11314 1085s 10558 10612 108 108 1023s  1113g 107 10412 10434 10712 10712 1005g  1127g 1083s 106 1057g 1085g 109 104  11234 11234 110 11034 108 10818 10818 1065g  1155g 1145g 1115g 11234 10912 1095s 10958 1085g  1131g 11234 1085g 110 10738 10612 107 108  11614 115 11114 11212 10914 10938 10938 10958  11312 11212 10914 10934 1077s 10734 10814 10412  11412 11514 11014 1115g 10914 10914 10912 10538  113 11214 10912 10978 10758 1075g 1081g 10414  11614 115 11234 11278 1117g 112 1121g 10658  1113s 10558 10434 10434 10612 10714 1075g 103  11512 1135s 10834 1087g 11018 11114 111 10634  1;!.418 1097g 10638 10718 10934 10934 110 105  115 11158 10758 1083s 1107g 11114 1113& 10578  10712 116 1153g 1151 8 1181s 11718 12114 11718 11634  1145g 122 12212 12214 12334 12312 1251g 12218 12334  11212 12012 1193g 1191g 12os8 1201s 1223g 1225g 12134  11612 12234 1227g 1225g 1241 8 124 12514 125 125  10814 11214 117 12034 1167g 12112 11634 1213s 11814 12212 11812 12214 11914 12314 119 12314 119 123  1073g 1093g 10612 108 11614 11811! 11334 11614 11518 11818 11334 11614 1157g 11838 11312 1161s 117 120 111 114 117 11912 11034 11338 11914 121 1123s 116 11812 120 11514 11934 119 12014 1153g 11914  1063g 113 11314 113 11034 11012 11178 11214 11518  11018 11614 11612 1161s 11418 11312 116 11612 12os8  10234 10112 10112 9278 9814 9734 9734  105 10214 10218 9334 993g 993g 99  10238 102 10178 9314 991g 987g 99  10338 1033g 10312 9478 9934 995s 9912  1027g 103 90 9912 9914 99  10418 1041g 923g 10014 10012 10014  10334 104 9112 100 997g 997g  1013s 10114 94 10012 101 10034  1021g 10238 9612 1025g 10258 10234  10112 102 1021g 9534 102 102 102  10438 10338 10312 9714 10314 1033g 10338  10612 10614 1051g 105 1033g  108¾ 108 106 10634 1045g  10712 10734 10534 10534 1043g  11012 11134 10812 10918 1067g  1083g 10878 10718 1071g 10612  11018 111 108 10834 10738  1087g 11014 11012 11038 11114 107 10758 10918 1051g 10118 10958 10558 1011s 10712 10712  112 1097g 106 108 10838  llFs 1095s 10534 10612 10812  11314 1107g 1075g 10734 11012  116 11178 10934 1097g llFs 1121g -- - - ---- --- - ---- ---- ---- ---- ---- -- - - ---lOFs 10412 10414 1053g 10014 10138 10012 103 103 1057g  11612 11134 1095s 110 11238 11258 10934 10534  1181g 1137g 11114 11134 11414 1143s 11018 10738  1073g 11878 11914 119  10912 12014 1201s 120 119 1175g 12234 11712 12238  10578 106 9612 102 102 102  1867 .  u. s. 6s of 1881 , COUP--- -  5-20s of '62 , COUP -----5-20s of '64 , COU P - - - - - 5-20s, '65 , c., M. &. N- 5-20s, '65 , c., J. & J ___ 5-20s of '67 , COU P- - - - - 10-40S,COUPOD--- --- --  ---- ---9914 100  ---- ---- ---- ----1 ---- ---- ---977g 9934 10134 9712 98 4  99  99  11312 11212 1107g 11118 109 10912  113 108 1065g 1065s 10878 10914  10818 11612 1165g 11612 11938 11734 122 118 11834  10712 11534 11534 1157s 11412 11312 11712 11812 118  1868.  u.5-20s, s. 6s of 1881, COUJ>---1862 ,coup ____ __ 5-20 s, 1864,coup ______ 5-20s, 1865 , M. &. N---5-20s, 1865, J. & J _____ 5-20s, 1867,coup ______ 5-20 s, 1868,coup ______ 10-40s, COUP---- - - - - - -  1083s 1077g 10514 106 10412 1045g  112 llFs 1095g nots 10814 10838  11034 110 1073g 10812 10614 1067g  11238 11134 10912 11014 10818 10838  11014 10914 10714 1075s 10614 10614  llFs 11034 10838 109 10734 10712  1101s 1091 8 1075g 1077g 1063g 10634  1869 .  U. S. 10-40s, cou p _______ 10534 1085g 10814 11014 1051g 10614 105 5-20s, 1868 ,coup ______ 5-20s, 1867 ,coup ______ 5-20s, 1865 , new, coup_ 5-20s, 1865,coup ______ 5-20s, 1864 ,coup ______ 5-20s, 1862 ,coup ______ 6s of 1881, reg ________ 6s of 1881 , COUP-------   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  10714 10678 10658 10734 1075s Illig 109 111  10912 109 1085s 1105g 10934 11358 11112 11238  1087g 1085g 10838 11012 10914 113 11112 1121g  11214 11318 11314 11618 11514 11812 11412 11638  11234 11212 11212 11478 11334 11738 1147g 1153s  114 1135s 11334 118 11512 120 11612 11714  1135g 11278 1125g 11578 1135g 11734 11512 11538  110 12014 12014 12014 11912 11712 1235g 1221g 12318  11118  11634 1215s 11612 121  UNITED STATES SECURITIES. u.  January. F ebruary.  s.  March.  April.  May.  June.  July.  63 Auoust.  Sept'ber.  October.  Nov'ber.  Dec'ber.  GOVERNMENT SECURITIES . Low Hioh Low High Low High Low Hioh Low Hi(lh Low High Low High Low High Low Hioh Low Hioh Low Hi(lh Low Hioh  I  1870.  11334 11612 11318 11678 116 u. s. 6s of 1881, COUP---- 11558 11812 11578 11814 1155g 11312 113 11218 11158 11118 11134 10934 1091g  11612 116 11618 11434 11418 11458 11318 11112  114 11314 11312 1117s 1121g 113 11118 11114  11514 11518 1141s 11414 11438 114 1117s  10912 L083s L083s 10718 108 10812 10434 U05g  11414 11338 11318 11134 1121g 11238 10834 11318  11014 10914 10938 1073-1 10812 10878 10858 11114  11514 11414 11458 11318 11358 11312 10858 11234  11118 11058 11058 11234 11314 11314 10738 11212  1175g 11212 11118 112 11414 11434 115 10858 1121s  11738 111 11034 11034 11278 1127g 113 10758 113  11812 11238 11212 10834 11134 10834 11134 10834 11414 1073g 11438 1075g 11438 108 10834 10638 11434 11014  11514 1121g 112 112 llllg 11118 lllls 10878 114  11318 11018 10918 10834 10858 10834 109 10678 11034  11 458 11218 11112 11178 11014 11038 11012 11034 11214  11334 11212 11118 11112 110 11018 11014 10578 111  11458 11412 112 1123g 11034 11018 1107g 107 112  11312 11178 11114 ll0lig 1101g 11014 11012 10614 111  11418 113 11134 11214 11012 1105g 1107g 1067g 1113g  1131 8 10112 107 1067g 109 10914 10912 10614 1107g  113s8 10918 1077g 10814 11014 11014 11012 107 11112  113 10714 1063-1 1063.i 1091s 1091g 10958 10614 10934  1135g 108 1073.t 1075g 1103g 11038 111 1067g 1107g  11014 10858 10778 108 107 10714 1077g 10634 110  11314 11012 1097g 10914 10858 10878 10914 10958 11112  113 11038 110 110 109 109 10934 10912 11114  11434 11234 111 78 11214 111 11118 11134 11178 1133s  1145g 11178 11112 11134 11012 11012 11078 108 11358  1161g 113 11238 11238 11118 11114 11134 10934 1153s  11614 11218 11214 11212 11114 11138 1115g 10812 1151g  11714 114 114 114 113 113 113 10912 11534  117 11034 11018 11018 113 11234 113 109 11512  11738 11134 11134 11134 114 114 1141g 110 11578  11714 112 11178 11178 11318 11378 114 1093g 11514  11818 11338 113 1131s 11478 11538 1151s 11034 11518  11478 11334 11312 ll314 11214 11238 1127g 111 113  11614 11514 11434 11414 11218 11314 11338 113 14 11518  116 1137s 11378 114 11212 113 11314 110 114  119 11434 11414 11412 11358 11358 11412 111 11634  118 1145s 11434 11434 11358 11334 11414 11112 11412  11938 11558 11558 11578 114s8 11434 1145s 11134 11614  11514 11334 11318 11312 112 112 112 107 11012  11814 1157g 11518 116 11434 11478 115 11134 11412  11612 111 11078 11112 113 11358 11358 1091g 11112  11734 11134 11134 11238 11414 115 115 110 11338  11714 10914 10934 11012 113,4 1143g 11458 1091g 11318  118 111 111 11134 115 1157g 116 1097811514-  101112 11418 11412 10934 10912 11034 1097g 11138 11134 109 10912 lf434  11018 11434 11534 11058 11034 1123g 11134 113 11314 11012 1105g 11534  10734 114 11414 1101g 110 11osg 110 11114 11114 1063g 10934 11334  10878 11478 11558 11114 1113g 1117g 1105g 112 1123g 10712 11078 1147g  10834 11414 11514 111 111 1121g 1101g 1113g 112 10714 10734 114  110 11434 11534 11214 1123g 11278 11112 113 1131g 108 1083g 11512  10978 11434 1i51 2 1123g 11212 1125g 11112 11218 113 108 10814 1151g  11218 117 11818 11534 11534 11612 11434 11518 116 11058 1107g 11634  11114 11618 118 1121g 1121g 1127g 11434 11512 11534 110 1103g 11614  113 11714 11934 114 1137g 115 11614 1173g 1171g 11138 11214 1173g  112~8 11412 11958 114 114 11434 11614 1173g 1171g 1105g 11112 1143g  1133s 115 12058 115 115 116 11712 11812 11734 11134 1125g 115  11312 11512 117 1145g 1145g 1151g 11334 1151g 1147g 1113g 11214 1143g  11334 116 11818 11534 11534 11638 115 116 116 1117g 11314 115  11214 114 11614 1141g 114 1145g 1131g 11334 11314 10834 11112 11212  1127g 11614 11814 1183s 11612 1167g 11512 1161g 11534 1095g 1135g 11414  10934 11338 11418 113 11314 11312 112 11214 11234 10734 1075g 11134  11134 11412 11614 1145g 11412 11434 11334 11414 114 109 1081g 11234  111 11414 1155g 11514 1145g 1153g 11358 1137g 114 1077g 10734 111  1113s 11514 117 11618 116 1163g 115 11514 115 1085g 1085g 114  110 11412 1161g 11112 1113g 1121g 114 11414 11414 10734 10734 11314  11012 1161g 11718 113 11314 11314 11534 1161g 11534 10814 10812 11412  111 11234 1171g 11214 1123g 11212 115 1157g 11534 10912 10918 11~  llllz 1145g 118 11338 11312 1133g 1165g 1171a 11634 110 1097g 1133g  11214 1145g 11412 11258 11314 1135g 11234 1133s 1133g 1095g 10978 6 s, cur r enc y _- - - - - - - - - 1125g  1151g 1171g 11914 1153g 11514 1163g 1153g 11634 1167g 114 11512 11512  11314 1165g 11814 11414 11412 11514 11414 11614 11614 11138 1141g 11412  11334 1173s 11834 1157g 1155g 1161g 1145g 11634 1165g 11212 1151g 11514  113 11614 11814 11558 11512 1163g 1143g 116 1161g 11012 1105g 1135g  1151g 118 12014 11714 1173g 11814 11634 11814 118 11214 11212 115  11514 11614 11834 116 116 118 1151g 11612 116 10912 111 11214  11614 118 121 1185g 1185g 12012 118 1197g 11734 112 11378 115  11514 11714 12014 1147g 11434 11714 11712 11914 118 11178 1135g 115  11614 119 1225g 11634 11634 11814 11914 1217s 12012 11214 1143g 11614  11438 11512 12218 11578 11614 1165s 119 1203s 120 11214 1127g 11314  11534 117 1231g 1171g 11714 1191g 12034 1217g 1207g 11312 115 11412  1143g 1167g 11914 11612 11612 118 116 11714 11712 11334 1143g 11414  1157g 1185g 1201g 11714 11734 11912 118 1191g 11834 1151g 1153g 1147g  11414 1173g 1191g 117 117 11834 1165s 1185g 118 1121g 11512 11312  11434 11814 12012 11712 1175g 1193g 11734 1195s 119 11334 1161g 1143g  11112 112 11514 1133g 11414 110 11134 11334 113 112 106 10814  1147g 117 1197g 1137g 11714 11834 1167g 11914 1187s 114 11434 11358  10634 10912 11112 10512 1061g 10712 10934 110 110 10312 105 10812  109 11534 1157g 109 110 11114 1133~ 11514 115 10914 10934 1115g  10614 11034 11214 10512 10612 1073g 10914 11012 110 10512 1051g 108  10918 1147g 11512 10914 111 111 1137g 1147g 115 10814 10812 1105g  1()914 11114 U._612 1107g 1115g 11112 11412 11514 11612 109 10812 10812  11314 1161z 121 116  11334 11134 11434 12014 121 1181g 12012 12114 1195g 1203s 12014 1135g 1163s 1167g  11414 11812 1193g 11612 118 1191g 118 11834 11812 11214 11234 11578  1151g 11934 121 11814 120 12034 11912 1203g 1201g 1151g 1153g 117  1153g 11912 12034 11734 11934 12058 119 11934 11934 1145g 1141g 11634  117 1201g 122 11834 12034 12134 12014 1207g 12012 115 11512 11714  115 1195g 120 115 117 1177g 11914 12014 1197g 1147g 11434 l1Gl2  11512 1203g 122 1155r, 117 14 1183g 12014 12034 12012 J 1514 11538 11714  113 1161g 1211g 1133g 11614 11712 11912 1197g 120 11312 1131g 1145s  1153g 11712 122 1153s 11714 118 14 1207g 1213g 12114 1147g 11434 11534  11212 1153g 1165g 11112 11534 11634 11512 11614 116 1121g 11212 1155g  11312 1173g 119 114 11612 11734 11634 1177g 11814 11312 114 11734  112 11714 11814 11134 11534 11634 116 1173g 11712 1097g 11312 11712  1125g 1175g 1185g 11212 116 11714 1165g 1177g 1185g 1107g 1141 2 11734  112 1167g 11734 1121g 1151g 11578 11514 11634 11612 11012 11114 11712  1125g 1177g 1185g 11234 1157g 1167g 11634 11734 11778 111 1117g 1175g  11214 11714 118 11234 1153g 1163g 11534 117 11714 111 11112 1173g  1127g 118 1185g 11334 1163g 1177g 1165g 117 7s 11778 112 11238 11818  11112 118 1185g 11034 113 11414 11612 11734 11778 llFg llFg 1177g  113 11914 1197g 11234 11434 1163s 119 120 11934 1133g 1141g 119  1123g 11558 11912 11214 114 14 116 14 11814 1193s 1197g 1125g 11334 11614  1137g 1185g 1221g 1143s 116 11838 121 122 12034 1151g 11514 118  116 1193g 11958 11558 11712 11912 1185g 11912 11934 11612 11634 120  11512 120 1213g 11712 1181g 1205g 11934 12012 12012 11412 1153g 11912  11434 120 121 1181g 11812 1211g 1191g 1197g 11934 1137g 11512 11918  11712 122 1233g 11834 121 12178 1221g 1233g 12212 1161g 11714 1247g  11558 1215g 1231g 11614 1177g 11958 1215g 123 123 1153-1 117 12318  117 1227g 12458 1171g 1181g 1201g 12278 12414 124 117 118 12434  1171g 12014 1251g 1177g 11814 12134 1231g 1243s 124 1175g L8l4 122  119 12118 12614 11814 11914 12234 1241g 12512 12512 11812 11912 1225g  11434 119 120 11534 116 11712 1171g 118 11912 11612 11634 122  1187g 121 123 1161g 1187g 1221g 12012 1221g 12112 1177g 11914 123  11512 1171g 1167g 11814 11658 11814 11514 11934 121 12034 12112 12oss 12112 1207g 12034 122 122 12334 12214 12378 1221g ---- ---- ---- ---- ---- -- -- ---11534 117 1167g 1193g 11834 11912 1141g 1183g 11934 11?34 11914 1187g 12014 11534 1181g 11938 1175g 11912 11812 11938 11834 120 1203-1 11978 121 11912 12114 12012 1201g 12112 120 12112 12012 12112 1207g 1143-1 11512 11518 117 11512 11634 11512 1173-1 11934 11634 118 1167g 1173-1 1171g 12214 123 1231g 124 12312 12412 12312  12318 12314 11834 1195g 1217g 12334 1185s 11914 119  12034 12134 11734 11812 12012 12214 117 118 11734  122 1227g 11812 1193g 12134 12234 1181g 119 119  1213s 1223g 11412 11834 12034 12234 11712 1183g 117  1223g 12234 11518 11914 1213g 123 118 11834 11712  119 12278 11514 11914 1213g 1233g  1193g 11934 11534 117ag 1193g 121 1177g 1183g 1167g 11734 11758  120 12034 11634 1131 8 1201g 12134 11858 119 1185g  11734 118 11212 113 1167g 121 11512 11834 11534  11978 12034 1161g 1177g 1197g 1215s 11634 1195g 11738  1117g 11212 11114 ---- ---- ---107 1057g 10912 1081g 1125s 1107g 113 10812 11314 112 112 10834 109 1077g 106 104 126 12334  1123g ---107 10938 11112 1095g U31g 1101g 109 10512 12514  1053g 107 1095g 1067g 10734 1071g 105 1013g 1205s  1057g 108 1101g 1085s 10934 10834 10634 103 12338  105 1067g 1091g 1063s 10738 1065g 1037g 1011s 1201/l  1057g 1083g 10934 1075s 1087g 1077g 1053s 1025s 12034  10814 10234 10512 108 10914 1063g 105 1007g 1205g  1073g 1025g 1051g 107"4 106 10534 1033s 10012 11912  10814 1027g 10512 108 10612 10614 10334 1007g 1197g  10758 10234 1051g 10738 10534 10514 1027g 9934 1191g  10818 10314 1061g 108 10638 1061s 104 1001g 1203g  5-20s,1862,coup ______ 5-20s, 1864 , coup ______ S,20s 1865 ,COUP- ----5--20s, 1865, new coup __ 6-20s,1867,coup ______ 5-20 s ,1S68,coup ______ 10-40s , COUP--- ------6s , currency - - - - - - - - - -  1871.  u.5-20s, s. 6s of 1881 , COUP- --1862 ,cou p ______ 5-20s , 1864, COU P----- 5-20s, 1865 ,coup ______ 5-20s, 1865, new, coup_ 5-20s, 1867 , COUP-----5-20 s, 1868 ,coup ______ 1o-40s, COUP - --------6s, currenCY----------  •  1872. U . S. fund. 5s of 1881---6s of 1881 , re1t- ------6s of 1881 , COU P- - - - - -5-20s, 1862, coup ______ 5-20s , 1864 , COUP -----5-20s, 1865 , COUP- - - - - 5-20s, 1865, new, coup_ 5-20s, 1867, COUP-----5-20s , 1868 , COUP- - - - - 10-40s, re g ______ _____ l 0-40s , coUP---------6s, currenc y - - - - - - - -- -  1873 .  ·.  U S. fund . 5s of 1881- - - 6s of 1881 , reg __ ______ 6s of 1881, COUP- -- - - - 5-20s , 1862 , COUP- - - - - 5.20s , 1864, COUP -----5-20s, 1865, COUP-- ---5-20s , 1865 new, coup_ 5-20s , 1867 , COUP- - - - - 5-20s, 1868 , COUP- - - - - 10-40s , reg _________ __ 10-40s , cot ·p __________  1171411714 11934 120 11834 11214 1131z 1143g  1874. U. S fund. 5s of 1881- - - -  111  6s of 1881 , reg ________ 1157g 1175g 11734 6s of 1881, COUP------- 117 1183g 11812 5-20s, 1862, COUP---- -- 11234 1147g 1155g 5.20s, 1864, COUP- - - - - - 114 11658 1165g 5-20s, 1865, COUP- - - - - - 115 1177g 1163g 5.20s, 1865 , new, coup _ 11412 11634 11614 5-20s, 1867, COUP- - - - - - 115 118 11734 5.20s, 1868,coup ______ 1175g 10-40s,reg ----------- m14m 1103g 10-40s, COUP- - - - - - - - - - 113 114 14 114 6s, currency_ - - - - - - - - - 114 11514 11514  1876 . U.S.fund. 5s of 1881, coup 1135g 6s of 1881, reg ________ 118 6s of 1881, COUP------- 11814 5-20s,1862,coup ______ 11414 5-20s, 1864,COUP---- -- 116 5-20s, 1865, COUP - - - --- 1181g 5-20s, 1865. new, coup_ 11714 5-20s, 1867, COtll> - - - - - - 11818 5-20s,1868,coup _____ _ 118 10-40s, reg ______ ____ _ 11434 10-40s, COUP---------- 115 Currency 6s ---------- 11712  11938 1193g 11334 11634 119  12012 120 1143g 11714 120  11412 1187g 11934 1163g 11712 11912 1183g 11914 1193g 11334 11334 1185g  122 12234 1177g 1197g 12214 123 11914 11934 1185s  122 12212 117 11914 121 1231g 11658 1195s 11738  1235s 1237g 11814 120 1225g 12334 11814 12134 1187g  1213s 12212 1181g 1187g 1211g 123 11734 11812 11814  125  125  128  12614 1271g 1261g 127  1147g 10912 1107g 114 11712 11418 11412 1125g  1113-1 1073-1 10838 1113g 11412 10912 1133g 10914  11412 10812 11034 11312 1167g 1113g 1147g lllls  1115g 10734 108 Illig 113 10914 uoas 1091g  11434 11834 11934 11534  11534 n91s 12058 11634  gtf~ ggl4 11838 1193g  11714 1165g 118 12212 1191g 120124 12312 125  ---- ----  -- --  11512 1193-1 12112 1221g 11678 118 122  1165g 121 12314 123 11734 118 12234 1137g 11734 1095g 11334 11634 118 1137g 1131g 1123g. 1095g 12214-  1055s 10814 110 10734 10814 10612 1051g 1021g 12114  11214 11512 10812 1115g 11412 11612 112 11112 1103s 108 1207g ; I 1101s 10912 --- - ---1063g 1055g 10914 10814 11112 110 1081g 1065s 10834 10712 107 10514 1055g 10318 10234 101 122 120  10814 1033s 1057g 10812 10612 105 104 100 12114  1091g 10334 10612 10912 10734 1063g 10514 1003s 122  11412 11612 1203s 12234 12278 117 11712 12514  1876. U. S. 6s of 1881, reg - - - - - 1195g 6s of 1881, COUP--- -- -- 1207g 5-20s,1865,coup ______ 11614 5-20s, 1865 new, coup _ 117 5-20s,1867,coup __ __ __ 1193g 5-20s,1868,coup ______ 120 10-40s, reg -- -- -- --- -- 1173g 10-40s, COUP ---- -- ---- 118 5s of 1881, COUP--- ---- 11634 412s, 1891, reg --- ---- Currency 6s ----- ----- 1223g  1877.  u. s. 6s of 1881, COUP----  1137g 10814 10914 1121g 11434 11214 11218 111  5-20s, 1865, COUP-----5-20s, 1865 new, coup _5-20s, 1867, COUP -----5-20s, 1868, COUP -----10-40s, reg - - - - - - - - - - 10-40s, COUP ----- - - - -5s of 1881, COUP ------412s, 1891, COUP- - - - - - - ---- ---4s, 1907, reg _____ _____ --- - -- -Currency 6s ---------- 1217g 1233g  1133g 10812 10912 1127g 11412 1107g 11112 11034  11212 1085g 10812 1113g 1133g 1105g 11112 11012  11414 11112 11012 113 11518 1123g 113 11214  12038 1241g 11658 121 12314 12414  117 11712 1123-1 113 11638 11814 1143g 11514 1147g Illig 12634 12712 12458 12634 12512 1266s 1257g 12612 12638  rn;! m~~  1141s 11534 1145s 11518 ---- ---- -- -- ---11134 1091g 110 1143g 1123s 11314 116 11512 11612 113 1113-1 1125g 11334 11212 113 112 11018 112 109 10634 10834  1103s 113 115 1121s 1127g 1107g ---- ---- --- - ---- ---- ---- 1083g --- - ---- - - -- ---- ---- ---- ---12212 12334 1223g 1233g 1233g 12434 12518  10612 10853 11112 112 11234 111 1083g -- -- ---- ---- 1053g 12512 122 1227g 1231g  1177g 12834 1131g 113 34 117 11812 11512 116 1157g 1113g 127  11038 111  1155g 11634 1113-1 1115g 1143-1 llfil2 113 11312 11312 1103g 123  11818 11914 114 1133g 11614 118 11434 11578 1151g 11112 12534  11612 117 10934 11212 11512 11634 113s8 11414 1113-1 110 1235g  10912 11034 11014  ---- ---- ---- --- - ----  11734 1181g 11014 11314 11614 1175g 1141 8 11512 11314 1113s 12412  111  --- -  10634 10934 11134 108¼ 109 1073g. 10514 1031g 12214  1878.  u. s. 6s of 1881, COUP - -- - 10612 10714 1053g 10612 1055g 1071g 1071g 10734 1073g 1087g 10838 11034 107 5-20s, 1865 new, cou p __ 5-20s, 1867,coup ______ 5-20s, 1868 ,coup ___ ___ 10-40 s, COUP----- -- - -5s of 1881, COUP- ---- -412s, 1891, COUP----- -4s, 1907 , coup-----~-Currency 6s -- ---- ----  1025s 1051g 10634 10738 10518 10314 10138 11812  10314 106 10914 10834 1063g 10414 10234 11912  1025s 105 108 10612 103 1023s 10178 11812  1033-t 10618 109 10812 1043g 10312 10214 11912  10312 10512 1085g 1037g 103 lOFR 10018 118  1045g 10714 109 1053g 104 12 103 10118 119  104 10434 107 1075s 10958 11012 1053g 106 1043g 1055g 1023.1 10338 10038 10034 11714 11914  10614 10134 10234 10438 10578 10434 993g 11912  1067g 1023g 10434 10838 10712 10614 100 12 Ilg  10578 102 10212 10434 10414 106 100 1207g  10634 10214 1027g 10538 1047g 1063g 1001g 122  10534 102 10238 10114 1037g 104 9918 1213g  1065g 10214 10212 10214 10458 10514 1001g 122  10578 10634 10612 10712 1073g 10758 ---- ---- ---- ---- ---- ------- ---- ---- ---- - --- ---10114 102 1041 2 10,51g 10312 104 1035g 10334 1047g 10634 107 1077g 10534 10612 99 10134 10178 10312 10212 103 12112 12412 12418 12512 123 12312  10334 10612 10914 1057g 1043g 10318 10012 119  10434 1075g 10934 1075g 1057g 1047g 1013g 122  1045g 1071g 110 10712 1053g 1033s 10118 119  1051g 1085g 11114 1091g 107 1043s 10112 1207g  1023g 1051g 10758 1087g 1067g 10478 10014 120  10758 1025s 1061g 10814 10938 10734 1047g 1005g 12014  10712 10238 1045g 108 10834 106 10434 10058 1197g  1091g 10358 1051s 108 10758 1061g 104 10038 119  10912 10334 1061s 10934  1081g  10634 10434 10012 1203g  1879 .  u. s. 6s of 1881, COUP-- --  5-20s, 1867, COUP-----5-20s,1868 ,coup ______ 10-40s, COUP- - - - - - - - - 5s of 1881 , COUP----- -412~ 1891 , COUP------4 s, 1907, coup ________ Currency 6s, reg ______ I  1880 .  10438 1047g 10418 10434 1043g 105 105 10512 10514 1065g 10614 10718 ---- ---- ---- ---- ---- - -- - ---- ---- ---- ---- ---- -- --  ----  --..--  ---- ----  ----  ---- ----  ----  ---- ---- -- --  1035g 1057s 1013-1 12258  10414 1061 2 1023g 124  10234 10214 103 10234 10312 106 14 1043g 10534 10514 1057g 102 10118 10234 10158 1023g 12314 - - - · --- - 123 123  102 1061g 10214 124  1023g 10714 1035g 125  1017g 105 1005g 12314  ----  10212 1053g 103 12114  1033g 1063s  10414 122  .;  u. s. 6s of 1881 , COUP---- 10418 1047g 10518 1055g 10514 1057g 10578 10614 10638 1071& 10658 10711, 1037g 10414 10412 10434 10412 10458 10434 1047g 10438 10478 1041g 10458 5 s of 1881, COUP------- 1033g 104 103 4 12s, 1891, COU P ----- -- 10638 10734 10778 4s, 1907 , cou p------ -- 103 10434 105 Currency 6s, re~--------- 126   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  --- -  10358 103 10914 10712 10714 10612 126 ----  10312 1033g 104 10234 1033s 1031s 1035g 10812 10878 1091g 10878 1105g 1093s 10934 1073g 10658 10712 10718 109 10834 1097g ---- ---- ---- ---- ---- - --- ----  1033s 10334 1025s 10234 10212 1023-t 10212 103 10934 1101s 11114 lll3s 109 11034 10814 11012 10818 1093g 10978 1101g 1083g 1105g 10714 10958 - --- ---- 128 128 ---- ---- ---- --·--  1013g 11114 1097g 12912  102 1125g 11212 130  101 1115g 11112 134  10112 112 11358 134  64  U ITED STATES SECURITIES.  U.S.OOVERNMENT SECURITIES.  J anuary. Febtary.  March.  May.  J u.iv .  June .  Auoust.  S ept'ber.  October.  Nov 'ber .  Dec'ber .  Low Hioh Low Hioh Low Hioh Low Hioh Low HiOh Low Hioh Low HiOh Low Hioh Low Hioh Low H iOh Low HiOh Low HiOh  - - - - - - -- - - -1-- - -- 1----1 1881.  U. s. 6s of 1881, coup ____ 10112 10134 10134 10134 102 10214 1023s 10378 10334 10612 10278 104 10214 103 10112 1025s 10078 10112 1003s 10118 10114 10134 10038 10112 5s of 1881, COUP - - - - - __ 10112 10178 10038 101 10078 102 102 10278 10158 105 103 10414 10158 10234 101 10218 101 10112 9934 10218 10178 10212 102¾ 10312 412s , 1891 , COUP - - - - - - - 112 1125g 11134 11278 11118 11234 11258 114¾ 11434 11612 11478 1153s 11438 11478 11334 1145g 1127g 11358 113 113 1133g 11458 11334 11458 4 s, 1907, c oup _______ 11238 11312 1123g 114 Currenc y 6s, reg ______ 133 133  11278 11434 11312 11614 11618 11814 11758 1183g 11534 11714 11434 11658 116 11738 1151 2 11638 116 131 131 133 133 135 135 134 134 _ ____ ____  1882.  u. s. 6 s of 1881 ( a ) COUP -_ 10034 101 5 s of 1881 (a) c o up ____ 4 12s , 1891, coup __ _ ____ 4 s . 1907 , coup ________ Currency 6 s , r e g ______ O ptional 3 s , re g _______ (a) Continue d a t 3 12% .  U,  s.  1883 .  5s o f 1881 ( a ) COUP -_ 4 12s, 1891, coup _______ 4 s, 1907 , cou p ______ _ _ . O ptio n a l 3s, re g _______ C urr en c y 6s, r eg ______ ( a) Continued a t 3 12% -  ~1  10218 10234 11438 11478 11114 11812 13 1 131 -- - -----  102 11234 11 78 1031g 13112  104 11358 ll!/34 10412 13112  11712 11758 11858 129 130  10078 10178 11458 117 18  101 10212 11478 11818  10034 102 1135s 118  10112 1031s 11334 11958  10118 10178 11514 U83s  101¾ 103 11612 12134  10114 10138 100 10014 10114 102 10114 10214 1011s 10134 10034 10218 10118 10114 10058 1015s 10014 11512 11614 11418 11414 114 115 11458 11458 11278 113 113 1205s 12112 12018 12034 1185s 12058 11958 12014 11912 12014 11858 ___________________________________________ _  10378 11314 11878 10334  10378 11378 120 10414  ____ 11212 119 1035g  _ __ _ 11338 12012 10414  ____ 11318 1193g 103  ____ 11334 120 1033~  __ _ _ 113 119 10314  10014 10134 10134 10112 10338 1131 4 113 1131 8 ll278 11312 1191 2 11878 1191 2 120 121 _______________ _ __ _ _ - ----------- - -------- - -- ---- ____ ---- ____ -- - - _ _ __ ---- ____________ 10214 10214 10134 10238 10258 103  ____ 11338 119, 8 1035s  _ _ __ 11238 119¾ 10312  ____ 113 120 104  __ __ 11238 11 12 103  ____ 113 11918 1033g  ____ 11234 1187s 103  ____ ____ 11312 11214 114 11334 119¾ 11938 12114 120 10358 10112 1033g 10014 13212 135 13534  ____ 1147s 122 10012 13612  11412 12134 10014 136  115 12234 10038 1361~  _ ____ __ _ 11378 11478 123 12518 10034 102 l34 13412  1884. U S. 4 12s, 1891, coup ____ 11418 1147g 11438 11458 11314 1137s 113  11378 110 11358 11038 11158 112 11258 ________ 11178 1123s 1123s 11334 1137s 11412 11234 11378 4 s, 1907, coup ________ 12314 12414 1235s 12378 12334 1247s 12314 124 11 12 12314 11812 12034 11812 1205s 11958 12038 120 12118 11934 12178 12112 12234 12214 12334 O ption 3 s , r eg _ ______ 10078 1007s 101 101 101 101 10034 10114 100 10034 100 10034 100 10014 10018 10034 10034 101 10014 101 ________ 10112 10 112 C urrenc y 6 s , r e g ______ 13434 13434 13514 13514 ____ ____ ____ ____ _ ____________________ _ _ _  1886.  U. S 412s. 1 891, cou p ____ 11258 11278 11212 11278 112  1121s 11238 11234 11234 1131 4 4s, 1 907. cou p _ _______ 12112 12218 12134 1223g 12218 122as 121as 12214 12158 12214 Optional 3s, reg _______ 101 10112 10112 102 101 10112 101 10218 1025s 1031 4 Currency 6 s, reg______ 13614 13712  11214 12218 10314 13412  112a4 1231 2 10-112 135  11212 12238 10318 13314  11278 11234 1131 4 11218 1121 2 12278 12258 12318 12278 1231 2 1037s 10278 10314 10318 104 13338 134 134  11212 12258 10312 134  1131 2 11312 1131 2 11238 11273 124 12358 12:F8 1235s 12438 104 10234 104 10318 10412 134 133 133  1886. IL S, 41 2s, 1891 , coup ____ 11212 11234 1127s 114  11134 1125s 11212 11212 11238 11234 11138 11218 11134 11218 lllls 11178 4 • 1907, COUP - - - ----- 123 124 12418 1273s 12534 12712 1257g 12612 12534 12614 126 1273g 1257g 127 12512 127 Optional 3s, reg _______ 10034 10212 100¾ 101 10018 10112 10078 10134 10078 10112 1013g 10212 1005s 10034 1003g 1005a Currency 6s, reg ______ 13514 13514 1361a 1361s 135 135  10978 12618 10012 133  11212 11138 11212 11078 11112 11014 11034 12834 12734 129 127 12914 12814 1293g 10012 100 l00ls 10034 101 134 132 13212  1887 . U.S. 412s. 1891, cou p ____ 10934 11812 110  1101410878 4s, 1907. coup ___ _____ 12634 1281 2 12838 12 34 128 Cur. 6s, 1898. reg _____ 13212 13258 1345s 134"8 135 Cur 6s, 1899, reg_____ 13718 1371413612  1097s 12958 135 1361s  110 12834 13478 13712  1103s 11018 11078 10914 1093-110878 10914 108 12938 12834 129:,8 129 12912 12714 12818 12538 13478 13214 13214 131 132 128 13712 13718 13718 129  1103g 108 1083s 10814 10834 1083s 109 127 10858 12818 12412 12558 12412 1261 2 1263s 12634 12412 12634 128 ________ 127 127 ________ - - - ____ _ 129  I  1888 .  U . S. 41 ~s. 1891, coup ____ 10112 1081 2 10712 108 10638 10634 10612 1077s 10734 10 ls 107 10718 10714 10714 10712 10734 10678 10678 1085s 10851, 10812 10938 10812 10834 4s, 1907, COUP - _ _ _____ 12514 12612 12534 1265s 1253g 12512 12334 1265g 12612 12718 12712 1281s 12714 1273g 12738 1285g 12812 130 12658 129 12714 12812 12818 12812 6 s, cur •• 1898 . reg _____ _ _____ __ 127 127 12778 1277s 127 127 12912 12912 13014 13014 6s,Curr.,1899,reg____  I _ _  1889 . U. S. 41~s.189 1 . coup ____ 1031 2 109  109 4 s. 1 907, coup _ _ _ ____ _ 12614 12 14 12818 6 s, curr., 1898, r eg _ __ _ 12712 12712 ____ 6 s, curr. , 1899, reg _ ___ ----  109 1287s ____ ----  10734 1295s ____ ----  10 11110 14 10814 1067a 10678 10634 10634 1067s 10G7t ________ 10534 1053-11051210512 10434 105 1297s 12834 129 12914 12912 12914 12951112818 12 12 128 1281s 12778 12814 127 12714 127 127 12718 12712 ____ 12558 1255s ----  1890.  U. S. 412s. 1891 , co up ____ 10434 105  104121043410312 10334 10312 10312 10234 1031s 103 103 ________ 10334 1033-1 ___ __ __ _ 104 104 4s, 1907 , co up _ _ _ ____ _ 125 12614 12318 12338 122 12318 122 12218 122 12214 122 12234 12112 124 12378 1237s 124 1261~ 12258 12414 123 124 122 6 s, c urr . , 1898, r e g ____ ---- ____________ ---- ____ ---- ---- 12434 12434 ___ _ ____ ____ ____ ____ ____ _ __ _ ___________ _ 115  12314 115  1891. U, 5. 412s .1891,  COUP ---- _ _______ _ ___ - - - - - - - - ____ 102 102 ---- ---- ---- - - -- 10058 1005g 10034 10034 ---- ---- - -- - ---- - --- ---- - --- --- 4 s, 1907, COU P - ------- 12014 12112 l'.!l 121 12112 12112 122 122 ---- ---- ---- - - -- 117 11718 11634 11634 117 11812 il6 117 11614 117 11678 11814 6 s, cur r ., 1898, r eg ____ ---- ____ ------------ ___ _ -------- ________ ---- _ _ __ 118 118 _ ___ _ ___ ---- ____ _ __ _ ____________ - --- __ _ _  1892.  u. s. 4 s . 1907, COUP -----  11612 4 s, 1907, reg __________ 116 6 s, c urr., 1898 . r e g ____ 116 6s , c urr .. 1899, re g ____ 11812  1171s 11634 117 11714 11712 1155g 11638 11612 11712 11738 11818 11614 1167g 116 11614 11478 115 11412 115 11458 11114 11612 11634116 1163a 1155s 11618 11534 11712 11614 11634 116 11634 116 116 ________ 1143g 11 5511 11414 116 ---- ---- ---- ---- ---- --- - ---- ---11812 ---- ---- ---- ____ ---- ---- ---- ---- ---- ---- ---_____________________ _ ___ ____ ______ _  115 114 115 113 ---___ _  1145g 11312  1893.  u. s. 4 s . 1907. COUP -----  113  114  11234 113  11212 11412 11234 1135a 11258 11234 110  11134 108  11 114 108  11212 11112 112  111  11112 11212 114  114  115  2s ,optional.reg_______ ---- ____ 96 9934 97 97 ---- ---95 14 95 14 - --- --- 4 s , 1907 , reg __________ 11338 11414 11134 113 11134 1121a 11234 11358 11212 113 110 11034 10812 ll lls 10734 llFa 110 11012 11034 1113g 112 11312 113 114 6s , currency , 1898 ----- ______ __ ---- ____ 11312 11312 ---- ---- ________________ 108 108 ___ _ _______ _ _______ __ ______ _ ____ - - -- -- --  u. s.  .1894.  4 s. 1907. COUP ----- 11212 11334 11418 5s, 1904, coup ________________ 1173a 4s, 1907, reg __________ 11258 114 11312 Cherokee 4s, 1897----- ____ ____ 5 s, 1904, reg _ _ _____________ _ __ 1173s 6s, curre ncy, 1895 ----- ________ ---6 s , currency, 1896 ----- ____________ 6s, currency, 1898 -- - -- ---- ____ ----  u. s.  11418 114 115 11412 11434 114 11414 11414 115 11334 11112 11738 11112 118 11912 11734~11 14 11758 11814 11818 114 11278 11334 11312 11414 1131 2 114 1125a 1133s 11314 104 117:lis 11712 11712 ---- ____________ 11778 11838 118 ____ ---- ---- ---- ---- ---- ---- ---- ---- ------- ---- ---- -- - - ---- ---- ---- ---- ---- --- -  115 11914 11418 104 11812 ---____  114 115 115 115 11112 119 119 11934 11358 11418 114 114 _______ _ 118 118 10112 10112 ---- - - ----- ---- ---- - ---  11414 115 114¾ 116 11434 116 1193s 120 11112 1191 8 11714 11912 11418 114lr 11412 115s8 11312 11413  11934 11934 119 119 11714 119 - - - - ---- ---- ---- ---- -- ---- - _ ___ 106 106 --- - - --____ ---- ---- ---- ---- ___ _ ____ ---- ---- ---- ---- - --- ---- ---- - - -- -- - - ____ 11 114 11114  1895.  4s. 1907. COUP- ---- 11234 11312 110 113 11234 11278 112 1123g 11212 11338 11312 1135s 11212 113 11258 11258 11212 113 4s , 1925 , COUP - - - - - - - - ---- ---- 11814 1193g 119 12012 12012 12112 12012 12358 1235s 1237s 12314 12418 12134 12214 12 112 12314 5s, 1904, COUP - - - - - - - - 1155g 11714 1143g 11614 1153g 116 11518 11612 1153g 11614 11618 11634 11634 11634 11518 1153g 11512 116 4s, 1907 , reg __________ 11214 11312 110 113 11034 111¾ 11112 11134 11134 11218 11178 11214 112 11212 11214 11212 11134 11134 4s, 1925 , reg ______________ ____ ________ 12012 12034 12034 12034 12058 12112 _____________________________ _ __ 5s , 1904, reg _____ _____ 11438 111 14 11434 11618 11578 116 11478 116 ________ 11634 11634 1155a 11678 115 11538 ___ _ ____ 2s, optional,reg _______ ________________ ---- ---- - - -- ---- 9612 9612 ---- ---- 97 97 ---- ---- ---- ---Gs , currency, 1896 _____ 10234 10234 ________________________________________ ---- ____________ ---- - - -6s , currency, 1898 _____________ 10834 10834 ________ 10812 10812 lOl} 109 ____ - ___ - - - _____ _ _______ - - - _ - - - 6s, currenc y, 1899 - - --- ________________ ---- - - -- --- - ---- ---- ---- ---- ---- ---- - - -- 109 109 ---- ----  11134 [2238 11534 11134 ___ _ ll458 - --10218 --- _ --- -  112 123 11612 1121f ____ 116 --- 1021s ____ ----  112 12058 11434 11158 12034 l1478 - --- -----_ ----  11214 12112 1_1514 ll Fs 1207£ 115 - - -------. ----  1896.  U  s. 4 s , 1907, COUP - ____  4 s. 1925,  COUP ---- - ---  5 , 1904 , COUP - - - - - - - 2s, optional, regis _____ 4 , 1907 , registere d ____ 4s. 1925, registered ____ 5s, 1904. registered ____ 6s, currency, 1897 _____ 6s, currency, 1898 __ ___ 8s, currency, 1899 _____  109 110 11514 117 113 114  10812 111 113 118 112 114  11014 lllls 10918 10978 10978 11014 10912 11014 11638 11714 11634 119 1163g 1177g 11638 11814 113 11312 11312 11418 11258 113 11234 11314 __________________ __ ____ ________________ 95 95 10 110 108 11014 10 14 10 12 10 3g 109 10 34 10914 10 10 '8 11412 11412 113 11734 11612 11738 117 118 11612 1175s 11614 11818 112 11312 112 11312 113 113 11334 11334 1127s 1121s 11234 113 ________ ________ 10314 10314 ____ - - -- ____ ---- ---- ---________ 105 105 _ _ _ _____________________________ ________________ 1071:? 107l2 ---- ---- ---- ---- ---- ----  10712 10918 106 10734 11234 11634 11114 11312 11034 113 10812 109 94 94 106 10812 10434 10612 1127s 11634 11134 11312 11034 11234 10834 10918 - --- ---- ---- ---103 103 ________ 105 105 ---- ----  1063g 11358 10914 91 10534 11334 110 ---103 ----  10778 1173g 11 112 91 10612 11612 11014 ---103 ----  1897.  u. s. 4s, 1907 , coupon ___  1113g 11212 11218 1131-1 113 11312 112 11234 112 1125g 1125s 1131-1 1117s 1123g 112 4 , 1925, COUP-------- 12018 124 12218 1231g 123 12334 1235g 12412 12212 1231-t 12334 1253g 1247g 12634 125 5s, 1904, coup __ _ ____ _ 11414 1143s 1133s 11318 1137s 11414 1141s 11438 113 11312 114 11434 11412 115 11314 2 iio:;s ii15s iii1; iii- iii- iii3s 1I07s iii1; iio3~ ii1- li103s iii1; iii:;s iii- 1ir 4s, 1925. registered - _ __ 1201 4 1221 2 122a8 122;;s 12314 123:;s 123 1231 1223-1 12314 12518 12518 12418 12534 12512 5s, 1904. registered __ _ _ 1131 4 11334 1133-1 1133-1 11378 11414 11314 11314 113 11314 ________ 1135s 114"8 11312 21 _ _ ---- ,- --- ____ ---- - --- , -- - Gs, currency. 1898- - - -- 103111 1031-1103121031 2 _ _________________ 6 • currency, 1899- ---- __ __ ____ 10612 1065s ________ 107121073-1 _ _____________ _ _  ::: fcJ~~~!'ii~;:j:(c==   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  10612 10814 10914 11012 115 11812 11812 1203g 11012 11112 111 11312 96 96 10578 10734 10812 11012 11512 11612 11934 120 1103g 1103s 11114 11234 ---- ---- - --- ------- ---- ---- ----- - - ---- ---- ----  112 11212 119 12 Fl3 112 115 110 11112 11712 11712 1131211513 ---- --- ---- --- ---- ------- - - - 110 12 119 11338 9512 109 120 1133g ----------  11212 120 38 114 96 11012 1203g 114 -- ----- -- -  ) 11212 11314 114 12534 125 126 1137s 1137s 115  11312 114 11334 11418 115 115 126 12814 12758 12812 1285g 12912 115 1157s 114 11478 11438 115  1i~~; 1i~!: 1i~:: 112 11278 11234 11318 11218 l2/i34 12Gls 12618 1271s 1271g 12714 12714 127 78 1137s 1141-1 1141-1 11314 nr; 11412 --- 10234 1023.1 9934  113 129 11412 99 34  UNITED STATES SECURITIES.  65 ("  Januar11. Februar11.  U. S. GOVERNMENT SECU RITIES.  March.  April.  Ma11.  June .  July.  Auoust. September October. November. December.  1 - - - - - 1 - - - - - 1 - - - - - 1 - - - - - 1 - - - - _ _ _ _ ,_ _ _ _ _ , _ _ _ _ _ ,  Low HiOh Low HiOh Low HiOh Low HiOh Low Hioh Low HiOh Low HiOh Low HiOh Low HiOh Low HiOh Low HiOh Low Htoh  1898 .  U.S. 3s, 1918, coupon ________________________________ ___________________ 104 10412 10412 10512 10434 10512 1061s 1061s 10514 106 1057s 10734 3s, 1918, small coup ________________________________ _________________________ __ 4s 1907, coupon------- 1135g 1145g 113 11434 110 113 107 111 108 11114 110 11114 11034 11114 4s, 1925, coupon ______ 12812 12934 1235g 12834 11812 1253g 11734 12214 120 12314 122 125 125 12812 5s, 1904, coupon ______ 114 115 11312 11334 11014 11212 11012 1117g 10934 Ill Ill 11112 1125s 11314 2s,  3s, 4s. 4s, 5s, 6s,  10434 10512 Ill 112 12634 12734 ________ optional, regis _____________________ 9812 9812 98 98 ---- ____________________________ 1918, registered ________________ ________________________________ ____________ 105 105 1907, registered - - - - 1123g 1131g 11178 11312 10834 111 106 10912 10634 109 10734 10912 11014 Ill Ill 11112 1925, registered - ___ 12112 12912 12612 12834 11812 125 11634 12112 1217g 12214 12412 12412 124 124 12112 1281s 1904, registered ____ 11312 115 ________ 11134 11134 11112 11112 10934 11014 ________________ 112 112 1899. registered ____ 104 104 10312 10312 103 103 1027s 1027g ________________________ 10214 10214  10412 10514 10438 11112 112 11058 127 1275g 127 1121s 11214 11238 ---- ________ 10514 1053g 10412 11012 11012 11012 127 1273g 12634 11212 1125g 11234 ___ _____ 10212  106 112 12814 11314 ---1055g Ill 12714 11234 10212  105 106 10512 1071s 11134 1125g 11212 11312 12634 1275s 12712 12914 112 11212 11212 113 985g 985g 9912 9912 10514 1057s 1061g 10712 111 11134 llllg 112 1271g 12112 12112 12834 1117s 1121g 1125g 11258 _______________ _  1899.  U, S 3s, 1918, coupon--- 1071g 108 3s, 4 s, 4s, 5s,  1918, 1907, 1925, 1904,  small coup --coupon-----coupon ______ coupon------  2s, optional,regis _____ 3s, 1918, registered---4s , 1907, registered- ___ 4s, 1925, registered ____ 6s, 1904, registered----  10634 10612 11238 12 1117s 99 10634 11214 128 _____ __ _ 11134  10612 11212 129 11234 9912 10612 1117g 1285g  10712 113 1295g 11314 997g 1075g 1123g 129  1073g 107 11314 129 112 99 10714 1125g 12853 11134  107 10814 10612 1075g 112 114 1283s 1291 2 11134 1125g _ _ ______ 107 1081g 111 1121g 12834 12834 112 112  1900.  U.S. cons. 2s, 1930, coup. ____ __ ___ _______ 104  105  1077g 109 1075g 10912 10812 10912 10834 1093g 1073g 109 10714 10 5g 108 10914 10812 10912 11212 11334 1123s 11414 1135s 11412 1125g 11312 1293s 13012 129 1303g 13012 131 12912 13012 113 11312 11134 1127g 113 113 1125s 1125g _ _________ _ __ __ _______ _ _ 1011210112 10714 IO lg 10 ta 10834 10812 10934 10 12 10812 1123g 11234 1121s 113 11214 114 11214 1125g 12912 12912 12912 1303g ________ 13014 13014 112 11312 1125s 1125g ________________ 10314 10412 1031g 104  1081g 10834 10814 10834 1081g 10812 10758 1095g 108 10814 108 1087g 1073s 108 108 1095g 11314 11334 113 11334 112 11212 1125g 1133s 1301g 13012 130 13012 130 13012 12914 1325g 11112 11112 112 112 1113s 112 11012 1113g ______________ _ _________ 101 101 10812 10834 1083s 10 7g 10714 1075g 108 108 11214 11214 Illig 11112 11114 1115s 112 11312 ______________ _ _ l'.!91g 12934 12934 1325g 11112 11112 1117g 112 11012 11012 111 111  ___ _ ______ _ ___________ _ _ ---- __ _ _ 104  104  109 10912 11314 13312 11112 102 10934 1125s 13234 11212  11034 11014 11512 13412 11312 102 11034 115 13414 11314  ---- ____ 10434 105  3s, 1908-18, coupon- - - - 110 11034 10914 11134 10934 11214 110 11034 109 110 109 10912 10912 11012 1083-1 10912 10912 11012 10912 11012 10912 11012 10934 112 3s, 1908-18,small, coup, 10912 11012 109 Ill 10912 11134 109 1093-110812 1091210812109 ___ _____ _ ____ __ _ 10934 10934 - --- -- - - 109 1103s 109 14 110 4s, 1907, coupon ______ 114 11434 11434 11 11434 11812 1141g 11512 114 11614 115ls 1155g 1145s 116 1151g 116 1153g 116 11412 115 11514 11614 11512 11634  4 s, 1925, coupon ______ 5 s, 1904, coupon ______ 2s, optional,regis----Cons. 2s, 1930, regis---  3 s, 4s, 4s, 5s,  1908-18,regis - ----1907, registered---1925. registered- __ 1904, registered----  1333-1 13414 13418 1347g 1131 4 1135s 114 1155s ---- -- -- -- - - __ _ _ ___ ________ _____ 10914 1097g 11114 112 114 11434 11412 11514 1331g 1331s 13414 135 1123g 1123g 11234 11312  134 137511 l'.)3 13414 13412 135 1343s 135 134 13414 13134 13414 134 1341s 11434 1163.1 1131211412 11212 114 1131s 11312 114 114 1131g 11314 11312 11334 _ _______ 1001410012 ---- __ __ ---- -- -- --- - ---- - --- - - -- ---- -- -___ _____ _ __ _ __ ______ _____ _ _ ___ ______________ __ ___ __ __ ___ 11114112 10834 109 1083410912 _ _____ _ _ 1091g 110 1091210912 11014 1101:i 115 11712 114 115 11412 11614 11414 11412 11412 116 11512 11512 1141:i 11434 13412 13712 1325s 133 13412 1345g 13414 13418 1331g 13318 _ _______ 13414 1341 4 11534 11612 11212 1125s 1125s 1141g 11312 11312 11334 11334 _ ______ _ 11314 114  --- - -- - 1137s 1141g --- - ---104 104 10912 10934 1147g 115 __ _ ___ _ _ 1125g 11334  13412 11234 - - -10434 10934 115 137 113  1385s 114 ---105 10934 116 138 113  138 113 ---10438 10934 11412 1381g 115  1381s 11334 ---107 1101s 1163-1 139 115  1901.  U, S. cons. 2s, 1930, coup. Cons. 2s, 1930, sm, cou 3 s, 1908-1918, coupon-_ 3s, 1908-18, small coup . 4s , 1907, coupon ______ 4s, 1925, coupon ______ 5s, 1904, coupon ______ Con s . 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 11312 10512 11012 11412 138  10514 1057s 1063s 1063s 10614 10G7g __ ____ __ _ _ _ _____ ___ _ __ __ 11012 11112 11034 112 11114 112 1101 2 11034 111 112 111 111 11334 114 114 11514 114 114 _ __ _ ____ 13734 13814 1381:i 1395s 11034 11034 11134 1113.1 11114 1121 4 10512 106 10534 10614 106 10612 11034 1107s 111 Ill¾ __ __ _ ___ 11334 11414 113 113 11314 11312 ________ 1377g 1377s _ _____ __ ____ ---- ________ 1117g 1117s ---- ----  10612 10634 10678 10314 10714 10758 ________ 1085s 10858 __ _ _____ __________ ____ _____ __ _ _ __ _________ _ __ ______ ___ _ _ 1093s 11012 10834 1091 2 10812 10834 1031 4 10834 1083g 1083g 10812 10812 _______ _ 1081 2 10812 ________ 10834 10834 _ _______ 10634 108 ___ _ _ ___ 1135g 1135g 1121 2 113 113 1131 2 1131 4 11314 112 11234 13814 1383~ 1385g 1391 4 13812 13 12 1367g 13712 137 1391 4 13912 13912 10914 110 _ _____ __ 10912 1091 2 _________ _ _ __ ___ 10 108 _ _ _ _ ____ 1063-110634 ___ _ __ _ ____ _ _ _ ___ ______ _ 109 1091g 109 1091 2 109 109 ___ _ _ _ __ 108 10 34 ---- -- -- 107 12 10112 1131 1 1135g 1121:i 11234 11234 11314 ___ _ _ __ __ ______ _ 11134 1121s 13812 13812 ____ __ _ _ 139 139 137 137 - --- ---- -- - - ---110 110 ---- ____ ---- ---- ------ - ---- -- --  10914 10914 10912 10912 __ _____________ _ 10812 10812 10812 109 108 108 108 108 11214 11214 113 113 ___ _____ 1393s 13978 __ ______ 107 14 10114 _ _______ 10834 1087s --- - ---- --- - - - - 112 11212 111ss llFs 139 14 139 14 - --- ---- --- ---- ---- ----  1902.  U.S. cons. 2s, 1930, coup. 10812 10812 ______ _ _ 1095g 1095s 10912 10912 10938 1093s __ ____ __ 10734 10734 _ ______ _ - --- __ __ - - - - -- -- 10 34 10834 - --- ---3s, 1908-18, coupon- ___ 1087s 10912 3s, 1908-18, small, coup __ __ ____ 4s, 1907, coupon ______ 1111s 112 4s, 1925, coupon ____________ __ 5s, 1904, coupon __________ ____ Cons. 2s, 1930, regis-- - ____ --- 3 s, 1908-18, regis - ___ - - ________ 3s, 1908-18, small, regis ____ -- - 4s , 1907, registered - - - - 112 112 4s, 1925, registered ____ 139 139 5s, 1904, registered---- ________  1087s 109 109 110 10814 108 14 109 109 1121g 1121 8 11214 113 ----  10912 10912 111 _____ _______ 13934 10614 10614 _____ _ _ ____ _ - --- __ ____ ______ 10912 _______ _ __ ______ 109  - --- __ _____ _ 112 1121:i 1111:i 13912 13912 ___ _ ---- ____ 10612  1095s 108 10 12 107 10112 1067s 1067g 10534 107 10712 10834 10912 __ _ _ _ ___ __ _ ___ _ _ ___ _ ____ 1063s 1063g ___ _ ____ I115g 1105g 11114 1101 2 111 103a4 1091 4 __ _ _ ___ _ 11114 11112 1393 _______ __ _ _ ____ __________________ __ ___ __ 4 _____ _____ __ _______ _ 1061 2 1051 2 104 104 _ __ ___ __ 1097s _ ______ __ __ ___ __ - --- ---- 1083-110834 - - -- ---1091g __ _ _ _ __ _ 10712 10712 ___ _ _ __ _ 1057s 1067g 107 107 ____ ---- ______ __ _____ _____ __ 107 107 ---- -- - - - --- ---11112 11114 11114 1105s 11114 10912 10912 10 14 1095g 10812 10812 10734 1101:i _ _ ____ _____ _ __ __ __ __ 13514 136 132 13214 _ _____ __ 137 137 10612 10514 10514 10512 10512 ________ _ _______ _ _______ 10514 10514  108 109 10 108 14 10614 108 14 - --- ---11034 11114 --- - -- -13734 13734 13612 13612 10514 1051 2 1037s 105 - - -- ---- - - -- - -- 1075g 1075s 10814 10814 --- - ---- --- - ---111 11112 1095g 111 ________ _ ____ __ _ _______ ___ ______  108 108 10734 10734 - --- ---_ ______ _ _ _ _ ____ _ - --- ---10734 10734 - - -- - --10812 10912 13512 13512 10334 10334  10634 10838 1093g 11034 13514 ---1065g 10112 11012 13514 ----  106 1s 1061s 107 108 ---- ---11014 1105s ---- ------- ---_ - - __ - - _ _______ _ 109 10912 - --- --- ---- ----  1903.  U S. cons. 2s, 1930, coup. ________ 10712 10712 ________ ________ 10514 10514 106 10614 10634 10634 _ _______ 10834 10834 3 s, 1908-18, COUPOn- ___ 10778 10834 10718 10714 10 14 109 10714 10834 10714 10712 108 108 10712 109 10612 10612 10814 1091g 3 s, 1908-18 small, coup ______ __ 1071s 1071g ___ _____ 10812 1081210714 10714 _ _______ ___ _ ___ _ 10612 10612 ______ __ 4s , 1907, coupon ______ 10934 11014 ________ 10914 111 11012 112 11034 11112 ________ 111 Illig 10912 110 11134 11134 4s, 1925, coupon ______________ 136 136 137 13712 ____________ _______ ___ ___ _ _ _____ ______ ________ _ _ 5s, 1904, coupon------ - -- - ---- 103 10314 10314 1033g ---- ---- 10314 10314 10314 10314 --- - - - - - 10138 10112 - --- --- Cons, 2s, 1930 , regis- - - _____ - _- - - ______ ___ _____ ____ ___ _ 106 1061g 106 106 10678 1067g 1067s 1067g 10912 10912 3 s, 1908-18,regis------ _______ __ _____ __ 107 107 10734 10812 1011 4 10114 10734 108 10734 108 10634 10634 _ __ ___ __ 4 s, 1907, registered ____ 10912 11012 10934 10934 109 11012 11034 11114 11034 111 110 110 111 111 _ ______ _ 109 110 4 s . 1925, regi stered ____ ________ 1351s 13518 135 13534 1351g 13514 1357s 13612 13514 13514 13414 13414 _ _______ 135 1351s 5s , 1904, registered---- ________ ---- ___ _ ___ ___ __________________________ ---- ---- 10112 10112 10112 10112  10734 110 10938 Ill 13514 -- - 10634 10914 112 13514 ----  1063s 107 12 10712 ---13414 101 14 1063g 1077g 11214 13334 ----  10638 10812 10712 ---13412 10114 10634 1077g 11214 13414 ----  1904.  U.S. cons. 2s, 1930, coup 10514 1055g ____ ---· 10534 10614 _______________ __ _________ _ ____ __ ______ __ _______________ 10412 10412 105 3 s, 1908-18, COUPOR - - - 3 s, 1908-18, small, coup. 4s. 1907, coupon ______ 4s, 1925, coupon ______ Philippine g 4s, '14-34,cou U.S. Cons. 2s, 1930 , regis 3 s, 1908-18, registered _ 4s, 1907 , ret.tistered -- -4s, 1'926, registered----  10712 108  10634 10714 - - - ___ _ _ 107  10714 10534 10634 106  10612 10614 10614 10514 10514 10558 1055g 105 1047s 10512 105 1055s 10714 10114 1063g 10634 _ _ _ _____________ 13212 133 _ _______ 13112 13112 __ _ ___ __ ________ ___ ____ _ __ _ __ _ _ _ 11014 11014 ____ __ __ 1051g 1051g 10514 10514 ---- --- _ _ _ _____ 10434 10434 1045g 105 ---- ---10614 10631< 1063s 1063g ___ _____ - --- --- _____________________ ___ 1317s 1317s  105 10534 _ _______ 1065s 1065g ________ 111 111 ---- ------- ------- ------- -- --  10434 ___ _ 1041:i 1307s ----------------  105 _ ___ 10612 1307g ----------------  105 105 10412 107 131  10412 10412 10612 1307g 110 -------------  --------- ----  U.S. cons. 2s, 1930, coup. ________________ 10914 105¾ 10434 1047g _______ _ 10412 10412 _____________ __ ___________ _ _____________ 10314  10314  ________ 1011s 1071g 10614 10634 ________ 10534 10534 _ ______ _ 105  1011:i 10112 107 10112 108 108 134 134 13234 13234 133 133 ________________ 11134 11134 10512 10714 ________ 10512 10512 ____ ---- ________ 10634 10634 ________ 1073g 1073s 1063410712  108 108 107 107Ig _ _______________ ______________ __ 10512 106 105 1051g ~--- ____ 1055g 10534 10814 10814 10614 107 ____________________ ____ 1327s 1327s 1323s 1323g  110  1905.  3s, 1908-18, COUPOn ---10512 104 104 105 106 106 104 1047g 104 10414 104 1043g ____ ---- 10334 10414 10378 10434 - - -- ---- 10234 104 3s, 1908-18, small.coup 1045g ______________ __ 10412 ___ ___ __ __ _____________ _ ________ __ ___ ___ ________ ________ 1041:i 10412 1037s 1037g _______ _ 4s. 1907, coupon ______ 1051s 1057g 10412 10412 10534 10534 10434 10514 _____ _ _ ___ _____ _ 104 10414 1041g 1041g 1047s 105 10438 10514 1051g 1053g 10312 1037s 4s. 1925, coupon ____________________  __ 133 133 Philip. gold4s, '14-34 cou 1091g 1091g ________ llO 110 U. S cons 2s, 1930. regis ________________ 10434 10434 3 s, 1908-18, registered _______ _ _ 10412 10412 __ _ _____ 4s, 1907, registered ____ 10512 10512 ______ ______ _ ___ 4s, 1925, registered---- ________ ---- ____ 1321:i 1321?  _ _______ 13214 13214 _ _______ 10914 10914 1045g 1047g 1041 2 I047g 10434 10434 104 104 10412 10412 _______ _ _ _______________  133 133 109 109 __ ____ __ 10334 104 104 104 13212 1327~  _______ _ 13338 1333s 13412 1341:i 13412 13412 _ __ ____ _ ________________ 10812 10812 1037g 10318 ________ 10414 10414 10312 10312 10312 10412 ________________ 103 1045s _ ______ _ ________________ 105 1051s ________________________________  13234 13338 ________ ________ 10312 1037g 10434 1053g 1325s 1333s  10312 10312 103 10314 1035s 10414 1295g 1295s _ _ ______ 10314 10312 10334 10334 _______ _ _______ _  __ _ _____ 1025g 1025g 10234 1027s 12934 12934 _ _ _ _ - - -1035s 10412 ________ ________ _______ _  10412 ---102 13034 - - -104 ------ 1307s ____  13014 13034 11012 11012 _______ _ ---- ---1027s 10314 13034 1317s  1906.  U.S. cons. 2s.1930, coup. 103'g 10314 103 3 s, 1908-18, COUPOD - ___ 4s, 1907, coupon ______ 4s, 1925, coupon ______ Philip.gold 4s, '14-34,coup U.S. cons. 2s, 1930, regis. 3s, 1908-18,registered4s, 1907, registered---4s, 1925. registered ____ Pao, Can 2s, 1936, regis.  