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OFFICE OF THE  ATLANTIC MUTUAL INSURANCE COMP ANY. NEW YORK, January 22, 1895. The Trustees, in conformity with the Charter of the Company, submit the following Statement of its affairs on the 31st of December, 1894. Premiums on Marine Risks from 1st January, 1894, to 31st December, 1894 ...•.... . .... . ......•.... $2, 160,920 62 Premiums on Policies not marked off 1st January, 1894........ . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 1,106,Eilo 17 Total Marine Premiums........................................................................ $3,861,436 39 Premiums marked off from 1st January, 1894, to 31st December, 1894................ . . . . . . . . . . . . . . $2,840,284 98 Losses paid during the same Period......... . . . .. .. . . . . .. . . . . . . . . . . .. . . . . . . .. . .. . $1,411,292 89 Returns of Premiums and Expenses..... .. . . . . . .. . . .. . . . . . .. . . .. .. . . $624,154 64 The Company bas the following Assets, viz. : United States and City of New York Stock: City Banks and other Stocks ..  $8,241,455 00  Loans secured by Stocks and otherwise ............................................................ .  1,043,500 00  Real Estate and claims due the Company, estimated at ........................................... .  1,009,845 30  Premium Notes and Bills Receivable .............................................................. .  855,693 H  Cash in Bank................ .................................... .. ....... , ....................... .  181-,238 44 Amount ........................................ . ........... . .............. . ................. $11,3t0,i31 8 SIX PER CENT INTEREST on the outstanding certificates of profits will be paid to the holders  thereof, or their legal representatives, on and after Tuesday, the Fifth of February next. FIFTY PER CENT OF THE OUTS1' ANDING CERTIFICATES OF THE ISSUE OF 1890 will be redeemed and pa.id to the holders thereof, or their legal representatives, on and after Tuesday, the Fifth of February next, from which date interest on the amount so redeemable will cease.  The--  certificates to be produced at the time of payment and canceled to the extent paid. A DIVIDEND OF FORTY PER CENT is declared on the net earned premiums of the Company for the year ending 31st December, 1894, for which certificates will be issued on and after Tuesday, the Seventh of May next. By order of the Boa.rd,  J. H. CHAPMAN, Secretary. TRUSTEES: GEORGE BLISS, JOHN L RIKER, C. A. HAND, JOHN D. HEWLETT, GUSTAV AMSINCK, N. DENTON SMITH. CHARLES H. MARSHALL, CHARLES D. LEVERICH, EDWARD FLOYD-JONES, GEORGE H. MACY, LAWRENCE TURNURE, WALDRON P. BROWN,  J. D. JONES, W. H. H. MOORE, A. A. RAVEN. JOSEPH H. CHAPMAN, JAMES LOW, JAMES G. DE FOREST, WILLIAM DEGROOT, WILLIAM H. WEBB, HORACE GRA-Y, CHARLES P. BURDETT, HENRY E. HAWLEY, .WILLIA]\I E. 1(0 q- ~  r  D~RAL R~· ~ 'Vl.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BANK  ANSON W. HARD, ISAAC BELL, JOSEPH AGOSTINI, VERNON H. BROWN, CHRISTI..lN DE THOMSEN. LEANDER N. LOVELL. EVERETT FRAZAR, WILLIA.M B. BOULTON. GEORGE W. QUINTARD, PAUL L THEBAUD. JOHN B. WOODWARD, GEORGE COPPELL .  J. D. JONES~ .President W. H. H. MOORE~ Vice-President. A. A. RA VEN~ 2d Vice-President .  •  Spencer Trask & Co. Bankers, 10  Wall Street,  State and James Streets, ALBANY, N. Y.  New York.  Bonds and Stocks Bought and Sold on Commission.  DEALERS IN  INVESTMENT SECURITIES.  BROTHERS, BANKERS ,  No.  120  BROADWAY, NEW YORK.  Depos:ts received subject to Chee;:, ancl Interest allowed on B alances. Goveniment and othe1· Bonds and Investment Securities Boiight and Sold on Commission. Telegraphic Transfers made to London and various p laces in the United States. Bills Drawn on London, Paris a11d Be1·Zin. State and Municipal Bonds Negotiated. Advances made ·u pon Available Collateral.  '·  Approved Business Paper Discounted or Received as Security for Loans. Collections made throughout the United States and Territo1'ies, the British Provinces and Europe Coupons and Dividends paid for .i lfunicipali ties and Corporations . Letters of Credit and Circula1· Notes Issued for the use of Travelers, available in all pa1·ts of the World.  Correspondence invited from Banks, Bankers and others desiring to open accounts in New York, as well as from those contemplating changes in existing arrangements .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  CANADIAN BANK  oF COMMERCE.  CAPITAL AND SURPLUS, $7,200,000. ALEX. LAIRD AND WM. GRAY, AGENTS, I  16 Exchange Place~ New York. Buy and Sell Sterling Exchange, Cable Transfers, Etc. Issue Commercial and Travelers' Credits, Available in all Parts of the World.  ROBERT D. FARLEE.  J. S. FARLEE.  J. S. FARLEE & BROTHER, No.  II  Wall Street, New York. ·  BROKERS AND DEALERS IN INVESTMENT BONDS. STATE, MUNICIPAL AND APPROVED RAILROAD BONDS On hand for Immediate Delivery, Suitable for Savings Banks, Trust Funds and other Conservative Investments. CORRESPONDENCE SOLICITED.  BANKERS, 18  WALL  STREET.  Transact a General Banking Business, i ncluding the Purchase and Sale of Stocksand Bonds/or Cashoron Margin. B UY .AND S ELL  INVESTMENT SECURITIES. A . M . K IDDER, H. J . MOR E,  CHARLES D. MARVIN , W . M. KIDDE R.  K+SSAM, -W-HITNEY & CO., BANKERS AND  BROKERS,  No. 17 BROAD STREET, NEW YORK. <MILLS BUILDING.>  Interest Allowed on Deposit Accounts Subject to Draft at Sight. GOVER NMENT, S TA TE, .LlfUNIOIPAL AND RAILROAD SECURITIES BOUGHT AND SOLD ON   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  COMMISSION FOR CASH OR UPON MARGIN.  WILLIAM FAHNESTOCK, Member of the New York Stock Exchange.  ROBERT B. DOD ON,  FAHNESTOCK & CO., BANKERS AND BROKERS,  No.  2  WALL STREET, NEW YORK.  Supply selected investment bonds, f01· cask or in exchange for marketable securities. Execute commission orders for investors at the Btock Excka-nge or in tke open market.  Furnish information respecting bonds.  JACOB RUBINO, No. 3 Broad Street, (Drexel Building), New York.  BROKER  AND DEALER  In Railway Bonds, . Guaranteed Stocks and other Investment Securitie THAT DO N_O T  NEED  REORGANIZATION.  CHARLES H . ELLINGWOOD,  JAMES W. CUNNINGHAM,  Jlember N. Y. Stock Ezchange.  Member N. Y. Produce Euhange.  ELLINGWOOD & CUNNINGHAM, BANKERS AND BROKERS,  66 Broadway--17 & 19 New Street, New York. (MAlvHATTAN LIFE BUILDING.)  BANK OF MO-NT REAL . [ESTABLISHED 1818.]  CAPITAL PAID IN, SURPLUS, Hon. Sir DONALD A. SMITH, President.  $12,000,000 GOLD. - $6,000,000 GOLD. E. 5. CLOUSTON, Gen. Manager.  New York Office, Nos. 59 and 61 Wall Street. WALTER WATSON, } Agents R. Y. HEBDEN,  0  Buy and sell Sterling and Continental Exchange and Cable Transfers; grant Commercial and Travele1·s' Credits available in any part of the World ; issue drafts on, and make collections in, Chicago and througout ·t he Dominion of Canada.  LONDON OFFICE, NO. 22 ABCHURC!i LANE.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  A,. ~hNG, lVl~na~er~  JOHN H. DAVIS & CO., BANKERS,  No.  Astor Building,  MEM BERS OF NEW YORK AND  10  Wall Street, New York.  PHILADELPHIA STOCK EXCHANGES.  Our BOND DEPARTMENT is organized and conducted with great care, and our BUREAU OF RAILWAY INFORMATION is unusually complete. We are thus enabled to give valuable aid to those seeking safe and profitable INVESTMENTS.  INVESTMENT BONDS A SPECIAL TY.  R _O LSTO N & BASS, STOCKS~BONDS AND MISCELLANEOUS SECURITIES. W. H. ROLSTON, cw York Stock Exohauge. Y emher of th W. ALEX. BASS, JR., M cmlle1· of the New York Stock Exchauge. EDWI s. HOOLEY.  20  Broad Street, New York. P. 0. Box 3,089.  T  GEO. H. PRENTISS & CO., DEALERS IN  LOCAL SECURI7 IES, No. 37 William Street, NEW  No.  208  YORK.  Montague Street,  BROOKLYN.  MEMBERS OF NEW YORK STOCK EXCl-!ANGE.  Orders on the New York Stock Exchange executed for Cash or on Margin. DAVID D. DAVI',  JULIAN W. ROBBINS.  GEORGE LEASK.  rember N. Y. Stock Exchan~e.  LEASK & C 0., Stock Brokers, 35 WALL STREET, NEW YORK. All Securities Current at the New York Stock Exchange Bought and Sold on Commission   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  GEORGE LEASK & CO., DEALERS  IN  COMMERCIAL  PAPER.  -  CHARLES HEAD & CO., BANKERS AND  BROKERS,  No. 17 Broad Street, N-ew York, (MILLS BUILDING.>  No. 53 State Street, Bostqn. CONNECTED BY PRIVATE TELEGRAPH WIRE.  STOCKS AND BONDS BOUGHT AND SOLD ON COMMISSION.  BORG & C 0.,  SIMON No.  20  NASSAU STREET, NEW YORK, DEALERS IN ALL KINDS OF  RAILROAD  AND  INVESTMENT  SECURITIES.  SOUTHERN SECURITIES A SPECIAL TY. H. CRU GER OAKLEY, MAYNARD C. EYRE,  J AMES WHlTELY, THOMAS H_ BOLMER,  PRINCE & -W-HITELY, BANKERS AND BROKERS,  Nos. 44 and 46 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  SPESIAL TY.  SECURITIES A  CHARLES T. -W-ING & CO., DEALERS JN HIGH-GRADE  RAILROAD F RANK E. WING , HENRY A. GLASSFORD. E DWARD N. GIBBS, Special.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AND  CITY No.  18  BONDS. Wall Street, NEW YORK .  MOORE & SCHLEY, BANKERS AND BROKERS.  No. Bo BROADWAY, NEW YORK. Members of the New York Stock Exchange. PRIVATE WIRE CONNECTIONS WITH CORRESPONDENTS AT  Boston, Philadelphia, Baltimore and Washington, D. C.  AUGUST BELMONT & CO., BANKERS,  No.  23  NASSAU  STREET.  ISSUE TRAVELERS' CREDITS, AVAILABLE IN ALL PARTS OF THE WORLD, THROUGH  Messrs. N. M. Rothschild & Sons, London, " de Rothschild Bros., Paris, M. A. de Rothschild & Sons, Frankfort-on-Main, · " S. M. de Rothschild, Esq., Vienna, AND THEIR CORRESPONDENTS.  DRAW BILLS OF EXCHANGE ON, AND MAKE CABLE TRANSFERS TO, ENGLAND, FRANCE AND GERMANY.  & Co.,  LA THAM, ALEXANDER  BANKERS AND COTTON COMMISSION MERCHANTS,  Nos. 16 & 18 WALL STREET, NEW YORK. CONDUCT  A  GENERAL  BANKING  BUSINESS.  Accounts of Banks, Bankers, Merchants and Individuals received on favorable terms, and Interest allowed on Daily Balances, subject to Check at Sight. Stocke and other Securities Bought and Sold at the New York Stock Exchange.  Contracts for Cotton for Future Delivery Bought and Sold on Commission.  BLAIR & COMPANY, BANKERS,  No. 33 Wall Street, New York. MUNICIPAL   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AND  RAILROAD  TRAVELERS' LETTERS  SECURITIES~  OF CREDIT,  DOMINICK  DICKERMAN,  &  BANKERS  AND  BROKERS,  74 B ROADWA Y and 9 NEW S TREET. BRANCH O FFICE S,  ( P R IVA T E  W 1RE S .>  948 Broadway , Ne:w York, 117 Monroe Street , Chicago, nz., 150 Walnut Street , Cincinnati, 0 .  B. DOMINICK. W. B. DICKERMAN. W. G. DOMINICK. All Member s of N. Y. Stock Exchange.  PARKINSON & BURR, BANKERS AND BROKERS,  53 State Street, Boston, Mass., 56 Broadway, New York. JOHN PARKI NSON, Member Boston Stock Exch ange. J . TUCKER BU RR, JR., Member Boston Stock Ex ch a nge.  J OSEPH M . GOODALE, Member Boston St ock E xch a n ge. WINTHROP M. BURR, Memb r Ne w York Stock Exchanl!'Fl,  R. T. \VILSON & CO., BANKERS  AND  COMMISSION  MERCHANTS ,  No. 33 Wall Street, New York. NEGOTIATE RAILWAY AND  OTHER SECURITIES.  Accounts Received and Interest Allowed on Balances, which may be Checked for at Sight.  GEORGE W. CLOSE.  JAMES R . NASH.  CLOSE & NASH, No. 3 5 Wall Street, N ew York. <MILLS BUILDING.)  INVESTMENT .SECURITIES. GAS STOCKS AND BONDS. TRACTI ON STOCKS AND BONDS. I ND U S T R IAL S T OCK S A ND BONDS.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CORNELI ·s . 'UYLER, BE:\',TA:\[IX GRA H A.:\l , .J NI !-i SPENCER .;\lOR(,A~. FRANCIS .J. PAT ON, ARTHUR C. VAUGHA.t'1",  :\I )Hl-r n; K . .1 E::-il" I ' ,  (:t•11p1•al Pa1·111 e r.  JOIIX P.\TON, :-ipecial Pa1·1n  1•1,.  CUYLER, MORGAN & CO., Successors to JOHN PATON & CO.,  No. 44 PINE STREET, NEW YORK. Accounts and Agency of Banks, Corporations, Firms and Individuals received upon fa orable terms. Dividends and Interest Collected and Remitted. Act as Agent " for Corporations in Paying Co~pons 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 Bought and Sold. DRAW ON  The Union Bank of London, British Linen Company Bank, London and Scotland, Ulster Bank, Limited, Belfast, Ireland and Branches.  MAITLAND, PHELPS 22  GERALD L. HOIT.  DALLAS B. PRATT.  GEORGE COPPELL.  and  24  & Co.,  Exchange Place, New York.  THA.N~AUT A GENERAL BA KING BUSINESS. ORDERS EXECUTED FOR INVESTMENT SECURITIES.  ACT AS AGENTS OF CORPORATIO S AND NEGOTIATE AND ISSUE LOANS.  BILLS  OF  EXCHANGE, TELEGRAPHIC TRANSFERS AND  LETTERS  OF  CREDIT  -> ON ( -  Messrs. Smith, Payne & Smiths, London. Messrs. Mallet Freres & €ie., Paris. El Banco Nacional de Mexico, Mexico, and its branches.  J\ genb1 of the Bank of Australasia: British Guiana Bank, Demerarn, Etc.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FI NA NC IA L  RE VI EW .  Fe br ua ry :, 18 95 _  Fi na nc e, Co mm erc e, Railroads.  WILLIAM B. DAN A COMPANY, PUB LISH ERS . PINE STREE T,  CORNER  PEAR L STREE T,  EW YORK.  Entered accordin g to a.ct of Congress in 1895 by WILLIAM B. DANA COMPANY in office of Libraria n of Congress , Washing ton, D. C l   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  APR 191921  6 0~ F DERAL  CONTENTS.  · ~f  RETROSPECT OF 1894 .................... . ............................................... . l BANK CLEARINGS AND SPECULATION ........................................................ 12 LISTINGS OF SECURITIES ON THE NEW YORK STOCK EXCHANGE .............. , ............. 14: BUSINESS FAILURES IN 1894 ....................... . .............................................. , 16 BANKING AND FINANCIAL.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Government Bond Proposals-Amount of Subscriptions and List of Subscribers.......... . ... . . . . . . . . 19 New York City Bank Movements ........................ : ................. . ................. . ........ 24 CROP AND OTHER PRODUCTIONS ......................................... . ....................... 25 The Year's Crops. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Pig Iron Production. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Anthracite Coal Production. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 GREAT BRITAIN-MERCANTILE AND FINANCIAL AFFAIRS ..................................... 30 Commercial and Financial Review for 1894....................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 TRADE AND COMMERCE-The Exceptional Character of our Foreign Trade in 1894 ...... . ............ 35 Values of Exports and Imports of the United States and the Trade Balance for Thirty Years, 1865-1894. 37 Exports of Leading Articles of Domestic Produce for Three Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 37 Imports of Leading Articles of Merchandise for Three Years ................................. . ...... 38 Comparative Prices of Merchandise, 1860., 1879 and 1891-1895.............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 FOREIGN EXCHANGE-Prices in New York in 1893 and 1894............... . .......... . . . . . . . . . . . . . . 39 GOLD AND SILVER - Review of Gold and Silver Production.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(() Product of Gold in Australasian Colonies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 World's Gold Production since 1870 ...................................... ·. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 World's Silver Production since 1870 . ...•. . .................................•....................... . . 44 INVESTMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Compound-Interest Table, Showing the Accumulation of Money in a Series of Years .............. . .... 45 Table Showing the Rate Per Cent Realized on Stocks Purchased at Different Prices........ . . . . . . . . . . . 46 UNITED STATES DEBT AND SECURITIES-Debt of the United States, 1'793-1894.................... 48 Highest and Lowest Prices of United States Bonds, Monthly, 1860-1894........................... . .... 49 STATE SECURITIES-Highest and Lowest Quotations of State Securities, 1860-1894.................... 59 RAILROADS AND THEIR SECURITIES- Railroad Statistics for the United States. . . . . . . . . . . . . . . . . . . 62 Railroad Earnings in 1893 and 1894............. . ........... . .............................. . . . . . . . . . . . 63 Railroad Bonds in New York, 1890-1894-Highest a:µd Lowest Prices Monthly ...................... 68-100 Railroad and Miscellaneous Stocks in New York, 1890-1894-Highest and Lowest Prices Monthly .. 101-114 Railroad Bonds in Boston, 1894-Highest and Lowest Prices Monthly ................... . .......... 115- 116 Railroad Stocks in Boston, 1894-Highest and Lowest Prices Monthly .................. . .............. 116 Railroad Bonds in Philadelphia, 1894-Highest and Lowest Prices Monthly.............. . .......... 116- 118 Railroad Stocks in Philadelphia, 1894-Highest and Lowest Prices Monthly ..•........ . ............ 118-119 Railroad Bonds in Baltimore, 1894-Highest and Lowest Prices Monthly .................. .. ....... 119- 120 Railroad Stocks in Baltimore, 1894-Highest and Lowest Prices Monthly ..••.......................... 120 THE INVESTORS' SUPPLEME T-(Issue of Jan. 26, 1895, bound up with the REVIEW) ........ Appendix.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  THE  FINANCIAL REVIEW.  RETROSPECT OF 1894.  In taking a retrospect of 1894 no one can fail to be impressed with the fact that the year has been in every way a most remarkable one. To say that the twelve months have been a period of extraordinary-of unexampled-depression in trade and industry is to say what tveryone knows from personal experience. And yet that is telling only half the story. The year has been distinguished for events and occurrences,-sowe connected with and the direct result of the trade depression, and others entirely independent of it, but no less depressing and d,isturbing,-which will always give the period a place as among the most noteworthy in our industrial history. After the panic and financial and commercial disturbances of 1893, it would have been unreasonable to expect that 1894. would display buoyancy. The industrial body, no less than the human body, is certain to suffer from impaired vigor and strength after a severe shock and blow. But at least one would have been justified in supposing that the year would be a period of decided recuperation and recovery. Tiis it has not been. On the contrary the prostration of industrial interests became deeper and more pronounced as the year progressed-or at all events until the year had progressed pretty far towards its end. No one will contend, however, that this situation is attributable to any lack of soundness in the industrial body. We show in another column, by the record of mercantile disasters, that no fault can be found on that score. As a matter of fact business has again ?,nd again shown signs of reviving activity, but before the recovery could get fairly under way new obstacles would be encountered and the movement receive a set-back. We think few will dispute the assertion that the greatest impediment in the way of sustained business revival has been the state of our national finances. Twice during the year the Government has had to issue 50 millions of bonds-the firat time in February, the second time in November-an extraordinary situation in a time of profound peace. With the Government in financial straits, so that it had to resort to borrowing to meet its obligations and maintain its credit, growth of confidence was out of the question, and without confidence a revival of enterprise was equally out of the question. The embarrassment of the Treasury proceeded from two causes-declining and deficient revenues and the obligation imposed upon the Government to maintain silver and legal-tender notes convertible with gold. It is doubtless true that declining (but not necessarily deficient) revenues are the concomitant of every period of business depression, though in this case the fact should not be overlooked that reckless legislation in the past in authorizing prodigal expendi • tures while cutting off important sources of revenue  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  has played a very important part in bringing about the present situation. However, it was not a shortage of revenues alone that made the situation so grave ; it was a shortage of revenues at a time when the Government gold balance was dwindling, and when gold exports were on a large scale and this dwindling gold balance was called upon to bear the burden of the same, that put the Treasury in such a serious plight. It was t-his that unsettled confidence at home and uprooted it abroad. The gold exports are themselves the evidence of the destruction of confidence, for on the basis of our ordinary trade requirements there could be no need for gold shipments, as the excess of exports of merchandise and silver for the twelve months ending December 31 amounted to the large sum of $188,835,018. In face of this large trade balance we were obliged to ship in the same twelve months no less than $81,200,351 gold, net, making the total excess of exports over 270 million dollars-$270, 035,369. It was this abnormal situation of the Treasury and of our foreign trade that several times during the year arrested trade revival. Even now business recovery halts for the same reason. Congress had it in its power to provide correctives, but neglected (perhaps refused would be a better word) to do so. That body is also chargeable with having aggravated the situation in other ways-through the proposition for instance in the early part of the year to coin the seigniorage and through the long delay in perfecting tariff legislation, the latter having been an unsettling fact0r for nearly the whole of the first eight months of the year. As for the labor troubles, which were such a promi-. nent feature of the year, they arose out of the depression in trade, and then operated to intensify that depression. The strike of the bituminous coal miners was the outbreak of greatest importance, since it involved so many sections of the country and the indirect effects were so great. T he strike lasted from April 21 to June 18 and was joined in by between 150,000 and 200,000 men, and resulted in such a lack of fuel. that very many industrial establishments were forced to close up, and even the railroads found it difficult in some instances to run their trains. Moreover, the State militia had to be called out in a great many States to maintain order. The Coxey movement also for a time worked a great deal of mischief in the West, and detachments of United States troops had to be sent in some instances to dislodge the' 'armies" of tramps. The strike of the employees of the Great Northern tied that system up from April 13 to May 2. Finally in July we had the general strike of the railroad hands on the order of the American Railway Union, which for a very short while seemed to threaten the very foundations of the Gov- . ernment. Floods were likewise obstructive and destructive elements-in May in the Middle Western States, in  2  RETROSPECT.  Colorado and on the orth Pacific Coast. In Pennsylva- and commodities which sold at extremely low quotania the overflows were said to be the worst since the great tions, such as iron and steel, sugar, etc. As a result of the depression in trade and the lack of :floods in the Conemaugh Valley in 1889, which led to the memorable disaster at Johnstown. On the North employment and the diminution of profits, the people Pacific Coast communication over some of the lines was of course were forced to practice great economy, and interrupted for a couple of weeks. Later in the year we production in nearly every line of trade and industry had extensive forest fires in various parts of the country fell off. The effects of the depression also made themselves manifest in the import trade, and the aggregate whicb. destroyed a great deal of property. The condition of the railroads was of course very value of the imports for the twelve months ending Deunsatisfactory. The railroad-carrying industry is the cember 31 was only $672,672,540, against $766,239,846 largest of all our industries, and the losses of earnings in the corresponding twelve months of 1893, being a were simply tremendous. In the CHRONICLE of Sep- decrease of $93,567,306-a part of which of course tember 1 there was published a table showing that the must be referred to the lower prices prevailing. More falling off in the gross receipts of the United States than the whole of the decrease occurred in the first railroads in the first six months of 1894 had been half of the year; after the passage of the tariff bill 100 million dollars. In the net revenues of course the imports increased. In the money market, the contraction of the volume loss was much smaller, and yet this loss of 100 millions in gross receipts means that the railroads had that of trade, and the consequent return of funds to this much less money to spend, and what that implies in the cedre for which no use could be found, led to an way of diminished purchases of materials and supplies, unexampled accumulation of currency in our banks and diminished employment to labor, is evident from and to unprecedentedly low rates for loans in every form the magnitude of the figures. The railroads had been -on time, on ca11 and for commercial paper. On Febdoing poorly before, but under this great contraction ruary 3, 1894.• the surplus reserve of our New York City in revenues the situation of many of them became very Clearing-House bankti stood at the unexampled figure precarious. Reductions and suspensions of dividends of $111,623,000. 'I'.ais was before the payment for the were numerous. We may mention among others the first issue of $50,000,000 Government bonds. On Dedecrease in the rate of distribution by ihe Rock cember 29 the reserve was $35,268,850. Yet rates were Island, the Burlington & Quincy, the North West, the almost as easy at the close of the year as during the Baltimore & Ohio, the Michigan Central, the Canada time when the money and reserve holdings of the banks Southern, the New York New Haven & Hartford and were so exceptionally large. the Boston & Maine, while the Louisvi1le & Nashville, GENERAL SUMMARY FOR TWO YEARS, the PittsburgCincinnati Cbicago & St.Louis (preferred), 1893. 1894. and several others, bad to suspend dividends altogether. Just what the losses in net income have been in the Coin and currency in u. s. Dec. 31..$ 1,802,991,088 1,846,161,308 clearings in United States ..... $ 45,615,280,187 54,309,562,775 · d f or some t·1me, as Bank 346,779,939 172,992,856 Business failures ..................... $ cal en d ar year canno t b e d et ermrne 80,977,839 49,075,032 Sales at N. Y. Stock Exchange. ares. t· t· St th t B t bl ·1 t d t · e a IS 1- , Grain and fl.our at Prod. Exch'e.bush. 1,475,811,925 1,342,711,307 u no su ffi men a a are ava1 a e ye . 46,915,900 31,479,300 bales. ..... Exc)?.ange Cotton at Cotton a cian of the Inter-State Commerce Commission , in 766,239,846 672,672,540 Imports of merchandise ............. $ 875,831,848 824,967,364 ndis $ ............. e mercha of Exports 7,013,431 81,200,351 exports of fold . ..............• - $ Preliminary statement published a short time ago, esti- Net 978,128,165 865,702,844 mated. the falling off in net for the year ending June i~?Ji.~:~~f:X.u~fu~~~~.s.*:.·.·.·.·.:niiiel 2,800 1,900 396,131,725 460,267,416 1,619,496,131 ?o~a:!:e3~----------.-.-.·.-------------------.i~~:~: 1,212,770,052 dollars. million 50 over at 30, 1894, 638,854,850 662,086,928 rai ed ........... ...... ... bmihels. A serious matter to the railroads and also to the Oats (1) 7,527,211 Cotton raised ..... ............... bales. 7,124,502 lbs.) 2,240 of (tons produced. iron Pig general range of industries was the shortage of the corn Steel rails, Bessemer. (tons 2,240 lbs.) 6,6~11 ,3881 1,036,353 43,089,536 41,391,200 Anthracite coal. .. (tons of 2,240 lbs.) crop. In some of the great corn-producing States, Petroleum t30,936,879, t30,052,989 (runs) production .... bbls. 488,776 248,983 into U. 8 . .............. . like Nebraska, Iowa and Kansas, the crop was almost Immigration 8,224,637 8,663,625 Pub.land sales (yr.end'gJune30)acres a total failure, and a portion of the people of those 0TE.-Grain and fl.our at the Produce Exchange include fl.our reduced States are, because trf this failnre, actually destitute at toNwheat at 412 bushels per barrel. Cotton sales at the Cotton Exchange do not include "exchanges" of futures. Immigration statistics are the present time. The aggregate crop for the whoJe given exclusive of immigrants from Canada or Mexico. t These are the old Pipe Line runs. The Buckeye runs were 16,102,country is estimated at only 1,212 million bushels 447 bbls. in 1894 and 14,452,631 bbls. in 1893. against 1,619 million bushels in 1893 and 2,060 mil- * These earnings are based on 151,004 miles of road in 1894 and lion bushels in 1891. The wheat crop was not large, 150,021 miles in 1893. The stock market of course has reflected the varying but taking the country as a whole it was a fair aver• of the industrial situation and the varying phases age, being estimated at 460 million bushels. The trouble of the railroad situation. When there wer_e phases extremely here, however, was that prices dropped to signs of an improvement in trade (as hapdistinct adequate an of absence the in that and low figures, demand stocks accumulated, the visible supply in the pened several times during the year), prices of stocks country in December rising to above 89 million bushels. improved. The volume of business, however, was While the corn crop was small, prices rose sharply, and small, the share sales on the Stock Exchange reaching that cereal for a great part of the time late in the sum- only 49,075,032 shares, and even of this small total a mer and early in t_h e autumn actually sold above the very large proportion consists of the industrial stocks. 1 price for wheat. In cotton the aggregate yield was 1 he failure of the corn crop changed very essentially very large, but here also the price dropped to ex- the outlook of many important properties, and this fact led to some pretty free selling of these properties in traordinarily low figures. In fact low prices nearly e,erywhere were a striking the later months of the year. On the whole, however, characteristic of the year, accentuatrng the depression the changes in prices, comparing the close of the year while at the same time aggravating it. The price of with the beginning, have not been uniform; trunk wheat several times got down to below 55 cents a line stocks are generally higher (the Baltimore & Ohio bushel in New York; cotton sold at 5½ cents a pound being a conspicuous exception) and so are Southern in November; print cloths got down to 2i cents a yard. stocks, while several of the anthracite coal stocks and Besides this we might mention various other articles the Pacific railroads are lower.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RETROSPECT.  It will be noticed that we have altered very materially the form and make-up of this annual article or retrospect. The history of the year is presented in very complete monthly reviews, which embrace a narrative of every leading occurrence or event having a bearing, direct or indirect, on our industrie_s or trade or finance. E11ch month's narrative is given under four distinct heads, the first furnishing a digest of general events, the second a surnrnary of railroad events and the course of the stock market, the third an account of the money market, and the- fourth or final paragraph a synopsis of the foreign exchange market and happenings abroad. As the year has been crowded with incidents and events as probably no other year in our national history, we think the fullness of these monthly reviews will be of great service to our readers. The various tables which have usually appeared in the general introductory to the Retrospect we omit altogether, as these are treated quite at length in separate article~ on subsequent pages of this · publication. We give here, however, the following two tables as a guide to the volume of business on the Stock Exchange and tb e course of stock prices during the year. SA.LES .A.T THE NEW YORK STOCK EX:CEIA.:'IGE SINCE ~ Railroad  and Miscel'aneous Stocks.  --·-- - - - · Shares.  Railroad and Mis<'ellaneous Bonds.  18~1.  Governmeµ.t Bonds.  State Bonds.  ------- -----  $ $ $ 18,555,850 246,769,410 26,571,260 1882 .••.. 116,307,271 17,046,150 284,768,100 97,049,909 6,986,500 1883 .••.. 499,955,200 14,905,150 96,154,971 2,826,900 1884 ..•.. 660,659,400 15,261,200 92,538,947 14,678,053 1885 ..... 12,793,500 587,237,500 20,394,411 1886 ••.. 100,802,050 347,127,330 7,110,400 84,914,616 15,306,800 1887 .••.. 345,914,057 6,573,700 65,179,106 5,188,285 1888 .•.. 398,825,425 3,698,850 72,014,600 5,932,350 1889 .... 2,625,500 401,829,220 71,282,885 4,870,400 1890 . .... 1,460,800 383,715,000 3,475,100 69,031,689 1891. .... 1,729,100 485,857,400 4,793,950 85,875,092 1892 ...•. 351,854,450 2,143,250 80,977.839 3,792,800 1893 .... 4,345,400 49,075,03& 339,950,250 10,929,900 1S94..... w Tpis rncludes all stocks (oxcept bank stocks) and als@ trust certifl · cates, &c., soLJ in the "unlisted" department, except petroleum certi:tl.· cates sold by barrels. RANGE OF LEADING STOCKS IN 1894.  Upening.  £owest.  - - ·- - - - r--------runkLines-  Highest.  I ing. qtos I  Baltimore & Ohto ..•. R112 .A.pr. 6 61 6712 583a Dec. 28 Boston & .A.lb any ..•. 20014 198 July 2 212 Apr. 31) 208 47 Jan. 5334 Aug. 241 49 Canada Southern .••. 48 3 Erie . _____ ............ 14¼1 912Deo. 10 18:lsMar. 28 10 14 118:\J,Jan. 3 139 .A.ug. 23 X13i Lake Shore.··-··· ..•. 120 Michigan Central. .•. 94 July 23 1003g Feb. 1 ' 98 96 N. Y. Cent. & Hudson 95 14May 24 1021.g .A.ug. 23 X 98 3a 9812 Pennsylvania .•••.••. ,r48 1 s 48 Jan. 5 5218 Apr. 7 51 Coal Road11Del. Lack. & Western 16119 15514 Oot. 29 174 Sept. 13 1 160:!s Delaware & Hudson 130½ 11034 Oct. 29 14412 Apr. 7 12634 32:ls Nov. 24 423a Mar. 13 1 35 Lehigh Valley . ... - . 1]'3634 New Jersey Central.. 111 8712 Dec. 28 11734 Mar. 8 895s N. Y. Busq. & West'n. 14 135s July 7 1712 Sept. 13 1414 Pblla. & Re.ading .•. 18 1318 Dec. 20 233s Mar. 14 13:ls west'n &Southwest'n.A.tch. 'J;'op. & Ban Fe. 3 July 23 16 Mar. 14 1118 414 Chio. Burl. & Quinoy. 75 68~Dee. 1 84 1 s Mar. 2L 71 5414 Jan. 3 Chic. Mil. & St. PauJ. 673s Sept. 6 565s 563a Clrlc. & Nortbwest'n. 9614 Deo. 5 1103eJune 7 97 9818 Chic. R. I. & Paci:fl.o.. 63 5812 Oct. 11 723a .A.pr. 7 615e Great Northern, pref. 102 100 Jan. 4 106 .A.pr. 9 10214 Illinois Central ...• _. 8234 Dec. 29 90 9514 Sept. 11 8312 3212 Apr. 7 2718 Missouri Pam.:fl.o .•..•• 1814Jan. 5 2034 1~12Jan. 2 Wabash pref ...•..••. 13 185s Apr. 9 1334 p e.oiflo Rua.t;fsCanadian Paclil.o .... 58 Dec. 12 7312Jan. 18 60 7034 Central Pacific ...••• 1014.June 25 17 Mar. 30 14 1414 312June 22 Northern Pacific ...•. 614 Mar. 20 45s 3 79 12-¼May ~1 Do do pref. 233aMar. 30 1712 19 25 M:-tr. 14 19 1719 July 23 Southern Pac. Oomp'y 2012 Union Pacitlc .•••.••. 22¼ Mar. 3l 113a 18 7 July 30 Boathern RoadsChesa.peake & Ohio 16 May 21 21 7s Aug. 31 1718 1612 40 79 Jan. 12 Louisville & Nashv .. 573a Sept. 22 53 79 43 191.g Norfolk & West. pref. 17 Dec. 27 2634 Sept. 6 17 103a Nov. 19 Southern Ry ......... 1479 Sept. 13 1012 t1218 4514 Sept. 13 3614 Do pref ... 3414Aug. 8 t3414 2 7 Jan. Texas & Pacific ...••. 10 7s Aug. 20 7 919 MiscellaneouA281.g 2l¼Deo. 27 3434 Aug. 25 23 Amer. Cotton Oil .... Am. Sugar ............ 801.g 755s Feb. 1 114 7s .A.ug. 21 g93a 2 107 Aug. '27 98 34 Amer. Tobacco Co ... 69 7s Jan. 7119 611.g 80 June 25 74 ChicR~o Gas ..... . .... 5834 Jan. 3 734Nov. 30 Distillmg & Cattle F. 23 305s Feb. 6 10 General Electric ..... 4518 Mar. 8 343a 303a Jan. 3 3319 2 National Lead Co .... 22 Jan. 44 7s Aug. 20 373s 2214 24 Nov. 7 2218 1312May 15 Paci.fie Mail 88 ......• 17 U. S. Cordage ........ t19 512Dec. 26 2334 June 18 712 3312 May 22 U. 8. Rubber Co ...... 40 4512 Dec. 28 44 79 Western Union Tel.. 3 9212 Sept. 11 87 8234 80 79 Jan. ,r Dollars per share; not per oent, t Not dealt in untll August. 1 Not dealt 1.nluntll Ma.y,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1:  s  JANUARY.-Current Events.-The year opened with no decided change in affairs. In the first week the plan for the reorganization of the Erie Railroad was made public. Further hopeful facts were that the month started with foreign exchange decidedlv easier; that for three weeks railroad earnings showed an improving tendency and the iron market also. It was an encouraging feature likewise that on the 17th of the month Secretary Carlisle issued a. proposal for the sale of 50 millions of 5 per cent United States bonds redeemable after 10 years at a price not lower than 117·223-bids to be opened February 1st. This step had become imperative not only because the gold reserve was low and getting lower ($74,108,149 on January 12 and $65,650,175 on February 1), but because the revenue was so far short of the disbursements that the general cash b~lance was daily decreasing ; on February 1 it was reported at only $8t,082,61,6, Soon after the issue of the bond proposal affairs took a less favorable turn. Railroad earnings failed to fulfill the early promise, Also the month's report of iron production showed ti ve less furnaces in blast and slightly larger stocks of iron held when January closed than when it opened, though the aggregate weekly capacity of the furnaces in blast had not greatly changed, But the most dispiriting developml:'nts related to the Bond prop')Sal and the Income Tax. The first effect of the Bond proposal had been, as stated, favorable. It so happened, however, tbat almost immediately after its publication attempts were made in and out of Congress to discredit the bonds by denying the Secretary's authority to make the issue. These efforts culminated in an application to Judge Cox at Washington for an injunction forbidding the sale; the motion was argued January 29th and decided January 30th denying the application, the judge holding also that there was no doubt of the Secretary's authority. On Tuesday, when Judge Cox made his decision, the subscriptions to the bond proposal amounted to only about 6 million dollars. On Wednesday a movement was started in New York to ensure the success of the proposed loan, and by Wednesday night the New York ba.nks and trust companies had subscribed about $42,000,000. For a detailed list of subecriptions see CHRONICLE, ~ov. 17, 1894:, page 859. As to the Income Tax it had been reported to the House of Representatives in the Internal Revenue bill, but was not supposed to have any large support until on January 25th, when at a caucus of the dominant party in that body, and by a vote of 89 to 71, it was determined to add it to the Tariff bill. On January 29 the amendment was offered in the House and on February 1 it was attached to the Tariff bill, which with the amendment was paased on that day. -Railroad Events and Stock ExchtJ,nQe Matters.-The last week of the old year recorded two prominent railroad failures. The Atchison Company announced its inability to meet its engagements on December 23, and the New York & New England made a similar announcement o~ December 27th. These disasters did not tend to encourage Jamiary investments, and yet, judging from the course of prices, there seems to be reason for assuming that investors were to a limited extent purchasers of good stocks and bonds. An event of promise was the Erie reorganization plan referred to above, which was is!'lued on the second of January. The execution of the plan was delayed because of opposition, and in December was modified to meet the smaller earnings of the current year. Another reorganization scheme in Janu~ry, only an outline of which was ever published, was the Philadelphia & Reading, the proposed terms being the result of a conference held at the office of the company January 13. This suggested scheme ha.! some influence in January on the securities of the company, but nothing substantial followed. The Stock Exchange exhibited great dulness all through the month, the total number of the shares sold being 4,519,463, against 10,533,961 in January, 1893, the actual values being approximately 257 million dollars, against 705 million dollars. Such results indicate clearly enough that there was no general speculation, eight stocks aggregating very nearly three-quarters of the to~al months' sales, of which St. Paul's reached over 670,000 shares and Sugar Refining over 800,000 shares. The investment buying was moderate but of a good character, as may be inferred from the fact that as a rule the prices of the better class of stocks improved as the month advanced; for illustration, Jersey Central recorded its lowest price (111) on January 3, and ita lli&b st (116¾) on Jwiuar115, falling off a little later  4-  RETROSPECT.  in the month, but closing J 'anua:ry 31 at 115 ; St. Paul also touched its lowest figure (54½) January 3, but the highest was (6 .%) on January 22, the rangd of sales on January 31 being 59¾ 1 0 59%; Chicago& North West. sold at its lowest (97)January 3 and at its highest (104¾) January 31 ; Illinois Central sold at its lowest (89¼) January 3 and at its highest (94) January 31; Lake Shore likewise sold at its lowest (118¾) January 3 and at its highest (128) January 31. -The Money Market.-The year opened with the actual reserve of the New York ban"ks (Dec. 30, 1893,) at $207,424,600 and surplus reserve $80,815,150, and there was an increase each week in both actual and surplus reserve, the totals 011 the last Saturday of the month (Jan. 27) being for the actual $245,9M,600 and for the surplus $109,043,000, although there was a net gold expor~ in the month of $2,591,000 in the face of export ·of merchandise which were in January $33,440,279 more than the imports. With such conditions of the reserve as are given above it is no surprise that the money market opened easy and grew easier. Call loans for the week ending Jan. 6 ruled at the Exchange 1 to 1½ per cent, renewals being 1½ per cent; at banks and trust companies 2 to 2½ per cent was the minimum. Quotations for time money the same week were 2 per cent for thirty days1 2½ to 4 per cent for sixty days to six months, and for commercial paper at 3½ to 3,¾ pfr cent for sixty to ninety day bills receivable, 4 to 4½ per cent for four months commission house names and 5 to 6 per cent for four to six months' single names. The closing week call loans at the Exchange dropped as low as½ of 1 per cent but averaged 1 pn cent with renewals and rates at Bank off about ½ per cent all around, while rates for time monev and commercial paper were all about ½ of 1 per cent lower -exc~pt the single name paper longest to run, and that was quoted½ per cent · . higher. -Foreign Exchange, Silver, efc.-For foreign exchange the market the first week was dull and lower, probably largely due to lower discount :rates in London, the nominal rates for exchange being 4 84: to 4 85 for Rix:ty days, and for sight 4 86½ to 4 87;,i, The next and subsequent weeks there was lJ firmer tone, and for actual business generally a trifle higher rates in sympathy with higher discounts on the Continent, but all the month the market was very narrow and fluctuated within narrow limits under trifling influences. The Bank of EngJand official minimum opened the year at 3 per cent, but the open market rate, wluch on December 29, 1893, had been 2% per cent for discounts of sixty to ninety dav bank bills, declmed the first w_eek to 1.% per cent, in tbe second week to 1½ per cent, and m the third week to 1.% per cent. In the fourth week the discount rate moved up to 2 per cent. At tne beginning of that week it was officially announced fo. London that the India Council would no longer ine1st upon 1s. 3.¼(d. per rup~e-th~ minimum price which it had held out for during the previous s1x months-in the sale of its drafts, and there was a sharp fall in both silver and exchange. London merchants and bankers were reported to be much dissatisfied at the change; at all events its results greatly embarrassed businebs operations with the East, Before that date, however, silver had been on the decline, the latest downward movement having started in November, induced chiefly bv the rumor that the India Government was about to put :. heavy irnnort duty on the metal. Tliis decline continued through January, although on the 17th of that month it was announced that the India Government had resolved nut to imp0se a duty on silver· probably the further drop in the market for bullion was du~ to the change in the method for the sale of Council biJls noted above'. and to the circumstance that the rumor with reference to a~ 1mp_ort duty had caused an excessive speculative movement of s1l ver to India in anticipation of and to save the d t u y. · f ·1 . The price o s1 ver m London on January 1 was 3l½d, and on February 1 it was 30 1-16d.  FEBRUARY-Current Events.-In the early part of February the outlook appeared to be more cheering, and thou h ~here were no _definite indications of any general or decid!d improvement m business affairs, the dispositivn was to take a rather hopeful view of the future, The House of Hepresentatn-es had passed the Tariff Bill on the first of the month th vote being 204 to 140. As stated above in our review' f e January the bill contained the objectionable Income Tax: b:~ t~e passage c,f the bill even with that drawback was 'considered a favorable event, inasmuch as it eemed to promise   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  an early removal of the industrial uncertainties tariff legislation caused, Then also through the efforts of the New York bankers, as related above, the Government bond proposal had been made a success, and the subscriptions received the first of the month aggregated, instead of the 50 million dollars offered, $52,292,1~0. The Treasury realized about 59 million dollars from the sale, and the cash balanco, which at the beginning of business on the 1st of February stood at only $84,082,099, had by the 1st of March been increased to $138,662,365. The net gold holdings were raised from $65,650,175 at the beginning of business on the 1st of February to $106,527 069 on the 1st of March. There were also some encouraging featu~es iv business circles. Thus the iron trade was again giving decided signs of a revival in activity, evidence of which is found in the fact that the weekly capacity of the furnaces in blast after having increased from the low point of 73,895 tons on October 1, 1893, to 99,242 tons on February 1, 1891:, had further increased to 110,166 tons on March 1-the latter the largest total shown in any monthly statement since the previous July. To be sure returns of railroad earniogs continued to make unfavorable comparisons with 1893, the loss for the month by our statement published March 10 having been $4,654,203, or 12·54 per cent, while returns of bank clearings were no better, th~ volume of the exchangei! at New York reaching only 1,724 million dollars for February, 1894:, against 3,066 million dollars for February, 1893, a falling off of 43·7 per cent; outside of New York the ratio of falling off was not so large, amounting still, however, to 26·5 per cent. But these were indications of past business rather than a guide to the current tendency in business, The event which operated to check trade revival and to a certain extent marred the bright promise of the early part of the month was the consideration by Congress of the so-called Seigniorage Bill (see CHRONICLE, February 17, page 282, and March 3, page 363.) This proposal came at an exceedingly unfortunate time. Business was still suffering greatly from the effects of the 1893 panic and commercial revulsion, and nothing was so much needed to ensure recovery as a restoration of confidence. But the Seigniorage BiU threatened to re-open uhe whole currency question. Some other factors also tended to unsettled things, The price of wh~at, previously low, continued to decline (in part due to the revival of the Anti-Option Bill) and dropped to the lowest figures on record up to that time. On the New York Produce Exchange the May option sold at 62% on February 19, and from this there was a recovery only to 64 by the 1st of March ; on the 1st of Fl:'bruary the pnce of this option was 69,¼' cents. In the dry goods trade matters were rather Ulli!atisfactory, &nd there were some sharp cuts in prices (in part induced by the continu~d decline in cotton), bringing them down to the lowest figures ever reached; print cloths were reduced to 2.¾ cents for " extras ; " in February of last year the price had been 4 cents. -Railroad Events and Stock Exchange Matte1·s.-An important event durmg Februa.ry was the announcdment in the closing week of the month that Messrs. Drexel, Morgan & Co. would shortly promulgate a modified plan of reorganization of the Richmond & West Point Terminal properties. The original plan by the same firm had been issued nearly a year previously-that is, in May, 1893-but before the work of reorganization bad progressed very far, the panic and financial and commercial depression occurred and interfered with the execution of the scheme. The announcement, therefore that in the judgment of Messrs. Drexel, Morgan & C~. the tim'e had arrived when they might proceed with the reorganizition was regarded as a very auspicious circumstance. The modified plan was dated February 20, but was not actually issued until March 1. On the Stock Exchange the dealingi! in both stocks and bonds were on an exceedingly small scale. The railroad bond 1:1ales at the Exchange for the month amounted to only $2.2,893,100 par value. In the corresponding . month of 1893 the aggregate of the sales had been $48,061,500. The stock sales for the month reached only 3,173,527 shares, as against 10,742,925 shares in February, 1893, When it is considered that, as in January, the greater part of the total was made up of the transactions in a few active stocks, it will be seen how narrow the speculation was during this month. Taking the leading shares generally, prices were not greatly changed at the close of the month from what they were at the beginning. But up to about the middle of the month the general market  RETROSPECT. drnlined, the lowest prices as a rule being reached between still larger figures. The open market rate for sixty to ninety the 12th and the 16th; after that there was an upward re- day bank bills advanced during the early part of the month, action, which carried p~ices back to where they stood at the and February 9 was quoted as high as 2¾ per cent. But the beginning of the month. Burlington & Quincy reached its close of the month saw it down to 1¼ per cent. The rates at lowest point (73¾) February 16, its highest point (77¾) Feb- the Continental cities also declined. The Aale of India Counruary 1, while the closing price February 28 was 77. Rock cil bills in London, after the announcement in January that Island fluctuated between 65 February 13 and 68½ Fobruary the Council would no longer insist on the previously-fixed l, closing at 68¼ ; St. Paul between 55½ February 13 and minimum of ls. 3,¼d., progressed rather more satisfactorily, 59¾ February 1, closing at 59.74. American Sugar Refining though at lower quotations, as the price was allowed to seek reached its lowest figure (75%) at the beginning of the month its natural level Silver kept dropping lower and lower, the -February 1-and its highest point (83¼) February 24:. decline for the month being over 3d. per ounce, with the Among State bonds Virginia "Century" bonds were active quotation only 27%d. March 1st against 30 11-16d. February and sold up from 56¼ to 60,%. During the month the re- 1. The depreciation was in part due to the declaration by the ceivers of the Philadelphia & Reading obtained permission to Chancellor of the Exchequer in the House of Commons on i.sue $5,000,000 of 6 per cent 5-year certificates secured on the 13th of February (see CHRONICLE of February 17, page coal and coal accounts, to pay off the Speyer loan of $2,500,- 282), that the Government did not intend to re-open the mints 000 and other floating debt; a receiver was appointed for the of India to the free coinage of silver or to re-adopt a minimum Evansville & Richmond Railroad, and default was made on rate for the sale of India Council bills, or to change its ger the coupons due March 1, though the bonds an, guaranteed eral policy. by the Evansville & Terre Haute; and Judge Butler in the MAR0H.-Oun·ent Events.-During March the indications United States Circuit Court at Philadelphia rendered a decision that the purchase of the refineriei in that city by the pointed more strongly towards business recovery than at any American Sugar Refining Company was legal and not in con- previous time since the panic of 1893, The tariff was still a travention of the Sherman Act against trusts and combina- disturbing factor, with the end apparently as far off as ever, and both bank clearings and railroad earnings continued to tions. -The Money Market.-The course of the money market show heavy ratios of decline, The Seigniorage Bill likewise during February was very noteworthy. As a result of the remained an unsettling factor most of the month. It p::t.Ssed payments forthe bond subscriptions there was a very striking the House of Representatives the 1st of the month by a vote reduction of the money holdings of the New York City of 168 to 129, and the Senate on the 15th by a vote of 44 to 31, banks and a great diminution of their surplus reserve, On reaching the President by the 20th of the month. The progFebruary 3 the holdings of specie and legal tenders had ress of the bill through Congress w.as disturbing, yet a pretty reached the very remarkable figure of $249,575,100, but on confident feeling prevailed that President Cleveland would February 17 the aggregate was reported only $207,034,900. In refuse to give his approval to the measure, and on the 29th the same two weeks the surplus reserve dropped from $111,- he returned the bill to Congress accompanied by a veto mes623,000 (the highest point ever attained) to $74,536,825; that sage, which was published in the CHRONICLE of March 31, 1894, page 536. This action on the part of the President bad i➔, in these two weeks the cash holdings were reduced 42½ million dollars and the surplus reserve over 37 million dollars. a very reassurivg effect, both at home and abroad. But Yet so excessive were the supplies that these beavv reduc- perhaps what tended more than anything else to improve the tions made absolutely no impression upon the rates for money. tone in business circles was the gratifying way in which the On the contrary rates further weakened. On call, as repre- United States Treasury was retaining its condition of increased sented by bankers' balances, the extr,mes were ¼ of 1 per strength. After the bond sale in February the gold balance cent and 1½ pH cent for every week in the month, with the 1st of March stood at $106,527,069, while aggregate cash the average 1 per cent. Renewals at first were at 1½ per holdings of the Treasury were $175,771,559; the 1st of April cent and later at 1 per cent. Banks and trust comp1nies found the gold balance still $106,149,136 and the cash holdings quoted 2 per cent as the minimum for call loans, while some diminished only to $174,679,392. Furthermore, gold exports obtained 3 per cent; at the close of the month none of these were on a small scale, and the foreign exchange rates weakinstitutions were able to obtain above Z½ per cent for their ened towards the close of the month. There was likewise loans. Time money was rather more firmly held at the be- evidence of an increased demand for goods in many lines of ~i nning of the month in the expectation that the payments industry to replenish stocks which had become exhausted, for the bond purchases would stiffen rates. Quotations at The iron trade gave some encouraging signs of revival, and the opening were 2@2½ per cent per annum for thirty to during the month further additions were made to the acttve sixty days, 3 per cent for ninety days to four months and list of furnaces, so th!l.t on April 1 the number of furnaces in 3½@4 per cent for five to six months, and thereafter declined operation was 144, with a weekly production of 126,732 gross a half per cent all around to 2 per cent for thirty to sixty tons, against only 133 furnaces March 1, with a weekly days, 2½ per cent for ninety days to four months and 3@3½ capacity of 110,166 tons. The price of wheat further deper cent for five to six months. Commercial paper was very clined, and the May option touched 61.% March 19, but there closely scrutinized, with the rates 3½@3~.( per cent for sixty was a recovery to 63¾ at the close. to ninety-day endorsed bills receivable and 4@4½ per cent for -Railroad Events and Stock Exchange Matters,-The four months' commisE>ion house names in the week ending Stock Exchange reflected the better tone prevailing in busiFebruary 3, and 3:@3½ and 3¾@4½ per cent for respectively ness circles, The volume of transactions was larger, and the eame classes in the closing weeks. · prices were decidedly better, In bonds especially the buying -Foreign Exchange, Silver, &c.-Tha foreign exchange was active and confident. The aggregate of the bond sales market was exceedingly narrow during February. Rates, was nearly double that of February, and in fact the largest however, moved steadily upwards, after a slight weakening for any month of the year 1894, and also in excess of any between the 8th and the 12th of the month. On the 1st of month of 1893 excepting January and February. In brief February the posted rates for 60-day sterling were 4 85½@ the sales reached $43,499,500 in March 1894, against $22,4 86 ; on the 28th all the bankers quoted 4 87½ ; sight bilJs 893,100 in February 1894, and $32,530,500 in March 1893, were 4 88 on the opening day and 4 89@4 89½ on the elosing The buying embraced both the best grade of investment day, when preparations were in progress for shipping gold, bonds and the semi-speculative issues. In stocks the improvethe shipments promptly beginning in the early days of March. ment was visible not so much in an increase in the dealings The Bank of England official minimum was reduced on the as in a rise of prices. The number of shares sold was 4, 755,1st of the month to 2½ per cent, after having ruled at 3 per 383, valued at 281 million dollars, against only 3,173,527 shares cent since the 5th of the previous October. The open market in February valued at only 186 million dollars ; but in March rate, however, was temporarily firmer, owing to the revenue 1893 the sales had been 7,390,694 shares, valued at 453 million collections in England. On the 22d another reduction in the doJlars. Europe bought pretty freely after the announcement Bank minimum occurred-to 2 per cent-and this rate ruled of the veto of the Seigniorage Bill; and the fact that net earnunchanged the rest of the year, The position of the ings, owing to the economies practiced in operating, were in Bank then was reported unusually strong, the coin and bullion many cases quite good, notwithstanding the heavy losses in held being close to thirty millions sterling, and the reserve gross earnings, induced considerable buying in a moderate pretty general movement the lJ'rgest since 1879; but later in th 1.e tbo total• roee to wu.y bot at home nd abro d,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  6  RETROSPEO'I1.  among the rallroacts in various parts of the country for the better ma.intenance of rates also had a good effect. Prices, with few exceptions, were much higher at the close of the month than at the beginning. Chicago Milwaukee & St. Paul opened at 59 on March 1 and closed at 65 on March 31, and these were also the extremes for the month. Burlington & Quincy sold at 77 March 1 and 84¼ March 21, closing at 83¼, Rock Island ranged between 67¾ March 2 and 71¾ March 26, awl closed at 70¾. Sugar sold at 80¾ on the first day of the month and on the 6th got up to 100, but the close March 31 was at 90. Chicago Gas sold down on reports of quo warranto proceedings by the Attorney-General of lliinois and touched 61½ March 29, after having sold at 67¾ March 12. As already stated in our review for Februarv the amended Richmond & West Point Terminal reorganiz~tion scheme made its appearance March 1. Messrs. Drexel, Morgan & Co. also announced that they bad received the assent of more than a majority of each class of bonds embraced in the proposed reorganization of the Erie, and that the plan would therefore become operative. In December, however, it became necessary to make a modification of the Erie plan (see CHRONICLE of December 15, page 1031.) During the month also the Detroit Lansing & Northern scheme of reorganization was issued ; Baron Erlanger soU a maJority of the Cincinnati Extension bonds of the East Tennessee road to Cincinnati Hamilton & Dayton parties; and Delaware & Hudson decided to issue $5,000,000 of stock at par to pay off maturing bonds, which aroused some opposition from a minority. who wanted the stock issued at 75. -The Money Market.-Money continued to flow to this centre from the interior sections of the country, and the reserves of the Clearing-House banks again steadily advanced, the surplus standing at $83,600,150 March 31 against $74,767,500 February 24. Rates for money on call as represented by bankers' balances ranged between ½ and 1½ pu cent as the extremes in the early part of the month, but latt r there was a tacit agreement among lenders not to make loans at less than 1 pAr cent. Renewals were generally at this figure, and bank1:1 and trust companies quoted 2 to 3 per cent on loans which stand undisturbed for Jong periods as a rule. For time money rates were 2 per cent for 30 to 60 days, 2½ per cent for 90 days to 4 months, and 3 per cent for 5 to 7 months all through the month. Rates for commercial paper wne 3 per cent for 60 to 90-day endorsed bills receivable and 3½ @4 per cent for four months' commission hou~e names. -Foreicin!Exchange, Silver, &c.-The foreign exchange market was dull and narrow and generally without feature durin~ the month, with rates at or close to the gold-shipping point. The actual outflow of gold, howev, r, was smaH, bein~ confined practically to a shipment of $1,250,000 March 3 and another shipment of the same amount March 17. Opening rates for sterling were 4 87½ for 60 days and 4 89@4 89½ for sight. A few days later there was an advance, and from the 6th to the 24th inclu~ive all the bankera quoted 4 88 for long and 4 89½ for short sterling ; then the market weakened somewhat, in part owing to the purchases of securities for European account after the veto of the Seigniorage Bill, and the close was at 4 87½@4 88 and 4 89@4 89½, The Bank of England minimum remained unchanged at 2 per cent, but the open market discount rate was only about 1¼ @1¼ per cent most of the time, though tbere was a brisk demand for shorttime loans, which commanded higber rates. The price of silver dropped to 27d. per ounce on the 3d of the month but stood at 27¾d. on the 31st.  APRIL.-Current Events.-In April things took a turn fo1· the worse a~ain. In the early part of the month the undertone of greater confidence noted in March continued. A favorable feature was the failure of the House of Representatives to pass the Seigniorage Bill over the President's veto. The bill came up on the 4th and the vote was 144 yeas and 114 nays, or less than the required two-thirds. But the slow action of the United States Senate on the Tariff Bill continued very disturbing to business interests. Government receipts were falling short of the disbursements, and the outflow of gold was resumed on a pretty large scale. Besides this there were serious labor troubles all over the country. First we had the strike of the Connellsville coke workers. This was followed by the appearance of the Coxey armies of tramps, who seized and stole railroad trains, interrupted traffic, and kept whole communities in the West in a state bordering on terror. It became necessary in not a few instances to invoke the aid of the courts and to send detachments of United States troops. On April 13 the strike of the employees Jf the Great Northern Railway occurred, tying that road up more or less completely until the 2d of May. But the most serious and far-reaching labor trouble was the strike of the bituminous coal miners. This em braced practically all the bituminous mines with a few trifling exceptions-tbosA in Pennsylvania, Illinois, Ohio, Maryland, Indiana, Iowa, Missouri, Kansas, Colorado, the Indian Territory, Alabama, Tennessee, Kentucky, West Virginia, &c. The resulting lack of fuel compelled many manufacturing establishments in various parts of the country to doBe up. The strike began April 21 and lasted until June 18 (though even then not all the miners resumed work), and it is estimated that between 150~000 and 200,000 men took part in it. In the last week of the month there was a large trade   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ■al  of  a11nel1 ud blank•  ets, aggregating about $3,000,000, which brought very unsatisfactory prices. -Railroad Events and Stock Exchange Matters.-On the Stock Exchange the month was one of great depression. The total share sales on the Exchange were only a little over four million shares but prices tended strongly downward. Burlington & Quincy touched its highest point (83½) April 7th and its lowest (77 ½) April 30, closing that day at 78%; Milwaukee & St. Paul sold at 65¾ April 6 and at 61¼ April 28, the close April 30 being at 6t¼; Rock Island :fluctuated between 72½ April 7 and 63¾ Apnl 30, closing at 69¼, Sugar stock followed an independent course (influenced by favorable rePOrts from Washington concerning tariff legislation affecting its interests), and from 89 April 3 it advanced to 107.% April 30. The course of the bond market was quite different from that of stocks. Here there was quite considerable activity at ris• ing prices as a rule. On the 8tock Exchange the bond sales reached a par value of $34,389,000, or nearly ten million dollars above the total for the corresponding month of 1893. The great accumulation of unemployed money led to a brisk demand for the best investment issues, but later some of the lower-grade bonds also shared in the upward movement. The securities of some of the receivership properties with unf avorable prospects-notably the Northern Pacific issues-were weak, and ueclined. During the month the South Carolina Railroad and also the Atlantic & Danville were sold in foreclosure: the reorganization committee of Atchison To-peka & Santa Fe, with Mr. R. S. Haves as Chairman, was announced; the New York & New England plan of reorganization was issued on the 27th; decrees were entered for the sale of the Richmond & Danville, the East Tennessee, the Charlotte Columbia & Augusta and the Columbia & Greenville; a receiver was appointed for the Cape Fear & Yadkin Valley Railroad; a contest was instituted for. control at the Delaware & Hudson election in May; and suit was begun to rAstrain the issue of the new 70,000,000 mortgage bonds of the Erie. -The Money Market.-Currency continued to flow to this centre during April, and the plethora of loanable funds steadily increased. 'l'he surplus reserves of the New York Clearing,House banks stood at $80,797,975 April 7 and at $83,417,950 April 28. Call money, as represented by bankers' balances at the Stock Exchange, ruled all through the month at l@l½ per cent, most of the loans being at the lower figure. Renewals were at 1 per cent, and the rate at banks and trust companies W8B generally 2 per cent, this being the minimum. Offerings of money on time pressed on the market from every quarter. The ruling rates were 2 per cent for thirty days to sixty days, 2½ per cent for ninety days to four months and 3 per cent for longer periods, extending even to eight months. For commercial paper of the best grades there was a very urgent demand, and buyers among the banks had to compete with merchants having idle capital who sou~ht investment for it in mercantile paper. The supply of prime paper was very limited. Rates were 3 per cent for sixty to ninety-day endorsed bills receivable, and 3½ @4 per cent for four months' commission house names, with some exceptionally choice paper selling fractionally lower than these figures towards the close of the month. -Foreign Exchange, Silver, Etc.-Foreign exchange rates continued high all through the month. On the opening day the posted rates were 4 87½ for sixty-day sterling bills and 4 89 for sight; the next day there was an advance to 4 87½@88 and 4 89@89½ respectively, which figurns ruled up to and including the 10th, and thereafter to the close of the month all the bankers quoted 4 88 and 4 89½. In the first and the last week the gold shipments were comparatively light, but in the other two weeks the shipments were large, averaging between three and four million dollars a week. For the month the net outflow from the United States was nearly 9½ million dollars. In Europe the feature was the marvelous E1uccess of the city of Paris loan for 200,000,000 francs, which was Eubscribed for over ninety times. The loan had as an ::.:traction drawings with prizes. Owing to the preparations for the subscriptions, the open market rate for discounts in raris advanced temporarily to 2½ per cent, but after the close of the subscriptions there was a drop to 1 per cent, a quite 1mprecedented figure in Paris. In London the Bank of Eng1.&1a. !':!.te remained unchanged at 2 per cent, and the open market discount iate for sixty to ninety-day bank bills ranged between 11-16 and 1% per cent. The price of silver sharply recovered and closed at 29d. per oz; April 30, against 27,¾d. March 31. MAY-Ourrent Events.-May was distinguished for a conjunction of unfavorable events which in magnitude and intensity have probably never before been equalled. The strike of the bituminous coal miners continued all through the month, causing almost a coal famine. At the same time the miners became turbulent and riotous, so that the militia had to be called out in very many States-notably in Ohio, Colorado, Illinois, Indiana, Iowa, Maryland, Alabama and West Virginia. Between April 1 and June 1 the weekly production of iron dropped from 126,732 tons to 62,517 tons. The uncertainties regarding tariff legislation still disturbed business interests, the gold exports reached very large dimensions and the Treasury gold reserve again dropped below the 100-million mark, and in fact was only $78,693.268 at the end ot May. against $100,202,009 at the end of April and $106,149,136 at the end of March. The Coxey movement ended in a fiasco. and Coxey himself was arrested and convicted for violating  o e of th ordinanoea at Washingto11. With tho prosp@0t11  RE'l'ROSPECT. for winter wheat by no means favoring a very large crop, the price of wheat further declined, selling at 53@54 cents a bushel in Chicago and 56@57 cents in New York. In the West railroad rates became so badly demoralized that the railroad presidents were finally forced to form a new agreement, taking the control of the tariff schedules out of the hands of the traffic agents. In the South there was severe cutting of rates by the roads in the Southern Railway and Steamship .Association. Heavy and continuous rains were also a feature of the month, with disastrous floods in the Middle States, doing much damage to railroad and other property; in Pennsylvania the overflows were the worst since the great floods in the Conemaugh Valley in 1889, which led to the memorable catastrophe at Johnstown. There were also heavy floods in Colorado, and on the North Pacific Coast-in Wa!'hington, Oregon, British Columbia., Montana, &c.-railroad communication in some cases being interrupted for a couple of weeks. -Railroad Events and Stock Exchange Matters.-An important event which came at the close of the month was the decision of the United States Supreme Court {Mee CHRONICLE of June 2, page 922, and ahm page 943), restraining the Texas Railroad Commissioners from enforcing their schedules of rates. On the Stock Exchange business was small and prices lower. The share sales were a little larger than in the preceding months. but nevertheless amounted to only 4,808,808 shares against 8.972,435 shares in May 189a. Burlington & Quincy sold at 80% on the 1st and at '15¾x on the 21st, closing May 31st at 77½ ; St. Paul ranged between 63¼ May 1 and 56½ May 22d, and closed at 59%, and Rock Island ranged between 69½ May 1 and 65¾ May 21, closing at 67,½. Sugar stock was very active as usual, and sold at 109% on the 4th and at 92¾ on the 21st, closin~ May 31 at 100%. In bonds the investment demand noted in April fell off, and the sales at the Stock Exchange amounted to only $23,965,500 par value, against $27,185,500 in May 1893. Prices were irregular but on the whole held up remarkably well, and some of the best issues even further advanced. On the 11th of the month the employees at the Pullman car shops struck against a reduction of their wages-an event which subsequently had such far-reaching effects; the Norfolk & Western sold $2,000,000 of preferred stock; the Olyphant board of directors of the Delaware & Hudson was elected without opposition; the law compelling the Elevated road to charge only 5 cents fare from the Battery to the terminus of the Suburban Rapid Transit road and also the law to submit the new proposition for a rapid transit road in New York City to a vote of the people were passed ; the Indianapolis Decatur & Springfield was sold in foreclosure and the Pittsburg Akron & Western RR. was decreed to be sold. · -The Money Market.-Though gold flowed out in very large amounts the money holdings of the New York City ClearingHouse banks did not diminish very much, and loanable funds seemed to be in greater abundance than. ever . The surplus reserve of the banks stood at $77,601,700 May 26 against $83,417,950 April 28. At the Stock Exchange bankers' balances ruled at 1@1½ per cent, with very little business doing at any but the lower figure. Renewals were generally at 1 per cent, and the rate for call loans at bank and trust comp<tnies was 1 @2 per cent. For time money there was scarcely any demand, and for 30 days the quotation got down to a figure unprecedented in the history of the market, namely 1 per cent. For sixty days the rate was 1½ per cent, for ninety days to four months 2 per cent, and for five to eight months 2½@3 per cent. Quotations for commercial paper also got down to strikingly low figures. Very choice endorsements for 60 to 90 days sold as low as 2½ per cent, though towards the close of the month an effort was made to hold up the figure to 2¾ per cent. Ruling quotations for 60 to 90-day bilJs receivable were 2¾' to 8 per cent and for four months commission house names 3 to 3½ per cent. An act abolishing days of. grace on notes, acceptances, &c., was passed by the New York Legislature and became a law May 9, 1894 (see CHRONICLE of May 19, 1894, page 846); the act is in effect from January 1, 1895. Tbe New York Clearing House increased its capital from $375,000 to $900,000. -Foreign Exchange, Silver, Etc.-The foreign exchange market was very firm and so bare of bills that shipments of gold were made by almost every outgoing European steamer. The shipments reached between 4½ and 6 million dollars every week, the gross exports for the month from the United States being nearly 27½ million dollars and the net exports over 23 million dollars. There were large imports of sugar, in anticipation of a duty on the same under the new tariff. Posted rate~ for sterling did not vary through the month from 4 88@88½ for sixty-day bills and 4 89½@90 for sight. In London the stock of gold in the Bank of England rose to over 36 million pounds sterling, which exceeded slightly the largest amount held at any previons time in the past, while the reserve of notes a.nd coin increased to nearly 28 million pounds sterling, being by far the largest amount ever held. In subsequent months, however, the totals rose to still larger figures, The Bank kept its rate unchanged at 2 per cent, but discounts in the open market got down to ¾ of 1 per cent. Silver declined again, and was quoted at 28 5-16d. on the 31st against 29d. April 30.  JUNE.-Current Events.-During June railroad gross earnings showed a falling off of about 21½ per cent, being the heaviest ratio of decline for any month of the year. But there were many developments of a favorable nature. First   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  a n agreement was reached on the 11th for the settlement of the coal strike, the miners being ordered to resume work June 18; then the United States Senate was at last making progress towards a vote on the Tariff Bill and the price of wheat showed a sharp upward reaction. Gold exports still conti r ued on a large scale, and the Treasury gold balance further decreased (having dropped by the end of the month to $64,873.025), and there was a great deal of talk concerning the necessity of another bond issue. But public anxiety was relieved on the one band by an agreement on the part of some of the banks to furnish gold for further exports out of their own vaults (CHRONICLE of June 23, page 1050) and on the other band by a communication given out by President Cleveland Monday night, June 25 (CHR'JNICLE of June 30, page 1093), expres::!ing appreciation of ihe action of the banks and reiterating the determinati )U of the Administration to protect the national credit at all hazards. But towards the close of the month-on the 27th-the strike of the American Railway Union, to aid the strikers at the Pullman car shops by undertaking to prevent the railroads from hauling Pullman cars, began. This involved nearly all the Western roads, and was from the first a very serious matter, though it was not till July that it assumed a dangerous and alarming character. This event destroyed all chances for the time being of any improvement in business. The anthracite coal companies, which in the early months found it necessary to curtail their production very largely because of the mild winter weather and the trade depres3ion, took advantage of the shortage of soft coal and inc re 1.sed their output almost a million tons over the amount mined in June 1893. The assassination of President Carnot of France on June 24 was one of the sad events of the month. -Railroad Events and Stock Exchange Matters.-On the Stock Exchange business was dull and prices for stocks lower. fhe aggregate share sales for the month amounted to only 3¼ million shares, and the bond sales reached a total of $2t,324, 100 par value. During the early part of the month tbere was an upward spurt in stocks, but afterwards the tendency was downwards. Burlington & Quincy sold at 79¾ on the 7th and at 76¾ on the 29th, and closed at 76¾; Rock Island ranged hetween 69?4' June 8th and 66}gx on June 29, and closed at 67, while St. P,ml sold at 61½ on the 7th and at 57¾ on the 25th, and closed at 59%, For ::;ugar stock the extreme were 108¾ on the 6th aod 96¼ on the 21st, and the close was at 101¾ In the bond market prices were well maintained as a 1ule; some issues sold lower, but not a few issues (generally those of the best grade~) sold higher. Durin~ the month Messrs. Brown Brothers & Co. purchased from the Baltimore & Ohio for account of Messrs. Brown, Shipley & Uo., London, $8,500,000 terminal 4½ per cent bonds; the Adams Committee of Northern Pac1tic bondholders advanced 1,000,000 to the receivers to pay the first mortgage interest due July 1; the New York New Haven & Hartford reduced its quarterly dividend from 2½ to 2 per cent; the Atchison reorganization plan was issued; Judge Ingraham denied the injunction sought against Erie to prevent the filing of the new mortgage propos~d under tbe projected reorganization ; orders of sale were issued against the Pennsylvania Poaghkeepsie & Boston, the Richmond Nicholasville Irvine & Beattyville and the Balti:nore & Lehigh; the Eel River road was placed in the hands of a receiver ; Oregon Pacific was again offered for sale and no bid received; the Richmond & Dan• ville was sold and the Southern Railway organized; and it was annouoced that the Carolina Central coupons due July 1 would not be paid by the Seaboard & Roanoke. -The Money Mai·ket.-Owing to the gold exports which the banks undertook to supply after the niiddle of the month the specie holdings of the Clearing-House institutions diminished from $100,475,500 on June 9th to $91,223,000 on July 7, and subsequently dropped somewhat lower ; but the effect on the supply of money held by the banks was practically nil, as between the same dates the holdings of legal tenders increased from $119,162,800 to $128.061,300. In the first week the rate for call money at the Stock Exchange as represented by bankers' balances was l@l½ per cent, but in the next week 1 per cent was the only quotation, and from that time all the business was at that figure, week after week and month after month, until October. Renewals were at the same figure, and even the rate at the banks and trust companies got down to that figure in the last week, the ruling quotation being 1@1½ per cent. On time a loan of $1.000,000 for nine months was reported at 2½ per cent on a block of high-grade dividendpaying stock. rowards the close of the month the preparations for the July interest and dividend disbursements exercised a very slight effect, and the quotations then were 1 per cent for thirty days, 2 per cent for sixty day:'!, 2½ per cent for oinety days to five months and 3 per cent for six to eight months. In commercial papAr the failure of a Jarge grocery house in the West, whose credit previously had been high, inlu0ed closer scrutiny of collateral than ever, and on account of the small supply of the best names and the very low rates at which these were selling some of the banks withdrew from the market. In the second week of the month a line of four months' commission house names of a very high grade sold at 2¾ per cent, In the last week ruling rates were 3 per cent for sixty to ninety day endorsed bills receivd.ble and 3½ per cent for four months commission house names. -Foreign Exchange, Silver, Etc.-Foreign exchange rates were firm at 4 88@4 88½ for sixty-day sterling bills and 4 89½ @4 90 for sight all through the month, except the last three days, when the market became slightly easier and one of the  RETROSPECT. · bankers reduced to 4 87½' and 4: 89 respectively. The gold exports were comparatively light in t:he second and fourth weeks, but heavy in the first and third weeks, the aggregate for the third week reaching almost eight million dollars. The net exports from the United States for the month were nearly ~2½' milJion dollars. The assassination of President Carnot produced a shock at the European financial centres, which, however, was only momentary. The Bank of England's stock of gold kept steadily rising and reached the altogether unprecedented amount of 89¼' million pounds sterling, the reserve of notes and coin rising to 80¾ million pounds. The Bank rate of discount continued at 2 per cent. In the open market the rate for sixty-day bills dropped to ¾ of 1 per cent. A strike of the coal miners in Scotland began the latter part of the month, involving nearly 70,000 men. The price of '3ilver did not :fluctuate much, The close was at 28~,4'd. JULY.-Ourrent liiventa.-The overshadowing event during July was of course the great strike of the railroad employees, referred to above as having begun towards the close of June. This led to disorders and riots, especially in Chicago, where railroad operations were brought almost to a standstill, and where during the height of the trouble an immense amount of property was destroyed. President Cleveland found it necessary to issue proclamations (see CHRONICL'E of July 14, page 44) commanding the rioters to disperse, and to 8end Federal troops to assert the supremacy of the law. This was in the second week of the month, and after that the situation improved very speedily. A review of the extent and duration of the trouble was given in the CHRONICLE of August 11, 1894, page 211, in the article on Railroad Earnings. The paralysis of business caused by the event is shown by the returns of railroad earnings at the time. Thus the Chicago & Eastern Illinois in the first week earned only $8,244 the present year against $93,648 in 1893 and in the second week $19,000 a~ainst $87,188, the Uhicat?o & Grand Trunk in the first week $6,555 against $75,008 and in the second week $22,965 against $78,690, and the Wabash in the first week $45,267 agq,inst $270,101 and in the second week $118, 74.1 against $256,239. It deserves to be noted that Debs and some of the other strike leaders were prosecuted for contempt of court in violating the injunction order issued July 2 by judges Grosscup and Woode and were on December 14.. sen enced to imprisonment -Debs for six months and the rest with one exception for three months. The other events the early part of the month were mostly favorable. The Senate on July 8 had passed the 'fariff Bill (the vote on it was 89 against 34) and it was supposed consequently that tariff legislation would be speedily completed; the bituminous coal miners had largely though not entirely resumed work, and the effect was seen in an immediate increase in the number of iron furnac-es in blast; the Agricultural Bureau had issued a very favorable report regarding the condition of the corn crop and it was supposed that gold exports had about come to an end. But tariff legis• lation proved to be far from settled, the conferrees on the part of the two Houses failing to agree, while the publication of a letter written to Chairman Wilson of the House Ways and Means Committee by President Cleveland, declaring in favor of the position of the House, gave to the discussions a very acrimonious turn ; then gold exports were resumed on quite a large scale, and the net Treasury holdings dropped to $54,975,607 at the end of the month; drouth was seriously impairing the condition of the corn crop ; the price of wheat reached a lower figure even than in May, selling down to 54½ cents a bushel here in New York; and finalJy we had the announcement of an o~er-statement of 7 million dollars in the earnings of the Atchison Topeka & Santa Fe Company. -Railroad Events and Stock Exchange Matters -D 1.1ring July business upon the Stock Exchange reached its lowest ebb. The bond sales aggregated only $16,461,000 and the F.-hare Eales less than three million shares (2,803, 736 shares), being in both cases decidedly the smallest total of any month of either 1894 or 1898. While the bond sales were small, the best issues commanded improving prices; some of the poorer grades sold off, notably the Atchison issues, which declined on the unfavorable developments in connection with the property. Burlington & Quincy sold down from 77.¼ on ·the 5th to 72% on the 30th; St. Paul declined from 60¾ on the 5th to 56¾ on the 30th. and Rock Island sold at 68¼ on the 16th and at 63% on the 31st. Sugar touched its lowest point (94¼) July 9 and its highest (105¾) July 24, the closing July 81 being at 108%, During the month default was made on the bonds of the Toledo Peoria & Western; the East Tennessee was sold at foreclosure sale; the Baltimore & Eastern Shore and also the Montgomery & Eufaula were ordered sold; and the Wheeling & Lake Erie passed the dividend on its pre• ferred stock. -TM Money Market.-Notwithstanding the further outflow of gold, the cash holdings of the banks were not greatly changed, and money continued a drug. At the Stock Exchange there was no deviation from the stereotyped rate of 1 per cent and at banks and trust companies the figures were 1@1½' per cent. While on the one hand the embargo which tbe railway strike put on business restricted the demand for hCcommodation in the early part of the month, on the other hand later in the month the tone of the market was influPnced somewhat by the withdrawal by merchants for use in their business of deposits which they had been keeping with the trust companies for the small amount of interest received. This movement took some of the trust companies out of the market, and a few of the large banks also withdrew from the   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  market for time loans because of drafts from their Southern correspondents. . In these ways the supply of loanable funds was somewhat lessened, but as the demand was only fair, rates were not affected. The ruling quotations were 1 per cent for thirty days, 1½ per cent for sixty days, 2 per cent for ninety days to four months, 2½ per cent for five months and 3 per cent for six to eight months. In commercial pa.per there was a somewhat better supply, caused by the fact that a few branches of business were showing a little activity. The rate was generally 8 per cent for sixty to ninety-day endorsed bills receivable and 8 to 8½ per cent for four months' commission house names, with the latter¾ per cent higher in the last week of the month. -Foreign Exchange, Silver, &c.-The foreign exchange market was influenced somewhat by the interruption in the movement of staples to the seaboard caused. by the strike at Chicago and in that vicinity. The gold shipments were small in the first and second weeks, and it was then supposed the movement had terminated for the season, but in the third week over three million dollars went out and in the fourth week over five million dollars. The net exports from the United States for the month were 12,801,000. Rates for sterling were firm at or about the gold-export point all the month, but the changes by the different bankers were somewhat iITegular. Thus Brown Brothers & Co. quoted 4 87½ for sixty day bills and 4 89 for sight until the 23d when they made an advance of½ a cent to 4 88 and 4 89½ ·respectively. On the other hand Baring, M&.goun & Co. quoted 4 88 and 4 89½ until the 11th, when they reduced the sight rate to 4 89 and then made no further change until the 30th, when they quoted sixty day hills at 4 88½ and sight at 4 89½, In Europe continued ease ruled at all the leading monetary centres. Tbe price of silver in London was quite steady, the quotation July 31 being 213 13-16d. per oz. against 28;!id, June 30. AUGUST-Oun·ent Events.-In this month the long-continued tariff stru~gle was very suddenly brought to a close. In the early part of the month the conflict between the two Houses of Uongress increased in bitterness and intensity, and the prospects of an early settlement did not appear bright. But all at once the House conferrees seemed to realize that there waR danger of no tariff legislation at all, so on the 13th of the month, on their recommendation, the House by a vote of 181 to 105 accepted the Senate Bill without change. The house subsequently passed bills putting sugar, coal, barbed wire and iron ore on the free list, but they never stood much chance of receiving- the support of the Senate. The President allowed the bill to become a law without his signature, and it went into effect on the 28th of the mouth. ConO'ress adjourned on the same day. While the contest was still pending there were some developments of an unfavorable nature. The gold halance in the Treasury dropped to $52,189,500 on August 8, the lowest figure of the year, and also the lowest point reached since the resumption of · specie payments in 1879; the accounts regarding the condition of the corn crop were exceedin~ly unfavorable and the price of corn advanced, so that we had the uniqu~ spectacle of corn selling above wheat, a condition which continued from the 6 rh of August ~o the close of the month and for a long time thereafter; and m the early part of the month there were also some further shipments of gold. But with the passage of the Tariff Bill the situation changed. The indications of improvement in trade previously noticeable to some extent became much more manifest; the gold exports ceased, the rates of foreign exchange d~clined and the Treasury gold balance once again began to mcrea"8e, though only very slowly, having recovered to $55,216. 900 by the close of business on the 31st. The effect of the enactment of the Tariff Bill was also to enlarge very greatly Government revenue in August, so that for the first time in many months Government receipts were in excess of current disbursements; the month closed with merchants' agents stumbling over one another in a scramble to take goods out of bond. It remains to be added that bank clearings and railroad earnings both showed an increase over a year ago in tbe last weeks of the month. One unfavorable feature was a. strike August 20 of the op3ratives in the cotton-manufacturing establishments at New Bedford 1 Mass owing to a reduction in wages and a shut-down of the mil1 8 a t Fall River on the 23d for the same reason. (See CHRONICLE of August 25th, page 339.) -Railroad Events and Stock Exchange Matters.-At the St?ck Exchange there was considerable activity at risinO' prices, and the tone was buoyant, notwithstandinO' the poo~ 0 reports regarding the condition of the corn crop. The share sa~es on the Exchange slightly exceeded 5,000,000 shares, bem_g the largest aQ"gregate of any month of the year. Durmg the las~ few days of _the month, however, there wa~ some reaction from the highest prices. Burlington & Qumcy sold at 70 on the 7th and at 79¾ on the 27th, closing at 77¾ on the 31st. St. Paul advanced from 56½ on the 1st to 66½ on the 27th, and closed at 65¼; and Rock Island rose from 62½ on the 7th to 69,% on the 24th. and closed at 65¾. Sugar stock on the passage of the Tariff Bill jumped from 102 on the 2d to 114½ on the 21st but dropped back to 104,¼ at the close of the month, Distilling & Cattle Feeding stock !lftez: ~ising with the rest of the market, broke badly on th~ mab1hty of the company to negotiate a loan to take whisky out of bond. The bond market also was active and there was confident _buying both_ on foreign account and' at home. Not only the mvestment issues but the speculative issues were 0  r  RETROSPECT. in demand, and in many cases very decided advance in price were made. The aggregate of bond sales at the Stock Exchange was $35,726,800, being, next to .M:arch, the largest of anv month of the year. During the month the Minneapolis & St. Louis reorganization plan was adopted and the subscription of the syndicate completed ; Mr. J. W. Reinhart resigned as President and Receiver of the Atchison and Mr. Aldace F. Walker was appointed one of the receivers in his place; the Louisville Southern and the Georgia Pacific were both sold and acquired by the new Southern Rail way, and the Baltimore & Eastern Shore road and the Baltimore & Lehi~h were also sold; the Jacksonville Tampa & Key West was decreed to be sold and a new decree was entered by consent for the sale of the Pittsburg Akron & Western. -The .Money Market.-Money was in a little better demand, owing to the animation on the Stock Exchange and the increased activity in trade circles. There was, however, no cliange in the rate for bankers' balances at the Stock Ext:hange, all the transactions being at the uniform figure of 1 per cent. Banks and trust companies loaned the early part of the month at 1½ per cent, with some exceptions at 1 per cent, while the latter part of the month 1½ per cent was the minimum and some banks obtained as high as 2 per cent. For time money the quotation was 1 per cent for thirty days at the beginning of the month and 1½ per cent at the close. Rates for lon~er periods were also a little firmer, the quotations at the close being 2 per cent for sixty days, 2½ per cent for ninety daJ s, 3 per cent for four months, 3½ per cent for five mc.,n'ths and 3½@4 per cent for six months or longer dates. Commercial paper was in somewhat better supply, but many of the banks were out of the market, refusing to accept paper below 4 per cent and preferring to wait until they could obtain that figure, Ruling rates were generally about ¼ better at the close of the month, when the quotations were 3@3¾ µer cent for sixty to ninety-day endorsed bills receivable and 3½@4 per cent for four months commisEion house names. A law was passed in this month subjectinl? United States notes 10 taxation under State laws. (See CHRONICLE of Octobe1 27. page 725.) -Foreign Excltange, Silver, &c.-The foreign exchange market sharply declined during August and gold exports practically ceased after the first week of the month. The fall in rates was 1½@2 cents a pound, and posted rates were 4 86~4 87 for sixty day sterling hills and 487½<ro488 for demand on Aug 31, against 4 88@4 Sb½ and 4 89@4 89½ respectively on Au~ust 1. The break was owing m part to the purchase of securities on foreign account. in part to a better supply of commercial bills in anticipation of future exports, and tbe Tariff Bill was also an element inducing weakness. Abroad money rates further declined, and the stock of gold in the Bank of England increased to almost. forty million pounds sterJing-£39,886,099-the largest figure of the year and also the largest in the Bank's history. The reserve of notes and coin reached the unprecedented figure of £31,306,054. There was no change in the official minimum of the Bank (2 per cent), while the open market quotation remained at about 9-16@% of 1 per cent. At Paris the open market rate got down to 13-16@½ of 1 per cent, or lower even tnan the figure reached the previous April, referred to above. The silver market developed con• siaerable strength on the expectation that the war between China and Japan would cause a demand for the metal. The price advanced from 28 13 16d. per once on July 31 to 30¼d. August 25, the close August 31 being 30 5-16d. S~l'TEl\1BER.-Ourrent Events.-The report or tne A~r t cultural Bureau on the condition of the corn crop, issued the 10th of September, was exceedingly depressing, g,g it made the general arnrage for the whole country only 63 4 a~1tms 1 95 in July, while for Kansas the condition was given as only 46, for Iowa 40 and for Nebraska but 15. Destructive forest fires in the West were also an adverse feature. Nevertheless there was a very J;>OSitive revival in business, and the general feeling was that now that tariff uncertainties had been removed there would be a steady improvement in trade, even though the crops bad been an almost complete failure in certain districts. In the dry goods trade the signs of increased business were very decided. and an auction sale of silks (the largest on record) we11t off at prices tbat were considered ~ery satisfactory. The price of print cloths, which August 10 bad been 2% cents per yard, rose to 3 cents per yard, while at the same time stocks were very greatly diminished-a result, of course. in part due to the stoppage of production caused by the labor troubles at New Bedford and Fall River. In the iron trade production was steadily expanding ; against a weekly production of only 62,517 tons of r,ig iron June 1 (during the period of the coal strike) the production September 1 was 151,113 tons and October 1 159,729 tons. In fact evidencfs of increasing business activity were manifest in everv direction. The recovery was aided by the fact that the foreign exchange market was weak, and that instead of gold exports there was now talk of gold imports, and also by the steady accretions in the Treasury gold holdings, which had been raised to $58,875 317 at the end of busineiIB on September 2~ againet $55,216,900 August 31, Government revenues in Sept em her foll much below those for August, and Treasury disburstrnents again exceeded the receipts, but this had been in part expected and was felt to be incidental to the tariff changes and gave no uneasiness. A renewed drop in the price of whfat was an unfavorable though not a new feature, and the reduction of the quarterly dividend of the Rock Island   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  g  road from 1 per cent to½ of 1 per cent was of course directly connected with the poor crop situation. -Ralroad Eve:nts and Stock Excltange Matters.-On the Stock Exchange prices were pretty well maintained in the early part of the ·month but later there was a general decline. This was not due to any change in the trade situation. In part it was a natural reaction after the previous advance, in part it was due to the fact that temoorarily some of the roads were showing considerable losses in income owing to the fact that they were comparing with the period of the Fair last year, and in part it was attributable to the fear that because of the poor crops the Western roads would only have meagre earnings for some time to come. and that the experience of the Rock Island in having to reduce dividends might have to be repeated in other cases, Tae course of the market was also infl.ut>nced by the break in the industrial stocks and especially by the decline in Sugar stock, which dropped from 106½ September 5 to 88¾ September 28, under the large accy.mulation of stocks of sugar imported before the new tariff went into effect and which were weighing heavily on the market, and the prospect of an immense yield of beet sugar in Europe, and likewise intimation that Congress at the December session might be expected to repeal the differential duty on refined sugar, Burlington & Quincy sold at 78¾ on the 5th and at 72¾ on the 25th, which was also the closing price September 29; St. Paul sold at 67.% on the 6th and at 63½ on the 29th, and Rock Island ranged between 66¾ Sept. 5 and 60.% September 21, the close being at 60½. The aggregate share sales for the month on the Stock Exchange were a little over four million shares, of which the transactions in the industrial stocks formed a large part. The Fales of bonds amounted to $26,213,950. The movement of prices in bonds was somewhat irregular, the inferior issues as a rule declining with the course of stock prices, while the high-grade issues. being in active demand and poor supply, were maintained at the best figures, During the month the Earle-Olcott plan of reorganization of the Philadelphia & Reading was made public ; a plan was also issued for the Georgia Southern & Florida; and the Louisville New Albany & Chicago authorized $1,000,000 equipment bonds. -The Money Market.-Money began to move rather more freelv to the West during Seprember, and the tone of the market hardened a little in consequence. But rates did not chan~e materially. At the Stock Exchange bankers' balances still loaned at 1 per cent on call, while at banks and trust companies the call loan rate remained at 1½@2 per cent. On time the feature early m the month was the very liberal offerings for short dates and a disinclination to loan for periods extending far beyond the new year. The rates the first two weeks were 1½ per cent for thirty days, 2 per cent for sixty days, 2½ pt>r cent for ninety days, 3 per cent for four months and ~@3½ per cent for five to six months; in the third week the rate for the latter period was 3½@4 per cent; in the last week the offerings by institutions other than banks were very large, and rates then were 2 per cent for from sixty days to four months and 3 per cent for five to six months or longer periods. Commercial paper was in poor supply, notwithstanding the more active state of trade. Rates were 8@3½ per cent for sixty to nmety day endorsed bills receivable and 3½@4 per cent for four months commission house names. During the month a change was made in the Treasury regulations regarding the shipment of small notes by express for the banks at Govern• ment contract rates, as set out in the CHRONICLE of ~eptember 8th, page 390. --.£foreign Exchange, Silver, Etc.-During the early part of thA month the foreign exchanKe market was very weak and rates dropped about as low as at any time during the year, the posted figures for sight sterling of one of the bankers being on the 6th only 4 86½, Later, however, the market grew stronger and the same firm quoted sight at 4 87½, Dearer discounts at the Continental centres were in part responsible for the advance. There was quite a drain on London for gold for these Continental centres. and the Bank of England's stock of gold was reduced from the high total attained at the end of August. The serious illness of the Czar induced a desire on the part of some of the governments to add to their gold holdings. The price of silver declined becatLse of the failure of the demand for China and Japan, expected as the result of the war between the two countries. The prbe September 29 was 29 3-16d. per oz. against 30 5-16d. August 81.  OCTOBER-Current Events.- While trade revival in Octo- her was not checked, some unfavorable developments ma.de the progress slower that it otherwise would have been. The foreign exchange market again became very firm and rates advanced to the gold-shippinl( point; the Treasury ~old holdings increased somewhat further, standing at $61,361,827 October 81, against $58,875,817 September 29, but Govemmeot revenues were proving very small and Government disbursemenUJ very heavy, so that the available eash was d.iminishedover 12½ million dollars during the month, and as a consequence the national finances were again givinll; occasion for uneasiness; then the price of cotton kept declining, getting down to 5 3-16c. a pound towards the close of the month; at the same time the Baltimore & Ohio reduced its dividend and railroad earnings were showing large losses from 1893 in many cases~ as comparison was with the heavy Fair travtl of last year; in Europe there were rumors of complicatiocs between the leading Powers, and the health of the Czar of Russia was causing grave apprehensions; besides this, the canvass 1  10  RETROSPECT.  for the November t:lectione was exciting more interest than usual. to that extent interfering with business. A favorable feature was the starting up of the millB at Fall River and New Bedford (CHRONICLE of October 20, page 668.) Furthermore, as evidence that business con• tinued to improve notwithstanding these various draw• backs, we have the record of the further extension of pig iron production, the number of furnaces in blast having increai::ed during the month from 172 to 181, and the weekly capacity from 151,135 tons to 162,666 tons, this latter being the largest product shown in any monthly statement since June 1 of the previous year; at the same time stocks of iron on hand were reduced. During the month the loans of the New York City Clearing House banks reached the unnrecedented amount of 500 million dollars, while the difficulty of employing money at even the very lowest ratfs led the banks to make endeavors to secure concert of action towards reducing the rate of interest allowed on deposits of out-of-town banks to 1 per cent-see CHRONICLE of October 27, page 716; cjuring the month also a plan for a new bank-note currency was adopted by the Baltimore Convention of BankPrsCHRONICLE of October 13, page 622, and CHRONICLE of October 27, page 718. -Ra ·lroad Events and Stock Exchange Matters.-The feature during the month at the Stock Exchange was the attack on the anthracite coal properties, based on the unsatisfactory condition of the coal trade. Central of New Jersey dropped from 112½ to 90½ . Delaware Lackawanna & Western from 171% to 155¾ and Delaware & Hudson from 134 to 119~{; a reco\'ery of 8._g4 points from the lowest points took place before the close of the month. NPw York Central also was at• tacked, and sold at 97¾ on the 30th against 100½ on the 5th. Most of the other active railroad stocks, while having fluctuated more or less, show relatively small changes for the month comparing the opening with the closing prices. The rndustrial stocks were irregular, Sugar selling at 88¾ on the 1st, at 80¾ on the 9th and at 84¾ on the 31st. The share sales for the month amounted to ooly 3,882,376 shares, and over a million shares of tlus represented transactions io Sugar stock. The bond sales reached $25,617,500, and prices of the best bonds continued to command improving prices. During the month the Wabash sold to a syndicate of bankers $8,000,000 of its first mortgage bonds (deliverable in July and September 1895) to take up bonds maturing in 1895 ; the Grand Rapids & Indiana defaulted on the interest due October 1 on the unguaranteed bonds, and the Duluth & Winnipeg was placed in the bands•of a receiver; Southern Railwav stockholders authorized the new mortgages; the Minneapolis & St. Louis, the Macon & Northern and the Pittsburg Akron & Western were sold at foreclosure sale ; Coffin & Stanton failed with heavy liabilities ; Northern Pacific receivers were ::iuthorized to issue $5,000,000 receivers' certificates, and New York & New England receivers S684,629; Cincinnati Jackson & Mackinaw securities were purchased by partiP-S interested in Lake Erie & Western; the Chicago & West Michigan, being unable to pay maturing coupons, proposed a funding plan ; United States F.xprPsA Company decided to pass its November dividend and the Pittsburg Cincinnati Chicago & St. Loms failed to declare the usual dividend on its preferred stock; the Reading receivers were authorized to make the payments called for by the Earle-Olcott reorganization plan; the Ohio Southern leased the Columbus Lima & Milwaukee, and the Lexington & Eastern succeeded to the property of the Kentucky Union sold in foreclosure. -The Money Market-There was a slacking up in the demand for currency irom the interior in October, and the offerings of money from aJJ quarters were so liberal that the market became utterly demoralized. Bc1.nkers balances at the Stock .E.xchange, which had so long ruled at 1 per cent, dropped to only ½ of 1 per cent, and at banks and trust companies the rate was reduced to 1 per cent, with some of the banks loaning even at the Stock Exchange rate. We have referred above to the increase in loans to above 500 million dollars, and the steps taken by the banks to reduce the rate of discount allowed on out-of•town bank deposits. For time contracts the demand was very light, witb the offerings abundant. Rated at the close were 1½ per cent nominal for thirty days, 2 per cent for sixty days to four months, 2½ per cent for fi. ve to six months, and 3 per cent fo" seven to eight months on good Stock Exchange collateral. The commercial paper market shared in the general demoralization of rates, and quotations for sixty to ninety day endorsed bills receivable dropped to 2½ @2¾ per cent, and fo1 four months commission house names to 3 per cent. -Foreign Exchange, Silver, &c.-On the 3d of ·October there was a sharp fall in English consols in London on rumors of impending trouble between France and England, which sub• sequently proved to be unfounded. But neither this nor the steady reduction of the Bank of England stock of gold by the drain to the Continent. nor the news that the Czu was dying, nor the resignation of General Caprivi in Germany~ had any fffect upon the open market discount rate in London, which did not vary much from ½ of 1 per cent throughout the month The foreign exchange market was firm and higher, and a small shipment of gold was made to thP other side. The strength was said to be due in part to an inquiry to cover sales of bills made in expectation of lower rates. Posted figures for sterling were l@l½ cent per pom d higher at the end of the month than at the beginning-tl at is, they were 4 87½ for sixty day bills and 4 88½ for sisht October 31, against 4 86@4 86½ and 4 87@4 87½ res1 ect1vely October 1.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The price of silver in London held remarkably steady, and the close at the end of October was preci8ely the same as at the end of September, namely 29 3-16d.  NOVEMBER-Current Events.-The two leading events in November were the elections and the issue of another fifty million dollars of Government bonds. The elections were so decisive and overwhelmmg in their results, so emphatic a popular condemnation of Populist notions and of the free siker craze, and of everything that is bad and objectionable in government-that they were, not without reason, regarded as marking an important epoch in our national affairs. They had an immediate etft ct in stimula.ting business and in promoting confidence. The bond issue also had the effect of promoting confidence. There was nothing exhilarating of course in a state of Government finances and revenues necessitating a resort to borrowing, but in this cru;e the event was hailed with satisfaction as renewed evidence that the credit of the nation would be preserved and gold pay men ts maintamed. Not only had the Treasury gold holdings begun to fall off again, but owing to the small receipts and the heavy ou~~oes the available cash balance wa..Q getting down to very diminutive figures. Intimations of the proposed loan first came a day or two after the election, but were not then sufficiently authentic to gain credence. The circular inviting proposals was issued Nov. 13, and fixed November 24 as the date for the opening of the bids. It was published in the CHRONICLE of Nov. 17, page 859. The loan was a great success, 487 bids being recei ved for an aggregate amount of $178,341,150. The whole fifty millions of bonds was awarded to the Stewart-DrexelMorgan syndicate at 117·077 and accrued interest; for names of bidders and particulars regardiog the subscriptions anll payments we must refer the reader to the CHRONICLE of Dec• ember 1, page 950, and December 22, page 1084, The necessity for the issue appears from the fact that the available ca.sh balance of the Treasury on November 27 (just before the proceeds • of the bond sale began to count in the Treasury assets) stood at only $99,606,765 and the net gold at but $57,784,439. The sale netted the Government over 58½ million dollars, and as a result the gold holdings the next month (Dec. 5) rose to 1111, 142,021 and the cash balance (Dec. 10) to $156,424,066. Prior to the date fixed for the opening of bids, when intending buyers were making arrangements for securing the ~old with which to pay for the bonds, one or two sales of gold at a premium of a trifling fraction were recorded, but they had abso• lutely no significance as the ~old could have been obtained at the Sub-Treasury in exchange for notes without the payment of any premium. The effect of the success of the loan on trade and business, as already said, was very beneficial, especially cominl! after the elections, which bad also acted to revive industrial activity. Another gratifying feature was the decision in the United States Circuit Court at Omaha de. claring the rates fixed in the Nebraska Maximum Freight Bill unreasonable. On the other band developments were not all of a favorable nature. The grain movement because of the poor crops was proving very small, and some of the Western roads were as a consequence suffering v~y h eavy losses in earnings. The pnce of cotton touched a slightly lower figure even than in October, namely 5¼ cents per pound for low middling uplands, though there was a recov· ery to 5% cents by the close of the month. Then two very promint nt roads were obliged to reduce their dividends-the Chicago & North Western from 3 ner cent semi•annual to 2½ per ~ent and the Burlington & Quincy from 1¾ per cem quarterlv to 1 per cent The death of the Czar on the 1st of tbe moo.th had no influence he,re ; nor did the d1Scovery of a defalcation of $354,000 in the National Shoe & Leather Bank have any effect on the general ~ituation, as a Ql~aring-Ho_use committee reported the bank m sound condiuon, no withstandmg the loss. The deficiency was made good the next month by an 8.8sessment on the st"ckholders. -Railroad Events and Stock Exchange Matters.-In the early part of the month, and especially after the elections, when forf'ign exchange weakened and there was some buying of our securities for foreign account, the stock market was strong and higher, and the bond market was ~uoyant; but later in the month, under the poor returns of earnmgs by some of the Western roads and the reduction of the dividends of North West and Burlington & Quincy, the market became weak and prices for stocks and also for special issues of bonds declined. Burlington & Quincy opened at 72¼, sold up to 76½ on the 10th and dropped to 68¾ on the 30th; St. Paul from 60¼ on the 1st sold up to 64¾ on the 10th and dropped to 57½ on the 30th; Rock Island from 60 on the 1st ad• vanced to 65½ on the 10th, and sold back again to 60½ on the 30th. The industrial stocks were all weak, and reached their lowest figures on the last day of the month, Sugar having declined from 96½ on the 12th to 83¼ on the 30th. The aggregate .sales of stocks for the month on the Stock Exchange reached 4,545,896 shares, and the total of the bond sales was $32,777,000. During the month application was filed for a receiver of the Chicago & Southeastern (of Indiana); the proposition for the municipal construction of a rapid tramit road in New York City was adopted by a vote of the people ; the security holders in London of the New York Pem,sylvania & Ohio approved the plan for a nconstruction of the company and for a modification of the lease to the Erie ; the St. Louis Alton & Terre Haute carried through a plan for retiring its dividend bonds and pref erred stock ; an offer was made for the purchase of the Indianapolis Decatur & Springfield in the interest of the  RETROSPECT. Lake Erie & Western ; a receiver was appointed for the Georgia Midland & Gulf ; plans were submitted for the reorganization of the Chicago & Northern Pacific, the Omaha & S t. Louis and the Cincinnati Jackson & Mackinaw; the Illinois Central made a prooosition for the purchase of the ,outstanding Cedar Falls & Minnesota bonds ; the Chicago & Alton purchased a controlling interest in the stock of its leased line, the Louisiana & Missouri River, the Detroit Bay City & Alpena was sold at foreclosure and bid in by Drexel, Morgan & Co.; bondholders of the Valley of Ohio undert ook to turn control of the road over to the Wheelini;c & Lake Erie, and all the receivers of the branch roads of the North-ern Pacific werP discharged in the interest of economy, -The MoneyMarket.