------+-------+-------+-------+-------+---------+-------+-------+-------+
| |SPECIE | | DIS- | INDIVI- |NUMBER | |SURPLUS|
|CIRCU- | ON | LEGAL | COUNTS| DUAL | OF | |AND UN-|
YEAR |LATION | HAND |TENDERS| AND | DEPOSITS| BANKS |CAPITAL|DIVIDED|
| | | | LOANS | | | |PROFITS|
------+-------+-------+-------+-------+---------+-------+-------+-------+
|MAX MIN|MAX MIN|MAX MIN|MAX MIN|MAX MIN|MAX MIN|MAX MIN|MAX MIN|
1904 | | | | | | | | |
1st Q| 380| 453| | | | | | |
2nd "| | | | | | | | |
3rd "| | |169 | | | | | |
4th "| |504 | |3772 |3707 |5477 |776 |594 |
1905 | | | | | | | | |
1st "| 424| |178 | | | | | |
2nd "| | | 157| | | | | |
3rd "| |495 | | | | | | |
4th "| | 460| |4016 |3889 |5833 |808 |632 |
1906 | | | | | | | | |
1st "| 498|492 |175 | | | | | |
2nd "| | | | | | | | |
3rd "| | | | | | | | |
4th "| | 459| 152|4366 |4289 |6199 |847 |687 |
1907 | | | | | | | | |
1st "| | |173 | | | | | |
2nd "| 543| | | | | | | |
3rd "| | | | | | | | |
4th "| |531 | 151|4678 |4819 |6625 |901 |749 |
1908 | | | | | | | | |
1st "| | | | | | | | |
2nd "| | |192 | | | | | |
3rd "| | | | | | | | |
4th "| 599|680 | |4840 |4720 |6865 |921 |779 |
1909 | | | | | | | | |
1st "| | |198 | | | | | |
2nd "| 615| | | | | | | |
3rd "| | | | | | | | |
4th "| |694 | 176|5148 |5120 |7006 |953 |825 |
1910 | | | | | | | | |
1st "| 667| | | | | | | |
2nd "| | | | | | | | |
3rd "| | | | | | | | |
4th "| |672 | 169|5467 |5304 |7204 |1004 |894 |
1911 | | | | | | | | |
1st "| 680| | 168| | | | | |
2nd "| | | | | | | | |
3rd "| | |185 | | | | | |
4th "| |761 | |5663 |5536 |7328 |1026 |930 |
1912 | | | | | | | | |
1st "| 704| | | | | | | |
2nd "| |769 |188 | | | | | |
3rd "| | | | | | | | |
4th "| | | |6058 |5944 |7420 |1046 |969 |
1913 | | | | | | | | |
1st "| 717|749 | | | | | | |
2nd "| | |189 | | | | | |
3rd "| | | | | | | | |
4th "| | | |6260 |6051 |7509 |1059 |1007 |
1914 | | | | | | | | |
1st "| 720| |201 | | | | | |
2nd "| |792 | |6357 |6111 |7493 |1057 |1003 |
3rd "|1018 | 746| | | | | | |
4th "| 848| 534| 128| | |7581 |1065 |1007 |
1915 | | | | | | | | |
1st "| 746| 591| 127|6499 |6348 |7599 |1066 |1012 |
------+-------+-------+-------+-------+---------+-------+-------+-------+
The adage "buy cheap and sell dear," or its practical equivalent--so
scary and imitative are investors--_Buy during the last of a selling
movement and sell during the last of a buying movement_, resolves
itself, we venture to repeat, into: _Buy when the decline caused by a
panic has produced such liquidation that discounts and loans, after
steady and long-continued diminution, either become stationary for a
period or else increase progressively coincident with a steady increase
in available funds; and sell for converse reasons_.
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