1035g 10412 10412 1035s 1037g 10258 10318 1031g 10434 104 1043g ______ _ _ 10334 1047g 1033g 10334 12934 13014 _______ _ 131 13214 10834 10834 __________ _ __ ___ __________ _ _____ 1037g 1037s ______________ _____ _ ____ 103 1037s 103 103 10314 10314 10334 10334 1035s 1035g ________ 1297s 1297g ________ ________  _ ______ _ 10234 10314 10314 1031 2 1291 2 131 111 111 10312 10312 10234 10234 10312 10312 129 129  104:;g 1047g 10312 104 10314 1035s 1293s 13112 __ _ ___ _ _ ___ _ ____ 10312 10312 1033s 10338 13014 13112  ______ __ 10312 1037g _______ _ _______ _ - --- - - -10512 10512 - --- - - - 103 103 131 13llg  10412 10312 10214 13014 ---- --- --102 - -- ________ ---- ____________________________ _______ _ __ _____ _ ________ _______ _ 1051g  1031g 10314 130 10912 1031g  104 10312 13112 10912 1031s  10412 10312 10212 13112 -------- -10214 -- -1051g  10412 ---102 1g 13034 ---104 ------1307s ----  104 103 3g 1017g 13012 ----  10514 10338 102 13034 ----  - --10034 --- ----  ---10034 -------  1907,  U.S. cons. 2s, 1930, 1.oup. ________ 106 106 10614 10614 10412 10412 1041s 105 1051g 1051s 10534 1053.1 1051s 10534 ---- -- -- 10414 10534 --3s, 1908-,18, coupon- - - 4s, 1907, coupon-----4s, 1925, Coupon - ----Cons. 2s, 1930, regis--3s, 1908-,18, registered4s, 1907, Tegistered - --4s,_1925, regi-stered----   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1027g 1031s 1023s 1033g 10312 10334 1001s 1001s ________ 1017s lOFs 12912 12912 12914 12912 13012 13012 ________ 105¾ 10538 ________  1033-1 104 1021g 10214 1021g 10318 10314 10314 __ _ _ _ __ _ 102 10314 10212 1015g 1015s 10112 1015s 1007s 1001g ____ ---- ________ ---- --- - ---1305g 1305g 12934 12934 ---- ____ ---- ---- 127 127 12512 12512 12434 1041s 10434 ______________________ __________ 105-3g 10512 105 ____ ____________ ________ 10234 1023410212 10212 _______ _ 10212 1027s ________________ 102 1007s 1007g 10112 10112 1005g 1005g ____ ---- 10112 10112 1007s 1007g _____________________ ____ ___ 129 129 1291g 129lg ll3034 13034 ________ 130, 130 1287s 1287g ________________ 12514 12614 11912  1025s --- 12434 10558 103 ---125  ---- ---- ---10014 10234 10012 102 -- -- . ---- ---- ---119 124 117 120 10414 109 10434 10434 101 10212 ____ ---____ ---- ---- ---____________ c----  U ITED STATES  66 U.S. OOVER.NMENT SECUR.ITIES.  ECURITIES. I  I  January February March AprU May June July Auow.t September October November December Low High Low Ht(lh Low Ht,gh Low High Low Htqh Low High Low High Low Htqh Low Ht~h Low H .oh Low Htqh Low High  _u___s___c_o_n_s__-2-s1-.9-1°_9_3_8_o___c_o_u_p______ ,,_1_0_4l_g,_1_04-l~ ----  ---- ---- ---- ---- ---- ---- ---- ---- ---- 104  104  ---- ---- ---- ---- ---- ____  I____  ----1---- ----  3s, 1908=18, coupon------ 10114 10114 101 10134 101 10158 10112102 101141013g ________ 1003410084 1008410084 -- -- ---- ---- ---- ---- ____ 10084 l007a 3s, 1908=18, small, COUP- -- --- - ---- 1011210112 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 1001410014 ---- ----  :t m~: ~~~~~a-n.-,coii:::  ==~~41_~1-3~ :::_ 1_2_2}:  m!; m~~  ==~- 1_2_3~~  ==== ====  :::~81_2_2~~  ==== ==== ==== ==== :::~21_2_2}~ ==== ===i::_  1-~~ -  ==== ====  Cons. 2s, 1930, regis- _____ 1041 8 1041 2 104 104 104 1041 2 10334 104 1031 2 10334 10334 10334 1035s 104 10334 10334 104 104 10312 10312 10312 10312 1-- - - - - -3s, 1908=18, registered ____________ 1011 1011 1011 1011 ________________________ 100 10012 1017s 1017s 1011s 1011s -------1 101 101 4s, 1925, registered _______ 1181 2 1181 2 119 4 119 4 1201 42 122144 ________________________ 122 122 1211212112 121 121 1205g 12osa 1205s 121 ---- ----  ----1---1  DEALINGS IN FOREIGN GOVER MENT SECURITIES AT NEW YORK STOCK EXCHANGE. BO DS.  1904 Imperial Japanese Gov'tSterling loan 1911- - - - - - -6 2d series 1911-- ------- 6 BeKublic Cuba 1904 loan---5 Mexico 1899 loan- - - - - -5 Oold debt of 1904--------4  1905 lm/t~~\f!,lfg;;\S:1f_~~•!= -6 2d series 1911- -------- 6 Sterling loan 1925-----4½ 2d series 1925 ------- 4 ½ Begublic Cuba 1904 loan ----5 Mexico 1899 loan- - - - - -5 Gold debt of 1904--------4  AprU May March June July September January Felmw.ry Auuusz Oczober November December Low Htgh Low Htr;h Low High Low Hi{Jh Low Hi{Jh Low Htgh Low Htgh Low Htgh Low Htgh Low Htgh Low Htgh Low Htg  ---- ---- -- - - - - - - - ---- ---- ---- - - - - ---- - - - - ----- - - - -h 933 ---- ---- ---- --·- ---- ---- - --- -- -- -- -- ---- 9234 9358 9212 935s 931g 941g 937s 95 89 9512 897s 9234 9112 90 8934 ---- ---- ---- ---- ---- ---- ---- -- -- ---- -9814 -993~ -993s 1oi1~ ioois 1-0112 -991 1023~ iii2aa 1O21s iii2i21O312 1023g 103 8 - -- - -- -- - --- 1-0-0-12 ------- -- -- ---- ---- ------- ---- 9712 9712 ---- -- -- --- - ---- ---- ---- ---- -- ----- ---- ---- 983s 983g 9812 9812 99 ---- ---- ---- ---- ---- - --- --- - ---- - - -- --- - --- - ---- ---- ---- - --- - --- -- -- -- -- ---- ---- - --- ---- -9334 -94119412 991s 9814102 901g 9614 941g 100  101 99  10312 9712 10312 9712 1021g 10014 10134 1003g 102 10114 95 14 98 947s 9912 981g 9!l12 985g 100 8612 8814 86 9084 897s 931s 911s 93  io314 10512 iii65s 108100 10014 1001g 10084 9334 9412 943g 9418  100 102 9914 101 8812 9234 885g 917g iii412 1-0538 iii4121O512 iiisi21oi- 10612 1071g 107 10814 io434 10012 !Olis 1001g 10014 10014100¾ 10014 1007g 9912100 100 10084 94 92 9514 9514 96 9334 9314 937g 9312 94¾ 9434 95  1003g 10212 10014 10134 901 8 9218 90 915g 105 10534 10058 10014 941g 9434  985g 10212 9734 102 901s 9178 901g 921g 1051410534 100 100 94 9412  9912 98 9714 9918 91 931g 9114 931g 104 1055g 100 10012 937g 95  100 92  9878 10018 981g 100 9234 951g 911g 9312 87 88 10534 108 9912100 923g 95  100 10012 997g 1003g 9012 95 8912 9134 87 88 106 10712 997g 10012 94 9434  1001g 10112 100 10114 9012 9212 895g 915g 8434 87 10334105 10114 10112 937g 9434  9634 10112 971410114 9112 931g 9084 9214 83 12 86 14 1043g 105 9912 100-'.lg 9414 9512  973s 100 97 14 993g 913g 941g 9014 93 14 83 14 86 10314 10512 9914 9934 9414 96  9914 9934 98 14 99 9334 943g 927g 93 5s 8412 857g 10514 106 10012 101 945g 94  991g 10014 9812 997g 9412 94 905g 9312 82 83 10514106 983410012 9414 945g  995g 1005g 9914100 9114 945g 905g 917g 8212 83 12 104 10612 99 991s 94 9412  100 1011g 9934 10012 9212 91 897s 91 8214 83 14 10112103 983s 9834 9312 9412  97 10084 97 10014 9114 9214 895g 9012 82 83 103 10412 98 98 9334 9412  967s 97 78 967g 9758 9114 93 895g 92111 82 843g 103 10412 975g 98 9412 953g  9612 973 9614 97 923 91 9084 921 843 83 10134103 98 99 9314 931  9634 9934 967g 9912 915g 943g 9018 927s 8214 8514 1015g 10312 963g 99 9312 94  9812 995s 98 995s 8914 941s 8814 911s 8212 8434 103 10334  9812 9934 99 9934 8734 9012 8712 89¾ 837s 79 983410112 99 99 9212 94  9712100/lg 97121003g 8812 9112 8734 9112 805g 8334 9934 102 9812 9834 95 93  9814 99 9814 987s 9114 925g 921g 91 8312 8434 102 10218 9712 983g 945g 94  987s 987g 91 9014 82 102 98 92  9912 99 993g 99 90 915g 867g 91 79 813g 10234 10314 98 98 92 9212  9914 9934 993g 995s 90 86 8412 8634 757s 79 1023410314 9712 9712 9112 9278  9934 997g 995g 9934 867g 893g 86 8834 79 8012 10014101 97 97 9112 92  ---- ---- ----  86 9084 837g 89 75 80 102 104 96 9834 9012 9414  91 85 841g 873g 775g 80 1023410334 9812 9912 9314 9412  8514 8714 85 8612 8412 8634 851g 8614 77 78 ' 7658 773g 1001410114 101 10214 9814 991g 975g 9814 94 93 9312 93  853s 8 14 855s 8 767g 7912 1021210314 9812 9834 93 9334  885g 8934 88¾ 93s 795g 8114 10314104 99 9912 92 93  9014 9112 8914 9012 801g 81 10214 10312 99 101 9334 9414  89 907s 8712 8912 791 2 8078 1021z 103 9812 9834 943g 943g  ioi1s  99 981g 917g 917g  105  100 998 93 931 8 10538 100 93  1906 lm/t!~1fnifg:~e1~1f_~~•!=- 6 2d series 1911- - -------6 Sterling loan 1925-----4½ 2d series 1925-------4½ Sterling loan 1931- - - _- - -4 Be~ublic Cuba 1904 loan- -- 5 Mexico 1899 loan- - - - - - 5 Oold debt of 1904-------- 4  1907 Imlt';'/1t~;ro"aan~el~1?~_"..t~=-6 2d series, 1911-- ------ 6 · Sterling loan, 1925----4 ½ 2d series. 1925---- --4½ Sterling loan. 1931-------4 Beg of Cuba, 1904 loan-----5 of Mexico 1899 £ loan --5 · Gold debt of 1904-------4  -9334  -94-  9912 991g 9212 915g 841g 103 99 921g  ---8334 84 75 98 96 89  -8914 887g 8014 10114 9734 92  -848414 76 95 93 8834  ---- -- --8712 867g 7814 9812 95 90  ~  891g'J90'9 87  903g 8578 8914 8612 8912 781 8 791 4 76 801g 1031:,JI05 1041210514 987s 9934 92 93 -9212 -9314  8614 8714 785g 7914 97121001 2 96 9714 8734 89  ~·  ,...~  1908 Imperial Japanese Govt.Sterling loan, 1925- - - -4 ½ 2d series, 1925 ---- --4½ Sterling Loan. 1931------4 Rep cff,Cuba, 1904 loan ---- 5 U S of Mexico 899 £ loan- - 5 Gold debt of 1904-------4  ---  -8558 -8734  91 90 8834 90 801g 825g 1021410234 985g 9834 9312 937g  9114 92 9014 915 8214 823 102121033 983g 991 9212 94  Note.-In case or bonds or foreign governments Issued In pounds sterling. the usage or the Stock Exchange Ls to consider five dollars as the equ1valent or one pound sterling. and the abo ve qnntatloas are on that basis. With the exception or the Republic or Cuba 5s or 1904 and the U . ~- or Mexico 4s or 1904 ( ,1n1ch are Issued ln the , enomtnatton or dollars), the bonds In the foregoln are a.II sterling Issues   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  STATE SECURITIES-RECORD OF. PRICES 1860 TO 1908, INCLUSIVE. I n the tables which follow we furnish a record of the course of prices of State securities on the New York Stock Exchange since 1860. Dealings in these securities are now very small. 1860 to 1865 , inclusive. DESCRIPTION. Compiled from Sale Prices.  1860. Lowest.  1861.  Highest.  Lowest.  Lowest.  1864,  1863.  186~.  Highest.  Highest.  Lowest.  Highest.  Lowest.  1865.  Highest.  Lowest.  l,l ighest.  - - - - - - - - - - -!------ ------ -----1-----1------ - - - - - - - - - - - - - - - - ----- ------ ------ -----Ohio, 6s, 1886-------------- 106½ Jan 11312 Kentucky 6s _______________ 99 Dec 10634 Illinois, Int. Imp. Stock, 1947 100 Feb 10612 Interest _____ 100 Mch 10012 " " " Illinois 6s, 1879 , coupon _____ 10412 May 10612 Illinois War Loa n ______________ _ Indiana 5 % ----- -- ------- -- 86 Jan D3 Michigan 6 %- -------------- 98 Mch 106 Tennessee 6 % -------------- 64 Dec 93 Tennessee 6 % new bonds _______ _ Virginia 6%---------------- 73 Dec 95 Virginia 6 % new bonds _____________ ____ _ North Carolina 6 % -------- -- 7712 Dec 100 North Carolina 6 % new bonds __ _ _ North Carolina 6 % special tax ___ _ Missouri 6 % - ____ __ _ ________ 61 Dec 847s Louisiana 6% ______________ 94 Jan 9912 California 7 % ______________ 82 Jan 95  Aug 87 D ec 109 Feb June 65 April 97 Jan Oct---July ___ _ Sept 75 June 8514 Sept _ __ __ _______ Aug 75 July 93 April June 77 Dec 8334 Oct June 3414 June 77 Mch  93 Jan 115 7012 J an 100  Nov ___ _ Dec ___ _  8014 77 75 7734 42  Dec Dec May Dec Feb  Mch 36  April 81  Sept 44  June 8212 Feb GO  Mch 49  June 35 Jlfay 72 Jan 40 Oct 45 May 7712 Jlfch 59 Sept 7112 May 88 J a n 7634  Jan Jan Feb J an Jan  110 10512 84 105 65  Jan 6512 Jan 74  ___ _ ___ _ ___ _ ___ _ 57  July 64  Feb 50  Mch 92  Dec  Oct 49  Dec 75  Feb 47  Jan 64  Sept 50  Jan 73  Nov  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  Mch 79 Feb 80 May 155  Dec Dec Jan  Jan 6712 May 52  Jan 5614 Feb 5912 Dec 75 May 60 J an 70 Mch 55 Nov 80 Mch 52 Jan 11612 Dec 114 Aug 13914 Mch 123  1866 to 1871, inclusive. DESCRIPTION. Compiled from Sale Prices.  1866. Lowest.  1867.  Highest.  Lowest.  1868.  Highest.  Lowest.  1870.  1869.  Highest.  Lowest.  Highest.  Lowest.  1871.  Highest.  Lowest.  Highest.  - - - - - - - - - - - - - - - - - - ----- - -- - - - - - - - - - - - - - - - - 1 - - - --1- - - - - - - - - - ------ _____ ,__ __ 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 tax ___ _ Missouri 6% ___ _ _ __ _ __ ___ __ 71 Louisiana 80 Caillornia 67 % % -------------______________ 106 Connecticut 6s _____ ________ ____ _ Rhode Island 6s ____ ___________ _  Mch 100  June x61  Nov 72  Jan 41  Nov 88  Jan 45  Jan - - -Mch ---Mch  Mell 9:~14 Dec 8634 Mch Jan 100 Sept 80 Feb April 120 Oct 115 Jan ____ 9812 Jan ____ 99 April  7014 July - --- --Jan 60 -- -- ---6012 July  X5978 Jan 7812 June X4914 Dec 70 4012 D ec 6978 - --Dec 59½ X4312 Jan 60 X47 49 Sept 6334 - - -Jan 79 iune X4034 Dec 66 38 X50 - --- 27 Nov 64  106 90 128 102 100  84 Nov 108 ___ _ 128 Dec 134 __ _ _ ___ _  July Jan Dec Sept Mel\  May  Jan Jan Jan Jan Jan Jan  Jan 4518 Mch X48 12 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 Mch July July  61 61 59 6012 31 15 18 1212 June 89  Dec Jan Oct Feb Dec Dec Dec Jan  Aug 76 7658 Aug 74 April 75 May 5114 Feb 2918 Feb 2178 Feb 9912 July  1872 t o 1877, inclusive. DESCRIPTION. Compilvd from Prices Bid.  1872.  Lowest.  1875,  1874.  1873.  Highest.  Lowest.  Highest.  Lowest.  Highest.  ---- ------ ------ ------ ----- ------  Mch Alabama-5s, 1886 - - -------- 55 Aug 8s ot 1888---------------- 80 Arkansas---6s, fund _________ 40 Nov Aug 7s, Little Rock & Ft. Smith 50 California-7s ______________ 109 Sept Connecticut-Gs ____________ 98 Jan Jan Georgi ~-1.,s --------------- 70 7s, new ______ __ __________ 84 Feb Illinois-6s, 1879, coupon ____ - - - - - --Jan Rentucky-6s 95 Loulsiana-6s, L evee ________ 50 Oct 7s , consol ________________ ---- ---Mlchigan-6s, 18 3 __________ Mlssouri-6s, long ____ ______ _ -9178 sei>i New York-6s, bounty, coup_ 1053.,1 Oct North Carolina, 6s, old, J. & J. 30 1s May es, new, J. & J ___________ 15 Jan 6s, special tax ____________ 10 Oct Ohio-6s, 1886 ------------- - -- - - - - Rhode Island-6s ___________ 99 Jan South Carolina--6s- _________ 40 April 68, J. & J ________________ 23 Sept 6s, A. & o _______________ 22 J an Tennessee-6s, old __________ 63 5,'l J an 6s, new ____ ______________ 63~8 Jan Virglnla-6s, old ____________ 42 July 6s, consoL _______________ 5012 July  6212 90 5712 60 115 10212 77 90  May Jan June Feb June Dec Jan Jl1ay  ---- - - --  101 July 6712 April ---- - - --  -9112 iiiiie  May Mch Mch Mch - - - - -- -10212 June July 56 Mch 39 36 April 80 12 Dec 80 18 Dec 56 18 F eb Mch 59 109 38 14 23 16  45 45 25 15 101 97 59 70 85 95 50 ---85 85 103 20 14 5 99 98 22 8 19 63 12 6214 32 44  July Aug June Nov Dec Oct Nov Nov Nov Jan Jan  - -- -  Nov Oct Nov Oct Dec Nov Nov May Nov Nov Mch Nov Nov Oct Oct  Jan 57 Feb 82 Feb 40 27 July 116 June 10234 June 82 May May 91 July 99 Aug 100 Aug 55 - - - - ---98 May 9634 June 108 June 33 12 Jan J an 19 1712 June 107 April Mch 101 Jan 40 2212 J an 28 April 8434 Mch Mch 85 Feb 47 56 14 Mcb  Jan 39 April 45 Sept 35 Aug 23 5 Jan 114 110 Jan 106 97 Jan 80 65 Jan 92 82 Jan 10212 95 9712 July 102 15 June 28 - --- - -- - - - - Jan 104 94 9212 Aug 9834 10312 Jan 110 18 June 29 Aug 2112 10 5 Sept 1112 Jan 10612 100 Jan 105 97 20 April 30 612 Jan 31 Feb 30 12 Oct 9112 67 Oct 9112 67 28 June 42 4912 Jan 58 25 40 8  Dec July Mch Jan Nov Dec Dec Dec June Nov Nov - -- Dec Dec  Lowest.  1876,  Highest .  Lowest.  1877.  Highest.  Lowest.  Highest.  - - - - - - - - - - - - - - - - - - ------Dec 4112 Jan 26 Jan 35 Nov 32 Jan 43 Nov 25 25 20 8 105 103 80 8812 99 100 25  ----  Dec 42 Jan 38  Mch 17 Jan 117  Jan Jan Jan Jan Jan Jan  110 96 104 104 104 40  -.raii  10712 101 9478 Jan 10234 May 105 18 Jan 109 Jan 15 Dec 27 Dec 16 Mch 7 Aug 434 Feb 1 Jan 10814 May 103 Dec 102 Jan 108 Nov 26 Sept 3512 Aug 35 Dec 27 Dec 26 Sept 3512 Mch 62 Feb 78 Feb 77 18 Mch 62 Feb 40 12 Jan 30 Dec 55 Jan 76  April 26 Dec 25 June 3 May  Dec Sept Dec Dec Dec Dec Oct June June Jan J an Jlfay Sept Oct Dec July D ec Jan Jan Oct Dec  ----  105 91 100 58 100 100 37 5212 103 10134 102 13 5 34  105 105 30 30 30 4012 40 22 73  Jan 34 April 32 June 4512 Feb 15 Feb 2 Dec 18 ---- --- - - --- - --Jan 113 Nov 106 Aug 97 Mch 93 Jan 10712 June 103 July 104 Dec 100 July 10414 Jan 100 May 35 Dec 46 Dec 6012 June 50 Aug 107 April 101 Jan 1083g Sept 10414 July 10538 May 101 Sept 18 12 Nov 15 Jan 6 Oct 9 Aug 3 14 Feb I Jan 114 Aug 105 J an 111 Dec 105 June 40 Nov 32 June 37½ Feb 30 June 3712 Feb 30 Aug 3618 Dec 49 Dec 49 Aug 35 Sept 37 Jan 30 May 7812 Nov 6212  Jan 43 July 30 Aug 10  ----  Oct Feb Jan Jan Jan Jan Jan July Jan J an Oct Oct Aug Oct Oct Jan Aug Aug Dec Dec Jan Dec  Nov Jan  jan  -- -- -- --  113 June 10278 July 109 14 Mch 10312 Dec Nov 107 Dec 56 8812 May 107 June 10878 June 10112 Feb Jan 23 Feb 12 3 12 Jan 11412 June May 111 45 April 45 April 44 April 4714 Nov 4634 Nov Nov 34 83 12 June  1878 to 1883 , inclusive. DESCRIPTION. Compiled from Prices Bid. Al!lbama-Cl!l.SS A, 3-5S, 1906 Arlmnsas 6s, Iund-1809-1900 7s, various railroad issues __ Connecticut 6s _____ __18 3- 4 Georgia ------------1886 7s, new6s______________ 1 86 7s, gold ______ ________ 1 90 Louisiana 7s, consoL ____ l914 Michigan 6s ____________ 1883 75 ________ __ - - - - - - - - _1890 Missouri 6s ____ ______ 1882-83 6s ________ _________ 1889-90 Funding bonds _____ 1894-95 Hannibal & St. Joseph_l887 New York 6s _______ __ __ l 887 6s, loan ______________ 1883 6s, loan ______ ___ _____ l 92 North Carolina 6s, old_l886-98 N. C. RR _________ l 883-4-5 7s , coupons oft ___ do Funding Act_ ______ l868-98 New bonds __ ___ ___1892-98 Special tax, class L _______ Consol, 4s _______ _____ 1910 Ohio 6S----------------1881 68 _____ ________ __ - _- -1886 Rhode Island 6s, coup _1893-99 South Carolina 6s, Act Mch. 23 1 69, non-fundlng _____ l888 Brown consol. 6s ______ 1893 Tennessee 6s, old ____ 1890-2-8 6s, new ____ ___ 1892-98-1900 Virginia 6s, old _____________ 6s con so L __________ ______ 6s deterrrd _______________   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ---  1879.  1878  L ;uest.  Highest.  Lowest.  1880.  Highest.  ---- ------ ------ - ---  -- - -  -nee  15 Dec 2 J an 105 9614 F eh 10412 J a n 10512 Feb 6934 Dec Jan 101 108 May July 101 10212 Aug 104 Sept 100 April 113 July - - -115 14 -iiiii 1414 July F eb 65 Mch 45 Aug 8 Jan 7 Jan 2  --- - - ---  l02 105 105  34 - --30 25 18 20 66 4  Dec Jan J an Feb  Aug 44 5 April Mch 1 104 April 99 Sept Jan 107 Jan 107 36 14 Aug 10112 J an 100 July Aug 101 103 12 Aug Jan 105 Jan 102 106 June Mch 106 117 Sept 1712 F eb Jan 85 J an 65 Mch 7 Feb 8 Mch 1  2612 Jan Jan 6 109 April 1025g July D ec ll0 Dec 109 8412 Feb D ec 106 Oct 115 104 34 Dec 107 June 109 June 10614 June ll5 June - -- Nov 124 191 8 Dec Dec 85 Dec 65 11¾ Dec Dec 11 212April - - - - --- - -- -106 May 101 Dec 10534 111 11712 May 110 278 111ay  No~ -si:iii8 iiay Jan  Nov June F eb Feb  1  30 3712 24 Feb 25 31 May 74 75 758 Dec 5l4  Jan  53 20 8 14 109 1027g 114 113 6712 10612 115 10512 10813 112 10714 ll0 110 121 28 111 92 14 1512 5 - - -105 115 116  Feb  4  --- J an  Mell  - - - - -- - -  F eb 41 Meil 33 12 Jan 35 Jan 86 Sept 8 14  Lowest.  5412 Jan 10 April Aug 2 Aug 104 97 April J an 107 109 April Aug 40 Jan 102 Jan 110 Jan 100 10512 Jan Jan 106 J an 102 J an 106 Dec 104 Dec 115 J an 26 J an 110 Jan 90 9 12 Jan Jan 15 July 2 60 July 100 June Oct 106 Jan May 109 Jan  Dec J an May June July Dec June Jan June Jan June June May June J an June Feb Dec Dec Dec Jan D ec Dec  May  Oct  - - --  Feb Oct Mch Oct May  Jan 2 --- 30 April 25 June Jan 18 Jan 75 512 Jan  -- --  1881.  Highest.  Lowest.  Highest.  1882. Lowest.  ---- ------ ------ ----  73 12 21 1212 10712 107 112 116 54 14 105 14 118 105 11114 115 llO Ill  107 120 3214 115 95 1214 20 6 12 83 12 10312 112 121 6 34  - -- 50 48 78 32 105 1714  1883.  Highest.  Lowest.  Dec Dec Dec Nov Dec Dec D ec Dec Nov Dec Nov Dec Nov Dec Oct Mch Nov Dec Mch Mch Dec Dec J an Dec Oct June Dec  Mch Jan 20 8 April Aug 102 Feb 106 109 April lll April 1 53 4 Jan Jan 102 Jan 114 102 July 108 14 Jan J an 111 Jan 107 Jan 105 Der 102 J an 115 Feb 32 Jan 115 J an 90 Dec 10 Dec 20 Jan 6 Oct 80 10014 Jan Dec 107 114 July  8114 Dec 79 Sept 85 12 Dec 80 'July Mcb 37 12 Jan 10 Mcb Dec 20 39 Aug 7 Nov 5 June 35 Oct 40 Jan 100 Jan Mch 103 106 July 100 Aug 109 Jan 102 April 113 June 103 Aug 11012 April 10312 July 114 June 105 Aug 11912 June 11212 Aug 11712 Mch 112 Dec 63 April 7112 July 63 April 69 Aug ---- - -- 105 Sept 100 July 104 122 Oct 110 Jan 120 June 114 Feb Jan 103 Dec 100 Jan 108 .July 100 Jan 115 June 109 July 117 April 109 May 113 July 120 Feb Nov 116 119 May 100 Jan 10912 Dec 108 Jan 113 11212 May 108 Jan Oct 112 June 107 110 April 101 June 105 June - - -- - -- Feb 113 April 122 July 119 June 121 Oct 20 July 3012 Nov 28 J an 40 Nov 155 Aug 120 July 156 J an 150 Aug 130 Jan 130 ,July 100 July 130 Nov 8 June 11 Jan .10 Jan 16 Jan 15 Jan 28 April 1212 June 20 934 April 5 June 8 Jan 4 July Jan 7712 Feb 89 June 75 Sept 82 10212 June - --- --- - - --- --- - - - -- ---Feb 112 June 106 Feb 115 June 106 Feb 110 Jan 120 Feb 115 J an 120  Jan  41? Jan Au~ Jan Jan 45 Jan 30 Jan 104 1212 Feb  1234 Nov 10612 Dec 78 June 7778 June 40 May 121 May 2014 April  71  -Dec --- 10212 45 Dec Dec Dec Dec  4 100 41 40 2612 80 10  July June Dec Dec June 111ch June  10 14 105 773s 77 14 36 100 1758  Highest.  -----84 28 68 103 10712 107 11612 7512  Jan Jan Feb June Jan  - - --  ----  May  June Nov - --- - - - Jan 118 Jan 103 113 June 121 June ll012April 110 April - - -- - -- Jan 120 32 Mch IGO July 135 July 11 April 16 April 8 3,1 Jan 8212 Dec 10912 Mch 118 May  Jan i 212 .May 612 Jan Dec 100 July 10434 Dec Jan 30 July 44 12 Feb July 44 Feb 30 May 40 Feb 30 May July 50 Mch 8212 Jan J an 6 Oct 13 Jan  Jani  68  ST ATE SECURITIES. 1884 to 1889 , inclusive.  DESCRIPTION. CQmpited from Prices Bia.  1884.  Lowest.  1885.  H ighest.  Lowest.  ---- ------ ----  1886.  Highest.  Lowest.  ----  1887.  Highest.  Lowest.  1888.  Highest.  Lowest.  1889.  Highest.  Lowest.  Highest.  ------ ----- ----- - - - - ------ ----- ------  Alabama-Class A, 3 to 5,1906 78 Sept 3 Dec 8112 J an 101 Dec 97 Jan 108 Dec 102 Sep t 1087s Apr 10312 July 10612 Jan 10212 Jan 10712 June Class A, small ____________ 78 Aug 81 Jan 80 Dec 97 Jan 101 Aug 100 July 108 J an 105 Dec 10312 Oct 106 l\lcb 102 July 108 Ma)' Class B, 5s ___________ ll}06 9712 Jan 10212 April 99 Jan 108 Dec Jan Dec 103 Sep t 114 110 .Mch 107 July 110 105 Jan 107 Oct 11212 June Class C, 4s _________ __ H)06 75 Jan 97 Dec 95 Oct 82 5s Dec 81 Jan 103 12 Aug 98 Sept 105 Mch 100 Jan 10212 April 98 Oct 102 June 68, 10-20 _____________ 1900 100 May 105 Jan 107 Jan 104 Mch 104 Oct 10712 Mch 100 Sept 106 Oct 100 Mch 104 , June 100 July 103 Feb A.Ikansas-6s, fund_l 99-190::J Jan 9 12 Oct 5 Mch 3 Oct 16 1 May 1112 Dec 10 Jan 11 April 3 April 11 12 Nov 5 Mch 14 Dec 7S, L. R. & Ft. s. issue _____ Feb 10 Sept 25 Jan 22 Jan 12 Dec 16 Oct 28 Dec 35 July 5 J\fch 26 Jan 8 Sept 12 Jan 5 7s, Memphls & Little Rock_ Jan 19 Feb 10 Jan 13 5 Sept 25 Dec 20 May 5 Oct 27 Jan 27 Mch 20 Jan 8 Sept 12 J an 7s, L. R. P. B. & N. o _____ Jan 20 Feb 10 J an 1212 Nov 2712 Dec 17 Dec 34 April 5 Sept 24 Mch 25 Feb 8 Sept 12 Jan 5 7s, Miss. 0. & R. R ________ 3 1 Jan 21 2 Jan 12 Nov 21 April 18 Nov 34 April 5 Sept 24 4 Feb 10 Mch 20 Jan 8 Sept 12 5 Jan 7S, Ark. Central RR _______ July J an July 8 934 Feb 2 Oct 5 1 Feb Jan 12 April 3 April 8 May 8 June 7 5 7 12 Nov Feb 103 June 100 Georgla-68 - - - - - - - - - - _18SG 98 Sept 104 April 100 Feb 10212 JUly - - - - ---- ---- -- - - -- -- - - - - - --- ---- - -- - -- -- - - - - - -- 7s, new bonds ________ 1886 100 May 10612 May 101 Jan 10512 June 100 12 Jan 10212 Mch - --- -- -- ---- -- - - - - - - - -- - - --- - -- - - -- - - - -- - --- ---7s, endorsed __________ 1886 100 l\lay 10612 May 101 Jan 10512 June 100 12 J an 10212 Mch - - -- - - - - - - - - -- - - ---- - - - - ---- - -- - --- - ---- - --- - --7s, gold bonds ________ 1890 107 Mch 10912 J an 11414 Oct 10812 Dec 114 Oct 115 Feb 104 Nov 109 Jan 103 July 106 Mch 10114 Oct 105 Jan Lou1siana-7s, consoL ___ 1914 6514 June 78 Jan 87 Feb 73 Dec 84 J an 94 Jan 102 Nov 93 Nov 105 Jan 109 May 109 Oct 100 Jan Stamped 4s _________ ___ __ 234 Nov 79 14 Jan 923s Mch 8 Feb July 93 63 Sept 75 12 Dec 67 Jan 86 Feb 9412 Dec ---- - - - 7s, small bonds ___________ 62 July 72 Oct 75 Feb 65 Aug 67 Jan 78 ·Feb 89 April 86 Nov 80 July 90 Feb 9112 Dec Feb 84 Ex matured coupon _____ 5G Jan 68 Aug - --- --- - ---- ---- - - - - - -- - - - - - ---- - - - - ---- -- -- - - - - ---- - --- ---- -- - July 68 12 Feb 60 Michlgan-7s __________ _1890 110 May 115 Feb 108 July 118 Oct 108 Nov 112 Nov 109 Jan 105 May Oct 105 Jan 105 Feb 106 Jan 107 Jan 10434 June 100 Jan 102 Missouri-Os, due 1886------- 100 July 10612 May 101 Nov ---- - - - - ------- - -- - - -- - - -- - - - - - - - -- - -- - - - - April 103 July 10 Jan 10712 June 102 Jan 104 12 May 100 Jan 10212 'i.iiiir 6S - - --- - -- -- -- -- ---- - - - -________ __________ ! 887 100 Ju ly 10912 6s ------------------18 Jan 109 June 103 12 Aug 10612 May 100 April 103 Jan 103 12 l\lch 100 Jan 10212 June -- -- -- -- -- - - - - - 103 6s __ ___ - ___- __ ___ 13 9-90 105 Jan 105 12 J an 113 June 107 July 111 Mch 104 JUly 10712 Feb 101 Jan 110 Dec Aug 10312 May 100 Jan 103 Asylum or Univ ___ ____ 1892 107 July 115 May 107 J an 117 June 110 Mch 108 J an 113 Nov 112 Jan 10312 July 107 Jan 102 Mch Feb 108 Funding bonds __ ___ 1 04-95 111 Mch 112 July 118 July 110 Jan 122 June 115 Jan 119 Oct 115 Jan 106 Jan 104 Mch 108 Feb 11212 Mch Hannibal &St. Jo __ ___ l880 10 May 11012 Mch 102 July 123 April 100 July 104 April - - - - - -- -- - - - -- - -- - - - --- - - - - - -- - - -- - - - - - -- - Hannibal & St. Jo _____ 1887 108 May 11012 Mch 102 July 123 April 101 July 104 April 100 J an ioi- Jan - -- - - -- - - - -- - - - - - -- - - -- - - -- - --- Feb 103 July 107 Feb 102 New York-Os, gold, reg_ 18 7 105 Sept 109 Oct 104 April 100 July 103 June ---- - -- - - -- - - -- - ---- ---- ---- -- - 6s, gold coupon _______ 1887 105 ept 10912 Jan 103 July 107 July April Feb 102 Oct 104 100 103 June - - -- --- - ---- - - - - - --- - -- - -- - - - - -68, loan __ _____ ___ ____ 189 1 I l l July 115 Sept 110 July 118 12 Dec 110 Sept 115 Aug 110 July 113 Nov 107 July 112 Jan - --- - -- - -- -- - - - 6 , loa n ______________ 1892 115 July 122 Jan 113 July 115 Dec 112 April 120 Aug 112 Jan 116 Mch Dec 111 J a n 107 Jan 106 Oct 115 6s, loan ______________ 1893 117 May 115 July 124 July 118 Dec 115 Aprll 122 Jan 120 Aug 115 J an 108 Dec 11114 Mch Jan 106 Oct 113 May 30 Jan 31 No . Carolina-Os old_ 1886-98 2712 Juni> 3212 May 30 Feb 38 J a n 35 Mell 30 Jan 35 Nov Jan 361:! Mch 35 Jan 36 6s,old,A. &O ____________ 2712 June 3212 May 30 May 30 Jan 31 May Mch 30 Jan 35 Feb 37 Jan 35 Jan 36 Jan 36 12 Mch 35 N. Car. RR _______ l 3-4-5 160 Jan 160 May Jan 165 Jan 150 May 1 0 Jan 170 Jan 165 Jan 160 Aug 170 Mch 170 J a n 150 J an 175 Jan 135 Jan 135 Jan 135 Jan 135 Mch 140 Jan 140 Jan 145 N. Car. RR., 7s, coupon off_ 135 Aug 140 Jan 150 May Nov Jan 145 0 N. Car. RR., A. & O ______ 160 J a n 165 Jan 160 Jan 165 Jan 160 May Jan 150 May 1 0 Jan 170 Aug 170 Mch 170 Jan 150 Jan 175 Jan 135 Jan 130 Jan 135 Jan 135 May Aug 140 l\lch 140 Jan 150 Nov 80 Jan 140 Jan 145 . Car. RR., 7s, coupon off_ 135 J an 145 Funding Act _____ 1866-1900 8 May 10 Jan 11 Aug 1212 Ma y 10 Oct. 121a May 10 Jan 10 , Jan 1312 May Jan 10 J an 13 12 Mch 10 May 10 Jan 11 Jan 10 Aug 1212 April 10 Funding Act_ ___ -1868-1898 8 Jan 13 12 May Oct 12 1s May 10 Jan 10 Jan 13 12 Mch 10 Jan 21 May 20 Aug 20 Jan Jan 15 Aug 19 12 May 18 Aug 20 Mch 15 Sept 22 J a n 15 New bonds, J. & L _1892-98 15 Jan 23 New bonds, A. & o ________ 15 Aug 20 Jan 21 Aug 19 14 May 18 Jan 15 May 20 Jan Aug 20 fch 15 Sept 22 J an 15 Jan 23 Chatham RR ____ _______ __ Jan 7 Feb 2 Dec 5 Sept 13 May 3 Jan Nov 8 Dec 4 Feb 8 Oct 7 Sept 15 Aprll 6 1 Dec 8 Jan 8 Aug 10 Mch 2 May Jan Feb Dec 1612 June 6 Special tax, class L_l898-99 Nov 11 Jan 14 58 Nov 8 4 5 1 Special tax, class 2 ________ Feb May 334 Aug 2 12 Jan Jan Feb 10 Aug 10 12 Oct 10 Nov 1612 June 6 1 4 12 Dec 10 7 12 Oct 11 May 3 12 Aug 2 12 Jan 4 12 Feb - - - - -- - - ---- ---Jan J u ly 10 Feb Special tax railroad Issues __ Dec 1612 June 6 Oct 11 1 5 8 6s ___ _______________ 1919 102 June 108 Sept 105 34 Jan 115 12 Dec 115 Dec 125•14 Mch 118 Jan 123 12 Aug 122 Aprll 127 June Jan 129 Sept 117 Consol. 4s - ___________ 1910 75 Sept 8414 April 81 Jan 9112 Dec 88 12 Jan 10034 Dec 94 Jan 99 J une Jan 91 Dec 100 12 Jan 91 Nov 96 Small bonds _________ _____ 78 Dec 87 May Jan 90 Jan 96 Mch 80 Jan 89 Dec 98 May 82 Aug 93 Jan 89 Nov 95 Jan 98 Ohio-6s ______________ 13 6 104 July 108 Dec 103 June 106 April 101 Jan -- -- - -- - ---- -- -- ---- ---- --- - ---- - -- - - - - - - -- - - -- July 103 Mch Jan 125 June 118 July 124 July 115 Dec 111 Jan 105 Feb 120 Feb 115 J an 106 Feb 110 Rhode Island-68, cp _l 93-99 110 Sept 122 South Car.-68,Act . Mch. 23 1 Dec Jan 6 12 Oct 5 Aug 5 2 May Jan 334 April 5 1 69, non-fund. 1888- __ J 1 June 3 12 Mch 71.1 Dec 5 Sept 734 AprU 3 Brown consol. 6s ______ l893 [00 July 107 Dec 10412 Jan 10912 Sept 104 Sept 1101:i Nov 104 July 10912 Mch 104 Jan 107 May 101 Sept 106 June Aug 6834 Sep t Dec 63 Mch 64 Tennessee-Os, old ___ 1890-2-E 35 June 435s April 42 Jan 5212 Nov 53 Oct 6512 Jan 57 Jan 6512 Dec 57 Aug 68:l4 Sept Mch 4134 Jan 5212 Nov 53 Dec 63 Mch 64 Jan 6512 Dec 57 Oct 6512 Jan 57 6s, new bonds_ 1892-98-1900 35 June 43 68, new series ________ _1914 35 June 4234 April 4134 Jan 5212 Aug 68:l4 Sep t Dec 63 OV 53 Mch 64 Jan 6512 Dec 57 Oct 65 12 Jan 57 Dec 73 12 Jan 7812 Sep t Mch 73 Jan 61 14 Dec 62 Jan 75 12 Dec 67 Oct 76 14 Feb 67 Jan 49 April 48 Co-npromlse, 3-4-5-6s __ 1912 41 May 102 Dec J an 110 Aug 109 New settlement, 6s ____ l913 - -- - -- - - - --- - --- ---- --- - - --- ---- 103 Jan 105 Dec 100 Nov 106 12 Feb 97 Jan 105 J une Tew settlement, 55 ____ 1913 - --- -- - - - -- - --- - - --- -- - - - --- - - -- 100 July 102 Feb 9912 Dec 100 Aug 100 l\fch 90 Jan 103 J a n 7614 June Dec 71 Mch 73 New settlement, 3s ____ 1913 - - - - ---- -- - - -- -- ---- -- - - - - - - -- - - 7112 June 80 Aug 68 Sept 7812 Mch 68 Vlr!l"ini'.l.-6s, old ____________ 33 Jan J a n 48 Oct 48 Aug 50 Jan 48 Nov 42 J uly 40 July 47 J an 45 Jan 40 Jan 47 Jan 37 -Os. new bonds ________ l866 33 J an J a n 48 Aug 50 Oct 48 Jan 45 Jan 40 Jan 47 July 47 Jan 37 Jan 48 Nov 42 July 40 Jan 6s, new bonds ________ l867 33 J an 48 Aug 50 Oct 48 Jan 45 Jan 40 Jan 47 JUly 47 Jan 48 NOY 42 July 40 Jan 37 68, consol. bonds __________ 45 Feb Apr 75 J Uly 70 J an 50 Dec 95 July 65 Mch 75 Jan 85 Jan 65 Jan 100 Jan 50 Nov 80 J an 42 Ju ne J an 32 Dec 53 July 42 68, ex matured coupons ____ 30 Feb 41 Jan 55 Jan 32 June 40 Jan 60 Jan 37 Nov 50 6s, consol., 2d series _______ 40 May 50 Jan J an 35 July 60 June 65 July 55 Jan 60 Dec 50 April 60 Jan 69 Dec 50 Dec 60 6s. deterred bonds _________ J an 8 12 Sept Oct 8 12 J an 7 Jan 4 April 13 14 Oct 9 Dec 15 Jan 5 Mch 1334 Nov 7 4 June 9 Trust receipts ____________ - - - - - - - - - -- Aug 1012 Jan Nov Mch 10 Dec 13 Mch 133-1 Nov 8 Sept 16 Feb 7 Oct 9 7 10 Feb 124 June Dec 120 July 114 Ai:>rii 11212 Feb 116 July 116 Feb 122 Jan 120 Ort 115 12 Dec 122 June 116 DiRt. of Col.-3.65s, cp., 1924 106 Nov 110 June J1,n 11014 Jan 110 Dec 106 p,,, -Hnn: ~"- couo _____ lR!}Q 105 Mch 109 DPC 109 Feb 100 Jan 1121~ July 104 Mch 109 Julv 112  1890 to 1895 , inclusive . 1 92. 1 91. 1895. 1893. 1890. 1894. DESCRIPTION. 1890Compiled fromPricesBia; l- - - - - - - - - 1 - - - - - - - - - l · - - - - - - - - 1- - - - - - - -- 1 - - - -- - - - - 1 - - - - - - -Highest. Lowest. Highest . LQWest. Highest . LQWest. Highest. LQWest. Highest. Lowest. Highest. Lowest. l 91 to 18;!5 from sales.  - - - - - - - - - - - 1- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- ______ ,_____ , _____ - - - - - July 100 Sept Nov 108 Alabama-Class A, 4 to 5,1906 103 Aug Class A, smalL _______ l906 ____ ---- --- - ---- 102 Class B, 5s ___________ l90G 110 July 110 July 10534 July Class G, 4s ___________ l906 1023-1 June 10234 June ____ --- Currency funding 45 __ _1920 10534 Dec 108 April 95 Sept May Feb 7 Feb 17 Arkansas-Os, ··Holtord" _ _ _ _ 17 Oct 6 Sept Dec 9 8 7s, L. R. &Ft. S. issue_____ 7 April 412 Sept 7S, L. R. P. B. & N. o____ _ 7 April 7s,Mlss.O.&RedRlver ___ ---- ---- ---- ---- ---512 May 512 May---- ---7s, Memphis & L . R_______ Oct ____ ---Oct 7 7 7s ,CentralRR ___________ Oct Funding 6s, "Non-Holford" ____ ____ ___ _ ---- 156 Dist. or Col.-cp. 3-65s __ l924 ____ ---- ---- ---- 111 June Registered _______________ 11912 Aug 12212 April 11312 Dec 1 12 --5- July i~~il ig~l4 i~~r~~~~c;~~/~~~=~~~~ Mch Oct 9534Apri1 86 Consol. 48, smalL _________ 86 Consol. 4s, stamped ___________ ---- ____ --- - ____ ---New consol. 48 ____________ --- - ---- ---- ---- ---Missouri-Funding bonds _______ _ ---- ____ - --- - --May 10612 May ___ _ Asylum and Unjv _____ l892 106 New York City and CountyCon. stk. , City, "C" 7s 1 96 ____ ---- ____ ---- 12134 Feb Jan 5 April 5 April 4 No. Carolina-Chatham RR__ Mch West. No. Car. RR., 6s ____________ - --- ---- 4 Jan Aug 912 Jan 5 7 Specia l tax, railroad issues__ Jan 5lsAprli 414April 11 Trust receipts__________ Special tax, Western RR _______ ---- ---Mch ___ _ M:.t.r 6 6 Special tax, Class L------Class2 ---------------- ---- ---- ---Jan 5 April Class3 _______________ _ 41:i April 11 Jan Consol. 45 ____________ 1910 953-1 Mch 100 July 96 Feb Feb 91 Feb 97 Small _____________ 19111 97 Dec 128 July 12312 Aug 6s __________________ 1919 118 New 6s ____________________ ---Oct---- ---Oct 10 Funding Act of 1866------ 10 214 Nov 534 Jan 31s Mch So. Carolina-Non-fund. os___ Oct Oct 104 June 96 Brown consol. 68- _______ __ 100 20-40, 4129 ___________ 1933 ---TennesseeMch 101 Newsettlement6s _____ l913 1011:i Dec 110 May May Small-------------- --- 108 J une 108 June 101 Feb 99 Oct 105 Newsettlementss _____ l913 101 Nov Feb 101 Small----------------- 102 Sept 10234 Sept Dec 76 April 67 July Newsettlement3s _____ 1913 68 Nov Small -- ----- ------- --- 7112 Mch 73 June 66 ov 83 June 74 Compromise 3-4-5-6s ____ l912 7312 Aug Redemption 41~------ ---- ___ _ Old 6s, 1890-2-8 __________ 6812 Jan 6812 Jan ____ ---July 10 July 8 J une Vlr~inia-6s, deferred bonds__ 10 Stamped ____ ____ ____ _______ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 7 May Trust receipts _ _ _ _ _ _ _ __ _ _ _ 7 M'l.y 113s June 514 Aug Trust receipts, stamped _______ _ 6 July Funded debt, 2-3s ____________ _ Registered _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ 10-40S - _____ - _________ - ____ _ "Riddle':>e ..gers" _________ ____ _ 6s cons -,1. b~i~~~- .:_ _..:. _ _ _ 1 ::J Sf'pt, 53 Sept ___ _   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ii  AJ;~  Feb 104 Aug 102 10814 Mch ______ __ 9714 Dec May 7 6 Sept 418 Sept ___ _ ____ 156 11512 11312  ------Oct June Dec  100 Sept 105 June 95 ________________ 10234 Feb 10712 June 100 104 Aug 9012 Feb 97 94 9514 Jan 977s June 89 Nov 914 Oct 10 7 Oct 6 Aug 22 9 Oct 8 512 Aug 20 Aug 2112 Oct 10 6 Aug 101:i Sept ___ _ 10 3-1 Oct ___ _ ov 6 ______ ______ _______ _ 11112 Feb 1141:i Jan __ _ _ ___ ___ _____ _  -9312 -Feb -8434.Apri-l -9-Jan ___ _ 91 ___________ _ ---- 105  rov 105  12134 Feb _______ ___ _ _ 514 Jan 312 Sept 4'8 514 Aug ___ _ Jan ___________ _ 5 51 4 Jan 3 April 6 ____  April May Mch April ---___ _ ---3 Dec 981:i Dec  5 101 99 124  Dee June May Dec 7I7s Dec 7034 Feb Aug 74  10612 106 10214 102  Der 4 318 Aug ___ _ J an 97 Feb 97 May 122 10814 Oct 1012 Oct 112 April 941 2 Feb  4 4  Dec 92  Sept Dec ov Oct Sept Oct Dec Sept Oct  10314 April 10234 Dec 10612 Jan 9478 June 9318 Nov Oct 10 D ec 6 Jan 17 Oct 12  Sept 98  9712 ___ _ 98 9334 92 8 ___ _ 6 7  Jan 95 - --- 97 -- - - 97  No~====  Jan 104 Sept 10812 Sept 11012 Dec Jan 9334 Jan 10014 Sept 10114 Dec Aug 93 June ___ _ Mch 912 Feb ___ _ June 12 June 11  8 June Mch 1\fcb ___ _  9  June  J a n 9712 June ___ _ June 97 June 97  June _ _ _ _ _ _ _ _ _ __ _ _ __ _ June 9212 Mch 10012 Dec  Oct ___ _ Oct ___ _  --334 Sept---- ---- -- - -Feb 12 D ec 12 Dec --- - ____ ____ 312April 312April ___ _  3  Dec ___ _ Aug----  Nov 100 April 10012 Aug 94 97 iis- sept i21- Mch 12512 ---10 l-1 Oct____ 1012 Oct _ _ __ - - - - __ - - - - - 5 Oct 112 June 212 Jan _ __ _ 9 12 Oct _ _ _ _ __ - -  ~:g  101 Is Aug 10712 April Aug Aug 103 103 9912 Jan 1041:i June ___________ _ Jan 7914 Aug 68 Aug 6712 Jan 76 Feb Feb 75 75  100 Sept 107 ___ _ 97 Sept 97 64 71 74  ioo-  - Oct io2-  May 103  i2i12 May 12518 -Aug 1~~ ___________ _ __ - - _ _ _ _ _ __ _ 112 Jan 27s Dec _ __ _ _ _ _ _ _ __ _ 9912 April 10434 Dec 108  Oct 103  Jan 107  Jan ___ _  Sept 101  April 104  April ___ _  -Jan  -Dec  Aug 106 Oct 98 J a n 127  Nov  2  Mch  Nov 108  Nov  Dec  Oct Feb  -Jan -91  34 JUly -82-8414 Aug 76¾ Mell 7214 Nov Mch 7314 Mch 77 Sept 7812 Jan 85 Feb 74 Jan ___ _ Jan 74 Dec 106 July ___ _ _ __ _ 105  ____ ---- _______ _ ___ _ 912 Jan 712 Oct 914 Jan ___ _ 834 Sept _ __ _ _ ______ _ Jan 812 April 812 Mch 914 Feb 4 June 4 June 5 914 Jan Dec Jan 13 6 Jan May 7 5 Jan 614 Dec 838 Jan 9 ____ 5134 Sept 573s Dec 5512 Jan 6114 Dec _ ___________________________ Jan____ Jan 40 _ ___ 40 ---_  ________ ---512 Dec 1338 5834 Feb 641s 021 July 0212 8 _ __ ____ _ 75 July 75 •  ---Jan Sep t July ---J u ly  69  STATE SECURITIES. 1896 to 1901, inclusive. DESCRIPTION. Compiled from Sale Prices .  1898.  1897.  1896. Lowest.  Highest.  Lowest.  Highest.  Lowest.  1900.  1899-  Highest.  Highest.  Lowest.  1901-  H i ghest.  Lowest.  Lowest.  Highest.  - - - - - - -- - - -1----------------------------------------------------------------Aug 10912 April  . labama-Class A, 4 to 5,1906 10112 Nov 109 Jan 1051g July 10812 Sept Cl!lSS A, smalL _______ l906 ____________________ ---- ---- ---Class B, 5s ________ ___ l906 100 Aug 100 Aug 10434 July 10734 June Class C, 48-----------1906 9312 Oct 100 April 9812 Feb 100 April Currency funding 4s ___ l920 94 Sept 10012 April ____ ---- ---- ---rkansas-6s "Holford"_____ 318 May 378 May ____________ ____ Dist. ot Col.-cp. 3.65s __ 1924 ____________________ ---- ---- ---Louishna-New consol. 4s_ _ _ 9012 Sept 9914 Feb 93 Sept 10014 Nov Consol. 4s, smalL ______ ____ _______________________________ No. Carolina-Consol. 4s_l910 102 Jan 10558 June 10312 July 10512 June 6s ------------- - ----1919 116 Oct 124 April 127 June 127 June Special tax, Western RR___ 34 Dec 34 Dec ___ _ Special tax, Class L_______ 138 June 178 April---~0N~!:1~~~~it;~~:~•-:1_2~=~=~~ Tennessee-New settlement 3s _____ 1913 Small _ _ _ _ _ __ _ _ ___ __ __ _ v1-~inh-Funded debt. 2-3s_ _ 6s, deferred tr. rec. stamped  -- i74 81 55 4  -Jan --i12  10812 105 1051g 98 ------115 100 98 101 128  Mch Aug Aug Aug  109 108 108 104  May Mcb Sept Dec  107 ___ _ ___ _ ___ _  June May Mch J an Feb  118 1061g 10012 104 128  Dec ________________ 121 April ov 10834 Jan 110 April 10612 July Mch 10912 Feb 10912 Feb---- ---Nov 108 April 108 April 105 Oct Feb____  Oct 113  June 10812 Jan 11618 Mch 108 ____ 10914 ____ 102  --- - 120  May----  Aug 8819 Feb 76 April 9214 Dec 87 Feb 81 - Feb 72 Feb 911" Dec 87 Aug 621 4 April 61 Jan 70 - Dec 65 312 June July 71 2 rov 65s, Jan 412  May 98 May 9419 April 83t;; Feb 912  Dec 94 Dec 99 Nov 931,, Nov 95 Dec 821; Jan 8734 Aug 534 Dec 9  Oct 10914 Oct ___ _ Jan 10234 Sept 102 ---- 109 121 April 108 Aug ---- ---10634 May _ ___  Mch 120  June 935s Sept Jan 91 Jani Sept 85 Jan Mcb 6 Dec  965s 965g 963g IO  Feb 10312 Mch Aug 109 Aug  125 April 10612 Aug ---105 Feb 135 Mch  126 109  July April  10614 Nov 13612 Mch  Mch ___ _ June 95 June 9412 Dec 9312 Mch 714  June Sept June July  9934 96 9834 1034  May Feb Nov Mch  1902 to 1907, inclusive, DESCRIPTION. Compiled from Sale Prices.  1902. Lowest.  1903.  High€st.  Lowest.  1904.  Highest.  Lowest.  I  1905.  Highest.  Lowest.  1907.  1906.  . Hi~~ _!!!_u_:est.  Highest.  Lou_:~  H ig~  Alabama-Class A, 4 to 5 __ 1906 10438 Sept 107 Jan ___ _____ ______ __ 102 Aug 1023.i May 10112 Jan 102 Dec ___ _ Class C, 45 _____ _________ 190610212 Feb 10212 Mcb ___ ___ _____ ____ ____________________ _ Currencyfunding4s ______ l920111 Mcb 111 Mch ___ __ ______________________________ _ ____ 11712 June ~18 June __ _ _ District of Columbia, 3 .65s- - 1924 - - - _ _ ___ 121 Mch 121 Mch 11934 Oct 11934 Oct ___ _ LOuls!ana-~ew consol, 4s--1914106 May 107 Aug 106 April 106 April 10214 July 10512 Dec ___ _ New York CityCorporate stock, 4125 _____ 1957 _ _ __ ___ _ __ __ _ __ _ _ __ _ __ _ _ ___ _ ___ _ _ _ _ _ __ _ _ _ _ _ _ _ ___ 10278 Sept 10 12 Dec Assessment bonds, 4125 --1917 ____ ____ ____ ____ ____ ____ ____ ____ __ __ ____ ___ _ _ ___ 10034 Nov 10414 Dec NorthC:l.rolina-Consol.4s--1910104 Jan 10412 Jan ____________ ----101 July 10314 Dec10234 Oct 10234 Oct 101 July 101 July 10014April 101 Feb Special tax bonds ____________ 17s Oct 2 Nov 112 Dec 112 Dec____ ____ ___ _ ___ _____ _ ______ __ ______ _ 1919, 6s _______________________________ __ ______ __ _______________________ ____________________ 122 June 122 June 126 Mch 126 Mch Tennessee-New settlement 3s.'13 9512 Mch 965s Feb 94 July 97 Jan 9514 Mch 9712 Dec 95 July 97 May 9514 July 9634 July 9112 Oct 96 Mell Small 3s ____________________ 94 June 95 Feb 9312 Oct 9414 May 95 Aug 9512 Dec _______________________________________________ _ Virginia-Funded debt 2-3s ____ 9514 May 9934 Jan 9312 Dec 95 Nov 9112 Mch 9738 Dec 9634 June 9712 June 9412 Sept 9634 Jan 9314 May 9534 Jan Registered 2-3s-------------__ ______ ---- ----- ---"Riddleberger" bonds , 3s, 1932 ____ ____ ---___ _ ---____ ____________ ___ _ ____ ____ ---____ ---____ ____ ____ --____- -___--_ ---____ ____ ____ ---____ ---____ 90 -Dec 90 ---Dec Brown Bros. & Co. certificates !Qr deferred certificates, 6s__ 714 Jan 1538 Oct 614 Oct 12 Jan 612 May 1612 Dec 10 April 2412 Nov 20 Jan 30 Feb 20 Jan 3014 July  1908.  I  Janvary February March Aprt! May June J 1tly Augu t Septemb"T O, 'o/Jer . ·:.rvember Drcember Low Hi(Jh Low H i?h Low Hi>1h Low Hi(lh Low H1?h Lou: Ht?h Low H /,q'1 ',ow H '.?I• !~ow HI h Low H (/II .. ow H hh Law Hi<,li  BONDS  1 _______________ - - - -  -D-Is_t___o_t_C_o_lu_m_b_l_a_3___ 6_5s-_-_-_-_l_9_2_4 .New York City-* Corporate stock 4½s.May 1957 105 10812 Ass't bonds 4½s ____ May 19171031210414 (New)Corp.stk.4½sNov.1957 ________ (New)Ass't 4½s ____ Nov. 1917 ---- ----  m~  ~~r~~'ii~ti;:d:~-s~~~~: ~=== Corporate stock 4s __ May 1957 ____ New York State--* Highway Imp. 4s ___ Mch. 1958 ___ _ TenneSS<!e-New settlem't 3s.1 91D ___ _ Virginia-Funded debt 2.3s ______ __ _ 6s d eterred Brown Bros. & Co . certificates ________________ ~21:? 26  ----  10508 107 1011410312 105 1U7as 102 1041g  ----  ---- ----  1061g 1071: 10134 103 LOtil210778 !02 10314  ---- ----  107 10 14 10212 l03'l8 10(;58 10;3.i 1023g lOJ l2  ----  10714 l lJ lOJI~ 10412 10608 111 ]OJI: 1J412  -- - -  108 10-l 108 lO-!  ___  _I ____ ---- ---- ---- --- - ---- ---- ----  110 23  26  27  1093_. t093s 1091 2 !0938 1091: 10938 1091 ? 109a8 1091~ 10u ---- 94 :15 96 96 ---\.15 \)5 \)-, ---- - - -- ---- ---- .. ~ \J2 90 91 27  261~ 371x 3312 {3  3S  401.i  :Jlil-1 38  * For all New York City and New York State bonds buyer pays accruec Interest in adjition t:> prl:e 1nc.irate-d.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  11 Hs 1043.i 1113-1 ----  lll 113 10:3.1 10434 111 112 1041410434  LlO  11 ..  ---- --- ··  110711 104 111 104  1125t 1043i; 1123~ 1043-1  11131 11212 10414 1C43g 112 1123s 1041~ 10412  37  43  rnn1  i8i~ngr~:  ---- ---- === J === ==== ==== ==== m~~ _ ___ ,vhi L,1,~ lOlns 10'.!3g 101341031g 10234 10314  ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ___ _ ____ L09  I  ll C 1o;a.j lO:.ll.i 109 llll-1 1 ~0-"lg 1041~ -10-!38 l v4=>i, 104311 lU41; 104 10\ll~ tO;a8 10Jl-11091 4 111·:5 ll ,3-1 10411 104 10-ll r, IU4131043-1 ----  110  :l71.i :.;J  3)  4i>  TRAFFIC  RAILROAD  AND  PRICES.  RAILWAY STATISTICS-STOCK AND BOND PRICES. THE GROWTH OF THE RAILROAD SYSTEM. In a very comprehensive article on pages 73 to 75 of this publication, we furnish an elaborate review of the course of earnings of United States railroads for the calendar year 1908, 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 traffic, income, capitalization, rates, &c.-and has from time to time enlarged their scope. Hence there is now available a body of data of great usefulness covering a long period 0f time. The work of compiling the returns has throughout been under the direction of Prof. Henry C. Adams. The figures are made up for the fiscal year ending on June 30, and as it takes about eighteen months after the close of the period before the complete report, with its extensive mass of  The first statistical report of the Inter-State Commerce Commission was for the year ending June 301888, 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.  RAILROAD CONSTRUCTION YEARLY AND TOTAL MILEAGE l!\ OPERATION.  eral Year endino OftiJune 30 . cers 1907 ___ 6,407 1906 ___ 6,090 1905 ---5,536 1904 ---5,165 l!l03 __ -4,842 1902 __ -4.816 1901 __ -4,780 1900 ---4,916 1 99 ---4,832 l 98 ---4,956 1897 ,_-4,890 1896 ---5,372 1895 ---5,407 l 94 ---5,257 1 93 --- 6,610 1 92 - -- 6,104 1 91 ---5,271 1890 ---5,160  LENGTH OF ROAD IN OPERATION.  Information, How Obtained.  Whole Uniuct SUI.ta  Olticial Returns Urwtfl Figures.  ToUll.  Incre ase for Year.  - - - - - - - - - - -1- - - - - -1- - - - - -1-- - - 1907 l\J06 1905 1904 1903 1!102 1901 1900 l 99 l 9, I 97 t. 96 I 95 l 94 1893 1892 1891 IR90  June 30. -------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------·--- ----  Miles. 227,670.85 222,571.52 217,017.68 212,577 .57 207.186.84 201.672.83 196,075.07 192,940.67 188,277.49 185,370.77 182,919.82 181.153.77 179,175.51 176,602.61 170,332.30 165,690.97 164,602.79 1.~CJ.271.74  Miles. 2,280.34 1,791.6/'i 1,083.36 1,326.77 790.38 799.02 1,162.37 405.11 1.017.17 1.025.55 1,508.65 1,622.86 1,481.96 2,105.94 6,128.77 5,872.55 3,799.95 4,325.:-H  Miles. 229,951.19 224,3ti3 .17 218,101.04 213,904.34 20/,977.22 202,471.85 197,237.44 193,345.78 189,294 66 186,396.32 1 4,428.47 182,776.63 1 0,657.47 178,708.55 176,461.07 171.563.52 168,402.74 163.597.05  Miles. 5.588.02' 6,262. 13 4,196.70. 5,927.12 5,505.37 5,234.41 3,891.66, 4,051.12 2.898.34 1,967.85 1,651.84 2,119.16 1,948.92 2,247.484,897.55 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. turns are for the twelve months ending June 30 1907. SUMMARY OF SINGLE TRACK . 2D, 3D AND 4TH TRACKS, YARDS AND SIDINGS. The statistics of the Government are now everywhere accepted as authoritative, and in the series of tables given Total. Length. of Length. Of Le'(Jth of Le'gth of y aT<l8 &: Whole below the figures are all derived from the yearly reports of Track. United St.at.es Single Tr'k 2d Track 3d Track 4th Tr'ck Sidings. --the Commission, though we do not always present them in - - - - - - -1- - - - - - - - - - - - - - - - - - -Miles. Mtlu. Miles. M iles. Miles. Miles. June 30. the precise way in which Mr. Adams gives them. There is 1907 -------------- 227,454 .83 19,420.82 1,960.42 1,389.73 77,749.46 327,975.26 just one table where the information has been derived from 1906 _______________ 222,340.30 17,936.25 1.766.07 1,279.66 73,760 .91 317,083.19 1905--------------- 216,973.6117,056.301,609.63 1.215.53 69,941.67 306,796.74 a different source. We refer to the table we are now about 1904______________ 212,243 .20 15,824.04 1,467.14 1,046.50 66,492.46 297,073.34 to give, showing the miles of new track laid each year. In 1903 _______________ 205,3 13.54 14,6 1.03 1.303.53 963.36 61,560.06 283,821.52 1902 _______________ 200,154.56 13,720.72 1,204.04 895.11 58,220.93 274,195.36 that case the figures are taken from the annual volumes of 1901--------------195,561.92 12,845.42 1,1 53 .96 876.13 54,914. 6 265,352.29 Poor's Manual. In this way we get data covering the calen- 1900 _______________ 192,556.03 12.151.48 1.094.48 829.29 52,153.02 258,784.30 _______________ 187,534.6 11,546.54 1,047.37 790.27 49,223.65 250.142.51 dar year and are able to carry the comparison back to the 11 99 9 --------------- 184,648.26 11,293 25 l 009.65 793.57 47,5 9.09 245,333.82 early days of railroad history. The following is the table 1 97 --------------- 183,2 4.25 11,018.47 995.79 780.48 45,934.46 242,013.45 l 96 --------------- 18 1.982 .64 10,685.16 !190.45 764 .15 44,717.73 239.140.13 referred to. It indicates the new con truction each year, 1895--------------10,639.96 975.25 733 . 12 43,181.32 233,275.90 and the aggregate length of road at the end (Dec. 31) of the 1894 _________ ______ 177,746.25 175,690.96 10,499.30 953 . 16 710.99 41.941.37 229,795.78 93 _________ ______ 176.461.07 10,051.36 912.98 668.46 42,043.40 230.137.27 year. It will be noticed that the changes in total mileage 11892 _______________ 171.563.52 9,367.21 852 .70 626.47 :-19,941.45 222,351.35 from year to year do not agree with the additions through l 91-------------- 168,402.74 8,865.7 1 813 . 13 749.51 37,318 05 216,149.14 new construction. This is due to the fact that the Manual 1 90 ______ _________ 163,597.05 8,437.R5_2!j_O .RR 561.1-ll ~5 .255.16 208.f\12.55 finds it necessary to make adjustments and corrections of past MEN EMPLOYED ON RAILWAYS A D THEIR WAGES. mileage and to the further fact that some old mileage is The Commission collects very extensive statistics regardabandoned from time to time. It is of course much too early railroads. The table below shows to have Poor's figures for 1908, but, taking the new track ing the employees of the of such employees. laid in that year at 4,500 miles , there were on Jan. 1 1909, the number and classes NUMBER OF EMPLOYEES IN SERVICE OF THE ROAD. roughly, 232,500 miles of railroad in the country. Oen-  Mties of  Years.  New Road Buitt.  1830 ___ _ ___ 1831_ ______ 1832 _______ 1833 _______ 1834 __ __ ____ 1835 _______ 1836 _______ 1837 _ _ _____ 1838 _______ 1839 ______ _ 1840 ______ _ 1841 _______ 1842 _______ 1843 _______ 1844 _______ ---_ --- __ 1845. 1846 ____ 1847 ____ ___ 1848 ______ _ 1849 _ ___ - -1850 ____ __ _ -- _ ·- - -_ 18511852 ______ 1853 _______ 1854 _______ 1855 _______ 1856 ______ _ 1857 _______  1858 _______ 1&59 _______  1860 _______ 1861 ______ _ 1862 _____ _ 1863 ______ .  1864 ______ _ 1865 _______ 18 66 ______ _ 1867_ ______ 1868 _______  Jl,ftles in Operati on End of Year.  ---- ---- - 72  23 95  134  22!)  Hil  380 6:i:i 1, 00 1' 1,273 1,4.97 1,913 2 .•'1 0 2 2,818 3,:i,'15 4,02 6 4,185 4,;177 4,1\33 4,930 5,5!l8 5,1196 7,365 9,021 10,9 2 12,908 15,360 16,7211 18,374 22,016 24,503 26,968 28,789 :10,826 31,286 32,]20 33,170 33,00R :15,085 36,ROl 39.2:iO 42,229  253 4fl 5 17f> 224 416 380 516 717 401 159 192 256 297 668 398 1.360 1,656 l ,Ofll 1,926 2,452  1,:160 1,654 3,642 2,487 2,465 1,821 l ,846  6fil  834 1,050 7,'18 1,177 1,716 2,440 2,979   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Years.  186fl _ ____ __ 1870 ______ _ 1R7L ____ [87:! ____ -- . 1873 ______ _ 1874 _____ __ 1875 ______ _ 1876 _____ __ 1877 ______ _ 1878 ______ / 187!) _____ __ 11880 ___ ___ . 1881_ __ -188.2 _ _ __ __ 1883 _______ l/l.84 ______ _ 1885 _ ____ -1881\_ ----- 1887_ ___ -- 1888 _____ __ 1880 ______ _ 1891)_ ___ _ _ 1801_ _ _____  urn2- ______  1893 ______ _ 1804 ____ _ -1895 __ -- --1896 ____ __ _ 1897 ______ _ 1/HJ8. _____ _ rn90 _______ 1900 ____ ___ 190L _____ _ 1002 _______ 1903 _______ 1904 _ -- _ -- 190!)_ - - --- 1006 ______ _ 1907 _ ______ 1908 _____ __  Miles of  NewR oad  1'.!liles tn Operatton  Ruil t.  Encl nf Y,·ar.  4,61 6,(l 7,3  4(\.11 -14 52,9 2 2 60,2 0 3 f\6,171 70,268 72,385 74,0911 76,808 79, 082 81,747 86,556 93,262 103,108 114,677 121,422 125,345 128,32,) 1:lli,3:18 14A,214 156,114 161,271\ 166,654 170,729 175,170 177,516 179,415 181,065 182,769 184,591 186,810 190,818 1!)4 ,262 lOR,743 202,938 207 .33:i 212,394 217 ,341 222,766 2211.128 232,500  --  5,8  4,00 2,11 1,71 2,71 2,28 2,62 4 ,74 6,87 0,77 11,59 6,81 3,97 3,1.3 8 ,12 12 ,08 7 .06 5.69 5,65 4,62 4,58 2,78 2.26 l ,fl:l 2,06 2 .16 3,l!l 4,51 4,15 4,01 5,07 4,67 5,00 5,05 11,64  5,49 50  .!!  