This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices in the United States since 1856 Volume Author/Editor: Frederick R. Macaulay Volume Publisher: NBER Volume ISBN: 0-87014-032-9 Volume URL: http://www.nber.org/books/maca38-1 Publication Date: 1938 Chapter Title: Appendix A Tables Chapter Author: Frederick R. Macaulay Chapter URL: http://www.nber.org/chapters/c6350 Chapter pages in book: (p. 241 - 548)
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
This PDF is a selection from an out-of-print volume from the NationalBureau of Economic Research
Volume Title: Some Theoretical Problems Suggested by the Movementsof Interest Rates, Bond Yields and Stock Prices in the United Statessince 1856
Volume Author/Editor: Frederick R. Macaulay
Volume Publisher: NBER
Volume ISBN: 0-87014-032-9
Volume URL: http://www.nber.org/books/maca38-1
Publication Date: 1938
Chapter Title: Appendix A Tables
Chapter Author: Frederick R. Macaulay
Chapter URL: http://www.nber.org/chapters/c6350
Chapter pages in book: (p. 241 - 548)
APPENDICES
(1
RAILROAD AND BOND YIELDS A3
APPENDIX A
THE FIGURES for the cyclical and cycle-eliminating curves and othermathematical material presented in Appendix A are, in most in-stances, given to at least one more decimal place than are theoriginal data on which they are based.
In some of the mathematical material (such as the sigma equa-tions of Tables 7 and 8 and the sigma 'slopes' of Table 9) extradecimals are given because cumulative multiplication was one ofthe purposes for which the material was calculated and, with suchcumulation, if the number of decimals be'too small, accuracy de-creases rapidly. But the primary defense of such a procedureas calculating and printing one more decimal in a. graduation (andin the deviations of the data from that graduation) than occur inthe original data is that some readers may be interested in thegraduation from a purely mathematical standpoint. While theeconomist might' ask (particularly as to deviations) why moredecimals were included than are warranted by the accuracy ofthe data and the adequacy of the graduation formula, the studentof graduation per se might as reasonably inquire why the extradecimal was dropped. He might well be primarily interested instudying the significance and mathematical peculiarities of theresults obtained by using the formula; and, for most phases ofsuch a study, the complete accuracy and even representativenessof the data would be assumed—if not considered irrelevant. Formost of his analytic problems, the data are mere mathematicalpremises and not economic observations.
RAILROAD BOND YIELDS A5
TABLE 1
IDENTIFICATION TABLE OF AMERICAN RAILROAD BONDS
This is a table to be used with Tables 2 and 3. Table 3 containsthe identification numbers of Table 1, and also an abbreviated descrip-tion. In Table 2 identification numbers only are given.
Table 1 consists of the exact name of each bond and informationconcerning security, medium of payment (gold or currency), date ofissue, date of maturity, amount and dates of interest payments, whetherbond is registered or coupon, and convertible or callable features.
(All bonds are coupon bonds unless designated registered)
1. Hudson River Railroad 1st mortgage 7s currency.Dated Feb 1, 1849; due Feb 1, 1869.Interest paid Feb 1 & Aug 1. Registered.
2. Chicago and Rock Island Railroad 1st mortgage 7s currencyDated July 10, 1850; due July 10, 1870.Interest paid Jan 10 & July 10.Convertible into common stock of Chicago and Rock IslandRailroad at par on any interest date on or before the 10th ofJuly, 1858.
3. Lehigh Coal and Navigation Company general mortgage anddeed of trust 6s currency.
Dated Mar 7, 1842; due Mar 1, 1870.Interest paid quarterly Jan 1, Apr 1, July 1 & Oct 1.
4. Philadelphia and Reading Railroad 2nd mortgage .6s currencyDated Apr 1, 1849; due Apr 1, 1870.Interest paid Apr 1 & Oct 1.
5. New York and Harlem Railroad 1st mortgage 7s currency.Dated May 1, 1853; due May 1, 1873.Interest paid May 1 & Nov 1.
6. Lehigh Valley Railroad 1st mortgage 6s currency.Dated May 1, 1853; due May 1, 1873.Interest paid May 1 & Nov 1.
7. Morris Canal and Banking Company 1st mortgage 6s currency.Dated Oct 1, 1856; due April 1, 1876.Interest paid Apr 1 & Oct 1.
8. Eastern Railroad (Massachusetts) 6s currency.Dated Aug 1, 1854; due Aug 1, 1874.Interest paid Feb 1 & Aug 1.
9. Pennsylvania Railroad 2nd m9rtgage dollar bonds 6s currency.Dated June 1, 1854; due Mar 31, 1875.Interest paid Apr 1 & Oct 1.
10. Pennsylvania Railroad 1st mortgage dollar bonds 6s currency.Dated Oct 14, 1852; due Dec 31, 1880..Interest paid Jan 1 & July 1.
A6 APPENDIX
11. Camden and Amboy Railroad 6s currency.Dated Jan 1, 1854; due Jan 1, 1889.Interest paid June 1 & Dec 1.
12. Camden and Amboy Railroad 6s currency.Dated July 1, 1833; due Feb 1, 1883.Interest paid Feb 1 & Aug 1.
13. New York Central Railroad debt certificates or "premiumbonds" 6s currency.
Dated Aug 1, 1853; due May 1, 1883.Interest paid May 1 & Nov 1.
Note :—The term "premium bonds" does not refer to the prin-cipal of the bond. These bonds promised to pay $1,000 on May1, 1883.
14. New York Central Railroad "bonds for debts assumed" 7s cur-rency.
Dated Aug 1, 1856; due Aug 1, 1876.Interest paid Feb 1 & Aug 1.
15. Chicago, Burlington and Quincy Railroad 1st mortgage 8s curren-cy.
Dated Jan 1, 1858; due Jan 1, 1883.Interest paid Jan 1 & July 1.
16. Hudson River Railroad 2nd mortgage 7s currency.Dated Dec 16, 1850; extended Dec 16, 1860; due June 16, 1885.Interest paid June 16 & Dec 16.
17. Chicago and Northwestern Railway "preferred sinking fund" (1stmortgage, Chicago to Oshkosh) 7s currency.
Dated July 1, 1859; due Aug 1, 1885.Interest paid Feb 1 & Aug 1.
18. Philadelphia and Erie Railroad 1st mortgage 6s currency.Dated Mar 31, 1861; due Mar 31, 1881.Interest paid Apr 1 & Oct 1.
19. Galena and Chicago Union Railroad 1st mortgage 7s currency.Dated Feb 1, 1852; extended Feb 1, 1862; due Feb 1, 1882.Interest paid Feb 1 & Aug 1
Callable at 105 on Feb 1, 1877.20. Michigan Southern and Northern Indiana Railroad 1st mortgage
7s currency.Dated May 1, 1855; due May 1, 1885.Interest paid May 1 & Nov 1.
21. Cleveland and Toledo Railroad 1st mortgage 7s currency.Dated July 1, 1855; due July 1, 1885.Interest paid Jan 1 & July 1.
22. Connecticut and Passumpsic Rivers Railroad 1st mortgage 6s cur-rency.
Dated Dec 1, 1856; due Dec 1, 1876.Interest paid June 1 & Dec 1.
23. Buffalo, New York and Erie Railroad 1st mortgage 7s currency.Dated Oct 29, 1857; due Dec 1, 1877.Interest paid June 1 & Dec 1.
RAILROAD BOND YIELDS A7
24. Chicago and Alton Railroad 1st mortgage 7s currency.Dated Dec 1, 1862; due Jan 1, 1893.Interest paid Jan 1 & July 1.
25. Pittsburgh, Fort Wayne and Chicago Railway 1st mortgage 7sSeries A currency.
Dated Mar 1, 1862; due July 1, 1912.Interest paid Jan 1 & July 1.
26. Camden and Arriboy Railroad mortgage 6s currency.Dated Nov 1, 1862; due Nov 1, 1889.Interest paid May 1 & Nov 1.
27. Toledo and Wabash Railroad 1st mortgage 7s currency.Dated Aug 1, 1853; extended Aug 1, 1865; due Aug 1, 1890.Interest paid Feb 1 & Aug 1.
28. St. Louis, Alton and Terre Haute Railroad 1st mortgage 7s SeriesA currency.
Dated June 30, 1862; due July 1, 1894.Interest paid Jan 1 & July 1.
29. New York Central Railroad renewal bonds 6s currency.Dated June 15, 1854—7s; extended June 15, 1864—6s; due
Dec 15, 1887.Interest paid June 15 & Dec 15.
30. Morris and Essex Railroad 1st mortgage 7s currency.Dated July 1, 1864; due May 1, 1914.Interest paid May 1 & Nov 1.
31. New York and Erie Railroad 1st mortgage 7s currency.Dated July 1, 1847; extended May 1, 1867; due May 1, 1897.Interest paid May 1 & Nov 1.
32. Milwaukee and St. Paul Railway (Prairie du Chien Division)1st mortgage 8s currency.
Dated Feb 1, 1868; due Feb 1, 1898.Interest paid Feb 1 & Aug 1.
33. Lehigh Valley Railroad 1st mortgage 6s currency.Dated June 1, 1868; due June 1, 1898.Interest paid June I & Dec 1.
34. Central Railroad of New Jersey "new bonds" later 1st mortgage7s currency.
Dated 1869; due Feb 1, 1890.Interest paid Feb 1 & Aug 1.
35. Lehigh Coal and Navigation Company "railroad loan" 6s cur-rency.
Dated 1867; due Feb 1, 1897.Interest paid quarterly Feb 1, May 1, Aug 1 & Nov 1.
36. Chicago and Milwaukee Railroad 1st mortgage 7s currency.Dated 1863; due July 1, 1898.Interest paid Jan 1 & July 1.
37. Lake Shore Railway "dividend bonds" 7s currency.Dated Apr.1, 1869; due Apr 1, 1899.Interest paid Apr 1 & Oct 1.
38. Cleveland, Columbus, Cincinnati and Indianapolis Railway
A8 APPENDIX
1st mortgage 7s currency.Dated 1869; due May 1, 1899Interest paid May 1 & Nov 1.
39. Lehigh Valley Railroad 2nd mortgage 7s currency.Dated July 1, 1870; due Sept 1, 1910.Interest paid Mar 1 & Sept 1. Registered.
40. Chicago and Northwestern Railway consolidated 7s currency.Dated Jan 16, 1865; due Feb 1, 1915.Interest paid quarterly, Feb 1, May 1, Aug 1 & Nov 1.
41. Lake Shore and Michigan Southern Railway consolidated 1stmortgage 7s currency.
Dated July 1, 1870; due July 1, 1900.Interest paid Jan 1 & July 1.
42. Pennsylvania Railroad general mortgage 6s currency.Dated July 1, 1867; due July 1, 1910.Interest paid Jan 1 & July 1
43. New York and Harlem Railroad consolidated (later 1st) mortgage7s currency.
Dated May 1, 1872; due May 1, 1900.Interest paid May 1 & Nov 1.
44. New York Central and Hudson River Railroad 1st mortgage 7scurrency.
Dated Jan 15, 1873; due Jan 1, 1903.Interest paid Jan 1 & July 1.
45. Chicago, Burlington and Quincy Railroad consolidated mortgage7s currency.
Dated July 1, 1873; due July 1, 1903.Interest paid Jan 1 & July 1.
46. Cleveland and Pittsburgh Railroad consolidated mortgage 7s cur-rency.
Dated 1867; due Nov 1, 1900.Interest paid May 1 & Nov 1.
47. Michigan Central Railroad consolidated mortgage 7s currency.Dated May 1, 1872; due May 1, 1902.Interest paid May 1 & Nov 1.
48. Central Pacific Railroad 1st mortgage 6s Series A gold.Dated July 1, 1865.; due July 1, 1895.Interest paid Jan 1 & July 1.
49. Chicago, Rock Island and Pacific Railroad 1st mortgage 6s cur-rency.
Dated May 1, 1877; due July 1, 1917.Interest paid Jan 1 & July 1.
50. Chicago and Northwestern Railway consolidated mortgage 7s gold.Dated Nov 1, 1872; due Dec 1, 1902.Interest paid June 1 & Dec 1.
51. Chicago, St Paul and Minneapolis Railway 1st mortgage 6s gold.Dated May 9, 1878; due May 1, 1918.Interest paid May 1 & Nov 1.
52. St. Paul, Minneapolis & Manitoba 2nd mortgage 6s gold.
RAILROAD BOND YIELDS A9
Dated Oct 1, 1879; due Oct 1, 1909.Interest paid Apr 1 & Oct 1.
53. Nashville, Chattanooga and St. Louis Railway 1st mortgage 7scurrency.
Dated July 1, 1873; due July 1, 1913.Interest paid Jan 1 & July 1.
54. St Paul and Sioux City Railroad 1st mortgage 6s gold.Dated July 1, 1879; due Apr 1, 1919.Interest paid Apr 1 & Oct 1.
55. Chicago, Milwaukee and St Paul Railway (Southern MinnesotaDivision) 1st mortgage 6s currency.
Dated Jan 1, 1880; due Jan 1, 1910.Interest paid Jan 1 & July 1.
56. Canada Southern Railway 1st mortgage 5s Canadian currency.Dated Oct 31, 1877; due Jan 1, 1908.Interest paid Jan 1 & July 1.
57. Chicago, St Paul, Minneapolis and Omaha Railway consolidated6s currency.
Dated June 1, 1880; due June 1, 1930.Interest paid June 1 & Dec 1.
58. St. Paul, Minneapolis and Manitoba Railway (Dakota Extension)1st mortgage 6s gold.
Dated Nov 1, 1880; due Nov 1, 1910.Interest paid May 1 & Nov 1.
59. Philadelphia and Erie Railroad general mortgage 5s gold.Dated July 1, 1869; due July 1, 1920Interest paid Apr 1 & Oct 1. Registered.
60. Chicago, Milwaukee and St Paul Railway (Chicago and PacificWestern Division) 1st mortgage 5s gold.
Dated Jan 1, 1881; due Jan 1, 1921.Interest paid Jan 1 & July 1.
61. Chicago, Mil*aukee & St Paul Railway (Wisconsin and MinnesotaDivision) 1st mortgage 5s gold
Dated July 1, 1881; due July 1, 1921.Interest paid Jan 1 & July 1.
62. Chicago, St Louis and New Orleans Railroad consolidated mort-gage 5s gold.
Dated Mar 15, 1881; due June 15, 1951.Interest paid June 15 & Dec 15.
63. Pennsylvania Company 1st mortgage gold.- Dated Apr 1, 1881; due July 1, 1921.
Interest paid Jan 1 & July 1.64. New York, Lackawanna and Western Railway 1st mortgage 6s
gold.Dated Dec 1, 1880; due Jan 1, 1921.Interest paid Jan 1 & July 1.
65. Hannibal and St Joseph Railroad consolidated mortgage 6s cur-rency.
Dated Apr 30, 1881; due Mar 1, 1911.Interest paid Mar 1 & Sept 1.
AlO APPENDIX
66. New York Central and Hudson River Railroad debenture 5s cur-rency.
Dated Sept 1, 1884; due Sept 1, 1904.Interest paid Mar 1 & Sept 1.
67. Baltimore and Ohio Railroad 5s gold.Dated Jan 31, 1885; due Feb 1, 1925.Interest paid Feb 1 & Aug 1.
68. Chicago, Milwaukee and St Paul Railway, terminal mortgage 5sgold.
Dated July 1, 1884; due July 1, 1914.Interest paid Jan 1 & July 1.
69. Chicago and Northwestern Railway debenture 5s currency.Dated July 1, 1884; due Nov 1, 1909.Interest paid May 1 & Nov 1.
70. West Shore Railroad 1st mortgage 4s currency.Dated Dec 5, 1885; due Jan 1, 2361.Interest paid Jan 1 & July 1.
71. Chicago and Northwestern Railway debenture 5s currency.Dated May 1, 1883; due May 1, 1933.Interest paid May 1 & Nov 1.
72. Chicago and Northwestern Railway extension 4s currency.Dated Apr 15, 1886; due Aug 15, 1926.Interest paid Feb 15 & Aug 15.
73. St Paul, Minneapolis and Manitoba Railway consolidated mort-gage 43/2s (originally 6s) gold.
Dated May 1, 1883; due July 1, 1933.Interest paid Jan 1 & July 1.
74. Cincinnati, Indianapolis, St Louis and Chicago Railway general1st mortgage 4s gold.
Dated Aug 2, 1886; due Aug 1, 1936.Interest paid quarterly Feb 1, May 1, Aug 1 & Nov 1.
75. Pacific Railroad (of Missouri) 1st mortgage extended 4s gold.Dated Aug 1, 1868; due Aug 1, 1888 (6% coupon); extended
Feb 1, 1887; due Aug 1, 1938 (4% coupon).Interest paid Feb 1 & Aug 1.
76. Illinois Central Railroad collateral trust 4s gold.Dated Mar 31, 1888; due Apr 1, 1952.Interest paid Apr 1 & Oct 1.
77. Lake Erie and Western Railroad 1st mortgage 5s gold.Dated Feb 21, 1887; due Jan 1, 1937.Interest paid Jan 1 & July 1.
78. Wabash Railroad 1st mortgage 5s gold.Dated May 1, 1889; due May 1, 1939.Interest paid May 1 & Nov 1.
79. Chesapeake and Ohio Railway (Eastern Extension) 1st mortgage6s gold.
Dated Jan 1, 1881; due Jan, 1911.Interest paid Apr 1 & Oct 1.
80. Rome, Watertown and Ogdensburg Railroad consolidated mort-gage 5s gold.
RAILROAD BOND YIELDS AllDated July 1, 1874; extended July 1, 1882 (gold); due July 1,
1922..Interest paid Apr 1 & Oct 1 and a coupon on July 1, 1922.
81. New York, Chicago and St Louis Railroad 1st mortgage 4s gold.Dated Oct 1,1887; due Oct 1, 1937.Interest paid Apr 1 & Oct 1.
82. Chesapeake and Ohio Railway 1st consolidated mortgage Ss gold.Dated Jan 1, 1889; due May 1939.Interest paid May 1 & Nov 1.
83. Illinois Central Railroad collateral trust (Louisville, New Orleansand Texas Railway collateral) 4s gold.
Dated Sept 1, 1892; due Nov 1, 1953.Interest paid May 1 & Nov 1.
84. Chesapeake and Ohio Railway (Richmond and Alleghany RailwayDivision) 1st consolidated mortgage 4s gold.
Dated Jan 20, 1890; due Jan 1, 1989.Interest paid Jan 1 & July 1.
85. Cleveland, Cincinnati, Chicago and St Louis Railway (St LouisDivision) 1st collateral trust mortgage 4s gold.
Dated Nov 1, 1890; due Nov 1, 1990.Interest paid May 1 & Nov 1.
86. East Tennessee, Virginia and Georgia consolidated 1stmortgage 5s gold.
Dated July 5, 1886; due Nov 1, 1956.Interest paid May 1 & Nov 1.
87. Chicago, Milwaukee and St Paul Railway general mortgage 4sSeries A gold.
Dated May 1, 1889; due May 1, 1989.Interest paid Jan 1 & July 1.
88. Lake Shore and Michigan Southern Railway 1st mortgagegold.
Dated June 1, 1897; due June 1, 1997.Interest paid June 1 & Dec 1.
89. St Paul, Minneapolis and Manitoba Railway (Montana Extension)1st mortgage 4s gold.
Dated June 1, 1887; due June 1, 1937.Interest paid June 1 & Dec 1.
90. Baltimore and Ohio Railroad 1st mortgage 4s gold.Dated July 1, 1898; due July 1, 1948.Interest paid Apr 1 & Oct 1.
Callable at 105 after June 30th 1923 upon three months' notice.91. Union Pacific Railroad 1st mortgage railroad and land grant 4s
gold.Dated July 1, 1897; due July 1, 1947.Interest paid Jan 1 & July 1.
92. Chicago and Northwestern Railway general mortgage gold.Dated Nov 1, 1897; due Nov 1, 1987.Interest paid May 1 & Nov 1.
93. Chicago, Rock Island and Pacific Railway general mortgage 4sgold.
A12 APPENDIX
Dated Jan 1, 1898; due Jan 1, 1988.Interest paid Jan 1 & July 1.
94. Atchison, Topeka and Santa Fe Railway general mortgage 4s gold.Dated Dec 12, 1895; due Oct 1, 1995.Interest paid Apr 1 & Oct 1.
95. New York Central and Hudson River Railroad refunding mortgagegold.
Dated June 1, 1897; due July 1, 1997.Interest paid Jan 1 & July 1.
96. Scioto Valley and New England Railroad 1st mortgage 4s gold.Dated Nov 1, 1889; due Nov 1, 1989.Interest paid May 1 & Nov 1.
97. Lehigh Valley Railway (of New York) 1st mortgage 43/2s gold.Dated June 23, 1890; due July 1, 1940.Interest paid Jan 1 & July 1.
98. Louisville and Nashville Railroad unified mortgage 4s gold.Dated June 2, 1890; due July 1,1940.Interest paid Jan 1 & July 1.
99. Oregon Railroad and Navigation Company consolidated mortgage4s gold.
Dated Aug 17, 1896; due June 1, 1946.Interest paid June 1 & Dec 1.
100. Chicago, Burlington and Quincy Railroad (Illinois Division) 1stmortgage 33/2s currency.
Dated July 1, 1899; due July 1, 1949.Interest paid Jan 1 & July 1.
Callable as a whole at 105 and interest on any interest dateafter July 1, 1929 on six months' notice.
.101. Central Pacific Railway 1st refunding mortgage 4s gold.Dated Aug 1, 1899; due Aug 1, 1949.Interest paid Feb 1 & Aug 1.
102. Northern Pacific Railway prior lien railroad and land grantmortgage 4s gold.
Dated Nov 10, 1896; due Jan 1, 1997.Interest paid quarterly Jan 1, Apr 1, July 1 & Oct 1.
103. Norfolk and Western Railway 1st consolidated mortgage 4s gold.Dated Oct 22, 1896; due Oct 1, 1996.Interest paid Apr 1 & Oct 1.
104. Central Railroad Company of New Jersey general mortgage 5s gold.Dated July 1, 1887; due July 1, 1987.Interest paid Jan 1 & July 1.
105. Hocking Valley Railway 1st consolidated mortgage 43/2s gold.Dated July 1, 1899; due July 1, 1999.Interest paid Jan 1 & July 1.
106. Norfolk and Western Railway divisional first lien and generalmortgage 4s gold.
Dated July 1, 1904; due July 1, 1944.Interest paid Jan 1 & July 1.
Callable at 105 and interest on any interest date after January1, 1929 upon three months' notice.
RAILROAD BOND YIELDS A13
(Atlanta,gold.1955.
due Mar 1, 1958.& Sept 1.consolidated mortgage 5s gold.
107. Oregon Short Line Railroad consolidated 1st mortgage 5s gold.Dated Mar 1, 1897; due July 1, 1946.Interest paid Jan 1 & July 1.
108. Southern Pacific Railroad (California) first refunding mortgage 4sgold.Dated Jan 3, 1905; due Jan 1, 1955.Interest paid Jan 1 & July 1.
Callable at 105 and interest on Jan 1, 1910 or on any interestdate thereafter at not less than three months' notice.
109. Atchison, Topeka and Santa Fe Railway adjustment mortgage 4sgold, stamped.
Dated Dec 12, 1895; due July 1, 1995.Interest paid May 1 & Nov 1.
110. Northern Pacific Railway general lien 3s gold..Dated Nov 10, 1896; due Jan 1, 2047.Interest paid quarterly Feb 1, May 1, Aug 1 & Nov 1.
111. Atlantic Coast Line Railroad 1st consolidated mortgage 4s gold.Dated July 1, 1902; due July 1, 1952.Interest paid Mar 1 & Sept 1.
112. Delaware and Hudson Company first and refunding mortgage 4sgold.
Dated May 1, 1908; due May 1, 1943.Interest paid May 1 & Nov 1.
Callable as a whole at 1073/b and interest on May 1, 1918 oron any interest date thereafter upon thirteen weeks' notice.
113. Central of Georgia Railway consolidated mortgage 5s gold.Dated Nov 1, 1895; due Nov 1, 1945.Interest paid May 1 & Nov 1.
114. Pennsylvania Railroad consolidated mortgage 4s gold.Dated May 1, 1908; due May 1, 1948.Interest paid May 1 & Nov 1.
115. Kansas City Southern Railway 1st mortgage 3s gold.Dated Apr 2, 1900; due Apr 1, 1950Interest paid Apr 1 & Oct 1.
116. Louisville and Nashville Railroad Knoxville and Cin-cinnati Division) mortgage 4s
Dated Apr 1, 1905; due May 1,Interest paid May 1 & Nov 1.
117. Illinois Central RailrOad refunding mortgage 4s gold..Dated Nov 1, 1908; due Nov 1, 1955.Interest paid May 1 & Nov 1. -
Callable as a whole at 1073/2 and interest on Nov 1, 1918 or onany . interest date thereafter upon not less than thirteen weeks'notice.
118. Chicago, Burlington and Quincy Railroad general mortgage 4scurrency.Dated Mar 2, 1908;Interest paid Mar 1
119. Southern Railway 1st
A14 APPENDIX
Dated Oct 2,.1894; due July 1, 1994.Interest paid Jan 1 & July 1.
120. Union Pacific Railroad 1st lien and refunding mortgage 4s gold.Dated June 1, 1908; due June 1, 2008.Interest paid Mar 1 & Sept 1.
Callable as a whole at and interest on Sept 1, 1918 or onany interest date thereafter upon three months' notice.
121. Atlantic Coast Line Railroad collateral trust (Louisville and Nash-ville Railroad collateral) 4s gold.
Dated Nov 1, 1902; due Oct 1, 1952.Interest paid May 1 & Nov 1.
Callable on any interest date in amounts of not less than$100,000 at 105 and interest.
122. Norfolk and Western Railway Pocahontas Coal and Coke jointmortgage 4s gold.
Dated Dec 2, 1901; due Dec 1, 1941.Interest paid June 1 & Dec 1.
Callable at 105 and interest after Apr 1, 1906 from chargesagainst coal mined.
123. Great Northern Railway 1st and refunding mortgage SeriesA gold.
Dated May 1, 1911; due July 1, 1961.Interest paid Jan. 1 & July 1.
Callable as a whole at 105 and interest on or after Jan 1, 1941upon ninety days' notice.
124. Canada Southern Railway 1st and refunding consolidated mort-gage 5s Series A gold.
Dated Oct 1, 1912; due Oct 1, 1962.Interest paid Apr 1 & Oct 1.
125. Morris and Essex Railroad 1st refunding mortgage gold.Dated Dec 1, 1900; due Dec 1, 2000.Interest paid June 1 & Dec 1.
126. Pennsylvania Railroad consolidated mortgage gold.Dated Feb 1, 1915; due Aug 1, 1960.Interest paid Feb 1 & Aug 1.
127. Canadian Northern Railway sinking fund debenture 63/2s gold.Dated July 1, 1921; due July 1, 1946.Interest paid Jan 1 & July 1.
128. Great Northern Railway general mortgage Series B gold.Dated Jan 1, 1922; due Jan 1, 1952.Interest paid Jan 1 & July 1.
129. Atlantic Coast Line Railroad general unified Series A gold.Dated June 1, 1914; due June 1, 1964.Interest paid June 1 & Dec 1.
130. Pennsylvania Railroad general mortgage Series A gold.Dated June 1, 1915; due June 1, 1965.Interest paid June 1 & Dec 1.
131. Pennsylvania Railroad general mortgage 5s Series B gold.Dated Dec 1, 1918; due Dec 1, 1968.Interest paid June 1 & Dec 1.
RAILROAD BOND YIELDS A15
132. Great Northern Railway general mortgage 5s Series C gold.Dated Jan 1, 1923; due Jan 1, 1973.Interest paid Jan 1 & July 1.
133. St Louis Southwestern Railway 1st mortgage bond certificates(issued by the Central Trust Company) 4s gold.
Dated Nov 1, 1890; due Nov 1, 1989.Interest paid May 1 & Nov 1.
134. Missouri, Kansas & Texas Railway 1st mortgage 4s gold.Dated June 1, 1890; due June 1, 1990.Interest paid June 1 & Dec 1.
135. Chesapeake and Ohio Railway general mortgage 43/2s gold.Dated Feb 23, 1892; due Mar 1, 1992.Interest paid Mar 1 & Sept 1.
136. Cleveland, Cincinnati, Chicago and St Louis Railway general mort-gage 4s Series A gold.
Dated May 15, 1893; due June 1, 1993.Interest paid June 1 & Dec 1.
137. New York Central Railroad consolidation mortgage 4s Series Agold.
Dated Aug 1, 1913; due Feb 1, 1998.Interest paid Feb 1 & Aug 1.
138. Texas and Pacific Railway 1st mortgage 5s gold.Dated Feb 1, 1888; due June 1, 2000.Interest paid June 1 & Dec 1.
139. Lehigh Valley Railroad (Pennsylvania) general consolidated mort-gage 4s gold.
Dated Sept 30, 1903; due May 1, 2003.Interest paid May 1 & Nov 1.
140. Canadian Pacific Railway 4% irredeemable debenture stock (a bondwithout maturity).Issue authorized by an act of Parliament of the Dominion of
Canada, passed in 1889, and subsequent acts. Issue of stock maybe made from time to time.Interest paid Jan 1 & July 1
141. Southern Railway development and general mortgage 4s Series Agold.
Dated Apr 18, 1906; due Apr 1, 1956.Interest paid Apr 1 & Oct 1.
142. Chicago and Western Indiana Railroad Company consolidatedmortgage 4s gold.
Dated July 1, 1902; due July 1, 1952.Interest .paid Jan 1 & July 1.
143. Pittsburgh, Cincinnati, Chicago & St Louis Railroad general mort-gage 5s Series B gold.
Dated Apr 1, 1925; due Apr 15, 1975.Interest paid Apr 1 &Oct 1.
144. Great Northern Railway general mortgage 43/2s Series D gold.Dated July 1, 1926; due July 1, 1976.Interest paid Jan 1 & July 1.
A16 APPENDIX
145. Chicago, Milwaukee and St Paul Railway general (now 1st) mort-gage 4s Series A gold.
Dated May 1, 1889; due May 1, 1989.Interest paid Jan 1 & July 1.Remain undisturbed under plan of reorganization.
146. Erie Railroad Company 1st consolidated prior lien 4s gold.Dated Dec 10, 1895; due Jan 1, 1996.Interest paid Jan 1 & July 1.
147. Pennsylvania Railroad general mortgage Series D gold.Dated Apr 1, 1931; due Apr 1, 1981.Interest paid Apr 1 & Oct 1.
148. Chicago and Erie Railroad 1st 5s gold.Dated Aug 21, 1890; due May 1, 1982.Interest paid May 1 & Nov 1.
149. Chesapeake and Ohio Railway (Richmond and Alleghany Division)1st 4s gold
Dated Jan 20, 1890; due Jan 1, 1989.Interest paid Jan 1 & July 1.
150. Cleveland, Cincinnati, Chicago and St Louis Railway (St LouisDivision) 1st collateral 4s gold
Dated Nov 1, 1890; due Nov 1, 1990.Interest paid May 1 & Nov 1.
CH
AR
T 3
0
AM
ER
ICA
N R
AIL
RO
AD
BO
ND
S U
SE
D IN
CO
NS
TR
UC
TIN
G IN
DE
X N
UM
BE
RS
AN
D T
HE
PE
RIO
DS
DU
RIN
G W
HIC
H Q
UO
TA
TIO
NS
WE
RE
US
ED
RAHEOFRAILRO
*000
140
OF
ISS
UE
DA
TE
OF
MA
TU
RIT
Y
:;;: C
ICC
::;:;
;:;:
;;
:;
;:
;; :;
,s,,
a,; ;
:;;;
: '(,,H
•': '
'
•I.
Iluos
osRivgo RR
(si II
7,18
49F
Ee
I,(8
69I
II
I
2. OlIcaso
ROCE
Io RR Is? U is
1850
JUL
10.1
870
II
Iii
3. L
ciuc
i.COAL & NAV
Co
UN
U 6
,18
42M
AR
I,187011111
4. P
IIILA
SREADINg
RR 2ND II 6s
1849
AP
R I.
1870liii.
5. I1ERYORX&NARLEU
Rfi
10TV
7118
53MAY I,
187311111111
6. LESIGN VAI.LCY RR
lot V 60
(853
MAY
(87311111111
7. VORRIO CANAL & B
Co IsT
V60
1858
I,
1876
I ii
II
II
I
8. EASTERN
RR
(M
AS
S) Ge
1854
AuS
I,
1874
II
II
II
II
I
9. PENNSYLVANIA RR
2ND Ii Os
1854
MA
R 3
1,18
751111111111
(0. P
EN
NS
YLv
AN
IA R
R15
y P
Ge
/18
5231,1680
II
II
II
II
II
II
III.
CA
MD
EN
S *580?
60(2. CAaiDE.&A500165
(854
(833
JAN
I,18
89
FED
I,18
83I
II
II
II
II
II
II
1111
1111
1111
1II III
IS. N
V C
RE DEBT
CE
4. N
V C
RE
FO
RDES
IS.
CHIC BURL S Quill
IS.
Hup
s R
RR
2o
U 7
RT
IFIC
AT
ES
61
TI
*3515150
7ecv
let V 8s
a18
60 E
XT
188
5
1853
1855
1858
1850
MAY I,
1883
AU
S I,
1876
I.
(883
JuN IS,
1885
II
II
II
II
II
II
I-
II
II
II
II
II
II
II
II
II
II
II
II Ii-
-I
II
II
II
II
III
I7.
CH
IC& NOR
WE
ST
18..
PH
JLA
OE
LPIII
A&
E
Rv
lot V
aPE
let U 6s
1859
1861
1985
MA
R31.1881
II
II
II
II
II
II
II
II
I I19
.Q
at,&
CH
'(3
III
7s20
. MIe
NSO
S N
OR
IN21
.CLEVELAND
&rOLE
22. CoNN S PASO RIvE
(862
1882
DIA
NA
lOT U
Do lOT U
79
Re
RR
Is?
116$
(852
1855
(855
1856
FE
SI,
(882
MAY I,
(885
Jut.
I.
1885
CCC
I.18
76
liii
II
II
II
II
liii
II
II
II
II
I II
II
II
II
.
23. B
uFF
ALO
NY
S L
aio
lot U
7e
1857
CE
OI.
(877
24. O
HIC
AB
O S
ALTON
25. pIne
FTWAYNE
S
26.
CA
MD
EN
5 *
580?
U27
.Tol.&WAo Is? 11 78
28.
8? t.
AJ.
.TO
N S
IN
IS?
U 7
aC
HIc
let U 7e
60 (8
85sxr (890
RE
loT
U 7
5
(862
1862
(862
1853
(862
JaN
(893
JuL.
I.19
12N
ov I,
1889
Avo
I,
(890
Jul.
I.(8
9429
. N V
CE
NT
RA
t. se
nlw
30. (
(OR
alS
SEssEx
I
31.
NY
MR
IE la
Y M
is32
. U 6
ST P (P Do CH
33.
LEsI
ON
VA
LLE
Y R
E34
. CE
NtR
Al.
RE
0?
HE
N35
.1,
5111
514
Coa
l. S
NA
At.
BO
ND
S 6
0sill,' 75
1867
cry
(897
ov)
1st
V B
a1S
T U
60
JER
SE
Y U
7,
V C
ORE LDAN
Si
1854
1854
1847
1888
1868
1869
(857
DE
c 15
,188
7M
AY
I,1914
MAT
I,(8
97F
Ee
I,(8
98JU
N I.
1898
)18
90F
EE
I.10
97
.
.
— '-4 0101010101010,0,010,0,0' CS, 0,0,0% ($01 41% 01 a a a a a a o. a a a OJ 04 (.404 0 40 01 404 U' 1,4 N — 0 40 01 -4 0 4001 -1 01 411 04 RI — 0 40 01 "4 0%
• 0 0 01 r X Z '0 C) 0 0 '0 Cfl 0 C) 00) = 0) 0 0(10 C 0 CI = = -0. r 0 r C) r 9 .4==nX=p pilint T.4r> PiTh xmr.. ——a——r.cz*a—CC— —it 10 ———zom—-c*zCn—zmn— '000.400-4 iC r0flP '0X'0OOOTCO ZXfl—Cmfl g.p.p. OOs p ppz—m 0-CIa ). Z cntu,nttnWodCO Otto, Q.0C(onaborw 0.4OsXO0,fl p. rOOxO—0.Prr-40,Cfln—.4 0, Xr'.dOOrppQ.r oro C
0 rn..rXC .4rz 0%mP rio *cCzcro I, C 0. 0' 0 0. * P r 0 '0 0 — -1 C '0 0.'0 '0 0 r p — a p a 0' — p. 0'g.rzowwr0. C00.4p PC) znzrom 0 Z Z C OW 0' P — C — C -4 C = C C 0 P. 0' 0. — Z r — C -, =0 , a—C) $Z10, 0O,-.'OOCP (flPi-C .4r .dZ0• C) U 0' 000WOWOs Os I I '0 — '0 — to 9. 0 9. 9. 0. .4 0
.4 0 C C P. r •4 2 — Si 0 fl — — C r p. to*n -0000'0c-(I—p.—ao'0 anUCOO'0 2<2 '0 ZI"W CCCII OC C SC zr'0m .4 02N0fl 0 e—*fl5P Z-.. Z 0 '00 '0 U Z OP. P
0-. U —1.1—02 '0WN 0 — O'0C'0s = e.',oa —. C ar 000PUe m—0 wZ'0 200.UWn m0—..I,OCm< .4C— OWZ'0.1O(a .JflZWZt.40'0 in C = .4 C Z 0 C 4 C C) C (0 0 r C 0 C 10 — U'0 00W p<4..2,..fl .-4a r 0U0 -Ia 0
COO1 0(0 a——C—i — '4 tC0 Mi tarn OW 0 U C P. C a (0 10 a (0 0) (0 C U C) 01 C a C) II C U i .1 Ut ICflM.1U)'l U-I •Cl-.JC C tWia MO 01 040e — C Cl
— P. U 0101 U '%. C C C C a a a 0) W•'4 "4 U01 :1,.
am 10 0) a a-a a 113 a 0101 0(0 0) a a a Z a a. a a -
— —— — = :0 01 01 0) CD 0) 01 CD 0' 01 0) 0) 01 01 -J CD ,i .1 .4 '.1 'J 4 0) -J Cl '3 'U -4 0% .4 01 -J 0) 01 01 (1)11.4 a, a a 01 p. — 0 — — — — 40 00 -d 0 10 44 10 0) 10 .4 (0 1(1 -.4 (.4 1,4 CO 'U 0(1)0(0 40 (.4 C 1
r C C C.. C. C C. C C C C C. C C C C C C. CC PP OCPflP pcc Opeoc Pp.0 COPPICCPOC P cCmrn P ro.4XCr000zrrZr<ZZZ0r'COrrCrZrrUo<or 0 -4 0
- - Cop. 0 "RI... —— — 1004 WW4010'.C404D10'D4D(010(O1001'0404040(0(010104D010)01 00 Cl 0104001
(.4 10 (.4 010— 0)0 — to 10 Cl) RI RI RI — (.4 0——— 0— 0 ''O 0 0 —0 — 40 10 40 40) 1,4 _W S C)) 000010 40 Cd 400110 "4(0
z 0 U)
C f-n II 0
C')
0 149 r
C 0 Y _____________________________________________ 0
_______________________________________________ 0%4 0 1891
I
1993 X
___________________________________________ z
I ____________________________
z I, 0
— Ih C ____________________ P1
0 191
1926
____________________________________________________________________ 192?
9
1Q3
SW
RAILROAD BOND YIELDS:
A19
LiJzz0
tO
Li
DzxLi
z
0z0o D
Ct')
I- I—(1)
< zx 0o o
aLi(I)
z0(0 to w nit-c, — nit- a -, c, 0 0 t- t- r- r- o In t'.. a. 00 to a, a, t- to r- a. so In ,'.U) pfl in ii) Pd) — PJtl p5) U) U) 10 (0 0) U) St C) U) 0) 0 Wt .5 .5 't 0) 0) (0 01
—a<o a
C C C 3 — -, 0 a a — a -, — -S a fl 0 5 Z , .5 -, 3 C -, 0 -, 3 '3 '35'3ON 0000)t.c'.o,r.tsmu)t-mo OOaclCIor-anr. minioNwow WcOmr.W(0c,ag,(0Wo,o, mo1o.o,o,awu,o.a.a.a.o,o.o a,00,00,o,eCoin (0(0(00 (00(00(00 ) w(0000wm 0000000w000 c,wawoa
aa ci a a.5 — N N NZ ma a — ..ma a. .5narn PJ ale eta a —. w.5 .5 a to to • u In W S... • .5 • — I .5 • a a — a .5 a .5 a a a. ao U) a — 5 —, . us a *aa mo *-a a I a —— C a a at., aa aa aoat.sa ama aa Zr — hi S N Seto X_it- 250 aza Setal thiom —Oør*-0.'.—w I-n LI Zhi 00 •h o,-rn—ea a a a z ii ,. is -. w .6 ii. • ii.4 I-am a, ta— —I-— It0 — —" a a hi = — I- 0 — a a z a a — U 5- 0 0 0 .1 I. — a x a Us .5.a x Ii IJ I., n a u 4 0 0 N 2 (3 — a -o a 0 a .1.J ac—a,... a.4 .5 NU——O tar Z——% ,.—a—b. — C = — Cx — th ii 0 a h5 C s- a —. a Cx — is Cx — =.J 0 N 0 ht .5 tO C a CS — Z Cx 0 Cl) = IC hi 15 — a. C .1 > 0 Cx 0 —I.. Is .ö C, a. o a â a a .6 Cx a a .1 .5 U — .1 — 55 4 C .4o s-at) — —IC.OaaIs CasSCxCCZQua.(OCx SIr Li 2 a N *5 a II? 0*5 4 C . CC tØ 0. 1$ Cx — p.>a Za—r.aoa.om,o -. mad (OaCZ_Oiar.bC.6u uop-.wot>rncc.6CrZ —z a coax C—CCx C.-ao.o(0aa. CCW2Crs.,——55(0w a W0WQ.CjtJ 2 O—0 — UI-hi 5' I-tUaKmua)-saCaI-.hi—CaCCxo Na XCt-CZXXp. okioauoouoca.—acaao...cam,oaa(0Dc C.toaa000zaox Cetocac• in lot- U) 0 0— — CU U) 4 to to ;'- a' a o — fli to tb sot-to ate —r-r-r.I5.. COQ000000— —
A20 APPENDIX
0(Ii0D-JVzo
Id
DzxIdO2 ——
02
U0 I
..- I-< zz 0U U
0Id
U)0z0CD tOtoWOtotoWCCUCMOOlOfllfllOCflQOC'JrOOO'O 10CM10100)tO... ('40,0C * in .n it, to a'. a to e 10 10 0 10 C CO ID ta to I'. 0% 01 0% a'. 01 0 0 1. tO U) N F'. 0) 010) 0) 0) 0%
*1. 01100101010101000 00,010010100'.0'.0'.010)01Ub0)0)O P.00)0,000)0, 0)010'.0 ...
01
• — — ———o a,. >1-a a *-UaP.0U_1ZZZUZ> = a ZWZ P.O 040. .JP. tO -2>*40
to C to -, -, 0 0 00 — -) -, ? 0 ) to ) I.. ' 0. C ' C ) C 2
WtoWOtocDO*0C%4—N0W04100,000Ntd,tomm t0CIJlO(00)lfl— 00000000000%000——0—0JC%J———t.J0,O0.0,—to00'. 010% 0)01 0% 010% 0% 0% 0% 0'. 0'. 010'. 010'. 010% Q) 0% 0) CD 0% 0% 0'. 0'. 010% 0'. (00)01 tO U) a)
aCMZ a., 4, a4 Ii C a '... 4) 04 04 I a C 4, a C
— 4)10 C Ca, a, a, C C — C'4'.. ". C 01 C0 4) tO C C a — — . a . .. — — tg 1 Si Si Ce C —• I, " C _I 2 — U) IS) — I I C ' a C OS 0 0) 2 0) . — C)o 5 , a — I I 10 CD U — 40 C.'. C) — C S C 4) in —
C — 24, 4. 0 0 C 43 5 C — I a S S — 2 4 2 a 2 CM 2 —9I SOS.. 2 I... 0 —
Is) lslZS0% 50(4.54, — 1-5-COS 130 213—134,lao ._z4,w 064 0.'OSann 0 6.20 I a>—5 a 0 01 0'. — a a oO a — a a. U = U — — S _I a U) 0 0 61 u a 'C a a U) — 0ZO0% 2 Ø WI. 2 22_ 0 U 0 0% 2 04 .0 4) 0 0% I. 0 2 Ia 0 III 0 a a a Ia 11 2 0 P. 2 .- C) S 13 0% — 2 a is aa — •- '0 Cl C) (41 a ft a, U lit 61 (4 0 61 0 0% 61 U) 2 4 '0 0% U) .4 o u a, .4
— a a a a — a 0 '0 — a U) a U) U U a S — — a a-000% MC_1.J '0 0%> 0%0% I-C) '0Q0C>O'0Is4U0% CU)—oa0000, so...- 00% zw0%0%zncp. —0.0.152 00.0.0. w —U .04.42 UidK0%—0% 0xc. a a— —w4)40ICh—4 20%). ... a i-n4) a -a
0 —a la'0a-.J(- —.1— .4—— 0.0%C%100%U)2 —taxo ClZ1- 221105— a 0.0.0.0, or op.00*—I- a 0.1-610.0 a0.aP.dC0. 022*0 6IZe'0OC'0_o)
S >OC0,a20.n'0 10'0> a>> s,dO—a*>ZU)—O , U= .4.4 c a ..aaa4.Jaa_a 00. Ca OZa0. .4 0—'041-Cl oolaoo.ooca).000'-P.oSr'0 a r—lsC —0.161s000*2Z I CO zo_o,2ZoaaZo* 6161.0002 *14-5 Ca 400Zn uIO. I- *WZ ZI ax>O —C104.C (4IZ U.J0..20221—aZ2... 14.41.4 0*75—I-hi—S a —Ct)ft ax614,614 a —(3 10 C = (DC) 50.00 C 0.0. CD CO 5 00 to — a Ia 0. 0.) Ci 0
— ——
RAILROAD BOND YIELDS A21
TABLE 2
PAPER PRICES OF AMERICAN RAILROAD BONDS, MONTHLY,JANUARY 1857—JANuARY 1879
This table is intended to aid students who wish 'original data onrailroad bond prices in the paper ('greenback') money period. Gaps inthis table occur in months when no sales were made. For identificationof the bonds refer by numbers to Table 1.
With the exception of Bond Number 8, all prices in this table are'flat'. 'Flat' prices are given, because that is the form in which theywere quoted during the period covered by the table. Since January 1,1909, it has been the almost universal practice in the United States toquote bonds at 'and interest' prices. In the period from January 1857to December 1862, inclusive, the quotations for Bond Number 8 are 'andinterest' prices for one day in the month. From January 1862 to Jan-uary 1866 the quotations for Bond Number.8 are 'flat'.
The 'flat' price of a bond is the actual amount of money whichchanges hands when the bond is sold. The 'and interest' price equalsthe 'flat' price less the allowance for the accrued portion of the currentcoupon. Except on interest dates, the 'flat' price is, of course, greaterthan the 'and interest' price. For a simple discussion of 'flat' and'and interest' prices, see Justin H. Moore; Handbook of FinancialMathematics, pages 434 and 435.
PRIC
ES O
F R
AIL
RO
AD
BO
ND
S
Hig
h
1013
4
753/
282
3480
3480 91
3486 99
3480
3481 89 98 89
%
JAN
. 185
7—JA
N. 1
858
JUN
ELo
w
102 98 973%
7434
81 80%
80 9334
8534
101 77 78
3489 96
JULY
Low
102 94 9634
7434
82 80 8234
92 86%
9834
8634
79 8834
9734
85
AU
G.
Low
100 9434
97 763%
84 8234
83 91 87%
9834
7834
7834
89 95 85
Hig
h
101 95 97
3480
3485 83 84
%91 99
3479
3480 89
%95
3487
%
Hig
h
1033
494 97
3477 86 82 83 92 87
3499
3486
3481 89 98 86
Hig
h
1023
498 97
%74
3482 81
3483 93
3487
3410
1 77 9034
98
JAN
.FE
B.
MA
R.
APR
.M
AY
JUN
EJU
LYI
Low
Hig
h Lo
w H
igh
AU
G.
SEPT
.O
CT.
NO
V.
DEC
.JA
N.
Low
Hig
hI
Low
Hig
hLo
wH
igh
I
Low
Hig
hI
Low
Hig
hLo
w H
igh
Low
Hig
hLo
wH
igh
Low
Hig
h
195
3%99
34 9
5% 9
734
96%
973
4 97
9734
973
4 98
34 9
898
34 9
598
34 9
434
9590
292
34 9
695
9597
3410
210
010
296
9790
9391
9584
391
3% 9
234
9292
8834
92
9192
34 9
292
34 9
293
3% 8
9% 9
084
482
8234
813
4 82
% 8
134
8134
78
7834
783
4 79
7834
78%
783
4 78
34 7
878
34 7
0.5
7981
8181
34 8
1% 8
281
34 8
2% 7
779
7576
7534
76
7275
556
7070
% 7
172
7272
34 7
334
7570
% 7
0% 7
234
7234
723
4 73
7373
70%
770
71%
703
4 71
% 7
171
71%
713
4 64
88o
34 8
034
8034
803
4 80
8080
34 8
034
8034
803
4 80
8080
8081
8182
988
34 8
834
89%
89%
88
8934
863
4 86
34 8
686
8585
8585
8534
853
4 84
1095
% 9
898
34 9
8%97
9734
9598
9511
7676
3476
7676
% 7
634
76%
763
470
% 7
0%65
1279
% 8
0% 7
77-4
78
7634
783
4 76
34 7
734
7734
773
4 74
7534
723
4 74
% 7
171
6513
8688
34 8
734
8988
34 9
0% 8
834
8934
85
87%
84
85%
84
8734
86
8762
90 84 84 70 71 70%
68 82 84 95 65 65 84
71 80 81 6234
60 61 78 64 61 64
90 80 81 6234
64 61 78 65 65 80
8834
99
9596
8594
34 9
395
8182
% 8
888
63%
75
7234
75
5934
72
643/
2 69
6065
6434
643
462
7172
% 7
378
7880
8071
% 7
575
76%
9091
9595
6464
64%
64%
6334
70
7070
3477
34 9
081
84
9598
9092
8989
7334
74
6575
3464
34 7
134
72%
74
8181
7934
80
9495
6969
7173
3482
34 8
834
JAN
.N
o.FE
B.
Hig
hLo
wLo
w
MA
R.
Hig
h
PRIC
ES O
FR
AIL
RO
AD
BO
ND
SJA
N.
1858
—JA
N. 1
859
APR
.H
igh
Low
Low
MA
Y
Hig
hLo
w
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
95 90 89 7334
65 6434
72%
81 7934
94 69 71 8234
9334
SEPT
.
98 92 89 74 7534
7134
74 81 80 95 69 7334
8834
96
97 9134
91%
7534
7734
72 73%
84 81%
95 70 70 88 94
OC
T.
Low
9834
9234
94 76 85 74 79 84 89 96 7034
72 90 97
• 96 9434
9234
77 81 7434
80 92 88 99 72 73 89%
97 903.
4
Hig
hLo
w
NO
V.
98 95 94 7834
8434
77%
81 92 89 99 75 7534
91 97%
92
96 95 92 73 83 78 78 92 8434
98-
75 9034
96
Hig
hD
EC.
100 9534
9334
7334
84 8034
80 92 8634
9834
8034
8034
9234
96%
Low
Hig
h
100 92 73 81 78
3479
3%91
3485
3499
3480
%80
3487
3496 89
%
Low
Hig
hJA
N.
Low
Hig
h
1003
495 96 81 84
3483 85 90 89
%10
0 79 7934
90 95 85
101 95 97
3483 86 84 89 90 92
9410
0 85 86%
91 96 85
101 93 95 80 86
3484 86 90 89
9410
0%85 84
%92 97
3485
1023
496 97 83
3493 90 88 90 91 10
3 8634
863.
495 10
1% 89
103 95 97 823.
487 86
%87
3493
3690
3410
2 85 8534
90 101
103% 96 9834
83 88 8734
88 9334
91 104 87 86 91 1013
4
103 98 98 83 88
.87
%87
3494 91 82 85 90
3410
034
90
104% 98 9934
85 8834
873.
489
3494 93 82 88 91 10
1 90
1013
493 97
3483
3492
%86
%87
3.4
93 9234
101 82.
• 85 90
%10
3 85
104 97
297
3%84
9495 90 89 93 92
9410
1 87 88 92 1033
485
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
859—
JAN
. 186
0
II 0 0 w
JAN
.N
o.Lo
w H
igh
FEB
.M
AR
.A
PR.
MA
YJU
NE
JULY
AU
G.
SEPT
.O
CT.
NO
V. .
DEC
.JA
N.
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
w H
igh
1 10114104141003410134102
1023410234104
293
9734 93
94
95
96
93
95
39734 973%
971%
98
9798
9634 97
483% 8434 823% 8314 8214
82% 8534
592
%95
9114 92% 9214 95
943%
956
90
893% 89
90
9093
78714 89
89% 9014 91
93
89% 89%
893
992% 92% 9214 93
92% 948%
9091
10 101
101
101%10134101%10134101
103
11
82
87
87
873/2 843/2 8414 84% 8514
1285
88
86
86% 83
85
84
85%
13
90% 92
9114 92
917/8
923/
a 93
9434
14 103
10314 99
100
1011
4103
103
103
1585
8585
85
8585
8.5
87
105
105
92
95
938% 97
7814 8434
89%
89%
95
95
87% 9014
101
103
8314 86
91% 92
87
87
104
105
10434105
9014 93
88
89
94% 96
9436
9534
80
81
80
81
89
89%
90
92
8787
8614 87
86
86% 87
88
94
94
94
94
87
8714
86%
87%
100
101
9814 99
8080
8214
821
482
%84% 84
8414
89
9014 89
90
98
102
1003
4100
%84
84
102
104
1013
4102
8989
94
9514
963/
8 97
7981%
92
9214 94
87
88% 89
88
88% 89%
95
95
97
86%
88%
88
9934
1001
4100
8282
8214
8114
813/8
8289
1492
92
99
9998
3490
1021
4103
1031
4103
3410
3341
0410
.610
6%94
91
93
9214 94
94
94
90
92
97
95%
97
9834 99
100
(00
82
78
7880
8078
34 8
095
93
94
91
92
9214 9434 93
9434
91
905% 91
86% 87% 87
87
87
89
91
8734 8714 8634 8634 8614 86%
8914
97
97
97
9534 9534 97
97
9734
973/
91%
8514
87
8687
% 8
614
8786
14 8
710
010
010
010
010
010
310
398
3/81
0034
83%
84%
85
8484
1481
8214
84%
84
84%
83
8314
82%
831
4 84
8693
3493
94
9034 92
9014 91%
90%
915
%99
3410
0341
0134
101
101
101%102
102
1035%
90I
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
860—
JAN
. 186
1
JAN
.N
o.Lo
w H
igh
FEB
.M
AR
.A
PR. —
MA
YJU
NE
JULY
AU
G.
SEPT
.O
CT.
NO
V.
DEC
.JA
N.
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
1. 106
10614102
103
103
103341013410334104
107
10634107
105
110
106
106
106
106
1053410634102
106
101
102
105
290
92
93
94
92
92
93
93%
96% 98% 98
98
93
93
89
9.5
3 10
0100
10014101
10014100% 9934100341003410034100
10034100
101
100
9914101% 9814100% 99
47814 80
78
82% 8214 85
8114 82
81
83
84
85
8414
84
84
8214 83
79% 81
82
593
9434 94
95
9534 96
97
100% 9614 9934
9814
100
99
100
97% 9934 9736 98
98
9934 91
9534 91
94
96
687
89
89% 9014 90% 92% 93
93% 90
93
93
95
95
953/8
9595
% •9
534
969614 9614 89% 90
85
90
90
786% 8914 903/8 9014 92
92% 9954
91%
91
92%
92
9295
9595
9595
14 9
534
9393
90
89734
9734
97
9797
97
9734 9734100
100
101
101
1023410234103
103
1013%1018%100%101%101
101
98
98
100
98634 87
86% 88% 88% 91
87
88
8834 90
89% 90
89% 90
9034 92
92
9334 88% 90% 87
90
85
87
86
10
983/810034100
10034100341013/8101
102
1011410134101
t03
100
100%101%101%101%1023410234103% 9914101
98
9914100
11
81
8234 82% 84
8334 85
8434 8634 8734 8734 86
86% 86
863/2
863/2 8634 8634 87
86
87
84
85
77
77
80
12
84
86
82
8434
8486
8434
86
85% 92
87
91
88% 90
86% 27
8634 87
8634 8734 83
8334 80
83
83
13
9034 91% 91
92
92% 92% 93% 94
91
93
93
953/8 94
953/2
9.5
9696
99
97
97% 90
94
9034
9291
14 102
1036% 997/810034100
10034
1041
4104%
100
103
101
10134 98
15
86
86
86
86
91% 92
90% 93
98
98
97
97
98
100
98
99
89
99
88
100
84
96
103%
9234
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
861—
JAw
. 186
2
No.
JAN
.FE
B.
MA
R.
APR
.M
AY
JUN
EJU
LYA
UG
.SE
PT.
OC
T.N
OV
.D
EC.
JAN
.Lo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
w—
Hig
h
2 3 4 5 6 7 8
99 82 96 90 90 100
100% 84 99 903(
90100
1003
482
3499 89%
90 9834
1015
%83 99
3490 91
3498
34
100
-10
1 995%
91 100
100
1025
%
1003
492 10
0
96 1003
480 99
3490 10
134
96 1013
%85
'%10
1 923%
1013
4
913%
993%
76 95 8534
87 100
92
100%
79 97 87 87 100
95
9834
80 95 8534
87 100
95
1003%
82 97 8934
90 100
94
100 83 96 89
3491 1013
%
94 101 83
3497
3492
3%91 1013
%
101 82 96 91 91 100
102 85 98 91 91 100
92 100 83 9234
90%
92 100
92 103 84 95 91 92
3410
0
94 993%
79 94 91 98
94 100 80 9934
913%
98
93 97 80 933/
290 99
93 9834
83 9634
91 99
95 9834
8134
953%
9134
913%
98
96 100 82 9634
9134
91%
98
97 100 86 9934
94 91 98
98 1023
488 10
134
9434
963%
98910
Ii121314
1516
86
100
80
83
9198
88
9634
88 100
8034
84
96
1033%
9234
99
8734
100
8034
80 96
100
939834
89 1003
480
34803%
9734
10034
933%
101
100 81 83 95
3410294
99
91 100 83 84 97
102993%
101
84 9934
82 80 9534
100
9299
88 100
8383 96
1029934
101
82 973% 7676 92
10093
993%
84 9934
78 76 92
10034
943%
101
8334
97 75 77903%
1003
493
97
8434
983%
7734
80
903%
101939934
85 94 7834
8292
101
9196
86%
961%
79 84
98
102
91 9734
863%
9434
7834
801%
92
100
92 96
90 96 818134
93
1019234
9634
86 923%
81 81
1003
49296
88 94 818292
1019234
97
828%
9234
80 7934
9134
100
925%
95
84 9634
80 80
3492
100%
933%
96%
83 96 80 8234
90 9234
97
8534
97'%
8034
83 92 93
3497
8334
95
8234
903%
9334
85
973%
8234
9134
95
8434
9180 81 9134
104 92 99
92
10034
8234
84 9534
104% 98 100%
No.
JAN
.Lo
w
FEB.
High
PRIC
ES O
F
Low
MAR.
High
APR
.Lo
wHigh
RAILROAD BONDS
Low
JAN
. 186
2—JA
N.1863
MAY
High
JUNE
Low
High
JULY
Low
High
AUG.
S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Low
9934
94 91 98 84
3497 80 81 9134
104 92 99 85 99 82 78
Hig
hLo
w
SEPT
.
1013
494
3.4
9634
98 92 1003
482
3484 95
3410
4%98
100%
87 103 8534
8434
100 9834
973/
210
191
3%10
0 85 84 95 105 98 1013
48780
993%
8434
83
High
OC
T.Lo
w10
1 9834
973/
210
1 93 1001
%86 84 98
3410
534
100
102 87 86
101 91
3487
High
100
97 1003
492
3498
3485 95 .102 9834
99 87 83 9934
8934
8534
100
9834
lôó3
49434
100 86
8534
97
104
100
100
88
8634
1003%
913%
8634
kNOV.
Low
1013
%98 95 10
092
10034
86
88
9534
103 95
3410
0 87 83 993%
91 85
108
10334
10234
100 95 100 9334
1013
%8888 97
3410334
993%
100 87 90 100
923/
289
1053
410
134
991/2
1033
4100
103 94
109
10334
Low
DEC
.
9934
998%
963%
1003
4953%
1023
%939134
95 104
100
10234
92 90 101 9034
8934
High
110
1013
%106
103 9934
103
9134
91
107
1031%
10334
10034
105923%
93
103
10098
10034
9834
104
95 95 1003
4108
105%
105
95 92
3410
4 983%
98
Low
JAN
.
10234
100 9834
103 98 1043
494 95 10
0107
10634
10234
96
9134
10234
973%
96
High
104
10099
103 99 106% 94 96 101
10834
110
10634
9734
931/
210
410134
99
102
1053
494 95
jHig
h10
43%
1003
%99 10
334
97
102
92
1003
410834
105
103
9292
10434
99 90
1023
410
910
810
3 95 93 106
1003
493
34
111
110
108.
108
102
107
110
1143%
100
102
9910
334
108
110
113
11334
115
118
103341113%
100
102
973%
104
106
106
106
109
I Ô6
1033
%10
995 99 1063
%11
234
115
110
101
1003%
106
107
104
10234
109
108
10594
923%
1049934
915%
1093
%10
8 lii 106
10834
104
103
1053
4112
116
113
102
1021%
109
1029
4103
1043
411
034
109
107
95 95 1043
%103
9634
1043
411
111
110
2 95 97 103%
1023
496
110
1083
4
111
107
114
105%
105%
107
114
116
113
102
10334
110
105
103 34
108
1063
410
334
110
10434
109 983%
101
108
1145
%11
511
134
102
10194
110
10234
10334
1093
410
810
511
010
711
110
110
23%
111
1153
4121
1143
410
2104
115
104
107
1133
410
834
109
110
107
110
1053
%103
111
122
118
120
106
10434
120
105
1043
4
118
112
113
110
113%
118
1063
410734
1163
412
512
812
211
2110
120
114
115
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
864—
JAN
. 186
5
No.
JAN
.FE
B.
MA
R.
APR
.M
AY
JUN
EJU
LYA
UG
.SE
PT.
Low
Hig
hO
CT.
NO
V.
DEC
.JA
N.
Low
Hig
hLo
w H
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
h
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26—
108
1043
410
434
103
106.
107
1003
(10
310
411
734
118
1133
4
103
1113
410
710
634
993%
1033
492 10
410
5t<
1083
410
434
1043
410
310
610
734
101
1033
410
611
734
118
1163
4
103
112
109
108
1003
410
434
102
107
108
1048
%10
510
0%10
710
810
0 99%
1053
411
311
911
6
103
110
110
109 9934
104
1003
410
410
4
109
104%
105
103
109
112%
101
1013
410
811
412
011
634
i07
1133
411
111
010
110
410
310
5,
110
1053
410
334
110
112%
102
1003
410
711
4%11
911
610
210
711
511
111
2%.1
0034
108
105
108
109
I112
1053
410
334
112
1123
410
334
103
110
116
1283
411
710
610
811
511
334
115
1023
411
011
0%11
310
91/11
511
611
011
111
612
011
511
910
611
010
711
010
510
610
210
5%109
111
1.10
110
1043
4106
106
107
1023
(105
100
1013
(100
1003
410
610
610
910
910
910
911
311
7341
133(
115
100
102
1033
4103
3410
3341
063(
1033
/210
710
23(1
0834
106
1073
4106
1073
j102
3410
7%10
2341
0234
102
1023
4102
3(10
311
111
311
1341
1211
211
512
012
111
912
111
311
310
610
810
7%10
8341
0634
1075
4104
3410
S3(
1133
(115
115
117
117
120
1223
4125
123
125
123
123
1093
4115
112
114
1113
4112
1053
4107
107
109%
1053
4107
3410
7341
0734
1083
4108
3410
310
910
23(1
023(
100
100
9910
010
510
810
710
710
3341
0734
1063
4109
3(10
6341
0810
010
8341
0010
110
110
210
010
110
010
134
1093
(112
109
1113
(111
3(11
411
143(
1233
4117
123
114
117
110
113
108
110
104
110
102
105
117
118
118
118
1126
135
130
133
130
130
120
120
115
1173
4117
3411
811
611
634
125
128
126
128
130
133
1128
132
131
133
117
127
120
120
123
124
120
123
111
1133
412
012
012
212
312
25(1
241.
130
130
131
1313
4117
125
119
119
116
118
110
120
105
108
108
110
1093
(109
3(11
011
211
2012
010
911
210
911
010
510
510
510
710
210
710
711
011
311
011
011
0341
1210
010
2341
0310
610
110
3341
0010
311
611
612
212
211
1411
912
512
812
012
011
511
511
1341
1534
110
112
113
117
1116
121
1153
4117
110
1163
4105
110
1063
4108
3410
610
634
9510
511
711
811
511
811
612
011
1334
115
114
116
113
1143
4106
108
106
108
107
108
104
106
1013
4101
3410
1341
0134
1013
4101
5410
0%10
0%10
0341
00%
100%
100%
100
1003
4100
100
9934
100
9696
109
1103
4110
112
108
112
118
114
114
105
109
1033
4104
105
107
1083
4110
110
110
110
115
1115
116
114
116
104
1103
4102
104
106
106
1063
4106
3410
110
511
3341
1734
115
1183
(119
122
1127
130
128
130
115
123
109
112
1103
(118
112
114.
3410
710
7IW
OLU
OIIU
O IW
O 1
101
JAN
.No.
FEB.
Low
Hig
h Lo
w jH
igh
MAR.
LowHigh
APR.
Low
Hig
h
MAY
Low
JUN
EH
igh
JULY
Low
High
AUG.
Low
Hig
hSE
PT.
Low
Hig
hS 6 7 8 910
11 12 13 14 15 16 17 18 19
20
2122 23 24
25
1133
410
834
109
110
107
110
1053
410
311
1122
118
[20
106
1043
412
010
510
434
1013
410
0
109
OCT.
118
112
113
110
113
118
1063
410
734
1163
412
512
812
211
2110
120
114
115
110
109
11734
Low
Hig
h Lo
w H
igh
117
119
113
11634
112
112
110
113
1133
4116
116
120
105
107
1033410634
117
120
123
123
130
130
122
123
105
108
1083
4111
1143
4117
112
113
1103
4 11
234
105
105
104
113
109
110
117
1118
NO
V.
116
112
112
114
11434
104
1033%
108
118
128
116
110
110
11434
110
108
104%
106
110
117
DEC
.
116
112
112
1153
411
8%10
734
107
118
124%
129
125
1103
411
111
6113%
113
105%
115
111%
117
Low
Hig
hJAN.
112
111
105
110
10634
1133
4
102
111
118
125
115
103
116
112
109
100
108
108
106
.113 112%
108
112
110
11534
104
113
11934
125
122
106
116
113
110
104%
110
109
110
110
108
107
110
107
1143
410
434
1033
410
911
9%12
011
310
610634
114
1093
411
1101
1113
4
1123
410
910734
110
109
11534
106
107
1103
412
212
012
010
610
634
114
1113
411
334
101%
112
112
10834
107
111
10834
113
104
107
116
105
105%
109
110
1013
410
7
Low
Hig
h114
10834
108
111
10834
115
1043
4
109
116
i08
106
110
112
1013
4108
113
111
108
110
104
105
105
115
120
104
112
105%
106
1013
410
9
102
114
111
log
112
104
103
1063
411
8
120.
105
112
10934
106%
1018
%10
9
10734
111 10 107
106
108
103
102
106
116
119
101
1043
4110
1083
411
010
134
105
102
106
112
110
107
107
ito 108
108
1073
411
6
119
101%
105
112
110
11•1
1018%
109
104
108
112
108%
1085
%10
811
0103
102%
105
115
120
119
105
112
111
112%
101
108
103
106
112
108%
1085
%10
834
112
107%
1033
410
811
512
511
9
jos
114
112%
1123
410
13%
109
103
108
112
111
105
106%
105
1113
410
510334
108
116
122
119
1043
410
3%11
411
234
112
to'
1091%
103%
1083
4
1123
411
1106
1085%
1063
411134
1053
410
4%11
111
612
411
9106
105
115
114
114
101
11634
104
111%
108
106
104
106
109
1053
410
210
611
812
012
010
210
4%
108
112
101
109
103
109
Low
Hig
h10
8341
0910
510
610
4341
05103
104
106
106
109%
110
3410
210
210
1341
0410
510
611
511
612
2341
2411
811
810
310
510
2341
0311
3113
108
109
1103
(111
100
101%
1033
(104
103
34i1
0410
7
109
107
105
1063
411
034
1053
410
410
711
812
312
010
410
434
110
1123
410
134
109
105
110
1101
112
10634 110
108
10434
1043
410
3106
107
1003
%10
3104
1173-4
118
1133
4
103
1113
410
710
6%99
3%10
33-4
92 104
108
104
10434
104
106
107%
101
1033
-410
611734
118
116%
103
112
109
108
[003
%10
434
102
107
II 0 0 02
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N.
1866
tTj z II
JAN
.N
o.Lo
w H
igh
FEB
.M
AR
.A
PR.
MA
YJU
NE
JULY
AU
G.
ISE
PT.
OC
T.N
OV
.D
EC.
JAN
.—
——
-Lo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
h8
102%
105
9910
399
% 9
9% 9
93%
993
% 9
93%
993
% 9
9% 9
9%10
010
094
100
949
1043
4105
%10
310
499
100
9634
99
9799
34 9
898
34 9
9341
0010
110
210
1341
0134
9434
9894
9510
1053
4107
1063
4107
1017
/310
610
1341
0210
2%10
3341
0310
4341
0234
103
104
105
104
1043
4 99
104
9834
100
1199
1OC
)99
% 9
934
103
103
8588
853/
3 88
8888
8890
8934
90
9090
12 1
0010
134
9397
9096
34 8
990
8990
9090
9090
13 1
0210
510
1341
0334
983
4102
9698
34 9
010
190
9334
94
9494
9594
9493
34 9
334
9034
92
14 1
1611
6341
0810
810
010
010
0341
0210
410
5341
0210
610
610
610
210
210
010
210
010
315
111
1133
4112
3411
510
911
211
211
411
111
311
011
211
011
010
910
93/3
1103
4112
111
112
112
112
16 1
0510
810
510
910
610
710
3341
0334
105
105
100
100
102
104
102
102
1023
4102
3410
2341
0310
0341
0317
102
107
9910
034
9999
9510
092
34 9
234
9797
18 1
0010
399
9995
100
9494
9393
9134
923
4 92
34 9
394
9434
94
9590
9134
868
% 9
019
9595
9599
34 9
910
010
010
010
310
310
010
010
010
2341
0020
9510
510
334
104
103
103
100
103
9899
9696
34 9
797
34 9
697
9634
97
9798
9495
21 1
0410
610
410
495
100
9810
096
100
9810
097
9794
9895
9698
9922
9696
9696
9696
9696
.99
9989
8% 9
589
% 9
092
% 9
090
9090
9090
23 1
0510
710
010
198
100
9595
9393
9393
9496
9595
34 9
696
24 1
0110
510
3341
0599
100
9810
098
9996
9897
9893
9695
3/3
9534
96
9895
9625
107
1093
4108
110
100
1083
4100
104
100
1043
4100
1018
4100
1033
4102
3410
310
310
510
210
510
210
326
105
107
1043
4105
9610
498
102
9934
100
9834
100
9734
99
9810
099
3410
0341
0034
100%
93
94
94%
943
% 9
495
9495
9292
3494
34 9
634
8334
85
8334
833
488
8834
85
8590
34 9
134
9293
1013
4101
3410
310
311
2341
1410
910
910
510
610
110
191
9288
8(53
4 89
100
101
1023
487
9494
9698
9990
9028
9093
9334
94
9496
9792
9434
102
103
100
1003
491
9490
34 9
1
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
866—
JAN
. 186
7
JAN
.FE
B.
MA
R.
APR
.M
AY
JUN
EJU
LYA
UG
.SE
PT.
OC
T.N
OV
.D
EC.
JAN
.N
o.—
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h9
9292
34 9
193
9393
34 9
295
9431
97%
93%
96
9697
983/
3 98
34 9
996
9797
9797
3410
9434
963
4 93
9634
953
4 96
3410
010
0341
0010
310
0341
0198
3410
098
101
101
102
1013
4102
102
1023
4102
3410
2% 9
93/3
993
411
8334
833
4 84
84%
813
4 83
8485
8990
9090
8888
8834
89
9191
9134
92
9090
3412
8585
8283
8283
8384
8534
90
9090
8834
91
8790
9092
% 9
1% 9
2% 9
294
9292
9292
1392
9392
9391
9234
91
9191
9492
933/
3 93
9894
9495
9695
9634
93
9534
94
9534
93
9434
14 1
0310
310
010
0341
0010
1341
011O
1341
0110
210
210
210
710
71o
6341
o634
1053
4105
3410
3. 1
0315
109
109
109
110
109
109
108
1083
4112
112
10(5
3/31
0911
011
011
0341
1111
1iii
113
113
111
114
1103
4111
3416
101
101
100
101
100
1013
4101
1029
4102
102
101
1033
4101
1033
4103
1033
4102
3410
310
4io
s10
510
5341
0034
102
103
103
1791
9290
9087
8791
9134
92
9634
983
4 99
9697
34 9
596
9534
96
9797
9797
9797
1886
34 8
990
9092
9288
34 9
034
9191
34 9
091
9191
90%
91%
9034
92
92%
923
4 91
% 9
391
3% 9
219
101
1023
4 97
973/
397
9797
9896
9610
010
096
3410
010
0341
0034
100
100
100
100
100
100
2094
9693
9594
9594
34 9
692
9434
953
4 96
9596
9596
9610
099
100
100
101
102
105
1013
/310
2341
0310
3341
0310
3341
0010
099
9923
9494
9494
9394
9494
9494
9434
97
9595
9595
9696
9596
9699
9595
2492
9434
9396
9496
9797
9797
9798
100
100
98%
993
4100
1003
4101
3410
1341
0134
102
9899
25 1
0010
034
9810
098
9997
1003
4100
3410
2341
013/
3102
100
103
101
103
102
103%
97
1043
4104
3410
510
210
3341
0110
126
9034
91
9034
903
4 91
34 9
494
9589
9593
9493
34 9
594
9634
97
973'
2 97
3.4
9995
34 9
634
9434
953
'2 9
434
9527
9092
8787
8587
34 8
790
8990
% 9
090
9092
9093
9293
9393
9293
913/
2 93
9294
2891
9290
9490
9089
90%
90
9190
9090
9091
9192
9291
91
atJf
l 120
JAN
.18
67—
JAN
. 186
8
II C C II
JAN
.N
o.Lo
w H
igh
FEB
.M
AR
.I
APR
.M
AY
JUN
EJU
LYA
UG
.SE
PT.
OC
T.N
OV
.D
EC.
.
JAN
.
Low
Hig
h Lo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
1.0
99%
993
4100
3/2
9934
99Y
8 99
9934
993
% 9
934
9934 97
99
100
9934100
99
100
99
100
10034101
98
100
11
90
9034 883/2 8934 89
89
89% 9034 893(
8934
85
86
86
86
8834 89
86
2834
8686
8534
868334
833.
48634 88
12
92
92
88
883/2
883.4
9089
9034 8834 89
89
90
90
92
8834 8934 883.4 8934 86
88
8687
3487
8734 8734
9313
93
939334
9694
34 9
534
9395
34 9
794
34 9
695
9696
9693
34 9
591
93
9092
91
9334
14 103
103
10134104
104
104
104
104
104
104
1063.4101
1013.4103
103
103
102
102
103
103
15 1103411134111
111
110
111
111
111
112
112
111
112
1103%1l1%111341113411034111
109
109
16 103
103
102
103
102
103
104
1043410034106
1023410334104341043410534106
104
105
102
102
17
97
9794
9593
34 9
493
94923.4 9334
9797
96
96
95
96
95
9796
9634 98
98
18
91% 92
91
9134 915% 92
8934 9234 92
93
9234 92% 9234 9434 94% 9534 9434
959034 92
90
90
9034 93
923's
9319 100
100
9834 9834100
100
100
100
100
100
101
10134101
103
10134101%
20
95
9634
9634 9834 99
9934
98%
100
9534 9734
9798
98
100
99
9934100
10034100
1003
4 96
3/8
9734
9534
9634
993
421
99
99
100
101
101
102
102
102
102
102
103
103
102
103
102
102
102
103
1023410334102
103
1033
4103
3423
9595
94
9593
9490
90
91
91
92
92
90
92
91
93
8990
3424
9899
9810
099
3410
099
100
993.
4101
101
101
9710
23.4
102
1023
4102
1023
4102
3410
310
310
310
2341
0310
010
025
101
101
100
101
1003
4102
101
1023
4102
1023
4102
3(10
33.4
102
1033
.410
410
510
410
610
510
510
510
53/2
105
106
102
102
2694
3495
943.4
959534 96
9534 98
9494
9394
9334
963
4 95
9634
953
.4.9
69634
9634
92
9334
92%
93
9334 9734
27
9294
8890
8889
34 8
734
8834
88
9089
9092
34 9
329
8989
3490
8890
8889
8990
9292
2891
9t92
9490
9089
90%
90
95...
9091
9194
9495
9495
9434
973
4 93
9429
9234
943
49434
9434
9134
9394
96
959634
93I
9092
34 9
394
94
95
93
93% 92
9291
92%
3095
97
9634
963
4 96
96%
953
496
9494
34 9
434
9596
971
9634
9734
98
9998
9994
3.4
95%
i 953
4 95
34 9
698
34
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
868—
JAN
. 186
9
JAN
.FE
B.
MA
R.
APR
.M
AY
JUNE
JULY
AU
G.
SEPT
.O
CT.
NO
V.
DEC
.JA
N.
No.
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h10
98
100
993410034
1013/2101
102
102% 1033.4103
10334 993410034100
10034
100
1003
4100
3410
110
0% 1
0134
1003
4100
% 9
898
7%11
8634
88
8834
89
87%
88
8734
893
4 89
34 9
187
88
8734 88
28
8834
8888
12
8734
93
8834
89
8834
89%
88
9090
34 9
034
91%
91%
91
9388
34 8
834
8734
8834 89
89
8734 89
8834 8834
13
9193
34 9
394
34 9
45%
953
4 96
9893
34 9
594
9595
9796
% 9
634
959534
9595
94
94
90
92
90
91
15
109
109
1093
4113
113
114
113
113
109
110
1113
4112
1103
4111
3411
111
2341
1111
211
1341
1210
911
216
102
102
1023
4103
104
105
105
106
1053
4105
3410
210
210
510
510
410
4341
0434
105%
1013
4107
3417
9898
9495
9590
953/
8 96
34 9
634
9999
34 9
934
9934
97
9797
9797
9796
3/8
9634
1892
9191
34 9
1349
134
91%
913
% 9
1% 9
1% 9
1% 9
234
89%
89%
86
8685
8719
101
3410
1% 9
999
100
1003
4100
3410
0341
0134
1013
410
0341
0034
101
101
101
101
100
101
100
100
2096
34 9
934
9910
0341
0134
1013
4101
102
9810
099
3410
1341
0110
210
0341
0134
100
101
1003
4101
9698
9634
98
9597
3421
102
102
102
102
101
101%
101
101
100
1003
4100
3410
0341
0310
399
3410
023
9234
95
3/•9
534
9495
9134
92
9191
8734
89
8989
24100
100
101
10234103
103
102
102
102
103
104
106
101
106
100
100
101
101
101
1013410034101
102
10334 9934100
25 102
102
1023410434105
106
1053410534104
106
106
10634103
10434103
104
10434105341053410534103
10334103
10334 9934 99%
26
9334
9734
96%
913/2 9634 9734
97983/2 953.4 97
96
97
97
97
9634 97
96% 97
97
9734
9034
94
92% 93% 92
9334
27
92
92
90
91
91
9134 9134
9134
9234 94
96
96
9434 943.4
9034
923
4 91
92
91
9134 91
9434 9234
9234
93
95
28
93
94
9334
95 .
9495
94
95
9434
96
93
9434
933
4 94
9434
95
9495
9393
9434
9434 9134 93
29
91
92% 92% 9336 9334 9334
95
95
94
96
94
943/8 96
96
9536 9534 94
94
30
96
9834 96
9934 9834 99
99
99% 97100
99100
9934101
100
10034 9534 97
953%
9896
97
21
.11
0410
511
0511
043/
2'10
4%l1
0010
13.4
1101
1102
%
-'1
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
869—
JAN
. 187
0
JAN
.FE
B.
No.
Low
Hig
h Lo
w H
igh
MA
R.
APR
.M
AY
Low
Hig
h Lo
w H
igh
Low
(Hig
hJU
NE
JULY
AU
G.
SEPT
.O
CT.
——
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
w H
igh
Low
(Hig
hN
OV
.D
EC.
Low
Hig
h Lo
w H
igh
JAN
.Lo
w H
igh
1098
it 1288
3413
9015
109
16
1718
85
1920
95
21
9934
249934100
25
993%
26
9227
9328
9134
29 3096
31
102
32 103
33
9898
34 9
834
9934
983
/2 9
934
993%
102
1003
4101
34 9
71A
98
9834 99
9834 99
97
9834 97
98
96
100
97
9734
8534
853
% 8
585
34 8
686
34 8
634
8985
3/2
853/
2 85
34 8
686
8682
34 8
683
3/2
8484
34 8
6•8
283
3.4
5283
883%
86
8985
8685
863/
2 85
8934
883
4 89
8889
34 8
586
8534
853
/2 8
334
8584
843.
4 84
8434
853
4 86
9190
3% 9
291
9290
923.
4 89
9291
9391
923%
913
4 92
9091
34 9
091
8689
34 8
586
8690
3411
2111
112
111
111
11034111
112
112
112
112
108
108
108
108
1073
4108
1073
4108
1073
.410
811
111
210
710
910
1341
0734
101
101341023410234102341023410334104
101
101
1023.410234102
1023/2103
103
103
103
100
100
101
104
93
95
95
95
95
97
97
97
95
96
96
96
92
9234 94
94
96
98
95
95
87
8634 863% 863% 8734 85
8534 88
88
88
88
88
88
8934 8934
9034
903
48634
8634
87
87
9734 98
98
98
98
98
100
100
96
97
99
99
100
100
9934 9934
9734 9634 97
9334 99
983/2 9934
9699
34 9
89934 98
99
98
99
98
99
973/2
9834
94
953/
2 94
9734
963
4 97
3410
099
9934
993
4 99
3% 9
999
993410034 10034 102
98
98
99
100
9934 9934
9534
96
93
93
1003/210134101
10134100
102
1013
4102
3410
410
434
100
100
9934100
100
10134100
10034100
100
97
98
993%100341013410134102%102
1023/2103
1053/2104
106
1003/2102
100341023/2100
102
983410034 99
101
100
102
101
10234
9334
9393
54 9
293
34 9
393
34 9
13%
933
/2 9
393
3% 9
394
9334
95
9495
9596
3/2
9395
9393
3/2
9294
93
9591
3/2
9290
9191
913%
92
9291
3492
90
92
89
89
89
89
88
89
88
8834 873/2
8990
34 9
034
9393
9393
3% 9
334
9334
923
4 94
9395
923-
4 92
34 9
134
913/
2 92
9592
34 9
234
9192
34 9
234
9392
9289
9190
9190
9034
903/
2 94
8934
91
9134
92
9090
3% 9
091
9090
8486
8490
9797
973410034 9934100
9634100
99
993% 98
100
9834 99
983% 993/2 99
100
9534 9634 95
97
9634100
1023
4100
102
10134102
100
100
100
100
98
993/2
98
98
98
98
96
98
95
95
943% 97
92
95
106
1023/210334102
103
102
103
103
105
10434105
1043410534101
10134100
101
100
10034100
101341013410334103
103
923% 9484
9394
9334
943
4 94
3/2
9534
923
494
9434
9494
34 9
334
9494
94
9334 94
9134 92
9334 933/2
PRICES OF RAILROAD BONDS
.JA
N.1870—JAN. 1871
JAN.
FEB.
No.
Low
Hig
h Lo
w H
igh
MAR.
Low
Hig
hAPR.
LowHigh
MAY
Low
Hig
h
JUNE
Low
Hig
hJU
LYLo
w H
igh
AUG.
Low
Hig
h
SEPT.
Low
High
OCT.
Low
Hig
hN
OV
.
LowHigh
DEC.
LowHigh
JAN.
Low
Hig
h
00 II
11 12 13
15 16 1718
19
20 21 24 25 26
27 28
29 30
313233
82 8534
86107
10195 96
3493 971019234
903/
292 84 9634
92 1039334
83
86903/2
109
104 95
9934
973.4
93 98
10234
93
9034
92 90
100 95
106 9334
83
833%
883/2
110
104
9634
8810197
96.
102
1039234
88 94 89
100
95
1039434
8654
863/
291
.11
110591 90 101
10298
102
105 94 92 94 89
101
10034
10396
8734
8634
911113/2
10596 92 99 9934
1003
410234
105 93
3492 94
3490
3.4
1013
4100
1033%
8734
8734
92112
1053
496 92 99
102
103
103
1063/2
9595 953/
290
3/2
103
101
10598
88
8734
9234
113
104 95 88 98
101
101
101
104
95
93
943/2
913-
410
29934
10434
9634
8834
8834
9334
113
106
979099
102
101
10234
1059734
9334
959134
103
10034
1053
/297
8834
90 8834
114
103
9734
9134
993%
98 101
10234
104
933-i
93 95
100
i0534
9734
89
9434
92
93
92
.9334
114
103
106
100
100
92
92
100
100
9934100
1033/2 10334
105
10534
94
95
93
94
97
97
1003
4!10134
99
99
107
107
95
93ff1
2
923/
291 923/2
114
10534
98
9134
998%
100
103
10234
105 94 93 9634
101
10799
1 /
90
90
94
95
93
95
110
111
100
100
1023410234
9292
103
103
993-( 100
10034101
102
103
94 94
95
1033
4104
100
100
108
10834
96
92 931.
490
3%11
010196923%
98
100
10193 91
3498
100
99
10297
I
92
9034
933.4
9234
92
90
111
111
102
104
9793
94 9999
983/2
9810
034102
102969134 91
98
97
101
100
99
103
10434
9795
92
935/2
91
111
104
94
99
9934
98 102
96
9398
102
10534
97
9234
9234
91
11034
993.4
100
102
104 953-
490 9,5
101
100
104
98
I
9234
923%
9134
11034
ióiy2
100
102
104 97
3.4
9134
9734
1033
4100
10534
98 101
9234
92
9234 94
89
90
112
112
97
98
9134 9134
100
100
9634 989934
10234 10234
104
104
93
95
91
9234
95
95
99% 100
9734
973
410
410
598
3/2
9834
1013
4102
9234
8934
113 98 100
97
10034
10234
10394
9434
8634
9934
95
10594
10234
93
913/2
113
98
100
973%
1003
4103
103
95943'
8710034
95
10534
9434
102
93
933.4
90109
10234
9834
9134
100
9834
99 993.(
100
9494
9588
100
95
10534
94
94 97 92
110
103
9834
93
100
100
10034
993'
1029634
94
9588
10298
1065/2
943%
Jfll?
4. L
W! 1
Jac1
. SO
IL
No.
JAN
.
Low
Hig
h
FEB
.
Low
MA
R.
APR.
MAY
Low
Hig
h
JUN
ELo
w
JULY
9331
9334
93
93 3
-193
3494 11
334
AUG.
Hig
h Lo
w H
igh
Low
Hig
hSEPT.
11
121315 16 1718
19
20 21 24 25 26 27 28 29 30 31 32 33 34
Low
93
9334
90
109
1023
498
34913j
100 9831
99 9934
100
94
94 95 88
100
95
I05
3494
OCT.
94
97
92
110
103
9834
93 100
100
1003
499
3-1
1029631
94 95
88
102 98 1063
494
3%
91913%
90y2
103 94 98
3499
3499 101
103 953.
491
3496 89 102 95
102
3494
34I 0
031H
igh
Low
High
Low
High
91
94
94
93
93
92
103
94
9834
101
101
1023-4101
103
9634
9234
97
92
9234 94
9234
9134 9434
91
10934111
1123.4
102
10234
99
9931 9834 9834 993%
9434
95
9231
9234 9134
101
1003-41023110134104
10031
100
102
102
102
10234
102
103
10231103
103
10431105
953%
96
96
963.4 9334
918%
93
9331 94
9354
969631 96
9631 9631
92
92
94
10274103
99
104
95
10034
983.4 9834
94
943.4
10034101
1035/g1O33-4lO4
9934 100
105
107
9431 9531
101 34
1015
%
101
9931
10634
98
NOV.
Low
frlig
h
JAN.
Low
High Low High
9331
933-
193
3411
3
100
92
102
10134
10234
10334
10531
96
9434
998%
9410134
10031
108
101
10234
8834
9334
9154
11331
104 99
10134
1 104
I 0534
959534
100
102
10034
953/s
1033
1
8834
94
93
11434
104
100
9234
102
102
i4
106
96
9534
10231
104
10031
108
935/i
10334
8834
93 913%
11031
103
1019231
10234
10131
10234
1023
49531
9634
99
92
103
10834
93
10334
90
933-1
93 1103
1103
101
933-1
103
10231
10234
10234
96
98
993,(
92 104
109
9534
1043
1
90
8934
9231
111
104
100
9234
100
10234
10134
103
106
9534
95 993.
49110334
10134
106
10Ô3.4
90
90 9334
112
104
100
93
10034
104
10134
103
106
96
9634
100
91
105
10134
108
103
Hig
hLo
wH
igh
90
90
9090
90
91
9090
9334
9034
9434 9234
94
90
112
1123411034112
104-
1043
411034
101
8834
89
8731
9234
103
102
105
1039534
9534
99
1033110331105
104
103
10634106
lOS 98 97
100
100
100
105 9434
9134
97
105
10234
10334 98
10234101
106
10334
105
1053
497
93
9534 92
99
98
94
92
91
105
106
109
103341053410034
9734
105311053-410534
10834
9734
10234
98
1033.4101
11025%
9734
102
DEC
.
873-
4 88
3488
91
91
93
1113411134
106
107
8834
893
410
510
510
0341
0134
102
1033
410
5341
0634
106%
106%
9334 9434
95
9898
34 1
00
1013
4103
34100
100
10734107%
9434
10331 104
91
91
91
112
101
89
103
10034
102
1033
410
534
95 96
9892
10331
9734
1033
4
89 91 9334
113
[0434
10231
9234
1063
4103
104
99 9831
91
1033-4
1003-4
109
1053
4
90 939634
115
1063
1105
92
107
104
105
10534
97 102 99 9431
106
10231
11295
10854
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N.
1872
—JA
N.1873
JAN
.N
o.Lo
w H
igh
FEB
.•I
MA
R.
APR
.M
AY
JUN
EJU
LYA
UG
.SE
PT.
OC
T.N
OV
.D
EC.
JAN
.
-
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
1291
9391
9134
903
4 92
34 9
134
9231
91
9234
92
9234
93
9334
90
9292
34 9
234
9131
923
1 92
34 9
313
9334
963
4 93
34 9
634
9394
9496
9134
923
4 92
34 9
534
9434
97
9595
9191
9292
34 8
991
15 1
1311
511
411
411
3341
1411
3341
1334
113
113
115
115
115
115
113
113
112
112
16 1
0434
1063
1106
107
1053
4105
3410
6341
0710
6341
0634
1033
1106
3410
410434105
105
107
107
106
106
104
104
20
103
104
1033
4104
104
1043
4 10
3341
0434
100
1023
4102
1023
4102
1033
/410
2311
038%
1013
4102
3410
210431100
21
103
103
100
100
102
103
103
10334
101
103
24 10334105
105
1053410434105
105
10534107
107
105
1063410234103
10534106
103
106
103
104
25 104
1053410534106
10434105
1053
4106
105
106
106
10734105
105
1047/8105
104
105
103
104%
26
9331 97
9534 9731 96
97
96
9734
9334
953
4 94
9796
34 9
834
98
9834 9731 983498
99
9434
9631
2799
102
97
100
97
9834 97
98
97
98
9734 9834 9934100
95
9534 94
9434
9496
9697
289834
9997
98
9.
97
9834100
100
100
101
101
29
91
9431 94
9431
9231 9434 94
94
94
94
94
95
91
91
9234 9234 92
93
89
89
30 1033-4106
105
1063110434105
105
107
102
10334104
106
107
107
10234106
103
10331105
105
101
103
31 10034 10234
10234 103
103
10331 100
10031
10334 10331 103
10334 103
103
10334 104
1013
4102
32 109
112
1063410734107
1077-4107
108
107
10834108
10834110
110
1073410734107
107
106
106
107
107
33
9434 95
9534 9631 9534
9696
97
99
99
9834
9834
983
4 98
3-4
9898
31 9
734
9731
98
9831
34 105341083410334105
104
105
10434105
10434105
103
107
1073.41073110334104
102
103341013110334102
103
35
94
95
9334 9431 93
9334 93
94
92
9331 9434
9696
p731
963
497
97
g5
93cs
3692
95
94
9434 94
96
95
96
96
96
9231 9234 9334 94
93
93
37
93
96
96
96
97
99
9434 95
9534
9634
96
97
96
9734 97
9731 96
98
92
9334
9334
94
38101
1023410131103
101
103
1023410234 9931101
102341023410234103
103
103
100
100
.3v
102
110334 iOij34[1043410U34101J4101
103
10434J1053410531105%106
10631106
106
102
10334103
1033.4'1033.4104
40
92
J 953/ 93
I94
349434 95
9534
9795
9893
3/ 9
494
9414)
9393
9292
9195
9034
9234
92
9331
112
1133
4111
112
102
105
10234103
1013410031102
103
104
10234102341023410334 9934102
104
104
1003410234
104
105
10234105
93
9594
31 9
798
3410
099
5410
010
0341
0199
100
9134
9131
103
105
104
103
101
102
101
101%
107
107
10634109
94
94
9434 9334
10234104
105
10634
94
9234 94
93
933-
4 93
94 1025
410
3341
1045
4103
%10
534
8934 9234 91
9234
C C I' 02 CD
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
873—
JAN
. 187
4
No.
JAN
.FE
B.
Low
Hig
hM
AR
.
Low
Hig
h
APR
.M
AY
JUN
ELO
W H
igh
Low
Hig
h Lo
w H
igh
Low
Hig
h Lo
wSE
PT.
1620
21 24 25 26 27 28 2930
31 32 33 34 35 36 37 38 39 40
41
10234103
103
104
993(
102-
1001% 10234
10234 105
943%
9799
5% 1
0099
100
91%
91%
104
105
101
1013
%10
634109
94%
951%
105
10634
9234
94
9394
101.
1023
410
33%
105
3491
9234
96
101
Hig
h Lo
W H
igh
OCT.
LowHigh
104
103
ió234
104
96 9534
100
9134
1 1013
4105
95
102 3
(93
%938%
102
106
908%
104
10334
ió3%
106
97 96
3410
092
106
103
10334
9534
103 3(
9334
933%
103
106%
91%
1033
410
410
1102
104 9534
95 100 92 105
103
10634
9534
102931%
96
10234
103
NO
V.
Low
Hig
h10
4%10
5101
1 1053
497
5496 10
19234
106
10334
108
97
104
933%
96103
10491
1043
(110
454
102
1033
410
696
95
9134
10454
103
107
98
10234
92%
9336
103
1033%
90
DEC.
Low
Hig
h
JAN.
1043%
105
102
104
1093
497 96 92
106
I 10798
1033
493
3%94
103
104 91%
101
102
104
106 94%
96 99 915%
102
101
108 98
10334
92 94 923%
1013
410
3% 89 9736
103
104
10534
107 95 967%
100
92
104
10134
108
9834
105 92%
96
9334
1013
4104%
893%
100
106%
103
104%
1ó734
94 96
100 89%
104
101%
10834
9434
106
9234
95
9334
1023
4104
8934
99
10634104
105
104
103
105
104%
10734106
9634
1033410334
96%
97
9897
3499
102 92 105%
98 9134
1043
4
98%
93 105
1023410234104
109 948%
107 92
3497
9434
9234
93
9556
1073
(107
3492
3493
9434
95
97
103
105
1043(105
103%104%
91%
100
929934
933(
9934
104
104
101
105
105
97 95 99 9134
1053
410
410
6
i04
9134
9234
9534
104%
102 9034
99
104
104%
1013
410
6106
9834
9634
100
9234
10534
104%
106
i059234
94
96
105
10534
928%
100
104%
1013%
10534
92 9534
921%
100
1 1061
%92
10590 93
100
8934
95
105
101%
106
98
96
9234
10534
1043
%10634
96
10390
93 96
10234
90
95
102
100
9934
101
100 91 90
93 8534
101%
i02 94 101 80 90 8195
100 83 89
34
1033
410
234
101
101
10534
9634
93 93
87
104
104
94
10390
9090
100
101%
8690
96
9834
103
100
91 90
90
853%
983%
98 100
94 98 88 90 82 96 100
78 87
1 ÔÔ
100
103
10294 93 97 89 101%
99
1011%
95
1013
488 91
3489 97
10188
92
No.
101 99
102
103%
103
91 94 9936
88
102
100
101 93
10288
9336
89
97
1003
48890
Low
101
102
101
103
10494%
97 99 89
10334
101
107941%
1053
4919234
93
100%
104
100
104
100
90
104 89 95
Low
High
10234
103
10134
103
105
99
9834
100 90%
106
10234
110
9934
10795
925-4
95
101
1059234
9634
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
874—
JAN
. 187
5
JAN
.FE
B.
MA
R.
APR
.M
AY
JUN
EJU
LYA
UG
.SE
PT.
NO
V.
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
101
10234
102
103
101
101%
103
103
104
105
94%
99
99
100
89
90%
10334106
101
10234
107
110
941%
9934
1055% 107
91
9592
34 9
234
93
95
1003% 101
104
105
8834
9234
95
9634
88
90
1620
21 24
25 26 28
29 30 31 32 33 34 35 36 37 38 39 40 4142
105
105
1033
4 10
33%
101
101
iOS34
1053
496
34 9
934
923-
4 94
3%10
5341
0710
2341
0334
105
1063
499
1% 9
936
1023
4106
959.
534
9494
%96
9710
110
2341
0692
9496
97
8934
90%
10434
10434
105
1053
49834
98
95
106
102%
10634
99105
9434
93 9634
103
1021%
91%
97 89
105
105
105
10634
993.
410
09536
107
104
107%
993(
1063
495
3494 98
1033
%103%
9234
971%
901%
106
10534
103
10634
10634
991'Ol
93
10654
105
107
10034
1063
495 9434
103
103%
8934
9734
90
DEC
.JA
N.
Low
Hig
hLo
wHigh
106
106
1043-4
10634
10634
100
10195
107
105
1071%
1003
410
995
95
10334
103%
913%
98
901%
k105
101
103.
105%
97 10094
1033
%10
11053%
1003
-4106943'
943'
9434
9954
1033
486
105%
103
103
105%
100
100
943%
1043
410
310634
102
1079454
95 955-
'99
3%10
589
9034
1023
410
4107
105%
983%
9534
104
103
10699
10834
95 943%
9534
99106
8634
97%
91
1033
410
4107
107
10034
9654
106
104%
107
100
10854
9654
951%
96 9934
1078834
99 933,4
104 3-4
1035
-4
10434
103
100
101%
9234
105
101
1063
410
0107 96
3490
54
100
10634
86 9534
90%
105
103%
1043
610
11013%
9310634
10336
10834
100
107 97 92
i00
%107 8734
96 91
103
10434
100
103 93
3410
610
334
1033
4
1039634
9236
10154
104843%
96 91
1033
4
105
101
103
9354
1063
410
410
4
i05 97 92
34
1015-4
10754
8534
97 94%
1051
%10
334
102
105
1043
6100%
107
93
10634
103
104
1001%
10434
971%
92 98
10234
104
84
97 92
3-4
105%
1053
410
3105
10754
102
107
95
108
1043
-410454
101
1063%
98%
92 98 104
1045
486 10
093
108
108% 105
102%t0434 10434
106
106
106
10734
109
111
109%
9934
1005
6 10
0%10
399
3410
054
97
10554
1085
6 10
810
1% 1
0354
103
107
108
108
1013
4103
100%
1073
4 10
8% 1
0997
1%97
3498
3493
3498
9834
98%
103
10434104
104
1063
4106
3485
8989
1023
4 10
33(1
0292
%i 9
534
96
10634
105
103
107
107
102
1073.4
9S36
1071
%10
434
1051
%101
106
98
9296
103%
10434
8454
100
92
106%
105
103
111
109
103%
108
9834
109
104%
107
101
108 983%
94 97 1053
410
454
861003-4
93
105
10534
106
10736
112
102
107
101
109
10334
108
101%
110
100
100
10434
10790
103 98
10634
104%
10534
10636
1015%
10436
9734
1083
410
4
1ó134
1083
69834
9334
100
10534
1063
490
100
945%
10636
106
107
107
103
1053%
991%
110
105
1093
61009336
101
10634
108%
92 102%
II 0 0 II 02
JAN
.N
o.Lo
w H
igh
FEB
.M
AR
.A
PR.
MA
YJU
NE
JULY
AU
G.
SEPT
.O
CT.
NO
V.
DEC
.JA
N.
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
24 10564107
109
109
10834110
25 10634107
108
1083410834110
26 10154103
1023410334103
2829
9734 9934
9999
34993/slOO
30 10834110
110
11334111
113
31
104
105.
106
32
10534106
105
33 1015410234103
10334103
103
34 108541093410734110
10934110
35
9854
100
100
100
100
.36
9334
9334
9434
95
9595
3437
100
101
100
10034101
10334100
38 105341063/2106
10734107
39 106341083410534109
10734108
40
90
92
8834 9034
9034
41 100
10234100
10034101341023(103
42
945% 9734
98100
99
9934
4310934110
10934111
10934111
44 111341123411234113341127/8114
45102
1023410234103
103
113
113
113
1133
4113
114
109
110
113
112
112
112
112
112341123411234114
11334114
11534116
116
1143411534
1033410334105
10234103
10334104
10334104
10334105
105
10634105341073410334105
104
1053410434106
10534107
105
107
104
10734106
10634107
108
107
108
106
107
107
110
993(1023410234103
101
103
101341013/2102
1023/2103
104
102
1023410334104
101
10334102
10334
112
11434110
11034110
112
112
1123/21133411434116
117
114
11634114
116
114
116
114
116
1063(1063410634100
1073(10054103
104
105
106
106
103
104
108
108
10764108341083410934110
1123411234108341083410834110
111
113
113
115
1153411534
10.5
105
10554105341033410334103341033.4103
10334104
104
10534105341033(104
1043410434
113
115
10954113%111341123411234 113
109
111
1.103411134112
112
1005410034101341013410134101%1023(10234 102341003410134101
10234100341023410034102341033410334104
105
95
9634 97
99
99
99
9734
989834 9834 9734
99100
100
101
105
101
101
102
100
100341003410134
1013(103
99
100
99
101
101
102
103
105
107341073(1083.4106
10734106
106
105341063410534107
107
109
1093410934105
106341053410634106
1075%
108
1083410834109
10834109410 %110341103/g1t1341O9
110541093.41093410934110
11034111
11134113
9034 96
93
94
94
9534
969834 9634 9831 98
99
9434
989534
989834 993%
9934
103
103
10334104
99
99
102
102
10334103341013410234102
103
10234103
1023410234
1027
4102
103
103
10334100
10134102
10234102341033410034102
11034114
10934110
1093.4111
110341113(1103.4113
1123411434113
11434110341123.411274115341153411734
11234115341163411734111
117
1153411534116
11634120
122
119
122
123
126
120
1122
104841043410434
1107
106
107
107
109
1097411034107341108
PRICES OF
RA
ILR
OA
DBONDS
JAN.
1876
—JA
N.
1877
JAN
.N
o.Lo
w H
igh
FEB
.M
AR
.A
PR.
MA
YJU
NE
JULY
AU
G.
SEPT
.O
CT.
NO
V.
DEC
.JA
N.
Low
Hig
hLo
wHigh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wHigh
24 112
112
115
115341153411634117
117
118
118
117
11834120
120
118
121
117
11734118
118
115
116
25 114341153411534116
117
118
117341193411934120
11934121
118
118
120
1223411934120
120
120
120
122
122
122
117
119
26 10434106
10534106
105
10634105
10534103
10334104541053410534106
107
107
107
108
10734108
106
10734108
1093410934110
28
106
110
106
101
111
111
108
108
1073410734
10734108
107
109
1073410834
29 102
10334
105
1o634 105
105
106
106
10334106
10534105341063410634102
106
103
10634
103
10334104
10434
30114
116
117
118
11634120
118
1193411434115341143411734118
120
120
1213411434120
117341177-4 115
117
118
119341163411634
31 108
108
10934111
11134115341083410834
1103411034110
11034109
10934114
114
1083411834111
111
109
110
32 1153411534114
11434115
117
116
116
116
116
1153411634118
118
11534117
11634117
116
1163%
11634118
11734118
33 10434104341043410534106
10634106
107
10534107
10634107
1063410634107
107
10754108
10934110
34 1153411634114
115
11434116
11234113
103
112
1063411034109
1103410834110
105
111
35 104
105
102
104
10334104
103
104341023410334103
10334103
10434101
103
10034102
100
1013410134102
10034101341043410434
36
102
102
101
101
1033410334103
105
107
10534106
106
106
107
107
104
106
37 103
105
105
10534104
104
103
104
10334103341033410334105
105
1053410534104
105
105
1053410334105
106
107
38 106
1073410834109341093411154110341115410754108341083(109%109
10934108
iio
110
1107/8110
111
107341083410734109
108
110
39 11134113
11034114341103411134110
1113410934110
110
113
113
1133411034114
111
1113411034111
112
114
115
40
9934103
10034104
103
104
103
104
10534104
105
102
1043.4
41 10234102341043410434107
107341073410734106
10734
10634106341063410634107
107
1015410754
106
107541043410534
42 1003(102
103
104
104
105
10434105
1053410554106
106341033410434106
106
10634107
106
107
10634107
109
1093
4108
108
43 115341173411734119
11834121
120
121
1163(11634116
118
11$34t1834121
121
119
12034118541193411734118
11734119
119
12034
,-,n
ISLS
F45
11o7
34'1
o811
0834
109
1109
llO4I
iió1i
1i34
1111
34J1
113%
1112
3411
1234
!109
34'tl
O11
1011
1341
1115
'811
12'
1112
____
____
____
____
____
____
____
____
__
No.
JAN
.M
AR
.
Hig
h Lo
wAPR.
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N 1
877—
JAN
. 187
8
MA
YJU
NE
Low
JULY
Hig
h Lo
w H
igh
Low
Hig
hA
UG
.SE
PT.
Low
Hig
h11
311
611
711
9
109
110
110
105
111
104%
10434
104
106
106
107
108
110
113
115
104
1047
%10
434
108
108
119
1203
411
7341
18 110%
24
25 26 28 30 31 32 33 34 35 36 37 38 39 40 414243 44 45
Low
Hig
hFE
B.
Low
1153
4115
3412
012
111
0
113
11734
110
110
114
1143%
106
109
10134106
100
104%
106
107
107
108
109
110
109
11534
103%
104
107
1073
410
634
108
120
1203
411
534
117%
1093
4110
34
Low
Hig
hOCT.
LowHigh
NO
V.
Hig
h
115
120%
109%
1165
%11
4115
108
1053
410
010
6109
109
110
106
1077
%10
612
011
610954
117
1205
410
7%11
011
534
112
117%
106
109 9834
1133
412
0108
115
112
114%
105
1013
49934
106
1075
%107%
1063
%10
410
634
106
118
114
106
118%
122
108
112
118
115
118
107
1103
4101
DEC.
Low
Hig
h
1133
411
4%11
434
120
120
120
107
108
104
108
1083
410
7%11
5%11
6%11
311
411
47%
115
106
10634106%
104
1083
4107
%9934100
106
1043
410510
798
106%
1083
410
934
106
105
108
107
105
106
104
106
106%
107
106
107
107
120
1213
411
711
611
811
810
910
9%10
934
Hig
h Lo
wJA
N.
115
121
108
108
115
1189
410
811
034
1003
410
6%
107
109
106%
109%
10834
118
121
110%
Low
Hig
h
117
117%
107%
110
115
113
117
107%
110%
10134
108
107
109
1113
410
6%10
7%10
511
811
7%108
117
119
109
110.
.11
811
411
910
934
114%
1023
410
9109
1103
411
2%10
7%10
8106
119
1183
410
9%
118
109
101
109%
110
10534
106%
104%
1113
411
734
109
118
111
1i634
115
115
1083
411
110234
113
10634
108
105%
1193
411
8%10934
115
118
111 us.
113%
108%
109%
1023
410
734
109
11034
1063
410
834
1053
411
811
734
109%
115
118
11134
118
11434
108%
110%
10434
108
1093
411
110
734
109
107
119%
118
1095%
107
108
1034
110%
109
110
1063
4 10
710
910
910
7% 1
08%
117
11734
1203
4120
3411
0% 1
1134
114
1173
411
011
0%11
511
211
334
1093
410
934
105
1073
410
410
9111
1063
410
834
106
117
117
110
Low
114
118
107
110
114
110
115
109
1108%
100
108
106
107
113
106
10934
106%
118
1193
411
134
114%
118
111%
111
118
1123
411
510
9%11
0%10
510
794
106
111
112%
1073
410
934
106%
119
119%
110%
114
120
107%
us34
111
117
108
112
101
10934
108
109
1139
410
711
110
711
7%12
034
1123
4
115
120
1073
411
011
434
110%
117
110
112
103
1083
410
6%10
711
3%107%
110
107
118%
120%
112%
Hig
h
115
120%
109
us34
112
1203
410
811
3%10
234
109%
109
109
1141
%10
834
112
109
118%
120%
113
111%
1173
410
9
11534
110
119
108%
112%
102
100%
1083
410
834
114
108
109
10634
119%
118
109
114%
11834
109%
116
111%
122
109
114%
104
103%
109%
109
113
109
1093%
1013
412
011
9109%
PRIC
ES O
F R
AIL
RO
AD
BO
ND
SJA
N. 1
878—
JAN
. 187
9
No.
JAN
.FE
B.
MA
R.
APR
.M
AY
JUN
EJU
LYA
UG
.SE
PT.
OC
T.N
OV
.D
EC.
JAN
.
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
hLo
wH
igh
Low
Hig
h
24
25262830
31 32 33 34
35
36 37 38 39 40 .41
42 43 44 45 46
111%
1173
410
9
11534
110
119
108%
112%
102
1003
410834
108%
114
108
109
106%
119%
118
109
110
11434
118%
10934
116
111%
122
109
11434
104
103%
109%
109
115
109
109%
107%
120
119
1097%
110
118
109
107
1163
411
211
6110
110
1023
410
3109
10934
112
1073
410
934
107
119%
118
109%
110
10934
110
109
116%
110
11834
110
109%
110
121
109
110
119
113
110
113
120
110
110%
105%
107
109
120
111%
z '-4
115%
116
119%
121
106
108%
111
111
116
117
110%
112
118%
121
110
110
111% 112
102
103
105
1075
%10
9110
10734108%
113% 114
108
110
110
112%
106% 109
118
119%
120% 121
11134112%
110
110
11734
12034
108
112
118
113
121
1073
411
310
334
109
11054
108%
114
109%
1093
411
9%12
0%112%
114%
121%
118
109
109%
11234
118
118
113% 115
123
121%
109
108%
115
11534
104
109
103
111
1083
4106
%11434 115%
11034111%
110%
110
107
120
120%
122
118%
1133
4 11
034
1143
411
9110
119
116%
122%
109
116
104
10834
116%
112
112
107%
1203
411
8%11
3%
1143
411
9%10
934
103
118%
116
118
112
10334
102
109
106%
113%
110
112
107
120
118
112%
114%
118%
1103
4
117%
1153
411
711
1%11
334
105
102
i07%
113%
110
1123
410
734
115
1195
4111
119%
116
119
1119
4114
10554
103
1083
411
511
054
114
107%
115
120
109%
105
119
116
119
112%
104
1033
411
110734
1173
411
034
112
10734
121
11834
11334
114%
121
108%
108
116
113%
120
1123
411
3%104%
1073
411
0107%
116
110
115
121%
109
109
117
113
122
114
114
105%
111
1103
410
911654
112%
114
1193
411
110634
119
119
i13
1043
410
3%10
811
0%11
534
110%
113
108%
1213
411
934
113%
1143
412
211
1110
121
ii9a%
114
106
103%
111
111%
116
112%
113%
108%
121%
119%
114%
11334
117
121%
108
110
116
114%
121%
110
115
105
1103
4110%
10934
ci 5
112%
114
121
120%
115%
112
117
121%
109%
110
117
1153
412
211
0%11
610
5%11
0%11
0%11
111
6%11
43.4
114
121
121%
1178
%11
2%
113%
120
109%
111
117
117
1233
411
2116
105
107
112%
1103
411
6114%
11334
108
121
118%
114%
11234
116
121
112
111
118
117
125
114
118
106
110
11234
1143
412
0116
114%
1103
4123
122
1173
411
6
1173
4119
%11
3341
1334
10934111
113
119%
1143
411
0
120%
115%
111%
RAILROAD BOND YIELDS A33
TABLE 3
YIELDS OF AMERICAN RAILROAD BONDS, MONTHLY,JANUARY 1857—JANUARY 1936
This table gives for each month the yield of each bond if held tomaturity. The yields are based on the assumption that each bond isbought at the middle of the month and costs the arithmetic average of thehighest and lowest prices of the month. The italicised yields are notbased on actual price quotations but are interpolated. For a more com-plete description of the bonds used in this table see Table 1.
This is a 'currency' or 'dollar' yield table. In other words all cal-culations have been based on the assumption that the buyers and sellerswere interested only in legal tender without reference to its gold, 'com-modity', or other exchange value. For example, if on Jan. 15th, 1863, anindividual bought for $1000 in greenbacks a one thousand dollar 6%bond maturing in exactly ten years and received as interest $30 ingreenbacks every 6 months until maturity and $1030 in greenbacks atmaturity, he would consider that he had received 6% on his investmentthroughout the ten years without any reference to how many ounces ofgold he could have bought with the original 1000 greenback dollars or withany or all of the greenback interest payments or the 1030 greenbackdollars received January 15, 1873.
The yields in this table therefore correspond to those which wouldbe obtained by entering an ordinary bond yield table with the dollar (or'greenback') purchase price. This was, of course, the form in which theprices were actually quoted throughout the period.
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 185
7—JA
N. 1
858
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
1H
udso
n R
iver
RR
1st
M 7
s 186
97.
722 3 4
Chi
cago
& R
ock
IsR
Rls
tM 7
s187
0Le
high
Coa
l & N
ay C
o ge
n M
6s 1
870
Phila
& R
eadi
ng R
R 2
nd M
ós 1
870
7.83
6.77
8.47
5N
ew Y
ork
& H
arle
m R
R 1
st M
7s 1
873
9,54
6Le
high
Val
ley
RR
1st
M 6
s 187
39.
847
Mor
ris C
anal
& B
Co
1st M
6s 1
876
9.35
8 9 10
East
ern
RR
(Mas
s) 6
s 187
4Pe
nnsy
lvan
iaR
R2n
dM6s
187
5Pe
nnsy
lvan
ia R
R 1
st M
6s 1
880
8.09
7.33
6.27
11C
amde
n&A
mbo
y6sJ
anl8
S98.
1812 13
Cam
den&
Am
boy6
sl88
3N
V C
RR
deb
t cer
tific
ates
6s 1
883
8.09
7.18
7 .49
7.69
6.79
8.59
9.55
9.76
9.28
8.09
7.24
6.17
8.21
8.04
7.13
7.48
7.18
6.85
8.78
9.54
9.71
9.29
8.16 7.41
6.27
8.31
8.16
7 .0
5
May 7.52
7.73
6.82
8.88
9.80
9.65
9.41
8.11
7.51
6.40
8.38
8.31
7.18
7 .54
7.10
6.92
8.87
9.64
9.50
9.33 8.10
7 .3
96.
388.
338.
297.
18
June 7.
588.
476.
838.
8610
.27
9.46 9.47
8.18
7.68
6.52
8.70
8.68
7.37
July 7.86
8.13
6.67
9.12
10.3
2
9.52
9.57
8.19
7.75
6.27
8.90
8.89
7.34
Aug
.
7.74
8.42
7.01
9.27
10.80
9.57
9.58
8.06
7.76
6.10
9.04 8.90
7.32
Sept
.8.
509.33
7.67
10.81
12.9
510
.11
10.5
27.
947.
996.53
9.78
9.85
8.90
Oct
.
10.1
510
.08
7.88
11
.84
13.3
211
.14
10.9
98.
479.
097.
299.
9510
.24
9.11
Nov
.8.
158.65
7.85
10.63
11
.93
11.1
710
.14
8.48
9.20 7.04
10.0
99.
737.
44
Dec
.
7.99
8.15
7.25
10.16
11.8
510
.89
9.25
8.15
8.93
6.66
9.60
9.29
7.63
Jan. 7.92
8.18
7.05
10.0
111
.32
10.3
89.
288.
088.
446.
489.
089.
117.
38
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 185
8—JA
rT. 1
859
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
7.47
7.85
6.69
9.89
9.47
May 7.17
7.73
6.74
9.81
9.34
June 7.05
7.64
6.34
9.88
9.44
July 7.06
7.81
6.32
9.76
9.17
Aug
.
6.97
7.77
6.33
9.37
9.20
Sept
.7.
037.82
6.43
8.89
9.18
Oct
.
6.96
7.97
6.41
8.57
8.63
Nov
.
6.82
7.93
6.31
8.48
8.55
Dec
.
6.86
7.67
6.27
8.37
8.52
Jan. 7.05
7.89
6.39
8.47
7.92
1 HudsonRiverRRlstM7sl869
2 Chicago&RockIsRRlstM7sl87O
3 Lehigh Coal&NavCogenM6s
1870
4 Phila& Reading RR2ndM6s 1870
5 NewVork&HarlemRRlstM7sl873
7.92
8.18
7.05
10.01
11.32
7.34
8.12
6.73
9.77
9.62
7.53
7.86
6.74
9.52
9.50
6 Lehigh Valley RR lstM6s 1873
7 MorrisCanal& B Co 1st M 6s 1876
8 Eastern R.R
(Mas
s) 6
s1874
9 PennsylvaniaRR2ndM6sl875
10 PennsylvaniaRRlstMôsl880
10.38
9.28
8.08
8.44
6.48
9.66
8.89
7.73
7.79
6.44
9.23
8.41
6.81
7.48
6.18
8.84
8.29
6.81
7.55
6.28
8.47
8.25
6.86
7.60
6.23
8.31
8.12
6.65
7.58
6.14
8.40
8.02
6.81
7.54
6.11
8.26
7.96
6.93
7.48
6.15
8.22
7.63
7.04
7.18
6.10
7.82
7.37
7.04
7.01
5.98
7.49
7.32
6.66
7.04
5.93
7.52
7.31
6.61
6.95
5.92
7.46
7.39
6.72
6.94
5.94
11 C
amde
n &
Am
boy
6sja
n 18
8912 Camden &Amboy6sl88S
13 NyCRRdebtcertificates6s 1883
14 NVCRRfordebtsassumed7sl87ó
15
9.08
9.11
7.38
7.86-
10.00
8.98
8.94
7.08
7.47
9.49
8.63
8.59
6.99
7.35
9.05
8.20
8.25
6.95
7.51
9,23
7.96
7.95
7.02
7,50
9.38
8.06
8.16
6.92
7.57
9.47
7.17
8.15
7.07
7.56
9.58
7.93
7.96
7.05
7.54
9.56
7.68
7.36
7.58
7.38
7.00
6.77
7.55
7.18
9.81
9.64
7.38
7.43
6.82
7.08
9.53
7.53
7.40
6.85
7.19
9.45
7,34
7.45
6.83
7.00
9.66
II
RA
ILRO
AD
BO
ND
•
YIELD
S
A35
— C' — 0(0
N N — C'
00 C'
——
00
N
00 0'
'0 N'00'
00000
000(!)
t-N'O
0-
C'
—.0
CO
O
.O0'O
—C
S
000'0000—-000N
000
0000NN
(-
'0'ON
NN
00 00 0'
—
CO
O'
NO
N0-'lN
— — -.
((0NO
N00
00
00 00 -0000N
0'
&—
0'(oNO
C'0000000o
(0 t-.*-000-.v(
0-.
(3
.-00000-'0
'0000('O
N.-o(0'O
N
000-.000000'00-.000000
(-(-000000
(-0--O0'0C
'
CO
NN
ON 0C
C-N
..oN0000-
oo,-oocooo
o-t--00'000
(3
00.0
N 0(000
0'..
00 00 N "0 N
'0 -oQC
0.
(-(0000000
(-N'O
(-'Q
0000000'.0'
ON
00000
'00000
N ((ON
'0
'00N.
000000
(-0'.0)N%
0('.&'.O
OO
'.
00
00'0(()t-"0.4 ON
.-o000o
(-(.OO
N
000-00000-'.
'000000-"O
t'-0--00'000
00)00-0000(0
NC
'N'0.-o
00000)NNN
000N
(-'00-NO
,.ON
N0O
N
'00-00000-
000000(0-00
0.0-000000
0)
0000000'.
'000NN
N
)'Q-o0C
.o
000'OO
NO
'0t-.'000r'-
(00000)0-V
(.0-00(0(0
OO
N00000 O
00c'o
00'
ON
O
N.-0N
000
000-.00
000-
t-.'0'Ot-(0
0-N
'0(00'
N0-00N
('0 0'N00C
'N
OO
N0000)
'00000000-
(-00000-00
(3
000NN
0000'0N.-00000-4 ;;; ;;;
000000000-
(-0-000-00
(-(-000-00
oz
000000-
00)000-NO'0N
0C
((N
'00000
00-
(-0-000.00
0-".'O(-
0'
• . . N
::::.(0.:
.Q
OZZO
)
'Q0-00Q
OQ
CC
O
000000-
000(0000-0!)
o)NC
'0fl0
0))'0-N000
'000000(0
'0(0(000-0-0-000-000-0-000-0'
CO
00ON
C.o
(ON
ON
O
000000NO
0-1.0-000-0
(/0Z
00
.0
'000
z
C00
000
N 00
IA0(/0
03:00
(0
.00
:::..00
'00-00000
A36
APPEN
DIX
NN
N,O
N
'0 —o'
NO
QN
N
ON
—"O
C
OO
Q'0'O
4
000—'0 N
NO
'0O
OQ
%000
OC
O
b>
'
C'.-'N
.-'N
00
00
000
0Q'0t—
0't--
O!'-O
OV
)-o
—
0C'O
N
NQ
Nt
i
00 '0 '0 '0-
C'
N
NC
ON
'0
0—C
O
0) 00)
") '0 'o ") ")
'0 'o t— " '0 '0 '0
C'O
C-oN
ON
-"C
N 0-C'
0)00)
0) 0)00)0)0)
o) '0 '00-
') '0 '000
4
NO
'0')
0-0000
0000-0
00")
'000'
'00)0)0)0)
O'O
o
'000
4U
)
N")
QC
'ON
N'0
00
0) 0")")
'O'O
t—'0'O
Coo-
N')'0oO
0--0-0--0O0
O'0
'O0)'O
U))O
000,0)0)
Q0--'O
'O
0-0-
NC
'-00-.-0
'flON
O)0-)
CO .-000
0000'OO
oCO
0)'O'00)'0
0-0-
C'C 0)0--.-)N
No"'O
CN
\
)0)t-o)0OC
'
.')CO
0-000'-oO'0
0-0-
000-NoO
CC
t-0-No)
00000CC
'
0)00
—
.')NN
NO
O
0-'O'O
\O'0
'O0--0--0000
0000
—
CC
0)0—
0-NEE
NC
'NO
oO
0)os)
0)0-
0000--i'.
0000
0000NC
0..00)00-O
N
CO
O-C
U)
z0
U)
0p-"-.0-—
NO
0-000
NO
N
00'
•00
: :
0.
•00
,000000
0
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN.
1863
—JA
N. 1
864
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.5Newyork&HarlemRRlstM7sl873
5.17
4.96
5.28
.5.75
5.54
5.38
5.38
5.70
5.70
5.74
.5.8
45.
886.
016
Lehigh Valley RR 1st M 6s 1873
4.87
4.41
4.57
4.86
4.93
4.99
5.00
5.04
4.99
4.90
5.16
5.35
5.54
7 Morris Canal&BCo lstMôs 1876
5.03
4.98
5.02
5.32
5.28
5.32
5.22
5.15
5,35
5.41
5.52
5.60
5.68
8 EasternRR(Mass)6s 1874
4.86
4.69
4.63
4.73
4.83
4.72
4.71
5.15
4,97
5.06
5.42
5.55
5.61
9 PennsylvaniaRR2ndM6sl87s....
5,07
4.65
4.70
5.09
5.17
5.17
5.27
5.50
5.36
5.33
5.35
5.44
5.49
10 PennsylvaniaRRlstM6sl88O
4.84
4.58
4.72
4.91
4.91
5.02
.5.06
5.26
5.13
5.13
5.32
5.32
5.36
ii Camden &Amboy 6sJan 1889
c.62
5.63
5.70
5.87
5.81
5.69
5.75
5.67
5.72
5.76
5.78
5.85
5.98
12 Camden &Amboy6s 1883
5.79
5.60
5.61
5.83
5.70
5.74
5.81
5.60
5.80
5.76
5.89
5.96
5.96
13 NYCRRdebtcertificateg6glS83
5,00
4.71
5,14
5.25
5.22
5.40
5.62
5.58
5.64
5.43
5.47
5.60
5.67
14 NVCRRfordebtsassumed7sl87ô
4.93
4.71
4.91
5.17
5.04
.5.5
55.56
5.31
5.46
5.40
5.27
5.56
5.41
15 Chic Burl&Quincy lstM8s 1883
6.01
5.55
5.70
6.01
6.45
6.35
6.29
6.25
6.13
6.14
6.31
6.22
6.37
Z16
Hudson River RR 2dM7s 1885
5.41
5.34
3.51
5.69
5.88
5.65
5.45
5.56
5.60
5.64
5.61
5.66
5.80
17 Chic&NorWestRylstMsf7s 1885
6.51
6.47
6.21
6.55
6.66
6.67
6.78
6.92
6.82
6.68
6.92
6.88
6.94
18 Philadelphia&ErielstMóslS8l
5.52
5.35
5.33
5.62
5.50
5.59
5.75
5.76
5.79
5,62
5,67
5.86
5.89
19 Gal&ChiURR lstM7s 1882
5.56
5.65
5.74
5.72
5.93
6.04
6.19
6.02
5.88
5.82
5.95
6.05
6.20
20 MichSo&NorlnclianalstM7sl885
6.31
6.11
6.20
6.20
6.12
6.25
6.49
6.37
6.22
6.14
6.24
6.33
6.44
21C
leve
land
&To
!edo
lstM
ls 1
885
6.20
6.12
6.23
6.36
6.18
632
6.47
6.17
6.06
6.07
6.17
6.34
6.37
22
1876
5.42
5.48
5.47
5.76
5.85
5.82
5.81
5.81
5,85
5.88
5.86
5.92
5.97
23 Buffalo NY&Erie lstM7s 1877
6.62
6.26
6.10
6.32
6.09
6.22
6.12
6.40
6.31
5.90
6.37
6.63
6.67
24 Chicago &Alton lstMls 1893
6.63
6.34
6.29
6.51
6.56
6.62
6.71
6.83
6.88
6.85
6.89
6.95
7.27
C12
25 PittsFtWayne&ChiclstM 7s1912
6.15
5.94
6.00
6.58
6.43
6.65
6.69
6.58
6.62
•6.45
6.53
6.69
6.64
-4
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
1864
—JA
N. 1
865
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.5
New
york
&H
arle
mR
Rls
tM7s
l873
6.01
6.06
5.79
5.26
5.43
5.59
4.66
4.85
5.53
6.27
5.75
6.27
6.60
6 Le
high
Val
ley
RR
lstM
6s 1
873
5.54
5.57
5.28
4.85
4.67
4.72
4.56
4.95
5.56
5.44
5.46
6.02
6.16
7 M
orris
Can
al&
BC
o ls
tM6s
187
65.
685.
675.
675.
345.
075.
124.
494.
635.
