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61ST CONGRESS \

2d Semon

J

f DOCUMENT

SENATE

\

No. 588

NATIONAL MONETARY COMMISSION

SEASONAL VARIATIONS IN THE RELATIVE
DEMAND FOR MONEY AND CAPITAL
IN THE UNITED STATES




A STATISTICAL STUDY

BY

EDWIN WALTER KEMMEKER
P R O F E S S O R OP ECONOMICS A N D F I N A N C E I N CORNELL U N I V E R S I T Y

WASHINGTON
GOVERNMENT PRINTING

OFFICE

NATIONAL MONETARY COMMISSION.

NELSON W. ALDRICH, Rhode Island,
EDWARD B . VREELAND, New York,
J U L I U S C. B U R R O W S , Michigan.

Chairman.
Vice-Chairman.
J O H N W. W E E K S , Massachusetts.

E U G E N E H A L E , Maine.

R O B E R T W. B O N Y N G E , Colorado.

P H I L A N D E R C. K N O X , Pennsylvania.

SYLVESTER C. SMITH, California.

T H E O D O R E E . B U R T O N , Ohio.

L E M U E L P . PADGETT, Tennessee.

H E N R Y M. T E L L E R , Colorado.

G E O R G E F . B U R G E S S , Texas.

H E R N A N D O D . M O N E Y , Mississippi.

A R S E N E P . P U J O , Louisiana.

J O S E P H W. B A I L E Y , Texas.

A R T H U R B . SHELTON,




.

A. PIATT ANDREW, Special Assistant to Commission.

Secretary.

*

T A B L E OF CONTENTS.
Page.
PREFATORY NOTE

11

LIST OF CHARTS

7-9

L I S T OF PRINCIPAL T A B L E S IN T E X T

4

L I S T OF T A B L E S IN A P P E N D I X

CHAPTER I.—INTRODUCTION

5-6

,

13

Purpose and scope of report—Statistical method employed; its merits and defects—Principal topics to be considered.
CHAPTER

II.—SEASONAL VARIATIONS IN THE RELATIVE

D E M A N D FOR M O N E Y E D

CAPITAL IN N E W Y O R K CITY

15

Call interest rates, 1890-1908—Six principal seasonal movements and one minor seasonal movement—Interest rates on sixty to ninety day, two-name,
prime commercial paper, 1890-1908—Principal seasonal movements—Interest rates on four-month time paper, 1890-1908—Five principal seasonal movements and one minor movement—Evidence afforded by figures of weekly statement of New York City clearing-house banks, 1890-1908—Five principal
seasonal movements—Deficits in legal reserves, 1880-1907—Relation of seasonal variations in interest rates to those of percentages of reserves to deposits—
Conclusions, with brief discussion of causes.
CHAPTER I I I . — S E A S O N A L VARIATIONS IN THE RELATIVE DEMAND FOR MONEYED CAPITAL IN CERTAIN REPRESENTATIVE CITIES

30

Chicago—Evidence afforded by weekly figures of bank statement of Chicago clearing-house banks, 1899-1908—Five principal seasonal movements—
St. Louis—Evidence afforded by weekly figures of bank statement of St. Louis clearing-house banks, 1899-1908—Principal seasonal movements—New
Orleans—Evidence afforded by weekly figures of bank statement of New Orleans clearing-house banks, 1899-1908—Five principal seasonal movements—San Francisco—Evidence afforded by weekly figures of bank statement of San Francisco clearing-house banks, 1907 and 1908—Six principal
seasonal movements—Rediscounts.
CHAPTER I V . — S E A S O N A L VARIATIONS IN THE RELATIVE DEMAND FOR M O N E Y IN D I F F E R E N T SECTIONS OF THE COUNTRY

52

Meaning of expression "relative demand for money."—Criteria, domestic exchange rates, currency shipments, and subtreasury transfers—Order of
treatment—Circular of inquiry sent to banks by National Monetary Commission through office of Comptroller of the Currency—Seasonal variations
in the currency receipts and shipments of the New England group of States, 1905-1908—Seasonal variations in exchange rates in Chicago on New York,
1899-1908, and in currency movements to and from Chicago, 1905-1908—Seasonal variations in exchange rates in St. Louis on New York, 1899-1908, and
in currency movements to and from St. Louis, 1905-1908—Currency shipments between the Middle Western States and other geographic sections, 19051908—Seasonal variations in exchange rates in New Orleans on New York, 1899-1908—Currency shipments between the Southern States and other
geographic sections, 1905-1908—Seasonal variations in exchange rates in San Francisco on New York, 1901-1908, and currency movements to and from
San Francisco, 1906-1908—Currency receipts and shipments of New York City banks, 1899-1908—Seasonal variations in the transfers of cash by the
United States subtreasury in New York to other cities, 1899-1909—Seasonal demand for various kinds and denominations of money.
CHAPTER V.—SEASONAL VARIATIONS IN THE RELATIVE DEMAND FOR M O N E Y , AS EVIDENCED BY F O R E I G N EXCHANGE R A T E S

136

Close relationship between American and foreign money markets—Foreign exchange rates as criteria of seasonal fluctuations in the relative demand for
money—Sterling exchange, 1890-1908, principal seasonal movements—Influence of finance bills—Paris exchange, 1899-1908, principal seasonal movements—
Berlin exchange, 1899-1908, principal seasonal movements.
CHAPTER VI.—SEASONAL VARIATIONS IN THE M O N E Y SUPPLY

145

Meaning of terms "presumably elastic money" and "presumably inelastic money"—Seasonal variations in the circulation of gold and gold certificates,
1890-1908—Seasonal variations in the value of gold bullion deposited at the United States mints and assay offices, 1890-1908—Seasonal variations in the net
importation and net exportation of gold, 1890-1908—Seasonal variations in the circulation of national bank notes, 1890-1908, principal movements—Seasonal
variations in the circulation of "presumably inelastic money," 1890-1908, principal movements—Seasonal variations in the total money in circulation,
1890-1908, principal movements—Seasonal variations in the net balance of federal public moneys, 1890-1908—The net balance in treasury offices—The net
balance in depositary banks.
CHAPTER V I I . — S E A S O N A L VARIATIONS IN THE CIRCULATION OF DEPOSIT CURRENCY

159

Large proportion of country's business effected by means of deposit currency—Bank clearings the best criteria of the circulation of deposit currency—
Seasonal variations in the circulation of deposit currency in New York City, 1890-1908, principal movements—Seasonal variations in the circulation of
deposit currency in Chicago, 1890-1908, principal movements—Seasonal variations in the circulation of deposit currency in St. Louis, 1890-1908, principal
movements—Seasonal variations in the circulation of deposit currency in New Orleans, 1890-1908, principal movements—Seasonal variations in the
circulation of deposit currency in San Francisco, 1890-1908, principal movements—Seasonal variations in the circulation of deposit currency in Continental
United States, 1890-1908, principal movements—Conclusion.
CHAPTER V I I I . — S O M E ECONOMIC INFLUENCES OF SEASONAL VARIATIONS IN THE RELATIVE DEMAND FOR M O N E Y AND CAPITAL

173

Statement of theory of relation of seasonal variations in the demand for money to prices—The selection of 27 railroad bonds as a basis of study—Character
of quotations used—List of bonds selected, and average weekly prices of each for periods ranging from nine to nineteen years—Seasonal composite for all 27
bonds—Principal seasonal movements, their extent and regularity—Explanations—Seasonal variations in the number of commercial failures, 1890-1908,
Bradstreet figures, Dun figures—Seasons in which commercial panics tend to occur.
CHAPTER IX.—SUMMARY

223

Scope and method—Seasonal variations in the relative demand for loanable capital, New York, Chicago, St. Louis, New Orleans, and San Francisco—
Seasonal variations in the relative demand for money in the different geographic sections of the country as evidenced by domestic exchange rates and
currency movements—Seasonal variations in foreign exchange rates—Seasonal variations in the amount of different kinds of money in circulation—Seasonal
variations in the circulation of deposit currency—Seasonal variations in bond prices, and commercial failures—Seasonal tendencies with reference to commercial panics.
LIST OF BOOKS AND ARTICLES CITED IN R E P O R T

232

APPENDICES.—A list of the tables comprising the Appendices is given on pages 5 and 6.




3

LIST OF P R I N C I P A L TABLES IE" TEXT.
Page.
TABLE I.—Seasonal variations in the relative demand for moneyed capital, as evidenced b y interest rates, call loans, New York Stock
Exchange—Average figures, 1890-1908
II.—Seasonal variations in the relative demand for moneyed capital, as evidenced b y interest rates on sixty to ninety day, twoname, prime commercial paper, New York City—Average figures, 1890-1908
III.—Seasonal variations in the relative demand for moneyed capital, as evidenced b y interest rates, four months' time paper,
New York City—Average figures, 1890-1908
IV.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of New York City clearing-house banks—
Average figures, 1890-1908
V.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits of the Chicago clearing-house banks—
Average figures, 1899-1908
VI.—Seasonal variations in the loans, deposits, reserves, and t h e ratio of reserves to deposits of the St. Louis clearing-house
banks—Average figures, 1899-1908
VII.—Seasonal variations in the loans, deposits, reserves, and t h e ratio of reserves to deposits of the New Orleans clearing-house
banks—Average figures, 1899-1908
VIII.—Seasonal variations in the loans, deposits, reserves, and t h e ratio of reserves to deposits of the clearing-house banks of San
Francisco—Average figures for the years 1907 and 1908
IX.—Movements of cash between different geographic sections of t h e United States and to and from certain cities
X.-^Seasonal variations in the relative demand for money in Chicago, St. Louis, New Orleans, and San Francisco, as evidenced
b y exchange rates on New York City—Average figures, 1899-1908
XI.—Seasonal variations in the demand for money in New York City relative to the demand in the interior, as evidenced b y the
net interior movement of cash into and out of the banks of the city—Average figures for the ten years, 1899-1908
XII.—Seasonal variations in the relative demand for money in certain cities, as evidenced b y transfers of cash to them from New
York b y the Treasury of the United States—Average figures for the period 1899-1909
X I I I (a).—Seasonal receipts and local demand for various kinds and denominations of money—Answers b y clearing-house associations
and banks to certain questions
X I I I (6).—Seasonal shipments of money and demand for shipment for various kinds and denominations of money—Answers b y clearinghouse associations and banks to certain questions
XIV.—Seasonal variations in t h e relative demand for money, as evidenced b y average weekly exchange rates in New York City on
certain foreign cities
XV.—Seasonal variations in the amounts of various kinds of money in circulation in the United States—Average figures, 1890-1908.
XVI.—Seasonal variations in t h e value of gold bullion deposited at the United States mints and assay offices—Average figures
for t h e period 1890-1908
XVII.—Seasonal variations in the relative demand for money, as evidenced b y monthly net imports and net exports of gold—Figures
for nineteen-year period 1890-1908
XVIII.—Seasonal variations in t h e relative demand for money, as evidenced b y weekly net imports and net exports of gold at New
York City—Figures for ten-year period 1899-1908
XIX.—Seasonal variations in t h e net balance of public moneys in Treasury offices of the United States and in federal depositary
banks—Average figures for the period 1890-1908
XX.—Seasonal variations in t h e weekly clearings of the United States and of certain representative cities—Average figures, 18901908
XXI.—Seasonal variations in the value of money, as evidenced b y the fluctuations in the price of twenty-seven railroad bonds
for periods varying from nine to nineteen years ending 1908—Average figures for individual bonds
XXII.—Seasonal variations in the value of money, as evidenced b y the fluctuations in the price of twenty-seven railroad bonds
for periods varying from nine to nineteen years ending 1908—Average figures for all bonds
XXIII.—Seasonal variations in t h e number of commercial failures in the United States—Average figures for t h e period 1890-1908

4




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LIST OF TABLES I N A P P E N D I C E S .
Appendix A.—Interest Rates in New York City, 1890-1908.
TABLE 1.—Seasonal variations in the relative demand for moneyed capital as evidenced b y interest rates, call loans, New York
Stock Exchange, 1890-1908
TABLE 2.—Seasonal variations in the relative demand for moneyed capital as evidenced b y interest rates, sixty to ninety day,
two-name, prime, commercial paper, 1890-1908
TABLE 3.—Seasonal variations in the relative demand for moneyed capital as evidenced b y interest rates, four months' time paper,
1890-1908

Page.
235
237
239

Appendix B.—New York City Clearing-House Banks, 1890-1908.
TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house
banks, 1890-1908

241

Appendix C.—Chicago Clearing-House Banks, 1899-1908.
TABLE 5.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits of the Chicago clearing-house
banks, 1899-1908

260

Appendix D.-—St. Louis Clearing-House Banks, 1899-1908.
TABLE 6.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits of the St. Louis clearing-house
banks, 1899-1908

265

Appendix E.—New Orleans Clearing-House Banks, 1899-1908.
TABLE 7.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits of the New Orleans clearinghouse banks, 1899-1908

270

Appendix F.—San Francisco Clearing-House Banks, 1907-1908.
TABLE 8.—Seasonal variations in the loans, deposits, reserves and the ratio of reserves to deposits of the clearing-house banks of
San Francisco for the years 1907 and 1908

275

Appendix G.—Currency Receipts and Shipments.
TABLE 9.—Movements of cash between different States of the United States and to and from certain cities, 1905-1908
TABLE 10.—Seasonal variations in the demand for money in New York City relative to the demand in the interior, as evidenced
b y the net interior movement of cash into and out of the banks of the city, 1899-1908
TABLE 11.—Seasonal variations in the relative demand for money in certain cities as evidenced by transfers of cash to them from
New York City b y the Treasury of the United States, 1899-1909
Appendix H.—Domestic Exchange Rates, 1899-1908.
TABLE 12.—Seasonal variations in the relative demand for money in certain cities as evidenced b y domestic exchange rates on
New York City
Appendix I.—Foreign Exchange Rates.
TABLE 13.—Seasonal variations in the relative demand for money as evidenced by exchange rates in New York City on London,
1890-1908
TABLE 14.—Seasonal variations in the relative demand for money as evidenced b y exchange rates in New York City on Paris and
Berlin, 1899-1908

276
358
361

364

374
378

Appendix J.—Money in Circulation.
TABLE 15.—Seasonal variations in the amounts of various kinds of money in circulation in the United States, 1890-1908

381

Appendix K.—Deposits of Gold Bullion.
TABLE 16.—Seasonal variations in the value of gold bullion deposited at the United States mints and assay offices for the period
1890-1908

386

Appendix L.—Imports and Exports of Gold.
TABLE 17.—Seasonal variations in the relative demand for money as evidenced by monthly net imports and net exports of gold,
1890-1908
TABLE 18.—Seasonal variations in the relative demand for money as evidenced b y weekly net imports and net exports of gold at
New York, 1899-1908

387
389

Appendix M.—United States Treasury Balances.
TABLE 19.—Seasonal variations in the net balance of public moneys in Treasury offices of the United States Government and in
federal depositary banks, 1890-1908

391

Appendix N.—Deposit Currency.
TABLE 20.—Seasonal variations in the weekly clearings of the United States and of certain representative cities, 1890-1908

394




5

6

NATIONAL MONETARY COMMISSION.

Appendix O.—Bond Prices.
TABLE 21.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Atchison, Topeka and Santa
Fe Railroad bonds, adjustment gold fours of 1995, for the period 1896-1908—(Bond 1).
TABLE 22.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Atchison, Topeka and Santa
Fe Railroad bonds,general gold fours of 1995, for the period 1897-1908—(Bond 2)
TABLE 23.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Baltimore and Ohio Railroad
bonds, gold fours of 1948, for the period 1900-1908—(Bond 3)
TABLE 24.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Central Pacific Railroad
bonds, first refunding gold fours of 1949, for the period 1900-1908—(Bond 4)
TABLE 25.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Central Railroad of New
Jersey bonds, general gold fives of 1987, for the period 1890-1908—(Bond 5)
TABLE 26.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Chesapeake and Ohio
Railroad bonds, general gold four-and-a-halfs of 1992, for the period 1893-1908—(Bond 6)
TABLE 27.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Chicago, Burlington and
Quincy Railroad (Nebraska extension) bonds, fours of 1927, for the period 1890-1908—(Bond 7)
TABLE 28.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Chicago, Milwaukee and
St. Paul Railroad bonds, general gold fours of 1989, for the period 1890-1908—(Bond 8)
TABLE 29.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of the Denver and Rio Grande
Railroad bonds, first consolidated gold fours of 1936, for the period 1890-1908—(Bond 9)
TABLE 30.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Erie Railroad bonds, first
consolidated gold fours, prior lien of 1996, for the period 1898-1908—(Bond 10)
TABLE 31.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Hocking Valley Railroad
bonds, first consolidated gold four-and-a-halfs of 1999, for the period 1900-1908—(Bond 11)
TABLE 32.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Iowa Central Railroad
bonds, first gold fives of 1938, for the period 1890-1908—(Bond 12)
TABLE 33.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Long Island Railroad bonds,
unified gold fours of 1949, for the period 1900-1908—(Bond 13)
TABLE 34.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Louisville and Nashville
Railroad bonds, unified gold fours of 1940, for the period 1898-1908—(Bond 14)
TABLE 35.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Missouri, Kansas and Texas
Railroad bonds, first gold fours of 1990, for the period 1891-1908—(Bond 15)
TABLE 36.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Missouri Pacific Railroad
bonds, first consolidated gold sixes of 1920, for the period 1890-1908—(Bond 16)
TABLE 37.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Missouri Pacific, St. Louis,
Iron Mountain and Southern Railway bonds, general consolidated gold fives of 1931, for the period 1894-1908—
(Bond 17)
TABLE 38.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of New York Central and
Hudson River Railroad bonds, gold three-and-a-halfs of 1997, for the period 1899-1908—(Bond 18)
TABLE 39.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of New York Central and
Hudson River (West Shore) Railroad bonds, first fours guaranteed of 2361, for the period 1890-1908—(Bond 19)...
TABLE 40.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of New York, Ontario and
Western Railroad bonds, refunding first gold fours of 1992, for the period 1893-1908—(Bond 20)
TABLE 41.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Norfolk and Western Railroad bonds, first consolidated gold fours of 1996, for the period 1897-1908—(Bond 21)
TABLE 42.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Northern Pacific Railroad
bonds, prior lien gold fours of 1997, for the period 1897-1908—(Bond 22)
TABLE 43.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of St. Louis and San Francisco
Railroad bonds, general gold fives of 1931, for the period 1890-1908—(Bond 23)
TABLE 44.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of St. Louis Southwestern
Railroad bonds, first gold fours of 1989, for the period 1892-1908—(Bond 24)
TABLE 45.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Southern Railway bonds,
first consolidated fives of 1994, for the period 1895-1908—(Bond 25)
TABLE 46.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Union Pacific Railroad
bonds, land grant gold fours of 1947, for the period 1899-1908—(Bond 26)
TABLE 47.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Wabash Railroad bonds,
first gold fives of 1939, for the period 1890-1908—(Bond 27)
Appendix P.—Commercial Failures.
TABLE 48.—Seasonal variations in the number of commercial failures in the United States, 1890-1908




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LIST OF OHAETS.
Page.

CHART

I.—Seasonal variations in the relative demand for moneyed capital as evidenced by interest rates, call loans, New York
Stock Exchange, 1890-1908
II.—Seasonal variations in the relative demand for moneyed capital as evidenced by interest rates, New York, on sixty
to ninety day, two-name, prime commercial paper, 1890-1908
III.—Seasonal variations in the relative demand for moneyed capital as evidenced by interest rates, New York, on four
months' time paper, 1890-1908
IV.—Seasonal variations in the loans, deposits, and bank-note circulation of the New York City clearing-house banks,
1890-1908
.
V.—Seasonal variations in the reserves and ratios of reserves to deposits of the New York City clearing-house banks,
1890-1908
VI.—Seasonal variations in the loans and deposits of the Chicago clearing-house banks, 1899-1908
VII.—Seasonal variations in the reserves and ratios of reserves to deposits of the Chicago clearing-house banks, 1899-1908.
VIII.—Seasonal variations in the loans and deposits of the St. Louis clearing-house banks, 1899-1908
IX.—Seasonal variations in the reserves and ratios of reserves to deposits of the St. Louis clearing-house banks, 1899-1908.
X.—Seasonal variations in the loans and deposits of the New Orleans clearing-house banks, 1899-1908
XI.—Seasonal variations in the reserves and ratios of reserves to deposits of the New Orleans clearing-house banks, 18991908
XII.—Seasonal variations in the loans and deposits of the San Francisco clearing-house banks, 1907 and 1908
XIII.—Seasonal variations in the reserves and ratios of reserves to deposits of the San Francisco clearing-house banks, 1907
and 1908
XIV.—Seasonal variations in the relative demand for money in Eastern States as evidenced by receipts of cash from other
sections of the country, 1905-1908
XV.—Seasonal variations in the relative demand for money in Eastern States as evidenced by shipments of cash to other
sections of the country, 1905-1908
XVI.—Seasonal variations in the relative demand for money in New England States as evidenced by receipts of cash from
other sections of the country, 1905-1908
XVII.—Seasonal variations in the relative demand for money in New England States as evidenced by shipments of cash to
other sections of the country, 1905-1908
XVIII.—Seasonal variations in the relative demand for money in Chicago as evidenced by exchange rates on New York City,
1899-1908
XIX.—Seasonal variations in the relative demand for money in Chicago as evidenced by receipts of cash from other sections of the country, 1905-1908
XX.—Seasonal variations in the relative demand for money in Chicago as evidenced by shipments of cash to other sections of the country, 1905-1908
XXI.—Seasonal variations in the relative demand for money in St. Louis as evidenced by exchange rates on New York
City, 1899-1908
XXII.—Seasonal variations in the relative demand for money in St. Louis as evidenced by receipts of cash from other sections of the country, 1905-1908
,.
XXIII.—Seasonal variations in the relative demand for money in St. Louis as evidenced by shipments of cash to other sections of the country, 1905-1908
XXIV.—Seasonal variations in the relative demand for money in Middle Western States as evidenced by receipts of cash
from other sections of the country, 1905-1908
XXV.—Seasonal variations in the relative demand for money in Middle Western States as evidenced by shipments of cash
to other sections of the country, 1905-1908
XXVI.—Seasonal variations in the relative demand for money in New Orleans as evidenced by exchange rates on New York
City, 1899-1908
XXVII.—Seasonal variations in the relative demand for money in Southern States as evidenced by receipts of cash from
other sections of the country, 1905-1908
XXVIII.—Seasonal variations in the relative demand for money in Southern States as evidenced by shipments of cash to other
sections of the country, 1905-1908
XXIX.—Seasonal variations in the relative demand for money in San Francisco as evidenced by exchange rates on New
York City, 1901-1908
XXX.—Seasonal variations in the relative demand for money in Pacific States as evidenced by receipts of cash from other
sections of the country, 1906-1908
XXXI.—Seasonal variations in the relative demand for money in Pacific States as evidenced by shipments of cash to other
sections of the country, 1906-1908




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NATIONAL MONETARY COMMISSION.
Page.
XXXII.—Seasonal variations in the relative demand for money in New York City as evidenced b y receipts of cash from other
sections of the country, 1905-1908
XXXIII.—Seasonal variations in t h e relative demand for money in New York City as evidenced b y shipments of cash to
other sections of the country, 1905-1908
XXXIV.—Seasonal variations in the relative demand for money in New York City as evidenced b y the net interior movement
of cash into and out of the banks of the city, 1899-1908
XXXV.—Seasonal variations in the relative demandJor money in certain cities as evidenced b y transfers of cash to them from
New York City b y the Treasury of the United States, 1899-1909
XXXVI.—Seasonal variations in the relative demand for money as evidenced b y exchange rates in New York City on London,
1890-1908
XXXVII.—Seasonal variations in exchange rates in New York City on London for the periods 1890-1899 and 1900-1908
XXXVIII.—Seasonal variations in the relative demand for money as evidenced b y exchange rates in New York City on Paris,
1899-1908
XXXIX.—Seasonal variations in the relative demand for money as evidenced b y exchange rates in New York City on Berlin,
1899-1908
XL.—Seasonal variations in the amounts of various kinds of money in circulation in the United States, 1890-1908
XLI.—Seasonal variations in t h e value of gold bullion deposited at the United States mints and assay offices, 1890-1908..
XLII.—Seasonal variations in the relative demand for money as evidenced b y monthly net imports and net exports of gold,
1890-1908
XLIII.—Seasonal variations in the relative demand for money as evidenced b y weekly n e t imports and net exports of gold
at New York, 1899-1908
XLIV.—Seasonal variations in the net balance of public moneys of the United States Government, 1890-1908
XLV.—Seasonal variations in the net balance of public moneys in Treasury offices of the United States Government and in
federal depositary banks, 1890-1908
XLVI.—Seasonal variations in the circulation of deposit currency as evidenced by weekly clearings in New York, 1890-1908.
XLVII.—Seasonal variations in the circulation of deposit currency as evidenced b y weekly clearings in Chicago, 1890-1908.
XLVIII.—Seasonal variations in the circulation of deposit currency as evidenced b y weekly clearings in St. Louis, 1890-1908.
XLIX.—Seasonal variations in the circulation of deposit currency as evidenced b y weekly clearings in New Orleans, 1890-1908.
L.—Seasonal variations in the circulation of deposit currency as evidenced b y weekly clearings in San Francisco, 1890-1908
LI.—Seasonal variations in the circulation of deposit currency as evidenced b y weekly clearings in continental United
States, 1890-1908
LII.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Atchison, Topeka and
Sante Fe Railroad bonds, adjustment gold fours of 1995, 1896-1908
LIU.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Atchison, Topeka and
Sante Fe Railroad bonds, general gold fours of 1995, 1897-1908
LIV.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Baltimore and Ohio Railroad bonds, first consolidated gold fours of 1948, 1900-1908
LV.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Central Pacific Railroad
bonds, first refunding gold fours of 1949, 1900-1908
LVI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Central Railroad of New
Jersey bonds, general gold fives of 1987, 1890-1908
LVII.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Chesapeake and Ohio
Railroad bonds, general gold four-and-a-halfs of 1992, 1893-1908
LVIII.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Chicago, Burlington and
Quincy Railroad bonds, Nebraska extension fours of 1927, 1890-1908
LIX.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Chicago, Milwaukee and
St. Paul Railroad bonds, general gold fours, series of 1989, 1890-1908
LX.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Denver and Rio Grande
Railroad bonds, first consolidated gold fours of 1936, 1890-1908
LXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Erie Railroad bonds, first
consolidated gold fours, prior lien of 1996, 1898-1908
LXII.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Hocking Valley Railroad
bonds, first consolidated gold four-and-a-halfs of 1999, 1900-1908
LXIII.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Iowa Central Railroad
bonds, first gold fives of 1938, 1890-1908
:
LXIV.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Long Island Railroad
bonds, unified gold fours of 1949, 1900-1908
LXV.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Louisville and Nashville
Railroad bonds, unified gold fours of 1940, 1898-1908
LXVI.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Missouri, Kansas and Texas
Railroad bonds, first gold fours of 1990, 1891-1908
LXVII.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Missouri Pacific Railroad
bonds, first consolidated gold sixes of 1920, 1890-1908
LXVIII.—Seasonal variations in the value of money as evidenced b y the fluctuations in the price of Missouri Pacific, St. Louis,
Iron Mountain and Southern Railroad bonds, general consolidated gold fives of 1931, 1894-1908




126
127
128
130
139
142
143
144
147
148
150
151
155
156
160
164
166
168
170
172
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199

LIST OF CHARTS.

9
Page.

LXIX.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of New York Central and
Hudson River Railroad bonds, gold three-and-a-halfs of 1997, 1899-1908
LXX.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of New York Central and
Hudson River Railroad bonds, West Shore guaranteed first fours of 2361, 1890-1908
LXXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of New York, Ontario and
Western Railroad bonds, first gold fours of 1992, 1893-1908
LXXII.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Norfolk and Western
Railroad bonds, first consolidated gold fours of 1996, 1897-1908
LXXIII.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Northern Pacific Railroad
bonds, prior lien gold fours of 1997, 1897-1908
LXXIV.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of St. Louis and San Francisco Railroad bonds, general gold fives of 1931, .1890-1908
LXXV.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of St. Louis Southwestern
Railroad bonds, first gold fours of 1989, 1892-1908
LXXVI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Southern Railway bonds,
first consolidated fives of 1994, 1895-1908
LXXVII.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Union Pacific Railroad
bonds, land grant gold fours of 1947, 1890-1908
LXXVIII.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of Wabash Railroad bonds,
first gold fives of 1939, 1890-1908
LXXIX.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of twenty-seven railroad
bonds, for periods varying from nine to nineteen years
LXXX.—Seasonal variations in the number of commercial failures in the United States, 1890-1908 (based upon Bradstreet's
figures)




200
201
2C2
203
204
205
206
207
208
209
210
220




Prefatory Note.
This monograph, which has been prepared in a comparatively short and limited time for the National Monetary
Commission in connection with its proposed work of currency and banking reform, is necessarily much more restricted
in its scope and in its thoroughness than the writer would expect to make it were ample time available. I t suggests
many more problems than it solves, and gives many important phases of the subject inadequate treatment, as, for
example, seasonal movements in interest rates, the causes of seasonal fluctuations in various money-market data,
and the correlation of such fluctuations.
The monograph has involved a very large amount of statistical work. Most of the computations were done by
students in Cornell University. All computations were carefully checked at least once, and many of them twice.
While it is perhaps too much to expect that all errors should be eliminated in the millions of separate operations
involved in such a study, it is believed that errors in computations are few and will to no appreciable extent affect
the result.
I n the preparation of the monograph the writer has obtained assistance from a large number of persons in
different sections of the country. In most cases the responses to requests for information have been generous, and
the writer wishes to take this opportunity to thank the many persons who have given valuable time to the answering
of his numerous letters of inquiry. Acknowledgment for special assistance with reference to different subjects is
made in the appropriate places in the text of the monograph. The writer wishes to express his thanks particularly
to Mr. Fred I. Kent, vice-president of the Bankers Trust Company, of New York; Mr. James H . Brookmire, of St.
Louis; and Dr. A. Piatt Andrew, Assistant Secretary of the Treasury, who have rendered most valuable assistance
in connection with the preparation of various parts of the report. Mr. A. M. Fox, a student in Cornell University,
has rendered valuable service in connection with the preparation of the charts and tables. Prof. William A. Scott's
paper on " R a t e s on the New York money market, 1896-1906" (in the Journal of Political Economy, May, 1908),
while nowhere specifically referred to in the text of the report, has been found very helpful. Acknowledgment is
also made to Mr. Charles A. Conant for suggestions with reference to the New York money market.
SEPTEMBER 17,




1910.

11




SEASONAL VARIATIONS IN THE RELATIVE DEMAND FOR MONEY AND CAPITAL IN THE
UNITED STATES-A STATISTICAL STUDY.
CHAPTER

1.—INTRODUCTION.

The most common criticism of our American currency
system is its alleged inelasticity or irresponsiveness to
trade demands, this inelasticity is sometimes considered
with particular reference to panic periods which occur at
more or less irregular and widely separated times, and
sometimes with particular reference to regularly recurring
seasonal fluctuations in the demand for money and
loanable capital. This study is concerned primarily
with such seasonal fluctuations. Its object is to throw
light upon the regularity and the extent of these seasonal
fluctuations,
upon the degree to which our currency
and credit system responds to them, and finally to show
some of their probable effects upon general economic
conditions as exemplified in such phenomena as security
prices, commercial failures, and panics. While some
attention will be paid to the causes of these seasonal
fluctuations, the primary object of the investigation is to
show what are the normal seasonal fluctuations which are
actually taking place; and an adequate study of causes
must be postponed until a future time. a
The study is based upon the nineteen-year period
1890-1908, so far as data for this period are available.
New York City is treated as a representative city for the
Eastern States and New England, and also to some
extent for the United States as a whole. I t is moreover
used as a basis with which to compare other cities and
sections. Chicago and St. Louis are treated as representative of the Middle West, the latter city also to some
extent as representative of money-market conditions in
the South. New Orleans represents the South, and San
Francisco the Pacific States.
Seasonal variations in the demand for money and
capital can only be studied indirectly through their
expression in such money-market data as interest rates;
bank loans, deposits, and reserves; domestic exchange
rates and interior currency shipments; foreign exchange
rates and the movement of gold; amounts of money in
circulation; clearings; and the like. I t is upon such data,
a Jevons, in concluding his valuable essay, written in 1866, " O n the
Frequent Autumnal Pressure in the Money Market, and the Action of
the Bank of England," said: " I take it * * * that careful
observation and comparison of the fluctuations of the money market
are sufficient to enable us to avoid the inconveniences of these pressures.
We should learn to discriminate what is usual and normal in the changes
of the bank accounts, from what is irregular or abnormal. I t is a
matter of skill and discretion to allow for the normal changes. I t is
the abnormal changes which are alone threatening. * * * " (Investigations in Currency and Finance, London, 1884, p. 181).




collected in part directly from bankers and public officials
and in part compiled from government reports and the
financial press, that this study is based.
STATISTICAL METHOD.

Throughout the report the various kinds of moneymarket data are combined in two ways: First, a simple
average of the figures themselves; and second, a simple
average of index numbers. The first way may be
illustrated by reference to the figures for call rates of
interest in New York City. a The average rate for each
week of the nineteen years, 1890-1908, was taken, and
each year was adjusted 6 so as to conform to the nearest
fifty-two complete weeks. The rates for the first
weeks of the nineteen years (1890-1908) were then
averaged together, then the rates for second weeks, and
so on through the fifty-two weeks of the year. The
resulting composite is taken as evidence of the extent of
seasonal variations. during what is considered a typical
year for the period.
In computing index numbers 0 the following method was
employed: Each year was taken as a unit; the average
rate for the lowest week in each year was designated by
an index number of 0, the average rate for the highest
week in the same year by an index number of 100, and the
average rate for each of the other fifty weeks was prorated. d The weekly index numbers so obtained for each
of the nineteen years were combined by averaging together those of the nineteen first weeks, then those of the
nineteen second weeks, and so on through the fifty-two
« Cf. p p . 15-17.
& In adjusting the weeks at the beginning and end of the year, overlapping weeks in which four or more days fell in the new year were
counted as the first week in that year, those in which less than four days
fell in the new year were counted as the last week in the previous year.
The first week may therefore represent seven days ending on any date
from January 4 to 10, and the last week may represent seven days
ending on any date from December 28 to January 3.
In order to assist the reader to locate approximately the dates of the
different weeks, there is given on each table and chart (based upon
weekly figures) a schedule of months adjusted to a year in which
January 1 falls on Sunday.
cAs shown in this paragraph, the word " i n d e x n u m b e r , " is used
in this study in a somewhat different sense than that in which it is
commonly employed.
d For example, if the average rate for the minimum week were 2 per
cent, and the average rate for the maximum week were 8 per cent, these
rates would be represented by index numbers, respectively, of 0 and
100; and a rate of, say, 6 per cent would be represented b y an index
number of 66.6 (i. e., ^Q~2)

X 100).
13

14

NATIONAL MONETARY COMMISSION.

weeks of the year. The resulting composite is treated as
evidence of the regularity of seasonal variations during
the period, or, more correctly, of the degree to which the
low rates, whatever they are, tend to cumulate at certain
seasons, to which the high rates tend to cumulate at certain other seasons, etc. If the maximum weekly rate for
the year should in every year occur in the same week, the
average index number for that week obviously would be
100, and if the minimum weekly rate in every year should
occur in the same week, the average index number for
that week would be 0.
I t is evident that if the range between the highest rate
and the lowest rate in the different years should be
approximately the same, the fluctuations portrayed by
the curve of average rates and those portrayed by the
curve of average index numbers would be closely parallel.
Such appears to be the case in a large proportion of the
money-inarket data studied.
This type of index number has the following important
advantages for a study like the present one:
First, by reducing the influence of abnormal and
extreme rates it prevents a few such rates from unduly
distorting the story told by the averages. This advantage is an important one in the case of rates, like call
interest rates for example, which are liable to occasional
extreme fluctuations.0
Second, this type of index number enables one to
reduce the seasonal fluctuations in all kinds of moneymarket data to a single common denominator, i. e., the
range for each year, thus rendering them readily comparable. By this means one can easily compare the evidence as to seasonal variations in the demand for money
and capital afforded by such diverse data as interest
rates, bank loans, ratios of bank reserves to deposits,
domestic and foreign exchange rates, currency shipments, and security prices. I n a study like the present
one this advantage is very great.
A third advantage consists in the fact that each year
being taken as a unit, average figures are not materially
influenced by permanent and nonseasonal changes in the
« The point may be illustrated by two extreme examples.
The average rate of interest for call loans on the New York Stock
Exchange for the forty-fourth week of the year in 1907 was 50 per cent
and the index number for this week was 100. For the nineteen years
(1890-1908) the average rate was 7.08 per cent, and the average index
number was 32.9. If the year 1907 were omitted from the average, the
average rate for the eighteen years would have been reduced from 7.08
per cent to 4.7 per cent, while the average index number would have
been reduced only from 32.8 to 29.1. (Cf. p. 15.)
Again, during the panic of 1907 New York exchange in San Francisco
declined from 70 cents discount in the thirty-ninth week to $10 discount
in the fortieth week. For the eight-year period 1901-1908 the average
rate for the fortieth week was $1,006 discount, and the average index
number of rates was 46.3. Eliminating the year 1907 and taking the
average figures for the other seven years of the period, the average rate
is changed to 13.6 cents premium, while the average index number of
rates is only increased to 52.9. The average index number of rates for
the fortieth week therefore is in this case a reasonably typical figure;
the average rate is very misleading. (Cf. pp. 94-95.)



level of the figures. The monthly bank-note circulation
of the country during the five years 1890-1894 was low,
ranging between $162,400,000 (July, 1891) and $202,600,000 (October, 1894); that for the five-year period
1904-1908 was high, ranging from $410,700,000 (January,
1904) to $672,000,000 (January, 1908). (Pp. 381-385.)
An increase of say 10 per cent during a year in the latter
period would obviously have a much greater influence
upon the average monthly circulation for the nineteen
years than would an increase of 10 per cent in the former
period. I t would, however, have essentially the same
significance for each of the periods, from the standpoint
of seasonal variations in the bank-note circulation. Such
permanent changes in the levels of the figures compared
have, however, little influence upon the evidence as given
by the index numbers, since the index numbers are adjusted to the new level each year. They show the rise
and fall of the waves, but are not materially influenced
by the changing level of the lake.
A fourth, though minor, advantage is the fact t h a t the
citation of an index number enables one to locate quickly
the relative position in the period of the particular r a t e
(or figure) which it represents. If one says the call
interest rate for the twentieth week of a particular year
was 5 per cent and the loans of the New York associated
banks were one billion dollars, a reference to the figures
for the other weeks is necessary before he can say whether
the cited figures were relatively high or low for the year
in question. When one says, however, that the index
number for call rates in the twentieth week was 7, he
knows that it was a low week for that year, because t h e
index numbers ranged from 0 to 100; and if he says t h a t
the index number for loans was 90, he knows that this
was a high week for that year.
The most obvious defect of this type of index number is
the counterpart of the first advantage mentioned above.
While it minimizes the influence of extreme fluctuations,
it sometimes exaggerates small fluctuations.0
With reference to this obviously valid objection it m a y
be said that the index numbers are used in this study
primarily to show, not the extent of the seasonal fluctuations, but the degree to which the fluctuations which d a
take place are seasonal in character. In each instance,
moreover, the rates are given along with the index n u m bers for purposes of comparison, and curves representing
both the average rates (or amounts) and the average index
numbers are plotted on most of the charts. Whenever
the curve of average rates moves materially away from
the curve of average index numbers it is probable t h a t
there were some extreme or exceptional rates during one
or a few years of the period. These m a y b e readily traced
o To illustrate again by an extreme example: During the year 1904
call rates varied from three-fourths per cent to 3 | per cent, and during
1907 they varied from If per cent to 50 per cent. Each of the minimum rates was counted as an index number of 0 in the average for thenineteen-year period, and each of the maximum rates was counted as
an index number of 100.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
by reference to the tables in the appendix, which give for
each week (or month) of the period both the rate and the
ndex number.
Having explained the object of this investigation and
the statistical method to be employed, we may proceed
to the consideration of the principal topics to be studied,
which are:
1. Seasonal variations in the relative demand for
moneyed capital (or loanable capital) in different parts
of the United States as exemplified in money-market
figures in certain representative cities.
2. Seasonal variations in the relative demand for
money in different parts of the United States as exemplified by domestic-exchange rates and interior currency
movements.
3. Seasonal variations in the relative demand for
money in different parts of the United States, compared
with t h a t in foreign countries as exemplified by foreignexchange rates and gold imports and exports.
4. Seasonal variations in the supply of different kinds
of money and of total money in circulation in the United
States.
5. Seasonal variations in the supply of deposit currency as evidenced by clearing-house transactions in certain representative cities and in the country as a whole.
6. Seasonal variations in commercial phenomena, such
as bond prices and commercial failures, which might be
expected to be influenced by seasonal variations in the
relative demand for money and capital.
CHAPTER II.—SEASONAL VARIATIONS IN THE RELATIVE
DEMAND FOR MONEYED CAPITAL IN N E W YORK
CITY.

The best available criteria of the demand for loanable capital a relative to the supply are probably found
in interest rates and in the ratios of bank reserves to
deposits. These items will each be studied for New
York City, and the figures for bank reserves will then
be studied for Chicago and St. Louis as representative
cities for the Middle West, for New Orleans as a representative city for the South, and for San Francisco as a
representative city for the Pacific coast.
N E W YORK

CITY.

New York City, being the country's largest city and
its commercial and financial capital, may well be taken
as a basic point in our investigation. Its money market
reflects well the financial conditions in the Eastern States
and New England, and to a large extent those of the
rest of the country.
«The expressions "loanable capital" and "moneyed capital" are
used interchangeably throughout this report. Cf. Johnson, Money
and Currency, pp. 135-140.




15

CALL INTEREST RATES.

(Chart I,<* Tables I and 1.6)

Call rates on the New York Stock Exchange may perhaps best be considered first as a criterion. They are
based upon loans of bank and trust company balances,
and, being payable on demand and renewable from day
to day at the prevailing rates, reflect more promptly,
probably, than any other kind of money market rates
the immediate condition of the market. They refer to
the present and do not to any great extent represent a
discounting of the future. For this reason and because
they apply largely to loans made for speculative purposes, they are highly sensitive rates.
What are the principal seasonal movements portrayed
by Chart I, and to what extent are the average figures
for the period representative of the fluctuations for the
individual years ?
TABLE I.—Seasonal variations in the relative demand for moneyea capital
as evidenced by interest rates, call loans, New York Stock Exchange.
Average cfigures,1890-1908.
1890-1908.

Month and week.d

1890-1908.

Average Average
index
rate.
numbers.«

Month and week.

Per cent.
Jan.—1..
2..
3..
4..
Feb.—5.
6.
7.
8.
Mar.—9.
10.
11.
12.
Apr.—13
14
15
16.
17.
May—18.
19.
20.
21.
June—22
23
24
25
July—26.

6.42
1

3.62
2.84
2.50
2.45
2.39
2.54
2.70
2.97
3.58
3.85
3.24
3.62
4.00
3.78
3.03
2.94
3.37
3.47
2.64
2.44
2.28
2.31
2.41
2.51
3.50

July—27
23.8
28
14.9
29
11.9
30
11.1
Aug.—31
10.1
32
9.8
33
13.4
34
15.1
Sept.—35
19.7
36
22.4
37
19.2
38
22.0 1
39
23.8
Oct.—40
23.1
41
42
17.5
15.4
43
19.3 L Nov.—44
19.5 ,
45
13.9
46
11.2 |
47....*
9.6 ! Dec—48
43.4

8.0

49

7.7 |i
8.0 '

50
51
52

16.4 !

Average Average
index
rate.
number.«
r cent.
3.43
2.92
2.30
2.37
2.45
2.54
2.64
3.66
3.04
4.13
4.16
4.33
4.23
4.48
3.97
3.56
6.53
7.08
5.44
4.80
4.25
3.95
4.85
5.49
6.64
7.38

13.6
9.6
5.3
5.6
6.0
6.3
7.4
13.6
12.3
20.7
23.4
30.6
29.6
27.9
24.4
19.4
29.3
32.9
30.3
26.1
26.1
26.8
30.3
39.2
46.1
49.3

a On each chart the figures for the first week (or month as the case may be) are
plotted twice, once at the beginning of each curve and once at the end. The latter
point should not be thought of as " the beginning of a new year," but rather as the
completion of the annual cycle (as it would appear on a circular diagram).
6 Tables are numbered consecutively, Roman numerals applying to those of the Text
and Arabic numerals to those of the Appendix.
c Figures by weeks for the individual years are given in Table 1 of the Appendix (pp.
235-236).
d For explanation of schedule of weeks and months see p . 13, note &.
e For explanation of method of computing index numbers, see pages 13-14.

CHART I.

Seasonal Variations
He

w

70

fo/af/vc Demand for Moneyec/ Cap/fa/
as Evidenced bq

i\

tnferesf Kates t Calt Loans,

Co

New Tort Sfock Exchange,

t8a0'i?08.

SO

20

index Numbers
interest Kates

\WeekA
Worths January

(16)




\Februorif

•

\

March

\

fiprtf

\

Afoif

\

J^nne

|

\Ju/if

\

ftt/qust

\Sepf&mber\0cfo$er

\/Voveml>er

\Q*eer*$*r

\

Jon.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
A reference to Chart I and to the tables upon which
it is based 7 reveals six general movements and one minor
movement which are fairly pronounced and regular in
their occurrence. They are:
First. A decline takes place from the beginning of the
year until the latter part of February, being most pronounced in the second and third weeks of January. The
average rate fell from 6.42 per cent in the first week to
2.54 per cent in the seventh week, and the average index
number fell from 43.4 to 9.8. With the exception of
the year 1895, the seventh week was lower than the
first week in every one of the nineteen years. The maximum index number in the seventh week was 29.2, while
nine index numbers in the first week exceeded that figure, eight of which were above 50.°
Second. There is an advance from the latter part of
February to the fore part of April. From 2.54 per cent
for the seventh week the average rate advanced to 4 per
cent for the fourteenth week, while the average index
number advanced from 9.8 to 23.8. The fourteenth week
was higher than the seventh week in thirteen of the nineteen years; in four years the figures for the two weeks
were the same, leaving only two years in which the
fourteenth week was the lower. Taking the index number 25 as an arbitrary dividing line, we find that eighteen
of the index numbers for the seventh week were below
that figure, while twelve for the fourteenth week were
below it.
Third. A decline takes place from the fore part of April
to the latter part of June. The average rate fell from
4 per cent in the fourteenth week to 2.51 per cent in the
twenty-fifth week, while the average index number fell
from 23.8 to 8. A reference to the figures for the individual years shows that this decline is a fairly regular
one, the twenty-fifth week being higher than the fourteenth in only two years out of the nineteen. 6 I n the fourteenth week the index number was below 25 (a figure
selected arbitrarily) in twelve years, while in the twentyfifth week it was below 25 in eighteen years. The minimum rate for the year occurred in the twenty-fifth week
five times, and not once in the fourteenth week.
Fourth. The minor movement represented by the
sharp advance and almost equally sharp decline about
the lastf of June and the first of July is deserving of passing notice because of the regularity of its occurrence.
The average rate advanced from 2.51 in the twenty-fifth
week to 3.56 in the twenty-sixth, while the average index
number advanced from 8 to 16.4. In only one year
(1900) of the nineteen c was the twenty-sixth week
lower than the twenty-fifth, and in this year the difference was only that between If per cent and If per cent.
The twenty-fifth week had six index numbers above 5,
«A brief discussion of the causes of these seasonal movements will
be found on pages 28-30.
& In two years the figures for the fourteenth and twenty-fifth weeks
were the same.
c In four years the rates for these two weeks were the same.
16065°—11
2




17

while the twenty-sixth week had twelve. A sharp decline took place in the next two weeks of July, the average rate dropping from 3.56 per cent in the twenty-sixth
week to 2.3 per cent in the twenty-ninth, and the average index number from 16.4 to 5.3. In only two years
(1896 and 1899) was the twenty-ninth week higher than
the twenty-sixth, and in these years the difference was
very slight; in thirteen years the twenty-ninth week
was the lower, and in four years the figures for the two
weeks were the same.
Fifth. Beginning with the twenty-ninth week (latter
part of July)—the week of lowest average index number in the year—there is an advance until the latter part
of September. From the twenty-ninth week to the
thirty-eighth week the average rate advanced from 2.3
per cent to 4.33 per cent, and the average index number
from 5.3 to 30.6. Sixteen of the nineteen years showed
a higher rate in the thirty-eighth week than in the
twenty-ninth, one year (1893) showed a lower rate, and
the other two showed the same rate for the two weeks.
For the twenty-ninth week the maximum index number
was 28.6 and sixteen of the individual index numbers
were below 10; for the thirty-eighth week there were
five index numbers above 30, including three of 100, and
there were only five below 10.
Sixth. The relatively high level of average figures
reached the latter part of September is maintained until
the fore part of December, with the exception of two
minor declines which did not take place in a sufficient
number of years to be considered as representative. 0
During this period, however, the rates from year to year
exhibited much irregularity. For the nineteen years
there were ninety-five index numbers in the forty-fourth,
forty-fifth, forty-sixth, forty-seventh, and forty-eighth
weeks together, and of this number there were fifty-three
below 25, twenty-five between 25 and 49, ten between 50
and 74, and seven between 75 and 100.
Seventh. Throughout December there occurs an increase in call rates, reaching the maximum figure for the
year in the fifty-second week. The average rate rose
from 3.95 per cent in the forty-eighth week to 7.38 per cent
in the fifty-second week, while the average index number
rose from 26.8 to 49.3. This upward movement of the
average figures in December was due more to a few very
high figures than to any strong tendency for rates to
advance at this time. The fifty-second week was higher
than the forty-eighth in eleven years, lower in seven
years, and the same in one year. Two index numbers in
the forty-eighth week were above 40, the highest of which
was 91.7; eleven index numbers in the fifty-second week
were above 40, four of which were 100.
a These two declines reached their low points in the forty-second
week and the forty-sixth week. In ten of the nineteen years the
forty-second week was lower than the thirty-eighth, in seven it was
higher, and in two it was the same; in ten years likewise the fortyseventh week was lower than the forty-fourth, in seven it was higher,
and in two it was the same.

NATIONAL MONETARY COMMISSION.

18

which level it remains through the seventh week. I n
seventeen of the nineteen years the fourth week was lower
than the first, and in t h e other two years the rates for
(Chart II, Tables I I and 2.)
the two weeks were t h e same. The first week had nine
Interest rates on sixty to ninety day commercial paper index numbers above 50, of which five were 100; it had
should be one of the best criteria of seasonal variations five below 25, of which none were 0; the fourth week, on
in the relative demand for loanable capital. Such rates the other hand, had three above 50, of which none were
represent for the most part conservative business trans- 100, and it had eleven below 25, of which four were 0.
actions, and are the rates at which a very large volume The rates for the seventh week were in most years little
of business is normally transacted. Representing as they different from those of the fourth.
do contracts covering a definite period of time, they anSecond. From the latter part of February until t h e
ticipate market conditions for the period during which latter part of March the movement is upward. The averthe loans are to run. The movements of such rates may age rate rose from 4.28 per cent in the seventh week t o
therefore be expected to be normally somewhat earlier 4.76 per cent in the eleventh week, while the average index
than the corresponding ones for call rates. A reference number rose from 22.2 to 40. I n fourteen years the
to the chart and to the tables reveals six fairly pronounced eleventh week was higher than the seventh, in two it
seasonal movements as follows:
was lower, and in three the rates for the two weeks were
TABLE II.—Seasonal variations in the relative demandfor moneyed capital the same. The seventh week had eleven index numbers
as evidenced by interest rates on sixty to ninety day, two-name, prime below 25, three of which were 0; t h e eleventh week had
commercial paper, New York City. Average figures 1890-1908.°
only three below 25, none of which were 0.
Third. Beginning with the latter part of March there is
1890-1908
1890 1908
a fairly regular decline until the lowest point of the year
is reached, about the middle of June. The average rate
Month a n d week.
M o n t h a n d week.&
Average
Average Average
Average
index
index
which was 4.76 per cent in the eleventh week, fell to 4.1
rate.
rate.
number.c
number.c
per cent the twenty-fourth week, while the average index
number fell from 40 to 15.3. Fifteen of the nineteen
Per ct.
Per ct.
July—27
4.53
25.0
53.1
4.97
Jan.—1
years showed a decline from the .eleventh week to the
28
4.61
26.9
41.5
4.73
2
twenty-fourth, two showed an advance, and two showed
3 .
29
4.56
31.2
4.46
31.1
no change. The eleventh week had four index numbers
22.7
4.28
30
4.61
33.5
4
22.9
4.27
Aug.—31
4.64
35.2
Feb.—5
of 25 or below, of which none were 0; the twenty-fourth
22.1
4.31
32
4.84
6
40.5
week, on the other hand, had fifteen of 25 or below, of
22.2
4.28
33
4.92
7
43.7
26.5
4.37
which seven were 0.
34
5.32
49.5
8
32.6
4.57
Sept.—35
5.25
51.8
Mar.—9
Fourth. From the lowest point of the year, in the latter
<*34.3
d/4.64
36
10
5.26
55.4
part of June, there is a rapid advance to the highest point
40.0
4.76
11
37
5.05
57.5
39.6
4.80
38
12
5.33
64.7
of the year, about the last week of September. The aver38.1
4.78
39
5.30
63.2
Apr.—13
age rate rose from 4.1 per cent in t h e twenty-fourth week
36.7
4.66
Oct.—40
14
d5.15
<*61.7
to 5.33 per cent in the thirty-eighth, while the average index
33.4
4.57
15
41
<*61.5
<*5.14
31.9
4.51
42
16
«53.2
«4.87
number rose from 15.3 to 64.7. I n every one of the nine27.5
4.41
17
43
«51.4
«4.85
teen years the rate for the thirty-eighth week was much
26.9
4.39
May—18
Nov.—44
<*48 9
<*4.87
24.5
4.35
higher than that for the twenty-fourth. The maximum
19
^51.3
45
<*4.87
22.7
4.33
20
d53 5
46
<*5.03
index number in the twenty-fourth week was 45.5; there
19.9
4.24
21
47
<*46 0
<*4.70
were twelve index numbers in the thirty-eighth week above
17.1
4.12
June—22
Dec.—48
48 6
4.82
15.8
4.08
this figure, of which five were 100; on the other hand, the
23
49 . .
<*47 8
<*4.71
15.3
4.10
24
50
d7i 6
d 4.78
minimum index figure in the thirty-eighth week was 18.4,
18.4
4.33
25
e49 3
51
« 4.80
and there were eleven index numbers in the twenty-fourth
22.0
4.46
July—26
52
e 52.2
«4.87
week below this figure, of which seven were 0.
1
a Figures by weeks for the individual years are given in Table 2 of the Appendix
Fifth. Having reached the highest point of the year
(- p . 237-238).
TC p. 13, note (b).
>Cf.
about the last week of September the average index numc For explanation of method of computing index numbers, see pages 13-14.
d Average covers only 18 years.
ber declines, reaching a somewhat lower level about t h e
« Average covers only 17 years.
/ There is slight error in the average rate for this work as plotted on the Chart. This
1st of November, at which it continues with minor flucis the correct figure.
tuations until the end of the year. From t h e thirtyFirst. Starting at a high level the 1st of January there eighth week until the forty-fourth week the average rate
is a sharp decline throughout the month, the average rate fell from 5.33 per cent to 4.87 per cent, and the average
falling from 4.97 per cent in the first week to 4.28 per cent index number from 64.7 to 48.9. Of the eighteen years
in the fourth week, where it remains through the seventh for which satisfactory figures for these two weeks are
week, and the average index number falling from 53.1 in available thirteen had lower rates in the forty-fourth week
the first week to 22.7 in the fourth week, at substantially than in the thirty-eighth. The maximum rate for the

I N T E R E S T R A T E S ON SIXTY TO N I N E T Y D A Y , T W O N A M E , P R I M E




MERCIAL

PAPER.

COM-

CHART II.

Seasonal Variations
inffte

Relative Demand for Moneyed Capital
Us Evidenced by
- Inferesf Rotes, New York, on GO to <70 Oau
Two Nome Commercial Paper, fS?0 -/fOS.

Index Humbers
Inferesf /Coles

to

\Wee£4
Jo/n/osy




\fet>ruort/

\

March

/s
\

Aprs'/

2

70.
I,

Mo 14

\

*June

I

*Jul<4

I /Jugg^t

\&epfember\

October

\//ovcmbcr

\ December

\^Jart.

(19)

20

NATIONAL MONETARY COMMISSION.

year occurred in the thirty-eighth week five times and not
once in the forty-fourth week.
The comparatively high level of the forty-fourth week
is maintained for the remainder of the year. I n eight
years (of the seventeen for which satisfactory figures are
available) the rate for the fifty-second week was higher
than for the forty-fourth, in six it was lower, and in three
years it was the same for the two weeks. The fiftysecond week has five 100.

A comparison of the chart for interest on four-months
paper with that (Chart II) for interest on sixty to ninety
day two-name commercial paper, reveals a very striking
similarity in the movement of the two sets of curves.
Differences consist principally in the fact t h a t minor fluctuations are more common in the case of four-months
paper, and in the fact that four-months paper, anticipating a money market extending farther into the future,
appears to begin its principal seasonal movements slightly
earlier than commercial paper.®
INTEREST RATES ON POUR-MONTHS TIME PAPER.
Five general seasonal movements, and one minor movement of some importance, appear to exist for interest
(Chart III, Tables III and 3.)
rates on four-months time paper. They are:
Four-months time paper by reason of its large and
First. A sharp decline takes place during January.
apparently growing importance in the New York money The average rate declined from 4.8 per cent for the first
market is a valuable criterion of seasonal variations in the week to 4 per cent for the fourth; the corresponding
rates for time loans. a
average index numbers were 57.4 and 29. I n sixteen of
the nineteen years the fourth week was lower than the
TABLE III.—Seasonal variations in the relative demand for moneyed capital as evidenced by interest rates, four months' time paper. New York first (in ten of which the index number was half or less);
in the other three years the index number was the same
City. Averagefigures1890-1908. &
for both weeks. I n five of the nineteen years the maxi1890-1908
1890-1908
mum rate for the year occurred in the first week; in none
did it occur in the fourth; in three of the years the miniMonth and week.c
Month and week.c
Average
Average
mum rate for the year occurred in the fourth week, and
index
Average
Average
index
rate.d
numnumrate.rf
in one year it occurred in the first.
ber.«
ber.*
Second. An advance begins about the first of February
Per cent.
Per cent.
and culminates the fore part of March. The average rate
/3.6
57.4 J U l y _ 27
4.8
Jan.— 1
/17.6
advanced from 4 per cent in the fourth week to 4.4 per
/3.9
46.8
2
28
4.5
/26.2
/3.9
35.7
4.2
3
Z27.5
29
cent in the tenth. The corresponding average index
4.2
29.0
4.0
30
4
34.3
numbers were 2.9 and 44.4. I n thirteen of the nineteen
/4.1
29.6 Aug.—31
4.0
Feb.— 5
Z35.9
years the tenth week was higher than the fourth (in nine of
/4.2
30.8
4.1
32
6
/38.5
/4.4
37.3 I
4.2
7
33
Z46.2
which the index number was not less than twice as high);
39.1
4.3
34
8
/4.6
/49.7
in one year it was the same for both weeks and in five
33.3 Sept.—35,
4.2
Mar.— 9
52.4
4.7
years the tenth week was the lower. Taking 25 arbi44.4
4.4
10
36
58.2
4.8
43.1
4.5
11
37
trarily as a dividing line we find that the tenth week had
/64.2
/4.9
43.4 I
4.4
38
12
68.4
only three index numbers below 25, while the fourth week
5.1
37.8
4.3
39
61.1
Apr.—13
5.0
had eight.
38.0 Oct.— 40
4.3
14
63.1
4.9
36.7
4.3
41
15
Third. A decline beginning the fore part of March
60.9
5.0
31.9
4.1
42
16
54.5
reaches the lowest point of the year the fore part of June.
4.9
27.4
4.0
43
/54.0
17
/4.8
The average rate declined from 4.4 per cent in the tenth
25.3 Nov.— 44
3.9
/49.8
May—18
/4.6
28.5
3.9
45
Z55.5
19
week to 3.4 per cent in the twenty-third week; the correM.7
25.3
3.9
46
0 52.4
20
sponding index numbers were 44.4 and 13.1. I n sixteen
0 4.5
19.8
3.7
47
Z54.7
21
/4.6
of the eighteen years (for which quotations for these two
19.3 Dec—48
3.6
0 48.6
Jane—22
04.3
/52.1
49
/13.1
/3.4
weeks are available), the twenty-third week was lower
23
/4.5
18.1
50
3.7
64.8
24
than the tenth (in twelve of which it was half or less); in
5.0
20.0
3.7
51
59.9
25
4.9
two years the twenty-third week was the higher. I n nine
52
/16.4
/3.6
Z58.7
July—26
/4.7
different years the minimum rate for the year occurred
in the twenty-third week, while the lowest rate for the
a Regarding the use of four-months time loans, Mr. Fred I. Kent, vice-president of
the Bankers Trust Company of New York, writes: " They are mostly against drafts
tenth week was 8.3.
drawn under letters of credit, and the time of four months is asked by importers
i

instead of three months, due to several reasons: First, because the goods are in transit
for a longer period than two and three months' credits are asked for, due either to distances the goods have to travel or the kind of ships used to carry them; second,
because of a wider difference in time between the purchase by the importer and his
opportunity to turn them over."
Four-months time loans are also said to be used in large and increasing amounts bybrokers and others for obtaining control of funds for speculative purposes at times such
as the late summer and early fall, when the prospects are for strong advances and for
much uncertainty in call rates and rates on short time paper.
b Figures by weeks for the individual years are given in Table 3 of the Appendix
(pp. 239-240).
c Cf. p. 13. note b.
d For explanation of method of computing average rates, see p. 13.
e For explanation of method of computing index numbers, see pp. 13-14.
/Average covers only 18 years.
0 Average covers only 17 years.




« The January declines for both reach their low point in the fourth
week; the spring advance reaches its high point for four-months paper
in the tenth week, and for commercial paper in the eleventh week;
four-months paper reaches its minimum for the year in the twentythird week, and commercial paper reaches its minimum in the twentyfourth week; both reach their maximum for the year in the thirtyeighth week. Four-months paper reaches its high point for the last
part of the year in the fiftieth week, two weeks earlier than commercial
paper.




CHART III.

NATIONAL MONETARY COMMISSION.

22

Fourth. Beginning with the minimum point of the year
the forepart of June a pronounced rise takes place to the
maximum for the year the latter part of September. The
average rate advanced from 3.4 per cent in the twentythird wTeek to 5.1 per cent in the thirty-eighth; the corresponding average index numbers were 13.1 and 68.4. I n
every year but one the index number for the thirty-eighth
week was at least twice as high as that for the twentythird week, and in eleven of the eighteen years (for which
quotations are available for these two weeks) it was more
than five times as high. I n four years the maximum
rate for the year occurred in the thirty-eighth week; in
no year did the minimum rate occur in that week.
Fifth. A decline interrupted by minor advances takes
place from the latter part of September until the fore
part of December. The average rate declined from 5.1
per cent in the thirty-eighth week to 4.3 per cent in the
forty-eighth; the corresponding average index numbers
were 68.4 and 48.6. I n twelve of the seventeen years (for
which quotations for these two weeks are available) the
forty-eighth week was lower than the thirty-eighth, in
two years the rates for the two weeks were the same, and
in three years the forty-eighth week was the higher. The
forty-eighth week had eight index numbers (out of seventeen) below 50, while the thirty-eighth week had only
five out of nineteen below that figure.
Sixth. There is a minor advance during the first half
of December followed by a slight decline during the second
half. The average rate advanced from 4.3 per cent in the
forty-eighth week to 5 per cent in the fiftieth; the corresponding average index numbers were 48.6 and 64.8.
From this point there was a decline to the fifty-second
week, the average rate falling to 4.7 per cent and the
average index number to 58.7. I n ten of the seventeen
years (for which quotations are available for both of these
weeks) the fiftieth week was higher than the forty-eighth,
in three the rates for both weeks were the same, and in
four the fiftieth week was the lower. Ten of the eighteen
years (for which figures for both weeks are available) had
lower rates in the fifty-second week than in the fiftieth,
four years had the same rates for these two weeks, and
four years had the higher rates in the fifty-second week.
RATIOS OF RESERVES TO DEPOSITS OF NEW YORK CITY
CLEARING-HOUSE BANKS.

(Charts IV and V, Tables IV and 4.)

A second criterion of seasonal variations in the relative
demand for moneyed capital is found in the variations in




the percentages or ratios of reserves to deposits of the
more important commercial banks—these variations
being interpreted in the light of the seasonal variations in
the amounts of loans, deposits, and reserves.
An increase in the demand for loanable capital relative
to the supply would obviously* normally tend to find expression in a reduction of the percentage of reserves. The
tendency would be for banks to loan up to the limit of
their reserves in order to meet the demand and realize the
largest possible profit. This decrease in the ratio of reserves to deposits obviously might take place through an
increase in deposits resulting from increased loans, or
through a decrease in the reserves resulting from increased
withdrawals of cash, or from both. I t is merely a question of change in proportions.
There will be found in Table 4 (pp. 241-259) figures by
weeks for the nineteen years (1890-1908) for ratios of
reserves to deposits, amounts of reserves, amounts of deposits, and amounts of loans, for the New York City clearinghouse banks. There are also given index figures for the
reverse of ratios of reserves to deposits, or, more correctly
speaking, figures representing the curve for index numbers
of ratios of reserves to deposits, as t h a t curve would appear
if it were reflected in a mirror. This reverse curve would
obviously tend to vary according to variations in the
relative demand for moneyed capital.
In the interpretation of curves showing variations in
amounts, rather than in rates, such as the amounts of
loans, deposits, reserves, and the like, it should be noted
that, in the absence of any tendency toward a seasonal
fluctuation, the curves would move steadily upward from
the first week in January to the last week in December
in response to the normal increase in the country's population and business. a The average amount of loans for
the last week of the year, for example, would be higher
than for the first week simply because the last week represents conditions nearly a year later in a developing
country. Inasmuch as the type of index numbers used
in this study designates the lowest weekly amount for
each year by an index number of 0, and the highest
weekly amount by an index number of 100, the curve of
index numbers for amounts, in the absence of any seasonal variations, would rise continuously from 0 in the
first week to 100 in the last week.
a If the amounts studied were normally declining ones, like the
amounts of national bank notes in circulation during the years 18831889, the curves would tend to fall from a maximum in the first week
of January to a minimum in the last week of December, provided of
course there were no seasonal variations.

SEASONAL DEMAND FOR MONEY AND CAPITAL.

23

TABLE IV.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of New York City clearing-house banks.

Average figures

1890-1908.^
[Amounts expressed in thousands of dollars.]
N e t deposits.

Loans.
M o n t h a n d week.
Average
amount.

Jan.— 1
2
3
4
Feb.—5
6
7
8
Mar.— 9
10
11
12
Apr.—13
14
15
16
17
May— 18
19
20
21
J u n e — 22
23
24
25
July—26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
Dec.— 48
49
50
51
52




1

697.8
697.8
706.9
714.4
724.2
732.3
735.6
736.0
737.7
735.1
731.5
728.8
728.8
730.9
731. 5
732.2
733.4
738.8
738. 9
736.7
735.2
737.2
739.0
742.3
745.9
748. 5
750.4
746.7
747.3
750.9
754.6
755.3
756.2
756.7
756.7
754.9
752.9
749.2
746.8
746.2
744.8
744.5
745.9
750.2
• 747.9
745.1
744.3
749.0
749.9
745.8
743. 5
742. 2

Average
index
number.

18.0
17.5
25.0
30.7
41.3
50.2
54.6
55.5
55.9
53.0
49.9
46.9
46.0
47.9
46.9
46.3
47.5
52.5
52.6
50.4
48.7
50.6
51.9
54.4
57.5
60.3
63.0
57.9
57.6
60.3
64.3
65.8
66.1
64.6
63.4
61.6
58.5
54.7
52.1
52.7
52.6
51.7
51.2
53.6
50.3
47.0
46.5
51.3
53.0
51.2
50.2
49.8

Average
amount.

727.5
736.9
756.7
770.1
779.5
782.9
783.9
782.3
780.9
774.5
769.0
766.4
766.7
767.7
770.6
776.3
779.3
784.9
785.1
784.3
785.2
787.0
788.0
791.7
796.0
797.0
795.8
794.2
797.0
800.6
803.0
800.6
800.4
798.4
795.8
788.8
783.0
778.1
776.3
773.8
772. 0
773.0
774.6
775. 5
770. 5
769. 7
770.9
774.9
772.4
768.3
766. 0
766.6

Average
index
number.

26.3
33.4
46.6
54.8
61.2
62.7
63.3
61.4
58.7
53.3
49.8
47.7
47.1
47.4
49.1
53.0
55.4
59.2
61.2
59.3
59.8
61.5
62.0
64.2
66.3
66.5
66.4
64.8
66.1
67.6
69.6
66.9
65.6
63.3
60.8
56.1
51.5
48.9
48.7
47.9
47.0
47.2
47.1
47.5
44.4
44.6
45.8
48.3
46.7
45.2
44.6
45.9

B a n k - n o t e circulation.

Average
amount.

26.2
26.1
25.9
25.7
25.4
25.2
25.0
25.0
24.9
24.8
24.6
24.6
24.7
24.6
24.6
24.6
24.5
24.5
24.5
24.5
24.6
24.6
24.7
24.7
24.7
24.7
24.8
24.8
24.8
24.7
24.8
24.9
25.0
25.2
25.5
25.9
26.2
26.4
26.6
26.8
26.9
27.2
27.4
27.6
27.8
28.0
28.0
28.1
28.2
28.4
28.5
28.6

Average
index
number.

51.6
49.4
46.4
39.6
33.8
31.2
26.8
26.7
27.4
28.3
28.4
30.3
30.5
34.3
31.6
31.9
31.6
31.7
33.3
34.1
34.4
34.4
33.0
32.7
32.7
30.9
32.3
32.5
31.2
29.0
28.8
31.9
31.3
32.4
39.3
46.9
54.3
57.0
59.3
62.3
64.4
68.8
69.4
73.7
73.9
75.4
78.1
78.4
78.0
77.3
78.0
77.0

Reserves (Specie a n d
legal t e n d e r s ) .

Average
amount.

R a t i o s of reserves to deposits.

Average
index
number.

Average
per cent.

Average
direct
index
number.

33.5
50.6
68.4
79.1
77.9
71.8
67.8
63.7
57.5
50.4
46.4
46.7
46.7
43.4
46.1
54.9
58.7
56.5
56.7
59.0
64.4
63.8
63.7
66.2
68.3
65.5
59.6
65.9
71.2
73.6
71.9
66.3
62.7
60.1
55.1
45.1
38.9
38.4
41.4
38.3
37.7
39.4
40.9
34.7
29.4
33.4
38.3
38.0
32.4
34.7
35.0
38.7

28.57
29.08
29.86
30.29
29.87
29.20
28.81
28.52
28.12
27.94
27.73
27.90
27.99
27.77
27.93
28.41
28.58
28.31
28.35
28.61
29.00
28.82
28.71
28.71
28.69
28.41
27.91
28.42
28.66
28.67
28.33
27.99
27.82
27.74
27.57
27.15
26.97
27.13
27.45
27.29
27.31
27.51
27.61
27.23
27.06
27.44
27.77
27.59
27.21
27.36
27.51
27.69

44.3
64.9
78.8
86.9
77.8
65.4
58.1
53.6
45.5
43.1
37.0
39.9
40.5
35.7
39.9
50.9
54.4
48.3
48.0
51.6
60.3
57.2
56.1
56.7
57.5
53.5
45.0
56.3
63.3
65.4
60.8
54.3
49.3
47.7
42.6
32.8
28.8
31.9
37.4
33.0
33.0
34.1
36.4
27.5
22.7
29.4
36.1
32.3
24.9
29.4
32.8
35.3

199.5
209.5
220.5
227.1
226.8
222.5
220.4
218.6
215.9
212.0
209.8
210.5
211.3
210.3
212.5
217.7
219.9
219.2
219.5
220.9
224.1
223.1
222.6
223.6
225.5
223.7
219.9
223.0
226.1
229.5
226.2
223.8
222.4
221.5
219.0
213.6
210.3
209.9
210.8
208.4
208.4
209.8
210.9
207.2
204.0
206.1
208.7
208.5
205.1
205.3
205.7
207.4

a Detailed figures for the individual years are given in Table 4 of the Appendix (pp. 241-259).

Average
reverse
index
number.
55.7
35.1
21.2
13.1
22.2
34.6
41.9
46.4
54.5
56.9
63.0
60.1
59.5
64.3
60.1
49.1
45.6
51.7
52.0
48.4
39.7
42.8
43.9
43.3
42.5
46.5
55.0
43.7
36.7
34.6
39.2
45.7
50.7
52.3
57.4
67.2
71.2
68.1
62.6
67.0
67.0
65.9
63.6
72.5
77.3
70.6
63.9
67.7
75.1
70.6
67.2
64.7

CHART IV.

1

1

1

I

|

<- Average 'Loans,
"Average /ndex Numbers of loans.
mfhe
C
Average Deposits
Lows, DEPOSITS, AND BANK /VOTE CiFcciLAnoN
D+++++" Average index A/ambers afbeposi/A
offhe
£
AYerage Bank No/e Circa/a lion
NEW foes? CITY CLEAZHVG MOUSE 3/iNZ$t
-F
^ Average index Numbers of
Bank Nofc Orcu/af'on,
I8<?O-I?0S.
SEASOIV/?L

tier

V/t^mrioivs

June
(24)




\ Julq

\Augvsf ^epfembei[Ocfob/srWoycmbei]Pecember\

CHART V.

A • •"•* Average Reserves.
3
flveraqe Index Numbers of Reserves.
in fhc
l&MJrC
Average Ratios of Reserves fo Deposits]too\
h
RESERVES MDR/JT/OS OF RESERVES TODEPOS/TA D— —Average Index Numbers of Raf/as of
of/be
Reserves fo Deposits.
\30.4dLJ2SS{
E+*++m+Reverse of Average Index Numbers •W
NEW YORK C/TY CLEARING MOUSE BANKS,
of Ratios of Reserves fo DeposifA
1810 - !<?0S.




SEASONAL

V/tw/mdNS

(25)

26

NATIONAL MONETARY COMMISSION.

The question may now be asked, W h a t are the more (seventh week), and then declined until the fore part of
important seasonal variations in the relative demand for April (thirteenth or fourteenth week).
The average ratio of reserves to deposits declined from
moneyed capital in New York City as evidenced by
these figures of the Bank Statement? The curves for 30.29 for the fourth week to 27.73 for the eleventh week,
average figures exhibit the following five general move- and continued at approximately this level until the
ments, which a study of the figures for the nineteen fifteenth week (middle of April); the average index
individual years covered by the averages shows to be number declined from 86.9 for the fourth week to 37
for the eleventh week and to 35.7 for the fourteenth.
reasonably regular in their occurrence:
First. The relative demand for loanable capital declines I n sixteen of the nineteen years the ratio of reserves to
deposits was lower in the fourteenth week than in the
throughout January.
fourth. I n the three exceptional years (i. e., 1898, 1907,
From the first week to the fourth the average reserves
increased from $199,500,000 to $227,100,000, and the and 1908) it was only slightly higher. While fifteen of
average index number of reserves from 33.5 to 79.1. the index numbers for the fourth week were above 75,
I n every one of the nineteen years the reserves of the of which six were 100, the maximum index number of the
fourth week were higher than those of the first. The fourteenth week was 73.5, and fourteen index numbers for
fourth week had fourteen index numbers higher than the that week were below the minimum of the fourth week
maximum index number of the first week (i. e., 74.6), (i. e., 41.7).
Third. Beginning about the middle of April a decline
of which eleven were above 85. On the other hand, the
first week had seven index numbers below the minimum of in the relative demand for moneyed capital sets in,
continuing, with minor interruptions (the most notable
the fourth week (i. e., 33.4).
During this period both loans and deposits increase being the last of June and forepart of July), until the
last of July, when it reaches one of the lowest points in
rapidly.
The average ratio of reserves to deposits rose from the year.
Average amounts of reserves increased from $210,28.57 per cent for the first week to 30.29 (the highest
point in the year) for the fourth week, while the average 300,000 for the fourteenth week to $229,500,000 for the
index number rose from 44.3 to 86.9 (likewise the highest thirtieth week, and the average index number from
point in the year). I n every year the percentage of 43.4 to 73.6. I n sixteen of the nineteen years (i. e., all
reserves was higher for the fourth week than for the but 1893, 1894, and 1899) the amount of reserves was
first. Ten index numbers for the first week were below larger for the thirtieth week than for the fourteenth.
41.7, the minimum for the fourth week; while fifteen index The fourteenth week had eight index numbers above 50, of
numbers (including six of 100) for the fourth week were which one was above 75, while the thirtieth week had sevabove 72.9, the maximum for the first week. The enteen index numbers above 50, of which ten were above
evidence is accordingly strong for a pronounced and 75. The tendency for reserves to increase in amount
regular increase in the percentage of reserves to deposits from early April to the last of July is therefore fairly
pronounced.
during January.
The period from the fore part of April to the fore part
Second. The relative demand for moneyed capital
increases rapidly from the latter part of January or the of August is one of rapid increases in both loans and deforepart of February to about the middle of March, and posits, for both of which the average index number
reached the highest point of the year between the last of
then maintains a high level for three or four weeks.
Average reserves, which were $227,100,000 for the July and the middle of August.
Turning to the principal criterion, i. e., ratios of
fourth week, declined to $209,800,000 for the eleventh
week, and continued at approximately that figure until reserves to deposits, we find that beginning with the forethe fourteenth week; the average index number of part of April these ratios move upward, with minor interreserves declined from 79.1 for the fourth week to 46.4 ruptions,® until the last of July. The average ratio of
for the eleventh, and to 43.4 for the fourteenth. I n reserves to deposits advanced from 27.77 per cent for the
seventeen of the nineteen years the reserves of the fourteenth week to 28.67 per cent for the thirtieth week,
fourteenth week were lower than those of the fourth. the average index number rising from 35.7 for the fourThe fourth week had fourteen index numbers above 75 (of teenth week to 65.4 for the thirtieth week. In fourteen
which eleven were above 85), while the fourteenth week of the nineteen years the percentage of reserves to
had only one above 75 (i. e., 79.5 in 1907). Three index deposits was higher for the thirtieth week than for the
numbers in the fourth week were below 50, and eleven in fourteenth. The fourteenth week had five index numbers
the fourteenth week.
a The principal exception to this upward movement is the rather
Loans continued their upward movement from the sharp and temporary decline about the first week in July. The averbeginning of the year until about the first week in March age index number dropped from 53.5 for the twenty-sixth week to 45
for the twenty-seventh week. In every one of the nineteen years there
(ninth week), and then declined for about a month. De- was a decline in the twenty-seventh week. The average index number
posits continued their upward movement from the begin- then advanced to 65.4 for the thirtieth week; and in every year but
ning of the year until the latter part of February two the thirtieth week was higher than the twenty-seventh.



SEASONAL DEMAND FOR MONEY AND CAPITAL.
above 50, of which only one was above 75, while the
thirtieth week had fifteen above 50, of which eight were
above 75.
Fourth. Beginning about the first of August the relative demand for moneyed capital increases rapidly and
continuously until about the middle of September.
Bank reserves fell rapidly in amount during this period.
The average reserve, which was $229,500,000 for the
thirtieth week, fell to $210,300,000 for the thirty-seventh,
while the average index number of reserves fell at the
same time from 73.6 to 38.9. In seventeen of the
nineteen years the amount of reserves was smaller in the
thirty-seventh week than in the thirtieth. The thirtieth
week had seventeen index numbers above 50, of which
ten were above 75, while the thirty-seventh week had six
above 50, of which three were above 75. The former
week had one index number below 25 and the latter had
seven.
During this period the general movement of both loans
and deposits is downward.
Ratios of reserves to deposits decline very rapidly
from the last of July to the middle of September. The
average percentage of reserve fell from 28.67 for the
thirtieth week to 26.97 for the thirty-seventh, the average
index number declining at the same time from 65.4 to 28.8.
I n eighteen of the nineteen years the percentage of reserves was lower for the thirty-seventh week than for the
thirtieth. The thirtieth week had only four index numbers below 50, of which one was below 25; the thirtyseventh week had sixteen below 50, of which ten were
below 25.
Fifth. From the middle of September until the end of
the year the relative demand for moneyed capital in New
York City continues strong, exhibiting only minor
fluctuations.
The average amount of bank reserves declined from
$210,300,000 for the thirty-seventh week to $207,400,000
for the fifty-second, while the average index numbers for
the two weeks, respectively, were 38.9 and 38.7. In six
years the amount of reserves for the fifty-second week
was higher than for the thirty-seventh, and in thirteen
years it was lower. The thirty-seventh week had six
index numbers above 50, of which three were above 75;
the fifty-second week had five above 50, of which three
were above 75 (all three being 100). Each of the two
weeks had seven index numbers below 25.
Loans and deposits likewise show little alteration
during this period, remaining until the end of the year at
substantially the low level to which they fall about the
last of September.
During the months of October, November, and December the percentage of reserves to deposits exhibits minor
fluctuations about the low level which it reaches the
latter part of September. The average percentage of
reserves to deposits, which was 26.97 for the thirty-seventh
week, was 27.69 for the fifty-second week, while the corresponding average index numbers were 28.8 and 35.3.
I n eleven years the percentage of reserves was higher for



27

the fifty-second week than for the thirty-seventh, and in
eight years it was lower. The thirty-seventh week had
ten index numbers below 25 and two above 75, while the
fifty-second week had eight below 25 and one above 75.
An interesting side light upon the situation is afforded
by a study of the weeks in which the New York associated
banks fell short of the government's requirements as to
legal reserves. The New York Evening Post of January
18, 1908, gives a detailed statement of the weeks each
year in which such deficits took place, and the amounts
of the deficits, for the years 1880 to 1907 inclusive. The
results may be summarized as follows for these twentyeight years:
Month.

January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
Total

Weeks
Total
in which amount of
deficits
deficit.
occurred.

448,000
850,000
907,000
583,000
909,000
335,000
524,000
019,000
225,000
519,000

82 576,379,000

The months of most frequent and heaviest deficits correspond closely with those which Chart IV shows to be
the months of lowest reserves, both in amount and percentage to deposits.
On comparing the curves for interest rates on sixty to
ninety day commercial paper and on four months time
paper with those for the amounts of bank reserves and
for the ratios of reserves to deposits, one is struck by the
fact that the general seasonal movements of the two sets
of curves are almost exactly opposite to each other; when
the interest rate curves are rising the bank reserve curves
are falling and vice versa. The movements of the bank
reserve curves, however, lag somewhat behind the reverse movements of the interest curves. a This lagging
a The first week in January is a high week for four months paper and
a low week for bank reserves and for the ratios of reserves to deposits.
The average index number for four months paper declines to its winter
minimum in the fourth week, while that for ratios of reserves to
deposits advances in the same week to its maximum for the year. The
average index number of reserves reaches its maximum a week later.
Four months paper then advances to its spring maximum in the tenth
week, while reserves and the ratios of reserves to deposits decline
to their spring minima in the fourteenth week. Four months paper
declines to its summer minimum—the minimum for the year—in
the twenty-third week, and reserves and ratios of reserves to deposits
advance to their summer maxima in the thirtieth week. Four months
paper next advances to its fall maximum—also the maximum for the
year—in the thirty-eighth week, while reserves and ratios of reserves
to deposits decline to their fall minima—also the minima for the year—
in the forty-fifth week. From the thirty-eighth week to the end of t h e
year four months paper fluctuates at a high level, while from the fortyfifth week to the end of the year ratios of reserves to deposits fluctuate
at a low level.

28

NATIONAL MONETARY COMMISSION.

is probably explainable by the fact that banks in the I pals of maturing obligations, and the like. Of 887 bonds
spring anticipate the accumulation of relatively large listed by the Commercial and Financial Chronicle (Janureserves during the summer by lowering interest rates in ary 2, 1909, pp. 42-45) for which interest periods are
advance, and that in like manner they anticipate heavy given, 290 call for interest payments on January 1.
demands upon their reserves in the fall by raising interest Mr. J. H. Brookmire, of the firm of Simon, Brookmire
rates in advance and thus protect themselves. Interest & Clifford, of St. Louis, informs me that interest and
rates on four months paper of course anticipate, and dis- dividend disbursements on bonds and stocks for J a n u a r y
count, to some extent, a market running four months in in New York City amount to approximately $225,000,000
at the present time (1910). The payment of these oblithe future.
The correspondence between the seasonal movements gations releases the strain upon the banks and throws
of interest on time paper and the reverse movements of funds on the market seeking reinvestment. Bank deposits
bank reserves and ratios of reserves to deposits is a corre- are much lower the fore part of January than at any time
spondence to be normally expected. Declines in bank in December, but increase very rapidly during January.
reserves would be expected to be accompanied by de3. A third cause is connected with the Christmas trade.
clines in the ratios of reserves to deposits, and to be I The holiday season is one in which cash is withdrawn in
caused by a relatively increasing demand for loans and considerable quantities from banks, and money is rean accompanying increase in interest rates.
leased from small hoardings. This money flows into the
banks to a considerable extent during the fore part of
CONCLUSION A S TO SEASONAL VARIATIONS IN THE RELATIVE D E M A N D
January. Settlements for purchases of holiday goods
FOR MONEYED CAPITAL IN N E W YORK CITY.
from New York City by other sections of the country
Now that we have considered the testimony of four increase the flow of cash toward New York City at this
witnesses, i. e., interest rates on call loans, interest rates time.
4. January and February are months of relatively
on sixty to ninety day two-name commercial paper, interest rates on four months' time loans, and the figures small freight traffic. The holiday trade is over. Traffic
of the New York City Associated Banks' statement, we on the Great Lakes and other inland waterways is tied
may ask what is the weight of this testimony, and what up because of the ice, while the cold weather and snow
are the more important general causes of the seasonal interferes materially with railroad traffic.®
With the strain of January 1 settlements and of t h e
movements which it shows. Making due allowance for
differences in the length of the periods covered by the Christmas demand over, therefore, and money flowing
different kinds of contracts studied, and ignoring minor into New York banks from all sections of the country t o
variations, we may say t h a t the testimony substantially take advantage of the 2 per cent interest allowed on
agrees in pointing to the following general seasonal bankers' balance, the financial market temporarily relaxes during the latter part of January and the fore p a r t
movements:
First. Throughout January there is a rapid decline in of February.
Second. This lull in trade begins to be superseded by
the relative demand for moneyed capital, making the
last of January and the fore part of February a period of greater activity about the middle of February, the relative demand for moneyed capital advancing rapidly to a
very cheap " money.''
The more important causes of this "easing u p " of the high level, which it maintains during the latter part of
March and the fore part of April. The more important
money market appear to be the following:
1. By the 1st of January the crop-moving demand for causes for this upward movement and for the resulting
money in the West and South has spent its force. De- high level in the early spring are as follows:
1. This movement may perhaps best be considered as
cember and January are the months in which the return
a recovery to more or less normal conditions—if one may
flow of cash to New York City principally takes place.
This movement of cash, which will be discussed in detail speak of normal conditions in the money market—from
in the next chapter, is shown in diagram form in Charts the abnormally weak market which characterizes the
X X X I I , X X X I I I , X X X I V , and X X X V . " Large bank previous period. I t is a period during which the funds
reserves are piled up as the result of this eastward flowing back to New York from the West and South must
movement of cash, the banks' supply of loanable funds be absorbed. The low interest rates and high bank reserves of the earlier period encourage investment. The
increases rapidly, and interest rates decline.
6
2. A second cause is the natural reaction—in part sale of stocks and bonds increases, and prices of securic
psychological—which results from the relaxing of the ties rise. A well-known New York banker writes t h a t the
heavy strain on the money market incident to January
a The influences connected with the foreign exchange market will be
1 settlements. Large accumulations of funds in New considered later, pp. 138 ff.
York City are necessary in December to meet annual,
& A reference to the monthly figures given each year in the Finansemiannual, and quarterly disbursements, such as inter- cial Review for number and value of shares sold on the New York
est on bonds and mortgages, dividends on stock, princi- Stock Exchange will show that February is almost invariably a low



«Cf. pp. 126 ff.