-In tbeearlypart of November, before the bond subscription, the money market remained excessively weak, but even then there was a pretty general return to the rate of 1 -per cent for bankers' balances against the previous ·¾ of 1 per cent. Later in the month, while the payments for the bond purchase were in progress, the rate at one time advanced to 3 per cent, though the close was at only 1½ per ,cent. At banks and trust companies 1 per cent was the ruling figure most of the time, but at the close i:;ome small .amounts were placed at 1½ per cent. For time money there was very little demand, bui; rates hardened the last week of the month under the payments into the Treasury, Quotations then were 1½@2 per cent for thirty days, 2½@3 per cent for sixty days to four months and 3@3½ per cent for five to six months. Rates for commercial paper also hardened as a result of the Government bond proposal. Nevertht--less a sale -0f seven months' single-name paper was reported on the 28th at 3 per cent. Ruling figures at the close were 2¾ @3 percent for sixty to ninety day endorsed bills receivablt~ and 3@3½ per cent for four months commission house names. -Foreign Exchange, Silver, &c.-The foreign exchange market was easier in the early part of the month, and after the issue of tbe Treasury circular inviting subscriptions to the Government loan, a consignment of £200,000 gold from London for New York was reported, which however was not justified by the rates for exchange. On the 26th (after the large subscriptioc.s on the 24th) the market became semipanicky, it being then assumect that some of the bonds would be alloted to European bidders but when it was announced ,chat the syndicate bid was the successful one the market recovered , and the close on th~ 30th was quite strong, Posted l'ates on that day were about one-half cent higher than on the 1st for sight sterling, but "ubst;&ntially unchanged for sixty-day sterling-that is, rates were 4 87@4 87½ for sixty-day sterling and 4 88½ •ij4 89 for sii;cht, against 4 87½ and 4 88½ respectively. l'be Bank of England continued to lose large ~mounts of gold , and the rate of discount in the open market advanced from¾ of 1 per cent to 1«)1¾ per cent. Silver weak,ened under tne small demand for the East, the price being 28 9-16J. November 30 against 29 3-16d, October 31. It was announced during the month that some of the principal drawers of exchange had agreed after January 1 not to issue sixty or seventy-day bills on Lonqon in triplicate any longer  DE0 E~BER.-Cur1·ent Events.-In this month large gold exports again vroved a disturoing- feature. As stated above, after t he bond sale in November the Treasury gold holdings very rapidly increased untilon December5t~they:amounted to $111,142,021. After that, however, a decline began, At first the loss was small, but later it began to assume large dimensions, and at the beginning of business on Januarv 2, 1895, the total had been reduced to $86, 244,445-a decrease of about 25 million dollars. The falling off was due not alone to the resumption of gold exports on a ~rge scale but also to withdrawals by subscribers to the Government bond issue who had borrowed the gold with which to PllY for the bonds and who now wanted to return it, It is noteworthy that there was no corresponding diminution ln the available cash balance of the Treasury, which was drawn down only from $156,424,066. (on the 10th) to $153,337,579, indicating that Government revenues were according very closely with Government disbursements. The meeting of Congress and the proposition for a new bank-note currency submitted by Secretary Carlisle were important events of the month. Mr. Carlisle's plan was favorably received so far as its general obJect was concerned, but was sharply criticised as regards that feature of it which proposed to compel the banks to sen the Government bonds held as security for the existing banknote circulation. It is claimed that this had the effect to weaken the price of Government bonds, and on the 27th it was announced that the syndicate which had purchased the 50 million of bonds in November had dissolved, with a portion of the bonds stiil unsold in the hands of the various members of the syndicate. (See CHRONIC-LE of December 29, 1894, page 1129.) The Committee on Banking and Currency reported the proposed measure to the HoUile of Representatives without amendment on Monday, December 17 (after having given public bearings on the proposition)~ but before the close of the same week Mr. Sprin~er, the Chairman of the Committee, offered a substitute bill leaving it optional with the banks whether to withdraw the bonds deposited for circulation or not, and also removing some other objectionable features, A favorable occurrence during the montb, as far as railroad interests are concerned, was the passage by the House of Representatives of,the Railroad Pooling Bill, by a vote of 164 to 110. The price of wheat ruled at a somewhat higher level in December than in 80me of the other months, fluct uating in New York around 60 cents a bul:lhel,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  11  but the visible supply of wheat in the United States kept steadily rising, and on December 22 was reported (according to the figures of the New York Produce Exchange) at the extraordinary total of 89 million bushPls. There was a very large auction sale of cotton goods (27,000 packages) on December 19, and while prices were in some instances below expectations, the reimlts were on the whole considered very satisfactory. The meetings of the directors of the Vanderbilt roads the latter part of the month resulted in the declaration of the usual dividends on Lake Shore and N. Y, Cent., but the Michigan Uent. and the Canada So, companies omitted the extra dividends ordinarily declared at this period. The failures of banks and others in Nt-wfounciland harl no effect here. -Railroad Events and Stock Exchange Matters.~Under the stimulus imparted by the success of the bond loan and the unequivocal declaration of President Cleveland in his message that all the powers of the Government would be used to maintain gold payments, thfl stock market showed a rising tendency the first half of the month, but the last half the market was weak and lower, the lar~e outflow of gold being one of the principal factors in the decline. Speculative is~ues of bonds advanced with the course of stocks in the early part of the month, while the higher-class issues were in good demand at full prices all through the month. The stock sales on the New York S tock Exchange amounted to 4,066,606 shares for the month; of the total about 1,700,000 shares were Sugar stock, in which the dealings were enormous. The bond ~ales amounted to $29,168,500. Central of New Jersey was quite weak on poor earnings, and declined from 94½ on the 14th to 87½ on the 28th, cloE1ing at 89%. LakP Shore on the other hand advanced from 133½ on the 1st to 133 on the 20th and closed at 134½ ex-dividend of 3 per cent, Burlington & Quincy rnld at 68% on the 1st and at 73½ on the 13th and cksed at 71. Rock Island ranged betw~en 60½ on the 1st and 64½ on the 13th and closed at 61 ¾, while St. Paul opened at 57½, advanced to 60¼ by the 14th and dropped to 56¾ by the 31st. Sugar stock sold at 82¾ on the 3d and at 94½ on the 14th, and, losP-d at 89%. Balli more & Obio was weak and sold down to 58.%, closing at 61. Duringthemonth1heUnited States Supreme Uourt denied the writ applied for by Isaac L. Rice to prevent the carrying out of the Readini;c reorganization; Mr. King declined re-election as President of the New York Lake Erie & Western, and a modification of the plan of reorganization of the company was announced ; the Oregon Pacific, the Pennsylvania Poull;hkeepsie & Roston and the Des Moines Northern & Western were sold at foreclosure, and orders made for the sale of the Savannah Americus & Montgomery, the Little Rock & Memphita, the Texas Western, and the Macon & Birmingham; the failure of the Detroit Lansing & Northern reorganization plan was announced; the Wilmington Chadbourne & Conway was sold, and bought by the Atlantic Coast Line; the Third Avenue (N. Y. City) RR. called a mE>eting to authorize an increase in stock from $7 ,000,000 to $9,000,000 ; the Manhattan Elevated was relieved of the payment of taxes on its personal property by a decision of the State Supreme Court; and the Cincinnati Jack.son & Mackinaw made default on the coupon due December 1. -The Money Market-As a result of· the payments for the Government bond purchase and the gold exports, the money holdings of the banks d~opped from $214,120,400on November 24 to $172,591,700 on December 29, and the surplus reserve from $66,027,600 to $35,268,850. This naturally had an effect in hardening the money market, but hardly more than to r. LB the rates for bankers' balances at the Stock Exchange, aul.l even there the quotation did not get above 2 per cent, while most of the time Joans were made at 1¾ per cent; banks and trust companies asked 1½@2 per cent, but in very few cases were they abletoobtainanyth1ng betterthan the lower rate. For money on time there was very llttle inquiry, though holders were indisposed to makP any concessions from the quoted figures, which at the close of the month were 2 per cent for thirty days, 2½ per cent for sixty to ninety days, 3 per cent for four months, and 3@3½ per cent for five to six months on good Stock Exchange collateral. Commercial paper was in poor supply but in urgent request, the rates being 2¾ @3 per cent for sixty to ninety day endorsed bills receivable (with s<m, ~xceptionally good names taken at 2½ per cent) and 3@a~ per cent for four months' commission house names. -J!'oreignExchange,Silver,&c .-Theforeign exchangemar-. ket was tirm during nearly the whole month, a.nd the gold shipments were large, reaching $1,250,000 the first week, $3,500.000 the second week, $4,000,000 the third week, but only $'i5il,000 the fourth week. Posted rates at the close were 4 88@4 88½ for i::ixty-day sterlin~, against 4 87@4 87½ at the heginning of the month, and 4 89½ for sight against 4 88½@ 4 89. In the middle of the month some of the bankers at ooe . time quoted 4 89 for sixty-day and 4 90 for sight. The demand · was chiefly for settlements incident to the close of the year. In Europe a Russian loan for £15,000,000 was subscribed for forty times over. The Bank of England lost further amounts of gold, in part to thA interior of Great Britain, and its stock : on Dect--mbH27,thou~h still large (being £32,547,478),was over . seven million pounds less than in August, when the highest point of the year had been reached. The Bank rate, .how. ever, remained unchanged at 2 per cent, wbile in the open : market the rate was no more than½ of 1 p er cent. ThA price i of silver declined sharply during i;he month, and the close : was at 27,¼d. against 28 9-16d. on Nov. 80. It was reported that l Japan had been sending considerable amounts of silver to : London in payment of purchases made, and that this was an important influence in depressing the price,  12  CLEAR.I GS AND SPECULATION.  OL.E.ARI.NGS AND SP.ECUL.ATIO.N IN 1894. The record of bank clearings for 1894 is an interesting and. an instructive one. Figures of clearings do not always accurately reflect prevailing conditions. In this case, however, they may fairly be taken as indicative of the many depressing influences at work during the year. For be it remembered it was not alone that bufliness interests went through a period of unparalleled depression in trade, but that the unsatisfactory state of Government revenues and Government finances and the doubts raised regarding the stability of our currency were peculiarly fatal to large financial undertakings and negotiations, and furthermore that besides a great falling off in the volume of trade and business as a result of the conditions ruling, prices were down to a very low ebb. In securities the shrinkage during the last two years has been, as is well known, perfectly enormous, while as to the prices of commodities these have dropped to extraordinary and in numerous instances to unprecedentedly low figures. The effect of course has been to intensify the depression in trade by reducing or wiping out the margin of profit to the producer and manufacturer, while at the eame time tending further to diminish the totals of bank exchanges. With wheat ruling here in New York a good part of the year at 55 cents a bushel, with cotton down to 5¼ cents a pound and print cloths down to 2-§- cents a yard, and with iron and steel products and various other articles and commodities selling at the lowest prices on re.cord, the effect on bank clearings was necessarily very marked. We are dealing with large totals, and the decrease in clearings, we need scarcely say, is measured by thousands of millions of dollars. Speaking definitely, the aggregate of the clearings in 1894 reached only 45,615 million dollars, against 54,309 million dollars in 1893, the falling off thus being 8,694: million dollars. The decrease is the more noteworthy since it follows an almost equally heavy contraction in the year preceding. ! n other words, there was a loss of 8,694 million dollars in 1894 after a loss of 7,800 millions in 1893, making for ·11· d 11 h th e t wo years a. 1oss of 16, 494 m1 10n o ars, t e tota1 at 45,615 million dollars for 1894 comparing w.ith 62,109 million dollars for 1892. E a.vpressed 1· n percentages the shrinkage was 12·6 per cent in 1893 and 16 per cent additional in 1894. In the following we present a comparison of the yearly clearings back to 1878. CLEARINGS,  Year.  New York Clearings.  1894=::- ,24,887,807,020 1893... .... . 81,2111,037,780 1892........ &\662.469,202 1891 •....... 88;,49,s22.21 1890.... ... 87,458,007,609 1889... ••. . . 35,895,104,905 1888........ a1,100,027,e21 1ss1.. . ..... ss,474,556,268 1886... ..... ss,676,829,612 188G ....... 28,152,201,886 1884....... so,985,871,170 1888........ 87,484,800,872 1882........ 46,916,955,031 1881. ...... 49,876,882,888 1sso•....... 38,614,448,223 1879•....• •. 29,285,678,829 1878........ 19,858,671,807  Per Ct· ClearIPer Ct. Inc. or lags Outside Inc. or Dec. New York. Dec.  Total Clearings.  -22 0 ,21.227,473.167 ~ $~5,615,280.187 -H'7 23,048,525,045 -9·4 M,3011,562,775 +8·6 25,446,93!1,002 +10·8 69,109,407,204 -9·9 22,009,1n,202 -0·8 56;:1s,41IB,414 +4·4 23,l~,831,892 +t4·2 60,623,989,501 +15·4 20,2S0.22a,092 +10·0 56,t7s,827,99i - ,·1 1s,«1,eo1.346 +4•3 49,541,1134,867 -0·6 17,672,972,82/1 +rn·2 51,147,529,094 +19·6 15,616,s91,606 +11·2 49,oos,721,~18 -9·1 18,821,889,708 +o·8 41,474,041,044 -17·2 1s,214,11s,618 -7·6 «,199,984,783 -20·2 H,297,171,924 +2•4 IH,781,472,796 -5·0 lS.962,286,579 --0·9 60,878,241,610 +27"0 14,09t,W6,361 +28"9 68,471,889,24~ +a2·1 11.s~.00.000 +n-t 49,989,848,223 +47·2 lt,290,800,ooo +16·1t 38,526,478,829 -6·7 '1,951),100,000 --IJ•2 97,818,771,307  Per Ct Inc. 01 Dec.  ---=iito -12·6 +9·o -6'4 +1•9 +1s•4 -8·1 +s·s +15·g -6·1  -14·e -15·0 -4·0 +lt7·0 +99·? +site -6"6  It will be observed from the foregoing that in  this city bank exchanges have not been so low.since the year preceding the resumption of specie payments in 1879. That certainly is a noteworthy and a very remarkable fact. The low total is in part owing to the small volume of Stock Exchange business, in part to the circumstance that a good proportion of the stock dealings on our Exchange do not appear at all in bank clearings now (being cleared by an independent method), but perhaps the main reason for the exceptional decline is found in the fact that at New York financial transactions are such an important factor in the results and that doubts regarding the financial situation have been very potent here in holding busineas and enterprise in check. Outside of New York, where in recent years there has been great growth by reason of the development of the country and the increase in the number of clearing houses, it is necessary to go back only to 1889 to find a lower total than for 1894. To show how the clearings compare for the different sections of the country and for the different quarters of the year, we subjoin the following detailed summary. It appears from this that for the 12 months the clearings for 1893 were lower than for 1892, and for 1894 lower than for 1893, not only for the country as a whole but for every geographical division, which is of course what we should expect, knowing how ,universal and farreaching the depression at work has been. But we also find that in no section has the decline been so great as at New York, where the falling off in the two years has been fully one-third, thus further emphasizing this city's position. A.s compared with 1893 the ratio of decline is 22·0 per cent at New York, 20 per cent fo:rthe Middle States including New York, but only 9·6 per cent for the New England section, 7·6 per cent for the Middle Western group, 9·2 per cent for the Pacific group, 8·1 per cent for the Far Western section and 4·2 per cent for the Southern group, the latter thus having done best of all. ---------,-------------,-Cleartnp Reported.  I  I  Flret Second Tblrd Fourth Quarter. Quaner. Quarter. Quarter.  (0008 omitted.) .  Total Year.  - --,- - , - - - , - - , - , - , f 1894. 5,ess,4t5 6,010.oa4 5,580.060 6,859,298 24,387,soi 1893. 9,879,oss M87,7211 6,192,6-12 6,7ot,6s7 '81,2t11,03s New York .............. ~ 1892. 10,046,731 8,862,701 7,891,057 9,861,980 :36,662,469  I  11891 ':",707,648 8,3-.8,129 8,204,134 9,489,416183,749,s22 ll800. 8,918,802 9,870,836 8,88.5,18b Y,783,7S2 87,458,608 1894. 1,120,785 1,211,75:· 1,171,825 1,385,502 4,889,865 lt:93. l,46~,693 1,40~,873 1 1 tl>3,0li7 1,10!-l,391 l>,~7,014  Total other MJddle .... 189~. 1,467,251 l,452,38tl 1,868.~35 1,552,871 5,840,851 { 1891. 1,238,602 1,267,868 1,260,667 1,876,Un 5,188,294 1890. 1,850,122 1,419,09( 1,371,752 1,425,879 5,566,S!S f 1894. 1893. Total New England. . . 1892. I }891. l 1890.  ~  1,197,956 1,517,491 1,890,805 ],806,"43 1,898,500  1,181,18~ 1,489,066 1,411,771 1,845,534 1,545,554  1,122,197 1.121.861 1,360,876 1,387,808 1,864,498  1,842,(52 1,277,828 1,58'3,588 1,469,206 1,610,559  4,848,893 5,855,746 5,7M,490 5,459,491 •  5,819,111  1894. 1,438,023 1,528,661- 1,508,208 1,686,856 6,161,254 1893 1,888.~03 ],8t2,119t< 1,853,23!> 1,583,8[)6 6,668,590  1i  Tot. Middle Western. 1892. 1,698,417 1,808,962 1,888,277 2,046,426 7,887,082 1891 . 1,436.254 l,589,283 1,618,501 1,802,504 6,..6,492 l1890. 1,807,750 1,526,SOe 1,556,176 1,653,779 6,044,218 18\14. 1893.  220,696 800,:fU £V5,860 290,075 228,029  284,28t 288,602 279,510 287,596 260,094  2li,295 202,139 801,009 809,297 290,704  257,202 :l32,765 822,674 828,247 801,234  929,477 1,028.847 1,179,053 l,2Ui,ill> 1,080,061  ll690.  891,662 549,055 494,886 402.000 412,625  419,222 532,499 516,821 444,862 !l81,969  405,109 828,627 538,752 458,2&> 478,302  481,67:i 486,907 626,545 552,at2 513,958  i.697,666 1,846,988 2,171,BM 1,857,s70 1,886,854  1894. 1898. Total Southern....... 1892. { 1891. 1890.  700,361 8M,339 783,864 141,oss ill,749  683,818 738,!l49 712,995 t1s9,< 90 650,411  600,840 498,723 682,397 62P,s9s 618.,460 .  814,769 798,829 937,752 822,048 787,631  2,7155,81S 2,876,!J40 8,117,008 2.ss2,071 2,768,~51  Total Paclflc... . ....... 189'l. { 1891. 1890. (1894.  I 1893. !1s91.  Total other•Western. ~ 1892.  t h e aggregate of a11 t h e G1earing houses the total for 1894: flsut. 11 ,018 ,898 11 ,218•997 10,6 r 5 •834 12,776 ,s51 45 ,615•280 at 45,615 million dollars is the smallest of any j 1808. rn,451>,1s5 14,788,911 10.8!9,184 12,215,m 5t,soo,l!as. · ] 885 At J" y k b th 1 • Total all. .... , ... i1892. 16,156,274 15,045,144 13,9i5,'a08 16,~2,7 62,109,40 year srnce . ew or , owever, e c earrngs ···· · · · 1801. 13,111.645 18,942,81"? 18.818,587 15.~:i0,92c, 66,11s,464 are the smallest of any year since 1878-that ir, in I \.isoo. 14,8a7,o77 1s,754,46214,5t\5,oso 15,976,s2100,62a,040   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CLEARI GS AND First Fourth Third Second Quai:_ter. Quarter. Quarter. Quart~r.  Clearings Reported. (000s omitted.) _  f1894. 1893  $  5.075,48'3 tl,576,722 ·_ <> ut s Ide N ew Y ork ... 11892 6,109,M3 1891. 5,410,002 l1890. 5,408,775  r·  1893.  Canada . .......... .... 1892. 1891• 1890•  ------$ I 5.208,963 6,301,185 6,182,443 5,594,183 5,883,d26  5,025,474 4,657,142 6,084,146 5,611,453 5,679,892  221,466 2!2,876 239,438 138,008 132,807  22~.968 242,321) 256,78l 153,722 145.914  215,512 250,008 231,131 118,29! 113,871  Total Year.  $ $ 5,917,535 21 ,227,473 5,518,476 28,0!8,525 7,070,806 25.446,938 6,:S50,504 22,969,U2 6,193,040 23,165 333  918,9:'>9 977,070 287,410 1,014,785 &!0,644 169,020 1185,0M U2,97i 256,018  .241),964  Figures for 1890 and 1891 cover only Montreal and Halifax.  A very satisfactory feature, when we examine the returns for the separate quarters, is that an improvement is shown to have begun in the closing portions of the year, where an increase is recorded over 1893 as against a heavy decrease in the earlier portions of the year. The improvement is no less welcome that it follows chiefly from the fact that in the corresponding periods in 1893 the losses had been extraordinarily heavy. But here again New York is at a disadvantage, for while all the other divisions show an increase over 1893 in both the third and the fourth quarters, at. this point the increase is confined to the fourth quarter. The improvement which occurred in the latter part of the year appears still more clearly when we examine the returns by months. In the first seven months there was a loss in each and every month varying from 36·9 per cent in February to 15·4 per cent in July, but in the last five months when comparison was with heavy losses in 1893 there was in each month an increase. The ratios of gain were relatively small, but reflect the change for the better in the busineas situation which began after the suppression of the railway strike in July and the passage of the Tariff Bill in August. Here, too, we may note, the gains were larger outside of New York each month. than for the whole country including New York. MONTHLY OLEARING8.  Olearinga, 7otal All.  .lfonth.  OteaNn,1 Outside New YOf'i.  --- ----• • ---1894.  January February March ..  1893.  P.Ot.  1894.  1893.  I  •  P.Ot.  4,053,566.086 5,951,834,162 -31'9 1,8•8,002,030 2,390,422,750 -21·0 3,206,654,400 5,082,399.965 -36'9 1,482,IIU,610 2,015,505,ld6 -264 3,754,675,808 5,421,490,519 -30'7 1,705,768,757 2,170,793,967 -21•4  PECULATION.  13  while having had losses in 1893, recovered more than the whole of these losses in 1894, making last year's totals larger than those for 1892. Our full detailed statement of clearings for all the clearing houses for 1894 and 1893 was given on the fl.rat page of the CHRONICLE of January 5, 1895 ; we have room here only for a few of the more prominent cities, in which, however, we extend the comparison back to 1891. The same table also· contains the :figures for December, the closing month of the year. For this latter period there are only three points (New Orleans, Milwaukee and Omaha) out of 21 which fail to record an increase over 1893 ; on the other hand, if we should take the returns for the whole 74 places from which we secure returns we should :find 20 that fall behind, indicating that the revival in trade had not yet made sufficient head way at that time to overcome local or special drawbacks, such as poor crops, low prices, &c. BANK CLEARINGS AT LEADING CITIES.  (000,000s 01nitted.)  New York ..• Chicago .••••. Boston....... Pb.iladelphla. Bt. Louis .••• Ban Fran'co. Baltimore ... Pittsburg ..• Cincinnati... Kansas City. New Orleans Milwaukee .• Louisville ..• Butta.lo ..••.• Detroit ..... Minneapolis. Omaha .••••• Providence .. Cleveland ... Denver...... St. Paul ..••.  ---December.·----.. ,--.Januar111 lo Dec. 1894. 1893. ld92. 1891. 18~4. 18~3. 1892. $ $ $ $ $ $ $ 2,336 2,215 3,602 3,259 24,388 31,261 36,662 493 371 424 4,315 4,677 5,136 387 419 4,148 4,578 5,005 474 368 386 290 3,060 3,403 3,Bl0 343 263 304 117 101 i.10 1,123 1,139 1,231 104 76 699 659 815 69 53 55 706 57 674 73 772 66 59 64 665 51 653 55 59 760 642 55 643 62 751 66 58 42 49 475 481 42 512 39 501 52 58 43l 58 508 71 329 22 224 32 40 366 20 310 323 26 27 29 391 37 204 21 220 17 196 18 17 323 24 26 30 363 34 289 42 309 43 438 332 28 29 2!) 295 295 242 19 22 22 289 289 21 2!4 23 25 29 2j 297 245 27 263 20 23 267 20 23 185 11 137 12 271 208 18-1 26 26 16 19  31.-~ 1891. $  33,749 4,457 4,754 3,296 1,140 893 736 679 668 460 515 320 357 164· 317 367 215 278 264 230 24.2  -- ------ --- -----------5,385 45,615 54,310 62,109 56,718  Total. ...•• 4,054 3,838 5,722 5,14142,963 51,517 59,142 54,101 2-l4 2,652 2,793 2,967 2,617 298 239 260 Otheroities.. Tota.I all ... 4,314 4,077 6,020 Outside N.Y. 1,978 1,862 2,418 2,126 21,227 23,049 25,447 22,969  We have spoken above of the small volume of busi, ness on our Stock Exchange. We print here the fol1st quar.. 11,014,895,794 16,455,7M,676 -33'0 5,076,480,397 6,576,721,883 -22·8 lowing table, which serves to give prominence to that April ...•.. 3,722,72.1,081 !l,953,076,416 -24·8 1,704,410,898 2,H.d, 726,582 -20·6 The share sales in 1894 reached only a 3,894,612,381 5,281,832,779 -26"3 1,801,476,972 2,226,858,438 -19'0 fact. May ..... .rune........ S,601,647,318 4,553,616,925 -20·9 1,703,067,084 1,927,720,466 -11·6 little over 49 million shares, which is less than the 2<1 quar ... 11,218,908,783 U,788,526,120 -2i'l 5,208,9M,949 6,300,800,486 -17·3 ----- ----- -- aggregate for any preceding year since 1878-that is, 6 months. 22,233,884,577 31,2U,280, 796 -28·8 10,285,435,346 12,877,522,369 -20·1 leas than for the last sixteen years. Moreover it must .luly . . . . . ... 3,515,091,648 4,lM.,453,009 -15·41 1,671,682,872 1, 761,0!6,138 -5"1 3,565,217,619 S,S60,d86,98i +5·7 1,693,598,26B 1,402,797,9!8 +20•7 be remembered that even of .this diminutive aggregate Anirust. September. 3, 525,183,428 8,835,081,036 +s·1 1,660,111,815 1,493,885,287 +11·1 - - - - ----- -- - - - - - - - - -- a good portion consists of transactions in the so-called 3d quar ... 10,605,442,695 10,850,871,029 -2·3 5,025,382,955 !,657, 729,313 +7'9 industrial stqcks, and particularly Sugar stock which 9 months 82,889,327,272 42,094.,651,825 -22·0 15,310,818,SOlll7,535,251,692 -12·7 October .... 4,288,999,598 !l,v8d,4 -;o,ss1 +e·3 2,007,489,621 . 1,807,114,992 +11 'l has been manipulated up and down for speculative purNovembo,. t,173,0M,6;8 <,101,682,01<1 +1'1 1,931,581,376 l,844,'i31,652 +4'7 poses. December.. 4,313,88~,d29 4,07d,858,8o5 +s·8 1,977,583,869 1,861,428,709 +6 ·2  ..  --  l  4th quar.. 12,775,952,915 12,2H,910,950 ,-4'6 5,916,654,866 5,513,278,358 +7·3  ---- - - - 54,309,56 -- - 16•0 21,227,473,167 23,0!8,525,045 - 7 9 2.77o ~ar ...... 40,615,280.187  NUMBER AND VALUE 0:1' SHARES SOLD AT NEW YORK STOCK EXCHA.NGE.  Year.  Stocks,* Av'ge  Values+  I  Stocks,•  Av'ge  Values+  Shares. Price (ap'roxim •te) Shares. Price (ap'roxim'te) Ye~. While it is true t11at every geographical division l 894 . ••. 49,075,03~ 64"2 $3,094,942,769 1884 ... 96,154,Y71 61·77 $5,989,500,000 records smaller clearings for the year 1894 than for 6133 .... 80,977,839 60·3 4,550,260,916 1888 .... 97,049,909 64·51 6,260,809,96 1893, it is not true that every one of the places in the 1892 .••• 85,875,002 68'G 4,874,014,262 1882 .•• 116,307,271 66'12 7,689,453,436 different groups records a loss. There are indeed 18 1891. ... 60,031,689 57'1 3,812,247,H9 1881 .... 114,511,248 71·59 8,197,506,408 poin~s which are able to show an increase in the totals, 1890 71,282,885 60'2 3,977,664,198 1880 •••. 97,919,009 69·60 6,819,086,0154 and these are worth enumerating, namely Binghamton, 1889 .... 72,0l4,600 61·0 4,059,231,801 1879 .... 72,765,762 56•85 4,186,538,570 N. Y., Cincinnati, Columbus, 0., Peoria, Indianapolis, 1888 .... 65,179,106 62·5 8,589,519,143 1878..•. 39,875,593 54•10 2,157,26\i,581 Canton, 0., Salt L1.ke City, Los Angeles, K13.nsas City, 18Bi .. 84,9t4,616 61'1 J •--778,899 ,.,7.. .. 49,882,000 52'20 2,601,280,512 1886 .. .. 100,802,050 65·6 5,885,662,200 1876 .••. 39,926,000 53•40 2,182,050,488 uluth, Das Moines, Topeka, Savannah, Memphis, 1885 ••• 92,538,947 64·1 5,479,859,840 1875 .... 53,813,937 53•20 2,862,903,688 a.Has, Waco, Fort Worth, and Jacksonville, Fla. Six ·•_T_h_e_s_h_a-1·es--'-o-f-s-to_c_k_s_w.;._e_t..;..ak_e_;f_r_o_m_t_h_e_re_c_o'""'r<i'--.1re-'--p-t_b_y_t_h_e_Ji.;._ou_rn...;.._a_;t_oJ nommeru for the years 1875 to 1884, inclusive; since 1885 the totals of these points enJ· oy the unique distinction of having are our own compilation. sales for the years 1875 to 1882, inclusive, are the increased their clearings in both 1893 and 1894-two t The valuesupofby The Public; the totals for the r~mainin~ years are ttgures mad1-1 years of great depression in trade and :finance; the our own compilations. The dealings were small all through• the year, and points are Binghamton, L1s Angei"es, D..1luth, Savannah, Dallas and Waco. Topeka and Fort Worth, there was only one month when the sales reached :five   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  14  LISTINGS ON N. Y. STOCK EXCHANGE.  million shares, while in 1893 there were but four that year is the largest which has been recorded for the months out of the twelve when they did not exceed last decade. five million shares, as will appear by the following. Owing to the fact that so many railroads and other ULss oF 8Tooss &.T T11ie NBw YoaK srocx zxoJUNGE. companies went into the hands of receivers during the financial crisis of 1893, and that in many instances re1894., 1898• .11ont1a. Numbe,r vaiuu. Number vaiuu. organiz!:l.tion plans were anticipated and several were of 8114ru. Par. ..tctuai. of Sharu. Par. ..tctuai. partially formulated early last year, it might reasonably -a a a a have been expected that the total listings of issues 619 63 5 082 520 257 328 270 10 083 961 551 825 05 648 12 .Jan... 4., ,4. • • • • • 964.· • ; • • replacing old securities would have been unusually Feb.... 3,173,527 "310,597,250 186,671,5::!6 10,742,925 886,587,950 566,749,9!5 March. 4,755,883 464.,925,ooo 2a1.100.us 1,390,694. 661,19;,100 4.53,4.32,812 large. Such doubtless would have been the case had lltqr 1U4!l,373 t,2:to,60u 7o 725,101.SM 28,717,580 2,518,886,871\ 1 •725, 830, 94. 5 the recovery of confidence and business activity been 4 0 651 896 288 500 219 3 822 6 27 083 591 037 880 380 697 818 April... 4.,808,808 - ~•· • • ·M • • 1. • • • • more speedy. But the long continued depression which May.... 4.65,310,050 3U,S63,706 8,972,4.85 856,148,250 4.66,085,607 June ••• s,395,727 886,156,4.00 289,451,481 4,823,997 4.M,188,600 258,852,214. has prevailed in all financial circles has not only been 2d qr. 12,229,1861,197,704,950 783,358,959 20,007,5151,901,s-:4.,230 1.100,635,oo, unfavorable for raising money to establish new enter., mos .. 124.,677,559 2,n8,309,120 1,508,400,518 4.8,785,095 4,420,261,105 2,826,466,639 prises but has also rendered it extremely difficult to July.... 2,803,736 277,262,850 190,975,817 5,895,187 574,371,700 322,593,4.74. . h th h b'l't · f t· l d · .t.uguat 5,o:u,810 498,373,650 sos.1s1,4o4 4,90S..629 483,743,200 260,571,015 accomp11s e re a 1 1 at10n o proper ies a rea y 1n Sept•••• 4,0M, 049 400 ,396,200 252, 698 ,930 4 •722•491 460 •653 ,550 2tl 2,471•819 existence. In face of the anticipation when the year 3~qr.11.002,5951,116,082,100 ?52,il2.15115,521.so11.618,768,4.5o M5,M2,888 opened, only one railroad reorganization scheme was 9 mos. 36,580,154 3,594.,34.2,4.20 2,260,872,664 64,306,402 5,939,029,555 3,6i2,108,977 carritJd through in time for the securities to have been Oct..... 3,882,376 883,1:ll,4.50 253,034.878 6,322,384 600,051,350 314,296,968 Nov ••. t,M5,896 u1,091,soo so2,10S,822 uss.255 529,0Si,255 1 328,456.633 listed in 1894:; hence the total amount of refunding oec .••. 4,06d,606I s97,294,850l 218,826,405 4.,890,798 ·t82,210,oso l 235,399,3s9 bonds listed reached but 1 92 , 782 , 000 . 4th qr. 12,4114_,878 1.221._533_,600 88t,010,10516,671,4.37 1,611,uo,650 878,151,939 Th' h b . d' . . • l 1s, as as een 1n 1cc:1,teu, 1s a surpr1smg y sma.ll Year•.• 49,075,082 4.,821,816,020 3,094,9t2.76~ so,977,oS91,050,440,2os 4,s50.260,916 amount when we consider the large number As regards business on the Produce Exchange, the of railroads which have for some time been in the 8ales of wheat options were a little larger in 1894 than hands of receivers. Tdrke the case of the New York m 1893; total grain sales, however, while in excess of Lake Erie & Western, for instance. Receivers for the previous year, were below the aggregates for other this property were appointed in July of 1893, recent years. Briefly, 1,475 million bushels were sold and a reorganiz11otion plan was presented on Jann 1894, 1,342 mill ion bushels in 1893, 1,585 million bushels in 1892 and 2,231 million bushels in 1891. uary 2 , 1894, but up · to th e present writing th e reorganization has not been effected and none of the IU,LB@o OF FLO-:J.k, WHEAT, ~C., AT NEW YORK PRODUCE EXCHANGE. new bonds have been issued. The Atchison, Northern [Two ciphers (00) omitterl frnm th~ fi~11re for Wb.eat, Corn. Oa.ts. Barle.v and Rye.] Pacific, Union Pacific, New York & New England., Louisville Evansville & St. L)uis, Western New York Oats. Barl'y Rye. Fleur. Wheat. Corn. Total. &Malt - - - - - , - - - - - - - - - - - - - - - -11- - - - & Pennsylvania, Cleveland Oanton & S:lUthern, and Bbu. Bush. Bwh. Bush. Bush. Bush. Bmh. 1t quarter, '9i 1,3:i2,8t5 288,001,0 85,~29.0 13,825,0 740,0 8.0 848,900,802 many other roads which we might mention furnish 1,1811,300 209,455,0 37,560,0 12,874,0 188,0 41,6 265,4.70,450 somewhat similar examples. .. '98 '92 971,875 800,SM,O 96,-112,0 20,750,0 487,8 759,6 518,685,838 Stocks make a much better showing. The listinge '91 1,114.460 316,200.'l 87,983,0 20,171.0 591>,5 'i".9 430,062,470 '00 1,04.5,575 249,891,0 112,527,0 36,167,0 6&J,6 154,0 403.630,687 which are classified under the head .of refun<iing are Id quarter, '94. l,42tl,850 415,214,0 35,333,0 15,523,0 60,0 1,0 472,551,825 .. '93 1,602,000 454,961,0 60,7dl,0 22,705,0 4,0 288.'i 646,94.6,700 $209,776,750 in amount. A verv large proportion of 2e,5 548,7 542,091>,212 4.21,814,0 87,069,0 27,SS5,0 ... '9291 1.178,225 9-l2,800 627,600,0 119,881,0 26,647,0 18l!,O 113,0 778,753,350 this total, however, is made up of the securities listed '00 1,074,575 450,181,0 106,872,5 45,198,0 265,7 265,2 607,617,988 by two companies, namely, the Southern Rail way 8d quarter, '94. 1,209,930 273,061,0 29,91>8,0 19,125.0 .... .... 327,588,685 '93 1,48 ·,525 206,364.0 82,712,0 24,li93,5 .... 129,0 270,560,862 Company, 142 millions, and the U nit~d States Cordage 48,7 260,763,202 '92 1,146,445 169,!HU,O 56,167,0 29,4811,0 00,0 '91 1,320,950 413,162,0 84,846,0 2-l,229,0 20,0 2,145,1 529,846,375 Company, 30 odd millions. 78,8 482,850,402 '00 1,102,245 327,857.0 127,717,0 21,797,0 446,0 If we omit the one hundred millions of Government ,th qua.rter,'94 1,127,023 2711,665,0 30,480,0 19,00i,O 560.0 .... '98 1,328,510 188,519,0 45,163,0 19,012,0 1.0dO.O 1,0... 381,680,613 259, 783,291> bonds, which of course do not represent new business 20,6 268,655,118 1,281.~ 17\1,4.19,0 55,740,0 27,740,0 195,0 enterprises, the aggregate of new issues admitted to the .. '92 '91 1,841,165 386,211,f l 110,j;Ol.O 36,550,0 1,416,0 2,810,l 4.98,813,842 '00 1,018 580 210,006,0 84.000,5 26,358,0 1,000,0 154,0 327,191,148 list during 1894 (bonds 84¾ millions and stocks 36-½ Total 1891 ... .. 5,116,650 1,251,941,0 181,600,0 67,877,0 1,360,0 P,O 1,4.75,811,925 millions) is smaller than it has been in any year since Total 1803 ..... 5,600,8:ffl 1,059,299,0 176,216.C 80,284,5 1,252,0 458,3 1,342,711,307 But the falling off is not so pronounced as Tota.I 1892 ••..• 4.,526,770 1,161,4.06,0 291>,388,0 105,8U,0 799,3 1,876,6 1,585,154,866 1886. Tota.I 1891. .... 4,718,875 1,693,853,0 ,os,011,0 107,697,0 2,203,f: <l,576,1 2,231,975.537 might have been expected. The dulness of the market Total 1890 .•... 4,240,975 1.2:ffi.425,0 -131,126,0 129,520,0 2,488,8 M6,5 1,821,290,225 for our railroad and industrial securities produced by lack of confidence abroad and the small earnings of the LltJTINGS ON THE NEW YURK STOCK companies made the year an unpropitious one for obEXCHANGE IN 1894, taining new capital. · Railroad construction was less in 1894 than in any The total amount of all securities listed on the New York Stock Exchange during the year 1894, including year since 1875. The new mileage added during the the $100,000,000 of Government bonds, was $560,997,- first six months was computed by the "Rail way Age., . 603. This aggregate shows an increase of $73,948,942 at about 500 miles, and up to October first the total on the amount of stocks and bonds listed last year, but it was but 1,000 miles. In the last three months, howis small in comparison with the totals for 1890 and 1888, ever, there was a decided revival of railway buildwhich were $1,122,860,209 and $759,230,493 respect. ing. The total new trackage for the year is now ively. In 1885 the total listings were but $254,272,116, figured at 1,919 miles. L1st yedor the addition was 2,82S or less than they have been in any year since. From miles; in 1892 it was 4,648; in 1891 it was 4,620; i 1885 to 1890 the listings showed a decided increase 1890 it was 5,657; in 1889, 5,696; in 1888, 7,028, and each year with the exception of 1889, when there was a in 1887 it was 12,983. falling off of one hundred and ten millions from the The following table shows the total listings of both figures for the previous year. This falling off, howev- stocks and bonds during each of the last ten years., er, was more than made up for during 1890, and the the classification being in accordance with principles total of eleven hundred and twenty-two millions for explained in former articles.  ...  .  1  .. ..  .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  LISTINGS ON N. Y. STOCK EXCHANGE.  We give in the following table all the important listings of railroad bonds for the year 1894, witn a brief statement of the purpose of each issue.  LISTINGS ON NEW YORK STOCK EXCHANGE.  Bond•.  New issues.  Replacing Old issuu newly listed. old securities.  Totat.  ·- - -  LISTINGS OF RAILROAD BONDS.  1894 ••••..•.•.. il\84,785,000 $32,237,600 $92,782,000 $309,804,600 1693 ............ 139,272,000  42,178,000 107,353,400 288,803,400  1892............  l 7/'i,125,600  12,352,000 130,383,900 317,861,500  1991 ............  191,397,700  16,187,00()  1890............  198,158,850 105,20!,279 381,504,750 684,867,879  80,061,000 287,645,700  1889.. ..........  206,864,000  6,050,000 176,806,000 389,720,000  1888 ...........  261,939,631  11,792,000 237,220,587 511,002,218  1887.•. . .•••.••.  l~0,386,000  Hl,304,000 146,787,321 343,477,321  1886 ...........  81,641,000  47,354,390 109,102,300 238,097,690  1885...........  103,814,000  25,700,000  1894.•.••.••••..  $36,616,253  $4,800,000 $209,776,750 i125l,193,003  1893 ............  93,744,161  48,1374,000  1892 ............  99,905,900  48,364,850  88,765,355  1891..........  96,540,754  1,650,000  90,724.200  65,7 5,000 197,259,000  Stock•.  1890 ............ 161,461,729  Balt. & Ohio Southwestern1st oonsol. 4 '1/s • . • ••••••••••••.••• do do ................... . 1st income A. 5s ••••••.•••.•••.•• 1st income B 5s ................. . Ba.lt. Belt 1st 5s ................ . Buffa.lo & Susq. 1st mort. 5s ...... . Central RR. of s . J. gen. mort. 5s. Ches. & Ohio 1st consol. 5s .•••••.• General mortgage 41ias ..•••.••••• Chicago B . & Q. eonsol. 7s ..•••.••• Chicago M. & St. P. gen. M. 4s . .••• Chicago & N. Pac.1st M. 5s .• .•••••  Chicago R. I. & Pao. deben. 5s ... . Chicago & West Ind. izen. M. 6s .. . Cin. Sandusky & Clevela.nd237,036,105 1 st consol. 5s ..•••••.•••.•••••.••• 188,914,95-1 Clev. Cin. Chicago & St. L.Cairo Div. 1st M. 4s ..••••.••• .••• 437,992,330 St. Louis Div. coll. tr. 4s ..•••.••• 259,649,774 General mortgage 4s. • ........ .  1889.. ... ···•• ·  69,721,7l7  1888 ............  62,408,357  10,872,475 175,447,443 24.8,228,275  1887............  98,726,791  32,643,426 138,663,333 270,053,550  1886., ..........  54,006,350  67,'Z36J,800 208,226,200 329,469,350  1885 ............  17,_783, 116  9,936,000 179,952,057  3.700,000  Company and title of loan.  55,627,100 198,245,261  10,490,747 263,039,854  35,430,000  15  56,913,116  NOTE-Applications for the listing of Trust Company receipts and of 1ecurities marked "assented" (it preparatory to reorganization), or of aeclll'ities stamped "assumed" or "a~sessment paid"-the securities themselves having previously been listed-are not included in this table .  During the last six months of 1894 the total listings of both stocks and _bonds reached $327,231,063. Tnis is almost one hundred millions more than the amount listed in the first half of the year and is considerably larger than the total for any six months sine~ the middle of 1892. There can be no doubt that these figures are indicative to some extent oi an improvement in the financial condition of the country, and surely every such source of encouragement is of special interest in times like the present. The total listings for each half-year since the beginning of 1893 are given in the following tables~ together with the amount of new issues and refunding issues included in the totals.  Clev. & Pitts. gen. M. 41ss ...... .. . do  do  Evansv. & T. H. 1st gen. M. Os . .•• Fla. Cen. & Pen. 1st cons. M. !'Is ... Grand Rapids & Ind. 1st M. 412s .. Lake Erie & West. 2d M. 5s .•••.••• Lehigh Val. Coal Co. 1st M. 5s ..••• Do do Louisv. & Nashv. UnifiAd 4s ......• Mo. Kan. & T. of Texas 1st M. 5s .. Montana Central 1st M. 5s........ . N. Orleans & N. E. prior lien 6s .. . N. Y. B'klyn & Man. B 1st con. 5s. N. Y. N. H. & Hart. conv. deb. ctfs. N. Y. & Putnam 1st consol. 4s .••• .N. Y. Susq. & W. terminal 1st 5s .. Norfolk & Southern 1st M. 5s ..•••• Northern Pacitlc recvs. otfs: •••••. do do Obio Southern 1st 6s .............. . Pittsburg McK. & Y. 1st 6s ....... . Pitts. Shenango & L. E. con. 1st 5s St. Pa.ul M. & M. consol. 41ts .••••• Seaboard & Roanoke 1st M. 5s ••. San Ant. & A.ran. P. 4s of 1943 .••• Savannah Fla. & W. 1st cansol. 6s. So. Pacific of Cal. 1st consol. 5s .••• Southern Ry. 1st consol. 5s ..•.••..  A.mount.  Purp?se of i ssue.  6,615,980. Excgs und. reorg pla.n 2,464,020.Improve'm's,equip.eto. 8,581,000 ~ In exchange for Ohl 8,869,000 5 & Miss. securities. 6,000,000.Cost of road. 900,000.COst of road. 1,500,000.A.dvances to coal cos. and improvements. 54,000. Refunding 3,347,000.Improv'ts and equip't. 2,500,000.Coostr'tionandequip't. 3,000,000. Improvements. 175,000.Improv., etc. (formerly held as coll. for loan). 1,500,000. Improvements. 402,000.Exten. andimprov'ts. 94,000.Refunding. 113,000.Bondsof '89just listed. S,0OO,000 5 Pa.rt of purchase 8~. L. t A. & 1'. H. main hoe. 2,000,000.Constr'tion andeq1lip'li. 302,000 . Improv's aBd additions. In excI?ange. for const. 507' 000 5 t and imp. bonds. 226,000.Equip., terminals, &c. 698,000.Savaunah ex:tens'n, &c. 983,000.Refundin;.r. 300,000. [rnprovements. 1,500,000.Cost of property, &o. 1,900,000.Improv.,ex:tensions,&o. 178,000.Improvements. 2,635,000. Extensions. 700,000.Improv's,additions,&c. 100,000.Improvem't and equip. 245,000.Improvements. 1,150,000. Four track'g and imp's. 4,000,000. Reorg.exch. for old secu. 1,010,000. Sew construction . 40,000.Property in Norfolk. 2,135,985. To replace old recvs.otfs 1,665,015.For outstand. loans, etc. 397,000.Exten. and improv'nts. 600,000.0ld issues. Ex. for old ter. bonds 786 •000 5 '{ and for roll'g stock. 178,0JO.Construction or branch. 2,500,000. Cost of road. 2,049,000. Refunding, imp'ts, &c. 4,056,000.Cost of road. 15,115,000. A.cquiring new roads and refunding. 21,911,000.Float. debt, constr'ct'n and reorg. purposes. 4,500,000. Refunding. 2,000,000. 0ld issue jus t listed. 5,660,000. Do do 3,368,000. Do do 7,635,000. Do do 2,531,00J. Do do 388,000. Term. prop.and equip't. 5,6!6,000. Refunding. 500,000. Refunding. 1,041,000. Refunding.  East Tenn. reorg. lien 4-'5s·....••• Columbia & Greenv. 1st mort ... Georgia Pacific 1st mort .....•••• Total Listings. New Issues. R efund. Iisues. Richmond & Danv. debentures . . Eonds ....................... $139,524,100 $79,310,000 $28,689,500 Virginia Midland serials . . ...... . Stooks ..................... 187,706,963 29,466,253 153,440,710 West. N. Caroliua 1st consol. 6s. Tol. & O. Cen.-West. div. 1st 5s .. Total stocks and bonds $327,231,063 $108,776,253 $182,130,210 Un. N. J . RR. & Canal gen. M. 4s .. Utica & Black River guar. 4s ...... . LISTINGS FROM JANUARY 1ST TO JUNE 30TH, 1894. Wabash 1st M. 5s ................. . Total Listing-~. New issues. Re.ftind. Issues. Wheeling & Lake Erte$64,092,500 Bonds .................... $170,280,500 $105,475,000 43,000. In exch. for Tol. Belt. Exten. and i'.Ilp. 5s ... .....•..... 7,150,000 56,336,040 Stooks..................... 63,486,040 ------ - - · - - · - - - Tot.listlngsof RR.bonds •••.•••• $157,294,000 Total stocks and bonds $233,766,540 $112,625,000 $1 "0 428 510 LISTINGS FROl\1 JULY 1ST TO DECEMBER 29TH, 1894.  • '  The largest isme of bonda listed by any railroad is the $n,911,000 of Southern R ~ilway new fl.rat consoliTvtal Listings. .Vew Issues. Refund. I<Jsues. Bonds .•••••••••••.....••.. $132,397,400 $54,566,500 $77,830,900 dated mortgage 5s, which were admitted in November. Stocks ......•••••.••.. -· 67,945,361 ~.11s:o61 ~,767,3oo The reorganization of this property is one of the few Total stocks and bonds $200,34i,761 $91,744,561 $103,598,200 schemes of the ~ind which was carried through last usTINGs FRolt JANUARY lsT To JUNE 3 oTa, 1893 . year, and the Southern Railway securities are the Total Listings. New Issues. Refund. Issues. only ones of this nature which have as ye~ been liat~d. Bonds ••••..••.....•••••.. $156,406,000 $84,705,500 $29,522,500 The mortgage under which the bond issue is made is 566 100 95 130 99 900 Brncks ..................... •~ • _::·_ • _:"• l,~Oo to secure loans to the amount of $120,000,000. Of the Total etooke and bonds $286,706,900 $141,271,600 $54,382,300 bonds listed $8,000,000 were sold for cash and the balk will be noticed that only 79 millions of new bond ance were issued in exchange for bonds retired under issues were listed after July 1st as against 105 millions the Richmond Terminal reorganization plan. Southern Pacific of California first consols for *10,listed during the first half of the year. On the other hand the 29 millions of new stock issues admitted to the 961,000 were issued against a deposit with the trustee list are to be compared with only 7 millions during the of the mortgage of underlying bonds and $4,154,000 first six months of this year. · were issued for acquiring new roads. Consols for LISTINGS FROM JULY 1ST TO DECEMBER ,30TH, 1893.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  '  16  LISTINGS ON N. Y. STOCK EXCHANGE-MERCA TILE FAILURES.  $719,000 can be listed without further notice on certificate from the Central Trust Co., trustee, that the same have been exchanged for underlying bonds. Tne St. frmis division collateral trust 4s of 1890 of the Cleveland Cincinnati Chicago & St. Louis were issued to the St. L')uis Alton & Terre Haute in payment for its main line. 0 f the original issue, bonds to the amount of $250,000 are in the sinking fund for the loan itself, and the balance, $9,750,000, have now all been listed. The total amount listed last year was $8,000,000, of which $6,710,000 were for the redemption of outstanding St. Louis Alton & Terre Haute bonds. Chesapeake & Ohio general mortgage 4-½s to the amount of $2,2-U,Q00 listed in Saptember represent 'bonds which were shown by the balanc9 sheet of June 30th last to have been held in the treasury of the company. The general mortgage prescribes that the balance of bonds not reserved for other purposes may be issued for new acquisitions and rolling stock at the rate of not more than $2,000,000 in any one calendar year. The listings in the table above represent expenditures covering two years, none of these bonds having been listed in the year 1893. Included in the total of railroad stocks listed during the year (t212,005,153) is $119,900,000 of Southern R!1til way common stock or voting trustees' certificates. Of this sum $25,000,000 was sold for cash, and the balance, together with $48,000,000 of the preferred certificates, were issued · for old securities under the provisions of the reorganization plan.  LISTINGS OF INDUSTRIAL, ETC., STOCKS,  Oompany-  Amount.  Purpose.  Edi on Elec. Illum. (N. Y.) com . . $500,000.New construction. Erie Te1. & Telep. Co. common .... 4,800,000.Original st'kj ust listed. 161,000.In exoh. foroth. seour's. Tennessee Coal & Iron Co. com . .•. United States Cordage common ... 17,818,300 }In exchange for old National Cordage se• Guaranteed 6 per cent ..•••••..•. 6,000,000 curities. 7,113,550 Preferred ...••••....•• Wells, Fargo & Co. common ....... . 1,750,000.For Southern Pacific express nrivileges. 550,000. Purchase Rapid Tel. Co . Western Union Tel. common ..... . 500,000 .New stock; capital re• Southern National Bank common. d'ced fr'm $1,000,000. Total industrial & bank stocks ... $39,187,850  It will be noticed that of the above total more than 30,000,000 is accounted for by the listings of secur• ities issued by the United States Cordage C1mpany. Street railway bonds to the ~mount of $15,025,000 were admitted to the list during the year. They are of the following description: LISTINGS OF STREET RAILWAY BONDS.  Oompany-  Amoimt.  Purpose.  Atlantic A.ve. (B'k1yn) improv. 5s . f,1,500,000.Improvements. Broadway & 7th Ave. (N. Y.) 1st con ol. 5s .. •••••.•....••.•••.••••• 7,650,000. Laying Broad way cable and improvements. Brooklyn City 1st M. 5s .•••.••• .••• 4, '240,000. "Trolleying" its lines. City & Sub. (of Bait.) 1st M. 5s .•.. 1,050,000.Additions and improv. { Excp;. for unli ted se· 5 8 5 ,0 0 O 5 Denv. Consol. Tramway 1st cons.5s curities & tmp'v'm'ts Total street ry. bonds .•••.••..... $15,025,000  Government and State bonds to the amount of $117,241,500 are included in last year's listings as follows: LH,TINGS OF GOVERNMENT AND STA.TE BONDS.  Name--  Amount.  Pu17>01e.  New Orleans constitutional 4s . ... $4,140,000 . To replace bonds maturing to Mar. l, 1894· South Carolina 20-40-year 41ts.... 4,392,500.To replace "Brown con. Ll8rINGS OF RAILROAD STOCKS. bonds and stocks." Purpose of Issue. Amount. Oompany and Olass of StockUnited States Cherokee .ts. ........ 6,6-10,000.Purch. Cherokee strip. Ba1t. & 0. S. W. preferred. ······-·$16,900,000. ForO.& :\ii s .securitieP• United States 5s of 1894 ..••••• .••• 100,000,000.Torepleni hgold res've 10,<>00. Cn exch. for preferred. Tennessee redemption bonds, 4s.. Ches. & Ohio common....... ....... 469,000.To redeem new settle· Chicago & Alton comm<m .•••• . .•• 2,500,00 ).Redeeming St. L. J. & ments 6 . Chio. 1 t M. bonds. 41ss 1,000,000.To redeem new settle· do do Do 27,500.In exch. for C. St. P. & Chio. Gt. Western 4 p. c. deb...... ment 5s and 6 . K. C, securities. 600,000 . To build State prison. Penitentiary 4-'ts . •••• .•••. ••• .••• Do pref. A ..•••••• . do 83,000.In exch. for C. St. P. & K. C. securities. Total. ••..••••••••••••••••.•••.••• $117,241,500 Chic. M. & St. P. prererred .••••••• 50,000.Convers'n of othercos'. securities. Delaware & Hud. Canal common.. 5,000,000.In exch. for deb. of ',4. FAILURES IN 1894-THE STRAIN AND FJ,,rida Cent. & Pen. cum. pref.... 4,500,000. [n exch. for old pref. 191,700.Convers'n of other cos'. N. Y. N. H. & Hartford com....... THE RESULTS. securities. N. Y. Susq. & W. new com . ........ 2,400,000.Oost of Wilkesb.& Ea.st. In the "Retrospect of 1894," to be found on su bse• do new co1J1......... 1,293,000.Inexch.foroldcommon. Do quent pages, we give a summary by months of the facts do new pref......... 2,557,800.In ex oh. for old pref. Do Norfolk & Western preferred ...... 2,000,000. For Col. & Con. Ter.st'k. and conditions which have tended to disturb and sup• Phila. & R eading common. . ....... 1,078,000.C onv.ofpret.bonds, etc. press industrial movements during the past year. Con• Pitts. Ft. W. & Chic. guar. special. 1,916,253.Improvements. 500,000. Improvements, etc. Rome W. & O,11:den t> . common..... ducting general business amid such uncongenial and 1, t47,900 . ln exch. for preferred. St. Louis Al tou & T. H. com. .•••• restrtiining in:fl.11ences can lead but in one direction; Exch.for old se curities a nd fl.oat'g debt, &c.• smaller profits and narrower credits must be the lot of Southern Ry. c ~m. voting t~. cts .. 1:9,900,00J Preferre 1 voting tru tees ctfs .. n0,000,0J0 { under reorg. plan.  all producers and in the struggle that follows at least many of the weaker class must go down. Precisely The amount of industrial bonds listed during the that is what the record of failures shows has happened. Nothing in this respect that is strange or new is to be last year has been only $20,229,100 as follows: in the results. The only surprising feature is found LISTINGS OF INDUSTRIALS, ETC., BONDS. that they are no worse; for after studying the figures Purpose. Amount. O0'l1ipany$803,100.Cost of property. Clearfield Bit. Coal 1 t M. 4s gu... and considering the terrible strain endured, the thought Edison Elec. Ill. Co. of . Y. will find general expression that they are not nearly as 1st M. 5s ••••• . ...••...••• .•••.••• 750,000 . New construction. . &c imp'ts, as the year's events prepared the public to anticibad 7,000,000.A.dditions, ···Illinois Steel Co. deb. 5s . .•• , National Linseed Oil deb. 6s • .••••• 1,-1.00,000.Floating debt. pate. N. Y. & N. J. Tel. gen. M. 5s conv. 910,000.Bonds or '9 ijustlisted. We do not mean to recall in detail these underlying do Do 39,000 .Extensions and imp'ts. People's Ga~•L. 1 t consol. 6s ..••• 450,000.New construction, &c. facts or even the more aggravating circumstances. South Yuba Water ccnso1. 6s .. .••• 478,000. Improvements. They are all given in an orderly form elsowhere and Tennessee Coal Iron & RRDeBardeleben C.& I. 1st M. 6s gu. 2,056,50).Bonds of '90just listed. they make a ghastly collection. We had reason to V. S Corda~e 1 t '.\I. coll. tr. Gs .. •• 6,294,5'J0.In exoh. for Nat. Cord. currency panic, distressing its with 1893, that suppose Western Union coll. trust 5s .. .•••. 49,<100. Refunding. produced the utmost reach of industrial suffering. To Total industrial, etc., bonds .....$20,229, too be sure, for a brief portion of that year the ordeal enThe total listings of industrial and miscellaneous dured found no equal in 1894. But the extreme severity stocks, including 500,000 of bank stocks, amounted to then was short.lived, though the disasters which occurred $39,187,850, as shown by the subjoined table; were unprecedented. It was the continuance. of the Total of RR. stock .............. $212,005,153   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MEROA TILE FAILURES. trial, the gradual piling up of new and aggravating <}ircumstances during almost the whol9 of the first three-quarters of .the later twelve months with those -culminating events, the grotesque Coxey tramps, and the more violent reYolutionary labor troubles, which tested the endurance of traders and manufacturera most severely. That the individual disastera and the total liabilities have so m1terially decreased in amount is -certainly gratifying. But let us examine what has been the amount and relative importance 0f the failures this year. These facts will be found disclosed in the subjoined table compiled in quarterly periods. We carry the record back so as to include 1879, the year when gold payments were resumed. For each year we give first the amount of liabilities and following that and for the same year the average liabilities and next the number of flJ.ilures. These facts are compiled from the lists which have so long been published annually by Messrs. R. G. Dan & Co. MERCANTILE FAILURES IN THE UNITED STATES.  Ye1.rs-  1st quarter.  2d quarter_ 3d quarter. 4th quarter.  189,. X~~r~~l911ai>fr•s·:.!63'9iti~g 297  4-  Nt:tr... . · ·· · ···  f~ae~~~t~,1abii ;s : :$  $  37 7 •  tkm •29•4M:m 2 868 z.m  rU8~ ' 121•5:J:rlf 3 197 3 186  47 3 •  '  $U,  9  Total year•  f~:tt •172•9f~:~gg 3 978 13 885 '  ' 345 7 $ $ • 4 814 15 2 2 ' ' ! $33,111,252 $114,044,Hl7 11,589 11.025 2,857 10,SU  :8_-~;J MfNJt  24 $8 •  Jf,·m  9  ~U:~er........... • • f,015 Liabilities 139 284 3H) $22,989,331 $18,0511,235 Averaire llabii;s : . • 11,608 10,849 9,404 Number. .......... 3,38!1c 2,119 1,98! 1891. Liabllitie ... ..... f42,167,6Sl $50,~,636 U,302,494 $53,H9,8i7 $189,868,638 Averaire habil 's .. 11,894 19,868 16,086 15,428 15,471 Numbtir..... . . .... 3,54.5 2,529 2,764 3,U5 12,273 L~~~tties ........ , 81,852,968 27 46 35 4 9 189 8 Averageliabil's .. 11,747 ' i°l/Jl4 ' • $8 ,oi~,;t $ ' Number . ... ....... 3,223 2,162 2,196 3,326 10,907  1;::i~  i~1!1  ii~~hues .. ..... $ 42 , 972 _5111 *ri:gft'.i.~~~'. ·.~·.-.  1  ii1t  :lia~~hties .. . . . . .. $ 38,834 , 789  *~~~.'.~~~.n:~::  ::t~g  1  11l 87·  ~i::i~letaiiiiis:~32,16i1o:IJs Number.... .... ... s,001  $ 22,856, 337 $ 39, 227, 045 , 48, 728, 4!1 9 , 148, 784 , 337  i·.it~  1  !;88~  ~:~ii  ½8:gi~  1  , 29, 229, 370 , 22,m,254 $ 33, 601 , 560 , 123,829, 973  ::m  1  22,97i6loiol 1,005  ~::gr  3:ll9  U::~8  1  73,02f1~6.?4 $39,<l~~i~i $167,5~~·.~! 1,938 2,181 9,6J<t  -C1a~littes ........ $211,681,726 Average liabil's.. 9,266 Number.. ......... 3,203  i20152 1M :g21221 630 ' 15,746 ' 14,093 1,953 1,932  L~:ttiues ........ $46,121,051 Average liabil's. . 12,ll0f! Number.... ....... 3,658  $2S,601,s04 $23,874,391 $25,628,575 $124,220,s21 12,091 10,981 10,416 11,6i8 2,s,6 2,173 2,rno 10,637  x!1~lefiabii•·s:~40,18i62~i'Q83 Number. .......... s,296  $84,2i4,:,i~ $56,6~~1t $45,31!:ll~ $226,,5;~~ 2,2u 2,346 s,112 10,1168  x~~J~:letai>1Fs:~38,37i2llJ2 $27,81fl~l7 52,07ffl~ umber. .......... 2, 21 1,816 1,803 1 2. L1vaebria11g·teies_.a·b· : ·,- ·.·.'33,33 f'l_,,~ 1 $17,242,1149 18,942,89~ A 11,722 11 11 8 14,571 1o... 70 Number... ........ 2,121 1,,70 1,sc,o 1881. Liabilities ........ $24,417,250 $16,4P9,395 ,10,112,865 Avera11:e liabil's.. 13,900 U,931 9,~75 1, 761 1 , 105 1 ,024 ~~~~er .... •·•• ••• :x~::!~lef1·abiiis:.n 2, 77 $Z0, 1 i 12,1 1 •432 1 , 065 979 Number ...... ·· ··· 1879. 22 6 43 1 52 ~~:}!~le11abii>ii.".$ • • $l , 2 524 1 534 1 262 Number . ....... ··· • • •  ~.i1\  1k~~  \~t\i • it·.~~i  ikt~l  36 992 ow $114 6u 1 I) ' 13,4.67 ' 11:611 2,74tl 9,834  $54,6\l~\ $172,81~.it~ 2,7¼4 9,1➔4 $32,023,751 $101,547,564 17,?94 15,070 6,738 1,8n iso,096,922 17,600 1 , 692  U:m  2 7  $ 0,  $81,155,932 U,530 5 , 5 s2 $  65,7  1 •259  n:t~ ' .7· ~:m 1 838 1 0  •  f~:~g 4•735  98 1 $ •  i~~~i 6 658 •  A very satisfactory feature which the above compilation discloses is that the avera~e and total liabilities in 1894 compare so favorably with all other years of conspicuous depression. It will be noticed iu the first place that the total ia only half and the average only a little more than the same portion of the similar total and average in 1893; then again both items are smaller than in 1890 and in 1891; and both also are smaller than in 1884, while the average is smaller than in 1883, though the total is just about the same. These four years last mentioned cover the only two periods of severe industrial dislocation which have occurred since 1879 other than the present. But the important point, the one we wished .ma.inly to call attention to, is that what we may desiga.ate as the   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  17  second year of each of the foregoing periods of depression (1S84 and 1891) recorded larger actual liabilities and a larger average than in 1894, the second year of the present depression. 0 f course prices of commodities have fallen since 1884 and again since 1890, and that to some extent might affect the aggregate of liabilities. On the other hand, it is to be said that the collecting of the data as to failures is much more thorough now than it was in the earlier years, and probably the system has become more extended and thorough year by year. That would be the natural development of any such work. Altogether, therefore, it is, we think, r.i ght to assume that the latter would at least balance the former; that is to say the comparison as it stands is a fair one. Granting that this assumption is correct, a conclusion having a favorable bearing on the present and future seems to be authorized. Let us recall just what the differences above referred to are. In the case of 1883 and 1884 the actual panic did not occur until May 1884:. A special fact, however, is that the large additions to failures and the development of panicky conditions were events·of 1883, the average liabilities being larger that year ($18,822) than any year since, except 1884 and 1893, and the total liabilities ( !172,874,172) being materially larger than any other twelve months except 1884: (*226,343,427), 1890 ($189,856,964), 1891 (Ub9,868,638), and 1893 (1346,779,939). Ia. the case of 1890 and 1891 the panic occurred in November 1890, b h (di> l ut t e average liabilities in 1891 ~15,471) were on y about two thousand dollars less than the average in 1890 ($17,406) and the total · liabilities were almost identical, as the figures just given in this paragraph show. Coming down to 1893 and 1894 the differences between the years are much more marked, and the recovery in 1894, not only compared with 1893 but also with all the other years named, is quite • striking, the total liabilities in 1893 berng 1346,779,939 ~ and the average $22, 752, whereas the total liabilities in 1894 declined to $172,992,856 and the average to $12,459. Hence these figures make more emphatic our previous statement, showing as t hey do that both the average and the total liabilities in 1894 are decidedly smaller than for any of the other years named except the total liabilities in 1883. Ia.deed the average liabilities for the year have not been so low as in 1894 but once since 1888; furthermore the average for the last quarter of 1894 is the smallest of any last quarter in our table except 1885. Such results are encouraging. To interpret them correctly the marvelous events of the past year must, we repeat, be recalled and the strain those events have caused be in mind. When 80 considered no one can hesitate to accept the comparative exhibit as clear proof of the strength and solvency of business classes. Tney become, too, evidence that the current crisis is in no wise connected with an unsound condition of trade. Many dispute this conclusion; but the more the events of the two years are studied the more evident it is that the condition of our currency destroyed credit, and that a currency panic was the result. There have been other inflllences which since then have contributed to the severity and continuance of the trade depression. They had, though, nothing to do with its origin, neither has their removal restored confidence ; and it does not seem possible that there can be any complete recovery while existing currency conditions remain in the state they now are without any progress making towards their correction. We do 1  MERCANTILE FAILURES.  not mean that business will not continue to improve- absolute confidence has become established. A system no doubt it will materially as the year progresses. Bllt for correcting the currency condition devised and at full prosperity cannot return unless enterprise is I work even though it had not made any 2"reat progress active and free, and that cannot be until a condition of I would inspire hope and be decidedly reassuring .  .MERCANTILE FAILURES IN THE UNITED 8TATES AND CANADA IN 1894. PREPARED BY MESSRS. R. G. DUN & CO. COMMEKCIA.L FA.IL UKES. TOTAL, 1894.  CLA.SSIFIEO FA.ILUKES, TOTAL, 1893.  MANUFACTURING.  TRADING.  1894,  OTHER COM'L,  BANKING.  STATES.  Liabilities. No. Liabilities. No. Liabilities. No. L i abi li ti es. No. Liabilities. No. Liabilities. No. Assets. - - - - - - - - - - - 1- - - - -1 - - - - 1- · - -1- - - - - -11 - - -1- - - - -1- - - - - - - -11- - - -1- - - - - $ . $ $ $ $ $ $ 411 2,449,210 9,000 251 882,689 3,938,371 53 988,848 2 1,451,362 196 Maine ....••.••• 57 326,6i6 480,313 12 47 258,537 151,779 174,867 N. Hampshire . . . 35 44 315,096 167,050 288,232 6 120,646 1 1 33 26 125,000 189,450 Vermont . . . . ... . 6,861,021 16,467,631 1,088 22,708,331 285 9,014,!H9 5 232,735 836 7,219,977 546 Massachusetts .. 234 253 1,821,143 3,095,148 51 1 1,367,291 933,615 700 886,828 201 Connecticut .... . 181 1,480,5ti6 1 ,0::14,630 45 98,890 187 3_5 2,822 782,061 6 599,615 136 Rhode Island .. . - - 1 - - - - - - 1 - - - - -1- - - - - - - - -1- - - - - 1-- - - - - - - - - - - - - - - - - · ·- - - 15 346,325 New England _ l,ti07 9,889,410 22,860,292 2,0 l5 3 l,545,025 1 125,000 452 10,499,0ll 1,140 12,014,956 22 702,2!:17 16 12,546,000 " 1893 2,015 17,549,736 31,545,025 530 13,080,484 1,463 17,76~,254  --5:ooo  New York ...... l,976 19,611,410 36,858,226 1,916 84,923,844 New Jersey . ... 212 2,202,410 3,351,766 322 4,783,305 Pennsylvania... 1,433 9,523,38~ 15,685,058 1,398 58,253,969  658 17,934,643 1,263 16,901,347 134 906,747 73 1,872,674 419 6,608,595 1,002 3,607,641  55 2,022,235 5 572,345 12 468,822  Middle. . ..... . 3,621 31,337,202 55,895,049 3,636 147,961,618 1,150 26,415,912 2,399 26,415,735 " 1893 3,o36 108,682.265 L47,961,6ll::! 1,197 106,358,320 2,364 28,801,919  72 3,063,402 75 12,801,379  9 2 4  6,745,632 !:11:1,092 608,000  15 7,452,724' 35 4.3,4 78,618  187 2,971,319 61 1,763,121 2,779,183 8 263,098 1,125,916 1 800 170 1,582,285 as 664,050 936,770 645,437 15 141,870 794,900 46 --i:,·63 ti4 ,33,295 854,855 1,179,8 1 8 692,208 1 2 160,884 43 252 2,026,042 2,400 ,843 1,473,433 2o 191,000 1,241:S,109 6 586,933 233 5\ 532,279 444,391 222.312 8 18,200 3 126,200 387,879 89 .. 4.,000 200 1,901,810 15 1,534,145 2,416,551 1,167,010 1 734,800 124 83 2,121,815 9 2,177,239 735,394 1,546,115 575,700 88 59 316,200 380,650 491,305 380,650 46 ·22 29i 4,756,118 720°,375 332 3,102,743 3,695,095 3,147,298 1 250:000 178 2,944,301:1 ~,463 ,125 19 2,439,200 1 1,694,700 171 1,249,609 20,000 170 1,357,699 2,397,321 6 851,934 364,200 993,499 ...i 165 122 1,81:17,799 25 l,ti00,213 2,626,007 204 1,577,709 316,599 416 28 162,141 6,755,640 2,432,033 2,357,280 3,141,249 4 3 547,075 315 433 5,407,830 49 346,500 3 5,380,738 8,304,744 2 2,949,271 2,112,059 278 1 - - - - - 1 - - - - - · - - - · - 1 - - - - -1 - - -1- - - - - - 1 - - - -1- - - - - - 1 - - - 1 - - - - -1- - -1- - - - South. .. . . . . . . 2,625 25,454,259 31,230,544 2,565 36,541,116 293 9,860,361 2,304 19,450,990 28 1,919,193 12 93:'i,254' 1893 2,565 26,544,455 36,541,llb 377 12,141,577 2,136 19,882, 12v 52 4,517,419 82 22,119,514 "  Maryland ...... . Delaware .. .... . D. of Columbia. Virginia ........ . West Virginia. .. . North Uarolina. South Carolina. Florida ..... . .. . Georgia ..•...... Alabama ....... . Mississippi. ...•. Louisiana ...... . Tennessee ..... . Kentucky ...... .  239 61 52 267 100 139 97 46 347 190 171 230 347 339  •-· -  ··s:4oi  Arkansas ..... . . T~xa.s .... . ...... . Missouri ...... . .  170 471 414  835,481 2,962,955 3,225,99ti  1,383,010 3,933,526 3,766,144  164 3,655,881 9 252,275 161 1,130,735 •••. 64·,ooo 579 5,441,887 17 452 3,4::10,351 2 490,175 464 5,753,905 48 357 3,155,007 9 1,744,000 468,937 - - - l · - - - - - 1 - - - - -·1 - - - -1 - - - - -11- - - - - - -·--·- - - - -- ---1·---- 1 - - - - - Southwest .. . . 1,055 7,024,432 9,082,680 1,207 14,851,673 74 1,211,387 970 7,716,093 11 155.200 15 1 ,808,000 " 1893 1,207 ll,503,140 14,851,673 92 1,755,456 1,105 10,848,292 10 2,247;9:Z5 61 29,703,776  Ohio ........... . Indiana ........ . Michi~an . . .... . Illinois . ........ . WiSCOll.Sin ....•.  711 269 174 717 262  5,570.277 3,345,676 2,100,219 9,555,618 4,091,7H8  6,963,695 3,702,932 2,122,691 8,042,159 4,097,124  0  ~g~ 21,124,643 299 8,903,225 566 5,26:i,602 242 18,777,462 6,783,297  148 59 34. 202 41  Central. . .. . . . 2,133 24,663,608 24,910,601 2,31~ 60,852,229 " 1893 2 ,319 65,041,076 60,852,229 417 5,156,666 9,705,374 360 5,147,008 Minnesota ...... . 184 11,452,932 5,098,510 253 4,185,602 Iowa ........... . 343 1,262,473 2,2L0,613 232 830,739 Nebraska ...... . 322 2,795,753 1,487,817 286 1,301,031 Kansas . ........ . 16 265,050 65 140,200 186,686 Oklahoma ..... . 45 107,500 4 63,600 30 79,840 Indian Territory 130 1,902,702 24.0,037 19 334,027 Montana ...... . 24 568,400 261,616 17'l-,700 14 North Dakota .. . 61 72,969 359,662 40,974 29 South Dakota .. . 426 2,083,257 9,356,853 141 2,719,945 Colorado ....... . lU 349,700 24~,800 29,400 30 Wyoming....... . 220,600 126,700 5 New Mexico ... .  3,338,893 1,751,664 1,023,935 3,081,279 1,3'l-9,900  562 206 138 493 214  3,614,802 1,611,268 1,063,756 3,543,880 2,451,704  484. 11,425,671 1,613 12,28 5,410 736 31,066,128 1,527 23,343,110  66  l 4 2  22 7  10,000 340,000 35,ooo 517,000 297,520  36 1,199,n20 56 6,442,991  2  ···s5 3  140,000 313,000 1,477,187 490,000  13 2,420,187 149 37,4.57,963  8 199,190 2,328,742 7 1,505,471 2 1,177,098 2 l 3,030,000 88,800 3 1,400 1,201,282 17 856,800 1 24,000 1,401,617 8 5,973,380 2 265,050 20,000 107,500 240,037 668,400 2 --s:100 69,269 ..4,.,500 15 1,274,907 1 803,850 1,000 2 272,7\JU 1 76,000 9 .:>,600 1 125,000 4 - - - l · - - - - -1- - · - - - - - -- - - - - - - -l· - - - - - l -•· - l- - - - -1- - -1- - - - - 1 - - - - - 16 3,260,090 41 9,800,667 148 4,650,687 1,300 \:1,002,202 West ...... . ... 1,464 15,328,566 16,912,979 1,978 38,725,191 51 11,595,164 218 39,554.c,298 7,140,272 1,707 19,989,755 2t0 " 1893 1,978 35,684,614 3!:i,725,191 29 18 15  2,628,734 891,412 59,791 62,200  286 222 211 270 65 30 19 14 27 125 27  5 9,700 233 1,064,201 1,616,553 191 1,884,892 41 5 42,652 2 1,500 461,617 76 831,327 :45 97 339,617 120,500 2 2,500 1 2,500 11 123,000 3,876 4 79,050 1 3,876 ·s6 16 2,0'fa,900 141 1,43"';t80 2,073,680 272 3,96~.ooo 612,400 180 1,i1a:578 3 41,611 174 2,040,341 1,780,722 2,542,492 221 1,957, lUO 30 5 573,394 460,540 207 22 957,409 2,!:151,142 5,39!:J,993 747 7,456,718 99 1,564,654 466 2,877,930 5 448,713 587 - - - - - - - - -1- - - - - -1- -· - - - - - - - - - - - - - - - - - - - - - -•1- - - - -1- -·- - - - - 35 1 ,033,220 27 3,124.203 Pacific......... 1,380 7,553,659 12,100,711 1,522 16,303,087 231 3,300,746 1,114 7,766,745 42 1,4i8,350 81 2b,l38,«i39 " 1893 1,522 9,764,197 16,303,087 270 5,4 39,854 1,210 9,434,883  Utah........... . Idaho............ Arizona...... . ... Nevada.......... Washington..... Ore~on.......... California.......  279 124 2 1  9 1)7,477 234,240 1 ,500  ·..s ·2s·,cioo  ---  AgiTegate .... 13:885 121,251,136 172,992,856 15,242 346,779,939 2,832 67,363,775110:840 94,652,131 " 1893 15,242 2;4,769,483 346,779,939 3,422176,982,09111,512130,062,333  -----.--1 ,856 13,510,056 17 ,616,215  Dom. of Canada. " . 1893 1,344   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  8.321.570  12,689,794  1,344 12,689,794  I  49 t 839  -5,898,385 - - - -1,34.5 6,703,075  488  11,436,258 4 ,830, 11 ~  213 10,976,950 308 39,735,515  ·20:ios  0  125 25,696,035 642 210,998,808  ------· - - - 17 281,572 6 876,814 17 1,156,601  . . ..  . .....••  /  BANKING  AND  FINANCIAL.  GOVERNMENT BOND PROPOSALS.-NEW YORK CITY BANKS.  THE GOVERNMENT BOND PROPOSALS. Among the important financial events of 1894 the issue of 100 million dollars bonds by the United States Government to cover deficiencies in revenue and protect the gold reserve is entitled to first place. Resort to the sale of bonds was found necessary twice during the year, and the proposal was for $50,000,000 bonds each time. The first issue was made under the following circular notice from Secretary Carlisle, dated J anuary 17, 1894, and inviting subscriptions up to noon February 1. TREASURY' DEPARTMENT, OFFICE OF THE SECRETARY,  t  WASHINGTON, D. c., January 17, 1894. f By virtue of the authority contained in the act entitled "An act to provide for the resumption of specie payments," approved January 14, 1875, the Secretary of the Treasury hereby offers for public subscription an issue of bonds of the United States to the amount of $50,000,000, in ei.ther registered or coupon form, in denominations of $50 and upward, redeemable in coin at the pleasure of the Government after ten years from the date of their issue, and bearing interest, payable quarterly, in coin, at the rate of 5 per cent per annum. Proposals for the whole or any part of these bonds will be received at the Treasury Dapartment, office of the Secretary, until 12 o'clock noon, on the first day of February, 1894. Proposals should state the amount of bondi desired, whether registered or coupon, and the premium which the subscriber proposes to pay, the place where it i~ desired that the bonds shall be delivered, and the office, whether that of the Treasurer of the United States or an Assistant Treasurer of the United States, where it will b~ most convenient for the subscriber to deposit the amount of his subscription. Failure to specify the above particulars may cause the proposal to be rejec~ed. As soon as practicable after the first day of February, 1894, the allotment of bonds will be made to the highest bidders therefor, but no proposal will be considered at a lower price than 117·223, which is the equivalent of a three per cent bond at par, and the right to reject any and all proposals is hereby expressly reserved. In case the bids entitled to allotment exceed the bonis to be issued, they will be allotted pro rata. Notices of the date of delivery of the bonds will be sent to the subscribers to whom allotments are made as soon as practicable, and within ten days from the date of such notice subscriptions must be paid in United States gold coin to the Treasurer or such Assistant Treasurer of the United States as the subscriber has designated, and if not so paid the proposal may be rejected. The bonds will be dated Feb. 1, 1894, and when payment is made therefor, as above, accrued interest on both principal and premium from Feb. 1, 1894, to date of payment, at the rate of interest realiz9d to the subscriber on his investment, will be added. All proposals should be addressed to the f?ecretary of the Treasury, Washington, D. C., and should be distinctly marked '' Proposals for subscriptions to five per cent bonds." J. G, CARLISLE, Secretary,  This issue came near being a failure. It was made a success only through the effort of the banks and other financial institutions of this city, as related in our article on the Retrospect of 1894 under the head of current events for January. As will be observed by   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  the foregoing notice, the Secretary fixed an upset price (117·223) below which no bids would be received. The subscriptions at this price aggregated *4:2,996,850 and the allotments at that figure were $40,704,700, the subscriptions having been reduced 5·331 per cent. The bids at above 117·223 aggregated f9,295,300, the price varying from 117·224 to 120·829, with one small bid at 200, and of course these proposals above the limit were accepted in full. Altogether the subscriptions amounted to '52,292,150. There were also offers to the amount of $55,705,100 which were not considered, including a bid for 150,000,000 by C. L. Riker, whose financial standing as stated to the Trec1.sury Department did not. warrant the belief that he would be able to complete his- subscription; a bid for $3,000,000 by C. T. Walker, which was laid aside because that gentleman gave only a temporary address and an effort made by the D apartment to communicate with him to obtain his permanent address was unsuccessful ; a bid for $2,000,000 by the Central Trust Company of New York which was conditional; and $705,100 of bids received after 12 o'clock Ftbruary 1, the time fixed in the notice. The list of the accepted bids in full is as follows : BOND ISSUE OF FEBRUARY. BOUGHT AT THE UPSET PRICE, 117·223 .  Subsc1·iber and Residence.  .A moiint Subsm·ihed /01·.  New YorkLifeinsuranceCo.,N. Y ... .. .. ... $3,000,000 American Exchange National Bank, New York ...................................... . 2,50:),000 United States Trust Co., New York ...•••..... 2,500,000 Union Trust Co., New York ....•.•.......... 2,500,000 Farmers' Loan & Trust Co., N. Y .. . ....• ... ... 2,000,· 00 Hanover National Bank, New York .........• 1,500,000 Kuhn,Loeb & Co., New York . ............•. 1,500,000 National Park Bank, New York ..••••.•..•.. 1,000,000 National City Bank, New York ...•.•......... 1,000,000 Importers'&Traders'Nat. Bank,NewYork .. 1,000,000 J. & W. Seligman & Co., New York ....••.•.. 1,000,000 Speyer & Co., New York . .•...••.•........••... 1,000,000 Chemical National Bank, New York ..•••.... 1,000.000 New York Life Insur. & Trust Co., New York 1,000,000 Lazard Freres, New York .•••• ..•. .... . ..••.. 1,000,000 Brown Bros. & Co., New York ...•.....•..... 1,000,000 Kidder, Peabody & Co., Boston....... ... . . . 1,000,000 Central National Bank, New York....... . .. 1,000,000 National Bank of Commerce, N. Y ..•...•.... 1,000,000 1,000,000 fo~;t~:Wato~ai 1,000,000 I. & S. Wormser, New York .. ... ............. . 1,000,000 700,000 L. von Hoffman & Co., New York ..........• 500,000 Bank of Manhattan Compa ny, New York .. 500,000 Merchants' National Bank, New York ...•.•.. 500,000 Bank of America, New York ........•......... 500,000 Vermilya & Co., New York .....•.........•.... 500,000 Mechanics' National B ank, New York .....•. 500,000 Un~er, s ,nithers & Co., New York . ... . ...... . 500,000 Morton, Bliss & Co., New York ...•.• .. ...• . .. 500,000 Bank of New York, N. B. A., N. Y .....••...•.. 500,000 Knickerbocker Trust Co., N. Y. .• . •• . •. . . . . 500,000 New York SbCurity & Trust Co., N. Y .. ..... . . 500,000 Fifth Avenue -{a,nk, New York.. .... .. ....... . 500,000 J. D. Probst & Co., New York .... •• ... .••..... 500,000 Chase National Bank, New York............. . 400,000 Gallatin National Bank, New York ..•........ 300,000 HeidellJach, Ickelheimer & Co., New York . . 300,000 .Alling & Secor, New York ..... ...•••..•...•... 250,000 Manhattan Trust Co., New York . ..•...•..•... 250,000 Continental Natio ,al Ba nk, New York ...••. 250.000 B a ring, Magoun & Co., New York .•••........ 250,000 Hallgarten & Co., New York . •• . .....••..•. 250.000 Metropolitan Trust Co., New York ..•........ 250·, ooo State Trust Co., New York ............ . .•...•. Independence National Bank, Philadel200,000 phia, Pa ....................... . ....... . 200,000 Seaboard National Bank, New York ... ....••• 200,000 White & Hartshorne, New York ..•. . .•....••• 200,000 People's Bank, New York•.....•....••...•••... 200,000 Merchants· Nat. ~ank, Middletown, Ohio . ••. 200,000 J. D. Probst & Co., New York ...•.. . ....•..... 200,000 Brooklyn Trust Co., N. Y .••...••....•• ...••• .. 144,000 S. R. McLean, New York ......•...... .• ....... 100,000 Bankofthe State of New York. N. Y . .. .. ... . 100,000 Roch. Trust & Safe Dep. Co., Rochester,N. Y.  ~~::,1kew·Yorir:::::::::::::  Amount Allotted. $2,840,050 2,366,700 2,366,700 2,366,700 1,893,400 1,420,050 1,420,050 946,700 946,700 946,700 946,700 916,700 946,700 946,700 946,700 946,700 946,700 946,700 916,700 9!6,700 94,P,700 946,700 662,700 473,350 473,350 473,350 473,350 473,350 473,350 473,350 473,350 473,350 473,350 473,350 473,350 473,350 378,700 284,000 284,000 236,65 ') 236,650 236,650 236,650 236,650 236,650 189,350 189,350 189,350 189,350 189,350 189,350 189,350 136,300 91,650 9!,650  GOVERNMK T BOND PROPOSALS .  .QO Siibscriber and Residence-  Amount sub· sc1'ibed fo1·. $100,000 100,000 100,000 100,000 100,000 50,000 50,000  Bay State Trust Co. , Boston, Mas~ ........... . Naumberg, Lauer & Co., New York .......... . Muller, Schall & Co., New York . .......... . .. . Schafer Bros., New York ..................... . National Citizens' Bank, New York .......... . Henry G. Trevor, New York ... ... ........... . Merchants' National Bank, San Diego, Cal. .. Drovers' & Mechanics' National Bank, Baltimore. Md ....•........................•.. Girard Life Insurance, Annuity & Trust Co., Philadelphia .......................•..•.. Phenix National Bank, New York ......•. •. .. :Sixth National Bank, New York ............. . Hudson River Bank, New York ........•...... A. Grover, New York .............••......•.... German National Bank, Cincinnati. ......... . EveningPostPubli~hingCompany,New York :Silas Weaver, Ea t Greenwich, R. I. ........ . Bolognesi, Hartfield & Co., N. Y ............. . B. E. Tilden, Chica~o. ill. . . . . . . . . ..••........ Stanley & Hume, Wiohita, Kan ............•.• 'Traders' National Bank, Lowell, Mas ...•... W. E. Hazeltine, Prescott, A. T ......• •...•. ... German-Amer. Savings Bank, Burlington, Ia. B. E. Tilden, Chicago ...•....•..... ..•• ........ D. B. Freeman, East Saginaw, Mich ........ . Virginia Erwin, Painted Post, N. Y .......•.. H. C. White. North Bennington, Vt ...• ••..•.. Hawley I. White, . Bennington, Vt......... . Fanny Nolan, New York .....•................. W. J. Neil, Buchtel, Ohio ...................• James F. Russell, Washington, D. C......•... A. H. Ainswo~th, Larned, Kan .••............. William Wagner, Philadelphia ............ ... . J. W. Free, New York ..•••• .•. ......•.•... ...•. William H. Stuart Richmond, Maine ....... . .Mrs. Harriet Kelly, Baltimore ••••••........•. 'Townsend, De mond & Voorhis, New York .. C. F. Spurgin, Kinsley, Kan ...•••............. A. J. Burbler, Washington, D. C............... . .John A. Jones, Washington, D. C .......•..••. .Irvin H. Bright, Tamaqua, Pa ...........••.... .E. W. Townsend, Salmon Falls, N. H .••......  Amount Allotted. $94,650 94,650 94,650 94,650 94,650 47,350 47,350  50,000  47,350  50,000 50,000 50,000 30,000 25,000 25,000 25,000 20 ,000 25,000 12,000 10,000 10,000 10,000 10,00'> 10,000 10,000 5,000 5,000 5,000 4,000 2,600 1,500 1,000 1,000 1,000 1,000 1,000 1,000 800 400 300 200 50  47,350 47,350 47,350 28,400 23,650 23,650 23,650 18,950 23,650 11,350 9,450 9,450 9,450 9,450 9,450 9,450 4,750 4,750 4,750 3,800 2,450 1,400 950 950 950 950 950 950 750 400 300 200 50  Totals..•....• .•.•..•••••.•••••...••••.. ..... $42,996,850 $40,704,700 TAKEN .A.T HIGHER FIGURES.  Biibscriber and .Residence.  Third National Bank, Cincinnati, 0., reg ..... 'T. M. Moseley, West Point, Miss., reg.....••.. Sailer & Stevenson, Philadelphia, Pa., coup . Eutaw Savings Bank, Baltimore, Md., coup .. People's Trust Co., Brooklyn, N. Y., coup .... A. J. Mayer, New York ......•...•••...•....... L. von Hoffmann & Co., New York, coup ..•.. Eutaw avings Bank, Baltimore, coup ...... . .American Exchange Nat. Bank, N. Y., coup .. Kidder, Peabody & Co., Boston .•.....••••.... Lee, Higginson & Co., Hoston ...............• -Central Nat. Bank, Springfield,1.. Mo., reg .•••. Mrs. Mattie J. Berry, Athens, vhio, reg ..... . E. J. Hardtner, Pineville, La., reg ..•. 1•••••••• Ambrose Snow, Rockland, Me., reg .......... . Daniel W. Cosgrove, Marlboro, Mass., reg ..•. J. E. Tower, New York, coup .•.•••.••.••.•.••• First National Bank, Milford, Del., reg ..• _••. C. J. Cooper, Oxford, N. 0 .................... . People's Trust Co., Farmington.Me., coup .. . B. E. Tilden, trustee, Chicago, coup ......•... Jas. Conway,Harper'sFerry, W.Va.,cp.&reg. Morns Mark, Herkimer, N. Y., coup ........ . iL. J. Lederer, Baltimore, coup ............... . Van Schaick & Co., New York, coup ..•...•..• First National Bank, San fiancisco, Cal., reg Heidelbach, Iokelheimer & Co., New York, cou Nat. Sb.oe & Leather Bank, New York, reg .. Bank of British N America, New York, coup Albany County av. Baok, Albany, N. Y., cou. J. W. Leggett, Moscow, Texas, cou . ....... ..• Merchants' Nat. Bank, Boston, Mass., re2 ... . Lawrence Nat. Hank, Lawrence,Mass.,cp.&reg Fallkill Nat. Bank, Pougllkeepsie, N. Y .•..•• Heidelbacn, fokdlheimer & Co., account Ohio Valley National Bank, Cincinnati, 0., cou.. -Caldwell & .1:lunker, New York, cou .......•... Charles C. Burke, New York, cou ..•. ......... Merchants' Nat. liank, Richmond, Va ....••.. i:rving S. Lothrop, Dalcour, La., reg .•• . .....• International Tru t Co., Boston, cou. & reg .. L. W. Morrison, New York, reg .. . ......•.... United States Mortgage Co., New York, reg.. E. Rollins Morse & Brother, Boston, cou ....•• :Stein.Brothers, Baltimore, cou .....•...•..... Bank of British No. America, New York, con. E. H. Bonner & Co., JS"ewYork, cou....•..••.• Kid•1er, Peabody & Co., Boston, reg ..•......• E. RollinR Morae & Bro., Boston, cou . .•.. .... Ohio Valley Nat. Hank, Cincinnati, cou .....• N. Hank of the Reoublic, Wash., D. C., for First Nat. Bank of Cincinnati . ......•...•..• E. Rollins Morse & Bro., Boston, cou ..•...... Maier Herliner, New York, cou ...••.•........ First Nat. Bank, Brenham, Texas, reg.. ....•• East Tenn. Nat. Bank, Knoxville, Tenn., reg. W. E. Newbert, Kansas t,'ity, Mo., cou ..•.... . People' Nat. Bank, Burlington, Kan., reg ... .J. H. Hecht, Boston, cou.....•..........•...... Manufacturers' Nat. Bank, Baltimor<i, reg ... Roche -~ Coulter, Baltimore, cou ....•••.•..•. Merchants' Loan & Trust Co., Chicago, cou .. National Bank of Redemption, Boston, cou .. New England Trust Co., .Boston, con ..•...... -C. F. Troutman, hepardsville, Ky., reg ..... . Kidder, Peabody & Co., Boston.....••........ Kummer & Becker, baltimore, cou .. ••....... Bullitt County Hank, Shepardsville, Ky., reg. Elizabeth F. Leffingwell, Summit, N. J., reg.. Hambleton & Co., Baltimore, cou............ . Northwestern Nat. Bank, West Superior. Wi ., reg . . . . ........................•......... .D. W. Cosgrove, Marlboro, Mass., reg ....... . National ank of the Republic, Washington, D. C., for Fir t Nattonal Bank, Cincinnati, Ohio ......................................... . Frank Rosenberg & Co., Baltimore, Md., con. First ational Bank, Brewsters, N. Y., cou .. ,C. Scbre1tmiller, New York, cou .... .•..•..... Louil! chraidt, l\ew York, cou .. .••.. .........   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .A.mount Subscribed f 01·. $100,000 1,000 100,000 50,000 500,000 250,000 300,000 50,000 500,000 250,000 250,000 25,ggg  Amount  2,000 10,000 1,000 50 15,000 100 20,000 10,000 1,500 100,000 100 5,000 100,000 100,000 200,000 250,000 70,000 6,000 100,000 20,000 100,000  Bid. 117·224 117·225 117·225 117·225 117·225 117·225 117·225 117·225 117·225 117·227 117·:l28 117·230 117·230 117·230 117·230 117·237 117·240 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250 117·250  100,000 10,000 5,000 150,000 4,000 500,000 125,000 500,000 200,000 100,000 250,000 5,000 250,000 200,000 100,000  117·250 117·250 117·250 117·250 117·250 117·251 117·2ii0 117·260 117·260 117·270 117·300 117·300 117·319 117·330 117·350  100,000 100,000 4,500 30,000 50,000 400 25,000 50,000 25,000 50,000 250,000 200,000 500,000 500 250,000 10,000 2,500 400 50,000  117·312 117·380 117·446 117·500 117·500 117·500 117·500 117·500 117·500 117·510 117·520 117·520 117·550 117·575 117·697 117·750 117·800 117·815 117·815  100,000 500  117·825 117·850  100,000 50,000 20,000 100 100  117·875 117· 75 118·000 118·000 118·000  Sttbsc1•ibe1· and Residence.  .A.mount Subsc1·ibed for. $10,000 6,000 500 150 50,000 500 500 2,000 200,000 600 200,000  JamPS Levy & Bro., Cincinnati, Ohio .......•. Farmers' Nat. Bank, Hudson, N. Y., reg, . ... . CharleR Braden, West Point, N. Y., reg ...... . H. 0. Hall, Washington, D. C., cou .......... . Roche & Coulter, B>1ltimore, cou ............ . J. W. Crosby, New York, cou ................. . J. W. Oro by,New York, cou ............•..... Joseph J. weeney, Baltimore, cou. & reg.... Planter' National Bank, Richmond, Va., reg Geors-~.M Wright, New York, reg .......••••• Franlrlin Bank, St. Louis, Mo., cou .......... . Geo. M. Wright (for Mrs. S.H.Dewey), N. Y. re,g-........... . . ........................ ...... . I. Wind, Huntsville, Ala., cou . ....... ........ . David King-, Jr., committee, &c., Washington, D. C., reg .............................. . .. David King, Jr., guardian, &c., Washington, D. C., reg .... . .............•...•......•. J . Tauber, Eau Claire, Wis., cou .. .. . ........ . Wm. B. Matthews, WashiT1.gton, D. C., reg .. . E. J. Doug-herty, Indianapolis, Ind., cou .... . James Keith, Little Rock, .Ark., cou ....... .. . L. Wormser & Bro., Jeanerette, La. , cou .... . Merchants' National Bank, Boston, Mass, reg Silas E. Hurin, attorney for Ella P. Coruchin, guardian, Findlay, Ohio, cou .........••. ... Nat. Bank of Commerce, St. Louls, Mo., cou. Nat. Bank of Commerce, New York,reg .••. J. Mayer, New York .. . .. .•.......•........••• E. M. Cronin, New York, reg .•......... ...... Bradford National Bank, Bradford, Pa ..... . William T . Owsley, Washington, D. C., reg .. . (1. F. Southmayd, New Yorlr.........•......... Frank Rosenberg & Co., Baltimore, cou ..... . A. C. Downer, Philadelphia, cou ...........•.. First National Bank, MAxico, Mo., cou ..•.... G. J. Van Schott, Passaic, N. J., reg .. ....... . Emory Freed & Co., Philadelphia, cou ...... . A. W. Evans, Elkton, Md., reg ........••...... Alexander Seibald, Baltimore, reg ••.•...•.. . M ·ss Katharine Gibbon, Philadelphia., cou ... . R.H. Cook, Whitehall, N. Y., reg ............ . First National Bank, Minersville, Pa ..•.•.... Hambleton & Co., Baltimore, cou .... . ••...... Charles A. Wessmann, New York, cou ....... . George D. Hawks, Weldon, N. C., cou ...•.... MerchantR' National Bank, Boston, reg .•.•.• Bradford National Bank, Bradford, Pa ..... . Adolph Rothbarth, New York, cou .••........ Henry McEnroe, Washington, reg ..•..... .. .. Geor~e E. Morgan, Fulton, Ill., cou. & resr ... Col'mbia Nat. B'k, Minneapolls, Minn., reg . Mary Connor, Philadelphia, reg.............•. Farmers' Nat. Bank, Greenville, Ohio, reg... . Rose Magee, Philadelphia, reg ............... . Bay State Trust Company, Boston, cou .....• James Spear, Pbiladelphia,reg...•.......•...• R. Reifegerste, Bellport, L. I., reg .... . ...... . J.C. O'Connor, Joliet, m., cou ..........•.••. . Miss E. C. Todrt, .Asbury Park, N. J., cou .. ... V. F. Schmitt, Washin~n, D. C., cou ......•. William D. Nierste,Baitimore, cou .... .... ... . Jay Brooks, Chica1to, reg ...........•...•...... M. J. Hess, New York, coup ...•....•.......... SusannaK. May, New Albany, Ind.,coup ... . Matthew L. Brett, Washington, Ind., coup . . . Laura J. Crawford, Washington, D. C ....... . Silas E. Hurln, att'y, eto., F'mdlay, 0., coup . William Connor, Philadelphia, reg ......•..... W. Graves & Co., Frankfort, N. Y., reg .•..... Michael Treston, Philadelphia, reg .......... . Wichita Nat. Bank, Wichita, Kan., reg ....... . This list shows that $9,295,300 bonds were above 117·223.  600 50  A1noitnl Bid. 118·000 118·000 118·000 118·000 118·000 118·000 118·000 118·000 118·000 118·000 118·000  118·000 118·000  20,000  118·000  40,000 500 300 500 5,000 4,000 200,000  118·000 118·000 118,000 118·000 118·000 118·000 . 118·000  1,000 70,000 25,000 5,000 27,000 25,000 450 10,000 50,000 2,000 10,000 600 20,000 500 3,000 1,500 10,000 40,000 50,000 300 300 100,000 25,000 500 300 600 500 8,000 10,000 8,000 50,000 20,000 800 50 50 300 50 5,000 50 500 500 250 400 8,000 1,000 8,000 50  118·000 118·000 118·000 118·000 118·000 118·000 118·000 118·100 118·125 118·250 118·250 118·330 118·350 118·400 118·410 118·411 118·411 118·411 118·411 118·420 118·500 118·500 118·500 118·875 119·000 119·000 119·010 119·010 119·550 119·613 119·613 120·000 120·000 120·000 120·000 120·000 120·000 120·000 120-000 120·000 120·000 120·000 120·000 120·219 120·500 120·829 200-000  disposed of at prices  The following table, taken from the report of the Secretary of the Treasury, shows how and at what points payment was made for the subscriptions under this issue of last February : PAYMENTS FOR FEBRUARY BOND PURCHASE. Gold com receivea$7,125 99 Treasury at Washinsrton ..............•..••............... 207,28100 Sub•Treasury at Baltimore ............................ . .. . 560,041 50 Sub·Treasury at Philadelphia ...... .. ........•........ ... Sub•Treasury at New York .............................. . 47,021,626 00 Sub•Treasury at Boston .....•.•... . ....................... 4,071,277 50 384,125 00 Sub-Treasury at Cincinnati. .......... . . . . . . . . . . • . . . . . . . 307,696 00 Sub•Treasury at Chicago ......•. ...... .. ........ ...••. .... 94,180 00 Sub-Treasury at St. Louis ................................ . 12,939 93 Sub-Treasury at New Orleans .. ... . ..••................. 183,97132 Sub-T,easury at San Francisco ...•........... . ... . . .. ... .  -----  Total.... . ... . ....... •. . • . . . . . . •............•..••. . $52,850,264 24 Gold cer1iflcatPs received............ . . . . . . . . . . ... . . 5,810,420 00 Other forms of money received in making change....... 233 39 Total proceeds of bonds .... .... . .. ...... ........ ...... $58,660,917 63  The second issue of $50,000,000 bonds was made in November. The circular inviting proposals for the purchase of the bonds was as fo1lows : TREASURY DEPARTMENT, ~ OFFICE OF THE SECRETARY, WASHINGTON, D. c., November 13, 1894.  By virtue of the authority contained in the Act of Congress entitled "An Act to provide for the resumption of specie payments," approved January 14, 1875, the Secretary of the Treasury hereby gives public notice that sealed proposah will be received at the Treasury Dapartment, office of the Secretary, until twelve o'clock, noon, on the twenty.fourth da.v of November, 1894:, for United States five per cent bonds, in either regi~tered or coupon form, dated February 1, 1894, redeemable in coin at the pleasure of the Government, after ten years from· the date of their issue, and bearing interest, payable q.uarterly, in coin, at the rate of five per centum per annum.  ..  GOVER MENT BOND PROPOSALS. Bidders whose proposals are accepted will be required to pay twenty per cent in gold coin, or gold certificates, upon the amount of their bids as soon as they receive notice of the acceptance of such bids, and to pay in like coin or certificates an additional twenty per cent at the expiration of each ten days thereafter, until the whole is pa.id; but they may, at their option, pay the entire amount of their bids when notified of acceptance, or at any time when an instalment is payable. The first payment, however, of not less than twenty per cent must be ma.de when the bidder receives notice of the acceptance of his proposal. The denominations of the bonds will be $50 and upwards, and bidders will in their propost1.ls state the denominations desired, whether registered or coupon, the price· which the bidder prop:>ses to pay, the place where it is desired that the bonds shall be delivered, and the office, whether that of the Treasurer of the United States or an Assistant Treasurer of the United States, where it wi11 be most convenient for the bidder to deposit the amounts of his payments. The bonds will be dated February 1, 1894, in order to make the proposed issue uniform as to date with the existing issue ; but interest thereon will begin November 1, 1894, and bidders will be required to pay accrued interest at the rate of five per cent on the face value of their bonds from November 1 to the date or dates of payment. The total issue of bonds, in pursuance of this notice, will not exceed the sum of $50,000,000. The Secretary of the Treasury hereby expressly reserves the right to reject any or all bids. All proposals should be addressed to the Secretary of the Treasury, Washington, D. C., and should be distinctly marked "Proposals for the purchase of five per cent bonds." Blank forms for proposals may be had on application to the Secretary of the Treasury. J. G. CARLISLE, Secretary of the Treasury,  This issue was a great success. Altogether 487 bids were received for the bonds for an :aggregate amount of $178,341,150. There were two bids ior $50,000,000-the whole amount of the loan. The one bid was at 116 ·8898, the other at 117·077. Both bids were put in by the StewartDrexel, Morgan syndicate, but the subscribers were not the same in both cases; several of the members of the syndicate at the lower price and w:h.ose subscriptions aggregated a considerable amount did not join in the bid at the higher price, and other subscribers (some entirely new) 'took their place. The bid of the last syndicate proved successful, and the bonds were awarded to them by Secretary Carlisle on Monday, November 26. Here are the names of the members of the successful syndicate and the amount of bonds taken by each. AmoU?d. Drexel, Morgan & Co . ..... ..... . .. . ..... . .... . . . . . ... . . . .. . . . . $3,350,000 J. S. Morgan & Co . .. .. . ... .. . .....• . .... .... . .... . .. . ... ... .... 1,000,000 First National Bank, New York . .. . ... .. . . . ... . . .. . .... .. .... . 6,700,000 Harvey Fisk & Sons . . .... .... .. ... . . . ........... . ............ . 6,700,000 United States Trust Co .. ... . . .... . . . . .. .. .. . .... . . ... .... .. . . . 4,000,000 Winslow. Lanier & Co ... . . . .... ... ... . .................... . .. . . 1,000,000 North British & Mercal\tile Insurance Co ....... . . . . . ...... . . 500,000 Brooklyn Trust Co ....•• .. . .. . .. .. . . ....... ... .... .. . . .. .... . . . 400,000 Girard Life Insurance Annuity & Trust Co., Philadelphia . . 100,000 American Exchange National Bank ... . .. .... . ..... . . . . .. .. . . 250,000 National City Bank ...... .. . . ..•... .. . . .. . . . . ...... .... . . ..... . 3,500,000 Gallatin National Bank . . . .. . . . ... ..... ... . .. .. . ... ... ..... .. . . 500,000 Hanover National Bank . .. . . . .... .. .... . ........ . . .. ......... . 2,500,000 Merchants' National Bank ....... . ... . . . . . . . . ........ ...•. .. . . . 500,000 Manhattan Company ........ .. ..... . .. . . ... ...... . . . . . . .. . . .. . . 500,000 Albert Stettheimer ..... .... . .... .. .. . ... . ... . . . .. . ...... . ... . . . 100,000 Firet Natj_onal Bank, Chicago ......• . .. .... .... ........ . . ... . 1 ,000,000 National Bank of Commerce . . ... . . .. .. .......... .. ......... .. . 1,100,000 E. Rollins Morse & Bro . . . ... . . . • . . . . . . . . . . . . . . . . . . . . . . . ... . 800,000 Chase National Bank..... . . . . . . . . . . . . . . . . . .. . .... ... .. .. . ... . . 1,000,000 Fourth National Bank, New York . .. .. . .. .. .. .. . . .. .. . ... . ... . 1 ,000,000 Union Trust Co .. . .... ... ... .. . . . . ... .. .. .... . ..... . . . ... . .... . . 4,000,000 Union Trust Co., for other3 .......... ..... .... . . . .. . .......... . 550,000 Knickerbocker Trust Co . .. . .. . . ... ... . . ... . ... .. ............. . 250,000 Morton, Bliss & Co . .... . ... .. . .... . , . . .. . ...... . ... ....... . ... . 1,000,000 Heidelbach, Ickelheimer & Co .. ..... . . .. .. ... . ......... . .... . 1 ,000,000 I. & S. Wormser .. .. . ... ... .. .. . ... . ..... .. ... . . .. . .. .... .. ... . 1 ,000,000 J. & W. Seligman & Co .. . . ....... .. .. . ..... .. . . . .. ..... . .... . 1,000,000 Bowery Sav ings Bank ... ............ . . . . . ... .... .. ..... . . . .. . . 500,000 250,000 Greenwich Savings Bank ... . ... .. . .. .. . .. .... . . . ...... .. . .... . Cooper, Hewitt & Co ...••.•.... . . . .. . ............ . . . ..•.... .... 250,000   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  A. R.Eno .... . ... ..... .. . ...... .. . ..... .... . $250,000A. E . Orr, for South Brooklyn Savi n g s I nstitut io ,. . ... .. . 100,000Blair & Co . ... . .... ..... ...... ... . . ... .. . ... . . ... . . .. - - · -· - .. 6 00,000 5 00,00(), Vermilya & Co.. ..... . .. . . . . ..... . .. . ...... .. ... . ... . ... . F. S. Smithers & Co .... . . . . . . . . . . . . . . . . . . . . . . . . . . .. ... . 5 00,000 Edward Sweet & Co . . ...... .. . . . .. . .. .. .... . . ... . . .. .. .... . 250,000 Kountze Bros .. ...... . . . . . . . . •. . . . . . . . .. . .............. . 5 00,000 L aidla,v & Co .... .... ...•.........•.. .. .. . ... . . . ... . .. ....... . . 1,000,000$ 50 ,000,000-  Oc1.lculatio ns made before the sale showed that to yield 3 per cent to maturity the price would be 116 ·008, to yield 2·90 per cent 116·889, to yield 2·878 per cent 117·077, and to yield 2·70 per cent 118·8676. The salewas efi~cted therefore on a basis of 2·878 per cent per annum. In accepti11g the bid at 117·077 Secretary Carlisle stated that the procee ls under this bid would be $4:9,517 62 greater than the aggregate of tb.e other highest bid~. He said furthermore that "a very im portant advantage to the Government in accepting this bid is the fact that all the golu will be furnished outside and none drawn from the Treasury. It is also more convenient and less expensive to the Department, to deal with one pltrty rather than with many." The syndicate did not avail of the privilege of paying for the loan in instalments at intervals of ten days,. but paid up at once. On Monday, November 26th,. $10,274,204: of gold in payment was turned in at the Sub-Treasury at New York, on Tuesday $30,232,258was turned in, on Wednesday $3,406,028, on Friday (Thursday having been Thanksgiving) $3,859,029, on. Saturday, December 1, $1,339,363 and on Monday, December 3, · $1,298,545. A further trifling sum of $137 was pa.id in on December 7, making the total payments in this city $50,409,564:. The payments at other points amounted to somewhat over $8,000,· 000, of which about $1,100,000 was paid at Boston,. $1,300,000 at Philadelphia, $2,385,000 at Chicago and $2,030,000 aii San Francisco. We give herewith thetext of the syndicite bid. The Hon. John G. Oarlisle, Secretai·y of the l'reasU?·y: We hereby propose, under the terms of your circ ula r o f Nov. 13, 1894, to purchase United States 5 per cent ten.year b onds, described in said circular, of the face value of $50,000,000, and we a gree to pay therefor at the rate ot $117·077 and accrued interest per $100. This bid is for the whole $50,000,000, but not for any lesser amount .. We further a g ree, upon due notice of the a cceptance of this subscription, to deposit the amount thereof in gold coin or gold certificates,. with United States assistant treasurer:1 at either Boston, Ne w York,. Philadelphia, Baltimore, Washing ton, Cincinnati, Chicag o, St. Louis, ew Orleans or San Francisco, in a ccordanc8 with the terms of said circular. We desire (registered or coupon) b onds in deuomina.tion9 a s stated "below, and we wish them to be delivered to us as foll@ws : $<b0,000,000 at N e w York, $3,000,000 at Boston, $3,000,000 at Philadelphia, $2,000,000 at Cllicago and $2,000,000 at Ban Francisco, or oth'}r United Sta:.es treasuries, as may be approved b y the Treasury D e pa r tment. U NITED STAT.EST.RUST CO:UPANY OF NE\Y YORK, By JOHN .A. STEWART, P r e iden t. DREXEL, MORGAN & Co. UNION TRTTST COMP.A.NY OF NEW YORK, By E DWARD KING, P resident. THE FIRST NATIONAL BANK OF NEW YORK, By HARVEY F ISK. & SONS. The denominations of bonds desired are stated as follows : Coupons-$25,000 in fifty-dollar honds, $25 ,000 in one-hundred·dollar bonds and $34,950,000 in one-thousand•dollar bonds. Registered-$15,000,000 in ten thousan:d•dollar bonds.  . Twenty millions of the syndicate purchase was intended for investment, the rest for sale. Part of the bonds was offered at 119 on Monday, November 26th, as soon as word was received that the bid had been accepted by the Secretary, and Messrs. Drexel, Morgan & Co., HarveJ Fisk & Sons and the First National Bank were designated as the selling agents. On Wednesday, November 28th, it was announced that over $5,000,000 had been taken, and that further sales would be at 119½, In the same week several millions more of the bonds were disposed o~. After that, however,  --  fENT BOND PROPOSAL8 .  GOVER  •JI  • ,  the sales appear to have been small. Mr. CiJ.rlisle sub· mitted a plan to Congress for a new bank-note cur• rencv, providing for note issues without the deposit of Government bonds, and requiring the banks to withdra.w the bonds now on deposit as security for This with other things operated to circulation. weaken the price, and on December 27th it was officially announced that the syndicate had been formally dissolved. In explanation, Mr. John A. Stewart, the President of the United States Trust Company, who organized the syndicate, stated that it bad been formed for a specified time, and that time having expired it had dissolved. On account of the fall in the price of the bonds, he said, they had not all been sold. Messrs. Drexel, Morgan & Co. issued the following card announcing the dissolution :  Place.  Narne of Bidde1·.  co:.-.-.-.-.-.·.·_-_-.-..  Bo ton, Mass. Kidder, Peabo.dy·& Nat. Park Bank, N. Y., for J. S. Arm t rong, 1-t•.•••••.••. •.••• Wilmington, N. O. Nat. Park Bank, N. Y., for J. 8. Arm trong, Pt ................ Wilmington, N. C. Nat. Park Bank, N. Y., for J. S. Arm trong, Pt ................ Wilmine.-ton, N. C. First Nat. Bank ......•...... Parkersburg, W. Va: Charles Braden ................. We t Point, N. Y. Tbirrl Nat. Bank .......... . .. . ...... Scranton, Pa. Cortland Savings Bank ........... Cortland, N. Y. A. Rothbarth ......•.... . ..... ..•...... New York. Harry Finson ..................... San Pablo, Cal. Mutual Assurance Co ... ...... Philadelphia, Pa. " " Lewi A. Scott. . . . . . . . . . . . . . . . . . Dollar avings Banlc ............. Pitt burg, Pa. Frank B. Beers ...... . ............ Brooklyn, N. Y. John Hubert . ..................... Baltimore, Md. W. B. Rochester, Jr ........... Washin~on, D. C. Franci Kelly & Co .......... _.. Wilmin,,<>ton, Del. Barbara A. Dugan ...•...... . ....... Scranton, Pa. Jame J. Hanna .............. Liberty Grove, Md. Bank of Lenoir .... ..... .. ........ ... Lenoir, N. C. Charles Clinton ............ mi thville Flats, N. Y. Mrs. Ellen Ryan .........••...... Brooklyn, N. Y. Indiana Nat. Bank ............ Indianapoli, Ind. Bank of British North America ...... New York. S. A. Fletcher & Co . ........... Indianapolis, Ind. Oelbermann, Dommerick & Co ........ New York.  The action of the United States Treasury on currency questions having stopped progress in the sale of bonds for " " " " the account of the 5 per cent bonds syndicate, and the period States United the of notice the in mentioned days of thirty J.M. Sorzano .... .. . .... ........·.·.·_-_-_-_-: " Treasury having expired, the syndicate is dissolved.  According to Messrs. Harvey Fisk & Sons about 35 per cent of the $30,000,000 intended for sale were disposed of around 119, and the other 65 per cent remained in the hands of the various members of the syndicate. To complete the record we print below a full list of all bids received for this second issue of $50,000,000 bonds. The list is arranged so as to show the bids in five classes, graded according to price-the first class comprising the bids above 117·077, the second the syndicate bid at 117·077, the third the bids between 117·077 and 116·8898, the fourth the syndicate bid at 116·8898, and the fifth the bids below 116·8898. We give first a summary or recapitulation of the subscriptions and then the detailed statement. SUBSCRIPTIONS TO FIVE PER CENT LO.AN OF 1904-BIDS OPENED SATURDAY, NOVEMBER 24, 1894, AT 12 O'CLOCK M. RECAPITULATION. Prices above ............................. 117·077 $10,935,250 At ...................................... .. 117·077 50,000,000 Prices between 116·889 and .......... ll 7·077 5,629,800 At ........................................ 116·8898 50,000,000 Prioes below ............................. 116·8898 61,776,100 11178,341,150 PRICES ABOVE 117·077.  .Amount.  Ptau.  Name of Bidde1·.  Ladenburg, Thalmann & Co ........... New York. " Continental Nat. Bank ....... ........ " " American Union Life Ins. Co......... " American Exchange Nat. Bank...... " Merchants Loan & Trust Co . ...... . Chioago, Ill. Speyer & Co .. ... ........ ........•.. .. .. New York. F. Rosenburg & Co ............... Baltimore, Md. Fourteenth Street Bank ....•••.•.... New York. " Kuhn, Loeb & Co......... . ............ ., C-,f· L?,w. .. . . . . . • .. • •. . .• . . . . . . . . . . . . . ;; Joliet Nat. Bank ....................... Joliet, Ills. Globe Nat. Bank ................... Boston, Mass. Louis Ranger ........................•. New York. " Emigrant Industrial Savings Bank.. " Lee, Higginson & Co ............... Boston, Mass. Jno. 8. Armstrong, Prest...... Wilmington, N. C. Shawmut Nat. Bank ........ .... ... Boston, Mass. Mathews, Bean & Co ........ Philadelphia, Penn. Asiel & Co . .......... ...... .. . .... .. .... New York. First Nat. Bank ................... Newark, Ohio. Society for Savings ............. Cleveland, Ohio. Nat. Union Bank ..•...... ............. New York. Bank of Mansfield............... Mansfield, Ohio. Hawley C. White ............. N. Bennington, Vt. E. Allen Frost ...................... Chicago, Ills. Bank of California .. .. ..... .. San Francisco, Cal. Provident Life & Tru t Co ..... Philadelphia, Pa.  ,,  "  "  "  "  .,  Andrew Stowe .............. ::::.Thomaston, Me. Euclid Ave. Nat. Bank .. .. ...... Cleveland, Ohio. U  h  •'  ,,  ' •  ,,  Fidelity Ins. Trust & Safe Dep. Co .. . . Phila., Pa. G. W. Stocking ................. Wheeling, W. Va. W. R. Hurt ...... .... ........ East Saginaw, Mich. J. W. Oro by ........................... New York. Robert T. Kelly ......................... Joliet, Ill. E. 'l'bielt>............................... New York. Nat. Bank of Coatesville ....... . Coatesville, Pa. Fil·st Nat. Bank ......... ..... San Francisco, Cal.  "  .,  "  .,  "  "  Henry Lessner.:::::::::::::: .. .... Dayton, Ohio. Mr . L. C. Moore ................. .... Atlanta, Ga.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  $250,000 30,000 50,000 500,000 300,000 500,000 30,000 50,000 2,000,000 100,000 100,000 100,000 5,000 250,000 250,000 200,000 100,000 25,000 250,000 50,000 100,000 10,000 100,000 100,000 5,000 5,500 100 500,000 200,000 200,000 200,000 200,000 200,000 5,000 5,000 5,000 500,000 3,000 100,000 1,000 500 10,000 25,000 50,000 100,000 1,000 50  Price. 117·115 117·212 117·437 117·094 117·450 117·113 117·19 117·25 117·08 117·09 117·130 117·212 117·10 117·11 117·11 117·11 117·125 117·125 117·125 117·16 117·17 117·17 117·18 l 17·2125 117·223 117·223 117,223 117·23 117·240 117·858 ! 118"125 118·478 118·655 117·24 117·125 117·375 117·16 1 L7·25 117·25 117·25 117·25 · 117·25 117·25 117·50 ll 7·250 117·2f) 117·26  .Amount.  N:.Joha1!~sen .................... Bro?JrlYil, N:,Y·  "  Wisconsin Nat. Bank ......•.. ... Milwaukee, Wis. Cuyler, Morgan & Co ... .............. New York. " Ba~~ of Mon~eal..................... "  co:::::::::::::::Bo  ton, Ma . Lee, Higgin on & tein Brother .................... Baltimore, Md. Euclid Avenue Nat. Bank....... Cleveland, Ohio.  Price. 117·76 117·51 117·26 117·28  $20,000 20,000 20,000 500,000  25,000 117·375 25,000 117·50 117·25 117·50 117·50 117·50 117·50 117·50 117·50 117·51 117·541 117·56 117·85 118·00 118·08 118·25 119·00 120·00 120·00 120·00 120·50 117·12 117·15 117·12 117·11 117·12 117·13 117·14 117·15 117·25 117·112 117·11 117·15 117·17 117·20 117·08 117·131 117·19 117·25  25,000 10,000 400 500 15,000 1,000 1,000 60,000 2,600 300,000 25,000 250 100 5,000 1,0()0 200 1,500 200 350 210,000 60,000 140,000 50,000 50,000 50,000 50,000 50,000 25,000 100,000 20,000 250,000 250,000 250,000 400,000 100,000 50,000 5,000  $10,935,250 SYNDICATE BID FOR ALL OR NONE-PRICE 117•077.  .Amount.  Place.  Name of Bidder.  Pt·ice.  Drexel, Morgan & Co. and associates.New York.$50,000,000 117·077 PRICES BETWEEN 116·8898 AND 117·077.  Place.  Nam,e of Bidde1·.  Amount.  Watjen, Toel & Co ......•.............. New York. " Speyer & Co ...... ........ ......... . .... " Auicu,t Pfleger........ . ....... Union Hill, N. J. Hudson Tr. & Sav. In titution ... Hoboken. N. J. Farmers' Nat. Bank ......... ...... Greenville, 0. Alice B. Willing ................ Philadelphia, Pa. J. S. Parke ..................... . Plattsburg, N. Y. Central Nat. Bank ... .... .............. New York. " J.E. Hindon Hyde, exr ....... .•..... " Paul S. Tooker......................... " Farmers' & Traders' Bank . .. ...... . Hillsboro, O. Henry H. Truman . .................... New York. Teresa Aqua.do ................ Brirlgeport, Conn. Christian W. Lynch .............. Harrisburg, Pa. Hocking Valley Nat. Bank ......... Lanoa.ster, 0. First Nat. Bank of Buchanan Co.St. Joseph, Mo. James Talcott .. .. . ..•...........•..... New York. " William B. Ross . ...... ... ...... ....... " Wisconsin Nat. Bank ............ Milwaukee, Wis. Salvatore C1'lintoni ..................... New York. " Schafer Bros ... ..... ..... .. . ......•..•. " Speyer & Co............................ " Shnlz & Ruck~ab.,r... .......... ..... .. " N~t. Bl;:nk of N~rth Am?.rica .•.•.•.... N~w Y•'.;k Stein Bros ................ . ...... Baltimore, Md. Hall~arten & ?_o ..•••••..........•..... N?;' Y~yk. Indiana Nat. Baoi·.-.·.-.-.·.·_-_-_-_-_-."iudiaiiapolis, Ind.  .,  ,,  ,, ..............  ,,  ''  Hallgarten & Co . .. _-_-_-_-_-_-_-_-_-.·_-......... New York. " Bank of Montreal.. . . . . . . . . . . . . . . . . . . . . " Kummer & Becker .•......• ...• . Baltimore, Md. Lee, Higginson & Co ............•. Boston, Mass. Brown Brothers & Co . ................ New York. J. Tauber ...•....•..... . ......... Eau Claire, Wis. J<]. Thiele .......... ..........•... ....... New York. Cortland Savings Bank . ..... .... Cortland, N . Y. American Union Life Ins. Co ......... New York. Merchants' Loan & Trust Co ........ Chicago, Ill. Frank Hosenburg & Co . .... .... . Baltimore. Md. Kuhn, Loeb & Co ...................... New York. " C. Adolphe Low....................... " Jno. . Armstrong, .Pres ...... Wilmington, N. C. Euclid Avenue Nat. Bank ......... Cleveland, 0. Mechanics' Savings Bank ...... Rochester, N. Y.  $100,000 500,000 100,000 50,000 25,000 14,000 500 6,000 1,500 250 10,000 50 1,000 5,000 10,000 1,000 50,000 10,000 50,000 25,000 100,000 500,000 100,000 100,000 100,000 50,000 5,000 5,000 30,000 30,000 30,000 20,000 20.000 20,000 555,000 300,000 5,000 100,000 25,000 500 10,000 15,000 50,000 300,000 20,000 2,000,000 100,000 25,000 5,000 50,000  Price. 117·061 117·055 117·01 117· 117· 117· 117· 117· 117· 117· 117· 117· 117· 117· 117· 117· 117· 117· 117· 117· 116·984 116·925 116·90 116·9Ql 116·89 117·01 116·90 116·95 116·96 117·01 117·06 116·96 117·01 117·06 117·01 116·92 116·95 116·895 117· 117· 117· 117· 116·993 117·002 117·01 116·92 117·03 117· 117· 117·  $5,629,800 SYNDICATE BID FOR ALL OR ANY PART-PRICE 116·8898.  Name of Bidder.  Place.  .Amount.  Price.  Drexel,Morgan& Co. and associates.New York.$50,000,000 116·8898 PRJCES BELOW 116·8898.  Name of Bidder.  Place.  W. E. Hazeltine, ............••..... Prescott, Ariz. Ha~ard Ha,;v-es ................ Roch~~ter, N~,Y. W. H. Lewis ..... _-_-_-_-_-_-_-_-.·_-_-_-_-_-.Somerville, Mass. Joseph C. Hoagland ................... New York. " Corn Exchange Bank ................. " Mount Morris Bank ..... . ............. " Harry H. Lang . ......•.. ........ Philadelphia, Pa. Indu,, trial Tr,~ t so ............. Provi1,ence, R..,I. Th)fd N,~t. B~~ ... .'.'.':·_-:_-_-_-_-_-_-_- •...... N~w Y~fk,  Amount. $10,000 6,000 100,000 100 100,000 40,000 200,000 500 50,000 50,000 100,000 50,000 50,000  Price. 116·108 11 ·60 11 ·505 103· . 116·05 116·75 116·65 104· 116·104 116·658 116·658 116·150 116·658  ~a  GOVERNMENT BO D PROPOSALS. Name of Bidde1·.  Place.  A.mount.  Charles L. Gabsdy .................. Chicago, Ills. People's Nat. Bank .......... Marlborough, Ma s. Central National Bank ............ Chillicothf', 0. Patrick Wal h . .....•........... Logansport, Ind. M. C. Bouvier .......... ... ............. New York. Harri~burg ~:i,t. B1!-;nk ........... Harri~burg, ~;l'· Manufacturers' Nat. Bank.·_-_-_-.·_-.Baltimore, Md. Fir t Nat. Bank ..................... . Quincy, Ill. David B. Altemus ................ Brooklyn, N. Y. Fourth Nat. Bank ................. .... New York. " J. Kridel, Sons & Co...... . . . . . . . . . . . . . " Lehigh Valley Tr. &SafeDep. Co .. Allentown,Pa. First Nat. Bank ............. . ...... Cincinnati, 0. Bruce M. Priddy ................... Wichita, Kan. Norfolk Nat. Bank ...............•... Norfolk, Va. L. von Hoffmann .............. . ....... New York.  $100 15,000 25,000 3,000 100,000 6,000 3,000 25,000 1,000 500 1,000,000 50,000 10,000 100,000 600 25,000 175,000 125,000 " " " " 125,000 125,000 800,000 American Exchange Nat. Bank...... " 500,000 " " " " 500,000 Merchants' Loan & Trust Co .... :·.·.·.ohicago, Ill. 300,000 300,000 " " " " ., Spe7.er &__co ......... ••.. ..... :::::::: .. N~w Y?_rk. 1,000,000 1,000,000 . - . .... ....... -.... -. - . -.. --- . - .. - .. 1,000,000 1,000,000 3.600 Albert J. Appieby:::::::::::::::::Pittsfleld, Me. 1,000 E. B. McCullers .................... Clayton, N. C. Laz~rdFr~fes . ......................... N~w Y~fk. 1,000,000 500,000 500,000 1,000 A. P. Churchin::::::::::::::::::::::::: .. Erie, Pa. 3,600 Geo. M. Wright ....................... . New York. 100,000 Merchants' Nat. Bank ............. Boston, Mass. 350,000 " " " ,, " 50,000 Nat. Capital Bank .... _-_-_-_-_-_-_-_-.\Vashington, D. C. 35,000 25,000 Manufacturers' Nat. Bank .......... Racine, Wis. 75,000 HosJper, w?,od & .90 ........... ........ N?,w Y~fk· 150,000 1,000,000 Redmond, Kerr & co:::::::::::::::::: " 10,000 First Nat. Bank .... ..•... ............ Clarion, Pa. 500,000 Arb~ckle B,~os ...... . ... ...... ......... N~w Y?;-'k. 500,000 500,000 50,000 Co::::::::: " AmerJcan Un,i,on" 50,000 100,000 Cont~ental N~t. B~nk .. . .... ::::::::: " 100,000 50,000 30,000 50,000 Stein Bros .. .................•..... Baltimore, Md. 2,500 McKeen & Co .................. Terre Haute, Ind. 250,000 N~w Y?fk, Gol<;1.man, s~~hs & ................. . .... . 100,000 75,000 Geo~ge J. M~gee .................. . Cor~g, N.,y. 75,000 75,000 75.000  iXiejiis:  ,90 .•...............  Suft'olk Savings Bani" for· Seamen", and otht-rs .... .................. Boston, Mass. Cesare Conti . .....................•.... New iork. " Louis Ranger. . . . . . . . . . . . . . . . . . . . . . . . . . " Manhattan Trust Co........... . . . . . . . " Hamilton Trust Co . .... ... ...... Brooklyn, N. Y. George F. Edmunds .............. Burlington, Vt. C. A. Mott ............. .•....... . Philadelphia, Pa. Keeseville Nat. Bank .. ..••• .... Keeseville, N. Y. The tate Trust Co .................... New York. I. G. Whitney ...................... Bo ton, Mass. New York Life Ins. Co . ............... New York. Thames Nat. Bank ............... Norwich, Conn. First Nat. Bank .................... Springfield, 0. Chase Nat. Bank.••••••................ New York. " Fary,on, L~~ch &,90 ...... ............. "  250,000 50,000 250,000 1,000,000 100,000 10,000 1,200 20,000 250,000 25,000 2,500,000 1,000,000 100.000 500,000 250,000 250,000 250,000 250,000 York. Asiel & Co ........... :::::::::::::::::::New 100,000 U '4 H U 100,000 100,000 John E. Deaii:.·_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-chtcago, Ill. 10,000 6,000 D. B. Freeman ........ Saginaw, East Side, Mich. 4,000 Citizens' Bank .