APPENDIX

Table XIV

Interest Rates on 4-6 Months’ Commercial Paper, United Stales, by Quarters,

1890-1927

Computed from Monthly Average Rates Published in the Statistical Bulletin ofThe Standard Statistics Company, Inc., 1929-1930, page 19

Year

InterestPer Cent

Year

InterestPer Cent

Year

InterestPer Cent

Year

InterestPer Cent

1800

5.31

1900

4.70

1910

4.56

1920

6.36

5.00

3.89

4.77

7.23

5.46

4.22

5.45

7.95

7.16

4.73

5.24

7.94

1891

5.36

1901

3.84

1911

3.98

1921

7.74

5.30

3.95

3.66

7.02

5.72

4.56

4.17

6.06

5.18

4.75

4.30

5.30

1892

3.94

1902

4.31

1912

3.95

1922

4.85

3.19

4.49

4.11

4.30

4.06

5.01

5.03

4.03

5.24

5.87

5.88

4.55

1893

5.61

1903

5.22

1913

5.20

1923

4.77

7.05

5.03

5.59

5.05

9.26

5.79

5.95

5.04

4.70

5.84

5.64

5.07

1894

3.25

1904

4.78

1914

4.08

1924

4.75

2.98

3.88

3.82

4.26

3.12

3.89

5.81

3.30

2.80

4.27

5.43

3.32

1895

3.51

1905

3.91

1915

3.66

1925

3.74

3.11

3.91

3.68

3.90

3.50

4.35

3.34

4.06

4.48

5.41

3.11

4.40

1896

5.62

1906

5.13

1916

3.13

1926

4.26

4.69

5.34

3.30

4.02

7.10

6.01

3.69

4.22

5.85

6.27

3.60

4.44

1897

3.23

1907

6.09

1917

3.92

1927

4.00

3.41

5.61

4.70

4.12

3.76

6.26

4.89

3.96

3.70

7.50

5.45

3.96

1898

3.72

1908

5.76

1918

5.72

4.53

4.00

5.89

3.80

3.75

5.94

3.25

4.00

5.94

1899

3.20

1909

3.57

1919

5.25

3.53

3.40

5.43

4.28

3.89

5.39

5.44

5.07

5.59