045.50
5.49
5.78
6.08
8 Ea
ster
n R
R (M
ass)
6s 1
874
5.61
5.78
5.54
5.53
5.37
5.32
5.26
5.12
5.11
5.32
5.65
5.68
5.50
9 Pe
nnsy
lvan
iaR
R2n
dM6s
l875
5.49
5.31
5.00
4.62
4.70
4.56
3.86
4.00
4.76
5.16
5.11
5.25
5.56
10 P
enns
ylva
niaR
Rls
tM6s
l88o
3.36
5.16
5.01
4.89
4.80
4.63
4.04
4.05
4.15
5.04
5.01
5.16
5.43
11 C
amde
n&A
mbo
y 6s
Jan
1889
5.98
6.05
5.92
5.56
5.60
5.53
5.48
5.45
5.67
6.08
6.00
6.01
6.09
12 C
amde
n&A
mbo
yósl
8S3
5.96
5.97
5.91
5.55
5.54
5.72
5.53
5.39
5.69
6.07
6.02
6.17
6.19
13 N
Y C
RR
debt
certi
ficat
es6s
188
35.
675.
585.
47.
5.33
3.17
5.01
4.58
4.55
4.90
5.17
5.25
5.46
5.80
14 N
YC
RR
ford
ebts
a.ss
umed
7sl8
l65.
415.
525.
405.
215.
224.
874.13
3.76
3.92
4.91
5.37
5.24
5.46
15 C
hic
Bur
l&Q
uinc
y ls
tM8s
188
36.
376.
286.
005,
855.
855.
555.
435.
256.
126.
346.
106.
326.
8216
Hud
son
Riv
erR
R2d
M7s
188
35.
805.
745.
775.
565.
415.
294.
754.
705.
425.
625.
805.
866.
4717
Chi
c&N
orW
estR
ylst
Msf
7sl8
856.
946.
876.72
6.34
6.32
6.26
5.61
6.11
6.23
6.68
6.54
6.70
6.88
18 P
hila
delp
hia&
Erie
lstM
6slS
Sl5.
895.
755.
575.
255.
405.
315.
045.
295.
225.
915.
565.
916.
0319
Gal
&C
hiU
RR
lst.M
7s18
826.
205.
955.
725.
605.73
5.29
5.78
4.77
5.29
5.70
5.62
5.84
6.45
20
Mic
hSo&
Nor
Indi
ana
lstM
7s 1
885
6.44
6.26
6.16
6.10
6.07
5.81
5.58
5.80
6.07
6.62
6.35
6.53
7.14
21 C
lève
land
&To
ledo
lstM
7s1
885
6.37
6.26
5.97
5.72
5.84
5.76
5.83
5.81
5.95
6.54
6.60
6.60
6.58
22 C
onn&
Pass
Riv
ersR
R ls
tM 6
s 187
65.
973.
965.
845.
835.
835.
835.
915.
945.
975.
986.
006.
036.
4823
Buf
falo
NY
&Er
iels
tM7s
l877
6.67
6.72
6.24
6.20
6.13
5.93
5.34
5.63
6.03
6.50
6.40
6.60
6.42
24 C
hica
go&
Alto
nlst
M7s
1893
7.27
6.93
6.50
6.44
6.42
•6.2
85.
885.
956.
546.
926.
736.
746.
7825
Pitt
sFtW
ayne
&C
hicl
stM
7sl9
l26.
646.
756.
386.
126.
085.
905.
355.
355.
886.
426.
216.
326.
4526
Cam
den&
Am
boyM
ós N
ov 1
889
5.65
5.67
5.56
5.23
5.24
5.20
5.01
4.92
5.42
5.70
5.50
5.57
5.64
00
Ref
.N
o.N
ame
of B
ond
East
ern
RR
(Mas
s) 6
s 187
4Pe
nnsy
lvan
ia R
R 2
nd M
6s 1
875
Penn
sylv
ania
RR
1st
M 6
s 188
0C
amde
n &
Am
boy
ôs Ja
n 18
89C
amde
n &
Am
boy
6s 1
883
-a.-
.'. —
Jan.
Feb.
8 9 10 11 12 13 14 15 16 17 18 19 20 2122
2324 23 26
Dec
.Ja
n.
N Y
C R
R d
ebt c
ertif
icat
es 6
s 188
3N
Y C
RR
for d
ebts
ass
umed
7s 1
876
Chi
c B
url &
Qui
ncy
'1st
M 8
s 188
3H
udso
n R
iver
RR
2d
M 7
s 183
5C
hic
& N
or W
est R
y 1s
t M sf
7s 1
885
Phila
& E
rie 1
st M
6s 1
881
Gal
& C
hi U
RR
1st
M 7
s 188
2M
ich
So &
Nor
Indi
ana
1st M
7s 1
885
Cle
vela
nd &
Tol
edo
1st M
7s 1
885
Coa
n &
Pas
s Riv
ers R
R 1
st M
ós 1
876
Buf
falo
NY
& E
rie 1
st M
7s 1
877
Chi
cago
& A
lton
1st M
7s 1
893
Pitts
Ft W
ayne
& C
hic
1st M
7s 1
912
Cam
den
& A
mbo
y M
Gs N
ov 1
889
5.50
5.56
5.43
6.09
6.19
5.80 5.46
6.82
6.47
6.88 6.03
6.45 7.14
6.58 6.48
6.42
6.78
6.45
5.64
Mar
.6.
076.45
5.74
6.09
6.73
6.18
7.10
7.09
6.58
7.18
6.54
7.63
6.97
7.38
6.49
7.37
7.16
7.80
6.18
5.86
5.84
5.43
6.14
6.50
5.94
6.05
6.74
6.48
7.05
6.33
6.99
6.84
6.72
6.48 7.12
6.73
6.44
5.76
Apr
il
6.03
6.35
6.00 5.94
7.17
6.33
7.02
6.94
6.90
7.38
6.65
7.45
7.16
7.29
6.49
7.80
7.26
7.00
6.23
May 6.04
6.35
5.94
5.48
7.21
6.46 6.65
7.08
6.81
7.60
6.82
7.27
7.17
7.45
6.12
8.05
7.35
7.03
6.04
June 6.04
6.42
5.90
7.21
7.39
6.89 6.81
7.24
7.17
8.01
6.97
7.28
7.47
7.41
6.97
8.20
7.55
7.17
6.12
July 6.00
6.26 5.75
7.23
7.29
6.71
6.63
7.01
6.78
7 .6
1
6.96
7.02
7.43
7 .3
27.
338.
027.24
6.90
6.23
Aug
.
6.45
6.11
5.63
7.18
7.18
6.71
6.71
7.14
6.93
7.59
6.86
6.99
7.55
7.48
7.12
8.10
7.47
6.87
6.23
Sept
.6.
826.
185.
717.
127.
196.
826.
857.
036.
927.
646.
877.
037.
577.
587.
307.
917.
526.
826.
21
Oct
. 7.03
6.58
6.03 7.09
7.14
6.90
7 .0
57.
056.
96 7.78
7.01
7.16
7.56
7.48
7.31
7.96
7.44
6.90
6.21
Nov
.
7.22
6.92
6.31 7.12
7.19
6.90 7.06
7.07
7.12
7.95
7.35
7.09
7.56
7.41
7.32
7.94
7.63
7.01
6.56
6.82 7.00
6.22 7.47
7.44
6.98
7.14
7.01
6.66
8.03 1.54
7.28
8.07
7 .4
67.
327.
927.
597.
056.
70
6.84
7.44
6.51
7.59
7.90
6.88
7.01
7.10
6.96
8.21
7.55
7.13
7.64
7.58
7.48
7.90 7.64
7.00
6.90
II 0 C 12
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 186
6—JA
N. 1
867
Ref.
No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
7.03
6.16
7.65
7.92
7.20
May 6.72
6.08
7.18
7.49
6.78
June 6.91
6.23
6.89
7.27
6.81
July 6.96
6.11
7.14
7.36
6.57
Aug
.6.
706.14
7.12
7.22
6.78
Sept
.6.
625.98
6.94
6.99
6.68
Oct
.
6.59
6.00
6.92
6.95
6.71
Nov
.6.
545.99
6.87
6.90
6.61
Dec
.
6.57
6.01
6.95
7.06
6.63
Jan. 6.73
6.07
6.93
7.12
6.78
•
910
111213
PennsylvaniaRR2ndMósl875
PennsylvaniaRRlstM6sl88O
Camden&Amboy6sJan 1889
Camden&Amboy6sl883
NYCRRdebLcertificates6s 1883
7.44
6.51
7.59
7.90
6.88
7.56
6.65
7.57
7.91
6.91
7.44
6.58
7.84
7.98
7.05
14 NYCRRfordebtsassumed7sl876
15 Chic Burl&Quincy lstM8s 1883
16 HudsonRiverRR2dM7s 1885
17 Chic&NorWestRylstMsflsl885
18 Philadelphia&Erie
lstM
6s1881
7.01
7.10
6.96
8.21
7.55
7.00
7.10
7.06
8.06
7.34
7.02
7.21
7.11
8.45
7.16
7.01
7.38
7.06
8.33
7.13
7.07
7.05
7.09
8.11
7.02
7.06
7.IP
6.96
7.85
7.18
6.93
7.20
6.84
7.44
7;19
6.89
7.04
6.80
7.34
7.21
6.84
7.05
6.91
7.54
7.10
6.23
7.09
6.80
7.57
7.00
6.37
6.94
6.79
7.51
6.92
6.58
7.05
7.05
7.57
6.99
7.03
6.88
6.77
7.63
7.10
19 Gal&ChilJRRlstM7sl882
20 Mich So & Nor Indiana 1st M 7s 1835
21 Cleveland & Toledo 1st M 7s 1885
23 BuffaloNY&Erie IstMls 1877
24 Chicago&Alton
lstM
7s1893
7.15
7.64
7.58
7.90
7.64
7.33
7.82
7.58
7.99
7.63
7.49
7.83
7.75
8.15
7.62
7.48
7.81.
7.66
8.16
7.63
7.49
7.69
7.45
8.23
7.49
7.74
7.52
7.36
7.60
7.54
7.35
7.56
6.98
7.78
7.24
7.22
7.61
6.75
7.87
7.08
7.07
7.36
6.95
7.82
7.20
7.16
7.33
6.90
7.93
7.15
7.16
7.33
6.95
7.78
7.10
7.29
7.50
7.32
7.72
7.12
7.36
7.59
7.12
7.79
7.15
25 PittsFtWayne&ChklstM7sI9l2
26 Camden&AmboyM6sNovl889
27 Tol&Wabash lstM7s 1890
28 StLAlton&THRR lstM7s 1894
.....
7.00
6.90
8.15
7.77
7.14
6.99
8.27
7.78
7.22
6.81
8.41
8.01
7.25
6.71
8.24
8.08
7.09
6.71
8.18
8.18
7.11
6.62
8.20
8.13
6.91
6.58
8.16
7.92
6.92
6.56
7.82
7.97
6.92
6.42
7.77
7.94
7.10
6.38
7.78
7.90
6.85
6.36
7.89
7.82
7.03
6.49
7.98
7.87
6.95
6.55
7.96
7.82
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 186
7—JA
N. 1
868
Ref
.'
No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ayJu
neJu
lyAug.
Sept
.O
ct.
Nov
.D
ec.
Jan.
10PennsylvaniaRRlstM6sl88o
6.07
6.10
6.17
6.27
6.32
6.38
6.25
6.17
6.17
6.25
6.31
6.23
6.15
11 Camden&Amboy6sJan 1889
6.93
7.11
7.16
7.11
7.23
'7.37
7.38
7.13
7.34
7.53
7.62
7.60
7.27
12 Camden&Amboy6s 1883
7.12
7.27
7.22
'7.24
7.40
7.38
7.26
7.24
7.28
7.59
7.69
7.69
7.37
13 NY C RR debt certificates 6s 1883
6.78
6.83
6.76
6.80
6.69
6.48
6.62
6.65
6.65
6.90
6.87
7.03
6.97
14 NYCRRfordebtsassumed7sl876
7.03
6.63
6.61
6.63
6.72
6.80
6.45
6.55
6.67
6.88
6.85
7.10
7.03
15Chic Burl&Quincy lstM8s 1883
6.88
6.94
7.03
7.11
7.15
7.19
6.76
6.84
6.93
7.04
7.06
7.20
7.03
16 HudsonRiyerRR2dM7sl885
6.77
6.87
6.91
6.99
6.87
6.86
6.76
6.68
6.62
6.79
6.89
6.93
6.86
17 Chic&NorWestRylstMsflsl88S
7.63
7.67
7.65
7.80
7.89
8.00
7.64
7.56
7.50
7.62
7.62
7.68
7.54
18 Philadelphia&Erie lstM6s 1881
7.10
7.24
7.24
7.04
6.94
6.99
6.96
6.83
6.90
7.05
7.26
7.10
7.03
19
Gal
&C
hiU
RR
lstM
7s 1
882
7.36
7.34
7.27
7.16
7.23
7.21
7.08
7.03
6.96
6.94
7.10
7.20
7.19
20
Mic
h So
& N
or In
dian
a 1s
t M 7
s188
57,
597.
477.
337.
387.
387.
347.
257.
287.
247.
337.
377.
497.
3721
Cle
vela
nd &
Tol
edo
1st M
781
885
7.12
7.04
7.00
7.00
7.06
7.02
6.78
6.89
6.90
6.92
7.01
6.98
6.93
23
Buf
falo
NY
&Er
ie ls
tM7s
187
77.
7979
08.
018.16
8.40
8.49
8.42
8.38
8.64
8.59
8.63
8.60
8.37
24
Chi
cago
&A
lton.
lstM
7s 1
893
7.15
7.16
7.15
7.22
7.21
7.19
7.04
6.89
6.94
6.94
6.97
7.04
7.02
25Pitts Ft Wayne & Chic 1st M
7s 1
912
6.95
7.03
7.01
7.03
7.03
7.03
6.83
6.74
6.75
6.79
6.81
6.84
6.88
26Camden&AmboyM6sNov 1889
6.55
6.58
6.57
6.52
6.54
6.63
6.54
6.52
6.53
6.34
6.67
6.69
6.49
27 Tol&Wlabash lstM7s 1890
7.96
8.07
8.16
8.29
8.26
8.27
7.99
8.09
8.07
8.21
8.34
8.29
8.08
28 StLAhon&THRR lstM7s 1894
7.82
7.70
7.88
8.10
8.19
7.96
791
7.94
7.81
7.67
7.73
7.66
7.60
29 NYCentralrenewalbonds6s 1887
6.63
6.66
6.64
6.88
6.68
6.52
6.68
6.89
6.73
6.69
6.84
6.87
6.83
30 Morris & Essex 1st M
1914
7.427 .44
7.50
7.59
7.48
7.48
7.38
7.38
7.32
7.36
7.42
7.41
7.32
YIELDS OF RAILROAD BONDS
JAN.
1868
—JA
N. 1
869
____
____
____
____
____
____
____
____
____
____
__
Ref.
-II
No.
Name of Bond
Jan.
Feb.
Mar.
April
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.10 PennsylvaniaRRlstM6sl88o
6.15
6.08
6.02
6.03
5.95
5.95
6.02
6.08
6.12
6.12
6.14
6.24
6.22
11 Camden&Amboy 6sJan 1889
7.27
7.15
7.30
7.28
7.16
7.18
7.20
7.22
7.31
7.36
7.40
7.48
7.50
12 Camden&Amboy6s 1883
7.37
7.27
7.33
7.37
7.27
7.19
7.19
7.34
7.44
7.31
7.46
7.62
7.66
13 NYCRRdebtcertificates6sl883
6.97
6.87
6.77
6.61
6.64
6.67
6.56
6.58
6.77
6.85
6.68
7.08
7.20
15 Chic Burl&Quincy lstM8s 1883
7.03
6.85
6.70
6.83
6.85
6.92
6.96
6.80
6.94
6.93
7.02
7.07
6.84
16Hudson River RR 2dM7s 1885
6.86
6.83
6.73
6.68
6.75
6.98
6.77
6.62
6.75
6.75
6.69
6.68
6.61
17
Chi
c& Nor West Ry 1st M sf 7s 1885
7.54
7.61
7.62
7.94
7.58
7.35
7.39
7.34
7.41
7.47
7.56
7.70
7.69
18
Phila
delp
hia&
Erie
lstM
Ss 1
881
1.03
6.94
6.91
7.04
7.12
7.16
7.20
7.27
7.30
7.29
7.87
7.99
8.04
19 G
al&
Chi
UR
Rls
tM7s
l882
7.19
7.15
7.08
7.11
7.05
7.20
7.32
6.92
7.0]
7.06
7.18
7.32
7.31
20
Mic
hSo&
Nor
lndi
anal
stM
7s1
885
7.37
7.23
7.11
7.17
7.14
7.01
7.00
7.13
7.22
7.25
7.35
7.38
7.57
21 C
leve
land
&To
ledo
lstM
7s 1
885
6.93
6.89
6.95
6.97
6.93
6.93
6.91
6.99
7.13
7.16
6.96
7.04
7.06
23 B
uffa
loN
Y&
Erie
letM
7sl8
778.
378.16
8.14
8.04
7.98
7.96
7.90
8.01
8.18
8.75
8.99
8.97
8.94
24 C
hica
go&
Alto
nlst
M 7
s189
37.
026.
936.
877.
007.
016.
856.
737.
087.
047.
077.
177.
047.
0425
Pitt
sFtW
ayne
&C
hicl
stM
7s1
912
6.88
6.83
6.71
6.74
6.83
6.77
6.75
6.81
6.75
6.77
6.95
7.00
7.04
26 C
amde
n&A
mbo
yM6s
Nov
188
96.
496.
396.
466.
446.
356.
376.
376.
446.
506.
506.
736.
706.
7727
Tol
&W
abas
h ls
tM7s
189
08.
087.
947.
917.
937.
857.
627.
847.
857.
908.
007.
907.
997.
8928
StL
Alto
n&TH
RR
1stM
7s18
947.
607.
587.
637.
677.
667.
637.57
7.64
7.60
7.67
7.87
7.78
7.73
29 N
YC
entra
lrene
wal
bond
s6sl
887
6.83
6.73
6.74
6.74
6.69
6.60
6.59
6.46
6.56
6.75
6.82
6.95
7.00
30Mprris&EssexlstMsf7sl9l4
7.32
7.33
7.29
7.29
7.13
7.11
7.08
7.07
7.15
7.22
7.31
7.30
7.38
____
____
____
QI
.696
6.98
&93
RA
ILRO
AD
BO
ND
YIELD
S
A41
000)
00
00
'Ot-000-t-.
*—0..t-0-.t..
'0-0000
0)0'O-t'-O
O
)Q
.00.0)000
00.0Q0).0
N
'Or—
O0°0
00)0)-
S0)0)0.
000)0.0.00
'0
0-NO
0 000)00
0) '0
0)0000)0)
00*0)0)00
'0
'Oo'.o)&
'-r-
00000)0)0)
0-0)0)00000)0)0)0)00
'0
— i N0)000)0.O
0-0)N01)0).
0 0)000)0)0)
0)
E,
.-'00C'00C
'
")")O'0O
)
N
0)0000
N0)C
'r-N
0- 01)
0)0-000000
0)000)0-0)
'0N
'0000
0-0)01
0IC'00'00
0)0).-)00
0)
000).-r..r-o.0-o-r-.-.0)
000000000)000)0)0)
'0
000-0)0-00
0-001-0)0.
000)
C 0)000.0)
N C'
0000
C'
0- '1)0-0)
'0
0)0)000)0
0)00)0)0)
0-.-NN
C'
'0
00r-r-o-o-.
'Ct-0-0-.t'.
0-0)'0)00"
0-0-0)0)0)
'0
'0'0)0000C'
0)0)000).-.
0)00000.0.C"O
Q0))Q
-'00)000
'0
000)0)0)00
000)000)0)0)0)000000
0)0-0)0)0)
'0
0)0)00000
0) 0)0)0)0)0)
00 00)00
0)'0
00.0'C
''.00 •
. . C'• . .00
'C
0000
'0.0
0-00)0)0)
000)000)0
00C'0.-.r'lz N N N 0)01
N 00
N 000)0)
A42
z0
0
0U
)Vz
>)
U)
U)
U)
U)
0000
C)
U)
U)
00 C)
U)
U)
C)
-) 0
'0C)N
oQ*-
0U)O
NN
NN
)C
NC
)U)O
U)
'O)O
N.-U
00
U)
C)
U)
N U)
N
000000'N
U)N
NU
)N
00
000U)O
U)
U'O
ON
NU
)
0
N000000N
U'N
N00
N
A NC
'U).-C
'
U)U
)U)C
'00
C)
0000N000)
OC
)U)C
'N
C)
NN
NN
C.
N)Q
00)—N
U-t'.)O
00
P-)0'0
C0U
)U)N
00
N
00000'-O
ON
ON
O
C)00U
)cOU
)
000-)'CN
0
NN
00)0t.
N-N
N
'0)000)-)-
N
NN
U))O
.-0
NU
)00000
O000U
).-
—
CO
,-oC')-N
U)0
U0)
0N)-Q
\0
N)'-N
'O
'0 NN
)CN
N
)0'000
00)-
N0000N
U)C
SOO
C)'0
0
0 00
0zN
U)U
)00
NC
OC
)O.4 N N N N N N N N U
)
U) U)
U)
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
.18
72
C 02
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.Nov.
Dec
.Ja
n.11 Camden&Amboy 6sJan 1889
12 Camden&Amboy6s 1883
13 NYCRRdebtcertificates6sl883
15 Chic Burl&Quincy lstM8s 1883
16 HudsonRiverRR
2dM
7s 1
885
6.69
6.93
7.26
6.84
6.76
7.00
6.98
7.3(
6.8ô
6.80
6.74
6.96
7.13
6.90
6.95
6:87
6.99
7.15
6.63
6.88
6.94
7.13
7.02
6.76
6.80
7.17
7'O
S7.07
6.70
6.75
7.16
7.22
7.12
6.72
6.73
7.13
7.36
7.13
6.65
6.66
7.18
7.45
7.09
6.64
6.68
7.24
7.40
7.21
6.83
6.78
7.25
7.50
7.22
6.90
6.66
7.26
7.71
7.13
6.95
6.47
7.14
7.43
6.86
6.25
6.43
17 Chic&NorWestRylstMsf7sls85
18 Philadelphia&ErielstM6sl88l
7.54
7.35
7.35
7.16
7.17
7.15
7.33
7.12
7.27
7.30
7.36
7.23
7.25
7.27
7.03
7.36
7.03
7.49
7.12
7.72
7.12
7.88
7.09
7.90
6.96
7.39
19 G
al&
Chi
UR
Rls
tM7s
l882
7.43
7.24
7.20
7.15
7.08
7.12
7.06
7.02
6.61
6.52
6.90
6.68
6.48
20 MichSo&NorlndjanalstM7sj885
7.28
7.20
7.14
7.04
6.94
6.95
6.94
6.86
6.90
7.15
7.12
6.99
6.77
21 Cleveland& Toledo lstM7s 1885
7.08
7.10
7.05
7.00
7.01
6.98
6.97
6.93
6.89
7.09
7.12
7.05
6.85
24 Chicago&Alton lstM7s 1893
7.09
6.93
7.00
6.98
6.94
6.93
6.80
6.81
6.63
6.64
6.93
6.76
6.65
25 PittsFtWayne&ChiclstM 7s1912
6.95
6.85
6.92
6.89
6.82
6.81
6,84
6.64
6.75
6.79
6.79
6.74
6.68
26 Camden&AmboyM6s Nov 1889
27 Tol&Wabash lstM7s 1890
6.57
7.93
6.55
7.84
6.61
7.86
6.62
7.79
6.53
7.82
6.50
7.72
6.53
7.60
6.57
7.46
6.52
7.47
6.67
7.83
6.60
7.83
6.66
7.62
6.56
7.26
28 StLAlton&THRR1stM7s1894
7.48
7.40
7.46
7.52
7.40
7.16
7.08
7.10
7.18
7.37
7.43
7.37
7.15
29 NYCentralrenewalbonds6s 1887
7,29
7.07
7.04
7.01
6.87
6.86
6.87
7.02
6.94
6.93
7.09
7.01
6.83
30 Morris&EssexlstMsf7sl9l4
7.03
6.97
6.96
6.96
6.93
6.85
6.85
6.84
6.79
6.91
6.89
6.89
6.77
31 N
Y&
Erje
RR
lstM
7s 1
897
7.44
7.35
7.30
7.04
7.05
7.06
7.04
7.07
7.20
7.24
7.07
7.01
32 M&StP(PduChdv)1stM8s1898
7.79
7.74
7.69
7.62
7.56
7.57
7.55
7.43
7.32
7.67
7.66
7.59
7.41
33 L
ehig
h V
alle
y R
R ls
tM6s
189
86.51
6.52
6.61
6.61
6.25
6.39
6.44
6.36
6.31
6.41
6.42
6.46
6.48
34 C
entra
l RR
of N
ew Je
rsey
M 7
s189
07.00
7.00
7.01
7.00
6.99
6.93
6.94
6,86
6.80
6.98
6.93
6.91
6.64
CA
3
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 187
2—JA
N. 1
873
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ayJu
neJu
lyA
ug.
Sept
.O
ct.
Nov
.D
ec.
Jan.
12 C
amde
n &
Am
boy6
s1883
7.43
7.21
7.25
7.25
7.35
7.36
7.30
7.26
7.14
7.27
7.26
7.44
7.37
13NyCRRdebtcertificates6sl883
6.86
6.74
7.15
7.02
7.09
6.91
6.73
6.90
7.55
7.44
7.41
7.29
7.20
15 Chic Burl&Quincy lstM8s 1883
6.25
6.3!
6.41
6.51
6.66
6.49
6.07
6.38
6.51
6.60
6.74
6.72
6.45
16 Hudson River RR 2dM7s 1885
6.43
6.39
6.57
6.49
6.59
6.61
6.57
6.55
6.39
6.57
6.88
6.79
6.74
20M
ichS
o&N
orln
dian
a ls
tM7s
188
56.77
6.80
6.81
6.91
6.89
6.84
6.83
6.89
7.08
7.01
6.94
6.94
6.75
21 Cleveland &Toledo lstM7s 1885
6.85
6.76
7.17
6.95
6.94
6.89
6.81
6.87
6.93
6.95
7.01
7.03
6.96
24 Chicago&Alton lstM7s 1893
6.65
6.61
6.70
6.71
6.60
6.77
6.77
6.69
6.62
6.78
6.92
6.93
6.88
25 PittsFtWayne&ChiclstM7sl9l2
6.68
6.65
6.76
6.73
6.79
6.74
6.66
6.71
6.78
6.86
6.91
6.91
6.74
26Camden&AmboyM6s Nov
1889
6.5(
6.52
6.56
6.58
6.58
6.51
6.36
6.34
6.41
6.42
6.50
6.67
6.53
27 Tol&Wabash lstM7s 1890
7.2(
7.17
7.32
7.40
7.46
7.47
7.35
7.54
7.69
7.67
7.57
7.35
7.35
28 StLAlton&THRR lstM7s 1894
7.15
7.32
7.42
7.26
7.26
7.25
7.12
7.13
7.14
7.12
7.15
7.23
7.07
29 NYCentralrenewalbonds6s 1887
6.83
6.72
6.88
6.88
6.90
6.79
6.64
7.08
6.96
7.02
7.50
7.30
7.00
30 Morris&EssexlstMsf7sl9l4
6.77
6.74
6.85
6.80
6.82
6.71
6.61
6.83
6.96
6.87
6.88
6.78
6.79
31 NY&ErieRRlstM7s 1897
7.01
6.91
6.99
701
7.01
6.95
6.85
6.90
6.97
6.95
6.88
6.95
7.01
32 M&StP(PduChdv)1stM8s1898
7.41
7.42
7.44
7.50
7.53
7.54
7.45
7.37
7.47
7.62
7.58
7.64
7.63
33
Lehi
gh V
alle
yRR lstM6s 1898
6.43
6.47
6.46
6.30
6.26
6.18
6.22
6.29
6.37
6.37
6.51
6.48
34
6.62
6.65
6.68
6.73
6.67
6.51
6.66
6.82
6.88
6.96
6.94
6.75
35 LehighCoal&NavCoRRLoan6sl897
6.6C
6.57
6.68
6.71
6.69
6.50
6.43
6.33
6.36
6.50
6.57
6.62
6.73
36 Chicago&MilwaukeeRRlstM7sl89S
7.61
7.59
7.57
7.58
7.66
7.64
7.64
7.78
7.69
7.81
7.84
7.82
7.70
37 Lake Shore B.y Dividend bonds 7s 1899
7.66
7.57
7.45
7.48
7.43
7.43
7.46
7.46
7.54
7.67
7.64
7.74
7.76
38 CleyColCin&IndlstMsf7sl899
6.98
7.OC
7.06
7.06
7.00
6.99
6.95
6.96
6.99
7.02
7.03
7.04
6.98
39 Lehigh Valley RR 2ndMreg 7s 1910
6.99
7.06
6.96
6.92
6.74
6.75
6.74
6.79
6.82
6.83
6.83
6.86
6.86
40 Chic& Nor West Ry cons sf 781915
7.6(
7.57
7.52
7.44
7.33
7.31
7.32
7.46
7.61
7.62
7.63
7.82
7.83
RA
ILRO
AD
BO
ND
YIELD
S
• Co
CO
CoC
C0
Co
C Co
Co
Co
C Co
Co
Co
Co
C Co
Co
Co
C Co
C Co
C'.N
t'CO
CO
'Ct't'.t'.C
O
t'-CO
C-'O
Co
t.
;o
CO
Cot'.C
o
'OC
ooCoC
o
,-'CC
CoO
Ot-
Co
OO
.CC
oC0
Co'0N
.-C
Co
Co
Co
OC
oCo-C
OS
OC
000CoC
',CoO
Co
CoC
CoC
o
CoO
O1-I-C
-
I-C-'Q
'OC
'-
00001-C-C
o
CO
CoC
ot—('.C
o
CoC
oCoC
OC
o
CoO
('.CoC
.
Co
'_:
'O'C
'0'0'O
'01-0—C
—C
o
C-C
-CoC
CI—
CoC
OC
o
CC
-
1-Co-,C
oC
Co
C
CoI-C
o0'.Co C
o
'00-0-C-C
o
'Ot-C
o'0Co
I-C-C
OC
CI-
I,
.
CoO
CC
CO
C-
'OC
'CC
&'-O
CoC
'CoC
-0)
CQ
Q*C
o
Co
'C't-Q
CoC
-
CflC
oC-.-,00
Co0.C
'.
CoC
'-C000C
Co
Co'O
CoC
oCo
'00-0-0--CO
'0t-Co'0'0
I-I-CO
CC
I-
C-
?0
Co
N Co
Co Co
Co Co
Co Co
Co
Co
Co
Co
Co CO
Co
N Co
Co
CQ
0--CoC
oCoC
o
OC
oCoC
oC-
C--C
oOl-C
C
N
'0I-0-.C-'O
C0-
Co'O
'0
I-l-I-CO
1-
C-
—4
Co'O
C-'O
Co
C-I-'O
'OI-'O
'0'O
00-
C-
CO
:2;0C
O
Co
Co
z
CoC
oI-OC
C
.-'CoC
oCoC
o
-'
"CC
oCoC
ot-
OC
CC
oC—
C--
C-C
-.C'C
o
Co
CO
I-C-I-C
o
I-I-'0CoC
o
C-I-C
OC
CI-
C--
0-I-'0 'O
CoC
O
'0
'OC
CoC
oCO
'CC
--CO
O-C
NC
oCoC
IC
'CC
-OO
C'0
.0
CoN
C-0C
-CN
CoC
-CC
-4C-lC
l0
CoC
oCoC
oCo
Co
A46
APPEN
DIX
—
'0 '0 '0
'0'0
'0
'0'0
'0
'0
'0'0'0'0'O
t
0'
'0
'0 '0 '0
0
'0
0 0
0
'00
0N
RA
ILRO
AD
BO
ND
YIELD
S
A47
000"0")
00000'fl
'0
N)N
000c0
0'000'Q'flO
O-'—
'0
'0 '0 U)
U)
U)
'0'0
t. '0'0
'000
'0
•
00 000' '0
tfl'O'l)
-'O'O
'O",
'0
C
'0'0
'0
-0 '0
t'.
'0
'0 '0'0
00'0
P.
000
00
P.
'0
0 N)
0,
'0)0
00)0
P.
0
'0
)-00
•
.00
•
.0,
.0
•
.00 .0'
.0'0'C
:o
00
U)
U.0U
'd'00)0000)
0.NP
NN
)N'
U)'0p-O
OC
'
0'.P4e')N
'
P4P
4N0'IC
'I
N)N
)N)N
)N)
N'N
'N'N
'N'
N'
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
00 z '-4
JAN
. 187
6—JA
N1877
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.
24 Chicago&Alton IstM7s 1893
25 PittsFtWayne&ChiclstM 7s1912
26 Camden &AmboyM6sNov 1889
28 StLAlton&THRR lstM7s
1894
29 NYCentralrenewalbonds6sl887
5.88
5.99
5.58
6.48
5.74
5.65
5.99
5.58
6.44
5.62
5.63
5.91
5.63
6.42
5.52
5.60
5.90
5.73
6.44
5.65
5.56
5.86
5.67
6.64
5.59
5.47
5.86
5.54
6.27
5.61
5.37
5.81
5.52
6.26
5.44
5.23
5.65
5.44
6.32
5.37
5.31 5.77
5.44
6.44
.5.70
5,56
5.79
5.46
6.50
5.5.5
5.53
5.77
5.32
6.51
5.65
5.54
5.74
5.13
6.54
.5.80
5.54
5.80
5.08
6.25
5.54
30 Morris&EssexlstMsf7sl9l4
NY&ErieRRlstM7sl897
32 M&StP(PduChdv) lstM8s 1898
33 LehighValleyRRlstM 6s1898
34 CentratRRofNewJerseyM is 1890
6.07
6.43
6.94
5.72
5.64
5.97
6.37
6.79
5.70
5.52
5.96
6.33
6.68
5.65
5.60
5.96
6.11
6.73
5.67
5.87
6.01
6.30
6.79
5.62
5.87
5.98
6.25
6.83
5.52
6.05
5.84
6.20
6.73
5.52
5.70
5.78
6.27
6.60
5.60
5.65
6.01
6.41
6.60
5.58
6.26
6.01
6.06
6.69
5.56
6.18
5.94
6.29
6.69
5.44
6.12
.5.82
6.11
6.73
5.37
6.23
6.00
6.28
6.74
5.29
6.46
35 LehighCoat&NavCoRRLoan6s 1897
36 Chicago&MilwaukeeRRlstM 731898
37 Lake Shore Rydividend bonds is 1899
38 CleveColCin&LndlstMsf7sl899
39 Lehigh Valley RR2ndMreg 7s 1910
5.17
7.00
6.83
6.55
6.31
5.82
6.97
6.82
6.41
6.32
5.81
6.96
6.82
6.34
6.23
5.84
7.10
6.68
6.33
6.30
5.83
6.93
6.78
6.35
6.40
5.84
6.96
6.82
6.31
6.32
5.84
6.82
6.88
6.33
6.24
5.90
6.76
6.79
6.42
6.34
6.02
6.61
6.80
6.33
6.22
6.10
6.67
6.64
6.37
6.29
5.93
6.71
6.62
6.34
6.17
6.02
6.67
6.76
6.37
6.09
5.77
6.59
6.61
6.36
6.12
40 Chic&NorWestRyconssf7s 1915
41 LSh&MichSoconslstMsf 7s1900
42 Pennsylvania RR Co genM6s 1910
43 New York&Harletn RRconsM 7s1900
44 NYC&HRRR lstM7s 1903
7.05
6.79
5.94
5.85
5.52
6.92
6.7C
5.82
5.75
5.52
6.86
6.54
5.78
5.68
5.46
6.90
6.55
5.80
5.67
5.62
6.90
6.66
5.78
5.74
5.79
6.89
6.57
5.76
5.74
5.77
6.85
6.47
5.76
5.68
5.50
6.71
6.53
5.65
5.56
5.49
6.78
6.54
5.63
5.68
5.76
6.83
6.54
5.68
5.76
5.73
6.88
6.60
5.69
5.65
5.73
6.85'
6.70
5.57
5.65
5.78
6.84
6.59
5.49
5.59
5.70
45 Chic Burl& Quincy RR cons M
7819
036.42
6.35
6.32
6.30
6.29
6.28
6.22
6.24
6.22
6.29
6.28
6.24
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
1877
—JA
N. 1
878
No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ay Ju
neJu
lyA
ug.
Sept
.O
ct.
Nov
.D
ec.
Jan.
I:24
Chicago&Alton 1st M 7s 1893
5.54
5.58
5.77
5.80
5.79
5.57
5.39
5.53
5.65
5.75
5.79
5.84
5.70
25 Pitts Ft Wayne & Chic 1st M 7s1912
5.80
5.69
5,74
5.79
5.80
5.79
5.79
5.83
5.87
5.91
5.88
5.85
5.80
26 Camden&AmboyM 6s Nov 1889
5.08
5.12
5.27
5.47
5.36
5.23
5.21
5.05
5.01
5.10
5.20
5.13
5.08
28 StLAlton&THRR1stM7s1894
6.25
6.28
6.36
6.40
6.49
6.23
6.05
6.09
6.11
6.14
6.26
6.26
6.33
30 Morris&EssexlstMsf7sl9l4
6.00
6.09
6.09
6.10
6.06
5.93
5.98
6.07
6.04
6.08
6.04
6.00
6.02
31 NY&ErieRRlstM7sl897
6.28
6.28
6.08
6.02
5.98
5.90
5.94
5.94
6.05
6.17
6.11
6.05
6.15
32 M&StP(PduChdv)1stM8sj898
6.74
6.74
6.75
6.76
6.5S
6.67
6.71
6.70
6.83
6.83
6.75
6.59
6.49
33
Lehi
gh V
alle
y R
RlstM6s 1898
5.29
5.50
5.62
5.69
5.64
5.49
5.38
5.41
5.43
5.44
5.45
5.36
5.34
34 CentraiRRof NewJerseyM7s 1890
6.46
6.60
6.69
6.44
6.20
6.17
5.91
5.88
5.94
6.00
5.91
5.81
5.78
035
LehighCoal&NavCoRRLoan6sl897
5.77
5.87
6.13
6.18
6.13
6.13
6.00
5.91
5.81
5.71
5.94
5.96
5.90
36 Chicago&MilwaukeeRRistM7sl89S
6.59
6.51
6.61
6.61
6.67
6.46
6.29
6.38
6.45
6.52
6.50
6.45
6.85
37
Lake
Sho
re R
y di
vide
nd b
onds
7s 1
899
6.61
6.58
6.56
6.62
6.56
6.48
6.48
6.52
6.55
6.59
6.52
6.39
6.41
38ClevCoICin&IndlstMsf7sl899
6.36
6.36
6.52
6.52
6.45
6.21
6.28
6.35
6.44
6.42
6.42
6.30
6.37
39 Lehigh
Val
ley
RR
2ndM
reg
7s1910
6.12
6.34
6,40
6.58
6.52
6.45
6.31
6.39
6.25
6.21
6.15
6.14
6.15
40 Chic&NorWestRyconssf7sl9l5
6.846.81
6.75
6.74
6.69
6.63
6.65
6.66
6.63
6.65
6.59
6.57
6.55
41 LSh&MichSoconsjstMsflgj900
6.59
6.48
6.52
6.64
6.53
6.51
6.37
6.47
6.38
6.41
6.40
6.30
6.24
42 Pennsylvania RRCo genM6s 1910
5.49
5.56
5.67
5.67
5.64
5.66
5.65
5.72
5.66
5.69
5.69
5.65
5.56
43NewYork&I-Iarlem RRconsM7s 1900
5.59
5.59
5.72
5.63
5.65
5.71
5.66
5.70
5.72
5.81
5.58
5.64
5.55
44 NYC&HRRR1stM7s19O3
5.70
5.82
5.97
5.87
5.74
5.70
5.68
5.71
5.78
5.78
5.69
5.70
5.62
45ChicBurl&QuincyRRconsMlsl9o3
6.24
6.29
6.50
6.41
6.40
6.38
6.33
6.32
6.37
6.32
6.27
6.24
6.27
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
.1879
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct.
Nov
.D
ec.
Jan.
24
Chicago &
Alto
n 1s
t M 7
s 189
35.
705.66
5.62
5.57
5.67
5.54
5.56
5.57
5.61
5.73
5.70
5,56
5.49
2326
2830
PittsFtWayne&ChiclstM7sl9l2
Camden&AmboyM6s Nov 1889
StLAlton&THRR lstM7s 1894
Morris&Essexlst,Msf7s1914
5.80
5.08
6.33
6.02
5.81
5.13
6.39
5.99
5.83
5.19
6.30
5.95
5.81
5.24
6.20
5.90
5.80
5.19
6.16
5.90
5.79
5.09
6.09
5.85
5.76
5.01
6.37
5.86
5.72
5.07
6.68
5.86
5.81
4.99
6.54
5.91
5.73
5.01
6.37
5.87
4.98
6.40
5.90
5.04
6.31
4.86
5.92
5.91
313233
NY&ErieRRIstM7sl897
M&StP(PduChdv)1stM8s1898
LehighValleyRRlstM6sl898
6.15
6.49
5.34
6.08
6.53
5.29
6.09
6.52
5.31
6.04
6.53
5.33
6.00
6.44
5.40
5.89
6.29
5.33
5.73
6.33
5.32
5.75
6.35
5.26
5.82
6.44
5.18
5.80
6.39
5.17
5.76
6.31
5.14
5.73
6.30
5.17
5.63
6.15
5.00
34
35
Central RR of New JerseyM 7s1890
Lehigh
Coa
l&N
avCo RR Loan
6s1897
5.78
5.90
5.80
5.78
5.79
5.91
5.85
5.96
5.83
5.84
5.64
5.78
5.52
5.73
5.57
5.72
5.47
5.64
5.54
5.69
5,56
5.61
5.63
5.67
36
37
Chicago&MilwaukeeRRlstM7sl89S
LakeShore Ry dividend bonds
7s1899
6.85
6.41
6.70
6.40
6.64
6.41
6.69
6.41
6.67
6.24
6.48
6.19
6.71
6.25
6.83
6.34
6.91
6.27
6.87
6.18
6.42
6,17
6.33
6.19
6.26
6.10
38.ClevCoICin&IndlstMsf7sl899
6.37
6,35
6.37
6.37
6.31
6.34
6.46
6.56
6.52
6.29
6.29
6.04
3940
Lehigh Valley RR2ndMreg 7s 1910
Chic&NorWestRyconssf7sl9l5
6.15
6.55
6.20
6.51
6.10
6.52
6.10
6.53
6.12
6.43
6.12
6.40
6.03
6.33
6.11
6.36
6.00
6.39
5.95
6.33
5.95
6.29
6.02
6.19
5.92
6.10
4142LSh&MichSoconslstMsf7sl900
PennsylvaniaRRCogenM6sl9l0
6.24
3.56
6.24
5.57
6.23
5.62
6.27
5.66
628
5.62
6.15
5.53
6.07
5.54
6.07
5.56
6.01
5.58
6,06
5.56
6.06
5.48
609
5.49
5.87
5.40
43
NewYork & Harlem RRcons M 7s 1900
5.55
5.58
5.54
5.54
5.54
3.50
5.48
5.51
5.54
5.55
5.46
5.40
5.36
44NYC&HRRRIstM7s19O3
5.62
5.65
5.66
5.67
5.63
5.62
5.63
5.68
5.69
5.66
5.68
5.65
5.49
45
ChicBurl&Quincy RRconsM7s 1903
6.27
6.29
6.32
6.30
6.28
6.21
6.10
6.02
6.03
6.05
6.02
5.94
5.80
46
47
Cleveland&PittsconssfM7s 1900
Mic
higa
nCen
tratR
Rco
nsM
7s1902
6.28
6.62
6.29
6.62
6.38
6.58
6.30
6.49
6.20
6.35
6.14
6.26
6.15
6.18
6.18
6.20
6.20
6.25
6.18
6.11
6.11
6.11
6.07
6.16
5.94
.5.98
C
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 187
9—JA
N. 1
880
Ref.
No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ayJu
neJu
lyA
ug.
Sept
.O
ct.
Nov
.D
ec.
Jan.
24 C
hica
go&
Alto
n ls
tM7s
189
35.
495.
195.
425.
515.
405.
385.
365.17
5.53
5.33
5.32
5.34
5.21
25 P
itts F
t Way
ne &
Chi
c 1s
t M 7
s 191
25.
64-5.
595.55
5.61
5.54
5.52
5.46
5.24
5.37
5.32
5.42
5.44
5.35
28 S
tLA
lton&
THR
R ls
tM7s
189
45.
925.
835.95
5.98
5.87
5.69
5.52
5.65
5.87
5.98
3.96
5.93
5.87
30
Mor
ris&
Esse
xjst
Msf
7sl9
l45.
915.
725.
805.
825.
575.
555.
435.
505.66
5.64
5.59
5.47
5.44
31
NY
&Er
ieR
Rls
tM7s
l897
5.63
5.47
5.49
5.57
5.28
5.35
5.16
5.21
5.29
5.26
5.17
5.24
5.27
32 M
&St
P(Pd
uChd
v)1s
tM8s
1898
6.15
5.96
5.98
6.01
5.90
5.86
5.84
5.84
5.91
5.85
5.94
5.82
5.84
233
Lehi
gh V
allc
yRR
lstM
6s 1
898
5.00
5.15
5.18
5.12
4.93
4.74
4.75
4.80
4.92
4.92
4.76
4.79
4.74
34C
entra
iRR
of N
ewJe
rsey
M7s
189
05.
325.
135.
275.
295.21
5.12
5.12
5.10
5.33
5.39
.5.1
05.
1033
Leh
ighC
oal&
Nav
CoR
RLo
anós
l89l
5.67
5.46
5.55
5.61
5.44
5.37
5.31
5.25
5.28
5.34
5.25
5.23
5.19
36 C
hica
go&
Milw
auke
eRR
lstM
7sl8
986.
266.
056.
106.
156.
176.
115.
945.
856.
006.
055.
926.
015.
8537
-Lake Shore Rydividend bonds 7s
1899
6.10
5.85
6.05
5.89
5.74
5.60
5,94
5.76
5.67
5.85
5.75
5.65
5.56
038
Clev Col Cm & Ind 1st M sf
7s 1
899
6.04
5,84
5.97
5.90
5.69
5.67
5.65
5.67
5.87
5.87
3.66
5.63
5.66
39 Lehigh Valley RR 2nd M reg 7s 1910
5.92
5.82
5.85
5.87
5.75
5.69
5.61
5.73
5.64
5.57
5.54
5.52
5.50
40 Chic&NorWestRyconssf7s 1915
6.10
5.89
5.99
5.96
5.82
5.76
5.67
5.64
5.86
5.91
3.85
5.77
5.66
41 LSh&MichSoconslstMsf7sl900
5.87
5.66
5.74
5.80
5.59
5.51
5.41
5.48
5.56
5.54
5.79
5.46
5.39
42 Pennsylvania RR Co genM6s 1910
5.40
5.31
5.31
5.36
5.20
5.13
5.07
5.05
5.07
5.09
5.11
5.10
5.09
43 NewYork&HarlemRRconsM7sl900
5.36
5.31
5.34
5.38
5.29
5.21
5.10
5.11
5.21
5.21
5.09
5.10
5.01
44 NYC&HRRRIstM7s19O3
5.49
5.39
5.49
545
5.39
5.35
5.18
5.21
5.29
5.26
5.30
.5.29
5.17
45ChicBurl&QuincyRRconsM7sl903
5.80
5.71
5.81
5.80
5.67
5.65
5.58
5.46
5.58
5.58
5.57
5.59
5.57
46 Clevejand&PittsconssfM7s 1900
5.94
5.70
5.90
.5.86
5.81
5.85
5,90
5.97
5.85
5.63
5.63
5.62
5.61
47 Michigan CentralRRconsM 7s1902
5.98
5.67
5.90
5.85
5.65
5.60
5.56
5.62
5.71
5.65
5.64
5.65
5.61
48 Central Pacific RR lstM6s 1895
5.41
5.21
5.30
5.20
5.13
5.12
5.15
5.24
5.24
5.20
5.24
5.20
5.18
-
49ChieagoRkls&PacRRlstM6sl9l7
5.39
5.27
5.35
5.28
5.20
5.21
5.19
5.21
5.28
3.23
.5.23
5.19
5.12
-I
C."
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 188
0—JA
N. 1
881
Ref.
No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ayJu
neJu
lyA
ug.
Sept
.O
ct.
Nov
.D
ec.
Jan.
25PittsFtWayne&ChiclstM7sl9l2
5.35
5.26
5.20
5.18
5.20
5,21
4.94
4.85
4.80
4.83
4.77
4.74
4.74
30Morris&EssexlstMsflsl9l4
5.44
5.49
5.29
5.30
5.29
5.16
5.13
5.04
3.10
3.17
4.94
4.94
4.99
31 NY&ErieRR lstMls 1897
5.27
5.26
5.22
5.24
5.12
5.03
4.91
4.96
4.85
4.82
4.74
4.69
4.57
32M&StP(PdttChdv)lstMSsl898
5.84
5.71
5.76
5.67
5.71
5.47
5.40
5.36
5.27
5.22
5.14
5.09
5.07
33 Lehigh
Val
leyRR lstM6s 1898
4.74
4.71
4.67
4.65
4.67
4.54
4.54
4.63
4.61
4.53
4.40
4.31
4.34
35 LehighCoal&Nav.CoRRLoan6sl897
5.19
5.14
5.12
5.26
5.15
5.18
5.23
5.12
4.85
4.81
4.72
4.72
4.72
36 Chicago&MilwaukeeRRlstM 7s1898
5.85
5.82
.5.78
5.82
5.84
5.84
5.54
.5.42
5.42
5.46
5.16
5.11
5.12
37
Lake
Sho
re R
y di
vide
nd b
onds
7s 1
899
5.56
5.58
5.60
5.64
5.66
5.52
5.48
5.48
5.44
5.37
5.25
5.16
.5.16
38 ClevColCjn&Indjst.Msf7s1899
5.66
5.62
5.57
5,53
5.51
5.50
5.49
5.4!
5,37
5.28
5.14
4.87
4.89
39 LehighValleyRR2ndMreg7sl9lo
5.50
5.49
.5.38
5.37
5.34
5.30
5.31
3.22
5.11
5.07
5.09
5.07
4.95
40 Chic&NorWestRyconssf7sl9l5
5.66
5.56
5.62
5.66
5.65
5.65
5.58
5.46
.5.45
5.31
5.11
5.02
5.00
41 LSh&MichSoconslstMsf7sl900
5.39
5.25
5.21
5.42
5.36
5.35
5.21
5.09
5.16
5.16
5.02
4.85
4.65
42 PennsylvaniaRRCogenM6s 1910
5.09
4.97
4.99
5.00
5.09
5,00
4.87
4.81
4.76
4.72
4.72
4.63
4.49
43 NewYork&Harlem RReonsM7g 1900
5.01
5.06
.5.14
5.11
5.09
5.00
4.82
4.80
4.82
4.75
4.55
4.48
4.46
44 NYC&HRRR1stM7s19O3
5.17
5.11
.5.13
5.16
5.15
5.09
4.88
4.80
4.86
4.82
4.71
4.62
4.55
45 ChicBttrl&QuiricyRRconsM7s 1903
5.57
5:51
5.50
5.51 .5.50
5.49
5.42
5.26
5.25
5.19
5.09
4.97
4.94
46 Cleveland&Pitts cons sfM 7s1900
5.61
5,62
5.59
5,59
5.48
5.48
5.41
5,38
5,39
5,37
5.29
5.25
5.24
47 MichigancentralRRconsM7s 1902
5.61
3.60
5.60
5.56
5.60
5.63
5.48
5.29
5.34
5.19
4.97
5.00
4.98
48 CentralPacificRRlstM6sl89S
5.18
4.94
4.97
4.97
5.01
4.91
4.88
4.90
4.97
4.93
4.85
4.83
4.72
49 ChicagoRkls&PacRRlstM6sl9l7
5.12
5.02
5.03
5.09
5.07
5.06
4.84
4.85
4.81
4.72
4.67
4.57
4.58
50 Chicago &Nor WestconsM7s 1902
5.82
5.81
.5.84
3.83
5.77
5.66
5.67
5.63
5.59
5.50
5.27
5.02
5.01
31
5.90
5.80
5.81
5.86
5.89
5.90
5,74
3,73
5.64
5.65
5.65
5.53
5.46
52 StPaulMinn&Man2ndM6sl9O9
6.58
6.52
6.49
6.41
6.35
6,36
6,32
6.33
6.06
5.98
6.01
6.03
5.89
53 NashChatt&StLlstM7sl9l3
6.40
6.10
6.12
6.12
6.15
6.22
6.36
6.33
6.36
6.28
5.98
5.87
5.78
54
1919
6.20
5.99
3.93
5.93
.5.96
5,98
.5.93
5.85
5.82
5.74
5.62
5.51
5.34
RA
ILRO
AD
BO
ND
YIELD
S
N r.i
I,, C,
CO
CO
O
CO
— CO
0' —
-O0'0C
O
0 '0
0C
O
0C
OC
,C
,C
,N
C,
N C CO
C' C
C
C'
C'
U)
C'
C,
CO
C
C'-
CO
CC
)OC
)
C)C
OC
) C)0'N
C'C
'C'C
,C'
C,C
'C'C
,C'
C'C
'CO
CO
NC
Ot-C
OC
't-U)0C
'C
'C'C
,C)
C'C
OC
't-C)
CO
U)
U
• 'O0."N
")
t-CO
C)O
—.
NC
))CO• z N
C)C
)C)C
)
C)C
)C)C
'C'
C'C
'C'C
'C'
t-CO
C)O
,-C C'
C'
C'
U)
C,
N C)
C' C,
CO
U)
C,
C)
C)
C)
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
1883
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.25
Pitts
FtW
ayne
&C
hicl
stM
7s1912
4.74
4.74
4.77
4.70
4.70
4.69
4.73
4.75
4.77
4.75
4.79
4.74
4.73
30 Morris&Essexlst Msf7s1914
4.82
4.94
4.96
4.84
4.81
4.90
4.85
4.80
4.77
4.79
4.84
4.86
4.82
32M&StP(PduCh dv) lstM 8s1898
5.02
4.98
5.09
5.06
5.00
5.03
5.14
5.12
5.11
5.11
5.01
5.12
5.08
33 LehighVaIleyRRlstMósl898
4.29
4.19
4.25
4.22
4.10
4.28
4.16
4.16
4.18
4.22
4.37
4.36
4.28
37 LakeShoz-eRydividendbondslsl899
5.15
5.17
5.20
5.16
5.14
3.15
5.17
5.21
5.26
5.20
5.20
5.21
5.16
38 ClevColCin&lndlstMsf7sl899
5.05
5.03
5.05
5.00
4.94
4.91
5.04
5.05
5.27
5.43
5.15
5.13
5.08
39
Lehi
gh V
alle
yRR 2ndMreg 7s 1910
4.96
4.97
4.97
4.89
4.92
4.89
4.93
4.89
4.86
4.89
4.93
4.94
4,88
40 Chic&NorWestRyconssf7s1915
5.06
5.11
5.11
5.08
4.98
5.07
5.07
5.10
5.05
4.98
5.07
5.00
5.05
41 LSh&MichSoconslstMsflsl900....
4.60
4.73
4.88
4.87
5.04
4.92
4.73
4.91
4.89
4.81
4.81
4.81
4.74
42PernisylvaniaRRCogenMôsi9l0
4.78
4.61
4.53
4.51
4.51
4.59
4.52
4.48
4.48
4.51
4.57
4.60
4.58
43 NewYork& Harlem RRconsMls 1900...
4.33
4.36
4.55
4.49
4.44
4.46
4.47
4.51
4.55
4.49
4.44
4.83
4.62
44 NYC&HRRR lstM7s 1903
4.51
4.54
4.59
4.58
4.58
4.61
4.65
4.59
4.65
4.61
4.63
4.67
4.65
45
Chi
c B
url&
Qui
ncy
RR
coris
Mls
190
3....
4.98
5.06
5.10
5.01
5.01
4.88
4.89
4.91
4.97
5.00
4.97
5.00
4.94
46 Cleveland&Pitts cons sfM 7s1900
4.87
5.05
4.98
4.98
4.95
4.94
4.99
5.12
5.07
4.95
4.99
4.83
4.89
47Michigan Central RR consMls 1902
5.17
5.11
5.08
5.07
5.02
5.12
5.14
5.17
5.15
.5.00
5.21
5.21
5.07
48 Central Pacific RR lstMós 1895
4.64
4.68
4.64
4.57
4.49
4.45
4.35
4.44
4.62
4.67
4.70
4.65
4.59
49 ChicagoRkls&PacRRlstM6sl9l7..
4.55
4.53
4.51
4.53
4.56
4.51
4.39
4.48
4.57
4.50
4.52
4.55
4.57
50Chicago&
Nor
WestconsM7s 1902
5.10
5.16
5.24
5.08
5.05
5.05
4.95
5.10
5.12
5.04
5.07
5.02
5.03
51 ChicStPaul&MinnlstM6sl9l8
5.42
5.39
5.44
5.31
5.27
5.29
5.25
5.41
5.3.5
5.29
5.35
5.35
5.32
52 StPaulMinn&Man2ndM6sl9O9
5.71
5.79
5.70
5.56
5.46
5.35
5.25
5.35
5.31
5.31
5.40
5.46
5.51
53 Nash Chatt & St List M 7s 1913
5.91
5.98
6.06
6.01
5.99
6.05
6.04
6.02
5.99
6.07
6.07
6.03
5.88
54 StP&SiouxCityRRlstM6sl9l9
5.49
5.38
5.41
5.39
5.40
5.39
5.39
5.46
5.45
5.40
5.41
5.36
5.31
55 CM&StP(SoMin.Dv)lstM6si9lO
5.74
5.81
5,81
5.66
5.59
5.55
5.51
5.50
5.55
5.55
5.58
5.60
s.ss
56Canada Southern
RylstM5s 1908
5.31
5.49
5.55
5.48
5.46
.5.43
5.50
5.54
5.57
5.58
5.59
5.37
5.33
57ChicStPMin&OmahaconsM6sl930
6.09
6.09
6.11
6.00
5.89
5.89
5.78
5.76
5.74
.5.68
5.71
5.59
5.54
58 StPMin&Man(DakDv)lstMósl9lO....
5.70
5.70
5.70
5.66
5.56
5.52
5.49
5.54
5.58
5.59
5.58
5.59
59 Philadelphia&EriegenM5s 1920
4.79
4.82
4.86
4.88
4.91
4.88
4.83
4.86
4.85
4.86
4.90
4.89
4.87
60 CM&StP(C&PWDv)lstMSsl92l....
5.36
5.55
5.51
5.47
5.47
5.51
5.48
5.45
5.50
5.56
5.61
5.58
5.55
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 188
3—JA
N. 1
884
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.25
Pitts Ft Wayne & Chic 1st
M 7
s191
24.
734.
764.
764.
624.
734.
764.
724.73
4.72
-4.
134.74
4.77
4.67
30 Morris&EssexlstMsulsi9l4
4.82
4.89
4.90
4.88
4.85
4.86
4.86
4.91
4.88
4.82
4.84
4.87
4.82
32 M&StP(PduChdv)1stM8s1898
5.08
5.04
5.05
5.09
5.13
5.15
5.02
5.17
5.18
5.15
5.03
4.99
5.08
33 LehighValleyRRlstM6sl898
4.28
4.16
4.24
4.32
4.26
4.22
4.30
4.36
4.40
4.42
4.34
4.30
4.25
37 Lake
Shor
eRy dividend bonds 7s 1899
5.16
5.22
5.20
5.21
5.22
5.22
5.16
5.16
5.13
5.13
5.13
5.04
5.02
38 ClevColCin&IndIstMsf7sl899
S.08
5.09
5.11
5.10
5.10
5.14
5.02
5.16
5.18
5.15
5.18
5.22
5.24
39 Lehigh
Val
leyRR 2ndMreg 7s 1910
4.88
4.88
4,86
4.84
4.90
4.88
4.84
4.92
4.98
4.96
4.90
4:93
4.88
40 Chic&NorWestRyconssf7sl9lS
5.05
5.08
5.13
5.10
5.11
5.07
5.02
5.01
5.11
5.10
4.99
5.00
5.04
41 LSh&MichSoconslstMsflst900
4.74
4.86
4.98
5.07
5.02
4.95
4.88
4.85
5.00
4.87
4.84
4.96
4.72
42 PennsylvaniaRRCogenM6sl9l0
4.58
4.58
4.59
4.62
4.56
4.59
4.61
4.67
4.73
4.75
4.73
4.72
4.68
43 New Vork&Harlem RRconsM 7s1900
4.62
4.62
4.64
4.61
4.62
4.68
4.66
4.69
4.69
4.72
4.74
4.53
4.47
44 NYC&HRRR1stM7sI9O3
4.64
4.73
4.75
4.74
4.78
4.76
4.80
4.81
4.75
4.73
4.73
4.65
4.53
45 Chic Burl&Quincy RRconsM7s 1903
4.94
4.99
4.99
4.95
4.95
4.93
4.91
4.95
4.95
4.92
4.93
4.88
4.73
46 Cleveland &Pitts conssfM7s 1900
4.89
4.96
5.01
5.01
5.09
5,05
5.07
5.09
5.12
5.11
5.01
4.99
5.00
47 MichiganCentralRRconsM7s 1902
5.07
5.11
5.13
5.11
5.12
5.10
5.06
5.22
5.21
5.19
5.08
5.03
5.05
48 Central
Paci
ficRR lstMós 1895
4.59
4.61
4.65
4.64
4.66
4.63
4.70
4.79
4.81
4.79
4.80
4.67
4.34
49 ChicagoRkls&PacRRlstM6sl9ll
4.57
4.61
4.66
4.68
4.60
4.61
4.62
4.64
4.59
4.51
4.55
4.51
4.49
50
Chi
cago
&Nor West consMls 1902
5.03
5.10
5.15
5.11
5.15
5.20
5.23
5.22
5.16
5.06
5.05
5.04
51 Chic St Paul&Minn lstMós 1918
5.32
5.44
5.24
5.25
5.15
5.19
5.21
5.24
5.26
5.18
5.14
5.18
5.07
52 StPaulMinn&Man2adM6sl9O9
5.51
5.52
5.57
5.38
5.42
5.48
5.35
5.44
5.40
5.47
5.44
5.46
5.44
53 NashChatt&StLlstM7sl9l3
5.88
5.96
5.92
5.89
5.87
5.87
5.86
5.87
5.86
5.87
5.81
5.80
5.82
54 StP&SiouxCity RRlstM6s 1919
5.31
5.40
5.41
5.39
5.27
5.26
5.26
5.21
5.20
5.19
5.15
5.15
5.12
55 CM&StP(SoMinDv)lstM6sl9lO
5.55
5.60
5.65
5.58
5.56
5.54
5.59
5.63
5.61
5.54
5.48
5.51
5.51
56 Canada Southern Ry lstMSs 1908
5.33
5.44
5.40
5.31
5.30
5.21
5.30
5.43
5.45
5.45
5.34
5.29
5.33
57 Chic
StPM
in&
Om
ahac
onsM
6s1930
5.54
5.62
5.68
5.66
5.61
5.58
5.53
5.46
3.53
5.61
5.57
5.52
5.51
58 St PMin&Man (DakDv) lstM 6s1910
5.49
5.51
5.55
5.43
5.44
5.49
5.50
5.53
5.49
5.47
5.42
5.46
5.42
59 Philadelphia & Erie gen M 581920
4.87
4.83
4.84
4.83
4.85
4.89
4.88
4.90
4.90
4.86
4.85
4.83
4.79
60 CM&StP(C&PWDv) lstMSs 1921
5.55
5.56
5.54
5.47
5.43
5.37
5.39
5.48
5.47
5.46
5.47
5.38
5.43
61 CM&StP(Wis&MinDv)lstMSs1921
5.56
5.58
5.64
5.63
5.69
5.65
5.64
3.71
5.54
5.69
5.62
5.57
5.57
62 ChicStLouis&NOrleans5sl9Sl
4.83
4.84
4.88
4.84
4.80
4.75
4.78
4.81
4.80
4.81
4.75
4.65
4.71
63 Pennsylvania Cogu
1921
4.81
4.80
4.81
4.80
4.81
4.83
4.81
4.84
4.85
4.84
4.82
4.79
4.85
C;'
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 188
4—JA
N. 1
88.S
Ref
.'No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ayJu
neJu
lyA
ug.
Sept
,O
ct.
Nov
.D
ec.
Jan.
25PittsFtWayne&ChiclstM7sl9I2...
4.67
4.62
4.63
4.64
4.61
4.73
4.71
4.69
4.70
4.65
4.70
4.69
4.68
30Morris&EssexlstMsf7sl9l4
4.82
4.70
4.75
4.74
4.85
4.93
4.85
4.88
4.85
4.78
4.79
4.79
4.84
32 M & St P (P dii Chdv) 1st M Ss 1898...
5.08
4.97
4.97
4.96
5.02
5.04
5.00
4.99
5.05
5.09
5.10
5.05
4.96
33 LehighValleyRRlstM6sl89O
.4.
254.24
4.10
4.06
4.13
4.17
4.13
4.20
4.15
4.07
4.10
4.09
4.02
37 Lake Shore Ry dividend bonds
is 1
899
.5.
024.92
4.94
4.99
3.13
5.18
5.22
5.19
5.21
5.20
5.18
5.14
5.09
38 ClevCoICin&IndlstMsf7sl899
5.24
5.09
5.01
4.98
5.18
5.14
5.45
5.21
5.01
4.93
4.97
5.02
5.02
39 Lehigh Valley RR 2ndMreg 7s 1910
4.88
4.85
4.87
4.84
4.84
4.87
4.90
4.90
4.97
4.93
4.78
4.83
4.77
40 Chlc&NorWestRyconssfisl9l5
5.04
4.98
4.98
4.99
4.99
5.31
5.18
4.99
5.02
5.03
4.97
4.92
4.90
41 LSh&MichSoconslstMsfisl900
4.72
4.68
4.69
4.56
4.76
4.72
4.99
4.81
4.76
4.81
4.83
4.74
4.65
42 Pennsylvania RR Co genM6s 1910
4.68
4.66
4.63
4.65
4.67
4.71
4.57
4.59
4.62
4.58
4.54
4.50
4.41
43 NewYork&Harlem RRconsM7s 1900
4.47
4.44
4.47
4.29
4.41
4.54
4.61
4.50
4.56
4.61
4.58
4.53
4.12
44 NYC&HRRR1stM7s19O3
4.53
4.51
4.59
4.50
4.61
4.71
4.65
4.55
4.59
4.71
4.72
4.64
4.46
45 Chic Burl&Quincy RRconsM 7s1903
4.73
4.71
4.71
4.76
4.85
5.05
5.00
4.97
4.93
4.85
4.86
4.73
4.60
46 Cleveland&Pitts cons sfM 781900
5.00
4.85
4.81
4.86
4.84
4.93
4.96
4.93
5.03
4.90
4.80
4.92
4.93
47 Michigan Central RRconsM7s 1902
5.05
4.95
4.88
4.87
5.01
5.02
5.03
4.99
5.02
5.00
5.02
5.10
4.99
48 CentralPacificRRlstM6sl895
4.34
4.68
4.54
4.59
4.80
5.04
5.11
4.77
4.81
4.87
5.06
4.92
4.80
Z49
ChicagoRkls&PacRRlstM6sl9li
4.49
4.50
4.52
4.52
4.55
4.59
4.60
4.56
4.57
4.59
4.60
4.56
4.47
50 Chicago&Nor West
cons
M7s1902
5.04
4.95
4.89
4.88
4.91
5.12
5.16
5.06
5.05
5.02
5.00
4.89
4.84
51ChicStPaul&MinnlstMósl9l8
5.07
4.99
4.95
4.98
4.99
5.17
5.17
5.09
5.02
3.09
5.05
5.01
5.00
52 St Paul Minn&Man 2ndMós 1909
5.44
5.34
5.27
5.20
5.33
5.69
5.64
5.52
5.47
5.38
5.50
5.39
5.35
53 N'ashChatt&StLlstM7sI9l3
5.82
5.80
5.78
5.64
5.76
5.80
5.93
5.87
5.92
5.92
5.99
5.84
5.78
54
StP&
Siou
xCity
RR
lstM
Osl
9l9
5.12
5.08
5.00
4.99
5.09
5.11
5.15
5.06
5.04
5.05
5.08
5.07
5.05
55 CM&StP(SoMinDv)lstMósl9lO
5.51
5.37
5.29
5.21
5.31
.5.64
5.72
5.40
5.51
5.56
5.59
5.50
5.42
56 Canada Southern Ry lstMSs 1908
5.33
5.21
5.09
5.05
5.17
5.38
5.41
5.27
5.32
5.33
5.37
5.29
5.28
57 ChicStPMin&OmahaconsM6s 1930
5.51
.5.45
5.38
5.36
5.49
5.67
5.47
5.40
5.45
5.45
5.47
5.41
5.36
58 St P
M ós 1910
5.42
5.34
5.29
5.28
5.36
5.51
5.48
5.46
5.53
5.49
5.46
5.41
.5.39
59 Philadelphia&EriegenM5s 1920
4.79
4.77
4.74
4.74
4.74
4.86
4.89
4.90
4.95
4.89
4.86
4.81
4.78
60 CM&StP(C&PWDv) lstMSs 1921
5.43
5.35
5.14
5.08
5.31
5.48
5.41
5.42
5.37
5.46
5.44
5.35
5.42
61 CM&StP(Wis&MinDv)lstMSsl92l
5.57
5.50
5.34
5.14
5.37
5.52
5.60
5.50
5.49
5.52
5.46
5.43
5.44
62 C
hicS
tLou
is&
NO
rIea
ns5s
l9Sl
4.71
4.72
4.66
4.68
4.68
4.71
4.77
4.77
4.78
4.79
4.82
4.80
4.77
63 Pennsylvania Co gu
1921
4.85
4.80
4.78
4.77
4.79
4.86
4.83
4.82
4.79
4.71
4.74
4.71
4.74
64 New York Lack&West lstM6s 1921
4.95
4.88
4.90
4.83
4.98
5.15
5.18
5.00
4.96
5.02
5.04
4.99
4.97
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
1885
—JA
N. 1
886
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.25
PittsFtWayne&ChiclstM7sl9l2
4.68
4.67
4.60
4.56
4.57
4.59
4.57
4.48
4.48
4.49
4.50
4.47
4.35
30Morris&EssexlstMsflsl9l4
4.84
4.73
4.68
4.72
4.49
4.41
4.57
4.48
4.48
4.48
4.46
4.49
4.47
32 M&StP(PduChdv)1stM8s1898
4.96
4.88
4.86
4.85
4.96
4.85
4.86
4.70
4.67
4.52
4.50
4.56
4.58
33 Lehigh Valley RR lstM6s 1898
4.02
3.93
3.94
3.92
3.89
3.86
3.80
3.74
3.67
3.74
3.72
3.60
3.66
37 Lake Shore Ry dividend bonds is 1899
5.09
5.06
4.97
4.92
5.04
4.99
4.97
4.97
4.97
4.96
4.92
4.90
4.83
38 ClevCoICin&IndlstMsflsl899
5.02
5.04
5.06
4.80
4.95
5.00
4.93
4.97
4.84
4.80
4.71
4.85
4.63
39Le
high
Val
ley
RR
2nd
Mre
g 7s
191
04.77
4.77
4.70
4.67
4.64
4.63
4.65
4.63
4.60
4.50
4.46
4.44
4.44
40Chic&NorWestRyconssf7sl9i5
4.90
4.80
4.78
4.78
4.75
4.64
4.66
4.69
4.71
4.67
4.64
4.64
4.57
41 LSh&MichSoconsjstMsf7sl900
4.65
4.63
4.62
4.52
4.54
4.55
4.48
4.47
4.46
4.47
4.50
4.47
4.34
42 PennsylvaniaRRCogenMos 1910
4.41
4.38
4.33
4.28
4.20
4.12
4.22
4.26
4.26
4.25
4.19
4.15
4.07
43 N
ewY
ork&
Har
!em
RR
cons
M7s
190
04.12
4.21
4.12
4.14
4.05
3.95
3.88
3.80
3.86
3.81
3.77
3.75
3.78
44
4.46
4.39
4.32
4.32
4.26
4,26
4,24
4.32
4.25
4.17
4.15
4.13
4.12
45Chic Burl&Quincy RRconsM7s 1903
4.60
4.59
4.51
4.52
4.49
4.38
4.30
4.30
4.29
4.20
4.26
4,24
4.12
46 Cleveland&PittsconssfM7sl900
4.93
4.96
4.99
4.92
4.86
4.77
4.67
4.53
4.51
4.53
4.51
4.51
4.52
47M
ichi
gan
Cen
tralR
Rco
nsM
7s 1
902
4.99
4.90
4.84
4.93
4.91
4.91
4.91
4.95
4.81
4.66
4.63
4.65
4.51
49ChicagoRkls&PacRRlstM6sl9l7
4.47
4.39
4.37
4.39
4.37
4.29
4.24
4.31
4.30
4.28
4.29
4.29
4.31
050
Chicago & Nor West cons M 7s 1902
4.84
4.78
4.71
4.74
4.70
4.65
4.47
4.67
4.71
4.61
4.52
4.54
4.38
51ChicStPaut&MinnlstM6s 1918
5.00
4.96
4.81
4.88
4.87
4.81
4.78
4.74
4.71
4.74
4.75
4.67
4.55
52 St PaulMinn&Man2ndM6s 1909
5.35
5.3S
5.21
5.19
5.14
5.04
5.07
5.12
5.01
4.92
4.89
4.84
4.76
53NashChatt&StLlstM7s 1913
5.78
5.82
5.80
5.74
5.68
5.67
5.62
5.49
5.53
5.48
5.40
5.40
5.37
54 StP&SiouxCityRRlstM6sl9l9
5.05
4.98
4.91
4.93
4.86
4.84
4.81
4.82
4.81
4.70
4.69
4.69
4.58
II
55 CM&StP(SoMinDv) lstM6s 1910
5.42
5.35
5.30
5.25
5.25
5.21
5.10
5.11
514
5.11
5.04
5,01
4.90
56
Can
ada
Sout
hern
Ry
lstM
Ss 1
908
5.28
5.26
5.18
5.29
5.37
5.25
5,16
5.05
5.04
4.95
4.90
4.70
4.69
57ChicStPMin&OmahaconsM6s 1930
5.36
5.34
5.44
5.45
5.42
5.35
5.33
5,35
5.30
5.23
5.15
4.99
4.92
58 StPMin&Man(DakDv)lstM6sl9iO
5.39
5.35
5.25
5.27
5.27
5.08
5.10
5.07
5.00
4.94
4.91
4.83
4.71
59 Philadelphia&Erie genM5s 1920
4.78
4.70
4.68
4.65
4.61
4.58
4.61
4.58
4.54
4.51
4.47
4.49
4.43
60CM&StP(C&PWDv)lstMSsl92l
5.42
5.38
5.37
.5.38
5.33
5.23
5.11
5.13
5.13
5.06
4.98
4.88
4.81
61 CM&StP(Wis&MinDv) lstMSsl92l....
5.44
5.42
5.43
5.45
5.39
5.27
5.17
.5.18
5.18
5.09
5.00
4.96
4.84
62 ChicStLouis&NOrleans5s 1951
4.77
4.72
4.64
4.55
4.58
4.54
4.45
4.46
4.45
4.46
4.49
4.54
4.44
63Pennsylvania Cogu
1921
4.74
4.62
4.61
4.62
4.54
4.51
4.52
4.53
4.55
4.50
4.46
4.46
4.29
64 New VorkLack&West lstM6s 1921
4.97
4.88
4.85
4.81
4.87
4.79
4.65
4.65
4.73
4.74
4.71
4.62
4.43
65 Hannibal&St Joseph consM6s 1911
5.11
5.03
4.97
4.98
4.93
4.89
4.89
4.90
4.94
4.91
4.89
4.89
4.77
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
-JA
N.
1886
—JA
N. 1
881
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.25
Pitts
FtW
ayne
&C
hicl
stM
7Sl9
l24.
354.
304.29
4.29
4.30
4.31
4.29
4.29
4.42
4.34
4.36
4.41
442
30Morris&EssexlstMsf7sl9l4
4.47
4.37
4.34
4.38
4.38
4.40
4.42
4.39
4.39
4.40
4.38
4.44
4:44
32M&StP(PduChdv)1stM8s1898
4.58
4.36
4.43
4.27
4.32
4.30
4.27
4.26
4.37
4.42
4.46
4.44
4.50
33 LehighValleyRRlstM6sl898
3.6(
3.60
3.55
3.58
3.60
3.65
3.46
3.45
3.50
3.50
3.60
3.62
3.57
37LakeShore Rydividend bonds 7s 1899
4.83
4.76
4.69
4.74
4.69
4.67
4.65
4.64
4.70
4.70
4.67
4.66
4.69
38 CkvColCin&IndlstMsf7sl899
4.63
4.47
4.43
4.47
4.60
4.51
4.55
4.60
4.63
4.60
4.54
4.62
4.66
39LehighValleyRR2ndMreg7sl9l0
4.44
4.37
4.32
4.35
4.30
4.26
4.28
4.10
4.21
4.26
4.30
4.19
4.11
40 Chic &Nor West Ry cons sf 7s 1915
4.57
4.47
4.45
4.49
4.46
4.43
4.42
4.42
4.49
4.52
4.56
4.55
4.53
41LSh&MichSoconslstMsf7si900
4.34
4.24
4.24
4.25
4.25
4.15
4.14
4,28
4.25
4.27
4.30
4.39
4.36
42 Pennsylvania RR Co genM6s 1910
4.07
3.90
3.93
3.98
4.12
4.05
3.78
3.85
3.98
4.06
4.10
4.07
3.83
43 NewYork&HarlemRRconsM
3.7.S
3.80
3.83
3.86
3.83
3.83
3.85
3.92
3.99
4.00
3.95
4.06
3.98
44 NVC&HRRR lstM7s 1903
4.12
4.07
4.09
4.05
4.02
3.96
4.02
3.99
4.15
4.19
4.06
4.05
4.11
45 Chic Burl&Quincy RRconsM7s 1903
4.12
4.08
4.21
4.25
4.27
4.16
4.17
4.25
4.35
4.39
4.30
4.31
4.19
46 Cleveland&PittsconssfM 7s1900
4.52
4.46
4.44
4.44
4.40
4.38
4.36
4.35
4.40
4.41
4.42
4.45
4.41
47 MichiganCentralRRconsMls 1902
4.51
4.51
4.48
4.44
4.39
4.47
4.44
4.48
4.51
4.49
4.51
4.53
4,5j
49 ChicagoRkls&PacRRlstM6sl9ll
..
4.31
4.21
4.20
4.21
4.12
4.15
4.07
4.00
3.99
3.92
3.93
3.99
50Chicago& Nor WestconsMls 1902
4.38
4.27
4.18
4.23
4.10
4.11
4.14
4.14
4.26
4.33
4.30
4.33
4.25
51
Chi
cStP
aul&
Min
nlst
Môs
l9l8
4.55
4.42
4.41
4.42
4.41
4.41
4.45
4.41
4.42
4.46
4.48
4:50
4.44
52 St Paul Minn&Man 2ndM6s 1909
..
4.76
4.63
4.67
4.70
4.71
4.70
4.68
4.69
4.77
4.70
4.62
4.79
4.72
53 NashChatt&StLlstM7sl9l3
5.37
5.27
5.18
5.16
5.30
5.25
5.03
5.03
5.07
5.09
5.07
5.05
4.99
34 StP&SiouxCityRRlstM6sl9l9
4.58
4.30
4.48
4.51
4.51
4.47
4.52
4.49
4.51
4.49
4.51
4.53
4.52
35 C M & St P (So Mm Dv) 1st M ós 1910
4.90
4.81
4.84
4.88
4.83
4.78
4.61
4.70
4.87
4.92
4.95
4.88
4 86
56 Canada Southern Ry lstMSs 1908
4.69
4.55
4.59
4.64
4.65
4.59
4.52
4.61
4.68
4.63
4.62
4.65
4.59
57 ChicStPMin&OmahaconsM6s 1930
4.92
4.90
4.92
4.91
4.81
4.76
4.75
4.84
4.74
4.76
4.79
4.81
4.84
k58
St P Mm & Man (Dak Dv) 1st M 6s 1910
4.71
4.65
4.66
4.69
4.74
4.70
4.70
4.62
4.75
4.72
4.69
4.81
4.73
59 Philadeljhia&EriegenM5s 1920
4.43
4.40
4.34
4.32
4.25
4.27
4.30
4.27
4.42
4.23
4.40
4.31
60 CM&StP(C&PWDv) lstMSs 1921
4.81
4.74
4.72
4.72
4.67
4.54
4.54
4.58
4.63
4.65
4.65
4.63
4.51
61 CM&StP(Wis&MinDv)lstM5sl92l
4.84
4.78
4.75
4.72
4.69
4.61
4.60
4.58
4.64
4.68
4.68
4.69
4.65
62 ChicSt Louis&NOrleans5s 1951
4.44
4.35
4..30
4.32
4.33
4.24
4.17
4.14
4.30
4.30
4.32
4.30
4.31
63
4.29
4.29
4.19
4,21
4.24
4.21
4.12
4.12
4.21
4.19
4.19
4.26
4.23
64 NewYorkLack&WestlstM6sl92l
4.43
4.37
4.32
4.36
4.39
4.34
4.29
4.28
4.42
4.43
4.42
4.48
4.50
65 Hannibal&StJosephconsM6sl9ll
4.77
4.69
4.65
4.63
4.61
4.55
4.52
4.63
4.50
4.55
4.58
4.69
4.61
66 NYCent&HudsonRiverDeb5sl904
4.40
4.34
4.31
4.31
4.31
4.36
4.28
4.29
4.38
4.31
4.35
4.41
4.41
67 Baltimore &Ohio5s 1925
4.56
4.48
4.44
4.49
4.49
4.40
4.39
4.39
4.43
4.47
4.49
4.54
4.52
68 Chic Milw&St Paul TerinM5s 1914
4.89
4.78
4.74
4.74
4.76
4.66
4.68
4.71
4.79
4.78
4.75
4.82
4.80
69 Chicago&NWRyDeb5s 1909
4.69
4.61
4.58
4.58
4.59
4.51
4.47
4.57
4.59
4.60
4.51
4.50
4.51
70 WestShoreRRlstM4s2Jól
3.90
3.90
3.93
3.94
3.95
3.92
3.88
3.92
3.97
3.98
3.91
3.91
3.90
RA
ILRO
AD
BO
ND
YIELD
S
A59
r
SeuO
N
CC
l'l'
C'l"-"O
Q INC
l#&fl*1
CC
C
C
0
CC
Ct-N
Ct-N
NC
CC
tt—C
't'tl"fl
NC
0CC
,-.
CC
Ct-C
C%
CQ
CC'IQ
I
COc'c
Cl'
l'l'l'l'l'
'000\Ct-
CC
—l'
C
Cl'
CO
l'l'1'I'l'
Cl'
-'a'.C
ojO)
Jl'— •—
.8.a00 ç4.C
.C
• 20Z
(floo0-
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
1888
—JA
N. 1
889
0R
ef.
No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ayJu
neJu
lyA
ug.
Sept
.O
ct.
Nov
.D
ec.
Jan.
25Pi
ttsFt Wayne &ChiclstM 7s1912
4.39
4.30
4.30
4.28
4.32
4.33
4.27
4.23
4.19
4.24
4.22
4.24
4.19
30Morris&EssexlstMsf7sl9l4
4.41
4.52
4.38
4.36
4.37
4.35
4.28
4.34
4.35
4.34
4.24
4.23
4.19
38 ClevColCin&IndlstMsflsl899
4.80
4.74
4.72
4.69
4.66
4.59
4.51
4.60
4.68
4.66
4.63
4.57
4.54
39 Lehigh Valley RR 2ndMreg 7s 1910
4.58
4.32
4.30
4.38
4.30
4.30
4.39
4.33
4.31
4.30
4.32
4.32
4.29
40 Chic&NorWestRyconssf7sl9l5
4.48
4.42
4.41
4.43
4.45
4.41
4.35
4.35
4.36
4.31
4.28
4.35
4.24
41 LSh&MichSoconslstMsflsl900
4.30
4.40
4.47
4.46
4.40
4.31
4.33
4.14
4.19
4.22
4.20
4.17
4.10
42 PennsylvaniaRRCogenM6sl9lo
4.00
4.03
4.06
4.09
4.10
4.01
3.84
3.89
3.94
3.95
3.97
3.97
3.93
43New Vork&Harlem RRconsM7s 1900
4.11
3.94
4.01
4.08
4.05
4.02
3.82
3.79
3.78
3.74
3.76
.3.76
3.68
44 NYC&HRRR1stM7s19O3
4.01
3.99
4.06
4.11
4.10
4.02
3.95
3.89
3.94
3.91
3.88
3.89
3.84
45 ChicBurl&QuincyRRconsMlsl9o3
4.29
4.29
4.29
4.27
4.30
4.26
4.26
4.21
4.22
4.26
4.23
4.22
4.14
46 Cleveland&PittsconssfM7s 1900
4.41
4.51
4.51
4.43
4.34
4,28
4.22
4.22
4.23
4.22
4.06
4.23
4.09
47
4.49
4.41
4.49
4.51
4.44
4.36
4.21
4.27
4.32
4.21
4.16
4.02
4.01
49 ChicagoRkls&PacRRlstM6sl9l7....
4.14
4.10
4.15
4.21
4.18
4.18
4.20
4.19
4.19
4.17
4.16
4.12
4.05
50 Chicago&Nor WestconsM7s 1902
4.30
4.28
4,37
4.37
4.34
4.32
4.21
4.23
4.26
4.24
4.29
4.33
4.15
51 ChicStPaul&MinnlstM6sl9l8
,...
.4.
624.54
4.60
4.63
4.60
4.58
4.56
4.54
4.54
4.51
4.54
4.61
4.61
52 St Paul Minn&Man 2ndM6s 1909
4.81
4.80
4.81
4.80
4.74
4.66
4.63
4.66
4.67
4.70
4.74
4.59
4.66
53 Nash Chatt&StLlstM7s 1913
4.96
4.99
5.00
5.04
5.07
5.04
4.93
4.96
5.00
5.01
5.04
4.89
4.92
54 SrP&SiouxCityRRlstM6sl9l9
.4.
634.59
4.59
4.60
4.61
4.61
4.59
4.53
4.52
4.58
4.59
4.60
4.59
55 CM&StP(SoMinDv)lstM6sl9lO
5.08
5.05
5.13
5.22
5.19
5.30
5.21
5.10
5.29
5.36
5.29
5.28
5.19
56 CanadaSouthernRy lstMSs 1908
.4.
534.58
4.66
4.65
4.57
4.53
4.49
4.57
4.66
4.68
4.63
4.51
4.45
57 ChicStPMin&Oniaha consMós 1930
4.92
4.91
4.92
4.89
4.88
4.82
4.81
4.89
4.90
4.90
4.89
4.88
4.88
58 StPMin&Man(DakDv)lstM6sl9lO
4.79
4.69
4.65
4.71
4.85
4.85
4,81
4.82
4.84
4.33
4.75
4.70
4.72
59 Philadelphia& Erie genM5s 1920
4.45
4.39
4.36
4.39
4.37
4.18
4.18
4.24
4.33
4.31
4.30
4.34
4.30
60 CM&StP(C&PWDv)lstMSsl92l
4.84
4.77
4.82
4.83
4.82
4.82
4.74
4.65
4.76
4.87
4.84
4.85
4.75
61 CM&StP(Wis&MinDv)lstM5sl92l
4,99
4.95
4.98
4.95
4.97
5.07
4.97
4.92
.5.12
5.09
5.08
5.11
5.00
62 ChicStLouis&NOrleansSsl9Sl
....
.4.
274.24
4.31
4.24
4.24
4.27
4.24
4.22
4.24
4.30
4.29
4.29
4.28
63 PennsylvaniaCogu
1921
....
.4.
164.16
4.14
4.14
4.10
4.09
4.01
4.05
4.08
4.09
4.09
4.12
4.08
64 NewYorkLack&WestlstM6sI92l
....
4.44
4.36
4.38
4.38
4.37
4.32
4.24
4.23
4.28
4.31
4.32
4.31
4.21
65 }{annibal&St JosephconsM6s 1911
,,,,
.4.
754.69
4.66
4.71
4.70
4.75
4.71
4.71
4.71
4.77
4.70
4.68
4.61
66 NYCent&HudsonRiverDebssl9o4
....
.4.
384.31
4.29
4.22
4.22
4.21
4.18
4.19
4.12
4.13
4.15
4.17
4.17
67Baltiniore&0hio5s1925
4.60
4.56
4.68
4.68
4.63
4.62
4.57
4.53
4.58
4.68
4.61
4.61
4,59
68 ChicMilw&StPaulTermMSsl9l4
4.98
4.96
5.00
4.99
4.98
4.96
4.93
4.89
5.00
5.01
4.99
4.97
4.95
69Chicago&NWRyDeb5sl9O9
4.69
4.73
4.78
4.77
4.67
4.64
4.61
4.66
4.73
4.72
4.72
4.73
4.66
70 WestShoreRRIstM4s23ól
3.99
3.98
3.98
3.96
3.93
3.92
3.91
3.90
3.91
3.92
3.90
3.89
3.84
71 Chicago&NWRysfDebSsl933
4.61
4.62
4.65
4.57
4.58
4.60
4.51
4.48
4.48
4.53
4.55
4.54
4.54
72 Chicago& North Western ext 4s 1926
4.38
4.41
4.43
4.37
4.28
4.24
4.24
4.24
4.29
4.31
4.32
4.24
4.09
73 St Paul Minn&Man
1933
..
4.68
4.70
4.74
4.77
4.73
4.71
4.69
4.73
4.73
4.73
4.69
4.65
4.56
RA
ILRO
AD
BO
ND
YIELD
S
A61
Nooccob
cc..cce.-.
tme.c4cc
cc cc
cccc'dc'4n
O.-C
'
2 ccc,,-,r-oc,
cc ccccc
cc
cc-cc'nc'C
ON
OC
occcc
Ct-N
c-cc
cc
ccoc'c"co
—ccc-cccc
cNoC
o
,—cccccc,
cccc.,occ Occccc
c-,
c-eqcc'Occ
ccC%
ncscc
'cot-i—cc
cccc—c
occc—ccoc
ccc-co—cc
ccc
•—;:
'ccc'c'd"c
r occ'ccc'd o.-.ccc-io
cc cc
en—ce-c.-.
'n'cd'
o&cccncc
Ccccccc'd'
is,.-.'dnc*cc'd.
Cl't-
—'ccc
,.4 -.cc-cccccccccccec
.-.ccccccc-. t'i"t
ccc-,e-ccccn
0—0,-icc
'd'd'fl'd'
cc.-.000
-cccccccco
'd.c
ccccco.-cO
cccc—cccc
o.-.cccca-
ccaccscccc-ccn.-.'dcce-
Occococo
Nc-D
eco
——
'--cc-n cc
'dcocc,-,.
'dcc's, 0
--6
'O
:6
'Occ
CE2
cc-C
,0'.noccc-c
e-.cc-dunc-.
ccoccc-ccc
ccO-.tie-)
'dU)cct.cfl
ccC—
ecncc-.cccflt'*
'd'd'd'd'd
'd'n.n.ncc
.'cc-c.n.n'n
.aocc-o-a
'occ-occc
mccc,
A62
APPEN
DIX
'0
CO
CO
C
C'
'C(C
.CO
O'O
CO
C)C
OC
O(0
'0'0'0'0'0
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
.18
91—
JAN
.1892
Ref.
No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ayJu
neJu
lyA
ug.
Sept
.O
ct.
Nov
.D
ec.
Jan.
2SPi
ttsFt
Way
ne&
Chi
clst
M7s
l9l2
4.14
4.13
4.18
4.20
4.21
4.25
4.26
425
4,26
4.26
4.31
4.26
4,22
30Morrjs&Essex!stMsf7sl9l4
4.28
4.28
4.41
4.32
4.30
4,49
4.53
458
4.55
4.49
4.46
4.41
4.26
39 Lehigh
Val
leyRR2ndMreg 7s 1910
4.48
4.40
4.48
4.61
4.66
4.63
4.66
4.62
4.60
4.39
4.37
4.42
4.31
40 Chic&Nor West.
Ry
cons
sf 7
s 191
54.47
4.50
4.49
4.47
4.55
4.67
4.10
4.70
4.69
4.60
4.50
4.41
4.37
42 Pennsylvania RR Co genM6s 1910
4.17
4.12
4.00
4.00
3.9.5
3.98
3.98
3.96
3.93
3.90
3.92
3.92
3.85
44 NYC&HRRR1stM7s19O3
4.11
4.22
4.29
4.31
4.38
4.44
4.35
4.41
4.44
4.45
4.37
4.34
4.26
45 Chic Burl&Quhicy RRconsM7s 1903
4.66
4.70
4.80
4.84
4.89
4.97
5.00
5.01
4.84
4.75
4.70
4.55
4.54
47 Michigan Central RR.consM7s 1902
4.57
4.60
4.67
4.61
4.70
4.87
4.89
4.90
4.87
4.66
4.63
4.54
4.44
49 ChicagoRkls&PacRRlstM6sl9ll
4.39
4.32
4.40
4.46
4.56
4.73
4.72
4.73
4.69
4.73
4.60
4.52
4.55
SO Chicago& Nor West consM7s 1902
4.28
4.25
4.35
4.44
4.56
4.59
4.56
4.57
4.65
4.57
4.43
4.48
4.30
51 ChicStPaul&MinnlstM6sl9l8
4.59
4.69
4.66
4.74
4.70
4.79
4.81
4.84
4.83
4.67
4.71
4.63
4.61
52 StPaulMinn&Man2ndM6sl9O9
4.87
4.79
4.86
4.82
4.87
4.79
4.81
4.87
4.90
4.84
4.84
4.80
4.77
53NashChàtt&StLlstM7sl9l3
5.08
5.11
5.17
5.15
5.18
5.20
5.17
5.20
5.20
5.19
5.19
4.95
4.92
54 StP&SiouxCityRRlstMóslOl9
4.62
4.62
4.67
4.70
4.74
4.80
4.79
4.80
4.79
4.62
4.67
4.67
4.63
55 CM&StP(SoMinDv)lstMósl9lO
5.08
5.00
5.10
5.12
5.15
5.16
5.07
4.99
5.00
4.99
4.90
4.81
4.84
56 Canada Southern Ry lstMSs 1908
4.52
4.49
4.54
4.58
4.67
4.76
4.72
4.70
4.67
4.56
4.52
4.52
4.48
57 ChicStpMin&Omaha consM6s 1930
5.02
5.06
5.11
5.09
5.09
5.14
5.05
5.05
5.11
5.02
5.00
4.92
4.86
58 StPMin&Man(DakDv)lstM6sl9lO
4.80
4.74
4.88
4.86
4.88
4.94
4.93
4.91
4.85
4.81
4.76
4.78
4.76
59 Philadelphia& Erie genM5s 1920
4.34
4.37
4.40
4.36
4.36
4.40
4.36
4.37
4.39
4.31
4.27
4.26
4.24
60CM&StP(C&PWDv)lstM5sl92t
4.68
4.69
4.76
4.72
4.73
4.76
4.73 .4.73
4.74
4.67
4.66
4.65
4.62
61 CM&StP(Wig&MinDv) lstM5s 1921
4.89
4.91
5.00
4.99
5.01
5.03
4.86
4.94
4.95
4.87
4.77
4.79
4.78
62 Chic St Louis&NOrleans Ss 1951
4.44
4.48
4.58
4.57
4.60
4.63
4.51
4.69
4.64
4.59
4.47
4.41
4.43
63 Pennsylvania Co gu
1921
4.18
4.20
4.25
4.29
4.32
4.34
4.32
4.33
4.26
4.26
4.16
4.15
4.15
64 NewYorkLack&WestlstM6sl92l
4.24
4.29
4.25
4.28
4.31
4.41
4.42
4.45
4.50
4.55
4.55
4.48
4.41
65 Hannibal&St JosephconsM6s 1911
4.95
4.91
5.07
5.00
5.05
5.12
5.14
5.09
5.01
4.99
4.91
4.79
4.76
66 NYCent&HudsonRiverDebSsl904
4.26
4.27
4.42
4.32
4.45
4.66
4.53
4.64
4.52
4.55
4.44
4.35. 4.27
67 Baltimore&Ohio5s 1925
4.62
4.62
4.65
4.82
4.81
4.94
4.87
4.78
4.68
4.73
4.71
4,66
4.65
68 Chic Milw&St Paul TermM5s 1914
4.88
4.96
5.01
4.93
4.96
5.04
4.97
4.93
4.95
4.81
4.74
4.74
4.74
69Chicago&NWRyDeb5sl909
4.69
4.68
4.71
4.75
4.79
4.85
4.90
4.87
4.77
4.80
4.82
4.70
4.67
70 West Shore RR 1st M 4s2361
3.95
3.92
3.94
3.94
3.96
3.99
4.01
4.00
3.95
3.99
3.98
3.95
3.90
71 Chicago&NWRysfDeb5sl933
4.66
4.59
4.72
4.72
4.85
4.91
4.90
4.86
4.86
4.83
4.61
4.69
4.71
72 Chicago & North Western ext 4s 1926
4.18
4.27
4.34
4.39
4.35
4.44
4.39
4.38
4.38
4.36
4.33
4.19
73
4.46
4.41
4.51
4.51
4.55
4.50
4.67
4.64
4.63
4.66
4.70
4.70
4.65
74 CinJndStL&Chigenlst4sl936
4.26
4.23
4.32
4.37
4.36
4.37
4.45
4.46
4.43
4.45
4.57
4.44
4.36
75 PacificRRofMolstextM4sl938
4.11
4.13
4.13
4.20
4.20
4.37
4.31
4.21
4.14
4.22
4.24
4.18
4.09
76 Illinois Central RR coil 4s 1952
4.22
4.25
4.23
4.29
4.29
4.29
4.30
4.31
4.32
4.29
4.31
4.25
4.18
77 LakeErie&WesternlstM5sl937
4.61
4.55
4.59
4.61
4.65
4.72
4.71
4.74
4.69
4.69
4.70
4.65
4.55
78 WabashRRColstM5sl939
5.08
5.02
5.08
5.05
5.13
5.16
5.14
5.07
5.05
5.00
4.96
4.90
4.85
79 Ches&O(East. Ext.) lstM6s 1911
.4.
844.80
4.82
4.90
4.87
4.97
5.27
.5.17
5.02
4.84
4.89
4.93
4.79
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
.18
92—
JAN
.18
93
Ref
.-
No.
Nam
e of
Bon
dJa
n.Fe
b.M
ar.
Apr
ilM
ayJu
neJu
lyA
ug.
Sept
.O
ct.
Nov
.D
ec.
Jan.
25 P
itts F
t Way
ne &
Chi
c 1s
t M 7
s 191
24.20
4.24
4.25
4.27
4.25
4.17
4.10
4.13
4.18
4.19
4.22
4.20
30 M
orris
&Es
sexl
stM
sf7s
l9l4
4.26
4.27
4.28
4.30
4.22
4.18
4.17
4.21
4.21
4.27
4.28
4.29
4.29
39
Lehi
ghV
alie
yRR
2ndM
reg7
slcl
04.
314.
334.
344.
414.
334.
254.
254.
274.31
4.25
4.40
4.35
4.30
40 C
hic&
Nor
Wes
tRyc
onss
f7sl
9l5
4.31
4.44
4.44
4.33
4.30
4.35
4.35
4.37
4.41
4.38
4.41
4.40
4.48
42 P
enns
ylva
niaR
RC
ogen
M6s
l9l0
3.85
3.89
3.93
3.92
3.92
3.85
3.74
3.81
3.80
3.80
3.87
3.90
3.88
44NYC&HRRR lstM7s 1903
4.26
4.22
4.20
4.13
4.13
4.07
4.07
4.13
4.21
4.27
4.27
4.28
4.26
45 C
hicB
url&
Qui
ncyR
Rco
nsM
7sl9
034.
544,
514.
534.51
4.47
4.44
4.45
4.49
4.51
.4.50
4.50
4.57
4.59
49
Chi
cago
Rkl
s&Pa
cRR
lstM
6sl9
l74.
554.
504.
464.
424.
434.
434.
444.
444.
514.52
4.50
4.51
4.49
52 S
tpau
lMin
n&M
an2n
dMós
190
94.
774.
654.
684.
634.
604.
584.
544.
624.
684.
674.
604.
664.
6353
Nas
hCha
tt&St
Llst
M7s
l9l3
4.92
4.90
4.99
4.99
4.97
4.86
4.81
4.86
4.98
4.99
5.03
5.00
4.88
54 S
tP&
Siou
xCily
RR
istM
6sl9
l94.
634.
624.
624.
554.
554.
584.
504.
584.
614.
594.
564.54
4.54
55 C
M&
StP(
SoM
inD
v)ls
tM6s
l9lO
4.84
4.76
4.69
4.70
4.72
4.74
4.69
4.59
4.71
4.75
4.70
4.81
4.80
56 C
anad
a So
uthe
rn R
y ls
tMSs
190
84.
484.
414.
434.
464.
444.
374.
464.
524.
564.
584.
594.
564.
5057
Chi
cStP
Min
&O
mah
acon
sMós
l930
4.86
4.89
4.89
4.82
4.78
4.80
4.82
4.83
4.86
4.88
4.87
4.87
4.84
58 S
tPM
inn&
Man
(Dak
Dv)
lstM
6sl9
lO4.
764.
694.
684.
714.
664.
604.
574.
584.
674.
624.
644.
644.
66
59Philadelphia& Erie genM5s 1920
4.24
4.24
4.39
4.29
4.25
4.27
4.17
4.18
4.29
4.18
4.18
4.17
4.15
60 C
M&
StP(
C&
PWD
v)ls
tM5s
l92l
4.62
4.59
4.59
4.56
4.47
4.48
4.47
4.42
4.49
4.48
4.49
4.50
4.44
61
CM
&St
P(W
is&
Min
Dv)
lstM
5sl9
2l4.
784.
714.
724.
694.
644.
654.
644.
584.
624.
664.
704.
704.
6962
Chi
c St
Lou
is&
N O
rlean
s Ss 1
951
4.43
4.41
4.38
4.36
4.32
4.30
4.31
4.27
4.28
4.29
4.31
4.33
4.28
Z63
Penn
syLv
ania
Cog
u19
214.
154.
214.
154.
154.
134.
114.
124.
124.
154.
174.
134.
144.
13
644.
414.
374.36
4.38
4.38
4.36
4.28
4.22
4.35
4.31
4.32
4.32
4.23
65 H
anni
bal&
StJo
seph
con
sMós
191
14.
764.
754.
744.
774.
674.
724.
734.
734.
824.
844.
814.
784.
81k
66N
YC
ent&
Hud
sonR
iver
Deb
5sl9
044.
274.
264.
234.
214.
224.
214.23
4.23
4.25
4.36
4.35
4.39
4.33
67 B
altim
ore&
Ohi
o5s 1
925
4.65
4.59
4.53
4.43
4.48
4.45
4.40
4.43
4.40
4.39
4.42
4.41
4.41
68 C
hicM
ilw&
StPa
ulTe
rmM
Ssl9
l44.
744.
724.
654.
614.
614.
604.
524.
434.
524.
524.
554.
654.
58
69Chicago&NWRy.Deb5s1909
4.67
4.69
4.61
4.66
4.67
4.65
4.55
4.64
4.70
4.69
4.67
4.75
4.67
70 W
estS
hore
RR
lstM
4s2
361
3.90
3.89
3.90
3.90
3.87
3.86
3.89
3.89
3.92
3.93
3.91
3.92
3.94
71 C
hica
go&
NW
Rys
fDeb
5sl9
334.
714.
714.
784.
774.
694.
634.
634.
584.
664.
604.55
4.61
4.63
72 C
hica
go&
Nor
thW
este
rnex
t4sl
926
4.19
4.12
4.14
4.13
4.11
4.10
4.15
4.14
4.20
4.19
4.19
4,24
4.24
73St Paul
1933
4.65
4.61
4.59
4.47
4.50
4.49
4.48
4.48
4.50
4.53
4.51
4.51
4.50
74 CinlndStL&Chigenlst4sl936
4.36
4.24
4.27
4.26
4.25
4.28
4.28
4.30
4.29
4.26
4.29
4.31
4.32
75 PacificRRof Mo tsr extM4s 1938
4.09
4.09
4.14
4.14
4.12
4.11
4.14
4.16
4.14
4.15
4.21
4.20
4.02
76 Illinois Central RR coil 4s
1952
4.18
4.03
4.04
4.02
3.99
4.01
3.94
3.91
3.98
3.99
3.99
4.00
4.00
77 LakeErie&WesternlstM5sl937
4.55
4.50
4.51
4.50
4.45
4.42
4.46
4.47
4.53
4.51
4.52
4.56
4.49
78Wabash RR Co lstMSs 1939
4.85
4.80
4.84
4.79
4.74
4.74
4.74
4.79
4.85
4.82
4.82
4.87
4.86
79 Ches&O(EastExt) lstM6s 1911
4.79
4.69
4.75
4.78
4.73
4.72
4.72
4.76
4.68
4.68
4.73
4.74
4.77
80Ronie Water&OgdensconsM5s 1922
4.30
4.27
4.28
4.29
4.28
4.27
4.28
4.25
4.32
4.27
4.29
4.32
4.28
81NYChic&StLouis lstM4s 1937
4.25
4.18
4.20
4.19
4.1'l
4.08
4.15
4.19
4.19
4.17
4.19
4.17
4.19
82 Ches&OhioRylstconsSsl939
4.80
4.84
4.86
4.81
4.78
4.80
4.83
4.86
4.89
4.88
4.89
4.95
4.88
RA
ILRO
AD
BO
ND
YIELD
S
A65
el
C
Nt—
CQ
CO
NQ
OC
-N%
')
.CO
'
.)
CO CO
CO
C'
CO
CO
C'
C
')NN
CO
CO
CO
'QN
N'$)
CO
NN
OO
NC
'
C CO
N CO
CO
N N CO
O'
N C C CO
ON COC
N
A ::::
:::::
:::::
:::::
:::::
:::::
:::::
::
NN
NC
OC
O
CN
OO
'100
CO
NI--'0N
.-.CO
U)
z0
Oz
F C'C
C-'
N
• :o
CO
U
YIE
LDS
OF'
RA
ILR
OA
D B
ON
DS
JAN
. 189
4—JA
N. 1
895
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pdl
May
June
July
Aug
.Se
pt.
Oct.
Nov
.D
ec.
Jan.
30M
orris
&Es
sexl
stM
sf7s
191
44.22
4.19
4.16
4.19
4.03
4.07
3.98
4.02
4.07
3.80
3.84
3.87
3.90
39 Lehigh Valley RR 2ndMreg is 1910
4.46
4.39
4.32
4.30
4.32
4.35
4.43
4.34
4.29
4:28
4.18
4.15
4.12
40 Chic&NorWestRyconssf7sl9l5
4.31
4.21
4.20
4.20
4.35
4.16
4.15
4.11
4.12
4.09
3.83
3.98
3.99
42 Pennsylvania RR Co genM6s 1910
3.63
3.67
3.73
3.63
3.54
3.55
3.57
3.56
3.47
3.48
3.44
3.44
3.44
49 ChicagoRkls&PacRRlstMosl9li
4.38
4.28
4.25
4.25
4.30
4.30
4.26
4.23
4.19
4.21
4.12
4.10
4.18
52 StPaulMinn&Man2ndM6sl9O9
4.63
4.59
4.45
4.39
4.45
4.48
4.54
4.56
4.48
4.41
4.37
4.40
4.45
53 Nash Chatt&StLlstM7s 1913
4.93
4.91
4.92
4.88
4.80
4.80
4.82
4.80
4.68
4.56
4.48
4.43
4.45
54 StP&SioiixCityRRlstMôsl9l9
4.44
4.42
4.38
4.28
4.35
4.32
4.30
4.34
4.43
4.22
4.15
4.17
4.20
55CM &
StP (So Mm Dv) 1st M ós 1910
4.88
4.81
4.69
4.65
4.71
4.68
4.71
4.73
4.78
4.60
4.54
4.55
4.47
56 CanadaSouthern.Ry lstMSs 1908
4.36
4.21
4.20
4.19
4.28
4.18
4.18
4.13
4.11
4.08
4.05
3.95
4.02
57
Chi
cStP
Min
&O
mah
acon
sM6s
1930
4.82
4.71
4.70
4.65
4.61
4.61
4.61
4.62
4.65
4.51
4.50
4.51
4.61
58 StPMin&Man(DakDv) lstM6s1910
4.76
4.71
4.53
4.50
4.50
4.50
4.53
4.55
4.57
4.54
4.44
4.47
4.44
59
1920
4.24
4.21
4.21
4.07
4.07
4.15
4.16
4.09
4.03
3.95
3.92
3.91
60 C M & St P (C & P W Dv) 1st M 5s 1921
4.52
4.50
4.45
4.41
4.42
4.44
4.47
4.47
4.42
4.38
4.34
4.30
4.31
61
CM
&St
P(W
is&
Min
Dv)
lstM
Ss 1
921
4.72
4.58
4.56
4.60
4.56
4.63
4.66
4.58
4.53
4.53
4.52
4.53
4.49
62 ChicStLouis&NQrleans5sl9Sl
4.48
4.47
4.47
4.45
4.28
4.28
4.37
4.33
4.31
4.28
4.29
4.31
4.26
63 Pennsylvania Co gu 1st M
1921
4.13
4.11
4.01
3.88
3.82
3.87
3.90
3.89
3.89
3.92
3.94
3.90
3.90
64 NewYorkLack&WestlstMósl92l
4.27
4.22
4.16'
4.13
4.11
4.06
4.09
4.02
4.02
4.01
4.01
3.98
3.97
65 Hannibal&StJosephconsM6sl9ll
4.81
4.67
4.63
4.58
4.54
4.53
4.54
4.51
4.46
4.42
4.42
4.41
4.44
67 Baltimore&0hio5s1925
4.33
4.36
4.37
4.35
4.40
4.39
4.42
4.41
4.30
4.36
4.38
4.35
4.39
68ChicMilw&St Paul ThrmM5s 1914
4.56
4.48
4.46
4.46
4.49
4.48
4.53
4.47
4.33
4.34
4.31
4.36
4.32
69 Chicago&NWRyDeb5s 1909
4.55
4.58
4.56
4.42
4.51
4.51
4.57
4.57
4.55
4.53
4.55
4.50
4.42
70 West Shore RR lstM4s 2361
3.95
3.90
3.88
3.84
3.88
3.88
3.88
3.87
3.86
3.84
3.82
3.83
3.83
71 Chicago&NWRysfDeb5sl933
4.64
4.55
4.49
4.47
4.52
4.44
4.45
4.50
4.50
4.48
4.47
4.61
4.60
72 Chicago&
Nor
thWestern ext 4s 1926
4.26
4.15
4.08
4.05
4.12
4.16
4.21
4.05
3.99
3.93
3.90
3.93
4.09
73
4.60
4.59
4.55
4.51
4.53
4.52
4.51
4.50
4.49
4.50
4.49
4.49
4.43
74 CinlndStL&Chigenlst4slg36
4.52
4.57
4.51
4.44
4.37
4.44
4.38
4.29
4.28
4.29
4.31
4.28
4.27
75 Pacific RRof Mo 1st extM4s 1938
4.23
4.08
4.03
4.04
4.10
4.14
4.11
4.06
4.02
4.00
3.95
3.92
76 Illinois Central RR cell 4s
1952
4.08
4.04
3.99
3.93
3.99
3.97
3.99
3.97
3.95
4.01
3.97
3.96
3.96
77 LakeErie&WesternlstM5sl937
4.45
4.34
4.33
4.34
4.34
4.35
4.31
4.30
4.35
4.29
4.39
4.33
4.32
78 WabashRRColstM5sl939
4.90
4.87
4.82
4.76
4.78
4.84
4.94
4.88
4.81
4.81
4.77
4.78
4.78
79 Ches&Co (East Ext) lstM6s 1911
4.78
4.68
4.59
4.47
4.55
4.60
4.60
4.60
4.54
4.45
4.39
4.39
4.47
80 Rome Water &Ogdens consM5s 1922
4.24
4.21
4.23
4.12
4.07
4.11
4.08
4.10
4.07
4.04
4.02
3.99
4.00
81 NYChic&StLouislstM4sl937
4.17
4.12
4.09
4.04
4.04
4.03
4.06
4.02
4.00
3.97
3.94
3.94
3.89
82 Ches&OhioRylstcons5sl939
4.92
4.83
4.81
4.79
4.78
4.80
4.82
4.74
4.62
4.65
4.61
4.63
4.69
83
Ill Central (LNO&T) col4s 1953
4.24
4.27
4.17
4.11
4.07
4.12
4.13
4.10
4.08
4.06
4.07
4.08
4.12
RA
ILRO
AD
BO
ND
YIELD
S
A67
tlN)\Q
oQ'C
M""n0-
•;
0'
00
%n000000
—0—
cot--
ct-coot-
c-nNoo
n—t-t-t-
'n 0cc—
—c'at-a"n
cnoc0000
c000ccOo
nt—ac
t-dt-0
ec'nc'cc
cnn
C'
-000cc
.t.&"
>cg
Otc00c-c
00tt-00
000t
ccfloccct—
cncfloQ
cn'n.-cocQ
c-cc--Q"nei
-c-oo'noc
coc-c'0c-coto-
c-ct-tn
'occo
t-flo0tc
c00
'On
0000ctON
'On-c
'OO
\0ON
ncflOt)
NO
DO
ON
'0
c-ct-cc
coot-icc
c-coo
cc-ct-
'OC
t-'OO
'nc€caticn
t-lt-0'Oc-c
Ccc)
000)0
conCoct-c
-c--.-c)0
cncCC
c.-)-4
'o'CO
ct-Qc
ntc)cC
'OcO
C'tncn
N000eN
ncoc-ccc
neC'
'n-icc)---.
n-tc
4 a'nt-t-occ
-000C\n
00)00cc
Cct000't-
tOtC
OcO
—c
000)Ccctn)
00'000t- 000')---.
t-)occ
-o"tn-toc
i'n-c-noc
nnc-ococ
'00)
CP
-Nccl----
0' Nt-cO
O
n t-N'O
NO
O
t- CO
ONC '0 -
ocnntoc
'r—cnoc-o.
a
0fl
a :.-.ot-
—m'C
'
°
0
cO
00 tc--.
onZcnou
0cO00
00-i-$
- n—oc
nc-cc-ce-c
'0)0)0cc-c
t--c-iO'0
o'ncc
c-con
c-
ci
CO
Ot-C
'
t—cC
)oc
c-cnoc.nc
aC—
c-in
'o0)0t-00
00ct1)
*00)0
'0000)0000
cnucc).OcO
cecoc
ct-t-c—t-
c—c-c-c-c--
c-cccc
ccc
xlct
Nac
rcrv
89V
0'0'—
0
0
0
4'0
CO
40'O
C'4
000!
'-"
h'0
0!'
0'4'
00'0
0
t4'0
0'C
CO-0
'O'C
'0
00 0
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
1897
—JA
N. 1
898
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.
303.80
3.72
3.72
3.72
3.64
3.57
3.60
3.69
3.59
3.63
3.63
3.61
3.62
39Lehigh
Val
leyRR2ndMreg 7s 1910
4.21
4.45
4.06
4.13
4.17
4.18
3.93
3.83
3.75
3.70
3.84
3.87
3.89
40 Chic&NorWestRyconssf7sl9l5
3.96
3.89
3.85
3.72
3.67
3.57
3.55
3.65
3.69
3.65
3.66
3.63
3.63
42 PennsylvaniaRRCogenM6sl9l0
3.21.
3.28
3.19
3.23
3.22
3.18
3.18
3.17
3.08
3.12
3.12
3.10
3.12
49 ChicagoRkls&PacRRistM6sl9l7
3.97
3.94
3.90
3.84
3.87
3.77
3.75
3.74
3.74
3.77
3.81
3.72
3.72
53
Nash Chatt&StLlstM7s 1913
4.59
4.56
4.50
4.62
4.55
4.46
4.35
4.41
4.47
4.44
4.35
4.30
4.29
54 StP&SiouxCityRRlstMós 1919
4.03
4.02
4.01
3.98
3.94
3.94
3.95
3.97
4.02
4.02
3.99
3.89
3.87
56 CanadaSouthernRylstM5sl908
4.00
3.89
3.98
3.98
3.98
3.81
3.78
3.85
3.95
4.01
3.96
3.77
3.78
57 ChicStPMin&Omaha consM6s 1930
4.40
4.38
435
4.38
4.32
4.22
4.22
4.26
4.30
4.25
4.15
4.07
3.99
59 Philadelphia& Erie genM5s 1920
3.88
3.89
3.94
3.91
3.91
3.88
3.85
3.87
3.86
3.88
3.82
3.85
3.77
60 CM&StP(C&PWDv) lstMSs 1921
4.19
4.15
4.13
4.08
4.07
4.02
3.96
4.04
4.07
4.07
4.03
3.97
3.93
61 CM&StP(Wis&MinDv)lstM5sl92l
4.32
4.29
4,23
4.21
4.20
4.20
4.21
4.21
4.20
4.17
4.11
4.10
4.05
62 ChicStLouis&NOrleans5s 1951
4.13
4.07
4.04
4.05
4.05
4.01
3.96
4.00
4.02
4.05
4.03
3.98
3.97
633.85
3.86
3.86
3.82
3.80
3.92
3.77
3.76
3.75
3.71
3.71
3.67
3.65
64 NewYorkLack&West lstM6s 1921
3.91
3.83
3.76
3.75
3.73
3.65
3.58
3.57
3.61
3.64
3.61
3.55
3.54
65 Hannibal&StJosephconsM6sl9tl
4.35
4.35
4.30
4.14
4.15
4.16
4.09
4.16
4.17
4.17
4.06
4.01
3.99
68 ChicMilw&StPaulTermMSsl9l4
4.15
4.09
4.11
4.04
4.02
4.00
3.99
4.00
4.00
4.00
4.00
3.94
3.85
69 Chicago&NWRyDeb5sl9O9
4.42
4.42
4.36
4.25
4.21
4.09
4.12
4.13
4.12
4.20
4.11
4.01
4.02
70 WestShoreRRlstM4s23ól
3.78
3.75
3.78
3.73
3.73
3.71
3.66
3.71
3.73
3.73
3.67
3.65
3.67
71 Chicago&NWRysfDeb5sl933
4.43
4.42
4.42
4.37
4.26
4.15
4.13
4.14
4.17
4.20
4.17
4.12
4.11
72 Chicago&NorthWesternext4s 1926
3.98
3.87
3.86
3.85
.3.83
3.83
3.78
3.79
3.74
3.77
3.75
3.73
3.71
734.
364.34
4.24
4.24
4.24
4.23
4.22
4.21
4.23
4.22
4.22
4.18
4.14
74 CinIndStL&Chigenlst4sl936
4.17
4.02
3.99
3.98
3.97
3.97
3.99
4.00
3.99
3.99
4.00
3.94
3.92
75 PadflcRRofMolstextM4sl938
4.07
3.94
3.98
4.02
4.04
4.00
3.94
3.96
3.98
4.00
3.97
3.88
3.82
76 Illinois Central RRcolI4s 1952
3.96
3.90
3.89
3.93
3.94
3.95
3.89
3.89
3.93
3.89
.3.94
3.88
3.92
77LakeErie&WesternlstMSsl937
4.26
4.27
4.25
4.23
4.26
4.21
4.21
4.22
4.21
4.24
4.21
4.20
4.17
78 WabashRRColstM5sl939
4.69
4.70
4.79
4.89
4.90
4.86
4.78
4.72
4.72
4.70
4.71
4.66
4.61
79 Ches&O(EastExt)lstM6sl9ll
4.34
4.29
4.24
4.11
4.11
4.13
4.04
4.24
4.24
4.23
4.22
4.21
4.15
80 Rome Water&OgdensconsM5s 1922
3.92
3.86
3.87
3.83
3.83
3.76
3.78
3.83
3.85
3.81
3.82
3.76
3.70
81 NYChic&StLouislstM4sl937
3.82
3.81
3.80
3.80
3.79
3.80
3.78
3.77
3.75
3.81
3.77
3.71
3.71
82 Ches&OhioRylstcons5sl939
4.58
4.54
4.54
4.51
4.50
4.47
4.49
4.48
4.45
4.48
4.42
4.35
4.29
83 lllCentral(LNO&T)co14s1953
3.97
4.00
4.00
4.05
3.93
3.95
3.97
3.97
4.00
4.03
4.03
3.95
3.96
84 C&O(R&ADv)lstconsM4sl9S9
4.05
4.00
3.93
3.97
3.97
3.95
3.87
3.93
3.96
3.99
3.98
3.85
3.83
85 CCC&StL(StLDv)lstcol4sl99O
4.35
4.36
4.28
4.25
4.23
4.23
4.27
4.25
4.38
4.25
4.26
4.23
4.17
86 ETennV&GRyconslstMSsl9S6
4.66
4.65
4.65
4.64
4.63
4.61
4.57
4.53
4.58
4.58
4.57
4.55
4.54
87 ChicMilw&StPanlgenM4sl989
4.11
4.07
3.99
3.99
4.00
3.96
3.91
3.91
3.92
3.90
3.87
3.84
3.81
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 189
8—JA
N. 1
899
Nam
e of
Bon
dJa
n.Fe
b.M
arA
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.
30 M
orris
& Essex
1st M
sf7s
191
43.
623.
743.
873.
903.
813.
723.
753.
773.
773.
733.45
3.45
3.41
39 Lehigh Valley RR2ndMreg is 1910
3.89
3.75
4.01
4.14
4.31
4.05
4.07
4.07
4.07
3.92
3.97
3.91
3.82
40 Chic&NorWestRyconssf7sl9l5
3.63
3.64
3.76
3.75
3.87
3.85
3.70
3.61
3.65
3.63
3.59
3.46
3.50
42 PennsylvaniaRRCogenM6sl9lO
3.12
3.07
3.10
3.24
3.26
3.24
2.97
3.08
3.16
3.17
3.17
3.12
3.04
49 Chicago Rk Is & Pac RR 1st M 6s 1917
3.72
3.75
3.85
378
3.87
3.83
3.80
3.74
3.78
3.75
3.76
3.65
3.63
53 NashChatt&StLIStM7S1913
4.29
4.28
4.40
4.61
4.46
4.42
4.41
4.33
4.36
4.28
4.22
4.24
4.06
54 StP&SiouxCityRRlstM6sl9l9
3.87
3.90
4.00
4.11
4.04
3.94
3.90
3.89
3.89
3.83
3.81
3.78
3.72
57 ChicStPMin&Omaha consM6s 1930
3.99
4.01
4.17
4.54
4.20
4.10
4.02
4.03
4.10
4.11
4.08
4.05
4.03
59 Philadelphia & Erie gen M 5s 1920
3.77
3.77
3.79
3.82
3.84
3.80
3.79
3.82
3.84
3.82
3.82
3.78
3.79
60 CM&StP(C&PWDv)1stM3S1921
3.93
3.93
4.02
4.21
4.13
4.01
3.96
3.91
3.91
3.91
3.89
3.77
3.65
61 CM&StP(Wis&MinDv) lstMSs 1921
4.05
4.05
4.18
4.31
4.28
4.21
4.16
4.12
4.12
4.04
3.92
3.87
3.82
62Chic St Louis & N Orleans 5s
1951
3.97
3.98
4.11
4.31
4.22
4.09
4.03
3.99
3.98
3.98
3.96
3.97
3.97
633.65
3.70
3.82
3.99
3.96
3.80
3.68
3.69
3.70
3.66
3.61
3.61
3.44
64 New
Yor
kLack &West lstM6s 1921
3.54
3.60
3.62
3.64
3.65
3.62
3.62
3.61
3.64
3.63
3.60
3.57
3.53
65Hannibal&StJosephcOflSM6Sl9ll
3.99
4.01
4.05
4.12
4.06
4.14
4.04
3.95
3.98
3.97
3.94
.3.91
3.86
68
Chic Milw & St Paul Term M 591914
3.85
3.81
3.83
4.11
4.06
4.01
3.98
3.95
3.95
3.94
3.99
3.86
3.78
69Chicago&NWRY Deb5s 1909
4.02
4.05
4.26
4.34
4.14
4.09
4.11
4.10
4.12
4.10
4.00
3.93
3.98
Z70
West Shore RR lstM4s 2361
3.67
3.66
3.71
3.84
3.78
3.72
3.69
3.67
3.68
3.67
3.64
3.61
3.59
71 Chicago&NWRYSfDeb5S1933
4.11
4.12
4.16
4.29
4.21
4.15
4.09
4.05
4.06
4.03
3.98
3.93
3.87
72 Chicago&NorthWesterneXt4Sl926
3.71
3.72
3.79
3.86
3.81
3.79
3.75
3.73
3.74
3.71
3.72
3.73
3.72
7.3 StpaulMinn&ManconsM4.4s1933
4.14
4.09
4.15
4.27
4.27
4.20
4.11
4.07
4.08
4.02
3.91
3.88
3.83
75 Pacific RR of Mo 1st extM4s 1938
3.82
3.82
3.92
3.89
3.98
3.89
3,90
3.82
3,82
3.79
3.76
3.80
3.72
76 Illinois Central RRcoll4s 1952
3.92
3.98
3.96
3.94
3.98
3.93
3.91
3.89
3.90
3.90
3.89
3.84
3.78
77 Lake Erie&Western lstM5s 1937
4.17
4.17
4.21
4.31
4.29
4.23
4.20
4.18
4.20
4.21
4.19
4.13
4.11
78 Wabash
RR
Co lstM5s 1939
4.61
4.59
4.76
4.76
4.64
4.53
4.51
4.46
4.48
4.44
4.39
4.38
4.31
79 Ches&O(EastExt)1stM6S191I
4.15
4.19
4.30
4.31
4.17
4.38
4.14
4.12
4.13
4.06
4.08
4.05
4.02
80RomeWater&OgdensConSMSSl922
3.70
3.72
3.80
3.85
3.77
3.70
3.63
3.59
3.57
3.41
3.27
3.25
3.20
81 NYChIc&St Louis lstM4s 1937
3.71
3.75
3.88
3.96
3.85
3.82
3.78
3.76
3.77
3.77
3.75
3.73
3.71
82 Ches&OhioRylStCOflS5Sl939
4.29
4.26
4.37
4.43
4.37
4.30
4.29
4.27
4.30
4.29
4.19
4.17
4.13
83
111 Central (LNO&T) Co1 4s 1953
3.96
3.96
4.03
4.15
4.04
3.99
3.96
3.97
3.99
3.98
3.95
3.92
3.88
84 C&O(R&ADv) lstconsM4s 1989
3.83
3.84
3.89
3.96
3.98
3.89
3.89
3.84
3.94
3.88
3.82
3.82
3.80
85 CCC&StL(StLDv)1stc014s1990
4.17
4.14
4.21
4.30
4.37
4.27
4.21
4.06
4.09
4.09
4.09
4.07
3.97
86 ETennV&GRY cons
1956
4.54
4.54
4.62
4.70
4.60
4.57
4.57
4.48
4.46
4.43
4.41
4.34
4.32
87 ChicMilw&StPaiilgeflM4s1989
3.81.
3.77
3.82
3.90
3.94
3.87
3.81
3.78
3.82
3.82
3.78
3.75
3.62
88 LakeSh&MichSolstM3Y2Sl997
3.32
3.31
3.38
3.47
3.41
3.35
3.37
3.34
3.32
3.32
3.31
3.29
3.28
RA
ILRO
AD
BO
ND
YIELD
S
'0
A71
d
00
0
00 0) 0)
4
0)0)0)05
4
'000000\0O
000-0000
0-0.o0000
-0-
)0)0)0)0)
0)0)0)0505
05050)05
00.-oCo0000
000 00000)0-0
00-000000
0)00:
0500050)')'
00)000000
000000)0505
00)050505
05050500)
.-
'1'
00 '0 0' '000)000'
0- 00 '0 "00000
000-
'000000000
00000-0)
0000000)
0-000000
0— CM
0-00
—:-
C 0000))
'0)
00000'
'000
0)00000000
'0 00000--
00 00 ..c.0.-0
0000)
'0000--CM
00000-
0-.00))t-
000-0000
00)0)0-000
'0)l-.Oo:
0000000000
0000000000
0000000000
000000050)
0000000000
00000000)
U)
00z
CIS
$-)
CO
*0000000000000000
00000000)00
00
041
0)00000000
0-00000.0
0)00000)
0000000000
0000000o0o
00OO
OO
OS
A72
APPEN
DIX
0*-o00-
'd'00000000
eI—00'O
u,
000 t-0000
.-u'000
0'00000c')
000
0000
00 0000000000
0000000000
0000
0000
0000000000
0000000000
I' 000000
00
..,00000)
r) 00*00'000"0 000000*')U
000'
00 0 000
0000000000
0000000000
0000*0000
*00
0000000000
00000'1
000000.0
00C'00000.
