INTEREST RATES AND SECURITY MARKETS X 474-491

Series X 444-455. Money Market Rates: 1890 to 1970

(Percent per annum. Open market rates in New York City]

Stock exchange U.S. Government securities 4 Federal Reserve Bank of

Finance call loans 3 New York discount rate
company
Stock Prime paper, Prime
exchange commercial placed bankers' 3-month bills G Certificates Selected
time loans, paper, 4 to directly. acceptances, and selected note and
90 days 1 6 months 1 3 - to 6- New Renewals 90 days 1 note and bond issues, Low High
months 2 Rate on Market bond issues, 3- to 5-
new issues yield 9- to 12- years
months

444 445 446 447 448 449 450 451 452 453 454 455

7.72 7,23 7 . 92 7.31 6.468 6.39 6.90 7.37 5.50 6.00

7.83 7.16 7.96 7.61 6.677 6.67 7.06 6.85 5.50 6.00
6.90 5.69 6.31 5.75 5.339 5.34 5.62 6.59 4.50 5.50
5.10 4.89 5 . 67 4.75 4.321 4.29 4.84 5.07 4.00 4.50
5.55 5.42 5. 78 5.36 4.881 6 4.86 5.17 5.16 4.50 4.50
4.38 4.27 4.69 4.22 3.954 3.95 4.09 4.22 4.00 4.50
3.97 3.83 4 . 50 3.77 3.549 3.54 3.76 4.06 3.50 4.00
3.55 3.40 4.50 3.36 3.157 3.16 3.28 3.72 3.00 3.50
4.50 3.26 3.07 4 . 50 3.01 2.778 2.77 3.02 3.57 3.00 3.00
4.50 2.97 2.68 4.50 2.81 2.378 2.36 2.91 3.60 3.00 3.00
4.99 3.54 4.99 3.51 2.928 2.87 3.55 3.99 3.00 4.00
4.22 3.97 3.82 4.22 3.49 3.405 3.37 4.11 4.33 2.50 4.00
3.62 2.46 2.12 3.72 2.04 1.839 1.78 2.09 2.90 1.75 3.00
4.35 3.81 3.55 4 . 50 3.45 3.267 3.23 3.53 3.62 3.00 3.50
3.89 3.31 3.06 4.08 4.03 2.64 2.658 2.62 2.83 3.12 2.50 3.00
3.01 2.18 1.97 3.20 3.20 1.71 1.753 1.73 1.89 2.50 1.50 2.50
2.80 1.58 1.42 3.05 3.05 1.35 .953 .94 .92 1.82 1.50 2.00
2.85 2.52 2.33 3.06 3.06 1.87 1.931 1.90 2.07 2.56 1.75 2.00
2,42 2.33 2.16 2.48 2.48 1.75 1.766 1.72 1.81 2.13 1.75 1.75
2.15 2.16 1.87 2.17 2.17 1.60 1.552 1.52 1.73 1.93 1.75 1.75
1.59 1.45 1.41 1.63 1.63 1.15 1.218 1.20 1.26 1.50 1.50 1.75
1.50 1.49 1.46 1.63 1.63 1.13 1.102 1.11 1.14 1.43 1.50 1.50
1.50 1.44 1.34 1.56 1.56 1.11 1.040 1.05 1.14 1.62 1.00 1.50
1.50 1 .'03 .94 1.38 1.38 .87 .594 .61 .88 1.32 1.00 1.00
1.35 .81 1.16 1.16 .61 .375 .38 .82 1.16 ' .60 1.00
1.25 .75 1.00 1.00 .44 .375 .38 .81 1.18 ' .50 1.00
1.25 .73 1.00 1.00 .44 .375 .38 .79 1.83 ' .50 1.00
1.25 .69 1.00 1.00 .44 .373 .38 .75 1.34 » .50 1.00
1.25 .66 1.00 1.00 .44 .326 .34 1.46 ' .50 1.00
1.25 .53 1.00 1.00 .44 .103 .13 .73 1.00 1.00
1.25 .56 1.00 1.00 .44 .014 .01 1.00 1.00
1.25 .59 1.00 1.00 .44 .023 .02 1.00 1.00
1.25 .81 1.00 1.00 .44 .053 .05 1.00 1.00
1.25 .94 1.00 1.00 .43 .447 .45 1.00 1.50
1.16 .75 .91 .91 .15 .143 .14 1.50 1.50
.55 .75 .56 .55 .13 .137 .14 1.50 1.50
.90 1.02 1.00 1.00 .25 .256 .26 1.50 2.00
1.11 1.73 1.14 1.16 .63 .515 .52 2.00 3.50
1.87 2.73 2.Q5 2.05 1.28 .879 .$8 2.50 3.50
2.15 2.64 1.74 1.74 1.57 1.402 1.40 1.50 3.50
3.26 3.59 2.87 2.94 2.48 2.00 4.50
7.75 5.85 7.74 7.61 5.03 4.50 6.00
5.86 4.85 6.10 6.04 4.09 3.50 5.00
4.35 4.11 4.05 4.06 3.45 3.50 4.00
4.60 4.34 4.52 4.50 3.59 3,50 4.00
4.23 4.02 4.20 4.18 3.29 3.00 3.50
3.64 3.98 3.10 3.08 2.98 3.00 4.50
5.14 5.07 4.87 4.86 4.09 4.00 4.50
4.53 4.52 4.36 4.29 3.51 4.00 4.50
6.15 6.62 5.97 5.97 5.28 4.50 7.00
8.06 7.50 8.07 7.74 6.06 4.75 7.00
5.83 6.37 6.70 6.32 4.37 4.00 4.75
6.90 6.02 5.28 4.19 3.50 4.00
4.62 5.07 3.43 3.00 3.50
3.25 3.84 2.62 3.00 4.00
2.85 4.01 1.92 4.00 5.00
4.37 5.47 3.43 5.00 6.00

