.1. REVIEW OP 18M. 



tfce ttd and 94th the fear that legal tenders could 

 .utfed an n raUs for 



..,--... u, : 1 ;. 



Uainfrr*. I!- r, , >>,.,,, ol S|.;..MO, 



* ami I'^.UiiU.UUU were engaged 



lie probability that it 

 cMiM be employed to guud advantage in oooneo- 



,us Ayres, making * 



>.:!, America began. 

 aaafartnrlnf Industries. -The i 

 nation in January and until 

 eVoce u-^a 



pun all manufacturing imluiaries. Km 

 there was a revival, which wan . 

 noticeable in iron. This was followed later on 

 improvement in cotton goods, and grad- 



fraiurv ; iintary advance in wages by 



SMnufacturers all over the country, indicating a 

 profitable business and a disposition < n the part 



itxMirageth. n I-MI|I|O\ .. 

 mg the summer ami rarlv full the iron trade led 



k. There was also a good demaml for 



r rnilr.-a.l ami structural purposes, but 



ml of the year the inquiry grew 



I prices Ml'otT f,-. ::, the highest 



II Ml O, 



*|N'-ulati\.- iiiMiii|iuhitioii of the 

 <-k main. 



it the East. 'I -.-I for leather. 



- 



v|H>rts were large, not only of 

 aide*, but of manufactured goods. The coal 

 *as more or less unsettled during the year 

 a appeared to be unrw-- 



ading receivers and the 

 mnagers of the other companies regarding an 

 mnant of the output, and though earnest 

 fcru were made in tin- .1 



.tisooeessful. Self-interest, however. 

 bdttced all inanagen so to regulate j 



prevent the market from bring greatly 

 I ncreased importations of woolen 

 liad a (leprvssing effect upon home maiiu- 

 ws an -.\ere compelled to close, 



i their goods a :> k 'lv Mimll 



ug markets exceeded those of 1899 



13.1'.- 

 O in 18M 



s in 1895 n 

 agmi 



ri, 



er of the year, foll-.wrd by a 

 Mt-oiul and third quarter* 

 lnt iiiinrtrr. caused 

 In ? 



ensions amount, -i to 69*4 per 



iur u speculation in 



on. 



represent ing ): 



lei * ***> 



rate wi 



air on t (mi ,u ? . Toward las) end of 

 uary loans were made at 8 per CM. 

 -. temporar 



ui.1 warehouse oropany. and dunn 



i be market 



i'icct of tnfiasnrii 

 brought about ate^pomry advan. 

 osv^aml at the. same lima some of the bank* 

 sought to maintain a >|- per cent, rate. In Uv- 

 tober, while the bank reserves were low by rea- 

 son of withdrawal, of t arm,, ,, .*,. 

 noses, 8 per w-nt. WM again rerordnl f,. r a frw 

 days, but later the rate fn During the 

 semipanic on Dec, SO and $1 loans were mails 



i-ut on Dec. if the Bank 

 : louse decided to issue loan 



n.i tt,. re* Ml t . .: ptresjM \f..r ......... 



bursemenUof Janua: 



call loans became eonfested. ami it *. 



to place money at 1 per cent, until t. 



close, when the market was partially 



by the payments for the wansoass 



above noted, and also by the ! rained 



of the Treasury resulting from withdrawal. 



ml the market a* artitr at it 



: .- ' r , : - ' 



At the same time there was n good demand for 

 loans for fixed periods with an liiafliiiiil eat* 

 ply. and the rates were advanced to S per rrtn. 

 forthirtydays,8for sixty day*, 84 for ninety day*, 

 and 4 for five to six montha, There was also an 

 advance in commercial paper to 4 

 short indorsements, and to 4 t 



MX months' single names. In February 

 call loans ranged from I to * psrcenU falling 

 to the first-named rate after the 1 1 tit. an 

 was done in time contract*, but nommeniel pa- 

 per was in good request at *4 to Sf per m>t. 



lorsement, and 44 to *4 for tmr to sit 

 months' single names. In March money on call 

 was fairly act i re. ranging from 5 to If percent.; 

 time loans were 8 to 4 for sixty to ninety days, 

 to:, f,.r f..ur t, MX months, whilr coe- 

 ntcrcial paper was in good supply 



I to 4 par ornL for sixty. toaiaKy^iay 

 bOJi reeeivn '.. ;. 



/ prime single names, i 

 money on call was active at tl to 8 par tint.. 

 but it soon grew easier, and the rair fell k> I. 



There was only a light inquiry f. r timr w 

 tracts, but the demand fur cesjunercaml fewer 

 was urgent, and rates were 84 to 8| per eantJbr 



indonemenu. and 4 to ft forlonr^o'six 



..... . V ... . WSJ -: 



u|.|.l> in need by tne distm 



' |.. j.r 



reserve fund* and 9 of 1 per cent, was recorded 

 n the month, ^wrtatiims for lime con- 



percent, during the year. A 5-par> 



tract* w,-rr It to 9 percent for th. 



uid 24 to 3 for five to six months, while 

 commercial i*|*r was as low a> 

 for short indofssinfnts.and84 



. 

 for call loans, time 



., .- - . : '. 