Y ear Carendino penJune 30. ters. 1907--70,394 l\l06 __ 63, ' 30 1905--56,01.<9 1904--53,646 1903--56,407 1902--51 ,698 1901--48,946 1900--46.666 1899--42,501 189 --40,374 1 97--37.740 1896--38,846 1895--35,564 1894--36,328 1893--41,878 1892--40,080 1891--37,718 1890- - 37,936  Other Otficers. 7,549 6,705 5,706 5,375 5,201 5,039 4,923 4,669 4,294 3,925 3,830 2,718 2,534 1.778 -------------  O!1ice Clerks. 65,700 57,210 51,284 46,037 42,218 37,570 34,778 32,265 29,371 26,845 26,837 26,328 26,583 24,779 27,584 25,469 23,879 22,239  Station Aoents. 35,649 34,940 35,245 34 ,91 34,892 33,478 32,294 31.610 30,787 30,699 30,049 29,723 29,014 28,199 28,019 26.829 26,192 25,665  Other Section Shop- Foremen. men. 221,656 41,391 199,940 40,463 176,348 38.217 159,472 37,609 154,635 37,101 136,579 35,700 120.550 33,817 114,773 33,085 103,937 31.690 99,717 30,771 91,415 30,414 95,613 30,372 88,661 29,809 84,359 29.660 93,709 29,699 87.615 28,753 83, 65 27,890 80.733 27.129  Other Station men. 152,929 138,778 125,180 120,002 120,724 105.433 94,847 89,851 83,1110 78,603 74,569 75,919 73.569 71.150 75,181 69,511 67.812 66.431  En,ginemen. 65,298 59,855 54,817 52,451 52,993 48.318 45,292 42,837 39,970 37,939 35.667 35.851 34,718 35,466 38,781 36,739 34,801 33.354  Other Switch Track- Tenders, &c. men. 367,277 53,414 343,791 49,659 311,185 45,532 289,044 46,262 300,714 49 .961 281,075 50,489 239,166 47.576 226,799 50,789 201,708 48,686 184,494 47,124 171,752 43.768 169,664 44,266 155,146 43,158 150,711 43,219 180,154 46.048 171,810 42,892 l fi3,913 40.457 157,036 37,669  F iremen. 69,384 62 .678 57,892 55,004 56.041 50,651 47,166 44,130 41.152 38,925 36,735 36,762 35,516 36,327 40,359 37,747 36,277 34,634  Conduetors. 48,869 43,936 41,061 39,645 39,741 35,070 32,092 29,957 28,232 26,876 25,322 25.457 24,776 24, 23 27,537 26,042 24,523 23,513  Other Trainmen. 134,257 11!1,087 111,405 106,734 104,8 5 91,383 84,493 74,274 69,497 66,968 63,673 64,806 62,72 1 63,417 72,959 68,732 64,537 61,734  Machin,. ists. 55,24451,253 47,018 46,272 44,819 39,145 34,698 32.831 30,377 28,832 28,229 29,272 27,740 29,245 30.869 28,783 27,388 27.601  T eleg . Totat Opera- Float EmAll ing tors, Equip. Others. ployees &c. 39,193 9,139 228,324 1,672,074, 36,0!10 8,314 198,736 1,521,355 31.963 8,753 178,905 1,382,196 30.425 7,495 160,565 1.296.121 30,984 7,949 168,430 1,312,537 28,244 7,426 147,201 1,189,315 26,606 7,423 131,722 1,071,169 25,218 7,597 125,386 1 ,017,653 23,944 6,775 107,261 928,924 98,673 874,558 22,488 6,349 90,725 823,476 21.452 6,409 88,467 826.62021,682 5.502 83,355 785,034 20,984 5,779 779,608 85,276 22,145 7,469 22,619 fi,146 105,450 873,602' 98,007 821.415-20,970 5,332 784,285 , 93,543 20.308 5,911 749,301 3,300 18,968 6.199  The changes from year to year in the average daily compensation of the different classes of employees is indicated in-, the table which follows:  '1  RAILWAY STATISTICS . AVERAGE D AILY COMPENSATION OF R AILWAY EMPLOYEES. Class- 1907 .11906. 1905. 1904 . 1903. 1902. 1901. 1900. 1899 . '98. '97 . '96 . '95. '94. $  $  $  $  $  $  $  $  $  $  $  s  $  -s  ·Gen. off_ 11 93 ll 81 11 74 11 61 11 27 11 17 10 97 10 45 10 03 9 73 9 54 3 19 9 01 9 71 Other off. 5 99 5 82 6 02 6 07 5 76 5 60 5 56 5 22 5 18 5 2 1 5 12 5 96 5 85 5 75 Ofl. cl'ks. 2 30 2 24 2 24 2 22 2 21 2 18 2 19 2 19 2 20 2 25 2 18 2 21 2 19 2 34 Sta. agts. 2 05 1 94 1 93 1 93 1 87 1 80 1 77 1 75 1 74 1 73 l 73 1 73 1 74 1 75 0th.St.ID. 1 78 1 69 1 71 1 69 1 64 1 61 1 59 1 60 1 60 1 61 1 62 1 62 l 62 1 63 Eng.men. 4 30 4 12 4 12 4 10 4 01 3 84 3 78 3 75 3 72 3 72 3 65 3 65 3 65 3 61 Firemen_ 2 54 2 42 2 38 2 35 2 28 2 20 2 16 2 14 2 10 2 09 2 05 2 06 2 05 2 03 Conduct_ 3 69 3 51 3 50 3 50 3 38 3 21 3 17 3 17 3 13 3 13 3 07 3 05 3 04 3 04 0th. tr'm 2 54 2 35 2 31 2 27 2 17 2 04 2 00 1 96 1 94 1 95 1 90 l 90 1 90 1 89 Mach'n's. 2 87 2 69 2 65 2 61 2 50 2 36 2 32 2 30 2 29 2 28 2 23 2 26 2 22 2 21 ·c arpen'rs 2 40 2 28 2 25 2 26 2 19 2 08 2 06 2 04 2 03 2 02 2 01 2 03 2 03 2 02 '0th.shop 2 06 1 92 l 92 1 91 1 86 1 78 1 75 1 73 1 72 1 70 t 71 l 69 t 70 1 69 , ec.form. 1 90 1 80 l 79 1 78 1 78 1 72 1 71 1 68 1 68 l 69 l 70 l 70 l 70 1 71 ·Oth.tr'ck. 1 46 1 36 1 32 1 33 1 31 1 25 1 23 1 22 1 18 1 16 1 16 1 17 l 17 1 18 •Sw.ten.& 1 87 1 80 1 79 1 77 1 76 1 77 1 74 1 80 1 77 1 74 1 72 1 74 1 75 1 75 Tel.op. &c 2 26 2 13 2 19 2 15 2 08 2 01 1 98 1 96 1 93 1 92 l 90 1 93 1 98 1 93 Float.eq_ 2 27 2 10 2 17 2 17 2 11 2 00 1 97 1 92 1 891 89 l 86 1 94 1 911 97 All others 1 92 1 83 1 8:i 1 82 1 77 1 71 1 fl\} 1 71 1 /\<I I 1\7 1 1\4 I f\5 l 1\.51 65  CAPITAL PAYI G DIVIDENDS. A very large amount of the capital of the railways is still unproductive. It should be understood that in the following the column showing aggregate a mount paid in dividends gives the gross amount, including payments by one railway ,c orporation to another. The net sum paid each year is very :much less. Thus, while for 1907 the gross amount paid was ::$308,088,627, it will be seen by reference to the second .table on the following page that the net amount paid was ,only $227,394,962. ,DIVIDEND-PAYING AND NON-DIVIDEND-PAYING STOCK AND DEBT.  ·-  ·Whole United  Stock Funded D ebt Stock Dtvidcnds Paid. Receiving Dividends Receiving Nothtng . Receiving Noth'g.  SI.ates.  June 30.  1% 1  I  I  Amount.  I  %  s  %  l~ .o~~ Debt.  1  308,088,627 6.23 4,948,756,203 67 .27 2,408,105,488 32.73 315,927,894 3.76 ,1907 ____ 272,795,974 6.03 4,526,958 ,760166.54 2,276 ,801 ,333 33.46 287,954,851 3.82 l\l06 ---4,ll9,086,71462.84 2,435.470,337 37 .16 449,100,396 6 .36 1905---3,643,427,319 57.47 2,696,472.010 42.53 300,894,215 4.49 1904 ---1903 ---- 196,728,176 5.70 3,450'737 ,869156.06 2,704,821,163 43 94 272,788,421 4.33 1902 ---- 185,391.655 5.55 3 ,337,644,68155.40 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 ,1 900 ---- 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 1.898---- 96,152,889 5.29 l.818,113,08233.74 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 '1895---- 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 1893 ---- 100,929,885 5.58 1,809,600,846 38.76 2,859,334,572 61.24 743,015,132 14.39 [892 - --- 97,614,745 5.35 1.825,705,437 39.40 2,807,403,326 60.60 777,719,420 15.56 1891 ---- 91.117,913 5.07 1.796,390,636(0.36 2,654,258,39159.64 473,925,526 9.90 1890---- 87,071,613 5.45 1.598,131.933 36.24 2,811.526,552 63.76 No statistics. 1889---- 82,110.198 5.04 1.629,750,927 38.33 2,621.439,792 61.67 775,851.7951 .19 l888 ---- 80,238,065 5.381.490,267,149 38.56 2,374.200.906 61.44 827 .554.~1!l 21.Ml Note .-The per cent of dividends paid is figured by the Commission on the diviaenapaytng stock onl,y and Includes holdings of stock by one railroad In another.  m:m:m tig 1  CAPITALIZATION OF RAILWAY PROPERTY. Changes in classifications and in definitions served greatly to swell the gross total of railway capitalization in 1907 and to destroy comparisons with previous years. We give the figures, however, for what they are worth. CAPITALIZATION OF RAILWAY PROPERTY-DEBT AND STOCK. Whole - - - - - - - - - -.F unded D e b t - - - - - - - - - Debt per M. Total Equ.tpment. Income Miscellaneous U.S. of road. Debt. Tr11$ts. Bonds. Obltgattons. Bonds. June S S $ $ S 30 1907 __ 6,472,839,323 1,616,427,904 306,244,476 329,773,289 8,725,284,992 ----1906 __ 6,266,770,962 973,647,924 301,523,400 224,719,099 7,766,661,385 36,213 786,241,442 253,707,699 186,302,906 7,250,701,070 34,625 1905_ -6,024,449,023 1904--5,746,898,983 723,114,986 229,876,687 173,334,694 6,873,225,350 33,429 1903 __ 5,426,730,154 640,704,135 234,016,821 142,980,116 6,444,431,226 32,317 1902--5,213,421,911 564,794,588 242,556,745 89,208,425 (1,109,981,669 31,371 545,780,485 218,872,068 68,116,723 5,881,580,887 30,963 190L_5,048,811,611 1900_-4,900,626,823 464,983,341 219,536,883 60,308,320 5,645,455,367 30,210 1899_-4,731 ,054,376 485,781,695 260,048,753 42,058,348 5,518,943,172 30,289 1898_-4,640,762,632 486,977,279 262,194 ,688 40,351 ,111 5,430,285,710 30,289 1 97 --4,539,911,595 430,718,303 259,847,154 39,888,767 5,270,365,819 29,546 1896--4,517,872,063 457,735,531 314,425,977 50,304,931 5,340,338,502 30,126 1895--4,641,755,548 445,221,472 242,603,226 55,915,327 5,385,495,573 31,048 1~4--4,593,931,754 456,277,380 242,403,681 63 ,970,204 5,356,583,019 31,233 1893_-4,504,383,162 410,474,647 248,132,730 62,699,282 5,225,689,821 31,545 1892_-4,302,570,993 392,107,940 303,205,522 55,153,595 5,053,038,050 31,125 189L-4,081,621 ,675 379,600 ,890 324,288,690 54,755,157 4,840,266,412 30,012 1890_-4,123,921,557 324,242,541 76,933,818 49,478,215 4 ,574,576,131 29 ,249 - - - - - - - - S t o c k - - - - - -- - -Agg. stk. & debtPer M. Per mile Whole of road . Total. of road. Total. Preferred. Common. U, S. S S S $ S June 30. 1907--5,932,948,772 1,423,912,919 7,356,861,691 ---- - - 16,082,146,683 -----1906 __5,403,001,962 1,400,758,131 6,803,760,093 31,723 14,570,421.478 67,936 1905--5,180 ,933,907 1.373,623,144 6,554,557,051 31,301 13,805,258,121 65,926 1904 __ 5,050,529,469 1.289,369,860 6,339,899,329 30,836 13,213,124,679 64,265 1903--4,876,961,012 1,278,598,020 6,155,559,032 30,869 12,599,990,258 63,186 1902 _ _4,722,056,120 1.302,145,175 6,024,201.295 30,930 12,134,182,964 62,301 1901--4,475,408,821 1,331,157,383 5,806,566,204 30,568 11.688,147,091 61,531 1900_-4,522,291,838 1,323,287,755 5,845,579,593 31.280 11,491,034,960 61.490 1899_-4,323,300,969 1,191.710,757 5,515,011,726 30,267 11,033,954,898 60,556 1898_-4,269,271,714 1.118,996,607 5,388,268,321 30,054 10,818,554,031 60 ,343 997,585,598 5,364,642,255 30,074 10,635,008,074 59,620 1897 __4,367,056,657 969,956,692 5,226,527,269 29,484 10,566,865,771 59,610 1896 _ _4,256,570,577  tm:~~~:m ~i:m rn:jtg:m:m ii:~ig mt:tm:m:m ~gg:m:!&g 686,925,816 4,668,935,418 28,184 10,506,235,410 63,421 m:!ttm tm:~~g:m ~~:;ti 18:m:m:m ~~:m mtJm:m:m 606,373,542 4,409,658,485 28,194 9,437,343.420 60,340 1890 __ 3,803.284,943  - - - - - - -B onds-- - - - - - - - -8 t o c k - - - 'J ·otal N ot Owned Owned by N ot Owned Owned by Whole Bonds. RR . Corp'tons by Railroads, u. s. RR. Corp'ns by R atlroads. s $ $ June30. 18\!9_ - - 394,414,868 4,336 ,(i39 ,508 4,731,034,376 1,207,498,299 4,307,513,427 189 ---3 ti9,522 ,097 4,271 ,240,535 4,640,762,632 1,151,864,158 4,236,404,163 1897 ___ 403,978,556 4,135,933,039 4,539,911,595 1.062,957,620 4 ,301.684,635 1896 ___ 400,111,363 4,117,760,700 4,517,872,063 1.101,235,551 4,1 25,291,718 1895- __ 395 ,542,915 4,246 ,212,633 4,6 41.755,548 1.051.638,619 3,909 ,620,037 1894_ - -415,314,637 4,178 ,6 17,117 4,593 ,931.754 1.128,744,033 3,705,331,626 1893---427,237,894 4 ,077,145,268 4,504 ,383,162 1.135,784,339 3,533,1 51.079 1 92.--327,170,787 3,975,400,206 4,302 ,570,993 1.064 ,286,266 3,568 ,822497 945,227,541 3,505,421,826 1891---337,698, 175 3,743 ,923.500 4,0 1,62 1.675 963,853.759 3,445,804,476 1890- - -443 ,053 ,242 3,680,868,315 4,123.921.557 -----AutJTeuate Stock and D ebi:- - - - Total Stock Not Owned /)y Owned /Jy RR. Total Stock Whole and Bonds. Railroads. Corporations. U. S. Oulatanding. S S S June 30  mt::H8bii:tM 1905-- -6,554,557 ,051  2~898.-480-.829-  1o~iii.o:so~22i;-  2,638 ,1 52,129 2,501,330,601 2,318 ,391.953 2,208 ,518 ,703 2,205,497,909 1.943,050,349 1.601,913,167 1.521.386 ,255 1.4 66,936,176 1.501,346,914 1.44 7, 18 1,534 1.544 ,058 ,670 1.563,022,233 1.391,457,053 1.2 2,925,716 1,406,907,001 1,151.972.901  1904--- 6,339 ,899,3 29 1903 __ _6,155,559,03 2 1902 ___ 6,024,201,295 1901---5,806,566,204 1900---5,845,579,593 1899---5,515.011,726 1898---5 ,388,268,321 1 97 ___5,36 4.6 42,255 1896---5,226,527,269 1895-. _4,96 1,258 ,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  9,940,853,945 9,585,467,711 9, 263,897, 233 9,0211,104,413 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 7,610,296,347 7,544 ,222,703 7,249,344,986 7,126,673.041 7,366,745,677  rn:g~g:m:8~:  12,579,006 ,074 12,0 6,7118,312 11,582 ,289,186 11,237.623,206 10,855,377,815 10,746,206,416 10,246,066,102 10,029,030,953 9,904,553,850 9,744,399,332 9,603,014,204 9,428,007,413 9,173,318,580 8,935,679,756 8,532,270,702 8,533,580,042 8,518.718,578  TRAFFIC MOVEME TS-PASSENGER AND FREIGHT.  TRAFFIC OF U. S. RATLROADS-PAS.'3ENGER AND FREICHT. Whole - - - - - - - - - - F reight Service- - - - - - - - - - - Tons moved Tons l 1W. Miles run Average Mile,a run t,y U. S. Tons moved freighi cars. per!Yl.road by /'t ir'ns. tr'n-lo'd one mile. June 30. less dupli 'ns 1907 ____ 977,489,440 236,601,390,103 1052119 629,995,723 357.35 17,122,259,754 1906 __ __896,159 .4 5 215,877 ,551,241 982,401 594,005, 25 344.39 lti,5 9,958,024 1905 - - - _784,920,188 186,463.109 ,510 861.306 546,424,405 322.26 15,082,070,763 1904- ___ 714.375,339 174,522,089,577 829,476 535,090,971 307.76 14,353 ,650,056 190:\ __ __714 ,767,821 173,221.278,993 855,442 526,312,433 310.54 14 ,193,71S,005 1902 ____ 657,846,807 157,2 9,370.053 793.351 499,711.176 2116.47 13,326,514 ,369 1901----583,692,427 147.077.136,040 760,414 491.942,041 281.26 12,811.211,703 1900----583,351.351 141.599,157 ,270 735,366 492,568,486 276.85 ------------1899 ____ 501.527.375 123,667,257.153 659,565 507.841.798 243.52 ------------1898---- ---------- 114,077,576,305 617,810 503,766,258 226.45 ------------1897 --·- ---------- 95,139.022,225 519.079 464,962.242 204.62 ------------1896---- ---------- 95,328,360,278 523,832 479,500.170 198.81 ------------18\!5 ____ ---------- 85.227,515,891 479,490 449,291.238 189.69 ------------1894 ____ ---------· 80,335,104,702 457,2.52 441\,807 223 179 .80 · -----------1893 ____ -------·-- 93,588.111,833 551.232 508,719,506 183.97 ------- - ----1892 --- - - - - - - - - -- - 88.241.050,225 543,365 485,402,369 l!:!1.79 _. _____ --··--1891 ---- ---------- 81.073.784,121 502,705 446,274 .508 181.67 --------· ---1890 ____ ---- - ----- 76,207.047,29 487.245 435,170,812 175.12 __ --------Whole -------Passenger Service--------- Aggregate Rev . U.S. Passengers Pass. carried Pass. IM. Miles run Pass'uers Train mileage per M.r'd. by pass.tr. per tr'n vass. &: fre'it. one mite. carried. June 30. 1,171,922,997 51 1907 ____ 873.905,133 27,718,554,030 123,259 509,328,042 1.105, 77,091 49 1906 ____ 797,946,116 25,167,240,831 114,529 479,037,553 1,038,441,430 48 1905----738.834,667 23,800,149,436 109,949 459,827,029 1.007,529,542 46 1904----715,419,682 :H,923,213 ,536 10 -1 .198 440,464.866 982,946,284 46 1903 ____ 694,891.535 20.915,763,881 103,291 425,142,204 936,148,675 45 1902----649,871:l,505 19,689,937,620 99 .314 405,613,231 90~.092,818 42 1901----607,278,121 17,353,588,444 89,721 385,172,567 886,781.590 41 1900----576,865,230 16,039,007,217 83.295 363,521.596 ---------41 1899 ____ 52~.176,508 14.591.327,613 77,821 354,416,916 ---------39 1898----501.066,ti81 13,379,930,004 72,462 341.526,769 ---------37 1897----489,445.198 12 ,256,939,647 66,874 ~35.018,ti05 _________ _ 39 1X96----511.772,737 13,04\l,007,233 71.70n 332.854,218 ---------· 38 1895----507,421.362 12,188,446.271 68,572 317,565,615 _________ _ 44 1894----540,6S8,199 14,289,445,893 81.333 326,503,219 ---------42 1893----593,560,512 14,229,101.084 83.809 335,618,770 ---------42 1892----560,958,211 13,362.898.299 82,285 317.538 ,883 ---------42 1891----531.183.998 12,844,243.881 79,642 307,927,928 ---------41 1890----492,430,865 11.847.7%.617 75,751 285,575,804  PASSENGER AND FREIGHT RATES AND TRAIN-MILE EARNINGS. RATES PER TON AND PER PASSENGER AND PER TRAIN MILE. Rate  Rate  Train Earnings.  Year Ending per pas. per ton per Passenger per June 30.  mile.  mile.  per mile.  Freight per mile.  AU Trains-Passenger &: Freight.  Earns. per Cost per Profit per train mile. train mile. ir'in mtle.  - - ----- - - - - - - - - ---- - - -  Cents. Cents. $ $ s $ 1.25.805 2.74.023 2.17.741 1.46.993 .759 .70.748 1907 ------ 2.014 1.20.338 2.60.804 2.07.547 .748 .70.487 1.37.060 190ti - --- -- 2.003 .766 1.15.954 2 .49.689 1.97.906 1.32.140 .65.766 1905 ------ 1.962 1.14.135 2.42.703 .780 1.93.960 1.31.375 .62.585 1904 -- - --- 2.006 1.11.644 2.43.967 1.91.380 .763 1.26.604 .74.776 1903 - - - - -- 2.006 1.08.531 2.27.093 .757 1.82.350 1.17.960 .64.390 1902 ------ 1.986 1.02.721 2.13 .212 .750 1.72.938 1.12.292 .60.646 1901 -- - --- 2 .013 1.01.075 2.00.042 .729 1.07.288 1.65.721 ,58.433 1900 ------ 2.003 1.01.615 1.79.035 1.50.436 0.98.390 .724 .52.046 1899 ----- - 1.978 .753 0.97.419 1.73.112 1.45.449 0.95.635 .49 .814 1 98 ------ 1.973 .798 0.93.917 1.65.358 1.38.194 0.92.918 .45.276 1897 -----· 2.022 .806 0.98.591 1.63.337 1.39.567 0.93.838 .45.729 1896 ------ 2.019 .839 0.97,870 1.61.190 al.37.723 al.18.693 a.19.030 1895 -- - --- 2.040 .860 1.36.958 0.93.478 1-04.897 1.55,744 .43.480 1894 ------ 1.986 1.06.984 1.63.018 1.43.475 0.97.426 .879 2 .111 .46.049 1893 ______ 2.126 1892 -----.898 1.06.873 1.64.611 1.44.649 0.96.580 .48.069 1.06.111 1.63.683 .895 1.43.345 0.95.707 .47.638 1891 -- - --- 2.142 1.08 .641 1.65.434 1.44.231 0 .96.006 .941 .48.225 1890 ------ 2.167 1.06.287 1.65.377 1.39.191 0.94.868 .922 .44.323 1889 ------ 2.165 1.13.900 1.65.700 1888 - - --- - 2 .349 l.001 a These are reported as " revised figures;" originally earnings per train m11e for all trains were iriven as Sl.35 .947; cost per train mile, S0.91.829, which would leave a profit per train mile ot S0 .44.118.  EARNINGS EXPENSES, CHARGES, DIVIDENDS. In bringing together the Commission's figures dealing with thE: earnings and disbursements of therailroads,someexplanation of the method pursued in thecompilationof the figures In view of the changes made in compiling the 1907 figures is necessary. The income statement is now presented in two firs t the tota ls are the aggregate of the figures reported by of capitalization, it would be particularly useful to know how form s . In the 0 1 much of the total represented investments by one company in r~er:~:gt ; ~ a:1~~spe~ dft~;:Po\ bl~incfii!.1:~~; ~j1~1f-!rct!~d~~pl1rr:tii~\:~~hneJ the shares or debt of another. Unfortunately all statistics th e railway s of the United States are treated as a single system, all duplica on that point are omitted from the 1907 report of the Com- ;~Y~ tig~;-e;;t Pt\~;nge!;.~:~di~~e~~~l;r~ ~~~~~fi.:~i:i~!t i~1e\~~rr::iJc1 mission. The remark is made, however , that $58 ,298 p er form t h e d ata extend back only to 1898 . We give the comparisons both wa.f~e ex t ent of the duplication involved in the first method, which ls mile would represent correctly the net capitalization.  1893 __ 3,982,009,602  OWNERSHIP BY OTHER ROADS-STOCK AND BONDS. ------Bandai------- ----Stock:---Not Owned Owned /Jy Total Not Owned Whole Oumed /Jy RR. Corp'wns 1)11 Railroad8. Bonds. U.S. RR. Corp'ns /Jy railroads. S S $ S $ June 30. 6,472,839,323 ----- - ------ ____________ 1907 ___ ------- - 1906 ___ 641,305,030 5,625,465,932 6,266,770,962 2,257,175,799 4,546,584,294 1905---568,100,021 5,456,349,002 6,024,449,023 2,070 ,052,108 4,484,504,9431 1904 ___ 558,472,242 5,188,426,741 5,746,898,983 1.942,858,359 4,397,040,970 1903 ___ 520,068,745 4,906,661,409 5,426,730,154 1.798,323,208 4,357,235,824 1902---498,373,449 4,715,048,462 5,213,421.911 1.710,145,344 4,314,055,951 1901---468,830,698 4,579,980,913 5,048,811.611 1.736,667,211 4,069 ,898,993 1'900---472,831,377 4,427,795,446 4,900,.6 26,823 1.470,218,972 4.375,360,621   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  avoided in the second, ls shown by a comparison of the item of income from other sources for the latest year. Altogether, the railways were in receipt of a non-op erating income of $286,583,942; but from the second form of s tatem e nt it appears that the "Clear income from investments" was only $60,626,333. The difference between the two amounts represents duplications and m easures the extent of inter-corporate payments. Similarly, the difference b et ween "Inter est on fund ed d ebt" in the old statement and "Net interest" in the new is arrived at by deducting from the aggregate of interest accrued, a s r eported by the different railways, the interest which the companies received from thek holdings of bonds in other roads. In like manner, "Net dividends " in th e new form means the aggregate of dividends declared ess the amount r eceived by the companies on their own holdings of stock . othe1 rallroads.  YEAR END'G JUNE 30.  1907  Miles ot road ___________  227,455  Gross Earnings-  1906, 222,340  1904. 212,243  s  $  $  1905, 216.974  1903.  $  I  1902.  1901.  - 1900.  195.562 192,556 205.314 I 200,155 $ s s 421 }04,592 392,963,248 351,356,265 323,715,639 39,835,844 38,453,602 37,752,474 41,709,396 34,253,459 31.121,613 28,416,150 38,331.964 8,202,982 8,858,769 9,821.277 8,161.022 1,338 .020 .026 1.201 .228 .845 1. 118 ,a43 .o 14 1.049 ,256 ,323 4,467 .025 4,846,718 4,065,457 3,345,912 36,282,917 46,702,131 1 38,339,384 36,729,104 90.496 54,000 54,000 114,377  1899.  1898.  1897.  1896.  1895.  1894.  1893.  1892.  1891  187,535  184,648  183,284  181,983  177,746  175,691  169,780  162,397  161,275  :s 291,112,993  s 266,970,490  s 266,562,533  $  $  $  $  s 286,805,708  $  Passenger earnings ______ Mall ________________ Express ____ _____ _____ Other earns. pass. trains Frgt~!r trains Miscell. earns. from oper'n Unclassified earnings _____  564,606,343 510,032,583 472.694,732 444,326,991 45,426,125 44,499,732 50,378,964 47,371,453 45,149,155 51.010,930 57,332,931 41.875,636 10,914,746 11.314, 237 11.040,142 12,674,899 1823651998 1,640,386,655 1,450,772,838 1,379,002,693 5,645,222 5,080,266 4,568,282 59,741.198 52.319,148 49,986,011 138 ,601 262,889 ---------- ------- ---  Total from operations __ Expenses- • Maint. of way & struc ___ Malnt. of equipment_ ____ Conducting transportation  2 589105578 2,325,765,167 2,082,482,406 1,975,174,091 1.900 846,907 l,726,380,2671,588,526,037 1.487 ,044,814 1,313,610,118 1.247,325,621 1,122,089,773 1.150,169,376 1,075,371.462 1,073,361,797 1.220,751.874 1. 171,407 ,343 1,096,761,395  ~e:r'ii~~lfrom  1tm:m  35,999,011 26,756,054 7,687,363 913,737,155 4,261.804 :33,990,940 64,798  251,135,927 33,754,466 24,901.066 6,629,980 772,849,314 4,209,657 28,384,004 225,359  34,608,352 25,908,075 7,224,000 876,727,719 4,683,205 31.110.423 93,357  32,379,819 24,880,383 6,691,279 786,615,837 3,885,890 28,574,237 579,398  285,349,558 30,059,657 23,035,300 6,187.899 699,490,913 3,545,198 25,518,742 174,530  301,491,816 28,445,053 23,631.394 6,455,778 829,053,861 3,848,344 27,732,053 93,575  26,861,143 22,148,988 5,826,438 799,316,042 3,926,196 26,375,854 146,974  281.178,599 24,870,015 21,594,349 5,382,848 736,793,699 3,061.606 23,817,697 62,582  $  23,367,873 20,277,711 4,965,383 714,464,277 3,245,233 24,302,398 468,304  •·"'·"'·'"I  231.056,602 190,299.560 565,265,789 42,566,553 1,208,766  211,220,521 181,173,8 0 529,116,326 39,328,765 589,019  180,410,806 150,919,249 486,159,607 38,676,883 802,454  173,314,958 142,624,862 464,674,276 36,476 ,6 6 882,494  Total expenses ________ 1748515814 1.536,877,271 1.390,602,152 1,338,896,253 1.257,538,852 1,116,248,747 1.030 ,397 ,2 70  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  525,616,303 162,885,071  456,641.119 148,713,983  429,352,345 138,202,779  369,565,00!l 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  364,873,502 133,911,126  359,783,661 126,767,064  343,544,907 368,061.728 !)70 ,952 ,924 65,404,655 8~T~iii:8e_~s~~= ======= 551,600  311,720,820 328,554,658 836,202,707 59,752,230 646,856  275,046,036 288,441.273 771,228 ,61i6 55,319,805 566,372  266.421.774 240,429,742 702 ,509,818 47,767,947 409.571  261,280,454 267 .184,739 758,238.681 51.579,196 613,183  248,381.594 213,380.644 609,961.695 44,197,880 326,934  159,434,403 122,762,358 432,525,862 36,481,269 1,320,872  252,246,180 30,969,746 24,284,508 6,114,786 729,993,462 4,140,850 27,088,987 532,943  I I 260,786,453 1890.  156.404  160,344,950 133,381,998 442,217,582 36,083,285 961,229  143,976.344 113,788,709 431.148,963 35,907,017 899,382  143,669,386 112,894,526 394,513,035 79,771,497 565,878  169,258,376 136,875,909 435,465,575 85 ,548,837 772,602  164,188,701 128,712,016 406,726,649 80,683,378 687,252  153,671,576 117,047,895 384,385,458 75,926,707 856,257  152,718,837 114,038,756 354,189,220 70,221,050 926,108  Net from operations _____ 840,589 764 788,887,896 rncome !rom other source.~ 286,583,942 256,639,591 Total net income ______ 112717370() 1,045,527,487  691.880,254 231.898,553  636,277,838 212 ,933,990  643,308,055 205,687,4 0  610,131.520 196,323.629  923,778,807  849,211,828  848,995,535  806,455,149  737,875,216  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 ,370,1~9  498,784,628  486,550,725  Interest on funded debt __ 344,242.617 322,555,934 11,653,076 Int. on current liabilities_ 16,671,532 Rents paid ror lease or ro'd 128,766,452 122,290,911 571,431 Salaries & ma.Int. of org'on 648,835 Taxes __________________ 80,312,375 74,785,615 Improvements __________ 38,552, 90 49,042,631 Other deductions ____ ___ _ 68,517,817 79,441.561 Total ________________ f',77, 712,518 660,341.159  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 61.696,354 38,522,548 47,276,109  283,953,124 9 ,060,645 112,230,3 4 430,427 57,849,569 41.948.183 47,147,158  274,421.855 7.717,103 111.697, 122 527.Q38 54,465,437 34,712JJ68 42,637,299  262,094,838 5,526,572 112,644,822 532,299 50,944,372 31.938,901 32,682,094  252,949,616 4,912,892 101.951,319 520,102 48,332,273 25,500,035 27,074,690  251,158,087 7 ,102,847 94,406,737 595,192 46,337,632 13,070.045 28,529,749  246,126,691 7,073,953 92,391,008 443,325 43,828,224 6,847,905 30,524,597  247,880,230 249,624,177 7,844,336 8,469 ,063 87,505,302 92,972,322 508,598 545,468 39,970,791 43. 137 ,84:1 4,544,813 5,162,240 21.976,390 19,829,076  252,512,920 7,860,261 94,324.738 589,523 39,832,433 4,016,382 26,830,664  252,779,523 10.239,190 98,325,046 509,257 38,125,274 4,418,003 24,612,017  250,176,887 7,989,508 107,222,921 589,872 36,514,689 2,957,069 25,971,210  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 8,114.768 01.072,995 2,302,096 31,207,469 4,511,508 25,183,600  413,397,513  Int.,Rentats,Imp'ts.&c.-  Income above charges ____ 449,461,188 Dividends, &c.Dividends ________ _____ 308,088,627 Other payments __ ___ ____ 49,297 Total ________________ 308,137,924  558,128,767 179,746,449  596,688,420  570 ,425,902  552,619,490  526,178,822  496.363 ,898  461,240,927  441,200,289  427,235,703  385 ,186 ,328  327,090,387  278 ,785,926  296,376,045  280,276.327 1 24 1,511,318  227,260,447  164,154,813  140,319,421  272,795,974 55.593  237,964.482 82,415  221,941,040 115,546  196,728,176 420,400  139,597,972 4,542  272,851.567  238,046,897  222 .056 ,595  197,148,576  185.391.755 15(),735,784 10,752 29,5841 185,421.2:30 156.74G,536  139,602,514  111.089,936  99,227,469  84,764 ,782  87,657,933  Year's surplus __________ 141,323,2()41 112 ,334.761  89,043,490  56,729,331  94 -~55 ,0881  416,573,137  425,966,921  429,008,310  431.422,156  416.404,938  388,707.712  384,792,138  89,631,926  56,116.259  55,755,970  111.058,034  115,965,191  110.076.916  101.758,587  lll,009,82 96,152,889 80,114 87,975 11  81,257' 5061 87,110,599 267,3901  87,603,371 494,386  85,287,543 673,957  95,515,226 6,0!J2,038  100,929,885 2,011,404  97,614,745 4,314,390  91,117,913 5,371,100  87,071,613 2,616,591  96,240,864  87,377 ,9891  88,097,757  85,961,5001 101,607,264  102,941,289  101.929 ,135  96,489,013  89,688.2041  44,078,557  6,120,483  8,116,745  14,036,056  13,587,903  12mo.383I  53,064,8_771  29,845,2 411  1.534,1691  45,851,294 1  I  I  ............ ····------·------------------. . : : . : ; ,:  ---._:..;:.; . .:  .:  GROSS AND NET REVENUE, INTEREST CHARGES, ETC . Resul/,3 After Eliminating Duplicattons.  :'  l'EAR ENDING JUNE 30.  '  J  '  J  '  Miles ot road ___ ____ ______  ' 'I I:  190G.  227,455  222,340  I  1905,  I  216,974  1904.  I  212,243  1903,  1902.  1901.  1900,  205,314  200,155  195 ,562  192,556  ~ I 187,535  1898.  184,648  $ $ $ $ $ $ $ $ s Gross earnings ___ __ _____ __ 2,5i9,105,578 2,325,765.1()7 2,082,482,406 1.975,174,0911.900,846,907 1.726,380,267 1.588.526,037 1.487,044,814 1.313,610,118 1.247 ,325,616 Operating expenses ________ 1,748,515, 14 1,536,877,271 1,390,602,152 1.338 ,896 .253 1.257 ,538 ,852 1,116,248,747 1,030 ,397,270 961.428.511 856,968,999 817,973,227 Net earnings ____ ___ ____ 840,589,764 788,887 ,89() 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 _ 60 ,626,333 60,520.306 49,380,970 49,896,729 51.725 ,750 33,488,648 32,526,016 26,044,996 43,067,141 21,937,636 $  ' '  '  1907.  Total net Income ________  901,216,097  849,408 ,202  743,606,004  685,658,808  693,204,784  653,198,661  591.617 ,415  558,142,319  482,686,115  451.289,981  305,337,754 294,803 ,884 11,653 .076 11.451.400 74 ,785,615 63,474,679  282,118 ,438 13 ,945 ,009 61.696,354  268,830,564 9,060,645 57,849,569  260,295,847 '2,717,103 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 7,073,953 43,828,224  Fixed Charges-  ~-'!--• ...... ,....,q...q ...  ,1  Net interest on funded debt_ 323,733,751 Interest on current liabilities 16,671,532 Taxes ____________ __ _____ 80,312,375 Salaries a nd maintenance of leased lines ______ _______ 648 835  1-l 1-1- ....................... t-' 1--1 ......  l\j~~~t-.,~k>b.:>~b,O)~~OOC.0  I  I  e~~~~~~~~~~~~~~~ ki:..:..oo:...toot.n oi c.,,,-;_ ':..t;... ;;:..<ao-c • ....:SCD....,..000.,tVt-'W ~ O OOC:O Ot-10I o.,ccco-:aoO)Ot-' 00 1-- t..:>i,1::1,.co ~--.t   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  i,.-,,i.t-.,t,,,:,  ........... ~  ~~~~~ ~~~~=~= =~oo~o~c ~t,.,:)~01-'00C.00)i-.0(X)00,H,Oc,ni,;..,:o(.JJ. ~~~wwoo~~~~w~o~~~o~  ~ t~ I  ~~~~~~~~~~=~~OO~WmW•  612 ,518  453,341  430,427  527,038  532 ,299  520,102  595,192  443,325  421 ,366,493  392,347,870  370,342,481  358 ,213,142  336,171,205  323,005,425  309,598,051  296,763,552  295,693,206  288,924,208  Remaining avallable _______ Net dividends ____ ________  I 227,394,962  479,849,604  457,060,326 213,555,081  373 ,263,523 188.175,151  327 .445 ,666 183,754,236  357 .033 ,579 166,176,586  330,193 ,236 157,215 ,380  282,019,364 131.626 ,672  261.378,767 118,624,409  186,992,909 94,273,796  162,365,773 83,995,384  Balance _______________  252,454,642  243,505,245  185,088,372  143,691.430  190,856,993  172,977 ,856  150,392,692  142,754.358  92,719,113  78,370,389  38,552,890 5,000 ,000 67,578,488  49,042,631 5,000,000 77,127,853  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 5,000,000 28 ,689,009  25,500,035 5,000,000 24 ,596,390  13 ,070,045 5,000 ,000 21,584.191  6 ,847,905 5,000,000 25,524,597  141,323,264  112,334,761  89,043,490  56,729,331  99 ,227,469  94,855,088  84,764,782  87,657,933  53,064 ,877  47,159.227  G,)  ,:-,,. ~  I  wwwwwwwwwwww~~~~~~ I~~ ~~~~~~~~??~~~~?~~~~,~~ •wwoo~~~oowomoo~~•~~oo o~~oo~~om•~w~~~w~ ~oo  571,431  TotaL _________________  ~  ~· ~  Deductions-  b~K~f;~~e:~1c-i"iiies--cesff Miscellaneous deductions ___ Balance _______________  73  RAILROAD EARNINGS.  RAILROAD GROSS EARNINGS FOR THE CALENDAR YEAR. Our compilations of the gross earnings of United States railroads for the calendar year possess greater utility this time than they have ever had before. The fiscal years of the different roads nearly all end with June 30, and we are alone in continuing the practice of compiling figures for the calendar year. But if ever it was desirable to have the results for the twelve months ending with DecP-mber, the present is the occasion. This is so because it is in the highest degree important that the public should know the extent of the loss in income sustained by our railroad transportation lines in such a notably bad pe1iod for the railroads as was the calendar year 1908. Where the figures are compiled for the year ending June 30, all possibility of measuring the loss is destroyed. The .reason for this is that in the 1907-08 fiscal year the tremendous losses sustained in the period from January to June 1908 were in no small part offset by the gains which the roads made in the period from July to December 1907, while business was still prosperous. In the fiscal year 1908-09, on the other hand, the losses suffered in the six months from July t.o December 1908 will be offset by the gains which seem certain in the six months from January to June 1909, because comparison will then be with the frightfully poor earnings in the corresponding six months of 1908. As people forget quickly, it will probably not be long before it will be seriously argued that the policy of destruction pursued in the political world and to which the unparalleled depression in trade and the great losses in railroad earnings have been due, was not destructive after all, and that no serious setback in railroad revenues actually occurred. The truth is, there has never been a period in the history of the railroads of this country when such a tremendous slump in earnings occurred as during 1908, and never a period in the industrial annals of the United States when general trade, as a result of this unfortunate predicament of the railroads, suffered such an extreme collapse. The figures we place on record to-day furnish incontrovertible proof of the accuracy of this statement. Stated in brief, railroad gross earnings in the calendar year 1908 fell, roughly, $325,000,000 below the total of the gross earnings for the calendar year 1907. The tables we give at the end of this article show an actual decrease of $290,-  140,542. But this, while covering a very large mileage, does not comprise the whole railroad mileage of the country. It covers (including two or three Canadian roads) 205,129 miles, whereas the full extent of the railroad mileage in the United States is over 230,000 miles. Therefore the $290,140,542 loss must be increased by 15% , bringing it up to over $325,000,000. But even this does not measure the full extent of the setback experienced as compared with periods of normal conditions. The normal state in the United States is one of steady growth, where railroad revenues keep expanding year by year. Had 1908 been unmarred by catastrophe, we should have had, instead of this loss of $325,000,000, a further gain on top of the gains the roads had enjoyed in all the years preceding back to 1896. What the extent of this gain would have been may be judged when we say that in 1907 there was an increase in gross earnings of $230 000 000 over 1906· in 1906 an in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  crease of $250,000,000 over 1905, and in 1905 an increase of $180,000,000 over 1904. Thus, the $325,000,000 decrease actually sustained must be increased to the extent of, say, 200,000,000 to represent the amount of gain that would have been made if the rail road industry had not been dealt such a staggering blow. The two combined make $525,000,000, which is the real measure of the reduction. In these remarks we have used round figures because necessarily results for a small part of the railroad mileage of the country have to be estimated, as it is impossible to procure returns from all the roads. But even should we confine ourselves to the mileage for which we have actually obtained figures, the comparison would be only slightly less striking. As already stated, for 1908 the loss on the roads contributing returns has been $290,140,542. This compares with an increase in 1907 on the roads reporting of $215,968,261-a difference between the two years of over $506,000,000. In the following we furnish a summary of the yearly totals back to 1896, just as registered by our tables each year. Increase ( +)  Mileage. Gross Earntngs. Jan. 1 to 1- - - - - - - 1 - - - - - - -- - 1 Dec. 31. Year Year InYear Year Gtven. Precedtng. Gtven. Preced. cr'se. Yr . Roads Mtles .  --1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908  196 192 190 168 171 157 147 142 135 128 134 140 137  -148,916 154,930 157,801 156,958 157,401 172,879 170,395 172,788 179,668 180,398 186,687 201,767 205,12!!  OT  Decrease (-).  I  MUes.  %  s  147,710 153,133 156,295 153,535 152,122 170,549 167 ,641 169,203 176,492 178,264 182,611 199,528 202,268  0.81 1 .17 0.96 2.23 3.47 1.36 1.64 2.12 1.79 1.19 2.23 1.12 1.42  879,622,029 974,466,753 1,050,895,038 1,128,928,916 1,216,924,951 1,495,915,406 1,542,725,832 1,755,678,836 1,773,338,878 1,907,424,202 2,131,306,699 2,491,429,838 2,196,476,765  I  s  877,303,635 919,976,190 973,247,319 1,027 ,612,030 l ,ll6,009 ,184 1,352,897,605 1,449,841 ,005 1,573,578,987 1,762,201,391 1,755,384,568 1,907,244,247 2,275,461,577 2.486,617,307  %  +2,318,394 0.26 +54,490 ,563 5.92 +77 ,647 ,719 7 .97 +101,316,886 9.86 100,915,767 9.04 143,017 ,801 10.57 +92,884,827 6.46 +182,099,849 11.57 +ll,137,487 0.63 +152,039,634 8.66 +224,062,452 11.74 +215,968,261 9.49 -290 ,140 ,542?1.69.  + +  Note. - Nelther the earnings or the Mexican roads nor the mining operations o the anthracite coal roads are Included In this table.  Prodigious though the loss in gross revenues has been, it would have been of yet larger proportions if the ratio of shrinkage sustained during the first six months had been continued throughout the rest of the year. Fortunately, an improvement occurred during the last four months of the year. This improvement followed in part as a result of a larger cotton movement in the South and a larger grain movement in the West. In portions of the Southwest some roads derived important benefits in both these ways, and showed a very substantial expansion in revenues in several of the months where before they had been re porting losses. These gains served as an .offset to the large losses that were still bei.ng reported by the roads running through the manufacturing and mineral dis _ tricts. As a consequence, the amount of decrease on the roads as a whole during September, October and November was very greatly diminished, and in Decem ber we actually had a gain, qeing the only month of the year distinguished in that way. It is proper to say, however, that in December comparison was with diminished earnings in 1907, the last month in that year having been distinctive as being the only one recording a loss. As far as general trade is concerned there was little revival of activity until October, when assurance began to be felt that Mr. Bryan would again be defeated in his grasp for the Presidency, just as he had been twice before. The following is a sum mary of our monthly totals. Gross Earntngs.  Miles ot Road.  Month. 1908. January .(122 February (123 March ___ (126 April ____ (119 May _____ (120 June ____ (ll3 July _____ ( 97 August __ (105 September(ll4 October __ (119 November (11 December.(103  roads) roads) roads) roads) roads) roads) roads) roads) roads) roads) roads) roads)  185,216 185,147 186,435 186,136 185,897 178,960 172,135 191,116 200,908 203,231 200,937 189,946  1907.  1908.  183 ,261 151,758,406 183,375 141,256,206 184,629 162,495,089 184,274 154,137,168 183 ,902 153,112,628 177,040 146,270,130 169,890 156,103,883 188,771179,781,772 198,274 210,014,059 200 ,536 223,931,291 198,308 205,963,343 187,442 l!l4.491,098  1907.  Increase or Decrease.  %  172,283,006 160,150,610 187,435,350 190,046,156 198,146,871 179,397,094 183,365,993 209,690,782 223,964,945 240,852 ,757 213,913,648 185 .00fi.771  -20 ,524,600 -18,894,404 -24,940,261 -35,908,988 -45,034,243 -33,126,964 -27,262,110 -29,909,010 -13,950,886 -16,721,466 -7,950,305 "'+9 .484.327  12.49 11.79 13.37 18.89 22.67 18.47 14.87 14.21 6.23 · 6.95 3.7 5.13  74  :RAILROAD EARNINGS.  These monthly totals cover in each case only the  tons.  PRINCIPAL CHANGES IN GROSS EARNINGS FOR 12 MONTHS. Increases. Decreases. $454,700 Pacific Coast ___________ $1,721,302 Decreases. Delaware & Hudson____ 1,652,937 P ennsylvania (2) ______ y$47,189,000 Kansas City Southern___ 1.595,556 Baltimore & Ohio ______ 15,669,349 Hocking Valley________ 1,540,504 Southern Pacific------- 14,771,241 Wheeling & Lake Erie__ 1,529,426 NY Cent & Hud River__ a9,519,692 Central of Georgia______ 1,459,989 Great Northern (2) ----- 9,303,369 Seaboard Air Line______ 1,345,982 Atch Topeka & Santa Fe 8,289,764 Cine New Ori & Tex Pac_ 1,276,053 Chicago Burl & Quincy__ 7,924,711 Bessemer & Lake Erle__ 1.136,001 Northern Pacific___ ____ 7,825,283 Phlla Balto & wash____ 1,129,000 Chicago North Western_ 6,922,835 Minn St Paul & S SM__ 1,090,642 Illinois CentraL________ 6,694,547 NY Chicago & st Louis_ 1,030,114 St Louis & San Francisco 6,657,611 Chic St Paul Minn & o__ 8·19,693 ~~~~~n&R¾~:t!in===== ~tl~~i~ts~~i~;,!s:rt;:= Philadelphia & Reading_ x6,295,285 Det Toledo & Ironton (2) 741,579 Grand Trunk (4)_______ 6,123,454 Toledo & Ohio CentraL_ 732,793 Missouri Pacific (2) ----- 6,069,549 Chicago Ind & Louisv__ 727,747 Erie ___________ ______ 5,926,902 Wisconsin Central______ 725,754 Louisville & Nashville___ 5,099,368 DUiuth South Sh & AtL_ 724,141 ' Lake Shore &Mich So __ 4,988,616 AlabamaGreatSouth ___ 1102,083 Pittsburgh & Lake Erie_ 4,506,557 Ala New Ori & Tex P (3) 698,727 Canadian Pacific _______ 4,428,211 Gult & Ship Island_____ 681,567 Union Pacific __________ 4,427,736 Western Maryland______ 632,533 Boston & Maine________ 4,229,314 Lake Erie & Western___ 532,151 Rock Island___________ 4,145,885 Elgin Joliet & Eastern__ 528,210 Lehigh Valley__________ 3,986,982 Internat'I & Gt Northern 480,378 Chesapeake & Ohio_____ 3,919,464 Chicago Great Western__ 457,386 Duluth Missabe & North. 3,802,237 west Jersey & Seashore_ 430,200 Michigan CentraL______ 3,628,622 Chicago & Alton___ ____ 419,316 Texas & Pacific________ 2,754,353 Georgia Southern & Fla_ 393,995 Denver & Rio Grande___ 2,714,975 Kanawha & Michigan___ 362,965 Central of New Jersey___ 2,631,902 Rutland -------------313,847 311,863 Wabash_______________ 2,478,860 Long Island___________ Missouri Kansas & Texas 2,374,245 Colorado Midland-----302,856 Atlantic Coast Line_____ 2,333,466 Yazoo & Miss Valley____ 296,870 DUiuth & Iron Range___ 2,298,553 Bangor & Aroo!:;took____ 276,.731 271,307 Chicago Mllw & St PauL 2,182,117 Texas Central__________ ~~rtt~~n&C~~~~~f:~~e~~~ ie{V§~as:rwestern==== Mobile&. Ohio _________ 1,895,204 Huntingdon &Broad Top 251,754 Clev Cine Chic & St Louis 1,826,143 Nashv Chatt & st Louis_ 1,757,997 Representing 93 roads Buffalo Roch & Pitts___ 1,740,895 in our compilation_$286,821,82S Note.-Figures in parenthesis after name of road indicate the number ot lines or companies for which separate returns are given in our compilations. a These figures cover merely the operations of the New York Central itsell. Including the various auxiliary and controlled roads, like the Michigan Central. the Lake Shore, the "Big Four," the "Nickel Plate," &c., the whole going to form the New Yorli Central System, the result is a los; 1~~1 operations only. v These figures cover the lines directly operated east and west of Pittsburgh and Erie. The gross on Eastern lines decreased S28 ,515,900 and the gross on Western lines decreased $18,673,100.  As regards the grain movement, this failed to equal  To complete our analysis, we annex the following  roads actually contributing returns.  With the missing  mileage included, the losses for the different months would be still heaVI·er.  On a pr·eVI·ous occasr·on we estr· mated th.at' Wl"th full returns for the whole ra1"lr·oad mileage of the country, the loss in January would  $29,000,000, $34,000,000, in  26,000,000, in $45,000,000, in May  have been  in February  March April ( when there was a suspensr·on of mi'nr·ng 1·n tlie br"tumr· 1 · ) f $55 , 000 , 000 an d 1n · J f nous COa regions O une O $46,-  000,000, giving for these six months a shrinkage of $235,000,000. As we have estimated above that for thew h O1e ca1en d ar year 1908 the loss in gross was $325,• d h 000,000, it 1s evi ent t at during the last six months the loss altogether was only $90,000,000, and this shows the distinction between the two half-yearly periods.  As  indicating the various ways in which railroad  traffic was diminished, we may note that pig iron pro-  15,936,018  duction was only  tons, against  25,781,361  tons; that Bessemer steel production was only 6,116,755 tons, against 11,667,549 tons,· that the shipments of ore by water from the Lake Superior reoion were only  25,427,094  tons,  against  Connellsville coke shipments were only against  19,029,058  0 ~  41,288,755  tons; that  the  10,700,022 tons '  tons, and that the shipments of  coal and coke originating on the Pennsylvania RR lines east of Pittsburgh and Erie were only 46,761,805  58,457,932  tons, against  Canadian Northern _____  tm:m  m:m  tm:Jgt  m:m  t~~;,7J:ii!6a,\;  that of the preceding year, notwithstanding the in- six-year comparison of the earnings of leading roads arranged in groups. d f h . h crease w h 1c occurre in many o t e months during EARNINGS OF ANTHRACITE coAL GROUP the second half-year. The remark applies both to the Year. I 1908. j 1907. 1906. 1905. 1904. 1903. JJ:~_ receipts at the seaboard and the receipts at the primary markets in the West. two  weeks  against  Seaboard receipts for the fifty-  aggregated  279,836,479 bushels in 1906, as will be seen  bushels in  It  218,165,430 bushels, 1907 and 289,148,931  only  by the following table.  is proper to add that for the six months to June  the loss had been At  the  ceipts were  45½  Western  30  million bushels.  primary  markets,  669,478,568 bushels,  aggregate  as against  bushels for the fifty-two weeks of  re-  730,220,077  1907.  Cent ot J I 25,6!5,0321 28,0!6,934 Lehigh Valr33,045,979r37,032,961 NY O&WI 1'8,155,470:/ 1'8,216,140 NY S &W 3,113,624 3,366,461 Phil & 39,576,780 45,872,065 1  Rd,·  24,818,721 24,2~7.831 22,1~6,832 22,1f8,626 3:l,591,852 33,043,975 30,429,687 30,933,635 1'7,533,725 7,465,200 6,845,317 6,950,456 2,839,298 2,852,893 2,740,793 2,957,000 40,782,938 40,147,371 35,446,677 36,247,812_  TotaL ___ 109,546,8851122,574,561109,586,534107,757,270 97,589,306 99,207,529 d These are the earnings or the railroad company only; the results or coa1-m1111ng operations are not Included In any or the years. r Figures are on the new basis or accounting prescribed by the Inter-State Com merce CommLsslon. SOUTHERN GROUP. - - - - - - -EARNINGS - - - -OF 1905. 1906. Year. 1908. 1907. 1904. 1903.  The wheat  s  $  $  $  $  $  1908.  1907.  1906.  1905.  1904.  1903.  $  $  $  $  $  s  Ala Gt Sou r3,348,387 r4,050,470 3,942,648 3,478,831 3,215,804 2,971,086 Cent or Ga rlO ,850,467 rl2 ,310,456 11,643,275 10,531,081 9,957,994 9,418,882 Ches & Oh~24,270,092~28,189,556 25,322,229 22,130,119 20,106,363 18,771,370 but there was a heavy loss in corn and oats. Up to CNO & TP 17,349,214 r8,625,267 8,741,821 7,671,415 7,058,524 6,676,930 Lou & N 343,508,681 r48,608,049r45,856,765 39,624,355 37,629,928 36,814,414 June 27 the receipts had been only 268,146,747 bush- Mob & Oh r9,182,092rll ,077 ,296 10,034,201 8,539,680 8,055,803 7,785,856 NCh&St Lr10,568,932rl2,326,929 11,546,933 10,192,404 10,378,507 10,005,967 els, against 335,651,750 bushels, a decrease of over Nor & W_r26,643,766r33,097,720 29,686,565 26,191,843 23,229,099 22,505,339 South Ry_ r50 ,697 ,565 r57 ,166 ,680 55,353,297 49,819,714 47,028,223 44,113,938 67,000,000 bushels, which shows that the whole of Yaz & MV a9,923,371~10,220,241 9,412,977 7,931,323 8,468,947 7,539,156 Tota.I ___ 196,342,567 225,672,664 211,540,711186,110,765175,129,192166,602,938 the loss for the year occurred in the first six months. aBegLnnlng with July includes some large Items or Income not previously Included The details of the Western grain movement in our In monthly returns. r These figures are on the new basis or accounting prescribed by the Inter-State usual form are shown in the subjoined table. Commeree Commission. EARNINGS OF SOUTHWESTERN AND PACIFIC GROUP. As regards the cotton movement in the South, the receipts were larger and so were the barley receipts,  receipts at the Southern ports for the full year were  9,501,268 bales, of 816,510 bales.  as against  8,684,758  bales,  a  Year.  gain  AT & S F 89,040,357 97,330,121 85,020,061 C & S systr14 ,526,59417'14,475,389 12,510,188 D & R Gr_ ~19,4:.:!l ,165r22 ,136,140r20,389 ,152 had been a loss in these Southern port receipts of Int&GtNo 17,474,380 r7 ,954,758 7,752,107 MK & T_r23,774,576126,148,821 23,159,324 586,417 bales, indicating that during the last six Mo Pac & Cent Br_ 43,112,488 49,182,037 46,587,556 months the cotton receipts increased 1,402,927 bales. StL & SF I 45,081,827 51,739,438 44,601,212 StL & SW r9,688,738r10,477 ,404 r9,736,797 The shipments overland for the twelve months were Sou Pac __ 117,657,278132,428,519113,586,845 Tex & Pacr13 ,917 ,31117'16 ,671,664 14,914,608 1,616,257 bales, against 1,422,572 bales, showing an Un Pac ___ 75,760,016 80,187,752 70,490,706  increase of  193,685  During the first six months there  bales.  In the  first six months these  271,976 bales. there is no occasion  overland shipments recorded a loss of  In the  case of the separate roads  extent, the Pennsylvania Railroad, for instance, ha ving suffered a decrease of  $47,189,000,  and this being  exclusive of the roads controlled and separately operated.  The following shows all the changes for the  separate roads  for  amounts in excess  of  $250,000.  42,518,269 39,368,071 8,701,946 99,648,203 12,130,391 63,608,662  43,693,616 37,342,697 8,337,655 92,641,800 12,433,147 56,821,210  43,095,768 34,661,112 7,479,950 92,098,384 12,094,743 54,040,818  Total __ 459,454,730 508,732,043 448,748,556 395,444,519 368,073,995 359,288,392 1 Includes Chicago & Eastern Illinois. r Figures are on the new basis of accounting prescribed by the Inter-State Commerce Commission. EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.  for any remarks beyond the statement that the losses were large and general-in some instances of prodigious  73,629,187 66,974,014 66,467,610 10,644,852 8,465,680 8,871,368 18,219,253 16,440,471 17,012,239 6,515,688 5,880,130 5,887,164 20,459,997 19,-043,575 17,579,236  Year.  /  1908.  I  1907.  BR & Plttl 11,115,7761 r8,8i6,671  ri~~~d v~ri ~tm:~f~I ~~:m:m Ill Central b53,869,384 b60,563,931 L Erle &WI Toi & 0 C Toi P & W T StL & W Wh & LE  4,534,7891 5,066,940 4,140,757 4,873,550 1,165,834 1,287,589 3,428,283 4,246,597 r4,992,247 16,521,673  1906 .  1905.  1904.  1903.  s  $  $  $  7,467,336 8,567,433 7,696,052 7,769,490 15,896,069 5,833,724 5,382,569 5,346,252 1'6,522,027 6,138,089 5,803,354 6,282,778 54,277,180 48,957,268 48,669,356 47,161,474 5,212,810 5,037,293 4,970,992 5,218,728 4,362,500 3,810,225 3,783,608 3,832,459 1,252,545 1,281,206 1,341,843 1,279,656 4,211,648 3,982,144 3,697,828 3,164,278 r5,475,732 5,174,851 4,2g9,433 4,481,047  TotaL __ I 89,881,964104,320,096 94,677,847 88,782,233 85,635,035 84,536,162  There is only one road with an increase of that amount, and that is a Canadian road, namely the Canadian  ln~:a.