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Do private banker or person who is a director in any bank or trust company, organized and operating under the laws of a State, having deposits, capital, surplus, and undivided pronts aggregating more than $5,000,000, shall be eligible to be a director in any bank or banking association organized or operating under the laws of the United States, The eligibility of a director, oficer, or employé under the foregoing provisions shall be determined by the average amount of deposits, capital, surplus, and undivided profits as shown in the omcial statements of such bank, banking association, or trust company fled as provided by law during the fiscal year next preceding the date set for the annual election of directors, and when a director, omcer, or employé has been elected or selected in accordance with the provisions of this act it shall be lawful for him to continue as such for one year thereafter under said election or employment.

No bank, banking association or trust company, organized or operating under the laws of the United States, in any city or incorporated town or village of more than two hundred thousand inhabitants, as shown by the last preceding decennial census of the United States, shall have as a director or other officer or employé any private banker or any director or other omcer or employé of any other bank, banking association or trust company located in the same place: Provided, That nothing in this section shall apply to mutual savings banks not having a capital stock represented by shares: Provided further, That a director or other officer or employé of such bank, banking association, or trust company may be a director or other omncer or employé of not more than one other bank or trust company organized under the laws of the United States or any State where the entire capital stock of one is owned by stockholders in the other: And provided further, That nothing contained in this section shall forbid a director of Class A of a Federal reserve bank as defined in the Federal Reserve act from being an omcer or director or both an officer and director in one member bank.

That from and after two years from the date of the approval of this act no person at the same time shall be a director in any two or more corporations, any one of which has capital, surplus, and undivided profits aggregating more than $1,000,000, engaged in whole or in part in commerce, other than banks, banking associations, trust companies and common carriers subject to the act to regulate commerce, approved February 4, 1887, if such corporations are or shall have been theretofore, by virtue of their business and location of operation, competitors, so that the elimination of competition by agreement between them would constitute a violation of any of the provisions of any of the antitrust laws. The eligibility of a director under the foregoing provision shall be determined by the aggregate amount of the capital, surplus, and undivided profits, exclusive of dividends declared but not paid to stockholders, at the end of the fiscal year of said corporation next preceding the elect of directors, and when a director has been lected in accordance with the provisions this act it shall be lawful for him to continue as such for one year thereafter.

When any person elected or chosen as a director or omcer or selected as an employé of any bank or other corporation subject to the provisions of this act is cligible at the time of his election or selection to act for such bank or other corporation in such capacity his eligibility to act in such capacity shall not be affected and he shall not become or be deemed amenable to any of the provisions hereof by reason of any change in the affairs of such bank or other corporation from whatsoever cause, whether specifically excepted by any of the provisions hereof or not, until the expiration of one year from the date of his election or employment.

SEC. 9. Every president, director, officer or manager of any firm, association or corporation engaged in commerce as a common carrier, who embezzles, steals, abstracts or wilfully misapplies, or wilfully permits to be misapplied, any of the moneys, funds, credits, securities, property or assets of such firm, association or corporation, arising or accruing from, or used in, such commerce, in whole or in part, or wilfully or knowingly converts the same to his own use or to the use of another, shall be deemed guilty of a felony and upon conviction shall be oned not less than $500 or confined in the penitentiary not less than one year nor more than ten years, or both, in the discretion of the court.

SEC. 10. That after two years from the approval of this act no common carrier engaged in commerce shall have any dealings in securities, supplies or other articles of commerce, or shall make or have any contracts for construction or maintenance of any kind, to the amount of more than $50,000, in the aggregate, in any one year, with another corporation, firm, partnership or association when the said common carrier shall have upon its board of directors or as its president, manager or as its purchasing or selling officer, or agent in the particular transaction, any person who is at the same time a director, manager, or purchasing or selling officer of, or who has any substantial interest in, such

other corporation, irm, partnership or association, unless and except such purchases shall be made from, or such dealings shall be with, the bidder whose bid is the most favorable to such common carrier, to be ascertained by competitive bidding under regulations to be prescribed by rule or otherwise by the Interstate Commerce Commission. No bid shall be received uniess the name and address of the bidder or the names and addresses of the ofcers, directors and general managers thereof, if the bidder be a corporation, or of the members, if it be a partnership or firm, be given with the bid.