I

month and that there is nearly always a pronounced increase in March.
c Cf. infra, pp. 211-212.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
increased demand for moneyed capital at this time is partly
due to the new capital flotations, which are commonly
held for the cheap money which is generally expected
at this period.
2. A second reason is to be found in the increase in
certain lines of trade activity which normally takes place
at about this time of the year. The Great Lakes, the
Mississippi River, and other inland waterways are opened
to traffic during the latter part of this period. Railroad
traffic is released from the incubus of cold weather and
snow.
3. A third reason, which will be discussed in detail
later, is to be found in currency movements. March and
April, particularly the latter month, are months of large
shipments of cash from New York City to New England, a
as a result largely of heavy payments being made at this
time through New York City by western and southern
jobbers to New England shoe manufacturers. Receipts
of cash by the Federal Government are large in March
and April, 6 and during these months the sums tied up
in the subtreasury are considerably larger than in the
preceding two months. c
4. A fourth reason for the upward movement during
this period, or, more correctly speaking, for the comparatively large demand the latter part of March, is found in
the need of funds for April 1 interest and dividend settlements. Of the 887 bonds listed in the Commercial and
Financial Chronicle (Jan. 2, 1909, pp. 42-45) for which
interest periods are given, 162 call for interest payments on April 1.
Third. The third important seasonal movement in the
relative demand for moneyed capital is a rapid decline
from about the middle of April, ending with a very weak
money market in June and July, aside from a slight
strengthening at about the time of July 1 settlements. d
The principal causes for this late spring decline and summer depression are well known:
1. The rise of interest rates and fall of bank reserves
which characterizes the preceding period naturally tends
to force the liquidation of the speculative investments
entered into, when rates were low.
2. The hot months of the summer comprising the
" vacation" period, and the period before the great crop
movements of the fall set in, are usually dull months.
This summer dullness is anticipated and discounted to a
considerable extent in time contracts entered into during
the immediately preceding months.
3. The decline in money market rates in the late spring
and early summer is hastened by the large flow of currency from the Middle West in April, May, and June, particularly in May, after the spring demand of agriculturists
a Cf. infra, Chart XXXIII and p. 92.
b Of. Chart XLIV, and pp. 155-157.
cCL Chart XLV, and p. 157.
d July 1 interest and dividend settlements are about as large as those
for January 1, and are estimated to amount to about $225,000,000; cf.
supra, p. 28.



29

has subsided.® This inflow of cash from the Middle West
is offset in part by the large gold exportations which normally begin in April and reach their highest point in
May or J u n e ; 6 also by the diminution of federal deposits
in the country's national banks, and by the increasing of
subtreasury holdings, which advance from a comparatively low level in May to a maximum in July. c
The continual decline in the relative demand for moneyed capital from April to July, which finds expression
in such phenomena as large bank reserves, low interest
rates, gold exportations, and high security p r i c e s / naturally brings its own correctives to some extent. Large
bank reserves and low interest rates encourage increased
loans and speculation; 6 gold exports reduce reserves; and
so on. I t is with tendencies of this kind t h a t the fourth
seasonal period is ushered in about the first or second
week in August.
Fourth. This period, whose discounted beginnings are
evidenced by the upward turn of interest rates on
sixty to ninety day commercial paper and four months'
time paper as early as the first week in July, may perhaps best be dated from the first week in August, when
call rates begin their upward movement and when bank
reserves, both in amount and in percentage to deposits,
begin their decline. The money market continues to
tighten until about the 1st of October. The principal
cause of the increasing demand for moneyed capital during this period is the call made upon the New York City
banks by banks in the West and South for cash needed
for crop-moving purposes. Under the provisions of the
national banking act country banks may deposit threefifths of their reserves in banks of reserve cities or central
reserve cities, and banks in reserve cities may deposit onehalf of their reserves in banks of central reserve cities.
New York banks in their competition to obtain the
deposits of reserve money of other banks are accustomed
to pay 2 per cent interest on bankers' balances, with the
result that from the beginning of the year until the cropmoving demand for money in the fall, large deposits of
reserve money are kept in New York banks by the banks
of the West and South. The demands upon banks in
these sections for funds to use in the moving of the crops
requires them to call upon New York banks for the
payment of their deposits, and results in the rapid reduction of reserves and also of deposits and loans of the
New York City banks, which was shown on the c h a r t s /
I n response to this demand there is a very strong
movement of cash from New York City to the
West and South from August through October—a subject to be discussed later.0 This strong westward and
a Cf. Chart XXXII, and p. 129.
& Cf. Charts XLII and XLIII, and p. 150.
c Cf. Charts XLIV and XLV, and pp. 157-158.
<*Cf. Charts LII to LXXIX; and pp. 211-218, 230-231.
e Cf. Charts V and LXXIX, and pp. 212-213.
/Cf. Charts IV and V.
gd. Chart XXXIII, XXXIV and XXXV, and p. 129.

30

NATIONAL MONETARY COMMISSION.

southward movement of cash is in part offset by the
heavy gold importations which normally take place in
September, October, and November,** by the increase of
gold (coin and certificates) in circulation, resulting in
part from the large deposits of bullion at the mints and
assay offices, deposits which are fortunately at their maximum in these months of greatest need; 6 and finally by
the lessening of subtreasury hoards and increasing of
Federal Government deposits in national banks, which
during this period appears to represent the policy of our
Treasury Department. 0
Interest rates on sixty to ninety day commercial paper
and on four months' time loans begin their upward movement in the summer earlier than interest rates on call
paper, not only because the periods of such loans are to
cover the months of heavy demand for capital in the fall,
but because banks in anticipation of the withdrawals by
western and southern institutions for crop-moving purposes, release funds from time loans early and place them
out at call at the best rates they can get, awaiting the
crop-moving demand .d
The last seasonal period in the New York money market
dates from about the first week in October to the opening
of the new year. During this period the relative demand
for moneyed capital exhibits many minor fluctuations,
but remains at substantially the high level reached the
forepart of October. Interest rates on sixty to ninety
day commercial paper and on four months time paper
naturally fall somewhat after the forepart of October in
anticipation of the January decline in the money market.
Call rates, on the other hand, representing the more immediate market and reflecting the holiday demand for
money and the demand for January 1 interest and dividend disbursements, move sharply upward toward the
last of the year, and do not show any general tendency to
decline until January. Bank reserves, loans, and deposits,
we have seen, continue low until the end of the year. The
westward movement of cash falls off rapidly in November and December, and by the latter month the return
flow has set in; the southward movement declines in
November, but shows some signs of increasing temporarily in December. Gold imports reach a low point
in December, in part due to the lessened demand for funds

in the United States, and in part to the preparations being
made abroad for the January settlements. Throughout
October, November, and December, the Treasury Department normally continues to increase its deposits in
national banks, of which New York City gets its share.
CHAPTER I I I . — S E A S O N A L VARIATIONS IN THE R E L A T I V E
DEMAND FOR MONEYED CAPITAL IN CERTAIN R E P R E SENTATIVE CITIES.

Now that we have considered the subject of seasonal
variations in the relative demand for moneyed capital in
New York City, the country's principal and dominating
money market, we may appropriately study next the situation in certain representative cities in other parts of
the country.
CHICAGO.

(Charts VI and VII, Tables V and 5.)

Chicago being the country's second largest city and the
chief money market center of the great Middle West will
first claim attention. For Chicago our conclusions will
be based primarily upon the figures of the Chicago clearing-house banks for the ten years 1899-1908. I n the
absence of figures for interest rates in Chicago we shall
base our conclusions upon the evidence afforded by the
reports of the Chicago clearing-house banks as t o their
weekly condition. I t will be remembered that the study
of the New York market showed t h a t the testimony concerning general seasonal variations afforded by interest
rates was essentially the same as t h a t afforded by bank
reserves, it having been seen t h a t call rates normally vary
inversely as the ratios of bank reserves to deposits. The
presumption is that this correlation will also apply for
Chicago and for other cities.
I n view of the close connection between the New York
and the Chicago money markets, and the extreme sensitiveness of our financial mechanism, it would be expected
that the two markets would show the same general seasonal tendencies, but that each would show minor peculiarities of its own. The fact that the Chicago figures
cover only the ten years, 1899-1908, while the New York
figures cover the nineteen years, 1890-1908, prevents
them from being comparable as to details; although if
there is any pronounced seasonal tendency it should
«Cf. Charts XLII and XLIII, and p. 152.
appear in a ten-year average.
6 Of. Charts XL-XLIII, and pp. 150-152.
The evidence points to the same five general movements
c Ci. Charts XLIV and XLV, and pp. 158-159.
which were found for New York City. These movements
& For a good discussion of the general subject of the crop-moving
which are best followed by referring to curve " E " of
demand, see A. Piatt Andrew, The influence of the crops on business
Chart V I I are as follows:
in America. Quart. Jour. Econ., XX (1906), pp. 323-353.




SEASONAL DEMAND FOR MONEY AND CAPITAL.

31

T A B L E V.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the Chicago clearing-house banks.

Average

figures & 1899-1908.
[Amount expressed in millions of dollars.]
1899-1908

1899-1908

Loans.

Month and
week.

d
3
O

a
03
©
Ml
03
©

>
<
Jan.—1
2
3
4
Feb.—5
6
8
Mar.—9
10
11
12
Apr.—13
14
15
16
17
May—18
19
20
21
June—22
23
24
25
July—26

s
d

1a ©
S
P
>
<

Deposits.

CI
3
O

i
a
©
d ©

Reserves
(specie a n d
legal t e n d e r s ) .

a
a

• •°

If

I

S3

©

©

©
©

©
fcJO

>
<

>
<

Average i n d e x
numbers.

3
a
.

i

Month a n d
week.

to
©

03
©

>
<

*&*- .

03
©

.2

£ ad |

©

"©da

>
<

>
<

8.4
7.7
10.4
15.6
20.1
28.3
35.1
35.1
44.9
49.1
52.6
51.1
52.6

272.8
277.0
281.0
284.0
288.3
291.8
293.7
293.4
295.3
294.9
294.1
291.7
291.1

9.1
16.8
26.3
34.5
43.0
52.1
55.7
53.9
59.2
56.5
54.6
48.1
45.8

47.8
49.9
51.5
52.3
53.2
52.0
50.9
50.2
49.6
50.0
50.2
49.8
50.2

27.1
41.4
54.1
60.2
67.7
57.9
48.6
43.6
36.6
39.5
42.4
38.4
41.9

P.ct.
17.91
18.33
18.65
18.76
18.87
18.23
17.66
17.35
16.94
17.09
17.19
17.20
17.39

189.2
189.4
188.3
188.3
189.1
189.4
189.3
187.9
189.5
190.3
190.4
190.7
192.3

53.2
55.2

291.0
290.5
291.4
292.3
296.6
295.1
295.2
294.1
298.0
299.0
299.3
299.5
301.1

45.4
44.6
46.1
48.9
58.7
53.0
55.6
52.3
59.1
60.5
61.6
63.5
66.1

49.1
49.5
50.9
51.5
51.9
52.4
52.9
53.6
53.1
53.3
53.7
53.8
53.7

34.0
37.0
47.8
52.2
55.5
59.8
63.2
67.7
63.9
65.9
69.8
70.0
67.7

17.03
17.22
17.64
17.85
17.77
18.15
18.30
18.54
18.09
18.12
18.22
18.19
18.01

57.3
68.0
76.1
80.0
81.3
65.6
51.7
43.8
33.9
38.1
42.3
42.9
47.9
37.5
41.9
53.3
56.4
52.9
61.2
65.7
73.1
63.6
65.2
68.4
66.3
61.3

ei
3
o
B
03
©

©

176.3
175.6
176.2
177.8
179.1
181.3
183.5
183.2
186.0
187.5
188.7
188.4
189.3

51.7
51.5
55.0
55.6
56.0
50.7
54.8
56.9
57.0
58.6
64.9

Loans.

6

M
©

R a t i o of reserves t o
deposits.

42.7 j July—27
28
32.0
29
23.9
30
20.0
Aug.—31
18.7
32
34.4
33
48.3
34
56.2
66.1 Sept.—35
36
61.9
37
57.7
38
57.1
39
52.1
Oct.—40
62.5
41
58.1
42
46.7
43
43.6
Nov.—44
47.1
45
38.8
46
34.3
26.9
47
36.4
Dec—48
34.8
49
31.6
50
51
33.7
52
38.7

193.0
193.1
193.1
191.8
191.9
192.4
193.3
193.4
194.0
195.4
197.1
198.3
198.7
198.6
197.9
197.0
196.0
195.4
195.2
194.8
193.5
193.1
193.1
'.. 193.3
193.9
194.9

3
d
X
©
S,
fi
©

>
<
67.5
67.5
67.5
62.3
61.9
63.5
66.2
67.1
69.3
73.6
79.1
83.5
84.6
83.9
81.4
77.9
74.1
72.5
71.8
70.8
66.8
66.3
65.6
66.7
68.7
72.6

Deposits.

Reserves
(specie a n d
legal t e n d e r s ) .

6

3
©
03
©
03
8-1

©

<
303.5
302.4
303.6
303.6
304.7
306.2
306.8
305.0
303.9
305.6
307.5
305.5
304.8
304.4
303.4
302.9
301.4
300.9
301.4
302.5
301.2
301.3
301.2
300.8
301.3
300.0

3
d
X
©
d ©
©

2

©

d
3
o

|
d
3
q S
©-°
03

©

<

2
>
<

72.4
70.3
75.3
74.2
75.4
77.8
77.8
73.3
71.3
76.0
78.6
72.5
70.1
68.7
66.8
65.5
62.1
60.0
61.5
64.6
60.4
59.8
59.9
58.5
59.4
58.0

52.5
53.4
54.3
55.9
56.1
55.7
54.9
54.1
54.2
52.8
52.4
51.5
50.6
49.5
49.3
49.3
49.7
49.1
49.4
49.8
50.0
50.1
50.3
50.5
50.2
50.7

©

&
>
<
60.1
67.1
73.8
86.2
87.8
84.7
79.6
71.2
73.9
62.2
60.5
54.1
45.7
36.3
35.8
37.3
41.9
39.1
39.8
43.4
42.3
41.9
42.6
44.9
41.6
44.6

R a t i o of reserves t o
deposits.

Average index
numbers.

1
1

©

"ill

©

>
<
P.ot.
17.50
17.90
18.15
18.68
18.67
18.46
18.20
17.95
18.06
17.40
17.17
17.04
16.70
16.36
16.40
16.44
16.72
16.61
16.61
16.66
16.76
16.80
16.89
17.01
16.85
17.01

49.0
59.4
64.3
78.9
79.3
73.4
66.6
60.5
65.0
47.2
41.7
37.4
30.5
20.7
20.5
23.4
32.0
27.1
26.6
28.0
29.3
28.9
30.8
33.6
29.2
33.4

51.0
40.6
35.7
21.1
20.7
26.6
33.4
39.5
35.0
52.8
58.3
62.6
69.5
79.3
79.5
76.6
68.0
72.9
73.4
72.0
70.7
71.1
69.2
66.4
70.8
66.6

a Figures by weeks for the individual years are given in Table 5 of the Appendix (pp. 260-264).

First. There is a January decline in the relative demand
for moneyed capital continuing throughout the month.
From the first to the fifth week the average amount of
reserves increased from $47,800,000 to $53,200,000 and
the average index number of reserves from 27.1 to 67.7.
I n every one of the ten years the amount of reserves was
higher in the fifth week than in the first. The average
ratio of reserves to deposits increased from 17.91 per cent
in the first week to 18.87 per cent in the fifth week, the
average index number increasing from 57.3 to 81.3. This
increase took place in seven of the ten years, and the declines in the other three years (1902, 1903, and 1908) were
very slight. The fifth week had seven index numbers
above 75 (including three of 100) and its lowest index
number was 56.1, while the first week had three index
numbers above 75, of which the highest was 88.9, and had
three below the minimum figure of the fifth week. Both
deposits and loans increased rapidly throughout January.
The causes of this January decline in the relative demand
for moneyed capital are essentially the same as those described in the previous chapter, a for New York City, and
need not be repeated here.



The second seasonal movement in Chicago, as in New
York, is an upward movement in the relative demand
for loanable capital beginning about the 1st of February
and culminating the forepart of March, after which a
comparatively strong market is maintained until the middle of April.
Reserves both in amounts and in percentage to deposits
declined rapidly from the fifth week to the ninth, and then
maintained a low level until the fourteenth or fifteenth
week (forepart of April), after which an upward movement began. The average amount of reserves which was
$53,200,000 for the fifth week declined to $49,100,000 for
the fourteenth week, while the average index number declined from 67.7 t o 34.0. I n eight of the ten years t h e
reserves of the fourteenth week were lower than those of
the fifth.a The fifth week had two index numbers below
50, while t h e fourteenth week had eight. Viewing t h e
reserves in terms of percentages to deposits we find that
the average percent of reserves dropped from 18.87 in the
fifth week to 17.03 in the fourteenth, while the average
a HTlno +\xrr\ D T P f l n t i n n o l i m a r a w o r c i 1 QH9

i n mVn'nVi + n o

-i £»-v m o o

CHART VI.

(32)




CHART VII.

SEASONAL VARIATIONS
in the

fyo

ft ' » Average Reserves.
—|— 5

cRESERVES AND RATIOS OF RESERVES TO DEPOSITS
Dofthe
A CHICAGO CLEARING HOUSE BANKS.

16065°—11-




Average Index Numbers of Reserves.
• Average Ratios of Reserves to Deposifs.
Average Index Numbers pf Ratios of
Reserves to Deposits. Reverse of Average Index Numbers'
of Ratios of Reserves to Deposits.

(33)

NATIONAL MONETARY COMMISSION.

34

index number dropped from 81.3 to 37.5. The fourteenth week was lower than the fifth in every one of the
ten years.
Average loans were increasing during all this period,
although more rapidly during the earlier part of it; average deposits continued the increase * begun in January
until about the 1st of March and then declined until the
middle of April.
The causes for this spring " recovery " are essentially the
same as those mentioned for that of New York City. a
The third general seasonal movement in the Chicago
money market is likewise similar to that found 6 for New
York City. I t is a rapid, though frequently interrupted,
decline in the relative demand for moneyed capital from
about the middle of April to the latter part of May, with
a subsequent weak market until the fall demand sets in
about the first of August. The evidence as to the extent
and regularity of this movement is as follows:
Bank reserves increased rapidly both in amount and in
percentage to deposits from the fourteenth week (fore
part of April) to the thirty-first week (fore part of August). I n this period the average amount of reserves
increased from $49,100,000 to $56,100,000, and the average index number from 34 to 87.8. The thirty-first
week in every one of the ten years showed a larger amount
of reserves than the fourteenth week. Every index number for the thirty-first week was higher than the maximum index number (72) of the fourteenth week. The
average ratio of reserves to deposits rose from 17.03 per
cent in the fourteenth week to 18.67 per cent in the thirtyfirst week, while the average index number rose from
37.5 to 79.3. I n every year the percentage of reserves
to deposits was higher in the thirty-first week than in the
fourteenth.
There is a general upward movement of loans and deposits during this period.
A minor movement of some importance about the last
of June deserves notice. I t is the sharp decline in reserves
from the twenty-fifth week to the twenty-seventh week,
which was followed by an even sharper advance from the
twenty-seventh to the thirtieth week. This tightening
of the money market, which is obviously due to the demand for funds for July 1 settlements, took place with
great regularity. I n every year but three the amount of
reserves fell from the twenty-fifth week to the twentyseventh, and in every year it rose from the twentyseventh week to the thirty-first; in every year the percentage of reserves to deposits fell from the twenty-fifth
week to the twenty-seventh, and in every year it rose
from the twenty-seventh week to the thirty-first.
The causes for this declining and subsequently weak
money market, extending from the middle of April to the
first of August, are the same as those already referred 6
to for New York City, the principal one being the anticipated and actual dullness in business which normally
«Cf. pp. 28-29.



&Cf. p. 29.

characterizes the warm summer months. I n May there
is a substantial movement of cash from the Middle Western States to Chicago, a which has been released from its
previous agricultural uses.
A fourth seasonal period, which likewise corresponds
with that found for New York City, extends from about
the first week in August to the first week in October.
Average amounts of bank reserves dropped during this
period from $56,100,000 in the thirty-first week to $49,300,000 in the forty-first week, while the average index
number of reserves dropped from 87.8 to 35.8. In every
year but one the amount of reserves in the forty-first
week was much lower than in the thirty-first week. Accompanying this decline in the amount of reserves there
was a strong decline in the percentage of reserves to deposits, the average percentage declined from 18.67 in the
thirty-first week to 16.40 in the forty-first, while the average index number of percentages of reserves to deposits
fell during the same time from 79.3 to 20.5. In every
one of the ten years the percentage of reserves to deposits was lower in the forty-first week than in the thirtyfirst. The lowest index number in the thirty-first week
(i. e., 65.7 in 1899) was higher than the highest in the
forty-first week (i. e., 59 in 1901). Nine of the index
numbers in the forty-first week were below 32.
Loans increased 6 from the thirty-first week to the
forty-first, while deposits moved irregularly, increasing
(as measured by averages) from the thirty-first week to
the thirty-third, declining to the thirty-fifth, advancing
to the thirty-seventh, and then declining steadily to the
forty-fourth.
This continuously increasing " hardening" of the Chicago money market from August to October of course, is,
due primarily to the anticipated and actual demand for
funds in the Middle West, West, and South for the moving
of the cereal and cotton crops. The strain is probably
not so severe in Chicago as in New York, because Chicago
banks are not used anything like as extensively as New
York banks as depositories of bank reserves of other cities.
Chicago, moreover, being the center of a great cereal-producing region, receives much cash at this time c although
her shipments of cash far exceed her receipts. I n August,
September, and October Chicago receives cash in large
quantities from the East and ships it in large quantities
to the Middle Western States, the Southern States, and
the Western States.**
The fifth and last seasonal period of a general character
in the Chicago money market consists in the maintenance,
until the time of January settlements, of the strong market which was reached about the first week in October.
During these three months there are various minor fluc«Cf. Chart XIX.
b The average amount of loans increased from $191,900,000 to $197,900,000 and the average index number from 61.9 to 81.4. An increase
took place at this time in seven of the ten years.
c Cf. Chart XIX, and pp. 80-83.
dCi. Chart XX, and pp. 80-83.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
tuations with something of a downward tendency, but
the high level reached in October is substantially maintained until the opening of the new year. In this respect
Chicago again shows the same seasonal movement as
New York. A reference to the figures for the individual
years bears out the testimony of the averages a that this
is normally a period of a tight money market characterized by no pronounced tendency to a change either in the
direction of becoming more utightened'7
or of "easing
u p . " In seven years the ratio of reserves to deposits was
higher in the fifty-second week than in the forty-first; in
three years it was lower. The forty-first week had six
index numbers of ratios of reserves to deposits below 25,
while the fifty-second week had five.
Both loans and deposits remained fairly constant during this period, at a high level, though with a small downward tendency.
The crop-moving demand is scarcely over b before the
holiday demand sets in, and this, together with the anticia

The average ratio of reserves to deposits was 16.40 per cent in the
forty-first week and 17.01 per cent in the fifty-second, while the corresponding average index numbers were 20.5 and 33.4.
& The return of cash to Chicago both from the West and the South
is primarily in January. (Cf. p p . 80-81.)
TABLE

VI.

Seasonal variations

in the loans, deposits,

35

pated requirements for January disbursements, keeps the
money market strained until the new year.
ST. LOUIS.
(Charts V I I I and IX,« Tables VI and 6.)

As the next representative city we have selected St.
Louis, the fourth largest city in the United States in population, the chief city in the Mississippi Valley, the center
of a great wheat, corn, and cotton section, and one of the
greatest distributing centers of the entire country. The
facts that St. Louis is a central reserve city under our
national banking system and is the seat of a United States
assay office are matters of importance. 6
For St. Louis, as for Chicago, in the absence of better
data, our conclusions as to seasonal variations in the relative demand for moneyed capital will be based primarily
upon the figures for reserves, deposits, and loans of the
city's clearing-house banks for the period 1899-1908, the
principal criterion taken being the percentage of bank
reserves to deposits. In the next chapter the St. Louis
money market will be studied from the standpoint of
domestic exchange rates and currency receipts and
shipments.
&Cf. p p . 129-132.

«Cf. n o t e b , Table VI.

reserves, and the ratio of reserves to deposits of the St.
Average figures,a 1899-1908.

Louis

clearing-house baroks.

[Amounts expressed in millions of dollars.]
1899-1908

1899-1908
Deposits.

Loans.

Month and
week.

3
O

fl
fl
•4
©

fl

•4-S

§
o
©

©

SP
©

>
<

1
©

©-

0

<

fl
fl

©
fl ©
•1-1,0
©
c3
t-i
©

>

4J
fl

s
o

1
©

&
<

fl
H
©
"2 n'
fl ©

©-°

SP
g

23
24
25
July—26

97.5
97.1
97.1
96.8
97.5
96.9
97.9
97.8
98.7
99.2
99.7
100.2
100.8
100.9
100.5
100.4
100.0
102.6
102.8
103.0
102.3
103.1
102.7
103.6
104.1
104.3

23.6
21.8
21.3
20.4
23.6
19.6
26.1
25.7
34.3
34.8
39.5
42.3
46.1
47.0
43.3
43.1
39.2
46.0
46.8
46.8
41.8
43.7
43.3
46.7
49.6
48 9

122.1 15.5
122.8 19.1
124.4 26.5
124.1 26.4
125.6 33.6
126.2 36.0
127.6 41.8
128.7 47.0
129.6 49.9
130.2 52.7
128.8 47.0
128.2 44.4
128.0 45.8
128.5 47.5
128.7 47.9
127.0 40.5
126.4 38.5
129.9 49.5
130.2 50.1
130.4 50.9
129.8 47.9
132.6 57.8
132.0 55.7
132.1 57.0
131.0 53.0
131.0 54.3

Average index number. (
1

17.1 26.8
17.8 41.1
18.3 50.6
18.5 50.3,
18.5 48.7
18.7 52.6
19.2 62.2
19.4 69.6
19.1 63.9
19.1 67.8
18.8 61.7
18.5 56.1
18.0 48.4
18.3 53.3
18.7 58.1
18.5 57.1
18.4 57.5
19.1 62.3
19.8 73.0
19.6 71.4
19.8 72.0
19.4 64.4
19.3 64.4
19.6 71.4
19.0 63.4
18.4 53.5

a

Month and
week.

§
o

1
©

> ^

.2

Per ct.
13.79
14.41
14.55
14.60
14.31
14.51
14.88
14.84
14.40
14.48
14.42
14.13
13.83
13.92
14.21
14.53
14.44
14.52
14.99
14.78
14.99
14.37
14.47
14.78
14.50
14.02

48.7
65.6
68.9
69.2
60.3
65.3
72.6
72.3
63.7
67.2
65.7
58.4
50.5
53.0
59.9
67.1
65.1
65.7
76.5
71.5
75.6
61.4
63.2
70.9
65.7
55.3

Deposits.

Loans.

.2

<

-<
Jan.—1
2
3
4
Feb.—5
6
7
8
Mar.—9
10
11
12
Apr.—13
14
15
16
17
May—18
19
20
21
June—22

R a t i o of reserves t o
deposits.

h

B
"S

Reserves
(specie a n d
legal t e n d e r s ) .

1
1

©

III

©

>
<

51.3

July—27
34.4
28
29.
31.1
30
30.8
Aug.—31
39.7
32.
34.7
33
27.4
34
27.7
36.3 Sept.—35
36
32.8
37
34.3
38
41.6
39
49.5
Oct.—40.
47.0
41.
40.1
42
32.9 1
43
34.9
34.3
45
23.5
46.
28.5
47
24.4
38.6 1 D e c — 4 8 .
49
36.8
50
29.1
34.3 1
51.
52. .
44.7

.. .
.. .

.. .

.. .

104.5
104.9
105.0
105.0
105.2
105.6
106.0
106.3
106.5
107.1
107.7
107.8
109.1
108.9
108.5
108.2
107.7
107.3
107.0
107.5
108.0
107.9
108.3
109.7
110.1
109.9

o

©
fl

©

© ^

SP

i

<
48.7
50.8
51.7
53.5
55.3
57.2
61.5
62.7
63.0
67.9
71.6
72.0
77.3
76.3
73.3
70.9
68.5
65.1
63.3
59.1
64.8
63.9
66.1
75.7
78.2
79.4

130.8
130.7
129.9
129.2
130.3
131.6
132.1
132.3
133.3
134.3
133.0
131.2
130.8
131.8
131.6
130.6
130.4
130.2
132.5
134.3
134.3
135.6
135.7
137.4
136.3
137.2

3
fl
H
©

i

a ©

o

© ^

SP
g

1

<

+3

fl

Reserves
R a t i o of reserves t o
(specie a n d
deposits.
legal t e n d e r s ) .

<

52.4
51.2
47.3
43.7
47.2
52.8
55.2
56.2
59.5
64.0
57.2
50.4
47.9
53.3
51.6
47.9
46.3
45.5
55.2
60.2
60.6
65.6
66.0
71.3
66.6
70.1

©

18.3
18.6
18.3
18.6
18.6
18.9
19.1
19.4
18.8
18.5
17.8
17.2
16.8
16.4
16.3
16.0
16.2
16.5
17.7
18.7
18.6
18.3
18.6
18.5
18.1
18.8

s
fl
fl
M
©

"2 *
©
• •°

A

8P
©
>
<

A v e r a g e index number.
.2
c3
U
©

SP
g
©
>

Per ct.
51.8
13.89
62.0
14.25
55.3
14.21
57.1
14.31
48.6
13.84
56.9
14.08
64.0
14.20
67.7
14.39
5 8 . 2 ' 13.87
50.6
13.50
41.5
13.16
31.1
12.89
25.1
12.49
12.26
20.5
12.30
21.1
12.23
19.6
12.83
24.3
12.71
30.0
13.37
50.0
13.94
64.7
13.87
&61.7
13.57
655.4
13.70
59.2
13.16
51.3
12.89
42.3
13.36
53.1

.2

51.8
60.4
58.8
61.2
51.0
?>54.6
62.0
67.1
52.6
44.8
37.6
30.8
21.9
15.8
19.6
17.0
26.5
626.3
43.3
56.9
53.4
45.3
48.3
38.1
31.0
43.4

(>T3 ©
3 3 fl fl

HI
48.6
39.2
41.2
38.8
49.0
645.4
38.0
32.9
47.4
55.2
62.4
69.2
78.1
84.2
80.4
83.0
73.5
&73.7
56.7
43.1
46.6
54.7
51.7
61.9
69.0
56.4

a Figures by weeks for the individual years are given in Table 6 of the Appendix (pp. 265-269).
& There are a few very slight errors in three of the curves plotted on Chart IX, i. e. curves " D ' and " E " for the 32nd and 44th weeks, and curve " B " for the 47th and
 The figures in the Table are correct.
48th weeks.



CHART VIII.

SEASONAL VARIATIONS
U30

14S

<?o

in /he
LOANS AND DEPOSITS

\/2S

oftpe

140

\8o

ST. Louis CLEARING HOUSE BANKS.
\I20

10

l$S

no

\ao

\//0

123

so

I I OS

120

40 \

too

its

\30\

/ ? — —Average Loans.
B— —Average Index Numbers of Loans,

& L4 tfo

2o I

vervge Deposits.
D
fO

-Overage Index Numbers of Deposifs.
re

LJ /os

$£ I \/0O
Weeks ]
S
Months 1 'January \Fet>ruaru\

(36)




to
March

\

15
/tprit

|

2o
fiTau

2S
Uunc.

3o
I

sJu/ci

JS
j August

\Sc.ptcmbcr\

4o
October

4S
S&
\WeeM
XNovember \ December "Ua/h WonHA

CHAPTER IX.

SEASONAL

VtutmriONS

H

in the

-#-.

Average Reserves.
Average Index Numbers of Reserves.

RESERVES AND RATIOS OF RESERVES TO DEPOSITSC »« *»Average Ratios of Reserves fo Deposits,

of the

D

ST. LOUIS CLEARING HOUSE BANKS,

-Average Index Numbers of Ratios
of Reserves to Deposits,

£++++++*+ReYcrse of Average Index Numbers
of Ratios of Reserves to Deposifs.

Jf?Q_njh$

Januartf

s
\ Febraor<j\




to
Mfarc h

IS
ftpr/t

JO

June

I

*Jc//cf

I /fo<7(ASf

\Sati?fcmber\

Ocfobcr

\NoY<smber\0&cember\

(37)

Jan. \iriontb&

38

NATIONAL MONE'TARY COMMISSION.

A reference to these tables and charts will show the
following seasonal movements in the relative demand for
moneyed capital: a
First. There is the usual decline from the first to the
fourth week, followed by a sharp advance in the fifth
week ; and then by a decline until the seventh week (about
the middle of February).
The second seasonal movement of consequence, in the
relative demand for loanable capital, is the spring advance,
extending from the latter part of February until the fore
part of April. What is the evidence afforded by the
figures of the bank statement for this spring advance ?
Bank reserves declined in amount from the seventh
week (latter half of February) to the thirteenth week (first
of April)^the average amount falling from $19,200,000 in
the seventh week to $18,000,000 in the thirteenth week,
and the average index number from 62.2 to 48.4. The
amount of reserves decreased from the seventh to the
thirteenth week in seven of the ten years.
Average deposits rose from the seventh week to the
tenth week, and then declined to the thirteenth week,
the average index number of deposits following the same
course, but reaching its low point in the twelfth week.
Average loans and average index numbers of loans
advanced throughout this period.
Ratios of reserves to deposits declined pretty steadily
and regularly from the seventh to the thirteenth week.
The average ratio declined from 14.88 per cent in the
seventh week to 13.83 per cent in the thirteenth week,
while the average index number declined from 72.6 to
50.5. I n every one of the ten years the percentage of
reserves to deposits was lower in the thirteenth week than
in the seventh. The seventh week had eight index numbers above 65, while the thirteenth week had only two.
This increased demand for capital in the early spring
corresponds to the similar spring increases found in New
York and Chicago, b u t taking place in those cities two or
three weeks earlier. The principal causes have already
been explained. 5
The third seasonal movement in the relative demand
for moneyed capital in St. Louis is a decline beginning
about the first of April and reaching its low point—the
lowest point of the year—about the middle of May. Concerning the regularity of this movement, the evidence
may be summarized as follows:
From the thirteenth week (fore part of April) to the
nineteenth week (near the middle of May) the average
amount of reserves rose from $18,000,000 to $19,800,000,
and the average index number from 48.4 to 73. In
every year but one (1904) the reserves of the nineteenth
week were higher than those of the thirteenth week, and
in the exceptional year they were only slightly lower.
a They may be traced best by reference to curve " E " (Chart IX),
which is the reverse of curve " D , " or, more correctly speaking, the
mirrored reflection of it, with the mirror at the horizontal line representing index number 50. (Cf. p. 241, notes c and <*.)
b Cf. pp. 28-29.



Nine index numbers in the thirteenth week, as compared
with only three in the nineteenth, were below 70.
The movements of amounts of loans and deposits from
the thirteenth week to the nineteenth were too irregular
to be of much significance in a study of general tendencies.
Our principal criterion, the ratio of reserves to deposits,
advanced almost continuously from the thirteenth week
to the nineteenth. During these weeks the average ratio
rose from 13.83 per cent to 14.99 per cent, and the average
index number from 50.5 to 76.5. In every one of the ten
years the percentage of reserves was higher in the nineteenth week than in the thirteenth. The nineteenth week
had nine index numbers above 65 (including five above
80), as compared with only two for the thirteenth week
(the higher of which was 78.1).
This relaxing of the money market, beginning immediately after April settlements and continuing until the
latter part of May, is similar to the tendency we have
found to exist in New York and Chicago, and is apparently due in part to the same causes, the chief of which
is the anticipation of the slack summer months. The fact
t h a t in St. Louis the highest percentages of reserves for
this period of the year appears in May—about two months
earlier than it appears in New York City—may be due in
part to the relatively large shipments of cash which are
made in May to St. Louis by the Southern States. 0
A fourth period for St. Louis extends from the latter
part of May to the fore part of August, and is characterized by a small but gradually increasing relative demand
for moneyed capital.
During this period the amounts of bank reserves
remained high and exhibited many minor fluctuations,
but their general tendency was downward. Comparing
the amounts of reserves in the nineteenth week (near the
middle of May) with those of the thirty-first week (about
the first of August), we find that the average amount
declined from $19,800,000 to $18,600,000 and the average
index number from 73.0 to 48.6. In every year but 1902
the amount of reserves was considerably lower in the
thirty-first week than in the nineteenth. The maximum
index number in the thirty-first week was 65.0 (1905),
while seven index numbers in the nineteenth week
exceeded that figure.
There was an upward movement of deposits from the
nineteenth week to the twenty-third and then a decline
to the thirtieth, after which an upward movement again
commenced. The movement of loans, on the other hand,
was upward throughout most of the period.
Average ratios of reserves to deposits fluctuated considerably at a moderately high level, but with a general
downward tendency. The average ratio, which was 14.99
per cent in the nineteenth week, fell to 13.84 per cent in
the thirty-first week, while the average index number fell
from 76.5 to 51. In every year b u t one (1902) the percentage of reserves was lower in the thirty-first week than
<*Cf. Chart XXII and pp. 84-85.

SEASONAL DEMAND FOR MONEY AND CAPITAL.

39

in the nineteenth. The maximum index number in the
thirty-first week was 71.9, while the nineteenth week had
six index numbers above that figure.
The relatively small demand for loanable capital during this period is obviously due to the hot weather and to
the fact that this is the vacation period. Harvest demands have not yet begun. The increase in the demand
in July may be explained in part by agricultural needs,
i. e., the needs for financing the corn crop in the corn section and for financing the cotton crop in the cotton section. These requirements lead to considerable shipments
of cash to the near by States, Middle Western, Western,
and Southern, as early as July. a There is the usual tightening of the market about the last of June in response to
preparations for July 1 disbursements.
I n August, from the thirty-first week to the thirtyfourth, there frequently occurs a temporary weakening
of the market before the harvest demand begins. Average deposits and average amounts of reserves increase,
and there is a sharp advance in the percentage of reserves
to deposits. The average percentage increased from
13.84 in the thirty-first week to 14.39 in the thirty-fourth,
while the average index number increased from 51 to
67.1. An increase took place at this period in seven of
the ten years. The thirty-fourth week had six index
numbers above 60, while the thirty-first week had but
one; it had eight above 50 (including four above 75),
while the thirty-first week had six above 50 (of which the
highest was 71.9). I have not been able to secure any
satisfactory explanation of this movement. I t may be
due in part to early receipts 6 of cash from the Eastern
States and from near by sections, in anticipation of the
crop-moving demand, which temporarily lie idle. St.
Louis, being a central reserve city and her banks paying
interest on bankers' balances received on deposit from
other cities, is liable to receive money from the cities and
towns in neighboring districts whenever the local demand
in those places subsides.
Beginning about the last of August, the crop-moving
demand makes itself felt in the St. Louis market, and
there is a continuous increase in the relative demand for
moneyed capital until the fore part of October. The high
level then reached continues only two or three weeks.
Wheat first begins to move, then corn, and finally cotton.
The extent and regularity of this crop-moving demand in
the fall, as evidenced by the bank figures, are as follows :
From the thirty-fourth week (last of August) to the
forty-second week (middle of October) the average
amount of reserves decreased from $19,400,000 to $16,000,000, while the average index number decreased from
67.7 to 19.6. In every one of the ten years the reserves
were much smaller in the forty-second week than in the
thirty-fourth. The minimum index number in the thirtyfourth week was 45.5, and five index numbers in this

week were above 60; the maximum index number in the
forty-second week was 48.3, and six index numbers in this
week were below 20.
Deposits during most of this period showed a downward tendency, although there were several minor advances. Loans advanced from the thirty-fourth week to
the thirty-ninth, and then declined.
Ratios of reserves to deposits exhibited a very pronounced and very regular downward movement. The
average ratio declined from 14.39 per cent in the thirtyfourth week to 12.23 per cent in the forty-second week,
while the average index number declined from 67.1 to 17.0.
In every one of the ten years the forty-second week ratio
was lower than the thirty-fourth.
Nine of the ten index numbers for the forty-second
week were lower than the minimum (33.8) of the thirtyfourth week, while eight index numbers of the thirtyfourth week were above the maximum (47.9) of the
forty-second week.
Bank reserves therefore show that the crop-moving
demand causes a pronounced and continuous tightening
of the St. Louis money market from about the last of
August to early October, and that October is the month
of the year in which the relative demand for moneyed
capital in St. Louis is the strongest.
From the last of October to about the middle of November there occurs very regularly a pronounced "easing u p "
of the money market, which is not found to anything like
the same extent in either Chicago or New York, although
call interest rates in New York City point to such a
tendency.® The evidence as to its occurrence and regularity in St. Louis may be briefly summarized as follows:
The average amount of reserves increased from $16,000,000 in the forty-second week to $18,700,000 in the
forty-sixth week, while the average index number increased from 19.6 to 64.7. In every one of the ten years
the reserves were larger in the forty-sixth week than in
the forty-second. Eight index numbers in the fortysixth week were higher than the maximum index number (48.3) in the forty-second week; one index number
in the forty-sixth week was below 45, as compared with
nine in the forty-second week.
The tendency of loans during these four weeks (as
judged by average figures) was downward—that of deposits
was downward during the first two weeks and upward
during the second two.
Our chief criterion, ratios of reserves to deposits, exhibited a strong upward movement from the forty-second
week to the forty-sixth. The average percentage of
reserves increased from 12.23 to 13.94, while the average
index number increased from 17 to 56.9. There was an
increase at this time in every year but one. Seven index
numbers for the forty-sixth week were larger than the
maximum of the forty-second week (47.9).

a Ci. Chart XXIII and pp. 86-87. & Cf. Chart XXII and pp. 84-85.

a Cf. Chart I and pp. 15-17.




NATIONAL MONETARY COMMISSION.

40

By this period the crop-moving demand is rapidly falling off, currency shipments from St. Louis to other western
and to southern points have subsided,** although receipts
of cash from the Eastern States may continue to be
large b. Beginning about November 1 and continuing
for three or four weeks there are heavy payments to the
banks caused by the settlements by dry goods, hardware,
and boot and shoe houses of their eastern accounts. 0
The last seasonal period of the year in the St. Louis
money market extends from the last part of November to
the end of the year and is characterized by a progressive
"hardening" of the money market, caused apparently by
the holiday trade, and by preparation for the January 1
settlements. Its character and regularity are evidenced
as follows:
Bank reserves during this period do not exhibit any
appreciably regular tendency either to increase or decrease in amount. Their average weekly amount declined four times and advanced three times during the
period from the forty-sixth to the fifty-second week, and
in the fifty-second week was almost exactly the same as
in the forty-sixth. The average index number declined from 64.7 in the forty-sixth week to 42.3 in the
fifty-first, and then advanced to 53.1 in the fifty-second.
A reference to the figures for the individual years fails to
show any regularity of movement. In four years the
reserves were larger in the fifty-first week than in the
forty-sixth, and in six years they were smaller; in five
years the reserves were larger in the fifty-second week than
in the forty-sixth, and in five they were smaller. There is
a uniform tendency upward in the last week of the year,
the average amount advancing from $18,100,000 in the
fifty-first week to $18,800,000 in the fifty-second; and
the average index number of amounts advancing from
a Cf. Chart XXIII, and pp. 86-87.
b Cf. Chart XXII, and pp. 84-85.
cCf. Chart XXI, and pp. 104-105.




42.3 to 53.1. I n nine of the ten years the reserves of the
fifty-second week were larger than those of the fifty-first.
Deposits and loans both showed a considerable upward
tendency during the last seven weeks of the year. Average loans rose in this period from $107,500,000 to
$109,900,000, and the average index number from 59.1 to
79.4, an advance taking place in eight of the ten years.
Average deposits rose from $134,300,000 to $137,200,000,
and the average index number of deposits from 60.2 to
70.1, the advance taking place in eight of the ten years.
With reserves remaining fairly constant in amount and
deposits increasing, ratios of reserves to deposits fell.
The average ratio declined from 13.94 per cent in the
forty-sixth week to 12.89 per cent in the fifty-first
week, and then rose to 13.36 per cent in the fifty-second
week; the average index numbers for these three weeks,
respectively, were 56.9, 31, and 43.4. I n seven of the ten
years the ratio for the fifty-first week and t h a t for the fiftysecond week were lower than the ratio for the forty-sixth
week; and likewise in seven years the ratio for the fiftysecond week was higher than t h a t for the fifty-first week.
The forty-sixth week had three index numbers below 50,
the fifty-first week had eight, and the fifty-second week
had five. There accordingly seems to be a considerable
tendency for a decline in the percentage of reserves from
the fore part of November to the next to the last week in
December, followed by an advance in the last week.
NEW ORLEANS.

(Charts X and XI, Tables VII and 7.)

New Orleans has been chosen as the representative city
for the Southern States. I t is an important cotton,
sugar, lumber, and rice center, has a substantial manufacturing business, in most years has the largest export
trade of any city in the United States except New
York, and affords more complete banking and financial
statistics than most of the southern cities.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
T A B L E V I I . — S e a s o n a l variations

in the loans, deposits,

reserves, and the ratio of reserves to deposits,
Average figures
1899-1908.a

41

of the New Orleans clearing-house

banks.

[Amount expressed in millions of dollars.]

1899-1908

Loans.

Deposits.

Reserves
(specie and
legal tenders.)

1899-1908
Ratio of reserves to
deposits.

Month and
week.

Average index
number.

Loans.

Deposits.

Reserves
(specie and
legal tenders.)

Ratio of reserv sto
deposits.

Month and
week.

Average index
number.

w
•2 *

'U'M .

III
Jan.—1..
2..
3..
4..
Feb.—5..
6..
7..
8..
Mar.—9..
10..
11..
12..
Apr.—13.
14.
15.
16.
17.
May—18.
19.
20.
21.
June—22.
23.
24,
25.
July—26.

39.5
39.0
38.6
38.0
37.8
37.8
37.5
37.3
37.0
36.7
36.6
36.6
36.5
36.3
36.3
37.1
37.0
36.9
36.9
36.9
36.9
36.8
36.9
37.1
37.2
37.3

43.4
37.0
33.5
27.5
25.5
26.5
25.0
23.7
18.4
17.7
16.3
16.6
16.1
16.0
16.1
19.6
18.6
16.0
17.3
17.5
17.3
15.3
16.9
18.7
19.7
20.2

43.3
43.9
44.1
44.2
44.4
44.7
44.3
44.1
44.1
43.8
43.9
43.7
43.2
43.0
42.9
43.5
43.0
43.0
42.5
42.2
41.9
41.6
41.7
41.8
42.1
42.3

47.6
56.6
59.7
62.3
63.5
65.9
63.9
64.6
66.0
63.8
63.6
60.5
55.5
52.9
52.8
53.3
46.0
44.8
39.4
34.7
31.7
27.5
27.4
27.9
30.8
30.8

6.3
6.7
6.6
6.2
6.1
5.9
6.0
6.0
6.1
5.9
5.8
5.6
5.4
5.2
5.2
5.2
5.2
5.1
4.9
5.1
5.2
5.2
5.0
5.0
5.1
5.3

69.5
84.4
80.6
68.6
64.0
54.8
54.9
57.2
63.9
57.7
56.2
47.6
38.8
30.3
33.7
33.7
32.2
26.1
22.2
26.9
32.5
35.5
26.0
25.6
31.1
33.9

Perct.
15.44
16.22
15.95
15.16
14.78
14.20
14.38
14.38
14.53
14.15
14.07
13.65
13.23
12.70
12.81
12.73
12.66
12.32
12.21
12.65
13.03
13.30
12.66
12.64
12.92
13.10

73.6
85.7
80.4
67.4
61.6
51.2
52.9
54.8
60.8
55.2
53.9
46.9
40.2
32.0
34.7
33.7
34.3
28.7
27.3
33.9
40.6
45.0
34.7
34.8
40.0
42.8

26.4
14.3
19.6
32.6
38.4
48.8
47.1
45.2
39.2
44.8
46.1
53.1
59.8
68.0
65.3
66.3
65.7
71.3
72.7
66.1
59.4
55.0
65.3
65.2
60.0
57.2

III
July—27.
28.
29.
30.
Aug.—31.
32.
33.
34.
Sept.—35
36
37
38
39
Oct.—40.
41.
42.
43.
Nov.—44.
45.
46.
47.
Dec—48.
49.
50.
51.
52.

37.6
37.6
37.8
38.1
38.2
38.4
38.8
38.8
39.1
39.5
40.0
40.5
41.1
41.6
42.0
42.6
42.8
43.2
43.4
43.5
43.3
43.0
42.8
42.8
42.9
42.8

23.7
25.8
28.6
30.5
31.4
34.2
37.7
37.9
41.3
45.5
50.8
57.3
65.5
71.6
75.8
81.7
82.9
85.9
87.0
88.0
84.7
80.2
77.7
77.4
78.8
78.8

42.0
42.0
41.6
41.3
41.2
41.1
41.3
41.2
41.4
41.0
41.1
41.1
41.0
41.5
41.9
41.9
41.9
42.4
42.6
43.2
43.2
43.6
43.9
44.6
44.5
44.8

33.8
33.9
28.2
24.1
22.9
21.6
24.1
23.2
23.7
19.5
21.2
21.6
19.9
25.4
31.1
31.0
31.9
35.0
39.1
48.5
48.7
54.7
57.9
68.3
68.5
71.1

5.6
5.4
5.4
5.4
5.4
5.2
5.1
5.0
5.3
4.9
4.8
4.8
4.8
5.0
5.0
4.9
4.9
4.9
4.8
5.2
5.2
5.2
5.1
5.4
5.5
5.6

45.6
38.5
38.9
38.3
39.5
31.9
30.2
26.5
37.3
22.6
17.4
15.5
17.2
24.8
24.2
22.5
20.0
21.3
17.3
33.7
34.0
33.2
29.2
38.1
43.9
47.0

Per ct.
13.72
13.41
13.39
13.29
13.65
13.29
13.08
12.74
13.21
12.49
12.32
12.30
12.43
12.65
12.59
12.36
12.27
12.32
11.99
12.72
12.79
12.57
12.13
12.66
12.99
12.93

53.5
46.7
48.9
48.0
51.8
44.5
40.9
36.8
46.6
32.7
27.4
25.8
27.8
33.5
31.3
28.9
26.2
25.8
20.7
34.0
35.8
31.5
26.1
33.0
39.4
41.2

46.5
53.3
51.1
52.0
48.2
55.5
59.1
63.2
53.4
67.3
72.6
74.2
72.2
66.5
68.7
71.1
73.8
74.2
79.3
66.0
64.2
53.5
73.9
67.0
60.6
58.8

a Figures by weeks for the individual years are given in Table 7 of the Appendix (pp. 270-274).

These bank figures, particularly those for ratios of
reserves to deposits, upon which chief reliance is placed,
give evidence of fairly pronounced and regularly occurring
seasonal movements in the relative demand for loanable
capital.
The first movement of importance (which is a continuation of one begun about two months earlier) is a decline
in the relative demand in the second week of the year.
Average reserves rose from $6,300,000 in the first week to
$6,700,000 in the second week, while the average index
number rose from 69.5 to 84.4. I n every one of the ten
years the amount of reserves was higher in the second
week than in the first. Deposits were increasing at this
time and loans were decreasing. The ratio of reserves
to deposits showed an increase every year in the second
week. The average ratio rose from 15.44 per cent to
16.22 per cent, and the average index number from 73.6
to 85.7—making the second week the week of highest
ratio of reserves to deposits in the year. In five of the
ten years the maximum percentage of reserves for the
year occurred in the second week.



This January decline in the relative demand for loanable capital, although stopping several weeks earlier than
the January decline in New York City, Chicago, and St.
Louis, is probably due principally to the same causes a
as the decline in those cities. At this time of the year
there is a strong flow of cash to New Orleans from the
tributary towns and agricultural districts, the crop-moving demand being over; and there is likewise a strong
return flow of cash from the Southern States to New
York City and to the Middle Western States. 6 This
return flow of cash from the country districts of the West
and South naturally reaches New Orleans earlier than it
does the more eastern cities and is less readily absorbed
there than it is in cities like New York and Chicago.
Beginning with the middle of January and extending
until the forepart of May, the relative demand for moneyed capital in New Orleans increases almost steadily—
the only important exception being a minor decline for
about three weeks in February and March (sixth to
ninth weeks).
aCf. p. 28.

b Cf. Charts XXXII and XXIV, and pp. 108,109,114.




M

CHART XI.

"1
>?—*SEASONAL

fysx

VARIATIONS

'in the

n

c—

RESERVES AND RATIOS OF RESERVES-TO
\cf'0\

. Wgfrfc

i&

jvtontbs

h.

January




DEFOSITS

D

of the
NEW ORLEANS

\Februarg\

.JO
_
March

CLE/?RIIV<? HOUSE

Jtprif

Jo

May

BANKS,

2S
June

*- Average Reserves
Average Index Numbers of Reserves. 100
Average Ratios of Reserves fo Deposit
Average Index Numbers of Ratios of
Reserves fo Deposits.
10
Reverse of Average Index Numbers of\
Ratios of Reserves fo Deposifs

s

3o
1 Ja/u

I

?

I /logusf

.

*°

*s

/

^°

{September] Ocfojber \/Yovefn6<sr\Peceinbet x/a/7.

(43)

frfegfl
\MenfhA

44

NATIONAL MONE^TARY COMMISSION.

The evidence for the extent and regularity of this
movement may be summarized as follows:
Average reserves fell from $6,700,000 in the second
week to $4,900,000 in the nineteenth week (forepart of
May), the average index number falling from 84.4 to
22.2. In every one of the ten years the amount of
reserves was much lower for the nineteenth week than for
the second. The lowest index number for the second
week was 30.6 and the second lowest was 76.2; the highest index number for the nineteenth week was 42.8, and
eight index numbers for the nineteenth week were lower
than the minimum of the second week. The decline in
reserves at this time is therefore both pronounced and
regular in occurrence.
Loans declined from the second week to the fifteenth,
rose slightly in the sixteenth, and continued at a low
level for about two months thereafter. Deposits rose
from the beginning of the year to the sixth week, and
then declined with a few slight interruptions until fall.
Turning to our principal criterion, we find the average
ratio of reserves to deposits falling from 16.22 per cent in
the second week to 12.21 per cent in the nineteenth
week, and the average index number of ratios of reserves
to deposits falling from 85.7 to 27.3. In every one of
the ten years the percentage of reserves was much lower
in the nineteenth week than in the second. Seven index
numbers in the nineteenth week were lower than the
minimum index number (41.6) of the second week; nine
index numbers in the second week were higher than the
maximum (48.4) of the nineteenth week.
The evidence therefore points clearly to an increase in
the relative demand for moneyed capital from the middle
of January to the forepart of May, with the possible
exception of a brief period the latter part of February
and the forepart of March, at which time there is a slight
relaxation.
The cause for this almost continuously increasing
demand upon the reserves is difficult to explain, for
business in New Orleans is normally relatively quiet during the first half of the year. I n addition to such obvious
explanations as spring demands of farmers, the spring
increase in railroad traffic, and the demands for April 1
disbursements, it is probable t h a t an important cause
in the decline in reserves and ratios of reserves to deposits during much of this period is the transfer of
funds to New York, Chicago, or St. Louis for temporary
investment or for deposit at interest. A reference to
Charts X X X I I and X X I V shows that the Southern
States make considerable shipments of cash to New York
City in April and May, and to Middle Western States in
March, April, and May. The " h a r d e n i n g " of the New
Orleans money market during the first five months of the
year may therefore be due more to a decrease in the supply of funds than to an increase in local demands.
The third general seasonal movement in the relative
demand for moneyed capital in New Orleans is the summer decline beginning the forepart of May (nineteenth



week), reaching its low point early in July (twenty-seventh
week), and continuing at a low level until the commencement of the crop-moving demand, the forepart of August
(thirty-first week). During this period the average
amount of reserves was comparatively low, the extreme
amounts being $4,900,000 in the nineteenth week and
$5,600,000 in the twenty-seventh week, and the corresponding index numbers being 22.2 and 45.6. I n the
thirty-first week the average index number was 39.5;
and the reserves of this week were larger than those
of the nineteenth week in seven of the ten years, in
two years the reserves for these two weeks were the
same.
Loans remained at a low level from the nineteenth to
the thirty-first week, with a small upward tendency during the latter p a r t of the period; deposits continued low,
with a downward movement during both the early and
the latter part of the period.
Ratios of reserves to deposits moved upward, with b u t
one interruption (twenty-third week), until they reached
their high summer level the forepart of July (twentyseventh week), at about which level they continued for
five weeks. The average ratio of reserves to deposits
rose from 12.21 per cent in the nineteenth week to 13.65
per cent in the thirty-first week, the average index number rising from 27.3 to 51.8. The percentage of reserves
to deposits was higher in the thirty-first week than in the
nineteenth week in every year b u t one (1907). Six index
numbers in the thirty-first week were higher than the
maximum of the nineteenth week (48.4), while five index
numbers in the nineteenth week were lower than the
minimum of the thirty-first week (26.2).
This increase of reserves in the summer is obviously
due largely to the comparative inactivity of the hot
months, both in the South and elsewhere.
The fourth seasonal movement to note in the New
Orleans market is the fall increase in the relative demand
for loanable capital, due primarily to the requirements for
moving the crops, but also to increased activity in local
business following the close of the customary vacation •
period.
From the first of August (thirty-first week) to the
fore part of November (forty-fifth week) the amount of
reserves fluctuates considerably, but with a general
downward tendency. The average amount of reserves
fell from $5,400,000 in the thirty-first week to $4,800,000
in the forty-fifth, and the average index number from
39.5 to 17.3. I n seven of the ten years the reserves of
the forty-fifth week were lower than those of the thirtyfirst.
Loans increased rapidly during these weeks, the average amount rising from $38,200,000 in the thirty-first
week to $43,400,000 in the forty-fifth, and the average
index number from 31.4 to 87.
Deposits continued at a low level from the thirty-first
week to the thirty-ninth (first of October) and then
advanced rapidly, the average amount rising from

SEASONAL DEMAND FOR MONEY AND CAPITAL.
$41,000,000 in the thirty-ninth week to $42,600,000 in
the forty-fifth, and the average index number from 19.9
to 39.1. An increase took place from the thirty-ninth
week to the forty-fifth in every year but one.
Low and declining reserves accompanied by rapidly
rising and high deposits of course mean rapidly declining
and low percentages of reserves to deposits. The average percentage of reserves fell from 13.65 in the thirtyfirst week to 11.99 in the forty-fifth, and the average
index number of percentages of reserves to deposits fell
at the same time from 51.8 to 20.7. In nine years the
percentage of reserves was lower in the forty-fifth week
than in the thirty-first, the exceptional year having been
1900, when there was a slight rise in the index number
(i. e., from 27.6 to 38.5). Eight index numbers in the
forty-fifth week were lower than the minimum of the
thirty-first week (i. e., 26.2), while six index numbers
in the thirty-first week were higher than the maximum
of the forty-fifth week (i. e., 43.3).
During this period the cotton, sugar, and rice crops
are moved, and New Orleans banks are required to meet
heavy demands for funds. They call in their reserves
deposited elsewhere and borrow heavily in the New York
market. At this period, as we shall see later, there are
heavy shipments of cash to the South from New York
City a and from Chicago. 6
The last period of the year in the New Orleans money
market is a period of readjustment and liquidation after
the heavy demands of the crop-moving period. I t
extends from the fore part of November to the end of the
year, and, as we have seen,c continues about two weeks
into the new year. These eight weeks are weeks of a
comparatively strong but gradually weakening market.
Amounts of bank reserves show a strong upward
tendency (aside from the usual temporary decline about
the first of the month, due to monthly settlements). The
average amount of reserves rose from $4,800,000 in the
forty-fifth week to $5,600,000 in the fifty-second week,
and the average index number from 17.3 to 47.0. In
every year but two the reserves were higher in the fiftysecond week than in the forty-fifth.
Loans slowly fell during most of this period—although
continuing at a high level up to the end of the year—with
a Cf. Chart XXXIII, and pp. 78-79.
&Cf. Chart XX, and pp. 82-83.




c Cf. p. 41.

45

a slight increase just before January disbursements.
Deposits increased with only slight interruptions reaching their maximum for the year in the fifty-second week.
Reserves increasing more rapidly than deposits resulted
in an increase in the percentage of reserves from the fortyfifth week to the end of the year (except for the temporary
decline due to December 1 settlements). The average
percentage rose from 11.99 in the forty-fifth week to
12.93 in the fifty-second week, and the average index
number from 20.7 to 41.2. In seven of the ten years
the reserves of the fifty-second week were higher than
those of the forty-fifth, and these exceptional years, which
were grouped together, were 1901, 1902, and 1903. Five
index numbers of the fifty-second week were larger than
the maximum of the forty-fifth week (i. e., 43.3). Taking
25 as an arbitrary dividing line, there were seven index
numbers in the forty-fifth week below that figure and
only four in the fifty-second week.
After the crop-moving demand is fairly over cash flows
from the near-by territory to the New Orleans banks,
piles up in the reserves, and, as we shall see in the next
chapter, begins its eastward and northward flow.
SAN FRANCISCO.

(Charts XII and XIII, and Tables VIII and 8.)

The Pacific States are the only geographic section
which remains to be studied, and San Francisco, because
of its size, and its commercial, industrial, and financial
importance, has been selected as its representative city.
Unfortunately, many of the city's banking records were
destroyed by the earthquake of 1906, and our data are
consequently largely limited to the two years 1907 and
1908, an altogether too inadequate a basis for safe generalizations. These data, however, though very limited,
will be given for what they are worth, and will be supplemented by opinions concerning seasonal movements
obtained directly from San Francisco bankers.^
a San Francisco bankers have been most generous in their replies
to the writer's letters of inquiry, and he is indebted particularly to the
following persons for valuable assistance: Mr. F. B. Anderson, vicepresident*$f the Bank of California; Mr. F. L. Lipman, of the WellsFargo Nevada National Bank; Mr. J. K. Moffitt, cashier of the First
National Bank; and Professors CarlC. Plehnand Wesley C. Mitchell,
of the University of California.

46

NATIONAL MONETARY COMMISSION.

TABLE VIII.—Seasonal variations

in the loans, deposits, reserves and the ratio of reserves to deposits of the clearing-house banks of San
Average figures0 for the years 1907 and 1908.

Francisco.

[Amount expressed in millions of dollars. J
1907-1908

1907-1908

Loans.

Deposits.

Month and
week.
o

a
o3

<x>
60

X
<u

a 3
<D
60
03
CD

>
<

Jan.—1
2..
3
4
Feb.—5
6
7
8
Mar.—9
10.
11
12
Apr.—13..
14
15
16
17
May—18
19
20
21.
•Tune—22
23
24
25
J U Jy_26

<

93.1
92.7
92.6
92.2
91.7
91.2
89.7
89.4
87.7
87.6
89.3
88.7
89.3
89.4
89.3
89.1
88.6
88.0
86.8
86.6
85.8
85.6
85.8
86.1
86.0
85.5

98.5
93.4
91.3
85.9
83.4
80.4
67.6
63.2
44.8
42.0
59.7
55.9
58.4
57.0
57.1
57.0
51.8
48.4
42.7
41.3
32.7
32.5
35.9
39.7
40.9
37.6




"
a
§

1

a>

SP
>
<

115.0
113.4
113.5
113.6
113.5
112.4
110.7
110.1
109.9
108.9
107.4
105.5
105.7
104.6
104.7
104.6
104.3
102.4
101.2
101.0
100.8
101.6
100.5
100.4
100.9
101.3

1
<

67.3
64.8
66.2
67.1
63.2
55.5
49.5
46.6
50.5
47.6
42.2
38.0
37.1
38.2
41.1
38.9
39.5
29.9
26.4
28.4
27.9
31.8
30.3
29.5
33.3
37.2

Reserves
(specie and
legal tenders).

Ratio of reserves to
deposits.
Average index number.

a
o

I
go

>

17.6
18.1
18.7
18.7
17.0
17.1
16.5
15.4
14.5
14.8
14.3
15.0
15.9
14.6
14.7
15.2
15.1
13.2
14.0
13.7
14.2
15.1
13.8
14.3
14.8
16.0

M
a>

Loans.
Month and
week.

a

g

.2
"o3
u

CP

8P
>
<

80.4
88.3
96.9
97.7
70.5
72.2
62.3
45.8
31.4
36.2
28.8
39.8
54.3
34.5
35.3
43.8
42.4
12.6
25.7
20.0
28.4
42.0
22.3
29.8
37.7
55.6

>
<
Per ct.
15.18
16.64
17.16
17.18
15.52
15.72
15.33
14.28
13.46
13.90
13.70
14.63
15.52
14.39
14.39
14.98
14.94
13.35
14.12
13.88
14.43
15.16
14.02
14.56
14.96
16.05

i

C D _

6
03

42.0
60.4
66.8
66.9
46.9
48.1
43.5
30.2
21.1
26.5
24.9
36.0
46.3
33.4
33.3
40.4
40.4
22.5
29.0
27.6
33.6
41.5
28.7
34.5
39.7
52.7

>>

111
58.0
39.6
33.2
33.1
53.1
51.9
56.5
69.8
78.9
73.5
75.1
64.0
53.7
66.6
66.7
59.6
59.6
77.5
71.0
72.4
66.4
58.5
71.3
65.5
60.3
47.3

SP
>
<

If
u
CL>

cu

<x>

If
S3
>
<

60
03

July—27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.—40
41
42
43
Nov.—44
45
46
47
Dec.—48
49
50
51
52

>
<

85.6 40.1
85.9 42.7
85.9 42.6
85.7 39.6
85.2 36.7
85.3 35.9
85.7 38.6
85.9 39.4
85.8 37.5
86.1 40.1
86.0 41.9
86.3 44.1
86.0 42.5
85.4 39.7
85.4 38.7
86.0 40.9
85.1 34.8
83.3 24.5
82.6 19.9
82.9 22.4
82.7 23.7
82.1 19.6
81.7 17.5
81.3 16.0
81.7 22.4
82.0 28.9

Ratio of reserves to
deposits.

£

1

03
CD

Reserves
(specie and
legal tenders).

a

3

S

<u

60
03

+3

Deposits.

102.4
102.3
101.6
101.4
100.7
101.6
103.0
101.5
102.5
101.9
101.8
102.2
103.5
103.6
104.2
105.5
103.8
100.1
98.3
96.8
96.0
94.5
93.4
93.1
93.6
93.4

H

cl
3
o

Average index number.
©

X

6

03

&
2

f-i
CD

60
03
f-i

>
<

>
<

44.7
45.4
40.7
42.1
39.5
46.6
54.2
47.5
51.2
49.8
51.1
51.8
58.9
63.2
67.0
69.7
64.0
60.1
55.9
49.6
48.3
40.7
35.6
32.5
37.2
36.8

15.2
16.4
16.1
17.3
16.4
15.8
16.9
15.7
16.4
15.0
15.6
16.2
17.2
15.2
15.5
15.5
14.2
13.4
12.4
13.7
15.0
15.0
14.7
15.4
16.5
16.3

o Figures by weeks for the individual years 1907 and 1908 are given in Table 8 of the Appendix (p. 275).

CU

>

43.2
62.2
56.9
74.9
61.2
53.2
70.1
51.2
62.5
40.2
50.7
60.2
75.4
43.3
48.4
48.9
28.2
16.3
.0
20.1
40.8
39.4
35.3
45.1
62.0
59.6

cu

"o3

-iSi

>
<
Per ct.
15.03
16.21
15.93
17.12
16.36
15.72
16.55
15.60
16.17
14.82
15.52
16.10
16.82
14.71
14.95
14.82
13.76
13.39
12.56
14.04
15.81
15.85
15.79
16.59
17.67
17.55

40.3
53.1
48.1
62.4
54.1
47.9
57.1
47.2
53.2
37.6
47.0
54.5
62.1
35.9
39.9
37.9
25.9
19.7
9.4
26.5
44.1
44.8
43.1
51.8
63.7
62.2

59.7
46.9
51.9
37.6
45.9
52.1
42.9
52.8
46.8
62.4
53.0
45.5
37.9
64.1
60.1
62.1
74.1
80.3
90.6
73.5
55.9
55.2
56.9
48.3
36.8
37.2




CHART XII.

(47)

CHART XIII.

SEASONAL

VACATIONS

in the
RESERVES AND

fanos

OF RESERVES TO DEPOSITS

ofthe
"SAN FRANCISCO CLEARING HOUSE BANKS.

1101 and l<?08

(48)




A

c—
D~

•Average Reserves
Average Index Numbers of Reserves A
Average Ratios of Reserves fo Depositk
Average Index Numbers of Ratios
of Reserves fo Deposi/sr\
Reverse of Average Index. Numbers
of Ratios of Reserves to Oepasifs\

SEASONAL DEMAND FOR MONEY AND CAPITAL.
The first movement to note is the usual January
decline in the relative demand for moneyed capital, which
in San Francisco extends throughout January.
Average amounts of reserves increased from $17,600,000
in the first week to $18,700,000 in the fourth week. In
1907 the index number increased from 92.5 to 98.5, and
in 1908 from 68.3 to 96.8.
Average loans during January declined and average
deposits remained about constant. In 1907 deposits
declined slightly from the first week to the fourth, and
in 1908 they advanced slightly.
Ratios of reserves to deposits advanced during January. The average ratio rose from 15.18 per cent in the
first week to 17.18 per cent in the fourth; the index
number rose in 1907 from 27.7 to 34.3, and in 1908 from
56.3 to 99.5.
The testimony of several representative bankers in
San Francisco supports the above evidence.
The declining and comparatively weak money market
in January is explainable on largely the same grounds
as the similar markets at this time for the other cities
studied. a There is a natural reaction after the strain of
the crop movements, holiday trade, and January 1 settlements. Advances which have been made for the
movement of general crops up and down the Pacific
coast are being repaid rapidly. California purchases
from the East a large part of its holiday supplies, and
the settlement of these eastern accounts results in the
accumulation of cash in the banks in January. 6
The second seasonal movement in San Francisco is a
progressive " hardening" of the money market until
nearly the middle of March.
The amount of bank reserves declined in 1907 from
$17,900,000 in the fourth week to $15,400,000 in the ninth
week, and to $14,300,000 in the eleventh week, the index
number declining at the same time from 98.5 to 61.2,
and then to 44.8 in the eleventh week. In 1908 the
amount declined from $19,500,000 in the fourth week to
$13,500,000 in the ninth week and then advanced to
$14,200,000 in the eleventh week; the corresponding
index numbers being 96.8, 1.6, and 12.7.
Accompanying this striking decline in the amounts of
reserves there was an almost equally striking decline in
loans, and a pronounced decline in deposits. Average
loans fell from $92,200,000 in the fourth week to
$87,600,000 in the tenth week (forepart of March), the
average index numbers falling from 85.9 to 42; average deposits fell from $113,600,000 in the fourth week
to $108,900,000 in the tenth, the average index number
falling from 67.1 to 47.6. For both loans and deposits
there was a pronounced decline in both years.
The decline in reserves was so much more pronounced
than that in deposits that there was a strong decline in
a Cf. pp. 28-29.
16065°—11
4




b Cf. pp. 119-121.

49

the percentage of reserves to deposits. In 1907 this
percentage fell from 13.31 in the fourth week to 11.80
in the ninth, the corresponding index numbers being
34.3 and 19.2; in 1908 the percentage declined from
21.04 to 15.12, the corresponding index numbers being
99.5 and 22.9.
There are a number of forces at work bringing about
this result, several of which are forces which we have
found responsible for the spring advance in money
market demands in New York C i t y a and the other
cities studied, such as the natural reaction and readjustment after the January decline, and the early spring
demands of agriculturists; for California, however, one of
the most important causes appears to be local in character,
and is connected with California's tax system. The
California law b taxes money on hand and solvent credits
as of the first Monday in March of each year.
" O n tax day," writes Prof. Carl C. Plehn "all state
banks try to be denuded of coin or currency ('currency'
means paper money in California usage) because it is taxable. They have to get it away long enough before the
first Monday in March so that it can not be said to have
been sent on purpose to evade taxes. The amount is
about $10,000,000." There is, moreover, a strong effort
on the part of taxpayers to discharge eastern obligations,
and to get movable funds out of the State before returns
are made to the tax assessor. A reference to Chart
X X X I and to Table I X (pp. 61, 65, 75) will show that
February shipments of cash from the Pacific States are
relatively large.
The third period is one of an easier money market;
it begins about the middle of March and continues
until the last of April, interrupted by a temporarily
"hardening" market at the time of quarterly disbursements, April 1.
a Cf. pp. 28-29.
& The law provides: "The assessor must, between the first Monday
of March and July in each year, ascertain the names of all taxable
inhabitants and all property in his county subject to taxation * * *
and must assess such property to the persons by whom it was owned
or claimed, or in whose possession or control it was at twelve o'clock m.
of the first Monday of March next preceding. * * * In assessing solvent credits not secured by mortgage or trust deed, a reduction therefrom shall be made of debts due to bona fide residents of this State."
(Sec. 3628.) "Any property willfully concealed, removed, transferred,
or misrepresented by the owner or agent thereof, to evade taxation, upon
discovery, must be assessed at not exceeding ten times its value, and
the assessment so made must not be reduced by the board of supervisors." (Sec. 3648.) Deering's Annotated Codes and Statutes of
California. Political Code. Vol. 1, title IX, chap. III.
Of course, money on hand and solvent credits in California, as in
other States, largely escape taxation under the general property
tax, nevertheless there appears to be sufficient danger of their being
taxed to induce considerable transfers out of the State, and considerable
zeal in paying debts due out of the State, prior to assessment day. Cf.
Report of the Commission on Revenue and Taxation of the State of
California, 1906. Pp. 56, 57, 222, and 223.

50

NATIONAL MONErTARY COMMISSION.

In 1907 reserves increased from $14,300,000 in the
eleventh week to $15,800,000 in the thirteenth week,
dropped to $13,900,000 in the fourteenth week (about
the 1st of April), and stood at t h a t figure in the seventeenth week; the index numbers corresponding to these
three amounts were, respectively, 44.8, 67.2, and 38.8.
I n 1908 reserves rose from $14,200,000 in the eleventh
week to $16,000,000 in the thirteenth week, dropped to
$15,300,000 in the fourteenth week, and then rose to
$16,300,000 in the seventeenth week; the index numbers corresponding to these four amounts were, respectively, 12.7, 41.3, 30.2, and 46.
Loans increased about the middle of March and then
remained at a moderately high level for about a month.
The general tendency of deposits was downward from the
fore part of March to the latter part of April.
Shortly after assessment day (the first Monday in
March) the percentage of reserves to deposits increases.
From the eleventh week to the thirteenth this percentage
rose from 11.29 to 12.75 in 1907, the index number rising
from 14.1 to 28.7; in 1908 the percentage rose from 16.11
to 18.28, the index number rising from 35.7 to 63.8.
Both years then showed a decline to the fourteenth
week (about the 1st of April) and an advance to a
higher level in the fifteenth week.
This apparent easing up of the money market is to a
considerable extent fictitious, representing merely a readjustment after the changes made anticipatory of assessment day. Another factor of importance at this time is
the fact that the latter part of March or early part of
April, the last of the advances against grain are usually
settled.
The fourth seasonal period in San Francisco is one of a
comparatively strong money market, extending from
about the last of April to the latter part of June. I t is a
period of low reserves, low deposits, and low loans.
From the seventeenth to the twenty-fifth week average
weekly reserves varied between $13,200,000 and $15,100,000. I n fifteen of the eighteen weeks (that is nine
weeks in each year), the amount being below $15,000,000,
the average weekly index numbers of reserves varied
between 12.6 and 42.4; fifteen of the eighteen index numbers during the two years being below 40. In both years
there was a sharp decline in the amount of reserves in the
eighteenth week (about the 1st of May). .
Average loans declined from $88,600,000 in the seventeenth week to $86,000,000 in the twenty-fifth, the
average index number falling from 51.8 to 40.9; while
average deposits declined from $104,300,000 in the seventeenth week to $100,900,000 in the twenty-fifth, the average
index number falling from 39.5 to 33.3, and the principal
drop being in the eighteenth week.
Ratios of reserves to deposits fell sharply in the
eighteenth week and fluctuated at a low level until the




twenty-fifth week. In 1907 the ratio fell from 11.67
per cent in the seventeenth week to 9.88 per cent in
the eighteenth, and the index number from 17.9 to 0;
in 1908 the ratio fell from 18.21 to 16.82, and the
index number from 62.9 to 44.9. Of the eighteen index
numbers for these weeks during the two years the
extremes were 0 and 54.9, and fourteen were below 45,
showing that these were normally weeks of low percentages of reserves.
Why do the demands upon the reserves increase
so abruptly about the last of April and remain relatively heavy until the latter part of June ? The sharp
drop in the eighteenth week is apparently due to the
local demand for money at t h a t time to cover the
second installment of state and county taxes on real
property, which become delinquent the last Monday
in April. 0 The annual fruit-packing business begins in
May, and there is said to be a considerable demand for
funds at about that time on the part of the large
canneries for the purchase of sugar and tin and other
supplies.
Another important demand for funds in May and June
is said to come from fishing companies, which make advances to fishermen who are going on a trip of three or
four months' duration, to pay for their outfits. Mr. F . B .
Anderson, president of the Bank of California, to whom I
am indebted for much of my information concerning the
San Francisco money market, says that there is one
fishing company alone which expends annually about
$2,500,000 in its outfit and advances for crews. June is,
moreover, a month of considerable shipments of cash to
the Eastern States required to meet the semiannual payments of interest on bonds arid other securities.
The fifth period extends from about the last of June to
about the last of September. Like the summer months
in New York and Chicago, it is a period of a comparatively
weak money market.
Loans remain fairly constant at a low level, while deposits show a marked upward tendency.
During this period the amounts of reserves were high—
much higher than in the preceding period. The average
reserve of the period from the seventeenth to the twentyfifth week of the two years was $14,200,000. while that of
the period from the twenty-sixth to the thirty-ninth
week was $16,200,000; the corresponding average index
numbers for the two periods were 29 and 58.4.
Average ratios of reserves to deposits fluctuated considerably during these fourteen weeks, but at a moderately high level. Of the twenty-eight weekly index
numbers of ratios of reserves to deposits during this
period (for the two years) nineteen were above 40 and
nine were below.
oCf. Statutes of California 1897, ch. 267, p. 431, sec. 3746.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
The average weekly ratio for the period from the
twenty-sixth week to the thirty-ninth week, inclusive,
of the two years was 16, as compared with 14.38
for the period from the seventeenth week to the twentyfifth week, inclusive.
A sharp advance in the percentage of reserves took
place from the thirty-sixth to the thirty-ninth week, the
average percentage rising from 14.82 to 16.82, and the
average index number from 37.6 to 62.1. This upward
movement took place in both years and was preceded
by a rather sharp decline.
The reasons for the relatively small demand for loanable capital during this period are in part as follows:
These are the warm months of the year in San Francisco
and vicinity, the highest mean temperature being
recorded in September. I t is the time preceding the
active crop-moving period. At this time, moreover,
large supplies of gold bullion are deposited at the San
Francisco mint and the coin proceeds made available for
local demands. a Banks' loanable funds are increased
during this period through payments made for tea
imports which are received in July and September.
About the 1st of June the plantations, which are said to
handle several hundred thousand tons of sugar brought
in from Hawaii every year, are out of debt and begin to
have large credit balances in the banks.
On the other hand, the California hay and grain harvests are in full swing by about the middle of July. The
ships return from the fisheries in August and September,
and on arrival large sums of money are necessary in order
to pay the crews. Demands are also made upon the banks
at this time to finance the green-fruit trade. This trade
continues through May, June, July, August, and September, and is at its height in July and August.
Drafts against green-fruit shipments, as likewise those
against fish shipments, are usually honored at the eastern distributing points upon the arrival of the cars, and
San Francisco bankers' balances in the East are thereby
considerably built up. 6 These demands upon the San
Francisco banks are, however, more than offset by the
above-mentioned influences, with the result that from
the last of June to the last of September the San Francisco money market is normally relatively weak.
The sixth seasonal period in San Francisco is the cropmoving period and extends from the last of September
until the latter part of November. I t is a period of
rapidly increasing or large demand for moneyed capital.
The amounts of reserves decline rapidly from the
thirty-ninth week to the forty-fifth. In 1907 the decline
a Cf. Chart XLI, and p. 118 and note a.
& Cf. figures given in the Comptroller's reports from year to year for
deposits of San Francisco national banks with reserve agents at the
dates of the different calls for reports.




51

was from $14,700,000, with an index number of 50.7, to
$11,300,000, with an index number of 0; while in 1908 it
was from $19,700,000, with an index number of 100, to
$13,400,000, with an index number of 0.
Loans continue at the same level as during the preceding period for about three weeks (thirty-ninth to
forty-second week) and then drop sharply. Deposits
show an upward tendency during the first three weeks,
and then decline rapidly.
Ratios of reserves to deposits at this time fall to their
lowest point in the year. In 1907 the decline was from
13.44 per cent in the thirty-ninth week, with an index
number of 35.6 to 11.76 per cent in the forty-fifth week,
with an index number of 18.8; and in 1908 from 20.20
per cent, with an index number of 88.6, to 13.35 per
cent, with an index number of 0.
-|
A number of forces are at work tightening up the San
Francisco money market during this period. October
1 settlements make a considerable demand for funds.
The California hay and grain harvests extend through
October. Grain movements from the Northwestern
States, which are largely financed from San Francisco,
begin in September and are active in October and November. In October and November take place the movements of dried fruits, such as raisins, prunes, apricots,
and the like; also movements of canned fruits. This
trade results in large amounts of coin being drawn out
of the banks for use in the country. At this time, when
the demand for funds is at its greatest, the California
tax system imposes an additional burden on the money
market. An installment of state and county taxes is
due in October and becomes delinquent the last Monday
in November. a Inasmuch as these taxes are payable in
gold coin, their payment leads to heavy demands upon
bank reserves. The burden is made doubly heavy by
the local independent treasury system. a I n November/'
writes a prominent San Francisco banker, " t h e tax collector for the city and county of San Francisco withdraws
about $6,500,000 of actual coin from circulation and
locks it up in the vaults of the city hall. You no doubt
will have noticed that this tremendous withdrawal of
the circulating medium from the channels of trade occurs
at the period when the demand for money is greatest."
This hardship has been overcome to a certain extent by
the law of February 28, 1907,6 allowing the deposit of
public funds in banks against proper securities. The
average monthly amount of cash in state vaults for the
fiscal year 1906 was $4,342,054, and for 1907 was $5,423,247. For 1908, the first year of the operation of the
new law, it was $2,626,511, while the average monthly
amount in banks for 1908 was $2,901,062.
« Cf. Statutes of California, Political Code, sees. 3746 and 3756.
& Statutes of California, 1907, chapter 50.

52

NATIONAL MONETARY COMMISSION.

The evil is furthermore somewhat mitigated by the
facilities afforded by the mint for transfers of gold to
San Francisco through deposits made at other mints and
sub treasury offices. The supply of funds at this time is
also affected by the fact that many California gold mines
have to be shut down during the fall on account of lack of
water supply. This period of very active demands for
funds is naturally one in which largest shipments of cash
are made to California by the Eastern and Middle Western States. a
The seventh and last seasonal period in the San Francisco
money market covers the last few weeks in the year, and
begins anywhere from the latter part of November to
the middle of December, according to the lateness of the
season. I t is a period of reaction and decline after the
strong market of the preceding period. Mr. F . B. Anderson, president of the Bank of California, writes: " T h e
height of the demand for money, as a rule, is in the latter
part of November—sometimes as late as the middle of
December. From t h a t time on, the demand decreases
very rapidly." This decline is liable to be interrupted by
a temporary advance just preceding the time of January 1
settlements.
Both loans and deposits decline or remain at a low
figure during these weeks.
The amount of reserves tends strongly upward, beginning its upward movement before the middle of November,
according to the figures for 1907 and 1908, and continuing
with slight interruption until the end of the year. In
1907 the reserve rose from $11,300,000 with an index number of 0 in the forty-fifth week, to $15,700,000 with an
index number of 65.7 in the forty-ninth week, and to
$17,800,000 with an index number of 97 in the fifty-second
week; in 1908 the reserve rose from $13,400,000 in the
forty-fifth week, with an index number of 0, to $13,700,000
in the forty-ninth week with an index number of 4.8, and
to $14,800,000 in the fifty-second week, with an index
number of 22.2.
Ratios of reserves to deposits rose rapidly during the
latter weeks of the year. I n 1907 the ratio rose from
11.76 per cent in the forty-fifth week with an index
number of 18.8, to 17.39 per cent in the forty-ninth
week with an index number of 75.2, and to 19.84 per
cent in the fifty-second week with an index number of
99.7; in 1908 the ratio rose from 13.35 per cent in the
forty-fifth week, with an index number of 0, to 14.19
per cent in the forty-ninth week, with an index number
of 10.9, and to 15.26 per cent in the fifty-second week,
with an index number of 24.7.
This clearly marked weakening of the money market
during the last few weeks of the year, is obviously due to
a decline in the crop-moving demands which dominate




«Cf. pp. 62,63,66, and 67.

the preceding period, both in the Pacific States and
other sections of the country, and to the repayment of
advances made during t h a t period.
REDISCOUNTS.

The practice of rediscounting commercial paper which
is so common in Europe is generally looked upon with
disfavor in the United States, and rediscounts in this
country are of little importance. I t is an interesting
fact, however, that the very small amount of rediscounting reported by national banks shows a rather strong
seasonal swing, the tendency being for rediscounts to
be largest in the fall and early winter when the cropmoving requirements impose their heavy burdens upon
the money market. For the thirty-nine years, 1870-1908,
the average rediscounts of national banks outstanding at
the dates of the Comptroller's five reports a were as
follows: 6 First report, $6,214,000; second report, $6,684,000; third report, $7,465,000; fourth report, $9,781,000; and fifth report, $8,625,000.
Of the thirty-nine years the fourth report showed the
largest amount of rediscounts (of any of the five reports)
in nineteen years, the fifth report showed the largest
amount in fifteen years, the second and third reports,
each, in two years, and the fifth report in one year.
This completes our study of seasonal variations in the
demand for moneyed capital relative to the supply in
different sections of the country as evidenced by interest
rates, bank reserves, and certain other bank data. Our
next task is to study the seasonal variations in the value
of money in different sections of the country relative to
each other.
CHAPTER IV.—SEASONAL VARIATIONS IN THE KELATIVE
DEMAND FOR MONEY IN D I F F E R E N T SECTIONS O F THE
COUNTRY.

In the last chapter an attempt was made to learn
something of the extent and regularity of seasonal variations in the demand for moneyed capital (or loanable
capital) relative to the supply in certain representative
cities, considered more or less independently; in this
chapter it is the interrelation of the different sections of
the country that is primarily under consideration, and
the relativity is not, as in the preceding chapter, so much
the relativity of demand to supply as t h a t of the demand
in one section of the country compared with the demand
a Cf. Annual Report of the Comptroller of the Currency, 1909, pp.
369-395.
& The following figures are based largely upon a report on the subject
of " Rediscounting by National Banks 1870-1909" prepared as a class
exercise by Mr. W. I. Galland, a student of mine. In computing
averages the last three figures were omitted from the amounts as given
by the Comptroller.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
in another. I t is not, moreover, so much moneyed
capital in the broad sense of the term (covering money
and loanable credits), that we are concerned with here
as that part of moneyed capital commonly called money °
or cash. Obviously it is impossible and undesirable to draw
a sharp distinction between the phenomena studied in
these two chapters, because of their close relationship
and interdependence; and the two chapters should be
read together as parts of the broader subject of seasonal
variations in the demand for capital.
In this chapter the principal criteria used are domestic
exchange rates and currency shipments. Domestic
exchange rates are given for at least one city in each
important geographic section of the country except New
England.
The principle underlying this part of the study is the
simple one that money, like any other commodity, seeks
the best market, or, to use the excellent expression of
Ricardo, it flows from the places where it is relatively
redundant to the places where it is relatively scarce.
Demand exchange rates 6 in one city on another express
the value of money in the second city in terms of that in
the first. A selling rate, for example, of 40 premium in
Chicago for bank drafts on New York City means that
it costs a purchaser $1,000.40 in Chicago to buy the right
to $1,000 cash in New York City, and that money is accordingly cheap in Chicago (i. e., relatively redundant) as compared with money in New York City; a selling rate, on
the other hand, of 40 discount means that it costs $999.60
in Chicago to buy the right to draw $1,000 cash in New
York City, and that money is accordingly dear (or relatively scarce) in Chicago as compared with New York
City. As money grows cheaper in Chicago relatively to
New York it approaches the shipping point at which it
becomes profitable to ship it to New York; as it grows
dearer in Chicago relatively to New York it approaches
the opposite shipping point, at which it becomes profitable
to ship money from New York to Chicago. I t is such
changes in the relative value of money, or the relative
demand for money, that we have in mind in this chapter
and not changes in the interest or discount rates. Of
course high interest rates and low exchange rates in the
different cities on New York are liable to accompany
each other, and may be caused largely by the same
influences. Interest rates, however (and also prices), in

53

two places may rise or fall pari passu, with no change
in the relationship to each other of the two markets.
New York City and the Eastern States will be used as
the basis for comparisons, and the following geographic
sections will be studied (in the order named) in their relations to New York City and the Eastern States, and in
their relations to each other: (1) New England States,
(2) Middle Western States, including special studies of
the city of Chicago and the city of St. Louis, (3) Southern
States, including a special study of the city of New
Orleans, (4) Western States, and (5) Pacific States, including a special study of San Francisco. a A final section will then be devoted to the currency receipts and
shipments of New York City.
Figures for currency receipts and shipments are based
principally upon replies received to a circular of inquiry
sent by the National Monetary Commission through the
office of the Comptroller of the Currency to the managers
of the clearing houses. The circular requested reports of
shipments and receipts of cash to and from points outside
of the States in which the respective cities were located.
The information was requested for monthly figures for the
four years 1905-1908.
The circular was sent to all cities of 50,000 population
and over (of which there were 91 in 1907, with a total
population of 20,894,278), and to some of the smaller cities
doing a large banking business. Reports were received
from the clearing house associations or from individual
banks of 32 cities. Out of the reports received from these
32 cities only those coming from 26 cities could be used.
Of these 26 cities 4 had a population of less than 50,000
each, 5 with a total population of 155,290. Including
these the population of the 26 cities from which usable
reports were received was 12,392,541. I n most cases
summary reports were made by the clearing house for all
banks in the clearing house association. Such summary
reports were desired from all the cities, but in some the
clearing houses adopted the method of sending in the
individual reports of part of the banks or of having
the banks themselves send them. The Chicago clearing
house sent in reports of from eight to ten banks. 0 Of

a New England States include Connecticut, Maine, Massachusetts,
New Hampshire, Rhode Island, and Vermont; Eastern States include
Delaware, District of Columbia, Maryland, New Jersey, and Pennsylvania; Southern States include Alabama, Arkansas, Florida, Georgia,
Kentucky, Louisiana, Mississippi, North Carolina, South Carolina,
<* Unless otherwise clearly designated by the context, the word money Tennessee, Texas, Virginia, and West Virgina; Middle Western States
is used in the sense of the term employed by Francis A. Walker—the include Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio,
popular sense—and explained in his Money in its Relations to Trade
and Wisconsin; Western States include Colorado, Kansas, Montana,
and Industry, pp. 4-27, and in Kemmerer, Money and Credit InstruNebraska, Oklahoma, and Wyoming; Pacific States include Arizona,
ments in Their Relation to General Prices, 2d edition, pp. 25-28.
California, Idaho, Nevada, Oregon, Utah, and Washington.
&The differences between demand rates and telegraphic transfer
&Viz: South Bend, Ind.; Davenport, Iowa; Little Rock, Ark.; Lexrates are for our purposes negligible because of the short time, and
ington, Ky.
consequently small interest expense, involved in transfers of demand
c Reports of receipts: $ banks in 1905, 9 in 1906 and 1907. Reports
paper.
of shipments: 9 banks in 1905 and 1906,10 in 1907 and 1908.