~~~l~o:~~/~[J~~~res Include some large Items of Income not previously  Northern.  Co~~;!   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  i~~;;_ 1~~in the new basis ot accounting prescribed by the Inter-State  75  RAILROAD BONDS.  EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.  EARNINGS OF TRUNK LINES. 1906. I 1901. s I s s Bait & Oh r67 ,688,519 r83 ,357 ,868 r80,552 ,847 Y ear .  1908.  - -- -  1905.  1904 ,  1903.  $  s  $  71,755,673 65,200,262 66,196,543 •CCC & S tL 24,621,6611 26,447,804 24,594,915 22,517,763 22,141 ,108 21,197,783 Peor & E 2,764,463 3,010,347 3,059,280 2,960,725 3,051,198 3,073,873 Erle _ __ __ 48,589,352 54,516,254 51 ,167 ,8471 47 ,832,190 45,106 ,925 47,589,837 •GrTrCan b 38,777,014 44,900,468 41,559,345 37 ,990,117 34,086,339 35,524,998 -LSh & MS 39,964,858 44,953,474 42,544,378 38,600,811 35,161,053 34,768,080 Mich Cent 24,918,4881 28,547,110 26,275,587, 23,283,869 21,492,945 22,552,201 NYC& HR 188,849,368 98,369,060 92,089,766 86,095,599 78,573,205 79,909,414 ,Pa-Ell.'ltor Pitts & Er 136,296,926,164,812,826148,239,890 133,921,990118,145,094122,626,394 West or P & Erle 70,310,922 88,984,022 80,522,307 72,013,535 64,039,543 65,563,756 1Wabash __ r24 ,946 ,06T27 ,434 ,923 r26 ,467 ,456i 23 ,579,261 24 ,562,857 22,561,974 1  TotaL __ 567,727,634 665,334,156 617,073,618;560,551,533 511,560,529 521,564,853  Year.  1907.  1906.  1905.  $  $  $  s  Can Pac __ 71,210,333 75,638,544 67,752,255 Ch Gt W'n *r8,100,722 r8,558,108 r8,729,748 CM &StP 158,101,785 r60, 283 ,902 157,979,454 Ch& NW r62,415,755r69 ,338,590 r66 ,429 ,880 CStFM&O rl2,799,l 72r l3 ,668,865 13,417,880 Du!SS&A r2,574,725 13,298,866 r3,120,299 Gt No syst 50,514, 173'c59 ,817 ,542 54,705,448 Iowa Cent r2,918,483 73,134,467 3,051,067 Minn&StL 73,935,693 74,063,407 3,685,671 Minn St P &SSM 11,774,778 12,865,420 12,242,328 Nor Pac __ r65 ,293 ,684 r73,118,967 b64,692,45~, StJ&GrI 1,596,849 1,709,507 1,579,488 WISC Cent r7 ,120,482 r7,846,236 r7,273,353  I .I  1904.  I!!; 1903.' '  s  s  "81  46,348,956 8,234,800 48,688,423 54,396,248 12,055,268 2,728,745 47,717,681 1 41,334,649 41,910,161 2,788,309 2,484,860 2,371,664 3,518,909 2;832,958 2,971,896  54,711,8361 48,714,6"5 8,004,100 7,733,139 52,309,617 48,743,057 59,087,802 53,705,091 12,390,066 11,480,169 2,938,678 2,498,576  II  10,209,593- 7,598,376 7,276,517 56,710,143 48,897,631 47,973,128 1,458,353' 1,282,040 1,413,706 6,772,6731 6,548,342 6,683,208  TotaL •• 358,356 ,634j393 ,342,42?64 ,659 ,3251318,617 ,760;283 ,853 ,553 283,052,720  b Incl~des Canada & Atlantic beginning with October 1904.  I Boston & Albany, as also the Beech Creek RR., the Walktll Valley RR. and •the Fall Brook system , Included tor all the years . r Figures are on the new basis or accounting prescribed by the Inter-State Commerce Comm1ss1on.  1908.  * Mileage reduced In July 1904 trom 929 to 818.  b Proprietary lines not Included alter June 1906. r Figures are on the new basis or accounting prescribed by the Inter-State Commerce Commission . c Actual figures are used tor comparison In the last six months or 1907  -OOURSE OF PRIOES OF BONDS ON NEW YORK STOOK EXCHANGE, 1904 TO 1908. 1904. JANUARY FEBR'RY.  l\IARCB" .  APRIL.  MAY.  JULY.  AUGUST 8EPT'BER. OCTOBER. NOV'BER. DEC'BER.  BONDS. Low.High Low.High T,ow. Iligh Low. Iligh Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hl,:ih - - - - - - - - - - - - · - - - - - - - - - - - - - -- - - - - - - - - - - - - - - -  -----------,---·-  ·Ala.Cent.-SeeSeo b.A.L. Ala. ll'U d.-.See Atl. C. L. Ann Arbor-Jst,'9:i,g.4 92 - 93½ 92 - 93~ ll2½- 93 91¾- 92½ 92 - 93~ IJ2~- 9;74 94 - 95 95¾- 95~ 96 - 96 9!xi- 97 96¾- PS 93 - 99!,! Atcb. Top. & S. Fe.General, gold, 199:i.4 98¾-100 99~-100 99*101¼ 99)4-100¼ L00¼-10111, 101¼-1112'.U 102½-103¼ 103¼-103½ 103¼-104 101¾-102¾ 10>½ -103 102~-103:J,! Registered .... .... ... 4 99~-100 99¾- 991)4 99:M-l0L¾ 99 - U9¾ . ... - .... 101½-101½ I0J,-,,; 103¼ .... - .. . . 103¾ 103¾ lO0 -100 LOI -102X? 101 -101½ Ad.iustm't, Ir•• 199:i, 4 87½- 90 87).(- 89!,e 87¾- 89:U, 80 - 92 91 - 92 91 - 9i¾ 92:1,i- 95h 93 - 95l¾ 95 - 96½ ll6J,t- 98 IJZ½- 9l½ 94 - 94¾ Reiristered ........... 4 82½- 82¾ .... - .. . - .... .... Stamped, guar ...... 4 t-7½- 99¾ Si¾- 89¾ 88 - SY~ 89}(- 92 89 - 9(% 8~- 9-!¾ 91¾- 93~ 92~- 93¼ 93 - 94½ 9,H,t - 9.3~ 92½- 94~ 9!¼- 95 .D.eben. "D," 1906... 4 100 -100 98 - 08 .... 9J¾- 9 , ¾ .... 99 - 99 . .. ... - ... . .... @erle ■ E, 1907 . . . 4 .... 99'J;( - 99¾ . •.. Sel'les F, 1908 ...... 4 .... 98 - 98 .... - .. . 93"- 9i¾ 99½- 99~ ..•. - ... . !'."!erles G, 1909 ...... 4 . .. . 99]4- 99¼ ~ Serles B, 1910 ..... .a· .... 07½- 97½ .... - .. . .... - . .. • •• Sel'iesl,1911 ...... . 4 .... . .. . - ... ... - . . . 98¾-99½ ... Serlrfl K, 191:J ..... 4; .... 96~- 97 ... . - .. . ... Eo.at.Okln..mv., l-8t.4 .... - .... 92¼- 92¾ 93¼- 95¾ 96 - 97¾ 97.!r 99¼ 96½- 97 911~- 97~ 07½ · P9 A ti.Knox. & No.-lat.:i .. . . - .. .. .... - .... 112 -lU .... - •.•. tl2J,r112½ .... .Atlo.ntlc Coaat Linc- · I st, go d ...... .. .... 4 92'4- 94¼ 92¾- 93¾ 91 - 92!¾ 92¾- 94>t 94¾- 116 95 - 97¼ 97 - 99~ 98¾-10011, 97½- 98½ 98¼- 98¾ 98 -100 99,1,4-101!'( Rie1rl11tered .... ........ 4 .. .. - . . . 92 - 92 - •••..••• Sav.F.& W ,lat.'34.~ 112¾-112~ .... - .. . . · ··· A la. M ldl'd, lat, ':lS.~ .... - ... . . . - ... . 109 -109 112 -112 .... - •••. 1143-:(-114~ . • •• - .... 118½ 113½ 114 -114 - .... 93 - 93 Br. & \V ., 111&,1938.4' .... - .. . ... . 98 - 98 98 - 98 97M- 97¾ Sil - p. Ocain. & G ... 4 .... - ... . Baltimore & Ohio.Pr. lien, Ir•• 192:i .. . 3~ 98¼ - 95¼ 92¾ - 94!'4 93 - 94½ 03:J(- 94~ 94¼- G5¾ 95 - 06½ 94¾- 95¼ 94¼- 95~ 94¾- 95¾ 91~- 96 95¾- 96'4 96 - 96½ Reglatered ......... 3.1,t . ... - ... 92¼- 9i!>9 93¾- 93½ 95}(- 95!,a .... 93 - 93 96 - 96 •••. Gold, 1948 ............. 4 l~-102 100¼-101~ lU0~-102¼ l00¼·-101 100½-101½ 10'¼-103 102¾-103¾ 103 · 103!,6 103 -103~ 101¾-103!14103 -101¾ 102¾-108¾ Reirtstered ........... 4 . ... - . .. l0l¾-101:){, ... - ... . 100}4-100½ 100 -101 100 -101½ 103 -1U3 ••. - •.. 100¾-102½, l02 -102),, .••• - ... . Conv. deben., 191.1.-4 .... - ........ - ... . 97 - 9; .... - .... 97 - gs .... - .. . 1013(-101¼ ..•. - . . . . 103 -106 Pitta.Jc.& M. Div.3¾, 87½- 89¾ 89¼- 89¼ 88 - S8 8•¾- 89'4 813¼- 89¾ 89 - 90¼ 90¼- SH~ 91¼- 92 91½- 9.1 91¼- 92 ~ 90¾- 91 Ill - 91¾ P.L.E .& W. Va.SJ a. 4, 93¼- 95 92¾- 97 04¾• 9!~ 94Y-(- 96¼ 94½- 95 95½- 97~ 97½- 98~ 99¾- 99 98¼- 99¾ 99 -100!-!i ll8½ 100 98¼- g~ s. w. Div., tat, ir .. 3½ 87¾- 89 87.!4- 88¾ 83 - 88!':a 88¾ · 91)¾ 90 - 91:Js ~ - 92!,,( 90!4- 91¾ 91~- 91~ 91½- 92 91¾-- 92½ 9Z - 93lla 113 - 91 Mon. Rtv., lat, au... - .... l05½-105J.fi ..• - •••. 108 -108 . • . 108 -109Xa . • • • Cenr. o. Reol'a-.lsL4~ .... - . . . 119¼-119~ . •• • Pitts C. & Toi., 1st.ti 122 -122 99 -98 .... . ... 100 -100 100 -100 100 -100 .... Pitts.& W., 18t,'1'7 .4 . .. .. . . 100 -100 . . • • - .. . . .. • J.P. M. & Co. ctfa ... ... Buff. Roch. & Plttsb.Genero.l. .... .......... .. :} 116¼-117 115 -116 113½ 114 . ... - .... 115 -115¼ 116" 117¾ .... - . • . 11731!-117½ .... - ... _ll4~-1U!J4 115½-115¾ R. & P., lst, 1921 ... 6 .... - ..... . . t2L¼-121½ ... Consol., 1st .......... 6 . ... - .. 121¼-121¼ t22 -1~2½ 124 -12i 124 -124 .... - ........ - . . . 12i¼-123¼ . ... .Buff & Susq.-ht, ret .4 98½- 99 97¾- 98¼ W½- 98 97½- 98 97¼- 99¼ 93 -100¼ 98¼- 99¼ . .. . - .... 98¼- 99¾ 98¾- ll9~ .••• - ... 9~-100¼ B.c.R.&.N. SeeC RI&P1 Can. Soutb'n-lst, 1ru.;i 102¼-103¼ 102½-108 102¾-108¾ 103½-104~ 104¼j-104½ 104¼-106 103¼-103~ 103¾-103¾103¾ 104 103!'(-101¾ L04 -104~ 104¾·105!'( ~d mortgo.1re ........... ;i 106)4 -10™ 106¾-107,!4 LQ4¾-105¾ 1()5%-106 10f>¾-ll6 105!'.t-107 107 -109 - . . 106 -106 107 -107 106½- 107 lOd½-107 Reirlstered .... .... ... :} .... - ....... - ... . .... - . ... - .... 105 -105 107 -107 - .. . .. • - .. . .... ,c. B. U. Pn.c.-lst, 1r ... 4 92~- 92).<, . ... - . .. . 90 - 01!14 .. . . - .... 92 - 92¾ 90½- 91½ 9~ - 93 93 - 94 95 - 96 ... - .. " U5½- 95½ 93¾-- 9~ (Jent. RR. & B., Ga .. ii .... - .... . .. - .. . 107 -107 106%--108 - ....... . - •.•. 108 -108¼ .... - .... U0½-110¾ lll½-112~ 109;(-110 109½-10{% (.Jentl'al of Geor1rlo.ht .. ............. .. .. . .... :} 118 -118 116½-116½ 116!,6-116¼ .... - .. . . .... ... - .... 117 -117 120½-1201}.( 120¾-120¾ .. .. - . Consol., 194~, gold .. ;i 108!'(-106½ 105 -101) 105 -107¼ L06¾-1097~ 1063,g-107¾ 10(>¾-111 110¼-112 110)4-111¾111 -112 112 -114 lll -112 110½-113'4 :Registered, 19'1:i .. :i .... - .... 105½-107½ .... - . . .. . .. - ........ - .. .. ... - •.. 1st pret. lncome .. . .. . ;i 68 - 71½ 67 - 7l 65¾- 68 68¼- 71 70¾ - 76 72 - 76 174 - 80 80 - 85 Si¾- 88½ 82½- 89 S8:¼- 93 89 - 98 2d pref. Income . . ..... ii 28½ · 82 29 - 301,e 28 - 30 29 - 31¾ 31 - 8tl¾ 3i - 36 85½- 43½ 42¼- 47¾ 47¾-- 55 52 - 65 62'¼- 74¾ 70 - 74:¼ 3d pref. Income....... ~ 19 - "20¼ 18¾-- 19½ 18 - 18½ 19 - 20 20½- 28 21½- 28 23:¼- 28¼ 26½- 85 33¾- 83¼ 37 - 61 49 - 653-(i 60 - 64 Mac. & No. Dlv .. lat.6 .... - .... 104 -10.1 Mobile Div., 1946 ... :} .. .. - . .. l0i¼-107¼ 92¾- 92½ .... Chatt. Div., 19:il-.. 4 .... - • . . . 93½- 93~ 9!~- 91~ 93 - 96 Cent. of New JerseyGen. mort., 198'7 .... :} 128¾ -131½ 128~-131~ L28 -129~ 12d¾-129¾ 129¾-132¼ 130)4-133¾ 132:¼-133 132¾-134. 133¼-13! 13l¼-134¾ 135 -135% 135¾-136¼ Reirtstered ..... ...... :} 139¼-130½ 130 -130 128¼-128½ 127½-128¾ 129½-130 l2~¾-13U¾ . ... - ... . .. - .... 132>i-133 L32,!4-132:1,t 132¾--188¾ 13Z¾-183~ Am.Dock & Imp ..... .:} 111:¼ ·112½ lll¼-111¾ Lll½-111¾ lll¾-113 . ... - .. . . L13¼-ll:i~ lll½-111½ . ... - ... . 114 -114 114 -114 ... . - . ... 114 -lU¼ L. & W ., mort., '1~ .. :} L02 -102 . ... - .... L0~~-103½ 103¼-10314 ..• - ... 103\IJ(-103¾ 104¾-10!;14103 -103 Con. ext., '10, g11.4~ 100 -102 101¾-102 lu0¼--101 101 -101¾ 101½-102 100½-l0I¾ 102¼-102¾ 102,!4-103½ 102 -10.2~ 101% 103 102½-104 101~ 102½ Cent. Po.c.-See So.P .Co. Cbesn.pen.ke & Ohloec,rlesA, gold, 190S.6 .... - .... 109¾-109½ 109¼-109¾ 108 -108 108 -109 - .... 106½-106'4 Mortiraae, 1911 .. ... .. 6 111 -111 . L09½-110¼ 109:J;(-110¼ .... lll½-111½ . ... 1st, con., g., 1939 ... . :} 114¾-116 115¼-116¾ 11572 -116)..d 116}4-118 115 -115¾ 115¼-118 Lt7¾-119 118¼-119 118~-119~ 119½-120½ 118 -119!,6118 -118~ l{e1rtstered .......... . ;i ... . - . ... 115 -115 Ll3 -113 115}4-115¼ .. . - . ·· - 114¾ lU:I:, us -111-l . ... - •. . ... - .. •. 117~-117½ . ... General, 199:l .. . . .. 4 ½ 102 -104 103 -1031},. 100~-102 L0l¾-102¼ 10~-104¼ 104 -10.3i,, ,05¼-107 L0tS¼ 108 105 -105~ 105¼-106 105~-108½ 107 -108¾ R.&A.D.lstcon.'89 .4 99½-l0l 100¾-101½ 100%-101½ 1017-(-101¾ 101 -101~ 101¼-103 IO~,t-101½ 102 -102 L0l½-102½ 102 -103 , 102 -102.¾ 102 -103¼ ~d cousol., 1989 .... 4 94½- 94½ .••. - .... 94¾- 94!}.f 94¼- 94¾ 96¼- 97 96 - 96 98M- 9d½.... . . . . , . . . . 98 - 99 Greenbrier Ry., lst.4 .... - .. . . - ........ Uhlca1ro & AltonRetu ndlnir, 1949 ..... 3 81½- 83 82 - 84 83}4- 84½ 82¼- 88!,4 88 - 88¼ 82¾- 85 84 - 85¼ 84 - 84 Raawav, 1 D:iO ........ 3½ 7i½- 77 75 - ~lit 75 - 7'n,:( 76 - 771}4 77½- flO 78¼- 791.i 78 - 79 78 - 79¼   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ........  - ....... - ... .  ;;:;~: ;:~ ;J: ;~  · RAILROAD BONDS.  76  190.f-Contlnued. BONDS.  __________  JANUARY FEBR'RY.  MAROH.  APRIL.  MAY.  JUNE.  JULY.  .,\ UGUST. 8EPT'BER. OCTOBER. NOV'BER. DEO'BER.  - - - - - - - - - - - - - - - - - - - - - - - ·- - - - - - - 1 - - - - 1 - · - - Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High ,Low.High - - - Low.High - - - ---- Low.Hiirh - - - - ---- - - ·- - - - - - - - - - - - - - - - - - - -  Chic. Burl. & QulncyOenver Div., 192~ .. 4 101¼-101¼ 99 - 99 101 -101¾ 101 -lOt 101¼ 101~ 99 - 99 ... - .... 10()¾-lOO!l( ... - . . . 101!!:(-102 .... - .. . . . .. 92¾- 95¾ 93J.s- 94 94 - 94¼ 91¼- 94½ 94).(- 95¼ 96¼- 9o¼ 96¾- 97~ Illinois Div. ,1949.3¼ 92 - 93 91 - 9:3 91 - 92¼ 01¼- 98 98 - 94 Realstered ......... 3i.. . ... 91¾- 91% 90½- 90¼ .... - .. .. Gold, 1949. . ...... 4 ... - .... . ... - ........ - ........ - . . .. 105 -105 105~-105;J:! ... - . . . ... - ... . . ... - ... . ... - ..• . Iowa Div., 1919 ..... :) .... • - .... 100~-100~ . . . - ...•••• 1919 ................... 4 . . . - . . 102¼-102¼ 1()()%-1001}.f 101¼-101¼ 1011-(-101¼ 101~-102¼ 102¼-102),410~ 10211, 100¼-100½ , 02 - 102 .... - •••• Nebr'sko. Ext., 192'7.4 1015~-106 105 -105¾ lOi¾-105 105¼-106;14 103½-105 103¾-101;14 104%-105 10!1'-105 105 -106 106),( ·107 105½ ·105J.t 105½-106~ S. W. Dlv., 19'lt . .... 4 100 -100 100¾-lOOM . ... Debenture, 1913 .. ... ~ 105J~-106 105!1,!-106¼ 106 -107 106¼-106¼ •••• - •... 105 -105½ 108 -108 108 -103 10s -1oq7-1 .... - .... 10~ -106 Han. & St. J ., cons .. 6 114!,g-114¼ 115 -115 - • . . 114 -114 lUJ.f;-114¼ ... - .. . .. . . - .. . 112¼-112~ . ... - ... 113½-ll~ Chic. & East. Tlllnolslst, slnklnir fund .. . . 6 106¼-106¾ .... - .... 108 -108¼ ...• - ••.. 105~-105:ui . ... - ... . 107¼-107¼ 107½-107~ ... - .... 107¾-108 106¼-106¼ ~mall bo nds ... ....... ti .... - ........ - . . . 103½-103½ . ... - ....... lstconsol., ,ield . .... .. ti ... - ... . ... . - .... 129 -120 - ... . .... Gen. cons. 1st, 1937.~ 115¾-116¾ 116 -116Uj •. •• - ... . 117¼-118 114½-115~ 116 -116 116½1-118½ 111%-119'¼ 120 -120 119¾·120 117¾-118½ 118 -120 Ch.& In.C'l Ry . ,lst./i 112)4-113 11(%-116¾ 116 -116 117 -117 Chic. Ind. ,\r, Lonbv.Refundtnir... .......... ti 126!'4-128 126¼-126½ ...• - .... 128 -129 129 -129 190 -130 129 -U9½ 180¼-lSOM 130½-130½ 131 -132 132¼,13~ .... Refunding, 1941 ..... :i .... lll¼-118 lU¼-lH¾ 114 -114 116 -116¼116¼-116~ .... Lou.N.A.&C.,lst.6108 -108 109 -109½ ... Lll!¾i-111¾112).(-112~ Chic. 1.l'Ulw. & St. P., Consol., 190;) ......... '7 .... - .... 170 -170 169 -173 175 -175 - .... . ... - : . . 172 -172 177¼ 17iX! 18i -184 .... - •.. . 178 -178 Terminal. ........... .. ~ . .. - .... 109 -103 110 -110¼ - ... . 110¾-110~ 109¾-110 110 -llO 110¾-lto~ 111 -111 tten. M.," A." 1989 ... 4 108¼-109 109½-lOSJ.t 107¼-108¾ 109 -109~ 109 -109~ 109 -109~ 108 -109¼ 10~-110 109 -110 110 -110¼ 110¾-110¾ 111),(-112 tReal ■ tered .. .... .... 4 .... - ........ - ... . .... - ... . . . . 109½-109½ .. Gen. lll. ''B" 1989.3~ 98 - 98¾ .•• - .... 97¼- 97¼ . . - ... . 98½- 98'½ .... - ... f,7~- 97½ .... - ... . 97¾- 9i½ .... - . Chic. & Mo. R. Dlv .. /i 119 -119 .... - .. . 115¾-115~ 116 -116 .... - ... . ..• - . .. . ... - . . .. 1191'-llQy, DO -120 Chic. & Po.c. Dlv ...... 6 109¾ -111 110),(-110½ .... - .... . ... . . - . . .... - .. . . t12¾-112¾ ... - ... . .. - .. . j • - •··· Chic. & Po.c. W. Div .~ 114~-116 115 -116 115 -llr>¾ 115 -115¼ 115¾-116¼ 116¼-117 lU¾-115¾ 115M-116 lld¾-1L6~ 116¾-117 117¾-ll'i¾ 117!}.!-1183,(, Dakota & Gt. So • . .. :} .... .... - . .. lOil¾-110 llOxi-111½ 111 -111½ 111!1,!-llll',t - ... . lll¼-111¼ . . . - . . 112¾-112½ 112¼-112H . ... bt H. & D. Div ....... 1 116%-116~ 117~-118½ . ... - .... 117¾·117!14 .... - ... 116¾-116% ... 1910 .................. ~ 106 -106 - •.. . 106 -106 .... - .... 10!} -106 1st I, & D. Exten . .. .. , .... - ........ - ... . 169 -169 1st, Lo. C. & D., '19.~ .... - ........ - .... 112½-112½ 113 -113 Mineral Point Div ... :. .... - ..... ... - . .. 107 -107 lOB¾-106~ 107 -107 .. 106 -106 107¾-107~ . .. let So. Minn. Div .. .. 6 110!!:(-llO;J:! . ... - . . 111 -111 lll½-112 112¼-112¼ 112~-112~ 110¼-110~ 110¾-111 111~-111¼ lll¾-111¾ 112 -112 112~-113 1st So. West. Dlv ..... 6 .... - .... lOQ¾-10~ .... 111).s-112 .... - .... . . . - .... 111 -111 .... Wis.& Min. Div . ..... /i 1H¾-114;J:! 114¼-lUl,4 114 -114 114¾-114¾ 115¼·115~ 116¾-116½ lU -114!4 .. . • - ... . 115,4-115~ . ... - ....... M.&N.,lst,191O ... 6 .... .... - ... . 110¾-111 112 -112 112 -112 .. - . ..... - •. . . 110½-110¼ M.& No., 1st on ext.6 .. .. - ........ - ... 1143-4·114!4 117% 117¾ .... - .... 115¾·115½ ..•• - ... . 116¾-116~ 118¼-118¼ .• • Chic. & Northwest.1, Consol. .. ............ ... 7 .... - .... 129¾·12~ .... - •... 129~-129;J:! 129)4-129¾ 127*128 - •.. . 128l,:(-128J,4129¾-180¾ 130½-130½. ••• • .. . 129 -129 Exten. bonds, 1926 .. 4 lOi -104 .. . - ....... - .... 102;14-105 .... - . ... 10!¼-104¾ . ... - •.. 104¾ 104¼ IRearlstered . . .. ...... 4 .... - ........ - ........ - ........ - .... 102¾·102¾ . ... - . ...... - ......•• General, 1987 . 3½ 98¼· 99 98¼- 98½ 97½- 98½ 99 - 99~ 96¼ · 96¼ 99 - 98 98¾- 99 99 -100 100 -100¼ 100 -100 .... - .....•. "lnklnir fund, coap .. 6 . .. . - .... ... . - .. 111¾-1113-4 . . 109½·100½ Ll6 -118 115 -115~ 116 -116 Slnkinir fund, coup ... ~ 109¾-109~ 109¾-109!1,! 110 -110½ 108}(-108),( lO;J¾-110 109 -110 - .... 109¾-109¼ llU¾-llO'A 110¾-110-~ Registered ........... :, ... . - ... .. .. - .... 106 -107 - ........ - . ... .. .. - . .. . • •·. !l:i yrs, deben., 1909.~ 105¼-105½ 104½·106 105 -105 .... - ........ - ••• lOi -104½ 105 -105 - ... 108 -108 103¾-103~ .... Rearlstered . ....... ~ 104¼-104).4 .... - •.• . 10! -101 - ... . .. .. 3U-yeo.r deb., 1921 .. :i 109¼-108¾ ... - ..• 108½-lOSM ..•. - ..•. 107¾-107'4 108),,(·109~4 ..•• - ........ - ••.. 110½-1103-i .... - ........ Relflstered . ...... . ... :) 108!'4-10~ .... - ••.. . ... 115¼-115~ Debenture, 1933 .. ... :\ .... - .... 115¼-115J,fi 116 -116¾ 118 -118 116 -116½ .... - ... 118 -118 ..•• - .... 1153-4-116¼ .. . . Keal11tered .. ........ ~ .... - .... 116 -116 ... - .... 114¼-114\.i - . . . 104~ \04~ .. . . Mllw. & Mad,, 1st .. ti ..•. North'n Illinois, 1st.~ ... - ... . 101>¼ ·105½ .... - .... Win. & St, Pet., !ld .. '7 .... - .... 112¾-112¾ lOQ¾-109½ 109¾-109'k M.L. ~.& Wht,,'!11 .6 128¾-129 128).(-128½ .. . . - .... 129 -129 126¾-12~ 127~-127'A .... - .... 129%-1:::9!k, 129¾-1~9\11, 129¾-129~ 127¾ ·128 128 -128¾ Ext. & Jmp., s. f . .. .:i .. . - ... - .... 117¼-118'¼ ..• . - ........ - ... 118 -118 J,,q -119¼ .... Mich. Div., 1st ..... 6 .... - .... . .. - ... 1131!1,! ·133 Conv. deb., 19O't ... ~ .. .. - ........ - .... 108 -108 Chic. R. lsl'd & P. Ry.ti 122¼-122¼ .... - .... 123~-13@ - ..•. 121r;s..12S 123 -123¾ 125 -125 - ... . 122½-122Xi . . . Realstered ... . .. ...... 6 ... . - ... 120 -120 . ... - .... ,L23:)rl2i General, 198~. a-••... 4 101 -104 101½ 103 102,:(-103 102¼-104 103 -104!J:( 103½-105½ 104 -105¼ 10¼ -104:}.j 10~-105)1101½-105¼ ,lO-tlJ;t-106½ lOf>¾-106¼ - ••.. 96¾- 97~ let & refund., 1U34.4 ... 101)4-101¼ Coll. tr., ser. C., •o~.4 .. . . 97 - 97 Serles R, 1910 ..... 4 ... 96 - 96 Serie ■ .l'J, 191:J ...... 4 .... Serles N, 19lti ...... 4 .. . 98 - 93 ..•• - ••• . 94. - 94 Serles O, 1917 ... ... 4 .... Serles P, 1918.. .... 4 .... 90 - 90 Railroad, :lOO2 ...... 4 66¾- 74¾ 67½- 72 68 - 70½ 70J4- 78½ 68¼- 71½ 67¾- 69½ 68i$.1;- 72¼ 70¼- 75 74¼- 78 76¼- 78¾ · 75¾- 82-U 79¼- 82¼ Realstered ........... 4 ... - ........ - .... rn!):(- 70¾ 7L¾- 71-U 7tl¼- 7e,<; Coll. tr•• Ir•• 19i3 ... ~ 7& - 85 79).s- 82~ 76¼- 79 78).(;- 82~ 79 - 82 78¾- 80 80 - 82¼ 81¼- 86~ 84¾- 89 86 - 90 88¼- 96½ 93 - 96 Burl. C.R. & No.let.~ 101¾-102 102 -102.¼ 102 -103 103¼-103½ 103¾ ·103~ 101]4-101½ LOl½-102 102]4-103~ LOS -103¼ - .... 103).s-108¾ 101 -101¼ Realstered . . . . . . . . ~ . . . - . . .. .. . . . . . 101~-lOl;J:I . . . . - . . . . . . - . . . •. • 120 -12~ ... - .... 122 -122 . . • Cons. 1st & col. tr .. ~ 117 -117 .... 117 -117 llb¾-115½ 115¾-111'.i¾ 119 -119 - • . . 112½·112¾ ... C.R.J.F.&N.W.ht .. 3 . ... - . .. - .... llOJ.u-110½ . .• - •... 109 -109 - .... 105 -105 Ch. Ok. & G., 1919 .. ~ 104¾ -104~ ..•• 1st, consol., 19:i2 .. ~ 103'7kl08½ ...• D.M.&F.D.Es:t.'O:i.4 98¾- ll8 ... . 1st, 190~ .......... ~~ .... - . .. . . ... - .. . 05 - 95 Keok. & Des M., 1st.~ . . . . - . . . . . . . . . .. . 106 -106 104½-104½ . . • . - .... 106 -106 106½-106;J:! . . . • ~mo.11 bonds ... ....... ~ ... - ... . - . ... 102¼,102!,p ... . Chlc,St.P.Mln.&Om.6130).6-182 181 -131½ 130% -132 181 -133 133 -133¾ 180¼-131 132¼-133¾ ... - .. .. L34 -134½la5¼-135¼ 1L35¾-185~133 -134¼ Chlc.St.P.&M,,bt .. 6180¼-131 181 -181 - .. .. 182¼-182¼••·· No. \l'h, lst, 1930 ... 6 .... - . ... .. . 129~-129'4 .... - ....... St. P. & 8. City-1st .. ti 121¾ ·121~ 121 -121 122¾-122½ 120 -122¼ 121¾-122½ 122),(-122:1:l lZSJ.(-123½ . ... - .... 1122½ 128¼ 124 -124¼ Chic. Term'l Transt..4 78 - 82~ 79 - 82 78¾ · 80 80 - 80¾ 72!,s- 80!l:( 7a~- 76 73 - 75 78¼- 74¼ 74 - 77 77¼- 82 8~ - 85½ 84!!:(- 86 Chic. & W. Ind.-Gen.6 ... 110 -110 111 -111~ ... - . .. . - ... . 113 -113¼ c.o.&G. See C.R.I.&t'. • Cln. Day. & lr,-lst. . . /i .... - ... 111)4-112 113Jc' 113¼ .... 9 ¾- 99 .••• Cln. Ind. & W .. '~3 . .. . 4 .... 98 - 98 99~- 99½ 97 - 97 Clev. Clo. Ch. & !St.L.General ................ .4 95~- ~ 971'- 98~ 97~-101 100¼-101¼ 100%-101 98¾-101 100%· 102 101 -102 101¼-102 100 -102½ 1021'-103½100¾-101% Cairo Div., ht.... 4 .... .. .. - ........ - ... lOOlJ,L-101).( 101!,s-101¼ ~9~·101¼ 100 -100 Cla. Wah. & M., lst.4 .... 98 - 98 .... - ..•..•.• 98¼· 118~ . .. , St,L.Dlv., 1st. 1990.4 100 -101 9li!l:(-101~ 100~-102 102 -102!14 100¼ -100:1:t 1003-4-102 h ,0¾-102 - .... 101½-103 Rearlstered . ......... . 4 99 - 09 . . . ... - ........ - ........ - .... 100 -100 - ••.. 102 -lOJ C. I. St.L. & c., cons.6 105 -105 - .... LOO 100 - •... l02½-102½ 102~-102½ ...• - . . . 101,fi-103 - .... 100¼-101¾ . . • • 1st, goJ.d, 1936 ..... . 4 101 -101 - .... 112~-ll5J,4 .••. •... 110½·11~ .... Ctn. 81?.n. & Cl. con ■.:J ....   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  --  ull  - :::·::::•=  77  RAILROAD BONDS. 1904-Continue<~. BONDS.  JANUARY  FEBR'RY .  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER Nov'BER. DEC'BER• .  - - - - - - - - - - - 1- - - - 1- - - - - - - - ·- - - - -r - - -~----·-  Low. High Low.High Low.Hi1Zh Low.High Low.High Low.High Low.High Low.High Low.High Low.Hi1Zh Low.lligh Low. High,  - - - - - - - - - - - - - - - - - - - - - - - - - - - · /----1---·-· l- - - - -1- - -·- - -·- - - - - - C. C. C. & St L. -(Con.) C. C. C. & I., consol..1 ... - ........ -  - ... . 126 -126  123 · 123  Gen. consol., 1934.o .... - ...... .. . 128 -128 130 -130 Peo. & E., 1st, cons .. 4 95½- 98 07 - 07 05¼- 06¼ 95 - 96 06½- 01».f 96 - 98!}4 98¼ 100 99 - 99 100 -lOO!J;! 98 - 9:)¾ 98 - 99¾ 9 ½-100 Incomes, 1990. .4 60 - 64½ 63 - 64 63 - 65 50 - 59 58 - 69 50 - 62 61 - 66 65 - 68¾ 67!'4- 70 60¾- 73 71 - 74¼ Clev.Lor.&Wh.-1st.~ .. ., - ... . 112¼-112½ Clev. & ,U. Val , '38 .. 1} . ... - .... 116 -11 6 .... Col. Mid. 1st, 1941 .... 4 56 - 63¼ 60 - 61 60 - 60½ 50 - 60½ 60 - 60 68¼- 59 58 - 60¼ 60½- 64 63½- 67 e6½- 69¾ 68)1.- 73 723,(- '77¼ Col. & !So.-l8t, ghe9.4 87 - 80½ 84~- 87¼ 84 - 86 85 - 86 83¾- 81~ 82 - 84 83~- 85¼ 8:1¼- 84¼ 83¼- 86¼ b5¾- 88¾ 87!}.t- !JO 88½- 9<i Delaware & Hudsonlst, Pa. Div., 1917 .. 7 137¼-137¼ 137 -137 133J14-133¾ . ... Alb. & Su11q., lst, iru.'7 108 -108 - .... 105¼ 106¼ .. - ... . 106 -1C6 .... 104)4-104¼ - •... 106 -106 - ... . 104 -1C4 1st, aruar •• 1906 ... . ti ... - .. 103¼-103¾···· - .... 103 -103 Rea-istered .. .. . . .. . 6 .. Reuss. & ~ar., lst ... , .... • . . 146¾-1461jf. . . . - . . . . . . . - .•. . 142 -142 Del. Lack. & We&t'n1907. . .............. 1112¾-112¾ .... ... . 109¼-109¼ . ... - .. . . . .. ll'Iorrl11 & Essex, 1st. 7 129¼-120½ 129¼-129¼ 131¼-131¾ .... - . .. . 127¼-127¾ 128 -128½ 120 -l 30 - .. . 128¼-128¼ 128¼-128¼ Consol., guo.r........ ., .... - .... 130911-130¾ ... - .... 1:U¼-131¼ 132 -133 128¾-1281-,. 130 -130 130½-180¾ .... - ........ - ........ - .... 129%-129¾ N.Y. L. & W., bt .. . . 6 127 -127 ... - .... L28¼ ·129¼ . .. - .. 129¾-129½ 129:l,!-129~ 128¼-126½ 129¼-129½ ..• • Construct'n, 1923 .. 1} 114½-ll4½ lll¼-111¼ 112 -112 112¼-112½ 114 -115½ 114%-114~ 114~-114½ .. .. Term'I & lmpr'mt .. 4 lOOJ,4-100¾ . . ..• - .... 100¼-100½ ..• - .. 103¼-103½ ... - ... .... . . ... 105~-105¾ 102¼-102¾ . ... Sy1·. Bingh. & N . Y .. 7 .... - .... 109¾-109% . . .. - . . . 108¾_-lOb¾ .... - .. . Denver & Rio Gro.udeConsol., 1936.. . . . . . 4 97¾- 98½ 97¼- 98½ il6¾- 08 07!14- 99½ 08¼- 09!}.l 08¼-101!,.t 00¼-101¼ 100¼-101 98~-101½ 100¾-101~ 100!),!-101,4101½-102½ . 1st, consol., lft36 ..4 • .. . . - ... . .... - . . . . . 104¼-104¼ . . • - . . . . ... - .... 109 -109 Improvement, 19-.?~.5 103 -103~ 104)4-104¼ L04¾-10!1.¾ 104¾-106 108 -106½ 104 -10! 105½-106½ 106 -107 107¼-107½107 -10 I 107¾-107!1,f 107½-107¾ Rlo G1·. "e8t,, 1 Ill. .. 4 0.l - 07 95 - 06¼ 05¼- 06½ 95¾- 96½ 05§s- iltl¼ 06¼- 99¾ ii7¼-101 90¼-100 99 -100 00 -1<.,0 OJ¼-100¼ 09¼-100¼ IUort. & coll. tr.,A .4 83½- 85½ .... b5 - 85 83 - B!l½ Si¼- 88½ 87¾- t,0½ 88¾- YO 89 - 01 89½- oo 88 - t8¾ 88:l,d;- 89½ !:O - 8.1 Denv. & So. W e1tt.geu.O 35 - 36 2-! - 24 . . . . 99,<;-110 Des Molne11 Un.-l8t .. ~ •· Det. & l.llack.-ht l'n.4 . ... 00½- 90½ . ... !JS - 08 100 -100 100 -1 o Gold.... ... ........... 4 9!l - 94 03¾- 94 O!l - 04 94),4- 0!1.)4 92¼- 93¾ 02½- 92½ 04j,,i- 94½ 95 - 1!5¾ 95¼- 05½ 95½- 05½ 05½- 95½ Det.-olt So.-1st, •~1. 4 •·· · - ........ - . .... ... 38 - 45 3i - 41 38 - 38 41 - 44 45 - !1.5 45 - 67½ 67¼- 70 Ohlo ~o. Div., ht .... 4 . ... - . . . 83½- 8!l 79¼- 79½ 70 - 79 80 - 80 66½- 70 7d - 711'4 78 - 78 78 - 81½ 81½- 88 88 - 00 60 - 78 Duluth & I. R.-ht .. . :} 110¼-111¼ .... - .... 112¼ ·112½ 109:)(-112 110½-110½ 110½-111¾ - .... 112¼-112~ ... . - .... 113½-113¾ 114 -117 .••. - ... Oul.S.S.&Atl.-1937.:i 111 -111 - .•. 112½-112½ 113 -113)4 . ... - • . . . . •. . ... 113¼-113¼ E.T. Va. & Go..-See So . El,:. Joi. & E.-lst, g .• ~ 115 -115 - ••.. ll!l¼-114½ 113 -113 115 -115 116 -116 - •.. 116¼-116¼ 1173,s-117¼ .••• 114 -114 Erie-1st, ext., 1947 .. 4 •·· · 2d, Ext., 11H9 ... ..... :} ... - .... 112½-112½ 112¾-112¾ ... 113¾-113~ .... 3d, Ext., 1923 ...... 4¾ 111 -111 110½-UO!Ji! - .... 108¼-108½ 108,¼;-108½ 110 -110 - .... 100 -100½ . ... 4th, Ext., 1920 ... .... :} 114½-114½ 114,½i-114>11 114 -114 .... - •... 111 -111 :Jth,Ext.,19 .l8 ...... 4 .... - ... . ... 103½-103½·•·· .... 101½-101½ lat, conl!lol., gold .. .. 7 132%-135¾ 135¼-135¼ 131¼-131¾ 131¼-132½ 132½-132% 131%-134 . . . -;- . .. 132½-183 13!1.¼-134¾ 134½-135 ... . - .... 1st con. prior Uen, g.4 117 - 98½ 9tl½- 98¼ 06¼- 97~ 07>9- YS½ 98¾- 98% 08~-100)4 98)4- 00 08¾- 99¼ 08¾- 99¾ 00 -lOl>fl lo0¾ -102!,,i 101½-102!,ti Rearlstered ........... 4 98½- 98½ ht con. ~en. I., '96 .. 4 84 - 86>t 84 - 86¾ 84¼- 85¾ 1:5½- 87¾ 85 - 87 84¾- 86¼ Si - 86 84%- 87 So¾- 89 87¼- 89¾ 88½- 92 01¼ • 93¼ Registered ... ... .. .. 4 85¾- 85¾ - ........ - . . . . 88 - 88 Penn. coll. tr., lDfil.4 80¼- 03½ 88¾- 00% 89 - 00 80¼- 91 89 - 01½ 80¼- 92¾ 92½- 95¼ 01¼- 02 01~- 93 02½- 03½ 93¼- 05¾ 04 - 05¼ 05¾- 9.l fiO-yr. couv., 19:JJ .. 4 .... - ... .... - ... . - .... 127¼-127¼ . . . . - ... BufT. N.Y. &E., 1st.1 .... - ... . - .... l25¼-125¼ . . . . - .... 106 -106 Buff'. & !!S. W., a-.,•o~.ti .... - . .. . . .. - .... Chic. & E1•ie, 1st, g .. O 117¼-118¾ ll7½-118 117½-118½ 118 -119½ 116 -117 116¼-118½ 118½-120 110:%-120 120>9-120½122 -121 120 -122 121¼-121¼ Jetrerson RR., 1st O .... - ... . ... - .•. 103 -103 Lona' Dock, cons.' 3fi.ti . . . . - .... 131 -131 l32 -18~ 130 -132 . ... - ... us -118~ 115~-11594 117¼- .1 . 7,j 118 -118¼ . .•. Ueal & Rlt, l ■ ta-11 .• 6 113¼-113>!! ... - .. . N. Y. & Greenw. L .. :J 108½-108½ .... - . . . . - .... 108%-1087A . ... . . lfJ!}¾-100~ l.llld.J'd of N. J ., 1st ... ti 111 -111:Jf_ lll½-111½ lll¾-111¾ ll0¾-110¾ ll0~-111 N. Y. Sus. & w .. ref.I} 100¼-H9¾ ... - . . .. 110¾-110½ 111 -Ill lll -111 - . . . lll -111 - ... . 1U¾-115½115¾·1151)t. .••• •••• 102 -102 103 -lO<i ~d, 193'1 ........... .4½ ... - . ... ... - .... .... - . . . 101¾-101¾ lOO -lCO 00~- GO¾ .... - . .. . 98 - 08 Gen., gold, 1940 .... :i 103!,,1-104 . . - .... 102¼-102½ lOl¼-102½ t02½-103 103¼-103½ 102¼ 103½ .... - .... l06 -106½ 107¼-109 109 -110 - ... . 117-117 ... - ....... Te.rm'l, 1st, 1943 .. :i 113¼ 113½ ... . 107½-107½ 109¼-111 100½-10)½ 11()¾-110¾ lll!,,(-111¾ 112½-112¾ 109¾-109!1( Wilk.& E., lst,'4·l.O 106xa-107¼ 108 -108 107¼-108½ 108¼{-109 107 -107 - .. . . . . . - . . . . ... - . . . . .. . - .• .. 107¼·107½ 108 -116 Evan.&Ind.-lstcoo.6 •·· · l :tO -ltO . . . . - .... 121½-121½ . 123 -123 . . . . - .... 116 -116 Evansv. & T. H .-Con.ti . ... - .... 103 -108½ ..•. - .... 101 -103 105¼-105¼ 105¾-105¾ !Oil¼ lOi½ •.• - •.• . 105½-106 1st, a-en., 1942,gold.~ .. .. . . . - .. . . . . . . - .. . 1U4 -104 Sullivan Co. Br'ch . . :} . ... Fl. & P. Mq.-See P. Mq. Ft. W • & D. C.-ht .... ti 102¾-105½ 104 -105½ 10!¼-105½ 105½-107)4 106¼-lOg lO!l -104½ 104 -104½ 104½-105½ 106½-llO½ltO -111¾ 110~-111¼107¾-108!1( Ft. W. & R. Gr.-lst .4 71 - 71 73½- 74 72)4- 78¼ 72½- 74 75 - 75 76¼- 78 83 - 83½ SZ - 85½ 84¼- 85 84 - S5J.t 84¼- 86% 85½- 89 Galv. H. & H. ot'~!l.. ~ 101¾-101¾ . .•. - •••• 102½;-103½ ...• - .•.. 102½-102½ 102¼-102!,.f . ... - .•. 103 -104½ .... - ..•. 102 -103 103 -103 103 -103~ G.H.&S.A.-SeeS.P.Co. Ga. & Ala. l See S0ob. Go.. C. & No. r Air Line Ga. Pacific-See ~outh'n G.No.-C. B.& Q. cl.tr.4 00¼- 04 Ill - 03}.i 91¼- 04¾ 93:J,!- 94¾ 94 - 04¼ .,04¾- 98 05¾- 99~ 06¾- 07~ 06!,(- 07¾ 97¾- 98½, 98¼-101½ 09½-101¼ Registered..... .. . 4 00 - 01¾ 01¼- 03¼ . . .. - .... 02J.ti- 93 92¾- IJ3~ 921),(- 04¼. 94.i}.(- O ➔ 96¾· 97¼ 05¼- 95½ 05¼- 97 00 -100 07¾- 00 Gu It & Sh. I. 1st rd . . I) 102¾-103¾ l02\i-103¼ 102 -103 103¼ ·103½ 104 -104½ 10!1.;.(-105¾ 102½-103¼ 102J1H03½ 103¼-104¼ 10-i - 101½ 1031>.(-l<:6 106 -106 Hoel,. Val.-lst,cons.4½ 103¼-105 104%·105¾ 104!14-105¾ 105~-107¾ 107 -107½ 107¾-110¾ 107¼ · 10 ➔ 103 -109 108 -108¾ 108 -109¾ 109 -111½ 111 -111¾ . U.egl8tered ... .... . . 4~ - ... lO i½-1 07½ - . . . 105½ ·105½ ... . C. & H. V •• 1st, ext .. 4 ... - ... . lU0¼-100¾ H. & T. c.-See So Pac . J lllno!s Centro.I- •. . 113 -113 •••. - •••• t st, gold, 19~1. •...... 4 .... - ... . ll5 -115 . • • • - ... . ... 102 -102 ...• 1st, gold, 19:i1 .. .... 3½ .. .. - •.. . 101!4-101¾ . . . • 70 - 70 - ... . ...• l1t1, sterling, 19~1.. . 3 .... 102½-10! 106 -106 105 -105¾ .. . • - ... . 105 -105 103 -106 103}.!-103~101¼-104¼ Gold, 1 9~~ .... ....• . .. . 4 .. . - .... lO<i¼-10!1.¾ 104 -104 104 -101 103 -lO!S 102 -104 104}:!-104¼ Gold, l~'i3 ............ . 4 102 -103 102½-103 102¼-103 103½-103½ 102§11-102¾ 101 -101 Registered ....... ... . 4 .. . . 95),fr- 05~ C4 - 04½ 01¼- 94½ 95¼- 05¼ 06 - 06¾ 06¼- 06!4 96¼- 97¼ 03)1;- 93½ ..• Lo11l8v. Di•r., gold.3x, P3!,(- 03¼ 05 - 05 84¾- 85½! 86 - 86¾ . ••• Omaha Dlv., 1st, g .. 3 .... 85¾- tlo¾ 81 - 85 . . . . St L. Div., iiol ,. . . a 80 - 80 . . •• - . . . 85,¼- 85½ . . . . - . . . . .• 93 - 93 . . .• - . . . . 04½- 05 94¼- 04½ . . . . 19:il ................. 3~ ... . - .... 105¾-105¾ ...• - ••.. 107¼-107,4 .. .. Western Llne11, I st .. 4 ... . 106¾-l06lr4 . . . . · . .. - •. . 124¼ ·124½ ..•• Bellev. & Co.r., l11t .. ti ... . C. St. L. & N .o., r .. g .~ . . .. . ... 118 -119 110;14-110¾ . . . - ... . - .... 100 -109 - .•. . 104¼-10!¾ .... lllempbi ■ Div., l11t.4 .... Gold, 19l t. .... ... 3½ 87 - 87 08¼- 08¼ 03:)f\- 93~ - ....... - ... 102½-10:2¼ 103 -103 St. L. Soulh'n, t .. t .. 4 .. . . ln.o.& W.-lst.g.'3,j.fi . ... - .... 100 -106 08 - 08 . . .. - •... 08¼- !JS½ 09}{1- 99Xi . .. lud. Ill. & 1.-ll!lt,'~0.4 .... - .. .. 99 -101   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - .. . .... -  - ... .  18  R AILROAD BONDS. 190.f-Continued. BONDS.  ,,---~-  J A.NU.ARY F E B R' RY.  APRIL.  MAY .  J U LY  A UGUST. Be:PT' BER. OCTOBJrn . N ov ' B ER. OF,C'BER.  - -- - - -  Jlij½ ·119¼ O,) -100½ 68 - 72 . . . - . ... .... - .. . 109¼ -109¾ 11()¾-112 109¼-110)4 110¼ -110½ 111 -111¾ u o -110¼ 110 -11231t 112~ -114 114 -114¾ 114¼-114½ . - .... 87:k ~6 86½ 85½88½ 87¼.. .. ti5 - 87½ 86 - 88 89 - 89 .. .. 118~ -119~ 119~-119~ 119 -119 97 - \J O 98;1,4- 9J¼ 99 - 100  . . . - .. . 121¾-121¾ 121¼ -122 ... - . .. . . .. - . .. . 119)4 -121 120 - 120 98½· 99¾ 99 - 99¼ 99¾-100¼ 98:)4- 99½ 98½-100 98½ l CO 9d¼-100  69½- 70¾ 68➔.{ - 70½ 68 - 70½ 6~:£- 70¼ 69¼- 70½ 69¾- 71~  115½-117¾ 118 -119 117 -118 118 - 119 119 -119 ~d ............. ....... ... . :; 110¼-112 .... - .. . . 112 -112½ 112½-11 2½ .. .. Northern Ohio, 1st .. :; .. .. - .. . 111¼ ·112 .. .. -  L. Shore-See N. Y. C. l,eh. Vall. <Pa.), coll .. :; . ... - ... ... .. Leh.V.N.Y.-lst, arn.4½ 104¾-106 .. .. - . . .. Rellletered .... . ... . 4¼ 105 -105 Leh. V. Ter.-lst, iru .. :; . .. Leh.Val.Coal-lat.,gu.:) 107 -107 Leh. & N. Y.-lat, iru.4 ... E. c. & N., lat pret . . t .... 1914, auar ... ....... . :) .. .. ooir lsland·bt, 1931 ........ .... ... :; . ... ;Gen. mort., 193S.... 4 100¼ -100½ 100~ -100½ .FerrY,, tat, 1922 ...4 ~ 101½-101½ 101. -101 Gold, 1f)32............. 4 . . .. 99 - 9971> ,Unified, 1949.. . ...... 4 9.} - 91! :Debent~, 193 •..... :; .... .Gen. ref., ir~• 1949 ... 4 ... N,Y.& Roc~.;B., lst.ll . ... North Sbore Br',ch ... l) ...• - .... . .. .Louia'a & Ark.-lat .. 6 ... ,Loul ■ville & Naahv.General.. .. ......... .. (j L16 -116 ll5¾-116 tGold, 1937............. :1 . ... ,Unlfled, 1rold, 1940 .. 4 98>4- 00¾ 93 - 99 Reirist.e red .......... 4 . . ,Col. truat, a.. 19St ... :; 109 -lO;}½ ~Coll.tr.,~•!lOa,1923.4 ... - ... . .E.H.&N., lat,'l :#_t; .... - .. . ,Louta.,q\n. & Lex.4¼ . .. - . . N. o..~ Mob., tat .... 6 l~M-124 !Id, .1930 .............. fi ... - .. . - •. . ;St. Lo.u.l ■ Div., lat ... C1 . .. - .. . Pen ■ac. & .A,tl., lat .. (i' 1)..5 -115 Ken. CenJ,, 198,. . . ... 4 97~ - 98 L&N&M&M,lat.11,~ ... L.& N.-l!!lo,-tbjoint.4 89 - ~2 91}(• 92 N.F.&8.,lat,iru.'31'.:; .... So. & No.Ala., auar.~ 1;1.1; -115 ,Loai8. & Jeff. B'dire . . 4 · . .. • .L.N .A.&C.-&eC. 1.&L. Mauhattan-1990 ...... 4 102 -108¾ 103 -104 Reirlatered . ... ........ 4 .... Metropol.Elev., 1tt .. 6 107~-108 LOS¼-103~ 67l¼- 7lx 64 - 69 1Mex.Central-Conaol 4 lat consol. Income ... 3 H¾- 16~ 12~- 15 !ld conaol. income ... . 3 7½· Ill¾ 7 - 8½ Coll. truat, 1907 ... 4~ 91!,(i- 96 91 - 9! •Mich. Cent.-See N. Y .c. M.L.S.&W .-see O.&N. illl• & N.-SeeC.M.&S.P. llllnneap. & St. LouhPaclflc Ext., 1 at .. •.. 6 . . - . . . 120~-120x Iowa Ext., l ■ t, '09 .. , . ... - .. .. l ■ t, con., 1934, a .... :; ll5½-115).{ , 14¼-115¾ 97~-97!14 1 ■t&ret.,1949 .... .. 4 97 -98 pt.St.P.& s.s.M .• '38.4 .... - .... ,Mo. Kan. & Texaalat, 1rold, 1990 ..... .. 4 96½- 9~ 96¾- 1!8 !ld, Income, 1990 .... .4 79 - 81 75½ - 78x. 1st, exten., 1r .. 1944.:i 98½- 99¾ 93¼-100 ,St. Louis Div., lat .. 4 ,Dalla ■ & Waco, lat.:i 102 -102 87 - 88¾ K. C. & P.,lat, 1990.4 87 - 87 Mo. Kan.& Ok., lat.I) .... lU. IC& T. ofT., lat.:i 99 -100:,. 99¼-101~ Sher.Sit.& S.lat, (lu.:; 100 -100 Texas & Okla., 1 Bt.,6 .. . ,no.Kan.&East.-lst.:} 108 -103 LU -Ill ,llll88011 rl Paclftc- .... 3d, 1906 ................ , .. .. lstconsol. .............. 6 11 ¾-119-U 119 -119~ Trust, arold, 191 '7 •••. ;'l 104%-107 106 -107 1st, collat., &',, 19!l0.:} 106U-107¾ 108¾-105 91¾- 92 Cent.Br'ch Ry., lat.4 93 - 93 Pac. of lllo., 1st, ext.. 4 .... - ... . l Ol -101 2d, 1931', ext ....... :; .... · . . . St.L.&J.M.iren.&l.g.~ lll¾-113 112¼ -113½ Unify.& ref., 19~9.4 84 - 86 84.;.(- 85¼ - .. . . Rearl8tcred .... .. .. 4 .••• - ... . Riv.&G.D .,lst ... . 4 .... - .. . . Jllob. & Blr.-Pr. llen.:i ... 194~ ... . . . .... .. ....... .4 .... - . . 91 - 91 Small bond . .. .. ... . .. 4 . ... Jloblle & ObloNew, arold, 1927' .. ... . 6 . . .. 1st, Exten., HU7 .... ti 130 -ISO Gen. mort., 1931'..... 4 94 - 94 Montirom. Div., 1st.. :; 114 -114 !St L.& Cairo, col.tr.4 ... . .. . Guar., 1931, irold .. 4 . . .. p.!or. L.&T.8S. - See S.P.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  J UNE .  Low.High Low. Hlith T,ow.Hlgh Low.High Low .H iith Lo w. IIiith Low.High Low.Hlith Low.High Low. H ig h I.ow. Hli.rb ,ow.High  ·- - - - ·- ·- -  ,internQ.t' I & Gt. No.lst, 1919 ............... 6 2d, 1909 ................ :; 3d, 1921 .. . ..... . ...... 4 •Iowa Cent.-lst, gold .. :; Refunding, 19:il. .... 4 ,aan.& lll.-See T.&O.C. il~.Clty So,-lst, 10:;o.3 Ji.en. Cent.-See L. & N. L. Erle & We11t-l11t ... :;  MARCH.  106 -106  - .... l07 -J 07x 107 - 107½ l071J.!-10:!~  119 -119¼  71 - 7l!j:f 71½- 78¼ 72 - 73  71¼ - 72½ 'il½ - 7J  72~- 78¼  . . - .. . . 119¼ ·11~ 119¾-120½120¼ -lZO½ 1W)4- 120x 120 -120 .. (1 2;~-112¾ •• 114½-114¼ .... 116 -116 110 -115.¼ 115 -116½ . .. -  - .. .. 108,v-108½ 110 -110  LOS -109  107¾-lOTU 108 -108;.( 10,J¾-109½ 110¼-110½111¾-111¾ 116¼-116½ . . . - . ... .... - .... 108 -108  - .. .. 116 -116 . . . - .. . . 111 -111 - ••.. 9J - 99 .... -  92 - 93  i19 l;t-121 t00~ -101½ 7 ll>.{- 72M Ll3 -113 86 - 87~  .... - ... . 98½ · 98¼ 106½·106½ . • • • -  - . • . 10)¾ -100~  - .. . 116 -116 100 -100~ .. .. -  {18½-100  ... - •••  96¾ - 98  - .... 116¼ -116}.a 98 - 98 100 -100 99 - 99½ . • .. - • • . . 99 - 99  98 - 99 too -101 101¼-lOl¾ - . .. . 110 -110 - ••.. lOQ¼-100).fj . . . . - •. . . 101 -101¾ lOl;.(-101¾ - • •• - • . . 100¾-101¼ lOl¾,-101~ 101 -10$¾  116½-llS 102 -102 102 -108 100½-100¼ 100 -100 99¼- 9111,,4 . .•. 101J,Q-101½ 100 -100~ 100½ -101 102½-l02x 102}d-I02¾ - . . . . .. . lOlM-108 L00~-100½ lOQ¾-101¾ 101¾-102J.i 101¼-102¼ - . . . . . . . - •.. • . . • . - .. lO'l½-107½ .. .. - .. . 109 -109 . .. . - .... 103¾-104¾ 102 -103¾ 103 -103~ 108 -1031}.j 103¼-103¼  - ... . 121 -122 118}1i-119 115~-117¾ 117¼-117½ L17 -117~ 117 -118 - .. .. 115¼-117 114½-114½ 115M-115¾ .... 98;.(- 99 99)4-100:14 100%-101¾ 100;,(-101 100'.U-10211.( 102¼-103~ 103 -104¾ 98¼-100¾ 100¼-101¾ l00~-102 . .•. - •.. . 101%-101~ .... - .... . ... ~ .. . . • • - ........ - .. . . •.. - ........ - .. .. llO -110 . ... - . . . . ... - . . lll¼-118 .... - ........ - ... . .... - .... 116¾-116½ 112¾-112~ 114½-115~ 9614- 96➔.i 96¾- 97½ 9 7¼ · 911½ 98¾- 99¾ 98¼- 99½ 98¾- 9J¾ 97 - 97!,t 97~- 98½ 117M- 98M - • .. lll¼-lll!>i . . • - • .. . . .. . - ... . 118¼-114 . • • • - .... L15¾-l16'4 114 -114 - .. . . .. • • - ....... - ... 105){,-105¾ . ... - ... . - ....... - .... 123;.(-128¼ 126½-126½ .... - •.• lS0¼-180½ 131~-131!,i, 131M-181¾ 125 -125 I ll>¾ -115¾  - ··• · ... - ... . l24J.1i-l2•¼ .... 119 -119  121 -122  .. • • -  99 94 92 - 9i 91½ 91 - 91¾ 91¼- 92"1 92¼- 94 - • .. 115 -115 117¾-117½ ..•. ........ . . . 112 -112 .••• - .... .. .. - . .. . 117 -117 97½ 97¼- 97½ . .. - • • . 98¼- 98½ . . .. - . • .. 98½- • • . . 93 - 98  91 91¼-  99½- 99½ 99 - 119  LOS~-104  101½-1C2¾ 102M-10S:l:1 103~-105  L08!,6-108}4 64 - 65¾ 1s - 14¼ 7 - 8¾ 91~- 94¼  108¾-109¾ 64'½- 68 12½- 13~ 6 - 8 94M- ll6  96 -96  97¾-100 'i7~ - 7 99 -101 80 - 82 86 - 86  99¼-101 102!,g-103 111 -111  1093,L-109:J4 68!,6- 67 12 - 14 7 - 8 95 - 95  99 100¼-100½ 101¾-101!,( 101¾-101¾ 100 -100 .... 105¼-105½ 107¼-107½.... - . . . . 108':(-1~ 96¾- 979' 95½ 95 - 96)4 95 - 96)4 95~- 97 - .... 116 -116 - . . . 115 -116 • .• . • •• - • . • 98 - 98¾ • • . 99  105 -105¾ 105¼-106½ 106¾-107~ 105 -1051}.( 105 -106¾ 10i> -105¾ - .... 105 -105 .... 107¾-107¾ 107¾-108¾ l<IB¾-108½ 108~-108¾ 109"-110 75½- 77 61!,(- 62~ 6231t- 68" 68!>(- 7il,,i 72 - 79 64 16:U- 24¼ 20 - 28½ 21 - 25M 15¼ 13¾- 14U 14"- li SJ,v- 10¾ 10 - 17½ 15 - 19~ 15¾- 173' 9¼ • • • 96 - 96 92'4 ..• : - .. . 92 - 92 {12 - 94 94. - 96  109¾-110~ 60 - 65 62 12 - 18¼ 13~6¾- 7:1:1 7~98!4- 93½ 92~-  - ... . - .•. . 118 -114 l l4J.(-116 118 - US 118 -118 95!1i- 9d¼ 96 - 96~ 96~- 96~ 96!4- 96~ 95~- 96 9!J - 99 . . . . - . . . . 99½-100~ 100 -100\lt 98 - 98¾ 7'i¾- 79}4 77¼- 78~ 'i6¼- 79 100½- 104!){, 100 -101½ 99¼-102 .... - ... .  111 -111  118 -113  116 -116'4.... - •••• 95~- 95~ 95 - 95 OOM- 97~ 96¾- 973' 97¼- 97½ 91:1 - 98¼ 93½- P9¼ lQO¼-lOOM  .. . . - .. .. 117 -117  99¾-100~ 100 -10()¾100¼-102½ 101%-103 100 -101~ ~ - 87 84½- 86¼ 78 - 80½ 79¼- 60,h 80"'- 87 103 -103½ 102¼-lOS~ 103¼·10~ 102 -107 l0~ -104 86½- 88 b7)4- 87~ 85 - 85~ 85¾- 88 85 - b5 - . . . . . . . . - .... 105½-105½ 104'4-105~ 90 - 90 91 - 91'U 92¾- 95 94 - 94.Xi 8!i - 9) 86½- 86½ 87½- SS!la 8~- 88"4 90 - 90 . . .. - .. . . . . - .... 104 -105 104~-104¾ - .. . . ... 100½-102}4 101 -102¼ 101 -102¾ 102¼-105}.f 105 -106¾ LOS -104¼ 103~-106 105 -110 105M-107 - . . . 102 -102 105~-105)4 104),ja-104¾ 106 -106 ... - .. . . 103 -103 - .. .. .... - ........ - .... L04 -105 lOHi-104¾ . .. - .... 111 -111).4 lll¼-112½ 108¾ -109}{i 10~-110~ llO¾-llC.¾ 106½-108 108½-lOb½ L09 -110  109½-109½ 120-U-122¾ 105¼-105½ 105~-106 92½- ll3 101¾-102¼ LIO -110 112¾·1137i, 87½- 88½ . .. - . . . 87¾- 87)4 91 - 91¼ 91¾- 92¾ lll½-1113,,.i . ... . .. . -  107¾-107¾ L19¼-120 104 -105¾ 104¾-105¾ 92}d- 92¼ 101¼-101,<i l09Xi-103½ 112~-115½ 85½- 88  .. . . - .... 119¾ -119~ 105¾-106.½ l06 -lO'i¼ 98¼- 9,1, 102 -10!¼ 113:J(-lU¾ t13 -114¾ 67¾ · 88½  98½-100¾ 'i9 - El 101½-103~ 82½- 88~  t06¾ 10 ;¾ 108 -108 tll}¾- 120¾ 120~-121½ lOJ -107¾ 107½-103 107½ -108¾ LOS -103¾ 96 - 06 93¾ 95 l 03J1i ·l0S7fj .... - . . . . ... - ....... - .... ll4¼-116 115¾-116¾ 88 - 91½ 88¾- 90¾  .. .. - . . ... ... - ... 109 -109 . ... - .... 105~-100¼ 121¾-122 122 -122~ L22¼-122½ ll°"-121 121¼-128¾ 107¼-109¼ 105'.U-106l'4 106 -1~ l061Ui-107½ 107 -108¼ lOJ -106½ . .. - .... 1071¼-108¼ 108½-109 LO ➔ -109 i..5½- 98 9i½- 95½ 95½- 96 91¼- 96 9,i - 95 l02½-102½ . ..• - . . . . . .. - ... 102¾-103¾ 108'.¼-103¼ 113¼-115 Ll5½-115!,(i 116 -116 116 -116 116½-117 116½-117 117 -118 L14.%-116¾ ll5¾-117~116 -117 89¾- 91½ 91¼- 93¼ 92 - 93¾ 9J½- 96~ 95½- 96¼ . .. - . .. . . ... - ..••  . .. .  91 - 9.2% 92¼ - 94  93¾- 96  95¾- 9J 95 - 96 - .... .. .. -  98M- 97  - .... 95 - 95 - .... 9i - 94,  - ... . 126 - 126 - .. . . 121 -121 - .. . 90 - 98½ - .. . 88¼- 88½ 90 - 91  95¼- 96  95½- 97!4 .... -  . ••• -  126¼ -126!>i l23~-128¾ .. .. - .... 125¼-125~ .... - ... . 128 -128¼ l28½-126¾ 126 -126 . .. - . . . 93 - 93 113½-118½ . .. . 90 - 90  94¼- 9!½  - ... - •.•. 112 -11~ . .. . -  96¾- 96;4 9t1¾- 96~ - . . . 115 -115  . 92¼- 92!,i . ••• - ••• 101 -101  . ...  79  RAILROAD BONDS. 190<1-Continocd. JANUARY  FEBR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. :5EPT ' BER.l0 CTOBER  '-O"' BER  lJEC.Bl!:h ,  BONDS. Nash. Chatt. & St. L.tst ....... ········ ... 7 120 -1201,, 120 -120 120.'.l,!-123½ 122½-123 123½-123¾ 124¼ -124½ . . .. - ....... - •... 121½-121½122¼-122¼123¼-123¾124 -125 Consol. g., 1928 . .... . t> 112 -112½ 112¾-113 115 -115 110½-111 112½-113 112 -113¾ 113¼-·1 15¾ 115 -115~ 115 -115!,d 113½-113¾ 114¼-115 115 -116 .rtlcll • .rtl. W.&AJ. .. . 6 .... .. - .. .. 113½-113½ T. & P Branch, 1st.ti .. .. . ... - ..... . . - . .. 113 -113 Nn.1ionn.l of MexicoPrior lien, 1926 ... . 4½ 100¼-100¾ 100 -101 101!,i;-101½ 102½-102½ 103~-103~ . ... 102~-10~¼ .... 104 -104 10-t -104 1st, consol., 19:i 1.. 4 74½- 'i6¾ 73 - 76¾ 73¾- 76 73½- 74¼ 73¾- 74½ 74 - 'i8 76½- 78 75¾- 76}i 'i6½- 78 76½- 80¾ 79:14- f-2 81.½i- 82 N. Y.Cent'l & Hud.R. Gold, 1997 .. ........ . 3½ 97¾- 9~ 96¾- 98¾ 97 - 97~ 98 - 98¾ 9E¾- 99¾ f9~-101¾ IJ9 -100 99½-100~ 100 -100~ 100 -100½ 100¼ ·101¼ t00¾-101½ Re11istered ........ . 3 x 98 - 93 98 - 99¾ . ... 99 -100 - ... 100 -100,t, 9 ¾ -100¾ Deb., 1884•1904 .. .. . :; 102!,ti-102:U 102¾-102¾ 100 -100~ 100¾-100¾ 101¾-101¼ 101!ij-10l;J4 ..•• Redstered ... . . ..... . :; ... ... - ... 100¾-100¾ 100%-100-U .... - .. Re11. deb., 1~99•04 .. 5 . ... - ... . .... - ... l C0½-100½ . ... - ... . •... - ... .. ... - ... . 101 -101 100¼ 100¼ Deb., &l°•• '90-190:i .. . 4 100 -10~ .... - ... l W¾-100¾ . ... - . . . . ... - ... . . . . Debt certs., ext., g •.. 4 - .... 100%-100¾ 100¾-100¾ 101¼-101¼ 99½- ~ .... Lake Shore, coU ... 3½ 88 - 90 86 - 88 86 - 88¾ 88¾- 89½ 8J>.4- 91 91½- 91¼ 90¾- 91 ½ 90½- t2l)4 92¾ - 93½ 91¾- 91~4 90 - 91¼ 90 - 91 Rea-istered ........ 3½ 86 - 87½ .... - .. . 86 - 86¾ 86¾- 88¾ .... - .. . . 89½- 91½ 89¾- 91½ 69¼- 90» 89!1,!- 89¾ 89 - 89¾ 89% · 90¼ 89¼- Oll Mich. Cent'l, coll .. 3½ tO - 90 88¾- 89J.t 89¼- 90 89)4 - 90}.{ 87 - 87½ 85¾- 87 87½- 88¾ 87¾- 90 89½- 90½ 90½- 91¾ 89¼ - E9:U 89¾- 90 Beech Cr' 1,, 1st, gu .. 4 10¼ -105 - .. . 108 -10.:j - ... 105%-105% . .. . - ........ - ... . 106¼-106~ 105¼-105,ti .... - . . ..... Realstered ...... .... . 4 . . .. - . . . 102 -102 .. .. - . ... .... - ... . •..• - . .. . .. • _ . . . . _ West !Shore, guar . . 4 106¾-109 108)4-109 107)4-108% 107~-108 10:%-109 1C8J4-109½ 107 -108½ 107~-10871, 108 -108¾ 109 -1G9¼ 109 -109~ 109½-llf.½ Registered ..... . ...... 4 106¾-108¾ 107 -108¾ 107 -107¼ 106~-107 107 -lO'i¾ 105½-107¾ 105%-107¾ 107 -107~ 107 -108½ 108~·1G9 108 -109 108 · 110 L.S.&M.s:, g., '97 .3¼ l CO -10~ 100 -100¾ 98 -100 98¼- 99½ 99¾-100¾ 90 - 99¾ 99¾-100½ 100:}fi-100'4 lOO½-lOOlh l C0¼-101¾ 101¼·102 100 -100¾ Reiristered .... . ... 3x .... - .... . ... - .... . ... - . . . . 98 - 98 .... - . . . . . .. - . ... . . . . - . . . . . . . . - . . . . ... - . .. 100¾ 100~ . .. - . . . . 99½ . 1-9½ Debenture, 19~8 .. 4 ... . - . . . 98¼- W½ 99 - 99¾ 99¾- 99¾ 99¾-100¾ 100%-101½ 101¾-102 99½-100 9 J\14-100¾ 100 -101 100¾-1011}.( Mich. Cent'l, 1909... 6 112¾-112¼ .... - . . . . 1~-109¾ . •.• 1931 .................... i> 122 -122 . ••• - .... l21 -121 . . . . - ... . 122¾· 122¼ - .... . . . - ... . ... - ........ - ... . 121¾-121¾ .... Rrahtered .. ....... ~ .... - .... . ... - ... 121 -121 1 fl.J.O ...... ........... . 4 ... - . . . . 105½-106¼ .... - .... 106¾-1061/4 .... 1st, sold, 19~2 .. 3x ... - .... 97 - 97 97 - 97,4 96¾- 96¾ . ... - . .. . . .• N, y. & North'n, J st.~ . . . . . ... 115½-115½ L13 -113 .... - •... . ... - . . . . .. . 115}fi-115½ ...• R. w .& o., con., 1st.~ .... - .... 117½-117½ 117311-117¾ 116!,i;-116½ 116½-115½ ll~-116¾ 117 -118 119 -119½ . ... - .. . ...•. - •. . 117¾-118 Utica & Bl,Riv.,'~Vl .. . . - . ... 10'\ -10! .... - ... . 104¾-104¾ . ... - ........ - •....... N • y • Cit. & St. L.-1st.4 lC•S . -104 1' 3!J4'-104 103¾-104~ 102¾-103½ 103¼-104 103¾-104½ 1043-9-105 lOi½-105½ 1053-9-106 10! -106 104 -104½ 103¾ -105 Rea-lstered ............ . 4 . . • • - • . • . • • • • - ••• . 101 -101 _ . •. . . . . . _ .N. Y.&N.Enir •• l ■t ... 7 ... , - .. .. .... - ....... - .... 101¾-101¾ .•.. - ........ - ......•. - .... . .•. - ... .. ... 102}(-102)4 .... - ... . 1st, 190~ . ............. .. 6 .... - . .. . .... - ... . .... - . . . . . .. - .... . ... - ........ - . . . ...· - ... 101% ·1011,i .... - ... . N. y • O. & W .,ret.,lst.4 101!,ji-102½ 102)4-103½ 100!,ji-101¾ 100¾-101¾ lOO!J.(-108½ 102¾-103½ 103 -104 103}4-104 102 -103¾ 103 -105 104½-105½ 104¾-105¾ N. Y. 8. & W.-See K1•le, 110 -110 110½-110½ 111 -111 110 -110 Norf. & So.-1st, '41..~ .... - ... . 111 -111½ lll¾-111¾ 112 -112½ . ... _ Norfolk & Western132¼ 182½132 -182 Jmpl. & Es:t., 1934 .. ti · .. ..•. 131¾-182½ 132 -132¾ 1S2¼-132¾.... New Riv,, 1st, 193~.6 . ... - ... 128¾-129 125~-127 . ... - ... . 132½-182\i 97 - 983,4 97%- 98~ 98~ ·100~ 100~-101!14 101¾ ·102 lOll':(-102¾ llO -101 lOOJ.<;-101!,:t 100~· 101% N.& W.Ry., l ■t,con.4 96¼- 97½ 97¾- 98 97¾- 99 99¾- 99¾ .... Reirlstered ........ .. 4 • •. . ... - .... 98¼ - 9-¼ Dlvis'nal, lat llen.4 • • • • 89!1498½ us - 94 Pocah, c. & C.jolnt.4 88 - 90¾ 87¾- 90¼ 88%- 90 93)4- 95 93¾- 94¼ 91¼- 95½ 95 - 97½ 94½- 06 90 - 91¾ 90¾- 92 - ... 112 -112 Col. C. & T., lst,"l2.~ · ... 99½-100!,:t 100 -101½ llQ¾-100 100¾-100¾ 101 -101¼ lvlji-102 102 -103 10.\!!}.{-103 101)4-10:.~ 101¾-10~ Sc. Val. & N. E., l•t.4 100 -100 99¼-100 Northern PacificPrior lien ............... 4 101½-103¾ 102 -103:u 102½-103➔.I 102¾-103¾ 103¾-104½ 10l~l05 tOS¾-105½ 104¾-l 05~ 104%-105~ 104¾-105½ 104¾-10c%j105 -108 Rt>,:istered ........... 4 .. - . .. . . . - ... . 101 -102½ 102 -102:){, 103 -103~ HS -104½ 103¾-10!~ 10! -101½ 103¼-lOl 102½-lOi¾ lOH:t-104¾ 103)4- l ! 4¾ General lien, 2047 .. 3 7()¾- 73 70¾- 72¼ 70¾- 72 71% - 73 7~ - 73 71¼- U ~ 74 - 7f>~ 74 - 74~ 74. - ;4~ 74¾- 75~ 74¼- 75¼ ~5 - 'i6 RelJistered .......... . 3 6 ¾- 69 70¾- 70¼ . . . · . .. 70½- 70½ 71)4- 'i2~ . . .• 75¾- 76J.t 73½- 74 ~ .. St. Pau 1 & Dul. Dlv.4 97~,- 9;~ · · · · Oi½- li7l<. . . . 100}4-100¼ 96¾- ll8¾ St. Paul & No. Pao .. ti .... - . . . 122),.(-122¼ . . .. 125 -125 St, P.& Dul., 2d, '1 '7.J 107¾-108¼ ... 107 -lO'i .... - ... 105½ 105½ 96½- u6x l8t, consoJ,, 196S.. 4 • • • • Wn.11h. Cent.Ry.,l11t.4 .... 00 - 90 90¼- II¼ - . .. . 85 - 85 .... No. Pac. Ter. Co-lst.. ti .... - ... 111 -113 112½-112½ .... - . . . . 113¾-113½ ....• 118 -119 ... 118 -118 118 -11~ 11 ½-118~ 110 -110 . . 112¼ -112!,t 115½-1J7>a 115¾(-ll5!,4 .... Ohio Riv., 1st, 1936 .. ~ •··· - ... 111 -113,i .... - .. . 111 -111 112 -112 Genera l, 1931 . ... . .. :i ••·· Or.RR. & IS av. i Ste I n. Or. !Oohort Line. 5 Pac. Pacific Con.st Co.-lsr .:} 106 -107 106¾-107¼ 105¼-lOS½ 108¼-109);,j 108'!:(-110 107 -107½ lOi¾-110 109!,i;-109½ l C9½-llOJ.1 lll¾-111¼ 112¾-112½ lll¾- 113¼ Pnnn.ma-l ■ t, 11. t ..... 4!,i •• • .. . - .. . 102¼-102½ . . . . Pennsylvania Co,1 st, consol ... ..... . .. . 4 ~ 108 -109 108½-10&~ 108 - 109 10$¼-109 l C'S~ -1091,4 109¼- 110¾ 108 -108½ 108½-106½ 109}.(-110 109¾ 110 ll 9}.f-lllx, 110%-112 Registered . ... . .... 4 ~ ... - •••. 106¾(- 108~ 10?¼-107).t 103 -108 105¾-!0J¼ Tr.Co.ctfs.,,:u.,'16.3J.I . ... 96 - 116 95~ - 115hi .. .. - ... .. ... - ... . 06¼- 06¼ 97½- 98 .•.• - . . . . 99 - 911¼ 09¼ - 9~¼ 97½- 9 !,:t 97½- 97¾ C.St,L.& P., lst.'3~.~ .... - .. . 118 -118 ll!:.% -118½ ... - . .. 120 -120 118 -118 Clev, & P., ser, D .. 3½ 9 6 - 96 Erie & Pitt,, ser.C.3 i, · . . . 9:i¾ - 98a}.i . ... P.C,C.&St.L.,Sr,A4~ 109¼-109¾ .... - .... 110 -110 108 -108 110½-llOJ.!, ••. 113 -113 Serie!! B., 194~ ... 4 ¼ 109¾-lll!-i; .••. - ... . 110 -110 .... - ... . llllj(-111¾ 112~-112¼ .... 11 0 -110 Se,ies C, 194~ 4½ ... - .. . •··· - . . 102 - 102 t!terles D, 1943 .. . . . .4 101¾-lOlx . . .. - . . 101X.-104½.... - . • • . 90 - 91~ 90¾- 90½ . . . . l"leries E, 1949 . . . . 3 J.t . ... 91 - 92 91¾- 91~- 93½ - 93~ . . . • 121 -121 P.Ft.W.&C.,~d,'l'l.1 ... 119 -119 3d, 101~ ............. . '7 . .. PennnJ lvanlo. RR.Real estate, l !J'l3 .... 4 105 -105 104¾-105½ 104½·107½ .... Consol., aroltf, l 019 .. 3 . . . lll½ -111).,. . . . Conv., arold, 191~ . . 3½ 95 - ll6¾ 94½- 97 94¾- 96¼ 06½- 97 9iM- 95½ 94M- 97 90~- 98~ 97¾- 99 09 -100½ 99~-103 100½ -103¾ 102),(-10::l¾ Registered ......... 3)<; .... 06¾- 96¾ .... G. H. & I., ht, ext.4J.t . . .. 110 -110 - .... 108.½;-108½ .... Phil. Bnlt. & Wnsh .4 .... LV7 -lO'i ¾ lOi !,i;-107% U.N.J.RR.&C .... .4 .... - ... 110¼-111 P.& E.-see C.C.C&S.L. Peo.& Pekin Un.-lst.ti 123½-123½ . ... - •... 120¼-121 .. .. - .. . 120½-120~ .... ~d, 11old, 1921 ....... 4½ .... - ... .. ... - . . . . 93 - 08 100 -101 Pere DlarqueueFlint & Per.e Mn.rq .. ti 118½-118½ . . .. - . .. . 11$¼-118¾ 118 -118 - .... 120 -120 120~-122 121¼-l.:&l¼ . .. . . .. 120¼-120½ 120¾-120¾ 121 ¾ -121¾ let cons., g., 1939.~ . ... - .. . lOi¾-lOd¼ .•.. - . . . 108 -110~ 109 -109 . .•• . .. - . .. . . . - ... . 111¼-lllJ.t . .. - .... 111 -111 111¼ lll½ Pt. Hur. Div., 1st .. ~ 109¾-109¼ 110¾-110½ . ••• - . ... . ... lh¼-112¼ 112~-112~ .••. - ... 1121,4-112¼ . ... ?.C.C.&St.L-See Pa.Co. Pith. 2'h. & L. E.,lst.:i .... - ....... - .... 115½-115½ ..•• . . • . - . . . . . ••• - . ... 114½-114½.... Plus. \ . & Ash.- ht .. :; . . .... - ... . 117!,i;-117½ .... - ... . 114¼-114¼ .... ReadlngGenern.l, 199'7 ...... .. 