Bank and Q uotationSECTION

OP THE

C ommercial & F inancial (^ hrowicI e:

Copyrighted In 1918. according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington. D. C.

VOL. 107. NEW YORK, DECEM BER 7 1918. NO. 2789

Bank and Q uotation Section

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I N D E XTO ADVERTISEMENTS OF BANKS AND

Atlanta, Qa. PageAtlanta National Bank-------- 6

Baltimore, Md.National Bank of Baltimore.. 6Safe Deposit & Trust Co_____ 6

Boston, Mass.National Union Bank______ 2

Chicago, III.Chicago Savings Bk. Sc Tr. Co. 8 Continental Sc Ooin'l Nat. Bk. 8Corn Exchange Nat. Bank------ 9First Nat. Bank of Chicago 5Live Stock Exchange Nat. Bk. 8 National Bank of the Republic 8

Cincinnati, OhioFifth-Third National Bank... 2

Cleveland, OhluFirst National Bank_________ 7Union Commerce National Bk. 7

Detroit, Mich.First Sc Old National Bank------ 6Peoples State Bank___________ 6

Fort Worth, TexasFort Worth National Bank___ 6

Jersey City, N. J.First National Bank__________ 2

Los Angeles, Cnl.Citizens National Bank______10First National Bank_________ 10

Milwaukee, Wls.First National Bank__________ 7

TRUST COMPANIES

Minneapolis, Minn. PageFirst Sc Security National Bank 9

New Orleans, La.Whitney-Central Nat. Bank.. 5

New York, N. Y.Chemical National Bank______ 1Coal Sc Iron National Bank___ 1Farmers Loan Sc Trust Co____12Hanover National Bank........... 1Seaboard National Bank........... 1

Norfolk, Va.Norfolk National Bank

Paterson, N. J.First National Bank...

Philadelphia, Pa.Corn Exchange Nat. Bank____ 3First National Bank_________ 4Fourth Street National Bank 3Franklin National Bank........... 6Girard National Bank.............I 3Girard Trust Company_______ 4Market Street National Bank. 3 Philadelphia National Bank... 4 Tradesmen's National Bank.." 4

Providence, R. |.Merchants' National Bank___ 2

St. Louis, Mo.National Bank of Commerce . 9

San Francisco, Cnl.Anglo Sc London Paris Nat. Bk. 9

Worcester, Mass.Merchants' National Bank____ 2

REVIEW OF NOVEMBER.G erm a n y h a v in g m a de com p le te su bm ission to th e

E n te n te P ow ers and th e U n ited S tates b y a ccep tin g th e term s im p osed u p on her as a co n d it io n o f gran tin g th e A rm istice fo r w h ich she had so a b je c t ly p e tit io n e d , hostilities ceased o n N o v . 11 an d th e grea test w ar in h is to ry ca m e to an en d . E v e n m ore so th a n in th e m on th s im m ed ia te ly p reced in g , even ts fo llo w e d each o th er -with m arvellou s sw iftness and m o s t o f th em w ere o f an in tensely tra g ic ch a ra cter . E m p e ro r W illiam w as fo rced to a b d ica te and a G erm an R e p u b lic u n der S ocia listic con tro l was estab lish ed . P ra ctica lly all th e k ings a n d p o te n ta tes o f th e G erm an F ed era ted S tates a lso a b d ica te d , an d m a de ro o m fo r rep u blica n form s o f g ov ern m en t. E m p e ro r C h arles o f A u str ia -H u n g a ry likew ise a b d ica te d , th e fo rm er D u a l E m pire sp littin g u p in to severa l repu b lics . T h e new K in g o f B u lgaria a lso y ie ld ed u p his th ron e . P o la n d b eca m e a rep u b lic . E v eryw h ere and in all d irection s th e o ld o rd er ch a n ged . N e v e r has th e cou rse o f h um an h istory been m ark ed w ith m ore m om en tou s d e v e lo p m en ts an d occu rren ces .

1 he term s o f th e A rm istice w ere a n n ou n ced b y P residen t W ilson be fore a jo in t session o f H ou se and S enate on N o v . 11 o n ly a few hours a fter th e d o cu m en t had been sign ed . T h e P residen t w en t to th e C a p ito l th rou g h streets crow d ed w ith p eop le ce le b ra tin g th e end o f th e w ar, and v e ry n atu ra lly rece iv ed an o v a t io n on th e w a y . T h e H ou se o f R ep resen ta tiv es , w here th e jo in t session was h eld , w as crow d ed w ith n ota b les , and th e scen e was on e o f in d escr ib ab le enthusiasm . A s th e P residen t read th e term s o f th e A rm istice , and th e assem bly rea lized h ow com p le te w as the v ic to r y o f th e A llies and ho\V ign om in iou s the d efea t o f G erm an a u to cra cy , rou n d a fter rou n d o f app lau se and ch eerin g w ent u p , th e galleries jo in in g in , against th e rules, b u t u n ch eck ed b y th e C h airm an . T h e d em on stra tion reach ed th e heigh t o f a great personal tr iu m p h fo r P residen t W ilson w hen he con c lu d ed th e read in g o f th e term s w ith th e s ta tem en t, T h e w ar thus com es to an e n d . T h e P residen t p refaced th e read in g o f th e A rm istice term s b y say in g th at it w ou ld in som e degree ligh ten m y [his] sense o f resp on sib ility to perform in person th e d u ty o f com m u n ica tin g to y o u som e o f the larger c ircu m stan ces o f th e s itu a tion w ith w h ich it is necessary to d e a l, an d co n clu ded b y com m en tin g b rie fly on som e o f th e p r o b lem s b rou gh t b y peace . In tem p ered lan gu age h e recou n ted th e u tter d ow n fa ll o f th e Gfcrman m ilitary caste , and the spread o f th e re v o lu tio n in G erm a n y .

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14 MONTHLY REVIEW [Vol. 107.

T h e h u m an e tem p er and in ten tion o f th e v ictor iou s G ov ern m en ts h ave a lready been m an ifested in a v e ry p ra ctica l w a y , he sa id , and a n n ou n ced th a t th e A llied C on feren ce a t V ersailles had taken th ou g h t fo r th e feed in g o f th e peop les o f the C en tra l E m pires and exten d in g to th em th e a id n ecessary to lift th e fear o f o th er m isery fro m th eir oppressed p o p u lation s and set th eir m inds and energies free fo r th e great and h azardou s ta sk o f p o litica l recon stru ction w h ich n ow face th em on e v e ry h a n d . T h e P residen t p o in ted o u t th e d isadvan tages and dangers to th e A llies if th ere sh ou ld b e a com p le te b rea k -d ow n o f a u th o r ity in th e C en tra l E m p ires, and u rged th e n ecessity o f b e in g p atien t and h elp fu l, and m in d fu l a b o v e o f all o f th e great h o p e and con fid en ce th a t lie at th e heart o f w h a t is ta k in g placfe. T h e P resid en t con c lu d ed b y prom isin g th a t w e w ou ld aid in a n y w a y w e cou ld to en ab le th em to live in secu rity and con ten tm en t w hen th e y h ave set their house in o rd e r .

T h e term s o f th e A rm istice as read b y P residen t W ilson w ere th ose agreed u p on at th e V ersailles C on feren ce , and ca b led here p rior to th eir a ccep ta n ce b y G erm a n y . I t d ev e lo p e d , h ow ev er , th a t b e fore th e A rm istice w as signed n u m erous and im p orta n t changes w ere m a d e , ow in g , in p a rt, to th e in a b ility o f th e G erm an s to co m p ly w ith som e o f the orig in al term s. T h e m ost im p o rta n t ch an ge from th e orig in a l term s rela ted to th e clause p rov id in g fo r th e ev a cu a tion o f R u ssia . In th e orig in al te x t su b m itted to th e G erm an em issaries b y M arsh a l F o ch it w as p ro v id e d in A rtic le 12 th a t all G erm an tro o p s a t p resent in a n y terr ito ry w h ich before the w ar b e lon ged to R u ssia , R u m a n ia , or T u rk e y , shall w ith draw w ith in th e fron tiers o f G erm a n y as th ey existed on A u g . 1 1914 . In th e am en ded te x t th is article w as le ft u n ch an ged w ith resp ect to R u m an ia and T u r k e y , b u t in a d d ition it w as p rov id ed th a t G erm an tro o p s sh ou ld be w ithdraw n from A u stria - H u n g a ry . A still m ore im p orta n t ch an ge, h ow ever , w as th a t th e new form p rov id ed th a t G erm an tro o p s in th e te rr ito ry w h ich b e lon ged to R u ssia b e fore th e w ar sh ou ld w ith draw w ith in th e fron tiers o f G erm a n y as soon as th e A llies , tak in g in to a cco u n t th e internal s itu ation o f th ose territories, shall decide th a t th e tim e fo r th is has co m e . T h is m o d ifica t io n , w h ich p erm itted G erm an tro o p s to rem ain in R u ssian te rr ito ry , a p p a ren tly m ean t th a t th e A llies w ere fearfu l th a t if G erm an troop s w ere taken a w a y fro m R u ssia excesses w ou ld o ccu r w h ich m igh t lead t o a n arch y .

A n oth er ch an ge m ade m ore severe the con d ition s w ith re ference to th e surrender o f m aterial b y th e G erm an s. In A rticle 7 , orig inal te x t , it w as p ro v id e d th a t a m on g tran sport s to ck to be surrendered sh ou ld b e in clu ded 50 ,000 w agon s (ra ilw ay ca rs ). T h e co n d it io n as agreed to b y th e G erm an em issaries p rov id es th a t 150 ,000 w agon s (ra ilw ay cars) shall b e surrendered . T h e A llies, h ow ev er , m od ified th e p rov is ion in this article fo r th e surrender o f10,000 m o to r lorries so as to redu ce th e n u m ber to5 ,00 0 . In A rtic le 4 th e orig inal p rov is ion th a t G erm a n y sh ou ld surrender 30 ,000 m ach in e guns and 2 ,00 0 airplanes w as m od ified so as t o requ ire th e surrender o f 25 ,000 m ach ine guns and 1,700 a irp lan es . A n oth er interestin g and im p orta n t change rela ted to th e surrender o f U -b o a ts . I t w as p ro v id e d in th e original d ra ft th a t th e G erm ans sh ou ld surrender t o th e A llies 160 su bm arin es. A s th e G erm an s d id n o t h ave th a t n u m ber o f undersea b oa ts th is article w as so a ltered as to com pel G erm a n y to surrender all th e subm arines she h ad . I t w as p rov id ed a lso , as a new co n d it io n , th a t th e entire G erm an subm arine flee t sh ou ld be surrendered w ith in fou rteen days a fter th e sign ing o f th e A rm istice , th a t is, b y N o v . 25. . . .

In a com m u n ica tion h an ded to th e Swiss M in ister on N o v . 5 fo r transm ission to G erm a n y , S ecreta ry o f S ta te R o b e r t L an sin g had n otified th e G erm an G ov ern m en t th a t P residen t W ilso n , h av in g fo r

w arded to th e a ssocia ted G ov ern m en ts G e rm a n y s requ est fo r an a rm istice , h ad rece ived th eir re p ly , a ccom p a n ied b y a m em oran d u m o f ob serva tion s b y th e A llied G ov ern m en ts . W ith th is m em oran d u m , th e pu rp ose o f w h ich w as to m ake certa in reservation s in regard to th e princip les la id d ow n b y P residen t W ilson in his speech o f Jan . 8 (th e so - ca lled fou rteen peace p rin c ip les), th e P residen t declared h im self t o be in agreem en t. T h e G erm an G o v e rn m e n t w as n otified th a t M arsh a l F o ch had been a u th orized b y th e G ov ern m en t o f th e U n ited S tates and th e A llied G ov ern m en ts to rece ive p rop erly a ccred ited represen tatives o f th e G erm an G o v e rn m en t and to com m unicate , to th em term s o f an a rm istice . T h e reservation m a de b y th e A llied G ov ern m en ts re la ted to th e fre e d o m o f th e seas, as t o w h ich , th e y p o in ted o u t , va riou s in terp reta tion s w ere possib le and th e y th ere fore reserved com p le te freed om to deal w ith th a t qu estion a t th e p eace con feren ce . T h e a ssocia ted G ov ern m en ts also set fo r th th a t in asm u ch as th e con d it ion s laid d ow n b y P residen t W ilson requ ired th a t in v a d ed territories m u st be restored as w ell as e y a cu a te d a n d freed , it sh ou ld be u n d erstood th a t G erm a n y m u st com pen sate fo r all dam age to th e civ ilian p o p u la tio n o f th e A llies and th eir p ro p e rty b y th e aggression o f G erm a n y b y lan d , b y sea and fro m th e air.