00000000
00
000000.000
t-0
0000000000
00000000
0000000000
0000000000
*00000000
000000
00 0000000000
00
t."00..00
0000—00k-
0000*0000
0000000000
00*000
0000000000
00 c'1000000
00 000000000
.o000
000
— 0000
—0
0000000'
01.000000
00000-000
00..0'*
000
000h00
000
000000000
c'iO.0
c'000.L-o-
00000010.
00000—00
0000
00000100,
o-
0000.0
00
&-0'000000
L"Cl
00000'
1-c'OL-O
o
0000000
000
0000*00
0000000000
000000*00
00*000000
*00000000
0000000000
*00000000
000)
00000
0000
00000
00.-000.l
00 00000-00
00
00000000
0000—0'
0000
000-0000
00
0,0000.0000-0.000000
0-.0000.
00 0000000
00-000
000—0000
000
0000000000
000000*00
00*000000
00000000*
000000*00
*00*0000
*00
'0000000
0000000.0o
— 00.'o00000-00
000000
.-.0000000
0000
0-0000000U)
00'0*000
0..CoO
'00
000
0000*00*
0000000000
000000*00
00*000000
00000000*
0000000000
*00*0000
0000000
00 0-C.00'100
0001)
00.00
00 000000
00 0*'0000
0000000-0
0000000000
'00000000
0'100.-00000
00.-U'-0000
0000000
000
0000*00*
0000000000
0000000000
00*000000
0000000000
0000000000
0000000000
000)
o
00.-0.00000)
000000000
— 0*C'I",
00 00
CoO
0-0000
000-000000
0-00
*0000000
.000000000
0000000100
00.'0'0000
0100000
0000000
000
0000*0000
0000000000
0000000000
0000000000
00000000*
0000000000
*00*0000
*0)
0000000000
'0 000000)10
0000000000
0000000000
0-00
0)0001000
'0000000000-00000100
010000000
00r1&-000
000000
000
0)0)00")00
0000000000
0000000000
00000000*
000000*0)
*0000000)
*00)
00)000
00-0000'
'O-o'00000
-'000000Q
000001000
*1)0.000000
0-0.000O'0'
0004000*00
0"-00000
0'
0000000000
0000000000
0000*0000
00*000000
00000000*
000000*00
*00000)00)
0000)
(0
U)
0
00
E
).z
-00
"00
000)
000
00000000-
00100000
00.00-000
O**0000**))
00-00000
-'*400*00
'0000000000*000000
'000'0
'00-0-0-000-00
0000000000
0000000000
000)000'
00 000000000'
00'
RA
ILRO
AD
BO
ND
YIELD
S
A73
000
0)0)0)
0) 0) 0) 0)00
0)00
00)
000)0)0)00
C'
00.0
'0—0'
'0 0' 0000
.o 'C '0)00'
'0
O.ot-
000
,-',o-00004
0)00
0)00
0)00000)0)
0)0)0)
0) 0) 0)00)0)
00)0)00)
0) 00)0)0)0)00
00)
0)0)00)
0)00)
.iC
00).-).-000
C'
.0000000
00 'CC
'
0) 00-
0)0
0')
Q 00.0
000
C'
000000)
00")
0000C'
000'C00400C
'
00-000-00000
Q'0'00'
C'00
00')
00 00)0000)—
0000-
'0)0)C)C
'00
0000'C'C
0)
00NO
-C'r'O
0) 0)0)0)0)00)
t')t')
o0000C'00
00'Ohoo00-
00.,C'.-,o
'Ce.-
onoo—000
0'.-,
...00).000)
00
0)0)00)00
000)'C'C
Oh
toOO
C'.-o0)
0000O00C
'
000)0-000)
0'00
0)000)0)0)
0) 0)0
000)
00 00 C'
00 00 0000)
400.-000-00
0-00C'©
00)
00 00t-000-
00)0)00)0)
0)0)00)
00)00).
0000)
0000)
0)000)0)00
0)0)00
00)
0) 00000')
0')
00)0')
00'O
0)0)000)
00)
0000)0))
0))
'0-00-0-00
C'0001.'C
'
0)C-"')C
'
C'.-'
0-00000000
.)OhC
'0)0)0)Oo.0
0)00
0)0)0)000)
0)-0'0)0000
0)000)00
00)00)00)0)00
0)0')
)h0')
-0 00-000'-0
)hC'0-)h)C
0-00
0)'h.-000-C'
'CC
'
00,-oOhN
)-C't-,
'OC
'
C'C
'C'000)
0)00
0)0)0)0)0)
00)0)0)0)
00)0)0)0)0)
0)00
(I)z
0
000)
N-0
—d O'0'0C
'..,
004.0C"0)')'0 00&
)0'oOh
0 000
0
000
0)'Ct-000
00t-00C'0
'000-000)00
-0004
'00000
0C 000000000'
0'000000
000)0)0)0
00
•tIj
t-.
0
0
00
'000
00
0000
000
000000
-0'C0'0000'
000
0
'000
0000
0
0000
000
00 0
000
00
000
00
000000
000
0000
Q'0
0'00
0
'0'0
'000
0
0000
r)0'
Qr
Q%
4000
00
RA
ILRO
AD
BO
ND
YIELD
S
A75
.$—.d'O
o0%
t.tq.-,
0r4-0000
%Q
%O
t-t'000
t-OO
Md NN
-.st'-03
r40'.00e40%
0'00M'O
n
Q'O
'Q"n0%
O&
)Oe%
4Q
00000'-0
03%')4
,')IU')*
Q
%003
03%')%
')
.-0cq%')t--
0 00 003.n0\0r'o.t-c'o.o0303
p.0-C
Oo.
clt-030'o
Oo
00c'4'on
Q'00"nO
'
000')
,?fl')r)*
'Oon't'O
.);
.%'0000M
0
cs'O0300000
%0t40')0'.)Q
—0-00-0'.
0a0%'0'O
—
N.oQ
0000
000-0\00—0
t4t-)00-C0
00N'01.
0%00%
030%
C )fl'-)tq-o
0'-
O0%
.-
4 .000%0-
0%.-000000-
.-o.-o0'))
'0 000
0-00000
000'-000.
N0-00P
40%
0%0%
'00%
0'0-"').o
.OQ
,-.0%.-.
000')
onl'i'onon
1"-n'oro
'.-
eo(c'ot-000%
0%C
C
003'OP
4CM
C%
'fl')t4.-o
0%"
o'-'-.0-00%
Oa—
.-,Oo.-.
0o0'p.0
OC
o)00'o
'O'n.o
coo)
r'e-.r
%'"-oo')a
>0
0000-.oO
'00'0")t
000%"oo'-
o0.-,
0%00000%
OO
P--°00'
0%000)0%
-0%.-oO
000')
3 %'.onrn%
'un
4
oo't'nC0%
0',Qo..co'O
'0 0-0-00n
0-03
030'0003
0-'000o.o
0000'0-Oo
'-003.-oCoon
o0p.
0')000'O
0')%'U
')oO)
>0
0o00%"
000
0000c'o'non
0000
oOn'O
coo)
004
00-40--000o)
0000-
0-'000000
OoO
oN'0t
0O000%
Oo'-.O
oO
;z
00 'nt-
0'0"-oO-o
o)0't'-.-"'4
on'0
C%
"Oe'o
00,-.fl
"0
40400000
00000000000-
0000000-03
Ot-—
0'0
000-
'tN)%
'')'t
i on N oo'r-.'-.—
ens
to-Coo-co
QC
'c'ooQ%
'0
00000000-00
001.0.00
00—0040
000-
IZ ")°')")
O')00)%
'tt)0)
on 30)0)
t0)t0)nOc)
)%'un00
"3%'
TC
)
%')%
')%')%
')
%'1.)0O
)%'(0')
00000)%'0%
')
0)')%')%
O)
%0)%
'%'000)
I ::,,:::.
:0c:::
Co '0
—.
to 0'"c'0%-C C
-r cOE
%' 0
OttO
oooZZ
%'0%
'C'00-
'00-0-0-0-
0-00030000
%'°0fl%
C&
'-030000030000
0400-0')000004000'
o(onooo-03000004000%
OoC
.-ocqt°o000000
%'ofl00
A76.
APPEN
DIX
HO
HO
")
•
0.00")'0
'0 CW
HO
N
'-
'0 'o oq 00 00 00 00'0
00
00 00 0000
—
N00.-o
00
1—000000.o
'00.0000o
000000000'
0'00'0'
00
N0'000'.o
0'0000000'
.-.000o000
'0
&'-0'O
oO'-o
'0000000'
0'.-o'00000
000'
0'C'
t-0000't-
"OH
m
HO
0 HO
00'Z'.C
Oo'-
0'-'00000
00000000
0000000-
—
"00000
"00000")
NO
H)H
O
HO
'0'00
00000—00
00 000-N
000.-,
000'.Ooo0-
0000000
00.00000,-,
'00000000
00
0000000-
0-0000,-,
000-0000
0000'00SC
o
000.0000
00 N
0000000000
"0000000
00000000")
00000000t')
0000000')
00000000c')
—;j
0 0000000000
0000000000
00
00
00000000H)
0000000000
000000000')
00000000")
00
00'oQO
H)
N.o00000
000.000
0000N1—
'0
N
N'00-0000
0.000000
0.OO
NO
'00
00
0
0 00
0
0000
08
000-00000
000000'-00
0.N0000
00000-0000
0'-'N0000
00000.0000
O.-.N
0000
0000000000
0-0-0-0-0-
0000000000
0000000000
000000000
000000000
00000
0
RA
ILRO
AD
BO
ND
YIELD
S
A77
N)N
)N)0)N
)N
)
N)
N)
N)
N)
N)
N)
0000
N)
N)
00 N)
N)
N)
00 N)
N)
N)
N)
N)
N)
N)
N)
N)
N)
00 N)
N)
N)
00 000000000)
(0)NN
N)N
)N)00N
)
N)00N
)N)N
)
00N)N
)N)N
)
N)N
)N)N
)N)
N)N
)(0)N)N
)
N)N
)N)N
,N)N
)N)N
)
N)N
)N)N
)N)
N)N
)N)N
)N)
N)N
)N)N
)1
U)
0)NO
N
N)
N)N
)N
0)0)0)0)0)
N)N
N
f(
g
N)N
)N)N
)N7
N)N
)N)00N
N)N
)N)N
)N)
N)N
)N)N
)N)
0000000)
—
N)
N)
N)
0000
N) N)
00 N)
N)
N)
00N)N
)N)N
)N)N
)N)N
)N)N
)N)N
)N)N
)N)N
)N)N
)
00 000000000)
()
)00N)
')00000
00)0)000
0000N)N
00N(.N
-00N.
00)000000
0000'0,-.
0—oM
C'
N)N
)N)N
)N)
00N)N
)N)N
)
N)N
)N)N
)N)
N)N
)N)N
)N)
00000000N)
—
0)000'
0) NC
NC
'I
C'
N)
N)
N)
00 N) N)
N) 0)0'
— N)
0' 0' 000000
0' 00000'
00.0
000)N 0 QN
0
0.0)N.Q
,(s)
C' N 000
00 00 C'
00 C'
'0 C'Q 0)0'
N)00N
)N)N
)
00N)N
)N)N
)
N)N
)N)N
)N)
N)N
)N0)N
)N)
N)N
)N)N
)00
ON
.0000C)
C'N
-C'000
N.
0000000
N)0000C
'0)
00'fl00...00
0).0000)('.
N.N
-0000\Q.
00)0)0000
N.0(N
.000)
0'0'Z0'00
00-.-.C'
(0)0)0)0)0)
N)0)0000N
)
N)00N
)N)0)
00N)N
)N)0)
N)N
)N)N
)0)
N)N
)N)N
)N)
N)N
)N)N
)00
0)00000000
00N).000)
00000'.oN)
000N.0.o
N)0000
0)0)..
N)'0
0000000000
00N.C
'000
(—000C
'O.
00)000000
N.0)t'.C
OC
)
N)
N) N)
00 N)
N)
00 N) N)
N)
N)
N)
N)N
)o)o)
(0)0)
0) N)
N)
N)
N)
N)
N)
00 00 N)
•(0
0)0)0)0)0)
000)O(C
'Q
00000)0)0'
0)0)0000..)
N)C
N)00N
)C'00'00000
N)00C
'000
0000)0)0'
00)0000000.0)0)00.,)
0)0)000000
C'N
)C'
0'
N)N
)N)N
)N)
00N)N
)N)N
)
N)N
)N).0)N
)
N)N
)N)N
)00
U)
z 00000 0
0zC
l)C
x)
C0
000
E(0z
(JO'
.0) 0'
0
0<
z00
z00
0))
ShY
000'
0000
0
0
P
0
000
00
'0qo—
-
0000
000'
0-(.
0<0
'000
00'O
0-0)
1.0.
0.t0
)
RA
ILRO
AD
BO
ND
YIELD
S
A79
T
P.03C
M
'000
P400
P.C
M0344)
0C.-0C
-r-
Z
PlC
flt'0C3
000")e'C
0CM
—'n
C--
P4
-
C3
.-P4P
.030
nt
t—'fl'o0
N0\0.,N
0'C--P
404P4
'te4%o
NP
)'40
P.P
4c-l.-C00
P4-4
PO
P).
4).-4
CflpO
U)C
%4Q
'0P--4"0
cx -o'*rnP
)040)P)O
Q
0*0-U'.
040000,0'
0
.M.C
P4
004 '0*.-CP
)
OP
)'0O")
.-U'4P
4M'0
****'i
****c'
t**'-o
*MP
c**
*****
4P
40000")
P4000004C
M
0cPC
P)*
")P40'P
)0
00-400,0
P4P
4.-CQ
'P)
0000P-40
P400000
t4.-U-404.4
-4P)0n04*
,P)P
40'
0-'00-4P4
-4N-41O
00'OP
4N
***P)*
***-t
t-.00p4.-.P)
.-0*0)
CO
P-C
-C-N
0)")—'0)
40.00040
*0CC
-cOO
OC
CM
P-
-C-C
l.-o
'0
0CM
05CM
0-.o000-
O-4C
CM
0
.-OC
M"*
'***CM
*
***tP)
CM
***CM
**CM
**
***
*****
000.-c.-oO'.
'00CC
-P.O
C440.t—
P4
04-0000
050000CM
.-0-U-0040
004*040)
0-UM
CM
O'
0-..40054-
00 0' OO
P)
*
P0*P
400I **P4**
****P)
***'t*
00*01
005OC
.CM
4fl
05400—N
O
Cs.-o'0C
-0.0
'0 OP.
,-o*000)
40N*-U
,
P54-C
ob
7 SaZ
noo'.n
*0000*00
*00000001
*00*00*
****
C **cp.o*
000000*00
0)0000*00
*000*00
00*01000
'!z
::,_j::
P.t
000?' P-
o-.
oso'00
ttaz .Soooz
P.00004C
M
00400040)
.-o.*CM
0
00400030
00404-0040
0400*000-)
0.00o04.*'004
* .04'CC
-Q5
04 *CM
'5.0P4O
p4.-4*P.4fl
004-00504*000000*
*000000*
*****
*0000*
U)
2;0U
)00 0noC
c02;
1102;(04 n
0)
• 4-00)00-)
'04-00.-U')
00*00404-
00040.-ceO
000040004-
000'0-oN
00)00404CC
.
00040.-c
44400404-4-
0000000000
0000040404
0404040404
0404999
92929
22
M'
nw
e'
'0
—.
'0-
XIG
N5I
cTIV
•0•0
waz
osy
'OC
OC
OQ
o
0000
"o'0
00
t'3—
0o--
SQ
%
0900
-l
-' lii'
00
0.
th41
'-'bJ
Oba
'-'C
a'-'
C
Ca
aaaa
00'00
0'-' C
'
C\0
(o—
"O
'OhC
'O-4
'4
00O
h)
'O'O
000
0'O
00" 0
Ca
00'00
0C.C
CaC
a'O
r
Ca
caca
aCaC
a
00—
C\0
0
0000
'O-4
%O
(a00
0.'C
OO
aN)C
0000
0'oc
\0Ca-
Co'
thO
.'O00
0000
CaC
-Ca\
000
P—
aaaa
CaC
aCaC
aCa
000a
aaC
a
a.(a
O30
00
00"1
OC
O
co.o
-'00
CC
Ob)
b4t
0000
0Cc
P
W00
0W
OC
CoQ
s
00.'C
n-C
-i
00JQ
CC
C
Ref
.N
o.N
ame
of B
ond
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 190
9—JA
N. 1
910
Jan.
Feb.
Mar
.A
pril
3.90
3.87
3.90
3.99
4.26
3.87
4.10
3.95
4.00
4.17
57 70 73 76 78 81 82 83 84 85 86 87 88 90 91 92 93 94 95 96 97 98 99 100
101
102
103
104
105
106
107
108
109
110
111
112
113
1.14
115
116
117
118
119
I
Chi
c St
P M
m &
Om
aha
cons
6s 1
930
Wes
t Sho
re R
R 1
st M
432
361
St P
aul M
inn
& M
an c
ons M
1933
Illin
ois C
entra
l RR
coi
l 48
1952
Wab
ash
RR
Co
1st M
53
1939
N V
Chi
c &
St L
ouis
1st
M 4
s 193
7C
hes &
Ohi
o R
y 1s
t con
s 5s 1
939
111
Cen
tral (
L N
0 &
T) c
ol 4
s 195
3C
& 0
(R &
A D
v) 1
st c
ons M
49
1989
C C
C &
St L
(St L
Dv)
1st
col
4s 1
990
E Te
nn V
& G
Ry
cons
1st
M 5
s 195
6C
hic
Milw
St P
aul g
en M
4s 1
989
Lake
Sh
& M
ich
So 1
st M
1997
Bal
timor
e &
Ohi
o R
R 1
st M
4s 1
948
Uni
on P
ac R
R 1
st M
RR
& lg
4s 1
947
Chi
cago
& N
or W
est g
en M
1987
Chi
Roc
k Is
& P
ac R
y gc
n M
4s 1
988
Atc
h To
p &
San
ta F
e ge
n M
43
1995
N V
Cen
t & H
udso
n R
iver
M19
97Sd
oto
Val
& N
ew E
ng 1
st M
4s 1
989
Lehi
gh V
alle
y (N
Y) 1
st M
1940
Loui
svill
e &
Nas
h un
ified
4s 1
940
Ore
gon
RR
& N
ay C
o co
ns M
43
1946
Chi
Bur
& Q
(111
Div
) M19
49C
entra
l Pac
ific
1st r
ef M
4s 1
949
Nor
Pac
R3,
' prio
r lie
n Ig
M 4
s 199
7N
orf &
Wes
t Ry
1st c
ons M
4s 1
996
Cen
tral R
R o
f N J
gen
M 5
8 19
87H
ocki
ng V
alle
y 1s
t con
s M19
99N
&W
RyD
ivls
tI&ge
nM4s
lO44
Ore
Sh Line RR cons 1st M
5s 1
946
Sout
hern
Pac 1st ref M sf 4s 19,55
A T & S Fe ky adj M 4s stamped 1995
Northern
Pae
Ry
gen
lien
3s 2047
Ati
Coa
st L
ine
1st c
ons M
4s 1
952
Del
& H
udso
n C
o 1s
t & re
f M 4
s 194
3C
entra
lof Georgia cons M Ss
1945
Penn
sylv
ania
RR
con
s M 4
s1948
Kan
sas C
ity S
o R
y 1s
t M 3
s 195
0L
& N
(At!
Kno
x &
Cm
Dtv
) 4s 1
955
Illin
ois C
entra
l RR
ref M
4s 1
955
Chi
c B
url &
Qui
ncy
gen
M 4
s 195
8So
uthe
rn R
y 1s
tM
5s 1
994
Un
Rh
ist i
ien
&re
tqs
21j
1J$
4. 3. 3. 3. 3. 3. 3. 3. 3. 4. 4. 3. 4. 3. 4.
35 87 69 96 85 78 98 96 77 14 06 92 06 91 12
3.90
3.87
3.87
3.99
4.24
3.94
4.09
4.00
4.00
4.15
4.37
3.88
3.69
3.97
3.87
3.74
3.97
3.97
3.75
4.11
4.08
3.96
4.05
3.51
4.10
3.90
4.05
3.88
4.23
4.32
4.14
4.23
4.30
4.08
4.23
3.92
4.50
3.78
4.37
4.24
3.99
3.99
4.57
3.87
3.85
3.89
3.98
4.20
3.93
4.08
3.97
3.98
4.18
4.40
3.87
3.68
3.94
3.83
3.76
3.96
3.95
3.76
4.08
4.06
3.90
4.03
3.88
4.09
3.87
4.04
3 .8
64.
164.33
4.08
4.24
4.22
4.04
4.15
3.89
4.41
3.78
4.31
4.19
3.95
3.97
4.44
3.89
3.87
3.89
3.97
4.27
3.92
3.88
3.89
3.90
4.25
3.94
3.91 3.93
3.98
4.25
3.90
3.90 3.96
3.88
4.25
3.91
4.11
3.99
4.00
4.13
3.91
4.11
3.97
4.00
4.16
3.93
4.11
3.98
4.01
4.15
3.94
4.14
3.94
4.03
4.16
4.47
3.86
3.69
3.93
3.85
4.33
3.83
3.72
3.94
3.85
4.37
3.83
3.73
3.98
3.83
4.29
3.83
3.75
3.97
3.79
3.78
3.97
3.96
3.76
4.08
3.79
3.95
3.96
3.75
4.12
3.85
3.97
3.96
3.77
4.14
3.82
4.00
3.94
3.79
4.13
4.06
3.92
4.07
3.92
4.12
4.03
3.95
4.05
3.92
4.13
4.04
3.98
4.07
3.96
4.15
4.05
3.97
4.07
3.94
4.13
3.90
4.0.
53.
84 4.28
4.35
4.13
4.26
4.27
4.04
4.13
3.91
4.06
3.84
4.25
4.35
4.15
4.25
4.28
4.04
4.15
3.91
4.06
3.88
4.26
4.36
4,15
4.26
4.26
4.05
4.19
3.91
4.01
3.87
4.26
4.37
4.21 4.23
4.27
4.06
4.19
3.87
4.44
3.76
4.30
4.18
3.86
4.42
3.75
4.31
4.18
3.87
4.41
3.76
4.33
4.20
3.88
4.40
3.78
4.32
4.24
3.97
3.97
4.46
4.03
3.98
4.00
4.00
3.99
4.04
3.99
4.43
4.45
4.45
4.01
14.01'
4.02
Aug.
3.92
3.90
3.98
3.88
4.23
3.95
4.14
3.96
4.02
4.17
4.28
3.84
3.81
3.97
3.82
3.86
4.02
3.97
3.83
4.15
4.05
3.99
4.08
3.98
4.14
3.90
4.01
3.88
4.25
4.37
4.25
4.25
4.27
4.06
4.19
3.90
4.42
3.78
4.32
4.22
4.03
4,01
4.42
4.04
Sept
.
4.01
3.93
3.99
3.90
4.23
3.96
4.13
4.00
4.01
4.22
4.30
3.89
3.83
3.98
3.86
3.90
4.05
3.99
3.83
4.15
4.05
4.03
4.06
3 .9
94.
133.92
4.04
3.89
4.28
4.37
4,25
4.26
4.25
4.05
4.25
3.93
4.45
3.81
4.34
4.27
4.04
4.02
4.49
Oct
.
4.00
3.90
3.99
3.90
4.25
3.99
4.17
3.98
4.02
4.22
4.29
3.90
3.82
4.01
3.86
3.89
4.03
3.99
.3.8
54.
154.
074.
064.
064.
024.15
3.93
4.03
3.92
4.31
4.44
4.26
4.29
4.25
4.10
4.24
3.96
4.48
3.80
4.40
4.30
4.03
4.04
4.57 .i
ci
Nov
.
4.06
3.88
3.99
3.90
4.28
3.98
4.24
3.97
4.06
4.20
4.31
3.87
3.83
4.04
3.88
3.91
4.02
4.01
3.88
4.22
4.10
4.02
4.08
4.03
4.16
3.93
4.04
3.96
4.36
4.40
4.29
4.27
4.25
4.17
4.24
3.97
4.52
3.78
4.42
4.31
4.04
4.04
4.61
4.11
Dec
.'
4.07
3.92
4.07
3.90
4.28
3.98
4.18
4.00
4.04
4.26
4.37
3.93
3.82
4.04
3.90
3.93
4.04
4.01
3.84
4.21
4.13
4.01
4.13
4.03
4.17
3.91
4.07
3.96
4.36
4.41
4.29
4.27
4.24
4.11
4.26
3.98
4.52
3.79
4.42
4.31
4.04
4.03
4.51
4.09
Jan. 4.04
3.94
4.01
3.97
4.26
3.99
4.17
4.01
4.09
4.26
4.31
3.99
3.83
4.03
3.93
3.94
4.06
3.98
3.84
4.22
4.03
4.01
4.13
4.05
4.14
3.94
4.04
3.96
4.39
4.41
4.28
4.26
4.24
4.11
4.26
4.00
4.51
3.78
4.44
4.29
4.04
4.03
4.55
4.10
3.89
4.05
3.86
4.15
4.37
4.12
4.23
4.24
4.04
4.15
3.88
4.43
3.78
4.31
4.18
3.97
3.99
4.47
LTi
C12
4.0.
54
U,
z0
0ZU
)nA
82
APPEN
DIX
In!)NC
O%
O
'0e40t4Oe4O
N
.'t.%i't
't't.a"t't
C t%N
C
•;
$)%Q
%)C
\0
C%
tCfl'0
e4CN
t-CesC
.-cs
e00000%
&ooC
r)C
r
NO
ON
QO
0%
C
..i't'l't
r'.flQ\N
%')
cOO
t'.0%0%
r91-0(fl.-4
0
00
0%
.
e400Q\N
0%
(N%
-'0
000000'0%
0"nr4-'C
eooo-.01'
CeqC
..N
0000N
.2C
t-.oC
%oe'u-—
t-O%
t-N
'fl'000
flO)'#)
...0%.oC
'0
C.oC
C-o
coOo000'
0%'-%
00%C
C.-.,,.-,0%
t4C0.-%
t40
ht-0't90
C'—
r)
—; :
Q'.%
CC
t4
0,0%0000%
0%00'000
000%
e4cM-O
NO
(00-t'C90
0 "
On-C
-,-,-
000%C
.-.el
o00%C
.-'eo0000000000
000000U,Q
'
0'0'0
C
RA
ILRO
AD
BO
ND
YIELD
S
ASS
'O'nO
'O%
')
mtfl'n..t-
tOO
.-.Q'
O'O
O.-.
ON
—.-0
0O'tN
N
NN
NN
O
—C ('I
T
NO
t%N
&)
ON
N'O
NO
F'.
ON
OC
1't
.-0 NN
NN
N
0
CO
Ot-N
O
00000000
Coot-N
ON
.-.-oC
NN
NN
.-o
OO
ON
N.-o
ttNtN
It Iltit
.d;c.;d;I;I'
b4
cst—N
O't
OC
t00
Oat-tO
Ct-N
O
0O'0It-C O
eoO'oo
—-00.-.
OO
ttN
t-Nt-t-—
o
tOO
CO
N.-0
.-OQ
r
it ti-itt
tilt
cocoa
No—
OQ
O
ot—oci
0010.00
0000'4t-
m0l000
t—N
000—t—
C—
NO
0OO
t
0040t-N
10000
0.00.—l
ON
--
OO
NtN
tNt-too
lOO
N0
—
0000000
000'o
nt-NO
t
0000-—cl
t #ON
t-
—oN
—N
C
0—
—.0)
..C'0O
i
Ct-Ct-N
10000
0.-CO
—
OC
l.-.-O
OO
N1N
NN
t-NO
NO
Otto.-
.-.C-.t)
ttfl
1*1
ttl-ttj1N
1"0t
ItNiN
titNi
tttll
tNtlt
liii
Q
OO
N0000
N—
C
Ott
ct-It-.
N iNto—
C
000-tOt-
NO
—too-
Nt-C
ON
—.N
NN
O
-dON
C)
—0—
oct
ON
—N
N
tOO
'O0
0—00'.—
.
0——
NO
0 ON
iti
t-NN
NO
00000N
'Co
iNtit
titit
ItNIN
itiNt
t 11111
10111
•
1.
N—
NtN
t.-4
00 NN
tOD
O-
t0000N
ON
NO
N
01000
0 Ott-C
Nt-N
at-ON
N
too-CO
Oco-t-0
OO
tNN
tiNt-N
O
000iN.-
'-00.-N
lU)
l NI)
ti-dot
4 Nt-toO
N0t-
00 1 1 -.tt-tt
10001
00NN
000
tN0-00
ON
Ot- MO
Nt
CM
Ntt-
—0--i-i
0t-0-Oa
10000
0-00N
Or-i—
C
OO
NN
N
tiNt-N
O
N00tN
0
.-l0.-.eo
tNt1t
titti.
tiNt")
tit-di
ltttt
titti
I)ttt
d tNO N 00t—
t--
NN
N
0000
0.-tNO
0000t-Oto
*100-
CN
O-O
.
00040.-ito
.-Nl)i4
10000
0-00C
0..-i.0
0 Nt")
tINt-N
O
000011.-i
Ct")
ttttt
ttttt
tttl!t
g0' 'N
Oq(C
1t—
-cc' -
--a
:o'doN
0
:oC
t
o o0
C'
:—
0
: :
Nt000Nflofl
:00"
.-04NtN
Ot-000.-
t-NtN
t—
0000.-N
NtN
Ct-
NiN
CI—
0000-0000000000
00000000
00000
00000
00000
00-
QzC
A84
APPEN
DIX
0
'e
.—
ON
O'0
——
QO
'O>'
0 0 'Q Q U)t
OC
000
00000
00000
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
1913
—JA
N. 1
914
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.70
Wes
tSho
reR
Rls
tM4s
236l
4.06
4.08
4.10
4.17
4.26
4.26
4.26
4.20
4.21
4.24
4.35
4.40
4.34
734.
214.
244.33
4.26
4.39
4.52
4.48
4.40
4.38
4.42
4.42
4.46
4.40
76 Il
linoi
sCen
tralR
Rco
Il4sl
952
4.24
4.2!
4.24
4.26
4.28
4.33
4.36
4.34
4.32
4.55
4.55
4.60
4.55
78 W
abas
h R
RC
o ls
tMSs
193
94.
614.
644.
744.
764.
844.
874.
854.
834.
774.
764.
864.
894.
8081
NY
Chi
c&St
Loui
slst
M4s
l937
4.06
4.10
4.10
4.28
4.35
4.34
4.39
4.36
4.26
4.22
4.29
4.31
4.34
82 C
hes&
Ohi
o R
y 1s
t con
s Ss 1
939
4.39
4.41
4.43
4.51
4.58
4.70
4.74
4.71
4.65
4.63
4.67
4.66
4.61
83II
I Cen
tral (
LNO
&T)
col
4s 1
933
4.23
4.24
4.34
4.32
4.35
4.38
4.37
4.32
4.23
4.45
4.71
4.52
86
4.50
4.51
4.56
4.55
4.54
4.68
4.72
4.70
4.69
4.75
4.73
4.71
4.66
87
Chi
cMilw
&St
Pau
l gen
M4s
198
94.
074.
104.
124.
244.
394.
394.
364.
354.
274.
314.
404,
434.
2988
4.00
4.00
4.06
4.09
4.09
4.05
4.08
4.09
4.02
4.01
4.06
4.11
4.09
90 B
altim
ore&
Ohi
oRR
lstM
4gl9
484.
144.
174.
244.
334.
444.
504.
534.
474.
444.
474.
334.
524.
40
__
91Union PacRR1stMRR&1g4s1947
4.05
4.06
4.17
4.21
4.21
4.23
4.24
4.22
4.13
4.21
4.30
4.28
4.19
92 Chicago&Nor West
1987
4.18
4.19
4.26
4.39
4.42
4.31
4.34
4.32
4.31
4.30
4.33
4.39
4.31
93 Chi Rock Is&Pac RygenM4s 1988
4.29
4.30
4.34
4.46
4.62
4.74
4.68
4.61
4.64
4.75
4.68
4.79
4.68
94 AtchTop&SantaFegenM4sl99s
4.11
4.11
4.18
4.25
4.27
4.30
4.24
4.21
4.23
4.28
4.32
4.33
4.24
Q95
NYCent&Hudson
1997
4.06
4.12
4.17
4.15
4.17
4.21
4.31
4.26
4.18
4.26
4.32
4.35
4.24
97 Lehigh Valley (N Y)
1940
4.24
4.24
4.38
4.42
4.46
4.42
4.37
4.38
4.47
4.50
4.46
4.46
98Loutsvtlle&Nashunificd4sl940
4.08
4.14
4.23
4.33
4.40
4.48
4.48
4.44
4.42
4.40
4.48
4.51
4.38
99 Oregon
RR
&N
avCo consM4s 1946
4.38
4.36
4.45
4.30
4.47
4.53
4.50
4.33
4.43
4.47
4.69
4.53
4.44
100 Chi
Bur
&Q
(flID
iv)M
33/2
s 194
94.30
4.32
4.36
4.36
4.42
4.40
4.47
4.41
4.32
4.42
4.53
4.55
4.43
101 Central Pacific IstrefM 4s 1949
4.23
4.35
4.43
4.48
4.52
4.47
4.36
4.39
4.45
4.54
4.52
4.41
Z10
2NorPacRypr!orlienlgM4sl99l
4.09
4.12
4.19
4.25
4.30
4.34
4,37
4.28
4.25
4.24
4.30
4.37
4.29
103 Norf&WcstRylstconsM4sl996
4.09
4.09
4.21
4.25
4.30
4.44
4,33
4.29
4.27
4.31
4.30
4.31
4.22
104 CentralRRofNJgenM5s 1987
4.18
4.18
4.22
4.26
4.32
4.35
4.37
4.37
4.34
4.37
4.39
4.37
4.32
105
Hocking Valley
1999
4.45
4.46
4.54
4.59
4.62
4.64
4.60
4.59
4.53
4.50
4.51
4.59
4.33
106N&WRy Div lstl&genM4s 1944
4.45
4.47
4.51
4.51
4.62
4.69
4.71
4.68
4.66
4.69
4.70
4.72
4.63
107
Ore Sh Line RRcons lstMSs 1946
4.50
4.58
4.64
4.70
4.70
4.74
4.74
4.67
4.61
4.62
4.64
4.64
4.60
108
Sout
hern
Pac
lstre
fMsf
4sl9
554.35
435
4.43
4.52
4.58
4.64
4.59
4.49
4.45
4.50
4.52
4.60
4.48
109
AT&
SFe
Rya
djM
4sst
anip
ed 1
995
4.57
4.60
4.70
4.73
4.73
4.80
4.75
4.71
4.63
4.63
4.75
4.78
4.65
110 NorthernPacRygenlien3s204l
4.44
4.43
4.54
4.52
4.56
4.67
4.69
4.57
4.47
4.51
4.61
4.6.5
4.56
111 AtlCoastLinelstconsM4sl952
4.26
4.28
4.42
4.46
4.56
4.60
4.65
4.50
4.46
4.49
4.57
4.32
4,39
112 DeI&HudsonColst&refM4s 1943
4.08
4.06
4.15
4.25
4.23
4.31
4.36
4.35
4.27
4.25
4.32
4.35
4.34
113 Centralof GeorgiaconsM3s 1945
4.52
4.57
4.61
4.65
4.72
4.88
4.82
4.82
4.75
4.76
4.81
4.88
4.81
114 Pennsylvania RRconsM4s 1948
3.90
3.90
3.95
4.00
4.03
4.03
4.02
4.02
4.00
4.01
4.07
4.06
4.01
115 KansasCitySoRylstM3sl95o
4.60
4.61
4.69
4.75
4.80
4.80
4.73
4.73
4.71
4.78
4.89
4.86
4.85
116 L&N(AtlKnox&CinDiv)4s1955
4.43
4.40
4.45
4.58
4.61
4.62
4.67
4.58
4.63
4.67
4.70
4.66
4.60
117
JllinoisCentralRRrefM4sl955
4.24
4,22
4,31
4.39
4.50
4.50
4.58
4.52
4.43
4.50
4.58
4.57
4.45
118
Chic Burl&QuincygenM4s 1958
4.22
4.23
4.29
4.36
4.38
4.37
4.42
4.36
4.33
4.36
4.47
4.50
4.38
119 SouthernRylstconsM5sl994
4.68
4.71
4.76
4.78
4.81
4.88
4.90
4.86
4.81
4.83
4.85
4.87
4.82
120 UnPacRRlstlien&refM4s2008
4.20
4.25
4.32
4.34
4.40
4.45
4.36
4.33
4.32
4.34
4.39
4.45
4.34
121
AtlCoastLine(L&Ncoll)4s1952
4.45
4.51
4.54
4.59
4.66
4.72
4.67
4.65
4.59
4.64
4.67
4.75
4.49
122 Norf&West(PC&C)Joint4s 1941
4.52k
4.56
4.74
4.72
4.78
5.01
5.01
4.92
4.84
4.80
4.79
4.75
4.66
123
Nnr
PvM
1061
.4
427
4.33
4.36
4.35
4.36
4.35
437
4.34
433
432
4.23
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 191
4—JA
N. 1
915
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.70
WestShoreRR1stM4s236l
4.34
4.26
4.30
4.27
4.29
4.28
4.30
4,49
4.41
76 Illinois Central RRcoll4s 1952
4.55
4.40
4.52
4.53
4.54
4.54
4.64
4.86
4.77
78WabashRRColstMSsl939
4.80
4.69
4.74
4.74
4.75
4.75
4.80
5.15
5.11
81 NYChic&StLouislstM4sl93l
4.34
4.23
4.26
4.31
4.35
4.36
4.40
4.49
4.50
82 Ches&OhioRylstcons5sl939
4.61
4;49
4.58
4.53
4.54
4.52
4.55
4.85
4.76
83 fllCentral(LNO&T)co14s1953
4.52
4.49
4.55
4.61
4.67
4.58
4.67
4.80
4.80
86 E Tenn V & G Ry cons 1st M 5s 1956
4.66
4.60
4.59
4.57
4.59
4.56
4.58
4 82
4.80
87 ChicMilw&St Paul genM4s 1989
4.29
4.18
4.25
4.24
4.24
4.19
4.19
.4.
434.
4888
4.09
4.17
4.14
4.10
4.06
4.04
4.15
4.26
4.22
90Balumore&OhioRRlstM4sl948
4.40
4.27
4.34
4.32
4.34
4.35
4.40
4.68
4.56
:91 Union PacRR.IstMRR&1g4s1947
4.19
4.16
4.16
4.17
4.17
4.15
4.13
4,29
4.23
92
WestgenM334s 1987
4.31
4.23
4.26
4.29
4.27
4.25
4.30
4.49
4.43.
93 Chi Rock Is & Pac Ry gen M 43 1988
4.68
4.60
4.59
4.60
4.61
4.54
4.75
4.94
4.86
94 AtchTop&SantaFegenM4sl995
4.24
4.20
4.20
4.18
4.18
4.19
4.28
4.39
4.28
95 NYCent&HudsonRjverM3Hsl99l
4.24
4.24
4.29
4.26
4.24
4.24
4.34
4.45
4.39
97.
4.46
4.42, 4.41
4.43
4.42
4..42
4.42
4.56
4.51
98 Louisvijle&Nashunified4sl94O
4.38
4.33
4.35
4.30
4.31
4.28
4.35
4.57
4.41
99 Oregon RR&Nav CoconsM4s 1946
4.44
4.37
4.45
4.41
4.39
4.41
4.42
4.57
4.56
100 Chi
1949
4.43
4.35
4.41
4.34
4.29
4.29
4.39
4.64
4.55
101 CentralPacificlstrefM4sl949
4.41
4.35
4.40
4.35
4.35
4.33
4.47
4.83
4.70
102 NorPacRypriorlienlgM4sl997
4.29
4.23
4.24
4.22
4.23
4.23
4.30
4.53
4.43
103 Norf&WestRylstconsM4sl99ó
4.22
4.23
4.25
4.21
4.23
4.20
4.21
4.34
4.31
104 Central RRofNJgenMSs 1987
4.32
4.26
4.26
4.23
4.23
4.23
4.25
.
4.42
4.37
105 HockingValleylstconsM43.4s1999
4.55
4.49
4.50
4.51
4.53
4.49
4.51
4.79
4.78
106 N&WRyDivlstl&genM4sl944
4.63
4.54
4.58
4.59
4.60
4.58
4.56
4.83
4.76
107 Ore Sb LIneRR.cons lstMSs 1946
4.60
4.53
4.54
4.55
4.53
4.56
4.58
4.82
4,75
108 SouthernPaclstrefMsf4sl955
4.48
4.39
4.40
4.41
4.40
4.40
4.51
4.87
4.75
109 AT&SFeRyadjM4sstampedl995
4.65
4.56
4.61
4.58
4.60
4.58
4.63
4.88
4.76
110 Northern Pàc Rygen lien 3s 2047
4.56
4.45
4.43
4.46
4.47
4.43
4.51
4.78
4.73
111 AtlCoastLinelstconsM4sl9s2
4.39
4,34
4.35
4.31
4.30
4,34
4.39
4.79
4,57
112 Del&HudsonColst&refM4sl943
4.34
4.22
4.26
4.26
4.20
4.16
4.23
4.57
4.31
113 Centralof Georgia consMSs 1945
4.81
4.74
4.75
4.77
4.76
4.72
4.74
4.98
4.89
114 PennsylvaniaRRconsM4sl948
4.01
3.98
3.91
3.93
3.90
3.96
4.00
.
.4.
124.12
115 KansaèCitySoRyIstM3sl95O
4.85
4.76
4.78
4.79
4.77
4.81
4.79
4.74
4.94
116 L&N(AtlKnox&CinDiv)4s1955
4.60
4.54
4.52
4.52
4.51
4.51
4.51
4.85
4.74
117 [llinoisCentnlRRrefM4sl955
4.45
4.34
4.32
4.35
4.40
4.40
4.45
4.79
4.76
118
4,38
4.33
4.31
4.35
4.35
4.34
4.39
4.56
4.49
119 SouthernRylstconsM5sl994
4.82
4.74
4.73
4.75
4.75
4.76
4.82
5.07
5.01
.120 UnPacRRlstlien&refM4s2008
4.34
4.27
4.27
4.27
4.26
4.23
4.25
4.52
4.48
121 AtlCoastLine(L&Ncoll).4s1952
4.,49
4.34
4.38
4.50
4.53
4.50
4.56
4.85
4.80
122 Norf&West(PC&C)Joint4sl94l
4.66
4.68
4.70
4.78
4.82
4.74
4.73
.4.
814.67
123 GrtNorRylst&refM434s1961
4.23
4.22
4.24
4.24
4.23
4.22
4.21
4.27
4.24
124 canadasolst&Tefconsssl9o2
4.74
4.66
4.67
4.66
4.65
4.654,67
4.89
4.88
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
1916
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.70
Wes
t Sho
re R
R 1
st M
4s 2
361
76 Il
linoi
s Cen
tral R
R c
oil 4
s 195
278
Wab
ash
RR
Co
1st M
5s 1
939
81 N
Y C
hic
& S
t Lou
is 1
st M
4s 1
937
82 C
hes &
Ohi
o R
y 1s
t con
s 5s 1
939
8311
1 C
entra
l (L
N 0
& T
) col
4s 1
953
E Te
nn V
& G
Ry
cons
1st
M 5
s 195
6C
hic
Milw
& S
t Pau
l gen
M 4
s 198
988
Lak
e Sh
& M
ich
So 1
st M
1997
.90
Bal
timor
e &
Ohi
o R
R 1
st M
4s 1
948
91 U
nion
Pac
RR
1st
M R
R &
Ig 4
9 19
4792
Chi
cago
& N
or W
est g
en M
1987
93 C
hi R
ock
Is &
Pac
Ry
gen
M 4
s 198
894
Atc
h To
p &
San
ta F
e ge
n M
4s 1
995
95 N
Y C
ent &
Hud
son
Riv
er M
1997
98 L
ouis
ville
& N
ash
unifi
ed 4
s 194
099
Ore
gon
RR
& N
ay C
o co
ns M
4s 1
946
100
Chi
Bur
& Q
(UI D
iv)M
1949
101
Cen
tral P
acifi
c 1s
t ref
M 4
s 194
910
2 N
or P
ac R
y pr
ior l
ien
Ig M
4s 1
997
103
Nod
& W
est R
y 1s
t áon
s M 4
s 199
610
4 C
entra
l RR
of N
3ge
nM
Ss 1
987
105
Hoc
king
Val
ley
1st c
ons M
1999
106
N&
WR
y D
iv ls
tl&ge
nM4s
194
410
7 O
re S
h Li
ne R
R c
ons 1
st M
5s 1
946
108
Sout
hern
Pac
1st
ref M
sf 4
s 195
510
9 A
T &
S F
eRy
adj M
4s s
tam
ped
1995
110
Nor
ther
n Pa
c R
y ge
n lie
n 3s
204
711
1 A
ti C
oast
Lin
e 1s
t con
s M 4
s 195
211
2 D
el &
Hud
son
Co
1st &
ref M
4s1
943
113
Cen
tral o
f Geo
rgia
con
s M 5
s 194
511
4 Pe
nnsy
lvan
ia R
kcon
s M 4
s 194
811
5 K
ansa
s City
So
Ry
1st M
381
950
116
L &
N (A
ti K
nox
& C
mD
iv) 4
s 195
511
7 Ill
inoi
s Cen
tral R
R re
f M 4
8 19
5511
8 C
hic
Bur
l & Q
uinc
y ge
n M
4s 1
958
119
Sout
hern
Ry
1st c
ons M
5s 1
994
120
Un
Pac
RR
1st
lien
& re
f M 4
s 200
812
1 A
tI C
oast
Lin
e (L
& N
coi
l) 43
195
212
2 N
od &
Wes
t (P
C &
C) J
oint
4s 1
941
123
Grt
Nor
Ry
1st &
refM
124
Can
ada
So 1
st &
ref c
ons S
s 196
212
5&
lct r
ef M
3-f
e 20
00...
4.41 4.77
5.11
4.50
4.76
4.80
4.80
4.48
4.22
4.56
4.23
4.43
4.86
4.28
4.39
4.47 4.56
4.55
4.70
4.43
4.31
4.37
4.78
4.76
4.75
4.75
4.76
4.73
4.57
4.37
4.89
4.12
4.94
4.74
4.76
4.49
5.01
4.48
4.80
4.67
4.24
4.88
A 1
7
4.41
4.81
5.03
4.46
4.74
4.80
4.76
4.39
4.24
4.65
4.26
4.44
4.83
4.32
4.41 4.48
4.54
4.51
4.76
4.45
4.34
4.33
4.85
4.73
4.75
4.81
4.78
4.77
4.45
4.28
4.91
4.12
4.90
4.63
4.74
4.49
5.03
4.46
4.79
4.73
4.28
4.83
A
4.40
4.87
5.11
4.53
4.75
5.01
4.79
4.46
4.27
4.69
4.30
4.39
4.87
4.35
4.42
4.53
4.61
4.46
4.76 4.42
4.36
4.34
4.94
4.75
4.77
4.86
4.80
4.76
4.51
4.35
4.91
4.11
4.93
4.66
4.78
4.49
5.06
4.49
4.83
4.77
4.42
4.86
4.
4.44
4.83
4.89
4.58
4.70
5.01
4.78
4.43
4.24
4.65
4.24
4.37
4.87
4.30
4.41
4.47
4.62
4.45
4.71
4.39
4.35
4.34
4.81
4.78
4.71
.4.7
24.
784.
674.
494.
354.
974.
124.
934.
714.
704.
475.
014.
414.
834.
754.
284.
834.
19
4.34
4.82
4.96
4.50
4.75
4.96
4.76
4.43
4.28
4.60
4.24
4.38
4.83
4.26
4.39
4.41 4.56
4.42
4.67
4.35
4.33
4.32
4.79
4.74
4.77
4.73
4.71
4.67
4.49
4.37
4.92
4.13
4.93
4.72
4.70
4.45
5.03
4.42
4.84
4.77
4.32
4.83
419
4.45
4.87
4.94
4.58
4.69
4.99
4.80
4.49
4.27
4.73
4.26
4.42
4.87
4,37
4.42
4.51
4.69
4.46
4.77
4.44
4.42
4.38
4.87
4.79
4.71
4.81
4.83
4.75
4.52
4.43
.5.0
44.
134.
954.
724.
734.
465.
034.
544.
914.
804.
284.
834
11
4.47
5.08
4.95
4.73
4.80
5.18
4.85
4.63
4.29
4.85
4.35
4.44
4.92
4.44
4.54
4.66
4.72
4.46 4.84
4.46
4.55
4.42
4.87
4.86 4.76
4.83
4.90
4.82 4.59
4.54
5.04
4.09
4.98
4.85
4.75
4.50
5.04
4.66
5.06
4.85
4.44
4.87
4
4.53
5.13
4.95
4.82
4.83
5.18
4.89
4.69
4.30
4.84
4.39
4.40
5.02
4.41
4.56
4.59
4.71
4.32
4.94 4.50
4.58
4.43
5.02
4.90 4.81
4.88
4.89
4.82
4.73
4.55
5.09
4.17
4.99
4.89
4.80
4.55
5.07
4.67
5.15
4.88
4.46
4.93
4.52
5.04
4.94
4.81
4.84 5.19
4.89
4.68
4.30
4.83
4.34
4.47 5.04
4.41
4.55 4.66
4.75
4.50
4.90
4.48
4.48
4.45
5.08
4.93
4.86
4.88
4.93
4.82
4.84
4.51
5.20
4.17
5.02
4.92
4.95
4.58
5.15
4.71
5.12
4.91
4.52
4.96
A IA
4.41
4.94
4.86
4.63
4.73
4.99
4.81
4.60
4.29
4.72
4.30
4.45
4.92
4.34
4.46 4.54
4.61
4.43
4.79
4.40
4.37
4.40
5.03
4.72
4.89
4.78
4.78
4.72
4.60
4.35
5.10
4.08
4.92
4.88
4.80
4.46
5.02
4.63
4.88
4.86
4.37
4.90
4.38
4.84
4.74 4.50
4.62
4.83
4.72
4.41
4.15 4.55
4.18 4.31
4.76 4.26
4.30
4.41
4.46
4.32
4.61
4.33
4.31
4.34
4.80
4.59
4.68
4. 5
94.
644.
604.
394.
234.
944.
024.
724.
654.
564.
33 4.88
4 47
4.69 4.66
4.26
4.78
4.36
4.63
4.76
4.45
4.60
4.81
4.73
4.34
4.15
4.51
4.15
4.26
4.75
4.27
4.26
4.37
4.48
4.30
4,56
4.34
4.29
4.25
4.84
4,62 4.63
4.53
4.60
4.59
4.40
4.24
4.94
4.03
4.77
4.70
4.54
4.35
4.85
4.44
4.77
4.69
4.28
4.77
.4fli
c
4.34
4.65
4.71
4.43
4.59
4.80
4.70
4.33
4.13
4.46
4.14
4.25
4.76
4.24
4.25
4.33
4.48
4.27
4.55
4.31
4.28
4.24
4.82
4.61 4.62
4.52
4.58
4.56
4.35
4.19
4.94
4.02
4.77
4.62
4.57
4.36
4.85
4.43
4.76
4.68
4.26
4.76
A4.
4. 0
0
ASS
APPEN
DIX
eq
00
—"rt'000
0.)0)©000eq
cc eq
eqcceq-eq
eqeqeqeq
c.n#,oo
—o'coc.
eqe.c.aeq
cc—"rc%
n
-
eqcceq—o
(
00—
00'
-oe..',a't
e-t0'eq00
OO
tVtscc:::::
:;:::
:::::
:::::
00'e—
00t'.'C")
000eq
00'Ceqc-0C
.efl-.oQ
'O't'tt-00eq00
P00tC
O
P.
0t.eq
V0
t-..-o
Qeq00
eqQ'P..,)
.e)00
CO
ON
t.t'.
0—N
C—
0000't'C...
—N
on
ON
.-oon
No'-N
eq'°)
CN
N
0000—'C
N
Q%
tCO
O'-N
CO
ON
._.2
C'
CO
N0000
CP.-oonoQ
NO
nNO
nCO
'C N.&
).-0
NP.N
N'D
00 000P.oneq
P-ON
—
OC
,
Oo.eC
000eqooc,
CO
NC
OC
CO
C'0'e,
CO
ONc:;::
4L
.n'no
o-..or-
C'C
C C
CN
'000P-
C%
IOC
IO!f!
ON
000n.ed .sU).oO
tl
N
9:::
P4 —
.0(I)
O'000N
N
'00-000.-i
0'0—N
N
0'O-ceqN0 eq N
NN
0'Cc
8g
a'0r'0
•a
Ct
•C.
•'0•
aaaaa
a
aaaa
a
aaaa
a
aaaa
a
aaaa
a
aaaa
a
aaaaa
a
aaaa
a
aaaa
a
aaaa
a
aaaa
a
aaaa
a
aaaa
a
teatoa000
00
a
aaaa
a
aaaa
a
aath
aa
aaaa
a
aaaa
a
aaaa
a
aaaa
a
00000t
.J-.o
C
CO
thO
'O.a
"a
aaaaa
a
aaaaa
a
aaaa
a
aaa
a a00
4
Gat
4Q-1
00C
0o0o
0.
'0'a00oc9t
o000
O4'
-'04°
'
OQ
000C
O00
a000
cec
0C94
000
4a00
'0te
!0r
r
athat
hath
thtn
thth
th
t.aaa
th
tho,
otha
a
c,.th
cnon
a
bLoc
s
Vot
thth
th
000-
4a14
0000
thth
0000
40*,
.
00'e
'0
C•
aceac
nath
Ona
aath
thaa
acn
thC
nthC
nth
0'0C0—
'0
—.o
'ooc
—
—ac
...aN
'oct
ooca
'-a—
cc
acte
-'a
.a.o
aab
00C
c
'ote
at..-
.
C
a0''
atha
uoo.
0400
409
onth
u.oo
on—
aoh.
e.
coat
ho,.c
n00
0400
0000
0040
4
acoC
coet
h
440/
o
oaaa
uo
Cnu
ouoa
a
0'C
0
thaa
a*,1
CnC
Ath
thoJ
i'0
0000
0
68V
saTa
u.
GN
oH
.
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
.19
19
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.7O
Wes
tSho
reR
Rls
tM4s
236l
5.10
5.17
5.13
5.21
5.15
5.33
5.43
5.40
5.50
5.26
4924.88
4.91
76 Illinois
Cen
tral R
Rco
ll 4s
195
2.5.60
5.40
5.40
5.64
5.49
5.47
5.42
5.46
5.54
5.44
5.18
5.28
5.38
78 Wabash RRCo lstM5s 1939
5.46
5.43
5.51
5.57
5.49
5.46
5.65
5.71
5.76
5.53
5.28
5.31
5.20
82 Ches&OhioRylstcons5sl939
.5.18
5.12
5.26
5.34
5.27
5.25
5.33
5.41
5.38
5.31
5.10
4.99
5.09
83
III
Cen
tral (
LNO
&T)
col
4s 1
953
5.69
5.59
5.57
5.65
5.62
5.66
5.83
5.71
5.82
5.65
5.30
5.30
5.54
ETennV&GRyconslstM5s 1956
5.31
5.18
5.15
.5.34
5.34
5.52
5,49
5.50
5.50
5.51
5.34
5.30
5.30
88
4.74
4.84
4.82
4.92
4.84
4.84
4.84
4.95
4.96
4.94
4.84
4.65
4.84
91 UnionPacRRJstMRR&1g4s1947
4.76
4.81
4.86
4.87
4.77
4.94
4.98
4.90
4.91
4.87
4.69
4.75
4.78
92 Chicago&NorWestgenM334s 1987
4.94
4.89
5.00
5.07
5.00
5.05
5.08
5.25
5.23
5.15
4.83
4.83
5.00
93 ChiRockls&PacRygenM4sl988
5.36
5.23
5.37
5.39
5.35
5.44
5.45
5.36
5.54
5.40
4.97
5.03
5.22
94 AtchTop&SantaFegen '14s
1995
4.78
4.79
4.93
4.98
4.94
4.98
4.97
4.96
5.03
4.85
4.62
4.71
4.76
95 NYCent&Hudson
1997
4.86
4.90
4.93
5,01
5.00
5,04
4.99
5.02
5.06
4.95
4.68
4.81
4.91
98 Louisville&Nashunified4sf940
5.00
4.96
5.19
5.23
4.98
5.11
5.26
5.25
5.35
5.22
4.95
4.92
5.04
99 Oregon RR&NavCoconsM4s 1946
5.32
5.20
5.39
5.40
5.39
5.40
5.53
5.51
5.49
5.43
5.09
4.97
4.91
100
Chi
1949
5.22
5.16
5.19
5.22
5.13
5.24
5.36
5.33
5.33
5.25
4.92
4.86
5.09
101 Central Pacific lstrefM4s 1949
5.31
5.25
5.30
5.41
5.25
5.33
5.46
3.48
.5.61
5.38
4.96
5.09
5.22
.102 Nor Pac Rypriorlien lgM4s 1997
4.81
4.85
5.01
5.04
4.99
5.01
5.00
5.00
5.02
4.90
4.65
4.69
4.76
103 Norf&WestRylstconsM4sl996
4.78
4.78
4.89
4.87
4.85
5.01
4.95
5.01
5.04
4.88
4.58
4.63
4.79
104 CentralRRofNJgenMSsl98l
4.87
4.82
4.82
4.82
4.92
4.92
4.95
4.96
4.92
4.92
4.65
4.82
4.82
105 Hocking Valley
1999
5.90
5.89
5.90
5.96
3.96
.5.96
5.90
6.00
.5.98
5.86
5.37
5.36
5.37
106N&WRyDivlstl&genM4sl944
5.95
5.83
5.77
5.80
5.64
5.60
6.11
5.78
5.70
5.59
5.06
5.04
5.29
107
OreShLineRRconslstM5sl946
5.27
5.24
5.37
5.33
5.23
5.27
5.29
5,32
5.39
5.28
5.21
5.0.
55.
1110
8Southern Pac lstrefMsf 4s 1955
.5.
175.10
5.32
5.42
5.28
5.33
5.38
.5.44
5.49
5.30
4.96
4.94
5.04
109 AT&SFeRyadjM4sstampedl995
.5.37
5.21
5.50
5.45
5.32
5.41
5.40
5.37
5.66
5.34
5.01
5.03
5.18
.110 Northern Pac Ry
gen
lien3s 2047
4.99
5.02
5.19
5.28
5.15
5.13
5.03
5.14
5.25
5.09
4.88
4.93
4.91
111 AtI CoastLine lstconsM4s 1952
5.02
4.98
5.05
5.08
5.10
5.27
5.39
5.32
5.31
5.14
4.81
4.95
4.95
112 Del&HudsonColst&refM4sl943
5.02
5.22
5.13
5.36
5.23
5.25
5.31
5.46
5.50
5.30
4,90
5.01
5.07
113
Cen
tralo
fGeo
rgia
cons
Mss
1945
5.78
5.74
5.81
5.88
5.81
5.95
6.06
.5.8
96.
025.
775.
455.
445.
4011
4 Pe
nnsy
lvan
ia R
Rco
nsM
4s 1
948
4.68
4..78
4.85
4.96
4.90
4.95
4.98
5.01
5.05
5.06
4.49
4.70
4.82
115
Kan
sasC
itySo
Ryl
stM
3sl9
5O5.
865.
675.
815.
805.
625.
565,
805.
705,
845.
63.5
.44
5.42
5.54
116
L&N
(AtIK
flOX
&C
inD
iv)4
5195
55.
375.41
5.41
5.69
5.42
5.23
5.38
5.38
5.54
5.53
5,16
5.06
5.37
117
Illinois Central RRrefM4s 1935
5.25
5.04
5.15
5.26
5.28
5.30
5.38
5.40
5.40
5.25
4.93
4.92
4 99
118 Chic
Bur
l&Q
uinc
y ge
nM4s
195
85.
034.
954.99
5.09
5.04
5,15
5.16
5.19
5.27
5.07
4.77
4.94
5:04
119 Southern Ry 1st consM5s 1994
..
5.46
5.41
5.46
5.43
5.41
5.59
.5.59
5.61
5.70
5.46
5.16
5.22
524
120 UnPacRRlstlien&refM4s2008
5.18
5.01
5,03
5.08
5.05
5.16
5.09
5.09
5.14
4.99
4.71
4.7.5
4:91
121 AtI Coast Line (L& N coil) 4s 1952
6.02
5.89
5.99
5.96
5.85
6.04
6,03
5.92
6.00
5,74
5,29
5.33
5 40
122 Norf&West(PC&C)Joint4sl94l
.5.17
5.09
5.25
5.41
5.45
5.56
5.63
5.73
5.87
5.92
5.24
5.09
5.11
123 GrtNorRylst&refM4j.(s1961
4.98
4.89
4.92
4.98
4.84
4.98
4.99
4.97
5.02
4.98
4.76
4.76
4.97
124 CanadaSolst&refcons5sl9ó2
5.83
5.56
5.56
5.62
5.33
5.53
5.83
5.86
5.89
5.65
5.13
5.27
5.26
125 Morris&Essex
1st
2000
4.81
4.71
4.69
4.67
4.60
4.66
4.68
4.68
4.73
4.63
4.36
4.43
4.56
126
Pennsylvania
1960
.4.
614.62
4.67
4.67
4.67
4.73
4.77
4.79
4.85
4.80
4,60
4.66
4.74
O1(
RA
ILR
OA
D J3
ON
DS
JAN
. 191
9—JA
N..1
920
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.
70West Shore RR1stM 4s2361
4.91
5.05
5.25
5,32
5.14
5.045,14
5.48
5.52
5.29
5.54
5505
.51
76Illinois Central RRcoIl4s 1952
..
5.38
5.50
5.53
5.56
5.48
5.46
5.45
5.47
5.77
5.63
-5.87
5.90
5.89
78 Wabash RRCo lstM5s 1939
5.20
5.23
5.39
5.49
5.36
5.33
5.47
5.82
5.85
5.60
5.80
5.91
5.86
82 Ches&OhioRylstcons5sl939
5.09
5.15
5.18
5.12
5.16
5.14
5.25
5.37
5.46
5.33
5.50
5.60
5.51
83
Iii Central (LNO&T) col4s 1953
5.54
5.56
5.69
5.78
5.60
5.57
5.72
6.04
5.97
5.87
6.10
6.15
6.15
86 ETennV&GRycons lstMSs 1956
5.30
5.28
5.34
5.25
5.24
5.30
5.24
5.65
5.64
5.47
5.58
5.66
5.64
88 LakeSh&MichSo
1997
4,84
4.85
4.88
4.89
4.88
4.7?
4.87
4.98
5.10
4.91
5.01
5.10
5.07
91 UnionPacRRlstM RR&lg4s 1947
4.78
4.88
4.92
4.89
4.89
4.93
5.00
5.05
5.09
4.97
5.05
5.11
5.14
92 Chicago&NorWestgenM33.4s1987
5.00
5.04
4.94
5.04
5.02
5.03
5.07
5.32
5.19
5.11
5.20
5.25
5.34
93 ChiRockls&PacRygenM4sl988
5.22
5.22
5.14
5.29
5.31
5.31
5.44
5.61
5.56
5.40
5.55
5.57
5.47
94 AtchTop&SantaFegenM4sl995
4.76
4.86
4.86
4.94
4.88
4.93
5.01
5.17
5.13
5.03
5.18
5.09
5.05
95 NVCent&Hudson
1997
4.91
4.90
4.90
4.98
4.94
4.95
4.98
5.04
5.11
4.98
5.12
5.23
5.22
98 Louisville&Nashunified4sl940
5.04
5.15
5.22
5.21
5.11
5.15
5.19
5.30
5.37
5.26
5.36
5.48
5:45
99 OregonRR&NavCoconsM4sl946
4.97
5.01
5.29
5.45
5.26
5.31
5.42
5.65
5.74
5.42
5.57
5.62
5.51
100 Chi
1949
5.09
5.12
5.25
5.21
5.06
5.10
5.18
5.39
5.25
5.14
5.21
5.22
5.26
101 Central Pacific lstrefM4s 1949
5.22
5.29
5.42
5.41
5.34
5.37
5.55
5.82
5.71
5.58
5.77
5.66
5.73
102
NorPacpriorlienlgM4sl99l
4.76
4.78
4.84
4.90
4.87
4.93
.5.04
5,19
5.24
5.12
.5.27
5.18
5.22
103 Norf&WestRylstconsM4sl996
4.79
4.76
4.78
4.85
4.92
4.97
4.98
5.04
5.13
5.04
5.11
5.17
5.17
104 CentraIRRofNJgenMSsl987
4.82
4.87
4.87
4.87
4.89
4.87
4.89
4.95
4.96
4.93
4.95
4.95
4.99
105
5.57
5.70
5.74
5.79
5.89
5.76
5.82
6.05
6.31
6.16
6.39
6.44
6.37
106 N&WRyDivlstl&genM4sl944
5.29
5.36
5.44
5.48
5.42
5.38
5.41
5.77
5.76
5.60
5.52
5.68
5.78
107 OreShLineRRconslstMssl94ó
5.11
5.09
5.22 '520
5.16
5.13
5.30
5.34
5.49
5.41
.5.45
5.55
5.53
108
Southern Pac lstrefM4s 1955
5.04
5.11
5.17
5.24
5.20
5.17
5.26
5.40
5.46
5.27
5.50
5.51
5.42
109 AT&SFe RyadjM4sstamped 1995
5.18
5.31
5.33
535
5.36
5.32
.5.44
5.54
5.63
5.48
5.63
5.78
5.69
110 Northern Pac Ry
gen
lien 3s 2047
4.97
5.06
5.11
5.17
5.08
5.08
5.16
5.33
5.32
5.26
5.46
-5.53
5.53
111 AtlCoastLjnelstconsM4sl952
4.95
5.05
5.08
5.20
5.14
5.16
5.25
5.47
5.42
5.28
5.42
5.45
5.45
112Del&HudsonColst&refM4sl943
5.07
5.13
5.16
5.16
5.12
5.18
5.16
5.35
5.53
5.29
5,39
5.61
5.67
113 Centralof Georgia consMss 1945
5.40
5.58
5.69
5.72
5.53
5.64
5.75
5.86
6.04
5.96
5.91
6.05
6.03
114.Pennsylvania RRconsM4s 1948
4.82
4.75
4.66
4.86
4.87
4.90
4.82
5.00
5.10
4.90
5.04
5.04
5.01
115 KansasCitySoRylstM3sl95o
.5.54
5.38
5.72
5.77
5.75
.5.75
5.76
6.37
6.42
.5.97
6.14
6.31
6.10
W11
6L&N(AtlKnox&CinDiv)4s1955
5,37
5.49
5.39
5.32
5.35
5.40
5.51
5.72
5.84
5.44
5.78
5.75
5.81
117 IllinoisCentralRRrefM4sl955
4.99
5.05
5.19
5.29
5.17
5.18
5.27
5.33
5.43
5.20
5.35
5,55
5.68
118 Chic Burl&QuincygenM4s 1958
5.04
5.04
5.13
5.15
5.08
5.07
5.08
5.39
5.24
5.14
5.27
5.31
5.24
119 SouthernRylstconsM5sl994
5.24
5.28
5.33
5.37
5.33
5.31
5.43
5.54
5.65
5.65
5.79
5.84
5.84
120 UnPacRRlstlien&ref.M4s2008
4.91
4.89
4.92
5.01
4.98
4.98
5.11
5.16
5.19
.5.08
5.25
5.19
5.17
121 AtlCoastLine(L&NcoIl)4s1952
5.40
5.51
5.71
5.73
5.59
5.53
5.68
6.01
5.98
5.75
-5.93
6.18
6.10
122 Norf&West(PC-&C)Joint4s 1941
5.11
5.12
5,16
5.21
5.21
.5.22
5.28
5.28
5.32
5.28
5.42
5.71
5.67
123
4.97
5.05
5.04
5.07
5.03
5.01
5.07
5.18
5.17
5.02
5.28
5.31
5.14
124 CanadaSojst&refcons5sl9ó2
5.26
5,34
5,37
5.61
5.41
5.36
5.35
5.73
5.61
5.62
5.88
5,95
5.83
125
4.56
4.64
4.72
4.81
4,79
4.84
4.83
4,93
4,94
4.86
4.90
4.96
4.98
126 Pennsylvania
1960
4.74
4.74
4.76
4.85
4.83
4.76
4.76
4.76
4.90
4.95
4.97
5.00
4.99
A92
v—C
)
0
0
C)
0.00
00'
C)O
0)
-
I1011)Cr
1)111100)
1l)v)Coll)C
o
II)r
1-CC
0C)0S
00)0-C)
0-'oo-.-oCo
0'O
00Co0-It-.C
)
0)11)1011
I1)%1)%
1)110110
0)111)0)
1)1100)
1)%I)U
)Ifl
0)11)100)00
11)01)11)0)0)
1)0)01)0)
11)
.
C)C
).-0,L-.
04
0000000'
0-OC
)
CC
.-.N000
1)11)04
00040000
11)1100)0)11)
1)0)0)11)
1)11)11)11)
11)0)10)0)
0)0)0)0)
I1)II)OØ
%1)00
01)10)0)01)
If)j
II)
ob
C)C
)N000-.
00)0)
Co Coeo 1100
0)00)1)
1f)lf)o0u)o0
it If)
C)0-C
)00
000)04
,.ot.000004
000)0000-
C)0'C
oOo
0400.-CO
O
0040-0)0)
0)
11)00000010
Col'O
ItooO
'00)0)0)0.
'0100)00)0)
'00000I1)'0
C0C
oI10'O0)
0)0011)
1)
00-)
000-00
'1)0000
0-0-000000
Co.-o00O
-000
00000'
-0)11-000-.
0000
000004
C)
/00)00-400
0)0.0)0)04
'C'-o000411'-
Co000C
)0)
0)000'0
0)000)1)
00)1)0)01)0.
10100)
0)00)00
Co00)'00)
0)
0000010
0)040)0-00---'
040001)
00040)0000
11)000/0000
04/)-4I0000Oo
N 00000
Co'O
01fl-4
t'0)04
000
QC
).-.00)0)
'0l1)0)oQ
100)oop,)4-.
10100010")
0.1010100)
0)
-4.oo
.-.c-oCoC
oQ
040OO
0
1)0010—0-0
'0
Co 000)0)0)0'
0)
00040)
Co
Co
0' 0000CC
0
C)C
oCoC
o'0
C)C
)C)C
))I)
1Q01)
'00)0)0)00
0)&)C
)OQ
0)
11)0)00)1)00
OQ
OQ
I/0000)
'0100)000)
C)
Co
'0 0-C)
C)0000
0)0'
01)
0 0)00-0)100-00-0.0)0.0.000000
100-10)0)0.0)0)0.
—;
01)00)0
11)011)1)
001)01)0)
11)OQ
1100)0)110)0)
0)C)00Ito'0
000010)00)0/)
'00)0)000)
11)
0)0)0)0)00
I/0Cf)C
)0()II)
0)0)0)0)0)
0)0)000)00
0)0)0)0)0)
Cot-.C
C0'0
000.00000
000000
0000*
RA
ILRO
AD
YIELD
S•
A93
CM
NN
00'O
00'CO
CM
'O
"C
CQ
OC
't
00
0 00
00 00 0)000CM
00
OC
M0'000
'C00O
-.OO'0)0)
0)0S00...
000).5CM
0
000'0.oe,iO
:OS—
,'-
0)CM
O"000
Os
0;0)v;.;
.
t-00'C.-.C
'.
OO
CM
o
CM
CM
-o.-0Q
OC
'0t--
P5
0)11)
l#)II)%'0U
))O
'5)1)0)
0)00)00
0)05)1)
0#CC
ICO
)
U)
CM
'0 vs c'o
vs CM
'0 '00'
CM
'O
0' 00—
.-.
vs 'co
es 0)0 ..
o.s
es 'C 'C
0500CM
00QS
OsC
MC
MC
M'C
")'OC
M
000)0)05CM
OO
CM
OO
.-'
CM
050)000)05
,)0)0)
)0)v)V)0)
)l)U)%
'5lflls)
vs'osovsso
00000)050)
0)
—:
11)0501
05050)0)05
00050)0)00
11)0)000)
—:
)0
11o'O
1I)V)U
)1I%#
0)050)05)10
C0tI)0)U
)'C
0)'CS
OO
)'C
00)605.005
05
CM
OO
CM
CSC
S
OSO
'C.C
0)
050000
000000
'CQ
")'C-'
CM
CM
'C0011)
'09)1)0)
CM
0)'C'C
0)Q
0)0)11)
0)050)00.0
0)0)0011)00
050)05000)
'C 'C 0
CM
0CM 9' CM
'C 050000
'C Cl)
CM
QC
CO
S
, 5'
0CM
'CC
MO
)
00'
CSC
'-C')O
CM
010050005*
CM
10050505
01)05)1)
00050)0500
00)050)
0)0)000500
00.150)000)
'C")")0)0)
U)
1
C')
05000)
CM
'OC
MO
SC
M
05100)000'00CM
)'-.-)
00.00001005
CM
CM
05009'
OC
MN
.-C.-l
QS
'C05000)
OSO
CM
OSC
')
C10059'O
S.-
CM
owsvsvso,
'C0)0)o'C
oovos
'Cvsvsosvs
coo)
.')'OS
O
050)0)0)0)
1)000500
0)0)05050)
000)000)00
CU
05 CC
)
0000'
CM
00 "SC
M
CM
O0)00.O
CM
.0)CM
0)
'0CM
000CM
C')
CM
OP.
000
'0CM
P5
0 000)
l)Q'-C
M
000NC
M'0
0'CM
*.-CN
00'OO
.-.00
O'O
CM
l-.-
*000100)0
110115000500
l))l)0)05
'0050)05
0)05050500
0)0)000)00
050)0)CI)C
1)
000)0)0)0)
Cl)
CC
0)9)
0)
9)_Cl)
:::::
C'.
CM
00
.0 •
:::: . .
:::":
. .
C
'000*CM
CC
)
9)0500050
.)CM
CM
9'05
00CM
C0O
sO
,CC
MC
C)00%
f)
SOC
M00O
SO
.10)0)9)05
'0
000005050s
OsO
sOs0'0
00000
0000
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 192
2—JA
N. 1
923
Ref
._N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
july
Aug
.Se
pt.
Oct
.N
ov.
Dec.
jan.
70 West Shore RR lstM4s 2361.
4.97
5.04
4.99
4.94
4.81
4.82
4.74
4.71
4.80
4.82
4.87
4.83
76Illinois Central RRcoll 4s 1952
5.12
5.23
5.17
5.14
5.05
5.03
5.04
4.90
4.87
496
5.00
4.94
5.01
78 Wabash RRCo lstMSs 1939
5.40
5.40
5.35
5.24
5.22
5.22
5.08
3.03
4.95
5.11
5.26
5.24
5.15
82
5.04
5.31
5.11
5.00
4.91
4.88
4.80
4.73
4.76
4.91
4.93
4.91
4.90
83 lllCentral(LNO&T)co14s1953
5.37
5.44
5.33
5.15
5.20
5.28
5.14
3.05
5.07
5.14
5.26
5.23
5.21
86 ETennV&GRyconslstM5sl956
5.43
5.33
5.24
5.18
5.15
5.12
5.11
3.03
5.03
5.07
5.12
5.16
5.09
884.51
4.60
4.57
4.46
4.44
4.48
4.45
4.51
4.48
4.52
4.52
4.65
4.56
91 UnionPacRRlstMRR&1g4s1947
.4.
754.
594.62
4.57
4.58
4.47
4.31
4.33
4.37
4.55
4•54
4.61
4.54
92 Chicago&Nor
1987
4.65
4.76
4.77
4.73
4.72
4.70
4.65
4.51
4.54
4.61
4.66
4.72
4.74
93 Chi Rock Is&Pac RygenM4s 1988
4.97
4.92
4.89
4.89
4.86
4.92
4.82
4.78
4.75
4.86
4.91
4.92
5.03
94
Atc
hTop
&Sa
ntaF
egen
M4s
l99s
4.60
4.57
4.58
4.54
4.53
4.46
4.33
4.32
4.35
4.50
4.53
4.49
4.52
95
4.64
4.66
4.64
4.58
4.57
4.59
4.47
4.37
4.42
4.55
4.57
459
4.62
98 Louisville&Nashunjfied4s194Q
4.89
4.84
4.79
4.71
4.76
4.74
4.56
4.55
4.57
4.75
4.86
4.79
4.81
99
Ore
gon
RR
&N
av C
o co
nsM
4s 1
946
5.06
5.07
5.00
4.89
4.87
4.83
4.80
4.74
4.61
4.84
4.91
4.90
4.93
100 Chi
1949
4.87
4.87
4.86
4.62
4.67
4.67
4.59
4.57
4.48
4.73
4.77
4.71
4.73
101 Central Pacific 1st refM4s 1949
5.13
5.17
5.11
4.94
4.85
4.82
4.64
4.65
4.65
4.80
4.99
4.90
4.91
102 Nor Pac Ry priorlienlgM4s 1997
4.72
4.79
4.76
4.68
4.62
4.65
4.54
4.52
4.47
4.61
4.71
4.70
4.72
103 Norf&WestRylstconsM4sl99fi
4.62
4.63
4.69
4.60
4.58
4.49
4.32
4.33
4.32
4.46
4.56
4.48
4.38
104
4.75
4.71
4.69
4.63
4.61
4.63
4.58
4.52
4.54
4.55
4.59
4.66
4.63
105 Hocking Valley lstconsM434s 1999
5.46
5.42
5.36
5.26
5.26
5.28
3.23
5.11
5.07
.5.21
5.33
5.30
5.30
106 N&WRyDivlstl&genM4sl944
5.15
5.19
5.12
5.07
5.06
4.94
4.82
4.80
4.70
4.84
5.01
4.97
5.06
107
Ore Sh Line RRcoiis istM5s 1946
5.13
5.16
4.97
4.96
4.88
4.68
4.64
4.66
4.74
4.82
4.79
4.73
108 Southern Pac 1st refMsf 4s 1955
4.92
4.96
4.89 -471
4.80
4.73
4.62
4.51
4.53
4.67
4.82
4.81
4.76
109 AT&SFe RyadjM4sstamped 1995
5.04
4.99
4.96
4.86
4.85
4.87
4.80
4.73
4.75
4.89
4.95
4.88
4.92
110 Northern PacRygenlien3s2o4l
4.94
5.00
4.92
4.82
4.82
4.92
4.82
4.74
4.70
4.8.5
4.95
4.92
4.92
111 AtiCoast Line 1st cons M
4.81
4.78
4.77
4.70
4.75
4.68
4.57
4.54
4.54 .467
4.83
4.78
4.78
112 Del&HudsonColst&refM4sl943
4.90
4.93
5.06
4.78
4.74
4.79
4.74
4.61
4.60
4.82
4.91
4.91
4.93
113 Centralof Georgia consM5s 1945
5.65
5.53
5.33
5.26
5.12
5.20
5.20
5.07
4.96
5.13
5.23
5.22
5.25
114 Pennsylvania RRconsM4s 1948
4.84
4.79
4.89
4.70
4.60
4.62
4.50
4.47
4.52
4.54
4.62
4.53
4.70
115 KansasCitySoRylstM3si95o
5.54
5.51
5,43
5.33
5.17
5.08
4.93
4.92
4.94
5.08
.5.10
5.13
.5.20
116 L&N(AtlKnox&CinDiv)4s1955
5.18
3.14
4.98
4.90
4.86
4.90
4.79
4.77
4.82
4.83
4.93
4.89
4.90
117 Illinois Central RRrefM4s-1955
4.96
4.93
4.89
4.75
4.78
4.78
4.66
4.56
4.58
4.75
4.86
4.80
4.82
118 Chic Burl &QuincygenM4s 1958
4.70
4.75
4.76
4.65
4.66
4.61
4.47
4.51
4.50
4.57
4.76
4.67
4.68
119 Southern Ry 1st consM5s 1994
5.63
5.55
5.41
5.26
5.23
5.28
5.18
5.07
5.06
5.10
5.21
5.17
5.17
120 Un Pac RR 1st lien&refM4s 2008
4.76
4.75
4.67
4.58
4.67
4.65
4.53
4.49
4.50
4.65
4.71
4.68
4.57
121 AtI Coast Line (L & N coil) 4s 1952
5.52
5.48
5.32
5.22
5.19
5.24
5.10
5.00
5.07
5.18
.5.30
5.22
5.20
122 Norf&West(PC&C)Joint4sl94l
5.30
5.27
5.25
5.15
5.07
3.04
5.04
5.02
4.90
4.99
5.10
5.09
5.01
123
4.89
4.89
4.90
4.85
4.77
4.73
4.69
4.72
4.50
4.70
4.82
4.81
4.74
124 Canada So lst&ref cons
1962
5.33
5.29
5.26
5.12
5.14
5.12
5.05
4.95
4.97
5.05
5.07
5.08
5.03
125 Morrjg&Essex
2000
4.48
4.52
4.55
4.50
4.36
4.44
4.36
4.34
4.35
4.45
4.62
4.55
4.52
126
4.83
4.76
4.77
4.74
4.67
4.65
4.54
4.54
4.48
4.47
4.59
4.66
4.63
JAN
. 192
3—JA
N. 1
924
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.-
70WestShoreRRlstM4g236l
4.83
4.92
5.06
5.08
4.98
5.03
5.04
5.02
5.10
5.07
5.06
5.08
5.01
76lllinoisCenualRRcoll4sl952
5.01
5.02
5.13
5.24
5.06
5.18
5.12
5.12
5.02
5.20
5.03
4.98
4.99
78 Wabash RRC0 lstMSs 1939
5.15
5.15
5.37
5.41
5.38
5.43
5.47
5.47
5.50
5.40
5.35
5.33
5.24
82 Ches&OhioRylstcons5sl939
4.90
4.85
5.06
5.10
5.00
4.99
4.99
4.97
4.97
5.04
5.00
4.98
4,99
83 IllCentral(LNO&T)eoj4s1953
5.21
5.28
5.40
5.43
5.34
5.36
5.33
5.32
5.31
5.37
5.37
5.37
5.30
86 ETennV&GRy cons lstMSs 1956
5.09
5.13
5.21
5.14
5.15
5.15
5.12
5.11
5.14
5.09
5.09
5.08
5.09
88
4.56
4.68
4.81
4.69
4.62
4.64
4.67
4.68
4.73
4.64
4.67
4.69
4.56
91 Union PaeRR 1StMRR&1g4s1947
4.54
4.44
4.66
4.73
4.65 .4.62
4.58
4.48
4.59
4.55
4.67
4.65
4.58
92 Chicago&Nor
Wes
t19
874.74
4.83
4.86
4.97
4.83
4.86
4.97
4.95
4.98
5.06
5.03
5.10
5.06
93 ChiRockls&PacRygenM4s 1988
5.03
5.00
5.14
5.16
5.15
5.15
5.12
.5.14
5.21
5.24
5.19
5.16
5.09
94 Atch Top & Santa Fe gen M 4s1995
4.52
4.54
4.67
4.68
4.58
4.59
4.56
4.47
4.57
4.35
4.58
4.62
4.58
95 NVCent&Hudson RjverM334s 1997
4.62
4.75
4.85
4.82
4.74
4.78
4.79
4.78
4.83
4.79
4.75
4.79
4.69
98 Louisville&Nashunifiecl4sj94O
4.81
4.78
5.00
4.92
4.78
4.90
4.89
4.84
5.00
4.99
4.92
4.90
4.86
99 Oregon RR&Nav Co congM4s 1946
4.93
4.90
5.01
5.08
4,95
4.95
4.97
5.00
5.01
4.98
4.97
4.98
4.98
100 Chi Bur &Q
(IllDiv) M
1949
4.75
4,79
4.89
4.86
4.78
4.86
4.69
4.84
4.90
4.86
4.89
4.91
4.87
101 CentralPacificlstrefM4gl949
4.91
4.94
4.91
.5.27
5.01
5.05
4.98
4.88
4.97
4.98
4.87
4,95
4.94
102 NorPacRyorioriienigM4s 1997
4.72
4.71
4.88
4.88
4.81
4.85
4.86
4.81
4.86
4.92
4.92
4.96
4.93
103 Norf & West Ry 1st cons M 4s 1996
4.38
4.41
4.59
4.61
4.58
4.62
4.54
4.42
4.44
4.52
4.48
4.58
4.58
104 CentralRRofNJgenM5sl987
4.63
4.74
4.74
4.79
4,74
4.72
4.77
4.74
4.71
4.82
4.84
4.81
4.75
105 Hocking Valley
1999
5.30
5.35
.5.51
5.50
5.47
5.42
.5.51
5.39
5.45
5.44
5.37
5.29
010
6N&WRy Div lstl&genM4g 1944
5.06
5.05
5.25
5.23
5.09
5.08
5.07
4.93
4.93
5.01
4.97
4.94
4.98
101 Ore Sh Line RRcons lstMSs 1946
4,734.86
4.98
4.95
4.91
4.85
4.89 '4.88
4.95
4.95
4.90
4.88
4.82
108 Southern Pac 1st refMsf 4s 1955
4.76
4.84
4.98
4.98
4.82
4.88
4.88
4.82
4.87
4.90
4.78
4.85
4.82
109 AT&SFe RyadjM4sstamped 1995
4.92
4.98
5.10
5.15
5.02
5.03
5.03
5.04
5.05
5,09
5.01
5.02
5.02
110
Nor
ther
n Pa
c R
y ge
n lie
n 3s
204
74.92
4.93
4.82
5.07
5.01
5.04
5.07
5.05
5.08
5.14
5.14
5.25
5.17
111 AtI Coast Line 1st cons M 4s 1952
4.78 .
4.80
4.98
5.01
4.90
4.93
4.90
4.85
4.93
4.92
4.85
4.85
4.81
112Del&HudsonColst&refM4sl943
493 495
5.16
5.21
5,08
5.08
5.23
5.18
5.27
5.33
5.34
5.38
5.18
113 Centralof GeorgiaconsM5s 1945
5.25
5.21
5.42
5.40
5.32
5.36
5.35
5.35
5.39
5.39
5.37
5.42
5.32
114Pennsylvanja RRconsM4s 1948
4.70
4.65
4.77
4.76
4,75
4.73
4.81
4.75
4.84
4.83
4.85
4.84
4.83
11$ KansasCitySoRylstM3sl9so
5.20
5.24
.5.33
5.42
5.36
5.43
5.49
5.22
5.09
5.10
5.00
.5.17
5.19
C12
116 L&N(AtlKnox.&CinDiv)4s 1955
4.90
4.88
5.16
5.13
3.05
3.02
3.20
3.07
3.16
5.09
5.1,0
4.99
4'94
117 Illinois Central RRrefM4s 1955
4.82
4,83
5.03
5.00
4.93
4.87
4.88
4.86
4.98
5.04
4.93
4.93
4.87
118
Chic Burl&QuincygenM4s 1958
4.68
4.73
4.94
4.9.
54.
824.
804.84
4.80
4.90
4.93
4.85
4.83
4.78
119
Southern. Ry lstconsMSs 1994
5.17
5.22
5.35
.5.29
5.30
5.24
5,24
5.29
5.31
5.31
5.24
5.23
5.19
120UnPacRRlstlien&refM4s2008
4.57
4.74
4.90
4.88
4.79
4.82
4.81
4.78
4.90
4.94
4.84
4.87
4.85
121
Ati
Coa
stLine (L&N
coil)
4s 1952
5.20
5.25
5.39
3.49
5,37
5.41
3.29
5.29
5.27
3.27
5.23
5.21
5.15
122 Norf&West(PC&C)Joint4sj94l
5.01
5.10
5.24
5.20
5.18
5.22
5.22
5.23
5.22
5.23
5.18
5.15
5.07
123
4.74
4.78
4.87
4.8.
54.
824.
834.
874.
975.
015.
065.
085.
065.
0212
4 C
anad
aSo
1st &
ref c
ons
1962
5.03
5.06
5.20
5.23
5.19
5.18
5.13
5.08
5.17
5.14
5.09
5.10
5.11
125
4.52
4.54
4.60
4.66
4.59
4.61
4.67
4.71
4.73
4.75
4.67
4.63
126 Pennsylvania
1960
4.63
4.66
4.78
4.84
4.76
4.75
4.78
4.78
4.68
4.84
4.81
4.81
4.79
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 192
4—JA
N. 1
923
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pril
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.C
)
70WestShoreRRlstM4s23ól
5.01
4.87
4.97
4.96
4.96
4.87
4.81
4.78
4.84
4.85
4.83
4.85
4.86
76 Illinois Central RRcoll 4s 1952
4.99
5.05
5.06
5.12
4.97
4.92
4.88
4.83
4.91
4.86
4.94
4.88
4.87
78 Wabash RR Co lstM5s 1939
5.24
5.21
5.20
5.14
5,05
5.04
4.96
4.94
4.96
4.92
4.94
4.95
4.93
82 Ches&Ohio Ry 1st cons 5s 1939
4.99
4.99
4.96
4.94
4.86
4.94
4.79
4.85
4.81
4.69
4.80
4.76
4.75
83
Ill Central (L NO & T) col4s 1953
5.30
5.31
5.28
5.22
5.08
5.01
4.99
5.05
5.06
5.05
5.04
5.10
5.08
86 ETennV&GRycons lstM5s 1956
5.09
5.09
5.10
5.07
5.02
3.03
4.99
4.98
4.99
4.96
4.93
4.98
4.96
88
4.56
4.60
4.58
4.52
4.52
4.45
4.47
4.59
4.48
4.47
4.48
4.52
4.50
91 Union Pac RRIstMRR&1g4s1947
4.58
4.71
4.73
4.69
4.63
4.59
4.49
4.55
4.55
4.57
4.55
4.61
4.60
92 Chicago&Nor West
1987
5.06
5.04
5.03
5.01
4.98
4.91
4.79
4.79
4.81
4.79
4.79
4.80
4.83
93 ChiRock Is&PacRygenM4s 1988
5.09
5.06
5.05
5.03
4.98
4.95
4.87
4.87
4.86
4.87
4.86
4.84
4.84
94 AtchTop&SantaFegenM4sl995
4.58
4.63
4.82
4.60
4.57
4.52
4.45
4.49
4.50
4.49
4.48
4.53
4.52
95 NYCenI&Hudson
1997
4.69
4.73
4.72
4,68
4.60
4.56
4.51
4.65
4.61
4.54
4.61
4.60
4.63
98 Louisville&Nashunified4sl940
4.86
4.95
4.90
4.83
4.74
4.64
4,64
4.76
4.64
4.63
4.61
4.69
4.69
99 Oregon RR&NavCo consM4s 1946
4.98
5.06
5.01
4.98
4.98
4.90
4.84
4.83
4.83
4.82
4.85
4.93
4.86
100 Chi
1949
4.87
4.87
4.90
4.85
4.80
4.73
4.73
4.74
4.71
4.71
4.75
4.76
4.73
101 Central Pacific lstrefM 4s1949
4.94
4.98
4.97
4.96
4.96
4.86
4.79
4.89
4.87
4,86
4.85
4.88
4.86
102 Nor Pac Ry prior lien 1gM 4s1997
4.93
4.95
5.00
4.98
4.91
4.83
4.73
4.76
4.73
4.73
4.76
4.80
4.78
103 Norf&WestRylstconsM4sl996
4.58
4.62
4.62
4.59
4.58
4.50
4.43
4.48
4.48
4.47
4.47
4.53
4.52
104 Central RRofNJgenMSs 1987
4.75
4.75
4.76
4.75
4,72
4.68
4.67
4.72
4.72
4.70
4.64
4.64
4.62
105 Hocking Valley 1st
1999
5.29
5.32
5.32
5.25
5.18
5.11
5.05
5.08
5.08
5.10
.5.08
5.06
5.01
106 N&WRyDiv lstl&genM4s 1944
.4.
985.02
5.03
4.99
4.99
4.88
4.82
4.78
4.86
4.78
4.85
4.85
4.86
107 Ore Sh Line RR cons lstM5s 1946
4,82
4.83
4.87
4.83
4.80
4.72
465
4.67
4.70
4.63
4.59
4.68
4.67
108
SouthernPaclstrefMsf4sl955
4.82
4.88
4.87
4.85
4.78
4.69
4.61
4.70
4.67
4.62
4.66
4.75
4.70
109 AT & S Fe Ry adj M 4sstamped 1993
5.02
5.00
4.91
4.96
4.92
4.88
4.79
4.85
4.86
4.84
4.80
4.86
4.84
110 Northern PacRy gen lien 38 2047.
5.17
5.20
5.28
5.27
5.20
5.02
4.91
4.98
4.93
4.95
4.97
5.00
4.96
111 AtlCoastLinelstconsM4sl952
4.81
4.84
4.84
4.79
4.69
4.62
4.52
4.59
4.60
4.55
4.61
4.66
4.66
112 Del&HudsonColst&refM4sl943
5.18
.5.17
5.12
5.10
5.03
4.90
4.84
4.96
4.92
4.90
4.77
4.82
4.90
113 Centralof GeorgiaconsM5s 1945
5.32
5.28
5.33
5.24
5.14
4.99
5.00
5.02
5.05
4.97
4.95
5.04
5.01
114 Pennsylvania RRconsM4s 1948
4.83
4.83
4.82
4.77
4.74
4.59
4.58
4.52
4.54
4.53
4.52
4.65
4.62
115 KansasCitySoRylstM3sl95o
5.19
5.27
5.23
5.23
5.14
5.04
5.02
5.08
5.08
5.04
5.01
5.08
5.07
116 L&N(AtlKnox&CinDiv)4s1955
4.94
4.94
5.01
4.88
4.89
4.75
4.63
4.72
4.69
4.67
4.65
4.66
4.70
117 IllinoisCentralRRrefM 4s1955
•.
4.87
4.91
4.90
4.88
4.78
4.68
4.61
4.68
4.66
4.60
4.65
4.73
4.70
118 Chic Burl&QuincygenM4s 1958
4.78
4.83
4.85
4.82
4.76
4.65
4.60
4.67
4.63
4.62
4.66
4.69
4.66
119 SouthernRylstconsM5sl994
5.19
5.17
5.15
5.10
5.03
5.00
4.95
4.96
4.97
4.97
4.92
4.95
4.97
120 UnPacRRlstlien&refM4s2008
4.85
4.80
4.84
4.85
4,77
4.64
4.60
4.69
4.64
4.65
4.68
4.73
4.72
121 AtI Coast Line (L & N coil) 481952
5.15
5.18
5.'17
5.12
5.07
5.04
4.92
4-97
4,93
4.92
4.88
4.89
4.88
122 Norf&West(PC&C)Joint4s 1941
5.07
5.16
5.03
4.98
4.93
4.90
4.86
4.84
4.80
4.68
4.70
4.80
4.69
123
5.02
4.98
5.04
4.93
4.93
4.86
4.70
4.79
4.78
4.74
4.73
4.70
4.71
124 CanadaSolst&refcons5s 1962
5.11
5.07
5.05
5.04
5.02
4.95
4.95
4.92
4.93
4.91
4.91
4.91
4.95
125
4.63
4.62
4.59
4.60
4.59
4.54
4.44
4.50
4.51
4.49
4.55
4.54
4.57
126 Pennsylvania
1960
4.79
4.80
4.77
4.73
4.69
4.58
4.54
4.56
4.59
4.57
4.54
4.5S
4.35
Ref
..
I
No.
,N
ame
of B
ond
Jan.
Feb.
Mar
.A
pr.
Nay
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.
70WestShoreRRlstM4g236l
4.86
4.86
4.87
4,83
4.76
4.76
4.81
4.83
4.84
4.84
4.81
4,724.74
76lllrnoisCentralRRcoII4slQ52
4.87
4.87
4.85
4.82
4.79
4.78
4.85
4.83
4.84
4.87
4.84
4.82
4.76
83 IllCentral(LNO&T)col4s 1953
5.08
5.04
5.04
5.01 .4.98
4.99
5.01
5.09
5.03
5.05
5.02
5.00
4.97
88
4.50
4.50
4.50
4.47
4.41
4.43
4.43
4.45
4.46
4.52
4.48
4.52
4.47
91 UnionPacRRlstMRR&1g4s1947
4.60
4.56
4.51
4.46
4.43
4.47
4.58
4.61
4.57
4.59
4.61
4.58
4.50
92
4.83
4.79
4.78
4.83
4.7'4
4.76
4.78
4.83
4.73
4.81
4.82
4.77
4.71
93 ChiRockls&PacRygenM4sl988
4.84
4.83
4.82
4.84
4.75
4.78
4.82
4.87
4.78
4.81
4.79
4.76
4.70
94 AtchTop&SantaFegenM4sl99s
4.52
4.51
4.50
4.46
4,38
4.41
4.47
4.51
4.51
4.53
4.53
4.49
4.44
95 NYCent&Hudsort RiverM334s 1997
4.63
4.63
4.58
4.54
4.48
4'.Sl
4.55
4.54
4.54
4.60
4.56
4,56
4.56
99 Oregon RR&NavCo consM4s 1946
4.86
4.85
4.84
4.83
4.78
4.72
4.78
4.82
4.81
4.82
4.76
4.74
4.69
100 ChiBur&Q(IllDiv)M334s 1949
4.73
4.75
4.58
4.56
4.47
4.50
4.53
4.65
4.65
4.70
4.71
4.66
4.60
101 Central Pacific 1st reiM4s 1949
4.86
4.90
4.83
4.80
4.74
4.77
4.84
4.90
4.86
4.88
4.81
4.76
4.71
102 NorPacRypriorlienlgM4sl99l
4.78
4.75
4.77
4.80
4.75
4.70
4.75
4.82
4.80
4.80
4.77
4.69
4.65
103 Norf&WestRylstconsM4sl99ó
4.52
4.52
4.45
4.45
4.37
4.37
4.44
4.51
4.47
4.53
4.52
4.45
4.43
104 Central RRofNJgenMSs 1987
4.62
4.63
4.60
4.59
4.55
4.56
4.57
4.62
4.56
4.56
4.59
4.58
4.55
105 HockingValleylstconsM44sl999
5.01
5.00
5.00
4.99
4.96
4.93
4.95
5.04
5.02
5.00
4.97
4.93
4.90
210
6N&WRy Div Istl&genM4s 1944
4.86
4.88
4.90
4.78
4.72
4.74
4.81
4.81
4.76
4.77
4.75
4.72
4.74
r10
7Ore Sh Line RR cons lstM5s 1946
4.67
4.66
4.63
4.60
4.52
4,57
4.69
4.68
4.75
4.77
4.69
4.67
4.60
108 Southern. Pac lstrefMsf 4s 1955
4.70
4.66
4.60
4.56
4.52
4.57
4.68
4.75
4.71
4.76
4.72
4.67
4.56
109 AT&SFeRyadjM4sstampedl99S
4.84
4.84
4.84
4.81
4.76
4.78
4.82
4.85
4.79
4.80
4.77
4.71
4.71
110 Northern Pac
Ry
gen lien. 3s 2047
4.96
4.94
4.95
5.00
4.95
4.89
4.96
5.05
5.01
4.99
4.95
4.89
4.83
011
1AtlCoastLinelstconsM4sl952
4.66
4.60
4.50
4.43
4.38
4.43
4.49
4.59
4.53
4.57
4.54
4.51
4.46
411
4PennsylvaniaRRconsM4s 1948
4.62
4.63
4.54
4.52
4.47
4.52
4.48
4.65
4.62
4.64
4.59
4.58
4.56
116 L&N(At!Knox&CinDiv)4s1955
4.70
4.68
4.64
4.56
4.48
4.52
4.59
4.77
4.63
4.74
4.69
4.65
4.58
117 IllinoisCentralRRrefM4sl955
4.70
4.67
4.56
4.55
4,51
4.54
4.64
4.72
4.61
4.66
4.67
4.60
4.49
118 Chic Bnrl&Quincy genM4s 1958
4.66
4.62
4.57
4.54
4.49
4.53
4.62
4.64
4.62
4.66
4.65
4.58
4.51
119 SouthernRylstconsM5sl994
497 493 494
4.90
4.85
4.83
4.84
4.87
4.84
4.82
4.82
4.80
4.78
120 UnPacRRlstlien&refM4s2008
4.72
4.68
4.64
4,58
4.54
4.58
4.68
4.74
4.67
4.66
4.70
4.67
4.60
123 GrtNorRylst&reIM4gsl96l
4.71
4.71
4.72
4.74
4.71
4.68
4.75
4.84
4.74
4.76
4.75
4.62
4.61
124 Canada So lst&ref cons
5s1962
4.95
4.93
4.92
4.88
4.81
4.87
4.88
4.88
4.86
4.86
4.84
4.85
4.79
126
1960
4.55
4.54
4.54
4.52
4.51
4.53
4.53
4.61
4.58
4.60
4.59
4.57
4.52
CD
127CanadianNorRy2Syrsf'deb6)4s1946
5.20
5.16
5.12
5.15
5.09
5.08
5.15
5.14
5.10
5.11
5.13
5.12
5.13
128 GrtNorRygenSeriesBS4sl9S2
5.43
5.38
5.43
5.46
5.39
5.35
5.38
5.46
5.42
5.38
5.39
5.32
5.25
129 AtlCoast Line gen unified
1964
5.01
5.00
5.00
4,95
4.87
4.84
4.86
4.99
4.89
4.85
4.85
4.80
4.78
130
1965
4.84
4.85
4.81
4.88
4.87
4.88
4.91
4.96
4.90
4.90
4.88
4.83
4.77
131 PennsylvaniaRRgenMssl968
4.89
4.84
4.83
4.86
4.88
4.89
4.94
4.97
4.89
4.92
4.89
4.86
4.79
132 GrtNorRygenSeriesCss 1973
5.40
5.33
5.36
5.41
5.35
5.27
5.30
5.35
5.31
5.30
5.24
5.19
5.11
133 StLouisSoWesternlstM4sl989
5.02
4.98
5.01
4.97
4.88
4.88
4.88
5.02
4.89
4.85
4.85
4.80
4.78
134 Mo-Kansas-TexasRylstM4sl9QO
4.94
4.92
4.98
4.93
4.79
4.76
4.86
4.86
4.81
4.82
4.80
4.77
4.75
135 Ches&Ohio RygenM434s 1992
5.10
5.04
5.06
5.05
4.95
4.91
4.97
4.95
4.92
4.94
4.92
4.88
4.84
136 CleveCinChi&StLRygenM4sl993
4.85
4.89
4.91
4.87
4.80
4.77
4.82
4.87
4.81
4.81
4.79
4.76
4.74
137 NYCentral RRconsojM4s 1998
4.80
4.79
4.80
4.75
4.68
4.66
4.69
4.79
4.76
4.78
4.76
4.68
4.63
cc
138Tex&PacRylstMSs2000
4.98
4.96
4.97
4.96
4.88
4.89
4.94
4.96
4.89
4.87
4.86
4.86
4.84
139 LehighVRR(Pa)genconsM4s2003
5.03
5.00
5.00
4.98
4.95
4.9!
4.86
5.00
4.95
4.95
4.92
4.90
4.83
lWIUanaGJanPaCky4%debstock
.1
in'
5.04i
5.u2
i4.
984.
97i
4.98
i5.
UO
p4.98i
c.9i
i
A98
APPEN
DIX
ensna%ntn
*ns00000oO
mI'S
C
%a%
ON
N)%
fl
0 O'%
n000
N C\C
'nNO
NU
)GC
'-N
1"tt't
0
'C'C
NU
)e4
NU
)'CN
N
-tTh'Q
C NO
ON
C
OO
c'4
OO
NN
N.O
'CU
)t'-Nt
CC
"O'O
'O
OO
'C'C
'O'O
N'O
)
CN
C'.
OO
.OC
..ON
#)NU
)N
..N000.
vU)O
QN
O)
cO\C
%C
t-%O
0 'tC'O
O
*t—U
)Nt
Q0e4003
CC
C'O
OU
)U)t—
t-
Ct-t-Q
Ot-
\CO
OO
OC
'rt*t
g U)
U)
z C
C
CC
C'
U)
CCZ C
C
C'
CC
'0 o'ocoz-aN
N000C
C'
RA
ILRO
AD
BO
ND
YIELD
S
A99
.orwrnt
ocoe.n—o
r.o..i
o
ç C
0
.nN
8
00
'40fl-.o.)
'--.r.Q'
—
tt'O
,g
000Afl')'Q
Ct.00fl0
't000'.NN
NC
'0C'O
CC
'1
—:-
.t4 \OC
MO
OC
'ON
C'O
'flOt.
o\on—t--o
tq %O
\Ot-.O
o.4 Ofloflt.1000
0000\O
—
O\000
00 0.O
000
00'0[O&
)'0 '00
000
0,000000000
00)000000)
000000000
00
8
'
0ooø01£
OO
ZE
-oS
.3 000o000.-o
'toOO
-oOO
o
on000-000o0,0 0'.O-G
QO
OO
O
0o0o0o0o0
00000
00 000000000)00)
00)00)000000
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 192
8—JA
N. 1
929
Ref
.N
o.N
ame
of B
ond
Jan
Feb.
Mar
.A
pr.
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.
70 W
estS
hore
RR
lstM
4s23
6l4.
324.35
4.33
4.31
4.36
4.41
4.52
4.63
4.61
4.59
4.48
4.59
4.62
83 lllCentral(LNO&T)co14s1953
4.42
4.46
4.44
4.30
4.55
4.69
4.72
4.69
4.75
4.74
4.66
4.83
4.80
88
4.08
4.10
4.15
4.10
4.14
4.27
4.28
4.27
4.31
4.33
4.34
4,34
4.39
91 1.JnionPaeRR IstMRR&lg4s 1947
4.11
4.15
4.18
4.20
4.26
4.38
4.42
4.47
4.35
4.42
4.38
4.44
4.44
93 ChiRock Is&PacRygenM4s 1988
4.26
4.31
4.29
4.28
4.33
4.37
4.51
4.51
4.47
4.48
4.44
4.52
4.58
94 AtchTop&SantaFegenM4sl995
4.08
4.11
4.11
4.13
4.17
4.24
4.29
4.33
4.30
4.31
4.29
4.33
4.33
95 NYCent&HudsonRiverM33'4s1997
4.06
4.09
4.11
4.12
4.15
4.21
4.33
4.36
4.31
4.34
4.35
4.41
4.37
101 Central Pacific lstrefM4s 1949
4.30
4.37
4.30
4.33
4.43
4,55
4.59
4.73
4.63
4.63
4.52
4.68
4.72
102 NorPacRypriorlientgM4s 1997
4.13
4.14
4.16
4.20
4.24
4.34
4.46
4.51
4.43
4.42
4.40
4.48
4.54
103 Norf&WestRy
Istc
onsM
4s1996
4.10
4.12
4.12
4.14
4.18
4.24
4.34
4.43
4.33
4.32
4.30
4.36
4.39
104 Central RRofNJgenM5s 1987
4.14
4.18
4.21
4.22
4.24
4.37
.4.45
4.55
4.43
4.38
4.39
4.41
4.49
105 Hocking Valley lstconsM
1999
4.22
4.23
4.25
4.29
4.33
4.45
4.52
4.54
4.45
4.46
4.43
4.53
4.55
108 Southern Pac 1st.
refM
sf4s 1955
4.15
4.15
4.22
4.23
4.29
4.36
4.46
4.52
4.46
4.44
4.41
4.52
4.32
109 AT&SFe RyadjM4sstamped 1995
4.31
4.33
4.29
4.34
4.35
4.47
4.51
4.55
4.54
4.31
4.51
4.56
4.63
110 Northern PacRygenlien3s2047
4.24
4.24
4.25
4.29
4.30
4.40
4.56
4.60
4.55
4.56
4.53
4.48
4.53
111 AtlCoastLinelstconsM4sl9S2
4.12
4.17
4.15
4.23
4.23
4.35
4.44
4.52
4.37
4.46
4.48
4.54
4.62
114
Pennsylvania RRconsM4s 1948
4.04
4.13
4.21
4.18
4.12
4.17
4.37
4.50
4.50
4.43
4.43
4.50
4.53
117 Illinois
Cen
tral R
Rre
fM4s
195
54.13
4.16
4.18
4.20
4.24
4.27
4.41
4.57
4.44
4.46
4.41
4.46
4.55
118 Chic
Bur
l&Q
uinc
ygen
M4s
1958
4.13
4.14
4.17
4.20
4.25
4.38
4.42
4.52
4.36
4.40
4.36
4.44
4.46
119 SouthernRylstconsM5sl994
4.38
4.36
4.29
4.33
4.36
4.48
4.54
4.57
4.50
4.49
4.43
4.50
4.55
120 UnPacRRlstlien&refM4s2008
4.12
4,11
4.16
4.16
4.22
4.31
4.38
4.45
4.41
4.41
4.39
4.46
4.47
124 CanadaSo lst&ref cons5s 1962
4.45
4.45
4.46
4.44
4.50
4.57
4,55
4.59
4,69
4.62
4.59
4.71
4.65
126
4.14
4.18
4.21
4.22
4.22
4.36
4.41
4.45
4.38
4.37
4.35
4.43
4.46
II
127
Canadian Nor Ry
25yrsf
1946
4.73
4.71
4.68
4.63
4.80
4.93
4.93
5.09
5.03
5.01
4.98
5.10
5.17
k12
84.55
4.64
4.65
4.70
4.74
4.82
4.95
4.95
4.92
4.85
4.77
4.82
4.83
129 AtiCoast Linegen unified 43/2s 1964
4.34
4.36
4.37
4.38
4.42
4.50
4.47
4.66
4.59
4.56
4.56
4.66
4.64
130 Pennsylvania RRgenM4Y2s
1965
4.26
4.28
4.31
4,34
4.38
4.46
4.45
4.56
4,45
4.48
4.44
4.54
4.52
131 PennsylvaniaRRgenM5sl9ó8
4.28
4.31
4.33
4.38
4.40
4.57
4.63
4.63
4.59
4.54
4.53
4.59
4.58
132 GrtNorRygenSeriesC5sl973
4.61
4.57
4.58
4.58
4.64
4.74
4.77
4.74
4.81
4.74
4.66
4.72
4,82
133 StLouisSoWesternlstM4sl989
4.40
4.39
4.38
4.43
4.57
4.60
4.65
4.67
4.60
4.67
4.60
4.57
4.62
134 Mo-Kansas-.TexasRylstM4sl99O
4.35
4.36
4.37
4.43
4.46
4.58
4.64
4.67
4.63
4.56
4.56
4.68
4.77
135
4.36
4.35
4.34
4.41
4.44
4.51
4.52
4.58
4.63
4.54
4.52
4.54
4.58
136 CleveCin Chi&StLgenM4s 1993
4.12
4.14
4.15
4.16
4.20
4.33
4.36
4.52
4.40
4.40
4.37
4.49
4.47
137 NYCentral RRconsolM4s 1998
4.13
4.15
4.18
4.21
4.21
4.28
4,39
4.44
4.38
4.41
4.32
4.42
4.52
138 Tex&PacRylstM5s2000
4.42
4.45
4.40
4.36
4.45
4.55
4.53
4.63
4.60
4.53
4.45
4.52
4.59
139 LehighVRR(Pa)genconsM4s2003
4.33
4,37
4.40
4.39
4.41
4.48
4.52
4.57
4.54
4.37
4.51
4.57
4.61
140 Canadian PacRy4%debstock
4.39
4.42
4.41
4.41
4.47
4.53
4.58
4.58
4.59
4.54
4.53
4.62
4.71
141 SouthernRydev&genM4s 1956
4.48
4.50
4.49
4.53
4.58
4.65
4.80
4.85
4.72
4.74
4.68
4.76
4.80
142 Chic&WestIndRRconsM4sl952
4.52
4,55
4.53
4.52
4.65
4.85
4.97
4.96
4.82
4.85
4.78
4.88
4.85
143
1975
4.27
4.30'
4.31
4.37
4.44
4.54
4.67
4.70
4.63
4.60
4.49
4.57
4.58
144 Great Nor Ry
1976
4.46
4.51
4.50
4.49
4.49
4.56
4.60
4.64
4.60
4.56
4.55
4.66
4.73
145 ChiMil&StPaulRygenM4sl989
4.34
4.34
4.35
4.40
4.53
4.63
4.71
4.67
4.65
4.60
4.64
4.74
146 Er'eRRconspriorlien4s 1996
4.48
4.46
4.46
4.49
4.53
4.69
4.73
4.82
4.70
4.69
4.65
4.77
4.73
RA
ILRO
AD
BO
ND
YIELD
S
AlO
l
t'INO
©'O
CO
&)#)N
t.
C")
C%
flt-t'-OC
'Ot'.C
d1't1'
1tttt
"tt'
fldtt
n
'tooo&
N)')\C
t)')
S'C
tC
nCC
t-C
%')N
CO
QC
'Ct-C
Cn'o
rot'
0 oot-t-'CC
'tt-
t-ooooooo
t-zoo
4
-t.t-o
C00)C
C
ott-'OotC
O'O
t-
'0000)00'.
0-0000
'tto'l't
0'ott*'l
A t-.')ooot-,o
0000
")Xo'O
—
t-i—o.tN
t')
0")'))
—'0')t--C
'h
'00'000n
'00)000
0')'O'fl'0—
'
")')0N
—
p-Ct-
C0"neoQ
000—otQ
oco
0O'0'-C
OO
t-000'.-o00
000)00
vni
I
> 0)0'))')
coOt-P
ot-
—'O
")'OC
-Cot-t0
00't-fl')t-
-
CO
oot'0'0
t)oot—'0t
-C'000
t-'0'0'000
'nI-nt-C'
oo'0'n'0'0
t-000000
000000
-c-trr'
•
tcnC't-
o-)I-0000'n
t-0000-t
t40000
Co'0t-O
0)
00)"))
0000'
'00')'Po'0
0))'C")
0"O")'O
'nI--1t-I
0 i—on00
P-00000'0
000000
00)")'
)'t'n'n
—;
000000
0000)'
0000)')")'
0-)')')'
)')')'
00)")'
00000000
0)'flN0000
t-0000'0&)
t-0')000-)')
-100.--'0'n
00 0000°)
OflO
))'1
''0)'00
000I0000C
0000)'
)'-)")'OO
)'
0000)')')'
0000000000
• -0
.0.01)
at-.9 .
tU
4
0"oco—'•t
00'n-t-'0)
00'n00000
-o00)--0000
0-tot--co
tttPC
P-O
0
0)0-0000')
)''oC
'-00000)0'
0)0)000
0000—
4t4
0000000)0)
0)t')0)t')0)
0)0000)')'
00*,'
YIE
LDS
OF
RA
ILR
OA
D E
ON
DS
JAN
. 193
0—JA
N. 1
931
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pr.
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n..
70 W
est S
hore
RR
lstM
4s 2
361
4.57
4.59
4.46
4.51
4.51
4.49
4.39
4.40
4.28
4.26
4.31
4.60
4.32
83IlI
Cen
tral(L
NO
&T)
co14
s195
34.
844.
824.
704.
7347
547
34.
694.
644.
664.
744.
845.
184.
9788
LakeSh
4.37
4.46
4.38
4.39
4.39
4.37
4.30
4.16
4.17
4.19
4.31
4.13
91 U
nion
PacR
Rls
tMR
R&
1g4s
1947
4.49
4.49
4.40
4.43
4.41
4.31
4.25
4.19
4.11
4.21
4.11
4.17
4.17
93 ChiRockls&PacRygenM4sl988
4.55
4.56
4.47
4.50
4.47
4.45
4.40
4.31
4.24
4.23
4.30
4.44
4.28
94AtchTop&SantaFegenM4sl995
4.32
4.33
4.25
4.29
4.26
4.23
4.16
4.13
4.11
4.08
4.13
4.14
4.07
95 NYCent&HudsonRiverM3)4s 1997
4.42
4.47
4.39
4.43
4.41
4.40
4.31
4.22
4.18
4.13
4.14
4.27
4.13
101 CentralPacificlstrefM4sl949
4.60
4.63
4.52
4.50
4.45
4.47
4.41
4.31
4.25
4.25
4.39
4.48
4.28
102 Nor Pac priorlienlgM4s 1997
4.50
4.53
4.48
4.44
4.48
4.41
4.36
4.24
4.21
4.21
4.27
4.37
4.25
103Norf&WestRylstconsM4sl99ó
4.36
4.37
4.33
4.30
4.33
4.29
4.21
4.15
4.14
4.12
4.13
4,15
4.09
104 CentralRRofNJgenMSsl9S7
4.58
4.53
4.47
4.45
4.44
4.44
4.43
4.39
4.29
4.35
4.40
4.55
4.35
105 HockingValleylstconsM434sl999
4.63
4.65
4.58
4.61
4.57
4.60
4.55
4.48
4.42
4.40
4.46
4.59
4.32
108 SouthernPaclstrefMsf4sl955
4.55
4.56
4.49
4.53
4.50
4.44
4.38
4.28
4.23
4.27
4.35
4.42
4.23
109 AT&SFeRyadjM4sstamped 1995....
4.42
4.52
4.39
4.44
4.45
4.43
4.37
4.36
4.23
4.24
4.35
4.36
4.19
110 NorthernPacRygenlienss2o47
4.67
4.59
4.44
4.55
4.58
4.57
4.52
4.38
4.33
4.38
4.46
4.55
4.37
111 Ad Coast Line 1st consM4s 1952
4.53
4.57
4.48
4.58
4.49
4.36
4.31
4.27
4.24
4.27
4.32
4.59
4.26
114 PennsylvaniaRRconsM4sl948
4.48
4.61
4.42
4.41
4.47
4.43
4.30
4.21
4.15
4.12
4.22
4.27
4.13
117 IllinoisCentfalRRrefM4sl955
4.59
4.60
4.44
4.53
4.48
4.44
4.42
4.40
4.39
4.57
4.66
4.90
4.56
118 ChicBurl&QuincygenM4sl9s8
4.57
4.48
4.45
4.46
4.38
4.30
4.30
4.23
4.19
4.17
4.21
4.33
4.14
119 SouthernRylstconsM5sl994
4.61
4.62
4.53
4.56
4.54
4.55
4.49
4.47
4.45
4.56
4.66
4.68
4.54
120 tfnPacRRlstlien&refM4s2008
4.45
4.46
4.40
4.43
4.44
4.38
4.33
4.26
4.17
4.17
4.31
4.31
4.19
124 CanadaSolst&refconsssl962
4.82
4.77
4.73
4.70
4.77
4.72
4.65
4.63
4.50
4.46
4.56
4.71
4.60
126 Pennsylvania
1960
4.44
4.49
4.43
4.41
4.42
4.42
4.38
4.34
4.21
4.20
4.28
4.27
4.13
128
4.85
4.81
4.81
4.73
4.73
4.69
4.68
4.70
4.66
4.71
4.80
5.01
4.78
129 AtI Coast Linegen unified 43%s 1964
4.65
4.67
4.57
4.62
4.59
4.54
4.50
4.39
4.39
4.42
4.54
4.70
4.47
130 PennsylvaniaRRgenM44sl9ó5
4.58
4.58
4.52
4.51
4.51
4.50
4.45
4.38
4.33
4.33
4.45
4.46
4.30
131 PennsylvaniaRRgenMssl968
4.60
4.65
4.58
4.58
4.55
4.50
4.47
4.45
4.38
4.48
4.51
4.59
4.48
132 GrtNorRygenSeriesC5sl973
4.77
4.78
4.72
4.64
4.67
4.67
4.65
4.62
4.62
4.65
4.74
4.92
4.74
133 StLouisSoWestern
lstM
4s 1
989
4.67
4.68
4.59
4.62
4.66
4.60
4.57
4.51
4.43
4.46
4.48
4.64
4.71
134Mo-Kansas-TexasRylstM4sl99O
4.67
4.69
4.62
4.62
4.61
4.59
4.59
4.48
4.43
4.48
4.51
4.56
4.48
135
4.59
4.61
4.49
4.54
4.54
4.52
.4.46
4.38
4.31
4.31
4.35
4.41
4.27
136 CleveCinChi&StLgenM4s1993
4.49
4.50
4.43
4.49
4.44
4.43
4.37
4.27
4.18
4.22
4.29
4.39
4.21
137 NYCentralRRconsolM4sl99S
4.50
4,54
4.44
4.40
4.39
4.38
4.35
4.26
4.18
4.17
4.19
4.34
4.17
138 Tex&PacRylstMSs2000
4.65
4.63
4.59
4.57
4.53
4.55
4.53
4.46
4.45
4.51
4.58
4.71
4.48
139 Lehigh.VRR(Pa)genconsM4s2003
4.54
4.59
4.49
4.52
4.50
4.51
4.47
4.37
4.33
4.36
4.52
4.79
4.58
140 Canadian Pac Ry4% deb stock
4.71
4.76
4.64
4.66
4.63
4.56
4.50
4.45
4.46
4.48
4.51
4.58
4.54
141 SouthernRydev&genM4sl9S6
4.71
4.70
4.59
4.65
4.60
4.68
4.68
4.70
4.68
4.83
5.05
5.16
4.95
142 Chic&WestIndRRconsM4sI9S2
4.95
5.01
4.79
4.81
4.79
4.78
4.72
4.57
4.51
4.62
4,74
5.08
4.77
143 PittsCinChi&StLgenM5sl975
4.63
4.64
4.58
4.56
4.54
4.52
4.52
4.45
4.43
4.46
4.56
4.63
4.50
144 Great Nor Ry
1976
4.68
4.71
4.66
4.63
4.61
4.63
4.56
4.53
4.47
4.54
4.62
4.71
4.57
145 ChiMil&StPaulRygenM4sl989
4.70
4.79
4.69
4.74
4.72
4.70
4.75
4.71
4.65
4.71
4.79
5.01
4.79
146 ErieRRcons.priorlien4sl99ó
4.66
4.66
4.65
4.71
4.64
4.61
4.62
4.67
4.53
4.56
4.76
4.91
4.66
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
JAN
. 193
1—JA
N. 1
932
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pr.
May
June
July
Aug
.Se
ptO
ct.
Nov
.D
ec.
Jan.
70WestShoreRRjstM4s236t
4.32
4.34
4.35
4.35
4.33
4.35
4.36
4.54
4.76
4.80
5.08
5.76
5.63
88
4.13
4.14
4.14
4.17
4.11
4.19
4.15
4.34
4.30
4.61
4.73
4.96
4.86
91 UnionPacRRlstMRR&1g4s1941
4.17
4.02
4.09
4.08
3.92
3.93
3.89
3.94
4.08
4.50
4.50
5.02
4.91
93 Chi Rock Is&PacRygenM4s 1988
4.28
4.35
4.32
4.45
4.40
4.58
4.50
4.60
4.86
5.20
.5.33
6.12
5.52
94
4.07
4.05
4.06
4.03
4.00
4.01
4.01
4.02
4.15
4.36
4.43
4.73
4.65
95 NYCent&Hudson RiverM334s
1997
4.13
4.15
4.15
4.18
4.14
4.18
4.22
4.31
4.33
4.68
4.79
5.01
101 CentralPacificlstrefM4sl949
4.28
4.30
4.26
4.27
4.17
4.21
4.14
4.20
4.45
5.07
5.45
6.08
5.95
102 NorPacRypriorlienlgM4sl997
4.25
4.28
4.27
4.33
4.29
4.26
4.27
4.42
4.46
4.85
4.92
5.25
5.11
103 Norf&WestRylstconsM4sj9ço
4.09
4.10
4.09 .4.05
4.01
4.00
4.01
4.01
4.12
4.32
4.37
4.57
4.57
.1
104 CentralRRofNJgen.M5s1987
4.35
4.35
4.35
4.36
4.32
4.35
4.36
4.51
4.62
4.79
4.90
4.71
5.34
t'
105
Hocking Valley 1st cons
M1999
4.32
4.34
4.32
4.33
4.27
4.32
4.31
4.38
4.67
5.14
5.05
5.35
5.44
108
Southern Pac lstrefM sf4s 1955
4.23
4.24
4.25
4.27
4.18
4.24
4.24
4.43
4.60
5.11
5.13
5.69
5.59
109 AT&SFeRyadjM4sstamped 1995
4.19
4.20
4.21
4.24
4.15
4.17
4.13
4.19
4.42
4.69
4.91
5.22
4.99
110 Northern Pac Ry gen lien 3s 2047
4.37
4.44
4.43
4.51
4.53
4.44
4.45
4.62
4.86
5.12
5.14
5.74
5.38
111 AtiCoast Line lstconsM4s 1952
4.26
4.27
4.24
4.31
4.22
4.28
4.20
4.25
4.33
4.80
5.07
5.85
5.88
114 PennsylvaniaRRconsM4sl948
4.13
4.09
4.13
4.07
4.00
4.04
4.03
4.02
4.22
4.70
473
5.08
4.85
.118 Chic BurI&Quincy genM4s 1958
4.14
4.14
4.14
4.16
4.06
4.03
4.05
4.13
4.33
4.58
4.69
4.98
4.96
Q11
9Southern
Ry1st consM5s 1994
4.54
4.56
4.53
4.63
4.65
4.64
4.6S
4.75
4.99
5.34
5.51
6.76
6.07
120 Un Pac RR 1st lien & ref M 4s 2008
4.19
4.21
4.20
4.23
4.13
4.13
4.13
4.16
4.37
4.70
4.79
5.33
5.24
124 Canada So lst.&ref conaSs
1962
4.60
4.55
4.52
4.58
4.55
4.58
4.58
4.62
4.87.
5.37
5.24
6.79
6.38
126 Pennsylvania
1960
4.13
4.15
4.16
4.12
4.11
4.13
4.17
4.24
4.33
4.56
4.73
4.94
5.02
128 Grt Nor Rygen Series
1952
4.78
4.80
4.76
4.75
4.81
4.88
5.38
6.10
6.49
6.69
8.17
7.55
129
At! Coast Line genunified
1964
4.47
4.53
4.50
4.52
4.46
4.47
4.49
4.44
4.59
4.73
5.89
5.97
6.07
130 Pennsylvania
1965
4.30
4.37
4.39
4.44
4.39
4.43
4.42
4.36
4.72
5.21
5.38
6.36
5.60
131 PennsylvaniaRRgenMss
1968
4.48
4.45
4.46
4.51
4.47
4.52
4.52
4.64
5.05
5.10
5.23
5.95
5.61
132 GrtNorRygenSeriesC5sl973
4.74
4.68
4.69
4.78
4.72
4.86
4.88
5.35
5.85
6.78
6.26
7.14
6.83
133
1989
4.71
4.71
4.68
4.90
5.21
5.36
5.28
5.44
5.44
6.77
6.82
7.70
6.60
134 Mo-Kansas-TexasRy lstM4s 1990
4.48
4.44
4.44
4.53
4.56
4.58
4.5S
4.63
4.91
3.41
5.31
5.58
5.24
135
4.27
4.28
4.26
4.25
4.25
4.25
4.21
4.22
4.41
4.73
4.79
5.31
5.03
136 CleveCinChj&StLgenM4s 1993
4.21
4.25
4.23
4.31
4.25
4.31
4.35
4.47
4.62
5.00
5.16
5.59
5.59
137
NV Central RRconsolM4s 1998
4.17
4.16
4.19
4.27
4.25
4.28
4.27
4,45
4.62
4.86
5.08
5.90
5.87
138 Tex&PacRylstM5s2000
4.48
4.45
4.48
4.51
4.54
4.61
4.60
4.82
4.87
5.16
5.16
5.81
5.87
139 LehighVRR(Pa)genconsM4s2cjo3
4.58
4.54
4.63
4.70
4.70
4.70
4.66
4.94
5.45
6.29
6.32
7.88
7.72
140 CanadianPacRy4%debstock
4.54
4.59
4.56
4.54
4.53
4.62
4.73
4.85
5.70
6.34
5.82
6.52
6.52
142 Chi&WestIndRRconsM4sl952
4.77
4.74
4.68
4.69
4.72
4.76
4.67
5.00
5.49
5.96
6.36
7.41
6.55
143 PittsCinChi&StLgenMSsl97S
4.50
4.53
4.51
4.55
4.52
4.57
4.54
4.88
4.90
5.09
5.19
5.65
5.54
144 Great NorRy genM4Y2s 1976
4.57
4.56
4.57
4.69
4.63
4.66
4.77
5.09
5.78
6.37
6.15
7.40
6.63
145
4.79
4.68
4.71
5.05
4.93
4.90
4.90
4.97
5.34
6.07
6.46
7.42
6.58
146 Erie RR cons priorlien 4s 1996
4.66
4.70
4.58
4.61
4.60
4.60
4.64
4.58
4.90
5.54
5.71
6.73
5.89
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
Jan.
193
2—Ja
n. 1
933
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pr.
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.