•..••.................. Salem, Ind. 100,000 Sailer & Stevenson ............. Phtladelphia, Pa. A. L. Duyckinck .................. Rising Sun, Md. 3,000 2,000 A. W. Crltitenden .............. Washington, D. C. 10,000 South Bend Nat. Bank ......... South Bend, Ind. 100,000 Guardian Trust Co ............•. Cleveland, Ohio. 200,000 Rhode Island Hosp. Trust Co ..Providence, R. I. W.W. Crawford ................. Goldsboro, N. C. 5,000 2,000 125,000 ,, " " " 125,000 50,000 A~?ncy Ba~ of British N. America .. " 240,000 285,000 New York eecurity·&·Trusi·co::::::: " 750,000 5,000 Hall!ffrten ~ Co........ . . . . . . . . . . . . . . . " 5,000 5,000 N. W. Harris & 500,000 100,000 Shafer Bros.. . . . . . . . . . . . . . . . . . . . . . . . . . . " 100,000 Lehman Bros.. . . . . . . . . . . . . . . . . . . . . . . . . " 300,000 Second Nat. Bank ................. Boston, Mass. 500,000 Speyer & Co ......... .................. New York. 500,000 Conti~ental N~t. B~nk ............. Chi~;tgo, 100,000 Ills. Chicago, •........... BRnk Nat. Continental 50,000 The Indiana Trust Co ......... Indianapolis, Ind. 1,000,000 10,000 Bradford Rhodes . ..... ................ New York. " " 15,000 ., " ·co·. Wiiiiiington, Del. Security Trust & 200,000 15,000 First Nat. Bank................... Grafton, W. Va. 150,000 Gol~"?1an, S~?hs ~,Co .................. N~w Y~;k. 200,000 150,000 100,000 The Nassau Bank... .".":.:·.::::::::::::: " 100,000 " " " 100,000 100,000 10,000 1i:; Tfil;?le ........ .. ::::::::::::::::::::: " 10,000 200,000 L. W. Mor~i~o·n:::::::::::::::::::.".".".".NewYork. 20,000 " Au gu t Lewis ..... ....... . ... . ......... " 110,000 Kn auth, Nachod & Kuhne... .. ... .... . " 25,000 Nat. Bank of Coatesville .....••. Coatesville, Pa.  ra~~SH~~~~:::::·.-.-.·.-.-.-.-.-.-.-~~~~.N~~fo~k.-  co::·_-_-_-_-_-.·_-_-:::::::::: '  JHS·  Safe.iiep:  ,,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  P1'ice. 100· 116·25 116·10 116·008 116·43 116·5 116· 116·10 100· 106· 116· 116·105 116· 116·70 110· 116· 116·551 116·555 116·561 116·563 116·167 116·432 116·870 116·241 116·552 116·266 116·406 116·586 116·766 100· 102· 116·525 116·40 116·30 100· 116 25 116·28 116·28 116·103 116·105 116·25 116·77 116·69 116·113 116·75 116·625 116·562  u~:~11  116·551 116·103 116·255 116·525 116·103 116·52 116·008 116·625 116·750 116·835 116·559 116·283 116·008  116·20 116·625 116·85 116·41 116·20 116·30 112·56 116·50 116·502 116· 116·625 116·625 116·10 116·560 116·125 116·39 116·55 116·77 116·14 116·20 116·26 116·05 116·50 116·05 116·5 100 100 116 116·05 116·10 100 115 116·565 116·576 116·10 116·25 116·50 116·50 116·75 116·80 116·85 116·53 116·542 116·50 116·008 116·585 116·50 116 116·05 116 116·559 116·103 116·103 116·25 116·126 116·251 116·376 116·10 116·16 116·26 116·36 116·375 116·625 116·21 116·103 116·25 116·  $200 100 300,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 250,000 100,000 100,000 25,000 100,000 100,000 100,000 25,000 2,000,000 20,000 30,000 50,000 150,000 250,000 250,000 50,000 10,000 ,5,000 5,000 10,000 1,000,000 500,000 500,000 100,000 100,000 100,000 100,000 25,000 610,000 500,000 200,000 10,000 200,000 150,000 5,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 15,000 200  P1·ice. 110· 110· 116·77 116·04 116·11 116·18 116·33 116·44 116·68 116·83 116·05 116·10 116·15 116·20 116·25 116·30 116·35 116·40 116·45 116·50 116·85 100· 116·6 116·6 lJ 6•285 116·818 116·5 116·103 116·77 116·53 116·77 116·75 116·753 116·225 116·625 116·05 116·875 116·55 116·35 116·26 115·25 116·16 116·16 116·111 116·258 116·561 116·811 116·01 116·559 116·008 116·559 116·50 116·0081 116·559 1 \6·375 116·123 116·234 116·345 116·456 116·567 116·678 116·789 116·012 116·125 116·5  100,000 50,000 5,000 200,000 200,000 50,000 10,000 125,000 185,000 265,000 100 50,000 100,000 100,000 $100,000 100,000 100,000 100,000 100,000 500,000 20,000 450,000 60,000 250,000 50,000 200,000 250,000 250,000  116·01 116·120 116·125 116·55 116·11 116·125 116· 116·50 116·209 116·66 113·50 116·75 116·250 116·312 116·375 116·437 116·500 116·5 116·75 116·008 116·103 116·0402 116·25 116·539 116·60 116·11 116·13 116·26  250,000 550,000 300,000 American Exchange Nat. Bank .. ..... New York. 800 Mr . C. D. Mennich .... . ....... .Philadelphia, Pa. 5,000 Hogue & Donaldson ....... Scio, Harrison Co., 0. 20,000 E . .A. Monaghan ................ Lock Haven, Pa. 100,000 Tra~ers' ~~t. B~Jlk············ ···· Lo~ell, M~ss. 100,000 Peter A. Butz ...... _-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-. . Alburtis, Pa. 1,000 200 Fredk. Bancroft .................... Bo ton, Mass. 1,150 Charles Lewis . ........... ....... ...... . New York. 30,000 First Nat. Bank ................. Whitewater, Wis. 200 James R. Black . ... ... .... ... ......... Newark, O. 50,000 U~on Sa~,ngs B~,nk & T~!1st 9.0 .. Cinc~ati, 0. 50,000 10,000 HenryW. Berg .... .... .. .............. . NewYork. 20,000 " Graham F. Blandy .................... " 1,000 J. H. Thompson .... ... .......... Farmini,:ton, Me. 50,000 First Nat. Bank .. ....... .. . .. .. Greenfleld, Mass. !0,000 Lehigh Valley Tr. & Safe Dep. Co .. Allentown, Pa. 100,000 Muller, Schalle & Co ................... New York. 75,000 First Nat. Bank .. ................. Paterson, N. J. 125,000 White & Hartshorne ................... New York. " ,, " 125,000 2,000 First Nat. Bank ....................... Bath, N. Y. 50,000 Ohio Valley Nat. Bank ............. Cincinnati, O. 10,000 Perth Amboy Savings Inst'n .. Perth Amboy, N. J. 50,000 Hide & Leather Nat. Bank .... .. .. . ... New York. 1.000 Gertrude E. Tredwell ............ Seabright, N. J. 30,000 Mo. Loui!", Whitaker & Hodgman ........ ... .. . St. Importers' & Traders' Nat. Bank ..... New York. 2,000,000 1,500,000 " August Belmont & Co ................. " 50,000 Th)_rd ~~t. B~Jlk .................... Cinci~11ati, O. 50,000 Richardson & Co·_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-... .New York. 50,000  116·55 116·1351 116·55 105· 116·42 102·50 116·~5 116·125 105· 116·5  Place. Name of Bidde1·. Zlll:a . Durfee ...... : ............ Wyo1H-ing, N. ,Y, Daisy Durfee Sweetmg ...... . .. . Bank of Montreal. .................... New York. Kid,~er, Pea.?.ody & 9,0 ........ .. .. B0S;f>ll, M~~s.  ' " Henry Stephens .............. ::::: :netroit, Mich. Ma~~hall & n ...~ey Ba,1;lli .. ....... . Milw;:!>ukee, ~Js. Wood, Huestis & Co . .. _-_-_-_-_-_-_-_-_-....... New York.  "  "  "  "  "  Atlas Nat. Bank ... :::::::::::·.::::cincinnati, 0. Nat. Branch Bank of .... .. ........ Madison, Ind. Kuhn, Loeb & Co ...................... New York. Fr~~Rose~~urg & so ........... Balf!,more, ~~· Fourteenth Street Bank_-_-_-_-_-_-_-_-_-..... New York. ~~• Hig~son & so .............. Bo~fon, :r,~~ss. Shawmut Nat. Bank.:::::::::::::: Mathews, Bean & Co .......... Philadelphia, Pa. E. Thiele ............ . ..... ...... ....... NewYork. K~mer & Be~ker .. ............. Balt~ore, ~d.  co:ot"  Loiidoi:i ..... New York. Brown, Shipley & Brown Brothers & Co ................. New York.  ,.  "  "  "  Wa1iten, T~~l &,po ... . ::::::::::::::::: "  "  Central Nat. Bank::::::::::::::::::::: "  "  "  "  New En~land Nat: Bauk·.·.-.-.-.-.·.-.-.-.Bo·ston, Mass. Farmers & Traders' Bank ...... Hillsboro, Ohio. James Ta.loot~ .................•....... New York.  "  "  Bros::::::::::::::::::::::: ""  Guiterman Nat. Bank of No. America............ "  "  "  "  State Tru t Co .......••.... ::·.-:.::::::: " Cha!l. J. Upham ..... ..... .... Dorchester, Mass. Philadelphia Tr. Safe Dep. & Ins. Co. Philadelphia, ra............ . ...................•......... Phenix Nat. Bank . . . .................. New York. Joseph J. Skinner.................. Boston, Mass. Seligsberg & Co ........................ New York. German Nat. Bank . ...... .. ....... Cincinnati, 0. Seaboard Nat. Bank ..•................ New York. Geo. F. Edmunds .. ... ............ Burlington, Vt. Scholle Bros .................... ... .... New York. ~ho~ & Le1!-;ther N,,t. B~~· ....... Bos~n, M~ss. Mina Rosella Levinson ................ New York. Roche & Coulter .................. Baltimore, Md. Ja°!~s A. Tro~br1dge ................. N~w Y?,rk.  Merc~.ants' B~Jlk of c~~ada:::::::::: " Brooklyn Trust Co .......... :::::Brooklyn, N. Y. Julius A. Kohn ..... ...... . ........ . ... NewYork. International Trust Co ........... . Boston, Mass. FirstNat. Bank of Rondout ...... Rondout, N. Y. E. H. Hollins & Son ................ Boston, Mass. Jasper Van Wormer ................ Albany, N. Y. Independence Nat. Bank .. .... Philadelphia, Pa. R. L. Day & Co .................... . Boston, Mass.  " "  "  "  "  "  " Trust Co ........... . International  .  Amount.  250,000 116·39  ii"fFi25 106· 116·13 115·50 116·103 116·25 116·50 116·75 116·103 116·025 116·10 116·15 116·20 116·103 116·125 116·75 116·0081 100· 116·25 118·0081 116·30 115·51 116·13 116·11  NEW YORK CITY BANK MOVEMENTS. P l ace. Nam e of B i dde1·. Na sau Trust Co . .. ... . ... . .... . . Brooklyn, N. Y . Donald w. McLeod .... . .......... .. .. . New York. Bank of British N. America .......... New York. Enoch Pratt ... . ........ . .. .. ...... Baltimore, Md. Emory Freed & Co ........ . .... Philadelphia, Pa. Sam'l B . Lippmann ..... ........ . ...... ~ew York. First Nat. Bank . ...... .• . ..... . . . Hamilton, Ohio. J. W. Davis & Co .... ... . ......... . ... . New York. Jos. W. Hollingsworth .. .. . ... Fayetteville, N. C. W.R. Houghtaling . .... . .... . . .... .... New York. E. P. Berry, Cashier Farmers' & Mechanics' Nat. Bank . . Georgetown, D. C. E. P. Berry, Cashier Farmers ' & Meohanics' Nat. Bank .. Georgetown, D. C. Chas. Muger .... . .. .. ......... . .....•. New York. H. R. Major .. . ........... . .. .. .. Philadelphia, Pa.  "  "  "  "  First Nat. Bank_._._._._._._.,: :::::: :Port Jervis, ~. Y. Pacific Bank..... . ............ . .. . . . .. . New York.  "  "  "  "  W. A. Day ... ::: : ::::::::::::::washlngton, D. C. Seymour P. Kurzman .............•...N~wY?fk· Henry J. Newman . . . . ....... ... ..... . . ... Chelsea, Vt. Hilas E. Roberts... . . . . .. .. .. Mechanics' Saving s B a nk . .... . . Rochester, N. Y. E. A. Keiner .••. .. ...... ... .. . Glov ersville, N. Y. .Alex. J. Mayer .... ... .... . ... . ..... .. .. New York. " Max W. Mayer ..•.......... . .. ... . . .. . "  "  "  "  .... ..... ...... . ..... .. . ... . .. "  " Chas. Mayer. .............. . . . ...... . .. " Maryland Trust Co .. ... . . . .. ... .. Baltimore, Md. Susan 1'. Cruit ...... . ...... ... . Washin~on, D. C. Nat. Exchange Bank ...... .. ..•... Baltimore, Md. People's Trust Co .. .. ..•......... Brooklyn, N. Y. Hambleton & Co .............. . ... Baltimore, Md.  "  "  "  "  R. S. Williams ... ::::::::: : :: : : : : : : .... :~ew York.  " Southern Nat. Bank ... . ....... . ....... " " B. Aymar Sands. ....... ........ ....... " Old Colony Trust Co ...... ..... . . . . Boston, Mass. First Nat. Bank ....... . ... . ... . . Providence, R, I. Merchants' Nat. Bank..... . . .. Middletown , Ohio. Seaboard Nat. Bank ... .. . .. ..... .... . . New York.  ,,  "  "  "  "  co·.:  ::soston, Mass. State St. Safe Dep't &·Trust Thf' Farmers' Loan & Trust Co .. ..... New York. " A. R. Pick & Co........... . . . . . . . ...... "  "  "  "  "  co::::::  :New York. New York Security.& Tr~st State Nat. Bank . . .. . ... . .. .... .. . .. Cleveland, 0. People's Trust Co . . . .. .. .. .. . ... Farmington, Me . Corn Exchange Bank . .. .... . . . . . . ... . New York. First Nat. Bank . ..... .. ... .. . . ... .. Cincinnati, 0. H. I. Dittman ... . . .... ....... . ..... .. .. New York. " German American Bank ...... .. . .. . .. " Maria L. Crosley . ..... .. ......... Brooklyn, N. Y. West. Savings Fund Society of Philadelphia, Pa. Sam'l B. Lippman .. . .... .. . . .... . . . .. New York. Beneficial Saving Fund Society of Philadelphia, Pa.. . .. . ... ...... . . . ........... .. . ... ...... . H. A. Vaughan . . ..... . . .... ... . .. ... Decatur, .Ala. Bol?,gnesi, Ha~eld &,!Jo:.-.-.-.-.·.-.·.-.·.-.·.- N~w Y~fk. New England Trust Co . . .·:.·.·.·:.·.·.·_-Boston, Mass. People's Trust Co ... .. .... ..... Farmington. Me.  "  "  "  "  First Nat. Bank of.·_-_-_-_-_-.·.-.·_-_-.-.Westminster, Md. Antonio Minalos ............. . ...... . . New York. Nat. Mechanics' Bank . . . .. .... .. . Baltimore, Md. J. D. Probst & Co ......... .. .... . .... .. New York.  "  "  .,  "  "  Aaron Lloyd . ... . : ::: :: : : :::: : ::: : Belleville, N. J .  A1noimt.  $120,000 46,000 200,000 100,000 10,000 200 50,000 100,000 2 ,000 100,000  Price. 116·54 116·103 116•7f> 116·51 116·38 116•2/'i 116·55 116·008 116·25 116·105  25,000 116·25 25,000 200,000 50,000 50,000 20,000 50,000 250,000 4,000 1 ,000 1,000 5 ,000 50,000 1 ,000 100,000 12,000 3,000 15,0QO 100,000 650 100,000 150,000 25,000 25,000 50,000 10,000 200,000 10,000 1,000,000 40,000 200,000 115,000 85,000 75 ,000 25,000 50,000 3,000,00,0 50,000 50,000 25,000 200,000 5,000 500,000 100,000 10,000 250,000 l,'lOO 100,000 200 100,000 50 10,000 10,000 15,000 200,000 20,000 20,000 10,000 5 ,000 100,000 100,000 100,000 100,000 150  116·50 116·31 116·50 116·20 116 116·12 1 1 6·56 116·66 110 104 116·008 116·  i.ii,=51 116·50 116·38 116·5 116·69 116·103 116·16 116·375 116·26 116·17 16·12 116·75 116·60 116·75 116·43 116·5 116'105 116·25 116·375 116·50 116·625 116·25 116·103 116·125 116·25 116·25 116·05 116·125 116·26 116·114 116·625 116·27 105· 116·20 116·10 116·05 iitF4375 116·5 116·375 116·11 116·125 116·125 116·103 116·25 116·103 116·252 116·502 116·752 100.  $61,776,100  NEW YORK OITY BANK .MOVEMENTS IN 1894. To indicate the movements of the banks at this centre we furnish below a summary of the returns of the New York Ulearing•House institutions for each week in 1894. Tbe year was quite an unusual one, and there was an enormous accumulation of money in the vaults of the banks. The returns showed a large surplus reserve (above the 25 per cent requirement against deposits) in each and every week, the maximum being; reached in February, when on the 3d of the month the amount was reported at the unprecedented figure of $111,623,000. The total of the loans for the first time exceeded 1500,000,000 on Oct. 6, and on Dec. 8 the aggregllte ~tood at $507,733,500, while the· deposits Nov. 3 reached 595,104,900. The statement in detail is as follows. We omit in each column the last two figuref. The Clearing House returnt1, as is known,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  always give the averages for the week, not the results at the end of the week. NEW YORK CLEARING HOUSE BANKS STATE&IENT- (008 OMITTED.) r  E'!i!~-  Loans.  Deposits.  Specie.  Legal tenders.  ,  Re~ ve tu ~eposits.  Surplus rese1 ve. t  - - - -1-----·l- - - - 1----- - - - - - - - - - - Per Ct $ $ 111,073,4102,354,4 41 ·16 118,303,7 106,258,4 42 ·53 123,630,1 114,700,9 43 ,94. l:i.6,895,8 119,070,8 44:90  $ 83,796,6: 92,583,6 102,754.4. 109,043,0-  551,808,4129,558,9 120,016,2 534,176,4 107,799,7111,378 .1 529,992,3 98,587,0 108,447,9 532,742,4 97,~H5,6 110,037,5  45 ·20 41 ·30 39 ·06 39·03  lll,623,0 A5,633,7 74,536,8 74,767,5  111,187,9 lll,:'i45,5 113,71:15,9 116,541,6 120,352,0  39 ·2 5 39·18 39·38 39·52 40·26  7ft,778,975,633,3 77,302,3: 79,077,6 83,600,1  450,4'£6,6 554,4:96,9 99,623,0 119,799,2 3!) ·56 456,939,4 563,506,4 100,099,6121,60 ,0 39-34 459,0t-9,4 569.539,1 98,920.7 125,472, 1 39·3lj 2~ . ... ••. 4.60,902,3 573,853,8 99,467,3 127,414,1 39·57 May5 ..•.••. 46~,162,1578,694,2100,082,1127,399,6 39•3(\ 12 .....•. 467,485,2 579,125,3 100,450,9 124,96:'>,0 38·92 19. ....•. 467,010,l 578,185,9100,tiVi,6122,938,0 38·66 26 • . ...• . 466,776,9 574,198,8 99,724,6 121,426,8 38 ·51 June2 . ...•• . 4.64,993,6 572,138,4 99,018,6,121,981,1 38 ·62 9 ....•• . 465,403,7 570,880,2 100,475,5119,162,8 38·4.2 16 ....••. 465,733.6 010,483,7 9!l,889,sl119,101 ,9 38 ·38 23 ...... . 468,283,4 573,636,5 98,462,9 121,301,6 38·31 30 ....... 470,044,1 573,337,8 92,486,4 125,651,4 38 ·04 July7 .. ·-·-· -183,753,5 588,59~,3 91,223,0 128,061,3 37·39 14 ••••••. 482,730,2 589,524,5 90,835,0 130,487,5 37·54 21. ····-· 482,642,6 589,100,8 1H,044-,8 130,344,0 37·59 28. ·-·- 4!:il,633,6 584,019,1 90,642,9 127,265,ti 37·31 Aug.4 . ...•• . 482,304,5 5Sl,ri56,0 9(),546,9 123,895,8 36·s· 11 ....••. 4.84,622,7 581,036,6 91,052,7 121,209, 3 36·53 18 .....•. 486,298,8 584,889,0 91,028,4 123,000,5 36·59 25 . . ..••. 488,763,7 585,785,8 90,744,8 122,420,3 36·39 Bept.1. ..•••. 489,879,9 585,973,9 91,187,8 121,126,5 36·23 8 •...••. 491,701,4 583,780,1 90,7u!:l,9117,I70,4 35·03 15 ... ·•• · 495,087,1 586,634.,4 91,288,3 115,324,0 35·21 22....••. 497,919,4 587,928,1 91,862,! 115,094,3 35·20 29 ..••••• 497 ,561,0 586,633,5 92,010,5 115,-139,7 35 ·36 Oot.6 . . .•••. 500,277,2 589,54.1,4 92,215,1 114,621 ,2 35·08 13 ....••. 500,168,2 590,859,1 92,890,9 115,671,2 35·29 20.....•. 500,772,5 594,706,9 93,937,9 117,252,5 35·51 27 ....••. 499,692,'i 594,295,2 93,926,6118,512,l 35·72 Nov.? ....... 500,822,0 595,104,9 93,755,6 118,224,9 35·62 10•. .. - •. 499,714,7 592,176,2 93,677,l 116,036,6 35·41 17..•. _•. 498,937,0 59!,547,4 94,421,1117,189,8 35·59 24 .. . ..•. 495,003,4 592,371,~ 9ti,05P,5 118,060,9 36·15 Dtc.1. .•••• 499,460,1 579,835,6 76,527,6 120,652,1 34·00 8 ....••. 507,733,5 566,05(),2 59,170.0 115,245,2 30·81 15 ....••. 506,871,3 564,803,9 65,545,9 109,000,9 30·90 22 ....•• . 498,266,2 554,509,7 72,097,0 100,431 ,1 31·11 2!-1 ... . .. 492,647,0 549,'291,4 73,760.6 98,831,1 31·42  80,797,980,831.0 2,008,0 83,417,9  Jan.6 ....••. 13 .. ·-··· 20 ....•• . 27 ....•• . F eb.3 .....•. 10•.. . .•. 17•....•. 24. ·-·· March3 •...••. 10.....•. 17•....•. 24 •.. ~. 31. ...•• . AprU7 •...•• . 14•... - • . 21 ... ..•  $ 418,807,6 418 , 185,4 419,685,9 418,771,6  $ 518,524,6 527,913,7 542,306,2 547,b94,4  419,530,5 432,585,0 439,328,3 4.41 ,217,ti 439,303,4 439,949,5 443,058,l 445,574,4 443,,98,7  531,741,2 533,103,7 540,266,4 544,465,4 547,744,2  97,526,3 97,363,8 98,583,0 98,652,4 100,184,2  82,808,1 80,634,~ 78,999,l 77,601,7 77,965,1 76,918,2: 76,376,5 76,355,3. 74,803,3 72,134,7 73,941,3 74,113,6 71,903,7 69,053,7 67,002,8 67,806,6, 66,718,6 65,820,8 61,93t,2 59,953,7 59,974,6 60,791,S 59,450,9 60,847,3 62,513,6 63,864,~ 63,204,2 61,66~,6 62,974,0 66,027,6, 52,220,8 32,902,t> 33,345,8 3 3,900,6 35,268,8,  t This is the surplus in excess of 25 per cent against the deposits.  The following, showing the maximum and mrn imum of deposits and the maximum and minimum of surplus reserve for each year back to 1883, serves to emphasize the exceptional character of the 1894: movements. MAXIMUM AND MINil\IUl\l DEPOSITS OF NEW YORK CITY BANKS. M inim,um.  Maxi m u m.  188 3 . . . . .... : .... . ..... .. . . $327,326,700 July 14 $279,944,200 Mar. 31 1884 ........ . ... . ......... . 363,544,400 Feb. 16 280,698,100 June 21 1885 .. .. ........... .. .. .. . . 391,804,900 Aug. 22 340,816,300 Jan. 3 1886 . . ........... . . . ...... . 396.080,800 Feb. 13 345,708,500 Sept. 11 1887............ .. .. . ..... . 392;771,200 Feb. 12 341,935,900 Sept. 24 1888 ... . ..... . ..... .. ..... . 421,884,300 Oct. 20 371,305,900 Jan. 7 1889............... . .. . . . . . 445,797,500 July 6 395,600,600 Dec. 14 1890 .... . .......... .. . . .. . . 431,599,600 Feb. 8 376,746,500 Dec. 13 1891 . . .. . . . . . .... . . .. ..... . 455,306,300 Dec. 26 383,491,500 June 13 1892. . . . ........... .. .... . . 543,663,100 June 18 444,370,100 Dec. 24 1893 . . .. .. .......... . ..... . 506,437,800 Dec. 30 370,302,400 Aug. 19 1894 ............ . . ... ..... . 595, 104,900 Nov. 3 518,524, 600 Jan. 6 MAXIMUM AND MINIMUM SURPLUS RESERVE FOR TWELVE YEARS. i n_i_u _m_._ _ , M_a.x_  __________ ___  Minimum.  1  1883. . .. . .. . ....... .. ...... 1884..... . ....... . . .. . .. ... 1885. ... ........ . .. .. .. . ... 1886... . ..... .. . . . . . . . . . . . . 1887...... . ... . ............ 1888 .... . ........... .. .. . . . 1889. . ...... . . . .. . . . . . . . . . . 1890. . ... . . . . .. . . . . . . . . . . . . 1891.... .. . . . ... .... . . . . . . . 1892. . ......... .. ... .. . . ... 1893.... . . . ...... ... . . . . . . . 1894.. . .... .. ....... . ......  $10,007,575 Jan. 42,297,450 Dec. 64,724,100 July 36,156,425 Jan. 22,298 ,450 Jan. 28,463,700 June 20,014,800 Jan. 15,031,650 Jan. 24,089,775 Jan. 36,020,900 Jan. 80,815,150 Dec. 111,623,000 Feb.  27 df. $6,770,875 Mar. 17 4 def. 6,607,125 May 22 24,712,650 Dec. 24 30 4,008,200 Dec. 18 30 3,345,900 June 25 29 6,281,350 Dec. 29 16 26 def. 1 ,668,050 Oct. 5 25 \def. 3 ,306,925 Sept. 13 3,102,750 Oct. 3 24 539,050 Oct. 15 30 30ldf.16,545,375 Aug. 12 32,902,650 Dec. 8 3  CROP  AND  OTHER  PRODUCTIONS.  CEREALS-IRON-COAL.  THE YE.AR'S CROPS. The final estimates of the cereal crops of 1894 were issued by the Department of Agriculture at Washingtion Thursday afternoon, January 10. They differ very little from the approximations of the year's results based on the Department figures of the yield per acre issued in October and November. The only change of importance in the final totals is that the production of wheat is placed about 28 million bushels higher, making the total 460 million bushels, which may be considered a full average crop. In order to afford a survey of the crop situation at a glance, as far as the cereal production is concerned, we present the following brief summary of the yield of the three leading crops-corn, wheat and oats-s0parately and combined. CROPS OF WHEAT, CORN AND OATS .  Total  Production.  18114.  1893.  1892.  1891.  1890.  Bushels. Bushels. Bushels. Bushels. Bushels. Corn . . . . . . . . . . 1,212,770,032 1,619,496,131 1,628,464,000 2,060,154,000 1,489,970,000 Wheat.......... 460,267,416 800,181,725 515,949,000 tHl,7&0,000 899,262,00C Oats.... . . . .. . .. 662,086,928 638,85i,800 661,035,000 789,39!,000 5~,tl21,00I Tota.I. ......... 2,8315,124,396 2,654,482,700 2,805,448.000 3,410,328:000 2,41.2,858,004  This shows a very striking falling off in the aggregate product of the three crops, the total for 1894 being only 2,335 million bushels, against 2,654 million bushels for 1893, 2,805 .million bushels for 1892 and 3,410 million bushels for 1891. As compared with the latter year the decrease is over a thousand million bushels, but that is hardly a fair comparison, since the harvest in 1891, as every one knows, was a phenomena.I one. If we compare with the other years the reduction is much smaller, and is due chiefly to the great shortage of the corn crop. The Department estimates the production of corn at only 1,212 million bushels, and to find a crop as small as this we would have to go away back to the year 1881, as will appear by tha following. The year 1881 it will be remembered was a period of general crop disaster. CROPS OF WHEAT, CORN, OATS AND COTTON SINCE  Year.  Wheat.  1879 (Census) 1880 .......... 1881. ......... 1882 .......... 1883 .......... 1884 .......... 1885 .......... 1886 ..... . ---1887 .......... 1888 ...... .... 1889 .......... 1890 ......... . 1891. ......... 1892 .......... 1893 .......... 1894 ... .. .. . ..  Bush. 459,483,137 498,549,868 383,280,090 504,185,470 421,086,160 512,765,000 357,112,000 457,218,000 456,329,000 415,868,000 490,560,000 399,262,000 611,780,000 515,949,000 396,131,725 460,267,416  Oorn.  18711.  Oats.  Bush. 1,754,591,676 407,858,999 1,717,4.34,543 417,885,380 1,194,916,000 416,481,000 1,617,025,100 488,250,610 1,551,066,895 571,302,400 1,795,528,000 583,628,000 1,936,176,000 629,409,000 1,665,441,000 624,134,000 1,456,161,000 659,618,000 1,987,790,000 701,735,000 2,112,892,000 751,515,000 1,489,970,000 523,621,000 2,060,154,000 738,394,000 1,628,464,000 661,035,000 1,619,496,131 638, 854,850 1,212,770,052 662,086,928 Bush.  Ootton, Bales. 5,757,397 6,589,329 5,435,845 6,992,234 5,714,052 5,669,021 6,550,215 6,513,623 7,017,707 6,935,082 7,313,726 8,655,618 9,038,707 6,717,142 7,527,211  yield has been fairly good in the Central Western States-Illinois, Indiana and Ohio-but very small in the large producing States further West, Iowa and Kansas especially having suffered severely, while in Nebraska the crop has been an almost complete failure, being estimated at less than 1± million bushels agamst 157 million bushels in 1893. The yield in Iowa is placed at 81 million bushels against 251 million bushels, and in Kansas at 41 million bushels against 139 millions. The following shows the production in each of the leading States for five years. coRN cRoP :iroa FIVE YEA.Rs.  Corn.  Pro-  P ·roauction.  Prod,uction.  d.uction.  1894.  1893.  1892.  Bushels.  Bushels.  Bushels.  Prod.uction. 1891.  Bushels. 850,878,000 234,880,000 141,81.l8,000 203,210,000 167,6!:>2,000 128,622,000 94,0l.!2,000 70,685,000 82,552,000 82,795,000 46,527,000 42,455,000 29,718,000 81,183,000 21,586,000  Prod.uction, 1890.  Bushels. 232,489,000 187,446,000 55,269,000 175,345,000 55,810,000 89,025,000 65,876,000 63,802,000 67,69'i,ooo 63,645,000 88,048,000 88,448,000 38,061,000 26,580,000 21,286,000  Cowa ............ Illinois .. .••.... Kansas ......... Missouri. ....... Nebraska.... . .. Indiana .... . .... Ohio ........ . .. . Texas ... .. . ..... Tennessee..... Kentucky•..... Pennsylvania... Arkansas . . .... Wisconsin .... . Michigan ....... Minnesota .....  81,844.~10 169,121.49 l 4),797,728 116,0ll,654 13,855,5:M 96,Be8,377 71,978,787 69,338,676 68,060,316 67,892,297 40,749,376 88,437.824 16,292,266 21,757,4{7 18,933,232  Total. ...... All others .....  932,453,955 1,349,160,574 1,860,648,000 1,723,628,000 1,208,2d2,000 280,316,097 270,885,557 2fJ7,816,000 836,526,000 281,708.000  251,832,150 160,550,470 189,456,702 158,197. 715 157,278,895 85,368,782 M,487,266 61,170,965 63,649,d61 68,006,060 81,198,741 32,110,814 28,956,243 21,790,538 25,103,572  200,221,000 165,827,000 145,82~.ooo 152,489,000 157,145,000 108,334,000 83,853,000 73,642,000 61,274,000 tSS,805,000 89,682,000 84,344,000 27,8t7,000 23,'U8,000 24,192,000  Tot&l U. 8 ..... 1,212,770,052 1,619,400,181 1,628.464.000 2,060,154,000 1,489,970,000  In the case of the wheat yield, as the total crop is estimated larger than a year ago the production of the individual States is also in most instances put higher than in 1893. Among the few States showing a smaller product may be mentioned South Dakota, California and Washington. WHEAT CROP FOR FIVE YEARS.  Wheat.  Prod,uction,  Prod.uctwn.  Prod.uction,  189i.  18118.  189)1.  1891.  1890.  Bushels.  Bushels.  B 14Shels.  Bushels.  Bushell.  38,916,608 85,679,40,l 80,694,68~ 23,251,973 84,&52,517 15,507,313 2d,488,208 20,521,889 15.2~,552 19,920,714 18,851,508 10,790,885 8,664,485 10,584,4dl 9,883,726 6,749,~ <1  88,022,000 39,885,000 41,210,000 70,831,000 89,157,000 28,870,000 3!,998,000 31,767,000 24,834,000 23,85!,000 19,331,000 9,779,000 8,814,000 11,635,000 9,005,000 7,257,000  45,531,000 52,807,000 55,833,000 54,800,000 36,595,IJOO 35,025,000 52,105,000 29,714,000 25,782,000 30,205,000 20,861,000 13,149,000 13,043,000 13,181,000 12,216,000 27,586,000  Pro• d,uction,  Ohio ...... . . . .. . .. . ... . 48,U4,471 Indiana. . ......... .... . . 48,6U,06i Minnesota .... . ........ 37,752,458 Kansas ........ . ........ 35,815,259 California ............. 80,376,705 Illinois ..... . .... ..... .. 38,812,870 North Dakota ..... .... 38,685,900 Soutb. Dakota . .... . .... 15,934,2.'xi Missouri. . ...... . . . .. ... 23,858,1120 Michigan ............... I 20,2;12,05& Pennsylvania.... . . . . . . 18,848,700 Oregon ...... . ....... .. 1 10,441,071 Wisconsin ... . ... . .... . / 9,366,176 11,005,963 Kentucky.......... .. Washington .. . . .. . .. .. 9,10~,420 Iowa . . .......... ..... .. . 10,737,400  Prod.uction.  29,984,000 27,928,000 88,856,000 28,195,000  29,121,000 18,161,000  t40,411,000  17,68'!,000 20,271,000 16,049,000 12,865,000 18,09ij,OOO 9,152,000 8,071,000 19,041,000  Tota.I. .. . . .......... 391,509,185 825,994,651 43 ,7411,000 517,952,000 828,339,000 All others . . .. . .. .... .. 68,758,231 70,137,074 77,200,000 93,828,000 70,923,000 Total united States . .. 460,267,416 396,181,725 515,949,000 611,780,000 89.1,262,009  As regards the oats crop, the effects of the drouth Drouth and dry winds are responsible for the shortage of the corn yield, and of course special sections appear in a diminished product for a number of the have suffered more severely than the country as a Western States-especially South Dakota, Nebraska, whole, Speaking generally it may be said that the Kansas and Missouri. In Iowa the yield is estimated   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  26  CROP AND OTHER PRODUCTIONS.  somewhat larger than in either 1893 or 1892. is distinguished for a very large crop.  Illinois from those given by the "Iron Age" in its statements from month to month) make the number Dae. 31, 1894,. 185, against only 108 June 30, 1894, and 137 Dec. 31, OATS CROP FOR FIVE YEAR-I. 1893--that is, there were 77 more furnaces in operation ProProProPro• Proat the end of the second six months than at the end of auction, auction, auction, auction, auction, Oats. 1891. 1890. 1894. 1893. 1892. the first six months and 48 more than at the beginning of - - - --Bushels. Bushels. Bushels. Bush,Jls. Bushels the year. The decrease in the first six months was ofIllinois ................. 109,050,302 83,842,178 75,063,000 111,095,000 70,821,000 Iowa .................... 96,556,672 li5,448.231 95,841,000 102,577,000 71,397,000 course due to the strike of the bituminous coal miners, Minnesota .. ......... .. . 50,860,073 H.562,196 43,573,000 52,015,000 38,402,000 Wisconsin ...... ······ ·· 57,8i0,014 46,680.266 50.~72,000 49,34 ,000 38,Wl9,000 which lasted from April 21 to June 18, and which dis•· Kansas ................ 25,705,975 29,195,202 44,09'1,000 87,132,000 81,2611,008 turbed the iron industry more deeply than any other, Ohio ......... .... ........ 211.148,237 27,2ii5,780 26,364,0i,(l 28,5~3,000 20,00!,000 Missouri. ... . ....... .... 25,440,94.4 29,034,229 21c,093,000 27,568,000 24,579,000 iron-making being almost completely stopped during Pennsylvania ....... . ... 26,226,740 30,601,098 29,1164,00U 33,704,000 21,972,000 the prevalence of the strike in some of the largest dis New York .. , .......... 80,3t0,758 80,20!!,728 38,729,000 41,894,000 23,918,000 Michigan ............ . ... 24,429,574 28,177,12~ 27,809,000 80,280,000 25,083,000 tricts because of the lack of fuel. Nebraska ................ 19,747,4(10 23,988.585 43,131,000 48,599,000 22,430,000 It was noted when the statement of production for Indiana. ...... .......... 85,809,0•IO 32,092,170 29,175,000 21,034,000 17,800,000 North Dakota ....•••.... 14,114,6117 10,752,090 12,510,000 166!,000 the first six months of 1894 was published, that despite 24,84.6,000 South Dakota .. ......... 5,992,972 16,460,013 18,472.000 2338 000 Texas .................... 20,013,119 14.770,923 i5,177,000 15,975,000 11,059,000 the great drawback here referred to, and despite the Total. ................ 571,281,517 585,04~,817 574,267,000 689,779,000 442,44'1,000 intense depression in business and the many unfavorAll others ............... SI0,805,411 108,806,088 86,768,000 98,615,000 81,177,000 able factors in the general situation, the output of iron Total U. 8 .. .. .. ........ 662,086,928 638,854,850 1161.085,000 788,894,000 523,621,000 in these six months had been somewhat larger than in It is well known that a very unfavorable feature in the preceding six months, that is, larger than in the the agricultural situation at the present time is the half.year to December 31, 1893, when the panic had low prices ruling for some leading farm products. The operated to reduce the production so greatly. The in.Agricultural Bureau issued a statememt in November crease, however, was comparatively small. But in the giving the averages on the farm at that time, and as of last six months of 1894, the strike having terminated interest in connection with the yield of the crops we and some revival in general business having begun, a. annex the following, comparing the figures for 1894 really noteworthy increase occurred. It appears that with similar figures for the five years preced- almost four million tons of iron (gross tons of 2,240. ing. lbs.) were made in these six months; in exact figures. AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS. the make was 3,939,405 tons, and this compares with only 2,717,983 tons in the first six months of 1894 and 1894. 1893. 1892. 1891. 1890. 1889. - - - --- - ·- - --·Cents. Cents. Cents. Cents. Cents. Cents. with but 2,561,584 tons in the last six months of 1893. 53·1 62·4 83·9 83·8 69·8 Wheat, per bushel.. 49·8 Here, then, we have a record of very decided progress Rye, per bushel . . __ . 50·3 51·6 77·4 62·9 54:8 45·7 31·7 31·5 42·4 22·9 28·8 Oats, per bushel. .•. 32·9 the various drawbacks and hindrances notwithstanding 40·6 47·2 54·0 64·8 42·7 Barley, per bushel.. 44·3 39·4 40·6 36·5 1'>0·6 28·3 Corn, per bushel. . _. 45·6 -a situation which promises well for the future when 8·4 7·3 8·6 4·9 6·99 8·6 Cotton, per pound .. business conditions shall again be in a normal state. The two productions, it will be observed, which are sell• Of course, at 3,939,405 tons the output for the last half ing at low figures are wheat and cotton, and for them of 1894 falls below that of some other recent half.years the prices are extraordinarily low-cotton at lees than 5 when business was active and prosperous, but all things cents a pound and wheat at less than 50 cents a bushel. considered the reault is very satisfactory. In the folThese are the averages of the farm prices all over lowing we give the production for ea_ch period of six the country, and they show how trying must be the lot months since the beginning of 1885. of the farmer in some of the remoter sections. PRODUCTION OF PIG IRON IN HALF-YEARLY PERIODS.  I  I  FEATURES IN THE IRON TR.ADE.  It has often been declared that the iron trade is the barometer of our industries. Ho ..vever that may be, the statistics of iron production for the year 1894 which the America.n Iron & Steel .Association, through Mr. James M. Swank, has made public this week, reveal a state of things which is not without hope for the future. Not that the situation of this trade has been satisfac. tory. Far from it. The furnace capacity has been only partly employed and prices have ruled at extraordinarily low figures-in most cases the lowest ever reached. But the statistics contain encouraging fea • tures nevertheless. They show a much larger number of furnaces in blast at the end of the year than at the beginning, and they show much greater activity generally in the last six months than in the first six months. These are facts of course with which the public has already been made familiar through current trade reports, the monthly statement of furnaces in blast published by the "Iron .Age" and often referred to in the columns of the CHRONICLE having afforded a pretty good indication of the trend of things; still it is a satisfaction to have the facts established and confirmed by official data. With reference to the furnaces in blast, the figures of the Iron & Steel .Association ( which differ somewhat   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Gross Tons. Gross TonB. 1885-lst balf.. •....••••• 1.~20,371 1890-lst half.._ •...•... .4,560,513 2d half .. _.. .... ... 2,124,154 2d half... _.. ··-· . .4,642,1911 1886-lst half.·-···-··--·2,6::17.68211891-lst ltalf ..... ___ ,. .. 3,368,107 2d half . ·-···--·· .. 3,045,61'2 2d half ............ 4,9 ll,763 1887-~st half .... . .... 3,0~9,294, 1892-lst half.- •.. . .. .. .4,769,683 ~dhalr -- ·•· ·- · • 3,3ti7,85'1 2d half ·-·-- ····-.4, -'i87,317 1888-lst half ... ...... . 3,020.092 1893-lst half ........ . __ .4,562,9L8 2d half . . _......... 3,469,6461 2d half ...... _.... 2,561,584 1889-lst half.. --···-·· 3,661,603 1894-lst half ... -···· ... 2,717,98:~ 2d half •••..•••... 3,942,039 2d half ... ·--·····•3,lJ39,405  In showing a decided increase in the last half of 1894 over the first half of the same year, the iron industry no doubt reflects in a measure the state of general trade. But there are special circumstances which make the comparatively large production in the case of that industry quite notable. The_ reader knows that the iron trade has in the past been very greatly dependent upon the condition of the railroad-carrying industry. But United States railroads were never so depressed as during 1894. In our yearly artfole on Railroad Earnings we have shown that the gross revenues of the railroads of the country during the twelve months must have fallen o:ff 130 million dollars as compared with the twelve months of 1893, and about 160 million dollars as com• pared with the twelve months of 1892. .As a consequence of this tremendous shrinkage in revenues the purchasing power of the roads was strikingly curtailed, and the managers had to practice exceptional economy in the buying of materials and  CROP AND OTHER PRODUCTIONS &upplies, thus diminishing the demand for iron in a hundred different ways. Again, new railroad construction, which had previously been declining for several years because of unfavorable conditions, fell off in 1894 to phenomenally low proportions. According to the "'Railroad Gazette" of thiscitv the actual amount of new track laid was probably the smallest of any year since the Civil War. The effect of course on the consumption of rails was very marked. The statement of rail production for the year has not yet been published, but the amount was very small. In face of the great falling off in the demand for iron for these various purposes, and notwithetanding the coal strike, the output of pig for the year, while considerably below the best totals of other recent yea.rs has nevertheless been quite large-as large as and even larger than in 1888, for instance, only six years before. The explanation, no doubt, is that the low prices have made it possible to find increasing uses for iron and steel. In steel particularly this has been the case. Thus in reviewing the report of Bessemer steel production for the six months to June 30, 1894, in the CHRONICLE of August 4, 1894, it was found that, allowing for the falling off in the requirements for steel for rails, the quantity of steel remaining devoted to other uses was exceedingly large-in fact close to the largest in the best of previous years, notwithstanding the trade depression. The figures for the full twelve months are not yet available, but doubtless the result will be the same as ior the first half-year. Hence we see one way in which the requirement for iron has been kept up. It is evident, too, that should the demand for the railroads again rise to the old proportions, we would have greater activity than ever in the iron and steel trades. In the following we compare the make of pig iron for 1894 with the make in the preceding calendar years, the iron being classified according to the fuel used in its production.  27  IRON PRODuCTION, STOCKS, IMPORTS, &C.  7brui 9f 2,240 Po'Utnds.  189!.  1893.  1892.  1891.  1890.  1889.  Bt'kofpigbegin.ofyr. 707,318 535,61!1 027,233 661,858 283,879 300,144 Product'n dur'gyear. 6,657,388 7,12!,502 9,157,000 8,279,870 9,202,703 7,603,642 Total supply .•..•... 7,364.706 7,660,118 9,784.,233 8,941,728 9,486,582 7,903,786 Stock end of yeai4... 661,328 707,318 535,616 627,233 661,858 283,879  - - - ----- - - - - - - - - - ---  Consump.ofhomepig 6,703,378 6,952,800 9,248,617 8,314,4P5 8,824,724 7,619,907 lmp'ts of iron & steel. t310,000 438,762 494,468 557,882 665,771 748,550 Tot. consump., tons 7,013,378 7,391,562 9,743,085_8.~2,377 9,490,495 8,368,457 • Including 36,200 tons net held in the warrant yards of the AmerlcRn Pig Jiron Storage Warrant Company Dec. 31, 1889, not under the control of makers; 52,937 tons Dec. 31, 1890; 30,900 tons Dec. 31. 1891: 29.500 tons Dec. 31, 1892; 45,2fi0 tons Dec. 31, 189::l, and 63,640 tons December 31, 1894. t December imports estimated.  From the foregoing it will be seen that in 1894 about seven million tons were consumed--notwithstanding the depression in business. In 1893 the amount was 7,391,562 tons, in 1892 9,743,085 tons, the latter total never having been excelled. A further fact of interest relates to the output in the different States. This we undertake to show in the following. We make a separate total for the Southern States, which it will be observed are maintaining their output quite well. PRODUCTION OF PIG IRON BY STATES,  Tons of 2,24.0 Pownds.  1894.  1893.  1892.  ----- --- - - - So.StatesAlabama....• Virginia ..... Tennessee ... W.Virginia . . Kentucky . . .. Georgia ...... Maryland . . .. Texas ........ N. Carolina ..  7bns. 592,392 298,01l6 212,773 80,781 33,85! 40,268 5,!J00 4,671  ........  Tons.  Tons.  726,888 302,856 207,915 81,591 47,501 39,675 161,773 6,257 2,843  915,296 342,847 300,081 1M,"i93 56,548 9,950 99,131 8,613 2,IJ08  1891.  1890.  1889.  1888.  -----'.Ions. - - -Tons. Tons. Tom. 795,673 2!-15,292 291,738 86,283 44,844 49,858 123,398 18,66 t 3,217  816,911 292,770 267,626 129,437 47,861 29,185 147,820 9,701 2,810  706,629 224,425 263,085 105,26'3 37,902 24,606 30,221 4,057 2.688  401,332 176,246 239,224 85,063 50,705 35,176 15,720 5,881 2,143  --- --- --- - -- - --- ---  Total ... . . .. 1,268,425 1,567,299 1,890,187 1,708,965 1,744,160 1,398,841 1,011,480  Pennsylv'nia 3,a10,152 3,6i3,022 4,193,c0f> 3,962,38i 4,415,329 3,733,252 3,204,630 Ohio ......... 90ll,029 876.265 1,221,913 1,035,0IS 1,2'10,330 1,085,332 985,652 191,115 NewYork ... 175,185 310,395 315,112 329,805 265,il99 229,625 92,490 158,739 112,226 90,966 New Jersey .. 63,273 74,305 87,975 Illinois ....... 604,796 405,261 949,450 669,202 701,106 536,638 517,238 Michigan .... 117,538 lli4,421 213.145 230,769 191,389 190,403 1!5,171 131,772 Wisconsin ... 91,595 174,961 197,160 219,854 111,638 103,605 81,949 76,955 6,f,22 32,360 67,020 89,777 Missouri . .. .. 29,221.l 74,290 82,2H 86,565 61.972 All others ... 86,893 67.167 72,831  - - - - - - - - - - --  --- ---- -  _ Grand total 6,657,388 7,124,5P2 9,157,000 8,279,870 9,202,703 7,603,642 6,489,738  The strikingly unfavorable feature in the iron and steel trades has been the very low prices prevailing, and in this respect there has been no important change for PRODUCTION OF IRON ACCORDING TO FUEL USED. the better yet-in fact, in a number of instances values Tons of 2,240 lbs. 189l. 1893. 1892. 1891. 1890. 1889. - - - - - - - 1 - - - - ----- - - - - - - - - - - - at the end of the year touched their lowest point. '110 Bituminous........ . .. 5,520,~2! 5,390,181 6,822,2e6 5,836,798 6,ae8,147 5,313,772 Mixed anthr. & coke} 914 742 l 1297,6!6 1,568,C193 l,560,281l,937,1401,407,139 afford an indication of the course of prices, we give below Anthracite alone . . . . ' 49,883 229,020 305.8~7 249,271 307,463 Charcoal • . . . • .••....•... 222,422 386,789 537,621 576,961 628,H.5 575,268 the averages for 1894 in compairison with the averages Total................ 6,1157,388 7,124,502 9,157,000 8,279,870 9,202,703 7,603,6!2 for several previous years. AVERAGE YEARLY PRICES OF IRON AND STEEL, 1887 TO 1894. With the output in the .first six months very greatly 1894. 18~3. 1892. 1891. 1890. 1889. 1888. 1887. reduced by the coal strike and also by the strike in the Arti des $ $ $ $ $ $ $ Old iron Trails at Phil a .. ton.ll 95 16 43 19 48 22 05 25 18 24 19 22 23 22 97 No.lanthfdy.pigatPhila." 12titi 1452 1675 1752 1840 177fi 18fl8 2092 Connellsville coke region, the make of iron for the year GrayforgepigironatPhil." 1073 1273 1361 1452 158:.l 15~8 1621 1779 is not quite half a million tons less than in 1893, when, G~~tf~f~itf!t~~~'. ~~-~~ " 9 75 l l 77 12 81 14 06 15 7fl 15 37 15 ll9 HI 02 pig iron at Pitts. " 11 :18 12 87 H :::; 15 95 18 56 18 OU 17 38 21 a7 however, there had been a decline of two million tons Bessemer SteelrailsatmillsinPenn." 2 t00 2812 3000 299~ 3175 2925 2i:lt!3 3708 t'lbilletsatmillsa.tPitts." 1658 2044 2363 2532 3032 2945 2878 3255 from the very heavy total of 1892. But the pro- Best refined bar iron from store at Phila .... . . . . 100 lbs.I 34 1 70 1 87 1 90 2 05 1 94 2 01 2 20 ducti0n at 6,657,388 tons is larger than the pro- All muck bar iron at Pitts. " 1 iO 1 50 1 64 1 71 1 85 1 'il 1 77 l 95 Noting only the changes during the last four duction for 1888 (6,489,738 tons), as already stated. It will be noticed that more iron was actually produced years, it will be observed that the average with bituminous coal as fuel in the late year than in the for steel billets .was but $16 58 in 1894 against 24 against year preceding. On the other hand, in the iron made 30 32 in 1890 ; for steel rails with anthracite coal and coke there was a striking fall- $81 75 ; for Bessemer pig only $11 38 against $18 85 ; ing off. Scarcely any iron is produced now with anthra- for gray forge pig but $9 75 against 15 78, &c. To cite alone as fuel, while the iron made with mixed anthra- show in a yet more striking way how very low prices cite coal and coke has for some years been a steadily are now we bring forward the following table, given by 'd iminishing quantity. As regards the unsold stocks, us last year, which compares the lowest prices reached the total December 31, 1894, was somewhat larger than in 1891-94 with the lowest prices touched in the two it was last June, but a little smaller than on December preceding periods of great depression-namely, 1884-85 31, 1893. We annex the subjoined statement to indi- and 1873-7!j. This table was originally compiled by cate the consumption of iron after allowing for the Mr. Swank; we have corrected it to date. LOWEST PRICES OF IBON AND STEEL, changes in stocks and also for the imports of iron and '91-94. '84·85. '73-79. steel. These imports, it is almost needless to say, were A1·ticles. $ $ $ 17 50 No. 1 anth. follildry pig iron at Phila. per ton. 12 JO 16 50 the smallest for a very long time past, though in the Gray forge pig iron, Lake ore, at Pitts. " 9 25 14 00 16 00 19 50 17 00 BessemH pig iron at Pittsburg........ 10 25 closing portions of the year the movement began to Old iron rails at Philadelphia...... . .. 16 50 18 00 11 00 1 50 1 60 Best bar iron at Pittsburg . .•...•. per 100 lbs. 110 show some increase. 26 00 40 00 Steel rails at mills in Pennsylvan1a ... per ton. 22 00   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CROP AND OTHER PRODUCTIONS. The lowest quoted price for No. 1 anthracite foundry -pig iron at Philadelphia in the period following the panic of 1873, it will be observed, was $16 50, this price being reached in November 1878. In 1894 the same grade of iron sold at only $12 50. For Bessemer pig at Pittsburg the lowest price aftH the panic of 1873 was $19 50, in May 1878; in December 1894 the price was only $10 25. Steel rails for 1894 delivery ruled at $24 per ton all through the year, but for 1895 delivery the price is only $22, this having been the figure agreed on in the latter part of 1894. The lowest quotation for rails in the 1873-79 period was $40. Generally the quoted prices in December 1894 were the lowest of the year, though there are one or two instances where that was not the case. During the time of the coal strike, from April to June, some sharp advances occurred, but afterwards prices dropped lower than ever.  ANTHRACII'E COAL PRODUCTION AND PRICES. A very natural reflection suggested by the statement of anthracite production for 1894 is that that industry Qffered apparently better opportunities for good results than did most other large industries. Yet it is a fact within the knowledge of almost every one that it did about as poorly as any-as poorly as those industries where there was an enormous shrinkage in both consumption and production as the result of the depression in business. The element of strength in the trade was the apparently very small falling off which occurred in the demand for coal. The element of weakness was the exceedingly poor prices at which the product was dis. posed of. Perhaps the one is connected with and follows from the other-perhapi the managers presumed too much on their ability to find a market for all the coal that might be mined, and were thus led to make the output larger than the legitimate conditions of supply and demand warranted. Opposed to this view, however, we have the fact that there has been no considerable increase in the visible stocks of unsold coal-the tide-water stocks we mean-though it does not follow from this that there may not have been some increase in the stocks at interior storage points, regarding which the statistics leave us in the dark. But whatever one's opinion on these points, it appears unquestionable that a short-sighted policy bas been pursued. Prices ought not to have been allowed to become utterly demoralized when the conditions were so much more favorable than in other departments of trade for their full maintenance. The statistics regarding the year's production fully bear out these remarks. It appears that the amount of coal mined (or rather the shipments to market, which are taken as the measure of the amount mined) in the twelve months of 1894 were 41,391,200 tons, against 43,089,536 tons in the twelve months of 1893. The falling off is only about 1¾ million tons, or less than four per cent-which is not only small in itself, but very much less than competent judges had deemed likely at the beginning of the year. This is especially true if we remember that the anthracite trade is greatly dependent upon weather conditions, and that the winter of 1893-4 proved a very mild one, while the winter of 1892-3 had been an exceedingly severe one. Still there was an offsetting ad vantage in the strike at the bituminous mines, which for the time being led to the use of considerable amounts of anthracite as a substi-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  tute for soft coal. That event, however, as far as prices were concerned, was a decided drawback, as it stimulated production on too large a scale. At the end of April the output for the four months was 2,954,464 tons behind the output for the corresponding four months of 1893. But in June there was an increase of nearly a million tons over the same month of the previous year, the shipments aggregating 5,112,359 tonsan amount very greatly in excess of the highest previous month's total. Another point should be remembered in considering the small falling off for the year-we are comparing with the very largest annual output in the history of the anthracite trade, that industry having held a very unique position in 1893 in showing an increase in product at a time when nearly all other large industries had recorded a considerable decline. Contrasting l 894 with 1892, we find a product of 41,391,200 tons against 41,893,320 tons, giving in this case a falling off of only about half a million tons, or scarcely more than one per cent. Wo think it will be difficult to find any other industry of magnitude which can show such a small percentage of reduction compared with two years ago. If with this record stocks had heavily increased, the explanation for the poor prices received would be obvious. But, as already said, tidewater stocks show only very little addition, and December 31, 1894, were 780,913 tons, against 728,878 tons December 31, 1893, and 657,868 tons December 31, 1892. The following table indicates what the apparent consumption has been on the basis of these changes in tidewater stocks. The table includes besides the results for the twelve months the results for December by itself,. thus reflecting the situation at the close of the year. December.  Anthracite Ooal.  I  Ja'T1:uar111 to December 31.  189!1. 1893. 1892. 189!1. 1893. 1892. -------- - - -Tom. - - -7bna. -- - ·2bm. - - --Stock beginning.. 7bna. Tom. 2bm. of period . . • •. . 87!1,906 721, 16!1 732,!153 728,878 657,868 75!1,432 Production . . • • . . . . 3,105,190 3.!136,405 3,696,081 !11.391,200 !13,089,536 41,893,320  --- --- - - - - -- ---  ---  ·- - - - -- - - - - - - - -  ---  Total supply.. 3,980,096 4,15V,569 4,328,534 42,120,078 43,7"7,4()!1 42,6!17,752 8t'k end of period 780,913 728,878 657,868 780,913 728,878 657,868  Dlsp0sed of .... 3,199,183 3,!129,691 3,670,666 U,339,165 48,018,526 !11,989,884  It will be seen by this statement that the comparfson as to consumption is much the same as the comparison as to production, the totals being 41,339,165 tons for 1894, 43,018,526 tons for 1893 and 41,989,884 tons for 1892. Even if we suppose that stocks at interior storage points have increased a full million tons (and there is absolutely nothing to support such an extreme assumption)-even in that case the consumption for 1894 would record a falling off of only 1¾ million tons as compared with 1892, or not quite 4 per cent, demonstrating very conclusively that the anthracite industry suffered less from the depression in trade than other industrits-a fact which ought to have made the maintenance of prices correspondingly easier. A fact of considerable interest in connection with the year's product is the changes in the output of the different regions. It will be remembered that in the Philadelphia & Reading report it was stated that a persistent endeavor had been made during the year to induce the Reading companies to accept a lower rank in the business than they had previously held, and that the effort proved unsuccessful. The statistics show that the Schuylkill region, whence comes the Reading coal, fared somewhat better than the other regions. With a total decrease in shipments as compared with the year preceding of 1,698,336 tons, 1,188,980 tons fell upon the Wyoming region, and only 186,918 tons on the Lehigh region and 322,438 tons on the Schuylkill  • CROP AND OTHER PRODUCTIONS. region. This marks quite a departure, for previously the Wyoming had been steadily gaining at the expense of the other two regions. Here are the figures for the different regions back to 1879. ANTHRACITE COAL SHIPMENTS TO MARKET.  Years. (Tons of 2,240 lbs.)  Wyoming. Schuylkill. Tons.  I  ♦  ♦  ♦  ♦♦♦♦♦  ♦♦  ··-···········  Stocks at Tidewater Total • . points end of Year.  ----- - -Tons. -Tons. ---Tons. Tons.  8,960,629 7,5M,7'12 9,258,958 9,451J,288 10,074,726 9,478,814 9.48B,'126 1885 •••••••••..•....• ••••. 9,881,407 1886 ................ ...... 10,609,028 1887 ........ .............. 10,654,116 1888 .............. ........ 10,474,364 1889 .•••..........•..•.... 10,867,$22 1890 ..•• . ..•••.. ·····•·••· 12,741,258 1891. .•....•.••. ••········ l?,626,784 1892 ••.•••.•.••.••..•••••• 1893 ••••.•..•..•.•.•...... 23.839,741 12,857,448 1894 .... ······ · ·········· · 22,650,i61 12,035,l05  1879 ..••....... . ..•.•..... 1880 .......... 1881 ..••.•.• ·············· 1882 .•••........ •····•···· 1888 .................... . 1884 . ..•...  Lehigh.  12.586,298 11,419,279 13,951,883 13,971,871 15,604,492 15,716,455 16,236,470 17,031,826 19,684.929 21,852,366 18,647,925 18,657,1\94 21,825,240 22,815,460  '1,595,567 4,463.221 5,2Sl4,676 5,689,487 6,113,8011 5,562,226 5,898,638 5,723,129 4,847,060 5,639,286 6,285,'121 6,329.658 6,881,SSS 6,451,076 6,892,352  26,1'12,689 23,487,242 28.500,017 2U,120,096 31,798,027 80,75d,995 81,628,521J 32,186,362 84,~1,017 38,145,718 35,407,710 86,855,174 40,448,836 41,893.820 48.089,536 6,7015,484 891,200  ........ . ...... ........  562,116 748,330 874,681 754,545 872,282 13(\977 652,lM 1,026,107 535,652 754-,482  657,868 728,878 80,913  The change for the late year is perhaps revealed more clearly by reducing the proportions furnished by the different regions to a percentage basis. In this way we find that the ratio of the Wyoming region in 1894 was 54·72 per cent, against 55·33 per cent in 1893; but the ratio of the Schuylkill region 29·08 per cent, against 28 ·68 per cent, and that of the Lehigh region 16 ·20 per cent, against 15·99 per cent. The increase for the two latter regions is not large, it will be observed, and the percentage of the Schuylkill region appears small alongside the ratio of the same region in some of the earlier years. In the following we carry the comparison of these ratios back to 1820. With reference to the high percentage of the Wyoming region in 1887 and 1888, it should be said that in the one year there was a strike in the Lehigh region and in the other a strike in both the Lehigh and the Schuylkill regions. As a result the demand upon the Wyoming region was greatly increased, and of course the producers in that region were not slow to take advantage of that favoring circumstance. It follows that the percentages in those years were entirely exceptional, and did not indicate what was the normal proportion furnished by the different regions.  prices were well maintained. July 1 an advanceto $4 15 was made, but the prices then fixed were never observed, and in August the quotation had dropped to $3 50. Then came another effort to obtain better prices, and in September the figures were put at $3 75 and in October at $4 00, but these appear to have been mere moves for effect, and none of the producers pretended to make sales at those figures. Themiddle of November saw stove coal selling at 3 40 and even lower, and then there came the threat of the individual operators to reduce "line" prices to the tidewater basis. This threat created great alarm, as cuts in that direction would be very much more serious than those affecting tide-water shipments alone, it being estimated that over two•thirds of the amount of coal mined goes to the line trade. It does not appear that this threat was carried into execution, President Roberts having taken prompt measures to prevent it, by calling the presidents of the anthracite roads together; at the same time steps were taken to ensure better prices at tide•water, ovember $3 75 was quoted as and the latter part of the price for stove coal, this figure being quite closely observed thereafter. Taking the year as a whole, weshould say the average of prices realized for the different sizes of coal was fully 50 cents a ton lower than theaverage for the preceding year. In the following we furnish a record of the prica changes for the last five years. GROSS PRICE OF ANTHRACITE COAL (FREE BUBNING WHITE .ASH) FREB ON BOABD AT TJDE-WATltR.  1894.  Egg.  Sto'IJe.  June 1 .......... ········April 1 ...... - ........•.• _ Feb. 15 (a) •••• ••••••.••.  $3 60 3 20 375 3 50 3 20 375 3 65 3 50 375  $3 75 3 40 400 3 75 3 50 415 400 3 75 400  Dec. 31,r .•.....•••••.••. July 1 .••................. .lune 1 ..•••••••••..•..••• March 15 •.•••••••••••••••  3 75 3 90 3 90 3 90  400 415 4 00 890  4 35  460 440 415  435 4 60 4 40 415  411 431 417 402  Sept. 1 .•••••..••••..••••• July l ....... ·-·····-··· June 1. ••••••.••..••..••.. May 2 .....•.••....••••••• March 16...•..••••.....•• Jan. 28 •••••.•••.••••. ·-·· Jan. 21* .••••••••........ Jan. lt ...................  400 3 90 3 75 3 75 3 65 3 ti5 3 40 3 65  440 42 1 390 3 90 375 375 3 50 375  475 450 415 4 15 390 3 90 3 65 3 90  465 440 4 05 3 90 3 65 340 315 340  445 425 3 96 a 92 374 3 67 3 42 367  Oct. 1. .••••••••••••..•••• Sept. 1 ................... July 1. .........•......... June 1 .....•.........•... April 1 .......... _.••..•.•  8 75 3 65 3 65 3 65 3 50  415 400 3 85 3 75 3 60  440 4 25 405 3 90 375  415 3 90 375 3 ti5 350  411 3 95 3 82 374 3 59  Dec. lf ..••...•..••....•.. Nov. 1 . .•..•..... . ..•••• Oct. 1 .••................. Sept. 1 ..........••·....... July 1 .••..••... -...•..... June 1. •••. ·-············· Ma,yl ......••••....•••... March 15§·-············· Jan. 1. •••••••••.•••••••••  3 65 3 75 3 75 3 65 3 65 3 50 3 50 3 40 3 ::10  3 90 410 400 3 90 3 75 3 65 3 50 3 50 415  415 440 430 415 400 3 90  375 3 95 3 95 3 75 3 65 3 65 3 40 3 25 415  3 86 405 400 3 86 3 76 367 3 51 341 415  Aug. 15 (bJ.·--·········· July 1 . .......... ····--··· 1893.  1892.  1891.  Oensus Fiqu,res.  Proportion of Tonnaae from Each Region.  18d0 1870 1860 1820 189'1. 1893. 1892. 1891. 1890. 1889. 1888. 1887.  to  to  to  to  1889. 1879. 1869. 1859.  P. o. P. a. Wyoming ..... 54·72 55·33 54·4a 52·72 52·04 Schuylkill .... 29"08 28·68 30·14 31·50 30·31 Lehili-h ........ 16·20 15•99 15·40 1s·1s 11·65  p.a. P. a. P. c.  P. o. P. o. P. o. 52·67 57·29 56·82 29·58 27•93 30·63 11·75 14·7s 12·55  P.  a. P. c. P. o. P. a.  52·00 '16·90 39•49 26·28 30·56 M·87 41"80 52·54 11·44 1s·23 1s·11 21·18  Total...... . 100·0 100·0 100·0 100·0 100·0 100·0 100·0 100·0 100·0 100·0 100 o 100·0  It seems desirable to have some indication of the course of prices for coal during the year, and yet in view of the condition of the market exact figures are out of the question. Prices were quite demoralized at the close of 1893, and dropped still lower in the early part of 1894, so that in the middle of February stove coal was quoted at about 4 00 per ton. In April the socalled spring circular fixed the price of stove at $3 75. The strike in the bituminous regions led to an advance to $4 00 again on the 1st of June and for a time   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Broken. $3 50 310 3 60 3 50 3 20 3 75 3 65 3 50 3 60  Nov. 27 ••••••.•.••••••••• Nov. 15 (bJ .•••.••..••. -. Oct. 25 ....... ............ Sept. 25 ................ . .  1890.  3 65  3 .50 440  Ohestnut ...11'/Jer'ge.  $3 60 3 30 3 75 3 75 3 50 415 400 3 75 400  $3 3 3 3 3 3 3 3 3  61. 25 78 63 35 95 83 63 84  * The prices for this date a.re those made by the Lehigh & Wilkes• barre Company and followed by the other companies. t While the companies were nominally quoting the circular prices of tbe previous October at this date, actual selling prices were about as here given. t At this date all the companies appear to have resumed business at the September circular prices. § The e are the prices openly made by one of the companies, and presumably followed by the others. ,i No c-ircular was issued after July 1, but selling prices were about as here given. (a) ~hese uno~cial -pr~ces were recognized :at a meeting of the an.• thramte compames at this date . . (b) Circular prices not observed; these are unottlcial ruling quota• t1on .  GREAT BRITAIN-MERCANTILE  AND  FINANCIAL AFFAIRS.  COMMERCIAL A D FI ANCIAL REVIEW FOR 1894.  BUSINESS IN ENGLAND IN 1894. [Communicated by Our London Correspondent. ] LONDON, January 15, 1895. Trade in this country has been decidedly better during the past year than for two or three years previously. It is true that there has been little recovery in the foreign trade, but on the other hand the home trade has been well sustained and fairly prosperous. Thap this is so fo proved firstly by the fact that the unemployed are not more numerous than usual, that there is no appreciable increa,se in pauperism and that there have been no very formidable trade disputes throughout the year. · The only strike of any considerable importance was in the coal districts in Scotland, and there the men were contending for a rise in wages, not resisting a fall; so that employers throughout the country generally are satisfied that wages can be maintained at the existing level, while here and there the employed think that trade is good enough to justify an advance. Nor have there been very extensive failures. There have been some disasters in certain manufacturing centres especially connected with the linen and the jute trades; there were three or four serious failures in Belfast and its neighborhood, one or two in Dundee, and there were some troubles likewise in Bradford; but taking the whole country throughout the year the number of failures bas been less than for a couple of years before, and the capital involved has likewise been smaller. But while the home trade has undoubtedly been satisfactory, the foreign trade has given much less evidence of improvement. For the whole twelve months the value of the imports was a trifle over 408½ millions sterling, being an increase of about 3¾ millions sterling compared with the year before, or rather less than 1 per cent. The value of the exports of British and Irish produce and manufactures was not quite 216¼ millions sterling, showing a decrease of £1, 900,000, or also rather under 1 per cent. As the year 1893 was a very adverse one, being marked by the great coal strike in the Midland districts of England, and being affected by the currency troubles in the United States and the banking smash in Australia, it is certainly not very encouraging that even compared with such a year the value of our exports shows a falling off of nearly 1 per cent and that the value of our imports does not show an increase of quite 1 per cent. But that is only one way of looking at the matter. Prices were a good deal lower in 1894 than in 1893, and consequently the quantities of goods imported and of goods exported were decidedly larger last year than the year before.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Compared with 1890, when the value of the foreign trade was the hi~hest of any year in our history, there is a falling off of only about 2¾ per cent in the value of our imports but of about 18 per cent in the value of our exports. That is to say, we imported almost as much last year as in 1890-the most prosperous of modern years-and even our exports have not fallen off much more than 18 per cent. This refers of course only to the fall in value ; it is certain that the depreciation in prices has been greater than the higher of these per- . centages. The fall in wheat has been nearly 30 per cent and in many other articles it has ranged from 20 to 30 per cent ; so that for the same money practically we have got immensely greater quantities of goods than we got in 1890. Against this of course is the great decrease in the value of the exports-nearly one-:fi.fthfrom 263 millions sterling to about 216 millions sterling; but this falling off in our exports is due to depression in several foreign countries, not to inability on the part of this country to supply all the goods that might be required. The greatest decrease in our shipments was io the United States. There was not a very material falling off in the first qua rter but in the second and third quarters the falling off was very great indeed. Smee the passing of the Tariff Act there has been a recovery. The.re has likewise been a considerable decrease in our exports to Australasia. There was a marked decline in our exports to Brazil while the civil war lasted, and for the whole year there has been a decline. Our trade with France, t'>o, suffered from the high duties; and Italy has bought much less than usual. But speaking generally, the Continent has taken more goods from us than in the year before. And South Africa has been a.n exceedingly good customer. !though, then, we have not been able to sell anything like as much as we were selling four years ago t o coun tries beyond the sea, we have bought from them very nearly as much, from which it clearly follows that the country itself must have been prosperous. The very low prices made wages go much farther than usual, and conseque11tly the poorer classes have been able to live more comfortably. And this prosperity of the home trade coincidently with so great a depression in the foreign trade js the more remarkable because the year was ex• tremely bad for agricultural products. There was not much severe frost in the first quarter nor was there excessive rain. Bright, warm weather set in at the end of March and lasted all through April and into May, and though there was more rain than was required in May and June, yet at the end of the six months the  BUSINESS  IN  GREAT  promise was of the finest harvest that had been gathered in the United Kingdom for at least a quarter of a century. Unfortunately the rains of July and August did very great damage not only to the grain crops but to the hay, and when the new agricultural year set in there began a . fall in prices such as hardly ever has been known; 1893, it will be recollected, was exceedingly unfavorable to British farmers, the summer having been the driest almost of the century. Consequently at the beginning of 1894 there was a scarcity of food for cattle. The difficulty of saving the hay crop and the injury done to grain stalks added considerably to the troubles of our farmers. The highest price touched by wheat during the year was on the 6th of January -26s. 4d.; the lowe8t was on the 20th of October17s. 6d. And there was a similar fall in almost all other grain. There was likewise a heavy fall in cattle, while the difficulty of feeding cattle and the outbreak of disease caused a considerable decline both in our flocks and our herds. Land owners and tenants alike therdore suffered seriously during 1893 and 1894. Naturally there is less employment for agricultural laborers, and the tendency so marked before for the young and strong to leave the rural districts for the towns bas been further stimulated. In spite of all, however-in spite of bad foreign trade and of increased depression in agriculture-the condition of the home trade, as already said, has been well sustained. The working classes speaking generally, and the middle classes, have all done fairly well. The only home trades in which there is real complaint are those that minister chiefly to the rich. The cotton trade has been active throughout the year-more so, probably, than in 1893 or 1892. Labor bas been fully employed, wages have bt1en well maintained, there have been exceedingly few disputes and not many failures. In the beginning of the year the Indian exchange was fairly high and India imported considerable quantities. The exchange has steadily fallen since then; neverthelesslndia has continued to take a very satisfactory quantity of goods. In 1,1pite of the war China has also bought largely; so has Persia, Asiatic Turkey, Africa and Central America, and since the passing of the Tariff Act there bas been an 8ppreciable recovery in the exports to the United States. Italy, owing to the severe crisis, has not been as good a customer as usual; and the civil war seriously interfered with business in Brazil. Allowing for everything, the trade has been healthy and active. According to the Liverpool Cotton Association, the total exports of cloth were 5,312 million yards, an increase on 1893 of about 14y2 per cent, and actually the largest quantity ever exported in a single twelve-month. The exports of yarn have increased 14 per cent, and the number of bales consumed was 3,315,000 against 2,984,000 in the year before. There are complaints that the profits on this business are exceedingly poor, The spinning factories have done better than the weaving, but even the spinning factories have not done very well, and the number of companies non-dividend-paying much exceeds the dividend-paying. It is noteworthy that as the year drew to a close the Manchester ship canal began to play an important part both in the carriage of raw material and in the carriage of the finished article. Early in the year difficulties of various kinds prevented the canal from being much used; it may be said indeed, roughly, that although the canal was nominally open for the whole twelve months it was really working little more than eight months. The mere figures of the traffic therefore do not tell us much. What is really important is that at the end of the year the traffic increased in a very marked way. It has long been customary with merchants in Lancashire to enter into contracts with ship-owners and shipbrokers running generally for two years. It was not possible therefore for many Lancashire merchants to act freely at the beginning of 1894; but it seems clear that they are usirnz the canal now much more largely. It may be worth adding that   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BRITAIN.  81  a Cotton Association has been founded in Manchester. and that earnest efforts are being made to establish a free and a large market in that city in the raw article. For raw wool the market has been very dull and depressed all through the year. There has been a fall of prices in the staple qualities of about 10 per cent, and in other qualities even greater still. The difficulties of the squatters in A.ustralia have compelled them to hurry their wool to market at whatever consequence, the banks being unable to give them accommodation; and the Argentine farmers, though not quite ~o much pressed, still are greatly in need of credit. The native banks are doing very little, the European banks in the Republic are very cautious, and consequently farmers do not find it easy to hold back their stocks. Pressure to sell, then, by both Australia and Argentina naturally sent down prices, and the absence of most American buyers throughout the greater part of the year accentuated the fall. Of late America has been a more liberal purchaser; but American support is still greatly needed, and the new year does not begin very favorably for flock-masters. In the manufacturing trade business has been somewhat better. The foreign demand, indeed, has not been good, but the home demand has been fairly well maintained _, and upon the whole the Yorkshire woolen district is pretty prosperous. The woolen industry in France is depressed but in Germany it is fairly successful. The metal trades have been very quiet without much reason for serious complaint. Prices have not altered much, though they were somewhat lower at the en'1 than at the beginning of the year. At one time very strong hopes were entertained of a marked improvement; but those hopes have not been realized, partly owing to the depression in the United States and partly perhaps to extravagance of expectation. At all events there has not been any very great activity, while there certainly has not been any serious depression. There has been hardly any speculation and no important difficulties. The great development of gold-mining in South Africa and West Australia has led to a decided increase in the number of orders for mining machinery; and the war between China and Japan, though checking trade in other lines, has stimulated it in guns, ammunition and war material. Belgium, Holland and Germany have afforded ~ood mark~ts for our iron and steel. Indian orders for railway material, water-works plant and the like have also been good. It was announced early in the year by the First Lord of the Admiralty that the present Government would continue the policy adopted by the preceding one, that is, the policy of largely adding to the navy. Lord Salisbury's Government placed before Parliament a scheme which was to be carried out in its entirety in five years and was to cost a very large sum of money. The present Government objects to binding Parliament and the kingdom for so many years, and therefore it has thus far only put one year's programme before the country. That, however, has given great satisfaction, and it is understood that it is the intention to continue the policy as long as the Government remains in office. When the announcement was made there were great hopes that many orders would be placed with private shipbuildjng yards and that thus an important stimulus would he given to the iron and steel trades. As a matter of fact there have been important orders placed with private builders, but the stimulus to trade has not been as great as was expected, no doubt because the expectations were exaggerated. The coal trade has been as prosperous perhaps as any industry in the country. The exports have been large-considerably larger than the year before-and prices have been fairly well maintained. There has been a very considerable demand for coal for the Continent and for various other parts of the world ; and the consumption of coal at home has likewise been large. In Scotland an attempt was made to put up wages, and the efforts of the work people were supported by the English Federation, but the attempt failed. In Wales there have been threats of strikes from time to time and the men have given notice to terminate the sliding scale arrangement. But with certain fluctuations in prices and certain apprehensions of troubles, the year has passed over without any very great difficulty. Notwithstanding the depression in the foreign trade the increase of our merchant shipping goes steadily on. The statistics from all the ship-building centres are not yet complete, but it appears probable that the 1·egister for 1894 will show an increase of about 300,000 tons over that of the year before, and will raise the total British tonnage to about nine million tons. It  BUSI E S IN GREAT will be understood that the consequences of wrecks and the like cannot yet be completely ascertained. The building for foreign countries does not show much increase ; the great additions are to the British register, and the additions are for the most part to the steam fleet. Likewise they are chiefly for large companies ; and the whole tendency is to replace vessels of the poorer type by the most efficient that can now be produced. Our great companies are constantly launching vessels of the newest pattern and the greatetit power and getting rid of vessels of less efficiency. These latter are bought cheaply, and compete actively with the smaller shipowners, and perhaps are accountable for many of the complaints with regard to the difficulties of the shipping trade. It is contended by merchants that ship-owners in their competition with one another are adding unnecessarily to their fleets, and that this policy lands them in difficulties from which they try to escape by combining among themselves in what are here called "conferences," or what would more properly be denominated combinations. Merchants complain that these conferences act unfairly towards themselves; that the ship-owners carry cargoes cheaper from Continental ports to the Far East, Australia, or America than they carry British goods, and that the result is that the foreign trade is favored and the British trade injured. The ship-owners defend themselves on the ground that the freights they charge do not -enable many of them to pay dividends, and that they must make concessions to Continental merchants if they are to do any Continental business at all. Merchants naturally are dissatisfied with the reply; and it is highly probable that we shall see before long a real struggle on the part of the merchants to emancipate themselves from these combinations. A movement has already been set on foot in Glasgow and Liverpool, and it is quite possible that an attempt may be made in Parliament to regulate the matter. Perh~ps money has never been so cheap throughout Europe as in the year just ended. The Bank of England rate of discount at the beginning of 1894: was 3 per cent. On February 1 it was reduced to 2½ per cent and on February 22 to 2 per cent, and at the latter figure it has stood ever since. The average for the whole year was thus rather under 2¼ per -cent. But the average of the Bank rate tells nothing as to the condition of the market, for practically the Bank of England was quite out of the market all through the year. For a week or ten days at the end of each of the four quarters it lent large sums to the bill brokers and the discount houses, but except at these Jong intervals it did practically nothing of what is here regarded as the proper business of banking. In the outside market the average rate of discount for the first half of the year was a little over 1¼ per cent, and for the second half of the year was a, little under % per cent. For the whole year it was decidedly under 1 per cent. It is not sur• prising under these circumstancAs that the London banks have been obliged to reduce their dividends. The country banks have done better. They are in the habit of maintaining a customary rate at all times to large classes of their customers. They seldom charge more or less than 5 per cent, and those special custom~rs make no objection. The London banks, on the contrary, are subject to the very keenest competition, and cannot charge a farthing more than the actual conditions of the day justify. There has therefore been a very considerable reduction in dividends by the banks. The discount houses and bill-brokers, however, have done decidedly better, and upon the whole have been fairly prosperous. The explanation of this is that the banks have to pay a considerable rate for their deposits. For a long time they feared to reduce the deposit rate below 1 per cent. It bad not been done before, and they were afraid that if done now it might cause an uncomfortable withdrawal of deposits and stimulate an unhealthy speculation. But while they were paying 1 per cent for their deposits they were seldom able to get as much in discounting bills, and they were often compelled to take¼ per cent from the discount houses for loans for aday. The discount houses, on the contrary, do not take much in the way of deposits from the general public. They borrow from the banks the larger part of the money they need, and in the keen competition of L'Jndon they are al ways able to get the very best terms. When, therefore, they could borrow from day to day, and sometimes even from week to week, at ¼ per cent per annum, they were able to turn over the money at a very handsome profit.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BRITA! .  Money has been exceedingly cheap upon the Continent likewise, though in France there has been a rising tendency for several months past, owing to a rather rash speculation going on. But even in France the Bank of France rate of discount has remained at 2½ per cent since May, 1892. The Bank of Belgium rate has been 3 p~r cent since May, 1893. The rate of the Imperial Bank of Germany was reduced from 5 per cent at the beginning of th~ year to 3 per cent early in February, and has remained since at the latter rate. The AustroHungarian rate has been kept at 4 per cent since tbe beginning of February. But while money is thus accumulating in immense amounts at all the great centres throughout Europe, confidence has been steadily recovering throughout the year; it may be said, indeed, that it is completely restored here in London. At the beginning of 1894: there were still grave apprehensions entertained of the consequences of the trust crisis which had not yet come to an end. The trust crisis is now almost forgotten, and were it not that there is uneasiness because of the continued shipments of gold from New York, and because it is obvious that the reconstructed banks in Australia are not earning the 4½ per cent they have undertaken to pay on their deposits, credit would be almost as stron~ now as it ever has been. There is undoubtedly a better feeling everywhere; there is much more hope that we are about to enter upon a more prosperous period. During the year there has been more activity in bringing out loans and companies than previously since the Baring crisis. But for all that the response of the pubJic was not very great; and with a single exception no very important issue has been made in London. Abroad some of the financial operations were on a great scale. The French 4½ per cents were converted into 3½ per cents in January, amounting in round figures to about ~72 millions sterling. There were several other conversions on a small scale, most of them being carried through in Paris-Turkish, Bulgarian, Roumanian and the like. There was a City of Paris loan at 2½ per cent for 8 millions sterling; there was a German 3 per cent loan also for 8 millions sterling; and there was a very large Russian conversion, amounting in the aggregate to 1,000 million roubles. In India, too, the 4 per cent rupee loans were converted into 3½ per cents, They amounted in round figures to about 100 crores, the crore being equal to 10 million rupees, or if tlie rupee was still worth 2~. the crore would be equal to a million sterling, The conversion was carried out piece-meal, but with great success and remarkable rapidity. It is understood that only two crores remained unconverted, and that they have just been paid off. In London there were several colonial loans and a few foreign, but with one exception none of them important. The really important event so far as this centre was concerned was a Russian loan of nearly 16 millions sterling at 3½ per cent. This loan was offered at home and in London, Paris and Berlin. The applications everywhere were on a large scale, and it is understood that 3 millions sterling were taken and placed in London. Since 1875 there had been no successful large Russian Government issue in Lonion, and the favor with which the latest loan was received here was looked upon as politically of great significance. It seemed to set the seal of popular approval upon the rapprochement between this country and Russia. There were a great many industrial companies promoted and brought out during thQ year. The largest number were gold companies, and most of these were West Australian. A few South African companies were formed and a few miscellaneous companies. The system of converting private businesses into limited companies was also continued, and there were one or two railway issues. The first instalment of the capital necessary to complete the extension of the Manchester Sheffield & Lincolnshire Rail way to London was brought out, and two underground railway companies, the motive power being electricity, were also offered. These, however, were not subscribed for, while the money in one case was returned. Still there was a much better response in the case of most companies than there had been for three or four years previously, and public confidence became stronger and strong_ er as the year went on. Upon the Stock Exchange business has not been very active outside of the South African department. The uncertainty regarding the Tariff Bill and the continued shipments of gold checked operations in the American market during the spring and summer. When the Tariff Bill passed there was an inclination to buy largely in London, but as the New York mar-  BUSI ESS IN GREAT ket did not support the movement the inclination faded away; and when the gold shipments continued apprehension sprang up again, so that dealings in the market became fewer and fewer as the weeks went on, The same remark applies to the Australasian department. There was a heavy fall in 1893 in consequence of the banking crash in all Australasian securities. During 1894 there was a decided rise, all Government securities having recovered. But in spite of the advance in quotations the purchasing was by no means large, and certainly the general public has kept aloof from the market. In the South American department there has been an improvement during the year; but there also, it is to be observed, the public has not operated largely. The business has been due rather to syndicates and powerful financial houses than to public investment. It is noteworthy, nevertheless, as indicating the recovery of confidence here, that a powerful syndicate was formed to buy from the Baring estate most of the Argentine securities contained in it. Such prices were given that gradually the debt due from the estate to the Bank of England was reduced to a million and a•half sterling, and then a trust was formed to pay off the Bank completely, take over the assets in the estate and nurse them. Thus the pub1ic liquidation of the Baring estate was brought to an end. The banks and great financial houses that had given guarantees to the Bank of England were liberated from those guarantees, and all doubt as to the solvency of the house of Baring was removed. It is now as certain as anything not yet completed can be that the liabilities will be all covered and that there will be a ban dsome surplus for the families of the old partners. In this way the action of the Bank of England and of the great London banks is vindicated. The Bank of England bas always held that the Barings were not insolvent, in the sense that they would be able to pay 20 shillings on the£, and now it is admitted everywhere that the estate is worth much more than the liabilities. The two characteristic features of the stock markets during the year, however, have been the steady, continuous rise in what are here considered first·class securities, and the large speculation in South African land, gold and diamo:fid shares. Consols in 1890, under the influence of the Baring crisis, fell to 94%, At the end of 1894 they stood at 104. There was thus a rise of 9.% in the four years. The 2½ per cents and the local loam; stocks have risen in the same proportion. So have •Indian sterling stocks, most Colonial stocks, and the debenture, guaranteed and preference stocks of our rail way companies ; likewise municipal stocks. The rise is a result as well as an evidence of the great accumulation of unemployed money. Bankers, insurance companies and financial houses are unabie to employ their funds in their usual business, and they are obliged, therefore, to invest them for the time being, In spite of the long-continued abundance and cheapness of money there has been exceedingly little speculation outside of the South African department. Even there the speculation :bas been more French than British. Of course the British public has taken part in it, and the speculation is nnt confined to any one class or to any one locality. But French buying has accentuated the movement and certainly bas led it. It may be doubted whether the speculation would have assumed large proportions in the past year were it not for the formation in France, and to some extent also in Germany, Holland and Belgium, of powerful syndicates to buy up South African gold shares. As soon as these syndicates began to act speculation increased in London likewise; but London has been more cautious and more ready to realize than the Continent. It is too early yet to obtain statistics of the output of gold during the year, although a telegram from the Cape states the South African production to have been 2,025,000 ounces, which is very much larger than in any previous year, and the Australian output is likewise believed to be larger. Naturally the increased production, together with the depression in many countries, has made the movements in both gold and silver very large. .According to the figures published by the Bank of England that institution received, in round figures, 14 millions sterling in gold during the year and parted with a little over 5½ millions sterling, so that on balance it received not far short of 8½ millions sterling. 'fbe greater part came from South Africa and Australasia, but a considerable proportion was also received from New York, and of course there were receipts from various other countriesSouth America, Egypt, and the like. For some months all the gold that arrived here was sent into the Bank of   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  sa  BRITAIN.  England, but during the last three or four months of the year only sovereigns were so dealt with. Bar gold and foreign gold coins were bought eagerly by France ; to some extent also there were purchases for Germany. The Bank of England has not paid during the year quite as good a price for foreign gold coins as it paid in 1893, and this has made it easier for the Bank of France to secure those coins. Furthermore, the placing of 3 millions sterling of the Russian loan in London has probably led to the remittance of some of the proceeds in gold to Paris. But themain cause of the shipments from London to Paris is that money is much dearer in Paris. The Bourse for three or four months has been paying between 3 and 4 per cent for loans, whereas the average in London has been only between 1½ and 2 per cent ; and the discount rate in Paris has likewise been fully 1 per cent above that in London. It is very remarkable that the imports of silver into London during the past year were rather over the average for the preceding four years. They amounted in round figures to 11 millions sterling. In 1890 they were only about 10¼ millions sterling, in 1891 about 10½ miUions, in the two following years they were rather under 11½ millions. 'faking the five years together last year was about half way between 1890-1 on the one hand and 1892-3 on theother. The silver exported amounted in round figures to 12 millions sterling against about 13½ millions sterling in the year before, somewhat over 14 millions in 1892, rather under 12 millions in 1891 and 10½ millions in 1890. It will be noticed that the exports of the metal from London exceed the imports into London, taking the year 1894 by itself, by about a million sterling. But it must be borne in mind that very large quantities of silver are extracted in London from lead imported as lead. Much of this comes from Australia. The silver contained is not noticed in the imports and consequently it seems at first sight as if the exports were very much larger than the imports. To the Far East alone the shipments of silver during the past three years averaged about 10 millions sterling. 'Ihe figures here used all represent the sterling value of the silver, but the reader will remember that the price of silver now is less than half what it was twenty years ago, and therefore the 10 millions sterling in silver means a weight or bulk of silver more than twice as large as at the earlier period. In other words the exports of silver from London to India, China, Japan and the Straits Settlements represent in rupees and dollars double what they represented twenty years ago, although there seems to be no great increase when the matter is stated in sterling. The complete trade figures of imports and exports to and' from Great Britain for three years are as follows: EXPORTS  EXPORTS. Home products ... _._ .... Re-shipment of imports. Total exports ...• _... _. IMPORTS. Total merchandise ... __ . E:xcessofimp .overexp  AND  DIPORTS.  1894.  1893.  £  £  1892. £  216,194,239 57,966,484  218,094,868 59,043,405  227,077,053: 64,563,113  274,160,723  277,138,273  291,640,166·  I- - - -------127,549,905 I 132,252 012 134 344 995 404,688,178  408,505,718  4.23,892,178  I  In the following w~ show the imports and exports by months: EXPORTS. January......• February...•.. March ......•.. April ......... . May .....•..... June .......... . July .......... . Au~u t .... . . . September ... . October .. . ... . November ... . December.. . . .  1894. £  £  Per Ot,-  Difference.  1893.  £  +  + + +  18,151,880 17,679,449 18,098,903 17,559,876 17,484,212 17,909,155 18,398,536 18,f>8l,:l50 17,599,320 19,147,996 18,083,087 17,500,585  18,026,019 17,093,309 19,432,904 16,617,977 17,822,460 18,785,271 19,651,374 19,530,178 18,434,129 18, l 79,792 17,653,759 17,269,074  125,861 + 586,140 -1,334,001 + 941,899 - 338,248 876,116 -1,252,srns 948,938 834,809 + 968,204 + 429.328 + 231,5ll  -  + + +  0·69 3·42 6·86 5·66 1·90· 4·66 6·37 4·85 4·52 5·32 2·43 1·33  12 months .•. . . 216,194,239 1894.  218,094,865  -1,900,626  -  0·87  RE-EXPORTS.  January ....••• February.···-· March ........ . April ......... .  May .......... .  June .......... . July .. ........ . August ... .... . September ... . October ...... . November··-· December..... 12 months....  £  4,346,643 5,051,720 5,342,886 4,810,362 4,904,108 5,198,180 4,2 89,764 5,127,31;9 3,810,616 5,831,638 4,t'3f>,326 4,827,861 59,966,484  Difference.  1893. £  4,785.629 5,733,252 5,690,367 4,856,184 6,945,220 4,796,015 4,812,492 4,368,637 3,918,667 4,749,l17 4,0-U ,592 4,235,-1.!3 59,043,405  Per Ot"  £  - 9·17 438,986 -11·88 681,532 - 6·10 347,481 - 0•94, 45,822 -29·38 -2,041,112 + 402,165 + 8·38 ~22,728 . -10°86 + 758,743 +17·36 - 2·75 108,051 +22·79 +1,0-.2,521 + 380,734 + 9·41 + 592,438 +13·98 -  -1,076,921  -  1•82:  BUSINESS  34 1894.  IMPORTS. January .....•• February ..• March ...•..•• A-pril .........• May ..•.•...... June .......••.. July .......... . August ....... . September ... . October .... .. . November ..•. December.....  IN  Difference.  1893.  GREA.T BRITAIN.  Per Ot·  .£  £  38,458,613 33,984,085 35,341,027 35,008,029 34,134,060 34,250,033 31,845,553 31,638,521 30,249,136 35,668,385 35,236,790 33,070,4.80  33,126,4.70 29•,759,640 34,059,485 32,120,160 36,838,213 31,869,592 33,293,191 35,002,772 31,378,830 35,357,297 3=",801,961 36,74.8.720  +5,332,14.3 +4,224,4.4.5 +1,281,552 +2,877,869 -2,704,153 +2,380,441 -1,447, 638 -3,364,251 -1,129,694 + 311,088 - 565,171 -3,678,240  - 9·61 - 3·60 + 0·88 - 1·57 -10·00  12 months .... 408,505,718  404,688,178  +3,817,540  + 0·94  .£  -fl6·09 +14·19 + 3·76 + 8·99 7 ·34 + 7·4.6 -  4.·34  The exports of iron and steel from Great Britain have been as below each year since 1872: KXPORTS OF IRON AND STEEL FROM GREAT BRITAIN. Rails.  Pig Iron.  ------- ----Tons. 830,544 840,294 767,053 840,055 1,145,268 1,190,371 1,036,319 1,158,174 1,044,257 960,931 1,269,576 1,564,048 1,758,072 1,480,196 1,632,343 1,223,436 924,646 881,442 910,905 947,827 776,116 1,142,065  1894 .............. 1893 .....•.. . ..... 1892.............. 1891. ............. 1890.............. 1889 .. . ........... 1888 .............. 1887....... .. ..... 1886, ....... . ..... 1885 .............. 1884.............. 1883 .............. 1882........... ... 1881 .............. 1880............ .. 1879 .............. 1878 ............. . 1877.............. 1876 .............. 1875 .............. 1874.. ........ .... 1873 ..............  Other Descriptions.  Tons. 424,778 558,375 468,003 702,247 1,035,431 1,089,892 1,020,002 1,011,779 739,651 714,276 728,540 971,165 936,949 820,671 693,696 463,878 441,384 497,924 414,556 545,981 782,665 785,014  Tons. 1,400,803 1,457,905 1,504,223 1,697,844 1,820,731 1,905,919 1,910,242 1,973,075 1,605,289 1,455,475 1,497,439 1,508,095 1,658,531 1,517,458 1,466,055 1,196,170 933,193 965,285 899,809 963,498 621,741 1,030,734  Total. Tons. 2,656,125 2,856,574 2,739,279 3,240,146 4,001,430 4,186,182 3,966,563 4,143,028 3,389,197 3,130,682 3,496,991 4,043,308 4,353,552 3, 20,315 3,792,993 2,883,484 2,296,860 2,346,370 2,224,470 2,457,306 2,487,522 2,957,813  The quantities and values of textile export• from Great Britain for the last three years are given in the following table EXPORTS OF TEXTILE FABRICS 1894.  YEAR'S EXPORTS.  1892.  1893.  QUANTITIEL 233,224,400 Cotton yarn ......•• lbs. 236,196,500 206,546,300 Piece goods ..•• yds. 5,312,753,900 4,652,217,400 4,~73, 105,800 34,942,500 29,346,000 25,682,400 Jute yarn ......•.••. lbs. Piece good-i..•• yds. 233,478,000 264,972,700 1 266,247,100 Linen yarn .••••..... lbs. 15,552,000 16,259,300 15,460,600 Piece goods. .... yds. 156,293,600 158,335,300 , 171,302,500 53,082,400 50,099,000 4-1,820,200 Woolen yarn ••••.... lbs. Woolen tissues ..... yds. 41,010,500 46,609,800 51,189,400 Worsted tiss nes .... yds. 111,155,700 129,928,800 142,590,200 £  VALUES.  Cotton yarn ......•...... Piece goods ..•••.... Jute yarn ....•.•......•. Piece goods ......... Linen yarn .......••..••. Piece goods ......... Woolen yarn .....••..... Woolen fabrics .......... Worstedfabrics .........  £  £  9,289,078 50,223,291 382,382 2,048,102 938,419 3,462,182 4,721,874 4,570,426 6,686,725  9,055,502 47,281,642 298,418 2,352,389 1,005,102 3,603,661 4,531,832 5,216,373 8,128,442  9,693,351 48,765,543 285,882 2,562,401 890,142 3,882,650 4,059,778 5,711,284 8,982,075  The situation of the Bank of France as to its stock of gold and silver, according to the last returns of each month of 1892, 1893 and 1894, was as follows, stated in pounds sterling : GOLD AND SILVER IN BANK OF FRANCE.-[00,000s omitted.] 189!. Gold. Silv'r Total 1693. Gold. Silv'r Total Jan. 25 Feb. 22 Mar. 29 .April26 Mav 31 June 28 J11Jy 26 Aug. 30 Seot. ~~ Oct. 25 Nov. 29 Dec. 27  £  £  68,1 68,5 69,1 69,7 71,0 71,5 73,8 76,1 76,2  50,4 50,7 50,8 50,9 51,2 51,1 50,9 50,7 50,2 49,7  £  £  61,6 66,5 66,4 67,0 68,6 68,7 68,8 Aug. 31 67,8 Sept. 28 67,4 Oct. 26 68,1 ov. 30 68,2 Dec. 28 e8.4  118,5 Jan. 26 119,2 Feb. 23 119,9 Mar. 30 120. April27 122,2 May 25  ;:r;:  126,8 126,2 7b ~ 125,5 79.4 49 6 129,0 82,8 49 'i 132,5  £  50,0 50,8 51,0 51,1 51,2 51,2 51.1 51,0 50,8 50,6 50,8 50,5  1892. Gold. Silv'r Tota  £  111,6 an. 28 117,3 Feb. 25 117,4 Mar. 31 118,1 pril28 119,8 May 27 119,9 June 30 119,9 July 28 118, .Aug. 25 118,6 Sept. 29 118,5 Oct. 27 119,0 Nov. 24 118,9.,Dec. 29  £  .£  £  54,2 5Ci,3 56,3 57,9 62,0 63,5 65,1 66,9 67,2 67,0 67,3 68,3  50,1 50,5 51,0 51,1 51,6 51,8 51,7 51,9 51,6 51,2 51,1 50,8  104,3 105,8 107,3 109,0 113,6 115,3 116,8 ll8 8 118, 118, 118,5 119,  In the table below will be found a valuable comparison of the highest, lowest and average price of silver in Lornlon for each of the twelve months of 1892, 1893 and 1894: PRICE OF SILVER FOR THREE YEARS,  Jan ...... Feb ....... March .... April.. ... May ...... June ... .. July ..•... Aug ...... Sept ...... Oct ...•... Nov ...... Dec....•..  d. d. 3134 3012 30 1 11e 2712 277s 27 293s 291s 2914 28116 2815 16 285 16 2815 16 2878 30½ 281116 3014 29316 29916 28H>16 299 16 283s 28½ 27316  281116 2811 16 2811 16 293s 29916 291s 2815 16 2734  --- - - ---  Year .. .. 3134  27   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  2810 , 6  1894.  £ £ 11, £ £ £ £ Pr.ct. Pr.ct. 25,7 24,8 6,2 31,2 10,4 29,4 15,6 3 134 25,4 25,8 4,9 31,4 11,8 25,7 16,9 . .. . 15s 25,0 26,5 5,3 30,4 10,8 25,2 18,0 .... 13s 24,6 27,4 5,8 29,4 9,4 24,8 19,3 .... 11°16 24,7 28,0 6,3 29,4 9,0 25,2 19,7 212 214 24,5 28,4 7,3 27,3 9,0 23,4 20,4 .... 231& 24,2 29,0 8,1 27,8 9,3 23,6 21,3 .... 134 " •n .. 23,9 29,7 9,5 27,9 8,9 24,1 22,6 2 15s 10,1 29,5 6,9 26,5 22,5 .... 114 " 28 .. 24,3 30,0 Mar. 7 .. 24,2 30,3 10,4 27,3 8,9 24,3 22,9 .... 13s " 14 .. 24,0 30,7 10,4 28,2 8,9 24,5 23,5 .... 114 12,0 28,6 8,9 27,2 22,9 .... 114 " 21.. 24,5 30,G 12,9 29,l 8,9 28,3 23,1 ..•. 114 " 28 .. 24,5 30,8 A.pr. 4 .. 25,2 30,9 11,5 28,7 8,9 26,5 22,5 .... ll 1 s " 11.. 25,0 31,2 8,4 29,l 9,4 23,0 23,0 .... 13s " 18 . . 24,9 31,4 8,2 28,5 9,4 21,8 23,3 . . . . 118 7,1 28,9 9,4 20,6 23,7 . . . . 114 " 25 .. 24,9 31,8 May 2 .. 25,5 31,9 7,0 29,5 9,5 21,6 23,2 .... 1316 7,0 29,3 9,7 20,8 23,6 .... 118 " 9 .. 25,3 32,2 7,6 29,8 9,9 20,5 24,7 .... 118 " 16 .. 25,1 33,0 " 23 .. 24,8 34,2 8,6 30,4 9,9 20,6 26,3 .... 1 8,8 31,6 9,9 20,3 27,9 . ... 7s " 30 .. 24,9 36,0 June 6 .. 25,0 37,l 8,7 32,5 9,9 20,3 28,9 .... 34 " 13 .. 24,9 37,8 8,9 33 0 9,9 20,l 29,7 ..•. 1318 " 20 .. 24,8 38,9 9,2 34:4 10,l 20,5 30,8 .... 1116 " 27 .. 25,4 39,3 8,6 34,6 10,l 20,1 30,7 .... tis July 4.. 26,4 38,9 10,9 34,9 13,1 21,3 29,3 . . . . 1116 " 11.. 26,0 38,5 7,5 36,7 13,0 19,9 29,3 .... 5s 6,5 37,6 12,8 20,1 29,3 . . . . 34 " 18 .. 26,0 38,5 " 25 .. 25,8 38,7 6,2 38,1 12,7 20,0 29,7 .... 5s Aug. 1. . 26,3 38,3 6,0 37,3 12,7 19,9 28,7 .... 5s 5,7 37,6 12,7 19,8 28,9 .... 916 " 8 .. 26,2 38,4 " 15 .. 26,0 38,8 5,2 38,3 12,5 19,5 29,6 . . .. 916 .. 22 .. 25,5 39,6 5,9 38,7 12,1 19,6 30,9 . . .. tis " 29 .. 25,4 39,9 5,5 38,9 11.8 19,3 31,3 ..•. 918 Sept. 5 .. 25,7 39,8 4,4 39,4 11,7 19,5 30,9 .... 916 " 12 .. 25,5 39,9 4,0 39,9 11,5 19,6 31,1 . ... \1)8 " 19 .. 25,3 39,6 4,4 39,4 11,3 19,7 31,1 . .. . 916 " 26 .. 25,5 38,7 4,4 37,7 11,2 19,2 30,0 . . .. 5g Oct. 3 .. 26,4 37,5 4,3 36,4 12,2 19,0 27,9 .... 12 " 10 .. 26,0 36,8 5,3 39,3 15,9 18,9 27,6 .... !116 " 17 .. 25,8 36,6 5,2 39,5 15,9 18,9 27,7 ... . 916 " 24... 25,4 36,8 5,4 39,1 15,3 18,8 28,1 . . . . 916 I " 31.. 25,8 36,2 5,5 37,8 15,3 18,6 27,2 .... tig NOT. 7 .. 25,5 35,2 5,4 37,0 15,3 18,5 26,4 .... 5s 5,5 37,1 15,2 18,3 26,9 . ... Urn " 14 .. 25,4 35,6 " 21.. 25,1 35,0 5,4 35,8 13,7 18,6 26,7 .... 1 5,6 35,2 13,4 18,4 26,7 .... 1616 " 28 . . 25,0 35,0 Dec. 5 .. 25,3 34,2 5,1 35,1 14,1 18,3 25,7 . ... 11> 18 " 12 .. 25,2 33,7 5,0 34,9 14,0 18,4 25,4 . ... 1316 " 19 .. 25,3 33,4 4,7 34,1 13,2 18,7 24,8 . ... 1316 _'_'_2_4_ .•_;__2_5..:..,7__3_2....c,_5_ _4....c,_3 __3_2.c...,8_ _1_2_,8_ _1_8.c...,5_ _,___2_3_,7___. ·-·----'7.'--  Jan. 3 .. ,, 10 .. " 17 .. " 24 .. " 31.. Feb. 7 .. " 14 ..  In the subjoined statement we show all the changes in the Bank ~te in each year from 1886 to 1894 inclusive: BANK OF ENGLAND RATE OF INTERliST. Year.  J an. an. eb. M ay J une Aug. Oct. Dec.  i  1886. 1 to J an. 21. 21 to Feb. 17. 17 to May 6. 6 to June 10. 10 to Aug. 26. 26 to Oct. 21. 21 to Dec. 16. 16 to Dec. 31.  Year's average .... 1887. Jan. 1 to Feb. 3. .i!'eb. 3 to Mar. 10. Mar. 10 to Mar. 24. Mar. 24 to .Apl. 14 . Apl. 14 to Apl. 28 . Apl. 28 to Aug. 4. Aug. 4 to 8ept. 1. Sept. 1 to Dec. 31. Yea.r's average ..•. 1883. Jan. 1 to Jan. 12. Jan. 12 to Jan. 19. Jan. 19 to Feb. 16. Feb. 16 to Mar. 15. Mar. 15 to May 10. May 10 to June 7 June 7 to Aug. 9. Aug. 9 to Sept.13. Sept. 13 to Oct. 4. Oct. 4 to Dec. 31.  Year's avera!te ... 1889. Jan. 1 to Jan. 10. Jan. 10 to Jan. 24. {High. Low. Aver. High. Low. Aver. Jan. 24 to Jan. 31. - - - - - - - Jan. 31 to Apl. 18. ! d. <l. d. d. d. d. Apr. 18 to Aug. 8. 38916 381s 38516 4334 4134 421316 Aug, 8 to Aug. 29. 38½ 3814 383s 411o 16 411s 417 16 Aug. 29 to Sep. 26. Sept. 26 to Dec. 30. 383s 379 16 3818 415s 39 40 7s 385 16 37 7s 38 401s 3914 39ll16 Dec. 30 to Dec. 31. 39916 375s 38116 403s 391116 40116 3714 4118 40116 40916 Year's average ..•. 3834 30 1890. 3434 321s 3318 4014 39116 395s 34 7s 3211 16 3311'> 16 391 16 37 7s 38° 16 Jan. 1 to Feb. 20. 34½ 33 7s 3418 38516 3818 38316 Feb. 20 to Mar. 6. 3418 31½ 335s 1395s 3818 381516 Mar. 6 to Mar. 13. 3234 31½ 3214 3914 3834 381616 Mar. 13 to Apr. 10. Apr. 10 to Apr. 17. 325,6 3134 32 39316 371616 383s - - - --- --· - - - - ·- Apr. 17toJune26. 3834 30 355s 4334 37 78 39131 6 June 26 to July 31.  I  1894. 1893. 1892. SILVER. i - - - - - - - - 1 1 - - - - - - - - 1 1 1- - - - - - - High. Low. Aver.  The appended table, made up from the official statements of the Bank of England, shows the position of the Bank as regards bullion, reserve, etc., on each Wednesday of the year. BANK OF ENGL.AND IN 1894..-[00,000s omitted.]  Rate Number per of days. cent. ··4 3 2  3 212 312 4 5  Rate Number per of days. cent.  Year.  ---- - - - - - -- - - 1890. 21 days 27 days , 78 days 35 days 77 days 56 days 56 days 15 days  July 31 to Aug. A.ug. 21 to Sept. Sept. 25 to Nov. Nov. 7 to Dec. Dec. 4 to Dec.  21. 25. 7. 4. 31.  5 4 6 6 5  -··  21 35 43 '1.7 28  days days days days days  ---  Year's average ..•. 4·52 365 days  ·-- - - -  1891. 3·05 365 daye Jan. 1 to Jan. 8. 5 7 days 14 dsys Jan. 8 to .Tan. 22. 4 7 days 34 days Jan. 22 to Jan. 29 . 312 5 77 oays 4 35 days Jan. 29 to Apr. 16 . 3 21 days 14 days Apr. 16 to May 7 . 312 312 3 21 days May 7to May 14. 4 7 days 21.g 21 days 14 days May 14 to June 4. 5 2 98 days June 4 to June 18. 4 14 days 28 days June 18 to July 2. 3 14 days 3 84 days 4 121 days July 2 to Sept. 24. 212 35 days - - - - Sept. 2 i to Oct. 29 . 3 42 days 3·34 365 days Oct. 29 to Dec. 10 4 22 days Dec. 10 to De0. 31. 312 4 12 days 7days Year's average .••. 3·32 365 days 312 28 days 1892. 3 21 days 28 days 1 to Jan. 21. 312 Jail.. ~½ 77 days 56 days Jan. 21 to Apr. 7. 3 21 days 28 days Apr. 7to Apr. 28. 212 3 175 days 63 days Apr. 28 to Oct. zo. 2 2¼ 72 days 3 35 days Oct. 20 to Dec. 31. 3 4 21 days ---88 days Yea.r's average •••• 2·52 366 days 5 1893. 26 days 3·30 366 days Jan. 1 to Jan. 26. 3 Jan. 26 to May 4. 21.g 98 days 9 da.ys May 4 to May 11. 3 7 •tays 5 7 da~s 4 14 days May 11 to May 18. 31.g 21 days 7 days May 18 to June 8. 4 312 7days 3 77 days June 8 to June 15. 3 49 days 2¼ 112 days June 15 to .Aug. 3. 212 7days 21 days Aug. 3 to Au~. 10. 3 3 14 days 4 28 days Aug. 10 to Aug. 24. 14 21 days 5 95 days Aug. 24 to Sept. 14. 5 7 days 6 2 days Sept. 14 to Sept. 21.1 4 Sept. 21 to Oct. 5. 3¼ U d&ys 3·56 365 days Oct. 5 to Dec. 3 3 f 87 days  ---  -- ---  ---  -- ---  ----6 5 412 4 312 3 4  5u 14 7 28 7 70 35  t.i  Year's average •••• ! 3·06 days days 1894. I days Jan. 1 to Feb. 1. 3 days Feb. 1 to Feb. 22. 2¼ days Feb. 22 to Dec. 31. 2 days days Year'saverage ..•. 2·11  1  365 days 32 days 21 days 312 days  -- ----365 days  TRADE  AND  CoMMERCE.  FOREIGN IMPORTS AND EXPORTS.  OUR  EXCEPTIONAL FOREIGN TRADE POSITION. The statement of United States imports and exports for the calendar year 1894 serves to bring out and emphasize the very unusual position of our foreign trade during that year. Many recent years have been noteworthy in one way or another, but there are features distinguishing 1894 which make that year noteworthy beyond all others. The fact which attracts chief attention is the magnitude of the gold exports and the apparent lack of reason for them in the state of our foreign trade. Sterling rates of exchange were high nearly all through the year, and shipments of gold were likewise in progress during most of the year and tbe greater part of the time were on a very large scale. In fact, examination of the monthly returns discloses that in only three of the twelve monthE-namely September, October and November-was there a net inflow of gold. Tbe aggregate gross shipments of gold for the twelve months reached almost 102 million dollars-$101, 821,375. The exports had been heavy in the years preceding-, too, but the 1894 aggregate is decidedly the largest for any calendar year as far as our records go. Moreover, in the other recent years when the outflow was heavy, ·there was usually a considerable return flow, reducing the net loss. For instance, in 1893, when the gross shipments were 79¾ million dollars, there was a return movement in amount of 72¾ million dollars, l~av"in.g the net outflow only a little over 7 million dollars. Of course 1893 was a rather momentous period, and undoubtedly the panic (during which cash at one time oommanded 5 per cent premium) forced a large flow of gold this way. But even in 1891 with exports of 79 million dollars, we had imports of nearly 45 million dollars, reducing the net export to only 34 million dollars. In 1894, on the other hand, the movement was almost cootiouously in the one direction, and with 101,821,375 exports we had only $20,621,024 imports, making a net loss in the very large mm of 81¼ million dollars. From the following, giving the record for the calendar years for a quarter of a century past~ it will be observed that not only is the 1894 loss by far the largest for any calendar year, but the net outflow at $81,200,351 is actually greater than the gross shipments for any of the years. The fact is the more striking since coincidently the shipments of silver, gross and net, were very heavy, the exports aggregating 47 million dollars, and the balance of exports over imports amounting to 36½ million dollars, being in both cases in excess of thr. sum for any preceding calendar year for the whole quarter of a century.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  GOLD AND SILVER IMPORTS AND EXPORTS. Gold, Excess of Silver,-E_x_c_es_so-f-.. Exports(+) or ExPorts(+)or Exports. Imvorts. Imports(-). EXt>orts. lm11orts. Imports(-). $ $ $ $ $  Year End.mg Dec. 311870 ... ... 53,103,745 l'.171 ..... 4.i,915,\)75 1872 ...... 68,638,125 1873 ...... 25,496.118 187!1: ...... 4.3.149,091 1875 .. ... 53,413,P4 7 1876 ...... :11,2a1.139 1877 ...... 18,982,638 1878 ...... 8,6f>5,9i8 1879 ....•. 4,l15,!U6 l>l80...... 3,062,459 1881. .••.• 2,603,543 1882 ..•... 38,721,079 1883... .. . 6,048,770 1884 ...... 40,9~8,246 1885 . . . . 11,417,207 1886 ...... 41,281,276 1887...... 9,14!,426 18'-8 ...... 34,fl26,449 1889 ...... 50,933,!160 1890 ...... 24,063,074 1891. ..... 79,086,581 1892 .. . .. 76,532.,,56 18!13 .•.... 79,775,820 1894. . . . 101,s21,375  10.430.561 5,811,948 11,113,290 20,r,37 1!6!1: 7,422'.806 14.~48,781 23.676,096 11,629.655 10,477,859 78,767,941 73,644,698 60,398,620 13,'102,528 22,055,961 27,957,657 ~3,6!2,821S 41,309,181 4!,88!1,299 10,960,773 12,001,632 20.230,090 H.9i0,110 17.450,946 72,762,389 20,621,021  E2.673,184 39,07!1:,027 f-7,52!1:.835 -1-4,958, 6! +3o.72ti,285 +39,065,166 +1,55u.6<l3 +7,352,983 -l,R21,1Jll -74,652,495 -70,582,239 -57,795,077 +25,318,051 -16,007,191 +12,990,589 -12,225,619 -27,905 -35,744,8;3 +23.565,676 +38,928,828 +3,832,98i +3!l,116,471 +59,081,110 +7,013,431 +81,200,351  27,846.083 32,524..!l:95 32,048,799 38,076,207 211,5i7,984 25,889,567 2;,,122.736 29,386,929 13,209,252 21,701,552 12,98;J,U2 17,063,274 17,317,055 25,79!.670 29,563,748 33,280,512 27,040,290 27,644,988 29,880,40~ 40,691,230 26,539,789 27,692,879 35,975.834 46,li81i.7:ll 47,035,825  15.259.199 10,962,467 10,0tl8,714 9,212.185 7,830,998 ~,547.367 10,195,238 12,lH,560 18,389J88i 14,<l2::,,017 11,631,025 8,[,!15,6!5 9,098,385 14,153,357 15,504, ;77 17,i71,2U 17,221,-l65 16,772,61! 15,907,960 19,219.2112 22,426,119 18,192,750 21,126.252 18,274,804 10,495,631  !12,586,89!1: 21,562,028 21,980,085 29.864,022 +21,746,986 +17,3!2,200 +u.327,498 +17,195,1$69 -180,632 fi,276,535 1,352,417 ,i67,62g ,218.67 111,641,313 14,058,971 ln,509,301 +9,818,825 +10,872,374 +13,972,'134 +21,i74,9d8 -f-4.113,670 +9,500,!~9 +14.249.,.102 +28.013 ,9 1 7 +36,540,194,  If the circumstances were not so well known, one might be inclined to think that these large shipments were the natural result of, and merely reflected, a very unfavorable state of our merchandise trade. But there is no warrant for such a conclusion. It is indisputable that trade conditions have not been 8atisfactory. Certain of our agricultural products, by reason of poor harvests, have been in short supply, and in several cases where we had an adequate supply the demand has been small and at the same time prices have been extraordinarily low. This latter remark applies particularly to that important export staple-wheat. It applies with equal force to that other important export staple of the United States, namely cotton. The great industrial prostration prevailing, moreover, and the lack of a home demand and the diminished domestic consumption, forced our merchants and manufacturers to let all their goods and products go at extremely-in many cases at unprecedentedly-low prices. The effect of course has been to reduce the aggregate value of the exports. But though there has been a falling off the exports have ne-vertheless been on a Tery large scale, amounting roughly to 825 million dollars. In 1893 the total had been 875 million dollars, in hs92 938 million dollars, in 1891 970 million dollars. These last two were very exceptional periods. In the whole of the term from 1882 to 1888 the exports in no year reached 800 million dollars, and the average for the seven years stands at or1ly about 730 million dollars, or about 95 million dollars less than the aggregate for 1894 at 825 million dollars. ],urthermore, while exports notwithstanding the low prices remained large, imports were very considerably reduced. The commercial depression in this country and the fact that large numbers of work people were out of employment, and that business was unprofitable, greatly restricted the purchasing power of the population and led to diminished buying of foreign goods. Then also prices of these goods, the same as of domestic goods, were very low (a low range of values being a world-wide feature), and this of course operated to lessen the aggregate value of the imports still further.  36  TRADE  AND  COMMERCE.  The uncertainties regarding tariff legislation likewise tended to curtail imports for part of the time. During the last half of the year the importations increased as compared with the corresponding period in 1893 in -every month but one. Nevertheless, aggregate imports for 1894 are only 672 million dollars, against 766 million dollars in 1893 and 841 million dollars in 1892. Thus the decrease in imports has been very much greater than the decrease in exports, and as a conse • ,quence the year shows an unusually large trade ballance in favor of this country on the merchandise movement. The balance is over 152¼ million dollars. in 1893 the amount was only 109½ million dollars, in 1892 but 97½ million dollars. In fact the excess of -exports for 1894 is the largest of any calendar year .since 1881, as will appear by the following.  There seems only one plausible explanation for the foregoing results, and that is that confidence abroad in our affairs has been deeply disturbed; that large withdrawals of foreign capital are taking place and new investments withheld, and that, aided by a defective currency system, gold is being expelled with accelerating force. A word regarding the comparison of our merchandise exports. We have stated that the totals have been remarkably well maintained notwithstanding the low prices. It will be desirable to see what the changes have been in the export values of the leading commodities. We accordingly present the following brief summary.  MERCHANDISE EXPORTS AND IMPORTS (C.A.LENDAR YEARS).  1894. 1893. 1892. 1891. 11890. 1889. $ $ $ $ $ $ Cotton ...... 200,381,000 204,106,023 217,063,558 277,038,511 254,275,863 266,649,345 Breadstuffs. 125,500,000 187,39l.840 248,2ll,2ln1232,621,992 141,602,8i7 129,665,377 Prov'ns, &c. 141,700,000 135,205,783 148,488,4!2 131,65-t,76e 142,842,419 123,307,318  Year. 187u. .. .. . ..•. i.871....... .. . 18?2..... ..... 1873 ..... ..... 1874.......... 1875.......... 1876..... ..... 1877.... ... . . . 1878.. .•. .•... 1879... ...••.. 1880.......... 1881.......... 1882..... ..... 1883.......... 1884......... . 1885.. . .... .. 1886.... .. . . 1887..... .... 1888... ....... 1889. ......... 1890... .. . .. . . 18tll.. ........ 1892...... .... 1893.......... 1894.... ......  I  Exports.  Imports.  $  $  403,586,010 400,852,088 468,837,948 567,757,867 569,8?2,553 510,947,422 51!0,666,629 620,302,412 737,092,073 765,159,825 889,6E3,42~ 833,549,127 767,981,946 795,209,316 740,366,420 688,249,798 713,404,021 715,801,044 691.760,743 827,106,347 857,502,548 970,509,648 93:l,420,660 875,831,848 824,967.364  461,132,058 5?3,111,099 655,964,699 505,248,048 562,115,907 503,152,936 427,347,165 480,246,300 431,812,483 513,602,796 696,807,176 670,209,448 752,8!3,507 687,066,216 629,281,860 587,868.673 663,429,169 708,818,478 725,202,714 770,526,484 823,397,72~ 828,320,943 840,930,955 766,23Q,846 672,672,540  Exports.  7btal Foreign  Excess.  Traae.  $  $  Imp. 5?,5i6,018 lmp.112,759,011 Imp.187,126,751 Imp. 27,490,181 Exp. 7,756,646 E~. 7,794,41?6 E xp.163,319,464 Exp.140,056,112 Exp.305,279,590 Exp.251,557,021} Exp.192,87ll,246 Exp.163,339,670 Exp. 15,138,439 Exp.108,143,100 Exp.120, 104,568 Exp.100,381, 125 Exp, 49,974,832 Exp. 6,482,566 Imp. 33,441,971 Exp. 56,579,863 Exp. 34,10-1,822 Exp. 142,189,703 Exp. 97,-!89,705 Exp. 109,592.002 Exp. 152,294,824  86~,718,06'! 