A ctu a l s ign ing o f th e A rm istice w as a ccom p lish ed , as s ta ted , a t 5 a . m ., F ren ch tim e , on M o n d a y (or m id n igh t S u n d a y , N ew Y o r k t im e ), and w as an n o u n ce d b y th e S ta te D e p a rtm e n t at W ash in g ton a t 2 :45 a . m . M o n d a y m orn in g . T h e D e p a rtm e n t s a n n ou n cem en t, m a de v e rb a lly , s im p ly said : T h e A rm istice has been signed . I t w as signed at 5 o clock a . m ., P aris tim e [m id n igh t, N ew Y o r k tim e], and hostilities w ill cease a t 11 o c lo ck th is m orn in g , Paris t im e [6 o c lo ck , N ew Y o rk t im e ].

T h e con d ition s im posed b y th e A rm istice are u n q u e stio n a b ly th e m ost severe ever la id d ow n fo r a n y p ro to c o l o f p eace in th e w o r ld s h is tory . T h e ev a cu a tio n o f cou n tries w est o f th e R h in e ; th e o c c u p a tion b y th e A llies o f th e p rin cipa l crossings at M a in z , C o b le n tz and C o lo g n e ; w ith draw al o f the G erm an a rm y b e y o n d a neutra l zone to th e east o f th a t river; surrender o f 5 ,000 h e a v y gu n s and 25 ,000 m a ch in e guns; im m ed ia te w ith draw al o f G erm an tro o p s fro m A u str ia , R u m a n ia and T u rk e y , and surrender to th e A llies o f all G erm an su bm arin es, w ith th e in tern in g in n eutra l p orts o f 74 G erm an w arships o f va riou s d escrip tion s and th e disarm ing o f th e rest these w ere th e p rin cipa l m ilita ry s tip u la tion s ; th e A rm istice to con tin u e th ir ty d a y s , w ith o p t io n to ex ten d it . N o arm istice in h is to ry has ever im posed su ch con d it ion s ; in d eed , th is A rm istice goes so far b e y o n d th e trad ition a l scop e o f pre lim in ary m ilita ry con d it ion s as to requ ire repara tion fo r d am age d on e , ren u n cia tion o f th e treaties o f B re st-L ito v sk and B u ch arest, and restitu tion o f all R ussian and R u m an ian g o ld a lread y rece iv ed b y G erm a n y under th ose treaties . _

T h e d rastic con d it ion s im p osed , h ow ev er , on B u lgaria a,nd T u rk e y and again on A u str ia -H u n g a ry , h ad m ade it m an ifest th a t G erm a n y cou ld n o t h ope to escape w ith trea tm en t less severe . T h e term s o f th e A rm istice , w h ich v irtu a lly e lim inated A u stria - H u n g a ry from th e w ar, w ere a n n ou n ced a t W ash in g to n on N o v . 4 . T h e A rm istice had been signed th e p reviou s d a y (N o v . 3) b y G eneral D ia z , C om m a n d er- in -C h ie f o f th e Ita lian arm ies, and o fficers represen tin g th e A u stro -H u n ga rian G ov ern m en t, an d w ent in to e ffe c t a t 3 o c lo ck in th e a ftern oon o f N o v . 4 . A n o ffic ia l sta tem en t issued a t R o m e on N o v . 2 sta ted th a t th e con d it ion s o f th e A rm istice had been insp ired b y th e p rincip les o f P residen t W ilson , n am ely to render im possib le fo r th e en em y to recom m en ce th e w ar and to p reven t h im from p ro fitin g b y an arm istice t o w ith draw from a d ifficu lt m ilitary s itu a tion . S o desperate, h ow ever , was th e p ligh t o f th e A u strian a rm y , and so com p lete th e internal co llapse o f th e D u a l M o n a rch y , th a t th e A ustrian

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D ec., 1918.] MONTHLY REVIEW 15authorities w ere prepared to purchase peace at w h atever p rice m igh t be d em a n d ed , and little or no d elay a tten ded th e sign ing o f th e A rm istice . B e fo re th e A u strian A rm istice w en t in to e ffe c t , th e Ita lia n a rm y h ad cap tu red 300 ,000 prisoners an d a t least5 ,000 guns, a ccord in g to an o ffic ia l s ta tem en t issuec b y the Ita lian G ov ern m en t.

T h e a b je c t surrender o f A u str ia -H u n g a ry , w ith th e k n ow ledge th a t eq u a lly severe term s a w aited G erm a n y , and th e belief th a t co m p le te v ic to r y and th e end o f th e w ar w ere d e fin ite ly in s igh t, led to great re jo ic in g and en th u siastic ce leb ra tion s in all th e A llied cou n tries . In N e w Y o r k , o n N o v . 4 , th e surrender o f A u stria w as ce leb ra ted b y th e b low in g o f sirens, th e ringing o f b e lls , and th e use o f e v e ry th in g else th a t w ou ld m ake a b ig n oise . A lthougl: th e A rm istice began a t 9 a . m . N ew Y o rk tim e arrangem ents had been m a de to start th e C elebration here a t3 p . m . T h e o ffic ia l signal w as th e sou n d in g o f tw e lv e b ig sirens in variou s parts o f th e c ity , orig in a lly in ten d ed to w arn o f air ra ids, and used b y th e po lice d u r in g ' the F ou rth L ib e r ty L oa n d rive . P ro m p tly on th e strok e o f 3 o c lo ck th e tw elve sirens began to screech . T h e bells and w histles in all parts o f th e c ity resp on ded , and fo r th e n ext ten m inutes th e ra ck et w as such as N ew Y o r k h ad se ld om heard e x ce p t on such occasion s as e lection and N ew Y e a r s n ights.

T h e ce lebra tion o f th e A rm istice w ith A u str ia , h ow ever , was h ard ly a circu m stan ce to th e ju b ila t ion th a t occu rred on th e con clu s ion o f th e A rm istice w ith G erm a n y . H ere an erroneous rep ort led to a p rem atu re ce leb ra tion . T h is h appen ed on T h u rs d a y , N o v . 7 . On th a t d a y th e fin an cia l d is trict o f N e w Y o rk and in fa c t th e entire c ity and th e n ation b rok e o u t in to one o f th e greatest d em on stra tion s because o f a n e w s . a ssocia tion d isp a tch rece ived a b o u t n oon fro m Paris d eclarin g that an A rm istice had in fa c t been signed a t 11 o c lo ck th a t m orn in g (P aris tim e) betw een th e A llies and G erm a n y . T h e new s associa tion (the U nited Press) refused to w ith draw th e d ispa tch w h ich w as prin ted b ro a d ca st in a ftern oon papers; and desp ite repeated denia l from W ash in g ton th a t the^A rm istice had been con c lu d ed th e enthusiasm and ju b ila tio n increased as th e d a y progressed . I t is d o u b tfu l w hether su ch a n a tion w ide ce leb ra tion was ever b e fore w itn essed in th is or a n y o th er co u n try . T h e general a ttitu d e in th e fin an cia l d istrict as elsew here was th a t if th e rep orts w ere n o t en tire ly a ccu ra te it w ou ld be o n ly a qu estion o f hours b e fore p en d in g d eve lop m en ts w ou ld m ake th em so . D isp a tch es cla im in g th e sign ing o f th e arm istice appeared t o h av e been rece ived in oth er circles aside fro m th e new spapers served b y th e U nited Press, and th e la tter th e n ext d a y ga ve as a u th or ity fo r its sta tem en t, A dm ira l W ilson , U . S . N ., C om m a n d er o f th e A m erican forces in F ren ch w aters. A dm ira l W ilson a ck n ow ledged th a t th e in form ation w as th e resu lt o f an error fo r w h ich th e new s a g en cy w as in n o w a y respon sib le .

A secon d h o lid ay to ce lebra te th e cessation o f h ostilities was w itnessed on M o n d a y , N o v . 11, fo llow in g th e a n n ou n cem en t b y P resid en t W ilson o f th e defin ite signing o f th e A rm istice b y G erm a n y . W h ile perhaps n ot so d em on stra tive as th e ce le b ra tion o f th e 7 th , w hen th e rep orts Avhich a fterw ards p rov ed false, th a t th e A rm istice had been signed stirred th e n ation to th e d epth s b y th e u n expectedn ess o f the new s, it was n evertheless m ade a jo y o u s occa s ion , and even m ore th an on th e p rev iou s m em orab le d a y , a com plete cessation o f business o ccu rre d . On this o ccas ion th e new s w as h era lded in th e ea rly m orn in g , 5 :00 a . m ., and even earlier, b y th e b low in g o f w histles, sirens and h orn s, and w hile th e va riou s lines o f business op e n e d u p a t th e cu stom a ry hour as a m a tter o f rou tin e , there was a general closin g d ow n soon a fterw ard and an a ll-d a y h o lid a y was indu lged in . T h e G ov ern ors o f th e N e w Y o rk S tock E xch a n ge at 9 :30 (h a lf an hour b e fore th e op en in g h ou r) v o te d to rem ain

closed , th e variou s oth er loca l exch an ges, th e s to ck exch an ges o f B o sto n , P h iladelp h ia , C h ica g o , P itts b u rgh , & c . , ta k in g sim ilar a ct io n . T h e L iv e rp o o l C o tto n E xch an ge and th e C an adian m arkets also entered in to th e ce leb ra tion o f th e d a y b y su spen din g business.

W ith th e com p le te subm ission o f G erm a n y im m ed ia te steps w ere tak en b y th e authorities a t W ash in g ton in preparation fo r a return to a peace basis. M a ter ia l changes in th e pen d in g w ar reven ue bill w ere a t on ce recom m en d ed b y S ecreta ry o f th e T rea s u ry M c A d o o . T h e T rea su ry D e p a r tm e n t s fin ancia l p rogra m fo r th e recon stru ction p eriod w as ou tlin ed in a le tter addressed b y M r . M c A d o o t o C h airm an S im m on s o f th e S enate F in an ce C o m m itte e , m ade p u b lic on N o v . 15. S ecretary M c A d o o estim ated th a t th e expen d itu res fo r th e fisca l yea r en d in g June 30 1919 w ou ld be $ 18 ,0 0 0 ,0 0 0 ,0 0 0 , instead o f th e $ 24 ,000 ,000 ,000 estim ated b e fore a n y peace p rosp ects w ere in sigh t. In his recom m en d a tion s he p rop osed th a t th e reven u e bill be rev ised w ith a v iew to y ie ld in g $ 6 ,0 00 ,0 00 ,0 00 p a ya b le durin g th e ca len d a r year 1919 and $ 4 ,0 00 ,0 00 ,0 00 durin g th e ca len d a r yea r 1920. H is o th er recom m en d ation s are:

That income and profits taxes bo payable in four equal quarterly installments on March 15. June 15, September 15 and December 15.

l hat oxcessi profits tax rates in respect to taxes payable in 1919 be no higher than those in the existing law.The amelioration of the provisions with reference to the determinationWM* anrl nvonto unefiln 1 ~ i.1 ______ ___ < i . . . V--------* v* , vv 1U1U1W1V.O tu i/uo UClCUUlUiltlUIlof war and excess profits taxes in respect to the revenue payable in the year

and tlle elimination of those taxes in respect to revenue payable in 1 20, except with respect to contracts negotiated during the war period.

l hat to compensate for any reduction of revenue beyond desired amounts apovo indicated there should be an increase in the corporation and individual income tax levies.

I t w as estim ated b y S ecretary M c A d o o th a t th e bill fra m ed b y th e S enate F in an ce C o m m itte e w ou ld y ie ld $ 6 ,3 00 ,0 00 ,0 00 , as com p a red w ith th e $ 8 ,0 0 0 ,0 00 ,000 p rov id ed fo r in th e bill passed b y th e H ou se , w h ich la tter , th e S ecreta ry declared , w as m ore strin gen t than th e ch an ged s itu ation w ill ju s t i fy .