7oW
estS
hore
RR
lst.M
4s23
615.63
5.52
5.44
5.93
5.82
5.84
5.80
5.38
5.25
5.33
5.59
5.84
5.52
88 LakeSh&MichSolstM3Y2sl997
4.86
4.89
4.78
4.81
4.94
5.10
4.96
4.74
4.62
4.55
4.71
4.78
4.50
94 AtchTop&SantaFegenM4s 1995
4.65
4.70
4.56
4.77
5.06
5.04
4.79
4.50
4.34
4.35
4.42
4.32
4.20
95
4.94
4.92
4.84
4.98
4.98
5.00
5.01
4.67
4.34
4.69
4.89
4.81
4.55
101 Central
Paci
fic ls
trefM
4s 1
949
5.95
6.00
5.72
6.66
8.36
8.57
7.06
5.72
5.39
5.57
5.84
6.08
5.62
102 NorPacRypriorlienlgM4s 1997
5.11
5.16
5.14
5.43
5.62
5.63
5.15
4.85
4.79
4.85
4.96
4.93
4.74
103 Norf&WestRylstconsM4sl996
4.57
4.71
4.49
4.68
4.76
4.84
4.64
4.33
4.25
4.24
4.27
4.13
4.06
104 CentraIRRofNJgenMSsl98l
5.34
5.52
5.46
6.28
6.47
6.38
6.34
5.63
5.37
5.46
.5.41
5.46
5.41
105 Hocking Valley
1999
5.44
5.28
5.01
5.42
6.54
6.01
5.77
5.17
4.95
4.94
5.02
5.08
4.67
108 Southern Pac tat ref M sf4s 1955
5.59
5.75
5.48
6.28
7.66
7.73
6.83
5.80
5.48
5.64
5.99
6.28
5.98
109 AT&SFeRyadjM 4sstamped 1995
4.99
5.23
4.95
5.18
5.61
5.74
5.22
4.90
4.84
4.88
4.94
4.89
4.68
110 NorthernPacRygenlien3s2o47
5.38
5.13
5.13
5.45
5.74
5.71
5.28
4.89
4.95
4.86
5.02
5.38
5.11
114 PennsylvaniaRRconsM4sl948
4.85
4.92
5.01
5.10
5.15
5.25
5.06
4.49
4,66
4.52
4.61
4.31
4.08
118 Chic Burl&Quincy genM4s 1958
4.96
5.11
4.93
5.12
5.25
5.48
5.14
4.75
4.61
4.69
4.77
4.78
4.59
120 UnPacRRlstlien&refM4s2008
5.24
5.07
4.95
5.30
5.40
5.45
5.14
4.82
4.67
4.69
4.82
4.80
4.44
124
Canada So lst&refcons5s 1962
6.38
6.28
5.93
6.45
6.69
6.76
7.01
6.28
5.82
5;80
5.97
6,50
6.23
126
5.02
5.00
4.79
4.96
4.97
5.20
5.06
4.78
4.66
4.63
4.57
4.46
4.29
130 PennsylvaniaRR
1965
5.60
5.87
5.91
6.45
7.76
7.81
6.75
5.98
5.62
5.71
5.87
5.91
5.51
131 PennsylvaniaRRgenM5s 1968
5.61
5.72
5.83
6.33
7.56
7.96
6.76
5.91
5.51
5.63
5.81
5.95
5.56
133 StLouisSoWesternlstM4s
1989
6.60
6.34
6.41
6.95
7.82
7.88
7.08
5.79
6.10
6.12
6.07
6.68
6.66
134 Mo-Kansas-Texas Ry 1st M 4s 1990
5.24
5.41
5.56
5.81
6.54
6.53
5.80
5.28
5.31
5.28
5.40
5.48
5.11
135 Ches&OhioRygenM44Sl992
5.03
5.10
5.16
5.27
5.73
5.86
5.30
4.90
4.73
4.72
4.74
4.65
4.42
136 CleveCin Chi&StLgenM4s 1993
5.59
5.87
5.54
5.79
5.78
6.26
6.25
5.64
5.34
5.32
5.37
5.41
5.44
137NVCentralRRconsolM4sl998
5.87
5.54
5.46
5.90
6.18
6.59
6.55
5.56
5.41
5.76
6.39
6.88
6.24
138 Tex&PacRylstMSs2000
5.87
5.60
5.70
6.38
6.07
6.01
5.94
5.80
5.49
5.60
5.70
5.90
5.24
140 CanadianPacRy4%debstock
6.52
6.67
6.15
6.61
7.51
7.65
6.82
5.78
5.67
.,..S.68
6.08
6.18
6.15
143
5.54
5.75
5.54
6.30
6.99
8.29
7.42
5.73
5.72
5.76
5.83
5.90
5.80
146 Erie RRconspriorlien 4s 1996
5.89
5.62
6.03
6.60
6.59
7.08
6.15
5.53
5.33
5.41
5.49
6.00
5.58
147 Pennsylv'ania
1981
5.83
5.98
5.89
6.14
7.45
7.76
6.69
5.77
5.57
5.64
5.80
6.07
5.50
148 Chicago& Erie lstSs
1982
6.29
6.07
5.97
6.15
6.40
6.33
6.32
5.98
5.63
5.60
5.56
5.58
5.45
149 C&O(Rich&AIIDIv)13t431989....
5.23
5.14
5.03
5.17
5.39
5.40
5.35
4.94
4.93
4.68
4.52
4.57
4.31
150 CC C&StL(StLDiv) lst4s 1990..
6.25
5.98
5.55
5.60
5.72
6.06
6.i0
5.98
5.57
5.36
5.40
5.40
5.42
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
Jan.
193
3—Ja
n. 1
934
Ref
.N
o.N
ame
of B
ond
Jan.
.Feb.
Mar
.A
pr.
May
June
July
Aug
.Se
pt.
Oc
Nov.
Dec.
Jan.
70WestShoreRRlstM4s236l
5.52
5.30
5.45
5.73
5,42
5.11
4.88
4.75
4.89
4.93
5.48
5.67
5.37
88 Lake Sh&Mich So
1997
4.50
4.47
4.61
4.76
4.53
4.53
4.27
4.18
4.19
4.39
4.31
4.40
4.23
94
4.20
4.36
4.45
4.68
4.50
4.31
4.22
4.17
4.33
4.27
4.56
4.40
4.23
95 NY Cent & Hudson River M 334s
1997
4.55
4.59
4.73
4.98
4.80
4.60
4.39
4.28
4.39
4.34
4.55
4.56
4.34
101 CentralPacific
lstre
fM4s
194
95.62
6.29
6.92
7.46
6.43
5.73
5.28
5.41
6.13
6.27
7.26
6.72
5.80
102 NorpacRypriorlienlgM4s 1997
4.74
4.81
4.97
5.25
5.13
4.78
4.62
4.63
4.85
4.86
5.10
5.02
4.67
103Norf&WestRylstconsM4sl996
4.06
4.18
4.39
4.45
4.23
4.06
4.13
4.04
4.13
4.08
4.24
4.15
4.01
104 CentralRRofNJgenM5s 1987
5.41
5.45
5.72
6.04
5.65
5.23
5.05
4.95
5.03
5.12
5.37
5.40
5.08
105 Hocking Valley
1999
4.67
4.65
5.14
3.17
4.88
4.69
4.55
4.52
4.63
4.58
4.75
4.70
4.52
108 Southern
PaclstrefMsf 4s1955
5.98
6.33
7.14
7.18
6.58
6.03
5.50
5.62
6.42
6.48
7.21
6.99
5.99
109 AT&SFe RyâdjM4sstamped 1995
4.68
4.71
4.93
3.09
4.97
4.67
4.61
4.55
4.67
4.67
5.03
4.96
4.63
110 NorthernPacRygenhieri3s204l
5.11
5.27
5.48
5.94
5.31
4.98
5.05
5.04
5.29
5.22
5.64
5.22
4.81
118 Chic BurI&Quincy genM4s 1958
4.59
4.67
4.74
5.32
4.88
4.78
4.45
4.43
4.54
4.59
4.91
4.66
4.36
120 UnPacRRlstlien&refM4s200S
4.44
4.57
4.79
4.82
4.85
4.58
4.50
4.34
4.53
4.44
4.73
4.59
4.35
124 CanadaSo
lst&
refC
OUS
5s1962
6.23
6.10
6.35
6.54
6.36
5.90
5.38
5.39
5.65
5.74
6.20
5.87
5.31
012
6PennsylvaniaRRconsM434s 1960
4.29
4.36
4.58
4.71
4.50
4.28
4.30
4.23
4.37
4.28
4.42
4.3Q
4.22
130 PennsylvaniaRR
1965
5.51
5.54
5.86
6.20
5.64
5.28
4.94
4.91
5.22
5.20
5.60
5.38
5.03
131 PennsylvaniaRRgenM5sl9ó8
5.56
5.48
6.04
6.06
5.66
5.31
5.08
5.02
5.14
5.13
5.49
5.22
5.02
133 StLouisSoWestern lstM4s 1989
6.66
6.98
7.38
7.72
7.06
6.48
6.15
5.80
6.31
6.64
7.50
6.89
5.90
134 Mo_Kansas.TexasRYlStM4Sl99O
5.11
5.00
5.27
5.69
5.28
4.70
4.65
4.83
5.32
5.11
5.63
5.42
4.92
p.—
135
4.42
4.54
4.73
5.00
4.51
4.40
4.37
4.37
4.49
4.44
4.67
4.56
4.41
136 Cleve Cm
Chi & St L gen M 481993
5.44
5.35
5.41
5.88
5.39
5.30
4.94
4.87
5.04
5.27
5.88
5.60
5.05
137 NY Central RRconsolM4s 1998
6.24
6.16
6.45
6.70
5.90
5.31
4.98
4.95
5.27
5.34
5.76
5.72
5.12
138 Tex&PacRylstM5S2000
5.24
5.29
5.51
5.61
5.48
5.20
5.06
.5.0
45.
285.
345.
775.
745.24
140
Can
adia
npac
Ry4
%de
bsto
ck6.15
7.27
7.62
7.45
6.40
5.99
6.04
6.06
6.71
6.38
6.98
6.75
5.87
143
5.80
5.96
6.29
6.86
6.05
5.52
5.20
5.07
5.18
5.34
5.64
5.54
5.20
146 ErieRRconspriorlien4Sl996
5.58
5.49
5.72
5.81
5.17
4.86
4.81
4.95
5.17
5.14
5.56
3.28
4.90
147
5.50
5.53
5.94
6.09
560
5.23
4.90
4.93
5.21
5.14
5.47
5.36
4.99
148 Chicago&Erie lst5s 1982
5.45
5.47
5.67 .5.72
5.64
5.50
5.1.4
5.06
5.30
5.36
5.78
5.60
5.26
149 C&O(Rich&AUDiv)
1989
4.31
4.36
4.79
4.78
4.57
4.33
4.17
4.06
4.02
4.27
4.40
4.37
4.06
150 CCC&StL(StLDiv)1st4s1990
5.42
5.50
5.82
6.07
5.50
5.41
5.44
5.31
5.27
5.42
5.80
5.82
5.18
I. 0
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
Jan.
193
4—Ja
n. 1
933
Ref
.N
o.N
ame
of B
ond
Jan.
Feb
Mar
.A
pr.
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.
70WestShoreRRjstM4s23ól
5,37
4.95
4.80
4.76
4.73
4.72
4.75
4.93
5.09
4.88
4.87
4.80
4.75
884.23
4.04
3.95
3.91
3.81
3.64
3.73
3.84
3.85
3.78
3.70
3.62
3.37
94 AtchTop&Santa FegenM4s 1995
4.23
4.09
4.01
3.95
3.95
.3.88
3.82
3.90
3.96
3.88
3.82
3.74
3.67
95
4.34
4.08
3.99
3.85
3.73
3.81
3.95
4.01
3.91
3.82
3.72
3.65
102 NorPacRypriorlienlgM4s 1997
4.67
4.35
4.20
4.13
4.10
4.06
4.06
4.20
4.23
4.12
4.04
:3.96
3.86
103 Norf&WestRy lstconsM4s 1996
4.01
3.93
3.91
3.85
3.78
3.75
3.73
3.76
3.83
3.79
3.68
3.62
3.55
104
Central RRofNJgenM5s 1987
5.08
4.82
4.81
4.76
4.66
4.60
4.61
4.71
4.87
4.85
4.75
4.67
4.60
105 Hooking Valley 1st
1999....
4.52
4.39
4.29
4.28
4.22
4.14
4.09
4.08
4.20
4.15
4.08
4.00
3.93
108 SouthernPaclstrefMsf4sl955
5.99
5.05
4.99
4.92
4.83
4.88
4.86
5.14
5.37
5.05
4.89
4,74
4.53
109
AT&
SFeR
yadj
M4s
stam
ped
1995...
4.63
4.33
4.26
4.22
4.26
4.12
4.06
4.18
4.30
4.14
4.02
3.93
3.90
110 NorthernPacRygenljen3g2Q4l
4.81
4.55
4.49
4.36
4.43
4.40
4.39
4.62
4.64
4.49
4.35
4.22
4.03
118
ChicBurl&QuincygenM4sl9s8....
4.36
4.14
4.04
3.90
3.84
3.79
3.77
3.78
.3.95
3.80
3.71
3.61
3.51
120 UnPacRRlstljen&tefM4g2008....
4.35
4.19
4.13
4.03
4.03
3.98
3.92
3.97
4.06
4.00
3.92
3.86
3.77
124 Canada So lst&ref cons5s 1962
.5.31
4.97
4.95
4.70
4.78
4.62
4.46
4.54
4.71
4.65
4.48
4,46
4.38
126 Pennsylvania
1960
4.22
4.16
4.09
4.03
3.95
3.86
3.83
3.89
3.98
3.84
3.77
3.69
3.56
130 Pennsylvania RR genM4j4s 1965
5.03
4.69
4.56
4.46
4.39
4.34
4.37
4.44
4.51
4.44
4.33
4.23
4.11
k13
1PennsylvaniaRRgenMssl968
5.02
4.79
4.73
4.66
4.62
4.50
4.48
4.61
4.65
4.56
4.50
4.42
4.32
135
4.41
4.24
4.19
4.17
4.12
4.06
4.03
'4.05
4.09
4.07
3.99
3.91
3.81
136 CteveCinChi&StLgenM4sl993...
5.05
4.54
4.46
4.28
4.34
4.23
4.21
4.38
4.67
4.47
4.34
4.24
4.04
137 NYCentralRRconsolM4sl998
5.12
4.69
4.59
4.57
4.60
4.62
4.61
4.79
4.96
4.88
4.81
4.71
4.66
138 Tex&PacRylstMSs2000
.5.
244.90
4.79
4.72
4.63
4.59
4.52
4.55
4.61
4.59
4.50
4.37
4.25
140
Can
adia
nPac
Ry4
%de
bsto
ck5.87
3.25
5.11
4.99
4.88
4.84
4.84
5.03
5.22
5.00
4.87
4.69
4.64
143 PittsCinChi&StLgenM5s 1975
5.20
4.91
4.74
4.69
4.65
4.54
4.52
4.60
4.66
4.60
4.54
4.46
4.30
146 ErieRRconspriorlien4sl996
4.90
4.65
4.53
4.41
4.28
4.27
4.20
4.42
4.38
4.25
4.20
4.14
4.05
147 PennsylvaniaRRgenM43.(s1981...
4.69
4.54
4.48
4.44
4.38
4.39
4.54
4.55
4.46
4.39
4.29
4.17
148 Chicago&ErielstSsl982
5.26
4.93
4.84
4.68
4.64
4.61
4.50
4.56
4.62
4.50
4.52
4.46
4.37
149 C&O(Rich&AllDiv) lst4s 1989
.4.
064.05
3.98
3.97
3.92
3.86
3,87
3.90
3.96
3.92
3.85
3.80
3.78
150 CCC&StL(StLDiv) lst4s 1990
4.86
4.56
4.52
4.37
4.33
4.29
4.46
4.55
4.66
4.57
4.41
4.35
YIE
LDS
OF
RA
ILR
OA
D B
ON
DS
Jan.
193
5—Ja
n. 1
936
Ref
.N
o.N
ame
of B
ond
Jan.
Feb.
Mar
.A
pr.
May
June
July
Aug
.Se
pt.
Oct
.N
ov.
Dec
.Ja
n.70
West Shore RR lstM4s 2361
4.75
4.72
5.01
5.18
4.99
5.00
4.85
4.87
4.96
4.99
5.04
4.82
4.53
LakeSh&MichSolstM3.4s1997
3.57
3.50
3.52
3.52
3.50
3.46
3.44
3.51
3.53
3.55
3.55
3.61
3.45
94AtchTop&Santa FegenM4s 1995
3.67
3.62
3.63
3.64
3.64
3.62
3.58
3.64
3.63
3.67
3.66
3.61
3.54
95
3.65. 3.59
3.71.
3.72
3.74
3.67
3.63
3.72
3.73
3.74
3.73
3.65
3.54
102 NorPacRypriorlienlgM4sl99l
3.86
3.82
3.85
3.88
3.87
3.83
3.79
.3.90
3.91
3.92
3.91
3.85
3.76
103Norf&WestRylstconsM4sl996
3.55
3.48
3.47
3.46
3.42
3.40
3.40
3.43
3.42
3.44
3.44
3.42
3.36
104
Central RRofNJgenMSs 1987
4.60
4.6(
4.79
4.86
4.80
4.82
4.88
4.93
4.92
4.92
4.96
5.06
4.96
105 Hocking Valley 1st cons M
1999
3.93
3.86
3.88
3.85
3.87
3.81
3.80
3.81
3.86
3.88
3.89
3.84
3.78
108 Southern
Pac
1st r
ef M
sf 4
s 195
54.
534.39
4.60
4.61
4.43
4.29
4.13
4.23
4.20
4.26
4.19
4.10
3.90
109 AT&SFeRyadjM4sstampedl995
3.90
3.82
3.80
3.86
3.87
3.83
3.79
3.85
3.88
3.87
3.85
3.82
3.74
110
NorthernP3cRygen1ien3s2047
4.03
4.04
4.11
4.19
4.09
4.01
4.06
4.18
4.19
4.26
4.31
4.12
3.96
118 Chic Burl&Quincy genM4s 1958
3.51
3.46
3.44
3.45
3.52
3.52
3.51
3.55
3.60
3.68
3.60
3.50
3.44
120
Un PacRR 1st lien&refM4s 2008
3.77
3.73
3.72
3.74
3.74
3.72
3.72
3.75
3.76
3.80
3.79
3.73
3.66
124 CanadaSolst&refcons5sl962
.4.
384.
344.
394.48
4.43
4.35
4.28
4.21
4.34
4.45
4.41
4.34
4.18
Q12
6P
enns
ylva
nia
RR
con
s M
1960
3.56
3.46
3.47
3.50
3.50
3.49
3.41
3.49
3.50
3.49
3.43
3.40
3.36
130
4.11
4.09
4.12
4.14
4.11
4.05
4.01
4.06
4.09
4.09
4.05
3.99
3.92
131 PennsylvartiaRRgenM5sl9ó8
4.32
4.21
4.31
4.34
4.26
4.22
4.15
4.23
4,29
4.29
4.22
4.16
4.05
135
3.81
3.73
3.73
3.74
3.77
3.76
3.14
3.79
3.81
3.71
3.70
3.69
3.65
136CleveCinChi&StLgenM4sl993
4.04
4.01
4.23
4.36
4.21
4.23
4.12
4.14
4.18
4.23
4.33
4.17
4.07
137 NYCentrat RRconsolM4s 1998
4.66
4.79
5.17
5.23
4.94
4.86
4.70
4.77
4.73
4.74
4.84
4.64
4.34
138 Tex&PacRylstMSs2000
4.25
4.17
4.24
4.34
4.29
4.26
4.22
4.32
4.33
4.34
4.32
4.27
4.18
140 Canadian Pac Ry 4% deb stock
4.64
4.63
4.74
4.75
4.60
4.55
4.56
4.55
4.73
4.80
4.74
4.64
4.50
143 PittsCinChi&StLgenM5sl97S
4.30
4.23
4.27
4.31
4.29
4.28
4.22
4.26
4.33
4.34
4.31
4.24
4.13
146 ErieRRconspriorlien4s 1996
4.05
4.01
3.99
4.06
4.01
4.01
3.95
4.04
4.08
4.12
4.14
4.08
3.96
147
4.17
4.10
4.10
4.11
4.06
3.99
.3.95
4.01
4.09
4.08
4.05
4.00
3.95
148
Chicago&Erie lst5s 1982
4.37
4.24
4.28
4.32
4.29
4.27
4.21
4.28
4.25
4.28
4.27
4.23
4.20
149 C&O(Rich&AIl Dlv) lst4s 1989
3.78
3.55
3.53
3.51
3.49
3.55
3.53
3.53
3.56
3.58
3.51
3.50
3.49
150 CCC&StL(SLLDiv) lst4s 1990
4.35
4.26
4.45
4.37
4.29
4.26
4.32
4.22
4.34
4.51
4.48
4.36
4.10
A108 APPENDIX
TABLE 4
AMERICAN RAILROAD BOND YIELDS,JANUARY INDEX NUMBERS
1. An unadjusted chain index number based on simple geometricaverages of the yields each January.
2. An unadjusted chain index number based on simple arithmeticaverages of the yields each January.
In both the index numbers (geometric and arithmetic), the chainingis backwards and forwards from January 1925. In each case the indexnumber for January 1925 is the average (geometric or arithmetic) of theyields in January 1925 of the bonds used from January 1924 to January1925.
Date(1)
GeometricIndex
(2)Arithmetic
Index
% %January 1857 9.517 9.644
1858 10.204 10.3761859 8.7761860 8.788 8.9201861 8.662 8.7811862 8.412 8.5131863 6.136 6.1891864 6.658 6.7021865 6.867 6.908
" 1866 8 108 8 143" 1867 7 786 7 822
1868 7 822 7 8591869 7 992 8 0361870 8 215 8 263
4C 1871 7 849 7 8901872 7.527 7.5621873 7 624 7 6581874 7.649 7.6851875 7.213 7.2551876 6.753 6.7951877 6 564 6 6071878 6 506 6 5431879 6 157 6 188". 1880 5.797 5.8241881 5.169 5.1941882 5.213 5.2421883 5.182 5.2051884 5.123 5.1491885 5.049 5.076
" 1886 4.620 4.6431887 4.543 4.5641888 4.621 4.6431889 4.473 4.4991890 4.451 4.472
RAILROAD BOND YIELDS A109
TABLE 4—i- (Concluded)
Date(1)
GeometricIndex
(2)Arithmetic
Index
% %January 1891 4.600 4.622
1892 4..557 4.5771893 4.510 4.5311894 4.525 4.5471895 4.288 4.3101896 4.308 4.3311897 4.200 4.2221898 3 976 3 9961899 3 841 3 8591900 3903 39231901 3806 3:8241902 3.795 3.810
" 1903 3 905 3 9181904 4.023 4.0351905 3 874 3.8851906 3:902 3.9121907.. 4 056 4.0651908 4:302 4.3161909 4 049 4.0581910 4:108 4.116
" 1911 4.167 4.1741912 4.179 4.1871913 4.269 4.2761914 4 442 4.451
" 1915 4586 4.5951916 4468 4.476
" 1917 4.367 4.3761918 5 202 5.2151919 5.070 5.077
" 1920 5 506 5.5171921 5.573 5.5841922 5.002 5.0111923 4.853 4.857
" 1924 4.945 4.9491925 4.774 4.776
" 1926 4.643 4.645" 1927 4.451 4.454
1928 4.184 4.1871929 4.500 4.5011930 4,503 4.5041931 4.315 4.3221932 5.591 5.6371933 5 222 5.290
" 1934 4944 4.9971935 4171 4.2091936 4:008 4.047
AiiO APPENDIX
TABLE 5
AMERICAN RAILROAD BOND YIELDS, Six INDEX NUMBERS OF BEST 5AND WORST 5 BONDS
In this table are six index numbers for the yields of American rail-road bonds annually (each January). These six index numbers fall intotwo groups of three each; one group based on operations performed onthe 'best five bonds' each year and the other group based on operationsperformed on the 'worst five bonds' each year.
The index number in column 1 was constructed in the followingmanner: Out of the total number of bonds whose yields were used in ourmonthly index numbers from January 1857 to January 1858 there wereselected the five bonds having the lowest yields in January 1857. Theaverage of the yields of this particular group of five bonds was then cal-culated for January 1857 and the average of the yields of the same fivebonds calculated for January 1858. The percentage change in thisaverage from January 1857 to January 1858 was then taken as the per-centage change in the index number of column 1 from January 1857 toJanuary 1858. For the next year the five bonds having the lowest yieldsin January 1858 were chosen and the same procedure repeated. Suchannual percentage changes were then 'chained' to make the index incolumn 1.
Column 2 was constructed as follows: Out of the total number ofbonds whose yields were used in our monthly index numbers for theperiod January 1857 to January 1858 there were selected the five bondshaving the lowest yields in January 1858. The average of the yields ofthis particular group of five bonds was then calculated for January 1857and the average of the yields of the same group calculated for January1858. The percentage change in this average was then taken as the per-centage change in the index number of column 2 from January 1857 toJanuary 1858. Succeeding years were calculated in the same manner.Annual percentage changes were then 'chained' to make the index incolumn 2.
Column 3 was constructed by selecting from the total number ofbonds used in the monthly' index numbers from January 1857 to January1858 the five bonds having the lowest yields in January 1857 and also thefive bonds having the lowest yields in January 1858 without any con-sideration as to whether these two groups (of five bonds each) were orwere not composed of the same five bonds. The percentage that theaverage yield of the January 1858 group of five bonds was of the averageyield of the January 1857 group of five bonds was then taken as thepercentage that the January 1858 index figure in column 3 was of theJanuary 1857 index figure in the same column. Percentages were chainedtogether as in columns 1 and 2.
The construction of columns 4, 5 and 6 can be easily understood fromthe preceding explanation, remembering simply that in each case thebonds chosen were those having the highest yields instead of the lowestyields.
RAILROAD BOND YIELDS AlliEach of the six index numbers was 'chained' backward from Jan-
uary 1936. The three index numbers based on the yields of the 'bestfive bonds' show, therefore, the same yield in January 1936 as the averageof the yields of the best five bonds in January 1936. Similarly, the threeindex numbers based on the yields of the 'worst five bonds' show inJanuary 1936 the same yield as the average of the yields of the worst fivebonds in that month.
All averaging was geometric.
Six index numbers, three based on the 5 bonds each year having thelowest yields and three based on the 5 bonds each year having the highestyields.
Best 5 Bonds . Worst 5 Bonds
(1) (2) (3) (4) (5) (6)Earlier Later Either Earlier Later Either
January January January January January January
Jan. 1857 4.35 13.65 7.63 20.33 6.02 11.151858 4.59 14.00 7:98 22.36 6.64 12.28
" 1859 4.15 12.31 7.14 17.90 5.52 9.99" 1860 4,16 11.98 6.94 18.55 5.82 10.38" 1861 4.12 11.78 6.86 17.87 5.72 10.11" 1862 4.11 11.70 6.82 17.19 5.59 9.78" 1863 3.11 8.78 5.12 12.19 4.00 7.00" 1864 3.50 9.79 5.73 12.72 4.21 7.36" 1865 3.58 9.82 5.76 12.62 4.38 7.43" 1866 4.51 11.64 7.13 14.07 5.15 8.53" 1867 4.36 11.03 6.83 13.49 5.04 8.29" 1868 4.42 11.10 6.92 13.53 5.05 8.31" 1869 4.48 11.09 6.95 13.85 5.27 8.59
1870 4.57 11.18 7.05 14.05 5.41 8.80" 1871 4.51 10.66 8.90 13.10 5.21 8.35" 1872 4.43 10.07 6.66 12.29 5.10 8.02
1873 4.52 10.26 6.79 12.46 5.17 8.13" 1874 4.50 10.11 6.71 12.55 5.21 8.19
1875 4.26 9.16 6.22 12.13 5.03 7.911876 3.97 8.46 5.78 11.32 4.70 7.39
" 1877 3.94 7.90 .5.52 10.92 4.53 7.13" 1878 3.98 7.90 5.55 10.65 4.47 6.98
1879 3.82 7.51 5.30 9.89 4.19 6.50" 1880 3.62 7.11 5.02 9.22 3.97 6.12" 1881 3.23 6.30 4.48 8.23 3.59 5.49" 1882 .3.26 6.22 4.45 8.41 3.69 5.62" 1883 3.34 6.24 4.53 8.06 3.59 5.40
1884 3.28 6.06 4.41 7.99 3.57 5.361885 5.80 . 4.29 7.85 3.53 5.28
" 1886 3.01 5.31 3.94 7.03 3.24 4.78" 1887 2.99 5.27 3.92 6.82 3.17 4.65
1888 3.06 5.40 4.01 6.96 3.27 4.78
A112 APPENDIX
TABLE 5— (Concluded)
Best 5 Bonds Worst 5 Bonds
(1)EarlierJanuary
(2)Later
January
(3)Either
January
(4)Earlier
January
(5)Later
January
(6)Either
January
Jan.,,,,,,,,
,,
,,
,,
,,
,,1,
,,
I,
,,
,,
,,I,,,
,,
,,
,,,,
,,
,,
,,,,
,,,,
1889189018911892189318941895189618971898189919001901190219031904190519061907190819091910191119121913191419151916.191719181919192019211922
1924192519261927192819291930193119321933193419351936
2.923.003.163.133.103.112.962.942.902.792.722.742.722.742.913.073.023.093.233.403.273.353.403.423.493.623.693.623.554.244.314.634.754.324.274.354.314.254.123.914.224.223.984.624.144.07.3.3.42
5.065.055.255.135.085.044.754.704.604.324.064.054.023.984.154.354.234.26
.454.694.504.584.654.664.754.864.934.804.705.435.405.695.725.105.005.094.984.854.694.424.724.684.395.084.384.263 .59
3.42
3.823.874.053.983.943.943.743.713.643.463.293.293.283.283.473.643.573.613.773.973.823.913.973 .99
4.074.204.274.184.094.804.815.105.194.664.594.684.624.534.394.154.464.454.184.854.254.153.573.42
6.966.686.916.646.636.666.276.266.065.775.515.535.315.265.355.515.205.215.365.695.145.165.185.185.275.485.675.495.456.525.966.676.705.905.545.565.305.114.874.554.864.904.828.906.415:784.724.51
3.283.143.313,203.213.243.123.193.112.972.842.902.802.792,842.952.822.862.963.323 .02
3.063.143.153.223.403.523.483.484.384.114.604.664.254.044.073 .90
3.793.603.373.603.663.695 575.635.444.614.51
4.794.594.804.624.624.654.414.444. ai4.113.933.993.833.813.894.003.813.843.974.353.953.984.014.034.104.274.424.304.295.264.885.475.514.954.654.684.474.344.133.854.124.164.166.176.015.564.654.51
RAILROAD BOND YIELDS A113
TABLE 6
INDEX NUMBERS OF THE YIELDS OF AMERICAN RAILROAD BONDSBASED ON SIGMA EQUATIONS
(Quarterly January 1857—January 1879;Monthly January 1879—January 1936)
Col. 1. The Sigma index number whose yield in January 1925 was 4.50percent (4.4998%).
Col. 2. A cumulation of the logarithms of the slopes of the lines fittedby Sigma ratios
o.x
Col. 3. Logarithms of the Sigma index number whose yield in January1925 was 5.00 per cent (5.0009%).
Col. 4. Logarithms of the Sigma index number whose yield in January1925 was 4.50 per cent (4.4998%).
Col. 5. A cyclical curve (see Appendix D) fitted to the logarithms ofthe 4.50 Sigma index (Col. 4).
The figures in column 3 are not introduced in this table because theyhave any great significance of their own. They are introduced primarilybecause, if they are used with the figures in column 4, any sigma indexwhatever may be quickly obtained. The relation between the figures incolumn 3 and those in column 4 is such that any other sigma index falls,at each date, the same proportion of the distance between the figures of,column 3 and those of column 4. For example, if for each month we takea figure which is half way between the figure in column 3 and the figure incolumn 4, we obtain a new sigma index.
A114 APPENDIX4
TABLE 6
"4.50" inJan. 1925
of sigmaslopes
Log. "5.00" Log. "4.50" curve toLog. "4.50"
1857J 6.745 1.24366 .82900A 6.745 1.99551 1.23938 .82899J 6.868 .03825 1.28966 .83683o 7.972 .09254 1.41591 .90159
1858J 7.006 .07342 1.33762 .84545A 6.591 .01258 1.24678 .81894J 6.385 .02982 1.25134 .80514o 6.310 1.96854 1.18749 .80001
1859J 6.258 1.95204 1.16947 .79644A 6.183 1.96828 1.17843 .79119J 6.409 1.98462 1.20891 .80682o 6.278 1.98401 1.19931 .79779
1860J 6.139 .03437 1.23898 .78809A 6.137 1.97054 1.17722 .78795J 5.923 1.94691 1.14115 .77250o 5.898 1.97022 1.15972 .77074
1861J 6.135 .00118 1.20556 .78784A 6.104 1.98600 1.18896 .78560J 6.148 .00429 1.20947 .78875o 6.346 1.99099 1.21056 .80252
1862J 6.099 1.94065 1.14865 .78528A 5.962 1.89995 1.10627 .77539J 5.627 1.85798 1.05067 .75027o 5.089 1.86484 1.01177 .70660
1863J 4.609 1.85633 .96286 .66361A 4.772 1.82670 .95819 .67867J 4.825 1.83981 .97159 .68352o 4.942 1.75906 .93309 .69390
1864J 5.222 1.74356 .94862 .71781A 4.774 1.76412 .92086 .678853 4.065 1.92929 .96304 .60905o 4.947 1.82602 .97341 .69433
1865J 5.402 1.73380 .95827 .73259A 5.985 1.70119 .98642 .777063 6.045 1.72200 1.00103 .781390 6.344 1.63154 .98072 .80238
RAILROAD BOND YIELDS
TABLE 6 (Continued)
A115
1866JAJ0
6.6496.5486.3706.164
1111
• 57803.65817.61284.65649
• 980411.00575
.97498
.97876
1867JAJ0
82274.81613.80416.78987
6.3426.3446.2046.283
I . 60403I . 643661.662701.65879
1868
AJ0
.96962.98577.98429.98809
• 80222.8023879268.79819
6.3596.2436.2456.281
•1
111
.6114964012
• 59944.65740
.97366
.97731
.9611798735
1869JAJ0
80336.79541.7955379806
6.3826.5426.4606.556
1111
1.67317.62815.65201.67570
.00127
.99264
.99720
.01410
1870JAJ0
1
• 80499.81569.81025.81667
6.5196.3956.3776.374
11I1
1.69528.62365.55900.62055
• 02068• 98097.95549.97831
1871JA30
.81415
.80584
.80458
.80443
6.3836.4396.3986.280
1111
.6099i.• 52420.50781.62558
.9747094808.94017.97384
1872JA30
.80502
.80879
.80604
.79793
6.1596.2956.0286.214
1111
.58512
.51999
.6123960527
.94976
.93694
.95090
.96122
1873JA30
78950.79899.78025.79335
6.2496.2226.1526.391
I . 57862I . 609491.59581.1.70236
.95367
.96338
.95330
.01553
18743A
1
.79579
.7938778904.80560
6.1805.9845.8455.716
1.628451. 67444I . 744531.6504
.96808.97388• 99809.99963
.79100
.77703
.76676
.75710
A116 APPENDIX
TABLE 6 (Continued)
1875JAJ0
5.6275.4145.4145.363
1.735361.778291,750951.76477
.97679
.98355
.96831
.97179
1876JAJ0
.75029
.73351
.73353
.72942
5.2475.2525.0945.254
1.746121.708811.753081.69445
.95209
.93339
.94302
.92666
1877JA30
.71991
.72032
.70708
.72051
5.0505.3495.1535.204
1.77163I .677451.693571.70061
.94950
.92654
.91785
.92534
1878JA30
.70327
.72831
.71212
.71626
5.1075.1745.0375.025
1.719311.679051.696911.70359
.92653
.91273
.90955
.91161
.70824
.7137770224
.70108
4.9334.8834.9474.9474.8054.7314.6704.6774.7914.7574.7174.710
1.663601.609201.619501.619401.63732I . 654431.666541. 657901.639751.653701.665711.64739
.88507
.85810
.86785
.86774
.86242
.86293
.86260
.85947
.86217
.86495
.86658
.85798
1879JFMAM3JAS0ND
1880JFMAM33AS0ND
.69307
.68870
.69438
.69431
.68169
.67493
.66929
.66997
.68043.67727.67364.67301
6958.6925.6893.6861.68326807.6785.6767.6753.6741.6729.6717
4.6734.6354.6224.6574.6524.5514.4194.3914.3874.3494.2554.183
1.644381.632661.632631.619551.617281.65277I . 685091.674411.661011.659401.655771.65911
.85331
.84489
.84361
.84157
.84019
.84542
.84701
.83945
.83305
.82856
.81749
.81153
.66962
.66609
.66481.66809.66761.65815.64526.6426164219
.63841.62891.62150
.6702.6682.6658.6628.6594.6555.6513.6468.6421.6373.6327.6283
RAILROAD BOND YIELDS A117
TABLE 6 (Continued)1 2 3 4 5
DateSigma
"4.50" inJan. 1925
Cum. Log.of sigma
slopesLog. "5.00" Log.
S
"4.50"Cyclicalcurve to
Log.
1881 —J 4.160 1.64866 .80465 .61914 .6242F 4.258 1.61812 .80214 .62923 .6208M 4.276 1.63296 .80994 .63101 .6179A 4.224 1.65322 .81314 .62567 .6156M 4.067 1.67834 .80789 .60926 .6140J 4.019 1.66942 .79866 .60407 .6129
J 3.988 1.68651 .80319 .60078 .6122A 4.019 1.68698 .80671 .60408 .6119
S 4.138 1.66277 .80844 .61679 .6117O 4.170 1.66867 .81435 .62009 .6118N 4.109 1.68826 .81693 .61371 .6121D 4.119 1.69474 .82102 .61474 .6126
1882 —J 4.107 1.69759 .82116 .61352 .6132F 4.098 1.71308 .82777 .61259 .6139M 4.147 1.69910 .82606 .61770 .6146A 4.130 1.68515 .81770 .61592 .6155M 4.114 1.68064 .81395 .61426 .6163J 4.148 1.66407 .81004 .61782 .6170J 4.096 1.68153 .81250 .61240 .6178A 4.132 1.67788 .81462 .61620 .6187S 4.184 L6592s .81175 .62164 .6198o 4.157 1.66712 .81238 .61881 .6211N 4.206 1.65174 .81069 .62385 .6227D 4.265 1.61689 .80236 .62993 .6246
1883 —J 4.233 1.61496 .79824 .62658 .6266F 4.219 1.63868 .80655 .62525 .6287M 4.261 1.62286 .80434 .62952 .6306A 4.283 1.59982 .79744 .63166 .6321M 4.278 1.59961 .79690 .63120 .6332J 4.278 1.59751 .79616 .63126 .6337J 4.285 1.58999 .79412 .63205 .6336A 4,334 1.58078 .79559 .63692 .6331S 4.364 1.56289 .79220 .63993 .6322o 4.329 1.57913 .79444 .63637 .6312N 4.322 1.56372 .78824 .63568 .6301D 4.263 1.58614 .79033 .62969 .6290
1884J 4.154 1.63299 .79741 .61847 .6282F 4.184 1.58949 .78348 .62159 .6275M 4.184 1.56771 .77554 .62157 .6271A 4.173 1.55843 .77108 .62037 .6267M 4.217 1.57972 .78327 .62498 .6265J 4.250 1.62031 .80214 .62835 .6261J 4.242 1.63026 .80545 .62763 .6255A 4.237 1.59541 .79114 .62704 .6245S 4.234 1.60159 .79316 .62670 .62310 4.209 1.61289 .79501 .62417 .6210N 4.202 1.61894 .79674 .62350 .6182D 4.196 1.60126 .78915 .62282 .6148
A118 APPENDIX
TABLE 6 (Continued)
1885JFMAMJJAS0ND
4.0594.0073.9573.9383.8893.8473.8263.8173.8073.7983.8003.776
1.653531.662781.670311.674081.69234I .6892Q1.68513I . 684971.683291.667921.651931.65363
.79603
.79442
.79232
.79199
.79494
.78880
.78445
.78338
.78150
.77351
.76664
.76465
.60842
.60277
.5973359529
.58980
.58513
.58268
.58169
.58058
.57958
.57973
.57700
.6108
.6064
.6018
.59725928
• 5888.5852.5821.5795.5773.5755• 5739
1886JFMAMJJAS0ND
3.7573.7063.7063.7273.7193.7173.6583.6573.7453.7473. 7633.789
1.626691.616101.607191.59990I . 603281.58310I . 604521.613151.590441.589721.577451.57629
.75112
.74106
.73756
.73718
.73749
.72974
.73087
.73405
.73568
.73564
.73296
.73560
.57475
.56894
.56894
.5713657038
.57022
.56328
.56310
.57344
.57367
.57550
.57856
.5726
.57155707
• 57005696
.5694
.5694
.5696
.5701
.5708
.5718
.5729
3 7463.7463.7623.7943.7873.7973.7623.8053.9023.9203.8683.801
1.591051.597221.597031.59738I.575071.572041. 608711.601931.586311.592261.602621.63486
.73605
.73832
.74018
.73725
.73492
.734967445974700
.75195
.75617
.75431
.75965
1887JFMAM3JAS0ND
1888JFMAMJJAS0ND
0
.57358
.57353
.57546
.57909
.57832
.57945
.57537
.58041
.59124
.59325
.58746
.57994
.5743
.57575773.5788.5802.5815.5826.5834.5838.58395836.5828
3,7953.7583.7813.7823.7523.6833.6173.6163.5953.5783.5723.586
1.602101.610301. 607891.609341.617541.647331.661051.658761.687881.701481.697161. 68385
.74581.7448374649
.74713
.74690.75111.74923.74809.75871.76324.76034.75576
.57915
.57500
.57760
.57767
.57422
.56616
.55835
.55821.55567.55373.55290.55459
.58155797
.5774
.5746
.5715
.5679
.5641
.5601
.5561
.55235487.5456
RAILROAD BOND YIELDS
TABLE 6 (Continued)
A119
3.5133.4583.4023.4553.4283.4243.4833.5223.3.5703.5683.595
1.701871.709631.744821.712461.70490I . 685241.660711.641541.628181.638631.658871,64986
.75537
.75234.76317.75331.74616.73630.73273.72933.72680.7339974236
.74173
.54567
.53886
.53168
.53843
.53500.53448.54199.54683.54983.55270.55243.55570
.5431
.54125400
.5395
.53985406
.54205438
• 5459.5483.5507• 5532
3.6173.6003.6133.6283.6173.6543.6733.6883.6993.7393.7433.781
1.626201.637841. 639931.631351.637731.623121.618351.628531.634511.624141. 649641.65331
73458.73721.73973.73793.73921.73776.73803.74391.74770.74803.75911.76513
1889JFMAMJJAS0ND
1890JFMAMJJAS0ND
1891J
MAMJJAS0ND
1892JFMAMJJAS0ND
.55841
.55626
.55791
.55966
.55830
.5628456502
.56680
.56813
.57270
.57317
.57762
5555.55775596
.5612
.5626
.5638
.5651
.5664
.5679
.5696
.5715
.5737
3.7423.7573.7633.7983.8193.8733.8743.8913.8723.8843.8723.862
1. 624301.613821.638061. 623751.629021.626661.622581.612891. 611831.579771. 569831.55010
.74848
.74598
.75650
.75472
.75920
.76432
.76290
.76091• 75828.74763.74261.73461
• 57309.5747757546
.57955
.58189
.58798
.5882159007
.58786
.58933
.58789
.58677
57595782
.5804
.5824
.5841
.5855• 58645868
.8867
.5861
.58515836
3.7763.7613.7753.7643.7583.7283.7133.7153.7373.7393.7653.768
1.579981. 572541.567091.563081. 552811. 563691.566261. 569681.580001.577071.564471.57303
.73536
.73102
.73063
.72797
.7236472403
.72319
.7246173087
.7301572862
.73198
.57698
.57534
.57689
.57565
.57488
.57149
.56975.56995.57250.57284.57581.57613
.58185799
.5779
.5760
.5744
.5729
.5718.5710.5707.5708.5713.5722
A120 APPENDIX
TABLE 6 (Continued)
1893JFMAMJJAS0ND
3.7493.7403.7433.7403.7493.7853.8303.8653.8573.8653.8263.798
1.57182.55794
1.578021.581591.605431.620731.665811 . 694601.63559I . 600241.571131.55056
.72931
.72338• 73083.73185.74181.75207.77621.79330.76625.75307.73785.72757
.57390
.57285
.57318
.57289
.57389
.57813.58325.58710.58625.58714.58268.57957
5734.5749.5766.57825797
.5809
.5818
.5821
.58195811
.5797
.57761894JFMAMJJAS0ND
333333333333
730706698
.627
.612
.621
.616
.591
.571554
.512507
1.593081.579581.561421.581791.595611.592901.605461.608201.604791.594051.604431. 60775
.73487
.72709
.71970
.71861
.72188
.72192
.72614
.72415
.72048
.71431
.71313
.71376
57165.56887.56796.55959.55771.55878.55821.55516.55281.55074.54559.54494
.5750
.5719
.5684
.5649
.5615
.5584
.5559
.5538
.5522
.5510
.55015492
3.5203.5533.5613.5663.5123.4763.4773.4113.4273.4503.4703.430
111111111111
.60316
.60430
.6071560744
.6133760070
.58287
.59950
.5931458402
.58037
.64060
.71359
.71808
.72018
.72092
.71651
.70724
.70066
.69854
.69810
.69763
.69885
.71738
1895JFMAMJJAS0ND
1896JFMAMJJAS0ND
54654.55059.55159.55222.54549.54113.54124.53290.53486.53778.54035.53530
.5483
.5472
.546154485435
.54215408
.5395
.53855378
.5376
.5378
333333333333
478• 458489.501487
.451• 484• 585578543512
• 487
1.640931.629691.612881.602701.600361.618121.646071.681641.650171.650411.616751.60537
.72354
.71641
.71352.7110870847.71081.72650.75462.73986.73567.71790.71041
.54132
.5388554270.54422.54250.53791.54211.55449.55372.54942• 54555.54251
• 5386
.54165434
.5450• 5464.54715472
.545154305402
RAILROAD BOND YIELDS A121
TABLE 6 (Continued)
1897JFMAMJ3AS0ND
333333333333
.429• 392.367• 343.330289.264• 298.265.285• 293• 249
1.615341. 62527I . 624931.632631.63302.1.641271.637631.625981.653771.641621.625601.62660
.70704
.70620
.70292
.70296
.70132
.69937
.69459
.69439
.70161• 69908.69348.68809
.53525
.53043.52729.52418.5223951701
.51375
.51834
.51392
.5165751758
.51178
.5378
.5341
.5303
.5264
.5229
.5189
.5165
.5149
.5142
.5146
.5152
.5164
1898JFMAM3SAS0ND
3.2533.2603.3143.3783.4023.3533.2653.2853.3103.2853.2353.198
1.610511.608021.622851.632361.591001.58966I . 624091.591011.583591.582011.595601.60005
.68222
.68214
.69513
.70724
.69412
.68737
.68918
.67904
.67952
.67574
.67406
.67073
.51232
.51322
.52034
.52858
.53169
.52544
.51389
.51661
.51983
.51664
.5099050488
.5179
.51955208.52175220.5217.5205.5186.5160.5129.5094.5059
3.1503.1583.1503.1133.0953.0953.1103.1283.1483.1763.1963.177
I.oosio1.602611.609731.612961.60553'.599591.600141.600081.607011. 608041.606571.64488
.66613
.66621
.66785
.66402
.65866
.65634
.65864
.66112
.66656
.67086
.67294
.68584
1899JMAMJJAS0ND
1900SFMAMSSAS0ND
.49834
.49938
.49826
.49316
.49070
.49067
.49275
.49526
.49803
.50193• 50458.50195
.5026
.4996
.4973
.49574948.4945• 4947.4953.4961.4971.4980.4990
333333333333
.174
.156
.143
.141
.148
.154164
.172
.179
.200
.189
.170
1.625501.618251.620011.609381. 622851, 626151.617081.610821. 606831.590441. 581931 57612
.67748
.67215
.67099
.66655
.67291
.67503
.67283
.67146
.67077
.66746
.66283
.65797
.50162
.49920
.4973449709
.49812• 49890.50034.50145.5023150524
.50375
.50101
.49975004
.5008
.5010
.5010• 5008.5006.5004• 5003• 5003• 5004.5007
A122 APPENDIX
TABLE 6 (Continued)1 2 3 4 5
Sigma Cum. Log. CyclicalDate "4.50" in of sigma Log. "5.00" Log. "4.50" curve to
Jan. 1925 slopes Log. "4.50"
1901 . —
J 3.166 1.56987 .65526 .50054 .5011F 3.143 1.57452 .65383 .49745 .5015M 3.149 1.56808 .65232 .49824 .5018A 3.158 1.56539 .65254 .49941 5021M 3.179 1.56645 .65577 .50226 .5023J 3.179 1.55744 .65269 .50234 .5024J 3.200 1.55236 .65375 .50515 .5025A 3.202 1.56066 .65683 .50536 .5025S 3.196 1.56906 .65900 .50457 .5026O 3.206 1.55763 .65644 .50602 .5027N 3.190 1.55133 .65206 .50381 .5029D 3.189 1.55170 .65207 .50369 .5031
1902J 3.185 1.54536 .64936 .50314 .5037F 3.168 1.55282 .64959• .50082 .5043M 3.179 1.54216 .64742 .50227 .5052A 3.179 1.53686 .64565 .50226 .5063M 3.208 1.52136 .64455 .50619 .5077J 3.243 1.50027 .64274 .51093 .5095J 3.270 1.48748 .64254 .51455 .5116A 3.292 1.47834 .64274 .51742 .5141
S 3.306 1.47601 .64397 .51932 .5169o 3.327 1.48492 .64923 .52201 .5200N 3.344 1.47480 .64857 .52427 .5234D 3.347 1.49045 .65353 .52467 .5268
1903J 3.363 1.46779 .64896 .52665 .5303F 3.388 . 1.45454 .64863 .53000 .5335M 3.434 1.44832 .65272 .53578 .5366A 3.487 1.42346 .65284 .54240 .5394M 3.455 1.43963 .65303 .53840 .5419J 3.463. 1.45831 .65917 .53950 .5441
J 3.551 .1.41181 .65779 .55027 .5459A 3.622 1.37617 .65803 .55899 .5474S 3.595 1.40814 .66228 .55567 .5486O 3.531 1.43419 .66112 .54792 .5494N 3.493 1.44386 .65892 .54317 .5499D 3.508 1.43446 .65835 .54507 .5500
1904 —
J 3.510 1.42173 .65527 .54527 .5498F 3.519 1.42087 .65622 .54643 .5492M 3.560 1.38975 .55358 .55139 .5485A 3.551 1.37433 .64899 .55037 .5476M 3.557 1.35281 .64494 .55108 .5468J 3.533 1.35401 .64231 .54819 .5459J 3.503 1.35071 .63778 .54438 .5450A 3.482 1.36201 £3767 .54181 .5441
5 3.483 1.36442 .63841 .54201 .54310 3.491 1.34741 .63555 .54286 .5422N 3.491 1.33523 .63310 .54297 .5411D 3.476 1.34079 .63236 .54107 .5402
RAILROAD BOND YIELDS
TABLE 6 (Continued)1 2 3 4 5
DateSigma
"4.50" inJan. 1925
Cum. Log.sigma
slopesLog.
.
"5.00" Log. "4.50"Cyclicalcurve to
Log. "4.50"
3.4383 4433.4523.4553. 4613.4503 . 4453.4513.4573.4663.4913.491
1.354991.339411.341581.344671.344811.351661.344741.341241.334651.325791.323001.33500
.63067
.62790
.62960
.63064
.63133
.63136
.62934
.62938
.62873
.62797
.63055
.63294
.53634
.53690• 53814.53853.53919.53776.53722.53799.53872.53979.54292.54286
3.4853.5163.5583.5533,5763.5693.5833.6233.6633.6513.6373.655
1.329851.314891.301391.327181.317441, 313751. 312471.287691.271801.274501.28415I . 27896
.63118.63207.63461.63911.63994.63831.63978.63988.64173.64073.64083.64209
1906JFMAMJJAS0ND1906JFMAMJJAS0ND
1907JFMAMJJAS0D1908JFMAMJJAS0ND
.5421654606
.55124
.55064
.55343
.55254
.55426
.55910
.5638556237.56071.56291
.5393.
.5385.5378'5374.5373'5374.5378.5384.5393.540454175431
.5446
.5464
.5483
.5503
.5523
.5543
.5561.5578.55945608.5622.5637
.5652
.5669.5686.5703
• .5718.5734.5747'5757
• .5765.5770.5769.5765
.5758
.5749
.5737
.5723
.5709.5695.5683.5672.5664
• .5658.5655.5654
3.6513.6793.7413.7163.7123.7263.7193.7553.7613.8233.8953.828
1.296391.287441.288141.316151. 342471.374521.379891.390521.426871.431571.487951.46519
.64482
.64647
.65390
.65639
.66124
.66992
.67026
.67700.68659.69487.71858.70459
.56240
.56573
.57303
.57014
.56960
.57125.57037.57463.5752958235.59047.58302
3.7393.6803.7183.7093.7263.7133.6923.7153.6983.6963.6783.672
1. 426871. 466531.458521.442711
1.403951. 403071.344571.327081.32033I . 302971.28964
.68413
.68772
.69005.68473• 67509.675336727266196.6566965480.64924.64606
.57283
.56677
.57033
.56929
.57129
.5697456735
.56987
.56805.56771.56556.56491
A124 APPENDIX
TABLE 6 (Continued)• 1 2 3 4 5
Date. Sigma
"4.50" inJan. 1925
Cum. Log.of sigma
slopesLog. "5.00" Log. "4.50"
Cyclicalcurve to
Log. "4.50"
1909J 3.672 1.26265 .64119 .56493 .5654F 3.672 1.23288 .63611 .56490 .5656M 3.681 1.23431 .63739 .56595 .5659A 3.668 1.25493 .63927 .56436 .5663M 3.678 1.23567 .63730 .56563 .5669J 3.702 1.22535 .63837 .56839 .5677J 3.695 1.22764 .63794 .56759 .5686A 3.722 1.20460 .63754 .57082 .5698S 3.754 1.18528 .63834 .57452 .5711
0 3.736 1.22791 .64280 .57240 .5724N 3.738 1.24172 .64524 .57257 .5738D 3.753 1.22653 .64461 .57443 .5752
1910J 3.761 1.21753 .64401 .57528 .5765F 3.773 1,20742 .64387 .57672 .5776M 3.801 1.19514 .64516 .57989 .5786A 3.812 1.23232 .65217 .58106 .5794M 3.797 1.26822 .65664 .57940 .5800J 3.809 11.27206 .65871 .58078 .5806J 3.827 1.27304 .66097 .58287 .5811A 3.827 11.26511 .65960 .58291 .5816S 3.818 11.22396 .65153 .58177 .5820o :3.796 1.22178 .64874 .57933 .5824N 3.819 1.22534 .65201 .58203 .5829D 3.818 11.22516 .65172 .58177 .5833
1911J 3.824 11.20565 .64938 .58250 .5838F 3.844 1.18183 .64807 .58476 .5842M 3.857 11.18248 .64959 .58619 .5846A 3.843 1.19405 .64978 .58467 .5850M 3.841 1.18137 .64772 .58448 .5852J 3.851 1.17787 .64838 .58565 .5854J 3.858 1.17496 .64872 .58641 .5854
A 3.868 11.17817 .65030 .58752 .5854S 3.862 1.20659 .65380 .58677 .5853O 3.849 1.21454 .65352 .58525 .5852N 3.833 11.21059 .65111 .58347 .5851D 3.839 11.21066 .65182 .58417 .5851
1912J 3.838 11.20217 .65044 .58410 .5851F 3.841 1.18775 .64862 .58444 .5852M 3.857 11.18733 .65034 .58623 .5855A 3.857 1.19718 .65192 .58633 .5858M 3.850 1.21290 .65354 .58553 .5863J 3.865 1.21078 .65488 .58720 .5870J 3.875 1.20957 .65577 .58828 .5878A 3.908 1.19431 .65719 .59204 .5889S 3.918 11.20733 .66025 ' .59312 .59020 3.917 11.20587 .65991 .59299 .5917N 3.916 11.20704 .65987 .59278 .5934D 3.929 1.20654 .66134 .59432 .5953
RAILROAD BOND YIELDS A125
TABLE 6 (Continued)
Date
1Sigma
"4.50" inJan. 1925
2Cum. Log.of sigmaslopes
3
Log.
4
"5.00" Log. "4.50' ,
5Cyclicalcurve to
Log. "4.50"
3.9143.9213.9754.0414.0834.0774.0924.0634.0274.0644.1304.149
1.209591.219951.231151.206031.212151.267581.250851.238891.238041.234161. 219861.21017
.66010
.66252
.67026
.67348
.67892
.68746
.68608
.68103
.67702
.68037• 68496.68548
.59261
.59340
.59934
.60655
.61103
.61033
.61186
.60883
.60496
.6089561585
.61790
.5973
.5995
.6017
.6039
.6060
.60786092
.6102
.61076107
.6103
.6098
4.0754.0354.0434.0274.0134.0134.061
t
I . 207591. 180551.195481.213831. 232291.218101.21308
.67732
.66897
.67200
.67318
.67458
.67238
.67665
.61014
.60584
.60666
.60502
.60347
.60355
.60862****
1913JFMAMJJAS0ND
1914JFMAMJJAS0ND
1915JFMAMJJAS0ND
1916JFMAMJJAS0ND
4.212
.6091
.6086
.6083
.60826085
.6090
.6099
.6111.6126.6143.6161.61801.26312 .70080 .62446
4.1554.1524.1684.1344.1484.1784.2324.2504.2494.1794.0914.069
1.263871.262701.278351.271261.268531.27041I . 280881.292731.307341.287361.24865I . 25808
.69509
.69456
.69894
.69420
.69506
.6986970603
.71017
.71279
.70180
.68562
.68494
.61861
.61829
.61987
.61641
.61775
.62105
.62649
.62843
.62826
.62107
.61177
.60948
.6198
.6213.62246229
.6229
.6223
.6214
.6202
.6189
.6177
.6164
.6152
4.0484.0504.0634.0714.0784.0714.0664.0784.0774.0394.0113.997
1.263991.249361.251951. 260141.265151,278071.295021.301821.291031.274871.267931.28618
.68374
.68151
.68322
.68556
.68707• 68868.69134.69384.69169.68478.68051.68223
.6072460754
.60881
.60973
.61036
.60966
.60918
.61038.61028.60634.60332.60172
Exchange closed.
.6140
.6127• 6112.6097.60826067
.60536042.6034.6031.6033.6041
£126 APPENDIX
TABLE
Date
6 (Continued)1
Sigma"4.50" inJan. 1925
2Cum. Log.of sigma
slopes
3 4
Log. "5.00" Log. "4.50"
5Cyclicalcurve to
Log. "4.50"
1917JFMAMJJAS0ND
3.9394.0084.0394.1034.2274.2644.3164.3514.4164.4744.5824.624
1.283121.280931.29113I . 320281.314351.322531.313861.310921.330631.320721.337411.36621
.67536
.68248
.68770.70023.71188.71738.72089.72387.73417.73788.75172.76177
59542.60294.60627.61315.62598.6298563509
.6386564498
.65071
.66113
.66497
.6057
.6081
.6114
.6156
.6205
.6261
.6322
.63856448.6509.6566.6615
1918JFMAMJJAS0D
4.5774.5964.6694.7184.6764.7454.7304.7794.8114.7334.4844.555
1.376921. 326061.319301.325301.307301. 294621. 349391.313161.328881.297061.26379,1.21358
.75981
.75069
.75604.76187.75440.75825.76798.76492.77102.75770.72819.72659
.6605966244.66915.67377.66988.67617.67486.67925.68219.67515.65172.65848
.6656
.6688
.67116724
.6730
.6731
.67276720
.67 14
.6707
.6702
.6699
4.6564.6834.6884.7504.7404.7544.7844.8354.8654.7854.8744.894
I . 200781.220161.269911.25401L218041.202931.234381.331041.33530I . 298281. 326051.35332
.73414
.73968
.74852
.75149
.74459
.7435275126
.77363
.77724
.76265
.77618
.78370
1919JFMAMJJAS0ND
1920JFMAMJJAS0ND
6680067053
.67097
.67672
.67.577
.67706
.67980
.68436
.68709
.67986
.68793
.68973
.669866996703
.6711
.6724
.6743.6768.6800.68366877.6918.6959
4.9005.0255.0305.1495.3085.3155 . 2575.1165 . 0494.9394 . 9955.130
1.335511. 365621.361591.407051.438691.410461.425811.414631.340261.304801.323481.34100
.78042
.79780
.79741
.81804
.83933
.83265
.83178
.81713
.79442
.77763
.78619
.80139
.69023
.70113
.70164
.71170
.72495
.72547
.72074
.70891
.70324
.69360
.69846
.71005
69977030
.7058
.707970927097
.7098
.7095
.7088
.7081
.7075
.7071
RAILROAD BOND YIELDS
TABLE 6 (Continued)
A127
4.9594.9985.0585.0875.1385.2135.0875.0284.9984,9924.7494.588
1.336801.323621.32046I . 322231.295151. 33226I . 323341.302691.26502I . 249581.27731I . 29542
.78590
.78657
.79114
.79400
.79299
.80660
.79418
.78506
.77543
.77233
.75545
.74380
69544.6988170402
.70653
.71080
.71709
.70648
.70144
.69875
.69833
.67658
.66156
7067.7066.7066.7063.7055.7041.7016.6979.6931.6870.6800.6724
4.4774.4974.5234.4394.4294.4074.2864.2814.2824.4074.4784.470
1.314131. 298741.234411.229911.212531.229661. 264571.22471I . 206231.188531.198421. 18827
.73684
.73577
.72685
.71806
.71426
.71475
.70870
.70135
.69858
.70836
.71692
.71456
1921JFMAMJJAS0ND
1922JFMAKjJAS0ND
1923JFMAMJJAS0ND
1924JFMAMJJAS0ND
65098.65290.65538.64734.64631.64406.63210.63147.6316164406.65114.65031
• 6646.6571.6505.6451.6411.6387.6378.6382.6396.6417.6444.6473
4.4574.4924.6114.6294.5474.5624.5564.5264.5874.6144.5934.615
1.199831. 194151. 198561.204031.211401. 210891.223011.22426I . 200431.189641. 175691.16127
.71498
.71750
.72956
.73217
.72544
.72685
.72816
.72556
.72762
.7285572448
.72461
64899.65237.66376.66553.65767.65915.65855.65575.66154.66409.66205.66422
6502.6529.65566579.6598.6615• 6627.6635.6638.6637• 6633.6627
4.5874.6214.6344.5904.5604.4834.4224.4864.4694.4414.4604.507
1. 146481.122921. 107661. 119131.093391.104941.109521.070621.086971.091171. 06929I . 04649
.71985
.71995
.71941
.71662
.71062
.70461
.6991970088
.70109
.69889
.69817
.70025
.66148
.66467
.66604
.66182
.65897
.65157
.64559
.65187
.65020
.6475064931
.65389
.6619
.6609659965886576
.6562• 6547.6531.65146499
• 6486• 6477
A128 APPENDIX
TABLE
Date
6 (Continued)1
Sigma"4.50" inJan. 1925
2Cum. Log.of sigma
slopes
3
Log. "5.00"
4
Log. "4.50"
SCyclicalcurve to
Log. "4.50"
4.5004.4954.4374.3964.3384.3794.4364.4994.4654.5104.4034.457
1.041671.026401.079221.106441.111911.067471.050351.035521.026542.985312.982972.98238
.69904
.69697
.69707
.69626
.69122
.69001
.69373
.69837
.69413
.69440• 6925868909
.65320
.65271
.64708
.64303
.63733
.64135
.64695
.653 16
.64985
.65413
.65253
.64009
.647164706472
.64756479
.64816482
.648164776471
.64656457
4.4094.3724.3764.3234.3064.3374.3424.3464.3434.3494.3074.283
2.993712.997182.909352.993532.962042.914392.944842.958692.955482.935732.939022.95229
.68541
.68204
.6826867678
.67225
.67136
.67438
.6760067543
.6742767045
.66904
1925JFMAMJJAS0ND
1926JFMAMJJAS0ND
1927
FMAMJJAS0ND
1928JFMAMJJAS0ND
.64435
.64066
.64109
.6357563408
.63716
.63770
.63813
.03783
.63835
.63418
.63172
.6449
.64396429
.6417
.6404• 6391.6377.6364.6350.6336.6322.6305
4.2434.2444.1844.1144.1004.1324.1344.1134.0764.0434.0053.996
2.967502.964642.994411.017691.026741.025841.027721.000861.004482.987012.971142.95107
.66637
.66615
.66267
.65767
.65705
.66040.66076.65591.65231.64713.64157.63887
.62772
.62776
.62155
.61428
.61275.61620.61636.61417.61023.60670.60260.60165
.62856262
.62366206
.6175.6143.61146089.6069.6057.6052.6055
4.0104.0304.0684.0864.1004.1784.2594 3294.2634.2764.2604.312
2.917272.874952.873682.924202.944152.919102.897232.920702.883212.846412.88210
63881.64077.6406264244
.64767
.65762
.66388
.66931
.6643966288.65860.66640
.60318
.60634
.60939
.61130
.61269.62100.62930.6364462969
.63105
.62936
.63465
.6065
.6082
.6104
.6131
.6161
.6193
.6226
.6260.6294.6326.6357.6385
RAILROAD BOND YIELDS A129
TABLE 6 (Continued)1 .2 3 .4 5
DateSigma
"4.50" inJan. 1925
Cum. Log.of sigma
slopesLog. "5.00" Log. "4.50"
Cyclicalcurve to
Log. "4.50"
1929JFMAMJJAS0ND
1930JFlviAMJJAS0ND
1931JFMAlviIIAS0ND
1932IFMAMJJAS0ND
4.3434.3824.4074.4064.4234.4644.4904.4514.5214.4924.3874.349
4.3334.3174.2444.3044.2684.2344.1824, 1134.0624.0344.0664. 116
4.0124.0184.0334.0073.9183.92739203.9503 . 9804.1744.3214.496
4.5374.6094.5094.6044.5264.5564.5224.3404.2744.2684.2804.119
.88250
p.90420
2.936112.87776
2.903652. 94954
2.86676
2.91729
2.96978
1.011661. 069281. 12325
1.036881.031381.006771.089891.148651.16878I. 173151.245381.361951. 436581.407741.53738
1.451381. 414901.419291.516311.660611.682341.596001.476761.441631.458321. 49997T.60227
.66959
.67432
.67986
.67741
.67920
.68432
.68604
.68609
.68823
.68245
.67818
.66979
.67018
.67227
.66415
.66452
.66313
.66121
.65766
.6530564545
.64845
.65801
.66984
.64875
.64878
.64791
.65402.65174.65557.65532.66985.69572.73444.74214.79637
.77456
.77190
.76346
.79988
.84634
.85900.81960.76238.74593.74980.76313.78147
.63781
.64170
.64410
.64401
.64572• 64969
65225.64852.65520.65239• 64223.63836
.63682• 63519.62783.63388.63023.62679.62142.61420.60869.60567.60916.61452
.60341
.60401
.60561
.60279
.59309.59414.59327.59657.59988.62063.63564.65283
.65680.66364.65409.66314.65570.65858.65532.63753.63079.63015.63143.61480
.6411
.6432
.6451
.64666477
.6485
6488.6482.6470.6452.6428
.6399
.6367
.6334
.63006268.6237.62086178.6 146
.6112
.6077
.6041
.6008
.5981.5964.59605971:59996042.6100.6 169
.6246
.6325.6403
6472.6527.6564.6580.6573.6546.65026444.6379.63 11
.6245.6184
A130 APPENDIX
TABLE 6 (Concluded)
3.9333.9124.0514.2204.1133.9963.9443.8903.8703.8783.9563.939
1.597261.632191.656221.653711.583831.531021.481711.492481.583241.593221.667511.63457
.75948
.77097
.79632
.81293.77392.74302.72218.71933.74724.74997.78879.77292
.59471
.59241
.60760
.62529
.6141760156
.59591• 58988.58771.58861.59734.59545
.6132
.6090
.6056
.6032
.6013
.5999.5986.5971• 5954.5932.5907• 5879
3.8843.8453.7823.7263.6713.5823.5793.6133.6593.6033.5223.459
1.528471.413571.401981.393311.404391.430421.418241. 45778I . 478081.462451.468371.46112
• 5848.5817.5783.5747
.72833
.69154
.6815867304
.6692466502
.66165
.67606
.68719
.67606
.66781
.65790
.58933
.58486
.57770
.57122
.56478.55411
.55381.55794• 56342.55666.54678.53887
1933JFMAM3JAS0ND
1934JFMAMJJAS0ND
1935
MAMJJAS0ND
1936
MA
JJAS0NI::'
1937J
3.3743.2833 . 2293.2243,2693 . 2513 . 2363.2913.3033,3113.2703.250
1.464681.49297I. 560421. 577811.529061,523911.513381.502751.512641.521351.539641.52014
.64812.64430.65871.66417.65365.6496064429
.64832
.6528965673.65714.64828
.52810.51621.50909.50845.51446.51204.51003.51730.51886.51998.51451.51191
1.48775 .63302 506453.2103.1773.1133.1003.0663.0523.0753.1013.0733.0643.0342.989
3.011 /
RAILROAD BOND YIELDS A131
TABLES 7 AND 8
CERTAIN MATHEMATICAL FUNCTIONS AND EQUATIONS DERIVED FROM THELOGARITHMS OF THE YIELDS OF THE RAILROAD BONDS USED IN
INDEXES
The information in each horizontal line of these tables refers to adefirnte group of bonds, each bond in the group having either actual orinterpolated quotations on both the dates given in the first two columns.The bonds from which the tables are constructed are, year by year, thesame bonds which were used in constructing the bond index numbers.The groups in two horizontal lines may or may not be the same. Thenames of the bonds used in any particular period may be found by refer-ring to Table 3.
The x's of the table refer in all cases to the logarithms of the yieldsin the earlier date (first column of table). The y's refer to the logarithmsof the yields in the later date (second column of table). All functions andequations are in terms of logarithms; for example, the x's and y's of theequations are in all cases logarithms of yields. Thus the first equation inthe last column of Table 7 might read "The logarithm of the yield in thelater January equals 1. 18693 times the logarithm of the yield in theearlier January, minus . 13852."
The origin for all equations is zero. At the origin actual yields inboth the earlier and the later dates are therefore unity, as log i =0.
The Least Squares Straight Line Equations of Table 7 n.eed noparticular description. In the eighth column the earlier January (x) hasbeen considered the independent variable, in the ninth column the laterJanuary (y) has been considered the indepen.dent variable. In statisticalnomenclature, they are the two regression equations.
In the equations which we have termed Sigma Equations neithervariable is considered independent. They are equations of theoreticallinear relationship between x and y, fitted by the method of least squares,the assumption having been made that the tendency to deviation fromtheory in the x and y elements of each observation is in proportion to therespective x and y standard deviations. For a fuller discussion of thesignificance of these Sigma Equations see Ch. IV.
Table 7 contains a column entitled 'Root-Mean-Square-Displace-ment'. These figures give a of scatter of the observations aboutthe Sigma line (y = This measure of scatter, unlike the coefficientof correlation (r), is not necessarily affected by the mere inclusion orexclusion of bonds of lower and lower grade—in other words by the mererange of the observations.
TABLE 7—AMERICAN RAILROAD BONDMATHEMATICAL FUNCTIONS
ROOT-MEANDATES OF IDENTICAL GROUPS ARITHMETIC AVERAGES STANDARD DEVIATIONS SQUARE
OF OF LoGs OF YIELDS OF Locs OF YIELDS DISPLACE.
___________________________ ___________ ___________ ______________________
MENTx (earlier y (later /date) date). vJan. 1857 Jan. 1858 .90277 .93300 .05577 .06620 .0163Jan. 1858 Jan. 1859 .93493 .86427 .06473 .04906 .0263Jan. 1859 Jan. 1860 .86427 .87007 .04905 .05930 .0138Jan. 1860 Jan. 1861 .87007 .86380 .05930 .05494 .0088Jan. 1861 Jan. 1862 .86600 .85327 .05407 .04704 .0097Jan. 1862 Jan. 1863 .87218 .73518 .04985 .04106 .0234Jan. 1863 Jan. 1864 .74552 .78100 .04625 .03567 .0096Jan. 1864 Jan. 1865 .77968 .79309 .03537 .03458 .0150Jan. 1865 Jan. 1866 .79232 .86447 .03662 .02559 .0198Jan. 1866 Jan. 1867 .86932 .85168 .02700 .02867 .0116Jan. 1867 Jan. 1868 .85230 .85430 .02851 .02901 .0082jan. 1868 Jan. 1869 .85390 .86325 .02916 ,03361 .0102Jan. 1869 Jan. 1870 .85852 .87048 .02922 .03075 .0106jan. 1870 Jan. 1871 .87376 .85400 .02716 .02231 .0133.Tan. 1871 Jan. 1872 .85400 .83576 .02231 .02108 .0145Jan. 1872 Jan. 1873 .84043 .84596 .02454 .02418 .0054Jan. 1873 Jan. 1874 .84652 .84790 .02355 .02641 .0047Jan. 1874 Jan. 1875 .84576 .82033 .02553 .03266 .0089Jan. 1875 Jan. 1876 .82057 .79195 .03334 .03418 .0094Jan. 1876 Jan. 1877 .79195 .77967 .03418 .03624 .0139Jan. 1877 Jan. 1878 .78145 .77755 .03623 .03212 .0098Jan. 1878 Jan. 1879 .78045 .75659 .03216 .02829 .0065Tan. 1879 Jan. 1880 .75752 .73126 .02458 .02352 .0057Jan. 1880 Jan. 1881 .74288 .69312 .03275 .03307 .0072Jan. 1881 Jan. 1882 .69692 .70058 .03510 .03929 .0104Tan. 1882 Jan. 1883 .70379 .70121 .03939 .03256 .0076Jan. 1883 Jan. 1884 .70145 .69652 .03227 .03363 .0060Jan. 1884 Jan. 1885 .69647 .69019 .03310 .03471 .0088Jan. 1885 Jan. 1886 .69103 .65241 .03480 .03272 .0063Jan. 1886 Jan. 1887 .65216 .64489 .03281 .03023 .0076Jan. 1887 Jan. 1888 .64508 .65249 .03030 .03108 .0085jan. 1888 Jan. 1889 .65414 .64003 .02817 .03545 .0073Jan. 1889 Jan. 1890 .63850 .63639 .03523 .02960 .0089Jan. 1890 Jan. 1891 .63989 .65421 .02969 .02956 .0068Jan. 1891. Jan. 1892 .65500 .65095 .02958 .02671 .0075Jan 1892 Jan. 1893 .65090 .64544 .02730 .02679 .0057Jan. 1893 Jan. 1894 .64649 .64789 .02724 .02861 .0075Jan. 1894 Jan. 1895 .64783 .62450 .02910 .02979 .0072Jan. 1895 Jan. 1896 .62650 .62853 .03076 .03356 .0070Jan. 1896 Jan. 1897 .62735 .61635 .03323 .03133 .0072Jan. 1897 Jan. 1898 .61525 .59144 .03139 .03104 .0075Jan. 1898 Jan. 1899 .58980 .57486 .03353 .03312 .0092Jan. 1899 Jan. 1900 .57368 .58059 .03341 .03501 .0078Tan. 1900 Jan. 1901 .58276 .57192 .03561 .03133 .0041Jan. 1901 Jan. 1902 .57192 .57059 .03133 .02961 .0065Jan. 1902 Jan. 1903 .57124 .58361 .02948 .02466 .0055Jan. 1903 Jan. 1904 .58338 .59630 .02437 .02191 .0055Jan. 1904 Jan. 1905 .59697 .58067 .02183 .01872 .0048Jan. 1905 Jan. 1906 .58465 .58773 .02115 .01996 .0060Jan. 1906 Jan. 1907 .58872 .60551 .02001 .01853 .0041Jan. 1907 Jan. 1908 .6055 1 .63105 .01853 .02502 .0074Jan. 1908 Jan. 1909 .63105 .60482 .02502 .01714 .0061Jan. 1909 Jan. 1910 .60709 .61327 .02068 .01864 .0042Jan. 1910 Jan. 1911 .61355 .61975 .01889 .01838 .0033Jan. 1911 Jan. 1912 .61975 .62105 .01838 .01824 .0040Jan. 1912 Jan. 1913 .62170 .63086 .01861 .01893 .0037Jan. 1913 Jam 1914 .63056 .64793 .01904 .01895 .0056Jan. 1914 Jan. 1915 .64870 .66251 .01940 .02208 .0049Jan. 1915 Jan. 1916 .66172 .65037 .02296 .02297 .0055Jan. 1916 Jan. 1917 .64988 .63998 .02328 .02433 .0041Jan. 1917 Jan. 1918 .64020 .71617 .02484 .03083 .0099Jan. 1918 Jan. 1919 .71617 .70505 .03083 .02055 .0079Jan. 1919 Jan. 1920 .70505 .02055 .02802 .0067Jan. 1920 Jan. 1921 .74075 .74612 .02802 .02811 .0063Jan. 1921 Jan. 1922 .74512 .69907 .02811 .02668 .0083Jan. 1922 Jan. 1923 .69907 .68595 .02668 .02050 .0067Jan. 1923 Jan. 1924 .68595 .69417 .02050 .01813 .0055Jan. 1924 Jan. 1923 .69417 .67888 .01813 .01425 .0044Jan. 1925 Jan. 1926 .68471 .67258 .01854 .01660 .0033Jan. 1926 Jan. 1927 .67344 .65511 .01774 .01670 .0039Jan. 1927 Jan. 1928 .65687 .63004 .01749 .01613 .0033Jan. 1928 Jan. 1929 .63144 .66302 .01638 .01460 .0052Jan. 1929 Jan. 1930 .66302 .66328 .01460 .01533 .0049Jan. 1930 Jan. 1931 .65593 .62939 .00936 .01272 .0041Jan. 1931 Jan. 1932 .64041 .75290 .02114 .05491 .0132Jan. 1932 Jan. 1933 .73806 .70841 .04199 .05875 .0172Jan. 1933 Jan. 1934 .71155 .68790 .05698 .04807 .0142Jan. 1934 Jan. 1935 .68211 .60821 .04557 .03934 .0128Jan. 1935 Jan. 1936 .60821 .59093 .03934 .04149 .0106
Note 1. These are the yields in Table 3.Note 2. The variables are the logarithms of bond yields. The first two columns give, of course, only
the dates to which yields relate.Note 3. For a description of the nature of these equations see Ch. IV.
YIELDS1, JANUAItIES 1857-1936AND EQUATIONS
y =1.10138x— .06129.59365x+.30925
y= .90440x+.07691y= .83750x+.12200
.60311x+.20916
.72839x+.23797
.79911x+.17004
.40729x+.54177
.87710x+.08920
.93383x+.05840
y .89541x+.07055.81405x+.1414i.83941x+.10147.90281x+.04736.96113x—.02088
.78936x+.14567
y=
y
y=y=
y=
y=y=
y=y=
y=
y=y=
yy=
yy=
y=
y=y=
y=y=
y=yy= .98144x—.00399
x= .78178y+.ll337x =1. 0334ly+ . 041 78x=x=rl.05376y—.04017x=1.10666y—.07828x= .88927y+.2184lx=1.22440y—.21074x= .83582y+.ll6SOx= .83450y+.O1O92
.77811y-t'2O662x= .90231y+.O8l46x= .77535y+.1845S
.83126y-l-.13493x= .86123y+.l3827
.58631y+.36398x= .96427y+.O2470
.85969y+.11759
.89936y+.lOS32x= .79616y+.lll2lx=.1.03583y—.02396x=l.08492y—.O4O39x= .98636y+.O3624x= .94236y+.O897l
.82278y+.12O50x=1.15484y—.10399
.92788y+.05516x= .88932y-f.O8267x =1 .02621y+.02152x=1.02254y—.00l27x= .90026y+.O576lx= .75296y+.17222x=1.09958y—.06126
.95181y+.Ol72lx=1.02889y—.01476x= .97443y+.02O99x= .88309y+.07435x= .91807y-f.07449x= .87283y+.Oll9Ox=1.00755y+.00633
.95216y+.OS2llx= .03452y+.O5258x= .90485y+.04833
x=
x=x=x=x=x=
x=
x
x=x=x=x=x=
x= .88247y+.O8672
SIGMA OF STRAIGHTLINES FITTED TO LOGARITHMS
OF YLELDSU7
y
y =y=
y
y
y
y
y
y
y=y=y=y=
y=y=
y=y=
y=
yy=
y=
y=
y=1y=y=y=y=y=
y .89l75x+.09993y=l.04977x—.03274yl.359O6x—.262O6
—.91038
.84366x+.08739,,=y=rl.05459X—.05048
EQUATIONS 01 LEAST SQUARES STRAIGHT LINES FITTED TO LOGARITHMSOF YIELDS
When x is the independetitvariable
When y is the independentvariable
A134 APPENDIX
TABLE 8—AMERICAN RAILROAD BOND YIELDS1, QUARTERLY, JANUARY 1857-JANUARY1936. MATHEMATICAL FUNCTIONS AND EQUATIONS
DATES OF IDENTICAL ARITHMETIC AVERAGES STANDARD DEVIATIONS SIGMA EQUATIONS3 OFGRours OF BONDS2 OF Locs OF YIELDS Locs OF SmAIGIIT LINES FITTED TO
___________________ ____________________ _____________________
LOGARITHMS OF YIELDSx (earlier y (later
__
Uy
date) date)y—am
0xIC
Jan. 1857 April 1857 .90277 .90200 .05577 .05520 y= .98971x+.00852April " July " .90200 .91738 .05520 .06091 y=1.10343x—.07791July " Oct. .91738 .99308 .06091 .06918 y . 13578x — .04886Oct. " Jan. 1858 .99308 .93300 .06918 .06620 v= .95694x—.01732Jan. 1858 April " .93493 .89673 .06473 .05627 .86929x+.08400April " July " .89673 .88627 .05627 .05868July " Oct. " .88627 .87047 .05868 .05096 .86841x+.10082Oct. " Jan. 1859 .87047 .26427 .05096 .04906 .96271x+.02626Jan. 1859 April " .86427 .86160 .04906 .05093 y=1,03809x—.03559April " July " .86160 .87993 .05093 .05288July " Oct. " .87993 .87080 .05288 .05281 y= .99859x—.00789Oct. " Jan. 1860 .87080 .87007 .05281 .05930 y=1.12296x—.10780Jan. 1860 April " .87007 .85873 .05930 .05119 .86331x+.10759April " July " .85873 .83953 .05119 .04848 .94705x+.02627July " Oct. " .83953 .84147 .04848 .05116 y=1.05514x—.04436Oct. " Jan. 1861 .84147 .86380 .05116 .05494 y=1.07388x—.03984Jan. 1861 April " .86600 .86107 .05407 .05222 .96565x+.02482April " July " .86107 .86747 .05222 .05446July " Oct. .86747 .87887 .05446 .05282 y— .96985x+-.03755Oct. " Jan. 1862 .87887 .85327 .05282 .04704 .89056x+.07058Jan. 1862 April " .87218 .85453 .04985 .04339 y= .91055x+.06036April ' July " .85453 .82212 .04539 .04121 y= .90788x+.04631July " Oct. .82212 .77959 .04121 .04187 y=t.01591x—.05561Oct. " Jan. 1863 .77959 .73518 .04187 .04106 .98059x—.02928Jan. 1863 April " .74552 .75519 .04625 .04320 y= .93404x+.05884April " Ji.ily " .75519 .76238 .04320 .04452 y1.03064x—.01595July " Oct. .76238 .75938 .04452 .03697 .83033x+.12635Oct. " Jan. 1864 .75938 .78100 .03697 .03567 y= .96494x+.04824Jan. l864April " .77968 .74373 .03537 .03708 y=1.04849x—.07376April " July " .74373 .70395 .03708 .05425 y=1.46276x—.38395July " Oct. .70395 .76914 .05425 .04277 y= .78837x+.21417Oct. " Lan. 1865 .76914 .79309 .04277 .03458 .80869x+.17109Jan. 1865 April " .79232 .83247 .03662 .03398 .92767x±.09746April " July " .83247 .83953 .03398 .03564 y=1.04909x—.03381July " Oct. .83953 .84958 .03564 .02894 .81197x+.16791Oct. " Jan. 1866 .84958 . .86447 .02894 .02559 y= .88408x+.11337Jan. 1866 April " .86932 .87216 .02700 .03247 y=1.20266x—.17334April " July " .87216 .85463 .03247 .02925 .90089x+.06891July " Oct. .85463 .84568 .02925 .03235 y1.lOS73x—.09931Oct. " Jan. 1867 .84568 .85168 .03235 .02867 .88622x+..10222Jan. 1867 April " .85230 .83725 .02851 .03124 y1.09554x—.07648April July " .85725 .85000 .03124 .03264 y=1.04481x—.04566July " Oct. " .85000 .85500 .03264 .03235 .99104•x+.01262Oct. " Jan. 1868 .85500 .85430 .03235 .02901 .89680x+.08754Jan. 1868 April " .85390 .84940 .02916 .03115April " July " .84940 .84470 .03115 .02836 Y .91059x+.07124July " Oct. " I .84470 .85425 .02836 .03241
Oct. " Jan. .85425 .86325 .03241 .03361 y1.03697x—.02258Jan. 1869 April " .85852 .86395 .02922 .02634 y = .90152x+.08998April .. July " .86395 .86124 .02634 .02783 y=1.05648x—.05151July " Oct. " .86124 .87052 .02783 .02939 y=l.05607x—.03901Oct. " Jan. 187C .87052 .87048 .02939 .03075 y=1.04612x—.04019Jan. 1870 April " .87376 .85638 .02716 .02303 .84795x+.11548April " July " .85638 .84814 02303 .01985 y .86168x+.11021July " Oct. ." .84814 .85462 01985 .02287 y=1.15226x—.12266Oct. " Jan. 1871 .85462 .85400 .02287 .02231 y .97580x+,02006Jan. 1871 April " .85400 .84900 .02231 .01832 y= .82090x+.14795April " July " .84900 .84476 .01832 .01764 y .96297X+.02720July " Oct. .84476 .84871 .01764 .02313 y=1.31150x—.25919Oct. " Jan. 1872 .84871 .83376 .02313 .02108 y= .91104x+.06255Jan. 1872 April " .84043 .84283 .02454 .02113 .86074x+.11944April " July " .84283 .83448 .02113 .02613 yl.237O8x—.2O817July " Oct. .83448 .84670 .02613 .02571 y .98374x+.02579Oct. " Jan. 1273 .84670 .84596 .02571 .02418 y= .94048x+.04966Jan. 1873 April " .84652 .84833 .02355 .02.529 y1.07367x—.06055April " July " .84833 .84181 .02529 .02450 .96900x+.01978July " Oct. .84181 .87305 .02450 .03131 y=1.27805x—.20283Oct. " Jan. 1874 .87305 .84790 .03131 .02641 .84350X+.11148Jan. 1874 April " .84.576 .83790 .025.53 .02839
April " Tuly " .83790 .83829 .02839 .03336 y=1.17514x—.14636July " .Oct. .83829 .83210 .03336 I .03497 v=t.04837x—.04674
RAILROAD BOND YIELDS A135
TABLE RAILROAD BOND YIELDS', QUARTERLY, JANUARY 1857-JANUA;RY1936. MATHEMATICAL FUNCTIONS AND EQUATIONS—(COntlflued)
DATES OF IDENTiCAL ARITHMETIC AVERAGES STANDARD DEVIATIoNs SIGMA EQUATIONSi OFGROUPS OF OF Locs OF YIELDS Locs OF YIELDS STRAIGHT LINES FITTED TO
___________________
LOGARITHMS OF YIELDSx (earlier y (later =a + xdate) date)
Oct. 1874 Jan. 1875 .83210 .82033 .03497 .03266 .03394x+.04320Jan. 2875 April " .82057 .81110 .03334 .03680 y=1.10391x—.O9474Apri " July " .81110 .80638 .03680 .03456 y= .93899x+.04477July " Oct. .80638 .80462 .03456 .03568 y=1.03233x—.02783Oct. Jan. 1876 .80462 .79195 .03568 .03418 y .95796x+.02116Jan, 1876 April " .79195 .78643 .03418 .03136 .9.t768x+.05967Apri " July " .78643 .78029 .03136 .03473 y=1.10•732x—.09054July " Oct. .78029 .78448 .03473 .03034 y= .87371x+.10273Oct. " Jan. 1877 .78448 .77967 .03034 .03624Jan. 1877 April " .78145 .79125 .03623 .02916 y= .80504x+.16215Api-il " July " .79125 .77745 .02916 .03027 y=1.03782x—.04373July " Oct. .77745 .78265 .03027 .03076 y=1.01634x—.00750Oct. " Jan. 1878 .78265 .77755 .03076 .03212 y=1.04401x—.03954Jan. 1878 April " .73043 .77959 .03216 .02931 y= .91146x+.06824April " July " .77959 .77082 .02931 .03054July " Oct. .77082 .77073 .03054 .03101 y=1.01550x—.01204Oct. " Jan. 1879 .77073 .75659 .03101 .02829 y= .91203x+.05366Jan. 1879 April " .75752 .75252 .02458 .02220 .90323x+.06831April " July " .75252 .73417 .02220 .02475July " Oct. " .73417 .74026 .02475 .02403 y= .97087x+.02748Oct. " Jan. 1880 .74026 .73126 .02403 .02352 .97877x+.00672Jan. l88OtApriI " .74288 .73728 .03275 .03093 y= .94442x+.03569April " July " .73728 .72572 .03093 .03597 y=1.16290x—.13166July " Oct. " .72572 .71424 .03597 .03390 .94256x+.03021Oct. " Jan. 1831 .71424 .69312 .03390 .03307 .97558x—.00368Jan. 1881 April " .69692 .70427 .03510 .03547 y1.01055xApril " •July " .70427 .68565 .03547 .03830July " Oct. " .68565 .70154 .03830 .03676 y= .95976x+.04348Oct. " Jan. 1882 .10154 .70058 .03676 .03929 y=1.06885x—.04926Jan. 1882 April " .70379 .70364 .03939 .03828 y= .97177x+.01972April " July " .70364 .69939 .03828 .03796 y= .99170x+.00159July " Oct. .69939 .70296 .03796 .03672 y= .96737x+.02639Oct. " Jan. 1883 .70296 .70121 .03672 .03256 y= .88682x+.07781Jan. 1883 April " .70145 .70397 .03227 .03116 y= .96575x+.02654April " July " .70397 .70274 .03116 .03046 .97761x+.01453July " Oct. .70274 .70532 .03046 .02971 y= .97531x+.01993Oct. " Jan. 1884 .70532 .69652 .02971 .03363 y=1.13203x—.10192Jan. 1884 Api-il " .69647 .68606 .03310 .02788 .84225x+.09946April " July .68606 .70513 .02788 .03290 y=1.17986x—.10432July " Oct. " .70513 .69863 .03290 .03161 .96080x+.02114Oct. " Jan.0 1885 .69863 .69019 .03161 .03471Jan. 1885 April " .69103 .68191 .03480 .03649 y1.04846x—.0426lApril " July " .68191 .67153 .03649 .03743 y=1.02578x—.02796July " Oct. .67153 .66497 .03743 .03598 y= .96114x+.01934Oct. " Jan. 1836 .66497 .65241 .03598 .03272 y .90944x+.04766Jan. 1886 April " .65216 .64414 .03281 .03085 .940!7x+,03100April " July " .64414 .63684 .03085 .03118July " Oct. .63684 .64476 .03118 .03014 y .96649X+.02926Oct. " Jan. 1887 .64476 .64489 .03014 .03023 y=1.00307x—.00185Jan. 1887 April " .64508 .64870 .03030 .02950 .97349x+,02072April " July " .64870 .64984 .02950 .03156 y=1.06987x—.04418July " Oct. " .64984 .66493 .03156 .03038 y= .96282x+.03927Oct. " Jan. 1888 .66495 .65249 .03038 .03108Jan. 1888 April " .65414 .65392 .02817 .02865 y=1.01682x—.01122April " July " .65392 .64424 .02865 .03227July " Oct. .64424 .64800 .03227 .03542Oct. " Jan. 1889 .64800 .64003 .03342 .03545 y=1.00089x—.0O855Jan. 1889 April " .63850 .63355 .03523 .03610 y=1.02469X—.0207lApril " July " .63355 .62642 .03610 .03205 y= .88767x+.06404July " Oct. .62642 .63295 .03205 .03046 y= .95043x+.03758Oct. " Jan. 1890 .63639 .03046 .02960 .971.79x+.02130Jan. 1890 April " .63989 .64211 .02969 .03005 y=1.01193x—.00541April " July " .64211 .64503 .03005 .02916 .97049x+.02187July " Oct. .64503 .65379 .02916 .02955 y1.01342x±.0001OOct. " Jan. 1801 .65379 .65421 .02955 .02956Jan. 1891. April " .65500 .66136 .02958 .02955 y= .99872x+.00720April " July " .66136 .66979 .02955 .02947 y= .99731x+.01021July " Oct. .66979 .66326 .02947 .02670 y= .90613x+.05634Oct. " Jan. 1892 .66326 .65095 .02670 .02671 y=1.00048x—.01263Jan. 1892 April " .65090 .64674 .02730 .02626 y= .96181x+.02070
A136 APPENDIX
TABLE 8—AMERICAN RAILROAD BOND YIELDS', QUARTERLY, JANUARY 1857-JANUAItY1936. MATHEMATICAL FUNCTIONS AND EQUATIONS—( Continued)
DATES OF IDENTICAL ARITHMETIC AVERAGES STANDARD DEVIATIONS SIGMA EQUATIONS' OFGROUPS OF BoNDs2 OF LoGs OF YIELDS OF Locs OF YIELDS STRAIGHT LINES FITTED TO
___________________ _____________________ ____________________
LOGARITHMS OF YIEUiSx (earlier y (later y=a+ — xdate) date)
April 1892 July 1892 .64674 .64136 .02626 .02645 y=l.00733x—.01012July " Oct. " .64136 .64626 .02645 .02712 y=1.02519x—.01126Oct. " Jan. 1893 .64626 .64644 .02712 .02679 y= .98797x+.00795Jan. 1893 April " .64649 .64714 .02724 .02786April " July " .64714 .67338 .02786 .03382 y=I.21399x—.11224July " Oct. .67338 .6646S .03382 .02908 y= .85988x+.08562Oct. " Jan. 1894 .66465 .64789 .02908 .02861 y .98365x—.00589Jan. 1894 April " .64783 ..63381 .02910 .02836 y .97433x+.00261April " July " .63381 .63658 .02836 .02995July " Oct. .63658 .62708 .02995 .02917 y= .97408x-f..00700Oct. " Jan. 1895 .62708 .62450 .02917 .02979 y=1.02120x—.01587Jan. 1895 April " .62650 .63297 .03076 .03107April " July " .63297 .61755 .03107 .02936 y .94500x+.01939TjUly Oct. .61755 .61429 .02936 .02944 y=1.00266x—.00490Oct. " Jan. 1896 .61429 .62853 .02944 .03356 y=1.13999x—.07175Jail. 1896 April " .62735 .62300 .03323 .03043 .91573x+.04852April " July " .62300 .62916 .03043 .03362 y=l.10503x—.05927July " Oct. .62916 .63735 .03362 .03396 y=1.01006x+.00186Oct. " Jan. 1897 .63735 .61635 .03396 .03133 .92242x+.02845Jan. 1897 April " .61525 .60744 .03139 .03267 y=1.04061x—.03280April " July " .60744 •59797 .03267 .03304 y=1.01157x—.01650July " Oct. " .59797 .60156 .03304 .03335 y=1.00922x—.00192Oct. " Jan. 1898 .60156 .59144 .03335 .03104 y= .93088x+.03146Jan. 1898 April " .58980 .61006 .03353 .03526 y=1.05161x—.01018April " July " .61006 •59383 .03526 .03460 y= .98113x—.00472July " Oct. " .59383 .58920 .03460 .03140 y= .90766x+.05020Oct. " Jan. 1899 .58920 .57486 .03140 .03312 y=1.03459x—.04650Jan. 1899 April " .57368 .56988 .03341 .03402 yl.0l828X—.Ol429April " July " .56988 .56724 .03402 .03303 .97091x+.01394July " Oct. " .56724 •57779 .03303 .03363 y=1.01838x+.00012Oct. " Jan. 1900 .57779 .58059 .03363 .03501 y=1.04099x—.02088Jan. 1900 April " .58276 .57527 .03561 .03431 y= .96356x+.01375April " July " P57527 .57992 .03431 .03493 y=1.01790x—.00565July Oct. •57992 .58008 .Q3493 .03285 y= .94050x+.03467Oct. " Jan. 1901 .58008 .57192 .03285 .03133 y= .95375x+.01867Jan. 1901 April " .57192 .57005 .03133 .0310! y= .98972x+.00401April " July " .57005 .57370 .03101 .03009 y= .97044x+.02050July " Oct. P37370 .57541 .03009 .03046Oct. " jan. 1902 .57541 .57059 .03046 .02961 .97214x+.01121Jan. 1902 April " .57124 .56905 .02948 .02891 .98063x+.00887
4'April " Juiy .56905 .57416 .02891 .02580 .89253x+.06627Juiy Oct. .57416 .58126 .02580 .02565 .99410x+.01049Oct. " Jan. 1903 .38126 .58361 .02565 .02466 y .96133x+.02483Jan. 1903 April .58338 .59362 .02437 .02200 y= .90297x+.06685
44 •1 IApr'l juty .59362 .60014 .02200 .02142 .97351x+.02224July " Oct. .60014 .60043 .02142 .02255 y=1.05288x—.03145Oct. " Jan. 1904 .60043 .59630 .02255 .02191 y= .97172x+.01285Jan. 1904 April " .59697 .59672 .02183 .01958 .89659x+.06148April " July " .59672 .58828 .01958 .01854 y .94706x+.02315July " Oct. .58828 .58642 .01854 .01840 .99244x+.00259Oct. " Jan. 1905 .58642 .58067 .01840 .01872 y=1.01762x—.01608Jan. 1905 April " .58465 .58570 .02115 .02066 y .97646x+.01481April " July " .58570 .58440 .02066 .02066July " Oct. .58440 .58495 .02066 .01978 y= .95728x-f-.02552Oct. " Jan. 1906 .58495 .58775 .01978 .01996 y100940x—.00270Jan. 1906 April " .58872 .59692 .02001 .01989 .99386x+.01181April " July " .59692 .59900 .01989 .01923 .96669x+.02196July " Oct. " .59900 .60336 .01923 .01762 .91628x+.05451Oct. " Jan. 1907 .60336 .60551 .01762 .01853Jan. 1907 April " .60551 .61526 .01853 .01939 y=1.04655x—.01844April " July " .61526 .62262 .01939 .02246 y=1.lSSlOx—.O899lJuly " Oct. .62262 .64121 .02246 .02530 y=1.12637x—.06009Oct. " Jan. 1908 .64121 .63105 .02530 .02502 y= .98923x—.00325Jan. 1908 April " .63105 .62967 .02502 .02595April " July " .62967 .62246 .02595 .02369 .91277x+.04772July " Oct. " .62246 .61326 .02369 .01958 .82654x+.09877Oct. " Jan. 1909 .61326 .60482 .01958 .01714 .87563,c+.06783Jan. 1909 April " .60709 .60577 .02068 .02032 .98236x+.00939April " July " .60577 .60648 .02032 .01908 .93909x+.03761July " Oct. .60648 .61132 .01908 .01909Oct. " Jan. 1910 .61132 .61327 .01909 .01864 y= .97637x+.01640'
RAILROAD BOND YIELDS A137
TABLE 8—AIsIERICAN RAILROAD BOND YIELDS', QUARTERLY, JANUARY1936. MATHEMATICAL FUNCTIONS AND EquATIozcs—(Continued)
DAnS OF IDENTICALGROUPS OF Banns2
x (earlier y (laterdate) date)
ARITHMETIC AVERAGESOF LOGS OF YIELDS
STANDARD DEVIATIONSOF LOGS OF VIEWS
SIGMA EQUATIONS3 OFSTRAIGHT LINES FITTED TO
LOGARITHMS Ott YIELDS
y=a+ —XUIa),
Jan.AprilJulyOct.
1910"""
Jan.AprilJulyOct.
1911"""
3an.AprilJulyOct.
1.912"a
"Jan. 1913AprilJulyOct.
"""
Jan.AprilJuly
1914""
Jan. 1915AprilJulyOct.
"""
Jan.AprilJulyOct.
1916"""
Jan.AprilJulyOct.
1917"""
Jan.April
1918"
JulyOct.
""
Jan.AprilJulyOct.
1919"""
Jan. 1920AprilJulyOct.
"""
Jan.AprilJulyOct.
1921"""
Jan. 1922April
July""
Oct.Jan.AprilJuly
1923"
"Oct. "Jan. 1924AprilJulyOct.
"""
Jan. 1925AprilJulyOct.
"
"Jan.AprilJulyOct..
1926"""
Jan.AprilJuly
1927""
AprilJulyOct.Jan.AprilJulyOct.Jan.ApriLJulyOct.Jan.AprilJulyOct.Jan.AprilJulyJan.AprilJulyOct.Jan.AprilJulyOct.Jan.April
JulyOct.Jan.AprilJulyOct.Jan.AprilJulyOct.Ian.AprilJulyOct.Jan.AprilJulyOct.Jan.AprilJulyOct.Jan.AprilJulyOct.Jan.AprilJulyOct.Jan.AprilJulyOct.Jan.AprilJulyOct.Jan.AprilJulyOct.
1910a4'
1911'C
4'
C'
1912'C
I''C
1913C'
aC'
1914'C
'C
1915
C'
C'
C'
1916'C
'C
C'
1917'C
'4
I'
1918'4
I'C'
1919'C
I'4'
19204'
4d
'C
1921C'
4'
'C
1922'4
'C
4C
1923'C
C'
'C
1924'4
4C
C'
1925C'
'C
'C
1926C''C
1927C'
C'
'1
.6135562066
.62636
.61798
.61975.6209362111.62327.62 170.62350.62652.63091.63056.64419.65360.64912.64870.64414.64767
.66172
.66026
.67133
.66658
.64988
.65200
.65498
.65007
.64020
.66193
.68315
.69954
.71617
.72312
.72702
.7213970505.71861.71983.72624.74076.77127.7829574068.74612.75554.75561.73978.69907.68695.67500.68007.68595.702 8569754
.70020
.69417
.69251
.67561
.67629.68471.67962.679 11.68182.67344.66482.66369.66380.65687.64700.64984
.62066
.62636
.61798
.61973
.6209362111
.6232762105
.62350
.6265263091.63086.64419.65360.64912.64793.64414.64767.6625 1
.66026
.67133
.66658
.6503 7
.65200.65498.65007.63998.66193.683 15.69954.11617.723 12.72 702.72 139.70505.71861.71983.72624.74076.77127.78295.74068.74612.75554.75561.73978.69907.68695.67500.68007.68593.70285.69754.70020.69417.6925 1.6756 1.67629.67888.67962.679 11.68182.67258.66482.66369.66380.63311.64700.64984.63718
Jr
.01889.0195 5
02147.01908.01838.0179001713
.0187 7
.01861
.01839
.01893
.0187 7
.01904
.01888
.02094
.02015
.01940
.01968
.01965
.0229602336.02388.02424.02328.02307.02500.02387.02484.02706.02666.02 708
.03083.02 737.02893.02563.02055.0232302220.02572.02802.03304.03450.02611.02811.02718.02725.02299.02668.02197.02380.01998.02050.02070.02163.02003.01813.01703.01663.0159 7
.01854
.02152.01891.01628.01774.017 73.01585.01332.01 749.01963.02009
.01955
.02 147
.01908
.01838
.01790
.01713
.0187 7
.01824
.01839
.01893
.01877
.01893
.01888
.02094
.02015
.01895
.01968
.01965
.02208
.02336
.02388
.02424
.02297
.02307
.02500
.02387
.02433
.02 706
.02666
.02 708
.03083
.02 737
.02293
.02563
.02055
.02323
.02220
.02572
.02802
.03304
.03450
.02611
.02811
.02718
.02725.02299.02668.02197.02380.01998.02050.02070.02163.02003.01813.01703.01665.01597.01423.02 152.01891.01628.01660.017 73.01585.01552.01670.01963.02009.01829
y=1.034632—.014l4y=1.09830x—.05531
.88867x+.0613.5y= .96354x+.02430y= .97365x-I-.01751
.95700x+.02688
.97189x+.01530y= .98857x+.00891yr=1.02894x—.01502y= .99155x+.00968
y=
y
y
y=
y =1.08932x—.03545= .98530x+.03095
37 a1 .01595x+.00549
y =1.y= .93381x+.03298y=d.15249x—.10768y=1.08949x—.03047ytzl.17909x—.10215y=i.04413x—.02236y= .75680'c+.14814
y=
y
yyy=y=
y=
y=y=y=
y= .91052x+.04549
A138 APPENDIX
TABLE 8—AMERICAN RAILROAD BOND YIELDS1, QtJARTERLY, JANUARY1936. MATHEMATICAL FUNCTIONS AND EQUATI0Ns—(Concluded)
DATES OF IDENTICAL ARITHMETIC AVERAGES STANDARD DEVIATIONS SIGMA EQUATIONS3 OFGRouPs OF OF Locs OF YIELDS OF Locs OF YIELDS STRAIGHT LINES FITTED TO
LOGARITHMS OF YIELDSx (earlier y (later I y = a + xdate) date) M7
Oct. 1927 Jan. 1928 .63718 .63004 .01829 .01613 y = .88153x+.06835Jan. 1928 Apr. " .63144 .63600 .01638 .01431 y .87383x+.08423Apr. " July " .63600 .65672 .01431 .01589 y i.11024x —.04939July " Oct. .65672 .65630 .01589 .01463 y .92069x+.05166Oct. " Jan. 1929 .65630 .66302 .01463 .01460 y .99836x+.00780Jan. 1929 Apr. " .66302 .67051 .01460 .01535 y = 1.05123x —.02648Apr. " July " .67051 .67905 .01535 .01553 y = 1.01134x+.00094July " Oct. " .67905 .67623 .01553 .01381 y = .88972x+.07207Oct. " Jan. 1930 .61623 .66328 .01381 .01533 y = 1.10980x —.08720Jan. 1930 Apr. " .65593 .65143 .00936 .00860 y = .91858x+.04891Apr. " July " .65143 .64218 .00860 .01017 y 1.18275x —.12830July " Oct. .64218 .63018 .01017 .01200 y =1.18034x—.12781Oct. " Jan. 1931 .63018 .62939 .01200 .01272 y =1.05979x—.03847Jan. 1931 Apr. " .64041 .64459 .02114 .02389 y = 1.12983x—.07896Apr. " July " .64459 .64390 .02389 .02893 y =1.21132x—.13690July " Oct. .64390 .71349 .02893 .05307 y = 1.83413x—.46751Oct. " Jan. 1932 .71349 .75290 .05307 .05491 y 1.03468x+.01467Jan. 1932 Apr. " .73806 .75750 .04199 .04876 y 1.16126x —.09958Apr. " July " .75750 .76869 .04876 .05858 y =1.20142x—.14139July " Oct. .76869 .71272 .05858 .04266 y = .72832x+.15287Oct. " Jan. 1933 .71272 .70841 .04266 .05875 y =1.37703x—.27303Jan. 1933 Apr. " .71155 .75835 .05698 .06489 y = 1.13882x —.05198Apr. " July " .75835 .68545 .06489 .04367 y .67298x+.17510July " Oct. .68545 .70303 .04367 .05580 y = 1.27780x —.17284Oct. " Jan. 1934 .70303 .68790 .05580 .04807 y = .86149x+.08225Jan. 1934 Apr. " .68211 .63918 .04537 .03338 y = .73254x+.13951Apr. " July " .63918 .62579 .03338 .03535 y = —.05115July " Oct. " .62579 .63636 .03535 .03914 y = 1.10718x —.05650Oct. " Jan. 1935 .63636 .60821 .03914 .03934 y 1.00517x—.03144Jan. 1935 Apr. " .60821 .61239 .03934 .05105 y = 1.29756X —.17680Apr. " July " .61239 .59964 .05105 .04401 y .86215x+.07167July " Oct. .59964 .61125 .04401 .04483 y = 1.01853x+.00050Oct. " Jan. 1936 .61125 .59093 .04483 .04149 y = .92555x+.02519
Note 1. These are the yields in Table 3.Note 2. The variables are the logarithms of bond yields. The first two columns give, of course, only
the dates to Which the yields relate.Note 3. For a description of the nature of these equations see Ch. IV.
TAB
LE 9
TOSL
OPE
SoF
SIG
MA
LIN
ES' F
ITTE
D T
O T
HE
LOC
AR
IIH
MS
OF
THE
YIE
LDS
OF
AM
ERIC
AN
RA
ILR
OA
D B
ON
DS
JAN
UA
RY
187
9-JA
NuA
RY
193
6
YEA
RJA
N. A
ND
FEB
. AN
DM
AR
. AN
D A
PRIL
AN
D M
AY
AN
D JU
NE
AN
D JU
LY A
ND
Auc
.AND
SEPT
. AN
DO
CT.
AN
D N
ov. A
ND
DEC
. AN
DFE
B.
MA
RC
HA
PRIL
MA
YJU
NE
JULY
Auc
.SE
PT.
Ocr
.N
ov.
D C
.JA
N.
1879
.88227
1.02401
.99975
1.04212
1.04
019
1.02828
.98030
.95906
1.03266
1.02803
.95869
.99310
1880
.97338
.99993
.97032
.99478
1.08514
1.07728
.97570
.96961
.99632
.99168
1.00773
.97622
I:
1881
.93210
1.03475
1.04775
1.05954
.97966
1.04016
1.00109
.94579
1.01367
1.04615
1.01504
1.00656
.
1882
1.03630
.96833
.96840
.98968
.96257
1.04101
.99162
.95807
1.01825
.96521
.92289
.99555
1883
1.05614
.96423
.94834
.99951
.99518
.98281
.97902
.95965
1.03810
.96513
1.05297
1.11393
1884
.90470
.95109
.97884
1.05025
1.09796
1.02317
.92288
1.01434
1.02637
1.01402
.96010
1.12792
018
851.02153
1.01748
1.00872
1.04293
.99280
.99069
.99964
.99613
.96521
.96385
1.00392
.93986
1886
.97592
.97969
.98334
1.00782
.95459
1.05055
1.02006
.94906
.99834
.97214
.99733
1.03458
1887
1.01431
.99957
.96017
.99012
.99305
1.08810
.98450
.96468
1.01379
1.02415
1.07705
.92735
1888
1.01907
.99447
1.00334
1.01905
1.07099
1.03211
.99474
1.06935
1.03183
.99011
.96982
1.04235
1889
1.01804
1.08439
.92820
.98275
.95575
.94507
.95681
.96970
1.02436
1.04770
.97946
.94700
1890
1.02716
1.00483
.98044
1.01481
.96691
.98907
1.02372
1.01387
.97640
1.06047
1.00848
.93539
Z18
91.97616
1.05739
.96759
1.01222
.99457
.99065
.97794
.99757
.92883
.97737
.95558
1.07123
1892
.98301
.98752
.99080
.97662
1.02537
1.00593
1.00791
1.02404
.99327
.97140
1.01990
.99721
1893
.96854
1.04732
1.00826
1.05642
1.03585
1.10939
1.06854
.87296
.92183
.93517
.95374
1.10286
1894
.96940
.95905
1.04801
1.03233
.99377
1.02934
1.00633
.99218
97557
1.02418
1.00767
.98949
1895
1.00263
1.00658
1.00067
1.01375
.97125
.95977
1.03903
.98547
.97922
.99162
1.14876
1.00075
2896
.97445
.96203
.97683
.99462
1.04175
1.00648
1.08534
.93011
1.00056
.92542
.97413
1.02323
1897
1.02313
.99921
1.01788
1.00089
1.01918
.99165
.97354
1.06607
.97240
.96379
1.00230
.96363
1898
.99428
1.03473
1.02215
.90915
.99692
1.08250
.92666
.98307
.99637
1.03178
1.01030
1.01169
1899
.99429
1.01654
1.00747
.98303
.98642
1.00127
.99987
1.01609
1.00238
.99661
1.09221
.95635
GD
1900
.98345
1.00406
.97582
1.03150
1.00763
.97934
.98568
.99085
.96297
.98060
.98672
.98572
1901
1.01
076
.985
27.9
9382
1.00
245
.979
47.9
8836
1.01
929
1.01
953
.974
03.9
8560
1.00
085
.985
5019
021.
0173
3.9
7575
.987
87.96495
.95260
.97097
.97917
.99464
1.02072
.97697
1.03669
.94916
1903
.969
96.9
8577
.944
371.
0379
31.04394
.89846
.92121
1.07639
1.06183
1.02252
.97858
.97111
1904
.998
02.93085
.96511
.95166
1.00276
.99243
1.02637
1.00556
.961
60.9
7234
1.01
289
1.03
324
1905
.946
771.
0050
01.
0071
31.
0003
21.
0138
9.9
8419
.991
97.9
8493
.97980
.99360
1.02802
.98821
I. 0TA
BLE
9 (C
oncl
uded
)M
ON
TH T
O M
ON
TH S
LOPE
S'S
IGM
A L
INES
' FIT
TED
TO
TH
E LO
GA
RIT
HM
S O
F TH
E V
IEW
S O
F A
MER
ICA
N R
AIL
RO
AD
BO
ND
S\ O
X/
JAN
UA
RY
18 7
9-JA
NU
AR
Y 1
936
YEA
RJA
N. A
ND
FEB
. AN
DM
AR
. AN
D A
PRIL
AN
D M
AY
AN
D JU
NE
AN
D JU
LY A
ND
AU
G. A
ND
SEPT
. AN
DO
CT.
AN
DN
ov. A
ND
DEC
. AN
DFE
B.
MA
RC
HA
PRIL
MA
YJU
NE
JULY
AuG
.SE
PT.
OcT
.N
ov.
DEc
.JA
N.
1906
.96614
.96939
1.06118
.97783
.99153
.99705
.94454
.96408
1.00623
1.02248
.98813
1.04096
1907
.97960
1.00162
1.06662
1.06249
1.07658
1.01245
1.02477
1.08730
1.01089
1.13861
.94895
.91554
1908
1.09563
.98172
.96426
.89915
1.01722
.99797
.87397
.96252
.98254
.96082
.96978
.93974
1909
.93375
1.00329
1.04862
.95662
.97651
1.00529
.94834
.95649
1.10314
1.03230
.96563
.97949
1910
.97699
.97211
1.08938
1.08617
1.00888
1.00227
.98190
.90960
.99500
1.00824
.99959
.95606
1911
.94662
1.00150
1.02701
.97123
.99198
.99332
1.00743
1.06764
1.01848
.99094
1.00015
.98063
1912
.96734
.99903
1.02294
1.03687
.99512
.99722
.96548
1.03044
.99665
1.00269
.99884
1.00705
1913
1.02414
1.02612
.94379
1.01420
1.13614
.96222
.97284
.99804
.99111
.96762
.97794
.99407
1914
.93964
1,03498
1.04315
1.04342
.96786
.98850
1.12213
1.00172
1915
.99731
1.03670
.98381
.99374
1.00433
1.02441
1.02766
1.03422
.95504
.91472
1.02196
1.01370
1916
.96687
1.00597
1.01904
1.01160
1.03020
1.03979
1.01577
.97547
.96348
.98414
1.04292
.99298
1917
.99496
1.02376
1.06942
.98643
1.01901
.98023
.99326
1.04644
.97745
1.03917
1.06856
1.02497
1918
.88949
.98456
1.01390
.95940
.97122
1.13442
.91997
1.03685
.92936
.92625
.89083
.97095
1919
1.04564
1.12138
.96406
.92052
.96580
1.07511
1.24928
1.00985
.91828
1.06603
1.06480
.95982
__
1920
1.07179
.99076
1.11036
1.07557
.93706
1.03597
.97458
.84261
.92159
1.04395
1.04116
.99037
k19
21.97011
.99274
1.00409
.93954
1.08921
.97968
.95357
.91692
.96507
1.06594
1.04258
1.04403
1922
.96519
.86233
.98970
.96078
1.04022
1.08370
.91231
.95833
.96006
1.02303
.97689
1.02697
1923
.98701
1.01021
1.01268
1.01711
.99882
1.02831
1.00289
.94660
.97547
.96838
.96734
.96652
1924
.94719
.96548
1.02676
.94243
1.02696
1.01060
.91433
1.03837
1.00971
.95087
.94886
.98896
1925
.96545
1.12934
1.06469
1.01268
.90274
.96134
.96644
.97953
.90943
.99463
.99864
1.02642
1926
1.00802
1.00500
.98668
.93005
.89608
1.07264
1.03240
.99264
.95554
1.00969
1.02890
1.03564
1927
.99344
1.07094
1.05506
1.02105
.99793
1.00434
.94002
1.00
836
.96058
.96411
.95484
.95759
1928
.96609
.90716
.99707
1.12336
1.04701
.94395
.95089
1.05553
.91729
.91875
1.08564
1.00093
1929
1.02666
1.09606
.93420
1.00236
1.03405
.97574
1.11215
.87900
.91013
1.19593
.87428
1.06143
1930
1.11145
.97958
.84369
1.07343
1.04656
1.05282
1.07186
.94627
1.16375
1.14188
1.13231
.81966
1931
.98742
.94490
1.21094
1.14488
1.04745
1.01011
1.18094
1.30
789
1.18
749
.935
751.
3478
6.8
2035
1932
.919
431.
0101
71.
2503
11.
3941
31.
0513
0.8
1971
.759
91.9
2230
1.03
917
1.10
066
1.26
562
.988
5319
331.
0837
51.
0569
0.9
9424
.851
38.8
8551
.892
661.
0251
31.
2324
01.
0114
21.
1865
5.9
2696
.783
2519
34.7
6753
.973
66.9
8024
1.02
583
1.06
176
.972
351.
0953
31.
0478
5.9
6466
1.01
373
.983
451.
0082
319
351.06731
1.16802
1.04085
.89383
.98822
.97605
.97582
1.02303
1.02026
1.04301
.95609
.92813
INTEREST RATES AND STOCK PRICES A141
TABLE 10
SROnT TIME INTEREST RATES, BOND YIELDS AND STOCK PRICES
Col. 1 Call Money Rates at the New York Stock Exchange.
Col. 2 90-day Time Money Rates in New York City.
Col. 3 Commercial Paper Rates in New York City. (January 1857 toDecember 1923 'choice 60-90 day two name paper'; Jan-uary 1924 to January 1936 '4 to 6 month prime doubleand single name paper').
Col. 4 Unadjusted Index Number of the Yields of American RailroadBonds.
Col. 5 Adjusted Index Number of the Yields of American RailroadBonds.1
Col. 6 Index Number of the Prices of American Railroad Stocksweighted by the number of shares outstanding at the beginningof each year.
IThe long time economic drifts has been eliminated from this index number. The month to monthmovements are almost identical with the month to month movements of the unadjusted index given inColumn 4, whereas the knig time movements are the long time movements of the 4.5O Sigma index givenin Table 6.
4142 APPENDIX
TABLE 10
Date1
CallMoney
2Time
Money
3Comi.Paper
5Adjust.Bonds
6StockPrices
1857JFMAMJJAS0ND
88977669
151887
00.75.25.88.38.60.75.50.00.00.00.00
8.818.819.259.008.197.908.50
10.0018.0024.0011 .508.00
9.6449.5779.5929.6279.7319.9499.991
10.08611. 12811.92611. 10510.661
6.6216.5776.5926.6196.6966.8496.8826.9527.6748.2307.6687.367
21.2220 8320.8220.4120.1018.8718.6117.7015.1412.8314.6515.27
1858JFMAMJJAS0ND
6.504.884.444.203 .503.603 .503 .504.123.554.054.00
7.505.755.505.193.644.313.714.054.444.404.694.62
1099999999888
376857
.525.478377323260
• 255.149.907• 802• 774
76666666666.6.
.175820595
.566
.500467.425427356192122107
15.6917.1617.4516.5616.8216.1016.1715 9815 7816.2516.1615.88
1859JFMAMJJAS0ND
4.315.004.544.505.885.965.596.385.966.035.255.81
4.625.505.175 .286.476.896.627.046.546.756.196.75
8.7768.7588.7578.7268.8879.1209.1109.0478.8688.9228.9698.935
6.1116 . 1016.1056 . 0866.2026.3686.3646.3236.1996.2406.2756.255
151515151414141515151515
93.73• 66.2880
.91
.98
.10
.70
.40
.57
.43
1860JFMAMJJAS0ND
655554556677
.69
.88
.50
.25
.31
.75
.25
.63
.50
.75
.13
.25
8.007.105.905.605.805.505.406.107.006.80
11.1012.90
8 9208.8558.7798.6718 5078.3578 2888.2588.2748.3338.7319.115
6.2476.2066.1566 0845.9735.8725.8285.8125 8285 8756.1636.440
151515161617171819181615
.11
.21
.85
.68
.97
.20
.73
.8128
.62
.57
.49
INTEREST RATES AND STOCK PRICES A143
TABLE 10 (Continued)
Date
1861JFMAMJJAS0ND
1862JFMAMJJAS0ND
1863JFMAMJJAS0ND
1864JFMAMJJAS0ND
1Call
Money
5.755.505.755.136.255.505.504.505.756.506.506.50
6.506.005.505.504.604.105.404.004.304.606.306.00
6.106.306.105.205.306.106.106.006.606.507.007.00
7.006.105.906.805.606.706.806.907.006.806.906.60
2Time
Money
3Comi.Paper
8.007 .306.106.208.106.505.506.506.306.806.307,00
6.305.006.306.105.004.505.504.505.004.504.705.50
5.305.705.305.305.205.405.605.305.605.706.606.80
7.306.505.606.706.906.806.507.709.009.208.307.80
4Unadj.Bonds
8.7818.6878.6048 .6769.1309.0558.8128.8338.0639.0428.9718.952
8.5138.1728.2358.1647.7347.5197.5697.4007.1496.8636.7006.741
6.1895.9796.0596.3256.3246.3816.4326.4596.4406.3706.5066.617
6.7026.6456.4246.1706.145.6.0245.6515.6606.0746.5496.4806.658
5Adj ust,Bonds
6.2106.1536.1016.1606.4926.4496.2856.3106.4156.4826.4426.440
6.136.5.0025.9595.9205.6215.4765.5255.4145.2445.0454.9394.981
4.5854.4404.5104.7214.7304.7854.8354.8664.8634.8284.9355.032
5.1075.0764.9174.7344.7244.6424.3634.3794.7105.0895.0455.194
6StockPrices
17.0917.0217.4116.0914.8615.0115.6315.3015.2715.8616.0615.59
16.5417.1217.6517.5118.3419.2318.8019.4420.8322.8923.0823.54
26.6027.5327.0427.3629.9629.0120.6931.7931.8332.6932.7832.49
33.8635.4837.9938.68
37.6937.3437.6235.4233.1434.8834.58
A144 APPENDIX
TABLE 10 (Continued)
2Time
MoneyDate
1865JFMAMJJAS0ND
1866JFMAMJJAS0ND
1867JFMAMJJAS0ND
1868JFMAMJJAS0ND
1Call
Money
7.006.107 .005.605.404.905.505.906.007.006.806.80
5.506.065.565.385.404.884.884.134.194.356.006.38
7.185.816.066.194.806.194.504.255.63
10,767.226.50
5.654.699.35
11 .535.503.504.153.754.879.04
17.0311.40
Comi.Paper
8.008.509.008.507.206.707.307.707.107.608.007.80
7.377.287.326.696.055.565.895.895.255.456.696.88
7.407.067.197.176.677.386.556.507.128.408.567.94
7.066.507.678.006.625.726.506.626.757.44
10.008.25
4Tjnadj.Bonds
6.9087.1007 . 4687.5777.5377.8467.7017.7347.7817.8717.9938.050
8.1438.1898.2728.2028.0397.9907.8737.8047.7517.7187.6687.790
7.8227.8447.8567.9137.9327.9287.7847.7687.7847.8757.9537 . 985
7.8597.7707,7437.7807.7257.6997.6927.7117.7887.8697.9598.031
5Adjust.Bonds
5.4015.5625.8605.9575.9356.1906.0866.1216.1666.2476.3536.408
6.4916.5346.6076.5586.4346.4006.3116.2596.2226.1976.1606.259
6.2886.3076.3176.3646.3806.3756.2596.2456.2576.3306.3906.415
6.3126.2396.2166.2456.1996.1766.1696.1836.2456.3086.3806.437
6StockPrices
32.9332.1629.1728.7529.3928.8330.0729.7330.9531.8432.1231.65
30.2029.4429.5430.0330.6531.0531.5932.8032.9533.9533.4532.78
31.5131.2231.0130.3330.6831.7432.8833.0332.9832.9132.8133.29
34.5035.3035.1234.9136.1236.7136.7236.3436.6637.2136.1636.88
INTEREST RATES AND STOCK PRICES A145
TABLE 10
1 2Date Call Time
Money Money
1869J 12.02F 6.74M 9.02A 9.73M 6.75J 23.67J 9.79A 6,38S 19.54
. 0 5.63N 6.25D 7.96
1870J 6.19F 5.50M 5.15A 5.63 ....M 4.56J 4.20J 5.06A 4.70S 5.500 5.25N 5.50D 11.45
1871J 6.49F 4.13M 4.20A 5.84M 3.55J 3.00J 3.25A 2.80S 4.440 12.36N. 6.35D 10.25 .
1872J 8.78 ....F 6.93M 8.44A 13.68M 6.20J 4.50 .
J 3.65A 3.81S 10.330 6.43N 7.73D 20.06
3Comi.Paper
8.317.699.409.887.819.6510.259. 56
10.9410.3811.9410.17
9.007 .387.507.196.385.466.387.187.257.287.258.75
7.226.626.256.785.505.064.905.526.66
10.039.289.94
8.307.568.628.667.206.006.457.56
10.0010.8011 .6210.83
4 5 6Unadj. Adjust. StockBonds Bonds Prices
8.036 6.439 38.238.048 6.449 38.528.103 6.494 38.238.133 6.518 38.898.021 6.428 40.598.003 6.418 40.968.084 6.483 40.878.065 6.471 41.448.150 6.545 38.758.264 6.639 38.448.305 6.676 38.168.350 6.717 37.52
8.263 6.651 3S.078.006 6.451 39.297.901 6.371 39.057.934 6.403 39.667.862 6.350 41.227.797 6.304 41.547.781 6.297 40.277.862 6.368 39.547.888 6.394 39.897.903 6.412 40.067.919 6.431 40.067.959 6.468 39.61
7.890 6.418 39.707.841 6.383 40.117.819 6.369 40.977.797 6.355 42.057.741 0.312 43.007.730 6.307 42.697.720 6.301 41.917.681 6.270 42.187.654 6.250 42.387.797 6.368 40.257.850 6.412 40.587.788 6.359 41.38
7.562 6.174 42.297.522 6.139 42.557.614 6.213 43.877.600 6.199 45.207.601 0.196 45.037.556 6.155 44.567.462 6.074 44.197.541 6.131 43.577.619 6.189 43.037.672 6.224 42.957.727 6.262 42.687.742 6.266 43.82
A146 APPENDIX
TABLE 10 (Continued)
Date CallMoney
1873
TimeMoney.