54

NATIONAL MONKTARY COMMISSION.

the reports sent in by the Lexington (Ky.) clearing house
three were only partially filled out; from Norfolk (Va.)
only a single bank reported, and that one only for shipments; from South Bend (Ind.) only one bank reported;
and from San Francisco 11 to 14 reported.**
If the figures for currency receipts and shipments were
complete for all States, obviously the total amount
shipped would be identical with the total amount received,
and the shipments of State A to State B would be identical with the receipts of State B from State A. Inasmuch as with few exceptions, only banks in cities of
50,000 population or over were called upon to report,
and as our data are very incomplete for those banks,
there is no such identity between reported receipts and
reported shipments. Receipts reported by State B from
State A may be included wholly, only in part, or not at
all in the shipments to State B reported by State A.
The differences between reported receipts of a State from
another State and shipments by t h a t other State to the
first State are^so great t h a t it seems best to treat the
receipts and the shipments separately as independent
evidence, instead of as two sides of the same currency
transfer which undoubtedly they are to some extent.
Inasmuch as the figures cover only the short period of
four years, the basis they offer for generalizations concerning seasonal tendencies is very meager, and conclusions based upon them must be considered tentative.
The figures are given by States for each year in Table 9
of the appendix. Summaries by geographic sections appear
in Table I X (pp. 56-75). Index numbers were computed
in the manner described on pages 13-15, 22, and average
index numbers for the different sections of the country are
presented in diagram form in the charts of this chapter.
Figures for domestic exchange rates were collected
under the supervision of Mr. Fred I. Kent, vice-president
of the Bankers Trust Company, of New York. The rates,
which are the " l o w " selling rates for each week for
demand drafts, are not nominal rates but rates at which
the actual exchange business was done. I n the various
cities the rates were compiled by the following persons:
Chicago, Mr. C. P . Clifford, assistant manager of the foreign exchange department of the First National Bank;
St. Louis, Mr. J. A. Lewis, cashier of the National Bank of
Commerce; New Orleans, Mr. L. M. Pool, vice-president
of the Hibernia Bank and Trust Company, and Rudolph
Hecht, assistant manager of the foreign exchange department of the First National Bank; San Francisco, Mr. F.
W. Wolfe, cashier of the San Francisco National Bank.
a Reports of receipts: 13 banks in 1906 and 1908, 14 in 1907. Reports of shipments: 12 banks in 1906, 11 in 1907, 13 in 1908.




NEW ENGLAND STATES.

Our data concerning the New England States are the
most meager of those for any section, being limited to
the currency receipts and shipments of the clearing-house
banks of Boston, Worcester, and Providence, and the
reported shipments to and receipts from New England
by banks outside of the New England States. Taking
these data together, and interpreting them in the light
of other evidence collected, and of the opinions of a number of representative bankers, we may draw the following
conclusions:
New England's receipts of cash from other sections of
the country and shipments of cash to other sections are
limited almost entirely to the Eastern States and the
Middle Western States; and practically all of the currency movements between New England and the Eastern
States are to and from New York City.
CURRENCY MOVEMENTS B E T W E E N

NEW

ENGLAND AND THE

EASTERN

STATES.

(Charts XIV, XV, XVI, and XVII, and Tables IX and 9.)

I n considering seasonal currency movements between
New England and the Eastern States, a few general facts
deserve mention. 0 The distance between New York City
and the principal New England cities is very small, and
there is a great community of financial interest among
these cities and New York. Between New York City
and Boston the currency shipping points are only about 25
cents premium and 25 cents discount. Single financial
deals between New York City and Boston are frequently of
sufficient moment to lead to considerable shipments of
currency, although exchange rates previously were only
moderate. The relations among the clearing-house banks
of Boston and among those of other New England cities
are close, so that when one bank is in need of New York
funds it is liable to obtain them from another which may
have more than it needs. For this reason, it is said,
much less money is now received from New York City
a For information with reference to currency shipments between
the New England and the Eastern States I am much indebted to the
following persons: Mr. Francis B. Sears, vice-president of the National
Shawmut Bank, of Boston; Mr. Hugh Bancroft, of the Boston News
Bureau; Mr. Robert W. Taft, president, and Mr. Moses J. Barber,
cashier, of the Merchants' National Bank, of Providence, R. I.; Mr.
J. P. Hamilton, president of the Worcester National Bank, of Worcester,
Mass.; Mr. F. A. Drury, president of the Merchants' National Bank,
of Worcester; Mr. Charles A. Ruggles, manager of the Boston Clearing
House; Mr. Albert R. Plant, manager of the Providence Clearing
House Association; Mr. Cyrus P. Brown, president of the Industrial
Trust Company, of Providence; and Prof. Henry B. Gardner, of Brown
University.

SEASONAL DEMAND FO
and shipped there than was the case a few years ago.
Currency movements between cities so near each other
as New York and New Haven are of little significance in
studying the relative demand for money in different
geographic sections. A line, however, delimiting different geographic sections must be drawn somewhere in
such a study, although " t h e border line" cases may
frequently appear somewhat absurd.
For the four years 1905-1908 the Eastern States
reported receipts from New England amounting to
$92,642,000, and the New England States reported ship-




MONEY AND CAPITAL.

55

ments to the Eastern States amounting to $10,825,000;
the Eastern States, on the other hand, reported shipments
to the New England States amounting to $187,100,000,
and the New England States reported receipts from the
Eastern States amounting to $56,900,000. Obviously
the figures reported by the New England States are very
incomplete, and should be treated merely as minor
evidence supplementary to that afforded by the more
complete figures reported by the Eastern States (particularly by New York City). The analysis of these figures
by seasons gives the results shown in the following table:

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908.

Or

NEW ENGLAND STATES, a
RECEIPTS OF CASH R E P O R T E D .
[Amounts expressed in thousands. &
]
1905.
January.
Section.

Total United States

March.

April.

a*
a

June.

May.

flu*

I 1
<

1
a

<

flu*

1

a

o

o

a

a

<

<

d
M

MS

a

1 i

<

el

a

11.9

7,987

34.3

10,943 100.0

10,428 88.6

6,830

8.6

6,490

M

o

a

M

fl
S3
O

a
<

$6,475 12.6 $6,295
33 0.4
148
0
0
0
0
0
0
0
0
0
0
6,508

1.4

6,443

October.

Mo
•3

a

a
us
o

a

S3
flu*

•o

6,599

i
©

a

3

<

0 $6,355 4.2
144 3.4
3.5
0
100 83.3
0
0
0
0

November.

i

a

a

4-S

flu*
M*
a

8.8
1.4

1.0

September.

August.

S3

I

S3
O

$6,882 41.1 $7,200 63.4 $7,300 70.4 $7,723 100.0 $6,810 36.1 $6,420
95 2.1
787 21:2 3,643 100.0 2,705 74.1
20
70
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,977

July.

s

a

!
<
From—
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

February.

3.5

S3
AM*

w £

o

fl

AM

a

MS

December.

i
a

<

§u5

59.8

6,540

2.2

4-3

a

I

1

<

$7,255 67.2 $6,443 10.4 $6,523 16.0
97 2.1 2,140 58.5
1,758 48.0
0
0
0
0
0
120 100.0
0
0
0
0
0
0
0
0
9,133

Year.

8,663 49.3

$81,681
11,640
0
220
0
0

Total United States

o

6,605 17.2
3,930 100.0
0
0
0
0
0

7,159 80.0
1,724 40.4
0
0
0
0
0

7,335 100.0
2,916 72.6
0
0
0
0
0

6,918 52.7
2,963 73.8
0
0
0
0
0

7,321 98.4
1,023 21.4
0
0
0
0
0

6,816 41.2
2,923 72.8
0
0
0
0
0

7,087
232
0
0
0
0

71.9
0

10,535 100.0

8,883 56.2

10,251 92.5

9,882 82.7

8,344 42.0

9,739 78.9

7,319

14.8

0

6,527 8.4
2,237 54.2
0
0
0
0
0

6,453
306
0
0
0
0

0
2.0

8,764 53.1

6,759

0

0

7,313 97.5
1,826 43.1
0
115 100.0
0
0

6,620 18.9
1,756 41.2
0
0
0
0
0

6,576 13.9
729 13.4
0
0
0
0
0

9,254

8,376 42.8

7,305

66.1

14.5

82,731
22,565
0
115
0
0
105,411

1907.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

6,728 15.0
3,586 100.0
0
0
0
0
0
10,314

97.3

6,966 25.4
1,870 48.9
0
0
0
0
0

6,946 24.5
3,465 96.4
0
0
0
0
0

8,836 55.5

10,411 100.0

6,860 20.8
826 17.8
0
0
0
0
0

6,655 11.8
1,843 48.1
0
0
0
0
0

6,858 20.7
227
0
0
0
0
0
0

7,365 42.9
968 22.1
0
0
0
0
0

7,425 45.5
272 1.3
0
0
0
0
0

8,672 100.0
848 18.5
0
0
0
0
0

7,700 57.5
267 1.2
0
115 100.0
0
0

6,385
486
0
0
0
0

0
7.7

8,913

7,686

8,498 46.0

7,085

6.0

8,333 41.3

7,697

23.3

9,520 74.8

8,082 34.2

6,871

0

102,247

23.0

0

85,215
16,917
0
115
0
0

1908.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States




0
6,830
1,803 87.5
0
0
0
0
0
8,633 82.0

7,203 36.9
207 9.7
0
0
0
0
0
-7,410

21.9

7,304 46.8
17 0.4
0
0
0
0
0

7,130 29.6
185 8.6
0
0
0
0
0

7,205 37.1
23 0.7
0
0
0
0
0

6,955 12.4
10 0.1
0
0
0
0
0

7,053 22.0
8
0
0
0
0
0
0

6,944 11.3
28 1.0
0
0
0
0
0

6,940 10.9
2,059 100.0
0
0
0
0
0

7,842 100.0
641 30.9
0
0
0
0
0

7,362 52.6
158 7.3
0
205 100.0
0
0

6,912 8.1
639 30.8
0
0
0
0
0

85,680
5,778
0
205
0
0

7,321

7,315

7,228 12.9

6,965

7,061

6,972

8,999 100.0

8,483 74.6

7,725 37.4

7,551

91,663

17.5

17.2

0

>
Pi
K|

o
O
CO
CO

6,655 11.8
2,258 60.5
0
0
0
0
0
57.7

l-H

O

93,542

1906.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

3
>
H

4.7

0.3

28.8

O
3

1905-1908.
January.

February.

March.

-t->

Section.

X

+j

M

o
B
03

a fe

o
B

a&

^
a
P

sea

3

3
o
H

From—
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

5
>
<

O

"cl
H

"S-Q
6CH
03 5

t>

«!

o

o
H

w
a $

>
^

_
^
a
P
o

H
EH

$27,045 18.3 $28,528 51.4 $28,885 60.4 $28,426
9,414 72.4 4,588 30.1 10,041 67.4 8,111
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
36,459 72.8

33,116 42.0

38,926

77.5

36,338

M

a•

as

P

a>

j>

<

os

3
o
H

48.5 $28,196
54.3 1,892
0
0
0
0
61.6

June.

May.

April.

30,088

M
a&
2PS
g a
>
k
<1

a•

H

48.1 $26,846
10.0 4,846
0
0
0
0
21.6

31,692

M

!

M

i
03

3
o

August.

July.
jj

a&

o3

S a
t>

<

o
E
H

>
<

_•
!
_
a

3
o
S
03
"el
o
E
H

M

•a ^
< a
3
«4
>

September.
a•
P
o
g
03
"o3
O

H

^j

M
T3

^

gp

>
<

18.6 $27,473 31.8 $27,131 15.7 $27,173 15.2
30.6
500 0.1
3,381 20.2 2,781 26.7
0
0
0
0
100 20.8
0
0
0
0
0
0
0
31.5

27,973

6.7

30,512

23.7

October.

30,054 31.7

I
03

n
"el
O

e

M

IN
0> fl

<1
>

November.
^_j

a
P
o
03

3
O

H

M

as
tea

>
<

December.
a•
P
o
B
03

3
o
H

$31,082 91.2 $28,125 34.9 $26,396
5,073 35.1 2,278 13.0 3,994
0
0
0
0
235 50.0
320 50.0
0
0
0
0
0
0
36,390

68.8

30,723 29.2

M
OJ

IS
IP

>
^
9.5
27.6

30,391 23.2

Year.

^

I

OS

3
o
B

$335,307
56,900
0
655
0
0
392,862

a For detailed figures by States see Table 9 in the Appendix, pp. 276-281.
6 The totals sometimes show si difference of one or two thousand dollars from the sums obtained by adding the individual figures as they appear in this table, the discrepancy being due to the fact that the totals
represent the sums of the individual figures carried out to more decimal places.




W

M
>

CO

O
>1

t"

fe!
O
N
O

5*

t-1

en

T A B L E IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities,

1905-1908—Continued.

C7I
00

N E W E N G L A N D STATES—Continued.
SHIPMENTS OF CASH REPORTED.
(Amounts expressed in thousands.)
1905
February.

January.
Section.
4J

a
P
o

a
<
ToNew England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

a

March.

a

is
§

MS

a

73

$5,300
197
0
260
0
0

0
22.2

5,757

0

15.8

a

$5,684 16.8
0
163
0
322 32.1
0
0
6,169

1
o

<

a

15.1

April.

MS
73

a

June.

July.

a
d

SUMS

a

73

<

"
8
g
a
<

a
§

a

<

a

MS

"
8
§

a

73

a

<

k-H

$6,780 64.7
192 19.0
0
240 10.5
0
0
7,212

May.

53.3

$6,567 55.4
186 15.0
0
250 13.2
0
0
7,003

45.7

$6,170
207
0
245
0
0

88.0
28.8

6,622

31.7

11.8

$6,218 40.1
184 13.7
0
243 11.3
0
0
6,645

•

32.6

I

MS

73

a

$6,160 37.6
243 52.3
0
249 12.9
0
0
6,652

September.

August.

4J

a

November.

a

§
o

MS

<

a

a

October.

1
a

<

$6,602 56.9
198 22.9
0
246 12.1
0
0

§^
73

a

December.

Year.

a
•4-S

a

g
a
<

a

§.•

I

73

a

a

<

$6,421 49.0
211 31.4
0
495 77.6
0
0

$7,589 100.0
316 100.0
0
580 100.0
0
0

$6,585 56.1
219 36.6
0
200
0
0
0

+9

a

1

<

I

1

$6,183
239
0
220
0
0

38.6
49.7
5.3

$76,259
2,552
0
3,550
0
0

32.8

7,046

47.3

50.2

8,485 100.0

7,004

45.7

6,642

32.4

82,361

65.0 ' 6,533 61.5
93 15.8
8.9
0
0
0
510 73.9
29.7
0
0

6,605 65.3
77
0
0
0
690 100.0
0
0

6,893
85

80.4
7.9
0
34.8

5,861
178
20
175
0
0

26.3
100.0
100.0
25.4

75,825
1,288
20
3,155
0
0

7,372

7,218

6,234

29.4

7,127

3

>
H

o
>

1906.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

7.3
5,500
135 57.4
0
0
0
0
0
0
5,635

0.1

6,277 48.1
93 15.8
0
0
255 37.0
0
0
6,625 48.5

7,268 100.0
107 29.7
0
0
305 44.2
0
0

5,360
97
0
175
0
0

7,680 100.0

5,632

0
19.8
0
25.4

0

6,457 57.5
105 27.7
0
0
190 27.5
0
0

6,230 45.6
104 26.7
0
0
210 30.4
0
0

6,241 46.2
130 52.5
0
0
200 29.0
0
0

6,600
86
0
205
0
0

6,752

6,544

6,571

6,891

54.7

44.5

45.8

61.5

7,136

73.4

85.0

<?
240
0
0

77.4

80,288

1907.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

5,837
340
0
200
0
0

13.8
19.5
0
0

6,377

9.3

0

6,297 22.8
0
297
0
0
360 42.1
0
0
0
6,954

20.2

7,187 40.2
365 30.8
0
0
375 46.1
0
0
0

6,688
354
0
240
0
0

30.5
25.8
0
10.5

38.6

7,282

26.4

7,927

0

6,411 25.0
371 33.5
0
0
230 7.9
0
0
0

6,310
317
0
240
0
0

23.1
9.0
0
10.5

7,012

6,867

18.5

21.3

0

Total United States




6,231
0
349 74.0
0
0
0
0
0
0
0

6,977 30.7
110 4.9
0
0
62 14.9
0
0
0

6,580

7,149

0

21.5

6,250 21.9
363 29.9
0
0
220 5.3
0
0
0

7,484
310
0
240
0
0

46.0
5.9
0
10.5

6,833

8,034

40.6

17.9

0

5,132
0
465 76.0
55 55.0
235 9.2
0
0
0

81,779
4,370
- 220
3,695
0
20

0

90,084

7,265 42.6
260 48.3
70 60.9
210 50.6
0
0
0

7,297 43.9
. 0
93
70 60.9
0
0
20 80.0
0

85,297
2,616
280
1,147
45
0

7,805

7,480 34.0

89,384

6,730 31.3
330 14.9
100 100.0
365 43.4
0
0
0

10,240 100.0
342 20.4
10 10.0
580 100.0
0
0
0

7,213
518
55
410
0
20

100.0

7,525

31.0

11,172 100.0

8,216

44.1

7,502 52.3
177 24.3
0
0
60 14.5
0
0
0

6,632
220
0
0
0
0

16.5
36.7
0
0
0

6,587 14.7
285 55.5
0
0
0
0
0
0
0

6,942 29.3
218 36.1
0
0
0
0
0
0
0

6,767 22.1
204 32.1
0
0
0
0
0
0
0

6,865 26.1
148 15.9
0
0
0
0
0
0
0

7,572
439
115
415
0
0

55.2
100.0
100.0
100.0
0

7,739

6,852

10.3

6,872

7,160

6,971

7,013

8,541

74.1

43.8

11.0

21.9

J2J

m
>

o

o
GO
CO

40.7
100.0
55.0
55.3

5,887

1908.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

O

14.8

16.4

8,660
115
25
400
25
0

100.0
6.4
21.7
96.4
100.0

9,225 100.0

46.3

i—i

o

1905-1908.
January.

Section.

February.

d
o

S

<DX>

a
03

Middle Western States
Western States
Pacific S t a t e s
Total United States




d «-•

&

twod

3

o
H
ToN e w E n g l a n d States
Eastern States
Southern States

^

^
d

8

d

o
H

<

$22,868
1,021

<

5.3 $25,235
43.3
662

0

0

460
0
0

4.0
0
0

24,349

2.4

0
999
0
0
26,896

March.

•

d
d
o

April.
^j

K
T3

.

a
1

«£

H

^

c3

&a

0)

1ft
*>-£

a

^a
2a

c3

£d
H

64.3 $25,247
856
26.0
0
0
665
28.8
0
0

26.3

58.9

30,558

%
o

«-2'

a
03

$a

•a

2d
£
«} d

25.6 $25,625
24.3
967

a

*a

c3

"cl

<i

33.8 $25,700
36.4
822

0
665

0
0

0

0

11.8
0
0

0

26,768

20.6

27,257

29.7

a J-I

^-9

03

sea
2d
cu a

B

^

34.5 $25,418
939

21.4

s
Q

id .
d «-•
. d O)

^•2

C3

*03

£d
«i

o
H

^•s
» d
<

03

"e3

£d

H

o

"o
B

«!

32.0 $27,551
742

•4

48.5 $27,256
1,072
13.4
215
0
1,785
13.1

0
0

0

0
0

0

0
0

73.7
0
0

27,026

27.8

28,984

41.5

30,328

57.2

0
669

0
27,215

29.4

0
691

0

M

+j

d
d
o

+3

T3

.

.ak
0>.Q

a

d
d
o

a
03

»H

d

£d
<4

49.3 $33,094
850
40.5
35
50.0

41.7
0
11.8
0

0
13.1
0
0

0
693
0

a

_;
!
_

d cu
.3 *"

d
d
o

November.

October.

M

•

M

1
o
a

"c3

B

0
12.3
0

0

5 «

_
^

September.

August.

July.
M
CD

d
o

^

<

29.6 $28,737
5.2
841
0
0
31.5
980
0
0
0
0

^
d

M

M

d
d
o

June.

May.

o
&
H

91.3 $27,956

2,250
25
0

25.0
0

1,081
125
1,060
0
20

36,254

96.3

30,242

31.7
7.9
99.1

December.

M
T3

^j
.

cy^J

d

03

^

n

CD.Q

a

cfH
(-i d
£d

+i

X

d
d
o

H

2§
«1

55.0 $24,473
48.2
974
29.0
145
35.2
630

Year.

27.2
56.4

d
d
o

a
o3

3
H
o

$319,160
10,825

54.0

520

10.0

11,547
45

0
25.0

20
0

20.0
0

53.4

26,242

24.0

20
342,116

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities,

1905-1908—Continned.

OS

o

EASTERN STATES."
RECEIPTS OF CASH REPORTED.
[Amounts expressed in thousands. &
)

*

1905.
January.
Section.
d

§
S
From—
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

$2,493
8,491
8,076
6,853
7
1,356

February.

1
flu*

I
71.7
100.0
100.0
100.0
54.5
100.0

27,276 100.0

1

a
§
B
^
$673
5,576
3,520
2,621
8
1,145

March.

"a

1

L
MS
d

<
0.7
19.7
34.9
37.1
63.6
75.2

13,543 24.2

April.

May.

June.

August.

i a
d

p

a
<

•a

%*

September.

2
d

d

g
a
<

1

$751 3.8
4,912
1.4
2,416 19.2
126
0
5 36.4
1,312 94.8

$1,746
5,679
2,562
447
3
1,205

42.6
22.5
21.3
4.8
18.2
82.3

$1,426 30.1
5,036 4.8
2,513 20.6
1,286 17.2
3 18.2
564 7.0

9,522

11,642

13.7

10,828

2.0

July.

9.2

dm'

a
<

T3

s
o

a

1

a
<

-t-5

"d

il

November.

8
a
<

o

CU-"

<

1

$1,335 26.5
6,079 33.6
2,513 20.6
1,219 16.2
3 18.2
1,309 94.5

$973
6,982
1,381
144
12
757

12.4
58.4
4.4
0.3
100.0
29.7

11,211

12,458

18.2

10,249

6.0

$654
0
$816
6,758 52.3 ! 5,875
1,074
0 2,084
167 0.6
286
5 36.4
8
0
504
742
9,162

December.

d

d
d

$1,718 41.5
0
4,861
3,179 30.1
903 11.6
7 54.5
543 4.6
11.3

October.

0

9,811

<

r

d

1

a
<

CD-"

r

Year.

i
<

6.3 ' $3,103 95.5
27.9 5,003 3.9
14.4
2,311 17.7
2.4
1,402 19.0
63.6
0
1
27.9
542 4.5

$3,219
6,920
3,102
2,196
1
693

jlOO.O
! 56.7
29.0
30.8
0
22.2

$18,907
72,170
34,731
17,650
63
10,672

12,362

16,131

38.5

154,193

3.6

17.7

Total United States

3,816 81.9
9,705 100.0
9,884 100.0
2,446 99.1
44 15.5
2,775 87.1
28,670 100.0

842 6.3
6,491 36.6
3,531 26.7
161 3.2
16 4.4
1,697 48.9
12,738

17.3

2,118
6,674
4,390
167
13
1,309

38.8
40.2
36.6
3.5
3.2
35.2

14,671 27.3

2,342 44.5
8,365 73.6
3,722 28.9
693 25.5
11 2.4
699 13.6
15,832

33.3

1,533 23.9
7,467 55.8
3,515 26.5
2,468 100.0
15 4.0
1,169 30.2
16,167

35.1

1,180 14.9
5,772 22.4
3,119 22.0
399 13.2
46 16.3
3,139 100.0
13,655

22.0

1,744
8,760
2,710
366
25
868

29.2
81.3
17.2
11.8
7.9
19.6

23.9

14,473

26.3

2,185 40.5
7,144 49.5
2,663 16.7
936 35.7
11 2.4
1,076 26.9
14,015

594
0
9,046 87.0
2.3
1,414
134 2.1
5
0
317 0.1
11,510

10.9

1,265 17.1
5,499 17.0
1,215
0
84
0
257 100.0
1,096 27.7
9,416

0

1,624 26.2
4,638
0
2,829 18.6
115 1.3
123 46.8
1,406 38.6
10,735

4,526 100.0
8,700 80.2
2,193 11.3
1,223 47.8
44 15.5
315
0

23,769
88,259
41,185
9,192
610
15,866

6.9

17,001

39.4

178,881

880
0
8,056 38.8
1,442
0
238 1.2
81 58.1
46
0

2,422
9,163
3,622
1,144
135
1,172

45.9
54.3
23.6
24.2
100.0
42.2

21,608
103,591
48,359
13,806
384
14,752

17,658

36.6

202,500

1907.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

4,242 100.0
10,682 75.6
10,674 100.0
1,367 29.8
59 41.1
2,610 96.1

1,331 13.4
7,674 33.5
2,960 16.4
516 8.2
7 0.8
2,713 100.0

1,534
6,640
3,963
191
8
975

19.5
19.0
27.3
0
1.6
34.8

29,634 100.0

15,201 23.6

13,311

13.6

1,313 12.9
9,662 61.3
5,790 47.1
1,308 28.3
14 6.2
687 24.0
18,774

42.5

1,953 31.9
5,978 9.7
5,645 45.5
4,132 100.0
6
0
592 20.5
18,306

40.0

2,862
9,620
3,637
1,703
9
2,319

59.0
60.7
23.8
38.4
2.3
85.2

958 2.3
10,225 69.2
2,933 16.1
478 7.3
6
0
792 28.0

17.3

20,150

49.8

15,392

975 2.8
8,184 40.6
1,819
4.1
264 1.9
11 3.9
1,116 40.1

24.6

12,369

8.6

5.6
1,368
8,913 43.0
3,305 13.9
9.5
1,584
23 1.4
2,129 50.5

1,112
7,350
2,072
229
9
1,171

0
21.4
0
1.2
0
0.3

11,943

0

7.4
1,130
12,419 100.0
4.6
1,870
377 4.7
8 1.6
1,145 41.2
16,949

32.9

10,743

0

1,833 15.8
7,074 17.6
7.6
2,747
50 0.1
11 0.2
1,727 29.5

2,631
5,796
2,762
40
28
1,459

33.4
0
7.8
0
2.0
15.4

3,712 57.1
12,605 94.0
2,384
3.5
2,567 15.6
18 0.9
1,165
0

28,358
112,442
69,449
76,510
1,943
24,247

12,716

2.3

22,451 30.8

312,949

1908.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States




5,666
13,044
10,920
12,419
975
3,073

ldb.o
100.0
100.0
76.3
100.0
100.0

46,097 100.0

1,474
7.9
6,448 9.0
6,843 53.9
2,243 13.6
254 25.4
2,346 61.9
19,608

22.4

1,563
9,402
8,445
9,141
27
2,535

9.9
49.8
72.0
56.1
1.9
71.8

2,020 19.9
9,358 49.1
9,506 84.0
15,047 92.5
12 0.3
2,328 61.0

H
>
Pi

o
o
w
w

2,008 33.6
0
5,288
4,004 27.8
2,088 48.1
40 26.4
585 20.2
14,013

>

O

1906.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

3
%
O

2,597
9,587
8,279
13,715
66
2,085

32.6
52.3
70.2
84.3
5.9
48.2

1,913 17.6
10,732 68.1
6,959 55.2
16,259 100.0
250 24.9
2,202 54.4

2,469
12,134
5,227
3,441
45
2,027

29.8
87.5
35.7
21.0
3.7
45.2

31,113 56.1 38,271 77.1 36,329

71.4

38,315

77.2

25,343

39.2

17,322

15.7

r-j

13,442

4.4

i—i

O

1905-1908.
January.

February.

March.

April.

Section.

From —
New England States
Eastern States
Southern States
Middle Western States....
Western States
Pacific States
Total United States

May.

June.

July.

at

|$16,217
41,921
39,554
23,085
1,085
9,814

88.4
93.9
100.0
76.3
52.8
95.8

$4,320
26,189
16,854

131,676 100.0

61,090

7.1
24.7
33.0
5,541 15.5
285 23.6
7,901 71.5
21.9

18.0
27.6
38.8
9,625 14.9
53 10.8
6,131 59.2

$5,966
27,627
19,214

68,616

24.8

August.

30.0
51.6
45.3
37.8
6.8
45.2

$7,509
28,068
19,952
21,601
90
4,410

29.6
30.7
40.7
75.4
7.0
26.5

$6,819
26,653
17,261
19,649
343
6,469

26.9
22.6
33.8
43.2
30.5
44.8

$8,851
34,976
14,040

84,518

41.7

81,630

38.9

77,194

32.0

71,965

October.

November.

December.

Year.

d f->

d f-

a%

$1,421
33,063
21,580
17,495
40
4,919

September.

i

39.0
57.8
24.2
7,299 27.8
68 6.7
6,731 63.0

$5,043
34,880
10,329

32.8

57,436

12.4
63.0
12.9
2,572 7.2
66 27.3
4,546 32.0
18.2

0.7 $5,044 11.7
50.3 30,867 40.6
6.7
7,916
1.6
1.8
797
794
1.5
284 41.4
30 10.1
3,108 10.1 4,710 31.6

$3,335
31,338
6,379

44,984

4.9

49,618

10.2

$8,238 38.8 [$13,879
23,493 10.7 37,387
9,344 11.0 11,301
7,130
1,795
5.4
198
233 26.7
3,453 14.6 3,345

75.8
71.3
16.9
29.6
29.1
16.1

$92,642
376,462
193,724
117,158
3,000
65,537

73,240

36.3

848,523

46,556

6.7

a For detailed figures by States see Table 9 in the Appendix, pp. 282-305.
b The totals sometimes show a difference of one or two thousand dollars from the sums obtained by adding the individual figures as they appear in this table, the discrepancy being due to the fact that the totals
represent the sums of the individual figures carried out to more decimal places.
*




>

O
>1
IT

O

>

OJ

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.
EASTERN

to

STATES—Continued.

SHIPMENTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.]
1905.
January.

February.

April.

March.

May.

August.

July.

June.

September.

October.

November.

December.

Year.

Section.
flu'

6
<

8*

4

To—
New England States
Eastern States
Southern States
Middle Western States....
Western States
Pacific States

$971
0
5,710 53.2
860 0.2
97
0
0
0
1 3.6
5.3

6,622

KA

14.3 $5,078 •100.0 $4,989 97.8 $1,225 6.2
7.3 4,411 19.8 4,277 16.4 4,912 32.7
7.5 1,387
838
0 1,595
5.4 1,169
3.3
299
2.1 1,273 12.2
761 6.9
237 1.4
0
0
0
0
0
0
0
0
4 14.3
5 17.9
5 17.9
0
0

3,923

12,361 30.1 11,419

25.2

flu*

a>

H2

a
<

$1,557

Total United States

as

7,543

4.8

g.2

a

cu1"

a

4

S3

S3

a

4

$3,031 50.2 $1,579 14.8 $4,174 78.0 $3,315 57.1 $3,016 49.8 $2,273 31.7 $4,012 74.0
4,689 27.0 3,641
0 4,762 28.8 6,513 73.9 6,419 71.5 7,156 90.4 7,528 100.0
1,308
4.7 3,015 21.6 3,630 27.7 10,913 100.0 6,340 54.6 4,786 39.2 4,352 34.9
157 0.6
4,085 41.3 9,568 98.0 2,287 22.7 5,527 56.2 7,776 79.5 9,761 100.0
0
0
11 [100.0
0
0
0
0
0
0
0
0
0
0
2 7.1
26 92.9
8 28.6
20 71.4
0
0
28 100.0
15 53.6
9,187

13.5

12,320

29.9

22,171 81.6 23,036

16.2 21,322 77.2

22,019

80.8 25,668 100.0

$35,220
63,939
40,193
41,828
11
114

4,445 29.3
8,552 65.5
0
826
2,091 15.9
0
0
18 0.1

3,289
4,783
1,491
294
0
34

Total United States

15,932 25.2

9,891

5.9
0
7.2
1.3
0
0.3

5,160 43.7
7,934 54.8
1,151
3.5
2,597 20.0
1.0
1
0.4
46
16,889

29.2

4,901 38.5
7,418 45.8
1,893 11.6
2,817 21.8
86 86.0
.9,715 100.0

26,830

70.7

2,999
0
5,380 10.4
1,989 12.7
134
0
" 1 1.0
*
4,018 41.3
14,521

19.3

O

5,677 54.2
6,292 26.2
6.9
1,459
2,401 18.4
0
0
108 1.1

3,278
5,042
1,473
1,482
1
351

5.6
4.5
7.0
10.9
1.0
3.6

25.2

11,627

7.2

15,937

6.5
61.4
86.7
21.3
71.0
10.8

53,844
86,748
42,479
47,919
268
15,798

33,860 100.0 20,074 42.5 24,315 60.2

247,056

7,939 100.0 4,056 21.4 4,856 37.6
9,052 74.2 10,538 100.0 6,375 27.7
3,102 24.8 6,133 57.7 10,018 100.0
7,575 60.4 8,565 68.4 12,459 100.0
3.0
3
100 100.0
2 2.0
2.1
0
210
52
0.5
27,676

74.2

29,505

81.9

3,922
7,068
4,152
4,745
3
184

18.7
39.7
36.2
37.4
3.0
1.8

3,322
8,315
8,792
2,759
71
1,056

1907.
New England States
Eastern States
Southern States
Middle Western States....
Western States
Pacific States.
Total United States

5,597 35.8
6,871 15.8
0
749
553 1.3
4 0.2
43 1.1
13,817

6.9

4,395
6,266 8.9
7.5
1,509
3,001 17.2
0
0
145 4.2
24.5

15,316

10.3

7,304 51.9
5,874 4.4
1,819

10.6

4,004

23.8

0

0

63

1.7

19,064

18.9

62.2

8,393
8,464 33.9
1,402
6.5
4,259 25.4
0
0
36
0.9
22,554

26.9

0

18.6
0
4.4
0
0

20

0.4

3,771
5,490
1,197
355

10,833

4,595

26.4

5,687

2.2

1,335

5.8

670

2.1

0

0

30

0.7

12,317

4,856

3,965

20.4

10,517

57.4

65,556
91,608
51,385
64,831
3,972
6,732

3.4 16,540 13.1 21,414 24.3 27,334 37.9 54,355 100.0 43,981 76.2 26,558 36.1

284,084

25.0
27.0
13.1
11.5
0
1.0

4,029 21.0
6,628 13.0
3,176 24.0
7,058 43.6
1
0
522 15.6

6,726

14.1

8,116

73.0

7,530 46.7
5.0
100
6

0

12,403 100.0
14,255 100.0
10,407
i.7
15,715 1100.0
624 31.4
951 28.6

10,844 100.0
13,361

,7
1,986 100.0
3,308 100.0

1,801
6,972
8,756
6,203
1,257
1,569

1908.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States




1,514
7,762
697
768
23
478
11,242

9.5
78.5
4.3
12.4
59.0
100.0
26.9

1,343
6.0
5,296 30.5
689 4.2
96 0.9
2 5.1
73 14.0

1,385
5,898 42.2
612 2.7
44
0
1 2.6
17.2
8,028

3.8

5,929 100.0
6,093 46.0
468
0
277 4.0
0
0
62 11.7
12,829

1,052
0
6,062 45.4
528 1.1
3,016 50.9
0
0
0
7
10,665- 22.7

2,390 27.4
6,936 62.4
718 4.7
227 3.1
0
0
10 0.6
10,281

20.0

2,095 21.4
7,136 66.3
830 6.8
92 0.8
0
0
19 2.6
10,172

H
>
KJ

n
O
co

0
16.9
79.3
38.1
63.3
47.3

4,447
7,857
2,075
2,122
0

O

181,305

1906.
New England States
Eastern States
Southern States
Middle Western States....
Western States
Pacific States

i—i

19.2

2,552 30.8
3,724
0
1,044 10.9
1,126 18.5
10 25.6
11 0.8
8,467

100.0
1100.0
3.2

2,813
5,121
4,088
4,342
0
60

36.1
27.1
68.2
73.6
0
11.3

6 9 21,432 100.0
.

16,424

64.1

3,338
6,377
5,772
5,884
39
22

46.9
51.6
100.0

2,548 30.7
5,298 30.6
1,941 27.8

5,521 91.6
8,870 100.0
2,261 33.8

1,278

21.1

1,547

25.7

7

17.9

20

51.3

16.8

47

8.5

32,480
74,573
19,648
18,697
102
963

26.3

18,266

77.3

146,463

11,158

CO

•o

1905-1908.
January.

Section.

C
D
X)

©

I
•a
-^>
o

February.

.

.Sfc
SPg
t-i P

EH

a
P
o

1

1

M
C
D
T5 .

•3S

s?a

£p
£d

March.
a

April.

M

i

§

1
o

S
H

P

£d

EH

O

Western States
Pacific States
Total United States




w>d
a) ca
<1

1
I

8

M

•a
o

.as
$a

o

> P
H

I

2P

o>

•a
EH

$12,527
28,896
3,132
3,509
27
540
48,631

18.7 $10,584
53.3 20,267
1.1
4,527
7.4
3,690
14.8
2
26.2
257
16. r

39,327

12.7 $18,927
11.7 24,118
4.7
5,177
5.4
7,918
1.3
2
9.1
201
2.6

56,343

50.6 $24,212
30.3 26,252
5,150
6.1
8,114
14.0
86
0.9
9,818
8.4

74.6
35.5
5.9
14.5
21.5
32.6

$9,047
21,844
4,883
3,742
1
4,045

6.2 $15,693
22.1 23,604
5.4
4,820
13.1
3,455
0.3
10.4

150

20.5

40.3

43,562

11.7

47,722

73,632

July.

0

1
•a

39.6 $11*399
29.5 23,675
7,393
5.5
7,781
6.1
1
0
2.4
409
15.5

August.
M

1
O
EH

E-«

ToNew England States
Eastern States
Southern States
Middle Western States

03

as

June.

May.

50,658

CD

as
CUrQ

s?a
£p
£d

!

8

i

H C
D

1

£d

September.

1
1
3
o
EH

EH

1•
.9 8

s?a
<

October.
•4

1
1

.as

3

«d

CD

s?a
gp

November.

£
p
o

a
03

SP
£d

1

o
EH

d
P
o

a
03
"3
+J

o

^-

•4
CD

.a|
SP1
t-l p

£d

Year.

i
o

a
03
"o3
-(J

O

EH

16.7 $18,694
24.5 24,165
12.1 10,952
16.1 25,327
0.3
24
1.8
565

57.5 $15,565
29.0 30,154
21.9 30,934
55.1 24,266
142
31.9
246
27.3

38.6 $23,088
59.9 32,169
82.7 30,853
59.5 38,043
27.0
724
8.5
1,083

55.9 $12,708
56.6 30,040
79.6 21,723
82.5 27,160
32.9
1,996
28.0
3,606

17.4

46.8 101,307

76.5 125,960

85.3

79,727

.a s
s?a

December.

97,233

25.4 $14,656
54.5 31,684
50.8 24,161
55.7 20,270
30.2
1,348
54.7
2,687

43.0
69.6
58.7
46.3
46.4
30.1

$187,100

56.5

68.4

858,908

94,806

316,868
153,705
173,275
4,353
23,607

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.

OS

MIDDLE WESTERN STATES.a
RECEIPTS OF CASH R E P O R T E D .
[Amounts expressed in thousands. * ]
>
1905.
February.

January.

April.

March.

May.

July.

June.

August.

September.

October.

November.

December.

Year.

Section.

a

a

a
From—
New England States
Eastern States
Southern States
Middle Western States...
Western States
Pacific States

0
$5
3,474
6,171
1,377
317

0
0
100.0
51.7
82.1
62.1

Total United States

11,343

!.9

I

MS

as

T3

a

0
0.3
2,497 57.1
3,474
0
1,074 45.7
218 38.9

0
0
$925 9.3
2,140 41.4
5,834 45.3
712 2.2
274 52.0

0
$218
1,893
5,327
986
175

o
2.2
30.5
35.5
35.1
28.8

0
$202
2,648
4,832
870
211

0
2.0
63.7
26.0
21.2
37.2

$82
2,186
3,871
1,049

7,298

9,886 24.9

8,599

12.5

8,762

14.1

7,491

0
$36

0
0.8
43.4
7.6
42.7
302 58.5
0

1.9

a
0
0
$3,397 34.3
1,562 16.0
4,946 28.2
786 11.1
357 71.4
11,047

36.0

$75 75.0
9,882 100.0
1,553 15.6
4,875 26.9

a
<

a

694

0
54.8

0
0
$2,448 24.7
1,198
0
6,165 51.6
1,171 57.3
52
0

17,364

96.8

11,034

35.9

$100 100.0
6,365 64.4
1,230
1.4
8,689 100.0
1,166 56.7
149 22.7

0
$7,607
1,310
6,709
1,062
479

17,699 100.0

17,167

0
0
0
77.0 $6,695 67.7
4.9
2,976 78.1 !
62.0 6,012 48.7
44.2
1,526 100.0
100.0
230 41.7

$175
37,861
24,666
66,905
12,471
3,051

17,439 97.5 j

145,129

94.9

Total United States

0

0

1,371

10.7
4,413 100.0
6,671 44.2
1,228 45.2
580 58.9
14,263

33.2

50

4.8

2,445

19.3

0

2,887
4,454

52.7
17.0

30.3

1,364

58.7

516 50.3

145

0

0
227

0
16
.

2,475
3,064

39.9

1,077

7,358

200 19.2
2,548
2,425
4,552

20.1
38.3
18.2

949 17.6
170 3.4

0 11,344 19.2 10,845

16.8

0
24

0
0

2,549
4,117

200 19.2

42.2

2,091
2,352

12.9

3,658

961 18.7
883 100.0

1,130

35.5

5.7

9,875

8,534

16.4

200 19.2
98
.

36.1

1,259
2,192

31.1

7.3

3,635

7.0

444 40.5
12.1

894 12.1
273 17.3
8,453

O
>

F
O

1906.
New England States
Eastern States
Southern States
Middle Western States...
Western States
Pacific States

3

900 86.5
5,251
1,253
3,635

41.6

2.0
7.0

1,780 100.0
225 10.8

1,040 100.0
5,984 47.4
1,190
0
7,751 57.4

772
196

0
69
.

975 93.7
12,592 100.0
1,286
3.0
11,233 100.0
1,323

54.7

726 78.7

200 19.2
3,585

28.3

1,387
5,198
1,252

26.1
47.6

61
.

670 71.1

0

0

2,790 22.0
1,954 23.7
7,549 54.9
1,237 46.1
467 j 43.6

5.3 13,044 27.4 16,933 46.1 28,134 100.0 12,291 23.7 13,997 32.0

3,765
40,167
26,362
65,518
13,965

5,294
155,070

H
>

o

o

1907.

GQ
New England States
Eastern States
Southern States
Middle Western States...
Western States
Pacific States

0
424
4,374
6,386
1,202
979

0
1.0
100.0
33.2
86.0
100.0

200
1,528
2,198
4,309
1,019

53.2

885

90.3

Total United States

13,365

15.8

10,138

10.4
11.1
41.5
16.5

36.5
34.5
2,627 53.0
6,241 32.0
801 14.2
371 37.3
700
4,089

775

40.4

0

0

4,287

36.3

310

0

3,608

79.4

4,297

97.9

5,810

28.5

947

40.3

167

16.3

4,558 18.5
1,029 55.0
454 45.9

0 14,828 23.0 15,595 26.8 10,648

200
812
3,710
4,600
968
131

2.5 10,422

10.4

31.3

800

4.6

600
2,021

15.6

6,627

82.2

2,502

49.7

18.8

4,642

19.1

1,688
4,982

44.1

817
385

17.0

12.6

1 4 10,966
.

38.8

41.7
57.7
27.8
21.9
40.5
24.9

400

1,920 100.0
11,256 100.0
1,620 26.0
14,692 100.0

237

20.8
49.5
20.8
56.2
79.4
23.5

18,205

5,730
1,427
9,246

0

0

6,925

60.4

653

0

2,264

0

775

9.5

722

0

235

23.3

9

0

39.6

30,498 100.0

10,572

0
0
6.0
1,244 19.7 6,172 100.0
1,991 18.3
1,664
9.6
5,055
0 12,035 100.0
2,294 37.0 1,555
9.6
471 43.3
0
147

0
0
4,390 71.0
9.7
1,671
11,045 85.8
1,958 24.5
197 6.7

0
0
405 6.0
0
1,309
6,587 21.9
0
1,296
348 26.9

6.5--21,906 100.0

19,260 77.9

9,945

948
251

4.1 15,296 25.3

1,165

0
0
4,369 37.1
1,561 24.4
5,551 26.4
1,280 100.0
10
0.1

2.1 12,771 12.9

5,595
48,377
30,265
73,281
11,673

4,115
173,305

1908.
New England States
Eastern States
Southern States
Middle Western States...
Western States
Pacific States
Total United States




100
837
4,770
11,400
3,848
500
21,455

100.0
13.1
93.1
90.9
94.6
47.2

0
0
366 5.4
4,584 88.1
5,949 12.8
2,572 47.3
100.0

6.2

37.0

14,366

0
237
5,027 100.0
5,102 0.7
3,917 97.1
242 12.7
14,526

0
0
63 0.5
4,177 77.1
5,541 7.0
2,841 57.3
529 51.1
13,151 26.8

0
34
4,690
6,581
3,799
283

0
0
90.9
21.9
92.8
18.2

15,387 45.5

0
0
82 0.8
2,968 44.6
5,475 6.0
3,179 69.8
572 56.8
12,275

19.5

0
92
3,070

0
0.9
47.4

1.4
5,153
3,994 100.0
378 30.9
12,686

22.9

10,728

0

0
2,640
2,396
7,241
2,322
629

0
42.5
29.2
31.3
38.0
64.4

15,227

44.2

106
16,561
38,316
87,165
33,575
5,190
180,913

O
3

1905-1908.
1

January.

I—1

§

Section.

1

1°
j,,

o

o
EH

"S-S
MR
cS d

fed

>
<

February.

1
I
•t-a

o
EH

d fe

*2
a) d
<1

Southern States
Middle W e s t e r n S t a t e s
Western States
Pacific S t a t e s
Total United States

$100
2,637
17,032
30,629
7,655
2,376

25.0
6.2
98.3
55.0
77.0
67.1

$200
2,156
11,753
16,796
5,741
2,514

60,428

46.0

39,160

2.6
4.6

April.

3

M

<v

FromN e w England States
Eastern States

March.

!
0

dfe

3
o

d <u
bi3d

c3

*c3

"cl
o
EH

O

g 3
fed

3

June.

May.
M
o>

+3

g

d cv

o

s

" d

I

I
o

|

fed

o

d fe
—1,0
CD a"
W)H
03 D

fed

>
<

>

August.

July.

g
o

s
C3

3
d fe
•-§
2 d
© d
t>

1

September.

October.

3
gfe

X

M
a>

d fe
•a
c3 3
>i d

g

1
03

fe d

cp d

>

"o

6H

*c3

g
!
03

d fe
c3° S

fe d

November.

1
I I* a
il

•4-5

o

fed

"o

56.7
7.3
44.1
69.9

10.3
16.6
61.8
23.8
43.1
25.5

$975
7,116
12,103
21,231
5,724
1,041

14.9
14.8
56.3
22.3
37.6
24.9

9.3

50,584

26.4

48,190

20.7

$568
14,183
20,089
6,659
1,831

0
0.5
73.7
19.8
46.9
50.3

$400
3,067
11,216
17,605
6,326
1,449

43,331

17.0

40,063

0

$1,775
23,004
6,157
18,547
5,717
1,232

50.8
54.8
13.8
14.0
44.4
33.5

$1,446
20,335
5,806
35,197

48.0
42.1

12.6
15.2
36.1
13.9
35.1
39.6

8.7

43,152

17.1

56,431

39.0

68,079

5.7
51.6
9.9

dfe
®d
o3°|

fed

>

03

i
1
03

Is

"8
EH

©

$800
6,768
9,326
18,376
6,489
1,392

7.4

3

Year.

"o
EH

$750
7,696
12,679
21,632
6,794
1,033

December.

X

4,663
632

$200
18,522

1,307

73.4
83.9
10.0
96.5
36.4
32.9

95,591

94.5

49,975

31.7
55.4
9.8
66.3
36.6

$2,995
34,603

7.6
55.4

5,807
45,658
5,221

4,658
20,758
4,332
1,506

EH

27.5
23.0
49.5

26,353
6,364
1,336

0
42.3
38.9
40.3
71.0
37.5

30.2

59,434

46.7

0
4.8
42.9 $16,495
8,886
2.8

$9,641
142,966
119,608
292,869
71,684
17,650
654,417

a F o r d e t a i l e d figures b y S t a t e s , see T a b l e 9 in t h e A p p e n d i x , p p . 306-344.
& T h e t o t a l s s o m e t i m e s s h o w a difference of one or t w o t h o u s a n d dollars from t h e s u m s o b t a i n e d b y a d d i n g t h e i n d i v i d u a l figures as t h e y a p p e a r in t h i s t a b l e , t h e d i s c r e p a n c y b e i n g d u e t o t h e fact t h a t t h e totals repres e n t t h e s u m s of t h e i n d i v i d u a l figures carried o u t t o m o r e decimal places.




TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908.—Continued.
M I D D L E W E S T E R N STATES—Continued.
SHIPMENTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.]
1905.
i

February.

January.
Section.

a

1
a
<

March.

!

May.

April.

o

a

a

O

a
3
o

flu*
MS

-<

i

<

!,
8,2

d
n

a

! o
a*;

8

a

<

Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States

i

8.8
5

i

a

<

0
$7,390 100.0
0
1,080
4.6
6,340

0
$2,343

967
60

0
4.5

6,747
1,004
80

31.0
2.0
8.4
0.8
9.0

15,836

21.8

11,441

0.8

1,268

0
$964
1,734
9,655
3,121

0
$1,734
1,509

107

12.1
7.1
36.1
45.4
15.1

7,380
1,422
126

22.7
4.7
14.5
9.6
19.3

15,581

20.5

12,171

4.3

0
$2,626
1,525
5,861
1,229
40
11,281

;
0
34.9 $3,492
4.9 | 2,568
0
6,581
5.5
1,266
0
44

46.7
16.3
6.9
6.3
0.9

13,951

12.8

0

i flu*

October.

i

a

0
$1,782
3,858
7,719
2,830

a

<

§*•
: S-a

a
§

M

<

<

0

47

23.3
30.4
17.7
39.3
1.6

5,377
13,262
3,999
104

0.3
47.0
70.5
63.9
14.4

16,235

23.7

22,841

55.2

$99

i
S

flu'

I
a

I <

j

To—
N e w England States
Eastern States

September.

August.

July.

1

a
0

a

June.

0
$76
10,230
15,112
5,273

a

i
t&

November.

l

a
3
o

<

0
$1,364
6,341

32,214 100.0

485 IlOO.O
1
95.0

31,176

MS

a

a
<

20,484

9,608
3,095
76

5

$3,003
4,472

a

<

0

0
17.6
57.5
35.7
44.9

Year.

I

§
o

0
$1,192 15.3
8,617 82.4
16,365 100.0
5,710 100.0
329 64.9

,
;
0
100.0
88.1
| 90.8

December.

$26,065

8.1

10,548
2,080
129

40.0
37.1
44.6
23.5
20.0

44.0

20,232

42.8

o
•

Southern States
Middle W e s t e r n S t a t e s
Western States
Pacific S t a t e s
Total United States

0
2,354
1,222
6,074
1,017
13
10,680

0

0
1,210
1*697
8,064
1,211
40

0

12,222

52.9
0.5
5.3
0

26.2
4.4
18.8
4.4
0.4
5.4

0
984
1,431
9,517
2,132

20.9
2.2

140

28.7
25.2
1.8

14,204

12.3

0
1,881 41.9
1,167
0
6,062
5.2
2,066 23.7
7,171 100.0
18,347

26.7

0
0
4,374 100.0 | 1,118
1,214
0.4 j 2,247
5,291
0
8,322
2,308 29.2
2,558
203
2.7 1
149
13,389

9.4 | 14,394
i

24.0
9.0
20.6
34.9

0
774
3,011
7,666

1.9

2,310
105

12.9

13,865

i

I
;
0 |
16.0
525 | 10.2
15.3 | 6,220 | 41.9

!

0

0
321

87

0

16.1 j 11,507 j 42.2
29.2
4,427 j 77.1
1.5
1.3 1 120

9,217
14,153
5,054
263

66.7
60.1
91.3
3.5

5.5
13,233 100.0
20,030 100.0
5,437 100.0
374
5.0

42.2

28,774

63.0

39,395 100.0

11.1 | 22,799

0
1,615

2,943
41

35.6
69.3
39.2
43.6
0.4

25,188

50.5

9,530
11,061

0
1,029
5,320
11,857
2,282
166

22.0
34.4
44.6
28.6
2.1

0
16,270
55,507
119,604
33,746
8,783

20,655

34.7

233,910

0
1,574

34.4

Southern States

1,071
7,261

2.7

926

0

10,541
2,024

38

3.3

10,870

0.6

Middle Western States
Western States
Pacific S t a t e s
Total United States

0

0
0.1

0
39.3

17.5

18.3

847
1,061
7,282
1,233

430

38.7

228

20.5

19,632

23.3

10,650

0

1,677

6.0

13,058

33.1

2,683

59

16.9
11.8
19.9
11.4
5.2

15,707

13.1

820
2,263

1,784

0
2.8
3.2

0
4,401 100.0
1,772
7.0
6,749
0
1,110
1.9
423 38.1
14,455

9.9

0
2,113

46.9

0
1,146
3,223

0
24.4

93

21.1

0
0

168
5,851

3,973

28.5

11,986

27.5

16,038

8.7

4,487

37.0

5,684

15.0

8,087
1,762
1

7.0
0

223

20.0

417

1.7
46.9
48.7
49.4
37.5

7.4

14,218

9.3

20,762

26.3

28,158

45.5

0
1,614

0
7.9
32.1
51.2
27.8
12.8

0
545

1,848
6,248
2,708

0
19.2
11.9
10.2
26.4

8,869
15,215

0
0
87.5
100.0
100.0
100.0

33.1

33,349 100.0

2,210

11.2

7,217

2.5

1,798

9.1

167
13,504

0
405

7.2

0
379
5,131

0

0
1,037
3,796
8,011
2,414
435

21.9
26.8
6.6
15.5
39.2

131,343

533

6.6
39.8
13.4
20.0
48.0

18,193

19.6

15,692

13.1

231,005

11,285 100.0
25,816 100.0
10,552 100.0

2,851

1,109 100.0
49,165 100.0

9,299

14,765
43,312
37,524
4,061

1908.

N e w England States

1

Eastern States
Southern States

9,905

Middle Western States

6,466
762

Western States
Pacific S t a t e s
Total United States




759

66
17,958

14.3
69.1
0.1
12.4
0
10.0
30.3

0
2,476
1,058
6,734

0
14.3
3.4
15.1

882
124

1.6
20.1

11,274

0

54

0
64.0
0.4
0
5.6
8.0

16,453

23.5

0
9,214
781
5,229
1,174

0

7 100.0
11,609 81.7
978
2.5
6,537 13.1
3.5
1,022
3.1
26

0

0

14,091 100.0
1,416
7.2
6,826 16.0
2,425 22.6

3,147

6,196
938
91

0
89.9
0
9.7
2.4
14.4

28

3.5

8

0

2,815
82

20,698

42.7

20,179

24,786

61.2

13,958

12.2

18,586

12,727
746

40.3

0

H

>
Pi

O

i
1907.

N e w England States
Eastern States

>
H
O
>

223,442

48,579
115,179
31,995
1,624

1906.

New England States
Eastern States

3

3,731
10,345

8,136
585

0
985

0
3.2

10,033 100.0
13,675 84.6
5,872 69.3

0

0

0

0

8

931
5,756

2.8

15.0
47.6
56.6
15.6
21.5

69,819
41,143

42.5

37

5.0

9,495
3,430
14

30,601

87.6

19,625

36.2
1.0

2,578
5,168
10,877
1,910
132

37.8

20,665

53.9
42.7

103,842
32,074
1,247
248,131

GO
W
)-*

o

1905-1908.
January.

March.

February.

April.
d
d
o

d **

1.8

&>§

a

^a

June.

May.

Eastern States
Southern States
Middle W e s t e r n S t a t e s . . .
Western States
Pacific S t a t e s
Total United States




$1
21,223
4,132
26,140
3,672
177
55,344

3.6
64.1
0.2

4.5

0
$6,849
6,286
32,085
5,121
303

13.2

50,643

. 6.3
0

o

0

22.1 |$12,946
5,623
5.4
15.6 37,459
4.6
8.7

9,110
731
65,869

October.

November.

December.

£d

cp-5

gd
o> d

d
C rt
D

5H

0
43.0
1.2
8.1
9.7
38.6

$7
23,010
5,488
24,438
5,668
692

0
25.0
79.2 j$20,814
8,439
3.7
3.3 28,947
8,047
10.1
11.0
387

0
54.4
10.9
11.5
18.2
5.3

0
$6,848
11,939
29,720
9,610
160

0
20.7
19.7
12.8
25.9
0.7

19.9

18.4

59,303

14.9

66,634

23.6

58,276

14.1

Year.

d *-<

d *-<

§?S

0
0
34.1 j$l7,188
3.9
4,483
24.5 26,919
23.6
5,659
15.9
7,616
61,865

September.

^.

CD
T3 .
d f->

u d

O

ToNew England States

M

a »*

03

August.

July.

X
a
>

0
$2,330
19,301

0
4.6

37.4
47.9
51.5
528 12.2

47,100
15,728

0
$875
34,167
60,518
24,148
1.750

39.2 1121,457

0
0.4
75.3
74.2
82.9
60.3

0
$2,902
43,167
75,885
27,572
1,849

0
7.8
95.6
96.2
92.3
43.7

$4,287
26,757
39,463
12,319
663

0

0
15.7
55.1
32.8
36.2
14.4

0
$7,646

75.'

151,375

96.9

83,489

;.o

18,757
41,293
8,686
861

0
24.7
36.5
38.1
20.8
20.7

$8
126,919
188,540
469,968
135,339
15,715

77,244

33.3

936,-

w
>
O
>

O
>

h-

>

o^

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.

SOUTHERN

OO

STATES.«

RECEIPTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.^]
1905.
February.

January.
Section.

i

o

<

**
-

<

a

From—
New England States
Eastern States
Southern States c
Middle Western States
Western States
Pacific States
Total United States

'
1 1

a
P u
M &
cy"
X5
P

1
0
0
0
$25
0
0
25

0
0
3.9

1.0

o
S

a

p

0
0
0
0
0
0
0

April.

March.

cw"

<

0
0
0

0

0
0
0
0
0
0
0

0
0
0

0

1,

p
53
O

a

<

0

0
0
0

0

0

0
0
0

0

An*

o

8.2
p

a
0
0
0
$25
0
0
25

a

<

0
0
3.9

1.0

53
*u

a

53
O

P

MS

<

0
0
0
0
0
$645 100.0
0
0

September.

a
"p

a

<

cy"

0
0
0
0
0
0

August.

a

a
§^
M£

9
o
a

<
0
0
0
0
0
0

July.

June.

May.

p
53

o

a

<

I,
•3.S
t-t

October.

p
53
O

a
<

0
0
$350 17.0 $2,065 100.0
0
0
315 100.0
70 10.9
105 16.3
0
0
0
0

t,
8-2
•3
p
h-t

0
$700 33.9
280 88.9
232 36.0
0
0

November.

December.

a

a

1
a

<

Year.

53
flu'
M*
cy"
P
t-t

0
0
0
0
0
$478 74.1
0
0

p

§

a

a

I
<

0
$46 2.2
0
0
120 18.6
0
0

0
$3,161
595
1,700
0
0

420 16.9

2,485 100.0

1,212

48.8

478 19.2

166

6.7

0
553 29.0
0
0
100 6.9
0
0

0
1,099 59.9
0
0
26 1.8
0
0

0
1,806 100.0
70 100.0
1,446 100.0
0
0

0
721 38.5
0
0
595 41.2
0
0

0
350 17.5
0
0
775 53.6
0
0

0
4,970
70
3,515
0
0

599 17.0

653 18.6

1,125

3,322 100.0

33.0

8,555

>
H

i—i

O
>

5,456

0
56 0.8
0
0
543 37.6
0
0

3

645 26.0
1906.

New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

0
42
0
0
0
0
42

0
0
0

0

0
$91
0
20
0
0
111

2.8
0
1.4

2.1

0
$70
0
0
0
0
70

1.6
0
0

0.9

0
$56
0
0
0
0
56

0.8
0
0

0.4

0
$84
0
0
0
0
84

2.4
0
0

1.3

0
42
0
10
0
0
52

0
0
0.7

0.3

33.0

1,316

38.8

1,125

1907.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

0
0
406 12.6
0
0
0
0
0

0
56
0
40
0
0

8.5

96

406

0
1.6
5.0

1.1

0
56
0
0
0
0

0
1.6

56

0.2

0

0
56
0
0
0
0

0
1.6

56

0.2

0

0
56
0
0
0
0

0
1.6

56

0.2

0

0
28
0
20
0
0

0
0.7

48

0

2.5

0
0
756 23.7
0
231 28.9
0
0

700 100.0
3,178 100.0
0
365 45.6
0
0

0
0
2,254 70.9
0
706 88.3
0
0

0
5
0
84
0
0

30.1

987 22.4

4,243 100.0

2,960

69.4

89

0
56 7.4
0
1,183 100.0
0

0
28
0
0
170 14.4
0
0

0
56 7.4
0
277 23.4
0
0

198 14.0

333 25.2

0
0

0
0
497 15.5

10.5

165 20.6
0
0

700
7,859
0
2,411
0
0

1.1

662 14.6

10,970

a

1908.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States




0
56
0
0
0
0
56

7.4
0

2.3

0
56
0
0
0
0
56

7.4
0

2.3

0
56
0
0
0
0
56

7.4
0

2.3

0
28
0
0
0
0
28

0
0

0

0
56
0
0
0
0
56

7.4
0

2.3

0
56
0
0
0
0
56

7.4
0

o
2.3

Pi

a
o
w

0
0
511 15.9
0
800 100.0
0
0
1,311

H

>

1,239 100.0

0
406 100.0
0
820 69.3
0
0
1,226

98.9

0
56 7.4
0
639 54.0
0
0

0
56
0
5
0
0

695 55.1

61

7.4
0.4

2.7

0
966
0
3,094
0
0
4,060

O

1905-1908.
January.

February.

Section.
nd
gd

From—
New England States
Eastern States
Southern States
Middle Western States....
Western States
Pacific States

0
$504
0
25
0
0

0
5.0
0
1.0

Total United States

529

3.0

263

1.4

o
1.6

0
$182
0
0
0
0

0
2.7
0
0

182

0.9

2d

0
$140
0
0
0
0

0
0.6
0
0

140

0.2

0
$196
0
0
0
0
196

0
2.9
0
0

0
$126
0
55
0
0
181

0
2.0
0
1.8

8? I

0
0
0
0
$623 6.0 $1,687 17.4
0
0
0
0
571 15.3
3,171 84.4
0
0
0
0
43.3

2,258

18.0

October.

*>£

$700 25.0
66.8
315 25.0
773 21.8
0
0

6,398

8,186

64.6

November.

December.

Year.

d *-<

d u
. y <u

. d <D

a> d

3,794

September.

X
'd «-i
.
d

bed

r«

"
3

0
3.0

August.

•d a>

•d a>

®-2

0
$203
0
60
0
0

July.

June.
•3 .

d *->

I

May.

April.

March.

2 d

0
0
$5,166 76.2
350 47.2
3,204 73.4
0
0
8,720

79.3

3

0
0
$782 11.5
0
0
1,796 45.0
0
0

0
0
$948 10.6
0
0
1,065 23.3
0
0

$700
16,955
665
10,720
0
0

2,578

2,013

29,040

28.5

14.3

a For detailed figures by States see Table 9 in the Appendix, pp. 345-352.
6 The totals sometimes show a difference of one or two thousand dollars from the sums obtained by adding the individual figures as they appear in this table, the discrepancy being due to the fact that the totals represent the sums of the individual figures carried out to more decimal places.
cThe manager of the Memphis clearing house reports that during the months of October, November, and December about $100,000 daily are received fr»m St. Louis, Chicago, Cincinnati, and New York. These are the
only figures available from Tennessee, and are in addition to the amounts given above.




Ul

>
ui

O

d

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.
SOUTHERN

STATES—Continued.

SHIPMENTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.]

_
1905.
January.

February.

March.

April.

June.

August.

July.

! September.

October.

November.

December.

Section.

HS

a
<
ToNew England States
Eastern States
Southern States"
Middle Western States
Western States
Pacific States

j
0
' $1,395
14
1,060
0
0

Total United States

j
jlOO. 0
j
0
j 100.0
"
'

2,470 100.0
!

.

0
$30 2.2
25 7.7
305 27.9
0
0

0
$205 14.7
82 47.6
13 0.0
0
0
300

359

8.1

0
$65
16
28
0
0
109 |

4.7
1.4
1.4

0 !

flu*
C O ' "

a

a

0
$128 9.2
22 5.6
476 44.2
0
0
626

0
$405 29.0
22 5.6
198 17.7
0
0

0
$100
18
13
0
0

7.2
2.8
0

0
$22 1.6
35 14.7
152 13.3
0
0

625

0
$11 0.8
147 93.0
318 29.1
0
0
475

0
0
0
$141 88.8
52 3.7
0
0
193

3.6

0
,015 72.8
157 100.0
91 7.4
0
0
1,263

48.9 !

0
$686
117
116
0
0

!
,
j 49.2
| 72.0
| 9.8
I

919 ! 34.3

I

1906.
New England States
Eastern States
Southern States
Middle Western States...
Western States
Pacific States
Total United States

o i

0

2,016 100.0
28
0
417 99.4

571
33
104

36
56

10.0

0 !

0

328
0

o!i

0

1.7
11.7
74.0

0

2,460 100.0

708

21.6

420

»l

o!

0
28.3
2.1

176 | 8.7
86 ! 24.3
204 j 38.6

0
20

78 ! 20.9
361 83.4

46
161

0 \.
1
465 10.7

0

0.9
7.5

0
52
74

2.5
19.2

99

8.6

0
353

0

0

0

8.7

8.0

162 !

......

601 ! 10.8
1

0

128
69
0

0

0

0

226

26.3

0

225

0

550

I

0 i

0
17.5
41.8
0

14.5

1

0
84.9

231
419 100.0
0
0
650

3 i 0.1
267 100.0
258 54.0
0
0

19.0

528

6.9

45

13.6

0
2

0

166
376

57.7
87.7

224

0
0.2

3,396
1,346

52.7
44.3

3,017
0
0

o

0
0
543

0
5
154

0
14.2

384

7.1

0
515

59.9

7,758

1907.
New England States

0

0

316

Eastern States

859 100.0

Southern States
Middle W e s t e r n S t a t e s

2.3

45

633 100.0

97

42

Western States

0

0

Pacific S t a t e s

0

36.7
3.3
12.6

0

Total United States

1,534 100.0

457

17.8

0
32
57
142
0
0
230

0
3.6

48

0

0
5.5

326

37.9

325

7.3

35

0

65

9.9

58

19.9

271

40.9

505

79.1

151

0
37.8
7.6
21.4

73
62

8.9

90

11.4

0

0

0

0

0
0.5

8.4

0

0

0

354

10.0

896

51.3

534

23.7

225

0.2

0
58
146
20
0
0
223

6.6
36.8
0

0

0
60
291
357
0
0

0
84.8
55.0

0
5.1

1

0

337 100.0
169 24.3

113

25.8

124

17.0

0

0

0

0

23.5
19.7

2,699

0

551

25.0

238

0
28
0.5
186 100.0
425 51.2
0
0

0
42
125

2.1

372

64.1

106

110

0

263

639

276

1.1

762

37.7
52.9
24.9

23

0
2,657
1,357

0

37.0

708

106
141

'

0
0
41.1

6,713

1908.

N e w E n g l a n d States
Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States




0
005
44
640
0
0
1,290

0

0
78.2

56

0
3.6

62.9
16.5

746
16

0

17

0.6

86.2

526

67.6

391

45.7

0

71.7

0

0

0

1,289

71.6

464

13.3

0

948 100.0
18
1.2
725 100.0
0
0

505

1,691 100.0

824

283
36

28.1
11.8
64.2

0
0
38.7

0
207
33
153
0
0
393

19.9
10.0
7.0

8.3

0
243
29
133
0
0
404

23.8
7.6
.3.7

9.0

0
30
126
141
0
0
297

0.8
64.7
5.0

1.5

25.7

0

0
133
295

0
68.8
30.1

0
3,584
870

0

0

0

4,306
0

0

0

0

0

0

741

32.9

451

12.4

8,760

1905-1908.
January.

^

M

a
1
o3

23
fed

O

>
<

B

Pacific S t a t e s
Total United States

d

CD

o

Middle W e s t e r n S t a t e s
Western States
,

+i

3 *s
d
;;-e
SP§

§

ToN e w England States
Eastern States
Southern States

February.

0
$4,875
129
2,750
0

90.7
4.7
96.4

a

W>d

c3

•a

< d
u

o
EH

>
<

0
$1,663
119
1,032

36.3
3.3
29.5

0

0
7,754

H

CD

^3 *J

o

0
92.9

2,814

30.4

March.
+3

§
o
0
03

1
o

E
H

0
$328
212
874
0
0
1,414

M
T=!'J
d O)

«3
sps
fe d
s
>

April.
M

4^

C
D

g
o
a

d o
"fl-S

03

SfS

"3

£3

O

>
<

0) R

-<

EH

5.9
16.8
34.9

$1,237
155
1,227
0
0

29.7
6.7
45.2

2,618

30.2

0

7.6

^

M

M

C
D

§

V

a

&
a

o

03

'e3
O

July.

June.

May.

u

gd

H

>
<

0
$898
202

20.8

§

C
D

a

"*V
S£§
C3 3
fed
t>

d o>

o

03

•a
o

12.0
67.7

2,947

32.2

M

C
D
T3

§
o

.

d" fe
cu-Q

a
03

$958
158
661
0

"£

f d

O

>
<

M

H

21.9

$467
183
335
0
0

10.5
9.6
5.9

985

2.5

0
7.7
18.1

0
1,777

13.5

M

d
d
o

d cp

"M
5£§

a
03

^

E-t

0

1,847
0
0

August.

03 3

•a
O

fed

>
<

Ei

0
$463
435
382

6.6
39.5
4.6

0
0
1,279

5.0

September.

_
^
3
o
a
s
•a
o
EH

0
$100
854
1,518
0
0
2,472

M •
C
D

dO
^ r fe

SPS
QJ

d

>
<
2.0
90.7
58.8

24.3

October.
^j

X
CD

§
o

12 H'
d S

o3

5f rj
a
03

O

C d
D
r>

a
^
t^

-^

.

0
$90
870
589
0
0
1,549

<
1.8
88.2
20.5

November.
X

4J

d
d
o

C
D
d C
D

'~fj

a
3
03

sps
2 2
C d
D

O

>
<

H

0
$1,390
542
853
0

2,785

^j

Year.

K

d
d
o

CD

•gh'

a
3

"•3

EH

^

03

sfS
C d
D

O

t>

0
$1,230
510
776

§
o

a
a
1
o
EH

0

0

24.3

$13,698
4,368
12,842
0

0

27.6
59.1
34.2

0
10.5

December.

0

>
m

30,908

O

2,516

27.3
54.2
26.0

23.7

a The manager of the Memphis clearing house reports that during the months of October, November, and December about $100,000 daily is shipped, mainly to Mississippi and Arkansas, This is in addition to the
amount given above. This money returns to Memphis during the months following the cotton season and is in turn shipped to St. Louis, Chicago, Cincinnati, and New York.




>

o
2J

&
*?

»
—

•a

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.

to

PACIFIC STATES, o
RECEIPTS OF CASH REPORTED.&
[Amounts expressed in thousands.^]

*

1

o

a

<
From—
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

June.

May.

I

o

a
0
0
0
0
0
0

0.1

0

0
0
0
0

1

t—i

<

0
0
0
0
0 $1,650 63.1 $2,615 100.0
0
0
0
50 100.0
0
0
0
0
0
0
0
8 47.1
0
0
$3 17.6
3

0.1

1,650

61.7

§

I

<

a

<

<

<

August.

July.

4^

4J

0
0
0
0
0
0
0
$3 17.6
3

April.

a

i

i

March.

2,673 100.0

MS

o

a

MS

0
0
0
0
0
0
0
$17 100.0

0
0
0
0
0
0

0.6

0

0
0
0
0

a

i
a

<

0
0
0
0
0
0
0
$10 58.8
10

0.4

0
0
0
0
0
0
0

October.

November.

1

i

1

o

<

<

17

i
1

September.

Amount.

February.

o

a

0

0
0
0
0
0
0

0

0

0

1

1

0)-°

a

0
0

0

0

0

1,251

!

a

<

0
0 $1,250 47.8
0
0
0
0
0
0
1 5.9

0

Year.

•+•3

<
0

December.

o o o o o o

January.
Section.

1906.<*

46.8

0
$5,515
0
50
0
42
5,607

S3
i—i

o
>

o

1907.

:*:
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

0
0
0
0
0
0
0
0
8 22.9

0
0
0
0
0
3

0
8.6

0.8

3

0

8

0
0

0
0
0
0
0
0
0
0
6 17.1
6

0.5

0
0
0
0
0
0
2 16.7
2 5.7
4

0.2

0
0
0
0
0
0
5 41.7
10 28.6

0
0
0
0
0
0
3 25.0
10 28.6

0
0
0
0
0
0
0
0
4 11.4

15

13

4

1.8

1.5

0.2

0
0
0
0
0
0
12 100.0
30 85.7

0
0
0
0
0
0
3 25.0
0
0

0
0
600 97.2
0
0
0
0
0
0

5 100.0
617 100.0
0
0
0
0
35 100.0

0
0
425 68.9
0
0
0
0
0
0

5
1,642
0
0
25
108

42

3

0

600 91.3

657 100.0

425 64.5

1,780

6.0

1908.
New England States
Eastern States
Southern States
Middle Western States T
Western States
Pacific States
Total United States




0
110 100.0
0
0
50 100.0
58 65.9

0
0
0
0
0
0
0
88 100.0

0
0
0
0
0
0
0
42 47.7

0
0
0
0
0
8

0
9.1

0
0
0
0
0
0
0
19 21.6

218 100.0

88 39.3

42 17.8

8

1.9

19

0

7.0

0
0
0

0

o
1 2.0
35 39.8
36

15.0

0
0
0
0
0
6 12.0
7 8.0
13

4.2

0
0
0
0
0
7 14.0
0
0
7

1.4

0

0
0
4
7

8.0
8.0

0
0
0
0
4

11

3.3

4

0

Kj
O

O
Ul
Ul

o1

o

0

o!

>
Pi

0

0
4.5

0
0
0
3
5

6.0
5.7

0

8

1.9

0
0
0
0
0
7 14.0
5 5.7
12

3.7

0
110
0

o
78
278
466

O

1906-1908.
January.

February.

Section.

May.

April.

March.

July.

June.

£3 SH

d 5-<

»*9

September.

August.

as

®-2

1
"o
From—
New England States
Eastern States
Southern States
Middle Western S t a t e s . . .
Western States
Pacific States

0
$110
0
0
0
50 33.3
35.5

0
0
0
0
0
0
0
$91 36.2

Total United States

229 33.6

13.1

0
0
0
0
o
0
0
$51 27.5
51

6.1

0
$1,650
0
0
2
10
1,"

0
33.3

0
5.6
4.9

0
$2,615
0
50
5
37

33.3
13.9
32.4

0
9.0
56.1

0
4.0
6.5

21.3

2,707

36.3

5.7

1.5

0
21.0

0
0
0
0
$19
40

o

October.

8f9

0
11.0
2.7

2.6

1.1

Year.

December.

d ^

.SS
"•9

38.0
48.2

November.

«-9

o3 B

0
0
$600 32.4
0
0
0
0
0
4 1.5
604

$5
617
0
0
3
40

33.3
33.3
0
2.0
35.2
34.0

0
$1,675
0
0
7
6
1,6

0
4.7

$5
7,267
0
50
103
428

o The only banks in the group to report were those of San Francisco, including Oakland.
b For detailed figures by States see Table 9 in the Appendix, pp. 353-357.
c The totals sometimes show a difference of one or two thousand dollars from the sums obtained by adding the individual figures as they appear in this table, the discrepancy being due to the fact that the totals represent the sums of the individual figures carried out to more decimal places.
d No figures for 1905 are available.




O

7,853

O

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.
PACIFIC

-3

STATES—Continued.

SHIPMENTS OF CASH REPORTED.
[Amounts expressed in thousands.]
1906
January.

February.

March.

April.

Section.

1

"3
§
S
<

o

a

AM

§

a

3

1

<

0

0

#

MS

O

a

a

1

3

O

a

5

3

L
O

a

s

<

0

30
25
175

5.9
3.4
8.1

0
20
20
59

4.0
0
1.2

0
$150
0
0
35
151

9.6

564

13.0

134

0

335

3.0

35

6.9

0

30

6.8

0.3

38

272

4.2

450

0

0
$334

0

15

$194

17.8

0

0

September.

a

3
3^
MS

-t-s

1
a

<

3

16.4

0
20
111
692

$37
0

4.0
61.9
38.8

145
160
1,035

28.7
95.2
59.2

120
89

6.7

0
505 100.0
167 100.0
976 55.7

$323
0

6.1

3,438 100.0

1,759

49.2

1,663

46.3

0
10.2

0

*£

3
3

a

M

3

O

<

a

«S
©'"

•O
3
tH

0

0
8.2

9.1

$163
0

7.3

$179

23.8
46.9
1,723 100.0

$194
0
220
132
1,484

43.6
76.2
85.8

185
106

36.6

220

58.5

136

1,088

62.3

628

43.6
78.9
35.0

1,969

2,030

57.4

1,542

42.6

1,163

31.1

0.1

55.5

!

1

<
0

0

AM

1

T3

Year.

H
3

"3

<<

0

51.3

4-2

•d
3

o

a

0
$936

December.

a
§

O

0
$1,790 100.0

6.6

November.

3^

-t-3

a

O

October.

a
P
3

5

0
$35

$347

43

Western States
Pacific S t a t e s

a*

17.0

9.1

20

Southern States
Middle Western States

a
3

3
3

August.

July.

<

To—
N e w England States
Eastern States

1

I

June.

May.

a

0

$4,681
0
1,515
1,031
8,092
15,319

Total United States.

0
337
0

45.2

0
502

67.4

0
261

135

35.8
79.8
11.9
33.2

0

377 100.0
146 68.2
318

0

169
512

1,177

24.6

1,318

0

0

35.0

77
0

10.3

126

180

47.7

10.6

115

179

93.4

1,168

84.8
52.3

40
196
1,420

67.8

146
724

1,788

61.9

1,733

58.5

1,111

0

16.9

0
229
0

30.5
68.2

0
94

25.0
20.6

0

0

0

0
745 100.0

30.7

469
0

63.0

405
0

54.4

0

0

0

11.9

60

1,341

41.9
63.0

96
741

42.9
26.0

45
113
1,449

51.5
69.6

1,664

54.3

1,306

32.5

2,012

75.6

0
125
0

0

Total United States




0

0
1,757 100.0
0

1,169

62.2

0
531

0

21.1

0
281

0

3,333
0

H
H
>

0

0

16
758

2.5
27.1

1,087
1,568
12,683

o

0

18,671

57
0

7.7

35.8
209 100.0
1,943 100.0

0

0

193
1,356

15.9
91.9
63.9

11
954

0
39.1

2,354

96.5

2,412 100.0

1,022

15.1

774

0

135

0

0

0
48.4

35

61.4

55

0

357

61.3
27.6

0
57 100.0
24 11.3
385 31.6

18.7

1,109

30.5

946

0

0
10

17.5

0

0

0

0

40.3

64.5

60

69.4

47.5

442

39.7

57
303

19.9

259

13.7

47
163

2,271 100.0

1,653

63.0

901

18.0

600

0

913

17
497

0

32.2

0

0

0

703
0

29.5

0

480

o
0D

5.0

0
42

0

0
662

>

0

0
0

16.8

1908.

New England States
Eastern States
Southern States
Middle Western States....
Western States
Pacific States

O

o

1907

New England States
Eastern States
Southern Stales
Middle Western States
Western States
Pacific States

3
H
i—i

17.8

20.7

327
0

8.0

10
34

17.5
27.4

437

39.0

808

12.4

0
213
0

0
306
0

6.6

0

0

0

40 37.1
866 100.0

58
719
990

1,212

36.6

0
0.6
0
66.1

0

0

203
0

0

0

0
66.1

496
0

18.9

0

0

79 100.0

7,127
0
112

79.1

58
429

37.8

314

21.5

571
5,169

23.3

690

5.4

889

17.3

12,979

O
3

1906-1908.

Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States




0
$2,288
0
392

51.4

0
$2,018

857

22.7
15.9

0
170
241
992

3,719

42.9

3,421

183

34.3

14.2
42.3
17.2
35.3

0

0

0
5.1

$979
0

18.6

4.9

115
228

10.2

1,646

23.7
50.9
26.8

1,738

54.3
27.6

1,037

42.3
10.6

$2,681
0
540
316
2,674

3,333

31.0

2,467

19.5

2,359

15.1

6,211

$1,176
0
251
261

<
0

0

F
>

<
0

53.4

$1,885
0

44.0

$1,155
0

26.3

$1,088
0

35.6

53.8
67.7
48.8

77
231
1,818

34.7
38.7
32.1

200

19.4

13.2

307
2,921

58.0
55.9

180
322
3,944

58.6
88.0

61.6

4,011

34.1

4,583

44.8

5,534

62.9

i>

o

EH

?-

o

EH

<

0
$532

<\
0

$423
0
185
175

8.8

0

erage inde
number.

X

p-

o

EH

<
0

5.0

$675

12.2

0
220

0
$15,291
0
2,745
3,170
25,944
47,150

4,146

2,471

41.5
46.4

231
1,700

14.5
60.5
27.9

5,432

60.2

3,254

21.0

2,826

16.1

i

o

EH

9.0

26.5
80.8
88.3

355
399

Year.

tal amoun

December.

tal amoun

X

erage inde
number.

X

tal amoun

o
H

<

^

November.

erage inde
number.

erage inde
number.

i>

o

EH

X

October.

tal amoun

•

tal amoun

j>

o

K

X

-w

September.

erage inde
number.

F-

<

X

tal amoun

o
H

<

August.

erage inde
number.

$393
0
60
276

f>

o
H

X

tal amoun

24.4

0
49.1

p
>

<

tal amoun

o
H

<

erage inde
number.

p*

o

EH

X

tal amoun

•

M

July.

erage inde
number.

•

X

tal amoun

erage inde
aumber.
p. -,

<

•

June.

May.

erage inde
number.

o
E-i

X

April.

tal amoun

ToNew England States...

p»

<

•

March.

erage inde
number.

o

e

X

erage inde
number.

tal amoun

•

Section.

February.

tal amoun

January.

>
CO

O
>

«• No figures for 1905 are available.

O
>

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.

CITY OF NEW Y O R K >
RECEIPTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.*>]
1905.
January.

February.

April.

March.

Section.

i

<

<

flu'

a

1

o

a
<

a

<

1

•4-3

S3

o

August.

July.

a

a

1

June.

May.

•3
1 1
—

J

o

a

<

*£
cy"

'd
M

1

L

flu"

o

o

a

cu-"

a

a

<

<

September.

a

October.

<y"

l

1,

i

•a

i

o

a

<

November.

MS

<

M

December.

1

a

i

flu*
T3
Pi
M

o

a

i
o

a

Year.

1
o

a

Pi

<

<

From—
N e w England States
Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States

$2,492 71.8
5,993 50.0
6,666 100.0
6,853 100.0
7 54.5
1,356 100.0

$671
4,086
3,119
2,616
8
1,145

0.7
23.9
40.2
37.0
63.6
75.2

$749
3.8
9,654 100.0
1,854 18.9
126
0
5 36.4
1,310 94.6

$1,745
3,419
1,990

$1,423

30.1

447
3
1,205

42.6
14.8
21.2
4.8
18.2
82.2

2,898
1,855
1,286
3
564

7.7
18.9
17.2
18.2
7.0

23,367 100.0

11, 645

37.8

6,698

11.6

8,809

22.8

8,029

18.6

7
543

41.6
7.2
29.8
11.6
54.5
4.6

$1,332
3,091
2,062
1,219
3
1,309

26.5
10.3
22.4
16.2
18.2
94.5

$971 12.4
3,072 10.1
996
4.5
144
0.3
12 100.0
757 29.7

8,537

21.3

9,016

23.9

5,952

$1,717
2,865
2,502
903

7.7

$652
2,454
731
167
5
504
4,513

0
1.6

$815
2,336

0
0.6
36.4

1,646
286

6.4

0

8
742

2.4
63.6
27.9

$3,103
2,392
1,784
1,402
1
'542

0

5,833

7.0

9,224

0
15.4

95.6
0.8
17.7
19.0
0
4.5

$3,215 100.0
4,308 26.9
2,381 27.8
2,146 30.0
0
1
693 22.2

$18,885

25.0

12,744

114,367

43.7

39,568
27,586
17,595

>
H
i—i

63
10,670

O

o

1906.

New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States

3,814 81.9
6,316 100.0
8,674 100.0
2,446 99.1
44 15.5
2,775 87.1

840
3,292
3,029
161
16
1,697

6.3
25.7
28.6
4.2
4.4
48.9

2,116
3,252
3,599
167
13
1,307

38.8
24.7
35.8
4.5
3.2
35.1

2,341
3,395
3,097
693
11
699

44.5
28.2
29.5
26.3
2.4
13.6

24,069 100.0

9,035

20.2

10,454

27.7

10,236

26.6

1,530 23.8
5,138 71.0
2,829 26.1
2,468 100.0
4.0
15
1,169 30.2
13,149

42.0

1,179 14.9
3,470 30.0
2,541 22.4
399 14.1
46 16.3
3,139 100.0
10,774

29.4

>

2,182
3,458
1,988
936
11
1,076

40.4
29.7
15.4
36.4
2.4
26.9

1,740
3,349
2,231
366
25

9,651

23.5

1,264
2,690
767
59

17.1
10.9
0
0
257 100.0
1,096 27.7

1,624
2,248
2,134
115
123
1,406

26.2

317

0
19.6
4.6
3.1
0
0.1

5,228

0

6,133

7,650

12.9

592
3,047
1,133

868

29.2
27.1
18.5
12.7
7.9
19.6

8,579

17.8

134
5

4.8

0
17.3
2.3
46.8
38.6

4,525 100.0
6,091 94.5
1,667 11.4
1,223 48.3
44 15.5
315
0
13,865

45.8

23,747
45,746
33,689
9,167
610
15,864
128,823

>

o

o

1907.

