While money rates are now undoubtedly low, there are plenty of precedents for the present situation in recent years. The rates are now undoubtedly lower than at any time since the entry of the U. S. into the War in April, 1917. Yet 60-day time money went for 2% in June, 1914, 2¾ in July, 1913, and 2½ in early months of 1911 and 1912 both, while it touched 1¾ in midsummer, 1908, and 1½ in 1894. Commercial paper similarly was down to 3½ early in 1911, 1912 and 1914, to 3...
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