7.2010.3013.2627.526.09
6StockPrices
JFMAMJJAS0ND
9.289.38
10.1211.408.12
4.633.804.63
61.2314.919.407.88
7.6587.6407.6577.6927.6717.6317.5767.5897.7348.1508.1797.953
6.836.447.06
14.2816.5014.509.80
6.1906.1666.1706.1876.1606.1186.0626.0626.1666.4866.4976.304
44.2544.7944.4243.6643.7343.3643.2142.9839.7436.4235.1138.28
1874JFMAMJJAS0ND
5444a2222233
60.13.00.15.13
.50
.75
.50
.70
.94
.00
.80
76665555
6556
.44
.00
.14
.25
.6656
.61
.44
.25
.81
.6200
7.6857.5707.5687.5537 . 6207.5577.5647.5577.5257.4567.3507.338
6.0806.9795.9665.9435.9855.9275.9215 9065 8725.8095.7205.703
404140393838383839383939
36.47
736260
.232952
.0996
.05
.10
1875JFMAMJJ
AS0ND
223322222
a45
.75
.50
.95
.50
.75
.35
.50
.19
.35
.31
.00
.17
5.255.195.905.444.564.554.314.945.896.316.396.61
7777777
76
666
255.214.195.105056091.024• 006956.998• 947.867
55555S555555
631595573
.499458
.480
.425
.410• 369.400.360• 299
39.4139.2739.6440.0638 3337.6237.6537.8037.4236.9037.3837.38
1876JFMAMJJAS0ND
5.833.633.753 693.202.562.061.701 .943.003.855.00
6.445.335.395.505.054.753.813.604.755.675.445.88
6.7956 7226.6746.7056.7366.6996.6166.5756.6726.6756 6586.652
5 2435 1885.1525.1775.2045.1785.1175.0895.1695.1755 1655 165
38.2938.8739 0237.4835.9335.6035.2233.6531.7131.3930 7230.55
INTEREST RATES AND STOCK PRICES A147
TABLE 10 (Continued)
1 2 3 4 5 6Date Call Time Comi. ljnadj. Adjust. Stock
Money Money Paper Bonds Bonds Prices
1877J 5.37 5.55 6.607 5.135 30.29F 3.31 4.50 6.649 5.172 28.39M 2.94 4.44 6.737 5.247 27.05A 3.69 4.38 6.749 5.260 25.07M 2.45 4.00 6.690 5.220 24.99J 1.75 4.06 6.605 5.159 23.59J 1.75 4.14 6.538 5.112 24.39A 3.40 5.64 6.569 5.143 25.97S 4.31 6.38 6.588 5.164 27.70O 6.10 7.25 6.618 5.193 28.48N 5.38 6.19 6.596 5.182 27.97D 6.00 5.62 6.547 5.149 27.84
18789.76 5.85 6.543 5.152 27.84
F 4.75 5.31 6.533 5.149 27.28M 4.88 5.12 6,534 5.156 27.75A 6.18. 5.36 6.529 5.157 28.61M 3.50 4.53 '6.486 5.127 28.62J 2.56 3.81 6.404 5.069 29.39
1.75 3.60 6.399 5.069 29.91A 1.81 3.81 6.440 5.105 29.56S 2.31 4.62 6.431 5.103 30.20O 5.00 5.45 6.397 5.079 29.91N 3.81 ... 5.12 6.349 5.043 29.80D 4.38 5.06 6.322 5.026 29.69
1879J 3.05 4.33 6.188 4.922 31.15F 3.06 3.81 6.018 4.789 32.33M 4.50 5.06 6.118 4.869 31.66A 4.40 5.45 6.117 4.870 32.66M 3.81 4.44 5.974 4.758 34.33J 3.31 4.25 5.918 4.715 34.86J 2.95 3.90 5.864 4.673 35.46A 7.85 5.56 5.857 4.668 35.95S 5.50 5.78 5.961 4.751 37.25O 12.34 5.94 5.945 4.739 41.17N 8.73 6.25 5.921 4.720 43.29D 5.80 5.95 5.876 4.685 43.43
1880J 5.00 5.38 5.824 4.643 45.26F 4.63 5.31 5.750 4.585 46.22M 7.28 5.50 5.734 4.571 46.97A 6.55 5.50 5.747 4.580 46.35M 4.06 5.19 5.736 4.572 42.59J 3.00 4.55 5.691 4.535 42.62J 2.50 4.44 5.600 4.463 44.61A 2.50 5.03 5.543 4.417 46.52S 2.70 5.25 5.505 4.486 46.49O 2.88 5.12 5.453 4.344 48.14N 6.05 5.44 5.326 4.243 51.12D 11.20 6.00 5.243 4.176 53.69
A148 APPENDIX
TABLE 10 (Continued)
Date1
CallMoney
2Time
Money
3Comi.Paper
4Unad j.
Bonds
5Adjust.Bonds
6StockPrices
1881
JFMAMJJAS0ND
4.8115.917.484.443.383.153 .44
4.65.5.25
5.445.206 .00
5.255.385.555.194.063,504.004.955.696.256.306.25
5.1945.2495.3025.2835.1445.0645.0665 . 1065.1995.2505.2215.2.50
4.1374.181.4.2244.2094.0994.0364.0384.0714.1474.1894.1684.192
56.38'55.77
56.5156.2158.5159.00.56.8055.7456.1255.2555.6154.03
1882
FNI
AMJjAS0ND
5.434.504.654.063.003.563.003.957.255.507.804.63
5.505.475.645.064.85.5.124.62.5.656.756.676.505.88
555
555555555
• 242
273298240.209.212.190226.246.232
255.250
4.1874.2144.2364.1924.1704. 1744.1594.1904.2084.2004.2214.219
535151515050535555545252
.12
.89
.64
.60
.98
.68
.68
.36
.86.46
.18.50
1S83
FMAMJJAS0ND
4.504.13
10.386.063.552.002.132.502 .44
2.702.002.13
5.505.386.385.815.355.504.785.616 .00
6'. 00
5.695.50
5.2055.2415.2595.2335.2285.2235.219.5 .2585.2625.249.5.211
5.185
4.1854.2174.2344.2164.2134.2114.2104.2434.2494.2404.2104.192
52.3551.0551.7352.9551.8852.3651.4049.1149.7248.4549.1048.13
1884JFMAMJJAS0ND
1112
14
31
11111
.90
.88
.75
.10
.98
.4490.75
.75
.95
.44
.50
4.894.754.624.72.5.06
5.755.955.50.5.50
5.505.195.00
5.1495.0955.0525.0215.1155.2385.2535.1715.1795.1725.1785.133
4.1634.1204.0874.0634.1404.2394.2524.1874.1954.1904.1964.159
46.7448.0147.8546.0442.2639.2040.3142.7741.1739.8438.9338.95
INTEREST RATES AND STOCK PRICES A149
TABLE 10 (Continued)
6StockPrices
1885JFMAMJJAS0ND
1.191.441.311.351 .441.191 .351.501.552.132.692.75
4.694.504.473 .973.683.553.503.683.754.004.444.50
.5.0765.0334.9874.9744.9534.8924.8564.8464 8294.7824.7494.723
444443
3
3
3
33
3
.113079042033
.017• 967• 939• 931.918880
• 853833
38.1239.1339.2939.2238 6338.3339.9842.1041.5543.8246.61.46.43
1886JFMAMJJAS0ND
2.132.062.652.382.883.352.255.31.5.905.065.638.70
4.313.903.874.254.063 .853.945.195.816.065.925.97
4.6434.5624.5464.5584.5544.5174.4824.4954.5624.5634.5624.592
3.7683.7033.6903 7003.6973.6673.6383.6483.7033.7033.7023.726
464746454547474849505150
.64
.38
.60
.95
.10
.13
.84.30
.45• 81
.88
.70
1887JFMAMJJAS0ND
4.3.5
6t)
7455445
1956.05.13
.13
.20
.75
.15
.13
.19
.60
.00
.54.5555666656
.50
.81
.35.38.21.1319
.35
.94
.38
.75
.00
4.5644.5754.5954.6014.5864.5924.6154.6564.7454.7774.7344.715
333333333333
703.710• 725729.715.718735765835.859.821.803
50.1149.7150.85.52.2053.0651.7150.3849.0748.4346.5747,2647.10
1888JFMAMJAS0ND
32
2
2
1
1
1122
24
.69
.70
.75
.63
.80
.50
.44
• 5.5
.81
.60
.56
.13
47 .325.604.855.225.404.824.254.084.365.285.074.754.97
444444444444
643.614
.638
.640620
.595
.541
.535• 572• 582.564.551
3.7423.7163.7323.7313.7123.6903.6443.6373.6643.6713 6553.643
4645454544454647464544
.92
.16
.31
.88
.10
.40
.02
.32
.82
.39
.55
A150 APPENDIX
TABLE 10 (Continued)
Date
1889JFMAMJJAS0ND
1890JFMAMJJAS0ND
1891JFMAMJJAS0ND
1892JFMAMJJAS0ND
1Call
Money
3.302.313.063.882.553.003.553.884.818.307.138.00
7.704.254.254.304.884.754.60
11 .636.755.007.005.00
3.902.882.883.304.383.252.202.134.504.254.382.94
2.402.002.002.001.501.401.882.054.135.63.5.156.81
2.Time
Money
4.804.945.064.505.205.004.856.006.256.007.007.00
5.224.384.754.205.584.504.555.565.785.395.004.40
3.313.123.552.882.622.703.002.954.505.505.385.50
3Comi.Paper
4.654.254.504.293.853.884.405.165.286.006.006.09
5.355.035.505.115.065.005.055.595.755.906.757.33
5.835.005.255.085.385.505.005.755.785.585.064.83
4.163.693.983.473.162.953.473.964.715.165.145.50
4Unadj.Bonds
4.4994.4454.4574.4484.3964.3474.3724.3834.3884.4374.4754.491
4.4724.4744.4944.4954.4944.5124.5254.5644.5904.6184.6764.732
4.6224.6194.6774.6914.7274.7894.7824.7814.7554.7094.6754.629
4.5774.5474.5544.5334.5084.4924.4774.4864.5314.5294.5384.556
5Adjust.Bonds
3.5993.5553.5653.5573.5163.4763.4963.5063.5123.5513.5833.597
3.5843.5883.6073.6113.6133.6323.6453.6813.7053.7333.7843.832
3.7473.7503.8003.8163.8493.9013.8993.9013.8833.8483.8233.789
3.7493.7263.7343.7203.7013.6893.6793.6873.7253.7243.7323.746
6StockPrices
45.1945.5644.3144.0545.2145.7144.5445.6347.2046.7446.6846.47
46.9346.4546.1447.1449.0348.6348.1446.9646.0743.9641.1140.45
42.3242.7241.7643.3443.3042.3041.8143.5947.4547.4746.5048.06
48.6248.5349.1448.8548.6848.2648.3248.6447.0847.9347.3946.84
INTEREST RATES AND STOCK PRICES A151
Date
TABLE 10 (Continued)
6StockPrices
1893JFMAMJJAS0ND
4384387'532I1
.00
.0020
.88
.60
.88
.75
.50
.75
.38
.70
.16
44.5556S7'5432
.88
.12
.9090.86.08.75.4075.88.4062
5.104.976.805.756.698.47
10.8810.608.285.914.383.66
4.5314.4084.5344.5394.5944.6704.8244.9404.7894.7264.6224.554
3.7263 6973.7273.7313.7753.8363.9624.0563.9303.8783.7913.734
47.7046.7145.1245.4242.1440.1736.5835.8537.8538.4739.2238.08
1894JFMAMJJAS0ND
111111111111
020009131000000000000844
222221222222
.61
.56
.50
.50
.00
.88
.00
.45
.38
.0039.38
3.483.303.033.102.932.913.003.073.282.762.792.88
.31
.8090
.22
4.5474.4034.4524.4034.4084.4134.4304.4054.3744.3344.8034.302
333333333333
727.681648
.606607611623602576542516
.514
373738393736363738373736
.6395
.33
.68
.53
.32
.22
.77
1895JFMAMJJAS0ND
1 .351 .502.252.251.321.161.401.031 .562.171.974.56
2.553.193.383.412.402.002.392.502.692.852.504.12
3.103.623.913,972.772.622.943.474.034.784.134.75
4.3104.3514.3674.3744.3184.2514.2204.1704.1774.1894.2084.271
333333333333
520551562
.566519462.435.392396404.418467
36.2635.7335.4536.0338.8639,7740.4241.0541.3840.8539.5037.14
1896JFMAMJJAS0ND
4 903 943 503 022.531 .942.074.695.45
11.136.251.95
6.005.253.883.703.123.123.907.507.898.444.813.10
6 005.815 22.5.274.534.255.057.818.308.365.343.73
4.3314.2844.2894.2864.2664.2534.3494.5554.4774.4344.3264.275
3.5153.4753.4793.4753.4563,4453.5213.6873 6223 587
3.456
36.6238.1037.2937.6737.5137.0034.9033.0734.5435.2237.1836.18
A152 APPENDIX
TABLE 10 (Continued)
Date
1897J1?
MAMJJAS0ND
1898J• F
MAM
,j.
S0ND
1899JFMAMJJAS0ND
1900JFMAMJJAS0ND
1Call
Money
1 .781.631 .621 .501.411 .201.191 .252.222.501.812.92
2.501 .782.172 .971 .951.251 .251.703.782.252.102.41
2.722.474.105.133.522,634.473.276.387 .50
7.6011.13
4.152.253.943.062.001.691 .531 .301.613.575.065.13
2Time
Money
2.622.502.832.502.502.222.002.693.203.193.003.40
2.882.694.605.813.722.782.562.953.692.692.903.00
2.893.034.003.883.193 .01)3.624.305.505.355.966.12
4.804.254.563.503.003.063.363.613.884.954.334.78
3Comi:Paper
3.313.003.333.533.533.123.403.724.104.193.383.42
3.253.124.655.754.653 243.663.644.113.413.303.03
2.903.053.863.693.603.313.664.354.945.195.425.88
4.934.404.884.253.703.684.034.194.345.054.404.75
4ljnadj.Bonds
4.2224.1944.1354.1474.1314.0954.0594.0804.0904.0924.0724.019
3 .9964.0004.0934.1894.1454.0834.0334.0024.0213.9893 , 949
3.8593.8643.8653.8263.7933.7833.8033.8243.8593.8973.9183.960
3.9233.8893.8753.8563.8863.9003.8983.8973.8983.8983.8703.838
5Adjust.Bonds
3.4133.3893.3423.3503.3383.3083.2793.2963.3043 .3053.2893.247
3 . 2283 .2333.3083.3863.3513.3023.2623.2383.2543.2293.1973.168
3.1273.1323.1343.1033.0783.0713 . 0893. 1073.1383.1703.1903.226
3.1973.1723.1643.1503.1783.1923.1923.1943.1993.2023.1833.160
6StockPrices
36.0935.6535.8134.6834.8436.4537.8540.3942.2141.1339.7340.77
41.7241.5239.6338.7741.1642.0642.6744.4744.6543.7844.7347.26
51.2553.2553.0753.8151 .9051.1453.0854.3053.6953.4254.5251.78
52.3053.4354.7755.7953.5752.2351 .9552.4551.5353.2956.9061.06
INTEREST RATES AND STOCK PRICES
TABLE 10 (Continued)
Date1
CallMoney
2Time
Money
A153
3 4Unadj.Bonds
5Adjust.Bonds
6StockPrices
1901JFMAMJJ
0ND
322464424346
.07
.00
.34
.30
.88
.31
.30
.44
.34
.55
.19
.25
333443445445
.83
.25
.28
.14
.36
.56
.33
.38
.06
.65
.69
.19
4.033 .693.753.973.973.944.304.504.944.654.724.94
333333333333
824.804
• 801808.835.821• 838.853.858.854• 825• 824
333333333333
.152
.140
.141
.151
.178
.172
.190• 208.217
.210200205
636668747178727374747776
03.01.29.36.47.33.17.93.44.84.86-.9
1902jFMAM
S0ND
42355233
10746
.57
.38
.94
.10
.56
.84
.52
.78
.80
.63
.88
.81
444444447766
.5300
.00
.25
.75
.3560.72.83
.44
.44
.80
44
4444445556
.50
.00
.34
.48
.53
.44
.62
.84
.61
04P.(.D
.00
3333
3
3333333
• 81.0
• 801.799.791804818833
• 848• 863.897.906• 928
333333333333
.198
.197
.201
.200
.217• 234.252.271.200.325
.339
.364
77 9478.5278.6281.6481.9582 2585.3287.9188.0185.1181 8980 29
1903JFMAMjjAS0ND
5.752.886.004.192.443.052.502.032.322.695.195.50
4.974.595.634.963.924 .284.584.915.255.005.815.23
5455455565
5
.12
.48
.61
.22
.75
.08
.44
04.0084
.97
.85
3.9183.9323.9784.0113.9914.0244.0704.1154.1184.0744.0404.047
333
33
33
333
33
362380427462.451
.486
.532• 578.586554
• 530542
84.2382.7578.9875.5674.3570 .38
68.4366.4265.5064.0964.3566.84
1904
FMAMjjAS0ND
211111101223
.34
.81.75.38.55.13.03.90.53.0380.13
4.033.693.172.692.612.312.442.353.253. 5J3.753.59
4.884.784.684.063.923.613.533.884.314.404.134.28
444443333333
.035
.044056032
• 016.992.953.941.944936926
.915
3.537550
3.565:3.5493.5393.5223.4913.4843.4903.4873.4803.473
67 8565 8365.7567.4465.7466.0369.0871 .4274.6478.9182.2583.53
A154 APPENDIX
TABLE 10 (Continued)
1 2 3 4 3 6Date Call Time Corni. Unadj. Stock
Money Money Paper Bonds Bonds Prices
1905J 2.25 2.93 3.97 3.885 3.449 86.05F 2.19 3.10 3.83 3.874 3.441 90.39M 3.20 3.24 3.93 3.886 3.453 03.01A 3.25 3.44 3.97 3.893 3.461 91.58M 2.42 3.18 3.08 3.809 3.467 87.13J 2.50 3.07 3.75 3.804 3.464 88.72J 2.31 3.09 4.12 3.882 3.455 01.53A 2.05 3.28 4.20 3.885 3.458 95.46S 3.56 4.28 4.72 3.886 96.300 5.31 4.90 4.95 3.887 3.460 07,38N 7.70 5.71 5.58 3.912 3.483 96.18D 16.50 6.00 5.81 3.923 3.491 96.94
1906J 8.65 5.08 5.05 3.912 3.482 09.84F 4.63 5.25 5.03 3.932 3.499 99.42M 4.88 5.22 .5.28 3.966 3.529 97.61A 9.50 5.69 5.44 3.986 3.545 96.25M 4.15 4.05 5.32 4.003 3.559 93.78j 3.25 4.38 5.25 3.990 3.547 95.57J 2.97 4.50 5.46 4.005 3.558 93.78A 4.44 5.39 5.96 4.027 3.576 100.85S 9.38 7.19 6.56 4.056 3.600 103.95O 5.15 6.13 6.30 4.045 3.588 102.91N 7.50 7.10 6.25 4.038 3.581 102.46D 14.00 7.88 6.25 4.054 3.594 101.57
1907J 6.15 5.78 6.15 4.065 3.602 98.16F 4.38 '5.25 5.94 4.088 3.621 94.50M 6.38 6.22 6.18 4.159 3.683 85.02A 2.35 4.42 5.94 4.159 3.681 85.58M 2.31 3.97 5.47 4.181 3.700 82.88J 3.13 4.44 5.44 4.233 3.745 80.67J 4.55 5.10 5.75 4.231 3.742 83.71A 3.06 6.41 6.25 4.286 3.791 78.97S 4.00 5.72 6.81 4.340 3.840 79.01o 21.00 8.05 7.10 4.419 3.909 72.08N 12.25 13.50 7.25 4.590 4.062 67.87D 14.60 10.00 7.83 4.474 3.959 71.03
1908j 4.75 5.36 6.47 4.316 3.820 73.71F 1.81 4.22 5.06 4.302 3.810 70.93M 1.85 3.57 5.68 4.335 3.841 72.98A 1.72 2.85 4.46 4.303 3.814 76.37M 1.66 2.01 3.94 4.261 3.779 80.74J 1.52 2.32 3.64 4.255 3.777 80.93J 1.22 2.29 3.75 4.230 3.757 83.18A 1.06 2.56 3.60 4.185 3.720 85.95S 1.35 2.57 3.93 4.151 3.693 85.40O 1.44 3.10 4.06 4.140 3.686 86.41N 1.75 3.31 4.03 4.102 3.657 91.76D 2.90 3.20 3.85 4.083 3.643 94.28
INTEREST RATES AND STOCK PRICES A155
TABLE 10 (Continued)
Date
1909JFMAMJJAS0ND
1910JFMAMJJAS0ND
1911JFMAMJJAS0ND
1912JFMAMJJAS0ND
1
CallMoney
1.812.251 .851 .941 .841 .872.002.172.694.314.655.03
4.722.782.883.283.632.772.411 .552.003.133.233.38
3.182.282.282.302.312.402.362.312.282.332.724.03
2.422.282.423.032.752.752.882.844.635.336.386.50
2Ti inc
Money
2.662.782.652.472.602.552.383.293.744.754.864.64
4.313.693.904.093.933.403.963.784.224.784.503.91
3.383.142.862.752.782.812.883 .203.503.623.624.12
2.952.893.443.503.193.123.584.105.505.755.885.87
3 4 5Corni. Unadj. Adjust.Paper Bonds Bonds
3.72 4.058 3.6253.53 4.031 3.6053.50 4.042 3.6203.50 4.046 3.6273.44 4.041 3.6283.25 4.058 3.6483.38 4.052 3.6484.04 4.063 3.6624.18 4.083 3.6855.03 4.097 3.7025.05 4.111 3.7195.11 4.116 3.727
4.75 4.116 3.7324.44 4.121 37394.50 4,140 . 3.7614.75 4.183. 3.8044.7.5 4.201 3.8244.92 4.218 3.8425.38 4.240 3.8665.43 4.232 3.8635.53 4.183 3.8205.56 4.158 3.8015.50 4.187 3.8304.66 4.184 3.829
3.99 4.174 3.8234.06 4.177 3.8273.90 4.191 3.8423.65 4.186 3.8403.62 4.173 3.8293.68 4.182 3.8303.78 4.187 3.8444.19 4.200 3.8574.53 4.217 3.8734.36 4.209 3.8663.94 4.188 3.8474.62 4.195 . 3.853
3.90 4.187 3.8463.75 4.178 3.8374.19 4.195 3.8524.14 4.204 3.8604.19 4.210 3.8654.00 4.224 3.8764.52 4.234 3.8855.00 4.257 3.9055.56 4.279 3.9235.03 4.276 3.9195.72 4.275 3.9176.00 4.291 3.931
6StockPrices
95.5293.5504.9898.63100.81102.21103.88105.83105 .29105.01103.10104.45
102.5999.40
101.7199.6698.3293.5688.9190.7091.2195.0094.1091.83
94.2595.4394.4594.3495 .95
98.2398.1793.7189.0290.3793.8093.37
93.2092.3194.1796.4695.7095.2595.2897.6597.6297.1096.4293.78
A156 APPENDIX
TABLE 10 (Continued)
Date
1913JFMAMJJAS0ND
1914.1
FMAMJJA
0ND
1015jFMAMJ.JAS0ND
1916JFMAMJJAS0ND
1Call
Money
3.013.314.193.432.752,282 .222.252.893.613.754.58
2.571.781 .901 .821.781.852.746.256.006.005.413.38
2.131 .971 .932.091 .941 .831 .851.761.791 .821 .881 .93
1 .881.881 .902.102 .282 .973.132.332.782.633.044.44
2Ti me
Money
4.114.535.374.303.944.134.544.504.625.044.945.03
3.673.033.002.812.442.543.667.636.906.505.223.87
3.192.882.852.912.842.702.782.812.752 .752.722.58
2.752.762.822.882.883 .503 .973.233.323.363.424.25
3
CornLPaper
4.814.905.765.525.355.886.046.005.815.665.565.69
4.533.853.843.743.883.864.446.346.706.445.504.35
3.853.753.383.663 .723 .653 .253.533.283.222.993.09
3.123.123.123.123,123.623.973 .723.383.383.493.91
4Unadj.Bonds
4.2764.2924.3624.4134.4644.5124.5104.4674.4274.4644.5214.533
4.4514.3834.4054.4054.4064.3944.441
**$
*
4.657
4.5954.5904.6244.5804.5914.6274.6974.7334.7484.6474.5074.492
4.4764.4644.4804.4994.5104.5164.5304.5504.5374.4794.4414.443
5Adjust.Bonds
3.9163.9303.9924.0374.0834.1274.1244.0834.0454.0784.1284.138
4.0623.9984.0164.0144.0124.0004.041
****
4.225
4.1664.1584.1874.1454.1524.1824.2434.2744.2854.1924.0644.048
4.0324.0194.0324.0474 . 0554.0604.0704.0864.0744.0203.9843.985
****
6StockPrices
93.2290.7588.9488.7686 .2582.3183.3584.6484.9682.0481.0880.88
83.3883.9981.6879.7780.2879.8575.72
72.13
73.2371.oo73.2577.1775.0974.5472.8475.0477.0081.1684.7084.05
82.6380.7580.2979.7481.9583.2782.3881.7783.0385.1784.5382.91
*St.ock Exchange closed.
INTEREST RATES AND STOCK PRICES A157
TABLE 10 (Continued)
Date
1917JFMAMJJAS0ND
1918JFMAMJJAS0ND
1919JFMAMJJAS0ND
1920jFMAi\.lJJAS0ND
1Call
Money
2.052.412.282.473.074.693.352.994,534.004.175.16
4.104.995.204.225.035.005.635.886.006.005.855.39
4.785.064.885.405.256.636.555.135.787.94
11.068.85
8.1910.008.097.297.157.508.297.237.107.757.907 .00
2Time
Money
3.134.063.753.974.424.914.324.495.505.575.445.56
5.655.816 .006.006.005.785.725.916 .006.006.005.68
5.185.315.505.805.505.786.005.945.886.186.506.60
7.318.128.158.128.258.108.288.728.227 .947.767.32
3Comi.Paper
3.554.094.124.284.835.004.684.795.185.385.445.50
5.575.685.885.915.885.885.885.946.006.005.975.81
5.25•5.185.385.385.385.535.435.385.385.385.505.88
6.006.406.676.827.167.727 .848.007.078.007.937.88
4Unadj.Bonds
4.3764.4504.4954.6014.7314.7844.8314.8674.9645.0165.1625.252
5.2155.1625.2335.2975.2235.2835.3455.3475.4055.2744.9574.979
5.0775.1265.1895.2395.1865.1855.2535.4355.4775.3335 .4735.538
5.5175.7065.7055.9236.1726.1216.0855.8995.6025.5135.6035.784
5Ad] ust.Bonds
3.9233.9884.0264.1214.2364.2824.3224.3544.4404.4864.6154.695
4.6614.6124.6764.7324.6644.7184.7734.7734.8244.7054.4224.440
4.5274.5704.6254.6694.6204.6174.6764.8374.8744.7464.8694.927
4.9075.0735.0735.2655.4875.4435.4115.2475.0634.9054.9875.149
6StockPrices
81.3277.0477.9977.1474.0074.9674.0372.9669.8866.8561.8059.74
62.3763.1262.6361.3963 .3763.7463 .96
65.5165.8968 .6070.3267.51
65.8465.8666 .54
66.7770.4170.5570 .2665 .7764.5265.2663.1860.42
60.5958.1461.6459.4457 .2956.8057.5850.5063 .0065.8964.0058.11
A158 APPENDIX
TABLE 10 (Continued)
Adj ust.Bonds
6StockPrices
1921JFMAMJjAS0ND
6.717.266 .826.456 796.005.605.575.145.285.035.14
6 606 816.756.666.656.686.125.98.5.595 385.205.12
7.827.757.627. .566.936.716 28.5.955.885.625.175.12
5 584.5.6085.6725.7075.7225.8625.7075.6115 5255.5025.2665.110
4.9744.9975.0575.0915.1095 2385.1035.0214.9494.9334.7264.591
59.7759.0256,2555.1757 .43
53 9756 2557 2357 8656 9358.5458.62
1922JFMAMJJAS0ND
4.554.904.233,973.913.703.863 .764.344.734.894.66
4.754.874744.414.174.124.064.084,474.794.994.91
4444443
34444
.91
.88
.79
.56
.28.03.9488
.19
.39
.61
.62
5.0115.0134.0664.8704.8404.8334.74046904.6744.7934.8794.862
4.5064.5134,4754.3934.3724.3704.2914.2514.2424.3554.4394.429
586062656766687273736967
363.565
.80.11.44.09
.3030
.21
.2462
1923JFMAMJJAS0NB
445445544444
.32
.82
.1.4
.87
.70
.00
.06
.97
.93
.76
.81
.86
4.674.915.285.325.074.015.125.245 .47
5.285.035 00
445
554455.5
54
.62
.68
.03
.12
.12
.91
.95
.031212
.09
.88
4.8574.8905.0245.0504.9674.9834.9914.9605.0005.0194.9824.994
4.4314.4674.5954.6254.5554.5764.5904.5684.6104.6334.6054.623
67.5669.7270.0468.0366.4765.8563.2462.8963 .1762 6663 6263 58
1924JFMAMJJAS0ND
4.394.334.044.213.342.252.102.002.072.322.423.49
4.804.754.694.333.973.312.852.722.962 883 123 55
4.884.784.624.624.103.973 523.253.123.123.223.55
4,9494.9654.9684.9304.8784.8044.7424.7824.7754.7404.7534.787
4.5864.6064.6134.5844.5384.4754.4224.4634.4614.4404.4484.484
64 5265.0664.6065 4665.5867.4270.7172.5372.0371.2776.1580.10
INTEREST RATES AND STOCK PRICES A159
TABLE 10 (Continued)
2Time
Money
3Co ml.Paper
4Unad.j.Bonds
3.323.603 .97
3.803.823.974.094.1.94.624.874.745.32
3.623,654.074.013.783 .853.934.354.414.824.914.99
3.629.3.3.013.933 883 883 903 .074.154.384.384 . :38
4.7764.7594.7414.7244.6674.6704.7164.7724.7284.744.725
4. 6S7
'5
Prices
80.7980.9378.6376.4678.4978.8079.0882.3283.1784.3486.7890.59
4.4784.4664.4524.4404.390.1 '1 -.
4.4444.5004.4324.4794.4654.432
4.334.854.554 063 .81
4.1.5
4,27I
5.024.754.505.16
44'.1
44444
444
.78
(54
.74
.22
06.133000.91
.99
.68
.67
444443.34
4
444
.35
.1528.19
.0388
.04
.22
.40
.53
.4340
4.0454.6094.61.44.4.5164.5174.5423.5554.5504.5434.5024.485
1925JFMAMJJAS0ND
1926•1
FMAM.1JA(J
0ND
1927JFIv'AM
jAS0ND
1928JFMAMJJAS0ND
4.3954.3644.3724.3184.2854 280
.3.154.3314.3294.3254.2894.278
93.6689.0985 .33
85.8480.7593 .20
92.0994.6707.4994.5495.2497.05
4.324.034.134.184.204.334.053.683 .803.903.604.38
4.4.4,4.4.4.4.4.4.4.4.4.
554242383640440817341510
434444433433
.19
.91
.00
.09
.12
.12
.06
.90
.91
.00
.93
.97
4.4544.4524.4114.3554.3474.3804.3844.3424.3054.2574.2064.183
4.2514.2534.2174.1634.1654.2004.2094.1744.1434.1014.0574.040
98.36102 .61103.69106.14108.47110.22112.10113.47115.39115.15114.23116.58
4.244.384,475.085.706.326.056.877.266.986.678.60
444455'567767
.35
.55
.61
.88
.17
.76
.93
.34
.06
.10ss
.47
3.883.994.194.314 .554 .725.095.42.5.59
5.515.385.44
4.1874.2084.2134.2314.2754.3714.4374.4964.4424.4354.3954.468
4.0494.0734.0824.1044.151
4 .360
114111115120122116114116119118124124
.79
.84
.66
.49
.41
.52
.85
.57
.60
.42
.37
.01
0
A160 APPENDIX
TABLE 10 (Continued)
Date
1929J
FMA1's/I
JJ
AS0ND
1930JFMAMJJAS0N
1931JFMAMJJAS0ND
1932JFMAMJJAS0ND
1
CallMoney
7.057.069.108.898,917.709.238.238.506.435.444.83
4.644.323.694.003.122 .62
2.202.212.192.002.002.23
1 .571 .501 .551.521 .451 .501 .501 .501.502.102.502.70
2.652 .502.502.502.502.2.082.002.001.351 .001 .00
2Time
Money
7.657 .697.978.728.778.107 .848.878.947 . SO
5.504.82
4.704.654.124.123.542 .902.782.622.592.452.182.24
2.101 .882.122.121 .661.411 .421 .501 .693.193.533.40
3.563.623.132.691.591 .501 .441 .381 .26
.9750
.50
3
Co nil.
Paper
5.505.565.695.886.006.006.006.086.126.125.415.00
4.904.624.103 .88
3 .68
3.443.153.003 .003.002.972 .85
2.822.502.532.402.122.121 .95
1 .881 .883.354.004
4.003.883.523.383.002.782.562.182.121 .941. .74
1.51
4Unadj.Bonds
4.5014.5484.5994.5794.5974.6494.6704.6624.6944.6384.5814.504
4.5044.5224.4374.4544.4414.4 174.3754.3174.2624.2924.3664.488
4.3224.3244.3194.3654.3314.3644.3624.4924.7325.1465.2485.886
5.6375.6365.5245.9066.3626.5136.0775.4585.2865.3195.4435.557
5
Adjust.Bonds
4.3934.4344.4644.4604.4774.5204.5464.5124.5754.5404.4454.398
4.3864.3754.3004.3524.3194.2874.2374.1764.1164.0964.1384.200
4.0784.0834.0954.0814.0024.0164.0094.0564.1204.3504.4924.736
4.7354.7934.6914.8374.8484.8984.7984.5404.4564.4564.4884.375
6StockPrices
130.53128.95128.54126.90128.40133.56146.61152.76154.42135.68122.20125.02
124.18130.53131.34128.76122.54115.09115.01111.95109.98101.7793.3185.38
90.6996.1289.8979.9270.5667.7869.2661.2551.4745.1841.0831.78
32.0131.8629.4421.2715.5713.4615.8725.6731.2326.1624.3723.26
0
INTEREST RATES AND STOCK PRICES A161
Date
TABLE 10 (Concluded)
S(;ockPrices
1.001.003.321.371 .001.001 .00
• 98.75.75.75.94
.50
.662.941.251 .04
.931 . 161. .08
.64
.69.83
1.09
1.381.382.782.562.081 .691 .501 .501.251.251.251. .41
5.2905.3905.6815.9075.485.5.1624.9644.9215.1595.1855.5765.417
4.1744.1734.3374.5154.3574.2054.1284.0764.1004.1114.2404.200
25.1423.8123.7525.4634.6440.3645.9345.5642.9935.5035.4:037.34
1.001.001.001.001.001.001.001.001 .001.001 .001.00
1.09.91.88.88.88.88.88.88.8888
.88
.88
1.251.221.001 .00
.90.75.75.75.75.75.75.75
4.9974.6954.5974.5154.4674.4024.3794.4944 .5924.491
4.0843 . 9963 . 9263.865
8123 . 7283.7213.7713 . 8263.7623 . 6803.611
1933JFMAMJJAS0ND
1934JFMAMJJAS0ND
1935JFMAMJJAS0ND
1936
MAMJJAS0ND
1937J
41,6846.0544.3744.8740.3140.3235.9332.8232.0832.9532.5333.47
1.001 .001.00
.64
.25
.25
.25
.25
.25
.29
.75
.75
.88
.88
.88
.56
.25
.25
.25
.25
.25
.341.001.00
.75.75.75.75.75.75.75.75.75.75.75.75
4.2094.1484.2254.2624.2064.1734.1294.1784.2144.2434.2324.612
3 5233.4383.4093 .4113.4383.4173.3973.4513 . 4673.4793 . 4433.414
32.3930.5526.7327.5429.0530.1031.7133.5234.1032.0035.6138.36
.75.75.75.75.93
1 .001.001.001 001.001 .001.00
1.001.001 .001 .001.191.251.251 .251 .251 .251.251 .25
.75.75.75.7575
.75
.75
.75
.75
.75
.7575
4.0473.9413.8823.9053.8953.8753.8813.8773.8433.8283.7963.747
3.3603.3123.2513.2453.2153.2003.2203.2403.2113.2003.1703.125
41.3846.5945.5543.5142.0844.2647.5250.1051.3754.0653.0650.31
1.00 1.25 .75 3.764 3.146 51.44
A162 APPENDIX
TABLE 11
Aw ADJUSTED ARITHMETIC AVERAGE INDEX NUMBER' OF THE YIELDS OFAMERICAN RAILROAD BONDS,
MONTHLY, JANUARY 1857-JANUARY 1936
Col. 1 Logarithms of Index.Col. 2. Cyclical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve (logarithms) from Trend Curve
(logarithms).For the nature of the graduations given in columns 2 and 3 see
Appendix D.
'See Table 10.
RAILROAD BOND YIELDS A163
TABLE 11
AN ADJUSTED ARITHMETIC INDEX NUMBER OF THE YIELDS OFAMERICAN RAILROAD BONUS.
Date 1 2 3 4 Date 1 2 3 4
1857 1862J .8209 .8249 .8255 —.0006 J .7879 .7920 .7452 +.0468
.8180 .8268 .8261 +.0007 F .7710 .7854 .7426 +.0428M .8190 .8301 .8264 +.0037 M .7752 .7775 .7397 +.0378A .8208 .8346 .8266 +.0080 A .7723 .7682 .7369 +.0313M .8258 .8401 .8265 +.0136 M .7498 .7578 .7343 +.0235J .8356 .8460 .8264 +.0196 J .7385 .7464 .7318 +.01463 .8377 .8518 .8262 +.0256 3 .7423 .7344 .7292 +.0052A .8421 .8568 .8260 +.0308 A .7335 .7224 .7268 — .0044S .8850 .8604 .8258 +.0346 S .7197 .7109 .7245 —.01360 .9154 .8624 .8254 +.0370 0 .7029 .7001 .7223 —.0222N .8847 .8624 .8249 +.0375 N .6936 .6905 .7203 — .0298D .8673 .8602 .8244 +.0358 D .6973 .6824 .7184 —.0360
1858 1863
J .8558 .8558 .8237 +.0321 3 .6613 .6761 .7166 —.0405F .8338 .8494 .8230 +.0264 F .6474 .6719 .7152 — .0433M .8192 .8413 .8222 +.019.i M .6542 .6699 .7138 — .0439A .8173 .8321 .8216 +.0105 A .6740 .6700 .7126 — .0426M .8129 .8225 .8208 +.0017 M .6749 .6722 .7113 —.03913 .8107 .8131 .8200 —.0069 J .6799 .6759 .7105 —.0346J .8079 .8047 .8193 —.0146 3 .6844 .6806 .7099 — .0293A .8080 .7978 .8186 —.0208 A .6872 .6854 .7097 — .0243S .8032 .7926 .8178 —.0252 S .6869 .6895 .7093 —.0198o .7918 .7892 .8170 —.0278 0 .6838 .6923 .7093 —.0170N .7869 .7875 .8162 —.0287 N .6933 .6933 .7097 —.0164D .7858 .7870 .8155 —.0285 D .7017 .6923 .7100 —.0177
1859 1864J .7861 .7874 .8146 —.0272 J .7082 .6895 .7104 —.0209
.7854 .7884 .8137 —.0253 F .7055 .6855 .7112 —.0257M .7857 .7899 .8128 —.0229 M .6917 .6810 .7121 — .0311A .7843 .7916 .8119 —.0203 A .6752 .6766 .7132 —.0366M .7925 .7934 .8109 —.0175 M .6743 .6734 .7148 —.0414J .8040 .7953 .8099 —.0146 J .6667 .6720 .7161 —.0441J .8037 .7970 .8088 — .0118 J .6398 .6728 .7178 — .0450A .8009 .7982 .8076 — .0094 A .6414 .6761 .7197 — .0436S .7923 .7988 .8064 —.0076 S .6730 .6821 .7221 —.0400O .7952 .7984 .8053 —.0069 0 .7066 .6904 .7244 —.0340N .7976 .7969 .8040 —.0071 N .7029 .7009 .7269 —.0260D .7962 .7944 .8027 —.0083 D .7155 .7129 .7294 —.0165
1860 18653 .7957 .7912 .8010 —.0098 J .7325 .7259 .7320 —.0061F .7928 .7875 .7997 —.0122 F .7452 .7391 .7348 +.0043M .7893 .7838 .7981 —.0143 M .7679 .7520 .7378 +.0142A .7842 .7804 .7964 —.0160 A .7750 .7640 .7407 +,0233M .7762 .7776 .7945 —.0169 M .7734 .7745 .7438 +.0307J .7688 .7755 .7927 —.0172 J .7917 .7835 .7469 +.0366J .7655 .7744 .7908 —.0164 J .7843 .7909 .7501 +.0408A .7643 .7742 .7888 —.0146 A .7868 .7968 .7532 +.0436S .7655 .7749 .7868 —.0119 S .7900 .8013 .7567 +.04460 .7690 .7767 .7848 —.0081 0 .7957 .8047 .7599 +.0448N .7898 .7793 .7825 —.0032 N .8030 .8071 .7632 +.0439D .8089 .7828 .7802 +.0026 D .8067 .8087 .7666 +.0421
1861 1866J .7931 .7869 .7778 +.0091 J .8123 .8096 .7697 +•0399F .7891 .7914 .7754 +.0160 F .8152 .8097 .7729 +.0368M .7854 .7960 .7728 +.0232 M .8200 .8093 .7759 +.0334A .7896 .8001 .7703 +.0298 A .8168 .8084 .7788 +.0296M .8124 .8036 .7676 +.0360 M .8085 .8070 .7816 +.0254J .8095 .8061 .7649 +.0412 J .8062 .8053 .7843 +.0210J .7983 .8075 .7622 +.0453 J .8001 .8034 .7869 +.0165A .8000 .8076 .7595 +.0481 A .7965 .8015 .7894 +.0121S .8072 .8067 .7566 +.0501 S .7939 .7996 .7916 +.00800 .8117 .8046 .7539 +.0507 0 .7922 .7980 .7939 +.0041N .8090 .8015 .7511 +.0504 N .7896 .7969 .7959 +.0O10D .8089 .7973 .7482 +.0491 D .7965 .7963 .7980 —.0017
A164 APPENDIX
TABLE 11 (Continued)
AN ADJUSTED ARITffMETXC INDEX NUMBER OF THE YIELDS OFAMERICAN RAILROAD BONDS.
2 3Date1867
JFMAMJJAS0ND
1868JFMAMJ3AS0ND
18693FMAM
AS0ND
1870JFMAM33AS0ND
1871JFMAMJJAS0ND
1
7985.7998.8005.80378048
.8045
.79657955
.7964
.8014.8055.8072
.8002
.795 1
.7935
.7955
.7923
.7907
.7902
.7912
.79557999
.8048
.808 7
.8088
.8095
.8125
.8 141
.8081
.8074
.8118
.8110
.8159
.8221
.8245
.82 72
.82 29
.8096
.8042
.8064.802 8.7996.7991.8040.8058.8070.8083.8 108
.8074.8050.8041.803 1.8002.7998.7994.79737959
.8040
.8070
.8034
2
.7963
.7969.79807993
.8006
.80 t 7
.8025
.8026
.8023
.80 14
.8002
.7987
.7973
.7959
.7949
.7944
.7942
.1945
.79527962
.7975
.79918009
.8029
.8052
.8075
.8098
.8121
.8141
.8157
.8169
.8 1758176
.8172
.8164
.8153
.8139
.8 124
.8108
.8092
.8078
.8064
.8053
.8045
.8039
.8038
.8038
.8041
80438046
• 8045.8042.80378029
.80 19
.8008
.7995
.7982
.7970
.7958
3
79948008
.8023
.80368048
.805 9
.8070
.8077
.8082
.8088
.8093
.8096
.8098
.8 100
.8102
.8 102
.8 101
.8 100
.8 100
.8098
.8095
.8093
.8091
.8088
.8084
.8082
.8080
.8078
.8075
.807 3
.807 2
.807 1
.8070
.8070
.8069
.8068
8068.8068.8067.8067.8066.8065.8064.8063.8063.8062.8060.8059
.805 8
.8056
.8054
.8051
.8049
.8047
.80448040
.8036
.8031
.802 7
.8023
4
— .0031— .0039— .0043— .0043— .0042— .0042— .0045—.0051— .0059— .0074— .0091
.0109
.0125— .0141— .0153— .0158— .0159— .0155— .0148— .0136— .0120— .0102— .0082— .0059
— .0032— .0007+0018+ .0043+ .0066+ .0084+ .0097+.0104+.0106+ .0102+0095+ .0085
+.0071+.0056+ .0041+.002S+.0012— .0001— .0011— .0018— .0024
.0024— .0022— .0018
— .0015— .0010— .0009— .0009-.0012— .0018-.0025— .0032— .0041— . 0049— .0057— .0065
Date1872
3FMAM3JAS0ND
1873JFMAMJJAS0ND
1874IFMAMJJAS0ND
1875JFMAMJJAS0ND
18763FMAMJJAS0ND
I
.7906.7881.7933.7923.792178927835
.78 75
.7916
.7941
.7967
.7970
7917.79007903
.7915
.7896
.78667826
.7826
.7900
.8 120
.8127
.7996
7839.7766.7757.7740.77717728
.7724
.77137688741
.7574
.7561
.7506
.7478
.746 17403
.7370• 73887344
.7332
.7299
.7324
.72927242
.7196
.7150
.7120
.7 141
.7163
.7142
.7090
.7066
.7 134
.7 139
.7 131
.7131
7947.7937.7929.7922.79 18.7914.7911.7908.7906.7903.79037903
.7906
.7910
.79 16
.7922
.7928
.7933
.7935
.7935
.7932
.7926
.7917
.7905
.7889.7868.7843.78 14.7781.7 746.7710.7674.7640.7608.75 78.7549
.75 20• 7491.7466.7436.7407.7379.7352.7323.7298.72 74.725 1.722 7
.7204
.7182
.7 1617144
.7 130
.7 120.7115.7114.7117.7122.7128.7135
4
—— .0075— .0077— .0076— .0074— .0070— .0066— . 0060— .0053— .0047— .0036— .0028
— .0012+ .0003+.0022+ .0040+.0059+.0076+.0092+.0106+.0119+.0128+.0133+.0138
+.0140+.0136+ .0 129+ .0117+.0101+.0085+.0068+.0050+.0032+.0019+ .0007— .0004
— .0014— .0026— .0033— .0045— .0055— .0067— .0076— .0088— .0096— .0103— .0110— .0118
— .0126— .0134— .0140— .0144— .0142— .0139— .0130— .0118— .0103— .0086— .0070—.005 1
.8018
.8012
.8006
.7998
.79927984
.7977
.7968
.7959
.7950
.7939
.793 1
.7918.7907.7894.7882.7869.7857.7843.7829.7813.7798.7784.7767
.7749
.7 732
.7714
.7697
.7680
.7661
.7642
.76247608
.7589
.7571
.7553
.7534
.75 17
.7499
.7481
.7462
.7446
.74287411
.7394
.7377
.73617345
.7330
.7316
.7301
.7288
.7272
.7259
.7245
.7232
.7220
.7208
.7198
.7 186
RAILROAD BOND YIELDS A165
TABLE 11 (Continued)
AN ADJUSTED ARITBMETIC INDEX NUMBER OF THE YIELDS OFAMERICAN RAILROAD BONDS.
1 2 1 2 3 4Date1877
JFMAM
AS0ND
1878JFMAMJJAS0ND
1879
MAMjAS0ND
1880IFMAMI
IAS0ND
1881
JFMAMIJAS0ND
7105.7137.7199.7210.7177.7 126.7086.71121130
.7 154• 7145.7117
.7120
.7117
.7123
.7124• 7099.7049.70497080
.7078
.7058
.7027
.7012
.6921
.6802
.6874
.6875
.67 74
.6735
.6696
.6691
.6768
.6757
.6739.6 707
.6668.6613.6600.6609.6601.6566.6496.645 1.6421.6379.6277.6208
.6167
.6213
.625 7
.6242
.6127
.6059
.6062• 6097.6177.622 1.6199.6224
3
.71747165
.7 134
.7 143
.7 132
.7 122
.7111
.7101
.7090
.70797068
.7057
• 7044.7033.7020.7008.6992.6979.6965.6949.693 1.6914.6897.6879
.6861
.6842.6823.6804.6784.6 765.6743.6 722.6701.6680.6659.6638
.66 15
.6594
.6572
.6551
.6530
.6508
.6488
.6467
.6450
.6430
.6412
.6396
.6379
.6363
.6349
.6336
.632 1
.6308
.6296
.6287
.6277
.62686261
.6253
.7141
.7146
.7150
.7152
.7152
.7151
.7150
.7144
.7 139
.7133
.7.128
.7124
.7121
.7118
.7116
.7 113
.7 107
.7099
.7086
.7069
.7046
.7020
.6991
.6959
.6926
.6893
.6861
.6830
.6802.6777.6756.6738.6724.67 12.6702.6690
.6676
.6658
.6634
.6606
.6564
.65 26
.6484
.6440
.6394
.6357
.63 12
.6269
.6230
.6197.6 170.6152.6141.6 138.6141.6 148.6159.6172.6 184.6 197
4
— .0033— .0019— .0004+ .0009+.0020+.0029+,0039+.0043+ .0049+ .0054+.0060+.0067
+.0077+.0085+.0096+.010s+.0115+.0120+ .0121+.0120+.0115+.0106+.0094+ .0080
+.0065+ .0051+ .0038+.0026+ .0018+ .0012+ .0013+.0016+.0023+.0032+ .0043+.0052
+ .0061+ .0064+.0062+.0055+.0034+ .0018— .0004— .0027— .0056— .0073— .0100— .0127
— .0149— .0166— .0179— .0184— .0180— .0170— .0155— .0139—.0118— .0096— .0077— .0056
Date
1882
3FMAM
IAS0ND
18833FMAMJJAS0ND
1884JFMAM3JAS0ND
1885JFMAMJJAS0ND
18863FIvIAM3JAS0ND
.6219
.6247
.62 70
.6224.6201.6206.6190.6222.6241.6232.6254.6252
.6217
.6230
.6267.6249.6246.6244.6243.6277.6283.6274.6243.6224
.6194.6149.6114.6088.6170.6273.6286.6219.622 7
.6 222
.6228
.6 190
.6 142
.6106
.6066
.6056
.6039
.5985
.5954
.5945
.593 1
.5888
.5858
.3 835
.5761
.5685
.5670
.5682.5678.5643.5609.562 1.5 685.5686.5684.5 712
.6208
.6217
.6224
.6230
.6232
.6233
.6232
.6230
.6229
.6229
.6232
.6236
.6243
.625 1
.6258
.6262
.6263
.6261
.6254
.6 24S
.6234
.6223
.6213
.6204
.6 199
.6 196
.6196
.6 197
.6200
.6204
.6207
.6209
.6208
.6203
.6194
.6180
.6170
.6136
.6108
.607 7
.6043
.6008
.5973
.5939
.S903
.5867
.583 1
.5796
.5 762
.5 732
.5707
.5 685
.5669
.565 7
.5650
.5647
.5650
.5653
.5660
.567 1
6248.6242.6238.6 233.6230.622 7.6223.6220.62 18.6216.6213.6211
.6208
.6204
.6 202
.6 199
.6 196
.6192
.6187
.6 182
.6178
.6173
.6168
.6163
.6 155
.6 149
.6141
.6133
.6125
.6.116
.6 107
.6098
.6089
.6080
.6069
.6058
.6046
.6034
.6022
.6011
.5997
.5 984
.5971
.5 958
.5944
.5931
.5917
.5902
.5889
.5873
.5 862
.5 848
.5 835
.5822
.5808
.5 795
.3 782
.5770
.5 758
.5 746
— . 0040— .0025— .0014— . 0003+ .0002+ .0006+0009+.0o10+ .0011+0013+ .0019+0025
+ . 0035+.0047+0056+ .0063+.0067+ .0069+ . 0061+.0063+0056+.0050+ . 0045+ .0041
+ . 0044+.0047+.0055+ .0064+.0073+ .0088+.0100+ .0111+0119+.0123+ .0125+.0122
+.0124+0102+,0086+ . 0066+,0046+ .0024+ .0002— .0019— .0041— .0064— .0086— .0106
— .0127— .0143— .0155— .0163— .0166— .0165— .0158— .0148— .0132— .0117— .0098— .0075
A166 APPENDIX
TABLE 11 (Continued)
AN ADJUSTED ARITHMETIC INDEX NtJMBER OF ThE YIELDS OFAMERICAN RAILROAD BONDS.
Date 1 2 3 4 Date 1 2 3 4
1887 1892
J .5685 .5684 .5732 — .0048 J .3739 .5774 .5762 +.0012F .5694 .5698 .5721 — .0023 F .5113 .5751 .5765 — .0014M .5711 .5713 .5709 +.0004 M .5722 .5729 .5768 — .0039A .5716 .5728 .5699 +.0029 A .5705 .5708 .5770 — .0062M .5699 .5743 .5688 +.0055 M .5683 .5690 .5770 — .0080J .5703 .5756 .5679 +.0077 J .5669 .5676 .5770 — .0094J .5723 .5766 .5669 +.0097 J .5657 .5665 .5770 — .O1OSA .5758 .5774 .5661 +.0113 A .5667 .5660 .3769 — .0109S .5838 .5779 .5652 +.0127 S .5711 .5661 .5768 — .01070 .5865 .5780 .5646 +.0134 0 .5710 .5669 .5766 — .0097N .5822 .5778 .5639 +.0139 N .5719 .5683 .5762 — .0079D .5801 .5772 .5632 +.0140 D .5736 .5705 .5759 — .0054
1888 1893
J .5731 .5763 .S625 +.0138 J .5712 .5731 .5756 — .0025F .5701 .5751 .5621 +.0130 F .5679 .5760 .5751 +.0009M .5719 .5736 .5616 +.0120 M .5114 .5790 .5748 +.0042A .5718 .5720 .S612 +.0108 A .5718 .5818 .5742 +.0076M .5696 .5703 .5609 +.0094 M .5769 .5841 .5735 +.0106J .5670 .5684 .5607 +.0077 J .5839 .5858 .5729 +.0129J .5616 .5666 .5605 +.0061 J .5979 .5868 .5722 +.0146A .5608 .5647 .5604 +.0043 A .6081 .5869 .5714 +.0155S .3640 .5628 .5603 +.0025 S .5944 .5862 .5706 +.0156o .5648 .5608 .3603 +.0005 0 .5886 .5846 .5698 +.0148N .5629 .5588 .5603 — .0015 N .5788 .5821 .5690 +.0131D .5614 .5567 .5604 — .0037 D .5722 .5789 .5681 +.0108
1889 1894
j .5562 .5547 .5604 — .0057 J .5714 .5750 .5671 -1-.0079F .5509 .5528 .5606 — .0078 F .5660 .5708 .5662 +.0046M .5520 .5510 .5608 — .0098 M .5620 .5664 .5654 +.0010A .5511 .5494 .5609 — .0115 A .5570 .5623 .5645 —.0022M .5460 .5482 .5610 — .0128 M .5572 .5588 .5632 —.0044J .5411 .5474 .5613 — .0139 J .5576 .5559 .5624 —.0065J .5436 .5470 .5616 — .0146 J .5591 .5539 .5613 —.0074A .5448 .5470 .5618 — .0148 A .5566 .5525 .5603 —.0078S .5455 .5474 .5621 — .0147 S .5534 .5517 .5591 —.0074O .5504 .5482 .5623 — .0141 0 .5511 .5582 —.0071N .5543 .5494 .5627 — .0133 N .5461 .5505 .5573 —.0068D .5560 .5509 .5630 — .0121 D .5458 .5497 .5563 —.0066
1890 1895J .5544 .5526 .5635 — .0109 J .5465 .5486 .5551 —.0065F .5549 .5545 .5639 — .0094 F .5504 .5472 .5542 —.0070M .5572 .5565 .5644 — .0079 M .5517 .5455 .5533 —.0078A .5576 .5585 .5648 — .0063 A .5522 .5438 .5523 —.0085M .5579 .5604 .3653 — .0049 M .5464 .5419 .5512 —.0093J .5601 .5624 .5658 — .0034 J .5393 .5402 .5503 —.0101J .5617 .5643 .5663 — .0020 3 .5359 .5385 .5493 —.0108A .5660 .5663 .5669 — .0006 A .5305 .5371 .5482 —.0111S .5688 .5685 .5674 +.0011 S .5310 .5360 .5471 —.0111o .5720 .5708 .5679 +.0029 0 .5320 .5355 .5460 —.0105N .5779 .5733 .5685 +.0048 N .5338 .5356 .5450 —.0094D .5834 .5760 .5691 +.0069 D .5400 .5363 .5440 —.0077
1891 1896J .5737 .5788 .5698 +.0090 3 .5459 .5378 .5429 —.0051F .5740 .5812 .3703 +.0109 F .5410 .5399 .5417 —.0018M .5798 .5835 .5710 +.0125 M .5414 .5423 .5406 +.0017A .5816 .5853 .5717 +.0136 A .5409 .5448 .5395 +.0053M .5853 .5866 .5723 +.0143 M .5386 .5469 .5383 +.0086J .5912 .5872 .5729 +.0143 J .5372 .5485 .5372 +.0113J .5910 •.5873 .5736 +.0137 J .5467 .5494 .5361 +.0133A .3912 .5867 .5741 +.0126 A .5667 .5494 .5349 +.0145S .5892 .5856 .5746 +.0110 S .5590 .5485 .5336 +.01490 .5852 .5839 .5752 +.0087 0 .5547 .5468 .3325 +.0143N .5824 .5819 .5756 +.0063 N .5439 .5444 .5313 +.0131D .5785 .5797 .5760 +.0037 D .5386 .5414 .5301 +.0113
a
RAILROAD BOND YIELDS A167
TABLE 11 (Continued)
AN ADJUSTED ARITHMETIC INDEx NUMBER OF THE YIELDS OFAMERICAN RAILROAD BONDs.
Date 1 2 3 4 Date 1 2 3 4
1897 1902J .3331 .5380 .5290 +.0090 J .5049 .5058 .5132 —.0074F .5301 .5347 .5279 +.0068 F .5047 .5063 .5143 —.0080M .5240 .5308 .5268 +.0040 M .5053 .5068 .5155 —.0087A .5251 .5269 .5257 +.0012 A .5052 .5076 .5167 —.0091M .5235 .5233 .5245 —.0012 M .5074 .5087 .5178 —.0091J .5196 .5203 .5235 —.0032 J .5097 .5 100 .5189 —.0089J .5157 .5174 .5225 —.0051 J .5122 .5118 .5200 —.0082A .5180 .5160 .5215 —.0055 A .5147 .5138 .5212 —.0074S .5190 .5153 .5204 —.0051 S .5172 .5164 .5224 —.00600 .5192 .5153 .5195 —.0042 0 .5218 .5192 .5235 —.0043N .517.1 .5159 .5185 —.0026 N .5236 .5223 .5246 —.0023D .5115 .5167 .5175 —.0008 D .5269 .5256 .5257 —.0001
1898 1903J .5090 .5175 .5165 +.0010 J .5266 .5290 .5267 +.0023F .5096 .5182 .5156 +.0026 F .5289 .5323 .5277 +.0046M .5195 .5186 .3147 -I-.0039 M .5349 .5356 .5287 +.0069A .5297 .5186 .5137 +.0049 A .5393 .5386 .5296 +.0090M .5252 .5181 .5128 +.0052 M .5379 .5415 .3305 +.0110J .5188 .5172 .5118 +.0054 J .5423 .5441 .5314 +.0127J .5135 .5157 .5.109 +.0048 J .5480 .5463 .3322 +.0141A .5103 .5135 .5100 +.0035 A .5536 .5482 .5330 +.0152S .5124 .5109 .5091 +.0018 S .5546 .5498 .5339 +.0159O .5091 .3078 .3082 —.0004 0 .5507 .5509 .5347 +.0162N .5048 .5044 .5073 —.0028 N .5478 .5515 .5354 +.0161D .5008 .5010 .5065 —.0055 D .5492 .5517 .5360 +.0157
1899 1904J .4951 .4980 .5055 —.0075 J .5486 .5515 .5368 +.01.47F .4958 .4954 .5048 —.0094 F .5502 .5509 .5375 +.0134M .4961 .4935 .5040 —.0105 M .55fl .5500 .5382 ,+.0118A .4918 .4923 .5031 —.0108 A .5501 .5488 .5389 +.0099M .4883 .4919 .3023 —.0104 M .5489 .5476 .5397 +.00793 .4873 .4922 .5017 —.0095 J .5468 .5463 .5403 +.00603 .4898 .4930 .5010 —.0080 J .5430 .5450 +.0039A .4924 .4943 .5003 —.0060 A .5421 .5438 .5418 +.0020S .4967 .4957 .4998 —.0041 S .5428 .5427 .5426 +.000iO .5011 .4973 .4994 —.0021 0 .5424 .5417 .5433 —.0016N .5038 .4990 .4990 .0000 N .5416 .5408 .5440 —.0032D .5086 .5006 .4987 +.0019 D .5407 .5400 .5448 —.0048
1900 1905J .5048 .5020 .4983 +.0037 J .5377 .5393 .5456 —.0063F .5013 .5032 .4983 +.0049 F .5367 .5387 .5462 —.0075M .5002 .5040 .4982 +.0058 M .5382 .5383 .5470 —.0087A .4983 .5044 .4981 +.0063 A .5392 .5381 .5477 —.0096M .5021 .5044 .4981 +.0063 M .5400 .5380 .5485 —.01053, .5040 .5041 .4982 +.0059 3 .5396 .5382 .5492 —.0110J .5041 .5035 .4984 +.0051 3 .5384 .5385 .5500 —.0115A .5044 .5027 .4986 +.0041 A .5388 .5390 .5508 —.0118S .5050 .5020 .4992 +.0028 S .5389 .5398 .5513 —.0115o .5054 .5013 .4996 +.0017 0 .5391 .5407 .5520 —.0113N .5028 .5008 .5002 +.0006 N .5419 .5417 .5527 —.0110D .4997 .5006 .5008 —.0002 D .5430 .5429 .5532 —.0103
1901 1906J .4986 .5005 .5015 —.0010 3 .5418 .5442 .5538 —.0096F .4969 .5006 .5023 —.0017 F .5439 .5455 .3543 —.0088M .4971 .5009 .5031 '—.0022 M .5476 .5469 .5550 —.0081A .4985 .5013 .5039 —.0026 A .5496 .5481 .5556 —.0075M .5022 .5018 .5048 —.0030 M .5513 .5493 .5561 —.00683 .5013 .5023 .5059 —.0036 J .5498 .5503 .5567 —.0064J .5038 .5028 .5068 —.0040 3 .5512 .5513 .5572 —.0059A .5062 .5034 .5078 —.0044 A .5534 .5521 .5578 —.0057S .5075 .5040 .5088 —.0048 S .5563 .5529 .5583 —.00540 .5077 .5045 .5098 —.0053 0 .5549 .5538 .5590 —.0052N' .5051 .5049 .5109 —.0060 N .5540 .5549 .5596 —.0047D .5058 .5054 .5120 —.0066 D .5556 .5564 .5601 —.0037
A168 APPENDIX
TABLE 11. (Continued)
AN ADJUSTED ARITHMETIC INDEX NUMBER OF THE YIELDS OF'AMERICAN RAILROAD BONDS.
Date 1 2 3 4 Date 1 2 3 4
1907 1912
J .5566 .5584 .5606 —.0022 J .5850 .5862 .5890 —.0028F .5588 .5609 .5613 —.0004 F .5840 .5864 .5900 —.0036M .5662 .5640 .5619 +0021 M .5857 .5866 .5909 —.0043A .5660 .5675 .5625 +0050 A .5866 .5869 .5919 —.0050M .5682 .5714 .5630 M .5871 .5872 .5929 —.0057J .5735 .5753 .5637 +.0116 j .5884 .5877 .5939 —.00623 .5731 .5790 .5642 +.0148 J .5894 .5883 .5949 —.0066A .5788 .5825 .5649 +.0176 A .5916 .5893 .5958 —.0065S .5843 .5854 .5656 +.0198 S .5936 .5905 .5968 —.00630 .5921 .5876 .5661 +.0215 0 .5932 .5920 .5977 —.0057N .6087 .5890 .5668 +.0222 N .5930 .5939 .5986 —.0047D .5976 .5896 .5672 +.0224 D .5945 .5960 .5995 —.0035
1908 1913
J .3821 .5893 .5680 +.0213 J .5928 .5983 .6003 —.0020F .5809 .5881 .5686 +.0195 F .5944 .6010 —.0003M .5844 .5861 .5692 +.0169 M .6012 .6032 .6018 +.0014A .5814 .5835 .5697 +.0138 A .6061 .6056 .6024 +.0032M .5774 .5803 .5702 +.010I M .6110 .6078 .6030 +.00483 .5771 .5769 .5707 +.0062 J .6156 .6096 .6036 +.0060J .5748 .5735 .5711 +.0024 J .6153 .6109 .6040 +.0069A .5706 .5702 .5716 —.0014 A .6110 .6117 .6045 +.0072S .5674 .5673 .5719 —.0046 S .6069 .6118 .6049 +.00690 .5666 .5648 .5722 —.0074 0 .6104 .6114 .6053 +.0061N .5631 .5628 .5726 —.0098 N .6157 .6105 .6058 +.0047D .5615 .5612 .5729 —.0117 D .6168 .6094 .6062 +.0032
1909 1914J .5593 .5602 .5731 —.0129 J .6087 .6082 .6063 +.0019F .5569 .5596 .5135 —.0139 F .6018 .6072 .6067 +.0005M .5587 .5593 .5738 —.0145 lvi .6038 .6065 .6070 —.0003A .5596 .5594 .5740 —.0146 A .6036 .6063 .6072 —.0009M .5597 .5598 .5740 —.0142 lvi .6034 .6065 .6075 —.00103 .5620 .5606 .5742 —.0136 J .6021 .6072 .6078 —.0006J .5620. .5618 .5746 —.0128 J .6065 .6084 .6081 +.0003A .5637 .5633 .5741 —.0114 A .6104* .6100 .6083 +.0017S .5664 .5651 .5748 —.0097 S .6143* .6119 .6087 +.00320 .5684 .5672 .5749 —.0077 0 .6182* .6141 .6090 +.0051N .5704 .5694 .5751 —.0057 N .6220* .6165 .6094 +.0071D .5714 .5717 .5753 —.0036 D .6258 .6188 .6099 +.0089
1910 19153 .5719 .5739 .5756 —.0017 J .6197 .6211 .6103 +.0108F .5728 .5760 .5758 +.0002 F .6189 .6229 .6108 +.0121M .5753 .5779 .5760 +.0019 lvi .6219 .6242 .6113 +.0129A .5802 .5795 .5762 +.0033 A .6175 .6248 .6117 +.0131M .5825 .5809 .5766 +.0043 M .6183 .6247 .6121 +.0126J .3846 .5820 .5770 +.0050 J .6214 .6239 .6127 +.01123 .5873 .5829 .5775 +.0054 J .6277 .6227 .6132 +.0095A .5869 .5834 .5777 +.0057 A .6308 .6211 .6136 +.0015S .5821 .5838 .5780 +.0058 S .6319 .6193 .6140 +.0053o .5799 .5839 .5785 +.0054 0 .6224 .6116 .6146 +.0030N .5832 .5840 .5789 +.0051 N .6059 .6159 .6150 +.0009D .5831 .5840 .5793 +.0047 D .6072 .6143 .6156 —.0013
1911 19163 .5824 .5838 .5799 +.0039 J .6055 .6127 .6162 —.0035F .5829 .5838 .5803 +.0033 F .6041 .6116 .6168 —.0052M .5846 .5838 .5811 +.0027 lvi .6055 .6095 .6176 —.0081A .3843 .5839 .5818 +.0021 A .6071 .6079 .6182 —.0103M .5831 .5841 .5823 +.0018 lvi .6080 .6063 .6189 —.01263 .5842 .5844 .5830 +.0014 J .6085 .6048 .6198 —.0150J .5848 .5846 .5838 +.0008 J .6096 .6036 .6207 —.0171A .5863 .5849 .5846 +.0003 A .6113 .6026 .6216 —.0190S .5880 .5852 .5854 —.0002 S .6100 .6019 .6225 —.0206o .5873 .5854 .5862 —.0008 0 .6042 .6012 .6236 —.0212N .5851 .5857 .5871 —.0014 N .6003 .6021 .6248 —.0227D .5858 .5859 .5880 —.0021 D .6004 .6031 .6259 —.0228
*1 nterpolated. Stock Exchange closed.
RAILROAD BOND YIELDS A169
TABLE 11 (Continued)
AN ADJUSTED ARITHMETIC INDEX NUMBER OF THE YIELDS OFAMERICAN RAILROAD I3ONDS.
Date 1 2 3 4 Date 1 2 3 4
1917 1922
J .5936 .6049 .6272 —.0223 J .6538 .6633 .6773 —.0140F .6008 .6075 .6287 —.0212 F .6545 .6556 .6762 —.0206M .6049 .6111 .6302 —.0191 M .6508 .6487 .6750 —.0263A .6150 .6156 .6319 —.0163 A .6428 .6429 .6738 —.0309M .6270 .6209 .6333 —.0124 M .6407 .6386 .6725 —.0339J .6316 .6270 .6351 —.0081 J .6405 .6358 .6712 —.0354J .6357 •.6336 .6370 —.0034 J .6326 .6346 .6700 —.0354A .6389 .6405 .6389 +.0016 A .6285 .6348 .6688 —.0340S .6474 .6473 .6409 +.0064 S .6276 .6361 .6677 —.03160 .6519 .6538 .6430 +.0108 0 .6390 .6384 .6664 —.0280N .6642 .6598 .6451 +.0147 N .6473 .6413 .6653 —.0240D .6716 .6650 .6472 +.0178 D .6463 .6446 .6642 —.0196
1918 1923J .6685 .6692 .6495 +.0197 3 .6465 .6480 .6631 —.0151F .6639 .6723 .6518 +.0205 F .6500 .6515 .6620 —.0105M .6699 .6743 .6541 +.0202 M .6623 .6548 .6609 —.0061A .6750 .6752 .6564 +.0188 A .6651 .6578 .6599 —.0021M .6688 .6750 .6587 +.0163 M .6585 .6604 .6589 +.001SJ .6738 .6740 .6609 +.013t J .6605 .6626 .6579 +.0047J .6788 .6723 .6632 +.0091 3 .6618 6642 .6570 +.0072A .6788 .6703 .6654 +.0049 A .6597 .6652 .6562 +0090S .6834 .6681 .6678 +.0003 S .6637 .6656 .6553 +.0103o .6726 .6660 .6699 —.0039 0 .6659 .6654 .6545 +,0109N .6456 .6641 .6720 —.0079 N .6632 .6647 .6537 +.0110D .6474 .6626 .6742 —.0116 D .6649 .6637 .6530 +.0107
1919 1924J .6558 .6614 .6762 —.0148 3 .6614 .6623 .6523 +.0100F .6599 .6608 .6782 —.0174 F .6633 .6609 .6517 +.0092M .6651 .6608 .6799 —.0191 M .6640 .6593 .6511 +.0082A .6692 .6615 .6817 —.0202 A .6612 .6577 .6505 +.0072M .6646 .6631 .6833 —.0202 M .6569 .6560 .6500 +.0060J .6644 .6658 .6848 —.0190 3 .6508 .6544 .6495 +.0049J .6699 .6695 .6862 —.0167 J .6456 .6529 .6490 +.0039A .6846 .6742 .6874 —.0132 A .6496 .6514 .6485 +.0029S .6879 .6798 .6887 —.0089 S .6494 .6501 .6480 +.0021o .6763 .6859 .6896 —.0037 0 .6474 .6490 .6476 +.0014N .6874 .6923 .6905 +.00i8 N .6482 .6482 .6471 +.00tl.D .6926 .6986 .6915 +.0071. D .6517 .6477 .6466 +.0011
1920 1925J .6908 .7042 .6922 +.0120 J .6511 .6476 .6461 +.0015F .7053 .7091 .6927 +.0164 F .6499 . .6478 .6456 +.0022M .7053 .7128 .6930 +.0198 lvi .6486 .6482 .6451 +.0031A .7214 .7154 .6933 +.0221 A .6474 .9487 .6445 +.0042M .7393 .7169 .6935 +.0234 M .6425 .6491 .6439 +.00523 .7358 .7174 .6934 +.0240 J .6431 .6493 .6435 +.00583 .7333 .7169 .6933 +.0236 3 .6478 .6492 .6429 +.0063A .7199 .7158 .6931 +.0227 A .6532 .6488 .6422 +.0066S .7044 .7143 .6928 +.0215 S .6495 .6481 .6416 +.0065O .6906 .7125 .6923 +.0202 0 .6512 .6471 .6410 +.0061N .6978 .7107 .6918 +.0189 N .6498 .6460 .6403 -f-.0057D .7117 .7091 .6912 +.0179 D .6466 .6447 .6396 +.0051
1921 1926J .6967 .7078 .6903 +.0175 3 .6430 .6433 .6390 +,0043F .6987 .7068 .6896 +.0172 F .6399 .6419 .6383 +.0036M .7039 .7061 .6888 +.0173 M .6407 .6405 .6376 +.0029A .7068 .7053 .6878 +.0175 A .6353 .6390 .6370 +.0020M .7083 .7043 .6866 +.0177 M .6320 .6376 .6364 +.0012J .7192 .7029 .6856 +.0173 3 .6323 .6362 .6357 +.0005J .7078 .7005 .6845 +.0160 3 .6350 .6350 .6351 —.0001A .7008 .6970 .6833 +.0137 A .6366 .6339 .6346 —.0007S .6945 .6922 .6822 +.0100 S .6364 .6330 .6342 —.00120 .6931 .6862 .6810 +.0052 0 .6360 .6322 .6338 —.0016N .6745 .6791 .6798 —.0007 N .6324 .6316 .6334 —.0018D .6619 .6713 .6786 —.0073 D .6312 .6308 .6330 —.0022
A170 APPENDIX
TABLE 11 (Concluded)
AN ADJUSTED ARITHMETIC INDEX NUMBER OF THE YIELDS OFAMERICAN RAILROAD BONDS.
Date 1 2 3 4
1927JFMAMJJAS0ND
.6285
.6287
.6250
.6199
.6196
.6233
.6242
.6205
.6173
.6129
.6082• 6064
.6299
.6287
.6271
.6251
.6228
.62 02
.617 7
.6153
.6 133.6118.6110.6109
3 4
.6326
.6323
.6320
.6317
.6314.6311.6309.6307.6306.6304.6302.630 1
—.0027—.0036— .0049— .0066— .0086— .0109—.0132— .0154—.0173—.0186— .0192—.0192
1928
MAMJJAS0ND
.6073
.6099
.6109
.6132
.6181
.6283
.6352
.6412.6364.6360.6322.6395
.6115.6128.6146.6170.6199.6230.6264.6300.6335.6369.6402.643 1
2
.6668
.6733
.6778
.68016800
.6777
.6736
.6681
.6618
.6552
.6488
.6429
.6378
.633 7
.6307
.6285
.6269
.6256
.6242
.62 23
.6200
.6170
.6136
.6098
.6038
.6017
.59 75
.5932
.6300.6299.6298.6297.6296.6295.6294.6294.6295.6296.6297.6299
— .0185—.0171—.0152—.0127— .0097— .0065—.0030+.0006+.0040±.0073+ .0 105+.0132
Date1932
JFMAMJ3AS0Np
1933JFMAM33AS0ND
1934JFA
JJAS0ND
1935
lviAMJJAS0ND1936
J
1929JFMAMJJAS0NP
.6301
.6304
.6307
.63 10
.6314
I
.6753.6806.67 13.6846.6856.6900.68 11.6571.6489.6489.6521.6410
.6206
.6204
.6372
.65 47
.6392
.6238
.6157
.6 102
.6128
.6139
.6274
.6233
.6111
.6016
.5940
.5872
.5812
.57 15
.5 707
.5 765
.5828.5 754.5658.5576
.5469
.5363
.5326
.5329
.5363
.5336
.53 11
.5379
.5399
.54 14
.5369
.5333
.5263
.6428
.6468
.6497
.64936510
.6551
.6576
.6544
.6604
.657 1
.6479
.6433
+.0136+.0176+.0192+.0205+ .0214
.6457
.6480
.6499
.6515
.6528
.6537
.6542
.6542
.6536
.6524
.6506
.6482
.642 1
.64 10
.6335
.6387
.6354
.6322.6271.6203.6145.6124.6168.6232
.6453
.642 1
.6387
.6355.6324.6294.62 65.6236.6205.6172.6138.6 105
1930JFMAM3JAS0ND
19313FMAM33AS0NP
.6105
.6110
.6 122
.6108
.6023
.6038
.6030
.6081
.6149
.6385
.6524
.6754
.6075
.6053
.6041
.6043
.6063
.6100
.6155
.62256309
.6401
.6495
.6587
NE
W E
NG
LAN
D S
TA
TE
S. C
OU
NT
IES
AN
D C
ITIE
S W
HO
SE
BO
ND
S W
ER
E U
SE
D IN
CO
NS
TR
UC
TIN
G IN
DE
X N
UM
BE
RS
, AN
D T
HE
PE
RIO
DS
DU
RIN
G W
HIC
H Q
UO
TA
TIO
NS
WE
RE
US
ED
ST
AE
, CO
UN
1Y O
R C
I1V
••••
——
——
——
——
—i
——
——
——
——
——
___—
——
__—
——
._.._
__iu
iii r
——
— —
——
——
——
— —
——
——
— —
——
— —
— —
— —
— —
——
— —
___
_ —
——
——
——
——
— —
——
___
— —
——
— _
____
___
_ —
——
——
——
——
— —
——
——
__.
__ —
——
——
——
— —
•_._
____
____
____
1•..1
•..1
1111
111•
....1
11•1
•..i.
uiIII
L__
___—
——
——
____
____
__
..a.—
——
—
——
—••
——
——
——
——
——
——
——
——
——
—'—
——
——
——
——
I•III
IIIH
IIIH
IIII
—
——
— —
——
——
——
——
—•..
.._.I
.i...u
.uuu
.uhu
uIftI
liuIII
IIIul
Iauu
IIluu
UIu
uIIL
_—
— _
__ _
____
——
——
— —
——
— —
___
__11
111
.__
——
——
— —
——
——
——
——
— —
——
——
——
——
— _
____
— —
— —
—__
___
.
•—I_
_ —
____
_—
——
— —
——
___
— —
——
— —
——
——
——
—.
I— —
——
——
____
_ _
——
— —
——
___
__
___
——
— —
— _
__.
I — —
——
——
——
——
s —
a——
——
——
——
— —
——
——
.——
I — —
——
——
——
— —
——
——
——
——
—•.
.. •
I — —
——
— —
——
——
— _
____
___
__ _
__. —
— —
——
— —
— —
——
—
.-i—
——
——
——
—-—
iuiu
iiiiIi
iiiU
IUIIU
UU
II—
——
——
— —
I——
——
S ____
___
___
— —
— —
I——
— —
——
——
— _
___
— —
——
——
___
_.I I
I I
• r— ,___
_]uI
IIIIII
IIIIII
IIuIII
'HI'
! U1
'...
...—
——
.••
uu
A 1.72 APPENDIX
TABLE 12
NEW ENGLAND MUNICIPAL BOND YIELDS,JANUARY INDEX NUMBERS
1. An unadjusted chain index number based on simple geometricaverages of the yields each January.
2. An unadjusted chain index number based on simple arithmeticaverages of the yields each January.
in both the index numbers (geometric and arithmetic), the chainingis backward from January 1914. The index numbers for January 1914are therefore the averages (geometric or arithmetic) of the yields of thebonds used in January 1914.
. Date(1)
Geometric Index(2)
Arithmetic Index
January
4'
4'
4'
"4'
4'
4'
4'
4'
'4
4'
4'
4'
'44'
4'
'4
4'
4'
''4'
'4
'C
'C
'C
'4
4'
'C
'C
4'
185718581859186018611862186318641865186618671868186918701871187218731874187518761877187818791880188118821883188418851886188718881880189018911892189318941895
55.2714.8544.8054.9235.2404.4104.6765.1645.7573 2655.3735.3185.5155.4395.3535.4965.6525.3364.7764.5304.3694.2874.1993.8383.6973.6193.6493.5933.4193.4093.7333.5893.3353.6403.6553.6113.6673.470
51985.2704.8434.7944.9095.2264.4034.6665 .153.5.7485.2555.3675.3105.5105.4325.3455.484.5.6425.3274.7674.5254.3644.2854.1993.8433.7003.6213.6513.5953.4223.4073.7353.5893.3363.6463.6573,6133.6653.470
MUNICIPAL BOND YIELDS A173
TABLE 12 (Concluded)
(1) (2)Date Geometric Index Arithmetic Index
% %January 1896 3.705 3.705
1897 3 437 3 4351898 3 308 3 3071899 3 123 3 1211900 3201 31981901 3 081 3 0811902 3 173 3 1701903 3253 32501904 3471 3469190.5 3400 3 3981906 3 506 3 505
" 1907 3 759 3 7601908 4 224 4 2311909 3.878 3.8791910 3.893 3.893
" 1911 4 008 4 007" 1912 4 003 4 002
1913 4239 4.242" 1914 4.367 4.372
A174 APPENDIX
TABLE 13NEW ENGLAND MUNICIPAL BOND YIELDS, ARITHMETIC AVERAGE
QUARTERLY INDEX NUMBER, JANUARY 1857-JANUARY 1914An unadjusted chain index number based on simple arithmetic
averages of the yields each quarter. The January 1914 figure is thearithmetic average of the bonds used in that month.
Date Index Date Index Date Index
1857 % 1866 % 1875 %J 5.198 J 5.748 J 5.327A 5.118 A 5.603 A 5.128J 5.102 J 5.502 J 4.966o 5.382 0 5.230 0 4.868
1858 1867 1876
J 5.270 .J 5.255 J 4.767A 5.006 A 5.349 A 4.637J 4.957 J 5.411 J 4.497o 4.921 0 5.362 0 4.476
1859 1868 1877J 4.843 5.367 J 4.525A 4.818 A 5.275 A 4.466J 4.833 J 5.245 J 4.384o 4.798 0 5.258 0 4.407
1860 1860 1878J 4.794 .J 5.310 J 4.364A 4.800 A 5.366 A 4.381J 4.767 J 5.394 J 4.330o 4.806 0 , 5.462 0 4.301
1861 1.870 1879J 4.909 J 5.510 J 4.285A 4.878 A 5.452 A 4.256J 5.102 J 5.400 J 4.191o 5.270 0 5.409 0 4.146
1862 1871 1880J 5.226 J 5.432 J 4.199A 5.064 .A 5.337 A 3.959J 4.864 J 5.291 J 3.994o 4.508 0 5.243 0 3.937
1863 1872 1881
J 4.403 .J 5.345 J 3.843A 4.201 A 5.314 A 3.713J 4.426 J 5.360 J 3.653o 4.457 0 5.458 0 3.654
1864 1873 1882J 4.666 J 5.484 J 3.700A 4.678 A 5.541 A 3.639J 4.903 J 5.512 J 3.5790 5.060 0 5.675 0 3.611
1865 1874 1883J 5.153 J 5.642 J 3.621A 5.617 A 5.470 A 3.632J 5.664 J 5.420 J 3.6210 5.736 0 5.412 0 3.665
MUNICIPAL BOND YIELDS A175
TABLE 13— (Continued)
1884JAJ0
%3.6513.5913.6333.627
1893JAJ0
%3.6133.6313.8293.887
1885JAJ0
1902JAJ0
3333
595• 540• 505• 465
%3.1703.1893.2623.251
1894JAJ0
3.6653.7533.7003.651
1886JAJ0
1903JAJ0
3333
.422366363393
3.2503.3053.4833.462
18953AJ0
3333
• 470• 451• 469465
1887JAJ0
1904JAJ0
3333
407441535749
3.4693.4743.4593.409
1896JAJ0
3333
705• 432579.719
1888JAJ0
].905JAJ0
3333
• 735687654.615
3.3983.3863.4583.503
1897JAJ0
1339
3
.435407380349
1889JAJ0
906JAJ0
3.5893.4823.4103.349
3.5053.5523.6613 754
1898JAJ0
I3333
.307608
.279
.191
1890JAJ0
907JAJ0
3.3363.3783,4273.540
3334
760• 847905
.101
18993AJ0
3333
.121
.106068
.144
1891JAJ0
19083AJ0
3.6463.5913.6743.641
4333
.231
.977• 994926
1900JAJ0
3333
.198.165.139.105
1892JAJ0
1909JAJ0
3333
657.611583580
333a
.879
.807845
.893
1901JAJ0
3333
081109136168
1910JAJ0
3.8933.9914.0854.048
A176 APPENDIX
TABLE 13—(Concluded)
Date Index Date Index Date Index
1911 % 1912 % 1913 %J 4.007 J 4.002 J 4.242A 4.007 A 4.019 A 4.391J 4.000 J 4.093 J 4.5720 4.011 0 4.162 0 4.403
1914J 4.372
AM
ER
ICA
N R
AIL
RO
AD
ST
HE
PE
RIO
DS
DU
RIN
G W
HIC
H T
HE
IR C
OM
MO
N S
TO
CK
PR
ICE
SW
ER
E U
SE
D IN
CO
NS
TR
UC
TIN
G IN
DE
X N
UM
BE
RS
NA
ME
OF
RA
ILR
OA
D
I.BALTIU0RE AND CnIo'
2. O
NIO
AN
DIiIeeIosIpFI-
L 0
AW
AR
EA
ND
HUDSON
4. DELAWARE, LACIIAWANA &
WE
ST
ER
n
5. P
HIL
AD
ELP
HIA
AND READING
6.
RE
AD
ING
COMPANY
7.N
OR
TH
PENNSYLVANIA
8.
CE
NT
RA
LRAILROAD OF
JER
SE
Y
9.
BO
ST
ON
AND MAINE
ID.
NO
RT
HE
RN
P. P
. (N
EW
HAMPSHIRE)
II.
EA
ST
ER
NR.
P. (
MA
SS
AC
HU
SE
TT
S)
2.
CH
ICA
GO
.Rock ISLAND 6
Pac
iriC
13. RocK ISLAND CO.
14. BURLINGTON, CEDAR RAPIDS &
NO
RT
HE
RN
15.
ILLiNOIS
—16
. ST
. Lou
is, A
LTO
N&
.TC
RR
E H
AU
TE
17. PEORIA, DECATUR AND
EV
AN
SV
ILLE
18. C
ALE
NA
AND CHICAGO UNION
F9.
CH
ICA
GO
AND
NO
RT
HW
ES
TE
RN
20.
cHIC
AG
O, S
t. P
AU
L.MINNEAPOLIS &
OlIA
MA
21. N
Ew
YO
RK
CENTRAL
22.
HU
DS
ON
RIV
ER
23.
IltS
YO
RK
CE
NT
RA
L A
ND
HU
DS
ON
RIV
ER
24.
NE
w Y
OR
K C
EN
TR
AL
RA
ILR
OA
D C
OM
PA
NY
____
____
____
____
____
____
____
__
25. N
Ew
YO
RK
AN
D H
AR
LEM
26. M
ICH
IGA
N C
EN
TR
AL
27. C
AN
AD
A S
OU
TH
ER
N
28. M
IcH
IRA
PI S
OU
TH
ER
N A
ND
NO
RT
HE
RN
IND
IAN
A29
, CLE
VE
LAN
D A
ND
TOLEDO
30.
LAK
ESHORE
31.
SN
OR
E A
ND
MICHIGAN SOUTHERN
32.
BOBTDN AND WORCESTER
33. W
ES
TE
RN
34. BOSTON AND ALBANY
—1
35. C
LEV
ELA
ND
,C
INC
INN
AT
I&
IND
IAN
AP
OLI
S36.
CLE
VE
LAIIO
, CIN
CIN
NA
TI,
CHICAGO &
ST
. &O
UIS
lIT1
II
II
II
II]
II
II
IiF
l4 F
1+11
IIII
II
ii
II
II
II ,
VT
TI I
I1
I
——
——
—
flu••
•S..m
....u
....u
..I.-
....—
.-...
..II—
u—...
.u..—
uI.—
Ipflf
lhIII
IIIIII
IIIIII
IIuhu
IuhI
IuhI
HhJ
I
.I.Iu
I.u..I
III.u
I....I
uI.I.
....l.
...I..
IIIIIu
IIuIII
IIIIII
llhIu
h'III
I"H
INI'
..._.
...._
._.._
_....
......
......
......
......
......
..!III
IIUhI
IIIIO
IIIIIf
lhII
•ii
II_...
t._...
......
..R.II
..IIU
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
I•lIIuIluIuIIIIIIIuIuluIiuuuluIuIuIIIIIIuhIIIIiiiiiuuIiuiUhIIIIIIIIIIIIIIItII
•.ui
ui.n
uuu.
iiiiu
uu...
.....j
......
——
——
——
——
—..—
i•uiu
uuuu
iuiu
.ui..
umuu
.iii•
....II
IIIIII
IIIIu
uIIII
IIIIII
IIIIII
IluIO
III11
II
......
.......II..........uI.__________._________uIuI
II II
l..I.u
I.I.I.
..'I.l
......
......
IuI I
II1I
II1O
1HIII
IIIIII
I1II
i.....
.i..IU
Ii.
IllIll
Uhi
ul II
I
hlhh
hhhI
III•.
•.•.
•..U
...U
U...
..'flI
9ffl
IiI
AM
ER
ICA
N R
AIL
RO
AD
ST
OC
KS
(CO
NT
INU
ED
)
OF
RA
ILR
OA
D
37. C
HE
BA
PS
AK
SAND OHIO
38.
CO
LUM
BU
S.
HO
OK
ING
VM.LE'V
AN
DTot.cDO
39. H
OC
KIN
GVALI.Ey
40. P
EN
NS
YLV
MIIA
41.
PIT
TS
BU
RG
H,
FORT WAYNE 8
CH
ICA
GO
42.
CLE
VE
LAN
DAND PITI$BURGH
43.
LON
GISLAND
44. NORTHERN CENTRAl.
46.
CH
ICA
GO
,Sr.
LOU
ISAND PITTSBURGH
46. PITTSBuRGH, CINCINNATI. CHICAGO &
Sr.
LoI
,e47.
LEH
IGH
VALLEY
48. M,i.*AwCCE AND
49.
MIlW
AU
KE
EAND PRAIRIE DU CHIEII
50. M
ILW
AU
KE
E A
ND
ST
.PAUl.
SI.
CH
ICA
GO
, MIL
WA
UK
EE
AND
ST
. PA
UL
CH
ICA
GO
,MILWAUKEE, ST. PAUL &
PA
CIF
IC63.
CH
ICA
GO
,BURLINGTON AND
QU
INC
Y
54. HANNIBAL AND ST.
JOS
EP
H
55.
N0P
TH
ER
N P
AcI
FIC
58.
ST
.PAUL AND DULUTH
67.
ST
. PA
UL,
MINNEAPOLIS AND MANITOBA
68.
CHEAT
NORThERN
59.
NEW HAVEN
AND HARTFORD
60. Ncw YORK NID
New
HA
VE
N
61.
NE
w Y
OR
K, N
EW
HA
VEN
,AND HARTFORD
62.
OLD
CO
LON
Y
63. N
EW
YO
RK
,ONTARIO AND WESTERN
64. CHICAGO AND ALTON
NE
W Y
OR
K.CHiCAGO AND
ST
.LOUIS
66.
TO
LED
O,Sr. I.CUIS AND WESTERN
67.
TOLEDO
AND
WA
BA
SH
68. T
OLE
DO
.WABASH AND WESTERN
69.
WA
BA
SH
RAILWAY IRECEIPTB)
70.
WA
BA
SH
, ST
. LO
UIS
AN
D P
AC
IFIC
71. W
AB
AS
HR.
R.
Co.
72. W
AB
AS
HR
AIL
WA
Y C
O.
73. N
ew Y
omi A
ND
ER
IE74
. NE
W Y
OR
K, L
AK
EER
ICA
ND
WE
ST
ER
N
75.E
RIE
FF
[IF[1
II
——
——
——
——
——
."
uuuI
iuiu
Jui.u
uuui
uluI
......
I——
—_-
——
——
——
——
iuu.
.uui
.iiuu
u,u.
iuiiu
.iuui
......
.....u
.IIIII
IHIII
IHN
IIIH
IIIIII
IIHIII
IHiii
uuiu
uuui
.ui.i
.uuu
uUU
UuI
UiIU
uIIU
•UIIU
II..a
.u...
IuU
•i•iu
u.iia
.iiu.
IIII
.IuIu
IIuIII
IIIIII
IuI
IIIIII
IIIU
IIIIII
IIIIII
IIIII.
u...i
iiu
ui••
IIiuI
fluIU
UU
INIiU
iUU
iUuI
•IIi.
......
...m
.u...
......
....
....1
1111
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIII
..ii
I'll......
•I:II
IIIhi
.ii..i
I
III
I...
..i..i
.i...i
.....i
ni...
.iu..i
i.iui
IIIIII
IIIIII
IIIIII
IIIIU
IIIIIU
IIIIII
IIIIII
IIII
I'll".
""ii
iiiiii
iiiiii
iiiiii
iiIIII
IIIIII
IIIIII
IIIllh
lIIll
ililli
•I...
.I.11
1111
111
IIIlU
IlI.ii
..uIu
I.uI
IIIU
IUU
IUII.
R...
....U
IluIu
luul
IlIuI
IuIu
IuIII
uluI
uII..
...i..
i..i..
.u...
u..i.
..fU
lfill
uluu
lull
•uii.
uiu.
...m
...m
i...lI
IIllh
IIllh
IllhI
IIllh
IIllfh
luhl
hlhl
hIlu
lluuu
lui
U...
I...—
i.i tL
inl
AM
ER
ICA
N R
AIL
RO
AD
ST
OC
KS
(C
ON
CLU
DE
D)
NN
IE O
F R
AIL
RO
AD
"—
——
——
.——
——
—
—-
uIIu
Iulu
uI.u
Il.lu
u....
l.Iui
iuiu
iiiiu
uidi
IIIIII
IiIIII
IIIlII
IIIIIO
IL1
liii.
IIuuI
IIIIu
hIU
ui.u
ii.uu
iiuiu
i.uIII
II.ui
Iu.II
uui._
_Iu1
IuIIu
II_ul
IIuII.
I.IIIu
llIuI
uuIII
u.IIu
II....
II..I.
I.....
......
......
...u
uIuh
IuIu
Iluuu
Iu.II
..uI..
u....
....r
n—.—
...—
——
...—
—..i
.III
IflhI
IIIU
flhiiu
.iuuu
..u.ju
aiui
aIiIi
.uu.
..I..a
u..lI
flI 1
1111
11i
iiuui
iiiuu
i•i1i
•i•iu
iuiu
i•I1l
uilU
UU
iUui
......
......
..iU
IU—
,1.l.
.I....
.l....
IIIIII
IuIII
IIIIII
IIHIII
IIIIII
IIIiII
IIIu
ii...a
I.u..u
.III
IIHl..
...Ifl
hhiii
ilII
IilhI
III.._
.'_.1
uI10
1111
1111
1111
101H
1100
1111
111N
1
I
IIIIII
III
RAILROAD STOCK PRICES A181
TABLE 14
RAILROAD COMMON STOCK PRICE RELATIVES,JANUARY 1857-JANuARY 1936
The numbers at the heads of columns are the numbers assigned tothe various railroads in Chart 32. For example, the figures of Column 1refer to the Baltimore and Ohio Railroad. The figures in the singlecolumn entitled '51 to 52' refer first to the Chicago, Milwaukee and St.Paul Railway (January 1874 to January 1928) and then (lower down)they refer to the Chicago, Milwaukee, St. Paul and Pacific Railroad(January 1928 to January 1936).
Each relative price in Table 14 is the ratio of the average price of aspecified stock in a particular January to the average price of the samestock in the preceding January, after all adjustments have been made forstock dividends, rights, assessments, etc. For example, the first numberin the table is . 5855. This means that the average price of Baltimoreand Ohio Railroad common stock in January 1858 was a little less thanthree-fifths (.5855) its average price in January 1857.
The blank spaces in the table correspond to periods in which par-ticular stocks were not used in constructing the stock price index num-hers.
A182 APPENDIX
TABLE 14—RMLR0AD STOCK PrncE RELATIVESJanU.aty I
Dates 1 2 3 4 5 6 7 8 9 10 11
1837—1858 .5855 .. .9201 .8093 .6706 1.0464.9402 1.06641858—1859 1.1841 9098 1.1551 .8968 1,0337 1.1746 1.2685 1.05511859—1860 1.2045 9235 1.0909 .7766 1.0593 .9947 1.21001860—1861 .8469 9619 1.5000 1.0483 1.0294 1.0985 1.0500 1.0932 1.25231861—1862 .8606 9965 .9039 .9289 7566 1.0713 .9671 .9634 .80921862—1863 1.7239 1.4236 1.8164 2.2465 1.7191 1.4901 1.2084 1.4028 1.76401863—1864 1.2056 1.4253 1.4662 1,5063 2.5704 .9767 1.0297 .95921864—1865 1.0585 .8137 1.2703 1.1463 1.1064 9941 1.2832 1.05881865—1866 1.0266 .9055 .8284 .6868 .9292 1.2613 .9281 .9891 .96471866—1867 1.0426 .8838 1.0469 .9505 1.0012 1.1424 1.0686 1.1225 1.1639 1.0864
1867—1868 1.0967 1.3280 1.0016 .8369 .9450 8221 .9317 1.0116 1.0498 1.03831868—1869 .9451 1.1324 .8714 1.0790 1.1130 1.0745 .9881 1.0191 1.0123 1.03471869—1870 1.0447 .6998 .9515 .8736 1.0678 1,0531 .8452 1.0668 .9789 .99901810—1871 1.0804 1.2817 .9775 .9947 1.0404 1.3280 1.0607 1.0278 .9738 1.03801871—1872 1.0681 1.4184 1.0156 1.0067 1.1482 1.0797 1.0780 1.0387 1.0817 .88771872—1873 1.0688 1.0440 .9641 .9282 1.0055 1.1205 .9255 .9022 .9730 .97831873—1874 1.0193 .6991 1.0600 1.0515 .9835 9542 .9854 .8353 .9545 .74891814—1875 1.2053 .8908 .9602 1.0513 .9822 1.1585 1.0544 1.1094 .8512 .70621875—1876 .9070 .6961 1.0671 1.1064 .9650 1.0177 .9883 .9350 .7978 .21921876—1877 .8764 .3303 .5350 .6074 .3149 9177 .2802 .9229 .8614 .4561
1877—1878 .6018 1.1382 .7472 .6860 .9815 7630 .5424 .9888 1.2067 .85271878—1879 1.0747 1.2414 .8504 .9952 .8139 1.0476 2.4843 1.113.5 1.1416 2.59901879—1880 1.7430 3.1967 1.8289 1.7338 2.5598 2.0549 1.0902 1.0044 2.56391880—1881 1.2451 1.3253 1.3065 1.3574 .8690 1.0802 1.2365 1.1064 1.22411881—1882 1.0294 .8726 1.0730 1.0760 1.0426 1.0539 .9848 93801882—1883 1.0254 .9210 1.0146 1.0170 .8763 7783 1.0335 1.06241883—1884 .9912 .7139 .9838 .9301 1.0012 1.1987 1.0673 97221884—1885 .8496 .7483 .6596 .7360 .3077 4186 1.0700 1.22771885—1886 1.1013 1.3286 1.3131 1.3829 1.2379 1.2117 1.0814 1.66611886—1887 .9191 1.1424 1.1179 1.1269 1.8493 1.4077 1.1238 1.6819
1887—1888 .6173 .9036 1.0426 .9659 1.6692 1.2552 1.0060 89411888—1889 .8456 .9117 1.2517 1.0854 .9764 1.2526 .85001889—1890 1.1207 .9881 1.1156 .9604 .7781 1.2656 1.17711890—1891 .9298 .8760 .9799 .9909 .8650 9087 1.09981891—1892 1.1564 1.2143 .9367 1.0593 1.2323 1.0278 .88361892—1893 1.0698 1.0191 1.0824 1.0659 1.2671 1.1174 1.06931893—1894 .7216 9805 1.0869 .3754 8910 .75071894—1895 .9320 1.0079 .9778 .5686 7854 1.26211895—1896 .6351 9623 .9877 .2504 1.1363 1.0100
1896—1897 .4005 9143 .9637 .6662 9901 .98791897—1898 .8921 9863 .9924 .8386 9417 1.03351898—1899 1.6162 9961 1.0445 1.0170 1.0725 1.00881899—1900 1.0233 1.0363 1.1064 .7914 1.1776 1.16821900—1901 1.5185 1.2448 1.1023 1.6746 1,3026 .97121901—1902 1.1904 1.2308 1.3826 1.8578 1.2650 .98971902—1903 .9948 9883 .9990 1.1492 9567 1.00211903—1904 .7960 9438 1.0000 .7079 8750 .87071904—1905 1.2717 1.1256 1.2615 1.8535 1.1945 1.04261905—1906 1.1102 1.2212 1.3699 1.7608 1.1725 .9936
1906—1907 1.0323 9847 1.0629 .8663 9482 .92511907—1908 .7248 7233 .9293 .7939 8093 .84341908—1909 1.2894 1.1319 1.1923 1.3449 1.3332 .99821909—1910 1.0566 1.0000 1.2474 1.1801 1.3189 1.08991910—1911 .9170 9337 .8962 .9485 8832 .80371911—1912 .9791 1.0214 1,0877 .9964 .85071912—1913 .9927 9735 1.0474 1.0703 .96241913—1914 .8956 . 9343 .9011 1.0290 .51041914—1915 .7593 9507 1.0402 .8760 .36121915—1916 1.2906 1.0349 1.0862 1.0757 1.3456
1916—1917 .9049 9914 1.0491 1.2624 1.11481917—1918 .6303 7253 .7447 .7295 .52121918—1919 .9018 9417 1.0249 1.0849 1,38391919—1920 .6862 9181 1.0125 .9545 1.17651920—1921 1.1125 1.0668 1.1784 1.1182 .67141921—1922 .9399 1.0750 1.0585 .8583 .64891922—1923 1.2957 1.0167 1.0897 1.0676 1.16011923—1924 1,3195 9932 .8905 .8639 .60771924—1925 1.3568 1.2741 1.2584 1.3712 1.50591925—1926 1,1532 1.1434 1.0491 1.1099 2.78681926—1927 1.1921 1.0952 .9680 1.1262 1.1636
1927—1928 1.0779 1.0322 1.1591 1.0370 1.09481928—1929 1.0506 1.0995 .9528 1.0866 1.73821929—1930 .9787 8474 1.0107 1.1521 .99121930—1931 .6472 8690 .6535 .6860 .61061931—1932 .2273 5103 .2582 .4170 .20261932—1933 .5150 6929 1.0187 .7769 .75141933—1934 2.7329 1.2181 1.1328 1.7132 1.62161934—1935 .4804 6242 .6291 .8054 .45001935—1936 1.3633 1.0206 .9783 .9985 1.4252
RAILROAD STOCK PRICES A183
1857 TO JANUARY 1936
January12 13 14 15 16 17 18 19 20 21 22 Dates
.7232 8480 .6011 1857—1858.8548 1.0747 1.7583 1858—1859
1.0464 1.2630 8695 1.2437 1859—1860.9177 1.4269 1.1158 1.0760 1.1151 1860—1861.9224 1.0363 .8312 1861—1862
1.6947 1.4302 1.3400 1.4181 2.3227 1862—18631.5209 1.3409 1.6807 1.2289 2,6026 1.1524 1.5125 1863—1864.7126 1.0193 .6860 .7143 8270 .7714 1864—1865
1.0600 1.1382 .7952 .8759 .9893 1865—18661.2379 9245 1.0529 1.2362 1.1087 1.22381866—1867
.9904 1.1706 1.5035 1.7002 1.1956 1.6025 1867—18681.3056 1.1468 .7824 1.510.1 1.2826 .9571 1868—1869.8274 9788 .5900 .8581 1.1202 1.2114 1869—1870
1.0179 9829 1.2305 1.0273 1870—18711.0235 9605 .7735 .9710 1871—18721.0275 1.1596 1872—1873.9241 .7280 1873—1874.9976 .7672 1874-1875
1.0375 .8870.9463 .8805
.9821 1.2776 1.0035 1877—18781,2414 1.5219 1.1382 1.5974 1878—18791.2246 2.4683 1.2131 1.5783 1879—1880.8281 1.3277 1.2636 1.4727 1.4282 .9697 1880—1881.9620 1.0812 1.0212 1.0617 .9841 .7475 1881—1882.9408 9910 1.0912 1.0435 1.4408 1882—1883.9326 9091 1.0280 .8700 .5997 1883—1884.9170 7212 .8998 .7598 .8245 1884—18851.2045 1.3864 1.1537 1.5470 1,2238 1.5136 1885—1886.9767 6667 .9544 1.6099 1.0493 1.2665 1886—1887
.8982 .9596 .8086 1887—1888
.8717 1.1161 .9931 3188 1888—1889
.9797 1.0349 1.0297 1.0404 1889—1890
.7269 .9594 .7482 1890-18911.3020 1.0834 1.3065 1.0993 1.8789 1891—1892.9390 .9690 1.0619.7589 .8903 6997 1893—1894.9579 .9485 .9291 13941895
1.0532 1.0942 1.0209 1.0459 1895—18961.0342 1.0028 1.0619 1.4525 1896—1897
1.3431 1,1259 1.1880 1.5087 1897—18981.3948 1.1166 1.1918 1.2773 1898—1899.9054 1.0977 12697 1899—1900
1.1521 1.1744 1.0700 1.0802 1900—19011.3721 1.0755 1.2173 1.0693 1901—19021.3459 1.1468 1.0532 1.1453 1902—1903
.9006 1903—19041.4987 1.1885 1.3552 1.2930 1904—1905
1.1355 1.1156 1.0347 1905—19061.1158 .9167 .8505 1906—1907
.7742 1907—19081.7061 1.1692 1.2465 1.2173 1908—19091.9222 .9791 1909-1910
191o—19111.0399 .9768
1912—19131913—19141914—1915
.9574 1.0493 1915—19161.8055 .9256 1916—1917
.4167 .7677 1917—19181.1825 1.0332 1.0114 1918—19191.1107 .9024 1919—19201.0186 1920—19211.1545 1.1236 .9093 1921—19221.0433 1.1176 1.2871 1922—1923.7642 .6385 1923—1924
1.8523 1.1358 1.4253 1924—19251.2266 1.0375 1.0619 1925—19261.2500 1.0118 1.0486 1926—1927
1.5320 1.1286 1.0602 1927—19281.2276 1.0271 1.0358 1928—1929.8632 .9133 .9641 1929—1930.4868 .6106 .4493 1930-1931.2206 .1753 .2418 1931—1932.3714 .9366 .5306 1932—1933.8528 2.5531 1.8603 1933—1934.5711 .4577 .5441 1934—1935.9772 1.3904 7500 1935—1936
A184 APPENDIX
TABLE 14--RAILROAD CoMMoN STOCK PRIcE RELATIVES
28 30
I.
.9395
.9054II1
I
I11
1
I1
1
1
1
11I1
1
I1
1
27
1.35581.1311
67401.2723.7568.5917
1.33511 . 4494.9283.9465
1. 0493.9 176
1.2009.93 12
.85801, 0053.9658.9528
1.18011.1564
80031.14001. 5329
.2339
.9970
.31372.46091.33292. 71961.5675
77821.04691.05081.16821.1535
25
.46211 .8884
.64871 .7738.8178
2.9696
5465.74706258
1. 7 6601.08942.29251.4980.8659.9591
1. 12331.0914
.9747
JanuaryDates
185 7—1 8581858—18591859—18601860—18611861—18621862—18631863—18641864—18651865—18661866—18671867—18681868—18691869—18701870—1871187 1—18 7 21872—18731873—18741874—18751875—18761876—18771871—18781878—18791879—18801880—18811881—18821882—18831883—18841884—1885I 8861886—18871887—18881888—1 8891889—18901890-18911891—18921892—18931893—1 8941894—18951895—1 8961896—18971897—18981898—18991899—19001900—19011901—19021902—19031903—19041904—19051905—19061906-19071907—19081908—19091909—19101910—19111911—19121912—19131913—1914191 4—1 9151915—19161916—19171917—19181918—19191919—1 9201920—1 92 11921—1 9221922—19231923—1 9241924—19251925—1 9261926—1 9271927—192819 28—192919 29—19301930—1931193 1—19321932—19331933—19341934—19351935—1936
23
.0268
.0330
.0673
.9903
.9981.0688.9407.0428.0780.1484.1458.8727.9617.8922• 7665.2050.0777
.9534
.0100
.9833.9591.1207.9576.8975.0018.9703.9784
.1998
.1674
.0590
.0597
.1910
.9464
.7802
.2170
.092 2
.8908
.7435
.3243.9897.92 28.9820.9891.85 55
24
95951.2100
.9481
.69311.0259
.96021.04861.01881.26941.09951.16901.03321.07471.18401.2430
.9319.6881.2568.6186
1.8988.5319
1.6203
26
.5 782
.9476
.70171.3538
.90741. 84881. 3568
.85839503
1.00251,03851.1811I . OOCO
.995 7
1.0595.9552.8432.96057504.8004
1.26241.34991 .10511.3602.70391.1303.9102.6443
1 .25391.2382.9478
1.02071.0945.9697
1, 1548.99 18.9252.9807.996 1.9501
1.1479
31
1.05614 F,,I •1. 1709
.8S90
.9430
.8431
.86341.10541.15241. 42921 .2990.853 7.9983.8544.6392
1.39671.0932
1.00251 .10511. 0 1251.02491. 12851.0656
.95091,11251.02381.09071 .1926
32
1 .00301.14081.08221 .04091.01271.23401 .0462
.97 17
.93541. 10411.1308
33
1. 03371 .09931.02611.04401.01111 .3508
.92 701. 0411
.913 41. 01111 .4273
RAILROAD STOCK PRICES A185
JANtJARY 1857 TO JANUARY 1936
January34 35 36 37 38 39 40 41 42 43 44 Dates
1857—18581.0515 1.0817 1858—1859
1859—18601.0464 1.0184 1.4362 1860—18611.1458 1.0097 1,6316 1861—18621.4635 1.6734 4.0170 1862—18631.1179 1.1074 1.2584 1.7374 1.2067 1863—18641.1668 .9796 1.1207 .8022 1.1855 1864—1865
1.0170 .8947 1865—18651.0102 1.0332 1.04141866—1867
1.0202 1.1161 9287 1867—18681.0371 .8968 1.0799 1.1752 1.0676 1.10941868—18691.0051 1.0271 1.0049 1.3080 1.1205 89241869—18701.0887 1.1184 1.1355 1.1981 9571 1870—1871
.9811 1.0767 .9875 1.2193 9503 1871—1872.9882 1.0259 .9643 9796 1872—1873.9448 .8507 .9637 8472 1873—1874.9712 .8622 1.1277 1.0457 1874—1875.9805 .8800 1.0014 1.0634 1875—1876.9565 .6118 .8755 7111 1876—1877.9615 .9964 .6554 6250 1877—1878
1.0760 1.1474 1.0696 8345 1878—18791.0696 1.9156 8.4411 1.5364 2.4615 1879—18801.1945 1.1709 1.0728 1.2812 1.3893 1880—1881.9821 .8715 1.0544 .9252 1.0619 1881—18821.0578 .9938 .9974 1.2255 1.1089 1882—18831.1182 .7826 .9700 1.0702 1.0812 1883—1884.9646 .5079 .863? 9664 .9313 1884—1885
1.0522 1.7266 1.9802 1.0595 1.2682 1.2817 1885—18861.1511 1.1403 7475 1.1709 1.0457 1.1447 1.0852 1886—1887
.9925 .8333 4786 .6627 .9776 9574 1.22941887—18881.0214 1.1285 7553 1.0483 .9930 1.0235 .89021888—18891.0704 1.4233 1.8109 .8271 1.0000 9743 .9229 1889—18901.0342 8745 .6887 1.2921 .9436 9707 .9359 1890—18911.0095 1.1585 1.4488 1.1943 1.0965 1.1048 1.0418 1891—18921.0529 8047 .8793 .9816 .9744 1.1636 1.0109 1892—1893
.9603 5893 .7419 .6516 .9129 8873 .9711 1893—18941.0321 1.1089 .9855 .8577 1.0228 8692 .9777 1894—18951.0067 8903 .8641 .9855 1.0351 9609 1.0266 1895—1896
.9952 8309 1.1744 .7436 1.0072 5873 1.00091896—18971.0585 1.2656 1.3222 .5248 1.1174 8205 1.1471 1897—18981.1363 1.4578 1.2249 .4756 1.1220 1.6719 1.1741 1898—1899
1.2003 1.0780 1.1787 1.0177 7663 1.0522 1899—19001.3177 1.3388 1.1490 9928 1900—1901
1.2642 1.1811 1.5867 1.0787 1.16441901—19029943 1.0854 1.4727 1.0351 1.1171 1902—19038111 .6682 7378 .7916 7644 1903—1904
1.2184 1.4246 1.1912 1.1439 1.24941904—19051.1179 1.2089 1.3125 1.0554 1.0193 1905—1906
8377 .8965 9866 .9364 1.0025 1906—1907
6139 .5857 .8368 8714 1907-19081,2761 1.9656 1.1719 1.2712 1908—19091.1321 1.4250 1.0757 1.1445 1909—1910
8082 .9594 .9553 1910—19118915 .8752 .9621 1911—19129304 1.0770 .9959 1912—19137312 .8169 .9124 1913—19145368 .6886 .9499 1914—1915
2.0922 1.4494 1.0998 1915—19161.1492 1.0109 .9711 1916—1917
1917—1918.9728 1918—1919.9266 1919—1920
1.0877 .9806 1920—19211921—1922
1.3008 1.3813 1922—1923.9492 1923—1924
1.0884 1924—19251.1110
.192.5—1926
1.2942 1.0720 1926—1927
1.1234 1927—19281.0831 1.2620 1928—19291.0743 .9824 1929—1930
1930—19311931—19321932—1933
1.5068 2.0152 1933—1934. 1.0384 .7011 1934—1935
1.4479 1935—1936
A186 APPENDIX
TABLE 14—RAILROAD CoMMoN STOCK PRICE RELATIVES
49 5048
.4073
.4098
.1904
.20121.61552.07491.3855
.7261
.9289
51 &52 '5546
.7 105
.66371. 15321.0445
.81843. 10891.8450
.95 72
.81791.43911.0745
.70521.18691. 1071
.8879
.852 21.39161.09751. 00181.02351.0100
.8358
.82991.14131.0032
JanuaryDates 45
1857—1858 .1858—1859 .1859—18601860—18611861—18621862—18631863—1864 .1864—18651865—18661866—18671867—18681868—18691869—18701870—18711871—1872j872—1873 .1873—18741874—18751875—18761876—18771877—18781878—18791879—18801880—18811881—18821882—18831883—18841884—1885 .69931885—1886 1.76481886—1887 1.23941887—1888 .78571888—1889 1.06341889—1890 1.11561890—1891 .82101891—18921892—18931893—18941894—1895 .
1895—18961896-1897 .
1897—18981898—18991899—19001900—19011901—19021902—1 9031903—19041904—19051905—19061906—19071907—19081908—19091909—19101910—1911IQ1I—19121912—19131913—19141914-19151915 19161916—19171917—19181918—19191919—19201920—1921 .
1921—19221922—19231923—19241924—19251925—19261926—19271927—1928 .1928—19291929—19301930—19311931—19321932—19331933—19341934—1935 .1935—1936
47
.81821.4132
.89421.29571.08491.32741.3219
.8834
.83541 .0363
.80661. 0740
.95941.13161.0207
.9715
.99681. 03251. 0264
.7652.8446.8618
1.49141.12641.04981.03511.1102
.8482
.96981.0044
.9823
.9865
.9669
.94331.01881. 1671
.6420
.90351.0671
.8043
.84 171.0325
.9 7551.26711.16171.1355
.88941.50351.4652
.9048
.78371.27821.41251 .0292
.97 12
.9485
.9304
.88671. 1676
.9920
.7312
.9727.7 705
1. 26 741. 07851. 1763
.96921.9156
.1.05491.3549
.83151.0595• 7335.7849.2456.9064
1.3097.5945.9423
5
.85781. 23911.46791. 1479
80151. 1008
.93 16
.8674
52
53
.5889
.8697
.7 7301.8001
.8299
1.40991.04211.14471.16921.29421.3677
.93391.0067
.9442.9360.8442
1.08121 .05341.0174
.87361.11251.25981. 4578
.8622
.9316
.9822
.99301, 16871.0023
.9369
.8498
.9767
.83711.2100
.9250
.7533
.93891.0600
.97501.35801.3348
.93391. 1790
54
.98251. 78571.1051
.7783
.6221
.8995
.6403
.7264
.9245
.6824
.82301.23772.63451. 34651.8763
56
.9822
.76321.3909
.7865
.732 71. 73301. 47471. 2017
.6468
.8392
.74441. 8811
.9583
.5365
.81771. 3070
.83071. 07051.79141.3020
.82281.0332
.48951.99071.09551. 87411.4990
.967 11. 1371
.8424
.82411.2694
.9558
.8493
.83911. 0935
.820 11. 4122
.99 14
.7181
.97381. 2 1841.10381. 26561. 3170
.939 11.29571. 11561.0930
.80361.20981.06611.0824
.73 151.34831.0172
.8349
.85061.0556
.9050
.87491.0942
.9075
.4959
.8718
.95487953
.62561. 22 74
.7039
.9326
.8400
.84411.78571.4844
P6856.2846.354 1.7520
3.0585I .4556I. .8092
6.40321 .03301. 01411.3721
.46817045
1.68231.0000
.81341. 16471.2382
.8787
.96 12
.6946
.2652
.71271.1722
.40681. 708.11.96161.09271.5963
.9626
.78281.1374
.9889
.8660
.97971.0202
.9442
.91391. 1130
.9403
.78301.0797
.87031.0605
.9017
.97 12
.71371.31611.06321. 103 11. 18331. 1386
.7826
.6290
.3503
.80201. 7281
.73331.3345
RAILROAD STOCK PRICES A187
1857 TO JANUARY 1936.
January57 58 59 60 61 62 63 64 65 66 67 Dates
.. 1.0271 1857—18581.0750 1.1492 1858—18591.0226 1.0624 1859—1860
1861—18621.2921 1862—18631.1615 1.40.31 1,1413 1863—18641.0500 1.0430 8947 1864—1865
1.1487 1865—18661.3970 1866—1867
1.1869 1.2328 1867—18681.0952 1.0889 1.2092 1868—1869
1.0065 1869-18701.0605 1.0585 1870—1871
1.1329 1.0479 1871—18721.0462 1872—1873
9000 .9807 1873—18741.0715 .9724 1874—18751.1000 .9826 1875—18761.0219 .9688 1876—18771.0174 .9263 1877—18781.0330 1.0304 1.0772 1878—18799797 1.1218 1.2520 1879—1880
1.1403 1.1620 1.2972 1.4568 1880—18811.2549 9542 .9785 .7531 .2623 1881—18821.2779 1.0069 1.0872 .9884 1.0583 1882—1883.8680 1.0290 1.0233 .4810 1.0065 1883—1884.9113 1.0028 1.0580 .9062 .9497 1884—1885
1.3351 1.1556 1.0867 1.7390 1.0897 1885—18861.0354 1.0481 1.1228 .9375 1.0151 1886—1887
.9696 1.01.86 .9756 .9365 .9547 1887—1888
.9060 1.1358 .9736 .9505 1.0074 1.0549 1888—18891.1771 1.1123 1.0294 1.1647 .9710 .9690 1889—1890
1.0233 1.0612 .9516 .8359 .9636 .7108 1890—18911.6151 1.2578 1.0902 1.6680 189.1—18921.2170 1.1490 9237 1.0373 .9214 1892—1893
8178 .9509 .7945 1893—18941.0000 1.0399 1.0486 1.1023 .8637 [894—18951.1133 1.0186 8721 1.0476 .9908 1895—18961.0664 1.0580 1.0715 .9277 1896—1897
1.1202 1.0525 1.1251 .9996 1.1866 1897—18981.9147 1.0792 1.2903 1.0306 1.1795 1898—18991.0691 1.0678 1.0172 .9861 .7701 1899—19001.1782 1.4421 1.1593 1.6199 1900—19011.0874 1.0904 .9009 2.3388 1.675? 1901—19021.0937 1.0597 9657 1.0160 .8731 1.5206 1902—1903
6773 1.0000 .6832 .8851 1903—19041.3842 1.0275 1.8867 1.1695 1.5063 1.3586 1904—19051.2844 1.0273 1.2674 .8146 1.5707 1.0486 1905—19061.0116 8376 .7634 .8741 .8509 1906—1907
7537 .5288 .4793 .4514 1907—19081.1992 1.1992 1.3759 4.7457 1.8374 3.4562 1908—1909
1.0055 9934 .9549 1.1543 .9814 1909—19108919 .4815 1.0445 .4637 1910—1911
1.0242 .9056 .5833 .9225 59181.0454 8580 .9966 1.0188 .8889 1912—1913
.6055 .6805 1913—19148004 .8883 .8606 1914—1915
1.0628 1.3490 1.2411 1.1194 1.2112 1915—19169741 1.8151 .8460 1916—1911
7084 .4690 .4123 1917—19181.0435 1.0083 1.0000 .8322 1.9333 1918—1919
8547 1.0337 .9827 1919—19201.1031 1.0404 1.6842 1920—19211.1277 .4225 1.1251 1921—1922
1.0191 1.3561 9495 .7396 1.5000 1922—19239248 1.7002 .9687 1923—1924
1.2238 1.7632 1.3630 1.9552 1.6244 1924—19251.0869 1.3983 1.0700 .9483 1.3848 1925—19261.1082 1.0421 9717 .8096 1.0715 1926—1927
1,1474 1.4533 1.1199 1.1914 1.5173 1927—19281.1419 1.3777 .9723 2.0186 1.0534 1928—1929
1.2584 .9777 1929—19301930—1931
1.1121 1931—19321.2850 1932—1933
2.5526 1.2123 6.2917 1933—19341934—1935
2.1858 1.1127 2.0720 1935—1936
A188 APPENDIX
TABLE COMMON STOCK PRICE RELATIVES
JanuaryDates 68 69 70 71 72 73 74 75 76 77 78
1857—1858 ..1858—18591859—18601860—18611861—18621862—18631863—18641864—18651865—1866 .82351866—1867 1.0104
1867-1868 1.05441868—1869 1.41351869—1870 .83601870—1871 .95861871—1872 1.4511 1.53531872—1873 1.0009 1.82311873—1874 .71231874—1875 .34101875—1876 .26901876—1877 1.3763
1877—1878 2.40771878—1879 1.4309 1.8806 2.30361879—1880 2.7315 1.8531 3.49221880—1881 1.0275 1.1153 1.0762 1.01951881—1882 1.01461882—1883 83191883—1884 44981884—1885 70011885—1886 2.2151 1.8497 3.5826 1.01041886—1887 1.2856 1.6259 1.7386
1887—1888 1.05121888—1889 1.01161889—1890 1.2601 1.01811890—1891 1.1495 70321891—1892 1.3636 1.6029 1.3521 88001892—1893 1.6432 76031893—1894 5869 79051894—1895 1.09371895—1896 1.1138 90061896—1897 .9960 .8827 1.1978
1897—1898 1.1043 9786 1.4639 1.22461898—1899 1.1463 1.0259 1.59511899—1900 84061900—1901 1.7195 2.4055 1.70181901—1902 1.7824 1.4832 1.47841902—1903 1.3400 1.05781903—1904 62741904—1905 1.0426 1.4588 1.32861905—1906 1.0972 1.1855 1.04881906—1907 9481
1907—1908 57381908—1909 1.9861 1.9879 1.79021909—1910 1.2735 95051910—1911 79571911—1912 1.1130 80991912—1913 .5468 98841913—1914 1.0000 70951914—1915 82671915—1916 1.7378 70001916—1917 9580 2.1004
1917—1918 94561918—1919 1.0404 1.83021919—1920 1.21621920—1921 1.0390 1.0673 50251921—1922 1.37311922—1923 1.4161 1.2523 80361923—1924 1.3225 2.1637 97671924—1925 1.8084 1.3428 2.15481925—1926 2.1752 1.1471 1.30081926—1927 .9300 1.1249 9521
1927—1928 1.4662 1.5097 1.93721928—1929 1.1700 1.1092 1.58201929—1930 70221930—1931 82541931—19321932—19331933—1934 1.9668 3.22781934—19351935—1936 1.5485 1.0563
RAILROAD STOCK PRICES A189
JANUARY 1857 TO JANUARY 1936
January79 80 81 82 83 84 85 86 87 88 89 Dates
1857—18581858—18591859—18601860—18611861—18621862—18631863—18641864—18651865—18661866—1867
1867—18681868—18691869—18701870—18711871—18721872—18731873—18741874—18751875—1876
1.4438 [876—18771877—1878
8.2035 1.6.159 1878—18791.5038 6.7035 2.8801 1879—18801.1345 1.0894 1.7033 1880—1881
1.1556 1.0619 1881—18821.0179 5713 1882—1883.8586 8376 1883—1884
1,0488 1.0209 5258 1884—18851.1970 1.1965 1.8976 1.7037 1885—1886.9650 1.1107 1.0666 1.0332 1.5463 1886—1887
.8038 .8385 9735 1887—1888
.8469 9873 1888—18891.0137 .9816 1.6222 1889—1890.8654 1.1363 8763 1890—1891.9756 .9733 1.1773 1.4345 1,5164 1.0488 1891—1.892.9279 .9622 7615 .6428 .9401 1892—1893.3693 .5980 9076 .6667 .5915 1893—1894
1.0935 1.0294 9867 1.0000 1.1959 1894—18951.0454 1.1738 1.1120 1.0612 8550 1.0266 .8278 1895—1896.9051 .9551 12073 .9740 1.1492
1.5318 1.0313 1.1056 9595 9444 1.1497 1897—18981.3725 1.5999 2.0659 1.6600 1.0520 2.2070 1.1553 1898—1899.8925 .8845 1.3900 7353 1.1721 1.1973 1899—1900
1.9516 1.7775 1.2120 2.3383 1.6955 1.8690 1.1021 1900-19011.2747 1.4073 1.4645 1.7057 1.2951 1.4781 1.2948 1.1973 1901—19021.0713 .9252 1.4581 1.1094 1.7660 1.1169 1.0612 1.21001902—1903.8418 .5252 7855 .5700 .6142 .5267 .8555 1903—1904
1.1437 1.4856 1.0242 1.2715 1.4778 1.7947 1.7474 1.2735 1904—1905.9682 1.4070 1.0340 1.0720 1.1468 1.2117 .9350 1.1010 1905—1906.8668 .8721 7503 .7686 1.1115 .8442 1.0081 .9922 .9147 1906—1907
.4951 .5246 4438 .4786 6903 .8066 .6489 .6115 .6962 1907—19081.6214 1.9852 1.7551 1.6730 1.3954 1.7956 1.7036 1.5213 1.28061908—1909.9884 1.1210 2284 .6351 1.2012 .9833 1.0804 1.3868 1.2191 1909—1910.7065 .6474 1.0090 .6507 8719 .8148 .7305 .8798 .96041910—1911.8235 .7154 1.1492 .9344 1.0102 .8297 .8459 1.1000 1.0508 1911—1912
1.0387 1.0354 7157 1.6711 9988 .9540 .9649 1,1787 .9606 1912—1913.6443 .8090 8035 .7467 9209 .9908 .7818 .6727 .9883 1913—1914.4013 .3239 4552 .4833 9781 .8934 .4739 .7069 .8476 1914—1915.4912 2.1948 1,8690 1.2508 1.1110 1.2543 .6261 1.1256 1.09041915—1916
2.7893 1.1687 9432 1.7559 1.0053 .8600 1.4498 1.5657 1.02901916-1917
.6945 .2793 5093 .4375 1.0188 .8027 .6941 .5881 .7227 .8588 1917—19181.1087 1.0922 1.3750 .8357 .8859 1,4207 1,0892 1.0399 1.0000 .8140 1.0332 1918—19.191.0226 1.7789 1.2697 .9615 1.5272 .7797 .9012 .8717 1.7116 .7463 .9393 1919—1920.7641 1.1151 .9827 .8030 1.0708 1.0000 1.2747 .2889 2.1247 .92101920—1921.8683 5574 .7974 .6565 .7958 1.1508 1.1500 .3271 .7679 1.1125 1921—1922.9739 1.1269 1.3412 1.3274 1.4976 1.0554 .8965 1.8361 1.4666 1.19541922—1923.6618 9089 .9031 .9290 1.1543 .9852 .9515 .8298 1.1321 1.0819 1923—1924
3.1761 2.3137 1.5269 1.8932 1.9706 1.2001 1.8446 2.6098 1.4132 1.2289 1924—19251.1051 1.7104 1.0037 1.8884 1.6226 1.1223 1.2815 1.3065 1.3539 1.2371 1925—19261.0802 7933 1.4064 1.5762 1.1290 1.2408 .9513 .8210 .9409 .9681 1926—1927
1.2150 1.1765 2.1111 1.0771 1,1464 1.3685 1.1266 1.2011 1.1579 1927—19281.3406 1.0017 .9183 1.0191 1.0651 1.5979 1.3413 1.4093 .9802 1928—19291.3523 6560 .5960 8282 1.1390 .8452 .9880 .5762 .8941 1929—1930.3936 5000 .5962 6147 .8201 .4937 .4590 .4548 .7495 1930—1931.2377 2713 .4071 1712 .4514 .2772 .2541 .3405 .2702 1931—1932.3950 5609 .9017 5029 .8217 1.1784 9258 1932—1933
1.3021 2.1428 1.8559 1.4810 1.6913 1.5357 2.1700 1933—1934.5800 7840 .8466 7961 .5212 .5228 8084 1934—1935
1.2240 8707 1.0906 1.3310 1.8249 1.2455 1.5058.1935—1936
A190 APPENDIX
TABLE COMMON STOCK PRIcE RELATIVES
JanuaryDates 90 91 92 93 94 95 96 97 98 99 100
1857—18581858—18591859—1 8601860—18611861—1 8621862—18631863—18641864—1 8651865—1 8661866—18671867—18681868—18691869—18701870—18711871—18721872—18731873—18741874—18751875—18761876—18771877—1878 1.06911878—18791879—1880 1.4434 4.59411880—1881 .8048 1.2975 2.00401881—1882 1.2117 1.43851882—1883 .71921883—1884 .8466 8413 .9119
1884—1885 .6863 6495 1.0242 .9274 .73261885—1886 1.3715 1.0829 1.5167 2.1242 1.7084 1.60141886—1887 1.7685 1.1282 1.2665 1.0780 1.1405 1.0000
1887—1888 .9189 9680 .5373 7323 .9057
1888—1889 1.0637 1.1174 2.6638 9381 .87771889—1890 1.2360 1.0539 1.1773 1.9165 2.1483 1.45451890—1891 .9171 4060 .7216 1.7595 6122 .9761
1891—1892 1.0093 1.0624 1.4223 1.6372 1.4019 9290 1.23821892—1893 .9888 7561 .8529 .9169 7773 .9672
1893—1894 .7955 2232 .6399 .4902 3278 .81251894—1895 .9571 9403 .8355 .8875 6120 .76741895—1896 1.1269 1.1426 1.5027 1.1439 .9796
1896—1897 1.5094 6962 .9565 6057 1.0233
1897—1898 1.4282 1.3690 1.1225 1.57541898—1899 2.1067 1.8437 1.2014 8908 .98501899—1900 1.0134 9675 1.0985 6492 1.0822 1.59181900—1901 1.7877 1.2081 1.4325 8667 .9704 .92941901—1902 1.2272 1.3375 1.6248 1.2425 1.2700 2.16221902—1903 1.0049 1.0937 1.0639 1.3434 1.2252 1.68271903—1904 5979 .7076 .8779 .54321904—1905 1.3462 1.4911 1.4025 1.6226 1.2048 1.1692 1.52441905—1906 1.3262 1.3044 1.0462 1.1434 1.3192 1.3068 1.39441906—1907 7985 1.1405 1.3465 7489 .7931 1.1825 .8571
1907—1908 5550 .5959 3800 .6565 .8637 .44441908—1909 1.5293 1.4693 1.5940 2.3286 2.5545 1.1395 2.26521909—1910 1.2037 1.0785 1.1082 1.1992 1.2142 1.0882 .9251
1910—1911 9125 .8969 8720 1.2145 1.1293 .70861911—1912 1.1308 .9641 1.0254 .8862 1.1803 .77361912—1913 9853 .9490 9842 .9056 1.1251 .89771913—1914 9259 9984 9135 .9457 .8765 .60121914—1915 8512 .9315 6369 .8019 .7593 1.00811915—1916 .1.1021 1.1379 1.1874 1.3788 1.0186 1.0817 1.10001916—1917 1.0351 1.0700 1.4223 1.4061 .9178 .9782
1917—1918 7723 .7840 7428 .7329 .88901918—1919 1.0723 1.1179 1.2017 1.1822 .8528 1.11251919—1920 9364 .9671 1.0278 7982 .9255 .82241920—1921 9335 .9725 1.07101921—1922 1.0191 1.0673 1.0127 1.04641922—1923 1.3071 1.0740 1.1087 1.5314 1.16551923—1924 1.0055 .9449 9832 1.5385 1.03841924—1925 1.3131 1.1604 1.1987 1.8315 1.01341925—1926 1.5651 .9771 1.48121926—1927 8260 1.1015 1.0624 1.0622 1.1218
1927—1928 9788 1.1764 1.1210 1.1758 1.27811928—1929 9559 1.1522 1.0916 1.0514 1.17041929—1930 9532 .99831930—1931 6696 .86201931—1932 2967 .40211932—1933 6141 .9712
1933—1934 2.1951 1.6220 1.4f57 5.0493 1.16961934—1935 7307 .88411935—1936 .9392 1.0946 1.5756 1.0326 .9414
RAILROAD STOCK PRICES A191
1857 JANUARY 1936
____________________ ______ ______
January102 103 104 105 106 107 108 109 110 111 Dates
1837—18581858—1839
1860—18611861—18621862—18631863—18641864—18651865—18661866—1867
1867—18681868—18691869—18701870—18711871—18721872—18731873—18741874—18751875—18761876—18771877—18781878—18791879—1880
1.5329 1.1806 1880—18811881—1882
1.0698 7857 .5972 1.4090 1882—18831.0882 5941 .6107 .5627 1883—1884
9639 1.2257 .7077 t884—18851.0607 1.1187 1.8022 1.7494 1885—18861.6928 1.4398 1.1682 .9443 2.1350 1886-1887
1.1447 .5875 .3884 1887—18881.1561 6864 1.1064 .7534 1888—1889
6666 1.3271 1.1241 1.3122 E889—18909055 .8800 1890—1891
1.2238 1.3443 1.7964 1.9829 1.1010 1891—18922.1903 1.8340 .7162 .5659 1892—1893
6065 .7042 .5386 1893—18943711 .8486 .8320 1894—1895
1.3756 1.3571 .5220 1895—18961.0476 .8995 .4311 1896—1897
1.4220 1.3256 1.2581 1.0452 3.1579 1897—18981.5842 1.5693 1.3092 1.2540 1.1874 1898—1899
1.4883 1.0151 1.2924 .7193 1899—19001.2001 2.6002 1.1625 2.0216 1.8256 1.3858 1900—19012.0128 2.4044 1.5485 1.6099 1.2886 1,3274 1901—19021.9046 1.2906 1.0069 1.1254 1.3038 1.2017 1902—1903.8161 5977 .4831 .7972 .5740 1903—1904
1.5474 8962 1.4080 1.3292 1.4191 1904—19051.6132 1.4099 1.0664 1.1282 .9623 1905—1906.8152 7048 .8214 .9917 .7521 1906—1907
.7014 4340 .4467 .7567 .3822 1907—19081.6196 2.3736 2.6996 1.3280 1.4296 1908—19091.0275 8282 .8150 1.1064 .4002 1909—1910.9990 5443 .7162 1.0624 .6746 1910-1911
1.0268 9931 .7250 1.0479 .8174 1911—19121.0556 1.0216 .9186 1912—1913.9204 9178 .7745 .9455 1913—1914.8621 9897 .8620 .7280 1914—1915
1.1036 2.1385 1.1668 1.2156 1.3035 1913—1916.9551 1.5707 1.1431 .9862 .9891 1916—1917
.7227 3852 .4988 7727 .5760 .4638 1917—19181.0532 1.0000 1.0205 1.0144 1.0000 1.0238 1918—1919.8134 2.3036 1.4448 9164 1.0884 .8852 .9677 1919—1920
6122 .1.2526 1.0309 1.0141 .9018 1.16681920-19211.0960 .9558 9814 .7181 .4665 .62861921—19221.8720 1.0462 1.1371 .7884 1.8793 2.4763 1922—1.9231.1353 .9284 9357 1.0000 1.1965 1.16601923—19241.6162 2.8629 1.2377 2.0105 3.1340 1.6531 1924—1.9251.2257 1.6402 1.1763 1.1408 2.1802 1.2906 1925—19261.4077 1.0476 1.0414 .8767 .7791 1.1899 1926—1927
1.0738 1.1215 1.1860 1.1978 .7406 1.3706 1927—19281.2456 1.0659 1.0512 1.8136 .6866 .9718 1928—192')
9779 .9217 1.1820 .6922 .5473 .7752 1929—19305145 .4854 8856 .4617 .0022 .4685 1930—19311223 .0910 5821 .5507 .5319 .3846 1931—19326544 .2474 9896 .7113 .6200 1932—1933
3.5078 2.8908 1.4214 1.5316 4.4516 1933—19347511 .4913 1.0085 .4854 .5435 1934—1935
1.9036 1.3313 .. . . . 1.2797 .9700 1.3333 1935—1936
RAILROAD STOCK PRICES A193
TABLE 15
RAILROAD COMMON STOCK WEIGHTS,JANUARY 1857-JANuARY 1936
The numbers at the heads of columns are the numbers assigned tothe various railroads in Chart 32. IFor example, the figures of Column 1refer to the Baltimore and Ohio Railroad. The figures in the singlecolumn entitled '51 and 52' refer first to the Chicago, Milwaukee andSt. Paul Railway (January 1874 to January 1928) and then (lower down)they refer to the Chicago, Milwaukee, St. Paul and Pacific Railroad(January 1928 to January 1936).