U2
GO
13.0
44.6
47.7
28.3
6.2
23.4

9,648

25.5

12,719

40.5

516

8.2

191

0.8
7
2,658 100.0
30.5

3,890

9,181 100.0

Middle Western States

1,367

Western States
Pacific S t a t e s

59

41.1

2,597

97.7

24,914 100.0

1,311
4,363
5,066
1,308
14
657

2,263

1,328

7,471 100.0

Total United States

975

19.5
30.0
26.5
0
1.6
35.6

3,544

4,239 100.0

Eastern States
Southern States

29.8

1,532

13.5
36.2
12.1

N e w England States

10,662

3,398
8

1,947 31.9
3,892 36.2
4,521 40.8
4,132 100.0
6
0
512 17.8
15,010

51.7

2,007
2,863
3,165
2,088
40
515

33.7
17.9
23.6
48.1
26.4
18.0

2,859

59.0

4,365

44.7

4,905

2,653

17.1

2,095

1,703

38.4

478

9

2.3

2,295

86.1

10,678

30.6

13,884

46.2

9,230

954

2.3
54.3
10.0

973
4,278
1,314
264

6

7.3
0

792

28.6
23.5

11
1,046

2.9
43.1
0.1
1.9
3.9
38.3

1,129
4,110
1,308
377
8
1,130

7,886

16.9

8,062

2,394 45.2
5,729 69.0
3,229 24.4
1,134 23.9
135 100.0
1,172 43.1

7.0

875

0

40.1

0

0

1,859
1,324

0.2

4.7

237

1.2

1.6

71
46

50.4

41.5
17.8

4,412

0

13,793

45.8

140,898

3,709

57.3

28,312

7,908

63.7

76,705

1,552

0

58,429

2,567

15.7

76,510

18

0.9

1,718

1,161

1.6

23,909

16,915

25.6

265,583

0

21,548
51,269
39,517
13,795
374
14,395

1908.

N e w England States
Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States




5,646 100.0
10,259 100.0
9,672 100.0
12,419 77.0
975 100.0
3,033 100.0
42,004 100.0

1,473

8.0

4,357

8.8

5,857

53.0

2,243

13.7

254

25.4

2,295

61.2

1,557
6,624
7,433
9,141
27
2,515

16,479

24.3

27,297

9.9

2,020

20.1

2,595

43.8

5,710

29.7

7,054

72.4

8,201

81.9

7,096

56.6

14,972

92.9

13,715

1.9

12

0.3

66

72.8

2,293

61.1

56.4

33,208

73.9

2,045

32.7
50.5
68.3
85.1
5.9
48.1

1,911 17.7
8,012 65.3
5,802 52.3
16,109 100.0
250 24.9
2,202 56.3

32,571

72.0

34,286

77.1

2,467
9,091
4,271
3,441
45
1,929

29.9
81.9
33.5
21.2
3.7
42.0

21,244

38.5

1,366

5.6

1,110

0

1,829

15.9

2,629

5,059

19.6

4,109

4.9

4,733

14.6

3,789

2,654

13.6

1,684

2,054

6.2

2,153

1,584

9.6

229

1.6
1.2

50

0.1

40

23

1.4

9

0

11

0.2

28

2,129

52.5

1,131

0

1,717

30.8

1,459

33.5
0
7.4
0
2.0
17.2

12,815

13.5

8,272

0

10,394

6.3

10,098

5.4

l—I

o
2

1905-1908.
January.

Section.

"
2
d
o

0
c3

"ca
o

February.

X

Xi

.

•§!
2§

<

d
d
o

I
!

I*
d

»-<

S?0
gd

March.
d
o

0
C3

+J

o

X
03
TJ .
d t-<
• S 03
03^

23

s>d

April.

"
3
d
o

-^
d

as

g

d
o

0

CS

03

o

•a

<

o

J u l V-

June.

May.
M

0)
Xi .
d *-•
03

•JM

<*"%
2d
^d

-t-5
d

§

I

"is
o

<

X
03

as
Is
£d
<1

d
d
o

1

©
d *-<

I*
2d

*C8

"o

August.
d
d
o

|
"o3
o

M
03
xi .
d **
-

October.

September.
d
d

if 1
2d
03

X

03
T3

.

£ « 03

Scd

2§

»d
<1

*d

1

12.4
27.8
11.7
7.5
27.3
32.6

$3,327
13,888
4,862
794
30
2,998

0.7
17.3

15.6

25,899

4.2

+5
d

03

§

s
03
'oS

November.
d
d
o

©•9

SP0
2|

o

t3
4M

.
03

December.

"3
d
o

Sort
"oa
o

I

©a
<1

"oa
o

23

H
03
XJ .
. 3 . 03
03 rQ

2d
£d

Year.

£
g

1

From—
N e w England States
Eastern States
Southern States
Middle W e s t e r n S t a t e s
Western States
Pacific S t a t e s
Total United States

$16,191 88.4
30,039 87.5
34,193 100.0
23,085 76.5
1,085 52.8
9,761 96.2

$4,312

114,354 100.0

$7,417
16,887
18,354
17,420
40
4,854

30.1
29.3
45.1
38.1
6.8
45.1

$7,495
18,982
16,301
21,601
90
4,290

29.6
41.4
38.5
75.6
7.0
25.8

$6,814
17,210
14,010
19,499
343
6,399

27.0
30.1
32.0
43.5
30.5
44.7

$8,840
20,005
10,974
7,299
68
6,609

39.0
41.7
22.1
28.1

6,107

18.0
49.6
38.4
15.3
10.8
59.5

6.7
62.4

$5,031
16,385
7,976
2,572
66
4,546

54,097

30.3

64,972

41.0

68,759

46.1

64,275

39.6

53,795

33.0

36,576

$5,954
23,074
16,284

5,536
285
7,795

7.1
23.7
33.5
15.8
23.6
71.3

47,821

28.2

15,625
14,268

9,625
53

1.6
1.7
10.1
9.6

$5,037
13,869
5,775
772
284

3,453

24.8
15.1

198
3,341

75.6
63.5
15.9
29.5
29.1
16.7

31,384

10.8

57,317

40.2

$8,231

4,685

11.8
16.4
5.4
1.8
41.4
32.0

30,422

9.0

10,288
7,395
1,794
223

38.8 $13,843
0.2 24,036
8,829
10.7
7,070
5.6

$92,492

649,671

213,288
159,221
117,067
2,765
64,838

a F o r d e t a i l e d figures b y S t a t es see T a b l e 9 in t h e A p p e n d i x , p p . 288-298.
&The t o t a l s s o m e t i m e s s h o w a difference of one or t w o t h o u s a n d dollars from t h e s u m s o b t a i n e d b y a d d i n g t h e i n d i v i d u a l figures as t h e y a p p e a r in 1.his t a b l e , t h e d i s c r e p a n c y b e i n g d u e to t h e fact t h a t t h e totals repres e n t t h e s u m s of t h e i n d i v i d u a l fie u r e s carried o u t t o m o r e decimal places.




TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities 1905-1908—Continued.

OC

C I T Y O F N E W YORK—Continued.
SHIPMENTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.]
1905.
January.
Section.

Total United States.

June.

cw"

a

4,765

4.2

a
<

a
<

cu^O
73

September.

August.

July.

l,

MS

0 $1,531 13.9 $5,075
5.2
2,514
0 2,926
1,089
0
416 1.6
1,273
0
299 2.2
0
0
0
0
4
3.6
5 17.9

4,035

May.

3

MS
•a

$958
2,701
279
96
0
1

April.

March.

I

a
<
ToNew England States
Eastern States
Southern States
Middle Western States
Western States..,
Pacific States

February.

3

P3^M *

G

November.

December.

B

a

<

100.0 $4,968 97.4 $1,224 6.5 $3,026 50.2 $1,578 15.1 $4,165 77.9 $3,292 56.7 $2,981 49.1 $2,191 29.9 $3,935 72.3
5,584 85.7
4,978 68.8 6,097 100.0 5,009 69.6
3,838 37.0
11.5 3,152 17.8 3,599 30.3 3,501 27.5 2,760 6.9
672 4.6
2,423 25.3
2,785 29.5 8,766 100.0 4,904 54.5 3,672 40.0 3,374 36.5
9.5
815 6.3
824 6.4
232 1.5
3,980 41.5 9,463 100.0 2,132 21.7 4,964 52.0 7,328 77.2 9,152 96.7
12.6
157 0.7
760 7.1
Q
0
0
0
0
0
0
0
0
0
3 100.0
0
0
0
0
0
0
0
0
0
28.6
20 71.4
28 100.0
15 53.6
25 89.3
0
14.3
0
2 7.1
5 17.9

10,367 36.3

9,709

32.5

5,727

9.7

7,501

19.9

Year.

fci

ffi.fi

CD'"

CD'"

October.

10,741 38.4

20,279 93.1

19,782

90.2

17,847

79.1

19,316

87.6

21,485 100.0

$34,924
46,659
30,019
39,836
3
113

Total United States.

4,443
4,855
390
2,086

29.8

3,284

6.2

17.8
0
17.2

3,816
862
284

0
5.9
1.6

0

0
34

0

1

18

0
0.1

19.9
1.0

0.3

46

0.4

11,792

16.2

8,280

0

14,217

27.4

5,146
6,062
570
2,392

44.1
38.4
2.2

4,893
6,490
1,260
2,716

38.9
45.7
10.8

2,982

0

5,666

4,157
1,422

5.8
12.9
0

4,848
861

22.7
85.0

100

9,543 100.0

4,007

1.0
42.0

77.2

12,669

20.3

85

24,987

1

2,100
0

54.7
17.7
5.9

108

17.3
0
1.1

13,583

24.5

3,233
3,961

Total United States

5,584 36.4
0
4,308
0
489
550 1.4
3 0.2
43 1.2
10,977

4.8

4,345 24.6
5,519 14.9
883 4.3
2,574 16.3
0
0
145 4.3
13,466

11.1

52.7
4,456 1.8
1,067 6.4
3,634 24.1
0
0
63 1.8
16,523

18.9

8,346 62.6
7,337 37.3
677 2.1
4,084 27.4
0
0
36 0.9
20,480

3,751
4,377
595
355
0
20

19.0
0.8
1.2
0
0
0.4
0

29.0

4,543 26.5
4,390
1.0
489
0
470 0.8
0
0
30 0.7
9,922

2.1

5.1
2.5
4.2

7,891 100.0
7,609 64.9
23.0
54.2

1.0

2,233
6.355
2

3.6

6

0

3
210

3.0
2.1

4,814 37.3
4,891 18.4
8,417 100.0
11,642 100.0
100 100.0
52
0.5

5.9

24,096

73.1

26,995

86.5

29,916 100.0

727
1,275
1

10.2

351
9,548

2.0

4,045 21.7
9,663 100.0
5,054 58.1
8,020 68.6

4,409 25.2
6,197 23.2
1,058 6.3
1,921 11.5
0
0
39 1.0

3,992

21.3

4,819

29.1

5,062

9.3

5,087

9.6

1,957

16.2

6,148

62.4

6,463

45.0

6,875

48.0

1

0.1

100

5.1

522

16.0

6

0

11.5

17,997

22.7

23,035

35.5

20.5

2,542

1.9
1.9

2,665

30.7
0

3,331
4,922

46.9
76.4

2,813
3,559

550
1,086

9.5

4,689 100.0

18.4

5,739 100.0
39 100.0

13,624

3,888
6,006

18.5
37.5

3,300
5,954

3,047
4,610
2

33.1

7,483
2,203

184

39.1
2.0
1.9

17,737

43.7

6.5
36.6
88.4
18.2

12,292 100.0
12,437 100.0
8,123

84.2

13,935 100.0
624 31.7
951

29.4

3,747 18.9
9,625 65.4
9,555 100.0
13,189 94.5
1,968 100.0
3,221 100.0

41,305

82.0

36.3

2,535
4,030
1,261

30.5
46.2

2,723
4,267

30.3
57.0
74.2

0

3.3

18,471 100.0

48,362 100.0

Total United States.




1,489

9.0

1,335

5.8

1,383

3,343

23.0

3,884

3.6
685 11.3
23 59.0
456 100.0

308

41.3
4.2

4,311
171
39

279

6,275

9.1

6.8
55.7
1.2
0

5,910 100.0
3,676 34.2
116

0
4.1

0

0

49

5.1
9.6

273
0

86

17.8

61

0
12.2

5,669

4.6

5,990

7.0

10,036

37.1

91
2

0.9

1,051

0

2,279

25.3

3,697

34.9
4.2
52.2

3,767
281

37.3
3.6

227
0

3.3

66

0

0

0.5
0

10

0.9

18

2.7

11

25.6
1.1

6,564

11.2

5,056

0

6,864

13.5

307
3,013
0
6

0
0

8,074

22.5

2,046
2,722
204

67
1,056

67.0
11.0

20,063

54.5

213,883

o
o

64,883

w
wI
I—

1,752
4,439
7,789
6,059
1,254
1,481

0
1.6
80.5
42.0
63.7
45.9

22,774

34.8

247,563

5,493 91.4
5,618 100. 0
1,483 29.9

73,234
38,830
60,109
3,950
6,557

10

21

20.1
5.1

1,457
20

24.9

0

1,183
2

60

12.0

82

16.9

46

8.9

32,207
46,194
12,372
18,126
96
906

13,422

62.4

9,093

80.1

14,117

67.5

109,901

25.0

H
>

53,585
68,312
32,326
43,783
262
15,615

1908.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

>

o

1907.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

o

151,554

1906.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

>

51.3

O
3

1905-1908.
January.

Section.

i

M
a>
T3 .
d a
•d f->
>

o

•a

February.

1

I

M
cu

'S £
d •

3
o

£d

o

March.
4^5

1
-a

EH

o
ToNew England States
Eastern States
Southern States
Middle W e s t e r n S t a t e s
Western States
Pacific S t a t e s
Total United States




$12,474
15,207
1,437
3,417
26
518
33,079

18.8 $10,495
11.5 15,733
0.9
2,469
7.5
3,248
14.8
2
26.2
233
7.5

32,180

12.6 $18,907
14.1 17,755
4.0
2,897
5.3
7,338
1.3
1
8.0
199
5.0

47,097

8

April.

• d <u

!

$a

a

23
<

c3
O

8

as

1
I

£d

3

<v

a

M

d
o

i

3

o

EH

July.

June.

May.

S3
£d

August.

+3

!
3
"o
EH

-•a j-i.
a
S
H

d

-4

1
1
'o
EH

September.

g

d *-•

"
3
§

a

?!

i

4^>

as !
51 d
-

-a
<4

EH

October.

d

03

73
O

•a
4-3

November.

M

d

+3
*H

d
d
o

s?a

1

<

!

CD

.3 <3.

"o

December.
d

8

§

*?a
o

g a
cu a

EH

EH

Year.
4^>

d
d
o

I
"o
EH

o
EH

39.2 $11,266
20.9 15,640
in
4,412
7,242
5.5
1
0 |
0
150
2.5
408
i
37,570 14.4 38,969

50.9 $24,117
26.9 20,655
4.8
2,877
14.2
7,833
0.3
85
8.6
9,645

74.7
33.8
4.8
15.3
21.3
32.8

$9,008
15,830
2,996
3,700
1
4,033

6.4 $15,514
18.0 16,506
2,446
5.7
2,954
13.4

65,212

44.0

35,568

13.1

22.4

0.3
10.6

16.5 $18,590
8.6 19,174
9.4
7,525

57.5 $15,487
27.8 25,256
19.6 24,657
54.4 22,766
31.9
142
26.6
245

15.9
0.3
1.8

23,367
16
564

14.0

69,236 •50.6

88,553

38.6 $22,900
67.9 25,865
80.1 24,167
59.6 34,808
27.0
724
8.5
1,083

55.7 $12,361
54.4 25,758
73.9 17,535
81.6 26,310
1,972
32.9
3,515
28.3

24.5 $14,480 42. (i
62.3 21,020 52.0
49.5 20,129 j 58.8
57.7 18,871 | 45.5
26.8
1 341 45 -R
54.7
2,598 29.9

$185,599
234,399

78.1 109,547

85.4

60.9

64.2

722,901

87,451

78,439

113,547
161,854
4,311
23,191

DO

>
DO

O

t"1

fe^

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.

00

O

CITY OF CHICAGO."
RECEIPTS OF CASH R E P O R T E D .
[Amounts expressed In thousands. &
]
1905.
January.
Section.

February.

a

a
§^

*p

a

'd

<

I

©-"

3

<

I
1

May.

a

a
+3

s

p

April.

March.

s
Kg

p
53

53

Kg
CD-"

o

a

<

June.

p^

8
a
<

P^
Kg

p

<

§

Kg

o

a

a

•d
p

a

October.

November.

a

53

p

53

o

September.

August.

a

a

i

p

July.

3

<

a

<

Kg

53
Kg

p
P
o

a
4-3

PK"

<

a

53
fl

fe
Kg
cc"
-d
p

a

«•"
5

a

p
t-4

December.

<

a

53

p
53
O

Kg
©'"
-d

a

a

<

Year.

4-i
P

g

a

From—
N e w England States
Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States

0
0
$5
0.1
125 44.6
5,070 100.0
372 57.6
256 62.6

0
0.3

0
0

75 26.8
1,956 28.2
583 100.0
212 49.7

5,828

2,847

5.4

42.5

0
$21

$75
1,924
144
274

0
0
26.8
27.4
11.8
67.8

0
5
2,191
335
148

0
0.1
1.8
33.6
50.2
31.0

2,417

0

2,684

3.3

$5

0
0

0

0

0

0
0
$280 100.0
3,794 70.6
89
0.8
181 40.6

0

0

$5
2,756
229
246

1.8
46.6
28.9
59.6

0
$50
3,073
116

4,343

3,236

10.2

0

0

24.0

0
$1,710

317

17.9
53.9
6.2
80.4

$75 75.0
7,710 100.0
85 30.4
2,205 33.9
0
85
286 71.3

3,556

14.2

10,446 100.0

2,974

100
734
387
42

0
22.2
35.7

$100 100. 0
60.4
0.4
18.2
45.6
21.1

0
$4,110

53.4

6,738

0

4,657
1
1,524
312
114

6.9

6,708

0
60.6

0

3,229
316
125

30,609
3,057
2,586

9,859

92.7

32.8
0.8
89
384 100.0
53.8

24,327
882

1906.
N e w England States
Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States

0
1,250
4,777
126
523

0
16.1
78.7
100.0
8.6
59.6

6,942

50.6

266

50
1,800
165
1,374
678
145

5.1
23.2

335
516

0
2.6
19.2
8.1
41.3
58.5

2,600

0

4,213

18.8

0
212
65
1,473

48.8
5.4
94.8
0

0
0
8
0
56 16.6
3,206 56.3
71
0
779 100.0

200
1,700
305
2,353

103
160

20.4
24.7
33.1
51.5
5.0
2.4

5,528

34.1

4,120

200
1,918
112
3,034

17.7

165
444

20.4
21.9
90.2
32.6
14.7
47.2

200 20.4
885 11.3
338 100.0
2,394 33.7
110
6.1
273 20.2

5,167

29.9

4,199

18.6

900

91.8
49.6
7.4
25
1,654 13.2
711 100.0
225 12.6

3,840

7,354

55.4

980 100.0
55.9

200
2,415

74
196

20.7
21.3
0.5
8.0

900 91.8
7,741 100.0
125 37.0
1,180
0
521 70.3
706 88.5

650

20.4
31.1
0
10.2
48.6
79.7

7,596

58.3

11,174 100.0

5,192

30.2

4,330
70
1,945

1907.

N e w E n g l a n d States
Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States

0
207

0
2.6

435 100.0
4,616 100.0
0
979 100.0
67

6,305

30.9

200

855

10.5
17.0
9.4
22.9
33.4
87.2

4,321

5.6

1,263
50
1,708
245

700

371

36.7
37.1
0
8.0
10.1
37.3

5,090

15.4

2,743
10
1,145
121

0
1,546
382

0
18
0
2,494

0
0.1

3,630

775

40.6

0

0

200

10.5

600

58.0

15

0

800

10.7

1,809

292

66.4

341

77.9

310

70.6

175

3,028

57.9

2,966

56.3

2,705

49.4

2,431

92

4.7

115

9.0

82

2.8

285

167

16.3

444

44.8

131

12.6

320

31.4
24.4
38.8
42.1
40.9
32.1

8,632

60.6

3,881

0

4,228

4.4

5,620

41.9

400

5,795 J8.6
52 * 9.9

3,232

2,123
461

33.9

1,535

73.9

570

251

24.9

237

20.9
43.8
38.8
18.4
94.4
23.5

22.2

9,482

71.4

6,149

28.9

0
565

22.4

378

0
0.4
40.3
22.2
100.0
30.9

6,888

36.6

800

175

210
442

0
36.5
21.7
46.8

27,430
3,487
5,058

3,183

6.8

67,267

Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States




100 100.0
289 11.5
268 50.8
9,337 100.0
2,307 78.4
500 47.2
12,800 100.0

895

0
0
68.5
33.3
34.6
100.0

6,838

36.1

0
0
357
4,309
1,276

0
0
224
8.9
516 100.0
3,884 27.7
2,492 86.3
242 12.7

126
4,096
1,500
529

0
0.4
22.6
30.5
44.1
51.1

41.7

6,261

29.9

7,358

0
10

273

0
0.6
28.4
41.3
95.2
16.8

167
4,215
1,795
512

0
0
30.8
32.1
56.6
48.8

8,053

49.1

6,689

34.5

0
16
155
4,909
2,701

0
0

0
10
215
3,472
2,814

0

0
0
2,517 100.0
515 99.8
0
1,795
8.5
663

234

44.0

2,740
1,399

12.5
39.8

471

43.3

147

0

5,409

20.8

5,636

23.2

>

o
w
>

o
O

1,910 100.0

0

7,368 100.0

3,541

50

9.4

84

1,945

29.2

842

28.1

106

0
7.3

3,849

217
235

23.3

9

0

10

0
33.5
34.6
79.7
100.0
0.1

11,726 100.0

4,581

8.9

7,092

40.9

0

0

0

100

6.0

499

19.8

0

52

7.9

8.6

5,376

47.5

0
48.0
17.4

0
2,477
157
600

5,585
33,527
2,131
28,893
2,961
4,010
77,107

1908.

N e w England States

O

26,116
1,547

•

4,277

5!

61,636

0
$6,109
80

0
2,155

$175

0
79.2
28.6
57.5
46.4
24.3

53.3
0

0

0

2,077

82.5

167

30.8

0
150
12

2,342

7.3

2,440

1,036

24.3

518

2.3

464

197

6.7

348

26.9

529

0
51.1

6,357
2,783
48,915
18,963
5,020

5,819

26.2

3,469

0

6,920

37.0

82,139

o

1905-1908.
January.

§

Section.

CD

February.

"8

M
CD

1

d *-<

a

•1

"3
o

o

d
O

a

Oi

1

"3

M

03

d
O

"3
o

March.

1
o

a

8
«cS
cuXl

^a

1
ej

April.

i
o

1

M
C
D
T3 .
d *-•

§
o

SPg
o

o

O
EH

June.

May.
-(J

8
••d

.

.as
£d

EH

EH

d
d

o

a
03

3
©

+3

CD

•« .
d

>H

8P|
»H

§
o

a

d

£d
<1

03

September.

August.

July.
M

8

as
§?a
2d

1
o

9
o

ss
a>

4^

•O .
d *-"
•d C
D

&a
CD

a

3
o
a
3
o
03

EH

EH

8

•3 •
CD-Q

*s
CD fl

<

O

October.
+3

1

3
o
EH

From—

OS

New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States

November.

8

8
•o
.
d *"•
C5 C
D
CD-C

SPg

r
»-i d

December.

!
3
O
EH

4^>

.as
spa

!
I
3
"o

r
>i

d

EH

CD

.as

Year.

i
o

CD.C

1

CD rt

3
"o

EH

$100
1,751
1,094
23,800
2,871
2,258

25.0
7.6
68.5
100.0
36.2
67.4

$200
1,496
547
9,446
2,439
2,478

2.6
5.0
31.0
23.1
52.3
73.9

31,874

56.0

16,606

11.8

$750 10.5
4,767 17.3
766 43.9
8,327 17.1
3,434 50.8
1,033 29.5
19.0

19,078

$975
6,210
535
12,349
2,031
1,004

.15.3
20.8
31.0
43.4
26.0
25.2

0
0
$38 0.2
832 55.7
14,874 56.1
2,976 26.3
1,677 50.5

$400
2,500
787
12,029
2,271
1,333

7.7
8.2
48.4
40.2
25.8
42.1

$800
2,704
777
11,371
3,324
1,287

23,105

32.0

20,398

22.7

19,320

19.8

20,263

13.0
9.0
49.3
38.0
38.3
40.9

$1,775
17,910
396
8,722
2,656
1,232

52.2
62.7
22.9
23.4
53.4
38.1

$1,380 30.2
11,789 55.5
860 48.8
6,008 9.9
1,695 41.0
622 7.9

$2,910
21,843
343
6,992
2,085
1,252

73.0
85.7
19.4
13.7
42.1
34.9

$200 5.1
0
0
10,216 34.6 $9,102 33.2
95 4.4
309 17.8
6,983 12.9 14,947 55.3
1,095 14.8
1,590 42.0
1,391 51.7
1,106 30.6

22.9

32,692

61.9

22,355

35,426

69.9

19,980

29.3

23.2

27,054

44.4

$9,490
90,327
7,343
135,848
28,468
16,674
288,150

a For detailed figures by States see Table 9 in the Appendix, pp. 310-317.
b The totals sometimes show a difference of one or two thousand dollars from the sums obtained by adding the individual figures as they appear in this table; the discrepancy being due to the fact that the totals represent the sums of the individual figures carried out to more decimal places.




TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.

CO

to

C I T Y O F CHICAGO—Continued.
SHIPMENTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.]
1905.
January.

February.

March.

April.

May.

July.

June.

August.

September.

October.

November.

December.

Year.

Section.
flu'

ToNew England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States.

0
$2,815 100.0
100
0
2,162
0
378
0
10
0
5,465

11.4

0
$675 24.0
200 7.3
4,127 16.9
388 0.5
80 18.9
5,469

a

a

%

11.5

0
$350
525
7,018
2,248
47
10,187

0
0
12.4 $1,130 40.1 $1,002 35.6
755 47.6
330 16.7
30.9
41.8 5,262 26.7 2,174 0.1
917 28.8
448 3.7
100.0
126 31.4
40 8.1
10.0
48.1

8,190

32.6

3,995

0.0

0
$2,552 90.6
260 11.6
3,488 11.4
423 2.4
44 9.2
6,766

$2

a

21.5

0
$1,210
719
5,354
1,217
47

43.0
45.0
27.4
44.9
10.0

8,546 35.4

0
0
0
$1,020 66.9
10,169 68.9
1,442 56.9
104 25.4
12,734

67.9

0
$16
1,475
12,151
748
380

a

0
0
0.6 $1,037 36.8 $1,086 38.6
610 37.1
622 38.0
100.0
85.9 13,791 100.0 7,159 43.0
1,172 42.5
19.8 1,097 38.4
329 86.2
68 15.7
100.0

14,770 83.8

16,864 100

10,107

47.5

0
$1,664 59.1
1,090 72.0
6,688
851 25.3
15.9
10,362

49.5

0
$13,537
7,706
79,542
11,328
1,342

Total United States

0
1,013 30.8
130 1.4
2,662 0.4
0
559
0
13

22.8
1.2
5,310 18.3
609 3.2
40 0.4

0
450 13.5
276 6.9
6,834 28.6
1,214 41.8
132 1.7

0
1,471 44.8
255 6.1
3,892 8.8
1,225 42.5
7,128 100.0

4,377

6,836

8,906 25.4

13,971 53.8

0
752
125

13.8

0
483 14.5
505 15.5
5,878 22.2
670 7.1
149 1.9

14.3
0
4,817 15.0
659 6.4
95 1.2

7,894

7,685

6,141

18.5

>

o

0
3,268 100.0
275 6.9
2,597
0
1,553 63.5
203 2.7
19.1

i—i

O

113,455

1906.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

>

0
477
93

9.9

0
177 5.1
1,125 38.9
8,988 43.2
2,125 100.0
120 1.5

0
0
11
1,538 54.5
11,924 63.1
1,076 33.0
3.5

0
190 5.5
2,743 100.0
17,385 100.0
1,531 62.1
374 5.1

45.7

14,810

58.5

22,223 100

0
22 0.6
262 12.7
8,615 28.6
2,363 47.2
223 20.2

0
28
660
12,584
1,296
417

0.9
44.9
49.2
23.4
37.7

0
216
1,342
22,329
4,734
1,106

12,534

0
1,368
641
8,419
997
41

41.7
20.7
39.4
28.0
0.4

11,466 39.7

0
204 5.9
1,542 54.7
8,667 41.0
1,317 48.4
56 0.6
11,786

0
9,863
9,247
87,372
13,534
8,613

41.5

128,629

3.4
16.7
17.8
17.8
47.7

0
55 2.1
433 26.5
4,572 7.5
696 10.0
365 33.0

6,078
5,364
88,949
14,563
3,983

17.7

6,121

H
>

o

o

1907.
New England States
Eastern States
Southern States
Middle Western S t a t e s . . .
Western States
Pacific States

0
213
201
3,135
368
38

Total United States,

3,954

9.4
7.8
0
2.7
3.4

0.0
950 68.3
6,414 17.1
850 13.5
59 5.3
8,281

0
1,047
536
9,297
1,576
430

47.5
34.8
32.1
29.7
38.9

16.8 12,886 34.7

0
125 5.4
105
0
3,728 3.1
555 6.9
228 20.6
4,740

3.0

0
1,195 100.0
158 4.3
,262 0.7
245
0
423 38.2
6,282

9.0

0
1,397 63.5
202 7.8
3,897 4.0
410 3.7
167 15.1

0
690 31.2
206 8.2
4,574 7.5
425 4.0
0
0

6,072

5,895

8.2

7.5

11,485 29.2

14,986 42.8

9.5
100.0
100.0
100.0
100.0

0
83
311
6,542
1,045
528

29,726 100.0

8.4

0

118,937

1908.
New England States
Eastern States
Southern States
Middle Western S t a t e s . . .
Western States
Pacific States
Total United States




1 14.3
4,048 47.8
92 7.2
1,692
0
167
0
64 9.7
6,063

16.9

0
0
500 3.4
57 4.3
3,058 12.4
429 23.0
124 20.1

0
0
4,440 52.8
6
0
2,094 3.6
308 12.4
54 8.0

0
0
8,210 100.0
60 4.5
2.027 3.0
219 4.6
91 14.4

4,168

6,902 24.0

10,607 55.6

0.7

7 100.0
5,747 69.1
142 11.4
2,276 5.3
216 4.3
26 3.1
8,414

36.9

0
0
8,196 99.8
254 20.7
1,868
1.6
321 13.5
28 3.5
10,666 56.1

0
0
1,800 19.7
52 3.8
2,048 3.2
178 1.0
0
4,085

0

0
768
229
6,326
524
82

0
0
0
0
5.8
6.7
231
0
1,071 89.0
18.6
965 80.2
42.0 12,734 100.0 10,715 81.7
31.3 1,306 100.0 1,007 73.7
5.0
37
12.8
585 100.0

7,928 32.7

15,821 100.0 13,521

0.4

0

0

677
1,032

5.6

7,207 49.9
571 35.5
14
1.0

0
0
1,098 10.9
1,202 100.0
4,587 26.2
743 50.6
6.8
47

9,501

7,677

85.8

46.1

30.6

8
36,406
5,162
56,632
5,987
1,160
105,354

O
3

1905-1908.
January.

February.

March.

April.

June.

May.

July.

A ugust.

September. ;

October.

November.

December.

Year.

x

Is?

Section.

d fc

.d <v

beg
< d
u

c3 B
<> d
x

ToNew England States
Eastern States
Southern States
Middle Western S t a t e s . . .
Western States
Pacific States
Total United States




$1 3.6
0
8,088 47.0 $1,934
523 4.1 1,332
9,651 0.1 18,909
1,471
2,276
0.7
125 3.3
303
19,858

7.1

24,754

0
0
12.6 $6,287
20.3 1,343
16.2 25,242
10.1 5,345
11.2
663
10.7

0
0
0
31.6 $10,936 47.6
18.2
1,175 14.6
26.5 14,909 10.4
46.0
2,915 20.7
14.7
7,573 41.6

38,881 33.1

37,508

36.3

o> d

0
0
0
0
$7 25.0
12,212 76.2 $12,628 67.1 $4,177 27.1
905 9.8
1,221 13.9
1,070 14.3
10,309
1.5 15,131 9.8 16,793 13.3
2,461 17.9
1,823
6.7
2,478 14.1
692 13.0
387 7.4
150 2.8

0
0
$967 3.1
2,636 34.3
34,098 45.7
6,454 58.9
528 15.0

26,586

44,682

16.3

31,190

26.1

24,667

13.2

£g
a> d

0 ;
0
0
0
0
$286 0.4 j $2,134 14.4 $3,213
4,637 69.8 j 5,766 81.5 2,606
49,392 74.5 | 64,220 95.4 29,327
4,426 44.1 | 8,369 68.6 3,785
1,645 60.3 | 1,846 49.1
650

43.9 | 60,386

71.3

82,334

d&

a?

.a s
Sg
o> d

a

0

0
$3,021
40.3 4,267
37.5 24,515
31.0 3,607
16.2
536

0
19.5
63.3
28.4
33.6
14.1

$8
65,884
27,479
312,496
45,412
15,097

95.1 39,582 j 37.8 35,947

32.5

466,375

22.3

>
O

O

00
00

TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.

00

CITY OF ST. LOUIS."
RECEIPTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.&]
1905.
January.

February.

March.

May.

April.

July.

June.

August.

September.

October.

November.

December.

Year.

Section.

8.8

From—
New England States
Eastern States
Southern States
Middle Western S t a t e s . . .
Western States
Pacific States
Total United States

0
0
0
o
0
0
0
0
0
o
o
0
$2,283 100.0 $1,633 66.8 $1,050 37.0 $1,065 37.8
337 4.4
266
349 5.2
0
407
51 23.9
84 52.1
38 12.8
23
27 25.7
0
10 9.5
0
7
2,643

33.5

2,070

22.2

MX

a

a

1,437

9.6

1,480

10.5

a
<

0
$150 4.3
1,169 43.1
376
107 71.8
5 4.8
1,807

16.9

0
$26 0.7
,103 39.7
289 1.4
79 47.9
56 53.3
1,553

11.9

a
<

0
0
$3,270 94.3 $2,115 61.0
504 9.1
628 15.4
1,100 51.9
1,320 65.6
27 3.4
23
0
40 38.1
0
0
4,941

79.2

4,C

62.2

0
$12 0.3
326
0
465 12.4
140 100.0
10 9.5
953

0

a
<

M.2

a

0
0
$1,060 30.6 $3,468 100.0
510 9.4
496 8.7
778 31.9
1,873 100.0
96 62.4
59 30.8
10 9.5
95 90.5
2,454

29.8

5,991 100.0

0
$350
1,843
735
56
105

10.1
77.5
29.2
28.2
100.0

3,089

42.4

0
$10,451
12,610
8,295
783

>
32,504

1906.
New England States
Eastern States
Southern States
Middle Western S t a t e s . . .
Western States
Pacific States
Total United States

0
0
0
0
2,883 100.0
1,154 28.4
100 75.0
7 6.7

0
0
0
0
1,483 47.6
407 3.5
56 27.2
0
0

0
0
160 4.1
1,881 62.5
442 4.6
61 32.6
0
0

0
0
475 12.2
1,277 39.9
381 2.6
31
0
10 9.6

0
0
1
0
1,499 48.2
434 4.4
52 22.8
104 100.0

4,144

1,946

2,544

2,174

2,090

44.9

5.7

16.4

9.8

8.3

0
0
375 9.6
929 26.9
0
303
46 16.3
0
0

1,653

0
0
365 9.4
874 24.8
312 0.3
75 47.8
0
0

0.5

0

0
0
1,280 32.8
418 7.8
1,257 31.9
123 100.0
0
0
3,078

25.9

60 80.0
905 23.2
329 4.4
912 20.3
35 4.3
0
0
2,241

75
3,902
211
2,951
75
20

100.0
100.0
0
88.4
47.8
19.2

0
0
1,140 29.2
384 6.5
1,921 54.0
37 6.5
20 19.2

0
2,717
916 26.4
3,297 100.0
63 34.8
* 0
0

135
11,320
13,084
13,771
754
161

7,234 100.0

3,502

33.5

95.7

39,225

0
0
1,825 70.4
256 6.7
1,243 83.8
73 17.5
0
0

10
1,445
499
1,456
31
0

100.0
55.7
15.8
100.0
0
0

0
0
2,594 100.0
77
0
129
0
51 8.3
0
0

0
0
1,576 60.8
309 8.7
640 38.5
122 37.9
0
0

10
8,965
15,376
10,003
1,284
40

3,397

79.4

3,441 81.6

2,851 52.2

2,647

42.0

35,678

100.0
400 19.4
541 7.5
796 13.5
393 40.8
0
0

0
0
942 45.6
383 2.4
2,581 100.0
367 37.1
0
0

0
0
144 7.0
0
308
822 14.8
0
104
0
0

0
0
2,065 100.0
1,152 27.3
808 14.1
118 2.0
0
0

6
4,590
20,349
10,898
5,119
20

4,143 82.4

40,982

11.0

1907.
New England States
Eastern States
Southern States
Middle Western S t a t e s . . .
Western States
Pacific States
Total United States

0
0
200 7.7
2,746 100.0
687 42.0
151 50.0
0
0

0
0
0
0
1,077 37.5
653 39.5
46 6.3
30 100.0

0
385
1,564
705
112
0

0
14.8
55.7
43.4
33.8
0

3,784

1,806

2,766

47.9

0

712
271
0

0
0
77.9
43.9
100.0
0

3,139

66.6

0
2,156

0
200
2,706
748
145
10

0

0
0
0
2,167 78.3
891 57.4
195 68.3
0
0

0
0
200 7.7
1,163 40.7
1,258 85.1
38 2.9
0
0

3,809 100.0

3,253 72.2

2,659

42.6

0
0
540 20.8
656 21.7
881 56.7
7.5
0
2,126

16.0

0
0
42 2.0
1,442 36.6
779 12.7
473 52.1
0
0

566
549
255
0

0
3.3
8.3
1.6
21.3
0

40.5

1,438

1.8

1908.
0
505
2,392
1,179
578
0

0
24.5
67.3
32.1
66.9
0

0
0
350 16.9
2,967 85.9
627 5.3
451 49.0
0
0

0
0
0
0
3,404 100.0
0
517
812 100.0
0
0

0
0
13 0.6
2,588 73.6
559 2.0
527 59.7
0
0

0
0
3,058
988
485
10

0
0
88.8
22.8
53.8
100.0

0
0
61 3.0
1,548 40.1
693 8.5
556 63.8
10 100.0

Total United States

4,654

97.7

4,395

4,733 100.0

3,687 68.8

4,541

94.3

44.4




2,736

O
H
H
>

a
o
w

0
7.7
98.5
46.6
47.5
33.3

New England States
Eastern States
Southern States
Middle Western S t a t e s . . .
Western States
Pacific States

O

2,136

22.6

4,273

86.3

1,378

CO
I—I

O
J2{

1905-1908.
January.

February.

March.
X

4-i

Section.

o

o

<
Eastern States
Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States

"3

"a
s
o

§

1 ?l
>
From—
N e w England States

April.

o

1

1

cu
a &

o

1

CD

^2
s? s

1

>•
<<

o
En

>

o

c3§

>

*C3

EH

<1

O

EH

8

1

Is

1
a

s

>

03

•3
O

July.

June.

May.

3

si

•*>

August.

8

i

II

03

i

g

8

II

"cl
"o

EH

o
EH

o

•s

3

EH

+3

September.

EH

?!

•a

October.

i

December.

8
I I| 1 as
I

Year.

+3

o

1

November.

^2

a

cp C

03

-4

•a
•8

EH

O

3
o

^2

>•

!

I
o
EH

EH

37

0
4.2
59.4
14.3
20.6
26.7

$545
7,899
2,013
1,023
0

10,217

29.5

11,480

7,160
2,094

913
17

0
8.1
91.8
25.6
61.0
4.1

15,225

68.7

0
$705
10,304
3,286

0
$350

576

0

37

0
3.2
57.3
13.2
45.9
8.8

$351
8,432
2,546
789
129

0
3.0
69.7
20.2
49.0
59.5

5,747
2,176
876
66

0
3.3
46.3
16.8
49.1
38.3

10,480

38.9

12,247

54.9

9,327

32.3

0
4.7
63.8
13.3
44.8

$488
7,086
1,989
880

0
43.5

0

0

0

$462

$4,003
2,268
4,007
450
0

0
29.5
13.3
39.0
32.2
0

$66
3,142
1,452
3,416
641
10

45.0
28.3

3,983
3,449
613
40

0
28.4
27.8
37.5
26.6
9.5

2.4

569
30

11,962

40.6

10,728

26.5

8,727

28.3

17,402

0

$3,877

0

4.7
32.5
40.7

$85
7,349
1,603
7,766

0
$6,708
4,220

7.2

251
115

0
59.1
3.8
42.2
11.4
27.4

105

0
60.1
35.0
45.5
25.7
25.0

74.4

13,722

46.4

16,872

65.6

50.0
58.0
6.9
80.1
36.8

0

$7,346
1,265
4,745

5,480
359

$151
35,326
61,419
42,967
7,940
586
148,389

a F o r d e t a i l e d figures b y S t a t es see T a b l e 9 in t h e A p p e n d i x , p p . 327-334.
6 T h e t o t a l s s o m e t i m e s s h o w si difference of one or t w o t h o u s a n d dollars from t h e s u m s o b t a i n e d b y a d d i n g t h e i n d i v i d u a l figures a s t h e y a p p e a r i n t h i s t a b l e , t h e d i s c r e p a n c y b e i n g d u e t o t h e fact t h a t t h e t o t a l s r e p r e s e n t t h e s u m s of t h e i n d i v i d u a l fi gures carried o u t t o m o r e d e c i m a l places.




TABLE IX.—Movements of cash between different geographic sections of the United States, and to and from certain cities, 1905-1908—Continued.

00

C I T Y O F S T . LOUIS—Continued.
SHIPMENTS OF CASH R E P O R T E D .
[Amounts expressed in thousands.]
1905.
March.

February.

January.

June.

May.

April.

July.

August,

September.

October.

November.

December.

Section.

1 I
PI a

<

ToNew England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

<

an

flu*

1

1

<

0
0
$3,350 100.0 $1,150 34.3
540 3.8
531 3.6
715 29.0
526 15.5
48 0.8
48 0.8
0
0
4,455 39.5

Total United States

2,453

18.4

<

0
$250 7.5
472 2.8
736 30.5
0
36
0
1,494

I

8.3

flu*

Kg

i

t

<

0
$50
261
310
83
0

1.5
0
0
3.2

704

0

1

0
$400 11.9
513 3.4
619 22.1
119 5.6
0
1,651

10.0

1

i

0
$200 6.0
1,558 17.5
682 26.6
129 6.3
0
2,569

19.6

Mjj

1

1 11

flu*

flu*

<

<

1u
1

0
0
0
0
0
0
0
0
0
0
0
0
$2,549 30.9 $3,471 43.3 $7,668 100.0 $6,822 88.6
695 27.6 1,319 72.2 1,707 100.0 1,315 71.9
1,110 72.8 1,512 100.0
825 53.5
980 64.0
0
0
0
0
4,354

38.4

6,302 59.0

10,200 100.0

9,117

88.6

11
<

4J

ii
flu*

<

50.9

+3

3
o

a

-<

0
0
0
0
0
0
$4,335 55.0 $2,338 28.0
792 34.5
506 14.0
407 25.1
201 11.2
0
0
5,534

Year.

3,045 24.7

0
$5,400
31,058
9,922
5,498
0

0
0
405
361
22
0

Total United States..

1

0
1.7
0
0
0

788

0

0
50 12.5
555 3.4
878 49.5
25 0.2
0
0
1,508

7.3

0
150 37.5
324 0.8
762 38.4
27 0.3
0
0
1,263

4.8

0
100 25.0
252
0
593 22.2
70 3.2
43 100.0
1,058

2.7

0
400 100.0
330 0.9
522 15.4
123 6.7
0
0
1,375

6.0

0
100 25.0
981 8.3
805 42.5
319 19.7
0
0
2,205

14.4

Total United States

0
0
0
255 1.4
1,015 28.6
237 21.6
0
0
1,507

0

0
200 14.7
294 1.9
2,019 100.0
424 43.8
0
0
2,937

17.6

0
0
0
2,221 22.4
1,406 100.0
1,072 69.5
0
0

0
0
0
4,105 43.8
1,160 76.5
1,533 100.0
0
0

0
0
0
6,369 69.6
698 32.2
1,185 77.0
0
0

0
0
0
9,043 100.0
777 39.8
788 50.7
0
0

0
0
0
7,366 80.9
598 22.7
612 39.0
0
0

0
0
0
2,565 26.3
669 29.5
162 9.3
0
0

0
800
34,516
9,229
5,938
43

4,699

6,798

61.2

8,252 76.0

10,608 100.0

8,576 79.2

3,396 26.6

50,526

39.8

0
250 18.4
141
0
1,051 31.2
197 16.9
0
0

0
1,360 100.0
886 9.4
1,067 32.3
367 37.1
0
0

0
200 14.7
1,136 12.6
1,274 47.1
122 8.0
0
0

0
0
0
2,173 25.7
1,467 60.8
230 20.8
0
0

2,552
995
897
0

0
30.5
27.2
100.0
0

2,529

1,639

3,680

2,732

3,870

29.2

4,444

36.3

1.6

26.8

15.1

0

6

0
0
0
3,907 47.7
1,486 62.1
726 79.7
0
0

0
0
0
8,043 100.0
980 26.2
583 62.7
3 4.3

0
0
0
3,074 37.1
612
0
393 40.1
5 7.1

0
40
2,624
1,036
761
70

2.9
31.4
30.1
83.9
100.0

0
2,550
25,265
14,796
4,992
78

6,119

56.9

9,609 100.0

4,084 31.8

4,531 37.3

47,681

1908.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Total United States




0
4,400 100.0
192 0.3
504
0
93 0.2
2 2.4

0
1,400 31.8
208 0.5
1,145 54.0
0
90
0
0

0
4,000 90.9
0
169
947 37.3
128 2.5
0
0

0
2,700 61.4
180 0.1
707 17.1
109 1.2
0
0

0
3,450 78.4
279 1.5
959 38.3
305 14.0
0
0

0
3,000 68.2
609 5.9
1,070 47.7
754 43.3
0
0

0
0
0
1,161 13.3
1,218 60.2
1,622 100.0
0
0

0
0
0
2,558 31.9
1,691 100.0
792 45.8
0
0

0
0
0
6,412 83.4
966 38.9
578 31.9
0
0

0
0
0
7,652 100.0
939 36.6
582 32.1
0
0

0
0
0
3,684 47.0
536 2.7
126 2.4
0
0

0
0
0
2,274 28.1
578 6.2
99 0.6
85 100.0

0
18,950
25,378
11,260
5,278
87

5,191 37.1

2,843

5,244 37.9

3,696 13.5

4,993 34.0

5,433 40.9

4,001

5,041 34.7

7,956

80.8

9,173 100.0

4,346

3,036

3.0

60,953

0

>

o

o
CO
CO

0
500 36.8
180 0.5
1,794 84.0
0
55
0
0
12.6

>

o

1907.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

O

51,878

1906.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

>

18.3

23.7

I—I

O

3

1905-1908.
January.

Section.

-^
a
g

^

K

B

Southern States
Middle Western States
Western States
Pacific S t a t e s
Total United States




%

I

3^

•a
o
E
H

a &

jp a

a

a
"3
o
EH
ToN e w E n g l a n d States
Eastern States

March.

February.

t>
<}

0

o

^
a

April.

M
•a .

s

.Sfc

O

6
03

0

$7,750
1,383
2,406
400
2

50.0

$2,800

8?

H

1.8
11.0
5.7
0.6

1,597
4,757

11,941

19.2

9,741

587
0

o

cy

cy

a 35

o

jp a

O

«}

fl

*3

s

>
•

o

>
<

EH

o

o

2 53

o

o

1

fi 53
0> fl

>
<

c3
B

a? f l

>
<

EH

o

5
1
0
3
0

$8,104
4,786
4,034

0

15 9
0

28
11
41
19

11,699

19.2

12,939

22.5

$3,100

26.6

1,145
4,239
246

1.0
47.6

17.6
6 1

0

0

0.7
0

834
2,661
459
43

$5,610
2,008
3,167
914

25.0

10.8

10,530

15.9

7,097

4.5

o

^

o
o

jp a
t>

^
o
o

23 1 $12,686
62 2

T3

0

65.8
0

5 165
4,734
0

16,924

31.4

22,585

•

o
o

^•9

3
o

S a

->
<

EH

0

o

37 4 $24,356
4,857
69 0
3,314
86 5
0
0
47.8

•

•3 &
a ^

32,527

^

1

1

X

a 25
a) a

1

B
03

03

3
o

>
^
o
o

o
o

«-2
£a

o
o

o
o

03

EH

0

0

0

$40

0.7
28.5
20.0
26.3

$27,700
116,217
45,207
21,708

15.0
26 7

9,801
2,789
1,223

1.8

155

50.0

208

46.4

14,008

22.9

211,040

97 2 $18,459
43 6
2,538
52 4
1,538
5
1.1

55.0

78.4

97.2

22,540

I
•a
O

«i

EH

^

a
a

oa

O

> •

75 2 $31,560
58 3
4,011
60 5
2,935
3
0
38,509

o

B

EH

-*j

a 53

03

O

Year.

X

§

"c3

a

EH

o
o

December.

November.

H

53
03

3
o

EH

o
o

M

.J

03

"c3
O

$3,500
4 284
3,831
1,324
0

43.2

•

X
cv

o

o

$4,900

^

October.

September.

August.
M

72.6
3 8
27.0

23.3
2.4
58.1
11.2

o

&
3

-*i

a*
*

o
EH

>
<

EH

July.
M

o

c3

3
o

•

H

03

3
O

<

•

a

June.

May.

M

o

U
o
i—i

H

CHART XIV.

(88)




CHART X V .

SEASONAL

>?—

ftveraqc Index Numbers
Shipments

of

VARIATIONS

,/nthc

fo NEW ENGLAND

RELATIVE DEMAND

STATES.,

roe

MONEY

tn

+++-Rveraqe Index Numbers
Shipments

100

EASTERN

STATES

STATES

100

as Evidenced btj

c

i

of

to SOUTHERN

~ — f i v e rage

Index

Numbers

of
of the Countru.

Shipm ents of Cash to other Sections

Shipments to MIDDLE WESTERN STATES.

!<?0£-l<?08
five rage Index Numbers

D

Shipments

fo

TOTAL UNITED

STATES.
i

SO

*i
10

i

i

so

i

i

i
i
i
i
i
i
i

/
/
/
/
/

i
i
i

/

i

1

10-

c
0
Montis

*--o

3 ***

4

l

*l
II

'i

10

1/

\
\

II
If

IS

Js

i

x*«.

i.

N

\
\

f

//

GO

* \
SO

*
\ +\
*\
4-0

/ \ \ \

\\
\
\

/

v\

/

\

i

J:

> \

30

/
\ i
f

*

s*

A
s/ „«

7\

/

/

t
*

\
/

/

/
/

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/

k

>

i

1/

\\

/

/

* \
\

\\
\\
\

/
/

f
i
i

?o

30

\

N

/

1
1
1
1
1
1
1
1

30

i

hV +

i
1

40

\

// f*
/ f

GO

^
^

' >4<
S i
1

fi
ft

i
x

10

of

20

/
10

L~J^js

c
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' >
t)

1




=
S

^

$

•
?

^

f

^

§

4

1

'4
(89)

|AM|

CHART XVI.

1

1

1

\
!
V

1

1

\\
1

CO

\\
so

1
40

1
^

1
10

Ada five Demand for Money

\

in

\

NEW

\

j

E/VQL/IND

STATES

j

1

1

\—

! /
1
1
1

T>

\
\

1

Variations

in the

\

10

1

Seasonal

as Evidenced

bu

1

\\

\

t

\ Receipts of Cash from of her Sections

1

\ \
1
1
f 1
\\ \
1 1
\
1
1
\ \ 1 1
\ \ 1 /
\ \r /

CO 1

—
7

'

of the Country, j

WO 6-1*03.

1

\

1

i

\
V

1

\*
1

\ \

>

1

\v

/.

\ *
lO

/1

/

\
\
/

i

>

f

\

i

/

so

4J

it

\

1

s-

i

\

1
1

1
1

1
11

\
\
\

it

1

40

11

1

V/

So

1
11

\

1
1

/

\\
/ /

\\

\\
/ /
\\ / /
\\ * /

to

;

/1

Average Index Numbers of Receipts

\
a
Woafjis

from EASTEKN

!

1

JI

<
(90)




1

S.

1

.

_*

1

IO

8

from

I

3

^

-~
t

tor/K UMTED
1

1

.

J

Average index Numbers of Receipts

STATES.

3

*

_

STATES.
0

1

«

1

Monl§

CHART XVII.

i

i

i

SEASONAL

r

i

>
/I
/ 1
1 I

i

VARIATIONS
in fhe

RELATIVE

10

DEMAND

rot?

//
//
*
\
/
// /
/ 1 //
\\
\\
/ /
\\

MONEY

in

NEW ENGLAND

STATES

as Evidenced

So

bq

Shtpm ents of Cash to other Sections of the cCountry.
/fOSrifOd
1

Yso

40

/
/
//

1

Numbers of

Shipments to EASTEKN STATES.

5

i

i

S~

\\
\\

/

|

i
CO

\ \
\ \

/
1/

Average index Numbers of

C

"

\
*
\

/

/ \
X
k

30

\ I
20

>
* \
/

M

\

\

\

/
/

1

/ .*\ , —
,
K

*

>

1

1
1

\Z / /

\

\
N

/

(0

\\

*
*

^__ — 1

_-3

^

\ A

A

/

H

*

V

\

t

X

//

1
1

Go

V v/i\

flveraqe tndex nu>mbers ot
s.
Shipments to TOTAL Ut N/TED STATE /

f

.7°

\\

Shipments io MIDDLE WESTERN STATES.

\

So

i

V
<7+ + ++++flveraqc Index

W

*
i
*
t
*
*

/

/

1/

>

4o

\
\
\
^ \
\

f

JO

\

i
2o

\
/o

it

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io
Mai/M

O

i

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>
<

X

\
\
\

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i
i

\

1




1

4

I"

1

1

I1

X
^

$

4

4

4
(91)

MonM

92

NATIONAL MONETARY COMMISSION.

I n January the demand for cash in New England
appears to be relatively low and there is a strong movement toward the Eastern States (principally toward
New York City). The average index number of receipts
of cash by the Eastern States from the New England
States was 88.4 for January—the largest for any month
of the year. I n two years of the four the maximum
receipts occurred in January. The amount of January
receipts (during the four years) from New England
amounted to $16,217,000—likewise the largest for any
month, December coming second with $13,879,000. A
reference to Chart X V giving shipments of cash by the
Eastern States, shows that the shipments to the New
England States in January were very low. Chart X V I I ,
summarizing the shipments of cash reported by the
New England States, supports the evidence just given of
a January movement of cash to the Eastern States.
This chart shows January to be the month of third
highest shipments to the Eastern States. Chart X V I ,
showing receipts of New England States from Eastern
States, gives evidence contradictory to that of the other
three charts, in t h a t it shows January to be a month of
large New England receipts from the Eastern States,
the average index number being 72.4, and the receipts
being high in three of the four years. Inasmuch as the
other three charts cover reported currency movements
amounting to $290,567,000 as compared with $56,900,000
covered by the disagreeing chart, we may conclude
that the weight of the evidence points to a tendency
for cash to move from New England to the Eastern
States in January.
This movement of cash from New England to New
York City in January is probably in part the result of
the large purchases of cotton by the manufacturers in
Massachusetts and vicinity through the fall and early
winter, which at that season normally put New York
funds at a premium in Boston and vicinity. Possibly the
return flow of cash to the banks after the holiday demand,
and the call for remittances to New York for settling
holiday purchases, may be factors.
I n February the demand for money in New England
and the demand in the Eastern States appear to be about
balanced, there being comparatively little movement of
cash in either direction.
March and April are months of relatively large demand
for money in New England as compared with the Eastern
States, and of consequent heavy shipments of cash to
New England. During these months shipments in the
opposite direction are comparatively small. The average
index number of shipments to New England reported by
the Eastern States rose from 12.7 in February to 50.6
in March and to 74.6 in April. During the four months
of February the total amount reported by the Eastern
States as shipped to New England was $10,584,000,
during the four months of March it was $18,927,000, and
during the four months of April it was $24,212,000. In
all four years March shipments were larger than February




shipments, while in two of the years April shipments were
larger than March shipments, and in two they were
smaller. Receipts of cash from the Eastern States
reported by New England States tell the same story of a
strong movement of cash toward New England in March
and April. The movement of cash in the opposite
direction during these two months is comparatively
small.
As to the causes of this movement of cash toward
New England Mr. Francis B . Sears, vice-president
of the National Shawmut Bank, of Boston, writes:
" * * * immediately preceding the dates of October 1 and April 1 I should say t h a t a large quantity of money would be due to the shoe manufacturers
in this vicinity from western and southern jobbers and
t h a t the volume would be sufficient to have a marked
effect upon the exchanges between New York and this
city, as New York is the central banking city for the
country and settlements are finally made through the
banks there * * *. Immediately preceding April 1
there is also a large demand from towns and cities near
to New York and Boston for small currency. I never
have been able to inform myself nor to get from any
other person a satisfactory explanation of this movement. I t may have something to do with the preparations of the farmers for their operations and the consequent purchases of implements, seeds, etc. The movement does not last long and the currency comes back
quickly." In April and October dry-goods jobbers in
New England also receive their money from other parts
of the country through New York City.
May, June, and July appear to be moderately inactive
months, so far as currency movements between New
England and the Eastern States are concerned, with
some flow of cash in both directions, but no great preponderance in one direction over the other. In June
the movement appears to be somewhat stronger in the
direction of New England, total reported June shipments by the Eastern States to New England having
been $15,693,000, represented by an average index
number of 39.6, while total reported receipts from New
England were $6,819,000, represented by an average
index number of 26.9. Eastern States reported considerable shipments to New England, in June, in everyone of the four years. This movement may be connected
with July 1 disbursements. New England holds a great
many securities upon which interest and dividends are
payable in New York on January 1 and July 1. A
number of millions of dollars in coupons payable in New
York are at these times deposited in the banks of Boston
and other New England cities, creating much New York
exchange and a tendency for money to flow from New
York to New England. Often this movement is accentuated by the maturity of the bonds themselves. Of
course at these dates there are also numerous settlements to be made in the opposite direction. The fact
that payments for wool by the New England mills are

SEASONAL DEMAND FOR MONEY AND CAPITAL.
largest about June is a factor tending to turn the balance
of payments against New England. The fact t h a t June
represents the beginning of the vacation season is cited
by a prominent Providence banker as one reason for the
flow of cash toward New England in that month. Another Providence banker states that the accounts due
the jewelry manufacturing establishments for which
Providence is noted are largely settled about July 1 and
January 1.
August, September, and October the charts show to
be months in which the movement of cash between the
Eastern States and New England is rather strongly in
the direction of the latter. The average index number
of shipments by the Eastern States to New England was
57.5 for August, 38.6 for September, and 55.9 for October.
Of the $187,000,000 reported by Eastern States as
shipped to New England during the four years, $18,694,000
was shipped in August, $15,565,000 in September, and
$23,088,000 in October. Chart X V I showing receipts of
cash by New England from the Eastern States shows an
upward movement in August, September, and October,
culminating in October. The movement of cash from
New England to the Eastern States during these months
was small. This movement of cash toward New England
is caused largely by the remittances (through New York)
of funds by jobbers in the Eastern States and other sections of the country in settlement of accounts for the
purchase of shoes, dry goods, and other articles of New
England manufacture. The strong movement of cash
toward New England in August, a well-known New England banker informs me, is largely due to the preparation
on the part of bankers in t h a t section for an anticipated
difficulty in getting funds during the autumn when the
New York banks are subject to such large calls from the
West and South. I t is said that some New England
banks carry much larger reserves in the early autumn
than they otherwise would if they felt t h a t they could
readily get funds from New York in case of need.
For November and December the evidence points
strongly to a tendency for money to flow from New
England to the Eastern States. Of total reported
receipts by the Eastern States from New England,
amounting to $92,642,000 for the four years, $8,238,000
were received in November and $13,879,000 in December.
The average index number for such receipts rose from
11.7 in October to 38.8 in November and to 75.8 in
December. November receipts were larger than October
in three of the four years, and December receipts were
larger than November in all four years. The average
index number of shipments to the Eastern States reported by the New England States, rose from 31.7 in
October to 48.2 in November and to 56.4 in December.
Of $10,825,000 reported by New England as shipped to
the Eastern States during the four years, $1,081,000 were
shipped in November and $974,000 in December. For
November and December reported receipts of cash by
the New England States from the Eastern States and




93

reported shipments of cash by the Eastern States to New
England States were comparatively low. The movement of cash from New England to New York City in
November and December is due principally to the large
purchases of cotton by the New England manufacturers
during these months. The drafts upon the mills for
cotton come mainly through New York, and commonly
necessitate shipments of currency from New England
to that city.
CURRENCY

SHIPMENTS

BETWEEN
WESTERN

NEW

ENGLAND

AND

THE

MIDDLE

STATES.

(Tables IX and 9.)

The reports received show comparatively little cash
shipped between New England and the Middle Western
States. During the four years Middle Western States reported $9,641,000 received from New England, and New
England reported $11,547,000 shipped to the Middle Western States; on the other hand, Middle Western States
reported $8,000 shipped to New England, and New
England reported $655,000 received from the Middle
Western States. Movements of cash from the Middle
Western States directly to New England are too small to
claim attention, the eastern flow to New England being
apparently to New York City and thence to New England.
Limiting ourselves, then, to the westward movement, we
may observe the following seasonal tendencies:
There is no evidence of any considerable movement of
cash from New England to the Middle Western States
until the beginnings of the crop-moving demand for
money in late summer and fall. New England States
report large shipments to the Middle West in only two
months in the year—i. e., September and October. Of
total shipments to the Middle West reported by New
England for the four years amounting to $11,547,000
September shipments amounted to $1,785,000 and
October shipments to $2,250,000, the corresponding
average index numbers being respectively 73.7 and 99.1.
August shipments amounted to but $691,000, with an
average index number of 13.1. Turning to the receipts
from New England reported by the Middle Western
States we find that of total receipts for the four years
amounting to $9,641,000, August claimed $1,775,000, with
an average index number of 50.8, September claimed
$1,446,000 with an average index number of 31.7, and
October $2,995,000 with an average index number of
73.4. The reports of the New England States and of
the Middle Western States accordingly agree in making
October the month of greatest westward movement, and
in showing September to be a month of comparatively
large westward movement; they disagree with regard t o
the movement in August; New England reports showing
it to be small, and Middle Western States reports showing it to be second only to October. Considering the
August figures for the individual years we find the index
numbers of receipts from New England by the Middle

94

NATIONAL MONETARY COMMISSION.

Western States to have been for the four years respectively 75, 86.5, 41.7, and 0; and those for shipments
reported by New England to have been respectively 12.1,
29.7, 10.5, and 0; thus the figures for the individual
years show the same contradictory evidence as was given
by the averages. Crop-moving demands are of course
the primary cause for this westward movement of cash
in September and October.
CURRENCY SHIPMENTS BETWEEN NEW ENGLAND STATES AND SOUTHERN STATES.

cotton, most of these payments being made, as we have
seen (p. 93), through New York City.
CURRENCY SHIPMENTS BETWEEN NEW ENGLAND STATES AND THE
WESTERN STATES.

(Tables IX and 9.)

Shipments reported between these sections are negligible, having amounted to but $25,000 shipped by New
England in October, 1908, and $20,000 in December,
1908.
CURRENCY SHIPMENTS BETWEEN NEW ENGLAND STATES AND PACIFIC
STATES.

(Tables IX and 9.)

Reported shipments of cash between these two sections are negligible. No movements of cash were
reported from the Southern States to the New England
States. New England reported having shipped to the
Southern States during the entire four years only $520,000,
the shipments coming in the following months in the
order of amounts: September, December, November, and
October. The only receipts from New England during the
four years reported by the Southern States were $700,000
in September, 1907. November and December are the
months in which the New England cotton mills are
called upon to make payments for their purchases of

There were no shipments worth mentioning reported
between these sections.
SEASONAL VARIATIONS IN THE RELATIVE VALUE OF MONEY
IN THE MIDDLE WESTERN STATES.
CHICAGO AND THE EASTERN STATES.

(Charts XVIII, XIX, XX, XXXIV, and XXXV, and Tables IX, X,
XII, 9, 11, and 12.)

Domestic exchange rates in Chicago upon New York
City and currency shipments between Chicago and the
Eastern States will first be considered.

TABLE X.—Seasonal variations in the relative demand for money in Chicago, St. Louis, New Orleans, and San Francisco, as evidenced by exchange
rates on New York City.—Averagefigures,1899-1908.
1899—1908.
Chicago.

Month and
week.

Average rate.

Relative deRate. mand
for
money.

Average
index number.

Average
index number.

Average
index number.
Average rate.

San Francisco.a

New Orleans.

St. Louis.

Relative deRate. mand
for
money.

Average rate.

Rela- Month and
week.
tive deRate. mand
for
money.

Jan.—1
2
3
4
Feb.—5
6
7
8
Mar.—9
10
11
12
Apr.-13
14
15
16

2.5 cents premium.
5 cents premium..
5 cents premium..
10 cents premium..
2 cents premium...
6 cents discount...
9 cents discount...
20 cents discount..
29.5 cents discount.
23 cents discount..
13cents discount..
14.5 cents discount.
5 cents discount...
14 cents discount..
7.5 cents discount..
4 cents premium...

64.7
67.4
67.7
72.1
63.0
54.8
50.7
38.8
28.1
35.0
45.9
43.5
53.9
44.5
52.2
66.3

35.3
32.6
32.3
27.9
37.0
45.2
49.3
61.2
71.9
65.0
54.1
56.5
46.1
55.5
47.8
33.7

7 cents premium..
3 cents discount...
7.8 cents premium.
1.5 cents premium.
8 cents discount...
13 cents discount..
7 cents discount...
4.5 cents premium.
5.5 cents discount..
.05 cent discount...
2 cents premium...
3.5 cents premium.
2 cents premium..
5 cents discount...
8 cents discount...
4 cents premium..

61.8
63.4
68.5
63.0
58.4
54.7
57.2
64.2
56.1
61.8
63.1
63.0
59.6
55.4
53.5
63.5

38.2
36.6
31.5
37.0
41.6
45.3
42.8
35.8
43.9
38.2
36.9
37.0
40.4
44.6
46.5
36.5

35.5 cents discount.
15.5 cents discount.
0.5 cents discount..
8 cents discount...
19 cents discount..
26.5 cents discount.
24 cents discount..
26 cents discount..
13 cents discount..
18.5 cents discount.
15.5 cents discount.
17 cents discount..
22.5 cents discount.
18.5 cents discount.
18 cents discount..
20cents discount..

53.5
66.3
77.6
74.5
69.3
64.9
64.0
59.4
65.3
66.0
68.9
67.6
61.1
60.2
61.6
62.0

17

9 cents discount...

48.4

51.6

1.5 cents discount..

60.6

39.4 21.5 cents discount.

61.0

May—18

3.5 cents discount..

55.9

44.1 4.5 cents discount..

59.1

40.9

45 cents discount..

44.7

19

2.5 cents premium.

62..

38.0

7.5 cents premium.

66.3

33.7

46cents discount..

44.2

20

16 cents premium..

76.7

23.3 20.5 cents premium

75.5

24.5 45 cents discount..

47.5

21

16 cents premium..

77.3

22.7 35 cents premium..

84.8

15.2 37.5 cents discount.

52.3

Average
index number.
Average rate.

30 cents discount..
46.5 Jan.—1
2
20 cents premium..
33.7
3
83.1 cents premium
22.4
25.5
4
85 cents premium..
86.9 cents premium
30.7 Feb.—5
6
91.9 cents premium
35.1
$1.05 premium
7
36.0
8 . , . . , 96.3 cents premium
40.6
63.1 cents premium
34.7
1 0 . . . . 50 cents premium..
34.0
1 1 . . . . 33.1 cents premium
31.1
12.... 43.1 cents premium
32.4
38.9 Apr.—13.... 56.3 cents premium
1 4 . . . . 48.8 cents premium
39.8
1 5 . . . . 44.4 cents premium
38.4
1 6 . . . . 49.3 cents pre38.0
mium. &
39.0 May—17.... 10.7 cents premium. &
1 8 . . . . 15.7 cents pre55.3
mium. 6
19
43.6 cents pre55.8
mium^
2 0 . . . . 36.4 cents pre52.5
mium^
12.9 cents pre47.7 June—21
mium. 6

Rate.

Relative demand
for
money.

45.8
63.6
86.6
88.9
89.0
90.5
95.3
94.0
79.7
73.1
68.8
73.2
78.2
75.9
73.7
6 75.2

54.2
36.4
13.4
11.1
11.0
9.5
4.7
6.0
20.3
26.9
31.2
26.8
21.8
24.1
26.3
6 24.8

6 55.8

6 44.2

6 59.2

640.8

6 71.7

6 28.3

6 68.5

6 31.5

6 56.1

643.9

a San Francisco figures cover only eight years, 1901-1908.
& No quotation given for this week in 1906. This average therefore covers only seven years. Figures for the individual years will be found in Table 12 of the Appendix,
(pp. 364-373.)




SEASONAL DEMAND FOR MONEY AND CAPITAL.

95

TABLE X.—Seasonal variations in the relative demand for money in Chicago, St. Louis, New Orleans, and San Francisco, as evidenced by exchange
rates on New York City.—Averagefigures,1899-1908—Continued.
1899—1908—Continued.
Chicago.

St. L o u i s .

Average
index number.

New Orleans.

Average
index number.

San Francisco.

Average
index number.

Average
index number.

Month and
week.
Average r a t e .
Rate.

Relat i v e demand
for
money.

Average rate.
Rate.

Rela.
t i v e demand
for
money.

Average r a t e .

Rate.

Month and
week.

Relat i v e demand
for
money.

Rate.

June—22

10 c e n t s p r e m i u m . .

24 c e n t s p r e m i u m . .

35.4

7 cents p r e m i u m . . .

77.9
64.1

22.1
35.9

20 c e n t s d i s c o u n t . .
8.5 c e n t s d i s c o u n t .

64.1

5 cents p r e m i u m . . .

71.1
64.6

28.9

23

73.8

35.9
26.2

June—22
23....

24

4 cents p r e m i u m . .

63.6

36.4

8 cents p r e m i u m . . .

64.4

35.6

12.5 c e n t s d i s c o u n t .

72.5

27.5

24....

25

10.5 c e n t s p r e m i u m

72.8

27.2

12 c e n t s p r e m i u m . .

67.8

32.2

33 c e n t s d i s c o u n t . .

57.3

42.7

11.5 c e n t s p r e m i u m

33 c e n t s d i s c o u n t . .

July—26

2.5 c e n t s d i s c o u n t . .

59.3

16.5 cents d i s c o u n t .

73.6
40.3

26.4

27. ,

59.7

18 c e n t s d i s c o u n t . .

46.8

40.7
53.2

56.5 cents d i s c o u n t .

58.7
37.9

41.3
62.1

28

7.5 c e n t s d i s c o u n t . .

50.6

49.4

21.5 c e n t s d i s c o u n t .

47.1

52.9

50.5 cents d i s c o u n t .

41.8

29

8 cents d i s c o u n t . . .
10.5 c e n t s d i s c o u n t .
11 cents d i s c o u n t . .

52.6

47.4

11 c e n t s d i s c o u n t . .

50.0

50.0

9.8 c e n t s d i s c o u n t . .

53.5
51.5

46.5
48.5

42 cents d i s c o u n t . .
26 cents d i s c o u n t . .

51.1
42.2

48.7
41.8

51.3
58.2

42.6
43.4

57.4

35 cents d i s c o u n t . .

23.5 c e n t s d i s c o u n t .

40.1

59.9

42 cents d i s c o u n t . .

46.9
46.9

53.1

77.3
81.2

38.1
42.0

28.5 cents d i s c o u n t .
42 cents d i s c o u n t . .

22.7
18.8

56.6
61.9
58.0

48.9
57.8
51.0
57.5

65.3
76.2

59.5 cents d i s c o u n t .
65.5 cents d i s c o u n t .

38.2
29.9

61.8
70.1

79.5 cents d i s c o u n t .
82 c e n t s d i s c o u n t . .

23.3
22.2

76.7
77.8

Aug.—31
32

17.5 cents d i s c o u n t .
19 c e n t s d i s c o u n t . .

33
34

24.5 c e n t s d i s c o u n t .
31.5 cents d i s c o u n t .
27 cents d i s c o u n t . .
32 c e n t s d i s c o u n t . .

49.0
42.5

10 c e n t s p r e m i u m ^ .
37.1 c e n t s
miums

pre-

a 56.7
a 68.1

o43.3
o31.9

48.6 c e n t s
miums

pre-

a 75.6

a 24.4

pre6 68.5
J u l y — 2 5 . . . . 27.1 c e n t s
mium^
2 6 . . . . 25 cents p r e m i u m &. 6 66.9
p r e - 6 70.8
2 7 . . . . 41.4 c e n t s
miums

& 31.5

58.2

30

Relative demand
for
money.

Average rate.

37.1 c e n t s
m i u m . t>

pre-

633.1
6 29.2

6 68.6

6 31.4

42.5 cents p r e m i u m
Aug.—29
3 0 . . . . 28.8 c e n t s p r e m i u m
3 1 . . . . 29.4 cents p r e m i u m

67.4
63.1

32.6
36.9

62.9

12.5 c e n t s p r e m i u m
S e p t . — 3 3 . . . . 10.6 c e n t s p r e m i u m
3 4 . . . . 6.9 cents p r e m i u m .
3 5 . . . . 3.8 cents p r e m i u m .

57.0
54.8
51.3

37.1
43.0
45.2

28....

32....

Sept.—35

34.5 cents d i s c o u n t .
37.5 c e n t s d i s c o u n t .

36

36.5 cents d i s c o u n t .

19.1

80.9

48 c e n t s d i s c o u n t . .

34.7
23.8

37
38
39
Oct.— 40
41
42

25 c e n t s d i s c o u n t . .

34.7

65.3

40.5 c e n t s d i s c o u n t .

32.8

67.2

26 c e n t s d i s c o u n t . .
33 cents d i s c o u n t . .
32 cents d i s c o u n t . .
29.5 cents d i s c o u n t .
27.5 c e n t s d i s c o u n t .

33.5
26.1
27.2

39 c e n t s d i s c o u n t . .
55.5 c e n t s d i s c o u n t .
54 c e n t s d i s c o u n t . .

33.1

66.9

22.9
22.5

46.5 cents d i s c o u n t .
45 cents d i s c o u n t . .

27.3

77.7
87.9
83.0

28.3

77.1 | 81 cents d i s c o u n t . .
77.5 95.5 cents d i s c o u n t .
72.7 85.5 cents d i s c o u n t .
71.7 85.5 cents d i s c o u n t .

22.3
12.1
17.0

30.8

66.5
73.9
72.8
71.0
69.2

17.0

83.0

43

31 cents d i s c o u n t . .

24.2

75.8

72.5 c e n t s d i s c o u n t .

17.5

82.5

82 c e n t s d i s c o u n t . .

23.2

76.8

43....

34.3 cents
counts

dis-

c27.6

c72.4

Nov.—44

29 c e n t s d i s c o u n t . .

27.6

72.4

60.5 cents d i s c o u n t .

15.7

84.3

$1,005 d i s c o u n t

10.0

90.0

4 4 . . . . 46.4 c e n t s
counts

dis-

c22.1

c77.9

45
46

20 cents d i s c o u n t . .
4.5 c e n t s d i s c o u n t . .

36.9
53.4

63.1
46.6

26.5 c e n t s d i s c o u n t .
11.3 c e n t s p r e m i u m

23.5

76.5

D e c — 4 5 . . . . $1.05discount d...
dis4 6 . . . . 76.3 c e n t s
count,d

d76.5

10.7

92.7
89.3

d23.5

57.7

$1.09 d i s c o u n t
$1.03 d i s c o u n t

7.3

42.3

d29.3

d70.7

47

13 cents p r e m i u m . .

71.2

28.8

53.3 c e n t s p r e m i u m

65.1

34.9

91.5 cents d i s c o u n t .

14.4

85.6

47....

<*67.4

D e c — 48
49
50
51
52

2.5 c e n t s d i s c o u n t . .
11.5 cents d i s c o u n t .
5 cents p r e m i u m . .
3.5 cents p r e m i u m .
. 3.5 cents p r e m i u m .

53.2
47.3

46.8
52.7
35.3
34.9
34.9

7.3 cents p r e m i u m .
2 cents d i s c o u n t . . .
32 c e n t s p r e m i u m .
11.8 c e n t s p r e m i u m

56.7
46.9
58.0
50.1
47.4

43.3
53.1
42.0
49.9
52.6

81.5 cents d i s c o u n t .
82.5 cents d i s c o u n t .
74cents d i s c o u n t . .
86.5 cents d i s c o u n t .
66 c e n t s d i s c o u n t . .

19.7
18.5
24.1

80.3
81.5

48....

73.8 c e n t s
dis- d 3 2 . 6
count,d
70 cents d i s c o u n t d J <*32.8

.




29.0

64.7
65.1
65.1

2 cents d i s c o u n t . . .

16.1
34.1

53.1

51.7
51.1

3 6 . . . . 3.8 cents p r e m i u m .
53.0
O c t . — 3 7 . . . . 10 cents p r e m i u m . .
51.9
3 8 . . . . 3.8 c e n t s d i s c o u n t .
3 9 . . . . 1.9 c e n t s p r e m i u m .
55.7
4 0 . . . . $1,006 d i s c o u n t d . . d 4 6 . 3
N o v . — 4 1 . . . . 85 cents d i s c o u n t d. d 4 8 . 6
dis4 2 . . . . 10.7 c e n t s
c41.0
counts

75.9
83.9
65.9
i

a No quotation given for this week in 1906. ) This average therefore covers only seven years. Figures
6 No quotation given for this week in 1901. \ for the individual years will be found in Table 12 of the
c No quotation given for this week in 1907. j Appendix. Cf. pp. 364-373.
d These averages include abnormally high rates of panic period of the fall of 1907. The averages for these
weeks, if the year 1907 were eliminated, would be as follows:
Average i n d e x
number.
Month and week.

Average e x c h a n g e
rate.
Rate.

Oct.—40
Nov.—41
42
43
44
Dec—45
46
47
48

13.6 c e n t s
10.0 c e n t s
10.7 c e n t s
34.3 c e n t s
46.4 c e n t s
48.6cents
37.1 c e n t s
27.1 c e n t s
22.9 c e n t s

premium
premium
discount.
discount.
discount.
discount.
discount.
discount.
discount.

52.9
52.3
41.0
27.6
22.1
20.4
25.2
29.5
29.8

Relative
demand
for
money.
47.1
47.7
59.0
72.4
77.9
79.6
74.8
70.5
70.2

48.7
48.3
48.9
47.0
48.1
44.3
d53.7
d51.4
c59.0

d67.2

96

ARY COMMISSION.

NATIONAL

CHART XVIII.

I t should always be borne in mind that the fact that
New York City is the country's dominating financial
market results in making New York funds acceptable
everywhere as a means of payment, and in making a
ready market for New York exchange throughout the
country for a large part of the year.
Throughout January money in Chicago relative to
that in New York City is cheap. Exchange rates on
New York are high and there is a considerable movement of cash from Chicago to the Eastern States—particularly to New York City.
The average rate of exchange for each of the first four
weeks (1899-1908) varied from 2.5 cents premium in the
first week to 10 cents premium in the fourth week, the
average index number rising at the same time from 64.7
to 72.1. Of the forty weekly rates appearing during the
first four weeks of the ten years twenty-four were not less
than 10 cents premium; of the forty index numbers
thirty-two were above 50, of which twenty were not less
than 75. Comparatively high exchange rates were accordingly fairly regular in their occurrence during this period.
Reported currency shipments between Chicago and
the Eastern States substantiate the evidence of domestic
exchange rates. The average index number for January
shipments by Chicago to the Eastern States was 47, the
amount being $8,088,000 out of a total for the four-year
period of $65,884,000. The four January index numbers were 100, 30.8, 9.4, and 47.8. January receipts by




Chicago from the Eastern States were very low, the
average index number being 7.6, and the January
receipts being $1,751,000 out of a total for all months of
$90,327,000.
Just prior to January 1 there is normally a large demand
in Chicago for New York exchange with which to meet
dividend and interest payments due in New York, and the
high rates thus created continue somewhat into the new
year. a The crop-moving and holiday demand, however,
being over, money becomes relatively cheap in Chicago
and flows to New York City, where it can at least earn
the 2 per cent paid by banks on bankers' balances, and
where it is absorbed somewhat in speculative activity
and in the higher security prices, which normally rule
the latter part of January and the fore p a r t of February. 6
From the last of January to the forepart of March the
demand for money in Chicago relative to t h a t in New
York rapidly rises. Exchange rates on New York fall to
a low point, and shipments of cash to the Eastern States
are very small.
a A considerable number of letters of inquiry concerning causes
of seasonal variations in the Chicago money market were sent to Chicago
bankers. Replies received from Chicago inquiries were much more
meager than those received from the other cities studied. For information concerning Chicago money markets I am much indebted to Mr.
Fred I. Kent, vice-president of the Banked Trust Company, of New
York City, and to Prof. M. S. Wildman of Northwestern University.
bCf. Chart LXXIX.

CHART XIX.

;

r

1

1

SEASONAL

J—"'""I'

VARIATIONS

) in /he
,?•*«.«.«.*

Average Index Numbers
Receipts from

B

Receipts from

1

s

\

c

w

MIDDLE

Receipts from

DEMAND

STATES
CITY OF

WESTERN

CHICAGO

Rece//. its

too

of Cash from other Sections of fhs tCountry

STATES.

/

WS-1103

j
90

~*7~D

Average Index

\

Receipi s

numbers

of

from fo TflL

UN/TEL?

//
//
/

STATES.

*

t

*

i

t

80

\
\
\
\
\

10

/

* \
+
/
\
/
*
*
*
\

/

\

^

60

SO

t

\

1

1

40

i
i
i

•

\ \f

V
\

\y
A

//

\

/
//

\

\

\

//

\\
\\

/
\
/
\ /
\ /

1

'

S i t

\

~7
/
/
/

S\

/

\\
\
\

A
*********

V




\

+

\
\

*
*

i

+

*

1

\\

+

\ *
\
\
\
\
\ \
\ \
\

\

\\

\\

\

1

y

/

^-'

*

40

... m
ti"\
in

c

r
V

30

\

1
1

\
\
20
%

*

i

k
k
k

***

k
k

so

!

if*\

\
\

\\

V
V

\

i
1

/1
/
/

\ *
\ \
\ *

\

\\

i
1
1
1

to

4

X
X

0
^

16065°—11-

/

CO

0

i

k

\
,

\ \
\ *

V

\

0

/
/

10

1

+

t
\ *

\\
\ \
\ \

+
+
+
+
t
f
+
t
*
i

*k

fo

\
\

\
\

li\

/

k
it

*

+

\

/h

\

1/

20

*
*

/

1
I
\
' 1
1

i
i
i
i
i
i
ii
I
i
i
i

\

\

/' / / \
\
// ///
1

>v

i
+
+
*

So

i

ft

X

30

***

1/
it/

\
\

/

C

I

MONEY

; os Evidenced bij

STATES

of

WESTERN

FOR

/n

of

Average index Numbers

\

RELATIVE

EASTERN

Average Index Numbers

\/oa

'

of

r5

.*>

A?

£

M >

<«£

(97)

flonthi

CHART XX.

1
tl

1

• I •

1

'

1

1

1-

1

Average index Numbers of
Shipment fo fAsrE/etv STATES?

SEASONAL

RELATIVE

g++++++flyerageindex Numbers of
Shipments fo SOUTHERN

STATES

DEMAND
in

CITY OF

_C*-*—*— Average Index Numbers of

1

VARIATIONS
in the
FOR MONEY

CHICAGO

as Evidenced by

Shipments fo MIDDLE WESTERN STATES:

Shipmt °nfsofCash fo other Sections of the Co untru
D— —Average Index Numbers of
too

—

H05-WS.
100 1

Shipments fo WESTERN STATES.,

E '

Average Index Numbers of
Shipments

fo TOTAL UNITED STATES

/

1°

*0

•I

' \

\So

/

1

1

Co

/

1

so

!

1

i
i
i
1

\

i
i

\
\

t

)

i
i
i
i

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SEASONAL DEMAND FOR MONEY AND CAPITAL.
For the ten-year period the average rate of exchange
fell from 10 cents premium in the fourth week to 29.5 cents
discount in the ninth week, the average index number of
rates falling at the same time from 72.1 to 28.1. I n
every year of the period the rate was lower in the ninth
week than in the fourth.
The average index number of shipments of cash from
Chicago to the Eastern States, which was 47 in January,
with total January shipments for the four years amounting to $8,088,000, declined to 12.6 in February, with
total February shipments amounting to $1,934,000.
I n every year February shipments were much smaller
than January shipments. There is, however, no evidence of a movement of cash from the East to Chicago in
February, although there is something of a westward
movement in March.
During this period the relative demand for money in
Chicago is increased by the anticipated opening of navigation on the Great Lakes, for the opening of navigation
gives rise to a large amount of New York exchange
received in payment of grain bills. There is also a demand on the part of western bankers for currency to
meet the spring needs of the western farmers. The first
of March in many sections of the Middle West is t h e
commonest time for making settlements of interest and
principal on farm mortgages.^ I t is also a common date
for paying farm rents.
This spring advance in the value of money in Chicago
as compared with New York reaches its maximum early
in March. The demand then falls off rapidly and with
only temporary interruptions (the most noteworthy
being about the 1st of May) until it reaches the low level
of the early summer, the latter part of May. I t continues at a low level until early in July when the cropmoving advance begins.
The average domestic exchange rate rose from 29.5
cents discount in the ninth week to 16 cents premium in
the twenty-first week, the average index number of
rates rising at the same time from 28.1 to 77.3. I n nine
of the ten years the rate for the twenty-first week was
higher than that for the ninth, and in eight of these
years the index number for the twenty-first week was
more than twice as large as that for the ninth. The
average rate then fell to 4 cents premium in the twentyfourth week, the average index number for that week
being 63.6; and then rose to 11.5 cents premium in the
twenty-sixth week, with an average index number of
73.6. These two latter movements, however, were minor
ones and not regular in their occurrence, the former
taking place in six and the latter in five of the ten years.
The testimony of currency shipments substantiates
t h a t of exchange rates, to the effect that there is a decline
in the demand for money in Chicago relative to New
York from early in March to late in May, and that the
demand is comparatively small from then until the fore




«Cf. p p . 163-165.

99

part of July. Chicago reported relatively small receipts
of cash from the Eastern States during these months.
On the other hand Chicago's shipments to the Eastern
States were high in April, May, and June, the amounts
shipped during the four years, with corresponding average
index numbers, being as follows:
Amount.

$1,934,000
6,287,000
10,936,000
12,212,000
12,628,000

Average*
index
number.
12.6
31.6
47.6
76.2
67.1

June was the month of highest shipments and May
that of second highest shipments in the year. I n every
year April shipments were larger than February shipments; in two years June shipments were larger t h a n
April shipments, in one year they were practically the
same, and in one year June shipments were the smaller.
Money having served its purpose, in meeting the spring
needs of agriculturists, flows into the reserves of the Chicago banks (Chart VII), and Chicago bankers not having
a great demand for it at this time move a portion of it to
New York for the purpose of obtaining the 2 per cent
which New York banks pay upon bankers' balances.
United States subtreasury transfers of cash from New
York City to Chicago are unimportant during the first
seven months of the year. a
About the 1st of July the relative demand for money
in Chicago and vicinity begins to increase, advancing
rapidly, with minor interruptions, until early in September, and then maintaining a high level until the fore part
of November. During this period exchange rates rule
low and money moves in large quantities from t h e
Eastern States to Chicago. The average exchange rate
fell abruptly from 11.5 cents premium in the twentysixth week, with an average index number of 73.6, t o
16.5 cents discount in the twenty-seventh week, with an
average index number of 40.3, a decline taking place
in every one of the ten years. After a minor reaction t o
the twenty-ninth week, which took place in seven years,
there was a continuous decline until the thirty-fifth
week (about the 1st of September), when the lowest
point of the year was reached. The average rate fell
from 11.5 cents premium in the twenty-sixth week to
37.5 cents discount in the thirty-fifth, the average index
number falling from 73.6 to 18.8, a very substantial decline taking place in every year. Five index numbers
in the twenty-sixth week were 20 cents premium or
above, eight in the thirty-fifth week were 30 cents discount or below. Exchange then continued at a low level
until about the forty-fourth week (fore part of November),
the average rate for this week being 29 cents discount,
oCf. Chart X X X V , and p p . 131-132.