Any person who shall, directly or indirectly, do or attempt to do anything to prevent any one from bidding or shall do any act to prevent free and fair competition among the bidders or those desiring to bid shall be punished as prescribed in this section in the case of an omcer or director.

Every such common carrier having any such transactions or making any such purchases shall within thirty days after making the same file with the Interstate Commerce Commission a full and detailed statement of the transaction showing the manner of the competitive bidding, who were the bidders, and the names and addresses of the directors and oicers of the corporations and the members of the firm or partnership bidding: and whenever the said commission shall, after investl. gation or hearing, have reason to believe that the law has been violated in and about the said purchases or transactions it shall transmit all papers and documents and its own views or findings regarding the transaction to the Attorney-General.

It any common carrier shall violate this section it shall be Aned not exceeding $25,000; and every such director, agent, manager or officer thereof who shall have knowingly voted for or directed the act constituting such' violation or who shall have aided or abetted in such violation shall be deemed guilty of a misdemeanor and shall be fined not exceeding $5,000, or confined in jail not exceeding one year, or both, in the discretion of the court. SEC. 11. That authority

to enforce compliance with sections 2, 3, 7, and 8 of this act by the persons respectively subject thereto is hereby vested: In the Interstate Commerce Commission where applicable to common carriers; in the Federal Reserve Board where applicable to banks, banking associations and trust companies, and in the Federal Trade Commission where applicablo to all other character of commerce, to be exercised as follows:

The jurisdiction of the Circuit Court of Appeals of the United States to enforce, set aside, or modity orders of the commission or board shall be exelusive.

Such proceedings in the Circuit Court of Appeals shall be glven precedence over other cases pending therein, and shall be in every way expedited. No order of the commission or board or the judgment of the court to enforce the same shall in any wise relieve or absolve any person from any liability under the anti-trust acts.

SEC. 14. That whenever a corporation shall violate any of the penal provisions of the AntiTrust laws, such violation shall be deemed to be also that of the individual directors, oficers, or

CLAYTON TRUST BILL-Continued.

agents of such corporation who shall have authorized, ordered, or done any of the acts constituting in whole or in part such violation, and such violation shall be deemed a misdemeanor, and upon conviction therefor of any such director, omcer, or agent he shall be punished by a fine of not exceeding $5,000 or by imprisonment for not exceeding one year, or by both, in the discretion of the court.

SEC. 17. That no preliminary injunction shall be issued without notice to the opposite party.

SEC. 19. That every order of injunction or restraining order shall set forth the reasons for the Issuance of the same, shall be specific in terms, and shall describe in reasonable detail, and not by reference to the bill of complaint or other document, the act or acts sought to be restrained, and shall be binding only upon the parties to the suit, their officers, agents, servants, employés, and attorneys, or those in active concert or participating with them, and who shall, by personal service or otherwise, have received actual notice the same.

SEC. 25. That no proceeding for contempt shall be instituted against any person unless begun within one year from the date of the act complained of; nor shull any such proceeding be a bar to any criminal prosecution for the same act or acts; but nothing herein contained shall affect any proceedings in contempt pending at the time of the passage of this act.

Approved, October 15, 1914.

WORLD'S CROPS. In October, 1914, the International Institute of Agriculture at Rome, Italy, announced its estimates of world-crop production as follows:

Wheat, 2,697,000,000 bushels, total production in twenty-one countries,
Rye, 1.478,000,000 bushels, total production in seventeen countries.
Barley,1,164,000,000 bushels, total production in nineteen countries,
Oats, 3, 286,000,000 bushels, total production in sixteen countries.

Corn, 2.800,501,390 bushels, total production in five countries, comprising United States, Italy, Russia in Europe (sixty-three Governments), Spain, and Switzerland, the names being given in the relative order of importance in production. The crop of Italy is estimated at 102,356, 429 bushels; that of Russia in Europe at 72,075,118.

Rice, 21.602,399,085 pounds, total production of four countries. The estimated rice production for Japan, Spain, and Italy is respectively 17,808,000,000 pounds, 1,568,000,000, aud 1,146, 392,000 pounds.

The September issne of the institute's“Bulletin of Agricultural and Commercial Statistics'' estimates the total beet-sugar production in thirteen countries for 1913-1914 as 9,389.000 short tons, or 99 per cent of the preceding year (1912-1913). This production is expressed in terms of "ruw'' sugar.

