A small amount of it returned before 1890. Failures exceeded
those of 1888 by 203 in number and about 20 per cent. in money. The
woollen trade contributed much of this showing.
Importations surpassed all previous years, while exports exceeded them
by nearly $20,000,000, and the net export of gold amounted to nearly
$40,000,000. Money was easy during the first quarter, and then for a
week a 10 per cent. rate occurred.
Thereafter, excepting the usual July 1st hardening, easy rates prevailed
till August. Stiffening and fluctuating rates ensued till 30 to 40 per
cent. in exceptional cases had been reached in December.
During the year, bank circulation declined to $126,000,000. Specie
reserve sank to $164,000,000 and rose to $171,000,000 with the ending of
the year; legal tenders to $84,000,000, and the number of banks rose to
3,326; their capital to $617,000,000; their deposits to $1,436,000,000,
and their discounts and loans to $1,817,000,000, and surplus and
undivided profits to $269,000,000.
Unused deposits, capital, surplus, and undivided profits were growing
very small in comparison with loans and discounts at the end of the year.
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