Each weight in Table 15 is the ratio of the market value of thetotal outstanding common stock of a specified railroad in the earlierJanuary of the thirteen months designated in column 1 to the marketvalue of the total outstanding common stock of all the railroads whosestocks in that particular thirteen months' period were used in constructingthe railroad common stock price weighted index number. For ex-ample, the first figure in the table is . 0587. This means that the marketvalue of the total outstanding common stock of the Baltimore & OhioRailroad in January 1857 was . 0587, or a little less than one-seventeenth,of the market value of the total outstanding common stock of all the 27railroads whose stock prices were used for constructing the railroad stockprice index in the period January 1857 to January 1858 inclusive.
From this definition of the meaning of the figures in the table it fol-lows that, for any particular thirteen months' period, the sum of theweights equals unity.
Though the January figures for the weighted index number of rail-road stock prices given in Table 16 might be calculated perfectly fromthe price relatives of Table 14 and the weights of Table 15 theywere not in fact so calculated. If from January to January each year, achain weighted arithmetic average of relative prices index number wereconstructed by using the r&ative prices of Table 14 and the weights ofTable 15, the movements of such an index number could be shown tobe identical with the movements of a chain weighted aggregate of actualprices index number where the prices were dollars per share and theweights were the number of shares outstanding in the earlier January.This latter is how the railroad common stock price weighted indexnumber was actually constructed.
The blank spaces in the table correspond to periods in which par-ticular stocks were not used in constructing the stock price index num-bers.
A194 APPENDIX
TABLE CoMMoN STOCK WEIGHTS
JanuaryDates 1 2 3 4 5 6 7 8 9 10
1857—1858 .0587 0640 .0125 .0621 0243 .0088 .00861858—1859 .0458 0784 .0135 .0550 0339 .0110 .01101859—1860 .0524 0689 .0155 .0472 0375 .0135 .01251860—1861 .0660 0665 .0271 .0383 0051 .0343 .0415 .0140 .01581861—1862 .0492 0571 .0364 .0353 0046 .0332 .0384 .0135 .01741862-1863 .0551 0568 .0333 .0332 0035 .0360 .0376 .0132 .01431863—1864 .0584 0492 .0397 .0454 0277 .0113 .01591864—1865 .0469 .0255 .0464 .0459 .0735 0179 .0077 .01081863—1866 .0492 .0217 .0584 .0782 .0760 0176 .009R .01131866—1867 .0501 .0182 .0479 .0533 .0704 0074 .0515 .0162 .0096 .0121
1867—1868 .0450 .0140 .0433 .0522 .0683 0073 .0504 .0157 .0096 .01231868—1869 .0412 .0156 .0542 .0383 .0565 0050 .0426 .0145 .0084 .01061869—1870 .0332 .0147 .0406 .0355 .0515 0046 .0361 .0127 .0073 .00971870—1871 .0346 .0105 .0386 .0413 .0578 0048 .0305 .0136 .0071 .00991871—1872 .0334 .0120 .0334 .0364 .0529 0054 .0310 .0135 .0062 .00961872—1873 .0319 .0153 .0306 .0351 .0622 0052 .0371 .0160 .0060 .0077
1873—1874 .0319 .0149 .0275 .0358 .0584 0055 .0321 .0137 .0055 .00811874—1875 .0336 .0108 .0388 .0390 .0596 0053 .0328 .0118 .0054 .00631875—1876 .0403 .0096 .0370 .0449 .0582 0063 .0352 .0130 .0046 .0044
1876—1877 .0359 .0063 .0388 .0489 .0552 0068 .0344 .0118 .0036 .0010
1877—1878 .0398 .0027 .0262 .0379 .0219 0079 .0122 .0138 .0039 .00051878—1879 .0284 .0034 .0214 .0284 .0235 0064 .0065 .0149 .0051 .00051879—1880 .0242 .0036 .0156 .0242 .0164 0139 .0142 .0050 .0011
1880—1881 .0264 .0072 .0178 .0263 .0267 0178 .0098 .0032 .00181881—1882 .0241 .0070 .0171 .0261 .0171 0141 .0089 00161882—1883 .0252 .0062 .0187 .0286 .0181 0151 .0089 00161883—1884 .0243 .0054 .0178 .0273 .0149 0111 .0086 00161884—1885 .0267 .0043 .0228 .0281 .0167 0147 .0102 00171885—1886 .0275 .0039 .0182 .0252 .0063 0075 .0133 00251886—1887 .0239 .0041 .0197 .0275 .0071 0071 .0113 0033
1887—1888 .0199 .0042 .0199 .0280 .0122 0091 .0115 00501888—1889 .0129 .0040 .0217 .0283 .0211 0119 .01211889—1890 .0113 .0038 .0283 .0320 .0165 0156 .01071890—1891 .0114 .0033 .0283 .0275 .0115 0177 .01131891—1892 .0117 .0032 .0340 .0301 .0110 0177 .02241892—1893 .0101 .0033 .0264 .0265 .0114 0181 .02121893—1894 .0108 0286 .0282 .0146 0203 .02291894—1895 .0098 0357 .0390 .0069 0230 .02181895—1896 .0093 0415 .0390 .0040 0184 .02821896—1897 .0057 0384 .0369 .0049 0201 .0273
1897—1898 .0022 0345 .0350 0196 .02661898—1899 .0018 0315 .0321 0171 .02541S99—1900 .0147 0240 .0257 0140 .02011900—1901 .0154 0238 .0275 0188 .02591901—1902 .0241 0257 .0263 0214 .02351902—1903 .0314 0242 .0279 0209 .01791903—1904 .0448 0213 .0249 0179 .01621904—1905 .0409 0231 .0286 0180 .01641905—1906 .0402 0234 .0279 0166 .01341906—1907 .0412 0216 .0288 0147 .0116
1907—1908 .0435 0223 .0313 0142 .01101908—1909 .0406 0208 .0375 0148 .01201909—1910 .0377 0170 .0322 0143 .00881910—1911 .0356 0152 .0362 0168 .00861911—1912 .0345 0150 .03421912—1913 .0336 0152 .03511913—1914 .0320 0142 .0376 00771914—1915 .0314 0145 .03711915—1916 .0274 0159 .04441916—1917 .0307 0143 .0420
1917—1918 .0285 0145 .04501918—1919 .0233 0137 .04351919—1920 .0198 0121 .04191920—1921 .0147 0121 .04621921—1922 .0166 0131 .05521922—1923 .0165 0145 .06361923—1924 .0183 0126 .05931924—1925 .0248 0129 .05431925—1926 .0270 0132 .05501926—1927 .0270 0132 .0499
1927—1928 .0294 0159 .04421928—1929 .0362 0135 .03341929—1930 .0393 0128 .02761930—1931 .0384 0077 .02531931—1932 .0312 0063 .02061932—1933 .0313 0063 .02071933—1934 .0313 0063 .02071934—1935 .0313 0063 .02071935—1936 0313 0063 .0207 .
11
RAILROAD STOCK PRICES A195
JANUARY 1857 TO JANUARY 1936
January12 13 14 15 16 17 18 19 20 21 22 Dates
.0359 1597 .0087 1857—1.858.0373 1812 .0069 1858—1859.0308 1867 .0118 1859—1.860.0337 1696 .0153 1860—1861.0272 1606 .0150 1861—1.862.0254 1685 .0126 1862—1863.0263 0786 .0041 0283 .0038 1470 .0207 1863—1864.0283 0843 .0046 1148 .0292 1864—1865.0200 0851 .0031 0925 .0238 1865—1866.0227 0983 .0026 0796 .0247 1866—1867
.0261 0783 .0023 0874 .0356 1867—1868
.0332 0764 .0029 0871 .0475 1868—1869
.0372 0754 .0020 0970 .0450 1869—1870
.0373 0737 .0012 1870—1871
.0376 0642 .0013 1871—1872
.0347 1872-1873
.0438 1873—1874.0420 1874—1875.0416 1875—1876.0424 1876-1877
.0507 18771878
.0457 0019 .0471 1878—1879
.0486 0024 .0459 1879—1880.0372 0037 .0348 0160 .0079 1880—1881.0498 0036 .0322 0167 .0071 1.81—1882.0489 . .. 0040 .0335 0186 .0058 1882—1883.0432 0037 .0344 0290 .0085 1883—1884.0446 0037 .0355 0331 .0062 1884-1885.049.6 0033 .0388 0305 .0062 1885—1886.0472 0036 .0366 0295 .0063 1886—1887
.0459 0280 .0072 1887—1888
.0431 0281 .0061 1888—1889
.0391 .0290 .0052 1889—1890
.0344 0268 .0048 1890—1891
.0276 0284 .0040 1891—1892
.0298 .0013 0322 .0062 ... 1892—1893
.0279 0312 .0066 1893—1894
.0270 0354 .0059 1894—1895
.0264 0343 .0056 1895—1896
.0267 0336 .0056 1896—1897
.0272 0351 .0080 1897—1898
.0337 0385 .0112 1898—1899
.0360 .0434 0352 .0109 1899—1900
.0315 0373 .0134 1900-1901
.0315 0347 .0126
.0375 0324 .0103 1902—19030306 .0106 1903—19040328 .0109 1904—19050343 .0109 1905—19060408 .0085 1906-19070421 .0074 1907—19080446 .0074 1908—1909
1909—19101910-19111911—19121912—19131913—19141914—1913
.0036 1915—1916
.0030 1916-1917
.0083 1917—1918
.0045 1918—1919
.0050 0381
.0060 1920—1921
.0062 1921—1922
.0074 1922—1923.0066 1923—1924.0052 1924—1925.0078 1925—1926.0083 1926-1927
.0094 0226 1927—1928.0119 0197 1928—1929.0126 0177 1929—1930.0111 0237 1930—1931.0091 0193 1931—1932.0091 0194 1932—1933.0091 0194 1933—1934.0091 0194 1934—1u35.0091
A196 APPENDIX
TABLE 15—RAILROAD COMMON STOCK WEIGHTSJanuary
Dates 23 24 25 26 27 28 29 30 31 32 33
1857—1858 .0094 .0414 .0368 .0366 0271 .03451858—1859 0058 .0319 .0116 .0266 0362 .04751859—1860 .0106 .0292 0110 .0192 0399 .05051860—1861 .0037 .0126 0451 .05411861—1862 0112 .0293 0080 .0195 .0413 .04971862—1863 0093 .0269 0108 .0216 0424 .05091863—1864 0178 .0319 0319 .04191864—1865 0185 .0425 0221 .02571865—1866 0175 .0365 .0212 .02911866—1867 0228 .0369 0197 .0259
1867—1868 .0215 .0357 0188 .03501368—1869 .0210 .0328 .02371869—18701870—1871 .16161871—1872 .14711872—1873 .13691873—1874 .13651874—1875 1470 .06521875—1876 .14671876—1877 .1541
1877—1878 .1830 .0180 .05521878—1819 .2085 .02491879—1880 .1925 .0287 .0146 .06581880—1881 .1383 .0199 .0124 .05881881—1882 .1160 .0198 .01031882—1883 .1032 .0142 .00711883—1884 .0932 .0151 .00841884—1885 .0921 .0152 .00711885—1886 .0857 .01 19 .0051 .03361886—1887 .0816 .0118 .0053
1887—1888 .0796 .0132 .00701888—1889 .0793 .0131 .00681889—1890 .0834 .0139 .0067 .04421890—1891 .0735 .0137 .0063 .04011891—1892 .0778 .0146 .0064 .04541892—1893 .0723 .0140 .0064 .04251893—1894 .0744 .0139 .0060 .04531894—1895 .0850 .0163 .00661895—1896 .0906 .0164 .00681896—189? .0844 .0157 .0063
1897—1898 .0812 .0147 .00591898—1899 .0900 .00641899—1900 .0805 .00571900—1901 .0886 .00441901—1902 .0814 .00441902—1903 .07451903—1904 .07161904—1905 .06411905—1906 .06021906—1907 .0538
1907—1908 .05591908—1909 .0536
.05121910—1911 .03401911—1912 .05251912—1913 .05131913—1914 .04911914—19151915—19161916—1917
1917—19181918—19191919—19201920—19211921—19221922—19231923—19241924—19251925—19261926—1927
1927—1928 .09541928—1929 .10841929—1930 .1211
1930—1931 .07481931—1932 .06081932—1933 .06111933—1934 . .06101934—1935 . .06101935—1936 .0610 . ..
RAILROAD STOCK PRICES A197
JANUARY 1857 ro JA.NUARY 1936
34 35 3637 38 39 40 41 42 43 44 Dates
1857—18581858—18591859—18601860—18611861—18621862—1863
0907 .0222 .0258 .0089 1863—18640987 .0244 .0335 .0102 1864—18650878 .0307 .0334 .0163 1865—18660756 .0330 .0297 .0139 1866—18670695 .0334 .0265 .0125 1867—1868
.0516 .0146 0725 .0284 .0246 .0099 1868—1869
.0506 .0163 0800 .0286 .0228 0098 1869—1870
.0508 .0185 0091 1810—1871
.0557 .0220 0078 1871—1872.0492 .0225 .0074 1372—1873.0459 .0215 0071 1873—1874.0449 .0190 0062 1874-..1875.0438 .0163 0064 1875—1876.0422 .0141 0067 1876—1877
.0510 .0109 0060 1877—1878
.0535 .0119 0041 1878—1879
.0493 .0117 0029 1879—1880
.0328 .0140 33 0045 1880-1881
.0287 .0120 0046 1881—1882
.0287 .0106 0089 .0056 1882—1883
.0286 .0099 0103 .00.58 1883—1884
.0321 .0086 0122 .0070 1884—1385
.0377 .0053 0143 .0079 1885—1835
.0313 .0072 0016 .0032 0143 .0080 1886—1887
.0315 .0075 0011 .0034 0941 0148 .0079 1887—1888
.0327 .0065 0005 .0024 0961 0149 .0102 1888—1889
.0347 .0076 0025 .0026 1059 0190 .0094 1889—1890
.0334 0151 .0094 .0019 1026 0166 .0081 1890—1891
.0338 .0149 .0071 .0027 1073 0178 .0084 1891—1892
.0353 0143 .0111 .0025 1005 0163 .0072 1892—1893
.0372 .0115 .0100 .0025 0978 0189 .0073 1893—1394
.0454 0086 .0094 .0021 1136 0214 .0090 1894—1895
.0481 0098 .0094 .0018 1188 0190 .0090 1895—1896
.0463 0084 .0078 .0017 1181 0175 .0089 1896—1897
.0453 0068 .0090 .0013 1170 0101 .0088 1897—1898
.0443 .0080 .0110 .0006 1207 0077 .0093 1898—18990089 .0104 0017 .1038 0098 .0084 1899—19000104 .0108 0020 .1149 0085 1900—19010111 .0123 0023 .1145 0106 1901—19020108 .0112 0030 .1205 0095 1902—19030096 .0113 .1237 0095 1903—19040089 .0087 0033 .1465 0083 1904—19050107 .0095 0031 .1299 0112 1905—19060101 .0087 0030 .1045 0086 1906—1907
0102 .0079 1028 0089 1907—19080081 .0060 1108 0100 1908—19090073 .0085 0937 0091 1909—19100075 .0109 1111 1910—19110064 .0110 1233 1911—19120057 .0096 1180 1912—19130051 .0099 1227 1913—19140041 .0088 1238 1914—19150025 .0070 1353 1915—19160046 .0088 1294 1916—1917
1286 1917—19181364 1918—19191247 1919—19201255 1920—19211248 1921—19221066 . 1922—19231262 1923—19241230 1924—19251077 1925—19261035 1926—1927
1016 1927—19281050 1928—19291119 1929—19301944 1930—19311588 1931—19321609 1932—19331610 1933—19341510 1934—1935
.0936 1510 1935—1936
A198 APPENDIX
TABLE COMMON STOCK WEIanPS
JanuaryDates 45 46 47 48 49 50 51 & 52 53 54 .55 56
1857—1858 0095 .0199....1858—1859 0112 .01081859—1860 0161 .00431860—1861 0151 .00081861—18621862—18631863—18641864—18651865—18661866—1867
1867—1868 0391 .00321868—1869 .' 0431 .00251869—1870 0506 .00381870—1871 0439 .00971871—1872 0500 .00671872—1873 0423 .00831873—1874 0370 .00691874—1875 0115 .0328 .00461875—1876 0094 .0483 .00331876—1877 0095 .0504 .0030
1877—1878 0059 .0650 .00261878—1879 0128 .0629 .00231879—1880 0120 .0664 .0025 .00301880—1881 0141 .0513 .0041 .0195 .00181881—1882 0154 .0830 .0040 .0148 .00131882—1883 0192 .0653 0153 .00101883—1884 0269 .0705 0197 .00131884—1885 .0007 0251 .0767 0102 .00121885—1886 .0006 0251 .1006 0087 .00101886—1887 .0010 0251 .0928 0116 .0014
1887—1888 .0013 0275 .0830 0105 .00191888—1889 .0010 0248 .0813 0089 .00241889—1890 .0011 0218 .0719 0108 .00161890—1891 .0011 0246 .0630 0120 .00121891—1892 0026 .0342 0223 .0582 0107 .00101892—1 893 0051 .0289 0261 .0584 0086 .00151893—1894 0036 .0337 0259 .0582 0059 .00151894—1895 0029 .0275 0236 .0555 0020 .00101895—1896 0035 .0254 0235 .0533 0015 .00081896—1897 0035 .0261 0275 .0543 0016 .0011
1897—1898 0028 .0206 0299 .0520 0099 .00091898—1899 0081 .0160 0355 .0673 0156 .00091899—1900 0115 .0127 0360 .0688 0235 .00121900—1901 0106 .0120 0328 .07101901—1902 0076 .0131
1902—1903 0084 .01171903—1904 0081 .01201904—1905 .01221905—1906 .0060 .0141
1906—1907 0050 .0156 .0750
1907—1908 0052 .0144 .0304
1908—1909 0058 .0146 .0287
1909—1910 0058 .0134 .0389
1910—1911 0071 .0170 .0354
1911—1912 0078 .0226 .0312
1912—1913 0079 .0220 .0264
1913—1914 0077 .0200 .0268
1914—1915 0070 .0204 .0266
1915—1916 0068 .0208 .0270
1916—1917 0152 .0211 .0256
1917—1918 0214 .0238
1918—1919 0204 .0153
1919—1920 0186 .0126
1920—1921 0156 .0130
1921—1922 0200 .0105
1922—1923 0223 .0068
1923—1924 0224 .0071
1924—1925 0223 .0052
1925—1926 0212 .0039
1926—1927 0194 .0028
1927—1928 0240 .00221928—1929 0164 [.00411929—1930 0150 .00531930—1931 0181 .01761931—1932 0147 521932—1933 0148 .01441933—1934 0148 .01441934—1935 0148 .01441935—1936 .0144 .0303
RAILROAD STOCK PRICES A199
JANUARY 1857 TO JANUARY 1936
January57 58 39 60 61 62 63 64 65 66 67 Dates
1857—18581838—18391859—18601860—18611861—18621862—1.863
0050 1863-48640047 1864—1865
1865—18661866—1267
1867—18681868—18691869—18701870—18711871—18721872—1873
0340 .0117 1873—18740317 .0121 1874—18750338 .0117 1875—18760365 .0113 1876—18770471 .0138 1877—18780524 .0139 1878—18790465 .0127 1879—18800285 .0094 .0186 .0137 1880-1881
.0115 0238 .0082 .0177 .0146 1881—1882
.0196 0232 .0082 .0136 .0129 1882—1883
.0235 0219 .0114 .0126 .0139 1883—1884.0166 0249 .0131 .0067 .0174 1884—1885.0184 0304 .0176 .0074 .0202 1885—1886.0194 0277 .0156 .0101 .0174 1886—1887
.0182 .0263 .0159 .0086 .0160 1887—1888
.0184 .0280 .0170 .0084 .0159 .0020 1888—1889
.0174 .0331 .0176 .0083 .0167 .0022 1889—1890.0168 .0087 .0146 .0019 1890—1891
0080 .0155 .0015 1891—18920084 .0140 .0020 1892—18930077 .0164 .0019 1893—18940080 .0198 .0019 1894—18950086 .0253 .0017 1895—18960072 .0255 .0016 1896—1897
0075 .0269 .0015 1897—18980078 .0248 .0016 1898—18990077 .0196 .0014 1899—19000076 .0039 .0011 1900-19010095 .0039 .0015 .0006 1901—19020079 .0027 .0027 .0008 1902—19030069 .0025 .0021 .0011 1903—19040053 .0028 .0017 .0011 1904-19050078 .0025 .0019 .0011 1905—19060074 .0016 .0023 .0009 1906—1907
0064 .0021 .0012 .0008 1907—19080062 .0008 .0013 .0004 1908—19090061 .0029 .0017 .0011 1909—19100055 .0017 .0024 .0010 1910—19110051 .0012 .0019 .0005 1911—19120046 .0007 .0018 .0003 1912—19130038 .0007 .0017 1913—19140037 .0005 .0013 1914—19150034 .0005 .0013 19.15—19160037 .0005 .0013 1916—1917
0037 .0008 .0012 1917—19180034 .0005 .0006 1918—19190032 .0004 .0011 1919—19200030 .0005 .0012 1920-19210033 .0005 .0021 1921—19220038 .0002 .0024 1922—19230031 .0001 .0031 1923—19240030 .0002 .0055 1924—19250032 .0004 .0086 1923—19260030 .0003 .0103 1926—1927
. .0027 .0002 .0101 1927—1928
. .0025 .0002 .0065 1928—1929
. .0021 1929—1930. .0087 1930—1931. .0071 1931. —1932
.0071 1932—1933. .0071 1933—1934. .0071 .0041 1934—1935
.0192 . .0071 .0041 . 1935—1936
A200 APPENDIX
TABLE CoMMoN STOCK WEIGHTSJanuary
Dates 68 69 70 71 72 73 74 75 76 77 78
1857—18581858—18591859—18601860—18611861—18621862—18631863—18641864—1 8651865—1866 .00421866—1867 .0081
1867—1868 .00711868—1869 .00621869—1870 .01001870—1871 .01671871—1872 .0142 .03241872—1873 .0185 .04481873—1874 .0173 .07631874—1875 .0128 .06201875—1876 .0043 .03661876—1877 .0012 .0207
1877—1878 .01581878—1879 .01491879—18801880—1881 0133 .00431881—1882 01051882—1883 01351883—1884 01051884—1885 00531885—1886 00451886—1887 0038
1887—18S8 00671888—1889 00731889—1890 00701890—1891 00641891—1892 .0010 00501892—1893 00361893—1894 .0018 00281894—1895 00281895—1896 .0015 00311896—1897 0132 .0011 00271897—1898 0129 .0010 00321898—1899 00361899—1900 00441900—1901 00361901—1902 00531902—19031903—1904 00511904—1905 00411905—1906 00421906—1907 0033
1907—1908 00321908—1909 00241909—1910 00311910—1911 00261911—1912 00221912—1913 00181913—1914 00171914—1915 0004 00131915—1916 0012
1916—1917 00071917—1918 00161918—1919 00201919—1920 00341920—1921 00451921—1922 00231922—1923 00331923—1924 00221924—1925 00221925—1926 00391926—1927 0044
1927—1928 00381928—1929 00611929—1930 00831930—1931 .0226 00581931—19321932—1933 .00821933—1934 .00821934—1935 . 00921935—1936 .0082.
.
RAILROAD STOCK PRICES A201
JANUARY 1857 TO JANUARY 1936
January79 80 81_— 82 83 — 84 85 86 $7 88 89 Dates
1857—18581858—18591859—18601860—18611861—18621862—18631863—18641864—1865
. 1865—18661866—13671867—18681868—18691869—18701870—18711871—18721872—18731873—18741874—187.51875—1876
0015 .0027 1876—18710027 .0032 1877—18780020 .0018 1878—18790206 .0024 0063 1879—18800382 .0102 0114 1880—1881
.0225 0317 .0152 0141 1881—1882
.0265 0452 .0151 0211 1882—1883
.0254 0393 .0125 0113 1883—1884
.0241 0387 .0084 0126 1884—1883
.0307 0480 .0081 0080 1885—1886
.0387 .0079 0517 .0121 0108 1886—1887
.0380 .0079 0577 .0114 0151 1887—1888
.0312 .0069 0389 .0067 0162 1888—1889
.0275 .0055 0339 .0&53 0158 1889—1890
.0270 .0048 0013 0252 .0037 0304 1890-1891
.0258 .0061 0016 0263 .0052 0339 1891—1892
.0208 .0049 0016 0315 .0065 .0012 .0295 1892—1893
.0193 .0047 0015 0250 .0049 .0008 .0277 1893—1894
.0091 .0036 0012 0103 .0057 .0007 .0208 1894—1895
.0102 .0038 0009 0040 .0058 .0007 .0255 1895—1896
.0102 .0042 0015 0127 .0053 .0007 .0202 1896—1897
.0091 .0040 0005 0103 .0063 .0006 .0229 1897—1898
.0128 .0038 0004 0105 .0056 .0006 .0243 1898—1899
.0135 .0047 0009 0134 .0045 .0010 .0215 1899-1900
.0124 .0040 0011 0118 .0033 .0011 .0249 1900—1901
.0317 .0061 0012 0240 .0024 .0049 .0017 .0248 1901—1902
.0316 .0066 0014 0315 .0023 .0057 .0017 .0249 1902—1903
.0304 .0055 0018 0313 .0037 .0057 .0016 .0269 1903—1904
.0294 .0033 0015 0282 .0023 .0045 .0010 .0264 1904—1905
.0259 .0038 0012 0277 .0028 .0063 .0013 .0260 1905—1906
.0189 .0040 0014 .0009 0225 .0024 .0057 .0009 .0216 1906—1907
.0168 .0036 0011 .0007 0257 .0021 .0059 .0010 .0202 1907—1908
.0107 .0024 0006 .0004 0228 .0021 .0049 .0008 .0181 1908—1909
.0131 .0035 0008 .0005 0361 .0028 .0061 .0008 .0167 1909—1910
.0116 .0035 0050 .0003 0397 .0024 .0059 .0010 .0183 1910-1911
.0086 .0024 0053 .0002 0374 .0021 .0045 .0010 .0185 1911—1912
.0071 .0017 0061 .0002 0387 .0017 .0038 .0010 .0193 1912—1913
.0070 .0017 0042 .0003 0413 .0016 .0035 .0012 .0203 1913—1914
.0050 .0015 0037 .0002 0420 .0017 .0030 .0009 .0219 1914—1915.0023 .0006 0019 .0001 0509 .0018 .0016 .0007 .02141915—1916.0010 .0011 0031 .0001 0510 .0019 .0009 .0007 .0203 1916—1917.0061 .0013 0030 .0016 .0017 .0528 .0017 .0013 .0011 .02141917—1918.0055 .0003 .0020 .0020 .0009 .0023 .0554 .0015 .0010 .0010 .0238 1918—1919.0057 .0005 .0023 .0016 .0008 .0031 .0570 .0015 .0010 .0008 .0232 1919—1920.0063 0035 .0016 .0013 .0026 .0562 .0014 .0018 .0006 .0236 1920—1921.0049 0039 .0016 .0010 .0028 .0572 .0018 .0005 .0014 .0221 1921—1922.0044 0023 .0013 .0007 .0023 .0685 .0022 .0020 .0011 .0233 1922—1923.0037 0022 .0015 .0008 .0030 .0634 .0017 .0040 .0014 .0260 1923—1924.0025 0020 .0014 .0008 .0035 .0642 .0016 .0027 .0016 .0289 1924—1925.0064 0038 .0018 .0012 .0048 .0619 .0024 .0057 .0018 .0285 1925—1926.0061 0042 .0015 .0019 .0067 .0601 .0027 .0065 .0021 .0305 1926—1927
.0060 .0030 .0020 .0070 .0683 .0023 .0049 .0018 .0271 1927—1928
.0060 .0029 .0033 .0062 .0673 .0026 .0045 .0018 .0237 1928—1929
.0070 .0026 .0029 .0054 .0610 .0035 .0052 .0023 .0219 1929—1930
.0124 .0090 .0079 .0045 .0362 .0045 .0121 .0026 .0175 1930—1931
.0101 .0073 .0064 .0037 .0295 .0037 .0098 .0021 .0142 1931—1932
.0101 .0070 .0065 0297 .0037 .0099 0143 1932—1933
.0101 .0070 .0063 0297 .0037 .0099 0143 1933—1934
.0101 .0070 .0065 0297 .0037 .0099 0143 1934—1935
.0101 .0070 0063 .. . .0297 .0037 .0099 1933—1936
A202 APPENDIX
TABLE 15—RAILROAD COMMON STOCK WEIGHTSJanuary
Dates 90 91 92 93 94 93 96 97 98 99 100
1857—18581858—18591859—18601860—18611861—18621862—18631863—18641864—18651865—18661866—1867
1867—18681868—18691869—18701870—18711871—18721872—18731873—18741874—18751875—18761876—1877 .04131877—1878 .04591878—1879 .05361879—1880 .04341880—1881 .0067 .05421881—1882 .0040 .06171882—1883 .0049 .06241883—1884 .0033 .0508 0012 .03271884—1885 .0031 .0411 .0017 0011 .03301885—1886 .0026 .0324 .0024 0013 .02941886—1887 .0028 .0277 .0029 0017 .03721887—1888 .0045 .0283 .0036 0017 .03361888—1889 .0043 .0286 .0020 0016 .03181889—1890 .0048 .0333 .0057 0017 .02911890-1891 .0053 .0315 .0108 .0294 .0006 0032 .03801891—1892 .0054 .0234 0048 .0243 .0012 0021 .04091892—1893 .0063 .0206 0037 .0338 .0014 0017 .04201893—1894 .0062 .0175 0043 .0288 .0013 0013 .04061894—1895 .0063 .0103 0012 .0235 .0008 0005 .04201895—1896 .0057 0012 .0204 .0007 0003 .03291896—1897 .0029 0223 .0011 0004 .03101897—1898 .0043 0153 .0010 0002 .03121898—1899 .0106 0202 .0013 0002 .04541899—1900 .0264 0457 .0012 0028 .0342 .00031900—1901 .0264 0436 .0012 0017 .0358 .00041901—1902 .0444 0127 .0013 .0301 .00031902—1903 .0438 0158 .0013 .0294 .00051903—1904 .0394 .0460 0150 .0015 .0403 .00081904—1905 0138 .0531 0103 .0013 .0406 .00051905—1906 0165 .0671 0129 .0012 .0421 .00061906—1907 0165 .0712 OH! .0012 .0415 .0007
1907—1908 0145 .0829 0085 .0009 .0550 .00051908—1909 0105 .0745 0042 .0008 .0695 .00031909—1910 0116 .0873 0070 .0015 .0583 .00051910—1911 0150 .0843 0075 .0016 .0630 .00041911—1912 0145 .0798 0069 .0021 .0775 .00031912—1913 0196 .0766 0071 .0018 .0978 .00021913—1914 0179 .0697 0067 .0016 .1277 .00021914—1915 0181 .0782 0067 .0016 .1225 .00011915—1916 0177 .0676 0049 .0015 .1071 .00011916—1917 0170 .0668 0059 .0013 .1007 .0001
1917—1918 0180 .0732 0085 .0019 .09461918—1919 0181 .0745 0082 .0018 .10931919—1920 0182 .0783 0092 .0015 .11431920—1921 0185 .08231921—1922 0175 .08111922—1923 0184 .0894
0206 .08221924—1925 .... .0213 .07981925—1926 .... .0225 .07451926—1927 .... .0324 .0630
1927—1928 .0270 .06351928—1929 .0217 .06131929—1930 .0180 .06131930—1931 .0122 .03331931—1932 .0099 .02711932—1933 .0099 .02721933—1934 .0099 .02721934—1935 .0099 .02721935—1936 .0099 .0272 .0159
RAILROAD STOCK PRICES A203
JANUARY 1857 TO JANUARY 1936
January101 102 103 104 105 106 107 108 109 110 111 • Dates
1857—18581858—18591859—18601860—18611861—18621862—18631863—18641864—18651865—18661866—1867
1867—18681868—18691869—18701870—18711871—18721872—18731873—18741874—18731875—18761876—1877
1877—18781878—18791879—18801880-18811881—1882
0040 .0007 .0011 1882—18830029 .0004 .0014 1883—18840019 .0003 .0009 1884—18850026 .0004 .0007 1885—18860023 .0006 .0011 1886—18870029 .0006 .0009 1887—18880035 .0004 .0004 1888—18890024 .0004 .0003 1889—1890
0005 .0003 1890—18910005 .0003 .0005 .0012 1891—18920006 .0004 .0008 .0011 1892—1893
0008 .0006 .0006 1893—18940006 .0005 .0004 1894—18950007 .0004 .0004 1895—18960010 .0006 .0002 1896—1897
0012 0010 .0005 .0082 .0009 1897—18980016 0012 .0006 .0079 .0023 1898—18990019 0015 .0006 .0074 .0023 1899—1900
.0013 0016 0021 .0006 .0093 .0016 1900-1901
.0014 0037 0022 .0011 .0147 .0021 1901—1902
.0022 0065 0026 .0013 .0146 .0026 1902—1903
.0037 0023 .0013 .0170 .0028 1903—1904.0035 0016 .0007 .0155 .0020 1904—1905.0041 0011 .0008 .0159 .0032 1905—1906.0050 0012 .0006 .0136 .0023 1906—1907
.0042 ... .0008 .0005 .0137 .0018 1907—1908
.0045 0005 .0003 .0134 .0009 .1908—1909.0053 ... .0008 .0006 .0131 .0009 1909—1910.0057 0006 .0004 .0136 .0030 1910—1911.0060 0004 .0003 .0184 .0022 1911—1912.0070 0015 .0229 .0018 1912—1913.0071 0010 0234 .0015 .0014 1913—1914.0072 0003 0245 .0013 .0015 1914—1915.0071 0002 0295 .0013 .0013 1915—1916.0068 0003 0313 .0014 .0015 1916—1917
.0067 0034 .0028 0369 .0014 .0014 .• 1917—1918
.0063 0017 .0018 0368 .0010 .0009 1918—1919
.0062 0016 .0017 0356 .0010 .0008 .0002 1919—19200040 .0027 0355 .0012 .0008 .0003 1920—19210025 .0035 0371 .0012 .0007 .0003 1921—19220028 .0034 0390 .0009 .0004 .0002 1922—19230045 .0031 0389 .0006 .0006 .0004 1923—19240053 .0026 0391 .0006 .0007 .0005 1924—19250069 .0060 0394 .0010 .0018 .0006 1925—19260073 .0096 0408 .0010 .0034 .0007 1926—1927
.0094 .0092 0392 .0008 .0024 .0008 1927—1928
.0083 .0107 0381 .0008 .0015 .0009 1928—1929
.0090 .0097 0349 .0012 .0009 .0007 1929—1930
.0067 .0098 0211 .0068 .0390 .0020 1930—1931
.0055 .0080 - .0171 .0053 .0317 .0016 1931—1932
.0055 .0080 0172 .0055 .0318 1932—1933
.0055 .0080 0172 .0055 .0318 1933—1934
.0055 .0080 0172 .0055 .0318 1934—1935
.0055 .0080 0172 .0055 .0318 1935—1936
A204 . APPENDIX
TABLE 16
FOUR INDEX NUMBERS OF THE JANUARY PRICES OFAMERICAN RAILROAD COMMON STOCKS1
Column 1. IJnweighted geometric average index number (one shareeach stock).
Column 2. Arithmetic average index number weighted according to thenumber of shares of each company outstanding at thebeginning of each year.
Column 3. Index based on arithmetic average price of one share of eachstock.
Column 4. Unweighted chain arithmetic average of relative prices.
Date 1 2 3 4
Jan 1857 100.00 100.00 100.00 100.001858 68.06 73.94 75.00 73.281859 70.09 75.07 75.08 78.231860 59.53 71.21 73.24 70.671861 76.49 80.54 83.23 99.381862 75.83 77.95 81.39 100.371863 132.42 125.35 129.07 183.571864 177.49 159.57 164.30 253.57
" 1865 167.96 155,18 160.14 243.67" 1866 155.97 142.32 148.72 228.35" 1867 165.17 148.49 159.35 243.05" 1868 180.52 162.58 176.04 270.02" 1869 200.81 180.16 194.73 304.79
1870 194.31 179.41 193.61 298.13" 1871 202.56 187.09 199.44 312.68
1872 212.27 199.29 206.95 332.20" 1873 215.40 208.53 207.67 340.33" 1874 189.57 190.20 186.34 301.93
1875 173.84 185.72 180.27 283.73" 1876 147.96 180.44 169.57 253.92" 1877 109.76 142.74 136.82 200.82" 1878 99.38 131.20 . 127.00 193.11" 1879 128.29 146.80 148.88 286.29" 1880 247.25 213.29 219.49 654.94" 1881 303.27 265.69 278.67 816.02" 1882 292.75 250.33 269.73 801.12" 1883 286.02 246.70 271.09 799.10
1884 231.23 220.26 245.93 668.81" 1885 174.27 179.64 205.91 525.90" 1886 243.89 219.79 254.95 761.03" 1887 283.93 236.15 281.23 910.12" 1888 247.77 223.00 262.30 816.21" 1889 238.01 212.96 255.11 804.64" 1890 254.69 221.16 274.92 884.91
'These indexes have been so adjusted (by multiplication) that January 1857 is, in each case, 100. Inconstructing these indexes all adjustments were made for rights, stock dividends, etc. For further detailsconcerning the construction of these indexes see Ch. V.
RAILROAD STOCK PRICES A205
TABLE 16—(Concluded)
FOUR INDEX NUMBERS OF THE JANUARY PRICES OFAMERICAN RAILROAD COMMON STOCKS
Date
Jail 1891" 1892" 1893" 1894" 1895" 1896" 1897" 1898" 1899" 1900" 1901" 1902" 1903" 1904" 1905" 1906" 1907" 1908" 1909" 1910" 1911" 1912" 1913" 1914" 1915" 1916" 1917" 1918" 1919" 1920" 1921" 1922" 1923" 1924" 1925" 1926" 1927" 1928" 1929" 1930
1931" 1932" 1933" 1934" 1935" 1936
254.87288. 10289.54227.32222.92225.64220. 53251.44311.90323.80389.94483.54533. 93428.12338.66629.23596.73435.46592.17647.84581.15570.13565.65493. 29421.17479.07485.94354. 79375.64353.04354.07348.64406. 63393.77544.49666.61715.02848.00959.42886.98603.35197.36151.04254.63190.89240.73
789.77993.12969. 17676.03617.02618.02577.17700.16937. 13960. .51
1,337.521,866.382, 162 221,616.592,161.232,534.542,323.811,530.032,542.732,710.192,322.202,146.842,099.421,739.001,327.701,585.991,835.691,233.101,329.841,363.951,381.661,227.161,527. 921,548.462,533.963,291. 553,523.714,349.815,162.394,575 .942,784.01
912.33666.07
1,419.91906.56
1,150.27
1 2 3 4
221.99272.84258. 10170.09151.75147.58132.89153.41198. 15199.62267.82364.69416.11305.92403.84467.11424.45271.52427.49438.86369.15335.59324.64262.61.186.16209.67232.51150.85160.09159.15154.88132.27160.05157.25243.88308.91326.54395.45459.53398.10228.01
65.5543.3686.7854.4565 .78
199.43229. 12224.79175.82170.88172.57170.08196.61241.52246.47301.27367.30396.94319.75405.51470.50462.58347.36450.14483.46444. 16439.21439.30392.93345.10389.40383.22293.92310.27285.53281.67275.02318.38304.05380.73427.24463.52540.95615.13585 .20427 .38150,85118.47196.42152.64195 .00
A206 APPENDIX
TABLE 17
Ax ARITHMETIC AVERAGE INDEX NUMBER OF THE PRICES OF AMERICANRAILROAD COMMON STOCKS, WEIGHTED ACCORDING TO THE
NUMBER OF SHARES OF EACH COMPANY OUTSTANDINGAT THE BEGINNING OF EACH YEAR
MONTHLY, JANUARY 1857-JANuARY 1936
Col. 1. Logarithms of Index (see Table 10—Column 6).Cal. 2. Cyclical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve (logarithms) from Trend
Curve (logarithms).
For details of the nature of the graduations given in columns 2 and3 of this table see Appendix D.
RAILROAD STOCK PRICES
TABLE 17
AMERICAN RAILROAD STOCK PRICES
A207
1 2 Date 2 4
18623FMAMJJAS0ND
1.2191 .2341.2471.2431.2631 .2841.2741 .2891.3191.3601.3631.372
1. 21261. 22231. 23351.24621. 26041.27601. 29 261. 3 1021.32851. 347 .11.36571. 3840
11
1
111
11
1
I11
.2904
.2982
.3061
.3 138
.3221
.3300
.3383
.3466
.3548
.3628
.3712
.3794
—.0778—.0759—.0726—. 0676—.0617—.0540—.0457—.0364—. 0263—.0157—.0055+.0046
1.4251 . 4401.4321.4371.4771.4631.4731 .5021.5031.5141,5161.512
1. 40171.41821.43351.44761. 46031.47211.48311.49371.50401.51441.32471.5350
1.38731.39511 . 40311.41071.41801. 42531.43221.43901.44581.45201.45841.4642
Date1857
JFMA'M33AS0ND
1858
MAM33.AS0ND
1839I?M
M33AS0ND
1860JFMAM3JAS0ND
1861JFMAM33AS0ND
1.3271.3191.3181 .3101.3031.2761.2701.2481 . 1801 . 1081.1661.184
1.1961.2351.2421.2191.2261.2071.2091.2041 .1981.2111.2081 .201
1 . 2021.1971.1951.1841.1701.1731.1761.1791. 1961.1881.1921 . 188
1. 1791.1821 .2001.2221 .2301 .2361.2491.2741.2851.2 701.2191.190
1.2331 .2311.2411.2071.1721.1761. 1941.1851.1841.2001.2061.193
3
1.27811.27461.27111 .26781 .26421.26091.25751. 25421.25101.24781.24451 .2413
1. 23821 .23491. 23171. 22861.22571.22231.21921. 2 1611.21331.21011. 20711.2044
1. 20161.19891. 19621.19401.19191.18971.18801. 18651.1854
.18441.18381. 1835
1. 18351.18391.18461.18571.18731.18911.19141.19411.19721. 20061.20441. 2087
1. 21321.21811.22321 .22881. 23481. 24091.24741. 25411 . 26091. 26791.27531.2827
1.32251.31291.30081.28701.27221. 25 711 .24271.22941. 21761.20791.20071. 1961
1. 19421.19521. 19831.20281 .20791.21231. 2 1521. 21601.21471. 21151. 20701. 2019
1.19691.19241.18851. 185 11.18221.17971.17781.17681.17721. 17921.18321. 1890
1. 19641. 20501.21401.22301.23141.23861.24421.24791.24921.24801. 2 4441.2384
1.23061.22171 .21251.20401.19681.19161.18861.18791.18931.19271.19771. 2044
4
+ .0444+.0383+.0297+.0192+.0080—.0038—.0148—.0248—.0334—.0399—.0438—.0452
— .0440—.0397— .0334—.0258—.0178—.0100—.0040—.0001+ .0014+.0014—.000.1—.0025
—.0047—.0065—.0077—.0089—.0097—.0100—.0102—.0097—.0082—.0052—.0006+ .0055
+ .0129+ .0211+.0294+ .0373+ .0441+.0495+ .0528+ .0538+.0520+.0474+ .0400+.0297
+ .0174+.0036—.0107—.0248—.0380—.0493—.0588—.0662—.0716—.0752—.0776—.0783
+.0144+.0231+ . 0304+.0369+0423+ .0468+.0509+,0547+.0582+0624+ .0663+.0708
+ . 0751+ .0787+ .0812+0826+ .0814+0781+0717+.0624-I- . 0507+0374+ .0228+ .0085
18633FMAMJJAS0ND
1864JFMAMJJAS0NP
1865
MAM3JAS0ND
1.5301.5501.5801.5871.5681.5761.5721.5751 .5491.5201.5431.539
1.54481.55381. 56 141.56721.57061.57121.56861.56281.55441.54381.53201.5198
1 .46971.47511 . 48021.48461.48921.49311 .49691.50041.50371.50641.50921.5113
1.5181.5071 , 4651.4591.468I . 4601.4781.4731.4911.5031.5071.300
1.50841.49831.49001.48371.47931. 47 .551.47511. 47471. 47531. 4 7671. 47881. 4815
1.51321.51511 . 51641.51731.51801.51851.51881.51891.51901.51881 . 51851.3182
—.0048—.0168—.0264— .0336—.0387—.0420—.0437—.0442—.0437—.0421—.0397—.0367
18663FMAM3JAS0ND
1 .4801.4691.4701.4781.4861.4921 .5001.5161.5181.5311.5241.516
1. 48481. 48831. 49181. 49501. 49791.30031.50241 .504.11.50551.50641.5069
1.51761.51721.5 1671.5 1611.51551.51501.51471.51441.51431.51431 .5145
—.0328—.0289—.0249—.0211—.0.176—.0147—.0123—.0103—.0088—.0079—.0076
1.5068 1.5148 —.0080
ha 00I- 00
ha 00ha cc
0 z 0 rJ2 0 0 I- 0 00
CD 0 —.
+:I-
++
++
++
++
++
— t.
,) —
— —
—ha
000
0'0
0 '0
000%
CO
O 0
%0
0—
00—
I_S
— h
a ha
— h
a ha
— I_
S —
— 1
— h
a I.*
— —
— —
— —
— —
——
— —
— —
— —
— —
— —
——
-&
1—
— —
— h
aha
— —
E h
a —
1_S
S —
ha
ha h
a ha
— h
a
ha
——
—'—
— -
'ha
C'
—-'h
a —
CO
CC
O'0
'0'0
%0'
0'0'
0
— '0'0
0.C
'0'0
0000
r' —
——
— —
— —
— —
——
— —
'— —
— —
—
ha h
a ha
ha
ha h
a ha
ha
ha h
a ha
ha
C%
0%C
%
C'0
%0'
00
— —
ha
ha h
a ha
I-' h
a ha
ha
ha
01.
'00
0.4
ha h
a —
I- h
a ha
ha
— h
a —
ha
0000
0000
000
'00%
0000
0%
ha —
ha
ha I.
.A—
0l.
0000
--I
'
' — h
a1
ha—
ha
000
0%00
II
Ii
iI
i
0000
0000
0000
0000
0000
0000
iii
iiiii
iiii
III
IIII
oooo
cooo
oooo
')'
ha
.
ha —
ha
haha
— h
a1E
ha
ha )
.a h
a—
ha
).S
— h
a ha
h.è
ha —
ha
ha h
aha
haha
ha
haha
haha
ha
ha h
a
ha0
00'0
haQ
— t'
.) 0
%00
0000
'0%
0%0
'0'0
'00%
ha
1' —
— —
— —
l-' —
— 1
' — —
ha1)
_S—
I-' —
— 1
')'
ha —
1'—
1"
— —
——
— h
a —
— —
— l-
' — —
Il.a
1I-
' — h
a —
— —
ha
— —
i.'h
a
00
CsC
\0%
OS
C\O
\C%
%O
%0%
OS
C%
OS
OS
O%
OS
I-A
ha
I-.'
I-A
1-'
ha 1
ha h
a —
I-ha
I-.'
l.' h
a ha
l.' h
a —
ha
I-' h
a —
I-'
I-ha
ha
ha h
aha
ha
— h
a ha
ha h
ahaI
-&ha
I-4
1-' h
a 1'
1' h
a ha
ha—
I-S
ha
I-&
— —
—
000
00
I
0%0
-4C
000
ha
00
RAILROAD STOCK PRICES A209
TABLE 17—Continued
AMERICAN RAILROAD STOCK PRICES
Date 1 2 3 4 Date 1 2 3 4
1877 18823 1.481 1.4528 1.4823 —.0295 J 1.725 1.7262 1.7294 —.0032F 1.453 1.4397 1.4797 —.0400 F 1.715 1.7228 1.7294 —.0066M 1.432 .1.4290 1.4774 —.0484 M 1.713 1.7206 1.7290 —.0084A 1.399 1.4209 1.4734 —.0545 A 1.713 1.7196 1.7284 —.0088M 1.398 1.4155 1.4737 —.0582 M 1.707 1.7194 1.7272 —.0078J 1.373 1.4125 1.4723 —.0598 J 1.105 1.7200 1.7259 —.0059j 1.387 1.4120 1.4714 —.0394 J 1.730 1.721! 1.7241 —.0030A 1.414 1.4137 1.4709 —.0572 A 1.743 1.7224 1.7222 +.0002S 1.442 1.4174 1.4707 —.0533 S 1.747 1.7238 1.7199 +.00390 1.455 1.4227 1.4709 —.0482 0 1.136 1.7249 1.7175 +.0074N 1.447 1.4292 1.4716 —.0424 N 1.718 1.7254 1.7148 +.0106D 1.445 1.4364 1.4726 —.0362 D 1.720 1.7251 1.7119 +.0132
1878 1883J 1.445 1.4435 1.4739 —.0304 3 1.719 1.7241 1.7087 +.0154F 1.436 1.4500 1.4757 —.0257 F 1.708 1.7222 1.7056 +.0166M 1.443 1.4536 1.4780 —.0224 M 1.714 1.7197 1.1022 +.0175A 1.457 1.4599 1.4806 —.0207 A 1.724 1.7168 1.6990 +.0178l\'i 1.457 1.4632 1.4836 —.0204 lv! 1.715 1.7137 1.6955 +.01823 1.468 1.4657 1.4869 —.0212 3 1.719 1.7105 1.6922 +.01833 1.476 1.4677 1.4907 —.0230 3 1.711 1.7071 1.6888 +.0183A 1.471 1.4698 1.4949 —.0251 A 1.691 1.1034 1.6854 +.0180S 1.480 1,4722 1.4997 —.0275 S 1.697 1.6993 1.6820 +.0173O 1.476 1.4751 1.5044 —.0293 0 1.685 1.6944 1.6789 +.0155N 1.474 1.4788 1.5099 —.0311 N 1.691 1.6887 1.6757 +.0130D 1.473 1.4835 1.5154 —.0319 D 1.682 1.6820 1.6727 +.0093
1879 18843 1.493 1.4895 1.5215 —.0320 3 1.670 1.6744 1.6696 +.0048F 1.510 1.4970 1.5277 —.0307 F 1.681 1.6661 1.6670 —.0009lv! 1.501 1.5063 1.5343 —.0280 M 1.680 1.6573 1.6644 —.0071A 1.514 1.5176 1.5410 —.0234 A 1.663 1.6482 1.6619 —.0137lvi 1.536 1.5307 1.5481 —.0174 lvi 1.626 1.6391 1.6594 —.02033 1.542 1.5454 1.5554 —.0100 3 1.593 1.6299 1.6574 —.02751 1.550 1.5611 1.5628 —.0017 J 1.605 1.6209 1.65E5 —.0346A 1.556 1.5769 1.5704 A 1.631 1.6123 1.6537 —.0414S 1.571 1.5921 1.5781 +.0140 S 1.615 1.6043 1.6521 —.0478o 1.615 1.6059 1.5863 +.0196 0 1.600 1.5972 1.6508 —.0536N 1.636 1.6179 1.5942 +.0231 N 1.590 1.3914 1.6497 —.0583D 1.638 1.6279 1.6021 +.0258 D 1.591 1.3873 1.6485 —.0612
1880 18853 1.656 1.6360 1.6100 +.0260 3 1.581 1.5851 1.6479 —.0628F 1.665 1.6425 1.6178 +.0247 F 1.593 1.5851 1.6474 —.0623M 1.672 1.6478 1.6257 +.0221 lvi 1,594 1.5872 1.6470 —.0598A 1.666 1.6525 1.6336 +.0189 A 1.594 1.5913 1.6467 —.0554Iv! 1.629 1.6571 1.6416 +.0155 lvi i.ssi 1.5970 1.6466 —.04963 1.630 1.6621 1.6493 +.0128 J 1.584 1.6040 1.6467 —.04273 1.649 1.6679 1.6368 +.0111 3 1.602 1.6119 1.6469 —.0350A 1.668 1.6750 1.6640 +.0110 A 1.624 1.6202 1.6473 —.0271S 1.667 1.6835 1.6709 +.0126 S 1.619 1.6286 1.6478 —.0192O 1.683 1.6934 1.6714 +.0160 0 1.642 1.6369 1.6484 —.0115N 1.709 1.7045 1.6838 +.0207 N 1.668 1.6449 1.6491 —.0042D 1.730 1.7164 1.6897 +.0267 D 1.667 1.6523 1.6499 +.0024
1881 18863 1.751 1.7284 1.6953 +.0329 J 1,669 1.6589 1.6507 +.0082F 1.746 1.7395 1.7006 +.0389 F 1.676 1.6647 1.6518 +.0129M 1,752 1.7490 1.7054 +.0436 M 1.668 1.6697 1.6528 +.0169A 1.750 1.7560 1.7097 +.0463 A 1.662 1.6739 1.6339 +.0200M 1.767 1.7601 1.7139 +.0462 lvi 1.654 1.6775 1.6550 +.02253 1.771 1.7611 1.7173 +.0438 3 1.673 1.6809 1.6563 +.02463 1.754 1.7592 1.7203 +.0389 3 1.680 1.6843 1.6576 +.0267A 1.746 1.7530 1.7230 +.0320 A 1.684 1.6880 1.6589 +.0291S 1.749 1.7493 1.7252 +.0241 S 1.694 1.6920 1.6601 +.03!90 1.742 1.7428 1.7269 +.0159 0 1.706 1.6963 1.6615 +.0348N 1.743 1.7363 1.7281 +.0084 N 1.715 1.7006 1.6628 +.0378D 1.733 1.7308 1.7288 +.0020 D 1.705 1.7047 1.6642 +.0405
A210 APPENDIX
TABLE 17 —Continued
AMERICAN RAILROAD STocK PRICES
Date 1 2 3 4 Date 1 2 3 4
1887 1892
3 1.700 1.7080 1.6637 +.0423 3 1.687 1.6813 1.6540 -j-.0273
F 1.696 1.7102 1.6670 +.0432 F 1.686 1.6848 1.6528 +.0320M 1.706 1.7111 1.6684 +.0427 M 1.691 1.6875 1.6517 +.0358A 1.718 1.7103 1.6696 +.0407 A 1.689 1.6894 1.6504 +.0390M 1.725 1.7081 1.6708 +.0373 M 1.687 1.6906 1.6486 +.0420J 1.714 1.7045 1.6720 +.0325 J 1.684 1.6912 1.6472 +.04403 1.702 1.6999 1.6730 +.0269 3 1.684 1.6911 1.6434 +.0457A 1.691 1.6945 1.6739 +.0206 A 1.687 1.6900 1.6436 +.0464S 1.685 1.6887 1.6746 +.0141 S 1.673 1.6876 1.6419 +.04570 1.668 1.6828 1.6754 +.0074 0 1.681 1.6838 1.6399 +.0449N 1.674 1.6772 1.6759 +.0013 N 1.676 1.6783 1.6379 +.0404ID 1.673 1.6722 1,6762 —.0040 D 1.671 1.6713 1.6359 +.0354
1888 1893J 1.673 1.6679 1,6763 —.0084 J 1.679 1.6628 1.6339 +.0289F 1.671 1.6645 1.6764 -'--.0119 F 1.669 1.6530 1.6316 +.0214M 1.655 1.6621 1.6763 —.0142 M 1.654 1.6423 1.6295 +.0128A 1.656 1.6605 1.6761 —.0156 A 1.657 1.6313 1.6274 +.0039M 1.662 1.6595 1.6758 —.0163 M 1.625 1.6203 1.6249 —.0046
3 1.644 1.6.590 1.6753 —.0163 J 1.604 1.6097 1.6226 —.0129
3 1.657 1.6586 1,6747 —.0161 J 1.563 1.6000 1.6203 —.0203A 1.663 1.6583 1,6742 —.0159 A 1.554 1.5915 1.6179 —.0264S 1.675 1.6578 1.6734 —.0156 S 1.578 1.5847 1.6151 —.0304O 1.670 1.6573 1.6727 —.0154 0 1.585 1.5796 1.6128 —.0332N 1.657 1.6567 1.6719 —.0152 N 1.594 1.5765 1.6103 —.0338ID 1.649 1.6561 1.6711 —.0150 D 1.581 1.5751 1.6077 —.0326
1889 18943 1.655 1.6555 1.6702 —.0147 3 1.572 1.5752 1.6051 —.0299F 1.659 1.6550 1.6695 —.0145 F 1.577 1.5761 1.6026 —.0265M 1.647 1.6546 1.6687 —.0141 1.590 1.5773 1.6001 —.0228A 1.644 1 6544 1.6678 —.0134 A 1.594 1.5780 1.5976 —.0196M 1.655 1.6545 1.6670 —.0125 XI 1.576 1.5778 1.5949 —.0171
3 1.660 1 6551 1.6664 —.0113 J 1.568 1.5764 1.5923 —.0159
3 1.649 1.6565 1.6658 —.0093 3 1.550 1.5740 1.5898 —.0158A 1.659 1.6586 1.6652 —.0066 A 1.576 1.5712 1.5873 —.0161S 1.674 1.6616 1.6646 —.0030 S 1.586 1.5684 1.5849 —.01650 1.670 1.6653 1.6642 +.0011 0 1.572 1.5663 1.5824 —.0161N 1.669 1.6692 1.6638 +.00S4 N 1.571 1.5654 1.5801 —.0147D 1.667 1.6730 1.6636 +.0094 D 1.563 1.5660 1.57'79 —.0119
1890 1895J 1.671 1.6761 1.6632 +.0129 j 1.559 1.5681 1,5756 —.0075F' 1.667 1.6781 1.6630 +.0151 F 1.553 1.5714 1.5736 —.0022lvi 1.664 1.6787 1,6629 +.0158 M 1.550 1.5757 1.5716 +.0041A 1.673 1.6778 1.6627 +.0151 A 1.557 1.5805 1.5697 +.0108M 1,690 1.6752 1.6626 +.0126 M 1.590 1.5854 1.3679 +.01753 1.687 1.6712 1.6625 +.0087 3 1.600 1.5900 1.5663 +.0237J 1.683 1.6659 1.6625 +.0034 3 1.607 1.5940 1.5649 +.0291A 1.672 1.6507 1.6624 —.0027 A 1.613 1.5968 1.5638 +.0330S 1.663 1.6528 1.6624 —.0096 S 1.617 1.3983 1.5627 +.0356O 1.643 1.6456 1.6623 —.0167 0 1.611 1.5981 1.5618 +.0363N 1.614 1.6387 1.6622 —.0235 N 1.597 1.5961 1.5614 +.0347D 1.607 1.6325 1.6620 —.0293 D 1.570 1.5923 1,5612 +.0311
1891 1896J 1.627 1.6275 1.6618 —.0343 J 1.364 1.5872 1.5611 +.0261F 1.631 1.6243 1.6616 —.0373 F 1.581 1.5810 1.5613 +,0197M 1.621 1.6233 1.6613 —.0380 M 1.572 1.5744 1.5618 +.0126A 1.637 1.6245 1.6609 —.0364 A 1.576 1.5679 1.5626 +.0053M 1.636 1.6281 1.6604 —.0323 M 1.574 1.5618 1.5634 —.0016J 1.626 1.6336 1.6600 —.0264 3 1.568 1.5564 1.5646 —.00823 1.621 1.6406 1.6595 —.0189 3 1.543 1.5520 1.5659 —.0139A 1.639 L6485 1.6587 —.0102 A 1.519 1.5484 1.5674 —.0190S 1.676 1.6566 1.6579 —.0013 S 1.538 1.5458 1.5690 —.02320 1.676 1.6642 1.6571 +.0071 0 1.547 1.5442 1.5708 —.0266N 1.667 1.6711 1.6562 +.0149 N 1.570 1.5438 1.5728 —.0290D 1.682 1.6768 1.6552 +.0216 D 1.558 1.5449 1.5749 —.0300
RAILROAD STOCK PRICES A211
TABLE 17—Continued
AMERICAN RAILROAD S'rocK PRICES
Date 1 2 3 4 Date 1 2 3 4
1897 1902J 1.557 1.5473 1.5771 —.0298 J 1.892 1.8941 1.8536 +.0405F 1.552 1.5512 1.5795 —.0283 F 1.895 1.8987 1.8560 +.0427M 1.554 1.5563 1.5819 —.0256 M 1.896 1.9041 1.8583 +.0458A 1.540 1.5624 1.5844 —.0220 A 1.912 1.9101 1.8604 +.0497M 1.542 1.5690 1.5870 —.0180 M 1.914 1.9163 1.8622 +.0541
1.562 1.5759 1.5898 —.0139 J 1.915 1.9221 1.8643 +.0578J 1.578 1.5826 1.5926 —.0100 J 1.931 1.9271 1.8661 +.0610A 1.606 1.5889 1.5956 —.0067 A 1.944 1.9304 1.8678 +.0626S 1.625 1.5946 1.5985 —.0039 S 1.945 1.9316 1.8697 +.06190 1.614 1.5994 1.6017 —.0023 0 1.930 1.9308 1.8714 +.0594N 1.599 16035 1.6050 —.0015 N 1.913 1.9272 1.8731 +.0541D 1.610 1.6067 1.6084 —.0017 D 1.905 1.9210 1.8749 +.0461
1898 1903J 1.620 1.6091 1.6117 —.0026 J 1.925 1.9125 1.8768 +.0357F 1.618 1,6111 1.6153 —.0042 F 1.918 1.9022 1.8785 +.0237M 1.598 1.6130 1.6190 —.0060 M 1.898 1.8907 1.8804A 1.589 1.6153 1.6229 —.0076 A 1.878 1.8785 1.8824 —.0039M 1,614 1.6186 1.6270 —.0084 M 1.871 1.8663 1.8844 —.0181
J 1.630 16233 1.6314 —.0081 J 1.847 1.8544 1,8864 —.0320J 1.630 1.6297 1.6358 —.0061 J 1,835 1.8433 1.8884 —.0451A 1.648 1.6379 1.6405 —.0026 A 1.822 1.8333 1.8904 —.0571S 1.650 1.6478 1.6452 +.0026 S 1.816 1.8247 1.8925 —.06780 1.641 1.6589 1.6502 +.0087 0 1.807 1.8176 1.8945 —.0769N 1,651 1.6705 1.6555 +.0150 N 1.809 1.8123 1.8965 —.0842D 1.674 1,6820 1.6609 +.0211 D 1.825 1.8091. 1.8986 —.0895
1899 1904J 1.710 1.6928 1.6664 +.0264 J 1.832 1.8082 1.9007 —.0925F 1.726 1.7026 1.6721 +.0305 F 1.818 1.8098 1.9027 —.0929M 1.725 1.7110 1.6781 +.0329 M 1.818 1.8139 1.9046 —.0907.A 1.731 1.7180 1.6842 +,0338 A 1.829 1.8205 1.9065 —.0860M 1.715 1.7236 1.6904 +0332 M 1.818 1.8292 1.9083 —.0791J 1.709 1.7278 1.6969 +.0309 J 1.820 1.8397 1.9101 —.0704J 1.725 1,7309 1.7034 +,0275 J 1.839 1.8515 1.9117 —.0602A 1.735 1.7326 1.7100 +.0226 A 1.854 1.8642 1.9134 —.0492S 1.730 1.7332 1.7166 +.0166 S 1.873 1.8774 1.9148 —.0374o 1.728 1.7327 1.7232 +,0095 0 1.897 1.8907 1.9163 —.0256N 1.737 1.7311 1.73C0 +0011 N 1.915 1.9038 1.9177 —.0139D 1.714 1.7286 17368 —.0082 D 1.922 1.9166 1.9191 —.0025
1900 19053 1.719 1.7257 1.7436 —.0179 J 1.935 1.9287 1.9204 +.0083F 1.728 1.7226 1.7502 —.0276 F 1.956 1.9398 1.9217 +.0181M 1.739 1.7200 1.7568 —.0368 M 1.969 1.9498 1.9230 +.0268A 1.747 1.7183 1.7633 —.0450 A 1.962 1.9584 1.9243 +.0341M 1.729 1.7182 1.7695 —.0513 M 1.940 1.9654 1.9253 +.0401J 1.718 1.7200 1.7734 —.0554 J 1.948 1.9708 1.9265 +.04435 1.716 1.7242 1.7814 —.0572 5 1.962 1.9746 1.9276 +.0470A 1.720 1.7309 1.7872 —.0563 A 1.980 1.9772 1.9287 +.0485S 1.712 1.7402 1.7930 —.0528 S 1.984 1.9787 1.9300 +.0487o 1.727 1.7317 1.7984 —.0467 0 1.988 1.9798 1.9311 +.0487N 1.755 1.7653 1.8036 —.0383 N 1.983 1.9808 1.9324 +.0484D 1.786 1.7803 1.8086 —.0283 D 1.987 1.9821 1.9336 +.0485
1901 1906
J 1.806 1.7962 1.8131 —.0169 J 1.999 1.9840 1.9350 +.0490F 1.820 1.8122 L817.7 —.0055 F 1.997 1.9863 1.9362 +.0503M 1.834 1.8276 1.8218 +.0058 M 1.989 1.9894 1.9375 +.0519A 1.871 1.8416 1.8258 +.0158 A 1.983 1.9924 1.9387 +.0537M 1.854 1.8338 1.8297 +.0241 M 1.972 1.9954 1.9400 +.05543 1.894 1.8639 1.8332 +.0307 J 1.980 1.9978 1.9412 +.05663 1.858 1.8717 1.8366 +.0351 J 1.972 1.9995 1.9423 +.0572A 1.869 1.8774 1.8398 +.0376 A 2.004 2.0002 1.9434 +.0568S 1.872 1.8815 1.8430 +.0385 S 2.017 1.9997 1.9448 +.05490 1.874 1.8846 1.8458 +.0388 0 2.012 1.9978 1.9456 +.0522N 1.891 1.8874 1.8486 +.0388 N 2.011 1.9943 1.9467 +.0476D 1.885 1.8904 1.8512 +.0392 D 2.007 1.9889 1.9477 +.0412
A212 APPENDIX
TABLE 17—Continued
AMERICAN RAILROAD STOCK PRICES
Date 1 2 3 4 Date 1 2 3 4
1907 1912J 1.992 1.9812 1.9486 +.0326 J 1.969 1.9700 1.9755 —.0055F 1.975 1.9712 .1.9494 +.0218 F 1.965 1.9718 1.9732 —.0014M 1.930 1.9590 1.9500 +.0090 M 1.974 1.9744 1.9707 +.0037A 1.932 1.9448 1.9506 —.0058 A 1.984 1.9773 1.9684 +.0089M 1.918 1.9294 1.9511 —.0217 M 1.981 1.9804 1.9653 +.0151J 1.907 1.9137 1.9515 —.0378 J 1,979 1.9830 1.9628 +.0202J 1.923 1.8986 1.9518 —.0532 J 1.979 1.9847 1.9599 +.0248A 1.897 1.8832 1.9520 —.0668 A 1.990 1.9852 1.9573 +.0279S 1.898 1.8743 1.9521 —.0778 S 1.990 1.9843 1.9542 +.03010 1.858 1.8663 1.9521 —.0858 0 1.987 1.9818 1.9516 +.0302N 1.832 1.8615 1.9521 —.0906 N 1.984 1.9774 1.9489 +.0285D 1.851 1.8599 1.9521 —.0922 D 1.972 1.9724 1.9463 +.0261
1908 1913J 1.868 1.8613 1.9521 —.0908 J 1.970 1.9660 1.9436 +.0224F 1.851 1.8633 1.9521 —.0868 F 1.958 1.9590 1.9413 +.0177
1.863 1.8716 1.9521 —.0805 1.949 1.9518 1.9390 +.0128A 1.883 1.8799 1.9522 —.0723 A 1,948 1.9448 1.9367 +.0081M 1.907 1.8897 1.9522 —.0625 M 1.936 1.9383 1.9345 +.0038J 1.908 1.9003 1.9526 —.0523 J 1.915 1.9327 1.9323 +.0002J 1.920 1.9123 1.9528 —.0405 J 1.921 1.9280 1.9305 —.0025A 1.934 1.9242 1.9532 —.0290 A 1.928 1.9244 1.9286 —.0042S 1.931 1.9358 1.9533 —.0175 S 1.929 1.9216 1.9269 —.0053o 1.937 1.9470 1.9540 —.0070 0 1,919 1.9195 1.9253 —.0058N 1.963 1.9577 1.9546 +.0031 N 1.909 1.9178 1.9237 —.0059D 1.974 1.9669 1.9554 +.0115 D 1.908 1.9160 1.9221 —.0061
1909 1914J 1.980 1.9757 1.9562 +.0195 J 1.921 1.9138 1.9206 —.0068F 1.971 1.9834 1.9573 +.0261 F 1.924 1.9109 1.9191 —.0082M 1.978 1.9909 1.9584 +.0325 M 1.912 1.9073 1.9177 —.0104A 1.994 1.9978 1.9596 +.0382 A 1.902 1.9030 1.9162 —.0132M 2.004 2.0041 1.9608 +.0433 M 1.905 1.8979 1.9148 —.0169j 2.009 2,0097 1.9621 +.0476 J 1.902 1.8924 1.9134 —.0210J 2.017 2.0147 1.9635 +.0512 J 1.879 1.8863 1.9120 —.0253A 2.025 2.0179 1.9650 +.0529 A 1.875* 1.8805 1.9106 —.0301S 2.022 2.0201 1.9667 +.0534 S 1.871* 1.8749 1.9091 —.0342o 2.021 2.0198 1.9684 +.0514 0 1.867* 1.8697 1.9078 —.0381N 2.013 2.0180 1.9701 +.0479 N 1.862* 1.8653 1.9064 —.0411D 2.019 2.0149 1.9717 +.0432 D 1.858 1.8626 1.9048 —.0422
1910 1915J 2.011 2.0095 1.9733 +.0362 3 1.863 1.8612 1.9031 —.0419F 1.997 2,0030 1.9751 +.0279 F 1.857 1.8615 1.9018 —.0403M 2.007 .1.9965 1.9767 +.0198 M 1.865 1.8635 1.9003 —.0368A 1.999 1.9896 1.9782 +.0114 A 1.887 1.8671 1.8988 —.0317lvi 1.993 1.9830 1.9797 +.0033 M 1.876 1.8717 1.8972 —.0255J 1.971 1.9773 1.9811 —.0038 3 1.872 1.8771 1.8939 —.01883 1.949 1.9728 1.9824 —.0096 3 1.862 1.8828 1.8945 —.0117A 1.958 1.9696 1.9837 —.0141 A 1.875 1.8884 1.8931 —.0047S 1.960 1.9679 1.9849 —.0170 S 1.886 1.8936 1.8916 +.00200 1.978 1.9676 1.9858 —.0182 0 1.909 1.8984 1.8904 +.0080N 1.974 1.9683 1.9867 —.0184 N 1.928 1.9027 1.8891 +.0136D 1.963 1.9699 1.9874 —.0175 D 1.925 1.9065 1.8878 +.0187
1911 19163 1.974 1.9718 1.9879 —.0161 3 1.917 1.9101 1.8865 +.0236F 1.980 1.9737 1.9881 —.0144 F 1.907 1.9132 1.8854 +.0278M 1.975 1.9752 1.9881 . —.0129 M 1.905 1.9157 1.8842 +.0315A 1.975 1.9762 1.9878 —.0116 A 1.902 1.9177 1.8829 +.0348M 1.982 1.9764 1.9875 —.0111 M 1.914 1.9191 1.8816 +.0375J 1.992 1.9758 1.9867 —.0109 3 1.920 1.9198 1.8804 +.03943 1.992 1.9746 1.9854 —.0108 J 1.916 1.9199 1.8791 +.0408A 1.972 1.9731 L9839 —.0108 A 1.913 1.9195 1.8778 +.0417S 1.949 1.9714 1.9822 —.0108 S 1.919 1.9188 1.8765 +.04230 1.956 1.9700 1.9807 —.0107 0 1.930 1.9177 1.8752 +.0425N 1.972 1.9691 1.9793 —.0102 N 1.927 1.9160 1.8737 +.0423D 1.970 1.9691 1.9775 —.0084 D 1.919 1.9135 1.8724 +.0411
*Jnterpolated.....Stock Exchange closed.
RAILROAD STOCK PRICES A213
TABLE 17—Continued
AMERICAN RAILROAD STOCK PRIcEs
Date 1 2 3 4 Date 1 2 3 4
1917 1922j 1.910 1.9098 1,8708 +.0390 J 1.766 1.7799 1,7884 —.0085F 1.887 1.9045 1.8694 +.0351 F 1.781 1.7906 1.7894 +0012M 1.892 1.8975 1.8678 +.0297 M 1.779 1.8014 1.7903 +.0111A 1.887 1.8888 1.8661 +.0227 A 1.818 1.8120 1.7915 +.0205M 1.869 1.8785 1.8641 +.0144 M 1.827 1.8219 1.7927 +0292J 1.875 1.8670 1.8624 +.0046 J 1.822 1.8308 1.7940 +03683 1.869 1.8549 1.8604 —.0055 3 1.839 1.8385 1.7953 +.0432A 1.863 1.8428 1.8584 —.0156 A 1.859 1.8446 1.7970 +.0476S 1.844 1.8312 1.8560 —.0248 S 1.865 1.8489 1.7985 +.05040 1.825 1.8207 1.8538 —.0331 0 1.865 1.8512 1.8002 +.0510N 1.791 1.8117 1.8515 —.0398 N 1.840 1.8514 1.8020 +.0494D 1.776 1.8044 1.8489 —.0445 D 1.830 1.8495 1.8040 +.0455
1918 1923J 1.795 1.7991 1.8465 —.0474 3 1.830 1.8458 1.8061 +.0397F 1.800 1.7959 1.8439 —.0480 F 1.843 1.8406 1.8084 +.0322M 1.797 1.7946 1.8411 —.0465 M 1.845 1.8346 1.8105 +.0241A 1.788 1.7952 1.8384 —.0432 A 1.839 1.8281 1.8129 +.0152M 1.802 1.7975 1.8355 —.0380 M 1.823 1.8217 1.8152 +.00653 1.804 1.8012 —.0313 J 1.819 1.8158 1.8178 —.0020J 1.806 1.8060 1.8295 —.0235 J 1.801 1.8106 1.8204 —.0098A 1.816 1.8115 1.8266 —.0151 A 1.799 1.8063 1.8232 —.0169S 1.819 1.8171 1.8238 —.0067 S 1.801 1.8029 1.8259 —.0230o 1.836 1.8227 1.8209 +.0018 0 1.797 1.8008 1.8288 —.0280N 1.847 1.8277 1.8182 +.009S N 1.804 1.7999 1.8317 —.0318D 1.829 1.8319 1.8154 +.0165 D 1.803 1.8004 1.8349 —.0345
1919 19243 1.818 1.8351 1.8122 +.0229 3 1.810 1.8026 i.838.t —.0355F 1.819 1.8371 1.8099 +.0272 F 1.813 1.8064 [.8414 —.0350M 1.823 1.8378 1.8072 +.0306 M 1.810 1.8119 1.8448 —.0329A 1.825 1.8371 1.8045 +.0326 A 1.816 1.8190 .1.8483 —.0293M 1.848 1.8351 1.8018 +.0333 M 1.817 1.8272 1.8518 —.0246J 1.849 1.8317 1.7996 +.0321 J 1.829 1.8361 1.8555 —.0194J 1.847 1.8268 1.7974 +.0294 J 1.849 1.8453 1.8592 —.0139A 1.818 1.8206 1.7954 +.0252 A 1.861 1.8543 1.8629 —.0086S L810 1.8135 1.7935 +.0200 S 1.858 1.8627 1.8667 —.0040o 1.815 1.8058 1.7917 +.0141 0 1.853 1.8702 1.8706 —.0004N 1.801 1.7980 1.7903 +.O377 N 1.882 1.8770 .1.8746 +.0024D 1.781 1.7907 1.7889 +.0018 D 1.904 1.8829 1.8786 +.0043
1920 1925J 1.782 1.7844 1.7877 —.0033 J 1.907 1.8883 1.8827 +.0056F 1.764 1.7795 1.7866 —.0071 F 1.908 1.8932 1.8869 +.0063M 1.790 1.7763 1.7857 —.0094 M 1.896 1.8978 1.8911 +.0067A 1.774 1.7747 1.7849 —.0102 A 1.883 1.9020 1.8954 +.0066M 1,758 1.7745 1.7843 —.0098 M 1.895 1.9060 1.8997 +.0063J 1.754 1.7754 1.7839 —.0085 J 1.897 1.9098 1.9041 +.00573 1.760 1.7769 1.7835 —.0066 J 1.901 1.9136 1.9086 +.0O50A 1.775 1.7783 1.7830 —.0047 A 1.916 1.9173 1.9133 +.0040S 1.800 1.7792 1.7827 —.0035 S 1,920 1.9212 1.9180 +.0032O 1.819 1.7794 1.7826 —.0032 0 1.926 1.9253 1.9228 +.0025N 1.806 1.7785 1.7825 —.0040 N 1.938 1.9296 1.9277 +.0019D 1.764 1.7765 1.7826 —.0061 D 1,957 1.9341 1.9328 +.0013
1921 19263 1.776 1.7733 1.7826 —.0093 3 1.957 1.9386 1.9380 +.0006F 1.771 1.7692 1.7827 —.0135 F 1.950 1.9429 1.9434 —.0005M 1.750 1.7644 1.7830 —.0186 M 1.931 1.9470 1.9488 —.0018A 1.742 1.7593 1.7832 —.0239 A .1.934 i.9507 1.9543 —.0036M 1.759 1.7546 1.7836 —.0290 M 1.938 1.9541 1.9601 —.00603 1.732 1.7506 1.7839 —.0333 J 1.956 1.9576 1.9661 —.00853 1.750 1.7482 1.7842 —.0360 3 1.964 1.9614 1.9719 —.0105A 1.758 1.7479 1.7848 —.0369 A 1.976 1.9658 1.9778 —.0120S 1.762 1.7499 1.7854 —.0355 S 1.989 1.9711 1.9843 —.01320 1.755 1.7545 1.7861 —.0316 0 1.976 1.9775 1.9907 —.0132N 1.767 1.7613 1.7868 —.0255 N 1.979 1.9848 1.9972 —.0124D 1.768 1.7699 1.7874 —.0175 D 1.987 1.9929 2.0037 —.0108
A214 APPENDIX
TABLE 17—Concluded
AMERICAN RAILROAD STOCK PRICES
Date 1 2 3 4 Date 1 2 3 4
1927 1932J 1.993 2.0013 2.0100 —.0087 J 1.505 1.4818F 2.011 2.0090 2.0168 —.0069 F 1.503 1.4330M 2.016 2.0182 2.0234 —.0052 M 1.469 1.3909A 2.026 2.0261 2.0300 —.0039 A 1.328 1.3566M 2.035 2.0335 2.0365 —.0030 M 1.192 1.3304J 2.042 2.0403 —.0030 J 1.129 1.3125
J 2.050 2.0463 2.0499 —.0036 J 1.201 1.3032A 2.055 2.0516 2.0565 —.0049 A 1.409 1.3028S 2.062 2.0560 2.0629 —.0069 S 1.31130 2.061 2.0595 2.0694 —.0099 0 1.418 1.3218N 2.058 2.0621 2.0753 —.0137 N 1.387 1.3512D 2.067 2.0639 2.0817 —.0178 D 1.367 1.3793
1928 1933
J 2,060 2.0650 2.0876 —.0226 J 1.400 1.4098F 2.049 2.0657 2.0931 —.0274 F 1.377 1.4407M 2.063 2.0662 2.0983 —.0321 M 1.376 1.4701A 2.081 2.0667 2.1031 —.0364 A 1.406 1.4972M 2.088 2.0574 2 1078 —.0404 M 1.540 1.52203 2.066 2.0686 2.1115 —.0429 J 1.606 1.5447
3 2.060 2.0703 2.1149 —.0446 J 1.662 1.5657A 2.067 2.0730 2.1176 —.0446 A 1.659 1.5850S 2.078 2.0767 2.1199 —.0432 S 1.633 1.6024o 2.073 2.0817 2.1211 —.0394 0 1.550 1.6168N 2.095 2.0878 2.1215 —.0337 N 1,549 1.6275D 2.097 2.0950 2.1209 —.0259 D 1.572 1.6335
1929 1934
3 2.116 2.1028 2.1201 —.0173 5 1.620 1.6342F 2.110 2.1108 2.1177 —.0069 F 1.663 1.6301M 2.109 2.1185 2.1145 +.0040 M 1.647 1.6219A 2.103 2.1252 2.1105 +.0147 A 1.652 1.6107M 2.109 2.1309 2.1056 +.0253 M 1.605
3 2.126 2.1352 J 1.606
J 2.166 2.1380 J 1.555A 2.184 2.1393 A 1.516S 2.189 2.1392 S 1.506O 2.133 2.1374 0 1.518N 2.087 2.1339 N 1.512D 2.097 2.1285 D 1.523
1930 1935
3 2.094 2.1212 J 1.510F 2.116 2.1121 F 1.485M 2.118 2.1016 M 1.427A 2.110 2.0900 A 1.440M 2.088 2.0777 M 1.463
5 2.061 2.0653 J 1.479
3 2.061 2.0528 J 1.501A 2.049 2.0404 A 1.525S 2.041 2.0277 S 1.533O 2.008 2.0144 0 1.505N 1.970 2.0001 N 1.552D 1.931 1.9848 D 1.584
1931 1936
5 1.958 1.9681 J 1.617F 1.983 1.9499M 1.954 1.9298A 1.903 1.9067M 1.849 1.8795
3 1.831 1.84665 1.840 1.8074A 1.787 1.7613S 1.712 1.70910 1.655 1.6525N 1.614 1.5939D 1.502 1.5362
THE GREENBACK PERIOD A215
TABLE 18
PRICE OF GOLD IN GREENBACKS JANUARY 1862-DECEMBER 1878'
MONTHLY AVERAGES
Date Date Date Date Date
1862 1865 1868 1872 1873J 102.5 J 140.1 N 134.4 M 110.1 A 113.5F 103.5 J 142.1 D 135.2 A 111.1 S 115.8M 101.8 A 143.5 1869 M 113.7 0 116.4A 101.5 S 143.9 J 135.6 J 113.9 N 114.7M 103.3 0 145.5 F 134.4 J 114.3 D 113.9J 106.5 N 147.0 M 131.3 A 114.4 1876J 115.5 D 146.2 A 132.9 S 113.5 J 112.8A 114.5 1866 M 139.2 0 113.2 F 113.4S 118.5 J 140.1 J 138.1 N 112.9 M 114.3o 128.5 F 138.4 J 136.1 D 112.2 A 113.0N 131.1 M 130.5 A 134.2 1873 M 112.6D 132.3 A 127.3 S 136.8 J 112.7 J 112.5
1863 M 131.8 0 130.2 F 114.1 J 111.9J 145.1 J 148.7 N 126.2 M 115.5 A 111.2F 160.5 J 151.6 D 121.5 A 117.8 S 110.0M 154.5 A 148.7 1870 M 117.7 0 109.7A 151.5 S 145.5 J 121.3 J 116.5 N 109.1M 148.9 0 148.3 F 119.5 J 11.5.7 D 107.9J 144.5 N 143.8 M 112.6 A 115.4 1877J 130.6 D 136.7 A 113.1 S 112.7 J 106.3A 125.8 1867 M 114.7 0 108.9 F 105.4S 134.2 J 134.6 J 112.9 N 108.6 M 104.8o 147.7 F 137.4 J 116.8 D 110.0 A 106.2N 148.0 rvr 135.0 A 117.9 1874 M 106.9D 131.1 A 135.6 S 114.8 J 111.4 J 105.4
1864 M 1.37.0 0 112.8 F 112.3 J 105.4J 155.5 J 137.5 N 111.4 M 112.1 A 105.0F 138,6 J 139.4 D 110.7 A 113.4 S 103.3M 162.9 A 140.8 1871 M 112.4 0 102.8A 172.7 S 143.4 J 110.7 J 111.3 N 102.8M 176.3 0 143.5 F 111.5 J 110.0 D 102.8J 210.7 N 139.6 M 111.0 A 109.7 1878J 258.1 D 134.8 A 1'10.6 S 109.7 J 102.1A 254.1 1868 M 111.5 0 110.0 F 102.0S 222.5 J 138.5 J 112.4 N 110.9 M 101.20 207.2 F 141.4 J 112.4 D 111.7 A 100.6N 233.3 M 139.5 A 112.4 1875 M 100.7D 227.5 A 138.7 S 114.5 J 112.3 J 100.8
1865 M 139.6 0 113.2 F 114.5 J 100.5'J 216.2 J 140.1 N 111.2 M 115.5 . A 100.5F 205.5 J 142.7 D 109.3 A 114.8 S 100.4M 173.8 A 143.5 1872 M 115.8 0 100.5A 148.5 S 143.6 J 109.1 J 117.0 N 100.2M 135.6 0 137.1 F 110.3 J 114.8 D 100.1
'W.C. Mitchell—Gold, Prices and Wanes under the Greenback Standard—pp. 5-13.
A216 APPENDIX
TABLE 19
AN UNADJUSTED ARITHMETIC AVERAGE INDEX NUMBER OF THE YIELDSIN Goldl OF AMERICAN RAILROAD BONDS, MONTHLY,
JANUARY 1857-JANUARY 1879
Col. 1. IndexCol. 2. Logarithms of IndexCol. 3. Cyclical Curve (logarithms)
For details of the nature of the graduation given in Column 3 ofthis table, see Appendix D.
the meaning of gold yield see Appendix C. nature of this index of yields in gold is suchthat beginning with January 1879 it is identical with the index given in Table 10, column 4.
THE GREENBACK PERIOD A217
TABLE 19AMERICAN RAILROAD BOND YIELDS
TJNAD JUSTED
Cyclical Cyclical Cyclical'Loga- curve Loga- curve Loga- curve
Date Data rithms (loga- Date Data rithms (loga- Date Data rithrns (toga-of data rithms) of data rithms) of data rit.hnis)
1857 1862 1867J 8.173 .9124 .0164 J 6.193 .7919 .7788 J 9.589 .9818 1.0005F 8.102 .9086 .9179 F 5.996 .7779 .7743 F 9.840 .9930 .9996M 8.107 .9089 .9211 M 5.881 .7695 .7719 M 9.693 .9865 .9990A 8.124 .9098 .9257 A 5.725 .7578 .7724 A 9.823 .9922 .9986M 8.195 .9136 .9313 M 5.594 .7477 .7760 M 9.962 .9984 .9987J 8.436 .9261 .9373 J 5.701 .7560 .78.31 J 10.036 1.0016 .9995
J 8.393 .9239 .943.1 J 6.491 .8123 .7935 J 10.063 1.0027 1.0009A 8,502 .9295 .9478 A 6,277 .7978 .8062 A 10.181 1.0078 1.0029S 9.563 .9806 .9509 S 6.388 .8054 .8205 S 10.424 1.0180 1.00520 10.295 1.0126 .9520 0 6.925 .8404 .8353 0 10.547 1.0231 1.0078N 9.519 .9786 .9507 N 6.986 .8442 .8494 N 10.343 1.0147 1.0102D 9.043 .9563 .9468 D 7.123 .8527 .8617 D 10.001 1.0000 1.0123
1858 1863 1868
J 8.715 .9403 .9403 J 7.564 .8788 .8717 3 10.186 1.0080 1.0138F 8.171 .9123 .9314 F 8.402 .9244 .8789 F 10.358 1.01.53 1.0148M 7.838 .8942 .9205 M 8.121 .9096 .8832 M 10.196 1.0084 1.0153A 7.773 .8906 .9082 A 8.189 .9132 .8850 A 10.20.1 1.0086 1.0154M 7.660 .8842 .8954 M 8.042 .9054 .8848 M 10.245 1.0105 1.0153J 7.570 .8791 .8828 j 7.765 .8901 .8835 J 1.0.284 1,0122 1.0150j 7.505 .8754 .8713 j 6.918 .8400 .8821. J 10.506 1.0214 .1.0148A 7.47.1. .8734 .8616 A 6.585 .8186 .8818 A 10.781 1.0327 1.0148S 7.346 .8661 .8538 S 7.188 .8556 .8839 S 10.741 1.0310 1.015t0 7.113 .8521 .8482 0 8.081 .9075 .8895 0 10.314 1.0134 1.0159N 6.992 .8446 .8445 N 8.232 .9155 .8996 N 1.0.200 1.0086 1.0171D 6.940 .8414 .8424 D 8.567 .9328 .9149 D 1.0.344 1.0147 1.0188
1.859 1864 1869
J 6.890 .8382 .8413 J 8.973 .9529 .9352 J 10.424 1.0180 1.0208F 6.875 .8373 .8410 F 9.148 .9613 .9599 F 10.358 1.0153 .1.0230
M 6.854 .8359 .8412 M 9.263 .9668 .9880 -M 10.164 1.0071 1.0249A 6.802 .8326 .8417 A 9.677 .9857 1.0176 A 10.352 1.0150 1.0263M 6.943 .8416 .8425 M 9.044 .9976 1.0468 M 10.814 1.0340 1.0268
J 7.139 .8536 .8434 j 11.927 1.0765 1.0735 j 10.740 1.0310 1.0260
J 7.1.12 .8520 .8440 J 14.043 1.1475 1.0958 J 10.674 1.0283 1.0236A 7.032 .8471 .8440 A 13.9.15 1.1435 1.1124 A 10.514 1.02.18 1.0194S 6.846 .8354 .8431 S 12.925 1.1114 1.1.224 S 10.832 1.0347 1.0136O 6.877 .8374 .8410 0 12.533 1.0981 1.1257 0 10.401 1.0171 1.0062N 6.897 .8387 .8376 N 14.067 1.1482 1.1226 N 10.092 1.0040 .9975D 6.843 .8353 .8329 D 14.011 1.1465 1.1141 D 9.718 .9876 .9880
1860 1865 1870
J 6.803 .8327 .8271 J 13,680 1.1361 .1.1014 3 9.621 .9832 .9782F 6.71.2 .8269 .8207 F 13.308 1.1241 1.0856 F 9.219 .9647 .9683M 6.631 .8216 .8142 M 11.712 1.0686 1.0681 M 8.467 .9277 .9590A 6.506 .8133 .8080 A 10.020 1.0009 1.0500 A 8.554 .9322 .9505M 6.327 .8012 .8025 M 9.048 .9566 1. .0325 M 8.641 .9366 .9432
J 6.158 .7894 .7980 J 9.670 .9854 1.0167 J 8.421 .9254 .9372
J 6.067 .7830 .7945 J 9.702 .9869 1.0034 J 8.769 .9430 .9327A 6.012 .7790 .7922 A 9.868 .9942 .9935 A 8.954 .9520 .9294S 6.009 .7788 .7910 S 9.972 .9988 .9871 S 8.728 .9409 .9274O 6.043 .7813 .7911 0 10.204 1.0088 .9844 0 8.561 .9325 .9264N 6.387 .8053 .7923 N 10.479 1.0203 .9850 N 8.480 .9284 .9251D 6.729 .8280 .7946 D 10.503 1.0213 .9882 D 8.397 .9241 .9262
1861 1866 1871
J 6.386 .8052 .7977 J 10.110 1.0048 .9929 3 8.344 .9214 .9263F 6.286 .7984 .8013 F 10.021 1.0009 .9981 .F 8.371 .9228 .9262M 6.123 .7870 .8048 M 9.480 .9768 1.0028 lvi 8.316 .9199 .9259
A 6.233 .7947 .8078 A 9.143 .9611 1.0064 A 8.265 .9172 .9252M 6.614 .8205 .8098 M 9.385 .9724 1.0083 lvi 8.308 .9193 .9242
.1 6.537 .8154 .8104 J 10.722 1.0303 1.0088 3 8.390 .9238 .9230
j 6.291 .7987 .8094 J 10.812 1.0339 1.0082 3 8.385 .9235 .9217
A 6.288 .7985 .8067 A 10.594 1.0251 1.0068 A 8.350 .9217 .9205
S 6.384 .8051 .8025 S 10.323 1.0138 1.0051 S 8.541 .9315 .9195
0 6.432 .8084 .7970 0 10.536 1.0227 1.0037 0 8.571 .9330 .9186N 6.351 .8028 .7909 N 10.154 1.0066 1.0024 N 8.437 .9262 .9178D 6.312 .8002 .7846 D 9.717 .9875 1.0013 D 8.177 .9126 .9172
A218 APPENDIX
TABLE 19—(Concluded)AMERICAN RAILROAD BOND YIELDS
UNADJUSTED ARITHMETIC INDEX—GOLD
Cyclical Cyclical CyclicaLoga- curve Loga- curve Loga- curve
Date Data rithms (loga- Date Data rithms (toga- Date Data rithms (loga-of data rithms) of data rithms) of data
1872 1875 1878J 7.932 .8994 .9165 J 8.226 .9152 .9174 J 6.765 .8303 .8307F 8.011 .9037 .9160 F 8.363 .9224 .9183 F 6.745 .8290 .8278M 8.095 .9082 .9158 M 8.433 .9260 .9192 M 6.669 .8241 .8250A 8.181 .9128 .9159 A 8.291 .9186 .9199 A 6.607 .8200 .8224M 8.428 .9257 .9165 M 8.342 .9213 .9203 M 6.576 .8180 .81983 8.419 .9253 .9178 J 8.495 .9292 .9201 3 6.507 .8134 .8173
3 8.362 .9223 .9198 J 8.242 .9160 .9193 3 6.471 .8110 .8145A .9273 .9225 A 8.116 .9093 .9179 A 6.514 .8139 .8116S 8.464 .9276 .9255 S 8.265 .9172 .9159 S 6.494 .8125 .80830 8.499 .9294 .9288 0 8.379 .9232 .9134 0 6.468 .8108 .8048N 8,523 .9306 .9320 N 8.182 .9129 .9106 N 6.394 .8058 .8010D 8.500 .9294 .9350 D 8.031 .9048 .9075 D 6.311 .8001 .1972
1873 1876 1879
3 8.471 .9279 .9374 3 7.887 .8969 .9043 J 6.188 7916 .7932F 8,577 .9333 .9394 F 7.857 .8953 .9009 F .7893M 8.723 .9407 .9408 M 7.892 .8972 .8975 M .7856A 8.973 .9529 .9417 A 7.825 .8935 .8940 A .7820M 8.957 .9522 .9422 M 7.832 .8939 .8905 M .7789J 8.830 .9460 .9423 3 7.790 .8915 .8870 J .7761J 8.704 .9397 .9420 J 7.638 .8841 .8836 3 .7738A 8.692 .9391 .9414 A 7.568 .8790 .8803 A .7719S 8.591 .9340 .9403 S 7.563 .8787 .8770 S .7705O 8.636 .9363 .9388 0 7.541 .8774 .8739 0 .7693N 8.680 .9385 .9368 N 7.483 .8741 .8709 N .7683D 8.600 .9345 .9344 D 7.374 .8677 .8679 D .7671
1874 1877 1880J 8.459 .9273 .9318 3 7.185 .8564 .8651 J .7658F 8.429 .9258 .9290 F 7.116 .8522 .8623 F .7640M 8.427 .9257 .9263 M 7.177 .8559 .8595 M .7618A 8.534 .9312 .9238 A 7.316 .8643 .8569 A .7590M 8.516 .9302 .9215 M 7.330 .8651 .8542 M .7557J 8.363 .9224 .9196 J 7.111 .8519 .8516 J .7519J 8.263 .9171 .9181 J 7.047 .8480 .8488 J .7478A 8.214 .9146 .9170 A 7.048 .8481 .8460 AS 8.189 .9132 .9163 S 6.911 .8395 .8431 S v0 8.151 .9112 .9160 0 6.896 .8386 .8400 0N 8,145 .9109 .9161 N 6.875 .8373 .8369 NID 8.220 .9149 .9166 D 6 835 .8347 .8337 D
THE GREENBACK PERIOD A219
TABLE 20
AN INDEX NUMBER OF THE GOLD PRICES OF AMERICAN RAILROADCOMMON STOCKS, JANUARY 1862-DECEMBER 1878
This index number was constructed by multiplying the monthlypaper index figures (see Table 10) by the monthly average prices ofgreenbacks in gold (compare Table 18).
Col. 1. IndexCol. 2. Logarithms of Index /
Col. 3. Cyclical Curve (logarithms)
For details of the nature of the graduation given in Column 3 of thistable, see Appendix D.
A220 APPENDIX
TABLE 20
AMERICAN RAILROAD STOCK PRICES—GOLD
Cyclical Cyclical CyclicalLoga- curve Loga- curve Loga- curve
Date Data rithms (toga- Date Data rithms (toga- Date Data rithms (loga.of data rithms) of data rithms) — of data rithms)
1860 1865 18703 J 15.25 1.183 1.2042 J 31.37 1.497 1.5076F F 15.66 1.195 1.2186 F 32.89 1.517 1.5149M M 16.77 1.225 1.2364 M 34.68 1.540 1.5221A A 19.35 1.287 1.2561 A 35.06 1.545 1.5288M M 21.66 1.336 1.2761 M 35.94 1.556 1,5350J j 20.58 1.313 1.2952 J 36.80 1.566 1.54053 c 1.2441 3 21.17 1.326 1.3121 J 34,47 1.537 1.5454,A 1.2475 A 20.72 1.316 1.3268 A 33.53 1.525 1.5495S 1.2488 S 21.51 1.333 1.3369 S 34.74 1.541 1.55290 1.2476 0 21.87 1.340 1.3436 0 35.33 1.551 1.5556N 1.2439 N 21.84 1.339 1.3471 N 35.97 1.556 1.5578D 1.2379 D 21.65 1.335 1.3483 D 35.77 1.554 1.5595
1861 1866 1871
J 1.2302 J 21.56 1.334 1.3471 3 35.86 1.S55 1.5609F 1.2212 F 21.2c 1.328 1.3461 F 35.98 1.556 1.5622M 1.2119 lvi 22.63 1.355 1.3453 M 36.91 1.567 1.5634A .E 1.2034 A 23.60 1.373 1.3449 A 38.01 1.580 1.5650lvi 1.1963 lvi 23.26 1.367 1.3455 M 38.57 1.586 1.5667
J a. a. 1.1912 j 20.87 1.320 1.3468 J 37.09 1.580 1.5686J 1.1886 J 20.85 1.319 1.3488 j 37.30 1.572 1.5707A 1.1884 A 22.04 1.343 1.3510 A 37.34 1.574 1.5729S 1.1904 S 22.64 1.355 1.3531 S 37.00 1.568 1.57510 "' 1.1943 0 22.88 1.359 1.3550 0 35.54 1.551 1.5772N 1.1997 N 23.25 1.366 1.3565 N 36.48 1.562 1.5192D 1.2061 D 23.99 1.380 1.3577 D 37.86 1.578 1.5811
1862 1867 1872
3 16,14 1.208 1.2130 J 23.41 1.369 1.3585 J 38.78 1.580 1.5829F 16.54 1.219 1.2197 F 22.73 1.357 1.3592 F 38.59 1.586 1.5846M 17.33 1.239 1.2257 M 22.98 1.361 1.3598 M 39.83 1.600 1.5863A 17.25 1.237 1.2306 A 22,35 1.349 1.3605 A 40.68 1.609 1.5878M 17.75 1.249 1.2340 lvi 22.40 1.350 1.3615 lvi 39.63 1.598 1.5892J 18.06 1.257 1.2360 J 23.07 1.363 1.3628 J 39.12 1.592 1.5905J 16.28 1.212 1.2368 3 23.57 1.372 1.3646 J 38.67 1.587 1.5913A 16.97 1.230 1.2370 A 23.45 1.370 1.3671 A 38.08 1.581 1.5918S 17.58 1.245 1.2374 S 22.99 1.362 1.3703 S 37.91 1.579 1.5916o 17,81 1.251 1.2385 0 22.94 1.361 1.3741 0 37.92 1.579 1.5908N 17.61 1.246 1.2412 N 23.49 1.371 1.3783 N 37.81 1.578 1.5893D 17.80 1.250 1.2459 D 24.70 1.393 1.3829 D 39.04 1.592 1.5872
1863 1868 1873J 18.33 1.263 1.2529 J 24.91 1.396 1.3876 J 39.25 1.594 1.5846F 17.15 1.234 1.2621 F 24.96 1.397 1.3921. F 39.24 1.594 1.5815M 17.40 1.243 1.2735 M 25.18 1.401 1.3964 M 38.47 1.585 1,5780A 18.06 1.257 1.2869 A 25.17 1.401 1.4005 A 37.07 1.569 1.5742M 20.13 1.304 1.3017 M 25.86 1.413 1.4046 lvi 37.17 1.570 1.57023 20.07 1.303 1,3172 J 26.21 1.418 1.4086 3 37.20 1.571 1.56593 22.74 1.357 1.3326 j 25.74 1.411 1.4129 J 37.33 1.572 1.5616A 25.27 1.403 1.3466 A 24.97 1.397 1.4176 A 37.26 1.571 1.5573S 23.71 1.375 1,3581 S 25.52 1.407 1.4226 S 35.25 1.547 1.5532O 22.13 1.345 1.3657 0 27.13 1.433 1.4279 0 33.43 1.524 1.5494N 22.16 1.346 1.3684 N 26.90 1.430 1.4334 N 32.34 1.510 1.5464D 21,51 1.333 1.3652 D 27.29 1.436 1.4388 D 34.80 1.542 1.5441
1864 1869 1874J 21.77 1.338 J 28.18 1.440 1.4440 J 36.20 1.539 1.5428F 22.39 1.350 1.3414 F 28.66 1.457 1.4488 F 36.95 1.568 1.5424M 23.33 1.368 1.3219 M 29.13 1.464 1.4532 M 36.33 1.560 1.5430A 22.40 1.350 1.2992 A 29.25 1.466 1.4574 A 34.94 1.543 1.5441M 20.97 1.322 1.2750 M 29.14 1.464 1.4614 lvi 34.35 1.536 1.5456J 17.90 1.253 1.2512 J 29.66 1.472 1.4654 3 34.41 1.537 1.5472J 14.45 1.160 1.2295 J 30.04 1.478 1.4698 J 34.84 1.542 1.5484A 14.82 1.171 1.2115 A 30.87 1.490 1.4747 A 35.13 1.546 1.5489S 15.90 1.201 1.1985 S 28.33 1.452 1.4802 S 35.65 1.552 1.54870 16.01 1.204 1.1911 0 29.52 1.470 1.4863 0 35.45 1.550 1.5475N 14.93 1.174 1.1897 N 30.22 1,480 1.4931 N 35.22 1.547 1.5454D 15.22 1.182 1.1943 D 30.88 1.490 1.5002 D 35.03 1.544 1.5425
THE GREENBACK PERIOD
TABLE 20—(Concluded)
AMERICAN RAILROAD STOCK PRICES—GOLD
A221
Loga-rith insof data
curve(10 ga-
rithms)Date
1875JFMAMJJAS0ND
1876
MAMJJAS0ND
Data
35.0434.2834.3334.8933.0832.1332.8333.3032.3331 . 7032.6032.82
33.9234.2834.1433.1731.9131.6531.4930.2528.8228.6328.1728.29
Loga-rithmsof data
1.5451.5351.5361.5431.5201.5071.5161.5221.5101.5011.5131.516
1.5301.5351.5331 .52E1.5041.5001.4981.4811.4601.4571.4501 .452
Cyclicalcurve(loga-
rithms)
1.53901.53511.53111.52741.52411.52151. 31971.51871.51831.51841.51881.5 192
1.51931.51901.31791.5 1561,51171.50601. 49801.48791. 47581.46231 . 44821.4344
Date
1877JFMAM
I1878
JFMA
JJAS•0ND
Data
28.4726.9125,8123.6223.3722.3923.1524.7226.8127.7127.2127 .09
27.2626.7327.4228.4428.4229.1529.7629.4130.0829.7629.7429.66
Loga-rithinsof data
1.4541.4301.4121.3731.3691.3501 . 3651.3931.4281.4431.4351.433
1.4361.42 71.4381.4541.4541.4651.4741.4691.4781.4741.4731.472
a)
".4I-a)a.
9,
(I,
Cyclicalcurve(loga-
rithms)
1. 42 181.41111.40281. 39691.39341. 39221.39311. 39611.40101. 40741.41531.4239
1.43261.44081. 44811. 45 401.45861. 46201. 46471. 46701.46951.47251.47651.4814
1.48791.49591.50581.51761.53111 .5460.1 .56161.57731 .59231 .60591.61781.6278
>1a)
".4I-a)a,
a.a)a)U]
C)
3-a)a.a.a)C)ci,
1.63591. 6424
C)
a-C)9.
a.a)a)
S.' • fl -
A222 APPENDIX
TABLE 21
CALL MONEY RATES AT THE NEW YORK STOCKEXCHANGE
MONTHLY AVERAGES, JANUARY 1857 - JANUARY 1936
Cal. 1. Logarithms of Data Adjusted for Seasonaltuations.
Col. 2. Cyélical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve
(logarithms) from Trend Curve(logarithms).
Col. 5. Changing Seasonal Fluctuations(logarithms).
For details of the nature of the graduations given in Columns 2 and3 and of the seasonal given in Column 5 of this table, see Appendix D
C)
0 z I
I-O
'O'O
'000
-.
44
44
4 4
000
44
t4 A
A0
00t'-
'00
A
+++++++I I
II
I
AA
AA
0 •
000
00—
IIII
IIII 0-4
0' '0
t9 A
A00
4A
C'
I IA I I I I
++++iiiIi+-H-
++++tIIII++
++++,iim++
++
++
iiiiii
-H-
000
1-++-f,iiiii±±
00A
0'14
t9
00 0'I I I J
IllillIllIll
bbbbbbbbbbbb
4190
0000
'000
A0
++
++
++
++
+-I
-++
bbbb
b+
++
++
++
++
++
+++++++++iiii
IllIllillI
obbbbbbboooo
0'A
'.000
C 02 H H 02
++++IIII++I+
000
+++IIIIII±++
— —
——
—
— —
I- —
— —
'OC
\
IIIIIIIIIIII
IIIIIIIIIIII
++++++++++++
++
++
IIIIII
IIIIIIIIIIIIII
I I I I
++
++
IIII++I+
++++
IIII++I+
++++I I
I I++I+
++++I I
I I++I+
±+
++
I II I
++
I+
— —
— —
——
—I—
——
——
——
'0I I
II
II
I++
++
++
++
++
I II
III
IIII
II
IIII
II I
++
±+
±+
++
++
++
±±
++
++
++
++
++
++
bbC
bI I
C)
w
z
C.) 0 (D
II
++
+III
II+±
I+OO'O-40'Q
++
+I I
II I+
+I+
++
+I I
III±
±I±
±+
±III
II±+
I±I
cJ1
SHORT TERM INTEREST RATES
TABLE 21—Continued
Date
A225
1
CALL MONEY RATES
2 3 4 5
1877JFMAMJJAS0ND
.633
.522
.390
.481• 465.408.448660
.678• 685635
.613
Date 1 2 3
44614529
.4666
.4866
.5116
.5400
.5697
.5988
.6258
.6490
.6668
.6776
.4945
.4979
.5019
.5068.5 121.5178.5 237.5 296.5 355.5418.5482.5544
4 5
— .0484— .0450— .0353— .0202— .0005+.0222+.0460+.0692+ .0903+.1072+. 1186+.1232
+ .097—.002+.078+.086— .076—.165—.205—.129— .044+. 100+.096+ . 165
1882JFMAMjJAS0I.'?D
1
705.677.587.574.536.656.641.649.861.672804
.551
.6229
.62 12
.6245
.6314
.64096521
.6654
.6806
.6969
.71217236
.7280
.6644
.63 72.
.6491
.6402
.6308
.6204
.6098
.5985
.587 1
.5 747
.5623
.5498
—.0415— .0360— .0246—.0088+.01o1+0317+ .0556+0821+. 1098+01374+1613+ .1782
+.030—.024+.080+ . 035— .059—.105—.164—.052—.001
+ .068+ .088+ .115
878JFMAM33AS0ND
1.900.681.604.713.617.568.446.371.408.602.481.490
.6803
.6740
.6583
.6336.60 125644
.5267
.4926
.4664
.4520
.45 11
.4643
.5 607
.5669
.5728
.5 787
.5842
.589 7
.5949
.5998
.6044
.6090
.6136.6181
+.1196+.1071+.0855+ .0549+ .0170— .0253— .0682—.1072—.1380—.1570—.1625—.1538
+.089—.004+ .084+.078—.073—.160—.203—.113—.044
+ .097+.100+.151
8833FMAMJ3AS0ND
.634649
.948
.758606
.389.481.439.371.366.217.215
07210.7007.6670.62 11.5672.5 110.45 79.4 125.3798.36 12.3559.3610
53 72.5 248.5121.4996.4871.4748.46324527
.4429
.4333
.4246
.4167
±. 1838±.1759+. 1549+. 1215+ .0801+.0362—.0053—.0402—.0631—.0721—.0687—.0557
+ ow—. 033+ .068+.024— .056— .088—.1.53— .041+.016+ . 065+ . 084+.113
.407
.492
.566
.575
.651
.670
.667
.990
.779
.999
.839
.622
.4902
.526t
.5692
.6158
.6625
.7066
.7451
.7752
.795 1
.8026
.7973
.7802
1884JFMAM
.622 7
.62 73
.63 17.6363.6408.6454.6498.6544.65886631
.6673.6714
—.1325—.1012— .0625—.0203+ .0217+.0612+.0953+.1208+.1363+.1395+.1300+.1088
+.077— .006
+ .087+.068— .070—.150—.197— .095—.039+.092+ .102+.141
1
1879JFMAMJ3AS0ND
1880JFMAM3JAS0ND
.274
.318
.191
.307
.231
.608
.419
.276
.212
.227
.077
.063
.3741
.3902
.4044
.4141.4162.408.5.3901.36 16.3235.2 790.2326.1884
3JAS0ND
.4092
.4027
.3968
.3916
.3869
.383 1
.3797
.3767
.3746
.3 732
.372 1
.37 13
—.0351—.0125+ .0076+.0225+.0293+ .02.54+ .0104—.015 1—.05 11—.0942—.1395—.1829
+ .005—.044+.052+.015— .055—.071—. 140—.033+.031+.06.3+.081+.113
.639
.677
.774
.759
.675
.614
.584
.476
.462
.375
.683
.919
.7533
.72006848
.6526
.6268
.6101
.6037
.6069
.6178
.6345
.6352
.6773
1885JFMAM
.6 753
.679 1
.6826
.6859
.6887
.6915
.6938
.6959.6978.6991.7002.7010
+.0780+.0409+.0022—.0333—.0619—.0814—.0901—.0890—.0800—.0646—.0450—.0237
+ .060—.011
+ .088+ .057— .066—.137—.186—.078—.031+.084+.099+. 130
.077
.212
.083
.125
.212
.134
.260
.204145
.263.350.323
.1507
.1235
.1098.1090.1199.1403.1669.1961.2263.2569.2874.3 190
33AS0ND
.3709
.3711
.3717
.3729
.3746
.3767
.3 792
.381 7• 3844.3876.39 12.395 1
—.2202—.2476—.2619—.2639—.2547—.2364—.2 123—.1856—.1581—.1307—.1038—.0761
001—.054+ . 034+.005—.054— .058—.130—.028+ . 045+ .063+ . 080+. 116
1881JFMAMJJAS0ND
.6371.220
.789
.600
.592
.619
.712
.731
.739
.661.622.657
.6994
.7198
.7360
.7460
.7484
.7425
.7283
.7084
.6856
.6632
.6439
.6303
.7012
.7012
.7006
.6995.6979.6956.6931.6901.6863.6820.6771.67 13
—.0018+.0186+ .0354+ .0465+ .0505+.0469+.0352+ .0183—.0007—.0188—.0332—.0410
+ .045—.018+.085+ .047— .063—.121—.175— .064—.019+ .075+ .094+.121
18863FMAM3JO
AS0ND
.333
.380
.407
.379.513.576.471.750.713.639.671.821
.3528
.3885
.4254
.4633• 5013.5380.5731.6071..6391.668 7.6956.7 192
.3998
.4043
.4094
.4149
.4209• 4269.4334.4403.4473.4547.4620.4697
—.0470—.0158+ .0160+ .0484+.0804+.1111+.1397+.1668+. 19 18+ .2140+.2336+.2495
—.005—. 066+.016— .002—.034—.051—. 119— .025+.058+ . 065+ .080+.119
++
++
I II I
++
I+.-
0000
——
0000
0'J'
cc00
5-45
0(I
"0
—
'4'4
0005
0505
14
0505
05'0
000
14
II
II
II
II
II
II 1111 I
IIII
•I +
++
++
++
++
++
oo-'_
"--_
.--s
-__—
—c©
Oco
o'-—
--—
005
4'.
0040
05—
'014
14
±+
++
IIIIII
I+±+++IIIIIIII
+±±±IIIIIIII
±+±±IIIIIIII
±±++IIIII+II
.-0000—000000
CO
O.-
.00
l...'0
014
0005
0514
0500
'414
C)1
0000
t450
'04'
.—
I-—
——
II
•II
i—
0000
00—
'--'0
000
—4'
4' 0
0001
4144
' —05
0500
5005
50.-
' 0 —
-40
th 5
0000
0004
'. 14
00'0
C...
' '005
14O
s (.3
4'05
'4O
sO00
0lii
i.-
.000
0000
000.
--05
05C
a(a
CaC
a14
-414
0550
-'.-'0
0514
--3C
a'0
Ca1
4000
a'14'
4505
0-4C
a40
Ca0
5—O
54'b
314C
a4'0
\14
0140
—C
a-40
A14
4'50
0514
4'05
-''C
a000
sa'C
a'-'1
44'
'04'
.-'C
)'144
00(n
O00
1400
0550
14C
.3'4
C.3
0C
.fl14
l-"4'
44'.
5000
504'
400C
a50
1414
Ca
4"04
'0_4
Ca5
0'4
05lth
C,.C
aOs0
"400
50.-.
140C
.3t9
rnJC
aQ
s50a
'4'O
s.-'0
000-
4001
400
Ca0
0-30
0005
4'C
a00_
4504
'.05
140'
4'sO
'014
'Q5J
'.'4Q
s
++
++
++
++
++
++
++
++
II
II
II
II
11111111111 I
II ++++++++++
++
++
111
111
II
I-'0
0000
00.-.
.-'.-'
5-'
000.
14C
a4'4
'CaC
a05
50-'-
Ca(
flCs
0001
4Ca5
0...t
ah30
0CaO
s00
©-4
05(.J
0a'5
0'-'Q
-4.-
C)s
'4sO
'0sO
'4C
aCs4
'.Cs—
50a'C
aa'C
n.--
Cs
'4C
JSO
OO
—J(
/s.-
'C('1
0S14
414
050C
aCa5
0Ca0
s50
4'O
s04"
40l-1
4'4C
'144
'00
05-4
Ca1
44'-'
4OC
a4'-4
0sC
S050
04'0
5Ca0
0CI.4
'
o
+±++ItII±+I+
—oobb——ooooo
0 '4
00'0
'401
4 05
14 (
.3-4
—00
04'.C
a4'0
'40(
.34'
11111±
ooocoo—ooooo
'O'4
005
0055
0.-'
05.-
+++±IIII++I+
'040
0504
'—
10
+++±IIIII+I±
'000
0050
(.3
5000
0500
000
0500
4"4Q
0.l'.
i4'4
'...
H
0
0
00C
D
-4
—— 00
CD
•th
.40
00..J
0500
00' 0
Cs
000
C—
—0'
00
C.n
0'
'0 4
<Ji —
—A
—A
0A
00C
S—
A4
'0C
S00
A 0
00
C.fl
500
% 0
0 C
/I .4
00
(.2
++++++++iiit
titiiiiiti++
+++++++++++i
iiiiiiiiiiii
iiiiiiiiiii-F
—
++
++
I_II
++
III+
+I+
— —
C/i
0050
'OQ
'0O
s C
/s0-
4—
.4'0
C'
A —
Cc
50C
/IQ
.. '0
OS
'0A
Os
'0Ln
.401
414
14 Q
00
C/
C' S
C00
0
'0
+±
++
++
±+
±±
++
±+
++
++
111
111
tIll 11111
LI
IlII++±++±++
——
— —
1')
0001
4—
— 0
'0-4
05'O
Cs
14C
/i0
Os
00C
/i 14
00—
4 A
— —
0' 0
0C
/I 4
0—0
'005
C z
++++I•I•I
II
I1+
00
III 1+1+
0C
/i (.
i00
++++•I•II l++I+
Os
0'—
00
0—
++++I I
I I++l+
CC
CS
Os
1400
C.i
C/i
lJ —
—4
AA
—
0
'-' I'.4
Q 0 04-
—.
I-
I-
'C—
th'C
4—
'C(f
lC
J100
'000
0000
000
'000
(.40
0
III+
++
++
++
++
++
++
++
IUIII
IIIIIl
tliI+
+-'.
-000
++
++
++
++
++
++
1+f+
iiiitt
il—
F—
l——
liiiii
tiil
ff1•ii
tiiii•
i1 —
so C'
++
++
++
++
+IIl
ItIII+
++
++
++
++
++
++
+-I
-IIII
-
++
++
IIIII•
III+
++
+III
IIIII
++
++
IIIIII
l++
++
+lII
IIIl+
I III++I
ooc'00
0000
000
0.-C
—C
— C
—
0 H H IIo z —
Cl-
s-a
s-a
s-s
—
a' 0
0Q-a
Ost
h'G
A00
000
Cs
A14
I
-4-4
-4-3
-400
0000
0000
0000
0000
0000
0000
0000
0000
0000
0000
0000
AC
'00
0140
-4'0
14A
0'C
-30'
thA
14 '-
'0'G
O0-
400
0'O
tb40
0thO
S'O
IIIItI++++++
bbbbbobobb
As-
.'O-4
1400
sC"0
++
+±
++
++
++
±±
0000
0000
000
0+++++IIIIIII
000000000000
tI++++++++++
CsC
s'G
AA
'0(u
OI-
.t4A
14
++++IIIIIIII
A
++++IIIIII+I
++++I
1111+1
++++l+IlIIII
++++I+IIIIII
++++I
111111
oooo
oobo
oooo
ooc'
oooo
cooo
ooo
oooo
oboo
ooO
-00s
-aI4
soA
thoo
oooo
oooo
oo. — -a
I
CS
CS
OsO
sCS
OsO
sthC
'OsO
sCs
CsO
SC
SC
'OS
QS
Ost
htht
hthC
.fl00
4000
5AA
AN
)t90
000.
-t4
— '0
C5a
'Cs0
5305
-4.-
JCS
OS
Q50
14O
s
Os
a' a
' a' C
S a
' a' C
S a
' a' C
' OS
th0
Cs
Cs
C' C
s C
s C
' Cs
th th
th A
AC
CC
' '0
'0—
0-4
A A
A A
A A
thth
C'.
005
054
'-34
0505
0' C
sC
SA
thC
5(flA
Cs
th s
o C
o s—
çs th
00
C —
C' O
s C
S C
s C
s C
s C
s O
s O
s C
5 05
0'th O
s —
th A
th00
00t4
r4
C-,
CsC
sQsC
'C'C
'OsC
SC
'US
CJI
C'A
thth
QC
o'00
00S
0QS
Os
thC
fltht
h1$
0500
00A
00C
S0'
CC
Sth
thth
th(f
lC\C
'CsC
'Osa
'C'C
'C
'OA
I
II ++++++++++
+++±+++++I I
II
III 111111 ++
++
++
±±
++
±±
++
±11 I
II
II
II
000000000000
AA
Ath
CS
thO
ss-0
0A50
0th1
950C
sA00
++++I I i+i++i
++++I I I+I++I
++++I II)
0000
0000
0000
0000
0000
0000
AC
-0'
-IC
C01
4 —
flj C
; LI,J
— W
'JI '
C05
001
'C C
-fl
I)
A230 APPENDIX
TABLE 21—Concluded
CALL MONEY RATES
3 4 51
.645• 602.616.622.629.639.617.586.579.589.555.600
2
.6491
.6434
.6352
.6247
.6131
.6020
.5930
.5873
.5862
.5905
.5999.6143
3 4
.6754
.6838
.6914
.6990
.7063
.7131
.7 195
.7264
.73 10
.7357
.7396
.7428
— .0263— .0404— .0562— .0743—.0932—.1111—.1265—.1391—.1448—.1452—.1397—.1285
Date1932
MAMJJAS0ND
I
.433408
• 398.398.398.398.318.321.301.130000
—.040
—.010+ .003
000—.001
.000— .003— .010—.020+ .001+ .002+ .001+. 041
2
.3914
.4036
.4039
.3929
.37 20
.34323099
.2746
.2392
.2045
.1719.1414
S
—.010—.010
.000
.000
.000000
.000—.020
.000• 000.000
+ .040
.637
.647
.650
.706
.756
.801
.785857
.861
.844
.824
.895
.6330
.6550
.6791
.7048
.7311
.75 73
.7832
.8085
.8328
.8555
.8766
.8953
.7436
.7474
.7486
.74897484
.7470
.745 1
.742 7
.7397
.735 7
.7312
.7264
—.1126—.0924— .0695—.0441—.0173+ .0103+.0381+ .0658+.0931+.1198+.1454+. 1689
—.010—. 006
.000
.000
.000
.000—.003—.020
.000
.000
.000+ .040
1933JFMAMJJAS0ND
.010
.010
.521
.137
.000
.000
.000
.011—.125—.125—.125— .067
.1126
.0864
.0631
.0422
.0242
.0089—.0047—.0174—.0291—.0400—.0494—.0555
Date1927
MAMJJAS0ND
1928JFMAMJJAS0ND
1929JFMAMJJAS0ND
1930JFMAMJJAS0ND
1931JFMAMJJAS0ND
—.010—.010
.000
.000
.000
.000
.000—.020
.000
.000
.000+.040
.7210
.7148
.7083
.7012
.6940
+. 1900+ .2083+.2229+2332+.2381
.858
.859.959.949.950.886.965.935.929.808.736.644
.9110
.923 1
.93 12
.9344
.9321
.9239.909 1.88 70.8580.822 2.7 801.7332
—.0560—.0497—.0359—.0152
—.010—.010
.000
.000
.000
.000
.000—.020
.000
.000
.000+ .040
1934JFMAMJJAS0ND
010.010.000.000.000000
.000
.020
.000
.000
.000— .040
—.010—.010
.000• 000.000.000.000
—.020.000.000.000
+ .040
.677
.645
.567602
.494
.418
.342
.364
.340
.301
.301
.308
.6833
.6321
.3813
.3326
.4868
.4439
.4037
.3659
.3299
.2956
.263 7
.2351
—.010—.010
.000
.000
.000
.000000
—.020.000.000.000
+ .040
.010
.010
.000—. 194— .602— .602—. 602— .582— .602— .538—.125—.165
1935JFMAM
AS0ND
1936J
—.010—.010
.000
.000
.000
.000
.000—.020
.000
.000
.000+.040
206.186.190.182.161.176.176.196.176.322.398.391
.2108
.1921
.1803
.1760
.1795
.1916
.2116
.23832703
.305 3
.3393
.3690
—.115—.010—.010
.000
.000
.000
.000
.000—.020
.000.000.000
+.040
—.010
SHORT TERM INTEREST RATES A231
TABLE 22
90-DAY TIME MONEY RATES IN NEW YORK CITY
MONTHLY AVERAGES, JANUARY 1890- JANUARY 1936
Col. 1. Logarithms of Data Adjusted for Seasonal Fluc-tuations.