T h e S ecretary to o k pains, h ow ever , to let it be k n ow n th a t an oth er large loan w ou ld h ave to be flo a te d in th e cou rse o f a few m on th s. O n N o v . 19 he a n n ou n ced th a t b on d s o f th is fifth w ar lo a n , to oe o ffe red p ro b a b ly in th e sprin g , w ou ld be o f sh ort m a tu r ity . T h e S ecreta ry s sta tem en t in th e m atter sa id :

In answer to inquiries as to future bond issues by the Government, Secretary McAdoo said that, though it was 'not yet possible to estimate when or what amount further issues of bonds must be made to cover remaining expenditures growing out of the war, it was entirely clear that the moment had come Avhen the interests of the Government and the country would bo best served by the issue of bonds of short maturities, and that that would be the policy of the Treasury.T h e first issue o f T rea su ry certifica tes o f in d e b te d

ness to be p u t o u t in a n tic ip a tion o f th e F ifth L ib e r ty L o a n w as an n ou n ced b y S ecreta ry o f th e T rea su ry M c A d o o o n N o v . 27. T h e certifica tes o ffe red $60 0 ,0 0 0 ,0 00 are da ted D e c . 5 , and m atu re M a y 6 1919, and bear in terest a t 4 ^ % . S u bscrip tion s close D e c . 10. In a le tter dealin g w ith th e G o v e rn m e n t s fin ancia l p rogram fo r th e co m in g fiv e m on th s , M r . M c A d o o appea led to th e ban k in g in stitu tion s th ro u g h o u t the co u n try to partic ip a te in th e p ro posed T reasu ry certifica te o fferin gs to be m a de in a d v a n ce o f th e F ifth L o a n . T h e S ecre ta ry s le tter, issued co -in c id en t w ith th e new T rea su ry certifica te o ffe r in g , w as addressed to e v e ry in corp ora ted bank and trust co m p a n y th rou g h ou t th e U nited S tates; in it he said th a t th e m in im u m a m ou n t o f each fo rtn ig h tly issue o f certifica tes w ou ld in all p ro b a b ility be n o t less than $500 ,000 ,000 n or m ore th an $750 ,000 ,000 . T h e F edera l R eserve ban k s w ou ld a dv ise all n ation al and S ta te ban k s in their resp ective d istricts o f th e a m ou n t o f certifica tes w hich th e y were exp ected to ta k e fro m tim e to tim e in pursuan ce o f th is p rogram , w h ich a m ou n t cou ld be figu red rou g h ly to equa l 2l/2% o f th e gross resources o f each b an k and tru st co m p a n y fo r e v e ry period o f tw o w eeks, o r a to ta l o f 5 % m o n th ly .

On N o v . 22 ru m ors th a t S ecretary o f th e T rea s u ry W illiam G . M c A d o o w as to resign w ere co n firm ed . T h e S ecre ta ry s n o te o f resign ation was da ted N o v . 14, and in brie f exp la in ed th a t th e cost

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16 MONTHLY REVIEW [Vol. 107.

of living in Washington was so great and the salary of a Cabinet officer so moderate that he had been forced to call upon his private fortune for his expenses. He therefore asked to be relieved of his duties as Secretary of the Treasury as soon as the President could appoint his successor, and to be relieved of his duties as Director-General of Railroads on Jan. 1 or earlier. President Wilson replied with an appreciative letter accepting the Secretarys resignation as requested.

All through the month considerable impatience was shown among members of the Stock Exchange over the continued curtailment of loans to Stock Exchange borrowers. At a meeting of the Governors of the New York Stock Exchange on Nov. 4 a resolution providing for the appointment of a committee to consider title money situation and to confer with the so-called Money Committee of the Liberty Loan Committee, was adopted. The committee consisted of H. G. S. Noble, President of the Exchange; Winthrop Burr, H. K. Pomroy, Donald G. Geddes and William H. Remick. In stating that the existing restrictions on Stock Exchange loans were to be continued for the present, the committed (named on Oct. 30 by the Association of Stock Exchange Firms to take up with the committee appointed by the Stock Exchange various questions arising from the restrictions of the Money Committee) said under date of Nov. 15:

A number of the firms have made inquiries of us as to whether there Is any possible chance of removal of tho restrictions placed on loans. Wo desire to take this opportunity to state that at the present tho restriction will remain. If, however, any firm thinks that an injustice has been done it due to any special cause in the allotment of its loans, tho Committee of the New York Stock Exchange will be very glad to have that firm appear before it and explain the facts, and if the facts justify a modification it will be granted.

A slight modification of the restrictions was announced on Nov. 29 by the Stock Exchange. The announcement said that the special committee appointed by the Governing Committee, on Nov. 4, believing that it would prove of benefit to the financial situation, had recommended to the Money Committee of the banks that restrictions covering temporary borrowings by members of the Exchange, to finance, for purposes of distribution, the purchases of bonds and notes for their own account, be removed. The Money Committee of the banks, it was stated, had acquiesced in this request. The necessity, however, for continuing former restrictions, in regard to other securities, still existed. The following word of caution was added:

The Money Committee of the banks and this committee expect that no member of the Exchango will, by reason of the removal of the above restrictions, unduly increase the loan account of the banks. Should this expectation not be fulfilled it might become necessary to reimpose the restrictions. In accordance with the above arrangements, and In addition to the present required information, members must daily report to the Secretarys office the amount of money borrowed against purchases o bonds and notes made on and after Nov. 30 1918.

The course of the stock market proved a distinct disappointment. The definite cessation of hostilities after over four years of war on the battlefields of Europe had been looked forward to as likely to bring a great revival of speculation with a marked and sustained upward movement in prices. In the first flush of excitement, the market did respond in precisely that way, considerable activity developing in the dealings on the Stock Exchange, with a pronounced, though erratic, rise in prices, but the improvement proved relatively short-lived. A variety of causes was responsible for this, but perhaps the most potent repressing influence was the circumstance that the Liberty Loan Money Committee in the local money market refused to rela*x the restrictions on the use of the credit facilities of the banks for Stock Exchange purposes. The tendency to buy for a rise was strongly in evidence, but it was impossible to obtain loaning facilities for an enlarged volume of transactions at rising values. Repeated appeals for more liberal accommodation were made by brokers who chafed at the removal of trade restrictions by the War Industries Board, while the ban on loaning of money and credit by banking institutions was maintained as rigidly as before. As noted above, the only concession in that respect was the very slight modification of the rules at the very close of the month by which borrowings

by members of the Exchange for the purchase of bonds and notes might be excluded in computing the total of loans that might be extended by the banks to any concern in comparison with the level of loans on Sept. 16 which had been fixed as the maximum. With this single exception, all these appeals on the part of Stock Exchange members proved unavailing, the Stock Exchange authorities co-operating unreservedly with the Money Committee in seeing that no violations of the regulations took place.

The premature report of the signing of the Armistice, which came about noon time of Thursday, Nov. 7, had the effect of giving the market a false start upward. The delegates sent by the Germans to obtain the terms of the Armistice had not then even had time to reach French military headquarters, but such was the confidence that the terms, whatever their nature and no matter how severe, would be accepted, that this mistaken report was without hesitation taken to be true. Coming so suddenly, the supposed good news, which was everywhere hailed as a joyous event, took everybody by surprise. As always happens on the sudden announcement of some favorable event, which at that moment had not been counted upon, the market bolted upward and on frenzied buying both so as to get in on the supposed rise and to cover outstanding short contracts advances running as high as 7 points were recorded by the railroad shares. In case of the industrial properties, those which were to lose the war profits which they had been so long enjoying were at first weak, but later showed recovery and joined in the upward movement in the general feeling of buoyancy. It is not possible to say how much further the sensational rise that afternoon might have gone if the Stock Exchange authorities had not, yielding to the general spirit of jubilation, decided to close the Stock Exchange at 2.30 o clock, or half an hour before the usual closing time, for, though dispatches came from the White House at Washington denying that the Armistice had been signed, they were waved aside, a disposition existing to think that Washington was not yet prepared to have the news made public and there was also comment to the effect that the news even if not true was only premature and soon to be followed by genuine advices that the Armistice negotiations had been definitely concluded. On Friday, the 8th, and Saturday, the 9th, it being then established that the Armistice terms had not yet been actually signed, there was naturally some reaction from the extreme high figures reached on Nov. 7, but with the tone withal exceedingly confident.

Everyone then looked for a renewed outburst of speculation as soon as assurance should come that what everyone had been so anxiously looking for had come to pass that the German delegates had affixed their signatures to the Armistice document. Argument was to the effect that if a false report had proved so efficacious in starting speculation and in sending prices skyward, the receipt of the genuine report could certainly be depended on to continue tho speculation and boost prices still higher. Intelligence that the Armistice had been signed came in the early dawn of Monday, Nov. 11, and once more the spirit of revelry and rejoicing took possession of the entire population. It quickly became evident that the day was not one for work or for the ordinary routine, but that everyone wanted to be out in the streets and engage in general hilarity. The Stock Exchange Governors accordingly determined not to open at all for business, and on the Exchange, therefore, the day became a dies non. Perhaps, if dealings could have taken place on that day when everyone was still in a flush of excitement, expectations of a renewal of the activity at still higher prides would in some measure have been realized, though obviously even then the effect could not have been quite the the same as on the previous Thursday since expectation of the event had taken some of the edge off the news; contrariwise the Thursday premature report,

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D ec., 1918.] MONTHLY REVIEW 17as already stated, had not been looked for and took everyone by surprise, so that feelings got out of control, and impulsive and unrestrained rejoicing over the sudden advent of the glad tidings was followed by equally impulsive and unrestrained buying. By Tuesday morning ardor had somewhat cooled down and there had also been opportunity for reflection and for sober judgment to exercise its sway. The result was that the market, instead of opening at a prodigious advance as compared with the close the previous Saturday, recorded only relatively small changes and subsequently, insteac of manifesting strength, developed weakness.

The remainder of the month prices pursued an uneven course. The volume of business gradually dwindled, and, while the market see-sawed a great deal, with the fluctuations in three of four specia. stocks rather wild from independent causes, the general trend of prices, especially towards the close, was downward. It may hence be affirmed that the response of the Stock Exchange to the greatest event in all history was to place on record a lower level of values. For a time during the month there was a disposition to distinguish between stocks of industrial companies which had beqp enjoying huge profits as an outgrowth of the war and were now to lose those profits with the return of peace, and stocks of companies whose activities had been hampered and crippled because of the war and which were now to regain their normal freedom and benefit accordingly; but later there came a feeling that, even in the case of these latter properties, the future carried many uncertainties both by reason of the prevailing high level of wages and the cancellation of Government contracts not merely for munitions and war materials but also for current supplies of various kinds. The collapse of the Germans at the end was so rapid that the return of peace came almost as suddenly as the outbreak of war four years before. Instead, therefore, of a gradual transition in industrial pursuits from a war basis to a peace basis, the country is facing a very quick transition and the consequences cannot easily be foreseen further than that they are sure to be correspondingly more disturbing.

The motor stocks were put by dealers in the group which would be benefited by a return of peace, but the action of the directors of the Maxwell Motor Company in omitting the dividend declaration on the first preferred stock on the ground that the loss of war orders would necessitate a conversion and liquidation of existing inventories, made it manifest that the theory in that respect was subject to considerable qualifications. The copper shares were another group that it was supposed would benefit largely by peace, but here, too, weakness developed on unconfirmed rumors that the schedule price for the metal of 26 cents a pound was being cut on orders for 1919 deliveries. International Mercantile Marine shares sustained violent fluctuations for causes peculiar to itself; on the 19th and 20th thtfre was great weakness on the announcement that our Government had requested that the negotiations for the sale to the British Government of the ships controlled by the company through its British subsidiaries be not completed. On Nov. 27 and subsequent days, there was an equally violent recovery on advices that the United States Government was prepared to take over the ownership of the vessels upon the terms of the British offer. Mexican Petroleum experienced the same wild gyrations as in preceding months. The net result of the months movements was that by the end of the month not merely many of the industrial shares, but the railroad shares as well, had lost practically the whole in a few instances more than the whole of the gains made in the spurt upward in the period between Nov. 6 and Nov. 13. In the case of the railroad shares the announcement of the contemplated retirement of Mr. McAdoo as Director-General of Railroads was not altogether favorably construed.