Stock Prime Stock Stock Prime Stock Stock Prime Stock

exchange commercial exchange exchange commercial exchange exchange commercial exchange
time loans, paper, 4 to 6 call loans, time loans, paper, 4 to 6 call loans, time loans, paper, 4 to 6 call loans,
Year 90 days > months 1 renewals 3 Year 90 days 1 months 1 renewals 3 Year 90 days 1 months 1 renewals 3

444 445 448 444 445 448 444 445 448

1913 4.64 6.20 3.22 1905- 3.82 5.18 4.44 1897 2.68 4.72 1.75
1912 4.16 5.41 3.52 1904 3.10 5.14 1.78 1896 4.83 7.02 4.28
1911 3.22 4.75 2.57 1903- 4.84 6.16 3.71 1895 2.82 5.80 1.88
1910 4.03 5.72 2.98 1902 5.05 5.81 5.15 1894 2.30 5.22 1.07
1909 3.26 3 4.67 2.71 1901 4.24 5.40 4.00 1893 5.08 7.64 4.67
1908- 3.24 8 5.00 1.92 1900. - - 3.94 5.71 2.94 1892 3.80 5.40 3.08
1907 6.49 8 6.66 7.01 1899 4.19 5.50 5.08 1891 4.83 6.48 3.42
1906 6.71 6.25 6.54 1898 3.31 5.34 2.18 1890 5.31 6.91 5.84

1 Averages of weekly prevailing rates through 1934; averages of the most representa- 6 Bills quoted on bank discount rate basis.
tive daily offering rates quoted b y dealers thereafter. 3 Data for prior years not comparable; series includes the new bill issue the day
2 Averages of the most representative daily offering rates published by finance com-
following the auction, as trading begins on a when-issued basis.
panies, for varying maturities in the 90-179 day range. 7 Preferential rate on advances secured by Government securities; see text.
3 Seven-day average for week ending Wednesday. 8 Includes 1 or more interpolated items.
* Yields are averages computed from daily closing bid prices.

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