The US transportation revolution depended on finance: e.g. turnpike and bridge companies, the Erie and other canals, the railroadsThe US industrial revolution depended on finance: e.g., textile manufacturers raised equity capital by selling stock, and obtained working capital via bank loans. Rapid industrial growth began with the establishment of a modern financial system in the 1790sUS ExpansionModern finances from the 1790s promoted territorial expansion of the USA, as well as US economic growth.The USA territorially became one of the largest of all nations. Russia, of course, is quite a bit larger.In less than a century after 1790, the US economy is the worlds largest.
In England, until 1825 all banks apart from the Bank of England had to be unlimited-liability partnerships with no more than six partners. By 1825 the US had 330 state banking corporations and a central bank with 25 branches carrying on interstate banking.England, France, and Germany did not offer general incorporation to banks and other business until the latter half of the 19th century. By that time the US had thousands of corporations.The US had 80 banks and branches by 1805, 600 by 1835, 1,600 by 1860, and 25,000 by 1910. In 1913, the US had at least 30% of the total bank deposits of the entire world, and at least 36% of commercial bank deposits--far more than any other country.
Transcript
TRIUM opening lecture, New York 8 January 200626.10.10 “Two centuries of US financial development in comparative contexts: growth and crises” Richard Sylla, New York University * A crucial US advantage: modern finance from the 1790s * US Expansion Modern finances from the 1790s promoted territorial expansion of the USA, as well as US economic growth. The USA territorially became one of the largest of all nations. Russia, of course, is quite a bit larger. * 48 52 53 58 70 83 87 85 82 86 91 93 79 82 87 89 95 87 94 97 97 102 101 121 130 108 94 85 79 77 73 73 78 71 69 72 74 76 73 73 78 78 82 80 82 88 95 97 97 99 91 92 87 82 86 91 98 112 109 106 110 112 122 127 139 144 142 142 136 143 137 142 174 223 270 276 246 223 213 201 195 188 196 202 191 179 178 175 172 190 206 226 231 227 212 202 208 219 227 224 240 240 250 231 208 224 218 223 248 261 272 289 305 323 314 344 362 391 342 356 362 366 392 403 368 385 487 578 735 749 830 678 667 763 762 782 826 803 808 851 741 617 470 449 522 576 654 713 663 704 768 952 1209 1479 1654 1684 1587 1702 1843 1798 1943 2213 2301 2398 2360 2525 2615 2706 2696 2874 2925 2977 3152 3277 3472 3716 4028 4217 4564 4889 5091 5449 5917 6542 7031 7604 8389 9241 10332 11414 12276 13633 14051 15128 16678 17738 18585 19561 20875 22220 23247 23701 24707 25613 26878 27782 29017 30458 31709 33215 34785 35509 36337 37692 39797 41935 44071 Real 1790 1791 1792 1793 1794 1795 1796 1797 1798 1799 1800 1801 1802 1803 1804 1805 1806 1807 1808 1809 1810 1811 1812 1813 1814 1815 1816 1817 1818 1819 1820 1821 1822 1823 1824 1825 1826 1827 1828 1829 1830 1831 1832 1833 1834 1835 1836 1837 1838 1839 1840 1841 1842 1843 1844 1845 1846 1847 1848 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 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 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 916 944 983 1031 1129 1164 1164 1150 1162 1206 1237 1252 1248 1228 1235 1259 1280 1245 1211 1269 1301 1316 1326 1358 1372 1342 1304 1297 1308 1309 1328 1351 