FIXAXCIAL REVIEW OF 1896. 



279 



* Extended 2 per cents. 



lowed by a rise to *G2.4r>0.f)00 by May 29. The 

 lowest of the year was s40.io4.700, Aug. 1, due to 

 the withdrawal of gold for the relief of the Treas- 

 ury, and thereafter, influenced in part by deposits 

 of imported gold, the movement was upward, and 

 the specie held at the end of the year was $76,768,- 

 (JOil. Legal tenders at the beginning of the year 

 were $73.728.700. and the amount gradually in- 

 creased to s'.i2. 7^7, 4<iO by Aug. 1. Then, influenced 

 by the demand from the interior for currency, there 

 was a reduction to $60,717,200. Nov. 7. At the end 

 of the year the amount held was 189,001,200. De- 

 posits at the beginning of the year were s4!H.(>14.- 

 900, and they were $505,991,100, July 18. Gradually 

 they were drawn down to s4:jS.4o7.000. the lowest". 

 Nov. 7, and at the end of the year they were at the 

 highest. *"> >,">. s:J 7.200. The surplus reserve was at 

 the highest 140,182,425 Feb. 8. and at the low- 

 est $8,228,550 Sept. ~>. At the end of the year it 

 was s:54.:;n!). ( .K)0. One fact worthy of note 'is that 

 the loans and deposits of the banks were lower in 

 November than they had been at any time since 

 is'.i:!. loans on Sept. 23 that year Vicing $392,145,600, 

 and deposits, on Aug. 19. 1893, x:!70.:!02.4no. 



The condition of the New York Clearing House 

 banks, the rates of interest, exchange and silver, 

 and the prices of United States bonds on Jan. 2. 

 1S97. compared with the same items for the pre- 

 ceding two vears are given in the above table. 



average condition of winter wheat, reported by the 

 Department of Agriculture on April 1, was only 

 77fff against SlfV last year, and this low average was 

 ascribed to the fact that the weather at seeding 

 time was dry, thus preventing the grain from ger- 

 minating and having a good start before the winter. 

 Influenced by the favorable weather the condition 

 improved, and at the beginning of May the per- 

 centage of fall-sown wheat was 82, 7 -. During that 

 month this crop made good progress, but planting 

 of spring wheat was delayed by excessive rains. In 

 June the weather was again favorable, and the 

 growth of the grain was rapid, indicating an enor- 

 mous crop, and consequently prices began to decline, 

 and by July wheat sold in the Xew York market at 02 

 cents. Then came news of damage to spring wheat, 

 of a short crop on the Continent, and of probably 

 urgent demands from India, where famine was 

 threatened, and the price reacted to 1.06J at the 

 end of the year, while corn was also strong. The 

 j rice of this grain rose in Xew York from 34i cents 

 in January, to 41 in April, later declining because of 

 the enormous crop to 29| cents. September e>ti- 

 mates of the yield indicated a smaller crop of spring 

 wheat than "in 1895. and a total of 412,000,000 

 bushels, spring and winter, against 467.000,000 the 

 year before, while the corn crop was estimated at 

 2^00,000,000 bushels. The demand for wheat for 

 export was so great in September that the trans- 



The preceding is the Xew York Clearing House 

 statement of totals at the beginning of each quar- 

 ter of 1806 f-nd at the end of the year. 



The Crops. The weather was unfavorable dur- 

 ing February and March, and consequently grain- 

 crop prospects were discouraging and speculators 

 took advantage of the fact to advance the price of 

 win -a. But about the middle of April the weather 

 chancred to mild springlike temperature, stimulat- 

 ing the development of the fall-sown grain. The 



portation routes were taxed to their utmost capacity 

 and there was a scarcity of berth room for the grain 

 at the outports. Wheat was shipped in large quan- 

 tities from the- Pacific coast to India and Australia. 

 and there was a decided increase in the exports of 

 corn to Europe. The rise in the price of wheat was 

 partially checked by stringent money late in Octo- 

 ber, but the market was firmly held to the close of 

 the year. The cotton crop was large, and it began 

 to be marketed fullv three weeks earlier than usual. 



