Appendix

APPENDIX APPENDIX 213 LONDON· STOCK EXCHANGE VALVES 1 (In thousands of pounds sterling) 2 8 9 7 7 3 o 6 2 8 9 1 2 8 9 1 9 4 6 9 1 2 6 °2 2 9 3 8 7 5 5 6 2 3 7 5 3 o 9 26 14 38 7 15British British British Comm. Shipping South Total of and Ry. Ord. Bank Ind. Shares. African all SeIndian Stocks. Shares. Shares. (Par Mines, curities. Funds. (Par (Par (Par Value etc. (Par (Par Value Value Value 7,200) (Par Value Value 3 1 0,75 0) 29,338) 36,701 ) Value 3,4 2 4,586) 862,786) 20,704) Dec. 18, 1913... 653,948 271,693 178,139 81,259 14,022 55,209 3,341,085 Jan. '20, 1914... 673.520 278,940 180,050 83,942 14,165 56,434 3,389,478 Feb. 20, 1914... 693,845 286,577 180,625 85,683 14,577 58,964 3,455,452 Mar. 20, 1914... 682,221 276,145 179,484 84,081 14,351 56,216 3,407,840 Apr. 20, 1914... 688,616 273,798 181.167 84,063 14,355 58,680 3,406.191 May 20, 1914... 683,452 269.149 181,670 83,236 14,326 55,877 3,385,56 June 20, 1914... 684,499 269,032 182,195 83,244 14,543 55,104 3,383.12 July 20, 1914... 690,355 269,513 182,650 81,662 14,546 55,458 3,370,70 July 30, 1914a •• 646,101 255,866 177.514 77,063 13,604 45,699 3,182,71 Jan. 20, 1915... 632,188 254,422 175,824 69,954 14,252 41362 3,114,02 Feb. 19, 1915... 632,406 251,255 174,756 69.548 14,011 40~631 3,092,24 Mar. 20, 1915... 616,812 243.682 172,834 68.837 14,100 41,815 3,017,66 Apr. 20, 1915... 615,883 243,227 173,478 69.100 14,831 45.189 3,052,99 May 20, 1915..• 615,300 241,563 173,107 68,351 14,388 43,205 3,025.59 June 21, 1915..• 614,964 237,624 170.684 66.684 14,059 43,230 3,008,57 July 19, 1915.•• 603,373 226,069 163,949 60.804 13,818 40,830 2,909,98 Aug. 21, 1915... 602,833 216,635 156,783 57,883 14,613 39,744 2,90i,09 Sept. 21, 1915... 602,833 216,635 156,783 57,883 14.613 39,744 2,906,03 Oct. 21, 1915... 603,778 211,916 154,987 57,537 14,658 39,157 2,925,69 Nov. 19, 1915... 603.616 214.395 157,222 59,008 15,299 41,135 2,968,45 Dec. 17, 1915... 579,527 216.030 159,537 60,326 15,869 41,131 2,907,28 Feb. 21, 1916b •• 577,334 216,804 158,613 63,501 16.035 40,220 2,888,55 Mar. 21, 1916..• 571,247 213,050 156,850 61,617 16,199 40,126 2,862,45 Apr. 19, 1916.•• 570,034 213,110 159.055 61,890 16,985 39,472 2,855,38 May 19, 1916... 569,783 216,354 160,211 62,119 18,334 38,788 2,838,98 June 21, 1916... 581,430 225,412 164,059 67,465 18,812 41,870 2,912,50 July 21, 1916... 558,351 228,295 164,613 72.332 19,266 41,147 2,893,18 Aug. 19, 1916... 557,268 227,803 163.694 71,756 19,874 43.144 2,898,49 Sept. 20, 1916... 561,438 217,520 162,230 70.789 19.818 44,605 2,896,39 Oct. 20, 1916... 542,840 208.681 161,425 66,644 19,685 44,455 2,831,08 Nov. 20, 1916..• 529,443 205,856 160.865 68,954 20,012 44.617 2,797,78 Dec. 18, 1916..• 526.141 204,078 161!359 67,781 19.709 43,939 2,758.34 Jan. 22, 1917... 513,623 205.893 161,077 66,611 18,801 45,301 2,746,79 Feb. 19, 1917... 504,915 207.306 158,931 66,683 19,067 43,712 2,652,38 Mar. 20, 1917... 513.825 204,556 158,603 67,807 18.964 44,583 2,669,37 Apr. 21, 1917... 526,402 207,168 161,364 68,392 19~617 44,036 2,713,00 May 21, 1917... 525,476 202,532 161,347 68,641 19,683 45,412 2,710,46 June 21, 1917... 524,037 203,666 162,469 68,225 19,999 45,995 2,717.31 July 20, 1917... 528,069 206,809 162,662 70,441 20,541 45,037 2,729.99 Aug. 20, 1917... 529,017 204,411 161,444 70.868 20,410 44.443 2,728.19 Sept. 20, 1917... 523,357 197,976 161,823 70,405 20.196 45.906 2,690,33 Oct. 20, 1917... 530,656 201.126 162,027 70,040 20,791 46.341 2,688,39 Nov. 17, 1917... 525.143 198,716 162.881 71,045 21,120 44,558 2,634,63 Dec. 17, 1917... 520,281 195263 163,623 71.647 21,440 43,796 2,600,653 Jan .. 18, 1918... 519,984 200.131 165.987 72,087 23,018 44,378 2,622,516 Feb. 18, 1918... 517,048 199.675 165,904 72,469 22,820 44,066 2,619,78 Mar. 18, 1918... 510,879 187.679 165.513 69,701 22.691 44,021 2,592,215 Apr. 18, 1918... 514,870 185272 165,601 68.189 22,~51 41,221 2,571,612 May 17, 1918... 524,238 189.310 167,181 67,856 22,470 43,705 2,614,394 June 19, 1918... 525.054 193.876 167.640 69.446 22,745 45,536 2,633,824