1360 1364 1400 1421 1431 1433 1415 1431 1518 1591 1646 1647 1625 1664 1667 1639 1663 1666 1622 1603 1600 1623 1665 1715 1799 1870 1881 1855 1889 1972 2128 2226 2232 2254 2270 2218 2247 2346 2296 2277 2497 2624 2592 2606 2430 2418 2458 2473 2509 2573 2683 2824 2815 2726 2781 2804 2894 3188 3379 3708 3800 3808 3667 3552 3764 3944 4108 4169 4502 4459 4590 4242 3972 4313 4153 4256 4685 4884 4943 5112 5261 5317 5034 5480 5564 5649 4949 5169 5116 5200 5359 5462 4948 5011 5626 5418 5910 5883 5721 5483 5708 6350 6422 6475 6806 6777 6771 7105 6424 5965 5156 5061 5572 6027 6768 7072 6776 7264 7837 9098 10718 12447 13594 13483 11348 10976 11248 10995 11752 12491 12771 13141 12816 13467 13483 13506 13150 13848 13901 13990 14616 15036 15688 16489 17380 17647 18319 18698 18491 18850 19614 20541 20247 20009 20870 21617 22580 23037 22716 23061 22400 23199 24652 25444 26084 26725 27578 28286 28493 28067 28601 28981 29779 30163 30917 31922 32868 33939 34785 34677 34876 35423 36357 37110 37807 Data Year Nominal GDP Real GDP Louis D. Johnston and Samuel H. Williamson, "The Annual Real and Nominal GDP for the United States, 1790 - Present." Economic History Services, October 2005, URL : http://www.eh.net/hmit/gdp/ 1790 $48 $916 1791 $52 $944 1792 $53 $983 1793 $58 $1,031 1794 $70 $1,129 1795 $83 $1,164 1796 $87 $1,164 1797 $85 $1,150 1798 $82 $1,162 1799 $86 $1,206 1800 $91 $1,237 1801 $93 $1,252 1802 $79 $1,248 1803 $82 $1,228 1804 $87 $1,235 1805 $89 $1,259 1806 $95 $1,280 1807 $87 $1,245 1808 $94 $1,211 1809 $97 $1,269 1810 $97 $1,301 1811 $102 $1,316 1812 $101 $1,326 1813 $121 $1,358 1814 $130 $1,372 1815 $108 $1,342 1816 $94 $1,304 1817 $85 $1,297 1818 $79 $1,308 1819 $77 $1,309 1820 $73 $1,328 1821 $73 $1,351 1822 $78 $1,360 1823 $71 $1,364 1824 $69 $1,400 1825 $72 $1,421 1826 $74 $1,431 1827 $76 $1,433 1828 $73 $1,415 1829 $73 $1,431 1830 $78 $1,518 1831 $78 $1,591 1832 $82 $1,646 1833 $80 $1,647 1834 $82 $1,625 1835 $88 $1,664 1836 $95 $1,667 1837 $97 $1,639 1838 $97 $1,663 1839 $99 $1,666 1840 $91 $1,622 1841 $92 $1,603 1842 $87 $1,600 1843 $82 $1,623 1844 $86 $1,665 1845 $91 $1,715 1846 $98 $1,799 1847 $112 $1,870 1848 $109 $1,881 1849 $106 $1,855 1850 $110 $1,889 1851 $112 $1,972 1852 $122 $2,128 1853 $127 $2,226 1854 $139 $2,232 1855 $144 $2,254 1856 $142 $2,270 1857 $142 $2,218 1858 $136 $2,247 1859 $143 $2,346 1860 $137 $2,296 1861 $142 $2,277 1862 $174 $2,497 1863 $223 $2,624 1864 $270 $2,592 1865 $276 $2,606 1866 $246 $2,430 1867 $223 $2,418 1868 $213 $2,458 1869 $201 $2,473 1870 $195 $2,509 1871 $188 $2,573 1872 $196 $2,683 1873 $202 $2,824 1874 $191 $2,815 1875 $179 $2,726 1876 $178 $2,781 1877 $175 $2,804 1878 $172 $2,894 1879 $190 $3,188 1880 $206 $3,379 1881 $226 $3,708 1882 $231 $3,800 1883 $227 $3,808 1884 $212 $3,667 1885 $202 $3,552 1886 $208 $3,764 1887 $219 $3,944 1888 $227 $4,108 1889 $224 $4,169 1890 $240 $4,502 1891 $240 $4,459 1892 $250 $4,590 1893 $231 $4,242 1894 $208 $3,972 1895 $224 $4,313 1896 $218 $4,153 1897 $223 $4,256 1898 $248 $4,685 1899 $261 $4,884 1900 $272 $4,943 1901 $289 $5,112 1902 $305 $5,261 1903 $323 $5,317 1904 $314 $5,034 1905 $344 $5,480 1906 $362 $5,564 1907 $391 $5,649 1908 $342 $4,949 1909 $356 $5,169 1910 $362 $5,116 1911 $366 $5,200 1912 $392 $5,359 1913 $403 $5,462 1914 $368 $4,948 1915 $385 $5,011 1916 $487 $5,626 1917 $578 $5,418 1918 $735 $5,910 1919 $749 $5,883 1920 $830 $5,721 1921 $678 $5,483 1922 $667 $5,708 1923 $763 $6,350 1924 $762 $6,422 1925 $782 $6,475 1926 $826 $6,806 1927 $803 $6,777 1928 $808 $6,771 1929 $851 $7,105 1930 $741 $6,424 1931 $617 $5,965 1932 $470 $5,156 1933 $449 $5,061 1934 $522 $5,572 1935 $576 $6,027 1936 $654 $6,768 1937 $713 $7,072 1938 $663 $6,776 1939 $704 $7,264 1940 $768 $7,837 1941 $952 $9,098 1942 $1,209 $10,718 1943 $1,479 $12,447 1944 $1,654 $13,594 1945 $1,684 $13,483 1946 $1,587 $11,348 1947 $1,702 $10,976 1948 $1,843 $11,248 1949 $1,798 $10,995 1950 $1,943 $11,752 1951 $2,213 $12,491 1952 $2,301 $12,771 1953 $2,398 $13,141 1954 $2,360 $12,816 1955 $2,525 $13,467 1956 $2,615 $13,483 1957 $2,706 $13,506 1958 $2,696 $13,150 1959 $2,874 $13,848 1960 $2,925 $13,901 1961 $2,977 $13,990 1962 $3,152 $14,616 1963 $3,277 $15,036 1964 $3,472 $15,688 1965 $3,716 $16,489 1966 $4,028 $17,380 1967 $4,217 $17,647 1968 $4,564 $18,319 1969 $4,889 $18,698 1970 $5,091 $18,491 1971 $5,449 $18,850 1972 $5,917 $19,614 1973 $6,542 $20,541 1974 $7,031 $20,247 1975 $7,604 $20,009 1976 $8,389 $20,870 1977 $9,241 $21,617 1978 $10,332 $22,580 1979 $11,414 $23,037 1980 $12,276 $22,716 1981 $13,633 $23,061 1982 $14,051 $22,400 1983 $15,128 $23,199 1984 $16,678 $24,652 1985 $17,738 $25,444 1986 $18,585 $26,084 1987 $19,561 $26,725 1988 $20,875 $27,578 1989 $22,220 $28,286 1990 $23,247 $28,493 1991 $23,701 $28,067 1992 $24,707 $28,601 1993 $25,613 $28,981 1994 $26,878 $29,779 1995 $27,782 $30,163 1996 $29,017 $30,917 1997 $30,458 $31,922 1998 $31,709 $32,868 1999 $33,215 $33,939 2000 $34,785 $34,785 2001 $35,509 $34,677 2002 $36,337 $34,876 2003 $37,692 $35,423 2004 $39,797 $36,357 2005 $41,935 $37,110 2006 $44,071 $37,807 1790-1860 1860-1920 1920-2009 Population 3.02% 2.05% 1.20% (percent per year in the new Davis index) 1790-1913 5.2 1790-1802 5.3 1802-1815 3.9 1815-1833 5.3 1833-1860 6.0 1860-1913 5.0 Growth of the US banking system The US banking system grew rapidly in the early decades because US states, following Hamilton’s example with the Bank of the United States, discovered that it was in their fiscal interest to charter more and more banking corporations. The expansion from the 1790s to the 1830s was, however, just a start. US State-Chartered Banks: Numbers and Authorized Capital, by Region and Total, 1790-1835 (Capital in millions of dollars) Region 1860 1,562 $ 0.7 billion 1896 9,469 7.5 1921 31,076 49.6 1970 14,187 611.3 2010 6,620 13,000.0 Compare and Contrast Canada did not have chartered bank until 1817. It had 6 banks in 1830 and 16 in 1840. Mexico did not have a chartered bank until 1863. It had 8 banks in 1883 and 46 in 1911. In England, until 1825 all banks apart from the Bank of England had to be unlimited-liability partnerships with no more than six partners. By 1825 the US had 330 state banking corporations and a central bank with 25 branches carrying on interstate banking. England, France, and Germany did not offer general incorporation to banks and other business until the latter half of the 19th century. By that time the US had thousands of corporations. * Corporations Since 1790, the USA has led the world in developing the corporate form of business enterprise. Corporations have a number of advantages over other forms of business organization, as well as some disadvantages. The financial revolution of the early 1790s was marked by a large