---------------------------------------------------T" 1 1 JVOLUME OF BUSINESS ON THE STOCK EXCHANGE.

Month of Nov. 1918. 1917. 1916. 1915.Stock sales

Number of shares. 14,651,844 14,816,058 34,552,860 17,634,270Par value---------- SI,366,434,525 $1,383,347,275 $2,888,279,470 $1,468,445,970Bond sales (par value)RR.&mlsc. bonds $50,833,500 $27,567,000 S98.378.500 $124,999,000U. S. Govt, bonds 160,506,000 53,441,000 4,500 1,120,000State, for.,&c.,bds 35,488,500 17,116,000 24,043,000 3,969,500Total bond sales.. $246,828,000 $98,124,000 $122,426,000 $130,088,500Stock salesJan. 1 toNov. 30Number of shares. 132,193,166 172,861,225 201,576,319 159,446,471Par valu e................ S 1 2 ,3 5 8 ,0 0 3 ,0 6 5 $ 1 5 ,9 4 5 ,8 3 8 ,5 3 0 $ 1 7 ,3 5 4 ,5 6 2 ,2 0 0 $ 1 3 ,6 8 0 ,3 2 5 ,4 9 0Bond sales (par value)RR. &mlsc. bonds $311,572,500 $437,729,000 $773,903,500 $813,878,700U. S. Govt, bonds 1,127,348,000 231,142,750 757,950 2,009,000State, for.,&c.,bds 239,683,500 275,504,500 279,395,500 24,688,500Total bond sales..$l,678,604,000 $944,376,250 $1,054,056,950 $840,576,200In the money market an easier tendency became

manifest the latter part of the month in face of the disinclination of the Money Committee to relax restrictions on loans for Stock Exchange purposes. In the case of call money some transactions were recorded as low as 4% on Nov. 1, this being the first deviation from the 6% rate which had been maintained for so long. The following Monday, Nov. 4, the range was 5 @ 5 j 4 and Wednesday, Nov. 6 (after the election holiday on Tuesday), 5)^@ 6. Then there was a return to the single rate of 6% again until Friday, Nov. 22, when a few commitments were announced at 5% % . The remainder of the month the range was between 5 and 6% with the quotation on Friday, Nov. 29, at the single, figure of 5% . These figures have reference to Stock Exchange loans on mixed collateral. Where the collateral is made up exclusively of industrial securities, rates as heretofore were % % higher. The explanation offered for the better supply of money on call was that Stock Exchange houses were unwilling to extend their borrowings in view of the restrictions imposed upon Stock Exchange loans and this left the lending institutions with small amounts of idle funds from day to day which had to be placed at some concessions from the ruling figure of 6% . We have referred further above to the attempts made to get a modification of the restrictions on Stock Exchange borrowings. The latter part of the month there was a distinct easing up of the money situation all around. Time funds became available for periods extending up to twelve months. In a few instances commitments were arranged even at 5 % % , though 6% remained the going rate. Interior banks became quite free lenders through New York institutions, putting out six months funds in fair volume at 6% on regular mixed collateral. Surplus reserves of the Clearing House institutions fluctuated sharply from week to week, but these were devoid of significance outside of the fact that they were largely connected with Government operations growing out of installment payments on the new Liberty Loan, which involved an increase in Government deposits, and the paying off of maturing certificates of indebtedness, which involved a drawing down of these deposits. The large expenditures of the Government from day to day of course also served to reduce these Government deposits. The last week of the month a heavy contraction in the loan account occurred by reason of the large reduction in United States deposits. These deposits which had been $474,381,000 Oct. 26 were reduced to $389,719,000 Nov.2, fell to $356,233,000 Nov. 9, were $338,724,000 Nov. 16, and $331,987,000 Nov. 23, and Nov. 30 were reported only $231,500,000. The loan account the last two weeks of the month was reduced from $4,789,928,000 to $4,622,986,000.

RATES FOR MONEY IN NEW YORK WEEKLY. Week ending Nov. 1. Nov. 8. Nov. 15. Nov. 22

Call fA>ansStock ExchangeRange for week........ ..4 -6 5-6 6-6 5^-6Week's average____ . . 6 5 % 6 6Time LoansThirty days_________________ 6 6Sixty days.................................. ......... 6 6 6Ninety days________ ________ . . 6 6 6 6Four months________________ 6 6 8 AFive months_____________ 6 6

U6Six months........................... ........ . . 6 6 6 6Commercial Paper

Double namesChoice 60 to 90 days.. . . 6 6 6 6Single namesPrime 4 to 6 months.... . 6 6 6 6Good 4 to 6 months__ . . 6 6 6 6

Nov. 29.5-65>4

66666

5^-65^-66

In the foreign exchange market there was slight response to the ending of hostilities, and changes

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18 MONTHLY REVIEW [Vo l . 107

in rates were only fractional. Delay in cable communication, owing to the congestion of business over the lines, interfered with dealings in exchange and was responsible for the moderate reduction in the rates for cable transfers. The latter part of the month the drawing down of American bank balances in London caused a slightly easier feeling in exchange. This calling home of American funds was due to the fact that the discount rate in London for long bills was about 3% % , while the quotation for prime acceptances in this market was 4 % @ 4 % % . Dealings in Continental exchange were more or less routine in character, operators evincing a disposition to await the outcome of the peace settlement before entering into extensive new commitments. In the rates on the neutral centres continued weakness was the feature early in the month, after which there came some recovery, this latter applying particularly to Swiss francs, rates on the Scandinavian centres, and also to Spanish pesetas. Exchange on Amsterdam also moved up sharply at the close after early declines. Swiss francs were quoted at 5 00francs to the dollar for sight bills Nov. 1 and 5 08 Nov. 12, but only 4 90 Nov. 30. Guilders on Amsterdam for sight bills dropped from 41% cents Nov. 1 to 41% Nov.' 12 and were 42% Nov. 30. Spanish pesetas were 20.40 cents for checks N ov.l and only 19.65 cents Nov. 13; and after some fluctuations closed at 19.90 Nov. 30. The Norwegian kroner declined from 27.30 cents Nov. 1 to 26.80 Nov. 13 and was quoted at 27.40 cents Nov. 30. The Danish kroner declined from 27.00 cents Nov. 1 to 26.20 cents Nov. 11, but closed at26.50.

9 s11

XX X xxxx xxxxxx a * * * * * X XX XX

X X * X X X X X X * XXXXXX^ XXX XX X^ XXX. XX

^ i ^ ^ e* n n N p n m n ^ n q .rj< ^ Q

* * * * * * *o *o *o C o orf* r* Q r *

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J J J J J J J 5 J ^ ;4 co' 2J s d S 2 g 53 S15 ^ S S S5 S5 d s

RATES OF EXCHANGE ON CONTINENTAL CENTRES.

Nov.Paris

F ra n csSwissF ra n cs

AmsterdamG uild ers

ItalianL ire

GreekD ra ch m a s

B a n 1 C hecks

ters C ables

Com mSlaht

; ercla l 60 D a y s

BankSight

:ers*C ables

B ankSight

ers* C ables

B an )Sight

tersC ables

B anC hecks

k ers 'C ables

1- 2 - .345 6 .. .7 . . .8 . . . 9

10... U . 12...13 .. .14.. . 15- 16.. .17.. .18.. .19.. . 20-.21 ...2 2 .. .23 .. .24 .. .25 .. .26 .. .27 .. .28 .. .29 .. .30 .. .

5 47*S@47H 5 47K@47 H

SUN 5 47M@-*6

HOLI 5 46H

5 46)4 @45 5 45 @44)4

5 44)4 SUN

5 44)4 @43 5 42 @38 5 42 @39 5 44 @39)4 5 45 @44)4

5 45SUN

5 45)4 @45 5 45)4@45M 5 45)( @45)4 5 45)4@45)4 5 45M@45J4 5 45)4 @45)4 SUN 5 45)4 @45)4 5 45)4@45)4 5 45)4 @45)4

HOLI 5 45)4 @45)4

5 45 %

5 46)4@46)4 5 46)4 @46H DAY5 46)4045)4 DAY5 45)4 @45)4 5 45)4 @44 5 44 @43)4 5 43)4 @43)4 DAY5 43)4 @42 5 41 @37 5 41 @38 5 43 @39 5 44)4 @44 5 44)4 @44)4 DAY

5 44)45 44)4 @44)4 5 45 @44)4 5 45)4 @45

5 45 5 45

DAY 5 45 5 45 5 45

DAY 5 45 5 45

5 48)4@47)4 5 48 @47)4

SUN 5 48 @47)4

HOLI 5 47 K

5 47)4 @45)4 5 45)4 @45)4

5 45)4 \ SUN

5 45)443)4 5 42)4 @38)4 5 42)4@39)4 5 44)4 @40)4 5 45)4 45)4

5 45)4 SUN

5 46)4 @45)4 5 46)4 @46 5 46)4 @46)4 5 46)4 @46)4 5 46)4@46)4 5 46)4 @46)4

SUN 5 46)4 @46)4 5 46)4 @46)4

5 46)4 HOLI 5 46)4 @46)4

5 46)4

5 52)4@52)4 5 52)4 @52)4 DAY5 52)4 @52)4 DAY 5 52)4 @52 5 52 @50)4 5 50)4 @50

5 50 . DAY5 50 @48)4 5 47)4 @43)4 5 47)4 @44)4 5 49)4 @45)4 5 50)4 @49)4

5 50)4 DAY5 51 @50)4 5 51)4@50)4 5 51K@51 5 51)4@51K 5 51)4 @51)4 5 51)4 @51)4 DAY5 51J4@51)4 5 51)4 @513A 5 51)4@51)4 DAY5 51)4 @51)4 5 51)4@51)4

5 05 @5 00 5 02

SUN 5 06 @5 02

HOLI 5 05)4 @5 03 5 06 @5 04 5 06 @5 04

5 04SUN

5 07 @5 05 5 08 @5 07 5 07@6 05)4 5 06 @5 04

5 03 5 03

SUN 5 03 @5 00 5 02 @4 99

5 005 00 @4 99 5 01 @4 98 4 99 @4 97

SUN 4 98 @4 97 4 97 @4 95 4 95 @4 94

HOLI 4 94 @4 92 4 92 @4 90

5 03 @4 98 5 00

DAY5 04 @5 00 DAY5 03)4 @5 01 5 04 @5 02 5 04 @5 02

5 02 DAY5 05 @5 03 5 06 @5 05 5 05 @5 04 5 04 @5 02

5 01 5 01

DAY5 01 @4 98 5 00 @4 97

4 984 98 @4 97 4 98 @4 96 4 97 @4 96 DAY4 96 @4 95 4 95 @4 93 4 92)4 @4 92 DAY4 93 @4 90 4 89 @4 87

41 M@ 41H 41M 41H

SUN 41)4 41 %

HOLI 41H

41)4 41M 41)4 41)4 SUN

41)4 41)4 41K 41K 41)4

41K@ 41H 41)4 @ 41H

SUN 41 )4@ 41)4 41)4 41)4

41)4 41)4 41)4 41)4 SUN

41)4 41)4 41)4 @ 41)4 41)4 @ 41)4

HOLI41) 442) 4

12)4 42)4 12)4 42)4 DAY41)4 42)4 DAY42 @ 42H 41)4 42

42 41)4 DAY

41)4 41)4 41)4 41)441) 4

41) 4 4242

DAY42 @ 42)4 42 @,42)4

42) 4 42)4

42) 4 42)4 42)4 41)4 DAY42 @ 42)4 42 @ 42)4 42 @42)4 DAY

42)4 42)4

6 37 6-37

SUN6 37HOLI 6 37 6 37 6 37 6 37

s u n :6 37 6 37 6 37 6 37 6 37 6 37

sun :6 37 6 37 6 37 6 37 6 37 6 37 SUN6 37 6 37 6 37

HOLI 6 37 6 37

6 35 6 35

DAY 6 35

DAY 6 35 6 35 6 35 6 35

DAY 6 35 6 35 6 35 6 35 6 35 6 35

DAY 6 35 6 35 6 35 6 35 6 35 6 35

DAY 6 35 6 35 6 35

DAY 6 35 6 35

5 13M 5 13 M

SUN 5 1354

HOLI 5 13)4 5 13)4 5 13)4 5 13)4

SUN 5 13?4 5 13)4 5 13)4 5 13)4 5 16)4 5 16)4

SUN 5 16)4 5 16)4 5 16)4 5 16)4 5 16)4 5 16)4

SUN 5 16)4 5 16)4 5 16)4

HOLI 5 16)4 5 16)4

5 12H 5 12M

DAY 5 12M

DAY 5 12)4 5 12,4 5 124 5 124

DAY 5 124 5 124 5 124 5 124 5 15 5 15

DAY 5 15 5 15 5 15 5 15 5 15 5 15

DAY 5 15 5 15 5 15

DAY 5 15 5 15

Nov.Denmark

K r o n e rSwedenK r o n e r

/ --------------=-------NorwayK r o n e r

BerlinR eich sm ark s.