Ordinary

1902 1903. 1904. 1905. 1906. 1907. 1918. 1:49. 1910. 1911. 1019 1913. 1:14

RECEIPTS AND DISBURSEMENTS UNITED STATES COVERNMENT. ORDINARY RECEIPTS BY FISCAL YEARS.

Es of

Miscel Total Ordinary
YEARS.

Customs.
Internal Direct

laneous

Ordinary
Ending June 30.

Recripts over
Revenue, Tax.

Items, Receipts.

Disbursements 3:251,444,708 3:271,800,122

$34,153,403 $562,478,233 $91,287,375 284,479,589 230,-10,124

45,100,95611,396,674 261,274,513 232,904,120

45.5.-229 539,716,914 261,798,857 234,093,741

44.712,161 541,606,759 *18,753,335 304,251 878 349, 150,213

45,315.851 694,717.943 45,310.17 832,233,363 269,506,773

61.235,62 665,125,6tiu 111,420,21 99,113,130 251,711.127

63,236, 456 61.050,723 *20.041.607 300,711 934 246,219,644

56.64,912 6033,589,490 *58.734,95 333,683,445 289,433,519

51.842,751 675,611,715 15.806,324 314,497.071 3..,529,201

64,346,1033| 701.3720 47.334,377 311,3 1,672321,612,900

58,844,593 691,777,465 37,224,500 318.891.396 344,416,976

60.-(2,568 724,111,930 41,340,5:14 292,320.0158 380,041,0071

62,312,145734,673,167| 3+.412.577

ORDINARY DISBURSEMENTS BY FISCAL YEARS.
YEARS,
War

Total
Nars
Indians.

Interest on
Pensions.

Ordinary Ending June 30, Miscellulous Department. Department.

Public Delt.

Disbursements Items. 1912.

$113,469,324 $112,272.91667,803,129 910.049.585 138,488,560 $29,108,045 $471,130,958 1903.

124.934,305 119,519,020 82.618,034 12,435,162 139,420,640 25,040,349 506,089,092 19904

1:31,602,203 115,035, 411 102,956,102 1,432,150 142,509.16 24,646,490 532,237.222 1905.

163,033,729 192,175,074 117,550,308 14,234,074 141,773,965 24,590,944 563,360,094 1906.

112.894,479 117,9 16,692 110,474,264 12,746.259 11,034,592 244,308,576 549,405,425 1907.

153.045,913 1:2,576.160 97,128,459 15,163,600 139.309.014 21,181,158 551.706,129 148.

118,420,409 137,746,523 118,037,097 14,579,755 15:3,892,467 21,426,138 621,102.390 1:09.

TR1,502,150 161,057,102 115,546,011 15,694,618 161,710,367 21.-03,836 662,324,445 1910. 180,076,442 156,911.706 123,173,717 18,504,131 100,696,116 21,342,979

659,715,391 1:11.,

173,835,599 150,135,476 119,937,644 21,933.870 157.940,575 21,311,334 634,137,98 1:12.

173,824,489 144, 195, 122 135,591.956 20 1:34,8401 153,590.456 22,616,300 654 533,903 1913.

174.29,673 1611.387,153 133,362,62 20.306,159 175,085,151 22, 99.108 682.770,706 1914.

170,5.50.361 173,622,504 139,682,186 20,215,076 173,440.231 22. 63,9571 700.254,190 The total receipts of the United States from the beginning of the Government, 1789 to 1914, inclusive, have been : From customs, $12,431,022,874.20; internal revenue, $9,702,553,956.97; miscellaneous, $2,207,359.981.2%; total, excluding loans and premiums, $24,341,836,842.45.

The total disbursements, excluding postal service Panama Canal, and public debt, same period, have been: For civil and miscellaneons. **.433,015,827.20; war, $7,181,349,113.86; nary.83,092,027.000.8; Indians, *5*5,139,097.70; pensions, $1,775,916,202.05; interest, $3,324,651,473.95; total, $24,695,098,714.98

* Disbursements in excess of receipts.

. 23,8

VALUE OF FOREIGN COINS IN UNITED STATES MONEY.
(Proclaimed by the Secretary of the Treasury October 1, 1914.)

Value in
COUNTRY. Standard Monetary Unit. U.S. Gold

Remarks. (a)

Dollar. Argentina.., Gold .... Peso .......

$0.96,5 Currency: depreciated paper, convertible at 44

per cent. of lace value. Austria - H. Gold Crown

20,3 Belgium... Gold..... Franc.........