1,033,46:S,187 1,124,80~.647 1,163,005,015 l,Un,988.460 1,014,100,358 l,018,0l3.794 1,100,548,712 l,ltl8,1104,556 1,278,762,621 1,586,490,598 1,503,758,575 1,52·1,8~5.453 1,482,275,532 1.373,628,288 1,976,118,4·,1 1,376,833,210 1,424,110,522 1,416,9ll3,457 1,597,632,831 1,680,900,274 1,798,830,589 1,779,351,615 1,tl42,071,694 1,497,639,904  It is this fact that the merchandise . balance in favor of the United States has been so large and that our silver exports have also been much in excess of the average, and that yet we have been obliged to send out unprecedented amounts of gold, that inve3ts the results for the year with so much significance. Adding the merchandise and the gold and silver movements together we get a total excess of exports over imports in the enormous sum of 270 million dollars. Yet even at this very moment the outflow of gold is still in progress. It was the custom formerly to make an allowance of 10 million dollars a month for amounts due by the United States to foreign countries for interest, freights, c., or say 120 million dollars. If the estimate was correct when made, the allowance now would doubtless have to be larger, though for the time being payments for interest are reduced by the extensive amount of railroad indebtedness in default, a good part of which is -held abroad. But the excess of exports in 1894, as we .see, was more than double this customary allowance of 120 million dollars, demonstrating very clearly that the gold movement did not arise out of ordinary trade con-ditions but must be considered as due entirely to abnormal causes. The following table shows in a graphic way how greatly the situation bas changed within the last few years, the excess of exports for 1894 at 270 million dollars com paring with only 42 million dollars for 1890. YEARLY TRADE BALANCE.  181H. 1893. Excess of$ $. Merchan. exports ... 152,294,824 109,592,002 Silver exports .... .. 86,510,194 28,013,917  1892.  1891.  $  $  1890. $  97,489,705 142, 18<l, 703 34,104,822 14,249,582 9,500,129 4,113,670  Total.. ........... 188,835,018 137,605,919 111,739,287 151,6 8,832 3~.218,492 cG-old exports ........ 81,200,351 i,013,431 59,081,110 3i,116.471 3,832,984 Grand total.. .... 270,035,369 144,619,350 170,820,397 lBb,905,303 42,051,476   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  EXPORTS oF LEADING PRoDucTs FOR six CALENDAR YEARS •  I  .  Cattle.sheep and hogs .. 4.0,400,000 23,176,180 36,078.899 29,4.42,508 34,479,626 26,i07,815 Petr'lm, &c. 41,20v,OOO 41,8'1,383 42,729,157 46,174,835 52,~70,953 53,293,299 Total.. .... 549.181,000 591,75!,20!-I 692,571,277 716,932,612 625,471,708 599,723,154 All oth. exp. 275,786.364 284,0i7,639 245,8"9,383 253,577,034 232.030,840 227,3e3,193 Total ...... 182!l,967,36i [875,831,8i8 938,420,6tJ0[97o,509MOJ857,502,548 827,106,347  Here we see ·t hat more than the whole of the decrease occurred in the breadstuffs shipments, the value of which for 1894 was only $125,500,000, against $187,394,84:0 for 1893. There was a great falling off in the quantity of wheat sent out, the exports having been ( counting flour at its equivalent in wheat) only 144,658,332 bushels in 1894, against 182,276,403 bushels in 1893 and 203,857,649 bushels in 1892. In value the wheat and flour shipments were only $101,500,000 in 1894, against $151,329,548 in 1893 and $195,171,405 in 1892. But this decrease in values has not been entirely due to the diminution in the quantities shipped. As already stated above, prices have been very low. For wheat the average realized on the exports of 1894 was only about 58¾ cents per bushel, against 73½ cents in 1893, and for flour the average was only $3 67 per bbl, against $4: 37 in 1893. Even for C)rn the average is lower (being 46¼ ceuts a bushel for 1894, against 49¼ cents for 1893), notwithstanding the crop shortage; 41,681,423 b11shels were shipped in 1894, against 55,143,918 bushels in 1893, and values were $19,317,217, against $27,161,419. B11t the effect of lower prices is most strikingly shown in the case of cotton. It will be observed that in value the shipments of that staple were nearly four million dollars less than in the previous year, the total being $200,381,000 against $204,106,023. B11t actually over a million bales more cotton was shipped in 1894 than in 1893, the exports having been 6,091,159 bales, against 4,938,468 bales. The cotton brought, however, an average of only about 6½ cents per pound, against about 8¼ cents in 1893. As compared with 1891 the value of the cotton exports has fallen off nearly 77 million dollars, yet in quantity the exports of 1894: were above those for 1891, the comparison being 6,091,159 bales against 5,927,852 bales. But in 1891 the average export price was 9·37 cents per pound, while in 1894, as we have seen, it was only 6 ·54 cents. In the petroleum exports also the effect of lower prices is apparent, for while aggregate values record a small falling off, shipments were increased, having been about 903 million gallons against 878 million gallons. The average price was 4·56 cents per gallon in 1894 and 4·76 cents in 1893.  'TRADE AND COMMERCE.  37  exported amounted to $1,000,000 or upwa.rd, and also a IMPORTS AND EXPORTS BY few important articles of less value than $1,000,000. The FISUAL YEARS. 8 The table below shows the exports and imports in re-exports of foreign goods are not included in th statement. each fiscal year (ending June 30) since 1864. EXPORTS OF LE.A.DING ARTICLES FOR YEARS ENDING JUNE 30. 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The following table gives tb.e exports of leading articles of merchandise in each of the past three fiscal years. It embraces all articles in which the total value   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1893-94.  1892-93.  1891-92.  Agricul. implements, value ..... $ 5,027,915 4,657,333 3,794,983 Bacon and hams .............. lbs. 503,628,148 473,936,329 584,776,389 do value .......... $ 48,183,905 45,714,566 47,092,650 Beef, canned, value............. $ 5,120,851 7,222,824 7,876,454 do fresh and salted ..... ... lbs. 256,574,491 264,718,687 290,759,353 do do value ..... $ 20,272,217 20,939,362 22,041,561 Barley, value.......... ·-········$ 2,379,714 1,468,843 1,751,445 Butter......................... lbs. 11,812,092 8,920,107 15,047,246 do value .................. . ... $ 2,077,608 1,672,690 2,445,878 Books, maps, etch'gs &c.value.$ 2,620,046 1,808,873 1,943,228 Cattle and sheep, value ......... $ 34,294,685 26,158,822 35,260,200 Animals, other, and fowls .... $ 1,417,956 1,369,163 1,238,021 Carriages and horse cars and parts of, value ........ .. ... ... $ 1,649,154 1,605,801 1,944,170 Cars for steam roads, value . ... $ 1,700,521 969,871 1,320,i65 CaRings for sausages, value .... $ 1,280,514 1,409,280 878,675 Cheese ........................ lbs. 73,852,134 81,350,923 82,100,221 do value ..................... $ 7,180,331 7,624,648 7,676,657 Chemicals, drugs and dyes, not including medicines .... value.$ 5,779,934 4,888,007 4,850,966 Clocks and watches, and parts of, value ......... ·-············$ 1,302,813 1,204,181 1,229,616 Coal, anthracite ............. tons 1,436,870 1,073,111 808,277 do do value ........... $ 6,656,590 4,854,604 3,419,660 Coal, bituminous ............ tons 2,178,321 1,773,556 1,700,496 do do value .......... $ 5,252,375 5,149;534 5,229,498 Copper ore ...... _............ tons 23,480 41,269 42,984 do do value .......... . ... $ 2,435,716 4,591,338 6,036,777 Copper, manufac. of, value ... .. $ 19,697,140 4,525,573 7,226,392 Corn ................. ·-·····-bush. 65,324,841 46,037,274 75,451,849 do value .........•........... . . $ 30,211,154 24,587,511 41,590,460 Cotton, Sea Island ......... _.. lbs. 14,255,439 7,983,415 9,074,686 do do value . ... . ... $ 2,904,905 1,758,756 1,591,464 Cotton, other............ -100 lbs. 26,690,268 22,0-U,317 29,261,454 do do value .... ·-········$ 207,964,384187,012,689 256,869,777 Cotton manufacturesColored ................•.... yds. 61,538,458 43,016,108 40,815,450 do value .•............... $ 3,854,935 2,802,462 2,484,360 Uncolored .............. . ... yds. 124,349,278 100,776,006 142,938,871 de; value ................ $ 7,639,851 6,306,022 8,673,663 All other ....................... $ 2,846,100 2,700,871 2,068,257 Fertilizers, value ....... . ....... . $ 5,038,445 3,927,343 2,657,120 Fish, fresh, dried, pickled, can· 1 ned, etc., incl. shell-fl.sh.value.$ 3,492,183 4,750,769 4,522,763 Flax, hemp and jute, manufactures of, value. ... . ·-·-········$ 1,712,064 1 1,778,746 1,998,663 Flour (wheat) ...............• bbls. 16,859,533 16,620,339 15,196,769 do value ......... .. ........... $ 69,271,770 75,494,347 75,362,283 Fruits (includ'g canned, dried & preserved) and nuts, value ... $ 2,424,239 3,918,799 6,626,145 Furs and fur skins, value ......• $ 4,238,690 3,699,579 3,586,339 Glucose or grape sugar ... value.$ 2,328,707 2,204,216 2,272,779 Grease, grease scraps and soap stock, value ................... -$ 1,380,299 1,067,723 1,298,598 Gunpowder and other explo861,513 860,355 sives, value . .. ........•........ $ 1,002,126 Hides and skins other than furs, value .... ····-- · ··· ............ $ 3,972,49! 1,497,003 1,223,895 1 1 1 1 nggsvaiue·.-.·.-.-.·.·_-_-_-_-_-_-_-_-.-.-.-.-.-.·. ~$ India rubber and gutta percha manufactures, value.······-·-$ 1,461,842 1,609,406 1,416,067 Instruments for scientifi.o pur• poses, value ... ............ .. .. $ 1,534,277 1,345,621 1,388,117 Iron and steel. and manufactures of,* total value ................ $ 29,220,264 30,106,482 28,800,930 Lard .....•...........• ····-- ...... 447,566,867 365,693,501 460,045,776 do value ... . .. ............•.... $ 40,089,809 34,643,993 33,201,621 Leather & manfact's of, value .. $ 14,283,429 11,912,154 12,084,781 Marble and stone and manufactures of ... . .. -.................. 1,054,814 1 856,509 707,536 Medicines, pat. or prop .. value.$ 1,621,019 \ 1,866,061 1,842,889 Musical instruments and parts of, value ....................... $ 972,590 1,824,107 1,164,656 Oats......................... bush. 5,750,266 2,380,643 9,425,078 do value .... ....... ·-··········$ 2,027,934 1 951,920 3,842,559 Oil cake and meal. .... .. ..... lbs. 744,603,229 \802,416,067 826,398,719 d value $ 8 807 256 9 688 773 9 713 204 Oil, cotto~-seed .... . ....._-_-_-..gaiis. 14:958:309 9:462'.074 13:859:278 d alue $ 6 008 405 3 927 556 4 982 285 0 V ••••••• •••• 7 , , , , 5 , 6 , Oil, illdoinatingvaiue...........~~$ Oil, lubricating,and heavy paraffine ..... .... .......•...... galls. 40,190,577 32,432,857 33,591,076 do value . ................. $ 5,449,000 4,738,892 5,203,350 Oil, mineral, crude, including all 11 10 12 10 nat1toa i~··~aiue·······gallsl. 1 •••••••••••• ' ' ' ' 912'921 Oil, naphtha, value.............. 943,970 1,074,710 , Oleomargarine (including the oil) .. .. .. . ... ... . ............ lbs . 127,194,845 117,418,685 93,192,540 do value .................. $ 12,417,845 11,623,636 9,207,476 Paper and man'f'rs of,value .... $ 1,906,634 1,540, 86 1,382,251 Paraffi.ne and paraffl.ne wax.lbs. 95,115,954 82,675,140 64,998.867 do do value . . . .$ 3,820,656 4,515,534 3,965,263 Pork .........•... . ...... . ..... lbs. 64,744,528 53,372,366 80,714,227 do value ..................... $ 5,159,868 4,196,263 4,822,295 Rosin, pitch, tar, &c ...... . . bbls . 2,018,043 1 2,088,375 1,981,330 do do value ...... $ 3,353,703 3,393,865 3,489,212 Rye, value....................... $ 126,532 1,002,796 11,432,160 Seed, clover ..... ... .. ........ lbs. 45,418,663 1 8,189,553 19,632,411 do value ... _........... $ 4,540,851 988,029 1,636,671 do flax, value............... $ 2,426,284 2,195,374 3,915,547 Soap, value .. ..... ............... $ 1,139,722 1,007,233 1,063,207 Sp~tts, distilled, ~alue...... .... $ 5,676,9361 2,724,0fi7 2,401,117 Sp1r1ts of turpentrne ....... galls . 12,618,407 13,415,459 13,176,470 do value .... $ 3,437,245 3,893,436 4,500,721 Sugar and molasses, value ...... $ 1,717,663 1,968,769 1,731,375 Tallow .... . ................... lbs . 54,661,524 61,819,153 89,780,010 do value ...................... $ 2,766,164 3,129,059 4,425,630 Tobacco (leaf) ................ lbs. 268,791,312 1248,367,258 240,716,150 do value ............. $ 22,939,356 22,292,704 20,303,245 Tobacco, stems & trimmings.lbs. 21,893,680 17,715,825 14,715,927 do do value.I 1,145,878 599,195 366,800 Tobacco, manuf., value. ........ 3,849,996 4,050,555 4,069,380 Vegetables, incl. canned. value. 1,744,462 1,897,997 1,898,145 Wheat . .... .. . ............. bush. 88,415,230 117,121,109 157,280,351 do value..................... 59,407,041 93,534,970 161,399,132 Wood and manuf. of, value ..... $ 27,712,169 1 26,666,439 25,790,571 ' Including machinery, but not including iron ore.  i:~I!;~ig ~;g~~;gg~ ~:fgi:i~~  ~8;~~~;~i~j 1i:~ri:~5f gg~tggi Hri,u~ 1,ii~•~g~ ~'f5Nfb  38  TRADE AND COMMERCE.  The following table shows the imports of lead rng articles (both quantities and values) in the last three fiscal years. It embraces all articles exceeding 1,000,000 in value.  1893-94.  ARTICLES.  1892-93.  1891-92,  Sulphur, crude, value ........... $ 1,337,900 2,305,464 2,524,406" Tea ................... ........ . lbs. 93,518,717 89,061,287 90,079,039• do value ........................ $ 14,144,243 13,857,482 14,373,222 Textile, grasses or fibres, vegetable substances and manufactures of, value ............... $ 10,717,458 18,806,918 16,478,122 IMPORTS OF LEADING ARTICLES FOR YEARS ENDING JUNE 30. Tin, blocks or pigs ........... lbs. 16,785,362 61,075,929 43,908,652· do value ....... ... ............. $ 2,640,770 12,358,999 8,667,870 Tin plates ........ ......... . cwts. 4,541,608 6,284,259 4,221,762' ARTICLES. 1893-94. 1892-93. 1891-92. do value .................. $ 11,969,518 17,565,640 12,315,562 Alazarine, value .... ___ .... _.... $ 21,988,535 1,125,436 1,029,143 Tobacco, leaf ................ lb . 19,663,259 28,110,37 do value ................. $ 10,9 5,386 14,702,440 10,332,423' Argal, or argol. .............. bbs. 28,770,810 24,813,171 2,154, 186 2,916,706 2,926,0:'il do do value . .......... $ 2,341,575 2,316,525 2,149,660 2,883,619 2,476,132' Barley ............. ... . ..... busb. 1,970,129 3,146,328 :f:~~!~~oa'.1~~~~~~.t~~~. ~:: .~~~: Vegetables, all kinds, value .... $ 3,895,067 2, 83,227 5,586,689 1,592,040 921,605 Bggks, 1,743,591 1,734,648 1,098,972 4,195,0HI 3.996,085 Watches and movements, val .$ Wine in casks .............. galls. 2,599,693 3,525.625 3,477,989· Bread5tu.ff:-1, all kinds, value ... $ 2,612.697 4,631,408 do value.............. $ 1,817,813 5,:'i05,024 2,464,484 Bristles, value ........ . .......... $ 1,508,258 1,455,058 Wine in bottles .............. doz. 533,457 787,984 684,732 Buttons (except or brass, gUt or do value ........ -..... $ 4,921,665 7,700,329 6,480,019· silk) and button molds and butWood and manufactures of, val.$ 18,154,073 23,152,599 19,846,43E' um materials, value.. . . . .... . $ 1,410,439 1,317,203 Cement, Roman, Portl'd, etc.cwt. 11,249,345 10,747,684 Wool and woolen goodElWool, rawt .................. lbs. 55,152,585 172,433,83 148,670,652' do value ................... $ 3,760,937 3,855,572 do value ............... $ 6,107,438 21,064.180 19,688,108Cheese, value. ................... $ 1,425,927 1,238,166 Oloths, value................... $ 6,756,321 15,117,564 12,765,044 Chemicals, dru~s. dyes and med· Shawls, value.................. $ 157,352 283,8 1. 353,305 icines (including thuse given Carpets ................. sq. yd . 421,758 688,364 622,892' here separately), value ....... $ 37,553,170 52,837,699 45,961,639 do value ..... ·- ........... $ 959,526 1,580,814 1,2 5,677 Cigars, cigarettes, &c ........ lb . 463,923 654,2 7 658,169 Dress goods ............ sq. yd . 41,667,031 82,282,769 7 ,573,033 do value ............... .. ... $ 2,0 3,984. 2,8~11, 60 2, 32,047 do value ........ . ........ $ 8,5 0,962 16,483,189 16,474,601 Coal, bituminous ............ tons. 1,148,454 1,102,231 1,331,964 All other wool mnfs., val.. ... $ 2,985,211 4,583,017 4,687,272" do do value .......... $ 3,704,113 3,614 ,202 4,373,G79 Coal tar, colors and dyes , value.$ 1,499,978 2,497,!=143 1,614,226 * Including machinery, but not including iron ore; also including the Cocoa, or cacao, crude, value .. . $ 2,402,382 4,017, O1 3,221,041 Coffee ............. ............ lbR. 550,934,337 563,469,068 640,210,7 8 values already stated separately. t Includes bi ·carbonate or i:1uper-carbonate, caustic, sal soda and soda. do value ...................... $ 90,314,676 80,485,558 128,041,930 Cork wood, value ............... $ 985,913 1,641,294 1,36 ,244 a b. and all other salts of soda. t Includes hair or tb.e camel, goat, alpaca, etc. Cotton, raw, value .............. $ 3,097,297 4,6 ,799 3,217,521 Cotton, manufactures ofBleached and unbleached, dyed, colored, stained or painted, COURSE OF MERCHANDISE PRICES. sq~~re ydard v··a·iu·e:·.·.·_-.·_-_-_-_-_-$· 28,325,213 45,771,924 33,97~,462 0 3,4 0,806 5,797,477 4,645,667 To furnish an indication of the course of merchanHosiery, shirts, drawers, &c .. value......................... $ 4,360,65!; 6,392 ,175 5,833,652 It shows the· Other manufactures of, val. . ,i; 14,505,0 6 21,370,64.1 17, 44,522 dise prices we give the following table. Cutlery, value ................... $ 805,799 1,4 20, 516 1,207,020 Dye woods, value ............... $ 1,4'>0,2 3 1,397,706 1,37 ,601 prices of leading articles of merchandise in New York Earthen,stone& China ware.val.$ 6,879,437 9,529,431 8,70 ,59 1,791,430 3,318,011 4,18 ,492 about the first of January in 1860, which was before the E!cf\,aiue ·.·.·.·.·.·.·.·.·.·.·.·.·_-_-_-_-_-_-.·.~~~$ 199,536 522,240 war excitement had begun to affect the markets; on 392,973 Feathers and :flowers, artificial, value .. ................. . ....... $ 1,619,101 1,833,354 January 1, 1879, when specie payments were resumed; .Fertilizers, value .. ..... ......... $ 1,431,2 5 1.231,969 Fish, value...................... . 4,942,172 4,5 "'>,4 50 and for the past five years-1891 to 1895 inclusive. Flax, hemp, jute, &c., raw, val. ' 2,645,972 2,564,637 do do m'f'rs of, val..$ 28,130,694 26,293,217 COMPARATIVE PRICES OF l\IERCHANDIS E IN NEW YORK, Fruits and nut , value .......... $ 23,6 7,422 20,943,906 Furs and fur skin , value....... $ 10,567, 07 10,197,131 Glass and glassware, value . .... $ 8,021,741 ,75 ,964 JanuarySGloves, kid & leather, value .... $ 6,925, 76 5,830,38 0 Gums, value ..................... $ 6,915,003 6,0 9,546 1860. 1879. 1891. 1892. 181:13. 1894. 1895~ Hair and manuf'rs of, value .... $ 1,799,664 2,16S,Oll - - -c.- -$ -c.- ------Hats, bonnets, etc., material or $ c. $ c. $ c. $ c. $ c. straw, chip, etc., value ........ $ 2,017,67 2,262,472 1,897,190 Breadstu1fs2 20 2 20 3 80 3 75 3 40 *Flour--No . 2, ext•.. bbls. 4 30 2 25Hides and skins, value .......... $ 16,786,152 28,347,896 26,850,218 5 o,: r; 75 4 00 5 ~5 . . ...... bbls. 7 50 3 80 Patents 3 50 :Hops, value ............. , ........ $ 484,415 1,0 5,407 883,701 3 10 2 ~o ::l 10 4 30 Rye, superfine ..... bbls. 4 011 5 10 2 75-, Household and ersonal effects, 2 ll0 2 85 3 40 1 3 90 2 70 3 ::!5 2 90 etc., free of duty, value . .. .... $ 2,775,982 3,512,667 2,921,893 H· • 1 50 111 1 07 1 0i ~. 69· Horses, cattle and sheep, val. .. $ 2,126,457 4,116,926 3,943,864 80¾ 1 04 Red Winter, No. 2 .. bu. 1 30 IH 1 88¾ 1 0! India rubber & gutta percha .. lbs. 34,256,546 42,130,05 40,2 4,444 l 06 1 03 67 >-'3¾ 6tt¾ West'n pr'g, No. 2.bu.  !  in~~~; ·etchlllgs,' &c.",·vad  f&rg:i~\f{~~N~:n  ~~:!  fudif~ value ....... ~~ ..... kon and steel, and manufac• tures of25,763 62,936 82,891 Pigd~n~aiue: ·. ·. ·. ·_-_-. ·. ·.:: ·. ·.·. 585,9 1,500,067 1,812,675 Bar iron ..................... lbs. 22,763,623 38,947,467 45, 82,274 do value .................. $ -121,997 720,400 853,297 Total value* ................... $ 20,925,769 34,937,974 28,928,103 Ivory, animal and veg., value .. $ 416,075 1,357,933 1,007,892 Lead, and manufactures of,val.$ 6,606,865 5,792,624' 3,653,378 Leather, value ................... $ 4 ,508,330 8,282,172 6,812,607 Licori-ce root, value..... .. .. $ 1,209,728 1,688,716 1,601,028 Lime, chloride of.............. lb, . 81,610,463 120,811,918 110,74 ,289 do do value . .. ...... $ 1,507,076 2,213,121 1,839,640 Lumber, value ...... ..... . ...... $ 8,288,910 10,738,724 9,605,611 'Marble and stone and manufac• tures of, value................. $ 1,288,996 1,737,938 1,385,810 Malt liquors, value .............. $ 1,510,767 1,940,370 1,709,960 Matting, incl. Chine e, value .. . $ 1,874,977 1,665,106 1,637,473 MetaJ., metal compo ition>', and manufactures of (not includin11: brass and iron, &c.), alue.... $ 4,486,395 7,118,059 6,574,483 Molasses .................... galls. 19,670,663 15,490,679 22,448,209 do value ..... ......... .. ... $ 1,984,778 1,992,334 2,877,744 Oils, value ....................... $ 3,950,341 5,663,393 4,993,964 ·Opium, incl. prepared ...... . lbs. 766,983 679,179 666,584 do do value ... $ 2,002,685 1,633,246 1,576,731 Ore, silver-bearing, value ...... . $ 6,679,161 11,100,747 9,656,761 !PaiDts and colors, value........ $ 980,715 1,466,761 1,372,052 Paintings, statuary, &c., val...$ 1,724,994 2,795,711 2,336,668 Paper and manf'rs. of, v alue ... $ 2,628,351 3,8 0,981 3,342,304 Paper stoek-Rags ........... lbs. 49,089,521 160,738,690 117,932,075 do value ..................... $ 739,602 2,724,734 1,798,139 .A:11 other, value ............... $ 2,308,492 3,547,564 3,650,124 Pepper ....................... lbs . 12,764,215 21,467,275 14,799,322 do value .................... $ 665,576 1,278,062 1 1,069,268 Potash ........................ lbs. 116,537,382 120,623,516 105,256,219 do value .................... $ 2,597,500 2,781,588 2,388,6 3 Precious stones and imitations, unset, value ................... $ 5,411,076 16,235,326 1 13,451,007 Rice and rice meal. .......... lbs. 142,161,817 147,483,828 148,103,688 ,do value ...... ................ $ 2,374, 35 2,790,151 3,030,883 Salt........... ............. .... lbs. 345,479,066 391,966,537 470,151, 26 do walue ........ .... ............ $ 592,722 692,493 713,901 Seeds, value ..................... $ '.!,395,603 2,757,010 2,264,837 Silk, raw ...................... lbR. 1 4,956,875 7,422,430 7,:'>21,342 do value................... $ 15,627, 22 29,05 5,557 24,321,494 -Silk. , m~nufactures of, value . . . $ 24,811,773 38,958.~~81 31, 172,8~4 ·Soda, mtrate of .............. tons 88,079 94,661 109,8u3 do do -value........... $ 2,7 5,048 3,062,715 2,976,816 tSoda_ .... - ............... . ........ 327,004,609 521,591,781 429,548,137 do value ...................... $ 3,597,268 6,735,413 6,311,356 :Spices, all kinds, value ......... $ 2,262,546 3,300,010 3,047,8 :L5 Spirits, distilled (including product of U. . returned),value.$ 2,410,130 3,002,111 2,950,495 :Sugar, not above No. 16 .... cwts. 42,862,267 37,330,402 35,416,2 7 d@ value .............. ..... . $ 124,635,031114,955,096 103,842,482 ·do abov~ No. 16. value ..... $ l 2.236.832 1,300,688 566,::i31   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ·.~~~$  15,162,333 17,964,667 19. 33,090 1,218,576 3,137,511 1,772,507  Rye, Northern ..... bu. Oats, No. 2, white ..... bu. CornWest. mixed, No. 2 .. bu. *Cotton-  ~g¼  "uz  46½  33  78 51  90  47  60  60  1:19 39 113  59  fl;  4~  55 35  38!14  51¼  42  52  11 9 7-16 95·16 9h 8 511-16 7¾ 11¾ 9 1-16 5 8¾ 7 3-16 9 7-16 7 9-16  f6~dl~~~dw:t:1t1iiia~cdt Cotton goods6¾ Brown sheetinl?s ..... yd 8 6½ 5~ 8¾ i¼ s 1~M 4 Print cloths, 64x64 ... . yd. 8 211-ltS 3¾ 5¾ Fish6 50 7 75 4 25 6 00 Dry cod (Georges) . . .. qtl. 4 50 6 87½ 7 5016 00 22 01) 26 00 2i 00 19 00 21 00 No.l(Ma~s.)mackerel. bbl. 1,0 65 tl5 Hay-Shipping ...... 100 lbs. i 45 45 70 61}.! 6¾ 41},,t Hemp-Manila ... .. .... . . lb. 6¾ 9¾ "'is 21 15 40 24 21r½ Hops, prime State .. . ..... lb. 9 IronScotch pig ............. ton. 24 50 22 00 23 00 22 00 17 00 20 00 1Q 50 .... 17 00 16 50 16 00 Hi UO 14 00 12 00American pig, No. l •. t o n. 4 25 3 85 4 00 4 20 Lead- D omestic ..... 100 lbs, 3 :&7½ 3 15 Leather17 lfl½ 18 19 30 Heml ock sole, light .... lb. HI½ 17 85 115 90 80 95 Lime-Com. Rockland .bbl. 75 85 30 87 so 53 83 88 Molasses-N. Orleans .. gall. 30 Naval Storeszg½ 32>ia Sil pirlts turpentine ... gall. 34½ 44½ 27½ 28 1 411 1 30 1 35 1 25 1 40 Common rosin ........ bbl. 1 65 1 35 Oils48 51 44 Nom'l 52 38 52 Crude whale . ......... gall. 70 72 81 71 Crude sperm ......... . gall. l 40 65 56 51\ 58 62 63 57 Lin eed, C-t.lCUtta .... gall. 58 56 Petroleum(I .... fl AO 7¼ Crude in bbls ....... gall. 5¾ 5 85 5½ tl!,{; 5 30 5 15 5 80, .... Refined in bb,s ...... . gall . 'i¾ 8¼ ProvisionsPork, mess ............. bbl. 16 37½1 7 05 11 50 10 50 18 50 14 25 13 00, 7 00 7 50 7 50 8 25 7 75 Beef, plain Western .. bbl. 9 50 10 /Jt) Beef hams ....... . .. .. bbl. 14 50 17 00 12 25 l:t 75 15 5U 15 00 17 00 13 6 Hams, pickled .......... lb. 8 7¾ 9¼ 1:1¼ 11 Lard, We tern ........ .lb . 7 10½ 5 75 6½ 8~ 26 23 22· 26 26 24 Butter, prime State . . . lb. 25 11½ 11 Cheese, fine factory .... lb. 11 ~~ 11½ 11¾ Rice-Domestic .......... lb. 4 4.¼ 5½ 4½ 4¼ 5¾ Salt70 'iO 70 Liverpool ground .•.. sack. l 15 95 55 67½ 2-so 2 10· 2 50 2 50 2 50 2 50 Liverpool.Ashton's.sack. 1 IJ5  ·oo  ....  63:~  ~  s~:,;~  fair refining ..... lb. Refined hards ........... lb. Tallow ................... .lb. Wool-XX Ohio1fieece ... lb.  7¾  ' 'ici½ 40  6¾ 4 9-16 31·16 3 7-16  8¾  356¾  4  4¾ 4¾ 9-en 413-16 30 34 /f'  2½  4  4  4 18  5~  24  f  * FLOUR-"N". 2 Extra in bbls." is now the common shipping fl.our to Great Britain, and is about the same as the "Wheat Floi,r, State,•~ quoted in 1860 and previou years-''Patents" are the hi~hestgrades and corresoond with Extra Genesee of 1860 and previous years. t WHEAT-" White No. 1" prob!:l.ibly corresponds as nearly as any present grade with White Genesee in old classification-" Red Winter No. 2" would probably rank with "Red Western" of old classi:flcation. The other grades mentioned for breadstufts cover same as quoted in old lists of prices in "Hunt's Merchants' Magazine." t COTTON-On Oct. 1, 1874, grades of cotton as quoted were changed bl the National Cotton Exchange. According to the new classification every grade was reduceJ, so that (for illustration) Middling aecord.ing to new classification was on that day quoted 3so ► lower tha» Middling of the old classi:flcation.  ExcHANGE.  FoREIGN  1893-1894.  PRICES,  In the tables which follow we furnish a record of the fluctuations in the rates of exchange on London for each day of the last two years. The tables have been compiled from the daily posted rates of the leading foreign exchange houses in New York. Posted rates are fractionally higher as a rule than the rates at which transactions are made. The methods of quoting sterling exchange have varied widely in the past, and a glance at the changes which. have occurred is somewhat interesting. In the early history of the country the pound sterling was valued at 4 44 4-9, based on the worth of the Spanish dollar, then current here, as a standard. Exchange was then quoted at its real value, the dollar being worth almost exactly 4s. 6d. English money. From 1792 to 1834 our gold coin was of the same standard as the pound sterling-viz., 22 carats, or 916¼ parts in 1,000 ; and at its legal weight of 27 grains the dollar was wort.h about 97¼ cents and the pound sterling in our money about $4 56-½. In 1834 there was a material reduction in the value of our gold coin, so that the dollar was worth only about 91¼ cents and the pound sterling about $4 87. In 1837 another slight change made the dollar worth intrinsically about 91¼ cents and the pound 4 86¼, In 1834 the Custom House valuation of the sovereign was put at $4 84, and so remained till January 1, 1874. During the changes from 1834 to January 1, 1874, the London Stock Exchange continued to reckon the dollar at 4s. 6d . (about 9 to 9½ per cent too high), involving thA practice of quoting American securities about g:- per cent below their actual value. To correspond with the English custom bankers in New York from 1834 to 1874 quoted sterling exchange at 109·45-H- as par. 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 berng $4·8665. The London Stock Exchange also made a change m their method of quoting early in the year 1874, but valued the dollar at 4s., or about 97i cents. This valuation, being 2i cents below par, is equal to a quotable premium of about 2¾ per cent, and accordingly the present London quotations of American 8 ecurities are about 2¾ per cent above their actual value-a bond worth 100 here being quoted there at 102¾. 1893. Day  January. of Mon •. 60 d. Sight. S. 1..... 2 ..• .• Holiday. 8 ••••. 86-½ 4 &l½ 4 ..... 86½-7 4 tie½ 5 •••. . 86½-7 ,1 88½  May. April. 60 d. Sight. 60 d. Sight. 86½-7 4 89 4 87 4 9 Sn½-7 4 8\J½ s. 86½-7 4 89½ 4 87 4 89 86-½ 89-½ 4 87 4 89 5½·6~ 88-9½ 4 87 4 8\1 9 35 6 8 ½· s~½~ ~ ~tl~~lJ!;~ ~~g-~ ~1~~~ 4 Sfl 4 89 81\½-7 8~-9 86--½ i-8-¾ 4 87 4 9 7 ~~ ~ 4 64 0 ~t~~ ~ii~½ 85½-6 9½-~ 88½·11 86--½ '89-½ 4 87 4 811 ,1 87 4 86 4 110 4 87 4 89 .'. S. 4 86 4 9U 87-½ 4 89 6-6½ 7¼,-8½ 4 87 4 89 S. 87-½ ~9--½ 6-t<½ 7½-8½ 4 87 ;l 89 4 86 4 IJO 4 87½ S9·½ 6-6½ 7½-"½ 4 87 4 89 4 f-16 4 110 S. 4 87½ f-1».½ 4 86 87½-S 90..½ 4' 87¼ 89-½ !:l5½-6 87½-8 87 · ½ 89-½ 4 86 4 87½ 81J·¾ ts6-½ 88-½ 87-~ "9-½ 85"2-6 90-¼ 8 87-~r89-½ 86-½ s .88- ½ 8. 87-¼ 69-½ 8t5½-7 88½·11 88-½ 9u-½ Hl•liday. 86·½ $½ 88-½ 1,!v-½ 85½-6 4110 4 811 4 90 8. 87-¾ 89·½ 86½•7 88½-ll 87-¼ 9-½ Sfl½-7 SS½-11 7½-8 9¼·90½ fl6-½ 4 90 87-½ SIJ-½ 811¾•7 88½·9 6½-7½ b9-½ 86-½ 90-¼ 9 7 ½ s4 89 86::11-¾s.flQ-\i 4 S. 86-7½ 89-½ 86½-'i 88½·11 4 h7 4 9 4 86-7 89-½ 86-½ 90-½ . ... ........ 4 87 4 89 Holiday. S. •.......... 4 87 4 89 Holiday. . .. . . . . •.... 86½-7 90-½ . . . . . . . •. . •. February. 60 d. Sight. 4 86-7 88·½ 8-½ 4 tl6-7 4 8tl¾ 88-½ -186-½ 8~½ S.  ~g~:lS.! ~~ l·:: 8. •• . . g~~ ! ~;~ ~~- ~:g 18:::: _  11 ... . 8f\J.,i-7 8 ½-9 12 ... 86½-7 &-½-9 18 •••• . 86½-7 HS½-1,! 14 •.•• .86¼ 7 88½-\J S. 15..... lfl. .. 4 87 4 89 17 .... 4 87 4 Sw 18 ..... 4 87 4 89  ~:.-::HJ 21. . .. 4 87  :~~  ~ 81,!  S. 22.. ... 4 ~7 4 eA 23. 24 •.... <l 8'? 4 89 25. . 4 ~7 4 Sil  tt~-0  ~: : ::·~t-1 28 .•• b6½-7 a8½·9 s. 29. . .. . so ..... 86~-7 88½-9 Sl. .... 4 86-7 4 SS-9 Ran1te-  High.4 87 Low •• 4 86  4 1-9 4 8:i  March. 60 d. Sight. 4 Stl½ 88½·8 !le Htl½ 8S½-9 86½-7 8 ½-II 86¼-7 8::l½-11 S.  !  !  s1  ~!,/tt:: gg~:ggg  :J?7~  ~j ~Jtg  ! ~=~S.8tt:  4 S3-4s4 S'>-6 2J.9:1½ 4½5½ 82½-3 M½-5 82½-3 84\.,i-5 82½-3 Ki½-5 82½-3 84½-5  g~1~2~~  ~:i  48t3~ 82½-4 84½-fl  83-½ 8" -½ 8.i-½ 85-½ S. 83-½ 85-½ 83-½ 85-½  84-5 4 H/1-7  4 84-5 4 86-7  s.  4 82-3 4 84-:'>  4 St-3 4 84-5  . . . •• . .....  4 PS½ 4 90¼ 4 87 4 90½ 4 88 482 486 481:!;¼ 485½48!:l  4  B2½- s~½S½  R½-4½•8¼-9 S3-4½ 88-f:I½ 82½-4 87½-9 83-¼ 81:l-½ Si-3½ 8i-8½ 4 ~~~ ~~~ Si!-3½s~7-S½ 4 1-:~ ~:l½-5 82½-3 87~-8 4 t-1-3 81l½-5 82½-3 87-8 8"1½-ll 8 i-½ s. 81-2½ 3½-4½ 8 t½-3 87-¼  3½t½ 5½1i½ 4  ~4~~~~  2¾4½ Si½-9 2½4½ 87½-\I S. 4 82-3 487-8 2½~½ 7~8¼! 82-3 87-½ S. 82½-3 84½-5 fl2½-8½ 87-8 82½-3 84¼-5 82½-4 7½H½  4 86-½ 88-½ 186 4 88 4 86 4 88 85-86½ 87-8 84½·6tl½-7½ 81¼-5½ 6½-7 S.  g~~:!4 t~:~ !-6-J~- ~3:~ ~g:~ 82~ 8Ht·6  s1  4 ts7½ 4 89½ 4 7 4 89 4 85½ 4 87 4 86 4 88  August. July 60 d. Sight. 60 d. Sight. 4 82-3 4 84-5 81·2 83½-4½ 80½·2 8a-4½ s. 84-5 4 82-3 4 84-5 81-½ Holiday. SL-½ 8i½-5 4 83-4 4 S5-fl 81-½ 84½-5 5 3 8 1½2½ i½-6½ ~ 83½-4 85½·6 2-3 85½-7½  June. 60 d. Sight. 1}0-½ 4 87 4 87-½ 110-½ 4 87-½ 90-½ s. 4 87-8 90-½ 4 st?9o ~½-7 88½-IJ  4 90½ 4 84 48L 484  October. November. Decemoer. Septemb'r. 60 d. Sight. 60 d. Sight. 60 d. Sight. 60 d. Sight Sl½-2 84½-5 4 84½ 87-½ S. 82½-8 87-½ 82½·3 Si-½ 84-5½ 8fl-7½ 81½-2 84½-5 84-¼ 87-½ s. Holiday. 83½·5 85½-7 81½-2 81½-5 3½-i½l>½tl½ 81½-2 o4,¼-5 4½-5 6½-7¼ s. 84~•5½ 87-8 S. 82½-3 87-½ S3¾---4 85.½i-tl 8 8 ir~li;a8; ~~ s1~1: t ~-4 St-½ 84½-5 tjfj].ii-ri &:I-¾ . ::!3-½g6½·7½ 4 5 85 7 83 8 8 ½-6s. 88-¾ ~~-6 ½ -½ 82--½ 4 85 85½-11 88-½ ~R-4 86¼7½ 4 84 4 86 85¾-fl 88-½ 8. fl::!-½ Stl-7 4 S4 4 ~!ti 8 3-½ Stl-½ 4 8! 4 86 82-½ 85-¼ 4 85-6 88~ 8:1-½$5½-6½ 4 84 4 86 821,6-H 1<5-½ 4 85-6 8882½-8 85½ 4 85-li 88 S. 83-½85½-6½ SS-½85½-6½ 4 8! 4 86 83-¼ 8 ½-6 4 85.fl 88-¼ S. 83½•4 815½-fl 83½-4 81)..½ S. 83-¼85½-6½ 4 83-4 4 f-15-6 83½-4 86-½ 85½-6 88-½  ~tt: ~~:! 5t::; f½· *sJj  §~~ ~t  ~~~44si~Ji:i~~Is6-½!~~!~ a~~:S~¼ 8d-½ 85-½ 83½-4 ►I\-½ 4 85½ 4 88  83½-4½6½~ 81½•5 8 i -½ 81~-5 87-½ S. 85-6¼! 87½-9  ,.,~~-4 81\..¾ 85-½ 87~-8 S. 2½-3½4½-5½ 84-½ Ffl½-7 85·½ 87½-8 S. 82½-3 84¼-n 83\.6-4½ 6½-7 81Jf-3 84-5 83½-4½6½·7 Holiday.  t~½B~~ ! st~ ~!:~  83~H~R¼-7 ~5~ ~~j 5~tS½-7½8½ 4 St-2 84-5 S'l½-4½6½-7 84½-5 87-½ 84-½, 6½-7½ 84~-5 ts7-~ s. 84½-6 !'6½-8 84½-11 86½-8 81¼-2 84.½-5 Holiday. 84½-5 87-½ s. . . . . . . . ..... 81½-2 84 ½-IL..... . . . . . .  4 8:'i½ 4 87~, 4 84¼ 4 87½ 4 86 4 84½ 4 89½ 4 86~ 4 89 4 Soi 482½485½ 481 48il 41::11¾484¼ 484 483¼ 480½483  4 SS¾  4811¾  1894. Day January. of Mon . . 60 d. Sight. 1. ... Holiday. 2 .. .•4- Sil-5 t1½-7½ 3 .•.. . 484-56½-7½  February. 60 d. Sight. 4 85½-6 488 4 85½-ti 4 8~ 4!:s5½-648:l  April. March. 60 d. Sight. 60 d. Sight . S. 4 87½ 89·½ 4 87¼ 89-~ 4 87½ 4 89 487½ 811-½ 487½-8811-½  November. Decemoer. October. Septemb'r. August. July. June. May. 60 d. Sight. 60 d. Sight. 60 d. Sight. 60 d. Sight. 60 d. ight. 60 d. Sight. 60 d. Sight. 60 d. Signe 87½ 4 88½ 487-½88½-9 4 87-½ 486-½ 488-½48A-½ 4 Stl-7 87½-8 S. 88-½ 89½-00 88-½ 89¼-90 8. 86-½ 87-½ 4 87½ 4 88½ S. 88-¼ 89½-90 88-½ 81!½-ijv 87½-S½SA-½ 4 Ml<-½ 4 89-¼ 87½-Sgl}.½48-;-~~'189-½ TlolidR.y. 48tl-¼H7-½487¼4!:Sl:!½487½8~½-9 S. SS-½!:sll½·HO 5 89 488 8 487i488½ ·\~ ·½ ~ ~~~ l8~ 87~~2~dit!¼ 6 86 1 1 8 ~~:~ ½·B 4i~i13ls½ ¼· ~~~: sQ-¼ ii½-!lO 4 87½ 4 8-l½ 87½-8 II-¾ 87½-8 86½-7 !:s7 4 85½-6 4 ·-¼ 8 4 Sd-1,(, 4 S. 8-1-½ 9½-90 88--½ 811½-IM 8 8 3 88 g~~ H~~ 4 8'3-ls9-90 HS~j 4 5½~;14 87 -; -¾ ~~¼-Oil s~tt~S ½-9 9½-00 S. 88-½ 89½-liO 88-~<i 89½ 90 87½•"8 81J-½ 87½-8 8::lJ,ii-1,/ 4 85½-fl 4c 87 4 87½ 4 88½ 4 S'i½-6 4 87 4 8 ½ 4- 8·½ 4 87-½ 88·½ Si½-9 IJ½-90 S. 8!:l-.½ 811½-90 88-½ 811!,{i-110 87½- -; >-9·½ ~8 -½ 81}½-90 87½- i 89-,½ 87½-8 88½-9 4 85¼-tl 4 87 4 87½ 4 88½ 4 rf7-½ Kfi-½ 8-l½-11 ll½-IJO S. 4 87-½ 88-½ s--½-9 9½-90 s. PS-½ bll½-91) 88-½ 8iJ,½-90 87,½-!:lS 89-½ 4 s·,¾ 88,½-1,! 85~-tl½ 8;-½ 487-½41<8·½ 4 86-½ 87-½ 87½-8 88,½-9 4 8i-¼ 8d-½ 88½·11 9½-90 8. s~-½ H!l½-1;0 88-½ Hll½-IJO S. 87½-8 88½-11 4 87-½ 88-½ S. 88-½ 89½-90 88-½ 89½-90 4 87½-8 4 811 86½-i,½88-½ 4 Si ½-8 4c 89 6½-7 7½-8½ 4 fits -½ 87-½ 4 87-8 4 88-9 4 7--½ 8~-½ 88½-9 9½-UO S. 8~-½ 8 11½-90 4 8½ 4 891,g 8. 88-½ 9,½-90 8-1-½ 89½:-AO 4 7½-8 4 811 86½-7 87½->; 4 R6-½ 87-½ 87½-l:3 8 !,i-9 85½-6½87-½ 7¼-':l 8~½-9 4 87-~ 8>!-½ 41'!8~ 4 81J½ 8. 88-¼ Sll¼-90 9 ~ 89½-9tl 4 87½•8 4 89 .!,fi 4 Sil½ 88-',/4 Sll½-110 41-7½-~ 4 81J 86½-7 87½-S 85½-6½87-½ 87½-8 86½-9 4 7-¾ >- ½ 4 . 4 87-½ 8'Hu 4 .½ 4 9½ S. 88-½ 89¾-c+{} 88-½ 9¼-90 4 l:37½-8 4c 811 RG½-7 87½-"l 85½-6Ji87--½ 86½-7 87½-8 l:35½-6½87-¼ 4 87½ 4 89½ 4 87-½ 1-3-½ 4 88½ 4 89¼ . &-½ S a½-90 88-½ 89½-UO 8. 87½-8 8i½-1:1 811¼-7½8~¼ S. f:~-½ 811½-llO 88-½ 8\J½·IJO 487½-8 S9·½ 8tt½-7 87½-8 4 87½-R 8\:1-½i 86½-7 87½-8 4 86-½ 4 87-¼ 87¼-9 8"½-9 86½-7½ 88-½ 4 88-¼ l:31JJ.g S. SQ-½ 89½-90 Ho\1da_y. s. 8~-½89½-90 88-¼89½·90 487½-RF9-½ 86¼-78i½-9 486-½487-½ 87,f-8H8½-9 4 6-½41-\7 ½ 87½~-l 88¼-9 86½-7½Sq..½ 4 88-½ 89¼ s. 88-½ ·0,s-00 S'l-½ s11x;.II(} 4M7½-S "'"-¼ 8-!-½ S9½-90 4 87½-li 81'-½ ! 86-7 87½-9 486-½487-½ 87½-S ts8}-s-lJ Stl~-7½8,;..½ 4 Sfl-¼ 9¼ S. 487-½ 88½ 4r-8-~ !:SIi~ S. 88-½89½-110 7,½-8½89-90 487½·889-¾ 486-7 87½-8 41'1-Y,g4H7-½ 4 ti-7 87¼-S 48tS-½487-¼ 87½-8 88½-9 Holiday. 4 88-½ 811¾ . 88-¼ 89½-90 7¼-8½ 9.90 S. 87½-88 ➔½-9 87-¾ SS¼-9 8. Holiday, 7½•8½8-,.90188-8¼81!-½ 486-787½-9 488-½ 89¼, 4!:s7½ 41:ICl,¼ 488-871189-½ 486-787¼·8 88-,¼89½·90  L:::m~~~g~:J 48'>½~64S8 4snl"s9-½ rnt::~~tti ~=tU~~:gg i~~~~:eg  i~H~:sg~:~ t ·::: 454 •5s~!>2·7 i~~:g!t<; is1½·~tt~ S. 4 85-6 87½-8 4 St! 4 9¼ 8 .••.. 4 !'5 4 e7 8 8:~ ~;:~ 18:::: t,::its~t~ ! ~:g ~~~:~ i ~ i se~  11 .... 1<5½-6 87¼-8 12. . 85½-6 87½-8 18 .... .8;..,½.H 8i½-8 s. 14..... 15 ..... 85½-6 87½-8 16 ... . 186 4 88 17 .... 85½-6 87½-8 l ..... 85½-6 87½-8 19 .... 85½-fl 87½-8 ·20 . . .. 85½-6 7½-8 S. -21. . .. 22 . . . . 85½-6 87½·8 85½-6 87½-li 28. 24 ..... 4 85-6 87½-8 485-tl87½-8 25. 26 . . .. .4 s~½-ts 4 SH 27 ..... 4 8:'.>½-6 4 88 S. 28. ... '29 .... 4 85-6 87½-8 so ..... 85½-1187½-8 81. .... 85½-6 488  J'i~1t!':ls6 Low •. 4 84  S. 4 89½ 4 89~ 4 89½ 4 Sil¾ 4c 89½ 4 89½ S. 4 88 4 89½ 4 8 4 9½ 4 88 4 89½ 4 St! 4 89½ 4 8"! 4 89½ 4 88 4 89½ s. 4 fl7-½ SIi-½ 487¼-8 SP-½ '187½4H9-½ 487½-8 il9-½ 487¼4811-¾ 487¾-889--½ 487½-H 8\:1-½ 487¾-899-½ 487½-8!;9-½  S. 4 8~-fl 87½-8 4 85½-6 4 l'!>l 4 85½-6 4 88 4 St!-½ 88·½ 4 86 ½ 88·½ 4 86-½ 88-½ S. 86½-7 8½·9 88½-7 ½•II 86½-7 88!,i-9 Holiday. 4 87-½ 89-½ 4 !;7-¼ 89·½  s.  4c SR 4 88 4 88 4 SR 4 88 4 8:l  rn~:~ 4 4 4 4  E-8 88 88 8:l  4 f!S 4 88 .l 8>1 4 ~8 4 88 4 88 4 88 4 1-8 488 4 81:i 4 S8 488 488  4 Sil½ 4 89½ 4 81!,½ 4 89¼ S. 4 89½ 4 89½ 4 II½ 4 9½ 4 89½ 4c 81J½ S. 4 89½ 4 Sil½ 489½ 4 :--9½ 4 89!.i!  ,689½  s.  489¾  ~t~~~:gg  4 88¾ 4 90 4 87½ 4 89½ 4 8Q 4 89½ 4 f!8 4 P9½ 4 88½ 4 90 4 88 4 88 4 SIJ,¼ 4 87½ 4 89 4 87½ 4 811 4 86½ 4 85 4 87½ 4 87½ 4 89   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  U~jtmj s~8:~ !~:~!~g:~ :~g~-~ l2s~ s~ ! t~ it~ ! g~~: ~e:~ ~f~l°  4 8A½ 4 89½ 4 88½ 4 89½ 4 87 4 87¾ 4 811 4 86 4 87½ 4 85  4 88 4 sq 4 SB½ 4 86  4 89 4 87  4 87½ 4 SP 4 l::16½ 4 ts8  !~~~=~ai ~f~:g  4 89 4 '.:J7  4 90  4 883,i  MovEMENTS  OF  GoLD  AND  SILVER.  UNITE D STAT ES A D THE WORLD.  THE  WORLD'S GOLD AND PROD UCTION.  SIL VER  (F r om 1 871 to 1894 in clus ive.)  Chief interest in a review of the world' s gold and silver production has been transferred recently from silver to gold. While the two metals remained tied together by the La.tin Union, neither branch of the subject had special prominence. Silver was brought to the front by the action of Germany in 1873, was made further conspicuous through the subsequent suspension of coinage by France and the other Latin States, and for well-known reasons has retained its distinctive position almost down to the present date. But about six years ago gold began to attract new notice. Theretofore its production after a long decline had for ten years become almost stationary, and in accord with the prevailing opinion it was assumed that the world's yield of gold was at its maximum, with a further decline likely in the near future. Instead of following that course which, with so much confidence, was prophesied, a new growth in the supply of the mines set in, say in 1888, and has develop~d almost month by month since then, with accelerated progression during the latest yea.rs. Tb.is characteristic was the distinguishing feature in our report with reference to the precious metals a year ago, and is the point which our annual review to-day of the production for 1894 makes chiefly prominent. GOLD,-PRODUCTI'JN IN THE WORLD.  Obviously it is too early in the year to give the exact data of gold production in 1894 for the whole world. We are able though to revise the 1893 figures ( which in our statement made a year ago were of course in part estimated); also to furnish close approximations for 1894 obtained from three of the four large gold producers, and to present a fair indication of the tendency in the output elsewhere. For the United States we have the usual detailed report prepared by Mr. Valentine in January each _year, and likewise a preliminary estimate made by Mr. Preston, Director of the United States Mint. For Africa we have complete returns covering the whole Transvaal section and eleven months of the outside production. For Australasia our own correspondent has sent us a very full statement of the year's mining industry in the various districts, giving detailed results and estimates, from which we are able to furnish, as we believe, quit'3 a close approximation of the entire product of .that country. The only other large producer is Russia, and in that case we make the 1893 results the basis of our estimate for 1894. Besides these we have the figures for India and Mexico complete, while for the other smaller producers we take the previous year's results, as explained hereafter. UNITED ST.A.TE .-What has led to the decided revival in gold mining in the United States is not difficult to determine. A significant fact connected with the enlarged output of our own mines, one that throw~ light on the inquiry suggested, and goes far to explain its cause, is not that the aggre~ate from all countries has grown so fast but that this total increase has been shared   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  in by almost all the producing countries of the world. Here is a comm.on movement that has been in progress for years and ,widently needs a common influence to explain it. We do not mean to say that there have been no local agencies at work favorable to the result, but that the local inducements wherever they have operated have been merely tributary to a general tendency already existing. It would indeed be a phenomenal state of affairs that should show 1mch a positive, general and widespread inclination in all parts of the world, co-extensive indeed with the mining industry, and yet that did not in the main have a common origin. We are led to these remarks because the thought has importance in the current discussions of the day, and because also we notice that Mr. Preston, Director of the Mint, without we think giving the subject sufficient consideration, has named a local matter as chiefly accountable for the increased gold production in the United States. He says, in an article in the North American Review for January, "that the repeal of the purchasing clause of the Act of July 14, 1890, has stimulated the search for gold, and a good share of the increased gold output of the country in 1894 will be traceable to it." We think tha.t is a misleading statement. It is not quite clear to us what it means. But however interpreted we should have to challenge the assertion. No doubt the · common cause for the increased production of gold is the lower price for silver and the consequent decrease in the profitableness of silver-mining. This conditi0n has induced miners to turn their attention more exclusively to gold, and led them to prospect for that metal with increased diligence. Very possibly Mr. Preston meant that the repeal of the purchasing clause of the 1890 silver law induced such a decline in the price of silver as to discourage the mining of that metal and stimulate the s•earch for gold. His words hardly admit of this construction; but it is the most reasonable interpretation we can give them. Even in that form we should have to take exception to the statement, for it assumes that the repeal of the law in question caused the decline in silver which has taken place; and that can by no means be proved. We are inclined to think that the influence of the 1890 act in depressing silver was during the life of the act and not after its repeal, and that any unprejudiced examination of the facts will show our surmise to be correct. At all events the course of the bullion market and the happenings of 1893 and 1894 in Europe and India affecting silver consumption prove that our repeal legislation had in those two fiscal years, ending with June last, no influence one way or the other on the production of gold. We have not space here to discuss the sut>ject at any length , or to give many facts, but a very few dates and figures will set the reader on the inquiry. It should be remarked that the increase in the gold product of the United States did not by any means begin in 1894. The new start was in 1888, and though the product fell back in subsequent years under the  MOVEMENTS OF GOLD AND SILVER. higher price for silver predicated on the legislation first looked for and later realized in the passage of the 1890 act, it began to develop again in 1891 ; but the efforts in that direction did not fructify materially until 1893. Note next the prices of silver and apply the influences we have mentioned affecting price previous to 1893, and then note the decline since. The tendency of silver before and in 1888 was downward, the average price at London in 1888 being 42i d. per ounce, against 44f d. in 1887, and 45J d. in 1886, &c. These figures suggest the decline in operation before our speculation that culminated in 1890 had got under way, which decline had brought the product to so low an average value in 1888 as to discourage silver-mining in the less productive sections and stimulate the search for gold. For illustration, note the aggregate silver product of almost all the States except Colorado and Montana for the years following 1887; Nevada's product, for instance, was at .its maximum in 1888 or 5,414,062 ounces ; in 1889 it was 4,800,000 ounces; in 1890 it was 4,450,000 ounces ; in 1891 it was 3,520,000 ounces, and so on. Our speculation in silver bullion had its inception in 1889, and as already stated arresced in large measure the inclination _to turn all new mining enterprise upon gold. The effect of this speculation upon the bullion market and its successive stages find brief expression in the fact that the average price, which was 42-td, in 1888, stood in 1889 at 42 11-16d. advanced in 1890 to 47 11-16d., fell in 1891 to 45 1-16d. and dropped again in 1892 to 39 13-16d. Next came the eventful year of rn93. That year the price of silver was quite steady for the first few months ; indeed it averaged 38J d. the last five months of 1892, and in 1893 38¼d. until May and 38 1-16d. in May. On the Z7th of June 1893 the India mmts were closed to the free coinage of silver and the price of silver dropped almost immediately to 30d., but soon recovered a part of the decline, averaging 33-kd, in July, 33-g-d. in October, 32¼d, in November and 32d. in December. The repeal of the purchasing clause of the 1890 bill passed the House August 28th and passed the Senate October 30th, and in its amended form passed the House November 1st and received the President's signature; and yet during all those events the price of silver did not again touch 30d. Moreover, there is no good reason to suppose that any part of the lower quota.tion in the latter half of 1893 or the first half of 1894 was due to the repeal in question. At least this much is true, that the movements and rumors connected with the change in India's currency arrangements are sufficient to account for the further drop without looking to any other cause. First came the rumor, apparently well founded, that a heavy import duty was to be put on silver. The effect of this rumor was first to induce a speculative demand and movement of silver bullion to India to take advantage of the higher price there after the anticipated tax had been laid. Then followed the difficulties connected with the sale of Council bills, and :finally the announcement in January 1894 that the import tax would not be laid, and in the first part of February the further announcement that the India Government had come to the conclusion to abandon the attempt to keep Council drafts any longer at ls. 3-¼d,, or at any other fixed price. Of course any silver shipped to India on speculative account while the import tax was anticipated would have a double influence in depressing the London silver market after the announcement had been made that it would not be imposed, and especially   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4-1  when exchange was so demoralized; for (1) the silver would have to be sold, and (2) as such holdings anticipated future requirements, the future demand for current wants would be less than normal. But notwithstanding all these circumstances silver averaged as high in Aug. 1894 as 29f d., in Sept. the average was 29 19-32d. and in October the average was 29 5-32d. We have dwelt on these matters at considerable length because it is of no little importance to have the facts understood with reference to the repeal of the purchasing clause of the 1890 silver act, and with reference to the failure of that law, and of any such law, to support the price. The anticipated influence of the act helped speculators, first to arrest the declining tendency of the market and then for a time to ad V9,nce the quotations for bullion ; the actual purchases after the legislation had been perfected enabled them to add a few points more to the price and to prolong for a few weeks the life of the movement they had begun, and that is all. In October, 1890, however, the decline set in again, and, pari passu with the piling up of the bullion in the vaults of the Government, it continued to progress until the drop to 30d. occurred in 189 3, when the India mints were closed. The course of the silver market since has been already related. That gold production in the United States would make rapid progress in 1894 was evident when the year opened. It always requires time and capital for mining operations to develop, and much longer time when capi~ tal is scarce. Recent years, as we all know, have not been at all favorable in the United States for procuring necessary money for industrial enterprises. In this respect no comparison can be made with South Africa, where capital for mining purposes has been so lavishly provided. That country has astonished the world because of the rapid way in which it has been adding to the world's gold supply. It is possible that too much has been predicated upon the output of the mines there hitherto. Promoters of African properties have never lacked means but have been able to procure the best machinery and every device and help for advantageously and quickly forwarding their projects. When we consider how unlike all this is to the present and recent situation of the mining industry in the United States, we are in a better position and have a more correct basis than we otherwise can have of measuring the future productiveness of the two countries by the relatively increased yield of the two in 1894. The new search and work for gold in Montana and Colorado had its inception as early as the latter part of 18fJ1. In 1892 more money went into such enterprises and consequently more ventures got a foothold. But it was not until the last six months of 1893 that the real extent of the operations in progress and the richness of the more recent developments became evident by the results. According to the Mint figures the increase of the gold output of Colorado in 1893 was $2,227,000 -the product being $5,300,000 in 1892 and $7,527,000 in 1893. Now the Mint's preliminary estimate for the yield of the State in 1894 is $11,277,000, or a further increase of $3,750,000 over 1893. Mr. Valentine, by his report made public towards the close of last week, brings the total gold production in 1894 in the States and Territories of the United States west of the Mississippi River up to the very large aggregate of $45,892,668. Comparing this total with the Mint :figures for 1893 for the whole of the United States ($35,955,000), the years increase will be seen to  42  MOVEMENTS OF GOLD AND SILVER.  be just about 10· million dollars, and 1f we wtire to add I the rncrease of the mines of South Africa makes a better to this increase the figures of production in 1893 for showing for this country than we anticipated. Indeed, the States Mr. Valentine does not include, the increase when we consider of how recent a date the gold-mining would be about a half a million dollars more. The industry in South Africa is an<l how rich the ore and ea.rly estimate of the Director of the Mint for 1894 for easily secured the early finds in a new mining district the whole United States is nearly 3 million dollars less, generally are, .Africa does not seem to hold out the being only $43,000,000. It is not improbable, how- promise as a mining section that it did a year ago. ever, that this result of Mr. Preston's will be This view likewise finds further support in the fact increased when the final results of his investigation aleady referred to that everything that money could are made public. Mr. Valentine's farger figures seem to buy and which would aid to make the mines in Africa warrant that suggestion; a.nd moreover, when a rapid productive and cheaply productive his been supplied. increased production is in progress an urly estimate is Such lavish expenditures haTe produced large diviquite likely to be an under-statement and not an over- dends on the properties and promoted a most unusual statement. We notice in a Treasury document sent to speculation in the South .African mining stocks, an Congress dated December 27, 1894, with reference to advance in the shares of 200 per cent and more within the establishment of a mint at DenTer, the following a year not being an uncommon result. Mint exhibit, showing the production of gold in the These facts and conditions are of no interest in this States tributary to Denver, which, as will be seen, review except as they bear on future production. .Aud includes an estimate of the yield of those States in on that point they appear to favor the conclusion that 1894. The estimates for 1894 and for the previous American mines hold out a better promise than the South African for a continued large and increasing yield two years are as follows. States1892. 1893. 1394. of gold. For with little new capital and no excitement Colorado ...•••............• $5,300,000 $11,277,000 $7,527,000 South Dakota .......... .•. 3,700,000 4,006,400 4,500,000 whatever our mining States have been able to add in Arizona .•.•• ..••••. ..••.... 1,070,000 1,184,000 1,400,000 1894 eight to ten million dollars to their production; New Mexico...... .......•• 950,000 913,100 1,200,000 Utah................ ••••... 660,000 853,000 1,000,000 whereas, with unlimited capital and with such a specu1,647,000 2,200,000 lative interest that a large body of European investors are Idaho...... ..••• . .•. ..••••. 1,721,000 Montana.................. . . 2,891,000 3,576,000 4,500,000 all the time eagerly seeking fresh undertakings, Africa, Total . ..... ............... $16,292,000 $19,706,500 $26,077,000 a new mining district, has added less than ten million T.he foregoing shows that at the date mentioned the dollars to its production. South African mines have States named were credited by the Mint with an increased a very short history. The first record we have gold production in 1894 of $6,370,500. Even on that was in 1887, when the total product was 28,754 basis there could hardly fail to be a total excess in the li,ne ounces, valued at £122,140. In 1894 the total yield last year in all the States and territories of 8½ product was 1,837,773 fine ounces, valued at £7,806,million dollars. Besides that, we think some of the 494:. As we have explained on previous occasions, States above named will be found by later returns to this start was in the Witwatersrandt district, and that have done better than the above estimate indicates. district has been developing so fast that in 1893 its That would seem to be true at least of Colorado and total output was 1,221,151 fine ounces of a value of Montana. So that altogether we are inclined to think £5,187,206.. The foregoing, it should be noted, is tho that the Mint estimate will not differ very materially total product for the years named stated in fine from the figures Mr. Valentine has prepared. We ounces. · The reports of that district are always made append the Mint estimates in ounces and values and in ounces valued at £3 10s., and the following is a Mr. Valentine's in values each year since 1878. summary of reports issued by the Chamber of Mines UNITED STATES ESTIMATES OF PRODUCTION SINCE 1877. for each year since the movement began. ,--..-----Estimates of• Mint Bureau. Gotd p1·oduction U. S. Pine oz. 1878 ...................... 2,476,800 1879.............. . . . . . .. 1,881,787 1880 ..................... 1,741,500 1881. ... ·• ···· · ........... 1,678,612 1882 ...................... 1,572,187 1883 .........• ... .••...... 1,451,250 1 884 ...... ... ............. 1,489,950 1885 ...................... 1,538,325 1886 . ........... ·- .. ...... 1,693,125 1887.... . . ..... . .....•.•• 1,596,375 1888 .. .................... 1,604,8 U 1889 .. .. ............... ... 1,587,000 1890 ...... .. .. .• ..... ..... 1,588,880 1891. ...................• 1,604,840 lb92 ...................... 1,597,098 1893 ..............•••• . .. 1,739,323 1894 ..........•......... *2,080,129  Value. $51,200,000 3 8,900,000 36,000,000 34,700,000 32,500,000 30,000,000 30,800,000 31,800,000 35,000,000 33,000,000 33,175,000 32,800,000 32,845,000 33,175,000 33,014,981 35,955,000 x-43,000,000  Mr. Valentine.  Value. $37,576,030 31,470,262 32,559,067 30,653,959 29,011,318 27,816,640 25,183.567 26,393,756 29,56l,424 32,500.067 29,987,702 32,527,661 3l,795,361 31,685,118 29,847,444 33,948,723 45,892,668  OUNCES V .A.LUED .A.T ABOUT £3 10S.  Witwatersrandt District.  Oz.  £  1'!87 (part year) ........ .•• ...•••.••• .. .••• 34,897 1888 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ·-.. 230,917 1889 . . . . . . . ...... · --· . ... . .. .. . .. .. . . ... . 316,991 1890 . . . . .. . . .. . . . . . . .. . .. . . . . . . . . . . . . . . ... . 494,817 l891 . ....... .. . .. . . . ....... .. . . . . . . . . . . . . ... . 729,268 1~92 ...... ................ ··---- ........... . 1,210,869 l 93 .... ....... . ...................... .•.. 1,478,477 1894 ...... ····················· · ······ ·······2,024,163  122,140 808,210 1,342,404 1,732,041 2,552,333 4,255,524 5,187,206 6,956,934  Total .................................... 6,580,399  22,956,792  But as is well known the Witwatersrandt does not include the entire mining district now being worked in South Africa. We have explained this feature in previous years and simply append to.day the full statement. ln the following we have expressed all the * Preliminary estimates by the Mint for 1894. It will b'3 noticed that as the estimates stand the gold results in fine ounces. yield of the mines of the United States in 1894 AJrRIC.A.'a GOLD PRODUCTION-FINE OUNCES. ,-Witwatersrandh ,--Other--. ,....--Total-according to Mr. Valentine's totals has been much Year. Ounces. £ Ounces. £ Ounces. £ 26,75! 122,140 (part year).... 28,754 122,140 1887 larger than any other year in the above record. 212,390 240,266 t,020,600 808,210 50,000 1888.. .. . ... . ........ 190,266 SouTH AFRIC.A..-If Mr. Valentine's figures for 1894 1889 . .. . .. . . . . . . . . . . . 316,023 l,3!2,404 50,000 212,390 366,023 1,55!, 794 303,939 479,302 2,035,980 1890 . ..•... . ..•....•. 407,750 1,732,0H 71,552 may be taken as approximately correct, and that is all 1891.. 539,691 727,912 3,092,024 ... . ....... . . • 600,BiJO 2,552,333 127,052 631,652 1,150,519 4,887,176 any estimate of the United States product can be, it 1892 . ......••..•..••. 1,001,818 4,255,52! 143,701 679,550 1,381,128 5,866,756 1>393 . ..... .•...•.... 1,221,151 5,187,206 159,977 will be noticed that the increase of the gold ~output 1994 ...••.......•.... 1,637,773 6,956,934 200,000 849,560 1.837,?73 7,806,494 in this country ( compared with the Mint estimate for Total . ..........•. 5,<lO!l,395 22,956,792 807,t82 3,429,172 6,211,677 26,385,96!1, According to the foregoing the entire production 1893) is more than in South .Africa. If on the other hand the Mint Bureau's figures for 1894 be accepted of the South African mines for the eight years since the two results are not far apart, though in that case the first opening was made has been 6,211,677 fine the comparison is unfavorable to the United States. ounces, valued at £26,385,964. The 1894: product of In either event, however, the increase compared with all the mines in South Africa and the United States   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MOVEMENTS OF GOLD AND SIL VER.  43  =========================::: ====== ==============~-=-== afforcls the following comparison: South Africa in F rom the foregoing details we have all the figures for 1894 total yield 1,837,773 ounces, value in dollars $37,988,076; United States total yield, Mr. Valentine' d estimate, 2,219,578 ounces, value $45,892,668; the Mint preliminary estimate 2,080,129 ounces, value $43,000,000. AUSTRAL.A.SI.A.. -Our correspondent at Melbourne (writing shortly before the close of the year) informs us that in a time of phenomenal business stagnation in Australia the mining industry almost alone continues to show signs of increasing activity. '.rhe export trade in stock and dairy produce has increased slowly, but the increase in the gold yield distances everythmg else, the 1894 yield being in excess of any year since 1874 The important factor is, of course, Western Australia· The yield of its mines was only 15,493 ounces in 1889 and 59,548 ounces in 1892, but in 1893 it increased to 110,890 ounces, and, as will be seen below, a production of 220,000 ounces is now estimated for 1894. The West Australian fields have been a disappointment to thousands of miners. The alluvial deposits and the sensational finds again and again reported have proved will-o'-the-wisps to many a bard-pushed man. Indeed, the exportation of specimens to London helps to swell the export figures from which the estimate of the product jg made, and the absurd over-valuation of some of the stone adds difficulty to the statistics. No doubt however exists as to the future of Western Australia. Writing with reference to the scarcity of water, our correspondent says that "the arid, hideous climate make Coolgardie and Kurnalpi and all the fields a very purgatory for their crowds of human units. But the success of well-sinking hitherto proves that the water difficulty is only a question of time and organization. Similarly, the immense quartz veins will have to be approached with proper machinery in the charge of brainy men with capital behind them. I am of the opinion that the companies being floated, or partly floated, each week on the London market are for the most part too heavily handicapped." The actual amount of Victorian gold handled by the Mint for the first three quarters of 1894 was 543,796 ounces. Our correspondent states that as a matter of fact not all the gold produced is presented for coinage, but that the estimate of yield only covers the amount of the Mint figures. The anticipation is that the Mining Department will thia year quote for Victoria a.n amount rather less than the 1893 production, which was 671,126 ounces. Queensland on the other hand shows some increase in the output of gold. This province has no mint and sends most of its gold to 8ydney for coinage. The returns for the nine months ended September are 471,108 ounces and for the year will probably reach 625,000 ounces, or larger than any year since 1889. N ew Zealand ships its gold according to the exigencies of exchange-sometimes to Melbourne or Sydney and sometimes to San Francisco. The total gold exports for March, June and September quarters were 173,903 ounces, and the expectation is that the year's total will not be less than 228,000 ounces, which is a slight increase on 1893. The returns from New South Wales for the first three quarters of 1894 were 166, 785 ounces and the belief is that an estimate for the whole year of 220,000 ounces would not be too much. The Tasmanian and South Av.stralian estimates from latest returns are put down at 47,000 and 37,000 ounces respectively.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1894. They are of course stated in gross ounces. We have, however, compiled the results fortheprevious four years and give them below, adding the 1894 results also both in gross ounces and fine ounces. In obtaining the fine ounces 8 per cent has been deducted for base metal in 1894, but for previous years the reduction is a little more, being made for each province on the basis of returns made to us. The compilation is as below. PRODUCT OF GOLD IN AUTRALASIAN COLONIES-GROSS OUNCES. Yrs. Victoria.  18P0 .. 588,560 1891 .. 576, 31:19 1892. . fl5J., <i56 1~93 .. 671,126 1894*.6i0,000  New S'>. wales.  127,460 153,335 156,870 179,288 220,000  Queens- Western N ew South Tasma- T ota l.A-usland . .Australia. Z ealnnd. Australia. nia. tra lasia.  fl l 0,587 561,641 605,fll 2 6111,9!0 625,000  34,209 3o,s n 59,548 ll0,~90 220,000  198,1Sl3 251,996 237,392 226,811 228,0(11)  24,831 2~.100 38,974 33,820 37,000  20,510 48,7tl9 <i3,278 37,6 7 47,000  1 599 350 1:601:u,1 1,796,130 1.876,562 2,0¼7,000  " E stimat ed. P RODUCT OF GOLD IN AU STRAL ASIAN COLONIES-FINE OUNCES.  N ew So. Yrs. Victoria. Wales.  1890, .55-i,225 1a u1. .5ao,2~7 1 92 . . 6nt,100 1 ll3 . . 612,767 1894*.610,400  116,774 1,1,1, 069 1~2,227 163,571 202,400  Queens - Wl'stern N ew South Tasma- Total Ausland. A ustrnlia. Z ealand • .Aust ralia. nia tralasia .  531,096  m:z}r  56t,tl49 575,()00  30,60:!  ii:~i 101,132  202,400  180,968 1 :4 2011,852 2u9,7tl0  21,541 4  17,01'5  30.844 34,040  34,377 43,240  ~r gr :~:~1 ~tm  1,4 53,172  UM~~ l ,71L,892 1,883,240  * Estimated.  To the foregoing it is of interest to add that Australasia is at present served by two mints, one at Sydney and one at Melbourne, but a project has met with official approval to establish a third mint at Perth, Wes tern Australia. At present the bulk of the "Westralian" gold is shipped for mintage to Melbourne, but the incidental charges are sufficient to induce the local Ministry to incur the expense of a mint of their own. The necessary approval bas been obtained from the L ondon Treasury, and in a few years it is claimed that P erth will no doubt turn out its own sovereigns. GOLD P RODUCT OF THE WoRLD.-We have obtained nothing from Russia respecting the 1894 production. Consequently for that country and also for all the minor producers-except India and Mexico, from which we have complete figures-we estimate the yield on the basis of the previous year's results obtained through the State Department of the Government for the Mint . Bureau. The total product for the whole world reached in this way is surprising, but it is, we believe, a close approximation to the actual yield, which cannot be known for months. At least we feel confident that the general result is not an over-statement. It will be noticed th at for the United States we have used the preliminary Mint estimate {$43,000, 000) instead of Mr. Valentine's larger figures ($45,892, 66 8), although there seems to be reason to assume that the Mint will raise its estimate when its returns are all in; but in that particular as well as in the use of the other returns our purpose has been wherever the reports were not conclusive to keep the general aggregate down to a minimum. The full statement is as follows, given in fine ounces, from 1871 t0 1894, inclusive : GOLD,-WORLD'S PRODUCTION I N OUNCES.  Fine Ounces.  United Australia. States. Ownces. Ownces.  Ru ssia. Ownces.  1871 ... .. . . ... ..... . 1872 . . . ... . ... ... . . . • 1873 .. . . . .......•..•. 1874 . . , . . .. . ... . . ... 1875 ... , .. . . ... .. .  2,378,729 2,150,417 2,114,910 1,993,460 1,895,615  1,264,000 1,215,000 1,066,000 1,068,000 1,050,500  1,896,947 1,856,661 1,907,112 1,870,973 1,944,030  Total 1871-75 . .. . 10,533,131 9,475,723 5,663,500 1876 ... . .... . ....... . 1877 .... . . . . ......... 1878 .. . ... . ..... . ... 1879 .. ... . . . . .. . ..... 1880.. ... . . . . . . . . . . . .  1,668,082 1,581,496 1,407,564 1,425,872 1,443,898  2,086,009 2,188,785 1,896,947 1,617,269 1,741,500  1,081,778 1,317,741 1,354,500 1,385,900 1,391,260  Total 1876-80 . ... 7,526,912 9,530,510 6,531,179 1881.. ... ..• ... . . . . . 1882 .... . . . ... . ......• 1883.... .. .... . . . . . . • 1884... .. . ...... . . . . . 1885.. . .. .... ... ...•  1,475,161 1,438,067 1,333,849 1,352,761 1,309,804  1,678,612 1,572,187 1,451,250 1,489,950 1,538,325  1,181,853 1,154,613 1,132,219 1,055,642 1,225,738  Total 1880-85. .. 6,909,642 7,730,324 5,750,065  Africa. Ownces.  Other Countries. Total. Ounces. Ownces. 470,832 470,832 470,832 470,832 470,832  6,010,508 5,692,910 5,558,854 5,403,265 5,360,977  2,354,160 28,026,514 470,832 522,532 525,071 607,510 634,508  5,306,701 5,610,554 5,184,082 5,036,551 5,211,166  2,760,453 26,349,054 Mi,354 660,927 9!2,184 1,004,536 928,717  4,976,980 4,825,794 4,859,502 4,902,889 5,002,584  4,177,718 24,567,749  44  MOVEMENTS OF GOLD AND SILVER.  Other United Australia. States. Russia. Africa. Countries. Total. Ounces. Ounces. Ounces. Ownces. Ounces. OwnC£s. Ownces· 1,171,342 5,014,363 1886 ................. 1,257,670 1,693,125 922,226 5,061,490 1887................. 1,290,202 1,596,375 971,656 28,754 1,174,503 1888....... . ...... ... 1,344,002 1,601,841 1,030,151 240,266 956,363 5,175,623 1889 ... ..... ........ 1,540,607 1,587,000 1,154,076 366,023 963,539 5,611,245 1890................. 1,453,172 1,588,880 1,134,590 479,302 1,055,507 5,711,451 Total 1886-90 ... . 6,885,653 8,070,221 5,212,699 1,114,345 5,321,254 26,601,172 1891................. 1,518,690 1,601,840 l,168,7M 727,912 1,266,029 6,286,235 1892................. 1,638,238 1,597,098 1,199,809 1,150,519 1.456,158 7,041,822 1893..... ........... 1,711,892 1,739,323 1,279,734 1,381,128 1,550,000 7,662,077 1894 ................ t,883,240 2,080,129 1,354,085 1,837,773 1,665,000 8,820,227 The ounces in the foregoing table may be turned. into dollars by multiplying by 20·6718. The value in pounds sterling can be ascertained by multiplying the ounces by 4·2478. Thus according to the above the product in 1894 stated in dollars is $182,330,010 and in sterling £37,466,569. That aggregate compares with $158,388,923 and £32,546,971 in 1893, and $145,567,136 and £29,912,251 in 1892. SIL VEK,-PRODUCTION OF THE WORLD. Silver is produced in so many countries where gold has not been discovered in large quantities, and is so very cheaply produced in wide districts, it is not remarkable that the falling off in the output of the mines of the world is by no means general. Just what ha.s been the course of the industry it is too early to say. The two chief producers, the United States and Mexico, show a loss, the former a material loss ; the figures for Australia indicate a little larger product ; while for all other countries our knowledge as yet is so meagre that we cannot form an opinion. For them the aggregate we insert in our table is a mere repetition of the total for the previous year. UNITED STATEs.-Mr. Valentine estimates the product for the United States in 1894 at $28,721,014 against $38,491,521. These, though, are commercial values, and the falling off in actual production is by no means so radical as the figures as they stand indicate. For 1894 the ounces are averaged at 63 cents, hence the aggregate given for that year represents 45,588,911 ounces; in the previous year the value per ounce was placed at 74 cents, and eonsequently the estimate for 1893 is equivalent to 52,015,569 ounces. Stated in this way the loss is seen to be about 6-½ million ounces. Mr. Valentine remarks that his results are not complete, but cover fully 95 per cent of the entire output of the country. No division of the product by States is given, but private advices indicate a considerable loss in Colorado and Montana, and it is not unlikely that most if not all of the producing States will have a share in the decrease. Of course Mr. Valentine's estimates of silver are quite different from the Mint's estimates, but as an indication of the comparative results they usually present a nearly similar contrast. The following table is made up from the Mint reports and covers the production of silver since 1886. The 1894 figures are of course merely estimates, and are chiefly based upon Mr. Valentine's results. We add a column giving the average annual price of silver in London. Fine  SILVER PRODUCl'ION IN THE UNITED STATES AND AVERAGE PRICE IN LONDON.  Oatenda1· Yea,·.  ~----Production in ounces . - - - - - . . .Av. Price Oolorado. Montana. Alt others. Total. Silver.  1894* .•.•.• 18,000,000 14,000,000 1893 ..•.. ..25,838,600 16,906,400 1892 ....... 26,632,300 19,038,800 1891 ....... 21,160,000 16,350,000 1890 ....... 18,800,000 15,750,000 1889 ....... 16,000,000 15,000,000 1888 ....... 14,695,313 13,146,437 1887 ....... 11,601,825 11,988,553 1886 ....... 12,375,280 9,590,842 * Estimated. MEXIOO.-As usual, Mr.  16,000,000 '17,255,000 17,828,900 20,820,000 19,966,300 19,000,000 17,936,250 17,669,622 17,473,878  48,000,000 60,000,000 63,500,000 58,330,000 54,516,300 50,000,000 45,780,000 41,260,000 39,440,000  281516d. 355gd. 391316d. 451 16d. 47111 6d. 42llud. 4275d. 44:5sd. 453sd.  Valentine has included in  his December 31, 1894, report the production of Mex-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ico; the figures he gives are, however, for the fiscal year ending with June 1894. According to these re• sults there is a slight decline in the yield-about one million two hundred thousand dollars; probably for the calendar year of 1894 the decline will prove to be a little larger. Assuming, in the lack of later returns, that Mr. Valentine's recorded loss f@reshadows the loss which the report of Mr. Javier Stavoli (Mexico's Chief of the Bureau of Statistics) will show, the result this year may be stated at about 43,100,000 ounces, against 44,370,717 given by Mr. Stavoli last year. The figures issued by Mexico's Chief of the Bureau of Statistics have been for three years as follows; MEXICO'S ESTIMATED SILVER PRODUCTION BY :M R, ST.A.VOL!.  1891. 1893. 1892. Deposited at mints. Kilos. Kilos. Ki.los. To \Je coined........ .. . ••. 603,341 ·OOO 654,594·183 684,477·477 Exported. Silver ore, bars, &c. .••••• 507,884·650 574,400·342 695,638·152 Total production, kilos ... 1,111,225·650 1,228,994·525 1,380,115·629 Total 1>roduction, ounces. 35,719,237 39,504,800 44,370,717 AusTR.A.LASI.A..-The Broken Hill Proprietary Company continues to supply the greater part of the silver product of Australasia. We have the returno for the last year and in the following exhibit add the results of the work~ngs of the company for the previous years. SILVER PRODUCT OF THE BROKEN HILL PROPRIETARY COMPANY,  Year-  ,-----.Silver----.. Ore treated. Produced. Tons. Onn<"es.  1890 ............................... 219,311 1891. .............................. 283,966 1892 ............................... 208,134 1893 ............................... 438,792 1894............................... 580,954  8,171,877 9,853,008 7,065,572 12,498,301 13,538,202  Average per ton Ounces.  37·26 34·70 33·59 28·48 23·30  It will be observed in the foregoing that the aggregate production increased 1,039,901 ou.nces or a little over 8 per cent in 1894, but that the amount of ore treated was 142,162 tons, or over 30 per cent greater the past year than in 1893, the average yield of silver per ton having further materially decreased. The conclusion from this is apparently that the cost of production continues on the increase. SILVER PRODUCT OF THE WoRLD.-We now bring forward our usual statement of the production of silver each year, beginning with 1871 and including an estimate for 1894, using for the basis of the estimate for the latest year such returns as we have received up to this date. SIL VEK.-WORLD'S PRODUCTION IN OUNCES AND STERLING. United All Other Total States. Mexico. Australia. Countries. Total. Values. Fine £* Ounces, Owrtces. Ownces. Ounces. uunces. Ounces.  1871. ... .. ... 17,886,776 19,657,983 151.583 14,770,091 52,466,433 13,210,788 1872 ....... ... 22,358,472 19,657,983 94,619 14,770,091 56,881,165 14,294,355 1873 ....... ... 27,650,000 19,657,983 117,531 15,146,490 62,572,001 15,447,463 1874 .......... 28,8!9,000 19,657,983 130,499 15,522,890 64,160,372 15,588,965 1875 .......... 24,518,000 19,657,983 103,480 15,522,890 59,802,353 13,755,245 - - - - -·- - - - - - Total '71-'75.121,262,248 98,289,915 597,712 75,732,452 295,882,327 72,296,816 1876 .......... 30,009,000 17,611,239 108,217 15,808,800 63,537,256 13,9M,959 85,019 18,232,668 68,270,556 15,594,604 1877.......... 30,783,000 19,169,869 1878.......... 34,960,000 20,122,796 106,576 17,459,422 72,648,794 15,910,843 1879 ......... 31,550,000 20,356,133 127,537 23,172,010 75,205,710 16,059,553 1880.. ........ 30,320,000 21,173,203 134,671 24,844,863 76,472,737 16,M8,752 - · · - - - - - - - ---Total '76-'80.157,622,000 98,433,240 562,020 99,517,793 356,135,053 78,17S,711 1881. ......... 33,260,000 23,685,215 97,096 24,226,650 81,268,961 17,502,456 1882.......... 36,200,000 23,762,183 64,655 27,592,415 87,619,253 18,8!7,371 1883 ......... 35,730,000 23,956,630 116,012 29,549,548 89,352,190 18,824,459 1884 .......... 37,800,000 25,679,015 145,644 22,593,531 86,218,220 18,186,656 1885 ........ 39,910,000 26,919,511 839,749 25,779,655 93,448,915 18,933,140 - - - ---- --- - - - - - - - - Total '81-'85.182,900,000 124,002,584 1,263,156 129,741,799 437,907,539 92,294,082 1886 .......... 39,440,000 27,637,342 1,053,963 27,379,873 95,511,178 18,057,582 1887 .......... 41,260,000 28,017,287 3,184,930 25,653,312 98,115,529 18,243,356 1888 ... ······· 45,780,000 28,262,071 6,481,374 27,173,470 107,696,915 19,239,605 1889.. ....... . 50,000,000 32,979,770 9,150,235 32,069,774 124,199,779 22,089,141 1890.......... 54,500,000 33,623,019 11,277,603 32,627,692 132,028,344 26,233,757 Total '86-'90.230,980,000 150,519,519 31,148,105 144,901,121 557,551,745 103,863,441 1891. ....... .. 58,330,000 35,719,237 10,000,000 33,916,175 137,965,412 25,900,276 1892 .......... 63,500,000 39,501,800 13,439,011 36,496,175 152,939,986 25,370,513 1893 .......... 60,000,000 44,370,717 20,501,497 36,298,028 161,170,242 2a,923,707 1894 ...... .... 48,009,000::43,100,ooo 22,000,000 36,000,000 149,100,000 11,011,422 ~ Values of silver in this table are commercial values and are com• puted on the average price each year of silver as given by Messrs. Pixley &Abell, London. Value of£ in this table $4·8665.  INVESTMENTS. I OOME TABLES.  INTEREST AND  In purchasing securities for investment, the important points considered are the following : First, that the principal and interest shall be secure beyond question; second, that the profit, or annual rate of interest realized on the outlay, shall be satisfactory; third, that the securities purchased shall be readily salable; and, fourth, with parties engaged in active business, that the securities shall be available to pledge as collateral for loans in case it is desired so to use them. As a general classification of the several forms of investment, the most obvious one is that which divides them into two sorts; first, those depending on the character, standing and permanent solvency of the party issuing the obligation; second, those having a lien on specified pieces of property, and dependent mainly on the value of such property for their security. In the first class belong the U. S. Government bonds, State bonds, city bonds, county and town bonds, and the stocks or plain bonds of corporations, and among these, it may be remarked that bonds of the different States have decreased rapidly of late years in the amounts outstanding, while the bonds of cities, towns and counties are largely on the increase. In the second class belong the mortgage bonds of railroads or other companies and real estate bonds and mortgages. The distinction between the two classes of securities is mainly important in presenting to the investor the option of trusting to the probable permanent stability and solvency of the government or corporation issuing a stock or bond, or, on the other hand, of trusting in the value of a specified piece of property in a certain location, on which his bond is secured. INTEREST AND INVESTMENT TABLES. The tables following show (in the " Compound Interest Table") the accumulation of principal and interest on one dollar at various rates per annum from 1 to 10 per cent, interest being compounded semi-annually, and (in the '' Tables for Investors") the rate per cent per annum realized on securities purchased at various prices from 10 to 300. Thus, by use of the tables, it is seen at a glance that a 7 per cent $1,000 bond purchased at 86 pays 8·13 per cent a year on its cost. The accumulation of principal and interest is seen to be in five years $1,410·50, in ten years $1,989·70, which in this case would be the result of an outlay of $860, provided the interest was re-invested semi-annually.  COMPOUND Number of Years.  1 per cent.  ...  ················· ·········· 1 "6017 .••. 1 $1"0858 ....... ................ .................. . ....... . ••. . .• . .... .. . . .. .... •••. ······· · ·········""......   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  l"ti178 1 ·6a:~o 1·6494  2 per  cent.  per cent.  3  I I,,·,345 s•·•83S 2 ·5338  2·5847 2"6367 2"6897  4"0432 4 "1655 4"2!:114 4"4211  I TEREST TABLE.  4 per -  cent.  $6" ]858 5·4357 · ti"6957 '6·9662 7-2477  I/  4_¾ per cent.  $7·7430 8 0954 8"4638 8·8490 9"2516  per cent.  6 per cent .  7 per  $15·6257 16"5773 17·581\8 18"6597 19·7941  $23"7052 25 ·3936 27·2022 29-1397 31 "2141  5  $9 "6915 10·1822 10 ·6967 11 11 "8072  ·2asa  I  I  8per cent.  ~ent .  I  I I  $27 0369 29·0466 81 "2057 33-5253 36"0154  I  10 per  cent.  l  $36·8813 ., ,$8-l·9516 98·0692 39·8908 43-1459 107·1213 118·101~ 4fi "6666 130·2()66 50"4716  'tABLE FOR INVESTORS. The following ta-ble shows the ra.te per cent or annual income to be realized from stocks or bonds bearing any given rate of yearly dividends or interest, from 1 to 20 per cent, when purchased a.t varioue prieeR from 10 to 300 per cent. This table applies equally well to both stocks and bonds, and has nothing to do with the length of time which a bond has to run to maturity. For example: To ascertain what rate of annual interest will be r ealized on a bond or stock which bears 7 per cent per annum and can be purchased at $l2 (i. e. at 92 per cent of its par value, whatevei the var may be), find 92 in the column of '' purchase price" and follow that line across to the column h eaded" 7 ~er cent," which will show the,..correct figures-in the present jnstance 7"60 per cent, l'archase Price.  .  ·I ' I  10 .......... . ............ }f; ...... .... . ..... . . . . ..  20 ... . .................. 22 ........ . ........... . .. 24 .. . ........ . ........ 20 ...................... . , 28 ...................... 30 ....................... 32 ........... ..... ...... 34 ...... . ..... . ..... ... .  so........... ..... ss ..... ........ .........  I  40 ... .. . ......... . . . ... 42 ......................  44 . ...... .......... .. ... 46 .. . .... ........ ...... ,  per cent.  '¾ po, cent.  10 5 ·50 5 4•54 4· 16 3·84 3·57 3 ·33 3·12 2 94 2·77 2·63 2·50 2·38 2·27 2·17 2 ·oe 2 1·96 1 92 1 ·88 1 ·85 1 ·81 1 ·78 1·75 1·72 1 ·59 1 66 1 ·63 1 '61 1 ·58 1 56 1·53 1 ·51 1 ·49 1•47 1·44 1·42 1 ·40 1 ·e8  15 10 7 ·50 6 81 6 ·25 5 76 5·35 5  I  4 ·68 4 -41 4 ' 16 3 94 3 75 3 57 3• 40 3·26 3•12 3 ~-91 2·ss 2 83 2 ·77 2 ·72 2·57 2 ·63 2· 58 2-54 2 ·50 2 ·45 2·41 2·38 2 ·34  .. . . . . ... . . I I  48 ................ ...... 50 . . . ...... . ... . ........ 51 ....................... 52 .............. . ........  ······················· ······················· ....... ... .. ............ .. . ..... .. ..... ........  --- .  ........  · · --· 1  ······················· ············ ······· ···· ··············• · ..... ................ ... ...... . .... . .. . ... ··· 1 . ................ . .... .......... ············ ······················· ....... ·········· ·· ··  --: .:::.::::::::. :::::: ~ :::::·::::::::::::::::: I  '73 . ..............--: . .. .... ··· 111-35 36 '74 .................  .,, 5.......  ... ...... ...  1 ·33 1·31 1·29  '76 ............ . .........  '77 ... .. . ..... . . ........  78 ... . . ...... · ·· · ······ '79.... .. ....... . ...· 11·28 1·26 80... . ....... ........ . .. 1 ·25 81.... ....... .. . ... .. . . 1 ·23 8~... . . .... .... . ... .... 1 ·21 83  84 85................... 86...  ............... .... 8'7 ............... . .......  \  '88 ....................... \  89 ... .. ...... oo,........ . 9" · -· · ,· ·  •n~··· .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1 ·11 1·1n 1•14 1·13 l"J2 11  I  I' I  I I I  2 ·27 2 23 2 ·20 2 ·11 2· 14 2 11 2·os  2 05 2·02 2 191 1·94  111·89 ·~2 1·87 1 ·R5 1 82  •¾ per ct:nt.  1a ·33 10 00 9 09 a ·a3 7 ·6!) 7•14 6 ·66 6 ·25 5 88 5• 55 5 ·26 5 4·7(j 4 ·54 4 ;¾ 4 ·16 4 3· !)2 3 ·81 3·77 3·70 3 "63 3-r,7 3 ·50 3·44 3 38 3 33 3 ·27 3•22 a· 17 3 · 12 3 · 01 3 ·03 2 98 2 94 2 89 2 115 2 ·81 2·77  25 16"66 12·50 ll '36 10 -41 9·61 8 •fl2 8·33 7 81 7·35 6·94 6 ·fi7 6 ' 25 5 95 5 ·68 5·43 5 20 5 4·90 4 ·8o 4 71 4•5, 4 5 4 46 4 ·38 4·3 1 4-23 4 16 4 09 4 03 3 ' 96 3·90 8·84 3·78 3·73 3 ·57 3 62 3 ·57 3-52 3 47  I  I I I I  I  I I i ·au  per cent.  I  lI I  22·~0 ·13 2·u6 263 2·59  ·5u 22 ·53 2 50 2·4fi 2 ·43  I j  I  I I I II I  3·42 3· 37 3·33 3 ·28 324 33 ·20 16 3· 2 3·08 3·04  3 P"  cent.  I  1·16 1-74 1·72  I  ·1 110 I 1·68 1 ·M  2-35 2·32 2·29 2 ·21 2·24 ~  /l2  I I  2 94 2·90 2·81 2 84 2 80 2 "'?7  •¼P"' 14 per cent. cent.  I  '¼Pe< cent.  l I '° I ., I® I I " .. 20 15 , 13 63 12 ·50 11.M 10·71  10 !) ·37 8·82 t1 ·33 7 89 7 50 7 ·14 6·81 6·52 6·25 6 5 ' 88 5·76 5·66 5· 55 5· 45 5·3:5 5• 26 5·17 5 ·os  I I  I l  I l I I I 5  I I  I  I  4•91 4 ·83 4 ·76 4·63 4·61 4 ·51 4·47 4"41 4·3t 4 '28 4·22 4 · 11)  44·10 ·0:5 4 3·94 3·89 ·84 33 ·79 3·75 3·70 3·55 n  I  !  {  j  I  I  I I I I  I  23 ' 33 17 ·50 15·90 H· 58  26 ·66 20 18·18 16 ·(,6  12 ·50 11 · 66 10 ·93 10 29 9·72 9-21 8 ·75 8 ·33 7·95 7· 50 7 ·29 7 6 ·86 6·73 6·60 6·48 6·36 6·23 6·14 6·03 5·93 5·83 5-73 5· 64 5-55 5 46 5·38 5 -30 5·22 5•14 5·()' 5 4 ·92 4 '•86  14 28 11500 13 ' 33 12·50 11 ·76  I I  10-52 }Ill 10 9·52 9·09 8"69 8 ' 33 8 7 ·84 7 ·6) 7·54 7•40 7•27 7 14 7·01 6·89 6"77 6 ·66 6·55 6 ·45 6·34 6·25 6'15 5 ·06 5 ·97 5 "88 5· 79  I I  45 30 22·50 20 ·45 18 ' 75 17 30 16"07 15 14·06 13 ·2-'3 12 50 11 ·84 11 ·25 10-71 10·22 9· 78 9·37 9 8·82 8 "65 8" 49 8 ·33 13 · 1g 8 ·03 7·89 7·75 7-52 7·50 7·37 7-25 7·u 7 ·03 5·92 6·81  I II  I I  pee II•cent.  I I  33 33  ~·72' 20 ·83  I"~  17'85 16 ' 66 15· <12 14 ·70  1~· t18  I I  I  q •R,q  13 -15 12 · 50 ll.90 11 ·36 10· 41 '" 00 10 !J ·80 9-51 9 43 9·25 9·09 8·92 8 ' 77 8· 6~ 8 ·41 8 ·33 8·19 8 ·06 7·9a 7 ·81 7·69 7·57 7-45 7·3.:; 7·24 7·14 7·04 5·94  •¾P" cent.  I 30·66 55 27 ·5a 25 1 22 91 12115 19 ·6! 18 ·33 17 "18 16'17 15· 27 14· 47 13· 75 13' 09 12 ·50  l 1  40  I 302700 ·27 2:\  I 212-:l ' 4207  I 18·15 17 "64 20  1fi ·66 15 "78 15 14· 28 13 ·53  70 I 48·66 7-'3 I 6543' 33 ,I ..... I 8053-33 I 7537·50 50 I 35 -50 35 I 3229 ·50 40 ·54 31 ·81 I 3:l·18 I 34·09 I 36"36 33 -33 31 •2 i 27 ' 08 29 ·16 30 ·41  I" I I"" I:rn I~"  12 ·50 12 11 ·76 11 ·53 11 ·32 11 ·11 10·90 10 · 70 10·52 10 ·34 10 ·16 10 9·83 9·67 9 ·52 9·37 9 -23 9 ·09 P,·(:15 8 ·82 8 ·69 8 ·57 8 ·45 8 ·33  ]1  10 "78 10 ·57  1 10·18 •o ~ 10 9·82 9· 64 9·48 9 ·32 9·16 9·01 8 ·81 8·73 8 59 8·46 8·33 8·20 8·08 7 ·97 7·85 7 74 7·53  t  16"25 15· 47 14· 77  19·21 18·25 17'38 15·59  13 12•74 12· 50  14 -53 ",1 14 1:3·72 13 '46  I ""  12· 03 "26 11 ·81 11 ·60 11 ·40  12 ·95 113 20 12 -72 12 ·50 12·27  13 ·51 113 77 13 ·27 13 ·03 12 ·80  11 ·86 06 :U ·66 11 ·47 11 ·29  12 ·37 12 ·16 11 -95 11 ·77  12-71 12 ·50 12 ·39 12 ·09  11 ·40 11~ 11 23 11 ·06 10'89  11 '68 111 90 11 ·53 11·3(; 11 ·19  10-57 10·42 10 ·2s 10 ·13  10 ·86 111 10''11 10'56 10 ·41  11 ·59 111 76 11 ·43 11 ' 26 11 ·11  9·09  110 986 9 -73 9·50 9·48  110 10 ··21 13 10 9 .86 9·74  110·95~ 10 ·80 1-11·53 11 ·49 10·66 11 ·;.i3 10 ·52 11·18 10 ·38 11 ·03  18 97 8 ·86 8 ·75 8·64 8·53  ·f!5 99 ·24 9 12 9·G1 8 ·!JO  99·61 -49 9 -37 9 -25 9·14  11 ·01 111 20 10·8:1 10 ·65 10· 48  11010:!O ·1531  I  s8·78 ·90 8 ·66 8 · 55 8·41  ·4s 44 ·43 4· 37 4·32 4·26  5· 12 5·06 5 4-93 4·87  8·a3 8·22 8 ·12 8 ·02 7 ·92  I  I I  55·76 -59 5 62 5 55 5 ·48  I  I  55·41 -32 6 ·25 5·17 6·09  I  I  4· 11 4·00 4·02 ::i-97 3·93 ::i ·RR  I I  4 ·70 4 ·55 4·59 4·54 4 ·49 4 ·44  j I  5 -29 5·23 5 ·17 5·11 5·05 5  f  l .  5·88 s ·81 5·74 5·5s 5·51 s·55  ·05 67 ·96 6 ·87 6·7!J 6·70 ••  I I  I I I  ·59 77 ·59 7·50 7 ·40 7 ·31  I  I  I  I.  10·93 11111 10·76 10 ·60 10·44  I '° ..  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I I  6'89 o·s3  6 ·;7 6 ·72 6·66 6·61 6·55 6·5o • ·45  8·85 s·~6 s·67  I  I  I  8 58  I ~:!~  s·33 s ·25 s·17 s·o9  7·541 7·47 7·4c 1 ·a.3 7·27 7·20 7·14 1 ·01 7·ci 6 ·95  9·34 9·23 9·13 9·04 s·94  I  I 1  I I  I  s7 ·o1 94 1 ·s7 7 ·79 7 ·72 7·55 7·5s 7 ·52 '1·45 7·39 7·32 7·26 7·20 7· 14 1·os 7·02 6·96 6·91  j  I  I j  I  I I  9 per 1 9¼ per  cent.  . cent.  9·s9 9·7s 9·67 9·57 9·47  110·44 10 ·32 10·21 10 10 10  9·37 9·27 9·1s 9·09 •91 !s·s2 s·7:J s·65 s·57 s·49 3·41 s·::3 s ·25 s·1s ·10 ss ·o3 7 ·96 7·s9 7·82 7·75 7·69 7·62 7·56 ,;,·50 7·43 7·37 7 ·31  /  6·s,  ,..,  I  6 ·29 6·07 5 ·86 5·66  6·66 6·42 6·20 6  I/  per 111cent.  1 12 I er I  110·9s 10·s6 10·75 10·63 10·52  112·08 11·95 11 ·s2 11·70 11·57  113·1s 13·04 12·90 12·76 12 ·63  110·41 10·30  ' 46 11 11 ·34 , 11·22 11·11  12·50 1 12·37 12·24 12 ·12  ~~-s9 I 10·1s  I ~~·ss I  I/  I  5 ·92 5 ·71 5·51 5 ·3:1 55•·1o 4·s1 4·,o  I  I  55··4s :u 5·15 5  I  ·so 55 ·62 5 ·45 5 ·29 14  10 per  cent.  9·89 9·79 9 ·69 9 ·59  10·10 I 10·20  I ::~~ 9·31 ·13 I 999·22 ·04  11~·90 9·so 9·70 9·61 9·52  I  I I I  s·96 s ·s7 s·79 s·71 8 ·63 s ·55 s·4s s·40 s ·33 8·26 ss ·1 ·11s s·o5 7·9s 7·91 7·s5 7·7s 7·72  I I  I I I  I  9 s·92 8·84 R·n 8 · 69  9·90 9·s1 9·73 9·64 9'56  s·51 s·54 s·47 s 40 s ·33 s·26 s ·19 s·13  1·03 fi·1s 6 55 fi'3'l  ·69 7~ ·40 714 6 89 6'66  I  6·45 5·25 6 ·06 5·ss  I I I  I  I  3·40 3·33 3 26 3 ·12  3 31 3·21 3·1·1 3·04  2·!J2 2·65 2•40  j  32·7~ iHo  4 59 4·47 4 ·35  4 32 4·21 4 ·10  4 ·os 3-94 3 ·84  (  !3 ·so ·63 3·5;; 3·47 3·33 ·20 32·90 2·66  I ::~: 3·s6  I I  3·77 3·69 a·54 ·40 33·09 2·s3  4 ·s6 4·73 4·61  5·13 5 4·s1  4·09 4 3 •91 3 75  4·31 4·22 4·13 3 ·90  a  ·so 33·4:; 3·16  I  10·18 10·09 10  9·4s 9·40 9·32 9·24 9·16 wo9 9·01 s·94  I  7·09 6·87 6 ·66 6·47  I  16·4s l63o 16·12 15·95 15·7s  "72 115 15·45  15·15 I 15·30 -s5 !! 14·70 14 ·56 14 42 14 •23  I I  a•tio I 1· s21  I  4 ,1·63 3 ·33  I  I  ~~ ·sa ·60 1!J rn ·4t 119·23 rn·04  I  1s ·s6 1s·69 1s 5! 1s ·34 1S·1s 1B ·o1 17'85 11·6s 17·54 17 ·39  112·93 12 ·s3 12·71 12 ·50 12 ·50  117·24 1i•o9 16 ·94 rn ·so rn ·66  !) ·91 9·83 9·76  112·39 12 ·29 12·19  I  s·88 s·57 8'27 8  ·50 77·j4 1 ·27 7 ·05  6·48 6 ·31 6 ·15  5 4 ·Rs 4 ·7s 4 ·5s  71 5·45 5·33 5·21 5  I  ~17if 21 ·7;1 21 ·50 21·27 21·ot;  10·34 10·25 10·16 10·os 10  5 ·94 n·7s 5·64  44 ·40 a ·66  i.ent.  120·83 20·61 20·40 20·20  1·  ·so 44·36  ·52 16 rn ·39 16·26  8  P>  t:d ~  trj  b:j  0  ~ H  z<1  I 12·0, I 16·12  U1  I !~11 ··53Jt  0  I ~:.38  10 ·11 110 ·34 10  14'81 14·23 13 ·79 13·33  ·31 99·57 9·09 s s2  · 90 112 12·50 12 ·12 11·16  s·10 7·s9 7·69  10 ·s1 10 52 10·25  6·s1 6 ·66 6·n2 6 ·25  . 52 1~9·09 s•sfl s·69 s ·33  I  trj  8  ~  ?1  I :::; I !! : ~~ ,  I ::: I ::!~ I :.7(i I ::: I :. 1' ~:~~ I 4·54 4·44 4 ·34 4·16  20 per  113·51 13·39 13 27 13·15 13·04  , ..,  I  I I  10·81 10 ·11 10 ·61 10 52 10·43  r~ I ::~~  5-40 5·26 5· 13  I  ·32114·,5 111 14•01 11·21 rn·88 n·u 13·76 11 13 ·63 10·90  I :::~ I ~::~ s ·; 4 1·s5 7'58 7·33  15 per / cent.  11·•16 11 ·65 11 ·53 11·42  s ·87  I ::~~ I :.: I !·.~: I :·.~; I :· I ::~ I ::!~ 3·94 3·s4 3· ,; 9  I cent.  10 ·61 10 ·57 10·41 31 110 10·28  so,  93 5ti•12 5 ·75 5 ·5s  I  9·43 9·34 9·25 9·17 9·09  7"1.6  I ~: ~~ / ::: I !:!~ I ~::~ I  !.~: I ;·.~~ I ~-.:~ j ::!~ I 2·95 2·ss 2· s2 2·70  s·79 !di9 s 60 s·51 s·42  1· 8¼ per  .  ~ ~1  l:i 5·45  '>  I  s 7•2 5• 7 66  ~  'l  STATES  UNITED  DE BT A D  SECURITIES.  PRICES.  The debt of the United States outstanding on December 31, 1894, is given in the second table below in detail, and the first table shows the total public debt of the United States from 1793 to 1894, inclusive. In the year 1860, and subsfquently, the totals given are the net amount of d~bt, 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, as these are assumed to be a conditional indebtedness for which the Government holds security in the shape of second mortgage liens on the several roads. For some of the recent 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 has been made several times. We give the results entirely in the old form, so that the comparison is 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. UNITED STATES DEBT 1793 TO 1894 . ---  --  Year.  Amount .  1793 ... $80,35'2,634 1794... 78,407,404 1795 .. . 80,747,587 1796 ... 83,762,172 1797 ... 82,064,479 1798 ... 79,228,529 1799... 78,408,669 1800 ... 82,976,294 1801. .. 83,038 ,050 1802... 80,712,632 1803 ... 77,054,686 1804... 86,427.120 1805 .. . 82,312,1:i O 1806 ... 75,723,270 1807 ... 69,218,390 1808 ... 65,196,317 1809 ... 57,023,192  Year.  Year.  Amount .  1810... 1811 ... 1812 ... 1813 ... 1814. . 1815.. . 1816... 1817. . . 1818. . . 1819... 1820.. . 1821. . . 1 8 22... 1823 . . . 1824.. . 1825 ... 182fl . ..  $53,173 ,217 48,005,587 45,209,737 55,962,827 81,487,846 99,803,660 127,334,933 123,491. ,965 103,466,633 95,529,648 91,015,566 89,987,427 93,546,676 90,875,877 90,269,777 83,788,432 81,054.059  Amount.  Year.  -----  1827... $73,987,357 1828 .. . 67,475,043 1829 ... 58,421,413 1830. .. 48,56/l,406 1831.. . 39,123,191 1832 ... 24,322,235 1833 ... 7,001,698 4,760,082 1834... 37,513 1835 ... 1836... 336,957 1837... 3,308,124 1838 ... 10,434,221 1839 .. 3,573,343 1840.. . 5,250,875 1841 ... 13,594,480 1842 ... 20,601,226 1843 .. . 32,742,922  Amount.  1844 ... $23,461,052 1845 . . . 15,925,303 1S46 •. 18,550,202 1847. .. 38,826,534 1848 .. . 47,044,862 1 8 49 . .. 63,061,858 1850. . . 63,452,773 1851.. . 68,304,796 185 2 ... 66,199,341 1 8 53 ... 59,803, n 7 185 4 ... 42,242,222 1855 ... 35,586,956 1856... 31,972,537 1857... 28,699,831 1858 .. . 44,911,881 1859 ... 58,496,837 1860 .. . 59,964,402  Year.  II  Amonn~  Amount.  Year.  $87,718,6go 1878 ... 1861.. . 1862.. . 505,312,752 1879 .. . 1863 .. . 1,111,350,737 1880... 1864 ... 1,7u9,452,277 1881. .. 1865 . .. 2,674,815,856 1882 .. 2,636,036,163 1883 .. . 111866 1867... ... 2,508,151,211 1884... 1868 ... 2,480,853,413 1885 .. . 1869 ... 2,432,771,873 1886.. . 1870... 2,331,169,956 1887... 1871 ... 2,246,994,068 1888 . .. 1872... 2,149,780,530 1889 ... 1873 ... 2,105,462,060 1890 ... 1874... 2,104,149,153 1891. .. 1875 ... 2,090,041,170 1892•.. 1876 ... 2,060,925,340 1893 ... 1877... 2,019,275.431 1894...  $1,999,382,280 1,996.414,905 1,919,326,747 1,819,650,154 1,675,023,474. 1,538,781,8251,438,542,995 1,375,352,443 1,282,145,840 1,175,168,671> 1,063,004,895 975,939,750 890,784,371 865,912,751 8!\fi,526,463 852,969,47 913,313,38  UNITED STATES DEBT STArEMENT DECEMB}}R 31, 1894. The following is 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, 1894, according to the latest form adopted by the Treasury. l.NTEREST-BEARING D111B'1'.  TitU of Loan. 4¾8, F'n'dLoan.1891 Continued at 2 p. c. 48, F'ded Loan .. 1907 ts, Ref'd'g Certlflo' a. 5s, Loan of 1904......  CASH IN THE TREASO RY.  Amount Outstandtng.  Int'r't Pa11'Ie  Amownt IBS'U«l.  Q.-M. Q.-J. Q.-J. Q.-F.  $250,000,000 $25,SM,500 S25,S64,50< 740,888,500 489,672,400 (69,94.9,750 569,622,160 40,012,750 513,480 94,125,000 42,767,650 51,857,8.';0 94,125,000  lug(11tered..  OO'Upon.  ........  Total.  ........  -1,125 021,250 557 804 550 121807100 679,168,l• O .... ---------'---'--'----__!.--•-·---DEBT BEARING .NO INTEREST  Aggregate excl'd'11 B'ds to Pac. RR.  ---  ·-  United States note11 . ................................. . ................ SS46,681,016 Old demand notes .................. .... . . .. .. • • • .... .... .. .. .. .. • .. .. • 54,847 National Bank notes : Redemption account .. . .. . ................ , .. • • • •. . . • . . . . . . • . . . • 29,615,449 ll'ractlonal currency. ... . ........... . ................ ,15,271,966 42 Less amount estimated as lost or destroyed........ 8,875,004 00 6,696,082  00 50  In tM  - - - - - - - - - - - - - - -( Gold oertl.fl.catea..................  In 'l'rMBUr1/, Owculation  Amount Issued.  ... .. • • .. • . .. S58,960 $58,361,909 f5S,420,869 5,846, i20 831,077,784 836,924,004 Certlflcates of Deposit....................... 1,000,000 47,005,000 48,965,000 Treasury notes of 1890.. ............. . ... .... 28,i169,950 122,453,781 150,823,781  ---------  Aggrellate of certificates ..... . ... . ... . ... 136,235,030 $558,89fl,474 $590,184,104 RECAPITULATION.  Interest-bearing debt ........ . .. . Debt on which int. has ceased .. Debt bearing no interest .......  December 81, 1894.  •  679,168,180 00 1,825,600 26 883,2!1c7,845 !lc2  16,197,719 43' 17 82, 754,28{> 6  A.glfl'egate .......... ., ......... . ................ .  Gold certiflcate11 ..................................... 153.420,~9 00 anver certificates .................................... 336,924,504 00  80~/in~ii~.~~ .~~?. ~:.~~~~·::::::.:: ·.: 1~:ii~:~~ ii-,590,134,104 00 ~~~:::;~ Fund for redemp. of uncurrent nat'l bank notes 7,41P,589 23 Outstanding check.a and drafts.................... 3,899,502 50 Disbursing officers' balances. • .. .. .... ... .. .. .. .. • 24,647,478 97 Agency accounts, .to ... ............................ 3,816,089 91tl4c!~ei:1.~iica.:::::::::::::::.:::  39,282,605 61  ~t~t~:t~i :lB................... 1ss,ss7.579 9g.  Allgregate ................................... ............... ........ S782,754,289 60 Cash balance in the Treasury November so. 1894 .................. $144,507,605 90 Cash balance in the Treasury December 31, 1894 ................... 153,337,579 9f>  -----18,829,974 0  Increase durinll the month,... ............... ....... ............ .....  BONDS IBSUlllD IN AID OF PACIFIC RAILROADS.  November SO,  Increa.,e or  18\14.  Decrease.  •  •  689,148,030 00 I. 40,025,100 00 1,826,980 26 D.1,130 00 888,120,564 92 I. 126,780 :50  Aggregate of interest and noninterest bearing debt .......... 1,064,241,275 68 l,OH,090,525 19 C. 40,160,750 50 Oertlflcate and notes otraet by an equal amount of cash in the Treasury........ . ........... 090,184,104. 00 606,270,848 00 D. 16,186,78~ 00 .Aggrel{ate of debt. including certificates and notes . ..•.. ••.. 1,654,375,379 681,680,861,368 U! I. 24,014,01150   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  t~ig:g~g1i_ 122,914,759 n  Other-Bonds, interest and coupons paid, awaiting reimbursement.............. . • . . ........... . . 12,247 9~ Minor coin and fractions.I currency............. 1,104,196 42 Deposits in nat'I. b ank deposltaries-gen'l acc't.. 11,145,088 87 Dlsburaingofflcera' balances....................... 3,l/86,186 72-  DEMAND LIABILITIES. 42  BUTer oerttflcatea. .. ..........................  OlaarillcaUon of Debt,  *1;.trg~~r i:~l.fl.i~t::::::::::::::::::::::::::::·:::  191,879,019 91 47,727,334 14-Sl39,606,854 01> 364,587,659 00 14,4-~,636 17 125,014,161 23- 504,035,456 40 81,919,157 58 28,369,950 00 58,~60 oo 5,8-16.720 00  50  AaJnellate of debt bearinll no !ntereat ...... . ................... 1888,247,84.5 42 OBRTIFICA.TES AND NOT1ll3 ISSUED ON DJllPOSITB OF COIN AND LEGAL-TENDER NOlES AND PURCHABB:S OF SILVER BULLION.  Ola.mftcation of OerUJf,ccuu and Notes.  Gold-Coin.................. . ......................... Bara............ . .......................... . .. i1lver-Dollara ....................... . .............. . Subsidiary coin.................... . .... . ....... .. Bars....... ..... . . ......... ........ ... . .. ... . Paper-Legal tender notes (old Issue) ... . .. . Treasury notes of 1890........ .. • • .. .. . .. .. .. Gold certificates......... ... .. .... . .. ........... Silver certificates..................................  Nam, tf .Rail!Wa11.  Int. repaid b11 Companies. B alance Interest of I nter•,i paid b11 B11 7Tans- B11cash pavand not portaUon m'ts;5p.c. paidb11 stanMna. vet paid. the U. B. Bermce. net earnings. the u. f!.  Prindpat In terest Outaccrued  •  Oen. l"aolflo. 25,885,120  Iran. Pacl.fl..o. 6,SOS,000 Onl'n Paclflc 27,286,512 Oen. Br. U.P. 1,600,000 Wut-~ Pacific 1,970,560 ~ioux c. & P. 1,628,320  Totals ...... 64,623,512  •  •  776,~M 40,586,734 189,090 10,289,813 817,096 42,988,948 48,000 2,605,808 59,117 2,968,819 48,849 2,588,989  -- - - 1,938,705 101878611  •  •  •  7,199 579 4,822,194 14,586,559 617,622 9,867 225,218  .........  26,960 589  1,108 620 73,809,453  658,283 32,678,87S  5,967,119 ,ss,410 27,908,979' 6,927 1,981,260 2,9:19,451 2,818,771  .......... ..........  UN l TED  ST A TES SECURITIES.  49  PRIDES OF UNIT.ED STATES BONDS. In the following tables are shown the monthly highest and lowest prices of U ni~ed States Government Securities for the thirty-five years from 1860 to 1894, inclusive. At the beginning of this period the total debt of the Government was almost nominal. Then followed the war period till April, rn65 ; thence the period of speculation till Sept., 1873; thence the period of recuperation till the resumption of specie payments on Jan. 1, 1879, and the subsequent funding of the maturing bonds into new bonds at 4½, 4, 3½, 3 per cent, and :finally, in Sept., 1891, the extension of 4½s at 2 per cent, payable at option. In 1894 a new era began with the issue of 100 million dollars of 10-year five per cent bonds to meet cie:ficiencies in revenue and make good the depletion of the gold reserve. The bulk of the first issue of 50 millions was sold on a three per cent basis ( the rest being taken at figures yielding the purchaser a somewhat lower rate), and the second issue of 50 millions was disposed of on a basis of 2·878 per cent interest per annum. IS60. JANUARY FEBR'RY.  MAROH.  APRIL.  --- --- - - ------  SECURITIES.  tMAY.  JUNE.  J U LY.  AUGUST  SEPT'BER. OCTOBER. NOV'BER. DEO'BER.  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High L ow.High Low.High Low.High Low.High  ---·- -  - - - - - - - - - - -- -  .... 96 - 96 U. S. 6s of 1868, coup .... 106½-107 106 -107)4 106½-107¼ 108 -108¼ 108¾--109½ 108 -108 108 -109 109 -109¼ 108 -108½ 107¾-107¾ ... . 92 - 93 997§- 100 99¼-100½ 100½-102¼ 102 -102¾ 102¾--103 100½-100¾ 101 -102 102 -102 102 -102¼ 93 - 98 U.S. :is of 1865, coup .. . . 98 -100 lJ. s. as of 1874, coup . ... 99)4-100½ 100¾-100½ lOO!Y.i-101¾ 103 -103¼i103 -103¾ 103¾-104½ 101%-102 102 -103 102;}~-103¼ 102¼-103 95 -103 89 - 95 IS61.  U.S. 6sofl868, coup .... U.S. 6s o:f18S1, coup .... u. s. asof1865, coup . ... u. s. as o:f1871, coup .. .. 0. S, as of 1874, COU}) ... ,  98 - 100  .... - .... 90%- 92 91 - 93 92 - 97  94 -100 93¼- 93)4 86 - 91 87½- 91 85 - 93½  95 - 95½ IJ5 91 - 94 84½91 89 - 92 .. .. - .... 85 75 85 - 00  1)5 94 91¾ 85 89½  86 - 95  88 83 85½75¼-75 -  84¾- 89 85 - 86  78 - 80 75¼- 79  90 85 86¾ 79 78},(  87 85¼-86 77½76 -  90 90¾ 89 80 82  87½- 90 88 87¼- 89¾ 89¼85 - 87 86 7g½. ... 79½78¾- 81  ....  90 91¾ 87¾ 81 81  90 91)487¼81½81¼-  f2 93½87½82½83 -  90 95¾ 89 85 So  92 95¼ 89 86 86  97 89 86½82%79 -  98 93½  88½ 83 83  1862. U, S. 6sof1868, coup ... . 85 U.S. 6sof1881, coup .... 87½85 U. !S. as of 1871, coup .... 79½U. S, as of 1 8 74, coup .... 78 U, S. 6s, ce1.·tificates . .. . . . ... . p. S. 7 3-10 notes . ..... .. IJ7½-  u. s. as of 1865, coup .. ..  90 91¾ 86½ 80 80¾  86¾- 90  90 - 92 88½- 93  98  98 -  79 78½-  . ... .... -  92½- 95 92¾- 94¾ 90¾- 98 80 88 - 88 85 85 - 88 . ... 97 - 07 99¾ 99¼-100  -  97)4-102 103½-107¼ 91 - 97 92½- 98 97¾-105.½ 105½-107¼ 92 - 92½ 93½- 97 93 - 99 .... - . ... 93 - 96 96½- 97 89¼- 96 86%- 90 IJ5¼- 97½ 99 -100¼ 1007§-100¼ 96¾- 99 104½-106)4 99¼-101½ 102¼-105¾  96½-100 96½-103 \JO - 92 86"¼f- 86¾ 85 - 91 9 - 09 99 -105¼  101½-102 102 - 102 103 -104½ 102¾-104jj( 95 - 95 97 - 97 91¾- 92¾ 91½- 93 91½- 92¼ 97½- 99¾ 94¾- 97¾ 103½-105¾ 100½-104¼  96½- 99½! 96½- 100 103 -103¼ 987§-101¾ 99 -102½ 102 -104¾ 96 - 97 88¾- 90 89 - 91 92½- 93 85 - 01 88 - 91¾ 91 - 94 98¼- 99% 98¼- 99¾ 98½- 99¾ 1027§-105½ 102¾-104% 103 -103  9'-94 19'-'5 I  1S63.  u. ~. us 0 1 1~~.:r:, coup .. . u. s. as of 1865, coup ...  u. s. 5s of' 187'4, COUJ) ...  {104 -10,  m!)(- m, t ~-10',&¼ 100}(-lo:'.i~ ll'494-l.OO¼ll07¼--l03¼ 107¾- ll.O [104¾-l.07¾ lUB -107 1()6¾-110¾ 103¾-llO¾IOS¼-ltO .... - . . . £6 - 99 99¼- 99¼ . . .. - •... 104 -106 106 -108½ 104½-105 105 -105 ... . - ..... .. . - .. .. 117 -125 124 -127  86 - 90 85½- 97½ 94 - 98¼ 95¼- 98¼ 97 - 98 U, S. 6s, goldce1.•tificates 94¾- 97)4 93¼- 99 9 ¼-100¼ 99¼-102 101 -102_ U.S. 6s, currentce1.·ts .. . . . .. - ........ - . . .. 96;►.{-100½ 98 - 99¼1 98 - 99¼ U.S. 7 3-10s, A. & O .. .. 100 -103 101¾-105){ 104¼- 107¼ 104½-106 106 -107½ U.S. 7 3-10s, F. & A . . .. 102½-103 102½-104}{ t02¾-107 104 -107 106¾-109  98¾-100 100¼-101¼ 97 - 99¼ 103½-107¼ 107 -107½  97 -100 9,..½-101¼ 9,7-{- 99½ 105 -107 105½-107½  96½-101 97 - 97 98¾-1007-{ 100 -100 100 -101~ 101 -101¾ 101%-102½ 08 -102)4 W¼- 99¼ 99¾- 99% 99 - 99½ 98¼-- 09 105¾-107¾ 106½-107¾ 105½-108% 105¾-107% 105½-107¼ 105 -106½ 106 -108 106 -107¼  98 - 100½ 101¾-102¾ 98 - 98½ 106½-106¼ 106½-10~  ~  1864.  u. s. 6s of U, S. U.S. U.S. U.S.  1881, COU}) .. . 5-20s, coupon .. .... 10-40s, coupon .... . 7 3-10s, A, & O .... 1 yea1.· certificates .  104 - 107 106¾-111½ lll¼-113¼!113 -118 101½-104% 10$;¼-107 107 -110½1105 -114  113 -115 1111 -114 102 -106% 104¾-109¾ 106½-109 105½-107¾ 101 -106¾ 101½-109 106½-113 105 -111% 103 -103½ 95 - 99 107 -112 107 - 112 106¾-107¾ 107¾-lll 97¾- 98¼ 97¼- 99½ 99¼- 997/4 97¾- 99¼ 98¼- 98½ 92¾- 98¾ 93 - 96¾ 93¾- 95¼ 93 - 95  .... - .. . .  iil  :us·· 1ios)<:u;··iw":,;;··1ios :,;o··iw,,:,;,;;;  104¼-106lt06½-113  106½-108½ 100½-107¼ 92½- 96½ 94 - 99¾ 104 -108¾ 107 -124 94½- 95½1 95 - 98  112¾-118 1067§-110 98¼-102½ 116½-122:)a 96 - 977.Aj  )  IS6a. U. S. 6s of 1881, coup .. . coupon . . .... U.S. 5-20s, new, coup .. U, S. 10-40s, coupon ..... U, S. 7 3-10 notes . ... . ... U. S, 1 year certificates.  u. s. a-20s,  -  U.S. 6s of 1881, coup ... U.S. 5-20s of"1862 . . . . . .. U.S. a-20s of1S64 . . • · ... u. s. a-20s of1865 ...~. . . U.S,10-40s .... ... ... ...... U. S, '7' 3-10 notes, 1st ... ~.s. 7 3-10 notes, 2cl. . .. tI• S. 7 3-10 notes, 3d .. ..  109½-112¾ 109½-111½ 106¾-110 108¼-112 106½-110 108 -111 100½-102¾ 100¼-1027/4 114 -1111 115 -116½ 98 97¼- 98½  96'"w  103½-111¼ 105 -110¾ 108½-110¾ 108¾- 110½ 106½-108¾ 106 -107¾ 107¼-108¼ 106¾-108¼ 104¾-111¾ 105¾-109¼ 102¾-107 102 -104¼ 103¼-106 105½-106% 105¼-108¼ 101¾-105¼ 100¾-110¾ 105¼- 109)4 102½-lOd 103 -104 10$¾--105¾ 104 -105 105 -106¾ 101 -103 93 - 98¼ 93%- 94½ 92½- 94¼ 89¾-102¾ 91½- 97¾ 94¼- 97¾ 94¾- 97¾ 96¾- 98 98)4- 99¾ 98 - 99¾ 97 - 99¼ 114 -114½ .... - . .. . 99½- 99½ 99½- 99¼ 99½-100 97¾- W¾ 99 99½ 99¾99% 97¾99¼ 97½- 98¾ 98½- 99 96½- 98% 98¾-- 99½  105)4-1013% 99¼-103 98¼-101¾ 89¾- 92¾ 95¾- 99 96¾- 971{  106¾-108}4 100 -105¼ 99 -102¼ 90¾- 95 96¼- 987A 97¾- 98% I  1866. 103¾-104% 103¾-104½ 104¼-105¼ 104¾-108½ 107 -109½ 109¼-110% 106¼-110 109½-113¾ 110¾-112 lll½- 113½ 112 -114¾ 102¾-105 102¾--103¾ 103 -104¾ 103¾-106¾ 100¾-102¼ 101½-104¾ 104¼-1087/4 108¼-113¾ l<Yi'1f-112½ lll:}fr-115¼ 107½-110% 101½-102¼ 102 -103¾ 102%-104¼ 103¾-1057/4 101¾-102¾ 102 -103¾ 1()3¾-106 105½- 110 108 -109½ lOIJ¾-111 105¾-107¾ 101½-102¼ 101%--103½ 103 -104¼ 104 -106 101¼-102¾ 102¼--103½ 103½-106¼ 106 -109¾ 107¾- 109¾ 109 -111¾ 105¾-109¾ 99 - 103¾ 97½-100¼ 097§-100¼ 99½-100¾ 92¼- 93¾ 93¾- 94¾ 90 - 92¾ 91½- 96½ 94 - 96½ 95¾- 97¼ 97¾- 99 98¼- 99¾ 99¼-- 99¾ 99½-100¼ 100 -102 100½-102¾ 102 -103¼ 103 - 104½ 104 - 107%(5½-107½ 106 -107 105 -108¼ 97¾- 99¾ 98¼- 99% 99¼-100½ 997k102 101 -102¾ 102 -103¾ 103 -104½ 104 -106¾ 1057§-106¾ 105¾-106¼ 104 -106¾ 97¾- ll9 99 - 99½ 99 -100¾ 99¼-102 100¾-102¾ 102 -103¾ 103 - 104½ 104 - 106¾ 105 -106½ 105½-106¾ 104 -107¼  -  1()9¼- 113'( 1057§-108¼ 104¾- 107 104¼-107¼ 99 -10()¾ 104 - 10~ 103%-10~ 104 -105'(  1867. U.S. 6s of 1881, coup ... U, S, 5-20s o:f'62, coup. coup. ,U, S. a-20s, '65, c.,M~N U.S. 5-20s, '65,c., J&J U. S, 5-20s of'67, coup .. U. S.10-401!1, coupon .....  u. s. a-20s of'64,  106½-108¾ !.07½-110½ 106¾-108 107¾-111¾ 105¼-106 105¾-108½ 105 -106¾ 105¾;-109),j, 103:}fr-104% 104¾-106¼  ....  . ... ....  99¼-100  109 -110¾ 110~-112¼ 107½-109¼ 107%--109¼ 106½-108¾ 107 -108% . ... .... ... 99 - 99% 99].\i-100½ 100½-102¾  108¾-110¼ 108¼-110¼ 110½-!12 111%-113¼ 108%-111 110¾-111¾ 107 -109% 109¾--110% 107¼--108 107¾-109¼ 1057§-106 105¾-107% 1077§- 108¾ 1077§-109¾ 105¾--108 106½-107¾ 106½-107¾ lO'i¼-107½ 107½-108¾ 108½-110½  .... ....  . .. . ... - ...  99¾-101¾ 97½- 98¼ 977/4- 99  - ....  110¼-112¼ 110¾-112¼ 111%--114¼ 110¼-115¼ 109 -110¾ 108¼-110¼ 109½-lll}s 109%-lll½ 107¾-108¼ 107½-109 1077/4-108¼ 107¾-109 102¾-103¼ 99½- 99½  110½-112¾ 111½-113¼ 108¼-109% 108%--110¼ 106¾-107% 106),,i-108 IJ9¾-·101¼  112 -113¼ 111~-1127,11 1077/4-108¾ 107 -108¾ 105 -105¾ 104½-106 105½-106½ 104¾- 105¼ 107¾-108 107½-10~ 107½-108 107½-109 100¾-102¾ 100%-104  1S6S.  ... & of 1881, coup . .. 108%-112 110¾-112¾ 110¼-111% 110¼-113½ 113 -116 116½-118¼ 112¾-115¾ 113¼--116¼ 113½-114½ 113 -116¼ lll¾-115¼ 114¼--115 ;rr•. S. u S. 5-20s, 1862, coup. 107'½-lll'¼ 110 -111 ~ 109¼-110¾ 1097§-11.2½ 108 -111% 111¾-113% 112¾-114¾ 112¾-115 112½-115¼ 112¼-115 105¾-113% 109%-111~§ u • S. ~-20s, 1864, coup. 105¾-109¾ 107¾-109½ 107¼-108¾ 107¾--110¼ 106¾--109¾ 109%-111¼ ~10 -111¾ 108%-11174 109¼-110¼ 109.½-112¾ 104¾-108¾ 10/3¾-107¾ u• S. o-20s, 1865, M&N 106 -110¾ 108½-110¾ 107¾--109 1077,i-111¼ 106%-109% 110 -111¾ 110¾-112¾ 110 -112½ 109¾-lll¾ 109¼-1127/4 104,~-108¼ 107¼--108% lJ. S. 5-20s, 1865, J &J. 104¼-108¼ 106¼-108¼ 106¼-107:li 106%-109 108'"¼ -111% 112¾-114¼ 108 -109½ 107¾-109¾ 1077,i-109¼ 107¾--111% 106½-110½ 109¾-llOJs Ar. S. 5-20s, 1867', coup. 104%--1~ 106¼-108¾ 106}i-l07½ 106¾-109:J,,i 109¾-112¼ 112%--114¾ 108¼-109¾ 106½-109¾ 107¾-109¾ 107%--112 107¼-111¼ l~-111¼  ~  u • S. :i-2011, 1868, coup . .... - ....... - ... ... . . - .. . . .. . - ····i-·· u . ~- 1 O~s. coupon.- - -· 101'¼-104½ 104¼'-lC5¾ 100~-10~ .10()¼--lOS _1118   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  108¼-109¾ 107 --105¼ ....109¾-110¼ 1055:(-1:l~ 106¾-108-51; 108  -109% 108¼-109½ 1087§-112~ 107%--111 110 -111~ -109¾ 104½-105:)ti 104¼-106¾ 103 - 1 ~ 100 - 1M1'  ~o  UNITED STATES SECURITIES  6sof 1881.  6s (5-20 years) Coupon.  --- - -  Reg.  Open'g High't Low'st 0.oc'g.  109¼ 111½ 109 111¾  111¾ 113% 111¼ 113¾  112¼ 116¾ 112¼ 116¾  Coup.  1862.  1864.  1865 n.  1S65.  1867.  106 108% 105¾ 108%  Open'g High't Low'st Clos'g.  108¾ 113¼ 108% 113¼  108½ 112)4 108½ 112)4  108½ 110)4 108)4 110)4  Open'g High't Low'st Clos'g.  112½ 113¾ 112½ 113  113 113¾ 112½ 113  112¾ 114 112¾ 113  106)4  106)4 105¼ 105¼  Opeu'gHigh't Low'st Clos'g.  112¾ 116,>f 112% 116½  112¼ 116% 112½ 116¼  113½ 116½ 113% 116½  105 108¼ 105 108¼  Open'g High't Low'st Clos'g.  116½ 120)4 115¼ 119¾  108¼ 110 107½ 109¾  Open'g High't Low'st Clos'g .  120¼ 120)4 118½ 119¾  100½ 109½ 107¾ 107~  Open'g High't Low'st Clos'!! ,  107 108% 106% 108%  108¾ 110% 107¾ 110¾  111½ 114½ 111½ 114½  113 LIS½ 113 118½  104¾ 115¼ 109¼ 115)4  110½ 116¼ 110¾ 116¼  115¾ 117)4 115¾ 115¾  115¼ 116½ 114¼ 115  118 120 117¾ 118  115¾ 115½ 113¾ 113½  115¾ 118¼ 115¾ 118¾  115 11 115½ 118  118 122 117¾ 121%  114 117¾ 113¾ 117%  118% 123¼ 118 122  119 122¼ 118½ 121¼  1177/4 123% 117½ 122¼  ll3% 117½ 113½ 117  115% 119½ 114½ 118%  116½ 1207,. 115½ 120  116½ 120¼ 115¾ 120  122¾ 122¾ 121 121¼  117¾ 117½ 116½ 117  122¾ 122¾ 121% 121~  J.17¼ 117% 116¾ J167/4  118% 119 117% 118¾  120 120 119 119½  120 120¼ 119)4 119½  lll  58,  107¾ 109 106½ 108%  107½ 109~,; 107¼ 101!  108¾ 113¼ 108¾ 113)4  115 118 114% 115½ 115¼ 119¾ 115½ 119¾  10-40, Coupon  Coup.  Reg.  1862.  1864.  1865.  1865 n.  1867.  ·-  --  --  117¼ 123¾ 116¾ 123-¼  117¾ 122¼ 117¼ 122¼  121% 125¼ 121¼ 125¼  117¾ rJ½  116½ 122)4  123¼  118¼ 123¾ 118¼ 123½  122)4  115¾ 122½ 11;5:)t! 122½  116¼ 122 116 122  108 114% 107¼ 114¾  124¼ 125 121¾ 123¾  124¼ 125 122¾ 123¼  125¼ 125¼ 122¾ 123¼  123½ 124 120¼ 122½  123¾ 124¼ 120¾ 122%  122¾ 12: i lH 121¾  122¾ 122½ 119¾ 121%  122½ 122¾ 120½ 120>-e  116 116¼ 112¼ 115½  123 123 119 119)4  123¾ 123)4 119 119  128¼ 123)4 119)4 119)4  122¼ 122)4 118½ 11Ci  122½ 122½ 118)4  121:k, 121¾  11  117? ..  121½ 121½ 116½ 117¾  120¾ 120¼ 117 117  112}i 112)4 108)4 108~  119¾ 120¼ 119 119¼  119 120 118½ 119¼  120 121 119¼ 119¾  119}( 119¼ 117 117¾  119% 120 117 119¾  117'"~ 118¾ 115% 116¼  118}~ 118¼ 115T., 116%  118¼  116¾  109!'8 109¾ 107¾ 107¾  119)4 119¼ 115¾ 115  119¾ 119¾ 115)4 115)4  116 116 112¾ 112¾  113¾ 113¾ 110¾ 111  114 114 111 111¾  119 116¼ 113½ 113½  116¼ 116¼ 113¾ 113¾  116¼ 116)4 113¾ 113¾  108 108 106½ 107  115½ 120% 115½ 11R.¼  112)4 116½ 112)4 114-\!.  112}-s 116 111% 111%  110½ 113,½ 110½ 112  110¾ 114¼ 110¾ 111¾  113 116¼ 113 115¼  113)4 116½ 113¼ 115¼  113 116)4 113 115  106¾ 110½ 106¾  - - - - - - - - - - - - - - - - --- - -- - - - - -- - 107¾ 109¾ 107% 109½  112)4  6s (5-20 years) Coupon.  July,  Jan.  111¼ 112¾  1868.  6s of 1881.  5s, 10-40, Coupon  ll7½  116¼  1868.  Aug,  Feb. Open'g High't Low'st Clos·g.  Sept.  Mar. Open'g High't Low'st Clos'g.  J 1r  Oct.  Apr. Open'g High't L ow'st Clos'g.  May,  j  116¼  Nov.  Open'g High't Low'st Clos'g.  June.  Dec.  Open'g High't Low'st OiO!l'g .  I  10~  18?'0.  -Jan.  6s (5-20 years) Coupon.  8s, 1881 Coup. 1862.  1864.  1865.  ]867.  1865 n.  1868.  18~0. 6s, Cul.'Coupon rency.  5s, 10-40, 6s, Cur~ Coupon rency.  1864.  1865.  1865 n.  1867.  1868.  115¼ 115¼ 112¾ 113¾  112¼ 112¼ 108¾ 110:)g  112 112 108¾ 109¾  112 112 108¾ 110  111¼ 111¼ 107¾ 108¾  111¼ 111¼ 107¾ 109¼  111¼ 111¼ 108 100½  108% 108% 106:)g 107¼  1131,s 114 110¼ 110¼  113}4 114¾ 113¼ 114¼  110¾ 112¼ 110¼ 112¾  110¼ 111;.,.; 109¼ 111¼  110¼ 111% 108¾ 111%  108% 110¼ 108¾ 110¼  108¾ 110% 108¾ 110¾  109 110½ 109 110  106¼ 110¾ 106% 109  110¾ 112)4 110!1£ 111¾  113,;¼: 1141}-s 113¾ 113"'~  113 114½ 112½ 112.½  111¼ 112 111¼ 111½  112 112¾ 111½ 111¾  110 110 110¼  110¼ 110% 110¼ 110¼  110¼ 110½ 110¼ 110¾  106 107 105% 106¾  112 112 111 111¾  114¼ 114¼ 113½ 113¾  111% 113 111¼ 112½  111½ 111¾ 111)4 111)4  112 112)4 ]10¾ 111½  110½ 110½ 110¼ 110¼  110½ 110% 110¼ 110¾  110% 110¼ 110½ 110½  106½ 106% 106¼ 106%  111¼ 111¼ 111 111  113½ 113¾ 113¼ 113¾  109¼ 109¼ 107½ 107%  107% 107% 107 107  108¼ 108¼ 106% l07¼  110}.( 110)4 109 109¼  110)4 110¼ 109)4 109¾  110½ 110½ 109½ 109¾  106¾ 107 106)4 106¾  111 111½ 110% 110%  113¼ 113¾ 113 113¼  107¾ 108 107¼ 108 ,  106¾ 107¾ 106;,i 107¾  109},{  107~8 106¾ 107¼  109¼ 110¾ 109¼ llO¾  109¾ 111 109¾ 111  106½ 106¼ lOfl¼ 106½  110¼ 110¼ 109~ 110  July.  115¾ 118½ 115% 118¾  113½ 116½ 113.½ 115Js  113 116 113 11!:¾  113¼ 116¼ 112"'~ 115½  111% 114:1,j 111% 114¼  111% 114½ 111% 114¾  111¾ 114¾ 111¾ 114¾  101!¾ 113¼ 109¾ 112)4  109¼ 111½ 109¼ 111½  Open'g High't Low'st Clos'g.  118¼ 118¼ 115% 115%  115½? 115¾ 114 114¾  115)4 115¼ 113¾ 113¼  115¼ 115¼ 113½ 113½  114¼ 114¼ 111% 111%  114 114¾ 112¼ 112¼  114 114¾ 113 113  114 114 111¼ 111¾  1..tl% 111% 111¼ 111¼  Open'gHigh't Low'st Clos'g.  116)4 116.½ 113¾ 114¼  114)4 114)4 109.½ 110¾  113¾ 113 108}s 109%  113¼ 113¼ 108¾ llO~i  111¾ 111¾ 107¼ 108¾  112¼ 112¼ 108 109¼  112¾ 112;} 10 ½ 109¼  108¾ 108~4 104¾ 106%  111¼ 113¼ 110¾ 112  Open'g High't Low'st Clos'g.  113½ 116¼ 113½ 116¾  110¾ 115)4 110¼ 115¼  109)4 114¼ 109¼ 113½  109¾ 114% 109¾ 114¼  107% 113¼ 107¾ 112½  108¾ 113% 108,½ 112¼  10{ll4 113½ 108¼ 113½  106¼ 108% 108¾ 108¾  111% 112¾ 111¼ 112  Open'g High't Low'st Clos'g.  116¾ 117¾ 116 117¾  112¼ 112,½ 111¼ 112¾  11~ 1117/4 110% 111¾  111% 112  V"js ..%  113¾ 114¼ 11~¾ 113¼  114¼ 114¾ 113¼ 114  114¼ 115 113),( 114¼  108¾; 108% 107¾ 108½  112% 112¼ 112½ 112½  Open'g High't Low'st Clos'g.  117¾ 118½ 117¾  112½  111¼ 111¾ 110;4 111~  11~¾ 112¼  114 114¾ 113 114¾  108¼  111¾ 110¾ 112  113 114¾ 113 113'¼  Open'g High't Low'sL Clos'g.  Aug.  Feb. Open'g High 't Low'st Clos'g. 1Ua1·. Open'g High't Low'st Clos'g.  Sept.  Nov.  May. Open'g High't Low' st Clos 'g .  Dec.  Juue. Open'g High't Low'st  Clos'g.l 118½ ....._  -Jan.  Open'g H!gh't Low'st Clos'g .  112½ 111 112  j  . ...  113¾ 114¼ 112¾ 114¼  I  I  108,'~  107¾ 108½  Mar. Open'g B:!gh't Low'st Clos'g.  6s (5-20 years) Coupon.  5s, 10-40, 6s, CurCoupon rency.  ' 1865 n.  1862.  6s (5-20 years) Coupon.  6s, 1881 Coup.  5s, 10-40, 6s, Cul' Coupon rency.  July.  110¾ 113¼ 110¼ 113)4  10 % 110½ 10 )8 110½  108¼ 109¼ 1077/4 109½  108¼ 109¼ 108 110  107¼ 108% 107 108%  107% 10 ¼ 107¼ 108½  108½ 109¼ 107½ 109¼  106½ 109,s 106}.( 109¾  110½ 111½ 110 111½  Oven'g High't Low'st Clos'g.  1137-{ 114¾ 113 114¾  110¾ 112¾ 110¾ 112)4  110¼ 111% 110 111%  110¼ 112¼ 110 112¼  109 111 109 1IO¾  109¼ 111¼ 109 110¼  109½ 111}.! 109,s 111¾  109¼ 111½ 109½ 111%  111½ 113¾ 111)4 113¾  Open'g High't Low'st Clos'g.  112)4 113 111% 112¾  112¼ 112¾ 111½ 112¼  112¼ 112¾ 111¾ 112¼  111 111¼ 110½ 111¼  111)4 111)4 110½ 111¼  111% 111¾ 110¼ 111¾  109½ 109~,£ 108 108-¾  113:hj 115¾ 113¾ 115¾  Open'g High't Low'st Clos'g.  115 116¼ 114½ 116  113¾ 115¼ 113¾ 114)4  113½ 114¾ 113,½ 113¼  113¾ 114)4 113¾ 113¾  112% 112% 112)4 112½  113 113¾ 112¾ 112½  113¼ 113¾ 112% 113  111 113¼ 111 113)4  115 115¼ 113 114)4  116¼ 119 116 118  114½ 114¾ 113½ 114¾  114 114)4 113½ 114¼  114 11472 114 114¼  112½ 113% 112½ 113%  113 113% 113 113½  113¼ 114½ 113¼ 114¼  110 111 110 111  114),( 116~ 114 116¼  118-}'s 119¾ 118 118¼  114% 115¾ 114% 115½  114¾ 115% 114¾ 115¼  114¾ 115¼ 114¾ 115¾  113% 113¾ 114½  113¾ 114¾ 113¼ 114%  114¼ 114¾ 114)4 114¾  111% 111¾ 111½ 111%  116¼ 116¾ 114¼ 114¼  118¾ 118)4 115)4 116%  115¼ 115¼ 113¾ 114%  11:'.% 115¼ 113¼ 114¾  115% 116 113¼ 114¾  114¾ 114¼ 112 113¼  114% 112 113½  115 115 112 113%  111¾ 111¾ 107 109)4  114¼ 114¼ 110½ 111  116½ 117¾ 116½ 117%  111¾ 111¾ 111 111  111~.( 111~/ llJ,'.1 113¼  111½ 112¾ 111½ 111½  113¾ 114¾ 113 113  113% 115 113% 114  113¾ 115 113¾ 114¼  109¼ 110 109¼ 109½  111¼ 113¾ 111½ 11~  117)4 118 117)4 118  111 111 109!,( 109¼  110¾ 111 Ll9¾ 10\J¾  111% llll':( 110½ 110¼  113)4 115 113¼ 115  114¾ 115% 114¾  114¾ 116 114¾ 116  109¾  113¼ 115¾ 113¼  Ang.  '  114% 116¼ 114% 116¼  Sept. 114%  Oct. 116¾ 117¾ ll6)4 117)4  112¾ 114 112¼ 113%  112)4 114 112¼ 114  112½ 114 112½ 114  111)4 113 111¼ 113  111¾ 113 lll!k; 113  111¾ 113 111% 113  10&~ 109½ 108½ 109¾  115¾ 115¾ 115¼ 115¾  Open'g High't Low'st Clos'g.  114½  Nov. 117¼ 117¾ 117 117),:!  111 111¾ 110¼ 111½  111 111;!4 110½ 111¾  111 111¾ 110½ 111¾  113¼ 114 113 113¼  113¾ 114 112¾ 111  113¾ 114¼ 113 114¼  109¼ 110 109 109¼  115¾ 115¼ 115½ 115¼  Open'g High't Low'st Clos'g.  117¾ 118¼ 117)4 118¼  112 113¾ 112 113¾  111% 113 111¼ 113  111% 113¼ 111¾ J13¼  113¼ ll4% 113¾ 114¾  113¼ 115¾  114 115¼ 114 115¼  109¾ 110),{ 109¾ 110¾  115½ 115½ 115¼ lln¼  Open'g High't Low'st Clos'g.  .Tune. Open'g IDgh't Low'st  110¾  1865. 1867. 1868. 1862. 1864. 1865. 1865 n. 1867. 1868 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - -1864-  May, Open'g High't Low'st Clos'g.  I 110¾ 109¼  ..::..  6s, 1881 Coup.  Apr. Open'g High't Low'st Clos'g.  106%  1871 .  Feb. Open'g High't Low'st Clos'g .  no~  Oct.  Apr. Open'g 1Iigh't Low'st Clos'g.  --  1862.  - - - - - - - - - - --- - - - - - - - - - - - - - - - - - -- - - - - -  Open 'g Hlgh't Low'st Clos'g.  Olos'g.  6s (5-20 years) Coupon.  6s, 1881 Coup.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dec.  113¼ 115}8  l  fs"  ]15¾  109.%  109¼ 1007/4  ll!'il.i  STATES SECURITIES.  UNITED  51  1872. 10-40s. 6s, 1881. 6s (5-20 years) Coupon. 6s 5s, Cur1881. r'ncy fund. coup. Jteg. Coup 1862. ~864. 1865. 1865n 1867. 1868. Reg. Coup  --Jan.  - - -- -- -- - -  110 110¼ 109½ 110  ()pen'g .Hlgh't Low'st Dlos'g.  114¾ 114¾ 114¼ 114¼  115 115¾ 114½ 115½  -- - -  110½ 110¾ 112¼ 111¾ 113  118¼ 110¾ 110¾ 112¾ 111¾ 113 118¼ 109¾ 109½ 110¾ 109% 111¾ Jll¾ llQ¾ 110½ 111¾ 110¾ 112¾ 112¾  110 110¾ 109½ 110½  109 110½ 109 109¾  11~¾ 115¾ 114¾ 114%  10-408. 6s (5-20 years) Coupon. 5s . , 6s, 1881. 611 Cur1881. r'nc,1 fund. coup. , Reg. Coup 1862. 1864. 1865. 1865n 1867. 