increase (about 300) in the chartering of corporations by US states, the main chartering authorities. By 1830, states had chartered 9,400 corporations. By 1860, states had chartered 23-24,000 corporations under special legislative acts, and another 5-6,000 under new general incorporation laws. Total of ~ 30,000. By 1920, the USA had 300,000 operating corporations; by 1960, more than one million; and by 2000, the number of corporations was nearly 5 million. Securities Markets In history, securities markets usually began with the trading of government debt securities. These first securities markets then facilitated the trading of corporate equity and debt securities, giving liquidity to representations of fixed, long-term real investments. This encouraged real investment and capital formation. Only a small number—today perhaps 10,000 of 5 million corporations—have tradable securities. But they are the largest corporations that produce most of the GDP. The following slides show the early development of US securities markets and a 200 year-history of US stock market returns. Securities Markets: City Listings in 1811 * * * * * * * Financial crises The 200-year history of US stock returns indicates the volatility of financial systems despite fairly steady long-term economic growth. Is this “creative destruction”? Financial history is punctuated with crises. In the US case, these occurred in 1792, 1814, 1819, 1837, 1839-42, 1857, 1873, 1884, 1890, 1893, 1907, 1930-33, the 1970s (inflation), 1987-89, and 2007-09. * 1792: Alexander Hamilton saves his financial revolution US is in midst of a financial revolution, 1789-92, planned earlier and now executed by Alexander Hamilton, a founding father of the USA and the first Secretary of the Treasury. Hamilton stabilizes public finances, restructures the US national debt, founds a central bank, and defines the convertible US dollar. US States respond to the plan by chartering more banks and more business corporations. Private actors respond to the plan by asking the States for banking and corporate charters, and by creating securities markets and stock exchanges (e.g.NYSE, 1792) to give liquidity to all the new securities that appeared in 1790-1792. Markets crash in the panic of March 1792. * 1792: Bubble, collapse, panic --Fueled by increases in bank credit, partly from the new central bank, and a speculative cabal to corner a US debt issue, securities prices rose rapidly early in 1792 [see securities price chart—slide coming]. --Prices crashed in March, after banks stepped on the brakes and the cabal collapsed in default. Panic selling drove US 6s in New York from 126 on March 5 to 95 on March 20, a drop of 25% in two weeks. * * Bank of the United States, Dec. 1791 to Mar. 1792 Date/BUS data U.S. Sixes, Boston, New York, and Philadelphia 70 70 68.75 70 70 70 70 70 70 68.75 70 70 70 71 75 82.5 83.5 90 86.67 90 90 92.5 90 86.67 86.67 87.5 86.75 86.75 85 85 85 86.125 83.75 85 86.125 92.5 86.25 86.25 86.33 88.33 86.25 87.5 86 86.25 86.25 92.5 85 85 85 85 85 85 86.25 86.67 88 88 88 86 86 86 86 86 86 86.67 86 86 86 86 86 86 86 86 90 86 86 87.5 87.5 87.5 88 88 88.33 90 86 100 90 90 90 92.5 93.75 95 95 97.5 100 107.5 102.5 110.83 106.25 110.83 111.75 112.5 102.5 102.92 100 103.33 103.75 105 102.5 104.17 104.58 105.83 106.75 106.46 105.83 105.9375 106.25 106.35 105 102.5 105.9375 