.19,3 Member of Latin Union; gold is the actual

standard, Bolivia ...... Gold.... Boliviano............

.38,9 12% bolivianos equal 1 pound sterling. Brazil......... Gold ..... Milreis...

.54,6 Currency: Government paper. Exchange rate British Col

about $0.25 to the milreis. onies Aus. and Africa....Gold ..... Pound sterling.

4. 86,65 Canada..., Gold ..... Dollar ....

1.00,0 Cent. Amer.

States:
B, H'nd's Gold
Dollar.

1.00.0 Cos. Rica, Gold..... Colon

. 46,5 Gua'mala Silver... Peso.........

39,8 Currency: inconvertible paper, exchange rate

16 to 18 pesos--$1.00. Hond'ras Silver... Peso....

39.8 Currency: bank notes. Nica'gua Gold... Cordova.

1.00.0 Salvador. Silver.. Peso......

.39,8 Currency: convertible into silver on demand. Chile.... Gold ..... Peso..

36,5 Currency: inconvertible paper; exchange rate,

approximately, $0.14.

59,6 China ...... Silver.. Tael... lTaikwan 66,4

(Canton....

65,0 Colombia... Gold.... Dollar

1.00, 0 Currency: inconvertible paper; exchange rate,

approximately, $102 paper to $1 gold. Denmark... Gold .... Crown

26,8 Ecuador..... Golil Sucre

48,7 Egypi........ Gold .... Pouud (100 piasters)... 4.94,3 The actual standard is the British pound ster

ling, which is legal tender for 97% piasters. Finland...... Gold.... Mark

19,3 France ....... Gold ..... Frauc.....

.19,3 Member of Latin Union: gold is the actual

standard, Germany...

Gold..... Mark
Gt Britain Gold .... Poud sterling........ 4, 86,65
Greece ......
Gold Drachma

. 19,3

Member of Latin Union; gold is the actual

standard. Hayti... ... ... Gold..... Gourde

.96,5 Currency: inconvertible paper; exchange rate,

approximately, 30.29,41. India Gold ..... Rupee...

.32,4 (15 rupees equal 1 pound sterling.) Italy ......... Gold.... Lira

.19,3 Member of Latin Union; gold is the actual

standard. Japan Gold Yen...

49,8 Liberia Dollar

1:00,8

Currency: depreciated silver token coins; cus

toms duties are collected in gold. Mexico

. 49,8 Mexican exchange rate Auctuating and uncer

tain. Neth'lands Gold.. Florin.....

40,2 N'found'd Gold Dollar

1.01.4 Norway.... Gold Crown

. 26,8 Panama Balboa

1.0), () Paraguay.. Silver... Peso.....

.39,8 Currency: depreciated paper, exchange rate,

1.550 per cent. Persia......... Gold .... Kran....

.17,0 This is the value of the gold kran. Currency is

silver circulating above its metallic vales; exchange value of silver kran, approximately,

$0.08,75. Peru.........., Gold ..... Libra..

4.86.65 Philip. Isl.. Gold .... Peso....

50,0 Portugal..... Gold ..... Escudo..

1.08,0 Currency: inconvertible paper; exchange rate,

approximately, $0.93, 94. Rumania... Gold ..... Leu

.19,3 Russir Gold.... Ruble

,51.5 S, Domingo Gold. Dollar.

1.00,0 Servia....... Gold Dinar

19,3 Siam. Gold...Tical...

3.71,0 Spain Gold Peseta

.19,3

Valuation is for the gold peseta; currency is silver circulating above its metallic value;

exchange value, approximately, $0.17,94. Straits Set. Gold .... Dollar...

56,7 Sweden ....Gold.. Crown

26,8 Switz'land Gold Franc

19.3 Member Latin Union: gold is actual standard. Turkey ...... Gold Piaster

100 piasters equal to the Turkish £. Uruguay..... Gold Peso

1.03.4 Venezuela..Golil Bolivar

19.3 (a) The exchange rates shown under this healing are recent quotations and given as an indication of the values of currencies which are fluctuating in their relation to the legal standard. They are not to take the place of the Consular certificate where it is available. Exchange rates since August 1 have bad violent fluctuations,

.... Gold

Gold.....

Peso ...

...Gold

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PUBLIC DEBT OF THE UNITED STATES.