100

NATIONAL MONETARY COMMISSION.

and the average index number of rates being 27.6. Seven
of the ten rates for the forty-fourth week were below 20
cents discount and six of the index numbers were below 40.
Figures for currency shipments strongly substantiate
the evidence of domestic exchange rates. Keported
receipts of cash by Chicago banks from eastern banks
rose from $2,500,000 in June to $2,704,000 in July, and
were $17,910,000 in August, $11,789,000 in September,
and $21,843,000 in October; the average index numbers
for these five months,respectively, were 8.2, 9.0,62.7,55.5,
and 85.7. August receipts were larger than July receipts
in all four years, and October receipts were larger than
August receipts in three years. Shipments by Chicago to
the Eastern States were very low during all these months,
the average index number falling from 67.1 in June to 0.4
in September, and then rising to 22.3 in November.
Transfers of cash from New York City to Chicago by
the United States subtreasury at New York are normally large during the months of August, September,
October, and November, reaching their maximum in
October. They are small in December.®
The primary cause for this increasing and large demand
for money in Chicago is of course the anticipated and
actual crop-moving demand, there being no sufficiently
strong eastern demand for money at the time to hold it
back. For the twenty-seventh week (about July 1)
the striking fall in exchange may be due in part to the
efforts of western banks to maintain 6 their reserves (or
strengthen them) in preparation for their half-yearly statements which are generally published. The dividend and
interest disbursements of July 1 do not usually affect the
rate for New York exchange so much as those for January 1, because in July western bankers' New York balances are usually large, so t h a t it is unnecessary for them
to purchase exchange with which to take care of these
disbursements.
I t has been found (pp. 30, 34, and 35) that during the
last six to eight weeks of the year, after the crop-moving
demand has to a large extent subsided, the relative demand
for moneyed capital in both New York City and Chicago is
maintained until the time of January settlements at nearly
the high level of the crop-moving period. A study of
domestic exchange rates and of currency shipments shows
t h a t the relative demand for money is stronger during
this period in New York City than in Chicago, that
exchange rates in Chicago on New York rise, and that
cash moves eastward.
The average exchange rate rose from 29 cents discount
in the forty-fourth week, with an average index number
of 27.6, to 13 cents premium in the forty-seventh week,
with an average index number of 71.2; it then declined to
11.5 cents discount in the forty-ninth week, with an aver«Cf. Chart XXXV and pp. 131-132.
& Chart VII shows no evidence of increasing reserves at this time,
but rather the opposite.




age index number of 47.3, from which it advanced to 3.5
cents premium in the fifty-second week, with an average
index number of 65.1. The rate for the forty-seventh
week was higher than t h a t for the forty-fourth in every
one of the ten years, t h a t for the forty-ninth week was
lower than t h a t for the forty-seventh in eight years and
the same as the forty-seventh in the other two years,
while t h a t for the fifty-second week was higher than t h a t
for the forty-ninth in six years, and the same as t h a t for
the forty-ninth in two years. The general upward tendency in rates at this time, as well as the two lesser movements noted, appear, therefore, to be fairly regular in their
occurrence.
Currency shipments substantiate the evidence of domestic exchange rates, pointing to a cheapening of money in
Chicago relative to New York during the last six to eight
weeks of the year. Reported receipts of cash by Chicago
from the Eastern States fell off in November and December from their maximum figure for the year in October.
On the other hand, shipments to the Eastern States reported by Chicago rose from $2,134,000 for October, with
an average index number of 14.4, to $3,213,000 for November, with an average index number of 22.3; then fell
to $3,021,000 for December, with an average index number of 19.5.
Money becomes relatively cheap in Chicago and vicinity
during these last six to eight weeks of the year, principally
because of the return flow of currency previously shipped
to the country districts for crop-moving purposes. There
is also considerable demand at this time for New York exchange to meet payments in certain lines of goods, such as
hardware and dry goods, t h a t are due New York and New
England houses by western establishments, and to make
purchases for the holiday trade. The decline in exchange
rate from the forty-seventh to the forty-ninth week may
perhaps be attributed to the fact t h a t by this time foreign
exchange made by cotton and grain shipments to Europe
has been sold in New York in considerable quantities.
The advance from the forty-ninth to the fiftieth week and
the comparatively high exchange rates until the end of
the year are largely due to preparations for the January
disbursements, which western concerns are called upon to
make in New York City.
ST. LOUIS A N D THE E A S T E R N STATES.

(Charts XXI, XXII, and XXIII, and Tables IX, X, XII, and
9, 11, and 12.)

The other city studied as representative of the Middle
Western States is St. Louis. a
a For information concerning the St. Louis money market the writer
is indebted to A. G. Edwards & Sons, of St. Louis; Whitaker & Co.,
of St. Louis; Mr. C. H. Hutig, president of the Third National Bank
of St. Louis; Mr. J. A. Lewis, cashier of the National Bank of Commerce
of St. Louis; Mr. J. H. Brookmire, of the firm of Simon, Brookmire &
Clifford, of St. Louis; and Mr. Fred I. Kent, vice-president of the
Bankers' Trust Company, of New York City.

MONEY AND CAPITAL.

SEASONAL DEMAND

101

XXI.

ARokA

Seasonal Variations
In the.-

Relative Demand for -Money in Sf:Loy/s\

_

--£y.chanqe £b/es
—Index Numbers of Exchange fofes
— Index. Numbers of Relative Demand for Money

as Evidenced be/
Exchange .Fates in New YorA City, /S??-/f08
Ws&kL
\lfonfh£Janaorif

\Februorct\ March

\ Apr?/

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Mloy

)

Vwt

[

Referring to the tables and charts, we observe the following general seasonal movements in the relative demand for money in St. Louis (as compared with New York
City), which are fairly regular in their occurrence.
From the beginning of the year until the fore part of
May the demand appears to be moderate, exchange rates
rule near par, and there is a moderate tendency for cash
to move from St. Louis to the Eastern States, with almost
no tendency to move in the opposite direction.
Between the first and the eighteenth week of the year
average exchange rates for the individual weeks varied
between 7.8 cents premium (third week) and 13 cents discount (sixth week), while average index numbers of rates
varied between 53.5 (fifteenth week) and 68.5 (third
week). Of the 180 weekly rates during these eighteen
weeks (for the ten years 1899-1908), 106 were between
20 cents premium and 20 cents discount (inclusive), 34
were above 20 cents premium, and 40 were below 20 cents
discount.
Of total shipments by St. Louis to the Eastern States
during the four years amounting to $27,700,000, there was
shipped during the four months, January to April, inclusive, $18,550,000, the average index number of shipments
during these four months being, respectively, 50, 23.3,
43.2, and 26.6. I t cannot be said, however, t h a t eastward shipments at this time are of regular occurrence,
inasmuch as they amounted to little in two years (1906




Ju/if.

\./Jvgmf

\Stspf-em 6ei\ Oc/o ber

\-&\

Wovetnbgr \(?ecember \<Jon,

and 1907) of the four. Receipts by St. Louis from the
Eastern States during these four months of the year were
negligible.
The first eighteen weeks of the year, St. Louis bankers
say, are a period of comparative inactivity in the local
money market. Concerning this period, a prominent
St. Louis banker writes: " F o r the first eighteen weeks in
the year * * * there is comparatively no New York
exchange making and also a nominal demand for it, and
likewise an easy, quiet money market." The president
of another bank writes: " I would say that New York
exchange remains comparatively steady for the first
eighteen weeks of the year, because of the limited volume
of eastern exchange created by reason of the light movement of agricultural products to the eastern markets—
and further by the fact that the demand for actual currency in this market is small during that period, and the
rates of exchange on New York are held more uniform by
shipments of currency to the East * * *."
The second noticeable movement in the St. Louis money
market is the sharp decline in the relative demand for
money from the fore part of May to about the 1st of
June. Exchange on New York rises rapidly at this time,
and May is the month of heaviest shipments of cash to
the East. The average rate of exchange on New York
rose from 4.5 cents discount in the eighteenth week to 35
cents premium in the twenty-first week, the average index

CHART XXII.
SEASONAL

•+• Average Index Numbers of]
Receipts from

RELATIVE DEMAND FOR MONEY

E^STERN^STATES^

in

CITY OF ST, Louis

Average Index Numbers of
Receipts from SOUTHERN

STATES.)

90
\ C

Average Index Numbers

\

Receipts

from MIDDLE

— Average Index Numbers

of




as Evidenced bu
Receipts of Cosh from other Sections

WESTERN

STATES.

of

Receipts from form. UNITED

(102)

VARIATIONS
in the

STATES.

IW5-l<?03*

9o
of fhe

Countru,

CHART XXIII.

SEASONAL VARIATIONS

in the

ft

• fiverage Index Numbers of
—
Shipments to EASTERN

RELATIVE DEMAND FOR MONEY

STATES

B+++++++ fiverage index Numbers of
Shipments to SOUTHERN STATES.

C—*—*— Average Index Numbers of
Shipments

"0

to MIDDLE WESTERN STATES

fiverage Index Numbers

fiverage Index Numbers




as Evidenced bu
Shipments of Cash To other Sections of the Counfru.
fl05-fi08.

of

Shipments to WESTERN

£

in
CITY OF ST. Louts

STATES

of

Shipments to TOTAL UN/TED STATES.

(103)

104

NATIONAL MONE^rARY COMMISSION.

number rising from 59.1 to 84.8. I n eight of the ten years
the rate for the twenty-first week was higher than that
for the eighteenth.
Receipts by St. Louis from the Eastern States in May
were negligible. May shipments to the Eastern States,
on the other hand, were the largest for any month of the
year, amounting (during the four years) to $5,610,000 out
of a total for all months of $27,700,000 and being represented by an average index number of 72.6. I n two of
the four years the maximum shipments of the year were
in May, in another the index number was 78.4, while in
the fourth (1905) May shipments were small (i. e.,
$400,000 represented by an index number of 11.9). May,
it will be remembered, was found to be a month of large
bank reserves for St. Louis banks. (Chart I X , p . 38.)
The high exchange rates in May, and the resulting eastward movement of money, are due largely to the fact
t h a t at about this time in St. Louis the bills of boot and
shoe, hardware, and dry goods merchants mature, and
as their paper is held largely in the East, exchange is
required in large amounts. The result is large payments
to St. Louis banks, the building up of their reserves, and
resulting reduction of their credit balances in New York
City.
From the first of June to the first of November the
demand for money in St. Louis relative to that in New
York City increases rapidly, advancing from the cheapest
money in the year (twenty-first week) to the dearest
money (forty-fourth week). The average exchange rate
on New York fell from 35 cents premium in the twentyfirst week to 60.5 cents discount in the forty-fourth week.
The average index number fell from 84.8 to 15.7. How
extensive this fall is m a y be seen from the following facts.
The minimum rate during the ten years for the twentyfirst week was 5 cents premium, and the minimum index
number of rates was 30. The maximum rate in the
forty-fourth week was 20 cents discount and the maximum index number was 40. Eight of the rates for the
twenty-first week were above 24 cents premium, of
which six were 40 cents premium or above, nine of the
index numbers of rates in the twenty-first week were
above 74, of which six were above 90. On the other
hand, eight of the ten rates for the forty-fourth week
were below 39 cents discount, of which seven were below
54. Seven of the index numbers of rates in the fortyfourth week were below 16.
Currency shipments by St. Louis to the Eastern States
fell off greatly in June and were discontinued entirely
(except for $40,000 in December, 1907) from July till the
end of the year. On the other hand, currency receipts
by St. Louis from the Eastern States were large, rising
from $462,000 in June with an average index number of
3.3, to $7,349,000 in October, with an average index
number of 58. I n every year August receipts were
larger than June, and in every year but one October
receipts were larger than August. There were no transfers of cash to St. Louis from the sub-treasury at New




York until August in any of the eleven years 1899^-1909.
Such transfers are at their height in September and October and then decline until the end of the year. a
This greatly increasing relative demand for money in
St. Louis is, of course, attributable to the crop-moving
requirements to which reference has been so frequently
made. The cashier of a St. Louis banks writes: " N e w
York exchange * * * always goes to a discount
here in the fall of the year, and this is caused by the large
cotton drafts drawn in payment of cotton shipped out
from the Southwest. The banks down there either send
us drafts drawn on New England points or New York, or
else they send drafts drawn on the two large cotton
buyers here, who, in turn, draw their drafts on eastern
points. The result is a great deal of exchange comes in r
for which there is a demand for currency." The resulting low rates of exchange continue as long as the cotton
season lasts. During this crop-moving season there are
heavy shipments of cash from St. Louis to the Southern
States. (Chart X X I I I . )
After about the first week in November the relative
demand for money in St. Louis falls off rapidly until about
the 1st of December, and then fluctuates at a moderate
level until the end of the year. The average rate of
exchange on New York City rose from 60.5 cents discount
in the forty-fourth week to 53.3 cents premium in the
forty-seventh, the average index number rising from 15.7
to 65.1. I n every one of the ten years the rate was
decidedly higher in the forty-seventh week than in the
forty-fourth. Prom the forty-seventh week to the end
of the year the rate fluctuated, to a considerable extent,
in the region of par. Twenty-seven of the sixty rates for
these weeks during the ten years were between 20 cents
premium and 20 cents discount (inclusive). There were,
however, a number of high rates and of low rates in December.
As previously pointed out, no cash worth mentioning
was shipped by St. Louis to the Eastern States in November and December. On the other hand, during both of
these months St. Louis received considerable shipments
from the East. Of total receipts from the Eastern States
during the four years amounting to $35,326,000, there
were received $7,346,000 in November and $6,708,000 in
December. A reference to Table I X will show t h a t substantial receipts from the Eastern States during these
months were fairly regular in their occurrence.
The rise in exchange and easing up of the St. Louis
money market in the latter p a r t of November and in
December is due to the decline in the crop-moving demand
for cash, particularly in the South, and the return movement of cash from t h a t section (Chart X X I I ) , which
begins the latter part of November. Southern banks in
settling their St. Louis bills first use their eastern exchange
and then ship currency. The upward movement of
exchange is hastened shortly after the first of November
by heavy purchases, for about four weeks, of New York
«Cf. Chart XXXV, and p. 132.

SEASONAL DEMAND FOR, MONEY AND CAPITAL.
exchange by dry goods, hardware, and boot-and-shoe
houses for the purpose of settling their eastern accounts.*1

105

comparatively small and that which takes place is mainly
toward the East. The average index number of shipments to the Eastern States reported by the Middle WestCURRENCY SHIPMENTS BETWEEN THE MIDDLE WESTERN
ern States, which was 64.1 in January, was 22.1 in FebSTATES AND OTHER SECTIONS OF THE COUNTRY.
ruary and 34.1 in March. I n every year the February
Now that we have studied in some detail the seasonal shipments were much smaller than the January ones.
variations in the relative demand for money in the two Of total reported shipments to the Eastern States by the
chief cities in the Middle Western group of States, we Middle Western States during the four years amounting
may briefly consider the relative position during the to $126,919,000, February claimed $6,849,000 and March '
seasons, of the Middle Western group of States as a whole $12,946,000. Eastern States reported for February and
as compared with other sections of the country.
The March relatively small receipts from the Middle West.
basis of study here will be t h a t of currency shipments The average index number for these receipts declined
between the Middle Western States and the other from 76.3 in January to 15.5 in February and 14.9 in
geographic sections.
March. Six of the eight February and March index
numbers (1905-1908) were below 15. Of the total reMIDDLE W E S T E R N STATES A N D E A S T E R N S T A T E S .
ported receipts from the Middle Western States (during
(Charts XIV, XV, XXIV, and XXV, and Tables IX, and 9.)
the four years) amounting to $117,158,000, February and
Inasmuch as the relative seasonal positions of the March together claimed $15,166,000. Shipments during
Middle Western States and the Eastern States have these two months to the Middle Western States reported
already been considered in some detail in the discussion by the Eastern States, and receipts from the Eastern
of the cities of Chicago and St. Louis, a brief reference to States reported by the Middle Western States were
the seasonal relations of the Middle Western group b as a negligible.
whole with the Eastern group will suffice.
April and May normally witness a renewal of the eastJanuary exhibits a strong movement of cash from the ward currency flow from the Middle West. The average
Middle Western States to the Eastern States. The aver- index number of shipments to the Eastern States reage index number for January shipments to the Eastern ported by the Middle Western States which was 22.1 in
States was 64.1, the index numbers for the four years February and 34.1 in March, increased to 43 in April
having ranged from 34.4 to 100. Of total shipments to and to 79.2 in May. The increase was quite regular in
the Eastern States reported by the Middle Western States its occurrence. Of total reported shipments to the
amounting to $126,919,000, during the four years, Eastern States amounting to $126,919,000 during the
$21,223,000 was shipped in January. The figures re- four years May had $23,010,000. The reported figures
ported by the Eastern States for receipts of cash from the for receipts by the Eastern States from the Middle WestMiddle Western States tell the same story of a strong ern States show the same strong eastward flow of cash in
eastward movement in January, the average index April and May. There was an advance in the average
number being 76.3, and the reported January receipts index number of such receipts from 14.9 in March to
amounting to $23,085,000 out of a total for all months of 37.8 in April and to 75.4 in May. I n every year April
$117,158,000. Shipments to the Middle West reported receipts were larger than March receipts, and in every
by Eastern States for January and receipts from the year but one May receipts were larger than April. Of
Eastern States reported by Middle West for January were total receipts from the Middle Western States amounting
negligible.
to $117,158,000 for the four years, April and May claimed
The reasons for this eastward movement in January $39,096,000.
have already been explained. 6
A comparatively small movement of cash from the
I n February and March the movement of cash between Eastern States to the Middle West in April and May is
the Middle Western States and the Eastern States is shown by the figures.
The eastward movement above mentioned, which culmia Of. pp. 39-40.
& The only banks in the Middle Western group to report were as fol- nates in May, begins to subside in June and becomes
lows: Indiana, clearing-house banks of Evansville and Fort Wayne,
practically nil by September, meanwhile a westward
and the bank in South Bend, which handles most of the shipments for movement sets in about June and culminates in October,
that city; Illinois, eight to ten (varying in the different years) of the
when it reaches the maximum for the year. A reference
principal clearing-house banks; Iowa, clearing-house banks of Davenport and Des Moines; Michigan, clearing-house banks of Grand Rapids; to the charts will show these movements to be very pronounced. The average index number of receipts from
Minnesota, clearing-house banks of Minneapolis and St. Paul; Missouri,
clearing-house banks of St. Louis; Ohio, clearing-house banks of Cin- the Middle Western States, which was 75.4 in May, was
cinnati. Figures for the clearing-house banks of Cleveland were 43.2 in June, 27.8 in July, 7.2 in August, 1.5 in September,
received too late to be incorporated in the figures for the Middle Western
and 1.8 in October. Of a total of $117,158,000 reported
group and are given separately on pp.—; Wisconsin, clearing-house
by the Eastern States as received from the Middle Westbanks of Milwaukee.
ern States during the four years, only $1,591,000 were
cCf. p. 28.




CHART XXIV.

.SEASONAL VARIATIONS

• Average Index Numbers of
Receipts from EASTERN STATES.

in the

RELICT/YE'DEMAND FOR MONET
in

*?•+-••"••«*"*•

Average Index Numbers of
Receipts from SOUTHERN STATES,

C— -Average Index Numbers of
Receipts from

WESTERN STATES.

"Average Index Numbers of
Receipts from TOTAL UNITED STATES\

(106)




MIDDLE WESTERN STATES

as Evidenced bu

Receipts of Cash from other Sections of the CounfrQ.
1105-1103.

CHART XXV.
I
-Average Index Numbers of
Shipments fa EASTERN STATES.

5-




Average Index Numbers

of

Shipments fo SOUTHERN STATES.

-Average Index Numbers

of

Shipments to WESTERN STATES.

"Average Index Numbers
Shipments

I
SEASONAL

I

I

I

VARIATIONS
in /he

RELATIVE DEMAND FOR MONEY
in
MIDDLE

WESTERN

STATES

as Evidenced bu
Shipments of Cash fo other Secfions of the
M05-1108.

Country.

of

fo TOTAL UM/TED STATES.'

(107)

108

NATIONAL MONE'TARY COMMISSION.

received in September and October. The same story
is told by the figures for shipments by Middle Western
States to the Eastern States, the average index number
of which dropped continuously from 79.2 in May to 0.4 in
September, and then advanced to 7.8 in October. During the four years out of total shipments of $126,919,000
only $3,777,000 were in September and October.
Turning our attention to the westward movement we
find the average index number of shipments from the
Eastern States to the Middle Western States advancing
from 6.1 in June to 16.1 in July, 55.1 in August, 59.5 in
September, and 82.5 in October. Of total reported shipments to the Middle Western States by the Eastern
States during the four years amounting to $173,275,000,
October claimed $38,043,000, and the four months
August, September, October, and November claimed
$114,796,000. Keceipts reported by the Middle Western
States from the Eastern States show the same strong
westward movement beginning in June and culminating
in October. For these receipts the average index number
advanced from 0.5 in May to 5.7 in June, 15.2 in July,
54.8 in August, 55.4 in September, and 83.9 in October.
I n every year b u t one September receipts were higher
than July receipts, and October receipts were higher
than September receipts. The maximum index number
for July was 34.3, the minimum one for October was 64.4.
August, September, and October claimed $77,942,000 of
total reported receipts from the Eastern States during
the four years, amounting to $142,966,000. The share
of October alone was $34,603,000.
The above figures afford some idea of the extent and
regularity of the westward movement of cash induced by
the crop-moving demand.
The westward movement thus culminating in October
falls off rapidly in November; and in December the tide
turns in the other direction, the eastward movement, as
we have seen, becoming very pronounced in January.
Receipts by the Middle Western States from the Eastern
States, which were represented by an average index
number of 83.9 for October, were represented by 42.9
for November, and 42.3 for December. The amount of
October receipts from the Eastern States was $34,603,000,
of November receipts was $18,522,000, and of December
receipts was $16,495,000. Viewing the movement from
the standpoint of reported westward shipments by the
Eastern States, we find the average index number of
such shipments falling from 82.5 in October, to 55.7 in
November, and 46.3 in December. I n amount the total
December shipments were only slightly more than half
those of October.
I n November, and still more in December, there is a
return movement of cash from the Middle West. The
average index number of shipments to the Eastern
States, which was 0.4 in September, and 7.8 in October,
rose to 15.7 in November, and to 24.7 in December.
Reported shipments to the Eastern States for November
and December amounted to $11,933,000 out of a total




for all months of $126,919,000. The figures for receipts
from the Middle Western States reported by the Eastern
States for November and December likewise point to an
eastward movement increasing each month from October
to January. The average index number for such receipts rose from 1.8 in October to 5.4 in November, 29.6
in December, and 76.3 in January. During t h e four
years the amount reported as received from the Middle
Western States was $117,158,000. Of this amount
$797,000 was in October, $1,795,000 in November,
$7,130,000 in December, and $23,085,000 in January.
November and December, then, may be considered as
transitional months, during which the strong westward
movement of cash for crop-moving purposes, becomes
transformed into an almost equally strong return
movement.
MIDDLE W E S T E R N S T A T E S A N D N E W E N G L A N D S T A T E S .

The relative positions of these two sections as evidenced by the seasonal flow of cash between them was
discussed on pages 93 and 94.
MIDDLE W E S T E R N S T A T E S A N D S O U T H E R N

STATES.

(Charts XXIV, XXV, XXVII, and XXVIII, and Tables IX and 9.)

Our next topic is seasonal variations in the relative
demand for money in the Middle Western States compared with the Southern States, a as evidenced by currency movements between the two sections.
Very meager reports were received from the Southern
States concerning currency receipts and shipments.
Total receipts during the four years from the Middle
Western States reported by the Southern States amounted
to but $10,720,000, while the total shipments to t h e
Southern States reported by the Middle Western States
amounted to $188,540,000; on the other hand, total shipments to the Middle Western States reported by t h e
Southern States amounted to but $12,842,000 as compared with $119,608,000 reported by the Middle Western
States as received from the Southern States. Observing
the evidence given by both sets of figures, and giving
greater weight to the more complete figures reported by
the Middle Western States, we find t h e evidence pointing
to the following seasonal tendencies:
January is clearly the month of largest receipts by the
Middle Western States from the Southern States. Of
the $119,600,000 received from the Southern States during the four years, $17,032,000 was received in January,
by far the largest receipts for any month. . The average
index number of receipts for J a n u a r y was likewise by far
the largest of any month, being 98.3. I n three of the
four years January was the month of maximum receipts
a The only reports received from the Southern States which could be
used were as follows: Arkansas, clearing-house banks of Little Rock;
Georgia, clearing-house banks of Atlanta; Kentucky, clearing-house
banks of Lexington (three of which did not make full reports); Virginia, one bank in Norfolk.

SEASONAL DEMAND FO , MONEY AND CAPITAL.
from the South, and in the fourth year it was the month
of second highest receipts. Shipments to the Middle
Western States reported by the Southern States corroborate this testimony, being the largest for January of
any month whether measured by total amounts shipped
or by the average index number which was 96.4. Shipments by the Middle Western States to the Southern
States and receipts by the Southern States from the Middle Western States were negligible in January.
This January movement of cash from the Southern
States to the Middle Western States is obviously the return
movement of cash after the crop-moving demand in the
South has subsided, and it is largely to the central reserve
cities of St. Louis and Chicago, principally the former.®
While there is a pronounced falling off in the movement
of cash to the Middle Western States from the Southern
States in February (as compared with January), nevertheless the movement is substantial and continues for several
months, with May as the second highest month in the year.
Reported receipts by the Middle Western States from
the South amounted to $50,718,000 (42 per cent of the
total) during the four years in the months of February,
March, April, and May, of which sum $14,183,000 was
received in May. The average index number, which was
98.3 in January, was 56.7 in February, 61.8 in March, 56.3
in April, and 73.7 in May. These averages are fairly representative of the individual years, for of the sixteen
index numbers for these four months (1905-1908) the
lowest was 30.5 and eleven were between this figure and
80. Three were above 90. For the four years the Southern States reported shipments to the Middle Western
States of $12,842,000, of which sum $4,980,000 was
shipped in the four months February to May, and
$1,847,000 was shipped in May. The average index
number for these shipments was 96.4 in January, 29.5 in
February, 34.9 in March, 45.2 in April, and 67.7 in May.
These averages are fairly typical, for of the sixteen index
numbers occurring in the period eight were between 25
and 75, only two were below 10 and only one was above
85. From February to May, inclusive, reported shipments to the Southern States by the Middle Western
States and reported receipts by the Southern States
from the Middle Western States were relatively small.
This northward movement of cash was largely to St.
Louis. b During the relatively inactive months in the
agricultural sections of the South, cash naturally moves
to the larger cities—especially central reserve cities—for
investment and for deposit. Beginning about the 1st of
May the banks in the winter wheat section are called upon
to finance the winter wheat crop, and this fact may
explain in part the strong movement of cash from the
South in May. c
act Chart XXII, and pp. 80, 81, 84, and 85.
6 Of. pp. 84-85.
cCf. pp. 64,65, 70, and 71.




109

Beginning with June there is a rapid decline in the
receipts of the Middle Western States from the Southern
States, such receipts reaching their minimum figure for
the year in November. The amounts received fell steadily from $14,183,000 in May to $4,658,000 in November.
There was a like steady decline in the average index number from 73.7 in May to 2.8 for November. A reference
to the index numbers for the individual years shows that
the averages are fairly typical. Shipments to the Middle
Western States reported by the Southern States show a like
tendency to decline from May to October (with the exception of a sharp temporary advance in September, which
the more complete figures reported by the Middle Western
States do not show). The reported shipments to the
Middle Western States for the five months June to October (four years) amounted to $3,485,000, as compared
with $7,730,000 for the five months January to May.
From 67.7 for May, the average index number fell to 18.1
for June, 5.9 for July, and 4.6 for August, it then advanced to 58.8 for September, an advance taking place
every year, and declined to 20.5 in October.
Contemporaneous with this decline in the shipments
from the South to the Middle West there is a strong
movement of cash in the opposite direction, apparently
showing that despite the great needs of the Middle West
for cash in the crop-moving season, the needs of the
South are sufficiently stronger to make the flow of cash
strongly southward from the Middle West during the cropmoving months. I t should be remembered in this connection that the Middle West has two " central reserve
cities," while the South has none. The reported shipments
(for the four years) by the Middle Western States to the
Southern States, which were for May $5,488,000, increased
every month until October, when they amounted to
$43,167,000. The average index number rose continuously
from 3.7 for May to 95.6 for October. A study of the individual years shows the movement to be regular in its
occurrence.
The testimony of the figures reported by the Southern
States for receipts from the Middle Western States does
not harmonize in one important respect with that of the
figures just cited. The average index number, as well as
the individual index numbers, point to a regularly occurring and large increase in the receipts from the Middle
Western States in July. For June the average index
was 1.8 ($55,000), and for July it was 84.4 ($3,171,000).
Every one of the four years showed a pronounced increase
in July. On the other hand, the average index number
of shipments to the Southern States reported by the
Middle Western States increased only from 10.9 for June
to 19.7 for July. In every year the increase in these
shipments for July was moderate. Inasmuch as the July
shipments to the Southern States reported by the Middle
Western States during the four years amounted to
$11,939,000, as compared with $3,171,000 for the July
receipts from the Middle Western States reported by the

110

NATIONAL MONErTARY COMMISSION.

Southern States, it will probably be wise to accept the
evidence of the former as the more nearly correct. This
judgment is strengthened by the other figures cited
above for June and July shipments between these two
sections, and by the extreme and temporary character
of the movement shown by the reports of July receipts
by the Southern States.
We may therefore conclude that from June to about
October the tide of currency movements grows continually stronger from the Middle West to the South.
September and October we have found to be clearly the
months of largest movement of cash from the Middle
Western States to the Southern States; while January
has been found to be clearly the month of largest movement of cash in the opposite direction. November and
December, particularly the latter, show considerable
movements of cash in both directions and may perhaps
best be classed as transitional months. The average
receipts from the Southern States by the Middle Western
States were the lowest for November of any month, the
total November receipts having been but $4,658,000 out
of a total for all months of $119,608,000. For November
the average index number was but 2.8. Southern States,
however, reported quite appreciable shipments to the
Middle Western States in November as compared with
other months. November shipments amounted to
$853,000 out of a total reported for all months of
$12,842,000, and the average index number for November
was 34.2, making it (in the order of average index numbers) the sixth highest month.
Shipments to the Southern States from the Middle
States appear, however, to have been more pronounced
than shipments in the opposite direction. Middle Western States reported November shipments to the Southern
States amounting to $26,757,000 out of a total for all
months of $188,540,000, while the average index number
(which is fairly representative of the period) was 55.1,
making it the third highest month in the year. November
receipts of cash from the Middle Western States reported
by the Southern States were relatively high, being
$1,796,000 out of a total for all months of $10,720,000,
and having an average index number of 45.0, making it
the third highest month. Although November may perhaps best be considered a transitional month, it appears
to belong more properly to the September-October period
characterized by large cash movements toward the South,
than to the January period characterized by pronounced
northward movements. December more than November
deserves to be characterized as a transitional month. In
this month Middle Western States reported having received from the Southern States $8,886,000, giving an
average index number of 38.9; and having shipped to the
Southern States $18,757,000, giving an average index
number of 36.5.
The Southern States, on the other hand, reported having received from the Middle Western States in December
$1,065,000, giving an average index number of 23.3; and



having shipped to the Middle Western States $776,000,
giving an average index number of 26.0.
MIDDLE W E S T E R N STATES A N D W E S T E R N

STATES.

(Charts XXIV and XXV, and Tables IX and 9.)

No banks in the " Western S t a t e s " replied to the Commission's letter of inquiry. Evidence concerning currency movements between the Middle Western States
and the Western States is therefore based upon the reported receipts and shipments from and to the Western
States by the Middle Western States. During the four
years 1905-1908 these receipts amounted to $71,684,000
and the shipments to $135,339,000.
The more general seasonal variations in the relative
demand for money in these two sections as evidenced by
currency movements are as follows:
January is the month of largest reported receipts by
the Middle Western States from the Western States, and
per contra the month of lowest reported shipments by the
Middle Western States to the Western States. During
the four years receipts by the Middle Western States from
the Western States amounted to $71,684,000, and of this
sum January claimed $7,655,000. The average index
number for January receipts was 77.0, making it the
highest month in the year (December coming second with
an average index number of 71.0). That this average is
fairly representative is seen by reference to the January index numbers for the four individual years, which
were 82.1, 45.2, 86.0, and 94.6. In all four years January was the month of minimum shipments by the
Middle Western States to the Western States. The total
amount of the January shipments during the four years
was only $3,672,000 out of a total for all months of
$135,339,000.
This eastward movement of cash is obviously the return
flow to the larger cities after the decline of the crop moving demand, and considerable amounts of this returning
cash flow into the Chicago banks (pp. 31-33).
The movement of cash to the Middle Western States
from the Western States declines in February to a moderate level which it maintains, with minor fluctuations,
until November when there is a decline to the lowest
figure in the year, followed by a pronounced advance in
December. Aside from a regular tendency to large
receipts from the Western States in January and December, and a considerable tendency for low receipts in July
and November, it is impossible to trace any very clear
seasonal tendencies in the receipts of cash from the
Western States.
During the five months February, March, April, May,
and June, shipments by the Middle Western States to
the Western States were comparatively small. The
total shipments for all months during the four years
amounted to $135,339,000, of which sum these five
months claimed but $33,605,000—much less than their
proportionate share. The average index numbers for
these months were comparatively low, being 4.6 for

SEASONAL DEMAND FOR MONEY AND CAPITAL.

Ill

Reported shipments by the Middle Western States to the
Pacific States were negligible in January and February.
The meager data available from the reports of the
Pacific States as to receipts and shipments, substantiate
the evidence given above that the movement of cash in
January and February is from the Pacific States to the
Middle Western States.
Suggestions which will throw some light on the causes
of this eastward movement will be found on page 49.
The movement of cash from the Pacific coast to the
Middle West, although less pronounced during the next
six months, continues in quite substantial proportions
through August.® During these months the average
index number varied from 24.9 (April) to 50.3 (May), and
the amounts received from $1,033,000 in March to
$1,831,000 in May. Fifteen of the twenty-four monthly
index numbers for the period were above 25, and only
four were below 15.
With the exception of April none of the months, March
to August inclusive, witnessed any appreciable shipments
by the Middle Western States to the Pacific States, and
the large shipments for April were due entirely to the
MIDDLE W E S T E R N STATES A N D PACIFIC STATES.°>
shipments of one year, the April shipments for the other
(Tables IX and 9, and Charts XXX and XXXI.)&
three years having been yerj small.
I n September the tide of cash movements appears to
The reported figures for shipments of cash between the
turn toward the Pacific States and to continue in t h a t
Middle Western States and the Pacific States show the
direction through October. 6 The average index number
following more or less regular seasonal movements:
of shipments by the Middle Western States, which was
January and February are the months for which the
0.7 in July and 12.2 in August, rose to 60.3 in September,
Middle Western States report their heaviest receipts
and then declined to 43.7 in October. The maximum
from the Pacific States. Of total reported receipts from
August index number was 20, while the four September
these States during the four years amounting to
index numbers were 100, 3.5, 37.5, and 100. Reported
$17,650,000, January and February claimed $4,890,000.
September shipments to the Pacific States were more than
For January the average index number was 67.1, and for
three times as large as reported August shipments, and
February it was 69.9. The lowest January index numnearly eleven times as large as reported July shipments.
ber during the four years was 47.2 ($500,000), and the
Receipts by the Middle Western States from the Pacific
lowest February one was 38.9 ($218,000).
States were lower for September than for any other
month, the amount being $632,000 (during the four
a Curves for the movements of cash between the Middle Western
States and the Pacific States are not plotted on the charts for the Middle years) out of a total for all months of $17,650,000, and
Western States, because the movements were relatively unimportant,
the average index number being 7.6. October receipts,
and because the addition of a fifth curve to these charts would have
however, were quite substantial, being $1,307,000, and
made the reading of the more important curves difficult. The
the average index number being 32.9.
reported receipts of the Pacific States from the Middle Western States
During November and December cash moves in both
and the reported shipments by them to the Middle Western States are
too meager to be worth much as evidence. The only banks in the
directions, but the movement toward the Middle West
Pacific States to report usable figures were 11 to 14 banks in San Franappears to preponderate. Reported receipts by the Midcisco, and the clearing-house banks of Oakland. Their figures cover
dle Western States from the Pacific States (during the
only the years 1906, 1907, and 1908, the records for 1905 having been
four years) rose from $632,000 in September to $1,307,000
destroyed by the earthquake and fire. The total reported receipts
from the Middle Western States during the period were but $50,000
in October, and to $1,506,000 in November, and then
and the total reported shipments to the Middle Western States were fell to $1,336,000 in December. The average index numbut $2,745,000. In view of the very limited data received from the
bers for these four months, respectively, were 7.6, 32.9,
Pacific States, our conclusions concerning currency movements be49.5, and 37.5.
tween the Middle Western States and the Pacific States will be based
Shipments from the Middle Western States to the
primarily upon the figures reported by the Middle Western States.
& These two charts should be read only in connection with the figures Pacific States were comparatively small in November and
of receipts from and shipments to the Pacific States reported by the December, the average index numbers for these two

February, 23.6 for March, 9.7 for April, 10.1 for May, and
18.2 for June—the beginning of a continued increase.
With the opening of summer, a flow of cash to the
Western States for crop purposes begins, becoming strong
by August, and culminating in October. The shipments
by the Middle Western States to the Western States
increased steadily from $5,668,000 for May to $27,572,000
for October, the average index number rose from 10.1
for May to 92.3 for October. That this movement is a
regular one may be seen by a comparison of the four
May index numbers which were 5.5, 29.2, 1.9, and 3.5.
with the four October ones which were 100, 100, 100,
and 69.3.
The westward movement just referred to falls off
rapidly in November and December, and, by the latter
month, as we have seen, the tide turns strongly in the
opposite direction. For October the average index
number for shipments to the Western States was 92.3
($27,572,000), for November it was 36.2 ($12,319,000),
and for December 20.8 ($8,686,000).

Middle Western States, as the average figures are in several cases not
representative of the currency movements for the individual years.
Cf. pp. 64-67.




«Cf. pp. 49-51.
& With reference to causes, cf., pp. 51-52.

112

NATIONAL MONETARY COMMISSION.
CHAET XXVI.

months, respectively, being 14.4 ($663,000)
($861,000). a

and 20.7

MIDDLE W E S T E R N S T A T E S — T O T A L R E C E I P T S A N D S H I P M E N T S O F C A S H .

The months of largest receipts by the Middle Western
States from all sections of the country taken together
(including other States in the Middle Western group),
appear to be in their order October, September, January,
and August; and the months of largest shipments to all
sections, October, September, August, and November.
Three of the four months of largest receipts are accordingly identical with three of the four months of largest
shipments. This is made possible in part by the central
position of the Middle Western States and in part by the
large cash shipments among these States themselves.
The Middle Western States are making their heaviest
shipments to the Southern States, the Western States,
and to each other at the very time that they are having
their heaviest receipts from the Eastern States.
SEASONAL VARIATIONS IN THE RELATIVE DEMAND FOR
MONEY IN THE SOUTHERN STATES.

Under this heading will be considered the evidence
afforded by domestic exchange rates in New Orleans on
New York City, and t h a t afforded by currency shipments
between the Southern States and other geographic
divisions.




«Cf. pp. 51-52.

DOMESTIC E X C H A N G E I N N E W O R L E A N S « ON N E W YORK CITY.

(Chart XXVI and Tables IX, X, 9 and 12.)

The figures for domestic exchange rates cover the ten
years 1899-1908. New Orleans banks did not report
their currency receipts and shipments, so that we have
not the evidence of currency movements to and from
New Orleans to supplement t h a t of exchange rates as in
the case of the other representative cities studied.
Domestic exchange rates on New York City show the
following more or less regular seasonal variations in the
relative demand for money in New Orleans:
There is the usual decline in the demand for money in
January. The average exchange rate rose from 35.5
cents discount for the first week with an average index
number (of rates) of 53.5 to 0.5 cents discount for the
third week, with an average index number of 77.6 (the
highest point in the year). In five of the ten years
the rate was higher in the third week than in the first,
and in three of the remaining years it was the same
for the two weeks; in the other two years (1900 and
1908) there was a considerable decline from the first to
the third week. Six rates in the first week were below
par, of which five were below 39 cents discount, three
o For information concerning the New Orleans money market the
writer is indebted to Mr. R. S. Hecht, of the Hibernia Bank and Trust
Company of New Orleans; Mr. Fred I. Kent, vice-president of the
Bankers Trust Company of New York City, and to Prof. Morton A.
Aldrich of Tulane University.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
rates were pars and one was above par; on the other
hand only two rates in the third week were below par
(of which one was below 39), four were pars, and four
were above par.
After the crop moving demand and the demand for
January 1st settlements are over, money naturally flows
from the neighboring agricultural territory to the city,
and the demand for New York exchange increases to
transfer funds to New York City (and elsewhere) for
deposit and investment during the slack season in the
South.
The second seasonal tendency to be observed is an
increase in the relative demand for money in New Orleans
from the third week to the eighth. During this period
the average exchange rate fell from 0.5 cent discount to
26 cents discount, and the average index number of
rates from 77.6 to 59.4. In seven of the ten years the
rate was lower in the eighth week than in the third, in
two years it was higher, and in one year it was the same
for both weeks. The third week had two index numbers
below par in the ten years, of which one was below
30 cents discount, while the eighth week had seven
below par, of which four were below 30 cents discount*
This decline in exchange, therefore, from the latter part
of January to the last of February appears to be reasonably regular in its occurrence. Bank reserves, it will be
recalled, were comparatively large during this period
though showing a strong tendency to decline (pp. 43-44).
By this period the bulk of the cash shipped South for
crop moving purposes has returned to New York, and
the New York money market is weak, with the resulting
tendency to a lower New York exchange in the West and
South.
The demand for money during March and April in New
Orleans relative to New York City does not exhibit any
strong tendency to increase or decrease. Average
exchange rates and average index numbers remained
fairly constant during these months, at a moderately
high level as compared with the rest of the year. Of the
one hundred index numbers of rates for these ten weeks
(eighth to seventeenth weeks) during the ten years 18991908, fifty-five were between 33 and 67, seven were
below 33, and thirty-eight were above 67; thirty-four of
the hundred rates for this period were between 20 cents
premium and 20 cents discount, seventeen were above
20 cents premium, and forty-nine were below 20 cents
discount.
The chart shows a pronounced decline in exchange
rates from the seventeenth to the nineteenth week, the
average rate falling from 21.5 cents discount to 46 cents
discount, and the average index number from 61 to 44.2.
This decline is apparently not of much significance,
for it took place in only five of the ten years; in four
years there was an advance, and in one year the rate was
the same for the two weeks.
From about the middle of May to about the middle of
June the relative demand for money in New Orleans
16065°—11

8




113

appears to fall off. The average exchange rate (for the"
ten-year period) rose from 46 cents discount in the
nineteenth week to 8.5 cents discount for the twentythird week, the average index number of rates rising at
the same time from 44.2 to 73.8. In eight of the ten
years the rate for the twenty-third week was higher than
that for the nineteenth, in one year it was lower, and in
one it was the same for the two weeks. This rise in
exchange, a prominent New Orleans banker writes, "is
probably due to heavy demand for remittances on the
part of merchants and to preparations for the semiannual
settlements."
From the latter part of June till about the middle of
July the relative demand for money in New Orleans
shows a strong tendency to increase, the increase representing probably the beginnings of the demand for cash
to meet the needs of agriculturists. The average
exchange rate fell from 8.5 cents discount for the twentythird week to 56.5 cents discount for the twenty-seventh
week, the average index number declining at the same
time from 73.8 to 37.9. A reference to the figures for
the individual years shows that for every one of the ten
years the rate was considerably lower in the twentyseventh week than in the twenty-third.
A temporary reaction occurs from about the middle of
July to about the middle of August, the relative demand
for money in New Orleans declining considerably during
those weeks. Comparing the thirtieth week with the
twenty-seventh we find the average rate increasing from
56.5 cents discount to 26 cents discount, and the
average index number from 37.9 to 57.8. Of the ten
years taken individually the rate for the thirtieth week
was considerably higher than that for the twenty-seventh
in seven years, and was the same for the two weeks in the
other three years. I have been unable to find any satisfactory explanation why exchange in New Orleans should
normally rise at this time. I t may possibly be connected
with the decline in available funds in New York City
which immediately follows July 1 disbursements. (Cf.
Chart IV.)
The southern crop-moving demand for money begins
in earnest about the middle of August and forces exchange
down rapidly and almost continuously until the minimum
rates for the year are reached in the fore part of November. At this time the South needs all the money it can
readily get for crop-moving purposes, as does also the
Middle West, with the result that available cash in New
York City is rapidly depleted. (Cf. Chart IV.)
The average rate of exchange fell from 28.5 cents discount in the thirty-second week to $1.09 discount in the
forty-fifth week, the average index number falling at the
same time from 57.5 to 7.3. I n everyone of the ten years
the rate was decidedly lower for the forty-fifth week than
for the thirty-second. Only one index number in the
thirty-second week was below 33.3, while not a single
one in the forty-fifth week was above that figure. I n
six of the ten years the minimum rate for the year

114

NATIONAL MONE':TARY COMMISSION.

occurred in the forty-fifth week, in two of the years the
maximum rate for the year occurred in the thirty-second
week.
The crop-moving demand having reached its high
point the fore part of November (forty-fifth week), the
return flow of cash from the near-by agricultural communities to the New Orleans banks then sets in, money
becomes more plentiful, and exchange rates advance, the
upward movement being expedited by the holiday
demand for New York exchange, and the demand incident to January settlements. There was an advance
in the average rate from $1.09 discount for the fortyfifth week to 66 cents discount for the fifty-second week,
and an advance in the average index number from 7.3
for the forty-fifth week to 34.1 for the fifty-second.
The individual rates for the forty-fifth week varied from
$2 discount to 75 cents discount, while the lowest rate
in the fifty-second week was $1 discount, and five rates
in the fifty-second week were higher than the maximum rate of the forty-fifth week (i. e., 75 cents discount).
I n seven of the ten years the rate for the fifty-second week
was higher than t h a t for the forty-fifth week, in two
years it was lower, and in one year it was the same for
both weeks. Thus the evidence points strongly to an
advancing exchange from the fore part of November to
the end of the year.
Transfers of cash to New Orleans by the United States
subtreasury at New York were comparatively unimportant in most years (1899-1909) during the first eight
months. They were large during the last four months,
showing a maximum in December.®
CURRENCY SHIPMENTS BETWEEN THE SOUTHERN STATES
AND OTHER SECTIONS OF THE COUNTRY.

Now that we have considered the seasonal variations
in the demand for money in New Orleans—selected as a
representative southern city—relative to New York
City, we may proceed to the consideration of seasonal
variations in the group of Southern States as a whole
relative to other groups of States.
I n this discussion it should be borne in mind that comparatively few southern cities 6 replied to the Commission's circular of inquiry, and that as a result chief
reliance must be placed upon the reports of cities in
other groups of States (particularly in the Eastern and
Middle Western groups) in the matter of movements of
cash to and from the Southern States.
SOUTHERN STATES AND EASTERN STATES.

(Charts XIV, XV, XXVII, and XXVIII, and Tables IX, and 9.)

The conclusions in this section are based largely upon
the following data for the four-year period 1905-1908:
1. Receipts from the Eastern States reported by the
Southern States amounting to $16,955,000.
aCi. Chart XXXV and pp. 131-132.




&Cf. p. 108, note «.

2. Shipments to the Southern States- reported by the
Eastern States amounting to $153,705,000.
3. Shipments to the Eastern States reported by the
Southern States amounting to $13,698,000.
4. Receipts from the Southern States reported by the
Eastern States amounting to $193,724,000.
As might be expected in January, the movement of cash
is strongly toward the Eastern States. The average
index number of receipts by the Eastern States from the
Southern States for the four Januarys (1905-1908) was
100; in other words, in every year January was the month
of maximum receipts from the Southern States. Of total
reported receipts during the four-year period of $193,724,000, January receipts amounted to $39,554,000.
Viewing the situation from the other end, i. e., that of
shipments to the Eastern States reported by the Southern
States, we arrive at the same conclusion. The average
January index number for reported shipments to the
Eastern States was 90.7. Of $13,698,000 so shipped
during the four years, $4,875,000 was shipped in J a n uary. Receipts from the Eastern States reported by the
Southern States, as likewise the shipments to the Southern States reported by the Eastern States, were negligibly small in January.
During the five months February to June, inclusive,
the figures show a moderate movement of cash from the
Southern States to the Eastern States. The average
index number of receipts by the Eastern States, which
was 100 in January, declined to 33 in February,
advanced to 45.3 in April, and then declined to 33.8 in
June. Most of the individual index numbers during
these months were of moderate size, fourteen of the
twenty being between 25 and 75. Of total receipts
from the Southern States amounting to $193,724,000
during the four years, $94,861,000 occurred in these five
months. A similar story is told by the figures of shipments to the Eastern States reported by the Southern
States. The average index number, which was 90.7
in January, dropped to 36.3 in February, and to 5.9 in
March; it advanced to 29.7 in April, and then declined
to 20.8 in May and rose to 21.9 in June. The larger part
of the individual index numbers for these five months
were either low or moderate. Twelve were below 20,
six were between 20 and 50, and two were above 50.
Of total reported shipments to the Eastern States of
$13,698,000 for the four years, $5,084,000 occurred in
these five months.
A reference to the charts and tables showing movements
of cash from the Eastern States to the Southern States
supports the conclusion t h a t from February to June there
is a moderate movement of cash toward the Eastern
States.
Beginning with July there is an increasing movement
of money from the Eastern States to the Southern States
for crop moving purposes, attaining its highest points in
September and October, which are the months of the largest southward movement for the year. The average

CHART XXVII.

SEASONAL

VARIATIONS
mfhc

FELATJVE PEMAND FOR MONEY
m
SOUTHERN

10

STATES

as Evidenced bif
Receipts of Cash from other Sections of the Country.

GO

WS'MOS.

,
1

A

Average tndex Numbers of

_

'I

Receipts from EASTERN STATES.
b'——*- Average tndex Numbers of
Receipts from MIPDU WESTERN STATES

30

-£

Average tndex Numbers of
Receipts from TOTAL UNITED STATES

WonM

Wan/M

•S




(115)

CHART XXVIII.

_

1

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1

T~ 1

1
SEASONAL

T

1

(

]

/?—*

-Average Index Numbers

RELATIVE DEMAND foe MONEY

1

of

Sh'ipmenfs fo EASTERN

0

STATES

B— "Average

SOUTHERN STATES

90

'i

~~l

\i in

m

f

i

VARIATIONS
in fhe

10

!

index Numbers of

ll
IK
jf

Shipments fo MIDDLE WESTERN STATES.

so

AO

os Evidenced bq
Shipments of Cash fo of her Sections of fhe Counfru.

C— —Average index Numbers of
Shipments fo foTAi 1/N/TEP STATES

it

ti

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n

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(116)




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font\

SEASONAL DEMAND FC , MONEY AND CAPITAL.
index number of shipments by the Eastern States to the
Southern States increased from 5.5 in June to 12.1 in
July, 21.9 in August, and 82.7 in September, then declined
slightly to 79.6 in October. I n all four years July shipments were larger than June shipments, August shipments larger than July, and September shipments larger
than August. Of total shipments to the Southern States
by the Eastern States, amounting to $153,705,000 during
the four years, $61,787,000 were made in September and
October. Reported receipts by the Southern States show
the same strong movement of cash from the Eastern States
beginning in July and culminating in September and
October. The average index number which was 2 in
June advanced to 6 in July, 17.4 in August, 66.8 in
September, and 76.2 in October. Of the $16,955,000
reported as received from the Eastern States during the
four years $11,564,000 were received in September and
October. Reported shipments to the Eastern States by
the Southern States and reported receipts by the Eastern
States from the Southern States were negligible during
September and October.
The direction of the cash movement in November and
December is not so clear. Although the average index
number of shipments by Eastern States to Southern
States declined sharply in November, nevertheless, with
the exception of September and October, November and
December are the highest two months in the year, their
average index numbers being respectively 50.8 and
58.7. Of reported shipments from the Eastern States to
the Southern States during the four years, amounting to $153,705,000, November and December claimed
$45,884,000. Southern States, on the other hand, reported
relatively small receipts from theJEastern States during
November and December, the average index numbers for
these two months being, respectively, 11.5 and 10.6, and
the receipts during these two months (for the four years)
being but $1,730,000 out of a total of $16,955,000 for all
months. Eastern States reported comparatively small
receipts of cash from the Southern States during November and December, the average index numbers being,
respectively, 11 and 16.9, and the amounts received being
$9,344,000 and $11,301,000 out of a total for all months of
$193,724,000. Southern States, however, reported substantial shipments to the Eastern States during November and December, the average index numbers being,
respectively, 27.6 and 27.3, and the amounts shipped
being $1,390,000 and $1,230,000 out of a total of
$13,698,000 for all months. November and December
may perhaps best be classed as transitional months
between the period of strongest southern movement of
currency and the month of January, in which the return
flow is most pronounced.

117

S O U T H E R N S T A T E S A N D MIDDLE W E S T E R N

STATES.

The shipments between these two sections were discussed under u Middle Western States and Southern
States" (pp. 108-110).
S O U T H E R N STATES AND W E S T E R N

STATES.

Southern States reported no receipts from and no
shipments to the Western States for the four years, and no
replies to the Commission's circular of inquiry were
received from the Western States.
S O U T H E R N STATES AND PACIFIC S T A T E S .

No shipments of cash between these two sections during the four years were reported.
CURRENCY SHIPMENTS BETWEEN THE WESTERN STATES
AND OTHER SECTIONS OF THE COUNTRY.

No cities in the " Western States " sent in replies, which
could be used, to the Commission's letter of inquiry.
Conclusions with reference to currency movements
between the Western States and other sections must,
therefore, be based entirely upon the reports of the other
sections.
W E S T E R N STATES AND E A S T E R N

STATES.

(Tables IX and 9.)

The reports of the Eastern States for shipments to the
WesternStates during thef our years covered but $4,353,000
and those for receipts from the Western States covered
but $3,000,000. One is not justified in having much
confidence in inductions drawn from such meager data,
unless the figures for the different years point clearly to
the same conclusions. A reference to the tables, however, will show little evidence of regularity in the reported
seasonal movements between the Western States and the
Eastern States, and the only positive conclusion which
they seem to warrant is that in January there is a fairly
regular tendency for cash to move from the Western
States to the Eastern States. The January receipts from
the Western States amounted to $1,085,000 out of a total
of $3,000,000 for all months, the average index number
for January being 52.8. Except for the year 1908, however, in which $975,000 was received, the annual receipts
from the Western States in January were, in absolute
amounts, very small.
WESTERN STATES AND N E W ENGLAND STATES.

Currency movements between these two sections are
negligible.
W E S T E R N STATES A N D PACIFIC S T A T E S .

(Tables IX and 9.)
S O U T H E R N STATES A N D N E W E N G L A N D S T A T E S .

Currency movements between these two sections,
which are unimportant, are discussed on page 94.




The reported figures for shipments of money between
these two sections cover only $3,273,000 for the three
years 1906-1908, and are too meager, and too uncertain

118

NATIONAL MONETARY COMMISSION.

in their evidence, to justify any inference except perhaps
the tentative one that October is usually a month of relatively large shipments by the Pacific States to the
Western States. During October (for the three years)
such shipments amounted to $399,000 as compared with
$3,170,000 for all months. The average index number
for October shipments was 80.8.
SEASONAL VARIATIONS IN THE RELATIVE DEMAND FOR
MONEY IN THE PACIFIC STATES.

The evidence afforded by exchange rates in San Francisco upon New York City will first be considered in connection with the reported receipts and shipments of cash
by the banks of San Francisco and of the neighboring
city of Oakland from and to the Eastern States. Afterwards will be considered the evidence afforded by reported
shipments and receipts of cash by other geographic sections to and from the Pacific States.
DOMESTIC EXCHANGE IN S A N FRANCISCO ON N E W YORK CITY.

(Charts XXIX a XXX, and XXXI, and Tables IX, X, 9, and 12.)

Before taking up the subject of seasonal variations in
San Francisco domestic exchange rates on New York City,
it may be well to observe that in a number of respects
the San Francisco domestic exchange market is a peculiar
one.
In the first place the principal kind of money in circulation is gold coin and this fact materially influences the
range of domestic exchange fluctuations, i. e., the shipping points. Concerning this matter I can do no better
than quote from letters of Mr. F. L. Lipman of the Wells
Fargo Nevada National Bank. Mr. Lipman writes (under date of February 7, 1908): " I n the East the medium
of exchange is paper or new gold by weight. In California it is current gold coin by tale, with a mingling of
paper and new gold. The first effect of an upward movement of exchange, there, is that at about 40 cents per
$1,000 the currency shipping point is reached, which in
due course, drains off our paper money. At approximately $1.10 per $1,000 the gold shipping point is
reached.5 Of course the only gold that can be economoThere is a very slight error in the curve for "Index Numbers of
Exchange Rates,'' and there are two in that for " Index Numbers
of Relative Demand for Money," as plotted in Chart XXIX. In the
former curve the error consists in the omission of the point for the third
week, the points for the second and fourth weeks having been connected by the line; in the latter curve the errors consist in the omission of the point for the third week and of that for the nineteenth
week, the points for the second and fourth weeks having been connected
by the line, and those for the eighteenth and twentieth weeks.
& Under date of June 29, 1910, Mr. Lipman supplements the above
explanation and the one in the succeeding paragraph by the statement
that: " Recently, the sub treasury here has been authorized, in issuing
its gold certificates of deposit payable to order in denomination of
ten thousand dollars, to make them payable at the subtreasury in
New York. This procedure modifies the exchange situation. Assuming that shippers would insure such gold certificates, the shipping
point would become the same as that for currency, say 40 cents per
$1,000. Since the only money that can be paid to the subtreasury




ically shipped is new gold. Now it not infrequently
happens that the demand for remittance will be so great
as to exhaust (1st) the currency and (2d) the new gold,
leaving only our current gold, for which there is practically no shipping point, the discount on worn coin
being practically prohibitory."
A second peculiarity of the San Francisco exchange
market arises from the fact that San Francisco, being the
chief port city of the Pacific coast and the seat of one of
the United States mints and subtreasury offices, is the
recipient of large quantities of gold from gold-producing
regions, i. e., California, Alaska, and Australia. The
United States mint will issue without any charge its
transfer drafts on the subtreasury in New York in
return for deposits of gold, the new product of mines,
or for deposits of imported gold. "Frequently," writes
Mr. Lipman, "this usage is without influence on our
local market, as when large importations of Australian
gold are received for New York on London account.
At other times this practice of the Treasury has a
decided effect on our exchange market as, for instance,
when the early gold shipments come down from Alaska.
These shipments command the service of the Treasury
Department to the full amount thereof, while a portion
at least of the proceeds is used in payment of local
bills for supplies to Alaska from this city. This throws
on the market an additional supply of exchange when
such exchange is desired. The owners of the gold, however, have the privilege of taking gold coin instead of
eastern exchange from the Treasury, and this alternative
tends to bring exchange to about par. The Government
also influences exchange from the other side, by its willingness to transmit money by telegraph from New York
and Chicago to this city." a
Prof. Carl C. Plehn, of the University of California,
suggests three other characteristics of the San Francisco
domestic exchange market, i. e., (1) the close exchange
relations with the Orient, (2) the fact that in San Francisco, New York bills very frequently represent merely
steps in a general arbitrage transaction, and (3) theapprefor these gold certificates is new gold coin, the effect is to make 40
cents per $1,000 the shipping point both for currency and for gold
until the available new gold has become exhausted."
a The Director of the Mint has furnished me figures, from which the
following table has been compiled, for the value of deposits and purchases of gold bullion at the San Francisco mint during the three yeara
1907-1909:
Quarter e n d i n g March 31
June 30
September 30
December 31
Total

1907.
$7,236,384.31
6,522,033.46
10,266,144.50
7,842,740.02
'31,867,302.29

1908.

1909.

$7,882,858.68 $8,438,289.89
8,230,257.73
8,559,772.95
11,477,112.13 8,419,554.59
9,531,259. 54 5,591,512.97
37,121,488.08

31,009,130.40

The first gold shipments from Alaska usually arrive in San Francisco
between June 10 and 15, and the receipts from Alaska then continue,
varying in volume, until about the 1st of November.

SEASONAL DEMAND FOR MONEY AND CAPITAL.

first. In the first week the rate for only two years was
above par, while the minimum rate for the seventh week
was 60 cents premium (1906). The maximum index
number in the first week was 82.9, the minimum index
number in the seventh week was 85.7, while the maximum
rate for the year occurred in the seventh week three
times.
Inasmuch as the only banks in the Pacific States to
report currency receipts and shipments in such a form
that their figures could be used were those of San Francisco and Oakland (p. 111,note a ), the currency movements
reported by the Pacific States may be considered as practically synonymous with those of San Francisco. A ref-

ciable interest element involved in demand transactions
because of the distance between San Francisco and New
York.
SEASONAL

119

VARIATIONS.

From the beginning of January to about the first of
March there is a rapid decline in the relative demand for
money in San Francisco, resulting in the lowest level of
the year during February.
The average rate of exchange rose from 30 cents discount in the first week to $1.05 premium in the seventh,
the average index number rising at the same time from
45.8 to 95.3. In every one of the eight years (1901-1908)
the rate was much higher in the seventh week than in the

CHART XXIX.
"

1

"

1

• J

•

Seasonal

1

I

•

••

'

Variations

in fhe
/ A »

90

r~

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as Evidenced
Exchange

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by

New Yortc City.,

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\

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i Numbers

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ia
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1

erence to Chart X X X I shows that January and February
were months of relatively large shipments from San Francisco to the Eastern States. Of total shipments to the
Eastern States for the three years, amounting to $15,291,000, January and February claimed $4,306,000. The
average index numbers for shipments for these two
months, respectively, were 51.4 and 49.1. There were no
reported receipts for January from the Eastern States
during the three years except $110,000 in 1908. a
The evidence accordingly points strongly to a small
demand for money in San Francisco relative to New
o The comparatively high average index number of receipts for January (33.3) shown on Chart XXX is accordingly not representative,
being due to relatively high receipts in only one year, there being no
receipts at all in the other two years.




cf

Relative Demand for • Money

;£
| s/u/tf

.O
| August

3?
\Sepfember\Oc#ober

1

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M
1 x1
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e
Index i Numbers 01 Exchange Rates

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\tfovember\Dt cember^sjan.
nfenMj

York City during the latter part of January and the
entire month of February. Among the principal factors
cheapening money in San Francisco at this time and
forcing up exchange may be mentioned; (1) the fact that
advances which have been made for the movement of
general crops up and down the Pacific coast are being
repaid very rapidly; (2) the demand for eastern exchange
with which to pay bills incurred for holiday purchases;
and, finally (3), the latter part of February, the desire of
taxpayers to discharge eastern obligations and get movable funds out of the State before the tax returns of the
first Monday in March are made to the assessors
From the fore part of March to the fore part of June the
demand for money in San Francisco relative to New York
«Cf. p. 49.

120

NATIONAL MONETARY COMMISSION.

City tends to increase, although there are two minor
interruptions in this upward tendency (the one from the
eleventh to the thirteenth week, which is not regular in its
occurrence, and the one from the seventeenth to the nineteenth week, which occurs quite regularly). The average
rate fell from $1.05 premium for the seventh week to 12.9
cents premium for the twenty-first week, the average
index number falling at the same time from 95.3 to 56.1.
I n every one of the seven a years the rate was lower in
the twenty-first week than in the seventh. Five rates
in the seventh week were higher than the highest rate in
the twenty-first week ($1 premium). On the other hand,
four rates in the twenty-first week were lower than the
lowest rate in the seventh week (60 cents premium).
March, April, and May are months of comparatively
small shipments of cash by San Francisco to the Eastern
States, the sums shipped during these months (for the three
years) amounting to b u t $2,548,000 out of $15,291,000
for all months, and their average index numbers being,
respectively, 24.4, 5.1, and 18.6. Receipts from the
Eastern States during these months were of little significance despite the relatively high average shown for April
and May on Chart X X X . I n April, 1906, $1,650,000 was
received from the Eastern States, and in May of the same
year $2,615,000 was received. There were no receipts in
either of these months in 1907 or 1908. I n May and
J u n e considerable amounts of cash were transferred to
San Francisco by the United States subtreasury in New
York during the years 1904-1909. b
Among the causes at work in reducing exchange rates
at this time may be mentioned; (1) the readjustment after
the heavy demands for exchange which were made anticipatory of assessment day; (2) preparation for the second
installment of taxes which become delinquent the last
Monday in April; 0 (3) demand for funds by the large
fruit canneries with which to buy sugar and tin in preparation for the annual fruit pack which begins in May; (4)
by May the shipping trade in green fruits has begun, giving rise to many eastern bills; (5) demand for funds for
equipping fishing companies going on long trips.
The demand for money in San Francisco relative to the
demand for it in New York City shows a decline during
the last two or three weeks in June, doubtless caused in
part by the demand for remittances east to cover semiannual payments of interest, etc. From the twenty-first
to the twenty-fourth week the average rate of exchange
advanced from 12.9 cents premium to 48.6 cents premium,
and the average index number of rates from 56.1 to 75.6.
The rate advanced at this time in six of the seven years
for which quotations are available. I n the twenty-first
week three of the seven rates were below par as compared
with only one in the twenty-fourth week.
For June no receipts of cash from the Eastern States
were reported during the three years, while shipments to
< There was no usable quotation for the twenty-first week in 1906.
*
&Cf. Chart XXXV and pp. 131-132.
cCf.p. 50.




the Eastern States were reported in every year. Of total
shipments to the Eastern States for all months (during the
three years), amounting to $15,291,000, June claimed
$2,681,000, the largest amount for any month, the average
index number for June being 53.4.
From about the 1st of July to the forepart of September there is an almost continuous increase in the relative
demand for money in San Francisco. The average rate
of exchange fell from 48.6 cents premium in the twentyfourth week to 6.9 cents premium in the thirty-fourth,
the average index number of rates falling at the same
time from 75.6 to 51.3. For the thirty-fourth week the
rate was lower than for the twenty-fourth in five of t h e
seven years for which rates for both weeks are available.
Two of the seven rates for the twenty-fourth week were
below 50 cents premium, while seven of the eight rates
for the thirty-fourth week were below that figure.
This increase in the demand for money in San F r a n cisco relative to New York City was not sufficient during
the period studied to draw cash from the Eastern States,
for no receipts at this time were reported from t h a t
section during the three years 1906-1908; it was, however, sufficient to reduce the flow of cash to the East,
which fell off after June (Chart X X X I ) . There were,
moreover, during August and September, particularly
the latter month, substantial transfers of cash to San
Francisco b y the United States subtreasury at New
York."
This decline in exchange is principally due to the large
amount of eastern credits available locally at this time
from the shipment of California products, especially
green fruits, to eastern points; the returns for such shipments being usually available in either Chicago or New
York exchange. As previously observed the California
hay and grain harvests cause considerable demand for
funds by the middle of July, while the ships returning
from the fisheries in August and September require large
sums with which to pay their crews.
From about the middle of September (thirty-fourth
week) to the latter part of October (thirty-ninth week)
New York exchange tends to rule at near par. The
average rate for the thirty-fourth week was 6.9 cents premium with an average index number of 51.3, while for
the thirty-ninth week the average rate was 1.9 cents premium with an average index number of 55.7. Twentytwo of the forty-eight rates occurring in these six weeks
(for the eight years 1901-1908) were between 20 cents
premium and 20 cents discount (inclusive).
During these weeks the outward movements of grain,
green fruit, and fish tend to force exchange down, while
the fact that this is the quarter of large receipts of gold
(p. 118) from Alaska, making it a period of large receipts
of gold bullion at the Mint, and t h a t t h e San Francisco
Mint makes returns for this gold in gold coin or New York
exchange, at the option of the owner of the bullion, tends
to keep New York exchange at par.
a Of. Chart XXXV and pp. 131-132.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
The demand for money in San Francisco relative to
New York City increases rapidly from the latter part of
October to about the 1st of December when it reaches
its highest point in the year. From the thirty-ninth week
to the forty-fourth week the average rate of exchange
fell from 1.9 cents premium to 46.4 cents discount, the
average index number of rates falling at the same time
from 55.7 to 22.1. I n every one of the eight years the
rate was much lower in the forty-fourth week than in the
thirty-ninth. Six of the eight rates for the thirty-ninth
week were much higher than the maximum rate for the
forty-fourth week, which was 25 cents discount. Shipments of cash from San Francisco to the Eastern States
were very small in October, November, and December
(Chart X X X I ) . On the other hand, there were receipts
from the Eastern States in October and November in
only one year (1907) of the three, and in December in
two years (1906 and 1907). November and December
are the months of largest transfers of cash to San Francisco by the United States subtreasury in New York. a
The fall in exchange during this period appears to be
due primarily to the outward movement of dried fruits,
such as raisins, prunes, and apricots. The banks pay
out large amounts of actual coin which goes to the
country, and receive in return drafts on eastern points
which build up their eastern balances. This also represents the most active part of the northern grain season.
The low point of the year for exchange is about the
last week in November when the tax collector for the
city and county of San Francisco withdraws large sums
of actual coin from circulation and locks much of it up
in the vaults of the city hall. 5
December is a month in which the relative demand for
money in San Francisco lightens considerably as the
result of the rapid falling off of the crop-moving demand.
The average rate of exchange rose for the seven years
(excluding the very abnormal year 1907) c from 46.4
cents discount for the forty-fourth week to 22.9 cents discount for the forty-eigth, and the average index number
of rates from 22.1 to 29.8. I n five of the seven years the
rate was considerably higher in the forty-eighth week than
in the forty-fourth. I n two of the three years (1906-1908)
there were receipts from the Eastern States in December.
The demand for remittances to the East for January
1st settlements tends to force up exchange rates at the
end of the year.
CURRENCY SHIPMENTS BETWEEN THE PACIFIC STATES AND
THE EASTERN STATES.

(Tables IX and 9, and Charts XXX and XXXI.)

#

Now that we have considered the evidence as to seasonal variations in the relative demand for money in
San Francisco afforded by domestic exchange rates, and
the reported receipts and shipments of currency by San
«Cf. Chart XXXV and pp. 131-132.
&Cf. pp. 51-52.
cCf. p. 95, note d.




121

Francisco and Oakland from and to the Eastern States,
we may consider the evidence afforded by currency movements between the Pacific States and the Eastern States. a
The total reported movements of currency during the
four years between the Pacific States and the Eastern
States, upon which our conclusions must be based, were
as follows :
1. Receipts by the Eastern States from the Pacific
States amounting to $65,537,000.
2. Shipments by the Pacific States to the Eastern States
amounting to $15,291,000.
3. Shipments by the Eastern States to the Pacific
States amounting to $23,607,000.
4. Receipts by the Pacific States from the Eastern
States amounting to $7,267,000.
Obviously the reports of the Eastern States are much
more complete than those of the Pacific States, and should
be considered of greater weight in case the two sets of
figures for any period of the year disagree.
The figures taken together seem to show the following
seasonal tendencies:
January, and to a lesser degree, February are months
of comparatively large shipments of cash by the Pacific
States to the Eastern States. 6 Of the $65,537,000 reported by the Eastern States as received from the Pacific
States during the four years 1905-1908, $17,715,000 were
received during January and February, the average index
numbers for receipts during these two months, respectively, being 95.8 and 71.5. There were substantial receipts during each of these months in every one of the
four years. Shipments to the Eastern States reported
by the Pacific States were likewise high in January and
February. Out of total reported shipments to the Eastern States from the Pacific States during the three years
1906-1908, inclusive, amounting to $15,291,000, January
and February claimed $4,306,000, the average index number for January being 51.4 and for February 49.1. Substantial shipments during these months were fairly regular in their occurrence. The Eastern States reported relatively small shipments to the Pacific States in January
and February, while the Pacific States reported no receipts from the Eastern States during these months, except $110,000 in January, 1908.c
Beginning with February the movement of cash from
the Pacific States to the Eastern States tends to diminish
until May. The amounts reported by the Eastern States
as received from the Pacific States fell continuously from
$7,901,000 in February to $4,410,000 in May, the average
index number falling from 71.5 for February to 59.2 for
March, 45.2 for April, and 26.5 for May. The Pacific
States reported decreasing shipments to the Eastern
States in March and April, and a small increase in May.
The amount shipped, which was $2,018,000 in February,
« Currency movements between the Pacific States and other geographic sections were considered in the discussions of the other sections.
b For causes, see p. 49.
^
cCf. p. 72.

CHART XXX.

SEASONAL

.70

Y/J^/AT/ONS
in the

7o

RELATIVE DEMAND roe MONET

tl

Average index. Numbers of

in
GO

PACIFIC

Receipts from

EASTERN

STATES.
CO

STATES

R•

ffvercge

as Evidenced by

index Numbers of

Receipts from

TOTAL ISN/TSD STATES.

Recetpts of Cash from other Sections of the Countr /•

SO

so

I wa'-tios.

1

J
<^5a»

/ >\
\\

v3
30

i\

ft
0

[_!__

Wbnfhs

30

t
20

\ \
* \
\
\\
\\
\
\
\

JO

P^

I
ii

\
\\ \

20

Index 1

1

Index

40

1

(122)




/t

/ /

\\
\\
\\
*>
\

/ /
/
/

1

10

o

*.

*

J

.f

4
*

M

§

4 ..

*

4

fifonf/A

CHART XXXI.

1

[

[

i

n

i

i

SEASONAL VARIATIONS
in the
RELATIVE DEMAND FOK MONEY

SO

*

80

,n

FACMC STATES,
as Fvidenced

10

by

10

Shipmenfs of Cash fo of her Sec fions offhe Counfri/.
!W£-/fos.
Col

GO

—
^
\
40

1
/ /i
//
//
//

\\
\
\
\
\

v

I

1
1

1

1

II
//
II

/
\

\
\

ij

\

\ /

1

\

20

//
//
7

\

/

\

1

/

\

i

ft"

l

\\

6

\

\\

i

\

i

I

*0

Si

^'

^

^

"^

g

3
J

»

$

4

__ ^




I
<v
S

^

.!*

I

30

20

1

i

Average Index Numbers of

o

_l

I

^>

1

to

1

^-4<^

Shipmenfs fo TOTAL UN/TEP STATES
fonf^

4o

It
ii

\
\

Shipmenfs to £ASTERN STATes

/

\

i

Average fndex Numbers of

/

\

ro

i

k

1 I
I 1
1 I
1 1

/ \

//

SO

i.

1
1

ft
V

30

1A
I
1

moers

1 1
1 1\

ft

!

X

"^

<f

«

^
S

o
\Dec.

30

4
(123)

MM

]24

NATIONAL MONETARY COMMISSION.

declined to $393,000 in April, and then rose to $979,000
in May, the average index number dropping from 49.1
for February to 24.4 for March, and 5.1 for April, and
then rising to 18.6 for May. These averages represent
fairly the movements for the individual years.
There is no evidence of any regular movement of cash
from the Eastern States to the Pacific States during these
months, although there was a very large movement in
April and May of 1906 (the time of the earthquake),
which makes the average figures for these months appear
moderately high." (Chart X X X . )
The three summer months are months during which
there is usually a substantial movement of cash from the
Pacific States to the Eastern States, and during which
there is practically no movement of cash in the opposite
direction. Of reported receipts by the Eastern States
from the Pacific States during the four years 1905 to
1908, amounting to $65,537,000, the months of June,
July, and August claimed $17,746,000.* Nine of the
twelve index numbers for these months were above 25.
Considerable shipments to the Eastern States during the
summer months were reported by the Pacific States. Of
such shipments, amounting to $15,291,000 during the
three years 1906-1908, the three summer months claimed
$5,721,000. The average index number for these shipments, which was 18.6 for May, was 53.4 for June, 44
for July, and 26.3 for August. A reference to the figures
for the individual years substantiates the evidence given
by the averages. 6
September appears to be a month in which there is
comparatively little movement of cash between the Eastern States and the Pacific States. During the four Septembers the shipments of the Eastern States to the Pacific States amounted to only $246,000, the average index
number being 8.5, while the receipts of the Eastern States
from the Pacific States amounted to only $3,108,000 (out
of a total for all months of $65,537,000), the average index
number being 10.1. The Pacific States reported practically no receipts from the Eastern States in September.
They reported shipments to the Eastern States amounting to $1,088,000, the average index number being 35.6.
We may conclude, therefore, t h a t the evidence points to
September as a comparatively inactive month as regards
currency shipments between the Eastern States and the
Pacific States.
For the last three months of the year the evidence
appears to be contradictory and not to point to any
regular seasonal tendency. The figures reported by
the Pacific States for receipts and shipments during
these months are too meager to be worth much, but
whatever value as evidence they may have points to
a westward movement of cash. Reports by the Eastern
States for this period show both considerable receipts
a For the causes affecting currency movements in March, April, and
May, see pp. 49-50, 119-120.
& For discussion of causes of currency movements in June, July, and
August, see pp. 50-51, and 120.




from the Pacific States and considerable shipments to
the Pacific States. Considering the receipts from the
Pacific States, first, we find the average index number
advancing from 10.1 in September to 31.6 in October,
and then declining to 14.6 in November, at approximately
which figure it remains in December. The four October
index numbers were all above 25. The November and
December index numbers show wide variations in the
different years. For November the four index numbers
were 4.5, 38.6, 0, and 15.4; for December they were 22.2,
0, 42.2, and 0. Total reported receipts of the Eastern
States from the Pacific States during the four years
were $65,537,000, of which sum $4,710,000 occurred in
October, $3,453,000 in November, and $3,345,000 in
December.
Turning to the shipments reported by the Eastern
States we find the average index numbers advancing
from 8.5 in September to 28 in October, and to 54.7
in November, then declining to 30.1 in December.
Here likewise the averages are not representative because
the figures for the individual years vary widely. The
four October index numbers were 71.4, 0.5, 28.6, and
11.3; the four November ones were 100, 1.8, 100, and
16.8; and the four December ones were 53.6, 10.8, 47.3,
and 8.5. Of a total amount of $23,607,000 reported as
shipped by the Eastern States to the Pacific States
during the four years, October claimed $1,083,000,
November $3,606,000, and December $2,687,000.
When evidence so meager as t h a t available for this
problem is at the same time contradictory it is probably
wise to refrain from drawing therefrom any conclusion.
CURRENCY RECEIPTS AND SHIPMENTS OF NEW YORY CITY
BANKS.

(Charts XXXII, XXXIII, XXXIV, and XXXV, and Tables IX, XI,
XII, 9, 10, and 11.)

New York City has been used in this chapter as the
basis for studying seasonal variations in domestic
exchange in the four representative cities—Chicago,
St. Louis, New Orleans, and San Francisco—and the
Eastern States have been given a prominent place in
studying currency shipments and receipts, the currency
movements from and to the Eastern States having
been considered first, in studying each group of States,
and afterwards the movements between the particular
group and the other groups. I n studying the currency
movements between each group of States and the Eastern States we have obviously covered the shipments
and receipts of the Eastern States to and from each
group. Inasmuch as by far the larger part of the cur-^
rency movements to and from the Eastern States are
to and from New York City, a it would be largely repea

Of total receipts reported by the Eastern States for the four years
amounting to $848,523,000, the sum of $649,671,000, or 77 per cent, was
reported by New York City; and of total shipments reported by the
Eastern States for the four years amounting to $858,908,000, the sum
of $722,901,000, or 84 per cent, was reported by New York City.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
tition to discuss separately the currency shipments and
receipts of New York City to and from each of the
different groups of States. For convenience, however,
these movements for New York City have been separately tabulated (Tables I X , pp. 76-79, and Table 9,
pp. 288-298), and average figures for the four-year
period are shown in Charts X X X I I and X X X I I I .
The seasonal movements of cash out of New York
City to all sections of the country taken together and
into New York City, from all sections may, however,
be worth considering separately. Upon this subject we
have (1) the evidence afforded by the figures for currency receipts and shipments during the four years
1905-1908 reported by the New York City clearing-house
banks to the Monetary Commission, and (2) the evidence
afforded by the weekly figures of the New York City
clearing-house banks for the net interior movement
of cash into and out of the banks of the city during
the ten years 1899-1908 (Chart XXXIV.) These latter
figures, covering as they do a much longer period of
years and being upon a weekly instead of a monthly
basis, are the more satisfactory evidence. Taking the
two sets of figures and paying particular attention to
the latter, we observe the following seasonal tendencies
for cash movements between New York City and " t h e
interior" of the country.
T A B L E XI.—Seasonal variations in the demand for money in New York
City relative to the demand in the interior, as evidenced by the net interior
movement of cash into and out of the banks of the City. Average figures
for the ten years, 1899-1908 a
1899-1908
Month and
week.

Jan.— 1
2
3
4
Feb.—5
6
7
8
Mar.— 9
10
11
12
Apr.—13 . . . . .

1899-1908

Average Average Average
out of
into
index
banks. number.
banks.
$6,684
6,621
7,773
6,895
4,749
2,576
1,436
1,157
1,679
604
716
1,535
999

Month and
week.

87.2 1 Apr.—14
84.9
15....
90.7
16 . . . .
17 . . . .
87.6 j
May—18
77.0
19
63.7
20 . . . .
53.8
21
52.3
June—22
58.5
23 . . . .
50.5 |
24 . . . .
49.8
54.4
25 . . . .
53.5
July—26 . . . .

Average Average Average
into
out of
index
banks.
banks. number.
$868
1,903
2,085
1,379
594
2,952
4,306
4,229
3,862
3,529
3,354
3,597
2,158

53.9
59.0
62.1
61.6
56.5
65.0
74.5
74.7
60.9
68.6
66.7
68.5
58.3

a Figures by weeks for the individual years are given in Table 10 of the Appendix
(pp. 358-360).




125

TABLE XI.—Seasonal variations in the demand for money in New York
City,
etc.—Continued.
1899-1908

1899-1908
Month and
week.

J u l y —27 . . . .
28
29 . . . .
30 . . . .
Aug.—31...,
32
33
34
Sept.—35
36
37
38
39

Month and
week.

Average Average Average
out of
index
into
banks. number.
banks.
$1,441
3,456
3,692
4,735
2,955
1,395
2,517
$249
1,477
2,620
2,589
3,434
3,489

53.1
68.0
69.3
73.1
63.4
57.3
49.4
45.5
35.7
29.9
30.2
24.8
27.0

Average Average Average
index
out of
into
banks. number.
banks.

Oct. —40
41
42
|
43
Nov.—44
45
46
47
Dec# _48

1

49....
50....
51....
52....

$3,883
2,543
3,014
3,685
2,700
2,666
1,530
563
213
836
$515
60
2,188

32.0
32.8
30.3
29.6
34.7
37.1
43.6
48.6
49.0
44.2
52.4
47.6
61.7

During the first four weeks of the year there is a strong
movement of cash toward New York City. There was
an average net movement of cash into the banks of
New York City of $6,684,000 in the first week and of
$6,895,000 in the fourth week. The average index
number for the first four weeks (ten years 1899-1908)
varied between 84.9 for the second week and 90.7 for the
third week. Net receipts during these weeks were large
in every one of the ten years.
Of total receipts reported by the New York City
banks to the Monetary Commission during the four
years 1905-1908, amounting to $649,671,000, January
claimed $114,354,000. January had the largest receipts
of any month in every one of the four years. Shipments reported for January were comparatively small,
the index number for total shipments being 7.5 for
January as compared with 100 for total receipts. 0
Receipts fall off rapidly from the last of January
(fourth week) to about the middle of February (seventh
week) and continue low until the forepart of April.
The average net receipts of New York City banks dropped
from $6,895,000 in the fourth week to $1,157,000 in
the eighth week, and the average index number dropped
from 87.6 to 52.3. In forty-three of the fifty weeks
occurring during the ten years (1899-1908) between
the fourth and eighth weeks, inclusive, the net movement was into New York City banks, and in only seven
was it out of them. The index number was lower every
a For explanations see p . 28.

CHART XXXII.

(126)




CHART XXXIII.

/j

Average Index.Numbers of

SEASONAL VARIATIONS

In Ihe

Shipments to NEW ENGLAND STATES,
RELATIVE

B ——— Average- Index Numbers of
Shipments to EASTERN

-C

Hverage Index Numbers

MONEY

fo
STATES

of

Shipments Jo SOUTHERN

D+++++ Average fncfex Numbers

DEMAND FOR

New YORK CITY

as Evidenced bu
STATES^

of

Shipments of Cash to other Sections of the Countrq^
fiOS-tfOS.

Shipments to MIDDLE WSSTERN STATES,

E

Average Index Numbers




Shipments

of

fo forAL UNITED STATES

(127)

CHART XXXIV.

-fiverage Amounts deceived and Shipped
*0

-Bverage Index Numbers of /Imounts
deceived and Shipped

so

10

CO

so

40

Seasonal Variations
in the

Relative Demand for Monet/ in New fork

30

as Evidenced

Citq

bt[

The Net Interior Movement of Cash
into and oaf of
The Banks of the Cift/
l8n~IW8.

20

/O

We£s\
Wbafhk January

\fcbruarL{\

(128)




March

1

fiprif

\

to
Ma a

?£

1 June

I

JO
3S
4o
July \ Auqusf
\ScptCmb&\ October

4S
SO
Weeti
\Movember \Dcccmbcf Jan. tybnfhdj

SEASONAL DEMAND FOR MONEY AND CAPITAL.
year in the eighth week than in the fourth. From the
eighth week to the fourteenth week the movement
toward New York City is moderate. The average net
receipts in the eighth and fourteenth weeks, respectively, were $1,157,000 and $868,000, and the average
index numbers were 52.3 and 53.9. I n five years the
index number for the fourteenth week was higher than
for the eighth, and in five years it was lower.
The figures for total receipts by New York banks
during the four years reported to the Monetary Commission were considerably less for February and March
combined than for January, and the index number
which was 100 for January was 28.2 for February and
30.3 for March. Receipts for these months were moderate during each of the four years. March, on the
other hand, was a month in which there were usually
appreciable shipments from New York City, more
especially to New England, a the average index number
for March shipments being 22.4 and the amount (for the
four years) being $47,097,000.6
The period extending from about the middle of April
until about the 1st of June is one characterized by an
increasing movement of cash toward New York City,
the twentieth and twenty-first weeks being, next to the
month of January, the period of strongest movement of
cash from the interior into New York City banks during
the year. The average net receipts rose from $868,000
in the fourteenth week to $4,229,000 in the twenty-first
week, the average index number rising from 53.9 to 74.7.
I n nine of the ten years the index number for the twentyfirst week was higher than for the fourteenth, and in the
remaining year it was only slightly lower. Only fifteen
of the eighty weeks occurring between the fourteenth
and the twenty-first weeks, inclusive, of the ten years,
showed a net movement of cash out of New York City
banks, and of those fifteen weeks seven were in the year
1906. c The figures collected by the Monetary Commission for the four years 1905-1908 show receipts and
shipments in April to almost exactly balance each other,
and the receipts in May to greatly exceed the shipments,
thus corroborating the testimony of the figures for " t h e
net interior movement of cash." d
From the 1st of June to the fore part of July the movement of cash from the interior to the New York City
banks declines. The average net receipts fell from
$4,229,000 in the twenty-first week to $1,441,000 in the
twenty-seventh, the average index number falling at
the same time from 74.7 to 53.1. Eight of the ten index
numbers were lower in the twenty-seventh week than in
the twenty-first, and six index numbers in the twentyseventh week were lower than 57.2, the minimum index
& See p. 79.
c This heavy outward movement in 1906 was due to the large shipments to the Pacific coast necessitated by the San Francisco earthquake
disaster. Cf. p. 78.
d For explanations see pp. 28-29.




number for the twenty-first week. The figures collected
for the Monetary Commission show June to be a month
of much larger receipts of cash than shipments. (Table
I X , pp. 77-79.)
The first three weeks of July (twenty-eighth, twentyninth, and thirtieth weeks) represent the third highest
period of the year for net receipts of cash from the interior.
For these three weeks, respectively, the average net
receipts were $3,456,000, $3,692,000, and $4,735,000, the
average index numbers being 68, 69.3, and 73.1. Every
one of the ten years showed a net movement into New
York City banks for each of these weeks. The figures
collected by the Monetary Commission show that for the
four years 1905-1908 receipts of cash from the interior
by New York City banks greatly exceeded shipments at
this time.®
Beginning about the 1st of August net receipts rapidly fall off, and before the end of the month the net
movement is out of the New York City banks. The
outward movement reaches its maximum the latter part
of September (thirty-eighth week) but shows little evidence of diminishing until early in November. Whereas
the thirtieth week showed an average net movement into
New York City banks of $4,735,000, with an average index
number of 73.1, the thirty-eighth week showed an average net movement out of these banks of $3,434,000, with
an average index number of 24.8. I n every one of the ten
years the net interior movement was into the New York
City banks in the thirtieth week and out of them in the
thirty-eighth week. In eighty-one of the ninety weeks
occurring from the thirty-sixth to the forty-fourth week,
inclusive, during the ten years, the net interior movement
was out of New York City banks. The Monetary Commission's figures strongly substantiate this testimony.
This outward movement of cash, due to crop-moving
demands, rapidly diminishes after the 1st of November
and by the last week in the year becomes transformed
into a strong inward movement. The average interior
movement in the forty-fourth week was $2,700,000 out
of New York City banks, while that of the fifty-second
week was $2,188,000 into these banks. From the fortyfourth week to the fifty-second the average index number
rose from 34.7 to 61.7, there having been an advance
from the forty-fourth to the fifty-second week in every
one of the ten years except one (1901), in which year
the index numbers for the two weeks were the same.
The Monetary Commission's figures show a considerable
return movement of cash from the interior in December.
TRANSFERS OF CASH BY THE UNITED STATES SUBTREASURY
IN NEW YORK CITY TO OTHER CITIES OF THE COUNTRY.

(Chart XXXV and Tables XII and 12.)

flCf. p . 92.

16065°—11

129

9

I n accordance with the familiar system of currency
transfers maintained by the United States Treasury
«Cf. pp. 77-79.




