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SOME ILLUSTRATIVE FACTS

the country as a whole. For him the lowest ebb is in thefall, when gathering and marketing his crops cause him asudden expenditure of labor, or of money for the laborof others. To tide him over this period he may need toborrow. A whole group of other industries, particularly

CHART 39

Monthly Average Discount Rates; New York .

those connected with transportation, experience a sympa-thetic fluctuation in the income stream. In the parlanceof Wall Street , money is needed to move the crops. Therate of interest tends upward.

Chart 39 shows, for the period 1869 to 1905, the

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