OFFICIAL STATEMENT OF OCTOBER 1, 1914.
INTEREST-BEARING DEBT.

CERTIFICATES AND NOTES ISSUED ON DEPOSITS Consols of 1930, 3 per cent............ $646,250,150.00

OF COIN AND SILVER BULLION. Loan of 1908-1918, 3 per cent..........

63,945,460.00 Gold certificates...................... $973,777,859.00 Loan of 19:25, 4 per cent.... 118,489,900.00 Silver certificates

493,367,000.00 Panama Canal loan. Series of 1906. 64,631,980,00 Treasury notes of 1890....

2,394,000.00 Panama Canal loan, Series of 1908. 80,000,000.00 Panama Canal loan. Series of 1911. 50,000,000.00 Aggregate of certificates and Treas. Postal Savings, 1st, 2d, 3d, 4th, 5th,

ury notes, offset by cash in the 6th Series..

4,635,820.00
Treasury.

$1,469,538,869.60 Postal Savings, 1914-34, 7th Series ... 872,240.00 CLASSIFICATION OF DEBT OCTOBER 1, 1914.

Interest-bearing debt...

8908,825,550,00 Aggregate of interest-bearing debt.. $968,825,550.00 Debt on which interest has ceased.. 1,544.620 35

Debt bearing no interest ...

369,353,079.40 DEBT ON WHICI INTEREST HAS CEASED SINCE MATURITY. Aggregate..

$1,339,723, 349.00

Certificates and Treasury notes.... 1,469,5:18.889.00 Aggregate debt on which interest has ceased since maturity............. $1,544,620.26 Gross debt..

.$2,809,262,118.68

CASH IN THE TREASURY.
DEBT BEARING NO INTEREST.

Currency trust funds. $1.469,538,869.00
United States notes.

$346,681,016.00 Gold reserve fund.... 150,000,000.00 Old demand notes.

53,152.00 Net balance,gen.fund 112,204,309.18 National bank notes: Redemption

National bank notes: Fund....

15,766,843.00 Redemption fund.. 15.766,843.00 Fractional currency....................

6,852.467.90
Total.

$1,747,510,021.18 | Aggregate of deht hearing no interest. 8369,353,079.40 | Net debt October 1, 1914

1,061,752,097.48 CURRENCY TRUST FUNDS, THE GENERAL FUND, AND GOLD RESERVE FUND. ASSETS.

LIABILITIES. Currency trust funds:

Outstanding certificates: Gold coin.

$727,712,501.00 Gold certificates outstanding. $973,777,869.00 Gold bulllon.

246,065,368.00 Silver certificates outstanding 492,367,000.00

Treasury notes outstanding.. 2,394,000.00 Total gold.

$973,777,869.00 Silver dollars.

493,367.000.00 Total outstanding cert'c't's $1,469,538,869.00 Silver dollars in 1890.

2,394,000.00 General fund, llabilities and bal.

Total llabilities against cash, Total currency trust funds. $1,469,538,869.00 as above.

163,472,040.86 General fund:

Balance Total cash assets, as above.. 275,676,350.04 general fund, Gold reserve fund:

as above.... $112,204,309.18 Gold coln...

100,167,792.50 Gold reserve... 150,167,792.50 Gold bullion.....

50,000,000.00

NOTE--Reserved against Grand total cash assets in

$346,681,016 of U. S. notes and Treasury

$1,895,383,011.54 $2,394,000 of Treasury notes of

1890.
Total net balances..... 262,372,101.68

$1.895,383,011.54 PRINCIPAL OF THE PUBLIC DEBT. Statement of outstanding Principal of the Public Debt of the United States annually, from 1873 to 1914. 1873 July 1. $2, 234, 482,993.20 1887 Dec, 1....$1,664,461,536.38 1901 Nov. 1. $2,151,585, 743.89 1674 2, 251, 690, 468.43 1888 1,680, 917,706.23 1902

2.175, 246, 168.89 1875 2,232, 284,531.95 1889 1,617,372, 419.53 1903 "

2,218,883,772.89 1876 2,180, 395, 067.15 1890

1,549, 206, 126.48 1904 " 2, 304,697, 418.64 1877 2, 205, 301, 392.101891

1,546,961, 695.61 1905 " 2, 293, 846, 382.34 1878 2, 256, 205, 892.53 1892

1,563,612,155.63 1906 Dec. 1 2,429, 370,043.54 1879

2, 340,567, 232.041893 Nov. 1.... 1,549, 551, 353,63 1907 Nov.1.... 2,492, 231, 518.54 1880 2,128,791,054,631894