ViennaK r o n e n

RussianR ubles

SpanishP eseta s

BaraC hecks

ie r s C ables

Bam C hecks

tersC ables

B anC hecks

kers C ables

B a n kers Sight

B a n kers Sight

E xch an geSight

B a n k ers C ables

B anChecks

kers C ables

1........2........3 ....................4 ....................5 ....................6 ....................7 ....................8 ....................9........

10........11........12........13 ....................14 ....................15 ....................10........17 ....................18 ....................19 ....................20 ....................21........22........23 ....................24 ........................................25 ....................26 ....................27 ....................28 ....................29 ....................30 ....................

26.80 @,27.00 26.80@27.00

SUN 26.60@26.70

HOLI 26.50@26.60

26.5026.5026.50

SUN26.2026.50

26.50 26.30

26.30 @26.40 26.30@26.60 26.30@26.60

SUN 26.50@26.60 26.50@26.60 26.60@26.70

26.5026.5026.50

SUN26.5026.5026.50

HOLI26.5026.50

27.10@27.3027.10@27.30DAY26.90@27.00DAY26.80@26.90

26.8026.8026.80

DAY26.50@26.80

26.8026.60

26.C0@26.7026.60@26.9026.60@26.90DAY26.80@26.9026.80@26.9026.90027.00

26.8026.8026.80

DAY26.8026.8026.80

DAY26.8026.80

28.10 28.10

SUN 27.70@27.90

. HOLI27.6027.6027.60

27.50@27.60SUN

27.50@27.6027.2027.2027.20

27.20@27.4027.40@27.60

SUN27.00@27.60

27.6027.7027.7027.7027.70

SUN28.0028.0028.00

HOLI28.0028.00

28.4028.40

DAY28.00@28.26DAY

27.9027.9027.90

27.80@27.9GDAY27.80 @27.90

27.5027.5027.50

27.50@27.7C27.70@27.9CDAY27.30@27.9C

27.90 28.00 28.00 28.00 23.00

DAY28.3028.3028.30

DAY28.3028.30

27.20@27.3027.20@27.30

SUN27.10@27.20

HOLI27.10@27.20

27.0027.0027.00

SUN27.0027.00 26.80 26.80

26.80 C-D27.00 26.80@27.00

SUN 26.80@27.00

27.2027.3027.3027.3027.30

SUN27.3027.3027.30

HOLI27.4027.40

27.50@27.6027.50@27.C0DAY27.4027.50DAY27.40@27.50

27.3027.3027.30

DAY27.30 27.2027.1027.10

27.10@27.30 27.10@27.30 DAY27.10@27.30

27.5027.6027.6027.6027.60

DAY27.6027.6027.60

DAY27.6027.60

NO QUOTATIONS

NO QUOTATIONS

1414

SUN14HOLI14141414

SUN141414141414

SUN141414141414

SUN141414IIOLl1414

15 '15

DAY15

DAY15151515

DAY151515151515

r DAY151515151515

[ DAY151515

[ DAY1515

20.35@20.4020.35(1)20.40

SUN20.10020.15

HOLI20.10020.1520.10020.15 20.0520.10 20.00@20.05

SUN 19.90 19.95 19.85@19.90 19.65 19.80 III (1. -T. (10 19.95 @20.00 19.95@20.00

SUN 20.00

20.00@20.0519.90@20.05

19.90 ' 19.90

19.90@19.05SUN

20.0020.00

19.95@20.00HOLI

19.95@20.0019.90

20.45@20.5020.45@20.50DAY20.20@20.30DAY20.20@20.30 20.20@20.25 20.1020.20 20.10@20.15 DAY20.00@20.05 19.95@20.00 19.75 19.90 19.9020.10 20.05020.10 20.05@20.10 DAY

20.1020.10@20.1520.00@20.15

20.0020.00

20.00 @20.05 DAY

20.10 20.10

20.05@20.10DAY

20.0520.00

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19

New York Stock ExchangeM O N T H L Y A N D Y E A R L Y R E C O R D

The following tables furnlah a complete record of the N ew Y ork Stook Exohange transaotiona for the past m onth'and the year 1918. They need no extended Introduotlon, as they are self-explanatory. The tables embraoe every seourlty (excepting only State bonds)dealt inon the Exohange. W e give bonds first, using the olasslfloatlon adopted In the official list. The blaok-faoed letters In the oolumn headed Interest Period lndloate in eaoh oase the m onth when the bonds m ature.

In aooordanoe with the rule adopted by the N ew York Stook Exohange in 1909, all quotations for interest-paying bonds are at a prloe to whioh aoorued Interest m ust be added. The exoeptlons to the rule are Inoome bonds and bonds on whioh Interest is in default. This method of quoting bonds beoame effeotlve January 2 1909.

e a r n e r fo o t-n o te t to tablet te e Im t p age o f bonds and last page o f H ocks.

BONDSPRICES AND SALES FOR NOVEMBER AND THE YEAR TO DATE.

BONDSN Y STOCK EXCHANGE

Int. Sales inPer- Novemberiod. Par value.

U S Governm ent Securities 3X 1st Liberty Loan..1933-474a 1st Liberty Loan____ 1932 474s 2d Liberty L oa n ____ 1927-424 X b tat Liberty Loan..1932-47 4>48 2d Liberty Loan ..1927-424)48 3d Liberty Loan.........19284)43 4th Liberty Loan------19382s cona res................. April 19302s cons coup ...........April 19303s conversion series____ 1910-404a registered.................. 19254s coupon_________________1925Pan Can 10-30-yr 2s.Aug 1936

Registered......... ...............1930Pan Can 10-30-yr 2a regls.1938Panama Canal 33...... 1901

Registered.........................1901State and City Securities

Wew York City 4>4s-------19604He Corporate stock ....1964 4)48 Corporate S tock .. 1900 4X s Corporate stock Julyl967 4)48 Corporate stock ...1 965 4X Corporate s to ck ... 1963

Corporate stock____19594% Corporate stock____19584% Corporate stock____19574% Corporate s to ck .__ 1956New 4 X a ......................... 19574H % Corporate stock .. 1957 3)3% Corporate stock._1934

Tew York State 4s.........1961Highway Impt 4)4s-------1963Highway Impt 4X a------1968Canal Improvement 4a.. 1961 Canal Improvement 4a.. 1982 Canal Improvement 4s..I960Canal Improvet 4X a___1901Canal Improvet 4)48...1985 Canal Improvet 4H a .-.1946 Foreign Govt Securities

Amor Foreign Secure 5a.-.1919Anglo-French 5-year 6a............Argentine Internal 5a of 1909 Bordeaux (City of) 3-yr 08.1919 Imperial Chinese Govt

Hukuang Ry sterling 5s. 1961 Rep of Cuba 5a ext debt_.1904

0a ext debt aer A of 1914 10494Xs external loan .......... 1049

.Tomlnlon of Canada g 5a .1921Do do............. 1920Do do..............1931

French Republic 2-yr 5X8.1019 Imp Japanese Gov 4Xa 1928

2d series 4 X 8 -.................1926do German stamp

Sterling loan 4s................1931Lyons (City of) 3-year 6 s . .1010 Marseilles (City of) 3-yr 68.1910 (J 8 of Mexico external gold

loan of 1899 sinking fund 6a4a gold debt of 1904____ 1954

Paris (City of) 5-year 0 a ...1921 Prov of Alberta deben 4X 1924Vokyo City loan of 1912 5a-----United King of Gt Brit & Ire

3-year notes 5X a--------- 19196-yoar notes flXa--------- 1921Convertible notea 5X3--1919

Railroad BondsAlabama Cent. See South Ry

^lnbam a Mid. Sec Atl CoaatL Albany & Suaq. Sec Del & Hud ftllegh

80-year conv gold 4a__ I960Conv 4a Issue of 1910... 1900 East Okla Dlv let g 4a.. 1928 Rocky Mt dlv 1st 4a A . . 1965 Short Line 1st 4a g o ld ..1958 Cal-Arlx 1st A ref 4X * - -1902 3 Fe Proa A Phe 1st g 5s. 1942

Atlan Knoxv A No. See L A N Atl Coaat L tat g 4..July 1952

General unified 4X *____ 1904Ala Mid 1st guar g 5 a ... 1928 Bruna A W let gu g 43..1938

13694000545,000

5.578.0001.946.000 28312000 54307000 61143000

1,00028,000

59.00014.00011.00023.00080.00069.00017.000 7,000

21.00027.00020.0007,000

Price about Jan. 2

1918.

98.60Sale97.02Sale97.20Sale

9GX 97 X 96X 80 . . .

104 105104 10590 . . .

88X 978888

10090

93X 95X94 X 99

87 X85 X80 9085 X94 V< 95X95>< Safe83X

10,0001019996

105*101

- J -N -N

? : A - P - MMM - F -

Q - J A -O A -O Nov Tot

* - N J -D J -D M - 8 J - J J - J M - 8 M - S

M - 8 J - D M -N J - J

2,239,00015710000

6,000676,000

17,000

100,000211,000349.000

3.639.00014.00012.000

127.0001,000

634.000580.000

8,0006,000

1.939.000

1,0001.498.0002.451.0005.407.000

7.000 284,000

1.0009,000

34,000

12,0006,0009,000

11,000

22,00060,0003,000

95 Sale 88 X Sale80 ____84 X Sale

........ 67 X91X Sale 92X 95 72X 87 X93 96 X 90 X Sale89 Sale94 X Sale90 90X90 9177 Sale 74X 74X 85 Sale 85 Sale

42X . . . .------- 3583 X Sato

PRICES IN NOVEMBER.Nov. 1.

Bid. Ask.99.90 Sale 97.38 Sale97.10 Sale 97.40 Sale97.10 Sale 97.18 Sale989883

100)106)98

107X 107

94 X 9695 X Sale 94 H 95 X

101

Nov. 30.

Bid.9995 949796 90 9698 98 83

Ask.OOSale90SaleOOSale80SaIe68Sale80Sale90Sale

98106)106)

Lowest.

Sale Prices. 9S.94Nov. 30 95.70NOV. 30 94.60NOV. 30 97.40Nov. 96.36NOV. 30 96.30Nov. 30 96.76Nov. 30

105X Nov. 22 106X Nov.

99 X 99 X

Sale 103 103 103

97X 101 97 X 9897 X .........

108X 1798 . . .

98 X Sale95 X Safe87 8999X Sale

68 70X-------- 95......... 93 X79 X 8296 Sale 95 X Sale 90X Sale

103 Sale 89 X 90X 89 X 91

69 X Sale95X Sale 91X Sale 98 X Sale

56 5883X Sale82 ____72 79 X73 7785 ____i85 908 3 X .........63 8474X 80 X 82X 85X 88 X 100

32X 84X------- 859 2 X .........74X 87X

74X - - - 99 X Sale 99 X Sale60 . . .42 5098 5-lGSale

80X 82

54 X Sale 84 X Sale------- 8475X -74X 78X 73 8092 Sale 91X Sale

99 X Sale 96 X Sale89 .........____ 100X

96 X Nov. 95X Nov. 98X Nov.

102X Nov. 100X Nov. 102 Nov. 90X Nov. 91X Nov. 91X Nov.

100X Nov. 100X Nov. 82 Nov.

Bioheel.

Sale Prices100 Nov. 98.30NOV.

