ANK AND QUOTATION SECTION OF TEE COMMERCIACi-FINANtIAL CHRONICLE. Copyrighted in 1912 according to Act of Congress, by WILLIAM B. DANA COMPANY,in office of Librarian of Congress, Washington, D.0. VOL. 94. NEW YORK, JANUARY 6 1912. NO. 2428 INDEX REVIEW OF DECEMBER. • TO STATEMENTS OF BANKS AND TRUST COMPANIES. There were some more favorable -developments dur- ALBANY, N. Y. Page. MILWAUKEE, WIS. Page ing December which tended still further to revive con- National Commercial Bank 4 First National Bank 9 fidence in financial and trade circles, so that, on the ATLANTA, GA. MINNEAPOLIS, MINN. Atlanta National Bank First National Bank 15 whole, the year closed with the tone rather hopeful: Northwestern National Bank...15 In addition distinctly AUGUSTA, GA. Security Nat. Bank of Minn_ 15 to the encouraging character of the court announcements Georgia Railroad Bank 8 MOBILE, ALA. of the previous month, there BALTIMORE, MD. People's Bank 10 came the report of the Railroad Securities Commission... Merlhants' National Bank 6 This was very conservative in its general recommenda- National Bank of Baltimore NASHVILLE, TENN. Safe Deposit & Trust Co 6 American National Bank 8 tion, and Fourth National,Bank 9 contained many assuring discussions and BIRMINGHAM, ALA. convincing arguments destructive of the radical poli- NEWARK. N. J. First National Bank 10 Union National Bank cies of the day, which have found such general sup- BOSTON, port MASS. NEW ORLEANS LA. in recent years. The outlook in the iron and' National Union Bank 4 Whitney-Central Nat. Bank.. _ 11 steel trades also further improved, while copper rose. BUFFALO, N. Y. NEW YORK, N. Y. to a new high point for the year. Marine National Bank 8 Chemical National Bank 2 In the Citizens' Central Nat. Bank 3 stock market the recovery established iii CHARLESTON, S. O. Coal & Iron National Bank 2 Farmers' Loan & Trust Co 18 November was well maintained. Taking a retrospec- People's National Bank Fourth National Bank 3 tive glance Gallatin National Bank 2 over the last twelve months, it may be a CHICAGO ILL. Hanover National Bank 2 surprise to hear—in view of the many adverse devel- Chicago Savings Bank & Tr. Co, 15 Seaboard National Bank 2 Colonial Trust & Say Bank_ _ 13 opments against which the market, has had to con- Continental& Commerc'l Nat Bk 12 NORFOLK, VA. Corn Exchange National Bank_ 10 Norfolk National Bank 4 tend—that for the great majority of stocks, closing: Harris Trust & Savings Bank Inside back cover prices Dec. 31 show no very great changes from open-- First Nat. Bank of Chicago 11 OMAHA. NEB Live Stock Exchange Nat. Bank 13 Omaha National Bank 13 ing prices (Jan. 2) at the beginning of the year. This Merchants Loan and Trust Co._ 11 National Bank of the Republic_ 12 PATERSON N. J. is due in the first place to the fact that there was a. Northern Trust Co. Bank Inside back cover. First National Bank 4 tremendous decline in security prices in 1910, so that CINCINNATI, OHIO, PHILADELPHIA, PA. 1911 started with values at a low level. But it is due. Fifth-Third National Bank 12 Corn Exchange Nat. Bank 7 Farmers' dr Mech. Nat. Bank 6 in still greater degree to the circumstance that a most • CLEVELAND, OHIO. First National Bank Fourth Street National Bank 108 determined effort was made on the part of leading finan- First National Bank 13 Franklin National Bank Union National Bank 13 Girard National Bank 5 cial interests to raise prices to a higher basis in face o) Girard Trust Company 7 DENVER, COL. Market Street National Bank.— 7 the unfavorable developments that kept fast accumu- Philadelphia National Bank_ First National Bank 17 Tradesmens National Bank_ _ 7 lating, month by month. Apparently some bull • Union National Bank DETROIT, MICH. 6 cliques of limited resources were active during the first PORTLAND. People's State Bank 5 ORE. six or seven months in boosting special United States National Bank _ 17 stocks, but had not powerful support been FORT WORTH, TEXAS. PROVIDENCE, ft. extended by leading finan- Port Worth NaVonal Bank__ 11 Merchants' National Bank cial interests, it would have been impossible to main- GRAND RAPIDS, MICE. ST. JOSEPH, MO. tain prices so well, and even to advance them, during: -Lemon Old National Bank 5 Tootle National Bank__ 14 this period of time. The market encountered many ST. LOUIS, MO. HARTFORD, CONN. reverses and received numerous severe blows, during. Boatmen's Bank 14 Aetna National Bank 5 Mechanics'-American Nat. Bank 14 which prices tumbled badly, but up to August it was Mississippi Valley Trust Co 14 INDIANAPOLIS, IND. National Bank of Commerce__ 15 taken firmly in hand again after each break and prices, Third National Bank Mer tants' National Bank 12 14 moved up once more. The object, presumably, was to. JERSEY CITY, N. J. SALT LAKE CITY, UTAH. restore