1,626, 151,037.68 1908 " .... 2,637,973, 747.04 1881 2,077, 389,253.58 1895 1,717, 481,779.90 199 "

2, 661, 426,301.04 1882 1,926, 688, 678.03 1896

1,785.412, 640.00 1910 Dec, 1.... 2.704,142 281. 69 1883 1,892,517, 412.071897

1,808,777, 643.401911 Nov.1.... 2,831,330,305.66 1884 1,838, 901,607,571898

1,964,837,130 90 1912 Oct. 1.... 2,906, 750,548.66 1S55 1,872,310,557.141899

2.092, 686, 024.421913 1.... 2,926. 434.343.66 1886 1,783, 438, 697.781900

2,132, 373,031.17 1914 1.... 2, 809.262.118 66 For amount of the Principal of the Public Debt from 1793 to 1872, see 1913 WORLD ALMANAC.

WORLD'S PRODUCTION OF RUBBER. An article in Capital, published in Calcutta, contains the following estimate of the world's produc tion and consumption of rubber from 1905' to 1921. Beginning with 1914, they are based on experted yields per acre. PRODUCTION. Conkorp

PRODUCTION. YEARS.

YxARS.

CopcompPlanta'un.] Brazil. Other. Total.

tion.

Planta'on Brazil. Other. Total.
Tons. Tons, Tons, Tons, Tons.

Tous Tons. Tons. Tons. Tons. 1905.

14534,000 26, 800 61,000 161,0001914.. 64,000 40,000 20,000 124.000 126,000 1906.. ! 61036, 00029,500 66,000 66.000 1915. 94,000 38.000 10,000 142,000 142.000 1907. 1,00038,000 30,000 69.000 69,0001916 121,000 35,000 5.000 161,000 159,000 1908.. 1, 80039, 00024, 200 65.000 6.5, 0001917, 147.000 32.000 2.500 181.500 179,000 1909.. 3,600 12,000 23,400 69.000 68,500 1918. 166,000 30,000 Nil. 198, 000 197.000 1910., 8,200 10,50021,300 70.000 66.000 1919 183,000 30,000 NII, 213, 000 216,70 1911. 14,100 39,500 22,400 76,000 73,000|1920.. 198,000 30.000 Nil. 228.000 23S, 370 1912.. 28,500 40,500 30,000 99, 000 98,000 1921.... 209,000 30,000 Nil. 239,000 262, 200 1913.... 42,000 41,000/32,000/115,000 112,000

COVERNMENT SECURITIES. AVERAGE ANNUAL NET PRICE OF GOVERNMENT BONDS OF ENGLAND, FRANCE,

GERMANY AND UNITED STATES. The quotations for English consols, French rentes and German Imperial loans from 1882 to 1905 are taken from the "Materialien zur Beurteilung der Zusammenhange zwischen dem offentlichen Schuldenwesen und dem Kapitalmarkte." Berlin. 1908. Figures for more recent years compiled by the Bureau of Foreign and Domestic Commerce from returns of the Bank of England and data given in the Statistleches Jahrbuch des Deutschen Reichs. The quotations for United States bonds were complied by the United States Treasury Department. ENGLISH CONSOLS.

GERMAN IMPERIAL LOANS. UNITED STATES BONDS.

French YEAR. 3 per 2x per 24 per Rentes, 3

4 per

315 per cent.

cent. ocent. ofcent. of cent. of per cent. cent. cent. cent. cent. cent.

1907. 1925. 1930. 1908-1918.

4 per

2 per

3 per

4 per

3 per

1882
99.75
81.24 101.531

119.26
1883
100.44
78.02 102.09

119.81 1384 100.25

76.81 103.13

121.55 1895 98.58 79.19 104 25

122.28 1986 100.05

81.23 105.59 102.88

126.21 1857 101.05 95.21 79.75 106.29 99.79

127.17 1858

98.71
81.26 107.93 102.45

126.72 1849

97.67
84.56 108 16 103.70

127.83 1990

96.15

90.34 106.75 100.45 87.051 122.74 1891

95.39

93.90 106.00 98.39 85.111 118.69 1892

96.34

97.01 106.90 99.97 86.271 115.04 1893

98.03

96.841 107. 24 100.38 86.27 111.93 1894 100.73 99.671 106.59

102.39| 90.72 114.01 1895

105.86

101.65 105.68 104.44 98.91 112.01 121.53 1896

110.55

101.78 105.48 104.58 99.22 108.80 116.23. 1897.