4 94%- 96¾ 95¾- 86:M 95~- 96;¼ 96~- 98½ 98}4 99¾ 99¼-101 98¾- 99)4 9$¼-100 99¼-100¾ lOQ¾-102 101¾-102% 101¼ -103;._ RPlll!ltered .... ... . .. . 4 ... . .... - ... . .... - . .. . ... - . .. . 98 - 98 99 - 99 99 -100 99½- 99½ 99,4- 99~ 100 -100 .... J e1•1,1ey Cent. <'oil at .. 4 91¾- 93¼ 98)4- 93~ 98).6- 94).4 92 - 93 93 - 03¾ 93¾ • 95 95 - 96 95¾- 96 95¼- 97~ 9~¾- 97% 96 - 96),a 98 - 99 Phil,&. ,. e,1.tl,, cone '7 . . lW¾-119!-<i 119)4-119¾ . . .. - ... . . . .. - ...... .. - . .. . ... - . .. .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  80  RAILROAD BONDS. 190,1-<:;ontinued.  f  BONDS.  _ _ _ _ _ _ _ _ _ _•  JUNE. JULY. J ANO.ARY FEBR' RY. MARCH. _ ,___ - - - ,_____ - - -1- MAY. - - - - - - - - - - -APRIL. -  AUGUST. SEPT'BER. OCTOBER. NOV'BER DEO'BER.  L_o_w_.H_lg_h Low.High Low.Hlirb Low . Hll?b Low . Hlirh Low :Hlgh Low.High Low.High Low.lligh Low.Hiirh Low.High Low.Hlith 1  Rieb. & Danv.-See ~o. . ••. 110½-110'½ 110¾-lll½ .... - .... .... :Rio Gr. Jc.-l111t, '39 . . ~ .... - ........ - ... . . . .. - ... R. G. W.-See D.& R.G. Rio Grande South'n- •••. 68- 68 .... - . . .. 63½- 63½ . . . • lst, 1940 .... . . .. ...... 4 - •... 75 - 76 - . . . . 87¼- Si ½ . . . . Guaranteed, 1940 .. 4 ...• R.W.&O.-SuN. Y.C. - .... 103¾-104 Rntla,, d-lat, cons .4½ .... 9,i - 95 - •• •. 84- &1, &I,½- 84c½ 91'4- W 87½- 92 . • • • - • . . . 91 - 93 ·St. J. & G.I.-lllt,'4-'7.4 .... St.L.&I.M.-SeeM.Pa<". St.L. & San Fran.Ry.Class B, 1906... ....... ti 104¾-104% 105 -105 .... - ....... . - .... 103¼-103¼ 1(13¼ -103¼ ... - ••• . .. • - ........ - .... 106½-106½ . ... - •... 104 -10! • .. .. .. . - ........ - ........ - ........ - .... . ... - . . .. - •.• . 103½-103¼ 103½-103% . . • Cla ■ s C, 1906 .... , ... ti . ... General, 1931 ....... . ti 123 -124½ 124½-124¼ 122¾-122!14 •••• - . ... 125 -125 126 -127 . .. . • •. . . 1253-(-125½ 12,3 -126 . ... - . .. . 128 -128 129 -180¾ 111½-lll½ 1119,!-113 112½ -112½ 113¼·114 114¼-114¾ ll()¾-111 -ll2½ 112 General, 1931 ........ c') 110 -111 110 -110~ 110½-110'4 111 -112 lllJ.(-112¼ 96½- 96½ .. . . - .. .. 9 ½- 98½ 99¼- g9¾ . ... 06~- 911¼ . .. . - . . . . 96 - 9B 06 - 96 RR. consol. ll,, 1996.4 86¾- 90~ 89 - 91 86 - 87 SOM- 82" 1~- 85½ 84¾ - 87 79½- 83½ 80 - 82½ 82 - 837-! 81¾- 82¾ 81¾- 83 Refundlnar. 19~1 ..... 4 82¾- &I, 9¼-98½ 96 -96 W -94 - .... 94 - 94 ~-year a old note■ . 4~ .... 98¾- PS¾ ••• - •.•• S. W. Dlv., 1947 .... ~ 100 -100 - .... 123~-126Xi .•.. - .... - ••. 122~ -122½ .... K.C.F.S.&M.,con.6 . .. . - .. .. 119~-119¼ .... &I, 86 85¼t-'5:k\ 84c!,,(85¼ 81 81¼ 79 89 86½- 90 80¾ 85¾79½86¼ 80½ 78!,480¼ 78½Sv½ 70 80¾ Ii.. C. Ft.S.& M., reU 78 .,Relllatered ........... 4 77¼- 78½ ·St. Louis Southw'n97%- 98½ 92!1:(- fl4½ 94¾- 96~ 9,i - 95~ 91),g- 95 92¾- 94 97 - 98¾ 98½-100¼ 97¼- 98 95~- 96¾ 96½- 97 l ■ t, 1989 ... .... . ....... . 4 92;,(- 94 2d Inc., 19S9 ......... . 4 72½- 76½ 74 - 76 76 - 78¼ 77 - 78 70¼- 77½ 71 - 74 73 - 76 11 - 82½ 82¾- 83 82½ - 85 s2 - e5~ e5 - 85¾ 70 65½74% 67),g74¾ 72 79¾- 81¾ 72¾ 83 70¾79~73¾ 81 70 79¾74% 80 71~ · 79~ 78 68¾- 72 Censol., arold, 1932 .. 4 70 <St.P. & Dul.-SeeN.Pac. ·8t. P. Minn. & Man. 110¼-110¼ llOJ.! 111 111%-112 109¼ ·109¾ 110 -ll()¾ll()M-llOM - ... . 110¼-110½ . .. - . . . 107¾- l ~ 109 -109 2d mort., 1909 ....... 6 lat, consol., 1933 .. . 6 130 -131 13~131 131 -132 . .. . - . . . .. .. - .... 132 -132 132¼-132,4 133¼-1331}.f 13,i -13!~ 134%-13!~ . . .. - . .. . . • - ... . Reduced to ......... 4½ 107¾-108% 107½-107½ 107¾-107¾ 108!,,(-108¾ 109 -109 110 -110 l03%-lU5¾ . . . . - .. . . . .. . - .... lll¾-112¾ lllll(-111'½ . .. - . .. . - .. . 111 -111½ 111'4-lll:J,i .... - . . . . .. . - .. 1113,(-111;,( - . ... 110¼-111 lll½-111½ 109¼-109½ ... Dakota Extenalon .... 6 . . . . - •. . 103 -103 103;,(-101 103¼-103½103¾-10,i 104 -104½ 103 -103¼ lUent.Ext.,ht,193'7.4 100 -101!-fi 101 -101¼ 101 -101½ 101~-101~ 102 -103 - .... 104¼-104½ ...• - ... 10~-102¾ . . - ... . ... _ .. .. E. M. l ■ t dh·., lat .... ll ... . - . . . . 133 -135¾ . . . • Ment.Cen.,lat,1937.6 ... . • . . 134'4'-134'! Reiri ■ tered .... ...... . 6 ... . - ••.. 116!14-116¾... - .... 114-½-114~ ..••. lat, aruar., 1937 .... ~ ... . WUl. & S. F'., bt ... ~ 117 -117 ·S. A. &A.P.-See~. Pac. .... .... ·•• · ,San Fe Pr. & P.-t ■ t . .:. 110 -110 •S. F. &W.-SeeA.. C. L. 81M- 83¼ so - 81¾ 81¾- 85~ 83¼- e5 82½ 70~69 - 70 68 - 69¼. 69 - 70¾ 69 - 70 ·Seaboard Air Line ... . 4 65 - 70¾ 65%- 68M 69 - 70 97¾-10,) 100 -102½ 102¾-103 1027,,~-lOi 101¼-102~ 102 -1033,( 97 - 98 Coll at. trust, l.911 .. ~ 96 - 98½ W¼- 97 97 - 97¼ 98 - 99½ 96¼- 97 . . . - . . . . . • • - •... 104!J4-104¾ . . . - . . . . . . . . - . . . • • . - . . . . .. • - .. .Fla. C. & Pen., '43 . . ~ .... _ . . . . . . • . •Ga. & Ala., l11t, con.~ 102 -102½ •.. - . . .. 102¼·103¼ lOZU-101~ 104"-105½ 105¼-105~ 104 -105 lOi¼-105¼108¼·108!14109¾-109:,lt 112 -112½ . ... - ... . 109 -109 .••• - •••• llQM-11~ .. .. - ........ - .... 108 · lf8 •.. . 105½-105¼ ...• -Ga.Car.& N.,lat.aru.5 ... . 92½- 93 . . • . - . . . . 91 - 92¼ . . • • - • • . . . . . - . . . 98 - 98 . . .. Carolina Cent,, con.4 .... - • .. . . . • . - .. . . . . .. - • • . . 92),,(- 92~ 93 - 98 ·s.c. & Ga.-See South'n Southern Paclftc Co.2•1}-year, 1901} .. .. .4~ 97¼- 99¾ 9~- 991,4 99 -100 100 -101¼ 101 -101¾ 99¼-100% l00~-100~ 100¼ 101½ 101¾-101%101~-102~ 102,¼-1C2½ 100 -100-U 93½- 94¼ 93¾- 94~ W¾- 96x gs - 115 90M- 92¼ 89'4- 93½ 93¾- 81½ 93¾- 95 87½- 89½ 88 - 89½ 69¼- 91 Collat. trust, 1949 .. 4 87¾- 90 W½- 94½ . .. - ........ - .....•. - .. . Rearlstered . ......... 4 85"- 871¼ -110 113}:( 113~ ... - ..• llQM-110~ 109 •... . . ...... ••• .. ... 100,4-102 98 98 97 97 Austin & N. W., l11t.~ 99¼-101 100 -100¼ lOOM-101¼ 99~ -lCO¼ 100 -100!..( 100*102¼ 101¼-102 101~-lOL¾ \19 -100 Ven. Pac., lat, ref,a- 4 99¾-101¾ 97½- ~ 97~- 9J Mort., aru., 6',.'29.3½ 84 - 85½ 84 - 85¼ &l,7-(- Si¾ 84¼- 85½ 85~- 86% 85 - 88 87¾- 88 87¼- 88% 87'-'- 88½ 88½- 88~ 88½- 89 Sil>(- 69}( - ... 10.i½-109~ . .•. 107 -107 11()¼-llU½ .G.H.& S.A.,tat,'10.ti - . . .. 103 -103 2d, 1rold, 1901} .... . 1 100.l-9-100½ 102 -lCl'.& ... - ... . 103!M-103~ .... 112½-112¼ -113 110 112¼-112¼ -113½ ll2 . ... .... •••. ... . -107 107 ... . -109 M. & P. Div,, lst .. :i 107 -lu7 .... - •.. . 105%-105:)j 109 110 -110 •Gila Val. G.&N.,lst.~ 105 -105>f! 105¾-105~ . .• . - .. lOS -108 106 -106 105 -105 1C6 -106 107 -107 .... - .... 108½-110¾ .. . lM¾-104¼ - .... 106¼-107¼ .... - .... 103½-103xi . ... ,H,E.&W.Texo, lat. . - ... . 111 -111½ 112¾-112¼ 118 -113~ 112½-118¼ 'Hou11.& Tex.C., lot.I} 110 -111½ 111 -112 111 -111¼ 112 -112 - •.. 113 -113 ConHl., ar,, 1912 .. . 6 112 -112 .... - ... 112¾-113 . .. . - .... 118 -113 112 -112 112 -112 112¾-112¾ 113 -113 ..•• 93½- 93½ 92 - 93 .... - .... 94 - 9! .... - . .. 96 - 96 .•.. - ..•. 95¼- 95n 95 - 95 92 - 92~ 93 - 93 General, ll•• 1921 . .4 00½- 92 - ... 129¼-129~ .. 180 -180½ 130 -130 .lflora. La. & T., lst.1 ... - •... 122 -122x 122 -122 - ... . . .. - ... . 121 -121 .•.. l ■t, 1920 .... . ....... . 6 .... - . . 10(3¾·1 ~ 106¼-106¾ lOdM-107 104c¾-l04¾ . . - .... 105 -106 No. of Cal., lat, gu ... 6 - .... 102 -102 ... . - . . . . . ... 'Or.&C.,lst,an.,•2,-.~ 100 -100 .... 88 - 90½ 87½- 90% 88 - 90 80 - 82½ 81¼- 87¼ 83¾- 85~ 82½- 85¼ 8:i¾- 88 78¾- 80 ~an An. & Ar. Po.H.4 76 - 80¾ 78 - 80~ 78 - 79 • •.. 110½-110½ . .. - ........ - .... !OB -lOi¼ 109¾-109¾ .•. - .... ...• •So.Pac.,Arlz.1909... ti 105 -105¾ . .• • - .... lOcl¾-100½ 107 -107 108 -108 ht, 191U ............ 6 100 -lOB .••• - •.•. 107½-107½ 108,¼-10~ .... - .... 103%-108¾ 105~-105¾ 107 -107~ 110¼-llO)a ll()¾-110¾ ... . - .. . 111½-111¼ - . 100¾-100~ .... - ........ - .. . . 101½-101½ 102 -102 :So. Pac. Cal., 190:J .. 6 ... - . ••. 104}4-104¾ .••• - ... . . ..• - ••.. 104½-10!½ 102 -102 lat, 1906, C. & D .. 6 .... .... . ... - ... . - ... 112¼-113 .... 1153-(-115¼ .... l ■ t, 190~, E & F .... ti ...• - •... 114½-114½ 114¼·114½ . ... ht, 191'.l .............. ti .... 1st, consol., 193'7 . . ~ .... - ... . 119 -119 ... . Stn.mp., 190:i-3'7.~ 107 -107 ...• - .... 109 -109½ 109¾-110 107¼-107~ 107M-109 109 -109!,4 109 -1C9 109 -110 110 -110¼ 107½-107½ 107M-1071J,( - .... 108 -108 ... . -S. Pac., N.Mex,, 1 at.ti .... - .... 108"-10~ 108 -108 .... - . . . . 103 -103 .... Tex.&N. O., lat,'0~.1 .... - ... 101 -101 .... . ... 109 -109 Sabine Div., lat ... . fi .... Consol., arold,1943.ti 103 -103 '8outhernht, consol., 1994 .... ~ llllo(-114 111 -113~ 111¼-113¾ 113 -115¾ 115½-116~ 115¾-118 114 -115½ 114¼-117% 117 -117½ 117}4-118¾ 118 -120 119 -121 Re1rletered . .......... ll .•.• - •... 108 -110 ••.. ll6 - 9~ 96¾- 97¼ 95½- 96 91¼- 95½ 96¼- 97¼ 94¼- 95 92¾- 95 93 - W 93 - 91 95 - 95~ 93 - 93 lU. & o. col. tr., '38.4 93 - 95 - .... 114 -114 .... - .......• - •••. 115½-115½ .... - .... 117}-4-117¼ lUemp. Div,. l ■ t.4~-~ ... 99 -100}4 119 - 99 \17¾- 99 97 - 98 95½- 97 115 - 97 94 - 98 93¾- 9!¾ 03!J:(- 95 ·St. Lonls Div., ht ... 4 94 - 94½ 9! - 95 93;.- W . .. - •.•. 118½-118~ .... - ... . - ........ - ... . 115 -117½ ...• .Aln. Cent., 1st ........ ti .... - .... 94¾- 95¾ 94c½- 114½ 96¼- 96½ 96¼- 97 96¼- 97¼ - .... 95 - 96¾ .Atl. & Dan., l ■ t,'48.<I .... - .... 91"- 92 91%- 91¾ ...• 89¼- 90½ 90 - 90 ~d, 1948 ............ :.4 .... - ........ - .... 118 -118 ..•. - ... ,c .. 1. & Greenv., lat.ti .... - ....... . - ... . .. . 116¼-111% - .... 116 -116½ . . . • - .... 113¾-115 E.T. Va.& Ga., Dlv.. li 1133-(-113!,4 .•.• - .... 113 -113 113~-113½ .... Conaol., ht, 1r........ ~ 117½·118~ 117¼-118¾ 118 -118½ 118}4-119¼ 117 -118½ 118 -118¼ 118),,(-119 119 -120 120 -121 120!J;j-121¾ 119!>:l-121 121 -121 - . . 111~-llll,4 11~-lll!¾ . . . . - . ... E. Tenn. reorg. llen .. ~ .... - .... 110½-110¾ ... . - ... . 109 -109 111¾-lllll:( 112 -112 11~ -112 .... 123 -123 .... - . .. 122¼-122¼ ... - .... 122,4·122¼ 12l!lt-12! 125_¾-125¼ ·Go. Pac., 1st, arold ... 6 118¾-lIB¾ .•.. - •.•. 122 -122 - .... 124¾-124:J4 -125 125 . ... -122 122 .... 121¾-124 .... .••• Knox. & o., lat, ar ... ti 120 -120 116 -116 116¼-116½117,4-118 .... Rlcb.&Dan.,con.,ir.6 .... - ....... . - ... . 114 -115 115 -115 116 -116 116 -116¾ .... - ••.. lll~-111!,( - ... . 112¼-112½ ... - ... 112 -112¾ . ... Deben., ■ tamped .... ~ ... - ....... 87 - 8,½ . •• lllch. & Meck., l ■ t .. 4 .... - ........ - .... 107%-107¾ 109 -110¼ 107!,(-108 .•.• -~o. Car. & Ga., 1st .. ~ 103½-103!'4 10~-104½ 104½-105¼ 106 -106 104}:(-104¾ 105 -10~ . . "Va. Mid., ■er. A.' 11.ti .... - ........ - . . . 103 -103 - .... . ... - .. .. 109 -109 .... - •.•. 110 -110 -110 110 .. .. ....... . . ... .... ... . .... ........ .... Serie ■ D, 19"1 ... 4 ti General, 1936 ...... li 110 -111 111¼-112 110➔.f - llO!J;j 112 -113 .... - ..•. 112 -118!14 .••• - • .•. 112~-116 113*116 117 -117 •.•. - .... 116 -116 Stamped, aruar .... :i .... - .... . .. - .. . . 110¾-ll0:J4 112¼-112¼ 110½-110¼ . ... 117 -11~ . 116~-117 114 -115 .. .. - .... lll».(-115~ W ~. ,- ,.,.. 1 .. r.con fi ll:lM-114¼ 112¾-ll:l l t3 -113   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ........ - ........ - ........  ········ ········ , - ....  ... -  -  RAILROAD AND MISCELLANEOUS BONDS.  81  1904-C:ontinued. BON DS.  -----------Stat. lal'd Ry.-l•t .. 4½ Term•l A.sa'n ot ~t. L,tu, 1930 . .. .... . .. . 4'\ot 1st, consol., 1944 ... . ~ Gen . ref., 1 P03 ... .4-~ St. L. Mer. B'ge Ter.~ Tex. & N. o.-Su So. P. 'l'exn.s & Pnclfl clst, E. D., 190~ ...... 6  JANUARY FEBR'RY. \ MARCH.  g old.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. Nov'BER DEC 1Bl!JR.  Low.Hbrh Low. Hilrh Low.Hi,:rh Low.Bbrh Low.Hii;rh Low.Hl,:rh Low.High Low.High Low.High Low. Hi~h Low. Hi,:rb Low.High - ... 100 -100  .... - ........ - ... . ... -  .  115¼-115¼ 1121,4-113  - . .. 110 -110 - . . . . 1141,ji-114½ 115 -115  .. . .... - ........ - .... 110 -110  .... -  ~.woo ........ o 115½-116¾ 115  -116¼ 'Id, ,i., Inc., !lOOO ..... O 92¼- 98 85 - llO La. Div. B. L., 1st ... 5 108 -110~ 108 -108 W.M.W.&:N.W.lst.~ ... . - . .. . 101 -106½ Toledo & Ohio Cent' 1ht, 193~ ....... ... ..... 0 112),(-112½ .... - .. t ■ t,  APR L.  116)4-116,a .... - . .. 117¼-117~ 118 -118¾ ... 98 - 98½ 98),(-100¼ 100 -100½ 100)4-100½ 100¼-100½ lOQ¾-101¼ - ... 112¼-112¼ . .. • - .. .. . . . . - ...  . .. . - .... 102 -102 - . . . 100 -100 101¼-101~ lOl¾-101¼ 115¼-117 llfJ¾-118¼ 118!,a-118!}.( 116¾-119 117,¼-lW 118 -119),fi 119½-120¾ 120 -122 l2U¾-122 119),(-121¼ 90 - 90 85 - 89 85 - 85 80 - 82 .... 81 - 81 88 - 93 92 - 93¾ 93¼- 98 95 - 97 .... - ........ 108 -109 - .... 109½-109Xi .... 106½-106½ ..•. • . . . 105¾-105¾ 105)4-106½ . ... - .•.. 113 -118  114 -lH  . ... - .... 11,i!ij-115  .. .. -  - .... 115¼-115¼  West. Div., 1st, '30.5 - . ... 111 -111 103½-103½ 107 -107!1-4107 -107 .... General, gold, 193~.5 105!ij-105¾ .... - .... 105 -106 Kan.& ll'I.,l11t, gu,,g.4 91½- 92 93½- 94½ 96 - 96 . . . • - . . . 96 - 96 . . . . 91¾- 9 ?X1 ~2 - 92 02½- 93 96 - 96¼ 91 - 91 Toi. Peo, & W.-lst . . . 4 87 - 88 87¾- 88 90 - 90 . . . . 90 - 90¼ 1'0 - 92 93 - 95 89¾- 91½ 92 - 92 93 - 93 86 - R6 8t1}4- 00 Toi. St. L. & West. .. 3½ 81 - 83½ Si - Sj 84 - 84¼ 85 - 87 87 - 90½ 89~- 9J~ 90 - 90½ 00 - llO¼ 84 - 85 81½- 83 84¾ · 85¾ f-3 - 84' 50- yeo.r, a-., 19!l5 ... 4 71 - 721}.f 69 - 71~ 69}2- 70 71 - 78½ 72½- 77% 77¼- 82½ 78}4 · 82 ~ 80¾- 8!i 69~- 70½ 69¾- 71 82½- & 68 - 70 Tor. Hn1n. & H.-lst. 4 . ... - ........ - ....... . 94 - 95¼ .... - . Ulste1· & Delawarelst, consol. . . .. ....... . O 106¼-106¼ 106¼-106½ ... - ... 108 -109 109:½J-109~ 110¼-112 112 -118 110 -111½ ... - . .. 111¼-112½ 112¼-113 lll -111 l ■ t, retund., HM~ ... 11 .... - . .. . .... - ... ... . .... - .... .... - ... . 91¾- 92 92¾- 93 94¾· 9434 98 - li3X? . .. . - .... 94i)r 94~ Union Po.clfic50-yr., iiold, 194'7 .... 4 lOOll,!-103¾ 102½-103¼ 102%-108¼ 108¼-104¾ lWJ.4-105~ lO!i!l,(-106 103¼-105¾ 105 -105!1,1104,¼-1051H, lO!i!}.(-105½ 105 -106½ 105'-(-107¼ Rearistered . . .. ...... . 4 100¾-108½ 102:)f,-102¾ 102¼ ·104 ... . 102:½J-104 .... - . . . 103¼-lW½ .. .. - .. . l02~-104~ htllen, conv., 1911 .4 95}.(- 98},! 94,¼- 97J.,, 91¼- 98:J:f 0:!½-100¼ 96¾- 97!J;s 96¾ 100 99¾-103½ lOlJ.!,-105¼ 103¾-107 106¼-114~ 108),(-116x 106¾-116 Reiiistered .... ...... .4 96¾- 96~ .... - .... .. . - .... . . . . - .. .. 9tl¾- 98¾ . ... - ........ - . .. 105¼-1Ci5 x no -110 10ll%-115¼ .... - ... . Or. RR. & :No.v.,con.4 98¾ 100¾ 98½-100¾ 09 -101¾ 101¼-101!1,.; 102 -102¼ H·0,¼-102½ 101¾-102¼ 101¾-102).t l02!,;'-108 103 -10~¾103J1i ·lW¼ 102 -102¼ Or. Short Line, 1st .. 6 123¾-124 120'A-122 12U¾-122 l21¾-122 122¾-122¾ 124¼ 124!,t 125¼-125½ 121 -1:22 122},ji-124 124 -125 125 -12 ix,. t~l'.i¾-127 Or. S. Llne,lst, cons.O 111 -113}.! 113 -113½ 112¼-113~ 114);{-115 lH¾-11~ ll6¾-117 114¾-115 11414-117¼ 116¾-117½ 117~-ll~ 118 -12~ 119 -121¾ 4s & pa.-tlclpo.tlnar .. 91¾- 96¾ 90¾- 93 90'J1i- 95¾ 9!¼- 95~ W¾- 95 ll~· 97¾ 97 - l!S}.! 95¼- 97 96¾- 99¾ 98¼-lW¼ 103¾-104'¼ 10~-10!~ Reiiistered ....... . . 4 . . .. - ... . .... 95¼- 95¼ . ... - . .. . - . .. . 103',(-103M Otfs. for rerund.... . 4 . ... - .... .. . 96¾- 97¾ Va. Mid.-See t;outhern. - . . . 108½-103½ 108½-104 103!}.(-lW¼ 102½-102¼ 108 -108 106 -lOil Va. & S. W,-lst, a-u .. 5 100~-103¼ lOi -104 - ... . 107 -107 llO -110 Wabasbl ■ t, iiold, 1939 ...... .. 5 114¼-116 115¼-116 115½-116¼ 116:½J-118 114¾-115~ 115),(-117½ 117),(-118¼ 117),(-118 117¾-118¼ 118 -119 117 -118 117 -119),( 2d mo1•t,,1rold, 1939.a 106!1,(-109½ 106¼-107 108¼-107 108 -1U8½ 108 -1U9 109 -100:J4 1()9¾-110 107¼-108 108 -109 109½-110½ 110 -111 110¼-111¼ Deben.lnc., 1 U39, A.ti ... . • ... - . .. . 94 - l.l!i 95 - 95 . .. . Deb. inc .. 1939, B .... ti 61 - 68 68¾· 66¼ 57 - 62¼ 60M- 68¾ 6~~- 61~ 5d - 61,d 57 - 60½ 58 - 63 62¾- 66½ 64¾- 6S~ 64.¾- 70~ 65 - 69!,4 il.st lien t>quipment .. 5 102 -102 - .. . . ..•. D,&Ch.Ex1., 1940~ 106!,4-107 .. .. - .... 107 -107 108½-108½ . ... - •.. llO}!i-110½ .... - .•. 109~-110 110¼-112 111¼-112¾ 112 -112 Des Moines Div. lst.4 . ... - . . llO - 90 96¼- ll7 ... . ... - .... ... . Omaha Div,, 1941.3.x? 80½- 81¾ 71l¾- 79~ 81"- 81¾ 81¾- 81¾ 81),(- 81¼ 83 - 83 82¼- 83¼ 83%- 831k . ... - •.. 85 - SB P5 - 9!i 9 ¾ 99 Toi. & Chtc. Div • . 4 - •....•.• - .. •· 85¾- 87 84, - 88 S i l,(- 89 88½- 91 We ■ t. Mo.ryland-lst.4 West. :N. \'. & Po..I - .... 116¼-116,s 117%-117!!4117½-117~ 118½ 118).\ ll9¾-119'i - ... . 115¾-116 l•t, 1937 . ..... ........ 5 - ... 115 -115¼ 93 - 93~ .... - .. . . 96 - 96 96 - llO¾.... - . . . . 95}4- Iii>>: 96¾- ~ General, 1943 ..... .. 4 .... W. No. Co.r.-See So. Ry. W. Va. (.~en,. & Pl us.112 -112 1st, 1911 ........ ..... . .6 Wheel'ar & Lake Ertel s1, l 926 .. ............ 5 112¼-114 112 -113~ . ... tJ.2¾-112~ 114 -114 109¼-112 Wheel. Div., 1st .... ~ ... . - ... . .... - .. . . . .. - .... 110),(-ll0)i ... Ext & Jmpt,, 1930. 5 ... - .... . ... - ... . lOJ -103 . ... - ... . . .. ~0-yr. equip., 19~~.. ~ . .. . - .. . .... .... - . ... 102:Ji-108 100 -100!,4 100½-100~ - .. . l02¼-102¼ ht con., 1949. . .. .4 88¼- 91 88~- 90½ 86 - 89¾ 87~- 89¾ 89)4- llO 81:l,v- Ul¾ !'10,¼- 92 91 - 91½ t9,¼- 90¾ !:JO¾- 91¼ 91 - 1,3¾ 98 - 9i Wisconsin Cent'l Co.50-yr. J ■ t, ii .. 1949 .. 4 88¼- llO 69 - 90 89 - BJ¾ 89¼ - 90½ 90 - 1,0¾ 90 - 91¼ !:9 - llO 89¼- 90 89¼- 91 001r 93 91¼- 93),,, 92 - 98 STREET RAILWAY. B' klyn lto.pld Trans.Gold, 1U4:i ..... . . .... fi ht, conv., llOO~ . .... 4 B'klyn Clty,lst, con.~ B,Q.C. & S,, con. gu.5 B'klyn Un. El.,l8t.4•5 Klniis Co. Elev., lst .4 No.Hau Elec., .roar .. 4 -Conn.Ry.& Lt.-lst.4).\ Metropol. Street Ry.General.. ... . .......... 5 Refundinar, 200~ .... . 4 B'y & 1th Av.,1943.~ Col. & 9th Av., 1st .. 5 Lex. Av. & Po.v. F .. ~ 3dAv.,ht,au.,2000.4 lst,1937 .. ..... . ..... .~ Met. W. S. EI. (Ch.) .. .4 Mtnn. l!lt.-l8t consol .. 5 St. P. C. Cable - l'on• .. ~ Underar'nd El. Rn. of London profllt-sh'a-. . 5 U nited Rys.,St.Louis.4 (Jolted RRs., So.n .ll'r.. 4 GAS AND ELECTRIC, Brooklyn U. Gas-1st~ Buffalo Go.s-l8t. .... ... ~ Consol. Go. ■ (N. Y.)Conv deb.1909 ...... 6 Det. City GD.8, 1923 ... 5 Gen. ~lec.- Deb., g ... ;J~ Bud. Co.Gns-lBt,'49.5 K. C. (.ll'lo,) Gae- ht.. -~ K iniis Co.EI.L.&PowPurcho.ae money. ti Ed. El. Ill. (B'klyn).4 Laclede Go.s,St.Louia1 "' • Pold ...... !\   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  101 -102  100 -lLO  100 -102 73 - 75 107%-107¾ 108¼-108~ 108¼-1(!8½ 100 -100 ... . LOO -100 100¾-103¾ 100 -101 100¼-102¾ 86 - 87½ 82 - 85 83 - 85 .. .. - . ... - .. . ... - ........ - . . . . 90 - 92Xi  .... - ... . ... - . ..  118¼-115½ 112½-118~ 89½- 92¼ 90 - 9lx, 112¾-113½ 118 -113¼ 119 -119 118¼-118¼ 116)4-116)>4 ... . - ... 94¼- 95¼ 9i¼- 95 117 -117 116¾-116~ 95 - 115 94 - 95  93¾-102½ 102 -102½ 102~-1C6x 105 -106¼ 72¼- 77¾ 76¾- 77¼ 76¼- so 77¾- 78¾ 108¼-10S¾ . ... - .... 108!1:(-109 - . .. ... - . .. 101½-102¾ 102¼ 101~ 104:½J-107 107 -108¾ 85 - 86¼ 85 - So¼ 86¾- 90.x 110 - 91 79]4- 30.x? 7if¼- 81 60~- 85 82¼- 83¼ 90 - 91 92 - 94 94½- 97X1 96¼- ll7  113 -114 112¼-118½ 90 91½ 89 - 90½ 113 -114 115 -115 115½-115½ . . . - ... . lU -lH ..•. - .. . . 9-l½i- 95 94¼- 94½ 116 -117 118 -118 . ... -  112½-118¼ 90 - 90X? . .. - . .. 116¼-116¾ 115 -l15Xi 91 - 94¾ 119 -119¼  112½-114 89~- IIU'l,,, 113 -115 . .. . - ... ... . - . . . 91¾- 9il 121 -121 Oi - 114  .... .... -  112M-114  114' -116¾ 90 - 91¾ 115)8-116 117½-118¼ . - . . .. 93¾· 94¾  114¼-116 115 -116¾ 116 -11811117¾-118¼ 117¾-118¼ 91 - ll2~ 91¼- 92½ 90¾- 112 91!,(- ll2 li t ¼- 1'3l,1i .... - .. . . t16½-116½ . ... - ... 117 -ll'i 116!}.(-117¼ llS¾-118¾ .... - . . . 117 -117 118 -118½ 120 -120 117:14-117~ 115¼-115~. ... . - .... .... - ...... . . - .. .• 9! - 96!,i, 96,1,s- 0 ,!)a 96¼- 97 9~- 98 97¼- 98 - _. .. 118½-118~117¼-117x . ... - ... . . .. -  110 -110  .... -  - .. . 106¼-lOtl½ ..• . -  .... .... 75!,fi- 80  105 -108¼ 1013 · 108¾ 10:l%-107.x 107}4 106 107¼-109],( 78 - sz~ 79¾- 82 80¾- 85 83¾- 85% 88¾- 85;1,! 109½-110 107½-108½ 108:J.;!-lOJ¼ 109¼-109-. 102 -103 101 ... -lOJ 106 -105½ 105¾-105],( 106 -10.:-¼ 107)4-108 107¾-108~ lOJ -lll 109¼-110¼ 88½- 9l>a 90¾- 91 91 - 93 92 - 93 92 - 98 8~¼- 88 86¼- 89 87½- 89¼ 88¼- 90 88 - 89Xi 97 - 98 117½- 98½ .. . - . . . 99 - 99),4100¾-100¾  79 - 79¼ 78¾- 80  113 -114  .. . . - ... . 65 - 65  81 - 81 77:½J- 78  90¾- 99'½ 97 - 99¼ 80¼- 80½ SO;.{- 80¾ . . . . 79¼- 80 81~- 82X? 86¼- 86,-_ 85 - 8~½ 67¼- 89 n - 79¼ 78.½i- 80~ SO¼- 831}.f 84 - 84½ St¼- ss s2:i4- 85¾ 84%- 8n~ 87¼- t- s  118)4-114½ 118¼-115]4 112)4-113 ~ 112½ 115¼ 115),(-115¼ 11~ ·115~ 115½-116½ 116¼-ll'i ¾ lH¼-lF~~ 116¼-117 - •.• . .•. - ... . 63 - 68x, 54 - 6t> tO - 60 6a - 70 70 - rn),4 68 - 70 6J - tl9  .... 96 - 96l',t 96 - 97¼ 97 - 97¾ 97¾- 98 96¾- 97½ 88¾- 88¾ 88 - 83 . .. - . .. . 88 - 88 10:l -105 104¾-105½ 104¾~10!:J4 . •. . - .... 103¼-10331, . ... - ........ 117¾-117¼ 119 -119  171%-173¾ 9:5¾- 96¾ 9 1,¼- 90¼ - ....  172¾-178 178 96¼- 96½ 97 .. . . - .• ..... . 105),(-105)4 . .•.  -18::s 186½-19!~ 186 -188¼ 174 -187 - 9j 98~-l(!O 9;}¾- {)9>.t 100½-101 91¼- 91¼ ... . - . ... - .... 109 - 109 - ... . l07)4-108~ - ... . 100 -100  - . . . 120 -120~ . ... - .... 120),(-122¾ ... . - ... 12! -125 98¾- 93¾ 114~- Ui~ . .. • - . . . . . . . . - . . . . 98¼- U4½ :l6 - 96'A . • .. -  119 -119  119 -119  105~-107  106¾-108!4 l06¾-107¾ 107%-107¾ lOi~-108¼ t07l}!-10 ¼ 108~ lcr.l¼109-o-110~ 108 -109 108½-10{%  ... 106 -106':( 105 -106  171%-172 97 - 97 88 - 90 104¾-105  82  RAILROAD AND MISCELLANEOUS BO DS. 190<1-Concluded. BONDS.  -----------  J.ANC-.ARY FEBR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER . NOV'BER. DEC'BER.  Low.High Low.High Low.High Low.Hillh Low.Hillh Low.Eilgh Low.High Low.Hig-h Low.High Low.High Low.Hillh Low.High  - -- - - - - - - - - ·- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Mllw. Gas-L.-ht . . .. 4 871,4- fl{)l}.! 89~- 90 89 - 89ld 89 - 90 00 - 90½ .... - .. . . . - . . . . .. - • . . . N. Y. El. Lt. H. & P .. . 5 107 -103% 107 -108½ 107 -107~ 107 -107½ 107 -108 105½-108¾ 108,t-109¼ 109 -109½ 1G9½-HO no -111 lllijji-113~ I 9¼-111 Pur. mon. col. tr., a.4 92 - 93lJ:I 90 - IH¼ 00¼- 91 90¼- 91~ 91~ 93½ 9:!¾- 95 95 - 96½ 93¾- 9(½ 9i - 110:. 94¼- P4~ 94 - 9o 95}9- 116¾ Ed.ls. El.lit., ht,'10.5 10! -105 105¼-105¼ 102¼-102½ t03 -103¼ . .. - .... 1"4~-104¾ 105¾-105:J;{ .... - ... . l04¼-10t~ l04½-104¼ 1st, cons., 199/), fl .. ~ . . . 115¼-l lf>¼ 117 -117 120½-120½ N.Y.&Qu.El.&Pow.Con., 1told. 1930 ... .. 5 101 -102 lC0½-101 - •.. 101 -101 - .... 107¾-lOi* 100 -100 N.Y.& lUch.G.,1921 5 . .. People'tt G. L. &· CokP- .... 101½-101¼ .... - ... . 102¼-102,t .... lst, iruar ,ir., 1904. fi . ... - .. . 103 -103 101 -101 101¼-101~ 101!1:(-101¾ .... :ld, au ar., a., 1904 . . ti . ... - .... 12:a -122 12~ -122 121 -124½ . ... - .•. !25¾-125% 128 -128 124½-125 1st, con., ir., 1943 .... ti ... . 118¾-119½ 120½-124 Refunding, 194,. :i 104 -104 103 -103 - .. . 104¾:-llM¾ 106 -106% 109¼-109½ 105¼-107 Ch. G.-L. & C., lst .. 5 106½-107 107 -107 107¾-lO'i';J:( 107 -108 108 -10 . ..• - . . . 108 -100 10 l}.(-109!,, ll0½-110~ Con. Gas, 1st, 1936./> 105 -106 .... - .... 10:! -106½ ... - ... 105½-105~ .... - • . •. 105~-105:J,i 107 -107 105½-106¼ L07 - 107½ 10 ½-10'1~ 106¾-107¼Equit. Gas & F •• 1st.ti - .. l02J4·102¼ .... - .... 102~·102¼ lll::l -103 - ... . 101¾-101➔.I 101 -101 - ... . . ... - •... 101½ 101~ .... - .... tOl¾-102½ 102 -104 Mutunl Fuel Gas .... :; .... . ... - . .. . 105 -105 105 -105 Ml~CEL l,A NEO ( Tl-. Ad•nns Kx:press-Coll 4 102 -lll3 102¼-102¾ 101 -10214 lOO!)s-101~ 101 -101½ 101 -102~.! 102½-103 103 -103!,{ 101~-102~ l02!,,f-10rl½, 103 -114 IOrl~-104, B'ldyn Fer., 1st, cons.;, 61 - 66:J;s 6! - 64 64¼- 64~ 64 - 65 Ba½- oa~ 60 - 60 62 - 6 1 03 - 6462 - 62½ .... - .... 62 - 62¾ tl2 - 64 - .... 107¾-10 "~, Chic. Ju. & U. 81k. V .; Det lll.& i:U. L. G.-Inc 82 - 82 78 -80 7, - ~8 80 - 83 76½- 76~ 81 - 83 .... - •... EO - 81 N. V. Dock-:i0-year .. 4 90 - 91 90¼- 91 90 - 91 90 - 90 89¼· 90½ 89}6- 91½ 00 - 90½ 00¾- 9UJ,,. 91 - 91 9t¾- 92~ 03 - 95 Prov1den1 Loan.'~1.4½ I.JI:!~- 98½ - .... 112 -112 So. \'ubu Wnter ...... . ti 70 - 70 71¾- 76x tO - 80 U.S. Red. & Reftn'g,.0 .... tlO - 86 TELhG. & TELEP. 94-9-i .... 00 - 90 Am.'l'e leph,&Telefl.4 .... CommeTc'l Cable, lst.4 . ... 92 - 92 - .... 109:J;{-109➔.l 109:J,!-10~,. .•.• llht. Tel. & Tel.-lst.:i .... W. Union TeleirraphCol. tr., cur., 1938... :i 107 -107½ 10& -107 107 -107½ 107¾-108½ 108¼-108½ 108¾-1081}.i 108 -108¾ 108"'-109 110 -110,t U0¾-110.½ LJ 0¾-112 L12)1i-112!Ji, Fund. & R. E., '~0.4¼ 101_¼-104 101~-103;1:t 102~-103¾ 103¼-101¼ 101¾-lOJ 101¾-103½ 103½-105 10474 -105 105 -lOtl L05!.ii-10U~ 1U4 · 10! ➔•• 104¾1-104~ Mu t. Union Tel., 11. t.6 - ... . 107 -107 ,No. West. Tel.,'34.4½ .... - ... . 102 -102 . ... - .... 100 -103¾ .... .. - ... 102½-103 M'F'G AND INDrS'L. 96¼90¾ 97 97 97 - 97½ 98 - 98 9) -100 Ame1·.Uot.Oll,1910 4;,i, . ... P9¾-100 99!,g-11 0 97 - 97 95 - 25 75¾- 80 Am.Hide& Leo..-l8t.tl 70 - 81~ 80 - 86~ 76¾- 78 77 - 'i7 77 - 80 80 - 85 E5 87 b4 - 851,i 80 - 1:-7 87 - 95~ \15 - U ¼ 85¼- 85½ 85 - 85 117 - 87 Am. Spirits lUfir.-lst.6 86 - 88 85¼- 85½ 86¼- 86x 82 - 82 - 87 87¾- 8~ 88 - 94¾ 91 - 96 litl - !J7¼ 77½- 78¼ 79 - 79 78:½- til Am. Thread-llltcoll .. 4 74 - 74 80¾- 82!){ 82¼- 83 83 - 1:-tl 86 - 8 1 :-7 - 8 ¼ 76 - 77 Amer. Tobacco (new).ti .... .... - ... .... 107½ 108 l06M-lll~ lUI:! -llt¾ Ctfs . for gold, 19~1 ..4 .... 64 - t\5}1, 03¾- 'i 4H uu - 76 Consol. Tobac., :;o.yr.4 65 - 61¾ 53~- 57~ 56 - 59}:i 57;.(- 60 68½- 60 59¾- 62~ 61~- 64½ 62 - 72!.e :o·~- 7,X! 72➔-(- 'i~ 74>.t- 84 ►.: 74 - 1-6:J,.{ Ke11l1ttered ............. 4 .. .. 57~- 68>1, .... - ... . 58¼- 5811! 61;,1- 61~ 68¼- 68!,i 'ii - 7~~ 73 - 71 77 - 79 H5¼- 8j',,.{ Dht. Secur. Cor.-ht.:i 63 - 68½ 64½- 66½ 65½- 68 64 - e5}.t 62¼- 64~ 61½- 65 63 - t!5¾ 6'1¾- 67x, 66½- 74½ 6tl - 74x 73¼- 7i~ 77 - 80 Ill. "'teel deb., 1913 .. :i .... li2 - 92 Intern'I Paper-lst .... ti 106½·106~ IOil¾-106 105¼-106 106 -106¾ 107 -107 108 -108½ 108½-109x, 106¼-lOt!~ 108¾-lOJ¼ 109 -lOOx 109 -109~ LOO -109½ lot. Steam Pump, '13.t> 98 - IJ8½ 07 - 99 100 -101 101¼-102 102 -102 101¾ 103 100½-101½ 101 -102 lOl½-102¾ 102~-lUa\,\ tua -lOJ~ 104 -lO .. ¾ Knlckerb. Ice (Chic.).~ .. .. - . . . . 1!7½- 97½ .... - . . . . . . Lacko. Steel, l d •~a .. ~ 93 - 93}\ 93 - 93l}s. 9! - 95½ fl2:J,ii- 96x, 96¾- 9b¾ 073,.(- 9:, 97¾-101 lOQ¾-102 lOl¾-102¾ 100 -1oi 101¾ 105½ 105 -106 Nat.Starch lll'f'g-hl.ti .... 88 - 90~ Bi - 88 87 - 87 t9 - 89 ..• 90 - 90½ .... - . .. . 90 - vu N.l!im,ch Co.-~.t.deb.:i .... - .... 65~- 66 05¾- 65}.i 64 - 64 6i - 64 oa - 70 70 - 76 73 - ,3 ~tan. Rope & T.-ls1..ti 35 - 47 3d - 43 39 - 40 40 - 42 38 - 38 38 • 40 38 - 41½ ..• - ... 39 - 41¼ 30¼· 4.U½ 40 - 52 45 - t9.J.!> )Incomes, a-old, 1946.~ 11}.(- 4¼ 2 - 371, 2¼- 3 2 - 3 1½- 2 2¼- 2½ l¼- 2x, 2¾- 4¼ 3¾- 4 3 - II½ 4 U .s. Leatber-Oeb.8.1.ti 10;!>4-109 108 -110 109¼ 110¼ 112 -112½ 109¼-110 L09 -1C9.x, ll0~-110~ U0¼ -111½ 112 -112.½ 112¼-1 13½ 110 -110½ 1101}.(-111¼, U. "'• R ·a.lty & Imp ... :i . .. - ... - .... 80½- 83 80 - 85 81¼- 92 89¾- OH:. 83~- 117 95¼- 9i¼. U.S. !"hlpb.-ll!lt.A .... ., .... - . 29 - 28 - •...... U.~. St. Vorp.-~d,'ti3.~ 68¾- 75½ 71¼- 73~ ~2 - 75¼ 75¾- 79¾ 71¾- 74 73 - 75U 75¼- 79½ 77¼- 80 79'U- 82¾ t,2~- 88¼ 84 - 95½ 88 - f4 U.eaistered ............. ~ &¾- 74x 72 - 73 74¼- '14~ 74:}.1- 79 'il½- 74.½ 72¾- 76l-!i 76¾- 71J'.h 77~- 79:}.:i 79¾- 82¾ 82¾- 86 85¼- 95:14 90\s.- 114 COAL AND IRON. Col. Jfuel-191!1, g ...... ti .... - ... . l05 -105 l05 -105 - . . 107¼-107½ Col. F. & 1.-Gen., s.f.:> 97 ➔-£- 99 95½- 06¾ 115¾- 07 97 - {18½ 98 - 119 07!4-100 99¾-100 100 -100 100 -100½ ll-0 - 102 101 -102½ lO~-lOJ¼ Conv. debeo., 191 t . . 5 69 - 73x 70~- 711,-, 71 - 74 73 - 73 73 - 73 74 - 7'1 .. . . - . .. 79 - fO tO - 90 89 - IH Trust Co. certUic•t,. 7:.!½- 'i::lx, n½- 72).\, 70 - 71 71 - 72~ .... OJ¾- Oil~ 69½- 75 71½- 72¾ 73 - 7ll½, 78 - ~3 81 - 88 e2¼- 87 Gr. River Coal & C..: .. ti . . . . . . . - ... . 102),!!-102½ Cou1inent'I Coal-let . .) .... - . .. . 106~-107¾ 107¾.lO'i¾ 107½-107¾. Tenn.Coal Iron & Ry.General, 191)1 ....... I) .... 91~- 91~ 92 - 02 02¼!- 92½ 02 - 90 95¾- 96½ 1)/j - 96)4 - ••. . lt2 -104 lU6 -lOIS Tenn. Dlvialon ...... . ti . .. . ao -110 - .... lll -111 - . ... 104 -lOtS 106 -106½ 108 -108 IO!i§s-10~ 105 -108 LIO -1 0 112½ 112¾112 -113» 111~-ll:i½ Blrm. Div., 1st, con.ti 101½-103 Ue Bard.C.& 1.-Gu.ti 100¼-lvl>½ . . .. 102 -104 101½-lOi 103½-10! 10-! -105 tuf> -105 101¾-lOt 10~¾-10! 104)4-104}4 .... - .... llJ51J,.i-105,).t \ llo Iron c. & c.-tst-~ 71 - 71½ 71 - 72 68 · 70 67¼- 73 71 - 71 7L - 71 flfl~- 71½ 7L - l 6--½- 7-1, 7;{ - ~6 76"9 841}j 82 - 87  •  190:i. BONDS.  ----------  J.A.NU.ARY FEBR'RY.  MARCH.  APRIL.  MAY.  JULY.  AUGUST. 'I EPT'BER. OCTOBER. Nov·11ER  Low.High Low.IIlgh Low.High Low.High Low.High Low.llillh Low.High Low.High Low.High Low.Big  DEC'BE&  , ow.High .vw.liigb  A.nn Arbor-1 st,'U:i,ir.4 96¾- 98 99 - 9fl¼ 98~-100½ 99¼- W~ 99¾ 100 100 •101 99¼- W¼ W~- 99 . 9i> - W}4 98 - P9 9-1½- 19 9·½-100 A.tch. Top. & S. Fe.General, gold, 199/),4 103¾-104¼ 104 -104¼ 104 -105 102¾-103 l01¾-103¼ 103 -104 103¾ 105 103¾-104~ lOH~ 106 102¼;- lO!l¼ tOl:14-102¾ 102 -103 Registered .. . ...... 4 .. .. - .... . ... - ... 102½-102½ 100!,fi-101¾ lOll)s-102¾ .... 102~~ 103 .... - . . . 103½-101¼ lOl¼-10:t~ .... - •.. . 101¾·101% Con-vert .,iiold, 19/)/).4 .... - ........ . ... - .... 103 -103}9 100 -103 100¼-101½ 101¾-103¼ 102 -105~ 10!~ 106 103>11 105¼ lOZt}.(-105 101¾-103 Adjustm't, a., 199~. 4 94¾- 95¾ 95~.!- 9™ 96¼- 97¾ 96¼- 97 96 - 07~ 116 - 97¼ 96¼- 97 97 - 99 90 - 99¼ {19 - 99¼ 03½- 94~ 9J¼- 94¼ Reiristered .......... . 4 . .. - .. . . 93¼- 9~ .... - . ....... 95 - 9:5 Stamped, guar ...... 4 94~- 96 96 - 98 96¼- 117¼ 96 - 97 94 - 95¾ 9! - 96?1i 94¾- 95 05 - 97 9tS½- 97¼ 913¾- 93 9! - 94:):i 9'.l½ 9!¼ Deben ... E," 1907 .... 4 .... - .... - .... 90¾- 99¾ ... Deben. "G," 1909... 4 . ... - ........ · ........ - .... 99~ - 99¾ . ..• - .... .. .. - ... . .... Deben. "H," 1910 ... 4 99½- 99½ •. . • _ ... . ... East.Okla.»lv., lat.4 997-t- W¼ .... - .... .... - .... 98),( l:9½i 101¾-lOl½ .... - ....... 99!1;- 99¼ Atl. Coast L.-lst, Q' ... 4 101 -102½ 102 -103¾ lOQ¾-102➔.1 100¾-102¼ 101;.(-1 l2½ 1019,(-102)4 102)4-102¾ 102¾-103:J,i 1013,4-103 101)4-102 101 -lOJx LOlM-102¼ Reg1stere o . ... ........ 4 . .. - ... 102 -102 Ol)i-101¾~av . .Fl &W.,htir.ti . ... - .... 131~-131~ .... Ala. i.U ld .1st,19'lS . . d ... - ... 114.§s-114~ Brun & W., 1st '3S.4 . . . . - . . 100}4-lOO}d Sil. l':'l. Ocala & G .... . 4 .... 1:Jl - 101 L.&N.coll. ir., 19:i'l 4 .. .. 97 - 97;: 05¾- 95½ 95 - ll5¾ B. & O.-Pr. t.,ir.'2:i.3½ 94½- 96 95 - 95¾ 95 - 96 95 - 95~ 953,4- lifl¼ 863,a- 07¾ 95½· 96¼ 95¼- 95¾ 95¾- 97% 95½- 97¼ II ~s - 96~, 96 - ll6¼ Gold, 1,948 .. ......... .. 4 103¾-104!)! 104½-105~ 104¾-105 102:J,ii-103¾ 103)4-104¾ 104 -105 105¼ ·ll,t¾ 105)4-106 105 -105½ 103 -103)1, 102 -10;1), 10.!i)s 103¼ Re1ilstered ....... ... . 4 104½j-104½i ... . - ... . 103 -103 ... - .... 103 -103 .... - .... 10! -lOl 105 -105 10!½-lOi½ 102x;-102;,; wi~-102½ Lt2 -102¾ Conv. deben., 1911. .. 4 105 -lOIS¾ 105 -109}:4 1U9 -110½ 106 -110¾ 105 -101} .... - .... 113)4-114 Pitta.Jc.& ll'l. Div.3½ 91½ · 92¼ 92 - IJ3 U3¼- 93¼ 93½- 93¼ 91¾- 91!1:( 90½- 91 91¼- 92 91¾- 92½ 92'4- 9 !),i 93 - 9l . .. , - .... IWK- IH¾ P.L.E.& w.va.Su.4 99¼-100½]100 -101 100¼-100:J;{ 100~-101 98½- 9J 98¾- 9Jl)c< 99¾-100 99¼·100½100¼-lUO~ ll0¼-101 f/8 - 91-11; {18!4- 9•\r S. W. Div., ht, ir .. 3½ 92 - 93 92¾- 03 92¼- 93½ 92~ - 93 923,.(- 92¾ 92¾- 98¼ 91 - 92¾ 92 - 93 92 - 93 9~- 9:3¾ 9~¼- 03½ 112¾- 98 Registered ......... 3~ . . . . - ........ - . . . .. . . ~~¼._-....:9....:2"-' ¼e....::..: • ·..:..·.:. . ·_-.......:...--:.:.·.:....·..:..··.:....·_·_-___..:...:...:.____:_.:....:...:._..:....___ __:_ _ ___;._ __ _   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BONDS.  83  1906-Contlnued. BOND S .  JANUARY FEBR'RY  MA.ROH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. 8EP'TBER. OCTOBER. NOV'BER. DE0'BER.  - - - - - - - - _ _ _ Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High_  Bait. & 0.- Con . ) Mon. R . • 1 .. t llU• g ... G .. .. - •••. 108¾-108¼ ·••· Cent. o. Reorll.l&t.4¼ .... - . . . 109 -109 Pitts.& W., l11t,'11.4 .. .. - ... . 98 - 98¼ 98 - 98 97¾- 97;14 100 -100 .... - • .. . 98½- 98¾ J. P. M. & Co ctfs... ..... - . . . . 99 - 99 . . . . Buff.Roch.& P.-Gen.:i .... - .... 119¾-119½ . . .• - . ... 120 -121½ 120¾ -123¼ 123 -123¼ .... - .... 123¼-123¼ ...• - ..•• R. & P., lat, 1921 ... ti 126¾-126½ .... - ..... .. - .. .. 124½ 124½ . ..• - .... 124 -124 ..•• .. 125¾-125'4 Consol., l ■ t ........ . 6 124¾-124~ 126 -126 126 -126 - ... . 126½-126½ ..•. - .... 129 -129 130 -130 . ... - ...• Buff.& Su ■ q.-l ■ t, ref 4 98¾- 99 ~8 - 98¼ 98¼- 99~ 99 -100¼ 100 -100½ 99¾-100½ 98¼- 99¼ 98¾-100 100 -100~ .... - ... .. .. - . . 99¼-100 Can. Soutb' n-1 11 t, lfU .:i 102¼-108~ 103"!,t-104 103½-104 103½-103¼ 103¾-104¾ 104½-104~ 102 -102¾ 102!,i-103½ 102¾-103¼ 102½-103¾, 103 -103¼ 103¼-104 ~d mortiralfe .. . .. .... . . :; 107 -108 108 -109 105%-106¼ 105'4-106½ 105½-107 106:ij-107 107)4-107½ 108)4-109 104:J4-105 104311-105½ 105¼-10i>1½ 107 -107 C. B. U. Pac.-ht, a- ... 4 94 - 94 1Jent. RR. & B., Ga ... :i 110 -110 112 -112 .. . - . .•. 112 -112 .... - . . . . ... - • .. . . .. - .... 1013¾-lOB:14 . - . . . . . .. - ... .•.. - . . . . . .. Central of Gn.-ht .. . :; 121 -121 ... - ... 121 -121 120 -121½ 119 -119 119¾-119¾ .... - ....... - ... llQ¾-119~ 120 -120 ..•• - . . 120 -120 Consol., 194 :;, gold .. :; 113 -118¾ 113¾-115x, 115 -115½ 115¼-116¾ 113 -114 113¾-114 11$¾-115 114 -115 114½- 115}2115~-116¾113¼-114~ 118 -114¾ l ■ t pref. Income ... .. :; 90 - 92 91 - 92½ 91 - 93 91¾- 9! 92 - 94½ 9J¾- 97¼ 96 - 96¾ 97 - 99 98 -101 95½- 96¾ 95)4- 96¼ 95¼- 95¾ 2d pref. Income .... . .. :; 69 - 73¾ 67 - 74¾ 67¾- 74~ 74½- 78ld 74½- 81 80:J,r 85 83½- 86 85½- 87½ 85 - 88¼ 81 - 83}.( 80 - 82½ 80 - 82 Stamped ... .......... :i . . . . - . . . . 82 - 82 i-.1 - 81 3d pref. Income....... :; 57 - 62½ 56 - 59~ 52½- 60 59 - 62½ 59 - 66½ 67 - ';'S¾ 73 - 78!,4 '77)4- 80 79 - &½ 76 - 78½ 74¾- 7~ 75½- 76'-( Chatt. Div., 19:il-.. 4 95 - 95 95 - 95 - .... 94.¾- 94½ . .•• - •••. 93 - 93~ .. - .•. . .... Macon & N. D. l ■ t... O .... - • • . 115¾-116¾ Mld.Ga . &At. Olv .. :i .... - •.•. 110~-110~ 11Q¾-11CI% . •. M ob Ul-v., 1st ... .... . 0 .... 115¼-1151-2. , .. - ........ Cent. ot New J er ■ eyGen. mort., 1987 ... . ~ 134 -135¾ 135¾-13~ 135¾-136~ 1853,(-136¾ 135¼-186¾ 136 -136¾ 183¾-184 134 -134¼ 134~-134~ 182M-135 182!1:(-134½ l34¾ ·130ti Reld■tered ..... ...... ~ 133:!4-134 1185 -135½ 184 -184 184 -134¾ 13414-184¼ 184¾ -135¾ .... - .... 13!{J11-138¼ 132¾-132:J:j 182;fi·l33lk, 133 -133¼ 131:'1;1-138 Am. Dock & Imp .. . . .. ~ US -113 112¾-113 113:!4-113½ 115 -115 114¼-114½ 114¼-llt½ 112 -112 112½-113 - .... 113~-ll~ U:-3➔.( 11$¾ L. & W ., mol't., 'l!l .. ~ 1031)(-104¾ .... - . . 1037Ai-104½ .... - .. . .... - ....... - .... lOll}a-102 i Con. ext., '10, a-u.4~ 101¾-102!,4 102½-10~ 102 -102¾ 102 -102¼ 102 -102¾ 101¼-lOl!J,i 101~-101¾ lOlM-102 102 -102 102 -102¾ 102)4-108 101 -lOll}( Oheaapeake & Ohloeerte ■ A, a-old, 190S.ti 107¾-107½ •••• - . .. . 108¼-108}i . .• • - ... 106 -106 . ••. - .....••• ..• . - .•.. 104¾-lOH, •.•. - .....•• -  ~~::,~~;;~~~:ii.:::: iis¾~li9¾ ~~!¼=}!!½ iis½=li9~ iiii~122•· :~~=!~:~ ii.i¾=1is·· ~~~ =!~~½ iis:111~1iii¾~!!~=i~~~ ii·0¾~12i.. ~~~:=~:~ ~~: =:~:¼  Regl ■ tered .......... .:i . . .. - ....... - ........ - .. . . .. - .... 116)4-116¼ ...• - ... . .... - .... .. •• - . . 117½-117½ tlff¾-116 ~ General, 199~ .. ... . 4 ½ 107¾-109 lQSM-110 1059:(-106~ 106),(-108 107½-108 107½-108 107¾-109¼ 10~-111 107¾-108¼ 107"W-10'3¾ 107 -108½ l l:7 108~ Rei. l l!l tered. . . .. .. 4 ½ .... - ........ - . . . ... - ... .. ... - ........ - .... 106¾-107¼ . ..• - ... . .... - ... . .•.• - ... . •••• - .. 1071J4-107~ ... - ... . Craiar Valley, ht ..... :i . ... - ........ - ... 113 -113 .... - ..•..... R.&A.D.htcon.'89.4 101%-102'.U 102¾-103½ 102¼-103¾ 102½-103 103 -103¾ 103¾-104 101¼-102 101¾-1013,i ...• - .... 103~103½ 103)4 -103½ 104½-10~¾ 2d con ■ ol., t 989 . .. . 4 . .. - . . . . 98:J,r 98½ 97 - 97 98 - 98 - ... . .... - . . • . 98 - 98 .••• - .•. . •.•• - .•...••• Warmoip.Vall.,lst .:i .... - .... 11$¾-113:!4 . ..• - . •... . •• - ......• . - •••..•.. - .•.... .• - . .. ..•• • - ... ...• . Greenbrier, J st, a-u.4 .... - . .. - ........ - ..... ... - ........ - ... . 100 -100 .••• - ... . ... - . . Chic.&Alt.-Ket.'49 .. 3 84¾- 85 85 - 85½ 86 - 8~ 84¾- 85 84¼- 85l¼ 841}.(· 85¼ 84,t- 86 84¾- 85 84¾- 85 8 ~ 83¾ S !¾- 83':.t 82¾- 8~ .Railwa11, 19:iO ... ..... 3 X! 80¾- 83 82 - 82~ 81* 82¾ 81¼- 82¾ 80¼- 82}2 80),(- 82 7~- 80½ 80 - 83~ 82),(- 88¼ 81 - 82¾ &O½- 81½ 79¼- SOM Rea-istered. . .. . 3 ~ .. . . - . . . . . . . . - . . . . 80~- 80¼ . . . . - . . . . . . . - . • . . . . . . - . . . . . . . . - • . . . . •• • - . . . . . . . • - ... Ohle. Burl. & QuincyDenver Dh., 192:l .. 4 1019:(-102 101 -101 101~-101¾ ..• - .•.. 1023(-102¼ 102 -103 103 -103 100:).(-100~ 101¾-101¾ 101~-101¾ 101¾ 102 L01M·l02 Illinois Div.,1949.3½ 95¾- 96½ 96¾- 97 9~- ~ 97 - 98 97 - 98 97!1:(- 97¾ 95¾- 96¾ 951)4- 96¼ 96 - ~ 96 - 96¾ 95¾- 96¾ 95¾- 96M Rea-lstered . . .... ... 3 ~ ... . - .... 96¼- 96¾ ..•• - . .....• - ..•....• Iowa Div., 1919 .. .... ~ 110~-110¾ .•.• - ....... . - .... . ... - .... . ..• 1919 .. ... .. . . .... ...... 4 . ... - .... 103%-103¾ 103%-103¾ 103 -103 .••• - . . . . 101!1:(-108 ..•• - .... 102¾-1021h .... - .... 101¾-101½ 101¾·101:k; . .. Nebr' ■ka Ext., 1927.4 106¾-107 107 -108 108 -108¾ 108~-108!4 .... - ••.. 1063'-106¾ 107 -107 •••• - ... . 107¼-107¼ 107 -107 105)4-106 106 -106 Rearl ■ tered .... . .. . . . . 4 .... - .... 106¾-106½ ..•• - •. . . .... - •.. . 106~-1061;( ...• - ........ S. W. Ulv., 19'll ..... 4 .... - ........ - .... 100 -100 .••• - ... ... .. - ... . .••• - •••. . .•. - •... . .. Debenture, 1913 . . .. . ~ 107 -107 107 -108 107¼-107!'4 108 -108½ . ..• - .. . 106 -106 10{%-106¼ 107 -107¾ 107½-107½ ..•• - .... . .. . - ... 102 -106 Han. & St. J ., cons .. 6 . .. . - .... lll!J(-112 •••• - •••. 114 -114¼ 112'.(-1~ •••. - . .. . 114 -114 - •• lll!,4-111~ 111¼ ·112 Chic. & E a ■ t. TlllnolsRefund. & Jmpt ...... 4 .... - ... ... .. - ... . .... 97¾- 97!1( l11t, slnklnar tund . . . . . 6 105 -105 . .. - •. .. 106¼-106¼ . ... - .... 107!Ji-107¾ .... - .... 104%-104¼ 105¾-105:k, ... . - •... 105~-106¾ 106¼-106,1, 10:il}s 103% l11tcon11ol., arold .... ... 6 183½-134½ 136¾-137 138 -138 135 -135 137½-187½ 187¾-188 138½-138½ .. .. - . .. . •. - . .....• - • . . . 135)4-135½ 1857,(-185¾ Gen. con ■ • 1st, 193'7.~ 118¼-121 120½-121 120¾-120!1,j 121 -122 118¾-119¾ 119 -120¾ 120 -120¼ 122 -122 121¼-122 121¾-121¾ . •• - .. . 117~-llSJ,,( ,Rea-la1ered .. . ... :i . . .. - . . 119¼-119½ ... - ... . .••• - .... . ..• - ... ... .. - .. . . . .. - •• .. .... - .. Ch.& In.C'I Ry. ,ht.lJ .. .. - ....... - .. . 120 -120 121¼-121¼ .... - ... . 118¼-llS¾llll¾-119:J,, .... - .. . 120 -120 Ch. Ind. & Lou.-Ret .ti 134 -134¾ 185 -187 135 -136¾ 135 -135 - ... . . .• - ••. 184 -181 .. .. - ... . 135 -1~5 135}4-135½ 135¼-135~ 135¾-135¾ Retundina-, I 94, .. ... I) •••• - ... . 115 -115½ .. .. - . . .. 114 -114 112 -112 . ... - ...... .. - .... 118_¼-113½ 115½-115½ 115½-115¾ Lou. N. A. & C., let.ti 109½-lOJ¼ 109¼-109½ .. . - •.. . 110 -110¼ .••• - •.. . lll!l(-111¾ .... - .... 110¼-110¼10~-109~ 110 -110 110}4-110¼ . . .. - .... ~.M.&St.P.-190~ .... 1178 -180 183 -184 1S7 -187 . ... - .....•.. Terminal .... .......... ~ 109!J.l-109!14 110¾-110½ .... - .. .. 111 -111½ 111¾-111¾ 111¾·111~ . . . • - • . . . . . . . - .... 110½ 110½ . . .. - .. .. 110 -110~ Gen. M.,"A." 1989 ... 4 112 -112 112 -113½ 112¼-11331) 112¼-113½ 113¼-113½ 112¼-112¾ 110¾-111 111 -111 110%-110:):1110¾· 111 111 -112 U0¾-111½ Gen. M. "B" 1989.3½ 98¼- 98¼ . . •• - ........ - . . . . .. - .. .. .... - . . . . •.• - • ... 99 - 99 97 - 97 97 - 96 96¼- {16¼ 97 - 07~ 97½- 97¼ Chic. & L. S. Dl-v .... :i .... - ... . .... - .. .... .. - . . . 116;J:t-11~ .. .• - . .. . .•. - •.. - .... 115)4-115¼ ...• Chic. & Mo. R. Div .. ~ . .. . - .. . 119¼-llll¾ .... - •... 120 -120 119¾-119¾ . ... - •.. . ..•. - .. . ..... - ... 118;.(-llli¾ ... Chic. & Pac. Div ...... 6 110 -110¼ llOM-11~ 111%-111¾ .. .. - ........ - ... . lll¼-111~ . ... - ... . .... - ... 109¾-109~ ll0¾-110½ Ll0!,4-110¾ Chlc.&Pac. W. Div.~ 116 -117¼ 116¾-ll~ 116%-117¼ 117¼ ·117¼ 116¼-117½ 117 -117¾ 114.¼·116¼ 115_!4-116 . ..• - ••. . 115½-llf) 115½·116}1. ll5y.(-118¾ Dakota & Gt. So. .... ~ 112¾-112~ . . . . - . . . 112 -112 1st II. & D. Div ....... , 11~-114~ 117 -117 115¼-117 lloxj-115½ 115¾·116 .... - •... 113¾ -113~ . ••• l ■t I. &D. Exten . .... , .... - ........ - .... 183%-184 - •.. . r5 -1~ 185 -lE5 . .. - . . . . .•• 1 1st, La C. & D., '19.6 .... - . . . . ... - ........ - ... 115 -115 115¾-115¾ . ..• - .... Ll3!J( ll&M Mlnernl Point Div ... 6 ... . - . . . . . . . . - . . . . . . . - .... 106¾-1~ . . . . - . . . . . . • • l ■t So. Minn. Dlv ..... 6 110¼-110½ 110¾-111 ll~-111 . . . - .... . ..• - ... 111 -111¼ lOo¼-109 ..•• - ••. 109%-109¼109:)i-110 109%-110~ 1st So. West. Dlv ..... ti 109¼-109½ 109"-109½ .... - ... . 109%-109¾ 109¾-110 . ... - ... . 108¼-108¼ ...• Wis.& Min. Div ...... :; 115¼-ll~ ..•• - ... 116¼-115¾ 116¼-116½ 116½-116~ 116½-116¼ .... - ........ - .... ll5¼-115¼ 115;.(-115~ M.&N.,l11t,1910 ...6 .... - ....... - ... . 112¼·11~ . ... - .. . ..•. - .... 110 -110 ...• - ... .. ... - ..• M.& No., 1st on ext.6 116¼-116¼ .... - .. . . . •.• - ... . 115% lltl¾ •••• - ••. . Ohle. & N orthweat •.. 1 129¼-120¼ 128 -128x. 128 - 128¼ 128¼-1283i 126¾-127¼ ...• - .... 127 -127 127¼-127~ t27½·127¾ ..• • - .... 126 - 126, .Extension 1886-~G.4 .... - ... . .. .. - . .. . . .. - . .. . . .. - .... 105¾-105¾ .•• • - . . . . . •• - ••. .... • - .... 104:1(-104¾ LU!l¼-104.~ Rea-lstered ......... . 4 . . . . - . . . . . . . . - . . . . . .. . - . . . . . . . . - . . .. . . . . - .... ... - ... . 102¾-102¾ . . . General, 198'7 ..... 3¼ 99%-100"¾ 101 -101 00¾-101 100~-101 99¾ - 99¼ .•• • - •••. 101 - 101¾ 101%-101~100¼-lOH,ilOl -101 713 . .. . - .... ll9 - 99 l!lnklnar fund, co•p .. ti .. .. - •... 118 -118 117¾-117½ 118 -118 .... - .. . 114¼-114½ . .•• Rea-h1tered . ....... .. . ti .... - ... . 117 -117 .... - ••. .. •• - ........ - . ....... - .. .. 114 -114 Slnklnar fund, coup ... ~ .... - .. . 113 -113 .... - ••• . 110¾-110¾ •••• - ••....•• - •••. 113¾-113½ 110 -110 llO - 111 Rea-lstered .. . . ..... .. 6 .. .. - ........ - . .. . .... - ........ - ........ - ... . .... - .... 111 -111 .••• - . . l~-108¼ .. .. ~:; Yr■ , deben., 1909.~ 104¾-105 105¾-106¾ 105¾-106 .• .• - •••...•• - •• • 104 -105!1,( 104%-105¾ .• •• - ••• 105 -105 105¾-1051)41U3 -103~ ...• 3U•year deb., 1921 . . :i 11.2¾-112½ 112~-113¾ ..•• - ..•..••• - •• •. 111¾-lll¾ 112 -112½ 113}4-113¾ •••• - •••. 114~-114Jc 1119:(-111¾ . .. Debenture, 1933 ..... ti .... - .... 117¾-118~ 119~-119¾ 119¾-119¼ 117 -117 ...• - •••• 119 -119 118 -118 1116 -116 Re&"l■tered .. ........ ~ .... - ... .. ... - . . . 115¾-115¼ ... - . . . . ••• - ••• .11.15 -115 Korth. llllnol ■, lst .. 6 .... - ....... - .... .... 10()¾-1053' Ott.C.F.&St.P.,lst.~ .... - ... 107 -107 10,~-104¼ .••• - ... 105 -105 •••• - .••. l\J4 -104 Win. & St. Pet., ~d .. , .. . . - .... 110),( 110~ .... M.L. S.&Wht.,'21.6 129~-129¾ .••• - •••. 180 -130 .• •• - ••. . 1277.,i-12~ ... - •••. 129~-129¾ . ••• - ..•. 126¼·1269!  Ext. & Imp., 19~9.~ . ... - . ....... Mich. DIT., l ■ t ..... . 6 181¾-181~ . ••• Con-v.deh.,190,. ... 6 . ... - ........ (1. R. I. & P. Ry.-'11.61223,rl22l}( 128 Beaiatered. .. . ....... . 6 . . . . - . . . . . . .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -  -  = ·.·.·..· ·. ·..·. = .·.·.· .·.·.··..· = .····· 1·1·~·=11·8·~·4I' ·.·.·.·.  - •.. .. .• . -  -126  - .. . . L20 - 120  .... 105¾-105¾ ... . - •••••... l23¾-123¾ ~ 1 2 4  •••• -  - . . . . . . . . - . . . . . . . . - . ... 128 -123  - •••• ~-121¼ 121"-121~ •••• - .... 1.22¾--122½122 -192  •• •• -  - • • •. .. .. - • • • • . • • • - .. • • • • • • - •••  122 -W  .I.... - .. .. .... - ... ..  84  RAILROAD BONDS. 190:i-Continued. BOND S .  JANUARY FEBR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JTT LY.  AUGUST. SEPT'BER. OCTOBER NOV'BER. DEC'BER.  Low.High Low.High Low.High Low.High Low.High Low.Hbth Low.High Low.HlghLow.HigbLow.Hlgb Low.HillbLow.Hiirh  ..;;, Obie,.&. I. & P.-(Con.) General, 198S, ll••···4 lOiJ,.(-1~ 105}.!-107 106J,.(-1C6'.U 106¼-10~ 10~·107 106¾-107½ 105¼-106 105~-106 105%-105¼105¼-105¾ 105 -105}.t 105¾-l05M - .... .... - ........ - .. 1. 10!¾-104¾ . .. - •••• Rellist•red..... . . . 4 .... 95¾- 96¼ 95 - 96 06¼- 97 P6¼- 117¼ 97 - 98)4 98½1- 99 95 - 96¼ 95¼- 97 lat & refund •• 1934..4 97 - 993,s 98¼ 9 31, 97½- 98¾ 95),.(- 96 - .... Q7¼- 97½ ... <Joli.tr., aer. I.1911.4 .... - . ... . . . - .. . 96¾- 96l'( SerieB J, 191!1 ...... 4 .... - ......•• - . .. . 96),.(- 96¼ .... - . .• Serie• L, 1914... .. . 4 .... 96 - 96 95 - 95 ...• - •.•. 97 - 97 ... SerlH M., 191~ .... 4 .... 94½- 94¼ 95 - 95 - . . . . 96½- 96½ .... Serie ■ O., 1911 ..... 4 .... 78 - 80!,( 82¼- 84½ 83¾- 84¼ 82 - 84¼ 78 - 81 79 - 81½ 79~- 82½ 82¾- 88 82¾- 83),.j 81¾- 83½ 82 - 85 Railroad, ~002 ...... 4 81½- 88 79 - 79 - . .. .. .. - . . .. . . .. Relli ■ tered ........... 4 . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . 93¼- 94.½ 92 - 94.~ 89~- 92½ 87 - 90¾ 91¾ - 9t~ 94 - 94¾ 94½- 97 Coll. tr •• Ir•• 1913 ... ~ 95 - 97% 96½- 98 93¼- 9o¼ 02¼- 951,<f 90¼- 93 -100),.( 100 102¾-102¼ 11 102¼-102 101¾-102¼ 101½-102 -101½ 101 100:1,(-101!,( .... ..•. 102~-102~ 102¼-102¼ 102¾-102¼ Burl. C. R, & No.lat.~ 101¼-101" Cons. lat & col. tr .. ~ .... - .... 120½-120}\ 121½-121½ 118¼-118¼ 118¾-120½ 119¼ 119¼ 121 -121 119¼-120 120¾-120¾ 118½-118½ ...• - .... 118!':.(-118'-( - .... 111 -111 C.R.I,F.&N.W.let.~ .... <Jh. Ok. & G •• 1919 .. ~ .... - .... 110 -110 115 -115¾ 1103,s-110¼ . .•• - . ... . ... - . .. . ..•. - •.•. 108 -108 .••• - •.•..•.• - .•••..•• - •. . ....• lat, conBol., 19~2 .. ~ .... - ... . .... - . .. . . .. - ... 115 -115 ..•. - ••• Keok. & Dea lU., ll!lt.~ . . . . - . . . . . . . . - .... 11°"-11~ 109 -109½ 109),.(-109¼ . . . . - ••. 110 -110 . • . • - .... 110¼-110¼.... {)hie. St.P, Min. & Om.ti 188¼-184½ 185¼-136 136¼-188 137 -137¼ l38 -138 134.¼-137¼ 1373,s-137!,s 137¼-137~ 187*137¾ 138,s-l38jg 188*139 135¼-135¼ Chlc.St.P.&M.,lat .. 6 .... - ... ..... - ....... - ... . 135 -135¼ ...• - ... .. ... - .... . ..• - ........ - ....•.•• - •••. ..•• - .... 135),.( -135~135¼-135¼ . 1253,s-125¼ ..•• - •.. . 122¼-128 . ... - ..... ... - ...• St. P. & S. Clty-lat .. 6 .... - . 125¼-125½ ..•. - .... 123¼-123½ 123~-124 124),,.(-125 97 - 98½ 96¼- 97 .... - ......•• - . ... 98¾- 99¼ 99¼-100¾ 99 -100 97 - 97 97 - 97 97 - 97¼ 97 - 97 Chic. Term'I Tranaf .. 4 86,i- 99 97:Jt-100 ~7!¾(- 99 95 - 99 94½- 95 94¼- 95 98 94 P7 95 95¼ 94~95 94¾Coupoa eff: ....... . ... 4 84%-97¼ 94~- 95¼ 94¼- 95~ 115 -115 114½-114½ 115 -115¾ ... - .•. . 113¼-118¼ .••. - .......• - .... 113),,.(-113¼ Chic. & W. lnd.-Gen.6 ... - ... . 116 -115 .... - . .. . Cln. Day. & Ir.-ll!lt... ~ .... - .. . ... - ... 117¾-119 117¼-118 116 -116 . .•• - ... . .•. - .••...•• - •••• 117¾-117%117¾-117~ .•• - ••••. •. - .••• •.•... ~. . .. - .... 96M- 96~ . .•• Ctn. Ind. & W. '~3 .... 4 98¾- 99½ 98 - 99),,.( 98!J:1- 98¾ 98M- 99½ 99 - 99 Cle..-. Clo. Ch. & St.L.4 101 -103 103 -101 102¼-103½ 102¼-103½ 102½-103¾ 101),.(-102¾ 102 -103¼ 103 -103~108),.(-104 103¼-10! 103½-104)4102¼-108~ .... 102 -102¾ ..•• - •.•. 1011}.(-102 ........ .•• -100¾ 100 ..•. Caire DI..-., lat. ... ... 4 .... - . . . 100¾-100¾ .. .. - .... . .. - .... 101 -101 . ... - •.. . 100¼-lOOM 101~-101¾ 102¼-102~ Cln. Wab. & M., lat.4 .... - .... 98½- 98~ 100¼-10~ .•.• - .... .... - ... . ..• - . St,L,Dlv., ht.1.990.4 100¼-102 102½-103l1, 102 -102¼ 102114-103 100~-101% 101¾-102 102)4-102¼ 102½-103¾ 103 -103 103%-103% 101¼-102 lOiJ¾-101~ .•• - ••...... - . .. . . .. Sp. & Col. Div., lBt.4 .. . . - ... . 99¾- 99¾ .... - .... 101¾-101½ 100½-101 101%-101:U, 103 -103 ...• - ....••• - •••. 102¼-102½ 101~101¾ . . C. I. St. L. & C.,'36.4 .. .. - . ... . .. - ... . 102,t;-102¾ 101:Ji-101¼ .•.• - •..• . . .• - .... 101¾-lOl¼ . ... Realatered .. .. ...... 4 ... . - •.. . 114¼-114¼ ...• - .... llA -114 112¾-112¾ ..•. - ... . .•.• - ..••. .. • - .... 115).(- 115~ 115 -115 Oin. San. & Cl. cons.~ 112 -112 121114-121!14 . ... - . .. . ..•• - ....•••• - ..• . 123),,.(-123¼ . .. C. C. C. & I., conaol..'7 ... - . .. 131M-131¾ 132¼·132%134¼-184½135 -135 - .... 135 -135 134 -134 Gen. conaol., 1934.o .... 98 -100 100 -100 100 -101 99¾- 99~ 99½-100 98 - 99½ 99 -101 100~4-lOO¾ 100¾-101 99¾-100 99½ 100 Peo. & E., lat, cona .. 4 98¾-100 73 - 76¾ 75~- 78¼ 72 - 80% 71¼- 74¾ 72¼- 74.¾ 73 - 74¾ 74 - 76½ 74¾- 75½ 73~e- 75 80 - 84 Income ■ , 1990 . .. . .4 73 - 7tl½ 76 - 82 115~-115¾ . . .... .... :} .. CI.Lor.&Wheel,,'33 Vle-Y. & M.. Val , '38 .. :l 116¼-116½ 73½- 75¼ 75 - 7~ Col. Mid. lat, 194'7 .... 4 73!'(- 75¾ 74½- 76 75),,.(- 77 75 - 76 74 - 75>tl 7!¼- 78¼ 78 - 75¾ 76 - 76¼ 74~- 75¾ 73¼- 75 Col. & So.-lat, rr.•~9.4 91½- 94½ 90~- 93½ 92 - 94 93¼- 95¾ 93~- 9i¼ 9.1 - 95 9!/M- 96¾ 93¾- 94¾ 93¼- 94 93¼- 94½ 93¼- 943,s 93¼- 9i¼ Delaware & Hudaon- •••. . ..• - •.•. . ..• - ••.. . ..• - •• . .. - ... . 13! -134¼ lat Pa. Div., 1917 ... 7 .. .. - ... .. ... - .... - •... 1023,s-102¼ - •... . ... - .... lOl!,4-101 ~ - .... . ... - ...... . . - .... 1o·J),,.(-103!4 .\.lb. & 8u ■ q., l ■ t, iru.1 .... - .... . . .. - . . . . ht, aruar., 1906 .... 6 104¼-104¼ 104¼-104~ 106¼-106¾ 102¼-102¾ 102¼-102~ L02 -102 102¼-102¾ 103%-108¾ 103:),(-103;14 100¼-100:U 101)4-101¼ 101¾-lOliJ! . . . . - ... . 142¼-142~ . . . . - . •. RenH. & ~ar. 1 lat ... '7 . . . . - ••. . 106½-106¼10 1%- lO'i¼ 106%-106¼ •.. - ... . Doi. Lack. & W.-'0'7.1 110 -110 110~-110~ 108 -108 - .. .. 129¼-129¾ 126 -127 126~-126¼ . ..• - . .....• - ... . .. - .... 130 -13U 123¼-123¼ 126¾-12698 Morrl ■ & E■ aex, lat.'7 .... - ... . 1284-128½ 13U¾-130¼ 1307.(-130½ 130~-130¾ 181¼-131¾ 128%-128¾ 128½-128¼ .... - •... 126¼-129~ 127¼-1213¾ 130½-130¼ 123¾-1211¾ ConBol., rruar... ...... '7 127 -127 . . . . Redatered ......... , 130 -130 N. Y. L. & W., ht .... ti .... - . .. 1293,s-l29.l1l 129J,:!-129~ ... - •.. 129½;-130 130½-130½ . .•• - . . . . 127M-128¼ .... - •... 129 -123~ 128%-129 - ••••••• - • • • . . •• - ••.. 118¼-113),,.( 113!;1!-113M - .... 112},t-116 Conatruct'n, 1923.:i ... - .. . ...• - ... . .•• - •••. lOi¼-105 10!!'(-105 - .... 104 -104 Term'l & lmpr'mt..4 103 -103¼ 104 -104 103¾·105 lOB½-106½ . .. -107 107 105%-108 1053,-105½ ... - .... 103¾-104.¼ -107 107 . ... . .. Syr. Blnrrh. & N. Y .. 1 1~-107½ Denver & Rio GrandeConaol., 1936.. ... . .. .4 100 -102 101¼-102 101 -101~ 100~-101¾ 100¾-101¾ 101!'(-102,½, 100.½-101 101 -102~ 101¼-102 101 -102 1011,(-102 101¾-101¾ - ... 106¼-lOt!\14 - ... . 108 -108 lat, CODl!lol., 1936 .. 4x .... - ... . 103 -109¼ - . ..... - ..•. 1063,s-109 Improvement, 19'48.