CHART XXXV.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
Department, New York banks can transfer currency to
subtreasury points by telegraphic transfers. The subtreasury charges are the same as the express charges to
the same points.® Monthly figures covering such subtreasury transfers for the period 1899-1909 have been

131

compiled for this report by the Director of the Mint and
are given in Tables XII and 12. The evidence concerning seasonal variations in these transfers of cash
from New York City to other cities may be summarized
as follows:

TABLE XII.—Seasonal variations in the relative demand for money in certain cities as evidenced by transfers of cash to them from New York City by
the Treasury of the United States—Average « figures for 1899-1909. &
[Amounts expressed in thousands of dollars.]
Payments made by the subtreasury offices located in—

Deposits in subYork.

St. Louis.

Chicago.

Month.

New Orleans.

Washington.

Baltimore, c

Cincinnati, c

San Francisco.**

Average Average Average Average Average Average Average Average Average Average Average Average Average Average Average Average
index
index
index
index
index
index
index
index
amount. number. amount. number. amount. number. amount. number. amount. number. amount. number. amount. number. amount. number.

ifi
June
July
August
September.
October
November.
December..

447.1
598.7
489.1
630.1
1,143.6
1,085.7
718.2
2,135.5
4,207-4
4,202
6,648.4
5,786.8

6.7
7.3
6.2
7.5
15.8
17.1
9.3
32.5
68.3
59.9
65.7
70.9

2.7
254.5
154.5
145.5

190.9
1,009.1
627.3
954.5
1,792.7
1,087.8

9.1
10.5
7.3
12.6
0.0
0.0
8.5
36.6
28.2
48.1
36.2
15.9

0.0
0.0
0.0
0.0
0.0
0.0
0.0
9.1
28.4
31.8
19.4
16.0

36.4
290.9
586.4
403.6
250.1

248.2
297.4
113.6
130
286.8
310.8
318.2
435.5
2,112.8
1,872.5
1,963
2,674

7.5
7.8
2.9
3.7
8.5
10.5
9.6
13.9
69.7
53.0
64.6
74.2

3.5
79.5
27.3
90.9
50
13.6
22.7
9.1
95.5
18.2
2.5

0.6
0.0
19.3
9.1
21.8
18.2
4.1
4.1
4.5
30.8
6.1
1.2

0.6
45

14.4
58.3

11.1
11.1
0.0
0.0
0.0
0.0
0.0
0.0
22.2
34.2
0.0
0.0

38.9
117.2
38.9

22.2
44.4
52.2
29.2
42.1

9.7
0.0
39.7
11.1
0.0
0.0
0.0
6.3
14.2
19.9
11.1
27.7

294.1
833.3
541.9
1,404.2
1,329
358.3
1,125
2,051.7
1,004.8
3,672.4
3,004.6

78
0.0
1.3
9.8
25.3
31.3
4.1
21.9
43.4
17.5
66.8
63.9

a Figures for the individual years are given in Table 11 of the Appendix (pp. 361-363).
& The transfers during the panic period of 1907 were quite exceptional in amount, and rather unduly influence the average figures for the 11-year period. If the year 1907 were
eliminated the average figures for the other 10 years would be as follows:
[Amounts expressed in thousands of dollars.]
Payments made by the subtreasury offices located in—

Deposits in subYork.

Chicago.

Month.

New Orleans.

St. Louis.

Washington.

Average Average Average Average Average Average Average Average
index
index
index
index
amount. number. amount. number. amount. number. amount. number.
January . . .
February..
March
April
May
June
July
August
September.
October
November.
December..

421.8
628.6
488
628.1
890.5
1,075.4
640
2,096.5
4,450.6
4,183.3
3,794
4,638.5

7.3
8.0
6.8
8.1
16.4
18.6
9.9
35.1
74.7
64.7
62.3
73.2

3.0
280
170
160

210
1,000
690
1,050
540
360

c These averages cover only 9 years.

10.0
11.6
8.0
13.9
0.0
0.0
9.4
39.4
31.0
52.9
29.8
11.7

40.0
275
585
115
25

0.0
0.0
0.0
0.0
0.0
0.0
0.0
10.0
29.8
33.2
11.4
10.0

253.0
297.1
105
128
315.5
341.9
330
436.5
2,191.6
2,012.3
2,046.5
2,790

d These averages cover only 6 years.

SUBTREASURY TRANSFERS FROM NEW YORK CITY TO CHICAGO.

During the eleven years 1899 to 1909, inclusive, the
transfers of currency to Chicago against deposits in the
subtreasury at New York amounted to $68,415,932,
making the average annual transfer $6,219,630. The
great bulk of the transfers were made in the four months
August, September, October, and November; October
being clearly the month of largest transfers. Moderate
«Cf. Pratt, The Work of Wall Street, p. 221.




6.9
6.6
1.9
3.1
9.4
11.6
9.2
12.5
68.0
55.2
63.7
71.6

Baltimore.^

Cincinnati, e

San Francisco./

Average Average Average Average Average Average Average Average
index
index
index
index
amount. number. amount. number. amount. number. amount. number.
3.9
57.5
30
100
55
15
25
10
85
2.5

7.0
0.0
11.3
10.0
24.0
20.0
4.5
4.6
5.0
27.2
0.0
1.3

0.6
50.6

16.3
53.1

e These averages cover only 8 years.

12.5
12.5
0.0
0.0
0.0
0.0
0.0
0.0
25.0
26.0
0.0
0.0

43.8
131.9
43.8

25
50
58.8
31.3

10.9
0.0
44.6
12.5
0.0
0.0
0.0
7.1
16.0
22.4
0.0
25.0

252.9
1,000
550.2
950
1,357
170
1,150
2,462
603
2,075
3,002

8 5
0.0
1.6
10.6
24.0
35.5
2.7
24.5
52.0
15.8
60.0
71.4

/ These averages cover only 5 years.

transfers occurred in April, while not a cent was transferred in May and June. An analysis of the index numbers for the individual years shows that of the seventyseven monthly index numbers, for the seven months
January to July, inclusive, of the eleven years, only two
were above 67, while seventy-two were below 34, of
which sixty-six were below 15, including sixty-two 0.
Each of the sixty-two 0 represented a month in which
there were no transfers from New York to Chicago. The
total transfers from January to July, inclusive, of the

132

NATIONAL MONETARY COMMISSION.

eleven years amounted to but $8,230,000, out of a total
for all months of $68,415,932. On the other hand, of the
forty-four monthly index numbers for the four months
August, September, October, and November, twelve were
above 67, of which ten w^ere 100, and twenty-six were
below 34, of which twenty-two were below 15, including
eighteen 0. Each of the eighteen 0 represented a month
in which there were no transfers. During these four
months of the eleven years the total transfers amounted
to $48,220,032. Of the eleven December index numbers,
the maximum was 58.4, eight were below 34, all of which
were below 15, and five of which were 0 representing
months in which no transfers were made. December
transfers during the eleven years amounted to $11,965,900.
S U B T R E A S U R Y T R A N S F E R S F R O M N E W Y O R K CITY TO S T . L O U I S .

Subtreasury transfers to St. Louis against deposits
in New York City amounted to $17,240,700 during the
eleven years 1899-1909, giving an average annual transfer of $1,567,336. A reference to the tables (XII and
12) and the chart (XXXV) will show that there were
no St. Louis transfers during the first seven months of
the year in any of the eleven years, and t h a t in only
one year (i. e., 1906) were there any transfers in August.
I n five years there were transfers in September, in five
years in October, in four years in November, and in two
years in December. September had three index numbers above 67, of which one was 100; October had three
above 67, of which two were 100; November had two
above 67, of which both were 100; and December had
two above 67, of which one was 100.
S U B T R E A S U R Y T R A N S F E R S F R O M N E W Y O R K CITY TO N E W

ORLEANS.

The sum of $118,390,500 was transferred to New Orleans by the subtreasury during the eleven years 18991909 against deposits at the subtreasury in New York City,
giving an average annual transfer of $10,762,773. A
reference to the tables and chart will show that transfers
to New Orleans are small during the first eight months of
the year. The total amount transferred during the
months January to August, inclusive, amounted to but
$23,545,000, as compared with $94,845,500 for the four
months September to December, inclusive. Of the
eighty-eight monthly index numbers for the former period
the maximum was 55.9, eighty-four were below 34, of
which seventy-two were below 15, including forty 0. On
the other hand, of the forty-four index numbers during the
September-December period, twenty-two were above 67,
of which eighteen were above 85, including eleven 100.
During this period only ten index numbers were below 34,
of which two were below 15, neither being a zero. September had six index numbers above 67, of which two
were 100; October had four above 67, none of which was
100; November had five above 67, two of which were
100; and December had seven above 67, all of which were




100. For New Orleans, therefore, the evidence points
to December as the month of largest Treasury transfers
and to September as the month of second largest.
S U B T R E A S U R Y T R A N S F E R S F R O M N E W Y O R K CITY TO SAN F R A N C I S C O .

There were no transfers to San Francisco against deposits at the subtreasury in New York City during the
five years 1899-1903. For the six years 1904-1909 the
transfers amounted to $89,216,297, thereby averaging
$14,869,383 a year.
Transfers during the first four months of the year were
negligible, amounting to only $5,515,811 for the six years,
the average index number for the first four months
of the year, respectively, being 7.8, 0.0, 1.3, and 9.6. Of
the twenty-four monthly index numbers for this period
(January-April) the maximum was 27.7, twenty were
below 15, of which fifteen were 0. Each of the zero
index numbers represented a month in which there were
no transfers.
During the months of May and June there were moderate transfers to San Francisco. For these two months
(1904-1909) the total transfers amounted to $16,399,360,
as compared with $5,515,811 for the four preceding
months. The average index number rose from 9.6 for
April to 25.3 for May and to 31.3 for June. I n four of
the six years there were transfers to San Francisco
in May, and in five of them there were transfers in
June. Four index numbers for the May-June period
(1904-1909) were above 34, of which one was 100, while
of the eight below 34, seven were below 15, of which
three were 0.
Transfers to San Francisco in July were very small,
taking place in only two of the six years. July transfers
to San Francisco for the six years amounted to b u t
$2,150,000, the average index number being 4.1.
I n August and September transfers to San Francisco
increased. The total amount transferred (1904-1909)
rose from $2,150,000 in July to $6,750,000 for August
and $12,310,000 for September. While there were transfers in July in only two years, there were transfers
in August in three years and in September in four
years. The August-September period had five index
numbers above 34, of which three were above 67 and one
was 100.
The month of October showed a decline in transfers to
San Francisco. While September transfers amounted to
$12,310,000 during the six years, with an average index
number of 43.4, October transfers amounted to b u t
$6,029,000, with an average index number of 17.5. I n
four of the six years there were transfers in September,
while in only three were there transfers in October, in one
of which (i. e., 1906) the amount was insignificant.
The last two months of the year were months of large
transfers to San Francisco, November being the month

SEASONAL DEMAND FO
of maximum transfers. During the six years November
transfers amounted to $22,034,633 and December transfers to $18,027,593, the average index number rose from
17.5 for October to 66.8 for November, and then declined
to 63.9 for December. Of the twelve monthly index numbers for November and December, eight were above 50, of
which five were 100.
S U B T R E A S U R Y T R A N S F E R S F R O M N E W Y O R K CITY TO O T H E R C I T I E S .

Deposits at the New York subtreasury for transfer to
other cities were comparatively small during the first
seven months of the year, after which they rose rapidly,
tending to be large in September, October, November,
and December. During the eleven years 1899-1909 the
total amount so deposited was $309,008,721, and of this
amount $229,290,050, or 74.2 per cent, was deposited during the last four months of the year. May and June
showed slightly larger deposits than the preceding months
of July. Of the seventy-seven monthly index numbers
for the January-July period (1899-1909), only one was
above 67, while seventy were below 34, of which sixty-two
were below 15, including twenty-two 0. On the other
hand, of the fifty-five index numbers for the AugustDecember period, only thirteen were below 34, of which
eight were below 15, none of which were 0; while twentysix were above 67, of which fifteen were above 85, including eleven 100.
SEASONAL DEMAND FOR VARIOUS KINDS AND DENOMINATIONS OF MONEY.

(Tables XIII (a) and XIII (6).)

I n order to obtain information with reference to the
extent to which there is in different sections of the country, an insufficiency of money of certain denominations
to meet the needs of trade in some seasons of the year,
the following questions were asked of the clearing-house
associations of the cities a to which the Commission's




a Cf. pp. 53-54.

MONEY AND CAPITAL.

133

letter of inquiry concerning currency shipments and
receipts were sent: a
I. Please estimate so far as possible, for the months of
greatest movement, the kinds and denominations of
money received.
I I . Is there a special demand for small bills in your
section at certain seasons; and if so, when ?
I I I . Have you been able to supply such demand without difficulty ?
IV. Please estimate so far as possible, for the months
of greatest movement, the kinds and denominations of
money shipped.
V. Is there a general demand for small bills from certain sections of the country; and if so, where and t o
what extent ?
VI. Have you been able to supply such demand without difficulty ?
A comparatively few replies were received from these
inquiries, and all that could be used are summarized on
the following page. They cover replies from 14 clearinghouse associations and from 8 individual banks, together
representing 16 cities. When it is recalled that there
were at that time in the United States 91 cities with an
estimated population of over 50,000 (to all of which inquiries were sent) and that only 13 out of 49 States and
Territories are represented in the replies, it will be seen
that the basis for generalization is not broad. However,
the nature of the phenomenon is such that the majority
of the banks in a given section of the country would be
liable to have similar experiences, and reports from a few
large banks and clearing-house associations are not without value, especially if those in a given section of the
country substantially agree, as is the case in the present
inquiry.
a Questions I, II, and III were asked on the forms requesting tne
currency receipts of banks from banks outside their respective States;
and questions IV, V, and VI were asked on the forms requesting the
currency shipments of banks to places outside their respective States.
Cf. p. 53.

NATIONAL MONETARY COMMISSION.

134

TABLE X I I I (a).—Seasonal receipts and local demand for various hinds and denominations of money—Answers
banks to certain questions.

Section, State, and city.

New England:
MassachusettsBoston
Worcester...
Rhode I s l a n d Providence.
Eastern States:
New York S t a t e Syracuse
Southern States:
GeorgiaAtlanta..
KentuckyLexington..
Tennessee—
Memphis...
Mid-Western States:
IllinoisChicago
Indiana—
Evansville.
MichiganGrand Rapids..
MinnesotaMinneapolis. . . .
St. P a u l Wisconsin—
Milwaukee.

Institution replying.

Question I.—Kinds and denominations of
money received in months of greatest
receipts.

Clearinghouse

Fives and tens, January, March, and April. In fall and sometimes in January and April. Able to supply demand, except for ones
and twos.
Tens and twenties, August and September. Demand constant on account of pay rolls.. Able to supply all demands.

Clearinghouse

Question II.—Seasonal demand for small
bills.




Question III.—Ability of banks to
meet demand for small bills.

Clearing house . . . Ones, twos, and fives, September, Octo- No great demand
ber, and November.

Able t o supply all demands.

Clearing house

At all seasons.

Able to supply all demands.

Clearinghouse..., Ones and twos, fives, tens, and twenties,
September, October, and November.

In fall, September, October, and November, for moving crops.

Not able to supply demands.

Clearinghouse

No great demand..

Able to supply demand.

Circulation exclusively, January, February, and March.

Clearinghouse

Fives and tens.

General demand in cotton months—October, November, and December.

Able to supply all demands.

Two banks-

Fives, tens, and twenties, August, September, and October.

In fall, for shipping.

Able to supply demands.

Clearing house...

Fives, tens, and twenties, January, February, and March.

In June and July-

Able to supply demands.

Large demand

Not able to supply demands.

Fives, tens, and twenties, September, October, and November.
Fives, tens, and twenties, September, October, and November.

September, October, and November-

Greatest difficulty in supplying fives.

September, October, and November. .

Usually able to supply all demands.

Clearinghouse...

Fives, tens, and twenties, September, October, and November.

In fall months.,

Not able to supply enough fives, tens,
and twenties in fall.

One bank.
One bank.

Mostly gold
Currency and silver.

Clearinghouse
Clearing house...
Clearinghouse...

Western States..
Pacific States:
CaliforniaSan Francisco..

by clearing-house associations and

No demand.

SEASONAL DEMAND FOR MONEY AND CAPITAL.

135

TABLE XIII (6).—Seasonal shipments of money and demand for shipment for various hinds and denominations of money—Answers by clearing-house
associations and bankers to certain questions.

Section, State, and city.

New England:
MassachusettsBoston

Institution
replying.

Question IV.—Kinds and denominations
of money shipped in months of greatest
shipment.

Question V.—Seasonal demand for small
bills from certain sections of the country.

Question VI.—Ability of banks to
supply demand for small bills.

Clearing house

Ones, twos, fives, and tens in September,
October, and November.

Demand from New England and Middle
West.

Not always able to supply demand,
especially for ones and twos.

•
Worcester
Rhode Island:
Providence

Clearing house
Clearinghouse

Ones, twos, and

fives..,.....*.......,...

. Shipments due to surplus and not to outside demands.

Eastern States:
New York S t a t e Syracuse
Southern States:
GeorgiaAtlanta

Clearinghouse

Mutilated of all denominations

A local demand

Able to supply demand.

Clearinghouse

Ones and twos for change and fives and
tens for moving crops.

Demand from Georgia and adjacent States
in the fall months.

Not entirely able to supply fall demand.
In spring small bills accumulate and
have to be sent to nearest subtreasury.

KentuckyLexington

Clearinghouse

About half the money shipped is coin,

General demand, especially from Mississippi and Arkansas, for marketing cotton
crop, October, November, and December.

Able to supply all demands.

TennesseeMemphis

mostly gold.
Clearinghouse

Fives and tens in October, November,
and December (cotton months).

VirginiaNorfolk

Clearinghouse

Ones, twos, fives, and tens; fall and
winter.

Able to supply all demands.

("One bank

Large bills to Missouri, October, November, and December.
Fives, tens, and twenties

Demand from Indiana, Illinois, and
Minnesota.
General demand from Middle Western
States.
Fives and tens, September and October... Demand from Middle Western States

Able to supply demand.

Middle Western States:
Illinois-

Chicago

•{One bank
[One bank

Considerable difficulty in supplying
demand in spring and fall.
Able to supply demand.

Indiana—
E vansville

Clearinghouse

Fives, tens, and twenties, January, April,
and May.

General demand

Able to supply demand.

Minnesota—
Minneapolis

Clearing house
Clearinghouse

A large demand in September, October,
and November.
Demand from Dakotas and Montana;
former in September, October, and
November; latter in June, July, and
August.

Not able to supply demand for fives.

St. Paul

Fives, tens, and twenties, September,
October, and November.
Fives, tens, and twenties, September,
October, and November.

Clearing house

Fives, tens, and twenties

No demand

Clearinghouse

Fives, tens, and twenties, September,
October, and November.

For moving crops

$20 gold pieces
$20 gold pieces
Mostly gold

No demand
Hardly any demand

Ohio—
Youngstown
Wisconsin—
Milwaukee

Usually able to meet demand.

Able to get enough from Chicago.

Western States
Pacific States:
California-

San Francisco




fOne bank
One bank
<One bank
One bank
[One bank

Gold, currency, and silver

Demand from mining districts
No demand

Able to supply demand.

136

NATIONAL MONKrARY COMMISSION.

CHAPTER V.—SEASONAL VARIATIONS IN THE RELATIVE
DEMAND FOR M O N E Y AS EVIDENCED BY F O R E I G N
EXCHANGE R A T E S .

Up to this point money market conditions have been
studied in certain representative cities, and in the different geographic sections of the country, and the relations
of these places to each other have been considered;
almost no references, however, have been made to the
relations of the American money market to the money
markets of other countries. The United States has been
treated, in other words, as if it were an isolated and financially independent community, whereas as a matter of
fact it is merely part of a great world's market which
recognizes only very vaguely national boundary lines, and
in which the different countries are continually influencing,
and being influenced by, each other. This interdependence increases as the credit mechanism becomes more
highly perfected. '' All countries," said the French economist, M. de Laveleye, about a half a century ago, " which
carry on gigantic transactions with small reserves of gold
and silver, and which have a vast movement of importations and exportations, must be exposed to these economical perturbations * * *. The more a country
expels the precious metals from the channels of circulation, and replaces them by instruments of credit, bank
notes, cheques, warrants, deposits, clearing-houses, etc.,
and the more at the same time it develops its relations
with foreign countries, the more it will be exposed to the
periodical return of financial perturbations, because more
easily an unfavorable balance of trade and payments will
disturb all the mechanism of exchanges, and will require
from the managers of credit institutions redoubled circumspection, prudence, and ability." °
Foreign-exchange rates and gold imports and exports
may be interpreted in the same way as domestic exchange
rates and internal currency movements. 6 Rates (when
expressed in the terms of the money of the home country)
rise when money at home becomes cheap as compared
with money abroad, and fall when it becomes dear.
When money is relatively redundant at home, exchange
rates advance toward the gold-export point, at which
point it becomes profitable to export gold to markets
where it is relatively scarce, and vice versa. Exchange
rates express the value of money or demand (relative to
supply) in one country as compared with t h a t in another.
Exchange is therefore a relative matter, not an absolute
one; telegraphic rates, for example, might remain unchanged although the money markets in both countries
compared should become greatly strained, provided the
pressure in both countries was simultaneous and of equal
intensity. I n view of this fact exchange rates vary in
response to changes in money-market conditions in both
countries, and an adequate explanation of the normal
seasonal variations in exchange rates between two coun° Quoted by W. Stanley Jevons in Investigations in Currency and
Finance, London, 1884, p. 166.
bCf.p. 53.




tries involves a thorough study of money-market conditions in both. The limited time available for the preparation of this report, as previously explained, will prevent
any adequate explanation of causes; and attention will be
given primarily to the attempt to discover what actually
are the normal seasonal tendencies.
Three exchanges have been selected for study—London,
Paris, and Berlin—and these will be taken up in their
order.
STERLING E X C H A N G E I N N E W YORK CITY.O

(Charts XXXVI, XXXVII, XLII, and XLIII; and Tables XIV, 13,
17, and 18.)6

London is in an important sense the world's moneymarket center; and inasmuch as sterling exchange dominates 0 to a very large degree the other exchanges, it will
be considered first and in some detail.
The subject of seasonal fluctuations in the demand for
money and capital is one which has received much study
in England for upward of a half a century and is one
concerning which considerable literature has grown up.
Three of the most valuable sources of information are:
(1) W. Stanley Jevons's essay " O n the frequent autumnal
pressure in the money market, and the action of the Bank
of England (1866) fd (2) R. H. Inglis Palgrave—Bank
Rate and the Money Market (London, 1903), especially
chapters 11 to 20; and (3) G. Clare—A Money Market
Primer, second edition (London, 1902), especially chapters
8 to 11, inclusive, and charts between pages 140 and 141.
I n the interpretation of the exchange figures it should
be borne in mind t h a t in the United States exports are
ordinarily paid for by dealers in foreign exchange at the
time of shipment of goods, whereas bills for imports are
ordinarily settled sixty or ninety days or longer after
shipments are made.
a For suggestions concerning seasonal variations in the sterlingexchange market the writer is indebted to Mr. Fred I. Kent, vicepresident of the Bankers' Trust Company of New York; Mr. John E.
Gardin, vice-president of the National City Bank of New York; and
Mr. Charles R. Scott, of the International Banking Corporation, New
York.
& For explanation of figures see pp. 374, note «, 378, note «, and 13-15.
• cMr. John E. Gardin, vice-president of the National City Bank of
»
New York city, writes (December 27, 1909): " * * * As a general
proposition, the rates of exchange on Germany, France and other
countries keep pace with the sterling rate, which, as far as our market
here is concerned, is what we would call the pivotal rate. The rates of
exchange on continental centers are absolutely subservient to the Sterling rate in New York, as a general proposition, and continental rates
rise and fall, not correlatively, but in accordance with the rise and fall
of Sterling exchange in the respective center. * * * There are
times, though, when Paris becomes the pivotal point and the Sterling
rate then is the variable feature and takes its place alongside of the
other continental rates. This condition of affairs occurs when the rate
of exchange on Paris has fallen to such a point that gold can be exported, either along natural lines or with the assistance of the Bank of
France. When the Bank of France is paying a price for the gold
which will bring the check rate down to 5.16, the Paris rate then
becomes an absolute fixture as long as this condition prevails."
< Chapter 5 in Investigations in Currency and Finance (London,
*
1884).

SEASONAL DEMAND FOR MONEY AND CAPITAL.

137

TABLE XIV.—Sejsonal variations in the relative demand for money as evidenced by average weekly exchange rates in New York City on certain
foreign cities.a
London.
1890-1899.

Average
rate.

Jan.— 1 .
2 .
3 .
4.
Feb.— 5 .
6 .
7 .
8.
Mar.— 9 .
10
11
12
Apr.—13
14
15
16
17
May— 18
19
20
21
June— 22
23
24
25
July— 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
N o v . —44
45
46
47
Dec.— 48
49
50
51
52




1900-1908.

Average i n d e x
number.

Month.

$4.8635
4.8690
4.8707
4.8722
4.8718
4.8720
4.8758
4.8738
4.8733
4.8720
4.8728
4.8752
4.8784
4.8783
4.8785
4.8802
4.8807
4.8793
4.8770
4.8779
4.8802
4.8814
4.8800
4.8798
4.8783
4.8760
4.8753
4.8763
4.8770
4.8759
4.8725
4.8710
4.8694
4.8658
4.8638
4.8625
4.8580
4.8563
4.8580
4.8563
4.8558
4.8558
4.8590
4.8590
4.8553
4.8625
4.8668
4.8648
4.8645
4.8670
4.8669
4.8648

Relative
Exchange] d e m a n d
rate.
for
money.

40.7
51.5
54.0
56.9
56.6
58.3
64.9
64.1
64.2
64.4
64.1
67.5
71.8
70.8
71.6
76.7
79.5
77.1
71.2
73.8
79.0
81.8
80.1
79.8
78.3
73.5
71.5
72.9
74.4
71.7
64.7
61.6
57.4
50.0
46.5
42.3
33.8
29.5
30.6
26.0
27.4
28.8
38.7
38.9
34.3
43.4
50.0
48.1
49.2
53.9
53.6
50.8

Paris.

59.3
48.5
46.0
43.1
43.4
41.7
35.1
35.9
35.8
35.6
35.9
32.5
28.2
29.2
28.4
23.3
20.5
22.9
28.8
26.2
"21.0
18.2
19.9
20.2
21.7
26.5
28.5
27.1
25.6
28.3
35.3
38.4
42.6
50.0
53.5
57.7
66.2
70.5
69.4
74.0
72.6
71.2
61.3
61.1
65.7
56.6
50.0
51.9
50.8
46.1
46.4
49.2

$4.8574
4.8619
4.8647
4.8670
4.8670
4.8669
4.8653
4.8652
4.8648
4.8626
4.8595
4.8603
4.8616
4.8632
4.8635
4.8658
4.8683
4.8681
4.8694
4.8694
4.8698
4.8701
4.8709
4.8709
4.8697
4.8678
4.8673
4.8666
4.8659
4.8676
4.8676
4.8675
4.8642
4.8644
4.8607
4.8574
4.8546
4.8540
4.8531
4.8510
4.8521
4.8543
4.8559
4.8541
4.8555
4.8560
4.8573
4.8578
4.8542
4.8531
4.8547
4.8531

Relative
Exchange demand
rate.
for
money.

44.9
58.4
65.4
72.2
72.3
72.1
67.0
66.9
67.3
62.3
53.4
55.0
59.2
63.5
64.4
70.2
76.5
75.3
77.5
77.4
79.2
79.8
82.3
82.3
79.9
75.8
74.5
72.3
70.0
74.8
75.1
75.1
65.5
64.6
54.8
37.6
36.7
34.8
33.4
287
*.
32.2
37.4
44.7
40.6
43.8
44.9
48.9
50.6
41.7
39.3
43.8
38.5

55.1
41.6
34.6
27.8
27.7
27.9
33.0
33.1
32.7
37.7
46.6
45.0
40.8
36.5
35.6
29.8
23.5
24.7
22.5
22.6
20.8
20.2
17.7
17.7
20.1
24.2
25.5
27.7
30.0
25.2
24.9
24.9
34.5
35.4
45.2
62.4
63.3
65.2
66.6
71.3
67.8
62.6
55.3
59.4
56.2
55.1
51.1
49.4
58.3
60.7
56.2
61.5

1899-1908.

Average i n d e x
number.

Average i n d e x
number.
Average
rate.

1899-1908.

1890-1908.

Berlin.

Average
rate.

U. 8606
4.8657
4.8679
4.8697
4.8695
4.8696
4.8708
4.8697
4.8692
4.8676
4.8665
4.8681
4.8704
4.8711
4.8714
4.8734
4.8748
4.8739
4.8734
4.8739
4.8752
4.8760
4.8757
4.8756
4.8742
4.8721
4.8715
4.8717
4.8717
4.8720
4.8702
4.8693
4.8669
4.8651
4.8626
4.8601
4.8564
4.8552
4.8557
4.8538
4.8540
4.8549
4.8576
4.8567
4.8554
4.8594
4.8623
4.8615
4.8596
4.8604
4.8611
4.8592

Relative
Exchange! d e m a n d
for
rate.
money.

42.7
54.7
59.4
64.1
64.1
64.8
66.9
65.4
65.7
62.0
59.1
61.6
65.9
67.4
68.2
73.6
78.1
76.3
74.2
75.5
79.1
80.9
81.1
81.0
79.0
74.6
72.9
72.6
72.6
73.2
69.6
68.0
61.3
56.9
50.4
43.7
35.2
32.0
31.9
27.3
29.7
32.9
41.5
39.7
38.8
44.1
49.5
49.3
45.6
47.0
49.0
45.0

57.3
45.3
40.6
35.9
35.9
35.2
33.1
34.6
34.3
38.0
40.9
38.4
34.1
32.6
31.8
26.4
21.9
23.7
25.8
24.5
20.9
19.1
18.9
19.0
21.0
25.4
27.1
27.4
27.4
26.8
30.4
32.0
38.7
43.1
49.6
56.3
64.8
68.0
68.1
72.7
70.3
67.1
58.5
60.3
61.2
55.9
50.5
50.7
54.4
53.0
51.0
55.0

Average index
number.
Average
rate.

5.1817
5.1771
5.1727
5.1733
5.1724
5.1755
5.1786
.1798
.1801
.1823
.1837
.1821
. 1789
5.1776
5.1756
5.1709
5.1683
5.1675
5.1688
5.1679
5.1662
5.1673
5.1683
5.1669
5.1679
5.1685
5.1683
5.1697
5.1718
5.1716
5.1729
5.1755
5.1786
5.1788
5.1808
5.1840
5.1875
5.1890
5.1908
5.1901
5.1863
5.1804
5.1808
5.1813
5.1837
5.1842
5.1824
5.1826
5.1843
5.1848
5.1831
5.1852

Average
index
number.

Average
rate.

48.2
39.9
28.2
33.6
27.7
35.1
41.1
44.5
44.5
48.2
50.7
46.7
39.5
35.6
32.2
23.3
18.2
17.6
20.7
19.7
16.5
19.8
22.4
19.3
21.0
21.4
20.3
22.1
26.7
26.2
29.9
34.5
42.8
43.6
47.2
54.3
61.9
65.1
68.5
66.7
59.1
46.8
45.2
44.5
49.7
50.9
45.7
46.8
49.8
49.9
46.6
49.9

0.9495
.9500
.9502
.9503
.9499
.9497
.9497
.9497
.9494
.9493
.9494
.9497
.9500
.9502
.9501
.9508
.9515
.9513
.9514
.9514
.9522
.9523
.9526
.9530
.9531
.9526
.9528
.9525
.9520
.9519
.9514
.9510
.9508
.9510
.9505
.9483
.9500
.9498
.9495
.9490
.9495
.9501
.9498
.9487
.9486
.9490
.9496
.9495
.9491
.9495
.9494
.9488

a D e t a i l e d figures b y w e e k s for t h e i n d i v i d u a l y e a r s a r e g i v e n i n T a b l e s 13 a n d 14 of t h e A p p e n d i x ( p p . 374-380).

Exchange]
rate.

50.5
55.5
58.5
59.3
56.7
53.4
54.8
55.7
52.4
51.7
53.2
58.8
63.4
65.5
62.6
68.4
76.0
73.3
71.5
70.5
79.4
80.6
84.1
89.2
90.1
85.8
86.2
83.1
79.2
76.5
71.2
67.8
62.8
64.8
59.9
48.8
54.5
52.0
49.7
44.5
50.2
55.1
56.8
49.1
46.0
51.0
55.4
54.7
50.5
53.8
50.4
48.2

NATIONAL MONETARY COMMISSION.

138

The first seasonal movement to observe in the demand
for money in New York relative to London is a decline
throughout January and the greater part of February
analogous to the decline in interest rates at this time in
New York City previously observed (pp. 16,19, and 21).
Concerning the extent and regularity of this movement
the evidence may be briefly summarized as follows: For
the nineteen years 1890 to 1908 the average rate of exchange (demand drafts) for the first week was 4.8606, as
compared with 4.8708 for the seventh; the corresponding
average index numbers of exchange rates were 42.7 and
66.9. In seventeen of the nineteen years the rate for
the seventh week was higher than that for the first; in
seven of these years the index number was more than
twice as high. In two years the seventh week was
lower than the first. In five of the nineteen years the
lowest rate for the year occurred in the first week; in
none did it occur in the seventh. These, are weeks in
which gold movements to and from the country are
generally not strong; the tendency, however, at this
time is toward exportation. (Charts XLII and XLIII
and pp. 149-151.)
The more important reasons of cheapening money at
this time in the United States have previously been discussed (p. 28).
January is a month of large exports for the United
States and of small imports. In February, however, exports fall off decidedly, while imports remain about the
same.0
a The following is a series of index numbers for total merchandise
exports and imports of the United States by months for the four years
1906 to 1909, inclusive. They were computed, in the same manner as
the other index numbers (pp. 13-15), by a student of mine, Mr. R. W.
Hamlet:
Exports.
Month.

January...
February..
March
April
May
June
July
August
September.
October...
November.
December.

Imports.

Average,
1906. 1907. 1908. 1909. 1906-1909. 1906.
74.8
38.2
42.9
41.6
23.9
16.9
0.0
23.0
34.1
96.2
90.2
100.0

77.7
40.4
43.1
37.8
9.4
13.0
1.5
0.0
10.0
66.4
96.7
100.0

100.0
62.8
37.3
29.3
10.1
11.9
0 0
7.0
35.1
66.9
56.5
83.2

51.9
18.4
32.8
17.4
15.3
8.9
0.0
0.5
48.9
|100.0
92.7
69.1

76.1 17.0
39.7 10.1
39.0 38.2
31.6 19.4
14.7 12.2
12.7 0.0
0.4
5.4
7.6 14.6
32.0 5.4
82.4 51.6
84.0 56.7
88.1 100.0

Average,
1908. 1909. 1906-1909.
84.1 3.6
75.3 2.9
100.0 18.3
91.4 12.2
83.9 0.0
49.6 29.0
79.2 8.6
82.2 25.8
34.7 51.6
48.2 64.5
45.7 71.3
0.0 100.0

0.0
40.9
79.4
50.4
33.9
57.2
24.1
36.6
47.2
65.3
100.0
95.4

26.2
32.3
59.0
43.4
32.5
34.0
29.3
39.8
34.7
57.4
68.4
73.9

During the forty-three years 1867-1909, inclusive, the highest, second
highest, lowest, and second lowest merchandise imports and exports,




In London the money market appears to be reasonably strong in January, weakening however in February.
The average proportion of reserve to Uabihties of the
Bank of England (1845-1900) for January is low, but
rises to a high point in February. The average monthly
discount rate, on the other hand, is high in January but
falls abruptly in February. 0
From the latter part of February (seventh week) until
the latter part of March (eleventh week) the relative position of the New York money market becomes somewhat stronger. The average rates for these two weeks,
respectively, were 4.8708 and 4.8665; the corresponding
average index numbers were 66.9 and 59.1. In eleven of
the nineteen years the eleventh week was lower than the
seventh, in five it was higher, and in three it was the same.
The tendency for a decline in rates from the seventh
week to the eleventh is accordingly not a very strong one.
March is the only month of the year prior to August
that exhibits an average net importation of gold for the
period 1890-1908 (Chart XLII and pp. 149-150). The
respectively, occurred in the different months the following numbers
of times:
Imports.
Month.

January
February...
March
April
May
June
July
August
September..
October
November..
December..

Exports.

Second
Second
Highest. highest. Lowest. Second Highest. highest. Lowest. Second
lowest.
lowest.
0
2
1
1
4
8
11
12
4
0
0
0

Figures for amounts were taken from the Monthly Summary of Commerce and Finance of the United States (December, 1909, pp. 1024,
1220-1226).
The international trade in stocks and bonds are of course very important factors in determining exchange rates. There is, however, no
means of ascertaining the monthly volume of this trade. Cf. Conant,
Securities as a Means of Payment. Ann. Amer. Acad., XIV, pp. 181203.
a These conclusions are based upon Palgrave's figures, which give the
"proportion of average monthly discount rate to average annual rate,
fifty-six years [1845-1900] at Banks of England, France, [and] Germany
* * *.'' The average monthly figures are expressed in terms of index
numbers, the average for the fifty-six years 1845-1900 being taken as
100. Average index numbers for the Bank of England's discount rate
vary between 89 for July and 116 for November. (Palgrave, Bank
Rate, etc., pp. 83 and 136.)

SEASONAL DEMAND FO] J MONEY AND CAPITAL.

139

New York money market, it has been found (pp. 28-29), I in London falls rapidly, reaching its lowest level of the
tends to harden in March. Aside from the demand to year in June. The average rate for the eleventh week
meet quarterly settlements at the end of March, which is was 4.8665, and for the twenty-second was 4.8760; the
an important influence in the London market,® March is a corresponding average index numbers were 59.1 and 80.9,
moderately weak month in London. Bank reserves rule respectively. In thirteen of the nineteen years the
slightly above the average for the year, 6 and the Bank twenty-second week was higher than the eleventh, in
of England rate somewhat below the average.0 The three of which the index number was more than twice as
" reaction after Christmas, coupled with the comparative high; in three of the years the twenty-second week was
absence of visitors to London, causes the retail trade to lower, and in three the figures for the two weeks were the
be less active than in the second and fourth quarters.' 7d same (in each case being above 70). In four of the
From the latter part of March until the middle of June nineteen years the maximum rate for the year occurred
the demand for money in New York City relative to that I in the twenty-second week. There were four index numCHART XXXVI.

bers above 75 in the eleventh week as compared with
twelve in the twenty-second.
« As early as 1865 it was pointed out in the Economist (Oct. 14,1865),
that "there is a sort of tide in the cash transactions of the country
which periodically empties and periodically fills the bank till. At the
close of every quarter there is a strong outgoing current. The nonbanking classes then get their money. Salaries are paid, wages are paid,
small dividends are paid; each of these transactions is very minute,
but their aggregate mass is very large * * *. Little people are paid
in actual cash; they take so much from the bank till * * *. Speaking generally, the middle of each quarter is marked by an incoming
current toward the Bank, and the close of every quarter by an outgoing current from the Bank."
&Palgrave, p. 83.
c Ibid, p. 136.
d Interviews on the Banking and Currency Systems of England, etc.
Senate Doc. No. 405, 61st Cong., 2d Sess., pp. 15 and 16.




For all three of these months (April, May, and June) the
movement of gold is outward, the average net exportat i o n reaching their highest figures for the year in May and
June (Charts XLII and XLIII and pp. 150-151). These
months, especially May and June, are months of small
merchandise exports and of moderate imports (p. 138,
note). a The London market appears to ease up considerably at this time; the average index number (Palgrave) of proportion of reserve to liabilities was 96 for
April, 98 for May, and 104 for June. Bank of England
a A minor factor which tends to keep exchange high the latter part
of June is the practice described by Margraff. " There are many
bankers," he says, "not averse to having their foreign accounts show
a debit balance at various times throughout the half-yearly account
periods, and who, through a sentiment of pride and an implied

140

NATIONAL MONETARY COMMISSION.

discount rates rule low for April and June, and are about
average for May. a The money spent by American tourists, which runs into large sums, usually has to be settled for during spring and summer months, and this has
a tendency to cause higher exchange during this period
of the year.
The relative demand for money in New York, as compared with London, continues low through July though
advancing slightly, and then moves strongly upward in
response to crop-moving requirements until it reaches its
highest point in the year about the first week of October.
The average rate for the twenty-second week was 4.8760,
and for the fortieth week was 4.8538; the corresponding
average index numbers were 80.9 and 27.3. In eighteen
of the nineteen years the rate for the fortieth week was
lower than that for the twenty-second, in twelve of which
the index number was much less than half what it was
in the twenty-second week; in only one year (1890) was
the fortieth week higher than the twenty-second. I n
two of the nineteen years the minimum rate for the year
occurred in the fortieth week. Two index numbers of
the nineteen for the twenty-second week were below 60
as compared with eighteen for the fortieth week. By
August net gold movements are transformed from
exports to imports, and the months of September, October and November are normally months of heavy imports
of gold, the heaviest being in October. The low rates
during the latter part of this period are of course due to
the large quantities of bills offered which are drawn against
our great cereal and cotton exports. June, July, and
August are the months of smallest merchandise exports;
there is an increase in September, while October, November, and December are the months of largest exports.
Imports are low in July, August, and September, and
variable in the last three months of the year, tending to
be high during those months in recent years. 6 The exports, however, so much exceed the imports in the fall
and early winter, t h a t exchange falls to the lowest point
of the year about October, and gold moves in large
quantities to the United States.
These fall months are the months of what is commonly
known as the " a u t u m n a l pressure" or " a u t u m n a l
d r a i n " in the London money market. They are months
of heavy demand for cash for crop moving purposes in
England, on the Continent, in many of the British colonies, and in agricultural countries elsewhere. From July
request on the part of their European friends, always close their
accounts on June 30 and December 31 with a liberal cash credit balance created in most cases at the last moment by the purchase of cable
transfers.
"The demand for cable transfers through this source is sufficiently
large to induce some bankers to establish large credit balances with
their London friends during the months of June and December, thereby
placing themselves in a position to sell cable transfers on June 29 and
December 30 at the advanced prices then usually obtained."—Margraff, International Exchange, pp. 50 and 51.
a Palgrave, pp. 83 and 136.
& Cf. supra, p. 138, note.




to November both the bank rate of discount and t h e
market rate normally rise, a while October is the month,
of lowest reserves in the Bank of England during t h e
year. 6 The recent development in the use of finance
bills 6 by which funds are borrowed by American bankers,
in Europe, especially in London, in the summer, when,
exchange is high, to be paid back from the proceeds of the
cereal and cotton bills in the fall, have had an important
influence upon the sterling exchange market, tending
to level somewhat the seasonal variations.^ (Chart
X X X V I I and pp. 141-142.) The demands of the United
States are of course a very important cause of the autumnal pressure in England, but by no means the only
one, as the local needs and the demands of other countries*
upon London as the world's money market center, are
great in these autumn months. J u s t as we found t h e
South strong enough to draw large sums of money from
the ^Middle West in the months when the needs of t h e
Middle West were greatest (pp. 66, 67, and 110) so here
we find the United States drawing heavily on London,
when London's needs are greatest.
From the fore p a r t of October until the latter p a r t of
November the relative demand for money in the United
States declines somewhat, although continuing comparatively high, and from t h a t time on until the end of the
year it fluctuates considerably, increasing somewhat just
prior to the time of January 1 settlements. The average
exchange rate for the fortieth week was 4.8538, as compared with 4.8623 for the forty-seventh; the corresponding average index numbers were 27.3 and 49.5. I n
sixteen of the nineteen years the forty-seventh week was
higher than the fortieth, in ten of which the index number
was more than twice as high; in two of the years the fortyseventh week was the lower, and in one year the rates for
the two weeks were the same. I n the fifty-second week
the average rate was 4.8592, and the average index
number 45. The rate for the fifty-second week was
higher than that for the forty-seventh in seven years,
lower in nine years, and the same in three years. Almost
exactly half of the index numbers of rates for the six
weeks, forty-seventh to fifty-second, inclusive (1890—
1908), were below 50.
As previously mentioned, gold imports fall off very
decidedly in December (Chart X L I I and p . 149). By this
time the crop-moving demand has largely spent its force
in this country and the large importations of gold i n t a
the United States have exerted considerable influence
upon the money markets in both the United States and
England. Discount rates decline somewhat in December
in London,* and the Bank of England's reserves increase
«Cf. Jevons: Essays in Currency, etc., pp. 160 ff.; Palgrave: Bank
Rate, etc., pp. 136, 138, and 139; and Clare: A Money Market Primer*,
charts between pp. 140 and 141.
& Palgrave, p. 83.
cCf. Margraff: International Exchange (Chicago, 1904), chapter 6.
dCt infra, pp. 141-142.
« Palgrave, p. 136.

SEASONAL DEMAND FOR, MONEY AND CAPITAL.
t o the average figure for the year in November and
December.
THE INFLUENCE

OP F I N A N C E

BILLS.

(Chart XXXVII, Tables XIV and 13.)

Since the beginning of the present century there has
been a very great development of the use of finance bills
In New York City as a means of borrowing upon European
account. These bills " a r e drawn at thirty, sixty, or
ninety days' sight by American banking institutions upon
their European correspondents * * *. By far the
largest portion are drawn upon London * * *."
They " a r e usually covered by collateral security in the
form of stocks and / or bonds listed on the New York
Stock Exchange so that in case of need, the collateral
can be readily realized upon without sacrifice." 0 Finance
bills are drawn in considerable quantities during the two
or three months preceding the crop-moving demand
when exchange is usually high, with the expectation on
the part of American bankers of covering by means of
cereal and cotton bills in the fall at lower rates of exchange.
There appears to be a common opinion among bankers
t h a t the great development in the use of such bills during
the last eight or ten years has largely destroyed what was
previously considered the normal seasonal swing in sterling exchange. Nearly every banker whom the writer
consulted with reference to the matter of seasonal variations in sterling exchange emphasized this idea to a
greater or less degree. I t is shown by the following
quotation from a letter of a New York banker: " Y o u r
exchange charts are extremely interesting and show how
in the past foreign exchange rates have followed the price
of money, but apart from showing what has already
happened their usefulness is at an end owing to the entire
change which has come over the exchange market during
recent years. The raising of capital in Europe by means
of London credits has completely revolutionized exchange, which is affected now-a-days much more by the
drawings under these credits than by commercial conditions, and hence we frequently find in the Fall very high
rates ruling instead of the absolute reverse to which we
have been accustomed."
To test the truth of such opinions I have divided the
sterling exchange figures into two periods, one from 1890
to 1899, inclusive—years before finance bills had attained very great importance—and the other from 1900
t o 1908, inclusive—years in which they were used in
large and apparently increasing quantities. Of course,
the first period merges gradually into the second, there
having been no sharp line of division. The average
exchange rates and the average index numbers of exchange rates for these two periods, respectively, are shown
on Chart X X X V I I .




a Margraff, pp. 35 and 36.

141

A reference to the chart and to the figures upon which
it is based will show that the general seasonal movements
of the two periods are essentially the same, the chief
differences being, (1) the greater drop in February and
March in the latter period than in the former, (2) the
lower average rates throughout the year, especially
during the spring and summer in the latter period, (3)
and the less minor fluctuations in the curves for the latter
period. While the evidence therefore points clearly to a
"leveling down" tendency since the recent growth in
the use of finance bills, it does not appear to justify the
conclusion that the seasonal swing of previous years has
been destroyed. a
PARIS E X C H A N G E IN N E W YORK CITY.

(Chart XXXVIII and Tables XIV and 14.)

A comparison of the curves for seasonal variations in
Paris exchange with the reverse 5 curve (Curve " C " ) of
the index numbers for London exchange (Chart X X X V I )
will reveal a remarkable parallelism 0 in the movements
of the two exchanges. Such a parallelism was to be expected in view of the close dependence of the Paris
exchange rates in New York City on the sterling rates
which was referred to in the fore part of this chapter
(p. 146, and note b).
Paris exchange exhibits seven well-marked seasonal
movements as follows:
Throughout the month of January Paris exchange
tends downward. The average rate declined from 5.1817
in the first week to 5.1724 in the fifth. The corresponding
average index numbers were 48.2 and 27.7. I n every
one of the ten years the fifth week was lower than the
first, and in five of them the index number was less than
half. Discount rates at the Bank of France average
highest in January and November of any months in the
year.**
Paris exchange advances from about the 1st of February to the latter part of March. The average rate
advanced from 5.1724 in the fifth week to 5.1837 in the
eleventh. The corresponding average index numbers
were 27.7 and 50.7. I n eight of the ten years the eleventh week was higher than the fifth, in four of which
a In every one of the nine years 1900-1908 the rate was much lower
in the fortieth week than in the twenty-second. The maximum index
number in the fortieth week was 59.3, while the minimum in the
twenty-second week was 54.4; and eight of the nine index numbers
in the fortieth week were lower than the minimum of the twenty-second
week.
b Paris exchange being quoted in terms of francs to the dollar and
London exchange in terms of dollars to the pound, move in opposite
directions under like influences. For Paris exchange the index numbers of exchange rates and of the relative demand for money are obviously the same.
c A very close parallelism will also be observed between the movements of these curves and the curve of index numbers for interest
rates on four months' time paper.
dPalgrave, p. 136.




CHART XXXVII.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
the index number was more than four times as high;
in one year it was lower, and in one it was the same.
Average discount rates at the Bank of France are high
in February but lower than in January; they are moderate in March. a
From the latter part of March until the fore part of May
Paris exchange falls rapidly. The average rate fell from
5.1837 for the eleventh week to 5.1675 for the eighteenth.
The corresponding average index numbers were 50.7 and
17.6. I n eight of the ten years the rate was lower in the
eighteenth week than in the eleventh. Eight of the ten
index numbers for the eighteenth week were below 17,
as compared with two for the eleventh week; on the
other hand eight were above 25 (of which five were above

143

60) for the eleventh week, as compared with two (of
which the higher was 52.5) for the eighteenth week.
Average discount rates at the Bank of France fall in
March and April and are the same in May as for April,
the proportions for the fifty-six year period 1845-1900
being—February 104, March 101, April 98, and May 98. a
Paris exehange rules very low from the fore part of May
to the fore part of July. The average rate was 5.1675 for
the eighteenth week and 5.1683 for the twenty-seventh
week, the corresponding average index numbers being
17.6 and 20.3. Of the one hundred index numbers occurring between the eighteenth and the twenty-seventh
weeks, inclusive (for the ten years 1899-1908), sixtyeight were below 25. The index number (Palgrave) for

CHART XXXVIII.

average monthly discount rate at the Bank of France is
92 for June, and 89 for July, making July the month of
lowest discount rate in the year. a
The fifth period is the autumnal advance, extending
from the fore part of July to the fore part of October, when
the average rate reaches its highest point in the year.
The average rate advanced from 5.1683 for the twentyseventh week to 5.1908 for the thirty-ninth. The corresponding average index numbers were 20.3 and 68.5. In
every one of the ten years the thirty-ninth week was
higher than the twenty-seventh, and in seven of them the
index number was more than twice as high. The Pal-

grave index number of Bank of France discount rates was
96 for August and September and 103 for October.
Having reached its annual maximum about the 1st of
October the Paris rate declined to a lower b u t still moderately high level by about the first week of November.
The average rate declined from 5.1908 for the thirtyninth week to 5.1813 for the forty-fourth. The corresponding average index numbers were 68.5 and 44.5. I n
six of the ten years the forty-fourth week was lower than
the thirty-ninth, in five of which the index number was
less than half; in four years the forty-fourth week was
the higher, but in only one of these was the index num-

a Palgrave, p. 136.

a Palgrave, p. 136.




144

NATIONAL MONE1
DARY COMMISSION.

ber as much as twice as high. Six index numbers for the
thirty-ninth week were higher than the maximum index
number (77) for the forty-fourth week. The evidence
for a downward tendency from the thirty-ninth week to
the forty-fourth is obviously not so strong as that for
the other movements mentioned.
The moderately high level reached about the first
week of November is maintained until the end of the
year. Both average index numbers and average rates
were comparatively constant from the forty-fourth week
until the fifty-second week. For these two weeks, respectively, the average rates were 5.1813 and 5.1852,
and the average index numbers 44.5 and 49.9. Individual rates exhibited much irregularity during these
weeks. Forty-one of the ninety index numbers coming

in this period (for the ten years) were above 50, and the
others were 50 or below. Palgrave's index number for
Bank of France discount rate rises from 96 for September, to 103 for October, and 106 for November, and then
falls to 105 for December.**
EXCHANGE IN NEW YORK CITY ON BERLIN.

(Chart XXXIX and Tables XIV and 14.)

The last foreign-exchange rate to consider is that of
Germany. This "account is of great magnitude and it
follows that of the English Account in importance and
volume of business with the American banks * * *." 6
Even more than the French account it is dominated by
sterling exchange.

CHART XXXIX.

/
/ \

too

P*\
Seasonal

Yortoffone

\

1

fo

If

to

\ so

As Evidenced

\\

Exchonge fctte9 m New

\\
^ \

/

\ '* v
f

SO

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IN l\
i ! \

v

VJ

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^
fv\ v f l

9*o

/

n

y\

v .\
V\

i

\

i

\

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Index Numbers

of fxchonge

C

Index Numbers

of

1

tonfa

fohfh/e

1

s
JO
\lonuarn \f«6rtJOrt/\ tfOrch

l

1

is
flf,l

for

1

to
\ Mou

Money

i

1 June

i

2S
I

Ju/u

N

\

/ \
\

\ /
\ /

1

V
•V

f

w
V

/

.*?

I

ftot ts
Demand

I

II

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8

\

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20

6erfm

\

/

/
/
/

by

York Cifu on

\\

/T
/

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\

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10

GO

Re/offve
V

:a

_L August

AS

J Sepfembit\

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4-5
\/Vorem6er

io

\ December

•f«

Wtets
if
| Jor> t*»7/»l

week to 0.9493 for the tenth, the average index number
of rates varying during the same period from 50.5 for the
first week to 59.3 for the fourth. Fifty-two of the one
hundred and ten index numbers for this period (first
eleven weeks of each of the ten years 1899-1908) were
between 33 and 67, thus showing a tendency toward moderate rates at this period of the year.
From the fore part of March until the last of June the
demand for money in New York City relative to that in
< This period might be interpreted as the continuation of the one be*
Berlin falls off very rapidly, reaching the lowest point of
ginning in September. In view of the character of the index number

Four seasonal periods are shown by the Berlin exchange
chart for the variations in the relative demand for money
in New York City as compared with Berlin. The first
period extends from the beginning of the year to nearly
the middle of March.0 At this time the demand for money
in New York City relative to Berlin appears to be moderate. The average weekly exchange rate varies between
the first and eleventh week from 0.9503 for the fourth

we are using, however, it seems best to consider each year as a unit, beginning January 1 and ending December 31. Cf. pp. 13, 14, and 22.




a Palgrave, p. 136.

& Margraff, p. 130.

SEASONAL DEMAND FOI MONEY AND CAPITAL.
the year in the twenty-fifth week. The average rate of
exchange rose from 0.9493 for the tenth week to 0.9531
for the twenty-fifth week, the average index number rising at the same time from 51.7 to 90.1. In every year but
'one (1906, in which the difference was slight) the rate
was higher in the twenty-fifth week than in the tenth.
The lowest index number occurring in the twenty-fifth
wreek was 59.5 (1906), while there were seven in the tenth
week lower than this figure. Palgrave's index numbers 0
for the average discount rate of the Reichsbank were 94
for March, 94 for April, 96 for May, and 96 for June,
showing that the German money market at this period
of the year tends to be easy.
The relative demand for money in New York City, as
compared with Berlin, having reached its minimum for the
year the last of June, advances rapidly until early in September. The average rate declined from 0.9531 in the
twenty-fifth week to 0.9483 in the thirty-sixth. The
corresponding average index numbers were 90.1 and 48.8.
In every one of the ten years there was a decline from the
twenty-fifth week to the thirty-sixth, and in four of them
the index number for the thirty-sixth week was less than
half what it was in the twenty-fifth. The Palgrave index
number for average discount rates at the Reichsbank rose
from 96 for June to 97 for July, declined to 96 for August,
and then rose to 100 for September. 0
The Berlin exchange market during the last four
months of the year is very uncertain. From the first of
September until the end of the year the average index
numbers (of rates) remain about constant, exhibiting
only minor fluctuations. The average rates, on the other
hand fluctuate considerably at a moderately low level.
A reference to the figures for the individual years shows
no uniform tendency during the last four months of
the year. There were otie hundred and severity index
numbers occurring from the thirty-sixth to the fiftysecond weeks, inclusive, for the ten years, and of these
slightly over one-third were above 67, slightly over a
third were between 33 and 67, and a little less than a third
were below 37. A period in which the index numbers
are so widely scattered as this can only be characterized
as one of a very uncertain market.
The Palgrave index numbers for average discount rates
at the Reichsbank were 100 for September, 107 for
October, 109 for November, and 110 for December, 6
making December the maximum month of the year. c
« Palgrave, p . 136.
& I t is noteworthy that the Reichsbank's issue of notes beyond the
statutory limit have occurred almost exclusively about the beginning
of October or of January and that the " c o n t i n g e n t " note issue allowed
is increased materially on settlement days at the end of each quarter.
C. F . Dunbar, The Theory and History of Banking, p . 238; and article 2
of the German Imperial banking law of J u n e 1, 1909.
c Palgrave, p . 136.
16065°—11
10




145

IMPORTS A N D E X P O R T S OP GOLD.

(Charts X L I I and X L I I I .

Tables X V I I , X V I I I , 16 and 17.)

The discussion and charts concerning imports and
exports of gold will be found in the following chapter on
Seasonal Variations in the Supply of Money (pp. 149-152).
CHAPTER VI.—SEASONAL VARIATIONS IN THE MONEY
SUPPLY.

I n previous chapters we have considered seasonal variations in the relative demand for money and moneyed
capital in the different sections of the country, and
have compared the relative demand in the different sections with each other. The relative demand, or demand
relative to supply, has been the subject studied in all
cases. In this chapter we shall consider seasonal variations in the absolute (not relative) supply of money, with
the object of discovering to what extent, if any, the
supply of money in circulation varies during the seasons
in response to seasonal changes in the demand.
Inasmuch as the primary work of money is to serve
as a common medium of exchange, the supply of money
is obviously a quantity of two dimensions: (1) the
amount of money in circulation and (2) its rate of turnover.61 The same volume of exchange work is done by
$100 being exchanged against goods ten times as by
$1,000 being exchanged against goods once. I t is quite
probable that the rate of monetary turnoyer varies more
or less regularly during the seasons, and it seems reasonable to believe that the rate of turnover is greater in the
active harvest season than in the comparatively sluggish
summer months. On this point, however, we have no
information, and we shall be compelled to assume a constant rate of turnover throughout the year.
The expression umoney in circulation" is sometimes
used to cover all money outside of Federal Treasury vaults,
and sometimes to cover only such money exclusive of
bank reserves. I n view of the peculiar function of bank
reserves of serving as the basis for deposit currency or
check circulation, 6 it would be desirable in a study of this
kind to treat such money separately from that in active
circulation outside of banks. Unfortunately, however,
figures for bank reserves for the different months of the
year are not obtainable, and such a separation is impossible. Considerable evidence as to the seasonal variations of bank reserves will be found in the tables and
charts (chapters 2 and 3) showing these variations for
the cities of New York, Chicago, St. Louis, New Orleans,
a On the general subject of the rate of monetary turnover see Kemmerer: Money and Credit Instruments in their Relation to General
Prices, Book I, chapters 2 and 3, and Book I I , chapter 4; also Irving
Fisher: A Practical Method of Estimating the Velocity of Circulation of
Money. Journal of the Royal Statistical Association, September, 1909.
&Cf., Kemmerer: Money and Prices, p . 79.

NATIONAL MONETARY COMMISSION.

146

and San Francisco. Throughout this chapter the expression "money in circulation" is used to cover all money
outside of the Federal Treasury vaults, which is included
in the Government's figures for " money in circulation."
The various kinds of money in circulation in the United
States may be grouped under two headings, which, for
want of better names, we may designate as " presumably
elastic money" and upresumably inelastic money."
The latter class covers such money as United States notes,
Treasury notes of 1890 (of which only a few remain), and
silver (including silver certificates), nickel, and copper
coin—money whose amount in circulation is determined
directly by the Government. The former class covers
gold (including gold certificates) and national-bank notes,
kinds of money whose amounts in circulation are supposed
to vary more or less automatically according to the
demands of trade.
We shall consider, first, seasonal variations in the circulation of the "presumably elastic money," together with
the particular influences which directly affect the circulation of the two varieties of money coming under this
head; then we shall consider seasonal variations in the
circulation of the "presumably inelastic money;" and,
finally, seasonal variations in the total money in circulation with the influences which affect both constituent
classes indifferently.
PRESUMABLY ELASTIC MONEY.
GOLD AND GOLD CERTIFICATES.
(Charts X L - X L I I I , Tables X V - X V I I I , and 15-18.)

A cursory glance at Chart XL shows that the circulation of gold coin and gold certificates (taken together)
remains fairly constant from January to July, inclusive,
exhibiting only minor fluctuations, and then increases
rapidly until the end of the year. Inasmuch as a large
part of the period (1890-1908) under study has been
characterized by rapidly increasing gold production, the
normal thing to expect, in the absence of seasonal variations, would be a steady increase in the gold circulation
from January to December.**
Viewing the chart more closely, we observe the following seasonal movements:
a Cf. p . 22; also Kemmerer: Money and Prices, pp. 43-60.




T A B L E XV.—Seasonal variations in the amounts of various kinds of money
in circulation in the United States—Average figures, 1890-1908.a

Gold coin and
gold certificates.
Month.

January...
February..
March
April
May
June
July
August
September,
October....
November.
December.

National-bank
notes.

All other
money.

Total money.

Index
Index
Index
Index
Amount. num- Amount. num- Amount. num- Amount. number.
ber.
ber.
ber.
806.2
811.8
805.6
810.6
816.2
814.4
811.1
818.7
821.6
831.2
841.1
847.6

29.7
39.1
24.7
30.7
37.8
34.4
33.6
41.0
43.1
56.3
70.4
78.1

310.7
310.5
313.9
316.4
317.9
319.2
319.9
321.3
324.1
327.6
332.0
335.6

23.1
19.8
34.1
42.4
43.1
43.9
44.0
46.4
56.1
66.6
77.6
87.1

929.5
924.4
924.9
926.8
925.8
924.1
922.8
923.6
931.7
941.7
949.3
949.6

2,046.4
2,046.7
2,044.4
2,053.8
2,059.9
2,057.7
2,053.8
2,063.6
2,077.4
2,100.5
2,122.4
2,132.8

21.4
22.6
19.4
27.3
31.9
27.3
25.3
31.4
42.7
63.3
83.0

a Figures by months for the individual years 1890-1908 are given in Table 15 of the
Appendix (pp. 381-385).

The "gold circulation,"* which is low in January, increases slightly in February. For January the average
amount in circulation was $806,200,000 and for February
$811,800,000, the average index numbers for these two
months, respectively, being 29.7 and 39.1. In fourteen of
the nineteen years the gold circulation was larger in February than in January, the five exceptional years being
those of the panic and depression period of 1893-1897.
In seven different years the month of minimum gold circulation was January, while in only one year was it February.
T A B L E XVI.—Seasonal variations in the value of gold bullion deposited
at the United States mints and assay offices—Average figures for the
period 1890-1908.*

Month.

January..
February
March...
April
May
June

Average
amount.

$8,219,107
6,735,970
7,644,716
9,004,766
8,504,201
7,053,124

Average
index
number.
22.5
9.5
16.8
21.4
22.4
11.0

Month.

July
August
September.
October...
November.
December.

Average
amount.

I$ll,867,121
11,255,706
11,167,447
15,001,387
11,889,189
9,936,831

Average
index
number.
52.8
48.1
49.4
80.1
45.5
27.9

a This expression will be used to cover gold coin and gold certificates taken together.
& Figures by months for the individual years 1890-1908 are given in Table 16 of the
Appendix (p. 386).

Oct\

CHART XL.
c:

Months

:

/

*340

Y

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i7

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fi\-erage

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1

LJUJU L,C/ /// /co/c~>

Index Plumbers of Gold Coin and Cold

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fh'erage Index /vur/iDi zrs u/ /v U//UI/VI

Di J//J\

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SEASONAL

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3 CO

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a

VARIOUS KINDS OF MONEY
in

CIRCULATION

%30

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TI/£ UNITED STATED

j

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1

Money.

Average ft mounts of TOTAL AAo/ver

r

130

F-*——*- Average Index Numbers of ft It Other

2J00

t
1
1 j

Average Amounts of fit I Other Monet/.

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2010

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.
^ H ^ .

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to

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11-

Months



11

1

fan/A

(147)

CHART XLI.

\

so
SEASONAL

if

V/u?j/moNs.

vV

in the
YALUE OF GOLD BULLION

70

#/4.7

V

it

DEPOSITED

13.7 \

of the
UNITED STATES MINT AND ASSAY OFFICES.

\

mo-flos.

CO

li
ii

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ii
ii
ii
so

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11
11
11

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* Average Amounts

3

Average Index Numbers

»

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11

V

Deposited.

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\

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i

of Amounts

i

.

i

^

X

V

4
(148)

8.1

S

Deposited.
.

.

77

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SEASONAL DEMAND FOR MONEY AND CAPITAL.
A reference to Chart X L I shows that the bullion deposits at the United States mint and assay offices are less
in February than in January.

149

TABLE XVIII.—Seasonal variations in the relative demand for moneyr
as evidenced by weekly net imports and net exports of gold at New York
City, etc.—Continued.
[Amounts expressed in thousands of dollars.]

TABLE XVII.—Seasonal variations in the relative demand for money as
evidenced by monthly net imports and net exports of gold. Figures for
nineteen-year period 1890-1908.a
Month—Week.

[ A m o u n t s expressed in t h o u s a n d s of dollars.]

Total
excess of
imports.

Month.

Total
excess of
exports.

Average
index
number
of relative
demand
for
m o n e y fi

July—26

$32,747
13,408
$43,233

March

29,888
148,048
133,531

April
May
June
July

37,352
s

44 * 300
117,904
152,716
96,743
34,437

September

10,418
2,145

28

December

46.7
49.4

Aug.—31
32

60.0
48.4

33
34

31.8
31.3

Sept.—35

42.8
57.0

a Figures by months for the individual vears are given in Table 17 of the Appendix,
pp. 387-388.
b For method of computing index numbers see pp. 13-15,22.

TABLE XVIII.—Seasonal variations in the relative demand for money,
as evidenced by weekly net imports and net exports of gold at New York
City. Figures for ten-year period 1899-1908 A
[Amounts expressed in thousands of dollars.]

Total
excess
exports.

Month—Week.

Average
index
Total
number
excess of relative
imports. demand
for
m o n e y . t>

$612
2
3
4
Feb.—5
6
7
8
Mar.—9
10
11
12
Apr.—13
14
15
16
17

61 9
$2,167

t

3,892
10,221
12,474
8,335
1,712
1,337
3,047
2,987

1,922
3,358
1,712

63 7
60.3
54 7
54
53
62
62

955
1,229
967

61.8

1,704
2,129
12,204

59.8

11,258

55.2

1,248
1,457

62.8
62.9

3
9
8
7

58
59
64
63
64
61
58

1
5
4
9
1
3
9

62 8

12,687 j
13,767

56 1
54 6

May—18
19
20
21

15,093 I
15,214

53 5
52 5

17,655
19,448 1
12,381

48 6
55 3

9,981
28,239 i

40.8

57.7
53.7

$271
3,405
14,724
12,103
10,340
14,598
6,423
1,200

41
42
5,470

63.9
65.9
72.5
72.3
71.1
75.3
68.0
65.7
60.1

45

8,223

46
47

11,372
4,768

67.1
63.9
60 9

Dec—48

17,187

70 4

49
50
51
52

7,001

62 8

5,168

62.0
60 8

683
128

61 2

Chart X L I I shows that February is a month in which
there is no strong tendency either to gold imports or gold
exports; a the January net exports, however, average less
than those of February. 6 A third influence which affects
the gold circulation is that of subtreasury payments and
receipts, which will be considered later (pp. 155-159).
I n March the gold circulation normally declines somewhat, reaching at this time the lowest point in the year
as measured by average figures. The average circulation fell from $811,800,000 for February to $805,600,000
for March, the corresponding index numbers being 39.1
and 24.7. I n fifteen of the nineteen years the gold circulation was less in March than in February. There
were thirteen index numbers below 25 in March as compared with six in February, and there were four 0 in
March as compared with one in February.
Chart X L I shows that there is a tendency in March
toward a small increase over February in the bullion
deposited at mints and assay offices.

51 5

June—22

36

43
Nov.—44

53.7
55.1
62.5

2,504

37
38
39
Oct.—40

70.7
79.7
63.0
53.2

Average
index
number
Total
excess of relative
imports. demand
for
money.

$15,469

27
29
30

January
February

Total
excess
exports.

23
24
25

56 1

a Figures by months for the individual vears are given in Table 18 of the Appendix,
pp. 389-390.
b For method of computing index numbers see pp. 13-15,22.




o Cf. infra, pp. 150-151.
b In Table XVIII and Chart XLIII the figures by weeks for the
net imports and net exports of gold at New York City are shown for
the period 1899-1908. This Table and Chart are given merely as supplementary evidence to that afforded by Table XVII and Chart XLII,
and they are not further discussed in the report.

150

NATIONAL MONETARY COMMISSION.

March is the only month prior to August that shows a
net importation of gold for the period 1890-1908. For
the months of February there was a total net exportation of $13,408,000 and for the months of March a total
net importation of $43,233,000. The average index
number rose from 49.4 for February to 60 for March.
Despite the increasing deposits of bullion in March at
the mints and assay offices and the tendency for gold to
come into the country, the gold circulation appears to
decline, the reason apparently being the larger subtreasury holdings of money in March. (Chart XLV.)
The gold circulation increases again in April and May,
though the increase is comparatively small. The average
amount of gold in circulation rose from $805,600,000 in

March to $810,600,000 in April and $816,200,000 in May,
the average index numbers for these three months, respectively, being 24.7,30.7, and 37.8. In fourteen of the nineteen years the gold circulation for May was larger than
for March. In March there were thirteen index numbers
below 25, of which eight were below 10 and four were 0;
in May there were only six below 25, of which two were
below 10 and none were 0.
Deposits of gold bullion at the mints and assay offices,
though comparatively small in April and May, are larger
than in March.
The net imports of gold which were found to characterize the month of March become transformed to net exports in April. May was the month of largest net exports

CHART XLII.

during the nineteen years. For the nineteen months of
March there was a total net importation of $43,233,000,
and for the nineteen months of May a total net exportation of $148,048,000. The average index numbers for
these two months, respectively, were 60 and 31.8. In
seventeen of the nineteen years the index number for
May was less than for March, and in eleven of them it
was less than half. Seven of the nineteen zero index
numbers occurred in May.
June and July are characterized by slight decreases in
the gold circulation. The average amount fell from
$816,200,000 in May to $811,100,000 in July, the average
index number falling from 37.8 to 33.6. This decline is
not of much importance, for it is small in amount and occurred in only eleven of the nineteen years.




In June deposits of gold at the mints and assay offices
fall to the lowest figure in the year, and in July they rise
to a comparatively high figure.
Gold continues to move out of the country in large
quantities in June, but the exports fall off very much in
July. For the nineteen months of June the total net
exportation of gold amounted to $133,531,000, and for the
nineteen months of July it amounted to only $37,352,000.
The average index number for June was 31.3—the lowest
of any month—and for July was 42.8. In fourteen years
the index number for July was higher than that for June,
in eight of which it was more than twice as high.
From July to the end of the year the gold circulation
increases continually, the most pronounced increase being
in October and November. The average amount of gold




CHART XLIII.

(151)

152

NATIONAL MONETARY COMMISSION.

in circulation increased from $811,100,000 for July to
$847,600,000 for December, the average index number
increasing at the same time from 33.6 for July to 78.1 for
December. Clearly the month of maximum gold circulation is December. In fifteen of the nineteen years the
circulation for December was larger than for July. In
eleven years the maximum gold circulation for the year
occurred in December; in no year did it occur in July.
December had only two index numbers below 25, both of
which, however, were 0.
August, September, October, and November are
months of large deposits of gold bullion at the mints and
assay offices, and this is particularly true of October,
which is the month of largest deposits.
The question naturally arises, Are these large deposits
of bullion during the crop-moving season brought about
to any extent by the greater demand for moneyed capital
at that time and the resulting high-interest rates ? Do
these higher interest rates afford inducements to owners
of bullion to bring it to the mints and assay offices in
larger quantities at this time ? In answer to an inquiry
concerning this matter, Mr. Edward Brush, vice-president of the American Smelting and Refining Company,
writes:
" T h e receipts of gold at the Assay Office are, in my
opinion, regulated absolutely by the production, rather
than by the demand for gold. Many mines are not able
to ship during the winter, and others are unable to ship
during the spring. The result is that there is an accumulation of ore that comes into the smelting works and is
worked off during the early summer and is refined during
the months of August, September, and October. On the
other hand, the smelters are always short of men during
the summer which would result in reducing the output
of the refiners during the months of, say, November, December, and January. But, without going into particulars, or proving up particulars, it seems to me very plain
t h a t no one producing gold would hold it for market.
The price is fixed and the willingness on the part of the
Government to receive is constant. There is nothing to
induce anyone, therefore, to hold back gold from putting
it in the Assay Office, and the loss to principal and interest
would operate to induce every producer to put his gold
into the Assay Office as soon as it could be refined and
placed in marketable shape. At least the American
Smelting and Refining Company are always governed by
the above principles, and we deposited in the various
assay offices of the country our entire gold production
last year as soon as same was refined. As this production was in excess of 2,800,000 ounces, you will see that
it was a very large proportion of the total amount of
refinery bars deposited in the mints."
I t is certainly a fortunate coincidence that conditions
surrounding the production of gold are such that it comes
to the mints and assay offices in largest quantities in the
very month of the year in which it is needed most.




The last five months of the year are characterized by
net importations of gold, these importations being largest
in October, September, and November (in the order
named).
The nineteen months of October showed a total net
importation of $152,700,000 as compared with a total net
exportation of $133,500,000 for the nineteen months of
June. The average index number rose from 31.3 for
June to 79.7 for October. In eighteen of the nineteen
years the index number for October was higher than that
for June, in twelve of which it was more than twice as
high. The only year in which it was lower in October
than in June was 1895, and then the difference was
small—92.9 for June and 85.9 for October. Six of the
nineteen 100 occurred in October.
NATIONAL-BANK

NOTES.

(Charts XL and IV, Tables XV and 15.)

In most countries bank notes are expected to provide
the principal elastic element in the money supply. Issued
as they usually are against bank advances on commercial
paper, their circulation increases and decreases during the
seasons in response to the needs of commerce. W h a t is
the situation in the United States ?
The period from 1893 to 1908 being one of expanding
bank-note circulation,® it would be expected that in the
absence of purely seasonal variations the curve of national bank-note circulation would move upward from
the beginning of the year to the end of the year. Such
a movement is found. I n every year after 1893 b u t
1908 the bank-note circulation for December was substantially higher than for J a n u a r y ; in fact, in every
one of these years but 1908 the index number for December was more than five times as large as t h a t for January*
During 1890, 1891, and 1908 the circulation declined from
January to December.
Taking up the general seasonal movements in more
detail we find the following:
The circulation in January is relatively low, January
being the second lowest month in the year. For January
the average index number was 23.1 and the average circulation was $310,700,000. While the maximum circulation for the year occurred in January three times during
the nineteen years, the minimum occurred in January
seven times; fifteen of the January index numbers were
below 25, of which thirteen were below 10.
The circulation drops to the lowest figure for the year
in February. The average amount dropped slightly, i. e.,
from $310,700,000 to $310,500,000, the average index number falling from 23.1 in January to 19.8 in February. I n
eleven of the nineteen years the index number for February was below that of January. February has the same
number of index numbers below 25 as January, but has
only two above 75 as compared with January's four. The
« The years 1890 and 1891 were years of contracting national banknote circulation, while in 1892 the circulation remained fairly constant.

SEASONAL DEMAND FOR\ MONEY AND CAPITAL.
decline from January to February is not sufficiently pronounced or regular to be of much consequence.
From February to April the circulation increases. The
average amount in circulation rose from $310,500,000 in
February to $316,400,000 in April, the index number
rising at the same time from 19.8 to 42.4. In sixteen of
the nineteen years the April circulation was larger than
t h a t for February. April had five index numbers below
25, including three below 10, none of which were 0, while
February had fifteen below 25, including thirteen below 10,
six of which were 0. Here is a small increase in the banknote circulation occuring with considerable regularity at
the time of the spring increase in the demand for
moneyed capital. (Cf. Charts I, I I , and III.)
The moderate level of circulation reached in April continues through August with a very slight upward tendency.
The average amount in circulation increased slowly, from
$316,400,000 in April to $321,300,000 in August; the
average index number rising from 42.4 in April to 43.1 in
May, 43.9 in June, 44 in July, and 46.4 in August. In
ten of the nineteen years the circulation for August was
higher than for April and in nine it was lower. One April
index number and four August index numbers were above
75, while five April index numbers and six August index
numbers were below 25. The evidence accordingly points
to a fairly constant circulation at a moderate level for the
five months April to August.
From August to December there is a continuous and
substantial increase, December being clearly the month of
maximum circulation. The average index number advanced from 46.4 for August to 56.1 for September, 66.6
for October, 77.6 for November, and 87.1 for December.
From August to December the average amount in circulation increased from $321,300,000 to $335,600,000. The
maximum index number occuring in August was 96.5 and
there were only four August index numbers above 75; in
December there were fifteen index numbers above 90, of
which nine were 100. In sixteen of the nineteen years
the circulation for December was higher than for August.
The upward movement at this time is accordingly pronounced and regular.
The national bank-note circulation curves do not appear
to exhibit any considerable seasonal elasticity, i. e., rise
and fall according to the seasonal variations in the
demands of trade; it is noteworthy, however, that the
increase in the circulation, which takes place normally
from year to year, takes place largely in the fall and early
winter. Apparently banks intending to increase their
circulation postpone doing so until the crop-moving
season approaches, so that the year's normal increase
takes place principally during the latter part of the year. a
There is no evidence of contraction when the crop-moving
demands are over, the national bank-note elasticity being
(to use a rather inelegant expression) of the chewing-gum
a
Deposits of lawful money in the Treasury to retire national-bank
notes from circulation are generally greater during the first half year.
Cf. infra, p. 154.




153

variety. Here, however, as in the case of bullion deposited at the mints and assay offices (Chart X L I ) , it is
fortunate that the increase which normally does take
place each year takes place in the season when it is
needed most
PRESUMABLY INELASTIC MONEY.

(Chart XL, Tables XV and 15.)

This class of money, which is called on Chart X L
"all other money," is made up principally of United
States notes, silver dollars and silver certificates, subsidiary silver coin, minor coins of nickel and copper, and
a few treasury notes of 1890. Its principal seasonal
movements are as follows:
The circulation of other kinds of money in January is
moderate, the average index number being 40.2, the
highest of any month prior to September, and the average amount being $929,500,000, the highest amount prior
to September. January had three index numbers above
75 and seven below 25.
The circulation of other kinds of money declines in February to one of the lowest points of the year, the average
index number falling from 40.2 in January to 25.7 in
February—the second lowest index number in the year—
while the average amount declined from $929,500,000
to $924,400,000, the fourth lowest amount in the year.
I n fifteen of the nineteen years the circulation in February was lower than that in January. January had
seven index numbers below 25, of which five were
below 10, including one 0; while February had nine
below 25, of which seven were below 10, including six 0.
The evidence for a decline in February is accordingly
strong.
From February to April there is an increase in the circulation, the average index number rising from 25.7 to
35.4, and the average amount rising slightly, i. e., from
$924,400,000 to $926,800,000. I n fourteen of the nineteen years the circulation for April was larger than for
February. February had seven index numbers below 10,
of which six were 0; April had two below 10, of which one
was a 0. February and April each had one index number
above 75. As in the case of national-bank notes, there is
an increase in the circulation at the time of the spring
demand.
The circulation of "other kinds of money" declines
from April to July, the average index number falling
from 35.4 in April to 25 in July, giving July the smallest
average index number of any month in the year. The
average amount declined from $926,800,000 in April to
$922,800,000 in July. I n twelve of the nineteen years
the circulation in July was lower than that in April.
April had six index numbers below 25, of which two were
below 10, including one 0; July had eleven index numbers below 25, of which seven were below 10, including
five 0. There is accordingly fair evidence for a downward tendency from April to July.

NATIONAL MONETARY COMMISSION.

154

From July to the end of the year there is an upward
movement, which becomes pronounced after August, the
average index numbers increasing from 25 for July to
27.9 for August, 46.9 for September, 69.8 for October,
86.2 for November, and 86.8 for December. The average
amount in circulation increased steadily from $922,800,000
for July to $949,600,000 for December. I n sixteen of the
nineteen years the circulation for December was higher
than for July. December had fifteen index numbers
above 90, of which thirteen were 100; July had only one
index number above 75, which was 96.5. December had
two index numbers below 25, of which one was a 0; July
had eleven below 25, of which five were 0. The evidence
is accordingly strong for a fairly pronounced and a regular increase in the circulation of "other kinds of m o n e y "
from July to December. December clearly is the month
of maximum circulation.
There appears to be little evidence for any appreciable
elasticity in the circulation of the " other kinds of money."
As in the case of national-bank notes, which appear to be
even less elastic than " t h e presumably inelastic money,"
the year's normal increase (in response to the growth of
population and trade) takes place principally from August
to December. The fluctuations which take place from
January to August are due in large part to variations in
subtreasury holdings.
TOTAL MONEY IN CIRCULATION.
(Charts XL, XLIV, and XLV,« and Tables XV, XIX, 15, and 19.)

The seasonal variations in the three constituent elements of the total money in circulation (i. e., gold,
national-bank notes, and " o t h e r kinds of money") have
been analyzed, and some of the forces affecting them
have been considered. Our next topic is seasonal variation in the total monetary circulation. In addition to
the particular forces affecting the circulation of each of
the above kinds of money, there is one important force
which affects the circulation of all kinds, and that is cash
receipts and disbursements of the subtreasury offices.
These receipts and disbursements alternately lock up
and release large sums of money, while the government's
deposits in national banks and withdrawals from national
banks greatly affect the monetary circulation, and the
condition of the money market. Inasmuch as the decision with reference to the proportion of the federal funds
to be kept on deposit from time to time in national banks
and the proportion to be held in subtreasury vaults is
left to the discretion of the Secretary of the Treasury, and
as the policies of the different Secretaries of the Treasury
vary greatly, 6 any very regular seasonal tendencies in the
«There is an error in curve " C " on Chart XLV, the average amount
of federal funds in depositary banks for January (1890-1908) being
$73,000,000 as stated in Table XIX, and not $78,300,000 as plotted on
the Chart.
& Cf. Andrew, The Treasury and the Banks under Secretary Shaw,
Quart. Journ. Econ., XXI, pp. 519 ff.; and Dewey, Financial History
of the United States, pp. 417-418; also Annual Reports of the Secretary
of the Treasury for the years 1890-1908.




matter of subtreasury holdings and federal deposits in
national banks are not to be expected. The seasonal
variations in such deposits and subtreasury holdings are
more matters of personal judgment on the part of the
Secretary of the Treasury than of economic law. There
are at work, however, economic forces which tend to
bring about some regularity. Customs receipts, for
example, tend to be large in January, March, and
August. 0 The first half of the year being the less active
half, deposits of lawful money by national banks to
retire their circulating notes are generally greater in
amount for the months from January to July than for
the other months of the year. 6 Greater pressure for
large deposits of federal moneys in national banks is liable to be brought in the fall than in the spring or summer.
The purchase of United States bonds by the Government
in t h e o p e n m a r k e t a n d t h e a n t i c i p a t i n g of i n t e r e s t p a y 's Through the courtesy of Mr. C. D. Hilles, Assistant Secretary of
the Treasury, the writer has been furnished with a table showing the
customs receipts of the United States Government by months, from
July 1, 1890, to May 31, 1910. The figures, it is explained, were
made up from preliminary reports, and differ slightly from the annual
totals, which are compiled from completed returns. The seasonal
tendencies with reference to customs receipts may be seen from the
following facts based on these figures.
For the nineteen years, 1891-1909, the average customs receipts
by months were as follows:
January
,
$20,449,000
February
18, 749,000
March
20,619,000
April
18, 652,000
May
17,828,000
June
19,135,000
July
19, 753,000
August
20,099,000
September
19, 684,000
October
19,602,000
November
17, 722,000
December
18,532,000
The grouping of the highest, second highest, lowest, and second
lowest monthly receipts by months for the nineteen years is as follows:
Month.

Highest.

Second
highest.

Lowest.

Second
lowest.

January...
February..
March
April
May
June
July
August
September.
October....
November.
December..
Total

January, March, and August appear to be the months of largest
customs receipts, while May and November appear to be the months
of smallest receipts.
Similar figures are not obtainable for internal-revenue receipts.
& This statement is made on the authority of the Treasurer of the
United States.

SEASONAL DEMAND FOR MONEY AND CAPITAL.

155

CHART XLIV.
f
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Average flmounh afNef

Balance.

8

Average Index Numbers of Net Fa/once
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UNITED STATES GOVERNMENT.

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\ /?.

A
Q

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^ \ 5

i»^^

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MM

l<T4.o\

\\

/t
/

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\ \
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^
£

ments in the public debt are more liable to take place in
the fall when the crop-moving demands are being felt. a
Bearing these facts in mind we may proceed to the consideration of seasonal variations in the total money in
circulation.

i

.

1

m-s\

$

4

4

4

Monflk

Starting at a low level in January the circulation continues low through February and March. The average
circulations for these three months respectively, were
$2,046,400,000, $2,046,700,000, and $2,044,400,000, the
average index numbers being, respectively, 21.4, 22.6,
and 19.4. The index number for March was lower than
TABLE XIX.—Seasonal variations in the net balance of public moneys that for January in ten years and higher in nine years.
in Treasury offices of the United States and in federal depositary banks—A reference to the figures for the individual years will
Averagefiguresfor the period 1890-1908 fi
show that the tendency during these three months is for
the circulation to be relatively low and constant.
[Amounts expressed in millions of dollars.]
In January the Government's net balances average
lower than for any other month of the year. The averIn depositaryIn Treasury offices.
Total.
banks.
age January balance for the nineteen years (1890-1908)
Month.
was $184,300,000, and the average index number was 44.9.
Average Average Average Average Average Average
index
index
index
amount. number. amount. number. amount.
These aiverages, however, are made up of such widely
number.
varying figures for the individual years that one can
January...
hardly infer from them that there is any seasonal tend111.3
39.6
73.0
42.4
184.3
44.9
February..
115.9
44.4
72.3
44.1
188.2
49.4
ency toward low Treasury balances in January. Of the
March
123.3
59.9
71.7
43.2
195.0
63.8
19 January index numbers 8 were above 75 (including
April
122.1
56.9
72.3
43.9
194.4
62.2
May.
five 100) and 9 were below 25 (including seven 0).
119.6
46.4
70.8
44.9
190.4
51.5
June
127.5
69.5
66.3
24.0
193.8
65.0
The average net balance increased to $195,000,000 for
July
130.9
80.4
63.8
16.4
194.7
67.5
March, the average index number for March being 63.8.
August
126.8
68.8
63.7
25.8
190.5
51.4
Although the evidence does not point to a regular tendSeptember.
124.3
67.2
65.9
26.7
190.2
51.3
October....
116.9
52.3
70.9
34.0
187.8
49.5
ency to advance at this time, the March balance being
November.
111.8
39.8
74.4
40.0
186.2
45.4
higher than the January balance in nine years and lower
December.
111.2
37.6
76.4
43.3
187.6
50.1
in ten, it does point to a tendency for the balance to be
a This statement is made on the authority of the Treasurer of the United States.
relatively high in March. Fifteen of the March index
* Figures by months for the individual years 1890-1908 are given in Table 19 of the
>
Appendix (pp. 391-394).
numbers were above 25, of which 10 were above 75.




CHART XLV.

SEASONAL VARIATIONS
in the

NET BALANCE or PUBLIC
in

— °

s—

TREASURY OFFICES

JOO

Average Amounts In Treasuru Offices.

A—

MONEYS

Average Amounis in DeposifarLj

c~-

GOVERNMENT

-o Average index Numbers

and in
V

Amounts

in Treasuru

offhe
UNITED STATES

average index Numbers of

*J
1324\

Offices
Banks.

of Amounts

in DeposifarLj Banks.

k

FEDERftL DEFOSI TARY BAIv/cs.
1810-'1108.

i3&s\

•

I 80

V

60

\

./

ffS.S\

I'

i
4

SO

c

,
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40

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,

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^.-*'''*'

\

l

\

s

\

y

\
30

0
>B

/

tooA

13A

sss\

s

\
/

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20

t

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Xx

^

N

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7S.o\

— " "
^s''
^

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70S\

y*
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\A.

Wonlk.