100 Nov. 98.90Nov. 13 98.14Nov. 12 98.40Nov. 12 98.10Nov. 12

105X106X

Nov. 22 Nov. 18

1 103 Nov. 29 , 1 103X Nov. 13

8 85 Nov. 13

98 Nov. 29

98X Nov. 2 95 Nov. 4 88X Nov. 7 99 X Nov. 2

71 X Nov

98 Nov. 29

99X Nov. 19 97 Nov. 12 89X Nov. 18

102 Nov. 7

72 Nov. 13

G2X - 55X - - - 98 X Sale82 82 X

58 6087 X Sale 85 X Sale 75X 79X------- 8678X 8275 _____90 9890X 93------- 82 X85 X Sale 85 X 90 93 ____

88 8984 X 85 X90 .........80 89

62 Nov. 26i 50 Nov. 7 98 Nov. 25

81 Nov. 6

98X Nov. 15 97 1-16 Nov. 1 100 l-16Nov.l

54X Nov. 4 84 Nov. 1 85X Nov. 30 81 Nov. 9

7S Nov. 2

92 Nov. 1 91X Nov. 182X Nov. 1 84X Nov. 18

84 Nov. 2 81 Nov. 4 98 X NOV. 8

62 Nov. 26 53 Nov. 25 99X Nov. 1581 Nov. 699)98)

105Nov. 1 Nov. 12 Nov. 15

64X Nov. 12 90 Nov. 8 85X Nov. 30 81 Nov. 9

82X Nov. 9

96X Nov. 19, 91X Nov. 1

85X Nov. 30 85X Nov. 20

89X Nov. 15 89X Nov. 12 98X Nov. 8

RANGE SINCE JAN. 1.Lowest. Highest.

Sale Prices. 97.20 Jan. 31 93 June 4 93 June 4 93.80Aug. 17 93.10July 31 94.74Aug. 28 96.76Nov. 30 97 Jan. 29 97 X April 10

1051059897)97)8585

Feb. Feb. 6 June 24 Feb. 21 Feb. 21 June 21 May 23

87 X April 18 87X April 22 87X April 19

102 X Nov. 21 93X April 18 93 April 18 85 April 18 85 April 22 85 April 10 85 Jan. 3 93 X April 19 93X April 23 76 April 24

July 25 Jan. 10 June 1 April 2; Oct. 30 April 25 Jan. 11

104X June 12

Sale Prices. 102.50Aug. 22 98.50Oct. 10

100 Nov. 8 OO.OOOct. 10 98.14NOV. 12 99.lOMay 19 98.10Nov. 12 99 July 31 98X Aug. 7

107 Aug. 19 107 Aug. 2198 June 24 9SX Aug. 599 July 23 85X Oct. 25 89 Sept. 27

94 X April 9 88X Jan. 2 78 Jan. 8 84 Jan. 4

53X Mar. 26 90X Jan. 8 90X Jan. 25 80 Mar. 18 93X April 23 90X Jan. 2 88X Jan.94 Jan.80 X April 18 83X May 2 77 Jan. _ 73X June 28 84 Jan. 4 84 Jan.40 Jan. 25 40 Oct. 14 81X June 13

98X Nov. 29 98X Nov. 23 99 X Nov. 30 03 X Nov. 25

103X Nov. 13 103X Nov. 14 93X Nov. 15 93 Nov. 21 93X Nov. 25 90X July 31

103 Nov. 29 103X Nov. 1385 Nov. 13 99 July 25

*107XFob. 27 101X May 28 9SX July 15 98X Au. I 97 X Oct. 30

108 X Aug. 5104 X June 12

68 Jan. 3

95X Jan. 91X Jan. 97X Jan. 2

51 July 2679 Sept. 2780 April 16 71X April 8 73X June 19 70 Sept. 20 71X Oct. 9 82 April 17 91X Aug. 26 79 June 20 74X Oct. 10 79 Mar. 27

99 X Nov. 19 97 Nov. 1289 X Nov. 18

102 Nov. 7

72 Nov. 13 100 May 27 94 X May 23 84 April 22 99 Nov. 14 97 X Nov. 12 99 Nov. 14

L04X Nov. 8 92X Jan. 31 92X Jan. 3190 Nov. 13 76 Feb. 14

102X Nov. 7103 Nov. 1262 Oct. 19 53 Nov. 25 99X Oct. 19

82 X July 8

99X Nov. 1 98X Nov. 12

105 Nov. 15

64 X Nov. 12 90 Nov. 8 85 X Nov. 30 81 Nov. 9

June 19 Nov. 9 May 16 Nov. 19 Aug. 26 June 20 Nov. 30 Nov. 20

77 July 81 8974 Oct. 10! 8995 X June 4] 9878 Oct. 9| 78

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 BONDSSTOCK EXCHANGE RECORD [Vo l . 107.

BONDSY STOCK EXCHANGE

Int.Period.

A lla n t ic C oast L in e (C on.) C h arls A Bar 1st g 7 s 1936 L A N co lla t go ld 4 a .O ct 1932 gu v F la A W 1st g 6 S . . . 19341st go ld 3a___________ 1934A l U u A D a n v . See S o u th n R y AUJtlu A N W . See So P acific S a U l A O Pr lieu g 3*6*-1028 R e g i s t e r e d . . ................... ..........G old 4 s ........... ...............Ju ly 1948R e g is te r e d -------- -----------------iO-yenr con vert 4 * 6 s 1933 R efund A gen 3s sor A . .1 9 9 3P litsb June 1st g 6a------ 1922P itta J et A M D 1st g 3J6s 23 JPLEAW VaSys ref g 4 S ..1 9 4 1 k! W D1t 1st gold 3 s - 1 9 2 3 C O R eorg 1st con g 4*6s 1930 C lev Lor A W con 1st g Ba 33 M on R 1st guar go ld 5 s . 1919 Ohio K ir R R 1st 3 a . . . 1936G enernl gold 3 s_______1937P itts C iev A T o l 1st g 6a . 1922 U t l l Rv 1st gu k 4*g.........

89 Sale 86

76 Sale

78*6 Sale 83*6 Sale

83*6 89*6____ 7585 Sale85*6 . . . .

'91*6 80 90

100*6 ____

89*6 100*6 77*6 92*6

99*6 105 99*6 107*6

81 95*6

80

88*659*6 79. . . . 101*6 83*6 92 82 95*6

103*6 106*6 100 *6 102 97*6 100 94*6 101 *6 92 . . .55 6577 8 6 * 696*6 98*6____ 9675 Sale70*6 Sale 78*6 Sale ------- 78

8282*696*6

Bid. Ask,110*6.........78*6 Sale

105 105*693*6 98

........ 54*642*6 Sale 99 10173*6 Sale65*6.........81*6 83*676*6 .........99*6 Sale95*6_____91 92*6

PRICES IN NOVEMBER.

Nov. 1. Nov. 30.

89*6 Sale78*6 Sale84 Sale 84*6 Sale9 7 *6 .........82*6-------75*6 Sale 86*6 8656,85*6-------92 *6-------

61 66

99*6 107 99*6 10787 h ......... 87*676*6_____ 76*685 _____ 8 6 * 6

100*6 10136 101 Sale 100,16 101 *6 101 ____

Bid. Ask.I l l ____79*6 80

107*6____93*6 - - - -

Lowest.Sale Price*.

78 Nov. 1

91 91*683)6 Safe"84 Sale 8 8 Sale9 2 *6 -------80*6 8 8 * 6 79 8087 87*68 5 *6 -------9 4 *6_____

89 Nov. 678*6 Nov. 1

95*689996 6 67*6

90 91*6

80 84

98 ____93 Sale

71*6 768 6 *6 ------85*6 . . . . 87 ____8 2 *6 ------

103*6 10598*6 99 9 5 *6 ------

____ 8585*6 - - - - 96*i 97____ 9579*6 Sale

------- 79*679*6 Sale 85*6 Sale 73 78

95 96*6

80 93*6

83*6 Nov. 1 84*6 Nov. 2

Highest.

Sale Pricet

81*6 Nov. 14

92*6 Nov. 1987 Nov. 138 8 Nov. 13 92*6 Nov. 12

8 6 Nov. 12 8 6 Nov. 12 75 Nov. 2 83 Nov. 8 8 6 * 6 Nov. 6 8 8 * 6 Nov. 12

65 Nov. 14

101 Nov. 30

95*6 Nov. 7

82*6 Nov. 21

99*6 - - 92 93*6; 93 Nov. 22

80 72*6 Nov. 772*6 86*68 5 *6 --------- -8 7 *6 ......... !-----------------84*6 8 8 * 6 87*6 Nov.

107 108 1106*6 Nov..........106*6____________99*6 100 98*6 Nov.

68 Nov. 27

101 Nov. 30

100 Nov. 12

84 Nov. 15

94*6 Nov. 1672*6 Nov. 7

18 87*6 Nov. 18 7,108*6 Nov. 15

9375

22 98*6;Nov. i 6

9 1 *6 ......... 91*6 Nov101 105 9036 Nov

2 2 9 1 36 Nov. 22 6 101 Nov. 27

81 83 78*6 Nov. 281*6 82 | 79*6 Nov87*6 Sale 8536 Nov 75*6 77 j 75 Nov 88 _____!----------- - -

8 6 Nov. 121 85*6 Nov. 12 1 90*6 Nov. 12

22 75 Nov. 22

74 . . .6 6 * 6 82*6

------- 97*673 .........

72*668*6

70*6 Nov. 22; 76*6 Nov. 22

52 ____40*6 Sale

100

81302397

Sale3330

10184*6

18,00016,000

4,00017.00020.000

____ 74____ 75____ 9051 ____

8 2560*6 Sale95*6 102

99*675 78

7285

79 Sale 79*6 Salo 6 8 * 6 Sale 77*6 Sale

........ 77*6

........ 84*75 7875 Sale94*6 8 8 * 6 98 94*6 98

____ 8597*6 106*6 97*6 108 96*6 100*6 93*6 101 07*6 . . .85 . . .81*6 88

83*6 Sale 87 Sale_____ 28 29 *6 ,Sale28 Sale 28 30

100 101 100 ____. . 84*6 73 84*6

76*6 Salen67*68476*698*69892*6

73*653*64199*678*6

- 9236 - - - ............................................

62 1 41*6

101 j80*6,

40 Nov. 251 44*6 Nov. 12 99*6 Nov. 29' 99*6 Nov. 29 70*6 Nov. 1 , 78*-6 Nov. 29

RANGE SINCE JAN. 1.Lowest.

Sale Price*.

69*6 Oct. 3

85*6 April 18 73*6 Sept.'17

Highest.

Sale Pricee.

81*6 Nov. 14

92*6 Nov. 19 87 Nov .13

75*6 Sept. 5 75*6 Oct. 3

Oct. 4 Mar. 2 Sept. 27

93*6 Aug. 3

8 8 May 17 99*6 Mar. 657*6 Sept. 17

99 Mar 15

101 May 13 99*6 April 9

85 Sept. 26

8 8 Nov. 13 92*6 Nov. 128 6 Nov." 12 83 Nov. 8 8 8 * 6 Nov. 1296*6 June 28

8 8 May 17 9*6 Mar. 06 8 N o v .27

99*6 June 22

82*6 Nov. 21

96*6 April 25 85 July 6

72*6 Nov. 7 90 May 784*6 July 16 83 Juno 27

100 May 2 100 Sept. 23 97*6 Oct. 2

100 April 6

65 Jan. 22 80 April 1 94*6 Aug. 772 Jan. 1865*6 Jan. 17 76 Jan. 18 75 Nov. 2 2

76 Oct. 25

103 Feb. 1 103*6 April 18

100 Nov. 12

84 Nov. 15

99*6 Sept. 20 94*6 Nov. 1672*6 Nov. 90 May84*6 Aug. 22 87*6 Nov. 18

108*6 Nov. 15 104 Feb. 7 99*6 Jan. 23

100 April 0

67*6 Aug. 20 94 July 16

101 Nov. 278 6 Nov. 1285*6 Nov. 12 90*6 Nov. 12 75 Nov. 22

76*6 Nov. 22

99*6'93*6

88*6S29998*693*6

89*69099*699*696

70*6 75*6 70*6 --____ 75 _____ 74*6____ 75 _____ 9056 _____ 56 __

8 6 Nov. 14 8 8 * 6 Nov. 19

98*6 Nov. 14 92*6 Nov. 22

83*6 Nov. 1 29*6 Nov. 14 28 Nov. 1

75 Nov. 14

GO" Safe 63*6 04*6! 0 0 Nov. 1

101*6 ___ 101___ 81----- 65

71 78

76*6 Sale 82*6 84 , 73 Sale 8 6 * 6 Sale ;____ 6683*6 -------75 Sale 82*6 Sale 94*6 98*693 96*6 97*672*6-------99 _____

. . . . . 108

........ 103*696 97*694*6 10082 .........76 *6 .........