105.21 106.67 106.25 104.375 101.67 102.92 105 101.15 102.1875 105.42 105 103.54 103.02 105 101.67 102.5 102.5 102.08 102.1875 103.5 101.875 101.25 103.5 101.67 103.5 101.04 107.5 102.5 102.5 103.5 103.25 103.25 105 107.5 110 111.04 111.25 110 110 110 110.625 110.42 107.5 111.04 111.25 108.33 111.46 111.46 111.35 107.5 111.25 111.46 110.83 110 111.04 111.04 110.83 110 110.1 110 111 108.75 108.96 110 108.85 109.07 108.75 109 108.75 109.58 115.42 108.75 111.25 110.83 110.83 111 110 111 112.5 111.35 111.67 113.125 114.17 111.67 114.58 112.5 115 110.21 111.25 111.5 113.75 113.75 115 116.67 116.67 118.75 120 125 123.75 123.67 128.75 125 118.75 128.75 127.5 126.5 120.625 125.5 123 120.83 114.375 120.52 120.9375 120 121.04 120 119.8 121.5 115.42 120 120.83 121.04 122.5 121.875 122.71 126.25 123.5 125.83 121.25 118.125 125 116.04 117.6 116.25 110 112.5 112.5 109.17 110 106.67 120 110 108.33 95 110 100.21 106.67 98.75 103.33 103.33 105 105 108.3333333333 104.17 105 99.58 105 100 100 100 100 100 105 101.6666666667 105 100.4167 105 106.25 107.5 108.33 110 110 112.5 112.5 112.5 112.5 110 111.25 110.83 110 110 107.92 105 108.75 105 106.67 106.67 105 105 105 106.25 106.67 106.67 110 106.25 106.67 106.67 107.5 107.5 110 110 108.75 108.75 108.75 110 110 110 110 110 110.83 111.25 110.83 110 109.67 110 110 110 110 110 110 110 110 108.75 108.54 108.75 108.75 107.92 107.5 107.5 108.33 107.5 106.67 107.5 107.5 106.67 106.67 105 106.67 105.83 105.83 106.25 106.25 107.5 106.25 106.25 109.17 106.25 105 105 106.25 105.83 105 103.75 102.5 101.25 101.25 99.17 100.83 100 100 100 102.5 100 U.S. Sixes in Three Markets During the Panic of 1792 115 116.67 116.67 118.75 120 125 123.75 123.67 128.75 125 118.75 128.75 127.5 126.5 120.625 125.5 123 120.83 114.375 120.52 120.9375 120 121.04 120 119.8 121.5 115.42 120 120.83 121.04 122.5 121.875 122.71 126.25 123.5 125.83 121.25 118.125 125 116.04 117.6 116.25 110 112.5 112.5 109.17 110 106.67 120 110 108.33 95 110 100.21 106.67 98.75 103.33 103.33 105 105 108.3333333333 104.17 105 99.58 105 100 100 100 100 100 105 101.6666666667 105 100.4167 105 106.25 107.5 108.33 110 110 112.5 112.5 112.5 112.5 110 111.25 110.83 110 110 107.92 105 108.75 105 U.S. Sixes, Boston Prices U.S. Threes and Deferred, Boston Prices 36.25 30 37.08 30 50 42.5 46.67 46.67 45 47.92 47.5 47.92 46.25 45.83 46.25 45.83 47.5 47.5 61.67 61.25 62.5 62.5 60 60 62.5 65 62.5 65 66.25 66.25 70 70 70 72.0833333333 69.16667 72.5 62.5 67.5 58.3333333333 60.8333333333 58.3333 60.16667 65 71.6666666667 64.1666666667 66.6666666667 63.75 66.6666666667 65 67.5 65 67.5 62.5 65.8333333333 61.6666666667 65 57.5 61.6666666667 Boston Date/Security Bank of Massachusetts Bid Bank of Massachusetts Asked Final Settlements Bid Final Settlements Asked New Bridge Rights Bid New Bridge Rights Asked 82.5 86.67 86.67 110.83 110.83 102.5 102.92 103.33 103.75 105 104.17 104.58 105.83 106.46 105.83 105.9375 106.35 105.9375 105.21 106.67 104.375 101.67 102.92 101.15 102.1875 105.42 103.54 103.02 101.67 102.5 102.08 102.1875 101.875 101.25 101.67 101.04 111.04 111.25 110.625 110.42 111.04 111.25 111.46 111.46 111.35 111.25 111.46 110.83 111.04 111.04 110.83 110.1 110 108.75 108.96 108.85 109.07 108.75 108.75 109.58 115.42 110.83 110.83 110 112.5 111.35 113.125 114.17 114.58 115 110.21 125 120.625 120.83 114.375 120.52 120.9375 121.04 120 119.8 115.42 120.83 121.04 