a Stock exchange closed. b Values for January not given in Bankers' Magazine. 1 London Bankers' Magazine. The Bankers' "AIagazine figures are for the total values of the issues, rather than for prices per share.

214 APPENDIX PRICES OF BRITISH WAR LOANS 1 I J~2% 4lh% 5ro 4% CONSOLS1925-28 1925-45' 1929-47 1929-42 Jan. 31, 1914""" 'T""'.... · ......... • •••••II •• • •••II •••• 75%-76 Feb. 28, 1914.................. •• II II •••• • •••II •••• • •••II •••• 7512-76 Mar. 28, 1914.................. · ......... · ......... • •••II •••• 75lA-75% Apr. 25, 1914........ ' .......... • •••II •••• ••••II ••••• •••II II •• 74%-74% May 30, 1914... . ... ...... • •••II •••• • •••II •••• • •••II II •• 74~-75~ June 27, 1914 a ••••••. ... ...... • •••II •••• • •••II ••••· ......... 74%-75% Jan. 30, 1915........ 94%6 · ......... · ......... • •• , II •••• 68lh Feb. 27, 1915........ 94~6 • •••II •••• · ......... • •••II •••• 6812Mar. 27, 1915........ 94%6 • •••II •••• • '" II •••• • ". II II •• 66~6 Apr. 24, 1915...... ~ . 94% • •••II •••• · ......... • •••II •••• 66%6 May 29, 1915......... 94~6 • •••II •••• • •••II •••• • •••II •••• 66%6 June 26, 1915........ 93~ · ......... • •••II •••• • •••II •••• 65 July 31, 1915........ 92~ 97t4 · ......... • '" II II •• 65 Aug. 28, 1915........ l 92% 98 ...... .... · ......... 65+16 Sept. 25, 1915........ 1 92~6 97%6 · ......... · ......... 65 Oct. 30, 1915........ 92% 98~ · ......... · ......... 65lh6 Nov. 27, 1915........ 89% 971+16 · ......... · ......... 60 ' Dec. 31, 1915........ 89lh 97* · ......... · ......... 58~ Jan. 29, 1916........ 89% 961%6 · ......... · ......... 59~ Feb. 26, 1916........ 88% 97 · ......... · ......... 58~ Mar. 25, 1916........ 8t~ 96% · ......... · ......... 57~ Apr. 29, 1916........ 87% 961lh6 · ......... · ......... 57~ May '27, 1916........ 88% 95% ·......... · ......... 57% June 24, 1916........ 8914 96~6 · ......... · ......... 59~ July 29, 1916........ 88 951~6 · ......... · ......... 59% Aug. 26, 1916........ 86% 96% · ......... · ......... 59 Sept. 30, 1916........ 8S% 94% · ......... · ......... 59% Oct. 28, 1916........ 8414 95% · ......... · ......... 56~ Nov. 25, 1916........ 83lh 9S% · ......... · ......... 55% Dec. 30, 1916........ 8514 96 · ......... · ......... 55lA Jan. 27, 1917........ 85% 99% · ......... · ......... 51% Feb. 24, 1917........ 84lh 89% · ......... · ......... 52 Mar. 31, 1917........ 85% 9214 94% 99% 53~ Apr. 27, 1917........ 87 91% 94 100lh 55 May 26, 1917........ 87 91% 94% 100% SS% June 30, 1917........ 86% 94 94lh 101 54*July 26, 1917........ 87% 94% 94% 102 5S% Aug. 25, 1917........ 87~ 97% 94% 102% 56lh Sept. 29, 1917........ 86* 101 94~ 100 54% Oct. 26, 1917........ 85lh 99% 931lA6 99% S614 Nov. 30, 1917........ 85~ 99;.2 931~6 100%, 56 Dec. 29, 1917........ 85 99lh 931~6 101 5414 Jan. 26, 1918........ 86% 99% 93% 101% . 54% Feb. 28, 1918........ 86y! 1005h 9314 102 54;.2 Mar 27, 1918........ 85~~ 100% 93% 10014 54% Apr. 26, 1918........ 87 99lh 93~ 100% 55% May 31, 1918........ 87% 995;8 931?16 101% 56% June 29, 1918........ 87% 99% 931~11 1081;8 56 a Stock exchange closed.

