TRANSACTIONS OF SECTION F. 



745 



Table Showing 



A. The average Rate of Discount per cent, in forty-three leading commercial cities 

 of the United States for the four years, 1893-96 ; 



B. The same for the j'ears 1893, 1894, 1895 and 1896 ; compiled from Bradstrecfs; 

 c. The rank of the same cities according to population as reported in the eleventh 



census of the United States, 1890; 



D. The rank of the same cities according to the total clearings in each during the 

 year 1896 ; 



E. The total clearings in each of the same cities which had clearing houses in 

 1896, in millions and tenths of millions ; 



P. The average rate of interest per cent, on mortgages made upon lots in the 

 counties in which the cities are situate, during the decade 1880-89 ; 

 G. The same, during the year 1889. 



It is believed that such extraordinary local differences are not explained, (a) by 

 the ' disinclination of capital to migrate,' as considerable movements of loanable 

 capital occur as the result of arbitrage business between the foremost money 

 markets of various European States and of the United States, with a much 

 smaller dilierence in prospective return as the sole inducement ; nor (6) by the- 

 difierence in the security of the paper offered for discount on the markets of 

 the various cities considered, as the averages have, in all cases, been calculated 