~ 108 -109x, 109 -110 109,t;-109~ 109¼-110 108 -103 107,t;-108 109¾-109~ 109!I!-110 99¾-100¼ 93½-100 97 - 99¼ 99¾-100 9iJ)4-100 99¾-100 99¾ 99¼ 99 98 99~ 98¾4 91J½-101 ... lat 99¼-100 Weat., Gr. 99¼-100 Rio 91¼- 91¾ 92 - 92½ 90 - 91½ 90 - 91 110 - 92¾ 91 - 91;>4 lll - 91¾ 91¾- 91¾ 91!1,(- 92 Mori. & coll. tr.,A.4 89 - 94½ 112 - 94~ 90 - 94 - • . . . . . . - . . . . . . • . - •. . 101 -101 Det.&Mack,-l ■ t llen.4 .... . .. - •... 95¼- 95:½i .... - •.•...•• - ... 953,s- 95¼ 96➔-s- 96~ . ... 96 - 96½ . .•• 96¼- 97 Gold ................... . 4 95 - 95 • •., . . . . - .. . 81¾- 81~ . . . . 80 - 84 Detroit So.-lat, '~1. 4 70 - 72 93¾- 96¾ 98¾- 93¾ 93¼- 93½ 9:3¼- 93)4 91 - 93 92¾ 92¼- 94 92,½93 92 93¾ Ohio ~o. Div., lat .... 4 90 - 92h 9i¼- 96½ 113 - 93½ 92 - •••..... - . . . 114.~-llt½ 114>ti-114½ . ... ... - ... . 114 -114% ll6 -116 114½-114½ 115 -115 D ■ lutb & I. R.-l ■t .. . ~ .... - ... . ... - . . . . 113¾-113~ 114½-1147(} 114 -114 - . . . . 115¼'-116 Dut.s.S.&Atl.-1931.&J lll¼-111:}.. Ll2½-114 114¼-114~ ll5 -llo - .... 120 -120¾ 120 -120,¼ 120~-120¾ .... - ..•. 118¼ ll8,½ Ll8~-118!,4 120 -120 ll8 -119½ Elll. Joi. & E.-lBt, a- .. ~ 1173,s-11?.½; Erle- •.. . 108¾-108~ ..•. - •.. ..... - .... 107 -107 lat ext., 1947 .... .... 4 .... - . .. . ... 109 -109 - •... 110,¼-110½ . ..• - . . 109 -109 3d, Ext., 19~3 ....... 4~ 1CJ7¼-107½ - •.. 114¼-114½ 114¼-114½ 114,¼i-115J4115J,.(-ll5¼ 113)4-118!,( 4th, Ext., 1920 ...... . :) ... - ... 117½-117!,t - . . . . . .• - • . . . . . . - . .. ... .. 6th, Ext., 1928 ....... 4 101¼-lOl h 103 -103 lat, conHl., rrold .. .. , 135¾-la7 136\Hi-137 133 -138½ ...• - .... 134½-l3i½ . .. - . . . ... - .. .. .... - •... 132 -132~ 132¾-132¾ 133 -138 132¼-133 lat con. prior lien, ll•4 100 -102 lvl½-102 tOl¼-102 101!,ti-102 101¼-1(12~ 101¼-103¼ l00¼ -101¾ 101)4-103½ 102¼-103 101¾-102➔.I 101¾-102¼ llll -10~¾ .... - ..... ... - . .. . . . . - .. .. lOl¼-101½ . ... - •... . ... - ... . Re1rl11tered . ......... . 4 92¼- 91 IJ2 - 93¾ 93¾- 94¼ 93½- 9i~ 94 - 94.½ 98 - 94 lat con. rren. I., '96 .. 4 91 - li2¾ 91~- 92¾ 92¼- 93.½ 92¾- 93.li 9l~- 93½ 93½- 95 95¼- 96¼ 04¾- 95¼ IJ5¾- 96½ 91;¾ - 96 96!,4- 9 ~ 96 - 97 IJ4¼- 95½ 95 - 96 Penu. coll. tr., 19~1.4 95 - 97X! 94¼- 95¼ 94)4- 115)4 94½- 95 108¼ -109'4106¼ 106 106¼-110 lll¼-114 30•JT• coa..-., 19~;:I .. 4 95¼-103~ 108½-109 1071}.1-lll 105),,.(-108 108 -108½ 103¼-105½ 105¼-108¼ 107¼-114),,.( Butr.N.Y.&E.,lat.1 .... - .. . . ... - .. . 126½·126¼ .•. - ... .. ..• - •..... .• - .• ...... - .. . . ..• - •....••• - ... . ... - •... 127 -127 .. •• Buff. & s. w., rr.,'08.ti .... - ... . . .. - .... 105 -110 .... - •.. . . .. - . . . . .•• - .... . ... - ... .. .•• Chic. & Erle, l ■ t, a-.. :} 121¼-12~ 123 -123 122¾-123½ 123¾-128½ 120¾-121¼ 121¼-122¼ 122!,t-123 123 -123¾ 123¼-123!)4124)4-125.½ 122~·123 121 -121¾ - .... 102!1:(-102¾ - .... 10!¾-104~ .... - •.. - ... 102!>.(-102¾ 103 -10! .. .. - . .. . .. •. Jetrer ■ on RR,, lBt .. ~ .... - ... 105 -105 - .•• . 134¼-l 4¾ Lonrr Dock, conB.'3~.6 134ll4-135>1, 136½-13tl¾ 136),( -136)4 ..•• - ........ - . .. 134¼-134½ . .•• •... 115¾-115¾ .•. -115.½ 115½ . .. - .•. .. ... - . . . . ... - ... . . .. - .... 116 -116 Dock & lmpt. Co ..... ti .... - . . . • .. -121.½ 121 .... •••.... -117 117 . ... .... ... ..• . ... ......• -117 117 ~ .. L N. Y. & Greenw. - .... 110)4-110~ 10"71rl07¼ .•. - .......• - •••• - .... 108¾-108½ 109¾-110 ll0¾-110)4 .... Mldl'd of N. J., l ■t ... ti .... - . ... .... .. - . ... ..• - •... 116¾-116~ ... - ..•. !f. Y. Sul!I. & W., ret.~ 114~-115~ 116 -116 116 -116 116 -116 .... - .... ... - •.. . .. - •. . 102¾-102,¾ - ... 102!-11102¼ 104 -104 ..•• - •.. 101 -101 1013,s-lOa ~d, 1937 .. ......... 4¼ .... - ... . ... - • . . . ... - • . . 106M-107~ 107¼-107¼ ..•• Gen., rrold, 1940 ... . [) 110¼-111 109 -109 110 -110 110 -110 U0½-110~ - •••. 119¾-119¼ 118).(-11~ - ......•. Term'J, l ■ t, 1943 . . :> 117¼·117½ . ... - •.•. ...• ~ - ... . ...• Willk.&E.,1Bt,'4'l.;) 109¾-109¾ ... Evan. & lnd.-ht con.ti 118~-113~ 114 -114 .••. - ... . 114 -114 . ..• Evan ■v. & T, Haute- .... 120½-121 120),.(-120),4 122 -122 .... - •... l.ll4 -124 ConBol ..... ........... . .. . 6 .... - .... 123¼-124!,:t 1233,s-123¼ ..• . lat, rren., 1942, rrold.~ .... - . . . . ... - ....... - .... lOtl¼-106,¼ 107 -110½ 110½-110>{! 110¾-111 111¼-lll½ 112 -112 110 -110 llO!J(-112 111 -111 - .... . .. -114 114 -116 116 .... .... Mt, Vernon, l ■t ....... ti .... Pt, W. & D. C,-lat .... 6 108¾-112¼ 109¼-111¼ 109*113 113 -114½ 118 -114 109¼-111 lOQ¾-114.¾ 114 -115 113 -113¾ 113 -114 113 -114¼111 -113 90 - 92 915 - 96 89¼- 91~ 89 - 89!,,( 89½- 92 90 - 90 QO¼· 92 90 - 90 90 - 91 Pt, W. & R. Gr.- lat .•4 85 - 66 86.xi- 87½ 89 - 89 101 -101 Qalv, H. & .ii. of'8~.. ~ 105¼-105½ . .. . - .. 105¼-105¼ .... - .... 102¼ -102½ ... - ......•• G,No.-C.B.& Q. cl.tr.4 99 -101¼ 99~-100¼ 99¾-100¼ 99¼-100 99½ ·104¼ lO Z¼-103¼ 101 -101¼ 1013,s-101¼101¾ ·102½101J4-102¼101 -102¾ 101 -102¼ 'Rell18tered..... .... 4 98¼-101¾ 991'4-lOIJ¾ 98¾· 99¼ 98¼'- 98¼ 9~-101¾ 101 -101~ 101 -101¾ lul -101¾ lOl -102 100¼-101¼ lOOM-101 ll9¼-100 - .... 104¾·104Xi 102 -102¼ 102¼-102~ 10:J¼-103¾ ..•. - •••. 103 -108 102 -103 GuU & Sh. I, 1.at ret..~ 103 105}.C lOi¼'-105¾ 105 -105 Hock.Val.-ll!lt.cons.4~ 109 -110¼ llQ¼-111~ ll~-111¼ 110¼-111 111 -111¼ 111 -112 109¼-llO>tl 112 -112 Ul¼-112 111¼-ll~lll -111~ 109¾-110   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BONDS.  85  190:5-Continued. BONDS.  JANUARY FRBR'RY.  MARCH.  APRIL.  MA.Y.  JULY.  AUGUST. SJCPT'BRR. OCTOBER. Nov'BJCR.  DEO'BJ:B. - - - - - - - - - - - - - - - - - -----1-----J----- - - - ·- - - - - - - - - - - - - - ----  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hillh Low.Hlitb Low.High Low.High Low.High  -----·-----•--- - - -  Booldnar Valley.-(Con.) C. & H. V ., 1st, ext .. 4 . ... - .... 100 -100 ... - ... . 103 -103 .••• - •...•.•• - .••.... - ... .. ... - .. .. .. .. - . . . . . .. - ...• Col. & Toi . 1 tn, ext.4 .... .... - ........ - .... .... - ........ - ... 1021¾!-102¾ l02¾-102lJ,t 103¼-103¼ 103½-10~ IIU.neltt Cent'l-19~1 .. 4 •... - .... .... - ... . 110¾-110>( .... - ..•.... - ... . ... - .. . 109Yll-111 ll0¾-110¾110 -110 l•t• a-old, 19:;1 .. . .. 3½ .... - .... 103 -103 101¾-101½ . ..• - .••. 102¼-102½ 102¾-102¾ 102 -102 102 -102'4 .•.• - . Extended 1st 19:;1.3¾ .... - ... . 102 -102 10~-102¼ ... - ...• Geld, l 9:12............. 4 105 -105 •••• - ... 1()6¾-107\.6 .. . 106¾-107 .. . - ... . 108 -108 107!'4-107¼ ...• - •... 105¾-105:M 105¾-105¾ 106¾-1~ Gold, 19:i3 ... ......... .4 104½-106 105¼ ·105½ 105 -105½ 10;5¾-105,½ 105 -105!,4 105%-105¾ 105½-106 106¾-106¼ . . - ... . 106¾-107 10~-105~ lO!ih-105¾ Regiatered ........... 4 .... - ........ .... - ... . 103 -103 106¾-106½ .... - •...••• Caire Bridge, 19:;o.4 ... . - . .. . 95 - 95 .... - .... . ... - . . .. . .. Louin. D1'r., aold.3½ 94¾- 95 .... - .. . . 94¾- 96¼ 04¾- 94~ 95¼- 95:Ji .... - .... 96-96 94¼- 9!¼ 94¾ · 95 Omaha Div., :l•t, ar .. 3 85½- 86 .... 81 - 81 .... St L. Div., 19:Jl •. . .. 3 .... - ... .... - ••. S!l-84 ..•• - .... 85-85 - •.. . 86¾- 86¾ Gold, 19:;1 ........ . 3¾ 95½- 95¼ .•• - ••.. 96 - 96 - ••• 92½- 92½ W e11tern lines, 1st... 4 . . . . - . . . . . . . 109*109¼ ...• .... .... Bellev.& Caron.l•t.6 .... - ........ - .... 122 -122 . . . • - ... 122 -122 C.St.L.&N.O.,19:;1.;J 123¾·123~ 125 -125 .... . . . . - .... 124 -124 . • • . - .... 121¾-125 . • . • - ..•• Memphi• Div., lst.4 110½-110½ .... Ind.Dec & We11t.- ht.ii .... - ...... .. - .... 109¼-100~ • .. - ... . 110¼-110½ lll¾-111¾ Ind. 111. & 1.-ht,':;0.4 .... - ........ - .. 99%-100 .... - .... l00½-100½ .... - ... 99!1.(- 99¾ ..•• - ........ - ... . 100¼-100½ . .. - ....... . Int.& Gt.No.-l•t,'19.6 121 -121½ 121¾-122~ 122¾·122½ .•• - ... . 119~-120½ 120 -120 119 -121½ 120¼-120½ ... - ... 122½·122½ 118 -119¼ 119 -119 2d, 1909 ............. ... :; 101¾-103 102 -103¾ 100 -101~ 101 -102 100½· 101¾ 101 -102 102 -102¾ 102¾-103 100¾-100¼ 100¾-101~ 101¼-101½ 100 -101½ 311, 1921 ............... 4 70¾ - 79¾ 79 - 81 75 - 78 76 - 77½ 78 - 80 79 - 80 81½· 81½ 82 - 82 81½- 81½ 81¼- 81½ 78 - 78 Iowa Cent.-lat, aold .. ii 1147(-115 114½-116 115%-115¾ lU¾-115¼ 114¾ 11~ 1123-9-112~ 113 -113 .. . . - .... 113½-ll! . ... - .... 117 -117 118 -118 Refundina, 19:;1 ..... 4 86 - 86½ 88 - 88 85½- 85¼ 85 - 85 .... - •....••• - •... ... . - .... 85 - 87 .. - .. .. . . - .... 86 - 86 K.Clty So.-ht, 19:;o.a ~ - 75 74~- 75¼ 72 - 74¾ 70 - 71:1,.t iO¾ - 71½ 70¾- 71)4 71¾- 72~ 72%- 73 72Yll- 73).1 71¾- 72¾ 72~ 73½ 72M- 78M L. Erle & We■t-l•t ... ~ 117½-119:14 . . . . - .... 118½-118½ 118¾ ·119 119 -119½ 119¼-120 118 -118 118¼-118½ 118½-118½ 119 -119 120 -120 120 -120 !id .................... .... ~ .... - . .. 112%-112¾ 114½ ·11~ 116~-llt¾ .•.. - •.• . 114½-114¾ 1H¼-114x. .. .. - ... 11;5¾-115¼11534,- 115¼ 115½· 115½ Northern Ohio, tat .. ~ 117¼-1111¾ 119¼-120 . ... - ... . . . - .. .. • ... - • ...... • - ... 118¼-118½ ... - .. .. 117 -117 Leh. Vall. (Pa,), con .. :; 108~-108¾ .... - ..•. 109%-109¾ 109%-109¾ . ... - •... . ... •• •... . _ ..•• Geo. cons., 2003 .. .. 4 .... - ........ - ........ - . .. . .... - .... •··· - ....... - .. . . .... - . ... 101¾-101¾ .... - .•.. 100!1( lOo,t Leh. V . N. Y .-l•t, au.4½ .... - .... ll0½-110½ lll½-111~ ll~-111 111 -112¼ 11~112¼ . . .• - .. . 1::>½-110¼ 110%-112¾ lll¾-112}4 lll¼-112 •••. Reatatered . ......... . 4¾ .... - . . . . . .. - ... ..... - ... . • ... - .... 108¼-108½ ... - ... . U0¼-110½ ll~-11~ ..• - •.•• Leh. V. Ter.-lat, gu .. ~ 119¾-119¾ .••• - •....... - .. . 117¼-117½ 119¾-119!,4 ... - ... .. ... - ... 118½-118¾ . . . - ....... - ..• Leh.Val.Coal-lat,gu.:i .... ·· ... . .... - ....... ... - .... 115 -115 ..•• - ... . .. • Leh. & N. Y.-l ■ t, au.4 D9 - 99 . ..• - ......•• - ... 97¼- 97½ .... - .... 9~- 98¾ 97¾- 9~ Lona hl'd-l•t, 1931.:i 117~-117¾ 117¼-117¼ ... ·• .. . 117¾-117½ .. - ........ - .... 116 -116 . ... - .... ll5¼-116 Gen. mort., 1938. . .. 4 .... - .. 101¾-101¾ 101¾-101~ 101 -101 101¼-102½ 101 -101 1007A-101¾ . ... - .... . ... - . .. 101%-101¾ 102¼-102¼ . ..• - ..•• Ferry, lat, 1922 . ..4¼ 105 -105 - .•.. 102¾-102¾ ... - .... 102 -102 Unified, 1949..... .... 4 lOllkj-103 1017(-10~ 100¼-lOl!}~ 100)4·101 100¼-10:.l 100}(-101¾ 100¼-102¾ 102¾-102¾, . .•• - .... 100½-100¼ 100¾-100lJ4101 -101~ Gen. ref.,.-., 1949 ... 4 102 -103¾ 103 -103¾ 101¼-102 101½-102 102 -11)2~ 101¾-102!14; 102 -102¾ 102¼-103¾ 101 -102 - . .. . 101¼-102 101~102 B'klyn & Mon ., l•t .. ti .... - ........ - ... . .. .... . - ........ - .... 105 -106½ N. Y. & .R. B., 1st.. ~ . ... - ....... - ....... 111¾·111~ .... ~e.Sho.Br'b,lstcen.~ .... - . ...... - . .. .... - .... 11~-112¼ ... Leub'a & Ark.-l•t .. ~ 104½-104¾ 105%-105¾ .... - ... . 104¼-105!,4 . ..• - .... . ... - •... 10;5¾-105¾ 106 -107 .... .. . . 104¼·104~ ...• Leub. & No.•h.-Gen .. 6 119 -120 ll~-120¾ 121 -121 120%-122 121¾-122 U9 -120 120 -120 .. . - •... 121 -121 121¼-121¼ 122 -122¼ 119 -120 Gold, 1937 . ....... ... .. :i- 117 -117 lW¼-119!,<i ... - · . .. . ... - ... Ll8¾-118¾ ... 118%-118~ .. . Unified, aold, 1940 ..• 102½ 103½ 102¾-10311 103 -lW 102¾-103¼ 101!½-104¼ lOi½-105¾ 103 -104¾ 103¾-lW¾ lO!l -105 104½-105½ 104%-106 105 -106 Col. tru•t, Ir•• 1931 .. . ~ 114¾-114% .... - ... . .... - ••.. 115 -115 ...• - . . . ••• - • .. .. .. - .... .. .. - .... ll8½-l1S~ 12U¾-120¾ 113 -118 LH½-114¼ Cell.tr .. ~-20s,1923.4 98½- 99¾ 99~100¾ 99¼·100½ 97½- 98¾ 98 - 98½ 98½- 99!,:( 99 - 99% 99¼· 100 100 -100~ 98 - 98¾ 98 - 99 98¼-100 E. B. & N., l ■ t, '1 .. 6 1U½·114½ .... - •... . . .. - ... . .... - .... 116¾-117 ll4!,:(-114¾ ... Leul ■ • Ctn. & Lex.4½ .... 109 -109 N. O. & ill eb., bt .... 6 130½-130¾ 130J.(-130~ ... - ... . 131%-131¾ 131~-131~ 132 -132 ..•• - ••.. 128½-130 . ... . ... 181 -131 rnl¾-131~ 131 - 131 !ld, 1930 .. . ........... 6 .... . .. 126½-126½ ...• ••.. ltS -128 . .. . Pen11acel11 Dh' ........ 6 .... 114 -114 St.Lou1 ■ Dh., l•t ... 6 .... - ... . 121¼-121¼ .•.• ... . 74¾- U¾ .... 2d areld, J 980 . ...... 3 .... - ··· · ··· .... 113¾-113¼ 114¼-114¼ . . . . - . . . . . Atl.Kaex.&Ne.,lat.:; .... - •··· •· ·· Pen•n.c. & Atl., 1•t .. 6 . ... - ... . 113 -113 112¼-112¼ • ... - ... . . ... - . . . . •• _ - ... ... .. - ........ - . . . . .. . - . .. 114¼-116 115 -11~ Ken. Cent., 198'7 ..... 4 98¾- 91J½ 99:ll!- 99¾ 100½-100½ 101¾-101~ 100¾-100,-.i . ••• _ ·- ... ... .. - .... 101½·102 l01½·102¾ ... - .... ,01¾-102 L&N&M&M,l ■ t.4~ ... - ... 110 -110 .... - . . .. .. - .... .. . • . . . . . . - . . . . . . . . - .... 108 - 108 L.& N.-l!feuthJoint.4 96 - 96½ 96½- 96¼ 96¾- 97 96½- 97 97 - 97 93 - 98% 98 - 9in~ 96½- 98 96¾- 97 97 - 97¼ 96¾- 96:U 96 - 97 Real•tered .... ..... . 4 . . . . - . . . . 95 - 95 . . . - . . . . •.. N.F .&s.. 1.t, aa..'3'7.;j 115¾-115¾ 11~114½ 115 -115 . ..• - .... 115½-115½ •......• _ •.. . . ... Se. & No.Ala., anar.~ 116¾-116½ . ... - ... . 115),(-115¾ ... - ... . .. - .....•• - ... .  -  Slnk.tuud, llfl •• ... tt -·· - ..... •... - ... . . .. - .... .. .. - ... . ... - ....... . - . .. . . ... ~  -  .... . ... - ...  .. .  l07 -107  Louis~. & .left B'are 4 .__ . 99¾- 99¾ ... ..... .. - . . - .. . 98~- 98~ • .. Mo.nbnrrnn, 1990 ·:::.4 105~-106~ 106½-107 106½-107 104½-104~ 104 -104¾ 104¾-lW½ lW¾;-lW¾ 104>(-105!14 104¾-10,i¾ L03¼-104.¾ LOS -104 1031¼-104 Real ■tered. .. lW -1w . ... - ....... - ... . - .... ... . Metropol.Elev., l•t .. 6 106¼-107 107 -107¼ 107 -107¾ 108 -108¼ 108 -108 108~-100 - ... . 106¾-106~ i 06¾-10t'~ 106¾-lOR» to6¼-1079.( Mex.Central-Conaol.4 73¾- 77 74 - 75½ 75 - 78 76¼- 79 75 - 77 75 - 79 ,7 - 79 77 - 81 79 - 82¾ bO¼- 62¼ 79½- 81~ t-0~- 81% 1 ■t con ■ ol. tnceme ... 3 23!,(- 25% 22¼- 24¾ 24 - 26½ 21½- 25 19 - 22~ 19½- 21¾ 21¼- 23~ 23 - 26¾ 24 - 25¼ 24¼- 26¼ 23½- 2d 2-i¼- 26 2d c•n•ol. lncome .... 3 16 - 17¾ 14 - 17 16 - 17½ 15¼- 16 11 - 13 11~- 13 12½- 14½ u - 18¼ 16½- 18 17¼- 20 17 - 20.!,t 19 - 20¾ Cell. tru ■t, 1907 ... 4~ 96 - 98 94¼;- 95½ 95 - 95~ .... - . . . . 95½- 96 96¾- 9'ns 97¼- 99¼ 96¾- 97½ 9i¼- 04¾ .. . - . .. 96¾- 98 Minn. & !!!It. L.-l ■ t .... 7 .... ... - .. . .... - .... 137 -137 ...• Po.ciftc Ext., 1st ... . . 6 ... . - .... 122 -122 - .... 1207(-120¼ .... - •.. . ... . - .... S.W.Ext.,l•t,1910.7 .... - .... 113!,4-113¾ .... - ....... Iowa Ext,, lat, 'UO .. , 111 -111% - ... . 108~·108¾ . .•. - .. . 111¼-111¼ ·. .. .. l11t, con., 1934, 1i •.•. ;j 117¾-117¾ .. . . 117 -117 .... - ... .. ... - .... u~-114'4 . - •.. 116¾-116¾ U3~-114¾ . ... let & ref., 1949 . . .... 4 97½- 98Yll 98 - 98 96 - 96 95½- 97 96 - 97% ll6 - 97~ 96'-(- 97½ .... - .... 96½- ll7½ 97 - 97 9ll~- 97 97 - 97 DesM.&F.D.193:i4 .... - . ....... 98 -98 .... - .. . - ... . ~7½ - 98~ 96 -96¾ 96,i-97¼ . ... - ••...... - ....... - ....... M.~t.P.& S.S.lll. ,'38.4 99 - 99 - . ... 101 ·101½ 100½-lOOh 101 -101½ 102½-102§4 lOl -101¾ 1017'-lOl¾ 101 -101¾ .. .. - .... 1027,(-102¼ lOZ½-102¼ Mo. Ko.n. & Texo.al•t, ,rold, 1990 ....... 4 10()%-101¾ 100½-101¼ 100¼-101½ 101¼-102¼ 102 -104¼ 100½·102 101!,4-102 102 -103¾ 102¼-103 LOl¾-102~ 101½ 103¼1 too -100~ 2d, Income, 1990 ..... 4 86~- 87½ 85 - 86 85 - 86 85 - 86% 84~- 86 85¾- 87 86½- 88¾ 86 - 88½ 86¾- 88 86 - 88¼ &N- 90 88¾- 90 l•t, exten., g., 1944.5 103¾-107 lOtl -107 1067(-108 106¼-108 lW -105!14 105)4-106 105½-106¾ 105¾-103¾ 106 -108Xi 107!,ji-108>(i 105½ 106~ .Od¼-107¼ St. Lou la Div., let . . 4 87 - 87 90 - 90½ 90~- 90¾ 91 - IH½ .... - . . . . 90½- 90½ 91½- 92¼ 92¾- 9i 93½- 93;):t 92 - 92¾ 92¼- 92½ 92¾- 98¾ Dall. & Waco, l•t ... 6 .... - .... ... - ... . .. - . .. .... - ........ - ....... - .... 107 -107 10tl¾ -106!J;! K. C. & P.,bt, 1990.4 9!l¾- 95 94¾- 95¾ 95 - 95 95 - 95 . . . • - ... . . ... - ... 95 - 96¾ 96¾- 97½ .... - .... 95'4- 95~ ~ti¼- 97 . . .. - •..• Mo. Kn.n.& Ok., l•t.~ 105 -106¾ 106½-108 108 -103¾ 107 -10.::l¼ 105¾-106 106 - 106¾ 106¼-107¼ 107¼-109~ 109 -100~4109¼-109¼107 -109),.j 108~109 M. K.& T.ofT., ht.ii 106¾-l<i9½ 108¼-109 106 -107¾ 106 -107¼ 106 -108 107 -108¼ 11,7 -108½ 108!1(-110 110 -110 109¾-110 10~-109 108 -100 Sher.Sh.& S.lst, au.5 .. . - ... 107½-107½ ... 106%-106¾ .... - .... . ... - •.. . ... t07½-107½ Texa ■ & Okla., ht .. ~ 104¼·1W¼ 107 -107 106½-10611, 105¾-108¾ 106 -106 105¾-106 . .. . - .... 108 -108:Ji .••• - . . . . .. - .... 108 . -108 L0~-108¾ llle.Kan.&East.-ht.~ 111 -111½ .... - .... . ... - .. . . 1127'-lll/¼ 112¼-112¼ 112)4-114 .... - •.. . 114¾-114~ 113¼-113¾ lll¾-113 114¾-115 115 -115½ Ml11■ 011.ri Paciflc3d, 1906 ......... ....... 7 105¾-106½ 106%-106¾ .••• - ... 107 -107 l031J:(-l \J4!,4 104¾ 104~ 104¾-104¾ . . .. - .. . . 105 -105 105½-106 102~-102¾ 102~-l09M l ■tcon■ol ............... ti 123 -125~ 124¾-125¾ 125 -125½ 125"·125¾ 122½·1:C:i% 121½·122% 121½-121% 122 -124½ 12!l½-124¾ t25 -125,fil22 -122¾121¾-128 Trust, aold, 191, ... . iJ 108 -110½ 109 -110¾ 106¾-107¼ 106¼-107¾ 106~..;-107¼ 107 -107¾ 107 -108¼ 108½-109 105"-106>11105)4-106~ 105½-1U5'.h! 1053,ji-106~ l•t, collo.t., c., 1920.~ 109 -110 107 -10'n1! 107¾-108!-4 108 -106¼ 107!J;(-108½ 108 -108¼ 108½-109¼ 107¾-107½ . ... - .... 107:}s-11,7¾ 107½ -lUS 107¾-107ff 40-yr. 194~, a ....... .4 .... - ........ - . ... 1:14¾- 96 95½- 96¼ 94½- 94¼ 93½- Y4¼ 93½- 9!l 92 - 94 Cent.Br'ch Ry., ht.4 97½- 98 96 - 96¾ 95¼- 97½ 95 - 95¾ 96 - 97 1:17 - 98 97!,4- 98½ 90¼:- 97¾ . ... - ... 97¼- 97~ 97l'k 97~ 97~- 97ft Leroy & C. V. A.. L .. ~ ... - .... lW¼-110 ... . - . . . . . .. - . . . . .. . • - ........ Pac. ot J.llo., l•t, ext .. 4 .... - .... 103 -104 104 -lW¼ 104¼-104)4 HH-¾-105 105 •105½ 105 -105 . ... - ..•. 103½-103~ ...• - ..•. 103'4:-103',( 1()4¼-10~ 'jd, 193~. ext ~ .. . - .... .... · ... 116½-ll~ ~, 117 <, 117 • ll~-117 ~ lIBl}(-118¾ .. · • - .... 117½-117~ 118 -119 119~-119¾llll¼-111PA!: 120 -1.20  :.:::::::-.4 .... - ....   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ....  RAILROAD BONDS.  86  190:i-Contlnued. BONDS.  JANUARY FEBR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'RER  D F C'BER  Low.High Low.High Low.High Low.High Low.High Low.High Low. Migh Low.High Low. H igh Low.High Low.HighLow.Hillh.  llle. Paclflc-(Oon.)St.L.&I.M.1ren.& l.1r.:i 116¾-118 117¾-118¼ 118 -119 116¼-118 116¾-117 116 -116/)i 115¼-116% 116¼-117h. ll7¼-117!JJI 115¼-116¼ llfl -116¼ 116 -116M Stamped,auar .. ~ . .. - .. . .. ... - .. ... ... - .... ... - .. .. ... - ... . 116 -116 Unify.& ref., 19~9.4 94 - 95¾ 95¼- 96¼ 95¼- 96~ 95 - 9e¾ 94¾- 1)6 95 - 95~ 931}.(- 95¼ 93%- 941>4 94¼- 94¾ 94¼- 94¾ 94. - 95,s 94¾- 95!Jii Rlv.&G. D., lst .... 4 96¾- 98 97¼- 97¾ 95¼- 97¾ 96 - 96¾ 94' - 9!lll4 94½- 95¼ 95¼- 96 95%- 97 96¼- 97 96¾- 97¾ 94¾- 95¾ 94½- 95 Mob. & Bir.-194~ . .. . 4. . ... - . ....... - ........ - . . . 93¼- 93¼ ..•• - . ... . .. .•• - ..... .•. - .•.. 96 - 96 . .• • Mob. J . & K. C.-l ■t .. :i .... - .... 97½- 98¾ 97 - 98¾ 96¾- 98½ 95¼- 961}.f 961}.f-100¼ 97 - 99½ 98¼- 98½ 96¼- 97 .... - ..•• 97 - 98 97 - 99 Mob.& 0.-New, 1927.6 126½-127!J.( 128 -128¼ 128¾-129 128!J.(-129 128 -12ll 1251¼-125¾ .••. - •••• 129 -129 128¾-129¼ 129¾-130 129 -129 lat, Exten., 19~7 .... 6' ...• - ... .... - .. .. 122 -122 124· -124¾ .. . - .... 124¼-126 . .•• 122 -122 •Gen. mort., 1938..... 4 98 - 98 97¼- 99 97¼- 97¼ 98 - 98 96¼- 97~ . ... - .... 99 - 99¼ . . . - . . . . 98 - 98 98 - 98¼ Monta-om. Div., lst.. :i 11;5¾-115¾ 113¾-114 .... - .. . 1141}.(-114¾ . ... - •.....•. - ... . ..• - . .• . 115 -115 115 -115 115¾-115~ 115¾-115!}., . . - • . .. 92)4- 92¾ . . . . - .. . . . . . • St. L.& Cairo, col,tr.4 . .. 95 - 95 Naab.Ch,& St,L.-ht.,- 120%-121¾ 117 -121½ ...• - .... 122¼-122¼ 122¼-122½ 122 -123 120¼-121¾ 120 -120 121 -121 121½-121½ 121½-121~ 121¼-121¾ Consol.a-,, 1928 ......6 ll5%-116J,i ll6 -116 116¾-117 114¼-115 114¼-114¼ 114\4-115 .... - ... ..• - .... 116 -116 114¼-lll!),i 114 -114.,4 114¼-114¼ Ja11per Br., lat . .. ... . u 119 -119 ..•• - . ......• - ... 121 -121 - ... 120¾-120¼ 120 -120 .•• . - •.. 124 -124, Melli. M. W. & AI. ... ti .... - ... 117¼-117¼ ... - . .. . . .• - •.. . . .•• National of Mexico.Prior lien, 19~6.... 4¾ .... - ....... . - . ..... . . - .. .. 105>-s-105¼ .... 106 -106 111t, con11ol., 19~1.. 4 81½- 82½ 81¾- 83 82¼- 83¼ 80¼- 81¼ 79¾- 80½ 80 - 81½ 81¾- 82~ 82 - 8-&!14 84 - 85 83 - 84 84 - 85 84½- 85¼ N. Y. Cent' I & Hud. R.Gold, 1997 . ...... .... 3¾ 99¾-100¼ 99¾-100¾ 99¾-100½ 100 -100¾ 100 -100:J.t 100¾-100% 98¾- 99½ 99 - 99¾ 99¾-100 99¾- 911¾ 99 -100 99¾- 99% Reiristered ......... 3 J.t. 99¾-100 100 -100¼ 100¾·100¼ 100 -100 .... - . . . . 99 - 99 99¾- 99¾ v9 - 91:l 9~¾- 99½. 97¾- 98¾ Deben .• a,, 1934 ...... 4 . ... - . . . . . .. - . . . . ... - . .. . 102¾-102¾ 100¼-101 100¼-101¼ 101 -101¾ 101½-lOl'h- 101¼-102!,ii 102¼-102¾ 100 -100% tOO -lOO!J.( Reirlstered ......... .. 4 .... - ... .... . - .... 1C2 -102 ..•• Deb., a-.,'90-190~ .. . 4 ...• - .... 100:):(-100¾ ... - ... ...•• - •.. . Debt cert11., ext.,&'·· .4 - ....... . - . . . 101¼-101¼ ... - •....... Lake Shore, coll ... 3 ½ 91 - 93 90¾- 91¼ 90¾- 91¾ 91¾- 92½ 91 - 91¾ 91¾- 92 91½- 92¼ 90 - 91 90¼- 91½ 90½- 91¾ 90%- 9 l:½ 89 - 91¼ Re1rl11tered........ 3½ 90¾- 90¾ 89¼- 90 89 - 90½ 90 - 90 8914· 90½ 90 - 90½ 89 - 90% 88¾- 90 88¼- 90),4 89 - 90¼ 90 - 91 89xi- 91 Mich, Cent'l, coll..3½ 90 - 91½ 89¼- 00 89¼'- 90½ 89¼- 91 89¼- 91>5 89¼- 90!,4 91¼- 91¼ 89¾- 90¼ 90 - 90¼ 89¼- 90½ 90½- 90% fl9)4- 90 89 -90 90 -90 Redstered .. ...... ,3½ .... 89 - 89 89 - 89 89½- 89½ . ••• - .•. . 90 - 90 .••• Beech Cr'k, 1st, 1ru .. 4 .... 106½1-107½ , ... - •••. 105¾-105% .•.• - •••. 106¾-106~ •Realatered. ........ . 4 .... - ........ - . . . . ... LO! -104 Moh. & Mal., l8t .... 4 .... - ... . ... - . .. .... - .... . ... - ... .... - .... 105 -105 N. Y. &.Put,, 1st, au.4 103 -103 104 -107 106 -106 ...• - •.. . 106 -106 106 -106 West !Shore, iruar . .4 103)4-109 108¼-110 108"'-109½ 109 -109¾ 10~-l:09½ 109J4-110 107¼-109¼ 108¾-109½ H98% 109½ 109¼'-109¾ 108¼-109~ 108 -109¼ Reldstered .... ....... .4 107¼-108!,4 108 -108¾ 108¼-109 108¼-109¼ 108¼-109 107 -109½ 107¼-108¾ 108 -109 108 -109 108)4-109 107¾-108¼ 107 -108½ L,S.&M,8., a,, '97 .3~ 100~-101¼ 101 -101¼ 101 -101 100¾-100¾ 100¾-102 99,t-101¾ 100¼·100.x, ...• - .... 101¼-103 102½-103 102¼-102¼ 101) -100!1:( Re1rlstered ... ...... 3J.t .. .. - •.•. 100¼-100¾ . . . - ......•• - . . . . 99½-101¼ 99¼- 99½ ... - ... . Debenture, 19!.IS . . 4 101~102% 102¾-103J4100¾-101¾ 100¼-101 100 -101¼ 100%-101¼ 101¾-102¼ 102¾-102:14100¾-100¾ 100¾-101 10{)¾-101 100¾-101,t Det.M. & Toledo .. 7 ... 103½-103½ . .•• - ... . 102 -102 - .... .. - ........ Mahon, Coal RR... ~ ... - .... 124 -124' - ••. .. ..• - ... . 123¼-123½ ..• Mich. Cent'I, 1931 ... ;'l .... - ••. . 124 -124 - .•.. 122 -122 L22~122¾ Reirlatered ........... ~ .... - .... 120 -120 ...• - .... 119 -119 .. .. 1940 .. ........ ......... 4 .. .. • .... .... - .... 106 -106 .... l ■ t ll , 193~ ..... .. 3~ . . .. - . . . . 99 -100 100 -100 97¾- 97¾ N. Y. & Hal'lem ... . 3~ .... - . ... 105¾-105¾ .. •• - ... .. . . . - .... .. . N. Y. & North'n, 1st.~ .... - .... 118 -119½ . ... 116¼-116¼ 116 -116 R. W .& O., con., l11t.~ 119 -119 119½-119¾ .... - .... ll7½-117¼ ll7½-117~ 117M-117% 118¾-118¾ 118!4-118¼ llSl}.(-118¾ ...• Utica & Bl.Riv.,'~J.4 . ... - .... 107½-107½ .... - .... . ..• - ........ - ........ - •••. . ..• N. Y • Ch, & St. L.-l11t.4 104¾-105 105 -105% 105~106 104 -10!½ 104 -104~ 104¼-105¼ 106 -105½ 105 -10:5¾ 1051)4-106¼ lO!l¾-104¾ 104~-10!:J,a tOl -104% N. Y. O. & W .,ref.,l ■ t.4 105 -105-U 105M-106¾ 10~-104¼ 103¼-104½ 103 -104 103 -104 103%-104½ 104 -104.¾ 102¼-103 103¾-104!1,4 /03¼-10! 10~¾-104 Realatered............4 103¼-103½ ... - . ..... .. - . . . . . .. - •... 105¾-105% ..•. Nerf. & ~o.-lat, '41 .. i'l . ... - .... 111!4-lllJ.4 - .... 112 -112 .- •.. . 108~-1081)4 Nerfolk & WesternGeneral, 1931 ........ 6 133¼-133¾ ••• - ••.. - ••.. 132¾-132¾ 132½-132¼ . . • Jmpt. & Ext., 1934.. 6 ... - ... . 1291)4-129~ New Rhe.r, 1932 .... 6 .... N.& W.Ry., lat,con.4 100 -103½ 103¼-104¾ 103 -103¾ 101 -101¾ 101!4-102½ 101¾-102½ 102¼-103½ 102½-103 102!):(-103),,, 101)4-101% 101¾-102 LOl¾-102¼ Dlvla'nal, l•t llen.4 97 - 98 98)4-100 99¼- 99¼ . ... - .... 100¼-100¼ 100 -100¾ 98¾- 99½ 99 - 99 . . . 99¼-100¼ 99¼-100¼ 99~-10(% Peca~. c. & C.jolnt.4 95 - 96¾ 96¼- 97¾ 96 - 97½ 96¼ · 97~ 96¾- ll7¾ 94½- 96¼ 95½- 97¾ 96½- 98 96¼- 07½ 96½- 96!)4 l 6½- 97 91¼- 95 Cel. C. & T., l ■ t,"J2.~ .... - .... 109½-109½ ... - . .. . . .. - . . . . .. ~. Val. & N. E,, l ■ t. 4 109 -102¾ 102¼-103 l02% ·102~ 102¾-103 100 -101 101 -101¼ 102 -103 102¼-103 102¼-103½ 102¼-103 100 -101½ lUO¼-lOOl>s NoTthern Paclflc.Prlor lien, 1997 ...... 4 104'4-105% 105)4-106 105¼-106¾ 105 -105~ 105¼-105,¼ 105¾-106¼ 105¼-106¾ 105¾·106¼ 105¾-106¼ 10!½-105:k, 1031}.(-105½ 104½-105:kj R•ll•• prior l ien ..... 4 104¼-105¼ 104 -105 ... - . .. 103½-105 104 -105¼ 104!):(-105~ . ... - . .. , lOB½i-106¼ 103)4-104 104~-104!,:r, . .. - .. General lien, 2047 .. 3 76¼- 78 76¾- 77¼ 76¼- 77¼ 76)4- 77¾ 75¼- 77½ 76 - 77% 76!1:(- 78¼ 77 - 77i,,., 77 - 77¾ 77 - 78;1:t 76¼- 77% 761)4- 77¼ Redstered ........... 3 76 - 76¾ 75 - 75 74½- 74¼ 75 - 75 76 - 76 .. . . - ..... . .. - ... . .. St. Paul-Dul. Div .. 4 .... - .. .. 101 -lOl 100 -100 99¼- 99½ .... - ••. . 101½-102 101 -101 - •. . 100 -lUO¼ St. Paul & .No. Pac .. 6 12'3¾-126¾ . .• . - ... . 126 -126 125¼-125>2 - ••.. 125¼-125½ 125 -125 .•.• St.P.& Dul·., l ■ t,'31.~ .... - .... lH -114 ~d, 191 '7 . .......... .. :J .••• 108 -109 - •... 107¾-108 . •.• - . . .. 109 -109 . .•• 1 ■ t, cenHI,, 196S.. .j .... ll9¾-101 - . . . 100¼-luO¼ . ..• - •... 100 --100 - ... . 100¼-100¼ 100¼-lOOJ.2 Wa ■ h. Cent.Ry.,l11t.4 .... - .... 92½- 92½ ..•• .... - •.. . 94-94 No. Pac. Ter. Co-lst.. 6 115 -116½ . .•. - ....... - .... . ..• - ... . ..•• - ... . 116¾-116¾ . ..• - .... 114¼ ·114J.i! .••• Ohio Riv., l ■t, 1936 .. .) ... . - ... 118¾-118¾ .••. - ........ - . ... ... • •..... - ... .. ... 11~ -118 Generbl, 1937 ... , ... ~ .... - .... 113¼ 113¼ .... - .... 111)4-111¼ .... - .... 111¼-111½ ... - .... 115 -115 111 -111 112¼-112~ 112¼-lU¼ Ozark & Cher.Cent.-~ . .. . - .. .. 99¼- 99!4 100}.(-100¼ 100 -100 100¼-101¼ 101 -101 - ... 99¼-100 .. . - . . 90 - 99 Po.ciftc Coast Co,-l ■ t.i'l 113M-113:1,1114 -115¼ 114¼-115 114 -114½ .... - •.. . 112 -112 112)4-114¼ . .. - . . . lU~-115 115¼-116¼ 114¼-116 113¼-lU Panama-lat,•• f .....4),, 104 -10¼ - .... .... - .•.. 102½-108 ..• - •... . • - .... 104¼-104½ . ... - •.....• - •.• 101 -104¼ 1041)4-105¾ Pennaylvanla Oo.110¼-lll 108)4-109 108¼-108~ 108¼-109 109)4-109¼ 108¼-109¼ l08ll4-109!,t l ■ t, conaol ............ 4 !,i, 111 -111 111 -111¾ 11()%-111¼ 110¼-111 llQ¾-111 - .... 106 -106 . • .. - .. • . . . • - . • . . . .. - ... . L07¾ 107~ Real ■ tered ......... 4 ½ 106 -106 - ... .. ... - •••. 98¾- 93~ Gen.col.tr,ctts, '37.3½ .... .... - ....... . 94 - 94 93),g- 93¼ . ... - . . .. 93¼- 98¼ Gu. eel. tr. Clfs., B .. 3J.fi . ... - • • • . 94 - 94 . • • - . . • . . . • • - • • • . 94 - 94 98 - 99 . ... - ••• . 98½- 9ij¼ {18 - 98x 9 , x;- 98 Tr.Oe.ctta.,1ru.,'16.3" .... - . ... 97'U- 98 .••• 98¾- 98¾ 97 - 97 - •••. 118!Ji-118¾ . • • - • • . 119 -119 c.st.L.& P., t ■ t.'32.~ .... - ... . 111~-117¾ 117%-117% 120 -120 -........ - •••. . • . - ..•. . .•• - .. . U8½-983' Cl. & P., Serie■ C .. 3¼ .... - .... ... . - ... · .. . ... , 113 -113 . . . . . ... ... . 114¼-114¼ 112½-112½ 112¼-112x lll¾-111!1:( P.c.o.&St.L.,Sr.A4x 114¾-114¾ ..•• - ........ - ... .... . Serles B., 1942 ... 4½ 113,:t-113¾ .... - ... . 112¼-112¼ .. .. - .... 112~-112~ 113½-113½ .... - •••..••• - .... 112¾·112%111¾-113¼ 111:)4-112¼ - . . . . .•. Serles C, 194~ ... 4½ ... - ........ - .. .... . . - • . . . ll2¼ 113 . . . • - ••• . 103 -103 L03¼-103¾_ Serie ■ D, 194~..... .4 .... - ........ - ... . - .. • . 93 - 98~ 96½- 96½ . . • • - • • . . 93¾- 93% 94 - 94 l!§erle ■ E, 1949 .... 3½ .... - .... 93¾- 93¾ 93%- 98'7Ai 98¾- 93¾ 93 - 98 Penn ■7lvanta RR.Real e ■ tate, 1923 .... 4 .... - .... 106 -107 .... - .... .... - .... 109 -109 ll•6¼·107 107 -107 Conv., a-old, 1916 ...3¼ .... - ........ - .... .. .. 101¾-101¼ 101 -101¼ 101¼-102¾ 101 -102¾ 100¼· 102 "9¾-100¾ 117¼·1~ Cenv., a-old, 191~ .. 3¼ 108 -104 103!):(-106¾ 104¼-10'7 105 -105M 101!4-103 101:)(,-108~ 103~-l~ 104¾-106!):(105 -106 104¾-10o%t01¼-10391. 109 -104 ..&llea-. Vall., 194~ .. ,4 .... - .... . ... - .... 104)4-104~ .••• - •.. . Cleve. & Mar., lst.4¼ 110 -110 - ........ - ........ - .... . .•• - ........ - •.••.••• - • • . . • . . - ... . 110%-11~ . . . t:.. ti. & 1., 1.t, ext.4J.1. . ... - ....... - ........ - .... 111 -111 lll½-111½ lll¼-111~ ...• - .. .. 109"-109¾108¼-108}1. 108½-l0SM Phil, Bait. & Wa11h.4 . ... - .... 108~-108¾ . .. - •.•. 10~-106~ - ••.. 109 -109¾ .... Peo.& 1--'ekln Un.-lst.ti l.23¾-123¼ ...• .. L0~-lC)OM - ... . 103¼-lO;i¼ ..• - •••. '.Id, 19::11 .............. 4½ .... - ... .. ... Pere lUarquetteMllnt & Pere Marq . . b 122 -122 123 -123 .... - .... 119¾-1193' 120 -120~ 1213'-121~ 121M-121M •.•• - . . . . . .. - .. .. 121¼·121¼   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ....  - ...•  87  RAILROAD BONDS. 190:i-Contlnned. JANUARY Fll:BR'RT,  BONDS.  MARCH.  APRIL,  MAY.  JUNE.  JULY.  AUGUST. BBPT'Bll:R.OOTOBJl:R. Nov'BER. DE0'Bll:B.  - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----1-----1--  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Htah  Pere llarquette-(Con. ) 1 ■ t cons., Ir•• 1939,:i 112 -l"li .... - .... 11~113¼ 114 -114J.9 112fi-1129( 112¾-ll~M 118 -113 •••• - .... 11~114~ .... - •• 112¼-114¾ 111¾-111~ Pt. Hur. Div., 1 ■ t. ,:i .... - .... . .. - .... 11~-116½ .... - .... 114 -114~ 114 -114 •••• - ........ - ........ - ........ - ... . ... - ........ - ... . Pitt ■ , 8b. & L. E .. l ■ t.6 117½-11~ .... - .... 120 -120 .... - .... .. . - ........ - .. . 119 -121 120½-120¾ .... - .... ll~-120¼ 118¾-118¾_ 119 -119 Plttsb. Y. & "-•• t11t . .. :, .... - ........ - ... . 116 -116 .... - ... . .... - ........ Readlnrr-Gen., 199'7 .4 100-U-102¾ 102¾-108 101¾-102'9 102 -102¾ 101% -103¾ 102M-104 101¾-102¾ 102¾-103 102¾-104¼ 102¾-103¾ 102¼-103 102½-104~ Rea1stered........... 4 100 -100 .. .. - .. .. .. • • - . .. . .. .. - .. .. . .. - ... . 101¾-102½ 102¾-10~ Jer■ ey Cent. collat .. 4 99¼-100 99¾-100¾ 10031.-101 98¼- 99M 99¼- 99M 99:J.(·101 100¼-101 100¾-101¼100~-101¾ 99 -100 99~-100 99%-100¼ Pbll. & Read., eons.6 .... - .... 118¾-113¾ .... - .... 114 -114 Co ■■ol., 1911 ....... '7 .... - .... ... Cens., 1911,rerr .... 7 118 -118 .... Rle Gr. Jc.-l ■ t, '39 .. ~ .... - .... 109 -109 Rio Grande.8outh'n- .... 80-81 . . •• - ... . 78-78 - .... 76 - 76 76 - 76 1 ■t, 1940 . ..... . ...... ... 4 75 - 75 77 - 77 75~- 75~ .. • • Guaranteed, 1940 .. 4 89 - 89 - .... 10(¾-106¼ .... Rutland-l ■ t.1941..4½ ... . - • .. . 99 -100 . . . . . . .. - . . . . .. .. Oarden ■ b.&L. C-ht,4 ... {19 - 99 94 - 94½ 94 - 95 93'4- 94½ 95 - 95 94J,t- 94J,,( St.J.&G.I.-lat,'41'.4 98 - 94 94 - 94¼ 95 - 95 94 - 94 94 - 96 95!Ji- 96 St.L. & San Fran.Ry.Cla■■ B, 1906... ...... . 6 . .. . - .... 1~104¾ • •• • - .... 104M-104¾ 102 -102 103 -103 - •.. . 103¾-103:ki 101 -101¾ 101%-1019' Cla•• C, 1906 .... .... .ti 104 -104¼ 104¼-104% .... - ........ - ........ - ....... General, 1931 ........ 6 .... - .... 130 -130¾ 129!-1;-129½ .... - .. .. 131 -132 - ... . 132 -182 . ••• - .•• . 180 -132 General, 1931 ........ :, 112¼-113½ 114:M-114~ 115 -116 115 -115½ 115~-115¾ 118%-115¼ 114 -114 113 -114 113%-114½114¾-114½ •••• RR.consol.ar,, 1996.4 991'4- 99¾ 99M- 99¾ 100½-100¾ 100}.(-100¾ .... - ........ - ... . 98¼- 98½ . ... - ....... Refunctlnar, 1961 ... 4 88~- 91¾ 91 - 92J.4 90J,t- 92¼ 90 - 91¾ 89¼- 90¾ 90¾- 91 88¼- 89½ 88¼- 89¾ 88¾- 89¾ ~ - 89% 88 - 89¾ 87 - ~ s. W. Div., 1947 ... 6 .... - ........ - ........ - ... . 102 -102 101 -101 . ... - ... 102 -102 102¾-102,4 .... - ........ - ........ aJ'r 0-n11te■ , g,'08.4½ . .. - ....... - ....... - . ...... - ........ - . .. . .... - ........ - ........ - . ....... - , ........ - ... 97 - 97 95 - 95 K.C.F.S.&lU.,con.6126~-126¼ .... - ... . .... - . ....... - ... . . ... - .... 124¼-124¾125 -125 125 -125 .... - ........ - ....... K..o. Ft.S.&M., ref.4 88'4- 90¼ 89¼- 91¾ 90½- 92 88¼- 90 88~- 89 88¾- 89¾ 88¼- 89% 89¾- 90¼ 89½- 90¼ 87¾- 88½ 86~ 88 86¾· 88¼ 8t. Lou. 8. \\- .ht '89 .. 4 98)4- 99¼ 99)4-100!-s 9P -101½ 99 - 99:)4 96¼- 98),( 98 - 99 98¼- 99 9b~- 99¾ 9914-100:l,s 99¼;-100 97 - 97¼ 96 - 97~ ~d Inc., 19~9 .......... 4  84½- 85  84 - 86  86¾- 86¼ 86¼- 87¼ 86 - 87½ 85¾- 85¼ 84¼- 8!½ 84)4- 84),( 84 - 86~ 87¼- 87½ 86 - 86½ 86¼- 86¼ 81¼- 82 82 - 84 83 - 84¾ 83 - 84 81 - 88¾ 79¼- 81¼ 113 113 .... - ........ - ... 107%-108 108 -108 108~-108¼ 138,4-138~ 138)4-138¾139 -139 139}4-140 139¾-139¾ 139~-139¼ lll¼ -111½ .. - ........ - . . .. 113111-115 113~-113;1:t U3%-113% - .... 111¾·111¾ 111¼-111¾ lll½-112 .... - ........ - .... 104 -l0!i 104),(-10!¾ 104 -lO!i½ lOf¼-105¼ 104¼-105)4 102%-103 108½-103~ .... - . ...... . - .... 104~-104-¼ 10!:Jt-104¾ 102¾-102¾ .... - ... . .... - ... . - ........ ............ . Mont,Cen.,l ■ t,1931 , ti 135 -135 .... - ........ - .... 136¼-136X? .... - .. . .... - ........ - ... . l ■t, suar., 1937 .... G .••• - •••. 11~11~ .... - . . • ••• - •.. 120 -120 .•• . - .. . 11~-120 Wlll,AS.F., l ■t,'38.6 .... - ........ - ........ - ... . .... .... .... - .... l21½-121X? . ... 8. Fe Pre ■ • & Plle ..... G .... - ........ - .... . ... - ........ - .... .... - .... 109¾-109¾ Sanll'r.& M.P., l•t .. a .... - ........ - .... 108 -108 .... - ... 110 -110 l!leaboard Air Llne .... 4 89¼- 89 91 - 92 90 - 1n~ 85¼- 88>-i 85 - 86 86 - 89¾ 89J.t- 90 90 - 91 90 - 91% 89¼- 90 89¼- 90 88¼- 897'§ Cellat. tru ■t, 1911 .. 6 108~-104¼ 1()4¼-104~ 104 -104¾ 104 -104¾ 102 -102~ 1023'-103¾ 108¼-104¼ 104 -105 104 -105 104M-10i> 102}.(-102¾ 102¼-l0ZM Atl.-Blrm., l•t ...... 4 ... - ... . .... - . ... .... - .... · .. · 95M- 9~ Car. Cent., l ■t, '49,4 .. .. - ... . .... - .... .... - ........ - .... 98¼- 98.11, 98¼- 98½ ... Fla. C. & Pen., '43 .. G .... - . ... 109 -109 109¼-109}{. .... - ........ Ga. & Ala., ht, coa.0 109¾-llSJ.4 113¼-114 112¼-112½ lll¾-112!,4 lll¼-112 ll~-112½ ... - ... . lll¼-113 .... - •••. 112¼-112~ .... Ga.Car.& N.,1.,... u.~ 110 -110 .... - ... - ........ - ....... - ... . .... - ....... - •••.•••• - ........ Carolina Cent., con.4 .... 98 - 98 95 - 98¾ ••• - ... . .... - ........ - ....... - ........ -  Consol., rrold, 193~ .. 4 80¼- 83 82 - 83 82~- 83¾ 82¼- 84¼ 82¼- 83½ 80¾- 82 tilt. P. M. & M. -~d .. .. 6 110¼-111 .... . - . ... . ... - ........ - ... . 108¾-108}fi .... - . . . l ■t, con■ ol., 1933 ... . 6 ... - ... . 137 -137 187 -138 186 -187 .... - .... 139 -189 Reduced to ......... 4½ 112 -112¼ 111}.(-Hl}.( 111 -111% .. . - ... 111'4-111¾ 113½-113¾ Dakota Exten ■lon .... 6 112¾-112¾ 112¾-112¾ 112¼-112~ 112¾-112¾ 110¼-110¼ .... Mont.Ext.,1•t,193'7.4 108½-104 104 -104¾ 103¼-1041}.( 104¾-105 .... - .... 103 -103¾ Re11l•terect ..... ... .. 4 .... - . .. . . .. - .. . ••.. E. M. l ■ t div., l ■ t .. .. :) .... - .... 104¼-104¾ .... - ........ Minn. Union. l ■t ..... 6 .... - .... .... - .... 128 -123 124 -124 .... -  Southern Pacific Co.l ■t, retund., 19:i:i .... 4 . . .. 97%-- 97¼ 96%- 97'.fii 97 - 98~ 96¾- 98 96¼- 97¾ 95¼- 96¾ 96¼- 97¼ 96M- 9~¼ 96¼- 97~ 96%- 97¾ 96¼- 97¾ Rerri ■ tered. ........ 4 .... - . ... . .. 97 - 97¼ li•:i-year, 190a . .... 4¾ 101 -101¾ 101¼-101¾ 101}.(-101½ 101¼-101¾ 101"-102 .••• - ... . .... - ........ - ... . .... - ... .. ... Collat. trust, 1949 .. 4 95 - 977,( 96 - 9tl¾ 95¼- 96 95 - 95¼ 94'4- 95~ 92!,(- 93¾ 93 - 94~ 94¼- 95¾ 95¼- 96½ 95 - 93 95¼- 96 93¾- 94¼ Realstered .. ........ .4 .. . . - . . .. .. . - .. . . . .. - .. . . 91 - 91 94 - 94 . • • • - ... .. .. - .. .. .. .. - . .. . . .. • A.a. ■ tln & N. W ., l•t.6 1013¼-111¾ 1093,ti-109!1, •••• - ... . .... - .... 104 -111 .... - ... \ ... - .. . ... Ven, Pac., l ■ t, ret.ar .4 102}.(-104 lQOM-101¾ 10~-101¼ 101 -101¾ 101 -101¾ 101!,4-101¼ 101¾-l0Z!I( 100¾ 10~ 100¼-102 101 -102 lOOM-101¼ 101 -101¾ Mert., rru., s.,'!19.3½ 88¾- 88¾ 89 - 89¼ 89 - 8,¾ 89 - 89¼ 89¼- 90 87¼- 88¼ 88 - 89 88¾- 89¼ 89 - 89¼ 89 - SJ½ 89 - 89¼ 87¾- 87'4 Throuarh St,L.,l ■ t.4 .... - . .. . ... - ... . .... - ........ - .. .. 99 - 99¾ 101½·102 .... G.H.& e.A.,l ■ t,'10.ti 110¼-110¾ 108¾-108¼ 108¼-108¼ .... - ... . 107¾-107¾ M. & P. Div., l ■ t .. 6 .... - .... 118¼-llo . ... - . . . .. .. - • .. • .. • • - •••. 113 -115 111 -111 110 -110 Gila Val. G.&N.,l ■t.~ .... - ........ - .... 109 -l0UXi 110 -110 - ••• . 107¼-107¼ .... H.E.& W.Tex., l•t . .-i, 105¼-105¼ 107!4-107¼ .... - . .. . Hou ■ .& Tex.C., l ■ t.:i 110%-111¼ llll,t-111¼ 111¼-111½ 111¼-112 111 -112 112 -112¾ . . . - .... lll}.(-111!,4111 -111¾112 -113 .... t.ons. ar,, 191 ~ ...... 6 .... - ........ - ... . . .. . - . . ..... - ....... - •••. 112½-112¼ 110¾-110½ 110¾-111~ 111 -111 General, rr., 19~1 .. 4 85¼- 95¼ 97}.(- 98!,( 98¼-100 99 -100 99¼-100 9931;-100¾ 100 -100 •••• - •••. 100 -100)4 96 - 99¼ 98~-99:k, 98¼- 99¼ Ore. & Cal., l ■ t.,11u.:i .... - ....... - ... . .... .... - .... 101 -101 104¼-10!3,ti .••• - ........ - .... 103¾-103% .... - .. : . •••• - .••• 8an An. & Ar. PaH.4 88 - 91¼ 90¾- 91½ 90½- 91Xa 89 - 90¼ 89 - 90 89¾- 90 88 - 89 88:!4- 89 88¾- 89~ 88¾- 80¾ 89¼- W:!4 88M- 90 8e.Pac.,Arlz.1909... 6 106 -1083,s .... - .... 108¾·106~ .... - .... 107~-lOi~.... 1 ■ t, 1910 ............ ti 1093-s-1~ •••• - ........ @o. Pac. Cal., 100:i .. 6 .... - ~ ....... - ........ - ........ - ........ - .... 103 -103 .... l ■ t,191~,E&ll'... b ... - ....... . - .... 115-115 .... - ........ - ........ - ........ - ... . 112¾-112¼.... l•t, 191:1-............ ti .... - .... 114¼ 114¼ •.•• - ........ - ...... .. - ... . ... - ........ l ■ t,cen.•tp.'0a-3'7 .6 1083'-108¼ 109¾-l0J¼ 100!>(-109'k! 109¾-109¾ . • .. - .... 1Q8¼-108!,4 1()8¾-l0Sff • • • • 8. Pac., N.Mex., l ■t.ti 108 -108 109¾-101!.x, .... - ........ -  -~::r: -  T.&N.O.,8ab. D.,l ■ t.6  .... - . . .. 112 -112¼ .... - . ..... - ... . .... Oon ■ ol., arold,1943.G . . .. - . . . .. .. - .. . 108¼-108¼ .. • • - .. .. .. • • -  - .... 111 -111  .. . • -  - .... 110¼-110½111 -111 - .. • • • .. • - • .. . . . .. -  SouthernI 1•t, cen ■ ol., 1994 .... :i ll~-120J.4 119¾-120 119~-119¾ 118¾-120 118:U-120 119%-121¼ 118 -119 118¾-120.l-R 12(%-121½ 120½-121¾119%-121 120 -12~· M.. & o. col. tr., '38,4 96-U- 98¼ ~ - 99 Ytl¼- 97¼ 96¾- 97¼ 9734- 11:i½ 97 - 1-!8½ 99 -101 l0Q¾-102 99¼- 9~ 98~- 99 "7'4- ~ 97* e8II lllem11. Div,. l ■ t.4H-a ... - .... .... - ... . .... - .... 118 -118 - .... 118'& ·118¾ ... - .... 118 -118 .... - ... ... .. - •••••••• - . . ... - •••~ St. Louis Div,, l ■t ...4 98 - 98¼ 98¾- 99 99 -100 98 - 993' 09),.(- 99¾ lOOJ,,(-100¾ 97¼- 98¼ 99¼-100 99¼- 99½ 99~-101 '1 ~ - l ~ lCIOU-IOlfi; Ala. Cent., lst ........ ti .... - ........ - .... 11~-117½ .... - . . .. •• - .... 118 -1113 .... Atl. & llan., l ■t,'48.4 95¼- 96¼ .... - .. .. 98¼- 98½ .... - ....... - .. . ... - ........ Col. & Greenv., l•t.. ti .... - ... . . .'. - . . . - .... 116¼-116½ .... .E.'I'. Va.& Ga., Div.. :, .... - .... 114 -114 114}.(-114¾ 114 -114 116 -116 .... - .... 115¼-115¼ .... Con ■ol., ht, .......... a 121¼-122 121¾-12.l 121¾-121¼ 122 -122¼ 119¼-li0½ 120 -120¼ 120½-120¼ 120½-120¼ .... - .... 121¼-122 118¾-ll~ 118 -119 B.Tenn.reor11.llen.. :i114¼-114¾116 -116 114 -114 .... - .... 118!,{j-ll3J.vll5¼-115¼115 -115 .... Ga, Pac., ht, rrold ... 6 123¼-123~ 123%-123¾ 124¼-124¾ 124¾-124¾ 125 -125 124%-125 121%-121¼ .... - .... 124J.4-124¾ 124¾-124¼ 12!¾-12~ .... ·- •••• Knox. & O., 1st, rr... 6 123¼-123¾ 126¾-126¼ .... - .... 127 -127 .... - .... 126l¼-126¾ .... - ........ Rieb. &Dan., con.,11.ti 115¾-115¾ ••• . - ••• . 116¼-116¼ 116¼-118 116:ij-116¾ 116%-116¼ ll!l¾-114¾ .... - ... . 116J,,(-116J.( ll4¾-114}d 115¾-115~ Deben., •tamped .... :, 112 -112¾ .... - • .. - .... 114 -114 .... - ........ - . ...... - •••• Rich. & Meck., l•t .. 4- .... - .. .. 96¼- 98 So. Car. & Ga., l ■ t .. :i 108 -109" 109¼-111 110 -110¾ 109¾-109¾ 108 -108¼ .... - .... 110 -110 109¾-109½ .. .. Va. Mid., ■ er. E,'26.6 114 -114 .... - ... . 114¼ ·114¼ ..•• - ....... . - . .. . .. •• - ...-. • .. • - .... 113 -113 8erie ■ F, 1931 ...... G .... - ... . .... - .... 112,ii-112½ 113 -113 .... , - ........ - .... us -118 .... - .... 115¾-117 . : .. - •••• General, 193ti ...... :i 115Jt-115¼ 116 -116¾ ll5¾-117 117 -117 114¼-114¼ lU¼-lU¾ .••• - .. .. 114¼-114¼ . ... - ....... - ••• . 114M-114l¼ . ... - .: •• Stamped, aaar .... G .... - ........ - . .. . .... - . .. . 114¼-114½ .... ·• • · ... Wask.O.& We ■,lst.4 .... - ... . .... - ... . .... - ... . 97 - 97 97~- 971}.( .... ........ - ....... W. ~. Car., lat, cen.ti 115~-115!4 115¼-ll.5¼ 116¼-116¼ .... . . . - .. . 115 -115 .. .. - .... 115 -115 .. .. - .... 115~-11 115¼'-11~   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  =:::: ioii¾=1ii .. ios~=1cis~.. io7½:1os3' - ........ - ........ - .........  - ... . - ... .  RAILROAD AND MISCELLANEOUS BONDS.  88  1906-Continued. tJONDfi'.  JANUARY FEBR'RY.  MARCH.  - - - - - - - - - - - 1 - - - - - 1 - - - - - ---  APRIL,  MAY.  JUNE.  JULY.  AUGUST. 8EPT'BER, OCTOBER. N0V'BER. DE0'BE&.  - - - - - - - - - - - - - - - - - - - -·1 - - - - l f - - - - l · - - - - l - - · - -  Term'l AH'n ot ~t. L.- Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hil!h Low.Hil!h Low.High 1st, 1930 ............. 4x .... - ... .... - .... 112½-112½ 111¼-111¼ ..•• - .... ... . - ..... . .. - .... . .• - ....... - ....... - ........ - .. .... .. - ... . l11t, con sol., 1944 .... 5 122 -122 ..•• - . . .. 121 -121 121 -121 .... - ..•. 122 -122¼ 122~-122!1:( .... - ....... - .... 121½-122¼ 122 -122¼ 122 -122 Gen. ref., 1053 ..... 4~ 98¾-100 100¼-100¾ 100 -100¼ 101 -101¾ 101 -101 .... - . . . . 99½- 99¼ 100 -100 lOO!J;t-1001}.( 101 -101½ 100¾-100¾ .. .. - ... . Tex. & Pac., ht, geld.5 120!,(-121¼ 121 -123 122 -123¼ 122½-123;!4 128 -128¾ 121 -121¼ 121%-123 122¼-124' 124 -125¼ 125 -125½ l24¾-125¾. ... - .. . . 'Id, g., Inc., 2000 .. .. . 5 95 - 97 97 -102 94 - 97 94 - 94 98¾- 94 94 - 96½ .... - . . . . 95 - 97 .... - ... . 96½- 99¼ 100 -100 .... - ... . La. Div. B. L., 1st ... 5 .... - ........ - ... . .... - .... lll¾-111~ .... - ........ - .... 106½-106½ 106½-106¼ .... - . .... .. - . ....... - ... 111¼-112~ Toi. & O. C.-lst, '35.5 114½-114½ ..•. ll~-115¼ .... - ........ - .•. . 1153(-116¾ .... - .. .. . •. - . ...... - .... 115 -116 ll&¾-116¼ 116 -118 General, gold, 193:J.5 ... . - ........ - ........ - ... . 110½-112 ... - ... . .... - . . 110 -110 107½-107¾ 109¾-109¾ .... - . .. . . . . - ..... .. - ... . Kan.& M.,lst,gn.,(r.4 96¾- 96¾ 98¼- 98¾ 96½- 98½ 95%- 97½ 96¼- 96¼ 95¼- 96¼ 9'™- 97¼ 97¾- 97¾ 98¼- 99~ 97¼- 98½ 08 - 98½ 98 - 118!,( Toi. Peo. & w.-ht ... 4 91 - 94 .... - ... . 92¾- 95 94¼- 95 94,-(- 94¼ 94¼- 04¼ 92¼- 93 [ 93 - 93 .... - .... 03 - 93 - ... . ... - ...• Toi. St. L. & Weet .. 3¼ 80¼- 90¾ 00 - 01¼ 0~- 90½ 00¾- 91~ 90%- 91~ .... - ... . 91 - 91¾ 01¼- 92 013(- 91¾ 91¼- 02 91½- 91~ IH~- 91¼ ~0-year, e-., 1025 .. .4 83¾- 84¼ 83¼- 85 85 - 86% 83¾- 85¼ 83 - 84¼ s.ql,(- 84¼ 85 - 86 85 - 86M 86),,{- 87 83%- 85 83 - 84½ 81¼- 84 Tor. Ham. & » .-ht. 4 .... - ........ - ... . 97¼- 97¾ 98¼- 98¾ 9~- 98¼ 97 - 97 98 - OS - •... 98¼- 0 ¼ 99 Oil½ 99¼- 99¼ . .. - ..• 018. & Del.-ht, con .. 5 .... - ........ - .... 112 -112% 113 -113 .... - .. .. llQ¾-110¾ ..•• - •. . . .•. - ........ - •... 112¼-112!41129(-112¾ . .. - .. . . 111,, re1und., 19~1'8 ... ,a 95¼- 95¼ .... - ........ - . .. . . .. - .. . .. .. - ........ - ........ - •••. .. . - . .. . 06¼- 06~ .. .. - ........ - . .. . ... - ... . Union Paclfic-194'7 .. 4 104¾-105¾ 105¼-106¼ 105¾-107¼ 105¼-108½ 105½-106% 106 -107¼ 105 -106 105~-106½105¼-106¼105 -105}:(lOi'.i,~-lOb¾ 105¾-106¾ Retrlstered .... .... . . . 4 103½-10~.! 104 -105!ll 104½-105 104¼-104½ 104¾-106 106 -106¼ 105¾-105¾ . •. - .... 104¾-105% 10!½-104½ 104¼-105 103½-105½ l•t lien, conv ., 1911.4 1127A-122½ 120¾-138i,; 1 ~· 137¾ 120 -188½ 115 -12! 119¾-128¾ 127 -131¼ 12~-187¾ 181¼-135¾ 133,i!-136-U 129 -137½ 131¾-150½ Re111Btered ........... 4 116%-121¼ 121 -121~ .... - .... 137¾-137¾ . . - ........ - .. .. .. - .... . .. . - ... . .... - ... . . . - . . . .. - . . . . . .. Or. RR. & Nav.,con.4 102¾-103½ 102%-103¾ 102½-103¾ 102¼-103~ 102~-104 102 -102!c 102½-103¾ 103 -108'-t 102¾-1031)1. 102¼-103¾102¾-103)4100¼-101 Or. Short Line, lat .. 6 126¾-127½ 124½-126 124 -125½ 124½-125% 125¾-125~ 125½ 126 126 -127 123¾-124¼ t2i -125½ l.25¼-125!,4125¾-126 l :.'~-125½ Or. S. Line,let, cons.15 117¼-118½ 118¾-110¼ 119¼-120 119¼-120 119 -119¾ 110!,t-119½ 117½-117½ 117¼-117;14118¼-118¾ US¼-119~ 119½-119¾ 110¾-120¼ 4s & par tlcipatln(r .. 104¼-104¾ ... - . . . . ... - ... . . ... - .. . . . . _ ....... . _ .... . . .. _ .... .... _ _.. . .. _ . ...... _ .. .. . . _ ........ _ ...• Guar.refund.1929.4 97¾- 98 97¾- 98 97¾- in~ 97:x;- 971}; 97¾- 98¼ Q5¼- 96¼ 96 - 96:1,,t 96¾· 97¾ 96~- 97 913¼- 07!,( 96¾- 97¾ 05¾- 96¾ Re11lstered ... ....... . 4 .... - ..... .. - .. . . ... - . . . .. .. - . . . .. .. - ... . .... - . . . . . .. - ........ - .. . . .. . - .. .. . . . - . ..... .. - .... 96 - 06¼ Vandalia, con sol., 11•• •4 .... - ... .. .. - ... . .. - ..... .. - . . . . 10,1¼-104¾ 104¼-104¾ . ..• - .... 103½-103¾ .... - . . . . ... - .... .... - ....... - .. . Vera Oruz&l"ac.lst.4½ . ... - . . . .... - ....... - ... . ... - ..... ... - ... .... . - ........ - ........ - ... . . - . . . . 101¾ 101¼ 101¾-101¾ - . .. . Va. & S. W .-l11t, au .. a 107,t-108 109 -10;) 110 -110 .... - .. . . . ... • .. .. - . . . 112½-112½ .... - .... 112½-112¼. 112½ 112½ 112 -112 110½-110½ Wabash-1st, g.1939.a 11~-119 118¼-119½ 1187<(-119½ 118)4-119½ 116 -117¾ 117 -117¾ 117%-118¼ 118 - 118¾ 118 -118~~ 118%-11?½ 115 -119 114~-116 2d mort.,gold, 1939.~ 111 -112½ 109½-110¼ 108½-109½ 107¼-109½ 107 -108¼ 108½-100¼ 100¼ 110 107 -107¼107 -107½ t06¼ ·107l,ii lOil¾-108¾106¼·1073( Deben,lnc., 1939, A.6 .... .. . 90 - 90 .. - .. ..... - .. . . . .. - .... - ........ - ....... .. 90½- 91 . .. . - ... . .. - . . .. . ... - ... . Deb. inc., 1930, B .... ti 66½- 60½ 68 - 71¾ 69%- 84¾ 74 - 82 70 - 76¼ 72 - 74¾ 68¼- 78)-4 70 - 78!1-.( 70!,t- 78% 71¼-7 6¾ 72½- 77~ 73¾- 77 let lien equipment ... ~ .... - . . . . ... - . .. . .. - . . .. .. - .. . . 102 -102 102 -108 .... - .... 108 -108 .... - .... . .. . - ........ - .. . . 102 -102 1st lien terminal .. .. . 4 .... - ........ - . . .. .. . - . . . . 02 - 02 .. .. - ... .. ... - ..•..... .....• - . . . . . .. - .... .... - ... . .... - . . . . . ... D . & Cb. Ext., 1940.5 1099(-110 .... - ... . 110¾-110¼ .... I 11 -111 ..•.•... . 111 -112 111 - 111 . •.. - .... 110¾-110¾ . ... - . ....... - •. .. Omaha Div., 1941.3½ 86 - 88¼ 83 - 88 88¾- 88),,t 88 - 88 . .. - .•• ..... - ........ - ..... . .• - ......•• - ........ - ....... - . .. 87½- 87¾ Toi. & Chic. Div .... .4 97½- 98¼ .... - . .. .. .. - .... .. .. - .. . - ........ - .... . ... - .. . . . ... - .. ..... - . ...... . _ . . . - .. . . . - . ..• Wn.b.nPitta. Ter.-l ■t.4 . ... - .... 95¼- 95¾ 93¾- 95½ 94 - 95¼ 87¾- 90¾ 00¾- 91¼ 86½- 90¼ 87¾- 90!14 90 - 91 88!,r 90 88 - 00 86 - 88 2d, aeld, 1954 ... .... ,4 .... - .. 42¾- 45J11 42 - 45¾ 38J,i- 48 85 - 40¾ 87¾- H¾ 87½- 40¼ 87~- 89% 36¼- 38¼ 35¼- 37¾ 31½- 3t5 31 - 35¾ We11t. Maryland-ht.4 00¾- 93½ 91¾- 93¾ 92 - 94 89½- 91¼ 87¾- 89% 88 - 80¾ 88 - 89¼ 87~- 89~ 89¼- 9'J 871,4- 88 87 - 58 86 - Bi¼ Gen.&conv.g,195:J.'I .... - ... . .... - .. .. ... - . . ... ... - ... . .... - ... . .. - . ....... - . ....... - . . .. .. .. .. - ... 68½- 68¾ 65 - 68½ W.JS.l'.&P.-lst.'37 .:i .. - ... US -118½ .. . - . . .. 119 -110:: - .. . 110¼-119¼ .... - .... . ... - .. .. . ... - .. .. . ... - .. . . 118¾-118~ 11 J - 110 General, 1943 ........ 4 98¼- E-8¼ 08¾- g394 98¾- 98¾ 97 - 97,!4 96¾- gaM 97½- 98).6 .... - . ... 07¾- 99 98:Jt- 99!,t 96¾- 96¾ 06!4- 9d¾ 06%- l/6¼ W.Va.C'.&P.-l ■t,'11.ti .... - .... 111 -111 111 -111¼ 112 -U2 112 -112 .. - ... ..• .• - .... 110 -110 .. - . . . . .. - ........ - .. . Wheel.& L.E.-ln ... . ~ 114!,(-114¾ .... - .•.. lU¾-114¾ .... - .. . .... - ....•..• - ••• . ••• - .... . .. - . ... US - 116¼ ..• - ...... . - .. . . . - ..•• Wheel. Div., lat ...... :, .... - .. . . ... - . . . . ... - ... . . . . - .... 114½-114¼ ..•. - .. . . ... - ........ - ... . . ... - ....... - ........ - .. ... . . - .. . Ext & lmpt., 1930.. ~ 114%-11~ 113 -114 114}.!-114½ ... . - ... .. ... - •... .• •• - .•. . ...• - .... 111½-llll,i .... - ... . .... - ..... ... - .... .. - .••• flO-yr. equip .. 19~2.. 5 102 -102 .... - . .. .... . .. . - •.. . ... - ........ - .... . .• - .... .. .. - ....... - .. .. 102¾ 10~ - ..•• ~ htcun,, 1949 ........ . 4 98 - ti5¾ 94¾- 95 92 - 92h 02M- 95 93¼- 94~ 931-fi- 04M 92½- 94¼ 02¼- 93'1 00¾- 91½ 00½- !'13 90½ · 91~ 91 - 92½ Wlscon. Cen. Co.-1 ■ t.4 90½- 04 03¾- 94¾ 93¼- 94¾ 03½· 94¾ 93½- 114% 04.~- 96 94 - 94½ 93¼- 95" 947<(- 95¾ 9534;- 97¼ 95 - 98¾ 94¾· 96 STREET RAILWAY. B'klyn Rap Tr.-'415 .. :) 108¼-110½ 110 -112h 111¾-112¾ 100 -109 108¾-109 108!,.t-100 109½-110 109}(-110)4110½-112 109½-110 100 -110½ 1077A 108 ht, conv., !-100~ . ..... 4 83¼- 85 82¾- 86½ 85¾- 87 86¾- 89% !:l6 - 88)c 8~- 01)4 88%- 90)4 88¼- 93\¾; 01¾- 94~ 9:l¼- 06~ 92%-102¼ fi8 -101¼ B'klyn (.;., 1st, con ■.•5 ... - .... . .. .... - ........ - .. 103¾ 108¾ ... - .... . ... - ....... - ... . ... - . .. . .. . - .... 107 -107¼ ... .. B.Q.C. & ~ ., con. a-u.15 106 -106 106 -106 . ... - . . .. . .. - ... . •••• - ........ - . ... .. - .... . ... - ....... - ..... .• - .... . .. - .. .. !C'S -1 03 B'klyn Un. EI.,l ■ t.4•:i 110¾-113¼ 1103(-111% 110 -111 109!,(-111 109½-llOM 1101'-110~ llQ¼-111½ 108¾-109½ 108~-109~ 103 -110 103 -111 llll¼: 111¼ Stamped aunr . .4-5 .... - .... . . .. - .... .. .. - .... .. .. - .. . .. . - ... .. ... - . .. .. .. - . .... ... - ... ..... - . . . . .. - ... lll -111 111 -111 Kings Co. Elev., l11t .4 92¾- 93½ ... . - . . . 02 - 92¼ 92 - 92 92½- 93 03 - 93 .... - . . ...... - ........ - ... . . .. - . .. . . . • - .... 96¼- 96½ Sta.roped gun.r . . ... 4 92¾- 06¼ 92¾- 95 92!4- 93¾ 91½- 92¾ 91½- 94 93 - 94 93Jf- 05 01¼- 94 93 - 95 93¼- 95 94.l}s- 97 05 - 9i Nassau Elec., a-uar .. 4 87 - 91 89 - 90¾ 88 - 89¾ 87¾- 88Xi 87¾- 88 87!1:(- 89½ 87 - 87~ 87 - 89½ 89 - 89 88¾- 90 88½- 90 89 - 91 Conn.Ry.& Lt.-ht.4J,. 98 - 98 99¼- 90¼ ...• - .... 100¾-100¾ ... - .... 101¼-lOll,i 101½-101¼ .... - ... 10S}.(-1G3J.4 .... - . . .. - . . .... - ... . Stamped guar . . . .. . 4 ~ .... - ... . .... - ........ - . ... 100¼-100½ .... - . ... 101~-108½ 101½-101½ 102¼-102~ 1023,:(-102~ 102J,i-103 t02¾-102"1 ... - ... . Deu·oit United-ht .. 4½ .... - ........ - ... . 95¾- 95¾ . . .. - .• .. 95 - 96¼ 95 - 96 94~- 96 94¼- 96 94¼- 95 94¼- 95,lt 95¼ - 96¼ 00}.(- 96}.( Ha.Tann. .Elec.-195~ .. 5 .... - ........ - ....... - .... 94 - 95 02¼- 04 92¾- 93 92½- 95 04¼- 9!½ 93¼- 98~ IH,¼- 94),f, 04½- 05¾ 9!½- 95~ Metrup. St . Ry ,, a-en .~ 117½-120¾ 116 -116¾ 114½-116½ 115 -116¼ 114 -115 114¾-116 116 -117 114 -115 lU -115 114¾-116 114 -114¼114 -lt5¼ Refundin(r, 200~... .. 