.t

(156)




4

^ .. =t

I

_£_

*

\

\

1

4

\ ;fbM

SEASONAL DEMAND FO
Let us consider next the amounts of these federal funds
kept in Treasury offices and the amounts kept on deposit
in national banks during these three months.
The January balances in Treasury offices are comparatively low. For January the average index number was
39.6, the lowest of any month except December; the
average amount for January was $111,300,000, likewise
the lowest of any month except December. In January
there were five index numbers above 75, of which two
were 100, while there were seven below 25, of which six
were 0. The averages are thus made up of such extreme
and widely varying figures, that the evidence for low
balances in January can hardly be considered very strong
despite the low average figures for the month.
The evidence for an increase in the balances in Treasury
offices from February to March is more substantial. The
average index number advanced from 39.6 in January to
59.9 in March and the average balance from $111,300,000
to $123,300,000. In fourteen of the nineteen years the
figures for March were higher than those for January.
March had seventeen index numbers above 30 of which
nine were above 75. January had ten above 30 of which
five were above 75. Of January's nine index numbers
below 30 six were 0, of March's two below 30 the lower
was 6.7.
Average deposits of federal funds in depository banks
for January are moderately high, the average index number being 42.4 (the maximum for the year being 44.9 in
June, and the minimum being 16.4 in July). The average
amount for January is $73,000,000, which is the third
largest monthly average for the period. These averages
are, however, made up of such widely varying and extreme
figures that they have no value as evidence of a tendency
for moderately large deposits in January. In fact a study
of the January figures for individual years seems to warrant but one conclusion, i. e., that the relative amounts
of January deposits, as compared with those for other
months, show no uniformity whatever. In six of the
nineteen years the maximum deposits for the year were
in January, and in four years the minimum deposits were
in January. January had seven index numbers above
75 and eleven below 25. There was only one January
index number between 25 and 75. The only positive
conclusion, therefore, which the figures seem to justify
for January, is that it is a month of very high or very low
deposits as compared with the rest of the year.
The average index numbers for federal deposits in
national banks and the average amounts remain fairly
constant until the end of May, the average index numbers
for the first five months of the year being, respectively,
42.4, 44.1, 43.2, 43.9, and 44.9; and the average amounts
being (in millions) $73.0, $72.3, $71.7, $72.3, and $70.8.
W h a t has been said, however, in regard to the inconclusive
character of the evidence afforded by the "averages" for
January, applies also with considerable force to the
average figures for February, March, April, and May.
Of the nineteen February index numbers six were above




MONEY AND CAPITAL.

157

75 and eight were below 25, showing that the average
was made up largely of widely varying figures; for March
six of the index numbers were above 75 and nine were
below 25; for April five were above 75 and nine were
below 25, and for May four were above 75 and five were
below 25. With the exception of May, therefore, for
which the bulk of the index numbers are neither u h i g h "
(above 75) nor " l o w " (below 25), one can draw no inference in support of a seasonal tendency for these months.
There is an upward movement in the total circulation
from March to May, the average amount advancing from
$2,044,400,000 to $2,059,900,000 and the average index
number from 19.4 to 31.9. In fourteen of the nineteen
years the circulation for May was larger than that for
March. May had seven index numbers above 35, of which
five were above 50. March had three above 35, the lowest of which was 57.4. The tendency for the circulation
to increase at this time is accordingly moderate.
The average net balance of public moneys continues
high in April, but falls off somewhat in May. The average amount, which was $195,000,000 for March and
$194,400,000 for April, fell to $190,400,000 for May, the
average index numbers for the three months, respectively,
being 63.8, 62.2, and 51.5. For May the balance was
lower than for March in eleven of the nineteen years
and it was the same for the two months in one year. a
March had ten index numbers above 75, April had seven,
and May had four. The downward tendency in May is
therefore not a very pronounced one.
A small tendency to decline in April and May is shown
by the average figures for the net balance of public moneys
in Treasury offices. The average amount fell from
$123,300,000 in March, to $122,100,000 for April, and
$119,600,000 for May, the average index numbers for
these three months, respectively, being 59.9,56.9, and 46.4.
March had two index numbers below 25, neither of which
was 0, May had five below 25, four of which were 0.
Inasmuch as May was lower than March in twelve years
and higher in seven, such small changes in the averages
can not be considered of much significance.
The figures for federal balances in national banks in
April and May were discussed above.
From May to July the average amount of money in
circulation declines. The average circulation for May
was $2,059,900,000 and for July $2,053,800,000; the
average index number declined from 31.9 for May to 27.3
for June and to 25.3 for July. May had five index numbers below 20 and July had nine. This downward movement is not regular, inasmuch as the decline took place
in only ten of the nineteen years.
The average net balance of public moneys increases
from May to July. I t was $190,400,000 for May and
$194,700,000 for July; the average index number rising
from 51.5 for May to 65 for June and 67.5 for July.
a

I n May, 1904, the index number dropped to 56.1 from 92.5 in April,
largely as a result of a payment of $50,000,000 out of the Treasury on
account of the Panama Canal.

NATIONAL MONErTARY COMMISSION.

158

I n thirteen of the nineteen years the net balance was
higher in July than in May. Eleven index numbers
above 50 occurred in May, of which four were above 75,
as compared with fifteen occurring in July, of which nine
were above 75. The maximum balance for the year
occurred three times in July and not once in May. A
moderate tendency for an increase from May to July
therefore seems to be shown by the evidence.
The most pronounced advance during the year, shown
by the chart for Treasury holdings of cash, is from May to
July, July being clearly the month of maximum holdings.
For May the average index number was 46.4 and the
average amount was $119,600,000; for July the average
index number was 80.4 and the average amount was
$130,900,000. In sixteen of the nineteen years July was
higher than May. July had fourteen index numbers
above 75, of which five were 100; May had only three
above 75, the highest being 93.9. May, on the other hand,
had five index numbers below 25, of which four were 0,
while the lowest July index number was 24.4. The evidence is accordingly strong for large Treasury holdings of
cash in July.
Federal deposits in national banks show a pronounced
downward tendency from May to July in the average
figures, which is substantiated by a study of the individual years. The average index number of federal
deposits in national banks declined from 44.9 in May to
24.0 in June and to 16.4 in July; the corresponding average amounts were, respectively, $70,800,000, $66,300,000,
and $63,800,000. The July average index number is by
far the lowest for the year. I n sixteen of the nineteen
years the June balances were lower than the May balances, in fifteen years the July balances were lower than
the May balances, and in twelve years the July balances
were lower than the June balances. May had four index
numbers above 75 and five below 25, June had one above
75 and nine below 25, July had none above 75 and fourteen below 25. We may therefore conclude that there is
strong evidence for a decline in June and July to the
lowest point in the year.
I t appears therefore to have been the policy of the
Treasury Department during these months of high balances, to accumulate cash in the subtreasury offices and
to keep down the deposits in national banks. The summer months we have found to be the months in which
the public's demand for money is smallest; they are
months, moreover, during which the existence of superfluous cash in the New York b a n k s 0 and the consequent
low interest rates 6 are liable to lead to excessive speculation. 0
The total monetary circulation increases from July to
December. For July the average circulation was
$2,053,800,000 and for December it was $2,132,800,000.
The average index number rose from 25.3 for July to
a Cf. Chart IV.
& Cf. Charts I, II, and III, and p. 29.
cCf. Charts LII to LXXIX, and pp. 213-215.




88.8 for December, each month of the period showing an
increase over the month preceding. I n seventeen of the
nineteen years the circulation in December was larger
than in July. The highest index number in July was
73.5 and there were only three index numbers in July
above 50. For December only two of the index numbers
were below 80, while the maximum circulation of the
year was found in December in fourteen of the nineteen
years.
The net balance of public moneys as evidenced by
average monthly figures declines from July to the end of
the year, with the exception of a small advance in December which is of little importance, for there was an increase in December over November in only ten of the nineteen years. Comparing July with November, we find t h a t
the average balance fell from $194,700,000 to $186,200,000
and the average index number from 67.5 to 45.4, a decline
taking place each month from the month preceding. I n
thirteen of the nineteen years the net balance was lower
in November than in July. July had fifteen index numbers above 50, of which nine were above 75 (including
three 100); November had nine index numbers above 50,
of which six were above 75 (including one 100). J u l y
had two below 25, neither of which was a 0, while November had eight below 25, two of which were 0. The tendency for the net balance of public moneys to decrease
during the second half of the year is therefore only a
moderate one. The Treasurer of the United States
writes t h a t " t h e deposits of the ordinary revenues of the
government generally are greater in the months from
January to July than in the other months of the year,
while the expenditures are less," t h a t for the period 18901908 " t h e proceeds of bond sales were deposited in the
Treasury oftener in the months from February to J u l y
than in the other months of the y e a r " and " t h e deposits
of lawful money by national banks to retire their circulating notes are generally greater in amount for the
months from January to July than in other months of
the year." These deposits are covered into the Treasury
as a "miscellaneous receipt."
The average net balance of public moneys in treasury
offices which reaches its maximum in July, falls continuously from t h a t month to December, the greatest declines
taking place in October and November—the two heaviest
crop-moving months. This decline in the average net
balance took place in every month from the month preceding. The average balance fell from $130,900,000 for
July to $111,200,000 for December, the average index
number falling from 80.4 to 37.6. Both as regards
average index numbers and average amounts the decline
from July to December is a decline from the maximum
pf the year to the minimum. I n fifteen of the nineteen
years December was lower than July. July had fourteen
index numbers above 75 and one below 25; December
had four above 75 and nine below 25. I n no year were
the minimum holdings for the year found in July, while
in five years they were found in December. Of the fifty-

SEASONAL DEMAND FOR MONEY AND CAPITAL.
seven monthly index numbers occurring in the three
months June, July, and August of the nineteen years,
fifty-one (including seven 100) were above 50, and of the
thirty-eight occurring in November and December
twenty-two (including eight 0) were below 50. The evidence for a decline from July to December, and for relatively low holdings in December, is accordingly strong.
Beginning with August there is a continuous advance
to the end of the year in the average amounts of federal
public moneys on deposit in national banks. The
average amount, which was $63,800,000 for July and
$63,700,000 for August, rose each month thereafter until
it reached $76,400,000 for December, the average index
number rose from 16.4 for July to 43.3 for December.
While the average figures (amounts and index numbers)
advanced in October, November, and December, they were
made up of widely varying individual figures. The first
fact that strikes one in studying the annual figures for
these three months is that the period (1890-1908) seems
to divide itself into two parts; the first from 1890 to 1896,
inclusive, and the second from 1897 to 1908, inclusive.
During the first period the deposits for October, November, and December were very small except in the panic
period of 1893. Exclusive of the year 1893, the maximum
index number for October, November, and December, for
the period 1890 to 1896, inclusive, was 15. Those
eighteen months (again excluding 1893) had thirteen
index numbers below 5, of which seven were 0. During
this period we may conclude therefore that the relative
deposits for October, November, and December were
very low. From 1897 to 1908, while there were considerable variations from year to year, the evidence
points clearly to relatively high deposits in October,
November, and December, with the maximum in December. The average index numbers for these twelve years,
for October, November, and December, respectively, were
43, 54.2, and 63. October had four index numbers
above 75 (of which none were 100) and five below 25;
November had six above 75, of which five (including one
100) were above 90, it had four below 25, of which three
(including one 0) were below 5; December had seven
index numbers (including six 100) above 75, and three
(comprising two 0 and one 0.5) below 25. During the
twelve-year period 1897-1908, in every year the October
index number was higher than the September one; in
eight years the November index number was higher than
the October one, and in eight years the December index
number was higher than t h a t for November. We may
therefore conclude that for the period 1897 to 1908,
inclusive, the evidence points to relatively high and increasing deposits for the last three months of the year.
I t appears to have been the policy of the Treasury
Department during these latter months of the year to
aid the banks in meeting the crop-moving demand by




159

decreasing subtreasury holdings and increasing deposits
in national banks. a
I t must be concluded, therefore, that both our " presumably elastic money" (gold and national-bank notes)
and our " presumably inelastic money" (all other kinds
of money) show little evidence of seasonal elasticity except
for the fact that the year's normal increase for all of them
takes place primarily in the fall and early winter when it is
needed most. None of them exhibit any considerable
capacity to contract during the slack months of the year.
Of the three, gold is the most elastic and national-bank
notes the least, showing even less capacity to contract
than the " presumably inelastic money."
CHAPTER VII.—SEASONAL VARIATIONS IN THE CIRCULATION OF DEPOSIT CURRENCY.

In the last chapter seasonal variations in the amount
of money in circulation were considered; in the present
one the subject to be investigated is seasonal variations
in the circulation of deposit currency, or in the check
circulation. The investigations of 1896 h and of 1909,c
by Prof. David Kinley, show that during the period 18901908, covered by our study, something like 75 to 85 per
cent of the country's business was conducted by means
of checks. A large percentage d of the checks drawn
passes through the clearing houses of the country, and the
best evidence of seasonal variations in the circulation of
deposit currency is probably to be found in the figures
for bank clearings reported by the various clearing houses
of the country. While the percentage of checks used
which passes through the clearing houses probably changes
from time to time, and while it seems reasonable to expect that as our credit mechanism becomes perfected a
larger percentage passes through the clearing houses, we
have no satisfactory evidence upon this point. Such
changes, if they are taking place, probably amount to
little in the course of a single year, and I see no reason
to believe that there is any seasonal variation in the proo As early as 1890 the Commercial and Financial Chronicle said,
editorially (LI, p. 764): "We doubt very much the wisdom of the
treasury holding a reserve fund to disburse at odd intervals when the
banks need it; we think the influence of such a resource is not favorable
to a conservative bank management. The time was when our banks
provided beforehand for the fall trade, and so trimmed their sails, if we
may be permitted to use the expression, through the summer months
as to await a storm, by preparing themselves for the crop demand.
Of late years they have looked to the Treasury wholly, and have gone
through the summer trenching on their reserves regardless of any
increased drain sure to come later."
& Report of the Secretary of the Treasury, 1896, pp. 453-494; Kinley,
Credit Instruments in Business Transactions, in Journ. Pol. Econ.,
V, p. 172; Kinley, Money, pp. 44, 108-114; and Kemmerer, Money
and Prices, pp. 106, 107.
c Kinley, The Use of Credit Instruments in Payments in the United
States (Senate Doc. No. 399, 61st Cong., 2d sess., pp. 196-219).
& Cf. Kemmerer, Money, etc., pp. 117-119.

160

NATIONAL MONETARY COMMISSION.

portion of checks used which passes through the clearing
houses. I t is probably safe to assume in a study of this
kind that the proportion is fairly constant from month
to month, and that taking each year as a unit the clearings are a reasonable criterion of the seasonal fluctuations in the circulation of deposit currency. They will be
so interpreted in this chapter.

The weekly clearings as given by the Commercial and
Financial Chronicle for the nineteen years 1890-1908
have been compiled for the cities of New York, Chicago,
St. Louis, New Orleans, and San Francisco, and for the
United States as a whole. Figures for amounts and for
index numbers are given in the tables and charts of this
chapter.

CHART XLVI.

The different cities, beginning with New York, will be
taken up in the customary order, moving from the East
to the West, and the figures for the United States as a
whole will be considered last.
What then is the evidence concerning a more or less
regular seasonal swing in the circulation of deposit currency, and do the seasonal movements in this circulation
correspond to any degree to the seasonal movements in




the relative demand for loanable capital discussed in
chapters 2 and 3?
N E W Y O R K CITY.

(Charts XLVI and I-V, Tables XX and 20.)

Ignoring minor fluctuations, we observe the following
general seasonal movements in the circulation of deposit
currency in New York City:

SEASONAL DEMAND FOR MONEY AND CAPITAL.
TABLE XX.—Seasonal variations in the weekly clearings of the United States and of certain representative cities.

161

Average figures, 1890-1908.a

[ A m o u n t s expressed in millions of dollars.]
Continental
United States.

New York.

Chicago.

St. L o u i s .

N e w Orleans.

San Francisco.

M o n t h a n d week.
Average
amount.

Jan.—

i . l

979.2
947.9
802.0
'.4
740.1
652.6
520.1
1

Feb.~

Mar.—

9.
10.
11.
12.
Apr.— 1 3 .
I 14.
15.
16.
17.
May— 1 8 . .
19.
20.

746.1
785. 6
667.6
670.7
824.0
793.4
793.0
761.0
015.0
860.5
:.2
644.7
506.8
728.7
627.9
582.1
681.1
651.2
721.8
657.1
530.8
594.7
517.6
561.9
508.7
543.1
473.3
.5
722.3
691.0
917.5
814.1
873.9
856.9
7

21.
June—22..
23..
24.
25.
July— 26..
27.
28.
29.
30.
Aug.—31..
32..
33..
34..
Sept.—35..
36..
37..
38..
39..
Oct.— 4 0 . .
41..
42 .
43 .
Nov.— 4 4 .
45.
46.
47.
D e c - -48.
49.
50.
51.
52.

788.5
053.1
885.2
783.3
004.2
961.6
922.2
631.8

Average
index
number.

Average
amount.

5 64.8
5 62.5
6 58.3
5 44.2
6 52.8
5 39.6
5 33.0
619.1
6 55.3
6 40.8
6 43.2
32.3
34.4
50.7
46.1
48.3
44.5
70.8
54.9
50.2
34.7
22.1
42.9
34.8
28.7
40.7
36.3
41.1
32.3
21.6
30.2
21.9
26.1
21.2
26.3
19.2
40.6
45.6
39.7
65.1
53.5
57.6
55.2
61.6
52.1
76.6
58.6
51.3
72.3
68.8
64.3
35.0

6 1,237.5
6 1,253.6
6 1,224.7
6 1,140.0
61,190.5
6 1,084.1
6 1,004.8
6 944.0
5 1,165.7
6 1,067.9
6 1,119.7
1,042.3
1,051.4
1,135. 4
1,119.0
1.123.5
1.107.6
1,283.3
1,175. 4
1,123.4
1,011.8
908.1
1,039.4
967.8
938.7
1,013.9
991.5
1,034.6
970.2
924.6
962.7
910.6
948.0
931.1
956.8
880.7
1,033.6
1,058.7
1,066.1
1,135.2
1,094.1
1,132.3
1,144.0
1.140.7
1,077.6
1,283.9
1,177.0
1,107. 7
1,191.3
1,222.4
1,202.1
1,015.3

Average
index
number.

6 60.8
6 59.6
6 54.4
5 44.0
6 52.5
ft 38.4
6 32.1
6 22.6
6 51.5
6 38.2
6 42.7
33.1
35.5
48.0
42.9
46.7
43.3
67.3
52.7
#.0
34.1
21.4
37.9
31.1
25.8
35.4
33.1
35.6
26.6
21.1
27.9
20.8
25.9
23.9
29.0
19.2
38.6
44.3
36.9
59.0
46.4
49.6
50.1
54.2
45.3
65.7
55.6
48.1
65.2
63.5

Average
amount.

Average
index
number.

Average
amount.

Average
index
number.

Average
amount.

136.4
137.9
135.9
126.1
129.6
126.6
125. 4
115.3
148.0
139.7
133.7
126.4
127.8
133.4
132.8
136.1
135.1
157.6
143.4
140.0
130.7
124.4
142.6
135.1
132.4
132.5
133.2
138.6
130.9
124.7
130.2
125.4
126.2
123.1
125.8
125.9
133.5
136.4
136.5
149.6
143.7
146.4
148.0
146.8
140.5
151.6
140.7
134.4
154.9
145.7
145.3
125.7

49.3
49.9
44.5
27.8
34.3
29.6
28.2
11.9
63.0
48.5
40.4
28.3
31.6
40.3
40.1
46.1
44.6
82.6
60.0
53.0
38.4
29.6
58.1
45.7
40.8
42.3
42.7
49.6
36.3
27.4
38.6
29.9
31.2
26.7
31.9
31.9
43.2
46.3
46.3
69.1
59.3
62.8
56.2
66.3
55.9
74.9
56.2
48.1
80.1
64.3
62.8
31.1

39.4
40.0
39.5
36.4
36.4
36.4
36.8
32.4
38.0
38.1
36.9
35.2
33.8
36.4
39.3
37.9
34.2
38.6
38.6
38.8
35.2
33.7
38.3
37.0
34.9
33.6
34.0
38.2
35.8
32.4
33.8
34.3
34.8
32.3
32.2
35.9
36.8
35.2
34.8
38.5
39.7
40.2
37.7
37.7
39.0
42.7
39.0
36.4
42.6
41.3
39.4
34.8

62.1
65.1
62.4
41.9
44.0
45.2
45.6
18.8
52.1
52.9
45.3
33.9
25.7
45.0
61.5
52.1
32.6
59.6
57.5
55.4
34.8
27.2
54.8
49.7
33.4
28.2
29.8
53.8
41.0
21.3
32.3
34.8
34.5
20.1
22.6
42.6
48.6
37.9
33.5
56.6
64.4
64.5
49.6
51.5
62.1
81.6
58.4
46.9
82.2
73.4
63.1
33.4

15.8
16.8
16.4
15.5
15.7
14.9
13.4
12.0
13.9
13.0
12.8
11.9
10.9
11.3
11.6
11.3
10.5
11.2
11.0
10.5
10.0
9.3
10.4
10.2

9.9
9.8
9.3
8.5
8.5
8.1
8.4
8.3
8.1
8.0
9.4
10.1
10.3
11.8
12.8
13.8
13.7
13.4
15.6
16.7
15.6
16.9
18.0
17.8
17.3
14.8

I
a F i g u r e s b y weeks for t h e i n d i v i d u a l years 1890-1908 are given in T a b l e 20 of t h e A p p e n d i x ( p p . 394-412).
6 T h i s average covers o n l y eighteen y e a r s .
c O n C h a r t L t h e i n d e x n u m b e r for t h i s week is incorrectly p l o t t e d t w o p o i n t s too low.
d O n C h a r t X L I X t h e i n d e x n u m b e r for t h i s w e e k is incorrectly p l o t t e d as 71.2 i n s t e a d of 74.4.

16065°—II-




-11

Average
index
number.
68.2
75.6
75.5
64.9
62.8
56.2
48.7
37.5
53.4
46.6
43.6
35.8
29.8
33.0
35.5
33.5
26.5
32.4
30.5
26.6
22.4
17.5
23.4
23.0
20.9
17.3
18.9
19.2
16.6
10.2
10.2
7.0
9.1
8.7
6.0
6.6
16.9
22.7
24.4
35.5
43.2
52.3
51.3
48.0
66.4
<*74.4
66.6
75.7
84.0
83.2
79.8

Average
amount.

22.3
22.6
22.1
20.3
22.2
20.8
22.7
18.3
25.1
22.8
23.1
19.4
22.3
22.5
23.4
6 21.7
6 20.7
6 22.9
6 21.3
6 22.0
19.4
19.9
21.1
21.7
19.4
20.7
20.0
23.1
22.1
21.2
22.6
21.6
24.0
20.8
23.9
20.9
24.1
23.7
23.8
26.1
25.8
25.2
23.5
26.0
23.5
27.4
22.8
23.8
24.3
24.3
22.5
19.9

Average
index
number.

44.6
48.8
42.2
27.3
43.4
33.0
47.7
13.5
63.7
46.2
48.4
21.4
45.7
44.1
53.2
6 45.3
6 42.1
660.0
6 47.6
6 51.2
25.0
32.2
40.0
44.3
23.4
35.7
27.6
51.8
42.5
37.4
50.2
39.2
58.4
32.6
58.5
35.6
62.6
C53.6
57.4
c72.8
68.4
66.3
54.3
74.8
55.9
85.1
49.6
61.1
61.3
62.3
45.5
31.1

162

NATIONAL MONErTARY COMMISSION.

January and February show a sharp decline, which is
temporarily interrupted in the fifth week by the usual
11
1st of the month " advance,® the last of February (eighth
week), being the lowest of any period of the year except
the summer (twenty-second to thirty-sixth weeks). The
average clearings fell from $1,237,500,000 for the first
week to $944,000,000 for the eighth, the average index
number falling at the same time from 60.8 to 22.6. I n
every year but one (i. e., 1899, in which the difference
was very slight) the clearings were smaller in the eighth
week than in the first.6 I n the first week there were
twelve index numbers above 50, including four above 75;
in the eighth week there were only two above 50, of which
none were above 75. The first week had one index number below 25 (i. e., 23.3 in 1908), as compared with nine
for the eighth week, of which five were 0. A decline in
the clearings from the first week to the eighth is therefore
both pronounced and regular in its occurrence.
This decline is an evidence of the adjustment of the
deposit circulation to business demands. A reference to
the various charts for the New York money market will
show that January and February are normally months
of declining and low demand for moneyed capitals Here,
then, is our first evidence of an important contracting
power in the circulating media at a time when contraction is desirable.
The second movement to note is pronounced and regular in its occurrence but of minor importance because
very temporary in character. I t is the great advance,
apparently due to the demand for March 1 settlements,
in the ninth week.** Average clearings rose from $944,000,000 for the eighth week to $1,165,700,000 for the
ninth week, the average index number rising at the same
time from 22.6 to 51.5. I n every one of the eighteen 6
years the clearings were larger in the ninth week than in
the eighth.
Call interest rates move upward from the seventh to
the eleventh week.
From the first of March until the middle of May the
circulation of deposit currency fluctuates considerably at a
•
a

First of the month settlements of wages, salaries, store accounts,
dividends, interest, etc., tend to make clearings increase considerably
the first week of each month, and this increase is liable to be especially
important at the time of quarterly and semiannual settlements. Cf.
supra, p. 28.
& Satisfactory figures are not available for 1892. Cf. p. 396, note c.
c Cf. Charts I-V and the discussions concerning them.
^On March 1 settlements of farmers, for annual rentals of farms,
and for interest and installments of principal on farm mortgages, are
liable to be made in many sections of the country, particularly in the
Middle West. Dividends are payable about the first week of March
on a number of important stocks, as for example, Baltimore and Ohio,
common and preferred; Illinois Central; United States Steel, preferred; American Tobacco, common; American Cotton Oil, common;
Amalgamated Copper; Pressed Steel Car; United Cigars; American
Telegraph and Cable. Cf., Commercial and Financial Chronicle, Feb.
25, 1908, p. 459, for a list of stocks upon which dividends are payable
about this time. Cf. infra pp. 163-165.
« Satisfactory figures are not available for this period in 1892.




moderate level, the average index numbers of clearings
varying between 33.1 (twelfth week) and 67.3 (eighteenth
week), and being largely between 40 and 50. Of the two
hundred and twenty-five index numbers for the individual years (1890-1908) between the ninth and twentieth
weeks, inclusive, one hundred and sixteen were between
33 and 67. The clearings of the twelfth week were
lower than those of the ninth in thirteen of the eighteen
years," while those of the eighteenth week were higher
than those of the twelfth in eighteen of the nineteen years, the exceptional year being 1907. The sharp
advance in the eighteenth week is apparently in response
to May 1 settlements.
This period from the first of March to the middle of May
is one of moderately high interest rates and of comparatively low bank reserves.
The evidence accordingly points to an adjustment of
the circulation of deposit currency in New York City to
meet the needs of the moderately active money marftet
which ordinarily characterizes the spring months.
Beginning about the middle of May (nineteenth week)
there is a very pronounced and regular decline in the circulation of deposit currency extending until the 1st of
June (twenty-second week), at which time the low level
of the summer months is reached, and this continues, with
minor fluctuations, until early in September. The aver- *
age clearings fell from $1,283,300,000 for the eighteenth
week to $908,100,000 for the twenty-second week, the
average index number falling at the same time from 67.3
to 21.4. The clearings of the twenty-second week were
less than those of the eighteenth week in every year but
one (i. e., 1903). Fourteen of the nineteen index numbers
in the eighteenth week were above 50, of which eight were
above 75, while only one in the twenty-second week was
above 50 (i. e., 68.4 in 1903); fourteen index numbers in
the twenty-second week, on the other hand, were lower
than the minimum of the eighteenth week (i. e., 28.9).
From the twenty-second week to the thirty-sixth the
average figures (amounts and index numbers) exhibit only
minor fluctuations at a low level. Of the two hundred
and eighty-five index numbers occurring in the period
from the twenty-second to the thirty-sixth week, inclusive (for the nineteen years), two hundred and fifty-five
were below 50, of which one hundred and eighty-one were
below 34, and of these one hundred and six were below 20.
Here again is an adjustment of the deposit circulation
to the slack trade demands of the summer months.
The next movement to note is the autumnal advance,
which begins the fore part of September and reaches a
high level about a month later. Average clearings rose
from $880,700,000 for the thirty-sixth week to
$1,135,200,000 for the fortieth, the average index number rising at the same time from 19.2 to 59. I n every
year but one (i. e., 1908, in which the difference was
o Satisfactory figures are not available for this period in 1892.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
slight) the clearings were much higher in the fortieth
week than in the thirty-sixth. The thirty-sixth week
had one index number above 50 (i. e., 55.8 in 1897),
while the fortieth week had fourteen, of which four were
above 75; the thirty-sixth week, on the other hand, had
thirteen index numbers below 25, of which two were 0,
while the fortieth week had only one below 25 (i. e., 16.9,
in 1901). A strong and regularly occurring upward
movement in the clearings at this time is accordingly
shown by the evidence.
From the fore part of October until the end of the
year the average clearings fluctuate considerably at a
high level, the forty-sixth week (about the middle of
November) and the second and third weeks in December
being the weeks of highest clearings." Probably because
of the holidays the clearings for the last week in the year
are low. Of the two hundred and twenty-eight index
numbers occurring from the fortieth to the fifty-first
weeks inclusive (for the nineteen years) one hundred and
thirty were above 50, of which seventy-five were above
67 and of these twenty-five were above 85. This increase in the circulation of deposit currency for New
York City corresponds closely with the movements in the
relative demand for moneyed capital as shown by interest
rates and bank reserves.
The evidence offered by seasonal variations in the
clearings for New York City therefore seems to justify
the conclusion that deposit currency possesses for New
York City a very high degree of elasticity, expanding and
contracting with the increase and decrease in the relative
demand for loanable capital.
CHICAGO.

Charts XLVII, VI, VII, and Tables XX, V, and 20.)

Moving westward the next city to consider is Chicago.
As might be expected the seasonal movements of the
clearings for Chicago are very similar to those for New
York City. A like parallelism, it will be remembered,
was found for the figures of bank reserves for the two
cities (pp. 30-35).
The first movement to observe is the usual decline at
the beginning of the year. Average clearings fell from
$137,900,000 for the second week to $115,300,000 for
the eighth, the average index number falling at the same
time from 49.9 to 11.9. There was the usual temporary
rise at the beginning of February. I n every one of the
nineteen years the clearings were much smaller for the
eighth week than for the second. Only two index numbers for the second week were below 25 (the lower being
20.9 in 1905); sixteen index numbers in the eighth week
a The average clearings rose from $1,077,600,000 for the forty-fifth
week to $1,283,900,000 for the forty-sixth, the average index number
rising from 45.3 to 65.7. In sixteen of the nineteen years the clearings for the forty-sixth week were larger than for the forty-fifth. For
the forty-eighth week the clearings were lower than for the forty-sixth
in fourteen years; and for the forty-ninth week they were higher than
the forty-eighth in fourteen years.




163

were lower than the minimum of the second week, and
eight of the sixteen were 0. The eighth week is emphatically the week of lowest clearings of the year for Chicago,
as it was one of the lowest for New York.
January and the fore part of February were found to
be a period of a comparatively weak money market in
Chicago (pp. 31-33). The percentage of reserves to
deposits, however, reached its high point for the period
in the fifth week, three weeks earlier than the week of
minimum clearings.
In March there is a very sharp advance in the average
clearings, followed by an almost equally sharp decline.
The average amount rose from $115,300,000 for the
eighth week to $148,000,000 for the ninth, and then fell
to $126,400,000 for the twelfth; the corresponding average index numbers were. 11.9, 63, and 28.3. I n every
one of the nineteen years the clearings for the ninth week
were substantially higher than for the eighth. Whereas
the maximum index number for the eighth week was
48.5 (1893) and there were sixteen index numbers for t h a t
week below 25, of which eight were 0, the minimum index
number for the ninth week was 34.1 (in 1890), and there
were eleven index numbers for that week above 50, of
which seven were above 75. The advance in the ninth
week is accordingly very pronounced and very regular in
its occurrence. Almost equally pronounced and regular
is the subsequent decline to the twelfth week. In every,
year but one (i. e., 1890) the clearings for the twelfth
week were substantially less than for the ninth. Eleven
index numbers for the twelfth week were below the minimum for the ninth week (34.1).
I n the ninth week the percentage of reserves to deposits
for Chicago banks falls to the lowest point of the year
aside from the crop moving period, and then rises. Call
interest rates in New York City advance from the
seventh to the eleventh week and decline in the twelfth.
Inquiries made of a number of bankers and other concerns which deal extensively in farm mortgages elicit the
information that the large clearings which regularly take
place about the first week in March are due primarily to
sales of farms and to payments on mortgages. This is
more particularly true in the Middle West. Two wellknown Chicago bankers state that the transfers of agricultural lands within the district clearing through Chicago
explain this rise in clearings about the first week in March.
Prof. M. S. Wildman, of Northwestern University, who
has collected for me information on this subject from
Chicago bankers, writes:
An examination of the accounts of the Commercial National Bank
shows a very marked rise in their own clearings during the first week
of March, and this has been traced entirely to the activity of the accounts of their correspondents in Iowa and Wisconsin. The chief
clerk is convinced that this activity of the country banks' business
was occasioned almost entirely by the transfers of agricultural lands
and the negotiations of loans upon such lands, together with the settlements of country merchants for spring goods, which no doubt is
again attributable to settlements on the part of farmers who found
themselves in funds as a result of their transactions.

CHART XLVII.

SEASONAL VARIATIONS
CJO

lss\

in the

I

80

CIRCULATION or DEPOSIT

CURRENCY

no

,/4S\

CO

so

teS\

40

/30

SO

ns\

2o

I2o\

-Average Amounts of Cleanngs.

to

'Average Index Numbers of

IWeefa
WqMJ January

\ February \

(164)




March

is
\ April

\

7.0

Mag

June

t

Jul*/

fiuausf

Clearings

\Sepfernber^

0cfo6er

\N0vem6cr

\Pecember

Jan.

\Weeki
Wonfh^

SEASONAL DEMAND FOR, MONEY AND CAPITAL.
The financial correspondent of one of the large life
insurance companies in Lincoln, Nebr., writes:
The 1st of March is of course the day of settlement for the majority
of all land sales, and I would say seven-tenths of the loans made
through this agency [
Life Insurance Company] is for the purpose of paying balance purchase price.

While interest payments on farm mortgages in Nebraska are made in all months of the year, the 1st of
March appears to be the commonest date. The president
of a loan and investment company in Iowa writes, in reply
to certain specific questions:
I think it is safe to say that seven-eighths of the transfers of real
estate, especially in farm property, in Iowa are made on March 1. I
think fully 75 per cent of the interest payments on farm loans mature
March i. * * * Many landlords require a cash payment of rent on
March 1—fully 75 per cent. Nearly all farm leases expire March 1.
About 75 per cent of the farm mortgages mature March 1.

Treating this sharp increase in clearings in the ninth
week as an isolated and minor movement, we may observe
a general upward movement in the circulation of deposit
currency from the first of March to about the first of May,
this advance corresponding fairly closely with the strong
spring demand for moneyed capital which was found to
exist in New York and Chicago (Charts I -VII). The
sharp increase in clearings in the eighteenth week is
again probably due to first of the month settlements.
The average clearing rose from $115,300,000 for the
eighth week (about the 1st of March) to $157,600,000
for the eighteenth (fore part of May), the average index
number rising from 11.9 to 82.6. This rise is from the
minimum of the year to the maximum. In every one of
the nineteen years the clearings for the eighteenth week
were much higher than for the eighth. The maximum
index number for the eighth week was 48.5; the minimum index number for the eighteenth week was 58.7.
Sixteen index numbers for the eighth week were below
25, of which eight were 0; fourteen index numbers for the
eighteenth week were above 75, of which four were 100.
From the fore part of May until the 1st of June clearings in Chicago decline rapidly to the low level of the summer months, at which they continue, aside from two
temporary advances (twenty-third and twenty-eighth
weeks), until the beginning of the harvest demand.
Average clearings fell from $157,600,000 for the eighteenth
week (1st of May) to $124,400,000 for the twenty-second
week (1st of June), the average index number falling at
the same time from 82.6 to 29.6. The clearings for the
twenty-second week were much smaller than for the
eighteenth week in every year but one, (i. e., 1903, in
which there was a slight increase). While the eighteenth
week had fourteen index numbers above 75, of which four
were 100, and its minimum index number was 58.7; the
maximum index number for the twenty-second week was
72.3, and seventeen index numbers for t h a t week were
below the minimum of the eighteenth week and nine were
below 25. The decline at this time is therefore both pronounced and regular in its occurrence. As further evi-




165

dence of the relatively small circulation of deposit currency during the summer months, it may be said that the
average index numbers of clearings for the different weeks
from the twenty-second to the thirty-sixth, inclusive,
ranged from 58.1 for the twenty-third week to 26.7 for
the thirty-fourth, and that of the two hundred and
eighty-five index numbers occurring from the twentysecond to the thirty-sixth week, inclusive, for the nineteen years two hundred and thirteen were below 50, of
which one hundred and twenty-nine were below 34 and
of these eighty-one were below 25. I n six of the nineteen
years the minimum clearings for the year occurred during
these fifteen weeks.
The small circulation of deposit currency characteristic of the inactive summer months begins to be superseded about the 1st of September by the large circulation
which characterizes the active fall and winter months.
From the thirty-fourth week to the fortieth week average
clearings rose from $123,100,000 to $149,600,000, and average index numbers from 26.7 to 69.1. There was a very
substantial increase in clearings from the thirty-fourth to
the fortieth week in every one of the nineteen years. Eleven
index numbers for the fortieth week were larger than the
maximum for the thirty-fourth week (i. e., 64.2, in 1890).
Only one index number for the fortieth week was below
50 (i. e., 32.8, in 1896), and thirteen index numbers for
the thirty-fourth week were below this minimum of the
fortieth week.
There is accordingly a strong tendency for the circulation of deposit currency to increase during September.
The high level reached the fore part of October is maintained until the end of the year, except for sharp declines
the latter part of November and the latter part of December, due in large part to the holidays occurring at those
times. Of the two hundred and twenty-eight index numbers occurring from the fortieth to the fifty-first week, inclusive (for the nineteen years), one hundred and sixtynine were above 50, of which ninety-eight were above 67.
This period of large circulation of deposit currency in
Chicago corresponds closely to the period of heavy demand
for loanable capital in that city already described (pp.
33-35). For Chicago, therefore, as for New York, the
evidence points to a high degree of elasticity for deposit
currency.
ST. L O U I S .

(Charts XLVIII, VIII, and IX, and Tables XX and 20.)

A reference to the chart and tables showing seasonal
variations in the weekly clearings in St. Louis will show
that the monthly movement of clearings in that city are so
pronounced and so regular in their occurrence as largely
to obscure any more general seasonal swing that may
exist. There is a very sharp rise in the average clearings
at about the first week in nearly every month, followed
shortly by an almost equally sharp decline. These
monthly fluctuations, as shown by the average figures, are
very regular in their occurrence from year to year, the

CHART XLVXn.

(166)*




SEASONAL DEMAND FO , MONEY AND CAPITAL.
important ones taking place in nearly every one of the
nineteen years.
Passing over these short-time fluctuations, which are
largely due to first of the month settlements, we may
observe signs of a more general seasonal swing, i. e.,
decline in January and February, advance until about
April, then decline to the low "level" of the summer,
advance from early September until October, and then
numerous fluctuations at a high " l e v e l " until the end
of the year—a seasonal swing which corresponds,
very roughly, with that for the relative demand for
moneyed capital in St. Louis shown on Chart I X (Curve
"E").
The decline throughout January and February is very
pronounced. For the second week the average clearings
were $40,000,000, and for the eighth they were $32,400,000,
the corresponding average index numbers being 65.1 and
18.8. In every one of the nineteen years the clearings for
the eighth week were substantially lower than for the
second. Sixteen index numbers for the second week
were larger than the maximum of the eighth week (i. e.,
51.4). The eighth week had twelve index numbers below
25, of which four were 0, while the second week had only
one below 25 (i. e., 21.2). This decline is accordingly
pronounced and regular in its occurrence.
As evidence concerning the circulation of deposit currency in St. Louis at the time of the spring demand
(March and April), compared with that of the slack summer months (July and August), we may perhaps best
compare the index numbers of these periods for the individual years collectively. During the nineteen years
there were one hundred and seventy-one weeks between
the ninth week and seventeenth week, inclusive (March
and April), and the same number between the twentyseventh and thirty-fifth, inclusive (July and August).
For the March-April period fifteen of the index numbers
were above 67, as compared with nine for the July-August period, and fifty-four were below 34, as compared
with ninety-four for the July-August period, showing a
tendency for clearings to rule lower during the summer
months.
For the one hundred and seventy-one weeks of the
September-October period (thirty-sixth to forty-fourth
week, inclusive) thirty-four index numbers were above
67 and thirty-four were below 34, and for the one hundred and fifty-two weeks of the November-December
period (forty-fifth to fifty-second week, inclusive) eighty
index numbers were above 67 and twenty-four were
below 34.
NEW

ORLEANS.

(Charts'* XLIX, X, XI, and Tables XX, and 20.)

A reference to Chart X I and the discussion concerning
it (pp. 40-45) will show that the variations in percentages of bank reserves to deposits, point to the following




167

general seasonal variations in the relative demand for
moneyed capital in New Orleans:
(1) A decline the fore part of January; (2) an advance
from about the middle of January to the fore part of May,
interrupted by a temporary decline from the fore part of
February to about the first of March; (3) a decline from
early May to about the first of June; (4) a continuation
of the low level then reached until the fore part of
August; (5) an advance from the fore part of August until
the latter part of September; and (6) a high level from
the latter part of September until the end of the year.
Do the more general seasonal movements in the circulation of deposit currency, as evidenced by bank clearings,
conform to any extent to these movements in the relative
demand for moneyed capital ?
The clearings for New Orleans show the following seasonal variations: There is a strong downward tendency
from the middle of January until the beginning of the
summer, interrupted by a sharp advance the first of
March and by a temporary cessation of the decline in
April and the fore part of May,
The average clearings fell from $16,800,000 for the
second week to $12,000,000 for the eighth week (last of
February), the average index number falling at the same
time from 75.6 to 37.5. In eighteen of the nineteen years
the clearings were smaller for the eighth week than for the
second. The second week had three index numbers below
50, of which the minimum was 38.8; the eighth week had
eighteen below 50. The second week had thirteen index
numbers above the maximum of the eighth week (i. e. ;
66.4).
New Orleans, like the other cities studied, shows a considerable advance in the clearings the first week of March. 0
The average clearings rose from $12,000,000 for the
eighth week to $13,900,000 for the ninth week, the average index number rising from 37.5 to 53.4. A rise took
place in the ninth week in sixteen of the nineteen years.
The eighth week had one index number above 50, while
the ninth week had eleven.
From the first of March to the first of June the clearings
decline rapidly, with the exception of the temporary
interruption shown by the chart for April and part of
May. The average clearings fell from $13,900,000 for the
ninth week to $9,300,000 for the twenty-second, the
average index number falling from 53.4 to 17.5. For the
eighth week six index numbers were below 34, for the
ninth week two, and for the twenty-second week eighteen.
Clearings rule very low from the beginning of June until
the fore part of September, tending downward somewhat
in June and July and reaching their lowest level of the
year from the thirtieth to the thirty-sixth week (i. e.,
latter part of July to fore part of September). Of the one
hundred and thirty-three index numbers for the weeks
thirtieth to thirty-sixth, inclusive (1890-1908), one hundred and thirty-two were below 34, of which one hundred
and twenty-four were below 20 and twenty-one were 0.
«Cf. pp. 163-165.

CHART XLIX.

(168)




SEASONAL DEMAND FOR MONEY AND CAPITAL.
Comparing the fluctuations in the clearings for this
entire period, January to August, inclusive, with the
fluctuations in the relative demand for moneyed capital
as evidenced by Chart X I (Curve "W), it is seen that
from January until the fore part of May, while the general
tendency of clearings is downward, the relative demand
for moneyed capital is upward. Here, then, is apparent
evidence of a failure of the circulation of deposit currency
(as judged by clearings) to adjust itself to trade demands.
With reference to this apparent lack of adjustment,
however, it should be noted that this was a period of comparatively high domestic exchange rates in New Orleans
on New York City (Chart X X V I and pp. 112-113),aperiod
of considerable currency shipments to New York City from
the Southern States (Chart X X X I I and pp. 125-129),
that New Orleans bankers characterize it as a comparatively inactive period in the New Orleans money market,
and that in our previous discussion of the New Orleans
money market (p. 44) it was concluded that the apparent
" h a r d e n i n g " of the New Orleans money market during
these months as evidenced by decreasing percentages of
bank reserves to deposits was probably due more to a
decrease in the supply of cash resulting from shipments to
New York, for temporary investment or for deposit at
interest, than to an increase in the local demands for
loanable capital.
The general movements of deposit currency, as evidenced by clearings, and of the relative demand for
loanable capital from the middle of May until the fore
part of September, are in the same general direction.
Beginning with the fore part of September there is a
rapid increase in the circulation of deposit currency until
the fore part of December, after which there is a decline
until the end of the year. The average clearings rose
from $8,100,000 for the thirty-fifth week to $18,000,000
for the forty-ninth week, and then fell to $14,800,000 for
the fifty-second week; the corresponding average index
numbers were 6, 84, and 59.8. This advance from
the thirty-fifth week to the forty-ninth is accordingly an
advance from the minimum of the year to the maximum.
In every one of the nineteen years the clearings were
much larger for the forty-ninth week than for the thirtyfifth. For the thirty-fifth week the maximum index
number was 16.4, and fourteen index numbers in that week
were below 10, of which five were 0. The minimum
index number for the forty-ninth week, on the other hand,
was 60.2, and fourteen index numbers in that week were
above 75, of which nine (including three 100) were above
90. This movement is accordingly both very pronounced and very regular in its occurrence.
I n every one of the nineteen years the clearings were
lower for the fifty-second week than for the forty-ninth.
The forty-ninth week had fourteen index numbers above
75, of which three were 100, while the fifty-second week
had only two above 75, of which the higher was 80.4.
This downward tendency at the end of the year is there-




169

fore of regular occurrence. I t is, in part at least, due to
the number of holidays occurring at this time.
An upward movement in the relative demand for
moneyed capital in New Orleans was observed for September, followed by a strong demand until the fore part
of December, after which a decline was found to begin.
The general movements of the circulation of deposit currency and of the relative demand for loanable capital are
thus similar for the last four months of the year.
S A N FRANCISCO.

(Charts L« and XIII, and Tables XX and 20.)

I n studying the seasonal variations in the relative
demand for loanable capital in San Francisco the following general movements were observed:
1. A January decline (p. 49).
2. An advance from the last of January to about the
middle of March (p. 49).
3. An easier money market extending from about the
middle of March until the latter part of April (pp. 49-50).
4. A comparatively strong market from the latter
part of April to the latter part of June (pp. 49-50).
5. An easy market from the last of June to the last of
September (p. 50).
6. A rapidly hardening market from the last of September until the latter part of November (p. 51).
7. An easier market from the latter part of November
or fore part of December until the end of the year (p. 52),
The minor variations in the clearings for San Francisco
are frequent and pronounced, so that, like those for St.
Louis (Chart X L V I I I ) , they obscure the more general
seasonal movements.
Without attempting to trace any parallelism in the
minor movements between the demand for loanable
capital and the circulation of deposit currency, we may
observe a rough parallelism in the more general movements.
Corresponding to the "easing u p " of the money market
in January, clearings tend to decline throughout that
month. The average clearings fell from $22,300,000 for
the first week to $20,300,000 for the fourth, the average
index number falling at the same time from 44.6 to 27.3.
In fifteen of the nineteen years the clearings for the
fourth week were smaller than for the first.
From the last of January to the fore part of March
clearings fluctuate considerably, but aside from the
customary temporary decline in the eighth week b the
general tendency (as shown by average figures) appears
to be upward in harmony with the increasing demand
for loanable capital at this time. The decline in average
clearings from the ninth to the twelfth week is paralleled
by a similar decline in the curve showing the relative demand for loanable capital (Curve " E , " Chart X I I I ) from
the ninth to the thirteenth week. During April and most
of May both the relative demand for loanable capital and
<*Cf. note (c)p. 161.

&Cf. pp. 163-165.

C H A R T L.

SEASONAL VARIATIONS
2<j.0\

in the
CIRCULATION OF DEPOSIT

CURRENCY

as Evidenced bif
WEEKLY

SAN

ns\

CLEARINGS

FRANCISCO

2&0\

mo-tf08.
24£\

2S.0\

2fS\

20.o\

/}

Average Amounts of C/ear/nqs.

3

Average Index. Numbers

&•£

\WeeAs\

S

XfifonM^ Uanugrif

I Februartf\

(170)




to
March

Apr//

i/unc

Uu/i,

SO

3S
1 /Joagsf

\Sepfembcr\

40
October

ofC/ear/nqs,

45
)/Vovcm6cr

So
\

December

sJon.

\/7.o
MsskA
wentha

SEASONAL DEMAND FOR MONEY AND CAPITAL.
t h e clearings are moderately large. During the summer
months and September they both tend to be moderately
low, although clearings fluctuate so much from week to
week during the latter part of this period and tend so
strongly upward during the latter part of September
that the parallelism here is not very pronounced. The
money market " h a r d e n s " very much during October
and the fore part of November and clearings tend upward
at this time. One hundred and sixteen of the three
hundred and four index numbers between the twentyfirst and thirty-sixth week, inclusive (1890-1908), were
below 34 and only twenty-five were above 67; while from
the thirty-seventh week to the forty-sixth, inclusive, there
were one hundred and ninety index numbers, of which
eighty-seven were above 67 and sixteen below 34. The
evidence accordingly shows that San Francisco clearings
tend to be relatively low in the summer and high in the
fall. The latter part of November and the month of
December show a weakening money market and declining
clearings.
There is, accordingly, a very rough correspondence
between the general movements of the curve showing
the relative demand for money in San Francisco and that
showing average clearings.
UNITED STATES.

(Charts LI and I-V, and Tables XX and 20.)

The seasonal variations in the circulation of deposit
currency in the different representative cities have now
been studied, and this chapter may be concluded by a
consideration of those for the entire country.
Upon looking at the Chart for the clearings of the
United States as a whole, one is immediately struck by
its close resemblance to that for New York City, a
resemblance not surprising when one observes what a
large part of the total clearings for the country is represented by those for New York City. For example, the
average clearings for the first week of the year were
$1,969,100,000 for continental United States and
$1,237,500,000 for New York City alone. Ignoring
minor fluctuations one may observe on Chart L I the
same six principal seasonal movements which have been
observed so frequently throughout this report, and which
were first noted in the interest Charts I - I I I :
First. There is a decline during the early weeks of the
year (i. e., January, and frequently part of February).
Average, clearings for continental United States fell from
$1,969,100,000 for the first week to $1,520,100,000 for
the eighth, the average index number falling at the same
time from 64.8 to 19.1. In every year the clearings
were smaller for the eighth week than for the first.
The eighth week had twelve index numbers smaller
than the minimum for the first week (i. e., 27), of which
five were 0; the eighth week had one index number
above 50, while the first week had fourteen.
Second. Passing over the usual strong advance the
first week in March which has been previously explained




171

(pp. 163-165) and which took place for the United States
as a whole in every year, we observe as the second important seasonal movement the spring advance continuing
until the fore part of May. The average clearings rose
from $1,520,100,000 for the eighth week to $2,015,000,000
for the eighteenth, the average index number rising from
19.1 to 70.8. In every year the clearings were much
larger for the eighteenth week than for the eighth.
Whereas the latter had one index number (out of
eighteen) above 45 the former had seventeen.
Third. The decline in clearings to the low summer level
takes place about the latter part of May. Average clearings fell from $2,015,000,000 for the eighteenth week to
$1,506,800,000 for the twenty-second, the average index
number falling at the same time from 70.8 to 22.1. I n
all of the nineteen years but one (i. e., 1903) clearings
were much smaller for the twenty-second week than for
the eighteenth. The eighteenth week had fifteen index
numbers above 50, of which eight were above 75, while the
twenty-second week had only two above 50, of which the
higher was 73. On the other hand, the twenty-second
week had fifteen index numbers lower than the minimum
of the eighteenth week (i. e., 33.1).
Fourth. Clearings, like interest rates, rule low during
the summer. Of the two hundred and eighty-five index
numbers from the twenty-second to the thirty-sixth week,
inclusive (1890-1908), two hundred and forty-six were
below 50, of which one hundred and twenty-four were
below 25 and nine were 0. In the summer, therefore, when
bank reserves are high and business is slack, the circulation of deposit currency is relatively small.
Fifth. Beginning with early September the circulation
of deposit currency increases rapidly until the fore part
of October. Average clearings rose from $1,473,300,000
for the thirty-sixth week to $1,917,500,000 for the fortieth
week, the average index number rising from 19.2 to 65.1.
I n every year but one (i. e., 1908, in which the decline
was very slight) the clearings for the fortieth week were
much larger than for the thirty-sixth. The maximum
index number for the thirty-sixth week w^as 54.8, and thirteen index numbers for that week were below 25, of which
eight were below 10; the minimum index number for
the fortieth week was 22.7, and fourteen index numbers for
that week were above 50, of which seven were above 75.
This early autumn increase is accordingly both pronounced and regular in its occurrence.
Sixth. From early October until near a the end of the
year the circulation of deposit currency continues high,
though fluctuating considerable from week to week.
Of the two hundred and twenty-eight index numbers
occurring from the fortieth to the fifty-first week, inclusive (1890-1908), one hundred and forty-five were above
50, of which one hundred were above 67 and of these,
seventy-two were above 75. Only twenty-three were
below 34. I n the fall and early winter, therefore, when
«Weekly clearings are liable to be low in weeks containing holidays
upon which the banks and clearing-houses are closed.

CHART LI.

(172)




SEASONAL DEMAND FO
t h e demand for cash is great and bank reserves throughout the country are low, deposit circulation is large.
The conclusion of this chapter is that deposit currency
exhibits a high degree of seasonal elasticity, expanding
and contracting in accordance with variations in trade
demands. I t is the one truly elastic element among our
media of exchange. I n some cities like New York and
Chicago, the general movement of the curves for the circulation of deposit currency follows fairly closely those for
the relative demand for loanable capital; in other cities,
like St. Louis and San Francisco, the parallelism is not
close, and the general movements of the curves for deposit currency are much obscured by the minor monthly
movements. Even in these cities, however, there is a
tendency for the general seasonal swings of the deposit currency circulation and of the relative demand for moneyed
capital to be similar.
Deposit circulation, as evidenced by clearings, is naturally mucJb, more responsive to minor and temporary forces
(like first of the month settlements for example) than
interest rates or bank reserves.
CHAPTER V I I I . — S O M E ECONOMIC INFLUENCES OF SEASONAL VARIATIONS IN THE R E L A T I V E DEMAND FOR
M O N E Y AND CAPITAL.

The study of the extent and regularity of seasonal
variations in the demand for money and capital has
now been completed, and our final task, before summing
up the conclusions of this report, is to inquire into the
influence of these seasonal variations upon certain economic phenomena, such as prices, commercial failures,
and financial panics.
PRICES.

On theoretical grounds it would be expected that a
period of greatly increasing demand for money, like the
crop-moving period in the fall, would tend to cause lower
prices in the absence of a highly elastic currency; and
that a period of greatly decreasing demand, like that of
February or of midsummer, would tend to cause higher
prices. In the fall months a greater burden of work is
imposed upon the money in circulation, and, unless its
rate of turnover increases, the same amount will not do
the work except at a lower level of prices. This extra
burden of exchange work is carried in part, we have seen,
by the expansive power of deposit currency, but even
deposit currency must be supported by cash reserves,
and the need of cash for crop-moving purposes, which
results in the westward and southward movement of
reserve money, limits the expansive power of deposit currency. To meet the crop-moving demand for cash, banks
accordingly- are compelled to curtail their loans and
advance interest rates—both of which measures tend to
force down the prices of securities and commodities,
particularly those of a speculative character which are
dealt in on the exchanges. The tendency is in the opposite direction in January and February after the crop-




MONEY AND CAPITAL.

173

moving demand is over, and while currency is returning
East for absorption in investment and speculation.
Then cash piles up in bank tills, interest rates on call
and short time loans decline, often to such a point that
securities with very low interest or dividend yields afford
substantial margins of profit. At such a time speculation
is liable to be stimulated and prices tend to move upward. 0
S E A S O N A L V A R I A T I O N S I N T H E P R I C E S OF RAILROAD B O N D S .

(Charts L I I - L X X I X , and Tables X X I , X X I I , and 21-47.)

For the purpose of testing the truth of such reasoning as
the above, figures have been collected for the weekly quotations of twenty-seven railroad bonds covering periods
of years, respectively, from nine to nineteen. Bonds
were selected in preference to stocks because in the case
of bonds interest accumulations are certain and can be
deducted from the quoted prices, while rates of dividend
on stocks are generally uncertain until the time at which
the dividends are declared. United States Government
bonds were excluded because their ownership represents
so largely permanent investments, and because of their
privileges as security for national bank-note issues, and
for federal deposits in national banks. Satisfactory quotations are not available during this period for most
state and municipal bonds. 6 I t accordingly seemed best
after consulting with a number of bankers and bond
houses to limit the study at this time to railroad bonds.
The method of selecting the bonds to be studied was as
follows: Letters were written to a number of the principal bond houses in the country c explaining the object
of the investigation and requesting suggestions as to the
selection of bonds. The letter explained that it seemed
a The year 1899 is a good example of such a seasonal swing. Cf.
Comm. and Fin. Chron., L X V I I I , p p . 671 and 1204, and L X I X , p p .
1219 and 1271.
&One of the leading American bond houses, N. W. Harris & Co.,
of New York, in suggesting a list of bonds suitable for this investigation writes, " * * * it is also suggested that perhaps it would
be wise to include in the above list one or two active municipals
such as New York City issues or possibly Boston's. You would encounter one great difficulty here, however, because even such active
municipals as these are not quoted daily nor even with precise accuracy, and as a matter of fact t h e only source of information as to t h e
prices at which the bonds ruled at any given time in the past would
be the Commercial and Financial Chronicle, which, however, in many
instances gives nominal quotations only. In other words, these issues
are usually quoted on a " b a s i s / ' and it is impossible to get any line
on actual transactions within such close limits as one-eighth or even
one-quarter per cent, as is the case with issues quoted on the Stock
Exchange, and, of course, these variations would b e very essential
in an investigation such as * * * [you are] conducting, for, as a
rule t h e fluctuations in money from day to day are often figured in
tenths or less. I judge, therefore, that t h e better plan would b e to
confine oneself to Stock Exchange issues where absolute accuracy is
possible in regard to actual transactions."
c
In the preparation of this part of the report t h e writer is indebted
to the following concerns and persons for valuable assistance: N. W.
Harris & Co., New York City; N. W. Halsey & Co., New York City;
Mr. John E ; Oldham, of Merrell, Oldham & Co., Boston; Spencer
Trask & Co., New York City; Fisk & Robinson, New York City;
and Thomas Gibson, New York City.

174

NATIONAL MONETARY COMMISSION.

to the writer best to avoid both highly speculative bonds
and very inactive investment bonds, and that those
bonds seemed to be preferable which covered all or a
large part of the nineteen years (1890-1908) embraced
by the investigation, and which were reasonably active
during all or a substantial part of the period.
It was found difficult to find a considerable number of
bonds that conformed to all these requirements, and the
selection made should be considered as only a very rough
approximation to the standard set.
Nearly all of the various bond houses consulted recommended certain bonds as fairly representative for the
purpose in view. All of the bonds which were recommended by two or more concerns were selected, and none
were selected which were not recommended by some
responsible bond house. Only part of the bonds which
received but one recommendation were selected, and in
these instances the bases of the selection were: (1) the
strength of the recommendation, and (2) the degree of
the bond's activity as shown by the amount sold in certain typical years. The bonds selected and the period
covered by each are given below. Each bond is referred
to, in the discussion which follows, by its number.
The quotations used were those for Friday of each
week as given in the Commercial and Financial Chronicled
Accumulated interest was deducted from each quotation,
so that the quotations represent what are commonly
known as "and interest'' prices.5 Preference for quotations was shown in the following order, except in a few
cases where there appeared to be good reasons for making
exceptions to the rule.
1. Prices at which actual sales were made on Friday, or
at an approximate date.
2. The mean between "bid" and "asked" quotations
on Friday, or at an approximate date.
3. "Bid" quotations on Friday.
4. "Asked" quotations on Friday.
5. When no quotations were given for a particular
week the mean between the quotations of near-by weeks
was generally used.

The bonds selected, which are designated in the Tables
by numbers, and the period covered by each are as
follows:0

a In a few instances quotations were secured from other sources and
a few errors in the quotations as given in the Chronicle were corrected.
&A bond price expresses the value of a bond in terms of money,
and, viewed from the money side, it expresses the value of money in
terms of the bond. High bond prices, for example, obviously mean
that bonds are valuable in terms of money, and, equally, that money
is cheap in terms of bonds. A study of seasonal fluctuations in bond
prices represents therefore also a study of seasonal fluctuations in the

value or purchasing power of money in terms of bonds, the value of
money varying inversely as the price of bonds. This simple fact explains the title of the accompanying charts, " Seasonal Variations in
the Value of Money as Evidenced by the Fluctuations in the Price
of * * * Railroad Bonds."
cThe prices used are those quoted each week in the Commercial and
Financial Chronicle. Accumulated interest has been deducted. (For
further explanation, see pp. 13-15.)




1. Atchison, Topeka and Santa Fe adjustment gold fours of 1995:
1896-1908.
2. Atchison, Topeka and Santa Fe general gold fours of 1995::
1897-1908.
3. Baltimore and Ohio gold fours of 1948: 1900-1908.
4. Central Pacific first refunding gold fours of 1949: 1900-1908.
5. Central Railroad of New Jersey general gold fives of 1987:
1890-1908.
6. Chesapeake and Ohio general gold four-and-a-halfs of 19921
1893-1908.
7. Chicago, Burlington and Quincy (Nebraska extension) fours
of 1927: 1890-1908.
8. Chicago, Milwaukee and St. Paul general gold fours of 1989:
1890-1908.
9. Denver and Rio Grande first consolidated gold fours of 1936::
1890-1908.
10. Erie first consolidated gold fours prior lien of 1996: 1898-1908.
11. Hocking Valley first consolidated gold four-and-a-halfs of
1999: 1900-1908.
12. Iowa Central first gold fives of 1938: 1890-1908.
13. Long Island unified gold fours of 1949: 1900-1908.
14. Louisville and Nashville unified gold fours of 1940: 1898-1908.
15. Missouri, Kansas and Texas first gold fours of 1990: 1891-1908,
16. Missouri Pacific first consolidated gold sixes of 1920: 1890-1908.
17. Missouri Pacific, St. Louis, Iron Mountain and Southern general consolidated gold fives of 1931: 1894-1908.
18. New York Central and Hudson River gold three-and-a-halfs of
1997: 1899-1908.
19. New York Central and Hudson River (West Shore) first fours
guaranteed of 2361: 1890-1908.
20. New York, Ontario and Western refunding first gold fours of
1992: 1893-1908.
21. Norfolk and Western first consolidated gold fours of 1996:
1897-1908.
22. Northern Pacific prior lien gold fours of 1997: 1897-1908.
23. St. Louis and San Francisco general gold fives of 1931: 18901908.
24. St. Louis and Southwestern first gold fours of 1989: 1892-1908.
25. Southern Railway first consolidated fives of 1994: 1895-1908.
26. Union Pacific land grant gold fours of 1947: 1899-1908.
27. Wabash first gold fives of 1939: 1890-1908.

SEASONAL DEMAND FOR MONEY AND CAPITAL.

175

TABLE XXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of twenty-seven railroad bonds for periods varying
from nine to nineteen years, ending 1908—Average figures.a
B o n d 1 (1896-1908).

B o n d 3 (1900-1908).

B o n d 2 (1897-1908).

Average i n d e x
number.

Average i n d e x
number.

B o n d 4 (1900-1908).
Average i n d e x
number.

Average i n d e x
number.

M o n t h a n d week.
Average
price.

Jan.—

1
2
3
4
Feb.— 5
6
7
8
Mar.- 9
10
11
12
Apr.— 13
14
15
10
17
May— 18
19
20
21
J u n e — 22
23
24
25
J u l y - 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.— 44
45
46
47
D e c — 48
49
50
51
52

$78. 72
79.05
79.72
80.65
80.61
80.75
80.51
80.08
79.78
79.51
79.36
79.28
79.47
79.48
79.53
79.30
79.37
79.18
79.41
79.20
79.04
79.11
79.54
79.67
79.22
79.51
79.60
79.25
79.34
79.71
79.56
79.63
79.88
80.35
80.56
80.77
80.51
80.66
80.54
80.42
80.41
80.65
80.47
80.55
81.21
81.50
81.60
82.14
82.08
81.96
81.71
82.31

FluctuaPrice
tions in
fluctua- t h e value
tions. of m o n e y .

38.6
40.1
48.0
59.0
55.6
56.0
53.1
49.8
47.8
45.3
44.8
45.3
46.3
46.8
48.1
45.4
46.2
42.4
44.4
42.5
39.3
40.9
43.5
44.2
41.7
45.0
45.6
44.0
45.4
49.5
48.8
46.4
52.3
56.7
56.5
60.0
57.7
58.8
57.1
55.8
55.4
58.3
60.1
55.4
57.1
59.1
60.4
63.7
60.8
58.8
57.0
63.6

61.4
59.9
52.0
41.0
44.4
44.0
46.9
50.2
52.2
54.7
55.2
54.7
53.7
53.2
51.9
54.6
53.8
57.6
55.6
57.5
60.7
59.1
56.5
55.8
58.3
55.0
54.4
56.0
54.6
50.5
51.2
53.6
47.7
43.3
43.5
40.0
42.3
41.2
42.9
44.2
44.6
41.7
39.9
44.6
42.9
40.9
39.6
36.3
39.2
41.2
43.0
36.4

Average
price.

$97. 40
97.82
97.94
98.19
98.53
98.27
98.16
97.73
97.70
97.48
97.69
97.65
97.78
97.85
97.80
97.55
97.80
97.66
97.50
97.71
98.09
98.51
98.58
98.52
98.52
98.53
98.61
98.68
98.67
98.60
98.46
98.49
98.50
98.47
98.44
98.57
98.43
98.50
98.57
98.52
98.09
98.51
98.36
98.29
98.56
98.42
98.25
98.76
98.95
98.72
98.52
99.00

FluctuaPrice
tions in
fluctuat h e value
tions. of m o n e y
40.2
47.3
48.4
53.8
61.1
56.5
54.1
48.0
44.8
44.5
52.0
52.5
53.7
54.2
50.5
47.9
50.3
49.9
44.9
46.6
52.5
59.8
59.6
60.2
59.4
58.8
63.6
62.7
61.5
57.3
51.6
52.2
55.1
55.6
56.7
*56.8
64.2
56.9
57.5
56.8
49.9
59.4
56.9
55.8
55.1
53.0
51.9
56.5
58.0
52.4
49.5
56.5

a T h e figures b y weeks for each y e a r are given in T a b l e s 21-47 of t h e A p p e n d i x ( p p . 413-510).




59.8
52.7
51.6
46.2
38.9
43.5
45.9
52.0
55.2
55.5
48.0
47.5
46.3
45.8
49.5
52.1
49.7
50.1
55.1
53.4
47.5
40.2
40.4
39.8
40.6
41.2
36.4
37.3
38.5
42.7
48.4
47.8
44.9
44.4
43.3
43.2
45.8
43.1
42.5
43.2
50.1
40.6
43.1
44.2
44.9
47.0
48.1
43.5
42.0
47.6
50.5
43.5

Average
price.

$100. 40
100. 63
101. 09
101. 24
101.13
101. 28
101. 01
100. 65
100.56
100.58
100.58
100.78
100.67
100.99
100.97
100.87
100.80
100.96
101.13
100.90
100.64
100.81
100.90
100.89
100.83
100.72
100.84
100.59
100.72
100.78
100.61
100.38
100.30
100.29
100.30
100.33
100.37
100.35
100.35
100.31
100.54
100.56
100.38
99.59
100.18
99.90
99.94
100.13
100.21
100.10
100. 27
100.59

Price
fluctuations.

40.2
46.4
59.7
65.7
62.6
66.8
59.5
50.1
48.3
50.0
51.6
57.2
55.3
57.9
58.6
56.4
53.6
57.3
63.2
58.8
52.8
58.3
60.5
58.9
59.0
55.5
60.0
53.3
55.9
56.2
52.7
48.2
50.2
51.8
53.0
54.0
52.5
49.9
49.4
• 47.5
51.4
54.3
49.7
44.9
50.4
48.9
49.9
50.5
46.2
43.9
50.2
55.5

Fluctuations in
t h e value
of m o n e y .
59.8
53.6
40.3
34.3
37.4
33.2
40.5
49.9
51.7
50.0
48.4
42.8
44.7
42.1
41.4
43.6
46.4
42.7
36.8
41.2
47.2
41.7
39.5
41.1
41.0
44.5
40.0
46.7
44.1
43.8
47.3
51.8
49.8
48.2
47.0
46.0
47.5
50.1
50.6
52.5
48.6
45.7
50.3
55.1
49.6
51.1
50.1
49.5
53.8
56.1
49.8
44.5

Average
price.

$98.32
98.58
99.07
99.54
99.63
99.42
99.24
98.87
98.78
98.56
98.52
98.47
98.56
98.91
98.76
98.70
98.55
98.46
98.21
98.10
98.15
98.25
98.29
98.45
98.47
98.30
98.54
98.46
98.73
98.73
98.65
98.78
58.59
98.41
98.69
98.27
98.18
97.99
97.90
98.08
97.82
98.26
98.21
98.08
97.96
98. 02
98.23
98.22
98.43
98.41
98.27
98.28

Price
fluctuations.

50.6
58.4
66.5
75.5
79.9
74.3
68.3
60.4
57.3
55.2
54.0
51.0
56.0
60.4
57.9
56.2
53.1
49.2
43.0
41.9
45.5
48.0
48.9
53.2
54.0
53.3
56.6
53.0
59.0
57.1
55.1
59.2
53.1
50.5
58.5
46.0
42.9
41.4
39.7
41.2
37.4
47.6
50.0
46.7
43.0
44.3
51.2
51.1
49.5
49.6
48.2
49.3

F o r m e t h e d of c o m p u t i n g i n d e x n u m b e r s , see p p . 13-15 a n d 22.

NATIONAL MONETARY COMMISSION.

176

TABLE XXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of twenty-seven railroad bonds for periods varying
from nine to nineteen years, ending 1908—Average figures—Continued.
B o n d 7 (1890-1908).

B o n d 6 (1893-1908).

B o n d 5 (1890-1908).
Average i n d e x
number.

B o n d 8 (1890-1908).

Average index
number.

Average i n d e x
number.

Average index
number.

Month and week.
Average
price.

Jan.— 1 2 .
3 .
4.
Feb.— 5 .
6 .
7 .
Mar.— 9 .
lft .
11 .
12.
Apr.—13 .
14.
15.
16 .
17 .
M a y - 18 .
19 .
20.
21 .
June- -22 .
23 .
24 .
25 .
July— 5
27 .
28.
29.
30.
Aug.- - 3 1 .
32 .
33 .
34.
Sept.- - 3 5 .
36 .
37 .
38.
Oct.— 40 .
41 .
42.
43.
N o v . -- 4 4 .
45.
46 .
47 .
D e c - -48 .
50.
51.
52.




$119.10
119.67
120.05
120. 24
120.62
120.80
120.83
120.33
120.41
120.06
120.10
119.87
119.61
119.75
119.70
119.57
119.62
119.74
119.50
119.28
119.40
119.59
119.69
119.81
119.86
119.89
120.15
119.87
119.83
119.71
119.46
119.49
119.53
119.54
119.86
119.49
119.47
119.49
119.25
119.41
119.39
119.59
119.50
119.57
119.48
119.34
119.03
119.26
119. 52
119.32
119.26
119.74

Price
fluctuations.

43.2
51.1
56.6
59.8
64.8
67.8
68.5
61.3
62.3
57.4
59.0
55.8
53.7
55.2
53.5
50.9
51.7
55.3
50.7
46.4
48.3
51.4
53.4
55.2
55.6
55.3
59.0
54.4
54.6
52.7
50.2
52.2
51.7
52.0
56.7
50.7
49.0
51.5
47.9
49.6
49.0
51.8
50.8
51.3
47.8
47.2
41.8
46.6
48.5
45.0
45.0
52.6

Fluctuations in
the
v a l u e of
money.

56.8
48.9
43.4
40.2
35.2
32.2
31.5
38.7
37.7
42.6
41.0
44.2
46.3
44.8
46.5
49.1
48.3
44.7
49.3
53.6
51.7
48.6
46.6
44.8
44.4
44.7
41.0
45.6
45.4
47.3
49.8
47.8
48.3
48.0
43.3
49.3
51.0
48.5
52.1
50.4
51.0
48.2
49.2
48.7
52.2
52.8
58.2
53.4
51.5
55.0
55.0
47.4

Average
price.

$91.05
91.63
91.72
92.06
92.47
92.45
92.56
92.19
92.11
92.02
91.91
91.67
92.19
92.45
92.44
92.27
92.18
92.17
92.43
92.14
92.27
92.29
92.53
92.64
92.56
92.16
92.30
92.02
91.88
91.59
91.80
92.04
91.87
91.92
93.07
93.18
93.00
93.18
92.86
92.66
92.37
92.35
92.72
92.53
92.66
92.43
92.30
92.67
93.19
92.59
91.70
92.41

Price
fluctuations.

38.2
46.1
48.5
52.1
56.7
57.3
58,7
54.5
51.8
52.1
52.6
49.6
54.7
58.2
57.4
55.3
53.2
55.1
54.5
52.6
53.4
53.6
56.0
57.0
56.2
52.6
55.8
53.8
54.7
51.5
55.3
58.2
58.5
58.2
67.1
66.9
64.8
66.1
63.2
61.5
60.4
60.3
62.6
60.6
59.9
58.9
55.6
60.1
64.5
57.6
51.0
57.4

Fluctuations in
the
v a l u e of
money.

61.8
53.9
51.5
47.9
43.3
42.7
41.3
45.5
48.2
47.9
47.4
50.4
45.3
41.8
42.6
44.7
46.8
44.9
45.5
47.4
46.6
46.4
44.0
43.0
43.8
47.4
44.2
46.2
45.3
48.5
44.7
41.8
41.5
41.8
32.9
33.1
35.2
33.9
36.8
38.5
39.6
39.7
37.4
39.4
40.1
41.1
44.4
39.9
35.5
42.4
49.0
42.6

Average
price.

$97.38
97.75
98.01
98.12
98.10
98.12
98.14
97.81
97.65
97.52
97.53
97.52
97.61
97.63
97.96
98.04
98.18
98.51
98.44
98.35
98.31
98.21
98.05
98.03
97.78
97.67
97.50
97.57
97.45
96.81
96.84
97.09
97.00
96.89
97.30
97.17
97.16
97.25
97.20
97.06
97.25
97.38
97.60
97.69
97.49
97.53
97.81
98.00
97.94
97.67
97.68
97.68

Price
fluctuations.

54.2
59.8
64.2
65.8
65.2
64.6
65.1
60.4
57.7
57.0
56.8
56.8
59.2
59.4
64.5
64.3
68.5
71.3
67.6
66.1
66.6
63.9
62.0
61.4
57.6
55.2
51.9
56.2
55.1
48.1
48.2
49.8
47.6
47.0
51.3
50.0
49.2
50.5
50.9
48.6
52.4
52.6
56.2
56.7
53.8
55.8
58.9
61.2
61.2
56.5
56.6
56.5

Fluctuations in
the
v a l u e of
money.

45.8
40.2
35.8
34.2
34.8
35.4
34.9
39.6
42.3
43.0
43.2
43.2
40.8
40.6
35.5
35.7
31.5
28.7
32.4
33.9
33.4
36.1
38.0
38.6
42.4
44.8
48.1
43.8
44.9
51.9
51.8
50.2
52.4
53.0
48.7
50.0
50.8
49.5
49.1
51.4
47.6
47.4
43.8
43.3
46.2
44.2
41.1
38.8
38.8
43.5
43.4
43.5

Average
price.

$100.69
100.98
101.26
101.39
101.64
101.57
101.60
101.45
101.10
101.29
101.09
101.01
100.94
101.07
101.08
101.31
101.15
101.08
101.16
101.07
100.90
100.81
101.01
101.16
101.12
100.85
100.87
100.81
101.03
100.91
100.74
100.64
100.52
100.82
100.53
100.94
100.61
100.74
100.44
100.10
100.43
100.45
100.50
100.63
100.93
100.31
100.47
100.56
100.95
100.86
100.74
100.90

Price
fluctuations.

46.2
49.6
55.0
55.8
65.9
62.9
64.7
60.7
54.9
57.4
54.9
55.4
54.3
56.9
58.1
60.4
57.1
53.7
57.8
55.9
51.5
48.9
52.8
57.2
55.6
51.6
51.3
52.3
54.3
54.1
49.9
48.3
49.5
53.0
44.4
53.3
48.1
51.8
45.9
42.0
44.6
46.2
46.5
51.4
56.0
48.9
50.8
51.7
58.5
55.7
54.4
57.1

SEASONAL DEMAND FOR MONEY AND CAPITAL.

177

TABLE XXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of twenty-seven railroad bonds for periods varying
from nine to nineteen years, ending 1908—Average figures—Continued.
B o n d 10 (1898-1908).o

B o n d 9 (1890-1908).

B o n d 11 (1900-1908).
Average i n d e x
number.

Average index
number.

Average index
number.

B o n d 12 (1890-1908).
Average index
number.

Month and week.
Average
price.

$90.72
90.99
91.35
91.82
91.81
91.79
91.66
91.03
91.18
90.88
90.53
90.71
90.99
90.98
91.19
91.19
91.21
91.28
91.44
91.08
91.26
91.34
91.26
91.59
91.32
91.18
91.05
90.68
90.98
90.88
90.75
91.11
91.17
91.39
91.68
91.63
91.68
91.28
91.30
91.01
91.14
90.81
91.13
91.07
90.95
91.31
91.24
91.84
91.76
91.90
91.68
91.29

Feb.— 5 .
6.
7 .
8.
Mar.—

9.
10.

11.
12.
Apr.— 1 3 .
14 .
15.
16.
17.
May— 1 8 .
19..
20..
21..
J u n e — 22 .
23.
24.
25.
J u l y — 26 .
27.
28..
29..
30.
Aug.—31 .
32.
33 .
34.
Sept.—35..
36..
3738..
39..
Oct.— 40..
41..
42..
43..
N o v . — 44..
45 .
46 .
47..
D e c — 48 . .
49...
50..
51..
52..

Price
fluctuations.

45.8
51.0
57.1
61.5
64.2
63.7
61.6
53.3
53.2
50.9
47.6
47.2
50.3
50.3
52.7
54.3
54.2
54.1
53.9
48.3
53.5
53.4
54.4
59.8
56.5
57.8
57.5
53.1
57.6
56.2
55.4
56.5
58.2
59.3
63.2
62.6
62.6
55.9
55.8
48.7
51.8
49.0
54.4
53.9
49.2
51.1
50.3
57.1
58.3
59.8
57.0
57.0

Fluctuations
in the
v a l u e of
money.

54.2
49.0
42.9
38.5
35.8
36.3
38.4
46.7
46.8
49.1
52.4
52.8
49.7
49.7
47.3
45.7
45.8
45.9
46.1
51.7
46.5
46.6
45.6
40.2
43.5
42.2
42.5
46.9
42.4
43.8
44.6
43.5
41.8
40.7
36.8
37.4
37.4
44.1
44.2
51.3
48.2
51.0
45.6
46.1
50.8
48.9
49.7
42.9
41.7
40.2
43.0
43.0

Average
price.

$95.23
95.32
95.55
95.68
95.39
95.20
94.86
94.55
94.39
94.12
94.24
94.30
94.29
94.30
94.74
94.35
94.30
94.40
94.59
94.63
94.67
94.74
94.72
94.60
94.46
94.76
94.45
94.42
94.46
94.67
94.99
95.18
94.97
94.99
95.13
94.85
94.60
94.26
94.25
94.22
93.94
94.22
94.33
94.04
94.18
93.91
93.83
93.78
94.13
94.11
94.23
94.64

Price
fluctuations.

60.0
65.0
67.0
69.0
65.0
60.3
54.6
50.9
47.4
44.8
46.0
48.0
48.2
50.6
58.9
52.3
51.1
51.5
52.1
52.3
55.3
58.4
57.6
57.8
57.0
63.8
55.7
53.8
54.9
58.0
61.1
64.5
60.0
60.5
64.7
60.1
53.6
48.8
48.4
45.7
42.3
48.3
51.0
50.7
51.6
56.0
48.7
46.8
48.5
47.4
48.2
57.4

Fluctuations
in the
v a l u e of
money.

40.0
35.0
33.0
31.0
35.0
39.7
45.4
49.1
52.6
55.2
54.0
52.0
51.8
49.4
41.1
47.7
48.9
48.5
47.9
47.7
44.7
41.6
42.4
42.2
43.0
36.2
44.3
46.2
45.1
42.0
38.9
35.5
40.0
39.5
35.3
39.9
46.4
51.2
51.6
54.3
57.7
51.7
49.0
49.3
48.4
54.0
51.3
53.2
51.5
52.6
51.8
42.6

Average
price.

$104.81
104.97
105. 28
105.36
105.47
105. 22
105. 40
104. 96
105.10
104. 75
104. 66
104. 95
105.13
105. 31
105. 37
104. 87
105. 46
105.27
104.91
104.91
104. 92
104. 93
104.95
105. 20
104. 94
105. 62
105.10
105.06
105. 07
104.92
105. 30
105.17
104. 99
105. 00
105. 01
105. 01
104.83
104. 54
104. 48
104. 37
104. 60
104. 56
104. 53
104. 32
104. 33
104.50
104. 34
104. 61
104. 75
104. 62
104. 67
105.04

Price
fluctuations.

44.5
46.6
52.8
54.2
57.1
53.6
56.8
49.3
50.0
45.1
43.0
48.4
52.8
54.0
55.8
46.2
56.5
53-0
44.4
45.9
45.3
47.2
48.8
53.5
50.3
61.2
53.4
53.4
51.6
49.0
53.3
51.5
48.6
49.6
52.3
52.9
50.0
44.5
43.0
41.6
46.1
45.0
45.3
42.6
42.7
46.2
45.3
49.7
50.1
46.6
46.5
52.8

Fluctuations
in t h e
v a l u e of
money.

Average
price.

55.5
53.4
47.2
45.8
42.9
46.4
43.2
50.7
50.0
54.9
57.0
51.6
47.2
46.0
44.2
53.8
43.5
47.0
55.6
54.1
54.7
52.8
51.2
46.5
49.7
38.8
46.6
46.6
48.4
51.0
46.7
48.5
51.4
50.4
47.7
47.1
50.0
55.5
57.0
58.4
53.9
55.0
54.7
57.4
57.3
53.8
54.7
50.3
49.9
53.4
53.5
47.2

$100.81
100.71
100.80
101.26
101.11
100.92
101.00
100. 70
100.49
100.44
99.96
99.91
99.73
99.67
99.83
99.98
100. 29
100.38
100.88
100.42
100.64
100.97
100.56
100.60
100.62
100. 37
100.35
100.40
100.13
99.93
100.16
99.69
99.85
99.92
100.28
100.38
100.16
100.28
100.64
100.04
100.13
100.66
100. 64
100. 68
100. 66
100.98
101. 39
101. 74
101. 65
101. 78
101.15
101.46

Price
fluctuations.

51.5
48.4
52.0
56.4
54.9
50.6
53.5
50.7
49.8
50.6
43.2
46.8
42.2
41.7
44.9
46.0
48.5
49.2
53.3
48.0
49.7
51.6
48.7
49.4
49.9
40.9
46.9
48.0
48.3
44.8
46.2
40.7
44.0
43.5
48.1
48.6
44.6
48.9
51.8
44.2
52.1
55.1
52.7
52.2
48.2
54.1
57.6
62.1
60.5
62.4
55.5
58.9

a T h e c u r v e s on C h a r t L X I i n a few cases d e v i a t e v e r y s l i g h t l y from t h e figures i n t h e T a b l e , d u e t o a few m i n o r corrections m a d e in t h e T a b l e after t h e C h a r t w a s
completed.

16065°—11- -12




NATIONAL MONETARY COMMISSION.

178

TABLE XXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of twenty-seven railroad bonds for periods varying
from nine to nineteen years, ending 1908—Average figures—Continued.
B o n d 13 (1900-1908).

B o n d 14 (1898-1908).

B o n d 15 (1891-1908).

Average i n d e x
number.

Average i n d e x
number.

B o n d 16 (1890-1906).

Average index
number.

Average i n d e x
number.

M o n t h a n d week.
Average
price.

Jan.—

1
2
3
4

Feb.— 5
6
7
8
Mar.— 9
10
11 . . ,
12
Apr.— 13
14
15
16
17
May— 18
19
20
21
June—22
23
24
25
J u l y — 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
D e c . — 48
49
50
51
52




$94.60
94.57
94.20
94.13
94.48
94.43
94.66
94.67
95.43
94.94
95.07
94.47
94.99
94.36
94.68
94.32
95.55
96.40
96.42
98.13
97.93
97.55
97.47
97.45
97.50
97.75
97.39
97.35
97.21
97.23
97.06
95.99
96.50
96.02
96.76
96.91
96.53
95.98
95.85
95.55
95.64
95.56
96.06
96.32
96.64
96.63
96.68
96.87
96.95
96.36
96.00
95.41

FluctuaPrice
tions in
flucthe value
t u a t i o n s . of m o n e y .

44.0
41.6
39.0
40.5
41.0 1
44.0
45.3
45.2
58.8
58.7
57.1
54.9
56.0
46.0
55.9
43.5
57.0
59.2
64.6
70.0
65.7
56.7
57.8
60.0
62.9
67.7
59.5
58.9
55.5
56.4
56.2
57.1
59.0
52.5
64.3
68.7
64.6
65.0
57.7
47.8
47.2
48.2
57.0
57.3
59.9
55.8
56.9
60.2
61.6
54.0
52.9
41.0

56.0
58.4
61.0
59.5
59.0
56.0
54.7
54.8
41.2
41.3
42.9
45.1
44.0
54.0
44.1
56.5
43.0
40.8
35.4
30.0
34.3
43.3
42.2
40.0
37.1
32.3
40.5
41.1
44.5
43.6
43.8
42.9
41.0
47.5
35.7
31.3
35.4
35.0
42.3
52.2
52.8
51.8
43.0
42.7
40.1
44.2
43.1
39.8
38.4
46.0
47.1
59.0

Average
price.

$98.34
98.60
98.63
98.92
98.90
98.98
98.62
98.26
98.13
97.83
97.76
97.62
97.79
98.08
97.99
97.95
98.36
98.80
98.60
98.54
98.65
98.64
98.74
98.69
98.79
98.86
98.85
98.88
98.75
98.81
99.16
99.00
98.74
98.75
98.52
98.40
98.35
98.19
98.35
98.25
98.26
98.33
98.10
98.13
98.35
98.34
98.55
98.64
99.10
99.13
99.01
99.20

FluctuaPrice
tions in
flucthe value
tuations.
of m o n e y .
47.5
49.9
51.3
60.1
57.0
56.6
51.0
44.9
42.0
39.9
37.4
41.4
43.4
47.8
47.5
48.6
52.7
60.2
52.6
54.9
52.8
53.4
55.2
57.7
59.8
62.1
60.1
61.8
57.3
58.2
59.8
58.8
53.5
55.0
52.2
50.4
49.6
45.4
48.6
44.5
42.0
45.3
42.0
42.3
41.8
43.3
50.4
50.3
57.0
58.2
56.0
57.8

52.5
50.1
48.7
39.9
43.0
43.4
49.0 1
55.1
58.0
60.1
62.6
58.6
56.6
52.2 '
52.5
51.4
47.3
39.8
47.4
45.1
47.2
46.6
44.8
42.3
40.2
37.9
39.9
38.2
42.7
41.8
40.2
41.2
46.5
45.0
47.8
49.6
50.4
54.6
51.4
55.5
58.0
54.7
58.0
57.7
58.2
56.7
49.6
49.7
43.0
41.8
44.0
42.2

Average
price.

FluctuaPrice
tions in
flucthe value
tuations.
of m o n e y .

$89.63
89.67
89.89
90. 20
90.21
90.36
90.16 1
89. 78
89.58
89.67
89.44
89.54
89.71
89.80
89.95
89.94
89.97
90.19
90. 34
90.29
90. 35
90.13
90.24
90.16
89.93
90.05
89.99
89.67
89.73
89.48
89. 45
89.79
89.82
89.78
89.86
90.21
89.78
89.68
89.50
89.58
89.46
89.62
89.73
89.63
90.05
90.25
90.19
90.63
90.65
90.34
89.91
90.27

'

47.8
49.2
51.6
58.0
56.8
59.5
55.2
49.0
45.6
48.8
45.1
48.7
50.8
52.8
55.5
55.3
53.9
59.1
62.6
62.1
61.8
58.3
60.4
59.1
55.9
56.9
56.4
51.0
52.2
47.7
48.9
54.3
56.3
55.4
54.2
58.7
52.4
50.5
46.9
47.8
46.3
48.6
49.7
49.3
56.0
59.5
58.1
64.2
65.1
58.3
52.4
58.3

52.2
50.8
48.4
42.0
43.2
40.5
44.8
51.0
54.4
51.2
54.9
51.3
49.2
47.2
44.5
44.7
46.1
40.9
37.4
37.9
38.2
41.7
39.6
40.9
43.1
43.1
43.6
49.0
47.8
52.3
51.1
45.7
43.7
44.6
45.8
41.3
47.6
49.5
53.1
52.2
53.7
51.4
50.3
50.7
44.0
40.5
41.9
35.8
34.9
41.7
47.6
41.7

Average
price.