79

798576*688*66680*67583 '498*69899 79*6 99*6

'98*699*699*68989

79*686

SaleSafe

70

101 Nov. 29

Sale80

104108*6101

76*6 Nov. 1 84 Nov. 4 73 Nov.8 8 Nov. 27 6 6 Nov.

Nov. 2588*6 2 ! XT 180 >6 74 Nov. 1 84 82*6 Nov. 1

98*6 Nov. 25 7836 Nov. 14

98 Nov. 6: 8 8 * 6 Nov. 20 8 8 * 6 Nov. 2

"9 6 " 8 8 * 6 Nov. 26 8 8 * 6 Nov. 2

98*6 Nov. 15 95*6 Nov. 9

89 Nov. 12 30*6 Nov. 27 29 Nov. 9

75 Nov. 14

69 Nov. 12 101 Nov. 29

82*6 Nov. 9 8 8 * 6 Nov. 12 81 Nov. 7 94 Nov. 9 06 Nov. 2 8 8 * 6 Nov. 20 81 Nov. 12 89 Nov. 9

100*6 Nov. 22 80 Nov. 8

98 Nov. 6

50 Feb. 15 53 Oct. 30 35*6 April 18; 473-6 Jan. 7 97*6 Jan. 29; 99*6 Feb. 8 71*6 Oct. 1 78*6 Nov. 2980 Sept. 18 8 8 * 6 Nov. 19

98 May 4 99*6 Oct. 397 Jan. 19 99*6 Oct. 1889*6 Sept. 19 95*6 Nov. 991 Mar. 12: 91 Mar. 1278 Sept. 27! 89 Nov. 1225 April l! 30*6 Nov. 2722 May 8 , 30 Aug. 1398 Mar. 8 101 Mar. 2072 Aug. 20 72 Aug. 2070 Feb. 1 75*6 Oct. 28 72*6 Oct. 17 72*6 Oct. 17 75 Nov. 14 75 Nov. 14

64 Feb, 18 69 Nov. 1298 Feb. 19 101 Oct. 29

70*6 Aug. 20 70*6 Jan. 17 64*6 Jan. 14 74 Juno 17 60 Sept. 20 77*6 Oct. 3 60*6 May 2 71*1 Feb. 27 97 Jan. 31 92 July 8 9 5 * 6 April 30 74*6 July 25 97*6 Aug. 1398 Jan. 31 98 Jan. 31 95 Sept. 4 100 July 10 97*6 April 8 97*6 May 16 85 April 12 88*6 Nov. 26 81*6 Jan. 10 88*6 Nov. 27

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 BONDSSTOCK EXCHANGE RECORD [Vol. 107.

, B O N D SN Y STOCK EXCHANGE

Ini, Period. 1

Sales inNovember \ir value.

Price about PRICES IN NOVEMBER. RANGE SINCE JAN. 1.

1918. Nov. 1. Nov. 30. ( Lowest. Biaheet. Lowest. Hiokeet.

Denv A R Q (Concluded)Bio Or Sou, 1st, g, 4a__ 1040 . - J

- J- J

* - 0

-D-D

tt-N- J

4 , - 0 \ - O

J - J

M -N M - S M -N M - S M - S

S $ Bid. Ask.40 .........

Bid. Ask. Sale Prices. Sale Prices. Sale Prices. Sale Prices.

HloGr West, 1st, g, 4a*.1939 M A coll tr, g, 4a,8erA, 49

Des M 4 Ft D, See M 4 Bt L Det A Mack, lit lieu g 41.1993

Gold 4a 1993

31,0002,000

65 66% 52 Sale

68% Sale 57% 03%CO 67)4

_____ 89

71 73%6 3 % .........

68% Nov. 1 61 Nov. 8

75 Nov. 25 61% Nov. 8

63 Aug. 26 50 April 15

75 Nov. 25 61% Nov. 8

67 75____ 89

Detroit River TunuelDot Term Tuuuel 1st 4%s 61

DulMlssabo A Nor gen Oa.1941 Dul Sc Iron Range, lat 3 s .. 1937

Reylatered 1937

52,000 72 79 92% 99%' 86 101

79 Va 82 9 3 % _____

83% 83% 93% . . .

80% Nov. 4 83% Nov. 29 73 April 20 90% June 7 97 May 14

83% Nov. 29 97% May 22

100% Nov. 810,000 9 0 % ------- 95 100% 100% Nov. 8 100% Nov. 8

Duluth Short Line. See Nor P Dal So Shore A Atl, g, 08..1937Kjaat of Minn. Sea 8 P M A M ait Tenn Reor lien. See So Ry Rail Tenn Va A Ga. See So Ry &Igla Jol A Eaat, lat g O s..1941 Elrla lat consol, gold, 74.1920

H Y 4 Erie 1st ext, g, 4s 1947 2d, ext, gold, 8s___ 1919

81 85

85 102 99 % 103 73 98% 9 2 % _____

80 ......... 80 _____ 82 Jan. 18

90 Juno 21 100 April 4 78 April 22 96% Mar. 11 93% Jan. 11

87 Mar. 6

99 Nov. 18 101% Nov. 29 78% Oct. 4 96% Mar. 11 95 Jan. 10

7,00020,000

9 2 )4 _____ 99 99 Nov. 18 100 Nov. 7

99 Nov. 18 101% Nov. 29100 " 100%

80 Ya_____166 161% 8 0 % .........

9 6 )4 _____ 96% 100 90 . .

) _8d, ext, gold; 4 % l____19234th, ext, gold, Ca 1920

...1 ". 95 80 _____A -O J - D

91)4 - - - - 96 _____ 96% 99% 81 _____0th, ext, gold, 4a_____1928 8 0 % .........

H Y t E d c W * fund. 7.1920 . Srle lat con g prior 4a. ..1996

RegisteredM - S J - J J - J J - J J - J F - A A - O A -O A - O M -N J - J J - J J - J A -O M -N J - J M -N J - J P - A F - A M -N A -O J -D

J - J J - .1 A -O A -OA -O

.1 -D J - J J - J

A -O

J - J Q - J J - J J - J

J - J J - J J - J J - J J - J J -D J -D J - J A -O J - J J - J J - J J - J - J J -DFeb Feb

J - J J - J

J - J J - J A -O P - A

J - J

J - J - J J - J J - J A -O A -O M - 8 A -O A -O M - N J - J M - N M - N J -D J - J J - J J - J F - A F - A J - J J - J J - J J - J F - A F - A

9 6 )4 ......... 100 _____ 100% July 3 65 Mar. 25

100% July 3 79 Nov. 1289,000 67^ Sale 71 Sale 73J4 74 70 Nov. 1 79 Nov. 12

lat consol gen lien g 4a 1990 238,000! 57 Safe _____ 73

58% Sale 59% Sale 58 Nov. 1 64% Nov. 12 49% Jan. 18 64% Nov. 12

Penn coll trust g 4 s .. . 1931 80-yr conv g 48 Ser A . 1933

Do do Ser B . 1953 Qen conr 4s Series D.1953

Ohio A Erie lat gold 8a..1982 Oler A Mahon val g 8a. 1938 Erie A Jersey 1st s f 6s . . 1938 Qenessee RIvRR 1st s f 6s 87 Long Dock cons gold 6s. 1933 O 4k RR Co lat cur gu 6a 1922 D A Impt Co lat extd 8a 1943 NYAGreenw L guar g 8s 148 NYSusq&W 1st ref g 8s. 1937

12,000172.000224.000735.000

1,000(

. . . 82)4 78% 79 51 53 51 Sale 53 Va Sale 92 Sale 80 . . . .

8 2 % _____ 79% Nov. 6 51% Nov. 2 51 Nov. 1 52% Nov. 30 92 Nov. 1

81% Nov. 1458 Nov. 1359 Nov. 12 62 Nov. 12 92 Nov. 1

75% Feb. 5 42 Jan. 24 42% Jan. 24 43% Feb. 9 82 Sept. 25

81% Nov. 1458 Nov. 1359 Nov. 12 62 Nov. 12 93 Jan. 14

48 50'"49 Sale50.....Sale

.........100

52% Sale 52% Sale 57 57% 96 100 80 _____

87,000 95 97.........103 %

98 98% 97 103

105 .........101% 102 87 102

105 .........98% Nov. 2 102 Nov. 29 98 Oct. 25

90 Aug. 14102 Nov. 29 98 Oct. 24

100)4 109 - - 103 99 _____ 90 _____ 103. Jan. 14 103 Jan. 14- - - - 95 8 2 % _____ 85 .........

85 80 88 7 6 % .........

8 5 % _____2,000 70 ' 79 70' 80 78 Nov. 29 78 Nov. 8 74 Jan. 21 81 Oct. 8

6 97

94 Nov. 1 94% Nov. 1 89 Nov. 7

96% Nov. 7 94% Nov. 1 92% Nov. 27

92 Mar. 25 91% Mar 85 Sept. 25

90% Nov. 7 94% Nov. 1 92% Nov. 27lit A refund 4%s Ser A . 1961

Registered . _ lQfil83^ 97 % 92 92%

Bt Paul Minn A Manitoba Consol mortgage 4 s ...1933lat consol gold 0s.........1933

Registered. in.tfl81% 97 %99 J4 113 9 9 % .........

8 4 % ......... 8 7 % _____ 86% Mar. 106 Oct. 9

89% April 22 111 Nov. 142,000 103 108

99 Va.........108% .........105 _____

111 Nov. 14 111 Nov. 14

Reduced to gold 4%is_1933 1,000 9 4 '" 99 85 99 79)4 89 78 % 89

91% 95 85 99 86% 99 8 0 % _____

92% 103% 89 99 89% 90% 85 ____

91% Nov. 4 91% Nov. 4 91% Aug. 10 95 May 1

Mont Ext 1st gold 4s. 1937 20,000 88% Nov. 20 89% Nov. 21 81% Jau. 16 89% Nov. 21

Pac Ext sterling gu 4s. 104C a Ry M No Dir 1st g 4s. 1948Mlnneap Un lstg 6s____192:Mont C 1st gu g 0s 1937

7 6 % .........3,000 75J4 80

9 9 % .........83 _____ 80 Nov. 4 80 Nov. 4 80 Nov.

100% May 13 104% Sept. 23

80 Nov. 4 100% May 13 108 Nov. 14

99)4 . . 100% _____3,000 99)4 - 106' " ......... 108% ......... 108 Nov. 14 108 Nov. 14

Registered 1937 107 ' .........lat guar gold 8a 1937 99)4 - 9 3 % _____ 9 S % ......... 92% Mar. 26 95 Aug. 8

Registered . . . 1937 9 6 % _____Will A S F 1st gold 8 s . . .1938

Treenbrler Ry. See Ches A O B7 * W deb eta A ($100 par

Debenture ctfs B (par $100) OAShl 1st ref A ter 8s g Feb 62

Registered ____ Feb 1952

91)4 94 . . . . 9 7 % .........

79)4 ......... 79% ......... 79%714 0)4

74% 808 9Va

75% 76%8 10 "

78% 81%7 May

75 Juno 139% May 14

83 Jan. 116,000 81% Nov. 15 83 Nov. 15

Ofock Val 1st con g 4%a._199fi 114 Registered . 199*ld- Option

STOCKSPRICES AND SALES FOR NOVEMBER AND THE YEAR TO DATE.' , . l *C1C0,T^ n ^ a ra,e ot *ha st0Gk Exchange effective Oct. 13 1918, all itocka are now quoted dollar* per (hare.Prlce.s are on basis of lJO-ahara lots. Exceptions of itooks whloh B ell only In a s m a l l way are noted by the latter a. Option sales are disregarded.