4 90½- 94 03 - 94¾ 93 - 93½ 90 - 91¼ go - 90" 90 - 91¼ 90¾- 913( 01 - 91¾ 91¼- 92'½ 80 - 90¼ 89 - 89~ 89 - 92 B'y & 7th Av.,19113.:'J 117~-117>2 118 -118 118¼-119 119¼-119½ 119:l,t-llg¾ 116!>4-ll~ 116½-1113¼ ..•. - .... . ... - ... 118¼-118½ 118~-118¼ .. - ...• Col, & 9th Av., 1 ■ t .. O 121 -121 121¾-121!1( 118%-120½ 121 -121 120½-120½ ... . - •••. 120 -120 ... - ... . .... - .... 119 -119 ... - .. ..... - ... . Lex. Av. & Pav. F .. l) 119 -120¼ 120½-120¾ 117 -120¼ .... .... - .... 120 -120 .... - . . ..... - ........ - ... 118¼-118~ us -118 117¾-117!11 3d A-.., lst,au,,2000.4 04¼- 06 95 - 96½ 96 - 07¼ 95¼- 96¼ 95~ 96¼ 95½- 97½ 95!4- 96¾ 05 - 96¼ 95 - 95x 04¼- 05¼ 94¼- 95¼ 93½- 97 l ■ t, 1931 .. .......... .. O 116¼-118 118¼-118¾ 118!ki-ll8½ ll~-118¼ .••• - .••..••• - •... .• .• - •...... .. .. ... - .. . . 118 -118 t19 -110 ... - .•.. Met. W. S. EI. (Ch.) ... 4 90 - 96 95 - 95 . .. • - . ...... . - ........ - ....... - ... .... - •......• - ... 94¼- P4>t> 04 - 94. . .. - ... . .. - ... . St.PaulC.Callle,con ■ .5 .... - ... . ... . - ... . ... - ... . . . . - ... .... - .. ...... - ... ..... - ........ - ... . . ... - .. . . .... - . . . . ll4J,i-ll!ll,i ... . - ...• Underar'nd El. Rye. of London proflit•11h'lr••~ ~ - 90),,t 90 - 90¼ 99¼-100¾ 99½-100 W -100½ 97¾- 9SJ,i 98¼- 98¾ 98¾- W 08-¼- 08~ 08¾- 91l¾ 98¾- 09,d 06 - 97 Un.Elev.(Chic.)lst,a-.5 . . . - . ...... - ... . . .. . - ... . .... - ........ - ........ - .... 106~-10~ ... - ... . . .. - .. ... .• - ... ... . - .... ... . - ... . United Rys.,St .Loui ■.4 85¼- 86% 86 - 88¾ 88%- 89 89 - 89¾ 89 - 80½ . ... - . . . 87¼- 87½ 87~- 87¼ 87 - 87¼ 87 - 87 87¾- 87% Si"H- 89 United RRs., San Fr.. 4 87¼- 89 88 - 90 80 - 91 88¾- 80X? 88 - 88½ 87:¼- 90 Sil½- 91 90% - 01½ 91~- 02!4 88¼- 00¼ 87¾- 89¾ 87 -88¾ GAS AND ELECTRIC, Brooklyn U. Ga■-lst ~ 116%-117 116¼ ·116¼ 116¼-116¾ 116¾-118 113 -116 113 -lU 113 -114 114 -115 lU -114¾ 114½-114¼ 112%-113¼ 113 -113 Buffalo Ga11-l ■ t. ....... ~ .... - .. . . 70 - 70 72 - 73 66 - 09 68 - 68 68~- 69 .... - . ... 72½- 76½ 77 - 80 77½- 87 80¼- 83,t 79 - 83 Consol. Ga■ (N. Y.)Conv. deb. 1909 ...... 6 174!,(-178 178 -185¾ 182 -187¼ 177 -182 169 -176~ 169 -175 171 -178 172¼-175 168 -172 168 -174¼ 166½·170¼ 165 -17('~ Det. City Gaa, 1923 ... ~ 100 -101¼ 100¾-102½ 101¼- 102½ 101¾-101¾ 101½-103 102!1:(-103½ 9ij½-101 ... - ... . 102 -103 101¼-103 103 -104 104' -106 Detroit Ga■, 1918 .. ... ~ .... - ... . ... - . . . . ... - ........ - .... . ... - . .. ... .. - ........ - ... . .... - .... 105 -105 .... - . . . .. . - . .. . . •• - ••. Gen. Elec.-Deb., g ... 3.\.t 91 - 91~ 90¼- 90¾ 80¼- 89¾ 89¼- 89½ 92½- 92½ 01 - 91 ...• - ........ - .... 91 - Pl 91¾- 91½ .... - . .. 90¾- 90!!( Bud. Co.Gas-let,'49.~ .... - .... 109½-109½ .•. - •......• - ........ - . ....... - ........ - ... . .... - •.. . .••. - ........ - .. . .... - ........ - •.•• K. C, (Mo,) Gas.-lat .. 5 .... - ........ - ........ - ........ - .... 100 -100 .... - .......• - ........ - •....... - ........ - ........ - .... . .. - .••• Kin(rs Uo,EI.L,&PowPurchaee moaey ..... 6 125 -127 126¼-127 126)4-127 .••. - ... 124¼-124¾ 128 -128 .... - .... 122¾,-124 124' ·124' 122¾-122¼ 122%-122¼ l22¾-1221)4 Ed. EI. Ill. (B'klyn).4 .. .. - ........ - .... . .. - . . 94¼- 94½ . ... - ........ - ....... - .. . ... .. - .•...... - ... .. ... -. . .. 96 - 116¼ 96 - 06 Laclede Gas-l ■ t, (r .... 5 109 -109¼ 108¼-109¾ 108¼-109½ 109!,4-109¾ 108 -109 108¾-109¼ 109½-110 107¾-107¾ 107'¼-108~ 108~-108½ 106¼-107 L07 -10a¾ Refund. & ext.1934.5 106 -106~ ..•. - .. . . . .. - ... ... .. - . . . 105¼,-105½ . . . . - ........ - ••.. .... - •...... - ........ - .... . .. - . . .. . . .. - ... . MUw. Gas-L,-lst ..... 4 92¼- 92¼ .... - ..... ... - .. .. . . . - .. 02 - 92 - •. . 92¾- 02¼ 02%- 92¾ 93¼- 93~ .... - ... 92½- 92½ 92¾- OS ~.Y.El.Lt.H.&P ... ~110 -110¼110 -111¾111¾-lll½lll -lllJ.<2 110½-111~10~-110~1(19 -110],illO -110¾100¼-llOi..uo -111 110 -110¼108 -109 Pur. mon, col. tr., 1r.4 94¼- 97\l:t 94¾- 96 94 - 05 93 - 94¾ 02 - 92¼ 92 - 92¼ g3 - 94' 91¼- 92¼ 91¼- 92 91~- 92¼ 91 - 92 90 - 91¾ Edie. El.Ill., ht,'10.~ 105¼-105¾ 105¾-105¾ 103¼-103½ 103¾-104 104¼-104!,4 104¾-104½ 105 -105 105¼-1051,i ...• - .... 103¼-103~ .. .. - .. . . .. - ...• l11t, cons., 1995, (r .. ~ . . . . - ........ - ... 118½-118½ 119¼-119½ .... - .. . .... - ........ - ••••.••• - •.....•• - •••...•• - •... 119:l,4-121 - ..•. N.Y. &Qu, El.& Pow.Con., irold, 1930 ... . .. ~ 107!i:(-108 105 -105 106 -lOfl¾: .••• - ... 106 -106 .... - •...•••• - . . •.•••• - •....••• - .... 10'.l¼-102¾ ...• - .... 102 -102 !ll.Y.&Rlch.-19~1.. 5 .... - ... . .... - ... ... .. - .. . . .... - .... 103 -103 .. . • - .....••• - ....•••• - ••. ....• - ••.••••• - •••. 103 -103 .... - ••.•  ::!~~,: ;;,~·i·:f~:~~1-·· -........ -........ -........ -.... 1■t,  con., c .. 1943 .... 6 125 -125   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  105¼-105¼ ..•• - •......• - •.•..••• - ... . •••• - •••.•••• - .... 104¾-104'4 .•.• - .•.•  ~127¼ .••• - .... 128¾-1233. 128~-~ 124 - ~ 124 -124  .... - ••..•••• - •••• 123 -128  123 -123  •..• - •••.  89  RAILROAD AND MISCELLANEOUS BONDS. 190a-C,oncluded.  OCTOBER. 'l'OV'BBR. DEO'BIIIB.  APRIL. JUN111. AUGUST. 8BPT'BBR. MAY. JULY. MA.ROH. - - - - - - - - - - - - - - ---- ---- - - - - - - - - - - - - ---- - - - --- ------ - - - - - - ---- - - - ,- - - - - Peo.G.L.&Coke-(0on.) Refunding, 1941'. ... ~ ... - .... .... - .... . ... - .... 108¾-109 107~-108 107½-107½ 107¾-108½ 108¼-109 . ... - .... 106¼-106¼ . .. - .. . . .... - ..... Ch. G.-L. & C., lat . . :i 108 -109 108½-110 .... - .. .. 108¾-109½ 108~-109~ 108¼-110 108 -108¼ l QS¾-1089,! 109½-110 108M-108¼ 110 -110 111 -111 Con. Ga8, l ■ t, 1936.:i 107¼-107¼ 108¼-109 108¾-109¾ 109¾-109¼ 108¼-109 .... - .... .... - . ... ... - . ... .... - .... 108¾-108¼ . ... - .... 105'4-1063' E11uit. Ga ■ & F., l8t.6 100¼-100¼ .... - ... . .... - .... 102 -102 .... - .... 104¾-104¾ .... - .... .... - . .. .... - .. . .... - ······· - .... . ... - .... Mutual Fuel Gaa .... :i .... - .... 106 -107¼ 105½-107½ 107¼-107½ .... - ... . . .. - .... .... - .... . ... - . .... .... - . ... 1~-1G6~ 103¼-108½ 108¾-108~ Trenton Gns&I<::I., 1 at.~ 111 -112¾ .... - .... 110¾-110% .... - .... 110 -110 ... - .... .... - . ... .... - ... . . ... - .... .... - .... .... - .... .... - . ... Westchester Ltaht .... :i lll¾-118 .... - .... .... - .... .... - ... .... - .... .... - .... .. - .... . ... - . ... . ... - . ... . ... - ..... .... - .... .... - .... JANUARY FBBR'RY.  BONDS.  Low.High Low.High Low.High Low.Hfgh Low•Higb Low.High Low.IDgh Low.High Low.High Low.milt t,ow.Hlllh Low.High  MISC EL LAN EO US. Adam11 Expre•-Coll.4 108¼-104 104 -105¼ 108 -103,4 103¾-104 108½-104 103½-104 104 -104½ 105 -106 102 -1033,s 102¾-103~ 102M-104¾ 102:ij-104¼ - ... 56 - 57* 56 - 57Xi 66 - 68 55 - 55 48 - 493,s 52 - 62 45¾- 45¼ 4.6 - 46 49!J;t- 50 . - ... 54 -M B'klyn Fer., l•t, cons.:i - .... .... - ... .... - .... .... - .... .... - .... .... - .... 108 -108 .... - .... .... - . .. ... - ... . .... - .. . ... . Cb.J.Ry&U.SYds'l:i.5 - ... 78 - 80 75 - 78 71~- 74 .... - . ... .... - ... 75 - 75¼ . ... - ..... 77 - 77 77 - 77 . ... - . ... 76 - 76 Det. Ill.& ill. L. G.-Inc. 97 - 97 96 - 98 97¾- 98 95¼- 96!,s 96 - 96¾ 95¼;- 96½ 96½- 97 96½- 98 96~- 96½ 97 - 98 N. Y. Dock-:i0-year .. 4 g5 - 96½ 94.½- 95 .... .... .... •. . 100 -100 99 - 99 . - ······· - .... 99 - 99 .... 99¾-100 98 -100 98 -100 .... Provident Loan,'21.4½ ... . .. . .... 100¾-100½ .... .. . . .. . .... .... .... ... . .. ... .. .. .... .... .... .... ... . · ••· St. Jos. Stll Y dtt, 1st 4½ ·· • ···99¾-102 100 -101J.( 1003,(-101 100 -100!,¼ OIi -102!,.i !l.01 -103~ 94 -II~ 95 -103 84 - 92¼ 90¾- 97 83¼- 84 U.S. Red. & Reftn'll,.ti 83¾- 84 TELEGRAPH AND TELEPHONE. .... - ., .. 95 - 95 98¼- 93~ 97 - 97% 98 - 98¼ 98¼- 98¼ .... - . ... 96¾- Q6§s .... .... - .... Am. Teleph. & Telefl.4 .... - ... 98 - 98 . . 96¼- 96½ .... - ······ ... - · ••· ... , - .. .. .. .. ... . ... . - . ... ... Commer'I CQble, 1st .. 4 .... ... . .... 109½-109¾ ... .. .. .... ... .... . .... . .... .... ... . .... .... .... .... . - . ... •· - . ... ·• Met. Tel. & Tel.-lst.;i W. Union Tel.-1938.. :i 11(%-111 111 -111½ 111 -111½ lll¾-111½ 111 -112¼ 113 -113 1()8¾-111½ 111%-112 111%-112¼ 111¾-112¼ 110¾-111)1, 109 -110~ Fund. & R. E., '~0.4~ 104%-105% 10~-106¾ 106½-107 106½-107¾ 104½-105¼ 104¼-105¾ 105 -106 105~-106¼ 105¼-106 106 -106¾ lOi¼-104¾ 10~-105 .... - . .... 105 -105 . •• · .... - .... 107¼-107¼ . - ... . .... - .. 110¼-110¼ .... - . .. .... Mut. Unlen Tel .. 11. t.6 MAN U F ACTU KING AND IND( STRUL, .. , 9g - 99 98¼- 98¾ 97'4- 989,! 98 - 98~ 96½- 97 97¼ - 9d 98~-~ .... 99¼-100 Amer. Cot. 011,1911>.4¼ 100 -100¾ lOQ¾-10()¾ 100 -101 95¾-100 9 -1007-4 95¼- 98¼ 94¼- 96 91"- 96 Am.Blde&Lea.-lst.ti 97 -100¼ 911~-10(% 97 - 98~ 97 - 98¾ 9B¾- 98 96½- 97½ 97 - 98 .... .... - .... . .. - . ... .... .... . ... - . .. 77 - 77 77½- 79¾ 79 - 81¾ 80¾- 8~ 0:J,t- 82 81 - 82½ 82¼· 87'4 Amer. Ice Secor., deb.ti .... ... 96 - 98 101 -101¼ 98¾- 99 101 -101¼ 101½-102½ 101½-102½ 94 - 96 .... 96 - 96¾ 95 - 95 94¾- 95 Am. Spirits Mfa.-lst.6 95 - 97 Am. Tbread-l8t coll .. 4 88¼- 89¾ 88¾- 88¼ 87½- 88~ 87¾- ~8 87¼- 88 87½- 90 89½- 89¼ .... - . ... 90½- 91 90¼ -90Jfi 89~- 91½ 90¾- 98 114¾-116 115½-116¾ 116 -117¾ 113!4-ll~ 113¼116½ 114½-U~ 113 115:)4-113¼ 110¾-114 -115½ 112¾-115¾ 110~-118¼ 113%-117½ Amer. Tobacco, 1944.6 116 -116¾ . . - .. .. 113:¼-114½ 111¼-lll!J.( . ... - . ... .... - .... . ... .... 116 -116¾ 113x.-118¼ . .. - . .. 115¼-115" Red ■ tered ............. . 6 111 -111 76¼- 80¼ 78½- 8~ 79'4- 82 73¼- 77¼ 737,,fr- 75¼ 73 - 75¼ n - 74~ 73¾- 75!,4 75 -76¼ 74 -76½ 75 - 78 Gold, 1931 ............. 4 71 - 76 .. - . Redstered .... ...... .4 ... - .... .. - . .. . . .. - .... .... - .. .. ··•· - .... 74 - 74.}4 .... - . ... . ... - . ... ··•· - . ... .... - . ... 79¾- 81 99½-100¼ 101¼-102~ -102 100 ... . IJ9Jj4-101¾ .... - . ... . ... - ... . - .. .. 99¼-100½ 99¾-100% Cent.Leath'r,20-yr,ir.:i .. - •··· .... - ..... .. - .... 81 78 79 82½ 80 80¾81 78,u80½ 80 78~80 82½ 82l>9 80)474 80¼80 81!1:t 83 83 82 80¼ - 84½ Consol. Tobac., :i0-yr.4 Dht. Secur. Cor.-l11t.1> 79 - 80¾ 79 - 80).f, 79 - 82¼ 78¾- 82 77¼- 80½ 78~- !iO 79 - 80¼ 80 - 81~ 80¾- 82¾ 79½- 81" 79~- 81¼ 81 - 83¾ Intern'I Paper-lat .... 6 109¼-109¾ 108 -109 109 -109 108¾-109¼ 109 -110 109½-109¾ 109½-110 108 -108 107¼-108½ 1()8¾-110 108¾-109~ 109 -110¼ Oi - 96 93~- 95 92 - 96 114¼- 96 94¼- 98" 117 - 9~¾ Yl½- 92½ 92¼- 96 . ... - . ... 93 - 95 Cons., conv., 193:i, .. :i ... - .... Int. Steam Pump,' 13.ti 102¼-104 104¾-104~ 104 -104% 103¾-lO!!J:1 105 -105½ 105¾-10~ 103½-104 .... - . ... 103½-104 103 -103!1:t 103¼-104 lll!l¼-10.l¼ ... .. . ... . .. . .... ... . ... .... ... 9g ... . 07½ .... 97½.. . ... . .... 08 ... .... .... . - . ... - .... Knlckerb. Ice (Chic.) .:i Lacka. Steel, l•t '23 .. :i 104¾- 107¼ 100%-108 1067,ti-107½ 105 -105_¼ 104¾-105¼ 105 -105!1:t 105!-4-106~ 106½-107 105½-108 lOJ.!Jg-105 104½-105 101'-'·107 85 - 85 85 - 85 85½- 8'1 85 - 85 87 - 88 85 - 85 Nat.Starch M'f'g-let.6 91 - 98 91¾- 92¼ .. .. - . ... ... - . ... 8,½- 87¼ 85 - 89 75 - 75 59 - 71¾ 68 - 68 .... - ... 70 - 70 59 - 60 71 - 75 .... - . . 60 - 60 N.Starcb Co.-S.t.deb.~ .... - . ... 70 - 70 69 - 70 53 - 64 51 - 52 50 - 53¾ 51½- 53 53 - 59¾ 60 - 64¼ 50 - 52 50 - 51¾ !1.0 - 49 Stan. Repe & T.-1 ■ 1 .. 6 42¼- 48 !12¾- 49¼ 46 - 54 3 3 4: 4: 2¼4 - i¼ 2¾- 8~ 8 - 8~ ¾- 4 5¾- 8 2¾- 6 5¼ 4~ - 4¾ Incomea, llOld, 1946.:} 1¾- 5½ l¾- 8 108}(-108¾ 107½ 10 14 U.S. Leather-Deb.8.f.6 111¼-112 112 -112 112 -112 112 -112¼ 108½-110 109 - 110 109 -119 110 -110¼ 111 -111 .... 99 -100 98 - 91!¼ 99 -100 95 -103½ 101 -103½ 100 -103¾ 100 -101¼ 101 -IOl¾ 99 -100¾ 99½-100¼ 99\.(i-101 U. 8. Realty & Imp ... 5 98 - 95 U.S. St. Corp.-2d,'ti3.~ 92 - 94¼ 93¼- 95¼ 93¼- 95½ 55¾- 98¼ 921-:(- 94¾ 92¾- 94ll;, 94¾- 95¼ 95 - 08 96%- 98!,t Oi¼- 9~ 9!1¾- O,¾ 95¼- 97 Red11tered .... ......... ~ 92¾- 94¼ 93%- 9~ 93¾- 95¾ 94¾- 97¾ 92¼- 95¾ 92%- Oil):( 94¾- 96Jc 95'4- 97% 96¾- 98½, 98 - 98¾ 94½- 97¾ 95¼- 97¾ . ... - .... Va.-Car. Chemlcn.1 . ... 5 .... - .... .... - ... 101 -101¼ 911%- 991,g 99¾- 99% - . . - .. . 99½-100½ . - . .. . 100¼-101 COAL AND IRON. Col. F. & 1.-Gen., ■ .f.l) 1031)4-104 102 -103~ 103%-105½ 103 -10!¼ 104 -105 105 -105 103¼-108~ 108~-103!,t 103¼-103:J4 103 -103¾ 103 -108 n.os -104 . - . .. - ·••· Conv. deben., 1911 .. :i 85 - 85 86 - 90 ... - . ... .... - .. . 85 - 85 - .... . .. . - .... . ... - . ·•• · 90 - 90 .... ... .... - .... . ... - . ... . ... - .. . .. .. .... . .... .... .;, Trust Co. certltic't• 84 - 85¾ 84!J:t- 89½ 88¾- 89½ 87 - 87½ .... 70¼- 73~ 71¾- 73¾ 72¾- 75}( 72¾- 75~ 78 - 79~ Col. lnd., lst, conv.A.5 .... - .... .... - ... . . - . ... 73 - i6¼ 67½- 73% 70 - 73 7t½- 76 70 'il - 74¾ 111t, coll. tr., 1934.B.a .... - .... .... - ... . .... - .. . 69½- 72½ 66¼- 71, 68~- 71 - 72½ 89 - 72!}.f 71½- 73¾ 71¾- 73~ 72 - 78¼ 104½-104¼ . ... - .. .... .... 105¼-105¼ ... .... .... . ... . . ... - . .. . t06¼-106,½ 107 -107 . K.&Hock.C. &C.,lst.ii .... - .... Tenn.C. I.&Ry .-Gen.l) 93¾- 97¼ 98¾-100 98¾- 99¾ 9d - 98½ 98 - 99¼ 98¾-100 97¼- 98½ 99 - 99¼ 99½-100¼ 100 -102 100 -100¾ 100 -100¾ Tenn. Dlvl11lon ....... 6 110¼-111 .... - .... .. .. . ... .... - .... .... .... 110 -110 .... 112 -112 llZ¼-118 110 -110 110 -110 110 -110¾ - .... 110!1,(-112 111¾-111¾ 111¾-112 112 -112 ll.2¾-112¾ . - ... 110¾-11~ . - . ... 112 -112 lll¼-112 112 -112 Blrm. Div., l•t, con.6 .... 103 -103 .... . .. 103,½-103½ 103¾-105 .... De Bard.C.& J.-Gu.6 .... ... .... ... ... . 104c¼-104¼ . ... . ... .... - . ... . b9 - 90¼ 90 - 90¼ 87½- 90 Va. lron c. & c.-1111.. l) 86¾ - 93¼ 92¼- 93¾ h8 - 90¾ 88¼- 90½ 88 - h9 86 - 90 90 - 92 91 - 92¼_ 90 - 92  ... . .  .... ... .... .... -  .... -  ....  -  ....  ....  ...  -  -.  .... ...  ..  ... -  -  .... - .... ... - ...  ... .. -  ....  ....  ...  -  -  - ...  .... -  .... ... -  ... - ....  ... -  -.  -  -  -  -  ...  -  -  -  ...  .  -  -  ....  -  ..  - ....  .  .... - ..  ....  .. ... .  ...  ...  ...  -  -  .  .... .. . ... . ... -  -  -  .... .... -  .... -  ....  -  ..  ... ...  ... ... - ...  ...  -.  -  -  -  -  -  1906. JANUARY FEBR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. 8:&PT'BER. OCTOBER. NOV'BER. DEC ' BER,  BONDS. - - - - - - - - -----1----11-----_ _ _ _ _ _ _ _ _ _ Low.High Low.High Low.High Low.High Low.High Low.lllgh Low.High Low.High Low.High Low.High :f. ow.Hlgh Low.High Ann Arbor-1st, '9:i,fl.4 Atch. Top. & s. Fe.General, gold, 199:i,4 Realstered .......... . 4 Convert.,llold, 1955.4 Re1rl11tered ........... 4 War't8, ~0-yr. conv.4 Acliustm't, ll •• 199:i, 4 Stamped, guar ...... 4 Rea-istered .... .... . 4 Deben. "F," 1908.... 4 Deben. "G," 1909 ... 4 Deben. "H," 1910... 4 Deben. "K," 1913, .. 4 Ea■t.Okla.Dlv., lst.4 Atl. Coa8t L.-l8t, ,r ... 4 Registered......... 4 Sav.Fl.&W.,l ■ tg . 6  Brun &W.,l•t '3S.4 811. 8. Ocala & G .... . 4 L.&N.coll. ll•• 19:i2.4 B. & o.-Pr. l.,,r.'2:i.3¼ Regl11tered .. ..... .. 3)t Gold, 1948 ............. 4 Relll ■tered ........... 4 Pitt8. Jc.& M. Div.a~ P.L.E.& w.va.SJ8 .. 4 S. W. Div., ht, ir .. 3¼ Relllstered .. ... . . .. J¾ Pitta.&. \V., l11t.'t7.4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  97 - 09  97 - 98½ 06¼- 97¾ 94 - 97  90 - 93½ 91" - 95¼ 90 - 92  90½- 91  91 - 91  90½- 93¼ 98 - 93½ 93 _ 93  102!J;i-104½ 102¼-104½ 103¼-10~ 100 -102¾ l00¼-102¼ 101 -103¼ l 01%-103¼ 101%-102% LOl¾-102¾ 100¾-101:J;t 100~-101¼ 100%-103!,4 1 102¼-103¼ 101½-101¼ 101¾-101~ 100¼-100)4 99¼-101¼ •••• - ••• . 101¾-103¾ . ... - .. .. 102 -102 100 -lOJ.¼ lOQ¾-100½. .. _ . .•• 102¼-105¾ 102 -105~ 102¾-lOi 101¾-103Ji 101½-103% 100½-101¾ 100¼-102~ 10'2¼-109 105¼-110¼ 104¾ 10~ 119i½-108¼ lOI¾-107 . _ . • • • • - • . . . . .• • _ •••• 108¼-10 Xi . . .. - . .. . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - .... . ... - ........ - . . . . . .. - .... lOl:J.i-102½ tOl¼-101¼ 101 -101½ 100¾-101~ 102 -108~ 106¼-109!.i 101¾-107,½ .. .. - .. .. ...• _ ..•• 95 - 96½ 96 - 96~ 96 - 97¼ 92!,.(- 92¾ 92 _ 98 93¾- 95 94 - 95 94¼- 97¾ 95 - 96¾ 94M- 05½ 04¼- 95½ OJ - 95 92 _ 93 02¼- 93¼ 92%- 93½ 93 - 91>2 92¼- 93 92 - 98 92¼- 98 93 - 95¼ 91 - 93 95 - 96 95 - 97 94 - 97 89 _ 89 ... _ .. .... . . . . - . .. . . . . 99¼- 99~ .••• - .... 98¾- 98¾ .... .. .. - .... .. .. ••.. . ... _ .....••• l00¼-100½ .. •• . .. . 07 - 97 . .. . 96¾- 96½ .•. • . . . . - .... .... - .. . . ... - .... Q! - 94 . •.. ... - ... . .... . .....• - •••• 9~- 95:J;t •.•• - -·· · .• .. _ . . . . ... 98¼-101½ 09 - 90½ .••. 97 - 97lij 101¼-102½ 101¼-102¼ 99~- 9~ 98:14-100¼ 981}.!-101¾ 99).6-100½ 09¾-100¼ 100½-101:k,98 - 98% 97¼- 98~ 9i¼- 98 . . . . 98 - 93.¼ . • .• .... - .... .... l827,-ii ·132½ . .• • - ... . . ... - . .... ..• - ....... . - .....••• - .. ....•• - .•••.••. - ••••...• _ • .•. . ... _ •... . ..• - •.• .. ... _ .. .. .•• .. . - . ..... .. - ... . 99½- 99½ 95M- 97~~ .... - ... . , .• . - • .....• - ••.. 96¾- 96¾ .. . - ........ - . .. .. .. - ... 99½: 99½ 98 - 98 .... 92¼ oac- 92~ oo - 90~ 89 - 90 91¼94 94}(- 95¾ 9!1.¾- 95¾ 94 - 94¾ 98½ - 94¾ 92"- 94¾ 90 - 94¼ 90½- 92¼ 91¾93~- 9!lh 93¾- 94¾ 927,1i- 94" 95¾• 07¼ 98¼- 95¾ 98¼- 9i½ 92 - 9! 1!4).6 - 1.6 94¼- 95~ 93¾- 94.!'4 9! - 94~ 943'- 95 9i - 05 . . . . - . . . . . . . • - . . . . . . _ • . . . . . . • _ . . . . . . • • - • . . . . • • • _ •.•• . . . . ~ • •• • . • • - . . • . • • • - • • • • • • - • • • • 93 - 95 103 -106½ 104¼-105 108¾-10!¾ 101½-103¼ 101 -108 103 -1037,i L02½-lC3¾ 102½-103½ 102¼-108){. 10{}¾-101½ 100 -1-01~ l~-102 lOl}ti-102 ...• - .... 101¼·103¼ 101¼'-101¼ 100¼-102½ 101½-103 102¾-102¾ .•.• - • . . 99¾- 99'4101 -101 Ml -101 10.- -101¼ 90½- 90~ 89¼- ~ 81%- 3g~ 00¼- 91¼ .... - •..•.... - . . . 90 - 90 92 - 92 91¼- 91"1 li2 - 92 91%- 92 94:¼- 9~ 93!1,t97l)4- 98¾ g8 - 98¾ 98 - 99 97½- 98¾ 95\14- 98¼ 07 - Oi¾ 97~- 98 97llt- 09¾ 98¼- 99¾ 98½- 99 90~- 913,4 90 - 90¾ 69M- 90% 90¼- 91~ 90¾- 91~ 91~- 92 90¾- 92½ 92~- 93 90 - 92 91 - 92¼ 92 - li2¼ 91¼- 92 88¼- 89 ... . t11_ 95 - 95 . ... - •••• 98 - tl6 , ... _ ..,.. 97 - 97 .. . - .. . 97 - 97 ••• • JOO -100 •••• - •••• 98 - 98  I.... - .... .. - .. . .... - ....  95"'  90  RAILROAD BONDS. 1906-Coutinued. BONDS.  JANUARY FEBR'RY.  MARCH.  APRIL.  MA..Y.  JUNE.  JULY.  AUGUST. SEPT'BER. 0CTOHER. NOV'BER. DEC'BER.  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Ll.)w.Hhzh Low.Hiirh Low.Hil!'h Low.High Low.High  -----· - ---Buff.Roch.& P.-Gen.~ ....  - .... 116,ii-116½ 117¾ -117½ 117 -117 119 -119½ 119½-119~ ...• - . .. 117 -117 117¼-117¼ 118¾-118¼ •••• A.lleg. & w .. l•t• ara.4 .... - ....... . ... - .... 101½-101½ . .•• R. &P., l•t• 1921 ... 6 .... - .... . ... - ....... - .... 124 -12i - .... . ••. Con8ol., l8t .......... o .... - .... 127 -128½ ..•• - •... . .. - .. . . ..• - ..••.• ., - ... 1251'-125¾ •••• Buff.& Su ■q.-1 ■1, ref.4 99½- 99½ .... - . .....•• - .... 98½- 98½ 98½- 98½ ••• 95¼- 96½ .... - . •.. 91:1 - 98 •••• Can. South'n-l8t, aru.~ 101 -101¾ 101¾-101¾ 101¼-l0ll).t 101½-102~ 101%-102¾ 102½-103 100¼-101 10()%-100¾ 100½-101!,t 101¾-101~ 101¾-102½ 102 -102½ ~dmortgaare ........... ~ 105%-10~ 107 -108¼105½-10~ 105;4-105½ lv5 -106 105¼-10~ 105¼ ·105!,4105%-106½103¼-104 l03¼-104;½10i¼-10i½l08¾-10i~ Rearl8tered ........... 3 105!1(-10:Sl'.( .... - ... . ... - ... .. .. - ... . 103 -10:J ..•• - •.•• C.B.U.Pac.-l•t,ar ... 4 .... - .... .... - ... . 95 -95 .. . . - ... . ... - .. . . . .• - . . . .. ... - .... 9G -90 92 -92 93¾-91>~ 95 -95 ...• - ... . Central of Ga.-18t ... 3 120 -121 - ... . 120 -120 . . - ... . 119 -119 . . . - . ... 118¼-118~ Con8ol., 194 Ii, gold../i 113~-114½ 114 -114~ 113½-114¼ Ll2¾-114½ 109¾-112 lll½-112 lll½-111¾ 111 -112 110½-112 112 -114 llQ½-111¾ 109 -ll0JJ.t Rearistered .. ......... ~ .... - .... . ... .... - .. . . 113 -113 l•t pref. lncome ...... /i 93~- 9tS 95 - 97 96¾- 99 97 - 98¼ 96¾- 97¾ 97 - 9[} 98-93 97~98 97¾- 98½ 90 -92 89 -90 89 -89 97½- 98 91 - 92 89½- 89½ . . • . 97 - 98½ 96¾- 97½ . ... Stamped............... . . - . . . 96¾- 95¾ 9~- 99 9S~- 98½ 89 - 90 89 - 92 76 - 77 89 - 89¾ 79M- 83½ ,5 - ,9 2d pref. lncome ....... /i 80½- 86½ 85 - 87¾ 87¼- 92½ 87 - g3 87 - 90½ 89¼- 91 89¾- 91 90 - 92 8S¾- 89:J,.t 75 - 83 74 - 78 76¼- 78 Stamped............... - .... .... 83 - 91½ 87 - 92 88¼- 90 ½ 90 - 91 87 - 89¾ 87 - 87½ 72 - 8 >½ 70 - 73 66 - 70 3d pref. Income...... . Ii 76½- 81½ 79¾- 85 83 - 91 86 - 90~ 85 - 89½ 86 - 88½ 88 - 8~ 89 - 89 88 - 88 86¼- 85¼ 67 - 88½ 78 - 81 70 - 70½ 67½- 70¾ Stamped.... .. ........ 75 - 75 81:14- 83 84 - "87 86 - 90911 85¼- 89 0a - 93 Chatt. Div., 19:H-.. 4 94½- 94½ - .... 106 -106 106¾-106½ Cent. RB. & Bk. Ga .. ~ .... Cent. of New J er9eyGen. mort., 1987 .... :> 131¼-132 131 -132 129¾-131¼ 128 -129½ - . . . 125¾-127½ 126 -126¾ 126¾-126U 126!14-128¾ 128¼-128½ 127¾-129 Rearl8tered . . .... ..... ~ 131 -131½ .... - . ... 130~-131 - . 125½ -125½ . ... - . ... 127 -127 125½-125½ . . . . - .... 126 -127 125~12~ - .. . . ... - ... . 111 -112 lllJ,,(-111~ Am. Dock & Imp . ..... Ii . .. . - .... 112½-112½ 112¾-112¾ 113 -113 ll2l't-112~ . ... - .•. . ... - .. . .... - .. . 100¾-100¾ 100 -100 L. & W ., mort., '12 .. ~ . . . . - . .. . 102½-l02l-2 102 -102 Con. ext., '10. aru.4~ 101¾-102¼ 101 -101¾ lU0½-101 100¼-101 101 -102¼ 100 -101¾ 100½-102 . • • . - ••. . 100 -100~ 100¼-100¾ 100¾-101~ 99¾-100~ ~ 0laesapeake & Ohlo103 -108½ 104 -104 . ... - ........ - .... 104¾-104¼ l0llJ.t-102~4 F3 -108½ 103 -103 eerlea A, gold, 190S.ti 106 -106¾ 106)4-106¼ ... . - . . - ... 107¼-107¾ . ... - ... . 105 -105 ..•. 107 -1U7 - .. ...... Mort1ra11e. 1911 ....... 6 109~·109~ . .. - . . 110½-110½ 1st, con., g., 1939 .... /i ll8½-119¼ 118½-119¾ 118¼-118½ 118 -118½ 116)4-116¾ 116¼- 118 117~-118 116).d;-117 116¾-117½116 -118~ ll6 -116¾ 116 -116¾ - . . . . 114¼-114¼ ll6 -116 .Reglstered .......... .:i .... - ........ - ........ General, 199:J ...... 4½ 107!1(-108¾ 108½-109 106 -107 105 -106¾ 105 -106¼, 106 -107~ 107 -107¾ 100¼-107U 103½-104¾ 104 -105¾ 105 -106 104 -106 Realstered ... ... ... 4¼ . ... - . . . . . . . - . .. .. .. . - .... , 05 -105 104 -lOi Vraia Valley, l•t ..... a . .. - .... 112 -112 R.&A.D.1stcon.'89.4 102 -102 100~-102¼ l~-101¾ 101¾-102 101 -102 101%-101¾ tOQ¾ ·l0l .•.• - •••. 100 -101½ .... 102¼-103½ 101¾-102¼ K.&A.D.,2dcon.'89.4 96)4- 06¼ 96¾- 96¾ 9~- 116¾ .. .. - .... . . . . - ..•.•••• 97¾- 97¼ 95 - 95 Greenbrier, 1Bt, gu.4 . ... - .. 99:}.t- 99¾ Chlc.&Alt.-Ref.'49 .. 3 82¼- 82½ 81½- 82¾ 81 - 82 80 - 80}1i 80 - 80½ 79 - 80½ 80½- 81 80 - 80½ 80½- 80½ 73½- 83 b0½- 80½ 79½- 79,t .Railway, 19/i0 .. . . .... 3x, 78½- 81½ 80¼- 82 80 - 801¼ 80¾- 80½ 7d - 79¾ 78½- 80¼ 76¾- 78 76¾- 77¾ 77 - 77¾ 78)4- 80¾ 77 - 78½ 76¾- 78 Chic. Burl. & QuincyDenver Div., 192:.t .. 4 102 -102 100¼-100¾ 119!1(-100¾ 101 -101 100½-101¾ 101 -101½ 102¾-102¾ ..•• - •.. 100¾-100¾ 101¼-101¼ 101 -101 101 -101 Illinoi• DIT.,1949.3½ 94'¾- 95).( 93~- 95 93¾- 94 92¾- 94',( 92½- 94 93 - 94~ 91¼- 91¾ 91 - 91¾ 91 - 92 92¼- 93½ 93¼- 93¾ 93 - 94' Reirl ■tered ......... 3½ .... - .... . ... - ... . . .. - ... . . ... . .. - ... . .... - .... 90 - 90 .... - ... . ... - .... .. - ..•• Gold 1949 .......... 4 ... - . . t05¾-106!4 104¾-104¾ ... - ... . .... - ..• 1()5¾-105~ 101 -102¼ 101¼-102!,( 102 -102¾ 102¾-lO!l l03¼-103¼ 103¾-lOi¼ Iowa.Div., 1919 ..... 4 102 -102¼ 102%-102¾ 102¾-102!14 100 -100 100¾-100¾ llll~-101½ 100¼-100~ 101 -101 ..•. - .... 99¾-100 100¼·10~ 10()¾-101 Nebr'•ka Ext.,1.92,-.4 106½-106½ 106U-107 107 -107 106¼-107 105 -105 103 -103¾ l0l¾-103 ..•• - •. . . 102¾-lOi 102 -102 Realatered ........... 4 . ... - . .. . . .. - .... .... - . . . . .. - .... 10'1¼-104)4 . ... - . . . . - .•.. .... - ....... - .... 101¼-1013' S. W. Div., 19'll ..... 4 .... - ........ - . . . - . . . . 98 - 98 99 -100 .••• - . . . . .. Debenture, 1913 ..... ~ 106 -107 106¾-1061}.( 106¼-107 ..•. - .... 105 -105 1U2¼-104 104¼-10i14 . ..• - ... 104 -104¼ 105¾-105¾103 -105 103~-103¼ Han.&St.J.,cona.. 6~12¾-112~ 112¼-112!,4109 -109 108¼-108!,( ... - ... . 110 -11~ .... - . . .. 109!1(-109!1( ... - •... 108 -108 t07¾-107¾ . .. - •••• Chic. & Ka8t. IlllnolsRefund. & lmpl ...... 4 9-i¾- 96'A 95¾- 96½ 115~- 96¾ ... - . . . . . •. - . . . . 95¾- 95~ . . . - . . . 92 - 92 ht, •lnklnar fund ..... 6 .. . . 103¼·103¼ 10'1¾-104¼ . ... - .. . . 104~100~ 102)4-102¼ - .•. . 102¾-102¾ 103 -103 103¼-103¼ 100¼-100¼ l•tconsol., srold . ..... . ti 132 -139 135¼-135¼ 135¾-136½ 132 -133 - •.. . .... - •... 132 -132 . ..• - . .. 129¼ 182 - ••• . .••• Gen. conll. l•t, 1937.~ 117~-119¼ 119¼-119¾ 119 -119 119¼-120 ...• - •... ll~-116¾ 110¾-117 .... - .... 117 -117 119 -119 117 -117 116½-ll~ Rearl•tered .... . ... ~ .... - ... . lld¾ ·llS¾ . .. - ... _ •.....• _ Ch.& In.C'I Ry,,l8t.li 118 -118¾ 118¾-118¼ 117¾-118¼ .•• - ... . ..•. - .... . .•• - •••• 114½-115 .... Ch. Ind. & Lou.-Ret.6 132½-133 133 -183 132!1(-137 138 -134¼ 133¾-133¾ 183 -188 180 -130¼ 129¾-129¾ ..•. - •... 128 -128 128½-128¼ Retundinar, 1947 ..... ~ 113¾-113½ .... - ... . ... - . ... 114¼-114¼ ...• - ... . ll4¾-114~ .... - •... . ... - .....•.. Lou. N. A. & C., l8t.6 107¾ ·107¾ 108¾-108¼ 107M ·108 ..•. - .... 107 -107 107½-107½ . .•. - •.•...•. - •••. 105½-105¼ .... - ........ C. M. & St.P.-Term'I.~ 108½-108¾ . . •• - ..•. 108¾-108½ ..•. - . . . . • .• - . . . . . .. - . . . . . .. - ••• 106½-106½ 106 -106 Gen. M.," A" 1989 ...4 t09½-110½ 1()8¾-110 107 -108¾ 107,<i-108 105111-108 108½-111 108¾-108½ 107!1(-108 108½-108½ 108¾-l0i ½ 107¾-108 107 -108 Realatered .... ...... . 4 . . . . - • • . . . . . . - . . . . . . . - . . . . . . . - . ... .... - ... .... - . . . . . - .... 104~-104½ . . . . - . . . . . . Gen • .JI.•• B" 1989.3½ 96¼- 97 95¾- 96¾ 93½- 95 93½- 95 g3 - 94 93¾- 95 .... - . •• 92 - 92 91½- 91½ 91¾- 94½ 93¾- 94¼ 92¼- 94~ Chic. & Mo.R.Dlv •.. ~ . .. - . . . 118¼-118!4 .... - .... 116 -116 - ... 115:14-116¾ . .•• - ........ - ... 112¼-114½ . .. - ..... . . Chic. & Pac. Dlv ...... 6 l<Yi½-107~ 108 -108 108¾-108!,( 108 -108¼ .... - ....... - .....••• Chlc.&Pac. W. Div.~ 113¾-114¾ 113M-116 113!,,(-114¼ 113½-lU¾ 114 -114½ lU -114 .•.• - •.•. 111¾-111¼111¾-112¾112 -113 112¼-112½110 -113 Dakota & Gt. So•.... :} 109 -109 . . . . - .... 109 -109 . . . . - .... 107½-108 110 -110½ . . . . - . ... . .. . J.at H. & D. Dlv ....... 1 lllkj-111~ 111¾-112:Hi 111%-112 . ... - ........ - .... 113 -113 ..•. - •....... - •... 110 -110 .••• - •••. . ••• 1•tl.&D.Exten ..... , .... - ........ - ........ - .... 182~-182¼ ... - .....••• - .•...••. - ...... - .••...• 1•t• La C. & D., '19.G 11S).-113½ 112%-112¾ 112 -112 . . . . - .... lll½-111¾ .•.. - •.. . Lll -111 . ..• l ■ t So. Minn. Div ..... 8 106~-107¾ 107%-107¾ 107lJ.t-108J.6 108¾-108¾ 108¾-1081.fi 108¾-108" 105 -106 ..•• - ••.. 105¾ 105¾ . .•. - •••. 107 -107 104¾-10'½ ht So. Weat. Dlv ..... 6 l~-106M 1061'.4-106¾ ...• - .... .. . - .•.. . .•. - .•.. 104¾-104¾ ..•• - •••. 103¾-103¾ WI•.& Min. Div ...... /i 113½-113¾ 113~-113~ 113).-115>4 112¾-112~ .••. - •.. .. .•. - •....•.• - .......• - .••. 112 -112 M. & N., l•t, 1910 ...6 .... - ....... - .... 108!14-10~ .... - ..•. 106 -106 ..•• - .....•• - •.. . 105 -105 M.& No., 1.st on ext.6 .... - .. . 115 -115 ..•• - . ... . .....• - Chic. & Northweat •· . '7 126 -126 125 -125 124. -124. 125 -125 . ... - •••. 122½-l~ 12~%-122¾ ••• - •... 119¾-120¼ 122¾-125 l'!l -121 . .•. - ..•• B:iuen81on 1886-26.4 105¾-105½ .••• - •... 102¾-102¾ 103 -104¼ ...• ... - •.. . 102¼-102¾ ••.• - .... 101:J,.f-J.0l¾ 102 -102 Rearl•tered .......... 4 .... - .... 101¾-102 - •....... - •... 101 -101 .••• - .... . •.. General, 1987 .. ... 3¼ 100 -100¾ 99 - 99 99 - 99 99 - 99 97 - 98¼ 98~- 98~ 98).d;- 98¾ 96 - 98¼ 95 - 96½ 96 - 97 96½- 97½ 96¼- 97 Rearlatered ......... 3½ .... 96 - 961)f . ... Slnklnar fund, coup .. 6 .... - ... . 113 -118 - . ....... - . . . . • • Slnklnar fund, rear .... . ti . • . • - ••. . 114.¾-ll4½ . .• • - .... 111 -111 .. - . .. . ...• l!!llnklnar fund, coap .. /i . . . . - .... 108¾-108¾ 109 -109 109 -109M 109 -1091¼ . . . . - •.. . lo8¼-109 - . . 10-l¾ 106¾ . . • . Slnklnar funlll, rear .... ~ .... - .... 107½-107~ .... ~Ii yr8, deben., 1909./i .... - .... 104J,,(-1041t 104¾-104½ ...• - ••. . 102¾-102¾ ...• - •.. . 103 -103 102¾-104 101 -102 101¾-101¼ Reahtered ... ........ ~ .... - .... 101 -101 3o-year deb., 1921 .. /i .... - .... 112¼-112¼ ..•• - •••. 105¼-105~ . .•. - ........ - ... . .•. - . . . l0i½-I0i¾ .•. Debenture, 1933 ..... :. 117 -117 .... - ••.. 116M-116¾ - ••• . 113 -113 llS -113 113¼-113½ 113½-113¾ 113½-115 .... Reirlstered .. ........ ~ .... - .... 117 -117 ...• Ott.C.F.&St.P.,lst./i .... - .. . 101¾-101¼ .•.• - •... .. - .. . . . Win. & St. Pet., ~d .. 1 .... - .... 102¼-102¾ ..•• - • ... . ... - .....••• - ... . 101!1(-l0l!Jit 101¾-102¼ M.L.".&Wlst.,'21.6126¼-126½ .... - .... 126J,,(-126¼125 -126½122½-122½124 -124. 123½-1233,6123¾-123¼123¼-123¾ . ..• - ... . ••. - .... 122½-122½ Ext. & Imp., 19:l9 ./i .... - .... 118 -118 ...• - •. •. 117!,,(-ll';'¾ 117%-117¾ 117%-117¾ ..•• - .••. . •• - •••. l14¾-ll4¾115¼-116½ .... Mich. Div., lat ..... 6 .... - ... . 12~128½ .... •••. . ... 101 -101 Conv. deb., 1907 ... :>-·•· - ••.. 117¼-118 .••• - •••. 117%-117¾ 119¾-119.½ . . - ... ll~-119!,,( C.R. I. & P. Ry.-' 17 . 6 119 -119¾ 120 -120¾ . • . • - . •. . 117¾-117¾ .•.• - ........ - .•..... - . . . llS§li-118~ Regi ■tered .... . ... .... . 6 . . . . - . . . . . . . - .... 119 -119½ . . . • General, 19SS, Ir•• ••. 4 102¼-103¼ 102%-103 101½-lCZ¾ 101%-103 101¼-103¼ 102 -103¼ 99¾-l0Q¾ 100¼-100¾, 100%-101 100'4-102¾ 101:1,4-102~ 101¾-10~ 99 -100¾ , •.• - . •.. 100¾-1001};( .... - . ... . . - . .. . . .. - .... Reaistered ..... .. ... 4 . . . . - .... 102 -102 • • . • - . • • . 99½- 99¼ 100¼-102 923'- 94 93¾- 94½ 92¾- 94¾ 92¾- 93¼ 91¾- 927/4 1 ■ t & refund., 1934.4 95 - 97 95¾ • 9~ 95 - 96~ 92M- 94¾ 03 - 94½ 94 - 9~ 93½- g4. Coll.tr., •er.G.1909.4 .... - ... . .... - .... 97½- 97¼ Serie• .J, UH~ ...... 4 . . . . - . • • . 92¼- 92¼ . • • • Series O , 1911 ..... 4 . . . . - . . . . 89½- 89½ . . • . - . . . . • • . • - • • • • • , -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -  RAILROAD BONDS.  91  I 906-<Jontlnued. JANUARY FJ:BR'BY.  MAB.OB.  APRIL.  BONDS.  MAY.  Low.High Low.High Low.High Low.High Low•High  JUNJ:. ~  JULY.  AUGUST. 8J:PT'BJ:R. OCTOBER. ~OV'BJ:R.I DJ:O'BIIIR.  Low.High Low.High Low.High Low.High Low.High Low.High  .C.R. r.&P.Ry .-(Oon.)Ro.llroo.d, ~002 ...... 4 79 - 80'½ 79 - 81½ 78¾- 79U 78½- 80'4 76 - 79 76 - 7~ 75}4;- 773' 77 - 78¾ 76~- '78¾ 78½- 81¼ 76¾- 78 76½- 78 Coll. tr., ,i.. 1913 ... ~ ~ - 91¾ 91~- 93 88:14- 91 89 - 01¼ 89 - 91 90½- 91~ 90 - 91¼ 91¾- 93 89~- 90½ 90 - 93¼ 91)¾- 92Jt 89~- 92½ Burl. C.R. & No.let.:i 100)4-101 101 -101~ 101~-101½ 101¾-101~ 102 -102¾ . ••• - .... . .. _ •••....• _ Cone. lat & col. tr .. :i ... - .... 119~-1191( .. .. - •.. ... .• - .••. 118 -118 117!1(-117!14 .... - ..•. 118~-118¾ ... . - .... 116¼-116¾ ..• ·Ch . Ok. & G., 1919.. :i 10~-106¾ ..•• - •... 105 -105 ..• • - •... 105:ld: -105!..( ...• - .•.. . ..• - ••.. 109 -109 .... l ■ t cons., 19~2..... :i .... - .... 111 -111 - .....•• - .... ...• Keok. & Dea M., lat.:i 109 -109½ . . . • - . . . 110½-111¾ 108 -108 .. . . - • •• • . . • • - ••.. 109 -109 - •.• . 105¾-105¾ . . . {:hlc.St.P.Mln.&Om.6135~135½135 -136 134¾-184~133 -135 132 -135 ..• . - •.•. 181 -132¼ .•• - ••.. 181*131¾131½-133~132½-133¼129½-130 Chic. St. P.& M.,lat .. O ..•• - ... . 135¼-185!4 .. . - .... 138 -133 131¾-131!).( 133 -138 - ••...... - ••....•• - ••. . 133 -133¾ .... - ... .. ..• St. P. & s. Clty-bt .. 6 .... - . . 12!¾-124~ .. •. - •••. 120¼-120~ . .. . - .... 12~-120" .••• - .. .. 120½-1203" 120¼-120¼ 119?s·1199Hl9"'-119¾ .... - •••• ,Chic. Term'I Transf .. 4 .... .. - .... 100¼-100¼ 101¼-101½ . .. - ........ - ••••.... - ........ - . ....... - .... 99!,4- 99¼ .•• - •.•• Coupon off........ 4 98 - 99¼ 100 -100¼ 99 -100 99.¼i-100 99¼-100 99,¼i-100 98¼- 98~ 99¾- 99¾ 99¼- 99 79 96 - 99;.f 97 - 97'-( ... - •••• Chic. & W. Ind.-Gen.6 ... - . . . 114¾-114¾ l13¼-113¾ . •• - ••• . 113 -113½ .••• - .. •• .. - •••. 110 -112½ ll2½-112½ 112½-112½ 111½-113 Conaol,, 19~~ .. ..... .. 4 .... - .. .. 95¾:- 98½ .••• - •••. ..• • - •••. 97~- 9~ ...• - .... 9;:):!- 98M Cln. Day. & Ir.-lat. .. ~ 112 -112 112 -112 112 -112 - •.. 107½-107.¼i 107 -107 . •• - •••. .•• - ••....• - •••. Ctn. Ind. & W. '~3 .... 4 .... . ... - ... 91 - 91 CleT. Cln. Ch. & St.L.4 102¼-105¼ 105¼-10~ l03J4-105 103}(-104),d 1<>:rn-104 102 -102¾ 102 -102!'-( 101 -102¾ 101½-101~ 101½-102~ 102½-103 100¼-101½ Cn.lro Div., laL .. . . . . 4 .... - ... . 100¼-lOOxt ... - .. . - ... . 100 -100¾ 100 -100 100¾-100¼ LOO -100, .... - ... . 99¾-101~ Cln. Wah. & M., lat.4 lOQ¼-100~ 101¼-lOlXI lOl'U-101¾ 100¼-100~ 100¾-100~ 100 -100 ... . - . ... 08 - 98 .... ... - ........ - •••. 9'11¼- 94~-' St.L.Dlv., lat.1990.4 102½-103 101 -101¾ 100¼-lOlJ.4 101 -101¾ 100 -100¼ 100¼-100!,,j 9~-100¼ . ••• ..• - •.•. 93½-100 - •.•. 100~ ·100~ Reirist.,red ... ...... 4 .... 9cl - 96 White Water Vall .. 4 .... . . ... - .... 96 - 96 98 - 98 .... -0. I. St. L. & C.,'36.4 103 -103½ LOS -108 102½-102,ti 102¾-102¾ 101¾-101¾ 101 -101 l00¼-100¼ 99:)s -100:kl 99:)s-100¼ . .•. - ••.. 100 -100 99~-100 ~ Registered . . . ..... . 4 .... - .... 103 -108 - •. . . . .. - .. .. 101 -101 -Oln. San. & CI. cona.:i 115 -115 - ••. . 112?8-112¾ .. . • - .... 118~-113!,,j . . - - . • . . .. • • - .•• . -• • • - • . . . . . • • C. C. C. & I., conaol..1 122 -122 . ..• - •• . 118½-118½ .••• - ••.. 119 -119 Gen. con ■ol., 1934.o 134¾ 135 134 -134 - .... 134~-184~ .Peo. & E., 1st, cons .. 4 100 -101 100 -101 100 -101 96¼- 98½ 9'7 - 97 9~- 98¼ 98 - 98½ 97 - 97¼ 99¼- 99~ 97¼- 99 96½- 96Jf! 05 - 9B Incomel!I, 1990 . . . . .4 78 - 80 79 - 80 78 - 79~ 72 - '74½ 69 - 73 72 - 74 70 - ~¼ 72¼- 78½ 73¼- 73¾ 72 - '74 72 - 73!,,j 71)4- 73 (JI.Lor.&Wheel,,'33 .. ~ 115¼-115¼ ... - ... 112¼-ll.2¾ . . - •. .. Col. lllid. 1st, 1947.... 4 74!1:(- 79¼ 76¼- '78 76 - 77¼ 75¼- 77¾ 74½- '76!14 76 - '78 71 - 74¼ 73½- 75¼ 72¼- 7472 73½- 76¾ 74½- 75~ 75}(• 76~ Col. & So.-lst, ,i.'!l9.4 93½- 06½ 94 - 94¾ 93~- 94¼ 9311:(- 94¾ 93 - 94¾ 98 - 9'1¾ 93!,ii- 94 91½- 92:ki 91 - 91% 91 - 93 91¾- 93 91¾- 92¾ Delaw.&H.,con.,'16.4 - .... .... - .... 107 -110}4 107¾-110 108 -110 107 -110 ➔.i 107¾-110 107¾ 1!2'1,1i 106 -112½ 1st Pa. Div., 19l'f ... , .... - .... 138 -133 .... Alb.& Susci.,conT., 3¼ .... - ....... - .... .... - .... 107¾-109 105 -111¼ 111 -117 109 -113 111 -113 110 -115¾ 110¼-113¼ 110 -11~ 112 -118 ll!lt, ,iuar., 1.906 .... 6 102¼-10~~ ..•• - •.. ... Rensael. & Sara.1st 'f .... - ... .. .. - ........ - .... 133!,ii-183½ Oel. Lack. & W.-'07.1107 -1om .•.• - ••.. 104¼-104¾ 104¾-104'¾ . ••. - •••. . ••• Morris & EHex, lat.1 128~-125x, .••• - . .. 124 -124 123½-126¼ .... - ••.. 120 -120 .. .. - •... 119¼-120½ Consol., ,iuar......... , 126%--127 .... - •.•. 121 -121 .••• - .... 122 -122 .. •• !f.Y. L. & W., l ■ t .... 6 126~-126!,,j 126¼-12614 126¼-126}:i .... - •••. 121¾-121~ .•• - •.•. 102 -102¼ 102~102¾ 102¾-102~.... Term'I & lmpt .. . .. 4 .... - . ....... N.Y.L.&W.,con.'!i3.~ 118½-114¾ .... - .. .. 112 -112 .••• - ....... , - .... 108½-108!,§ . . . • - .. • . .. •• ~yr. Bin,ib. & N. Y .. ,- 104¾-104!,4 - .•. . 101¾-101~ . .• - ···: . ••• - •••• 102¾-102~ ..•• - .... .. . enver & Rio GrandeConsol., 1936 .. ...... 4 100 -100¾ 99 -100¾ 99¾-100 100 -101 100 -100¼ 100¾-lOlJ,4 99½-100½ 99¼-100 99¼-100¼ 99 -10~ 98½- 99¼ 98 - 99M lat, conaol., 1fJ36 .. 4¼ .... - ... . t00~-106~ 108 -108 - . .•. . .. - .... . ... - .... . ... - .••. 106¼-106¼ ... - ••.. t06 -106¼ .... - ....... Improvement, 19'lS.~ 108 -108 108¼-109 107 -107 108 -108 107 -107!,4 .•• - ••• 107 -107 ...• - .... 106 -106 106%-106¾ 106¼-106¾ 107 -107 Rio Gr. Weat,, l ■ t... 4 ll7¼-100 98 - 99'A 97!,a- 98 961'- 97¾ 96¾- 98 97½- 98¼ 94¼- 96¼ 95 - 95½ 94'4- 95~ 95 - 961,4 95¾- 96 95¾-96 Mort. & coll. tr.,A.4 90 - 92 90¼- 90~ 90 - 90¾ 88 - 89½ 86½- 87 88~ 89 ~ - ~ . • • • - • . . 89 - 89 86¼- 86¾ 86~- 88 86}(- 88 .Det.&Mack.-l ■tllen.4 .... - .... 99~- 99~ - •••••• •••• - •••••••• - •••• 92 - 92¾ ..•• Gold ................... . 4 95 - 96 . . . • - . . . OOM- ~ . . . . ... - . . . . - . . . . 90 - 90 91¼- 92 93 - 98 .. • . - •••• Det1'olt SouthernOhio So. Div., ht ... 4 93 - 98¾ 92¾- 93 - ••• 8S - 88 89½- 89¼ •.• • - •••• 873'- 89¼ .... - ••. . 86 - 86 Duluth & I. R.-t ■t ... :i 113¾-118~ 113½-114 - •••. 112 -113¼ 112 -118 .... - .... 113 -113 .... - .... 114¼-114¼ 112~-112~ 109~-lll!,,j 110½-1103' Re,ilstered .......... . 6 .... - ... . 112~-112¼ .... - ... . . ... •••...•• - ........ - ••••.•.• - •••..... Dul.S.S.&Atl.-193,-.~ .... - ... 118 -113 118 -113 118¼-113¼ . ... . . . - ... ... .. - ••.. 112¼-112}9111 -111¼ .•.. - ..•• 112}(-112¼ Ll3J4-113¼ El,i. Joi. & E.-bt, ,i .• ~ 118!,fr-119¼ 119~11~ 116~-116~ 116¾-116¾ . .•• - ••• . 116¾-116~ 11~-1163' 117 -117 ..•• - •••. 1.17 -117 114¼-114¼ . .•• - •••• Erle-l ■t ext., 1947 . .. 4 1Cl7½-107¼ ... - .... •·· - •· ··•· •··· •··· - •••. • •·· 2deJLt., 1919 .......... :i .... - ... 114 -114½ . .•• - •....•. - •••..••• - •.• ... - •.•. ... - ...... ., - .... 109½-109½ 3d, ext., 1923 ....... 4¼ - ... . ... . - ... . 108M-108J,4 .. .. - ••.. 107!,,(-107¾ .••• - •••. . ••• - ••• . 108¼-109¼ .. .. - . ...... - ••• . .••• - •••• 4th,ext.,1920 ...... . 6115}(-116!,,j ... - . .... - ....... - ........ - ....... - .... LlOJ.ii-110¼ .•• - ••• . . . . - •••• lat, conaol., ,iold.. . 1 188 -133 184"-184~ 130 -131 130 -130¼ 128¾-131 lSl -181 181½-13 !¾ 130½-130~ 127 -128 128¾-129¾ 128'-(-129 128~128M :lat, con ■., ,r., fund .... 7 - . .. 133 -188 ... - ... . .... .. - •....... . .. - • . . ... - .... 1283,(-128½ 1at con. prior lien, ,i.4 99),4-102 1C0¼-101U 100½-101~ 100¼-101½ 100 -102 lOlM-102 99¼-101 99~102 99}(-100¾ 99!>!!-100¾ 99'4-100¾ 99 -101 Re1rl•tered ..•...•... 4 - . . .. . . . - .... 100¼-100¼ . . • • - • . • . . . . • - . . - . . • • .. . . 99½- 99¼.... - ••.. 1 ■ t con. ,ien. I., '96 .. 4 913'- Q8½ !l2¼- 98 91 - 93 91 - 93 90 - 93 921'- 93½ 89½- 90~ 89¼- 91 89½- 90¼ 89¾- 91¼ 89¾- 90¾ 89 - 90¾ Reirtatere.i .......... . 4 . . .. - • .. . . • • • - ... , . . . • - • . • • . . . - . . .. .. . - • . . - . .. . .. .• 90 - 91 Penn. coll. tr., 19:il.4 95}(- 98 94¼- 9~ 91 - 93 91½- 92¾ 92~ 94 91 - 94M 94~- 95¼ 9J¼- 91 UO - 91½ 90½ - 92¾ 90}(- 92 90 - 91~ .30-yr. conv,, 19~3 . . 4 107¾-109-U 104½-108 104½-106'-' 101 -106~ 100~-108 102?5-107'-( 102 -104¼ 104 -107¾ 106¼-109 103 -108}( 101½-104 100½·104 Buff.& S.W., ,r,,'08.6 .... ·- .... 101¾-1~ .•• • - ...... .. - •... •.• . .. .. - ...... - •••. .. .. - •••• <lhlc. & Erle, ht, ,r . . :i 1.21 -122 121½-122'4 119 -121¾ 119*122 118 -120½ 119~-~ 119¾-120 119%-119~ 118½-120 117 -120 116!'i-117 11~-117~ .Jefferson HR., lat .. 6 .... - ....... - ........ - ... .. .. - ........ - .... - .... . ... - .... 100 -100 101½-101¼ Lon1rDock,conl!l.'3~.6 .... - .... l 85¼-135½ .•• - •••..••• - .•. ..•• - •.. . 185½-136¼184 -184 138¼-138J.6 .••• - •.•• 129 -129 Dock & lmpt. Co ..... 6 .. . . - . . . . . . . . - . . . . . . . . - .. . . . . .. - ... .... - .... 109¾-109lfl.... Mldl'd of N. J ., lat ... 6 108½-109!,4 .••. - •••. 107 -107 107 -107 - . . . . ..• - .... 11 !1¼-104¼ ... ft. Y. Sus. & w., re1.~ 116~116¾ 116 -116 116½-ll~t 116 -116½ 115 -1173' 116>'-116~ 117 -117 116 -116 115¾-115~ 116~-116¾ .. - .... 115~-115}.( 2d, 1937 ... ...... . 4¾ .... - .... 103 -103 .... - ........ - ••....•• - . .. . . .. • - •.• . 100 -100 100 -100 100¼-100}.( Gen., ,iold, 1940 ... . :i 110 -110 109 -109 107'¾-107½ 106 -107½ .. . 105 -10~ 106½-106½ .... - ••• . . •• - •••. 104¼-104½ .•. - •••. 102 -102 Term'I, lat, 1949 . . :i .... - ......•. - .... 115¼-118 - •••. . . Wllk.&E., lat,'4'l.:i .... - .... Lll¾-112 113 -113 113 -113 110 -110 .... - •••. 107 -111 109 -109 110 -110 Evan.&lnd.-l ■ tcon.6118  -118  . .•• -  - ... . 116 -ll6  .. •• -  - •.•. 118 -118  lETana.&T.B.-Uons .. 6 .... - ....... - ... . 118 -118 - .... 117 -117 l ■ t ,ien., 1942 ....... . 6 .... - ... .. ... - .... 109¼-109>1! . •.• - .... 107¾-109J.6 .••• - ••. 108 -108 108 -108 106*106½ 1063,6-106½ Sall. Co. Br'cb, l ■ t . . ~ 106%-106¾ 106!4-106¾ .• - • . • • ••• - ••• . . .• t. W • & D. C.-ht.... 6 112¼-lU¾ 118 -115 112¾-114 112½-114}( lll'-(-115 lll'-(-112 111 -113 113 -118 111 -111 112 -114 113 -114½ 110 -110½ Ft. W. & R. Gr.-bt ..4 89 - 89 90 - 91 89 - 90½ ..•. - •....••• - .... 87M- 87¾ Si - 87 - ••.. 84 - 84¼ 86 - 86 88¼- 88½ 89½- 90 Gn.lv. H. & H. o1'S!i.. 6 .. .. - . .. .. .. - .. . - ........ - .... 103 -103 lQOM-100¾ 99½- 99½ 98½-101 108 -103 G.No.-C.B.& Q. cl.tr.4 99¼-101¾ 99¼-101¾ 99¾-100½ 98¼-1~ 98½-100 99½-100½ 97 - 981' 97¾- 99 97¾- ~ 98>4-100 99 -100¼ 98 -100}( Re,rlatered ........... . 4 99½-101¼ 100 -100 98M- 99 97¼- 99~ 97:Ja- 99 97'-(- 99¼ 97¼- ll8 97 - 98M Q7~- 98¾ 97¼- 98~ 98 - 98¾ 963'- 99 uU & Sh. I. lat ret..:i 102 -103 102¼-104' .•• • - •.. 104 -104 104 -104 108½-105¾ 101½-101½ 102 -102 102 -106 102½-103 104 -10i 102¼-103¼ Hock.Val.-ht,cona.4341~-lOll¼ 108 -109 108 -108'4107¾-110 106!14-108 11J7M-108.¼i 104¾-106 10(%-106¼106 -106!4106 -107¾106¼-107 106M-107½ Re1rlstered .. ........ .4½ .... - ... . .... - ........ - ... .... - ... . 103 -103 C. & H. V ., lat, ext.. 4 10()¾-100¾ 101¼-101¼ .•• - •.•. 100 -100 - ••• . 100)4-100~ 100 -100 . ••• - ••.. .... - .... 98½- 9~ ... - .... Col. & Toi. 1 at, ext.4 .. . - ... . 100 -100 100 -100 .••• - •••. . ••• - ....... - •••. 101¼-101¼ ..•• - ••. 100 -100 llllnola Central1st gold, 1951 ......... 4 ... .... . ... - .... 109½-109½ .•• Real ■ tend ......... 4 . . .. - .... 10!1¼-1043' . .. . 1st. aold, 19~1 ...... 3 ½ .... - .... 100 -100 - ••• . 99%-100 .. .. - .... .... Re,iist.,red ... ... ... 3½ . . . . - . . . . .. . . - .. .. 95½- 95½ . ••• - • • • . . . • • Extended 1st 19:il.3½ 100¼-100½ ..•. - .••..... .. 101}.(-101¼ 99¼- 99J.6 .... - ........ - •••• . ....... ~' Gold, l 9~!i............. 4 . . . . - . . .. 107~-107¼ 106½-107 104½-105¾ . . • • - •••. 105 -106 106 -106 L04½-104½ 104¾-104M 101 -101 102¾-101!4 103 -104   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  92  RAILROAD BONDS. 1906-Conttnued. BONDS.  JANUARY  FEBR1  RY.  MA.ROIi.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. BEPT'BER OCTOBER.  NOV'BER. DEO'BBB...  - - - - - - - - - - - - - - - - - - - - - - 1- - - - - 1 - - - -  Low.High Low.High Low.High Low.Hll{h Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High  llllnol8 Central-(Oon.l Gold, 19~3 ............ .4 10~-106% 1()4¾-106¼ 105 -105 105 -105':( 103 -104~ 104¾· 105 104¾-105 104 -lOi¾ 102¼-104¼ .. •. - ... . 101~-104 101 -108~ Rea-l ■tered .... ..... .. 4 . . . . - . . . . . . . . • . . . . . . . - .... 100 -100 . . . • - . •. . . . . • - . • . . . • •• - • • •. . . • - . • . . . . • . Cal.r o Brlda-e, 19~0.4 .... - ........ - . .. . . .. - ........ - . . . . . .. - ........ - ... . 105 -105 ..• . - ....•••• - .. . .... - ••••.... Louin·. Dh., a-old.3½ .... - ... . .... - ... . 91¼- 9~ 91¼- 92¾ .••• - ••••...• - •••. 91¼- 92¾ .••• - •.•. ~ - 92" 92¾- 92¾ 93~- 93¾ ..•. Omaha Div., l ■t, a- .. 3 .... - ... .... . - ........ - .. .. 78¾- 78¾ .•.. - ........ - •••...•• St. L. Div., 19:St •.... 3 .... - ... 8 ~ 82¼ •..• • ..•..••• - ••.. ~ 82¾ •••• - ••• • •••• - • ••• •••• - ••••••• • - •••• 80 - 80 Gold, 19:St ........ . 3¼ ... - .... 9~- ~ •••• - ••••• • •• - •••• .••• - ••• .• ••• W eetern llne ■, 1st... 4 107.,.-107" . • • • - • • . . • . • • - . • . . . ••• - .•.. 102 -102 . . . • c.st.L.&N.0.,19~1.~ .. .. - ........ - .... 128¾-123½ .•• • - .•.• 121 -121 120%-123 120%--121 ...• - .... 120¼-1~ .••• - ..•. 121J4-121~ Memphi• Div., let.4 .... - ........ - ........ - .... 101¼-101¼ •••• - •.•..... Ind.Dec &West.-let.:J 108'¼-108:U .... - ••••..•. - ... . 106¾-107 .••• Ind. Ill. & 1.-ht,':J0.4 99 -100 99¼-100 100 -100 100 -100 100 -100 .... - ... 100 -100 •••• - •••. 98¾- 98¼ 99 - 99 .... Int.&Gt.No.-let,'19.6119¼-120 119¼· 119½ 118¾ ·120 - ...• 116 -117 117 -117 116¼--116¼ 116 -116 116 -11~116 -116¾ .•.• - •... 115 -115 2d, 1909 ......... ... .... :} 100 -102 lOlll:(-102¾ 98 - 99 98 - 99 98!1:(- 99!'-( 98¾-10<% 102 -102 102 -102 . ... - •... 99)4- 99!'-( 98½- 99¾ 99¾-100 3d, 1921 ... ........... . 4 . . . . - . . . . 80 - 80 75)4- 75¾ . . • . - • • •. 7734- 77¾ 77 - 79¾ 73 - 78¾ 73¾- 77½ 77 - 77 Jowo.Cent.-let,a-old .. :J .... - .... 114 -115 114 -114 112 -112 112¾-115 111¼-111% ..•• - •• •• 109 -109 ...• - ..... ~ .. - ........ - .... 111 -111 Refondlna-, 19~1 ..... 4 86 - 88 • .. - .••. 86 - 86 - .....•.. - •.....•• - •......• - ••.... . • - •••• 85¼- 85¼ ... - . . . 83¾- 8~ .... - •• .• K.Clty 80.-lst, 19~0.3 73 - 76¾ 74 - 75 74 - 75¾ 71 - 73½ 70¼- 72¼ 72 - 73 72¾- 78 72¼- 73 71¾- 72¼ 70¾- 71¼ 70 - 71~ 70¼- 71¾ L. Erle & West-ht ... :} 117¼-118½ 11$¾-119 117%-117¾ 115¾-115¾ •••• - •••• 118 -11B 115¾-1157<1115 -115 lH¾-lH¾ 114 -115 115 -116 116 -116¼ .2d ............. ....... .... . :J 113¼-113½ 113¼-113¾ 113;( -113¾ .••. - .....•• - .• .. 112¾-112!'-( 110!'-(-110~ .••• - . ... 111 -111 Northern Ohio, lat .. :J 117 -117 .••• - .•....•• - •.•..•.• - .••...•• Leh. Vall. (Pa.)Gen. cons., ~003 .... 4 .... - .. . . .... - .... . ... . ... 98)4- 98¼ ..•• - •.•• 98¾- 98¼ •••• •••• 95 - 95 .... Leh. V.N. Y .-let, a-u.4½ 101:1¼ ·110 110¾-llOJc 110 -110¾ 109¾-110¾ 110 -110~ 111 -111¾ 109 -109% 109 -109% •••• - .••. 109¼-109½109%-109¾ Leh. V. Ter.-let, a-o .. :J 120 -120 ..•• - •... J.20%-120¼ 118~-118¾ .••• - ••.. 116 -116 . .• . - ... . .•.• - •••• Leh.Val.Coal-lat,p.~ 112 -115½ 118"-114 •••• - •... 112¾-112% .•.. - ••.. .... - ........ - •••• Leh. & N. Y.-lat, ao.4 .... - ........ - ... . .... - .... 96¾- 96¾ .••• - •••. 95¼- 95¾ 96¾- 96" EI.C. & N., lat, pfd .. 611~113¼ ... - ........ - .... .... Goar. a- ............... :J 106¾-105¾ .... - •••..•.• - .... . .• . Lona- 18l'd-lat, 1931.:i .... - . .. . ... . - ... 117 -117 114¼-114½ 115 -115 115 -115 .••• - •••. 113¾-113¾ 114)4-114¾. Gen. mort., 193S. ... 4 101~102!,4 101¼-102 102 .:102 .... - ..•. 101¼-101¾ 98¼- 99 .••• - • • .• 95¼- 95½ 08¾- 98¾ 99 -100¼ 90¼- 99% 96½- 96¾ Unified, 1949.. . ...... . 4 1017<1-lOl~ 100¾-100¾ 98 -100 98 - 98 97 - 98 96 - 97½ 96¾- 07 .... - .... 96¾- 96:% 96 - 96 96½- 96¼ Ga. ref., a-•• 1949 .... 4 101¾-102½ 102 -102¼ 99¾-100% 99!'-(-100!'-( 99 -1013( 99¼-1~ 99¼-100 100 -101!)4 99 -100% 99¼-101¼ 9~- 99¾ 98¾- 99¾ Rea-i ■ tered ...........4 . . . . - . . . . . . . . - . . . . 99 - 99 - •••• . •. B'klyn & Mon., lat .. :} .... - .. .. . .. - .... 108¾-103% .••• - •••..•.• - ••• . 101¼-101¼ N. Y. &R. B., lst .. G 111 -111 ...• N.Y.B.&M.B.,cons.,~ .... - ........ - .... 110~-110¾ No.Sho.Br'h,lstcon.:J .... - .... ... - ... . 109 -109 Loole'a & Ark.-let .. :S 105 -105 - •••. 105 -105 .••• Looi ■ • & Na■h.-Gen .. 6 118¾-120¾ 119¾-120 118¼-118¾ 119 -119 .••• - •••• 115¾-116¼ .••• - •••• 114¾-115¼ 116 -118 117¾-119 .... Gold, 1937............. ~ 120 -120 121¼-121½ ... - ........ - •••..... - . . . . . . •• - •••. . ..• - •. 116¼-118,,i ..• Unified, a-old, 1940.. 4 108¼·104¾ 103½-104 102¾-104~ l~-103¼ 102¼-108% 102¾-104. lQ0¼-101¾ lQ0¼-102 98¾-101¾ 101¼-102½ lUlJ.(-102 101¾-10~ .Rea-letered . ......... .4 . . . . - . . . . . . . . - . . . . . . . . - ... . 100 -100 101 -101 . • • • - ••.. 101¼-101¼ . . • • - • • • • . • • - . . . . . . . . - . . . . . . . . - • • • . •• • Col. truet, a-., 1931 .. . ~ 115¼-115¼ . . . • - .... 115 -115 . . . . - .... 113 -113¼ lll~-111~ . . . . - . . . . . • • • - • • • . . • • • - • • . . . . • • - • . • . . • • • - • •• . . . . . .~ Coll.tr •• ~-~011,1923.4 98¼-100¼ 99¾-100 99¾-100 97¼- 98 97 - 97!'4 97¼- 98 97¼- 98 97¼- 98¼ 97¾- 97¼ 95%- 96!'-( 96¾- 97¼ 97 - 98 N. O. & Mob., lat .... 6 128 -129 ~-12~ 129 -129 129~-129¾ .•. - •... 129M-130 .... - ..•...•• - •••. 127 - 127 2d, 1930 .............. 6 .... - .... 122¾-122¾ .••• - ••••.••. Pensacola Dlv ........ 6 .... - ........ - ... . ... - .... 107¾-107¼ .••• - ••••.... St.LouisDlv.,lat... 6 .... - .... 120½-120¼••·· - •••• . .•• - •••• l17¼-l17½ .... - ••• . 118 -118 .••• 2d a-old, 1980; ....... 3 .... - .... 71¼- 71½ ..•• Atl.Knox.&Ne.,let.6 .... - ........ - ... .... - ... . .... - ... . 116 -116 116 -116 ..•• Henderson Bdire,lat6 108¼-108½ .•.• - ••...... - . •....• - •••. .•• Penaac. & Atl., lat .. " .... - ........ - .... 112¾-112¾ . .•. - •··· 111½-111¼ Ken. Cent., 1987' ..... 4 99 - 99¾ 100 -101 100¼-101 100¾-1007,( 100 -100¼ 100 -100¼ 100 -100 98 - 98 •••• - •••. 99¾- 99¼ . .•• L & N & M &M,lat.4~ ... . - . . . 110 -110 108¼-108¼ . . . . - .••. 108!1:(-lOSM 108 -108 L.& N.-southJolnt.4 95¾- 96 95½- 96¾ 95¾- 96 96 - 96 96 - 96 96 - 97 95 - 98 97 - 97½ 97 - 97½ 96 - 97 93¾- IJ7 94 - 94 N.F.&S.,lat,a-u.'37.:J 116¼-117% .••• - •... ll~-114"i .. .. - ••.. 114 -lU .. .. - ••• . ... . - .... 111 - 111 •• .• . .. . .. - • . .. 114 -114 ... . Loulav. & Jeff. B'a-e.4 .. .. - .... 100:1,s-100½ .. .. - ... . 97 - 97¾ 97 - 97 .. .. - ••.. . •.. Manbattan-1990 ...... 4 103¾-103¾ 102¾· 103¼ lOS -103¾ 101 -101¾ 100½-101½ 100¾-101 100¾-101% 102 -102 101 -102 99¼-100% 100 -101 99½;-100¼ Metropol.Elev., lat .. 6 103¾-105 10~-105 105 -105% 105¾-105½ 105%-105½ 105%-106 102%-103¼ 103¼-103¼102¾-103¾ .... - .... 103¾-1~104¼-104¼ Mex.Central-Conaol.4 78¼- 80¼ 80 - 85 81¼- 83 78½- 82½ 77¼- 80 79¼- 80¼ 75¼- 78 75¼- 77¾ 76 - 81¼ 79 - 85 80¾- 84 83¼- 87 1at consol. income ... 3 24. - 26¾ 23¾- 26 23¼- 24¾ 20:ki- 25¾ 19¾- 22¾ 18 - 21¾ 16¼- 19 18 - 19¾ 18½- 22¼ 20¾- 27 23½- 277,i 25~- 28% 2d consol. income .... 3 16¾- 20¼ 18½- 21 20 - 20% 18¼- 20¾ 15¾- 18% 14¼- 17½ 14 - 16 U¼- 16 15 - 16¼ 15 - 19¾ 17¼- 20% 19 - 22¾ Coll. tru8t, 1907' . . 4¼ 98¼- 98% .••• - . . . . 98¼- ~ 98¾- 98¾ 99 - 99 100¼-100½ 101 -101 - •.• . 99¾-100¼ 100 -100~ 100½-IOO~ llllnneap. & St. L.Pacific Ext., 1 ■t . .. .. 6 . . . . - .... 120 -120¼ ..•• - •.•..... - .... 118 -118 ..•• let, con., 1934, 1r •••• :J us -114½ 113¼-118¼ .. •. - •... 114 -114 111 -111 112¾-1~ 11a -113 113 -113 111 -113 113 -114 110¼-110¼ 109 -109 l•t & rel., 1949 .. .... 4 96¼- 97 96¼- 97 94¼- 94¼ ..•• - • • •. 90¼- 91 93¼- 93¾ 94 - 9i 94%- 9i¼ 92¼- 9!1¼ 03¼- 9!!,-4 02·· - 92~3 . ... DeaM.&F.D.193~.4 97¼- 97¼ . ... - .... . ... - . . .. 97 - 97 - ••••.••• -  I  M.st.P.& s.s.M.,'38.4 101 -101 101 -101,a 10Q¾-lOO¾ 101 -102¼ 102¾-102]4 102?,d-102),( .... -  Mo. Kan. & Texas~ 1at, srold, 1990 ....... 4 2d, Income, 1990..... 4 let, exten •• It•• 1944.:J ht & ref., 2004 . .... . 4 Gen. 11. f., 1936 ..... 4~ St. Lool8 Div., let .. 4 Dall. & Waco, lat ... :; K.C.&P.,let,1990.4 Mo. Ko.n.& Ok., 1st.~ M. K.& T. ofT., lat.:J Sher.Sia.& S.1st, a-o.~ Texa8 & Okla., lat.,6 Mo. Kan. & E.-lat.:J Dll11■ 011.ri Paclftc-3d, , letconeol ... . ........... 6 Trust, gold, 191, ... .:J Rea-lstered..... . •... :J 1st, collat., ar,, 1920.:J 40-yr. 194~, a- ........ 4 Cent.Br'ch Ry., l ■t.4 Pac. of Mo., let, ext.. 4 2d, 1938, ext ....... . :J St.L.&I.M.a-en.&l.a-.~ Unlfy.&ret., 19!19.4 Riv. & G.D., 1st .... 4 Ver. V.I.& W.,l ■ t.3 Mob. & Bir., prier I ... ~ Mob. J & K. C.-l ■t . . :; Mob.& o.