confidence in the railroad and financial world, National Bank 3 McCorrack & Co 16 First Walker Brothers 16 and thereby bring a revival in trade. KNOXVILLE, TERN. SAN FRANCISCO, CAL. The First National Bank 16 In January stock prices evinced an improving ten- City National Bank 9 SEATTLE, WASH. dency. In February business was on a small scale, LOS ANGELES, CAL. Dexter Horton National Bank 16 but with values on the whole firm until the announce- National Bank 16 National Rank of Commerce SR First Seattle National Bank 17 ment of the decisions of the Inter-State Commerce LOUISVILLE. KY. TACOMA, WASH. Commission,denying permission to the railroads, both National Bank of Kentucky_ _ _ 8 Fidelity Trust Co 17 East and West, to advance rates. Then a tremendous WILLIAM B. DANA COMPANY, Publishers, FRONT, PINE AND DEPEYSTER STS., NEW YORK slump occurred. In March there was recovery in al Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 20 MONTHLY REVIEW [VOL. Lxxxxiv staggering sort of a way. In April price movements RANGE OF LEADING STOCKS IN 1911. were irregular, though no setback was permitted. Open- Clos- During all this time the volume of trading remained ing. Lowest. Highest. lug. Trunk Lines— small. In May the Supreme Court decisions in the Baltimore 8e Ohio 10531 9331 Sept 29 Boston 63 Albany 109 31 July 14 10331 224 219 , April 21 226 Feb 15 221 Tobacco and Oil cases were used Cloy Clne Chic & St Louis 6531 4831 Sept to stimulate temporary Erie 15 66 Jan 18 60 2731 2731 Jan 11 3831 July activity N Y Cent & Hud River 111 1 3134 and bring about a sharp advance. The latter N z9931 Sept 21 11531 Feb 3 108 Y Chicago & St Louis 65 48 Sept 14 Pennsylvania 65 Jan 19 56 part of this month there came the steel by the 12831 11831 Sept 25 130 % Feb 2 123 cut in Wabash 1634 531 Dec Coal Roads— 19 1834 Feb 23 6% Republic Iron Sr Steel Co. From that time on iron Central of New Jersey 270j. 260 Aug 24 320 Dec 28 318 Del Lacks 8G Western 534 505 Sept 25 570 and steel prices Delaware Nov 10 540 generally began to weaken. Never- & Hudson 16431 15931 Sept 20 17431 June Lehigh Valley.. 175 % 8 168 151 Sept 14 186% Dec 26 18031 theless a distinct upward turn took place in June N Y Ontario & Western 41 % 3731 Sept 25 Reading 4631 July 22 38 151 134 Sept 25 161 % June notwithstanding that crop conditions were not proving Western and Pacific— 3 151 yi Canadian Pacific 105 m 195% Jan 3 247 Chicago & July 21 242 at all satisfactory; a favorable influence was the Alton 30 15 Aug 28 31 % May 23 18 Chicago Mllw & St Paul_ _ _ 12354 10531 Oct 4 13331 Feb 7 10931 Chicago 66 North Western.. 14231 13831 Sept 1 June announcement that the Government had lost its suit Colorado & 15031 12 143 Southern 5631 43 Sept 23 60 Jan 18 47 Denver 6c Rio Grande 1731 Dec 22 35 to compel the Union Pacific to give up control of the Great 2831 Feb 15 19 Northern preferred 12331 119 Sept 25 140 June 8 127 Illinois Central_ 132 132 Jan 3 147 Southern Pacific. this Minn St July 31 14031 The most was made of news. Paul &SSM 132 M z124 %Sept 22 152 M Mch 30 135 Northern Pacific 116 % 110 X Sept 25 Rock 137% June 8 118 % In July there was a perfect avalanche of depressing Island Company 2931 22 M Sept 22 34 % June 14 25 Preferred 60 43 M Dec 22 68 % June 14 48 events. The Inter Commerce Commission an- Southern Pacific Co 11431 10431 Sept 25 -State Toledo 12631 June 26 11131 St Louis & Western 23 X12 DecDeo 28 24 M Feb 8 14 nounced a new the railroads in the Union Pacific 170 M 153% Sept 25 192 % july 22 decision adverse to Southwestern— 17131 Atchison celebrated Spokane rate cases;torrid weather conditions Topeka 63 S Fe 101 9931 Sept 27 116 % June 5 10631 Kansas City Southern 32 2531 Sept 25 3734 June 13 28 were doing enormous damage to the crops; numerous Missouri Kansas & Texas 31 % 27 Sept 26 38 % June 14 29 Preferred 65 62 X Sept 25 70 Missouri Oct 17 64 M combinations Pacific 4731 333( Sept 14 83 Feb3931 new suits against trade were instituted un- St L & San Fran 2d pref... _ 38 M 37 Sept 25 St Louis 4931 July 19 4031 Congressional Southwestern_ 28 24 Jan 13 34 Feb 4 31 X der the Anti-Trust law;special committees Texas 63 Pacific 25 m 1931 Dec 21 Feb 'Southern Roads— 3031 21 20 A Chesapeake were conducting investigations in sugar and in steel; & Ohio 8031 68 % Sept 25 8631 Feb 8 7331 Louisville & Nashville 144 X 136 % Sept 14 160 X Norfolk Nov 24 15531 and a very acute situation developed in Europe & Western 10031 9931 Sept 25 111 M Nov 24 108 % Southern Railway_ b 2631 2431 Sept 28 33 % July 19 2831 Preferred b 62 6131 Jan 11 7531 July 29 concerning the relations between Germany and France Wlseellaneous— 7031 Amalgamated Copper 61 m Sept 25 and between Germany and England, arising out of 4431 71 % June 19 66 Amer Car 66 Foundry 5031 42 % Sept 28 5831 July 19 54 Moroccan controversy.