STOCKSN V STOCK B XCH OE

ParAlbany A SusquehannalOO Allegheny A West gu--100 Atchison Top A S Fe . 100

Preferred................-.100Atlanta Blrm A A tl . . . 100 Atlan Coast Line R R ..100Baltimore A Ohio.........100

Preferred ....................100Brooklyn Ran Transit, innCanada Southern_____100Canadian Pacific------- 100Central of New Jersey. 100 Chesapeake A Ohlo.__100Chicago A Alton R R 100

Preferred___________ 100Chic Great West_____100

Preferred....... ............. 100Chic Mllw A St Paul 100

Preferred................-.100Chicago A North W est.100

Preferred.................... 100Chic Rock Isl A Pac (new).

7% preferred..--------0% preferred...............-

Chic St P Minn A Om.100 Clev Cln Chic A St L 100

Preferred___________ 100Colorado A Southern.-100

First preferred------- 100Second Preferred___100

Delaware A Hudson-. 100 Del Lack A W estern.. 80 Denver A Rio Grando. 100

Preferred.................... 1 0 0Detroit United R y____100Duluth 8 S A Atlantic-100

Preferred......... .......... 100E rie .................................100

Flr*t preferred.........100Second preferred.-.100

Great Northern, pref-.100Iron ore properties-------

Gulf Mob A Nor stk tr ctfsPreferred______________

Illinois Central.............. iuuinterboro Cons Corp v t c

Preferred __________iooIowa Central.................. iooKansas City Souhteru. loo

Preferred.............. iooKeokuk A Des Moines 100

lowest.

Sale a 180 alOl

81 80

7% 89% 49 53 30

a41 135 202 49%

RANGE SINCE JAN. 1.

Prices. July 13 Nov. 22 Mar. 23 Jan. 30 Nov. 30 April 22 Jan. 24 April 25 June 26 May Mar. 25 April 23 Jan. 15April 17 Nov. 12 April 9 April 13 April 22 April 11 Mar. 25 July 15 April 22 Jan. 15 Jan. 15 Sept. 25 Feb. 21 May 7 April 22 April 3 April 4

April 11 April 17 Jan. 4 April 23 April 6 Feb. 1 May 2 April 17 Jan. 16 Jan. 25 Jan. 15 Jan. 15 Mar. 5 Mar. 8 Jan. 7 Sept. 23 Sept. 16 Jan. 5 April 17 Jan. 5 Oct. 22

Highest.

Sale'Prices. al85 i Nov. 26 alOl Nov. 22 99% Nov. 12 92%?Nov. 12 10%lTune7l5

109 gNov. 20 62 Nov. 12 64% Nov. 13 48%f.Tan. 2

a49 Aug. 30 174% Oct. 14 220 Oct. 18 62% Nov. 12

11 Nov. 12 18 |Nov. 12 11 1 Nov. 1232 ' Nov. 12 54% Sept. 7 86%; Nov. 12

107 Nov. 9 137 Jail. 29 32% Nov. 1288 Nov. 1275 Nov. 1278 Oct. 1940 Nov. 870 Nov. 2227% Nov. 1255 Nov. 447 Oct. 23

1119% Nov. 12185 Sept. 4' 7 Nov. 2113%Jan. 90 Jan.

4% Oct. 8 % Nov.

23% Nov. 36% Nov. 27% Nov.

106% Nov. 34% Nov. 10 May 35 Nov.

Nov. Jan.

47% Jan. Nov. Nov.

)% Nov. .Tan.1*

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 STOCKSSTOCK EXCHANGE RECORD [Vol. 107.

STOCKSY STOCK BXCHdE

SALES TO DEC. 1In Since

November Jan. 1.Par

Like Erie 4 Western--100Preferred___________ 100

Llblsh Valley__________SOLouisville 4 Nashvills.lOQ Manhattan Railway.-100

Guaranteed stock__ 100Michigan Central_____100Mmneap 4 3t L (new). 100M 8 t P 4 8 8 M ........... 100

Preferred___________ 100Leased line certifs 100

Mo Kansas 4 Texas... 100Preferred___________ 100

Missouri Pacific tr ctf 100Preferred tr ctfs------100

Morris & Essex________ 60Nashv Cliatt 4 St L ___100Nat Itys of Mex 2d pf.100 M Orl Tex 4 Mex t t c . 100New York Central------100N Y Cldc 4 St Louis.-100

1st preferred________100Second preferred 100

S Y N II 4 Hortrord-.100 >' Y Ontario 4 West 100

Norfolk Southern_____ 10pNorfolk 4 Western____10U

Pref (adjustment) 100Northern Pacific------- 100Pennsylvania---------------60Peoria 4 Eastern--------100Pere Marq r t r ------------100

Prior pref v t r_____ 100Preferred y t r____-.100

Pitts Cln Ch 4 St L 100 Pitts Ft W 4 Chicago. 100 Pitts 4 W Valnt cttetoo

Preferred lut ctfs------100Sending Company____60

First preferred------- 50Second preferred... 80

Rensselaer 4 Saratoga. 100 at Lou-San F tr ctfs 100

Preferred A tr ctfs . . 100St Louis Southwest___100

Preferred___________ 100Seaboard Air Line____100

Preferred___________ 100Southern Pacific Co__ 100Southom Railway------100

Preferred___________ 100Texas 4 Pacific______ 100Third Are......................100Toledo St L 4 Western 100 Tol St L 4 W trust reels.

Pteforred trust rec____Twin City Rapid Tran.100Onion Pacific_________lOf

Preferred__________ 101United Ryi Investment 101

Preferred___________ 100Wabash_______________100

Preferred A _________100Preferred B _________10Q

Vest'd Maryland (new) 1002d preferred_______ 100

Western Pacific_____,..100Preferred-----------------100

Wheel 4 L E Ry........ 100.'referred___________ 100

Wlaconsln Central------100laduatrlal and MlacellanAcme Tea, 1st pref____100,vdam Exptess--------- 100Advance Rumely_____100

Preferred___________100Alax Rubber Inc...........60Alaska Gold Mines------- 10Alaska Juneau Gold Mg 10 Allla dial Mfg v t 0.100

Preferred v t o______100Airier Agrlcul Chem___100

Preferred___________ 100American Beet Sugar..100

Preferred_______ ...1 0 0American Can________ 100

Preferred___________100Amer Car 4 Foundry. . 1O0

Preferred_________L.100American Cotton Oil... 100

Preferred___________ 100American Express____100Amer Hide 4 Leather. 100

Preferred.............. 100American Ice (new)___100

Preferred___________ 100Amer Internal Corp__ 100American Linseed------100

Preferred___________ 10oAmerican Locomotive. 100

Preferred___________ 100American Malting____100

1st preferred________100First pref ctfs of deposit

Amer Shipbuilding____100Am Smelt Sec pref A stpd amer Smelt 4 Refln.100

Preferred___________ 100American Snuff______ 100Amer Steel Foundries. 10U American Sugar Refln. 100

Preferred, new_____1O0Am Sumatra Tobacco.100

Preferred___________ 100Amer Teleg 4 Cable. .100 Amer Tclerh 4 Telcg.100American Tobacco____100

Preferred, new_____100Amer Woolen of Mass. 100

Preferred___________ 100Am Writing Paper, pf.100 Amer Zinc. Lead 4 flra 23

Preferred____________28

Shares.3,700

10041,700

2,2003,846

2522,800

1,450214100

12,2005,100

180,25012,300

1007.0008.000

86,5103,700

400500

78,3506,600

60014,800

69,40040,5505.500

17,7002.500 3,200

3005

109.900 4,100

269.900 1,400 2,000

30.800 1,400 1,000 1,550

21,90011.800

,161,305 230,500

18.30048.300 11,650

1,000400300

139,3909.000 2,800 2,100

31,12030,400

3,27454,800

1.400 6,5005.400

25,2001,7001.000

501.400

25.50023.400

1,00080.40086.400 23,5092,8809.400 1,150

34.1001,210

114,3004,12043,200

1.400 15,700

300700

12,80028,80011.400 5,500

23,80037.50010.10030,250

1,2202,000

- 8001.400

537323,200

1,980425

54,00015,200

1,018107,320

1,100115

40,5152,1001,330

15,1201,9503,7005,400

400

Shares.8,5102,100,

141,41123,72.12,936

5319..

62,31512,031

1,13910

54,7815,10

732,65186,401)

140377

21,55

6,97(1,00(

Price about Jan. 2 1918.

PRICES IN NOVEMBER.

Nov. 1. Nov. 30. Lowest. Highest.Bid. Ash. Bid. Ask. Bid, Ask. Sale Price*. Sale Prices

9 12 954 Sale 10 11 954 Not. 1 11(4 Nov. 1320 25 20 25 20 22 25 Nov. 6 25 Nov. 657 Sale GO % Sale 60 Sale 56% Nov. 26 65(4 Nov. 12

111% Sale 113 118 116(4 124 116 Noy. 25 124(4 Nov. 12100 Sale 98 Sale 97 100 98 Nov. 6 103(4 Nov. 12

109 - 91 % 85% 920H Sale 10(4 Sale 1254 Sale 10% Nov. 1J 15% Nov. 1287 90 94 Sale 93 Nov. 6 97(4 Nov. 12

106 111 113 Nov. 1458 70 55 70 62 Nov. 22 02 Nov. 22

6(4 Sale 554 Sale 5(4 Sale 5% Nov. 26 6(4 Nov. 128% . 9(4 10(4 Sale 11 12 10(4 Nov. 1 13(4 Nov. 12

24 y, Salo 25(4 Sale 26(4 Sale 24% Nov. 25 31(4 Nov. 1245 Sale 57(6 Sale 58 Sale 55% Nov. 27 02 Nov. 9f_____ 85 08% 89 08% 89

110 122 n o 120 110 120 119(4 Nov. 12 119(4 Nov. 12......... 8 8(4 8(4 9(4 8% Nov. 23 10% Nov. 021 23 28(4 Salo 32 33 28% Nov. 1 35 Nov. 971(4 Sale 79 Sale 78(4 Sale 75 Nov. 25 84% Nov. 1216 Sale 21 23 31(4 Sale 22 Nov. 14 34 Nov. 1952 65 56 65 00 70 64% Nov. 15 65 Nov. 1041 48 45 49 42 50 45 Nov. 15 48 Nov. 1532(4 Sale 39 Salo 35 Salo 33% Nov. 20 42% Nov. 821 y Sale 22(4 Sale 21 Sale 20(4 Nov. 20 24j| Nov. S__ 10 Nov. 12

104 Ye Sale 108J4 Sale j'106(4Sale il03 Nov. 29 112(4 Nov. 1270 85 72 80 78 80S6(4 Sale 93 Sale 96 Sale 92 Nov. 25 105 Nov. 1247H Sale x48 Sale 46(4 Sale 46(4 Nov. 25 50(4 Nov. 120 9 5 6 5 6 (4 5% Nov. 23 6(4 Nov. 12

12% Sale 16(4 Sale 1654 Sale 15 Nov. 1 18(4 Nov. 1255 Sale 00 Nov. 755 65 55 05 50 02 53 Nov. 29 58(4 Nov. 6

117 Vd 159(4 ____ 158 124% 143 al2o(4Nov.26 al25% Nov.2024 H Salo 34% Sale 35(4 Sale 33(4 Nov. 25 40% Nov. 1462 X Salo 78 Sale 77 79 77 Nov. 25 82 Nov. 1472(4 Sale 89 Sale 83(4 Sale 81 Nov. 25 93 Nov. 835 40 30 (4 37(4 (37 Sale j 37 Nov. 30 38(4 Nov. 12

| 30 Sale 38 39(4 3854 Salo 38 Nov. 25 39% Nov. 4118 130 118 _ _.

1 4 " Sale 1254 Sale . 1354 Sale 12(4 Nov. 2 17 Nov. 12| 30 Sale 26 29 30 Sale 30 Nov. 20 33(4 Nov. 12

25 28 19 24 19(4 24(4 19% Nov. 25 25 Nov. 1240 Sale 35 38 35 37 37% Nov. 7 40 Nov. 12

7 % Sale S54 Sale 954 Sale 8 ( 4 Nov. 1 12 Nov. 121 8 H Sale 2 0 5 4 21(4 20(4 21 19% Nov. 25 25% Nov. 1283(4 Sale 103 Salo (102(4 Sale x97 Nov. 29 110 Nov. 724 U Sale 30(4 Sale 30 Sale 27(4