Col. 2. Cyclical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve
(logarithms) from Trend Curve(logarithms).
Col. 5. Changing Seasonal Fluctuations(logarithms).
For details of the nature of the graduations given in Columns 2 and3 and of the seasonal given in Column 5, see Appendix D.
.
++++
III+
+II
000000000000
N)
th0'
0th
00
01.3
'000
0'0'
0th
— —
N)
N)
++
++
+I I
I++
I I0.
000.
0000
0000
— th
th 4
.0(f
l 4 th
N) t
h 0
th0
0'
±±+++I I
I++I I
00
0000
00th
0'N
)—
C
I++++I I I++I I
0.00000.00.0000
00th
N)
th 0
' th
— N
) N
) —
—th
00
I I+++I I
I++I I
C'00000000000
00th
N)
N)
N)
—0'
0'N
) 0'
C
C
—I—
,--
thth
0' 0
thN
)th
-.1.
0th
0"—
-1 th
N)'0
thth
C'C
'C
"C
" C
" C
" C
"
N)
N)
N)
N)
0''0
N)
N)
N) th
IIIIII
IIIIII
++
++
--±
±III
IIIIII
IIII
I++
++
++
++
0.0-
N)N
)N)N
)N)-
I-'
OO
thth
'Oth
thth
N)0
00—
Oth
N)
'00'
-.10
N)t
h000
0th0
'0'N
)'00'
O0'
II
II
II
II
II
±±±+±I I
I1+1
I+++±+I I
II
II
I++++±I
II
I
coo
oooo
oooo
cooo
oooc
ooco
ocoo
thth
OI-
N)t.
3O
Cth
-4F
3—
th
——
—
00
N)
N)
0000
0thO
thth
'0'0
N)'-
l
thth
thth
thth
thth
thth
thth
0'O
'0'O
'O'0
'O'0
'0'0
'0'0
'0'0
'0'O
'0'0
'0'0
'0'0
'00
Oth
OO
C'N
)0'0
00'C
thth
++
++
++
++
IIII
IIIIII
I++
++
IIII
IIIIII
II++
++
++
++
++
++
++
+III
IIIIII
II
0000
0000
0000
0.00
0000
0000
0000
'00
N)C
0.1-
.TO
CO
0"0
'00t
hI
II k
SHORT TERM INTEREST RATES
TABLE 22—Continued
TIME MONEY RATES
A233
1 2 3 4
• 686.672.643• 549.510.572.572.565.538• 637.576• 630
1 2 3 4 5
.662 1.6490.6340.6179.6018.5870.5745.5656.36 12.5616.5664.5751
.5823
.5870
.59 18
.5970
.6024
.6080
.6 135
.6187
.6237
.6288
.6337
.6383
S
—. Q05—. 044+016— .005—.033— .086— .046—.007+ .061+ .057+ .060+ .049
+.0798+.0620+.0422+.0209
0006—.0210—.0390—.0531— .0625—.0672—.0673—.0632
Date
1905JFMAM3JAS0ND
.463
.517
.523.567.564.582.567.545.593.612.650.656
.4823
.4960
.5108
.5265
.5430.5605.5788.597 7.6170.6366.6560.6752
.6236
.6263
.6288
.63 13
.6335
.6360
.6384
.6407
.6429
.6451
.6471• 6490
—.1413—.1303—.1180—.1048—. 0905—. 0755—.0596—.0430—.0259— .0085+.0089+.0262
+ .004—.026—.014— .040—.062—. 095—.077—.029+.038+.078+.107+ .122
.587
.555
.505
.632
.677
.642
.681
.655
.649
.609
.398
.646
.5861
.5978
.6086
.6179
.6246
.6290
.63 14
.6326
.633 1
.6342
.6364
.6402
.6424.6465.6501.6532.65536577
.65956607
.6615
.6622
.6622
.6617
—.0563—.0487—.0413—.0353—.0309—.0287—.0281— .0281—.0284—.0280—.0258—.0215
Date1900
3FMAM
3:AS0ND
1901JFMAMJJAS0ND
19023FMAM
3:AS0ND
19033FMAMJJAS0ND
—.004— .043+.011—.015—.038—.091—.045—.014
+ .055+.058+.069
.699
.746
.737796
.761
.736
.735
.760
.822703747
.772
.6940
.7 120
.7287
.7434
.755 1
.7630
.7662
.7 650
.7 600
.7326
.7452
.7400
.6507.65 26.6541.6555.6567.6580.6592.6601.66 10.6618.6625.6630
+ .0433+0594+0746+ .0879+,09844.1030+. 1070+.1049+.0990+ .0908+ .0827+.0770
+ .007— .026—.019—.041—.066—. 095—.082— .028+ . 035+.0844.110+.125
19063FMAMJJAS0ND
1907JFMAMJ3AS0ND
.659
.641
.599
.653
.722
.732
.711
.695
.843.811.725.745
.6463
.6550
.6659
.678 7
.6928
.7072
.7206
.7322
.7411.7465.7486.7478
.6608
.6597
.6384
.6569
.6550
.6530
.6508
.6485
.6458
.6432
.6405
.63 76
—.0145—.0047+ .0075+ .0218+ .0378+ .0542+ .06V8+ .0837+0953+,1033+.1081+.1102
—.003—.039+.003—.025—.045—.094—.048—.02 1+.051+ .061+.084+.088
.734
.748
.818
.687
.668
.740
.791
.833
.722
.8151.020
.876
.7386
.7421
.7508
.7632
.7777.7917.8029.8089.8081.7993.7819.755 8
.6633
.6635
.6634
.663 2
.662 6
.6617
.6604
.6588
.6569
.6543
.65 16
.6484
+ .0753+.0786+.0874+.1000+.11s1+.1300+.1425+.1501+. 1512+.1450+.13034.1074
+. 008—. 028—.024—.042—. 069—. 003—.083—.026+.035+ .091+. 110+.124
.696
.697
.755
.728
.643
.726
.716
.716
.674
.634
.671
.616
.7443
.7390
.7328
.7260
.7 183
.7099
.7000
.6880
.6733
.6554
.6342
.6100
.6345
.63 16
.628 7
.6258
.6230
.6203
.6179
.6156
.6138
.6118
.6 106
.6096
+,1098+,1074+.1041+.1002+ .0953+.0836+.0821+,0724+.0595+ .0436+.0236+ .0004
.000—. 035—.034—.033—.050—.—.055—.025+ .046+ .065+.093+.103
.721
.656
.583- 4)7.535.454• 439.430.375.395.411.387
.7220
.68 13
.6354
.5869
.5387
.4936
.4544
.4235
.402 1.3906.3883.3936
6446.6407.636 1.63 11.625 7.6201.6 142.6081.6020.5958.589 7.3834
+.0774± .0406—.0007—.0442—.0870—.1265—.1598—.1846—.1999—.2052—.2014—.1898
+.008—.031—.030—.042—.071—.089—.079—.022+.035+.096+. 1094.118
1908JFMAMJ3AS0ND
19093FMAMJ3AS0ND
.19043FMAM
AS0ND
.603
.596
.510
.468
.473
.460
.453
.399
.470
.473
.474
.440
.5836
.5563
.5294
.3045
.4832
.4664
.4549
.4489
.4482
.4520
.4596
.4700
.6090
.6087
.6088
.6091.6093.6105.6117.6131.6 149.6167.6 189.62 12
— .0254—.0524— .0794—.1046—.1263—.1441—.1568—. 1642—.1667—.1647—.1593—.1512
+.002—.029—.039—.038—.056—.096—.066—.028+ .042+.071+.100+.115
.420
.479• 458• 433.486.491.447• 534.537• 579.582.557
.4046
.4194
.4359
.4535
.47 1.1
.4888
.5066
.5248
.5433
.5620
.5803
.5974
.5770
.5708
.5650
.5595
.5546
.5496
.5452
.5415
.5379
.5349
.5323
.5 301
—.1724—.1514—.1291—.1060—.0835—.0608—.0386—.0167+ .00544.0271+ .0480+.0673
+ .005—.035—.035— .042—.071.—.084—.070—.0.17
+ .036+ .098+.1054.110
a
0000
190
0000
00
00
000
0019
190
II
4000
000
1111
111
111
00
±+
+±
t Ill
lilt
0000
'0
0000
0000
1900
0
0040
19
4 4
00
00
0'0'
0'00
00
1919
00
00
0190
0
0000
0000
0000
0000
0000
0000
0000
0000
0000
0
00
2-.
II
l±±
I+1+
100
0000
0000
019
l++
++
++
ll II
I
0000
0000
0000
0000
0000
019
I++
+±
±+
lIIlI
0000
0000
0000
TIT
f.l.I.
lIIll
00000C'COOOOO
0191
9190
019-
.19—
00
00
0
- 00
0'05
Q'C
s0'0
5Cs0
'0'Q
50s0
'0'
0000
50'O
'O'O
'O50
'050
5000
—U
"OU
'00
50(4
CC
'000
Cl'(
4 U
'(4 'U
'0'-1
000U
'U'0
0'c
I
U'
0544
-(44
050'
0'05
0'O
s05O
SC
5CS
0'O
sO'Q
s00
0000
5050
5050
5050
0000
0005
050
(4C
S00
-4(4
(405
(450
-4(4
t4'C
t.400
50(4
U'U
'U'
5000
05U
'00U
''40U
'Os5
0(4
50U
'50U
'505
0-4U
'500
s00-
4
U'
50
II
IIII
II
II
II
II
I I+
++
++
++
++
++
++
++
++
+I
o---
cooc
oooo
ooob
boob
bbbb
bbbb
bbbb
bbbb
bbbb
bbbb
bbbb
bbbb
bbbb
bbbo
0500
0050
0000
',Q\U
'U'(4
50"4
CC
U'0
0'c
U'C
l'-.1
50U
'50U
'U'-4
'-450
QU
'50'
4U'0
4505
0-'C
.l
± ±
IIII+
++
±±
+1
I III+
±+
++
+1
II
II I
++
++
I+
1 I
II
I+
++
+I
1+1
I+I+
+±
+1
0505
0005
0005
0500
0bo
obbo
obob
bbco
obbb
bbbb
bbb
bbbb
obob
bb00
5050
—(4
Q50
—00
0050
0000
00'-'
0000
0505
0500
050'
-'40
U'U
'-40(
4U'(4
U'0
-.4
50
——
I.0'
4005
0505
0505
0'c0
0000
005
0'0'
05C
s05C
S0'C
SCsC
s0'
Cs0
505C
s050
50'C
s05C
sCS0
'05
0'05
Os0
'050
'Q5U
'U'U
'U'
—00
50
0000
0050
5050
5050
5050
0'0'
0505
0'05
050'
0'C
sCsQ
s0'
0'O
sCs0
'CsC
SOsO
sCsC
S0'
-.50
0005
U'(4
0'0'
Cl'U
'U'U
'U'C
sCsQ
*C\Q
SU
'(400
0U'U
''(4
t4-'
050
50U
'000
s-'(4
'000
'000
000
00' -
( U
'—
5005
00'
0050
(4 U
' U'
-3 U
' 0(4
0050
CC
U'
U'
U'(4
0' U
' U'
U'
U' 0
'U
'U
' C' U
'00
0
4-44
4-3
'-1'-l
05O
s0'0
5050
'CsC
sCs0
50'0
505
0505
0505
0505
0505
0505
05(4
(4k-
'(-
'000
0000
0500
U'
U'U
'SQ
'-1'.4
0500
(40'
U'C
s'0C
5-1(
4(4C
l'
++
++
++
++
++
+I I
IIII
III
II
II
II
III
II I+
++
++
++
++
++
++
++
++
I II
I
0000
0005
0005
0005
0050
5050
0050
5000
0505
0'-1
U'
U'
II
I I+
+I
II
II
II
II
U'
A236 APPENDIX
TABLE 22—Concluded
TIME MONEY RATES
Date 1 2 3 4 5 Date 1 2 3 4 5
1930 — 1934J .682 .7097 —.010 3 .047 —.0519 —.010F .668 .6637 — .001 F —. 040 —.0588 —.001M .614 .6184 +001 M —.057 —.0583 +.OOtA .613 .5757 +002 A —.057 —.04)7 +.001M .550 .5365 —.001 lvi —.055 —.00!J .473 .5005 —.011 3 —.045 —.0113 .455 .4672 —.011 3 —.045 —.011A .419 .4352 —.001 A —.055 —.001S .394 .4032 +.019 S —.075 +.019o .370 .3704 +.019 0 —.075 +.019N .339 .3376 —001 N —.055 —.001D .351 .3060 —.001 D —.055 —.001
1931 1935
J .332 .2781 —.010 J —.046 —.010F .275 .2566 —.001 F —.055 —.001M .325 .2440 +001 M —.057 +.001A .325 .2420 +.001 A —.253 +.001M .221 .2510 —.001 M —.601 —.001J .160 .2708 —.011 3 —.591 —.0113 .163 .2997 —.011 3 —.591 —.011A .177 .3349 —.001 A —.601 —.001S .209 .3729 +.019 S —.621 +.019o .485 .4100 +.019 0 —.488 +.019N .549 .4407 —001 N .001 —.001D .532 .4606 — 001 D .001 —.001
1932 19363 .561 .4655 —.010 J .010 —.010F .560 —.001M .495 .4198 +.00tA .429 .3696 +.001M .202 .3055 —.001J .187 .2325 —.011J .169 .1575 —.011A .141 .0869 —.001S .031 .0259 +.019o —.032 —.0225 +.oicN —.300 —.0560 —.001D —.300 —.0750 —.001
1933J —.291 —.0817 —.010F —.179 —.0782 —.001M .467 —.0672 +.001A .0)6 —.0520 +.001M .018 —.0356 —.0013 —.021 —.0203 —.0.113 .075 —.0090 —.011A .034 —.0038 —.001S —.213 —.0051 +.019o —.180 —.0128 +.019N —.080 —.0253 —.001D .038 —.0398 —.001
SHORT TERM INTEREST RATES A237
TABLE 23
COMMERCIAL PAPER RATES IN NEW YORK
MONTHLY AVERAGES, 1857-JANUARY 1936
Col. 1. Logarithms of Data Adjusted for Seasonal Fluctuations.Col. 2. Cyclical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve (logarithms)
from Trend Curve (logarithms).Col. 5. Changing Seasonal Fluctuations (l9gar.ithrns).
For details of the nature of the graduations given in Columns 2 and3, and of the seasonal given in Column 5 of this table, see Appendix D.
1 January 1857-December 1923 'Choice 60-90 day two name paper'.January 1924-January 1932 '4-6 months Prime double and single name paper'
A238 APPENDIX
TABLE 23
COMMERCIAL PAPER RATES
Date 1 2 3 4 5 Date 1 2 3 4 5
1857 1862J .933 .9297 .8917 +.0380 +.013 J .777 .7788 .7833 —.0045 +.022F .929 .9529 .8868 +.0661 +.017 F .752 .7696 .7840 —.0144 +.019M .979 .9787 .8819 +.0968 —.012 M .803 .7589 .7844 —.0255 —.004A .979 1.0040 .8.771 +.1269 —.025 A .790 .7469 .7848 —.0379 —.005M .932 1.0262 .8724 +.1538 —.019 M .711 .7342 .7850 —.0508 —.012J .927 1.0427 .8677 +.1750 —.030 3 .683 .7218 .7855 —.0637 —.030J .960 1.0511 .8631 +.1880 —.031 3 .770 .7108 .7857 —.0749 —.030A .997 1.0501 .8589 +.1912 +.003 A .666 .7019 .7859 —.0840 —.013S 1.239 1.0392 .8547 +.1845 +.016 S .700 .6956 .7860 —.0904 —.0010 1.365 1.0180 .830S +.1675 +.015 0 .647 .6922 .7863 —.0941 +.006N 1.040 .9868 .8467 +.1401 +.021 N .658 .6918 .7868 —.0950 +.014D .876 .9467 .8429 +.1038 +.027 D .707 .6942 .7870 —.0928 +.034
1858 1863
J .861 .8980 .8396 +.0584 +.014 J .701 .6994 .7873 —.0879 +.023F .742 .8444 .8362 • +.0082 +.018 F .739 .7067 .7880 —.0813 +017M .752 .7883 .8329 —.0446 —.012 M .724 .7184 .7887 —.0703 .000A .737 .7335 .8300 —.0965 —.022 A .724 .7253 .7895 —.0642 .000M .576 .6833 .8274 —.1441 —.015 M .732 .7354 .7901 —.0541 —.016J .661 .6430 .8248 —.1818 —.026 3 .766 .7444 .7914 —.0470 —.034J .599 .6137 .8224 —.2087 —.030 J .779 .7526 .7925 —.0399 —.031A .607 .5979 .8200 —.2221 .000 A .740 .7598 .7940 —.0342 —.016S .635 .5957 .8180 —.2223 +.012 S .751 .7664 .7954 —.0290 —.0030 .632 .6060 .8160 —.2100 +.011 0 .748 .7729 .7973 —.0244 +.008N .658 .6260 .8140 —.1880 +.014 N .800 .7799 .7992 —.0193 +.020D .636 .6327 .8123 —.1596 +.029 D .798 .7880 .8011 —.0131 +.035
1859 1864
J .648 .6825 .8106 —.1281 +.016 3 .839 .7975 .8031 —.0056 +.024F .721 .7133 .8090 —.0957 +.020 F .800 .8087 .8053 +.0034 -J-.013M .724 .7425 .8074 —.0649 —.010 M .745 .8211 .8076 +.0135 +.003A .741 .7690 .8059 —.0369 —.019 A .821 .8346 .8099 +.0247 +.005M .823 .7920 .8045 —.0125 —.012 M .861. .8484 .8123 +.0361 —.022J .864 .8106 .8030 +.0076 —.025 J .872 .8621 .8146 +.0475 —.0393 .850 .8240 .8016 +.0224 —.029 3 .847 .8750 .8170 +.0580 —.034A .850 .8317 .8001 -J--.0316 —.003 A .905 .8867 .8194 +.0673 —.019S .808 .8337 .7986 +.0351 +.008 S .958 .8967 .8219 +.0748 —.004o .821 .8301 .7972 +.0329 +.009 0 .953 .9046 .8239 +.0807 +.o'iN .782 .8225 .7957 +.0268 +.010 N .889 .9102 .8262 +.0840 +.030D .800 .8128 .7941 +.0187 +.030 D .855 .9134 .8285 +.0849 +.038
1860 1865J .884 .8032 .7925 +.0107 +.019 J .879 .9139 .8307 +.0832 +.024F .831 .7959 .7909 +.0050 +.020 F 920 .9124 .8327 +.0797 +.009M .780 .7925 .7895 +.0030 —.009 M .948 .9092 .8345 +.0747 +.006A .763 .7940 .7881 +.0059 —.015 A .921 .9049 .8363 +.0686 +.008M .773 .8003 .7868 +.0135 —.010 M .884 .9002 .8381 +.0621 —.027J .766 .81.06 .7854 +.0252 —.026 J .871 .8954 .8397 +.0557 —.0453 .760 .8238 .7842 +.0396 —.028 3 .899 .8908 .8412 +.0496 —.036A .791 .8384 .7832 +.0552 —.006 A. .909 .8862 .8426 +.0436 —.023S .841 .8526 .7822 +.0704 +.004 S .855 .8812 .8440 +.0372 —.004o .826 .8654 .781.3 +.0841 +,007 0 .866 .8752 .8452 +.oisN 1.037 .8757 .7807 +.0950 +.009 N .863 .8677 .8464 +.0213 +.040D 1.080 .8827 .7801 +.1026 -f-.031 D .331 .8586 .8476 +.0110 +.041
1861 1866J .882 .8857 .7797 +.1060 +.021 J .843 .8479 .8487 —.0008 +.024F .842 .8848 .7794 +.1054 +.021 F .858 .8361 .8497 —.0136 +.004M .791 .8796 .7792 +.1004 —.006 M .856 .8237 .8507 —.0270 +.009A .803 .8707 .7792 +.0915 —.011 A .814 .8119 .8517 —.0398 -I-.012M .918 .8593 .7795 +.0798 —.010 M .815 .8013 .8527 —.0514 —.033J .840 .8464 .7797 +.0667 —.027 3 .797 .7925 .8538 —.0613 —.052J .769 .8332 .7800 +.0532 —.029 J .809 .7863 .8548 —.0685 —.039A .822 .8210 .7804 +.0406 —.009 A .795 .7830 .8557 —.0727 —.023S .798 .8105 .7810 +.0295 +.001 S .723 .7826 .8568 —.0742 —.0030 .827 .8016 .7817 +.0199 +.006 0 .717 .7854 .8578 —.0724 +.019N .789 .7939 .7824 +.0115 +.010 N .776 .7913 .8589 —.0676 +.049D .813 .7867 .7830 +.0037 +.032 D .793 .7997 .8600 —.0603 +.045
SHORT TERM INTEREST RATES
TABLE 23—Continued
Date
A239
1
PAPER RATES
1867
2 3 4 5 Date 1
JFMAM
AS0ND
1872
2
.846
.851
.847.842• 863.925.858.841.853.899.875.851
3
.8103
.8224
.8351
.8473.8581.8668.8725.8752.8751.8724.8680.8627
.86 11
.862 2
.8632
.8642
.8652
.8662
.867 2
.8682
.8692
.8700
.8709
.8718
4
— .0508—.0398—.0281—.0169—.0071+.0006+.0053+ .0070+.0059+.0024—.0029—.0091
5
+.023—.002+.010+ .014—.039—.057—.042—.028-.001+.025+ .057+ .049
• 899.900.930.923.916.854.879.916.978.972.993.964
.8880
.8982
.9077
.9163
.9236
.9295
.9340
.9375
.9407.9447.9503..9578
.9080
.9080
.9079
.9076
.907 1
.9067
.9059
.9050
.9041
.9029
.9016
.9001
—.0200—.0098—.0002+.0087+.0165+.0228+.0281+.0325+.0366+.0418+.0487+ .0577
+.020— .021+.007+.016— .059—. 076— .069—.037+.022+ .061+.072+ .071
1868JFMAM3JAS0ND
3FMAMJJAS0ND
1873JFMAM3JAS0ND
.827
.821
.874
.887866
.819
.859
.851
.827
.840
.937
.862
8572.8519.8475.8443.8424.842 1.8439.8480.8348.8649.8784.8950
.8729
.8738
.8747
.8756
.8765.8774.8783.8791.8800.8807.8815.8823
—.0157—.0219—.0272—.0313—.0341—.0353—.0344—.0311—.0252—.0158—.0031+.0127
+ .022— .008+.011+.016— .045— .062— .046— .030+ .002+.032+.063+ .054
I
.948• 995
1 .0001.043
.970
.911
.883
.8861.1281.1521.091
.920
.967 1
.97 76
.9880
.99661.00221.00411.0016
.9948
.9844
.9 707
.95 41
.9349
.8987
.8968
.8949
.8929
.8905
.8879
.885 1
.882 1.8788.8752.8715.8674
+.0684+.0808+,0931+.1037+.11 17+.1162+ .1165+ .11.27+,1056+.0955+.0826+.0675
+.020—.023
+ .005+.014—. 060—.077—.074— .037+ .027+.065+.070+.072
.899
.898
.962
.978
.9431.0521.0621.0121.033
.9771.009
.947
.9 1439351
.9561
.9756
.99201.00391.01001. 00991. 003 7
.99 17
.9750
.9551
.883 1
.8840
.8846
.8853
.8859
.8864
.8870
.8876
.8881
.8887
.8892
.8898
+ .0312+ .0511+.0715+.0903+.1061+.1175+.1230+.1223+.1156+.1030+.0858+ .0653
+.021—.012+.011+.017—.050—.067—.051—.032
+ .006+.039+.068+ .060
869JFMAMIJAS0ND
1870JFMAMJJAS0ND
1874IFMAMJJAS0ND
.852
.801
.784
.783
.812
.823
.828
.772
.765
.697
.682
.707
.9131
.8888
.8626
.835 5
.8090
.7 845
.7637
.7473
.7355
.7277
.7231
.7206
.8632
.8588
.8541
.8492
.8439
.8387
.833 1
.82 76
.82 16
.8 1598100
.8038
+0499+.0300+ .0085—.0137— .0349— .0542— .0694—.0803—.0861— .0882—.0869— .0832
+.020— .023+ .004+.013—.059—.078— .079—.036
+ .031+067+ .068+.071
1
.934
.884
.865
.840
.859
.808
.863
.890
.848
.814
.789
.877
.9339
.9 127
.8932
.8764
.8628
.85 24
.8446
.8387
.8335
.8284
.8230
.8 173
.8903
.8909
.8915
.892 1
.8928
.8935
.8943
.8952
.8962
.8972
.8982
.8992
+ .0436+.0218+ .0017—.0157—.0300—.0411—.0497—.0565—.0627— .0688—.0752—.0819
+ .020—.016+.010+.017—.054—.071—.058—.034+.012+.048+.071+ .065
875IFMAMJJAS0ND
.699
.738
.767
.724
.717
.735
.716
.728
.737
.731
.741
.751
.7192
.7 186
.7188
.7 202
.7232
.7278
.7337
.7399
.74557493
.7509
.7499
.7973.7909.7843.7782• 7724.7661.7602.7543.7483.7426.73 70.73 17
— .0781—.0723—.0657— .0580— .0492— .0383—.0265—.0144— .0028+,0067+.0139+.0182
+ .021—.023+ . 004+.012—.058—.077—.082—.034+ .033+.069+ . 065+. 069
1871IFMAMIJAS0ND
.839
.840
.788• 815.798.778.754.778.806.946.897.929
.8118
.8074
.8050
.805 1
.8079
.8 136
.82 16
.8314
.8425
.8541
.8657
.8771
.9002
.9012
.902 1
.9030
.9039
.9047
.9054
.9060
.9068
.9071
.9075
.9078
—.0884—.0938—.0971—.0979—.0960—.0911—.0838—.0746—.0643—.0530—.0418—.0307
+ .020—.019
+ .008+.016— .058— .074— .064— .036+.017+.055+.072+ .069
1876IFIvlAM3JAS0ND
.789
.749
.727
.730
.759
.753
.667
.587
.642
.685
.674
.704
.7467
.7417
.7351
.72 71
.7179
.7077
.6967.6856.6753.6668.6610.6588
.7266
.7217
.7170
.7128
.708 7
.7051• 7018.6987.6959.6935.6916.6899
+.0201+.0200+.0181+ .0143+.0092+.0026—.0051—.0131— .0206—.0267— .0306—.0311
+.021—.022+ .005+.010—.056—.076—.086—.031+.035+.069+.062+ .065
03 C)
0 g
-
•_
0000
IllIllIllIll
IIII++++++++
+++++++IIIII
IIlIIIlI++++
++++++++iiii
4'C
C\'O
0000
boob
.
I++++I I
IL++I+
bb+
++
+I I
I I+
+I+
II++
)++
++
+I
(.n
..
..
..
I I I I L I I
II
II
II
II
II
II
II
II
I
b —Q
s —
ci,
0'
++
++
++
++
++
II
C O
s C
\C
S '0
C) I
I, k
+++++IIIIII+
+±+++lIIIII+
+++++IIIIII+
++
++
111
1+1+
+±+-I-iiiii+i+
000
'0'0
Cs
'00
ci'
SHORT TERM INTEREST RATES A241
TABLE 23—Continued
COMMERCIAL PAPER RAPES
Date 1 2 3 4 —__5 Date 1 2 3 I, S
1887 18923 .740 .7400 .6808 +.0592 .000 J .623 .6231 .7062 —.0831 —.004F .714 .7492 .6822 +.0670 —.032 F .604 .6020 .7038 —.1018 —.037M .735 .7571 .6833 +.0736 —.007 M .600 .5836 .7009 —.1173 .000A .752 .7634 .6849 +.0785 —.021 A .559 .5688 .6980 —.1292 —.019M .759 .7680 .6863 +.0817 —.042 M .538 .5591 .6942 —.1351 —.038J .756 .7711 .6881 +.0830 —.046 J .514 .5559 .6913 —.1354 —.044J .826 .7726 .6897 +.0829 —.034 J .560 .5609 .6878 —.1269 —.020A .792 .7725 .6916 +.0809 +.011 A .580 .5752 .6841 —.1089 +.018S .795 .7708 .6934 +.0774 +.046 S .616 .5996 .6800 —.0804 +.0570 .758 .7672 .6954 +.0718 +.048 0 .667 .6331 .6765 —.0434 +.046N .722 .7614 .6974 +.0640 +.038 N .693 .6744 .6729 +.0015 +.018D .737 .7535 .6995 +.0540 +.041 D .726 .7203 .6693 +.0510 4.044
1888 18933 .749 .7438 .7016 +.0422 —.001 J .712 .7669 .6655 +.1014 —.004F .720 .7326 .7036 +.0290 —.034 F .732 .8100 .6621 +.1479 —.036M .725 .7206 .7056 +.0150 —.007 M .829 .8458 .6587 +.1871 +.004A .755 .7085 .7076 +.0009 —.023 A .775 .8710 .6552 4.2158 —.015M .725 .6970 .7096 —.0126 —.042 M .861 .8839 .6519 +.2320 —.0363 .673 .6862 .7113 —.0251 —.045 J .974 .8839 .6487 +.2352 —.0463 .640 .6764 .7127 —.0363 —.029 J 1.056 .8712 .6456 +.2256 —.019A .626 .6676 .7141 —.0465 +.013 A 1.007 .8471 .6426 +.2045 +.019S .675 .6599 .7153 —.0554 +.048 S .860 .8131 .6396 +.1735 4.058o .658 .6333 .7161 —.0628 +.047 0 .726 .7711 .6367 +.1344 +,046N .643 .6481 .7167 —.0686 +.034 N .626 .7229 .6339 +.0890 +.015D .658 .6446 .7172 —.0726 +.038 D .555 .6709 .6314 +.0395 +.008
1889 1894J .669 .6432 .7174 —.0742 —.002 J .547 .6184 .6289 —.0105 —.005F .663 .6442 .7173 —.0731 —.035 F .554 .5683 .6265 —.0582 —.033M .660 .6477 .7171 —.0694 —.007 M .474 3241 .6244 —.1003 +.007A .655 .6535 .7166 —.0631 —.023 A .503 .4888 .6224 —.1336 —.012M .627 .6611 .7159 —.0548 —.042 M .501 .4643 .6205 —.1562 —.034J .633 .6701 .7152 —.0451 —.044 3 .511 .4507 .6188 —.16813 .670 .6798 .7145 —.0347 —.026 3 .493 .4471 .6174 —.1703 —.018A .699 .6896 .7136 —.0240 +.015 A .469 .4509 .6160 —.1651 4.018S .672 .6992 .7129 —.0137 +.051 S .458 .4589 .6149 —.1560 +.058o .731 .7079 .7121 —.0042 +.047 0 .395 .4682 .6138 —.1436 +.046N .747 .7162 .7114 +.0048 +.031 N .433 .4768 .6129 —.1361 +.013D .750 .7236 .7109 +.0121 +.035 D .456 .4837 .6122 —.1285 +.003
1890 1895
3 .730 .7301 .7107 +.0194 —.002 J .496 .4893 .6115 —.1222 —.005F .739 .7353 .7104 +.0249 —.037 F .594 .4949 .6109 —.1160 —.035M .747 .7394 .7103 +.0291 —.007 M .582 .3018 .6103 —.1085 +.010A .731 .7419 .7105 +.0314 —.023 A .608 .5107 .6097 —.0990 —.009M .745 .7433 .7110 +.0323 —.041 M .473 .5219 .6091 —.0872 —.031J .743 .7440 .7116 +.0324 —.044 J .467 .3354 .6081 —.0733 —.049J .726 •7445 .7123 +.0322 —.023 J .486 .5506 .6081 —.0575 —.018A .731 .7455 .7129 +.0326 +.016 A .522 .5673 .6074 —.0401 +.018S .707 .7472 .7136 4.0336 +.053 S .547 .5861 .6065 —.0204 +.058O .725 .7500 .7144 +.0356 +.046 0 .633 .6075 .6056 +.0019 +.046N .802 .7539 .7152 +.0387 +.027 N .604 .6316 .6047 +.0269 +.012D .836 .7585 .7159 +.0426 +.029 D .675 .6387 .6037 +.0550 +.002
1891 1896
J .769 .7632 .7166 +.0466 —.003 J .784 .6878 .6028 4.0850 —.006F .736 .7672 .7171 +.0501 —.037 F .799 .7167 .6016 +.1151 —.035lvi .724 .7696 .7173 +.0523 —.004 M .707 .7428 .6006 4.1422 +.011A .727 .7693 .7173 +.0518 —.021 A .729 .7635 .5996 4.1639 —.007M .771 .7658 .7175 +.0483 —.040 M .685 .7761 .5987 4.1774 —.0293 .784 .7583 .7172 +.04L3 —.044 3 .679 .7793 .5978 4.1815 —.0513 .769 .7471 .7166 +.0305 —.021 3 .722 .7733 .5971 4.1762 —.019A .743 .7318 .7157 +.0161 +.017 A .876 .7591 .5965 +.1626 +.017S .706 .7132 .7143 —.0011 +.056 S .862 ,7384 .5939 4.1425 +.0570 .701 .6919 .7128 —.0209 +.046 0 .876 .7135 .3957 +.1178 +.046N .681 .6691 .7109 —.0418 +.023 N .715 .6862 .5956 +.0906 4.013D .662 .6458 .7087 —.0629 +.022 D 569 .6575 .5956 +.0619 +.003
E
I-—
I-s
'0'0
0000
CD —
th
1111
1111
111
IlIlI±
++
±+
+±
±±
+±
+±
IIiIii
.LLI
.LI.I
) i+
i11
1111
1 III
II
I1±
1+
+±
±+
II
1+11
-+H
-iI
I1+1
I+±±±±i
1±11
±±
±±
±I 1
11±
1 I
000
00
II
II
II IIIIIlII++
+++±+++±±±±±
±±
±±
±+
±iii
ji00
ci Ik
++++IIIIIlI
++++HIIIHI
II
++
++
111
1+11
+++++IIII+II
OO
©00 00
Q
SHORT TERM INTEREST RATES A243
TABLE 23—Continued
COMMERCIAL PAPER RATES
Date 1 2 3 4 5 Date 1 2 3 4 5
1907 1912J .790 .7746 .7139 +.0607 —.001 J .637 .6112 .6740 —.0628 —.016F ;800 .7779 .7140 +.0639 —.026 F .599 .6193 .6768 —.0575 —.025M .797 .7828 .7140 +.0688 —.006 M .637 .6281 .6794 —.0513 —.015A .798 .7893 .7139 +.0754 —.024 A .640 .6375 .6816 —.0441 —.023M .778 .7968 .7136 +.0832 —.040 M .648 .6475 .6840 —.0365 —.026J .785 .8042 .7130 —.049 J .626 .6582 .6855 —.0273 —.024J .788 .8102 .7126 +.0fl6 —.028 J .664 .6696 .6868 —.0172 —.009A .195 .8139 .7120 +.1019 +.001 A .682 .6817 .6879 —.0062 +.017S .800 .8138 .7111 +.1027 +.033 S .717 .6945 .6887 +.0058 +.0280 .805 .8092 .7100 +.0992 +.046 0 .739 .7077 .6889 +.0188 +.034N .816 .7998 .7086 +.0912 +.044 N .734 .1213 .6887 +.0326 +.023D .844 .7855 .7070 +.0785 +.050 D .749 .7346 .6881 +.0465 +.029
1908 1913J .813 .7666 .7052 +.0614 —.002 J .701 .7471 .6871 +.0600 —.019F .729 .7441 .7032 -l-.0409 —.025 F .714 .7581 .6857 +.0724 —.024M .762 .7188 .7008 +.0180 —.008 M .775 .7664 .6839 +.0825 —.015A .674 .6917 .6982 —.0065 —.025 A .763 .7711 .6820 +.0891 —.021M .634 .6640 .6951 —.0311 —.039 M .749 .7714 .6798 +.0916 —.021J .608 .6371 .6919 —.0548 —.047 3 .786 .7667 .6773 +.0894 —.0173 .600 .6119 .6886 —.0767 —026 J .786 .7571 .6746 +.0825 —.005A .552 .5895 .6850 —.0955 +.004 A .760 .7435 .6717 +.0718 +.018S .561 .5711 .6812 —.1101 +.033 S .738 .7273 .6684 +.0589 +.026o .563 .5570 .6775 +.046 0 .723 .7100 .6652 +.0448 +.030N .563 .5477 .6737 —.1260 +.042 N .728 .6935 .6618 +.0317 +.017D .538 .5431 .6697 —.1266 +,047 D .732 .6795 .6582 +.0213 +.023
1909 1914J .575 .5427 .6654 —.1227 —.004 3 .677 .6689 .6548 +.0141 —.021F .573 .5457 .6617 —.1160 —.025 F .607 .6622 .6509 +.0113 —.022M .554 .5514 .6579 —.1065 —.010 M .599 .6594 .6475 +.0119 —.015A .570 .5588 .6543 —.0955 —.026 A .591 .6599 .6440 +.0159 —.018M .574 .5675 .6503 —.0828 —.037 M .605 .6631 .6405 +.0226 —.016J .555 .5770 .6472 —.0702 —.043 J .596 .6679 .6371 +0308 —.009J .551 .3873 .6441 —.0568 —.022 J .648 .6734 .6337 +.0397 —.001A .599 .5989 .6412 —.0423 +.007 A .783 .6784 .6302 +0482 +.019S .589 .6117 .6382 —.0265 +.032 S .805 .68.17 .6267 +.0550 +.021o .657 .6261 .6359 —.0098 +.045 0 .786 .6822 .6235 +.0587 +.023N .664 .6419 .6339 +.0080 +.039 N .729 .6786 .6203 +.0583 +.0.liD .665 .6586 .6321 +.0265 +.043 D .621 .6698 .6171 +.0527 +.018
1910 19153 .685 .6752 .6306 +.0446 —.008 3 .607 .6556 .6140 +.0416 —.022F .673 .6906 .6294 +.0612 —.026 F .593 .6362 .6110 +.0252 —.019M .665 .7038 .6286 +.0752 —.012 M .543 .6126 .6083 +.0043 —.014A .702 .7135 .6282 +.0853 —.025 A .577 .5868 .6057 —.0189 —.014M .711 .7191 .6280 —.034 M .582 .5611 .6031 —.0420 —.011J .730 .7202 .6283 +.0919 —.038 3 .565 .5377 .6008 —.0631 —.003J .749 .7173 .6287 +.0886 —.018 3 .510 .5187 .5986 —.0799 +.002A .724 .7105 .6295 +.0810 +.011 A .531 .5050 .5967 —.0917 +.018S .711 .7006 .6303 +.0703 +.032 S .498 .4969 .5949 —.0980 -f-.0180 .703 .6885 .6317 +.0568 +,042 0 .490 .4933 .5935 —.1000 +.018N .706 .6730 .6335 +.0415 +.034 N .470 .4939 .5921 —.0982 +.006D .629 .6605 .6353 +.0252 +.039 D .478 .4965 .5911 —.0946 +.012
1911 19.16
J .612 .6460 .6372 +.0088 —.011 3 .516 .5001 .5904 —.0903 —.022F .635 .6321 .6396 —.0075 —.026 F .510 .5038 .5898 —.0860 —.016M .605 .6193 .6421 —.0228 —.014 M .505 .5078 .5897 —.0819 —.011A .506 .6081 .6448 —.0367 —.024 A .504 .5 120 .5900 —.0780 —.010M .589 .5992 .6480 —.0488 —.030 M .500 .5168 .5909 —.0741 —.006J .598 .5927 .6510 —.0583 —.032 3 .557 .5227 .5918 —.0691 +.002J .590 .5889 .6542 —.0653 —.013 J .596 .5299 .5933 —.0634A .608 .5878 .6577 —.0699 +.014 A .557 .5383 .5953 —.0570S .626 .5891 .6611 —.0720 +.030 S .516 .5478 .5973 —.04950 .600 .5924 .6646 —.0722 +,039 0 .517 .5582 .6002 —.0420 +.012N .566 .5974 .6678 —.0704 +.029 N .541 .5692 .6034 —.0342 +.002D .631 .6038 .6710 —.0672 +.034 D .584 .5807 .6068 —.0261
C)
0 CD
0000
—cc
-J-.
J
..
..
00'0
00.
II I
++
++
++
++
+
Os
i—h
++
++
++
++
++
I I
.400
'0
II
II
II
II
II
II
'0'0
I
I
+ +
++
+I
II
II
II
II
II
II
II
II
II
II
II
II
C-,,
—
——
I-—
—
rD —
II +
++
++
++
++
++
++
++
++
II
II
II
II
II
II +
++
++
++
++
++
++
+ I
I —
II
II
II
II
bb
—
z II k
++
000
C C
0 —
0 00
—
++
++
mi
Q C
C0
0— —
000
— —
++
++
iiiii
C 0
00
00I-
— —
0 —
—
++
++
0 C
OO
000
00—
CC
SHORT TERM INTEREST RATES A245
TABLE 23—Concluded
COMMERCIAL PAPER RATES
Date 1 2 3 4 5 Date 1 2 3 4 5
1927 1932J .622 .6247 .6341 —.0094 .000 J .602 .5319 .000F .592 .6229 .6377 —.0148 .000 F .589 .5373 .000M .602 .6197 .6416 —.0219 .000 M .547 .5309 .000A .612 .6151 .6456 —.0305 .000 A .529 .5130 .000M .616 .6095 .6497 —.0402 .000 M .477 .4852 .000
J .616 .6034 .6534 —.0500 .000 J .444 .4500 .000
J .609 .5976 .6572 —.0596 .000 J .408 .4112 .000A .591 .5930 .6604 —.0674 .000 A .338 .3726 .000S .592 .5904 .6631 —.0733 .000 S .326 .3371 .0000 .602 .5904 .6664 —.0760 .000 0 .288 .3066 .000N .594 .5932 .6692 —.0760 .000 N .241 .2826 .000D .599 .5990 .6706 —.0716 .000 D .179 .2651 .000
1928 1933
J .589 .6076 .6739 —.0663 .000 3 .140 .2532 .000F .601 .6185 .6757 —.0572 .000 F .140 .2458 .000M .622 .6311 .6773 —.0462 .000 M .444 .2413 .000A .634 .645! .6784 —.0333 .000 A .408 .2379 .000M .658 .6597 .6791 —.0194 .000 M .318 .2340 .000
J .674 .6745 .6796 —.0051 .000 J .228 .2280 .000
j .707 .6891 .6798 +.0093 .000 J .176 .2181 .000A .734 .7031 .6795 +.0236 .000 A .176 .2033 .000S .747 .7162 .6790 +.0372 .000 S .097 .1832 .000O .741 .7284 .6783 +.0501 .000 0 .097 .1578 .000N .731 .7394 .6770 +.0624 .000 N .097 .1281 .000D .736 .7493 .6754 +.0739 .000 D .149 .0956 .000
1929 1934
J .740 .7581 .6738 +.0843 .000 J .097 .0623 .000F .745 .7658 .6716 +.0942 .000 F .086 .0300 .000M .755 .7723 .6692 +.1031 .000 M .000 —.0002 .000A .769 .7774 .6666 +.1108 .000 A .000 —.0273 .000M .778 .7808 .6638 +.1170 .000 M —.046 .000
J .778 .7819 .000 J —.125 .000
J .778 .7800 .000 J —.125 .000A .784 .7745 .000 A —.125 .000S .787 .7648 .000 S —.125 .000o .787 .7506 .000 0 —.125 .000N .733 .7318 .000 N —.125 .000D .699 .7090 .000 D —.125 .000
1930 1935
j .690 .6832 .000 J —.125 .000F .665 .6557 .000 F —.125 .000M .613 .6278 .000 M —.125 .000A .589 .6009 .000 A —.125 .000M .566 .5756 .000 M —.125 .000
J .537 .5520 .000 J —.125 .000
J .498 .5297 .000 J —.125 .000A .477 .5077 .000 A —.125 .000S .477 .4853 .000 S —.125 .000O .477 .4620 .000 0 —.125 .000N .473 .4379 .000 N —.125 .000D .475 .4141 ;000 D —.125 .000
1931 1936
3 .450 .3918 .000 3 —.125 .000F .398 .3731 .000M .403 .3600 .000A .380 .3538 .000M .326 .3554 .000
3 .326 .3652 .0003 .290 .3826 .000A .274 .4063 .000S .274 .4343 . .0000 .525 .4642 .000N .602 .4926 .000D .602 .516! .000
A246 APPENDIX
TABLE 24
COMMERCIAL PAPER RATES IN BOSTON MONTHLY 1831—1860
(From Joseph G. Martin's "Seventy-three Years' History of theBoston Stock Market" pages 37 and 38. Martin's table is precededby the statement that "the following rates are for first-class, threeto six months, bankable paper. Loans 'on call' range from 1 to 3per cent lower." Martin's table goes to 1871. In his later volume"One Hundred Years' History of the Boston Stock Market" it iscontinued through 1897.)
1831.—Jan., 53/2 per cent, and gradually rose to 7, the rate for lastfour months of year.
1832.—Opened at 7 per cent; declined to 6 in March; rose to 7 inMay; thence for the year, 6 per cent.
1833.—Opened at 6 per cent; declined to rose to 63/2 and to 8,July, Aug., and Sept.; to 10, Oct.; 12, Nov., and 15, Dec.
1834.—In Jan., 15 to 24 per cent; then high and variable, and fellin Dec. from 10 to 8 per cent. Called a "panic year."
1835.—Rates low, and down to 5 per cent; but closed in Dec. at 8to 10. Called the "golden year" for business.
1836.—Opened at 10 per cent; up to 12 in March; 15, April; 18,May; up to 24, Aug. and Sept.; 36, Oct., and 24 to 30, Nov. and Dec.
1837.—Opened at 16 per cent; advanced to 20, and receded to 13;up to 18 in Feb.; 27, March; 30, April; 32, May; then fell rapidly to 6in June; advanced to 73/2; fell to 6 in Nov., and rose to 10 in Dec. Bankssuspended May 10; resumed May, 1838.
1838.—Jan., 11 per cent; Feb., 12; March and April, 12 to 18; fellin May from 10 to 7; thence, 6 to 7 till Dec., and closed at 7 to 9 per cent.
1839.—Opened at 6 to 9, and stationary till July, when it advancedto 11 and 12; in Aug. to 15; Sept. to 21; Oct. to 30; Nov. to 36, and thenrapidly fell to 9 per cent at the close of year.
1840.—Jan., 9 per cent; Feb. and March, 9 to 12, and fell in Aprilto 7; May, 7; June, 6 to 8; July, fell to 5, and ranged at 6 to 7 for re-mainder of the year.
1841.—At 6 to 7 per cent till May; then 6 till Sept., and 63/2 to 7,up to 9, in Nov., and 9 to 12 in Dec.
1842.—At 9 to 12 till April; then 8 to Aug.; Sept., 7; declined to6 in Oct. and Nov., and thence 6 to 9 per cent to close of year.
1843.—Opened at 6 per cent; then 5 to 6 till May; declined in Mayto and 3 in June; "exceptional loans" made as low as 23/2; thence33/2 to 4 per cent.
1844.—Opened at 4 per cent; rose to 5 in March, and remained forthe year with little change from 5 per cent.
1845.—Opened at 5 per cent, and ranged from 5 to 6 till Aug., androse to 8 in Nov. and Dec.
SHORT TERM INTEREST RATES
1846.—Opened at 8 per cent; rose to 9 in Feb.;March; thence ranged from 8 anddeclined to 6 in Sept.; thence 6, 7,
1847.—Opened at 8 per cent; advanced toto 10 in March; fell to 6 in June; advanced toNov., and 18 in Dec.
1848.—Jan., 18 perMay and June, 15 to 1815; Dec., 15 to 12.
1849.—Jan., 12 per cent; Feb., 9 to 12;May, 9 to 11; declined to 7 in June; July, 8Oct., 9 to 10, reaching in Dec.
1850.—Jan., 9 to9; April, May, and June, 7thence, 7 to 8 per cent.
1851.—Opened at 6 toand March; April, 8; fell to15 inSepL; and 16, Oct.; thence 9 to 12 per cent.
1852.—Opened at 9 per cent; fell to in. Feb.May, 6, and 53/b the Summer months. In Sept., 6cent.
March; fell toSept.; 15, Oct.
1854.—Opened at 9and 12, April and May10 to 12, up to 18, in Dec
1855.—Opened at
A247
declined to 7 inIn Aug., 8 to 9;
March, April andto 7; thence, 6 per
1853.—Opened at 6 per cent; advanced to 8, and gradually to 12 in8 in May; then 9 to 10 in June and July; rose to 12 in
18, Nov., and fell to 9, Dec.per cent; fell to 7 in Feb.; rose to 10 in March,fell to 9 in June; July, 9 to 10; Aug., 12; and
15 per cent; fell to 10, and in March to 7; roseto 10 in April; fell to 63/2, May; up to 8, and fluctuated from 6 to 8, tillOct.; in Oct., 9, and thence 10 to 15 per cent.
1856.—Opened at 10 to 12 per cent; Feb., 9 to 10; March, 7 to 9;thence till Nov. at 9 to 10, and in Dec., 10 to 11 per cent.
1857.—Opened at 9 to 10 per cent; Feb., to 9; March, 9 to 10,and fell to 7 and 8 in April and May; June, July, Aug., 9 to 10, and rosein Sept. from 12 to 36; Oct., 24 to 36; Nov., 15 to 24; Dec., 9 to 15. Bankssuspended Oct. 13, and resumed Dec.. 12.
1858.—Jan., 73/b to 9 per cent; fell to 5 in March,and 434 in April; thence, 43/b to 4 in Sept. In Aug., "call loans" reportedat 23/b in New York, and leading bankers said to be purchasing their ownpaper at two per cent. Prominent sixty days' acceptances passed at 3per cent. Oct. and Nov., 4; Dec., 5 per cent.
1859.—Jan., 5 to 6 per cent; Feb., March, and April,May, 63/b to 8; June to Nov., 7 to 8; Dec., 7 to 83/2 per cent.
1860.—Jan. and Feb., 734 to 93/2 per cent; March, 6 to 8;May, 6 to 7; June, 5 to 7; July, 5 to 63/2; Aug., 6 to 9; Sept.,Oct., 63/2 to 73/2; Nov., 7 to 15; Dec., 12 to 18market being disturbed by the Government as a constant borrower, andthe threatening aspect of political matters South.
9 to 12, up to Aug.and 8 per cent.
cent; Feb.,July and
12 in Jan. and Feb.; 89 and 12 in Oct.; 15 in
18 to 12; March andAug., 12 to 15; Oct.,
April, 1218; Nov.,
to 15;l8to
March and April, 12 toAug., 73/2 to Sept.,
per cent; Feb.to 81/2; fell to
15;9;
and March, receded to 8 and634 in July; rose to 9 in Sept.;
734 per cent; advanced to 7 and 834 in Feb.634 in May, and rose to 11 in July and Aug.;
534 to 7;April and634 to 9;
per cent; the money
A248 APPENDIX
TABLE 25
COMMERCIAL PAPER RATES IN BOSTON MONTHLY 1831-1860
(From Erastus B. Bigelow's The Tar'iff Question Appendix Table No. 112. Bigelowdescribes these rates as "street rates on first class paper in Boston at the beginning,middle, and end of the month." Both. figures and comments are Bigelow's.)
1831 1834 1838J S. M 12 18F 53/2 0 A 18 12M N M 10 9 7A D 12 10 8 J 7 6M 53/b J 6J 1835 A 6 7J 6 J S S 6 7A 6
67 7
M
6A
7 9
M 6 9A 9
766
A 66 N6 96
D JJ J
18 12J 6 SF 0M NA D 6M 6 J 8J
JA 18 6S N 7
A 6MJJ 6 7A 73/2
J S 6 7F 0 6 7M N 6
10 6M J
6J 7
6 73/2
SHORT TERM INTEREST RATES A249
'I'ABLE 25—( Continued)
1841 1845 1849N 6 9 N 6 8 N 8 10D 9 .12 D 8 D 93/2 103-s
1842 1846 1850J 912 J 8 J 9 103/2F 9 12 F 8 9 F 9 8M 9 12 M 8 7 M 8 9A 8 A 9 12 A 83/2 9M 8 M 8 12 M 73/2 83/2J 8 .J 8 12 J 734 8J 8 J 8 12 9 J 63/2 7A 7 8
9 S 73/2 9O 63/2 6 0 6 8 0 7 8N 6 63/2N 6 7 N 7.8D 6 9 D 6 7 D 7 8
1843 1847 1851J 6 J 8 12 J 6 73/2F 6 5 F 8 12 F 7 834M 5 6 M 8 10 M 7 834A 5 A 8 9 A 8M 5 43/2 M 8 M 734 63/2J 5 43/2 3'/2J 7 6 J 7 9J 4 J 7 6 J 9 iiA A 7 9 A 11S 33/2 4 S 9 S 12 15O 33/2 4 0 . 9 12 0 15 16N 4 N 12 15 N 9 12D 33/2 4 D 12 18 D 9 12
1844 1848 1852J 4 J 18 J 9 834F 4 F 18 15 12 F 83/2 734M 4 5 M 12 15 M 7 6A 5 A 15 A 6M 5 M 12 15 M 6J .5 J 15 18 J 534 6J S J 15 18 J 53/2 6A . 5 A 12 15 A 53/2 6S . 5 53/2S 12 15 S 6 7o 5 0 15 18 0 6N 5 53/2N 18 15 N 6D 5 5 D 15 12 D 6
1845 1849 1853J 5 6 J 12 J 6 7 8F 53/2 6 F 9 12 F. 9 10M 53/2 6 M . 12 15 M 10 1.2A 534 6 A 12 15 A 103/2 10M S 3/2 6 M 9 11 M 7 8 9J 534.6 J 7 9 J 8 9J 6 J 8J 9A .6 A 734 834A 9 10S 6 S 9 S 10 120 6 53/20 9 10 0 12 15
A250 APPENDIX
TABLE 25—(Coricluded)
1853 1856 1858N 15 18 12 M 10 A 4 4 4D 12 10 9 A 9 8 S 4 4 4
M 7 8 0 434 434 4341854 J 7 8 N 434 434 5J 9 8 J 7 8 D 5 5 5F 7 9 A 7 8M 9 8 10 S 8 9A 10 12 0 9 10 1859M 10 12 N 9 10J 9 11 D 10 11 F 534 6 6
J 10 9 M 6 534 534A 10 9 A 534 534 534S 10 12 1857 M 6 63% 63%
o 12 10 9 10 J 7 8 7
N 10 12 F 834 9 J 7 634 7
D 12 18 M 9 10 A 73% 7 7
A 8 9 S 7 7341855 M 8 7 0 73% 734 734
is io 7 8 N 734 7 7
F 10 9 10 D 7 8 8M 7 A 9 10
A 8 10 S 12 24 360 36 24 24 1860
M 634 8 N 24 18 15 8 9 834J 7 6 D 15 12 F 8 7 634J 6 7 M 6 6 5A 7 8 A 5 43% 434S 7 8 1858 M 434 434 4340 734 9 J 9 8 734 J 434 5 534N 10 12 F 6 6 534 J 534 534 6D 12 15 M 534 534 5 A 6 6 6
A 5 5 434 S 6 534 5341856 M 434 434 434 0 536 534 6J 10 12 J 434 434 434 N 6 9 12F 10 9 J 434 434 434 D 15 15 12
SHORT TERM INTEREST RATES
TABLE 26
'These rates are monthly averages of daily quotations for the month.
A251
tRates for 1918 are 'Prevailing Rates' calculated at the Federal Reserveaverages of daily quotations are not, available before January 1919. -
Bank of New York. Monthly
AVERAGE MONTHLY' RATE ON 90-DAY PRIME BANKERS' ACCEPTANCES
JFMAMJJAS0ND
JFMAMJJAS0ND
JFMAMJJAS0ND
19182
4.004.124.254.254.254.254.254.254.254.314.314.31
1919
4.254.254.254.254.254.254.264.284.254.254.524.95
1920
5.375.506.006.006.136.256.256.256.256.256.236.25
1921
5.945.975.985.675.695.595.255.004.944.494.274.16
1922
3.954.003 .733.323.183 .073.003.003.123 .724.004.00
1023
3.983.994.004.144.134.134.134.134.134.134.134.13
1924
4.094.074.043.953 .292.452.012.102.332.212.372.89
1925
3.003.083.253.143.173.253.253.273.503.503 .503.50
1926
3.673 .633.633.423.203.323.383.573 .883.883.703.83
1927
3.693 .693 .633 .633 .633 .633.503.133.133 .253 .253.25
1928
3.363,513 .523,813 .944.054.324.624.504.504.504.501929
4.845.155.345.465.485.495.165.135,135.014.233.90
1930
3.963 .773.072.912.482.091 .881.881 .881 .881 .881 .88
1931.
1.581.391 .501.431.01
.88
.88
.8898
2.472.993.00
:1932
2.852.782.511. .39
.92
.86.75.75.75.59.50.39
1933
.33
.472.49
.81
.50
.38
.48
.45
.25
.25,39
.62
1934
.5050
.31
.201919
.19
.19
.19
.17
.13
.13
1935
.131'3
.13
.13
.13
.13
.1313
.13
.13
.13
.13
A252 APPENDIX
TABLE 27
BANK CLEARINGS, Pm IRON PRODUCTION AND WHOLESALE PRICES
PART I
Bank Clearings in New York City, October 1853 - December 1874(daily averages —thousands of dollars)
PART II
Col. 1 Bank Clearings in New York City, January 1875—January 1919;Bank Debits in New York City, January 1919-January 1937(daily averages —thousands of dollars)
Col. 2 Deflated' Bank Clearings Outside New York City, January1875-January 1919; Deflated Bank Debits for 140- OutsideCities, January 1919-January 1937 (daily averages —thou-sands of dollars)
Col. 3 Bank Clearings Outside New York City,2 January 1875-January1919; Bank Debits for 140 Outside Cities, January 1919-January 1937 (daily averages —thousands of dollars)
Col. 4 Pig Iron Production in the United States,3 January 1877-January1937 (daily averages —thousands of gross tons)
Col. 5 Carl Snyder's Index of General Price Level, January 1875-January 1937
Col. 6 United States Bureau of Labor Statistics Index Number ofWholesale Prices of Commodities, January 1890-January 1937.
1Deflated by Carl Snyder's index of general price level.2Estimated by chaining monthly totals, making the percentage movement from each December to
the immediately succeeding January be the same as the percentage movement of the totals of the largestnumber of cities whose clearings were available for the December and the January.
8These figures do not include charcoal pig iron. Monthly figures for 1877-September 1901 were es-timated from weekly capacity of furnaces in blast.
BANK CLEARINGS, PIG IRON AND PRICES
TABLE 27PART I
BANK CLEARINGS IN NEW YORK CITY
A253.
1853jFMAMJJAS0ND
1857JFMAMJJAS0ND
21,85423,76924,22125,50924,85623,99623,50621,57316,0629,954
10,71610,878
1861JF'VIAMjJAS0ND
11,38115,68815,530
16,96217,03917,10417,46714,23912,27312,83711,86112,86416,64616,61.515,823
1854jFMAMJJAS0ND
1.5,00816,00817,00517,06418,74217,57915,13714,78915,13915,45114,90413,773
1858JFMAMJJAS0N1)
11,05712,73114,85114,70715,20614,50213,91713,45514,45216,89617,85017,015
1862JFMAMJJAS0ND
14,54015,60115,86117,19722,53022,05223,OSS20,25725,53734,88829,21.529,793
1855jFMAM
AS0ND
13,78113,68117,62314,7111.5,74415,50714,15014,75015,42517,07118,45717,838
1859JFMAMJJAS0ND
16,54817,68218,87220,38220,17017,17115,59615,96817,92618,61919,22618,826
1863JFMAMJJAS0ND
39,86942,83242,15539,58149,20140,78540,64544,49152,85062,16758,95057,202
1856JF
AMJJAS0ND
1.7,55618,764].7,98120,11421,45218,02319,24417,66720,52022,64323,16722,822
1860JFMAMJJAS0ND
18,95218,93621,14920,96321,80919,22218,91019,90920,54124,22122,16315,304
1864JFMAMJJAS0ND
57,10772,00088,81788,15860,56963,40157,34757,20169,42568,53180,63278,189
A254 APPENDIX
TABLE 27—(Continued)PART I
BANE CLEARINGS IN NEW YORIC CITY
1865 1869 1873J 83,596 J 90,562 J 102,428
F 77,356 F 92,818 F 113,816M 78,351 M 106,585 M 106,062A 54,010 A 112,583 A 109,517M 70,397 M 116,750 M 89,665J 67,842 J 115,208 J 76,048J 68,809 J 97,592 J 76,901A 66,225 A 81,659 A 66,704S 61,827 S 111,103 S 78,5980 82,425 0 83,277 0 50,139N 75,193 N 83,504 N 49,927
D 63,932 D 77,455 D 63,357
1866 1870 1874J 76)722 J 76,236 J 73,673
F 71,126 F 72,649 F 65,797M 82,195 M 76,204 lvi 68,211A 79,092 A 73,624 A 73,658M 87,979 M 88,642 M 64,952J 87,981 J 76,820 J 66,368J 74,395 J 82,921 J 61,424
A 81,571 A 60,438 A 50,268S 81,060 S 61,718 S 64,075o 111,500 0 69,871 0 73,286N 115,803 N 71,004 N 69,343
D 81,344 D 79,787 D 72,844
1867 1871
J 78,541 J 73,603F 67,325 F 69,115M 68,338 M 90,485A 70,713 A 100,267M 71,544 M 94,817J 64,479 J 93,915J 71,823 J 63,393A 62,936 A 67,489S 74,780 S 89,585O 79,783 0 96,795N 73,078 N 78,987D 64,927 D 88,429
1868 1872J 82,613 J 97,114F 82,665 F 84,854M 87,106 M 100,196A 83,275 A 118,178M 73,314 M 109,595J 81,547 3 83,210J 73,268 J 72,241A 75,138 A 86,032S 77,647 S 93,6640 109,223 0 125,061N 106,118 N 113,184D 89,817 D 108,528
BANK CLEARINGS, PIG IRON AND PRICES A255
TABLE 27—(Continued)PART II
1 2 3 4 5 6Date Clear. Def. Cl. Clear. Pig Snyder's B. of L.
N. Y. outs. N. Y. outs. N. Y. Iron Prices Prices
1875J 74,771 33,118 30,800 93F 69,180 31,447 29,246 93M 73,398 35,643 33,148 93A 75,580 32,452 30,180 93M 70,667 31,736 29,197 92J 71,148 36,340 33,433 92J 63,997 30,553 27,803 91A 50,041 31,793 28,932 91S 59,765 29,520 26,863 91O 62,576 33,043 29,739 90N 63,700 39,970 35,573 89D 64,903 33,113 29,471 89
1876J 65,211 35,727 31,797 89F 65,210 32,433 28,541 88M 62,152 36,067 31,739 88A 55,490 30,394 26,747 '88M 57,309 32,369 28,161 87J 55,075 34,583 30,087 87J 48,948 30,041 25,835 86A 50,461 32,292 27,771 86S 57,329 30,267 26,030 86o 65,040 33,709 28,990 86N 59,195 36,992 31,813 86D 62,908 34,576 29,735 86
1877J 68,563 34,241 29,790 4.71 87F 69,556 32,691 28,114 4.78 86M 63,897 33,586 28,548 4.83 85A 68,174 31,282 26,590 4.85 85M 63,720 35,373 29,713 4.80 84J 61,244 29,889 25,107 4.72 84J 60,332 29,831 25,058 4.70 84A 61,868 30,215 25,381 4.74 84S 61,571 31,301 25,980 4.84 83O 73,369 35,029 29,074 5.00 83N 64,647 37,622 30,850 5.20 82D 65,800 34,107 27,968 5.43 82
1878J 64,971 39,237 32,174 5.70 82F 53,924 30,062 25,079 5.90 81M 59,963 29,175 23,632 5.98 81A 67,364 30,272 24,520 5.90 81M 60,646 32,790 26,232 5.76 80J 57,211 29,796 23,837 5.63 80J 59,666 33,359 26,687 5.45 80A 56,542 28,121 22,497 5.32 80S 55,074 31,966 25,573 5.25 800 71,310 38,730 30,984 5.32 80N 67,841 33,725 26,980 5.40 80D 61,307 32,625 25,774 5.47 79
A256 APPENDIX
TABLE 27—( Continued)PART II
DateI
Clear.N. Y.
2Def. Cl.
outs. N. Y
3Clear.
outs. N.Y
4l'igIron
Snyder'sPrices
UB.ofL.Prices
70,98568,29660,83068,34178,89863,08865,60874,29076,938
114, 187117,142101, SSG
37,20834,00131,65837,77234,72435,39238,32531,71535,54150,43546,44445,099
29,39426,86125,01029,84027,43227,96030,277.25,05528,43340,34837,62036,981
5.515.545.585.635.745.986.406.847.317.838.338.83
797079797979797980808182
104,572100,868111,972112,520107,50197,80883, 98477,41289,841
104,520135,766139,434
47,80843,29444,27044,92541,78841,24141,22839,23940,73545,35051,35453,111
39,75535,93437,18737,73734,68434,23034,21932,56834,21738,09443,13744,613
1879J
FMAMJJAS0ND
1880JFI\1AMJJAS0ND
18813FMA
33AS0ND
1 8S2JFMAM3JAS0ND
9.259.599.759.749.509.078.608.458.608.899.159.42
838384848383838384848484
152,117155,450135,559123,535157,457140, 53S
125,335114,704113,833138,106129,056137,633
51,35949,21447,15449,20852,51658,15047,00252,77953,86053,82156,92056,940
43,65541,83240,08141,82744,63049,43339,95245,39046,32051,17449,52048,968
9.719.93
10.039.979.809.649.499.449.549.699.95
10.36a
8585858585858081;
878786
139,159126,737143,956130,254103,850111,563114,336120,181134,573141.442
125,641
53,85249,54349,03350,66350,38651,45351,001
48,35752,87256,14458,26754,744
46,31342,60742,10843,57043,33244,25043,86141,58745,47048,28449,52746,532
10.9811.3411:2511 .0310.8010.5710.3010.2410.4811.1511 .3611.83
868686868386868686868585
BANK CLEARINGS, PIG IRON AND PRICES A257
TABLE
Date
27—.(Continued)PART II
2 3Def.
outs.Cl.
N. YClear.
outs. N.
1Clear.
Y
4PigIron
5Snyder's
Prices
6B.ofL.Prices
1883JFMA.MJJAS0ND
106,738107,05899,838
102,846103,388100,40188,88196,168
101,400123,60496,329
104,202
56,62652,00851,79950,76853,81855,96452,28150,51751,59059,31656,88057,188
48,13244,20744,02943,15345,74547,01043,91641,92942,82049,23247,21046,894
12.0012.0211.8811.4911.1811.0811.0410.9810.9210.7710.6210.38
858585858584848383838382
1884JFMAMJJAS0ND
109,125102,33692,74796,744
107,39479,89070,32066,12268,54976,47969,86476,739
57,04151,72050,86055,67556,03049,16348,25844,21047,15953,24649,80154,324
46,77442,41041,19745,09745,38439,33038,60635,36837,72742,59739,34342,916
9 949.679.82
10.2210.4510.5910.7410.239.859.90
10.099.44
828281818180808080807979
1885JFMAMJJAS0ND
70,49667,86464,92862,26664,44664,07776,64865,84270,048
102,895110,632104,464
I-53,76546,39246,57050,89548,37152,66753,12745,82750,74760,36361,57062,319
42,47436,65036,79040,20737,72941,08041,43935,74539,58347,68748,64049,232
9.059.80
10.109.909.719.609.849.909.80
10.2311 .2012.10
797979797878787878797979
1886JFMAMJJAS0ND
92,75998,05493,71280,69977,75391,13979,87279,16786,860
104,784106,065116,741
58,35856,17158,31056,53255,39960,77260,82055,02759,75166,43269,38470,473
46,10344,37546,06544,66043,76548,01048,04843,47147,20352,48154,81355,674
12.1911 .9612.8114.2315.0315.3015.1314.7814.8815.3915.6315.84
797979797979797979797979
A258 APPENDIX
TABLE 27—( Continued)PART II
Date
1887J 95,571 65,426 51,032 16.26 78F 88,331 62,738 48,936 16.54 78M 91,495 68,673 54,252 16.71 79A 101,096 70,228 55,480 17.03 79M 90,024 69,306' 54,752 14.6.5 79J 98,848 75,744 59,080 12.13 78J 83,717 66,468 51,845 12.97 78A 80,449 62,754 48,948 15.42 78S 89,429 67,017 52,273 17.57 78O 96,095 72,486 56,539 18.35 78N 97,727 75,785 59,870 18.47 79D 88,399 70,984 56,077 17.97 79
1888J 81,328 68,334 53,984 1626 79F 76,333 65,216 51,521 1459 79M 76,967 63,148 49,8S7 14.48 79A 85,745 67,186 53,077 15.17 79M 87,969 70,000 55,300 15.61 79J 78,544 69,109 54,607 15.23 79J 75,622 66,982 52,916 15.19 79A 77,828 64,451 51,501 16.00 80S 89,313 66,571 53,257 16.70 80O 103,043 82,181 65,745 17.58 80N 90,541 76,075 60,860 18.73 80D 90,023 75,875 60,700 19.65 80
1889J 99,023 77,270 61,816 19.55 80F 06,258 72,116 57,693 19.18 80M 93,218 71,056 56,845 19.23 80A 91,667 72,484 57,987 18.77 80M 09.364 75,456 60,365 17.94 80J 102,379 74,654 59,723 17.67 80J 93,629 76,504 61,203 18.03 80A 88,660 68,678 54,942 18.18 80S 89,996 70,521 56,417 18.75 80O 116,702 85,008 68,726 20.18 80N 106,806 83,534 66,827 21.43 80D 102,062 81,243 64,994 22.16 80
1890J 105,025 85,823 68,658 54.7F 100,767 78,139 62,511 54.8M 91,062 78,649 62,919 55.0A 97,453 85,250 68,200 55.1M 122,211 91,460 73,168 55.6J 105,288 86,621 69,297 55.4J 91,392 86,399 69,119 55.7A 95,488 79,476 63,581 57.8S 103,067 85,066 68,053 58.40 115,050 97,113 77,690 58.1N 111,699 93,275 73,687 57.1D 02,499 68,661. 56.6
1Clear.N.Y.
2Def. Cl.
outs. N. Y.
:3
Clear.outs. N. Y.
4PigIron
5Snyder'sPrices
6B.ofb.Prices
22.6723.2323.7724.0224.2423.9222.9422.6523.4923.8524.0723.07
808080808080808080807979
BANK CLEARINGS, PIG IRON AND PRICES
TABLE 27—(Continued)PART II
Date
1891JFMAMJJAS0ND
1892JFMAMJJAS0ND
1893
FMAMJJAS0ND
1894jF.MAMJJAS0ND
1Clear.N.Y.
95,38782,30578,90796,53093,76684,85079,93977,532
110, 751)
105,87498,276
105,130
114,471111,637105,182102,51796,13493,56883,17381,74992,61699,306
106,041116,202
114,886109,532104,861
93,54598,56487,53077,20763,16261,37371,91575,22871,466
69,85761,57366,09067,27867,52163,28659,46560,37462,16873,59774,71675,365
2Def. Cl.
outs. N. Y.
87,03979,98677,41985,61682,40583,08683,05477,94589,76995,83092,95802,809
91,07891,09687,95889,84888,58494,97189,02086,26890,794
101,249103,667104,324
• 102,53295,71094,30196,36897,97387,65878,51462,54268,82580,56884,99184,099
85,08873,89176,84779,34382,25080,38876,38677,32378,32891,63991,10490,288
3Clear.
outs. N. Y.
68,76163,18961,16167,63765,10064,80765,48460,79770,02075,70672,50773,319
71,95271,96669,48770,98069,98175,02770,32668,15271,72779,98781,89782,416
81,00075,61173,55575,16775,43967,49759,67147,53252,30761,23264,59363,074
63,81655,41857,63559,50760,86559,48756,52657,21957,96367,81367,41766,813
4PigIron
19.9517.3715.0913.9216.2420.5323.0423.5524.5625.9326.4926.28
25.8125.8625.5524.4723 .42
22.9322.0720.9921.2022.6223.8423.05
23.5423.7624.3324.7024.4522.5717.9513.0110.6510.4912.4513.99
14.1615.1017.2017.2112.4410.6114.4319.1121.5622.3623.5023.70
5Snyder's
Prices
797979797978787878797879
797979797979797979797979
797978787777767676767675
— —
7575757474747474747474
6B.ofL.Prices
56.156.657.858.257.555.855,555.454.854.654.353.8
52.752.451.650.550.850.751.952.452.553.054.055.0
56.657.256.255.655.053.251.950.352.052.951.250.4
49.648.647.547.347.047.247.548.349.648.247.947.5
A260 APPENDIX
TABLE 27—(Continued)PART II
Date1
Clear.N. Y.
2Def. Cl.
outs. N. Y.
3Clear.
outs. N. Y.
4PigIron
5Snyder'sPrices
6B. of L.Prices
1895J 77,248 91,809 67,939 23.09 74 47.2F 66,587 78,118 57,807 22.14 74 46.9M 72,282 82,009 60,687 21.62 74 47.2A 79,116 88,923 65,803 21.45 74 49.6M 91,415 91,325 68,494 21.35 75 50.1J 82,695 89,284 66,963 22.44 75 50.4J 81,538 91,815 68,861 24.31 75 50.0A 74,736 82,172 61,629 26.47 75 49.5S 79,100 84,013 63,010 28.35 75 49.0O 94,633 103,901 77,926 30.12 75 49.4N 86,440 100,036 75,027 31.21 75 49.0D 93,868 99,011 73,268 30.37 74 48.3
1896J 82,659 93,418 69,129 28.81 74 48.0F 81,828 84,278 62,366 27.33 74 47.5M 74,718 82,750 61,235 26.43 74 46.9A 79,782 89,239 66,037 26.30 74 46.7M 75,487 85,972 63,619 25.76 74 46.0J 80,479 88,405 65,420 24.89 74 45.5J 80,013 86,990 63,503 22.96 73 45.1A 63,586 72,992 53,284 19.33 73 45.1S 68,768 78,178 57,070 16.13 73 45.3O 84,317 90,166 66,723 15.85 74 46.6N 89,562 90,347 66,857 18.14 74 48.1D 85,675 93,409 69,123 20.73 74 47.6
1897J 83,527 86,696 64,155 22.36 74 46.7F 73,040 82,384 60,964 23.24 74 46.3M 77,004 82,785 61,261 24.07 74 46.3A 74,992 87,068 64,430 24.30 74 45.8M 74,682 84,093 62,229 24.12 74 45.5J 85,718 89,149 65,970 23.71 74 45.0J 91,417 89,638 66,332 23.40 74 45.3A 94,738 86,308 63,868 24.78 74 47.1S 115,078 97,747 73,310 27.18 75 48.5O 107,614 102,431 76,823 29.22 75 48,1N 104,048 106,193 78,583 30.80 74 47.9D 115,754 106,211 79,658 31.59 75 48.1
1898J 119,042 103,824 77,868 31.65 75 48.0F 125,580 100,795 75,596 31.96 75 48.6M 110,258 99,480 74,610 32.16 75 48.8A 95,631 98,572 72,943 32.00 74 48.9M 101,465 98,008 73,506 31.39 75 51.8J 108,862 103,257 77,443 30.53 75 48.3J 96,033 91,264 68,448 29.65 75 48.0A 113,283 03,101 69,826 29.55 75 48.0S 113,799 96,303 72,227 30.37 75 47.8o 114,137 107,208 80,406 31.58 75 47.7N 132,454 114,070 86,693 32.90 76 48.0D 150,076 119,414 90,755 33.61 76 48.3
BANK CLEARINGS, PIG IRON AND PRICES
TABLE 27—(Continued)PART II
1 2Date Clear. Def. Cl.
N. Y. outs. N. Y.
A261
3Clear.
outs. N. Y.
4PigIron
5Snyder'sPrices
6B.ofL.Prices
183,572162,523190,390185,897178,215159,340142,592140,592146,66516.9,566165,098172,525
121,496116,730122,513119,688120,050120,594113,884108,734116,756128,279127,184125,960
93,55289,88294,33593,35793,63994,06389,96885,90092,237
102,623101,747100,768
33.5932.4732 .9634.4034.9235.7836.7137.1638.1139.6440.9641.42
777777787878797979so8080
48.049.749.850.650.751.351.953.054.6.55.455.856.7
150,470140,948155,983157,208144,427129,140114,571102,719105,217147,620190,135101,843
122,067112,814114,353116,744116,130118,300110,832104,694105,909124,799127,796126,928
98,87491,37992,62694,56394,06595,82389,77483,75584,727
101,087104,793104,081
1899JFMAMJJAS0ND
1900JFMAMJJAS0ND
1901JFMAMJJAS0ND
1902JFMAMJJAS0ND
41.5241.5140.9641.0541.4840.4536.5532.8231.3230.2230.7633,38
818181818181818080818282
57.057.357.357.256.155.5.55.855.756 . 1
55,3.55.45.5. 1
238,745200,843222,157287,896300,820228,693196,1911.59,017168,238191,952212,271203,735
134,323122,752126,262141,248140,152
., 134,205131,434122,363120,792143,339142,250138,054
110,145100,657103,535115,823116,326111,390109,090101,561100,257118,971119,490115,965
37.4340.4241.1441.7543.0043 .6544.1043.4243.6744.5945.4040.
828282828383838383838484
55.254.754.554.454.154.154.555.456.156.156.657.7
223,531191,034177,643245,088219,539165,572212,698187,643226,819241,834217,976198,905
147,773132,029133,740146,289140,182131,141140,046122,418135,655149,378141,864143,901
124,129110,904112,342122,883119,155111,470119,039104,055115,307128,465122,003123,755
46.3844.9246.6149.1849.7748.2346.5147.3647.2947.7747.7649.59
848484848585858585868686
56.856.756.557.458.358.859.158.058.763.260.761.5
A262 APPENDIX
TABLE 27—( Continued)PART II
1Clear.N.Y.
2Def. Cl.
outs. N. Y.
.3Clear.
outs. N. Y.
6B. ofL.Prices
231,810187,186193,684198,146179,839191,550192,832150,472143,049168,816153,597177,343
150,210135,944136,129144,663136,384146,183143,623125,337134,520151,763141,659146,163
129,181118,271118,432124,410117,290125,717123,516107,790115,687130,516121,827125,700
47.5149.6751.3153.6155.2855.7749.8850.6851.7945.9934.6527.31
868787868686868686868686
62.662.060.360.059.0.59.058.658.859.5.58.758.358.2
183,598152,752154,967159,688156,221152,350167,560150,181178,490241,189277,922274,224
144,513135,477138,117140,337130,187139,073133,751129,3171,39,108153,875164,241162,255
124,281116,510118,781120,690111,961119,603115,026111,213119,633133,871142,890142,784
29.8041.6746.8252.0449.5843.1936.1637.8345.2646.9449.5552.13
1903JFIv'AMJJAS0ND
1904JFMAMJJAS0ND
1905JFMAMJJAS0ND
1906JFMAMJJAS0ND
868686868686868686878788
59.760.760.559.358.558.458.5.59.259.859.960.761.1
249,507254,226281,658289,360254,324224,510220,614225,186228,649258,903284,7.55312,565
154,443146,826157,195157,295156,778158,276149,518145,592152,730168,792174,770174,857
135,910129,207138,332138,420137,965139,283133,071129,577137,457151,913157,293157,371
57.4857.0562.4664.0763.3559.7856.1959 .4763.3266.2367.1265.99
888888888888898990909090
60.661.060360.459.359.359.460.159.659.960. 161.0
362,522297,301270,234284,775283,646260,540234,082284,942277,128301,421286,933297,675
185,831167,673168,852164,238162,088167,069160,174155,491156,533187,801186,151178,566
169,106152,582153,655149,457147,500152,033145,758143,052144,010172,777173,120167,852
66.7468.0069.8669.1167.7065.8964.9562.1565.7070.8772.9272.11
919191919191919292929394
61.160.860.661.161.361.359.761.261.762.863.664.3
BANK CLEARINGS, PIG IRON AND PRICES
TABLE 27—( Continued)PART II
1Date Clear.
N.Y.
A263
Def. Cl. Clear.
1907JFMAMJJAS0ND
B.ofL.Prices
310,893261,839308,460255,584236,608212,306235,864222,274201,008264,387183,358172,579
189,914174,377178,648180,926177,814173,539177,410163,665164,574198,758154,688145,908
178,519163,914167,929170,070167,145163,127166,765153,845154,700184,845142,31.3134,235
71.1573.0471.8273.8974.0574.4972.7672.5972.7875.3960.9439.82
049494949404049494939292
64.064.964.364.565.666.166 . 1
66 . 1
66.566.964.663.2
1908JFMAMJJAS0ND
217,751168,829177,453182,919215,156188,462213,486200,811226,083233,364273,034298,912
165,060147,740154,757158,232149,902155,942161,148144,004160,141175,375177,040181,117
151,855135,921140,829145,573137,910141,907146,645132.484147,330161,345162,877168,439
33.7237.1639.6238.3237.6036.4039.2943.8747.3050.5652.6056.16
929291929291919292929293
62.361.461.862.262.262.663.163.063.363.564.1(34.8
1909JFMA
J
AS0ND
286,590245,961241,510287,158261,169303,723268,379280,208282,612324,269302,121319,572
181,769170,269180,673184,534170,868181,359170,183167,879180,161200,371201,479203,105
169,045158,350168,026171,617160,616170,477168,432157,806171,153190,352193,420194,981
57.9960.9859.1057 .9660.7564.3667.85725579.5183 .8684.9285.02
930303939494049495950606
64.664.965.266.267.367.867.968.268.970.270.971.6
1910JFI\'IAMJJAS0ND
362,874291,112291,812278,059251,834278,811254,151208,460207,701254,971260,477258,865
200,649186,801201,330197,512180,013189,677184,005170,079178,835198,460201,446201,082
192,623179,329195,290191,587174,613183,987176,645164,077173,470192, 5Q6195,403193,039
84.1585.6284.4582.7977.1075.5269.3167 .9668 .5467. .5263,6657.35
060697979797969797970796
71.471.372.973.272.071.071.070.869.967.966.466.6
A264 APPENDIX
TABLE 27—(Continued)PART II
Clear.N.Y.
2Def. CI.
6B. ofL.Prices
275,202260,541245,858232,328256,730273,884242,446238,199239,499242,265269,129261,671
201,371184,068195,518189,604187,950193,972185,594176,405187,209200,389206,020202,232
193,316178,546189,652182,020180,432188,153180,026171,113181,593196,381201,900198,187
56.7564.0970.0468.8061.0859.5957.8462.1566.5767.8166.6565.91
969797960697079707989898
66.164.464.763.363.063.063.965.566.166,265.965.3
285,019252,161271,514294,339283,219265,369255,519241,493247,762327,065293,994284,152
207,667197,917200,104208,267198,184192,327197,861187,923191,530227,853219,053215,190
205,590195,938198,103208,267198,184192,327197,861187,923191,530230,132222,153215,190
66.3872.4477.5979,1881.0581.3677.7781.0582.1386.7787.7089.77
1911JFMAMJJAS0ND
1912JFMAMJJAS0ND
1913JFMA'VIJJAS0ND
1914JFMAMJJAS0ND
990999
100100100100100100101101100
66.066.767.569.770.069.068.969.770.570.870.270.1
301,249278,379254,395268,511256,855258,451236,933218,136248, 53 1280,434252,896258,065
225.468210,704204,497210,640201,335203,283203,052184,074200,433227,493213,150219,129
225,468210,704204,497210,640201,335201,250203,052184,074202,437229,768213,150219,129
90.1792.3789.1591.7691.0487.6282.6082.1283.5382.1474.4463.99
10010010010010099
100100101101100100
706969696869696970707069
.3
.8
.9
.7
.9
.0
.5
.7
.6
.4
.1
.1
302,327258,485253,203284,884233,501261,473263,887147,781154,271180,950179,981210,635
222,894203,461209,106214,357193,587205,953206,132172,999180,399200,039193,629199,645
222,894203,461209,106214,357193,587205,953206,132174,729182,203200,039191,603199,645
60.8167.4575.7475.6767.5163.9363.1564.3662.7557.3650.6148.90
10010010010010010010010110110099
100
68.668.368.067.667.467.467.369.670.268.067.567.3
BANK CLEARINGS, PIG IRON AND PRICES
TABLE 27—( Continued)PART II
Date1
Clear.N.Y.
A265
2 3Def. Cl. Clear.
outs. N. Y. outs. N. Y.
4PigIron
6B.ofL.Prices
235,086231,494244,036293,722278,553267,516280,498275,401320,812410,957394,314397,779
202,003196,018204,858206,858193,414203,366199,267181,497198,846225,849237,897240,887
202,003196,018204,858208,927195,348205,400203,252186,942206,800241,658254,550260,158
515966707379828995
100101103
.66
.81
.58
.55
.02
.3669
.67
.09
.82• 24..33
68.168.668.268.769.068.369.368.668.370.271.774.0
397,639382,991404,770387,420405,191418,451368,992379,591478,531506,813555,112546,310
229,516223,653234,419227,120231,307235,235224,477222,272236,522265,312269,323263,589
252,468248,255264,894258,917263,690270,520258,148260,058283,827323,681339,347334,758
100100100101101101102103104107107108
110111113114114115115117120122126127
.64
.47
.88
.17
.24
.00
.82
.77
.47
.55
.86.00
102.75106 .46107.67107.59108.42107.05104.02103.35106.75113.19110.39102.54
1915JFMAMJJAS0ND
1916JFMAMJJAS0ND
1917JFMAMJJAS0ND
19183FMAMJJAS0ND
77.078.580.481.782.582.983.485.186.991.197.499.2
487,979456,931459,004488,408502,691569,969489,849473,526462, 797507,206494,473471,405
265,313243,066258,502254,272249,429249,998240,071236,899238,495285,284293,438269,366
339,600315,986341,223345,810346,706354,997338,500336,397338,663405,103413,747385,194
10194
104111110109107104104106106
93
128130132136139142141142142142141143
102.1104.5107.7114.1120.7122.0123.0124.8123.5122.2122.8122.9
474,809437,834446,460469,783501,926495,255496,813482,530455,462545,652520,194537,389
265,329244,838269,030277,497271,820271,839275,975269,853265,175302,089283,165278,694
382,074357,464395,474413,470410,448415,913427,761426,368424,280489,352458,727457,058
77 .8082.83
103.65109.61111.18110.79110.35109.34113.94112.48111.80110.76
144146147149151153155158160162162164
125.0122.7126.4128.3128.1129.0132.0134.3137.5136.3136.3136.3
A266 APPENDIX
TABLE 27—(Continued)PART II
1Clear.N.Y.
2Def. Cl.
outs. N. Y.
3Clear.
outs. N. Y.
4PigIron
SSnyder's
Prices
6B.ofL.Prices
576,150 288,294 49,919to individual acc'ts"
584,484517,571
332,674303,261
542,258488,250
538,645577,433
308,085312,256
499,097512,100
655,806719,000
322,523345,902
538,613588,033
723,452654,065
345.365323,827
600,935569,935
681,533781,484
342,538366,944
602,867653,161
778,367801,935
353,315380,522
639,500700,161
106.53105.0199.6982.6168.0070.5078.3488.50
60.1279.7584.94
163161162164167170174176176178181184
134.4129,8131.3133.0135.3135.6141.1144.3141.1141.6144.5150.5
Date
1919J1919JFMAMJJAS0ND
1920JFMAMJJAS0ND
1921JFMAMJJAS0ND1922JFMAMJJAS0ND
97.26102.72108.9091.3396.31
101.4598.94
101.53104.31106.2197.8387.22
188189192196
° 198199198195
192187180
157.7157.1158.6165.5167.2166.5165.8161.4155.2144.2133.4120.7
762,452622,552718,871710,667631,645660,200614,935560,355586,667649,581672,367722,839
646,226540,357559,774544,967553,903591,833527,097489,871536,733568,065583,067663,710
615,000590,821657,968690,567698,516735,433635,903589,903640,500720,065634,233672,613
372,872323,554355,276345,646320,501344,070338,954312,721338,103350,991348,039368,101
327,975303,135314,042317,086301,770326,173305,948300,625325,430339,075334,360356,186
328,350323,548344,121334,851333,238362,299331,569319,536344,854369,124352,531387,611
701,000611,517682,129677,467634,710684,700671,129609,806659,300673,903650,833662,581
580,516521,393533,871529,533494,903528,400489,516481,000517,433539,129531,633562,774
512,226501,500533,387522,367526,516572,433527,194511,258551,767594,290571,100631,806
77.9569.1951.4739.7739.3935.4927.8930.7832.8540.2247.1853.20
177172170167164162160160159159159158
114.0104.9102.498.996.293.493.493.593.494.194.292.9
53.0658.2165.6869.0774.4178.7077.5958.5967.7985.0994.9999.58
156155155156158158159160160161162163
91.492.992.893.296.196.399.498.699.399.6100.5100.7
BANK CLEARINGS, PIG IRON AND PRICES A267
TABLE 27—( Continued)PART II
1 2 3Debits Def. Deb. DebitsN.Y.
4PigIron
5Snyder'sPrices
6B. ofL.Prices
389,194368,162384,047380,121376,370392,209355,504338,358348,707383,968371,008305,783
634,387603,786633,677627,200624,774651,067586,581558,290575,367637,387617,367657,000
104.18106.94113.67118.32124.76122.55118.66111.27104.18101 .5996.489423
163164165165166166165165165166166166
102 .0103.3104.5103.9101.9100,398.497.899.799.498.498. 1
374,425361,594372,969381,111364,399372,032364,848345,433368,444408,837378,434419,163
Date
1923JFMAMJJAS0ND
1924JFMAMJJAS0ND
1925JFMA
JJAS0ND
1926JFMAMJJAS0ND
625,290603,862619,129628,833601,258610,133602,000573,419607,933674,581628,200704,194
971061111078467576068798395
.38.03.81.78.36.54.58.88.44.0166.54
167167166165165164165166165165166168
712,484679,250727,129682,633667,871701,367591,000522,226559,967617,806666,100712,200
713,355685,724695,032688,467690,516730,867692,548674,710691,133726,000768,233881,516
892,968818,714851,032798,167844,484897,667821,226750,484812,300932,774900,300977,839
985,097886,179
1,064,710976,667857,129939,867892,226846,226853,933927,581850,667
1,050,871
99.699.798.597.395.994.995.697.097.198.299. 1.
101..5
425,673392,921405,42140S,988392,032425,529409,488374,816407,310450,844411,503449,095
719,387664,036685,161687,100658,613723,400696,129640,935696,500775,452711,900776,935
108114114108948985879097
100104
.72
.79
.98
.63
.54
.12
.94
.24
.87'53.77.85
169169169168168170170171171172173173
102.9104.0104.2101.9101.6103.0104.3103.9103.4103.6104.5103.4
440,183417,401442,520439,318404,622418,109430,540391,964413,488448,595418,469462,045
761,516717,929756,710751,233691,903714,967751,613670,258711,200767,097719,767790,097
106.97104.41111.03115.00112.30107 .84103.98103.24104.54107.55107.8999.71
173172171171171171171171172171172171
103.2102.0100.6100.3100.5100.499.599.199.799.498.497.9
A268 APPENDIX
TABLE 27—( Continued)PART ii:
1 2 3 4 5 6Date Debits Def. Deb. Debits Pig Snyder's B. of L.
N. Y. outs. N. Y. outs. N. Y. Iron Prices Prices
1927J 1,008,323 445,085 756,645 100.12 170 06.5F 979,064 436,576 742,179 105.02 170 95.8M 1,112,645 455,901 775,032 112,37 170 04.7A 1,066,900 465,010 785,867 114.07 169 94.1M 1,008,710 434,023 737,839 109.39 170 04.2J 1,100,267 464,171 793,733 102.99 171 94.1J 991,935 435,142 739,742 95.20 170 94.3A 1,021,065 415,922 711,226 95.07 171 95.2S 1,112,300 450,501 779,367 92.50 173 06.3O 1,099,710 468,227 810,032 89.81 173 96.6N 1,109,400 458,632 793,433 88.28 173 06.3D 1,256,065 491,342 854,935 86.96 174 96.4
1928J 1,222,065 466,176 806,484 02,57 173 96.4F 1,128,966 433,625 750,172 100.00 173 95.8M 1,444,710 479,180 833,774 103.22 174 05.5A 1,392,600 480,476 840,833 106.18 175 96.6M 1,460,323 480,153 849,871 105.93 177 97.5J 1,515,167 511,013 900,967 102.73 176 96.7J 1,131,774 437,995 770,871 99.09 176 97.4A 1,132,323 428,904 754,871 101.18 176 97.6S 1,290,833 457,865 815,000 102.08 178 98.6O 1,457,710 504,921 893,710 108.83 177 96.7N 1,515,633 484,644 862,667 110.08 178 95.8D 1,700,871 537,496 956,742 108.71 178 95.8
1929J 1,765,129 506,866 907,290 111.04 179 05.9F 1,653,179 489,126 875,536 114.51 179 95.4M 1,787,903 504,140 907,452 119.82 180 06.1A 1,599,300 499,125 893,433 122.09 179 95.5M 1,614,290 477,924 855,484 125.75 179 94.7J 1,442,100 492,141 880,933 123.91 179 95.2
J 1,587,581 506,933 917,548 122.10 181 96.5A 1,581,742 502,286 914,161 121.15 182 96.3S 1,678,067 497,523 910,467 116.59 183 96.1O 2,042,742 574,960 1,040,677 115.75 181 95.1N 1,786,800 546,341 950,633 106.05 174 03.5D 1,285,484 499,295 868,774 91 .51 174 93 .3
1930J 1,120,387 476,882 829,774 91.21 174 92.5F 1,111,321 444,550 769,071 101.39 173 91.4M 1,314,194 466,418 806,903 104.72 173 00.2A 1,287,700 466,418 811,567 106.06 174 90.0M 1,207,194 457,914 787,613 104.28 172 88.8J 1,256,333 486,134 821,567 97.80 169 86.8J 954,839 447,576 747,452 85.15 167 84.4A 808,129 407,423 676,323 81.42 166 84.3
S 912,767 424,211 708,433 75.89 167 84.40 992,935 469,028 764,516 69.83 163 83.0
N 749,667 407,868 656,667 62.24 161 81.3
D 935,516 471,764 745,387 53.73 158 79.6
BANK CLEARINGS, PIG IRON AND PRICES
TABLE 27—(Continued)PART II
Date DebitsN.Y.
A289
2Def. Deb.
792,161748,143889,968894,033808,774863,100677,645564,548669,100667,032482,133620,419
445,798388,626399,034421,935397,597431.245399,307357,783377,029406,003338,078394,286
699,903610,143626,484654,000608,323646,867594,968533,097554,233584,645486,833552,000
55.3060.9565.5667 .3264.3354.6247 .2041.3138.9637.8536.7831.63
157157157155153150149149147144144140
78.276.876.074.873.272.172.072.171.270.370.268.6
570,194495,897521,290518,600416,548473,400410,581434,129472,1004.17,548327,167450,548
371,505326,318323,264357,338305,425333,359312,853287,317297,172304,211280,385323,084
512,677443,793442,871478,833403,161430,033403,581.379,258392,267398,51.6364,500413,548
1931JFMAMJJAS0ND
1932JFMAMJ3AS0ND
1933JFMAM3JAS0ND
19343FMAMJJAS0ND
31.3833.2531.2028.4325.2820.9418.4617.1219.7520 .8021.0417.62
138136137134132129129132132131130128
67.366.366.065.564.463.964.565.265.364.463.962.6
400,419429,857
*
450,871558,100559,806421,806411,333428,387406,800419,774
306,146299,568
285,377292,329337,709339,149302,420306,141315,959298,923324,731
388,806371
*
353,867371,258432,267447,677399,194407,167420,226397,567428,645
18.3519.8017 .4820.7928.6242.1757.8259,1450.7443.7536.1738.13
127124123124127128132132133133133132
615960606265686970717170
.0
.8
.2
.4
.7
.0
.9
.5.8.2.1.8
452,355472,536503,484565,133472,677512,933446,516396,290374,067396,323378,100490,774
320,107309,454333,895343,163338,638358,978325,152313,721309,041335,670319,262361,774
420,857454,097470,133460,548491,800448,710432,935429,567466,581446,967506,484
39.2045.1352.2457.5665.9064.3439.5134.0129.9430.6831.9033.15
133136136137136137138138139139140140
72.273.673.773.373.774.674.876.477.676.576.576.9
*Not available, complete data not having been reported on account of bank holidaya.
A270 APPENDIX
TABLE 27—(Concluded)PART II
DateI
DebitsN.Y.
Def.outs.
2Deb.N.Y.
3Debits
outs. N. Y.
4Pig
Iron
5Snyder'sPrices
6B.ofL.Prices
1935JFMAMJJAS0ND
483,806448,179512,742530,167469,387522,233539,903475,225467,133507,516518,067570,452
344,635331,514362,594369,625353,14.7368,380370,568345,647343,016369,703375,884407,361
485,935470,750511,258524,867505,000530,467537,323504,645504,233547,1.61560,067606,968
47.0657.4557.1055.4555.7151.7549.0456 .8259 .2263 .8268.8667.95
141142141142143144145146147148149149
78.879.579.480.180.279.879.480.580.780.580.680.9
1936
MAMJ
AS0ND
578,226545,034633,194576,167523,452620,767522,5484.63,290521,867553,903579,800730,903
339,914360,036381,671388,822365,549414,035389,966353,722375,769416,501389,768471,455
509,871543,655576,323583,233548,323629,333600,548551,806586,200649,742615,833749,613
65.3562.8965.8280.1285.4386.2183.6987.4891.0196.5198.25
100 48
150151151150150152154156156156158159
1937J
80,680.679.679.778.679.280.581.681.681.582.484.2
616,000 408,395 657,516 103 60 161 85.9
BANK CLEARINGS A271
/ TABLE 28
DAILY AVERAGE BANK CLEARINGS IN NEW YORK CITY, MONTHLY,JANUARY 1857- J NUARY 1919, INcLusivE; DAILY AVERAGE
BANK DEBITS IN NEW YORK CITY, MONTHLY,JANUARY 1919 - JANUARY 1936
Col. 1. Logarithms of Data (in thousands of dollars) Adjusted forSeasonal Fluctuations.
Col. 2. Cyclical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve (logarithms) from Trend
Curve (logarithms).Col. 5. Changing Seasonal Fluctuations (logarithms).
For details of the nature of the graduations given in Columns 2 andand of the seasonal given in Column 5 of this table, see Appendix D.
A272 APPENDIX
TABLE 28
Date 1 2
BANK CLEARINGS IN NEW YORK CITY
3 4
4 . 3574.3764.35 74.3804.3634.3844.3874.3714.2203.9994.0224.043
1 2 3 4
4.38664.38844.38184. 36654. 34324. 31334. 27904. 24264. 20624. 17194. 14174. 1172
4. 25214. 25194.25164. 25 134.25094. 25064.25024.24994. 24974. 24934. 24884. 2482
4.1644.1844.1704.2214.3354.3644.3824.3584.4244.4984.4344.493
4. 18484. 20704.2 3254. 26074.29134. 32404. 35804.39254. 42 704. 46054. 49214.5214
4. 34794. 36004, 37244.38484. 39734.41094.42454. 43864. 45254.46134.48214. 4973
5
—.001+.009+ .030+.014+.018—.021—.038—.051—.017+ .045+.032—.019
—.1631—.1530—. 1399—.1241—.1060—.0869— .0665—.0461—.0255—.0068+.0100+.0241
4.0594.1014. 1434. 1424.1514.1704.1694.1694. 1754.2194.2384.240
4.09994.09094.09074.09874,11404.13444.15744.18034. 20104. 2 1814. 23074.2393
4. 24774. 24674.24574. 24464. 24384. 24204. 24054. 23894. 23724. 23524.23304.2306
4.6004.6244.5954.5864.6764.6304. 6484.7064.7394.7464.738.4.776
4.54834. 5 7294. 59604.61834.64034.66244.68484.70714.72854. 74864.76704.7836
4. 51284.52894.54494.56104. 5 7644. 59354. 60954. 62454.64064. 65614. 67194. 6875
+.0355+ .0440+ .0511+.0573+.0639+ .0689+.0753+.0826+.0879+.0925+.0951+.0961
+ .001+.008+ .030+.011+.017—.019— .039—.053—.016+.048+.032—. 019
1857JFMAM
AS0ND
185831?
MAM
AS0ND
1859JFMA
I1860
MAM
AS0ND
1861
MAM
AS0ND
4.2314.2414.2474.2854.2764.2494.2234.2474.2694.2504.2644.287
4. 24484.2481.4. 25024. 25 194. 25344. 25474. 25594. 25724. 25894. 26164.26604. 2721
4. 22814.22564. 22294. 22044. 21794. 2 1554. 21324. 21114. 20924. 20764. 20634. 2053
+.1345+.1365+. 1302+.1152+.0923+ .0627+ .0288— .0073—.0435—.0774—.1071—.1310
—.1478—.1558—.1550—.1459—.1298—.1076—.0831—.0586—.0362—.0171—.0023+.0087
+.0167+.0225+.0273+ .0315+.0355+.0392+.0427+.0461+ .0497+ .0540+.0597+.0668
+.0753+ .0849± .0946+.1032+.1095+.1128+.1117+.1055+ .0939+.0779+ .0571+.0330
+ .0064—.0215—.0497— .0766—.1014—.1238—.1424—.1569—.1669—.1723—.1730—.1701
5
—.017.000
+ .021+ .027+ .032—.004—.016—.037—.014—.001
+ .008—.006
—.015+ .004+.029+.026+ .031—.009—.025—.040—.015+.009+.014—.009
—.012+.007+.029+.024+ .029—.014— .030—.044—.016+.020+.020—.012
— .009+ .008+.030+ .021+.025—.018—.034—.047—.017+.032+.026—.015
—.005+.009+.030+.017+.022—.021—.036—.049—.017
+ .041+.029—.017
Date1862
JFMAMJJAS0ND
1863JFMAMJ3AS0ND
1864JFMAMJJAS0ND
1865JFMAMJJAS0ND
1866JFMAMJJAS0ND
4.7544.8524.9194.9354.7664.8184.7984.8124.8584.7874.8754.913
4. 79824.81124. 82274. 83234.84034. 84634.85014.85214. 85274, 85234.85164. 8509
4.70224.71684.73094. 74454.75794.77034. 78284. 79414. 80504. 81514. 82484. 8338
+ .0960+ .0944+.0918+.0878+.0824+ .0760+ .0673+ .0580+.0477+ .0372+.0268+.0171
+.003+ .005+ .030+.010+ .016—.016— .039—.054—.016
+ .049+ .032— .020
4.2874.2694.2954.3004.3 144.3024.3114.3464.3304.3524.3204.200
4. 27994. 28924. 29924. 30864. 31644. 32 154. 32284. 31964.31184. 29974. 28384.2651
4.20464. 20434. 20464.20544. 20694. 20874.2 1114.21414.21794. 22 184.22674.2321
4.9174.8874.8644.7234.8324.8454.8774.8774.8064.8684.8454.825
4.85054. 85024. 84974.84844. 84644. 84354. 84044. 83794. 83704. 83894. 84434. 8534
4. 84184. 84954.85624. 86274. 86824. 87344. 87794. 88194. 88544. 88874. 89144.8938
+ .0087+.0007—.0065—.0143—.0218—.0299—.0375—.0440—.0484—.0498— .0471— .0404
+.005+.002+.030+.009+.016—.013—. 039—.056—.015+.048+ .031—.019
4.2344.2224.2034.2 254,1314.'llO4.1444.1234.1264.1804.1924.216
4.24464. 22334. 20234. 18294. 16604.15224.14264. 13764.13754.14234. 15214.1664
4. 23824. 24484. 25204. 25954. 26744. 2 7604. 28504. 29454. 30444. 3 1464. 32514. 3365
4.8794.8544.8854.8874.9264.9534.9104.9704.9215.0015.0374.919
4. 86594. 88074. 89644. 91184. 92524. 93564. 94234. 94494. 94324. 93754.92844. 9163
4. 89604. 89804.29974. 90124. 90244. 903 74.90484. 90584.90664. 90744.90814.9088
—.0301—.0173—.0033+ .0106+.0228+ .0319+ .0375+.0391+.0366+.0301+ .0203+ .0075
+ .006—. 002+.030+ .011+.O18—.009—.038—.058—.013
+ .046+ .027—.019
BANK CLEARINGS A273
TABLE 28—Continued
BANK CLEARINGS IN NEW YoRK CITY
Date 1 2 3 4 5 Date 1 2 3 4 5
1867 1872J 4.889 4.9025 4.9095 —.0070 +.006 J 4.971 4.9493 4.9360 +.0133 +.016F 4.833 4.8879 4.9101 —.0222 —.005 F 4.933 4.9528 4.9349 +.0179 —.004M 4.805 4.8737 4.9108 —.0371 +.030 M 4.975 4.9584 4.9336 +.0248 +.026A 4.835 4.8612 4.9114 —.0502 +.015 A 5.030 4.9662 4.9322 +.0340 +.043M 4.835 4.8514 4.9119 —.0605 +.020 M 5.011 4.9756 4.9307 +.0449 +.029J 4.814 4.8450 4.9126 —.0676 —.005 J 4.921 4.9862 4.9291 +.0571 —.001J 4.893 4.8423 4.9131 —.0708 —.037 J 4.900 4.9976 4.9274 +.0702 —.041A 4.860 4.8431 4.9138 —.0707 —.061 A 5.008 5.0083 4.9256 +.0827 —.073S 4.886 4.8472 4.9142 —.0670 —.012 S 4.983 5.0174 4.9239 +.0935 —.0110 4.861 4.8537 4.9148 —.0611 +.041 0 5.078 5.0242 4.9219 +.1023 +.019N 4.842 4.8614 4,9152 —.0538 +.022 N 5.061 5.0276 4.9198 +.1078 —.007D 4.829 4.8697 4.9158 —.0461 —.017 D 5.033 5.0263 4.9176 +.1087 -I-.003
1868 1873J 4.913 4.8776 4.9163 —.0387 +.007 J 4.991 5.0202 4.9153 +.1049 +.019F 4.924 4.8847 4.9168 —.0321 —.007 F 5.057 5.0089 4.9127 +.0962 —.001M 4.911 4.8910 4.9172 —.0262 +.029 M 5.001 4.9921 4.9100 +.0821 +.025A 4.900 4.8968 4.9176 —.0208 +.021 A 4.995 4.9707 4.9072 +.0635 +.044lvi 4.842 4.9026 4.9180 —.0154 +.023 M 4.926 4.9461 4.9044 +.0417 +.027.T 4.912 4.9092 4.9184 —.0092 —.001 J 4.889 4.9193 4.9013 +.0180 —.004J 4.902 4.9174 4.9188 —.0014 —.037 J 4.929 4.8920 4.8981 —.0061 —.043A 4.939 4.9276 4.9192 +.0084 —.063 A 4.898 4.8661 4.8948 —.0287 —.074S 4.900 4.9398 4.9195 +.0203 —.010 S 4.908 4.8426 4.8913 —.0487 —.013o 5.004 4.9540 4.9198 +.0342 +.034 0 4.682 4.8227 4.8878 —.0651 +.018N 5.012 4.9692 4.9202 +.0490 +.014 N 4.706 4.8070 4.8840 —.0770 —.008D 4.968 4.9843 4.9205 +.0638 —.015 D 4.795 4.7961 4.8802 —.0841 +.007
1869 1874J 4.949 4.9981 4.9209 +.0772 +.008 J 4.843 4.7895 4.8761 —.0866 +.024F 4.976 5.0093 4.9213 +.0880 —.008 F 4.814 4.7872 4.8720 —.0848 +.004M 4.999 5.0161 4.9218 +.0943 +,029 M 4.811 4.7888 4.8678 —.0790 +.023A 5.024 5.0186 4.9222 +.0964 +.027 A 4.824 4.7931 4.8636 —.0705 +.043M 5.041 5.0165 4.9228 +.0937 +.026 M 4.788 4.7996 4.8595 —.0599 +.025J 5.060 5.0099 4.9233 +.0866 +.001 J 4.830 4.8075 4.8551 —.0476 —.008J 5.027 4.9994 4.9240 +.0754 —.038 3 4.832 4.8156 4.8508 —.0352 —.044A 4.978 4.9866 4.9248 +.0618 —.066 A 4.775 4.8230 4.8465 —.0235 —.074S 5.055 4.9716 4.9257 +.0459 —.009 S 4.824 4.8293 4.8422 —.0129 —.017o 4.893 4.9556 4.9266 +.0290 +.028 0 4.846 4.8340 4.8379 —.0039 +.019N 4.915 4.9388 4.9276 +.0112 +.007 N 4.808 4.8370 4.8337 +.0033 —.006D 4.900 4.9218 4.9287 —.0069 —.011 D 4.851 4.8387 4.8295 +.0092 +.011
1870 1875J 4.872 4.9053 4.9298 —.0245 +.010 3 4.845 4.8394 4.8253 +.0141 +.029F 4.869 4.8896 4.9309 —.0413 —.008 F 4.832 4.8393 4.8210 +.0183 +.008M 4.854 4.8757 4.9321 —.0564 +.028 lvi 4.844 4.8385 4.8169 +.0216 +.022A 4.832 4.8647 4.9333 —.0686 +.035 A 4.839 4.8372 4.8129 +.0243 +.039M 4.920 4.8567 4.9345 —.0778 +.028 lvi 4.828 4.8348 4.8087 +.0261 +.021j 4.883 4.8528 4.9358 —.0830 +.002 3 4.863 4.8310 4.8050 +.0260 —.011J 4.958 4.8524 4.9369 —.0845 —.039 J 4.851 4.8257 4.8013 +.0244 —.043A 4.850 4.8549 4.9379 —.0830 —.069 A 4.771 4.8188 4.7978 +0210 —.072S 4.799 4.8596 4.9387 —.0791 —.009 S 4.796 4.8102 4.7942 +.0160 —.0200 4.821 4.8658 4.9396 —.0738 +.023 0 4.775 4.8006 4.7912 +.0094 +.021N 4.850 4.8719 4.9403 —.0684 +.001 N 4.804 4.7907 4.7881 +.0026 .000D 4.908 4.8782 4.9409 —.0627 —.006 D 4.798 4.7811 4.7853 —.0042 +.014
1871 1876J 4.855 4.8844 4.9414 —.0570 +.012 3 4.782 4.7726 4.7826 —.0100 +.032F 4.847 4.8908 4.9418 —.0510 —.007 F 4.804 4.7658 4.7802 —.0144 +.010M 4.930 4.8977 4.9419 —.0442 +.027 M 4.774 4.7608 4.7782 —.0174 +.0!9A 4.961 4.9050 4.9419 —.0369 +.040 A 4.710 4.7577 4.7765 —.0188 +.034M 4.948 4.9129 4.9417 —.0288 +.029 M 4.741 4.7563 4.7750 —.0185 +.017J 4.972 4.9211 4.9416 —.0205 +.001 3 4.756 4.7568 4.7737 —.0153 4.846 4.9285 4.9412 —.0127 —.040 J 4.736 4.7585 4.7728 —.0143 —.046A 4.900 4.9349 4.9406 —.0057 —.071 A 4.772 4.7616 4.7721 —.0105 —.069S 4.962 4.9398 4.9398 .0000 —.010 S 4.781 4.7659 4.7717 —.0058 —0230 4.966 4.9431 4.9392 +.0039 +.020 0 4.787 4.7715 4.7716 —.0001 +.026N 4.902 4.9451 4.9383 +.0068 —.004 N 4.765 4.7783 4.7718 +.0065 +.007D 4.949 4.9469 4.9373 +.0096 —.002 D 4.782 4.7861 4.7722 +.0139 +.017
z P1 C)
-4 z 0 00 -4 0 P1 C)
I-.
—&
ob—
——
-'o—
——
i-O
001-
'C
.JN
)0
00 C
'N
) —
0 00
'000
00'0
00
000
N)
— —
40C
C .J
.4
0000
0C
S th
N)
I-'
'000
Os
N)
— —
0 Q
0'0
'0 '0
00
00 0
000'
4.
++++I I I+++++
'0
II I•I•1•I•I
I11+ +±+
-)-++I
II+++-)-+
+±±I II 1+±+++
III±
±±
±+
+++I I
I J+++++
I-—
——
—s—
000
0505
0005
(n1-
SO
-4
N)
— —
0000
000
0 Q
0O
N)
— C
s
'o.O
'O'O
0050
Cs
0005
004
— 0
0-4
0050
005
0005
(15
—'0
—40
0
o
oo
C-,
'
P1 0 1,j 0 w I.-. 0 a -4
0
0 0 CD
I- CD .-
,
—
o
II
II
II
I•I+
t+
oo
-—
——
•—
I
0000
—
0000
0000
0000
0000
00C
C 0
000
00'0
'0 '0
'0 'C
OO
000
O'0
C 'O
'C '0
000
'0'O
'C'O
'C'o
'000
0000
0000
0000
0000
'CS
C '0
,O '0
'C '0
'O'.O
'C '0
'C'0
'0'0
'0
liii I
I I+
++
++
++
++
++
++
±+
±l
III
II
II
II
II
II
II
I I+
++
++
++
++
++
±+
++
+±
±±
bbb
il+
+I
o+++m+
0 1'l z 0 02 I-f z z
00 0 0 (D
-.
'0 '0
Q%
thC
'—
000
400
'000
bbb
C'
—
CC
'
II
itil
I+±±++±±++++
III
II
III
II
II
II±
±•
1±—
I--S
I—-.
—
0000
'000
'0 '.
00 C
'4
00—
——
-i'0
'0
'0'0
0C
'0'
00
++i it
IIII III
0000
0
III II
II+++
++
++
+f+
4-+
000
00'—
II
+++I I
I
BANK CLEARINGS A277
TABLE 28—Continued
BANE CLEARINGS IN NEW YORE CITY
Date 1 2 3 4 5 Date 1 2 3 4 5
1907 1912J 5.437 5.4447 5.3986 +.0461 +.056 J 5.409 5.4162 5.4187 —.0025 +.046F 5.430 5.4389 5.3995 +.0394 —.012 F 5.410 5.4202 5.4167 +.0035 —.008M 5.491 5.4306 5.4002 +.0304 —.002 M 5.441 5.4250 5.4141 +.0109 —.007A 5.395 5.4190 5.4006 +.0184 +.013 A 5.461 5.4301 5.4114 +.0187 +.008M 5.376 5.4040 5.4009 +.0031. —.002 M 3.457 5.4353 5.4086 +.0267 —.005J 5.347 5.3863 5.4010 —.0147 —.020 J 5.422 5.4400 5.4061 +.0339 +.002J 5.394 5.3665 5.4009 —.0344 —.021 J 5.427 5.4440 5,4035 +.0405 —.020A 5.391 5.3455 5.4008 —.0553 —.044 A 5.430 5.4464 5.4011 +.0453 —.047S 5.338 5.3254 5.4005 —.0751 —.035 S 5.424 5.4473 5.3987 +.0486 —.0300. 5.394 5.3071 5.4000 —.0929 +.028 0 5.484 5.4466 5.3965 +.0501 +.031N 5.247 5.2918 5.3996 —.1078 +.016 N 5.453 5.4441 5.3946 +.0495 +.015D 5.213 5.2803 5.3989 —.1186 +.024 D 5.433 5.4400 5.3930 -I-.0470 +.019
1908 1913
J 5.282 5.2736 5.3981 —.1245 +.056 J 5.436 5.4349 5.3915 +.0434 +.043F 5.238 5.2714 5.3974 —.1260 —.011 F 5.455 5.4290 5.3902 +.0388 —.010M 5 252 5.2739 5.3967 —.1228 —.003 M 5.415 5.4230 5.3894 +.0336 —.009A 5.252 5.2809 5.3958 —.1149 +.010 A 5.420 5.4176 5.3889 +.0287 +.009M 5.337 5.2918 5.3951 —.1033 —.004 M 5.415 5.4136 5.3888 +.0248 —.005J 5.287 5.3055 5.3946 —.0891 —.015 J 5.407 5.4115 5.3889 +.0226 +.005J 5.350 5.3216 5.3940 —.0724 —.021 J 5.394 5.4114 5.3894 +.0220 —.019A 5.346 5.3390 5.3936 —.0546 —.043 A 5.387 5.4135 5.3901 +.0234 —.048S 5.388 5.3565 5.3933 —.0368 —.034 S 5.424 5.4168 5.3914 +.0254 —.029o 5.339 5.3733 5.3932 —.0199 +.029 0 5.417 5.4202 5.3929 +.0273 +.031N 5.421 5.3890 5.3933 —.0043 +.015 N 5.386 5.4224 5.3948 +.0276 +.017D 5.454 5.4030 5.3934 +.0096 +.022 D 5.392 5.4222 5.3970 +.0252 +.020
1909 1914
J 5.402 5.4152 5.3936 +.0216 +.055 J 5.442 5.4182 5.3993 +.0187 +.038F 5.401 5.4260 5.3941 +.0319 —.010 F 5.424 5.4100 5.4020 +.0080 —.012M 5.387 5.4356 5.3947 +.0409 —.004 M 5.413 5.3979 5.4052 —.0073 . —.010A 5.450 5.4443 5.3954 +.0489 +.008 A 5.446 5.3825 5.4085 —.0260 +.009M 5.423 5.4526 5.3963 +.0563 —.006 M 5.372 5.3649 5.4123 —.0474 —.004J 5.493 5.4607 5.3974 ±.0633 —.011 J 5.409 5.3468 5.4162 —.0694 +.0083 5.450 5.4682 5.3987 +.0695 —.021 J 5.439 5.3297 5.4202 —.0905 —.018A 5.490 5.4748 5.4000 +.0748 —.043 A 5.218 5.3150 5.4246 —.1096 —.048S 5.484 5.4800 5.4014 +.0786 —.033 S 5.216 5.3043 5.4294 —.1251 —.028o 5.482 5.4831 5.4029 +.0802 +.029 0 5.227 5.2986 5.4342 —.1356 +.031N 5.466 5.4834 5.4045 +.0789 +.014 N 5.237 5.2987 5.4393 —.1406D 5.484 5.4809 5.4062 +.0747 +.021 D 5.303 5.3056 5.4446 —.1390 +.021
1910 1915
J 5.507 5.4753 5.4080 +.0673 +.053 J 5.337 5.3195 5,4501 —.1306 +.034F 5.473 5.4669 54098 +.0571 —.009 F 5.380 5.3399 5.4557 —.1152 —.015M 5.470 5.4563 .5.4116 +.0447 —.005 M 5.397 5.3659 5.4616 —.0957 —.01C'A 5.437 5.4444 5.4135 +.0309 +.007 A 5.460 5.3959 •5.4677 —.0718 +.OOSM 5.407 5.4317 5.4154 +.0163 —.006 M 5.448 5.4276 5.4739 —.0463J 5.431 5.4195 5.4172 +.0023 —.006 J 5.417 5.4587 5.4802 —.0215 +.0iU3 5.426 5.4086 5.4191 —.0105 —.021 3 5.465 5.4874 5.4868 +.0006 —.OflA 5.363 5.3996 5.4208 —.0212 —.044 A 5.488 5.5122 5.4936 +.0186S 5.349 5.3929 5.4226 —.0297 —.032 S 5.532 5.5324 5.5006 +.0318 —.026O 5.376 5.3888 5.4242 —.0354 +.030 0 5.584 5.5486 5.5079 +.0407 +.030N 5.402 5.3870 5.4256 —.0386 +.014 N 5.377 5.5614 5.5153 +.0461D 5.393 5.3872 5.4270 —.0398 +.020 D 5.577 5.3720 5.5225 +.0495
1911 1916
3 5.390 5.3888 5.4280 —.0392 +.050 3 5.570 5.3815 5.5300 +.0515F 5.424 5.3915 5.4288 —.0373 —.008 F 5.600 5.5907 5.5378 +.0529M 3.397 5.3944 5.4293 —.0349 —.006 M 5.617 5.6000 5.5457 +.0543 —.010A 5.359 5.3974 5.4295 —.0321 +.007 A 5.581 5.6092 5.5538 +.0554M 5.415 5.4002 5.4295 —.0293 —.006 M 5.610 5.6184 5.5619 +.0565J 5.440 5.4024 5.4291 —.0267 —.002 J 5.609. 5.6275 5.5703 +.0572 +.0i3J 5.406 5.4041 5.4284 —.0243 —.021 J 5.584 5.6364 5.5786 +.0578A 5.422 5.4056 5.4276 —.0220 —.045 A 5.626 5.6455 5.5871 +.0584 —.047S 5 410 5.4071 5.4263 —.0192 —.031 S 5.705 5.6550 5.5935 +.05950 5.354 5.4085 5.4247 —.0162 +.030 0 5.676 5.6647 5.6040 +.0607 +029N 5.415 5.4104 5.4230 —.0126 +.015 N 5.725 5.6748 5.6125 +.0623 +.019D 5.399 5.4130 5.4211 —.0081 +.019 D 5.712 5.6847 5.6211 +.0636
A278 APPENDIX
TABLE 28—Continued
BANK CLEARINGS IN NEw YORK CITY
1 2 3 4 5Date1917JFMAMJJAS0ND
5.6625.6805.6725.6845.7025.7405.7055.7215.6905.6775.6765.646
5.69335. 70005. 70425.70555. 70425. 70075.69585.69043.68525.68085.67745.6750
1 2 3 4 5
5.62975.63825. 64655.65475.66285 .67075.67835.68565.69295.69995. 70645. 7124
+.0636+ .0618+ .0577+0508+ .0414+.0300+.0175+.0048—.0077—.0191— .0290—.0374
Date1918JFMAMJJAS0N0
+.026—.020—.010+.005—.001+.016—.015—.046—.025+.028+.018+ .027
5.65 35.6635.6595.6685.7015.6775.7105.7305.6835.7115.6995.701
5.67365.67305.673 15.67405.67565.67835.68225.68735.69375. 70175. 71125. 7222
5. 71845. 72425. 72935. 73405.73855. 74265. 74655. 75005.75335. 75645.75915.7616
—.0448—.05 12—.0562—.0600—.0629—.0643—.0643—.0627—.0596—.0547—.0479—.0394
+.024—.022—.009+.004
.000+.018—.014—.046—.025
+ .026+.017+ .029
1919J 5.738 3.7349 5.7639 —.0290
BANK DEBITS IN NEW YORK CITY
+ .023
5.7675.7915.8165.8365.8435.8425.8185.8175.8345,8465.7965.793
3
5.79975. 79985.79995. 80025.80075.80115.80175.80255.80345.80455.805 75.8070
5. 78565. 79605.80545.81355.82055.82625.83083.83415.83605.83625.83485.8319
4
—.0141—.0038+.0055+.0133+ .0198+.0251+ .0291+.0316+.0326+ .0317+ .0291+ .0249
5--I-.022— .020+.002+.003+.001+ .025— .015—.046—.027+.01i+ .006÷ .035
Date 1 2 3 4 5 Date 1 2
1919 1922J 5.744 5.7410 5.7699 —.0289 +.023 JF 5.738 5.7553 5.7720 —.0167 —.024 FM 5.738 5.7712 5.7740 —.0028 —.007 MA 5.759 5.7880 5.7759 +.0121 +.003 AM 5.817 5.8053 5.7778 +.0275 .000 M1 5.837 5.8220 5.7795 +.0425 +.020 J3 5.873 5.8372 5.7812 +.0560 —.014 JA 5.861 5.8500 5.7827 +.0673 —.045 AS 5.858 5.8594 5.7842 +.0752 —.025 SO 5.871 5.8650 5.7856 +.0794 +.022 0N 5.877 5.8667 5.7869 +.0798 +.014 ND 5.873 5.8648 5.7882 +.0766 +.031 D
1920 1923J 5.860 5.8599 5.7895 +.0704 +.022 JF 5.817 5.8528 5.7906 +.0622 —.023 FM 5.861 5.8445 5.7917 +.0528 —.004 MA 5.849 5.8358 5.7927 +.0431 +.003 AM 5.799 5.8273 5.7938 +.0335 +.001 MJ 3.798 5.8194 5.7946 +.0248 +.0223 3.803 5.8122 5.7953 +.0169 —.014A 5.794 5.8055 5.7961 +.0094 —.046 AS 5.794 5.7993 5.7967 +.0026 —.026 S0 5.794 5.7932 5.7972 —.0040 +.019 0N 5.817 5.7869 5.7976 —.01.07 +.O11 ND 5.826 5.1802 5.7980 —.0178 +.033 D
1921 1924J 3.788 5.7732 5.7984 —.0252 +.022 JF 5.756 5.7660 5.7988 —.0328 —.023 FM 5.750 5.7587 5.7990 —.0403 —.002 MA 5.733 5.7519 5.7992 —.0473 +.003 AM 5.742 5.7464 5.7992 —.0528 +.001 MJ 5.748 5.7427 5.7993 —.0566 +.024 J3 5.737 5.7414 5.7993 —.0579 —.015 JA 5.736 5.7431 5.7994 —.0563 —.046 AS 5.756 5.7477 5.7994 —.0517 —.026 S0 5.739 5.7550 5.7994 —.0444 +.015 0N 5.758 5.7643 5.7995 —.0352 +.008 ND 5.788 5.7749 5.7996 —.0247 +.034 D
5.8325.8505.85 75.8305.8245.8205.7885.7645.7695.7835.8205.818
5.82785.82295.81795.81345.80945.80645.80455.80345.80325.80405.80605.8092
5.80855 .81035.81225 .81435 . 81665.81905.82175.82475.82775.83075.83405.8376
+.0193+.0126+ .0057—.0009—.0072—.0126—.0172—.0213—.0245—.0267—.0280—.0284
+ .021—.018+ .005+ .004+.001+ .026—.016—.046— .028+.008+ .004+ .035
5.8325.8525.8335.8325.8385.8385.85 75.8755.8685.8555.8825.911
5.81385.81985.82695.83505.84365.85225.86065.86855.87585. 88265.88915.8954
5.84125.84485.84875.85245.85635.86025.86405.86785.87205.2 7595.88005.8841
—.0274—.0250—.02 18—.0174—.0127—.0080—.0034+.0007+.0038+.0067+ .0091+.0113
+.021—.016
+ .009+ .006+.001+.026—.017—.046—.028
+ .006+.003+ .034
BANK CLEARINGS A279
TABLE 28—Continued
DEBITS IN NEW YORK CITY
Date 1 2 3 4 5 Date 1 2 3 4 5
1925 1930J 5.931 5.9015 5.8881 +.0134 +.020 J 6.031 6.1399 +.018F 5.927 5.9076 5.8925 +.0151 —.014 F 6.056 6.1180 —.010M 5.918 5.9136 5.8966 +.0170 +.012 M 6.099 6.0943 +.020A 5.395 5.9195 5.9008 +.0187 +.007 A 6.100 6.0699 +.010M 5.926 5.9253 5.9051 +.0202 +.001 M 6.082 6.0457 .000J 5.927 5.9310 5.9097 +.0213 +.026 3 6.074 6.0228 +.025J 5.932 5.9366 5.9144 +.0222 —.018 3 6.001 6.0021 —.021A 5.921 5.942! 5.9193 +.0227 —.046 A 5.954 5.9844 —.047S 5.939 5.9474 5.9242 +.0232 —.029 S 5.990 5.9697 —.0300 5.966 5.9524 5.9297 +.0227 +.004 0 5.997 5.9573 .000N 5.952 5.9568 5.9351 +.0217 +.032 N 5.875 5.9468 .000D 5.957 5.9604 5.9407 +.0197 +.033 D 5.941 5.9373 +.030
1926 1931J 5.973 5.9631 5.9464 +.0167 +.020 J 5.881 5.9279 +.018F 5.960 3.9647 5.9527 +.0120 —.012 F 5.884 5.9181 —.010M 6.012 5.9655 5.9591 +.0064 +.015 M 5.929 5.9077 +.020A 5.982 5.9655 5.9658 —.0003 +.008 A 5.941 5.8962 +.010M 5.932 5,9650 5.9723 —.0073 +.001 M 5.908 5.8835 .000
J 5.9643 5.9796 —.0153 +.026 3 5.911 5.8695 +.025J 5.969 5.9640 5.9866 —.0226 —.019 J 5.852 5.8537 —.021A 5.973 5.9645 5.9937 —.0292 —.046 A 5.799 5.8362 —.047S 5.960 5.9661 6.0010 —.0349 S 5.855 5.8170 —.0300 5.964 3.9691 6.0085 —.0394 +.003 0 5.824 5.7967 .000N 5.933 5.9732 6.0162 —.0430 +.001 N 5.683 5.7755 .000D 3.990 5.9786 6.0239 —.0453 +.032 D 5.763 5.7543 +.030
1927 1932
3 5.985 5.9849 6.031! —.0464 3 5.738 5.7336 +.018F 6.002 5.9918 6.0388 —.0470 —.011 F 5.705 5.7139M 6.029 5.9991 6.0462 —.0471 +,017 M 5.697 5.6954. +.020A 6.019 6.0069 6.0534 —.0465 A 5.705 5.6781 +.010M 6.003 6.0150 6.0605 —.0455 +.001 lvi 5.620 5.6624 .000
3 6.016 6.0233 6.0676 —.0443 +.026 3 5.650 5.6485 +.025J 6.016 6.0319 6.0743 —.0424 —.020 3 5.634 5.6368 —.021A 6.055 6.0406 6.0811 —.0405 —.046 A 5.685 5.6279 —.047S 6.076 6.0492 6.0874 —.0382 —.030 S 5.704 5.6219 —.030O 6.039 6.0576 6.0936 —.0360 +.002 0 5.621 5.6188 .000N 6.044 6.0657 —.0337 +.001 N 5.315 5.6186 .000D 6.068 6.0736 6.1051 —.0315 +.031 D 3.624 5.6204 +.030
1928 1933
3 6.068 6.0815 6.1104 —.0289 3 5.585 5.6235 +.018F 6.063 6.0898 6.1153 —.0255 —.010 F 5.643 5.6275 —.010M 6.141 6.0986 6.1199 —.0213 +.019 M * 55318 +.020A 6.134 6.1078 6.1242 —.0164 +.010 A 5.592 5.6362 +.oioM 6.163 6.1175 6.1278 —.0103 +,001 M 5.654 5.6408 .000
J 6.134 6,1273 6.1312 —.0039 +.026 3 5.722 5.6459 +.0253 6.074 6.1368 6.1339 +.0029 —.020 3 5.769 5.6315 —.021A 6.101 6,1461 6.1362 +.00)9 —.047 A 5.572 5.6573 —.047S 6.141 6.1554 6.1380 +.0174 —.030 S 5.644 5.6627 —.030O 6.163 6.1648 6.1392 +.0256 +.001 0 5.632 5.6673 .000.