121.875 122.71 126.25 125.83 121.25 118.125 116.04 117.6 116.25 112.5 112.5 109.17 106.67 108.33 95 100.21 98.75 103.33 103.33 105 104.17 99.58 100 106.67 107.5 110.83 111.25 109.67 110 110 108.54 107.92 108.33 107.5 105 105.83 107.5 109.17 105.83 102.5 99.17 100 U.S. Threes and Deferred, New York Prices 42.08 36.25 42.5 41.67 42.5 41.67 65 65.83 65.21 67.29 61.67 70 61.04 62.92 61.25 61.25 61.875 63.02 62.08 63.33 61.875 61.25 62.08 60.83 62.71 60.42 62.29 61.25 62.5 60.3125 61.25 60 61.875 59.8 62.29 57.71 58.85 54.375 56.875 55.1 59.17 61.46 62.08 58.125 55 58.33 59.17 61.25 57.5 60.1 57.5 60 61.67 56.25 60.9375 64.9 66.25 65.83 66.04 64.375 63.96 63.96 63.96 66.46 63.75 66.67 63.75 64.58 63.75 66.46 63.85 66.25 63.75 66.04 66.25 63.54 66.67 63.75 66.04 62.5 62.5 61.67 64.58 64.375 62.92 64.17 63.75 64.17 65 63.75 65 64.17 63.75 66.04 66.67 66.875 65.83 63.75 65.3125 65.42 65.21 66.04 66.67 66.25 66.15 66.04 66.35 74.79 74.48 72.8125 74.58 71.98 71.56 75 71.15 75 70.21 70 70 75 69.8 74.375 70 74.8 74.8 71.46 75 71.25 74.17 70.21 72.5 72.5 69.8 73.75 68.75 73.23 66.67 65.42 68.33 65.625 73.33 64.17 67.29 63.75 74.17 60 60 64.375 62.29 67.4 66.67 61.67 70 57.5 59.9 60 61.46 55.42 62.5 60 63.33 60 61.67 65 63.75 60.42 62.08 58.75 56.67 57.92 63.75 65.83 64.17 66.67 66.46 68.96 66.875 69.375 65.83 68.75 66.46 69.17 66.46 69.17 65.83 68.54 65 67.5 65 67.92 63.33 66.67 61.67 66.25 62.08 66.67 62.5 67.5 61.25 65.83 61.25 65.83 60 62.5 58.75 61.67 59.58 62.5 BONY 1790.1013 1790.1031 1790.1115 1790.113 1790.1218 1790.1223 1791.0101 1791.0806 1791.0809 1791.081 1791.0812 1791.0813 1791.0816 1791.0817 1791.0818 1791.0819 1791.082 1791.0822 1791.0823 1791.0824 1791.0825 1791.0826 1791.0827 1791.0829 1791.083 1791.0831 1791.0901 1791.0902 1791.0903 1791.0905 1791.0906 1791.0907 1791.0908 1791.0909 1791.091 1791.0912 1791.0913 1791.0914 1791.0915 1791.0916 1791.0917 1791.0919 1791.092 1791.0921 1791.0922 1791.0923 1791.0926 1791.0927 1791.0928 1791.093 1791.1025 1791.1028 1791.1029 1791.1101 1791.1102 1791.1103 1791.1104 1791.1105 1791.1107 1791.1108 1791.1109 1791.111 1791.1111 1791.1112 1791.1114 1791.1115 1791.1116 1791.1117 1791.1118 1791.1121 1791.1122 1791.1123 1791.1124 1791.1125 1791.1126 1791.1128 1791.1129 1791.113 1791.1201 1791.1202 1791.1206 1791.1207 1791.1208 1791.121 1791.1213 1791.1214 1791.1215 1791.1217 1791.1219 1791.122 1792.0116 1792.0128 1792.0208 1792.0216 1792.0218 1792.022 1792.0221 1792.0222 1792.0223 1792.0224 1792.0225 1792.0227 1792.0228 1792.0229 1792.0301 1792.0302 1792.0303 1792.0305 1792.0306 1792.0307 1792.0308 1792.0309 1792.031 1792.0312 1792.0313 1792.0314 1792.0315 1792.0316 1792.0317 1792.0319 1792.032 1792.0321 1792.0324 1792.0326 1792.0327 1792.0328 1792.0329 1792.033 1792.0331 1792.0402 1792.041 1792.043 1792.0517 1792.0531 1792.0615 1792.063 1792.0715 1792.0723 1792.0731 1792.0803 1792.0804 1792.0905 1792.0912 1792.0919 1792.0926 1792.1003 1792.101 1792.1017 1792.1024 1792.1031 1792.1107 1792.1114 1792.1121 1792.1128 1792.1205 1792.1212 1792.1219 1792.1226 BONY Date 148 146.5 148 147 136.5 130 122.5 117 117 120.25 138 127 128.25 130 130 126 128.5 128 119.25 118.5 126.5 120 119 102.5 122.25 121.5 131.5 154.25 157 140 140 130 132 134 134 133 134.5 134.5 134.5 134 131 128 125 126 128 126 125 122 120 118 a 1790.1013 60.83 61.67 35.42 35.83 40 1790.1031 1790.1115 1790.1130 1790.1218…