﻿THE MONEY MARKET	117

Commercial Paper: 60-90 days
’08	’09	’10	’11	’12	’13	’14	’15	’16	’17	’18

Jan........6.59	3.68	4.7s	3.98 3.90	4-93 4-53	3-&4 3-13	3-55 5-58

Feb........s.o6	3.54	4-44	4 °9 3-75	4-Qi 3-84	3-75 3-13	4-13 5-69

Mar........5.63	3.50	4.50	3.88	4.19	S7S 3.88	3.38 3-13	473 5-88

Apr........4.38 3-50 4-75 3-66 475.5-53 3-73 3-66 3-i3 4-28 5-90

May .......3-94	3-44	4-75	3-63	449	5-36 3-88	3.72 3.13	4-»3 5-88

June ......3.69	3.25	4.81	3.69	4.00	S-88 3.84	3.65 3.63	5-SO S-88

July ......3.75	3.38	5.38	3.78	4.53	6.06 4.40	3.25 3.97	5	5-94

Aug........3.01	4.04	5.43	4.19	5.00	6.00 6.34	3.53 3.63	4.75 6.00

Sept.......3.89	4.25	5.53	4.54	5.56	5.78 6.70	3.25 3.38	4.82 6.00

Oct........4.10	5.03	5.56	4-35	5-93	5-69 6.44	3.22 3.38	5.19 6.00

Nov........4.04	5.09	5.50	3.91	5.72	5.56 5.50	2.98 3.50	5.38 5.98

'Dec.......3.85	5.09	4.66	4.63	6.00	5.68 4.35	3.13 3.91	5.44 5.81

Average . .442	3-86 S-Oi	4-02 4-74	5-59 4-79	3-45 3-55	4-73 5-88

Commercial Paper: 4-6 Months
’08	’09	’10	’11	’12	’13	’14	’15	’16	’17	’18

Jan........6.70	4.40	5.28	4.61	4.63	5.50 5.09	4.38 3.50	3.98 5.73

Feb........5.80	4-22	5.16	4-72 4-50	5-50 4-38	4.38 3-S<>	4-47 575

Mar.............4.28 5'.23 4.59 4.91 6.25 4.44 3.93 3.50 4.50 6.00

Apr........5.25	4.25	5.59	4.28	S.00	6.20 4.28	4.25 3.50	4.63 6.08

May .......4.25	4.29	5.45	4.33	s.00	5.88 4.50	4-34 3-5o	578 6.13

June ......4.64	4-2i	S-SO	4-63	4-5°	6.38 4.50	4.33 4	5.03 6.04

July ......4.58	4.15	6.16	4.79	5.08	6.66 5.03	3.81 3.88	5.15 6.10

Aug........4.43	4.56	6.30	4.86	5-69	6.63 7.00	4-oi 473	5-22 6.31

Sept........475	4.75 6.31	5-33 6.13	6.45 7.60	3.88 4	S.44 6.00

Oct.................6.21 4.93 6.50 6.38 7.56 3-91 3-95 S.63 6.00

Nov.............5.98 6.15 472 6.50 6.25 6.44 3.4s 3-94 S.69 5-98

Dec........4.69	5.59	5.28	5.25	6.50	6.30 4.85	3.50 4.19	5.75 6.00

Average . .4.95	4.67 5.72	4.71 5.41	6.19 5.47	4-01 3-8o	576 6.01

Summary

’08	’09	’10	’11	’12	’13	’14	’15	’16 ’17	’18

Call loans. 1.97	2.70	2.97	2.57	3-52	3-22	3.43	1.92	2.59	2.40	5.29

6o-go days

paper .. .4.42 3.86 5.01 4.02 474 5-59 479 3-45 3-35 473 5-88
4-6 months

paper .. .4.95 4.67 5.72 4.71 5.41 6.19 5.47 4.01 3.80 5.06 6.01

In studying the above exhibit, it is necessary to
remember that for the largest part of our war bor-