112.06

102.95 103.04 103.59 97.66 112.60 124.53 1898

110.62
102.47
102.65 95.52 111.55 125.27

105.31 1899

106.84
100.86
99.77 90.71 112.90 129.69

108.20 1900

99.29
100.22

95.80 86.74 115.15134.52 104. 109.72 1901

93.95
100.81

99.54 89.27 112.931 138.32 107.30 109.34 1902

94.01
100.22

102.06 92.18 110.471 136.691 108.78 107.93 1903. 90 75 97.75

102.30 91.49 110.30 135.27 107.09 107.78 1904 89.25 97.16

10194 90.02 106.74 131.98 104.99 105.67 1905 89.81 98.83

101.33 90.08 104.61 132.36 104.16 104.00 1906 88.31 97.65

99.54 87.73 102.84 130.26 103.95 103.16 1907. 84.12 94.85

94. 66 84.15 100.95 126.58 105.18 102.47 1908. 86.06 96.24 100.39 92.58 83.24

121.25 103.93 100.94 1909 83.43 97.77 102.92 95. 15 85.84

119.11 101.47 101.75 1910. 81.09 97.98 102.09 93.17

84.41

115.18 100.87 102.28 1911. 79.31 95.61 102.09 93.32 83.65

114,84 101.38 101.92 1912 76.16 92. 46 100.92 89.80

80.11

112.67 100.87 102.76 1913. 73 62 87.08 98 54 85.821 75.89

112.481 99.15 102.74 REAL INTEREST EARNED UPON EUROPEAN, ENGLISH AND AMERICAN GOVERNMENT

BONDS AT THEIR AVERAGE MARKET PRICE.
ENGLISH CONSOLS.

GERMAN LOANS.

UNITED STATES BONDS.
YEAR. 3 per 24 per 215 per Rentes.
French

2 per
34 per

3 per

cent. of cent. of cent. of cent. or cent. cent. cent.

cent. cent. cent.

1907. 1925. 1930. 1908-1919*.

.....

4 per

4 per

3 per

4 per

2.91 2.88 2.76 2.68 2.43

2.27
2.13
2.37
2.58
2.73
2.96

1882. 3.01

3.69 3.94 1883. 2.99

3.85 3.92 1884. 2.99

3.91

3.38 1885. 3.04.

3.79 3.S+ 1886. 3.00

3.69 3.77 3. 40 1987, 2.97 2.89

3.76 3. 76 3.51 2.32 1888

79

3.69

3.71 3. 12 1889.

3.55 3.70 3.38 1890.

2.96

3.32 3.75 3.481 3.45 1891.

2.88

3.19 3.77 3.56 3.52 1892.

2.85
3.09 3.74

3.50

3.48 1893.

2.81

3.10 3.73 3.49 3.48 1894.

2.73
3.01 3.75 3.42

3.31 1895..

2.60

2.95 3.79 3.35 3.03 1896

2.49

2.95 3.79 3.351 3.02 1897

2.45

2.91 3.85 3.38 3.07 1898.

2.49
2.93

3.41 3.14 1899.

2.57
2.97

3.51 3.31 1900.

2.77
2.99

3.65 3.46 1901.

2.93
2.98

3.52 3.36 1902

2.92
2.99

3.43 3.25 1903.

.75 1904.

2.83 1905.

.78 3.04

3.45 3,33 1906 2.83 3.07

3.52 3.42 1907

2.97
3.161

3.70 3.57 1908

2.90

3.12 3.98 3.78 3.60 1909.

3.00

3.07 3.89 3.68 3.19 1910.

3.081 3.061 3.92 3.76 3.55 1911.

3.15
3.14

3.92 3.751 3.59 1912.

3.281 3.24 3.96 3.90 3.74 1913.

3.40 3.45 4.06 4.08! 3.95 These bonds are bere listed as maturing August 1, 1908.

[ocr errors]
[blocks in formation]

1.82 1.70 1.61 1.67 1.76 1.79 1.80 1.72 1.78. 1.92 1.95 1.95 1.93 2.06.

[blocks in formation]
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