1868. Re~. Coup I  118½1115¼ 113¾ 116 113½, 115½ 113¾ 110 i 112¾1116¼ 1127..111116¼ 112¼ 114 112¼ 114¼  Aug.  Feb. .()pen'g Iligh't Low'st Clos'g.  108¾ ¾ 115½ 110¾ 108¾ 114% 115¾ 111¾ 107¾ 114 114¼ 110¼ 108¾ 114 115¼ 111¼  110¾ 111¾ 110 111¼  111)4 111% 110¾ 111¾  110½ 112 110¾ 112 110 111¼ 110¼ 111¾  Open 'g 110½ 114% High't 109¾ 113¾ Low' st 110¾ 113¾ Clos'g .  112¼ 107 112¾ 107½ 111¾ 106¾ 112 107  ----  .July. Open'g High't Low'st Clos'g.  110½ 114%  115¼ 116¾ 115¼ 110¾  113¾ 115 118¾ 115  115¼ 116 115¼ 110  115 116 114¼ 110  111½ 111% 111¾ Ill%  112¾ 113¼ ll2¼ 118¼  --114% 115 11~ 114'6  117¼ 118¼ 117 118¼  114% 115¾ ll4¾ 115¾  114% 115¾ 114% 115¾  118¼ 118¼ 116)4 116¼  116¼ 118¾ 114¼ 114¾  116½ 116½ 115¾ 110¼ 115¾ 109½ 118¾ 11~ 116½ 116% 115½ 116¼ 115¾ 109¾ 118% 114),: 114¾ 118¼ 113¾ 118¼ 108¾ 111½ 112¼ 114¾ 113¼ 113¾ 118¾ 108¾ 112¼ 1123,a  114 114  Sept.  Mar. Open'g High't Low'st Clos'g.  108¾ 114¼ 115¼ 110 114¾ 115-¼ H, ¾ 114¼ 115¼ 110 114;¾ 115¾  111},(, 112>4 111 112  111 112¾ 111 112¾  112¼ 112% 112¾ 112%  110¼ 111½ 110¼ 111¼  111¾ 113 111:)s 112¾  112 113¼ 112 113¼  107¾ 108 107¼ 108  1077,1! 108¾ 107¾ 108¾  Open'g HU! 114½ 114 115½ High't 111¾ 114¼ Low'st 109¾:l 113¾ 114 115¾ Clos'g . 110¼! 114¼  109% 112% 109% 11?.¾  115 117 114¾ 117  115% 118¼ 115~~ 118¼  112¾ 115¾ 112¾ 115¾  112½ 115¾ 112.½ 115¾  113 116½ 112'n 116}8  111½ 114¾ lll½ 114¾  118 115¼ 1127/4 115¾  113¼ 116 113 115¾  108 110¾ 108 110¾  108¾ 110% 108¼ 110¾  115½ 116¾ 115¼ 116½  111¾ 113 111¼ 112¼  116¼ 117)4 116¼ 117¼  118 111:l¾ 118 ]19¾  112¼ 114 112¼ 113%  112¼ 113¼ 112¼ 113%  112% 115 1J2% 115  114¼ 116¼ 114¾ 116¼  115-)s 117¾ 115½ 117¾  115¾ 117¼ 115¾ 117  110½ 110¾ 1 111¾ 112¼ 110 110¾ 111¼ 112  114¼ 113¾ 115 112¾ 114½ 112¾1 114%  120}8 120¾ 119¾ 120¼  114% 115 114 114  114 115 114 114¾  115½ 116 114¾ ll4%  116)4 1177/4 117½ 118½ 116¼ 117¾ 117)4 lld½  116¼ 114 114¾ 113¾ 116¼ 114% 114¼ 114% 114½ 113 113¼ 113½ 115½ 114¼ 114¼ 114¾  113¼ 113¾ 112 113½  · 14 114 114¼ 114 112¼1112¾ 113½ 113%  Oct.  Ap1·. Open'g High"t Low·st Clos'g.  11In.y. Open'g High't Low'st r.Ios 'g .  .June.  111 111¾ 111 111¼  114¼ 115¼ 114¼ 115  115¾ 117 115¾ 116¼  115¼ 116¼ 115¼ 115¾  114% 116 114% 115¾  115~ 116'.}< 11~ 116¼  113¾ 115 113-)s 114¾  113¼ 115),f 113% 114%  110¾ Open'g llO 117¾ High't 110½ 116¼ Low'st 110 117}8 Clos'g. 110¼  115¼ 116¼ 114½ 116  116¼ 112 117¼ 1 113 116¼ 111½ 116¾ 113  111¾ 113)4 111¾ 118¾  112¾ 113¼ 112¼ 113¼  114 115¾ 114 115.Y.  114½ 116¼ 114¼ IHI¼  Open'g High't Low'st Cloe'g.  118  108¼ 108¼ 107¾ 108  11~,f 112" 111" 112¼  114 115 114 114¾  108¼ 108% 1077..11 108½  108¼ 108% 107¾ 108¾  111 114.  114¼ 115¾ 114¼ 115½  108 108¾ 114~ 108¼ 108½ 114¼ 107¾ 1087,{ 108¼ 114¼  111,i 114  ov.  1  D ec.  I  Open'g High 't Low'st Clos'it.  I  108½ 109 107¾ 108  117¼ 111¼ 112¼ 117¾1111¾ 112¾ 117¼ 110¾ 111½ 117¾ 111½ 112½  115 115 114¾ 114~[  '118~  i  Open'g High't Low'st Clos'g.  111 111½ 111 111½  112¾ 114% 112¾ 114¾  117¼ 1127,1i 113 112 118 11"' 117¼ 112¼ 112¾ 112½1 118 112¼ 118 112:1;.  n:"'I''""  115¾ 109¾ 109¾ 109¾ lltl¾ 117¾ 116¾ llO 115 115% 115¾ 109½ 109¾ 116¾ ll'i1/4 116¼ , 110 109 116  11 , 1  112¼ 118¾ 112 11~  1~73.  -  I  --  6s, 1881. 10-40:i. 6s (5-20 years) f;oupon. 5s, 6s 1881. Curfund. r 'ncy coup. Reg . Coup 1862. 181>4. 1865. 1865n 1867. 1868. Reg. Coup - - - - - - - - - - - - ·- - - - - - -- --  --  J an.  ------  10-40s. 6.;, 1881. 6s (5-20 years) Coupon. 6s 5s, Cur, 1881. r'no fund. 1869. Coup Reg. conµ. Reg-. Coup 1863. 1864. _1865. 1865n 1S67.  I  - - - - - - - - - - - --  -- -- --  July,  0 pen'g 112>11 114¾ 114½1112¾ 113¼ 113¾ 112% 113}8 113¾ 110¼ 109¼ 112¾  Open'g H igh't 115¼ ll7¼ 119)4 115¾ 115)4 116¾ 115¾ 116¾ 11.:½ 114 115½ 115½ High't L ow'st 112)4 114¾ 114),1. lll::¾ 113¼ 113¾ 112¾ 113¾ 113¾ . 09¾ 109¼ 112¾ Low'st C ios'g . 115¼ 117¼ 119¾ lL)s 115 115¾ 115 116¾ 116¼ 114 115¾ 115¼ Cl os'g.  F eb.  114)8 115% 114¾ 115%  116¼ 119)4 116½ 116½ 118)$ 120¼ 117¾ 117¾ 116¾ 119,¼ 116½ 116½ 118)4 119% 117,.! 117¾  ---  118 119}{ 118 119½  ll6 118 116 117¾  117)4 119¼ 117¼ 119  117½ 118¾ 117½ 118¾  113¾ 115¼ 113¾ 114¾  114¾ 115¾ 114¾ 115¾  118% 119}8 118¾ 119  lli¾ 117¾ 1~ 11,  118¼ 119¾ 118>s 119  119 119 118 118  112¼ 113¾ 112¼ 113¾  115½ 11~ 116¼ 114'1 115½ 118¼  114.½ 114.¾ 1143{ 11~  Alli°•  0 pen'g H igh't L ow'st Clos'g.  114¼ 115% 114¼ 115¾  119½ 120½ 119¼ 119Yv  117 117.½ 117 117  116¼  118%  11£¼ 1193,s 115x_ 115¼  113% 113'",½i 113)8 113¾  117)4 118J.{ 116¼ 119¼ 118¼ 117¼ 11 ¾ 1-:;% 119¼ 118¼ 114¼ no 111¾ 113;)4 113 115 110 111¾ 11'.::¾ 113  114 114 112 112¾  1.14¾ 114¾ 106 106  118~ 118¾ 108¾ 10 ¾  113.l{ 115¾ 111½ 112¾  108 109 105½ 106¾  108 109 110 111¾ 106¼ 107½ .. JS,½ 107½  111¾ 113¾ 109¾ 109¼  113½ 115¼ 110 112¼  114 115 110 112¾  108½ 109¼ 103½ 107  107¾ 109¾ 105 106¾  109 111¾ 10 ¼ 1087,,s  1.11¾ 114¼ 110¾ 114,½  112¾ 115½ 11'?;.{ 115¾  106¼ 109)4 105½ 109¼  106¾ 111 106½ 111  108½ 111 107¾ 111  110 113% 109¼ 113%  112 114¼ 110.½ 114%  112 115 110 115  107 108¼ 105½ 1077,1i  106¾ 108½ 105¼ 108½  108 110¾ 108 110¾  111¼ 116¼ 111¼ 116¾  116¼ 121 116½ 120½  112.½ 116 110¼ 113¾  111% 117¾ 111¾ 114½  111¼ 117)4 111½ 115¼  llE¾ 119¾ 114¼ 119  115¼ 12J 115¼ 119½  109 112¼ 109 111)4  108½ 108¼ 113½ 114¾ 108½ 108¼ 113 11~  114½ 115¾ 114½ 115¾  115¼ 116¼ 115}4 116¼  114¼ 114¾ 114¼ 114½  116¾ 116¾ 116¼ 11 6¾  116¾ 116¾ 1: :¼ 116¼  112~ 112½ 11178 111½  115¼ 115¼ 114¼ 114~  115¼ Open'g 114¾ 118¼ 11::14 I"!"igh't 114¾ 11 :4 11472 Low'st 114¼ 117¾ 114½ Clos'g. 114-~ 117½  118¾ 116¾ 118½ 115¾ 115½ H lgh' t 115¼ 118 120)4 117¼ 117:'1 L ow'st 113 116¼ 118¼ 115¾ 115½ los'g. llu 117% 120 117¼ 117¾ A pr. -') pen'g 115¼ 117¼ 119)8 117¾ 116½ 118 121 11~ 11 ¾ H igh't 1] .. 116 HG¼ ... 1 ;.! 11 L ow'st C los'g. 116 117¼ 120½ 118-¾ 1181'.l I\Iny . 0 pen'g 115¼ ll'i¼ ,120¾ 114% ~14¾ d igh't 116¾ ltJ 122¾ 116¾ 116¾ L ow'st 115¼ 117¼ 120¼ 114% 114¾ q os'g. 116¼ 118¾ 122¼ 116¾ 116¾ J une . 0 pen'g 115¼ 115½ 122)4 116½ 116½ H igh't 115¾ 117 123¼ 117¼ 117¼ L ow'st 114¾ 115.½ 122¼ 115% 116¼ Clos'g. 114% 116½ 122'i-£ 116~_ 117¾  116¾ 118¼ 116¾ 118¼  114½ 116¾ 114¾ 110¾  116¾ 118¼ i16 118¼  116½ 118 116¼ 117¾  111¾ 112¼ .10½ 112¼  111 112½ 110¾ 112½  11-:¼ ,pen'g 114~ 117 115 High't IL,,~ 117 113¾ Low'st 111½ 112 114¾ Clos'g. 111½ 112  118 120½ 118 120½  115¼ 118 115¼ 117¾  116½ :!.16½ 111¼ 112  pen'g 108¼ 112 112¼ 1197Ai 117¾ 112 113¼ 115 High't 109 115¾ 116½ 116 109½ 111 112¼ Low' st 106¾ 109½ Clos'g. 106¾ 111½ 119¾ 117¾ 111¾ 113½ IL  117½ 118)4 117¼ 118¼  117¼ 119)4 117½ 119¼  119¼ 12)¼ 119¾ 121%  118 120½ 118 120  112 112¼ 111% 112¼  113¾ 114¾ 118¾ 114¾  115)4 116¼ 115 116,¼  Open'g 108 High't 109¼ L ow'st 1 106¼ Clos 'g. 109½  118½ 119 119¼ 120¾ 116% 119 118 "120¼  121% 121% 120¾ 121  120 120¼ 120 120¾  113 Jl3½ 112¼ 113½  115 115 112% 114  118¼ 114½ 113¼ 114½  Open'g High't L ow'st Clos'g.  113¾ 113~ 113¼ 113¾  116% 117¾ 116¾ 116¾  118½ 1r:f 1:,.!4 118½  M n.r.  :117.½ 117¾ 117 117¼  Sept.  ◊ pen'g  ..  Oct.  Nov.  ~> ec. 109¼ 113¼ 109¼ 111¼  l  116½ 118¾ 116½ 117¾  IS?'.il. 5.  1  I Os, 1881.  10-40:i.  6s (5-20 years) <Joupon.  1881.  -  1 fund. coup. Reg. Coup 1862. 1864. 1865. 1865n 1867. 1868. Reg. Coup  tis Curr 'ncy  - - -- --· -- - - - - - --- - - - -  Jan.  --  113½ 11-1¼ 112¼ 114¼  115 rc6}s 114 116¾  115 117¼ 115 117¾  116 116¾ 114½ 116¾  115 118 115 117¾  116¼ 118 116 117¾  111¼ 113¼ 114¼ 118 114¾ 115¼ 111¼ 113 114 ll27Ai 114¼ 115¼  Open'g High t L ow'st Clos g.  0 pen'g 111% 117¾ 118½ 3:igh't 114¼ 120¼ 121 L ow'st 111¾ 117¾ 11 ½ Cl os'g. 11.i:,s 119¾ 120½  115¾ 118;1! 115)8 117¾  116¾ 120½ 116¾ 119¾  116¾ 121¼ 116¾ 121¾  116¾ 119¾ 116¾ 119¼  117¾ 120'.k! 117¾ 119¾  117¾ 120¼ 117¾ 119¼  110¾ 113¾ 110¾ 113¼  114 116¾ 11-1 116¾  115¼ 116% 115¾ 116½  Open'g High't Low'st Clos'g.  111 113¾ 111 113¾  116¼ 117% 115¼ 117  --  July.  117¾ 11 )8 117 118¾  0 pen'g H igh't L ow'st C Ios'g .  10-40s. 63 (5-20 years) Coupon. Os, 1881. 6s 5s . Cur1. r 'ncy fund. co up. Reg. Coup 1863. 1864. 1865. 1865n 1 67. 186 . Reg. Coup - - - - - - - - - -· - - - - - - - - 1  117½ 118¼ 116 118¼  114 114 112½ 112¾  111 11 117¾  118¾ 118¾ 118)4 118¾  111¾ 112½ Il l¾ 112½  115¼ 116 115¾ 116  116% 117¼ 116¾ 117¼  110¼ 116¾ 116 116¾  117¾ 117¼ lli¾ 117¾  118¾ 110¼ 113½ 118,i; 110¼ 114½ 117½ 109¼ 118½ 117¾ 110¾ 114½  111¾ 117;}.£ 11'71/4 117¾  118½ 118'.js 117¼ 118¼  112½ 112¾ 112¼ 112¾  115¼ 115¼ 115¼ 115)1!  116¾ 116% 115% 116  116½ 116¾ 115¾ 115¾  117¾ lli¾ 116¼ 117  117¼ 117½ 116½ 117¼  111 111 110½ 111  111% 111% 111)4 lli.¾  117¾ 117% 117¼ 117¼  118¼1 118¾ 118 118¼  112% 113¾ 112¾ 113¾  115¾ 116¾ 115}l; 116¼  116)8 llTytj 116¾ 117,¼  115¾ 116¾ 115¾ 116¾  117 1177/4 117 117¾  ll'i¼ llTytj 117¼ 117¾  111 112 1n li.l¼  111% 112)8 lll½ 112¾  117¾ 11¼ lli¾ 1177/li  118¾ 119¼ 118¾ 119%  110¼ 112¼ 110¾ 112¼  118 114¾ 113 114¼  114½ 116¾ 114)4 116¾  116)?. 119 116¼ 119  117¾ 120 117¾ 120  117% 1~2 119¼ 1113:k; 117¼ 111¼ 119!1:! 113)8  112¼ 114¼ 119 111% 117¼ 114¾ 119  113)4 115:),§ 112~ 115¼  114}1 116),i 115)4 118 118¾ 1163f 115¼ 110  117½ 117¾ 117¼ 117½  119¾ 119¾ 118½ 119¾  119¾ 121 119'k! 121  117½ 118¼ 116½ 1177/4  118 120 118 119¼  120¾ 120¾ 119¼ 120¾  118% 119½ 118 119¼  119½ 120¼ 118¼ 120,½i  118¾ 120¼ 118!-!! 119½  112½ 115¼ 112¼ 114¼  112¾ 115¾ 112¾ 115¼  116¼ Open'g 122¾ 117½ 117 Iligh't 112)1; 1177/4 115% Low'st 112 I 116311 117 Clos'g. 112¼1 117¾  115½ :!17 115)8 117  110¾ 120¼ 119½ 120¼  121¼ 122 120¼ 122  118 118¼ 117;1( 118:J,.!  119¾ 120¼ 119¾ 120¾  120¾ 121¼ 120}& 121¾  119¼ 120¼ 119 120¼  1207-{ 120¼ 119}!! 1:20¼  :!.19¼ 120½ 119¼ 120½  115 115 114¾ 114%  115 115>9 114)1; 115½  117¼ Open'g 112¼ 117¾ 117¾ High't 112¼ 118 116:)i L ow'st 112¼ 117,¼ 116¾ CloJ'g. 112¾ 1177..11  113¼ 113½ 112¼ 112¾  11$ <  115¼ 115½ 115 115¾  119-¼ 12J:hl 119¾ 120¾  121¾ 122 120 121¼  115¾ 115¾ 115 115¾  117¼ 117¼ 117 117)4  118¼ 119?11 118¾ 120)4 117¼ 119¼ 118~ 12'.l¼  120~ 120}.( 120¼ 120½  120¼ 120½ 119% 120½  114% 115¼ 114% 115¼  115¾ llj¼ 114;~ 115½  116% 117¼ 116½ 117¾  Open'g High't Low'st Clos 'g .  uue. ~ 116)4 "'1¼ 0 pon'< Hi gh't 115¾ lli:,~ 122 Low'st 113 116¼ 121¾ Cl OB'i- ]]4 117 122  115)< 115-¾ 118¼ 114.~  117)< llS~ 117¼ 118¼ 116¼ 11.7½ 117 I J.18  1191,; 120¼ 119½ 120¾  IJ!O;j 121¾ 110¼ 121  120 121)4 120 121  114§< 114% 113½ 118X  ll<§< 114¾' 113¼ 114  114,¾ 115:}.! lH¾ 11~¾  Open'g High't Low'st Clos'g.  Oct.  Apr.  Nov.  M n.y,  J  117¼ 117½ 116)4 117¾  112¼ 112¾ 112 112¾  114½ 115¼ 114¼ 115¾  0 pen'g H igh't L ow'st Clos'g.  116¼ 116¾ 115½ 116¼  117½ 114  Sept.  l\lar.  0 pen'g Hi"gh't L ow'st Cl os'g.  117¾ 117¾ 116¾ 117  116 117¾ 115}1; 117¾  Auii.  Feb.  0 pen'g lIigh't Low'st i1os'g.  116½ 111:l 1114 116½ 116~ 111½ 115¾ 118¼ 111½ 115¾  118½ 118½ 112¼ 113¼  llil!jl   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  111¾ 113 111½ 113  1.18 119¼' 118 119¼  118 113¼ 1~2¼ 118¾  120 118¾ 122¼ 114¾ 116 118¾ 121 122 115)8 119½ 112¼ 114¼ 116¼ 118)4 119,s 118 122 114¾ ua 118)4 120½ 122  lll  D ec. IHI}~ 119¾ 112¾ 114¾ 116¼ 119  119¼ 120¼ 119% 120¼  UNITED STATE S SEOURFrIES. I S7':;, ~s.  Coup 1862. "!.864. 1865. 1865n 1867. 1868. Reg. Coup  ~OllP· Reg. --J an. Open'g High't Low'st Clos'g.  Open'g High't L ow'st Clos'g.  122% 123 120 120½  114¼ 115¾ 114¼ 115½  116¼ 117½ 116 117½  118¼ 119.½ 118¼ 119½  117% 118~ ll7¼{ 118¾  118¾ 119½ 11 ¼ 119½  118½ 119¾ 118 119%  115 116½ 114¾ 116½  114¾ 115¾ 114¾ 114%  119½ 119¼ 118¾ 118¾  120 120¾ 119¾ 120  115¾ 116¾ 115¾ 116¾  117¾ 118 117¾ 117½  120¼ 120¼ 119½ 119¾  118¾; 119¾ 118¾ 118¾  119¾ 120½ 119¾ 119%  119¾ 120 119¾ 119½  113¾ 116¾ 119¾ Open'g 115½ 119¼ 120¾  114¾ 115½ 114½ 115¼  119 120 118¼ 119¾  119¼ 121¾ 119¾ 121¼  116¾ 117½ 116¾ 117½  "!17½ 118¼ 117½ 118¼  119¾ 120¾ 119½ 119¼  118¾ 119¾ 118¾ 119¼  119½ 12'.l½ 119¼ 120¼  119¾ 120½ lHl¾ 120½  113¾ 114½ 113¾ 114  113¼ 115¾ 113}.{ 11-i½  118¼ 119½ 118¾ 119¼  Open 'g High't L ow 'st Clo s 'g .  114¾ 117½ 114¾ 11771!  120 122 120 121%  121 123¾ 121 123¾  118¼ 118¾ 118,½I 118¾  118½ 121 118½ 121  121¼ 121¾ 121¼ 121%  119¼ 122¼ ll9¼ 122¼  120 123¾ 119¼ 123¾  119¾ 122½ 119¾ 122½  114 116¼ 113¼ 116  115½ 117)4 115½ 117)4  lHl¼ 124¼ 119¼ 123¼  Open'g High't Low'st Clos 'g.  116 117 11~ 117  121¾ 122% 121¾ 122¾  123½ 124% 123¼ 12-i)s  116¼ 117¼ 116)4 117  117% 118¼ 117¼ 118¼  119~ 120¼ 119% 120¼  121¾ 122¼ 121¾ 122¼  123 124¾ 123 124,)4  123 12-i 123 124  116 117 115¾ 117  117¼ 123¼ 118 124~ 117 123¼ 118 12-i¾  Open'g Iligh't Low·st Clos g.  117¼ 119 117¼ 118-')s  120¼ 121¼ 120¾ 121  125¼ 126¾ 125¼ 126¼  llS¼ 118)4 1171/4 118  118¼ 121¾ 123,s 124½ 12!  .June.  115 116¾ ll5 llt,¾  Open'g 118¾ 121 1171/41 High·t 118¼ 121 120 117½ Low' t 114¾ 119 Clos 'g. 116 120 120  118¾ 119¾ 118!~ 119¾  Aug. l:!.4}s 117¼ 120 113¾ 116¾ 119 114¼ 116¼ 119  Iligh't 117¼ 121 122 L ow'st 115½ 119¾ 120¾ Clos 'g. 117¼ 120¾ 122  Se1Jt. 116¼ 118)4 116¼ 118¼  120¾ 121½ 120¾ 121¼  118)4 118)4 116% 117½  122  115¾ 118% 122¼ 116¼ 118¼ 122¼ 115¾ 116 117½ lltl¼ 116 12()  ....  120½ 120½ 117¼ 118¾  122¼ 122¼ 118 120¾  121½ 121½ 119,,-; 120  117¼ 1171/4 116½ 116½  1221/4 123 122 122  110¼ 119¼ 116¾ 116¾  115¾ 119¾ 118½ 120¼ 120¼ 114¾ 117¾ 1Z2¼  .... 117 110¾ 119¾ 120¾ 121½ 115½ 119¾ 123 .... 115¾ 118¾ 118¼ 120 120>i 114¾ 117¾ 122¼  ....  117  ....  116¼ 117¾ 117¾ 119% 120  118¾ 118¾ 120)4 120¾ 115½ 119½ 123 115¼ 116¾ 123)g 121½ 117 118 124  123¾  ....  122 123¾  ... . 116¼ 117¾ 117% 119¾ 120 115¼ llti¾ 123¼ . ... 119¾ 118¼ 119¼ 120¼ 121½ 116¾ 117¾ 1:M  121½ 121½ 120% 121¾  128¼ 123¼ 122¾ 123  ... .  ll6¼ 117¼ 115¼ 117)4  121 122½ 120% 122½  122% 12.i 122¼ 124  .. . . 114½ 116½ 119 120½ 121½ 116¼ 117¾ 123¼ .... 114½ 116½ 120¾ 122¾ 122¼ 117 117½ 125)4 .. . 114¼ 115¼ 118¾ 120,-j 120¼ 115½ 117),s 128¼  117¾ 118 116% 117  119)4 120 119¼1 119¼  123½ 125 123½ 123¼  .... ....  .... ....  ::::1  ....  llll¾ 119)4 119½ 121  Oct .  ]Jay. Open'v High't Low'st Clos'g.  -----  118)4 119¾ 118 119¾  .Apr. Open'g Hlgh·t Low'st Clos'g.  -- - - - -  113¾ 116 113¾ 115¼  Mar. Open'g Hlgh't Low'st Clos'g.  6s (5-20 years) Coupon. 10-40s. 6s, 1 t. 6s 5s . Cur1881. r'ncy fund. 1 coup. Reg. Coup 1862. 1864. 1865. 1865n 1867. 1868. Reg-. Coup  6s Curr 'ncy  July.  t'eb. Open'g High't Low'st Clos'g.  10-40s.  6s (5-20 years) Coupon.  6s, 1881.  1881. fund.  .. . . 119¾ 119¾ 119¼ 120½ 121¼ 116¾ 117¾ 124¼ ... . 119½ 120¼ 119¾ 121¾ 121½ 116¾ 117¾ 124¼  ... .  118¾ 118¼ 118½ 119½ 120½ 115½ 116¼ 123¼ 119 120)4 119¾ 121¼ 121½ 116¼ 117¾ 123¼  Nov.  Dec .  1171/4 118¼ 119)4 122¾ 124¼ 125½ 125½ 118½ 119½ 118)4 121!)( 123¼ 124¾ 124 117¾ 118)4 118¼ 122)4 124 125¾ 125 117¼ 119¼  Open 'g 122 122>11 High't Low'st 122 122% Clos'g.  . ...  114¼ 116¾ 120¾ 122¾ 122¼ 117  ... .  116¾ 120% 116:){l 121 115){ 119¾ 116 1:::0¾  122¾ 123¼ 121½ 123  123 123 122¼ 122½,  117½ 117¾ 116% 117%  117½ 125W, 12:c. 122¾ 122  118 118 118 118  122%  1 87'6 . 6s, 1881.  6s (5-20 years) Coupon.  10-40s.  Reg. Coup 1865. 1865n 1867. 1868. Reg. Coup  .Jan. Opening...... Highest .... • Lowost ...... Closing ......  mi  --- - - - - - - - - - - - - - - - - - -- - 120¼ 122¾ 120% 122¾  119% 122 119% 122  116¼ 1171/8 116¼ ll71/4  117~ 119% 117 119¾  119¾ 122)4 119¾ 122  120 123 120 123  117¾ 119)4 117¾ 119¾  118 119¾ 118 119¾  116¼ 118¾ 116¾ 118¾  Feb . Opening ...... Highest . .... Lowest ...... Slosing . .....  :22 123% 122 122¼  122¾ 123¾ 122½ 123¾  118¼ 118)4 117 117%  123¼ 123¼ 121¾ 121¾  123¼ 123¼ 122½ 122¾  lle}s "!19¾ 121½ 123¾ 118¾ 119¼ 118¾  118¾ 119% 121¾ 123¾ 119¼ 119 118¼ 118¼ 121¾ 123 117¾ 118½ 118)4 118½ 118¼ 121¼ 123 117¾ 119¼ 118¾  121½ 122 120¾ 121¾  120¼ 122¼ 121¾ 122¾  118½ 118½ 117¾ i.18¼  1187/4 119¾ 118½ 119¼  121 121¾ 120½ 121¾  122¼ 122~! 122)4 122¾  117¾ 118¼ 117 118¼  118½ :113~ 111} 119 118 117¾ 119 118¼  121½ 122¾ 121¾ 122¾  122½ 122¾ 122¾ 122¾  114¾ 115¼ 114½ 115  119 119¼ 118¾ 119),s  121 121¾ 120¾ 121¾  123 123 122¾ 122¼  118 118 117½ 117%  118¾ 118¾ 118¾ 118¾  119 120¾ 119 120  1227/8 124¼ 122¾ 124  115¼ 116¾ 115¼ 116%  119¼ 121 119¾ 121  121¾ 123,¼ 121¾ 122¾  123¾ 1243,( 123¾ 124¼  1177/4 118¼ 117½ 118¼  118½ 117¼  119¾ 120 119¾ 119)4  121¾ 122% 121 121  123¼ 123¾ 123¼ 123¼  116¾ 118)4 116¾ 118¼  119¾ 121¾ 119% 121¾  117½ l:!.8¾ 117¾ 118¾  Mar. Opening .. .... Highest ..... L owest .. . ... Closing ...•..  ll~a  Apr. Opening.. . ... Highest ..... L owest ...... Closing ...•..  May . Open ing ...... H ighest .... Lowest ...... Closing ......  117.½ 117¼ 117 117),;\  June. Opening ...... H ighest ..... L owest ...... Closi~ • •.. •.  6s, 1  5s. 6s 1881. Curcoup. reg. r'ncy  118¾ 117~ 118¾ 116¼ 118¼ 117¾  ....  .... .... .... .... .... .... .... .... .... .... ....  122-)s 125 122¾ 125  t.  6s (5-20 years) Coupon.  Reg. Coup 1865. 1865n 1867. 1868. Reg. Coup  ---- -- -July.  Opening ...... Highe t ..... Lowest . ..... Closing . . ....  117% 118¼ 117¾ 117%  119¾ 120¼ 119¾ 119¾  121¾ 121¾ 121 121¾  1!8¼ 118% 1171/4 118¾  118% 1171/4 119 118¾ 118¾ 117¾ 118¼ 118½  ....  119¾ 119¾ 117¾ 117¾  120~ 120¾ 118 118  116 116¼ 1:!.2½ 112¾  117½ 117¼ 113 113  119¾ 119¾ 116¾ 116¾  121% 121¾ 121 121¾  115½ 116¾ 1!5½ 116¾  119 119¾ 118¾ 118¾  117 117¾ 115¾ 115¾  .... 125-U .... 126¼ ... 123¼ .... 126¾  117% 1177Ai 117 117¾'  118¼ 128¾ 117½ 118)4  112¾ 113¼ 112¾ 113¼  113¾ 113¾ 113 113¾  117 ll7 116¾ 116¾  118½ 118½ 118¼ 118¾  115)4 115½ 114¾ 114½  116 116 115¼ 115¾  115¾ 115¼ 114% 114¾  111¾ 127 111¾ 127 111¼ 126¾ 111¾ 126¾  117¼ 118¼ 115¾ 117¾  114¾ 114¾ 113 114  115 115¼ 113½ 115¾  114¾ 115),s 113½ 114½  110¾ 111½ 110¾ 111½  Aug. 125 128 125 127  Opening...... Highest ..... Lowest ...... Closing ......  Sept. 127¼ Opening ..... 127}~ Highest ..... 126)4 Lowest ...... 126¼ Closing . .....  112¾ 114 111¾ 113½  113 ]13¾ 111¾ 113)4  116 116¾ 114¾ 116¼  118 118 116½ 116¾  .... .... ....  126¾ Opening .•... 117¾ 118 127½ Highest ..... 117¾ 118¼ 126¾ Lowest ...... 116¼ 117 127½ Closing . ..... 116½ 117  110¼ 110¾ 109¾ 109¾  113¼ 113¼ 112½ 112½  116¼ 116¼ 115½ 115½  117 117% 116¾ 117¼  .... .... ....  124¾ Opening...... 113¾ 116¾ 121».1 Highest ..... 1187/4 117"¼ 12!¾; Lowest ...... 112¾ 115½ 126¾ Closing •.... . 113¼ 1:7¾  109% 109% 108½ 109%  112% 113¾ 111% 113½  115¾ 116¾ 114½ 116½  116½ 118 116½ 118  .Jan .  115 117½ 114¾ 116  113¼ 113% 114¼ 114½ 112¼ 112¾ 113% 114~  112 112¾ 111 111¾  114 115½ 118¼ 11 1¾ 1 ~ 114¾ 115½ 113¼ 111¾ 124¼ 12$% 1187~ 114¼ 111¾ 110 124  113% 114¼ 111¾ 110 112¾ 113¼ 112 113½  113¼ 113¼ 111½ 113¼  113¼ 114½ 111¾ 111¾  108-¾ 108½ 107¾ 107¾  109¾ 110¾ 108¾ 108¾  115¾ 116½ il.14½ 114½  110¾ 111¾ 109½ 109½  110¼ 111 10~¼ 109¾  112¾ 113½ 1 ll¾ 111%  113¾ 114% 113¾ 113¾  Opening...... .Righest ...... Lowest ...... Closing ...•. .  107¾ 108½ 107:)4 108¾  108 109½ 108 108¾  111¼ 112¼ 111¾ 111½  113½ 114!,!, 113 113½  100¼ 110¼ 109¾ 110¼  110¾ 111½ 110¾ 111¼  122¾ Opening ..... 123¾ Highest ...... 122¾ Lowest . . .... 123¼ Closing . . ....  109½ 110¾ 109¼ 110¾  112¾ 114¾ 112½ 114  108¾ lll½ 108~ 111½  108¾ 110½ 108½ 110¼  111¾ 113 111¾ 112¼  113¾ 115¼ 113¾ 115¼  110¾ 112¾ 110¾ 112  111½ 113 111½ 112¾  110¾ 110½ 112  123¾ 124¾ 12~ 124½  112¾  Opening .... .. Highest ...... Lowest . . . . .. Closing ......  114¼ 115¾ 114¾ 115½  110~ 113 115 111¾ 114¾ 116 110¾ 118 115 110½ 113¾ 116  112¼ 113 112¼ 112¾  113 113¾ 1127/4 113¼  110¾ 112 110¼ 111¾  108½ 109 108¾ 108¾  125¼ Opening ...... 125¼ Highest ..... 125¼ Lowest ...... 125¼ Closing ......  1U5 115¼ 114% 115  110 110 109¼ 109¼  112 112¾ 111¾ 1.12¾  112!}_£ 113 112½ 112¾  111 112 110¼ 112  107 198¾ 106¼ 108U  122 ~ 122¼ 122 122%  111 111 110¾ 110½ 110¼ 110¾ 109¼ 110¾ 110¾ 110¼ 110¼ 110¾  Dec.  June. Opening .•.••. Highest •..... Lowest •.•. CllnRinl!' ... . . .  112¾ 112¾ 111¼ 111¼  Nov.  May. llpening .... . . ,Cighest .. ... . Lowest ..... . Closing ..... .  112 112½ 111¼ 112  Oct.  Apr. Opening...... Highest...... Lowest ...... Closing . . . . . .  Jul y.  Sept. 111% 113¾ 111% 112%   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  113 118¼ 112¾ 112¼  116½ 116½ 115½ 115¼  109% 109% 108 108¾  12!~ 122)4 120¼ 122!,4  t§tt tt'7,  Opening ...... Highest ..... Lowest ...... Closing ...... Aug. 123¼ Opening ...... 123¾ Highest . .... 122½ Lowest ...... 122½ Closing ... . ..  Mar.  111¾ 112¾ 110¾ 112¾  l~l, ,_6s_(_5_-2_o_y_e_ar_s_>_c_o_u_p_on_. j_1_0_-4_o_s._ l5J;l. C~~1 1 coup. coup. coup. reg. r 'ncy 1865. 1865n 1867. , 1868: _Reg.I Coup  121¼ 123¾ 121¼ 123¾  Feb . Opening...... Highest ..•.. Lowest . . . . . . Closing ......  12~ 1~ 123 124~  Dec.  - ----1-------------- -- - - - - - - 109¾ 110¾ 113~3 109.½ 110¼ 114 108)4 109¼ 112¼ 113 . 108¼ 110  125¼ 125¾  Nov.  1  114¼ 114¼ 113~ 113½  ....  Oct. Opening ...... Highest •..... Lowest ..... . Closing ......  6s, 6s (5-20 years) Coupon. 10-403 0 1881,1-- - - - - -- -1 1~1, ~i. 1tt•;, C~coup. coup. coup. reg. r'nc y 1865. 1865n 1867. 1868. Reg. Coup  Opening. . .... llighest.. . ... Lowest . . . . . . Closing. . . . . .  ... . 126¾ .... 126¾  116¾ 116¾ 115¾ 115¾  118 l19¾ 116¾ 118¾  ....  -- -- -  120¼ 120¾ 119¾ 120¾  126¼ 127 126),s 127  ....  m8i'.  5s, 6s 1 1. Curcoup. reg. r'ncy  120 120 119¾ 119%  .... ....  ... ....  l0-40s .  Opening .. . .. . Highest .. . ... Lowest ...... Closing ......  110¼ 111 109½ 109¼  .... .... .... ....  .... .... ....  .... .... ....  106% 107 106½ 10fl%  109½ 109½ 108¾ 109¾  112 112% 111½ 111½  112% 113 112 112  113¼ 113¼ 112¾ 113  108hj 109 10 ¾ 108%  105¾ 106 105¾ 105¾  123¼ 126 123¼ 125  106¾ 107 105¾ 106¾  109 109¾ 10 ¼ 108~~  111¾ 111½ 110% 1:..0¼  109¾ 109% 108½ 108½  118¼ 109~ 109 113¼ 110"8 109 112 108¾ 1071~ 112¾ 108¾ l0'i¼  105)4 105¾ 104 104¾  125 1257-( 123¾ 123~  105¾ 105¼ 105¾ 105¾  1071/4 108 107 107¾  110¼ 108% 109¾ 110),s 108¾ 109¾ JO~ 106% 107¾ 109% 106% 108¾  108¾ 108¾ 107¼ 107¼  106¾ 106¾ 105 105¼  103 108 101¾ 101½  123 123¾ 120¾ 1 20%  107¾ 108¾ 106¼ 108¾  1099,( 109;1,! 109¼ 109¾  107 107¾ 106¾ 107%  107¾ 108% 107¾ 108¼  107 107¼ 100107¼:  105 105¾ 103% lf'5¼  101% 102% 101¼ 102¾  120~ l 2q!'4 120~ 12~  108¾ 110 106¾ 109¼ 111½ 1051¼, 108¼' 110 106¾ 109)4 111½  107% 108¼ 107!}.£ 108¼  108¼ 108¾ 108¼ 108½  106¾ 107 106½ 106%  105½ 105% 105¼ 105¾  102½ 102¾ 102¼ 102¾  121 122 1.21~ 122  106½ 106¾ 105¾ 105¾  108¾ 109 108¾ 109 lO~ti 107½ 106% 107½  107 107¾ 105¼ 105¾  105 105¼' 103¼ 103¾  102% 103¼ 101 10-1½  l 203' 1 22½J 120 120  .... .... .... 105¾ .... 105¼ .... 105 .... 105¾ ... . 105¾ .... ....  .... ....  .. ..  ... .  ....  109¾ 109¾ 108¾ 108½  111½ 111¾ 110 110  112 112 111 111  I  UNITED  STATES SECURITIES.  53  1878. 6s, 1881 Coup  6s (5-20 years) Coupon. 1865 n.  1867.  1868.  102% 103¼ 102% 102¾  105¼ 106 105¼ 105¼  106¾ 109¼ 100¾ 108¾  5s, 6s, cur4s. 10-40. 5s 1881 4½s, '91 up. Coup. Coup. retcy. Coupon  co  - -- -- -- -- --.Jan. Open'g High't Low'st Clos'g.  106¾ 107¼ 106.½ 106¾  - -----105¼ 106¾ 105¼ 105%  107¾ 108¾ 107¾ 108¼  101➔-f  103]4 104¼ 103¾ 103¾  102¾ 101¾ 102  118½ 119.½ 118½ 119¼  1868.  x02½ 102¾ 102¾ 102½  x05¾ 106¼ 105¼ 105¼  xl08 108¼ 107% 108¼  102.½ 102¾ 102¾ 102;¼  105 105.½ 104% . 105.½  10 ¼ 10 '¼ 107¾ 107¾  102¾ 102¾ 102% 102¾  107¾ 10 ¼ 107% 108¼  Open'g x07% High't 107% Low'st 107 Clos'g. 107½  109 109¾  104¾ 104% 104% 104¾  xOO¼  lOIJ¼  107¼ 107¾ 106% 107¾  100¼ 100½  1~ 120)6 120 12~  108 103 108 108  109¼ 109¼ 10 ¾ 108%  x06¾ 106¾ 106 106¼  104¾ 105 104¾ 104¾  100¾ 100% 100% 100%  12~ 12°" 119~ 1203,  105½ 105½ 105¼ 105¼  1077/4 108 107¼ 107¼  x06½ 106½ 106 106¾  106¼ 106¼ 105¾ 105%  x03¾ 103¾ 103¾ 103%  100¾  1191\i  100¼ 100¼ 100%  1191(; 119½  103 103!4 102¾ 102¾  105¼ 100¼ 105¼ 100¼  107¾ 108 107¾ 108  106¼  1.06  106¾ 105¾ 106¾  106¼  103½ 104 102¾ 104  10 ¼ 109¼ 108¼ 109¼  103¾ 103¾ 103¾ 103¾  106¼  108¼ 109.½ l0S½ 109½  106.½  100½ 105¼ 106¼  106½ 107¾  x105 106¾ 105 106¾  109¼ 109~ 109¼ 109¾  103% 103¾ 103¾ 103¾  106¼ lOOJ,;; 105¼ 105¼  l0i¾ 108¼ 107¾ 108¼  106¾ 106¾ 106¼ 106¾  105¾ 106¼ 105 105¾  10 ¾ 109 108 108¾  108½ 108½ 106.½ 100¾  x04¾ 104¾ 103 103¼  103.½ 103.½ 102¾ 103¼  102¼ 102¼ 101% 102  11 ½ 119¼ 118~1 llll¼  Open'g ·107½ High't 108)4 Low'st 107.½ Clos'g. 108¼  105}8 107¼ 105ni 107¼  103½ 104% 103.½ 104¾  i05½ 107¼ 105.½ 107¼  108¾ 109 108¾ 109  x03¾ 105¾ 103¼ 105¾  103 104½ 103 104¾  x01% 103 101% 103  101¼ 101¼ 100¼ 101%  119 119 118 118  Ope n 'g High't .Low'st Clos'g.  108¾  100¾  104¾ 105% 104¾ 105¾  103¼ 103¾ 102:)( 103¼  100¾ 100¾ 100¾ 100.½  117¾ 119]4 117¼ 119¼  Open'g High't Low'st Clos'g.  104½ 105% 104¾ 105¾  103¼ 104% 103¼ 104%  100.½  119¼ 122 119 122  Open'g High't Low'st Clos'g.  Sept.  107¼ 107¾ 107¼ 107¾  104¼ 104:}J 104 104  107¼ 10'7'?9 107 107  109% 110½ 109¾ 110  105.½ 106 105¾ 106  107½ 108¼ 107¾ 108½  103¼ 104¾ 103¼ 104¾  100¾ 107% 100¼ 107¾  109¾ 109¾ 109)1 109¾  105% 107¾ 105¾ 107½  110 111¼ 110 111¼  107½ 109¼ 107½ 109¼  May. Open'g High't Low'st Clos'g.  1867.  103 103¾ 102% 103%  Apr. Open'g High't Low'st Clos'g.  1865 n.  ...  I  ,,. I  10-40, 5s, 1881 4¼s, '91 4s, 6s, our Coupon Coup. Coup. Coup. reney.  ------ ---------  --July .  100½ 106.½ 105¾ 105¾  Mai·. Open'g High't Low'st Clos'g.  6s (5-20 years) Coupon.  Anir.  Feb. Open'g High't Low' st Clos·g.  6s, 1881 Coup.  .June . Open'g Hight Low'st  108¾ 110¼  Clos'g.  110:)(  104% 105¼ 104¾ 105¼  lu3¾  107¼ 108¾ 107¼ 108¾  111)¾  Oct. 105¼ 106¼  x:99% 99¾ lC0  119½ 120¾ 119¼ 120¾  100 100¾ 100 100¾  12ll'( 122 121~ 122  100¾ 100.½ 100¾ lOO>ii  x119  100¼  ov. 101¾ 100½ 101¾  lO'i¾  104 105,-{ 104  105¼  Dec. 105¾ 107 105¾ 107  101¼ 101½ 101¼ 101¾  x03¾ 104¾ 103¾ 104¾  x119 120¼ 110 120¾  Open'g High't Low' t Clos'g.  109¾ 109¾ 10 108  I  x04}4 104¾ 101 104¾  I  12(% 119 11~  1 8 ,.9. Coupon Bonds. 6s, 1881  '  5-20s. 1867.  1868.  x02¾ 102¾ 101¾ 102  104¾ 104¾ 102¾ 103¾  Coupon Bonds.  6s, Cur4s, 1907 rfnifl,• reg.  tMt  10-40s. 5s, 1881  6s, 1881  -------------- -Jan. Opening...... . Highest ...... . Lowest ....... . Closing ...... .  106¾ 10o% 106¼ 106¾  108¾ 108¾ 104¾ 105  107 107½ 105% 106]4  x99¾ 100 99¾ 100  101% 100¼ 104¾ 106¼  119½ 121¼ 119½ 121¼  Opening ..... . Highest . . .... . Lowest •.•••... Closing . .... . .  July.  x04¾ 104¼ 104}8 104¼  A u g.  106¾ 106¾ 1015% 106¾  102)4 102¼ 102 102¼  102½ 1027,.,i 102½ 102¼  105 105¾ 104¾ 104¾  x04¾ 104% 104¼ 104¾  100¼ 106¾ 106 106¾  100 100¼ 100 100¼  120¼ 122 120% 122  Opening ...... Highest ....... Lowest ........ Closing ........  100¾ 106~ 105¾ 106¾  102¾ 102¼ 102 102¼  102½ 102½ 102¾ 102¾  -x:02¼ 102¾ 101¼ 102  104¾ 104¾ 1037/4 104¾  x05¼ 105¼ 104 104¾  100¼ 100¼ 99¼ 99%  122 122 121¾ 121¾  Opening ....... Highest .. . .... Lowe t ...... . . Closing . ... . .  104¾ 104¾ 104¼ 104¾  Sept.  Mar. Opening...... . Highest ...... . Lowest ...... . Closing ...... .  Apr. Opening ..••.. Highest ..... . Lowest ...... . . Closing ...... .  106¾ 106¾ 105¾ 106¾  May. Opening ...... . Highest ...... . Lowest ....... . Closing .. . ... .  June. Opening ..... . Highest ...... . Lowest ....... . Closing ...... .  106½ 107.½ 106½ 107½  ,~1 107% 107¾ 107%  ....  ....  ....  .... .... .... .... .... .... .... .... .... ....  ....  .... .... .... .... .... ....  .... ....  .... ....  104¾ 105 104¾ 105  Oct. 102 102 101¼ 101¼  .... .... .... .... .... ....  .... ....  x91J 101¾ 99 101~,!  1041,ii 100¾ 104% 100¾  l<m,! 105¼ 104½ 104¾  121½ 124½ 121½ 124½  Opening .••... Highest ....... Lowest ........ Closing ........  x03¾ 104 103½ 103¼  107 107¼ 107 10'7'~  101% 103½ 101¾ 103)4  124¼ 1, 5½ 124¼ 125½  Opening ....• . Highest ....... Lowest ........ Closing . .......  103¾  xOO½ 106½ 105¾ 100~  1027/4 10::.l 102½ 102%  x23½ 123.½ 123 123  Opening ...•.. Highest ....... Lowest ....... . Closing ........  .... .... ....  .... . ...  .. .. .... .... .... ....  .... .... .... .... ....  .... .... ....  105¼ 106¾ 105¼ 105¾  .... .... .... ....  1~ 107¼ 106¼ 107¼  .... .... ....  Dec.  I  1868.  105 105½ 105 105,-{  Nov.  103¾ 103¾ 103¾  1867.  6s,Cur. ren 18 re g.  mt  4s, 1907  ....  103¾ 104¼ 103¾ 104¼  106¼ 106½ 105¾ 106¼  x01% 102¾ 101¾ 102¼  128 12-i 12 1  .... .... .... ....  x02¾ 102¾ 101% 102¼  106¼ 106¼ 105 105¾  102 102 100% 101¼  12 123 123 12  :102}4 103 102¼ 103  x04¾ 105¾ 104¾ 105¾  101¼ 102¾ 101¼ 102¾  .. ..  102¾ 103½ 102¾ 103¾  105¼ 105% 105]4 105¾  x0l¾ 102¾ 101¾ 102¼  123 123 123 123  .... ....  x02¾ 102¾ 102 102½  106¾ 107¾ 106¼ 107¼  102¼ 103¾ 102¼ 103¾  1 125 124 124  ....  102½  '.}5¾ 106¾ 105¾ 106¾  103 104¼ 103 104  x21 122 121  10-40s. 5s, 1881  88;  - - - - - -- -- -- -- - -  Opening ...... Highest ...... Lowest ........ Closing ...... . .  Feb.  5-20s.  ....  ....  . .. .  .... .... .... .... .... .... ....  .... .... .... ....  ....  .... .... .... .... .... .... ....  ....  .... .... ....  ....  .... ....  ....  ....  .... .... ....  ....  ....  .... 103¾ .... I 102½  .... J 103¾  X  -  .. ..  121  -~~'•· Coupon Bonds 6s, 1881.  5s, 1881. 4.½s, 1891. 4s, 1907.  ---  104}4  ]04.% 104¼ 104¾  103¾ 104 103¾ 104  106¾ 107¾ 106¾ 107¾  103 103¾ 103 103½  107¼ 109¼ 107% 108¾  X  5s, 1881. 4½s.1891. 4s, 1907.  ················  103 104¾ 103 104½  Opening ....... x104¼ 104¼ Highest ... . ....... . ............ 103% Lowest ..... . .... . . .. ........... Closing ....... . ................ . 10-1¼  February,  August. 105¼ 105¾ 105¼ 105¾  Highest ...•.•....•...•.......... Lowest ......................... :Jlosing .........................  X  105¼ 107¼ 105 106%  March.  126 126 126 126  ....  Opening . . .................. Highest ...........•....• L owP-st ....................... . .. Cl osing ... . .......... . ..........  ~i11l~· reg.  ---  103¾ 103¾ 103¾ 103¾  109% 110¼ 109¾ 1::.0¼  xl0S¾ 109¾ 108¼ 109¾  104½ 10-1~ 104½ 104¾  xl02¾ 102¾ 102% 102\1,!  111¾ 111¾ 111¼ 111¾  109¼ 110¼ 109% 110¼  1~ 104% 104½ 104½  102¾ 102¾ 102½ 102¾  110¾ 110¾ 109 109  110¼ 110:kj 10~¾ 108%  104¾ 104.% 10~ 104¾  102¾ 103 102>1i 103  108¼ 110¾ 108¼ 110½  102 102 101¾ 101½  111¼ 112¾ 111¼ 112  110 112¼ 109% 111%  180 130 129~ 1293,f  101¼ 101½ 10:;_ 1 01¼  111¾ 112 111¾ 112  J.:il¾j  118¾  134 184.  111¼ ~13~  ~  128 128 128 l2@.  September.  Opening ......................•.. Highest . ..... .................. . Lowest •.... . . .................. . Closing .........................  105% 105% 105¼ 105½  103½ 103½ 103 103¼  106% 106¼ 105% 106¼  106¾  ............. ....  108 10 .½ 107½ 108½  100¾ 107¾ 106½ 107¾  Opening..... Highest ... . . ..................... Lowest ......................... Closing ........................  103¾ 104 103¾ 104  109 109¼ 10 ¼ 109  x106¾ 107½; 106¾ 107½  Opening ......................... Highest ........................ Lowest ....••............••. • ... Closing ........... . ......••••••. .  x102¼ 103¾ 102¾ 1Cl3¼  109¼ 110¾ 108¾ 110¾  107¾ 109 109  Opening ......................... Highest ........................ Lowest ......................... Closing] ......... . ...............  109¾ 109¾ 1~  109 1()97,i 1~ 109,a  Opening •., ...................... Highest... . ............ ......... Lowest ......................... Closin~. •·•••• ••.••••••••• • ••• .,  X  October.  .............  Opening...... . .... Highest ............. . ..•....... Lowest ......................... Closing ........ . .....••.•...••...  May.  X  1077,{ 109¾ 107¼ 109¾  November.  Opening ..............•.......... liighest ..•..........•......... . towest ...................... . ... tiosing .........................  107¼ 106¾ 100¾  June.  :'..06'¼  f)pening ............. ......... . .. \lighest..........................  107¼ 106¾  lowest . . ....... .... .. ...........   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  6  Ju)y. X  6pening...... ..................  8:>a~ ..... , ......••.........  6 , 1881.  --- --- ---  January. Opening .•. . •.••.•.....•••••.... Hi9:hest ................•........ Lowest ......................... Closing •...............• . .......  April.  Coupon Bonds.  fl~. currency, 1898, reg.  ~  1~  103¼ 103¾ 103¼ 103¾  r~  107¾  104% 104¼ 104¾ 104¾  X  December. 104¼ 104¾ 104¼ 1~  134  54  UNITED STATES SECURITIES. 1881. Coupon Bonds. 6s, 1881. 5s, 1881. <i¼s,1891. 4s, 1907,  Coupon Bonds.  6s, currency, 189!:S, re11:.  6s, 1881. 5s, 1881. 4¾s,1891. 4s, 1907.  ---- ----- ----  .Jauuary. Opening ........................ xl0l½ Hl11:hest .••• . ...... ...•.... .... 101¾ Lowest .. .... 101½ Closing ................... . •...•. 101¾  6s, currency. 1~98,rg.  .July.  .....................  133 133 L33 133  Opening •• Highest ........................ Lowest ..... ... ................. Closing ••••.•.•..•...••••••••••.  102'7Ai 103 102¼ 102¾  •102¾ 102!1:( 101¾ 102  114% 114~ 114¾ 114¾  xll·':'¼ 117¼  102¾ 102¾ 101½ 101½  102~ 102¼ 101 101¾  114¾ 114¾ llS¾ 113¼  116½ 116¾ 114¾ 115¾;  101½ 101½ 100%  101½ 101½ 101 101¼  101½ 101% 101½ 101¾  112 11~ 112 112¾  x112½ 113½ 112¾ 1127Ai  101¾ 101¾ 101¾ 101¾  xlOO¾ 101 100¾ 100½  112¼ 1127,1i 111¾ 112¼  112¾ 114 112¾ 112¼  102 102¼ 102 102¼  101 102 100% 102  xlllll,! 112¾ 111¼ 112¾  112¼ 114¾ 112¼ 114¾  131 131 131 131  Opening ............ Highest ........................ Lowest ..................... Closing•...........•.  Opening ........................ Highest ... .. .......... .. ....... Lowest .••• . ...•... .•.••....•••• Closing•..... .  102¾ 1037,1i 102¾ 103¼  102¼ 102% 102 :02¼  1127,1i 114¾ 112¾ 1:4¾  114 116¼ 118½ 116¼  133 133 133 133  Opening ........................ Highest......................... Lowest .•....••......• ..••••.••.. Closing .......... ·········••···  100¾ 101¼ 100¾ 101  xlOO½ 102¼ 99:):t '102¼  Opening .•..~~:.".. •••... ••• . •. Highest ••.......••.•... Lowest.  103¾ l0tl½ 1osn 106½  101¾ 105 101¾ 104½  114¾ 116½ 114¾ 116½  116¼ 118¼ 116¼ 118¼  185 185 185 185  Opening ...... Highest... ..... ... ........ . . .. Lowest •........•......•......... Closing..... . ....................  .................  101¼ 101¼ 101¼ 101:i,  102 102½ 101¼ 102½  113¾ 114¾ 113¾ 114¾  116¼ 117½ 116 117½  104¼ 104¼ 103  x115¾ 115¾ 114% 115  118¼ 118¾ 117¾ lJR  134 134 134  xlOO¾ Openinp: ............ 101½ Hi1~hest ......................... Lowest ... ..................... . 100¾ 101½ Closing: ... .  102½ 103½ 102¾ 103½!  x113¾ 114¾ 113¾  117¾ 118¾ 117¾ 118¾  .. ·················  Feb1•uary.  Opening .... •..... ..... .... ..•.. Highest ........................ Lowest ... Closing ........................  ····················  March.  Opening ........ Highest .................... Lowest .......................... Closing .........................  ··· ··········  Ap1·il.  ..................  ....... ........................  Closing ......................... June.  X  Ope,ning ........................ • 104 Highest .............. •• .• ··· •·· ] 104 Lowest ....... 102¾ Closln11:. · · · ···············• ··· .. 1 t03  ·················  108¼  X  August.  ~=:~:t:: :: :::::::::::::::::::  I  Lowest ......................... Closing ....... . .................  X  1  September.  ...... .... ...  ...........  101  Octobe:r.  November.  December.  ...... ...  !¾.  X  ---  115¾ 116¾  118 118¾ 112¼ 118¾  116  117¾ 116 117¾  118 113 118 113  x lltJ¾  1113¾ 115½ 116  11451,  X  1882.  -  R~ster'd Bonds. Coupon Bonds. 6s, cont'd 5s, cont'd 4½8,1891. 4s, 1907. 69- cnr'cy, 811,opt'n at S½. 1898. U.S. at3½.  Coupon Bonds. Registered Bonds. / us, cont'd 5s, cont'd 4¼s,1891. 4s, 1907. 6s, cur'cy. Ss, option at 8½. U.S. atS½ . 18U8  - - - - - - - - ---- - - - - ----  Janua1·y. Opening •....•...... Highest ...• Lowest .. Closing ..... ..... ....  ........ ... .....  100¾ 101 100¾ 101  xl02¼ 102¾ 102¼ 102¾  114¾ 114% 114¾ 114%  117¾ 118½ 117¼ 118¼  181 131 131 181  101 101 100% 100¼  102½ 102½ 101¼ 102  114% 114% 114% ll4¾  118  .... ....  100¼ 101½ 100¾ 101½  102 103¾ 1oz 103¾  x118¼ 113¼ 113¾ 118¾  February. Opening ............ Highest ............ Lowest . .. ......... Closing •... .......... lUarch. Opening ....... .... Highest ...........•. Lowest..•....•...•.. Closing•....•..... : ..  118¼ ll'i7/4 118 118 119¾ 118 119¾  April. Opening ....•••••... Highest •••• .••••.•.. Lowest ••• Closing.......  ········ ......  101¾ 101¾ 101¼ 101¾  x102½ 103 101% :02)4  115¼ 116½ 115¼ 1:6~  xllS¾ 121¾ 118¾ 121  101¼ 101¾ 101)4 101~~  1027-£ 102¼ 101¼ 101¼  116¼ 116¼ 115½ 115½  121 121½ :!20¾ 120¾  lliay. Openinp: ..••....... . Highest ............ Lowest ••.....•... .. Closing ..•..•.... ...  June. Opening ••....•..... Highest ...... . ..... .  ......  Lowest ....... ......... . . pnPlnir.  X  100 100¼ 100 tO0l,,C  101¼ 101:1( 101¼ 101;.(  :x:114¼ 114¼ 114¼ 114¾  120¾ 120¾ 120¼ 120¾  .... ....  .... ....  .. ..  .... ....  .....  .... .... .... .... .... .... ....  .... .... ....  .... .... .... .... ....  ---- ---- ---- ----  July. Openinp: ............ Highest . ............ Lowest ••........... Closing .............  August.  ...  ....  September.  .... ....  Opening ......... : .. Highest •......•.•.•. Lowest •.••.•.••.... Closing.•...•......•.  .... ....  101 102¼ lO0iJ{ 101½  114 115 114¾  xl19 120¾ 118¾ 120¾  101¼ 101¼ 101¼ 101¼  114¾ 114¾ 114¾ ll4¾  120¼ 120¼ 119¾ 1197,1i  101 101¾ 100¾ 100¾  us 118 112% 112¾  119% 120¼ 119½ 110¾  xl00}:! 100!4 100¼ 1007(  113¼ 113¼ 113 11~  xl.18¾ 119½ 118¾ 119¼  ....  101:),( 101¾ 101¼ 101¾  113 113¼ 113 113  119½ 119½ 118% 119¼  .... ... .... ....  101½ 103¾ 101½ 103¼  :x:112% 113.½ 112% 113¼  120½ 121 120 120~  102 102 101¼ 101¼  ... .... ... ....  Opening .••..••• Highest ••••.•.•. Lowest •••.....• Closing .............  .... ....  ....  ....  ....  .....  ....  .... October. Opening.••••....•. • . .... Highest ..... ..••.. . . .... Lowest .••..•.......•. .... Clo11lng .. . .. ..... .. .... November. Opening....... ···· · .... Highest ............. .... ... Lowest •.............  . ... .... .... ....  ... .... ·•·4 .... .... .... .... ....  180 130 129 129  ~  Closing ..............  December. Opening ............ Hi11:hest •....••••.... Lowest .............. Closing ..............  X  114  I  - - - ---.... .'...I .) .... .... .....  .... .... .... .... .... ....  .... ....  ....  .... .... .... ....  ....  ... .... .  ....  ....  102~ 102~ 102~ 102~  ....  ....  ··-·  ....  II ........  102¾ 102¾ 101¾ 102  I ....  .... .... .... ....  l  102~ 103 102¾ 103  1883.  -----------~-------------------------------,-------- Coupon Bonds. Coupon B onds. Registered Bonds. ------------,------- - - - · - - - - - - - .January. x102 Opening ................. • ..• 104 lllghest . ... ··· ··········· ···· ·· Lowest .. ...... ... ...... . .. 102 104 Closing.. . . . .. . .. ... . ..•..•••... .  113¼ 113¾ 112¾ 113  :x:119½ 119¼ 118% 11$1i  xl0S¼ 104½ LOS¼ 104½  113¼ 113¼ 113¼ 11$¾  118""~ 120 118¾ 119¾  104¼ 104}{ 103;14 104¼  131¼ 131½ lSl½ 131½  July.  - ---- - - - - ---- ----- - --  Opening ••.............. •.... Highest .... ........... . .. .. Lowest... . ........... . .. . . Closing••..............•••••...  112% 113 112¾ 1:2¼  xl18% 119¼ 118½ 119  103¾ 103¼ 103 103  113 113½  119~ 119¾ 1:Sh 119¾  103 10Slh! 103 10$¾  114 112¼ 114  119¾ 121 )4 119¾ 121)4  103¾ 10$¾ 101½ 101½  114¼ 114¼ 113¾ 114¾  xl20}.! 122 120 122  xl00½ 100½ 100¼ xl00½  135-,t 136½ 135¾  Jl4¾ 115 114¾ 115  121¼ 122¾ 121¾ 122¾  100¾  1S6;g 136¼ 136 186  xll4 114½ 113% 114¼  123 125¼ 128  August.  February. Opening ....... . . .. . . ... ........ Highest ....... . ......... .. .. . .. Lowest ... .......... ......... .. Closing •.............••••... .•...  103¼ 103¼ 103% 103¼  Opening ............... . ....... . Highest ..... . .. . .............. . Lowest ........................ . Closing ••....••.........•••.••••  ll:!¾  113¾  September.  Ma1·ch. Opening .•....... . . Highest ...................... Lowest ....... . . . .....•.....•... . Closing .... . .....................  ..  X  112½ 113¾ 112½  113¾  119¾ 120½ 119 120½  104 104¼ 103¾ 108'1/4  Opening ............ . .......... . Highest ........................ . Lowest ...................... . . Closing .... . ••••....•....•••.....  113½ 113:J,1; 113¼ 113:)i  xl19¾ 120 119¾ 119%  xlOS¾ l0S!)i 103 !OS  Opening••...•...•.......••...... Highest ................. .. .. .. Lowest ..•... , •••....•.......... Closing ......................... .  .... ························  Opening....... ..••••......•• ... Highest ........................ . Lowest ......................... . Closing ••....•..• •..••••••••• . .  ·······----···· ···············  118 113¾ 113 llS¾  119¾ ll9% 119 119¼  103¾ 103¾ 103¼ 103½  xl12¾ ll3 112¾ 112'U  119¾ 120 11~ 120  108¼ 104 103¼ lOSU  June. Opening ........ ....... ........ . Highest .. . .. ..... .••... •••..• ...  Lowest ......................... Cloainl;r••••••••••••••••••.•.••...  133 135 132~  135  136¼  Novmnber.  May. Opening .... .. .. Highest ......... Lowest •........ ········ ····· · Closing .. ..... . ........... .......  112½  October.  Apl.'il.  Opening ............ ... ... Highest Lowest ......... . ............... Closing .......... ............ ...   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ---  RPJ?i,.tered .6<1.c.a... . 5s, cont'd 4¾s, 1891. 4s, 1907. 3s, option 6s~ cur'cr,. at S½. U.S. ~898.  ,···  100¾ 100¾ 100¾  December. Opening ..................... . Highest ......•..•.......•....... Lowest ..................•.•.•... Cloaine: .••••••••••••••...••••••..  124¾  100¾ 102 100¾ 102  x184  "-  l34U 184  1~  UNITED  55  STATES SEOUBITlES. 1884.  Coupon Bonds.  Coupon Bonds.  Registered Bonds.  Registered Bonds.  ls8lf ---- ----- ---- - - - 1---------------- ---- ---- ---- ---4¼s, 1891 4s, 1907. 3s,g~~~on 6  January,  114¼ 114¼  128;14 124¼ 128¾ 128¾  114¾ 114¾ 114¾ 114%  Opening ..•.••... . .....•••...•••••••..... xll8¼ 118¾ Highest .................................. . 11S¼ Lowest......•..• ••••....••••....•.......... 118111 Closing •.•••.••.......••....••••••......•••.  114'¼  Opening ••••.• . .•... . ........ Highest .••• . ............ . ................. Lowest .•..••...........•.......... . ........ Closing·····················---- ....... ..  X  114%  February.  Opening .................................. .. Highest ..........•....•........... Lowest ................................... . Closing .•.•.••••.......•....•..•..•...••.. .  March.  April.  Opening ••••..•........ .••..•. . .......••.. Highest ......•...•..•.•.•••••..••.•••• ... Lowest ••••..•••..•••.••••••.•••............ Closing ••••.•.•........•.•.•...•....•.......  July,  100¼  Opening .•..•••••.........• ., ............. . Highest .... ........... . .................. . Lowest... . ...•...••••.....••...•.••.•••. Closing •.......•...• · ·· •·····-············  128¾ 12S¼ 123¾ 128¾  101 101 101 101  185¼ 185::( 185¼ 185}4  Opening............ . • •.....••..••.... Highest •.•••.•..•••••••.•••................ Lowest ................................ . .. . Closing ............................... . ... .  1~87~ 124¼ 123¾ 124%  101 101 101 101  Opening .................................. . Xlll¼ 111% Highest .........•.....•.....••..•.•.•••.... _112¾ Lowest .......•.......•....•.. . ....•... . .. 112¾ Closing. .. . . .. .. ............•....•...... . .  101!4 101¼ 1~ 100¾  Opening.•.......•...........•••.•••••.••... Highest ............................ . ... . Lowest ................................... . Closing .• . ................................ .  LOO¼  100 100¾ 100  112¾  12S¼ 128¾ 118¼ 120¾  100¾  Opening ........ . ...................... . . Highest ................. . .................. . Lowest..•...................•...... . ........ Closing.................. . .............. .  :x:111¾ Opening .••..••........ .. ••.••..•...... . .. Highest ............... . ................... . 111¾ Lowest ............................ . ....... . 110¾ Closing...................... . .. . 110¾  120:li 120¾ 118¼ 119¾  100¾ 100¾ 100 100  Opening ............... . ............ .. ... . Highest ......••.••••............ . ... •·· · ··· Lowest ............ .. ...................... . Closing ............... . ........... . ..... .. . .  June,  112  t:2¾  120l}p 120¾ 120¾ 120¾ 121¼ 120 121¼  100¾ 101 100}.t 101  112¾ 11S¾  x120¼ 121¼ 119¾ 121h  101 101 100}4  11S¼ 114¼ 1187~ 114¼  121¾ 122¾ 121¼ 122¾  112¾ 118¾  November.  December.  X  100 100¾ 100 100¼ 100¼ 100¾ 100¼ 100¾  119%  October.  11S}4 118% 110  lllay.  120¾ 118¼ 120¾  September.  xl~ 124 128¾ 1~3.½i  lC  :x:118¼  112¾  August.  118ls 118¼ 118 118¾  Opening .•....•..........•............... . Highest .....................•............ . Lowest ................... . ............ .. Closing .......................•••.•... ••....  112  184¾ 184¾ 13-4¾ 184¾  100¼ 100¼  118JI,£ 113¼ 112¾ ll3¼  128¾ 128¾  122¼ 122¼  100¼  101¼  101~ 101½) 101¼  1886. Registered Bonds.  Coupon Bonds.  Coupon Bonds.  Registered Bonds.  6is~~------------------·--·- - ---- ---- -------- 1----------------1---Joi}'. 4¼s, 1891 4s, 1907. 3s ,.g~J~on  4¾s, 1891. 4s, 1907. 8s\?.p~~on 6s, ~:cy 1  January.  Opening ................... .. Highest ........ . .......................... . Lowest .................................... . Closing ........................... ....... .  112¾ 112'1~  X  112i}s  112%  February.  Opening ................................... . Highest .............................. . .... . Lowest •.•..•..•.•.•..•••.•••.•.•••••..•.••. Closing ................................... .  112¼ 112¾  121:J:( 122¼ 121¼ 121¾  101¼ 101½ 101 1017-!  Opening ................................... . Highest .................................. . . Lowest . .................................. . Closing .................................... .  121¾  102 102 101~ 101¾  Opening ............................... . ... . IDghest .....•••.•..•..•..•..••.•.. .....•... Lowest ................................... .. Closing ....... . ........ . ............ . ...... .  122¾ 121M 122¾  112~ 1127..,1i  122¾ 122¼ 122¾ 122¾  x108¾ 1087~ 108~ 108¼  118¼  12~ 128¼ 122¾ 122¼  108 108~ 102'1~ 108½1  1.01½ 101½ 101 101½  Opening ....... . ........................... . xl12¼ Highest ....... . .......................... . .. . 112½ Lowest ...... . .......................... . ... . 112¼ Closing ...... . .... . ..................... .. 112¾  122¼ 128½ 122¼ 128¼  108¼ 104 108¼ 1087~  184 184 184 184  101 102¼ 101 102¼  Ope11lng ....... . ..................... . . . , •.. Highest . .. . ... . ..... . ..... . .. . .... .. ...... . Lowest .... . ........ ......... . ... .. .. . .. . Closing... . .. .... .. ... . . . . .. .. ... . ...... .  112¼ 113¼ 112½ 118½  x122¾ 124 122¾ 124  Xl03½ 104 103½ 103½1  184.  113½ 11S½ 118½  123¼ 128¼ 128% 128¾  104 104 102:},! 1027~  Opening ......... . ... . ................... . xl12¾ 1127,s IDghest ... ... . .......... . .......... . ....... . Lowest .... . .............. . ................ . 112¾ Closing .................................. . 112¾  128¾ 124% 128¾ 124M  108¼ 104¼ 10S¼ 108½  Aua-ust.  March.  Opening .................. . .............. . xll2 Highest .................................. . 112¼ 112 Lowest ..••..•••.••••...••••••...••••....•••. 112 Closing •••..•.. •......•.....•••.•••••.•.•••.  April.  112¾  Opening ................................. . Highest . .................................. . Lowest •••••••••••••••••••••••••.•••••••••.. Closini;; •.•••.•.••..•••.•••••••••••• ••••.••..  112¾ 112¾  121¾  112¾  May.  122¾ xl21½ 122~ 121% 122  112¾  Opening ................................. . Highest .................................. . Lowest .................................. . Closing .............. . .. ,. . . ............... .  N2¼ 122¾ 122¼  118¼ 112¾  118¼  I  June.  Opening ...• : ...................... . ..... . x: 112¼ Highest •....•..•.••.•. . .......•....•...•... 112¾ Lowest .••. ,. .•.••...• •...........• ......•.. 112~ Closing................. . ................. . 11~  1·  X  121¾ 122~  103¾ 104½ 108¾ 104¾  12.2¼ 123½ 122¼  US¼  X  112¾ 11S¼  112¾  liieptember.  October.  10~ 108}4 102¾ 10S¼  122¼  112¾ 112¾ 112¾ 112½  186¾ 187½ 186\( 187¼ X  185 185 184½ 1$4¾  November.  Opening ......... . ..... . .. .. . .... . .. . . . . . .. . Highest . ... .. .. . . .......... . . .. ........ , .. . . Lowest....... ... ...... . ... . ...... .... . . Closing ...... . .. ... . . ......... . ..... . ... .  113½  December.  I  lSS~ 188% 188~  188¾  184,  184  184  x:138 18S 188 188  IS86. Coupon Bonds.  Registered Bonds.  Coupon Bonds.  4,¼s, 1891. 4s, 1907. 8s, option 6s, cur'cy  January,  1~119. u. s. - - - - ----- - - - - - - -  Opening ........... . .......• Highest .... . ............ . ................ . Lowest .................................... . Closing ................................ ..  112¾ 112¾ 112½ 112¾  February.  Opening ................................... . Highest .............................. . ... . Lowest ................................... . Closing .................... . .............. .  112""~  X  128 1.21 123 124  X  102 102½  100¾ 100¾  100¾  ,-----------------July.  185¼ 135¼' 135¼ 18J¾  Opening ........•.............•..•.•...... Highest .....•.....•.••.........•..•...... Lowest. .. Closing . . . ..... . ..........••............. .  186¼ 136¼ 186¼ 136¼  Opening ....... . ...•.........••.......•... Highest ........................••........ Lowest ................................... Closing ..... . ..........  Auirust.  114 112% 114  101 100¾ 101  Opening: ........ . ..................... .. x112¾ Highest ................................. . 112% Lowest..................•..•....••••...••.. 111¾ 112½ CloEOing ......••...............•.••••.....•..  1~7¼ 127½ 125¾ 128¼  JOO% 101½ 100¼ 101½  Opening .................................. Highest . ...... . .......................•... Lowest . .. . ... . ...... . ..................... Closing ......................... ..........  x126¼ 126¼ 125% 12!3~  x: 100¼  Ope11lng .. ............................. ... Highest .... . .. . ............. . ............ Lowest .... . . . . . Closing ........ . .. . ....  l.WJ4  101¼ 101½ 100¾ 101½  March.  April.  Opening ..•.••.... . ...••.....•. . ••.... . .. Highest ................................ . Lowest ................................ .. . Closing .•..••.•............••......•.••.•.. .  112xi 112½ 112¼ 112¼  May.  Opening .••.•.•......•.••.•.••...•••...... Highest ••. : .............................. . Lowest .•••••.....•..•.. . ...•..•.......... CJ.oslng .................................... .  112¾ 112¾  112¾ 112¾  .June.  Openln/,' ..,............................ . Highest ................................... .  Lowest .................................... . ~O!J!nll':_-'.,.'••• ••••··• ··•••"•••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  X  lllll,£  112¼ 111¾ 112  126¼ 125¾ 128 126¼ 127¾ 128  12?¼  101¾ 100% 101¾  101¾ 102¼ 101¾ 101½  111¾ 112¼ 111¾ 112¼  ······················· .......  124~ 127¾ 124¼ 127¾  111¼ 111¼ 111¼  ·· ················  lll¼  liieptember,  X  12(3 127 125¼ 127  xlOOI}.{ 100¾ 100¾ 100¾  126¼ 12"/ 125½ 126)4  100¾ 100¾ 100¾  110 112½ 1097/f! 112¼  126¼ 128¾ 126¼  112¾ 112½ 111¾ 111¾  x129 129 127¾ 128¾  Opening ........ . ......................... 111¾ Highest .................. . ................ 111½ Lowest ................ ···· ·••··· ····· 110¼ Closing ... ........ 111½ . December. Opening ........ xll0¾ Highest ...............•..••..••.•••••••••• 110¾ Lowest ................................... 110}4 Closing ..• 110%  128¼ 129¼ 127 129  October.  . . .. ................. .. ················· November. ··················· ······················  ...  ···· ···· ..............  l Registered Bonds.  4¼s, 1891. 4s, 1907. Ss, .g~J~on 6\ggf cy  X  128¾  129 120% 128)4  128¼  185 185 lS!S 185  100¼ 100¼  100¼ 100¼ 100½ .xlOO¼  188.l,( 184 188 138~  .  100¼ 100 100  lOO!ij  101 100¾ 101  182¼ 182¼  182. lSZ  56  U ITED STATES SECURITIES. 1887. Coupon Bonds.  Registered Bonds.  Coupon Bonds. Registered Bonds.  4¾s,1891. 48, 1907, 6s, ~:cy 6s, ~:cy 1 1  4¾s,1891. 4s, 1907. 6s, ~~:cy 6s, ~:c; 1 1  ----- ------------- ---- ---- - - - ,-------·-------- ---- - - - - ---- --January. July. Opening ..................... . ............ . lilf{hest ••••.•.• . ••.•••..•.••••••.•••••.•... Lowest .................................... . Closing ........................... ....... .  11014 110½  1~  110¾  February.  Opening ................................... . Highest .................................. . Lowest .................................... . Closing ................................. . .. . March. Opening ......... ....... .. . ............. .. Highest .................................. . Lowest ..•.........•..•..........•.•......... Closing ......... .............. ............. . April. Opening ................................ . Highest ................................. . Lowest •..••.......•...............•.•..•. Closing ................. ...... ............ . May. Opening ................................ .. Wghest .................................. . Lowest ............................ ..... .. Closing ................................... .. June. Opening .................................. . Highest ................................... . Lowest ............ ..... ................... . Closing.................................... ..  X  x127½ 128¼ 126¾ 128¼  182¾ 182¾ 182½ 18~  128¼  184¾ 134% 134¾ 134¾  110}4' 110}4 110 110  126¾ 128¾  109 109'"'1i 108¼ 109¼  1~ 129¾ 128 129¼  110 110¾ 110 11~  ]28~ 129~  128½  185 135 134¼ 184¾ 134¼ 184¼  129!4 129 12~  11~ 11(%  1~  X 109➔-!  129¾ 129¼ 129 129¾  1091,i  185  128¾  11~ 110¼  10~ 109),4  135  187¼ 187!4  1873,s 187¼ 13~ 186¼ 136¼ 136¼ 187¼ 137¼ 1873,ji  137¼ 187¼ 1873,s 187¾ 187¾  129¾ X  182}4' 132}4' 18314  18214  109}4' Opening ................................ . 109}4' Highest.................................. . 108¼ Lowest. . ........ ........................ . 109 Closing ........ . .... .. ................. .. August. 108¾ Opening ................................. . 110¾ Highest ................................. . 108 Lowest .. .......... ...................... . 108 Closing .................................. . ~eptember, Opening ................................. . x108% 108¾ Highest .................................. . 108 Lowest ................................... . 108¾ Closing .................................. . October. 10814 Opening .. ............................. .. . 108¾ Highest ....... . ......................... . 108~ Lowest ............................... . 108¾ Closing ................................ .. November. 109 Opening ................................. . 109 Highest ................••••••••••••••....• Lowest ................... . .... . ..... . ... . 1 ~ Closing ................................ . 108¾ , December, lO'i Opening ................................ . Highest .................................. . 108¾ 107 Lowest .................................. . Closing ............................... .. 108¾  X  1283,s 1283,s  127¼ 127!,(  18fl 182 181 181  127 128¼  128  129  128  125¾  128 128  129 129 129  125!Ji  125¾ 125¾  124¾ 124¼ x124½ 126½ 124½ 126¼  127 127 127 127  126¾ 126!Ji 126¾ 12~  125¼ 12~  124¼ 12~  ts~s. Coupon Bonds.  Registered Bonds.  _________________ 4½8 __,_18_9~ _4_s,_1_907 _,_ e_s_,l_~_r_:c_y ~s-i899 _cur_:ey_ January, Opening ........... .... ..... . 107¼ Highest .... .... . .......................... . 108¼ Lowest .................................... . 107½ Closing .............. ............ . ..... .. . 10~ February. Opening ................................... . 108 Highest ............................. .. . .. .. 108 Lowest ... ........ ......................... . l0i¼ Closing .................................... . 107¼ March. Opening ................................. . x106¾ Highest .................................. . 1~ Lowest..•..•.......... ..••.• ....•••. ...••... 106¾ Closing ................................... .. 106¾ April. Opening ...................... ........ ... . 106¼ Highest .................................. . 107¾ Lowest ........•...•...••.•........•... .•• 106½ Closing ..•....•....•.•..•..•...•.•.•.•••••. l0i¾ May. Opening ................................. . 107~ Highest ...........•..... •• ...•....•...•••. 108¼ Lowest .......•.............•...••....•••. lO'i!Ji Closing .................................. . 108¼ June. Opening .................................. . X 107 Highest .........•..•..•..••.•• •. •..•.•••.•. 107¼ Lowest .................................... . 107 Closing............................. .. ...... . 107¼  \26½ 125),4 125¾ 12~ 126¾ 125¼ 125¼ 127 127  125¾  127 127  125¾  .xl~ 126¾ 128~ 126¼  I - - - - - -- - - - - - - - - l4¼ __s_,_189_1. J_4_s,_1_007_. July. Opening ................................. . 10™ Highest .. ......... ............... ....... . 1~ 107}4' Lowest ... . ............................ .. 107¼ Closing ................................. .. Auirust, 107¾ Opening .......................•..•....... 107¾ Highest ..................•...••••........ 107¼ Lowest .................................. . 107¾ Closing ................ ..... ............. . ~eptember, Opening ................................. . x106¼ 106¼ Highest .................................. . l:>6¼ Lowest ................................... . 106¼ Closing ..... ................... ... .. .. .. .. October. 108¾ Opening .. ............................. .. . 108¾ Highest ................................. . 108¾ Lowest .............................. .. 108¾ Closing ................................ .. November. Opening .......... . ............. -;-.--; ...... . 108¼ Highest .................................. . 109¾ Lowest ................................. .. 108¼ Closing ............................... .. 109¾ December. Opening ........ ........................ . x108¾ Highest .............................. . ... . 1~ Lowest ................................ .. 108¾ Closing ... . ...... . ..................... . 108¾  126  125¼ 125½  Coupon Bonds·  . 1.277"' 127½  127¼ 127¼  126¼ 127¾ 126¼ 127¾ 127¾ 128¼ 127¼  128¼  1Registered Bonds. 6\~_F_s_:c_y 6_s_i_~_'._cy 127  127 127 127 127¾ 128¾ 127¾  128¼ 128¼ 180  128¼ 180 x129 129 126¾  129¼  127¾  129¾ 129¼ 129½  12714 128¾ 127¼ 128½  180¼ 18014 180¼ 180¼  128¼ 128½ 128¼ 128),(  IS89. Coupon Bonds.  Regi11tered Bonds.  4¾s, 1891. 4s, 1907, 6s, ~~rcy 6s ,1~:cy 1  January. Opening .................... . Highest ........ . .......................... . Lowest .................................... . Closing ........................... . .. .. .. . February. Opening ................................... . Highest .............................. . . ... . Lowest .................................... . Closing .. .... ........................... . .. . March. Opening ......... . ....................... . Highest .•.....................•........... Lowest.............................. ....... . Closing .................................... . April. -Opening .......... ... .•••.••..........••• . Highest . ................................ . Lowest ..... .... .. ...... ................. . Closing ................................... . May. Opening ................................. . Highest ......................... ... ...... . Lowest ............ ....... ........ .. ..... . CloslJ:~g .................................... . June. Opening ............. .... ................. . Highest ................................... . Lowest .................................... . Closing........... .......... . ............... .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Coupon Bonds.  Registered Bond&  ~~-J:cy 6\~'.CJ  (¼s,1891. 4s, 1907. 6s, 1  ---------------1---------------1------------July, 108¼ 109 108½ 109  x126~  128),(  126¼ 128¼  109  128¼  109 109  128% 128¼ 128%  109  129¾ 108¼ 10~ 108¾  1~ ~  108¼ 10814  xl28¼ 129  129:U  1()$i  ~  108~  129 129¾  129¼ 129¼ 129~ ..:06¼  106¼ 106¼ 106%  129¼ 129¾ 129}4' 129¾  127¼ 127½ 127½ 127¾  Opening ...... . .......................... . 106¾ Highest ..... ...... ...................... . 106¾ Lowest. ........................... ....... . 1~ 106;.( Closing .................................. . Auarust. Opening ................................. . 106¼ Highest ................................. . 106¾ Lowest .................................. . 106¼ Closing .................................. . 106¼ ~eptember. Opening ................................. . Highest .................................. . Lowest ................................... . Closing .................................. . October. 105¾ Opening ............................... .. . 105¾ Highest ................................. . 10~ Lowest ....... . ... ...... ......... ..... .. 10!;¾ Closing ................................. . November. Opening ................................. . 105½ Highest ...... ......... .. .......... ....... . 105½ Lowest ........ . .... . .......... .... ...... . 105½ Closing ............. . ................... . 105¼ December, Opening ................................. . xl04¾ Highest ................. . ................ . 105 Lowest .... .............................. . 104¾ Closing ................................ . 105  x128¾ 128½  128¼ 128¼ 128¼ 128¼ 128 128 128¼ 128¼ 127¼ 127¼ X  127}4' 127)4  127 127 127 127 127 127 127¾ 127¼ 127¼ 127¼  1~ 12~ 12~ 12r,¾  1  U ITED STATES SECURITIES. 1890. CouJ)On Bonds.  Registered Bonds.  - - - - - - - - - - - - - - - - ,4¾.8 ___•1_89 __ 1. 4s, 19~~ 6s,1~&rcyl6s,l~~cy January.  Opening • • • • • • . • • • • • . • • •• • • •• Highest •..•.• .• . .•••.•.••..••••••••••••••• , Lowest.................................... . <)losing . .. .. . . • . . • . . . . . . . . . . • • • • .. . .. • .. • .  February.  Opening • . .. .. • •• . . . . . . . . . . .. .. • • . • .. .. . • . . . Highest • • . •• • . . • • • •. • • • • • . . • • • • • . • • . . . • . . . Lowest . . • • • • .. • • . •. . • . • .. .. • . . • • . •• • • . .. • • Closing • . . . . • . . . . . . .. . . . . . . .. • • • .. .... • • . . . .  March.  Opening.......... ........ . .............. . Highest . . . • • . . • . . . . . • . . . . . . • • . . • . . . . • . • . . . Lowest.............................. ........ Closing • • . • . •• • . . . . . . . . . • . • • • • • . • • • •• • • . • . . .  April.  Opening................ ••..... .. .....••. Highest . ........... ........ ............ •• Lowest • . . . . • . • . • . • • •• . • . . • • . . . . • . . • . . . . • . Closing • . • • . . • • • • . • . . •. . • . . • .. .. • . .. . . •• •• .  104¾ 104¾ 104½ 104¾  128¾ 128¾ 123¼ 123¼  Opening ............... .• ...•...•••••••.•. Hfghest •...•••..•..•.......•••••••..•.... Lowest .................................. . Closing ..•................ .••.•.•••..••••.  103½ 108¾ 108¼ 108¼  123 123¼ 122 122¼  Opening ............•...••••...••...•.•... Highest ........•...........•..........•... Lowest ........•.••.•.....•.•........••..•• Closing .................................. .  103½ 108½ 108¼ 103¼  May.  June.  July.  126~ 126),( 125 125  Opening •••••••••....••••••••••••••.••.... Highest •.•••.•.••.. ••••..• •••••••.•••.•.. Lowest. .........•.•••••••....••.• .•.•.•.. Closing ..•....• .. . , ...................... .  103  103 108 108  Au1rust.  !iieptember.  103¾ 108¾  108;14 103¾  Opening .. .......•......•••.••••......•.•. Highest ....... . ........•...........•••... Lowest ............................... . Closing ................................. .  122¼  122 122  November.  124¾ 124¾ 12-1¾ 124¾  Opening ........................... . ..... . Highest .... •....•....•.•....•.•.•....•..•• Lowest ................ . ....... .......... . Closing ................................ .  125½ 126¼ 124 124 122¾ 1~ 122¾ 124  104 104 104 104  December.  122 122¾ 122 122¾  121¾ 124 121½ 124 123-U 123¾ 123'7A\ 12su  October.  122¾  122 122;( 122 122 102¼ 103¼ 10~ 103¾  ••••  Registered Bonds.  ------------------------------  105 105 104¾ 104¾  Opening ................................. . Highest •.•.••••.•.•.••..•••••...•.••••••.. Lowest .................................. . Closing .•••••••.• ._ •.•.•••••••••••.•••.•••• Opening .................................. . Highest ................................... . Lowest .................................... . Olosing..................................... .  Coupon Bonds.  4¾s,1891. 4s, 1907. 6s, cur•cy 6s, cur•cy 1898. 1899.  Opening .....••............•••..••..••...• Highest ........•....•.•..••••••.••••...... Lowest ........................ . ....... . . . Closing ............................... .  124 124 128 128 122:j! 1237-{ 122 123¼  115 115 115 115  JS91. Coupon Bonds.  Coupon Bonds.  Registered Bonds.  6s, cur'cy 6s, cur'cy 4¼s, 1891. 4s, 1907. 1899 • 1898.  January.  ---- ---- ---- ----!•- -------------July.  121 121½ 120~  Opening ...... . .•..• . .......• Highest ................. ... .............. . Lowest .•...........................•....... Closing ........................... . ...... .  120¾  Opening ....... . .. . .. ...... . ... .......... . Highest .............................. ... . Lowest. . .......................... ....... . Closing ........... . .. ...... ........... .. . .  121 121 121 121  Opening ................................. . Htghest ................................. . Lowest .................................. . Closing ......... . ... . ........... .. ... ... . .  121½ 121½ 121½ 121½  Opening ......... ........ .... .. . .. . ...... . Highest ....... . . .... .... ......... . . ...... . Lowest ................................... . Closing ... ... . ........ .. ..... . ... ...... .  102  122  102 102 102  122  Opening .. ............................... . Highest . ..... . . ...... .... ......... .... .. . Lowest .......... . .. ......... . ........ . Closing ................................ .  February.  Qpenlng .••••........................••••.•. .Highest ............................ .. . ... . Lowest ................................... . Closing ................................... .  Auu;ust.  March.  Opening ................................ . Highest .................................. . Lowest .............. ...................... . Closing ........ ....... . ............ ........ .  April.  Opening ............ . ...•••.•. . .......•. Highest ................................ . Lowest ................ .. .............. . . Closing ................................... .  May.  Opening .. ................... ............ . Highest ................................... . Lowest ................. . ................ . Closing ................................... .  100¾  117  100¾  117¾  100¾  117 117¼  100¾ 100¾ 100¾ 100¾  100¾  !iieptember.  117 117 116¾ 116¼  Opening ................................. . Highest .. .... .... ... .............. ... .... . Lowest ......... . ...... . .. . .............. . Closing ...................... . ......... .  June.  December.  Opening ....................... ... ....... . Highest ......... .... .... .................. . Lowest .................................... . Closing............................ . .. .  116¾ 116¾ 116:1:( lltl'¼  116,i! 117 116 117  November.  ... ..  118 118 118 118  118 118¼ 117 117¾  Octobe1·.  122 12j  Registered Bonds.  6s, cur'cy 6s, cur'cy 4½s,1891. 4s, 1907. 1898. 1899.  117¾  Opening........ . .................... . Illghest .... . ... ......... . ................ . Lowest . ...... . ........... . ..... .. ... . . .. . Closinl? . .............. . .. .. . . .... . . .. .  118¾  116¾ 119¾  1892. Coupon li nds.  Coupon  ~  Registered Bond .  _ _R_e_g ls _ te_re _ d_B_o_n_d_s_._ _ 6s, cur'cy 6s, cur'cy 4s, 190?. 4s, 1907. 1898. 1899.  6s, cur'cy 68, cur'cy 48, 1907. 4s, 1907, 1898. 1899.  ----- ---------- ---- ·--- ---- ---- -----------------1----- ---- - - - ---January.  Opening ...... . ............. . Highest •..•...• . ••.•..•....•...•....•..•... Lowest •••..•...........••..••....•.•.•..... Closing ................ ........... . ...... .  February.  117¼ 117¼ 116½ 116¼  ll7 117¼ 116 116  ll6 ll6 116 116  July.  118½  118½ 118½ 118¼  Opening.. .. .............................. Highest.................... . . • . . . . • • . . .. . Lowest . . . . . . . • • • • • . . . . . • . . • • . • • . . . . . . . . Closing........ . .. . . . . .. . . • . . . . . . . . •. . .. . .  Au1rust.  116¾ ll7 116¾ ll6!ij  ll6¾ ll6½ 116xi  Opening ................................. . Htghest ........................... ...... . Lowest ............................... .. . . Closing .................................. .  117¼ ll'7¼ 117¼ 117¾  116¼ 116¾ 116 116¼  Opening .. ............................... . Highest .......................... . ... .... . Lowest . ..........•.•.••..••.••••• ...•.•.•• Closing ................... ,. .... . .. . ..... .  116¼ ll6¾ ll5¾ ll6¼  116 ll(>¼ 115¾ 116  Openln11: ................................. . Highest .... ... . •.......•..•....•......••. Lowest ............................... . Closing ... . ............................. .  ll6¼ ll7¼ 116¼ 117¾  115¾  117½  Opening........................ . . . •• . . .. . Highest................................... Lowest........ . ... . . . . . . • . • . • • . • . . .. . . . . . Closing ... • • . .. • • . . . . • . • • • • • . . • • • .. . .. . .  Opening ..................... . ............ .  ll7¾  Highest ................................... . Lowest .................................... .  118¼  ll6¾ 116¾ 116¼ 116¾  Opening........... . • • • . . . . • • • • • • . . . • . . . . . Highest.. ....................... .... ...... Lowest........ ........................... Closing • . . . • • •• • • • • . • • • . . • . • . • • . • • • . • • . •  Opening ................................... . Highest .............................. . ... . Lowest ................................... . Closing •.......••.......... . ........••••... March. Opening .... .. .......................... . Highest •.•.•..••.••.........•.•••..•....•. Lowest••••••.•..•... .. ...••.. •• .•.•. ...••.•• Closing ................... ......... ........ .  April.  Opening ............ . . ......... . ........ .. Highest . ........... ......... . ............ . Lowest., ................................. . Closing .................................. ..  May.  Opening ......................... ........ . Highest .................................. . Lowest .... ,. ............................ . Closing •. . .. , ............................. .  June.  Clo•lng.......................... .......... . .   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  116¾  ~eptember.  ll7¾ ll7¾  117½ 115¾  October.  No..-ember.  December.  116!'4 116¼  ll6¾ 116¾ 116 116  116 ll6¾ 116 116¾  116 116 116 116  xJ_l6¾ 1:16¾  115¾ 115 114¾ 115 ll4¾ 115 114½  ill¼  114¾ 115¾ 114¾ 114¾  115 115 114¾ 114¾  114¼ 115 114¼ 114¾  114½ 114¾ ll4 114  113½ 113¼ 113 113  U ITED STA1'ES SECURITIES. 1893. Coupon B'lnds.  Coupon Bonds.  REGISTERED BONDS.  4¼s, 1891. !ls, cur'cy 6s, cur'cy 4s, 1907. ext.at 2 pc 4s, 1907. ISW. 1898.  ------ -------1----January.  Opening ...... . ••.•. . .•.•.•.• Highest ...•.•.. . .•....•.. . •.•.. Lowest .•...•........ . .......... Closing ........................ .  - - - - 1-- - - - - - · - - - - • I----- - - - - - - - - - - - - - · -  xll3 114 113 114  July.  113¼ 114¾ 113¾ 114¾  Opening .................•.... Highest . ............•.•••... Lowest. . . .. . : ....•.....••.... Closing .......... . .. , ........ .  113 113 112¾ 112¾  112¼ 113 xlll¾ xlll ¾  Opening . ... ............... .. . Highest . .. ......... ...... . .. . Lowest ...................... . Closing ...................... .  112¼ 114¼ 112½ 114¾  111¾ 112¼ 111¾ 112¼  113¾  113¼ 113¾ 112¾ 113  Opening .................... . Highest ... . .............. ... . Lowest ......... . . .. .. ..•... Closing ........ ... .......... .  113 113 112½ 113  Opening ..................... . Highest ..................... .. Lowest ... ............. ... . . . Closing .................. ..  110¾ 110¾ 110 110¾  Opening ... .. .. . Highest ................. . .... . Lowest ... ............... ... . Closing ......... . .......... .  February.  Opening •....................... IDghest ..••.••........•........ Lowest ........................ . Closing ........................ .  ·  March.  Opening ........ .. Highest ..••..•••............. Lowest•..•••....•... ............ Closing •............•.•...•.....  · April.  Opening .....•.....••.••.•.... Highest .....•....•••.......... Lowest .•.....•................ Closing ....................... .  ltlay.  Opening .••..........••••..... Highest ••.••.......•....... ... Lowest ......•.......... .... .. Closing ..•........•.••.••...... .  113¾ 112¾ 112¾ 112¾ 112¾ 112¾  June.  Opening ..............••....... . Highest ....••....... . .......... Lowest .........•.....•••....... Closing ...•.•..•.••••••••.. .. .••.  i12¾  111½ 111¾ 110 110  REGISTERED BONDS.  -1¼s, 1891, tls, cur'cy tls, cur'c-y 4 s, 1907. ext.at2pc 48 , 1907. 1898. 1899.  99¾ 99¾ 98 P8  August.  !iieptember.  113½ 113½ 113½ 113½  Opening ..................... . Highest . . .................... . Lowest ..... . ................. . Closing .. . ...........•.•......  October.  110¾ 111¾ 108 108  97 97 97 97  11(¾  111¼ 108½ 108¼  108 112½ 108 112  108 111¼ 107¾ 111¼  112 112 lllXi 111½  110¼ 110½ 110 110  111 111½ 111 111½  110¾ Ill¾ 110¾ 111¼  108 l CS 108 108  'ove1nber.  95)4 95¾ 95¾ 95¾  112½ 114 112¼ 114  112 113¼ 112 x113¼  Decembe1·.  115 115 114 114  113½ 114 113 113  1894. Coupon Bonds.  Registered Bonds.  Coupon Bonds.  __.. _ --- - - --- --- - - - ---- ---- ---  - - - --- - - - - - - - --- - - - --Jan, Open'g. Hilth'st Low'st. CJnsmg  112l}.( 113¾ 112½ 113¾  .. .. .. ....  ....  11a 114 112¾ 113¾  .. .. .... .... ....  . ... . ...  Ooen'g. Hlgh'st Low'st. Closi~  114¼ ll4c¼ lb¼ 114¼  117¾ 117¼ 117¾ 117¾  113½ lH 113½ 114  ... . .. .. ....  117¾ 117¾  Open'11. Htgh'st Low'st. Closing  114 115 114 114½  117¼ 117½ 117¾ 117¾  112¾ 113¾ 112¼ 113¾  . ... .... .... . ...  117¼ 117½ 117½ 117¾  Open'g.  118 119¾ 118 119¾  113½ 114¼ 113¼ 113¼  ....  Low'st. Closing  114¼ 114¾ 114¼ 114¾  ....  ....  .... .... .... ....  Ooen'g, Hlgh'i,t Low'st. Clofing  114 114¾ 114 114  118~ 118 117 118  114 114 113¼ 113½  ... .  .. ..  Ooen'g. High'st Low'st. Closin,g  114½ 115 114¾ 114-¾  117~ 118~ 117 117¼  1121¼ 113~ 112¾ 113¾  Feb.  Illar.  Apr.  Hi!ch'st l'tlay.  June.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  __. .  ....  ....  ... ... .  ....  . .. .  ....  -  . ...  ....  nm  117  .... .... ....  117"11! 118¾ 117¼  nsi..  .... .... . ... ... . .... .... .... ... . .... .... .... .... .... .. .. ....  . .. . .. .. . ... ....  . ...  ....  . ...  ....  ....  .... . .. . ... . .... .... ....  . ...  . ..  . ...  .... . ...  . ... .. .. .. .. . ...  .. .. . ...  .... .... ... . . ...  .... .... ....  July,  .. .. .... . ...  Ooen'g. ;x:113¾ Hlgh 'st 11:'> Low'st. 113¾ Closing 114¾  . ...  ....  .... ... . . ... .... .... .... .... . ... .... .. .. . ... .... ....  .... ....  . ... . .. . . ...  ....  Registered Bonds.  6s, Cur., 6s, Cur., 6s, Cur.► Ch'okee 4.s. 1907. 5s, 1904. 4s, 1907. 4s, 181l7. 5s, 1904. 1895. 1896. 1898.  Ch'okee 8s, Cur.· 8s, Cur .• 8s, Cur., !is, 1907. 5s, 1904. 4s, 1907. 4s, 1897. 5s, l 90t. 18Y5. 181}8. 189d.  Aug,  )  113~ 114 ll3* 113 113¾ 114¾ 113i)s  .... .... ....  ....  uo  Open'11. Hlgh'st Low'st. Closing  lU 115 11-1 115  :x:117¼ 119 ll7¼ 118¼  Open'g. High'st L'>W'st. Closing  115 115 115 115  119 119¾ 119 119¼  114 114 lH 114  i~:~::t  114½ 115 114¾ 115  llP¾ 120 119¾ 120  114.¾ 114~ 114¼ 114½  Sept.  Oct,  l.ow'st. Closiog  Nov.  lOl 104 104 104  118¼ 119~ 118¼  114¼  .... ....  ....  ... .  ....  118¾ 118¼ llli  118  118  us  118 118  .... .... .... . .. .  .... ..  1111¾ 119¾ 110¾ ll9¾  .... ....  Ooen'g. High'st L ow'st. Closing  115¼ 116 114¾ 115½  ~119¾ 119¼ 117½ 119  115¾  lH 114!-{i  nm  .... .... .....  119 119 119 119  Ooen'g. High'1:1t Low'st. Closing  116 116 114¾ 114¼  119½ 119½ 117~ 117  114¼ 114¾ 113½ 113½  .... .... ...  ....  119 119 117¾ 117¼  Dec.  ....  .... .. .... 101½ 101½ 101¾ 101¾  . ... . ... .... ....  .... .... .. ..  ... .  .... .... .... .... .... .... .... ...  .... .... .... .... .... .... ... .  .... ....  .... .... .... .... .... .... ....  106 106 106 106  ....  .... .... ....  .. , ... .... .... .... ....  .... .. .... .... .... .... ..... ... .... ....  111¾ 111¾ 111~ 111  . ... . ... . ...  ....  ST A TE SECURITIES. PRICES FROM 1660 TO 1894, INCLUSIVE.  In the tables which follow we furnish a record of the course of prices of State securities 'on the New York Stock~Exchange since 1860. Of course dealings in these securities are now very small, and Staie debts have been considerably reduced during the last fifteen years. · The method of compiling the prices:is stated in the tables. 1~60 to 111§?'1, inclusive.  I  [ Price s from 1860 to 1871 a re c ompiled from s a les, a nd 1871 to 1890 from p r i ces bid on Friday of e a ch week; from 1891 to 1894 from sales .] DESCRIPTION.  1860-:: Lo west.  fif~1i~kI;8::.-. :·: :::: : " ., nt. mp. Stck. ' 47 Ill ", " nterest . . 6s. 79, co u . • •• . •• . I ll. :VVar L oa n. . .. . .... In_drn_na 5 per cen t .. . . M1cb1gan f:i p er cent. .. TennePsee 6per cent .  ~f~i~~f~~·P~~~~t :  1861.  1862.  High est.  Low est.  ~ .igh e ~  106¼ Oct. 100¼ J uly. 106¼ Sept. . . . . .. . . . . . 93 Ang. 106 June 93 Ju ne  . . •• •• . . . .. .. .... .. . 75 J une . . . . .. . . . 75 July . 77 Dec. 34¼ June  . .. . ... ... . . .. ...... . 85¼ Sep t. . . . . .. . . . . . 93 April 83¼ Oct. 77 Mar.  1g~¼ i~~: mi 1~~~ ~L ~;~1/~~ J:~:  100 100  Feb. Mch. 104¼ May . . ... .. ... .. S6 ,Tan . 98 Mch . 64 D ec.  Lowest.  HigLest.  1863. Low est.  H" h  . •• . • . . . . .. ... . •·· ...................... . ·· ··· · · ·•·· · ·· ... · · · . . .. ··· ... . ... · · · ·•··•  n:l. ··· ········ .67¼ ······:M;y: ······ ··52· ·····Jiii; ·····:· .&f ····..··F~ ·•·b··· ··oo······Ma~: ····· · ·92·· ··..··n'ec.' ·•··  1'  ·tr·~:~:· ·~~fg~~; tl:f ·~~~-i;:i:.· ·gfJ:f Wttif ·t~½·~ii:' ·ir·M:f ·60·"oci:· 82  J an.  95  Sept.  7l¼May  ~---  _ ,.__  88  Jan.  18ti7.  1  L owest.  1  H ighest.  N. C. do. Special Tax. . .  "iio... ·iioi·juiy: xsci··jai{." ...........  . .. .. ..  Mar. ·osj.i·D·e·c : ·siiii°Mar: J an. 100 Sept. 80 Feb.  106 "jii·1 ;,·. ·s4 .. ·No;: !I() Ja  ~~~~~~t~u7t ~!~ ~~n_t:: ~~~...~:.~i~ ~~~- -·~·c·t:. 1ig¼J!~~i: Rhode l sland 6s. .. . . . . . . . . . . . . . . . . . .. . . . . . 99 April 100  Aug. 1.~9 1/ M or. 52 - 74 .. 123 1869.  L owest.  High est.  · · · · •···••• 73 Nov. 86 Dec. · · · · · · · • · • • • · · · .. · · · • · • · · · • • · ·••  Lowest.  x49¾' D ec. 40¼ D 47 D ec. x ec. 49 Sept.  xif¼ ,Bec.  s·.  ·7i/'·nec:  ·7s~iAp~il  F eb . 75 J an . 167 1370.  ~O J an. x52u J an. ,,.,,, 699.½ JJan. 45¼ Mar. 5 ¼ an. x48½ J an. 63¼Jan. 57 J an. ~~ i an . x2400 DJan. ··· ·· ·· · ·· · ov. an. ¼ ec. ios"·Feb: ·ss:..:.· se·p·£ .96~· ji{ii~ ·s· ·J·a·n.·•• ,,.,,,  Mar. 100 J une x61 J an. 70¼ J uly. x59_½ Jan. 78¼ J une ·iio" ·i{o;: 72 ·4{· ·i1·a:;: ja~i.· x4a·u·jan:· ·60.. ·M ··· . . . . •. . . . . ,,.,,, ay . 73 Nov. ·ss ··j an·.' ·4i,°'·Mar: 79 . .. ... •• . . • ••• . .. ... •. ••• • . • •. . •.• . .•. . .. . ••.. •...... June  ·ja,;;:  . · · .. • · • • • ·  unec. 114 76¼Jan . 116,,., 1868.  84  Mis~o:uri 6 per cent... 71 Louismna 6 per cent .. 80  _  t  L  ~~--e·s·t~. · .. · • · · .. · · · · · · · · • · · • · ... .. . . · · · · · · · · ·· • •· · · · · •• ·· · • · ·· : ::::::::: : ::: : :::::: : :::::::::::  .. . . ... .... ..... . ... .' . 80~. 'jin'.. iio. D°ec." . . . . ...... . ';7 J an. 105¼ D ec . . •. , ••. •. • 75 Feb . 84 M · · · · · · ·· . .. 'i7¾ J an . 105 42 J an. 63 Feb .ifr···j~n·:  ~ o_w_e_st_.__H_ig_h_e_s_t._ _L_o_w_e_s_t ._ Highest. Tenn. 6 p er cent •. Tenn. do. 11 ew bd!>. .. . Virginia6percent.•. . Va. do. new bds.... . . N . Carolina6perceut. N. C. do. new bds. ..  I  1!st5.  High es t.  73 ..i>'e·c: .95 .. .Mcli: ·sr· ·Ap~ii ·si ··•iiar, 4f · jii.ii.·: 'fir.M·oci::·· ·4g· ··n'ec ·1s ...F~b: ·41···jaii.· ·64 · ·s ep·i: •·· ·•·· ·· ·· 50 J a n. ·ri/··n·e·~: ·so· ··M.-ar .' '49.. 'jaii.' .63 .. Aug: ·ss"·jai1.'  - - -~  DESCRIPTIO N.  Lowest.  ~~¼ ~: ~: ng ~~~· ....······· ....··•···· ...................... ·--~-~~~-~ ....  Va. tip. c. n ew bds ... . . . .. .... ..... , . . . . . . . . . .•.. . . .. . . .... _. . . ~ : g~~tbl.ni.6n~·\\~\ ·d s. 77¼ D ec. 100 Sep t . 44 Ju ne 82½ F eb .· "iio•· ·j an·: ·1c ·ji:;rie N. C. do. Special Tax . . . .. .. ••..•.. . .• . • . •. . . . • . •.•.•. . ..••....• • . . •. . .. · . '.  ri~~~:i:~:t;~;~~!·t:: Califorriia7per cen t •.  1864.  Hig h est.  51 ..Mar." April 60 F eb. 80 Aug. 112 May . 155 1871.  High est. 70 July. 68¼ July. 76 Mar. 73 Mar . 55 July.  36¼  J~!:  ·9·;;·. ·.,· un e v  -  Lowest. D ec. 61 61 J an. 59 Oct. 60¼Feb. 31 D ec.  HighesL 76 Aug 76½ Aug 74 Apd 75 l\:til.• 51¼' Foo 29¼F'e.h  15¾ Dec.  8129½  Dec. Jan.  21½ F en  aenc..  1?,  9!l¼ JurJ  :,,  M~:agr~.· 1.: 2.: 8.: •.· :. _ :D .: ·.·e.~.:-.: ~.· ~.··.·.: ·.·.·~.··.·~.·~.·.: :. :::. :. :.:.· :_· :. : : :. :. :. :. :. :..:~:. ·.: :. : :::: :::.::: ::: : ::: : :: : :. •.•.• •.· • :. :_:_._·:. :. ~~::...:.:~.:.:.:.::.:.:.:..!.:.:.:~~:.:J.;.~~:._:.;.;.,;_~ ~.!:..:. · ·~· . · ~ , . ••••• ..•.•. • •...•  _ _ _ _ _ _ __;_:..._,;_.:....:..:...;;.:_;_.:..:.;_-=.::.__:::!.:.:.::_:.::_~  1812'2  to 18?''7, lnclosivt,.  ----------,.- ·~----------------,----------,------ --- - --- ------,------ --1872. D E SCRIPTION  1873.  1874.  1875.  1Si 6.  1877.  . -- -- ,..----•1- - - - -,- - - -1- - - - -- - --1-- - -- - -- -1- - - - - - - -+- - - --:---- - 1 Highest.  Lowest.  A]abamar-5s, 1886 ... .. . ... . 8s of 1888 . ... . . ........ . .. . . Arkansas-6s, fu nd .......... 7s, L . Roc k & Ft. Smith. . . .Callfornia-7s ... .... . ........ Connecticut-6s .. .. ... . . . . . . . ·a eorgia-6s ... ..... .... .. . . . . . 'is. new . . . ..... .. ... . .. . . . . . . illi nois-6s, 1879, coupon. .. .  i,owest. Mar. Aug. 40 ·ov. 50 Au g . l 0S Sept. 98 Jan. 70 Jan. 84 Feb . ............  62),i May. PO Jan. 57½June 60 Feb. 115 J une 102¼! JJec. 77 Jan. 90 May. ... .. . . .  J u ly Aug. June 15 N<•v. 101 Dec. 97 Oct.. 59 Nov. 70 Nov. 85 Nov.  Ne w Yor k-6s, b o unty.cou p N o. Carolina-6s, old, J .& J . 6s n ew J & J 6s: speclai tax: : ::: : : :: : ::::  l 05¾ Oct . SO¼May. 15 J a.n 10 Oct:  109 May. 103 SR¼MJi.r. 20 23 Mar 14 16 Mar: 5  55  80  45  Highest.  ·- -  57 J an . 82 Feb. 40 Feb. 27 July 116 J u ne 102¾ June !j2 May 91 May 99 July  45 25  Lowest. 25 40 8 5 110 97  Highest.  Jan . Apr. Sept. Aug . Jan. Jan. Jan. Jan. Jan.  65  82 95  89 Dec. 45 July. 85 Mar . 23 Jan. 114 Nov. 106 Dec. 0 Dec. 92 Dec. 102½ J u ne  Lowest.  Highest.  25 25 20 8 105 10a  D Pc. Dec. Jan . Mar. Jan. Jan. 80 Jan. 88¾Jar,. 119 Jan.  4l½ J an. 4:i' Apr. 88 Dec. 17 .June 117 May 110 Dec. 96 Sept. 104 D ec. 104 D ec.  Lowest.  !'!igh est.  L owe~t.  H ighest.  26 26  Jan . 85 Nov . 82 J an . ,Jan . 84 Apr. 82 J an . 25 June 45½ Feb. 15 J uly S Dec. 18 Feb. 2 A ug. . . . . . . . . . . . . ....... . ... . .. . ....... 105 J an . 113 Nov . 106 Oct . 91 A ug. 97 Mar . 98 Feb. l0Q¾Jan. 107½June108 J an . 100 July. 104 Dee. 100 Jan.  - -- -  43 Nov. 43 Nov. SO J an. 10 J a n . . ... . ...... . US J une 102¾ July 1091(Mar. 103½ Dec.  t i~f~;~i~!,"tevee·.:::·.::·. ~ i~t lg~>/l~r ~g i!~: igg !~f: ri½f~~e 1~ ~g;: l~g i!~: 1~5 B!~: ig~ i>~t l~¼ifa°;. lgg i:~: igi ~~~. Mi~h~~~~~6s.. iss.L::::::::: ····· ······· .... .. .... . ·s5...N<>v: ·gs··May· ·94--:r·a;;: io4··:oe·c: io1··:r-ai;: io7¼' Oct·· 18~½ ~~~. 18~½ i1;,~~ 1~ f~fi l~½r:le Missouri-6s, i ong .... .. ...... 91%Flept. 97½ Ju ne 65 Oct.. 96¾ Ju ne 92½Aug . 98¾Dec. 94¾Jan. I02➔ J une l0l ¾ J an. 108¾Flept. 104¼ J an. 108¾ Ju n e Nov. Oct. Dec Nov·.  4  10 J une 103½ Jan. ll0 May. 105¼Jan. 109 Ju ne 102 July 101)% May. 101 J an. :0l ½Feb. !38\,eJan . 1 June 29 Jan. 15 Der.. 27 J an . 18 Sept. 18½ Nov. 15 Oct. 23 Jan . 19 J an 10 Au er 21½ Mar. 7 Dec. 16 Jan. 5 Oct. 9 J an . 6 Oct.. 12 Feb. 17½ Jun e 5 ept: ll½Feb. 1 A u g. 4~May ¾Aug. S¼Feb. 1 Aug . S½ J an.  ~~~~--;\8i;1!~..:.as·:::.:::::::: 'i40;o ··Jan. i02½Ju~e ~9 ,~; m ~~~: 18~ f!~: Apr. 56 July. 42 Nov . 40 J an . 20 Apr.  ~outh Car o!ina-6s... .. . . . . . . 6s, J .& J. ... ........ ... .. . . . 6s, A . & O .... . . . . .... . . ... . . •r ennessee-6s, old . .. . .. ... . 6s, n ew ... .. .. . ........ . .. . . .  v~~~~~~~1~:. ~1-~:::::::::::::  28 Sept. 89 Mar. 8 Nov . 22 J an.. 86 Apr . 19 Mar. 6S§s J a n. 0½Dec. 6S¼Nov. 63§&Jan. 8~Dec. 62¼Nov.  ii½ i~f;: g9 trir=. ~:  rni½~:r mg SO Nov. 81 Dec. SO Dec. 9l½Mar. 9l½Mar.  22½ J an. 6~'Jan. 28 A pr. 12 Feb. 84¾Mar. 67 Oct. 85 Mar. 67 Oct .  g~r  ~¼ ,~~:  ~½ i~~~ ~ ~~~:  26 27 26 62 62  gg  f!~: rn~ ~~~~- mg }!~: m B~!.- }gg 8~t Uf 85½ Dec. SO June 40 Nov 82 J an. 45  11  Sept. Au g. Sept. 'eb. Feb.  85 Jul y 35½ Dec. 78 Jan. 77¼Jan.  8  ~~y  AJ)r. 80 Ju ne 87¾ F eb . SO Aug. 45 Apr. 80 June 87½ Feb. 80 Aug . ~4 A pr. 40~ D ec. 49 Au g· 8670 Dec. 47¼Nov. 40 Dec. 4ll Aug . 85 Dec. 46JJ4 Nov.  m: ~g¼ g~~. ~: tr;: ~i½ ~~. :~½ ~~~: t½ jt>rie  18'f8 to 1883, inclusive. 1878.  ___________,_____ - - - - ---L owest.  Highest.  .Alabama-Class A, 8-5s .rn06 ..... .. . .. . . .... . . ... .. Arkansas6s,fund ,, 18911-1900 15 Dec. 26½Jan. 7s, v arious RR. issues .. ... 2 Dec. 6 Jan . Connecticut 6s .. . . . ... 1883-4 105 Jan. 109 Apr. Georgia 6s .. ............ . 1886 96~ i,·eb. 102% July 7s,new . . . . .. . . .. . .. . ... 1886104½Jan. 110 Dec. 7s,11:old .... . ... . ... .. .. l8»0l05½Feb. 109 Dec. L ouisiana 7s, consol.. .1914 69¾ Dec. 84½ Feb. Michigan6s . .... .. .. . . . . . 1~ 3101 Jan. 106 Dec. 7s . . ... . ... ... . . . ...... 1890 108 May 115 Oct. :Missouri tls .. .. .. ..... 1882-83 101 July 104¾ Dec. 6s .. . . .. . .. .......... 1881J-ll0 102½ Aue-. 107 June  1880.  1879. Lowes t.  1881.  1882.  1883.  - - - ----~1--- - - - -- 1- -- - - - - --1- - - - - -  DE5CRIPTION.  Highest.  Lowest.  H ighest.  L owest.  H ighest.  Lowest.  Highest.  L owest.  Highest.  44 Aug . 53 Dec. 54¾ Jan. 73½ Dec. 5 Apr. 20 ,Jan. 10 Apr. 21 D ec. 1 Mar. 83,,( May 2 Aug . 12~ Dec. 104 Apr. 109 June 104 Au11:. l07½ Nov. 91J Sept. 1027/4 July 97 A pr. 107 Dec. 107 Jan. ll4 Dec. 107 Jan. 112 Dec. 107 Jan. 113 Junel09 Apr. 116 nee. 136¼ Aug. 67½ Jan. 40 Aug. 54¼ nee. l 0l ½ Jan. l06½ Junel02 Jan. l0o¼ Nov . 100 July 115 Jan. 110 J a n . 118 Dec. 101 Aug. 105½ June 100 Jan. 105 Nov . 103½ Aug. 108½ June 105½ Jan. Ill¼ Dec.  71 Mar. 20 Jan . 8 Apr. 102 Aug . 10H F e b. 109 Apr. 111 Apr. 53¼ J a n . 1112 J an. ll4 J a n . 102 July 108¼ Jan .  81¼ Dec. 79 Sept. 85½ Dec. 80 July 84 Jan. 89 Df'C. 20 Mar . 37½Jan. 10 Mar . 28 Jan. 40 Nov . 5 June 35 Aug. 7 Oct. 68 Feb. 106 July 100 M11.r. 103 Jan . 100 Jan. 103 June 118 June 103 Aug. 109 Jan. 102 Avr. 107½ Jan. 114 ,tune105 Aug . 110½Apr.108½Julv 107 May l 19_½ Junell2½Aug- . ll7½Mar 112 Aug.116½Juno 60 Dec. 63 Apr. 71½ July 6$ Apr. 75½ Nov. 105 Sept.100 July 104 Aug . .. .. .. .. .. . . . .. . . .. .. . 122 Oct . 110 Jan. 120 June 114 Feb. ll8 Jan. 108 July 100 Jan. 103 Dec. 100 Jan. 103 Jan. 117 Apr. 100 Jan. 115 June 109 July 118 June  106 117 17½ f!5 65 ' 7 8 1  102 Dec. 115 Jan. St Feb. 115 Jan. 90 Jan. 10 Dec. 20 nee. 6 Jan.  110 Apr. 122 .luly 40 Oct. 150 Aug. 130 ,luly 16 Nov . 28 Apr. 9¾Apr.  101 June ll9 June 20 July 120 July 100 July 8 June 12½June 5 June  June 121 Feb. 30!-l! Nov 156 Nov . 180 Aug. 11 Jan. 20 Jan. 8 Jan.  lg~~ lgg¼ ll2 June 107 Dec. 121 Dec. 114( July 6¾ Jan. 43,,i Jan. . .. . . . 102½ Aug. 50 Dec. 45 Jan. 4811;Oec. 45 Jan. 82 Dec. 30 Jan. 105 Dec. 104 Jan. l 7¼ Dec. 12.½Feb.  18~½ 115 June 120 Feb. 12¾ Nov. 106½ Dec. 78 June 77¾June 40 May 121 May 20¼Apr.  110 Jan. 4 July 100 June 41 Dec. 40 Dec. 26½June 80 Mar . 10 June  120 Feb. IHI Jan. 10¼ Jan . 2½ May 105 Dec. 100 July 77¾Jan. 30 July 77¼Jan. SO July 86 Feb. 30 Ma . 100 July 50 Mar. l7¾Jan. 6, Oct.  {i~~~!t~t 3~!eiili:~~~~J I~ 18&~ mg¼ i~~: 18~ 1:~: ½5~3, f:Je mg i:~: UZ ~~;.- ½A} i:~: m t:i gg i~:I. ½~½ i~~: ½ti J:~: ir5½ i~~~ 115 June 106 June 110 Jan. 106 J11n. lll Oct. 105 Jan. 112½ May 108 Oct. J.12 June 107 Jan. 110 Apr_ 0  New York6s ...... . ...... 1887118 July 6s, loan . . . .. .......... . 1883 . . .. . .. .. .. . 6s, loan .. ...... .. . . .... 1892 115¼ Jan. ~o. Carolina6s, old . . J88t3-9tl 14¼ July N. C. RR ... .... . .. 1883.4-5 tl5 Feb. do 7, coupons off'. .. . 45 Mar. Fundinsr act ....... 1&18-98 ~ Aug. New boods . . ... . ... . 1892-98 7 Jan. Specialt11x,classl. .. . . ... . 2 Jan.  . .. ..... Nov. 19¼ Dec. 85 Dec. 65 Dec. 11¾ Dec. 11 Dec. 2,½Apr.  124  Mar . Sept. Feb. Jan. Jan. Mar. Feb. Mar.  110 121  June Feb. Dec. 111 Dec. 92 Dec. 14 Jan. 15½ Dec. 5 Dec. 28  104 115  Dec. Dec. Jan. 110 Jan. 90 Jan. IJ~ Jan. 15 J an. 2 July i6  ::::::I~? io2 ··nee: 111 ioa ··May iifr .. Jan." ioif ·May· 188 Dec. 105:J( Mar. 115 Oct. 106  O~i°on:~'.: .~s::::·::: 6s .. . ... .... . .. .. .... . .. l!;Fl6 105 Jan. Rhode I. 6g, coup .. .. u ,93.99 105 Jan. sis5!~~~g:.::nd~lt~~: } !I:( Feb. .Brown co:asol. 6s ... . .. 1898 . . .. . . . . . Tennessee6s, old . .. 1890-2-8 80 Nov. 6s,new ......... 18928-1900 25¼Nov . Virginia6s,old ..... . ........ 20 June 6s coni10!.. . . . . . ...... . . ... 66 Feb. ea deferred··· · · :· ·· ···., ··· 1 4 Feb.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  117¾ May 2% May .. . . . . . . ... . S9¾May 87.½Jan. · 31 Feb. 75 May 7%Dec.  110 Jan. .; Feb. ........ .. .. 80 Feb. 24 Mar. 25 Jan. 74 Jan. 5¼;Sept.  :r~~  •Jan. ll6 May 1011 Jan. 4 Oct. 2 Jan. .. . ... . . . . . .. . . ........ 41 Feb. 30 Apr. 33.½Oct. 25 June 85 Mar. l 18 Jan. 80 Oct. 75 Jan. 8~May 5½Jan.  107 Mar. 120 Nov. 827,{ Dec. 115 Mar. 95 Mar. 1:.¼; Dec. 20 Dec. 6½Jan.  8;t  Yi!·.  105  . . .. . .. . .... 118 Apr. 28 Jan. 155 Jan . 130 Jan. 10 Jan. 15 Jan. 4 July  . ...•.•• 120 Jan. 32 Mar. 160 July 185 July 11 Apr. 16 Apr. 8¾Jan.  i~~: 106 .:~ .. Feb. ~.ept. -~~ .. ~~~.. . ~~.~eb . . ~~.~~~ ll2 June 106 Feb. lu9½ Mar. 118  May  6½ Jan. H.14¾ Dec. 44.½Feb. 44 Feb. 40 May 82½ Jan. 13 Jan._  I  STATE SECURITIES.  60  1884 to 1889, inclusive. 1885.  1884,.  DESCRIPTION.  Lowest.  Highest.  Lowest.  1886.  Highest.  Lowest.  1887.  Highest•  Lowest.  1888.  1889.  Highest.  Lowest.  Highest.  Lowest.  Highest.  108~ Apr. ½~ DMearc•. 105 Mar. 106 Oct. 11 Apr. 35 July 27 May 34 Apr. 34 Apr. 12 Apr.  103¼ July 103¼JOulcty. 107 100 Jan. 100 Mar. 3 Apr. 5 Mar. 5 Mar. 5 Mar. 5 Mar. 3 Apr.  106¼ Jan. 106 MJaarn.· 1 10 102¼ Apr. 104 June ll¼Nov. 26 Jan. 20 Jan. 25 Feb. 20 Jan. 7¼ Nov.  10~ Jan. 102 J ulcty. 107 0 98 Oct. 100 July 5 Mar. 8 Sept 8 Sept 8 Sept 8 Sept 5 May  10?¼ June 1081LJMauny"' 112711 ., 102 June 103 Feb. li Dec. 12 Jan. 12 Jan. 12 Jan. 12 Jan. 8 June-  . ...... . .... 109 Jan. 102 Oct. 92¾ Mar. 89 Apr. .. .......... 109 Oct.  . ........ ... 103 July 100 Jan. 88 July 86 July ............ 105 Feb.  . ............................ . . . 106 Mar. 101¼ Oct. 105 Jan. 109 Nov. 105 May 109 Jan.1 93 Jan. 86 Feb. 94¼ Dec.! 90 Feb. 84 Feb. 91¼Dec. · . ....... . ... ........... . . ...... : 106 Jan. 105 Jan. 107 May  Alabama-Class A, 3 to6.].006 78Sept 83 Dec. Claes A. small .............. . 78 Aug. 81 Jan. Class B, 5 8 • .•••••.•.• 1906 97¼ Jan. 102¼ Apr. Class c,4s ......•........ . 1906 75 Oct. 82¾ Dec. 6s, 10-20 .................. 1900 100 May 105 Jan. Arkanse.s-6s,fund ..1899-1909 1 Oct. 16 Mar. 78 , L. R. & Ft. s. issue.... ... 5 Sept 25 Feb. 7 8 , Memphis & Little Rock.. 5 Sept 25 Feb. ?s,L.R.P.B.&N.O...... . 5 Sept 24 Feb. 78 , Miss. o. & R.R...... . .... 5 Sept 24¾ Feb. 78 , Ark. Central RR.. . . . . . . 1 July 9¾ Feb. Georiria-6s .. .. ....... . .....1886 1886 100 98 MSeapyt 106¼ 104 May Apr. 7s, new bonds .......... 7 8 , endorsed ............. 1886 100 May 106¼ May 7 8 , gold bonds .......... 1890 107 Oct. 115 Mar. Loulsians-7s, consol. .... 1914 65¼June 78 Feb. Stamped 4 8 ••••• • • •• • •• • •• •• ••• • . •••• •• • ... 7s, small bonds: : ............. 62 July 72 Feb. Exmatured coupon ........ . 56 July 68¼Fet,. Mlchlgan-7s ....... . . . .... 1890 il0 July il8 Feb.  81¼ Jan. 80 Jan. Jan. Jan. 104 Jan. 3 Jan. 10 Jan. 10 Jan. 1 0 Jan. 10 Jan. 2 Jan. 100 Feb. 101 Jan. 101 Jan. 109¼ Jan. 73 Jan. 63 Sept ~ Oct. Jan. 108 May  Dec. 97 Jan. 108 Dec. 102 Sept Dec. Jan. 105 Aug. 100 J uelpyt 108 Dec. 1 Jan. 110 Dec. 103 8 97 Dec. 95 Jan. 103¼ Aug. 98 Sept 107 Mar. l°t Oct. 107¼ Mar. 100 Sept g¼JO~•• ll¾Dec. 10 Jan. 2 12 28 Dec. 16 Dec. 19 Jan. 13 Oct. 27 Dec. 20 Jan. 20 Jan. 12¼Nov. 27¾Dec. 17 Dec. 21¼ Jan. 12 Nov. 21 Apr. 18 Nov. 8 Oct. 5 July 8 Feb. 7 Jan. ½8f1LJ~~: i88ijJ:~: 72 106¼ June 100 Jan. 102 Mar. ............ 114¼ Oct. 108 Dec. 114 Feb. 104 Nov. 87 Dec. 64 Jan. 94 Nov. 93 Jan. 75¼ Dec. 67 Feb. 82¾ Nov. 79;( Jan. 75 Aug. 67 Jan. 78 Nov. 80 Feb. 68 Aug......................... ....... .... il5 Oct. 108 Nov. 112 Jan. 105 Nov.  .~~~.~·.~.~~?~::::isa•d88 :f~l~ 6s .......... 1888 103 July 109¼ Apr. 6s · ·· ·· · · · ·· .... .. .. 1889.00 106 July ill Jan. Asyium·or.Ultlv........... 1892107 July il6 May Funding bonds . . ..... 1894-95 ill July 118 Mar. Hannibal & St. Jo ....... 1886 108 May 110¼ Mar. Hannibal & st. Jo ..... . .1887108 May 110¼ Mar. New York-6s, gold, reg .. 1887 105 Sept 109 Feb. 6s, gold coupon ......... .1887 105 Sept 109¼ Jan. 6s loan . .1891111 .July 115 Sept 6s' loan ······•······ .. : .. 1892115 Jan. 116 Jan. 6s'1oan····"··"•"" .. .1893117 Jan. 120 May No.'Carollna~s:·oid..'.'i886-98 27¼ June 32¼ May 6s old A & o . . . .. . 27¼ June 32¼ May N'Car' RR ·······i883-4-5160 Jan. 100 Jan. N. car· RR. ·1s· ·cciiipon off'.. 135 Jan. 136 Jan. N. Car· RR·• A' & o . . . 160 Jan. 160 Jan. N. Car· Rli' 7s coujion off'. . 135 Jan. 135 Jan. Fundingact... '. .... 1866-1900 8 Oct. 12¼May W'unding act ........ 1868-1898 8 Oct. 12¼ May New bonds, J. & J .... 1892-98 15 Aug. 19½ May New bonds, A. & o...... ..... 15 Aug. 19¾ May Chatham RR . .... .. .. .. .. 1 May 3 Feb. Special tsx, class 1. . .1898-99 1 May 4 Mar. Special tax class 2... . . .. . . . 1 May 3¾ Aug. Special tax' railroad Issues. . 1 May 3¼ Aug. 6s . . .................. 1919 102 June 108 Sept Consol4s ................ 1910 75 Sept 84)4 Apr. Small bonds ............... .. 78 May 82 Mar. Ohio-6s .. .................. 1886104 July 108 Dec. Rhode lsland-6s, cp.. . 18113-99 110 Sept 122 ~~ab. South Car.-6s, act.S:ar. 23 1 June 3¼ Mar. t~l~ 0~~~t .-:.is9:noo July 107 Dec. Tennesse~s. old ... 1890-2-8 35 June 43¾ Apr. 6s, new bonds .. 1892-98-1900 35 June 43 Mar. 68,newseriea .. . ......... 1914 35 June 42¾Apr. Compromise, 3-4-~s ... 191~ 41 Jan. 41l Apr. Newsettlement,6s ...... 1913 ............ ........ ....  105¼ Jan. 107 Jan. 112 Jan. 102 July 102 July 103 July 103 July 110 July 113 July 115 July 30 Jan. 30 Jan. 160 Jan. 135 Jan. 160 Jan. 130 Jan. 10 Jan. 10 Jan. 18 Jan. 18 Jan. 2 Jan. 2 Jan. 2¼ Jan. 2¼ Jan. 105¾ Jan. 81 Jan. 80 Jan. 103 June 110 Jan. 2 Jan. 104¼ Jan. 42 Jan. 41¾ Jan. il!J(Jan. 48 Jan. ........  ½~:f~:½&g ioo··Jan.' i02¾Mai; ::::·::·:::: ... ....... . . 109 June 103¼ Aug. 106¼ May 100 Jan. 103¼ Mar. 100 Jan. 102¼ June ........... . ........... . 113 June 107 Jan. 110 Mar. 104 July 107¼ Feb. 101 Aug. 103¼ May 100 Jan. 103 Dec. 117 June 110 Jan. 113 Mar. 108 Nov. 112 Jan. 103¼July 107 Jan. 102 Feb. 108 Mar. 122 June il5 Jan. 119 July ilO Oct. 115 Jan. 106 Mar. 108 Jan. 104 Feb. 112¼ Mar. 123 Apr. 100 July 104 Apr. . .. . . . . . . . . .. . . . . . .......... . 123 Apr. 101 July 104 Aor. 100 Jan. 101 Jan. ... .... .. 107 Feb. 102 Oct. 104 Apr. 100 July 103 June . .......... . 107 Feb. 102 Oct. 104 Apr. 100 July 103 June . ......... . 118¼ Dec. 110 Sept 115 Aug. 110 July 113 Nov . 107 July i1.2··Jan.' :::::::::::: :::::::::::: 122 Dec. 112 Apr. 120 Aug. 112 July 115 Jan. 107 Oct. 115 Jan. 106 Dec. 111 Mar, 124 Dec. 115 Apr.122 Aug.115 July 118 Jan. 108 Oct. 113 Jan. 106 Dec. lll¼Mar. 31 May 30 Jan. 36¼ Mar. 35 Jan. 35 Jan. 35 Jan. 36 Mar. SO Feb. 38 Nov .. 31 May 30 Jan. 36¼ Mar. 35 Jan. 35 Jan. 35 Jan. 36 Mar. 30 Feb. 37 May 165 Jan. 165 Jan. 175 Mar. 170 Jan. 170 Jan. 160 Aug. 170 Jan. 150 May 180 May 135 Jan. 135 Jan. 145 Mar. 140 Jan. U5 Nov . 80 Aug. 140 Jan. 140 Jan. 150 May 165 Jan. 165 Jan. 175 Mar. 170 Jan. 170 Jan. 150 Aug. 170 Jan. 150 May 180 May 135 Jan. 135 Jan. 145 Mar. 140 Jan. U5 Nov. 80 Aug. 140 Jan. 140 Jan. 160 May 11 May 10 Jan. 13¼Mar. 10 Aug. 12¼May 10 Jan. 10 Jan. 10 Jan. 13¼May ll May 10 Jan. 13¼ Mar. 10 Aug. 12¼ Apr. 10 Jan. 10 Jan. 10 Jan. 13¼ May 21 Aug. 20 Jan. 23 Mar. 1~ Sept 22 Jan. 15 Aug. 20 Jan. 15 May 20 Jan. 21 Aug. 20 Jan. 23 Mar. lo Sept 22 Jan. 15 Aug. 20 Jan. 15 May 20 Jan. 7 Dec. 5 Sept 13 Oct. 7 Sept 15 Apr. 6 Feb. 8 Dec. 4 Nov. 8 Jan. 8 Dec. 8 Jan. H¾ Nov. 8 Dec. 16¼ June 6 Nov. ll Feb. 5 Aug. 10 Jan. 4¼ Dec. 10 Aug. 10¼ Oct. 10 Nov 16¼ June 7¼ Oct. 11 Feb. 6 Feb. 10 Jan. 4¼ Feb. . . . . . . . . . . . . 8 Dec. 16½ June 6 Oct. 11 Feb. 5 July 10 Jan. 115¼ Dec. 115 Jan. 129 Sept 117 Dec. 125¾ Mar. 118 Jan. 123¼ Aug. 122 Apr. 127 June91¼ Dec. 88¼ Jan. 100¾ Dec. 94 Dec. 100¼ Jan. 91 Nov. 96 Jan. 91 Jan. 99 June90 Dec. 87 Jan. 98 Aug. 93 Dec. 98 Jan. 89 1S'ov. 95 Jan. 89 Jan. 96 May 106 Apr. 101 July 103 Jan. •··F·e··b·.· l?.. ....J..;n··.· . .. ....F·e··b·.: . .. ... J. .;n··.· .. .. ..D. ·e·c·.· · · · ·•·M · · ·.:r·.· 105 106 111 1 15 125 June 118 July 124 July 115 -0 u .. .. 6¼ Oct. 5 May 7¼ Dec. 5 Sept 7¾ Apr. 3 Aug. 5 Jan. 3¾ Apr. 5 Dec. 109¼ Sept 104 Sept 110¼ Nov. 104 July 109¼ Mar. 104 Jan. 107 May 101 Sept 106 June52¼ Nov. 53 Jan. 65¼ Dec. 57 Oct. 65¼ Jan. 57 Mar. 64 Dec. 63 Aug. Sept 52¾ Nov. 53 Jan. 66¼ Dec. 57 Oct. 65¼ Jan. 57 Mar. 64 Dec. 63 Aug. Sept 52¼Nov. 58 Jan. 65¼Dec. 57 Oct. 65¼Jan. 57 Mar. 64 Dec. 63 Aug. Sept 61¼ Dec. 62 Jan. 75¼ Dec. 67 Oct. 76¼ Feb. 67 Mar. 73 Dec. 73¼ Jan. Sept . ........... 103 Aug. 109 Dec. 100 Nov. lOO¼Feb. 97 Jan. 105 May 102 Jan. il0 Dec. 1 1 1 ~¼i~!fe ~~::: ~ ~ . l~g¼i~:.  ~  ri  ½~~~r. m i~: 103 Jan.  8  A.......  l  }8i  gx  ~6t:  ½8~¼~~~l_ •·········· ::·.·.:::::::: :·.·.·..··.·.·.·..··..· •··········· •··········· ........... .  i:~: l~t~;·  g:: ~~n:i~id:~~d!;,ipons: :: .. 6s, consol., 2d series .........  6s,deferredbonds ...........  ~  40  4  :f~i July  !8 :f~: 40 Jan.  June  65 9  i~I~ July  ~  g~ 87  i:~: Jan.  4  Apr.  45  Nov. 42  ro  60  la~Oot.  9  D~~~~~ ~~~~~8:65s,cp.:i924 ioo .. Jui:v' ii¥ .. Apr: 1½g¼ ~:g:, 1½~ ~~fy Fundlng;6s, couo .... .... 1899105  July 112  ~:~t  igg 1~1: igg i~: !~ i~~ !~ Jan. 47 July 47 i:~ igg W~f r1 Jan. 69 July 60  ·±r~ii: ~  i~: ~ i~: ~ :g;: Dec. 50 Jan. 60 Dec. Jan.  4  I  :::::~~i:::~t~:::::Jm :::::::::::: :::::::::::: ····:::·:::: ............  vi~~in~~~::::· .::::::i&ia if 6s, new bonds ....... 1867 83  =  Mar.  13~Nov.  i~: !~t gg ggt ~ !~: !~ i~: Aug. 50 Oct. 48 Jan. 48 Jan. ~t65 i:~: it :t~e r& i:~: ti f!!f. rg J~~eDec. 50 Apr. 60 Jan. 35 May 60 Jan. :f~: Jan.  !8 40  June Dec. 15  Jan.  6  B:~:  7  t~. ~B:g:  ~ 48  i:~: Jan.  Oct.  8¼Jan.  11~ fa~· l~g ~g;.. 11~¼ t8fc~ Jg ,~~e 11~ tf 1½g Jan. "1-l0¼Jan. 110 Jan. il2¼July 104 Dec. 109 Feb. 100 Mar. 109  Mar. 109  7  Jan.  i~~. 12b  8~Sept  t:b~· 1~ Nov. 110  Dec. 106  i~ June  1~mo. JANUARY FEBR'RY. MARCH.  -------- - - - - - - - - - - (·- - - - - - - SECURITIES.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. Nov'BER. DEO'BJl::B.  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Jllgh Low.High Low.High Low .High.  Alabama-Cl. A, 4to 5, 1906. Class A, small . ............. Class H, 5s, 1906. .. . ... . Class C, 4s, 1906. .. . . ..  l0S -106¼ 103¼-107 108 -109 100¼-102  7s, Memphis & Little Rock 7s,L. R. P. B. & N. 0... .. . 7s, Miss. O. & R. R..... . .. 7s, Ark. Central RR..... ... 0 8 ~~~s°o~~ Stamped, 4s. . . . . . . • . . . . . . . . M1~h~:.~~~~.nfifoo:.: :: :::: •. Missouri-6s. 1889-1800 ...... Asylum and Univ., 1892 ... Funding bonds, 1894--95 ... New York-6s, loan, 1892 . ... N~~•J~:~•i!~~os:oid;;aa:ige 6s, old, A.& 0 ...... ... N.Car. RR., 1883-4-5 ....... N.Car.RR.,s even coup's off N.Car. RR., A. & 0 . . ...  9 - 10 9 - 10 9 - 10 5 - 7 rn~¾:}85¼ 1/3 - 97½ 1 18g 100 -100 101 -102 110 -110 105 -109 1gg :1g~ 35 - 37 180 -180 150 -150 180 -1~0 1 1 r8 : ~  107 107 110 102  -107¼ 107 -108 107 -112 110 -102!,i1100  ·- - - -  -107¾ 106¾-107¼ 1~-107  ----107~ 105  107 107 -111 l0ll -110 110 -110 HO -102¾ 102 -103~ 102¾-102¾ 102 1 1 i6'. 1n¼:1  -lO'i~ l0d½-107¼ 106~-107  -108 -111 -102¾ 1  -105¾ 105 -107 110 -110 101 -101 1 1 ~f'=  103 -105 103 -l0il 108 -110 100 -101 1 1 ~&¾:  103 103 10'3 .... 1  -104 103 -104 10S -105 103¼-106 103 -108 106 -107 l0U - . . . . .. - ........ 1 1 1 ~5¾ .  -103¾ -104 -107 - ....  10S -10~ 103¼-104 105 -106 100 -100 10 ~~  .A~::~:~;~l~'}i~?~ 48o!f~ .is - if .. io : is,¼ .io : n ~&¾:'n¾ n¾: Y~'¼ ~8¾ ~8~ ~&½:: ~8¼ ~8¾: io :: i6'. iug : rtt.1t1.t"Fts:issiie:.::: 9 - io" "ii :: ·g" "5 : io" 12~ :1Sg 12g :rng 12~ ::12~ 12g :12g 13~ :13g l;jg :113 14~ :Uig 152 :15g 15~ :152  i~~m:~~7:,  i~~:  ,~~J~l;cl~1~~~~~&;~?.~ ~~d~~~~;~:l~~~1~k!is -g::;,~~::idiik.~~::·:::::: Special tax, class 1..... . ...  lm~~_;rmi~;~!~s~~~  Smi,,11 bonds. .... ......... 6s, 1919 ............ . ....... . Rhode 1sland-6s, cp., '113-94 South f'arolina-6s,act Mar. 23, 1889,non-funct., 1888. T"!3rii~e~~\;1  gg ::  ½8 ::  ig  9 9 9 -  9 9 9 5 - 7 ½85¾:}gJ¾ 96½- 97¼ 18~ ::1~:¼ 100 -100 102 -102 110 -110 109 -110 ::11g 35 - 35 200 -200 160 -150 200 -200 1 1 ~8 = ~8  lrs  ½8 : ½8 2g 6 - 6  2g :: 2g 2g :: 8¼- 10  if  J J~  9~= = 94 - 96 94 - 95 124 -124 124 -125 104 -106½ 106 -100 , 4~- 5½ 3 - 4!,,a 1gi¼~:1~~½ tg}¼:lg~  5 - 10 5 - 10 5 - 10 5 - 7 rn~¾=m~ ll5 - 9'1¾ 18~¾::18~ 100 -100 102 -102 no -110 109 -109~ 1gg =l~¼ 36 - 35 .... - .... .... - .... .... - .... ::::  = ::::  4 - 5 4 - 5 4 - 5 4 - 4 ½8~=½8A74 95¾- 95¼ 1~~½ 100 -100 102 -102 110 -110 109 -109 1gi ::1g~ 35 - 35 200 -200 150 -150 200 -200 1 1 i8 = ~8  ii~::  ½g  5 5 5 -  5 5 5 5 5 5 5 - 5 5 185¼:fgg U4 - 95¾ M 90 : 92 90 -100" 102 -102 102 110 -110 110 109 -109 109 1~ =1~ 1g~ 35 - 35 35 .... - ........ . ... - . . . . . . . . . .. . - .... ....  -  5  5 5 5  ½8l¾:m - 94  ioo  :: ::  ic,o  6 -  6 6 K  -  6 6 6 6  S -  R¾  igg  -  8 4 - 5 3 8 4 - 5 S 8 4 - 5 3 7 4 - 5 S :½&g ici5 :105·· io5 - 9~¾ 90 - 9!¾ 92 : 91 liO : ~~ ... ~~  -lo~·· ....  -103 i02 -110 110 -109 108 :1gg - 35 . . . . - .... .... - ....... . - ........  ~?~.  5~- 5¾  5 -  "e  :i¼- 4¼  6  5¼- 6  :ml :i  4 -  ~  ~i::  4¼- 4~  5¼- 6  5 -  5¾  4 -  l= J  5  91~= 9i 9;~ = 9~ l-l5 - 95 95 - 97 96 - 90 125½-127¼ 126 -127 122 -123 109 -109 108 -109 109 -109  4¾  3¾- 4  8¾- 4  77 New Settlement, fls, 1913. 105 -107 107 -108M 109 -109 107½-108 108 -108¾ l0>i -109 106 -106 105 -105 105 -106 New Settlement, 5s, 1918. 101¼-102 102 -1021i 101¼-102 101 -103~ 102¼-103¼ 102¼-103¾ 103 -10S .. .. - . ... 99 -100 New Settlement, 3s, 1913. 72~- 73½ 73~- 74 73¼- iS~.£ 73¼- 75¼ 74½- 75 73½- 75½ 73½- 73¼ 72¼- 73 7M  104 -106 101 -101 70¼- 71  ~~•f888~~ g:: ~:: ~~1es~ !/il~.~~~: Compromise S-4-5-6s, 1912 8  ~~  nt~~ C~l~~i:;:~?~s.i924 i24 Fonding 5s, 1899 ..• ••. . . 8   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4  4  4  -  4  ::105°· - 93 : ~~ ••  --l0s° • -110 -108  ~?.~ :I~~.. -  ...• ... . ... . .. ..  4 -  4 -  :~~= ~;:  5  3 -  4  :~;; = ~:: 95 - 95 95 - 95 120 -121 llb -120 108 -108 105 -108 3 -  3¼  3 -  SJ,4  1g~ :1~ 1g~ :1g~ 1~~=1~~½ ~8¾:l~g !W_ : ~~ ~~ : ~~ r, :I~ ~~ :: ~ ~9¾: ~~~ ::- g~ g~ : g~ g1 :: g~ g~ :: g~ 77 gJ -:: 80 gJ 8u g~:- 81Jg f!0~g ::- 81Jg ~½ : ~1 g~ : n ii : g~ gg :: ~ g~~: ~~¼ ?7 77 - 77 78 - 78¼ 78 - 78 81 - 81 77 - 81 77 - 77 75 - 75 7U - 72,i\  9  ~i~~!;-g~ii~~i866:::::::· :::: : :::: :::: : :::: :::::: :::: :::: :: :::. :::: 6s, new bonds, 1887.. ... .. . ... - •..... . . - . .. . . .. - ........ - ........ 6s, consol. bonds........... 6s,ex-mi1 turedooupons ...... 6s, con sol., 2d series...... . 6s.deferred bonds ......... 6 Trust receipts, 6s .. .. . . . . . . 8  -103 .. io·i -110 107 -l0ll 105 =l~~ . . - . . .. . .. . - ........ - ........ - ........  -  = :::: :::: = ·::: fg :: .io : io' . ·1·0 :: io" .. io :: io .. io :: 10.. ~g : ~g :::: :: :::: ½8 :: ½8 ½8 : ½8 ½8 :: ½8 ½8 : ½& 1 2~ : 2l .. 5. :: ·ir· 2g : 2g 2g : 2g 2g : 2g 2g : 2g  9~i 9e~ = Pt - 96 97 -100 97 - 97 124 -125 1~4¼-125 125 -127¾ ll2 -112 109 -112 101! -109  S - 3¼ 1g ::1g~½  &~½:½8tij l&A  ::1gg  9ti 9! 93 - P5 123 -124¼ 109¾-112  9*~  6  ioo  ·20 : 20 .. ::: : : :::: .. 4 : .f . .. 4¼:: .5..  9t= 114 - 94 123¼-124 101' -11.2  6 6  6 - 10 7 6 - JO 7 6 - 10 7 6 - 6 6 - 10 5 1 =18~¾ ½&g 88¾- 89 85 - 88 88 83 :: 87 86 : 87 86 -100 .. ioo -100 .. 103 102 -102 102 -103 103 110 -no 110 -110 110 109 -109 109 -109 109 1gg ::1~ 1gg 85 - 35 35 - 35 SO .... - ........ - ... ..... .. . . - ........ - ....... .... - ........ - ........ ti -  ½8~¾:f~¾ 91 - 93½ :: 91 89 : Sil -16C ioi -loi .. -103 102 -l0a -110 110 -110 -1011 109 -l0ll½ =1~ 1gg ::1gi¼ - 35 35 - 35 - .. .. 200 -200 . ... 160 -1!10 - .... 200 -200 1 1 f8 :::: : ::::  :::: :: :::: ½8 :: .. .. : :::: 2g .. S - 6 4 - d  2~ :  6 6 -  .. ...... - . . . . - ..... . .. - ... . . . . - .... ..... - fl "5 - .6. .... - 8¼ 6 - 7½ 5  ::125·· fai~=uii .. • .... 109 -109  = :::: :::::: ::::  - ...... . . - . . . . . . . - . . . . ... - ....... . - ... . . ... - ... . ... - .... , .... - .... ... - . -  . ...  7\1:t  6 -  - . ... - . ... - .... -  gg50 :- 50gg :::: : :::: .... - . .. .  'gt_¼5~ :  fai½-l~U~ i•ii¼:12i½ iii~l.2i¾ i;a"i¾::12i~ iiii¼::l.2i¼ .... :: :::: .~.~ 108 -lOti 109 -l()\j ...• - ........ - ........ - ... ..... - ........  ·10 -  gl gg50 ::- ix50 :::: ....  51 - 51 t>5 - r5 .. . . - . . 60 - 60 50 -50 .. - . ... 48 -48 50 - l\0 50 - 50 .8 .. . ~%- 9U .. 6 ~ 6 .. 6 - 7 8¾- 10¼ 10 - 10~ 9 - 10 8 9  ·o·· ··s8 -- 7,9¼1··7 -  7¾- 7¾  102¼-104 70  100 -102½ . . 95 - 1<6 611!4- 69¼  = :::: :::: :: ::::  - ... ... .... - ........ 47 -47 . . - ........ 50 - 50 ij 8½ .. 8 ··7 8 - b~ 7¾ 8½ 6 60 - 60  ·s· =~ .. :::: = :::: .~ : ~~~ 1~~ - .... .. .. - . . .. .... 107  - ... . - ... . - ... . 0  - 8"  7M  :1¥f -107-.t.  61  STATE SECURITIES. 1891. [For this and succeeding years range is based on actual sales at the N. Y. Stock Exchange.] SECURITIES,  JANUAR~ FEBR'RY. --~ARC~ APRIL, MAY. JUNE. JULY. AUGUST. ~EPT'BER. OCTOBER. Nov'BER. DEC'BER. Low.High Low.High Low.High Low.High Low.High Low. High Low.High Low.High Low.Jihrh Low.High Low.High Low.High  ___________ 1  Alabama-Cl. A, 4to 5, 1906. x102-10S½ 103 -104  lOJ -104  103¼-103¼ .... - .... 102¼-102¼ ,01 - 101  L00¼-101  100 -10174 .... -:----::. 100½-101¾ 102¾-108½•  gl::: t:E~fllotr:: .. :: ..... :::: - ... .... . - ..... :::. 108¼:108¼ iOo¼:10~¾ i08¼:108¼ jofi¼:108¼ i05¾:105¼ rn~¾={e~ ioti =1otr· i06¼=106¼ io7 =107¼ io;i½-108 .. A~::~:~~~li~•diI~t;';J~~?: :::: . . . - .. .. .. .. - ..... . = ·,r. :::: : ........ - .. .. .... - .... 95 - 95 .... - .... 97 - 97 97 - 97¼ 7  7s, L. R. & Ft. S. issue ......... -  rti!'ct.~;t:~n~H~lrord' ;.• :::: Dist.ofCol.-Cp.,3-65s,1924 .... .... .... 1  0  L!i~f~!~i~t;;;soi:,'Js::::::: Consol., 4s. small.... . . . New York C•tv & f'ountyCon .. stk.,City ''C," 189fl,7s N~~:[o~ig_a~a~~f:~re/':.~.'  x\ii½: {I:~.. 93½91 - 91  .. · · .. 6  li8½ -~iii¾: 92· · ·~O¼b6 - 86  .... - . . .. 121¾-121¾ .... . . ~. : .~~ :::: .. 4 _ 4 S~;~!l~~~e-ipts·:::·:.:::::. ~ :  g  ~i½ :::: - ::::  0  0  ~h"  ··s~  ·s5 -  85°  0 ••• •  . ... ··~  -  =  5¼ ::: : -  c~J!~f.~4s:·i0io .. :::::·:::: ·0t1 - 97 .. 96½- 97¼ . i:>6½: Iii .. 108½:108½ Small bonds. . .......... .. ll7½- ll8½ \ll - IH 1111 - 9J - .. 124 124 - .. .. st.sc~~;Yina:.::N·on'.:fuiict::·es ::: : Brown consol., 6s.. . . . . . . . . . . . . . . .. .. . . . . . . . .. . Tennessee-New set1·m't 6s 102 -102 LOS¼-104 103 -104 - ... Small ......................... . - . . . . . . . . . .... .... - .... New Settlement, 5s, 1913 .. lU0½-100½ 101 -101 100¾-101¼ 101½-101½ 1 1 1 N~::~ttiement:ss,"iiiiS:: x~9 : ff . lg~-¼!= n½= ·;.ii : 7i¾ Small . ............ . . . . . . .. . 61J - 70 69 - 70¾ . ... - . ...... . - .. . . 1 "ij : .9½ .. ii - ·u¼ "9 - ·0·· 8¾ Rtamped ..................... .. . 8 - B¾ ... . Trust receipts.. . . . . . . . . . . IJ - ·9· ¼ :::: - . ~ 8¼- 8¼ 7¾- 7% 887 4 8¼- 8]1! 7 - 8 Trust receipts, stamoed. . 8 8 9  ~h,  88.  0  ::: :  :~:~ - 99·· i 24 - 124 .. . 1oi -101 ... . - .... 99¾-100  ·o·i : 68½  .... -  123¼- 123½ :::· - ·::. - . .. . 101 -101¼ 104½-105 105 -105 .. 100 -100 100 -100¾ .6.7¾= 70·· ·70 : ii'"  ·ti½ · · 5¼-  .. · · · 6 · · · · · · if¾- 7~.i 6  .5½ ::: :  .97¼- 97½ · 91 - 9b½ · ;;;·%-  t:  ··s -  6  ·oo : ~~~ iM~=1~~~  ·g~ ::::  611 - 611½ .... - .. . . 66½- d6½ .... - . .. .. . 7 ·sij .ti ... ... - .... 7 ~ ··a½7 - 7 . .. . 7 -  ··8¾-  -156° ..... Tll4  .85½- 87¾ :::: - ::::  ... . .. i,.¼-  · ~·0¾:10C 108 :1~e~ . .. . - . . . . . . .. - ::: : . .. . 101 -102½ 102½-lOS 101 -101 101:! -106 102¼-102¼ 102!4-102¼ ·70 : 7i"" . 69¾= 70··  ...  .. ·::: .. : : : : ii3 -113~ 113 -114  ··5 - ·5·· ....  .. . .  ...... 5¼-  vfr~fJ~'.:.~;~~e~~t-~f1to!J~  ·s·6¾=  - 6  :¼= -~ 156 114  . . - .::: ii.i -li5½ :: : :  !isij ·91  ··2½- ·2ij 96 - 98 106 -106 .. . .. 101 - 101 .69¼= 70¼ 66¼- 68½  - 98¼  ·o·s - og· ··  2!4- ·2¾ . 2%- 3 ... . - . ... 91-¼- 98½ .... - .... 105 -106½· . ... - ....... - . .. . 99 -101¼ 99 -10'3 1 .69½= 70½ lg~¾= ~~¼, 66 - 68 68 - 68  R¾ ::: : - ... . .. 8½- ·a½  9 -  '9"  8¾ .. . . SJ,s5!4 .. . . - . . . ·.:. · . ... . _ . . ;_; ...s. : ·· ··7 - o 7 8711  8¼ 8,si  IS92 .  j  JANUA_R_Y FEBR'RY. --~ARCH_. APRIL. MAY. JUNE. JULY. AUGUST. SEPT'BER. OCTOBER. NOV'BER. DEC'BER, . Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High f,ow.High  SECURITIES,  ----------  Al ab am a-Cl. A 4to 5, 1906. 102½-102½ 103 -103½ 103 -103!4 101¾-102!4102½-103 103 -105 .... - .... LOl -102 LOO -100 101 -102 103 -103 101¼-108¼,. Class B, 5s, 1906. .. .. . . . . . xl05¼- 5½ 104 -107 .... • . . .. .. .. - . . . . 107 -107 107 -107½ 104 -105½ 105½-105½ 105½-105½ 105½-105½ 105¾-106¼ 106)4-106¼114 g~a;'r~~cv·fiincliog·4s: ·i"o20: x95!4-=_95¾ -~~ : ¾ litS : ~~ . . -~-.; - lii .. ·~-.; - of··~-.; : liiu ·0if:14: 05ij 9 11 .. 1~¾~ 2~¼ 1i : lg9' .ii - i1· · 7s,L.R.P.B.&N.O ......... ····· ·s¼-·b½::::5½-10½ 9¾-lt¾14½-20 16-17 17-17 21 19 18 : ½8 ·io - ioij . ~-~ : ½ . ~~ : ~~~ . ~~ '7s, Central RR. . ........ . . .. 7½- 8¾ 6 - 8 111 n7st~/~it~c'i>~.t-65s:Hi24 iis :1i4½ ii.i½-111½ :::: - :: : : : ::· .. . . iiii -1i:r · ii¥ -1i,i' . :: : : - ::: : :::: - .... ii2¼-li2¼ ... . --~~~ :::: Louisiana-Consol.,4s ....... 85 - 86½ 85 85½- 85½ 84¾93 - 93 91!4- 93 91¾- 92 92 - 92 .... - . .. . 94 - ll4½ · 98 - 99" 0 t:~~sc~i~1f~~~i:a& 4 - ·4·· :::: : :::: ~?~ -l~~ .. West. No. l'ar. RR. 6s ..... . ... .. . . . ... ... . 3½- 4!,4 4½- 4¼ 3½- 3½r: ::: Spii~al~aox,g:::L::::: :::: - .... .. . . ... . ... . . .. . ... .. . . ..3. 3 3 3¼- .~. . .... . . .. .. .. :::: ::::: :::: ···~ ·,. Sp.tax,Trustreceipts.... 5¼- 5¼ . ... - .. . . 5 - 5 3 - 3 - ·3½ :::: - :::: :::: .. ...... - ... . 4¾- 5¾ 3½- 3½ .. . .. .. Consol., 4s, 1910 .. . . . . .. . 97 - 97% 97¼- 98¼ 07½- 98¾ 97¾- 98 P0¼- 99¼ lOU -100 98¼- 99 98 - 100½ 98½- 9b½ 9u - 99 98 - 98 98½- 99¾  8~ : 8i :::: : :::: :::. : :::: :::: : :::· :::: : ·::: :_½:  A~:~e~:-:\l,;:i~rs~f':::: :::: :  ... ··;; -  ~:: :is:;piif,:l~f.::::::: :::: -  85  ~8ii·u: ::·: -  88  - ....  6s~1f9fJ.?~~~~:::::::::::::: i2s :12a·· l~i :1tr½ i2s =125"" - :::. l~~ :::d?Ji··.-cror·iooti·::---:::: = :::· ·: .. :::. ... .. .. .... .... .... Bo. Carohna-N"on-fund., 6s ... . - . .. . 2¾- 2¼ 2¼- 2!4 1½- 1¼ ...  :1~l¼ :::: - :::: i24½-124½ :.:: -  - ... 123%-123% . •  - . . . .. . - ........ - ... . 2 Brown consol., 6s . ... . . . . 97¾- 97¾ ll4½- 96 .... - . ... .. . . - .. .. .. . . - ....... - ........ - • . . . 9dl},!- 96¾ Tennessee-New setl'm't 6s 105 ·100 105!4-105!4 107 -107 107¾-107¼ .... - ........ - ........ - .... 101¼-101¼ 1 N~:i~iiiemeiit;·5s,'fais::j·09½= 99½ to·1 :1oc :101½ io1 :10C 10·1 =102ij ios½=1oi½ :::: = :::: ~~~ • ~~ .. New Settlement, 3s. 1913. . !18 - tl9½ 68~- 71¾ 69!4- 70¼ 69¾- 70½ 70½- 73¼ 73 - 77¼ 74½- 76½ 76¾- 79¼ Small.. . . . . . .. .. . . . . . . . . . . 67½- 67½ . . . . - . . . . 70 - 70 • .. . - .. . . .. . . - . . . . 68 - 71 . . .. - .. • . 76 - 76 75  io:i  vfr~' frBi'.:.~!~~e~t-~fto1:A~ .. 8!,a: Trust receipts ........... ,j 81J,1-  ·liij .:~. :  9 9¼8¾- 8¾ .... -  Trust_recelpts, stamped..  ·9¾  ··9 8½-  ·o·· :::: 8¼ ....  7½- 7¾  7 -  - :::: i22 -122°·  1 1~g~ :::. .2¾ ......2 -- :·:· ~~tt 3 2¾- 5 3!4- ·s¼ ")2°½-  ·2%,  .... - .. .. 98 - 98½ . . . . .... - .... • .. - .... 102 -102·. ios -HM ..  102½=102ij 10s -10a .. :::: . 75½- 75½ 76 - 78 76 - 77½ · 76 75 - 7 5 ....  ··· ··-.;x;.... . . . .  ... .... .. . .. ... .... .... . . .. ... 7 7~ 7~, ... 6½- 6¼ .. .. -  - 'if·  ·1½ :::: -  .... .... .• .. ··· 7½- 7½ 7 - ·1 · · · 6¾- 6¼'.  1893. SECURITIES.  JANUARY FEBR'RY.I MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BER. DEO'BEB.  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Ilillh Low.High Low.High Low.High 1 A-la_b_a_m_a-_C_l_.-A-,-4-to-5,_1_9_0_6. 100½-101 100½-101 lOL -102½ 102½-103¼ 102 -102¾ 100 -100 100 -100 - .... 95 - 96 95¼- 97 98 - 98 9R -101  g:::  ½:~~t&i6 :::·:::::::: io¥ :106½ io¥½-1<>4¼ fo4·%-105°· Class c ........................... Currencv fuJ?-,dmg 4s, 1~20. . . . . Arkansas-6s, ll~lford .. . . .. . ·i1 - i1·· ·is - is .. ···· - ::.: . . . . . . .. . .... - . .. 7s: Miss. 0. & Red R....... . . . . Louisiana-Consol.,4s ....... 97½- 9t:! w - 97!4 94½- 96 North CarolinaConsol., 4s, 1910 ......... 98 - 9? .... . . .. PB - 98 6s, 1919.. .. .. . .. .. .. ...... 122 -122 122½-122½ 127 -127 l~n~~~~~~~~n;t~~;rJ: 10~=10~ :::: : ::: : ioi).~=lOi½ · ;.;,i,_ : 75¼ "75 : 75¾ .75!4: '76% Small .... . ....... . ..... . ....... - . . . . 71 - 71 74 - 74 Compromise 3-4-5-6s. 1912 74 - 74 Virginia-~•und. debt. 2-:is .. .. .. 65rr~:!tr~~~![~~~ ~t~~~td ··if-¼!- ·~¾ ·· ·· 10•40s.. . . .. . . . . . . . . . . . . . 40 - 4n  ~:·t· :t:~.~: l~~g::::::  ~:: ~:m:::~u:: mt  106 :108½ :::: - :::: ·94¼- 94¼ :::: .. . . 91 - 91 . .. • ·i5 - 1r· .... - ::: : ·i¥ _ i.i.. .... .... . .. . . . . .... . - .... 94 - 94 .::: - : :: : 'ii5 100 -100 .. .. . . . . . .. 2 :::: : .~ .. . 75¾= 76¾ ·12~= ,fa·· .... - . . . . . . . - . . ..  : :::: .... .. . - .... 89 - 89 - . . .. · ·· · .. ii - ·0·· = ·a·· . .. . .. .. .. 95· . - .. :: ·92 - 9:t  ·s  -  io2 :104·· 90½- 90½ 90 - 90 10 - 10 ·i2 : i2 .. 10 - 12 95 - 95  ioo :100 .. ~g~¾:rn~~ 92½- 92½ 93¾- 93ij 93¼- 93¼ . .. . - .. .. . . . . - . . . . .. .. - ... , 6 - 6 ···· .96 -  oo·· .il6  - .... 94 - 94 . .. . .. . . . .. . . . .. .. .. - . .. . 115 -115 117 -117 . . .. 2 72 10i~=10~¼ .. ~. : - .:: . 10&¼:1oi¼ 10i :10~ =105" 70 - 7i½ 67 - 69 ... M : 55·· ~I½ 70" ·~s½= fa~ .. . . . .. .  ~z :  0  0  ios  ·as :  -  97"  97 - 97 1oi%:10~·  ",f,i,_ :  .... _  75" .••  ::::1:::: : ::::::¥ - ·4·· ....  ··;; - ·; ··  ..•.  5 -  ... . ...  6  .  ..•  .. . ... .  1894. SECURITIES.  -----------•  JANUA~ FEBR'RY. --~ARC~1 APRIL. MAY. JUNE. JULY. AUGUST. SEPT'BER. OCTOBER. NOV'BER. DEO'BEB. Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High f,ow.High  Alabama-CI. A,. 4 to 5, 1906. 98 Class H, 5s, 19u6. .. . . . . . . . 98 Class C...................... 93¾A~;:~:~;~i~•dirno~ftrJ~~?: : : : : : 7s,L.R.P.B.&N.O .......... 7s. Mis~. 0. & Red R....... . . . . Louisiana-Consol.,4s.. ..... 95 -  ~t::.~:~·.~.~.-.-..-:.:::::::::: :::: -  98 99¾ 93¾ :::: ... . .... 95  97½- 99 102½-102¾ . . .. - . . . . .. 9½= 9½ .... . .. .  98 - 99½ 100;..(-100!4 102¼-10~¼ 103 -103 . . . . - . . . . .. . . - . . . . ..8 : 11 -12 - :::. 11 - 11 . . . . . .. . - . .. . 95 - 9tS¼  ~½:  2% ~~ .. . . . . .. 99%- 99¾ 99½- 99½ . . .. - . .. . ... - . . .. 105:)4-107 1 l~i½:l~}~ l~~ : ~~¼ l~~¾=l~~ 73 73 ¾: !4 :::: : :::: ~56¼- 60¾ 58:J;t- 59½ 59¾- 6~ ~~ ~¾: i¾  pt1o·ii;·4½ii:::::::::: :::: : :::: :::: : :::· _  g:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  g~ : 8~ :::: - ........ -  . .. . . .. . . . .. .... - .... 101 -102 ... . . ....... - .... .. . . .. ...... - .... 100 :1~~ .. .3 .. 12i¼:12t~ ~~~¼:1~~~ ~~.~½:~1~ ~~~ -125 125 -125 12~~:12g~ "s·¾=  "3 : ··i·72: 'i¼ .. i.¼- ·2¾ ··2 -  ::: ~:m:::~~: ~:: mt .  - .. ..  : :::: ::.: : ::::  North CarolinaConsol., 4s, 1910 ............. i~e~~;?tiax·West:·RR.' .'.':: :::: - . . ..  B~Pi~}~\i~;_c~os:-1uncCfis 20.40, 4½s, lll23............. . . . . - . . . . Tennessee-New setl'm'r 6s 103 -107 72¼: 75 .. 1 R~:r:r!i Virginia-F,und. debt, 2-3s .. 55½- 56 6 srr~~!fr;e~if~t!~ ~r~~~1~ ~¾  ·s·..... -  100 -102 102 -103¼ .... - .... 103 -103 102¼-103 102½-lOi½ 102¾-103¼ 104½-104% . . .. - .. .. 104 -104 .. . . .. .. .. . . . . . . . . .. . .... . . .. - . .... .. iJ3 - 93 - .. . . 92 - 92 ·12 -iz" .. . 6 - 6.... .. .. . . . . . . 7 - 7 . . .. . .. . . . . . .. . . .. . . . . . . .. .. - J .. • 96¼- 96¼ 97!4- 97~ 95 - 9!3 95 - 95 96 - 96  g~:  ~¾: g~  ·a¾:::: -  :::: : :::: :::: : :::: :::: - :::: ...  Hi¥ :ui,i" .. ..  i¼- '2" :::: .... ":iu- 2½ ""iu- 'iij "2¼- ·2¾99¾-101 102 -102 100!4-100!4 .. .. - .. .. .. .. .. .. .. . • - •••• 104~-104~ 105¾-105;14 .. .. . 77¾: 80¼ .79½: 80¾ .78¼- 79 .. · 7g = 79½ 78½: 78¾ 78%: 79½ 79¾- Sf" .ii9 - 84~ 0  :::· : :::: .::: : ::: : ioii -106 ... :~_½: ~ ~ . :.~ : ~: .. • ::. : ~'. ...... - ... 10s -105: · 59¾- 60¼ 59%- 60¼ 58 - 58¼ 5t:! - 58¾ 58 - 58¼ 58¼- 59 58%- 59% 59¼- 61~ "i¼: ·s¾ "i¾: .B¾ "i!4: ·1¼ "'i¼: ·1¾ ··a : ·sij "1!4: '3¾ .. 8!4: .9¾ "s%5  is-:  RAILROADS  AND  THEIR  SECURITIES.  PRICES OF STOCKS AND BONDS, 1890-1894.  In the article on the following pages we furnish a very full and complete review of the course of earninga of United States railroads for the calendar year 1894, with the influences responsible for the great falling off in revenues which occurred during the twelve months. It seems desirable to precede this review for 1894 with some general statistics to show the course of operations in the past. Accordingly we have prepared from Poor's Manual the following two tables. The first table indicates the amount of new construction each year, and the total length of road at the end (December 31) of the year. The changes in total mileage from year to year, it will be observed, do not agree with the additions through new construction~ This is due to the fact that the Manual finds it necessary to make adjustments and corrections of past mileage and to the further fact that some old mileage is abandoned from time to time. The new track laid in 1894 was exceedingly small, and is estimated at only about 1,900 miles. '11he country has witnessed since the war three great periods of railroad extension, culminating respectively in 1871, in 1882 and in 1887. In the first period the new construction was 4,615 miles in 1869, 6,070 miles in 1870 and 7,379 miles in 1871; in the second period it was 6,876 miles in 1880, 9,778 miles in 1881 and 11,599 miles ~n 1882 ; in the third period it was 3,131 miles in 1885, 8,128 miles in 1886 and 12,983 miles in 1887, since which date the construction has been 7,066 miles in 1888, 5,695 miles in 1889, 5,656 miles in 1890, 4,620 miles in 1891, 4,648 miles in 1892, 2,828 in 1893 and 1,900 (estimated) in 1894. The second table shows the changes in stock, debt, earnings, etc., since 1873. It is proper to say that in this case the figures are not for the end of the c1lendar year, but to the end of the fiacal yeus of the respective -companies. RAILROAD CONSTRUCTION YEARLY AND TOTAL MILEA.GE IN OPERATION. Years.  Annual Mile1:1 in Increase of Operation Mileage. End of Yr.  1831. ... . . 1.832 ... . .. 1833 ...... 1834 ...... 1835 ...... 1.836 ...... 1837 ...... :1838 ...... 1.839 ...... 1840 .... . . :1841. ..... 1842 . ..... 1843 ...... 1844 ...... 1845 ...... 1846 ......  72 134 151 253 465 175 224 416 389 516 717 491 159 192 256 297  95 229 380 633 1,098 1,273 1,497 1,913 2,302 2,818 3,535 4,026 4,185 4,377 4,633 4,930  Years. 1847 ... . .. 1848 ...... 1849 ..•. 1850 .... . . 1851. ..... 1%2 .. . ... 1853 ...... 1854 ...... 1855 .... . . 1856 ...... 1857 ...... 1858 ...... 1859 .. . ... 1860 ...... 1861. .... . 1862 .. . . . .  