-New, 192'7.ti Gen. mort., 1938..... 4  100 -103 100¼- 102 89 - 92¾ 89 - 91 107 -107½ 106ll:(-107½ . . . . - . . . 88 -· 91¾  100 -101~ 88½- 89½ 106 -106½ 89 - 90¼ .. .. - . ....... - . . . . 89 - 89¼ 98¼- 93¾ 93¼- 94 93¾- 93¾ 107 -107 100 -100 .... - .... 95¼- 96 .... - ... 108¾-109¾ 109%--109¾ 109 -109 107¼-109-U 109¾-109% 106 -107¾  101 -102½ 86¼- 90 105¼-107½ 88 - 88¾ 88 - 89 90 - 90½  100 -102¾ 85 - 883,ti 10$¼-107% .... 87 - 89 90 - 90  99¼-10<% 88¾- 89 105 -106 87½- 87¼ 88½· 89¾ 88 - 88  •• • ••• - •••...•• - ••.. 101 -101  99¼-100¼ 88¼- 89¾ . ... - ..•. . . •. - . . . . 86½- 86!'-( 88¼- 88¼  . . .. - ....  ~-100¼ 100 -101 99¼-100:Jd 99¾-100 96¼- 98 86 - 87½ 84¾- 86¼ 85 - 86 86 - 87¼ 86¼- 88 104 -105 105¼-105Xi l05!1i-105~ 102 -102½ 103¼-106 . ... 83¾- 83¼ 82~- 887,,~ 86 - 86½ 85 - 88¾ 85 - 86¾ 86¾- 87¾ 87~- 88:ld 86¼- 90¼ 88 - 90¾ .. .• - .... 88 - 88 . ... - ... ... . - .... 89 - 89 - •• • ..... - ... . . .. 96¾- 96¾ . . •• - ... . 96 - 96 ... . - . . ....• - •...•.•• - ••.. 9! - 94 108¼-108½ 106¼-107 107 -107¾ 106¾-107 .• •• - •....... - .... 105 -107½ 104:1(-107 105¾-107 106 -106~ 106M-107 105 -105 ..•. - .... 108¾-109¼ 105¾-10~ 105 -106¾ 105 -lOtl½ ...• .... - ... . .... - . ... . ... - . ... 108¼-108¾ .• •. - . . . . ... - •••. . ... - . . . • • • 108'-(-108¾ 109¼-109½ 106 -106 105:1(-106¼ ..•• - ... 101¾-101¼ . ..• 115¾-llf>¾ 115¾-116 115¼-116 113%-113¾ 113¾-113% . ... - . ...... . - •••. 110 -110 lll¼-112 112 -112 . ... 103 -103~ 103½-103¼ 108 -103 104 -104 101 -101 101~ 101¾ 101¾-102¾ .••• - .• .. 102¾-102½ 103 -103 123½-125 124 -12' 122¾-124½ 121¾·123 120 -120½ 120½-121 ...• - .... 120 -121 120!,.(-120).( 119 -121½ 118 -119Xi ll9¾-119% ioo -107 107 -10~ 104 -lOi½ 103½-lO!l¾ 103¾-104,e 105 -106 103!'-(-105 105 -105½ 103 -103¾ 103¼-lO!l¾ 104: -104½ 104¾-105 104 -104 107¼-107~ .• .• - . . .... .• - ... - ..•...•• - •··· ••·· - : .. • • •·· 107)4-108~ 106 -106 106 -106½ 108 -106 103%-1~ lOb -106¼ 105 -105 102¼-103¾ 104 -104¾ 104 -105¼ 10!1 -105¼ lOi¼-105 93¼- 9i¼ 93¾- 94¾ 91 - 92]4 92¾- 93 92¾- 92:Jd 92¾- 93 91¾- 92½ 92¾- 93½ 90%- 92 UO½- 91Xi 91½- 91½ 90 - 90 97¼- 99 94¼- 95 96 - 97 97 - 97 94 - 95' 95 - 96- 94 - 95 93 - 93 94½- 94½ 94¼- 94¼ 94½- 95½ . .•• - ..•• 104J,t-105 •.•• - •....... - .•.. 103 -103 ..•. - ..... •• - ..•...•• - •... 101:)s-101¾ ..•• - ........ - .....•.. - .... ..• . - •••• 119 -12~ . . . • - • . . . • • • . - • . . . . . . . - .... 116 -116 116¼-118 . . . • - • • . . . • . . - • • • . . . • . - • .. 116 -117¾ 116¾-117'4 116!'-(-117¾ 113 -115¾ 112 -114 114 -114M 114 -114½ 114¼-11'¼ lli¼-115 111¾-113½ 118¾-114~ 113~-U! 92¼- 93¼ 92¾- 93½ 92¼- 98 91¾- 93}-.( 91¼- 23¾ 93 - 94 89¼- 92¾ 89¼- 91 89¼- 91 90 - 91% ~ - 91~ 89§(- 91¼ ~ - 95 94¾- 96 95~- 95¼ 94¾- 95¾ 93¾- 93:J4 93¼- 94~ 92¾- 93¼ 93 - 9i 93 - 94 93¾- 94¾ 91¼- 93 92 - 92¾ ·· ~ - ........ - ........ - . ... 107¼-107¼ .... - •••..••• - ••••.••• - •••..•.. - .. . ••• - • •. . . • •• - •... 113 -113 113¼-115% • • •• - • •• . . . . • - . . • . . • . • 9'¾- 97 •••• - • ••. 96 • 97 96 - 96 •••• - ••••.••• - •••••••• - •••• 96¼- 98 98 - 98 98 - 98 ...• - . ... 9~ - 98 l26¼-l26:l-6126¼-~ 126M-127 126 -127 126 -126 •••. - •••.•••• - •••• 124¾-125~ •••• - ••• . .••• - •.•. ll27¼-127!rli . ... 98M- 99 ..•• - ........ - ... . .•. - ......• - ........ - ... . 94¼- 95 •••• - •••••••• - •••. 93 - 98 94 - 9i 98 - 93 Montarom. Div., let..3 .... - •••••••• - .••• llS¼--113¾ . •• - •••• 114¼-114M 114¼--114:¼ •••• - •••••••• 8&.L• • Calr-. col.tr.4 . • •. - . . . . 98 - 98 06 - 95 • • • • - • • • • . • • • - • • • . . • • • - . . • . 92~ 92~ • • • • - • • • • . • • • - ••••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  RAILROAD BONDS.  93  1900- Continued. BONDS.  JANUARY FEJ3R'RY.  MA.ROH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. Nov'BER. DEC'BER.  Low.High Low.High Low.High Low.High Low.High Low.Hl!lh Low.High Low.High Low.High Low.High Low.Hiirh Low.High  -----------·Ch.& 118  !Ca■h.  St.L.-l ■ t.'7  ~::::~•~•;.~~~:::::: :~  - 119¼ 119¼-119¼ 119½-119½ 119*119¾ 115½-119  ~:~¼=l~~~ ii!~=ii!¼ ::.~  =l~~ :~½=l~~  - ... . 115!,.(-lllS~ 116¼-116¾ 115½-115½ ..• - ..•. 113½1-113¼ ll8 -118  ~:~ =~~ .. ~:.~  =l~~ :::: = :::: ::: = ::: · ::.3¾=1~~  .l:.~  =l~~ .. e¼=l~~~ ~:~.¾=1~~~  National of Mexico/ Pl'lor lien, 19~6.... 4¼ 102½-10~ - ••.. 105 -1r5 - ........ - · . . - ..•. 101½-101½ .. •• - .••...• - ••..•••• - •••• LOZ¼-108 1st, consol., 19~ t.. 4 85 - 87 86 - 87¾ 85 - 86¼ 83 - Si 83 - Si½ 8:l¼- SIS 83¼- Si½ 8:l½- 85 85¼- 86 82!,(- 8-! 183½- 86 84 - 85¼ If. Y. Cent' I & Bud. R.Gold, 199'7 ........... 3½ 98 - 99}4 98 - ·99!}.( 97~- 98¼ 97¼- 98¼ 97¾- 98¾ 98¼- 98% 95½- 96¾ 91¼- 95¼ 92 - 92~ 92¾- 95½ 94¼- 95¼ 92¼- 96 Relllstered ... ..... . 3 ,, 98!,.(- 98½ 97½- 97¼ 97¾ - 97½ 94½- 94XJ 92 - 92 92~- 92~ 13¼ - 95½1 _ •• - • • • 93¾- 98~ Debeu., a-., 19:14 ..... . 4- 100¾-101¾ 101 -102 101 -101~ 101 -101¾ 98¼- 99¼ 99 -100¼ 99~-101½ 100 -101 100 -100¾ 1!9¾-102:U 98¼- 99~ 98 - 99¼ Rea-hitered .......... .4 .... - .. . .... . - .... 101 -101½ 100¾-101!,ji .... - ......•. - ......•• - . . . . Lake Shore, coll ... 3½ 89¼- 93 88%- 90¾ 88¾- 89½ 88 - 89½ 88 - 89½ 89¾- 00~ 88 - 00¾ 87~- 88½ 87¼- 88½ 87 - 88 87½- 88!1:t 87½- 89 Rea-lstered ........ 3½ 91 - 91½ 88 - 00 88 - 88 88¼- 88½ 8~- 88 88½- 89 88 - 88½ 85¾- 85½ 86 - 88 86 - 86!1,( 67½- 88 86½- 86¼ Mich. Cent'l, coll .. 3 ½ 8~- 92½ 89¼- 01 89½- 89½ SP¾- 89¾ 68¼- 89¾ 89¼- 90 89¾- 90 88 - ~ - •••. 86¾- 88 ti6¼- 87½ Rerdstered ......... 3¾ OOJ.4- 90¼ .. , - ... . 86',i(- 89 ..•• 88¼- 88¼ Beech Cr' k, hit, a-u .. 4 . ... - . . . 105½-105½ . .•• - ••...... - .......• - •• . . 104 -10!&- 102 -102 .... - .... 102).(-103¼ ... • Mohawk&Mal,,lat 4 . ... - .... •··· - ... . .... - .... .... - ........ - .... 1n3 -103 N. Y. &Pot., lst,a-u.4- .. .. - .... 104½-104½ ... . - •....... - . ... .. .. - ... . 100 -101!,,C West !3hore, ,iuar . .. 4 107 -109 107 -108 106½-108¼ 1051a-108 105½-lOS 107 -108 105 -105:J4 lOi -106 L©4¾ ·l05¾ 105 -106 105 -106~ 105 -106¾ Rea-tstered ... ...... .. . 4 106½-107¾ 106½-lv1™ 106 -107 1()4¾-106¾ 105½-107 lOi -10'™ 103¾-105 103!,,C-lOi½ 103%-104¾ 103¾-104¾ 10$¾-105 l02½-105¾ L.S.&M.s •• ,i., '9'7 .3"' 100 -100½ 100_!4-101¼ 99 -lCiO½ 100 -100 98 -100 97 - 98 96¾- 97¾ 96 - 97¾ 95 - 97!14 95 - 96 96 - 96¼ O! - 96 Rea-lstered ......... 3½ 99¾- 99¾ 99 - 99 99 - 99 9 ¾- 98~ 96~- 99½ 9™- 97¼ . . .. 96 - 96 . . .. - . .. . 98½- 98xi 93 - 93 Debenture, 1928 .. 4. 100*101¼ 100½-101¾ 98XJ- 99¼ 96~- 99¾ 96¾- 98½ 97½- 99¾ 99 - 99M 99¼-100¾ 97¾- 98½ 97¾- 99¼ 98¾-100 97¼- ~ · Rea-18tered ........ . 4 96¾- 96¼ . ... - .....•• •.. • 98¾- 98½ Det.M. & Toledo .. 7 ... - .... 101¼-101¾ .... - .....• - ... . 99 - 99¼' . ... Mn hon. Coal RR ... 5 . .. - ... . 12~-122¾ 125½-125½ .•• - .... 107;(-107!,.( . . . • ••. . 101 -104 Mich. Cent., 1909 ... 6 ... - .... 118¼-118¼ . . • • 1031 ........ -.......... :) 120 -120 . . . . - .... 119 -119 Rer;rbtered ......... O .... :.03 -103 - •.. . 104½-104½ . . . . 1940 .................. 4 .... J. L. & 8., 19:Sl .. 3½ .... - ·•• · 9-!½- 94¾ - . . . . 96¾- 96¾ 97 - 97 . . . • - • • . . 97 - 97 . . . . 95 - 95 llltJC., 19:12 . .... 3~ . ... - .... 97¼- 98¾ . ... - ... . 97 - 97 - . . . . . . . . - ... . 101¼-101½ . . • N.Y.&HaTlem .... 3½••·· .•.. - .... 113½-114 113%-113¼ 113%-113¾ lllM-112½ .. .• - •. .. 113¼-113:!4 Utlca & BI.R., 19~~.4 . . . . R. W .& o., con., 1st.ii 116 -116% 116¼-110¼ 116¼'-118 113¾-113¾ 113¼-114 114 -1u 104 -104 103¼ -1087/4- ... - . .. I N. Y. Ch. & St. L.-1 st.4 104½-105½ 11 5¼-105¼ 105½-106 108¾-10!¾ 104¼-106 104~-104½ 104½-105 104¼-104¾ 10..l -104½ 102 -102¾ 1021i-102¾ · 0!¾-102¾ Rea-istered . . -. ..... . .. 4 . .. - •· · N.Y.Jlil.H.&H.: :::: · ::: : ••. Bousntonic 193'7 ... ~ ... - ... 124 -125 N.Y. o. & w .• ret.,lst.4 1021}4-104¾ 103 -104 lOOXi-101½ 101 -lOll)( 100¼-101~ 100~-101½ 101 -102 101~-102 99½-100 100 -102¾ l OOM-101¼ 100~-101¼ Rea-lstered .. ........ .4 . . . . - . . . . - ... . 101 -101 101¾ 101½ . . . • - • • . 104 -104 . . . • Norf, & So.-lst, '41 .. ~ 107¾-109 108 -111 - ... . 110 -110 NoTfolk & Western- ••• . 129 -129 - ••.. 181¼-131¼ . . • • Genera1, 1931 ........ (:i 132¾-132¾ 13~-182½ ..•• - ••• . 132¾-132¾ ..•• Jmpt. & Ext., 1934.. 6 ... - ... . 130¾-130¾ ...• New River, 1932 .... 6 .. . - . - . . .. 12™·127¼  ~~~~1~~~  ::~~,=!i;:z;.:::::  ~::~1:::  :ir~~r  1::::1:: 1: :l::½ . ~~=1~~:· ~::=l:~  Pocab. c. & C.jolnt.4 94%- 95¼ 94* 95¾ 92 - 93¼ 91 - 92¼ ~e. Val. & N. E., lst.4 100½-101½ 101 -101¾ 101 -101½ l01¾-1U3 Northern PacificPrior Hen, 199'7 ..... . 4 104½-106>:S 104 -105;! 103¼-105 103 -lOHt! Rea-l ■ tered ... . .... 4 104 -106 104 -104 104 -104 . .. - .. . . General lien, 204'7 .. 3 76~- 7 ½ 76 - 77¼ 76½- 77>1, 76¼- 77 Re1rtstered ........... 3 75¼- 75½ 75¼- 75¾ . ... St. Paul-Dul. DIT .. 4 100¾-101 St, Paul & No. Pac .. 6 .... - ... . ... - •... 124 -124¾ 125 -125 St.P.& Doi., lst,'31.0 .... - . .. . ... - ... 113 -113 ... . 2d, 191 '7 ............ :! 109¼-lOOJ.. 110 - no 109¾-109¾ . ..• lat, consol., 1968. 4 ... Wash. Cent.Ry.,lst.4- .... - ... . ... - ... . No. Pac. Ter. Co-lst.. 6 115 -116 - •.. . 116¾-116~ ..•• - •.. . Ohio Rtv., 1st, 1936 ..0 .... - ... .... - ... . General, 193'7 ....... O 110¼-114¾ ... • Ozal'k & Cher.Cent.-1> . ... - . . . . . .. - ... . 100 -100% .. . Pacific Coast Co.-lst.~ 112¼-114 113 -114 lll¾-114 111 -112 P a nama-lat, s. t ..... 4>< 106l)J(-106¾ . .•• - .....•.. Pennsylvania Co.1st, COD801 ••• ...... ••• 4½ 106M-107¼ l06¼-107¾ 100½-107½ 107*108 Reellltered . . . .. .. . 4½ Gu,col.tr.ctfs '3'7 .. 3½ Gu. col. tr.ctf"s., B .. 3\+ 92!!3- 92¾ .. . - .. . . 91½- 91½ . .. Tr.Co.ctf"s,,a-u •.'16.3\t 97¾- 97~ 98 - 98 97¾- 98 96¾- 97½ Quar., 194-2, C ...... 3¾ . . . . - . . . . . . . . - • •• • · •• · Tr. Co.ctf"s.gu.'44.3½ ... - .. . . . .. - . . . . 90¾- 90½ . .. C.St.L.& P., lst.'32.:) 122 -122 119l,(i-ll9½ .. . Erle & P., Ser B ... 3~ 96~- 96¾ . .. - ••.. . ••• - ... . P.C.C.&St.L.,Sr.A4:l-! . ... - . . .. 112¾-112~ . ..• Serles B .• 1942 .. . 4~ 112¾-112¾ 112¼-112¼ . ..• - • . • 109½-109½ Serles D, 194~ ..... 4 Series E, 194-9 .... 3 x, 94 - 94¾ 92½- 92½ 92½- 92¾ .... P.Ft.W.&C .,2d,'1~.'7 . .. - ... . U?½-117½ .. .• - .... llS -118 Pennaylvanta RR.Real estate, 1923 .... 4 . ... - ....... Conv., arold, 191:i .. 3 ~ 93 -101 97¼-100¾ 96¾- 98 95M- ~ Rea-latered .. ...... . 3J.(i Oonv., ,rold, 1912 . . a!>!! 103½-105¼ 101 -l04lU 100 -101¾ 99¼-102¼ G. R. & I., ht, e:u.4 1. 108 -108 108%-10~ .... - •.. . Phil, Bait. & Wash .4 109 -109½ 110¼-110½ . ••. Rea-istered .. ........ . 4 ... Pere MarquetteFlint & Pere Marq . . fl ... . - . ... 118 -118 117 -117 112½-112¼ 1st cons., g., 1939.0 110½-110½ ..•• 110 -110 Pt. Hur. Div .• 1st . . a 111½- lllJ.t . .• Pitts. & L. Erle-2d, 0 Pitt&. Sh. & L. E.,let.O 118 -hO .. .. - . ... 120 -120 Reading-Gen., 199'7.4 11 •0U-102¾ 100¼-102 100),(-101 100 -100~ Rea-lstered ........... 4 100~-100¾ -·· Jersey Cent. collat .. 4 100 -101% 101 -101¼ 101¼-101½ 89¾- 99¾ Rt>2istered ........... 4 .... - .. . Phil. & Read., cone.ti .... - ... .. ... - .... 110¼-110¾ .••• ·D Consol., 1911 ....... '7 .••. - ... . ... - •.•• ll~-115½ .••• Rutl'd-0.&L. C-ht 4 99¼-100~ 99M-100 •••• - ••••••• . -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  91 - P4 99¾-100  ~~~  =17:~  92¼- 98¾ 92~- 93 99¾·100½ 100 -101  102!),(-104¾ 104 -105½ 102!.,!-1112½ . . - .... 'i5 - 77¾ 75¾- 76¾ 74¾- 75¼ 7il - 76 98 - 98 124¾-124¾  ~~=1~~~  ~:9:¾=1~~:: .::½= : : : :: =l=~i  I  - ... . ...• - ... . .!.08 -108 107~-108)4 .... . . •• 98½- 98½ 9~- 98¾ . . . - . . . . ..• -  91 - 93 116 -116 116 -116  106¼-108  96 - 96  :::=:~ 90¾· 92 93 - PO¼  93 - 93¼ 92¾- 93¼ 92¼- 93 92¾· 93 99¾-100 99¾- 99¾ 99 - 99~ 93 - 99  103½-104~ 103¼-10~ l03 -104½ 102¾-103~ t03 -101 02¾ -103M 102½-103¾ 102½·102½ . . . - . . . . 102¾-103!,1, 102 -102¾100~-103 76 - 77½ 75¼- 76¾ 75¼- 76 7,;>-11- 76.½- 74¼- 75½ 73¼- 75~ 75~- 75¾ 75 - 75 98 - 98 - . . . . .. - . . . 95 - 96~ - ... 122¼-122~ 122%-122~ ... - ... . 123!13-123¾ ..• -  - ••• . 100 -100  112 -112  i-::: : :::~  - •.. . 116¼-117 - •••. 118½-113½ ...• 98¼- 98¼ .. .• 110 -110 no -110 . ... - .... 103 -103  ..•• .••. -  - . . . 97 - 97 - • • . 110¼-112  - . . . . 99 - 99 112 -112 109½-109¾  107¾-108~ lOl½-106½ 105 -106 105¼-106 106 -106~ 106½-107½ 107 -108¾ . . . . - ... . 105 -105 . . . . ........ - ... il06 -106 ••.•.••• - ... . 94-94 90½- llO¼ 90 90 . ... - .... .. - •.•. 90 - 90 96¾- 96% 95½- 96 96:!4- 96¾ 96½- 96½ 97¼- 97:!4 97¾- 97lJ,I 97"!,4 - 98 89 - 89  - .... 118 -118 109½-109¼ 109¼-110 - . . . . 109¾-110 - •... 99-99  117½-117½ 117¾-ll~ 120¾-120½ 110 -110 . ... - ........ - .... 108½-108½ ...• . . . . - . . • . . . . • - ••. . U0~-110"½ . . . • - .... 109%-110 89¾- 00  90 - 90  . . . • - • . . . 00½- 92  .... - ••.. 119 -119 - . . . 106½-106¼ l0'¾-104¼ 95 - ~ 93~- 91¾ 92¼ - 94~ - .. 961}.(- 99 P6¾- 98¼ 96 - 97½ - .... 107¼-107½ .•.• -  . .•• - •••• 107 -107  - •• .. 104¾-104¾ - .... 104 -104 943'- 97¼ 95¼- 97¾ IJ5¾- 9g 95½- 99¼ U2 - 94:!4 . . - . . . . . . - . . . 97¼- 97½ 97½-103~ tOO½j-103¼ l00¼-103¾ 95¼-101 96~- 997~ 105 -105 108 -108 - .... l07½-10'i½ .·... - ••• , 104%-104¾ - ••.. lUl¼-113¼ . • • • - .. 105 -105 . . • • - •.. . 106½-106½ ..•. - ..•. LO i½-107½•••• -  .... -·· - .... .... -  - ........ - ........ -  99¾-101 991,g-10;) 97½- 98  10()¾-102¼ 119½-100½ 99 -100 lOO½i-100½ . ... - . . . . . .. 98}(- 99¼ 98¼- 99¼ 98 - 99  99' - 99~ 99 -100 97 - 98  09¼-100  119~-100¼  95¾- 97~ 95¾- 97¼ 96~9~- 96!14 .• -  97¼  {18½- 9$½_:_:_:__:_......:: . •..::....:_• _··-·-··..c.·--'---'-----'"-'-'----'-....:..;....--  94  RAILROAD BONDS. 1900-Contlnued. BONDS.  JANUARY FEBR'RY. :MAROH.  MAY.  APRIL.  JUNJC.  JULY.  AUGUST. JSEPT'BER. OCTOBER. ~OV'BER.' DEO'BER  _ _ _ _ _ _ _ _ _ _ _ _ Low.High Low.High Low.IDgh Low.IDgh Low.mgh Low.High Lo..,,.Htgh Low.IDgh Low.High Low.High Low.Higr Low.Rig~  ~t. J. & G.I.-l ■ t,'47.4 92¼- 94¾ 9~- 94¼ 93)4- 93)4 92¼- 92.1,g 923'- 923' .... - •••. 90 - 90 90 - 90 , 903'- 90½ .••• - ••• . 913'- 91~ •••• 'St. Law. & Adlr., lst.~ 122 -122 •••• - .. . . ... - ... . .... - •••...•• - ........ St.L. & San Fran.Ry.ClaH B, 1906-········6 102 -102¼ . .•• - .... . ... - ........ - •••. 100¼-10()¾ 101 -101 .... - ....... ClaH C, 1906 ......... 6 102 -102 - ••.. 102~-102M .•• • - •... 1001,(-100~ •• . - .•. lOl~-101¼ .••• - ... 102¼-102½ . .•• General, 1931 . . ...... 6 127 -127 125 -125 .... - ........ - .... 127 -127 - .. . 125 -125 .•• • - •••. 125¼-125~ . ... - .... 127 -128½ 125¾-126M General, 1931 ........ ~ lllM-113'4 113 -113!,4 112'4-113 113¼-114 112'1-113¼ 113¼ 113¼ 110 -111!,4 110~111,6109¼-110 110 -110 111 -112½ tt2¼-113M RR.-Cone.,a., 1996.4 .... - .... . .. . .. .... - ........ - . . 951,ji- 95½ . ... - .... ll2 - 93 Refund, 19~1 ....... 4 85 - 87¼ ~ - 88 86 - 87¾ 84¼- 88 84¼- 86 85%-- 87¾ 82 - 83¼ 82¼- 83¼ 81¾- 83½ 83!.- Si½ 82 - 84½ 83¼- 84J4 :111.-note•• a-,'08.4¼ llfi¾- ll5~ 00 - 96 .... - ....... - .... ll7 - 97 . ... - .... . .. !JS - ll8 K. C.Ft.S.& M., con.ti 121 -121 1201,ii-120¼ . ... - .. . . . .. - .... .... - . . . - ........ K. c. F. s.& M •• ret. 4 87 - 87ll:1 87 - 877~ 86!,4- 87¾ 84 - 84½ 83¼- 84¼ 84 - 84½ 82¼- 83¼ 82 - Bi Bl¼- 84 Bl - 82½ 81¼- 82~ 81~- 82¾ 't!§t. Lou. ~.\\'.ht '89 .. 4 96¼- llll~ 99 - llll~-4 !Ji¾- 98¾ ll7],(- ll8>1i 95¼- ll7 95),(- ll6~ ll4!1(- 96 ll5¼- ll7x !Ji¾;- ll5:Ui ll6 - 97 ll4 - ll5½ 94¼- 95!1:( 2d Inc., 1989 .......... 4 85¾- 86¾ ... - . . . . 85 - 85¼ .... - .. . . 84 - 88 87 - Bil .... 82¼- 84¾ 80 - 86 86 - 86 Consol., arold, 193!l .. 4 80¾- 82 80¾- 82 'i9¾- 80¾ 781k 80 7~- 80½ 77 - 79¼ 76 - 78 76¼- 77!14 77¼- 7~ 79 - 80¾ 80¼- 81).f 76¾- 79~ St. P. M. & lll. -~d .. .. ti . .. - .... 109~-109½ 106¼-106¼ ... . - . .. . - ..... ... - ... . 108 -108 - .. . l05l,4-105½ .. .. ht, consol., 1933 ... . 6 136¼-137~. 137¼-187½ ... - ... . .... - .... 18$¾-188}.! 133¼-188½ .... - ... .. ... - ....... - ... 138 -133 t33'.U-188~ .. . Reali.tered .......... 6 .... . - ... ... .. - .... . .. - .... .... ... - .... 134 -134 Reduced to ......... 4¼ 112¼-112~ 112 -112 110½-111¼ 110~-lll½ 11()¾-l l ()¾ lll¼-111¼ .. - .... 107%-108 107¾-107¾ 10Q¾-109l)t 111 -111 111 -111 Dakota Extenelon .... 6 lO!l¾-110 110*110¾ 110¼-lll . . . - .... 108 -108 108 -108½ lQS¾ -1081}.( .... - .. . - .... .... - .... 106¼·1063,jj ... Mont.Ext.,ht,1931'.4 103¾-104),.a 103311-108¼ 102 -102 . . • • - .... 103¼-103¼ 102¼-102¼ 100 -100¾ 101 -101 - .... 100~ 1001h LOl -101½ LOO -100 Re1rl11tered . ......... . 4 .... .... - ........ - ........ - . . . .. . - . ... 1001'-100¼ E. M. 1st div., 1st .... ~ .... - ..... 101¼-101¼ .. - ... . ... - .... 101¼-101½ 101~-101~ .... - ... . 100~100% Mont.Cen.,lat,1937.6 136 -136 136 -1813 .... - .... 134 -134 134~·134¼ ... - •••. 133 -133 RearlBtered .......... 6 .... - .... 136!4-136~ .... ... ... - ... . 1st, a-uar., 1937 .... ~ .... - .... llll¼-119¼ 118¼-119¾ .... - ... . 116 -116 _ Wll.&S.F •• Js t,'38 .. ~ .... - ........ - ........ - ....... - .... .... - ... . .... - ... iii'i¾-lW¼ S. Fe Pree. & Phe ..... :) 112¾-ll~ ... - .. . . ... - ... .. ... - ........ - .... . ... - .. · · L07¼-107J.( Seaboard Air Line .... 4 89¾- 92 003'- 91¼ 00 - 91 86¼- 88!,i 86¾- 88 87)4- 88¾ 86:}.(- 88 86"- 87¼ 86~- 86¾ IIB½- 84 82 80~- ~2M Collat. trust, 1.911 .. ~ 102¼-103¼ .... - .... 102¼-103~ 102%-10~;1:! 101 -101½ 101 -101¾ 101~-101¾ 101½-102 102 -102¼ 102¼-lOiJ.11100 -100¼ 99¾-10~ Atl.-Blrm., l ■t . ..... 4 96¼- 97 .••• - ... . 94 - 95 95¼- 115¼ ... - .... .... - .. . . 92¼- 92¾ 98 - Di¼ - .. • 92 - 92 Car. Cent., lat, '49.4 .... - .... 00¾- 97 Fla. C. & Pen., '18 .. :J .... - .... 107~·109 10!)¾-109¾ 109¾-109¼ 109"-109¾ 107¼-107~ 10'714 -107~4 ... 110 -no Ga. & Ala., 1st, con.:J . .. - .... lll¼-111¾ .. • - .... 110}9-110½ . . .. Seab. & Roan., lat .. ~ . .. - . .. . 110 -110 . .. . - .. .. . .. - .. . 108 -108 Southern Pacific Co.1st, refund., 19~~ .... 4 95 - 97¼ ll6¼- 97¾ 96%- 96111 1)4¼- 97 94:ij - 96"1 ll6%- 97~ ll4¾- ll5¾ 95 - 913 ~ ll5%- 96!< ll5¼- 96\{i ll5M- ll6!,i 00 - 97~ Collat. trust, 1949 .. 4 98 - 96¾ 933'- 95½ 92%- 94 Ill¾- !JS¾ 91¾- ll4 91)(- 92¾ Ill¼- !JS 91¾- 92~ 91¾- ll2_¼ 1.,1 - 92½ 91~- 92 68 - 90 Redstered ........... 4 .... 92 - 92 91¾· 91½ . ... - •• 90 - 00  83~  0  0  99.  ioO¼~Hii~ t<ii  0  ~:::~a!,Nie~;•e!.•::: 101¾=102~ l : ~ ! ~ 99~100¼ .99 =100¾ ~100~ =102 .. 99 ~100·· 98¼- 99~ 98>4-100¼ 99¾-lOO~lOl -100¾ Rearletered. ........ 4 .... - .... .... - .... . .. - ... . 98¼- 98¼ . . .. Mort., aru., ar.,'29.3½ 87M- 88 87¼- 89 88¾- 89 88¾- ~ 88¾- ~ 87¼- 87!. 86:U- 88 86¾- 87 86 - 86~ 86¼- 87 86J4- 86¾ 85M- 86 Through St.L.,let.4 .. .. - .... 99¾- 99¾ 99 - 99 - .... 95 - ~5 95 - 95 ll6 - 96 G.H.& !S.A.,let,'10.ti .... - ... . 106 -106 .... ... - ........ - ••. - .... 105 -105 .... M. & P. Div., lat .. :J 111¼-111¾ .... - .... .... - ........ - ... .... - .... 110 -111~ . . - .... . ... - ... . ... - .... 111 -111 109 -109 .... - •••• Gila Val. G.&N.,lat.:J .... - ........ - ........ - ... . . . . - ... 106 -106 106¼ -106~ 106~-108¼ . ... - ... . H.E.&W.Tex., aru,.~ 104 -105½ 105¼-10~ .... - .... 105¾-105½ 103¼-103½ ... - .... 103¼-103¾ 108¾-104 .. - . ....... - .... . ... Houe.& Tex.C., let.~ ~10 -111 111 -111 llO!J;(-111¼ lll¾-111¼ 111%-111;>.a lllM-111¾ 109¼-1093-(i ..•• - ... . L09~-110 111 -111¾ 111¼·111'4 lll}( -112¾ CoDl!I. &'•• 191~ ...... 6 .... - ... . 111 -111¼ lll¾-111½ ... ll5 -115 110~110½ llO}li-11()% 110),(-110],( General, ar., 19!l1 .. 4 98 - 99~ 99 - 99 97 - 99 - ... . 96 - 96½ 95}6- 96¾ 95 - 96 \/5¾- ll5½ 93~- 95½ 94 - 95 94 - 94 Waco&N.W.,Jet7 .... - ....... - .... 110 -116 Mor.L.&T.SS.,tet., .... L27 -127 .... - ...... - ... . . .. l•t arold, 19:40 ..... . 6 . . .• - .. 116 -116 Nor.of Cal., let, a-u.6 .... - ... . l01%-101% .... Ore. & Cal., lat., aru.~ .. . . - ... . 102¾-102¼ . . .. 99 - 99 - . .. . .. .. - .... . .. . ~an An. & Ar. PaH.4 87%- 90 883'- 90 88}6- 89 •88 - 89 87¾- 89 88%- 00 86 - 87¼ 85¾- 87 65'(- 87 86,l,s- 87¾ 80¾- 87¾ 86:U- 89¾ So.Pac.,Arlz.1909... 6 104¼-104¾ 105¼-105½ 105¾-105½ .. - .. . L05¾-10572 l05 -105¼ ... - .... 106¼-1063' 1st, 1910 ............ 6 .... - ... . 1()6%-106% 106%-106¾ 107 -107 .... - ... . 106¼ -106½ 107 -107 . ... So. Pac. Cal., 1906 .. 6 102 -102 - ... . .... - .... ... . - .... . ... let, 1912, E &F ... ti 113 -113 11$¾-113¾ ... - .... 111 -111 let, con., arn.1937 .. :J 119 -119 .... 105 -lOj¾ .. .. 8. Pac., N.Mex., 1 et.ti .... - • • • 104¼-104½ 104¾-104¼ . .. - ... .. ... T.&N.O.,8ab. D.,1et.6 111¼-lll¾ ..• . - ... . . ... Coneol .. arold,1943.~ .... - ... - ... . . ... - .... 110 -110 . ... - .... . ... - .... 104 -104 . ... Southern-ht, 1994 .. :J 118 -118¾ 118 -119¼ 117%-118¾ 116 -118 t.5¼-118 118 -119 115¾-116!,4 115¼-116¾ 115 -115~ 115),(-117>4 110 -117½ 115¼-116~ lleelstered . ....... ... 3 .... - ... ..... - ........ - . . . 116 -116 ... - .. . .. • - ........ - ... 114 -114 .... - •••• M. & o. col. tr., '38.4 97¾- 98¾ 97 - ~ 95 - ll6 ll6 - 96 94½- ll6 ll4½ ll5 95 - !l5 !Ji¼• ll5½ ll3"- 93!':( ll3 - 94¼ &3¾- ll4~ 92¾- 93M Memp. Div,. lat.4¾•~ . .. - .. . - . .. . ... - ... . 118 -118½ - •... 118 -110½ ... - .... L18 -118 ll5 -115 116 -117¼ 116¾-119 -... St. Louie Div., let.-4 98 - 99¾ 98¾- 99¼ 98¾- 99 ll8¼- 98¾ 07¾- Ill:! 97 - 98¾ 97¼- 99 - 98 - 98 94¾- 95 95¼- 97 97 - 97).f 96¾- 98¾ Ala. Cent., lat ........ 6 113 -113 . .. • - .... •.. • Atl. & Dan., lst,'48,4 .... - ... . .... - .... ... - .... 96~- ~6% ... ll6 - 96 . ... - ....... - ........ ~d, 1948 ... ........... 4 . .. . - .. . . . . . - . .. . . .. 92 - 92 - ...... .. E.T. Va.& Go.., Dlv.. :J 114¼-114¼ .••• - .... . ... - . . . 115½-115½ 116 -116 - .... . ... - ... 115¼-lltl¼ L15 -115 . 115¼-1153' Consol., 1st, ar........ ~ 119¼-119½ 119 -119% 119¾-119¾ 119J.,;-119¾ 116 -117).f 116¼-118 117~118 118¼-118>1- 18 -118¼ 118¼-118¼ 116%-117 E. Tenn. reorar. llen..~ . ... - . . . 116 -116½ . •• • - ... .. ... - .... 113¾-113.11! . ... - . . . llt½-114½ . ... - • . . - .... 112 -112 Ga. Midland l•t .. . .. . 3 .... - ....... - ....... - ... . ... - ....... - ... . 72¾· 72\t 72!,(- 72¼ 72~- 72 ,_ - ....... . - .... . ... Ga. Pac., let, arold ... 6 122 -123 122¼-122½ 121 -121~ . . - .... 121 -121½ 122),.(-122¾ ... - ... 119½-lllll-, ll9}9-120 120 -120 ... - •••. ~-ISO¼ Knox. & o., let, ar ... 6 122}(-122~ . . - . .. . 122¾-122!.t 122¾-122¾ . ... - .... .... - . .. . •• - .. . . - .. . ... - ....... . Rich. &Dan., con.,ar.6 114 -114 114¼-114½ lli -114 114¾-114.1,g 118½-116 lU¾-115~ 112%-112¾ 118 -118 12}(-lU 113 -114}{ 114%-114),fi .... Deben., ■ tamped- .. ~ 1!2"-112¾ .... - .. . - . . .. . .• So. Car. & Ga., ll!lt .. ~ 107"-107¾ 108¾-108½ - •••. 107¼-108 105 -105 - ... . 107¼-107.l1i - .... 108¾-108~ 106 -106 106 -106 Va. Mid., eer.A, '06.6 .... - ... lOt¼-101~ 109 -109 Serles B, 1911 ..... 6 .... - ...... . - ... 107 -107 109¼-1083' Serles D, 19!11 ... 4-:J .... - ... . .... - ... . Lll ~-111¼ . .. • - .... lll}t-111¾ General, 1936 ...... ~ 114 -114½ . ... - .... 111%-111¾ . • . Stamped, araor .... ~ 11~-114)1; . .. . - ••.. 109¼-lO!l½ .. • - .. .. 94!,r 94½ . • .. - .. • . 94'.¼- 94'¼ Wa•h• O. & W ., 1 et.4 . . .. - .. . . .. . . W. N. Car., 1st, con.6 113)4-113¼ 113 -118 112¾-112¼ . ... - .... LllM-111¾ . .. • - .... 112,(-112¼ - .. ll4 -114¼ 111¼-111¼ 111¼-111¼ Term'l ot ~t.L.-lst,4~ 112 -112 . ... - .... .... - .... 109 -103 l ■t, conl!lol., 1944 .... ~ .... - ... 119 -120¼ .... - ... . L19¾-120 . ... - .... 117 -117 Gen. ref., 19:13 ....... 4 98¼- 99¾ 100¼-100¼ 98½-100¾ 98¼- 1}93,s 97¼- ll8½ 98 - 98 06 - 96 95¾- 95)1. 94¾- 94¼ 95½- 96 95¾- 96 .... St. L. Mer. Bdire •... ~ .... - . . . ... . - .... ... ... - .... . ... - .... 111 -111 . .. - ....... - .. . . ll0¾-ll0:J4 111 -111 Tex. & Pac., 1st, arold.~ 121¼-123½ 128 -123¼ 128 -123¼ t22¾-12~ 122¼-124 119 -120~ 118 -118!►.i L16 -119 118¼-119½ 118¼-120¼ Ll8*120 116¾-117¼ ~d, Ir•• Inc., !.1000 .... . :} 102 -102 . ... - .... . ... - .... . ... - ........ - ... . 85 - 85 90 - 91¾ 95 - 95 97 -100 92 - 92 .... - .. .. La. Div. B. L., lst ... ~ 109l,4-l09¾ 110 -110 l~-110 - ....... ... - ... . ... - ... .. ... - ... - ·••• - ··•• Toi. & O. C.-1st, '3~.:J 112¼-11~ 112¾-115¼ 113 -118 ll4!Ja-114¾ . ... - ... . 112 -112 lll¾-111½ 113 -113!.<. . .. - .... ll3¾-113½ 11!1¾-114½114¾ 115 General, eold, 193~.:J 107 -107 .... - .... 107¼-107¼ .... - .... 109 -109 . .. . . ... - .... 106 -106 - .... . ... Kan.& M.,let,aru.,ar.4 99¼- 99½ 97%- 99¼ 98 - 98½ 95¾- ll6 98 - 98 97¼- 98~ 97½- 98 07¾- 97!J;\ 97¾- 98 97 - 98 07 - 97 96¼- 97 Toi. Peo. & W .-ht ... 4 92 - 92 91¾- 91½ • • • - .. .. 98),.(- 98~ . .. . 91!,(- 91¾ 89¼- 89¾ 89Xi- 89x, 89Jt- 89½ .. . - . . 00¾- 90½ . .. • Toi. St. L. & Wel!lt .. 3¼ 89%- 90 SQ - 89~ 89¾- 9t' .. .. - . ... 89¾- 89¾ !JO - 90 88!,t- 90 90 - 90 90 - 90 :i0-year, Ir•• 192~ ... 4 83~- 84½ 83!J.t- 84¾ 83¼- 84 80¼- 82 80¼- 80½ 80¾· 81¼ 81 - 82 81 - 82¼ 82¼- 82½ 79¾- 81!':t 80 - 82 80 - 81¼ Tor.H.& Blltf., l ■t .... 4 .... - .... .. .. - ... - . ... ... - .... . ... - ........ - ... 95.)- 95   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD AND MISCELLANEOUS BONDS.  95  1906-Continued. BONDS.  JANUARY FEBR'RY  MA ROH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. 8EP 1TBER. OCTOBER. NOV'BER. DEC'BER.  Low.Hiirh Low. High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hiirh Low.Hig h Low.High  - - - -- -· - - - - - - - - - - - - - ·- - - - - - - - - - ----+----- - - - - - - - - -- -  Uls. & Del.- ht, con.- ~ .... - .... 112¾-118¼ . ... - •.• , 110¼-110¾ ••.• - .•.. 110 -110 111 -111 ...• - •... . .•. - ..•. 112 -112~ 112 -112 1et, re1und., 193~ ... 4 93 - 9a •••• - ••...••• - ......• . - ........ - ..•...•• - ..•. . .. - ... . 94½- 9-i¼ 93 - 93½ ... . - ...... .. - .... .. .. - ..•• O nlon PacHic-194'7 .. 4 104¾-106¾ 104½-105¾ 104~-105 103¾-105)( 103½-105 lOi¼-105¾ 102¾-103½ 103 -1~ 102½-103¾ 102¾ 103~ 102~-104 103 -104 Rea-istered .... ...... . 4 105½-106¾ 104½-1Cl4½ 103¾-104¾ hl2½-105 103½-104 .•.• - ••• . lOlJ,.(-10~ lOlM-103¼ 102¼-103 102 -103¼ 102 -102 102¾-102JJ 1st lien, conv ., 1911 4 147½-158¾ 14.9 -157 15~¼-156% 146¼-160% ... - ... . .... - ••.. . ... - •••. . . . - .. . . . .• - ........ - . .. . . .. Reaistered . ... ...... . 4 .... - ........ - . . . - ... . 146½-149!,s . ... - . .. .. ... - •. . . . .. - . . . . . •• - ....... - .... . . . . - ... . ..•• Or. RR. & Nav.,con.4 100:1,!-101¾ 100¾-,-101¾ 101 -101½ 100¼-102 100¼-101¾ 99½-100% 100¾-100~ 100¼-101½ 100¾-101¾ 100¾-101:k, 101 -101¼ 98¼- 99¾ Or. Bhort Line, 1st . . 6 125½-126 122¼-123¼ 121 -122 122 -122½ 122½-123¾ 123¾-124 123:l(-12!l¾ 120 -120¼ 121¼-122 121¼-123 l2Sl,s-12di}.\ 1223'-123¼ Or. s. 1..lne,lst, con s.ii 117 -118½ 117¼-118¼ 117 -118~ 116½-116½ 117¼-119 118½-119 [116¾ ·116¼ 116 -116¾ 116 -117¾ 116½-117~ 116 -116½ 115 -116!,( Guor.rerund.1929 .4 95!1-4- 97½ 96¾- 97¾ 95¼- 96!Jii 9!l¼- 96:),j 94~- 96 94¼- 95¼ 94¾- 115~ ll4½- 95¾ 9!l%- 95 94¾- 95:J-j 95:1,!- 97!Jii 93}4- 94¾. Realstered .. .. .... .4 .... - ..... ... - ... ... . . - . . . . 94¼- 91¼ .••. Utah & "'or., 1st .... 7 105½-105½ . .. - . . . . ..• - •... 105 -105 ..•. Gold, 19~6.... ... ... . ti . . .. - .. . . . .. - ... .. ... - .... 110 -110 . .•• Vandalia, con sol., ar... 4 104¾-105 102%-103 . .. . Vera C. ruz&l'ac.lst.4¾ .... - .. - .... 98 - 98 Va. & s. W .-1st, llll- -~ 108 -112 . . 112¼-114 - ... . 114 -114 ll4¼-114½ 113l,a-1133', Wabash-1st, ar.1939.1> 115~-116½ 115¼-116½ 115½-116¼ 115 -116!,s 112'J,i-114 ll~¾-114 113:)(-114¼ 114¼-115 114~-115 115 -llG 112¼-113½ 112~-ll~ 2d mort., gold, 1939.1> 107 -109 105),g-106½ 105 -106 105 -105½ 104 -105 104~-107 106 -107¾ 10!¼-105 104 -105 104½-106 lQ!l¼-105¼ lOi~ 105¼ Deben.lnc., 1 939, A.6 87¾- 91 90 - 95 93½- 94 95 - 98 .. .. - . . . . 94 - 96 ... • - . . . 95 - 95 .... - .... Deb. Inc•• 1939, B .... ti 73¼- 79¾ 76¼- 85 'i'9!J.(- 83 72¼- 82 73¾ · 82¾ 80 - 86¼ 77¼- 82½ 80 - 83¾ 78¾- 82 79 - 85~ 79 - 81¾ 74 - so~. Certfs of' deposit...... . . . . . . . . .. . . - . .. . U!ki- 76 1st 11.-n equipment ... /J .••• - ••. •· ·· - •.•. 100 -100 .. .. - ••• . 101 -101 1st lien terminal ..... 4 .... - ...... •• 93 - 93 . .•• D. & Ch. Ext., 1940.ti 108 -108 103¾-109 - ... . 109¾-109¾ ... - ... . 111 -111¾ .... - .... 1011¼-110 .... - ... 110 -110 Omo.ha Div., 1941.3½ .. .. 85 - 86¼ 85 - 85 84 - 84 85¼- 85¼ ... Toi, & Ch1c. Dlv •.. . .4 . .. . 92 - 95½ 94¾ - 94¾ . . • • - .. . .. .. 93 - 93 Wu.b.-Pitts. Te1·.-l8t.4 86 - 90¼ 88½- 90½ 84¼- 83¼ 83~- 86¾ 82¾- 85¼ 83 - 85 83 - 84½ 82!,(- 83¼ 82'4- 83 80!>ii- 83¾ 81¾- 83 'i'S½ - 80¼ 2d, u ld, 1964 ..... .. 4 34¼- 41¼ S~- 40¾ 37¼- 40 35¼- 37~ 35 - 3d½ 34 - 36 33 - 35 82 - 33 35 - 38¼ 35 - 37¾ 87 - 40½ 35¼- 38 West. Maryland-lst.4 86¾- 88:)f, 87¼- 88½ 87 - 88¼ 84 - 86¾ 84¼- 87 83~- 81$ 84 - 85 84),(- 84~ 8:lJ.s- 84 83 - 84¼ 8!l - 84 84¾- 87 72 72¾ 72 7.2½ 72 - 74¾ 70 - 71 Gen.& conv.g,19~2.4 69 - 75½ 74 - 76¾ 74 - 75 71 - 72}4 68 - 71½ 71¼- 74½ 71 - 75¾ 72 - 76 - .... lU -11' 115 -115½ 115'-(-115¾ t15:J;! -116~ 116 -116¼ W.N.1',&P.-lst,'37.~ 117 -117½ 117¼-117½ 117½-118 117¼-117½ 116¾-116¼ Gene · al, 1943 .. .... . . 4 97 - li7~ 97 - 97 .••• - • . . . 94"'- 94¾ 95 - 95 - • . .. 94 - 94: 95¼- 95½ 03¾- 03114 92½ · 95 Incomes, 1943 ... .... . 5 30 - 30 - .... 31 - Sl 30 - 30 .... Wnt Va.l en.& P. l ■t.6 .... - .... 109 -lPO - .... 106¼ 106½ . .•• - .... 10~¾-109¾ Wheel.& L.E -1st ... ~ ll4 -114 - .... 112 - 112 112¾-112!J4 .. . - . ..... - .••. 110 -110 Wheel. Div., 1st...... l) .... 11~·112½ .... 1st coo., 1949 . . ... . .. 4 91 - 83½ 92 - 93¼ 90 - 90¾ 89 - 80 87¼- s0 88~- oo 88¾:. 89¼ 81½- 88¼ 87 - 88 86 - 8u¼ 86½- e6¼ Wlscon. Cen. Co.-J ■ t.4 li2 - 95 90½- 112¼ 91½- 82¼ 89 - 90 92¾- 84 89~- 90¾ 89¼- 90~ 89%- 90¼ 90 - 90¼ 89 - 90¼ 92¾- 93¼ 90¼- 93 STREET RAILWAY. B'klyn Rap Tr.-'4~ .. ~ 107~-1C8 t(J8 -108~ . .. . - . . . 105¾-107 106 -106¾ 105!,s-106 105 -105 104¾-105¼ 106 -106 104½-105½ 100¼-105)4 105 -105 93¾- 94!J4 9J ¼- 96 1st, conv., 200~ ..... .4 95¼-100 95 - 913¾ 93½- 98¾ 94)4- 99 94 - 95¼ 2½- 94¼ ~3'4- 9d¼ 95M- 9~ 92 - 95½ 93 - 96 - .. . 105 -105 .. .. - . . . . . . . . B 'klyn {.;., 1 st, con ■..~ 106¼-106),{ 106¼-106½ 106¼-106¼ 106¾-1C6~ 106 •106 107 -107 - • .. LOO -102 B.Q.C. & s ., con. au.~ . .. - .. . . 102¼-103 .... - .... 104 -104 100 -100 100 . 100 . . . - .. .. . . . B'klyn Un. El.,lat.4-~ 111¼-113¾ 108¼-110¼ 1C8¼-10J½ 107¼-109½ 107¼-109 108 -109 108 -109 105¼-107 106 -106½ 106½-108½ 106¼-108¼ 101 -107}! Stomped gunr . . 4-5 .. . . - ... 110 -110 .. .. R8 - 90¼. Klnll'8 Co. Elev., l11t .4 95 - 95 91) - 90 .... 91 - 91 91 - 91 ~tamped guar .... . 4 95 - Off¼ . • . - . . . . 92 - 93 90¼- 90½ 80½- 91 80 - 89~ 91 - 92¾ 89 - 91!,fi 91½- 93 92 - 83¼ 91 - 01 90¼- 92 85½- 86 85¾- 86 84¾- 85~ Nassau E lec., aruar .. 4 88 - 80¼ 88½- 89½ 88 - 89 88 - 88~ 88 - 88 87¼- 88 86 - 86 85 - 85¾ 85¼- 86 .. .. - .... 108¾-103¾ . . . . - .... Conn.Ry.& Lt.-lst.4.J.i ... - .... 102 -102 ... - ..•. 101½-101½ 102~-103½ 103¾-104: Stamped auar . . .... 4,- 100%-10:l¼ .... - ... . 101½-102 l02¾-102¼ .... Detroit Unhed-ht.. 4½ 94¼- 95¼ 95 - 95¾ 95½- 96x 95 - 96½ 94'U- 95¾ 9'¼- 86 03~- 94½ 93¼- 94¼ 93¼- 94 93¼- 93}4 03\lt- 04 92'1-'- 94 92¾- 92¾ 92 - 92 . . . . - . . . . 92½- 92¾ 9llij- 92~ DaTona Elec.-1952 .. 5 95 - 95➔.I 98¾- 94½ 94 - 95 93¾- 94:¼ 113½- 9i lnterboro-Met.,coll.4¼ .... - .... 87¼- 69¾ 86 - 903' 83~- 89!':( 8~- 85¾ 83'7Ai- 85~ 83¾- 85'A 82¼- 84¾ 81¾- 82¼ 79¼- 82 84 - 84 79 - 81 79¾- 81¼ 79¾- 79~ .... - . ..... - .. ...... - .... lnte1·n•1 Trac., col.tr.4 .... - ..... .. - ...... . Manila El,-c., lat .... . . ~ .. .. - ........ - ... . . ... 88 -100¼ Metrup. St. Ry,, aen .O 112¾-117 111 -114 111 -lllx. 110 -110½ no -111 111 -111¼ 110 -111 108¼-108½ 108 -108½ 108¼ ·109¾ 108 -108½ :07½-108¼ Refundinll, 200!1 ..... 4 90¾- 92 90:¼- 91½ 88 - 89½ 86 - 88 83 - 97¼ 84¾- 86 83¾- 85 81 - 86 85 - 85½ 83~- 85½ 83¼- 85 84 - 84¼ B'y & 7 th Av.,1943. :i 116¾-118!14 116 -116¾ 116¾-116~ 113!,s-114½ 112½-113¾ . •. - .. .. 110 -111½ 110 - 110½ 110 ·111 112½-112½ 113 -113 110 -110 Col. & 9th Av., 1st .. ~ 119¾-119),{ .... - ....... - ... . 115 -115 114¼-114~ .... - .... 113 -113 116¼-116¼ ... . - .... 115 -115 .... - •... ll3½ 113¼ Lex. Av. & Pav. F .. O .... - .. . .. . . - . ... 116½-116½ 115 -115 113½-114¼ .. . . - .... 112¼-112¼ 115 -115 112 -112 113¼·113½ ... - ... 113¾-113~ 3dA v., lst,au.,2000.4 94 - 95½ 92¾- 04¾ 03 - 94 92¼- 94 92½- 93 93 - 94¾ IH - 92 91 - 91~ 90~.t- 92 90¼- 91¼ 90 - 9~ IJO - 91 1st, l 93'7 ... ........... ~ 110 -119 118¼-118½ 118!,s-118¼ . .. - •••. 118 -1187-{ 11~-118 115¼-115½ . . . - .. . 116 -116 - .... 115¾-115½ 116¼-116¼ Met. West Side El ..... 4 . . . . . . .. 93¼- 93½ . . .. Mll. Elec. Ry. & Lt ... l) •••• - .. .. 109 -109 .... lUlnnrap. !!It. 1st, con.~ - .... 107½-10~ . .•. - ... . .... New Ori. Ry. & L .•.. 4½ - ... . 02 - 92~ 80%- 89¾ 90 - 91 90¼- 91 .... St. Paul C.Cable,cons.5 - .. ..... - ... . .... - .. .. .. . - . . .. . ... - .... 110½-110½ .... Undera-r'nd EI. Rys. o f London proftlt•ah'a-.. O 96¼- 9~ 97¾- 98¾ 97½- 98½ 97¾- 98½ ll7½- 98¾ 95¼- 96i)ji 93¼- 95¼ O!l¾- 05¼ 94}4- 94¾ 94¼- 96 94¾- 95~ 92 - 92½ United Hys,,St.Louis .4 8b¾- 88!,t, 89 - 88 88~- 88;,, .... - .... 86¼- 88½ S8l-1i- 88½ 85¾- 85;Jt . ... - ... . 85)4;- 86½ 86¼- 86½ St.Lou . Tr .. ns., Imp.a .. .. - .. . ... . - ........ - . ... 96¼- 96½ - . ... .. .. - ........ United RRs., Su.n Fr. .4 8;¾- 88¾ 88~- 90 87¾- 89 71 - 85¾ 76 - 79½ 78¾- 80½ 79¼- 84¾ 83 - 84 83 - 85:la 83 - 841J( 83 - 83¾ 82 - 83¼ GAS AND ELECTRIC. Brooldyn U. Gas-1st 5 US -113½ 113 -llSlkl 110 -112 111 -112 108¾-109 109 · 109¼ 107¾-100 107 -108 106!,s-107 108½-109 105 -106 105¼-105¼ 75 - 70 70 - 74 'iO½- 71 70½- 71 70 - 72¼ 70 - 70¾ . . . . - • . . . 63 - 67 63½- 64¼ Buffalo Gas-1st. ....... .'.) 79¼- 8094 79¾- 80 7d - 79 Consol. Gu.a (N. Y.)Conv deb. 1909 ...... (i 159 -16S:J,t 150¾-167½ 143!,s-152~ 137 -146).a 138½-145¼ 143 -150½ 137¼-142 139½-143 138¼-141~ 138 -143 138 -140!,t 138 -1411' ... - .... 102¾-102),,f 101 -102!,( . •• - .... 101%-101:J,;( 101 · 101 Dea.. Uity Gas, 1923 .. . 0 102 -103 102 -103½ 102¾-103¾ 103 -103 103 -104 1L3 -101 - .... .. . . - .. . 100 -100 . ... - ... : 101¼-101½ .... Detroit Gas, 1918 .... . 0 .... SB¼- 88¼ . • . - • . .. 9·) - 90 Gen. Elec.-Deb., ar... 3~ 88 - 88 86¼- 89'.( 883'- 90 89!,s- 89¼ .. .. - .. .. 88 - 88 87¾- 87¾ . .. • - .. . 88 - 88 .... 108¼-108¼ .. .. .. •. 105 -105 - .. .. 106½-106¾103½-103½ .... H ud. Co.Gos-lst,'49.~ . . .. 98 - 08 . . . 95 - 05 98 - 98 K. C. (Mo.) Gas.-l11t .. O .... Kinn Uo. El.L.&Pow- •••. 117 -117 Purchase mouey... ti 121¾-121¾ 121 -122 Ed. El. Ill. (B'klyn) .4 ... - ........ 93½- 93½ ... . Laclede Gas-ht, ll'•• .. :i 107¾-108½ 107 -107~ 107 -1~ 107 -107¾ 104 -104"1104%-105½ 105}:(-105¾ 104 -104 103 -103" 104%-105 10$¾-104:¾ 102¾-104~ Refund.&ext.1934.5 ... . - .. . . .... - ... . lOS¼-103¼ ... - .... 103¾-104¾ .... - • .• . 102 -103¾ 101 -101 .• . - ... , 102½-102½ - • .. . 94 - 94 . .. • - .. • 95 - 115 lUllw. Gas-L.-lst . .... 4 03 - 93 ..•• - .... 94 - 94½ 94¼- 94½ 93~- 03~ 93}4- 93~ .... - .. . . 93¾- Oi ~. Y. El. Lt. H. & P .. . ~ 108½-109~ .. .. - .•• . 107 -107 107¾-107½ 107 -109 105 -106§.4 lu5 -105¾ 105½-10~ 105 -105½ 105 -105¾ 105 -105½ 102 -103 85 - 86 88 - 85M. Pur. mon. col. tr., g.4 ~ - 92 83 - 80 87¾- 88¾ 86 - 88 86½- 88 87 - 88 86¾- 88 84½- 85¼ 84 - 85~ 85¼- 87 Edis. El.Ill., lst,'10.:i 104 -104¼ 104¾-104¼ 102 -102¾ tOl½-102¾ .... - .. . ..... - ........ - .. .. 101~-101!}.( 100 -100¾ lOQ¾-101~ 101¼-101½ 101 -101 lat, coos., 199~. ar .. ~ .... - .. .. . ... ·•• · 115¾-117 118 -118 •••• - •••• llS~-113!,c . . .. N. Y. & Qu. El.& Pow.- .. .. 98 - 98 .. • • - • • .. Q8M- ~ Con., irold, 1930 .. .. .. O 102¾-10,~ .... - ........ - ... . ... - •••. 10(%-101½ 101 -101¼ 101 -101 People'1t G. L. &· Coke- ••• . 117 -117 lst, con., ar .. 1943.... 6 122 -122 123 -123 123 -123 117 -120 117%-120 120 -120 - •• •. 101¼-102 • • • • Refundlna-, 1941. • •. . 105½-106 ~ 107½-107% •••• - •••. 104¼-104~ 103¾-1~ .... •••. 104 -106 .••• Ch. G.-L. & C., 1st . . ~ 107 -107 - .... 107 -107 Con. Gas, 1st, 1936.~ ... - .... 108 -108 . ••• - •••. 105 -105 - •••. 08-98 Union El. L. & P.-l8t lJ .••• - •••. 101¼-101~ '\estcheater Llaht .... 5 .. . . - .... 108¾-lOSM 106 -107J,.( 1063'-106¼ .••• ·,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ........ -  96  RAILROAD AND MISCELLANEOUS BONDS. 1906-Concloded. JANUARY FEBR'RY.  BONDS.  --  MARCH.  JdAY.  APRIL,  JUNE.  JULY.  AUGUST, REPT'BER. 0CTOBEl1. NOV'Bl':R. DEC'lJ-R.  - - - - ---- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Low.High r,ow.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hi~b Low.Hi~b Low.High - - - - - - - - - - - - - -· ---- - - - - -- - 94¾- 95¾ .... - .... .... - .... .... - .... .... - .... .... - .... 90¾- 90¾ .... - .... . ... - .... 91 - 91 91 - 92 01¾- 91~ 97 - 97'9 97 - 97 .... - .... .... - .... 96¾- 96½ . ... - ... .... - .... .... - .... ·•·· - . ... .... 98 - 98 ······ ... . - .... .... - .... .... - .. .... - .. .. .... - ... .... - ... 101¾-101¾ .... - .... . ... - .... . .. - ... .... - .... .... - ....  TELEGRAPH Am. Teleph. & TeleQ",4 Commer'l C--.ble, lst . . 4 Mich. Stute Teleph . ... ~ W. Union Tel.-1938.. :J 107¼ 109¾ 108 -10~ 107¼-109½ 108¾-109¾ 109¾-109¾ 107¾-IO;J_½ 105)4-106½ 104¾-105¾ 103 -104½ 1053,i-105,a 105¼-105~ 104¼-105¾ Fund. &R.E.,'~0-4¼ 104¼-105 104~-105 104¾-105 104)4-106 102 -104 10~-103¾ 102¾-103~ 102¾-103¾ 101¾-104¼ 101½-102¼ lOO(kl-101¾ 99).s-lOOJ.9 .... .... . 106½-106½ . ... - .... ... .... . . - ... ... - ... . Mut. Union Tel.,•• t.6 107 -107 .... -  ....  MA 'HTFACTURING A ~ D lNDLJSTRl A L . Amer. Cot. Oll,1916.4½ Am.Bide & Lea.-1 st.6 Amer. Ice Secor., deb.6 Am. Spirits Mfir.-lst.6 Am. Thren.d-1 st coll .. 4 Amer. Tobacco, 1944.6 Re6rlatered ............. . 6 Gold, 19~1- ............ 4 Rea-lstered ...... .... .4 Bethleh em Steel ... ... :J Cent.Leatb'r,20 -yr,a.:i Consol. Tobn.c., ~0-yr.4 Dillt. Secur. Cor.-1,tt.~ luaer1oll-Rand-lst .. :i lnteru'l Pn.per-lst .... 6 Cons., conv., 193~ ... a Int. Steam Pump, '13.ti Lackn. Steel, l1t'23 .. :i Nat.Starch M'f'a--let.6 N .Starch Co.-S.f.deb.~ Republic lron&Steel.~ Stan. Rope & T.Incomes, aold, 1946.:i U .s. Leather-Deb.s.f.6 U. 8. Realty & Imp ... ~ U.S. St. Corp.-1963 . . :) Reailltered ............. :i Va. -Cn.r. Chemical , ... ~ Weit. El.&Mfa,conv.:i MISCELL.ANEOU~. Ad 'lms Express-Coll.4 B'klyn Fer., lat, cons.~ Det. M.& M. L. G.-Inc. N. Y. Dock-:i0-yea.r .. 4 Provident Loan,'21.4½ U.S. Red. & Refin'g,.6  COAL AND IRON. Col. F. & I.-Geu., s.:f.1) Conv. deben., 1911 .. ~ Gr'dRiv. C.&C.lst.6 Col. Ind., 1st, conv.A.~ let, coll. tr., 1934.B.~ Kau.&H. (;. &C., lst 1) Sund~y Cr, ek Co., ... :i 'l'enn.C. I.&Ry .-Gen.:i Tenn. Division ...... .ti Blrm. Div •. 1st, con.6 De Bard. C.& I.-Gu.6 Vn. l t·on C. & C.-1 st .. ~  97 - 98 99 -100¼ 87 - 93 102 -102½ {/0¾- 90}t, 114¾-117 115 -115 807-!- 84 80 - 80!Jd  96 - 97¼ 99 -100¼ 91!4- 93.\,(i 102¼-103  ...  -  115½-117½ 116)4-116¾ 78 - 81¼ 80½- 80½  .... - .... .. .. - .... - .... -· ··  96 - 97 96 - 96 96 - 96}{ 95 - 96½ 91¾- 1)4 90 - 92 lOOJ,t-103¼ 1oi -103 - . .. 91%- 91% 115½-117 112J.11-ll4¼ .. - .. . ll3!,i-ll3½ 73¾- 80 78 -8~ 79¼- 79¾ 77¾- 79¾ . .. ... . ··• · - . .. 101½-101% 97J.t;- 99½ 78¾- 80 'i8!4- 79¾ 87 - 89½ 83).fi- 86½ - . .. . ... - .. . 108 -109¾ 109 -109½ 96 -1!7~ 96 - 97 103 -103 l03J.9-103½ 105 -107 103 -104¾ 93 - 93½ 93 - 93½ 75 - 75 73 - 73  .... ....  100½-102½ 101)4-102 80~- 83¾ 78½- 81¼ 82!4- 85½ 85 - 88¾  .. ..  .... .  -  - . .. .... ~  109!!{-110¾ 97 -100 101¾-102¼ 106¼-108¾ 85 - 92 75 - 77  1077/4--108¼ 97>(- 98½ 103 -103 107 -108½  97¾- 99½ 96!4- 99¾ 96!4- 99% 101 -101  97 - 97¾ 9 ·,34- 97 9;7-11- 99¼ 97¼- 99½ 98¾- 99% f/8¼- 09¾ 101 -101½ - .  ....  ....  95½- 96 90¼- 91 90 - 91 89 - 90½ 86¾- 90¾ 104 -104 103 -103 .... 83½- 88,½ U2 -114¼ 111½-lU¼ 110 -113 . .. - . .. . lU -114¼ 112 -112 78 - 79~ 77¾- 79¼ 77 - 79¼ 77½- 79¼ 78¾- 78¾ 77¾- 77½ 94%- 95¾ 90¼- 93¾ 88!4- 9J¼ 911 -102¼  .... .... - ...  -  ....  ...  - ... .... - ....  96¾- 99% 98).fi-100 98½- 99¾ 78¼- 80 77¾- 79¼ 77¾- 78½ 81 - 90 85 - &l¾ 85¼- 90  ... - ...  ..  108 -109¼ G6 - 96½ 103¼-103½ 102¼-104¾ 90 - 90 74 - 75  .... - ....  ... - .....  94 - 94 96¼- 97 94 - 95¾ . 90¼- 91 89¾- 91~ 81} - 91¼ 89 - 90 89 - t!9¾ 89 87 .. 90 - 91 89 - 90 88¾- 93½ 92¾- 93 98 - 98 101 -101 101 -103 101 -101¾ 91½- oi 91 91).s 90 - 90 ··•· - ... 91 -91 112 -113 112 -112½ 109),!-lll;l:a 109½-110% 109 -110]4 109 -109 . - ·•· · 10;}¾-109¾ 109¼-109~ 76),,(- 78 76½- 79 76¼- 79 77¾- 78¼ 77¾- 80 .... - . ... 77¼- 77¾ 79 - 79 78¼- 78>.! 77 ·_ 77 96 - 96 - . . - ... - •• · . .. - . 99 -100 98¾-101 1!8 - 99 98 - 98'.)4 96¼- 98~ 77¼- 79 77 - 77¼ 77¾- 78½ 77 - 78½ 76½- 78 87 - 89½ 88½- 91½ 86¼- 89}1. 86¾· 88 86¼- 88 - . 97½- 99 - .. .. . 98½- 98\¾ 98¾- 99 107 -107½ 105½-107 106½-107 100 -107 1J6¼-107 9i - 94½ 9!!½- 9!l¼ ~3¾- 94¾ 92 - 93¾ 92 - 92).4 103 -103 .... - . ... 101 -101½ 101¾-102 102 -102 1,,.i 103},s-104 104¾-105½ 102¼-103½ 101¾-102½ 101¾·102¼ . - . 89 - 89 86%- 89½ 78 - 81 80 - 82½ 74 - 74 73 - 73 72¾- 73 98 - 98 . . 98 - 98 92¼- 98 96 r 97  .... - .... .. ..  .  ...  ....  .... - .... ....  -  109 -109¼ 109 -109¾ 96½- 97½ 94¾- 95 101¾ -104¾ - .... l03¼-105 103¾-104½  ...  .... ... - .... ... -  - .... .... -  ... -  ....  ... ..  ....  ...  ...  .... ... .... - .... .... - . ... ... .... - ···• 77 - 77 '/5 - 75 .... - .... ... - ... - . .. ··•· - .... ... - ·••· .... - ... ... - .... v 1¾- 2½ 11):t- 1¾ 1¾- 1¾ .... - .... ... - . ... .... - ... . ... - .... .. - ... :'.... - .... .... - .... . ... - .... .... - . ... 105 -105!-4 109 -109½ 107 -109½ .... - .... 109¼-109¼ .... - . ... .... - . ... . ... - . ... 105¼-106 107¾-108¾ 109 -109J.f! 108~:! 109  .... - .... 75 - 77 ... - .... .... - .... ....  ....  ll6¾- 97½ tl9J4-100¼ 07 -100\.4 100 : 100)4  95 - 97½ 95¾- 98¼ 95¾- 98½ 100 -100  94 95%96¼98¼-  .. .... - .... .... - .... .. . - .... ... - .... ... - . ..  103¼-104)4 104 -104¾ 102 -102¾ 58 - 58 46¼- 49~ - ... .. - ... . 74 - 74 78 - 78 g7 - 98 95¼- 96¾ 95¾- 95¾ - ... 99 - 99 100 -101½ 99¼-100),g 98 - 99½  ...  .... - .... ....  · •·  98 99 99¼ 98½  92 - 93 96¾- 98¾ 96¾- 98¾ 100 -100  90¼- 92 98¾- 98¼ 98¼- 98¼ 100 -100½  91 977/497¾99¼-  - .... .. .. - .. .. . ... - .... ...  -  91½ 98~ 9S¾ 99%  91 - 95¾ 98¾-101¼ 9i¼-100~ 97 - 97½  ... . . .. .  - ....  94 96 - 98 97¾- 98¾ 96¼97M- 98¾ 96¾. - . .. 98¾98 - 98½ 97 -  ...  u7 977/4 IJfj  99 98¾  .103 -103½ 104 -104½ 103 -10~½ 102)4-102½ 102,i-102½ 102¾-103 . - ... 41 - 41 ··•· .. . - . · ·• 69%- 691fi 70 - 70 .... . - . . - . ... 95!,t 93¼- 95 94¼- 95 94¼- 95 93 - 94¾ 93½- 94 95~- 95½ 94 94¼- 94¾ 94¾- 95 . - ... . ... .... - ... 99 - 99 ··•· 97 - 97 119 -102 97½- 97½ 97 - 97½ 96 - 97 95 -102 101!,ji-103 99 - 99¾ 98½· 99  102!!{-103~ 102¾-103  1027/4-103 - 47  ....  .. . - ... . .... - .. .. 47 . .. 70 - 70 ....  ....  ....  - .... - ... . .... - .... ..  .  .... .. .  .  ....  ..  - ... ....  ·······  ...  ....  ... ... ... .... .... - ....  - ... . 97¼- 97½ .... - ... 97½-100 99½- 09¼ Wn,- 99¾ 102%-103½ ..... - . ... .... - . ... 100 -102¼ .... - .... 91¾- 91½ .... - .. .... - .... ··•· - ... -··· 88 - 88 .... - . .... .. - ·••· ... - ... . .... - . ... . .... - . ... .... - . .. . ... - .... ... - ... . 102%-102¾ .... - .... .... - .... ... . - .... ... - -· ·· .... - ... .... - . .. . .... - ... . .... - .. .. 76~- 80¾ 73 - 80½ 71½- 79 75 - 77¾ 74½- 75¾ . .. - .... .... - .... .... - ... . .... - . ... 78 - 88½ 77 - 84 76 - 80 73 - 79½ 73 - 78¾ 76¾- 79½ 'i5 - 77½ 74¼- 77 75¼- 77 73 - 77 77¼- 83½ 74%- 80¼ ~6 - 79 74¾- 76¾ 74 - 77!}.t .. ... - ... . ... - ... . . ... - ... .... - .... .... - .... .... - . ... . ... - . ... .... - ·•• · .... - .... .... - . ... .... - .... 105¾-105¾ ... - .... . .. - ... .... - . .. . .. - ... .... - ... .... - . ... . ... - . ... ... - . ... .... - ... . . ... - ... .... - . ... 6i}¾- 69~ 91)¾-100 100 -100 97¾-101¾ 100 -lOH~ 99 -101 97~- 97¾ 97 - 98 98 -100 97 - 97¾ 97 - 97¾ 96¾- 97¾ 98 -10) 110¼-110½1 110¼-110¾ ll0¼-110½ .... - . ... .... - . ... 100 - 109 .... - -··· .... - . .. .... - . .. 106 -107 106¼-107 108¼-1083( 10.) -llO½ 110 -110 109 -110¼ 109¾-110 109 -110¾ 107 -111 106¾-108 108 -108 106¾-107% 108¼-108½ 106½-109,f 108 -108¾ .... - .. .. 103½-10:'¾ ... - .... .... - .... .... .... - . ..... . - .. .. 10/l -100 ... - . .... ... - .... .. .. - . ... 102 -102 t04 -105 103 -105 91¾-102¼  .  01¾- 04½ 94¾- 98½ 93 - 04  95 - 95)4 93 - 95)4 94½- 96  95 - 97  97 - 118  95½- 95½ 94 - 95  95 - 95  95 - 96 ~  1907. BONDS.  January  February  March  April  I  May  June  July  August  Sept.e-mber  Ocwber  November Decerrwer  Low Hi{Jh Low Hi{Jh Low Hiuh Low H1.(Jh Low H1.(Jh Low Hl.{Jh Low H'/,(Jh Low H'/,(Jh Low Htgh Low Htuh Low Htgh Low Htgh  - - - - -- - - -- - - - 1 - - - - - - - - - - - - - - - - - - - - - - - -1·- - - -1- - - --1--- - - - - - - - - - - - - -  Ann Arbor-1st, 1995, gold- ___ 4 9018 9034 9012 91 89 8914 86 87 8412 861'.! 8112 86 8212 85 83 8512 847g 8512 84 8414 72 73 79 79 Atch. Topeka & Santa Fe.General, gold, 1995- ----- ---4 101 10212 1007810178 971210114 971210058 9612 9818 9714 987s 975s 9812 95 9858 96 9834 90 9658 8912 95 9412 9638 Regi stered --------------4 101 10134 ___ ___ __________________ 963.i 9634 97 98 ________ 9634 9634 ___ _____ 94 94 9012 91 Con vertible, gold, 1955. ____ _4 102 10814 1025s 10538 93121037g 99 103 9314 10012 9234 96 9312 9612 8814 9512 91 9334 81 93 80 87 8434 8714 Convertible, gold, 1917------5 ___ __ _______________ __ _____ ___ ______________ ____ 100 101 97 1005810012102 995R 102 8912100 931s 9512 Adjus_tment, gold, 1995- ___ _4 92 927g 9012 913.1 9118 92 90 9212 9012 9034 86 87 88 89 8718 88 8712 8712 8012 8814 7712 8212 8112 8212 Registered --------------4 --- ____ 86 86 ____ ________ ___ ____________________________ ___ _____ ___ ____ __ Stamped, guaranteed. ____ -4 92 9278 91 92 90 9212 9014 9212 863.1 9034 8518 8714 86 871g 8412 8678 8478 88 77 86 7712 8184 82 85 Debenture "F," 1908--------4 ---- ____ 99 99 --- --- - ---- - --- ---- ____ 101 101 ---Debenture "G." 1909-- -- ----4 - ------ 9858 9858 ---- ____ ---- ____ --- Debenture "H," 1910-- -----4 ---- ___ _ 96 96 ------- ---- ---- ---- ____ ---- ____ -- -- ____ ---Eas tern Oklahoma Div., lst.-4 ---- ____________________ 91 91 93 93 ___________________________ _ Atlantic Coast Line-1st, gold-4 9712 9878 9734 9814 9234 961g 93 9512 9478 96 947g 9534 9312 9512 89 943s 87 8812 8412 88-3.i 82 85 84 8712 Louisv & Nash, coll, g, 1952- -4 89 8912 88 8918 8618 88 84 88 8412 86 82 83 84 8512 8012 8334 79 791 2 7812 80 78 79 76 79 S SOcala & G, 1918--------- 4 ---- ____ ---- ---- ---- -- -- ---- --- - ---- ---- ---- -- -- 94 94 ------- ---- -- -- ---B & O-Prior lien, gold, 1925 3 ½ 92 93 9212 9338 9012 9234 92 9312 893s 9314 92 9212 90 9034 89 91 90 91 88 9018 8534 89 8812 9212 R_egistered -- ----------3 ½ ___ _ ____ ___ _ ____ ____ ____ ____ 9212 9212 891s 8918 ____ 8812 887s ________ ---- ---Gold, 1948---- ----------- --4101141023810114102 991210134 981810034 9 121005s 9812 9912 981s100 96 991 2 9612 99 88 971 4 8834 941 2 9414 9714 Registered _____________ -4 100 10112 101 10114 100341003.1 98 100¾ 98 100 98 98 9712 9712 ________ 94, 95 9578 9578 ____ __ __ ---- ---Pitts Jct & i\\ Div---------3 ½ 8912 90 8918 8918 89 89 ___ __ ___________ 86 86 ________________________ 80 85 ________ 8012 8112 P LE & W Va System. _____ -4 95 96 9514 953s 93 95 93 9478 9212 9312 9012 92 8912 91 89 8978 87 8912 85 891? 83 83 85 85 S W Div, 1st, gold- _______ 3 ½ 8912 9012 9014 9034 89 903g 8858 9012 8734 893s 8712 89 8534 8714 8512 8714 8534 8612 83 8612 80 8334 8212 8434 Mon R., 1st, guar, gold----- _5 ________ 1057s 10578 --- - ____________ ---- ____ - -- Pitts & W, 1st, 1917- -------4 ________________ 94 94 ____ ____ ____ ____ ___ _ ____ ____ _ ___ 8814 8814 ___ _ Buff Roch & Pittsburgh-Gen-5 1181211812 ___ ___ __ 1161211612 112 115 1131211434 ____ ____ ___ _ _ __________ _ ___ _ Alleg & W, ls t. guar--- -----4 102 102 102121031 2 ____ ____ ____ __ __ ____ ___ _ ____ ___ _ ____ _ ___________________ 98 98 R & P, Cons, 1st---- -------- 6 ______ __ 1221212312118341183.i ________________ 118 118 __ __ _ ______________ _ BuffaJo &. Susq-1st ,ref _____ -4 945g 9614 96 965s ___ _ ____ 8934 9412 _______ _ ________________ 9214 93 ________ 9034 903.t 91 91 ---Can Southern-1st. szuar. ____ _5 100 10034 1001g 10034 100 10034 1001410158 10112 102 102 10212 9978 10014 9912 1001s 100 101 99 101 9878 105 10318 10434 JP M & Co certificates- ------ ___ _ ____________________________________________________ ---- ____ ---- ____ ---- ____________ 1003410233 2d mortgage _______________ 5 104121051 2 1041 2 105 101 10258 102 10214 1017s 10212 10218 10214 1021410212 10134102 99 1007g 1003410134 9514 9914 9·7 99 41 0 03  Cenf:ti/eo~!rgi~=1~t=======~ Consolidated, 1945. gold- ____ 5 1st preferred income---- - - - -5 Stamped. ________________ 2d preferred income---------5 Stamped __________________ 3d preferred income _________ 5 Stamved-----------------Chattanooga Division, 1951 - -4 Mobile Division, 1946-------5 Central RR & 8kg, Geonria----5   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ==== ==== 1093411014 ==== ==== 116116- == == ==== ~~~~ __ _: ==== ==== == == ==== ==== ==== ==== ==== ==== ==== ==== 105 110 108 10912 10212107 102 104 103 104 102 10334 1011s 10212 971210212 85  10912 111 90 90 90 90 7312 7578  ____ ____ 8512 8512 89 89 ____ _____ ___________ ________ 73 73 74 74 6312 65 ____ ____ ____ 63 66 6J7s 64 ________  85 85 74 7434 62  853s 85 76 7434 63  85 88 70 74 58 ____  85 88 74 74 58  70 70 57 58  ___ _ 8512 8512 ____ 70 __ __ 70 70 70 57 50 50 58 50 5712  __ ______________ 58 ---- ____ ------- ____ ---6612 6612 ------45 50 ----  60  ___ _  10514 10514 ________ 1051210512!1021210212;100 10012 1001210012 98  100  ---- ----  95  97  44  50  ---- 45  45  ---- 32  39 ---__ __ ----  ________ ---- ---- ---___________________ _ 10612108  9712 94  95  ----  39 40 37 38 8734 8734 105 105  RAILROAD BO. DS.  January  F ebruary  March  1907  ('ontinued.  I  I  AprU  May  June  97  July  August  September  October  Nove1nber  December  ____ ,____  ~~~~~~~~~~~~~~~~~~~~~~~~  BONDS.  - - - - ---- ----  - - -- - - - - - -----1- - - -  Central of New JerseyGeneral mortgage, 1987- __ __5 125 12614 12512126 12312 1251g 12314125 124 126 1231 2 12434 122 124 1205s 12Fs 11914 11912 118 12r,1 2 113 119 11614 119 R.e icistered ___ ___________ 51241212412125 12512 12314125 123 123 _______ _ l2llsl22 1211412114120 121 1175s ll9 111a 118 111 112 113 1151 2 American Dock & Impr't----5 1101211034 11034 111 ---- ____ 1091gl0912 ____ ___ _ ---- ____ 1063410634 107 107 ____ __ _____ _8 L & W, mortgage, 1912-----5 993410012 - --- ---- 100 10014 1001210012 9934100 ---- ____________ 98-34 9912 ________ ___ _ Con ext, 1910, guar ____ -4 ½ 100 100 1003g 101 9934100 9934100 100 100 977s 9812 98 99 9814 9814 9714 98 98 931 4