1 London Eean omist.

GOLD IN VAULT, BANK NOTES IN CIRCULATION ETC., IL OFTHE BANK OF ENGLAND, SINCE THE OUTBREAK OFTHE: WAR IL 0(1) Oenen a:: en a::z< ~~0.J-.J -..J.Jo ..Jo:0 :0 ~ I :IE lloe I \ 1100I \ I \ 1000 \ 1000\ j"-. / 900 / I \ 900\ I \, \ I \ 800 I , , 800I I\. v\. / ~ / ......... I 1\ , "I'\. / ,- --700 il \ ...:-.\.--'" 700,., II \ J \ ,~ \. /\. \ I \. . 600 , \./ \ I II\. , 600-~ ,, 500 , 500,, 400 , 400,, ......."300 v ........ / ......... .-.Y300/ " 1/'/ i". _)ooo.-l"'- ......... ~ .JII' -.......-._..-- --,..200 -~ 200 "''~ , - -100 100 0 0 ~~~~~~~~~~=~~g~~~~~~~~=~~g~~~~~~~~=~~g5~~~~~~~=~~g~~~~~-<~OZC-~~<~ __ <~OZQ~~~<~~~<~OZQ_~~<~~_<~OZQ_~~<~_-<~OZQ_ 1914 I 1915 I 1916 I 1917 I 1918 I CURVE 1: GOLD AND SILVER IN ISSUE AND BANKING DEPARTMENTS CURVE 2: NOTES IN ACTUAL CIRCULATION CURVE 3; SEeURITIE6 IN BANI(ING DEPARTMENTS. Reproduced from Federal Reserve Bulletin, October 1, 1918, page 999. >t-cj t-cj t%j Z ~H ~ t::-:) ~ Ot 6 6 4 3 2 1 .