Annual Miles in In cr ea se of Operat ion Mileage. End of Yr. 668 398 1,369 1,656 1 ,961 1,926 2,452 1,360 1,654 3,642 2,487 2,465 1,821 1,846 651 834  5,598 5,996 7,365 9,021 10,982 12,908 1 5,360 16,720 18,374 22,016 24,503 26,968 28,789 30,826 31,286 32,120  Year s. 18 63 ...... 1 8 64 ... . .. 1865 ...... 1866 . ..... 1867 ... . .. 1868 ... . .. 1869 .... . . 1870 .. . ... 1871. ..... 1872 ...... 1873 ...... 1874 .. .... 1875 ... . . . 1876 ... . .. 1877 ...... 1878 ......  Annual Miles in Increase of Operation Mileage. End of Yr. 1,050 738 1,177 1,716 2,449 2,979 4,615 6,070 7,379 5,878 4,097 2,117 1,711 2,712 2,280 2.629  33,170 33,908 35,085 36,801 39,250 42,229 46,844 52,922 60,293 66,171 70,268 7~,385 74,096 76,808 79,088 81,767  Ye ars. 1879 ...... 1880 ...... 1881. ..... 1882 ...... 1883 ...... 1884 ... ... 1885 . . .... 1886 .. . ... 1887 ...... 1888 ...... 1889 ...... 1890 ...... 1891. ..... 1892 ...... 1893 ...... 1894 (est.)  Annual Miles in Increase of Operation Mileage. End of Yr 4,746 6,876 9,778 11,599 6,818 3,9n 3,131 8,128 12,983 7,066 5,695 5,656 4,620 4,648 2,828 1,900  -86,584  93,296 103,143 114,712 121,455 125,379 128,361 136,379 149,257 156,169 161,353 166,706 170,795 175,204 177,753 179,500  RAILROAD STATISTICS FOR THE UNITED STATES. Years.  . -· -- - - - -··  Length of Line Owned.  Capital Stock.  Funded Debt.  Other Debt.  I  Length Gross Traffic or Lme Earnings. Operated ,  Net Traffic Earnings.  Interest Paid.  Dividends Paid.  Miles. $ Miles. $ $ $ $ $ $ 70,651 1,947,638,584 *1,836,904,450 ..... . .... . ....... . 66,237 526,419,935 183,810,562 . ................ 67,120,709 72,623 1,990,997,486 *2,230,766,108 ····----·-·· -··· 69,273 520,466,016 189,570,958 .................... 67,0!2,942 74,096 t4,658,208,630 71,759 503,065,505 185,506,438 74,294,208 76,305 2,248,358,375 ...fi65,14i:368 ····55",(j92j92 73,508 497,257,959 186,452,752 .. 93.,599~573 68,039,668 79,208 2,313,278,598 2,255,318,650 237,604,774 74,112 472,909,272 170,976,697 98,820,927 58,556,312 80,832 2,292,257,877 2,297,790,916 182,248,556 78,960 490.103,351 187,575,167 103,160,512 53,629,368 84,3~3 2,395,647,293 2,319,489,172 156,881,052 79,009 525,620,577 216,544,999 112,237,515 61,681,470 92,147 2,708,673,375 2,530,874,943 82,146 613,733,610 255,557,555 107,866,328 77,115,371 162,489,939 103,530 3,177,375,179 2,878,423,606 222,766,267 92,971 701,780,982 272,406,787 128,587,302 93,344,190 114,461 3,511,035,824 3,235,543,323 270,170,962 104,971 770,209,899 280,316,696 154,295,380 102,031,434 120,552 3,708,060,583 3,500,879,914 268,925,285 110,414 823,772,924 298,367,285 173,139,064 102,052,548 125,152 3,762;616,686 3,669,115,772 244,666,596 115,704 777,396,217 270,890,955 178,058,382 94,414,835 127,729 3,817,697,832 3,765,727,066 259,108,281 123,320 772,568,833 269,493,931 187,426,035 77,672,105 133,606 3,999,508,508 3,882,966,330 280,673,814 125,185 829,940,836 300,603,564 189,036,304 81,654,138 147,999 4,191,562,029 4,186,943,116 294,682,071 137,028 940,150,702 334,989,119 203,790,352 91,573,458 154,276 4,438,411,342 4,624,035,023 306,952,589 145,387 960,256,270 301,631,051 207,124,288 80,243,041 159,994 4,495,099,318 4,828,365,771 357,477,160 153,945 1,002,926,059 322,122,721 218,974,214 81,262,523 163,420 4,640,239,578 5,105,902,025 376,494,297 158,037 1,097,847,428 346,921,318 226,799,682 85,075,705 167,909 4,809,176,651 5,235,295,074 345,362,503 164,324 1,138,024,459 356,209,880 231,~59,810 90,719,757 171,570 4,920,555,225 5,463,611,204 285,831,888 170,668 1,204,915,204 358,638,520 232,659,089 95,662,412 175,507 5,080,032,904 5,570,292,613 410,361,503 173,433 1,222,618,290 364,591,109 239,616.284 95,337,681 NOTE.-* Includes funded and other debt, and t includes total capital and debt accounts. Owing to the incompleteness or the information at hand the statistics of "other debt" and "interest paid" cannot be furnished for the first three years covered by above statement  1.873 .......... . .... 1874 ............... 1875 ............... 1.876 ............... 1877 ............... 1.878 ............... 1879 ............... 1880 ............... 1.881 ............... 1882 . . ............. 1883 ............... 1.884 ............... 1885 ............... 1.886 . .............. 1887 ............... 1888 ............... 1889 ...•...•....... 1890 . .............. 1891. ..•......•.... 1892 .......•..••••. 1893 •..............   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  68  RAILROAD EARNJNGS.  RAILROAD GROSS EARNINGS FOR THE CALENDAR YEAR 1894. Remarkable as the year 1894: has been in other re spects, it has been most remarkable of all in the tre• mendous losses in railroad earnings for which it has been, and always will remain, distinguished. We think it safe to say that no other great interest has suffered more severely from the depression in tude during these twehe months than the railroad carrying industry. The perfectly surprising way in which the revenues of the roads fell off has been one of the ma.-rvels of the time. Before the event no one would have deemed such a tremendous shrinkage possible. Not less note• worthy than the losses themsel v-es has been the lack of recovery shown up to the present time. In some of the newer sections of the West busines11 seems to have collapaed completely since the panic, judging by the revenue returns of the railroads. There are not wanting instances of improved earnings in the closing months of the year, when comparison was with the very poor exhibits of 1893, yet in th, great majority of cases the gains were really insignific1nt alongside of the great decreases of the previous year. But nearly every leading condition was unfavorable during 1894, and the recuperative energies of our people have not yet had a chance to assert themselves. We are merely repeating what we have said many times before when we assert that never in the country's history has there been a period of twelve months when there were so many and such enremely unsettling and disturbing influences, conditions and events. The great shock to all industrial interests occasioned by the panic of 1893, the unsettlement of trade caused by the uncertainties regarding tariff legisl1:1.tion, so long protracted, the check upon enterprise resulting from the financial embarrassment of the Government, the large gold exports, and the apprehensions concerning our currency, all operated to reduce the volume of trade and business to very small proportions and to contract both the freight and the pissenger revenues of the roads. The diminution ·in the purchasing power of the population resulting from these causes, and from the low prices and narrow margin of profit left the producer and manufacturer, and also from the throwing out of employment of large numbers of men, operat~d in the same direction. Then the inability of the roads, owing to the great falling off in their earnings, to buy materials and supplies with their customary freedom, or to order cars or make improvements or to build new tracks, operated still further to intensify the depre ssion. Of course the bad times restricted imports as well as the volume of domestic trade, so that the rail• roads had much less of foreign goods and merchandise to distribute. Aside from the general influences there were many special ones which were no less potent in reducing railroad traffic and railroad earninga. Those that occurred in the first half of the year were set out quite at length in the article 0n earnings in the CHRONICLE of July 14, pages 52 to 57, and we will refer to them here only very briefly. Labor troubles were exceptionally prominent and d extraordinary magnitude. The great strike of the bituminous coal miners extended to practically every coal.producing State in the country, and lasted from April 21 to June 18, and in special instances way into August. While the strike was in progress the iron trade was brought almost to a standstill, and manufacturing estabUshments in large numbers were obliged to  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  close up for the lack of fuel, and the operations of the roads were embarrassed in many instances for the same reason. In April and May, too, the Coxey tramps occasioned so much trouble in the West. In April likewise the strike on the Great Northern Railway occurred. Tnen we had floods anrl overflows of extraordinary extent in various parts of the country-in Pennsylvania ( where they were said to be the worst since the great floods in the Conemaugh Valley in 1889), in Colorado, and in Washington, Oregon, British Columbia, Montana, etc., doing great damage to the railroads most immediately affected and interrupting railroad business for a long time. Furthermore, rates were more or less demoralized at different times and in different sections of the country. In July we had the great rail way strike ( the strike actually began the latter part of June), when for about two weeks railroad operations were so seriously interrupted that many leading companies earned practically nothing on some of their lines. Poor crops were a strikingly unfavorable feature all through the year. The grain yield in 1893 had been below that of the previous year, while in 18fJ4 the corn crop by reason of drouth was reduced to the smallest total reached in over a decade ; in some sections the crop was a total failure, bringing the popu• lation of special districts to the verge of starvation. What made the situation worse, as far as the agricultural classes are concerned, was the fact that the price of wheat dropped to extraordinarily low figures-to 51 cents in Chicago and to 54 cents in New York-leaving the farmers in very poor circumstances. As a result of the small crops there was a great shrinkage in the grain traffic of the roads, both East and West. The grain movement had shown a notable contraction in 1893 (as compared with 1892), but in 1894 there was a further large falling off, making for the two years a very striking decrease. We shall refer to this decrease again further below, but as illustrating its extent we give here the following table showing the receipts of flour and grain at the Atlantic seaboard during the year. SEABOARD GRAIN RECEIPTS FOR FIFTY-TWO WEEKS.  Flour, barrels ... Wheat, bush .. --. Corn.·-······-··· Oats ·--······-·· · Barley ........ -.. Rye.··-·-····-·-·  189-!. 20,749,597 57,613,Sll 46,907,281 44,630,607 4,942,716 590,080  1893. 1892. 1891. 19,976,653 19,847,357 16,406,757 U3,855,531 123,715,523 109,952,728 58,978,185 87,754,921 51,764,242 52,436,036 56,134,892 45,512,580 5,080,443 5,771,077 6,619,316 1,136,166 3,953,707 9,697,916  Total bush .. 154,684,495 211,486,361 277,'330,l2J 223,546,782  • Thus aggregate grain receipts at the seaboard were only 154 million bushels in 1894 against 211 million bushels in 1893 and 277 million bushels in 1892. In other words there was a decrease of 57 million bushels as compared with 1893 and a decrease of nearly 123 million bushels as compared with 1892. As to the extent of the losses in earnings caused by these various influences and conditions, they are really startling in their m~gnitude. Our usual detailed table, given at the end of this article, shows a loss for the ;year of '56,879,191. This comprises all the roads which had furnished returns at the time of writing But in addition we have had returns from a great many companies for the eleven months to November 30. It seems desirable to bring these together, the same as those for the twelve months, so as to arrive at a closer approximation of the year's results. This we have done in a separate table, which appears in the same place with the other table. In the following we furnish a summary combining the results in the two tables.  RAILROAD EARN! GS.  64-  In ratio the decrease of 112½ million dotlars for 1894, as given in the foregoing table, is equal to 11-½ per cent. 1893 189 This Decrease. ~:=._ ~~ In 1893 the decrease was not quite 3 per cent. · i. .l~fi roads tun year. . . . 489,!14 ,870 546 ,:94 ,06 1 56,8 : 9,1n 98 ,475 decrease of 11½ per cent for the year is -much less than 98 ,960 In fact in 69 roads 11 months.. 375,787,974 431.334,104 06,M6,180 ~ 2,ou ~ 1.s,1,6 the loss for many of the separate months. . Grand tot. c19,i r 'ds). 865,102.B44 978,128,165 112,125,R21 1°1.00,1 1no.021 the first seven months, when the conditions were so · Altogether, tnerefore, Wd have returns from 194 markedly unfavorable, and when the comparison was rqads operating 151,004 miles of line, and for these 194 with pretty good earnings in 1893, the ratio of falling roads the falling off in gross earnings reaches 112½ off kept steadily rising, culminating in a loss of 21 ·48 million dollara. 8)me large companie3 which are known per cent in June and a loss of 20·49 per cent in July. \to have lost heavily are not included in our statement It was supposed then that we had reached the end of .(having furnished no returns), and doubtless if we the period of large and general losse3, and that thence.could have reports for all the mileage in the country forward the record would be one of improving returns. the loss for the twelve months woald be some ten to But while this expectation was in part realized it was twenty million dollars greater, or say 130 million dol- also in part disappointed. The losses were greatly relars. It is unnecessary to dilate upon the sig12ificance duced after that and a good many companies began to of this loss of 130 million dollars as an agency in the show gains, but nevertheless a number of roads congreat prostration of all industrial interests for which tinned to report pretty heavy decreases. The effect was the year is noted. The mere mention of the fact will that our statements showed smaller totals than in mak-e it evident to every one that with 130 million 1893 in every month but one in the grand aggreThe exception was dollars less of revenues to dispose of for labor, supplies, gate of the gross receipts. increase. a trifling materials, e~uipment, dividends, interest, &c., the .August, when we had -effects must have been far-reaching indeed. It should The losses during these later months were generally be remembered, too, that the falling off is m addi- small, but they followed very heavy losses in 1893. tion to a falling off in the previous year. In that The reason why no marked improvement in results oc_year the shrinkage was of smaller proportion than curred is found in the fact (1) that comparison was in 1894, chiefly because it was not until the last six with exceptionally heavy passenger receipts from the months that the period of great depression began, and World's Fair in 1893-this having been particularly true then the losses were smaller than they otherwise would of September and October-(2) that many roads sus.have been because of the extra travel derived from the tained a heavy decrease in their grain traffic by reason World's Fair, which acted as a partial offset to the of the crop failures, and (3) that business revival, befalling off in the freight revenues. Nevertheless our cause of this crop failure, and because of other drawstatement for 1893 showed a falling off of over 25 backs, made slower progress than had been looked for. million dollars, and to this the falling off o:f 112½ The record for the year, then, is that every month million dollars for 1894 on the roads reporting is addi- records a fallingoff with the exception of August. Here is a summary of the monthly totals. tional. We should say that for the entire railroad system of Earntnga. Mlleage. In c:orDec. P.O. -the country the decrease in 1893 must have been, Period.. 1893. 189i. 1894. 1893. roughly, 30 million dollars, and the decrease in Miles. Mau. $ $ $ 1894 130 million dollars, or 160 million dollars January (123 roads) 96,951 93,893 3!l,528,H6 39,347,099 -4,819,853 12·25 32,454,502 37,108,705 -4,654,203 12·54 93,638 Febr'ary (123 r oads) 95,945 for the two years combined. To appreciate fully March (129 roads) .. 98,640 96,165 39,141,981 45,019,395 -5,877,414 13'05 95,H7· 3!l,871,li:l6 40,955,889 -6,084,703 H'86 the importance of this loss of 160 million dollars, it April (125 roads) .. . . 98,0!5 36,561,050 44,343,051 -7,782,001 17•55 06,531 May (ll!9 roads) ..... 118,953 must be borne in mind that under normal conditions June (123 roads) . ... 95,404 9!,292 33,099,864 42,156,791 -9,056,927 21"48 96,108 30,990,332 38,978,977 -7,988,645 20•49 July (128 roads) •.• •• 96,757 gross earnings keep steadily rising from year to year. AU&Ullt (132 roads) . 99,764 98,902 42,799,261 42,!l62,013 +337,248 0·79 Fifty million dollars would probably be a fair estimate 8ept' ber (129 roads). 99,701 98,842 !l3,395,384 46,2i3,551 -2878,167 6·22 97,317 46,701,892 49,468,861 -2,766,969 5•59 October (12! roads) 98,144 of the yearly addition in a normal state of things November (l34r'da) 100,3i5 99,653 45,571,116 46,301,306 -730,190 1"58 96.390 ) r'ds 88,937,350 89,170,384 -241,984, 0·62 (125 95,829 December when business is prosperous, labor fully employed and the country's industries expanding under the growth The losses by some of the individual roads of course ..of population and wealth. Hence, except for the qis- reached very large figures. Twelve months ago it was locat10n of rndustrial affairs, we should have had, in- supposed that 1893 would always stand unrivalled by JJtead of the loss of 160 million dollars for the two years, reason of the magnitude of the losses of the individual a gain of 100 million dollars-a total difference of 2o0 roads and systems. But in 1894 tb.e decreases in very million dollars. In the following we furnish a summary many cases attained still larger proportions. Thus of the results for the last five years, taken from our for the eleven months to November 30 the Pe:s.n_yearly statements. As bearing out what we have said sylvania (Eastern and Western lines combined) fell regarding the growth of earnings when business is un- $12,758,297 behind, the Atchison for the twelve disturbed, it will be observed that in 1890 our exhibit months $8,013,159 behind, the St. Paul $5,386,showed 70½ million dollars increase, in 1891 nearly 44 657 behind, the New York Central $4,913,080, million dollars increase, in 1892 almost 45 million dol- the Lake Shore $4,160,988, the Michigan Central lars increase, these gains being in each case based on $3,478,031, the Rock Island $3,207,671, the Northern some 25,000 to 30,000 miles less than the full mileag Pacific $3,089,063, the Missouri Pacific $2,453,128, the Canadian Pacific 2)217,007, and the Wabasb. $2,125,of the country. 771; for the ten montha to October 31 the R~ading, 1/Jarning,. Mileaat. Increa,e the Coal & Iron Company, lost $4,438,429, and with or Year Year Year Year Decre,.. ae 9'ven. Pree~. Gwen. Preceding for the eleven months the Burlington & Quincy lost - - - $6,405_.730, the Erie $4,745,450, the Chicago & North Milu. Mau. Jan. 1 t.o Dec. 31. 137,6!lj 922, 73El,282 852,257,081 Inc .70,,80,601 1800 (200 r(lads) •••••• 140.460 137,359 9!0,456,097 896,603,011 Inc .43,853,086 Western $4,015,153, the Union Pacific $3,933,756, the 1~11201 roads) ...... 140,714 lS0,502 926,377,747 B81,!l67,4P2 Inc .44,910,255 1892(17!lroads)•••••• 132,334 Illinois Central $3,812,098, the Southern Pacific 138,371 936,237,955 901,!l07,915 De; .25,169,960 18Q3 (183 roads) ••.... 141,839 150,021 865,702 844 978,128,165 Dr .112,425,521 $3,571,717, the Baltimore & Ohio $3,543,980 and the 1Si4 (19!l roads) .. . ... 151,00i   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  M i les ot R oaa  Gross E arninas.  E  •  •  n d,  01 P erwd, •  •  65  RAILROAD EARNINGS. Central of New Jersey $2,184,141. The following is a full list of all losses down to $200,000, also all gains. One sees how general the depression was from the fact that the gains above $200,000 number only four, namely $762,829 by the Florida Central & Peninsular, which operated an increased mileage ; $442,913 and $206,746 respectively by two Mexican roads, the Mexican Central and the Interoceanic, and 285,437 by the Norfolk & Western, the latter thus standing all by itself among United States roads. In some instances the losses for the year are less than they were for the first six months, having been reduced by gains during the last six months. We may mention among roadEt of this class the Northern Pacific, the Chesapeake & Ohio the Louisville & Nash ville, the Denver & Rio Grande and the Great Northern. PRINCIPAL CHANGES IN GROSS EAltNINGS FOR  I  Increa•e•.  12 MONTHS.  We have spoken above of the smaller grain receipts: at the seaboard. The same contraction is ooservable in t4e grain movement in the West, where the receipts· of wheat, corn, oats, barley and rye for the 52 weeks of 1894 foot up only 406,706,960 bushels, against 493,272, -· 184 bushels for the 52 weeks of 1893. It will be ob-· served from the following that notwithstanding the · general decrease, one or two points recAived more grain in 1894 than in the year preceding. This is true particularly of Toledo, which though having lost in corn gained decidedly in its wheat receipts. The table also contains the figures for December, in which the result was much the same as for the twelve months. RECEIPTS OF FLOUR A.ND GRAIN FOR FOUR WEEKS ENDING DECEMBER 29 AND SINCE JANUARY 1.  .l'lour, (bbl.I.)  Ohicaoo-  4 wu. Dec., 1894 4 wll:s. Dec., 1893  Decreases.  187.3!i3 3B0,103  Wheat, (buah.)  827,202 2,065.633  Fla. Cent. & Penin...... $762,829 Ches. & Ohio . .....• $744,332 Year '94, 52 wks .. 4,1!19,875 25,636,8tS2 Mex. Central............ 442,913 Buff. Rocb. & Pitts . . .. 668,366 Year '93, 52 wks .. 4,6t!4,3M 35,305,090 600,052 Norfolk & Western..... 285,4371 Col. Hock. V. & Tol. .. Alf/lllJaUkt eInteroceanic (Mex.)*... 206,746 L. N. Alb. & Chic .••... 570,008 4 wk:s. Dec., 1894 168,120 694,'266 914,600 Burl. Cd. R. & Nor ..•. 475,924 !i wk:s. Dec.,1893 188,651 415,355 Year '94. 52 wks .. 2,171J,103 7,948.282 Total (representing Balt. & Ohio So'west . 411,351 Year '93, 52 wks .• 1,872,6116 12,705,911) 4 roads .....••.... $1,697,925 Kan. C. Ft. S. & Mem .. Bt.LouiaDecreases. Dul. So. Sh. & At ..... . 394,607 72,880 173.602 Dec., 1894 367,913 4!i wks. Atch. T. & s. F. (4 rds.) $8,013,1591 West. N. Y. & Penn .. . 82,7<l5 585,562 wks. Dec., 1893 Chic. Mil. & St. Paul... 5,386,657 Gd. Rap. & Inrt. (4 rds) 342,843 Year 52 wks .. 1,254,8L9 9,668,1157 N. Y. Central . .. .••••• 4,913.080 Flint & Pere Marq . .•. 3:l5,812 Year '9'i, '93, 52 wks .. 1,166,815 H,034,735 306,911 Lake Shore........ . . 4,160,988 8t. Jos. & Gd. Isl.. ..•. l'oted.oMich. Cent. &Can. So.. 3,478,031 Int. & Gt. Northern ..• 299,291 4 wks. 3,561 535.400 Dec.• 189J. Chic. Rock I. & Pac... 3,207,671 Southern Railway .••.. 294,603 4 wks. Dec.• 1893 7,775 672,200 87,6clll 14,938.000 Northern Pacific...... 3,089,06a Chic. & West. Mi<'h .... 288,806 Year '9<l, 52 wks .. lOd,\!71 ll,!i94,970 Mo. Pacific............. 2,453,128 Louisv.Evansv.&St.L. 281,446 Year '93, 52 wks .. Canadian Pacific...... 2,217,007 St. Paul & Duluth ..•.. 275,384 uetro,,11,909 261,718 Wabash................ 2,125,7-;1 Wheeling & L Erie ..•. 258,897 4 wks. Dec., 1894 14,367 648.336 Grand Trunk. . . . . • . . 1,970,286 Iowa Central...... . •• 244,719 4 wk:s. Dec., 1893 153,373 4,818,755 '94, 52 wks.. Chic. & Gd. Trunk* ... 1,457,818 t:lt. Louis So'western .. 228,074 Year 164,734 8,569.563 Chic. & East Ills. ••••• 1,068,393 St. L. Al. & T. Haute .. 207,813 Year '93. 52 wks .. 202,112 4 Ule'tleLn.-ri.tiLouisville & Nashv.... 1,06'Z,O!i0 Evansv. &Terre H .••. 45,620 280.297 wks. Dec., 1894 Denver & Rio Gr...... 971,3:l2 17,293 94-,121 4 wks. Dec.• 1893 Great Northern 13 rds.) · 929,343 Total(representing 505,187 2,311,699 Year '94, 52 wks .. Clev. Cio. Chic. &St. L. 840,il42 48 roaas) ......••. $56,351,918 Year '93, 52 wks .. 279,957 1,724,256 Chic. Gt. Western*.... 792,650 Peortn--  I  I  I  4 wks. Dec., 1894 4 wks. Dec., 1893 Year 'O!, 52 wks .. Year '93, 52 wks ..  * For three weeks only in December. PRINCIPAL CHANGES IN GROSS EARNINGS FOR 11 MONTHS.  Decrea•e•. Pennsylvania (3 rds.)*$12,758,297 Chic. Burl. & Quiney .• 6,405,730 N. Y. L. Erie & West. . . 4,745,450 Phila. & R. and C.&It. 4,438,429 Chic. & Northwestern. 4,015,153 Union Pacific (8 rds.)1 3,933,756 Illinois Central........ 3,8 t2,098 Southern Pac. (6 rds.) 3,571,717 Balt. & Ohio (-2 rds.J.. 3,543,980 Central of New .rersey 2,184.141 Cin. N.O. &T.P.(5 rds.) 1,043,962  Decreases. Chic. & Erie ....••.••.. $1,000,842 Northern Central..... 837,811 Chic. St. P. M. & 0. ... . 825,284 Obie. Burl. &Nor .•• .• 502,956 Summit Br. & L. Val.. 479.9 L9 Fitchburg. . • . . . . . . . •. . 354,578 Allegheny Valley...... 274,495  I  Total(representing 39 roadsJ .•••.••. $5"1,728,598  • Eastern and Western system combined. t For 10 months only.  Out of the whole U~4 roads for . which we publish re• turns for either the full twelve mouths or the eleven months, there are only 46 which do not show a decrease of some kind, large or small. In the latter part of the year Southern roads, and also some of the South western roads, did exceptionally well, aided by the large cotton crop. The cotton receipts at the Southern ports for the twelve months of 1894 were nearly 1¼ million bales in excess of those for the twelve months of 1893, most of the gain occurring in the last three months from the large crop of 1894. The movement overland for the year was 1,629,793 . bales, against 1,337,467 bales for 1893 and 1,491,530 bales for 1892. RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECE~IBER, .A.ND FROM JANUARY 1 TO DECEMBER 31 IN 1894, 1893 AND 1892.  1894.  Galveston .......... bales. El Paso, &c •••••••••••••• New Orleans ••••••••••••••• Mobne............ ......... J'Iorida ........... .......... Savannah ........... ...... Brunswick, &c •.••••••••. Charleston •••••••.••• . ••• Port Royal, &c •••••••••.  Wllmington ............... Washington, &c •••••.•• Norfolk .... West Point, &c .•••••••••  ··············  Tot"l.. ..... .... . .  338,997 17,182 434,756 52,472 3,226 l!U,648 43,651 71,026 23,884 46,177 355 105,370 75.H8  1893.  1892.  1894.  1893.  - - - - - - --- - ·- - 225,173 9,725 892,377 51,772 6,512 171,509 8,010 68,236 12,733 46,620 150 107,712 86,564  6,900 14,500 44t!.200 3115,810  ··i.i.iioo  290,645 91,899 15!'!,!07 167,9011 1,573,859 l,897,9P6 1,915,263 2,299,873  103,618 101.000 824-,166 565,905  202,185 171.597 67;i56 126,995 8H.5i,O 1,967,18d 600,451 2,420,012  iso,346 383,426  1.585,100 703.400 5.412,500 7,072,058  139,628 i37,552 115,386  100,514775,637 4,197,8tt8 11,197,450  117,56"1 120,878 659,810 2,098,809  7,775 5,212 891,762 197,651  rota, n1 at,.4 wks. Dec., 18114 524,!.l88 10,736,092 9,259.7H, 4 wks. Dec., 1893 691.924- 12,682.087 14,803,668 Ye&r '94, 52 wks .• 13.947,697157,897,582 112,938,323 Year '93, 52 wks .• 13.112.3'i2 187.121.790 148.H7,t142  5,573,463 8,630.160 100315673 124919743  Kansas Oitu-  17i,680 1,429.471 1,043.497 1,113,835 50,477 58,860 62,890 7.472 361.053 2,247.120 1,865.771 1,961,734 37,055 217,230 186,673 206,08Z 3t,e97 27,900 29,3i0 8.978 100,551 923,190 916,046 855,0SB 62,281 179,083 !i8,069 H.9,807 31,937 374.749 329,!i04 824,917 43,2(18 3,!i8B 102 117,535 27.897 230,941 181,601 165,868 623 4,019 112 7.4d2 86,219 4'76,120 !i48,fl58 8H,770 36,998 322,380 248,422 815,509  1-7,500• 52,500 140,282, 58~,139 6,900• 15,900 195,600' 260.400,  80,597  ·01,szs 27,600 2!,600 · U8,200 130,500 ·  68,595  ··1,sM 1,6\li·  101,536  3,185,498 269,130 · 2,843,374 404-,44-0 32,756,538 Z,798,84429,069,110 4,013,899"  A good part of the whole shrinkage in the grain movement occurred at Chicago, where the receipts for the even year were only 168½ million bushels in 1894 against 223 million bushels in 1893 and 229 million bushels in 1892. The same point, however, recei vea greatly-increased quantities of provisions and live stock. Thus of live hogs the deliveries numbered 7,483,228 head in 1894 against 6,057,278 head in 1893, but agiinst 7,714,436 head in 1892. The details appear in the following. We may add that the deliver~ ies of all kinds of live stock at Chicag-o reached 287,052 car·loads in 1894 against 273,932 car-loads in 1893 and 309,901 car-loads in 1892. RECEIPTS AT CHICA.GO DURING DECEMBER AND FOR THE YEAR.  1894.  1892.  ·- -  5,400  872,024 2,052,554 119,892  1,64(005  4 wks. Dec., 1894 4 wks. Dec., 1803 Year '9!, 52 wks .. Year '93, 52 wks ..  R111,  (bu,11.)  158,981 1,309.033 190,HO 1,487.3116 13,365,269 1.359,557 13,277,755 1,683,122-  1,312,465 489,670 474,750 3 490,700 603,300 270.750 22,718.469 9,860,995 2,085,687 32,780,955 9,725,476 1,985.996  4,052,870 4,860.700 55,256,040 57,959,835  4 wks. Dec., 1894 4 wks. Dec., 1893 Year '94, 52 wks •. Year '93, 52 wks ..  .Bar?a11, (bwh.)  58,U9 621,000 89.050 704,405 121,000 • 254,175 649,000 769,458 953,338 1.515.100 7.e83,750 12,308,416 1,455,1175 8,01)7,44! 11,336,636 1,251,810  Y ear.  D ecember.  --- - - - --- -- --- ----1 3i'\R,!l!l2 1.187 093 81lll.l2!1 6.588.~6!\ 5,407.953 5.557 823   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4.681,884- 3,322,703 7.910.353 5.565.044 64,8:t3,318 63,089,IJ60 90.~63,155 82.359,877  Oututn.-  Mmnvioolts-  Oat,, (bwh.)  57,600 906,900 691,700 444,500 40,200 2,103,000 1.437.700 211.800 1,17!,750 13.642.120 13,902,800 1,930,500 1,093,250 11,845.590 19,!i23,600 1.394,100  10,805 8,752,623 4 wks. Dec., 1894 2,025,098 4 wks. Dec., 1893 Year '94, 52 wks .. 5,276,36i 31,911.669 Year '93, 52 wks .. !i,544,355 33,036,722  Full Year.  Dece11,ber.  Port,.  2!i,750 21,000 271,850 313,250  <Jorn, (buah.)  · - - - - - - --- --- ---  1893.  L892.  189!.  1893.  908,682 2,210,757 !i.327,629 25,693,387 35,304,696 Wheat.bush. Oom ...bush. 5,391,014 8,487,179 4,387,167 64,969,8 j 6 90,263,16-l Oats .. bush. 3,566,278 6,025,819 6,147,745 63,138,858 82,360,087 174,081 198,580 162,190 1,368,157 1,684-,072 Rye ... bush. Barley.bush. 1,458,395 1,612,330 2,164,903 13,405,491 13,258,147 Total grain 11,498,450 18,53-i,665 17,179,63t 168,575.748 222,870,166 8'lour •• bbls.  Pork .... bbls. Cu.tm'ts.lbs. r,ard •..•• lbs. Live hoe,.N"r,  1892. 50,264,606 78,524,227' 79,582,683 3,651,808 16,923,818·  228.9'17,142 : 202,506 388,127 506,215 4,223,696 4,6!7.274 5,719,MS 1,184 963 356 5,999 6,530 16,934. 12,521.110 H,223,822 12,438,40;; 137,906,11561119,632,338 179,436,02, 6,145,299 4-,853,718 6,284,710 62.846,369 4.7,741,629 68,391,440' 735.082 626.034 664.639 7,483.228 1 6,057,278 7,714,4.36•  As already intimated, no group of roads has done better than the Southern. The following contains quite a,  6 6  RAILROAD EARNINGS.  number of represeatative roads, and it showd a decrease from 189:3 of only $2,203,169, or but little over 3 per cent. EA.RNING8 OF SOUTHERN GROUP,  Year.  189!.  1893.  1892.  '  '  '  1891.  1890.  1888.  $  '  '  - - - - -- - - - - - - - - -  0 hes. & Ohio .... . 9,121,139 9,865,471 9,959,209 Kan.C.Mem.&Blr. 1,051,060 1,125,852 l,H6,505 I,ouisv. & Nashv. 19,412,bSi 20,47!,634 21,859,477 M emphls & Char.• 1,323,458 1,421,483 1,462,264 M oblle&Ohio .... 3,258,323 3,331,()47 3,335,888 N 'sh.Ch't.&St.L.a 4,585,230 9,952,882 N orfolk & West.b 10,254,927 t9,969,4 90 5,156,572 outhern Railw'y Rich. & Danv'e 117 992 064 18,28:,66i 119,3~,578 ' ' E.T. Va.&Ga.  '·""'·''°!  Total .. .  9,333,969 t7,719,614 6,149,998 1,209,100 1,218,83? 1,084,718 20,247,526 19,161,223 18,0ll,298 1,631,769 1,819,391 ],7:l9,164 3,506,233 8,441,914 3,054,lH '4,739,442 3,7 4,63J 3 ,505,725 9,188,0!2 8,677,lH 7,176,129 21,118,0tO 113201820 ll,980,610 I 7!1.91382 16,413,751  ------ -  66.998,95"> 6P,202, l24 72,173,374 70,!!74,091 6R,445.95!l 5~, 105.537  I Figures for 18PO and 1889 do not include results on Louisville Southern. ~  Not includinS? Western & Atlantic prior to July 1, 1891.  t Does not include the lllllzabetbtown Lexington & Bill Sandy road In thl11 and  preceding years. i Figures for December are approximate, same as for this year : actual earnings were Jar,re, b Including Scioto Valley & New Enirland and Shenandoah Valley for all tbf' ,-ears. • Fourth week of December lacking; taken same as last year. a Figures for November lacking: taken same as last year.  EARNINGS OF ~HDDLE AND MIDDLE WESTERN ROADS.  Year.  8uff. Roch. & Pitt. Obtcago &East. Ill. Cbtc. & West Mich. Col. H. V. & Tol. .. Oet. Lansing & No. lllvansv.&Terre H. Flint & P. Marq.... Gr.Rap.&lnd. Sys. Illinois Centralt •.. Lake Erle & West. Long Island. ..... .. Lou.Evans.& St.L. Louts. N.A. &Chic. N. Y. Ont. & West. Plttsb'g & West'n. St. L. Alt. & T. H. . Tol.AnnAr.&N.M. Toi. & Ohio Cent.b Toi. Peo. & West.. Toi. St. L. & K. C. . West. N. Y. & Pa.. Wheel. & L. Erie ..  1894..  1893.  1892.  1891.  1890.  1889.  •  '  •  •  $  --.-  2,721,791 3,419,4.89 1,587,50! 2,678,246 1,089,796 1,098,750 2,8&9,!119 2,464,446 18,229,871 3,339.261 4,056,357 1,401.158 2,883,90!1. 3,737,SiO 2,495,660 1,335,911 1,086,696 1,795,858 8:>3,8!0 1,610,185 3,120,095 1,218,619  3,393,157 :l,487,882 1,876,310 3,2i8,298 1,198,818 1,300,862 2,725,231 2,~07,288 22,040,970 3,512,621 4,209,041 1,685,604 8,453,912 3,901,140 2,604,471 1,543.724 1,038,213 1,950,992 075,el59 1,76!,316 S,494.008 1,507,516  S,204,2% 4,1911,029 2,032,5!39 3,372,586 1,285,572 1,300,1'35 2,836.715 3,253,882 19,:no,sos 3,558,483 4,270.894 1,554,15-l 3,300,102 3,473,760 2,366,178 1,531,861 1,099,651 2,000,723 996,262 2,242,054 3,530,689 1,439,603  - --- - --- -  2,809,362 3,631.162 l,;57,552 3,293,925 1,25i,10l 1,212,7!;8 2,900,6i3 3,076,686 18,736,905 3,273,355 4,108,0?6 1,5(19,540 2,810,621 3,056,'i87 2,285,356 1,435,626 977,225 1,812,20! 9i2,625 1,979,67!1. 3,643,319 1,295,782  --  2,202,135 1,P!l.8,691 3,297,5:l9 2,679,683 1,606,416 1,374,832 3,078,000 2,614,655 1,219,664 1,131,986 935,174. 1,078,61\8 2,923,674 2,370,133 3,289,87Q 2,942,456 16,916,139 16,lU,342 3,074.,4.39 2,517,t!Ol 3,910,023 3,503,950 1,311,l>26 1,151,599 2,630,13:.! 2,521,706 2,461,502 1,974,459 2,234.,740 2,179,555 1,336.910 1,110,427 l,127,2t•9 1,0H,307 1 ,811,324 1,511,865 918,964 937,22~ 1,595,25P 1,085,202 3,5 ,80-2 3,443,411 913,070 1,163,'231  -  -- -  Total. . ... . ... 64,695,426 74,749.'"64 72,188.995 87,906,!.'44 62,82,,628 • Fourth week of December lacking; taken same as last year.  In the Southwestern group the Missouri Kans is & bPnec1~13:se~~~~:~~~l~~~ss1~1n~i~~~tniJ-au the years. T~xas has a gc1.in (at the end of the half-year the road For the Pacific roads of course the decrease has been reported $493,033 lo3s) and the Texas & Pacific also heavy. Thus early it is possible to give the figures for has a small increase, but very heavy losses come from the only two of the large companies, namely the Canadian Atchison and the Missouri Pacifie. The roads in the fol- Pacific and the orthern Pacific. lowing record a loss of 12,537,609, or about 11 per cent· EARNINGS OF PACIFIC ROA.DB. EARNINGS OF SOUTHWESTERN GROUP  Yiiar.  1894.  1893.  -------1--$ A..T.&S.F. 1 8.L.&S.F.S. Col. Mld ... j Den.& Rio Gr. Int. & Gt. No. B:.C.I'.S.& M.t Mo.K.&Te:x:. Mo.P.&Ir.Mt . St. Jos.&Gr.I. St.L. Southw. Texas& Pac.  '  39,502,210 47,515,369 6,750,248 7,721,580 3,7 ,739 4,0 ,030 4,720,370 6,131,721 10,502,591 10,370,325 22,536,71)11 24,989,837 859/107 1,166,llS 4, i0,744 5,06, ,818 7,347,665 7,334,29!  1892.  1891.  Year. 1890.  1889.  $ $ $ f37!144,638 35,208,237 33,241,998 28,186,456 9,065,1:!62 8,697,SH 8,250,862 7,473.950 L2,170,8~4 2,052,188 1,897,12~ 1,598,274 9,221,738 8,4.84,408 8,875,785 8,046,603 4,195,895 4,098,634 4,053,648 3,907,366 5,618,659 5,284,623 5,439,323 9,838,075 9,731,120 9,004,007 7,820,18~ 27,700,992 25,018,1011 25,473,581 23,493,467 1,236,699 983,663 l,253,t>92 1,267.658 4,646,616 4,565,798 4.,205,437 3,985,778 6,987,702 7,226,462 7,327,710 6,917,803  '  189¼.  1893.  1892.  1891.  1890.  1889.  ' ' s 17,032,316 ' $ ' 15,961,UB 20,241,096 21,409,352 20,962,316 Can. Paclflc...... 18,745,309 North'n Pacific .. 16,689,483 19,778,546 24,702,490 24,955,464 24',l0Z,751 2l,7H.891 Rio Gr. West'n... 2,103,766 2,255,016 2,583,340 2,592,512 1,9 6,097 1,491,636  - - - - ---- ---- ---- ---- - - -  Total:: .. ~ 37,538,558 42,995,908 48,695,182 47,789,072 43,421.164 39.197,974.  - With regard to the results for the month of Ddcember, it is only necessary to say that the exhibit is better than for any other month ~f the year, with the ex_ caption of August, the loss being only trifling-t241, 984. ---- ·- - - - - - Of course however we are comparing with heavTotal........ 10084'3483 113,386,092 1~8.357,no 112,251.111109,023,074 ily diminished earnings in 1893, the falliog off +Includes for all the years the Kans1's City Clinton & Springfield and the Current River. then having reached $6,474,337, or 13 ·83 per Northwestern roads, as a rule, have lost heavily. On cent. The grain movement in the West was the roads embraced in the annexed summary the de- much smaller than in the previous year, while Hence the cotton movement was considerably larger. crease is $11,720,258, or not far from 14 per cent. we have varying exhibits for the roads in the difftirent EARNJNGS OF NORTHWESTERN LINES, sections. L'il.rge losses come chiefly from the grain-carry1893. 1894. 1892. Year. 1891. 1S89. 1890. ing lines, namely $330,651 by the St. Paul, t226,902 I I I I I I Burl.Ced.R.& No. 3,748 831 4,221,755 4,354,790 3,886,340 3,303 .1182 2.9~6,5-l2 by the Missouri Pacific, $199,207 by the Rock Island, Ohle. Gt. Wee!.* ... 3,696,117 4,488,767 5,216,240 4,785,478 4,370,621 3,486,254 175,509 by the Atchi~on, &c. On the other hand the Chtc.Mll.&St.P. ~ 28,473 ,36 ~ 33,860022{ 33,349,61; 29,880,839 26, 10,830 25,900,219 1,710,60, j 1,746,030 1,5110,363 1,231,091 gains come mainly from Pa.cific roads and Southern Mlhrau.&No .. 51 Chic. R. I. & Pac. 16,333, 55 19,5U,526 18,701,056 16, 12,465 16,513,931 16,6&7,577 Southwestern lines. The Great .Northern has Duluth S.S.&Atl. 1,671,104 2,065,711 2,24P,195 2,160.118 2,24J,og7 1,976,350 and Gr. Northern Sys. 15,167,051 1~,096,894 16,176,074 14,173,673 11,0H,032 10,271,158 increase, the Missouri Kansas & Texas $107,144,705 Iowa Central . . ···11,670,548 1,915,267 1,924,395 1,803.896 1,6~8.076 l,5:!fl,238 Minn.& St. Louis. 1,771,962 1,785,265 2,022,063 1,822,816 1,510,844 1,417,938 706, the International & Great Northern 187,318, &c. fit. Paul & Duluth 1,438,375 1,713,759 2,130,710 1,829,761 l,49l,2t5 1,301,9E6 PRINCIPAL CIIANOES IN GROSS EARNINGS I,; DECEllIBER. - - - - - - ---- - - - --- - - C:Total. ~ 7 3 , 9 7 1 , ~85,6_91,466 87,834,742 78,911,441 71,!1.63,004 66,825,353 • Third week of December lacking; taken same as last year.  For the East and West trunk lines the showing is much the same, the loss being 19,463,850, or over 13 per CP.nt. EARNINGS OF TRUNK LINES,  Year.  B. & 0. s.w Oh.&Mlss. c.c.c.&st.L G.T. of Can. Ch.&G.T .. * D.G.H&M• \'L . S. & M. S. M.C. & C.So. N.Y.C.&H.t Wabash ....  1894.  l 6,237,250 f  1893. '  6,652,605  12,918,82!11s.1sP,666 18,037,407 20,007,693 , 2,722,990 !,180,808 1,010.119 1,111,?99 19,524,845 23,685,933 12,700,000 16,178,031 41,797,493 46,710,573 11,624,,l'l90 13,750,161  1892.  I  1891.  • l 2,6H,3961I 2,501,594  1890.  $  4,172,216 4,217,288 14,912.235 13,992.682 1 19,913,462 1 19,383,2j 3.736, 18 3,717,06t 1,210,261 1,183,502 22,415.382 21,431,386 15,908,293 15.162.960 :15,590,888 44,264,061 14,158,103 13,951,182  1889.  , 2,177,959  2,329,077 4,139,958 4,080,Q89 13,s10,131 12,681,549 19,806,l-i3 19,837,345 3,736,536 3,608,511 1,118,682 / 1,058,512 20,865,759 19,487,196 H,490,712 1 13.783,925 40,20!,fl82 39,6!2,765 13,064,554 1 12,981,967  Total ...... 120.603,41 ~ Hfl,067.268 144,662.057 139. 03,9 7/\ 133.066,43! 129,346, 74  +Includee Rome Watertown & 0.{densburg- for a.II the years.  • Fourth week of December lacking; taken same as last year.  For the other roads in the Middle and Middle West• ern States the decrease approximates in ratio very dosely to that for the trunk lines, the roads in the followin~ showing a falling off o"f $10,054,438, or somewhat over 13 per cent.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  IChic. Mil. &Decreases. St. Paul .  Increases.  $144,705 107,706 87,3181 86,853 75,381 7&,298 j 70,31J2 64,8091 54,362 48,8 t5 3 ,806 36,1 9 Waba!lh ...... . ··-········_ 30,1451  Great Northern (3 rds.). Mo. Kans . & Texas .. ... lot. & Great Northern. Clev. Cin. Chi. & St. L... Ohes. & Ohio........ . ... 1:< ·Ia. Cent. & Penin.. ... Pitts. & Western (3rds.) New York Central..... . Norfolk: & Western..... Loui ville & Nashville. Northern Pacific .. .. ··-· Mex. Central...... ..... .  Total (representing 17 roads) .. ··-· .• ••  Mo. Paeitio . ....... -···· Chio. Rook I. & P. ••••• Aten.Top.& S. F. (4 rds.) Canadian Pacilio ••• . . . Bt. Joseph &Gd. r~.. ... Burlington C.R. & N. .. Iowa Central.,_....... .  I  $918,779  $330,651 226,902 1~9,207 175,509 85,884 !'i8,30L 51,922 42,528 ---  Total (representing 11 roads>-··--···-·$1,l70,904  I  GROSS EARNlNGS FROM: JANUARY 1 TO DE0ID:IBER 31.  Name of Road.  --------A toh. Top... s. Fe Sy, .. } St.L. & 8.Fran. Bys .. Atlantic & Pacific ... Colorado J.\olidland ... Balt. & 0. South west a. Birmingham & Atlantic Brooklyn Elevatedt ..•• autr. .Roch. & Pittsourg . Burl. Ced. Ra.p. & No ..• Canadian Pacitic .••. .••• Carolina Midland ..••••• Charleston Cin. & Chio .• Char. Sumter & North'n Oheeapeake & Ohio .....  1894.  1893.  $  $  Increase. Decrease. $  $  39,502,210  47,515,369  8,013,159  6,237.250 21.113 1,676,363 2,724,791 3,748,831 18,745,309 57,181 167,812 15i,266 9,121.139  6,652,605 28,205 1,785,070 3,393,15i 4,224,755 20,962,316 60,860 155,1('4 153,095 ~.86!'\.471  415,355  .. ··- ... ·iz:10~ 1,171  7.092 108,707 608,366 475,924 2,217,007 3,679  1.i:-.·.:ii2  RAILROAD EARNINGS. Name oJ Roaa.  Increase. Decreast.  1893.  1894.  ---------- -- -$ - - -$- - ---. $  Chic. & East'n Illinois.. Chic. Great Western*... Chic. Milw. & St. Paul.. Chic. Peo. & St. Louis.. Chic. Rock Isl. & Pac... Chic. & West Michigan . Ci:a. Georg. & Portsm'th Cin. Jackson & Mack... Cinn. Ports. & Virginia. Columbus &Maysville Cleve. Akron & Col..... Clev. Cin. Chic. & St. L .. Cleve. Lorain & Wheel . Col.Huck.Val.&Toledo Col.San'ky&Hooking.. Colusa & Lake........... Denv. & Rio Grande . ... Det. Lansing&North'n. Dul. So. Shore & Atl.... Elgin Joliet & East..... Evansv. & Indianapolis. Evamr,·. & Uiohmond,. .. Evansv. & Terre Haute. Flint & Pere Marauette . Fla Cent. & Peninsular. Ft.Worth & Denv. Oy... Ft. Worth & Rio Grande Gadsden & Atalla Un... Georp;ia•. ..... .•. . ... Ga. South'n & Florida.. . Gr. Raoids & Indiana... Cin. Rich.& Ft. Wayne. Traverse City.......... Mus. Gr. R. & Ind.. ... Gr. Trunk of Canada ... Chic. & Gr. Trunk*.... Det. Gr. H . .\,, Milw."'.. Great Nor. St. P. M.& M. Eastern of Minnesota. MontanaCentra.l.. .... Houston E. & W. rexas Humeewn & Shenand'h Indiana.Dec. & West.... Int. & Great Northern.. Interoceanic (Mex.)•... Iowa Central......... . .. Iron Railway............ Kanawha & Michiizan .. bKansasC. Ft.8.&Mem.. Kan. City Mem. & Bir.. Kan. City Pitts. & Gulf. Kansas Ulty Sub. Belt.. Kansas City & N. W .. . .. Kan. City & Beatrice. Keokuk & Western..... L. Erie Alliance & So... Lake Erie & Western... Lake Shore & Mich. So. Lehigh & Hudson River Long Island............. Los Anieles Terminal.. Louisv.Evansv. &St.L. Louisville & Nashville.. Louisv. N. Alb. & Chic.. Louisv. St. L. & Texas.. Macon & Birmingham.. Manistique.............. Memphis & Charleston• Mexican Central....... MexicanNationaL...... Mexican Railwa~ *... ... Mexican Southern*..... Mich. Cent.. & Can. Bo.. Minneapolis & St. LouiE Missouri K. & Tex. sye. . Mo. Pacific & Iron Mt.. Mobile & Birmingham.. Mobile & Ohio........... Monterey & Mex Gulf. N. Y. cent. & Hud. Riv. N.Y. Ontario & West'n. . Norfolk & Western..... . Northern Pacitto........ Ohio River.............. Peoria Dec. & Evansv. . Pittsb. Marion & Chic.. .PJ.ttsburp; & Western.... Pittsb. Cl.eve. & Tol.... Pittsb. P&.ines. &F'pt Quincy Omaha & K. C.. Rio Grande southern. . . Rio Grande Western.... Sa.~. Tuscola & Huron.. St. ·Jos. & Grar.d Island. st. L. Alt.& T.H.Br'cbs St. L. Kennett & South.. st. Louis southwestern. St. Paul & Duluth....... Ban Fran. & No. Pacific. Bava.n. Amer. & Mont.. Sherman Shreve. & so.. Silverton................ sourhern Railway..... Texas & Pacitto......... 'l'ol. Ann Arb. & N. M.. Teledo & Ohio Central.. :roledo Peoria.& west'n. l'ol. st. L. & Kan. City.. Wabash.................. west N. Y. & Pa . ..... Wheeling & Lake Erie..  3,419.489 3,556,433 28,473,365 901,393 16,333,855 1,587,504 68,987 635,390 253,63'2 10,969 858,822 12,948,824 1,237,012 2,678,246 801,827 21,567 6,750,248 1,089,796 1,671,104 1,034,409 277,883 103,275 1,098,750 2,389,419 2,416,017 1,304,257 396,542 6,772 1,308,103 879,051 1,902,006 413,222 45,670 103,548 18,037,407 2.670,704 980,631 12,346,877 1,308,505 1,511,669 489,155 113,500  4,487,882 4,349,083 33,860,022 966,626 19,5.U,526 1,876.310 68,9:)6 666,218 266,284 14,310 968,698 13,789,666 1,392,537 3,278,298 797,130 25.455 7,721,580 1,198,818 2,06:'> ,711 988,539 360,187 1~ 3.180 1,300,862 2,725,231 1,653,188 1,504,155 378,432 9,392 1,377,317 822,916 2,185,899 436,833 52,958 131,599 20,007,693 4,128,522 l,(!82,310 13,641,764 1,3 37,107 1,117,523 461,419 131,677 424,408 442,380 3,788,739 4,083,030 2,287,010 2,080,264 1,670,548 1,915,267 42,357 4.1,342 385,623 356,618 4,720,370 5,131,721 l,O!H,060 1,125,852 375,840 189,036 249,027 236,572 276,846 346,525 11,303 13,839 363,007 386,645 77,653 77,192 3,339,261 3,512,621 19,524,94 23,685,933 392,676 565,849 (,056,357 4,'209,041 182,189 146,708 l,404.15e 1,685,604 19,!12,554 20,474,634 2,883,904 3,453,912 418,871 526,69~ 78,743 68,526 57,73ll 74,419 1,277,794 1,375,819 8,423,513 7,980,600 4,263,647 4,210,084 3,063,030 3,002,762 337,992 256,271 12,700,000 16,178,031 1,771,962 1,785,265 10,502,591 10,370,325 22,536,709 24,989,837 302,088 303,159 3,258,32:= 3,331,047 1,118,607 999,162 41,797,493 46,710,573 3,737,570 3,901,uo 10,254,927 9,969,490 16,689,183 19,778,54.6 721,056 790.262 858,442 897:os, 36,869 34:325 1,404.695 1,434,736 659,725 806,361 3 47,4 1 2 311:l,6 3 5 232,292 268,022 379,14.3 466,948 2,103,706 2,255,0<14 119,474 125,520 859,207 1,166,118 1,335,911 l,543,72t 31,997 29.877 4,840,744 5,068,818 1,438,375 1,713,759 827,730 827,911 468,333 492,499 337,80ti 317,209 53,461 68,397 17,992,004 18,286,667 7,347,665 7,334,294 1,086,696 1,038,243 1,795,i,58 1,950,992 893,840 975,4.59 1 •764 •316 1 1 , 610 , 185 11,624,39 11 13,750,161 3,126,095 3,494,008 1,24~,619 1.507,516  ---  ~......•. 1.068.393 . ... . . .. 792,650 5,386,657 ........ 65,233 3,~C,7,671 288,806 ..... 1fr .....••. .. ...••. 12,652 ......•. 3,341 . . . . . .•. 109,876 ........ 840,842 . .... ... 155,525 ........ 600,052 4,697 .. ........ ..f(88.8 •.•• ..•. 971,332 ....••.. 109,0~2 39,1,607 ·4.5:870 .... . ... ·s2:304 . ....... 19,IW5 ........ 202,112 . ... .. 335,812 762,829 ........ i9~:898 18,110 ........ ··2:620 69,214 .56:i3h ......•. 283:893 . ... . .•. 23,611 ..•... .. 7,288 ......•. 28,051 1,970,286 ........ 1,457,818 101,679 1,294,887 . 28,602 394.i46 ........ 27,730 . . .. . . .. "isj77 ........ 17,97~ 299,291 !io6:746 ..... ... iii:,i.i9 1,015 ......•. 29,005 ........ iii:35i 74.792  is6:s·ot ..... ... 12,455 ···46'i' ......•.  . . ... ... ......•. 35,481 ......•.  . .... .•. ......•. 10,217 . . ...••. ·io:680 . .... ... 98,02 '> 4!2,913 .••...•• 53,563 ..••.... 60,268 ..•..... 81,721 . .. .. . . ........ 3,478,031 . ..... .. 13,303 132,266 ....... . ...•..•. 2,453,128 1 071 : : ::.~ : : : _1.2._:1_.2_4. 1 1 9 '"' 4 5 ..•...•. 4,913,080 ....... 163,570 285,437 ..••..•• ........ 3,089,063 ......•• 69,206 38 642 ··2:5·4• , ····-··· ·ai,:o'..ii . . . . . . 116,636 2 8,777 ........ ·35·,730 .•.•..•. 87,805 ..... ... 151,278 ......•. 6,046 ••••. .•. 306,911 ....... 207,813 2,120 ...•..•. 22;:0·14 ...•..•. 275,384 ..... ... 181 .•. . .. 24,166 ·2n,597 . . . . . ... ·i4:933 ··-· ·· ·· 294.,603 13,371 .......• 48,453 ......•. i:s5:fa·4 ..... ... 81,6l.9 154 •13 t ········ 2,125,771 ........ 367,913 ......• . 258,897  Total (1'25 roads) .... 48!1,914,870 5i6,794,061 j 3,097,092 59,976,~83 Ket decrease............ 5 6,879, 191 ; iir.J~::i:e~e~i~nly iA December. & M:ississippi for both year~. · b Includes uurren~ River an.a Ka,n.s ~s Olty Clinton & Springfield. ROADS REPORTING FOR 11 MusT.e:s.  a Inclurtes Ohlo  Jan. 1 to Nov. 30 .  1894 . $  A dlronda.6k . . . . . ••••.  .A.h.bama Midland ...•• AllflJZbf'IIl:V Va.llPJ.  155,494 511,886 1,990,fi74   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  lllerease.  1893•  -·  1  Decreue.  -----$---- -----$---~ -----$--11  159,6B4 460,!08 2,265,069  1  -.. ••, .. • . u 1 478  Jan,. 1 tf> Nor,. 30.  1894.  1893.  ------·-Arkansas Midland•... Atlanta & West Point• Austin & Northwest.. Baltimore & Ohio..... Bath & Hammondsp't Ca.ruden & Atlantic . .. Central o.f New Jer!'ey Charleston & Savan'b. Cbata.uqua. Lake*. .... Cheraw & Darlington. Chea Ohi11 & 8outhw. ('hie. Burl. & North... ()hie. Burl. & 9uincy.. Chicap;o & Erie . ..... Chic. & Norttnre1tern Chic. St. Paul M. d: 0 Cin. & Ken. Southern. Cin. N. 0. & Tex. Pa.o. Alabama Gt. North. N. Orl. (~ Northeast. Ala•a.ma & Vick'Jb.. Vicks. 8hre..-. & .l"ae . Crystal•................ ,umberland Valley... Eureka Spring.s*...... FitchburJ?........ .. .• Georp;ia Car & .~ fortb. Gulf & Chicago .•. . .•. Illinois Central.. ..••• Jackson T. & K. West. Louisiana. & Mo. Riv.* Mexican Internflt'J... Nashv. Chat. & St. L . Nevada Central* . New Orleans& South. N. Y. L. E. & Western. Norfolk & Southern... Northern Central...... Oconee & Western.... Omaha&8t.Louis•... Oregon ImproT't Co.. Penn. (east of P. & E.) Lines west of .P. &E. Peoria & Eastern•.... Petersburg............ Philadelphia & Read." Coal & Tron Co.w ..... Pitts. Shen. & L. Ede . Rich. Fr d. & Potom. Richmond & Petersb.. Sag. Valley & Bt. L. .. . ·-······ Sa.n Antonio & A.Pass 69,679 Sa.v. Florida. & west. 2,536 Southern Pacific ....• 23,638 Staten Island ~- T.* .. Stoney Ulove Jr, C. M.. i1s:iJ60 Summit Br. & Lyk. V. 4,160,988 Tex:. 8a.bine V. & N. W. 173. l 73 Ulster 11.c Delaware.... 152,684 Union Pacific• . . .... _.. Waco & Northwest•n•. 2ai:4i6 West Jersey .... _...... 1,062,080 West Va. Cen. & Pitt~ . 5i0,008 Western of Alabama*. 107,824 Western Maryland....  ·so:828  ...... .. . .... ...  67  $ $ 71,730 63,955 394,946 356,109 230,740 241,602 19,833,134 23,377,114 31,'272 32,934 855,115 812,297 ll,~08,532 13,392,673 M!,357 575,885 37,941 50,350 80,959 83,842 1,975,872 2,130,947 1,692,818 2,196,774 29,05'1,~22 35,460,2~2 2,115,479 3,ll6,321 27,01~,701 31,027,854 6,763,531 7,588,815 9,555 11,062 3,150,000 3,632,937 1,323,000 1,612,95!l 1,04.4,15'2 l/;i93,503 4n,453 526,523 507,097 495,742 8,875 12,736 732,919 811,978 58,333 65,317 6,-10 •,819 6,755,397 635,4.03 481,203 43,413 40,200 16,498,552 20,SlO,a5o 714,198 721,922 278,519 3 ,"> 8,><02 1,876.135 1,839,175 4,207,994 4,350,244 20,707 34,051 90,031 117,753 22,485,323 27,23 1,77i3 -101,409 399,486 5,513,477 6,350,588 28,110 19,528 318,710 455,162 3,474,059 3,596,770 53,550,495 61,072,379 37,400,000 t42,636,413 1,303,962 1,451,936 477,890 4.84,297 16,659,176 18,912,607 17,733,'Z'lO 19,918,218 429,271 460,344, 639,545 675,870 305,008 312,220 78,936 85,762 1,696,121 1,713,692 3,048,816 2,954,090 4.0,795,023 44.,366,740 920,557 893,698 42,993 46,027 1,698,18~ 2,178,103 42,158 51.933 381,000 4.05,111 19,485,104 23,418,880 211,995 178,937 l,47!,077 1,607,183 918,354 1,084,7!1 8 432,587 392,898 1,164,051 1,115,787 --·--- ---·-Total (69 roads) .. 375,787,974. 431,334,104 Net decrease...... . ... . . ... ... . ...... . * For ten months only. t Approximate.  increase.  Decrease.  $  $  7,775 38,837  ·io:s62  3,543,g8o 1,662  ···•· ·•· 11,355  2,is4:i·,i 11,478 12,,og 2,883 155,075 ~02,9~6 6,405,730 1,000,842 4,015,l53 825,284. 1,507 4.82,937 2s9,g59 2,9,351 33,070  --s:ssi 79,059  6,984 354,578 i54':200 3,213 .••...•. 3,si2:0·9s ·••···• · 7,72'80,283 ·s6:9"tio  ........  iiz:250  ........ 13,34.'··••···• 27,722 ........ 4,745,450 l,9Z3 887:ffi  --8~58°2  i3a::..·5z 122,711 7,521,884. 5,236,US 147,874 6,407 2,253,431 2,L84,998 31,073 36,325 7,212 6,826 17,571  ··s:os·, ···•·••·  479,919 9,175 21,111 3,9a3,756  ·ss:oss 13s:ioti le6,44.i  .39:689 48,26,  ..•...•• ..••..••  -------599,737 56,1-15,817 . .....•. ?;5,546.130  PRICES OF RAILROAD AND MISOELLAN.EODB BONDS. The compilations on the succeeding pages show the h. h t d I t · f ·1 d an d m1s· 1g es an owes prices o ra1 roa cellaneous bonds on the New York Stock Exchange th t  a  of  ·  Is,  1894:.  in f  each  month  of  last  five  years-  b  in which any dealings took months.  the  · • f 1890 t th I rom e egmnrng o o e c ose The list embraces for each year every bond th  It  place during the  33  covers altogether  twelve  pages, and is followed  by tables showing the monthly :fluctuations in stocka on the New York Stock Exchange during the same five years, and then by tables giving the range of prices of · S k E h · both stocks and bonds at the toe xc anges 1n B oston, p b1·1 ad e 1p h.1a an d B a1ti· more d urmg · 1894• I n • • th b d · · N y ork , th e or d er o f c I assg1vmg e on prices 1n ew 'fi t· th St k E h Q uo t a t'ion L.1s t IS • I ca 10n on e oc xc ange f o 11 owe d t o a grea t ex t en t , an d 1n · f th' a ew cases 1s arrangement brings some leading bonds under the old and popular name by which known, as for Western  instance the  securities  under  the railroad has  been  New York Like Erie  the  title  Erie.  &  Wherever  there was but a single sale in a month, the price so d · · b th th h. h t d th I t All ma e IS given as o e 1g es an e owes • the prices in the tables are compiled from recorded  · sales at the Board. A monthly review of stock and bond prices during the late year  will be found in the first article  4,190 , m this issue under the capt10n "Retrospect of 1894,' . .••..•• f 2U,495 where we also give a record of 1mportant current events.  68  RAILROAD BONDS.  JAN U ARY FEBR' R Y.  BOND~.  MARCH.  APRIL,  JdAY.  JUN E.  J ULY.  AUGUST. 8EPT ' BER. OCTOBER. N0V' BER.  DEC'BlllB.  Low. Hig h Low.High Low.High Low. H igh Low.High Low.High Low .H igh L ow .Hlizh Low.High L ow.High Low.High Low.llig1a  - - -  Am. "\Vat. W. Co., lst.6 1st consol., a-old :is . . . .Atl. & Danv.- lst ... ... 6 Atlantic & Pac.-lst . .. 4 . 2dW.D.,s.:f.,1901' .ti Income .. . . . .. ... . ...... 6 .Atch. Top. & S. Fe.Gen. mort., 1989 ..... 4  1!:::::;r;:ij.'.".:·::.::4  - - -- - - - - - - - · - - - - - -- --1- - - - -1- - - - - - - - - - - - -  -  -  - - -~  .... - . . . ..... - .. .. 108 -109 109½-109½ ... - .... . ... - ........ . ... - .... 100½-100½ .... - . . . . 99 - 99 ... . - .. .. 98 - 99 98¼- 99¾ 95 - 96 - . . . . .... - ........ 71 - 72½ 70¼- 71¾ 71¾- 75  75 - 79¾ 78 - 82¼ 81¾- 82  •• .. 12 - U  12 - 13  12¾- 15½ U  79½- 80 92 -92 - 17¾ 17½- 24c¾ 19 - 21¾ 17¾- 19  83¾- &½ 83¾- &¾ 83¼- &¾ ~ - 86¼ 85¾- 88 ·55·¾=  56 .. ·~ 55½ ·54·¾= 59¼ ·58¾= 64%  ~=  ;~¼  x:~~ =~  76 - 79  77¾- 79½ 74c - 77½ 72½- 73  15½- 17  H7,(- 17  86¾- 87½ fil¾- 85¾ 83½- 85¼ 83 - fil¾ 81½- 84c ·64¼=  68¾  :::=  :~= : ~  72 - 7~  13 - U¾ 10¼- l!lc¾ 10 - 13),(  :¾1· 55 =  78½- 83¼ 78 - 81½  59% .46¾= 56¾ · 45¾= 55~  Rea-lstered . ... . ... ... . .4 .... - . ....... - .... 66¾- 66¾ .... 19~0 trust rec'pts .. 4 ¼ 70 - 70 Chic. S . F. & Co.1.lst.:i 85¾- 85¾ .... - ........ Gulf Col.&S.F.- let, 7' 1H¾-119¾ 119 -120 .... Trus t receipts .... . . 112½-113¼ 117¾-117¾ ..•. , Gold ... . ..... . ... . ...... 6 74c¼- 76 i 76½- 77¾ .... Trust receipts. ...... 73¾- 75½ 76½- 76½ ... . - . .. . 83 - 83 - .... 118½-118½ 117½-118¾ .. .. ·Bait, &O,-lst, P.Br .. 6 121 - 121¼ . . .. - ... . 121 -122 - ••.. 117½-117½ 120 -120 - . .. . 116 -116 Gold, 192:;. coup . .... :; 109¼-109½ 106¾-107¼ 107¼-108 108}:(-109¾ 108 -109 108¾--109½ 109½-109¼ 107¼-108 106 -107 107¾-108 104c¼-107 106 -107 Gold, 192:i, rea- .. . . .. :; .. . . - ... .!107 -107 107¼-107½ .... - ........ - .. . .... . Con1rnl., Kold, 1988 .. ~ .. . . - . .. . , .. . . - .... 105¼-105¼ ... - ... 107¾-107¾ .... - .. . . 94, -94, -».& o.s. w.- let, 1990 .... - ... . .... . ... 99!J4- 99¾ .... Beech Creek,- lst, '1'· .4 • ... - . ... 89 - 89 .... .... 85 - 85 .... Bos. Un,Go.s-Tr.cer.s:f,:i 92 - 93 92 - 92% .. . - .••.. .. • Bost, B,T, &Wes.deb .ii 99 -100 101 -102 99¾-100 99 -100 100 -100¾ 100 -102 - . ... 98½- 98½ 98 - 98 95 - 95 95 - 957-( Buff, R, & P,- Geu .. . .. :; .... _ ... . .... - ... . 100 -100 100 -100 98 - 98½ .... - .. . . 95 - 98 95 - 95 Roch. & Pitt ■ , , lst .. 6 . ... - .... 119¼-119½ .... - .. .. 117 -121 - .... 117 -117 .... Consol. , 1st . ... : ..... 6 . .. . - .. .. 116 -116 - ... . 118 -118 .... _ .... .... - .... 116¼-116½ 116¼-116¼ 117 -118 - ... . 115 -115 112 -112 B'klynEl.- lst, 1924 .. 6 lll½-112 112 -113 112¼-113¾ 110¾-111½ 110¾-111¾ 110 -110¾ 110),g-110½ 111 -112 111 -112 110 -111¾ 10 -111 107½-110 2d mort. , 191:i .. .. 3.:, 86 - 86 . . •. - . •• 86 - 86 90 - 00½ .... _ . . ...... - ... . 87¾- 00 .... - . •• . 00 - 00 87 - 87½ 85 - 88 85 - 85 Union El,-lst,1931' . 6 108 -108¼ 107¾-108¼ 107 -107¾ 107¾-109¾ 106¾-107½ 107¼-108 108 -109 109 -110 108¼-109½ 108½-111½ 106 -10 105¼-106¼ ,Our, C.R. & N o,- lst . . :; 96 - 98 96¾- 98 97½- 98¼ 98¾-100 100½-102 98¾- 99½ 98 - 99¼ 97 - 98¼ 95¼- 96¾ 93¼- 97¼ W - 97¼ 90 - 96½ Cons. 1st & col, tr .... :; 90 - 90 90 - 91 90¼- 92 87½- 90 87¼- 87½ . ... . ... 90 - 91 .... 86¼- 87¼ - ••. . 82 - 82 ReKlete red .. ... . . .. .......... - .... 82 - 82 I. C,& W, .lst,1909 .1' 85 - 87¾ •• - .... 98-98 C.R.I,F.&N., lst ... . .. 6 . . .. - . . . . 90½- 90¼ 94 - 94 90 - 90 I 1st. 19~1 ..... ........ :; •· ·· ........ - .... 97 - 97 - .... 87¼- 87¼ .... -Oan. South .-lst, l{uar. 107 -108 107¾-110 108¾-lOfl 108¾-109½ 108¼-109¾ 109,(-109¾ *106 -107¾ 105 -107 105¾-107 106 -106¼ t lO!lc -106 105 -106¾ ~d mort .. .. .... . .. . . . :; 97¾-100 99¼-100 97 - 98½ 97¾-100 99 -100 99¾-100 99¼-100¾ 99 -100½ 96 - 98 96 - 97 94c½- 96½ 94c - 95½ Rea-istered ..... .. .. .. . . G .... - .... 99 - 99 ..•• - ... . . . .. • ....... _ .. . .. .. - . ....... •Cent. RR, & B., Ga . . :; 100½-101¾ 99 -101¾ 100 -100 100 -100 98¾-lOO 99¼- 99¾ .... . ... 98 - 99 100 -100 110¼-110½ .... - .. .. .... Sav.&W.,btcon.,a-,:i 98 - 99¼ 98 - 98¾ 95½- 96 93 - 95 • ••• 92)4- 92¼ 90 - 90 88¼- 89 83 - ~ 93 ¾- W¾ 94 - 94, .... <Cent. of N. J.- 1890 .. . 1' 102¾-103¾ .. . . - .... .. .. - ... . - ... . . . .. Consol., 1899 ......... 1' 121 -122 121¼-122 120 -121 119¼-120 118¼-119¾ 119 -119½ .... - •. . . il7 -118 118 -118 ii5¾-116¼ tll5 -116½ 115½-116 Conv,, 1902 .... ....... , 124,¼-124¼i128 -128 . . .. - •. .. 128 -128 124c%-l24,¾ .... - ..... .. • - .... 125¾-125¾ .... - .... 124c -124, 118 -118 .... -  ~::~~~bi·;;,.°~::::::: Rea-istered . .. ...... ..  i ~~=i~¼l ~~~=i~~¾ ~ 110¼-111¾ ill -ill¾ Leb,&W.B,- Assent 1' 115 -117 1115 -116½ lUorta-aa-e, 1912 .. .. ~ 1103 -1031 .. · · - ..•. Am, Dock & Imp . . .. . . :S ,107½-110 109¾-110  1io½=1ii¾ iii·¼=1is¼ ii2~1is½ 110 -111¾ 110 -111¾ 111 -112 113 -lU il4 -115 ll!lc¼-115¼ 104c -104c¾ 104c -105 102 -103¾ 109 -109¾ 109 -109¼ 109 -109¾  ii2¾=1is¼ ~i1()¾- :iii *110¾-112 110¾-111 113 -115 lU¾-115 103¼-103½ 103¼-103¾ *09¼-ilO½ 108 -109  iio =iii .. iio 111 -111 111 lU - lU½ 113 .... - ...... . 107½-108¾ 107  =i ii .. -111 -113¼ - . .. -109½  ioo"¾-1io¾ ios =iii .. 100 -109¾ 109 -109¾ 113~-113¾ 1117,(-111¾ 102¼-102½ .... - .... 108½-110 107 -108  i oo -109¾ 104c 107 105 -110¼ 97¼-100 106 - 108  -Oentral Pacific.Gold, 1895 .. ... ... ... . 6 110 -111 111 -111½ 111)4-112¾ lll¼-111¼ 110¼-110% .... - . ... 109 -109 109¾-109¼ 109¼-109¾ ... . - .. .. 110 -110¼ 110¼-110¾ Gold, 1896 .. .......... 6 111 -111¾ 112¾-112¾ 112¾-113½ 111¼-111¼ 112 -112 113 -113¼ llQ¾-110¾ . . .. - .... lil¼-111¼ lll¾-111¾ tlll -111¾ .... - .. .. Gold, 189'1 . . ........... 6112¾-112¾ 113 -lU½ 114¾-115 113¾-lU :!.13 -113!,( lU -lU ill¾-111¾ 111%--ill¾ lll¾-112¾ 112¾-112¼ 111¾-+12¾ 113 -113 Gold, 1898 .. ... . ....... 6 112 -lU 114c¼-115¼ il5!',(-llfl¾ ll!lc¼-il5½ 1U¼-il5¾ 115¼-il5½ 112%--113¼ 113¼ ·113¾ 113 -113¼ 113¾-il!lc¾ 111 -lU¾ ll!lc¼-115 San Joaquin Br ....... 6 . . . - ... 113¼-114½ .... - ....... . - .... 111 -111¼ 112 -112 .... - .... ... . - .... 110½-111 .... - .... +107-107 105 -105 Land a-rants .. . ......... 6 101¾-102¼ 102)4-102¼ 1027..-s-102¾ 1007-(-100¾ 100%-100¾ 101¼-101¼ 101¾--102 102 -102 .... - ... .. .. . - . .. ... .. - .... · ·· · Mort. i;rnar, 1939 .. :; .... . ... W¾- 95 .... - .... 101½-101½ 100 -101¾ . . .. - ....... - . .. ..... - ........ - ... . .... - . ....... - ... • .... Western Pac .. . ........ 6 . .. - .... 112 -112 115 -115 .... - ........ - .... lU¼-115 112 -112 .... - .... 111 -111 110¼-112 108¾-110¼ 110 - 110 No, o:fCal,, :SO year .. :; ... . - .. . ..... - .... lOQ¾-101½ 99¾-100},( 100¼-100% lOQ¾-100¾ 100½-101¾ 100%--100¼ 100¾-100½ 100 -100¾ 100 -100¾ 100 -100¾ ,Cbar.C.&A.- lst,'9:i .1 ... - ........ - ........ - . .. 109 -109 - .. .. .... - .. . .. .. Ches. & O.-P. mon.t'd ff 113¾-113¾ il5 -115 ... . • .. - ...... . . - .. .. lll½-111½ .... - • . . lll¼-112¾ . ... - ... . lU -112 Series A, gold, 1908 .fi 117 -118¼ 119¼-120 119 - 120)4115¾-117¼; 117 -117½ 116 -116½ 117¼-117¼ 116)4-116¼ 115 -116½ 113 -lU 113 -115 lll¾-115 lllort,, 1911 ... .... . ... . 6 115¼-115¼ 116¼-118 ... - . . ..... . - .... 116 -117 116 -116 jll5¾-116¾ .... - .... 115 -116 *111½-12¾ 113 - ll!lc 111 -113 . 1st, con., a-,, 1939 .. . . :; 100¾-10 1¾ 100¼-101¾ 100 -100¾ 100¾-103½ 99¾--101¼ 101 -101¾ 100¼-100¼ 99¼-101 99 - 100¼ 99¼-101 *93 - 98¾ 92½- 96 Rea-istered .... ........... l()()½-100¼ .••. - ....... . - .... .... - , ••• . .•. - ........ - . .... . .. - . .. . 97 -100¾ 100 - 100 . . . . R.&A,div.,lst con2•4 .. .. 69¼- 69¼ 70 - 72 71¾- 72 71¼:- 73½ 71¼- 72 70 - 71¼ 67 - 69¾ 69 - 70 6!1½- 70 66 - 69¾ ilst consol., 1989 ... 4 .. .. - . ....... - ........ - . .. .. .. - .... 82 - 82 ~d consol., 1.989.3-4 ... . - . . .. ... - . ... 67¾- 71}:( 72½- 77 75~- 76 73¼- 74 73 - 74 72 - 73¾ . . . 68 - 68 66 - 69 Ches. 0, & S, W .. . ..... 6 110 -113¼ .... - .... 108 -108 109 -112 lll¼-112¼ 111¾-111¾ 111 -111 107½-107½ 108 -108 U3 -113 100 -105 103 -106 2d mort,, 1911 .. .... .. 6 .. .. - ... . 80¾- 81 81 - 82 82½- 82¼ 85 - 86 84, - 84, ... . - • • • • • ••• -Obie, & Alton-1st .. . .. 7 lOS½-108¼ l QS¾-108¾ 108¾-108¼ .... - ••... . . - .. . . .... _ . . .. 106 -106 ... . - . . .. 105¾-105¾ 106 -106 106¾-106¾ l Q0¾-106% SlnkinK 1und, 1903 .. 6 122 - 122 122¼-122¼ .. .. - .... 122 -122 119¼-119½ 120½-120¾ .. .. - •.. . 121¼-121¼ 121¼-122¾ 119 -119 L,&lllo.R.lst, 1900., .. .. · - ... . 118½-llP 118¾-118¾ 118¾-118¾ .... .. . . - .... 110 -120 - •.•. 115¾-116 .. .. 2d, 1900 ..... .. ... ... 7 ll 8½-118½ .. .. .. .... .. - .... lU¼-117 il7 -117 115 -115 St.L.J.& Ch,lst.'94? lll¾-112½ 112 - 112¾ 112¼-112¼ 110 -110 110 -110¼ .... - .... .. . . 107½ 107½ .... 101 - 101 •Chic, Bur.& Nor.- lst .:i 100 -101¼ 100 -101 103¾-104c¾ 102½-102¼ 105 -105 104 -105 104¼-105 104 -105 104c -104c 101 -101½ •••• -Chic, Burl. & QuiucyConsol.. . ................. , 128 -127 l.'.!6}(-127 127 -127¼ 126¾-127¾ 126¼-128 127¼-129 124c -125 123½-124c 123¼-125 123¼-125 123 -124c¾ 122 -124¼ Sink. :fund, 1901 .... . ~ 106¼-108 107½-107¾ .. . . - .. . 105¾-105¾ 105 -105 105),(-106 . .. - .... 105 -105¾ .. . - . .. 102½-103 100 -102 .. . · Debenture, 1913 . ... . :; lO!lc¾-105 104 - l M!J:t. 104c -105 105½-105¾ 102¾-103 102½-103 102¼-103 101½-102 101½-102¾ 102½ 104c 96½-100¾ 96 - 99 IowaDiv.--sink. :fd ... 5 .. .. - . . . - .... 107¾-107½ 107¾-107¾ . . .. - .. . . .... - .... 108¼-108¼ .. . . - .. . . . .. - .. ...... - . . .. . . .. Iowa Div .. . .. .. ... . ... 4 96}(- 97¾ 97¼- 97¾ 98 - 99 95½- 95¾ 95¼- 95½ 95¼- 95¾ 95¾- 95¼ 95¼- 95¾ 95¾- 95¾ 93½- 94, 93¾- 93¾ 92 - 92 Denver Div., 1922 .. . 4 W¼- 95 93 - 94 92¾-- 94, 94 - 94¾ 94~- W¼ 95¾- 95¾ W¾- 96 92¼- 92~ 92 - 92½ 90½- 91¾ 88 - 91 88¼- 89 Plain, 1921. .. .. .. . .. .. 4 . . . - ... 92¾- 93 90¼- 90¼ 90¼- 91¾ 91¼- 92 92 - 92 92 - 93 . . .. - .... 89¼- 90½ 86½- 88½ 86½- 86¼ 85 - 85 1 Nebr'skaExt.,192'7 .4 Q2 - 93¼ 92¾-- 93¾ 92¾- 93¼ 93¾- 94>,{ 91¼- 93 91½- 92 91¼- 92¾ 91 - 91% 90¾- 91¾ 90!-i- 92 87 - 00¼ fil¼- 8 9 ,Chic, & .E. 111.- lst, 11.t. 6 118 -118 116¼-116¼ 116~-117 117 -118 .... - .. . 116¼-116¾ 115¾-116½ . .. . - .. .. , ...• - ... . 115¾-115¾ 115¼-115¼ '111 - 112 lstconsol., irold .... ... 6 120 -121¾ 118 -120 118 -118 116 -1 17¾ 116¾-117 117¼-118¼ .... - .... 121 - 121 121 -122 *117 -117½ 116½-116½1. ... - .... 93 - 95 Gen. mort., 193'7 .. . . :) 97 -100 95 - 95 95 - 98 97½- 99 97 - 98 97¼- 98 97¾- 99 98 - 98½ 96 - 98¼ 99 -100 94c - 96 •Chic. Gas L. & C- lst .. :i 90¾- 94¾ 93¼- 94¼ 92½- 94½ P2¾- 95¾ 95¾- 98½ 96 - 96¾ 92 - 92½ 88½- 92 , ... . - .. .. 86 - 88 83¼ - 88 SO - 86½ ,Chic.&lu,C'lRy-lst.:i .. . - ... . 95 - 99¾ 97 - 98¼ 98 - 98 98 - 98¼ 97 - 100 97 - 98 97½- 97½ 96~- 97 96¼- 97¼ 97 - 97 97½-l OO ,Chic. lllllw. & St. P.1st, P. D., 1898 . . .. . . 8 126½-128 124c -124c¼ 124c -125 124c -124c¼ 124,¾-125¼ 12!¾--125½ 125 -125½ - .••. 121 - 121 121 -121½ 120 -121¾ 119 - 120 2d, P . D,, 1898 .. ... 1'•3 .... - . . .. 116 -116 116 -116½ 118 -119 120 -120½ 121 -122 .... .... . . •• , .... - .... 115¾-115¾ t ll3-1U 115 - 116 h t,a-old, R, D,1902.1' 122¾-123¼ 123½-124¾ 124c¼-124c½ 124c¼-124¾ 124c¾-126¼ 125!)(-126¼ 123 -123¾ 122 -122 ,·122 -122 124c -124c .... .. .. 1st La Crosse Dlv . . . . 1' 110¼-113 110%--112¼ 110 -112 113 -118½ 118 -119½ 118 -119 113¼-lU 112¾-113 .... - ... . . 1.J9¼-110 105 -110 107 - lOO 1st I.~ lll. Dlv . ....... 7 115¼-117 116)4-117 1116 -117 117 -il9 120 -121 .... - •.•. 118½-118½ .... - . .. 117 -117 1118 - 118 .... 1st I. & D . Dlv .... . ... '7 .... - .... 118 -119 117 -117 120¼-120¾ .... - .... 122 -122 . ... - .. . 1.24 -124 ·n 8¼-122½ 121 -l2t ht C. & lll. Div ..... .. '7 123½-12!1,¾ 126 -126 .... - .... 126 -126 ... . - ... 126 -129 117 -123¼ .... - •. • .. .• - ... . 122 -124c¾ 113 - 120 122 ¾-l ~ Consol., 190:i .... . . . .. 7 124c%-127 126 -126½ 126¼-127!1( 127¾-128¾ 128 -129¼ 128 -129¼ 125 -125¾ 125 -125¾ 124c -125¼ 124c¾-125½ 125 - 126¼ 122 - 122 1st I. & D. Exteu . .... ? 124c¾ -125 125 - 126¾ 1.. .. - • . 127,(-127½ 128¼-128½ .. . . - . . . ... . . - .... U S¼-123¼ 124 -125 121 -122 · · .. - .. .. 1st So. West. Dlv ... . .6 113¾-lU¾ l U - l U 1113¼-l U¼?H¼-115 115 -116 116 - 116¾ *113¼-U~ 112}(-ll.2¾ .... - ... .. .. - •• .. 109½-112½ 110¾- ll 2½   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  • E x: interest .  t Under the rule, c..1,h.  60  RAILROAD BONDS. 1890-~ontlnued. JANUARY FEBR'RY.  MAReH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SJIPT'BJIIR. OOTOBER. NOV'BER. DEC'BBB.  - - -· - - - - - - - - - - - --- - - - - - - - - - - - - ----  BONDS.  ---- ----  - - - - - - - - - -· Low.H~~ Low.High Low.High Low.High Low.High Low.High Low.High Low .High Low.High Low .High Low.High Low.High  Ch. M. & St. P.-CC!on.)ht La C. & Dav ..... -~ .... - .... 102¾-102¾ 103 -103¾ .... - •••. 103¼-103½ .. . . - .... 102¼-102¼ .. .. - •...•... - •••. . .. - ........ 96¼- 00),( lat So. Minn. Div . .... 6 118 -117 114¾·114¾ 114 -ll5¼ 114¼-118¾ 115 -117 116¼-117¾ 118¼-113¾ 112¾-lU 118 -115 118 -114 112 -113¾ lll¾-113¾ 1st H. & D. Div ....... 7 122 -124 123 -124 128½-124 123½-124½ 124½-127 127 -127 122 -123½ 120 -121¼ 120 -120 121 -121 119 -120 117¾-128 1st H. & D. Div ...... 6 102~-102¼ ... - .... 102½-108¼ .. .. - .... 104 -104 104¼-105 102¼-108 102¼-103 101¼-101½ 100¼·101 102 -102 99 -108 Chic. & Pac. Dlv ...... 6 116 -116 118 -118 .... - ........ - ... . 116¼-117 .... - .... *114,t-14¾ .... - .... 115 -115 115 -116 .... - ... 118 -114¼ Chic. & Pac. W .Div .. 6 105¼-107¼ 107 -108 106 -107 106,t-107¼ 107¾-109 108¼-109¼ 107 -107¾ 106¼-107¼ 104¼·106¼ 104¾-105~ 104 -106 108 -106 Chic. & Mo. R. Div .. 6 102¾-102¾ 102¼-102¾ 102¾-102¾ 102¼-103 102¾-103½ 108 -103¾ *101¼-02¾ 101 -101½ 101 -102 100¼-100¼ 97 - 00 97 - 98 llllneral Point Div ... ~ 108¾-104 .. . • - .... 108½·105 102½-108½ 104 -104½ 103¼-105¾ *103-108½ .... - •... 104 -104 .... - .... 101 -101 .... - ... . Chic. & L. Sup. Div.~ 102¼-102¼ .. - •.. 102 -102 103¾-103¾ .... - ........ - •....••. - .... 101¼-101¼- .... - . . . .... - ........ - ........ - ... . Wis.& Min. Div .. .... ~ 103 -103 103½-103¾ 103 -103¾ 103¼-104¼ 103¾-104¾ 104%-106 *103½-03¾ 104 -104 103¾;-104¼ 102¾-104 99½-100½ 101¼-101½ Tei·mlnal.. .......... .. 6 103¼-105 103½-104 103 -104 .... - .... 104 -105 105¼-106 103¼-103¾ 104 -104 103 -104 101½-104 99 -102 100 -10~ Jl'ariro & Southern ... ti .... - ........ - ........ - ... 122 -122 .... - ........ - ........ - ........ - ...... .. - ........ - ........ - ........ - ••. . Inc. conv., S. F ....... 6 124¾-125 .... - ........ - ........ - ........ _ .... .... _ ... . .... _ ........ _ ........ _ ........ _ ........ _ .. ...... _ •..• Dakota &Gt. So . ... :} .... - .... 101 -101 00 -100¼ 99 -101'¼ 101¼-102¼ 101¾-103½ ... - .. ...... - .... 100 -100½ 100 -101 99 -100 .... - •··· Gen, M.,"A" 19S9 ... 4 95¾- 95¾ 95¾- 96¼ 95¾- 96¼ 96 - 96¾ 94¼- 96¾ 94¾- 95¾ 91¾- 91¾ 90¾- 91¼ 89¾- 00 88¾- 89¼ 87¼- 87¾ .... - , ... Chic. & N orthwe11t'nCon110I., 1916 .... . .... . ,- 148 -144 142 -142¾ 142 -U2 142½-143¼ 141 -142 141½-142 141 -142 .••. - ..•. 139¾-140 139 -141 135¼-138½ 135 -138 Gold, coup., 1902 .... 7 126¼-127¼ 126¼-127 126 -128 127½-128 128 -129 *124¾-126 125½-126 123 -126 124 -124½ 124 -125¼ 125 -128½ 124 -124¾ Gold, reg., 190~ ...... , 126¾-127½ 126%-126¼ 127%-127'¼ 127¼-127½ 124 -129 125½-126 125¼-125½ 125 -125¼ 128½-125 124~-124¾ 128¼-125 128½-124¼ ~lnklna:fllnd,coup .... ti 115¾-116 117 -117 116¾-116¾ lU -114½ 114¼-115 116½-116½ 116%-116½ 117 -117 ... - .... 117 -117 115 -115 112 -113½ t' Reiristered .. ... .... .. 6 113 -113 ..• - ........ - ••• . .... - ........ - ........ - .... .... - .... 117¼-117¾ 118 -118 113 -118 .... - • .. 112 -118½ Slnklnir fund, coup ... 6 108,(-109½ 108¾-110½ 107¼-109 106¼-108 107¼-108¼ 107¼-108¼ 108 -108¾ 107 -108¼ .... - .... 105¼-107¼ 103 -106 105 -106 Realstered ....... ., .. :ii .... - ........ - ........ - .... 106¼-106¼ .... - ........ - ........ - ........ - •....••. - .... 107 -107 .... - ..... 103 -104 Debenture, 1933 ..... ~· 109 -110¾ 110½-111¼ lll½-111¾ 111 -112 109 -109½ 110 -110 100½-109½ .••• - •• .• 108¼-110¼ 108 -110½ 104 -105¼ 105 -106¼ Reiristerrd ........... 6 .... - ...... .. - .... 108 -108 111 -112 109½-109½ 109¼-109¼ .... - •. .. ... - ...... . . - .... 105¼-107 .... - ... 106 -106 26 yrs, deben., 1909.6 105¾-106½ 106¾-108½ 107¾-108 .... - . ... 104¾-105½ 105,(-106½ 106 -107 104¾-106 106 -106 106 -107 104 -104 100 -105 Reirlstered. ... .. . ... ~ . . . . - .. .. .. . . - .... 107 -107 . • • - • .. . .. . • - • • .. .. .. - . . .. .. .. - . _. . . .. - . . . . • • . • - . . • 106 -106 • . . • - •••. 101 -101 E.xten. bonds, 1926 .. 4 96 - 98¾ 96 - 99¼ 96¼- 97 97¾-100 98½-100 99 -101½ 100 -100 99 -100 99 - 99 99 - 99½ 98½- 99 96¾- 96% Re1ri11tered .. .... .... 4 96 - 96 ..•• - ... ..... - ........ - ........ - ........ - ........ - ••••.••• - •••....• _ ........ - •••..... - ... ~ - 96½ Escan. & L.S., 1901.6 .... - .... . .. - . .. 115 -115 .... - ........ - •....... - ........ - •... . ..• - ........ - ........ - .... 110¾-110¾ -• .. - .. .. Iowa Midland, 1st ... 8 . . .. - . . .. .. . . - . .. . . .. . - . . .. .. .. - . . .. .. .. - .. .. .. .. - .. .. .. . . - .. .. .. .. _ . . .. .. .. _ .. .. .. .. - . .. . . .. . - ... l28½-128½ Penineula,letcons .. '7 .... - ........ - .... - ........ - ........ - ........ - ........ - ...... .. - .... 118 -118 .... - ••..••. - ... .... - , .. . Cb.le.& MU.-l11t ...... 7 ... . - ........ - .... 119¾·119¾ .. - ....... . - ••• . 119¾-119¾ .... - ........ - ........ - ........ - ...... . - ... 114½-116½ Winona&St.P.-!id.7 , .... - ........ - .... ... - ........ .. 184-184 .... - ........ - ........ - •••.•.• - ... . .... - ....... ... . - ... . 1'Iil. & Mad.-l11t ..... 6 .... - ........ - ... ... - .... 116½-116½ 117¼-117¼ . ... - ........ - ........ - •••..••• - ........ - ........ - ..... ... - ·· ·· Ottum. C. F. & St. P .6 ,108¾-108½ ' - • . .. .. .. _ .... 108 -109 108¼-108¼ 109 -109 .. . • - • • . . . .. . - • • . .. . . - .... 106 -106 . . . . - ... . 104 -104 Northern Ills.-lst .. 6 .... - ... - ........ - ... . 108½-108½ 108¼-108¼ .... - ........ - ........ - ........ - ........ - .... 105 -107½ · · .. - · · .. Ohle. Peor. & St. L.,ir -~ 91¼- 94 98 - 95 92½- 95¾ 94¾- 95 94¾- 97½ 97¼- 99¼ 99 - 99½ 98¾- 99¾ 97 - 99 98¾- 99 98 - 98½ 9rn- 98 Ohle. R. I. & Pac.Coupon ................ . 6 129~-180¾ 180 -181 129½-180¼ 129¼-130 181½-132 131¼-131¼ •128 -128 128 -128 126 -128½ 126 -127 121¼ 127 124½-125½ Reiristered ..... ... . ... . 6 •· .. - • •...... - .... 129 -129 129½-129¾ .... - . . .. .. .. - .. .. 128 -128 .... - ••.. 126¾-126¾ 126 -126 126 -126 121 -121 Exten. & Ool. ......... 6 104¾-105¾ 104¾-105¼ 1()4%-105¼ 105 -106 105 -105¼ 105¼-106½ *103¼-104 102¾-103½ 100½-102¾ 99¼-102 97¼-101½ 95¼- 00¼ l'Reiristered ...... ... . :) 1()4¼-105~ 105¾-105¾ 103¾-108U - ........ - .... .... - . .. .. .. - ........ - .... 100½-100½ 99,(-100¾ •••• - ........ - .. .. Keok'k&DesM.-lst,6 1023'-105 108 -104 104 -104 102¾-106 .... - .... 102¼-102½ 104¾-105 ... . - .... 108 -103 100 -100 .•• . - • . •. · ... - ·•·· DesM.&Ft.D.-l•t,4 .... - ........ - .... 82¼-82½ .... .... - .... . ... - .... .. .. - ... 82 -82 .... - ....... - .... 96¾-98½ .... - .. .. 1st, 1906 ............ ~½ .... - ........ - ........ - .... 56½- 56½ .... - ........ - .... . ... - ........ - •....•.. - ....... . - .... ... - .... .... - . .. . Chlc.St.L.&Pltts-tst.6 100 -101¼ 103½-104 104 -104½ 102 -103¾ .... - ........ - ••. 103½-104½ 100¼-106½ 102½•103¾ 98 - 98 99¼- 99½ 100 -100 Reirlstered ...... ...... . ~ .... - ........ - ... .. .. - ........ - ........ - ........ - ........ - ....... - .... 100 -100 .... - ...... · • - ... · · .. · - ... . Ohle. ~t.P. lllin.&Om.Consol., 1930 ......... 6 121 -122¾ 120¼-121½ 120¾-121¼ 121¼-122 121¾-123½ •119-120¾ 119 -120½ 118 -120 117 -119 118¾-120 116 -119½ 114 -1159( Chlc.St.P.&M.-18t .. ti .... - .... 124¼-124¼ 123¾-124½ 125¼-126 123¼-124 .... - .... 122 -122¾ .... - ...• 128 -123 .••. - .... 121½-122 122 -122 St. P. & S. Clty-lst .. 6 124,(-126 126 -126 124¾-125¾ 122¾-123 123 -123¼ 123 -123 123 -123½ 128 -123½ 124 -125 *121-121¾ 122½-122¼ 120¾-122~ Chlc.&W.I.-lst,11.f.. ti114 -114 .... - ........ _ ........ - ........ - ... . .... - ........ _ ........ _ ........ _ ........ _ ........ _ ........ - ... . Gen. mort,, 1932 ..... 6 11$¾-118¾ 119 -119 117 -117 117 -117 119 -119 117½-117¼ .... - ........ - •••. 116 -116 .... - ••• • • • .. - •· ...... - .. .. Cln.Hnm.&Day.-!i.f.1 . ... - ........ - ........ - ........ - ........ - ... . .... - .... .... - ...... .. - ........ - ... . 124 -124 120 -120 .... - .. .. Cln.In.St.L.&C.-lst.4 100 -100 99 -100 100 -102 100¾-100¾ 100 -100 99½- 99½ 99 - 99 98 - 98 98 - 98 97 - 97 96¼- 97½ 97 - 97 Cln.J.&M.-lst,con .. 6 65 -65 70 -73 7~ -70½ .... - .... .... - ....... - ........ - ........ - ........ - ....... - •••.•••• - ....... - .. .. Ctn.San. & Clev.-lst.6 •··· - ........ - ........ - ........ - ........ - ........ - .... 105¾-105½ .... - ••...... - ........ - •·· .... - ... ... .. - · .. . Cleve. & Canton-1st.~ 94 - 97 92½- 96½ 92¾- 94¼ 92 - 92¼ 91 - 94¾ 94 - 96¾ 93 - 9!1c¾ 94 - 94:l( 92 - 94 91½- 93½ 90 - 92¼ 00 - ~l¾ Olev. Cin, Ch. & St. L.CalroDlv.,lst,1939.4 •.. - ........ - .... 90 -90 90 -90 00 -90 92 -92 91 -91¾ .... - . . . ... .. - .... 89 -80 .••• - .... .... - ... . Cl. c. c.& 1.-lst, s.td.'7 120¾-120½ 120¾-121½ 121 -121!1.( 121¾-122 118½-119½ 118 -119 118¾-118½ .... - .... 118 -119¾ 118¾-120 •••. - .... 116 -116 J)onsol . .... ............... 1 .... - .... 183 -135 132½-184½ .... - ... . .... - .... 130½-180¾ 130>(-130¾ .... - .. .. ... - ........ - ........ - .... 127 -127 General con11 .... ... ... 6 118¾-118½ 117,(-119 118 -118¾ 118¾-121 128½-125½ 125 -125½ 122 -122 120¼-120¾ .... - .. . .. .. - ........ - ••.• 117 -120  ~~i~c1!:. :t1:=~·!!!::: 1  ios!l.(=108 .. ios¼-104¾ ios =104 .. 103½=1()4¾ i04¾=105 .. i04¼=105½ ioo =100 .. 103¾~105 ..  ~~;¼=~~!¾  103¾=104 .. ioo ~104 .. ·00¼=102½  Colorado Mid.-lst, ar.6 .... - .... 105 -105 .... - .... 104 -105½ 104½-106½ .... - .... 108 -104¾ 108 -108 106 -106½ 109 -109 104¼ 108½ 104¾-107½ Consol., irold, 1940 .. 4 ... - ........ - ........ - ........ - . ....... - ........ - ........ - .... 66¾- 70 69½- 75½ 71¼- 72¾ 70¼- 70½ 69%- 70½ Ool.H. Val.& T.-lst ... ~ 74 - 79 76¾- 78¼ 73¼- 77¾ 7b - 82 81 - 83 81¼- 85 85 - 88¾ 85 . 88 82½· 86:14; 81 - 84 76 - 82½ 74½- ~ Gen. irold, 1904 ...... 6 75 - 77 77 - 77 73 - 76½ 76 - 83¾ 83¾- 88¾ 83¼- 87¼ 88 - 89½ 85 - 88¼ 87 - 88¾ 86 - 88 78 - 87¾ 78 - 86 Col.&Green.-1st,'1ti.6 .... - ... ..... - ........ - ... . ... - ........ - .. .. 102 -109 ... - ........ - ....... - ........ - ........ - ....... . - ... . 2d, 19~6 .. .......... ... 6 .... - ........ - ........ - ........ - ........ - ........ - ........ - . .. . 89 - 89 .... - • .. . 86 - 86 85 - 85 .... - ... . Col.H'kC.&1.-1917'.6 .... - ........ - ........ - ........ - ........ - ....... - .... 99¾- 99¾ .... - ........ - .... 100 -101 99 - 99 100 -100 Del. & Hudson Canallst, 1891. ............... ,- 102 -108}4102¾-103¾ 108 -103¼ 108¼-104 103¾-105 100¼-104 100¼-101¾ 101¼-101¾ 101 -101½ 101¾-102¼ 102¾-102¾ 102¾-108¾ t 11 t e'xtended, 1891 .. ,- 106½-106¾ 107½·107½ .... - .... 104¾-108¾ 105 -105 .... - ........ - ........ - ................. - .... 102!1.(-102¾ lOOfs-100¾ Coupon, 1894 .......... ,- 113¾-114¾ 114¾-114¾ 114¾-115 111 -112 111¾-111¾ 112¾-112¾ 112¾-112¾ 112¾-112¾ .... - .... 109 ·109½ 108 -109½ 108 -108 Reir., 1894 ............. ,- .. .. - · · .. 114¾-114¾ .. .. - .... 110¾-111 lll¾-112 .. .. - .... 112¾-112¾ 118 -118¼ 113 -113 . . . • - .... 107¼-109 . .. . - ... . l'enna. Div.-Coup .. ., 145 -146½ 145 -145 142¾-143 .... - .... 144 -146½ 146 -147 148 -148 .... - .... 144¼-145½ .... - .... 140 -140 140 -Ul Rea-istered .. ...... .. 7 .... - ........ - .... 143 -143 .... - ........ - .... 147½-147¼ . .. - ........ - .... • •• - ........ - ... . .. .. - .. 140 -140 Alb.&Susq.-lst,a-u.7123 -124 ... - ........ - •.• 180 -180 .... - ... . 128 -181 132 - 132 180 -180 181¼-132 128¾-128½128¾-128½128 -129 1st eoup., «uar ..... . 6 123 -124½ •••• - ........ - .... 121 -121¾ 121 -121¾ 121 -121 .... - .... 120 -121 120½-121 118 -118 118 -118 116 -118½ Reiristered ........... 6 .... - ........ - ........ - .... . .. - ........ - ..... ... - ... .. .. - ... .. ... - .... 119 -119 .... - ........ - .... 114¾-ll~. Rens. & Sar.-111t .... 7 147¼-149 149 -149 148¼-149¼ 149>(-149¾ .... - ... ..... - ........ - ........ - ... . .... - . •••.. •• - ........ • •·· - 145 -145 Reirlstered ....... . .. .7 .... - .... 149 -149 .... - ..... .. - ........ - ....... - .. .. .... - ... . .... - ........ - ........ - ........ - .... .. .. - .. .. Del. L & w.-Conv .... 7 .. .. - .... 106 -106 107 -107¼ 108 -109 .... - ••.. .. • ....... _ . ....... - .... .... - ........ - .... 103 -108½ . .. . - .. . . Mort., 1907 ........ , 136 -136¾ .... - .... 182¾-132¼ 183½-183½ .. . . - ... .. . ...... - ........ - ........ - .... 130 -130 .... - .... 131½-131¼ Syr.B'n &N.Y.,lst .. 7132¾-134½133½-135 U-'-5¼-135½ . ... 132 -132 . .. .. ...... - .. ...... - ... 132¼-134½130 . -130 .... - .... .... - .. .. Morris & Esse.x-111t.7 145 -146½ 146 -146¾ 146 -146 145 -146¼ ... - •••. 143 -143 144 -144 ... - ........ - .... 148 -143 189 -141½ 139¾-141 2d Mortiraire ......... ,- 107 -107¾ 1()4¼-104¾ 104¼-104½ 104¾-104½ 104½-104¼ 104¾-105 105¾-105½ .... 101¾-101¾ 101%-103 102½-102½ 102 -103¼ 1871-1901 ........... 7 .... - .... 129 -129 .... - .... 126,(-127¾ 127 -128 126¾-126½ 126%-126¾ 125 -127 125 -125 122 -124¼ 120¼-124 121 -121¼ Consol., iruar ......... 7 lW -140¾ 1417,(-141¼ 141,t-142 140,(-142 142 -142½ 137½-138¼ 138 -138 137¾-137¾ 135 -135 138 -140 138 -140 130¾-133½ N.Y. L. & W.-lst ... . 6 132½-134 133 -184½ 132¾-134 134¾-13!¾ 1347-(-134¾ 182½-134 •181-131 .••. - .... 131 -131 131½-131½ · · · 130 -130 ConBtructlon .... .... ~ .. .. - .... 111¾-111½ 111¼-111½ .. . . - ... 112 -112 lll¾-112 112 -112 110 -110 107 -109 108 -109 105½-108¾ 104 -108¾ C, Cable-1st .... ti .... - ... ,... . . - .. .. .... - .... 101¾-101¾ 102 -108 102¼-102¾ 100 -101 100¾-101 100 -100 101¾·101¾ 100 -100 .... - .... Dt,nver & Rio G.-tst.,- 118¾-1:;.8½ 119 -119 118½-119 .... .. 117½-117¾ 117½-118 117¾;-118 117½-117½ .... - .... 118 -120 .... - ... 112¼-116 !fow consol, 1936 ... 4 76½- 78 77¾- 79 78 - 79 79 - 83¼ 82)4- 83¾ 83 - 84½ •81¾- 82 81 - 83 81½- 83 81%- 83¾ 79 - 82 79 - 81 Imp. M., ir., 1928..... ~ 82 - 82¾ 82¼- 82½ 82¼- 82½ 81 - 84 85 - 86½ 85¼- 87 *86%- 87 84 - 85 83 - 84½ 81 - 83 80 • 84 *80¾- 81 Det. M. & lU.-L. ir .... 3½ 36 - 38 38 - 38 35 - 38 35½- 38½ 38 - 39½ 39 - 89¼ 36 - 37¾ 34 - 36 33 - 35¼ 33 - 34¾ 28~- 32 27 - 29 Det. B. C. &Alp.-lst .. 6 100 -100 100 -100 99 - 99 99 - 99 99 -100 .... - .... 99 - 99 .... - ........ - . .. . ... - .... 94 - 94 00 - 98 Duluth & .n. R.-tst ... :i 101 -101¼ 100½-101 101½-102¾ 100 -100¼ 100 -100 100¼-100¼ 99 -100 100 -102 100 -100 97¾· 97½ 95 - 95 .. .. - .. .. Du,J. s.s.& Atl., 193'7 .:i 92 - 93 92 - 93½ 93¾- 94 95 - 97 97 -101 100%-1001s 01¼- 99 97 - 98¼ 96 - 97¾ 95 - 97 +oo - oo oo - 95~  D•••  • Kx-lnterest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  +Under the rule;  cash.  RAILROAD BONDS.  ?"O  1890-Contlnued. JANUARY FEBR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JULT.  AUGUST. ISEPT'BER. OCTOBER. NOV'BER.  DEO'BEB...  BON»S. Low.High Low .Hlgb Low.High Low.High Low.High Low.High Low.High Low .High lLow.Hlgb Low.Higb Low.High Low.High  £. Tenn. V. & G.-lst .. 7 1-19 -120 119½-119½ 119 -119  119 -120  120 -121¼ 120 -121  116½-116½ .... - .... 115¼-116  116 -116  114½-116  .... -  Divisional ............. :i 107¾-107¾ ... - ........ - ... . 110¾-111 Consol., 1st, 1956 .... :i 103½-105 104¾-106¼ 105 -106¼ 105½-108 106- 107 105%-106¼ 106 -107½ 105 -107 106½ 107½ 105½ 107 t102¼ -04¼ 100 -102 1st Ext., a- .. 1931 .... :i 90¾- 91½ 90 - 90 90 - 90 ... - .... 91½- 93 .... - ........ - .... 90 - 90 .... Equip. & Imp., iiold .. :i .. .. - ........ - .. .. 89%- 89¼ .... - ........ - . . . .. .. - ........ - ........ - ........ Mobile & Bil·m.-lst.:i 88 - 88 .... - ........ - .... 89½- 89¾ .... - --·· I 85 - 85 90 - 90 .... - ....... Knox. & O,-1st, g ... 6 108½-110 110 -110¼ 110½-lll¾ 110 -111 110 -111¾ 110½-113 *110 -111 109¾-111 109½-110½ 109 -111 .... - .... 103 -105 Alabama Ce1!t.-1st.ti .... 114½-114½ 115½-115½ 116½-116½ .... - .... Edison E. Ill. uo.-1st.5 . ... - ........ - ... . . . - ........ - .... .... - .. .. 100¼-100)4 98 -100 98 - 99 95 - 97 96 - 97¾ 90 - 97 93 - 95 Eliz. Lex, &Big. s .... 6 103 -104 100 -104 93½- 96¼ 90½- 9e 93¼- 96½ 93 - 94¾ 93¼- 94½ 92¼· 93 89¼- 91 88 - 89¼ 87'7k 90 88 - 89 EQ.uit. Go.Iii. & F.-lst .. 6 .... - ........ - .... 95 - 96 97 -100½ 100 -101 97 - 97½ .... - ........ - ....... - ........ - .... 83 - 88 Erie-1st, l!:xt., 18_91' ... 7 120 -_120 120 _-120 120 =120 . ... 117½=117½ 118 _-118 117 =118 118½_·118½!118¾-118¾ .... - .... 117)4-117)4 .. ,,.. - .... 2d, Ext., 1919 ......... 5 117¾ 118 117½ 118 114½ 114½ . .. . ... 115½ 115¾ .... . • .. 118½ 118½ 116¼-116½ 116 -118 117 -118½ 114 -114 3d, Ext., 1923 ....... 4½ 108 -109½ 110½-111½ 109 -109¼ 109 -109 109 -109 110 -llO 111 -111 .... - ........ - ... 109 -109 107½-109 1107 -107 4th, Ext., 1920 ....... 5 116 -116 ll6¼-117 - .... x114 -115 ll5 -115 .... - .... 117½-118 ll8 -118 - .... 114 -115 114 -114 112 -112 ~th, Ext., 19~8........ 4 .. .. - ... ..... - .. .. 104 -104 103¼-103½ 103¼-104¼ 103 -103 103 -104¾•102½-103½ ..• • - .... 102 -103½ .... - .. . 99 -100 1st, consol., gold ...... ,- 137¾-139~ 139 -139½ 136 -136½ 134½-136 135½-136¼ 136 -137 .... - .... 137 -137½ 134c -134¼' 133¾-134½ 132½-133½ 130½-131¼, 1st con. fund coup .... 7' .... - ...... - . ... l36½-136½ 133 -133 137 -137 - .. ..... Reorgan., 1st lien ... 6 .... - .... .. - ....... - .... 110 -110 .. .. - ........ - .... 100 -100 Long Dock, 1893 .... . 7 108½-109½ 109½-109¾ 109¾-llO¼ 110 -110¼ 110 -110¼ 107 -107 107 -107 .... - .... 108 -108½ 108½·108½ 108 -109 103¼-104¼. i;on11. gold, 193~ .. . 6 120 ·122½ 121 -12~ ... . - ... 120 -120½ 11.9 -120½ 120 -120 ll9 -120 120 -121 119½-120½ ll7½-117½ 117½ 119 117 -117~ Buff. N. Y.&E.-ht.7 139 -139 .•. - .... 139½-140 - .... 138 -138 .... - ........ - .... 133 -133 N.Y.L.E,&W.-2dcon.6 100¼-102½ 100¼-102¼ 98¾-102 99¾-105 104 -107 *103)4-05¼ 103 -104¾ 101 -103 102¼-103½ 98 -102¾ 94 -100¼ *93 - 97 Col. trust, 1922 ..... ti . . . . - .. .. . .. . - ... . 108%-108¾ .. • • .. .. 107 -111 ll2 -112 F1md. coup., 1969 ~ 87¾- 88 87½- 89 88 - 88½ .... - .. . . 90 - 94 88¾- 89½ 89½- 90¼ 90 - 90 90 - 91½ 90 - 90 85 - 90 .. .. Jefferson RR.-1su·.:. 106¾-106¾ 105 -105¾ .... - .... 105 -105 106 -107 107 -107 .... - .... 107 -107 104 -104 .... - .... 102 -102 Eureka t,pr•g 8-lst,g ..6 .... - .... .... - ....... 107 -107 .... Ev.& Ind'p,con.,1926.ti ll0¼-110¼ .... - .... 112 -112 .. .. .. . . 112 -112 . .. . - .... 109 -109 109 -109 - ..•. 114½-118 .Ev. & T. Haute-Con .. 6 115¾-117 118 -118 118 -118 120 -122¼ 121¾-122 121 -121 118 -118 - ... 118 -118 117½-119 ... 106 -106 Mt. Vernon-lst ....... 6 ... - .... 114 -114 - .... 115¾-115½ .... - . .. . .. .. - .... 116¼-117¼ 115 -117 115 -115¼ F'llnt & P, M.-Mort ... 6 .... - ..•. 121 -122 122 -122 119%--119¼ 119 -_11 9~ 1_ 1..9. -120½ 121 =-12·1· -11. 2. o_. -120 - ...... • • - · · .. 100 -100 . . . . - .... 1st cons., g., 1939 .. . :. ... - .... 104 -105 105 -106 107 -107½ 107 107"" - • .. . .. · · - .. . 100 -100 98 - 98 Pt. Hur. Div., 1st .... :. .... Ft.W.&Df'nv.C.-lst .6 104 -105½ 103 -105 103¾-106¾ 106¼-109¼ 108 -110 *105_-107 104¾-106 103½-106 103 -106 103¾-106½ 101!¾(-105¾ *94½-101 70 - 70 Galv.H.&H.o1'82.. :i .... - ....... - .... 74¾-77 75 -80 78 -81 .... 99¼-100 .... - .. . 87 - 87 Go.I. H .. r. & S. A.-1st.6 .... - ........ - ........ - ..... .. 92 - 93 93 - 94¼ *87 - 91 ~d mort, 190:i ......... 7' .. .. - .... 97 -100 .... - .. . . 97 -100½ .... - .... *96¾- 98¾ 95 - 98 93 - 93 97 - 97 95¾- 95¾ 92¾- 94 93 - 94¼. Western Div-1st ... . ~ 93½- 93¼ 93¼- 94¼ 94 - 94¾ 94¾- 95¾ 93 - 93¾ 93¼- 94¼ 94 - 95¼ 94''¼- 95¾ 95 - 96 2d, 1931. .............. 6 98 - 98 - ........ 96 - 96 .... Ga. So. & Fln..-1st, g.ti .... - .... 98 . - 98½ ¼- 99¼ . •.• - ••.. 92-92¼ .... Gr. Rap.& lnd.-Gen.~ ... - .... 91 - 91 - .... 112½-112½ .... 1st, iiun.r., 1899 .... 7' .... - .... 109 -109 1st extended land .... 7 .... Gr,B. W .&St.P - lstM.ti 81½- 8!? - .. .. 90 - 90 .. .. 90 - 90 .... 2d, income ............ .. s 16 - 22 20 - 23 24 - 25 23 - 29 29¾- 33¼ 32 - 33 ... . ,J_s-t subs. paid.......... 18 - 1':_ 21 - 21¾ .• .• 23 - 30 rid 1mbs. paid .......... .... - .... ... - .... 29¼- 33½ 31 - 32¾ 33 - 33¾ 27 - 27 .... Han. & St. Jo.-Cons. ti 120 -120 120¼-121 117¾-117¾ US½-118½ 117 -117 116 -ll6 118 -119 - .... 114 -114½ 114½-115¾ 115 -115 112¾-114¾ Hen. Brid1ie Co.-1st ... 6 110½-110½ .. . . . - .... UO -110 . .. . - . .. llQ¾-110¾ 111¾-111¾ .. • • - .... 108 -108 .. •• - .... 108 -108 108 -108 Housn.t'c-Coa.,1937 .. :i 105 -105 106 -107 107¼-107½ .. . . • ... 105¾-105½ 105'A-106 ... - . ... . • .. - .... 105 -105 1 ....  -  . . . ._  ..  ..  -  ........  -  ........  -  ........  = ....  u!~!f.:.c:.~;~·t!i:~t; i~!~i~~% ~~.  -106  106½-106:J,( ... . -  _ ........ _ ::: : ::::  = :::.!::::  = ::::  ~~~.  -107¼ 104 -105  103½-103¾  M. L. Trust rec ..... ., .. .. - ........ - .... 110½-110½ 110 -113 114 -114¾ 112 -112½ 113½ 115 ,113¼-114¼ 112¾-113½ 111 -114 108½-109¼ 109 -110 1st, We8teru Div ...... 7 100¼-106½ .•. .... 111 -111 Trust receipts ...... 7 .. . . - .... 110 -110 .... 114 -114 .... - .... 115 -115 Waco & N. W.-l8t .. 7' .... .... 110 -110 .... 2d, Main Line ....... 8 120 -120 .... ........ Trust Receipts ........ ... • - · • .. 122¼-122¾ 120½-122½ 111 -115 ... - ...... .. Gen. M., Trust rec ... 6 75¼- 7'6 75 - 76¾1•--· - .... 75¼- 78½ 80¼- 80¼ .... - .... .... - .... 72 - 75 70 - 74 73 - 77 73¾- 77,C. JII.Cent-Gold,H9:H.3½ 91 - 91J4 91 - 91:J,t 91:J,t- 92 91½- 92½ 92¾- 95 94 - 94½ 93 - 93 93 - 93 93 - 93 90 - 91 92¼- 92" 1st gold, 1951. ....... 4 100¾-107 107 -107¼ 107 -107½ 108¼-108½ 107 -107 108½-108½ .... 105 -105 105 -105½ 102 -105 Gold, 1952 .. .......... . 4 100¾-101½ 101¼-101½ 102¼-102¼ 100¼-101 100¼-101 101 -101 101 -101 - . . .. 98 - 98 98 - 98· Sprinirf, Div., '98 ... . ti .... - ........ - .... 1112¼-ll2¾ 112¼-112¼ .... - ....... . Mid. Div.,reg,,19:4'.1.~ 91\ - 96 .... - .... ,.... - .... 115 -115 .. .. ll5 -115 .... C.St.L,&~' "'.-1 ■t,c.1 117 -118 117%-118¼ 119 -119 119 -119 ...• Tennesst._ ,ten ...... 7 .... .... 119 -119 .... ... . 114 -115 118 -118 110¼ 116 iGold, coup ............ ~ .... - .... 116 -116 115½-115½ 116 -120 117 -117 - .... 107¾-107¼ Gold, reg ........ .. ... :i .. · · - .... 113 -113 115 -ll5 - •••• 94 - 94 Memp, Div., 1st,g.,4 97 - 98¾ 97¼97¼ 96¾- P6% 96¾- 97¾ 96 - 96½ 96 - 96¾ 95¼- 96¾ . ... Dub. &S.C.-2dDiv .1' 107 -108 .... . ..... . . - .... 103¾-103¼77%- 82 80 - 81 79 - 79¾ Cedar F. & M.,lst ... 7 74 - 74¾ . ... - .... 70 - 70 66 - 90 80 - 90 82 - 82½ ·.... - .... 80 - 80 Ind. D. & Spr.-lst, .1 ... - ... 100 -100½ .... - ........ - . ... 98½- .98½ .... .... 100 -100 - • .• . . . .. • .... Do trust receipts .. 101 -101 101¾-102 99 -101¾ 98½- 99 98¼- 9P¾ 98 - 99 9J - 09 - .... 95 -106 100 -104 30 - 34 30 - 30 31¼- 32 Ind. D. & w.-2d, inc.:. .... .... .... .... . ...... _ .. . .. ..... . .. .. 35 - 35 Intern. & Gt. No.-1st.6 109¼-112 110:J,(-112 ll0¾-111½ 110 -110½ 111¼-ll6½ 115 -116>§. 114¾-ll6 113 -113 112 -115½ 113 -116 111 -114 111 -112 Coupon, 1909 . ..... .... 6 73¼- 75¼ 75 - 77 75¼- 76½ 75¼- 76 75 - 87¾ .. .. 80 - 80 75 - 77¼ 73 - 76¼ 70, - 73 Do trust receipts .. 73¼- 76¼ 75¾- 77 75 - 76¾ 75¼- 75¼ 76¾- 89 87 - 87% 80 - 87½ . ... - .... 80 - 80 83¼- 86¾ 81 - 86~ 76 - 81 Iowa Cent.-1st, gold .. :i 85 - 87¼ 86 - 87¾ 85 - 86¼ 86½- 88½ 88 - 91 87½- 88¾ 86½- 87¾ 85 - 85¼ 84 - 86 - .... 71-71. Kan.&Mich,-1990 .. 4 .... - .... Kentucky C., 19SL ... 4 84 - ~ ·& - &;,! 84)4 81 - 81½ 80 - 81¾ 79 - 81½ 78 · 81 Klng-8 Co. El.-1st, A./; 104 -lOa 104¾-105 103¾-104¼ lOi -105 104 -104% 104 -104% 102 -102½ 100 -101¾ 100 -100¼ 100 -100~ 99¾-100½ 100 -100 74¾- 75 69¾ - 80' Lo.cl. Gas, St.L,-1st, K-5 .... - .... 84 - 86 81 - 84 1 81½- 85¼ 83n!- 89 82½- 85 82½ · 84½ *79¾- 81½ 79 - 80¼ 78½- 79 Lake Erie & W.-lst .. ~ 110¼-111 110 -112 110 ...J..1.1½ 109 -111 111%--112¼ lll¾-112¾ 110 -110 109¾-110¾ 100 -110½ 107 -109¾ 107 -108 105¼-108.Lake Shore & M. So.Cl. Po.ins.& Ash ...... 7106¾-106¾ .... - .... 109¼-109¼106 -106 106¼·106%106 -106 .... - .... .... _ ........ - .... 103½-103½104 -104 104 -104 Buff. & Erie-New .... 7 121 -121 121¼-lZl¼ 121½-121¼ 118 -119 118 -118 117¼-118¼ 118¼-118¼ 118%-118¾ . ... - .... 115 -115½ 114¾·114¾ 114% 115 Det. Mon. & Tol. ..... 7' 133 -133¾ 130½-130½ .... - ... 131 -131 - ........ - ... . .. .. L. Shore-Dividend .. ? 123¼-123¼ 123¼-123½ 123 -123 119 -119¼ 120 -120 118½-118½ 119¼-119½ 119¼·119½ 119 -119 116¾ 116½ 118 -118 116 -11~ _1st con., coup ........ 7 124 -126 125½-126 125 -125½ 125 126 125½-128 128 -128 122¼-122¼ .. . .. 124¼-125 123½·123¼ 122 -124 121¾-123¼ 1st con., reg-....... . .. 7 124 -125 125 -125½ 123¼·125½ 122½-123½ 122½-124 124 -124¼ 121½-123 120¼-121 121 -123 121¾-121¾ 120¼-120½ 120 -121~ 2d con., coup ......... 7 123¾-125 125 -125 124¼-125 125 -125½ 126 -128 123 -124¾ 122¾-125 123¼-124 122¼-122½ 123 -123½ 123 -124 118½·122 ~d con., re,i .......... 7 .... - .... 123½-125 124 -124¾ 124¼-125½ 124 -127½ .... - .... 123¼-123¼ 122½-123½ 122 -122½ 123 -123 120½ 124½ 118½-120¼ Mabon.Co~l lst,'34.5 .... = - .... [.... - .... .... .. .. 109 -109 .... .. .. 107 -107 106 -110 107¾•107½ .... Leb.V.,N.Y. lstgu.g.4½ . ... - ........ - .... .... - ........ - .... 102 -102 Lltch. C,& W,-lst, g.6 .... - .... 97:):!- 98 ... . Lona- Island-1st, '98,7 .... - ... 120 -120 ] .... - .... 121 -121 117 -117½ 117¼-119 118 -118 .... 120¼-120½ 118 -118 11~ 114½ .... ht. consol, 1931 .. . ... :i 116 -117¼ 116 -116 115¾-116 116 -116¼ 117 -117 114 -115½ 114,½-114½ 112 -114¼ 113 -113½ 111¾ 112½ lll¼--112 lll¼-112  -  -  98 .. ·96¾-  0  :~;.·::t~~-H~~!~·~:.: -~~= ~d, income.......... .. . ... 99  N.¥.B.& 1l'1.B,, lst .. /i .... N. Y.& M.B.-ht'97.7 .... Br. & M.., 1st, 1911.5 .... !"m.&P •. l.,lst ...... 7'110 -110 • .Ex-interest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I -  _  &½- 84¾ ·si¼- &¾ ·sa'¾- 85 ..  08 - 99  96¾- 97¾ 95¾- 97¼ 96 - 96 . . .. 35 - 35 .. .. .... 99 - 99 ... .  _  -  ·84½- 85¾ ·82 - 84¼,·sa' -  94 -  ~~ 1~~  ~.~ ~:3:~::f.~.. _:.•_. == 08•••• 19001  =1:½ .~. - 94¼ 93½- ~.·••·.· -.~...  .... ... .... 109½-109½ .... 109 -109  .. . . -  t Under the rule; cash.  *Coupon 011'.  1 Ex-ruoded coupon.  --1900¾,l  . ... 101 -101  RAILROAD BONDS.  71  IS90-Contlnoed. BONDS. - - - - - - -·- - - Lo w.High Low.High Low. High Low. High Low.High Low.High Low.High Lo~.Hl11:h Low.High Low.High Low .H igh Low .High  L .E T.&St. L . -Con.bt :J . ... - .. .. .. - . .. . .... - •• •. .• •. - •.. . .. . . - ••. . 89J4- 92 89¾- 90 88¼- 90 84 - 89 85 - 88¼ 88 - 90 86 - 89'( L ouis. &Nash v .-Co n .? 115 -119 118¼-119 118½-119¾ 115¼-116¾ 116 -116¾ 116 -116% 116¼-116¾ 115¾-116% 115 -116% 112¾ 113½ 111¼-113¼ 110¾-112 Cecilian Branch . .... . , 108 -109¾ 109 -109 105½-106 .. .. - . ... 109½-109½ 106 -106 ... . - .. .. 110 -110 - .. .. 102 -106½ .... - .... . .• N. O. & M ob-bt . . ... 6115¼-117 117 -118 118 -118½ 117¾-118¾ 120 - 121¾ 120¼-121¾ 118 -118¾ .... - .• •. 117 -117 115 -117 116 -117¾ 114 -117¾ 2d . .. . ... . .......... . .... 6106 - 108½ 109 -110½ 109¼-109¾ ... . - .. .. j .. .. - ... . .... - ...... - ••.• ••• - .. .. 107 -107 .. _ ~. H. & Nash.-lst .. . 6 113 -114 113¾-114¾ l l!i½-114½ 114¼-114¾ 116 -116½ 113½-113½ ... - .... 115 -115¾ 113 -113 113 -114 113 -114 ~08 -110 General m ort ..... .... . 6 113 -114 113½-115¾ 115½-115¾ 115¾-115¾ 115¾-116¾ 115¼-115¼ 115 -116 110 -110 114¾-114¾ 113 -114¾ 113 -114¾ 110 -114 Penso.cola Div . .. ..... ti 108 -110 1081,4-110 107¾-109 ...• - .... 102 -106 St. Louis Div., lst .. . 6 ... . - . ... 117¼ 118 .. .. - •.. . . •. . 2d, 1980 ... .. . .. .. .. ... . :J . . .. . ... 68 - 68 .... - •• . . .••• Nash. & Decatur...... , 118%-119½ - ... . 118¾-119 . . .. . ... 119 -119 119¼-120 116,(-116¼ .• .• • •.. 117 -117 117 -117 So. & No. Ala. , s . f .. . 6 .... - ... . - .... . .. . - . . . . . ... - . . .... . . - .. . . 101 -101 Ten-Fo1·tv, 1924 ... .. 6 105 -105 - . ... . ... - . . . . . .. - ... . 104 -104 . . . • 100 -100 ••.. Pensac. & Atl.-lst .. 6 106¾-110 107 -110 107 -109¼ 108 -110 108¾-109 109¼-109½ 109¾-109¾ 106 - 106¾ ... . - . ... 103 -105 100 -100 101 -103¾ ~0-yr. gold, 1931 .. .. a 105¼-106 - . ... 108 -109 109 -109¾ 108 -109¼ 108 -108½ 109 - 109¼ 108¾ 108¾ . .. - .. .. 105 -105 Col. tru i!i t, g,, 1931 .. . ~ 104¾-108 105 -110 107¾-109¾ 107 -108¾ 105½-106 104¾-100 105½ ·105½ . ... - .... 103¾-105 101¾-102 ... . Nash.Fl.&S . , 1st,gu .r. 102 -104 102 -102¾ 102¼-102½ 102 -102¾ 103 -104 103 -103¾ 103 -104 100 -101¾ ~ .• . - ••. 101 -101½ 100 -100¼ 98 -100 So .&No ...\111,.,con ,gu.!J ... . - .... ... . - .. ... ... - . ... 107¾-107¾ 107%-108 Lou. N. Alb. & C.-lst.6 114½-116 116 -119 115 -117½ 115 -115 117¾-118.½ . .. . - . . . .. .. . - . . . . 111 -112½ 111 -113¾ 111 - 111¼ 110 -113 106 -109 >Con., g old, 1916 ...... 6 103 -105 103 -lCM 98 -104¾ 95¾-100¾ 100 -102½ 100¼-103¾ 103¼-105 102½-104¼ 101½-104 *98¼-101 90 - 99 89 - 95 Gene1•al, g., 19-10 .. .. .') .. .. 88¾- 907/i *90¾- 90¾ ... . Louis. N . O. & T.- lst .4 90 - 90 90 - 90 89 - 89 90 - 90 90 - 90 89¾- 90 90¾- 91½ 89;.(- 90¼ 89¾- 89¼ 89 - 89)4 89 - 90 2d mort .. 193.J. ... ..... :; 40 - 40 - .. .. ... . L. S t.:t...&T .-lst,g.'17. ~: 100¼-101 97¼- 98¾ 97)4- 99 97¾- 98¼ 97¾- 98 98 -101¾ 101¾-104 *99 -101 99½-l OOU 99½-100¼ 80 - 100 73¼- 80 Lou. So.-lst, g., ' 17 . .. 6102 -104¼ 101 -104½ 92 - 99 .. .. - . ... 85 - 85½ 85 - 88½ 86 - 90 85 - 90 . . .• Mem.& Cbas.-Gold ... (i 104 -104½ 105¼-105¼ ... - .... ... . - .. .. 105 -105 107 - 107 105 -105 103 - 103 105 - 105~ 104¾ 104¾ 102½-102½ 101 -1061' l s tcoo.T enn.lien .. . 7 .... - .. .. . .. 120 - 120 123 -123 Metropolitan EI.-lst .. 6 112 -113 112½-113¾ 112½-114¾ 114¼-116½ 115¼-117 116 -117 *113¼-14½ 112½-113¼ 112 -113x ll3 -114 112 - 114¼ 112¼-114!J( 2d, l 899 ..... .... . .... . 6 106 -108½ 105¼-108¼ 106 -108½ 108 -110 106 -107¼ 106!,(-107¼ l07¾ ·108X" 107 -107¾ 106 -108 L07 -107 100 -103¼ 100 -104 ••• • 1. . . . Mex.Cen.-New assen.4 70¼- 70¾ .. .. - .. ..... . Consol., 1911 .. ....... .4 .... - . .. . 74¼- 74% 75¾- 76 78 - 78 . . . . l11t con. inc., 1939 . .. 4 ... . - . . .. 39 - 39 2d con. inc., 1939 .. . 3 ... . - . ... 21¼ - 21¼ ... . - ... . .. . Mex. Nat.- lst, 19~1 .. 6 96 - 96 87 - 87 - . . . . 91½ - 91¼ 88 - Sil. - . .. . 95 - 95 95 - 95½ 92½- 92½ 92½- 92½ . . . 2d income "A" ... .. .. . 6 57 - 57½ 57 - 57% 51 - 51 - ... . 40¼- 45 51½- 51½ 50 - 52 52 - 52¾ . .. . - ... .. .. . - .... 10 - 10 2d income "B" .... .. .. 6 .. . . - .. .. 17 - 17 11 - 11 .. .. - . . . . 12 - 15 (tllcb. Cent-lst,consol. 7 126 -128 127 -128 127 -127¼ 127¾-129 125- 126¾ 125½-127 125¾-126 126 -126½ 125¼-126 125 -126¼ 121¼ -123 120¼-122¼ 1st, com,ol.. .. .. . . ... . . .:i 111 e-111 111 - 111 111½-111½ 111½-lll¼ 110 -110 110 -110 108 -108 109 -109 109¼·109¼ 110 -110 107 -107 104½-104½ 1909 .. .. ..... .... · ·· · ··· 6 .... - .... 120 -125¼ .... .. .. ll6½·116¼ 115¾-115¾ .... - ... . 110 -113¼ Coupon, 1931. . . ..... .. :i . ... - . . . 115 -116½ 116 -116 .. .. .... 115¼-115¼ .. .. Rea-i te1•ed, 1931 ... . . a .... - . .. . 116 -116 115¼-116 - .. .. . .. - .. . . 102 -102 . ... Mortga11e, 1940 . ..... 4 .... .... 102 -102 ... . - .. .. 101¾-101¾ . ••• - ... 102 -102 Ja.ck. L. &Sng.1891.6 . ... - ... . 104¼-104½ .. . . - .. .. 101¼-101½ . .. . Mil. L. Sb . & W.-lst .. 6 123 -123¾ 121 -121½ 122 -122½ 122¾-125 120 -122¼ 119¼-122 121¼-122¼ 120¼-122).{ l21 - 122 120 -121½ 116\1:!-119½ 116¾- 118¼ Conv. deb, 190 7 .... . . a 101¾-104¾ 102)4-102½ ... . - .... 100¼-100:U 103¼-103¾ 103¾-103¾ . . . . - . . . . *101½-027! LOO% 101½ .. .. - . ... 101½-101½ .... - ... . - . . . . 100 -101 100 -101¼ 97¾- 99~ Ext. & Imp., s . t ..... a 101 -105¼ 102 -103¾ 101½-102 101)4-103½ 103 -10! 102½-105 103¾-105 . ... 101 -103 Income ... . ........ . . . . .. 6 .... - .. ...... - . ... 102 -104 103½-106 ... - .. .. 100 -100 101¼-101½ .... Michiga n Div. , 1st ... 6 115¼-119 116¼-117 116 -116 116¼-118 119 -119 .. .. - .. .. 114 -114 . . .. - ... . . . - .. .. 117 - 117 112 - 116¾ 117 -117 Ashland Div. , 1st ... . 6 . ... - .... 120 -120 . .. . - .... 114½-114½ .... - . ... 117¾-119 110.;li-120 .. MU, & No.-lst, 191 0 .6 110¼-111)4 110¾-111½ 111 -111½ 111 - 111¼ l ll¼-113¼ 109½-110¼ 110¼-111)4 111 - 111½ 111¼-111¼ 111 -111 110 - 111¼ 105¼-107¾ 1st, on exten ., 191 3 .. 6 108¾-109 108¼-109½ 109¼-110¼ 110)4-111 111)4-113¼ 109J.i-110 1111 - 111 111¼-lll½ 108½-112 11'> -110¼ 109 -110 106 -107½, Mlnnea.p,& St.L.- l st . 7 . ... - .... .. . . - .... 106 -106 ... - . ..... . . - . ...... . - .. .. 105 -105 103 -103 ... - ... . 103 -105 101 -104¼ 100 - 104J-,;, 90 - 92 90 - 90, Iowa Extension ..... . 7 .. . 88 - 88 90 - 90 - .. .. 98 -100 - . . .. 90 - 90 90¼- 90½ 90 - 92 2dmort., 1891 . .. . .. . . ,- .. .. 53 - 57 60 - 61 58 - 58 . ... - . ... 59 - 59 50 - 50 73 - 73 .. . . Southw'st. Ext.-lst .7 .. . - . .. . 73 - 73 74%- 74% 83 - 83 . .•. Pacific Ext. , 1st ....... 6 .... - .. . . 89 .:- 89 . ... 67¼- 58 .. . . Imp. & equip,, 1922.6 64 - 64 ... . . .. . - ...... . . - .. .. 62½- 62½ .. .. Minn.S.S.M.&At.lst .a .... - .... .... - .. . . 94 - 94 . ..• - ........ Mo. Pac.-lst consol ... 6 109¾-111 111 - 111 111 -112¼ lll¾-113 109 -110 109¼-110% 110)4-110% .... - .... 110¼-111 l09 -110 105 -107¼ 103¾-105 3d, 1906 .. .. .. .. .. ... . , 114¼-115 115 - 115 .... - .. .. 120 -120 116½-12CI 116 -116¾ 114¾-115 114 -115 113 - 115 115½-116 tl ll -113½ 111 -114)4 Trust gold, 191 '7 .. ... a 99½- 99½ 99¼-100¼ . . . . - .. .... .. - .. .. 97½·100½ . .. . - . . .. 95¾- 95½ .. .. - .. . . . . • - . . .. 79 - 79¼ 91¼- 91¾ 91!4- AlS.C Pac. of Mo.-lst, ext .. 4 98¾-101¼ 99 - 99¼ US¾- 99 99 - 99¾ 99)4-100 99)4- Q9% 99)4 -100 95 - 96 96½- 98 96%- 97½ 97 - 98 96 - 9b 2d, 1891. .... ..... . ... 7 lOl¼-102 102)4-102¼ 102¾-103 102!}.(-103 102¼-102¼ 102½-103 lOO -101 100½-101!4 . .. - . ... 101¼-101¼ 101½-101½ . ... 1 Mo. K.&T. -Gen. con .6 71¼- 75½ 73 - 77 .... - ........ - ........ - .. ... ... - . .. ... - . . . ..... .... - .. ...... - ... . ... . 1_,rus t receipts .. . .. .. 6 72½- 75 73 - 75¾ 73¼- 76 74¼- 80¼ 79¾- 88¾ 85 - 88 Si¼- 86¾ 81 - 83 80 - 84 79 - 81½ 79½- 79¾ .. • • Gen.consol, 1920 .. .. a 61¼- 65)4 63 - 67½ .. . . - ....... . - ..... . .. - ... . . . . . - .. .. .. .. Tru s t r e ceipts .. .. .. a 63 - 64½ 65 - 66 64 - 65½ 63¼- 70 69¼- 76 74 - 76¾ 73 • 73¼ 70 - 72 70 - 72 69 - 70 •· •· - ...... •· Consol., 1904 -a-6 . ... ,- 110¾-113½ 112¼-ll4 113¼-115 115 -116 -.. - .. . · .. · 1st, g old, 1990.. .... 4 .... - .... . .. . ~ ... . .. . - . . ... .. . - . .. .. . . - ... . . .. . 77¼- 78¾ 71½· 78½ *70 - 75 ~d. incom e , 1990 .. .. .4 . ... - .... - . .... . .. 43%- 46¼ 33 - 45¼ 34 - 40 IUoblle & Ohio-N ew . . 6 115¾-116 116 -116¾ .. . - . .. . 115¼-117 115½-116½ 113¼-114 113 -115 112½-116 - .. . . 115 -115 113 -113½ 109½-111½ 1st, e xten., 1 927 . ..... 6 . .. - .. . ... .. - . .. . 113 -113 .... - ... . 113 -113 .... - ... . 110¼-110¾ .... - . ... .. . . - . ... 1L9 -109 108 -108 Gen. 1U ., 1938 ..... ... 4 57¾- 65½ 6! - 65 57½--. 61 57¼- 63¼ 62¼- 63¼ 62 - 63 63 - 67 63¼- 66 *62 - 67 64 - 67 57 - 65¾ 56 - 62¾ li;it pref. <lebent . ... .. . .. 75 - 75 - .. .. 71 - 71 S t.L.&Ca n·o- Guar.4 77 - 80¼ 79½- 80 77½- 80¾ 77 - 80 .... - . ... 81½- 81½ Morg an's L.&T.-lst . . ti 111 -115 116 -116 .... - . ... . .. . - ....... - ... - .... 111 -111 110½ -l ll 112 -112 +102 -108¼ 107½-112 ht, 1918 ... . .... . .... . . '7 .... - .. . . .. .. - .... . ... - .. . .. .. - . . . .. .. - .... 130 - 130 .. . . - . . . . .. - .... 125½·126 1111 120 119¼-120 Mutual Un . T.·-S. F .. 6 101 - 101 102 -102¼ ... - .. . . 102¾-103½ 100 -100 101 -102¼ 102 -103½ 103½-104 104 -105 102 -103¾ 100 · 102 98 - 102 Na8hv. C,& St.L.-lst. 7 132¼-133 132¼-133 132½-132¾ 132)4-133 132½-133 131½-132½ 128 -128½ ... - .... 128¾-128¾ 128¾-129½ 127 -129¼ 125 . -128 2d, 1901 ..... .... .. . . .. . 6 . ... - . .. 113 -113 113 -113 1113 -113 113¼-113¼ .. .. - . .. . . . - . . . 110¼-110½ . ... - . .. - ...... . · Con s ol. g., 1928 .... . . a 106¾-109 109 -109 108)4-110¼ 107¼-107½ 107¼-lll 108 -llO¼ 108 -109½ 108½-109 108¼·10 ½ 105 -106¼ 100 -106¼ 106¼-106~ N. Y. Central-Ext ..... . a 103)4-104 104 -104 104 -104¼ 104 -104¾ 101¾-102 101½·102½ 102½ 102¾ 102 -103 101½-103 102¼-103 100½-101¼ lC0¾- 102 N.Y. C.& H.-lst,cp .. 7 130 -130½ 130 - 131¼ 131 -131½ 130¼-J.31¼ 130)4-132 130¾-131 127¾-127¼ 127 - 128 126 -129 128 - 129 128 -129 128¼-129½ lst,-reir .. . .... ... . ..... 7 .... - .... 129½-130 129 -130 130 -130 129¾-130¼ 129;1:!-130 127 -127¾ . .. . 126% 128 128 -128¾ 128 -128 127 - 128 ' D eb., 1 8 8 4 -1904 .. . :i 111 -111¼ lll¼-112 110 -112 110¾-112 112¾-113½ 112 -112¾ 111 -111 - .... 110 -110 .... - .... 107 -109 107 - 108 Deb.reg.,' 89-1904- .~ 110 - 110 .. .. - . ... .... - . ... 110 -110 - ..... . .. - .. . .. • . . .. - ... 103 -105 Harlem-1st, coup . .. . 7 ... . - .... - .. .. 126½-127 126½-128 126 -126 126 -126 125 -125 125%-125¼ 126½-126½ 123 - 123 121 -123 1st, 1·eg ... ... . . . .. ... . 7 125½-127% 126%-127½ .. . . - . ....... - .... 124¾-126¼ . . . . - .. .. 125¼-125¼ 125¼-126 126 -126¾ ... - . . . 120 -120 121 -122 N.J.Junc, 1st, guar.4 .. .. - . ... 102½ 104 102 -102 West S hore, guar . .4 104¼-105 10!%-105½ 104¾-105½ 105 -105¾ 105 -106¼ 106 -106% 103¼-10-!¾ 103 - 104 103;1:!-104 102¼-104 lOO -103¾ 99½-1027-1 R e gistered ...... . .... . 4 1041,(-105 105 -105½ 104¾-105½ 105¼-105¾ 105 -106 *104)4-06¼ 103½-lOi¾ 102% -10,!¼ 103¾·104 102¾-103¾ L00¼-103¼ 97½-102 N.Y.Chic. &St. L .-lst .4 93¼- 97 9'i - 97 95 - 96¾ 94 - 95 g3 - 94½ 93 - 95¼ 93%- 94¾ 92 - 94 93 - 94¼ *90¼- 92¼ 89 - 91¾ 88½- 90¼ Regi s tered .... ...... .. 4 93¾- 94 95 - 95 il3¼- 9~¼ .. .. . . . - .... .... - .. .. .... - .. .. 87 - 87 N. Y. Elevated-1st . .... ,- 114 -115 114 - 114½ 113 -114½ 114¼-115 115 -ll6 116 -117¼ 112½-113¾ 112½-113 112 -113)4112 -112X all - 112¼ 112 -115¼  I -  d~!~~i=i~~:::: ;;i -u• ---· ~ ~:::ll2 :,IB-r:: - ::::~Em~ iiO~11;~,L:,) ::: L:,;/ : : :i N~::8:~:t~~i~·~:~::: 1~~¾=1~~~ NY & S E  ist 1 90 5 "1  l~~  112 =1is¼ 1~:¾=l ~:¾ =l ~~ Co n8ol. 1st, 1 939 ... a 97 - 98 96½- 97½ 96 - 07¼ 96%- 97¾ ~ . Y. S .& W.-Ilefund ..a 97¾- 99 97¾- 99 07 - 97}<. 96½-100 ,~d mo1·t., 1 93"1 . . . 4 ¼ ... . 73 - 74 .... 73 - 73 , ,.dl ldl' cl nf N . . J.. 1 st .. .6 115 -116½ 116¾ 116¾ 110 -117 ll~ -1H   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -  -  -  =::::  1~ =l ~;½ 98¾-101 100 - 101 77 - 79 ll4¼-115;.  1i2 =1i2½ 97 - 08½ l00¾-101¾ 78¼- 78% 114¼ 116,-,  l :¾~l~~¾ 97 - 98 96½ · 99 7 - 78 115½ 116  lll =1i2¾ iioJ4~1iodii1J4~1iix  I  ·23  1 :_ ~ .~.·.·.I·.· .· :.:.  -  -~~  - 45 =l~~ 1~! - 111 90 - 94¼ 89 - 92¾ 99½-100 90 - 9~  97 - 97¾ 95½- 97 94½- 96 97 - 99 97 - 98½ 98¼·100 .. . - . .. 1. . . . - · · · . . . . 115 - 115~ 11a -116 llZ -112 110 - 113  110 -112  RAILROAD BO DS. 1890-Continued. JANUARY FEBR'RY.  BONDS.  MARCR.  APRIL.  MAY.  - - - - - - - ---1----1-----  JUNE.  JULY.  AUGUST. 8EPT' BER. OCTOBER. NOV'BER.  011:C'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  Nori. & West.-Gen'l .6 118¾·120 120 -120 . ... - ..... . . . - .... 118¾·119 118½-121 119 -120 119 -120 119 -121¼ 119¾•119¾ 117 -117 11?¾-117¼ 100 yr. mort., 1990.~ . ... - . .. . 95¼- 96 95¼- 96¾ 96¼ -9?¾ 97 - 98 9~- 00¼ 4'98¾- 96¾ 96¾- 96¾ 95¾- 97¾ 94 - 97 95 - 96½ 93 - 95 New River-1st ....... 6 . ... - .... 11?¾-117¾ 117 -117 113½-115 116 -117 .... - ... . .... - ... . .... - .... 114 -114 110¼-111 ... . - .... 111¼-112¼ - ... . .. . - . .. .... . - ........ - ... . ... - .... . ... - ........ - .... ... - ........ - ....... - ... 107¾-107¾ .. . • - •.•• Adjust. mort., 1924.7 99¾- 99¾ .... - .... . ... - . .. . 93 - 95 94 - 98 99 -100½ 99 -100 Clinch Val., 1st& eq.~ 98 ·100 99¼-102 99¼-101 100¼-100¼ 9?¾-100 No.Pac.-Gen.1st, 1. a-.. ti 113;14-114½ 114¼-115¼ 114~- 115¾ 115¼-116¾ 116¼-118 11?¾-119 *115 -116¼ 115¼-115¼ 115¼-116¾ 116 -116¾ 113½-115 114 -11~ Gen.1st, 1. a-r., rea-... 6 112 -114¼' 114¼-115¼ 114¾- 115¼ 115 -116¾ 116%--117¾ 118 -118 115 -115¼ 115 -115 .... - .. .. 115 -116 113¼-113 112 -114 Gen., 1. gr., 2d, 1933.6 112¾ ·ll3% 113¼-114¾ 112 -113¾ 110¾-111¾ 111¼-114 112¾-113¼ 113!¾(-115 114 -116 113 -lU 111 -112 107 -111¾ 108¾-115 Gen. 2d Id. a-r., rea-.. 6 .... - .... 111 -114 111 -111 . . .. - .. .. .... - . .. . ... . - ........ - •.. ... .. - . .. . .. . . _ . ... . ... _ ...... .. - ... . .... _ ...• Gen., gold, 3d, 1937.6 109¼-111 109¼-110¼ 109~·110¼ 110¾-111¾ 112¾-113¼ 109¼-110½ 109¼-111 111¼-111¾ 109 -110¼ 109 -110 106 -109¾ 103¼-105¾, 85 - 89¾ 77¾- 87% 'i l - 82 88 - 93 Consol., 1989 ......... ~ .... - . .. . .. .. - ........ - . ... ... . - ........ - ....... . - ........ - .... 92¼- 94 Dividend scrip, Ext .. .. 103 -103 105 -108 .. . . - .... 107¼ 107¾ · · .. - .. . . . .. - . .. . . . . . - .... 108 -108 10?¾-107¼ .... - ..•. 105 -105 .. .. - . .•• . ... - ........ - ... . 121½-122 -121½ 121 ... . .... -125¼ 125 -122¼ 122 St. Paul & No. Pac ... 6 121¼-121¼ 118 -119¼ 118 -118 121 -121¼ 120 -121¾ . .. . . .. . _ . .. . .. .. - .. . . .. . . _ .••• )tegistered..... .. . . .. . . . .. - ... . 119¼-119¼ 115¼-115¼ .••• - .. . . . .. • - . . . . . . . . - . . . . .. . • - .. .. .. .. - . . . . . .. . . . ...... _ ....... - ........ _ ..•• JamesR.Val., 1936.6 .... - ........ - ........ - .... . ... - ........ - ... 106¾-106¾ 104 -104¼ .... - .... .... Hel.&Red Mt., 1 t .. 6 . . . . - . . . . . . - . . . . . . . . - .. . . 99 -101 lOQ¾-104 101 -103¼ 105 -105 . .. . - •... 104 -104¾ . . .. - .... 106- -100 101 · 101. Spokane& Pal. s. f .. 6 106 -106¼ .... - . . ...... - .... 1073i-10?¾ 103¼-106¼ ...• - •••. 108 -108 .... - .... 109 -109 109 -1097-1 .... - ... 100 -100 Dul. & illan., lst .. . .. 6 107 -108 106 -10?¾ . . . . - ... . 101 -109¾ 108¾-110 110 -110 107¼-108 107¼-10?¾ :07¾-107¼ 107½-10?¾ 105 -105 105 -105 104 -108 102½-102¼ :> -101 Do. Dak. Div., lst.6 105 -106 106 -106 107½-10?¾ 108 -108¼ 108¼-108¾ 106 -106¼ 107 -107 106¼-107 108 -10 No. Pac.Ter.Co .• 1 t .6 106 -lO'i¾ 107 -109 108 -109 110 -112¼ 112 -ll3 112 -112 109 -109¾ 109¼-111 108 -110 108 -108½ 106 -108¼ 100 -108 Coeur de' Al.,Gn. lst.6 106 -107¾ 108 -108 .... - . . . . . . . - ........ - ... . .... - ........ - .... 108 -108 106 -106 106%-106¾ ...• - .... 105 -106 1st, gold, 1916 .. ... .. . 6 .... - . ... . . . . - ........ - .. . . .... - .... . . . - .. .. .... - ........ - ........ - . . . . .... - . ... .... - ........ - ... . 108¾-108¼99 -104¾ 99 -102¼ N. P. & Mon., 1st, a-.. 6 105 -107 106¾-108¾ .... - .... 106¾-110¼ 110 -110½ 109¼;-110¼ *109 -109½ 109 -110 106¾-107¼ 104 -106 ...... - •••• Cent. Wash., 1st, ir ... ti ... . - •... 106¼-106½ 105 -105½ 105 -106 104½-1013½ .... - ........ - •• .. ...• - .... ... - ........ - ........ 83 - 85¾ .. .. - ........ - .. . ..... - ........ - ........ - .... .... - •••• 82¼- 84 82 - Si 83 - Si½ 83 - 84 O.In.&W.-T.rec,lst.~ 82¼- 84 57 - 60½ .. .. - .. · · · • · • - .. · · • ·.. - • .. · . . • . _- . . ~~ · · · · = ·,:: · ·. ·. ·. ·• _? • ·•• 55 - 58 52½- 55 2d mort., 1938 ....... . ~ 53¾- 54¾ 54¼- 55 52½- 55 . ... Jnd. B. & W., lst,pf.1 ... - .... 11?¾-117½ 117½-117¾ 118½-118¾ ... . - ....... - ... . 115¼-115¼ ... . - .. . . .... - ... 116 117"" 117 11 • Oh. & M.-Cons. s. f .... 1 114%-114¾ 114¾-115¼ 115¼-115½ 115¼-116 116 -116¼ 116½-117 113½-113¾ 118½-114 114½-114½ 114 -115 t113- -114½ 113 -114¼ -114¼ 113 .. .. .... -114 114 114¼-114½ -114 114 Consol., 1898 .......... , 115 -115 114¾-115 114¼-115¾ 115 -115¾ 1151,(-116 116 -117 113¼-113¾ 2d, consol., 1911 ..... 7 122½-128 122 -122 122½-125 121½-122 122 -124 122¾-123¾ 123 -123 123½-123½ . .. . - .... 118 -118 .... - .... 119!¾(-119% .. . . - • . .. . . . . - .. . . 1st, Sprinirf. Div .... .. , 111 -112 .. .. - .. .. .. . • - .... 115 -116¾ 113 -113 . . .. - .. . . • . . - .... 114, -114 115 -115 . . . . _ ...... - ... . .... - . . .. 100 -100 100 -100 .... - . .•• ObloRiverRR.-lst .. ~ .... - .... ... . - .... . ... - ... . 100 -101 . .•. - .... 100 -100 .... .... - ..... . . . - .. _. General, 1931 . . ..... .~ ... . - .... .. - ... . 92¾- 92¾ ... . - ... . ... - ....... . - . . .. 91 - 91½ ..• - .. . 91 - 91 .... _ Ohio Southern-1st .... . 6 108 -109¾ 108 -108 109¾-110 109 -109½ 109 -111¾ 106¾-107½ 107 -108 107 -107 104 -106½ 104 -105 .. 100 -104¼ •101 -102. 55 - 61 .... - ........ - . . .. .. . - .... . ... - ........ _ ... . .... - ..... . .. - .•.• 45 - 5<•¾ 49 - 55 52 - 54 2d, Income. . .. . ...... . 6 55 - 55 49½- 55 40 - 63 66½- 67¾ 66¾- 67¾ 63"'- 66½ 60 - 66¼ 64 - 66 62 - 68 59 - 64 Gen., gold, 1 pt ..... 4 . . . . - .. .. .. - . .. . 63 - 63 ... - . ..... .. - •• • 71 - 72 71¼- 72 78 - 79½ 71 - 75 76¼- 77½ 77½- 80 Omaha& St. :L.-lst .. 4 78¼- 75¾ 75¼- 76¼ 76 - 76½ 76¾- 77 Or. R'y. & Navo-1st ... 6 110½-118 109 -112 109¾-110½ 109¾-110 110½-110¾ 110¾-111¾ 109 -110 109½-110½ 109½-110½ 108 -109½ 107 -109¼ 106 -110 92¼- 92~ 94!'(- 98 Consol., 192~ ... . ..... ~ 102¼-103¼ 108¾-104 103 -108¾ 101!¾(-103!14103½-104 101 -101¾ lQ0½-101¾ 100¼-100¾ 99 -100 98 - 99 79 -102¼ 79 - 90 Orea-. Imp. Co.-lst . ... 6 101½-104 103 -103¾ 108 -104¾( 104 -105 105 -106 *102¾-104 102!¾(-104 103 -103¾ 102¼-104 102¾-104 90¾- 90½ ... . - ........ - .. .. Consol., irold, 1930 .. ~ . . . . - ........ - .. . . . . . . - .... 92½- 93¼ 98¾- 94¾ 94½- 94¾ .... - ..... ... - . . . . 93 - 94 Orea-on Trans.-1st . ... 6 10.::¾-106 105 -106¼ 106 -107¾ 107 -107¾ 1~105¾ 105¼-106 105¾-106¼ 106¼- 106¼ 106½-107¾ 107¼-10?¾ .... - . .. . 106 -106 Penn. Co.-lst, cp .... .4½ 1 ¾-109¾ 109 -109¼ 109¼-110¼ 109½-110¼ 109 -110 109 -109% 107 -107 107 -107¾ 106 -107 105½-10~ 105 -107 105¾·10~ Rea-istered .... .... .4½ 106¾-107 .... - .... 110¼-110¾ .... - .. . ..... - •... 109 -110 106:1.{-106¾ .. .. - •... 106 -106½ 106¼-107 107 -107 104 -105 Pltts.C.& St.L.-lst 7 109 -109 .... - ....... - . .. . .... - ..... . . - .... . . . . - . . .. .... - .... . ... - ........ - .... . . .. - ........ - •....... - •.•• .• .Pltts.Ft.W.&C.-lst.7 143 -145 144¾-144¾ 143¾-144¾ 145 -145 .... - .... 145¼-145¼ 142½-142¼ 142½-142½ 143 -143 143½-143¾ .... - ........ 1 141 -142 142 -143¾ 188¼-188¼ 148¼-14:3¼ .. . . - .... 144¼-144¼ ...• - .... 141¼-141¼ 141¾-148 143 -143 143 -143 132 -182. 2d., 1912...... .. . 3d., 1912 ........... . . 7 .... - .... . ... - ........ - ... .. .. . - . ... 188 -141 .... - . . . .. . .. - ........ - .... 135½-135¼ .... - .... 182 -133¼ lM -134 (llev.& P.-Cons.s,fd.1126 -126 .... - ... . 128½-128¼ 128¾-128½ 125½-125½ 126¾-126¾ 126¾-127 .... - . .. . 127 -127 127 -127 124 -127¾ 120 -123 -,4th, 1S92 ..... .. ..... . 6 103 -103¾ 103½-103¾ 104 -104¾ . . . . - .... 104¼-104¾ 104¾-105 102 -102 101!¾(-102 .... - ........ - . .•. 102 -102 103 -IOS 112%-112¾ 110½-112¼ 112½-112¼ St. L. V .& T. H.-lst . 7 115 -116 . . . . - .... 113¾-114 113¼-115¼ 115½-116¼ . .. . - ... . 112¾-112¾ . . . . - .. • . . . . . .. .. - •••. . .. - ........ - .. .. .... - ... . St.L.V.&T.B.,2d,'98 ll0¾-110½ ... - ... . .... - ........ - .... 109 -109 .... - ... . .... - ... .. . . . 2d, gnar., 1898 .. ... 7 . .. . - ........ - ... . .... - ....... - .... 109 -109 .... - ....... . - .... 110 -110 ...• - ... ..... - ... ..... - ..... ... - •••• Peoples'G&·C.,Cbl.2d 6 97¾- 97½ 86 - 86¼ ... - .... . ... - ..... . .. - . . . . 97 - 97¾ 97 - 97 .... - ........ - .... .... - ...... . . - . ... .. .. - •••• Peo. Dec.& Evan.- lst.6 101 -103¼ . . . . - .... 104 -104 105 -109 106 -106 106¼-107¼ 103¾-103¼ . . . . - . . . . . . . . - .... 103 -104 102 -102 . . . . - .. .. 57¾- 61 60 - 66 - . . . . 67½- 69¼ 68 - 68½ 67 - 69 69¼- 70 72¾- 74 70 - 73 2d, 1926 . ... . ........... 5 69 - 72½ 69¾- 70 66 - 72 Evansv. Div., lst ..... 6 101½-103 105 -106 100 -102 102 -105 104 -105 104 -106 105 -105 101 -101¾ 100 -100 100 -100 .... - ... . 95 - 96 72 - 7673¾- 79 79 - 81½ 78 - 80 82½- 83¾ 78¾- 82 Peoria & Eas., 1st con,4 . . . . - . . . . .. .. - .. . . .. .. - .. .. .. .. - . . .. .. .. - .. . . 82¾ · 85 ·• i.1. .Z'. -_ 1·8-··· 22¾- 25 .1. .8. = 2·2·¾ 83 - 34¼ 80 - 32¾ 28 - 31¾ 22 - 27 lncome, 1990 ......... 4 . ... - ... . ... - ... . .... - .. .... .. - . .. , .... Peoria&Pek.Un.-lst .6115 -115 .. . . - .... . .. . - . ... 118½-113¼ •··· - .. .. .... - •....... - .. . ..... - .... 110¾-110¾ 112 -112 70 - 70 . .. . - . . . . . . . . - .. .. 70 - 70 . . .. - . . . . . . - . . . . . . . - . . . . 70 - 70 71 - 71 67 - 67 2d mort., 1921 ..... 4 ¾ . . . . - . . . . 66 - 6d Phila. & Read.-Gen. 4- 85 - 87 84¾- 86¾ 80½- 85 84 - 85¼ 84½- 85!¾( 84¾- 86¾ *83 - 83¾ 80 - 83 79¾- 82½ 80½- 82¼ 75 - 82 75½- 80¼ 50 - 58 62 - 67¾ 52¼- 63 69¾- 72¾ 66½- 70 1st pref. inc., 19~8 . . ~ 68 - 80½ 65 - 70¾ 62 - 67¾ 66 - 71½ 71 - 75¼ 72 - 74¾ 72¾- 74 29¾- 37¼ 2d pref. inc., 191i8 .... ~ 48 - 54¾ 46 - 50¼ 43½- 48¼ 47¼- 58¾ 52¼- 58½ 55½- 58¾ 55¾- 58½ 51¼- 55¼ 47 - 52 42 - 47¾ 36 - 44 43¾- 46¾ 40¾- 43¾ 37 - 41¾ 83¼- 37½ 27¼- 34¾ 23 - 28¾ 42½- 47¾ 42¼- 47 88¼- 43 88 - 43½ 36¼- 40 3d pref. inc., 195S .... ~ 40½- 49 45 - 48½ 46¼- 46¼ . . . . - . . . . 45 - 45 .. . . - . . . . . .• . - .. . . .. .. - .. . . . . . . - . ... 3d pref. inc., conv .... 5 . . . . - . . . . 41½- 46 . . . . - . .. . 45 - 46 Deferred income ...... 6 12½- 12¾ . . • • - • . . . . . . . - . . . . . . . . - • . . . 16 - 16 .. .. - . . . . .. • - • . . . . .. - .. .. .. . . - . . . . .. .. - ....... , - • . . . . . .. .• .. •• Pitts.Cl.& Tol.-lst .. . 6 .... - ........ - ... 107 -107 .... - ... . · .. · - ... . . ... - . .. . . ... - ... . ... - .... . .. - ........ - .... · . . • - ... .. • . - ...• .. •· - •·•· . . . . - ... . ·· ·· - •·· · . .. . - . . .. .... - ... . .. - ... . ... . - . .. . 118 -118 ··· • - •··· ... . - . . . .Pitts.Junc.-lst,192~.ti .... - . . .... . . Pitts.Pain.&F.-lst a-.li 98 - 98 .... - . .. . .. . . - ... . 98 - 98 •·· · - .. . . 98 -: 98 95 - 97½ 97 - 97½ .... - ... . 96½- 96½ 97½- 97½ 95 - 95 72 - 75" 78½- 79½ 77¾- 79¾ 74½- 78 78¾- 80 79!¾(- 81 81¼- 83 81¼- 83 Plttsb. & West.-ht . .4- 80¾- 82¾ 80 - 81 81 - 82 80½- 82  p;:~· ;:c~~:.~.-:-:-~ ..~·..~:: E¼= E  :t!~fi~:::~::L:  1~½=1~~  :~=  ~~  ~o  =  40¾ 41 = 41 - il ~ il..  1~; =l~~ 1~!\E~ ~~t=1iili  ~i;  -118  ·u  = 4i · : :: : = :::: :::: = ::: : ::::  ~;¼~1{~~  iiii¾=li6¼  i~~ =Ii~~  = :::: ·36¾= 37 .. ·87¾- 37%!:::: = ::::  ii6¼=Ii6¾ i~~¼:1;;::  i~~  :1:;: :  ~~~  =1~~::  Debenture ......... . . . . 6 99¼-101¾ 102½-103 103 -105¼ 102 -104 101 -104 105 -105 104¼-105 104¼•104¼ 105¾-105½ 102 -102½ 100 -102¾ 99 -100 83 = 8·5·½··l ·84··· - 88 91 - 91¾ 85 - 90 92.¼= 9·3·¼•· 90¼= 92 . .¾= 9·4·· · . .• · · :iu= 91~ ..90 Con. M., a-old, 1936.~ 88½- 90½ 90 - 91¾ 90 - 90¾ S-7¾= 8·9·¾ 9074 •••• 85 •••• . . . . .... 85 . . . . 7¼ Equip. s.f., 19 11 9 ..... 5 88 - 89¾ 89 - 89½ ... . - ... . .... A ti. & Ch., inc., 1900 108 -108 107 -107 . ... - ........ - ... · · ·· - .... 105¼;-105¼ .... - • . ...... - ... . .... - ... 103 -103 .... - ....... . - ... . •1st, 1897 .. ... ... . .. , 107 -107 .... - ... . 108 -108 .... - .... 103½-103½ . . . . - .. . ..... - .. . .. ... - ...... . - .... . ... _ .. .... . . - ....... . _ . . .. 95!¾(- 97¾ 91 - 97¼ 93½- 97 97 - 98 98¾- 99¼ 99 -100¼ 100¾-101¾ 100¼;-101 72 101¾-101¾ 98 - 99 99¼-100 Rieb.& West Pt. Ter .6 100 -103 77 - 78¼ 76½- 78¾ 72 - 75½ 68 - 73¾ 59¾- 71¾ 61 - 69¾ 77¼· 79 Con., 1st, col. t. g ..... 5 78 - 81 80 - 81¾ 77 - 80 78¾- 81½ 79 - 83 76¼ 72 - 74¾ 68 - 73¾ 76¾- 78 *74¾- 75¼ 74 - 75¼ 71¾- 75 71 - 72¼ 69¼- 72¾ 71¾- 75¾ 74;.(- 78 Rio G. W .-1st, 1939..4 71¾- 73 D.&R.G. W.,lst,t.rec 98 - 98 .... - . ... . .. - ...... . . - .... · · · · - ........ - ..... . .. - ... . ... - .. . . ... - ... . .... - ....... . - ..... . .. - ...• Rome W. & Og.-lst . .. , 104 -104 105 -106 105 -106 106 -107 ... . - .. . . 103 -103 103¾·103¾ 108½ 103½ 103 -104 104 -104 103 -103 100 -106 Con., 1st, extended .. .ti 110 -110½ 110½-112 111¼-112¼ 107!¾(-110 108 -110 108½-109½ 109 -110 110 -110½ 110 -111 *107 -108½ 105 -107¼ .... - .... 97½- 98 . ... 107 -107¾ 104 -104 103 -106¼ 100 -101 St. Jos.&G'd 181.-lst .6 104¾-105¾ 105 -105½ 105 -106¼ 106¼-107¾ 105¾-107 106 -107 .... - ... . . ... - . . .. 1•.• • - .... ..• - ... . 2d,income .. . ........... ~ .... - .... 37 -37 .... - .... 40 -43¾ 43 -50 48 -52½ - .. .. 84 - 85 .. . • - .. . . 82½- 82¼1 . - • •. 86 - 88 81 - 86¾ 80 - 82¾ 82 - 85¾ 84 - 94¼ 86 - 89 Kan. c. & Om., 1st .. ~ 85 - 85 ... . 111½-112 ... . .... .... .... ..• -113 113 . ... .... 111%-112 -112 111 -111 111 T.H.-lst.1110½-110¼ St. L. Alt.& ~d, pref ........ ...... .... 7111 -111 108 -108¼ 108 -109 109 -109 105¼-IOS¾ 108 -108 108½ 109½ 106¾ 107!,i 106½-107 106½-107 105¾·107 106½ 106¼. 106 -106 .... - .. . 106½-106¾ 100 -100 100¾-105 2d, income .............. ') .... - ....... . - .... 106 -106 107 -107¾ 104½-106 106 -106¾ 51 - 52 j 48 - 51 .... - •••. 50 - 52 50 - 50¾ 52 - 53 54 - 58½ 58 - 62½ 60 - 60 55 - 55 Dividend bonds ...... . 