FINANCIAL REVIEW OF 1894. 



275 



infrequently at 1| per cent., generally at 1, and 

 often at $ of 1 per cent. Time loans were 1-J to 

 2 per cent, for thirty to sixty days and at 3 to 3 

 for five to seven months on good' stock collateral, 

 while sixty- to ninety-day indorsed commercial 

 paper sold at 3 per cent., and one feature was 

 the purchase of paper by merchants who could 

 not otherwise employ their capital. In February, 

 call loans were quoted at i of 1 and at 1-J per 

 cent., but the average was at 1. Time money 

 was offered at 2 per cent, for thirty to sixty days, 

 and indorsed paper sold at 3 to 3 per cent. In 

 March call loans were very rarely made at 1 

 per cent., and the bulk of the business was at 1, 

 there being a tacit agreement not to force a 

 lower rate, while short-date time loans were 2 

 per cent, and indorsed commercial paper was 3. 

 In April call loans were uniformly made at 1 

 per cent. The demand for time contracts was 

 very light, and some of the banks bought bonds 

 in order to employ idle capital. Commercial 

 paper of prime quality sold at 2$ to 3 per cent, 

 for sixty- to ninety-day names. In May, and in- 

 deed for the next six months, or until toward 

 the end of November, money on call loaned gen- 

 erally at 1 per cent., though sometimes ^ of 1 

 per cent, would be recorded. The demand for 

 time contracts was insignificant, and quotations 

 were 1 per cent, for thirty days and l| for sixty 

 days until October, when the rate was 1-J for 

 thirty days, but even then loans were offered 

 for five to eight months at 2 to 3 per cent. 



to 2| to 3 per cent., and prime four-months 

 single names to 3 to 3. In the last week of 

 November money on call advanced spasmodically, 

 and on the 30th loans were made for small 

 amounts at 3 per cent. the highest of the year 

 but the average was not above H. At the 

 same time there was a better demand "for thirty- 

 day loans at 1 to 2 per cent., while those for 

 six months were freely offered at 3. Some of 

 the intending subscribers for bonds paid \ to f 

 of 1 per cent, premium for gold rather than get 

 it from the Treasury, and instances were re- 

 corded where subscribers whose bids had been 

 accepted borrowed the gold on call at 2-| per 

 cent. Early in December, influenced by the set- 

 tlements for the Government bonds, money on 

 call was a little firmer, but by the 5th the rate 

 fell back to 1 per cent., and thereafter, for the 

 remainder of the month, loans were generally 

 made at the exchange at this rate. The offerings 

 of time loans were, however, less liberal, and the 

 quotation was 2 per cent, for thirty days, 2$ for 

 sixty to ninety days, and 3 for four to six months 

 at the end of the year. There was no increase in 

 the supply of commercial paper in December, the 

 demand was good, and rates for indorsed sixty- 

 to ninety-day notes were 2f to 3 per cent. 



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. 5, 1895, compared with the same items for 

 the preceding two years, are as follow : 



* Extended 2 per cents. 



Commercial paper was in light supply for the The following is the New York Clearing House 

 best names, and choice indorsements were freely statement of totals at the beginning of each 

 sold at 2 to 2f per cent, until July, when there quarter of 1894 and at the end of the year: 



were more liberal offerings, and during this 

 month and in August the rate was 3 to 3$. The 

 demand was more urgent in the fall months, 

 and then quotations fell off to 2$ to 2f per cent, 

 so continuing until the middle of November, 

 when the large buyers temporarily withdrew 

 from the market, and indorsed paper moved up 



Railroads. The condition of the railroads 

 was far from satisfactory during the year, and 

 with few exceptions little progress was made 

 Avith the reorganization of those roads which 

 were placed in the hands of receivers during 

 1803. The Reading scheme failed early in the 

 year, and the revised plan was pronounced a 