, j~ -II \ ~~ ~iIII.. ,~~ ,.........,-~'" " I \ I I ~...' " -~ ~- \ 1\ 1/ \\ r ...... \ J ~ 1 I ,............ 1 I " , ~ J....... J~ \ II J~ , " , r, \/ ~ J \ I, , tv ~ ~ > ~ ~ t%j Z tj H :>< o 1914 STATISTICAL DEPARTMENT BANKERS TRUST CO.,N. Y. 1915 1916 LONDON MARKET RATE (90 DAY BILLS) 1917 1918 11~ J~ ~~ ;~~ ~ ~ I nl u I. " J I 1l " " I \ I II,, I \1 '. , .4 '!I ,~ • .r 8 7 6 ~5 ~4 3 2 1 o 1914 8TATISTICAL DEPARTMENT BANKERS TRU~aT CO~. N.l. 1.915 ~916 LONDON CALL RATi '1917 1918 > ~ ~ ~ Z t:1H )< ~ ~ ~ ~ GOLO IN VAULT, BANK NOTES IN CIRCULATION, ETC., en OF THE GERMAN REICHSBANK~ SINCE THE OUTBREAK OF THE WAR enD: en Zc{ enD: 0-' Zc{ --' 0-'-'0 --' ~o "'0 :ELL. :0 0 :ElL 0 4000 4000 " 1 1\ I 3500 I I \ I 35001\ I \ / J , J \. I I , I , 3000 , I \ II 30001\ I \ .~ 1\ V /-.......I \ ~ ......... 2500 I \ 2500~ II \ / -.. ~' I \ ~ , 'I ..' I \ 11\ 1/ .~ 2000 I , I \ /. ~ ... 2000I I~-,r -...

1\ J l~ , -0"" ?-. _. 2 1500 J , , .. ~ ., ,'..-- .- 1500I \ I. ~. --~ , / I~ "\0.. .-' -""I ).--r \ JI"..V ~ J...'... 'Ow I \ \oo-.L....... \ "1000 J ,." , ~ v 1000J,' \ ,. -.-", ~ I \ / '1 .'~ .......... 500 1 --e_ 500 __7-'" '0 0 ~gE~~~:~~~~~~gE~~~:~~~~~~~E~~~:~~~~~~gE~~~~~~~~~~~E~~~ _<~OZQ_~~<~_~<~OZQ_~~<~ __ <~OZQ_~~<~ __ <~OZQ~~~<~--<~OZQ 1914 I 1915 I 1916 I 1917 I 1918 I CURVE 1: GOLD IN VAULT. CURVE 2: NOTES IN CIRCULATION CURVE 3: BILLS DISCOUNTED, IND. TREASURY BILLS AND ADVANCES Reproduced from Federal Reserve Bulletin, October 1, 1918, page 1001. ~ ~ 00 >I-d I-d t'Ij Z t1 X • 104 EXCHANGE RATES IN SWITZERLANDON BERLIN AND VIENNA 104 100 100.~~ 96 ~ ~ 96~ ,, l"""'o. '",9292 \ 'V '. 88 "- 88~.' , r'\. 84 84\ \. , 8080 '.. ~ ~ 76 ....,,.- -:--. ~ ) ~ 76.. ,)...~ 72 r" 721\ 68 __ 101\ )r"o 68\ ~ l ". \ , '\64 " :4.. ~ I 64 60 't;1'. -0:1 I 1\ 60... 1\ 11 -, 56 ., \ II 56 BERLIN, I ~ 52 .. \ I"

52• .J..?' .• ...... "" , '..-48 48 -l1li( ... . 44 " , 44, . ~ 40 , \ 40 ~I_E~~- , ..., i .-~ 36 36 32 32 28 28 ~~g~~~~~~~~=~~~~~~~~~~~=~~g~ti~~~~~~~i~g~~~~~~~~=~~g~~~~__ ~0QZQ_~2~2 __ ~0QZQ_~2~2 __ .0QZQ_~~.2 __ ~~QZQ_~2~2 __ c~QZQ 1914 I 1915 1 1916 I 1917 I 1918 1 Reproduced from Federal I~eserve Bulletin, September 1, 1918, page 842. >""d ""d t%1 Zt:' t-4 :>< ~ t-L c:o INDEX United States federal reserve system, 165-178. Banks: efforts to Increase gold reserve. 6; central. suspend gold redemption, 0; IHO· tected by closll1g of stock exchanges, 8·9; central, aid in meetmg collapse of credit 5ystem, 9; issue of emergency currency, 10-11; character of French banks, 19, 27, 28; resemble Amencan bond houses, 37 38; tnvestment of funds, 38·40; manu facturing enterprises financed by German, 40, 41; assets of German banks not liquid, 41; French. heavy lenders to German banks until lOll, 41-42: runs on French banks. 44; shares decrease tn value on French exchange. 45; recovery in shares of Banque de France, 48; great credit houses of France, 45, 49. 52; assets not liquid, 50; American, tn times of pantc.