FINANCIAL REVIEW OK 1892. 



275 



market fell to $4.80 for sixty-day and $4.88$ for 

 ii the 5th ; l>ui it subsequently reacted in 



I', ir llu- former and $4.N! for I'"' latlrr, 

 ami ii was linn until the 10th, when it grew 

 ea>ier in consequence >( active money. The 

 export- of gold were $3,750.000 on the Kith, 

 s 1 .:,( 10,000 on the 15th, and $500,000 on l he 1 7i h. 

 The tone l>rcanit' heavy on the 19th because of 

 dear money, which induced drawings of loan 

 bills and a renewal of maturing drafts, and rates 

 lei I to |4.85| for long and $4.88 for short; but 

 after money grew easier the exchange market 

 IMC, -uiic firmer, and on the 23d there was an ad- 

 vance to $4.86$ for long and $4.88$ for short. 

 (iold to the amount of $3,900,000 was shipped 

 to Kurope on the 20th, and $500,000 on the 21st. 

 The market was dull with an easy tone for the 

 remainder of the month, closing a shade firmer, 

 and $500,000 gold was shipped on the 31st, 

 making $11,950,000 for the month and $59,- 

 lx,.o<)0 for the year. 



Manufacturing Industries. The annual 

 cotton crop report of the " Financial and Com- 

 mercial Chronicle " showed that the cotton trade 

 was depressed during the greater part of the 

 year ending Aug. 31. by the steadily declining 

 'price of the staple, which touched 6 cents for 

 low middling, and 6f^ for middling uplands 

 during the first week of April. Manufacturers 

 who bought at high prices lost heavily, but when 

 the price recovered those who were well stocked 

 made large profits. Production of print cloths 

 at Fall River for the year ending Dec. 31, 1892, 

 was 10,045,000 pieces, against 9,985,000 in the 

 previous year, and the stock on hand was 7,000 

 pieces, against 90.000, Dec. 31, 1891. The divi- 

 dends paid by mills showed a large increase 

 over the previous year. The wool and woolen- 

 goods trade was large; sales were heavy, and 

 after the early months of the year prices were 

 steady. The fall demand for goods was very 

 active, and there was an encouraging outlook 

 for this industry at the end of 1892. In the 

 first half of the year iron production was un- 

 precedentedly large, stimulated by the demand 

 for structural iron. The output of pig iron for 

 six months to June 30 was 4,769,683 gross tons, 

 si gainst 3,772,280 in the same time in 1891. The 

 production in the last half of the year amounted 

 t I nit 2,387,317 tons. Anthracite coal produc- 

 tion was stimulated bv the Reading combination 

 after February, but the increase was largest in 

 regions not under the control of the combina- 

 tion, private mine owners and companies taking 

 advantage of the high prices for the product, 

 and mining more coal than usual. The total 

 production for the year was 41,893,320 tons, 

 airainst 40,448,336 in 1891. Business failures 

 involved smaller losses than any year since 1882, 

 the total liabilities being $114,044,107, against 

 $189,868,688 in 1891. 



Money. In January, money on call loaned at 

 4 per cent, for a few days early in the month, and 

 it then gradually fell to 1. Time loans on Mock 

 collateral were offered as low as 2 per cent, for 

 thirty days; 2$ for sixty to ninety days; 8$ for 

 four, and 4 for five to six months. Short prime 

 indorsed commercial paper was 3$ to 4$ percent. 

 The surplus reserve of the New York banks at 

 the end of January was $36.020.900, or larger 

 than at any time in three years. The range for 



call loans in February was from 1 to 2 per cent., 

 while time contracts were made as low as at any 

 period in January, ami there w a* no change in 

 commercial paper. In March, call loans were H 

 to 2 per cent., short-time contracts were 3, while 

 longer dates were 3$ to 5 per cent., and the best 

 double-name paper was 3J to 4 per cent. In 

 April, (rail loans averaged less than 2 per cent, 

 and lenders on time were offering contract- f.r 

 thirty to sixty days at 2 to 3 per cent., and loans 

 repayable in gold could then be made at 4 per 

 cent, for a year. Commercial paper of short 

 date and prime names was 15 J to 4 per cent. In 

 May, call loans averaged not more than 1$ per 

 cent., time contracts were 2 to 2J per cent, for 

 thirty to sixty days, and short commercial paper 

 was taken at 3 to 8J per cent. In June, call loans 

 were 1 to 1$ per cent., until toward the close, 

 when there was an advance to 2. Time contracts 

 were 2 per cent, for thirty to sixty days, growing 

 firmer by the end of the month, in consequence 

 of the large movement of gold to Europe. Short 

 commercial paper was quoted at the unprece- 

 dentedly low rate of 2f to 3 per cent. On the 

 18th of June the loans of the New York banks 

 reached the maximum of the year, $496,564,000, 

 and the deposits were also at the highest point, 

 $543,663,100. After the first few days of July 

 money was freely offered, and the average for 

 the month on call was not more than 2 per cent. 

 The demand for time contracts was chiefly for 

 long dates, while the offerings were for shorter 

 periods, and consequently little business was 

 done. Quotations were 2 to 2J per cent, for 

 thirty to sixty days and 3 to 4 for ninety days to 

 six months. Rates for sixty- to ninety-day in- 

 dorsed commercial paper were- 3$ to 8f per cent. 

 In August, call loans moved up from an average . 

 of 1$ per cent, early in the month to 2, in conse- 

 quence of the continued drain of gold to Europe 

 and the withdrawals of currency for the interior 

 for crop purposes. Time contracts advanced to 

 3 per cent, for thirty days, and commercial paper 

 of prime quality and short date was 4 to 4$ per 

 cent. Preparations for the payment of interest 

 and dividends caused money on call to loan at 6 

 per cent, on the first day of September, but grad- 

 ually the rate fell to 3, and the average for the 

 month was 3$. There was a good demand for 

 time contracts at 4$ to 5 per cent, for thirty to 

 six! v days, but there was an increase in the sup- 

 ply toward the end of the month, and rates grew 

 easier. Short commercial paper was quoted at 

 4$ to 5 per cent. Money on call was active in 

 October in consequence of the diminished sur- 

 plus reserve of the banks, which on the 15th was 

 at the lowest point of the year, $539,050, while 

 the specie reached the minimum, $70,649.300. 

 on the 22d. On Oct. 3. call money loaned at 

 10 per cent., but then came a gradual decline to 

 3 by the 24th, and the average for the month 

 was not above 6. Time contracts were firm at 

 5$ per cent, for thirty days and 6 for longer JHJ- 

 riods. but after the middle of the month bor- 

 rowers declined to make engagements at tht-e 

 figures, and the market grew easier. Short com- 

 mercial paper was quoted at 5} to 6 per cent. 

 During the first few days ( >f Novcml)er money 

 on call loaned at 8 per cent., but after the middle 

 of the month loans were frenuent at 3, and the 

 average was not above 4. Time contracts were 