6 50 - 58¾ 55 - 57 . ..... . . - . . . . .. . . - ... . .... - ... . .... - .... 1C2 -102 .... - ..•• Ch. St. L.& Pad.,l11t.~ .. .. - ........ - .... 99 - 99 101 -101 101¼-101¾ . . .. - .... jn3 -113 113 -113 ... .... .... -115 115 -116 116 .... .... . . . . Belle. & So. 111.-lst,8 117 -117 .... - .... • .. - ........ - ........ .... - ... . Bell.&Carond.-lst .6 .. . . - ........ - ........ - .. .... .. - .... . ... - . ....... - ........ - . . . . .... - . ...... . - ........ - ........ 81¾- 81¾ 95 -100 84 - 84 .... - ..• 82 - 82 83 - 85 .... - ·.·.·.·. [.·.·.·. St. L. t!io., 1st, 1ruar .. 4 81¾- 82 .... .. .. - .. . . 50 - 50 .... - .... .... - ... ..... - ........ - ........ - ..• .... • - ..•• 2d income, 1931 .. ... Ii ..•• - ........ - ........ .• - ....... . - ........ - ... . .... - ••.•. . . . - . ... 87¾- 88¼ 87½- 87¼ . .. . - ..... .. . - ........ - .. et.L.Ark.&Tex.-lst.6 90½- 00¾ .... - ... . .. - ........ - . . . . .. - ... . .... - .... . .. . - . . .. 94 - 95½ .... May, 1889, coup. off 88¾- 81 86¾- 89¼ 86½- 88¾ 87¼- 91 7~ 70 85¾ *75 BS~ 86¾89½ 86¾90¾ 87¾92 90¾94¾ 91¾98¾ 90¾. . . .... Trust receipts ......... . .. - .. ...... - . . . . 86¼- 88 . ....... - ... . - •..... . . - ...... .. - . . ..... - •... ...• 24½- 26½ 23¾- 25¾ 22¼- 25½ 24½- 24¼ .... - .... .. 2d, 1936 ............. . 6 24¾- 29 18 - 1~ 18 - 22 2n½- 27½ 22 - 25 28 - 28½ 27 - 28 32¼ 29 - 31 - . . .. 29 A.Ii a88esments paid . .... - .. .. . . . - ....... . - . . . . t Under the rule; cash. • Ex-interest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  68:-  = ........ - ........ - .... ... - ....  73  RAILROAD BOND  __  1!!§90-Concluded.  ··- - - - - -- - - - - - - - - - - - - - - ; - - - - - - - - - - - - - - - - - - - - - - ------,----------------.:•:.__... JANUARY FEBR'RY.  J  MARCH.  I  APRIL.  MAY.  JUNE.  I  JULY.  AUGUST. SEPT'BER. OCTOBER.  NOV ' BER.  DEC'BER.  ~ ~~ ~ ~ ~ ~ ~o~ ~~ Low.HIJ?b Low.lllg~ ~ :-_ow.H;;~  BONDS.  St. L.& Iron lllt.-lst .. '7 106 -108 104 -104½ 104¾-104¾ 1104%-105 104½-105 105 -105¾ 105)4-106½ 102 -103 102 -103½ 103¾-103¾ 102 -103¾ 102¾-lO-:¼ 2d, 1891' ...... ........ .. '7 108¾-109 109 -109]4107 -109¾,108¾-109¾ 106 -107½ 108 -109 .... - .... 107 -10 107¾-108 107½-109¾ 104 -105¾ 103¾-105 Arkansas Branch .... 7 107½-107¾ 107½-107½ 107¾-107¾ 108¾-108½ 108%--108½ 105~,-106 106¾-106¾ 106½-106¾ .... - .... 108½-108½ 104 -107 104 -104 Cairo &Fulton-lst.. 7 lOO¾-lOH2,100¾-101¾ 1101 -101¾ 101 -101¾ 102)4-103 102¾-103¾ 100 -100¾ 100¾-101 100½-101¾ 101¾-102 101 -102¾ 101¼-102 Cairo Ark. & Texas . , 102%-105 1104½-104¾ 105 -105½ 105 -105½ 105½-107 104 104¾ 105 -107 106 -107 105 -105 105,4-107¾ 105¾-107½ 1 02¼-104 Gen. consol. & I. g .... !j 88 - 90½ 90 - 91¾ 91 - 92¾ 88 - 90 90¾- 95¼ 93 - 95¼ 94¾- 95½ 93 - 95 93 - 94½ *91 - 92½ i·84¼-- 91¾ 87 - 92 St.L. & S. F. -2d, cl.A.ti 112½-113 1112¾-112¾ 112½-113 113½-114¾ 115 -115 114½-114½ .... - . . . . ... - . . . - .... 112 -112¼ 110 -110 110 -111 ClaH B .. ............... .6 112½-113¾ 112¾-113¼ 112½-113 1114 -115 112 -114½ 114½-114¾ 113¾-114 111 -112 111¾-111¾ 113 -113 110 -110¾ 110 -111 ClaH C . ................. .6 112¾-113 112½-112¾ 112¾-113 113¾-114½ 112 -113 114 -114½ 114 -114 111¼-111¼ 111 -112 112 -113 +106 -110½ 108 -111¾ Equipment .... ... ..... . '7 .... - ........ - .... 101¾-101¾ 101½-101½ 101½-101½ 102¼-102¼ 102½-102½ 102 -102 - . .. 101½-101/4 •• General mort ......... . 6 109½-112 109)4-110 109¾-110 110¾-112 112 -113 115 -115 111 -111¾ 110½-110½ 110 -111 110½-111 105 -111¼ 106 -108¼ General mort ......... . ii . . . 97 - 97½ . . . . - . . .. 98 -100 102¾-1 'l2¾ . . . . . . . . 98 - 99½ ~5 - 95 95¾- 96 1st, Trust, 1987' ...... :5 .... - .... 86 - 89 - .... 88½- 88½ . ... K. C.& So. W.,1st, '16 .... - ... . 93 - 93 .... Ft.!S.&V. R.B.,lst '10 .... - .... 105 -105 St. Paul &D.-lst . ... ~ ... . - .... 108½-109 .... 2d, 1917 ........... ... . . :5 103¼-103½ 104)4-105 105 -105½ 103 103 104¾-106 105 -105¾ .... 104 -105 102½-104 102 -102½ .... 8t.P.1U.&M-lst1909. 7 1113 -113 lll½-111½ lll¼-111½ 111)4-111½ 116½-117 117 -117 2d morta-., 190Q ...... 6 119 -119½ 119¾-119½ 120½-120½ 117 -117)4117½-117½ 118 -118 - .. . . 118 -118 . ... 115 -115 Dakota Extension .... 6 118¾-118½ 117¾·118 119½-120 120 -120 118 -118 118 -119 119 -120 118 -119 118 -118 118 -118 115¾-117 114 -115 1st, consol., coup .... 6 !115¾-120 116 -120 116¾-117½ 118 -118½ 118 -118¾ 118 -120 118 -119,-( 119)4-119¾ :.16 -1 ..7 116¾-117½ 115 -116 115 -116 Reduced to ......... 4½ 101¾-101¾ 100 -102¼ 101 101½ 101½-101¾ 101¾-102 102½-102½ 100¾-100¾ 100¼--100% . . . . 101¾-101½ 100 -100 lftontana Ext., 1st ... 4 . ... - . . . . 88¼-- 89½ 88 - 88½ . . . - . . . . 89½- 91¼ *89 - 92 90 - 91¾ 90 - 91 89 - 90 88 - 88½ 87 - 88 Montana Cent., 1st. 6 112 -114 114¾-115 .... - .... 116 -116 115 -115½ 118 -118 116 -116 117½-117½ 116 -116 116 -116 .. .. San A. &Ar.P.,1916 .. 6 85 - 85 87 - 87¾ .... - .... 86 - 86¾ 87 - 7¾ 86¾- 88¾ 71¾- 75 70 - 72½ 70½- 75 70½- 71 65 - 68 57½- 63 1926 ... .. .. ........ ...... 6 85¾- 87½ 87 - 89 86 - 87 86 - 88 87¼- 88½ 87¼- 90 70 - 77½ 69¼-- 72 70¾- 75 69 - 70¾ 65 - 68 59 - 62 S,F.&N.P . . lst,1919 .. i) - .... 98 - 98 .... - ....... - . . . . .... - ...• ~. V. & N .E.,lst,1989.4 .... - . ... .... 82 - 84¼ 83 - 83 SO - 82½ 79 - 80 ... . 79 - 79 73¾- 77 69½- 73 Shen. Val.-lst, 'fr.rf'c.'7 113¾-116 116 -116 116 -122 122½-124 123 -124)4124)4-125¾ 125½-125½ .... - .... 127 -127 - ... . ;126¾-26¾ Generalmorta-aa-e .... 6 50 - 50½ .... - •· • ... - •··· •··· - •··· ]· · .. - •·· ···• - •··· ··· · Trust receipts ......... 6 48 - 50½ 50½- 53 52 - 55 5 3¾- 57 57~- 60 57 - 60¾ 55 - 57¾ 55 - 59 56 - 59 1·.. 1  1  S~~f~i=i~~!~;; ~:~:·. ~-~~:  96  ;!;:.::8~·::: ::::::::::::: ··;½=  99 - 99  9  8 -  8  98 - 99 8 -  9  98 - 99½100 -100½ 99½-100)4100 9 = ii ..  ~~½= ~:¾  :l~~~~~~¾:1~~~~~~~1~~~1:  ii = i2¾ 11¾= i2 ..  ·i~·~ i2··  :  =  ~~  :1:::  ~~: ~~  /·i2½= 14½ ::.-.  . . 1:- -1::~ .. 12 - 13  So. Pac., Cal-1st .... ... 6 107 -107 115 -115 115 .-115 112 -112 .... - .... 114 -114,4 115 -116 - .... 115 -115½ 112¾--114 112 -112½ .. .. - ... . 1st consol., 1938 ... . i) 101½-102¼ 102 -102% 102¾-103¾ 100¼-100¾ 100%--101¾ 100½-102 101:1(-102¾ 100¼--102¾ 101¼-102 *100 -100¾ 100¼-100¾ 100¼-lUO¼ So. iPac., Ariz., 1st ... . 6 .... - .... ... . - ........ - . .. . 107 -107¼ 107}4-107¾ 108 -108 105 -105¾ 106 -106 106 -106¼ 106 -106½ 105½-106¾ 1047-(-105¼: So. Pac., N. Mex.-lst.6 107 -107½ 107¼-107¼ 107¼-107¾ .... - .... 107%--107½ 107¾-109 105)4-106 106¼-106¼ 106¼-106¾ 106¾-106¾ 106 -106¾ 104½-106¼ Tenn.C.& I.-Tenn. D.6 97 -104¾ 101¾-104½ 99 -101¾ 96}v- 98 97 - 98 96½· 9 ½ 96¼- 98¼ 96 - 98 97 - 98 88 - 93 87 - 92 80 - 88 Bir. Div., 1st .. . .... . . 6 98½-103½ ' 99 -103 99½-100 99 -100¼ 100%--103 101 -102½ 9 ½-100 95½- 98 97 - 9$)¾ 90 - 97½ 90 - 96½ 86¾- 93¼ Tex. Cent.-lst, 1911.7 .... - .... 51 - 51 .... - . . . . 45 - 46½ 50 - 50 .... T.&N.O.,Sab.Div.,lst6 ... . - .... 106 -106 103½-.1.03½ 105 -106 .... - ........ - •... 107 -107 109 -109¼ 104¾-104½ ... . - .... 102 -102 Tex.&Pac.-E.D.-lst.ff .... - ....... - ........ - ........ - .... 109½-109½ .... - .... 107 -107 . 102 -102 102½-105 let, a-old, 2000 ... .... i) 90¾- 92¼ 91 - 92¼ 91 - 92,4 91¾- 94 93¾- 96¾ 81¾~ 93 92 - 93 91 - 92 89¾- 92¾ 90 - 91¾ 86 - 92 82¾- 86¼ 2d, a-., inc., 2000 .. ... i) 38¼- 40½ 37¾- 40¾ 37¾- 39¾ 37½- 40¼ 39¾- 45¾ 41 - 44¼ 40¾- 42¾ 38¾- 40¼ 38 - 42½ 35¾- 40½ 30¾- 37¾ x:26 - 32¾ Third A venue (N. Y . ) ,. 1 1st, 1937 ............. ... ti ... . - ........ - ... . 112 -112¾ .... - ..•. 114 -114 113 -113 .. - ........ - .... 111 -112 - . .. 115 -115 Toi. A. A. & c., 1911' .ti 104¾-106 105¾:-106½ 103¼-103h 1033,,i-105¾ 104¾:-105½ 105 -105½ 105 -105¼ 104¼-106 103 -103 102½-103¾ +so - 92½ 80 - 84¾ Toi. A. A. & N. M., lst.6 105 -107½ 106½-106¾ 106 -106¼ 106 -107½ 102 -103¾ 103¾-104¼ 103 -104½ 104 -104½ 104 -104¾ 102 -104 95 - 99¼ 81 - 93 Toi.A.A.& G.T.-lst .. fj 107 -110½ 108)4-110 112 -112 110¼-110¼ 110½-110½ 110 -111 108¾-108¾ 106 -109 107½-109 107½-108 98 - 98 95 - 99¼ Toi.& Ohio Cent.-lst.:5 102 -103)4102¾-103½ 103 -103¾ 103½-104 104 -106 106 -108 108 -108¼ .... 104 -105 103 -106 102 -104 102 -105 T.P.&W.-lst, 1917 .. 4 76 - 76¼ 76½- 77 77 - 78 77¾- 78¾ 78½- 80¾ 80 - 80½ 78 - 79 78 - 78 78 - 7 ½ 77¼-- 78½ 77½- 77½ 76 - 77 Tol.St.L.&K.C.-lst.6 99' -101 , 98 -101 99 -100 98 - 99½ 99 -100 97½- 99 99 - 99¾ 98 - 99)4 95 - 98½ 93 - 95½ 91 - 95 83 - 93 Union Pn.c.-lst, 1896.6 111 -111¾: lll½-112¼ 112¼-113¾ 111%-113 111¾-112,-( 112¼-113)4109¾-110¼ 110 -110½ 110%-110¾ 111 -112 110½-111¾ 111¼-112 1st, 1891' . .......... .... 6 llZ -112!,tl 113 -113½ 114 -114 113 -113¼ 113)4-114% 113¾-113% 111%--111½ 111~112 112¼-112¼ 112%-112½ 112 -113 113 -113 1 t, 1898 ............... 6 113 -115¾ 114½-115¾ 115¾--116¾ 114¼--115% 114¼--115¾ 115)4-115¾ *112¾-13¼ 113¼-113¾ 113¾-114 114 -115 111:1(-114½ 114%-114¼ 1 t, 1899 ..... ...... . . . 6 115 -116 116),i-118¾ 116¾-ll ½ 116¾-118¾ 116,-(-117¾ 116¾-116½ 114¾-115 114%-115 114¼--115¾ .... . . 114½-114½ ... . Sinking fund ........... 8 115¾:-116¾ 118¼-116½ 112¾-112¼ 112%--113 112¾-113 113 -113 113¼-114¾ 114 -114½ 110 -110¼ 110 -110½ 108 -10 ll-8 -108 Rearistered ..... ..... 8 115½-115½ 116¼-118¼ 112 -112 .•. - ........ - ........ - .. . . . •. - •... 113½-113½ 110 -110¼ .... - .... 108 -108 108 -108¼ Collateral Trust ..... 6 104¾-107 107¼-107¼ ... . - .. . . .. • - . .. . .. . - ........ - ........ - ........ - . .. . .... - ... . .. .. - ....... - . .. . . . . Collateral Trust .. . . . ~ .... - .... . .. . - ........ - .... . .. - . .. . 99 -102 . . . . - .... 100 -100 ...• - ..... ... - .... 99½- 99¾ . . . . - ....... . Collateral Trust.... 4½ 89 - 90 89 - 89½ 87½- 87¾ 86 - 86 84 - 86½ 85 - 85 . . . . - . . . . S! - 85¾ 1•... - ... • 77¼- 84 t74 - 79 65 - 72 Kan.Pac.-bt, 1S9~.6 111½-112 .... - .... 110¾-111,4 .... - .... 110½-110¾ 110¾-111½ 111½-112¾ 111%--111¾ .. .. - ... . ... - . .. . . .. - . .. 110 -111 1st, 1896 .... ........ . 6 110 -111 lll¾-111½ 111½-112¾1.... - ........ - ... 110 -110 110¼--110% .•.• - ... . ... - .... 112 -112¼ 112 -112)4 .... K. P., Denv. Div•.. -6 113 -113¼ . - .... 115¾-117¾ . . . - ....... - .... 113 -113½ 114 -114¼ 114 -115)4114¼-114¾ 114¾-114½ lll¾-111½ 111 -111  c!:~•. c::~~--p::·s:r:·~~~~%=1~~  At. Col. & Pac.-lst .. 6 At.J.C.& West-lst.6 Orea-. Sh. Line-lst ... 6 or.Sh.L. & U. s.,con.~  ..  ~~~  ~~~½=1~~ ~~~¼=1~~~ ~~~-½=1~~~ ~~~.)4=1~~~ ~~~  =1~~ .. .. 95 - 96¾ 94 - 95 1 90 - 95 92½- 95¾ .... - . . .. 96 - 96 . ... - .... .... 114 -116¼ 112½-113¾ 112:1:(-114 114 -114¾ 113 -114 97 - 98 93½- 94¾ 93¼- 94¾, 92¾- 94 93½ -94½ 96 - 98  ~:~:t~:::~~!~!:~ir::~ 1~~  Ext'n, ]st, 1909 ..... ,U.Pac.Den.&G.Con.~ Un.Pae.L.&Col.,lst.:5 Utah & North'n-lst .. 7 Va. lllid,-Gen., 1936 .. :5 Gen., iruar.stampe<l..l Valley Ry. of O.-Con.6 ~ abash-1st, g, 1939.5 2d mort., gold, 1939.:5 Deb. inc., 1939, s. B .ti St.L.K.C.&N.R'l e.')' No. Mo.-lst,1895.'7 8t.C. B'ge, lst,1908.6 W.N.Y. &Penn.-lst.:5 2d M., g., 1927' ... .3-~ West. Un. Tel.-Coup .. 7 Rea-istered ............. 7 Collateral trust ..... I} Wheel.&Lake E.-lst.i) Wheel. Div , 1st, ii Wis. Cent. Co., 1st, ll• .i) Income, 1931·...... ... i) Wood,u'klron-1st.... 6  ir.  - 99 - 92 -115¾ - 94½  =1~~ . . ioo =100 .. 95½- 98½ 9-!½- 95 94 - 94 92½- 94 114¾-115½ 111 -112¾ 94 - 94½ 93 - 94¼  ~~~=1~:~  =1~! 112½-113  ~~~. =1~~~ ~~~~1~~~ ~~~  =112 93 - 93 88¾- 90½ · 87 - 87¾ .... - ........ - .... llQ¾-111¾ 110 -111 105 93 - 94 *88½- 91½ 84  1....  107 -109 87 - 88  '  99 -104 79 - 80¼  ii; =1is .. iis =1i4½ iis =1is· · ii4 =ll4 .. ll5¾=1i6. *~~2 =1~~ ii1½=lii¾ iioJ4=1ici¾ ioo =106 1~:¾:1~! .... - .. . . 113 -113¼ .. . . lU ,114 lU½-115½ ... . - .. .. ... . - ... . 109¾-111¾ 109½-110¼ 105 -10 ½ 102 -103¼ .... - ...... . . - . . ...... - .... 86¾- 88 8! - 88 81½- 85½ 77¾- 83½ 73¼- 79 101 -102 102 -102½ 102 -102½ 100 -101 98¼-100 99½- 99½ 100 -100 .... - . .. . ···· 115 -115 - ........ - ....... . 86 - 87 85½- 87½ 5 - 87 86 - 88½ 86 85 - 86 85 - 86 85 - 85 86 - 86¾ 85 - 87 81½- 85 79 - 88 88 ½ 87¾- 88 87 - 7½ 87 - 90 88 ½ 86½- 88½ 7½- 88 87¾- 88 88 - 88 7 - 88 81 - 85½ 80 - 83¼ .... - .. .. 105½-107 103¾-104 - .. . 104½-104½ 104 -104¾ ···· - .. , .... - .... ···· 102 -103¾ 103)4-103¾ 103 -103¾ 103¾-105¾' 101¼--103 101%-102¾ 101¾-102¾ 100 -102 100¾-102 101¾-102 94¾- 99¾ 93 - 98 83¾- 86¼ 80¼- 82¾ 80¼- 81¾ 81 - 82% 82¼- 85 82¾- 84 81¼- 83½ 76½- 80¾ 75 - 78½ 74½- 77 68 - 74½ 69 - 73 50 - 53 48 - 52½ 47 - 49 47¼- 53 52½- 57 50½- 53½ 48 - 50¾ 45 - 50¾ 41 - 48¾ 35 - 43 29 - 34½ 30 - 33 lll½-112 112 -112¾ 110 -110 109¾-110 109½-110 lll¾-111¾ 110 -110 108¼-109% 106 -106 106½-106¾ 106 -106 114 -114¾ 114½-115 115 -115¼ 116 -116 116 -116¾ 116%-116¾ 112½-113 112 -112)4 lll -lll · · ·· - ···· ···· - ···· 109)4-109¾ 110 -110 110 -110 .... - ....... . - . .. . .... - . . ...... - . . ... - ....... - .... ··· · - ··· · 101 -103¼ 101 -104¾ 105½-107½ 92¾- 95 94¾- 95½ 94¾- 96½ 96 -101 99¾-101 100%-102¼ 99 - 99½ 98¾- 99¼ 99 - 99½ 98¾- 99½ 98 - 99¼ 98½- 99 29 - 33 31 - 33¾ 31 - 32 31¾ · 38 37¾- 40 37½ 38¾ 36½- 38 34½- 35¼ 33¾- 34¾ 31¼- 33¼ 28 - 31¾ 27¾- 30 .... - .... 117½-117½ .... - ........ - .... 115 -115 - •.. . •··· - •· ·· 114 -114 .... - .... . .. - .. .. 117 -118 .... - ........ - .... 114¾ 114¾ 112 -112 .... . .. • . ... - ••.. lOQ¾-102 99 -101¾ 100 -100¾ 100½-102¾ 101 -102½ 99¾-100¼ 99 -100¼ 9 ¾- 99¼ 98 - 99¾ 97 - 99½ 97¾-100 105 -105¾ 105 -105 ... . - .... 102½-102¼ 106 -106¼ 106½-107 - • . .. 106¼-107 108 -108 108 -10 ½ 104 -106 .... - .... 101 -101 .... 96¼-- 99 97½- 98½ 98 - 99½ 98¾-104¼ 100 -101 100 - 100¾ 98 - 98½ 99 -100 60,-(- 69 55¾- 65 55¾- 61 57¾- 62 58 - 61¼ 58 - 58 55 - 56½ 51 - 56 .... - ........ 90½-90½ .... -  86¼.  I  * lilJC-interest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  95 92 114 94  I  t Under the rule; cash.  .,;ita.mped assented.  74-  RAlLROAD BONDS. 1891. JANUARY FEBR'RY.  MARCH.  APRIL,  MA.Y.  .!UNE.  BONDS.  ----------  JULY.  AUGUST. 'SEPT'BER. OCTOBER. Nov'BER. DEC'Bl!:R.  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hi11:h Low.High Low.High  Ala. Mid.-ht, 1928.. 6 .... - .... 87 - 00¾ .... - •....... - ..... ... - ... . .. - ...•. .. - ••.. . ..• - •... 76½- 76½ 82 - 82 81¾- 82 82 - 85% Am. Cot. Oil Co.-lst. 8 ... - ........ - ....... . - .... ... - ... . 94 - 96 92¾- 95 94 - 95 91 - 99½ 98 -100 98¼-102½ *100 -105¾ 104¾-108 Am. Wat. Workl!l-ll!lt.6 . ... - ....... - ........ - .. .. - ........ - ...... - ... . 105 -105 - ... . .. - ........ - • . . . .. . ... - ...• Atlantic& Pacific-lst.4 *72 - 75 71½- 74¾ 71 - 73 72 - 73 70½- 72¾ 71M- 72 69 - 70¾ 69¾- 74 73¾- 74 72¾- 73¾ 73 - 73½ 72¼- 76 Income ................... 6 12 - U 11¼- 13 11 - 12 11¾- 14 11¾- 13¼ 10¾- 12 9%- 12¼ 11 - 15 H - 16 13¾- 14% 13¼- H% 13¾- H¾ Cent. Div., 1922, inc . . .... - .... . ... - ....... - .... . . . - ........ 10 - 10 Atcb. Top. & S. Fe.Gen. mort,. 1989 .... .4 *78 - 80 76!!4- 79¾ 7& - 78¾ 77'½- 80½ 78 - 80¾ 78¾- 79% *77%- 79¾ 77¼.- 82¼ 80¾- 82½ 81¾- 84 82¾- 83¾ 83½- 85¾ Registered.... . . . . . . .. . . . . - . . . . 78¼- 79 777,,{,,- 777,1i 78 - 78¾ . . . - ........ - . . . . • • . • - • • • • . • • . - . . . . . . - . . . . . . . . - • • . . . . . . - • . . . . . . . - . .. . Income, 1989 ..... .... 5 47¾- 53 42¼- 49¾ 38¾- «¾ 43¾- 50¾ 43¼- 50¾ «¾- 48¾ 46¾- 49¾ 48¼- 61¾ *58 - 66¾ 61¼- 65¾ 61½- 64¾ 63¾- 66¼ Bolti. &O.-1st, P.Br.6 .... - .... 115½-115½ .... - ... . .... . . .. 112 -112 .... - .. . . . . . - ....... . - ........ - .... 115 -115 .. .. - . .. . .... - ... . Gold, 192~. coup ..... 5 .... - .... 106 -107½ 106½-106¾ 103½-104½ 104 -105 102 - 104 104 -105 102 -105¾ 106 -106 105 -106 105½-107 106¾·10~½ Registered . ............ - .... . ... - ........ - . . . . .. - .. . . . .. - ........ - ........ - ........ - ........ - ........ - .... 104 -104 105½-106½ Consol., a-old, 1988 .. ~ .... - . .. ... . - . . .. 109 -109 109¾-109½ ... - ....... - ........ - .... 106 -106 107 -107 109 -109 107 -107 109 -109 B.&O.S.W.-lst, 1990 94½- 94½ . ... - ........ - ...... . . - .... 95½- 95½ .... - .... 97½- 97½ 96 - 97 100¼-101½ ... . - .... .... - .... 103½-105 2d pref., income ........ .... - ........ - . . . . . . . - . . . . ... - . . . . 18 - 18 .... - • . . . 17¾- 17¾ ... . - .... .... - .••. ...• - • . . . . . . ...... . - ...• 3d pref,, income........ . . . . - . . . . . . . - . . . . .. . . .... .... - .... 5 - 5 . ... - . ... . . . . - . .. . .. .. - . .. . .. .. - . .. . .. . - . .. . . .. . . . . - •... Beech Creek.-1st, g .. 4 84 - 95 95 - 96 96 - 97½ 97½- 98½ .... - ... 97 - 97 96½- 96½ 95¾- 96~~ 96 - 96¾ ... - .••. 95¼- 97½ 96½- 98 Bost. H.T.&Wes.deb.5 97½- 99¼ 102¾-102½ 100½-100½ 99%-100½ 99¾-100 99¾- 99¾ .... - .... 99¾-100 97¾- 97¾ 98¾- 99 99¾- 99¾ 100½-100½ Bost. Un. Ga" Tr. ctf.. 5 .... - ........ - ........ - ........ - ... . ... - ... . .... - ....... - ... . ... - ........ - ........ - .... 88 - 88 89¾- 91¾ Buff. i.toch. & Pitasb.General ... . ........... . 5 96¾- 00¼ 97 - 98¼ 95 - 95 96 - 96 95 - 95 95 - 95 95 - 96 94 - 94 . . . • - • • • . . . . . - . . . . 92 - 94 . .. . - ... . Roch. & Pitts., lst .. 6 112 -112¼ .... - ........ - ... . 120 -120 .... - .. ...... - . . . . ... - ........ - . . . . . .. - .... 116 -117 117 -117 114½-114½ Consol., 1st .......... 6 111¼-112½ 114 -114 .... - .... lH -114 115 -115 *11½- 112 112 -112 lH½-114¾ lH -114¼ 115 -115½ 116 -116½ 114 -115 Brooklyn Elevated1 st, 1924 ....... ···· · ·· ·6 109%-112¼ 111¾-112 111 -112 108%-110¾ 110 -110¾ 110 -112½ 110 -111½ 111 -112 112 ·112¾ 110½-111½ 110½-111 111 -113 2d mort., 1915 .... 3-5 85 - 85 85 - 87 87 - 87 87 - 88 88 - 88 87 - 87 . ... - .... 84½- 86 86 - 86 88 - 88 .... - . ....... - ... . Union El. -ht,1931' .6 106 -109½ 109 -109½ 108 -109¾ 109½-111 *107¾-108 107 -107% 107½-108 107¾-110 109 -109½ 110¼-112 *107¾- 109 109 -11~ Bur.C.R.&No.-lst .. ~ 93¾-98½ 96¾-97¼ 96½-98 97¾-98 95¼-97 92½-93% 93¼·96 95 -97 98 -99 9¾-101 100½101½*97¾-103 Cons. 1st & col. tr .... :i 85½- 85½ 87 - 87½ 1 87¾- 87½ 83 - 85 85 - 85 85 - 85 85 - 85 85 - 85 90 - 90 89 - 91 90 - 91 90 - 95 Registered ............. .... - . . . . 96 - 96 .... - . . . . . . - ........ - ........ - ........ - .•...... - .....••. - ........ - .•. . 90 - 90 .... - ... . J. c.& w ..tst,1909 ') .... - .... .. - ....... - .... 99 -100 .... - .. . ... - •••.... . - ••.. 100 -100 .. .. - ....•.. - •.. . .. . . - ........ - .. . C.R.I.F,&N.,1st ...... ti .... - .. .. .... - ....... - .... 95 - 98 92 - 92 .... - ........ - . ... .... - •... .... - ......•• - .. .. 100 -100 102 -102 lsr, 1921 ....... ....... ~ .... - ........ - ........ - . . . . - . . . . ... - . . . 80 - 80 .... - ........ - . . . . . . . - . . . . . . - ........ - . .. . 84 - 84 Can. South.-1st, guar. *105 -106½ 106 -107¼ 105¾-107 105½-107 104¾-106¾ 104 -106¼ *02½-104¼ 103 -105 103%-106 105 -107¾ 11'6%-107¾ 106%-1~ 2d mort........ . ..... 5 95½- 98 97½-100 96½- 97½ 96 - 97 96 - 97 95½- 97 96¼- 97¾ 97 -100 .... - •... 97¼- 98¼ 97%- 98½ 98½-101 Rellistered ... ... . . . . . . . . . . . - . . . . . . . - . . . . .. . . - . . . . . . . - .. . . . . . . - . . . . . . . . - . . . . 94 - 94 . . . . - . . . . . . . . - . . . 97 - 97 97 - 97 . . . . - . . .. Cent. o., reorg.,lst .. 4½ 101½-101¾ . ... - .... 100½-100½ .... - .... 100 -101 .... _ 101½-102 101½-102 101 -102 101 -102 101 -101 101 -101¼ Cent. RR. & B,, Ga .. 5 95 - 95 95 - 95 96 - 96 98 - 98 94 - 94 92 - 92½ .... - ........ - .... 85 - 85 ..•. - ........ - ....... - L. Sav.&W .,lstcon.,g.1) 82½- 85 85½- 87 82¾- 84 82 - 83 82 - 82¾ 79%- 79% 78 - 80 78 - 79 75 - 76 74 - 74 74 - 75¾ 69½- 77¾ Cent. ot New J ei·sey1890 ........ .. ......... . 7 115 -115 , 115 -116 117 -118 *115 -116 116 -116 116 -116¾ ... . - ••..• . . ... . - ••...••• - •.. .. . .. - .. .... .. - ... . Consol., 1899 ......... 7 121 -121¾ 122 -122 123 -123 . ... - ••..... - . . . . . .. _ .... 115 -115 115 115¾ 116 -116 .... - •... 116 -116 117½-118¾ Converiible,1902 ... 7 .... - ........ - ... . .... - ........ - ....... . - ........ _ .... ···· - ....... . - ........ - ....... - ... . 119½119½-••· ... . Vonv. deb.,1908 ...... 6 ... . - ........ - . ...... - ... . . . - .... 120 -120 .... - ....•.•. - ........ - .....•. - ....•. - .... ... - ........ - ... . Gen. M., 1987' ........ ~ *107-109¾ 109,½-110¾ 110¾-110¾ 110½-111¾ 109¼-111% 103¾-llO¾ *107 -108¾ 105¼-109 109,½-110½ 109 -110 109½·110 109¾-112 Registered . .. . ...... ~ 107½-110 109¾-110¾ 109 -110!}.( 109 -110 107¾-109% 108 -108¾ 106¾-108¼ 108¾-108¾ .... - . . . 108¼-109¾ 108 -109¼ 108 -109 Leh.& W.B.-Assent 1' 112 -113 110 -112 110¾-112 110 -111¼ 110¾-112 108¾-110 108 -109 108 -111 108 -110 lv9 -110½ 110¾-110½ 108,½-110 Mortllage, 1912 .... ~ 99 _ 99 97 - 97 95½- 97 96 - 98 96 - 99 .... - ... . 95 - 99 92 - 9;! 97 - 97 .... - ... 92¾.· 94 . ... - .... Am. Dock & Imp ...... ~ 106 -108½ 106½-107½ 105¾-107 106½-107 107 -108 107½-108½ *05½-107½ 107 -107 108 -108 108 -108½ 108¾-108¾ 108 -109¾ Centi·al Pacific.Gold, 1895 ........ ... . 6 .... _ ........ - .... 108 -108 107¼-107¾ 107¾-107½ .... _ .... 105¾-105¾ 105 -106 106½-106¼ 106½-100% . . .. - .... 107 -108 Gold, 1896 .. ......... . 6 .... _ .... 110 -110 109½-109½ 108¼-110 108¼-109 109¾-109¾ 106¾-106¾ 106!)s-106½ 107 -107 107¼-107% .... - .... 109½-109½ Gold, 1897' ............ . 6 110¾-110¾ 110¼-111¼ 110½-111¼ 109½-111 109½-110¾ 110½-111 107,½-108½ 107 -107¾ 107¾-108¾ 108 -108½ .... - .... 109¾-109½ Gold, 1898 ... ...... ... . 6 112%-112¾ 112¾-112½ 112 -112¾ lll¼-112 110½-111¼ 111¾-112¼ 109 -109¼ 107¾-lOll 109 -109 109 -110¼ 110¾-110¾ 111½-111% San Joaquin Br ....... 6 ... _ ..... - ... . .... - ... .. .. . - .... 107 -107 .... _ ....... - .... 107 -107 108 -109¼ ...• - .•..... - ........ - ... . Cal. & Or., se:i·."B".6100 -100 .... - ....••• - .... •··· - •··· ···· - •·· . .. . - .... ···· - ·••· ···· - · ·• · ···· - ··· ···· - ···· ···· - ···· · ·· · - · · ·· Land grants ............ ~ 100 -100 . . . . - . . . . . . . . - . . . . 98 - 98 99 - 99 97¾- 98 97 - 97 97 - 97 . . . . - . . . . 98½-100 . . . . - .... 101 -101½ Western Pac ........... 6 110 -110 .... - ... . 108 -110 108 -109 109 -109 _ 107 -107 ... . - .... . ... - ........ - ...... .. - . . . . . . - ... . No. of Cal., 50 year .. 5 100 -101 100½-101 100½-102 99¾-100¼ 98½- 99½ 99 - 99¼ .... - .. .. 99¾-101 98¾-100 99:)4-100:¼ 100½-101 Chel!lapenke & OhioP. mon, tuud .. .. ..... . fi 113½-113¾ 112½-112½ 112½-112½ 112 -112 109½-110 109¾-110 107¾-108½ 108¼-108½ 108½-108½ 110¾-110½ .... - .... 112½-112½ Series A, gold, 1908.6 115 -118¼ 118½-119¾ 118 -118½ 115 -115 112½-114 111,½-113 116 -116¼ 116 -116 116 -116 112,½-114½ 114 -117 115 -115 Mort., 1911 ............ 6110 -117 .... - ... . 117¾-117¾ 114 -114 114¾-115 114 -114 110½-110½ 112 -112½ 113¾-116 114½·115 .... - . . .. 114½-114½ 1st, con., g., 1.939 .... 5 95¾- 99¾ 99¼-100¼ 99 -100¾ 99½-100 94½- 97½ 95¼- 95% 95 - 98 98 -101 101 -102 101 -102½ *99 -lOl½'iOl¼-104½  - ....... -  99 _99~  ~~~~:;;~~~~·~~·~2::i: ·67 = 10 ..  ~~ ·68 = :,o·· ·6;; = 70½ 67¾= 69¼ ·68  :~¾= 72 - 73 105 -106  2d consol,, 1989 . .. .4 Ches. o. & S. W ........ 6 2dmo:i·t.,1911 . ...... 6 Chicago & Alton-1st .. , Sinking fund, 1903 .. 6 L.&Mo.R.lst, 1900.7 St.L.J.& ()h.l8t,'94 7  68 _ 71¾ 1 04 -107½ 75 _ 75 104¼-105 120 -120 .... _ .... 103 -108  c:!!~;;u~:~~~r.~~t~~::  io1 =1oi·· ioa =103 .. ·:::  72½- 73 72½- 72½ 104¾-105½ 105 -112 ...• . . . . . - . ... 75 - 75 104¼-105¾ 104¼-105½ 105 -105½ .. .. - ... . 121 -121 121½-121½ 116 -116 116 -IHI¾ .... - •... lOP -109 . ... - .... 106 -106  !!~ 67  :,i··  :,i¼  : 69~ :~= = ·10 = ·10 68 - 69½ 66½- 68¼ *64 - 66% 66%- 69¾ 70 - 72 70 105 -105½ 105¼-114 105¾-105% 102½-103¾ 102½-104 104 - ... . ... - . . ...... - ........ - ..... . .. - . . . . . 105½-106 105¾-106 102¼·102½ 103 -103½ ...• - •....... .... - •. " 119¾-119½ 119,½-119½ ...• - ........ - .... .. . , 117 -117 .... - .... 117½-117½ . .•• - .. . 115 -115 .. .. 106½-106¼ .... - .. .. 105½-105% .... - ... . .... - .......  = :::: :::· = :::· ioo74=1oi··  •is·· ..  = 72 = :,3· · 1·12 = ;~·· - 75 73 - 73% 73¼- 80 -104 103½-104½ 104½-107½ - ........ - ··· ·1 70 - 70 - .... 105 -105½ 105¾-106 _- .·.·.··. *1. 18--11·8· . . /.·.··.·. - . . . . 104 -104 106 -106¼ 1 ·os = io1 =1oi·· :::: - .. .. io2½=102¼t~ = ~ . . ,ioo =102 .. =~~:% 121 -122 117½ ·118¾ 118 119 120 -121½ 121½·122¾ 122 -124¼ 124 -126 101 -101 101¼-102½ 101½-103 10-i -105 .... - ... . 102½-1.02½ 102%-102¾ 97½- 99 96 - 99 95:1(- 98 98½-100½ 100 -102 97 -100 99½-101¾ 103¾-104¾ 102¾-10±¼ 102¼·107½ 105¼-110 108½ 109½ 108 -110¾ 109½-114 103 -103 102 -102¼ .... - ........ - ........ - .... 101¼ 102 .... - .. . . 88 - 89½ 88¾~ 89 90½- 92 91 - 91 91½- 95¼ 91 - 91½ 91 - 93½ 87 - 88 88 - 91 .. .. - .... 86 - 86¼ 86¾· 89 88¾• 90 90¼- 92½ . .. - •....... - . . . . . .. 84 - 84 .... - ... . 84¾· 85 _80 - 8:l¾ 80 - ~·· ·85 - 86· ·1 ·85½· 84¾- 87 87 - 90  ~~:  98..  C. B. & Q.-Consol ...... 7 121¼-123 1::.:131.-123 121½-122 121½-122¼ 120¾-123 Sink. fund, 1901 ..... ~ 103¾-i05 104¼-105 103¾-105 100 -103 102 -102¼ Debenture, 1913 .. .. . ;i 98¼-100% 98½-100 98½- 99¼ 99 -102½ 98J,,(- 99¾ Conve1·tible, 19u3 ... ;i 10'1 -105½ 10!½-106 *101 -102 102 -105:)4 10'1 -105½ lowaDiv.--sink. fd ... ~ 103 -103 105 -105 105 -105½ 102½-102½ .... - . . . lowaDiv .. 1919 . . ... 4 93¼- 93¼ 92¾- 92¾ 92%- 93 .... - . .. 00¼- 90¾ Denver Div., 1922 . .. 4 92½- 9 5 88 - 89 88¾· 88¾ 89 - 89 87~- 88¼ Plain, 1921. .. ....... .4 85¾- 85¼ 86½- 86½ .... - . . . . . .. - ..•. 81 - St Nebr'skaExt.,1927'.4 86 _ 88¾ 86 - 86¾ 84½- 86¾ 85¼- 87 84 - 85¼ Chic. & .East. Illinoislst, sinking fund ...... 6 lUl -113 114¾-114¾ ... . - .... 114¾-115¾ 114 -115½ 108¾-110 110¼-110¼ 1107,(-111 112¾-112¾ 116 -116 .... - , ..... - ... . lstconsol., aold . ..... . 6 120 _121 120 -121 .... - . .. 119½-120 120 -120 119½-120 120 -120 120 -120 119½-119½ 118¾-118¾ 118,½-120 122,½-122½ Gen. mort., 1937., . . ~ 95 _ 98½ 96 - 96½ 95 - 96 96¾-100 95 - 97 95 - 96 95¾- 96¾ 95 - 97 96½- 97% 97 - 99¼ *96 - 96½ 1:15 - 97½ Chic. Gas L. & C-lst .. 1> 83½- 89 88 - 88 ... - .... 88,½- 92½ 90 - 91 90½- 91½ .... - •... 80½- 80½ .... - ...... .. - .... 84 - 85¼ 84%- 89 Chic.&ln.C'lRy-lst.1> 97 -100 97 - 97 96 - 96 96¾- 97½ 97½- 97½ 96½- 96½ 95 - 95 93¼- 9± 96 - 96 96 - 96 95¾- 97 96 - 97 <Jhic.Jc.&~t'&1.Yd11 .. ~ .... - ........ - .... . ... - ...... - ... . .... - ... ... .. - ........ - ....... - ....... - . ....... - ... . 93 -93 .... - ... . Chic. Milw. & St. P.lst, P. D., 1898 .... .. 8 120 -120¾ 117 -119 118 -118¾ 118 -120 119 -119 118¾-118¾ 118 -119½ 116 -116 116½-118½ 118 -119 ... 119½-121 2d, P. O., 1898..... 7•3 116 -117 lll½-112½ . .. . - . . ..... - ... . 115 -115 l13 -115 115 -116 .. . 117¾-1181117½-119¾ 118¾-119¼ 120 -120½ 1st ,gold, R. D,1902.7 122½-122¾ .... - .... 121¾-122¼ 122 -124 122½-122½ 121½-122½ ...• - ... 119 -121¾ 121¾-121½ 122½-122½ 123½·123½ 127½-127~ 1st La Crosse Div .... 7 *105½-07¾ 106%-109¾ 108 -109 109½-111¾ lll -112~ 110 -112 *106¾-109 109 -113 113 -116½ 116 -118¼ 117 -118¼ 119 -120),.{ 1st I. & M. Div ........ 7 113 -113 112 -113¾ 113 -114 113¾-115 114 -114 114 -114 ... - ....... - •....... - ....... - .... 118 -120 .... - . .. . lstl.&D.Div ........ 7115,:!·115¼118½-118½ .... - .. .. 118 -118 . . . . . . . . 119 -119 .... - ..... ... - .... 116 -119½ .. . . - ... . 118½-118½ .... - . .. . J ■t C. & lU. Div ....... 7 120¾-123¾ .... - . ... 121¼-122¾ 124½-125 123¼-123¼ . ... - . .. . 121¼-121¼ ... . - . .. . ... . . 125 -125 .... .... - ... . tyensol ., 1905 ......... 7 *120 -125 124½-125½ 121 -123 123 -125¾ 123 -125 123½-124½ 121 -123 123½-123½ 121 -124½ 124½·125½ 125¾-126 126 -130 Jill& I. & D. Exten . .... ') 123¾-123¾ 123 -124½ .. .. - ... . 122½-125½ 123 -124 123¾-123¾ ... - .... 119 -119 121 -121 123¾-125 125½-128 L29 -130 , . So. West. Div ..... 6 110 -112 lll -112 UQ¾-111 111 -1::.2}( 111 -111½ lll¾-111% 108¾-109 108½-111 110½ -112 110¼-112¾ 112 -113 Ll3)4-116 La C. & Dav .. ... . ~ - .... LOO½·lOl 100¼-100 7.4 L00½-102 .... - .. 101¼-101¼ 100 -100 100 -100 100%-101 102 -102 . . . - ... . • Ex-interest.  8;¼  ::-,Al'   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BONDS. 189 l - Continued..  J.A.NU~Y1  FEBR'~Y.  BONDS.  MARCH.  APRIL.  MAY.  J UN~.  JULY.  , _AUGUST. SEPT'BER. OCTOBER. NOV'BER.  DEC'BER.  Low. High Low. High Low .High Low .High Low .High Low . High Low. High Low. High Low. Bigh Low. High Low. High Low. High  _C_h___u_u_.-&S--t.-P··-.-_-<-o-~-.·>--  I  J  -  ----  ---  lst So. Minn. Div . .. .. 6 110 -112¼ 111¼·114 lll¼-112½ 111¾-112¼ 112 -112¼ 112¾-113 111 -111¾ 111¾-114 113 -113 113 -114¼ 115 -116 116 -118 1st H. ~ D. D~v ... .. .. .,. 119 =120 1119 =119¼ 119 =119¼ 119¼=120 119 -119¾ 119¾-119½ 116½=117¼ 117½-120 - .. . . 118¼-119% 119¼-121 122¼-125¼ 1st H. & D, Div . .. . . :i 100 100 ... . .. . 100 100 .. . . . . .. . . . . . . ..... . - . .. . 98 - 98 PS½-100 100 -100 . ... Chic. & Pac. Div ..... . 6 .... - ... .. ... - .... 115¼-115¼ 120 -120 115 -116 113¼-114¼ 112 -112 111 -111 114 -114~ 114¾-.114¾ 115¼-115¾ ... . - .. . . Chic. & Pac. W .Div . .:i 104 -106¾ 105 -106 104¼-105¼ 104%-107 105 -107¾ 105¾-106¼ 104 -104¾ 104¼-105¾ 104¾-105½ 105¼-107¼ 107 -107½ 107 -108½ Chic. & Mo. R. Div .. :i 95¼- 98 95¼- 98 95 - 96 94¼- 98 - ... . 97¾- 98 .g5 - 95¼ 94 - 94 97 - 97 97 -100 98%--100% 101 -103 Mineral Point Div ... 6 97¼-100 99¼-100 . .. . - .. .. 96 -100 101 -101 96½- 96¼ .... - •.•. 100~-101½ . . .. - .... 101¼-104 Chic. & L. Sup. Div .:i .... 99 - 99 98 - 98 101 -101 . .. . - . . . . 100 -100 . .. . - . . .. 101 -101 Wis.& Min. Div ...... 6 101 -103 101:1,(-102½ 101¼-101¼ 101¼-102 101¼-102 101½-102 100¾-104 101½-101¼ 101 -102¼ 102 -105 105 -106 105 -106 Terminal.. .. ... .. . . . .. 6 101 -102¾ 100¼-102 100 -101¾ 101¾-103¼ 102 -103 101 -102½ *100 -101¼ 101 -102 100%-102¾ 103 -105 105½-105½ 105¾-106¼ Fargo & Southern ... 6 ... 113 -113 Dakota & Gt. so·. .. . :,. .. .. - . ... .... - . . . . 92¼- 94½ 94¾- 96 95¼- 96¾ . . . . - . . . . 95 - 96½ 96¼- 96¼ 97¼- 98¾ 98 -100% 99½- 99¾ 99%-103¼ Gen. M,,"A" 1989 . ..4 84%-- 86 86 - 87 84¾- 85 84½- 85 85 - 85 83¼- 83½ 81¼ - 83¼ 83¾- 85 83¼- 85 84¼- 85¼ Si - 85 84¾- 89¼ Chic. & N orthwest'nI Consol., 1915 .... ..... 1138¼-139½ 136¾-138 137¼-138½ 138 -139¾ 136 -136¼ 134 -135 134 -135 131¼-135 133 -135 134¼-137¾ *35¼-137¾ 137½ 140 Gold, coup,, 1902 . ... 7 125 -127½ 126 -127¾ 125)4-127 125¼-126 125 -125 121 -122)4122 -123 122¾-123 122 -123 123 -124½ 124¼-126½ 121½ 122¼ Gold, re,r., 1902 ...... 7 125 -126 125½-126 124¼-124¾ 124½-125 126 -126 120¾-121½ 122 -122½ 121 -122½ 122 -122 123 -125½ 123 -124¾ 121¾-123 ~inkine: -fund, coup .... ti .... - .... 115 -115 . ... - .. . . 115 -115 114¼-115 . . . . - .... 111 -112 113 -113 .. . . .. - ... . . . . Registei·ed ...... . .. . . 6 114 -114 - ... . 114 -114 - .... . ... Sinkinar fund, coup ... 6 105 -107½ 107 -108¼ 107¼-108 106 -106½ 106 -106 106¾-107 106 -106½ 106½-107¼ 107½-109 105 -106)4 106½-107)4 107½-111¼ Registered . ... ...... . ~ 106 - 106½ 107 -107 .... - ... ....• - ... . 102 - 102 .... - .... 106¼-106½ . ... - ... . Debenture, 1933 ..... :i 106½-108¾ 109 -109 107 -107 107 -107¾ 108 -103 . ... - ... . 102)4-103½ 103 -105 104¼-104¼ 105 -105¼ 107½-107½ 106 -107 Reg-istert>d ... .... .... 5 105½-106 106¾-106¾ .... - .... 107 -107 ..•• 101½-101¼ 102 - 102½ 103)4-105 105 -105 103¾-106 2:i yrs, deben., 1909.6 104¼-105¼ 105¼-105½ 105¾-105¼ 105 -105¾ .... l02¼-102½ 102 -102½ 102)4-lO!i 104¼-105 104 -105½ 101½-103 103 -105¼ 10 2 RegiSlered ..... . :; · ··· - ···· ... . = ·.·..··.10··3·,~L=l~; .. ~~1L=1o5 1.1 1·0··5·1 L=l◊·;~L ·.·.·. ·. = ... 103 ½-l0 ¼ 30-year deb.,..... 1921. .:i .... - ........ - ....... . - ... . ... - .. ""' 11 =~ ,,,. v~ -103 103 -105¾ 74 Exten. bonds, 1926 . . 4 96½-100 96 - 96 95½- 96 94½- 94½ 94 • 94 95 - 95 93½- 94 94 - 94 .... - .. . . 93 - 95 - . . . . 95½- 95¼ Rei:-iste1•ed .. ....... .4 .... - ... 93½- 96 94.¾- 94¾ 95 - 95 .... .. ••. 94 - 94 94¼- 94½ .... - .. . . 93 - 93 95 - 95 94 - 94 Iowa Midland.-lst.8 . ... - .... .. .. .... . .. . • •.. . 123¾-1?4 . . . . - . ... . .... - ........ - .. . . .... - .. . . 122¼-122¼ Chic.& Mil.-lst ...... 7' 112¾-115 [115 -116½ . ... - .... 116 -116 113 111> . . . . - ... . 114¼-114¼ 113 -114 115 -115 114 -116¼ .... - ... . 110 -116 Winona& St. P.-2d.7' 130 - 130 .... - ........ - . ... .. . . . ••• 122 -122 .... - .... 124 -124 .... - .... 125¼-125¼ Mil, & Mad.-lst ... .. 6 . ... - ........ - ... . 114 -114 .. . - ... 115 -115 .... - ... . Ottum. C. F. & St. P .5 105¾-105¾ 107 -107 104¼ -105¼ ... . - ...... , - .... 104 -105 .... - .. . . 104¼-104¼ Northern Ills.-lst . . 5 .... - ... 106¾-107½ . ... - ...... . , - . . . . 104¼-104½ . ... - ... . 105¼-105¼ Chic. Peor. & St. L,,g .:i 97½-100½ .... - .. . . 96 - 96 95 - 97¾ 00 - 97½ 94 - 95¾ 92¼- 92½ 93¼- 98 97¼- 98 .... - . . . . 97½- 97½ .... Chic. R. I. & Pac.Coupon ..... . .. .. . .. .. . 6 124 -126½ 127 -127¼ 126 -126 125 -126 123¼-125 120 -123½ 118¼-119¾ 119 -120 120 -121¼ 120¼-120¼ 122½-124 124 - 126 Reg-istered .. .. .. ..... 6 .... - ... . .... - .... 122¾-122¾ 120 -120 117 -120 118 -118 120 -120 120 -120 121 -121 120 -121 Ex ten. & Col.. .. ..... . :i *96%-- 99¼ 97 - 98¾ 95¾- 97¼ 96 - 97¾ 96¾- os 01 - 99 .gs½- 98¾ 96¼-lOO¼ 100 -100¼ 99½·101½ 100 -101 100¼-104 - . . . . 95%- 96¾ . . . Rearistered .... .. .... 5 *il5¼- 98¾ .... - ... . 96 - 96 93¾- 94% . . . - .... 100 -100 .... - . . . . 99¼- 99½ 100 -100½ - . . . . . . .. - . . . . 95 - 95 95 - 96¼ - •. .. 101 -101 .... - . . . . . . . . Debentu re, l 921. ... . :; . ... 92¼- 93¼ 92%-- 93 94¾- 95 94 - 94¼ - .... 91)4- 91¾ 92¾- 92¾ ... Keok'k&DesM.-tst,:i 97 - 99½ . ... - . ... 97 - 97 90 - 91 70 - 77 70 - 70 .... ·_ Des M. & Ft.D.-lst,4 75 - 80 .... - ... . 76 - 76 73-73 .. . . Extension ... . . .. .... . 4 . .. . - . ... 100½-101 Chic.St.L.&Pitts-lst.:i . ... - .... 100 -100 101 - 101 100¼·101 101 -103 100 -100 .... Rearistered . . ........ . . . 5 ... - ... 101 -101 Chic. Slit.P. lUin.& Om.Consol., 1930 ..... ... 6 116 -119 117 -117¼ 116 -117¼ 117¼-118¼ 118 -118¼ *113¾- 116 115¾-118 116 -118½ 116 -117 118 -119¾ 119¾-120¾ 117¾-120 - .•.. 119¼-120 123 -123 119¼-120 /120¼-122¼ Chlc.St.P.&M.-bt .. ti 123 - 123 122 -122 123 -123 122 -122 120 -120 119 -119 119 -119 St. P. & S. City-lst .. 6 . ... - .. .. 123¼-124 123 -124 119¼-121¾ 119¾--120¼ 119¼-119¼ 118¼-122 120 -121 121 -121½ 121 -122 121 -121½ 121 -122¼ Chic. & West. Ind.Gen. mori., 1932 ... .. 6 .. . . - . .. . 115 -115 113¼-113¼ 113½-115 .... - ... . .... - ........ - .... 114 -114% .... - . . . . 113¼-113½ .... .... ... . .. . Cin.Hnm.& Day.-~ .f.7 122¼-122¼ .... - . . . .... . 94 - 94 . . • • - • • • • 93½- 93¼ 92¼- 92¼ . . . . - . . . . 92¼- 92¼ 92¼- 92½ 89 Cln.In.St.L.&C.-lst.4 96 - 96 95¼- 96½ ... . 90½1 92½- 02¼ Cin. J. & M.-lst,con . 5 60 - 60 ••.• - . . . . . .. . - .... 106 -106 . . . . Cln. l!San.& Clev.-lst.5 Cin. & Spr.-lst, gu .. . 7' - .... 113 -114 - . . . . 112¼ 112¾ Cleve. & Canton-lst.5 87¼- 88¾ 88 - 90½ 87¾- 88 86¼- 93 90 - 91¼ 90 - 90 88¼- 89¼ 89 - 90¼ 87 - 89 87¾- 88 86 - 88 86 - 90 Clev. Cin, Ch. & St. L.92 - 92 88 - 88 88 - 88 Cairo Div ,,1st, 1939.4 88 - 88 86 - 86 85 - 85 83 - 85 - ... . 90-90 85 - 85 83 - 83 St,L.Div., 1st, 1990.4 .. .. Clev. Col. Clo. & Ind.1st, sinkinar fund . 7 .... - ... . 116¼-117½ 116 -117 117 -117¼ 112¼-114¾ 112½-113 113 -114 113¼-113¼ 113¼-115 115 -116¼ 112¾-114 114¼-116 - ... . 128 -128 . . .. Consol.. .................. 7 129 -129 131 -132 131 -131 129 -129 130 -130 . . . . - . .. . 116 -118 114 -114 113 -113 113 -113 . . . . - .. .. 116 -117½ . . . . - .. . • General cons .......... 6 117 -118 118 -118 119 -121 - .... 110 -110 . . .. - ... 105 -107½ ... - ... . 109 -109 .... - .... CI.&Mah. V .-ar.193S.5 .... - ...... - .... 110 -110¼ .. .. -103¼ 103¼-104¼ 104 -104½ 103¾-104 103 -104¾ 99 -100¼ 99 -100 98½-101 101 -102 101¾·102¼ Col. Coal & 1.-lst,con.ti 102 -106 *102 -103 l02 - . . . . . . •. - . . . 100 -100 .... Col. Fuel-Gu.g-,1919.6 . ... - .... 105 -108 105 -109 105 -109 109 -111 *07¼-111 Colorado Mid.-lst, ar.6 107%-107% 106 -106 ... - ... . 104 -106 . ... 62¾-<12¾ . . . . 63 - 65¾ 65¼- 71½ 69 - 71¼ 69 - 70¾ 69 - 73¾ Consol., gold, 1940 .. 4 69J.<3- 71 *70 - 70¾ 66¾- 68 62 - 68 65 - 65 99¾- 99¾ 101¾-103 .... - . ..... . . - . .. . 103 -103 Col & Gr.-lst, 1916.6 . .. . - . ... 78½84½ *81 - 85 82¼- 89¾ 85 - 87 86 - 88¼ Col.H. Vo.I.& T.-lst . .. 5 80¾- 86 84 - 85½ *80 - 82 79¼- 81¼ 80¼- 83 t,.{ 79 - 81 79 - 81 81 - 86¼ 86½- 89 88¾- 94 93½- 94¼ 90 - 93 Gen. arold, 1904 ...... 6 84 - 86 8b - 87 84¾- 86½ 84½- 86 86 - 88 82 - 83½ 80 - 83 - ... . 98-98 Col.H'kC.&1,-1917.ti 97 - 99 - .... 98-98 .... - . . . . 72¼- 72¼ . . . . - . . . . 76 - 80 -tc77¾- 82 Consum.Go.11( hlc)1st.:i 82 - 82 Consol. Coo.1-Conv ... . 6 101¾-104 Del. & Hud ■ on Cannll11t extended, 1S91..7 .... - .... 102 -102 .... • ... 103¾-103½ 100¼-100¼ 101¼-101)4101¾-101¼ 102¼-102¼ 102 -102 ... . Coupon, 1894 .......... 7 110 -110¼ 110¾-111¼ lll¾-112 109 -109 107%--108¾ 107½-109 106¼ ·108¾ .... - ... 109¾-111¼ .. .. - .... 108¼'.-108½ 108¾-108¾ Reg., 1S94 ....... .... . . 7 .... - . . .. 110¾-110¾ . ... - ... 108½-108¼ 107¼-107¼!107¼-108 108¼-108½ 109 -109¼ 109½-110¾ *107-108 108¼-108½ll 1Q8¾-l08¾ Penna.. Div .-Coup .. . 7 142 -142 142 -142¼ . . . . - . . . . . . . . - . ... 143¼-143¼ . . .. - .... 140 -143½ .. .. - .... 138 -138 139 -141 • .. • = : : : : ~~~ =lil · • · Rcg-istered .. ........ 7 . . . . - .... 140 -140 - .... U2 -142 141 -141 144 · 144 . . . . - . . . . . . . • - . . . . . . . . - . . . . . .. • - . ... • · · · Alb, & Sul!lq,-lsl,irU.7 129½-l.,J 129¾'. 129¼ 130 -130¾ 126 -126 127 -127¼ 127¼-127½ 126½-127½ .... - .... 129 -129 125¼-125¼ .... - . .. . 126¼-128 1st coup., gnar ...... 6 118¼-121 119¾-121 122 -122 120 -120 119¼-120 118¾-121 120 -121 120¼-121 121 -121 *115 -118 11 -118 118 -118 .Regh1tered ........... 6 119 -120 ·no -119 .... - ... . 117 -120¾ . ... - ... . 118 -118 .... .... 120 -120 . . .. 140 -140 Rens. & Sn.r.-lst .... 7 143¾-147 ... . 145 -145 .. . Redstered . . . . . . . . 7 145 -149 Del. Lo.ck. & West... . . 102¾-102¾ . . . . Convertible ... . ....... . 7' 103¼-103¾ . . .. . ... 104¾-104¾ . . . . .. .. 102 -102 . . .. 130 -130 129¼-130 132 -132 . . . . Mort., 1907 ........ 7 . . .. - .... 130 -130 135 -135 134 -134 135 -135 Syr.B'n &N.Y., lst .. 7 ... . - ... 131 -132 Morris & Essex-1st .,. 141 -141¼ 141½-142 140 -140 141 -143 lt<S½-140¾ 135 -138 - .... 136 -136 137 -137 138 -139 135 -137 135 -140 2d M .. rtgag-e .. . ..... 7 103¼-104¾ 101¼-101¾ 101%-102 102 -102¼ 102¼-102¼ 102½-103¼ 103 -103¾ ... . Bondfil, 1900 . ......... 7 116 -116 1 ··· - ... . .... - .... .... - .... 115¼-115½ .... 187'1-1901. .......... 7' 124¾-125 124 -124 123¼-123¼ . .. . - .... 120¼-122 120½-121¾ . ... - .... 120 -121 122¾-122½ 119½-119¾ . - .... 121¼ -122 Consol,, guar ......... 7 lW -138 137¾-138 137 -137½ 136 -137 .... - .... 133 -133 133 -134 130 -133 133 -134¼ 134 -135 137¼-13 ½ l.53½-135¼ Reu:istered .. ....... 7 .... - , ....... - ........ - .. .. . .. . - . . .. 132 -132 N.Y. L. & W.-lst .... 6127¾-132 128¼-130¼ 130 -130¼ .... - .... 130 -130¼ ... . - . . .. 125 -127 125 -127 ... - . . .. 125 -125 125 -120 .20¼ 1~8¼ Construction .... ... . 5 .... - ... . 108 -108½ . ... - .. . . ... - .... 108½-109¾ 108 -109½ .... - .... 108 -109 109 -109 107½-lU&)b .v~/4 109 Den. C, t able-1st ... . ti .... - .. .. 100½-100¼ . ... - .... .. . .. . 98¾-102¼ lCl¾-101¾ 100 -100 - . .. . 102- 102 . . .. _,Ii/ -102 Denv. & Rio Gr.-lst .. 7 ;.16 - 117 117 -119¼ 117¼-118¾ 118¾-119¼ 115%-115¾ ll4¾-115¾ 114¼-114½ ... 117 -117 LH½· '-15 L15¾-116¾ New con,;ol, 1936 . . . 4 *79 - 62 81 - 83 81 - 83 82 - 83 81½- 83 80¾- 8Z¼ 78¼- BO¼ 77 - 79 78¾- 80¾ 78½- 79J,<. ~8½- 71:¾ 79½ · 82¼, Imp. :u .. 2 .. 193S. ... 5 82 - 85 85 - 86 84 - 85 82¾- 83¼ 83¼- 84 - . ... 76¼- 76¼ ... . - ........ - .. ~~ _._. _ __ .._.. _._. ._. __ . ..• 1  103  =  * Ex-interes t   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  3  ····1' ···· = ....  RAILROAD BONDS. 1891-Continued.. JANUARY FEBR'RY.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BBR.  DE0'BER.  BONDS  -------·----  Low.High Low.Htgb Low.High Low.High Low.High Low.High Low.High Low.Hilth Low.High ~  Low.High Low.High  'l)et. M. & IU.-L. ii .... 3¾ .... - ... . 32 - 32¾ 30 - so 31 - 31¾ 31¾- 31¾ 30 - 31 .... - . . .. 30 - 30 30¾- 35¾ 35 - 85 32 - 32 34 - 42 Det. B. C. &Alp.-lst .. 6 •91 - 95 90-90 .... - ... 80-90 95 - 96½ 93¾- 94 .•.• - .•• 93 - 93 .... - .•.. 92 - 92 .... Duluth & I. R.-ht ... ~ 95 -100 .... - ... . 97 -100 97 - 97 99 -100¼ 97 - 97 .. . . - .....••• - . . • . 94½- 95 96 - 97 Dul. S.S.& Atl., 193'1 .~ 95 - 97¾ 98½- 99 96½- 99 95 - 97¼ 97 - 97 97 - 98½ 95 - "7½ 97 - 97 95¼- 96¾ 95 - 99¼ 85 - 94 93 - 93 E.T. Va. & Ga.-l8t .... , .... - ... . lU -115 115½-115½ ...• - .... 115¾-115¾ 114. -114 111½-112 .... - •... 111 -111½ 112 -112 113¾-113½ Divisional. ........ . ... ~ 105 -105 106 -106 106 -1or. •... - •....... - .... 106 -106 .. .. - .... Consol., 1st, 19~6 ... . ~ 101 -104 101½-103¾ 101 -102½ 101%-102 96- 100 98¾- 99¾ 98 - 99 9~- 98 97 - 98¾ 93 - 96¾ 90 - 96 91 - 96 latexr.ii.193'7 ... . .. ~ ... . - .... 69-69 - ... .. ... - ....... . Equip. & Imp., ii old .. ~ . . . . - . . . . . . . . - ........ - . . . . 88½- 88½ . . . . - . . . . . . .. - .... 79¼- 80 Mobile & Blrm.-lst.~ .... Knox. & o.-lst, ir ... 6 103¾-107 106½-108¾ 107½-109 107 -109¼ 108 -108 107½-108 102 -105 103¼-106 .... - .... 102 -102 103 -104 107½-107½ Alabama Cent. - lst .6 .... - ........ - .... •··· - •·· • 116 -116 ... . - .... 116 -116 ... . Edison E. 111.Co.-lst.~ 95 -100 99½-100 . . .. - •... 98¾- 99 99 - 99% 98½- 98½ 98 - 98¾ 98¾- 98¾ 96¾- 97¾ 98 - 99¾ 99 -100 99½- 99¾ Ellz. Lex. &Big. s .... 6 90 - 95 93½- 94¾ 92 - 94 88 - 92½ 88 - 90¼ .... - • ... 85 - 88½ 86 - 87½ 82 - 85½ 80 - 83 80 - 85 80 - 80 Equit. Gas. & F.-tst .. 6 .... - .... •··· - •··· 94½- 95 - •....... - .... 93¼- 93¼ .... - ... . 92¼- 9~¾ 9'Z½- 93 97 - 97 96 - 98½ Erie & Pittsb.-Cons .. 7 .... - . ... ... - ... . lU -114 .•.. - •••..... Erle-1st, :Kxt., 1897 . . 7 114 -114 117 -117 117¾-117¾ 116!':(-116¾ .... - .... 111:ij-lll¾ ...• - .... 113¾-115 115 -117 .... - .... 113 -114¼ 113¾-113¾ ~d, Ext., 1919 ..... .... :i 116 -118 •••• - .... 118 -118 . .. - .. •. 118¾-113¼ .... - •••. 114¼-114~ 112¼-112¼ .. . . - ........ 3d, Ext., 1923 ....... 4 ½ 107 -108¾ .•. - ••. 107 -107 106¾-106¾ 106 -106 .... - ••...... - .. 105½-105¾ 106 -107 .... - .. 108 -108 4tla, Ext., 1920 .. ..... ~ 112 -114 . •• • - •• · . · · · · - · · · · lll½-111½ 112 -112 ... . - .... 110 -110½ .... ~th, Ext., 19~8........ 4 101 -101½ . . .. - .... · ··· - ···· 102 -102 100 -100½ 100¼-100¼ .... - .... 102 -102 .... lat, consol., gold ...... , 133 -137½ 136½-137¾ 134 -135 134¼-135 133 -135 134 -134 135 -135 134%-135½ 133 -134 132½-133½ 182¾-133½ 134 -135¾ 1st, cons., fond. cp ... 7 • • • • - . •. • . . . . - • • • • 128 -128 .. . . - .. • • .. • • Reorgan., 1st lien ... 6 .... - .... 106 -106 - •· · • 109 -109 •··· - . .. 103 -106 106 -106 105¼-106¾ 109 -109 - .... 110 -111 Lonir Dock, 1893 ..... 7 105 -105 106¼-107 106½-107 107¼-107¼ ... - .... 103 -103¾ 103½-103¾ 104½-104¼ 105 -105 106 -106 106 -107¼ 108¾-103¾ Cons. gold, 193~ . .. 6 115 -117 118 -118 .... - ... 117 -117¾ 118¾-118¾ 118¾-118½ 117 -118½ 117½-118 118 -120 115¾-115¼ .... - .... 115¾-115¾ Buff. N. y. & E.- bt. 7 . . . . - . . . . . . . - .... 137 -187 135 -135 134¼-134½ 130½-130½ . • . . - . • . . . . . . - . . . . . . . . - . . • . . . . . - .... 134 -135 131 -131 N.Y.L.E.&W.-2dcon.6 96¾- 99¾ 99%-101¾ 97¾-100¼ 99¼-102% 100 -102¾ •96 - 98 96 - 98 96½-103½ 102½-105 104 -106¾ 105½-107¼ •104-107½ Col. Trust, 192~ .... 6 ••·· - • • • • • •·. _ ¼ _ • •· • • . . . • •. •.. . .. . . . . ....... - ..•. 107½-107¾ 110 -114 107 -108 J  r:to'!:.:~~;:;:~~~::: .~ =~~... ~~.  85  80  81  85  =~ .. ::::  = :::: :::: =::::  .~~¾= ~~~:.:: = :::: :::: = :::. :::: = :::: .~::'= ~~~ :  =:  Jefferson RR,-lstg;i) 104¾-104½ 103 -103 103 -103 •··· - ··· · . ... - ... 103 -103½ 103¾-103¾ .•. . 106¾-106½ .... - ... 102¾-102¾ .... Chic. & E., 1st, a- .. 4-1> .... - .. .. 86 - 87 86 • 86% •81 - 87¼ 85½- 87¼ 86¼- 86~ 88¾- 89~ 88¼- 91 92 - 93¾ 94:ki- 95 98¼- 98¼ 95 - 97 2 Income, 1982 . . .. .......... - . . . . 28 - 80 • • • • - • •· • 27½- 8 28 - 28 26 - 27 .... - . . . . 28 - 30¼ 33½- 39 38¾- 42¾ 38 - 40 39 - 48¾ EurekaSp'as.,1ata ... 6 •··· - ........ - ... . .... - ... . .... - ........ - ...... . - ........ - .. . . 103 -103 105 105 Ev.&lnd'p,con.,1926.6118 -118 105 -105 - •·· •··· - • ... 110 -110 ... . - ........ - •··· 107½-110 104½·104½ 108½-111 ET. & T.Haute-Con . . 6115 -117 117 -118 118,(-120 119¼-119¾ 119 -119 119 -119 115%-115% 115¾-115% 115½-117½ . ••• - . . . 119¼-119¾ 118 -118% Sul. Co. Branch ...... ~ .... - •· •· · · · · - · · · · 92 - 92 92 - 92 .. .. - . . . . 93¾- 94½ 95 - 95 .... Mt. Vernon-lst ..... .. 6 .... - . . . . 110 -112 - •·· · · · · · ........ - ........ - .. ... .. . - ... . 109 -109 110:J;(-110¾ ... . - ... . Flint & P. D'lar.-1.l'lort.6 120 -120 .... - •··· 117¾-119 117 -120 117½-117¼ 118¾-118½ 117½-117¾ 120 -120 .••• - ..•. 117 -117 120½-120½ 1st cons., Ir•• 1939 .. . ~ ... - .... 101½-103 102 -102 lOl½-104 .... - •••.... . - .... 100 -100 100 -101½ 101½-101½ 101 -101¾ 100 -100 100 -101¾ Pt. Hur. Div., 1st .... ~ 98 - 99% 99%-102¼ 100 -101¼ 99 - 99 98 -100 97½- 97½ 97 _ 98 96 - 98 98 - 99½ 97 - 98 97¼- 99~ 100 -100½ Fla. Cent.& Pen.-lst.i> ... - .... •··· - .... ···· - ··· · ···· - ···· •··· - •··· . ... - ..... .. . - .... .. .. - ........ - .... 97 - 97½ 98½- 99 Ft.W.&Denv.C.-lst .6 99%-105 101½-104 102½-105 103 -1~ 103 -105 4<98½-100¾ 98½-100 93 - 99 98¾-100¾ 100 -102 100 -101½ .g5¾- 98½ Ft. W. & Rio G.-lst .. ~ ... - ........ - .... ···· - ···· 75 - 70½ 74½- 75½ 72 - 74¾ •69 - 71 70 - 71 71 - 71¾ 71¼- 72¾ 71 - 72¾ 72½- 74¾ Galv. H. & H. of'S2.. ~ 70 - 72¼ 73 - 74½ 74¾- 75½ 73¼- 77 74 - 74 .... - ... .... . - ... . 74 - 75½ 74¾- 76 74¼- 74¼ .... - •... 74 - 78 G.H.& S.A.-tst,1910 6 96½- 96¾ .. - ..•. 106 -106 l02½-l02¼ .... - .....•.. - .... .... - .. . . - .... 98 -100 .•.. - ........ - ... . ~d mort, 190~ ............. 7 94➔-(- 94'4 100 -100 •··· - •··· ···• - .... 95 - 95 95 - 95 .... - .. .. . 100 -100 .... - .. .. 100~-100¼ 97>9- 97¾ Western Div-1st . .. . ~ 93¾- 94 93¾- 94 93½- 94¾ 94 - 95 •92 - 92¼ 91¾- 94¾ 91½- 93½ 93½- 95¾ 95 - 9tl½ 95¾- 97¼ *94¼- 95¼ 95 - 967'( Ga. So. & Fla.-lsr., ir .6 . ... 96½- 96½ ···· 82-82 . . .. - .... 77-77 - .•.. 82-84 Gr. Rap.& Ind.-Gen .~ . . . . - . . . . 86 - 87 80¼- 80¼ 80 - 80 80¼- 82 Gr.Riv.C'l &Coke-1st 93 - 93 93 - 93 - .... 90 -90 . ... G.D.".& St.P.-lstM.6 . ... ~ ~d, Income .... .... ... .. . ~ 22 - 22 23 - 28 22 - 22 25 - 30 29 - 34¾'. 32¾- 39¾ 35½- 38 All subs. paid ......... 25 - 25 36½- 38 25 - 27 24 - 26 25 - 25¼ 24 - 25 Han. & St. Jo.-Cons. 6 114¼-117 116 -117 110 -118½ 113 -113¾ 112¾-118 112¼-112½ 112½-113 113¾-114 110¼-114 112¾-114 113¾-116 116½·117½ - ... . .... - ... . 109½-109¾ Hen. Brldire Co.-lst... 6 108 -108 110 -110 - .. . . 104¾-104~ .... Hobok'n L.&1.-1910.:i .... - · . . · · ·. Housat'c-Con.,1931 .. ~ 104½-105 104½-104½ 105 -105 102 -105 . ... - ••.. 103 -103 102½-102½ 103 -103 103 -104 106 -106¾ 103¼-104 104 -104 - · • · · . . . . - •... 104 -104 104 -104 .••• N.H.& Derby-cone .. :i .... - ........ - .. . · ·· • Rous, & Tex. Cent.1st, a-old. 1937 ... .. . .:i .... - .... 102¾-103¾ 102 -103 101 -102¾ 100 -100 101½-102½ •99¾-101¾ 99 -101¼ 101 -101 99½-101¾ 101¾-101¾ l02 -105 99 - 99 98 - 99 9 ¾- 98¼ .. .. - . .. . 100 -100 Consol., irold, 1912 .. 6 .... - .... 103 -103 100½-102 100 -100 97 - 99½ 98½- 99¾ lOt -101 62¾- 64 63 - 65 62 - 64¼ *60½- 62½ 61 - 63~ 61 - 65¼ General, irold, 1921.4 .... - .... 66 - 66 64 - 66½ 62 - 64¾ 63 - 63½ 62½- 63 80-85 ... . - .... 80-80 80-80 -.Debenture, 189"··· ·· 6 .... - .. . . 83 - 86 83 -83 .... 70 70 70 . . . . 67 67 . . . . - . . . . 61 - 63 . . . . 65 - 65 Debenture, 1897 ..... 4 ... . - .... 71 - 71¾ 70 M. L. Trust rec ... .. ., 110 -113½ ... . Waco & N . W.-1st .. 7115 -115 111 -111 113 -113 •.•. - •... 113 -113 .... 2d M. L. trust rec . .8 120½-120½ .... Gen. M., Trust rec ... 6 :ft - 86 86 - 88¾ .... JU. Cen.-G., U9:il .3½ 90¾- 92 .... - .... 92 - 92 - •... 92¾- 92¼ .... • . .. 89½- 89½ 92¾- 92¼ 90 - 91 89½- 90 90 - 90 91 - 92¾ Reiristered . .... ... 3 ½ .... - .. . 92 - 92 92 - 92 92 - 93 _ .... .... _ . ....... - ........ _ 1st irold, 19~1 ........ 4 102½-105 102 -10-! 100 -100 108 -103 103 -103 102¼-102¼ 100 -101 100 -100 .... - ... . .... - .... 105 -105 . ... Gold, 19:i2 ............. 4 96½- 96½ 96 - 96¾ 96¾- 97 94 - 94 93¾- 95 94½- 95 94½- 95 94¼- 95¾ 94¾- 95¾ 93¼- 94 93½- 94½ 94½- 96½ Sprin1d. Div., ':i8 .... ti . . . . - .... • • . . 108¾-108¼ 10$¾-108¾ 105¾-105¾ . • . • - . . . . . • . • - ... 108 -108 . . . . - .. . c.St.L.&N.O.-1st,c.7 112 -112 111½-111½ .... - .... 126 -126 ..•. - •... 110 -110 .... - .... 112 -112 .•.. - .... 111 -111 .... - ... . Gold, coup ........ ... .:i 111 -113 . ••. - ... . l09 -110½ .•.. - .... 110 -110½ 107 -110½ 110 -111 107 -107 .... - •... 110 -110 112½-113½ 113¾-lU Gold, reg .. . .... . ..... ~ .... - ... . 108½-108½ . ... - • . . . 106 -106 106 -106 10-!¼-104½ .... - ... 112- 112 110 -112½ Memp. Div., lst,ir.,4 . . .. - .... 95 - 95 .... - .... 95 - 95 .... Dub. & S. C., :ld ctlv.7 . . . . - .... 101 -101 101½-101½ . .. . CedarF.&M.,lst ... , 75 -85 80 -91 90 -91 90 -93 93 -93 79¾-80 ... . - .... 80 -91 85 -85 85 -85 87 -91 ... . Ind. D. & Spr.-lst,t .7 95 - 95 - .... 103¾·103¾ .. .. - •... 103 -103 .... - .... 105 -105 108 -108 ... . Do trust receipts .. .... - ... 100 -105 1<>1 -102½ 101½-101½ 103 -108½ 101½-103½ 95 - 99 .... - .•• 100 -105 104 -108 107¾-108¼ ... Ind. D. & W .-~d, inc.~ 32 - 32 31 - 31 . . . . - . . . . . . . . - . . . . . - . • . . 28 - 28 - . . . . • • • • - ••• . . . . Morr., iiold, 1947 . .. . 5 .... - ... . . .. - .... 88 - 88 .... - . ....... - . . . . .. . . - . .. . 78 - 78 .... - .. . . 82 - 82 - ........ Intern. & Gt. No.-1 t.6 111 -115 113 -114 112¼-113 113 -115 112 -115 110 -110¼ 109½-112½ 110 -111 114 -h6 115 -116 115¼-116 115¼-118 Coup., 1909, tr. rec .. 6 72 - 76 72½- 73 68 - 68 68½- 73 68 - 68 68 - 68 68 - 70 68 - 70 71 - 72 73 - 75 70 - 70¼ 70 - 74¼ J own. Cent.-ht, irold .. 5 80%- 84 80¾- 82¾ 82 - 82½ 82 - 86 84½- 87 81½- 83¼ 82½ - 83 80¾- 85 8-1¾- 86¼ 86 - 86½ 85¼- 86¾ 84 - 89¾ Kan, & Mich.-, 990 .. 4 '73½- 74 77 - 77 76¾- 77½ 73 - 75 73½- 74¼ 73½- 73¾ 70 - 71 70 - 70 75 - 75 73¾- 73½ . . .. - . ... 72 - 73 Kentucky c., 198'1 ..... 4 •78¾- 82½ 81 - 82 81 - 82¼ 81 - 82¼ 81½- 82 81 - 81¾ •78 - 80 79 - 80¼ 79¾- 81¾ 80 - 80¾ 79¾- 81 80 - 85½ Klnirs Co. El.-'lst, A.~ 99¾-100¼' 98¾-100¼ 98 - 98 97¾-100 100 -100¾ 100 -100½ 97½ 98½ .... 98 - 98 97 - 98 98 -100¼ 99%-100½ Fulton ~I., 1st, iruar.~ 95 - 95 .... ... . - .... 90 - 93 . ... - .. .. 92 - 92 . .. - .. • ...• 90 - 90 Lael.Gas, St.L.-lst, Ir•~ 78 - 82½ 80 - 81¾ 77 - 79 77¾- 80 •75 - 77¾ 71½- 75 74 - 74¾ 72 - 75 76 - 78 77½- 80 77½- 80 78 - 82¾ Lake Erie & W.-l8t .. ~ *105½--09% 109 -109¾ 108½-109¼ 108½-109¼ 108 -109¾ 107¼-108 •105¼-106 105 -106¼ 106½-107½ 107 -107½ 107 -108 108½-1097-( l,ake Shore & M. So.- ... . 103)1;-103½ .... - •••• 104 -104 102 -102 102½-103 .... - .. . . CI. Pains. & Ash ...... 7 lQ0¼-107 108½-lOS½ 108 -108 104 -104 ... . Buff. &Erie-New .... , .-i16 -116 115¼-116½ 116 -116¼ 112¾-1~¾ .. . - •• . • 113½-114 114 -114 ... - .•.. 111½-113¾ 113¾-113¼ 114½-lH½ Det. Mon. & Toi. ..... '1 . . . . - . . . . . . . . - . . . . . . . . - . .. . 127½-127½ 127½-127¾' .... - .... 127}2-127½ .••• - .... 123½-123½ 128 -128 127 -127 128¾-129 Dividend ....... ......... ') 117½-118 117 -117¼ ll8 -118 ' 115 -116 1114¾-116 114 -114¾ ...• - . . .. .. . . - •. . . 116 -117½ 113 -114½ 114½-114½ 115½-115¾ ht con., eoup . ......... '7 120½-122¾ 121 -122¾ 121½-121¾ 1217,j'.-122 121 -121¾ 121 -122 118 -118 117¼-118 117¾-120 119 -121 121 -121¾ .... - .... 1st con., reg ............ 7 121 -122¼ 120¼-121¼ 121 -122 120 -122 118 -121 ... . - . . . . 117½-118¾ 116½-118 118 -119 116¾-118¼ 118 -119½ 119 -120 ~d con., coup ....... .... 7 123 -124 123½-124 122 -124 122 -123½i122 -123 118 -121¾ 118¼-119¼ 119¼-120 120 -120 121¾-122 122¾-124 121¼-122¼ ~d con., rea ...... ...... , 124 -124 121½-122¾ 120½-122 122 -122%,*119¾-19½ 118 -119 118¼-119 . .• - •... 117¼-121 121 -122 122¼-122¼ 119¾-122 Mahon.Coallst,'!J4 ~107¾-107½ . .. . - . . . . . .. · - .... 105 -105 106 - 106 1n~S. 1083i110 -110 - .. . 109 -109¾ ; Coupon olf t Ex- funded coupon. • Ex-intere,t.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BONDS.  77  1891- C:ontinued. BONDS,  JANUARY FEBR'RY.  MARCH. APRIL. - - - ---- ------  MA.Y.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BEK. DEC'BER.  _ __ _ _ _ _ _ _ _ L __o_w_ ·.H___:lg_h Low.High Low.High Low.Rig~ _L_ow_.H_lg_h Low.High Low.High L_o_w_._Hlgh _r.o_w_._Hlgh ~~~High Low.High _L_ow_.H_l_g_h 1 Lell.V.,N.Y.-lstgu.a-,4¾ .... - ... . 103¾-lM¾ ~~¾-1~.... 103¾-104 .... - •... 102¾-103¾ 100¼-100J 9 101 -101 101 -101 100 -101 100½-101¼ 101 -102¾ Leh.V,Ter.lst,1941 .. ~ .. .. - ........ - .... . .. . - ........ - .. .... . . - ........ - .... .... - ........ - .... . ... - .. . ..... - ....... - .... 106 -1~ Looa- lsl'd-lst, 1898 .. 7 116 -117 116 -118 117¾-117¾ 117¾-118¼ .•. . - ••.. 114 -114 114 -114½ 114½-114½ 117 -117 117 -117¾ 114 -114 .... - ... 1st, consol, 1931. .. .. . ~ 110¾-113 113¾-114 115¼~ *114¾-115 115 -115¼ 114 -115 111 -112 ..•. - •... 116 -116 115 -115 - •... 111 -115 Geo. mort,, 193~.... 4 90 - g2)1; gl½- g2 : oo½- g2¾ 92 - g2¾ 91¾- g2¼ 88 - 90 89¾- 8k1¾ 8~- go 89 - go 90 - 90¾ 89%- 00¾ 89 - 92 N. Y, & R, B,, lst, a-.~ .... - ........ - ........ - ....... . - .... ... . - ... .. . .. - .... .... - ...... .. - ... . .... - .... 100½-100¾ .. . . - ....... . - . .. . 2d, Income.. . . . . . . . . . . .. . . . . - . . . . . . . - . . . . . . . . - . . . . .. . . - . . . .. . . - . . . . .. .. - . . . . .. .. - . . . . .. . . - . .. . 35 - 35 .. . . - .. . . . . .. - . . .. . .. . - .. . L.Ev.&St,L,•Coo,lst~ 86 - 88 86 - 86!'3 85¾- 86¾ 85¾- 87 86 - 87 85 - 86 82 - 83~ 83 - 83 82 - 83 83 - 84 83 - 84 83 - 85  L ouisville &Nashv,Consolldated . . .... ... 7 113 -114½ 114 -114¾ 113¼-115¾ *111½-12½ lll¾-111¾ llQ¾-111¾ lll¼-112¾ 112½-112¾ 110 -110 111½-111¾ ll2½-113 113¾·114¾ Cecillo.n Bro.och .. .... 7 103 -105 104¼-104.¼ 101 -101 103¼-103½ 104 -104 103½-104 . ... - ...... .. - . . .. 102 -102 102½-102½ ... . - ... lW -lW N, O. & Mob-lst ..... 6 114 -116 116 -118 115½-117 116¼-117 116 -117¼ 116 -117¼ 113%-113¾ . . .. - ... . 116 -117 117¼-lt8 118 -118¾ lll».(-121¼ 2d ....................... 6 .... - . .. . 107 -108 106 -107 .... - .... lll¾-111½ 112 -112 ... - .... 105¾·106 . .. . - •••• 108 -108 .... - .... 113 -115 E, H, & Nash,-lst ... 6 112½-112¾ 112¾-112¾ lll½-112 113 -113¾ 113 -113 •111 -111 112¾-112),g .... - .... 112~113 113:J(-113¾ 113¾-113½ 111 -111 General mort ......... . 6113½-113¾ 113 -113 113 -114 114¾-114¾ 115 -117 112¾-114¾ 112 -113¼ 112¼-112¾ 112 -112¾ 113¾-115¾ 115¼-116 113¾-lH¾ Peoaacola Div, .... .. . ti .... - ........ - .... 106½-106¾ .•.. - .••.. . .. - ........ - .... 106%-106¼ .... - . . . ... - . ... ... . - .... . . . - .... 107 -107 St, Louis Div,, lst ... 6 .... - .... .... - ....... - ...... . . - ... . 115 -115 .... - . ....... - .... 113 -113 .... - ... .. - •••• 117 -117 . . - .. .. 2d, 198 ft . ....•........ 3 . .. . - . . . . . . . . - . . . . . .. . - . . . . . . . . - . . . . 65 - d5 63 - 63 . . . . - • . . 60 - 60 60 - 62¼ .. . - . • • . . • - . . • . .. .. - ... . Nash. & Decatur...... 7 114 -115 116 -116 .... - .. .. .... - ........ - ........ - .•...... - .... 111 -111 111¾-111~ 112¾-112¾ 113¾-113¾ 114 -116 'Ten-Fortv, 1924 ..... 6 .... - ... . . . - .... 102¼ lM¾ ... - .. . ... - ....... . - ... .. ... - ........ - •....... .. .. .. - .... . ••. - .... • .. . - ... • Pensac, & Atl.- lst .. 6 103¾-104¾ 101¾-102¾ 103¾-104 102¾-103 100 -100 100 -100½ 101 -102¾ 101 -101 102 -102¼ 103 -107 106¾-107 106¾-108 ~0-yr, a-old, 1937 .... ~ 106 -106 106½-106¾ . ... - . . ...... - .... 101¾-102½ 100 -102½ 1()2½-102½ 102¾-102¼ 103¾-103¼ 104 -104 100¾-100¾ 101 -101 Unified, a-old, 1940 .. 4 . . .. - .... . ... - .. .. 85 - 85¼ 81¾- 85¾ 79½- 81½ 7$¾- 80 77 - 77¾ 76%- 77¾ 77¾- 79¼ 79¾- 80¾ 79¾- 80¾ 80 - 82¼ Col , trust, g,, 1931 ... ~ 101 -103 103 -103½ 102 -103 102¾-103 W - W½ 98 - W¾ 99¾ ·100 100 -100 101 -101 .... - .. .. 98¾· 98¾ W¾-102 Nash.Fl,&S,,lst,a-u.:) .. - .... 98 - gg gg - g9 97¾- 9g g6 - 99 . . .. - ....... - .•.•.... - ••.• 96 - 98½ .. .. - .... 99½· 99½ W¾-101¾ Lou, New Alb, & Chic.1st ............ .. ........ 6 *106 -111 102 -lW½ 101 -102 109¾-10~ 106 -108,:! 107 -109 *107 -107 106 -100 108 -112 110 -112 107¼·110 108 -113 Coo., a-old, 1916 .. . ... ti 84¾- 91½ 85 - 95 84 - 97 *92¼- 98 93 - 95 92½- 93¼ 90¼- 93¾ 89¾- 97 93 - 97½ *92 - 95 93%·100 99 -101 General, a-,, 1 940 ... . :; . . . . - ....... ., - . .. . .. . . - .. .. 92 - 92 100 -100 80 80 . . - • .. . . . .. - . . . • .. .. - . . . . .. . • - • • • • .. .. - ...... • • - • •· Louis. N. O. & T.-tst .4 85¾- 88¾ 88¾- 88¾ 86 - 87¾ 86 - 86 86 - 86½ 86 - 86 86 - 86 86 - 86 8! - 86 85 - 85 85 - 85½ 85½- 85¾ L,St,L.&T.-lst,a-,'1'1,6 78 - 88 83 - 86 81 - 81¾ 81 - 85¾ 82 - 84¾ ... - ... 80 - 80 65 - 79 78½- 82¾ 81¾- 85¾ 81¾- 8! 83 -· 87¼ Man. B, H.& L, -Geo.4 .... - ........ - ........ - ........ - ........ .... - .. . . 51 - 51 .... - .. . . 50 - 55 50 - 50 *48 - 48 48 - 48 Mem.& Cho.s,-Gold ... 6 101½-102 102 -103¾ 103%-103% 103 -104 103¾-103¾ 101 -101 .... - .••...•. - ...... .. - .•• ... - ...• 98 - 98½ 98 -102¾ Metropolitan El,-lst .. 6 *111¾-13¾ 113,(-115 114- 115 114¾-115 113 -115 113 -115½ 111¾-112¾ 112½·113 112¾-113 113 -114 113 -115 115 -116½ 2d, 1899 ........... -... 6104 -105½104 -105%106½-107 107¾-108 104 -105½103 -104 103¾-104 104 -105 104½-105½106 -107 103¾-104%104¾-105¾ Mexican CeotralPriority, 1939 . ....... ~ .... - .... 107 -107 .... - .•...... - •... . . . . r . . . . . . . . - .... . •• - •• • . ••• - •••• . ••• - . . . . . . . . - . . . . . . .. - . . . . . . . . - •··· Consol., 1911 .......... 4 .... - ........ - . ... 73 - 73 . . . . - ........ - •••..... - •... 70¾- 70¾ 72 - 72¾ . ... - ........ - •. .. 72¾'- 72¾' .... - ... . 1st, CODS, Inc., 1939.4 .... - ........ - ........ - ........ - . ....... - ........ - ........ - .... 40 - 42 .... - . ... .... - .... .. .. - ...... . . - .. .. Mexican Natiooo.1lst, 19~1 .. . ............. 6 .... - ........ - ........ - .... . ... - . . .. gs - gs .... - ........ - ........ - .... ... - ........ - ••. 100 -100 .•. • - .. .. 2diocome"A" ........ 6 .... - ........ - ........ - .... 42 -42 40 -40 38 -38 ... - .... 3g _3g 42 -45¾ .... - .... .... - ..• . 41 -42¾ 2d Income, "B," ... . 6 ... - ... . .... - ........ - ........ - .... . ... - ........ - ........ - .... - .... 12 - 13½ ..• - ........ - .... . ... - •... Mich, Ceot- lst,consol.7 122 -123¼ 122½-123½ 122 -123¾ 123 -124¾ 119½-120¼ 118 -119½ 118¾-119½ 119 -120 120 -120½ 122 -123 119½-120 120¾-121¾ 1st, com,ol .... .......... ~ 107¼-107¾' 108 -108 107 -107 .... - ........ - •••. 107¾-107½ 107 -107½ .... - •. .. 108 -108 108¾-108½ *106 -106 106 -106 Coupon, 1931. .. ....... ~ 113¾-113½ 110 -112½ .. . - • . • • . . - • . • . .. . • - .... 107¾-112 111¾-111½ . . . . - .... lll¼-111½ 111½-111¾ . . • • - . .. . .. .. - .. • • Re,iistered, 1931. .... ~ 111½-114 110¾-110,:! 108 -110 .. .. - .... 106 -106 107¾-111 111 -112½ 110 -111½ 110½-110¾ 110½-111 109 -112 • ... - .... ltlorta-aae, 1940 ..... . 4- 100 -100 .... - • •. .. .. - ...... . . - •. .. 72 - 72 .... - ... . .... - . . ...... - .... 100 -100 ... - ........ - ........ - . . •. Jack. L,& !S., 1891 .. 6 •··· - .... .... - ........ - ........ - ........ - ........ - ........ - .. . . 102¾-103 .... - .....••. - ... ... - • •·· .... - ... . MU. Lake Sh, & West.1st .. . ... . .............. . 6 118¾-122½ 122½-123,:! 123½-126 126 -127 11g½-l23 117 -120 117 -117 118 -123 122½-123¾ 122¼-123½ 119½-120¼ lW -123 <Joov. deb, 1901' ...... ~ W - 1}9 .... - .... .... - ... . .... - ...... .. - .. .. 99¾- 00¾ 100 -100 97 - g7 .... - ........ - . . 99 - 99 105¾-105¾ Ext, & Imp,, 8, f ... .. -~ 98 -101% 99¾-100¼ 98¾- W¾ gs¼- 99¾ 9~¾- gg 98½- 99¾ gs½- gl)'I~ 97 - g 97¾-100¾ W½-100 gg - W¼ W¾-106 Income ... .. ... ........ . .6 104¼-lM¾ .. .. - • . . . .. . . - • . • • .. .. - • . .. •• . . - • . . . .. . • - ........ - •••• . • . • _ • . .. .. .. - . . . . . • • - • . . . .. . . - ••.. 110 -110 Mich la-an Div,, 1st ... 6 . ... - .... 113 -11-i¾ 114 -116½ 118 -llg¼ .... - ........ - . .. . .• • - ........ 116 -116 .••. - .... 116 -116 116½-120¾ Ashland Div., lst .... 6 .... - .... 114 -117½ *114 -114 116 -116 .... - .. ... .. - ........ - .... 120 -120 .... - ........ .. 118 -118 120 -122¼ MU, & No,-lst, 1910 .6 107¾-109 lW -112 .. . . - . .. . 110 -112 111¾-112 109 -1og 109 -lOg½ 108½-109½ 109¾-109¾ lW½-110 110¾-112 111¾-112¾ 1st, on exten,, 1913 .. 6 107 -lW lW¾-111 110¼-110¾ 110 -112 111½-lll 110 -110 108¾·108¾ 108½-110 110 -110 lW -110¾ 111 -112½ 110 -110 Mino, & St. L,-lst ... '7 103 -105 106 -106 105¾-106½ 107 -107 105¾-106 103,(-104 ..•. - •••• 105 -107 108½-108¼ 1Wx{-lv9¼ 110 -110 .... - ... . Iowa Extension ...... '7 92 - 94½ 94 - 96 96 -100 101 -102 .•.• - •... 95 - 95 95¼- g7 95 - g5 98 -104 105 -105 105 -110¼ 112¾-116 2d mort,, 1891. . ....... 7 50 - 53½ 51 - 55 50 - 53½ 50 - 50 . • . . - • . .. .. . . - • .. . .. . . - • .. . 47½- 47½ 55 - 57½ 57¾- 57½ 59 - 66¾ 65 - 70 Southw'st,Ext.-lst.7 73 - 73 80 - 80 85 - g5¼ 95¾- g7¾ .... - ........ - ........ - •••••••• - ... . g5 - 95 .... - ........ - •··· · ·· - .. .. Pacific Ext,, 1st ....... 6 .. . . - . . . . ll3 - 93 94½- g4¾ • . • - • • . . . • • • - • . .. . • .. - • . • . .. • . - . . . . .. . . - . .. . g5 - 95 .. . • - . • . . 95 - g5 . . .. - ... . Imp, & equip,, 1922 .6 .... - ... . 59 - 59 .. .. - ........ - •...•.•• - ••••.•.• - ........ - ........ - ........ - .. .. .... - .... 5g - 63 65 - 70 Mion ,S.S,M&A,lst a-,4 .... - ........ - .... [.... - ........ - .... .. .. - .... 89¾- 89¾ .•.. - .... . . .. - ... . .. . - ........ - •... •••· - ···• .... - ·· •· Mo, Pac,-lstconsol ... 6 J.05¼-108 108 -110¾ 10g -111 110%-110¾ 103 -104¼ 104½-107½ 106 -107¾ 106½-108 106 -108 106 -108 103 -105 102 -,106¾ 3d, 1906 ... ............ 1115 -115 115 -115 115 -115 116 -116 112 -112½ .... - .•. . 105 -110¾ ... - .. . .... - •.•. 112 -112 110¾-112 112 -113 Trust a-old, 191? ..... ~ 95 - 95½ 92 - 95½ 93 - 94 92¾- 92¾ 92¾- g2½ g2 - 92 - ........ - ... 00 - 00 .... - . .. . •··· - .... ·•·• - .. .. 1st, col,, a-old, 19~0.~ .... - .. ...... - .. . ..... - .... 83 - 84 80 - 83¾ 7g - 80 80 - 80% 77¾- 81 7g - 82 78 - 79¾ 78¾- 79½ 78¾- 82¾ .Pn.c, ot Mo.-lst, ext .. 4 99¾-100 97 - 98 07½- gs 96 - g7¾ g7 - g7 9! - 94 95¾- g5 g6 - 96 97½- 98 96 - 97 96 - 96½ 97 - 98¼ 2d, 1891 t ............. 7 W¼-100 100¾-100¾ 101¾-102 101¾-102¼ 102¾-103,( 103 -103¾ 101,(-101¾ 101%-101¾ 102¼-103 102¾-103¾ 103 -103¾ 103¾-105 M o, Ko.nao.s & Texo.s lst, a-old, 1990 .... .. .. 4 74¾- 78¼ 77 - 7g¾ 76 - 77¾ 76 - 78¼ 76½- 78¾ 75½- 76½ 74¾- 76% 74%- 78½ 77 - 78¾ 77 - 79½ 78 - 80 "77½- 7g¾ ~d, Income, 1990 ..... 4 36½- 44½ 40½- 44 38½- 40½ 38½- 43% 39 - 44¾ 39 - 41~ 36 - 31)7~ 36 - 44 42 - 48 43 - 46¾ 43 - 46 45½- 47¼ K. C. & P,,lst, 1990.4 .... - .... 72½- 74¼ 69½- 73 70 - 74 .. - ••.. 74 - 7! 73 - 73 72½- 73¾ 70 - 71J.fi 70 - 72½ 72 - 72,\i 72 - 75½ Do.I.& W,, lst,1940.~ .... - ........ - ....... - ........ ... .. .. .. - ........ - .... .... - .... 87 - 87 88½- 88½ .... - .. .. .ftlobUe & Ohio-New .. 6 112 -114¾ 115 -115½ 114¾-115 115½-117¾ 115½-116½ 112 -112¾ 112 -112¼ 112¾-114¼ 112½-114 114 -114 116 -117½ 115 -116 1st, exteo,, 1921' . .... . 6 lW -109 .... - .. .. .... - .. .. .. . - ........ - ........ - ... . 106 -106 .••• - ........ - .... • • •· - •· ..... • - · · · · Geo. 1'1., 1938 ......... 4 63 - 66½ 66¾- 70 *65¼- 68 65 - 67 63 - 66¾ 64 - 66¼ 62 - 66 62½- 68 64¾- 67 65¾- 69½ 66¾- 69 66¾'- 68¾ St,L,& Cairo-Guar.4 .... - .. .. 81 - 81 .. .. - .... . ... - • . .. 82½- 82½ ...• - ........ - • ....... - .... • •· • - • •.. ··• - • · .. · .. · - • ·• · · · · • - ... . Morgo.o'sL.&T.-lst .. ti 108 -110½ 112¼-113 112¾-112¾ .. 115 -115 ..•• 106½-108½ 108½-108¾ - .... •• - . . . . .... - •.• 111 -111 1st, 1918 .... ..... . ..... 7 120 -125½ 126¾-167½ .... - ........ - ........ - ........ - ........ - ... . 119 -121 .... 115¾-116¼ 120 -120 .••• - .. .. Alu tu al Un. T,·-S, F .. 6 102 -10!¾ 104 -105¾ 104 -105 .. . - .... 100 -103¾ 101 -101 .. • . - • . • . .. . . - .... 103 -103 107¾-107½ 104¾-105 104 -105½ Nashv,C,& St,L,-tst. 7 125 -126½ 126 -126 125 -126 126¾-126¾ 126 -127 126 -127¾ 124 - 124~ .... - .... 124½-125 124¾-126 125:J(-126 128 -132½ 2d, 1901 ................ 6 .... - ........ - ........ - ........ - ... 107¼-107¾ .... - •..• .. - ..•. 108 -108 .... - ...... . . - . .. ..... - · ... lll¾-111½ Consol. 1r,, 1928 ..... . ~ 105½-106¾ 106 -106 106½-107¾ 104%-1053,,( 105 -107½ 103 -104¾ 104¾-104¼ 104½-104¼ 105½-106 102¾-104½ 103 -104:J,( 102¾-105 Nat. l!!!tarch Mfa- -lst. 6 .... - ........ - .... .. .. - ........ - .... .. .. _ ...... .. - ........ - .... g5 - g5 95 - 97 95 -100 95 - 97 97 . -100% N,J,South,-1899.lt'u.ti .... - ....... - ...... - ........ - ... . .... - ....... 104 -104 •.. • - .... .••• - ........ - ........ - ........ - .. .. New York CentralExtension .. . .......... . ~ 101¾-102 101%-102¾ 102½-103¼ 102%-103¼ 100¾-101¾ 100% ·101¾ 101,(-101¾ 101½-102 101¾-102¾ 102¾-103 100½-101,:! 101¾-102 S,Y, C,& H,-ht,cp . . '1127 -127¾ 126 -127¾ 12U -126% 126 -127¼ 126 -126¾ 125¾-126¾ *123½-24½ 123,(-124½ 123¾-124¾ 123½-125¾ 125 -126¾ 126 -127 1st, rea-. . . . . . . . . . . ..... '1 127¾-127¾ 125 -125 124½-125 125½-126 125½-125½ 125 -125 *122 -123¼ • • • • - •••. 123¾-123¾ 124 -124 . . • . - .•.. 126 -126 Deb,, 1884-1004 ... ~ lW -110 lW¾-110 106 -106 107 -108 105¼-107¾ 104¾-105 106 -107 103¾-108 104¼-105¼ 104 -105% 106 -107 106¾-108¾ Registered .... ..... ~ .... - .... 1og -109¾ ... - .... 106 -106 106½-106¾ .... - .. . 104¼-lM¾ .... - .... 105 -105 104 -105¾ 106 -106½ 107 -107 Deb,rea-,,'89-1904- .~ .... - .... . .. - .... 108½-lW 106 -107 ... - ... . .. .. - .. .. .... - ........ - ... . .. .. - .... 104 -104½ 101½-102 .... - .. . . Deb,, a-,, '90-190~.4 98¾-lOO¾ gs:14-100¼ 100 -100 100 -100 100¼-lOO½ 97¾- 98¼ gs - 98½ gS¾- gs:14 97½- gs 99½-101 .... - .• .• *W¾-100 Rea-lstered ......... 4 . . .. - ........ - ........ - .. .. ... . - ........ - .. ... ... - ....... - ........ - ........ - .... gs - 98 .... - . ..... ·• - ... . Harlem-1st, coup .... 7 122 -122 122 -124 122 -123 122 -123 119½-120 118½-119}1 LLS¾-119¼ 120 -120 119½-119½ 121 -121 119¾-124 121 -121 1st, rea- ... ............ , - .... 121½-122¾ 122½-123 122 -122 118¼-119½ . .• - .. . . 119 -119 120 -120 llg¾-119¾ .... - •... *116¼-W¼ .... - ... . N.J,Juoc,lst,a-uar.4100 -100 100 -102 .... - .•...••• - ..• . 103 -103 ••. - . . . . . . - ........ - ........ - •... •··· - •··· ··•· - ••••···· - ·••• West Shore, a-uar . .4 •100 -103 102¾-102¾ 101¾-102¾ 102¾-103 102¼-102% 101%-102¾ g9¾-100)4 00%-101¾ 101 -103 100¾-102¾ 101~-102¾ 102¾-lM Rea-lstered .... ....... .4 l00¼-102½ 101¼-102¾ LOl -102¾,101¾-102¼ 101¾-102¾ •9g¾-102¼ 99¾-100¼ g9¾-100~ 100%-102¾ 101¾-102¾ 101¾-102¾ *101¾103½ 1 ti,Y,Chlc,&St,L,-lst.4 91 - 95¾ g3½- 95¾ 93½- 1)4½ *92 - g3 89%- g2¾ 89%- 90¾ 89 - 92 91 - 92 92¾- 95¾ g2½- 94¾ 93½-1}4¼ g4 - 96 Rea-lstf'red..... .... 4 .... - .... . .. - .... 1.... - .... . . .. - .. .. .... - ........ - ........ - •••• 92¾- 92¾ 92¾- 94¾ 93 - 93 t Extended, July 1, at 5 per cent • Ex-interest   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BONDS. 1891-Continued. BONDS.  JANUARY FEBR'RY.  M.AROH.  APRIL.  MAY.  - - - - - - - -----1-----1--·---  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BER.  --------  DEC'BER.  - - - - - - - - - - -- - Low.Hhzh Low.Hlirh Low .High Low.High Low.High Low.Hlirh Low.High Low.High Low.Rig~ Low.High L0w.High Low.Hiirh  N. Y. Elevated-1st ..... 7 111 -112½ 112 -112¾ 109¼-112% 112¾-115 114½-114¼ 113¾-114¾ 109 - ~ 111 -112 111 -113 112 -113 113 -113¼ 112½-114¼ N.Y.&N.E,-lst,1905.7 .... - ... . 119 -119 ,.... - .... • .• . .... - ... . .... - ... . . ... - ... . .... - ..... . . . - ... . ... - ........ - ..... . . - ... . N.Y.N.H,&H.-lst,rg.4 105 -105 .... - ........ - . ... 106 -106 108 -108 .... - ....... - ........ - ........ - ........ - ........ - ... 106 -106 N.Y. & North.-lst, g.5 . ... - . ... 106 -106 107 -107 105 -105 - .. ... ... - .... . ... - .... 106 -106¾ 1G7¼-107½ .... - .. . .... - • ... 105¼-105¼ 2d, gold, 1927 ... . ..... 4 46¼ - 48 48 - 51 49!1,!- 54¼ 53 - 56 52 - 54¼ 50 - 51 50 - 50 49½- 49½ 50¼ - 52¼ 507,(- 53¼ 52½- 55 59 60½ N.Y,On.&\V.-1 t,g .. 6111¾-112½ 112½-115 ~10-111 111 -112 111 -112 110½-112½112½-114 113½-lU *111-111½111 -111),glll½-112¼ 1127,1i-113:J( Consol. 1st, 1939 ... 5 92¾- 9-!,.,; 93½- 97¼ 95 - 96¼ 95:J,J.- 97¼ 94½- 97 *90 - 92½ 90½- 94½ 92 - 93¾ 93 - 98 97 - 98 97½ -100½ 98 -100 N.Y.&Per.C.&I.,lst .6 80½ - 81¼ 82½- 90 89 - 90 89¼ - 92~ *89¼- 901,,( 90 - 91 91 - 92¾ 91½- 93¼ 93¾- 94 93¼- 94 90½- 92 92¼- 93¼ N. Y, S,&W,-Refnnd ..5 94 - 97¾ 97¾-100¼ 99 -100 99¼-100 98 - 99¼ 97½- 99 95½- 98 98½-101¼ 99¾-101 99¾-101¼ 90¾-101)4101¼-104¼ 2dmort., 1937' .... 4½ 74 - 75½ 74¾- 75¾ .. .. - . .. . 75¼- 76¼ 75 - 75 ... - ........ - .... 68½- 76¼ 75 - 77 77 - 77 74¾- 78¼ 78¼- 79¾ Gen,, gold, 1940 ...... 5 .... - ... . 80¾- 81 82 - 82 81¾- 82¼ .... - ........ - ....... - .... 70½- 81% 80 - 83 83 - 83¼ .... - .... 83 - 8!¾ Midl'd of N . .J., lst ... 6112 -114¼ 114 -115½ 114½-115 112½-114 111½-114½ .... - .... ll3 -113 113 -113 113½-116 113 -113¾ 113 -115¾ 115¼-117¼ Norf, & West.-Gen ... . ti .... - ........ - ... 119 -119 121 -121 .... - . . . .... . - .. . . 119½-119½ 120 -120 .... - .... 121 -121 117 -117¾ 11$¾-118¾ 100 yr, mort., 1990.5 93 - 95¾ 93 -100¾ 94¾- 95 I»¼ -957,( . ... - .. . 88 - 94½ 90¾- 93 92 - 92 91¾- 92 91½- 91½ 92¼- 92¾ 94½· 95,( New River-lst ....... 6 112),(-ll!l .... - .... 113 -113 110 -110 111 -116 114 -116 .... .. .... - .... . ... - ........ - ........ - ... 113 -113 Clinch Vnl., 1st& eq.5 95 - 98 98 -102 *97 -100¾ .... - .... 96 - 96 96 - 96 95 - 96 ... - ... . 92 - 96 96 - 96 95 - 97 95'A- 96¾ No1•tbern PncificGen. 1st, Inna grant .. ti *113 -116½ 115½-116¾ 115¼--116¾ 116½-117¼ 115½-117¼ 116¼-116¾ *13¼-115½ 114½-115¼ 115 -116¼ 1'5~-11"¼~116 -117¼ 117 -118¼ Registered ..... ..... . 6 112:J,1-115¼ 115¾-116½ 116 -116¼ 116½-117 115 -117 116¾-1161,,( 113 -114114 115 -115 114 -115¾ 1'5~-11"¾ llll¼-117 *114-117¼ Gen., I. gr., 2d, 1933 6 110¼ ·113¾ 1137,(-114 113 -114¾ 111 -111% 109 -111½ 110~-...ll,4 112 -113½ 112 -113¾ 112½-113¼ 110½-110½ 110¼-111 111 -112¾ Registerf!d ..... .... . . 6 .... - ........ - ... .... - .. .. .... - ........ - . .... ... - ... .. .. - ........ - ....... . - ........ - ........ - .... 112 -112 Gen,, gold, 3d, 1937.6 107¼-110¼ 110¼-11314 109%-111 110 -111¼ 109½-110½ 106%--108 106½-107¼ 107 -107½ 107¼-109 108¼-110 109 -110 106 -107 Registere d .......... 6 106 -108¼ 109½-ll()lij .... - ....... . - ... . . .. - ........ - ... . .... - .......• - . ... . ... - ........ - ........ - .... · · · · - · ··• Consol., 1989 ......... 5 82 - 85¼ 83¾- 85¾ 82½- 841,,( 80¾- 84¾ 81 84 77!1,!- 79% 76¾- 79% 76½- 83¾ 82¼- 84¾ 81%- 83½ 81¼- 83 *77 - 81 Regi s te1·ed .... ...... . :; ... . - ........ - .... 83¼- 83¼ .•• . - .. .. 81½- 81½ .... - ........ - ........ - .. .. . .. . - ........ - ........ - ........ - ... . Dividend scrip, Ext .... 103 -103 ... . - .. .. .... - ....... . - .. •. . . .. - ....... - ........ - ........ - .... .. .. - . .. . .. .. . ... 104½-104½ • • • - - ... . St. Paul & No. Pae ... 6 ll8 -118¾ llfl½-117¼ 116 -116 117¼-117¼ 117¼-117¼ .... - ....... - .... 115½-115½ .... - .... 116½-117¼ 116½-117¾ 117½-118 Registered .. . ......... 6 .... - ........ - .. .. .... - ........ - .. .. . .. - .. .. .. - ... . .... - .. . ..... - ........ - ... . 116 -116 .... - .... 115½-115¼ .James Riv.V., 1936.6 .... - .... .... - .. ... ... - ........ - ........ - .... . . . . - ... . .... - ........ - .... .... - .... 105 -105 105½-105½ ···· - ... . Hel.&RedMt., lst .. 6 .... ... 102 -192 97¼- 99 97 - P7 99 - 99 .... - ....... - .. .. .... - ........ - .. .. 99 - 99 100 -100 100 -100 Spokane & Pal, s. L6 - ... . 103 -104¼ 103 -104 102 -104 100 -101 100 -100 .... - .... 100 -100 103 -103 104 -104 .... - .... • • .. - .... Dul. & llian., lst ..... 6 104 -105½ 105¼-106 105 -105½ 106 -106 105!1{-106¼ 106¼-106¼ .... - .... 102 -102 105½-105½ 106½-106¼ .... - . .. . 104 ·104 Do. Dak. Div., lst.6 103½-104½ 103 -105¼ 105¼-105½ 105 -105 105 -105 .... - ... . 101½-103 .. .. - ... . 105 -105 105 -105 104½-105 .... - .... No. Pac.Ter.Co ,,l st.6 105 -108½ 107 -108~ 108 -110 109½-110 .... - ... . 106 -106 104 -106 105 -105 .... - .... 107¼-108 107½-108 107½-108¼ Coe. de' AI., Gn.lst.6 106 -106 105%-106 .... - ....... - .... 104¾-104¾ .... - .... 101½-101½ ... - ....... - ...... - ••.. 103¼-104 102 -102 let, gold, 1916 . ... . .. . 6 110 -110½ 112 -112 110 -110¼ .... - ... . 108½-108~ .. .. - .. .. .... - ... . .... - ........ - ........ - .. . . ... - ... · · · - · .. . N. P. & Mon., 1st, g .. 6 104 -107¼ 107 -109 104 -105½ 103 -105¼ 103 -104 103¾-104 103 -104 103 -105 101 -102 101¾·102¾ 102¾-103 101½-103¼. Chic. & No. Pac., 1st .... . . - . ....... - ... . 81¼- 84¼ 78¾- 81 78¾- 84 79¾- 81 76½- 80½ 76½- 83 82 - 84 78¼- 80 77 - 78% 77 ' 79¼ Sea. L.S.&E., lst ... 6 .... - ........ - ... 101¾;-103 100¾-101¾ 9~ -101 98¼- 99¾ 98 - 98¼ 95 - 95¾ 95¾- 99½ 98 - 98¼ 96½- 98 96 - 97 Ohio Ind. & Western .Ind. B. & W., lst,pf.7 115 -115 ... - ........ - .... 115- -115 115½-115½ .... - ........ - . .. . ... - ........ - .... .... - ........ - .... · .. · - · · .• Ohio & lllhsissippiConsol. sink. fund .... 7 ... - .... 111%-112 111 -111 111 -111 110 -111¼ 110 -110½ 108¼·108¾ 1087,(-108¼ 109½-109½ 109½-110½ 110:J;(-111 l13 -113¼ Consol., 1898 .......... 7 111,:!-lll¾ 111¾-llll}i 111 -111 111 -111¾ lll¼--112 110¼-110½ 107 -108¾ 108 -108½ 109 -109 110 -110½ 111 -111¼ 111 -113¼ 2d, consol., 1911 ..... 7 119 -119 .... - .... . ... - .... 115½-115½ 114¾-116 .... - .... 108 -113 112 -115 115 -116 112½·112½ 114 -114 117 -120 1st, Springf. Dtv ...... 7 ·••· - ..... .. - ........ - ... .. - ........ - ... . .... - ........ - . ....... - ........ - ........ - .... 10$¾-109 108¾-110 Ohio River- 1st ........ . /> .... - .... .... - ........ - ... .. ... - .... .... - ... . .... - ........ - .... •. - ........ - ........ - .... 98 - 98 .... - ... . General, 1937 .. . . .... /> .... - ........ - ... .. ... - ... . .... - ........ - .. .. .... - .... . ... - ........ - .... . .. - .. . 87 - 87 .... - ........ - . .. . Ohio ~outhern-l8t .... 6 103½-106 107¼-107¾ 107 -110 108 -108½ 107 -108 102½-103 101½-103 . ... - .. .. 104½-104½ 107¼-110 110 -110½ 107 -107!1{ Gen., gold, 1921. .... 4 55 - 60 60 - 63 59 - 62¼ 58¾- 60 57 - 59 59 - 59 .... - .. . . 58 - 59 58½- 59¾ 50½- 62¾ *58¾- 60 59½- 64¾ Omaha& St. L,-lst .. 4 53 - 1''3¾ 57 - 57½ 57 - 58 57 - 58 58 - 58 50 - 52 50 - 50 50 - 51 .... - .... 55 - 55 .... - .... 56 - 56 nr. & V.- 1st g.,19':l7' .5 .... - ........ - ........ - ........ - ........ - ... .. ... - ........ - ........ - ..... . . - ....... - ........ - .... 95 - 95, Or. R'y. & Nav.-lst ... 6 107¼-109 107¼-109¼ 108 -109 108 -109 108½-110 107:1(-109 105½-106½ 106¾-107 105 -106 106½-107 106½-108 109¼-11~ Consol., 192/i ......... 5 92 - 94 .... - ........ - •••• 92½- 92½ 92 - 92½ 90 - 90 90 - 92 85 - 85 .... - ........ - .. . . 90 - 94¼ 92 - 93 Oreg. Imp. Co,-lst .... 6 90 - 99 99 -103½ *99½-100¾ 100 -100½ 99%-102¾ 96 -100 98 - 99¾ 98¾- 99¼ 99 -100¼ 99¾-102 100¾-102¼ *100-102¼ Consol., gold, 1939 .. ~ . ... - .... 71 - 74 67 - 71½ •66 - 70 65½- 69% 64½- 67 58 - 66 61 - 66 65 - 68 •e2J,g- 65¾ 63 - 64¾ 63½- 71 Panama S, F.-Sub .... 6 .... - ........ - ....... - ........ - ...... .. - ... ... .. - .... .... - ........ - ........ - .... 102½-102½ .... - .... 100½-lOl¼ Pennsylv ,1nia Co.1st, coupon ........... 4½ 105¼-106 105½-106 104½-105¾ 104½-105¾ 104 -105¾ 104¾-105 102 -104 102 -104¾ 104),(-105½ 104%-105½ 106½-108 l07¼·108¼: Registered ....... .. 4½ 104 -105½ .... - ........ - . ....... - ........ - .... 102!4'-102¼ 101½-102 101),(-102¼ 103½-104 .... - .... 106 -106 l06 -108 Pitts.Ft. W.&C,-lst . 7 140¾-140¾ .... - .... 141 -141 141 -141 .... - .... 141 -141¼ 137¾-138½ 137%-139½ 139 -139 139 -140 139 -139¾ l40½-l40¼ 2d., 1912 .. ... .... .. 7 ... - ........ - ........ - ... . .... - .... 133 -133 132¾ -132¾ .... - .... 138 -138 ..•• - ........ - ........ - .... .. - · · .. 3d., 1912 ............. 1 .... - .... 135 -135 .... - ........ - ........ - ........ - ........ - .... 128 -128 128 -128 .... - ........ - .... 131 -131 Clev.& P.-Cons.s,fd,7 .... - .... 122 -122½ 124 -124 122½-123 118 -119¼ 118 -118 .... - .... 119½-120½ 121 -121 120½-122 120 -120¼ 120¾-120¾ 4th, 1892 .. ......... .. 6 .... .. 101 -101¾ .... - .... 102¼--102¼ 102¾-102¾'!03 -103 100¼-100¾ 100%-100% .... - .... 101%-101!1{ .... - ........ - .. .. I-it. L,V.& T. H.-lst. 1 lll¾-112 . .. 111½-111½ 111½-112¼1100 -111 110¾-111¼ 108¾-109¾ 109 -110 109½-111 110½-111% 112 -112½ 114 -114 St.L.V.&T.B.,2c1,'9S .... - .... 109)4-109¼ .... - ........ - .... 105 -105 105 -105½106%-106%107¼-107¾103!1{-103¾ ... - ........ - ........ - ... 'ld, gunr., 1898..... 7' 98 - !JS · ...• - ........ - .... 109¼-109¼ ... - .... 107¾-107¼ .... - ... . 108¼-108% .... - ........ - ........ .... - .. . Peoples'G&·C.,Chi.2d 6 95½- 95½ ... - ... . 96 - 96 ... . - ... . .... - ........ - ... . ... - ... . ... - ... . .... - .... 92 - 93 94 - 94 95 - 99 Peo. Dec.& Evan.-lst .6 100 -101 . . .. - .... 103½-105 10! -104 109½-109¼ .... - ........ - .... 106 -106 106 -106 .... 106 -106½ 108 -108 2d, 1926.. . .. ........ . 5 66 - 70 70 - 70¼ 70 - 72½ 71¼- 74% 72½- 72½ .... - ........ - . . .. 72 - 72 72½- 73¾ 73 - 74 69 - 69½ 68 - 70~ Evansv. Div., lst ..... 6 95 -101?,( 103 -103 *99 -100 99½-102 101 -102 103 -103 102¾-103 102½-102½ .... - ... . 100¼-101½ 102 -102 105 -105 Peoria & Ens., 1st con.4 75½- 79¾ 78½- 80 77 - 78½ 75 - 76 74¾- 76~ 74 - 75¾ 73 - 75¾ 73½- 80 78 - 81¾ 78½- 80 78 - 80 79 - 80¾ Income, 1990 ......... 4 18 - 22 20 - 21¼ 20 - 21½ 20 - 20 18 - 20 16 - 18 19 - 19 20 - 26¾ 25 - W¾ 26 - 28% 27¾- 28 27 - 30¼ Peorla&Pek.Un.-lst. 6 .... - ........ - ... . 110½-110¼ . .. . ·- ... . .... - ........ - ........ - ........ - ........ - .. ... . .. - ........ - ... . •. - ... . 2d mort., l 921 ..... 4½ .... - .. .. 67 - 67 67 - 67 67 - 67 .... - . . . .. .. - .... 67 - 67 .... - .. . . 67 - 67 70 - 70 .... - .. • • 68 - 68 , Pbil. & Rend.-Gen .. . 4 78¾- 81¼ 79%-- 82 777Ai- 80¾ 79¼- 80¼ 77¼- 797,1i 77¾- 79 75 - 77 74½- 80 79½- 81¾ 79¼- 85 81¾- 83½ 83¾- 86 Registered . .. . .. .4 . .. . - . . .. . . .. - . . . . .. .. - .. . . .. . . - .. . . .. . - . .. . .. . - .. . . .. . - . . . . .. .. - . . . . .. .. - .. . . SO¾- 80¾ ••.. - .. •• .. .. - .. .. 1st pref, in c., 19:i8 . . 5 53 - 58 53¼- 55¼ 47¼- 52 50¼- 55 50 - 554a 49½- 537,-fi 48¼- 53 4.9 - 60¾ 60¼- 69¾ 66¾- 717,( 65%-- 70 68¾- U¼ 2d pref. inc., 19.}S . ... ~ 3!½- 38¾ 3514- 36¾ 32 - 35 a4¼- 38 35¾- 38~ 36 - 37¼ 34¾- 36¼ 32¾- 41 41 - 51 47¼- 52 47 - 51% 49½- 59 3d pref. iuc., 10JS .... a 27 - 30 26½- 29 25¼- 26¼ 25~- 29½ 27¼- 30 25!1{- 28 26 - 28 25¾- 31½ 31%- 30% 35 - 38¼ 33¾- 38½ 35¼- 39¼ 3d pref. inc., conv .... 5 .... - ........ - ........ - ........ - .... 32¾- 32¾ 27¼- 27½ . . .. - ... . .... - .. . . 37¾- 37¾ .... - ....... - • •·· .. .. - . .. • Deferred incoine ..... . ti .... - ........ - ........ - ........ - ........ - ........ - . . . .. ... - .... . ... - .... 10 - 10 .... - ...... .. - ...... .. - . . .• P.c.c.& St.L.-''A".4½ - ........ - ........ - ........ - ... . .... - ... . .... - .. .. .... - ........ - ........ - ... 115 -115 .... - ........ - .. .. Pitts.Cl.& Tol,-lst ... 6 .... - .... 107¼-107!,4; .... - ........ - ........ - ... . .... - ... . .... - .... . ... - .... . ... - ........ - ... . 109%-110 110¼-110¼. Pitts.Pnin.&F.-lst g.5 9-!½- 95 1 95 - 95 - .... 98 - 98 96 - 96 . ... - .. . . . . . - ... . ... - ........ - .. . ..... - . . .. ... - ... • .... - .. .. Plttsb. & \Vest.-lst .. 4 75½- 79¾, ';9¾- 81 78 - 80?,( 78¾- 79¾ 77¼- 79 77¼- 79¼ 76½- 78¼ 76 - 79¼ 78 - 80¼. 78½- 79 78 - 79¾ 79¾- 8!¼ Pre~. & Ar. C.-2d,inc.6 45 - 45 .. - ........ - . . .. ... - .. .. ... - ........ - . .. ..... - ........ - ........ - ........ - ........ - .. . . .... - . . .. Rieb,& Dnn.--Con ..... 6 115 -118 116½-118 118 -118 117 -118 115 -117 112½-115 109½-112 108 -108½ 107¾-109 109 -110 109,s-110½ 109¾-113 Debenture ......... . . .. 6 101 -10.l¼ 101½-1013' 103 -103 *100 -100?,( 100 -100 100 -100 . .. . - .. . . . .. . - . .. . 95 - 05 91 - 93 . .. • - .. . . 93 - 95 Con. M,, llOld, 1936.5 89¾- 91½ 87½- 90 88¾- 89 86 - 86~ 86 - 86 80 - 85 79 - 81 78 - 81 80 - 83 81 - 81 .... - · · · · 75 - 85 Atl.&Ch.,111t,1897.7 .... - ...... - . ....... - ... . .... - .... .... - ...... . . - .. .. .... - . . . .. ... - ...... .. - .... 118¼-119 ...• - ........ - .. . Rieb.& West Pt. Ter.Trust . ... . .............. . 6 97¼-100½ *97 - 98 97 - 97¾ 96 - 97 93 - 96 93 - 95 88 - 94¾1 83 - 90 82 - i37 8! - 85½ 83 - 90 83 - 92!4, Con., 1st, col. t. g ..... 5 68¾- 73¾ 73¾- 75 68¼- 71¾ 67 - 70 64 - 68¼ 62 - 6531i: 53 - 64 54 - 60½ 51 - 59 53¾- 59 52 - 57!-<. 49¼·· 65 Rio Gr . .Junc,- l i,t, g . . /> 90 - 90 89 - 90 .... Rio G.W.-lst, 1930 .. 4 *74 - 75½ 75¼- 77¾ 75 :74¼= ·;73¼= 76 .77 78¾Rome Wat. & Ogden.1st ............... ......... 7 102 -102 102¼-102¼ 103 -103¾'. .... - .... 103½-103),g 100½·100½ 100¼-100½ .... - .... 101 -101 .... - ... t03½-103¾ .. . - ...• Con., 1st, extendetl ... :'i 105 -107 106½-107 106½-114 *109½-11¾ 108 -109¾ 108 -109 108½-109 108¾-109½ 110 -111¼ 108¾-109:k 109½-111¼ 110 -113 St, .Jos. & G'd lsland1111st..... .... ... .... . .... 6 86 - 92½ 84 - 86 82¼- 85 84¾- 86 84 - 85 84 - 84¼ 82¾- 84 Si - 8!½ 85 - 88 85 - 87 &¾- 89 88 - 91 :!d, income .. ........ . ... :; - .. . . 20 - 20 .... - .. .. 22½- 23 22 - 2! .... - ........ - . . . . ... - .. . . . .. . ... - .. . 23½- 24 .... - .. . Kan. r. & Om .. 1 .. t . . 5 7!l - All ...• - . ••. 73¼- 73¼ . ... 70 - 74.~ 71 - 72¼ 60 - 6\l   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  77 .. ·7~- 77¼ .76 =77¼ .76 =76~.!  • Ex-mterest.  + Under the rule;  cash.  75 ..  77 ..  =77 .. 76 - 78½ 0  79 ...  80¾  RAILROAD BO DS.  7D  J f;91- ontinued. BONDS.  JANUARY FEBR'RY.  MARCH.  ~~  MAY.  _:UNE.  _ JULY  AUGUST. SBPT'BER.  ~  NOV'BER. 1-DEC'BER.  Low.Hlgb Low.Hlgb Low.lilgb Low.Hl~b Low.Higb Low.Higb Low.Higb Low.H1'1'b Low.Hlgb Low.Higb Low.Hl~b Low.High  ---- ----  -------------1 ----· -- - -· - - - - - - --·- - - - ---- ----  - ... . 110 -110¼110¾-1103,,1:111½ ·1113' t!lt.L.A.&T.H.-l11t... , 110 -110 110 -110 110 -110!1,;!110¼-110¼110 -110 108 -108 110 -110 2d, pret .................. 7 107 -107 10!¼-105½ 105 -105 105 -106 104 -105 10!¾-105 105¼ 105¼ 101- 103 103 -103¾ 104 -105¼ 105½-106 105¼-106 - .... 104 -106 .... - •... 101 -101 101 -101 104 -104 101¼-102½ 101½-1023' 2d, income .............. ? 103¼·105 .i.05 -105 .... - .... 106 - 106 57 - 57 - . .. . 55 - 55 . .. • - .... 55 - 58¼ 55 - 55 - ........ - . . . . 55 - 56 Dividend bonds ...... .6 50 - 52 - .... 100)4-102 102 - 102 102 -102 .... - ... . 102 -102 102 -102 ... . - •... 102 -102½ ... Ch. St. L.& Pad.,1,.t.~ 100¼-101 - . . •no -110 .... - .... 110½-112 112 -112 Belle. & So. Ill.-lst,8 ... - .... 111 -111 ........ - ........ Bell.&Carond.-lst.6102½-102¼ .... - .. .. 82½- 82½ . . .. - .... 80¼- 80½ St. L. So., 1st, guar.4 - .... 65 - 65 2d, income, 1931 ... :) 40 - 40 .... St. Louis Ark. & Tex.... 78½ 78 82¾ 80¼85 81¾79 - 81 1st, trust receipts .... 6 78¾- 81½ 80¾- 82 2d, all asses. paM ... . 6 19 - 21 19 - 20½ 17)4- 19 17¾- 19¾ 17¼- 19¾ .... St. Louis & Iron Mt.1st, 1S92 ... ........... . , lO!J.4·105 101½-102 101!1{-102¾ 102½-102½ 102½-103 1027k103 10!¾-104¾ 100½-100¼ 100½-101)4101¾-102 102 -102 102½-103¾ 2d, 1897... .. . . .. .. .. . , 105 -107 106!1,;!-107¾ 108¾·108½ 108¾-108¾ 104½-105 10!½-105¾ 105 -105 104½-106¾ 106¾-106¾ 106%-108 104 -105½ 105)4-107 Arkansas Branch .... ? 103¼-103½ 105)4-105½ 105¾-106 105¾-106½ 107½-107½ 1043,s-104¾ 103¼-103½ 103½-103½ 10! -105½ 105¾-105¾ 105)4-106½ 103½ 103½ Cairo &Fulton-lst.. 7 *98)4-100¾ 100¾-100¾ Cairo Al'I,. & Texas., 103¾-105½ 105½-106 105½-106½ 105½-106 107J4-107¾ 104,~-104½ 103½-103½ .... - .... 105½-106¾ 106½-106½ 106 -108 . .. 89 - 90½ .... 87 - 88 86 - 88¼ 87 - 89 92¼- 93¾ 89 - 90¼ 81 - 87 Gen. consol. & I. g . ... !} 91½- 93¾ 91¼- 93 85 - 867<{ - .... 85 - 87½ 85 - 85 - . .. . 90 - 90 !-tamped, guar . ... .. ~ . .. . ~t. L. & San Fran.- .... 113 -114½ . .. . - .... 112¼-112½ .. 111½-11¼ 108 -108 .... "2d, class A .............. ti 110 -110 Class B .... .... ........ .. 6 111 -111¾ lll½-112)4112 -112 113 -113}ii ..108-111 106½-107¾ 108 -109½ 109 -110¾ 110½-110½ 112 -113¼ 110 -112 111 -113 - .... 111 -112 - .... 112)4-114 108 -109½ 107 -108 108½-109 .... - .... 111 -112 .... Class C .. ................ . 6 111 -111¼ .... - . . .. Equipment ............. 7 .... - .... 102¾-102¾ .... 109 -109½ 107¾-107¾ 105½-106 -109 c;;ene1·al mort ....... .. . 6 108 -110 107¾-108¼ 105 -107 104 -106½ 10! -106½ 103¼-10!½ 103 -103½ .. .. - .. . . 109 96 - 96 9! - 95 94½- 95 82 - 82 General mort ... ....... ~ 97 - 97½ 95 - 97½ 93¾- 96 .... - . ... 96 - 97 92 - 92 80 - 80 - ...... . - .... 75 - 75 1st, Trust, 1987 .... .. ~ 85¼- 85½ .... K.C.&So. W.,tst,'16 .. .. - .... 85 - 85 .... .... •... 90 - 92 Ft.S.&V. B.B., 1st '10 97¾- 98 .... - .... 100 -101 .... - .... 92 - 92 68½ 67¾- 70¾ 67½- 71½ - .... 66 - 67½ 65½- 68 St. L. s. w.-lst 19S9.4 .... 36¾ 29½31 28¾35¾ 29%32¾ 28 29 25 28½ 26 28½ 26 2d inc., 19S9 .......... 4- .... .... - ........ - ... 106½·106½ St.P.&D.-lst,1931..~ .... -  ·as -  ~-~<;~:1~!~·.-&·M~~~:.:·~ .... - .... 105  -105  104 -104½ .... - .... 101½-101½ 102 -103  102¾-103  ~M¾- 6;¾1·66½- 72 ..  103 :10·3··· 110123 :110123  ..1.~10·2·½··1···.·..· - .... *.0. .l.½:10·2·½·· 1.0  110 -111¾ .•.. - .... 113 -113 113 -113 1st, 1909 .... ........... , 112 -115 2d mortar., 1909 . .... . 6 114 -117 117 -117 116)4-117 lU -115 lU½-114¼ 116 -116 116 -116 .... - ... 115 -117 *15½-114¾ 114½-114½ .... Dakota Extension ....-6 115 -118 117½·118 116 -116½ 116¾-117¾ 114 -114¾ .... - . ... 114½-114½ .... - .... 118 -117 117 -118 115¾-115¾ 115 -116¾ 1st, consol., coup .... . 6 114½-115½ 116 -117 114 -116½ 115 -116 115 -116 114 -115¾ 111 -112 .... - .•.. 114 -115}4113 -115½ 116¼-120 120 -123 - ... . 110 -111 - .... 116 -116 Relil:istered .. ........ . 6 .... 98 - 98~ 98 - 98¾ Reduced to ........ .4¾ .. . . - .... 102 -102½ 100 -101½ 101 -101 100½-101 102 -102 97 - 97¾ 98 - 98 98½- 98½ 98 - 99 - .... ~-86½ 83-85 8! - 84 .... - .... 83-85 84 83¾87½ 86)485 85 86 84 87 85¾87 80 4 ... 1st lllontana Ext., 82-82 .... - .... 82 -82 - .... 85 - 85 Rea-istered ............ 4 ... - ... 114½-117 114½-114½ 114 -lH 114¾-1167<{ Montana Cent., 1st. 6111 -115 112½-115 114 -115 lU -115 115 -116 114%-115 - . .. . 100 -101 - .... 100 -100 .lBt, guar., 1931' .... ~ .. . . - .... 112¼-112¼ .... Minn. Union, 1st ...... 6 . ... - 61 .... 61 61 61 •... 61½ t61½.... 72 - 74 8an A. &Ar.P.,1916 .. 6 62 - 67 70 - 74 73 - 74 - .•.. 61 - 62¼ 61 - 62 60 - 60½ 61 - 62 - .... +62 - 64 1926 ..................... 6 62 - 68¾ 71 - 73½ 72 - 73½ 68 - 71¼ ... • 97¾- 97¾ . ... - .... *96 - 96 96 - 96 .•. - ..... .. S.F.&N.P • . lst,1919 .. 5 95 - 96¾ .... -  l;~~~~¾ :i.!~~:.:~i!t;.~~!!:! Gen.wort., trust rec .6 .... - ........ -  1;!¾=1~:¾ .:~ =  . ....... -  ~~~ 1~!¼=1~~~ .~~  ...~.)4-_. •½-_- ~.8.· ·.·. .• .7·.~.·¼ _= 7.7.·¼.·.·l·.: - 74¾ 74 - 74½ 74 - 74½ 74 _= 7.·~·½···· •. :•••4.·¾__- ~.~·.· ·.~.~  - . . . . 55 - 55 - ...  ~.~..··.  I.... - ·...  Stamped assented ...... 61¼- 61¾ .•.. - •... · ·•· South Carolina1 Bt, ex Apr.,'89, cp .. ti 103 -103 106¾-107 106 -107 106¾-107 106 -107 106 -106 ..•. - •••. 102 -106 105 -107 106½-108 106¾ 106½ 107½-107½ - .. ...... - . . . . Bi½- 88 1 00 - 93 2d, 1931. ... ..... ... . ... ti .... - .... 70 - 70 . . .. - ... . 77½- 77½ .. .. 19¾- 22 , 18 - 23 22¾- 2! 23¾- 29 21 - 23~ 21¾- 21¾ .. .. - . . .. 20 - 2! 22 - 27 lncomeB . .............. . 6 13 - 14 18 - 25 21 - 24 80. Pnc., Cal-lst . .... .. 6 112 -112 112 -112¾ 112 -114 109½-112¼ 112¾-112~ 112½-112½ 113¾·113¾ 113½-113½ 112½-114 109¾-109½ .... - .. . . 11()¾-l..12 00 -100 100 -101,4 99 -101 *97½-100 99 -100 lBt con sol., 1938 ... . ~ 99 -101 100 -100¾ 100¾-101:1,( *99¾-100¾ 99 - 99~ 99 - 99½ 99 -100 So. Pn.c., Ariz., 1st .... 6 102 -103¾ 101½-102½ 101¾-102 103 -103 103 -103:Jt 103 -103:14 101 -102¾ 101 -101 100 -103¾ .... - ... . 103 -103 103 -10,1.,4 So. Pac., N. Mex.-lst.6 102¾-103¼ 102¼;-103 102¾-102½ 102½-104 103 -103½ 103J.,!-103)4101 -101¾ 101¾-102 101½-103 102 -102¾ 10!? -103¼ 103½-10!¼ 89½· 90 1 88 - 90 89 - 90 88 - 89¾ 88 - 89½ 82 - 85½ 8! - 87 88¾- 92 92 - 92 Tenn.C.& 1.-Tenn. D.6 86 - 94 93½- 94 90¾- 93 93 - 04¼ 89 - 93½ 00 - 94 87 - 90 84 - 90 88 - 89 92 - 9'1 Bir. Div., 1st .... .. . . 6 03 - 96½ 94¾- 95¼ 943<(- 95¾ 93½- 94½ 92 - 95 Texas Cent.-lst, s.f.. 7 ... . - ........ - .... .... - ... 1 40 - 40 .... - .... ... . - ..... .. 44 - 44 .. . . 40 - 40 44 - 48 . . 7 45 - 45 1 t, 1911.. . . . . . ... - .... 114½ ·114½ ... - .... 115¼-115¼ .... T. & N. O.-lst, 190~ .7 .. . . - .. .. 102 -102¼ .... - ........ - ..•. 102½-102¼ ... - .... 103 -103 101 -101 ... . - .... 101 -101 .... So.b. Div., 1st .......... 6 104 -104 Tex.&Pac.-E.D.-lst.6 108 -1(19¾ .... - .... 105¾-106 81½- 86½ 81½- 85½ 81¼- 84 83 - 85¾ 83½- 87 ht, gohl, 2000 .. . . .... 5 85½- 89~ 87 - 89¼ 85½- 87:)( 87:)(- 90½ 88½- 90¼ 86 - 88 84 - 88 30¾- 33¾ 28 - 31½ 28¾- 32¾ 31 - 35 29)4- 32)4 30¾- 35¾ 30½- 34¾ 29¾- 32¾ 27)4- 31)4 27 - 34 2d, g., inc., 2000 .. ... ~ 31 - 35)4 32 - 34 'Third Avenue (N . Y .) 11 -112¾ 111½-112¾ 1123,s-113 111 lll¾-111¾ 1st, l 937 . ........... . ... ~ 110½-110¾ 110 -110¾ 110 -111 111 -111 111 -112½ 111¾-lll½ 110 -110½ 110¾-110¾ 80 - 92 80 - 82 Tolo A. A. & C., 1917 .6 84¾- 88 86½- 87½ 82 - 83 81J.ii- 83½ 82¾- 84 82 - 84 ...• - ........ - . . .. 81¾- 81¾ 80 - 81 91 - 91¾ 93 -100 92¾- 9! 9~ - 93½ 93 - 95 93 - 94½ 93 - 93 Tol.A.A.&N.M.,lst.6 93 - 95½ 93 - 99½ 94½- 98 95½- 96¾ 93 - 95 82½- 82½ 82)4- 82½ 85 - 85 82¼- 83½ 82¾- 83½ 82¾- 83 1st, consol., 1940 .... 5 .... - .... .... - . . .. .. .. - .. . . 85 - 85½ 85 - 85¾ 85¾- 86 - ........ - .... 106¼ 106)4109 -109 109 -111 Tol.A.A.&G.T.-lst .. 6104 -105¼ 105 -107 106 -107½ 107½-108 106 -106)4 .... - .... 103 -104 103½ -105 104½-105 103½-104 -105 104 -10! 103 102½-102½ -105 103 -104 10! 105½-106¼ -106½ 105 -107 106 102%-107½ Toi.~ Ohio Cent.-lst.~ 74¼- 75½ 75 - 75)4 75)4- 70)4 74 - 74 72 - 72 74 - 74 , 71½- 73 T.P.&W.-lst, 1917 .. 4 *74 - 77 74¾- 74½ 74 - 74½ 74 - 74½ 73¾- 75 83¾- 9¾ 85½ 89¾ 88 - 9! *90 - 93½ 79 - 83¾ 80 - 8! 82 - 87¾ *80½- 85 82 - 87 84½- 86 Tol.St.L.&K.C.-lst.6 83¾- 91 87 - 89 Union Pac.-lst, 1896.6 108¾-109¾ 109¼-110¼ 108¾-109¾ 108 -109¾ 107¾-109 108½-110 *06½-107 106½-106¾ 106¾ ·107 107)4-108 107¾-108 .... - .... 1st, 1897 ............... 6 llQ¾-110¼ 110%-110¼ 109 -lllJ,4 109¾-110¾ 109~-110¾ 110 -110¼ 107J4-107¾ 107 -107¾ 107¾ 108)410 ¾-108¾ 109 -109¾ 109½-110¾ 1st, 1898 ............... 6 111%-113¾ 112½-112½ 112¾-112¾ 1113,s-112¾ 110½-111¾ lll¾-113¼ 108½-109½ 107¾ 108¾ 108½-109¾ 109½-110)4110%-110½ 111 -112¾ 1st, 1899 .......... .... 6113¾-11~¾ 114 -114 114¼-114¾ 112¾-112½ 111½-112¾ 112),,i-113 110½-110½ 110½-110¾ 110 -110 110½-110½ 112 -112 , ... . Sinking fund ........... 8 108 -111 111)4-111¾ 107 -107¾ 107¼-108 108 -108 108 -108½ 108½-108¾ .... - .... 105 -105 105½j-105¾ 105½-105¾ 106 -107 Registered .... .... .. .8 108¾-108¾ . . . • 90 - 90 (follatero.l Trust ...... ti .... 79 - 80 72¾- 72¾ . ... - ... . 80 - 80 Collateral Trust .... 5 .... - .... .... 66 - 70 65 - 70 70 - 70 70½- 72 - .... 69 - 73 69¾- 71½ .... 69 - 71)4 70¼- 70½ 71 - 74 Collateral Trust .. .. 4½ 70 - 72 93 - 9:3)4 92¼- 95¾ 93¾- 94 . . ...... - .... .... -Col. tr. notes, '94, g.6 .. .. - ........ - .... 107½-107½ 108)4-108)4 .... - .... 104¾-104¾ 105)4-105¼ 106 -107 - .... 108 -109 Kan.Pac.-lst, 1S9~.6 110½-111 - .... 107 -107¾ - .... 107 -107¼ ... . - .... 107 -107¼ 107 -109 - .... 109½-109¾ - .... 108 -109 1st, 1896 ............. 6 .... - ..•. 111)4-111)4 ... - ... 109½-110 109¾-109¾ 110½-110½ .... - ..• . 106 -106 109½-109½ 108 -108 108 -110 Den,•er Div•.... . ..... 6 111 -111  i:~.'::,:o:hu::e~·~:r:: ~~  =110¾ 110  =~~ .. ~~~ =1~~ ~~~.~1:~~ ~~.~~~ !: =~~~¼ ~~.~¾=1~:. ~~~. =1~~~ ~~~.~l~~ ~~½=l~~ .. , ~~~ =l~~~,~~  At. Col. & Po.c.-lst .. 6 82 - 82 80 - 80 80 - 80 Oreg. Sh. Line-lst ... 6 102½-106½ 103 -105 100 -104 73 - 76 Or.Sh.L.&U.N.,con.~ 77½- 80 1 77 - 78 Collat, Tst., 1919,g .. ~ 77 - 79¾ 77¼- 78¾ 74 - 75 Utah Southern-Gen., . ... Ext'n, 1st, 1909 ..... , 100 -101 100 -100 100 -100 78¼- 80¾ 79½- 81 U.Pac.Den.&G.Con.~ 78 - 82 - .... 75 - 75 Un.Pac.L.&Col.,lst.~ .... .... 1 . North'n-lst & llJtah _Gold 19l6.............. :i ··· t Trust receipts. • Ex-Interest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  79 - 79 80 - 81 81 - 83 100 -103 102¼-103)4101 -102½ 75½ 71½-79¾ 74 - 79¾ 75½ 74 - 74 ...• - •... 100 -102 .... - •... 100 -100 101~-102 101¾-101½ 77 - 80 *71½- 75 79¾- 80 - .... ...• -  .. - . ... 101¾-104¼ 70 - ?2¼ 71 - 71 977/4- 98 .... 67 - 72 71 - 71  -108¾ 80 - 82 80 - 80 78 - 78 100½-101¾ 100¾-102,4102 -106¾ 71½- 74)4, 73½- 75¾ 73¼- 80 1 74½- 75½ 73½- 73¾ 74¾- 86 97 - 98 100 -100 96½- 97 100 -100 95 - 97 71¾- 75¾ *70 - 75¾ 71½- 74 70½- 71i 72 - 74 72 - 72 75 - 75 .... 106 -106 .. .. 106 . .. . 106 - .... 79 - 79 ______  78 - 78 95¾-101 66 - 74½ 72 - 74 96½- 96½ 96 - 96 64 - 73½ 71 - 71  77 - 78 99%-101½ 71 - 75½ 71 - 74 96 - 96  RAILROAD BONDS.  80  1S91-C:onclnded. BONDS.  JANUARY FEBR'RY.  MARCH.  APRIL.  ---- -----------  MAY.  JUNE.  JULY.  AUGUST. iSEPT'BER  Low.High Low.High Low .Hillh Low .H igh Low.Hhrh Low.High Low .Higb Low. Hlgb  ILow  OCTOBER. NOV'BER. DEC'BER  .Blgb Low .High Low.Hi11h Low.Bigh  ---- ---- ---79 - 81 79 - 81 79 - 81 78 - 80 77¼- 77¾ 7'1 - 79 Va. Mid.-Gen.,1936 .. ~ 81 - 85 84¾- 89~ 85½- 86 86 - 86¾ 82 - 84 80 - 81 7'1 - 79 75 - 79 Gen., guar.stamped .5 83 - 86½ 86 - 90 89¼- 90 89 - 89½ 86 - 87 85 - 85 84 - 84 84 - 85 .... - .... 82¾- 84 - . ... .... Valley Ry. ot O.-Con .6 .... - .... .... - ... . .... - ... . . 103¾-103¾ .... - . ... - . .. .. .. .... . ... - .... 10'1 -10'1 Wabash-1st, g, 1939.~ 98 -101¾ 100¾-102 119%-100¼ lOQ¾-102 96¾- 99¼ 97 - 98½ 97¾-- 99¾ 99¾-101¾ 100¾-101¾ 101 -103¾ .g9¼-101¼ 101½-103 73¾- 75½ "'71 - 80 77¼- 79¾ 78 - 79¾ 79½- 83 2d mort., gold, 1939.5 73½- 77¼ 70 - 72¾ 70 - 7'1 73¾- ';5¾ 73 - 7'1¾ 73¾- 75 77¼- 80 ... . .... - .... .... - . ... .. .. - . .. . .... .... ... - .... .... - .... « - '15½ . ... - . ... . ... - . . . .... . - . .. Deb. inc., 1939, s. A .6 .... - .... .... '12 - 49 {6 33¼35 32 '10:½- 44, 36 30 35 31 '15 31 30 48 27 «½35½ 35 ... B.ti s. Deb. inc., 1939, - 51¾ - 30¼ ·•·· St.L.K.C.&N.R'l E.7 106¾-108 108 -108½ .... - ... 105½-107 107 -107 105¾-106¼ .... - .... 107 -107 . ... - . .. 106 -106 .... - ·•·· 105¾-107 ... ... , 105%-105¾ 105%--107 107¾-107¾ .. .. - .... 106½-107 No. Mo.-lst,189~.7 107 -108¾ 109 - 109½ 109;14:-109¾ 109!¾(-110 109¾-110 .... ... - .... 102¾-102¾,lO<l -106 105 -105 105¾-106½ . ... - ... 8t.C.B'ae, lst,190 ... 6 lO<l¼-107 105 -105 .... - .... .... - .... 10'1 -10'1 105 - 105 99 -102 98 - 99 98½-100 W.N.Y. &Penn.-lst.5 96 - 99¾ 100 -101 99 -100 99¾-100¼ 98,¼-100¾ 99 - 99¼ 96¾- 98 98 - 98!¾{ 98¾- 99 27 - 28¾ 29 - 33 31 -M 2d M., g., 1927 ... ,3.5 30¼- M½ 33 - 35¼ 32 - 33¼ 31½- 33 31¾- 32¾ 27½ 31 31¾- 36¼ *32¾-M¼ 29 - 33 .... .... 117 -117 . ... ... 115 -115 West. Un. Tel.-Coup .. 1 116 -116 11'1 -115½ .... .... .... - .... .... - .... 109 -109 .... - .... . .. .... .... .... .... .... 108½-108¾ .... .... .... - ... . ... . - ... .... . .. . ... - ... Registered ....... ...... ,- 115 -116¾ ... - . ... 111 -112¼ .... 99!¾(-100 99 -100 99¾-100 100 -103 99¾-100 Collateral trust ..... 5 98 - 99¼ 98 -100 99 -100 99¾-100¾ 98 -100 98 · -100¼ 99 -100 .... ... .. .. .... . ... .... .... .... 100 -100 .... .. .. . ... - ... . .... - .... ... . - . .. . .... - .... ... . . .. W. Va. Cen.&P., l&t,ti .... -106 106 -106 106 .... -106 106 10'1 10'1~-106 .... .... -10'1¾ . ... .... - .... .. .. - . ... 102¼-104 lO<l¼-105 105¾-105½ Wheel. & LakeE. lsr.~ .... 92¾- 9-1¾ 9'1 - 9'1 93¾- 9'1 92 - 93¾ 93¾- 93¼ ... . - .... ... . . ... 92 - 93 92 - 92 93¼- 94¾ 0-1¼- 94 Ext.& Jmp.,a-.,1930.:i .... .... 88 - 90½ 88 - 90 92¼- 94 93½- 94¾ 92 - 94 92¾- 95 Wis. Cent. Co., 1st, fl .. ~ 95 - 97 94¾- 96 93 - 94¾ 93 - 93 91 - 91 .... Wood'k Ir., 1st.HJ! 0 . 6 .... - .... .. .. - .... - . ... . ... - ........ ..... .. - ... .... . - . ... ... - . .... . - .... ..... - .... .... .... 70 - 70 " Ex-interest.  ....  ... - ....  -  -  -  -  -  -  -  -  -  -  .... -  -  -  ...  -  -  -  .  -  -  -  -  -  -  -  1S92.  ------------------------------,--- -----------,------ - - - - - - - - JANUARY FEBR'RY.  BONDS.  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV' BE!t.  lJEC'BER.  - - - - - - - - - - - - --- - - - - - - - - - -----1-----1----- ----11----1----  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High  Ala. l'tlid.-lst, 1928.. 6 86 - 90 89 - 89 89 - 89 88¼- 89¼ . . . • - ... . 86 - 90¾ 89 - 89¼ ... . - . .. .. . . . - .... 89¼- 89¼ 88¼- 88¼ .... - ... • Am. Cot. Oil Co.-lst .. 8 107¾-111¼ 109¼-109¾' 108¾-109¼ 109¼-112 109¾-111¼ 111 -113¾ 112¾-113 lll¾-113 111 -112 lll¾-113¾ *110¾-112 112 -112¼ Atlantlc&PacUlc-1 t.4 72¾-- 74 711}i- 72¾ 71¾- 72¾ 72 - 73¼ 71¼- 72¾ 69 - 71 67 - 67¼ 68 - 69¾ ... - .... 68¾- 70¼ 70¾- 72¼ 69¼- 71 Income ................... 6 13¼- H¾ 12 - 13¼ 12 - 12¼ 11 - 12 10¼- 12¾ 11 - 12½ 10¼- 11 10 - 11¼ 11 - 11¼ 11¼- 11½ 11¼- 13¼ 10¾- 12¼ Atcb. Top. & S. Fe.83¾- 84¼ 8378 - 84 83¼- 85¾ 82¾- 83¾ 83 - 83¾ 82¾- 83½ 83¼- 84 83 - 85 82¾- 84 81¾- 83½ 82¾- 83 Gen. mort., 1989 ..... 4 *83¼- 84 83¾- 83¾ 83 - 84 83¾- 84 ...• - .... . ... - . . . . 81¾- 81½ 83 - 84 Rea-istered .... ............ - ... . 83 - 83 ... . - ... . . . . - ... . 81¼- 84 57¼- 58¼ 63½- 56¼ 53¾'- 60¼ 53 - 58¼ 56½- 59¾ 58 - 60½ 59¼- 61¾ 55¾- 58¾ 58¼- 59 Income, 1989 .... ..... ~ 62¾- 66¾ 58¾- 63¼ 58¾- 62 . . . - .... . . . . . . . . . . . . . . . . Reaistered......... .... . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . 57 - 57¾ . . . • - • . . . Trust receipts ....... . .... - ..... ... - . .. . . . - ........ - ..... ... - ........ - . . . . 56¾- 56¾ ... - • ... 56 - 58¼ *577/4- 58¾ 58 - 68 .... - ... • 52¼- 56 55 - 58 Class "A" 1989, 2¼.4 .... - .... . ... - ... .. ... - ... . .... - ........ - .. . . .... - ... .. .. . - ........ - ........ - .. . . 68 - 58 - ...... . - ....... - ... . 68¼- 63¼ 58½- 58¼ - .... .. - ... . . . .. - ... . .... - ... . . .. - , Claa ■ "B" 1989 . . .... 4 .... - ........ - ... . ... Baltimore & Ohio... - .... .. .. - ........ - . ... . ... - .... 119).!-119¾ .. .. - ... • lst, Parkersb'a- Br .. ti 117¾-117¾ . ... - ... . 117¾-117¼ .... - ••.....• - .... na -118 Gold, 1925, coup .. .. . ~ 108 -108¾ 106 -108 108¾-108½ 110➔-{-1 11 109 -112 111¼-111¼ 112¼-113 109 -111 111 -111¼ lll¾-112 110!¾(-112 lll¾-112¼ ... - . ... 110 -110 . .. . - .... . .. - .... . ... - .... 109 -109 ...• - . .. . ... - . .. . Reaistered ........ ..... 107¾-107¼ ...• - •... 109 -109¼ 107 -110 Consol., a-old, 1988 .. ~ ... - ... . ... . - . . ...... - . . . . . . - . .. . 115¼-115¾ 115¾-115½ .... - •.•. 112¾-112½ .... - •.. . 113 -113 . .. - ... . lH¾-115 .. 105 -105 . ... - ... . .... - ......•• - . . .. . .. - .. . 105 -105 .... - ... .. .• . - ........ - •.•• .A.k. & (.hie. June ..... ~ .... - ... . ... - ........ w. Va. & Pitts., lat.~ . ... - . .. ..... - ....... - .... .. - .... 102 -102 .... - .•. .. ... - ... . . •• . - ••...... - •. ..... • - ........ - ....... . - •..• B.&o.s w .-1st, 1990 102¾-102½ .... - ... . 103¾-10'1½ 10'1 -105¾ 105_¼-101 ...• - ........ - .... .. .. - .......• - •... . ... - ... . 107¾-108 .... - ...• . .. - ......•. - ........ - ........ - •....... - •.•• Mon. River, lat, iru .. :i . . . . - ........ - . . . . . . . - . . . . ... - .... 103 -103 .... - .. •. .... - .. Beech Creek.-lst, ,r .. 4 92¼- 98½ 98¼-100 100%-101¾ 99¼-101¾ 100 -101¾ 101¾-103 10-! -104 103¾-103¾ .... - .... .. - •....•• - •....••• - ...• Regiatered ...... .. . ... . . 4 . . . . - . . . . 95 - 05 100 -100 100 -100 100 -100¾ 101¾-101¾ . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - • . . . . . . . - . . . . . . . - ...• Bost. H.T. &Wes.deb.5 100¼-102 ... . - .... 99!¾(-100¼ 99¼-100 100 -100 .... - ... . 102¼-102½ 102 -102¼ ... . - •••. 99¾· 101 . ... - •••. 100 -100 Bost. Un. Gas Tr. ctf.. ~ 92¾- 92¾ 90¾- 90¾ .... - . .• . 91¼ - 91¼ 92¾- 92¾ . ... - .... . ..• - .. .. .... - ........ - ••.. .. .. - .... . ... - ........ - ..•• Buff. Roch. & Plttab.99¾- 99¾' 99¾- 99½ 98¾-100 98 - 99½ 97 -100 100 -101 101 - 102 101¾-103 101¼-102 101 - 102¼ 100 -100 General.. ...... ........ . ~ 95 - GS Consol., 1st .......... 6 114!¾(-116 115¾-116¼ 117 -117 116¾-117¾ 118 - 120 *116%-117 ...• - •.. . 117 -118¾ 119¼-119¼ 118 -119 llB -118 120 -121 Brooklyn Elevated1 st, 1924 . ...... ........ 6 111 -112¾ 112¾-116 116 -118 114 -115 114 -116 116¾-117¼ 118¼-119 .... - .... 120 -120¾ 116 -117 116%-118 117 -118 96 - 96¾ 96¼- 96¼ 97 - 98 94,¼- 9'1½ 96 - 96 93¼- 93¼ 9'1 - 94 91 - 91¼ 92 - 93 2d mort., 191~ .... 3-~ 83¾- 83½ 90 - 90 90¾- 91 Union El.-lst,l 937' .6 110 -111 111 -113 113 -11-1¼ 114 -115¼ *112 -113¾ 113¾-115¾ 115 -116¾ 115¾--116¼ 115¼-116 115%-117 114¾-116 115 -1:6¼ Burl. C. Rap. & No.lat ........................ 5 101¼-103 102 -103 102¼-103 102¼-105 105 -106 102¾-103¾ 102,,(-105¾ 10'1,¼-105!)( 103 -10'1¼ 104,¼-105¼ 10'1 105 101¼-103 95 - 95¼ 97 - 97¼ 94¾- 96¼ 95!¾{- 97¼ 95¼- 96¾ 96 - 96¼ 93¼ • 97¾ 95¼- 96¼ 96¼- 98 96 - 96 95 - 95 Consol. 1st & col. tr.~ 95 - 95 ... Rearistered.. ........ .. . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . ..... . . - • . .. ... - ..... . ... - • •. 96-96 - ...... . - • · · ·.. - • • . . . . . . - . . . . . . . . - . . .. 101 -101 C.R.I.F.&N.,lst ...... 6101¾-101¾ 100 -100 .. . . - ... . - •... 00-00 1st, 1921 ... ........ ... 5 .... - ........ - .. .. .... - . .. . 85 - 85 .. . . - •...... - .... . ... - .....•• - ... . 90 - 90 Canada Southe1·n- 'II 1st, aruaranteed ........ *105¼-107 107 -107½ 107 -108 107*108¼ 107¾-108¼ 108%-110 106 -106½ 105¼-106¾ 105¾-106¾ 105%-106¾ 105¼-107 1061}.(-107¼ 2d morta-aa-e .......... . 5 101 -103 102 -10!1 ¾ *100 -102¾ lOQ¼-101¾ 101¾-102 102 -103 102¾-103¾ 103 -103¾' 101 -102 101 -101¾ 101 -101¼ 101 -102¾ . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - .... 101¼-101¾ . . . . - . . . . . . . . - .... 101¾-101¼ . . . . - . . . . . . . . - . . . . . . . . - . ... Rearistered Cent. O., reorar.,lst..4¼ 101¼-101¼ ... . - •. .. . ... - . . . . 101 -101 .... - ••• ..... - •...•.•. - .... ... . - .... . ..• - • .. . ... - • . . . . . . - •.. . 103¼-103¾ Col. & C. Mid.,' 39.4½ . . . . - . . . . . . . . - . . . . . . - . . . . ... - . . . . . . . . - . . . . . . . . - ... ... . , - .. . 92¼- 92¼ . . . - . • . . . . . • - . . . . . . . . - . . . . . . . . - .. . Cent. RR. & B., Ga .. ~ 80 - 80 85 - 85 ... - .. . .... - . . . . 81 - 85 .... - . .... ... - ...... . • - . . . ... - . .. . . . . - . ....... - . . . . 81 - 81 - .. . . .... - . . . . . . . . - .•• . ... - .... ... . - . . . ... - .. . . .... - ........ - . . . . ... - .... . ....... . Chatt. R. & Col. ..... 6 85 - 85¾ .... - . . . . 67¼- 68 69¾- 72 71 - 73 73 - 75 .... - •... 67¾- 70½ 67 - 74 73 - 76 71¾- 79¾ 71 - 75 Sav.&W.,lstcon.,g.6 74,l¾{- 77¾ 75¼- 85 Cent. of New Jersey-116: 115 -116 115 . ... .... -117½ 116 117¾-117¾ 115!¾(-116¼ -119 Con■ ol., 1899 ......... 7 116 -115¾ 116¾-117 117¼-117¼ 116 -116¾ 117 -117 119 .. . - •... 122¾-123½ 123,,(-123¼ 120 -121¼ .... - •.• . 120¼-120¼ 120¾-120¼ 122¾-122¼ 123¼-123¼ 119 -119½ 118¼-119 Convertible, 1902 ... 1 120 -122 Conv.deb.,1908 ...... 6115 -115 . . .. - •...... - ... 116,4,--116¼, ... - .•...... - ........ - ..• ..... - •....... - .. . ..... - ........ - ..•... .. - •.. Gen. M., 1987 ........ 5 *109¼-111 ll0¼-112¾ 112 -112¾ 110 -112¼ lll¾,-112¼ 113 -114 116%-111 110%-111¾ 110%-111¼ 111 -111¼ 110¼-lll¼ 110%-111~ Rearistered ... ....... . 6 109:1(-110¾ 110¾-111¾ 110¾-11278 110 -110!¾( 110,4-111 lll¼-111¾ 110 -111 111 -111~, 110 -110¼ 109%--110 lOQ¾-110¼ 109 -110;.£ 1 Leh.&W.B.-Assent 7' 109¾-110 110¾-111½ 110 -110¾ 110¼-112¾ 112 -113¼ 112½-lH 113 -114 112 -113¼ 109¼-110¼ 112 -118 111¼-113 108¾-109¼ 96 - 98¾ 100 -100 100 -100¾ 101¾-102 101¼-101¼ 100¼-100¼ .. . . - .... ... . - . . . 97 - 98¼ 98 -101¾ 100 -100 Mort1ra1re, 1912 .... 5 94 - 96 Am. Dock & Imp ...... ~ 105_¼-107¼ 107¾-108 106 -107~ 106¼-107¾ 108 -108}£ 109¼-111 108¼-108¼ 108%-109 109¼-109¼ llv¾-llOxi 110¼·110¼ 110 -111 Central Pacific- 1 ... - •... 107¼-108¾ lQS¾-100 . ... - .••. 105¾-100 106 -106 106½-106¼ 1~-108¾ 107¼-108 Gold, 189~··· ~••••••·••·6 105,,(-106¼ .... - ..•. 106¼-107 Gold, 1896 ........... . 6 196¼-108 108¾-108¼ 108¾-108¾ .... - ••.. lOOM-110¼ 109}£-109¼ 106¾-106¾ 106¾-107!4 107 - 107 108 -108 108 -108 101%-108¾ ...• - .... 110¼-110¾ 108 -108 108 -108¾ 108 -108¾ 1 ~ - 1 ~ 109 -109¼ 109¾-109¾ 108¾-109¾ •.•. .... Gold, 1897 ............. 6 109 -109 109¼-109¾ Gold, 1898 ............. 6 109¾-110¾ 110,,(-110¼ 111 -111¼ 111 -111¾ lll¾-112 112 -113 110 -110 109¾-110 109 San Joaquin Br ....... 6 108¾-108¾ ... - .....••• - •• . . .. . . - .•.....• - •.. . . .. - . ... . .. • - .... 108¾-108¾ ... . -110 ~~~¾=~~,~~~=~~¼ ~~.~ =1~~ Land 1rrants ............ :S 101 -101¾ 101¾-103 102%-103¾ ...• - •... 101%--102½ 102!¾(-102¾ .... - ••...... - .... 101 -103¼ 102¼-103¼ 10'1¼-lO!l¼ 10'1:,1,(-10'1~ Western Pac ........... 6 105 -106¼ 113 -113 110 -111 lll¾-111¾[110¾-110¾ 111 -111 109 -109 112).!-112¼ ...• - •• · • ••• - •••• 1• ..• - ••.• 108¼-118 1 No. of Cal., ~0.year.. ~ 1100!¾{-101¾ 101 -101¾ 101¼-102¼ 100 -100¾ lOQ¾-101¾ 101 -102¾ 101 -101¼ lOQ¼-101¼ 100 -100¾' 98 - 9~ 96¼- 97J.( 95¾- 97g( Chesapeake & Ohio- . • . 110 -112!':( 109!¾(-111 .... - •.. P. mon. fund ........... 6 109,¼-110 109¼-109~ llQ¾-111 111¾-112½ 113 -113 112¾-112¾ 109¼-109¾ 109 -109 - ........ - •••. 117 -117 . ..• - .... 116 -116 Serles A, 1rold, 1908.6 .... - ... . .... - .... 119 -119 116 -117 116).!-117¼ .... - ... . Mort., 1911 . ..... . .... . 6 115¼-118 118 -119 . ..• - •.•• lH½-116 116 -116¼i116¼-117¼ 117}l!-117¾' 117,,(-117¼ 118¾-118¾ 115¾-117 116 -116 115¼-117 1st, con., 1r., 1939 .... ~ 103¼-106 104 -·105 104 -105 104%-107 10'1 -104¼ 10'1 -10'1¾ 104 -10'1¼ 103¾-lO<l~ 103¼-10'1¼ 104).!-105 102 - 1 ~ 101 -102~. .. *103 -108¼ 108 -10'1¾ 103 -103 1.03 -108 108J.(-103¾ ...• - •... 103 -lO!i 101}(-102 .... - .. . Rearlstered .. .......... ..... - ... 101¾-101¼ .... 79¼- 81 General, 199:1 ...... 4½ .... - ........ - ... . .. . . - ........ - . ... 82';(- 84¼ Sl¾- 83¾ 81¾- 84¾ 83%- 84. 78 ~ - 81}( 7~- 797/4 78 - 80 79 - ~ 78 - 80¼ 79 - 79¼ 7~- Sl B,.&A..dlv.,lstcon2-4 76 - 78 76¼- 78 76¼- 77J,i! 76¼- 78¾ 78 - 79 78¼- 80 78¼- 79% 80 - 81 83 - 8'¾ 84.¼- ~ 8 ~ 83 84 - SiM 83 - 83¼ .... - .... 82 - 82 l ■t, conaol., 1989 .. 4 . ... - ........ - ........ - ........ - : ........ - ... 77 - 78% 7f' - 't9M 79 - 80 78¼- SO¼ 78 , 78¼ 78¼- 79¼ 78¼- 80 77 - 79½ .. .. - ..•. 79 - 79 77¼- 79 ~d conaol., 1989 .... 4 75¼- 79   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  • Ex-intueet.  81  RAILROAD BONDS. 1892 ~ontinued. JANUARY FBBR'BY.  ______ ,____  MARCH.  APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPT'BEB. OCTOBER. N0V'BER. DEC'BES.  BONDS.  -----  Low.Hiirh Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hlirh  - - - - - - - - - - - - - - - - - - - - - - -· - - - - - - - - - - - - - - - - - - -  -Obe 8 • o. & S. W .. ... .. . 6 107 -107 *105 -105 1()4¾-104¾ 102 -105¼ 105½-106¾ 105¾-107 107 -107 ...• - •... 103½-105 104 -105 .... - .... 105 -106¼ 71¼- 71¼ 7!, - 71 .... - ........ - ........ - . ....... - .... 70 - 72 71 - 71 . .. - .... 70 - 72 74 - 74 'Jd mort .• 1911 ........ 6 77 - 77 Chicago & Alton-1st .. ,- 102~-103¼ 103¼-103¼ 103¾-103¾ 103%-104 104 -1{},1)4 104¾-105 101¾-101¾ 101¾-102 101¼-102 102 -102¼ 102½-103 103¼-103¾ Sinking fund, 1903 .. 6 lli}¼-119¼ .... - ........ - .... 120¼-120½ 117¾-117¾ ... - .... 118 -118 119 -119 . .. . - .... 119¼-119¼ .. . - .... 117¼-117¼ - ........ - •....... - •... 117 -117 116¾-116¾ 117¼-117¼ L.&Mo.R.lst, 1900 . ,- 119½-119¼ 115;¼-115¼ 116¼-116¼ 116½-117 .... - .. . . .. 112 -112 ... . 'Jd, 1900 .... .... .. ... . ,- .... - .... .... St.L.J.& Ch.bt.'94, 106 -106 .... - .... 107¾-107¾ .... - .... 105½-105¼ .... - ... . 106 -106¾ 106¼-106¼ 106¼-107 . ... - .... 103 -103¼ .... - .... - .. .. 104 -104 104¼-104½ Miss. R. Bdar. 1st ... 6 106 -106 106 -106 107 -107 .... - •... 103½-104 Chic.Bur.& Nor.-lst.5 103½-103¾ 105 -105 105 -10511,C ... - ... 104¾-105 105 -105¼ 105 -105 105 -105 106½-106¾ 104 -105 Debenture. 1896 .... . 6 .. .. - .... 103 -103 C hic. Burl. & QuincyConsolidated .......... 7 121¼-122¾ 122)4-123¼ 122¾-123¾ 123½-124¼ 124¼-125¼ 125 -126 121½-123 122 -122¾ 122 -123 123 -123¼ 123¼-124 128~123½ Sink. fund, 1901 .... . ~ 103¾-104½ 104¼-105 104¾-104¾ .... - ... . 103½-103¼ 103½-104 105,(-105¼ 104½-104½ 104¾-104¾ 102¾-102¾ 108½~103¼ 103¼-103¼ Debentare, 1913 ..... 5 101 -108½ 102¾-103½ 103 -103¼ 103½-105½ •102 -103¼ 102;¼-103½ 102 -102¼ 102¾-103 101¾-102½ 102¾-103¼ 100 -101½ 101 -102¾ Convertible, 1903 ... 5 112½-114 110½-111¾ 107%-111 110¼-112 110 -111 107 -108 107¾-109¼ 109 -110 106 -106½ 105 -108 106 -107½ 105 -106% - ... 106)4-106¼ .... - ........ - ........ - . .. .. .. - .... 105 -105½ 105 -105 IowaDiv.-·sink. fd ... 5 .. 94½- 95½ 94¼- 94% 94¾- 94¾ 94%- 96¼ 95¼- 96¾ 96¾- 96¾ 95¾- 96 93¼- 95 IowaDiv., 1919 ..... 4 93¼- 94 94 - 94¼ 94 - 95 93 - 03 Denver Div., 1922 . .. 4 .... - .. .. 91½- 91¾ 91½- 91½ 94 - 94½ 93¼- 94 94¼- 94½ 94¾- ~!l¾ 92½- 93~.( 92¾- 92¾ 93 - 93¼ .... - .... 93 _ 93¾ _ ..... . . . .. . .. .. ... . ... .... . ... 89½ 89½4 . ....... .. Plain, 1921. Nebr'skaExt.,1927.4 89 - 91 89 - 91¼ 88½- 89¾ 89¾- 91½ 89¼- 90 88¾- 89¼ 88 - 88% 88½- 89 87 - 88½ 88½- 89 S!l½- 86½ 8!l - 86½ Registered............ . .. . . - . . . . . . . . - . . . . . . .. - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . .. . . . . - . . . . . . . . - . .. . 8!l - 85¾ Chic. & E. 111.-bt, s.f.ti 112½-114 114½-115 114½-115½ 117 -117 117¾-118½ 114½-115½f115½-115½ 115½-115½ 116½-117 115¾-115¾ 115 -116 ...• _ .. .. 120¼-12~ 1st consol., gold ....... 6 122 -122½ 122 -122 . ... - . . . 120¾-120¾ 121 -121¾ 121¾-121¾ 123¾-123¼ 122 -122 122 -122 119 -119 99½-lOO¾ 98½-100¾ 00 -102¼ 101%--102½ 101 -104 101)4-102 . 101 -101¾ 100 -101 100 -101¾ 100 -102 101½-103 Gen. mo1.·t., 1937 .... ~ 97 - 99 90 - 93¼ 92 - 94~ Chic. Gas L. & C-lst.. 5 *86 - 88 88 - 91 89 - PO¾ 89¼- 91¼ 90¾- 94 92 - 94¾ 91¼- 92 89 - 92¼ 90½- 90½ 89¾- 91 Chlc.&ln.C'lRy-lst.5 97 - 98 96 - 97¾ 97 -102 102 -103 100½-103¼ 102¾-103 100½-101¼ 100 -101½ 101¼-102 101%-103½ 103¼-103½ .... - •... 100 -100 - . . . . 99½- 99½ .. .. - . . . . . .. Chic. June.& Stk. Y ds./j .... Chic. Milw. & St. P.-118 120 -120 119 -120 118 117¾-118½ -118½ 117 121¾-122 -122 120 -120>i: lst, P. D., 1898 ...... . 8 121 -122 118 -119½ . ... - . .• 118½-120 120 2d, P. D,, 1898..... '7•3 124½-125 121¼-122¼ 120 -123¾ 123¾-123½ 124 -125½ 125 -125 125½-125½ .... - •... 123¼-123½ 123½-124½ •... _ bt ,gold, R. D,1902.1 124½-124¾ 125 -126½ 127 -128 127 -128½ 127½-127½ 127½-129¾ 126 -128 126½-128 .... - .... 128½-128½ 127¾-127½ 128¾-128½ 1st La Crosse Div .... 7 118 -121 120 -123 122¼-124 122 -123% 122 -122¼ 122 -l.25½ 121 -122 122 -123½ 121%-123½ 122)4-123¼ .. .. _ •....... _ 1st J. & M. Div ........ , 119½-120½ 122 -123 122½-123¼ 123 -123¼ 123 -124 12!l -124 123 -124 123½-125½ 122 -122 124 -124 123¾·124½ 122 -123 - .... 123 -124¾ 124¾-125 124 -124¼ 126 -126 ... • - •..... .• - ••.. 124 -12!l .... - •.. . .... _ 1st I. & D. Div ........ , .... - . . . 1st C. & M. Div ...... . , 123 -123 ... . - . . .. .... - ........ - . .. . 128½-128¼ .... - . .. . . .. - ......... - .... 126½-126½ ... . C onsol., 1905 ......... , 125¾-126 128 -128½ 127 -128¾ 127 -128 128¼-131 130¾-132¼ 127:14-130 128¾-130 127¼-128 127 - ~ 128)4-131 130½-131 1st I. & D. Exten . .... , .. - ... 126½-126½ 127 -128 128 -130 130 -131 .. . . - ........ - ....... . - ... . . ... - . ... 129 -129 .... _ ........ 1st So. West. Div ..... 6 *112½-13½ 113 -114¼ 114¼-115 114¼-116½ 116 -116¼ .... - .... 113½-114 114¾-115¼ .... - ........ - .... 115½-115½ 115 -116½ ll!lt Lac. & Dav ..... . ~ ... - .... 103½-104 104 -104 104 -104 104 -104 .. . . - .... 102¾-102¾ .... - .... 104½-104½ 105 -105 102%-105 105 -105 1st So. Minn. Div . . .. . 6 113½-114¾ 115 -116 116¾-117¼ 117 -117¾ 117 -117% 117)4-118 115 -116¾ 117 -118 115¾-117¼ 116 -117 117 -118 116½-116½ 1st H. & D. Div ....... 1 122 -123 121 -125½ 126¼-126¼ 126 -127¾ 127½-127¾ 129¼-129¼ 127 -127 126¼-127¾ . . . . - . . . 126¼-127¼ 126½-127 126 -126¾ 1st H. & D. Div ... . . . /j . . . . - . . . . . . . - . . . . . . . . - .. . . 102½·104½ 104¾-105¾ 105¼-106 . . .. - . . . . . . . - .. .. 105 -105½ 105 -107 . . . . - • . . . . . . - ... . Chic. & Pac. Div . ..... 6 117 -117 117 -117 120 -120 118 -119 .... - .... .... - . ...... . - .... .. .. - .... 119 -119 118½-119 .. . . _ .... 118 -118 Chic. & Pac. W .Div .. 5 106 -106½ 106½-107¾ 106¼-108¼ 108 -108¾ 110 -111 110½-111 108½-109¾ 109½-110¾ 108½-110 1C9½-110 109½-110½ 1()9¾-111 Chic. & Mo . .R. Div .. /j 100)4-101½ 101¼-102½ 101¾-102½ 102¾-103¾ 104 -104½ 104¾-106 103 -103¼ 103 -105 102½-103½ 102¼-103½ 103¼-104½ 103 -104½ - •... 102 -103 102¾-103½ 103 -104 .... - ... . Mineral Point Div ... /j 102 -102¼ 101½-102¾ 101½-103¾ . ... - .... 102 -102% .... - ... . 102 -102 - . . . ... .. .. - . . . . 102½-102¾ .... - . . . ... - . . . . ... - .... 103½-103½ 105 -105 !Chic. & L. Sup. Div ./j ... Wis.& Min. Div .. ... . /j 103 -10.t¼ 104½-105¾ 105 -106 105¾-107 107¼-108 107½-108 105¼-106½ 107 -107¾ 107 -107 106 -107½ 105¾-107¼ 106½-107¾ Te1.·minal. ... ......... . 5 103 -104½ 104 -105 105¾-106 106½-107¼ 107 -107¾ 107)4-108¼ 105½-108 108)4-108¾ 107 -108 108 - 108 108 -108 106¼-107~ - ... 115 -116½ 117 -117¾ - .... 116 -116 .. .• - •... 116 -116 ... . - •... 114 -115½ . .. - •....... "Fariro & Southern . .. 6 - ........ - ......•• Inc. conv., 1916 ...... 5 100 -100½ .... - •....... Dakota & Gt. So . ... ~ 100)4-100% 100 -102¼ 101 -102½ 104 -105 105 -105½ 105½-105¾ 104 -104½ 104¾-105 104 -104 106 -106 107 -107 105¼-105% 91 - 92 - . . . . 92 _ 92 Gen. M.,"A" 1989 ... 4 *86,(- 87¼ 86¾- 89 88½- 89 89 - 89½ 90 - 91½ 91¼- 92¾ 90½- 90% 90¾- 91¼ 91 - 91 1 C::hlc. & Northwel!lt'nConsol., 191/j . .... .... 7 140 -140 137 -138 137¼-138¾ 139 -142 139¼-140¼ 139 -139:J:( 139%-139% 138 -138½ 138 -138 138¼-140 136 -138½ 137 -139 Gold, coup., 1902 .... , 123½-124% 124 -125 125 -126¼ 126 -127 126¼-127¾ *123¾-126 126 -126 125 -126¼ 126)4-127 125¾-127 126 -126¾ *121-122¾ 125½-125½ 120 -122¼ - .... 125¼-125¼ .. Gold, reir., 1902 ...... 1 123¼-124¾ .... - ... . 125 -125½ 126 -126¾ *123½-127 123 -124 - .... 114½-115 .... '81nklnar fund, conp . .. . 6 116 -118 117¾-117¼ 120 -120 116½-116¼ .... - . . .. 116½-116¼ 120 -120 Slnklntr fund, coup ... /j 108 -109 108¾-109~ 109¼-109¼ 107¼-107¾ *05½-109½ 109¼-111 110 -111 110½-111 . ... - . ... 107 -108 107 -108 108 -109 - .. . . 108½-108¾ . . . . - .... 107 -107 . . . • - • . . . . . . . Registered.. ..... ... ... . .. . - . . . . . . . . - . . . . . . . . - . . . . Debenture, 1933 . . .. .:i 105½-107 106 -107¾ 105¾-105¾ 105 -107¾ 105¼-106¾ 107 -108 108 -108 109 -109 108 -108 .. .. - ••.. 108½-108½ .... _ Registered .... . .... , .5 .... - ........ - ... . 105%-105% ...• - .... 105 -105 ... . - ..... ... - .. ... ... - ... 108 -109 .... - .... 105½-105½ 105¾-105¾ 25 yrs, deben., 1909.5 104¾-105 10'1½-106 106 -107 106 -106¾ 103½-104¾ 104½-105 106}i-106½ ].05¼-106¼ 105 -105% 105½-106½ 103½-104¼ 103 -104 - .. . . . .. - ........ - •.... Registered ..... ...... 5 .... - . . ... ... - ... ... .. - .. . . 105½-105½ .••• - ... . 105¼-105¼ 106 -106 106%--106¾ 105 -105 105)4-105¼ 105¾-105¾ .30-year deb., 1921 .. 5 105½-105¾ 105¾-107 107 -107¼ .... - ... . 104 -104 97¼- 97¾ 97 - 97 96½- 98 97 96¾96½-100 -100 98 -100 99 Exten. bonds, 1926 .. 4 96 -100½ 97¼-100 97½- 98 97¾- 99 P9 - 99 98 - 9S . . . . - .. .. . . . . 98 - 98 98 - 98 - . .. . 98 - 98 Reirist-ered .. .... ... . 4 95¾- 95¾ *96¾- 98 - ... . 127¾-127¾ .... - .•. . 124 -124 - .... 123 -123 125 -125 Iowa. Midland.-lst.8 . . . . - . . . . . . . . - ....... , - .... 131½-131½ .... Peninsula, 1st, conv.7 .... - .. . ..... Chic.& Mil.-lst ...... ,- 110¾-115 115 -115 116 -116 .... - .... 116½-116½ 117 -117 ... • - .... 113 -113 114½-114½ 115 -115 115 -115 .... - •.. l.26¼-126¼ - .... 128½-128½ ...• - ... 127 -127 . ..• Winona& St. P.-2d.,- ... - .... 117 -117 .... ltlil. & Mad.-lst . ... 6 .... - ... . .... - .... 107 -107 105 -105 . . . . - .. .. 106¼-106½ . . . . Ottum. C. F. & St. P ./j . . . . - .... 107¾-108 . . . . . . . . . .. - .... 106¾-106¾ ... . North. Illinois, ll!lt .. /j .. . - . . . . ... 99¼- 99½ 99½- 99½ 99 - 99 99¾-101 100½-101 .... - .. .. 100 -100 Chic. Peo1.·. & St. L.,lf .~ 97¼- 98¾ 97 - 99¾ 96 - 98¾ 98½-101 99½- 99½ . . . . - ........ 98½- 99 97 - 98 Consol. 1st, 1939 ... . :S . . .. - •• . . .. . - . . . . 95 - 95 Ohle. R. I. & PacificCoupon . .. ............ ... 6 121 -123 122½-124 123½-125¾ 125 -126¼ 125½-126½ 126 -126¾ 128½-123% 124 -124¼ . •.• - . ... 123 -124 124 -125 Le4¾-125¼ . . .• . 125 -125 Retristered . .. ........ . 6 120¾-121 121¼-122 123 -123¼ 124 -124¾ .. , - .... 123 -125¼ 122 -122 ... . Exten. & Col. ... ..... . :S *01¾-102¾ 102¾-103 101¾-102½ 102)4-104 103¾-10!½ 103 -103¾ lOQ½-101¼ 1Q0%--101½ 99¼-101 100}2-101½ 101¼-100 101¾-l~ 99¼-100 . . . . - .... 100 -100 100 -100 . . . - . • 99¾- 00½ Reiristered. ..... . ... ~ . . . . - ... . 102 -102 102¾-102½ 101¼-103 102 -103¾ . . . • Debenture, 1921 ..... 5 95 - 96½ 96¼- 98½ 95½- 96 96¼- 96¾ 95¼- 96½ 95½- 96¼ 95¾- 96¾ 95¾- 98 94¾- 95¾ 95¾- 96 95½- 95% 95 - 96 Keok'k&DesM.-lst,5 .. .. - .. . . 96½-101 100 -100¼ 97 - 97 99 - 99 99 - 99 ... - .. . . 100 -100 100 -100 98½- 98½ 100¾-100¾ 100 -100 78 - 78 .... Des M. & Ft.D.-lst,4 .... - .... 75~.!- 77 75 - 77 1st, 1903 ....... . .... 23' .... - ...• 50-60 ...• - •.•....• Extension .......... .. 4 .... - .... 75 - 75 ... Ohic.St.L.&Pitts-lst.5 105 -105 105½-105½ . ... - ..• 106 -108 110 -110 - ... . 109 -110 . . . . - .... 108 -108¾ 110!,(-110~ 110 -110¾ Ohle. St.P. Mln.&Om.Consol., 1930 ........ .6 120)4-121 120 -121 120½-121% 122 -123½ 124 -124½ 120½-122 120¾-121¼ 121 -121% 121 -122 121¼-122¾ 122 -122¼ 119 -120¼ Chic.St.P.&M.-ht .. 6122 - 122¼ 122½-123 123)4-124 . . . . - .•. . 120 -122 .. . . - .... 121¼-121¾ .. . . - •. •. 123¼-123!,,( • • . . - ... . 120½-120½ .•• _ St. P. & S. Clty-lst .. 6122¼-123 123 -124 123½-124¼ 122 -123 *122 -124¼ 123 -123 125 -125 124 -124 124 -12!l 121 -122¼ ...• - •... 128 -124: Chic. & West. Ind.- ..•. 116 -117 116 -116 116 -116 116 -117 .... - ... . 116 -116 - .... 116 -116 Gen. mort., 1932 ..... 6 .... -  ::~~I:.t{ifif::~; :~~ =~~ :x;:  1  Reiristered .. .......... . 4 ... Consol., 19:10 ......... 6 •• •• 1 Cln. San. & Cl.-tst .. . :J . .. . Cleve. & Canton-lst.5 88 Clev. Cin. Ch. & St. L.Calro Dtv .,tst, 1939.4 .... St.L.Dlv., l•t, 1990.4 ....  -  - 90  -  • Ex-t.merest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •• • •••••  -  ii::1:~~ =oo·· :¾=  =  :  - . .. . 91¾- 94¾  ·9~½: 95½ 96 95 - 95 90 - 90  ....  =: ~ =  : =:~ ::  90-90  .•.• - •••. 90 - 92  ~5½=  • .•. . . . _ •.. , 106 -106 .•.• - ••.. 105¾-101 - ...• 106½-106¼ . •• 93 _ ~ "2 - 92¼ 93 - 94 00 - g2 -  •••• • •••  89%- 92¼ 90 - 93½ 88 - 90  =: : =:~ if·:~::  90 - 93  93 - 95½ 91 - 92  90¾- 9-!  94 - 94 91 - 91  90 - 90  • •••  - •• •. 92-92  92~- 92¼ 96 - 96 ~1 - 91¼ 95 - 96  82  RAILROAD BONDS. 1892-Contlnued-  BONDS  JANUARY FEBR'RY.  MARCH.  APRIL.  MAY.  - - - - - - - -----1-----1- - - -  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BER.  "OEC'BER..  - - - - - - - - - · - - Low.High Low.IDgb Low.High Low.High Low.High Low.High I,ow.High Low.High Low.High Low.High Low.High Low.High C. C. u. & St.L.-COm.). -------Ctn. W. &M. Dtv .... 4- .... - ....... - ... .... - .... 91 - 91¼ 91¾- 91¾ 91¾- 92 90¼- 90¼ .... - ........ - •••. 90¼- 92¼ 92¼- 92!4 .... - .. •• C.C.C.&1.-lst,s.1d .. 7 115½-115¾ 115¾-117 116 -117 117¼-117¼ 114 -116¼ 115¾-116 116¼-117 116½-116¼ 116¼-116½ .. - •.. 113 -115¼ 113¼-113¾, Cin. & Spr., a-uar .. 7 . ... - ........ - . ....... - ........ - . ...... . - ........ - . ....... - .. .... - ........ - .... 112¼-112¼ ..•. - ... . .... - •..• Consol. ................. 7 128¼-130 · ...• - .... . ... 132 -132¼ 134 -135¾ 133.¼-134 ...• ...... - •. . ..... - •... . ... - ........ - ... ..... - ...• General cons .... ... . 6 118¼-120 120 -120 121¼-122¾ 122 -122¾ ...• - .. .. ... - ••.. 120 -123 .... - .... 123 -123 ...• - .... 123 -123¾ 123 -123 Col. Coal & 1.-lst,con.6 103 -103¼ 101 -101¼ 100¼-101½ 100¼-101¼ 99 -100 101 -102 101¼-103 100 -103 102 -103¼ 103 -103% 103¼-10,l¾ 104 -105 Col. Fuel-iru.,g.1919.6 .... - ...... .. - . .... . .. - .... - ........ - ........ - . . .. . . . . - ........ - ... . ... - ........ - .... 106 -106¼ .... - ...• Colorado Mid.-lst, g.6 111 -111½ 109½-111 110 -110 110¼-110¾ 112 -112 108¾-109¼ 108¾-109 109!,4-109¼ .... - .... 109 -109 109¾-110¼ 107 -107¼. Consol., gold, 1940 .. 4 72¾- 74 70 - 71 70 - 70¾ 70 - 70% 70 - 70 .... - . . . . . . . - .... 67¼- 67½ 66 - 67 66 - 6o 67 - 67 61 - 6!¾-. Col.H. Val.& T.-lst .. . ~ 87½- 89¾ 89¾- 92½ 87¼- 89 88 - 93 93¾- 97¾ 96 - 98 96¼- 98 97 - 97¾ 93 - 9!½ 91¼- 93¾ 91 - 92 90½- 92 Gen. gold, 1904 . .... . 6 93 - 94 9& - 96 96 - 97 96¾-100 100!,4-105 *101 -102 100 -101¾ 100 -101 99½-100 96½- 99½ P6 - 98½ 93¼- 97 Consum.Gas(Chic)lst.~ 82 - 85 86 - 89½ 85¼- 87¾ 84¾- 88½ 88 - 92¾ :88½- 90 88½- 89½ 89 - 90 88¼- 90 88 - 89 89 - 92¼ 89%- 90 Consol. Coal-Conv .... 6 .... - ........ - . ... ... . - ........ - ........ ...... - ... . . ... - ... . 1.04 -104 .... - ... .. ... - ........ - . . . .. -  Del. & Hud. CanalCoupon, 1894 .......... ,- 1087k109¾ 110 -110¼ 110¼-110¾ 107¾-107¾ 107¾-108 108¼-108¾ 108¾-108% 109 -109 108 -108½ 105¼-105½ 106 -106¼ 106¼-106½ Reg., 1894 ............. ,- .... - ........ - .... *107¼-10½ 107¼-107¾ 107¾-107¾ 108¼-108¼ . ... - ........ - ........ - ....... - ... . 106 -106 .... - ... . Penna. Div.-Coup .. . , .... - .... 140½-142 .... - .... 140 141 -141¾ 141¼ ·141¼ - ....•.. - ........ - .... 139¾-139¾ 140 -140 138¼-139 Registered .......... ... .. .. - . . . . .. - .... ... . - ........ - ..... .. . - ........ . 142 -142 ...• - •... . ... - ........ - .. . . .. - . ....... - ... . Alb. & Susq.-lst, gu . 7 127 -128½ 129½-130 131 -131 128¼-129½ .... - .... 128 -128 .. .. - ........ - ........ - •... 126 -126 127¼-127¼ 128¼-128¼. 1st coup., &'UO.r . .... . 6 120 -120 120 -120 120¾-120¾ 118 -118~ 118 -119 118½-120 119½-119½ 119½-119¼ . ... - ... . 117 -117.li 119 -119 119 -119 Registered .......... 6 120 -12J .... - .... 120%-120¾ 118¾-118¾ 118 -118½ 118 -120 .... - •... 120 -120 . ... - .... 118 -118 ... - ... . .... - ..•• Rens. & Sar.-lst . .. . 7 .... - . ... . .. - .... 145 -145 145 -145 ...• - •... . . . - ........ - ...... .. - ........ - ........ - . . 142½-142¼ 142 -142 Del. Lack. & West.Convertible ............. ,- .... - ..... . .. - ........ - .... 102 -102 ...• - .......• - ........ - ........ - ........ - ........ - ........ - ........ - ... . Mort., 1907 . ........ , .132¼-l.,2½ ..•. - .... 131½-131½ 130 -131½ 133 -133 132 -134 134 -134 135 -135 .•. - ... 130¾-131 133 -134 131 -132 Syr.B'n &N.Y., lst .. 1'1.. ·· - ... 129½-129½ 131¾·131¾ 131 -131 130¼-131 132 -132¼ 133 -133 131 -131 130 -130 ... - ........ - ...• Morris & Essex-lst.7' 140 -141¼ 140¼-141¼ 141 -141½ 141 -142 l~'-9 -140¾ 140½-141½ 141½-141% 141½-141½ 142 -142 141 -14.2 .... - ... . 138 -139 Bondi;i, 1900 ........ 7 .... - .... . ... - ... - . ... 116 -116 . ... - .. . .... - ... ..... - ....... - . ... 115½-115½ . ... - ........ - ...• 1871-1901 . ... ....... 7 123 -123 124 -124 .... - .... L21 -122 120½-121½ .... - .... 122 -122 122¾-122¾ 124¾-124¾ .... - ... 121 -121 120½-121 Consol., guo.r........ . , 125½-137 137 -138 137¼-139¾ 139¼-140¼ 139¾;-140½ 136%-137½ .... - •. ...... - ••. . 137½·137¼ .... - .... 14.0 -140 137 -137 Rea:iste•·ed .. ... ... . 7 .... - . . . . . .. - .... 131 -138 .... - .... 138½-138½ 136 -136 .... - ........ - ...... . . - . . . . ... - . . .. . .. - . . . .. . . - ... . N.Y. L. & W.-lst ... 6 125 -127 . ... - .... 127 -129 .... - .... 128¾-129 129 -130 128 -129 130 -130 128 -128 129 -129½ 129 -130 130 -130 Construction .... .... ~ 110 -110 ... - .. . .. .. - .... 110½-110½ 110¼-llO¼ 111½-111¼ 11~¾-112¾ 109 -110 11031;-110½ 112½ 114 113 -114 112 -114 Den. C. Cable-1st ... . (J 99¾- 99¾ 99 - 99¾ 99 - 99¼ 97½- 99½ 99¾- 99¾ .... - ... . 99 - 99 99¾- 99% . ... - .... 96 - 99½ 99¼- 99¼ ..• - .... Denv.&RioGr.-lst .. ') ..161)4-117 117 -117½117¾--118 118 -119 115¾-116 116 -116¾117¾-117¼ ... .. 119 -119 ... - .... 115½-115¾116 -117¾ Newconsol, 1936 ... 4 77¾- 80 79¾- 81 80¼- 81½ 81½- 83 82¾- 84¾ 83¾- 85 82 - 83½ 83¼- 84 83 - 84~ 84¼- 8678 85¾- 86½ 85½- 87 Imp. M., g., 1938..... 5 76 - 76 78 - 80 79½- 7P½ 79½- 80½ 81¼- 8~ 80 - 81 80½- 81 .... - . . . . 80½- 81¾ 8-1 - 85 84½- 86½ 8! - 8-1 Det . .lll. & M.-L. g .... 3½ ... - .... 38¾- 39¾ 87 - 38½ 36 - 37 37 - 43¾ 40¾- 44¼ 42 - 43 40¾- 42 39 - 43¼ 38 - 44'¾ 38 - 41¾ 3 ½- 41 Det. B. C. &Alp.-lst .. 6 70 - 75 80 - 80 80 - 80 .. .. - •.. . ... - ...... . . - ... . 73 - 73 ... - •.....•• - .... 60 - 63 60 - 62 68 - 68 Duluth & J. R.-lst ... ~ 95 - 98 ... - .... 100½;-100¾ 97 - 97½ 97 -101¾ ... - ... ..... - ........ - ... • .... - ........ - .. •. 100 -102 100 -100¼ Dul.S.S.& Atl.-193,-./i 95¼- 96¾ 95½- 96 95 - 97½ 97 - 98½ 98½-105 1C4 -105 101¼-102¼ 101 -102¼ 99¾-104¾ 100¾,-101½ 100 -101½ 100 -101¼ .E. Tenn. Vo.. & Ga.1st ...... .. ............. ') lll½-112 lll¾-112½ 109 -111:}4 110½-110~ 110 -113½ 114 -114½ llQ¾-110¾ 111)4-111¼ lll½-111½ 111 -111 112- 112 .... - ... . Divisional. .... ........ .o ... - .... 10! -104 101 -104½ 100 -100 .... - ........ - ........ - .. .. 102 -102 103 -103 .... - .... ... . - ........ - ...• Consol., 1st, 19~6 ... . ~ {16 - 99 97 -100 90 - 92¼ 91 - 93½ 90 - 93½ 93 - 96½ 92½- 94 94 - 94¾ 92¼- 93¾ 94¾- 96 92½- 9! 9:J¾- 93 Jstext.g.1931·...... ~72-74 71-71 .... - . ...... . - ........ - . ... 63¾-64 60-60 60-60 .... - ... 60-60 57-60 51-52¼Equip. & Imp., gold .. ~ 79 - 8078 .... - .. . . . .. - •....... - •.• . .... - ........ - . . . . . . - ........ - ......• - . .. . .... - . ••. .... - ...... •. _ ... • Knox. & O.-lst, g ... 6 104 -108 . .. . - ... . 100 -106 100 -100½ 99½-101 101 -103 98 -100 99¼-100¾ 98 -100¼ 101 -101 100 -102½ 100½-101 Alabama Cent.-lst.6 .... - ........ - .... - . . . . 97½- 98 .... - .... . ... - ........ - . ....... - . . . . .. . - .... . ... - ........ - ........ - ...• Edison E. Ill. Co.-lst./i 99:):(-101 100 -101¼ 101 -102 101%-102½ 101½-102!¾{ 101¾-103 102 -107 105½-109 104½-106 104¾;-108½ 108¾-110½ 109 -112 Eliz. Lex. &Big. s .... (j 82 - 92 84 - 87 81 - 84½ 83 - 96¼ 94¼- 97.:_ 96 - 96½ 97%- 98¾ 98¼-100 98 - 98¾ 97¾- 98 97 - 98½ 95 - 98¾ .£quit. Gas. & F.-lst .. 6 97 - 97¼ 97½-100 98¼-100 97¼- 99¾ 98 -102 101'¼-103 100¾-101½ 101¼-102¼ 101 -101½ 102 -102 102¼-102½ 102½-103¼ Equit.Gas,N.Y.-'32.~ •··· - ....... - . ....... - . ... .... - ........ - .. ...... - ........ - ........ - .... ... . - .. .. .... - .... .... - .... 105 -105 Erie & Plttsb.-con .... , .... - ........ - ... .... - ...... .. - .. ...... - ........ - ........ - ........ - ... . .. . - .... .... - .... 111½-111½ .... - ... . Erielst, Ext., 1897 . . ...... , 114 -115 114¼-116 . .. - .... .. . - .... 113¼-114 .... - ..• 114½-114½ 114¾-114¼ .... - .... 115%-116 ... - .... 113 -113 2d, Ext., 1919 ..... ... . O ll4¾-ll4¾ ll5¼-116¾ 116 -116 116 -116 .... - .... 117 -117 . ... - .... .••• - . ••. .. .. - ........ - .... 115 -115 .. .. - ... . 3d, Ext., 1923 ....... 4~ 108¼-108¾ 108¼-108¾ 108 -108½ 107¼-107½ . •• - ... . 109 -109 ... - ........ - .•.. . ..• - .... . ... - .... 107¼·108 107¾-107¾. 4th, Ext., 1920 ...... . 0 114¾-114¾ 114½-114¾ 116 -116 .. .. - .... 112 -112 112½-11'1 .... - •......• - ... . ... - ........ - •.. . ..• - •... 112 -112 6th, Ext., 19~8........ 4 101 -102 101 -102 102½-102½ 103 -103 . ... - . .. . . .. - .... . ... - . . ...... - .......• - ••.. . ... - ... . . .. - ........ - •.•• 1st, consol., aold ... ... 7 135½-13~ 138 -138¼ 134¾-136 135¼-136% 136½-138 138½-139 138½·139¼ 189½-139¾ 135½-136 137 -137¼ 136!'-.t-137 137 -137¼ l st consol. fd. coup ... 7 .. . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - .. . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . . - . . . . . . . - .... 132½-132½ Reorgan., 1st lien ... 6 111½-L12 ..• . - •.••.... - ••.. 114 -115 . .. - .. .. ..• . - .... . ... - .... . ... - ... . .... - ... .... - ... . ... - ........ - •..• Lonir Dock, 1893 ..... 7 104¼-104½ 1()4¾-104¾ 104%-105¼ 105¼-105¼ 106 -106¼ *lOZ½--03¾ 103½-103½ 10~104 103;14-103¾ 103¾-103% 103¼-104¾ 100¾·101 Cons. gold, 1935 ... 6 119½-119½ 120½-121 .... - ... 117¾-ll S¼ .. . .. 121½-121½ . ... - ... . 122¼-122¼ ..•. - .•. ....• - ••.. ll9J.<;-119½ 122 ·122 Buff.N. Y.&E.-lst.7 .. .. - ... . 136 -136 135 -13.5 ... - .... . ... - ... . 135 -135 133¾-133¾ ... - •.. .. . .. - •.... ..• - •... 137¾·137¾ ...• - •••• N. Y.L.E.&W.-2dcon.6 106½-107~ 106'¼-107¾ 106½-107¾ 106¾-108 107¾-109¾ *104½-106 104:):(-105¾ 104½-105½ 10:l½-105¾ 105¾-107¾ 105½-108 101 -102¾ Col. Trust, 1922.... 6 100½-100½ . .. . - ... . .. - .... 113 -113 112 -112 112 -112 .... - ...... .• - .... 112½-112¼ ...• - ••••.. .. - .......• - .... Fund. coup., 1969 . . ~ 90:).f 92¾ 92¼- 94 93 - 93¾ 92 - 95 93½- 93½ 91 - 92 91½- 92 ... - ........ - • . .. 92½- 92¾ .. .. - . . . . 88 - 88¾_ Income, 1977 ..... . . 6 ... - ........ - . .. . 81 - 81 .... - • . . . ... - . . .. . . . - ... . .... - ..... . .. - ..•.... . - .... . ... - ........ - . . . . .. . - ...• Jefferson RR.-lstg.0 104¼-104¼ .• . . - ......• - .... 103!¾{-103¾ .... - ....... - .... . ... - .... 105½-105¼ . ... - .... 101¼-101¼ . ..• - .... 102¾-102¾ Chic. & E., 1st, g .. 4-li 97¼-100¾ 101 . :-102¾ 102 -102½ 102½-104½ 102 -102¼ 101:):(-102½ 101½-102 101 -102¾ 101 -102¼ 102%·103% 101 -101¾ 101¾-101¾ Income, 1982.. .. ... . . . 48 - 52 52 - 53¾ 51½- 53¾ 51¼- 52 49¾- 51¾ 50 - 50½ 48¾- 52¼ 49¾- 53 45¼- 48 42½- 45 42¾- 45¾ 40½- 43½. EurekaSp'gs.,lstg ... 6 .. .. - .... 101¾-101¾ .... - .... .. .. - .... . ... - ........ - ........ - •.. . .... - •....... - ........ - ••..... - ... ... .. - •..• .Ev.&lnd'p,con.,1926.6 108 -111 . . .• - .... . ... - ... 112 -113½ . ... - ........ - .... . ..• - ........ - ........ - ..... ..• - •.•..... - .... .... - . ..• Ev. & Ricb.-lst, '31.~ .... - .... ···- - ........ - ........ - ........ - .... ... . - . . . . .... - ..... . .. - ..... ... - .... 100%-101 100½--100¾ 99 -100¼Evanvs. & T. H.-Con.6 117 -119½ ... - . . .. 122¼-122¼ 1Z3 -123 123½-124 124½-125 122 -122 123 • 123 122¼-122½ . . . - . . . . . .. - .... 122 -123 Mt. Vertaon-lat ....... 6 ... - .... 112 -112 . .•• - •••• 110½-110½ .... - ..•• 112¼-112¼ .•.• - •...... • - ....... - .... ... . - .... 115½-117 .... - ···lint & P. Mar.-l.l'lort.6 120 -120 121 -121 122 -124 121 - 121 121 -122 . . . • - • . . . . . . . - . . • . . . . . - .... 121¾-121¾ . . . . - . . . . .. . . - . . . . . . . . - •.. 1st cona., g., 1939 .. . O 101 -102 101½-101½ 100 -101 102 -102½ 100 -100½ 100½-100¾ .... - .......• - •••. 101½-101¼ ... - . ... lOO -101½ .... - •. . . Pt. Hur. Div., 1st .... 5 101 -101¼ ...• - . . .. 101¼-104 *101½--02¾ 101¼-102¼ 101¾-102½ 102 -102½ lOQ¼-101 100 -100 97½- 98 96½- 98 96¼- 98¼ Ft.W.&Denv.C.-bt .6 98¼-102 101 -102 101 -101¼ lOQ¾-102 101¼-105 99½-101 100¼-101 100¼-101 100 -101).( 100½-101¼ 101 -101¾ 96¾- 98 Ft. W. & Rio G.-lst .. 5 72¾- 75 74¼- 74¾ 74 - 74 70 - 74¼ . ... - ..... ... - .... 69 - 73 78 - 73 74 - 74 73 - 73 72 - 73 69 - 71¼ Galv. H. & H. 01•~2.. ~ 75½- 77¼ 74 - 75 .... - ........ - ... 73½- 73½ 78½- 73½ .•.. - ••••.... - ........ - . .•. . .. • - .... 70½- 71 69¼- 69½ G.H.&S.A.-lst1910.6 .... - ....... - ........ - ........ - ....... - .... 101½-101% .... - ... . •. - .... 100 -106 . .. . - ... ..... - .•..... - ... . 2d, 190~ ................ 7 97½-100 104 -104 .... - .... 100 -102 100 -102 ...• - •....... - ... . 102 -102 102 -102½ 102 -102 .... - . ....... - ... . Western Div-1st .... 6 96¾- 97¼ 97¾- 97¾ 97¼- 98¼ 97¾- 98¾ 95¾- 96¼ 96¼- 96¾ 97¼- 97¾ 97¼- 98).( 98 - 98¾ 98¼- 99 96¼- 97½ 96½- 96¼. Gen.Elec.-Deb.,1922.~ .... - ........ - .... . ... - ........ - .... .... - ..... .. . - . ... 99¾-102¾ 101 -105% 103 -104½ 104½-106½ 102¾-105¾ 99½-101 Ga. So. & Fla.-lsr., g .6 75¾- 76¾ 75¾- 77¾ .... - ..•. 75 - 75 .... - ..•. 75%- 77¼ 76 - 76¼ 76¾- 77 70 - 77 .... - ... 80½- 80½ . ... - .... Ga. Car. & N.-lst .... . ~ ... - ....... - .... .. .. - . ....... - ........ - ........ - .... . ... - ........ - ....... - .... 101¼-101¾ 101 -101 100¾ 100¾ Gr. Rap.& lnd.-Gen.~ 82 - 82 83 -100½ .... - . . . . 76 - 76 77 - 81 . ... - . . .. 76¾- 79 .•.• - .... .••• - •....... - ........ - • .• . ... - ..•• Gr. Bay Win. & St. P.lst, 6s, tr. receipts .... .... - ...... .. - .... .. - ........ - ........ - ........ - ........ - ... . 97 -104 .•.. - . ... .. .. - ••.. 101 -107¾ 106 -106¾. 2d inc., all subs. paid . 36¼- 38 35¾- 37 36 - 37 29 - 33% 29½- 30 . ... - .. . . 30 - 33 33 - 36¾ 33 - 36 34¼- 37¼ 34¼- 40 37½- 40 Hack. Wat. Reor lst.S .... - ........ - ........ - ........ - . . . . - . ... 107¼-107¾ . . . - ........ - ........ - . .. . .•. - ........ - ........ - ... . Han. & St. Jo.-Cona. 6 117 -118¼ 118 -118¾ 115¼-116½ 115 -117 117¼-117'7Ai 117 -118 117¼-118 118 -118¾ 114 -115 114¼-115 115¾-116 116 -117¾ Henders'nB'dge-lst.6 .... - ........ - .... .... - ........ - ........ - ........ - .... 108 - 108 ' .. .. - ........ - •......• - .... 112 -112 Housat'c-Con.,193,- .. ~ 103!4-104 . .•. - ... . . . . - ••.. 104 -104 101½-lOl½J•··· - ..•. 1108¼-109 109 -109 . . . . - .... 115 -115 .••• - ... . 114 -114¼ N.H.& Derby-con&.. ~ 101 -101 .... - . . • . 104¼-104½ 103¼-103¼ 104¼-104¼ .... - ........ - .. . .... - •... 111¾·111¾ •.. - ..•..•• - .•..... - ..•• 1 Hous. & Tex. Cent.l 1st, irold, 1937 ... ..... ~ *101½-05½ 104½-105¼ 103:1:(-104% 104 -107 1105 -l06J4 1105¼-108 104¾-106¾ 106:1:(-107¾ 106:1:(-106¾ 106 -108 107¼-108¾ 105 -108¼ Consol., gold, 1912 .. 6 101 -101¾ 101½-101½ 103 -103 101 -101 jlOl¼-101½[•··· - ....... - . ....... - .... 102 -102 101 -101¾ 102 -102¼ 102½-103   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -1,  I  • Ex-interest.  ss  RAILROAD BONDS. 189~€:ontlnued. JANUARY  BONDS.  FEBR'RY.  MARCH.  APRIL.  JULY. JUNE. ~Y. -------1----1  AUGUST. 8EPT'BER OCTOBER. N0V'BEB.  DBO'BER.  Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hl~h Low.High Low.High Low.High  ------------,---H ous.& T.Cen.-(Con.)-  ---- ---- ----  ---- - - -  General, irold, 1921.4 64¾- 65¼ 64 - 64'¼ M - 64'¼ "6l!J.(- 62¾ 61½- M½ 64 - 65¾ 68¾- 64¼ 64¼- 66¾ 66 - 68½ 65 - 67½ 65 - 67½ 66½- 68 89½- 92 ...• - .... 87½- 87½ 90 - 00 ...• - ........ - ... . 87½- 87½ 90 - 90 .... - ..• • 89 - 89 87 - 87 Debenture, 189'f .... . 6 81 - 83 80½- 82 .... - .... ... 78 .,. 78 69¾- 71 ...• - •.•. 70 - 70 .. .. - •.. ...•• - •••. 75 - 78 Debenture, 189,-... . . 4 . .. - .... 66 - 69 Waco & N. W.-lst .. ,- 110 -110 125 -125 123 -123 125 -126 126 -127 12¼½-125 •••• - ••• ..... - ••. . .. - ........ - ..... ... - ..... ... - ..•. lllnois Central93 - 94 Gold, 19~1* ......... . 3½ 90¼- 91 92½- 92¾ 92½- 93½ .... - .... 94 - 94¾ .... - •......• - •... 93 - 93 93½- 93½ ...• - . ... 95 - 95 1st irold, 19~1 ........ 4 105 -105 .... - •.... ... - .... 104'4;-106 105 - 105 .... - ....... . - .. . . ... - •... 104¾-104½ .... - ...... .. - •....... - ..•. 99¾-100 100 -101¾ 100¼-100'4; 102½-102¾ 102½-104½ 102 -102¾ 100¼-100'4: 100'4;-100~ 100¾-100¾ Gold, 19~2 ... ........ .. 4 96¼- 98 99¾-102¾ 101 -101 98½- 99¼ .... - ... . 97¾- 97¾ . .. . - .... 98 - 98 . ....... - .... 97 - 97 Cairo Bridae, 19~0.4 .... - ....... - ........ - ........ - .... .. .. Sprlnirf. Div., 19~8.. 6 .... - ........ - ........ - ........ - ........ - ........ - .... .... - ... . 108 -108 . .•• - ........ - .... . ... - .. . . . ... - .• C.St.L.&N.O.-lst,c.7 .... - ... . 112½-112½ 112¾-lH 113 -113 .... - ....... - ........ - .• •. 112 -112½ ... - •.. ..... - .... 111¼-lll¼ .... - ... . Gold, coup .... ........ :i 112 -112½ 113¼-ll3¼ ll3¾-115¾ 115¼-115¾ 116 -117 115¼-117¾ 115 -115 116½-116½ 116 -117 116'4;-ll7 ll6¾-117½ 115 -116 Gold, reg ........ .. .... :. 110¾-110½ ...• - •.•..... - ........ - ........ - .... 114½-114½ .... - . .. ..... - .... 112 -ll2 114 -114 .... - ........ - ..•. Memp. Div., lst,ir.,4 93 - 9i 96 - 97 .... - •••. 92¾- 95¾ 97 - 98 96 - 96¾ .. . • - ........ - ....... - .... 96½- 96½ .... - .... 96 - 96 Dub.&S.C .• ~ddlv.,- . ... - ....... - .... 102 -102 102 -102 .... - ........ - ......•• - . ....... - . ... .... - .. . . 102 -102 102¾-102¾ .... - ... . 91 -91 ... - ........ - •... 91 -93 93 -93 CedarF.&M.,tst ... ,- 88 -88 88½-88½ 88 -88¼ 89 -89 89 -89 88½-88¾ 91 -91 Ind. D. & Spr.-lst,t .,- ... - .... 115'¼-115'¼ 117 -120¼ 119½-121 121 -122 120½-120½ .... - .... ... - ........ - .•.. 120 -120¼ 122 -122 .... - •.•. Do trust receipts .. 110 -113 114 -116 lH¼-120¼ 119 -121 121 -122 120¾-121¼ 120¼-120'4: 120 -120¼ .... - •... 118 -122 122 -124 123 124!,( lntern . & Gt. No.-lst.6 118 -123 122¾-125¾ 128¾-129 . .. . - ........ - •....... - ....... . - .... 130 -130 .. . - . .. . . .. - . .. . ... - ... . 130¾-lal Coupon off'... ...... ........ - ... . 106 -106½ 108 -112 108¾-112 108 -109¾ 106¼-108 108 -109¾ 109¾-110 110 -ill½ lll¼-113 109½-109½ 10~-109½ 78 - 82 .... - ........ - ........ - ••••... - . . . •.• - ........ - ........ - ........ - . ....... - ..... .. . - ... . Ooup ., 1909, tr. rec .. 6 76 - 82 73 - 74¾ 71 - 74½ 74 - 77¾ 77 - 78½ . . . . - . . . . . . . . - . . . . . . . . - .. . 75 - 75½ 74¼- 75 Stamped..... .. .. . . . . . . . . . . . - . . . . . . . . - . . . . 76 - 79 69 - 70½ 67½- 69¼ 68 - 68 ~d, 1909 ........... 4½-6 ... - .... . .. . - ....... . - .... .... - . ....... - .... ... . - ........ - ... ... .. - .... 70 - 70 3d, 1921 ....... ........ . 4 .... - ...... .. - ... . . ... - ........ - .. ... ... - . . . . . . . . - ... . .... - . . . . ... - . .. . .... - . . ...... - .. .. .... - . . . 31 - 31 87 - 88½ 88'¼- 89'¼ 89¾- 90% 90 - 91 92 - 93½ 9~%- 94 *90 - 91¾ 89 - 90¾ 89½- 90 92½- 95 92 - 96 Towa Cent.-lst, g old .. ~ 89½- 92 76 - 77¼ 77 - 7794 77½- 77½ 76½- 76½ 76½- 78 *76 - 76 76 - 77 75 - 76½ 76 - 78½ . . .. - . .. . 77 - 78 Kan. & Mich.-1 990 .. 4 73¾- 74 84 - 85 85¾ 85 85 83¾84 83½Si 83½8-! 83 86 84¾85'¼ 84¼85 83¾Ti..entucky c., 19!,,- ..... 4 *81 - 84 82½- 83¾ 83½- 84¼ 99¾-100¾ 99½-100 100 -102 97½- 99½ 97½- 98½ 97¾- 98¼ 98 -100 101 -102½ 99 -100¼ 99 -100¼ 98¾-100 Kings Co. El.-lst, A.:i 99 -100 87½- 88¾ 89½- 92 88 - 88 88 - 88 88¾- 88¼ 90 - 90 88 ·· 90 Fulton .l!:I., 1st, iruar.~ .... - .... 87½- 89¾ 85 - 85 85½- 86 86 - 86 83¾- 85¾ 84 - 85½ 83¼- 85 62 - Si Lael.Gas, St.L.-tst, g.~ 81¾- 84¾ 81½- 82¼ 80 - 81¾ 80¾- 82 81 - 85¼ 83 - Si¾ 81¼- 84¼ 82¾- 85 Lo.ke Erie & W.-lst .. :i 107¼-110¼ 109¼-111 109¾-111 110½-111½ lll¾-113¾ 113 -lU 110¼-111 llO¾ ·lll 109 -111 110¾-lll 111 -111 110 -111¼ 2d . ...... . ............ .... 5 .... - . ... .... - . ... 96 - 97¼ 96¼-100¾ 100¾-101½ 101¾-104 99¼-100½ 101 -101¾ 101 -101¾ 100½-101¾ 101¾-103 103 -103¼ L Shore & Mich. So.- . . . . . .. - ... . ll7 -117 .. .. - . .. . lli¼-114¾ 114¼-114¼ .... - .. Division ................. ,- ... . - .... ll7¾-119¾ ..•• - •. . . 115¾-115¾ 115¾-115¾ c"l Po.lns.&Ash . ... .. '7 104 -104 103¾-105 . . - .• 100½-101½ 101¾-101¾ 102 -102 .... - ........ - ..... . .. - ........ - ... . . . .. - ... . .... - .. Buff. &Erie-New ... .7 114 ·115 115¾-117 116¾-117 .... - •.•. ll3¾-113¾ ... - .... 116 -116 115¾-115J.1a 114¾-114¾ .... - ........ - •... lU½ -114¼ ... - ... 127 -129 .... - ........ - . ... 125 -125 .... - . . ..... - ........ - •.. Det. Mon. & Toi. ..... 7 129 -129 124¾-12¼¾ 126 -126 125¾-127 1st con., coup .......... 7 120 -120¾ 120¾-121¼ 120¾-122 121¾-122¾ 122 -122¼ 123 -123 120 -120¾ 120 -121 119 -120¾ 120¾-124¾ 121 -121 .... - ..• . 1st con., reg ............ ,- 11$¾-120 120 -121 122 -122 120 -120 120¾-121¾ 118½-121½ .... - .... 119 -119 119 -119 118 -1197Aj 118¾-119 117¼-ll~ 2d con., coup ........ .. . 7 122¼-123 122¾-123¾ 123 -124 122 -124¾ 122¾-126 121¾-122½ 122%-124 123 -123¾ 123 -124 123 -123¾ 123¾-125 121 -122 ~d con .• reg ............ 7 121 -122 121¾-123 123 -123 123 -123½ 124 -124 · 121¾-122¾ 123 -123 123½-123¾ 122½-123¼ 1227/4-123¾ 123%-124 121 -121 Mo.hon.Coal lst,'34.5 . ... - ........ - .... 108 -108¼ 108½-108½ 110½-110¾ .... - .. . . 108 -110 .... - .•..... . - ........ - ... .. ... - ........ - ..•• iLeh .V.,N.Y.-lstgu.a-.4¼ 10034-101 101¼-101¾ 101¾-102¾ 102¾-103¼ 103¾-104 104 -106 103¾-104¼ 103¾-104 104 -104¼ 104 -104¾ 103%-104¾ lOi -104¼ Leh , V.Ter.lst,1941 .. ~ 109 -109 110 -110¾ .... - •... 109 -109 108¾-109¾ 110¼-111 111 -112¼ 112¾-112¾ 112¾-112¾ 110 -110¼ 111 -111 110'¼-111¼ .... - .... . ... - ...• L . R.&Mem. tst,193,-.:i .... - ... . ... - .... .. .. - ........ - ........ - ... . .... - .... 68 - 68 ... - ... . . ... - ... . .... Lona- Island-113 .... - ... . 112 ... . ... . .. ..• . 115¾-116 .... ........ lst, 1898........ ........ ?" 117 -118 117 -117¾ 117½-117½ 119 -119 115 -115 .... 1st, consol, 1931. ..... :i .... - .... 114 -115 .... - .... 113 -113¾ 113¾-113¾ 114¾-114¾ 114 -lli 116¾-117 ll6 -116 115½-115¾ 115½-115¾ 114¾-116 Ferry, 1st, 1922 . ..4½ .... - ........ - ........ - ........ - .... .... - . ... . .. - ........ - . . . . .. - ... . 97½- 99 .... - .... 99 - 99 .... - .. .. 93½- 95 93¾- 95 94¾- 96 97½- 97¾ 95 - 95 9:l¾- 97 94'¼- 97 96 - 97 94 - 96 Gen. mo1·t., 193~.... 4 91 - 93 93¼- 94¼ 93 - 94 .. . ... - . . . . ... N. Y. & R. B., 1st, a-.:i .... - .... 102 -102 101 -101 .... - •.•..... - •....... - ........ - •....... - ... .. ... - ... .. ... - ... . .......• .... .... •....... N. Y. B. & M. B., lst.li . ... - ....... - . ... 100 -100 .... - . . . . ... - ... .... . - .• . . ... . - •....... - . . . ... 85 81 85 81 86¾ 85 86½ 86½87½ 87¾87½ 84 91 91 92 86 85 82¼82½ 82 82 80 83¾ 82 li L.Ev.&St.L,-Con.lst .Louisville &Nashv.Consolidated....... ... ? 114 -114¾ 114¼-115 114¾-115 lll¼-113 112§8-113¾ 113¼-ll3¾ 113¾-ll3¾ 114¼-114¾ 114 -114¾ 110¾-111¾ 111 -lll¼ 111 -111¼ Cecilian Branch ...... ?" 109 -110 109 -109 .... - •....•.• - .... . ... - ........ - ..... . .. - .... 108¼-108¼ ... - ....... - .. ...... - ........ - ... . .N. O. & lllob-lst ..... 6 117¾-119 118%-119 119¾-119¾ 119¾-120 120 -121 121 -121½ 118¾-119½ . .. . - ....... - •... 120¾-121 121 -121 120'4;-122 2d ...... .. ........ .. . · · · .6 108 -110 . . . . - • •• . . . .. - .... 109¾-110¾ 110 -110¼ . . . . - .... 109 -109 . . . . - • . . . . . .. - .. . . . . . - . . . . • .• - . . . . . . . . - ... . E. H . & Nash.-lst ... 6 .... - . ....... - . .. . .. - .... .... - .... 116 -116 113¾-113¾ ... . - ... . .... - .... 113 -113 114 -114 .... - .... 113 -113 General mort .......... 6 115¼-116 116 -116 116¼-116¾ 116¼-117 118 -119½ 115'¼-116¼ 116¼-117 .... - ... 116 -116 117 -118½ 118½-120 116 -117 Pensacola Div . .... .. . 6 .... - .... 110 -110 107 -107 107 -107 110 -110 .... - •....... - ........ - .... 105¼-105¼ 107 -107 . ... - .... 107 -108 62 - 62 62 - 62 St. L, Div., 2d 1980.3 .... - ........ - ........ - . . . . 62 - 62 .... - ........ - ........ - •.. . .•• - ........ - ••.. 62 - 62 . .. . .Nash. & Decatur...... , .... - .... 114 -114 114 -114 !114¾-115 115¼-115¼ 115¾-115!)4; .... - .... 112¾-113 113 -113 114 -114 113¾-113¾ . .. . Pensac. & Atl.-lst .. 6 106 -106 104 -104 103 -103¾ 103 -104 104¾-104½ .... - .... 104 -104 101 -101 101 -102 101¼-101½ 101¼-103 102 -102¾ ~0-yr. gold, 1931 .... 5 101¾-102¾ 103¼-103¼ 103 -105 1106 -106 102 -104¾ 103 -104¼ .... - .. . . 102¾-102½ .... - ... . 10311)-103½ 102 -103 102 -103¾ 79'¼- 83½ 80%- 81¾ 81¾- 82¾ 79 - 80 Unified, a-old, 1940 .. 4 78¾- 80¾ 78'¼- eo 79½- 80¼ 80¾- 81¾ 81 - 81'¼ 81½- 82 79%- 80¾ 79¾- so 103 -103 102¾-102~ 102¾ 102¾ .... - .. . . 102 - 102¼ Col. trust, g ., 1931 .. . 5 101½-101¾ 101¾-103 103 -103¼ 104¼-104¼ 101¾-101½ 102 -103¾ .... - ........ - .. . Nash .171.&S.,lst,iru.~ 100 -101 *98 - 99½ 98½- 98½1 · ··· - . .... 100¾-101 101'¼-101'¼ 101¾-101½ .... - •... 100¾-1003( 937-!- 93¼ 95 - 95 90¼- 90¼ 90¼- 95 S o.& .No,Ala.con,iru.~ 92 - 97 93 - 93 .••• - ••.. 90¾- 94¾ 94 - 94¾ 94¾- 94¾ .... - .... Lou.New Alb. & Chic.1st ............ .. . ...... .. 6 108'¼-110 111 -111 111 -111 112 -112 111 -112 112 -113 110¾-110½ 110¾-111¾ 110 -111¼ 111 -111 112 -112½ 112¼-lH¼ 99 -100¾ 100¾-102¾ 101¾-103¼ 102½-103 101'¼-103½ 102¼-105 100½-104¾ l<Mc¾-106¾ 106 -107¾ Con., g old, 1916 .. .... ti 100¾-102 101¼-103 102 -103 74 - 77 74 - 75 74 - 76¼ 75 - 77 74 - 75 General, ir., 1940 .... ~ .... - ........ - .... 81 - 81 .... - .... 69 - 78¾ 68 - 75¾ 74 - 75 . . . - .... 95 -95 .. . . - .... 95 -95 Louis.N.O.&T.-lst.4 86 -86 86 -86 85 -85 85 -85½ 85 -85½ . . . . . . . . . . - .•.. 95 -95 . ....... - ........ Louisv, Ry.-lst,con .~ .... - ........ - ........ - ........ - .... .... - ........ - ........ - .. .. 96 - 99½ lOO;ls-100¾ .... 94¾- 95¼ 9i¾- 95¼ 95 - 97 95 - 98 93 - 94'¼ 91 -100 L.St.L.&T.-lst,ir.'17.6 87½- 96¾ 92 - 95 92 - 94½ 90 - 93½ 91¾- 96 93 - 95 ... - ... . .... - ........ - ........ - ........ - ..• . Man. B. H.& L.-Gen.4 .... - . . . . 48 - 48 . . . . - .•.. ...• - • . •. 49 - 53½ 50 - 53¾ 48½- 51 95 - 98 92 - 9:1. lllanhat,, cons .• 1990.4 ... . - ........ - ........ - ........ - ........ - ....... . - ........ - ... . . .. . - ........ - .. . 94 - 95 Mem.& Chas.-Gold ... 610Q¾-l0l¾ 98 - 98 98 -100¾ 98 -1.0 0¼ .... - ..• 100 -100 .... - .... 83 - 90 .... - •.....•• - ••• . . .•. - .... .... - .. . . 1st con. Tenn. lien .. .7 .... - ........ - ........ - .... 117>2-117½ ... - .•.• 118½-120 ..•. - .... ..• - ....... - ..•..... - .. ..... - •....... _ ... . Metropolitan El.-lst .. 6 113¾-116½ ll6 -118¾ 117- 117½ 117 -118 117½-119¾ 119 -120¼ 116¾-117 117 -118½ 117½-118 117½-118½ 118 -118½ ll'i -119 2d, 1899 ......... .. ..... 6 105¼-107 107½-109 108 -109¾ 108 -109¾ 106¾-109¾ 109½-110 108¾-109¾ 108¾-109 108¼-109 10$¾-109 105¼-107 106 -107 ...... - ........ - ••• .. ... - •.•..... - .. .. .. . . - ..•. Met. Telep. & T.-lst.~ 103¼-103¼ .... - .... ... . - ....... - . ..... .. - ........ - .•...••. Mex Cent.-Con.1911.4 70¾- 70¾ .... - .... .... - ••.. ..•. - •....•.• - •..•..•• - •....••. - ••.. . ... - •......• - •.....•• - •....... - ..•. .... - •..• lld, cons. Inc., 1939.. 3 37¾- 37¾ ..•. - •••..... - ••.• ... . - •....... - •....... - .......• - ........ - ........ - .....••. - .. . .. .•• - .......• _ •.•. - ....... - ...• 96 - 96 .•.. - ........ r •..... .. - ........ - .... .Mex. Nat'l-lst, 19!1?.. 6 .... - ... . 95 - 95 ..•. - •.•..••• - .••. 95 - 99 2d income "A" ........ 6 40 - 40 .... - •.••.... - •.....•• - •••. .. - •.... ..• - •....... - .... 37 - 37 .••• - .... 46 - 46 43 - 44 .... - .. . . 8¾- SM 9¼- 9¾ .... - .... 9¾- 10¾ 9 - 9 2d income, "B.'' .... 6 11 - 11 . ... - .. ...... - •.. . .... - .......• - . ....... - •... 10 - 10 Mich. Cent-lst,consol.7 121¾-123¾ 122¾-123¾ 123 -123¾ 123½-12i½ 121 -122¼ 122 -123¾ 123 -123¾ 122¼-124 121¾-122 122%-123 119¾-119% 118½-119½ 1st, CGnl!JOI. ... ••••• •••• •~ 107 -107 106¾-106!)4; 106!JJ!-107 107'¼-108¾ 106¼·107¼ 107 -107¾ ...• - .... 108 -108 107 -107 108 -108 106 -106 .... - ... . - ........ - ......•• - ........ - ••.....• - . .. . . .. - .. .. 1909 .. ... . ....... ...... 6 119 -119 .• •• - ... • •• - . ..• . . - ........ - ···· 1119¾ ·119¾ - • . . . . •. - • . •. . . . . - . . . . . . . . - •. .. 112 -112½ 112½-113 Coupon, 1931. .. ...... . :. lll¾-111¾ . . . . - ••• . 110 -110 111 -112 111 -111¼ 113 -115 115 ···· ··•• llO -llO Reiilstered, 1931 ... . .:i .... - •··· 113 - ........ - .••..... - ........ - ... ... .. - ........ _ . .. . Morta-aire, 1940 ...... 4 100 -100 99 -100 .... - •.•. 100 -100 .••. - ........ - •• . . Mil. L. Sh, & We■ t.lllt ...... . . .... . .. ....... .. 6 123 -125 12¼ -125 124 -125 126 -127¼ 123 -125¾ 126 -127 126¼-128 127 -127¾ 127 ..:128 127¼-127¼ 125 -126½ 12¼½-127 Conv. deb, 190'7 ... ... 5 106 -106¼ •••• - •••• .... - •••• 102 -102 105 -105 '105 -106 ..•• - .•...... - .... 105 -105 . ..• - •..... . • - ... . 106¼-106¾ Ext. & Imp.,•• f ... .. . 5 106 -108¾ 106 -106¼ 104¾-106 106 -107¼ 107 -108½ 107¼-108¾ 107¾-110 107 -107¾ 105¾-106'¼ lOtl¾-107¼ 107 -108 106¼-108'4 110 -110 ..•• - ........ - ........ - •....... - .... 109 -109 . .. • - ... .. .•• - •.•. Income ... .......... .. . .. . ff 110 -111 - ........ - ....... . - .... 125¼-126 125 -126 .... - .•.. 125¼-125¼ . ..• - •... 123 -123 12a -125 Mlchliran Div., lat ... 6 120 -120 120 -123 Ashland Div., l ■ t ... . 6 122¼-124 123¼ -124 121 -121 ...• - .... 120'4;-120¾ . . .. - .... 123 -123 123 -123 123 -123¼ .•.• - ........ - •. . ... - .. .. - ........ - ....... - ........ - ........ - ... . .... - .... . ... - ........ - .... 112½-112¾ . ... - ... . .... Sc.P.E.&Gr,Tr.,lst ... - ... j'.. .  ····1···· - ····  1···· - ... .  • Rx-in tere1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ···· ···· - ··· ···· - ··· ···· - ·· ···· - ···· ···· - ····  - ........ - ....  t Ex .funded coupon.  *Coupon oft.  RAILROAD BONDS. 1892-Continued. JANUARY FEBR'RY. MARCH.  APRIL.  MAY. - - - ---- ------1-----1----  BONDS. - - - - - - - - - -·-  JUNE.  JULY.  .AUGUST. SEPT 1BER. OCTOBER. Nov'BER. DE BBR.  Low.Hl~h Low.Hl~h Low.High Low.High Low.High Low.Hljth Low.High Low.High Low.High Low.High Low.High Low.High  Mil. & No.-l ■t.1910 .6 lll¾-111¾ 113¾-114 114 -114 114 -115 115¾-115!4 .... - .... lli¼-115¾ 117¾-117¾ .... - .... 116¾-117 117 -117 .... _ .... lat, on exten.,1913 . . 6 111¾-113¾ 114 -114 113 -114 114 -115 1.16 -116 114¾-114¾ lH¼-115 116 -117 .... - ........ - .... 116¼-116¼ 113¾-114 Minn. & St. L.-lst ... , 120 -121 .••• - •••..... - •.....•. - .... 122 -123 126 -126 . ... - .... 129 -129 129 -129 1.29 -129 128¾-131¾ 128¼-128¾ Iowa Extension ...... , .... - . .. . . . . - .... 115 -ll5 .... - .... 117¼-117¾ 122¼-122¾ 125¾--125¾ 129 -131 . .. . - ........ - .... 133 -133 .... __ .. 80 - 85¾ 90 -102¾ 102 -102 . . . . - .... 102 -105 .. . . _ . .. . 73 - 73 • . . . - . . .. . .. . - .. . . . . .. - .. . . 75 - 75 2d mort., 1891. ... ..... , 70 - 75 Southwest Ext., 1st., .... - ........ - .... ll5 -115 .... - .... 115 -115 116 -118 122¾-124 127¾-127¼ . ... - ........ - ........ - ........ _ . .. . .... - ... ..... - ... . 105 -110 113 -114¾ .... _ ... . 103¼-103~ .... ........ .... .. ·· · ..... .. ........ . ....... .... 6 ...... .Pacific Ext., 1st 93 -105 ... . - .... 106 -107¾ 111 -115 116 -116 Imp, & equip,, 1922 .6 .... - . . . 70 - 70 70 - 70 ...• - . ... 75 - 80 81¾- 82 82 - 90 Mo. Pac.-lst consol .. . 6 107 -108 107¾-108¾ 107ll(-108 109 -109¼ 106¾-108 107 -107 108 -109 109¼-111¾ .... - ... . 113 -113 1Ci9¼-UO 100 -110 3d, 1906 .... ............ , 112¾-115 115 -115 116 -116 .... - .... 112ll(-112¾ 112¾-112¾ 115 -115 115 -115 .... - .... 116¾·117 111¼-114 113 -114¼ 90 - 90 .... - .... ,, ... - .... 89 - 90 Trust gold, 191, ..... 5 .... - ........ - .... 90 - 90 .... - ... . .... - ........ - ........ - .... 90 - 90 79 _ 81¾ 83 - 83 79 - 82¾ •81 - 82¾ 81¼- 83 81¾- 82¾ 81¾- 81¾ 81 - 82 80¾- 82½ 82 - 82 81 - 84 1st, col., gold, 1920 .5 82¾- 85 97 - 98 96 - 98 .Po.c. of Mo.-lst, ext .. 4 100 -100 98¾- 98¼ 97 - 98 98 - 98¾ 98 - 99¾ 99 - 99¾ 98½- 99½ 96¾- 97¼ 97¾- 97¾ 97½· 98 2d, 1891, extend .... 5 -<>2¾--105¾ 104 -106 105 -105 106¾-107½ 107 -107½ 109 -109 105 -107 106¼-106¼ 106¾-107 106:J.:t-106¾ 107 -107 106)4-lO'i¼ Mo. Kansas & Texas79¾- 80¾ 79!J4- 80¼ 79 - 80¾ 79¾- 80¼ 80¾- 81¼ 70 - 80¼ lst, gold, 1990 ... ... . 4 79¾- 81¼ 80¾- 81¾ 80 - 81¼ 80¾- 81:1( 81¾- 83 *79 - 1 45¾- 48¾ 47 - 49,( 45¾- 47¾ 46 - 47¾ 46 - 4.8¼ 46¼- 49¾ 2d, Income, 1990 .... . 4 46¾- 54¾ 48 - 52¾ 49 - 52 49¼- 51¼ 49¼- 50¾ 4.6 - 50 rn - 76 .... - ... . .... - . ... 67 - 69 .... - ........ _ ... . 74¼- 75 K. C. & P.,lst, 1990.4 75 - 77 74¾- 76~ .... - .... 75¾- 75:1( 75 - 77 Dal.& W. , lst,1940.5 88¾- 89¾ 88¾- 897'{ 88¾- 897,( 89¾- 89¼ 86¾- 87¾ 87 - 87¾ 87 - 877,( 86 - 86 .... - .... 87 - 87 .... - .... 80 - 80 Mobile & Ohio-New .. 6 115¾-116 115¼-116¾ 115¾-115½ 116¾-117 117 -118 116 -117 .... - .... 116)4-117 117 -117¼ 118 -118 117½-119 .. . _ ... . .. - .... •111 -116 . . . - ........ - ...... .. - ........ - ........ - ........ - . ...... - ...... _. _ ... . 1st, exten,, 1921' ... .. . 6 .... - .. .. 112 -112 59¼- 61?-s 60¼- 62 61¼- 62 64~- 65¾ 61¼- 63 Gen. M., 1938 ..... ... .4 66 - 677~ 63 - 66¼ *61¾- 64¾ 61¾- 63¼ 63¾- 66¾ 63¾- 66 63¼- 65 ... - ........ - .... 112 -112 112 -112 .... - . .. . .. - ..... ... _ ...• Morgo.n'sL.&T.-lst . . ti .... - .... 109 -109 .... - .... 110¼-110½ 111 -111 123 • 123 126 -1:!6 1st, 1918 .. . . • • • •.. • ••.. ' . ... - .. . •.. - ........ - . . .. . . . - .... 124 -124½ 124¾-125 124%-125¾ .... - ... . .... - ........ Mutual Un. T,·-S. F .. 6 107¼-107¼ . ..• - ... 108 -108 109 -109 106¾-107¾ 110 -110 110 -110¾ ... . - ... . 111 -112 111 -112 110 -110½ 111 -111¼ Nasbv.C.& St.L.-lst . 7 126¾-128¾ 128¾-129 127 -128 127¾-129 128 -130 130¾-132 129 -129 128¾-129 127 -127¼ 127 -128¼ 127¼-128¼ 128)4-129 Consol. g., 1928 ..... . 5 1103¾-105!1,! 104 -106 105¼-106 103¾-103¾ 105 -105¾ 105¼-105¼ 105 -105¾ 105¼-105¾ 104¾-105¼ 102 -102½ 102%-104 102 -103!'-{ Nat. Starch Mfg.-lst .6 101 -103¼ 103 -103¼ 102¾-103 102¼-103 99¼-100¾ 100 -103¼ 102¼-103½ 102¼-105 104 -105 105 -107 104¼-105 104 -105 ... ... - ........ _ ... . N. J. Soutb.-1899,iru.ti .... - ....... - .... 108 -108 .... - ... . .... - ....... - ........ - ... . .. .. - ........ - ........ . ... - ........ - .... .... - .•.. 108 -108 109¾-109¾ .... - ........ - ........ - ........ - ........ _ ...• N. O. & N. E.-Prtor 1.6 lW -106 .... I New York CentralExtension ..... .. ....... 5 101¾-102¾1102¾-103¼ 103 -105 103¾-103¾ 101¼-101¾ 101¾ -101% 101¼-102 101¼-102 101¾-102¼ 102¼-102¼ 100¼-100¾ 101 -101¾ N.Y. C.& H.-lst,cp .. 7 123¼-125 124¾-125½ 125¾-126 126¼-127 127 -127¼ 127¾-120 J24¼-125¼ 124¼-125¾ 124 -125 124 -125 124¼-125¾ 125 -125~ ..• - .... ... - ... 124½-124¾ l•t,reg ..... ... ...... .. 7 h23 -123¼ 124¼-125 125¼-125¾ 126 -126¾ 126¼-127½ 125 -128 125 -125 123 -125 124J.{a-125 Deb., 1884-1904 ... 5 108¼-109¼ 109 -110 107¾-108 108 -108½ 108 -109 .... - . . . 108¾-109¼ 109 -no 107 -107¾ 106 -101 1106¼-107 106¾-107¼ Reglste,red ......... 5 108¾-108¼ .... - ........ - .... 108 -108½ .... - .... 109 -109 108¾-109 .... - .... 107¾-107¾ .... - ... . 106½-106¾ 106¼-106¼ Deb.reg., 89-1904.5 .... - .... .... - . ... 107 -107 .... - ........ - . . . . . . - ........ - ........ - ........ - ........ - ........ - . .. . N, J. June, 1st, gu .. 4 102 -102 .... - ........ - ........ - . .. . .. . - ... . 101¾-101!1( ... - • . . . 99¼- 99¼ 101 -101 .... - .... 11100¼-101 .. .. _ . . .. ... - ....... . - ........ - ........ - .... 101¼-101¼ 101¾-101¾ .... _ . .. . Deb., g., '90-1905.4 90¼-100 100 -100 101¼-101¾ 102 -102¼ 102¾-103 . . . . - . . . . . .. - . . . . Registered ... ..... . 4 100 -100 . . . . - . . .. .. .. - . . . . .. •• - .. . . . . .. - . . . . . . . . - . .. . . . . . - . . . . . . . . Harlem-1st, coup ... . 7 121¾-122 121¾-122¾ 122¾-123¼ .... - ... . 121 -121 123 -123 121¾·122 121 -121 121¼-121¾ 122 -122¾ 110¾-119¾ 117)4-119¾ - .... 120 -120¼ 117¼-117¼ 118 -119 .... 119¾-119¼ .... .... 120¼·121 -120¾ 120 123¾-123¾ 122¾-122¼ -122¼ 122 120¾-120¾ 7 1st. reg ... .... ........ West Shore, guar . . .. 4 101¾-103¾ 102¾-104 103 -104 103¾-104¼ 104¼-105¾ 105¼-105% 102¾-103¼ 103¼-103¾ 102¾-103½ 102¾-103¼ 103 -104¾ 103¾-104¾ Registered ............ 4 101¾--102¼ 102¼-104 103¾-103¾ 103¼-104 10! -104¾ *103 -105¾ 102¼-103¼ 102¾-103¾ 102¾-103 102,(-103 l102jl(-104 101¾-103¾ • ••• . ... - .... 105¼-105¼ 1•••• - . . . . • . . . Os.&Rome,~d,1915.5 .... - .... .... - ........ - .. ...... - ........ - ........ - .. .. N.Y.Chlc.&St.L.-lst.4 95 - 97¼ 96¾- 99 97¼- 98¾, 95¾- 97 96 - 98¼ 98¾·100 97 - 99 97¾- 977A 96¼- 99 96 - 97¾ 95¼- 97¾ 97¾- 98 96~. 96¼96 95¾.... ...• .... ....... .. . . ... .. ...... ........ .... 95¾ 95¾.... Registered ............ 4 95¾- 95¾ .... - ....... N. Y. Elevnted-1.st ..... 7 112 -113 112¾-114 113¾-113¾ 112¼-114 113 -113¾ 115 -115¼ 111 -112 112 -113¾ 112¼-114¼ 114 -114¼ 113 -113¼ 112¾-114 N.Y.&N.E.-lst,1905 .7 ... - .... 120½-121 .... - ....... - •••..•.. - ... . . . .. - ........ - ........ - .. . . ... - ........ - ••••••• - ... . 123¾-123~ 1st, 1905 . ..... ... .... .. . 6 .... - .... 113¾-113¾ .... - . ....... - ........ - .... 113)4-113¼ ••• • - ••. . ... - .. . . . .. - ... . ... - ........ - ... . .... _ ...• N. Y.N.H.&H.-lst,rg.4 ... . - ........ - .... 108 -108 108 -108 . . .. - .. ...... - ... .. - •.. . 105¼-105¼ .... - ........ - ........ - ....... _ ... . .N. Y. & North.-lst, g.5 108 -108 101 -101¼ 108 ··108 105¼-105¾ . .. - .... 106 -106 106¼-106¾ 107¾-107¼ .... - ... ... . - .... 110 -110 .... _ ...• 64 _ 75 65 - 67 62 - 68 62 - 62 62 - 65 61 - 62 62 - 63 63 - 63¼ 62¼- 63 2d, gold, 1927 . .. . .. . .. 4 58 - 63¾ 54 - 61 57¼- 65 Trn&t 1:ecelpts.. .. . . . . . . . . . . - ........ - .... .... - ........ - ........ - ........ - ........ - ........ - ........ - ........ - ........ - . .. . 68 - 68 N. Y. Ont. & We&t'nlst, gold ................. 6 115 -116 114¾-115 *10%-111¾ ll()¾-112¼ 111¾-112¾ 112 -112¼ 112~-112¾ 112¾-112¼ .... - ........ - ... . ... - ....... _ .. .. Con ■ol. 1st, 1939 ... 5 100 -104 101 -104 102¾-105 1104¾-106¾ 106}.(-108¾ •105¼·0614105½-106¾ 105¾-106 106 -106¾ 106¾--107¾ 107¾-108¾ 105¾-1~ 82¼- 83¾ 82¼- 83¾ 82¾- 83)4 82%- 83~ 83¾- 84¼ 83}1i- 81 Ref., 1st, 1992 .. ...... 4 .... - ........ - ........ - . . . . . .. - . . . . •.. - ...• - ........ - .... 70 - 70 93¾- 94¾ .... - .... 90¾- 90¼ 90 - 90¼ 89ll(- 90¼ N. Y.& Per.C.&I.,l&t .ti 93 - 94 N. Y. S.&W.-Refund .. 5 103 -104 103¼-105 104 -105¾ 104¼-105¾ 105 -105¼ 105)4-107 105 -105½ 105¼-106 105 -105¼ 106 -106¼ 106¾-108¼ 107 -107 88 - 88½ 86 - 893,i 2d mort., 1937 . .. .. 4¼ 79 - 81¼ 80¾- 81 80¼- 82¾1 82 - 82¾ 82½- 83¾ 87 - 87 90¾- 90½ 84 - 86 86¾- 86½ 86 - 87 96 - 96 95 - 97 88¼- 88½ 88 - 93 87¾- 89 Gen., gold, 1940 ...... 5 84½- 87¼ *85¼- 87¼ 87 - 88¾ 87¾- 88¼ 87 - 88¼' 87¾- 91 ... - ... .. . . - .. . 115)4-115¼ ... . - ... . 118 -118 'Mldl'd of N. J., lst . . . ti 116¼-117¾ ll'i¾-118¼ 11~119 116 -116 117 -117 118 -118¼ 117¾-118 99)4-100¾ 101¾-102¾ 102¼-103 103¾-103¼ 103 -103¼ 101!,4-102 100 -102 98¼-100 Nor. & So,-lst, 1941,5 .... - .... .... - ........ - .... 98 -101 Nod. & West.-Gen .... ti .. .. - ........ - .. . 122 -122 122 -122 *118 -122 .... - .... 122¾-123 ... . - .. . . .. . - .... 123¼-124 121¾-121¾ 122 -128 93¼- 96¼ 95 - 95¾ .... - . . .. 93 - 93 .... - . . . . 91 - 91 .. .. - ... . 91 - 91 93 - 93 100 yr. mort., 1990.5 95 - 95 .... - .... 95 - 95 New River-lst . ...... 6 .... - ........ - .... 118 -118 .... - .... . ... - ... . 118¾-118¼ 120 -120 120 -120 120¼-120¾ .. - . .. . . . .. - •....... - ...• 06½- 96½ 97 - 97 .... - . ...... . - ... 93 - 93½ 92½- 92¼ 91¼- 92 Clinch Vo.I., 1st& eq.5 96 - 96¾ 96¼- 97 93½- 95 ... . - .... 95 - 95 92~- 93¼ 91¾- g3 90¼- 91 90½- 91 Md. & W., 1st, 1941 .~ .... - . .. . 91 - 92¾ 91¾- 92¾ 92¾- 93¼ 93¾- 94¾ 93¼- 94¾ 91¼- 9:¾ 90¾- 92 . .. .. . - .... .. .. - ..... ... - . ... 95 - 9o •••. - ••••.•.. - ........ - •••.•••• - •.•. .. - ...• Ro. & So., l ■ t, 19~~.5 .... - .... .... - .... ... . Northern PacificGen. 1st, land a-rant .. ti *115 -116¼ 116¾-118 117¾--118¼ 117¼-118¼ 117¾-118¼ 118¼-119 115¾-117 116¼-117 115¾-117 ll6 -117½ 117)4-118¼ 11~Registered . ......... . 6 lH¼-116¾ 116 -118 117 -118¾ 116¾-118 117¾-117% 118 -118¼ 114¾-115¾ 116 -116¼ 116¾-116¾ 116J,:{-117¾ 117 -117 115 -115§.( Gen., I. gr., 2d, 1933.6 112¼ ·114 112 -115¼ 115¾-116¼ 112¾--112¾ 113 -114 112¼-lll>¾ .... - .... 113¾-116 114 -115¼ 111¼-112 lll¼-112¾ 113 -113¼ Regi8tered ..... .... .. 6 112 -112¼ 112 -113 113¼-114 112¾-112% .... - ... . ll2¼-112¼ .... - .• . . 114 -114 . ... - ........ - • . . . . . - ........ - ...• Gen., gold, 3d, 1937 .6 107¼-108¾ 108 -109 108¾-110 110¼-111 109 -111 106¼-107 106¼-107½ 107¼-107¾ 107 -108¼ 106¼-108 108 -109 106¼-107 72 - 74¼ 71¾- 73¾ 66¾- 71 73¼- 75¼ 74¼- 77¾ 76 - 77¾ 71 - 77 Consol., 1989 ......... 5 77¼- 80¾ 78¼- 79½ 76 - 79¼ 77¾- 79¼ 76¾-- 7 Div, scrip, extended ... ... . - ........ - .... ... - ..... . .. - .. .... .. - ........ - ... . 100¼-100¼ .... - ... 100)4-100¾ 101¼-101¼ .... - ........ - ... . •• St. Paul & No. Pac .. ti 119¾-120 .... - ........ - .... 120 -120 122 -122 .... - •....... - ... 120 -122¼ 120 -120 .... - .. . . 121¼-121¼ . • .. .. - ... . . .. - ........ - ........ - ........ - ........ - ........ - .. . Rea-istered .. . . .. ..... . ti .... - ........ - .... 117 -117 .... - . ... . .. - ........ - ..• • 99 - 09 .... - .. ...... - ........ - . ... 97 - 97 .. James Riv.V., 1936.ti .... - .... 104¼-105 104¼-104¾ .... - .... 97 - 97 . . 93 - 94 .... - .... 90 - 90 .... - .... 86 - 90 97 - 97 . ... - ........ Spokane & Pal. s. f .. 6 101 -108 100¾-101 100)4 100¼ 100 -100 Dul. & lllan., 1st ..... 6 101 -103 101 -101 102¼-103¼ 101 -102 102 -102 101 -101 101 -101 101 -102 102 -102¾ .... - . . . 102¾-102¾ .... - .... 95¾- 96¼ 93 - 93¾ 93¾- 93½ 95 - 1,5 ...• - ........ - .... . . . - ..•..... - •••• Do, Dak. Div., 1 t.6 99 -101 102 -102 100¾-101¾ 96 - 96 No. Pac.Ter.Co.,1 t.6 105 -107 105 -107 107 -108¾ 107 -108¾ 108 -108¼ 107 -107¼ 105 -105¾ .... - ........ - ••. . 104 -105¾ 10! -104¾ .... - ..•• -104 .. .• - ........ - ........ - ........ - ... . ... - ........ - . . ...... - •. •• 104 .... .. . .. . • ... . . . . .. . . Coe. d' Al., Gen.1st ... 6 102 -102 96 - 96 .... - ... ..... - ......•• - ... . .... - ...... .. - ... .. ... - ........ - ... . Cent. Wash., 1st ... . .. 6 .... - ........ - .... 100¼-100¾ 101 -101 88¾- 89¼ 85 - 87 90 - 94¾ 89 - 90 97 - 99 95 - 97 N. P. & Mon., 1st, g .. 6 101¾-102¼ 101½-lOH 97¼-100¾ 96 - 98 94¾- 97¼ 94%- 96 71½- 75¼ 74,(- 76 74 - 77 80¾- 81¾ 78¾- 81 79%- 81 Chic. & No. Pac. , 1st .. 78¾- 80¾ 79~- 82 79 - 81~ *76¼- 78¼ 76¾- 78¾ 78 - 80 84. - 80 88¼- 91 91 - 92 93½- 94 93¼- 95 03¾- 95¼ 94 - 97 Sea. L.S.&E., l&t ... 6 94 - 94¼ *92 - 95½ 92 - 94¾ 90 - 94¼ 94 - 96 Ohio Ind. & Western .lnd. B. & W., l&t,pf.7 . ... - ....... - ........ - .... -· · - . .. . 116 -116 .... - ........ - ........ - ... . .... - ... . .... - .... 117 117 . . . . . . .. Ohio & llliHissippiConsol. sink. fund .... 7 111 -111¼ 112 -112% lll!Jt-111% 112½-113 .... - .... 115 -115¼ .. .. - .. .. lll¼-111¾ 111 -111 lll¼ -112 lll¾-112¾ 112¾;-112~ .. 112 -112,. Consol., 189S ... ... .... 7 110¾-112 111¾-112¾ 112 -112¼ 112 -112 114 -114 115 -115 lll¾-111¾ 111¼-112 111 -112¾ lll~-112¾ . . . . 2d, consol., 1911 ..... 7 120 -120 119¼-120 . ... - .... 115¼-116¾ 117¼-117¼ 116¾-116!1:t 117 -117 .... - ........ - .. .. 116~-116¼ .... - ........ - •••• .. . - ... . ... ........ •......• ........ .... 113¾-113¾ -114 114 - ........ - .... 1st, Springf. Dlv ...... 7 .... - .... 112 -112 ...• - ••• . .. - ........ : ........ - ... . .... - .... 98 - tl8 l■t, gen., 193~ . . ..... :; .... . ....... - ... . 100 -100 .... . .. .... . , .... .... 9;½-100 100 -102 .. .. hlo River-lst ......... 5 .... - . ... I .. . - .... 95 - 95 Ohio Soutbern-lst. .... ti 106 -1~ 1109 -109¼ 110 -111 110~-111 109 -111)4108 -110 110¼-110¾ 111 -111¼ 111¼-111¼ lllJ,i-112¾ 112 -113 105 -109 60 - 64¼ 62¾- 65 62 - 6! 61 - 64¾ 63¾- 64¾ 61¾- 64¾ 61 - 62 62¼- 64 64¼- 66¾ 62¼- 66¼ 62¼- 66 Gen., aiold, 1921 ..... 4 62 - 65 Omaha& St. L.-bt .. 4 .... - ........ - .... .... - .... , 62½- 62½ .... - •... 62¼- 62½ 66 - 66 ... • - ..... . . . - .... , ••• - .... 62¾- 62" 62'1- 62M 54 - 55 •.•• - •• 51 ~ 52 52 ••. . ........ .... 53 53 53 52 .... Exfundedconpon .... 4 48 - 48 1 50 - 50 .... - .... .... -  I  I  I.... - .. .  O  I 1  • Ex-interest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  = .... ···· :  ::::1:::: = ........ : .... .... - .... .... - ... .  RAILROAD BONDS. 1.81'2-Continued. BONDS.  JANUARY  FEBR'RY.  MARCH.  APRIL.  M..i.Y.  JUNE.  - - - -1- - - - 1 - - - -  _ _ ,_ _ _ _ _ _ _ _ _ L __o_w_.H,_ig_h Low.High Low.High Low.High Low.High 1 Or.&C.-lstar,,19~'7.I} .... - ........ - ........ - ........ - .... 95 -95 Orear.R'y.&Nav,-ll'lt.6 109%--110 110½-111 111 -111½ 111 -111½ 110 -110 Consol., 192~ .... ..... I} 94 - 95¾ 95 - !16 .... - .... 91½- 94 90 - 92¼ Collat. trust, 1919 .. ~ .... - .... 90 - 90 .... - ........ - ........ - .... Orear. Imp. Co.-lst .... 6 101½-103 102¼-104½ 103 -103½ 101½-103¼ 101¾-103 Consol., gold, 1939 .. 1} 65¼- 71¼ 68 - 71 69 - 71 *64 - 67½ 64 - 65½  JULY.  AUGUST. SEPT'BER. OCTOBER. NOV'BER. DEC'BEB,  Low.'Hlg.h °!'_o_w_.H_I_g_b Low_._H_ig_b Low.High Low.High Low.Hillh Low.High 98 -98½ .... - ........ - ......• - ........ - ..•...•. - ..... ... - ...• 112 -112 109%-110¾ 111 -111½ 110¾-111½ 109%-110½ .... - .... 110¼-111 90 - 90 91 - 91 .••• - .. . . 88 - 91 88 - 91 87 - 89 86 - 88 71 - 71 .... - . ... 72 - 72 70 - 75 .... - •....... - .... 77 - 77¾ *99½-101½ 100½-101¼ 101¼-102½ 102¾-103¾ 102¼-103¾ 103¼-104¾ 101½-1033,( 64 - 67¾ 66¼- 68 67¼- 68½ 66 - 69 63¾- 66 63½- 65 61 - 64  Pennsylvania Co.1st, coupon ........... 4¼ 105¾-106¼ 103¼-107¼ 106¼-107¾ 106¾-107½ 107¼-108½ 108¼-108¼ 106 -107 106¼-1G7 106¼-107 106 -107½ 107 -108½ 107¾-1(8¼ Reiiistered ......... 4¼ 106 -106 105½-106¾ 105½-106¾ 106¼-107 107 -107¾ 106¼-106:l,4 105½-105½ .... - ... 106¼-106½ 106 -106¾ .... - . ....... ,, .Pitts.Ft. W.&C.-lst. '7 ... - .... 138½-139½ 138¾-139 139 -139 138¾-139¾ 140 -140 136¾-140 140 -140 139 -141 1S9¾-140 140 -140 140 -140 2d., 1912 . ........... 1 .. .. - .... 132¼-137¼ 137¾;-137¾ 137¾-137¾ 139 -139 139 -139 .... - .... 133 -137 .... - .•.. . ... - •....... - .... 138¼-138¼ 3d., 1912 ............ . 1 .... - .... 132 -132 132 -132¾ 130 -133 .... - •....... - •... 130¼-130½ 131 -131 .... - .••.. ... - .... 130 -130¾ .... - •..• Clev.& P.-Cons.s,td,1' 120¼-121 121 -121 122¼-123 123 -123½ 120 -120 119 -119 119 -119 119 -119½ .•.. - •. •. 120¼-121 .... - ...... .. - ..•. Gen., 1942, ser, A.4½ 106¼-106¼ 107 -107¾ 108 -108 ...• - ........ - ..•..... - ........ - ........ - .......• - •....•.. - ........ - .. .. 110¼-llO¼ St.L.V.&T.H.-lst.? .... - .... 111¼-111½111¼-111)4112 -112 ... - •... 113¼-113½110¼-110½ . ... - .... 110½-llO½ •... - .... 108¾-108:J.(llQ¼-llQ¼ 2d, guar., 189S ..... , . . . . - . . . . . . . . - . . . . . . . - . . . . . . . . - . . . . . . . - . ... . . . . - . . . . . . - .... 110 -110 . . . . - • . . . . . . . - . . • . . . . • - .... 109)4-109~ Gr.R.& Ind.,1941.4.½ .. . . - .... 101 -102½ 102¾-103% 100¼-102 103 -103½ 103¾-104¼ ..•• - •••..... - ........ - ........ ... - ... 100 -102¾ .Peoplel!l'G&-C,.Chl,2d 6 82¾- 99 100 -101¼. 100½-102¼ 100 -101¾ 101½-103 101 -103 .... - .... 101 -101 101½-103 103 -1~~ 104 -104¼ 101½-103¾ l st, arun.r., 1904 ... ... 6 .... - ........ - ........ - .... 106 -106 .... - ........ - ........ - •.... ... - . .. . . . - .•.. .... - .... . ... - ........ - •... Peo. Dec.&Evan.-lst.6 .... - .... no -110 105½-108 103 -105¼ 106½-106¾ 106 -108 .... - •... 102)4-102½ 101¼-105 106 -106 106 -107½ .... - ...• 2d, 1926 .... . ........... :} 69½- 70¼ 70 - 71 70¼- 71½ 71 - 71½ 69 - 71 69½- 70 68½- 68½ 68 - 68 70 - 70¼ 71 - 71½ 65½- 68½ 67 - 72 Evansv. Div., 1st ..... 6 105 -108 107 -107 102 -103 100 -100 101 •-101½ 104½-105 101½-102 ... - . .. . . .. - •... 100 -101½ 10() -106 . ... - .... .Peoria&Eas.,lstcon.4 80 - 82½ 81 - 83 81½- 82 79¾- 81 80 - 81½ 79¾- 80¾ 79:J.(- 81¼ 80 - 81¾ 80½- 82½ 78¾- 79¾ 78¼- 79½ 76¾- 78¾ Income, 1990 ......... 4 30½- 34¾ 32 - 34½ 31 - 33¾ 28¾- 3i 28 - 29 26 - 30 28 - 29½ 28 - 29¼ 27 - 29¾ 27¾- 29 26½- 27¼ 23 - 26¼ Peoria&Pek,Un.-lst.6 .... - ........ - ... ..... - .... 110½-110½ 112¾-112¾ . . .. - ........ - ........ - ........ - .... - ........ - .......• - •••• 2d mort,, 1921 ..... 4¼ .... - .... 70 - 70½ .•.• - .... 70 - 70 67½- 67¼ 69 - 69 69 - 70 70 - 70 .... - .... 72 - 72 .... - . ...•.•• - .... Peoria Water-1919 . . 6 .... - ........ - .... . .. - ........ - .... 100 -100 100 -100 .... - ..•...... - ..... .. . - ........ - ........ - ........ - •.•• Phil.Co,-lst,'98,s.f.6 .... - . .. . .... - ... .. . .. - ........ - ... .... . - ........ - ....... - .. ..... . - ... .. ... - ........ - .... 99¾-99¾ .... - .. .. Phila. & ReadlnarGeneral. ...... .......... . 4 Ba¼- 84¼ 83¼- 90 85½- 86¼ 86 - 88½ 87¼- 90¼ 89¼- 90¾ 87¾- 88¾ 87½- 88¾ 85¾- 88¼ 86¾- 87¼ 85 - 86¾ 84½- 863,( Rea-istered . .. . .. . 4 . . . . - . . . . 86 - 86 85¾- 85¾ . . . . - . . . . . . . . - . . . . .. . - • . • . . . . . - • . . . . . . . - . . . . . . . . - . • . . . . . . - ••• . 85 - 86½ . . . . - ...• 1st pret. inc., 19lJ8 . .:; 72¼- 75¾ 68½- 79 73½- 76½ 73¼- 76¾ 75½- 78¾ 76 - 78½ 77½- 79¼ 76 - 79¼ 74½- 77¼ 76 - 77% 74¾- 77½ 74 - 77 2d pret. inc., 19:l8 . ... I} 55 - 59¼ *53¾- 72 63 - 67¾ 64½- 70 67½- 71¼ 68¼- 70¼ 69½- 72¾ 69¼- 72¼ 66¾- 70½ 69 - 71¾ 67½- 71¼ 67 - 70¼ 3d pref. inc., 19lJS . ... :; 37 - 41½ 39%- 67 53¾- 60 54 - 62¼ 59½- 64 60%- 63¾ 60¼- 65½ 61¾- 65½ 57¾- 62 61 - 64¼ 59¼- 64¾ 57¾- 61¾ 3d pret. inc., coav .... i; 42¼- 42½ 43 - 67 55¾- 61½ 56½- 65 61½- 66 64¼- 65 63¼- 67 64½- 67¼ 60¼- 61¼ 64 - 64¼ 63½- 63½ .... - ... . Deferred income ...... ti . ... - ... . 12 - 21 17¾- 20½ 17¾- 20¼ 19¼- 20¾ 19¼- 20 19 - 21 18¾- 21¼ 17 - 19 17%- 18¾ 15 - 18½ 14 - 16¾ P. C. & St. L.-1900 .. '7 .... - ........ - ........ - ........ - ........ - .... .. - ....... - .... . ... - . ....... - ..... .. . - .... 115½-115½ .... - ... . P.c.c.& St.L.-"A".4½ .... - ........ - ....... . - ........ - .... 103 -103¾ 103¼-104:J,t 103¾-104½ 104¼-104¼ 104 -104 102 -102¾ 101½-102¼ 101½102¾ Serles B, 1942 ...... 4½ .... - ........ - . . . . . . . - ........ - ...... •. - .... .... .... - .... .. .. - .... . ... - .. . . . .. - . ... .... - .... 102 -102 Pitts,Cl.&Tol.-lst ... 6 110 -110 .... - •.•..... - ........ - •....... - •... 108½-10~½ .... - ••.....• - •... . .. - ..... ... - .... . ..• - .... 110½110¾ Pltts.Pain,&F.-lst g.i, 92½- 92½ 95 - 95 .... - ........ - .... 95 - 97 .... - ........ - ... . ... - ........ - .... 95 - 95 .... - ....•... - ... . Plttsb. & West.-lst .. 4 *80¼- 83 82½- 84 82 - 83¼ 81½- 85 84¾- 85½ 85 - 86¼ 84 - 84½ 84 - 85 83½- 84½ 82 - 84 81¼- 83½ 82¾- 83¾ Pres. & Ar. C.-lst, g.6 .... - .. . .. ... - ....... - . . . . .... - .. .. . ... - .... 77½- 77½ .... - .......• - ••....•• - ••...••• - ..•..... - ........ - •••• Proc.&G.-lst, 1940.d .... - .... . ... - ........ - ........ - ... . •··· - •·· · 106 -106 .... - ........ - ........ - ....•... - ... •··· - . ....... - ..• Rlchm'd &Danville-Consol .. .............. .. .6 109½-112 111 -112 105½-110 106 -108 106 -111 106¼-111 107 -108¼ 108½-109 108½-109 109½-109½ 108¼-108¼ .... - ...• Coupon off....... ..... ... . . . . . - . . . . . . . . - . . . . . . . . _ . . . . . . . . - . . . . . . . - . . . . . . . . - .. . . 105 -105¼ 105 -106 105¼-105¾ 105½-105½ 104¼-105 102¾-105¾ Debenturo ............. 6 . . . . - . . . . 93 - 93 90 - 90 91 - 96¾ 89 - 91 86 - 93 90 - 90 . . . . - . . . . 90 - 90 . • •. - . . . . 88 - 91 85 - 85 Con. M., 1rold, 1936 .5 82 - 83 82¾- 85 78 _ 85 75 - 77 76 - 80½ 78 - 81 80 - 80 79 - 80¼ 75 - 75 74J!- 76 70½- 75 67¼- 73 Atl.& Ch., 1st, 189'7.'7 . ... - . . . . . . - .... 120¾-120¾ . ... - .... 121½-121¾ .... - . . . ... - •... . ... - •.. .. ... - . . . . - .... 119 -119 .... - ..•. Rich. & W. Pt. Ter.Trust....... ... . . . . . . .. 6 91 - 97½ *94 -100 89 _ 99 87 - 90 83 - 88½ 75 - 86¼ 78 - 82¾ 79 - 80¼ 75¼- 79½ 78 - 81 78 - 79 71½- 75¾ Tru11t 1·eceipts . .. ......... - . . . . . . - . .. . . ... _ . . . . 88 - 90 82½- 88 86 - 86 .... - ........ - .... .... - .... . ... - ........ - ... ..... •. Con., 1st, col. t. g ..... 5 62¼- 68¼ 64½- 72¾ *58 _ 69¾ 52 - 59½ 53 - 60 41¼- 56~ 42½- 49¼ 46 - 48¾ 44 - 50 49½- 54 46¼- 50 42¼- 46¾ Trust receipts...... . .. - . . . . .. . . - . . . . . . . . _ . . . . 54¼- 61 51¼~ 59 41½- 57¼ . . . - . . . . . . . . - . . . . . . . . - .. . . . . . . - . . . . . . . . - . . . . . . . - .•.• Rio Gr. Junc.-lst, Ir-.:; .... - ........ - ........ _ ... . .... - .... 91 - 92½ .... - . ....... - ....... . - ........ - ........ - ........ - ........ - .. .. Rio Grande South'n ... l, .... - ....... . - .... 85½- 86¾ 86½- 86¾ 85½- 86¾ 86¼- 86¼ 84 - 84¼ 84 - 85¼ 85 - 85¾ 83 - 84 . ... - ........ - .•• Rio G.W.-lst, 1939 .. 4 *76¾- 78½ 77½- 78¼ 77¼- 79¾ 78¾- 81 80¾- 82 81¼- 83 80 - 80½ 78¾- 80¼ 78½- 79¾ 78¼- 79 78¼- 79¾ 78¼- 80 RomeWat.&Ogden,' Con., 1st, extended ... ~ 112½-114 113½-115 114 -115 *111½-113 112½-113¼ 112%-113¾ 113¼-114 114 -115¼ 113¾-114 111;14-113 .... - .... 112 -118 Ut. & Bl. R.-1922 .. 4 100¾-101¾ 102½-102¼ ...• _ . ... 102½-102½ .... - .... 102¼-102¾ 103 -103 101½-102 .... - •....... - ........ - ... . .... - ... . St. Jo. & G'd Isl.-bt.6 95 - 97½ 95 - 96½ 97 -100 98 -100 94 - 96¼ 94 - 95 94¼- 95¾ 96 - 96½ 93¼- 96 96 - 9:" 92¾- 93 93 - 98l'( 2d, inco1ne .. ........... . :; .... - ........ - . . . . 37¼- 38¼ 38½- 39 39¼- 39¼ .. .. - •......• - •..•...• - •... . ... - ..... .•. - ..• . .... - •.•... .• - ... . Coupon otf. .. . ....... .. . 32 - 32 .... - ... . _ 37 - 37 .... - ........ - . ....... - ........ - .•••.... - ........ - . ....... - .... . ... - ..•• Kan. c. & Om., lst .. :i .... - .... 72 - 83½ ···· _ :::: . ... - .....•. - .... 80 - 80 .. .. - .... 68 - 72½ 70 - 72¼i 63 - 68 70 - 70 ... - .... St. Louis A. & T. H.111t . .. . ...... ...... ....... ., 108 -108¾ .... - .... 107¾-108 107¼-107¾ .. . - ..... .. - ... . 107 -107 . . - .... 105 -105 .... - ........ - .... 106 -1083( 2d, pref .................. , .... - .... 104 -104 104½-104¾ 104¼-105 105 -105¼ 106 -106¾ .... - .... 103¼-104 104 -104¼ 104 -104½ 104 -104½ 104 -104¼ 2d, income .............. 1 103 -lOi . . . . - .... 104¼-l04½ 105 -105 102 -103 103 -103 103 -103¾ . . . - . .. 104 -10'1 . . . . - ... . 101 -102 . . . . - ..•. Dividend bonds .. . . .. . 6 55 - 55 55 - 55 59 _ 65 65 - 65½ 65 - 66 64¼- 64½ ... - .••. 60 - 62½ 62½- 62½ •.• - •.•. . . - ... . 64 - 64 Ch. St. L.& Pad.,111t.:l 102 -102 .... - .... .. .. _ ........ - ..... . . . - ...... .• - •... 100 -100 ... . - ..... .. . - • .. .•.•. - •... 100¼-100½ .... - .. .. Belle.&So.Ill,-lst.8 . . .. - ........ - . . ... .. _ . .. 110½-110½ .... - . ...... . - ........ - ...•.... - •...... . - .......• - .... - •... 112 -112 St. L. So., 1st. guar.4 .... - ... ... .. - ........ - ........ - .. .. . .. - ........ - ... . 82 - 82 .... - •.•. .. .• - ........ - ........ - ........ - ..•• St. Louis & Iron Mt.1st, 1892 . ..... ......... '7 104 -104¾ *101 -101¾ lOl½-lOl'¼ 101%-102¾ 102¾-103¼ 103 -104 103¾-104¾ . . . • - • . • . . . . • - . . . . . . . . - . . • • . . . . - . . . . . . . • - ... • 1st, extended ......... . I) . • • • - • . . • . . . • - . • . . _ - • • • • . . . • - • . . . . . • • - • • • • • • • • - •••• 108¼-108¾ 101½-101¾ 101 -101½ 101¼-102½ 102 -102¼ 2d, 189'7. .. . . . . ... . ... ,. 108 -109 109 -109½ ioo½;-109½ 109½-109½ 10?¾-107¾ . .. . - .•.. 107½-108¾ - •... lQS¾-109¾ 109 -109 105¾-106½ 103¾-103¾ Arkansas Branch .... 7 .... - .... 107 -107 106 -106 106½-107 107¾-108 104 -105 104 -104¾ 104%-105½ 104¾-104¼ .... - .... 105,¼-105¾ 102¾-102!':( Cairo Ark. & Texas. 1 105 -106 107 -107¼ 108 -109 107¼-108 108 -108¾ 104~~-104½ 104½-105½ 105 -105 104½-104¾ 105 -106¼ 106 -10?'½ 103 -103¼ Gen. consol. & I. a- ..•. !l 85¼- 86¾ 85 - 85¼ 85 _ 86½ 83¾- 84½ 84 - 85 84½- 85;)fi 85 - 85½ 84¾- 85¾ 85 - 85¾ 82¾- 83½ 83¼- 83¼ 83 - ~ ~tamped, 1ruar ... ... :; .... - ........ - ....... _ . ... 84 - 84¾ 84¼- 84¾ 84¾- 84¾ .. .. - .•...... - .... 85 - 85¼ 83 - 83½ 83¼- 84 83¼- 83!1( St. L. & San Fran.2d, class A. .............. ti 112¾-112¾ 114 -114 lH¼-1\4½ 115 -115 .... - . •.. 111½-111½ 1.13 -113 114¼-114¼ .... - •... 113¾-113¾ .... - .. . .. ... - .. ., Class B ........... .... .. . 6 112 -113½ 113 -114 ll3¾-114½ 115 -115 111¾-111¾ 111 -112 .. .. - .... 113¾-113½ ... - . •.. 113½-114 •no -110¾ 110 -111 Class C .. .. ............ ... 6 112 -113 113 -113½ 113½-113½ 114¼-115 *111-112 111¾-112¼ 112½-112½ 113¼-113½ 113¾-113¾ 113½-114 *110½-111 110¾-111 Equipment ......... .... '7 102 -102 . . . . - . . . . .. . . _ . . . . . . . . - . . . . . . . . - . . . . . . . . - • . • . . . . . - . . . . . . . • - .. • . . . . . - . . . . . . . . - . . . . . . . . - . . . . .. . . - .. . • General mort .. . ...... . 6 106¾-110 107½-108 109 -109½ 109¼-109½ 109¾-110¼ 109¾-111 109 -109¼ .... - •... 109 -109 109 -109 .... - .... 109 -110¼ General mort . .. ...... .:; 94¾- 94¾ 9i - 94½ 94½- 96 96½- 96½ 95¾- 97¼ 96 - 96¾ . . . - ........ - ........ - . . . . 94 - 9! .... - •.... . . . - ... . Consol. mortgago .... 4 .... - .... 72¼- 73 71½- 72 70¾- 71½ 70¼- 70¼ 67 - 69 66½- 67½ 66¼- 68 67½- 68½ 65¾- 68 67½- 69 66¼- 68~ 1st, Trust, 198'7 ..... . :; 80 - 80 .... . . 84¼- 84'.¼ .... - ... .. ... - .. .. .... - . . . . . .. . . ....... - ........ - ........ - .. . . ... . - . . .. .... - ...• St. L. s. W.-lst 1989.4 70¾- 72½ 7014- 72¼ 70¼- 72¾ 71 - 72¼ 68½- 70 67½- 69 67 - 68¾ 68½- 71½ 69½- 70¾:168¾- 70 65 - 67 63½- 65M 2d inc., 19S9 .......... 4 34½- 37¼ 32¾- 35½ 32½- 34¾ 32¾- 33¼ 30 - 32~ 29 - 30 27 - 31 30 - 33½ 30 - 32½ 30 - 31¼ 26 - 29½ 24 - 2n,( St.P.&D.-lst,1931 .. :J .... - ....... - .... .. .. _ .... 110 -110 .... - ........ - . ... .... 109 -109 .... - ........ - .... - ........ - .•.• 2d,1917 ... ..... ......... I) .... - .... 103 -103 104 -106 103½-105 105 -105 106 -106 .... - ........ - ........ - ..... ... - ........ - . . ...... - •..• St;P. M.&M. -lst,'09.'7 110 -110 110¾-110% 109 -111 110 -111 110 -111¾ 111 -111 lQS¾-108¾ 108¾-108¾ 109 -109 109¼-109¼ .... - .... 109½-110¼ 2d mort1r,, 1909 ... .. 6 115!).(-117 118 -118¾ l18 -l19 116½-116½ 117 -1177Ai 117½-119 149 -119¼ 118 -118¼ 118 -118¾ 115¾-115¾ 117 -117 116½-117 Dakota Extension .... 6 116½-116½ 118 -118 118 -119 118½-118¼ 116~-117¾ 118 -118 118¼-119¼ 119 -119¼ ll~-118¼ 119½-119½ 116¼-117 117 -117 1st, consol., coup .... . 6 118½-121 119 -120 119 -120¼ 120½-121½ 121½-123 122½-123½ 120 -122¼ 120½-122 119 -119¼ 119 -121 120 -121 121 -lts Rea;istered ... ....... . 6 .... - . .. . - . ... .... _ .... 118¼-118¼ . ..• - ........ - ••.•.... - ........ - ..... . .. - ..... .. . - ..... . .. - ........ - •••• Reduced to .... ..... 4¼ 97 - 98 98¼- 99 99 _ 99½ 101 -103 1Cl1. -102½ 101½-103 100¼-101 100¼-101½ lOQ¾-101 100½-101 101 -102 101¾-102¾ Montana Ext., tst ... 4 87¼- 89 ~ - 88¾ 88¼- 80¼ 87¼- 88 88 - 90½ 88 - 89½ 87'-(- 88 88 - 89 89 - 90 90 - 92¾ 91 - 93 88 - 90 Montana Cent., 1st. 6 112¼-115¼ 115½-115¼ 116 -116½ 116¼-117 116½-117 117 -117¾ lli¾-115 115 -115 114 -115¼ 114 -115 ,. ... - .... 114½-11~ 1st, 1ruar., 1937 .... 5 99 -101 100¼-101¾: l01½-l03 102¼-104¾ 104 -104¼ 104¾-105¼ 103½-104½ 102 -103 102 -102 101½-102¼ 102¼-104: Mlnneap. Union lst .. 6 .... - . .. . .. . - . . . . . .. - . .. . .. - .... 117 -117 ...• - ..••.... - .... - ........ - ........ - . ....... - ··Ex interest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  8d  RAILROAD BONDS.  ~===:c================================================================-=== 1892-{Joncloded.  BOND~.  JANUARY FEBR'RY.  MARCH.  APRIL.  - MAY.  JUNE.  JULY.  ---- ---- ---- ---- ---- ---- ----  AUGUST. 8EPT'BER. OCTOBJIR.  NOT'BER. DEC'BER  ----1----1----11----  Low.High Low.High Low.High Low.High :'ow.High Low.High Low.High Low.High Low.High[Low.Hlp Low.High Low.High  ·S anA.&A.P.-1916 .. 6 .... - ........ - ........ - .... .. . ... 68¼- 75 .... - .... . ... - , ........ - .... . .. . - ...•.. . . - ........ - ... 'l'rust receipts . . . . . . .. . .. - . . .. .. . . - .. . . 66¾- 66½ 65 - 05¼ 64 - 70 .. . • - . . . 69 - 69 67¾- 70 .. . . - .. .. 69 - 70 .••• - . . . 67 - 69 1926 ..................... 6 62 - 62 65¼- 65½ 66 - 66 .. - .... . ... - ........ - ........ - ........ _ •. .. .. _ ........ _ ........ _ ... ..... _ .. . Trust receipts . .. .. . .. 61 - 65 65¼- 65¾ 66 - 66 64¼- 66 64¾- 70 64 - 68¾ 67¼ · 67½ .. .. - • .• 68 - 68 69 - 70i 68 - 69 67 - 72 •s.F.&N.P. . lst,1919 .. :i .... - ... . 96 - 96 .••• - ....... - ....... - ........ - .... . .. - ... . .... - ... ... - .... 96¾- 911 00' - 97 - .. . ·Sav.Am. & Mon.-lst.6 .... - .... 75 - 75 73¼- 74 74¼- 74¾ .... - ........ - .... .. .. - ........ - ....... - ...... - ........ - ... .. .. .. . 8. V. & N .E.,lst,1989.4 77¾- 81 79¾- 80 .... - .... 79¼- 82 80 - 84 82¼- 84 81¾- 82½ 82¼- 83¾ 81!1,(- 83 81 - 83" 81¼- 83 82 - 82¾ :Security Corp.-1st .... 6 .... - ........ - .... .... - ... . .... - .... 98 - 98¾ 98 - 98 98 - 98¼ 98¾- 98¾ 98 - 99 98¾- 00¾ 00 - 96½ 96)&- 97:J:( 8ontb CRrolina1 st, ex _Apr.,'91, cp .. ti 107¾-108¼ 108¼-108¾ 108¾-108¼ 106 -106¼ 106 -107 107¼-107¼ 107 -107¾ 106¼-106¼ 105 -105 105 -105¾ .... - .... 105¾-105¾ 2d, 1931 .. ..... ......... 6 93 -101 99 -HlO½I 100 -100 .... - ........ - .. .. ... - ... . ... - ........ _ ........ _ . .. . ... _ ... . .... _ ... . .. . _ ... Incomes . ............ ... 6 19¼- 22 16 - 19 16¼- 16½ 14 - 14 .... - .. . 15 - 15 .•• - . •. . . . . - ........ - .... . .. - •. .. - .. . . 10 - 10 so. Pac., Cal-1st ....... 6 112¾-112¾ 114¾-115¾ 116 -116 113 -114¼ 113 -113¾ 113 -113 113 -114¼ 114¾-114¼ .... - .... 111¼-111~ 112 -113 113¾-113:J:( 1st con sol., 1938 .... :i 99¼-100½ 99½- 99¾ 99¾-102¾ 100¼-101 100 -101 99¾- 99¾ 99¾- 99¼ 99¾- 99¼ 99½· 99¼ 97¾- 98¼ 95l).(- 98 95 - 95% An.&N.W.,lst,'41 .:i .... - ...... - ...... - ...... - .... . ... - .... . . . . . . . .. ... - ... . .... - ........ - .... 88 - ~ 88 -88¾ 88 -90:k' So. Pac., Ariz., 1st .... 6 -t0l¼--03¾ 101 -102~ 102!1:(-105¾ 105¼-106 105 -106 106¾-107¾ 103¾-10! 102!}4-lOi 102%-102¾ 102¾-1~ 102¾-102¾ 102¼-103"1 so. Pac., N. Mex.-lst.6 101¼-103¾ 1027,(-102¾ 103¾-105% 105 -106¾ 105 -106¾ 106¾-108¼ 105 -105:U 106 -106 .. - ........ - . .. . 1()6%-106¼ 106¾-106¾ Tenn.C.&I.-Tenn.D.6 90 - U2½ 89 - 94 93 - 96 92½;- 93 91 - 96 95¼· 97 9! - 95 94 - 94¾ 93 - 94 90 - 91 90¼- 93 92 - 9'1 Bir. Div., 1st .. ....... ti 91 - 92¼: 91¼- 93¾ 92 - 95¼ 94½1- 95½ 95 - 98 98 -100 93¼- 95 93¾- 94 93 - 93¼ 93¼- !K¾ 95:J:(-100 96 - 96½1 T. RR.of St. L.-1st.4¼ .... - ... .... - ....... . - ........ - ........ - ....... - ........ - ....... - ........ - .... 97¼- 97¼ 97¾- 97¾ 96!)J!- 97¼ Texas Cent.-lst, s. f .. 7 .... - ... . 103 -103 .... - .. . ... - ....... - .. .. .... - ... .. .. - ........ - ... . ... _ .. ..... . _ ...... .. _ ....... _ .. . T. & N. 0.-lst, 19o:i.7 ... - ........ - ........ - ....... . - ....... - ....... . - ... . .. . - .... 106 -106 ... . - ....... - ....... - ....... - .. . Sab. Div., 1st.......... 6 . .. . - .. .. .. . . - .. .. .. .. - · .. · .. .. - .... 104¼- lOi¼ .. .. - .. . . .. . . - .. . . .. .. .. . - .. .. . . . . - .. . . .. .. - .. . . .. .. - .. . Tex.& P.-lst,2',2000.:i 82¾- 84 77¾- 82¼ 80¼- 84 83 - 84 84¾- 85~ 77 - 85¾ 76¾- 81 79 - 84 83 - 85¼ 83¼- 85 79¼- 84½ 76¾- 80 2d, g., inc., 2000 ..... :i 30¾- 33½1 27 - 33 30¾- 3'1¼ 30¼- 31¼ 30¾- 32 25¼- 29¼ 25 - 30 27 - 33 29 - 32¼ 29¾- 32½ 26½1- 29¾ 26 - 29 Third A venue (N. Y .) 1st, J 937 ............. ... :i 110¼-113 .... - ....... - .... 112 -113¼ 113 -113 113%-115 113 -113 113¼-113¼ 112¼-113 112 -113 112¼-113 113¼-113¼ Toi. A. A. & C., 1917 .ti 91¼- 94 93 - 98 93¼- 94 92 - 93 93 - 94 94 - 94 94 -100 97¾-102 93 - 98 95 - 97 97 -100 99 - 99 Toi. A. A. & N. M., 1st.6 100¼-103 102 -104 99¼-101 100 -102 *96½- 97¾ 97¾- 99 95 -101 100¼-102 100 -102 101 -102½ 99 -105 102¼-105 1st, consol., 1940 .... 5 83 - 87¼ 87¾- 88 87¾- 88 87¼- 87¼ 87 - 87 87¼- 88¼ 83 - 88¼ 88¼- 90¼ 90 - 90¼ 90 - 90 90 - 90 88 - 90¼ Toi.A.A.& G.T.-1st .. 6 .... - ....... . - .... 110 -110 110½-110½ 110¼-110¼ 113 -113 110 -112½ 112½-113 .... - .... 114½-114½ .... - .... 114½-116½ Toi. A. A. & Mt. Pl.-6 .... - .... ... - .... .. .. - ....... . - ... . ... - .... .. - .. . ... - ........ - ........ - ....... - .... 99 -103¼ 103½1-104 Toi.& Ohio Cent.-1st.:i 102¼-104 104 -106 105 -105½ 105 -105¼'. 106 -106¾ 107¼-l0Q¼ 108 -108 106¼-107¼ 106¼-107¾ 107¼-107½ 107 -107¾ 106½-109 T.P.&W.-ht, 1917 .. 4. *77 - 78 78 - 781,i 78½- 79¾ 79¾- 79¼ 80 - 82¼ 81¼- 82¾ 80 - 81 80¼- 81 80¾- 80¼ 80¼- 81½ 81½- 82¼ 81¼- 82 Tol.St.L.&K.C.-lst.6 91 - 95 9!¼- 97¾ 95 - 97 95½- 98 97¾-101 *91 - 98 90 - 93¼ 90 - 92¼ 89¼- 91 85 - 91 84 - 89½ 85 - 91 Uls. & Del.-lst, con .. 5 .... - ........ - .... . ... - ........ - .... 102 -102 100¼-103 103 -104 .... - ....... - .... 103 -103 107¼-107½ •••. - ••• Union Pacificht, 1896 .. ............ . 6 106 -107½ 106:Jt-107% 107¾-108 107 -108 107:J;!-109 109 -109¾ 106¼-106¾ 106¼-107 106¾-106¾ 106½-107¼ 107~-107¾ 107¼-108¼ 1st, 1897 ........ ..... .. 6 107¾-109¾ 108½-109)4 109½-109¼ 109 -109½ 109¾-111 110¼-110¾ 107%-1077/4 108¾-108¾ ... - ..• . 107 -108¼ 108½-109¾ 108¼-109¾ 1st, 1898 . .. .... ........ 6 *109¼-10¾ 109¼-110¼ 110;1,£-112 111 -Ill% 111¼-112 112 -113¼ 109¼-110 109¾-110¾ 1093'.i-U0¾ 109!1(-110¾ 110¾-110¾ 110%-111¾ 1st, 1899 .. ........... . 6 110¾-110¾ 111 -112¾ . ... - .... ll2 -112 118 -113!)4 114½-114¼ 111 -111½1111 -111¼ 111¼-111¾ 111½-111¼ 111¾-112 111¾ 113¾ Sinking fund ........... 8 107 -108½ 108 -110½ 106 -106¼ 106¼-106½ 106¾-107½1107 -107¼ .... - .... 107¼-107¼ 102!,4-104 102¼-103 102¾-103¾ 102¾-103¾ Collateral Trust...... ti .... - .... 100¼-100~ .... - .... 101¼-101½ 100 -101 100½-100½ 100 -100 . . - ...... .. - ........ - ........ - . .. . 98 - 98¾ Collateral Trust .... 5 88 - 18 85 - 85 .... - .... .... - ........ - ........ - ........ - ........ - ........ - .... 80 - 80 .... ...... - .. . Collateral Trust .. .. 4-½ 70½- 74¼ 73 - 74½ 72¼- 73¼ 73 - 73½ 70 - 72 .... - ........ - .. . . .. - .. . . 64 - 72 68¾- 69¼ 67 - 68 66 - 66¾ Col. tr. notes, '94, g.6 95½-100 *95¼- 97¼ 95¾- 97 96¼- 96¼ 94½- 96!1,! 94½- 96 95¼- 96¾ 93 - 93¼ 92¼- 9! 94 - 96 95¾- 96 95¾- 98¼ Kan.Pac.-1st, 1S9:;.6 . . . . - . . . . . . . . - . . . . . . - .... 106¾-106¼ 109½-109¾ 107 -107¾ . . . . - . . . . . . - ... . 106 -106 105¾-106¼ 106 -106¾ 105 -106½ ltlt, 1896 .... ....... .. ti .... - .... 108¼-108½ 105¾-108¾ .... - ........ - .... *106¼-107 108 -108 108 -108 .... - . . . . . .. - .... 107)11-108¼ .... - .. Denver Div..... . ..... 6 .... - .... 109 -111 109 -111 lll¼-111½ .... - .... 109¾-110½ .... - .. .. . .. - .... 112 -112 112 -112 109¾-111 .... - . . . 1st, consol . ..... . ..... 6 108½-110 109¾-lll 111 -112 112 -114 109¾-110½ 109¼-109¾ 109½-109¾ 109¼-110 111 -112 lll¼-ll2 109¼-109 1077,4-108½ ()en.Br'nchU.P.s.f.7 .... - ........ - ........ - . .. . .... - .... 100 -100 .... - ... .. ... - ........ - ... . 102 -10~ . .. . .. .. ... - ....... . - .. . At. Col. & Pllc.-lst .. 6 84 - 84 84 - 85 S3 - 85 84 - 85 81 - 83¼ 82 - 84 83 - 83½ 82 - 83 83 - 83 82 - 83¼ 80 - 80¼ SO - 80½ At. J. Co. & W., 1sr.6 . .. - ........ - ... - ........ - ........ - .... .... - ........ ...... - ........ - . .. . .. . - . .. . 79 - 79 .... - .. . Oreg. Sb. Line-lst... 6 106½-108 105 -105¾ 105 -106½ 103¾-105¼ 103 -104½ 101 -104 103¼-106 to2¾-103¼ 102½-103¼ lOi -105 lOi -104¾ 102¼-104 Or.Sh.L. & U. N.,con.a 80¼- 82¼ 82¼- 83½ 81¼- 82¾ *75 - 80 74 -79 7!1 - 75 74 - 75 73 - 75 72 - 74 72¼- 73¼ 7!1 - 74 73 - '!7 Collat,Tst.,1919,2'.:i 80 - 83¼ 81¾- 81½ 79 - 79 .... - . ... 76 - 77½ 75¼- 75¾ 71 - 75¼ 72½- 76 70 - 70 73¼- 77 73 - 75 75 - 79 Utah Southern-Gen.? 102 -102 10:t¾-104 105 -105 105 -105 11>5¼-106 101 -103¾ 103 -103 ... - ........ - .... 102 -102¼ 101 -101 102¼-103¼ Ext'n, 1st, 1909 ..... 7 100 -100 .. .. - • .. lOi -lOi 104¼-106 103 -103 101 -101 100)11-100¼ 100)11-100½1 .. .. - .. . . .. . - ... . 100¾-102½ 102 -103 U.Pac.Den.&G.Con.a 75¾- 77¼ 75¾- 77½ 75 - 76¾ 74¼- ·76 74 - 75¼ .... - .... 70 - 70½ 69 70½ 68½- 70 69¾- 72¼ 70¾- 71¾ 67¾- 69)4 Un.Pac.L.&Col.,lst.:; .... - .... 80 - 80 74½- 77 .... - ........ - .... 72¼- 72½ 74 - 74 74 - 74 74 - 74 75 - 75 .... - ....... - ... Utah & North'n-1st. ? .... - ... . .... - .... 107¾-107¼ .... - ........ - ........ - ........ - ........ - ........ - .... .. - ........ _ ........ _ •.• Vn. Mid.-Gen.,1936 .. :; 78 - 82¼ 82¼- 85 81¼- 82¼ 80 - 80 76½- 80 80 - 82¼ 79 - 80¼ 80¼- 83 .. .. - ... 80¼- 81 78½- 81 77 - 80 Gen., guar.stamped.:; 80¼- 85 84 - 87 80 - 80 .... - ... . 79¼- SO 80 - 83 . ... • . 80¼- 80¼ 80¼- 81 80¼- 81 79 - 80¼ 81 - 81 Valley Ry. of 0.-Con .6 105 -105 105 -106 . ... - .... .. - ........ - ........ - ........ - ........ - ........ - ........ _ ••...... _ •... • • _ ••• 1 Wabash-1st, a-, 1939.a 103)11-104¼ 104¼-106 104 -105¾ 105¼-107 *103¾--06¼ 10574 106 ::.05¼-106 105 -105¾ 103:J:(-105½ 105 -106 103 -104¼ 102 -104 2d mort., gold, 1939.a 82¼- 85 1*80 - 82¾ 79½- 81¼ 80¾- 81¾ 81½- 84¼ 83 - ~¾ 93 - 84¼ 80¼- 81¼ 78¼- 90¾ 79 - 81½ 79½1- 81¾ 79¾- 81¼ Deb.inc., 1939,s.B.ti 45 - 50 42 - 47 44 - 44¾ 43 - 45 40¾ - 43 37 - 39 37¼- 38 36 - 38 38 - 41½ 40 - 41 38 - 38¼ St.L.K.C.&N.R'I E.7 107½1-1077/4107½-108 104¼-104½ 104,¾-106 106 -108 107¾-108½1108).8-108;>4 105¼-106 105¾-105¾ 106~-106;14 106)4-106¼ No. Mo.-lst,189:i.7 106¼-106½ 106¼-107 107 -107¾ 108¼-108¼ 108¾-108¼ 109¾-109¾ 105¼-106 106¼-106¼ 106:J:(-106¾ 107 -107 .. ., - .... 107¾-108 St.C.B'2'e, 1st,190 ~. 6 107 -107 1107¾-108 10!1½1-110 .... - .... 109 -109 .... - .. . .. .. - . ... .. .. - ........ - .... .. .. _ ........ _ .. .  :~;~.;~~;~;;.!.1·~~:: ~ =99~ M., g.,  ·00¼=1cii¼ ioo¾=1cii~ 101¾-102¾ iosl4=1cis .. ,03 -104¾ io2i100 .. 102 -103¼ io2½=1os .. io2½=1cis~ i02:J:(=100~  ~~8!:=~~~  ~d 1927 .... 3-5 32¼- 34Ji 32 - 35¾ 32¾- 34¼ 31¼- 32¾ 33 - 34¾ . 31¼- 33¼ 31¼- 33¾ 31¾- 32¾ 32 - 33¾ 33 - 34 32¾- 34 30 - 32 West'n Union Tel'a-h.Coupon ................... , 115¼-117 117¼-118 .... - .... 115 -115 115 -115 115 -115 . . . - .... 114½-115 114¾-114¾ 115¼-115¼ .... - ... 113¼-113½ Rea-istered ....... -····7 .... - .... ... - .... 117 -117 .... - ........ - .... 116¼-116¼ .... - .... . .. . - .... 112¼-112¼ lll¾-113¾ Collateral trust ..... 5 100½1 -102% 102¾-104 102 -103~ 103 -104 103¾-105¾ 105¾ 106¼ 104 -105¼ 103¼-105¾ 103 -103½ 103 -104½ 104 -105¼ 105¼-106¼ Wheel. & Lake E.1st.:i 105 -106 105 -105 106 -106 lOi -104 105¾-105¾ .... - ........ - .. . . 109¼-109¼ .... - ........ - .... 104 -105 104¾-105" Consol .............. .... 4 .... - ... ..... - ........ - .. .. . .. - ........ - ........ - ........ - ........ - ... . 76 - 76¾ 76¼- 76¼ .... - .. . . 75 - 76 -:Ext.& Jmp.,1r,,1930.:i 95¼- 95¼ 94 - 94½ 94 - 95 94¼- 94¾ 94¼- 94¾ 94 - 94 .... - . . 90 - 92½ .... - . . .. 92¼- 92¼ ... - ........ - ... 1 1  I  w"!~;.: i~~VP.t!;i:::: ~~~. = ·as : 87.. 'si : 86¾ .83¾: 81¾ ·.::: =::::c: : :::: ·so =so~:::: : :::: ·;s~ 75 .. ·;3 =so"'·;:; =;;·· ·;; : 75. ~~ ..  Wis. Cent. Co., 1st, a-.. ~ 92 - 93¼ 92 - ~ 90 - 92 91!1(- 93 91¾- 931 ~ - 95¾ 92¼- 93 90½- 92 90 - 90 90 - 90¼ 90¼- 91 90 - 90l).( Income, 193'1..... .... .:i 4114- 42¼ .•• - • . .. 36 - 36 .... - ........ - ... . 32 - 36 36 - 36 .... - .. .. 32¼- 34¾ 33¾- 34 34 - 37 32 - 34¼ Wood'klr.,1st,1910.ti 70 - 70 .... - •.. . ... - .... 68¼- 68½ .... - ..... ... - ........ - .... 59¼- 59½ .... - ........ - ........ - ••. . - •..  1893. BONDS.  JANUARY FEBR'RY.  MARCH.  APRIL,  MAY.  ---- ---- ---- - - - ---- -JUNE. --  JULY.  AUGUST.  SEPTBER. OCTOBER. NOV'BER.  DEC'BJCR.  Low.High Low.Higb Low.High Low.High Low.Higb Low.High Low.High Low.High Low.High Low.High Low.High Low.Rig h  Ala. Mid.-lst, 1928.. 6  .... - .... .... - ...  89 - 89  . ...  - .... .... - .... .... - .... ..... - .... .... - .... .... - ....... - . .. .... - ... .... - . ..  A.m. Cot. Oil Co.-lat. ,8 113 -114¼ 111 -112½ 110¼-112 111¼-111¾ 108 -110¼ 108 -110¼ 104 -109 101 -108½1 108 -109¼ 111 -112¾ lQ0¾-111 111 -112 Atln.ntic & Pac.-lst... 4- 67¼- 71¾ 70¼- 71¼ 68 - 69¼ 69 - 69¼ 66 - 69 64 - 65 54 - 58 50 - 54 56 - 60 55 - 58 56J,,(- 59¾ 45½- 60 Income ................... 6 10¾- 11¼ 10 - lOl).( 10 - 10½ 9¼- 10 5 - 8 5¼- 6 5 - 6 6¼- 7 6 - 7½ 6~- 6¾ 6 7 5 2  Atch. Top. & S. Fe.Gen. mort., 1989 ..... 4 Rea-istered .... ........ Income, 1989 .... ..... ~ Cla1111 "A" 1989, ~.4 ()la11 ■ "B" 1989 ...... 4 Ex interest•  .  -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -  -  82 - 82¼ 81¼- 83 81½- 82¼ 82¼- 84 80 - 82 76¾- 82 *63¾- ·77½1 66 - 73½ 72 - 76 67 - 74 70 - 73¾ 64 - 76 81 - 81¾ 82¼- 83¼ - . ... . . 54¼- 57 55¾- 56¼ 54 - 54 53 - 53 58¼- 53¼ . . 53 52¾56}( •61¼54¼ 45¾51¼ 54½1- 57½1 - 55¼ 40¼-~ 29 - {3¼ 31 - 40l).( 40 - 44'J1j 33~- 42% 36¾- 41 30 69¾- 62 . . . 89}'-  .... - .... ...  .... ....  ... .... - .... .... .... - .... ....  ... .... - .... .... - .... - .... ... - .... ... - .... .... ... - .... ... - .... .... .... .... .... ... - ... -  .... - ....... - ..... .. - ........ - ....... - ........ - .... .... - .... .... - ....... - ........ - ...  3?.  RAILROAD BO TDS. 1893-Contlnued. JANUARY FEDR'RY.  MARCH,  APRIL,  MAY,  JUNE.  JULY,  AUGUST.  SEPT'HER. OCTOBER. NOV'BER. DEC'B.11:R.  BONDS. Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.Hil!'h Low. High Low.High  ------·----- ·- - - ----  - - - - - - - ·- - - - - - -  ---- ---- ---- - - - - - - ----  Baltimore & Ohiolst, Parkersb'g Br .. ti .... - ........ - ... . .... - .... 116 -116 . ... - •... 113 -113 .... Gold, 192:;, coup ..... :; ll.2¾-112½ 110¼-110¼ llQ¾-111½ .•.• - ••.. 110½-111½ 110 -111 108 Registered ............ . .... - ........ - ...... .. - ........ (Jon sol,, r;rold, 1988 .. ~ .. .. - ... . .. . . - .... 108 -108 .•. - •.. . 102½-102½ .... .A.k. & t •bic. June .... . :; .... - ....... - ........ - .... 105 -105 - .... 100 B.&o.s w .-1st, 1990 106¾-106¼ 1077/4-107% 108½-lOS½ 107M-107¾ .... Bar. & Smith Car-l11t. 107 -107 .... Beech C:i·eek.-lst, g .. 4 .... - .... 98 -102 102 -102 101 -101 100 -100¾ 101 -101?4 .... Registered .............. .... 99½- 99½ ..•. Bost. H.T. &Wes.deb.:; 100 -102 101½-101½ 99½- 99¾ 99 - 99¾ 99¾-100 Buff. Roch. & Pittsb.97½- 98¼ 98 - 9a¾ 97 General ............... . :; 99%-100½ 100 -101½ 98 - 98½ 98½- 99 - ... . 115 R. & P., lst, 1921 ... 6 121 -123 120 -120 Consol., lst .......... 6 117 -118 118 -119 - •.. . 118½-119 120 -120 114 -114 113 Brooklyn Elevated1 st, 1924 ....... ······· ·ti 116 -117¾ 118¾-119 120 -120¼ 116 -117¾ 113 -116½ 114½-115 109 94 - 94 . . . . 94 - 94 95 - 95 2d mort., 1915 .... 3-5 94 - 95 Union El.-lst,1937 .6 116 -117½ 117 -117~ 117 -117½ 117 -117¾ 113 -114½ 109¾-113¾ 107 Burl. C. Rap. & No.95 1st ............ ........... . :; 101¾-104¼ 104 -104½ 103 -1°'1¾ 102¼-103¾ 102½-104 100 -101 94¼- 94½ .... 99¾- 99¾ 98¾- 99¼ 96 - 97¼ .... Consol. 1st & col. tr.5 97 -100 Regi1!1tere1t.... .. . .. . . . . . . . . - . . . . 97 - 97 . . . . 101 -101 C.R.I.F.&N.,lst ...... ti 105 -105 .... 91 - 91 .... ts,, 1921 .............. :; 90%- 92 .... -  ci:i:r:1::1;:::~~~.·~ ~~~  :106¼ 106 :l~;~ 1~~·½:1~~ 1~~½:l~;J::¼:::¾  ~~~  :107  - •. . . .. - .... 111 111 .... - ... . - ..... ... -109½ 107 -107M .... - .... 108¼-110 110 -111 111½-112¾ - .. . . ... - .... 107¼-107¾ ... . -103  101¼-102  - .... 96 -100 -  .... - •... 103½-103½ 103%-104 .... _ - ........ - ........ - ........ 96¾-100 100%-102 95 - 96¾ 96½- 98 - ........ - . . . 100¼-100¼ 99½- 99½ .... 95 .. 99  - 98½ 97 - 98¾ 96½- 98 -115 112 -112 115 -115 -113 112 -112 113 -113 -114  100  106  -112½ 98¼-103 -100½ 91 - 99 -  *99 :l~~ l:: : : :  98 - 98 H5 -116 114½-115  107 -lll¾ 106 -108  99 - 99¼ 98 -100 123 -123 115½-119¼ 116½-116¼  107 -108  100 -108 93½-100½  100¾-108  102%-107½ 100½ 105  100 -102 90 - 93  100 -104 103 -104¾ 101¼-102¼ 92 - 93½ .... - . . . . 94.½- 96  - .... 85 - 85  102½-104½ 103 :l~~ :::½::::  108 -109¼  99 -10-i 101½-103 !ld mortgage ........... :; 102 -103½ 102 -103½ 99%-101½ 101½-102½ 102 -102¾ 99 -100¾ 98 - 99¾ 95 - 96 *93½- 98 96 - 9P - .... 101 -101 101 -103 99 -101 98 -100 104½-104½ .••• - .... 104 -104 103¾-104½ 1.... Cent. O., reorg.,l!:t... 4½ . ... - ........ Col. & C. lllid ., '39.4½ .... - .... 108½-109 .... - ........ 79 - 81 Cent. RR. & B., Ga .. :; .... - .... 85 - 85 80 - 80 .... 50 - 55 60 - 61 61½- 65 35 - 39½ 37¾- 40 Sav.&W.,l8tcon.,g.5 67¼- 70¼ 65 - 69 34 - 36 - ... . 62 - 62¼ 51 - 51 Trust receipts ........ ... . 37 - 38 . • .. - . . • . 37 - 38 - • . . . 35 - 40 34 - 34 Cent. ot New JerseyConsol., 1899 . ........ , .... - ... 115 -115 115 -116 113¼-113¾ 113½-114½ .... - .... 112 -113 110¼-112 - .... 112 -114,( Convenible, 1902 ... , ... - .... 120 -122 121 -121½ . ... - . . .. 118 -118 118 -118 - ····( ... Gen. M., 1987 ........ 5 108%-111¼ Lll¾-112¼ 110 -111¾ 111%-112½ 110¾-112¾ 109½-111½ 104½-108 102 -107 107½-109 108 -109¾ 109¾-112 112)4-114}( Registe:i·ed . ... ...... 5 108½-111½ 111 -111¾ 110 -111% 1107,(-111 110 -111 108 -109¼ 105 -107¼ 102 -108 107¾-108 107 -108½ 109 -110 111%-112¾ - •... 106¾-108 106¾-107¼ 104 -105½ 104 -105 103 -104 100 -103 100 -100 105 -109 108 -109¼ 106¼-108¼ Leh.& \V.B.-Assent 7 109½-110 90 - 90 90 - 98 95 - 98 98 - 98 98 - 98¼ 92½- 94 91 - 95 92 - 98 Mortr;rage, 1912 .... 5 95 - 95 .... - .. .. 97 - 98 100 -100 Am. Dock & Imp ...... :; 108½-109 109 -109¾ 109¾-109¼ 109 -109 .... - •... 108½-109 105 -106 100 -102 104, -105¾ 105 -107~_; 108 -109 110%-110¼ Central PacificGold, 1895.... . ...... 6 104 -104% 105¼-106 106½-106¼ .... - •... 106 -106 105½-105% 103¾-103¼ 101¾-101¾ 103 -103½ 103¼-104 103 -103 104¾-105¾ Gold, 1896 .. .......... 6 105½-106¾ .... - .... 106½-106½ 106¼-107 106¼-107 106 -106¾ 103¾-103¾ 100 -101½ 1037,(-103½ 101¾-103 103½-103¾ 104¼-105¼ Gold, 1891 ............. ti 106½-107¾ 106 -107 1()6¾-107 106½-107¾ 108 -108½ 107 -107 10!¾-104¾ 101¼-102¼ 104%-105¾ 104 -104½ 104 -104 105¾-105¼ Gold, 1898 ... ......... . 6 1087,(-109¼ . . . - .... 108 -108½ 108¾-10$¾ 109 -109 108 -108¾ 105 -105½ 101¾-101¾ 104½-106¾ 10! -106½ 105 -106 105½-106¼ San Joaquin Br ....... 6 111 -111 110½-110½ .... - .• .. 109 -109¾ .... - ... . 109!,6-109½ ...• - .... 102 -103 .... - .... 102 -10;!½ ... - ........ Land grants ........... -~ .... - .... 104½-104½ .... - .•...•.. - .... 100 -101 100½-100¾ .... - ........ - .... 100 -100 ... . Western Pac ........... 6 107 -108¾ . . . - .... 108½-108¼ 108¾-108¼ 108½-110 108 -108 104½-105½ 102 -102 .... - .... 105 -105 105¾-105!!:( 106 -1071,f - .... 90 - 92½ 91¾- 22½ 90 - 92¼, i}5¾- 96¼ 96 - 96¼ 93 - 94½ 94¼- 94½ 94 - 94¾ 94 - 94 No. ofCal., 50 year .. :; 95¾- 96 Chesapeake & Ohio.... 109 -109 108½-108½ 108¾-108~ . . .. 108¾-108¾ . ... .... P. mon. tund ... ... ..... 6 108 -108 .... - .... 109¼-109¼ .... - .... 110 -110 Series A, gold, 1908.ti 116¾-117 117¾-117¾ 117¾-117¾ 116 -116½ 116 -116 114 -115 111 -113 109 -112 113 -115 111 -113½ 115 -115 116 -117 Mort., 1911 . .......... . 6 116 -117 118 -118 117¼-117¾ 115 -115¾ 114½-115½ ... - .... 111½-114 .... - .... 110 -115 112¼-lU 114 -115 116 -117¼ 1st, con., g., 1939 ... . ~ 102½-104 103%-106 103¾-105¾ 105 -106 100¾-103½ 97 -101¾ 91¾-100¼ 90 - 98 97¾-101½ 101 -104¾ *101¾-04¼ 101¼-103¼ - .... .... - .. .. 100 -100 100½-100¾. Registered ............. .... - .. . 61~- 70½ 67 - 74½ 67¾- 75½ ';4½- 77½ 71 - 78 General, 1992 ...... 4½ 79¼- 82% 82¾- 85¾ 81 - 83½ 81¾- 83¼ 77¾- 82½ 76 - 80 66 - 77 76¼- 81½ 81 - 84½ 83¾- 86¼ 79 76 76¾ 70 78 74 80½ 77½81 78½81¾ 80½82 81 82½ 81½81 78½con2-4 R.&A.div.,1st 84¼- 84½ 85 - 86¼ 77 - 77 80 - 82¾ 76 - 78 lat, consol., 19S9 .. 4 81 - 827,-ii 84 - 84¾ . ... 79½- 82 77 - Sil 70 - 76 70 - 70 - . .. . 68 - 75 78 - 79 79 - 79 2d consol., 1989 .... 4 77 - 78½ 78½- 80 99½- 99¼, 90 - 90 Cr. Val., 1st, 1940 .. 5 .... - ... . 98 -100 -103 100 .... 99 - 99¾ .... - •... 104 -105 - .... 108 -108¼ 107 -107 106 -106 103 -103 Ches. o. & S. W ...... . 6 105 -107 105 -106 . ... 60 50 ..•. 65 65 71 70 70¼ 70½70½ 70 73 72¼6 ........ 1911 !ld mort., Chicago & AltonSinking fuud, J 903 .. 6 117%-117¾ .... - .... 117½-117½ 117!¼;-117¾ 115 -115 115 -115 110 -115 U0¾-110½ .... 113 -113 - .... 112 -112 L.&Mo.R.lst, 1900.7 119½-119½ 115¾-115¾ 112½-112½ 115½-115½ 115 -115 lU -114 .... 108 -108 109 -109 - .... 112½-112½ .... - ........ ~d, 1900 .............. 7 .... .•.. -103½ 103 101¾-101½ -102 102 101%-101¾ 101 -101 102½·100¼ 101¾-101¾ 101¾-101¾ -106 106 -105 105 -105 105 '7 Uh.lst,'94 St.L.J.& - ... . .... - .... 101¾-102 1st, guar. 1894 .... 7 .... - ... . .. - ... 109 -109 2d, 1ruar., 1898 ..... 7 .... 9i¾- 97¾ .... - .... 98¼- 98½ 102 -102 102 -103 97¾- 99 99 -101 - .... 101¾-102¼ 101 -101 Chic.Bur.&Nor.-lst.5 . ... - .... 105 -105 Chic. Burl. & QuincyConsolidated .......... ,- 119¼-121 118¾-120 117¾-119¾ 119¾-121½ 118½-121 117½-121 108½-114½ 110 -115½ 115 -117½ 116%-119¾ 119 -122¾ 121¾-123¼ - .... 100 -101 103 -103 99 -102 Sink. fund, 1901 . .... ~ 103%-104c 104½-105¼ .... - .... 102½-102½ 101¾-102½ 102½-102½ 100 -100 97 - 97½ 97 - oo~ 96 - 98 86 - 96 83 - 83 Debenture, 1913 . .... :; 101¾-102¾ 101 -102½ 101],(-102¾ lQ0¾-101¾ 98½-100½ 97 - 99 87 - 99 97 -100½ 98 -101¾ 100 -103 101 -103" 92½-100 97¾-10-2½ 89¾- 99 Convertible, 1903 .. . :; 105½-108¾ 105½-108 102 -104¾ 103 -105 100 -104 - .... 105¾-106 -100 100 .. .. .... -104 104 . ... .... .... lowaDiv.-·sink. fd .. . :; 106½-106½ 105¼-105¼ 93½- 95 90 - 90½ 91½- 92¼ 91½- 93 90½- 93½ 87 - 89¾ 86 - 89 93¼- 94½ 93 - 94 95 - 96 95 - 95 Iowa Div .. 1919 .. •... 4 95¼- 96 88 - 90¾ ••.. - •... ... - .... 87½- 87¾ 89 - 90 ..• . - ...... ... - •.•. Denver Div., 1922 ... 4 93½- 94¾ 91½- 92½ 92 - 93 91½- 91½ 90½- 91 80 - 80 ... . 84½- 85 Plain, 1921. .. ... . ... . 4 ... . Nebr'skaExt.,1927.4 86 - 88% 88 - 88% 87¼- 88 87 - 87¾ 85 - 86¾ 83½- 85½ 83 - 84½ 79¼- 83¼ 83 - 84½ 84 - 86¾ 84½- 37 86½- 87~ 87¾- 87¾ .•.• - .•...... - ........ Registered ........ ;.... .... - ........ Chicago & E. Illinoislst, sinking fund ...... ti 113¾-114 114 -114 114J,(-114½ 114¾-116 114½-114½ 111¾-lll¾ .... - .... 108 -108 llO -112 112 -:!.12 113 -114½ 114½-114¼ - ........ - ..•. ll6 -116 113 -115 . . . . . . . - .... 1st con sol., gold ....... 6 121 -121½ . ... - .•. 123¼-123¼ 121 -121 118 -120 120 -120 95 - 96½ 95 - 99 *97 - 99¾ 98 -1~ Gen. mort., 1937 .... :; 100 -102¼ 101¾·102¾ 101 -102 101 -103 97 - 99½ 96¾- 98 94¾- 96½ 93½- 95 80 82 70 82 75 86¾ 86½- 893' 83 86 90 84¼85¾ 85 90¼ 81½84 89½PO% 90 Chic. Gas L. & C-lst .. 5 90%- 91½ 90¾- 92¼ 92 - 96 Chlc.&ln.C'I Ry-lst.5 100 -100½ 100 -101 lOQ¼-101 100 -101 101 -101 - . . . . 97¾- 97½ 97¾- 97½ . . • - .... Chic. June.& Stk. Y ds.5 100¼-100¼ .... - ........ - ••.. . .•• - •••. 100 -100 Chic. Milw, & St. P.lst, P. D., 1898 ....... 8119½-120½ 115½-116 1159:(-115¾ 115 -117 115 -115½ 114½-116 ...• - .•.. 108 -110¼ llOx(-113½ 113 -116 115½-116 116¼-117 - .... 118 -118 2d, P . D., 1898 ..... 7•3 .... - .... 120½-123 120¾-121½ 120 -121¾ 120 -120 .... - •....... ht ,gold, R. D,1902.7 123¼-125¾ 126 -126 125 -125 126½-127¾ 125 -125 121¼-121¼ ...• - .... 116½-118 ll7½-117½ 120 -122 .. .. - •... 123½-125 - •... 108 -110¼ 112 -112 .... - .... 118 -US½ ...• - ..•• 1st I. & M. Div ........ '7 119 -122 119 -121½ 118 -120 119½-122 115½-117¼ 116 -116 •... 112 -112½ ll2 -114½ 116 -116 1st I. & D. Div ........ 7 .... - .... 120½-121 121 -121 ... • - .•...... - ••.• 125 -125 - ••.. 116½-116¼ .... - .....•.. - •.•. 122½-122½ 123¾-126 1st C. & M. Div ....... '7 125 -125 .... - .... 125 -125 125¾-125¾ 125 -125 125 -125 Consol., 1905 ......... 7 126½-128 1125 -127¾ 126¾-127¾i27 -129 125 -128½ 125 -126 120 -121!14119 -119½ 122¼-122¼ 122 -122 125 -125 127¾-128¼ - .... 116 -120½ 117½-117¾ 121 -122 123 -124 .... - ••.. 124 -129 . •• - . . . ... 1st I. & D. Exten ..... 7 126¼-127½ .... - .... 127 -127 1st So. West. Div ..... 6 113 -113 1114 -114½ .... - •... 113 -li4?4 114 -114 109½-111 .... - •... 102¾-106 105 -110 109:!,i-110½ 114 -114 115½-115¼ - •... 101 -102~ ... - •••• - . .• . 95 - 95 .. . ·lst La C. & Dav ..... . ~ 103 -103½ 103½-104 I ... - .... 104 -105 1st So. Minn. Div ... .. 6 113 -115 1116 -116½ 115 -116 114¾-115¾ 111 -115 112¾-113 108 -110 106 -108 109 -111 110 -1127~ 112%-115 115½-116¾ ht H. & D. Div ....... 1 123¼ 123¼ 12:J -123 I.... - .... 123½-123½ 123 -123 122½·122½ .•.. - .... 110¼-113 116 -118½ 118 -121 123 -123 125 - 25 100 -100 1100 -101 101 -103½ 105 -10 1st H. & D. Div ... ... :i 102 -103 I... - ...• 104 -104 _ 04¾-105 104 -104 • Ex-mcerest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BO DS. 189:J-Continued. BONDS.  JA.1\"UARY FEBR'RY.  MARCH.  .APRIL.  MAY.  JUNE.  JULY.  AUGUST. SEPl'''RER. OCTOBER. Nov'BER  DEC'.BER.  Low.High Low.High Low.High Low.High Low.High Low.High Low.Hiirb Low.High Low.High Low High Low.High Lnw High  -----------· ·- - - · -- - - - - - - - - - -  - - - - - - - - - - - ·- - - - - - - - - - - - - - - - - - -  ·C. M. & St. P.-(0on.)Chic. & Pac. Div .. ... . 6 115 -117 117 -117¾ 117½-118 .•. . - .... .. . . - .. .. 118 -118½ 112 -112 .. .. - .... 111 -111 113 -115 .. .. - .. .. .. .. - •. •• Chic. & Pac. W. Div.~ 108¾-110 109¾-110¾ 109¾-110½ 110 -111¼ 109½-112 109 -110 104 -107½ 103 -105½ 107½-109¼ 107¾-108¾ 108½ 109½ 109½-110 Chic. & Mo. R. Div .. ~ 102¼-104¼ 103¼-104¼ 104 -104 104¾-105 103 -104 102¼-103½ 100 -100 90 - 97 97 -100¼ 98 -102 liJ2 -102 105 -105 Mineral Point Div ... 5 102¼-103¼ 104 -104¼ 103 -103 105 -105 - . . .. 100 -100 .... - .. .. 92 - 95 .. .. - .... 100 -100 100 -103½ .. .. <Jhic. & L. Sup. Div .5 102 -102 . . - .. . . ... - .... 106 -107 107 -107 Wis.& Min. Div . ..... 5 105 -105 105¾-106½ 106 -107 106½-108 107 -108 106¾-107~ 98 -101 100 -100¾ 101¾-101¾ - .... 105½-106 Terminal.. .......... .. ~ 105½-106¼ 107¾-107¾ 107½-108 108 -108½ 106¼-108 107 -109 98 -102¼ 98¼-102 103¾-105 104 -105¼ 105 · -107¼ 107 -107½ Dakota & Gt. So . ... ~ 104¼-105 105½-105¾ 104 -106½ 106½-107 105 -105 104½-105½ *100-102½ 99 -101½ 101 -102 102 -103 103 -105 104½-105 Gen. lll.,"A" 1989 ... 4 90½- 92¾ 93 - 93¾ 93 - 93¼ 9! - 95 .. . - .... 92 - 94½ 86 - 91½ .... 93 - 93 Chtc. & Northwest'nConsol., 1915 . .... . .. 7 136¾-138 134½-135¾ 134 -136 135 -136 132 -134 130 -132 131 -132½ 126 -132 132 -135 132 -137 *134½-138 13tl -139 Gold, coup., 1902 .... 7 121¾-122½ 122 -122¾ 122¼-123 122 -122 121¼-123 116¼-11» 117 -118 118 -119 120 -121¼ 121¾-123 123 -125 121¼-12:! Gold, re&'., 1902 ...... 7 121 -122 123 -123 122 -123 - ........ - .... 115 -116 117 -117 115 -117 - . . .. 122 -122 120 -120 lil¼-121¼ ISinkin&' fund,coup .... 6 113 -113 113½-115 .... - ........ - ... . 110¾-113 . ... - ... . 110 -110 109 -110 110 -110 111 -112 112 -114 107¼-109 Re1rlste1·ed ............. .... - ........ - .... 112¼-113¼ .... Sinking fund, coup ... 5 108¼-109 108¼-108¼ 108¼-108¾ 106 -107 106 -106 106 -106¼ 103 -106 100 -105 105 -107 103 -106½ 106½-107 107½-109 Registe1.'ed ... ... ........... - ........ - ........ - ........ - ........ - .... LOt -105 .. .. - .... 108 -108 Debenture, 1933 ..... t'i 106¾-109¾ 111 -112 110¼-110¼ 110½-110¼ 108¼-108¼ 106½-108 104½-106¼ .... - . .. 105 -106 105 -106,ii *103¼-08¼ 106 -109 Registered .......... . ii 106 -106 107 -107 .... - ........ - • .. • 107 -107 25 yrs, deben., 1909.5 103½-106¼ 104½-106 104 -106¼ 105 -105½ 103 -105¾ 100 -102 100 -101½ .... - ... . 100 -102 l,il¼i-102¾ 100¾-10! 102½-104¾ - ... . 100 -102 101 -101 102 -103¾ Registered ......... .. 5 .. .. - ........ - .... .... - ........ - ... . 103 -103 - .... 10'1¼-104½ 100!!(-100¾ 101¾-107 107 -107x( 30-year deb., 1921 .. 5 105¾-106 106 -106¼ 106)4-106¼ 104¼-106¾ 104c -105¾ 104 -104c¼ .. .. 90 - 90 91 - 92 Exten. bonds, 1926 . .4 97 - 98 95 - 95 95¼- 95½ 98 - 98 95¾- 98 95 - 95 9'1 - 95 Pei - 96 93½- 9,i 91 - 9,i - .... 91½- 91½ ..... - .... 93½- 93½ .... Registered . .... .... 4 97 - 98 96 - 96 .... - .... . ... Iowa Midland,-lst.8 .... - .... 120 -120 - ... . 107 -107 108 -108 - . . . 112 -112 .. .. Cklc.& Mil.-lst ...... 7 ... - ... . 112¾-112¾ .... - .... 112 -112 .... - ... 128 -128 Winona& St. P.-2d.?' .... - .... 127 -1277,i .... - ... 123½-123½ .... Milw, & Mad,, 1 t ... 6 .... - .... 107 -107 Ottum. C, F, & St, P .5 107½-108 107½-107½ .... - ... 106¼-lOC½ North. Illinois, lst .. ii .. .. - ... . .... - ........ - .... 105 -105½ .... Chic, Peor. & St. L,,ll .ii 97½- 99 98!!(- 98¾ 100 -100 96 - 99 96 - 96 95 - 95¾ .... - .. .. 9<1¾- 94¾ .... Consol. 1st, 1939 .... 5 ... - . .. . 93 - 93¾ .... Chic. R, I, & PacificCoupon .... .. .... .... .. .. 6 120 -125 123 -125 123 -123½ 123¼-123¾ 12()%-122 121!!(-123 lU -118 lU -lU 120¼-123 120½-125 124 - 125 126 -126½ Re&'istered .... ....... . 6 121 -122 123 -123 - .... ll::2 -122 - ........ - .. . 116 -116½ .... - .... 119 -120 120 -120¾ .... - .... 124½-124c½ Exten, & Collateral.5 100 -101¾ 100½-101¾ 100 -101 100 -101 9!i¼- 98½ 98¼-102 99!1:{-102½ 98 -100½ 97¼-100¾ *88 - 96¾ 88¾- 90¾ 90¼- 96 . - .. .. 97¾- 97¼ 100 -100 Re&"istered .. ........ 5 99¼-101¾ 101 -102 .... - ........ Debenture, 1921 ..... 5 95%- 96¾ 95 - 97½ 92 - 9'1 94 - W¾ 90¾- 93½ 90¾- 92¾ 89¾- 90 .... - .... 88 - 90½ 87½- 92½ 92¼- 94.¼ fJ21,,_£- 95 Keok, & Des M,, lst.5 . . . . - . . . . 99 - 99 100 -101 97½- 97½ .... - .. . . 50 - 50 .. .. - .. .. .. .. - • .. . '15½- 47¼ D,M.&F.D.lst' 05.2½ .... - ... ..... - ........ - .... 107 -107 105 -105 106½-106½ .. .. - .••• Chic,St.L.&Pitts-1 t.5 .... - .... lll½-111¾ .... 104 -107 103 -103 Chic. ~t.P, Min,&Om.Consol,, 1930 ......... 6119½-122 121¼-122¾ 122 -123 122 -123 118¼-120½ 115 -118 111½-116¼ 110 -lU 115 -118 117½-121 120 -123½ *120 -121¼ - .•• 125 -126 - .... 119¼-121½ 119 -119 120 -120¾ Chlc,St.P.&M,-bt .. 6 .... - .... 124c½-128 - .... 12S -123 St. P. & s;Ctty-bt .. 6 124c -12!i 123½-124c 12'1 -12,i 121 -122¼ 120 -122 119 -119 120 -120 lU -114 120 -120 117¼-llil 120 -122 1233,ti-12'1 Chic. & West, Ind.Gen, mort,, 1932 ..... 6 117 -117 116!!(-117½ 116¾-116¾ 115 -116½ lU -114 - ••.. 108 -109 108 -109½ 109½-110¼ 112¾-112¾ 114½-116¼ 1st, s. t,, 1919, gold.6 .... .... 10! -10! C. & W. Micb.-19~1 .5 .... - ........ - ... . 98¼- 98¼ .... Cin. Hnm, & DaytonSinking fund ........... ?' .... - ........ - .... l15 -115 Ctn .Day .& Ir, lst .. 5 96½- 97¼ 97¾- 98 97 - 97½ 96½- 97¼ 93¾- 96 94 - 96 9'1 - 9,i 90¾- 93 93 - 95 92½- 9,i 91 - 92½ 93¾- 93~ Cin, In, St. L, & Chic.91 - 92¼ 92½- 92!1:{ ht .... ... ....... .. .. . ... . . . 4 9'1¾- 9!i¾ 93¾- 9'1¾ 93 - 9<i 89 - 89 90 - 90 93½- 94c 91 - 9! 90 - 90 Registered ......... .... 4 93 - 93 .. .. Con1rnl., 19:lO ......... 6 - .. .. . .. - .... 104 -104 - .... 102¼-102¼ .... - .... 106 -106 Ctn. San. & Cl,-lst .. . ~ 104 -104 .... - .... 10,i -104 80 - 80 80 - 80 Cleve. & Canton-lst.5 90 - 91% 90½- 92 PO - 92 91 - 92¼ 92 - 92 S6½- 89 89 - 89 Clev. Cin, Ch, & St. L.88½- 88½ 88¾- 89 89 - 90 90 - 91 ~t.L.Div,, 1st, 1990.4 .... 93 - 93 - ........ - .... 89 - 89 Ctn. W. & M, Dlv .... 4 92 - 92 .. .. 90 - 90 90½- 91 92 - 99 95 - 95 .... - . ... 94c½- 9!i½ .... - ... . lU - lU 111 -112 112%-113 C,C.C.&l,-1st,s.fd .. '7 112 -lH 11'1½-lU¼ 113½-lU½ lU¼-lU¾ 110¾-110!!( 110¾-111 111 -111 108 -113 - .... 118¼-118¼ .... - .... 126½-126¾ Consol. .......... ... .... '7 120 -120½ .... - ........ - ........ - .... 119 -119 .... - .... 118½-120 120 -120 General cons ........ 6 .... - .... 122½-122½ 123½-123¼ 121½-121½ 120 -122 118 -118 - .... 115 -115 - .... 112 -112 Cin,& Sp.,lst, 1901.'7 .... Cl. & lll, Val,-193S .. ~ .... - .... 103 -104 Col. Coal & I.- 1st,con.6 1()4¼-106 103 -105 103½-104 104 -105 104 -104½ 100½-101¼ 100 -100 95 - 95 98 - 98 92 - 96 91 - 00 96½- 97¾ C, c. & I. Dev,-1909 ..i .... - .... .... - .... 95 - 95 Colorado Mid.-lst, g.6 108 -108 108½-109 104 -104 .... - ........ - .... 85 - 85 85 - 95½ 90 - 92 9! - 9! 94c - 9'1 9<i - 95 Consol,, gold, 1940 .. 4 63¾- 67 63½- 65¾ 59¾- 62¾ 58½- 60¾ 55¾- b7 50¾- 56 40 - 50½ 33 - '10 38 - 4'1 37½- '15 40 - '13½ 25 - 46¼ <',&H.C.&I.,19L'7 .6 98 -100 - ........ - ........ Col. Con, & Ter,-l st,ii .... - ........ - ........ - .... .... 87 - 87 86 - 9i C, H. Val. & Tol,-lst.5 91½- 94½ 93¾ - 9'1½ 90½- 911}( 90 - 91½ 86 - 91 85 - 87 76 - 86 74 - 82 *78½- 88 8;i - 89 88 - 94. Gen, gold, 1904 ...... 6 9'1J.,a- 97 96 - 97 96 - 97 97 - 99 95 - 1}8 93 - 93 85 - 88 1:12½- 85 82¾- 90 93 - 93½ 93 - 97½ 88½- 93¾ .... 102 -102 Conn. & Passum,Riv.4 - .... 104 -104 Consol, Conl Conv ..... 6 .... - ... 81 - 88 82 - 8i 75 - 77 Consum.Go.s(Cbic)lst.5 89 - 90 90 - 90¾ 90 - 90¾ 89¾- 90½ 90 - 90 60 - 72½ 72¼- 75 79 - 79 Del. & Hud, Canal,{'oppon, 1894 . ........ ?' 106½-106¾ 106¾-106¾ 106¼-107 103¼-103½ 103 -103¼ 102 -103½ 101¾-102½ 101½-102¾ 103¼-105½ 101¾-102)4 103¼-103½ 103%-104¾ Reg,, 1894 ............. ?' .... - .... 106¼-106¾ ... - .... 103¼-103½ 1037-(-103¼ 101~-103½ .... - .... 101½-103 101 -101 101¾-102 103¾-103¼ .. .. - ... . Penna. Div,-Coup ... 7 138½-138½ .... - . ... .... - .. .. 136 -136 .. .. .. .. 135 -135 135 -135 Reili tered........ . . . .. .. - . .. . .. .. - .. . .. .. - .. . .. .. 132 -132 .. .. - ...... • • Alb. & Susq,-lst, gu . 7 127½-129 129¼-130 129 -129½ *125 -126½ 126 -126 .... - .... 120 -127¾ 123½-125 126 -128 127¾-128½ 1st coup., lfUar ...... 6 119 -119 120 -120¼ 118½-119 116 -116½ 112 -113 113¼-115 116 -116 - .... 116 -118 115½-115½ 116 -117 116½-117¾ - .... 116 -116 Re&"istered .... ........... . - ........ - .... 114 -11,i Rens, & Sar,-lst .... ,- .... - .... Ul -1'11 lil -Hl - .... 136 -136 138 -Ul 138 -HO¼ 142½-U3¼ •.•. 137½-137¼ 137¼-UO~ U3½- U!i Registered .... ........ . .... - .... U0¾-141 140¼-lil .... Pel. Lack, & West'n- • . 125 -126 .. . . - .... 127 -132½ Moi't&'age, 190'7 ...... , .. .. - .... 130 -130 Syr,B'n &N,Y., ht .. 7 129 -129¼ ... . . ... 129½ ·129¼ 126¼-126¼ ll::5 -125 .... Morris & Essex-lst.7 139 -139¼ .... - .... UO -H2 UO¾-Ul U<6¼-138 136 -136 130½-131 132 -132 130 -135 136 -Ul 137 -137 139 -139 - ... 112½-112½ .... Bonds, 1900 ........ ?' 111 -112¼ 112¼-113 lll½-111¾ 112 -112 .... . ... 108½-108½ ... . 1871-1901 . .......... ?' .... - .... 121¾-121¾ .... - ........ - . . ...... - .... 117¼-117½ .. .. - .... 110 -110 113½-113½ . • . . - . Consol., &'Dnr......... 7 127 -137¼ 136¼-137½ 135¼-137 136½-136¼ .... - .... *130¾-132 ... - .... 130½-131 128¼-130 .. .. - . .. . .. • . _. .... 136 -138¾ N.Y. L. & W.-ht .... 6129 -129 129 -131 128 -130¼ 128 -129 125 -125 123½-125½ 120 -122 117½-120 120 -120 122¼-125 127 -128½ 130 -130¾ - .... 105 -111 111 -111 111 -112 Construction ... . .. .. ~ 11'1 -lU 112¾-lU 110 -111 111 -111 110 -110½ 107 -110¾ 107 -109 Den, c. Cable-1st .... 6 99¼- 99¾ 9'1 - 97½ .. .. - ........ Denv, & Rio Grandel st ....................... 1 :i.17¾-118 118½-118¼ ... . - .... 119 -119 114½-115½ 115 -115 112 -112¾ .... 7<i - 75½ 70¾- 7'1¾ 73 - 79¼ 78 - 82 Newconsol, 1936 ... 4 8,i - 88 85¼- 88½ 86¼- 87½ 87 - 88½ 86½- 88 8,i - 87 71 - 78 72 - 75 60 - 62 68 - 75½ 73¾- 7'1 Imp. M., ll•• 1938..... 5 85¼- 88 86½- 88 87 - 87½ .. .. - .. .. 70 - 70 70 - 70¼ .... 15 - 35 '13 - '15 45 - 46½ 56 - 50 Detroit Gas, 1918 ..... 5 .... 85 - 86¾ 85 - 85½ . • • • 85 - 86¾ .... 22 - 24 23 - 28 24¾- 27¼ 25½- 2d 20 -22 Det. M. & lll,-L. g .... 3¼ 38 - '10 39½- '10 38½- 39¾ 38 - 38¼ 25 - 3'1¼ 20 - 25 22 -25 • Ex-interest.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAILROAD BONDS. 1893-(;ootlnued. BONDS. _ _ _ _ _ _ •_ _ _ _  JANUARY FEBR'RY.  APRIL. ~"\'.. JUNE JULY. AUGUST. SEPT'BER. OCTOBltH. NOV'BER. DBC BE.R. ---- ---- -MARCH. - - - ---- - - - - - - - - ---- ---- ---- ---- ------1  L __o_w_._H_l_gh Low.High Low.High Low.High Low.High J,ow.Hlgh Low.High Low.High Low.High Low.High Low.High Low.High  1  l>et. B. C. &Alp.-lst .. 6 65 - 74 . •.. - ... . . •• - ........ - ••• 60 - 60 - . . • . . • • . - . . . . 57¾- 57¾ Duluth & I. R.-tst ... lJ ... - .... 100 -101¼ 99½-10<».! 98 -100 95 - 96 96½- 96¼ .. .. - . .. . 95 - 97 Uul.S.S.&Atl.-193,-.IJ 97 -100¾ 100¼-102¾ 100 -102¼ 101¼-103 99¾-102 98 - 98½ 90 - 97¼ oo - 92 91 - 93 96 - 99 97½-103 101½-102 ..E. E. Gas-1st, 1942.IJ .... - ... . . . .. - ... . 92¾- 93¼ 91 - 94 89 - 91 89 - 89:JJC 85 - 86¾ 85¼- 86¼ 86¾- 87 87 - 87½ 87½- 88 89¾- 00)4 • Tenn. Va. & Ga.ht ........................ ,- 108 -108½ 108½-108¾ 107¾-107¾ 107½-109 107½-107¾ 107 -108 - ... . 102 -102 105 -108 108 -108 .•.. - ........ - .. .. Divisional ............. IJ ••. - •. .. • .. . - • . •. 99½- 99:!-i, 102 -102 103 -103 . .. . - • • . 101 -101 105 -105 .. . . - . . . . . . .. - ... . Consol., 1st, 191J6 .... IJ 00¼- 92¾ 00½- 93½ 92 - 93½ 93½- 9'1 00 - 92 89 - 92½ 84 - 91½ 83 - 85¾ 88 - 89¼ 80 - 89¼ 80 - 9<•¼ 88½- 92 ]1t ext. g.1931·...... IJ 53 - 64½ 60 - 62 .. .. - .. .. 40½- 40¾ .. . . - ••. 32 - 32 37 - 38½ .... Equip. & lmpt., ir .... :) .... - .... 72½- 72½ . ... - .. .. .... Knox. & O.-lst, ir... 6 100 -100¼ 102½-104¾ 100 -100¾ 101½-102¾ 100 -101 101 -101 97¾- 98 92½- 94 98 - 98 98 - 98 .... Alabama Cent.-lst.6 100 -100 . .. . · - . ... . . . - .... ... . - ....... . - .... 101 -101 Ed.Ison E. 111.Co.-tst.lJ 112 -121 120 - 127¼ 117 -122¼ 120 -123:JJC 110½-117 106 -111 99 -107 00½-100 97¾-106 102½-106½ 103 -10'1!1:( 102¾-105 Eliz. Lex. &Bltr. S ... . fi 96¾- 99¾ 99 -101 97 - 99¾ 97¾- 99"' 94 - 9~ 93 - 95½ 00 - 93¼ 89 - 91 88 - 93½ 91)4- 95 96 -100 98 - 99½ Eqult. Gns. & F.-l8t .. 6 100 -101½ 101 -101 99- 100 99 - 99½ 98 -100 .• •• - .... 83 - 91 - •.. . 91 - 92½ 93 - 95 95¼- 95¾ iEqult.GasN.Y.-1932.IJ .... - ... ... .. - . . ...... - .... 105 -105¼ 105¼-106 106 -107¾ hrle & Plttsb.-con .... , .... - ........ - ... . .. .. - . ... 110 -110 110 -110 - •..• . .•. Erlel8t, Ext., 189'f ...•.... 1113½-113¼ 112½-115¼ 111¾-112½ 111¾-112¾ ... - •.•. 107 -107¾ 111 -113½ .••. - •••. 108 -108 109 -111 108 -108 108¾-108% 2d, Ext., 1919 ........ . IJ ..• • - ... . 115¼-115¼ 112 -112 112¼-112¾ 111½-112 111½-111½ .... - . . .. 106 -107¼ 100 -109 107¾ ·107¼ 3d, Ext., 1923 ....... 4½ .... - .... 108¼-108¾ ..•. - ... . .... - .... 10'1½-10<1¼ .... - ••• . 103 -103 .. .. - .... 105 -105½ .. - ... . 4th, Ext., l~0 .. ..... IJ . ••• - ••••. . .• - .... . . .. - .... 109 -109¾ 110 -110 100 -100¼ .• •. - .... 110 -110 108 -108 . • • . - ••.. lOO!l:(-109¾ ~th, Ext., 19~8 ....... 4 . . . - . . .. . . . . - .... 101 -101½ .... ht, consol., irold ...... ,. 137 -139J.fi 138¼-139½ 134 -135 132¼-134¾ 132 -134 128 -132 129½-130½ 120¼-121~ 123 -129 126'(-127 126 -130 133 -133¾ Lonar Dock, 1893 ..... , 101 -101¾ lOlll:(-101¾ 101~-102 102¼-102¾ 102½-102!1:( .... - .. .. .... Cons. arold, 1931J .. . 6 122 -122 125 -125 - .. . . 119 -121 122 -122 . . . . 122 -123 ... . - ... . .... Buff. N. Y.&E,-lst .,- 134½-134½ .. .. - .... 132¾-132¾ . .. • - •.. . . . •. - ._. . . 128¼-128¼ .•.• - .... 125 -125 - •. •. •. . . • fi. Y. L. Erie & West.2d consol.. ....... ... .. .. 6 101½-10'1 99 -105 93 -101 95 - 98¼ 93½- 98 88½- 9! 53 - 91 60¼- 757-( 67¾- 76 67 - 74 67 - 76 74 - 78½ Collat. trust, 1922 . . 6 .. . . - . .. . ... . - . .. ..... - . . ...... - ... 100 -100 Fund. coup., 1969 . .IJ 88 - 00 89 - 91¼ .. .. - •.. • 60 - 75 Jefferson RR.-lstar.lJ .... - ... . 103 -105 102 -102 101 -101½ 101½-101½ 100 -101 90 - 97¼ 100 -100 .. .. Chic. & E., 1st, tr• .4•:) lOlll:(-103 103 -103½ lOQ¼-103 100¾-102 95 - 99 95 - 99 87 - 96 87 - 90 92 - 94 92 - 93 91½- 91¾ 97 - 98 Income, 1982 ....... . .. 41½- !l4!1:{ 37 - 43¾ 36 - 41 38¾- 41½ 35 - 39¼ 35 - 36 20 - 35 23 - 28 30 - 30 30-34 .... - •.• 33-38 Ev.& Ind'p,con.,1926.6 .... 109 -109 110 -110 £v.&Rlch.-18t,'31.G1 00 -100 99½-100 95 -96 95 -98¾ 95 -95 95 -97 93 -93 . ... jj;vansv. & T. Haute- .. .. 116 -119 120 -120 11~-118!>.( . . .. Consol ............ ...... . 6 120 -122 . • . . - . • . 111 -114½ 114½-115 115 -116¼ 118 -118 - • .. . 100 -100 •••• 1st, iren., 1942 ..... ... IJ ... . - .. . . 95 - 95 - .. . . 110 -110 l'tlt. Venon-lst .. . .. .. 6 117 -117 118 -118 ..•• ill'llnt & Pere Marq.-~ ltlortaraire .... .. . ........ . 6 . . . . - •... 116 -116 116 -117 116¾-116¾ - .. . . 121 -121 . . . . - .... 116 -116 114 -114- 111 -111 . . .. 1st cons., Ir•• 1939 .. . IJ 99½-100 .... - .... 99 - 99½ 98 - 98 94¾- 96 - •••. 97-97 - .... 93¾- 93¼ .•.. Pt. Hur. Div., let . ... IJ 97 - 98 97¾- om 97 - 97 93 - 94¾ 92 - 94 94 - 95 92½- 92¼ 91 - 9i 9i - 95 96 - 97¾ .. . . Fl.C. & P.-lst, 1918.IJ ... . - .... . .. . - ... . . ... 97 - 97 .... - ........ Ft.W.&Denv.C.-l8t .6 98 -100¾ 98 -100¼ 98¼- 98¾ PO -101 99 -100¾ 92 - 97 67 - 92 66 - 75 74 - 87 70 - 80 61¼- 73 66 - 75 Ft. W. & Rio G.-l8t .. lJ 66½- 67½ 66 - 66¾ 65!1:!;- 135¾ 65¾- 65¾ M - 65¾ M - M¾ 611J9- 62 60 - 62¾ 60¾- 61 60 - 60¾ 60¼- 6~ 60¾- 60¾ Galv.H.&H.of'S2.. IJ 70-71 71-72 .. . . - ....... . - ........ - ........ 62¼-64 •••. Galv. Har. & San An.lat, 1910................ 6 - ........ - ... . 107¾-107¾ .••• - ••• • 85 - 95 100 -102 00 - 93 - ••• . ..•• ~d, 1903 ................ 7 108 -103 102½-102¼ 103 -103 103 -103 102 -102 99 -100 . .•. 93 - 95 95 - 95 Western Div-lat ... . IJ 96¾- 97¾ 97 - 97¾ 97 - 97 . ... - .... .. .. - •.•. ••.. - ••..•••• M. & P. Div., l8t ... .lJ .... - ... . .... - .... 96¾- 96!!( 96 - 97 94 - 95¼ 94 - 94½ 94 - 9i¾ 92¾- 04 93 - 93¼ 00¾- 91,t 00 - 90'4 00 - ~ Gen.Elec.-Deb.,1922.3 1007,(-101 97¾-101 93¾- 99)>( 97¾-100 82 - 96 82¼- 86¾ 60 - 83 62¼- 72 67¾- 80 71¼- 81 71 - SO¾ 70 - 75¾ Ga. So. & Fla.-ht, a-.6 77 - 77 82 - 82 ..•• 80'4- 80¾ ...• - ••• 75 - 75 Ga. Car. A; N.-lst ..... 3 97 - 98¼ .... Gr. Rap.& Ind.-Gen.lJ 75 - 75 .. .. Gr. Bay Win. & St. P.lat, 6s, tr. receipts .... 10'1 -109 106 -106 2d inc., all subs. paid. 37¼- 89!1:( 35 - 38 28 - 82¼ 32¼- 82½ 20 - 25 20 - 22 16¼- 18 15 - 16½ 17 - 24 2i - 25 20 - 20 • . . Han. & St. Jo.-Cons. 6 116½-116¼ 116½-117¾ 113'4:-115 114 -115¼ 114 -115 114 -lli¼ 110 -112 108 -110 109¼-112 110½-114 115 -116¾ 117 -117¾ Henders'n R'dire-lst.6 .... - .... .. .. - ... . .... - .... • •·· - . .. . 110¼-110¼ .. .. - •••..••• - ••• . • •• - ••••.••• Housat'c-Con.,193,. .. IJ 114¾-114¾ 114¼-115 l15 -115 115 -115 .•• • - ... . 112 -113 .... - •.•..•• - •••..••• - •••• 112 -112 Hous. & Tex. Cent.1st, arold, 193'f . .. .... IJ 106 -108¾ 107 -108¾ 10'1¾-107¾ 1105~-107 107 -107),( 106¾-107¾ 100 -103¼ 99 -100 100 -103 103¼-10'1¾ 105 -105 106 -109 Consol., arold, 1912 .. 6 106 -106 107 -107 . . . . - ••.. 103 -103¼ 103 -105¾ 101 -103 - ••.. 100 -100~ 100 -100 102¼-104 General, arold, 19~1.4 67 - 70 67 - 70 64¾- 68 66 - 67 63¾- 66¼ 63 - 65¼ 62M- 63 59 - 60 60¾- ~ •• . - •••• 58),(- 63 62¼- 66 Debenture, 189'7 ..... 6 ... . - .. .. 95 - 95 . •·· Debenture, 1S9'f ..... 4 .... - .... 82¼- 82¼ . •. . - .... 80 - 80 80 - 80 - ........ - ••••.••• - •••• 82-82 Illinois CentralGold, 1931* .......... 339 92¾- 93½ . ... - ... . . . . . - .. . . 94 - 97¼ 94 - 94 - ••.• 93¾- 98¼ .... - •••. 97¾- 98 lat a-old, 191Jl ........ 4103 -104 105 -106 106 -106 109½-109½ 10739-109 - ••.. 104 -10'1 •••• - .•• • 100¼-100)>( 100¼-105),( 101 - 101 Gold, 191J2 ..... ..... ... 4 100¾-102 102 -102 103¾-105 •.•• - •••. 103 -103 lOQM-101 100}4;-100¼ 99¾-100 lOQ¼-10039 100 -100 •••• - ••. . 99 - 99½ Cairo Bridge. 1930.4 .. . . - ....... - .... 101 -101 •.• , - ••. .. . . • ....... - •••. . ..• - ••••••• - •.•..• . • - •••• Sprin1rf. Div., 1938.6 .... - . ... . .. - ........ - ........ - ........ - ........ - ........ - .... 105¼-105~ 105¼-106 ..•• - ... . C 8t.L.&N,O.-lat,c.,., .... - .... llt¼-111¼ lllM-111¾ 111¾-111¾ .... - ....... - .... 103 -106 - ... .•.. - .... 107 -107 ..•• - .. .. Gold, coup ........... . IJ llfS¾-116½ 117½-117½ 119 -119¾ 117 -117 116¼-117 11339-117 .••. - .... 112 -112 112 -113¾ 113¾-118¼ 11839-11439 11139-114 Memp. Div., lst,ar .. 4 96 - 97 97¾- 97½ 100 -100 99 -100 .... - ...... . . - .... 94 - 94 95¼- 95¾ . ••. Dub. & S. c .. :Id div .7 . . . - .... 101 -102¼ . ... - .•• . 101¾-10139 100 -100 ...• - .••.•••• Cedar F. & M.,lst ... 7 95 - 9!> • • • • - • • • . 98 - 98 . . . • - •... 78¾-78¾ .... - . . • 72 -72 ..•• Ill.Steel-Deb., 1910.IJ .... - ........ Ind. Ill. & lowa-lst .. 4 ... - .... . ... - . .. 75 - 75 • • • - • • • . 77 - 77 • • • • 82 - 82 .• .• Ind. D. & Spr.-lst,t .7 124 -127 .•.• - . . •. 124¼-124¼ .... - •••. 124 -124 .. .. - •... 112 Trust receipts .. ....... 124 -127¾ 125 -129½ 122 -123 ........ - •.•. 124¾-124¼ 124 -124¾ . •• • I. D.&W.-ir., IJs, t.rec • .. . . - .... 108 -108 100 -115 .... lntern'l &Gt. North'nlst . ....... . . . . .......... . .6 . .. . - .... 134 -134 Coupon off... ......... . 109 -111¼ 111 -112 111½-112 112 -113 107 -109 106 -108~ 100 -106 101 -10'1¾ 105 -111¾ 110 -112 109 -111 109¾-111¾ 2d, 1909 ........... 4¾•3 68 - 72 71 - 72¾ 68¾- 70)4 67 - 70 63½- 66 63 - 67 50 - 63¾ Ml!(- 59¾ •••• 62¾- 68 64, - 66 60 - 60 3d, 19~1. .... .......... 4 32 - 36 35 - 37 .... - ... . . . .. 25 - 30 - . . ...... 22 - 22 Iowa Cent.-bt, gold .. lJ 87¼- 89 88 - 90 86!!(- 87¼ 85 - 87¾ 81¾- 85 76 - 78 73 - 77 73 - 75 75 - 81 80 - 83 84 - 90 85¾- 88¼ Kan. & Mich.- 1 990 .. 4 78 - 78 78¾- 79¾ 77¾- 79 78 - 78¼ ••.• - .• .. 74 - 75 72¼- 73 73 - 75'4 75%- 75¾ 70 - 71 68¼- 71 Kentucky c., 19S'f .....4 84 - 85¾ 85½- 86 85 - 86¼ 86 - 87 85½- 87 85 - 86 83 - 83~ 80 - 80 82 - 82 81 - 82 lUntrs Co. El.-lst, A.:i 99½-102¼ 102¾-103¾ 103 -103¾ 101 -103¾ 101¾-103 100¼-102¼ 102½-102¼ 00 - 93 89 - 00 82 - 00 81 - 82¼ 82 - 87 Fulton ~I., l•t, iruar.lJ 94¾- 95 95¾- 97 89 - 95 89),(- 91 .. . . 92½- 92¼ 00 - 00 - ••.••••• Lael.Gas, St.L.-lat, ir.3 84¾- 87¾ 85 - 86½ 83 - 85½ 84½- 85 80 - 83 77 - 80 71 - 79 •70 - 73 73 - 79~ 76 - 83 81~- 84¼ 80 - 85 Lake Erle & w.-l8t .. lJ 108~-112 112~-113 110½-111 110 -112¼ 112 -113 lll¼-113 109¼-112 106¼-107 107¼-110 108 -109}( 109'4:-112 111½-113 2d ........................ IJ 101 -102 101!!(-103 103 -103 104¾-104¾ 101 -103¼ 100 -101 98 -100 95 - 97 95 - 96 95 - 98 99 -101 101 -101 L. Shore & Mich. !!Jo.Dividend ................ 7 . . . . - . . . . . . . . - .... 118 -118 . . • • - .... 112 -114 112 -112 - • • • • . . . . - • •. . • • • • - •••. 109 -lllM 114 -114 . • . - .••• Bufl.&Erie-New ... .,115 •115J.ii .••• - ........ - •. • . ••• - ••• . 115 -115 110 -110 - •••• 106¾-106¾ 109 -112 • . . . - ••.. 110 -110 110¼--ll~ Det. Mon. & Toi ...... 'f . . . . - . . . . . . . . - .... 122½-122½ . ••• - .•.• 120¼-121½ • • • • 1st con., coup .......... 7 118 -119 118¾-118¾ 119 -119 119 -119 118¾-118¾ 117 -117 113 -113¾ 113 -115 115 -117 116¾-117½ 117¾-121 12()%-121¾ 1st con •• refl ......... ... , ll'i¼-118¼ 117 -UR¼ 116~-118½ 116 -116¾ 115 -116¼ •112½-115 114¾-117 112 -118¼ 114½-115½ 115 -116M .. .. - . . .. 111 -118 t Ex unded coupons. *Coupon oil'. • Bx-interest  !···· - ... ... - ....  I  - ........ -  - ........ - ........ -  - ........ -  - ........ - ........  0   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  - ........  RAILROAD BO DS.  00  18~3-<:on tin uett . •JANUARY F.EBR'I_:::  BONDS.  MARCH.  .APRI~  MAY.  _:_~  JULY.  AUGUST. SEPT'BER. OCTOBER. Nov'BER. D · C'BER.  _L_ow_.R_ig_h Low.High Low.Bigb :1'ow.Hlgh Low.High Low.High Low.High Low.High Low.High Low.High Low.High Low.High  ___________ 1  L. Sh. & M, So.-(Gonj.2d con., coup .......... , 121½-122½ 121¼-122¾ 121 -122¾ 121½-121½ 121½-121¾ •us -118¾ 115 -117 114 -115½ 117 -122 121 -123½ 120 -123½ 120¾-122 2d coo., re,i .. .......... , 120½-121¾ 121 -121¾ 121 -121¼ 121¾-122 121¾-121¾ 116 -117¾ 115 -117¼ 11! -115 117 -ll9 119 -121¾" 120½·121 121½·121~ - ... . .... - .... 101 -105 101¾-101½ . . . . - .... 111:l:(-111~ Mahon.Coal lst,'34.6 109 -110 109¼-110 108 -108 109 -109 .... - ........ 97½- 97¾ 99 -lOG 96 - 97 96 - 98¼ 95½- 95½ 95 - 95 Leh.V.,N.Y.-lstgu.,r.4½ 103 -104 102 -105¼ 100 -101¾ 101¾-102¼ 103 -103 102 -102 - .. .. 100 -100 101 -101½ 100 -100 106¾-107 105½ -107 Leh,V.Ter.lst,1941 .. 6112 -113 110¾-110¾ 109 -110 108 -108 107¾-108 107 -107 95 - 95 ...• L. Carr. & W.-lst, If.ff .... - .... 30-34 - .... 30-32 U½- 45 35 - 40 35 - 37 30 - 32 .... - . . .. 42¾- 50 L. R.&Mem. I st,19311.6 .... 37 - 38 Lonir Island- •••. 109 -109 lst, 1898 ... ............. , .... - ........ - .... 113½-113¾ •••• - .... 110¾-110½ .... - .... 110 -110 - •••. 108 -113 .... - ..•. 112½-lU 1st, coosol, 1931. ..... 6 114 -114 113½-116¾ 116¼-116½ .... - .... 113¾·115 116 -116 lll½-112 111 -112 - •··· 98 - 98, - .... •· ·· - .... . .. 96½- 96½ .... 98 - 99 Ferry, 1st, 1922 . ..4½ 97 - 97 96 _ 98· 95 - 97 92¼ 94 - 91> 90½90 - 92¼ 90 - 9,t. 93 - 94 94 - 94¾ 94 - 95 94 - 95 94½- 95 Gen. mort., 1938.... 4 95 - 96 - ••.. 100 -100 .•.• - .... 100 -100 100 -100 .... N. Y, & R. B., lst, ir.:S .... - .... 35 - 35 .... 2d income, 1927 .... :S .... - ..•. 97-97 N, Y. B. & M. B., lst.6 104 -104 N.Sh. Br., 1st, 1932.:S 106¼-106¾ ...• - .... 104 -105 .... Loufsv. Ev. & S. L.68 - 68 .... 70 - 72¼ 70 - 70 77 - 80 78 - 79 82¾- 83¾ 81½- 83 83¼- 85 . .. . :S 81 - 84 60 - 67½ 60 - 68Coosol., 1st.. .. 40 - 40 General, 1943 ........ 3 .... - ..... •· - ........ - ........ - • ... •··· Louisville &Nashv.Consolldated ....... ... , lll¼-113 lll¾-112½ 112¾-112¾ 109 -109½ 108½-109 108 -108¾ •.•• - .... 106 -107 108¾-110 107¾-108 108 -109 109¾-11<% Cecillan Brauch ...... , 107¼-10'1½ 108 -109 112¾-112½ 107¾-107¾ 106 -106 103 -103¾ ...• - ... . 103 -103 100 -101 -119¼ N. O. & Mob-lst ..... 6 119 -120 .... - .... 121 -122 123 -123¼ 119 -119 119 -119¾ 116¾-117¾ 110 -117¼ 117 -117 lU -117 117¾-117¾ 2d ...................... . 6 . . . . - .... 110 -110 . . • . - .... 108 -108 . . . . - .... 103 -108¾ 100 -103 100 -100 100 -100 - .... no -110 ... - ... 112 -113 .. - ........ - .... 112¾-113 110 -no E. H. & Nn.sh.-lst. --6 114 -lH 112 -112 General mort .......... 6 117 -117¼ 117¼-118 117¼-117¾ 119 -119¾ 116¾-ll8 115 -115¼ 107 -112 107¾-112¾ .•.• - ..•. 112¼-113 114½-116 110 -113 - ... . 104 -104 - .... 105 -105 .... - •••. 106 -106 .•.• Pensacola Div•.. .. .. . ti 109 -109 110 -110 - .... 117½-117¼••"' - ..•. 118 -118 St,L,Dlv,,lst,1921.6119 -119 ...• - .......• 63¾- 63¾ .... St, L. Div., 2d 1980.3 .... - .... 61 - 66½ ...• - ..•. 64 - 64 - .... 110 -110 •••• - . .. ll2 -112 ll2,-4-112¾ .... Nash. & Decatur... ... , 110¾-lll 112 -112 - .... 94 _ 96¼ Pensac, & Atl.-lst .. 6 103 -104¾ 101¾-105 100¼-lOl!J;( 102 -102 100¾-101 100- 100 102 -102¾ .... - .... 100 -100 .... _ - .•• . 104¾-185 - .... 100¾-100¼ .... Ten-1orty, 1924, g ... 6 .... - ........ - ... . ... - ........ ·99¾- ~ *99¾-100 102¾-102¾ -105 100 98 98 -101 101 -101 100 .... .... 60-yeai·, irold, 193'1.6 102½-104¼ .... - .•...... - .... 104 -106½ 77 - 78½ 75 _ 78¼ 72½- 77 75 - 77¾ 77 ·- 78 75 - 80 83 - 83¼ 82 - 83½ 81 - 82 Unified, gold, 1940 .. 4 80¼- 83¼ 82¼- €3½ 82¼- 83 - ........ - •....... - •....... 83 - 83 Reiristered. .. .. . . .. .. . . . . 98½- 98½ 99½-100 99 - 9{> 95 - 95 109½-109¾ 100 -100 Col, trust,&',, 1931 .. . :S 102 -104~ 104¼-107¾ 107¾-108¾ 107 -107¾ .... 95½- 95½ .•.• - .... 95 - 95 98 - 98 - .... 99¾-101 Nash.Fl.&S.,lst,iru.~ .... So.& No.Ala.con.iru.:S 95 - 9!l¾ ... - •••• 99½-100 Lou.New Alb. & Chic.1st....... . .... . . . ...... . 6 111 -111 109 -110¼ 108 -110 108 -109 109)4-110¼ 108 -109 105 -105½ .... - •... 100 -105 103 -103 95 -101¼ 97 -101 92½- 97¾ 91 -100 Coo., arold, 1916 ..... . ti 105 -109 106¾-110 103 -107 102 -104 100 -101¾ 98 - 99¾ 95 - 98½ 82½- 95 60 - 68½ 63 - 73¾ *66½- 70¾ 60 _ 71~ 59~- 60 69½- 69½ 68 - 69 68 - 71 76¾- 78 General, ir,, J 940 . ... ~ 74 - 79¾ 76 - 79¾ 74 - 77 - .... ... Louis. N. O. & T.-lst .4 95¼- 95¼ .... - ........ Louisv. St. L. & Tex.• .... 58 - 62 77 - 80 ...• 86 - 88 91 - 93¾ 91 - 92¾ 90 - 90 1st, arold, 1917 ........ 6 94¼- 98¾ 93½- 95 60 - 60 l st con,, &'Old, 1942 . 6 .... - .... 82½- 82½ 82 - 82¾ 81¾- 82¾ 78 - 80½ 78 - 79 78 - 78 .... 91 - 93½ · 93 _ 9:f?Ai 90½- 93 93¾- 93¼ .. .. ... .... 92½- 93 95½- 95½ 93½- 94½ .... Man hat., cons., 1990.4 98 - 98 .• •• - .... 95 - 97 - ...... Mem.& Chas.-Gold ... ti 90 - 90 .... - .......• i19 -122½ 118¼-lllf½ 114½-118 -115 113 108½-113 -115 111 Metropolitan El.-bt .. 6 116 -11774 117¼-118¼ 117¼-118¼ 117¾-117¾ 116 -117½ 116½-117 2d, l 899 . ............... 6 106¾-108 107 -108¾ 107 -108 107¾-108 104 -105 103 -104¾ 100 -104¼ 100 -103 103¾-106½ 105¾-107¾ *104¾ 07¾ 107)4-108 69¼- 70¾ 70 - 71 69½- 70¼ 69½- 71 - .... 69¾- 70 Mex. lnt.-lst.1942 .. 4 .... 7o _ 7 0¾ Mexican National- .... 99 -100 ...• 70½- 70½ 70 - 70¼ lst, 192, .............. 6 .... - ... . .... 2d income ..A,. ........ 6 41¼- 45¾ .... 2d Income, "B." ...... 6 9 - 9 Mlchhrao Centrallst, consol.. . . .......... 1 119¾-121 120¾-121 120½-121 121 -122½ 117¾-119¼ 115 -118¾ 114 -116¾ 113 -114¾ 117¾-120¾ 120¼-123½ •120 -121 120¾-121¾ - ..•. 102½-102¾ ......... . ~ 106½-106½ 106¾-100¾ .... - .... 106½-106¾ 104½-104¾ 105¾-105½ 100¼-103 100 -101 1st, consol Coupon, 1931 .. ........ ~ 113 -113 114 -114 112¾-113¾ 112¼-112½ 112 -112½ .... - •••. 105 -108 105 -106 110 -110 .... - .... 110 -110 - .... 104 -106 105 -110½ 110¾-111 110 -110 Rearlstered .. .............. - ........ 99 _ 9i> - •.• . 99 - 99 93 - 93 .... - .... 101 -101 .... - .... 100 -100 Mortaraae, 1940 ..... . 4 98 - 98 Rellistered........ ...... . . . . - . . . . . . . . - .. . . 98 - 98 Mich. Penio. Car Co .. :S 102¼-1027~ 101 -102 100 -100 Mll.L. Sh.&We ■ t,lst, 19~1. ........ ...... 6 126 -127½ 125 -125½ 123 -125 125 -127 122¼-126 122¾-124 115 -120 us -118 121 -125 122 -125 123 -124 124½-127 - .... 105 -105 103 -103 Conv. deb, 19011 ...... 6 106¾-109¾ 104¼-104¼ ... - .... 104 -104 .... 97½-100 104 -104 104 -104 104½-106 lQo¼-lOS¾ Ext. & Imp., s. f ... .. .:S 109 -109 106¾-107½ 104 -106 105 -106¼ 105 -106 105 -106½ 102 -105 - .... .... - .... 105 -105 . .. . - •... 100 -100 . . . . Incoine ... .............. .6 . . . . - . . .. . . . . -125 - •... 123 -123 .. .. - .••• 114 -116 • . . - .... 114½-120 121¾-122¼ Mlchliran Div., 1st ... 6 121:J:(-123 122 -125½ 123 -123 123 -124 - ........ - ........ - •... l22 -124 - .••• 101 -101 .... Ashland Div., 1st .... 6 .... - ........ - .... .... - .... 121¼-121¾.. •. MIi. & No.-lst, 1910 .6 112 -113¾ 115 -115 113¼-114¾ 114½-114½ 111¾-lll½ 105½-110 106½-106½ 103 -104 107 -110 109¾-109½ 112½-115¾ 112½-113¼ 1st, onexten.,1913 .. 6 112¼-113 113 -115 114¾-115 114 -114½ 111½-111~ 110 -110 109 -109 105 -107 105 -106¾ 109 -111¼ 112 -115¾ 112¾-113 Mlnoeap. & St. Louls- .... 115 -115 120 -l25 - .•.. 110 -no lst ......... .. .. ........... , 128 -130 115 -115 115 -115 • • .. - •.•. 106 -106¾ 106½-106½ • . . • - . . . . 95 - 95 • . .. - ••.• 110 -110 110 -110 . . .. - .... 106 -106 - .... 127½-128 . . . . Iowa Extension ...... 1 185 -136 - .•.. 97 -100 100 -100¾ .... - .... 115 -ll5 - .... ll5 -ll5 110 -110 .... 2d mort., 1891 ........ , .... - .... ll2 -112 - .... 106½-106¾ 96 - 96 •... - .. .. 103 -103 - .... 102 -102½ 100 -102½ 99 -100 104 -104 .Pacific Ext., 1st ...... 6 .... - •.•. 100 -100 107 -107 109 -112 113 -116 Imp. & equip., 1922.6 111 -113 115 -116 ll2½-114 115 -116 110 -115 •••• - ••. 100 -100 MIHourl Pacidc90 - !l7 87 - 87 99¾-100 98 - 98 lst coosol. . ............. . 6 112 -112 112 -112:14 ll2½-118 lll¾-112½ 105 -106½ 101 -104 104 -104 94½- 97 - ..•..•• - .... 115 -115¼ 108 -108 105 -108 105 -105½ 100 -100 103 -103 104¾-104¾ 103 -103 105½-105¾ 3d, 1906 .. ........... ... '7 114¼-115 92½- 93¾ 91 - 92½ 91¾- 92¾ .... - ... . .... 94 - 94 Trust irold, 1911 ..... ~ 91¾- 94 81 - 83¾ 80½- 80¾ .... - .... 70 - 78¾ 72 - 74¾ .... 1st, col., arold, 1920.:S 82 - 84 95 -101 93 - 95 96 - 96 98¾- 98¾ 98 - 98½ 93 - 96 .Pac. o1 Mo.-lst, ext .. 4 101 -102 100 -100¼ 100 -100¼ 98¾- 99¼ 98¾- 99 95 - 98 2d, 1S91, extend .... 6 106¾-108¾ 108 -10874 .••• - •... 107 -107¾ 106½-107¾ 104 -107¾ 103 -104¼ ...• - •... 104½-104½ .... - •.. . 103 -103 103½-103~ 83 - 85 Mo. K. & E.-lst, '42.6 .... - ........ 82 - 83¾ Mo. Kansas & Texas77¼- 82¾ 75 - 79¾ 78¾- 83 73¼- 78 81¼- 82¾ 79 - 82¼ 76 - 79¾ 70½- 78¼ 69 - 75 ht, gold, 1990 ........ 4 79¾- 81¾ 81¾- 82½ 81¾- 82 43¾- 47½ !l3½- 47¼ 37 - 41:J:( 37¾- 45 27¾- 40¾ 31¾- 38 39 - 44 40¾- 45 44¾- 47 ~d, income, 1990 ..... 4 48¼- 50½ 45¾- 47½ 44¼- 46 _ 72 70 72J.i 69½66 66 ..•• 70 65 K. C. & P.,lst, 1990.4 73 - 75 73 - 73¾ 73¼- 73¼ 74 - 74 Dal.& W., lst,1940.6 86 - 87¾ 86¾- 87¾ 87 - 88¾ .... - ........ l Tebo & Neosho, 1st .. . .... - ........ - ....... - .... 108 -103 ... 1.Uobile & Ohio-New .. 6 115 -115 .... - .... 114¾-115 114¾-115¾ 113 -115 109 -111 .... - .... 109 -109½ 108 -108 109 -113 lll¼-113½ 112 -112 48½- 51½ 50 - 55½ 55½- 60 44 - 50 44 - 56 55 - 56 58½- 63¼ 60¾- 62¼ 57¾- 58¾ 58½- 61½ 55 - 59 Gen. M., 1938 ......... 4 60¾- tl8 - .... 113 -113 1.Uorgan'sL.&T.-lst .. 6 111 -115 115½-111½ ...• -123 123 •.....• •... ...• t28½-128½ -128 1 .. t, 1918 .... ........... , 127 ..• - ........ - ........ - .... 106 -106 105 -106¼ .... - .... 102 -102 103½-103¾ .... - .... 107 -107½ 109 -109 lUutual Un. T.--S. F. ,6 112½-113 Nashv. Chat. & St. L.ht . ........................ 1125 -130 L26 -130 126¾-127½ 125 -126½ 125 -126 124½-126 120 -121½ 117 -122 119 -124% 122 -125 125 -127¾ 129¾-130 108 -108 2d, 1901 ........... .... . 6 .... - .... 100 -102¾ 101 -101¼ Consol. ll•• 1928 . .... . 6 103 -103¼ 104 -105 103 -105 103 -103½ 101½-103½ 102 -103½ 102 -102½ 103 -103 88 - 88 89 - 89 90 - 93 92 - 92 ..•. - .... 92 - 92 Nat. !"itarch mfll -111t .fi 104 -105 102 -104½ 102 -102 102 -104¾ .... - .... 88 - 95 - .... 115 -115 - .... , .... N~. _& N._E. - Pr, l'n ..6 .... * .Ex-wt ere~t.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ii0  0  i:u  - ........  00  RAILROAD BONDS.  01  1893-{Jontinued. JANUARY FEBR'RY.  MARC~  BONDS.  ,  ______,____  APRIL.  ~AY.:_  JUNE.  JULY.  AUGUST. SEPT'BER. OCTOBER. Nov'BER.  DEC'BER.  ::.ow.Hl11:h T..ow.High Low.High Low.High Low.High Low.High ~ow.High Low.High Low.High Low.Higl1 Low.High ~ ~ I ; ;  New York Centru.1Extension ............. . 5 101 -101½ 102 -102\14 102½-103¾ 102¾-102¾ .... Rea-lstered . . . .. . . . . . . . . . . . - . . .. . . . . - . .. . . . .. - . ... 102¾--102¾ .. . . N.Y. c.& H.-lst,cp .. '7 121¾-123¼ 123 -124 122½-124 123¼-123¾ 122 1st, Tea- ................ '7 121½-122½ 123 -123 123¼-124 .... - . . ...... Deb., 1884-1904 ... 5 107¾-108½ 107¾-108½ 106 -107 107¼-107¼ 107 Rea-lstered ... ..... . 5 ... . - .... lQS¾-108¼ 105¼-106¼ 106¼-107 107 Deb.rea-.,'89-1904.5 .... - ... . .... - ........ - .... 106 -106 Debt certs,, ext., a-.4 .... - .... 102¼-102¼ 102¾-103 102~102¾ 99 · Re11:istered ........... .... - ... • .... - ........ N. J'. J'unc., 1st, gu .. 4 •··· Deb., g., '90-1905.4- .... - .... 102¼-102)1i . ... - .... 102¾-103¼ .... Hu.rlem-lst, coup .... '7 118 -119½ 120 -1207-( .... - ... . .... - .... 115 1st. reg ... .... ........ 7119 -119 119 -119½ 118½-118½ 118¼-119 115 West Shore, guu.r . .. 4 101¼-102¼ 101½-103¼ 100½-102¾ 99½-102 100 Redstered ............ 4- 101¼-102¾ 101¾--103 99½-101¼ 99¼-100½ 99 Os.&Rome,2d.1915.5 109 -109¼ lllohu.wk & Mu.lone .... .... ···· - •··· · ... - ···· ... . N. Y. Chic. & St. L.lst ......................... 4 97 - 97¾ 97¾- 99¼ 97'7k 98½ 95 - 96¼ 93 Re&"ls1.ered ..... ....... .4  96 - 96  ..•. - .•.. .••• -  ----------------------------  -123 - .... -107¾ -107 - .... -100½  - .•. . .... - ........ - ••.. 106½-106½ ...• _ ... .  121¼-123 116 -120 . ... - ... 117¼-117¾ 106 -107 10! -105 106½-106¼ lQ!¼-lOi¾ 106¼-106¾ .... 99 -100½ 99 - 99 - .... 99 - 99  - .... -117½ -116½ -101½ -101½ - ....  118½-119 118 -118 99~-101½ *97½-101 105½-105½  - •• . 118½-118¾ 115 -115 "