N 6.181 6.1747 6.1398 +.0349 .000 N 5.509 5.5701 .000D 6.200 6.1853 6.1397 +.0456 +.031 D 5.593 5.6708 +.030
1929 19343 6.228 6.1963 6.1392 +.0571 +.019 J 5.637 5.6695 +.018F 6.228 6.2069 6.1377 +.0692 —.010 F 5.684 3.6664M 6.232 6.2165 6.1357 +.0808 +.020 M 5.682 5.5622 +.020A 6.194 6.2238 6.1332 +.0906 +.010 A 5.742 5.6578M 6.208 6.2219 6.1299 +.0980 .000 M 5.675 .0001 6.133 6.2281 +.026 J 5.685 +.0251 6.222 6.2245 —.021 J 5.671 —.021A 6.245 6.2172 —.047 A 5,645 —.047S 6.255 6.2063 —.030 S 5.603 —.0300 6.309 5.1932 +.OU1 0 5.598 .000N 6.252 6.1777 .030 N 5.578 .000D 6.079 6.1598 +.030 D 5.661 +.030
•Not available, complete data not having been reported on account of bank holidays.
A280 APPENDIX
TABLE 28—Concluded
BANK DEBITS IN Nzw YORK CITY
Date 1 2 3 4 5 Date 1 2 3 4 5
1935 1936J 5.667 +.018 J 5.744 +.018F 5.661 —.010M 5.690 +.020A 5,714 +.O10M 5.672 .000
J 5.693 +.025J 5.753 —.021A 5.724 —.047S 5.699 —.030o 5.705 .000N 5.714 .000D 5.726 -I-.030
BANK CLEARINGS A281
TABLE 29
DAILY AVERAGE BANK CLEARINGS OUTSIDE NEW YORK MONTHLY,JANUARY 1875-JANUARY 1919, INCLUsIVE; DAILY AVERAGE
BANK DEBITS FOR 140 OUTSIDE CITIES, MONTHLY,JANUARY 1919 - JANUARY 1936
Col. 1. Logarithms of Data (in thousands of dollars) Adjusted forSeasonal Fluctuations.
Col. 2. Cyclical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve (logarithms)
from Trend Curve (logarithms).Col. 5. Changing Seasonal Fluctuations (logarithms).
For details of the nature of the graduations given in Columns 2 and3 and of the seasonal given in Column 5 of this table, see Appendix D.
1See Table 27.
A282 APPENDIX
TABLE 29
BANK CLEARINGS OUTSIDE NEW YoRK CITY
Date 1 2 3 4 5 Date 1 2 3 4 5
1875 18803 4.458 4.4802 4.4948 —.0146 +.031 3 4.568 4.5506 4.5281 +.0225 +.031F 4.473 4.4796 4.4927 —.0131 —.007 F 4.565 4.5537 4.5341 +.0216 —.009M 4.515 4.4795 4.4903 —.0108 +.005 M 4.582 4.5590 4.5402 +.0188 —.012A 4.490 4.4799 4.4880 —.0081 —.010 A 4.583 4.5611 4.5462 +.0149 —.006M 4.468 4.4806 4.4853 —.0047 —.003 M 4.545 4.5622 4.5521 +.0101 —.005J 4.529 4.4815 4.4829 —.0014 —.005 3 4.540 4.5631 4.5584 +.0047 —.0063 4.470 4.4822 4.4802 +,0020 —.026 J 4.558 4.5643 4.5644 —.0001 —.024A 4.302 4.4822 4.4775 +.0047 —.041 •A 4.556 4.5666 4.5702 —.0036 —.043S 4.46' 4.4314 4.4746 +.0068 —.031 S 4.558 4.5705 4.5761 —.0056 —.0240 4.440 4.4797 4.4719 +.0078 +.033 0 4.544 4.5765 4.5818 —.0053 +.037N 4.505 4.4771 4.4691 +.0080 +046 N 4.597 4.5849 4.5875 —.0026 +.038D 4.460 4.4739 4.4664 +.0075 +.009 D 4.623 4.5954 4.5931 +.0023 +.026
1876 1881
3 4.470 4.4705 4.4636 +.0069 +.032 3 4.611 4.6075 4.5987 +.0088 +.029F 4.462 4.4672 4.4609 +.0063 —.007 F 4.633 4.6205 4.6038 +.0167 —.011M 4.500 4.4644 4.4583 +.0061 +.002 M 4.617 4.6333 4.6089 +.0244 —.014A 4.436 4.4623 4.4558 +.0065 —.009 A 4.626 4.6448 4.6138 +.0310 —.005M 4.453 4.4607 4.4532 +0075 —.003 ivi 4.634 4.6544 4.6183 +.0359 —.0043 4.484 4.4595 4.4510 +.0085 —.006 J 4.693 4.6614 4.6228 +.0386 —.0043 4.439 4.4584 4.4487 +.0097 —.027 3 4.624 4.6657 4.6269 +.0388 —.022A 4.485 4.4371 4.4465 +.0106 —.041 A 4.700 4.6676 4.6307 +.0369 —.043S 4.446 4.4556 4.4444 +.0112 —.031 S 4.688 4.6675 4.6342 +.0333 —.022O 4.428 4.4538 4.4426 +.0112 +.034 0 4.672 4.6659 4.6374 +.0285 +.037N 4.459 4.4520 4.4408 +.0112 +.044 N 4.659 4.6634 4.6402 +.0232 +.036D 4.460 4.4502 4.4391 +.0111 +.013 D 4.663 4.6605 4.6428 +.0177 +.027
1877 1882
3 4.441 4.4487 4.4375 +.0112 +.033 3 4.639 4.6573 4.6451 +.0124 +.027F 4.456 4.4477 4.4363 +.0114 —.007 F 4.641 4.6547 4.6470 +.0077 —.012M 4.458 4.4468 4.4351 +0117 —.002 M 4.641 4.6524 4.6487 +.0037 —.016A 4.434 4.4462 4.4342 +.0120 —.009 A 4.644 4.6305 4.6500 +.0005 —.005M 4.477 4.4455 4.4333 +.0122 —.004 M 4.641 4.6493 4.6510 —.0017 —.004T 4.406 4.4443 4.4327 +.0116 —.006 3 4.649 4.6489 4.6517 —.0028 —.0033' 4.427 4.4425 4.4323 +.0102 —.028 3 4.661 4.6493 4.6522 —.0029 —.019A 4.446 4.4402 4.4322 +.0080 —.041 A 4.663 4.6504 4.6523 —.0019 —.044S 4.445 4.4373 4.4322 +.0051 —.030 S 4.679 4.6522 4.6523 —.0001 —.0210 4.429 4.4341 4.4326 +,0015 +.033 0 4.646 4.6542 4.6521 +.0021 +.038N 4.447 4.4309 4.4331 —.0022 +.042 N 4.661 4.6563 4.6517 +.0046 +.034D 4.429 4.4276 4.4337 —.0061 +.018 D 4.641 4.6579 4.6510 +.0069 +.027
1878 1883
3 4.475 4.4246 4.4347 —.0101 +.033 J 4.657 4.6591 4.6502 +.0089 +.025F 4.406 4.4212 4.4358 —.0140 —.007 F 4.660 4.6596 4.6493 +.0103 —.014M 4.379 4.4193 4.4373 —.0180 —.005 M 4.661 4.6596 4.6483 +.0113 —.017A 4.398 4.4169 4.4392 —.0223 —.008 A 4.639 4.6592 4,6472 +.0120 —.004M 4.423 4.4149 4.4411 —.0262 —.004 M 4.664 4.6588 4.6459 +.0129 —.0043 4.383 4.4133 4.4435 —.0302 —.006 3 4.673 4.6584 4.6446 +.0138 —.0013 4.453 4.4122 4.4461 —.0339 —.027 3 4.660 4.6582 4.6433 +.0149 —.017A 4,394 4.4116 4.4488 —.0372 —.042 A 4.668 4.6579 4,6421 +.0158 —.045S 4.436 4.4119 4.4517 —.0398 —.028 S 4.652 4.6574 4.6409 +.0165 —.020O 4.456 4.4131 4.4548 —.0417 +.035 0 4.654 4.6562 4.6397 +.0165 +.038N 4.390 4.4151 4.4583 —.0432 +.041 N 4.641 4.6544 4.6385 +.0159 +.033D 4.390 4.4183 4.4620 —.0437 +.021 D 4.644 4.6515 4.6374 +.0141 +.027
1879 1884
J 4.435 4.4226 4.4662 —.0436 +.033 3 4.648 4.6486 4.6364 +,0122 +.022F 4.437 4.4282 4.4704 —.0422 —.008 F 4.642 4.6437 4,6355 +.0082 —.015M 4,407 4.4355 4.4748 —.0393 —.009 M 4.633 4.6381 4.6347 +.0034 —.018A 4.482 4.4446 4.4795 —.0349 —.007 A 4.657 4.6316 4.6339 —.0023 —.003M 4.442 4.4554 4.4843 —.0289 —.004 M 4.660 4.6249 4.6332 —.0083 —.0033 4.453 4.4679 4.4892 —.0213 —.006 3 4.594 4.6170 4.6326 —.0156 +.0013 4.507 4.4816 4.4943 —.0127 —.026 J 4.602 4.6103 4.6322 —.0219 —.015A 4.441 4.4958 4.4997 —.0039 —.042 A 4.594 4.6039 4.6320 —.0281 —.045S 4,481 4.5097 4.5052 +.0045 —.027 S 4.597 4.5981 4,6320 —.0339 —.020O 4.570 4.5227 4.5109 +.0118 +.036 0 4.591 4.5931 4.6320 —.0389 +.038N 4.536 4.5339 4.5167 +.0172 +.039 N 4.563 4.5892 4.6322 —.0430 +.032D 4.544 4.5433 4.5223 +.0210 +.024 D 4.606 4.5867 4.6326 —.0459 +.027
BANK CLEARINGS A283
TABLE 29—Continued
BANK CLEARINGS OuTsmE NEW CITY
DaLe 1 2 3 4 5 Date 1 2 3 4 5
1885 1890J 4.608 4.5860 4.6331 —.0471 +.020 J 4.820 4.8134 4.8092 +.0042 +.017F 4.580 4.5871 4.6338 —.0467 —.016 F 4.813 4.8211 4.8119 +.0092 —.017M 4.584 4.5901 4.6348 —.0447 —.018 M 4.817 4.8283 4.8146 +.0137 —.018A 4.606 4.5946 4.6359 —.0413 —.002 A 4.833 4.8346 4.8172 +.0174 +.001M 4.579 4.6003 4.6371 —.0368 —.002 M 4.860 4.8396 4.8198 +.0198 +.004J 4.612 4.6069 4.6385 —.0316 +.002 J 4.838 4.8429 4.8221 +.0208 +.003J 4.631 4.6140 4.6400 —.0260 —.014 J 4.853 4.8445 4.8244 +,020t —.013A 4.598 4.6211 4.6417 —.0206 —.045 A 4.849 4.8443 4.8267 +.0176 —.046S 4.618 4.6282 4.6437 —.0155 —.020 S 4.856 4.8424 4.8289 +,0135 —.0230 4.640 4.6351 4.6457 —.0106 +.038 0 4.854 4.8392 4.8308 +.0084 +.036N 4.656 4.6416 4.6479 —.0063 +.031 N 4.837 4.8352 4.8328 +,0024 +.0300 4.666 4.6478 4.6502 —.0024 +.026 D 4.813 4.8309 4.8344 —.0035 +.024
1886 1891j 4.646 4.6534 4.6526 +.0008 +.018 J 4.819 4.8267 4.8359 —.0092 +.018F 4.664 4.6585 4.6553 +0032 —.017 F 4.817 4.8232 4.8372 —.0140 —.016M 4.681 4.6629 4.6580 +.0049 —.018 M 4.804 4.8208 4.8384 —.0176 —.018A 4.652 4.6670 4.6608 +.0062 —.002 A 4.828 4.8197 4.8396 —.0199 +.002M 4.642 4.6709 4.6636 +.0073 —.001 M 4.810 4.8200 4.8404 —.0204 +.004J 4.678 4,6748 4.6663 +.0083 +003 3 4.809 4.8217 4.8413 —.0196 +,0035 4.695 4.6791 4.6697 +.0094 —.013 J 4.829 4.8253 4.8420 —.0167 —.013A 4.683 4.6842 4.6729 +.0113 —.045 A 4.830 4.8291 4.8424 —.0133 —.046S 4.694 4.6900 4.6762 +.0138 —.020 S 4.870 4.8333 4.8426 —.0093 —.025o 4.682 4,6966 4.6795 +.0171 +.038 0 4.844 4.8376 4.8428 —.0052 +.035N 4.708 4.7038 4.6830 +.0208 +,031 N 4.829 4.8416 4.8429 —.0013 +.0310 4.720 4.7112 4.6866 +.0246 +.026 D 4.840 4.8444 4.8428 +.0016 +.025
1887 1892
J 4.691 4.7183 4.6902 +.0281 +.017 J 4.838 4.8475 4.8426 +.0049 +,019F 4.707 4.7248 4.6939 —.017 F 4.873 4.8503 4.8423 +.0080 —.016M 4.752 4.7303 4.6977 +.0326 —.018 M 4.859 4.8533 4.8419 +.0114 —.017A 4.745 4.7343 4.7015 +.0328 —.001 A 4.849 4.8569 4.8412 +.0157 +.002M 4.738 4.7371 4.7054 +.0317 .000 M 4.840 4.8613 4.8408 +.0205 +,0055 4.767 4.7384 4.7093 +.0291 +.004 J 4.873 4.8666 4.8400 +.0266 +.0025 4.727 4.7383 4.7132 +.0251 —.012 J 4.861 4.8726 4.8393 +.0333 —.014A 4.735 4.7371 4.7171 +.0200 —.045 A 4.879 4.8788 4.8385 +.0403 —.046S 4.738 4.7352 4.7210 +.0142 —.020 S 4.882 4.8842 4.8375 +.0467 —.026O 4.714 4.7327 4.7248 +.0079 +.038 0 4.869 4.8880 4.8366 +.0514 +.034N 4.747 4.7302 4.7286 +.0016 +.030 N 4.882 4.8900 4.8355 +.0545 +.0310 4.724 4.7281 4.7324 —.0043 +.025 D 4.891 4.8884 4.8342 +.0542 +.025
1888 18935 4.716 4.7267 4.7362 —.0095 +.016 J 4.888 4.8834 4.8329 +.0505 +.020F 4.729 4.7264 4.7399 —.0135 —.017 F 4.894 4.8753 4.8317 +.0436 —.015M 4.716 4.7273 4.7435 —.0162 —.018 M 4.883 4.8644 4.8303 +.0341 —.016A ' 4.725 4.7295 4.7470 —.0175 .000 A 4.873 4.8506 4.8289 +.0217 +.003M 4.742 4.7329 4.7S03 —.0174 +.001 M 4.874 4.8362 4.8272 +.0090 +.004J 4.734 4,7371 4.7537 —.0166 +.004 J 4.827 4,8212 4.8257 —.0045 +.002J 4.736 4.7420 4.7569 —.0149 —.012 J 4.791 4.8065 4.8239 —.0174 —.015A 4.758 4.7473 4.7600 —.0127 —.046 A 4.723 4.7927 4.8223 —.0296 —.046$ 4.747 4.7525 4.7630 —.0105 —.021 S 4.746 4.7806 4.8208 —.0402 —.027o 4.781 4.7575 4.7659 —.0084 +.037 0 4.754 4.7708 4.8193 —.0485 +.033N 4.734 4.7620 4.7689 —.0069 +.030 N 4.779 4.7639 4.8177 —.0538 +.0310 4.759 4.7658 4.7718 —.0060 +.024 D 4.774 4.7601 4.8162 —.0561 +.026
1889 1894
5 4.774 4.7690 4.7748 —.0058 +.017 J 4.784 4.7593 4.8146 —.0533 +.021F 4.778 4.7714 4.7776 —.0062 —.017 F 4.759 4.7611 4.8130 —.0319 —.015M 4.773 4.7733 4.7806 —.0073 —.018 M 4.776 4.7648 4.8116 —.0468 —.015A 4.762 4.7749 4.7836 —.0087 +.001 A 4.771 4.7696 4.8101 —.0405 +.004M 4.778 4.7763 4.7863 —.0100 +.003 M 4.780 4.7747 4.8089 —.0342 +.0043 4.773 4.7779 4.7893 —.0114 +.003 J 4.772 4.7794 4.8076 —.0282 +.0023 4.799 4.7801 4.7921 —.0120 —.012 J 4.768 4.7833 4.8064 —.0231 —.016A 4.786 4.7831 4.7950 —.0119 —.046 A 4.804 4.7864 4.8052 —.0188 —.0464.773 4.7872 4.7978 —.0106 —.022 S 4.790 4.7891 4.8042 —.0151 —.027o 4.800 4.7924 4.8005 —.0081 +.037 0 4.800 4.7917 4.8032 —.0115 +.031N 4.795 4.7987 4.8034 —.0047 +.030 N 4.799 4.7947 4.8022 —.0075 +.0300. 4.789 4.8058 4.8063 —.0005 +.024 D 4.798 4.7985 4.8013 —.0028 +.027
A284 APPENDIX
TABLE 29—Continued
BANK CLEARINGS OUTSIDE NEW YORK
Date 1 2 3 4 5 Date 1 2 3 4 5
189S 1900J 4.810 4.8030 4.8006 +.022 J 4.969 4.9758 4.9743 +.0015 +.026F 4.776 4.8082 4.8000 +.0082 —.014 F 4.972 4.9729 4.9787 —.0058 —.011M 4.797 4.8138 4.7995 +.0143 —.014 M 4.973 4.9702 4.9830 —.0128 —.006A 4.814 4.8194 4.7990 +.0204 +.004 A 4.968 4.9682 4.9872 —.0190 +.008M 4.833 4.8246 4.7985 +.0261 +.003 M 4.975 4.9672 4.9912 —.0240 —.002J 4.824 4.8292 4.7983 +.0309 +.002 J 4.981 4.9675 4.9952 —.0277 .000J 4.854 4.8330 4.7981 +,0349 —.016 J 4.968 4.9694 4.9991 —.0297 —.015A 4.837 4.8356 4.7982 +.0374 —.047 A 4.970 4.9730 5,0028 —.0298 —.047S 4.827 4.8370 4.7983 +.0387 —.028 S 4.956 4.9783 5.0063 —.0280 —.0280 4.862 4.8370 4.7987 +.0383 +.030 0 4.979 4.9851 5.0098 —.0247 +.026N 4.845 4.8356 4.7994 +.0362 +.030 N 4.995 4.9931 5.0131 —.0200 +.025D 4.837 4,8328 4.8002 +.0326 +.028 D 4.993 5.0017 5.0164 —.0147 +.024
1896 1901J 4.818 1.8288 4.8011 +.0277 +.022 J 5.016 5.0106 5.0194 —.0088 +.026F 4.809 4.8238 4.8023 +,0215 —.014 F 3.014 5.0192 5.0224 —.0032 —.011M 4.800 4.8183 4.8038 +.0145 —.013 M 5.020 5.0272 5.0252 +.0020 —.005A 4.815 4.8125 4.8054 +.0071 +.005 A 3.056 5.0342 5.0280 +.0062 +.008M 4.802 4.8069 4.8071 —.0002 +.002 M 5.069 5.0403 5.0306 +.0097 —.003J 4.815 4.8017 4.8093 —.0076 +,001 J 5.047 5.0451 5.0332 +.0119 .000
4.819 4.7971 4.8114 —.0143 —.016 J 5.052 5.0488 5.0357 +.0131 —.014A 4.714 4.7935 4.8137 —.0202 —.047 A 5.054 3.0515 5.0381 +.0134 —.047S 4.784 4.7909 4.8163 —.0254 —.028 S 5.029 5.0533 5.0402 +.0131 —.0280 4.795 4.7894 4.8189 —.0295 +.029 0 5.049 5.0546 5,0426 +.0120 +.026N 4.796 1.7893 4.8216 —.0323 +.029 N 3.053 5.0556 5.0447 +.0109 +.024D 4.812 4.7906 4.8247 —.0341 +.028 D 5.041 5.0367 5.0467 +.0100 +.023
1897 1902
J 4.784 4.7934 4.8279 —.0345 +.023 J 5.067 5.0580 5.0486 +.0094 +.027F 4.798 4.7978 4.8310 —.0332 —.013 F 3.035 5.0597 5.0504 +.0093 —.010M 4.798 4.8037 48344 —.0307 —.011 M 5.054 5.0617 5.0523 +.0094 '—.003A 4.803 4.8109 4.8378 —.0269 +.006 A 5.081 5.0641 5.0543 +.0098 +.008M 4.793 4.8192 4.8410 —.0218 +.001 M 5.081 5.0665 5.0363 +.0102 —.005J 4.818 4.8283 4.8445 —.0162 +.00! J 5.048 5.0690 5.0582 +.0108 —.001J 4.838 4.8376 4.8479 —.0103 —.016 J 5.090 5.0713 5.0600 +.0113 —.014A 4.833 4.8466 4.8314 —.0048 —.048 A 5.063 5.0734 5.0618 +.0116 —.046S 4.894 4.8547 4.8550 —.0003 —.029 S 5.089 5.0752 5.0637 +.0115 —.027O 4.858 4.8616 4.8584 +.0032 +.027 0 5.083 5.0769 3.0656 +.0113 +.026N 4.867 4.8668 4.8620 +.0048 +.028 N 5.063 5.0785 5.0675 +.0110 +.023D 4.873 4.8702 4.8658 +.0044 +.028 D 5.071 5.0801 5.0694 +.0107 +.022
1898 19033 4.867 4.8721 4.8696 +.0025 +.024 J 5.084 5.0816 5.0712 +.0104 +.027F 4.890 4.8727 4.8733 —.0006 —.012 F 5.083 5.0832 5,0731 +.0101 —.010M 4.883 4.8727 4.8771 —.0044 —.010 M 5.075 5.0847 5.0751 +.0096 —.002A 4.857 1.8727 4.8810 —.0083 +.006 A 5.087 5.0859 5.0772 +.0087 +.008M 4.866 4.8737 4.8849 —.0112 .000 M 5.075 5.0866 5.0794 +.0072 —.0063 4.888 4.8756 4.8887 —.0131 +.OO1 J 3.10! 5.0868 5.0816 +.0052 —.0023 4.831 4.8795 4.8929 —.0134 —.016 J 5.105 5.0863 5.0839 +.0024 —.013A 4.892 4.8855 4.8971 —.0116 —.048 A 3.079 5.0850 5.0864 —.0014 —.046S 4.888 4.8928 4.9014 —.0086 —.029 S 5.090 5.0831 5.0888 —.0057 —.027O 4.878 4.9024 4.9057 —.0033 +.027 0 5.090 5.0806 5.0914 —.0108 -4-.026N 4.911 4.9133 4.9101 +.0032 +.021 N 5.064 5.0779 5.0939 —.0160 +.022D 4.931 4.9249 4.9146 +.0103 +.027 D 5.078 5.0753 5,0966 —.0213 +.021
1899 1904J 4.946 4.9366 4.9190 +.0176 +.025 3 5.067 5.0731 5.0991 —.0260 +.027F 4.966 4.9483 4.9237 +.0246 —.012 F 5.076 5.0718 5.1018 —.0300 —.010M 4.983 4.9586 4.9283 +.0303 —.008 M 5.076 5.0717 5.1045 —.0328 —.001A 4.963 4.9674 4.9329 +.0345 +.007 A 5.074 5.0730 5.1072 —.0342 +.008M 4.972 4.9745 4.9374 +.0371 —.001 M 5.057 5.0756 5.1101 —.0345 —.0083 4.972 4.9797 4.9419 +.0378 +.001 J 5.080 5.0796 5.1128 —.0332 —.002J 4.970 4.9830 4.9467 +,0363 —.016 J 5.074 5.0847 5.1157 —.0310 —.013A 4.982 4.9846 4.9514 +.0332 —.048 A 5.091 5.1184. —.0278 —.045S 4.994 4.9846 4.9561 +.0285 —.029 S 5.104 5.0970 5.1211 —.0241 —.0260 4.985 4.9834 4.9606 +.0228 +.026 0 5.101 5.1035 5.1238 —.0203 +.026N 4.982 4.9814 4.9651 +.0163 +.026 N 5.133 5.1100 5.1265 —.0165 +.022D 4.977 4.9788 4.9697 +.0091 +.026 D 3.135 5.1163 5.1292 —.0129 +.020
C)
t,1 0 CO 0 h z 0
CO C) 0 rP —.
1—4
(D
CR
UiC
RC
nQlC
RC
RI(
flCR
CR
.-C
.nto
QS
tO 0
0-a'
O-4
O'O
to
CR
CR
CR
CR
CR
CR
thC
RC
RQ
.Cis
Cn
CR
CR
CR
C,u
CR
I.CR
CR
0SO
00'O
Cs-
OC
RC
RQ
sAA
C,s
4toC
R.4
.40'
CsQ
10'C
R'O
to00
'0A
-4A
0'tO
CR
CR
0505
0505
0501
0505
0——
00S
O-4
00-O
Cs0
0'00
CR
CR
CR
CR
CR
CR
CR
0'C
R0'
CR
cjt
.4'4
O1C
SC
R0'
AA
0'A
tOQ
CR
0505
CR
05C
RC
R05
CR
CR
CR
CR to
CR
CR
CR
CR
CR
CR
CR
CR
CR
CR
CnC
RC
RC
RC
RC
RC
RC
RC
R0'
CR
CR
CR
CR
to —
— —
— —
— —
— —
— —
— —
— —
to to
to ta
to to
to to
CR
CdS
(nC
RC
RC
RC
RC
RC
RC
,sC
RC
R
to to
to —
— —
— —
— —
— —
CR
05C
RC
RC
RQ
%C
RC
RC
RC
RC
RC
R
— —
— —
— —
— —
— —
—0'
00%
to'4
CR
'0A
CO
IOO
s®
'4cO
tOO
AC
SC
OQ
AC
SC
R0'
O00
-4C
S05
0505
A05
(nC
nC
'.400
'00t
oto0
'tOtO
bO.4
CR
CR
CR
Os0
5010
0"0C
S'
05'O
Q5C
SC
OQ
to00
QS
CS
00'0
'000
0000
0000
-4-4
CR
CO
toO
01'0
4CR
0'50
054-
1C'C
'0'C
RA
A0'
0'tO
toth
OQ
stoC
OC
.eO
Q01
000'
-ot,)
'4C
1550
00A
400'
4050
'SQ
tOto
0'C
R05
CR
CR
CR
010'
05C
RQ
SC
I.
toIO
Oto
100t
otot
otot
o0'
0'0'
0'to
tOtO
I'J10
——
—'4
0'0'
'0 '4
CR
0''0
000s
'CC
'CR
0'A
AA
A.4
'0tO
-1
CR
CR
CR
CR
CR
UlC
RC
RU
sCR
CnQ
t05
05tO
toto
toto
OtO
OO
Q'C
'O'0
'CS
Q'Q
'000
0000
000'
0'4C
'CR
thto
O'O
.4O
sA0'
Q'4
CR
0'4t
o000
"450
tO
1505
0505
0000
'4-O
-O.4
.4C
'CS
CS
CS
OS
-405
050
A'4
CO
Oto
CR
CR
tO0'
t000
0
1505
0505
CR
CR
0'C
RA
AA
A0'
0'0'
0'00
05A
—S
QC
SA
to01
+++++±+++I I
I
to to
to to
——
—00
00—
CR
0105
0.4
A 0
CS
to *
010
0550
0.0
to A
0' C
RC
' to
II 1111 II
IIII
III I++++++++
— to
tO 0
' A A
CR
CR
CR
CR
AA
0' to
.-Q
.-tJ
050
' AA
A 0
'A
s-0
005
to '0
0505
0505
50 to
0' 0
't- 0
—to
o 4
to 0
.4C
' CR
000—
— 0
.400
tO tO
tO 0
500
'C to
'4A
±+
±+
+±
±+
++
++
ooob
booo
oooe
01 to
tO to
.- —
— —
— —
— —
0100
0'C
S C
RC
RC
R C
R C
s C
R0
tO 5
0050
00' 4
0000
5000
0
+++++±±±I III
CR
A to
— S
Q C
S A
0550
0000
00' C
5'4
CR
'4
A
+++IIIII±+I+
000000000000
t-tO
totO
A-'0
5-.0
00tO
0005
A to
050
5000
5500
%
+++IIIII++I+
+++IIIII++I+
000000000000
0000
0000
0000
'0—
'IA
0'—
CR
0'A
00'
.4 A
0' t
o A
00 0
10.4
+++IIIII±+I+
.000000000000
'Oto
4 0
50' t
o A
000
tO 0
.4
+++IIIII+±I+
000000000000
..-to
toto
A—
0000
—to
'3(0
0' C
' A to
0' 5
0000
'4
01
——
—
-
——
I:J
toto
toto
tO0'
0'05
0'0'
0'0'
'405
.400
00 to
.-.
'00
to A
— A
OS
SQ
-o
(nC
RC
RC
RC
dsC
RC
RC
RC
Rth
CR
cnC
RC
RC
RC
RC
RC
RC
RC
RC
RQ
sCR
CR
toto
050
—00
0—
C' (
0000
0500
000.
405
A —
0' C
Is0'
010
000
0
CR
C/.t
hthC
RC
Rto
totO
toto
toto
toto
toto
to4
CO
OS
004
Cs
CO
405
4 C
S C
'00
0105
tI .4
-100
to to
— to
0505
0505
0505
0505
05C
Rto
toto
toto
toto
toto
bOto
toC
' CS
CR
CS
C'0
54 0
' '40
0 O
S C
''4
5005
tO —
'00
OS
A C
Js 0
50
to.
to to
totO
tO 1
0010
5050
1050
'00
0000
'C'O
500
0.-t
—tO
A01
-OO
AC
O01
00tO
CS
sO.
0505
0505
0505
0505
0505
0505
0505
0505
0505
0505
0505
0505
0505
0'05
0105
0505
0'0'
C.I1
Ot0
tOto
toto
tOto
Ss
tOtO
tOs-
0sQ
0000
0000
sQ'0
1005
05A
OS
'00%
OsS
Qto
CO
CO
AA
CO
AQ
SO
a10(
-05
RC
R05
(010
tota
tOto
toto
toto
toto
0000
'4'4
'440
%C
'OsC
'CS
CS
Q0L
flQS
S-.
QS
0'to
AO
S0'
tOC
/I
toto
tOtO
tatIt
.a to
totO
tO to
C'0
%0%
O'Q
50' C
'C'C
'C'C
SO
Sto
toto
thA
QlC
S00
SQ
'000
.4to
05A
AC
s00'
4tO
tOO
S
0'0'
thth
010'
0'th
th01
0105
A50
4 C
S A
to50
QsQ
sSO
thC
OQ
SC
S-4
005
CR
CR
CR
CR
CR
CR
CR
CR
CR
0'C
R05
C1S
0105
0505
0'05
05C
R05
0505
0105
tOto
toto
tota
toto
toto
toto
tOto
toto
to00
0050
'0'C
sO-o
50'
Q'0
5050
5050
5050
'050
5050
5050
0'.-
'405
050%
0%
050
5050
50' A
0'
t-'0
00—
0'-o
toC
Oth
toO
QO
SQ
SQ
'0S
QC
O05
.-"-
J0'C
'
05C
R05
(flC
Rth
C15
CJl
CnC
fl10
toto
tOtO
tOto
totO
(OtO
h)50
5050
0000
0000
00.4
.4.4
.4to
'000
0% A
0' 0
0005
C'0
'0C
RC
OS
Q0'
O'4
A'3
C.s
toto
toto
toto
toto
tOto
totO A A
0005
0' 0
000'
tO 0
.401
toO
'4O
A'4
5-05
'CtO
'4O
Cst
O0'
II
•1I
II
II +
±+
±00
0000
0000
00A
A0'
0'1O
'-000
—s-
-'1
00'to
CO
01C
S
+±
±+
++
++
++
++
++
++
+±
±-I
-++
II
0000
0000
0000
—to
toto
toto
toto
toto
tato
toto
to.—
,——
—00
000
'C0—
—.-
000.
-.-t
oto
toto
.-C
-oA
00A
1oC
R0O
0105
'OC
R00
0sto
CR
0tO
CN
II
II
II
II
II
II
0000
0000
0000
.4'0
.-.N
Oth
0'0'
0'0'
1000
000
00A
Ato
C50
005I
-.-"
-100
II
I ±+
±+
++
±+
+00
0000
0000
00C
S0'
0toC
'001
00'A
0505
C'0
000
.40'
'005
05to
'050
A
+++IIIII++I-l-
boobobbboobb
toto
05to
AQ
Q0t
o+++IIIII++I+
boo
oooo
ooto
toto
toA
Q00
to+++IIIII++I+
000000000000
tOt-
o{0t
0A00
0010
0to5
00'A
toC
RA
CO
Q5'
00'
+++IIIII++I+
000000000000
10tO
10A
0000
toS
Qto
0Q0'
AtO
CR
A00
0S'Q
A
+++IIIII+±I+
000000000000
toto
to A
0000
tO'O
toC
O0'
Ato
CR
A00
0"00
5
a
CR
1
A286 APPENDIX
TABLE 29—Continued
BANK CLEARINGS OUTSIDE NEw Yornc CITY
L
Date 1 2 3 4 5 Date 1 2 3 4 5
1915 1917J 5.286 3.2851 5.3349 —.0498 +.019 J 5.514 5.5117 5.4876 +.0241 +.017F 5.305 5.2877 5.3386 —.0509 —.013 F 5.517 5.5212 5.4965 +.0247 —.017M 5.308 5.2923 5.3428 —.0505 +.003 M 5.532 5.5298 5.5055 +.0243 +.001A 5.315 5.2986 5.3471 —.0485 +.005 A 5.537 5.5372 5.5145 +.0227 +.002M 5.305 5.3066 5.3516 —.0450 —.014 M 5.554 5.5433 5.5233 +.0200 —.014J 5.314 5.3157 5.3561 —.0404 —.001 J 5.548 5.5482 5.5326 +.0156 +.002J 5.319 5.3257 5.3613 —.0356 —.011 J 5.541 5.5523 5.5414 +.0109 —.011A 5.313 5.3360 5.3665 —.0305 —.041 A 5.563 5.5561 5.5503 +.0058 —.036S 5.335 5.3465 5.3718 —.0253 —.019 S 5.346 5,5601 5.5592 +.0009 —.0160 5.353 5.3568 5.3774 —.0206 +.030 0 5.578 5.5648 5.5682 —.0034 +.030N 5.383 3.3670 5.3833 —.0163 +.023 N 5.596 5.5705 5.5768 —.0063 +.021D 5.393 5.3772 5.3893 —.0121 +.022 D 5.562 5.5774 5.5851 —.0077 +.024
1916 1918
3 5.384 5.3874 5.3955 —.0081 +.018 3 5.567 5.5852 5.5934 —.0082 +.015F 5.410 5.3978 5.4019 —.0041 —.015 F 5.572 5.5936 5.6014 —.0078 —.019M 5.421 5.4083 5.4086 —.0303 +.002 M 5.597 5.6021 5.6092 —.0071 .000A 5.409 5.4188 5.4157 +.0031 +.004 A 5.615 5.6104 5.6168 —.0364 +.001M 5.435 5.4293 5.4229 +.0064 —.014 M 5.626 5.6179 5.6241 —.0062 —.0133 5.432 5.4397 5.4307 +.0090 .000 J 5.616 5.6245 5.6311 —.0066 +.003J 5.423 5.4499 5.4381 +.0118 —.011 J 5.641 5.6301 5.6379 —.0078 —.010A 5.454 5.4600 5.4461 +.0139 —.039 A 5.665 5.6347 5.6441 —.0094 —.035S 5.471 5.4703 5.4537 +.0166 —.018 S 5.642 5.6387 5.6499 —.0112 —.0140 5.480 3.4806 5.4621 +.0185 +.030 0 5.661 5.6423 5.6558 —.0135 +.029N 5.509 5.4910 5.4702 +.0208 +.022 N 5.644 5.6458 5.6611 —.0153 +.018D 5.502 5.5015 5.4789 +.0226 +.023 D 5.635 5.6495 5.6659 —.0164 +.025
1919J 5.657 3.6538 5.6703 —.0165 +.01
BANK DEBITS FOR 140 OUTSIDE CITIES
Date 1 2 3 4 5 Date 1 2 3 4 5
1919 1921
J 5.719 5.7158 5.7324 —.0166 +.015 3 5.751 5.7635 5.7685 —.0050 +.013F 5.709 5.7208 5.7366 —.0158 —.020 F 5.737 5.7509 5.7680 —.0171 —.020M 5.698 5.7269 5.7406 —.0137 .000 M 5.726 5.7392 5.7675 —.0283 +.00tA 5.709 5.7341 5.7443 —.0102 .000 A 5.724 5.7288 5.7668 —.0380 .000M 5.744 5.7425 5.7477 —.0052 —.013 M 5.708 5.7201 5.7660 —.0459 —.0.13J 5.764 5.7520 5.7508 +.0012 +.005 J 5.715 5.7134 5.7653 —.0519 +.008J 5.789 5.7625 5.7537 +.0088 —.010 J S.700 5.7089 5.7646 —.0557 —.010A 5.790 5.7734 5.7562 +.0172 —.034 A 5.716 5.7064 5.7637 —.0573 —.034S 5.793 3.7845 5.7584 +.0261 —.013 S 5.725 5.7059 5.7630 —.0571 —.011O 5.787 5.7952 5.7605 +.0347 +.028 0 5.707 5.7068 5.7623 —.0555 +.025N 5.791 5.8052 5.7623 +.0429 +.015 N 5.716 5.7089 5.7617 —.0528 +.010D 5.818 5.8141 5.7640 +.0501 +.027 D 5.721 5.7115 5.7611 —.0496 -f-.029
1920 1922
3 5.832 5.8215 5.7652 +.0563 +.014 J 5.697 5.7144 5.7606 —.0462 +.012F 5.806 5.8272 5.7664 +.0608 —.020 F 5.720 5.7175 5.7601 —.0426 —.020M 5.834 5,8312 5.7674 +.0638 .000 M 5.725 3.7208 5.7S98 —.0390 +.002A 5.831 5.8332 5.7682 +.0650 .000 A 5.7243 .5.7595 —.0352 +.00lM 5.816 5.8330 5.7688 +.0642 —.013 M 5.7285 3.7S93 —.0308 —.012J 5.829 5.8308 5.7693 +.0615 +.007 5.749 5.7336 5.7593 —.0257 +.009J 5.837 5.8263 5.7696 +.0567 —.010 J 5,732 5.7396 5.1594 —.0198 —.010A 5.818 5.8195 5.7697 +.0498 —.033 A 5.744 5.7465 5.7S96 —.0131 —.035S 5.831 5.8109 5.7697 +.0412 —.012 S 5.753 5.7540 3.7600 —.0060 —.0110 5.802 5.800S 5.7694 +.0311 +.027 0 5.750 5.7616 5.7604 +.0012 +.024N 5.801 3.7888 5.7691 +.0197 +.012 N 5.749 5.7689 5.7611 +.0078 +.008D 5.793 5.7763 5.7688 +.0075 +.028 D 5.771 5.7756 5.7619 +.0137 +.030
BANK . A287
TABLE 29—Continued
BANK DEBITS FOR 140 OUTSIDE CITIES
Date 1 2 3 4 5 Date 1 2 3 4 5
1923 1928J 5.791 5.7813 5.7628 +.0185 +.011 J 5.898 5.9039 5.9225 —.0186 +.009F 5.800 5.7859 5.7640 +.0219 —.019 F 5.890 5.9069 5.9247 —.0178 —.015M 5.799 5.7892 5.7653 +.0239 +.003 M 5.915 5.9102 5.9267 —.0165 +.006A 5.795 5.7915 5.7667 +.0248 +.002 A 5.920 5.9134 5.9286 —.0152 +.005M 5.807 5.7928 5.7681 +,0247 —.011 M 5.936 5.9167 5.9303 —.0136 —.007j 5.804 5.7931 5.7698 +.0233 +.010 J 5.946 5.9199 5.9319 —.0120 +.0093 5.778 5.7928 5.7717 +.0211 —.010 J 5.896 5.9228 5.9332 —.0104 —.009A 5.783 5.7918 5.7738 +.0180 —.036 A 5.918 5.9256 5.9339 —.0083 —.040S 5.770 5.7904 5.7759 +.0145 —.010 S 5.921 5.9285 5.9345 —.0060 —.0100 5.781 5.7885 5.7782 +.0103 +.023 0 5.931 5.9316 5.9346 —.0030 +.020N 5.785 5.7867 5.7806 +.0061 +.006 N 5.933 5.9353 5.9345 +.0008 +.003D 5.788 5.7850 5.7831 +.0019 +.030 D 5.952 5.9396 5.9344 +.0052 +.029
1924 19293 5.785 5.7838 5.7859 —.0021 +.011 J 5.9444 5.9342 +.0102 +.009F 5.799 5.7833 5.7887 —.0054 —.018 F 5.956 5.9496 5.9333 +.0163 —.014M 5.788 5.7838 5.7916 —.0078 +.004 M 3.952 5.9546 5.9320 +.0226 +.006A 5.796 5.7850 5.7945 —.0095 +.003 A 5.946 3.9589 3.9304 +.0285 +.005M 5.789 5.7871 5.7975 —.0104 —.010 M 5.939 5.9622 5.9282 +.0340 —.007J 5.775 5.7898 5.8005 —.0107 +.010 3 5.936 5.9641 +.0093 5.790 5.7932 5.8033 —.0103 —.010 3 5.972 5.9644 —.009A 5.795 5.7970 '5.8066 —.0096 —.037 A 6.000 5.9630 —.040S 5.794 5.8012 5.8098 —.0086 —.010 S 5.969 5.9602 —.010o 5.807 5.8058 5.8127 —.0069 +.022 0 5.998 5.9558 +.019N 5.793 5.8106 5.8157 —.0051 +.OOS N 5.975 5.9500 +.003D 5.818 5.8158 5.8187 —.0029 +.030 D 5.910 5.9430 +.029
1925 1930J 5.847 5.8211 5-.8216 —.0005 +.010 J 5.911 5.9349 +.008F 5.839 5.8266 5.8245 +.0021 —.017 F 5.900 5.9259 —.014M 5.832 5,8320 5.8273 +.0347 +.004 M 5.900 5.9160 +.007A 5.834 5.8362 5.8300 +.0062 +.003' A 5.904 5.9056 +.005M 5.829 5.8410 5.8326 +.0084 —.010 M 5.902 5.8951 —.006J 5.84) 5.8454 5.8353 +.0101 +.010 3 5.906 5.8848 +.009J 5.852 5.8493 5.8379 +.0114 —.009 J 5.883 5.8750 —.009A 3.845 5.8526 5.8404 +.0122 —.038 A 5.870 5.8657 —.040S 5.853 5.8365 5.8429 +.0136 —.010 S 5.860 5.8574 —.010O 5.869 5.8589 5.8456 +.0133 +.021 0 5.864 5.8497 +.019N 5.848 5.8609 5.8481 +.0128 +.004 N 5.815 5.8424 +.002D 5.860 5.8625 5.8507 +.0118 +.030 D 5.843 5.8352 +.029
1926 1931
3 5.872 5.8636 5.8531 +.0105 +.010 J 5.837 3.8280 +.0081? 5.872 5.8643 5.8558 +.0085 —.016 F 5.799 5.8202 —.014M. 5.874 5.8646 5.8585 +.0061 +.00S M 5.790 5.8119 -t-.O07
A 5.872 5.8645 5.8611 +.0034 +.004 A 5.811 5.8030 +.005M 5.849 3.8643 5.8638 +.0005 —.009 M 5.790 5.7935 —.006J 5.844 5.8640 5.8667 —.0027 +.010 3 5.802 5.7835 -I-.009
J 5.883 5.8639 5.8696 —.0057 —.009 J 5.783 3.7726 —.009.A 5.865 5.8641 5.8725 —.0084 —.039 A 5.767 5.7608 —.040S 5.862 5.8649 5.8755 —.0106 —.010 S 5,754 5.7482 —.010O 5.864 5.8661 5.8787 —.0126 +.021 0 5.748 5.7347 +.019N 5.853 5.8679 5.8816 —.0137 +.004 N 5.667 5.7205 +.002D 5.869 5.8700 5.8847 —.0147 +.029 D 5.713 5.7058 +.029
1927 1932
3 5.870 5.8725 5.8879 —.0154 +.009 J 5.702 5.6909 +.008F 5.887 3.8751 5.8910 —.0159 —.016 F 5.661 5.6760 —.014M 5.883 5.8777 5.8942 —.0165 +.006 M 5.639 5.6613 +.007A 5.891 5.8803 5.8973 —.0170 +.004 A 5.675 5.6470 +.00SM 5.876 5.8829 5.9004 —.0175 —.008 M 5.611 5.6332 —.0063 5.890 5.8855 5.9035 —.0180 +.010 J 5.625 5.6204 +.0093 5.878 5.8881 5.9065 —.0184 —.009 J 5.615 5.6088 —.009A 5.891 5.8906 5.90)4 —.0188 —.039 A 5.619 5.5987 —.040S 5.902 5.8932 5.9122 —.0190 —.010 S 5.604 5.5906 —.0100 5.889 5.8957 5.9149 —.0192 +.020 0 5.581 5.5846 -l-.019
N 5.897 5.8983 5.9173 —.0192 +.003 N 5.560 5.5808 +.002D 5.903 5.9010 5.9200 —.0190 +.029 D 5.588 5.5789 +.029
A288 APPENDIX
TABLE 29—Concluded
BANK DEBITS FOR 140 OUTSIDE CITIES
Date 1 2 3 4 5 Date 1 2 3 4 5
1933 1935J 5.582 5.5788 +.008 J 5.679 +.008F 5.584 5.5801 —.014 F 5.687 —.014M * 5.5826 +.007 M 5.702 +.007A 5.344 5.5859 +.005 A 5.715 +.005M 5.576 5.5902 —.006 M 5.709 —.006J 5.627 5.5952 +,009 J 5.716 +.009J 5.660 5.6010 —.009 J 5.739 —.009A 5.641 5.6075 —.040 A 5.743 —.040S 5.620 5.6144 —.010 S 5.713 —.0100 5.604 5.6213 +.019 0 5.719 +.019N 5.597 5.6279 +.002 N 5.746 +.002D 5.603 5.6338 +.029 D 5.754 +.029
1934 1936J 5.621 5.6387 +.008 J 5.744 +.008F 5.638 5.6426 —.014M 5.650 5.6458 +.007A 5.667 5.6486 +.005M 3.669 —.0063 5.683 +.009J 5.661 —.009A 5.676 —.040S 5.643 —.010o 5.650 +.019N 5.648 +.002D 5.676 +.029
*Not available, complete data not having been reported on account of bank holidays.
BANK CLEARINGS A289
TABLE 30
DEFLATED' BANK CLEARINGS OUTSIDE NEW YORK CITY, MONTHLY,JANUARY 1875-JANuARY 1919, INCLUSIVE; DEFLATEDt BANK
DEBITS FOR 140 OUTSIDE CITIES, MONTHLY,JANUARY 1919 -JANUARY 1936
Col. 1. Logarithms of Data Adjusted for Seasonal Fluctuations.Col. 2. Cyclical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve (logarithms) from Trend
Curve (logarithms).Col. 5. Changing Seasonal Fluctuations (logarithms).
For details of the nature of the graduations given in Columns 2 and3 and of the seasonal given in Column 5 of this table, see Appendix D.
by dividing the Clearings Figures of Table 27 by Carl Snyder's "Index of GeneralPrice Level."
'1 r '-3 [:j z p tTJ z C)
(12 C d [
Ti C)
I-C
D
000—
400Q
"Ccn
a(na
aacf
lO
t-at
-aO
cCQ
tCt'.
.3ba
OC
'OO
'—b3
C'a
t,30(
nulc
at.fl
flCF
,2—
(nth
Cn(
n(J1
C,IC
R(f
lCflQ
1CflQ
l—
——
——
— I-
.
C'
—N
fl-fl?
— p
-"— —
Ln(n
'04(
fl-4t
h0t.?
00'C
C00
0000
4-1C
'C'(f
l1—
?NJt
-JaO
C'c
a'C
C'<
a000
Cn(
.JC
nthU
1LnC
nU1
0000
00—
——
—'—
—C
'Coj
ca'0
000'
(flO
%
aaaa
aa Nfl?
hat
—?
thC
'Co'
C0-
)acf
lC'-1
00
ttttt.I.I.LI.I.I)
oooooooooooo
Na
'CC
'Oa(
.a0-
4c30
01-"
a—
400h
a'0Q
'-l
II
III II
IIIII
—
I I+++±++±+±+
ooooooooooob
0000
0000
0000
aOth
C'—
1--t
-4C
'--4-
4
+ttt
++
+tt+
++
oooo
bboo
oobb
000—
——
—00
000
+++++I I
IIII
I
Oco
oooo
o——
'-—00
0ooc
.a-4
0(a'
n-4
a
+++IIIIIIII±
oooooooooooo
+++IIIIII1I+
oooooboooooo
t-j0
0000
(.j
Co
—4C
.
ttt)I)I))+It
oooobobo&ooo
C.a
aa —
—4N
J
+++IIIIII±i+
bbbbbbbboooo
Ca
c-JC
9aP
JOC
OO
C.3
'CC
'c3
-C'C
flC.J
OC
fl -4
.-.
—
ezcW
rll—
ozow
>—
ezo
——
ozo
—sC
'C'Q
'aC
'C'
4-1-
IO
t'ath
C.a
OO
Cn'
C(f
lO'—
'CC
oa0
0-4a
C'O
C"4
aC
"44C
'C"4
C'
Na
C.3
LRC
"QC
't-?
'000
000
'0a4
00(.
)Na
a a
— Na
aaaa
aaaa
aaaa
C'C
'C'C
'.2
W-a
aaaa
aaaa
aa4Z
444
C'
aaaa
aaaa
aaaa JW
-4aa
4aaa
aaaa
aaN
.Na—
0C00
aaa
aaaa
aaa
C'C
'C'C
'C'C
'C'C
'C'C
'C'C
'
C'0
000N
aNa-
4(.J
(.a
t-nt
at-?
t-?t
-?ha
cflo
coot
-.aC
't--a
00C
'aba
Sab
JNat
4tQ
Na
pb4a
C'4
OaO
Cbf
lflC
'Co
aaaa
aaaa
aaaa
—o'
C00
C'a
a'C
C'
II
II
II
II
II
II
II
0000
0000
0000
0000
0000
0000
N?O
t4a
f—C
'oo
a
oooo
oooo
oooo .0
—4
0'C
'Ct4
CJ'
(.)0
'0-2
II
I I+
±±
±±
±oo
booo
booo
oo00
0000
00N
?
SC
o(aa
4a
Co 0 lit
+++III+IIII+
000
+++IIIIIIII+
ObbObbObObb
t-JC
.aC
.at.)
a—
000'
.t-j
—.J
aC.n
+++IIIIIIII+
bbbb6°bb
N?
CjC
.ah?
a
+++IIIIIIII+
NJ
C9C
,,Na
aN)0
000C
.3'C
I-.
C,'
BANK CLEARINGS
TABLE 30—Continued
A291
DEFLATED BANK CLEAEINGS OUTSIDE NEW YORK CITY
I
4.7104.6824.6864.7094.6874.7204.7394.7064.7254.7434.7584.769
2
4. 68864. 69064. 6944,4. 69954.70564.71244.71964.72664. 73354.74014.74614.7518
3
4.72974.73124. 73304. 73484. 73684.73894. 74114. 74344.74584. 74834. 75084. 7534
4
—.0411— .0406— .0386— .0353—.0312— .0265—.0215—.0168—.0123—.0082—.0047—.0016
5
+.020—.016—.018-.002—.0024.002—.014—.045—.020+.038+ .031+ .026
I
4.9174.9104.9144.9304.95 74.9354.9504.9464. 9534.95 14.9404.915
2
4. 91024.91784. 92504. 93134. 93644. 93994. 94174. 94194. 94054. 93804. 93484.9314
3
4.90744. 91014.91274, 91.534. 91794.92034. 92264. 92504. 92 724.92924.93144.9332
4
+.0028+ .0077+.0123+.0160+ .0185+. 01 96+.0191+.0169+.0133+0088+ .0034— .0018
5
+.0t1—.017—.018+ .001+ .004+ .003—.013—.046—.023+.036+.030+.024
Date
1885JFMAMJJAS0ND
1886JFMAMJJAS0ND
1887JFMAM
AS0ND
4.7484.7674.7844.7544.7454.7814.7974.7864.7964.7844.8104.822
4.75634. 75924.76224.76524. 76834.77134.77464, 7 7794.78114.78434, 78774.7913
+.0006+.0022+ .0031+.0037+ .0041+.0048+ .0058+ .0077+.0106+ .0143+.0189+ .0233
Date1890
JFMAMJ3A.S0ND
1891IFMAMJJAS0ND
1892JFMAMJIS0ND
+.018—.017—.018— .002-.001
+ .003—.013— .045—.020+.038+ .031+ .026
4.9224.9194.9074.9314.9124.9174.9374.9384.9784.9474.9374.943
4.92824. 92574. 92424. 92404.92494. 92714.93104.93484.93894. 94294. 94664,94,59
4. 75694.76144.76534. 76894. 77244.77614. 78044. 78564.79174.79884. 80664. 8146
4. 82244. 82954. 83554. 83994. 84294. 84444. 84434. 84304. 84094.83804.83514. 8325
4. 93484. 93644. 93 794.93944.94054. 94174.94284. 94364. 94444. 94504. 94564.94,60
—.0066— .0107—.0137—.0154—.0156—.0146—.0118— .0088—.0035—.0021+ .0010+ .0029
+ .018—.016—.018
+ .002+ .004+ .003—.013—.046— .025
+ .035+.0314.025
4.7994.8154.8554.8484.8414.8754.8354.8434.8464.8224.8504.826
4.79484.79834.80194. 80564.80934. 81304.81664. 82024. 82394.82744. 83104.8345
+ .0276+ .03124.03364.0343+ .0336+ .0314+ .0277+.0228+.0170+.0106+ .0041— .0020
1
4.9404.9754.9614.9524.9424.9764.9634.9824.9844.9714.9854.993
4. 95 144. 95364.95604. 95894. 96284. 96764. 97334. 97954. 983 14 .98944.99224.9915
4. 94644.94664.94694. 94684. 94694. 94684. 94664. 94654. 94624. 94604. 945 74. 9450
+ .0050+ .00 70+.0091+.0121+.0159+.0208+.0267+.0330+.0389
0434+ .0465+.0465
+.019— .016—.017+ .002+ .003+ .002—.014— .046— .026+.034+.031+.025
+ .017—.017—.018—.001
.000+.004—.012—.045—.020+.038+ .030+.025
+.016—.017—.018
.000+ .001
.004—.012— .046—.021
+ .037+,030+.024
4.8194.8314.8184.8274.5444.8364.8384.8554.8444.8784.8514.856
4. 83814. 84164. 84484.84814.85124. 85444.85744.86034. 86314. 86594. 86884. 87 13
—.0076—.0121—.0152—.0171—.0176—.0173—.0161— .0142—.0123—.0105— .0093— .0083
1893JFMAM33AS0ND
8883
MAMJJAS0ND
1889JFMAM
JAS0ND
4.9914.9964.9914.9814.9874.9414.9 104.8424.8654.8734.8984.899
4.98784. 98114. 97194. 95994. 94734.93444. 92174.90984.89954. 89134. 88604.8835
4. 83054. 82954. 82964.83104.83364. 83714. 84134.84614.85084. 85544. 85954. 8630
4.86604. 86824.87004. 87164. 87314.87484. 87714.88024. 88434.88954.89574. 9027
4. 94434. 94404. 94324. 94254. 94144.94074. 93974.93884. 93794. 93734. 93654. 9356
+.0435+.0371+.0287+ .0174+.0061—.0063—.0180— .0290—.0384—.0460—.0505—.0521
+.020—.015—.016+ .003+ .004+.002—.015— .046—.027
+ .033+.031+.026
4,8714.8754.8704.8594.8754.8704.8964.8834.8704.8974.8924.886
4.87434. 87 704. 87984. 88274. 88534. 88824. 89094. 89374. 89634. 89904. 90184. 9046
— .0083— .0088—.0098—.0111—.0122—.0134—.0138—.0135—.0120—.0095—.0061—.0019
+.017'—.017—.018+ .001+ .003+ .003—.012— .046—.022+ .037+ .030+ .024
18943FMAMJIAS0ND
4.9094.8844.9014.8964.9114.9034.8994.9344.9214.9314.9304.929
4. 88404.88694. 89164. 89744.90354. 90914. 9 138
4. 92064. 92334. 92624. 9296
4.93464. 93384. 93314.93224. 93 164.93094. 93054.93004. 92954. 92924.92874. 9284
—.0506—.0469—.0415—.0348—.0281—.0218—.0167—.0125—.0089—.0059—.0025+ .0012
4.021—.015—.015
+ .004+ . 004+.002—.016— .046—.027
+ .031+ .030+ .027
A292 APPENDIX
TABLE 30—Continued
DEFLATED BANK CLEARINGS OUTSIDE NEW YoRK CITY
Date 1 2 3 4 3 Date 1 2 3 4 3
1895 1900 -
J 4.941 4.9335 4.9282 +.0053 +.022 J 5.061 5.0703 5.0743 —.0040 +.026F 4.907 4.9379 4.9283 +.0096 —.014 F 5.063 5.0668 5.0777 —.0109 —.011M 4.928 4,9426 4.9283 +.0143 —.014 M 5.064 5.0636 5.0808 —.0172 —.006A 4.945 4.9474 4.9282 +.0192 +.004 A 5.059 5.0613 5.0838 —.0225 +.008M 4.958 4.9518 4.9282 +.0236 +.003 M 5.067 5.0600 3.0864 —.0264 —.002J 4.949 4.9558 4.9284 +.0274 +.002 J 5.073 5.0600 5.0892 —.0292 .000
J 4.979 4.9592 4.9284 +.0308 —.016 J 5.060 5.0616 5.0919 —.0303 —.015A 4.962 4.9616 4.9290 +.0326 —.047 A 5.067 5.0648 5.0945 —.0297 —.047S 4.952 4.9631 4.9296 +.0335 —.028 S 5.053 5.0696 5.0969 —.0273 —.0280 4.987 4.9634 4.9302 +.0332 +.030 0 5.070 3.0757 5.0994 —.0237 +.026N 4.970 4.9626 4.9312 +.0314 +.030 N 5.082 5.0829 5.1016 —.0187 +.025D 4.968 4.9607 4.9324 +.0283 +.028 D 5.080 5.0905 5.1038 —.0133 +.024
1896 1901
J 4.948 4.9577 4.9336 +.0241 +.022 J 5.102 5.0983 5.1051 —.0074 +.026F 4.940 4.9538 4.9350 +.0188 —.014 F 5.100 5.1057 5.1077 —.0020 —.011M 4.931 4.9494 4.9366 +.0128 —.013 M 5.106 5.1125 5.1095 +.0030 —.005A 4.946 4.9445 4.9384 +.0061 +.005 A 5.142 5.1183 5.1114 +.0069 +.008M 4.932 4.9396 4.9401 —.0005 +.002 M 5.150 5.1233 5.1130 +,0103 —.003J 4.945 4.9350 4.9423 —.0073 +.001 3 5.128 5.1271 5.1149 +.0122 .000
J 4.955 4.9307 4.9444 —.0137 —.016 J 5.133 5.1298 5.1165 +.0133 —.014A 4.910 4.9272 4.9465 —.0193 —.047 A 5.135 5.1317 5.1180 +.0137 —.047S 4.921 4.9245 4.9489 —.0244 —.028 S 5.110 5.1328 5.1192 +.0136 —.028O 4.926 4.9229 4.9513 —.0284 +.029 0 5.130 5.1335 5.1208 +.0127 +.026N 4.927 4.9225 4.9538 —.0313 +.029 N 5.129 5.1338 5.1221 +.0117 +.024D 4.942 4.9234 4.9565 —.0331 +.028 D 5.117 5.1342 5.1234 +.023
1897 1902
J 4.915 4.9257 4.9594 —.0337 +.023 3 5.143 5.1348 5.1246 '4-.0102 +.027F 4.929 4.9296 4.9620 —.0324 —.013 F 5.131 5.1357 5.1258 +.0099 —.010M 4.929 4.9350 4.9651 —.0301 —.011 M 5.129 5.1367 5.1270 +.0097 —.003A 4.934 4.9416 4.9680 —.0264 +.006 A 5.157 5.1381 5.1285 +.0096 +.008M 4.924 4.9493 4.9708 —.0215 +.001 M 5.152 5.1394 5.1298. +.0096 —.0051 4.949 4.9578 4.9736 —.0158 +.001 3 5.119 5.1407 5.1312 +.0095 —.001
4.968 4.9665 4.9764 —.0099 —.016 J 5.160 5.1417 5.1324 +.0093 —.014A 4.984 4.9750 4.9794 —.0044 —.048 A 5.134 5.1426 5.1337 +.0089 —.046S 5.019 4.9827 4.9825 +.0002 —.029 S 5.159 5.1431 3.1349 +.0082 —.027O 4.983 4.9892 4.9853 +.0039 +.027 0 5.148 5.1437 5.1364 +.0073 +.026N 4.998 4.9941 4.9883 +.0058 +.028 N 5.129 5.1443 5.1378 +.0065 +.023D 4.998 4.9972 4.9914 +.0058 +.028 D 5.136 5.1450 5.1392 +.0058 +.022
1898 1903J 4.992 4.9989 49944 +.0045 +.024 3 5.150 5.1459 3.1404 +.0055 +.027F 5.015 4.9994 4.9973 +.0021 —.012 F 5.143 5.1470 5.1418 +.0052 —.010M 5.008 4.9992 5.0003 —.0011 —.010 M 5.136 5.1482 5.1433 +.0049 —.002A 4.988 4.9991 5.0034 —.0043 +.006 A 5.152 5.1493 5.1448 +.0045 +.008M 4.991 4.9998 5.0065 —.0067 .000 M 5.140 5.1500 5.1465 +.0035 —.006J 5.013 5.0013 5.0094 —.0081 +.001 3 5.167 5.1504 5.1481 +.0023 —.002'J 4.976 5.0047 5.0127 —.0080 —.016 3 5.170 5.1502 5.1498 +.0004 —.013A 5.017 5.0099 5.0160 —.0061 —.048 A 5.144 5.1492 5.1517 —.0025 —.046S 5.013 5.0162 5.0194 —.0032 —.029 S 5.156 5.1477 5.1536 —.0059 —.0270 5.003 5.0245 5.0228 +.0017 +.027 0 5.155 5.1456 5.1555 —.0099 +.026N 3.029 5.0338 5.0262 +.0076 +.027 N 5.129 5.1433 3.1574 —.0141 +.022D 5.050 5.0436 5.0297 +.0139 +.027 D 5.145 5.1409 5.1594 —.0185 +.021
1899 1904J 5.060 5.0534 5.0330 +.0204 +.025 3 5.133 5.1389 5.1614 —.0225 +.027F 5.079 5.0630 5.0367 +0263 —.012 F 5.140 5.1376 5.1634 —.0258 —.010M 5.096 5.0711 5.0402 +.0309 —.008 M 5.141 5.1374 5.1654 —.0280 —.001A 5.071 5.0776 5.0437 +-0339 +.007 A 5.139 5.1384 5.1674 —.0290 +.008M 5.080 5.0824 3.0470 +.0354 —.001 M 5.123 5.1405 5.1696 —.0291 —.008J 5.079 5.0853 5.0505 +.0348 +.001 J 5.145 5.1440 5.1715 —.0275 —.002J 5.072 5.0864 5.0542 +.0322 —.016 J 5.139 5.1485 5.1737 —.0252 —.013A 5.084 5.0860 5.0577 +.0283 —.048 A 5.157 5.1536 5.1757 —.0221 —.045S 5.096 5.0841 5.0610 +.0231 —.029 S 5.169 5.1592 5.1776 —.0184 —.026O 5.082 5.0812 5.0644 +,0168 +.026 0 5.161 5.1649 5.1795 —.0146 +.026N 5,078 5.0779 5.0677 +.0102 +.026 N 5.193 5.1705 5.1815 —.0110 +.022D 5.073 5.0742 5.0711 +.0031 +.026 D 5.190 5.1738 5.1835 —.0077 +.020
z 0 z 0 00 C H 00 z 0 0 -I H
0000
C\ C
. P. (
n0.
'000
'000
'C0'
0.0'
th—
1..)
Q0
0000
3
'000
At'.
)
++++++++++I I
II
II
II 11111
+++±++++++++
±±
±±
±±
++
+±
II
+++IIIII++l+
+++IIIII++I+
+++IIIII++I+
+++IIIlI++I+
—
—
0.A
'0'0
—0
0000
—C
#.
0000
A A
A—
IIIIIIII±++±
++++++++++++
iiiiiiiiiiil
iiiFf++++H
0 .1
++
±III
II++
I+±
±+
I II I
I±±
I±I
II I
++
I±+
++
I I II
I+±
I++
±±
lIIII+
+I± —
.
C,'
A294 APPENDIX
TABLE 30—Continued
DEFLATED BANK CLEARINGS OursmE NEW YORK CITY
DEFLATED BANK DEBITS FOR 140 OUTSIDE CITIEs
Date 1 2 3 4 5 Date 1 2 3 4 5
1919 19213F
5.5085.503
5.50355.5058
5.51215.5132
—.0086—.0074
+.015—.020
JF
5.5035.502
5.51235.5090
5.52695.5273
—.0146—.0183
+.013—.020M
A5.4895.495
5.50915.5132
5.51435.5153
—.0052—.0021
.000
.000MA
5.4975.501
5.50635.5042
5.52795.5283
—.0216—.0241
+.031.000
M 5.522 5.5180 5.5161 +.0019 —.013 M 5.493 3.5029 5.5288 —.0259 —.01333A
5.5345.5485.544
5.52335.52885.5340
5.51695.51775.5184
+.0064+.0111+.015t5
—.010—.034
JJA
5.5055.4965.512
5.50255.50325.5048
5.52945.53005.5303
—.0269—.0268—.0257
+.008—.010'—.034
S 5.548 5.5386 5.5190 +.0196 —.013 S 5.523 5.5074 5.5311 —.0237 —.0110N
5.5375.533
3.54235.5448
5.51985.5204
+.0225+.0244
+.028+.015
0N
5.5055.514
5.51055.5140
5.53185.5325
—.0213—.0185
+.025+.010
D 5.553 5.5462 5.5210 +.0252 +.027 D 5.523 5.5174 5.5333 —.0159 +.029
1920 1922
3F
5.5585.531
5.54645.5457
5.52125.5218
+.0252+.0239
+.014—.020
JF
5.5045.531
5.52065.5236
5.53435.5350
—.0137—.0114
+012—.020
M 5.551 5.5443 5.5223 +.0220 .000 M 5.535 5.5263 5.5361 —.0098 +.002A 5.539 5.5423 5.5228 +.0195 .000 A 5.524 5.5289 5.5371 —.0082 +.O01M 5.520 5.5399 5.5232 +.0167 —.013 M 5.536 5.5318 5.5382 —.0064 —.0123JA
5.5315.5405.528
5.53715.53405.5303
5.52385.52423.5246
+.0133+.0098+.0059
+.007—.010—.033
J3A
5.5505.5325.540
5.53535.53945.5442
.5.53935.54065.5418
—.0340—.0012+.0024
+009—.010—.035
S 5.541 5.5270 5.5251 +.0019 —.012 S 3.549 5.5494 5.5433 +.0061 —.0110N
5.5185.530
5.52315.5194
5.52545,5259
—.0023—.0065
+.027+.012
0N
5.5435.539
5.55475.5598
5.54475.5463
+.0100+.0135
+.024+.008
D 5.539 5.5157 5.5263 —.0106 +.028 D 5.558 5.5644 5.5477 +.0167 +.030
1 2 3 4 5 Date 1 2 3 4
1917
Date
1913JFMAMJJAS0ND
1916JFMAM33AS0ND
5.4075.4035.4115.4035.411.5.39 7
5.39 15.4115.3935.4255,4475.406
5.2865.3055.3085.3115.3005.3095.3105.3005.3185.3245.3535.360
5.3435.3655.3685.3525.3785.3 725.3625.38753925.3945.4085.398
5.40115.40305.40455.40555.40605.40635.40675.4075S . 40895.41135. 41465.4187
5.28575.28785.29135.29625.30195.308153 1465.32095.327 15.33275.33825.3436
5. 34915.33475. 36065.36645.37205 . 37735.38205.38625.38995.39325.39605.3987
5.3861538965. 39335.39695.40025. 40395.40725. 41055.41385.41725.42035 .4231
5.322 15.32375.32545.32725.32935.33125. 3336.5. 33595.33795.34035. 34285.3453
5. 34795.35065-3534535645.3595536305.36595.3693537225.37585.37915.3825
S
+.017—.017+ .001+.002—.014+ .002—.011—.036—.016+.030+.021+.024
+.0150+.0134+.0112+.0086+ .0058+.0024— .0005—.0030— .0049—.0059—.0057—.0044
— .0364— .0359— .0339—.0310—.0274—.0231—.0190—.0150—.0108—.0076— .0046—.0017
+ .0012+ .0041+ .0072+ .0100+.0125+.0143+.0161+.0169+.0177+.0174+.0169+.0162
+.019—.013+.003+.005—.014—.001—.011—.041—.019+.030+.023+.022
+.018— .015+.002+.004—.014.000
—.011—.039—.018
+.030+.022+ .023
JFMAM3JAS0ND
1918JFMAMJ3AS0ND
1919J
S . 4095.4085.4305.4425-4475.431S . 4515.4665.438S .4515.4345.420
5.42325.42795.43215.43565.43815. 43965.44025.44015.43975.43945. 43955.4401
5.42615.42895.43 155.43405.43645.438 75.44103.44285.44445.44615.44775.4490
— .0029—.0010+ .0006+ .0016+ .0017+ .0009— .0008—.0027— .0047— .0067— .0082— .0089
+.015—.019
.000+.001—.013
+ .003—.010—.035— .014+ .029+.018+ .025
5.446 5. 4415 5.4500 — .0085 +.015
BANK CLEARINGS A295
TABLE 30—Continued
DEFLATED BANK DEBITS FOR 140 OUTSIDE CITIEs
Date 1 2 3 4 5 Date 1 2 3 4 5
1923 1928
_______
J 5.579 5.5683 5.5493 +.0190 3 5.660 5.6640 5.6756 —.0116 +.009F 5.585 5.5713 5.5510 +.0203 —.019 F 5.652 5.6657 5.6772 —.0115M 5.581 5,3733 5.5528 +,0205 +.003 M 5.674 5.6678 5.6787 —.0109 +.00(A 5.579 5.5743 5.5546 +.0197 +.002 A 5.677 5.6700 5.6802 —.0102 +.005M 5.587 5.5747 5.5563 +.0184 —.011 lvi 5.688 5.6723 5.6817 —.0094 —.0W'J 5.584 5.5743 5.5583 +.0160 +.010 3 5.700 5.6747 5,6830 —.0083 +.ooc3 5.561 5.5734 5.5603 +.0131 —.010 3 5.650 5.6767 5.6841 —.0074 —.009A 5.565 5.5720 5.5623 +.0097 —.036 A 5.672 3.6786 5.6849 —.0063 —.040S 5.552 5.5704 5.5641 +.0063 —.010 S 5.671 5.6805 5.6856 —.0051 —.0100 5.561 5.5684 5,5662 +.0022 +.023 0 5.683 3.6825 5.6858 —.0033 +.02CN 5.564 5.5668 5.5683 —.0015 +.006 N 5.682 5.6851 5.6859 —.0008 +.O02D 5.567 5.5654 5.5703 —.0049 +.030 D 5.701 5.6881 5.6863 +.0018 +.029
1924 1929J 5.562 5.5645 5.5726 —.0081 +.011 3 5.696 5.6917 5.6867 +.0050 +.009F 5.576 5.5644 5.5746 —.0102 —.018 F 5.703 5.6958 5.6865 +.0093 —.0t4M 5.568 5.5653 5..5769 —.0116 +.004 M 5.697 5.6999 5.6860 +.0139 +.006A 5.578 5.5667 5.5792 —.0125 +.003 A 5.693 5.7035 5.6853 +.0182 +.005M 5,572 5.5689 5.5815 —.0126 —.010 M 5.686 5.7065 5.6842 —.0073 5.561 5.5716 5.5837 —.0121 +.010 J 5.683 5.7085 +.009J 5.572 5.5748 5.5858 —.0110 —.010 3 5.715 5.7085 —.009A 5.575 5.5783 5.5880 —.0097 —.037 A 5.742 5.7086 —.040S 5.576 5.5820 5.5903 —.0083 —.010 S 5.708 5.7069 —.010O 5.590 3.5859 5.5923' —.0064 +.022 0 5.741 5.7041 +.019N 5.574 5.5898 5.5944 —.0046 +.005 N 5.734 5.7002 +.003D 5.592 5.5939 5.5965 —.0026 +.030 D 5.669 5.6955 +.029
1925 1930J 5.619 5.5979 5.5985 —.0006 +.010 3 5.670 5.6900 +.008F 5.611 5.6019 5.6005 +.0014 —.017 F 5.663 5.6839 —.014lvi 5.605 5.6057 5.6025 +.0032 +.004 M 5.662 5.6773 +.007A 5.609 3.6083 5.6045 +.0038 +.003 A 5.664 5.6703 +.005M 5.603 3.6116 5.6064 +.0052 —.010 N 5.667 5.6634 —.006J 5.620 5.6146 5.6084 +.0062 +.010 J 5.678 5.6568 +.009J 5.621 5.6172 5.6103. +.0069 —.009 J 5.660 5.6508 —.009A 5.612 5.6195 5.6122 +.0073 —.038 A 5.650 5.6453 —.040S 5.621 5.6226 5.6141 +.0085 —.010 S 5.638 5.6408 —.010o 5.633 5.6244 5.6162 +.0082 +.021 0 5.652 5.6371 +.019N 5.610 5.6259 5.6181 +.0078 +.004 N 5.609 5.6337 +.002D 5.622 5.6271 5.6202 +.0069 +.030 D 5.645 5.6306 +.029
1926 . 1931J 5.634 5.6280 5.6221 +.0059 +.010 J 5.641 5.6275 +.008F 5.637 3.6286 5.6243 +.0043 —.016 F 5.604 5.6238 —.014N 5.642 5.6289 5.6265 +.0024 +.005 N 5.594 5.6196 +.007A 3.639 5.6290 5.6285 +.0005 +.004 A 5.620 5.6149 +.005N 5.616 5.6291 6.5306 —.0015 —.009 N 5.605 5.6097 —.006J 5.611 5.6293 5.6329 —.0036 +.010 3 5,626 5.6042 +.009J 5.653 5.6298 5.6352 —.0054 —.009 J 5.610 5.5981 —.009A 5.632 5.6307 5.6374 —.0067 —.039 A 5.594 5.5914 —.040S 5.626 5.6321 5.6398 —.0077 —.010 S 5.587 5.5841 —.010O 5.632 5.6339 5.6423 —.0084 +,021 0 5.590 5.5762 +.019N 5.618 5.6362 5.6444 —.0083 +.004 N 5.527 5.5673 +.002D 5.636 5.6387 5.6469 —.0082 +.029 D 5.567 5.5583 +.029
1927 1932J 5.639 5.6414 5.6494 —.0080 +.009 3 5.562 5.5485 +.008F 5.656 5.6442 5.6517 —.0075 —.016 F 5.527 5.5385 —.014M 5.653 5.6468 5.6542 —.0074 +.006 M 5.502 5.5283 +.007A 5.663 5.6492 5.6566 —.0074 +.004 A 5.548 5.5182 +.005N 5.646 5.6515 5.6589 —.0074 —.008 M 5.490 5.5084 —.006J 5.657 5.6536 5.6613 —.0077 +.010 J 5.514 5.4994 +.009J 5.648 5.6555 5.6637 —.0082 —.009 J 5.504 5.4915 —.009A 5.658 5.6571 5.6658 —.0087 —.039 A 5.498 5.4849 —.040S 5.664 5.6586 5.6678 —.0092 —.010 S 5.483 5.4799 —.0100 5.650 5.6599 5.6698 —.0099 +.020 0 5.464 5.4766 +.019N 5.658 3.6611 5.6718 —.0107 +.003 N 5.446 5.4750 +.002D 5.662 5.6625 5.6737 —.0112 +.029 D 5.481 5.4747 +.029
A296 APPENDIX
TABLE 30—Concluded
DEFLATED DEBITS FOR 140 OUTsIDE CITIES
Date 1 2 3 4 5 Date 1 2 3 4
1933 1935J 5.478 5.4755 +.008 J 5.530 +.008F 5.491 5.4771 —.014 F 5.535 —.014M * 5•4793 +.007 M 5.553 +.007A 5.451 5.4816 +.005 A 5.563 +.0O5M 5.472 5.4844 —.006 M 5.554 —.006J 5.520 5.4872 +.009 J 5.558 +.009J 5.539 5.4904 —.009 J 5.578 —.009A 5.520 5.4937 —.040 A 5.579 —.040S 3.496 5.4972 —.010 S 5.546 —.010O 5.480 5.5006 +.019 0 +.0!9N 5.473 5.5039 +,002 N 5.573 +.002D 5.482 5.5067 +.029 D 5.591 +.029
1934 1936
J 5.497 5.5089 +.008 J 5.568 +.008F 5.504 5.5106 —.014M 5.516 5.5120 +.007A 5.530 5.5133 +.005M 5.535 —.006
J 5.546 +.009J 5.521 —.009A 5.536 —.040S 5.500 —.010O 5.507 +.019N 5.502 +.002D 5.530 +.029
*Not available, complete da a not having been reported on account of bank holidays.
PIG IRON PRODUCTION A297
Q
TABLE 31
DAILY AVERAGE PIG IRON PRODUCTION' IN THE UNITED STATES, MONTHLY,JANUARY 1877 - JANUARY 1936
Col. 1. Logarithms of Data (see Table 27—Column 4).Col. 2. Cyclical Curve (logarithms).Col. 3. Trend Curve (logarithms).Col. 4. Deviations of Cyclical Curve (logarithms) from Trendl
Curve (logarithms).
For details of the nature of the graduations given in Columns 2 and3 of this table, see Appendix D.
'These figures do not include charcoal pig iron.
1Except. iron.
A298 APPENDIX
TABLE 31
PIG PRODUCTION1 IN THE UNITED STATES
1 2 2 3 41
1.0411.0551 .051
1.0431.0331.0241.0131.0101.0201.0471.0631.073
1.01611.01991.02391.02811.03231 .03631.04001. 04341.04671. 05011.05351. 0569
1,01971. 02 16
1. 02331.02471.02581. 02661 .02711.02741. 02 731.02711.02671.0262
—.0036—.0017+ .0006+.0034+ 0065+.0097+.0129+.0160+.0194+.0230+.0268+. 0307
1.0791.0801.0751 .060
1.0481 .045I . 0431.0411.0381.0321.0261.016
1 .06001.06231. 06321.06231. 05931. 05421. 04 761.04011.03251.02561.01991. 0156
1.02561.02481.02411.02351.02291.02231.02191.02161 .021 1
1.02101.02101 .0213
Date1877JFMAMJ
JAS0ND
1878JFMAMJJAS0ND
1879JFMAMJJAS0ND
1880JFMAMJ
S0ND
1881JFMAMJ
JAS0ND
+ .0344+,0375+ .0391+.0388+.0364+.0319+ .0257+.0185+ .0114+ . 0046-.0011—.0057
.673
.679
.684686
• 681.674.672.676685
.699
.716
.735
.756
.771
.777
.771
.760
.751
.736
.726720
.726
.732
.738
.741
.744
.747
.751
.759.777.806.835.864.894.921.946
.966
.982
.989989
.978
.958
.935
.927
.935
.949
.961974
.987
.9971.001
.999
.991984
.977
.975.980.986.998
1.015
3
.662 7
.6652
.6681
.6715
.6752
.6789
.6831
.6877
.6926
.697 7
.70297084
.7140
.7200.7261.7324.7389.7455.7524.7595.7666.7740.7816.7890
.7963
.8040
.8119
.8 197
.82 73
.8352
.8430
.8509
.858 7
.8666
.8 7438821
.8896
.8972
.9047
.9120
.9 190
.9259
.9328
.939 7
.9463
.9528
.9592
.9653
.9 709
.976 7
.9820
.987 1
.99 18
.99661. 00091. 00481 .00841.01171.01471.0173
.6661
.6683
.6706
.6733
.677 1
.682.1
.6886
.6965
.7053
.7147
.7241.7331
.74 10
.7476
.7522
.7548
.7550
.7530
.7490
.7435
.7374
.7317
.72 73
.7254
.7269
.7323
.742 1
.7562
.7744
.795 9
.8197
.8449
.8700
.8940
.9155
.9338
.9483
.9588
.9654
.9688
.9696
.9688
.967 1
.9654
.9641
.9637.9642.965 7
.9682
.9714.9754.9798.9844.9891.9937..9980
1. 00201.00561.00911.0125
4
+.0034+.0031+.0025+.0018+ .0019+.0032+ .0055+.0088+.0127+.0170+.0212+.0247
+.0270+.0276+ .0261+.0224+.0161+.0075—.0034—.0160— .0292— .0423—.0543— .0636
— .0694—.0717— .0698— .0635— .0529— .0393— .0233— .0060+.0113+.0274+ .0412+ .0517
+ .0587+.0616+ .0607+.0568+ .0506+.0429+.0343+.0257+.0178+ .0109+ .0050+ .0004
—.0027—.0053—.0066—.0073—.0074—.0075—.0072— .0068— .0064—.0061—.0056— .0048
Date1882
FMAMJJAS0ND
1883JFMAMJ
•1AS0ND
1884JFMAMJJAS0ND
1885JFMAMJJAS0ND
1886JFMAMJJAS0ND
.997
.985
.9921.0091.0191.0251.03 11.010
.993
.9961 .004
.975
1. 01261.01051. 00921. 00821.00731.00631.00521.00371.0016
.9989
.9956
.99 18
1.02181.02241. 02321. 02421.02541.02671.02831.02991.03191 .03391. 03621. 0386
—.0092—.0119—.0140—.0160—.0181—.0204—.0231—.0262—.0303—.0350—. 0406—. 0468
.957991
1.004996
.987
.982
.993
.996
.9911.0101.0491 .083
.9877
.9840.9812.9800.9813.9852.992 1
1.00201.01441.02891.04511. 0624
1.04111.04381 .04661. 04951. 05281.03601. 05951. 06321. 06701. 0 7091.07511. 0 793
—.0534— .0598— .0654— .0695—.0715—.0708—.0674—.0612—.0526—.0420— .0300—.0169
1 .0861,0781.1081.1531.1771 . 1851.1801 . 1 701.1731.1871.1941 .200
1. 08051.09911.11791.13621.15321. 16831. 18051.18931. 19461.19661. 19611.1942
1.08371.08821.09291.09791.10311.10811. 11361. 11901.12491. 13071. 13681. 142 7
—.0032+ .0109+.0250+.0383+.0501+ .0602+.0669+.0703+ .0697+ .0659+ .0593+ .0515
PIG IRON PRODUCTION A299
TABLE 31—Continued
Pxo IRON PRODUCTION' IN THE UNITED STATES
Date 1 2 3 4 Oate 1 2 3 4
1887 1892J 1.211 1.1921 1.1486 +.0435 J 1.412 1.4082 1.3276 +.0806F 1.219 1.1907 1.1546 +,0361 F 1.413 1.4062 1.3252 +.0810M 1.223 1.1906 1.1605 +.0301 M 1.407 1.3992 1.3228 +.0764A 1.231 1.1917 1.1665 +.0252 A 1.389 1.3895 1.3204 +.0691M 1.166 1.1939 1.1727 +.0212 M 1.370 1.3795 1.3180 +.0615J 1.084 1.1965 1.1786 +.0179 J 1.360 1.3718 1.3156 +.0562J 1.113 1.1988 1.1846 +.0142 J 1.344 1.3679 1.3132 +.0547A 1.188 1,2004 1.1905 +.0099 A 1.322 1.3681 1.3108 +.0573S 1.245 1.2011 1.1962 +.0049 S 1.326 1.3714 1.3087 +.06270 1.264 1,2009 1.2018 —.0009 0 1.354 1.3760 1.3065 +.0695N 1.266 1.2002 1.2072 —.0070 N 1.377 1.3794 1.3043 +,0751D 1.255 1.1991 1.2125 —.0134 D 1.379 1.3793 1.3024 +.0769
1888 1893
J 1.211 1'. 1982 1,2179 —.0197 J 1.372 1.3741 1.3005 +0736F 1.164 1.1978 1.2230 —.0252 F 1.376 1.3630 1.2986 +.0644M 1.161 1,198.1 1.2279 —.0298 M 1.386 1.3461 1.2968 +.0493A 1.181 1.1994 1.2328 —.0334 A 1.393 1.3240 1.2951 +,0289M 1.193 1.2020 1.2373 —.0353 M 1.388 1.2976 1.2936 +.0040J 1.183 1.2061 1.2419 —.0358 3 1.354 1.2681 1.2921 —.0240J 1.182 1.2118 1,2462 —.0344 J 1.254 1.2366 1.2907 —.0541A 1.204 1.2191 1.2504 —.0313 A 1.114 1.2045 1.2896 —.0851S 1.223 1.2276 1.2547 —.0271 S 1.027 1.1736 1.2885 —.1149O 1.245 1.2368 1.2589 —.0221 0 1.021 1.1459 1.2876 —.1417N 1.273 1,2459 1.2630 —.0171 N 1.095 1.1236 1.2870 —.1634D 1.293 1.2542 1.2671 —.0129 D 1.146 1.1092 1.2866 —.1774
1889 18943 1.291 1.2611 1.2711 —.0100 J 1.151 1.1042 1.2862 —.1820F 1.283 L2662 1.2751 —.0089 F 1.179 1.1092 1.2862 —.1770M 1.284 1.2697 1.2792 —.0095 M 1.236 1.1237 1.2865 —.1628A 1.273 1.2721 1.2832 —.0111 A 1.236 1.1459 1.2869 —.1410M 1.254 1.2741 1.2871 —.0130 M 1.095 1.1730 1.2873 —.11433 1.247 1.2764 1.2912 —.0148 J 1.026 1.2018 1.2881 —.08633 1.256 1.2799 1.2952 —.0153 J 1.159 1.2298 1.2890 —.0592A 1.260 1.2850 1.2991 —.0141 A 1,281 1.2549 1.2902 —.0353S 1.273 1.2924 1.3030 —.0106 S 1.334 1.2764 1.2918 —.0154o 1.305 1.3023 1.3069 —.0046 0 1:349 1.2947 1.2933 +.0014N 1.331 1.3146 1.3108 +.0038 N 1.371 1.3105 1.2951 +.0154D 1.346 1.3291 1.3146 +,0145 D 1.375 1.3246 1.2972 +.0274
1890 1895J 1.355 1.3449 1.3182 +.0267 J 1.363 1.3379 1.2996 +.0383F 1.366 1.3606 1.3219 +.0387 F 1.345 1.3509 1.3019 +.0490M 1.376 1.3746 1.3252 +.0494 M 1.335 1.3635 1.3046 +.0589A 1.381 1.3850 1.3283 +,0567 A 1,331 1.3758 1.3073 +.0685M 1.385 1.3903 1.3312 +.0591 M 1.329 1.3879 1.3101 +.0778J 1.379 1.3893 1.3340 +.0553 J 1.351 1.4001 1.3132 +.0869J 1.361 1.3820 1.3365 +,0455 J 1.386 1.4125 1.3166 +.0959A 1.355 1.3688 1.3386 +,0302 A 1.423 1.4251 1.3200 +.1051S 1.371 1.3515 1.3402 +.0113 S 1.453 1.4374 1.3235 +.1139o 1.377 1.3319 1.3416 —.0097 0 1.479 1.4431 1.3276 +.1205N 1.381 1.3123 1.3427 —.0304 N 1.494 1.4557 1.3316 +.1241D 1.363 1.2949 1.3436 —.0487 D 1.482 1.4583 1.3357 +.1226
1891 1896J' 1.300 1.2813 1.3440 —.0627 J 1.460 1.4547 1.3401 +.1146F 1.240 1.2729 1.3440 —.0711 F 1.437 1.4443 1,3449 +.0994M 1.179 1.2704 1.3438 —.0734 lvi 1.422 1.4276 1.3498 +.0778A 1.144 1.2739 1.3432 —.0693 A 1.420 1.4061 1.3549 +.0512M 1.211 1.2832 1.3424 —.0592 M 1.411 1.3820 1.3600 +.02203 1.312 1.2976 1.3412 —.0436 J 1.396 1.3576 1.3656 —.0080J 1.362 1.3159 1.3400 —.0241 3 1.361 1.3353 1.3712 —.0359A 1.372 1.3367 1.3384 —.0017 A 1.286 1.3167 1.3767 —.0600S 1.390 1.3580 1.3364 +.0216 S 1.208 1.3028 1.3822 —.07940 1.414 1.3776 1.3345 +.0431 0 1.200 1.2944 1.3882 —.0938N 1.423 1.3936 1.3323 +.0613 N 1.259 1.2916 1.3939 —.1023D 1.420 1.4048 1.3301 +.0747 D 1.317 1.2943 1.3998 —.1055
'Except charcoal pig iron.
A300 APPENDIX
TABLE 31—Continued
PIG IRON PRODtyCTION1 IN ThE UNITED STATES
Date 1 2 3 4 Date 1 2 3 4
1897 1902J 1.349 1.3024 1.4051 —.1027 J 1.666 1.6613 1.6359 +.0254F 1.366 1.3152 1.4107 —.0955 F 1.652 1.6625 1.6373 +.0252M 1.381 1.3321 1.4161 —.0840 M 1.668 1.6636 1.6389 +.0247A 1.386 1.3518 1.4216 —.0698 A 1.692 1.6651 1.6404 +.0247M 1.382 1.3732 1.4268 —.0536 M 1.697 1.6668 1.6421 +.0247J 1.375 1.3948 1.4318 —.0370 J 1.683 1.6690 1.6437 +.02533 1.369 1.4152 1.4367 —.0215 J 1.668 1.6723 1.6453 +.0270A 1.394 1.4335 1.4415 —.0080 A 1.675 1.6769 1.6470 +.0299S 1.434 1.4491 1.4460 +.0031 S 1.675 1.6832 1.6485 +.03470 1.466 1.4618 1.4505 +.0113 0 1.679 1.6908 1.6503 +.0405N 1.489 1.4720 1.4547 +.0173 N 1.679 1.6990 1.6519 +.0471D 1.500 1.4800 1.4589 +.0211 D 1.695 1.7069 1.6538 +.0531
1898 19033 1.500 1.4864 1.4628 +.0236 J 1.677 1.7130 1.6558 +.0572F 1.505 1.4913 1.4667 +.0246 F 1.696 1.7163 1.6579 +.0584M 1.507 1.4950 1.4704 +.0246 M 1.710 1.7160 1.6602 +.0558A 1.505 1.4974 1.4740 +.0234 A 1.729 1.7119 1.6627 +.0492M 1.497 1.4985 1.4776 +.0209 M 1.743 1.7042 1.6653 +.0389J 1.485 1.4984 1.4813 +.0171 3 1.746 1.6935 1.6682 +.02533 1.472 1.4975 1.4851 +.0124 3 1.698 1.6807 1.6714 +.0093A 1.471 1.4964 1.4889 +,0075 A 1.705 1.6664 1.6747 —.0083S 1.482 1.4958 1.4929 +.0029 S 1.714 1.6515 1.6780 —.0265o 1.499 1.4965 1.4971 —.0006 0 1.663 1.6366 1.6819 —.0453N 1.517 1.4987 1.5012 —.0025 N 1.540 1.6226 1.6858 —.0632D 1.526 1.5029 1.5054 —.0025 D 1.436 1.6093 1.6898 —.0805
1899 19043 1.526 1.5088 1.5098 —.0010 J 1.474 1.5988 1.6939 —.0951F 1.511 LSLÔ2 1.5142 +.0020 F 1.620 1.5920 1.6983 —.1063M 1.518 1.5251 1.5189 +.0062 M 1.670 1.5898 1.7029 —.1131A 1.537 1.5350 1.5238 +.0112 A 1.716 1.5930 1.7073 —.1143M 1.543 1.5459 1.5290 +.0169 M 1.695 1.6016 1.7119 —.1103J 1.554 1.5576 1.5340 +.0236 3 1.635 1.6150 1.7163 —.1013J 1.565 1.3699 1.5393 +.0306 3 1.558 1.6319 1.7208 —.0889A 1.570 1.5823 1.5444 +.0379 A 1.578 1.6507 1.7252 —.0745S 1.581 1.3940 1.5497 +.0443 S 1.656 1.6697 1.7296 —.0399o 1.598 1.6041 1.5549 +.0492 0 1.672 1.6878 1.7337 —.0439N 1.612 1.6116 1.5602 +.0514 N 1.695 1.7044 1.7375 —.0331D 1.617 1.6156 1.5653 +.0503 D 1.717 1.7195 1.7412 —.0217
1900 1905J 1.618 1.6154 1.5704 +.0450 J 1.760 1.7333 1.7449 —.0116F 1.618 1.6111 1.5753 +.0358 F 1.756 1.7464 1.7481 —.0017M 1.612 1.6028 1.5800 +.0228 M 1.796 1.7591 1.7512 +.0079A 1.613 1.5916 1.5845 +.0071 A 1.807 1.7714 1.7539 +.0175M 1.618 1.5788 1.5890 —.0102 M 1.802 1.7830 1.7566 +.0264J 1.607 1.5658 1.5931 —.0273 3 1.777 1.7933 1.7588 +.03453 1.563 1.5540 7.5970 —.0430 J 1.750 1.8018 1.7610 +.0408A 1.516 1.5449 1.6005 —.0556 A 1.774 1.8081 1.7629 +.0452S 1.496 1.5392 1.6041 —.0649 S 1.802 1.8123 1.7647 +.0476o 1.480 1.5375 1.6072 —.0697 0 1.821 1.8149 1.7662 +.0487N 1.488 1.5400 1.6102 —.0702 N 1.827 1.8165 1.7677 +.0488D 1.523 1.5466 1.6129 —.0663 D 1.819 1.8177 1.7692 +.0485
1901 1906J 1.573 1.5566 1.6152 —.0586 3 1.824 1.8190 1.7703 +.0487F 1.607 1.5694 1.6176 —.0482 F 1.833 1.8206 1.7716 +.0490M 1.614 1.5838 1.619? —.0359 1.844 1.8222 1.7727 +.0495A 1.621 1.5989 1.6216 —.0227 A 1.840 1.8236 1.7738 +.0498M 1.633 1.6134 1.6233 —.0099 M 1.831 1.8245 1.7745 +.05003 1.640 1.6265 1.6250 +.0015 J 1.819 1.8252 1.7756 +.04963 1.644 1.6375 1.6266 +.0109 3 1.813 1.8260 1.7765 +.0495A 1.638 1.6459 1.6282 +.0177 A 1.793 1.8276 1.7773 +.0503S 1.640 1.6520 1.6298 +.0222 S 1.818 1.8309 1.7780 +.05290 1.649 1.6561 1.6312 +.0249 0 1.850 1.8364 1.7788 +.0576N 1.657 1.6585 1.6328 +.0257 N 1.863 1.8446 1.7795 +.0651D 1.611 1.6601 1.6343 +.0258 D 1.858 1.8549 1.7802 +.0747
1 Except charcoal pig iron.
1Except charcoal pig iron.
PIG IRON PRODUCTION
TABLE 31—Continued
Pia IRON PRODUCTION1 IN THE UNITED STATES
Date
A301
1 2 3 4 Date1907JFMAMJJAS0ND
1.8521.8641 .8561.8691.8701.8721 .8621.8611.8621.8171 .785
1.600
1 2 3
1.86611.87351.88441. 88 731. 88361.87221.85311. 82681. 79451.75841. 12061.6835
1. 78091. 78141.78191. 78221. 78261. 78281.78271.78261. 78241. 78201. 78151. 7809
+ .0852+.0921+.1025+. 1051+. 10 10+.0894+.0704+.0442+.0121—.0236— .0609—.0974
1908JFMAMJJAS0ND
1.5281.5701.5981 .5841.5751.5611.5941.6421.6751 . 7041.7211.749
1.64971.62141,60011,58751.58381,58901.60191 . 621 1
1.64441. 66991.69571,7205
1.78021.77951.77861.77791.77711. 7 7641. 7 7581.77541. 77511.77491.77491. 7752
—.1305—.1581—.1785—.1904—. 1933—.18 74—.1739—.1543—.1307—.1050—.0792— .0547
1.7631.7851.7721.7631.7841.8091.8321.8611.9001.9241.9291.930
1 .74351.76461.78411.80241.81991.83741. 85461.87141.88731 .90151.91291.9201
1.77571.77641. 77 741. 7 7881.78011.78191.78391.78621.78871. 79141.79441. 7977
—.0322—.0118+ .0067+.0236+.0398+.0555+.0707+.0852+.0986+. 1101+ . 1185+. 1230
1912JFMAM
AS0ND
1913JFMAMJJAS0ND
1914JFMAMJJAS0ND
19153FMAM33AS0ND
1916
MAM
AS0N
1909JFMAMJ3AS0ND
1910JFMAM33AS0ND
1.8221.8601.8901.8991.9091.9101.8911.9091.9151.9381 .9431.953
1.9551.9661 .9501.9631.9591.9431.9171.9141.9221.9151.8721.806
1.7841.8291.8791.8791.8291.8061 .8001.8091.7981.7591.7041.689
1.7131.7771.8231.8491.8631.9001.9171.9531.9782.0032.0052.014
2.0122.0272.0322 .0322 .0352.0302.0172.0142.0282.0542.0432.011
1. 84581.85671.86791.87941 .89081.90191,91251.92251.93161. 93991 .94691. 9525
1.95621.95751. 95611. 95 181.94491.93581.92521.91381. 90231.89111.88041.8699
1 .85931. 84811. 83621.82341 .81001.79651. 78361.77221.76311. 75 741. 75581. 7590
1. 76761.78191.80151. 82591.85381. 88361. 91361. 94201. 96 74
1. 98892.00592.0184
2.02692.03192.03412.03422.03282.03052.02792.02552.02392.02342.02402.0254
4
—. 0290—.0177—. 0061
+ .0182+.0305+.04-22+ .0534+.0636+.0731+.0812+.0876
+.0922±.0940+ .0930+ .0890+.0820+.0726+ .0615+.0492+.0368+.0244+.0123+ .0003
—.0120—.0251—.0389—.0538—.0696—.0855—.1009—.11.49—.1269—.1355—.1403—.1402
—.1347—.1239—.1077—.0870— .0628— .0369—.0108+.0137+.0352+.0525+0656+.0741
+.0785+ .0794+.0775+.0735+.0682+.0617+.05s0+ .0485+.0428+.0378+.0342+ .0314
1.87481.87441.87401.87351. 87261.87141.87031 .869.11.86801.86681.86571 .8649
1.86401. 86351.86311. 86281.86291.86321.86371 .86461.86551.86671.86811 .8696
1.87131.87321.87511.87721.81961.88201.88451.88711.89001.89291.89611.8992
1. 90231. 90581. 90921. 91291.91661. 92051. 92441. 92831. 93221. 93641.94031.9443
1. 94841 .95251.95661.96071.96461.96881.97291.97701. 98111. 98561.98981.9940
1.9251.9331.9271.9181.8871.8781.8411.8321.8361.8291.8041.759
1. 92431. 92301. 91721. 90711. 89371.87821. 86191.84591. 83121.81831.80771. 7994
1.80111 .80481.80861.81241.81641. 82071. 82481. 82911. 83341. 83771. 84191. 8459
+.1232+.1182+,1086+.0947+.0773+.0575+ .0371+.0168—.0022—.0194— .0342— .0465
1911
MAM
&
1.7541 .8071 . 8451.8381.7861.7751.7621.7931.8231.8311.8241.819
1. 79341. 78941. 78741. 78731. 78891. 79211. 79671.80261. 80951. 81731.82601.8356
1. 85001.85371.85741.86071.86361.86621.86841. 8 7041.87211.87321.87401.8744
— .0566— .0643—.0700— .0734— .0747—.0741—.07 17—.0678—.0626—.0559— .0480— .0388 D
A302 APPENDIX
TABLE 31—Continued
PIG IRON PRoDUcTIoN' IN THE STATES
Date 1 2 3 4 Date 1 2 3 4
1917 1922J 2.007 2.0272 1.9981 +.0291 3 1.725 1.6958 1.8407 —.1449F 1.975 2.0284 2.0023 +.0261 F 1.765 1.7357 1.8427 —.1070M 2.021 2.0286 2.0064 +.0222 lvi 1.818 1.7734 1.8452 —.0718A 2.046 2.0273 2.0104 +.0169 A 1.839 1.8071 1.8479 —.0408M 2.042 2.0243 2.0142 +.0101 M 1.872 1.8365 1.8311 —.0146J 2.037 2.0198 2.0176 +.0022 3 1.896 1.8619 1.8546 +.0073J 2.033 2.0142 2.0207 —.0065 J 1.890 1.8844 1.8583 +.026LA 2.020 2.0081 2.0237 —.0156 A 1.768 1.9049 1.8623 +.0426S 2.019 2.0021 2.0262 —.0241 S 1.831 1.9248 1.2663 +.0.5850 2.028 1.9968 2.0284 —.0316 0 1.930 1.9445 1.8707 +.0738N 2.029 1.9930 2.0296 —.0366 N 1,978 1.9643 1.8753 +.0890D 1.968 1.9912 2.0302 —.0390 D 1.998 1.9840 1.8801 +.1039
1918 1923J 1.891 1.9920 2.0304 —.0384 J 2.018 2.0033 1.8849 +.1184F 1.918 1.9956 2.0297 —.0341 F 2.029 2.0212 1.8898 +.1314M 2.016 2.0020 2.0284 —.0264 M 2.056 2.0372 1.8949 +.1423A 2.040 2.0109 2.0266 —.0157 A 2.073 2.0508 1.9001 +.1507M 2.046 2.0215 2.0242 —.0027 M 2.096 2.0614 1.9055 +.1559J 2.045 2.0327 2.0210 +.0117 J 2.088 2.0683 1.9106 +.1577J 2.043 2.0426 2.0171 +.0255 J 2.074 2.0709 1.9159 +.1550A 2.039 2.0497 2.0126 +,0371 A 2.046 2.0686 1.9212 +.1474S 2.057 2.0523 2.0070 +.0453 S 2.018 2.0606 1.9269 +.1337O 2.051 2.0492 2.0015 +.0477 0 2.007 2.0471 1.9322 +.1149N 2.048 2.0398 1.9952 +.0446 N 1.984 2.0284 1.9376 +.0908D 2.044 2.0247 1.9886 +.0361 D 1.974 2.0057 1.9429 +.0628
1919 1924J 2.027 2.0051 1.9813 +.0238 J 1.988 1.9808 1.9483 +.0325F 2.021 1.9823 1.9739 +.0084 F 2.025 1.9559 1.9536 +.0023M 1.999 1.9587 1.9664 —.0077 M 2.048 1.9333 1.9587 —.0254A 1917 1.9341 1.9590 —.0249 A 2.033 1.9148 1.9637 —.0489M 1.833 1.9165 1.9513 —.0348 M 1.926 1.9016 1.9687 —.06713 1.848 1.9010 1.9440 —.0430 3 1.830 1.8942 1.9734 —.0792J 1.894 1.8907 1.9366 —.0459 J 1.760 1.8924 1.9779 —.0835A 1.947 1.8860 1.9291 —.0431 A 1.784 1.8955 1.9822 —.0867S 1.919 1.8871 1,9215 —.0344 S 1.835 1.9028 1.9859 —.08310 1.779 1.8936 1.9146 —.0210 0 1.903 1.9132 1.9894 —.0762N 1.902 1.9054 1.9078 —.0024 N 1.923 1.9258 1.9915 —.0657D 1.929 1.9218 1.9011 +.0207 D 1.980 1.9399 1.9953 —.0554
1920 1925J 1.988 1.9418 1.8952 +.0466 J 2.036 1.9544 1.9978 —.0434F 2.012 1.9643 1.8893 +.0750 F 2.060 1.9683 1.9997 —.0314M 2.037 1,9876 1.8838 +.1038 M 2.061 1.9807 2,0013 —.0206A 1.961 2.0092 1.8787 +.1305 A 2.036 1.9904 2.0025 —.0121lvi 1.984 2.0270 1.8738 +.1532 M 1.976 1.9969 2.0034 —.0065J 2.006 2.0383 1.8693 +.1690 J 1.930 2.0000 2.0037 —.00373' 1.995 2.0407 1.8651 +.1756 J 1.934 2.0002 2.0039 —.0037A 2.007 2.0324 1.8611 +.1713 A 1.941 1.9986 2.0040 —.0054S 2.018 2.0125 1.8572 +.1553 S 1.958 1.9966 2.0039 —.0073o 2.026 1.9811 1.8537 +.1274 0 1.989 1.9959 2.0038 —.0079N 1.990 1.9388 1.8504 +.0884 N 2.003 1.9972 2.0034 —.0062D 1.941 1.8877 1.8476 +.0401 D 2.021 2.0011 2.0030 —.0019
1921 1926J 1.892 1.8308 1.8451 —.0143 J 2.029 2.0072 2.0026 +.00461? 1.840 1.7715 1.8427 —.0712 F 2.019 2.0145 2.0024 +.0123M 1.712 1.7135 1.8407 —.1272 M 2.045 2.0218 2.0025 +.0193A 1.600 1.6608 1.8391 —.1783 A 2.061 2.0281 2.0027 +.0254M 1.595 1.6168 1.8378 —.2210 M 2.050 2.0327 2.0030 +.0297J 1.550 1.5842 1.8371 —.2529 J 2.033 2.0353 2.0038 +.0315J 1.445 1.5650 1.8366 —.2716 J 2.017 2.0363 2.0048 +.0315A 1.488 1.5600 1.8364 —.2764 A 2.014 2.0359 2.0059 +.0300S 1.517 1.5684 1.8362 —.2678 S 2.019 2.0348 2.0073 +.02750 1.604 1.5890 1.8369 —.2479 0 2.032 2.0333 2.0091 +.0242N 1.674 1.6193 1.8378 —.2185 N 2.033 2.0315 2.0109 +.0206D 1.726 1.6560 1.8391 —.1831 D 1.999 2.0293 2.0131 +.0162
1 Except. charcoal pig iron.
PIG IRON PRODUCTION A303
TABLE 31—Concluded
PIG IRON PRODUCTION' IN THE UNITED STATES
Date 1 2 3 4 Date 1 2 3 4
1927 1932j 2.001 2.0264 2.0155 +.0109 J 1.497 1.5093F 2.021 2.0226 2.0181 +,0045 F 1.522 1.4750M 2.051 2.0177 2.0207 —.0030 M 1.494 1.4407A 2.057 2.0119 2.0235 —.0116 A 1.454 1.4062M 2.039 2.0054 2.0264 —.0210 M 1.403 1.3719
J 2.013 1.9986 2.0294 —.0308 J 1.321 1.3386J 1.979 1.9920 2.0323 —.0403 J 1.266 1,3081A 1.978 1.9859 2.0351 —.0492 A 1.233 1.2827S 1.966 1.9808 2.0376 —0568 S 1.296 1.2651
0 1.953 1.9770 2.0404 —.0634 0 1.318 1.2579N 1.946 1.9748 2.0428 —.0680 N 1.323 1.2624D 1.939 1.9743 2.0450 —.0707 D 1.246 1.2787
1928 1933J 1.966 1.9756 2.0470 —.0714 j 1.264 1.3057F 2.000 1.9788 2.0487 —.0699 F 1.297 1.3411M 2.014 1.9836 —.0666 M 1.243 1.3823A 2.026 1.9896 2.0513 —.0617 A 1.318 1.4271M 2.025 1.9965 2.0522 —.0557 M 1.457 1.4734
J 2.012 2.0040 2.0523 —.0483 3 1.625 1.5200j 1.996 2.0118 2.0520 —.0402 J 1.762 1.5655A 2.005 2.0198 2.0513 —.0315 A 1.772 1.6086S 2.009 2.0280 2.0501 —.0221 S 1.705 1.6470O 2.037 2.0364 2.0484 —.0120 0 1.641 1.6785N 2.042 2.0449 2.0458 —.0009 N 1.558 1.7006ID 2.036 2.0532 2.0423 +.0109 D 1.581 1.7119
1929 1934j 2.045 2.0609 2.0380 +.0229 J [.593 1.7118F 2.059 2.0676 2.0326 +.0350 F 1.654 1.7021M 2.079 2.0726 2.0268 +.0438 M 1.718 1.6854A 2.087 2.0755 2.0205 +.0330 A 1.761 1.6650M 2.100 2.0762 2.0138 +.0624 M 1.819
3 2.093 2.0748 3 1.8083 2.087 2.0117 J 1.597A 2.083 2.0671 A 1.532S 2.067 2.0616 S 1.476O 2.064 2.0540 0 1.487
N 2.026 2.0474 N 1.504D 1.961' 2.0380 D 1.520
1930 1935
J 1.960 2.0266 3 1.678F 2.006 2.0129 F 1.759M 2.020 1.9970 M 1.757A 2.026 1.9792 A 1.744M 2.018 1.9602 1.746
J 1.990 1.9407 J 1.714J 1.930 1.9211 J 1.691A 1.911 1.9019 A 1.754S 1.880 L8829 S 1.7720 1.844 1.8638 0 1.805N 1.794 1.8444 N 1.838P 1.730 1.8246 D 1.832
1931 . 1936J 1.743 1.8046 J 1.815
F 1.785 1.7846M 1.817 1.7649A 1.828 1.7459M 1.808 1.7270J 1.737 1.7077J 1.674 1.6869A 1.616 1.6636S 1.591 1.63740 1.578 1.6081N 1.566 1.5765P 1.500 1.5433
1 Except charcoal pig iron.
A304 APPENDIX
TABLE 32
UNITED STATES BUREAU OF LABOR STATISTICS INDEX NUMBER OFWHOLESALE PRICES OF COMMODITIES, MONTHLY,
JANUARY 1890- JANUARY 1936
Col. 1. Logarithms of Index.Col. 2. Cyclical Curve (logarithms).
For details of the nature of the graduation given in Column 2 ofthis table, see Appendix D.
WHOLESALE PRICES
1
TABLE 32
2
A305
I 2 1 2
1.73801. 73881.74041. 7 4121.74511 .74351.74591.76191.76641.76421.75661. 7528
1
1. 73961.74061. 74201. 74381.74601.74831. 75071. 75311. 75521. 75711. 75851. 7595
2
1 .67391.61121.67391.69551. 69981. 70241 .69901. 69461. 69021. 69371. 69021.6840
1.68321.68571.68821.69041,69221.69361 .69431.69421.69321.69111 .68801.6842
1. 75591. 75821. 75821. 75 741.74901 . 74431. 74661. 74591. 74901. 742 71 . 74351. 7412
1.75241.75431.75531.75531. 75 451.75291. 75091. 74831.74561. 74311. 74081.. 7390
I
1.78251.78531.78031. 7810i.77311 .77311. 7 7381. 77891.77531.77741. 77891. 7853
1.77921.77931. 7 7931. 7 7921.77901.77881 . 77851 . 77841 . 77841. 77851.77881. 7 796
1893JFMAMJJAS0ND896JFMAMJJAS0ND
1897JFMAMJJAS0ND
1. 74901. 75281. 76191.76491. 75971. 74661. 74431.74351. 73881.73721. 73481. 7308
1.75981. 75941. 75 851.75691. 75471. 75 191. 74851. 74451. 73991. 73491. 72961. 7244
1. 68121.67671.67121. 66931.66281.65801.65421.65421.65611.66841.68221. 67 76
1.68001. 673 71. 67 181.66851.66611. 66441. 66341.66291 .66281.66291.66311.6635
1900JFMAMJJAS0ND
1901JFMAM
AS0ND
1902JFMAMJJAS0ND
1
1. 74191. 73801.73641.73561. 73321. 73321. 73641. 74351.74901.74901. 75281.7612
1. 73771. 73691.73681.73711. 73 791. 73911. 74061.74231.74411. 74621.74841. 7507
1905JFMAMJiS0ND
19063FMAM33AS0ND
1907JFMAMJ3AS0ND
1 . 78601.78391 . 78251 .78601.7875j.78751.77601 . 7868i.79031 . 79801 .80351 . 8082
1. 78041. 78151.78261.78391. 78531.78691 . 78861 . 79071.79311. 79601. 79931.8030
18903FMAM
JAS0ND
18913FMAM
JAS0ND
8923FMA
I;1893
JFMAM
0N
1894IFMAM
AS0ND
1. 72181. 7 1931. 7 1271.70331. 70591. 70501.71521. 7 1931. 72021 .72431. 73241. 7404
1. 71961. 7 1551.71261.71111. 71121. 71281.71581. 71981. 72441. 72921. 73371. 7376
1. 66931. 66561. 66561. 66091.65801.65321.65611. 67301.68571.68221.68031.6822
1.66381. 66421.66471.66531.66621.66731. 66891. 67111.67371.67671. 67991. 6829
1. 75 441. 75 361. 75211.75891. 765 71. 76941. 77161. 76341. 7 6861. 80071.78321. 7889
1. 75331. 75611. 75921. 76241.76591. 76951.77311. 7 7631. 7 7951.78201. 78371. 7846
1.80621. 81221.80821. 80961.81691. 82021. 82021. 82021. 82281. 82541.81021. 8007
1.80691. 81061. 8 1401. 81661.81831.81891.81841. 81691.81461. 81171.80851.8053
1. 75281. 75741.74971. 745 11.74041. 72591. 7 1521.70161.71601. 72351 .70931. 7024
1. 74061. 74231. 74271. 74151. 73871. 73441. 72891. 72251.71561. 70881. 70241 .6967
I1. 68121. 68661. 68841. 68931.71431. 68401.68121. 68121.67941.67851.68121 .6840
1.68551.68741.68831.68881. 68831.68741. 68611.68491. 68 391. 68351.68381. 6849
I . 79661.79241. 78031.77821.77091. 7 7091.76791.76941. 7 7451. 76861. 765 71. 7649
1. 78461.78391. 78241. 78061.77841. 7 7621. 7 7421.71241. 77 101.77001. 76951. 7694
1898JFMAMI3AS0ND
1899IFMAM3IAS0ND
1. 79451. 78821.79101. 79381.79381. 79661 .80001.79931.80141. 80281. 80691. 8116
1 .80211 .79931. 79691. 79531.79441. 79441. 79531 . 79691.79921. 80 191.80491.8080
1903JFMAMJJAS0ND
1904
I?MAMJAS0ND
1.69551 .68661.67671.67491.67211.67391.67671. 68401. 69551. 68311. 68031. 6767
1.69191.68791 .68461. 68191. 67971. 67801. 67671.67621. 67631.67721. 6787
908JFMAMJJAS0ND
1909JFMAMJJAS0ND
1. 68931 .69641.69721.70421. 70501. 7 1011.71321. 72431. 73721. 74351. 74661. 7536
1. 68721 .69061.69521. 70081. 70721. 71421. 72141. 72831 . 73481. 74061. 74551 .74941 .6808
1.77601. 78321.78181. 77311. 76721. 76641. 76721. 77231. 77671. 77 741.78321.7860
1. 76971. 7 7031. 77111. 77211. 7 7321. 7 7441.77541. 7 7641. 7 7721. 7 7801.77831 7789
1.8 1021. 8 1221. 8 1431. 82091. 82801.83121.83191. 83381. 83821. 84631. 85071 8549
1. 81121. 81441.81771.82121.82491.82881. 83301. 83741. 84181.84611.85011.8535
A306 APPENDIX
TABLE 32—Continued
1 2 1 2 . 1 2 1 2
1910 — 1915 1920 1925J 1.8537 1.8563 J 1.8332 1.8331 3 2.1965 J 2.0124 2.0043F 1.8531 1.8582 F 1.8363 1.8326 F 2.1962 2.2066 F 2.0170 2.0078M 1.8627 1.8590 M 1.8338 1.8323 M 2.2003 2.2141 M 2.0179 2.0110A 1.8645 1.8587 A 1.8370 1.8324 A 2.2188 2.2183 A 2.0082 2.0137M 1.8573 1.8572 M 1.8389 1.8332 M 2.2232 2.2182 M 2.0069 2.01583 1.8513 1.8544 J 1.8344 1.8351 3 2.2214 2.2134 J 2.0128 2.0170J 1.8513 1.8505 J 1.8407 1.8381 3 2.2196 2.2036 J 2.0183 2.0175A 1.8500 1.8455 A 1.8363 1.8422 A 2.2079 2.1890 A 2.0166 2.0172S 1.8445 1.8399 S 1.8344 1.8474 S 2.1909 2.1700 S 2.0145 2.01640 1.8319 1.8339 0 1.8463 1.8535 0 2.1590 2.1476 0 2.0154 2.0153N 1.8222 1.8278 N 1.8555 1.8603 N 2.1252 2.1226 N 2.0191 2.0139D 1.8235 1.8220 D 1.8592 1.8676 D 2.0817 2.0964 D 2.0145 2.0124
1911 1916 1921 19263 1,8202 1.8168 J 1.8865 1.8754 3 2.0569 2.0703 J 2.0137 2.0109F 1.8089 1.8124 F 1.8949 1.8835 F 2.0208 2.0453 F 2.0086 2.0094M 1.8109 1.8090 M 1.9053 1.8919 M 2.0103 2.0226 M 2.0026 2.0078A 1.8014 1.8067 A 1.9122 1.9006 A 1.9952 2.0031 A 2.0013 2.0061M 1.7993 1.8055 M 1.9165 1.9098 M 1.9832 1.9871 M 2.0022 2.00423 1.7993 1.8053 3 1.9186 1.9196 J 1.9704 1.9751 J 2.0017 2.0021J 1.8055 1.8062 3 1.9212 1.9300 J 1.9704 1.9668 J 1.9978 1.9998A 1.8162 1.8081 A 1.9299 1.9413 A 1.9708 1.9619 A 1.9961 1.9972S 1.8202 1.8107 S 1.9390 1.9535 S 1.9704 1.9598 S 1.9987 1.99450 1.8209 1.8139 0 1.9595 1.9667 0 1.9736 1.9600 0 1.9974 1.9918N 1.8189 1.8175 N 1.9886 1.9809 N 1.9741 1.9616 N 1.9930 1.9891D 1.8149 1.8213 D 1.9965 1.9958 D 1.9680 1.9642 D 1.9908 1.9866
1912 1917 1922 19273 1.8195 1.8252 3 2.0090 2.0111 J 1.9610 1.9673 3 1.9845 1.9842F 1.8241 1.8290 F 2.0191 2.0263 F 1.9680 1.9705 F 1.9814 1.9822M 1.8293 1.8325 M 2.0322 2.0407 M 1.9676 1.9739 M 1.9764 1.9804A 1.8432 1.8357 A 2.0573 2.0539 A 1.9694 1.9775 A 1.9736 1.9790M 1.8451 1.8386 M 2.0817 2.0654 M 1.9827 1.9812 M 1.9741 1.9779J 1,8389 1.8410 J 2.0864 2.0749 J 1.9836 1.9853 J 1.9736 1.97733 1.8382 1.8429 3 2.0899 2.0822 3 1.9974 1.9895 3 1.9745 1.9772A 1.8432 1.8444 A 2.0962 2.0876 A 1.9939 1.9939 A 1.9786 1.9176S 1.8482 1.8453 S 2.0917 2.0913 S 1.9970 1.9981 S 1.9836 1.9783o 1.8500 1.8459 0 2.0871 2.0938 0 1.9983 2.0019 0 1.9850 1.9795N 1.8463 1.8460 N 2.0892 2.0957 N 2.0022 2.OOSI N 1.9836 1.9809D 1.8457 1.8460 D 2.0896 2.0973 D 2.0030 2.0074 D 1.9841 1.9825
1913 1918 1923 19283 1.8470 1.8458 3 2.0969 2.0992 J 2.0086 2.0088 J 1.9841 1.9839F 1.8439 1.g455 F 2.0888 2.1015 F 2.0141 2.0094 F 1.9814 1.9852M 1.8445 1.8452 M 2.1018 2.1044 M 2.0191 2.0092 M 1.9800 1.9862A 1.8432 1.8448 A 2.1082 2.1078 A 2.0166 2.0083 A 1.9850 1.9868M 1.8382 1.8445 M 2.1076 2.1114 lvi 2.0082 2.0071 M 1.9890 1.9871J 1.8389 1.8440 3 2.1106 2.1152 J 2.0013 2.0055 J 1.9854 1.98703 1.8420 1.8435 3 2.1206 2.1188 3 1.9930 2.0036 J 1.9886 1.9867A 1.8432 1.8427 A 2.1281 2.1220 A 1.9903 2.0015 A 1.9895 1.9862S 1.8488 1.8419 S 2.1383 2.1246 S 1.9987 1.9992 S 1.9939 1.9865o 1.8476 1.8410 0 2.1345 2.1265 0 1.9974 1.9967 0 1.9854 1.9849N 1.8457 1.8400 N 2.1345 2.1276 N 1.9930 1.9942 N 1.9814 1.9843D 1.8395 1.8389 D 2.1345 2.1281 D 1.9917 1.9918 D 1.9814 1.9838
1914 1919 1924 1929J 1.8363 1.8378 3 2.1284 2.1281 3 1.9983 1.9896 J 1.9818 1.9833F 1.8344 1.8368 F 2.1133 2.1280 F 1.9987 1.9878 F 1.9796 1.9828M 1.8325 1.8357 M 2.1183 2.1279 M 1.9934 1.9866 M. 1.9827 1.9824A 1.8300 1.8347 A 2.1239 2.1284 A 1.9881 1.9859 A 1.9800 1.9820M 1.8287 1.8340 M 2.1313 2.1298 M 1.9818 1.9859 M 1.9764 1.9816J 1.8287 1.8334 3 2.1323 2.1326 3 1.9773 1.9865 J 1.9786 1.9811J 1.8280 1.8331 3 2.1495 2.1371 3 1.9805 1.9877 3 1.9845 1.9806A 1.8426 1.8332 A 2.1593 2.1435 A 1.9868 1.9894 A 1.9836 1.9795S 1.8463 1.8333 S 2.1495 2.1518 S 1.9872 1.9916 S 1.9827 1.97810 1.8325 1.8336 0 2.1511 2,1619 0 1.9921 1.9943 0 1.9782 1.9761N 1.8293 1.8337 N 2.1599 2.1733 N 1.9961 1.9974 N 1.9708 1.9736D 1.8280 1.8335 D 2.1775 2.1851 D 2.0065 2.0008 D 1.9699 1.9704
WHOLESALE PRICES A307
TABLE 32—Concluded
1 2 1 2 1 2 1 2
1930 1932 —— 1934 1936J 1.9661 1.9666 3 1.8280 1.8310 3 1.8585 1.8620 3 1.9063F 1.9610 1.9622 F 1.8215 1.8275 F 1.8669 1.8658M 1.9552 1.9574 M 1.8195 1.8241 M 1.8675 1.8685A 1.9542 1.9321 A 1.8162 1.8206 A 1.8651 1.8707M 1.9484 1.9464 M 1.8089 1.8168 M 1.8675J 1.9385 1.9404 J 1.8055 1.8127 3 1.8727J 1.9263 1.9340 J 1.8096 1.8084 J 1.8739A 1.9258 1.9273 A 1.8143 1.8040 A 1.8831S 1.9263 1.9207 S 1.8149 1.7999 S 1.8899o 1.9191 1.9139 0 1.8089 1.7965 0 1.8837N 1.9101 1.9070 N 1.8055 1.7939 N 1.8837D 1.9009 1.9003 D 1.7966 1.7926 D 1.8859
1931 1933 1935J 1.8932 1.8937 J 1.7853 1.7925 3 1.8965F 1.8854 1.8873 F 1.7767 1.7939 F 1.9004M 1.8808 1.8812 M 1.7796 1.7967 M 1.8998A 1.8739 1.8754 A 1.7810 1.8009 A 1.9036M 1.8645 1.8697 M 1.7973 1.8064 M 1.9042J 1.8579 1.8641 3 1.8129 1.8130 J 1.9020J 1.8573 1.8586 J 1.8382 1.8204 3 1.8998A 1.8579 1.8532 A 1.8420 1.8283 A 1.9058S 1.8525 1.8480 S 1.8500 1.8364 S 1.90690 1.8470 1.8432 0 1.8525 1.8441 0 1.9058N 1.8463 1.8387 N 1.8519 1.8512 N 1.9063D 1.8363 1.8346 D 1.8500 1.8572 D 1.9080
A308 APPENDIX
TABLE 33
C. MITCHELL'S DATES OF HIGHGENERAL BUSINESS IN THE UNITED
AND Low POINTSSTATES
June. . -.
June
1857
1929
Low
March
mic Research
1933
DR. WESLEY
(See Recent Economic Changes, Vol. II, p. 892, National Bureau of EconoInc., 1929.)
High
IN
October 1860DecemberJune
18581861
April....June....
18651869
DecemberDecember
18671870
October 1873 March 1879MarchMarchJulyJanuary ..December
18821887189018931895
MayApril
MayJuneJune
18851888189118941897
June 1899 December 1900SeptemberMayJanuaryJanuaryAugustJanuaryMayOctober
19021907191019131918192019231926
AugustJuneJanuaryDecemberAprilSeptemberJulyDecember
19041908191219141919192119241927
Related Documents
