Thirty-First Annual Report of the Cincinnati Chamber of Commerce and Merchants Exchange: For the Commercial Year Ending August 31, 1879 (Classic Repri PDF Download

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Publisher: Forgotten Books
ISBN: 9780484407502
Category : Reference
Languages : en
Pages : 262

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Book Description
Excerpt from Thirty-First Annual Report of the Cincinnati Chamber of Commerce and Merchants Exchange: For the Commercial Year Ending August 31, 1879 The commercial year of 1878-79 was distinguished by notable events. It brought the successful resumption of specie payment on the first day of January, the extraordi nary success of the refunding Operations of the Government, an easy money market during the whole year, low rates of interest, and the return of permanently improved times. The rate of discount on good business paper during most of the year was per cent. The inside the prevailing rate, while much paper was negotiated at 5 per cent. During the summer, and in exceptional cases, on Government collaterals, 4 per cent. Was taken. Call loans ranged from 4 to 5 per cent. There was the least paper on the street in many years. Paper, throughout, was paid with remarkable promptness. During the summer especially there was an abundance of money, large amounts here gowg into Government 4 per cent. Bonds. A noticeable feature was the demand for these bonds from the working classes, who, since the disasters to savings banks, have sought them as an investment for their savings, a demand which shows little abatement. There was very little inquiry for money for real estate Operations. The line of discounts and deposits was small until toward the close of the commercial year, when business, under the stimulation of good crops, revived hopes and increased inquiry for manufactured products, began to show pronounced indications of an improved condition. The rates of eastern exchange ranged from 50 cents discount on buying, to 50 cents premium on selling. The list which follows embraces banks and bankers, with the capital of each, that were members of the Cincinnati Clearing House Association, September lst, 1879, as the same has been furnished by George P. Bassett, Esq. Manager of the Association. It will be observed that the aggregate banking capital has been reduced, since the last report. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.