In 1890, twenty stocks listed on the New York Exchange were selling at an average price of about $87 per share. The percentage of loans to deposits was about 95% and the percentage of specie to loans about 20%. In November of that year, loans advanced to 102% as compared with deposits, and specie declined to about 18% of loans. The stocks mentioned declined to an average price of $64 per share, and later in 1901 to about $61 per share. From 1891 to 1893 there was some alternate improvement and retrogression in money conditions, all of which was accurately reflected in stock prices. In 1893, the proportion of loans to deposits rose to about 109%, and proportion of specie to loans declined to 13%. The average price of the twenty stocks reached about $47 per share. (The panic of 1893). In 1894, the proportion of loans to deposits fell to 80%, and specie to loans rose to 30%. This was due to the liquidation of 1893. Stock prices showed some betterment, rising to about $57 per share. The severe drubbing of 1893 had made public investors nervous, and had in many cases incapacitated them for stock market operations. That was to come later. In 1896, the proportion of loans to deposits rose to 102%, and specie to loans fell to 10%. Stocks reached their lowest level in July of this year ($42 per share for the twenty stocks mentioned). From 1896 to 1898, a gradual improvement was apparent. Through all this period stock prices faithfully reflected money conditions. In July, 1898, the proportion of specie to loans rose to 30% and loans to deposits fell to 83%. Stocks began advancing and in March, 1899, the average price of the twenty stocks considered, was about $85 per share. In June, 1900, the average price of the twenty stocks considered, was about $75 per share. The proportion of specie to loans was about 22%, and the proportion of loans to deposits was about 90%. From January, 1901, until September, 1902, money conditions did not improve, but stocks continued to advance. There were large crops and a general wave of expansion and prosperity swept the country. In September, 1902, the proportion of loans to deposits was 99%, and the proportion of specie to loans about 17%. Meanwhile stocks were high--$128 per share for our twenty stocks. Conditions, though temporarily ignored, asserted themselves in 1903, and in September of that year, the average price of the twenty stocks was about $88 per share; the percentage of loans to deposits 101% and specie to loans 19%. The money situation had not changed materially, but the stock market was making a deferred payment. In August, 1904, the proportion of loans to deposits had fallen to 90% and specie to loans had risen to 25%. The stock market was steadily advancing, and in January, 1906, stocks reached their pinnacle--$138 per share for the twenty securities considered.