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 ­