$108.31
108.95
108.47
109.09
108. 55
108.79
108.19
107.71
107.90
107.17
107. 52
107.75
107.90
107.80
107.80
107.96
108.23
108.37
108.23
107.99
107.45
107.63
107. 51
108.17
108.02
108.10
108. 26
108.15
108.10
108. 00
107. 81
108. 20
108. 52
108. 58
108.85
108. 70
108. 47
107.98
107. 44
107. 39
107.40
107.74
107.96
108. 52
109.11
108.61
108.38
107. 54
108. 39
108.43
108.32
108.04

FluctuaPrice
tions in
flucthe value
tuations.
of m o n e y .
50.4
57.7
55.9
59.6
58.2
60.2
56.4
51.5
52.6
51.7
53.3
53.3
55.8
57.5
58.9
57.9
60.6
58.5
59.8
57.3
50.6
51.3
52.4
54.7
55.0
54.2
55.0
53.1
52.9
51.0
52.3
54.1
58.9
59.0
60.5
58.1
57.7
54.3
47.8
50.6
52.2
54.8
55.6
57.2
60.1
59.2
57.3
50.4
55. 3
54.8
55.2
55.1

49.6
42.3
44.1
40.4
41.8
39.8
43.6
48.5
47.4
48.3
46.7
46.7
44.2
42.5
41.1
42.1
39.4
41.5
40.2
42.7
49.4
48.7
47.6
45.3
45.0
45.8
45.0
46.9
47.1
49.0
47.7
45.9
41.1
41.0
39.5
41.9
42.3
45.7
52.2
49.4
47.8
45.2
44.4
42.8
39.9
40.8
42.7
49.6
44.7
45.2
44.8
44.9

SEASONAL DEMAND FOR MONEY AND CAPITAL.

179

TABLE XXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of twenty-seven railroad bonds for periods varying
from nine to nineteen years, ending 1908—Average figures—Continued.

Average index
number.

B o n d 20 (1893-1908).

B o n d 19 (1890-1908).

B o n d 18 (1899-1908).

B o n d 17 (1894-1908).

Average i n d e x
number.

Average i n d e x
number.

Average index
number.

Month and week.
Average
price.

Jan.—

$99.99
100.34
100.44
100.66
101.06

1
2
3

4
Feb.— 5

.

.

6

101.07
100.62

8

99.91
100.08
99.83
100.30
100.46
100.65
100.50
100.70
100.70
101.02
101.00
100.81

Mar.— 9
10
11
12
Apr.—13
14
15
16
17
May— 18
19
20
21

101.03
101.00

J u n e — 22

101.19
101.23
101.59
101.18
101.30

23
24
25
J u l y — 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
D e c — 48
49
50
51
52




*

101.20
101.15
101.11
101.28
101.53
101.34
101.27
101.62
101.79
101.95
102.02
101.97
102.41
103.22
102.46
102. 57
102.67
102.26
102.44
102.26
102.17
102.40
102.40
102.58
102. 08
102.48

Price
fluctuations.

40.2
43.0
45.8
51.0
54.3
51.0
48.9
42.7
43.4
42.5
47.3
53.4
54.5
54.2
54.4
52.0
54.5
51.8
48.1
49.5
50.4
52.5
50.5
56.4
50.0
48.9
49.5
47.2
46.9
46.8
47.6
45.4
44.7
51.1
51.6
52.9
53.3
51.7
56.6
56.5
57.8
60.6
61.0
59.0
61.1
57.9
57.3
60.4
57.3
60.2
55.4
57.9

Fluctuations
in t h e
v a l u e of
money.

Average
price.

59.8
57.0
54.2
49.0
45.7
49.0
51.1
57.3
56.6
57.5
52.7
46.6
45.5
45.8
45.6
48.0
45.5
48.2
51.9
50.5
49.6
47.5
49.5
43.6
50.0
51.1
50.5
52.8
53.1
53.2
52.4
54.6
55.3
48.9
48.4
47.1
46.7
48.3
43.4
43.5
42.2
39.4
39.0
41.0
38.9
42.1
42.7
39.6
42.7
39.8
44.6
42.1

$101.62
102. 05
102.10
102.27
102.08
101.45
101. 59
101.71
101.49
101.35
101.26
101.16
100.93
101.18
101.16
101.38
101.42
101.42
101.16
101.09
101.33
101.22
101.20
101. 00
101.38
101.21
100.87
100.56
100.56
100.43
100.47
99.94
99.98
99.82
99.88
99.90
99.65
99.55
99.71
99.87
99.85
100.13
99.99
99.74
99.47
99.30
99.53
99.79
99.86
99.88
99.84
99.79

Price
fluctuations.

62.7
71.5
72.0
76.6
71.3
57.3
62.2
65.6
54.4
59.6
58.7
58.0
57.0
60.2
61.8
64.5
63.8
62.1
56.4
57.4
61.9
61.0
62.2
56.1
64.3
62.2
58.5
54.2
53.6
52.7
53.2
44.9
47.0
46.8
46.5
46.7
41.7
39.5
41.0
42.2
41.0
46.1
43.6
42.4
36.2
32.6
37.6
42.3
41.6
42.8
42.7
42.0

Fluctuations
in t h e
v a l u e of
money.

37.3
28.5
28.0
23.4
28.7
42.7
37.8
34.4
45.6
40.4
41.3
42.0
43.0
39.8
38.2
35.5
36.2
37.9
43.6
42.6
38.1
39.0
37.8
43.9
35.7
37.8
41.5
45.8
46.4
47.3
46.8
55.1
53.0
53.2
53.5
53.3
58.3
60.5
59.0
57.8
59.0
53.9
56.4
57.6
63.8
67.4
62.4
57.7
58.4
57.2
57.3
58.0

Average
price.

$106.42
106.51
106.75
106.88
108.83
106.99
106.87
106.66
106.60
106.45
106.21
106.18
106.25
106.18
106.23
106.06
105.89
106.03
106.00
106.01
105.95
106.12
106.08
105. 88
106.57
106.42
106.28
106.11
106.14
105.88
105.82
105.83
105.81
105. 62
106. 08
105.97
105.87
105.80
105.49
105. 58
105.56
105.60
105. 87
105.65
105. 57
105.73
105.67
105.68
105.94
105.92
105.84
105.86

Price
fluctuations.

57.7
60.8
65.6
68.9
67.8
72.2
69.4
64.6
63.7
61.5
55.7
57.0
58.8
57.8
57.7
56.0
52.5
55.2
54.6
53.5
51.7
56.4
53.8
64.2
64.8
62 9
58.6
56.7
58.2
55.9
53.1
54.1
53.6
50.9
59.0
56.3
53.8
53.1
46.7
48.5
49.1
48.5
52.1
47.2
47.9
51.8
52.7
49.7
54.8
55.7
55.1
54.7

Fluctuations
in the
value of
money.

42.3
39.2
34.4
31.1
32.2
27.8
30.6
35.4
36.3
38.5
44.3
43.0
41.2
42.2
42.3
44.0
47.5
44.8
45.4
46.5
48.3
43.6
46.2
35.8
35.2
37.1
41.4
43.3
41.8
44.1
46.9
45.9
46.4
49.1
41.0
43.7
46.2
46.9
53.3
51.5
50.9
51.5
47.9
52.8
52.1
48.2
47.3
50.3
45.2
44.3
44.9
45.3

Average
price.

$96.17
96.14
96.44
96.78
97.14
97.29
97.24
97.36
97.57
96.99
96.65
96.55
96.46
96.49
96.65
96.77
96.62
96.59
96.76
96.71
96.43
96.59
96.45
96.52
96.50
96.52
96.49
96.29
96.16
96.00
96.21
96.08
96.09
95.77
95.85
96.40
96.67
96.51
96.91
96.86
96.89
97.04
97.25
97.28
97.15
96.99
96.89
97.09
97.16
97.09
96.82
96.61

Price
fluctuations.

49.2
48.2
52.5
57.5
61.7
63.2
63.8
66.0
68.2
59.4
54.5
53.4
51.8
54.5
54.8
57.3
53.1
53.7
56.2
55.3
53.0
55.4
52.0
50.8
51.4
52.5
52.8
50.1
48.9
55.2
49.2
47.5
48.8
48.1
46.0
52.2
57.0
53.1
58.2
56.9
60.1
62.8
67.7
67.3
64.5
62.8
62.9
63.3
61.8
60.1
56.0
52.7

Fluctuations
in t h e
v a l u e of
money.

50.8
51.8
47.&
42.5
38. a
36.8
36.2
34.0
31.8
40.6
45.5
46.6
54 5
45.5
45.2
42.7
46 9
46 3
43 8
44 7
47 0
44.6
48 0
49 2
48 6
47 5
47 2
49 9
51 1
44 8
50 8
52 5
51 2
51.9
54 0
47.8
43 0
46.9
41.8
43.1
39 9
37 2
32.3
32.7
35.5
37.2
37.1
36.7
38.2
39.9
44.0
47.3

NATIONAL MONETARY COMMISSION.

180

TABLE XXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of twenty-seven railroad bonds for periods varying
from nine to nineteen years, ending 1908—Average figures—Continued.
B o n d 21 (1897-1908).

B o n d 22 (1897-1908).

Average index
number.

B o n d 23 (1890-1908).

Average index
number.

B o n d 24 (1892-1908).
Average index
number.

Average index
number.

Month and week.
Average
price.

Jan.—

1
2
3
4

Feb.— 5
6
7
8
Mar.— 9
10
11
12
Apr.— 13
14
15
16
17
M a y — 18
19
20
21
J u n e — 22
23
24
25
J u l y — 26
27
28
29
30
Aug.—31
32 ;
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
Dec.— 48
49
50
51
52




.

$92.82
92.96
93.42
93.48
93.67
93.84
93.70
93.38
93.52
93.28
93.90
93.77
94.28
94.24
93.92
93.77
93.85
94.06
94.07
93.92
93.95
94.23
94.47
94.39
94.08
94.02
94.27
94.28
94.38
94.34
94.60
94.77
94.60
94.72
94.96
94.89
94.75
94.47
94.71
94.56
94.52
94.80
94.72
94.76
94.93
94.81
94.65
94.95
95.43
95.38
94.71
94.95

Price
fluctuations.

37.7
37.9
45.9
48.8
52.5
54.8
53.2
47.1
49.4
45.0
54.2
52.5
57.1
56.4
52.3
53.0
52.1
52.0
53.7
50.3
50.1
55.0
57.1
58.4
53.9
53.5
58.0
56.8
58.1
57.9
57.4
56.7
55.7
59.1
61.6
60.5
58.3
55.1
59.2
56.1
57.6
63.0
61.0
63.4
63.3
62.7
60.3
60.8
63.9
58.4
51.5
54.2

Fluctuations in
the value
of m o n e y .

62.3
62.1
54.1
51.2
47.5
45.2
46.8
52.9
50.6
55.0
45.8
47.5
42.9
43.6
47.7
47.0
47.9
48.0
46.3
49.7
49.9
45.0
42.9
41.6
46.1
46.5
42.0
43.2
41.9
42.1
42.6
43.3
44.3
40.9
38.4
39.5
41.7
44.9
40.8
43.9
42.4
37.0
39.0
36.6
36.7
37.3
39.7
39.2
36.1
41.6
48.5
45.8

Average
price.

$101.14
101.25
101.43
101.53
101.56
101. 42
101. 39
100.93
100.72
100. 79
100.76
100.58
100.84
100.85
101.02
100.90
100. 81
101.00
101.00
100. 92
101.36
101.41
101.45
101.30
101.36
101. 61
101.69
101.61
101.55
101.52
101.65
101. 60
101. 59
101.55
101. 57
101.46
101.33
101.12
101.35
101.54
101.28
101. 41
101.24
101.12
101.29
101.23
101.31
101.55
101.80
101. 73
101.88
102.35

Price
fluctuations.

50.9
52.5
58.9
60.9
61.1
57.1
56.3
46.4
43.2
47.9
48.2
46.3
51.7
51.3
54.5
53.5
52.4
55.1
50.0
48.2
57.0
57.5
58.2
54.1
54.3
59.7
61.9
57.4
55.6
53.9
55.5
53.8
53.8
52.8
54.6
51.6
48.2
41.5
46.6
49.3
44.8
49.1
48.3
45.7
46.1
47.3
47.6
52.1
52.6
51.4
53.8
61.1

Fluctuations in
the value
of m o n e y .

49.1
47.5
41.1
39.1
38.9
42.9
43.7
53.6
56.8
52.1
51.8
53.7
48.3
48.7
45.5
46.5
47.6
44.9
50.0
51.8
43.0
42.5
41.8
45.9
45.7
40.3
38.1
42.6
44.4
46.1
44.5
46.2
46.2
47.2
45.4
48.4
51.8
58.5
53.4
.50.7
55.2
50.9
51.7
54.3
53.9
52.7
52.4
47.9
47.4
48.6
46.2
38.9

Average
price.

$102.37
101.99
102.54
102. 56
102. 58
102. 89
102. 82
103.09
102.91
102.45
102.30
102. 79
102. 44
102. 25
102.29
102. 78
102. 70
102. 63
102. 53
102. 88
102.77
102.81
102.66
102. 71
103. 06
102.58
102.43
102. 25
101. 69
101. 21
101.50
101. 61
101. 70
101. 51
101.90
101. 75
101. 90
101. 66
101.99
102.01
101. 91
101. 69
101. 64
102.07
101.92
102. 28
102. 25
102. 46
102. 25
102.09
101. 74
101.77

Price
fluctuations.

55.8
49.3
54.9
57.5
55.0
57.5
59.2
60.8
56.5
52.0
53.6
55.7
54.8
49.5
51.2
55.4
55.1
53.8
52.6
57.9
59.8
58.1
56.4
57.2
59.3
54.5
50.8
52.4
45.2
43.0
45.5
45.4
45.0
42.6
45.0
43.3
45.5
43.2
46.2
46.3
44.2
43 1
43.9
47.9
46.3
50.7
50.2
55.1
52.5
51.9
48.6
52.6

Fluctuations in
the value
of m o n e y .

44.2
50.7
45.1
42.5
45.0
42.5
40.8
39.2
43.5
48.0
46.4
44.3
45.2
50.5
48.8
44.6
44.9
46.2
47.4
42.1
40.2
41.9
43.6
42.8
40.7
45.5
49.2
47,6
54.8
57.0
54.5
54.6
55 0
57.4
55.0
56.7
54.5
56.8
53.8
53.7
55.8
56.9
56.1
52.1
53.7
49.3
49.8
44.9
47.5
48.1
51.4
47.4

Average
price.

$81.37
81.88
82.53
82.80
83.34
82.92
82.76
82.70
82.56
82.53
82.46
82.44
82.49
82.79
83.05
82.89
83.01
83 07
83.05
82.82
82.85
83.10
82.84
82.95
82.60
82.50
82.87
82.53
82.40
82.13
82.65
82.84
82.73
83.03
83 39
83. 70
83. 41
83.06
82.75
82.69
82.16
82.43
83.31
82.85
83.19
82.83
82.47
82.68
83.00
82.66
82.03
82.21

Price,
fluctuations.

43.6
47.9
56.6
58.5
65.3
58.8
55.5
57.5
55.6
55.7
54.0
53.4
55.4
56.6
59.4
58.7
58.1
57.4
57.1
55.0
53.2
59.2
54.8
56.0
52.6
51,5
53 9
51.7
49.0
47.9
51.6
55.6
54.3
57.6
60.4
64.1
60.7
54.9
52.7
54.6
50.6
54.0
59.8
58.2
58.3
55.8
51.6
53.3
53.6
52.0
46.2
46.7

Fluctuations in
the value
of m o n e y .

56.4
52.1
43.4
41.5
34.7
41.2
44.5
42.5
44.4
44.3
46.0
46.6
44.6
43.4
40.6
41.3
41.9
42.6
42.9
45.0
46.8
40-8
45.2
44.0
47.4
48.5
46.1
48.3
51.0
52,1
48.4
44.4
45.7
42.4
39.6
35.9
39.3
45.1
47.3
45.4
49.4
46.0
40.2
41.8
41.7
44.2
48.4
46.7
46.4
48.0
53.8
53.3

SEASONAL DEMAND FOR MONEY AND CAPITAL.

181

TABLE XXI.—Seasonal variations in the value of money as evidenced by the fluctuations in the price of twenty-seven railroad bonds for periods varying
from nine to nineteen years, ending 1908—Average figures—Continued.
B o n d 27 (1890-1908).

B o n d 26 (1899-1908).

B o n d 25 (1895-1908).

Average i n d e x
number.

Average i n d e x
number.

Average i n d e x
number.
M o n t h a n d week.
Average
price.

$105.33
104.96
105.09
104. 98
105. 46
105.23
105.08
104. 44
104.35
103.90
104.10
104.11
104.54
104. 66
105.04
105. 04
105.23
105.75
105.83
106.14
106.19
106.21
106.44

2
3
4
Feb.— 5
6
7
8
Mar.— 9
10
11
12
Apr.— 13
14
15
16
17
May— 18
19
20
21
J u n e — 22
23
24
25
J u l y — 26
27
28
29
30
Aug.— 31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
N o v . — 44
45
46
47
Dec.— 48
49
50
51
52




. . . .

.

....

;

..

..

.. . .

..
..

.
.

106. 50
106.55
106. 69
106.66
106.10
105.95
106.01
105.88
106.31
106.21
106.26
106.16
105. 91
105.83
105.86
105. 50
105. 27
105. 24
105. 60
105. 22
105. 60
106.09
105.95
105.49
106.10
106.38
105. 48
106.18
106.66

Price
fluctuations.

44.2
44.7
47.1
49.0
52.0
49.5
47.9
42.9
41.4
40.6
43.2
42.3
46.0
46.0
48.7
47.8
48.1
50.0
51.3
52.4
54.5
55.4
58.6
60.6
60.0
60.5
60.2
55.2
53.2
54.0
53.0
56.3
57.4
59.3
57.8
55.4
54.1
52.7
49.0
46.3
45.9
50.8
47.7
49.6
52.4
51.0
47.2
52.7
53.7
47.9
54.0
58.2

Fluctuations in
t h e value
of m o n e y .

55.8
55.3
52.9
51.0
48.0
50.5
52.1
57.1
68.6
59.4
66.8
57.7
54.0
54.0
51.3
52.2
51.9
50.0
48.7
47/6
45.5
44.6
41.4
39.4
40.0
39.5
39.8
44.8
46.8
46.0
47.0
43.7
42.6
40.7
42.2
44.6
45.9
47.3
51.0
53.7
54.1
49.2
52.3
50.4
47.6
49.0
52.8
47.3
46.3
52.1
46.0
41.8

Average
price.

$103.06
103.24
103.65
103.62
103. 70
103. 44
103. 33
103. 20
103. 02
103. 05
103.06
102.89
103.13
103. 06
103.05
103. 03
103.01
102. 98
102. 84
102. 98
103. 01
103. 06
103. 21
103. 21
103. 09
103.18
103. 23
103. 36
103. 33
103.16
103. 25
103.12
103. 00
103. 09
102. 93
102. 55
102. 44
102.19
102.29
102. 26
102.29
102. 34
102. 23
101.91
102. 07
102. 26
102.15
102.60
102. 68
102.44
102.41
102.77

Price
fluctuations.

55.2
58.7
67.3
67.4
71.1
66.3
62.0
59.3
56.1
56.9
58.6
54.2
59.1
56.3
54.4
53.7
49.5
51.0
48.5
51.8
50.5
52.8
56.2
57.7
55.9
58.0
59.5
63.8
62.0
57.6
61.3
56.8
57.6
61.2
58.8
48.5
48.5
40.6
41.0
40.1
40.6
42.1
41.6
38.5
40.3
45.2
43.1
50.3
49.9
44.8
47.9
52.4

Fluctuations in
t h e value
of m o n e y .

44.8
41.3
32.7
32.6
28.9
33.7
38.0
40.7
43.9
43.1
41.4
45.8
40.9
43.7
45.6
46.3
50.5
49.0
51.5
48.2
49.5
47.2
43.8
42.3
44.1
42.0
40.5
36.2
38.0
42.4
38.7
43.2
42.4
38.8
41.2
51.5
51.5
59.4
59.0
59.9
59.4
57.9
58.4
61.5
59.7
54.8
56.9
49.7
50.1
55.2
52.1
47.6

Average
price.

$108.79
108.87
109.16
109. 38
109. 50
109.40
109.15
108.82
108. 58
108. 49
108. 42
108.38
108.61
108. 77
108.68
109.01
109.19
109.11
108.97
108. 79
108.90
108. 95
108.93
108.84
108. 92
108. 80
108. 77
108.61
108.55
108. 49
108. 48
108. 43
108. 37
108. 27
108. 61
108. 64
108. 61
108.22
108. 37
108.54
108. 75
108.88
109.17
109.03
108. 89
108.73
108. 90
108.97
109.13
109.01
108.83
109.05

Price
fluctuations.

52.4
53.2
58.5
62.2
65.5
63.8
59.7
55.2
50.7
49.4
48.7
48.3
53.2
55.2
52.9
58.4
61.2
59.0
58.6
55.6
57.3
57.8
58.7
57.0
59.5
58.4
56.9
52.8
52.7
52.4
52.1
49.6
49.7
48.8
53.7
53.2
51.0
45.3
46.5
50.3
54.6
57.0
62.7
58.7
58.9
54.9
58.1
59.2
58.7
57.3
52.6
55.5

Fluctuations in
the value
of m o n e y .

47.6
46.8
41.5
37.8
34.5
36.2
40.3
44.8
49.3
50.6
51.3
51.7
46.8
44.8
47.1
41.6
38.8
41.0
41.4
44.4
42.7
42.2
41.3
43.0
40.5
41.6
43.1
47.2
47.3
47.6
47.9
50.4
50.3
51.2
46.3
46.8
49.0
54.7
53.5
49.7
45.4
43.0
37.3
41.3
41.1
45.1
41.9
40.8
41.3
42.7
47.4
44.5

NATIONAL MONETARY COMMISSION.

182

TABLE XXII.—Seasonal variations in the value of money as evidenced by thefluctuationsin the price of twenty-seven railroad bonds for periods varying
from nine to nineteen years, ending 1908. Averagefiguresfor all 27 bonds.a
All 27 bonds.

Average
price.

.

.

.

All 27 bonds.

Average index
number.

Month and week.

Jan.— 1
2
3
4
Feb.— 5
6
7
8
Mar.— 9
10
11.
12
Apr.—13
14
15
16
17
May—18
19
20
21
June—22
23
24
25
July—26

1

98.99
99.20
99.44
99.68
99.79
99.76
99.64
99.33
99.27
99.06
99.02
99.02
99.12
99.16
99.25
99.24
99.34
99.44
99.44
99.40
99.41
99.49
99.50
99.56
99.52
99.48

Price
fluctuations.
48.1
51.0
55.5
59.3
60.9
59.9
58.5
54.2
52.7
51.5
51.1
51.5
53.0
53.6
54.8
54.2
54.7
55.2
54.5
53.4
53.7
54.8
55.1
56.7
56.0
55.9

Average
price.

Fluctuations in
the value
of money.
51.9
49.0
44.5
40.7
39.1
40.1
41.5
45.8
47.3
48.5
48.9
48.5
47.0
46.4
45.2
45.8
45.3
44.8
45.5
46.6
46.3
45.2
44.9
43.3
44.0
44.1

Average index
number.

Month and week.

July— 27
28
29
30
1 Aug.— 31
32
!
33
34
Sept.—35
36
1
37
38
39
Oct.— 40
41

1

42
43
Nov.— 44
45
46
47
Dec— 48
49
50
51
52

a These averages cover 394 quotations except for the period from the twentieth to the thirty-first week, inclusive, in which they cover only 2
the 27 different bonds are given in Tables 21-47 of the Appendix (pp. 413-510).




99.48
99.32
99.28
99.15
99.22
99.23
99.22
99.24
99.47
99.49
99.36
99.23
99.20
99.16
99.11
99.25
99.34
99.31
99.44
99.38
99.36
99.57
99.75
99.60
99.39
99.58

FluctuaPrice
tions in
fluctua- tiTe value
tions. of money
55.4
53.7
53.4
51.8
52.1
52.1
52.5
52.9
55.2
54.9
52.9
51.1
50.4
49.3
50.0
52.2
53.5
52.8
52.8
52.8
52.9
55.3
56.3
54.2
52.2
55.0

44.6
46.3
46.6
48.2
47.9
47.9
47.5
47.1
44.8
45.1
47.1
48.9
49.6
50.7
50.0
47.8
46.5
47.2
47.2
47.2
47.1
44.7
43.7
45.8
47.8
45.0

The figures by weeks for

CHART LII.

T
Seasonal Variations in the Value of Money
SO

As fvidenced
The Fluctuations

hu

in the Price

rx

of

ftrcHtsoN, TOPEKA AND SANTE FE RAILROAD BOWS,
10

Adjustment Gold 4s of

ms.

m<3-I<708..
GO

so !

40

so

20

-Average of Prices.
to

mJM
wonths\ Ugnuartj

B-

_s

;o

\Februortf \ Morch




rs
\

tfpri/

\

2o
Mat/ , I

-Average of Index Numbers of Price Fluctuations.
•Average of Index Numbers of
fluctuations
in the Value of Monet/.
7S
\June~

I
v/^//y

I

flugusf

\*September\ October

Wovember1 Pecember\

Uan. yfonlhJft

(183)

CHART LIII.

a
8

fiveraqe or prices.
fiveraqe of Index Numbers of Price

C

fiveraqe of Index Numbers

170

in +h*> Vhlir/o

nf

»\
£0

^

w

V

/

\Y
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Av
\
i

\

i
/

30

/
/
\*o

J

i
!

^X

1

^

- .
\

^

yv

— H

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\

C

wk
\

\
%
§ U30i
8

•"••

\

uV—

J
1

V

'

s. \ 1 /

tw&

\

Jv A
A ^~l/WJ \ ' A
,

{ S

tm

l\
11

•1

1

9S.to\

\g

1

i
i
i

1

i
i

A\

i\
/

\
\\
\
\\ i
\ //

j

'

1
l

\

1

\

i

i

A

i

»

/

Aj

V i\
s

f\
/v J^
-t\

/

/

\\
i

7'

5 \

/o

Flucfuafions.

Mnn/o,/

1

\ 40

\
i

Flucfuafions

\ CO

1
T

A

SO

N
1

1

f

/1

Seasonal Variations in fhe Value of Money

\
>

h

A i

vv

Rs Evidenced
The Fluctuations
RTCHI

nw

|
i

bu

in fhe Price

of

m*\

SON, TOPEKAfiNDSflNTE p£ falLPOAD Bot
YDS,
General Cold 4s of

ms.

mi-^os.

M-m
1

Ir

A

J a

S
/O
\/&>»Md *Janitarv \FebruartA
March

Week

(184)




IS
1 Apr//

\

1o
Mau

2S
\ Uune

Jo
1 Uuft/

&£
40
\ .August ]Ja/?fcf»M October

nwi

4&
So
/
\tierember\£7ecemb9r\*/an.




CHART IXV.

(185)

CHART L V .

f>

nso\

Season a/ Variations in f/?e Ya/ue of Money
rfs Fv/denced
The Fluctuations

So

bu

in the Fr/ce of

H7S.

CENTRAL PAC/F/C FAILFOAD BONDS,
First Fefunding

Gold 4s of

F}4f.

/<?00-/fOS.

10

<?<?.oo\

Co

U1S

fssd

4o

<?S.2S\

30

$S.OQ\

2o

f7-7s\

A
Average of Frices.
3
Average of Index Numbers of Frice Fluctuations.
C—i/reraqe of Index Numbers of
fluctuations
in the Value of Monet/.

10

P&eH

MW/kl January

I February 1 March

(186)




1 April

\

2o
Macf

i

dune

1

JuTtT

August

\<Sepfem6er\

77So\

Oc/o6<sr

Jt£-

\/)/bye/r?6er\ 0eccm'6cr\don.

2Z2&
WsMA
WonlhjL

CHART LVI.
"

"i

' J»

1
SO

Seasonal Varial Ions in ihe Value of Money

r"' 1

/20£Q

7

Us Evidenced
The Flucfuafhns

'I
/
i

70

/
CO

f

SO

//

in the Price of

OF NEW JERSEY

BOND

s,

120.A

General Gold 5s of H87.
WO-1108.

\ \

I20.2A

\
^\

FMLZO/ID

,-1

//
}/

C wrfr/ii

du

1

IV

\
\

x /V

v\

•

/

40

V

f

\
\
\
\
\

SO

—•

\

t

/\

/

1

\

f/f.COi

1

1

A\v A\

\

1

/
//
\ ,

1

V

w

/
/
7o

UfarMA <Jant/arcf

i \

ttf.3o\

1

1

—fiver age of Fr'n?es.
i 3- —Avert ?oe of Indt 'x Number^ 9 of Price Flucfuaho ns.
c —flveraqe of Index Numbers of Flucluafions
in II? e Value of Money.

j to

L°
P^tfyf.S

1w
l
l\

}

i

V

AA "*

\j

x f
/

\
\

w 3

^

3
\ rebruartA




/O
March|

/S
/jpr//

|

I

2o
Mac/

I

2&
|

\June

1

So
\

\Ju/tf

\ Auac/sf

I

3S
\Sepfem&<;r\

J

4o

45
Ocfo6e r \ Worc.mbar\

118.7a

So
Pecem6er\

|

/
x/gn.

(187)

//A'4o\
Wceik
Worfh^

CHART LVII.

Seasonal Varia lions in the Value of Moneu
so

i 93 tS

Us Evidenced bu

i

The Fluclualions in the Price of
CHESftP£fiKE

70

/WD OrffO /f/?71 FOfiP

80/WS,
J 92.S&

Oeneral Cold 4is of

mz.

60

9?M

SO

i W2S\

40

\w\

30

\v*s\

20

\1/-3S\

—Average of Prices.
—Hvera^e of Index Numbers of Price Fluctuations.
—Average of Index Numbers of Fluctuations
in the Value of Money.

/o

WseM
yrionUk January

_j
[ fcbraaru

(188)




\ March

\

Apr it

\

May

i
\

June

i

\

J a/is

*°

I /Juaasf

i

&s
\Sepfem6cf\

*°
October

Jf/.A*

4-S
\M>vom6er\

_

&°
/
Pccembcrj Jan.

mm
Utedtd

CHART LVIII.

??
<

I

iSeaSv//u/

\
V

I

I

\

r^
*

70

^ 1

\

\i
»•
t

i ^
1

/1

;

*> / »

\so

VI
I Ii

1

of/927.

mo-tqos.
9S.oA

l\

A

X

//

^\\

»\

!/-\
A
/I

\

\\
\\
V
\\
\

/'

*\
/ \
\ \ \ \l/
\\
\i

A

V

yv

V

i

i

\

A

i\

5

v.

January

ft

\Februaru \ March




AS

\

April

Fluctuations

2o

\

Macf

26

1 ^Jifpc

1

i

<77.2s\

•

/
/

i

/
\ //
i

'
\

/

!
i

47.°A

I

!M

•
\ I
••• \ *

<?css\

s

in the Value of Moneu.

te#s

—

1
i
i
i,

\°
WcU

i

VA

•

i

ffuctua
fions.

.

1 .<tu/t/..

974&

\

i

i

j 20

\1

i

ii

,Average of Index Numbers of

1

i

1

Rverage of Prices.

<?us\

\

1
J

of Price

--—1

i

i
i

»

SO

>foe rage of Index Numbers

\1

\

\
\

~~ c

1

I
/

/ \r*r
V \
1
1
t
1
1

to

\

A

\

/

I 40

A

\

A
»

/ / v

^

\
\
\\
1

rf

B

BONDS,

^

GO

l\
i*

of

V

i f

V

J^^d

iriuncij

FfifLtfofiD

Nebraska Extension 4's

\
A

i

l

i
i

vi

in the Price

CHWftuo, BURLING j ON fiND QufNCtY

\

i

vutuc

m2s\

i

\

The fluctuations

• '\

i
•

fft life

fts Evidenced bu

\

i

80

VUJ(u/iuf/o

3€>

1

3S

fit/gust

4o

\Ssf>fembet\ October

OS

<£o

\

/

\ Ncy*m6er\Decem6~6r~\ «y<yyy.

(189)

I616&
Weekix
U^<^//^

CHABT LIX.

(190)







CHART LX.

(191)

CHART LXI.

1

-

K
1

7*

/

/

1

As Evidenced bu

! \
1
1
1
I

1 1

The fluctuations

\

E&E

\
\

first

fsss\

in the Price of

RAILROAD

BONOS,

Consolidafed Oold 4st Prior

Lien

offffG.

fS3o\

iw/fos.

f

i'

AVI

k

Go

/ 1
/

1
1
1

1
4o

/

\
>

<?4.6o\

\ //
1

1 1

f/

K
/ \«

\

1
1
V

\t
» /
\

i\r\

*

\

1
/

\

I

x

v**

f

p

1 \

[1
V J' /

i

*/

\ \A

\
\

/

A

O
Weeks
\MonM yJonuaro

1

*ir
\rebruarif\

(192)




.4'
1

\

I

;o

1

\\ !1 \ /
V
V

Average of Prices

March

&3c\

^

B
Average of Index Numbers of Price Ftucfuafions.
C ——Average of IndeK Numbers of Flue fuaf ions
in the Value ofMoneu.

IO

l

\

y,^

Apr//

l

\

20

Moq

'

\

*June.

2s

\

\{

/

/
A

1

ftssl

\ /

/

\

1r

/

V

Zo

1

/

*/

y\

1 \

30

*"N*

1

\ \

\#

/1
\
// \
• ^

<?S.oA

* \

\ \ /

So

1 \

\
' \ \
W
v
* \\
v

Prices

XO

1

Seasonal Variations in the Value of Moneu

Uu/u

&°
\

August

<?4.0s\

1

V\j

f&M

V

AS
\Scpfemi>ci\

40

4s~

Ocfol>er,\fVovem6er\Decem6er

so

\

/

\ v/<7/7.

f£Ss\
Week*
Monfh^

CHART LXII.

J

Yarial ions in the Value of Morreu

Seasonal

1&

i

The Fluctuations

*

1

i

do

i

i

t
i

i

K \ /

|\
•

h rsl Consolidpfcd Gold 4zs of

IV

i

in the Price of

JYoc/r/wG VALLEY RWLZOAD BONOS,

1
1

7?

WO-tfOS.

A

//
\ ' /\»
\ / V
V

'

i\
» \
i
/ \\

V

i

/

< A

/

\

\/

/I
/l

i

t
i

fl

'X.

\i

/

1 i ^ X \i
/ 1 X /
/ '
xi
'
i
*
I

/

40

\l

I /

v/W '

\
\

1 ^»
1

•

*

1

—-\

AM

L.-

i

/A

\
*

\

X

1
i

!
t

\
\

i
i
i
i
i
i
i
i

\

\
\
i

j

\Vi

3D

A

1
1

v

\\
\
\\
1
>

i

i

fr

1 Average

/Average of Index Numbers of Price

8

/O

of Prices.
fluctuations.

A

\\ /
'

r~ c—/Iverage of

Index Numbers of
fluctuations
in the Value ofMoneu.

___
__
*

.

16065°—11- -13




1

I . I

&

1February \ march

___**

\

April

#? ........

|

May

\

...

June

1

\

^

Ju/u

;

/V
' V

H

/O4.$o\

•

1

*4?._......

/C4.£6\

/

'»

lo4.qo\

M.m

/V
\

\

1

20

Wsik | January

yossd

im.

A

V'

L-£Wtfte

l^syd

Hs Evidenced btf

AS

\ /togusf

tftf

\Sef>femter\ October

4^

/oq./o\

Is*

\\Nove.mfcr\0ecember

T
r/"v"'"1Weet&
\ "V^r..'i foliM

(193)

CHART LXIII.

Seasonal
1——

SO

Variations in the Value of Moneu

fls

Evidenced bu

The Fluctuations
bwfl
10

in the Price

CENTRAL
First

fa/u?o*D

Oofd

5's

h !'
jV

•<of

1
1
1
1
1

ffonvs,

of

fotjo\

I

1

HSS

1
f
1

mo -i<fo8.

\ \

1

1
1

/

; /

X
\

»
1

\

LA

/ooSa

jL'-.'vjE
/
r

/ot to\

A '

A

\ A

so

!/ 1

J

' As/
/

60

/Lx
/

fo/4o\

1/1

1
1

•5
*>

1

1

y

v
»

* \

/ \C-~-

'A

1 s

/I

\

\ 40

toosoi

\ i

V

/

i

/
/

SO

/

h

\

l
N

/

«

/

<&.<?o\

f

/

a—

Ryerage of index Numbers of Price

C

Average of index Numbers

Prices

4?6o\

of

Ffucfuottons

Fluctuations

in the Value of Moneu

oi

mnfk

Average of

B

fo

IktfM&j

roo?A

f
/
/

/

I

\

'

V

\/

i
i

/ *

i

\

\

t \
i \

i

X

'

\

i
i

20

1

£
Ja ft gain/ \Febnsoru

(194)




/C>
1 Ma/ -ch

AS
1 /?pr //

1

2o
Mau

1
7S
\

dune

A
3o
\

du/u

1 August

1
'
1
&£
4o
\Sepfember\Ocfpber

1
4£
\fifo*em6er

£o
\ t
Wecembeft
dan.

99.3o\
Weeis\
MonftA




CHART LXIV.

(195)

CHABT LXV.

\ft——Average of Prices.
Average of Index, l/umders of Price
flvcfao/ivnsi^-.
-Average of Index lumbers of Fluctuations
//? the Value of Money,
I \

SO

Seasonal

v

A

Variations in the Value of
/9s fvidenced

2o
1

Tbe Fluctuations

'

\\l

to

LDUISY/LLE

Money

by

in trie Price of

A/YD NASHVILLE

FA/L/ZOAO BO/YDS,

Unified Gold 4's of I<?40.
IP7&-IJ0S.

WeekA
Wwfal

S
s/*r>uory_ \Pebroortf

(196)




\

/O
March

I

/S
April

\

2Q
fifoy

25
\

June

\

Ju/tf

SO
\

fioqusf

3S
\ SapfemferX

ao
October

4£
" .
\ Nov&mb&r \

£Q
Uecentbttr

Weekd
Vfort/Af

CHART LXVI.

Seasonal Variations in the Vatue of Money

80

Us Evidenced by
The Fluctuations in the Price of
MISSOURI, Kwsns

10

two Texas FAIL/TOAD 3O/YDS>

First Gold 4's of FFfO.

co

so

4o

$0

20

10

.3-

\Wee£A
wonfhk January

Hverage of Frices.
flverage of Index Nam hers of Price Fluctuations,
Average of Index Numbers of Fluctuations
in the Vatue of Money.
1 February 1 March




I Apr//

\

May

1 June

I

Ju/u

August

\Sepfenther 1 Ocfojfer

\November 1 December 1 Jan. \/flo/tth^
(197)

CHART LXVII.

1*

_L

Seasonal

MCf./d

Variafions in fhe Value of

hhneu

fls Evidenced bq
The Ffucfuafions in fhe Frice of

80

MISSOURI PACIFIC RAILROAD

\10&8&

BONDS,

Firsf Consofidofed 6old G's oF feJ20
IS<?0-I<?03.

10

Co

A/cS.3%

So

•J/03.r°\

4o

A/07.Z&

30

J/c/.to]

2o

yof.3S\

-Average of

Prices.

-Average of Index Numbers

of Frice

'Average

10

of

of fndex Numbers
in fhe Vafue of

Weeks
Wonihk

January

\ February

(198)




1

MarcfT

I

April

20^
Mat/

IS
^une-

SO
\

*Ju/tf

1 /fu^jrs/

Ffucfuafions.,

Ffucfuafions

\/oj./o\

Moneu.

35
40
\SepfemfeAacfober

OS
\NcvemJ>er\

yc£SS[
\£Q
lhte?&|
December\ Uor?. WonihA

CHART LXVIII.

\io

/0l£o\

Seasonal Variations in the Value of Money
Us Evidenced bu

,
!03.0c\

80

The Fluctuations
MISSOURI PACIFIC, ST.

Lours,

in the Price of

IRON MOUNTAIN

RAILROAD
10

Ueneral
i

t

\

AND SOUTHERN

BONOS,

Lonsol/dated uatd
1814-1108,

t

<
\

5's of n^L

.

i

•
i

t

* \

/

SO

J

yvA\

^ Y

I/
/
/

—\

//

f \i

V

\\
\\
\
\
\

/
/

i

/

/

to

^

/
/

r-~\

f—

y

z

1

IO2S0\

*

/1

!

\/i

/

v

!C2.oo\

|v/v

\

//
//
//

1

I1

y

/

i^

/ocso\

/
1

A-

\ A
V

1

\

1
1

Average of Frices.

B

>

1

/Iverage of index Numbers of Price Fiucfua /ions.
Average of Index Numbers of Fluctuations
in the Va/ue of Money.

C — l

/00.0A

>

to

<7<?SQ\

o
Weeks.
WonSAs\Ja/)ux3rtf

ior.oo\

V

A/
\

t

r

^/

iF
10/. so

II

J\l\

40

30

A

r
t

//

\ / \
\ 1
V

'

SO

41 \

V \\
V

W.co\
&
\r<s/>rc/arc/\<




/O
March

\

IS
Apr//

\

2o
May

23
\

Uune

\

Uulif

30
1 August

3£
\Sep/em£>er\

4o
October

4£
November

£o
\Decem6er

1 7-7:.. Weeks\
\ ^Jan. MonMs\

(199)

CHART LXIX.

So

Seasonal Variations in the Value of Money

\

f

I

As Evidenced bu
The Fluctuations in the Price of
NEW YO£K CENTAL

P

AND HUDSON FIVER

fatif?0A&

BONDS,

Gold 3{s of m7
18??-l<?08.

GO

SO

40

SO

20

Average of Prices.
Average of Index Numbers of Price Fluctuations.
' Average of Index Numbers of Fluctuations
in the Value of Money.

10

^B
thkxfonuoru

I February ' 1 March

(200)




1

flprif

1

2o
Mou

2&
1 dune

\

%/u/u1

/fu^usr

33

\Septcmbcr\

4o
October

4£-

\NoYemfier\Decembcr\

don

MsM

CHART LXX.

A

<?0
i

i

!

fO<o<?<\

\

\

\

i

i

so

Seasonal
\
\

i

The Fluctuations
\

i

10

A

/

/
it

/
/

/\

NEWYC ?/e<r CENTAL

\\
\V

West Shore

v

\

bu

in the Price

Guaranteed

Monet/

/?/V££

First

4s of

of

}0&10\

&?/LZO/?D

BONDS,

23GL

1810'-/<?08.

I0<o.5c\

t

\

v

\

\\ \
V

\
\

\\

L \

CO

\ V

\

—

/ A

\

<
*
>

-y

v * \ /^"\
* \/
^

SO

\

*

4o

Value of

AND HUDSON

*

/

in the

Us Evidenced
\\

i
i

Variations

\
\\

.N

V

\\
\\
\A

I

\

\
\
\ /
\

A
i"
' \l

c\

N

f

^^

i

V
\/ v\
r
I
\

\

V

A

\

1
1

\

\
\

\

1

\

*
\

x

30

•

*
\\
\

i
1

1

\

\J

I

\

\I

!
I
1

J

' ^«

(OSJGi

\
\

i
i

\f

?o

IO&SQ\

A-"- -A Average
/O

o*

r

Prices.

Fluctuations.
3— -Ryerage of Index Numbers of Price
—Average of Index Numbers of
Fluctuations
in the Value of Moneu.

i

a

|hfc«k|
\M*M

losqA

%

!
• \\

1
1

*°

•Janvoru

£
1 fabreran/\




i
10
March

i
\

IS
Apr*'/

i
\

7o
tfatf

(OS.Z&

i
\

25
sJunc
1

\/os.to\

^

/

y

SO
>

SS
rfu4u#f.\'Sepfcmbef\

4o
Oc/ober

4S
So
\. /
\W££A£
XNovemberX Decern£?ar\ ofr/*. \CHS2ihA

(201)

CHART LXXI.

i \

«

i

i
i

i
r

go

/V
i
t

Seasonal

Variations in the Value of iHlonei/ *
Us Evidenced

\

i
i

The Fluctuations

\
»
»
»

A 'EW

j 10

YORK. ONTA&O

A

r/rsl

Tn the Price

AND

Gold

\

WESTERN

4s

of

1

faiLFoao

of

t
i
i

BONOS

Igf3-I<?08

y'/

/
/ \ /'

\j>0

V: v

A

1\

i

1

\ r\

/'

Y

' « '

\ A/i\

\

V

/

\

*
\

4o

\

\\

1^2.

60

2

\973$

bu

nio\

!
!
i

^\!
*

%8d

\\ v
\
V

\ 1
A^

%.&o\

a

6.3s\

i
i

\

*/?

So

\

1

9&/o\

^
\

i

a

2o

£SsL

\

V
fh

Average of

Prices

5

Average of Index Numbers

C

JO

>Average of Index Numbers

Pluctua f/ons

of Price
of

°S.6d

Fluctuations

in the Value of /Vfoneu
o
it/Aftfe 1
\Monfh& {January

S
\Et ebruoru

(202)




1

/O
I March

1

\

/£
Apr//

1

1

?0
May

2S
\

June

\

Ju/u

<30
\

SS
fiuaus?

4o
\Sepfemb<sr\Ocfo ber

4S
So
\fVpvernJ>er\Oeccm6er Jan.

/

te&\
Weekk
MonM

CHART LXXII.

N
80

ft-

Average of Prices-

B-

Average of Index Numbers of Price Frucluafions.
Average of Index Numbers of F/ucfua lions
in the Value of Money.

la

Co

SO

40

So

Seasonal Varial ions in the Value of Monet/
7o

/Is Evidenced btf
The Ftucfualions
NORFOLK AND

to

in the Price

WZSTEKN

/?/I/LKO/!D

of
BONDS,

Firsl Consoltdafed Gold 4s of IM6.
/Sa7-/<?03.

i
jyyfegiy
Wonfhk January

s
\ fe6ruary\




to
March

\

is
/IprrF

2S

|

Mac/

j

Uums

\

*Ju/t{

I

rfuat/sf

\Scpfem6cr\ October

Weeks\
\Woven?6er\0ecem2>er\ *Jar7. Wonttisj
(203)

CHART LXXTII.

too
Seas one/ Variafions in fhe Vafue of Money
/9s Evidenced di/
The Flucfuafions

90

NORTHERN

P/?C/F/C

Prior lien

in fhe Price
P/?/JLRO/?D

Gold

4's of

1 \

of
8O/Y&S,

/?17.

So

7*

Co

So

4o

30

7o

B-

/o

iHfrgfol

VfofffA&Uonuarv \Febrt/<trt{ \ March

(204)




\ /fptrf

\

*L
/M>y

?£
\ June

\ *Ju/u

/fveroae of Prices.
Average of/ndex Numbers of Price FJucfuafions.
Average of/ndex Numbers of Flucfuafions
in fhe Vafue of Moneu.

SO
\ Auqusf

\S\sptember\

4o
October

44
\Hovemb&r\Deccmb*r\

Jem

^fpa*o\

\Weeks\




CHART LXXIV.

CHART LXXV.

Seasonal

Variations in the Vatue of Money

so

As Evidenced bu
The Fluctuations

Sr. Lours

SOUTHWESTERN

70

A

in the Frfce
RAILROAD

First Gold 4's of

/\
/ \

of
BONDS,

/f/f

18<?2-I<?0g
Co

so

4o

SO

20

/?
8

flveroge

of

Frices

Average of Index Numbers

C—Average

of Index Numbers

10

)n the Value of

w&M

typaMkyJonuoru

\Februdrif\

(206)




/o,

March

\

April

1

to
May

\

££-.

<Jur?&

\

yJultf

of Frice
of

Fluctuations

Fluctuations

Moneu.

\

August

\<SepfemMAQcfQ&er

\Novem6&r\0eee>mber

<Jon. ytiorifi&

CHART LXXVI.

1

\i

so

yo&sa

\
\

J

V

/
/
/
/
11

(

CO

i
i

i\

i

/ •

\

i

\

\

i
i

j — ^ _

V

^

J

\
\

/-^
\

1
1
1
1

' /

j

• /
K

C

\

10G>I0\

\

/os.jo\

/

\

so

\

/ / i
/OS. 3d

\ / r\
N

\

/ \

/
//

V3 \

i

40

//
/1
1
1

}

/
/

... 1
t

V)

\
20

„

\\
\
\
\.
\
I
I

Seasonal

1
t1
1
1
1

Variations

fl
5

Average of
flveroge

__

The Fluctuations

/

SOUTHf^N

Frices.

O

S&.\ >Januaru

of Index Numbers

1

in the Value

1

&
fO
\Fe.bri/orif \ Morch




bu

in the
fa/twAY

Consolidated

Moneu
\

Fr/ce

of

f

04./0\

BONDS,

S's of !<?<?£.

\

W5-lf0S.

C—m "flveroge of Index Numbers

W?n/Jk

Value of

Us Evidenced

1
1

F/'rst

ro

in the

of Fr/ce
of

Fluctuations

ofAfweu.
Y

1

IS
\ /fpri/

Uat^-r/Dl

Fluctuaf/ ons.

\

1

to
tfotf

1

\

IS
sJune.

1
\ *Jc/W

3ty
\

//73.3d

fluqusf

SS
4o
\Sepf&mber\ Ocfobe.r

4£,
*£o
\Afoyen7bar \ 0&cerr> b&r

'

Vfe&kA

v/<g/7. j MonfhA

(207)

CHART LXXVII.

(208)




CHART L X X V I I I .

\
\\
\\
i!
\
i
\

Seasonal

/i

Venations in the Value of

Money

t

80

/0<?4o[

1
i
i

i

//
//
/
f

1

,
10

fhe fluctuations

\
\
\
\

l
i

WfiBnsH

in the Prrce

of

ft/ULZono BONDS ,

,
/<P0.?o\

I

\

r~

first

Gold 5's
af'113*1.
18^0 -l<fOg.

j\

GO

Y>

\

1/

\ \>

SO

X

!

\J
/

40

/

i
1

V

i

\

1

\

J

•

•

\x

i

/

V

l

<^\

t
i

lo<?cd

1

/o&sa

\ i

/v ^

V

\ fmmm

108.GA

'I
I)

\j

30

I/

A

y

V/

I

/ \ '

\

/

j \
l

\

\J
A
<S \

/

/

i>w

—
—
\

1\

/

\
\
\

V

I

t
// *

/,

K\

/ \
//\ \

~ \

/
/

\

f08-4&

N

(

V

I /
\ I

''
»

20

fl~-—fl veroge

of Prices.

fiver age
B
——Average
c

10

of Index Numbers of
of Index Numbers

in the Value of

(

flucfuai ions-

Price

of

fCS-CC\

fluefuafions

Moneu.

j

\ o
Weeks\
fthnlhA

106.lk

sJant/artf

3
1 fc6ruGt»Lf

16065°—11




/O
I

14

XTorch

IS
\

Apr//

2o
j

/1/<7<£

/07.M

2S
1

\June,

SO
\

yJc//c/

3S
|

flugusr

\

Septet •n6er\

4c
Ocfa£>e>r^

&S
\November

\

.So
December

/
sjan.

(209)

Weeks
/f?or>/h$

CHART LXXIX.

SEASONAL VARIATIONS IN THE VALUE OF

MONEY

/is Evidenced 3L{

SO

THE FLUCTUATIONS IN THE PRICE OF
TWENTY-SEVEN
10

RAILROAD

BONDS,

For Periods Varying From Ita-tf Years.

60

SO

40

30

20

R3
C

to

WeekA
WantM January

S
\Februaru\

(210)




to
March

\

Average oF Prices.
Average oF Index Numbers oF Price
Fluctuations.
Average oF Index Numbers oF Fluctuations
in the Value of Monet/.
t£
Apr//

\

2t>
Afau

25
\

Uune

30
I

Uu/y

\ August

SS
\Septembe/\

4o
October

4£
\November\

£Q
December

\ /
Weete
\ Uan. Won/hk

SEASONAL DEMAND FOR MONEY AND CAPITAL.

211

Curve " A " on each individual bond chart (Charts I If we examine the figures for each bond for the inL I I - L X X I X ) represents the average " a n d interest" dividual years a we observe the following results:
quotations of all the first weeks, all the second weeks, all
The price of bond No. 1 was higher for t h e fifth week than for the first
the third weeks, etc., for the number of years covered by in ten years and lower in two & years.
the chart. On the summary chart covering all the twentyThe price of bond No. 2 was higher for the fifth week than for the first
seven bonds curve " A " is a composite of these average in ten years and lower in two years.
The price of bond No. 3 was higher for the fifth week than for the first
prices, each bond being weighted according to the numin seven years and lower in two years.
ber of years for which quotations were used.
The price of bond No. 4 was higher for the fifth week than for the first
Curve " B , " on each individual bond chart, represent- in seven years and lower in two years.
ing the "average of index numbers of price fluctuations/'
The price of bond No. 5 was higher for the fifth week than for the first
was calculated as follows: The minimum price for the \ in fourteen years and lower in four & years.
The price of bond No. 6 was higher for the fifth week than for the first
bond in each year was represented by an index number of
in fourteen years and lower in two years.
0, the maximum price was represented by an index numThe price of bond No. 7 was higher for the fifth week than for the first
ber of 100, and the other weekly prices were prorated. 0 in twelve years and lower in seven years.
The index numbers for the nineteen first weeks (if the
The price of bond No. 8 was higher for the fifth week than for t h e first
bond ran for the nineteen years 1890-1908) were then in fifteen years and lower in four years.
The price of bond No. 9 was higher for the fifth week than for t h e first
averaged together, those for the nineteen second weeks,
in fourteen years and lower in five years.
etc., through the fifty-two weeks of the year, and the
The price of bond No. 10 was higher for the fifth week than for the first
resulting composite was plotted as curve " B " of the in seven years and lower in four years.
chart.
The price of bond No. 11 was higher for t h e fifth week than for the first
Curve " C , " representing " t h e average of index num- in seven years and lower in two years.
The price of bond No. 12 was higher for t h e fifth week than for the first
bers of fluctuations in the value of money," is the exact
in ten years and lower in nine years.
reverse of curve " B . " In computing these index numT h e price of bond No. 13 was higher for t h e fifth week than for t h e first
bers the lowest price each year, representing the most in three years and lower in six years.
valuable money, was designated by an index number of
The price of bond No. 14 was higher for the fifth week than for t h e first
100; the highest price, representing the least valuable in five years and lower in six years.
The price of bond No. 15 was higher for the fifth week than for the first
money, was designated by an index number of 0, and the
in thirteen years and lower in five years.
other prices were prorated.
The price of bond No. 16 was higher for t h e fifth week than for the first
The index numbers for the twenty-seven bonds were in fourteen years and lower in five years.
combined in averages, weighted according to the number
The price of bond No. 17 was higher for the fifth week than for t h e first
of years covered by each bond, and these averages are in ten years and lower in five years.
The price of bond No. 18 was higher for the fifth week than for the first
plotted as curves " B " and " C " of the summary chart.
in four years and lower in six years.
(Chart L X X I X . ) Each point on the summary chart repThe price of bond No. 19 was higher for the fifth week than for t h e first
resents an average of 393 or 394 price quotations or index in eleven years and lower in eight years.
numbers for a particular week ( i . e . , first week of the
The price of bond No. 20 was higher for the fifth week than for the first
in eleven years and lower in five years.
year, second week, etc.).
PRINCIPAL SEASONAL FLUCTUATIONS.

The price of bond No. 21 was higher for the fifth week than for t h e
in nine years and lower in three years.
The price of bond No. 22 was higher for the fifth week than for the
in nine years and lower in three years.
The price of bond No. 23 was higher for the fifth week than for t h e
in ten years and lower in nine years.
The price of bond No. 24 was higher for the fifth week than for t h e
in fourteen years and lower in three years.
The price of bond No. 25 was higher for the fifth week than for the
in seven years and lower in seven years.
The price of bond No. 26 was higher for the fifth week than for the
in seven years and lower in three years.
The price of bond No. 27 was higher for the fifth week than for the
in fourteen years and lower in five years.

first
first

The first seasonal movement in bond prices shown by
first
Chart L X X I X is an advance from the beginning of the
year to about the first week of February—a period during
first
which the money market has been found to be almost
first
invariably declining and weak.
Concerning the extent and regularity of the rise of
first
prices at this time the following evidence may be given:
The average price for all the 27 bonds rose from $98.99
first
for the first week to $99.79 for the fifth, the average
Thus, out of 394 " bond-years " the price was higher in
index number of prices rising at the same time from 48.1
the fifth week than in the first in 268, or 68 per cent; was»
to 60.9.
c
Taking the bonds individually, we find t h a t for 26 of j lower in 124, or 31.5 per cent.
the 27 (i. e., all but bond No. 13) the average price was
a The expression " b o n d - y e a r " will be used to designate " a year f o r
higher for the fifth week than for the first; and t h a t for one b o n d , " somewhat analogous to the expression " t o n - m i l e " in;
25 of the 27 (i. e., all but Nos. 13 and 23) 6 the average transporation.
& The price was t h e same for the two weeks in one year.
index number was higher.
a Cf. p p . 13-15.




& Cf. Charts L X I V and L X X I V .

c T h e price was the same for the two weeks in two years, or 0.5. perr
I cent.

212

NATIONAL MONErTARY COMMISSION.

Viewing the subject by another method, and remembering that the index numbers for each bond each year
vary from 0 to 100, we may divide the index number arbitrarily into three groups: (1) Those below 34; (2)
those between 34 and 67; and (3) those above 67. Of
t h e 394 bond years the index number was below 34 for
the first week in 160 and for the fifth week in 93; it was
above 67 for the first week in 144 and for the fifth week
in 191.
Considering the accumulation of " v e r y high" index
numbers (i. e., those above 85) and " v e r y low" index
numbers (i. e., those below 15) in the different months,
we find that February had 423 index numbers above 85,
of which 44 were 100, while it had only 146 below 15, of
which 14 were 0. (Cf. p. 217 note.)
The evidence accordingly points clearly to an upward
tendency of prices during the first five weeks of the year. a
The second seasonal period to consider is that extending from the fifth week (fore part of February) to the
eleventh or twelfth week (latter part of March). This
is a period of falling prices and, as we have found, 6 of
increasing demand for loanable capital.
The average price of all bonds fell from $99.79 for the
fifth week to $99.02 for the eleventh, the average index
number falling at the same time from 60.9 to 51.1.
Considering the individual bonds, the average price was
lower for the eleventh week than for the fifth for 25 of the
27 bonds, as likewise was the average index number.
A study of the movements for the individual years
shows the same downward tendency at this time.
The price of bond No. 1 was lower for the eleventh week than for the
first in ten years and higher in three years.
The price of bond No. 2 was lower for the eleventh week than for the
first in eight years and higher in four years.
The price of bond No. 3 was lower for the eleventh week than for the
first in seven years and higher in two years.
The price of bond No. 4 was lower for the eleventh week than for the
first in eight years and higher in one year.
The price of bond No. 5 was lower for the eleventh week than for the
first in thirteen years and higher in six years.
The price of bond No. 6 was lower for the eleventh week than for the
first in eleven years and higher in five years.
The price of bond No. 7 was lower for the eleventh week than for the
first in eleven years and higher in eight years.
The price of bond No. 8 was lower for the eleventh week than for the
first in thirteen years and higher in six years.
The price of bond No. 9 was lower for the eleventh week than for the
first in seventeen years and higher in two years.
The price of bond No. 10 was lower for the eleventh week than for the
first in ten years and higher in one year.
The price of bond No. 11 was lower for the eleventh week than for the
first in eight years and higher in one year.
The price of bond No. 12 was lower for the eleventh week than for the
first in sixteen years and higher in three years.
The price of bond No. 13 was lower for the eleventh week than for the
first in three years and higher in six years.
The price of bond No. 14 was lower for the eleventh week than for the
first in nine years and higher in two years.
a
For special causes, aside from the slack money market which normally characterizes this period, see pp. 217-218.
5 Cf. Charts I-V, and p. 28.




The price of bond No. 15 was lower for the eleventh week than for the
first in twelve years and higher in six years.
The price of bond No. 16 was lower for the eleventh week than for the
first in twelve years and higher in seven years.
The price of bond No. 17 was lower for the eleventh week than for the
first in twelve years and higher in three years.
The price of bond No. 18 was lower for the eleventh week than for the
first in ten years and higher in no year.
The price of bond No. 19 was lower for the eleventh week than for the
first in fourteen years and higher in five years.
The price of bond No. 20 was lower for the eleventh week than for the
first in nine years and higher in seven years.
The price of bond No. 21 was lower for the eleventh week than for the
first in eight years and higher in four years.
The price of bond No. 22 was lower for the eleventh week than for the
first in nine years and higher in three years.
The price of bond No. 23 was lower for the eleventh week than for the
first in fourteen years and higher in five years.
The price of bond No. 24 was lower for the eleventh week than for the
first in thirteen years and higher in four years.
The price of bond No. 25 was lower for the eleventh week than for the
first in ten years and higher in four years.
The price of bond No. 26 was lower for the eleventh week than for the
first in eight years and higher in two years.
The price of bond No. 27 was lower for the eleventh week than for the
first in fifteen years and higher in four years.

Thus out of the 394 " b o n d - y e a r s " the price was lower
in the eleventh week than in the fifth in 290, or 73.6 per
cent, and higher in 104, or 26.4 per cent.
The eleventh week had 131 index numbers below 34
as compared with 93 below 34 for the fifth week. I t had
141 above 67 as compared with the fifth week's 191.
Twenty-two of the 395 index numbers of 100 occurred
in March and 37 of the 403 index numbers of 0 occurred
in that month. 0
A study of the individual bonds and of the individual
years thus substantiates the testimony of the average
figures for all bonds for all years t h a t there is a tendency
for bond prices to fall during the period of the spring
" r e v i v a l " in the money market.
The third seasonal period to observe is one of advancing prices from about the latter part of March to the middle of June. A reference to Charts I - V shows t h a t this
is a period of weakening money market.
The average price of the 27 bonds rose from $99.02 for
the eleventh week to $99.56 for the twenty-fourth, the
average index number rising at the same time from 51.1
to 56.7.
For 22 of the 27 bonds the average price was higher for
the twenty-fourth week than for the eleventh, and for 21
of the 27 the average index number was higher.
Analyzing the price movements of the different bonds
for the individual years, we observe the same upward
tendency at this time.
The price of bond No. 1 was higher for the twenty-fourth week than
for the eleventh in eight years and lower in five years.
The price of bond No. 2 was higher for the twenty-fourth week than
for the eleventh in eight years and lower in four years.
The price of bond No. 3 was higher for the twenty-fourth week than
for the eleventh in six years and lower in two years.0
«Cf. p. 217, note.

SEASONAL DEMAND FOR MONEY AND CAPITAL.
The price of bond No. 4 was higher for the twenty-fourth week
for the eleventh in four years and lower in five years.
The price of bond No. 5 was higher* for the twenty-fourth week
for the eleventh in eight years and lower in eleven years.
The price of bond No. 6 was higher for t h e twenty-fourth week
for t h e eleventh in seven years and lower in nine years.
The price of bond No. 7 was higher for the twenty-fourth week
for the eleventh in ten years and lower in nine years.
The price of bond No. 8 was higher for the twenty-fourth week
for the eleventh in seven years and lower in eleven years. a
The price of bond No. 9 was higher for t h e twenty-fourth week
for t h e eleventh in ten years and lower in seven years.t>
The price of bond No. 10 was higher for the twenty-fourth week
for the eleventh in seven years and lower in four years.
The price of bond No. 11 was higher for the twenty-fourth week
for the eleventh in five years and lower in four years.
The price of bond No. 12 was higher for the twenty-fourth week
for the eleventh in eleven years and lower in eight years.
The price of bond No. 13 c was higher for t h e twenty-fourth week
for the eleventh in four years and lower in four years.
The price of bond No. 14 was higher for the twenty-fourth week
for the eleventh in eight years and lower in three years.
The price of bond No. 15 was higher for the twenty-fourth week
for the eleventh in twelve years and lower in six years.
The price of bond No. 16 was higher for the twenty-fourth week
for the eleventh in eight years and lower in eleven years.
The price of bond No. 17 was higher for the twenty-fourth week
for the eleventh in ten years and lower in five years.
The price of bond No. 18 was higher for the twenty-fourth week
for the eleventh in three years and lower in seven years.
The price of bond No. 19 was higher for t h e twenty-fourth week
for t h e eleventh in nine years and lower in ten years.
The price of bond No. 20 was higher for the twenty-fourth week
for the eleventh in eight years and lower in eight years.
The price of bond No. 21 was higher for the twenty-fourth week
for the eleventh in six years and lower in five years.^
The price of bond No. 22 was higher for the twenty-fourth week
for the eleventh in seven years and lower in five years.
The price of bond No. 23 was higher for the twenty-fourth week
for the eleventh in eleven years and lower in eight years.
The price of bond No. 24 was higher for trfe twenty-fourth week
for the eleventh in eight years and lower in eight years.a
The price of bond No. 25 was higher for the twenty-fourth week
for the eleventh in ten years and lower in four years.
The price of bond No. 26 was higher for t h e twenty-fourth week
for t h e eleventh in three years and lower in seven years.
The price of bond No. 27 was higher for the twenty-fourth week
for t h e eleventh in eleven years and lower in eight years.

than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than
than

For the 393 bond-years compared 209, or 53.2 per cent,
showed higher prices in the twenty-fourth week than in
the eleventh, and 178, or 45.3 per cent, showed lower
prices.^ This method of analysis therefore shows only a
very small upward tendency in prices from the eleventh
to the twenty-fourth week.
During the 394 bond-years the eleventh week had 131
index numbers below 34, while the twenty-fourth week
had only 51. The eleventh week, however, had 141 index
a I n one year the price of this bond was the same for t h e two weeks
compared.
& I n two years the price of this bond was the same for the two weeks
compared.
c
O n e quotation is lacking in this group.
< Six bond years or 1.5 per cent showed the same prices for t h e two
*
weeks compared.




213

numbers above 67, as compared with the twenty-fourth
week's 131. There were accordingly a few more "high"
index numbers (i. e., above 67) for the eleventh week than
for the twenty-fourth, but the number of " h i g h " and
" m o d e r a t e " ones combined (i. e., above 34) was much
larger for the twenty-fourth week than for the eleventh.
Viewing the very low and very high index numbers by
months, we observe that March had 226 index numbers
below 15, of which 37 were 0; April had 217 index numbers below 15, of which 35 were 0; May had 85 index numbers below 15, of which 16 were 0; June had 47 index
numbers below 15, of which 9 were 0.
These figures point strongly to an upward tendency
of prices during this period. The figures for very high
index numbers are not so uniform in their testimony.
March had 207 index numbers above 85, of which 22 were
100; April had 280 index numbers above 85, of which 26
were 100; May had 164 index numbers above 85, of which
13 were 100; June had 143 index numbers above 85, of
which 17 were 100.
On the whole, the evidence seems to support the conclusion that there is a tendency for bond prices to rise from
the latter part of March until the fore part of May and to
be comparatively high from then until about the middle
of June. This tendency is in substantial harmony with
the money market movements of this season of the year. a
Average prices continue high, though with a slight
downward tendency, until about the middle of July,
after which they tend downward until the fore part of
August. The average price fell from $99.56 for the
twenty-fourth week to $99.22 for the thirty-first, the
average index number falling at the same time from 56.7
to 52.1.
For 19 of the 27 bonds the average price was lower for
the thirty-first week than for the twenty-fourth, and for
20 of the 27 the average index number was lower.
Analyzing the figures of the different bonds for the
individual years, we obtain the following results:
The price of bond No. 1 was lower for the thirty-first week
the twenty-fourth in seven years and higher in six years.
The price of bond No. 2 was lower for the thirty-first week
the twenty-fourth in seven years and higher in five years.
The price of bond No. 3 was lower for the thirty-first week
the twenty-fourth in six years and higher in three years.
The price of bond No. 4 was lower for the thirty-first week
the twenty-fourth in three years and higher in six years.
The price of bond No. 5 was lower for the thirty-first week
the twenty-fourth in ten years and higher in nine years.
The price of bond No. 6 was lower for the thirty-first week
the twenty-fourth in nine years and higher in seven years.
The price of bond No. 7 was lower for the thirty-first week
the twenty-fourth in thirteen years and higher in six years.
The price of bond No. 8 was lower for the thirty-first week
the twenty-fourth in twelve years and higher in seven years.
The price of bond No. 9 was lower for the thirty-first week
the twenty-fourth in eleven years and higher in eight years.
The price of bond No. 10 was lower for the thirty-first week
the twenty-fourth in five years and higher in six years.
a Cf. Charts I-V and p . 28.

than for
than for
than for
than for
than for
than for
than for
than for
than for
than for

NATIONAL MONETARY COMMISSION.

214

The price of bond No. 11 was lower for the thirty-first week than for
the twenty-fourth in four years and higher in five years.
The price of bond No. 12 was lower for the thirty-first week than for
the twenty-fourth in ten years and higher in nine years.
The price of bond No. 13 was lower for the thirty-first week than for
the twenty-fourth in six years and higher in two<* years.
The price of bond No. 14 was lower for the thirty-first week than for
the twenty-fourth in four years and higher in seven years.
The price of bond No. 15 was lower for the thirty-first week than for
the twenty-fourth in ten years and higher in eight years.
The price of bond No. 16 was lower for the thirty-first week than for
the twenty-fourth in eight years and higher in eleven years.
The price of bond No. 17 was lower for the thirty-first week than for
the twenty-fourth in nine years and higher in six years.
The price of bond No. 18 was lower for the thirty-first week than for
the twenty-fourth in six years and higher in four years.
The price of bond No. 19 was lower for the thirty-first week than for
the twenty-fourth in eleven years and higher in eight years.
The price of bond No. 20 was lower for the thirty-first week than for
the twenty-fourth in eight years and higher in eight years.
The price of bond No. 21 was lower for the thirty-first week than for
the twenty-fourth in seven years and higher in five years.
The price of bond No. 22 was lower for the thirty-first week than for
the twenty-fourth in five years and higher in seven years.
The price of bond No. 23 was lower for the thirty-first week than for
the twenty-fourth in twelve years and higher in seven years.
The price of bond No. 24 was lower for the thirty-first week than for
the twenty-fourth in ten years and higher in seven years.
The price of bond No. 25 was lower for the thirty-first week than for
the twenty-fourth in eight years and higher in six years.
The price of bond No. 26 was lower for the thirty-first week than for
the twenty-fourth in four years and higher in six years.
The price of bond No. 27 was lower for the thirty-first week than for
the twenty-fourth in ten years and higher in nine years.
For the 393 bond-years the price was lower for the
thirty-first week than for the twenty-fourth in 215, or
54.7 per cent, and higher in 178, or 45.3 per cent.
The twenty-fourth week had 131 index numbers above
67 and 51 below 34, while the thirty-first week had 135
index numbers above 67 and 105 below 34. The only
evidence for decline shown by this classification is in the
fact t h a t the thirty-first week had more than twice as
many " l o w " index numbers (i. e., index numbers below
34) as the twenty-fourth.
Comparing the month of J u n e (twenty-second to
twenty-sixth week) with the month of August (thirtyfirst to fifty-fifth week) for very high index numbers
and very low ones, we find t h a t June had 143 index numbers above 85, of which 17 were 100, while August had
141 above 85, of which 8 were 100; on the other hand,
June had 47 index numbers below 15, of which 9 were
0, while August had 163 below 15, of which 38 were 0.6
The tendency for prices to decline at this time (i. e.,
from the twenty-fourth to the thirty-first week) is
accordingly not very pronounced.
According to the average figures shown by Chart
L X X I X the next general seasonal movement of any
importance is one of advancing prices, extending from
early in August to the forepart of September. The
average price rose from $99.22 for the thirty-first week
* One quotation is lacking in this group.
&Cf. p. 217, note.




to $99.49 for the thirty-sixth, the average index number rising at the same time from 52.1 to 54.9.
For 19 of the 27 bonds the average price was higher
for the thirty-sixth week than for the thirty-first, and for
8 it was lower. The same was true of the average index
number.
Comparing the individual years for the different bonds
the following results are obtained:
The price of bond No. 1 was higher for the thirty-sixth week than for
the thirty-first in nine years and lower in four years.
The price of bond No. 2 was higher for the thirty-sixth week than for
the thirty-first in seven years and lower in five years.
The price of bond No. 3 was higher for the thirty-sixth week than for
the thirty-first in four years and lower in five years.
The price of bond No. 4 was higher for the thirty-sixth week than for
the thirty-first in two years and lower in seven years.
The price of bond No. 5 was higher for the thirty-sixth week than for
the thirty-first in nine years and lower in ten years.
The price of bond No. 6 was higher for the thirty-sixth week than for
the thirty-first in twelve years and lower in four years.
The price of bond No. 7 was higher for the thirty-sixth week than for
the thirty-first in nine years and lower in ten years.
The price of bond No. 8 was higher for the thirty-sixth week than for
the thirty-first in ten years and lower in nine years.
The price of bond No. 9 was higher for the thirty-sixth week than for
the thirty-first in nine years and lower in ten years.
The price of bond No. 10 was higher for the thirty-sixth week than for
the thirty-first in four years and lower in seven years.
The price of bond No. 11 was higher for the thirty-sixth week than for
the thirty-first in four years and lower in five years.
The price of bond No. 12 was higher for the thirty-sixth week than for
the thirty-first in twelve years and lower in seven years.
The price of bond No. 13 was higher for the thirty-sixth week than for
the thirty-first in seven years and lower in two years.
The price of bond No. 14 was higher for the thirty-sixth week than for
the thirty-first in two years and lower in eighth years.
The price of bond No. 15 was higher for the thrity-sixth week than for
the thirty-first in thirteen years and lower in five years.
The price of bond No. IS was higher for the thirty-sixth week than for
the thirty-first in eleven years and lower in eight years.
The price of bond No. 17 was higher for the thirty-sixth week than for
the thirty-first in eight years and lower in seven years.
The price of bond No. 18 was higher for the thirty-sixth week than for
the thirty-first in three years and lower in seven years.
The price of bond No. 19 was higher for the thirty-sixth week than for
the thirty-first in seven years and lower in twelve years.
The price of bond No. 20 was higher for the thirty-sixth week than for
the thirty-first in ten years and lower in six years.
The price of bond No. 21 was higher for the thirty-sixth week than for
the thirty-first in six years and lower in six years.
The price of bond No. 22 was higher for the thirty-sixth week than for
the thirty-first in five years and lower in seven years.
The price of bond No. 23 was higher for the thirty-sixth week than for
the thirty-first in seven years and lower in twelve years,
The price of bond No. 24 was higher for the thirty-sixth week than for
the thirty-first in ten years and lower in seven years.
The price of bond No. 25 was higher for the thirty-sixth week than for
the thirty-first in eight years and lower in six years.
The price of bond No. 26 was higher for the thirty-sixth week than for
the thirty-first in two years and lower in eight years.
The price of bond No. 27 was higher for the thirty-sixth week than for
the thirty-first in eleven years and lower in eight years.
Out of 394 bond-years the price was higher for the
thirty-sixth week than for the thirty-first in 201 years, or
51 per cent, and lower in 192 years, or 48.7 per cent.
o The price was the same for the two weeks in one year.

SEASONAL DEMAND FO , MONEY AND CAPITAL.

215

The price of bond No. 4 was lower for the forty-first week than for
the thirty-sixth in six years and higher in three years.
The price of bond No. 5 was lower for the forty-first week than for
the thirty-sixth in twelve years and higher in seven years.
The price of bond No. 6 was lower for the forty-first week than for
the thirty-sixth in twelve years and higher in four years.
The price of bond No. 7 was lower for the forty-first week than for
the thirty-sixth in seven years and higher in twelve years.
The price of bond No. 8 was lower for the forty-first week than for
the thirty-sixth in fourteen years and higher in five years.
The price of bond No. 9 was lower for the forty-first week than for
the thirty-sixth in fourteen years and higher in five years.
The price of bond No. 10 was lower for the forty-first week than for
the thirty-sixth in nine years and higher in two years.
The' price of bond No. 11 was lower for the forty-first week than for
the thirty-sixth in six years and higher in three years.
The price of bond No. 12 was lower for the forty-first week than for
the thirty-sixth in ten years and higher in nine years.
The price of bond No. 13 was lower for the forty-first week than for
the thirty-sixth in six years and higher in three years.
The price of bond No. 14 was lower for the forty-first week than for
the thirty-sixth in six a years and higher in four years.
The price of bond No. 15 was lower for the forty-first week than for
the thirty-sixth in thirteen years and higher in five years.
The price of bond No. 16 was lower for the forty-first week than for
the thirty-sixth in twelve years and higher in seven years.
The price of bond No. 17 was lower for the forty-first week than for
the thirty-sixth in five years and higher in ten years.
The price of bond No. 18 was lower for the forty-first week than for
the thirty-sixth in seven years and higher in three years.
The price of bond No. 19 was lower for the forty-first week than for
the thirty-sixth in twelve years and higher in seven years.
The price of bond No. 20 was lower for the forty-first week than for
the thirty-sixth in five years and higher in eleven years.
The price of bond No. 1 was lower for the forty-first week than for
The price of bond No. 21 was lower for the forty-first week than for
the thirty-sixth in nine years and higher in four years.
the thirty-sixth in seven years and higher in five years.
The price of bond No. 2 was lower for the forty-first week than for
The price of bond No. 22 was lower for the forty-first week than for
the thirty-sixth in six a years and higher in five years.
the thirty-sixth in seven years and higher in five years.
The price of bond No. 3 was lower for the forty-first week than for
The price of bond No. 23 was lower for the forty-first week than for
the thirty-sixth in five years and higher in four years.
the thirty-sixth in twelve years and higher in seven years.
The price of bond No. 24 was lower for the forty-first week than for
«Cf. pp. 213-214.
the thirty-sixth in twelve years and higher in five years.
& Concerning an extreme example of this tendency in 1899, the ComThe price of bond No. 25 was lower for the forty-first week than for
mercial and Financial Chronicle said editorially (June 24, 1899, p. the thirty-sixth in eight years and higher in six years.
1205):
The price of bond No. 26 was lower for the forty-first week than for
" Under these circumstances * * * securities reached prices the thirty-sixth in seven years and higher in three years.
higher than ever before, not only higher than in London, but so high
The price of bond No. 27 was lower for the forty-first week than for
that the money they sold for here * * * could be invested in
the thirty-sixth in seven years and higher in twelve years.
Europe to better advantage than it could be left here. Although loans
Of the 394 bond-years the price for the forty-first week
increased largely they had no effect on money rates. The inflow of
currency was so free that deposits all the time increased as fast or faster was lower than t h a t for the thirty-sixth in 236 years or
than uses could be found for the funds. Hence * * * the money
59.9 per cent and higher in 156, or 39.6 per cent. 6
market was subject or open to no healthy checks, for there could be
The thirty-sixth week had 132 index numbers above
none so long as the supplies of loanable funds were apparently inex67, while the forty-first week had 94; it had 87 index
haustible. Wall street likewise was thus put in position to get money
at almost nominal rates and consequently able to absorb at the prevail- numbers below 34, while the forty-first week had 109.
ing high prices the increasing flood of securities that was passing into it
Comparing the active month of October with the slack
from Europe. * * *
month of J u n e we find that while J u n e had 47 index
'' The source of the derangement we have suffered from is unmistaknumbers below 15, of which 9 were 0, October had 103
able. It is, too, an affair that will continue to plague us and make our
below 15, of which 17 were 0.c
industrial cycles short just as long as we omit to correct it. Every form
of paper money we have is without the homing quality. * * *
Instead of returning to the issuer when out of employment it collects,
°> The price was the same for the two weeks in one year.
as stated above, at our leading trade centers, makes the money market
& In two different bond-years the price for the two weeks compared
abnormal, fostering every kind of speculation, deranging domestic was the same.
affairs and every foreign trade condition." Cf. infra, p. 216, note.
cCf. infra, p. 217, note.
The index number for the thirty-first week was above
67 for 135 bond-years and below 34 for 105; t h a t for the
thirty-sixth week was above 67 for 132 bond-years and
below 34 for 87.
A study of the individual bond-years thus shows no
appreciable upward tendency at this time just as it
showed only a very small tendency to a decline from the
twenty-fourth to the thirty-first week. The drop shown
by average prices during July and the recovery during
August is therefore hardly representative of any import a n t general seasonal tendency, and we may conclude
t h a t despite considerable contradictory evidence, the
weight of the testimony points to a tendency for prices
to be moderately high from early May to early September. a This is in harmony with what would be expected from the testimony of interest rates and bank
reserves, which point to an easy money market during
the summer months. 6
Beginning near the middle of September prices tend
downward until about the middle of October. The
average price of all the bonds fell from $99.49 for the
thirty-sixth week to $99.11 for the forty-first, and the
average index number from 54.9 to 50.
For 21 of the bonds the average price and the average
index number were lower for the forty-first week than for
the thirty-sixth, and for 6 they were higher.
This downward tendency is shown also by the following
figures for the individual bond-years:




216

NATIONAL MONKTARY COMMISSION.

The evidence clearly points to a tendency for prices to
decline at the time of the hardening money market
incident to the beginning of the crop-moving period. 0
From about the middle of October until early in December average prices show an upward tendency. The
average price of all the bonds rose from $99.11 for the
forty-first week to $99.75 for the forty-ninth, the average
index number rising from 50 to 56.3.
Twenty-five different bonds showed higher average
prices for the forty-ninth week t h a n for the forty-first,
and 24 showed higher average index numbers.
The movements of the bonds for the individual years
show an upward tendency at this time.
The price of bond No. 1 was higher for the forty-ninth week than for
the forty-first in seven years and lower in six years.
The price of bond No. 2 was higher for the forty-ninth week than for
the forty-first in seven years and lower in five years.
The price of bond No. 3 was higher for the forty-ninth week than for
the forty-first in four years and lower in five years.
The price of bond No. 4 was higher for the forty-ninth week than for
the forty-first in eight years and lower in one year.
The price of bond No. 5 was higher for the forty-ninth week than for
the forty-first in eight years and lower in eleven years.
The price of bond No. 6 was higher for the forty-ninth week than for
the forty-first in eight years and lower in eight years.
The price of bond No. 7 was higher for the forty-ninth week than for
the forty-first in fourteen years and lower in five years.
The price of bond No. 8 was higher for the forty-ninth week than for
the forty-first in twelve years and lower in seven years.
The price of bond No. 9 was higher for the forty-ninth week than for
the forty-first in eleven years and lower in eight years.
The price of bond No. 10 was higher for the forty-ninth week than for
the forty-first in six years and lower in five years.
The price of bond No. 11 was higher for the forty-ninth week than for
the forty-first in five years and lower in four years.
The price of bond No. 12 was higher for the forty-ninth week than for
the forty-first in fourteen years and lower in five years.
The price of bond No. 13 was higher for the forty-ninth week than for
the forty-first in six years and lower in three years.
The price of bond No. 14 was higher for the forty-ninth week than for
the forty-first in eight years and lower in three years.
The price of bond No. 15 was higher for the forty-ninth week than for
the forty-first in sixteen years and lower in two years.
The price of bond No. 16 was higher for the forty-ninth week than for
the forty-first in ten years and lower in nine years.
The price of bond No. 17 was higher for the forty-ninth week than for
the forty-first in six years and lower in nine years.
The price of bond No. 18 was higher for the forty-ninth week than for
the forty-first in six years and lower in four years.
o Concerning an extreme example of this tendency in 1899, the Commercial and Financial Chronicle said editorially (Sept. 30, 1899, p.
671), comparing the situation with that in June of the same year, previously mentioned (supra, p. 215, note):
"The speculative demands for accommodation added to the extra
needs for money which general business activity and the crop movement require are testing the currency system in another way. These
autumn conditions bring out the same old defect, rigid inflexibility,
but the derangement produced is of quite another sort. In June
money was so excessive that it unduly stimulated speculation; in
September it is in so short supply that the money lender is not only
discriminating between borrowers and securities but accommodation
is unprocurable except at very high rates. Under a proper currency
system gold exports would have moderated the movement of securities
toward higher prices the first half of the year before it had proceeded
to the extreme it did, and consequently the need for contraction now
would have thereby been greatly lessened, if not wholly avoided."




The price of bond No. 19 was higher for the forty-ninth week than for
the forty-first in thirteen years and lower in six years.
The price of bond No. 20 was higher for the forty-ninth week than for
the forty-first in nine years and lower in seven years.
The price of bond No. 21 was higher for the forty-ninth week than for
the forty-first in seven years and lower in iive years.
The price of bond No. 22 was higher for the forty-ninth week than for
the forty-first in nine years and lower in three years.
The price of bond No. 23 was higher for the forty-ninth week than for
the forty-first in thirteen years and lower in six years.
The price of bond No. 24 was higher for the forty-ninth week than for
the forty-first in eight years and lower in nine years.
The price of bond No. 25 was higher for the forty-ninth week than for
the forty-first in eight years and lower in six years.
The price of bond No. 26 was higher for the forty-ninth week than for
the forty-first in seven years and lower in three years.
The price of bond No. 27 was higher for the forty-ninth week than for
the forty-first in thirteen years and lower in six years.
Of the 394 bond-years 243, or 61.7 per cent, showed a
higher price for the forty-ninth week t h a n for the fortyfirst.
The forty-first week had 94 index numbers above 67,
while the forty-ninth week had 180; it had 109 index
numbers below 34, while the forty-ninth week had 122.
This is a period of widely varying prices, 0 in which,
however, the general tendency is upward. A t this time,
as the crop-moving demand relaxes, the money market is
inclined to be unstable.
December is a transitional month for prices, as it has
been found to be for so many other money market
phenomena.
The average price for the 27 bonds fell from $99.75 for
the forty-ninth week to $99.39 for the fifty-first, and then
rose to $99.58 for the fifty-second, the average index
numbers for these three weeks, respectively, were 56.3,
52.2, and 55.
For 23 different bonds the average price was lower for
the fifty-first week t h a n for the forty-ninth, and for 22
the average index number was lower.
A downward tendency at this time is clearly shown by
a study of the 394 bond-years.
The price of bond No. 1 was lower for the fifty-first week than for the
forty-ninth in eight years and higher in five years.
The price of bond No. 2 was lower for the fifty-first week than for the
forty-ninth in nine years and higher in three years.
The price of bond No. 3 was lower for the fifty-first week than for the
forty-ninth in five years and higher in four years.
The price of bond No. 4 was lower for the fifty-first week than for the
forty-ninth in four years and higher in five years.
The price of bond No. 5 was lower for the fifty-first week than for the
forty-ninth in eleven years and higher in eight years.
The price of bond No. 6 was lower for the fifty-first week than for the
forty-ninth in thirteen years and higher in three years.
The price of bond No. 7 was lower for the fifty-first week than for the
forty-ninth in thirteen years and higher in six years.
The price of bond No. 8 was lower for the fifty-first week than for the
forty-ninth in thirteen years and higher in six years.
The price of bond No. 9 was lower for the fifty-first week than for the
forty-ninth in eight years and higher in eleven years.
The price of bond No. 10 was lower for the fifty-first week than for the
forty-ninth in six years and higher in five years.
The price of bond No. 11 was lower for the fifty-first week than for the
forty-ninth in seven years and higher in two years.
a Cf. p. 217, note.

SEASONAL DEMAND FOR MONEY AND CAPITAL.

217

I n conclusion it may be said that the extent of the
seasonal variations in bond prices is usually not great, but
the
that the percentage is large enough in the absolute to
amount to many millions of dollars annually. The seathe
sonal movements are for the most part not very pronounced in their regularity, but on the whole tend to
the
conform to the normal seasonal swing of the money
the
market. Prices tend to rise as the money market weakens
in January, they tend to be low at the time of the early
the
spring revival, to be comparatively high during the slack
summer months, to fall during the beginnings of the cropthe
moving season, and then to rise again until early Decemthe
ber, when they become very uncertain, but with a downward tendency.
the
Copies of the 28 bond charts were sent to a number of
the
the leading bond houses in the country and suggestions
concerning the causes of the movements portrayed were
the
invited. The concerns to whom these inquiries were sent
were nearly all very generous in their responses, and the
the
writer is much indebted to them for valuable suggestions,
several of the more important of which are as follows:
the
Mr. A. G. Hoyt, of the firm of N. W. Halsey & Co., of
the
New York, writes under date of March 21, 1910:
" T h e writer was considerably surprised to note that the
the
prices of the standard railroad securities which you selected reflected so accurately the variations in the time
the
money market. My impression is that the explanation
In 239, therefore, of the 394 bond-years, i. e., 60.7 per may be found in the fact that what might be termed the
cent, the price was lower for the fifty-first week than for floating supply of bonds of the character you selected is
largely held by banking institutions which carry such
the forty-ninth.
The transitional character of the month of December bonds as a secondary reserve. Naturally such institutions
is shown by the fact that December had more index num- are sellers when money is in demand and rates are high
bers above 85 (i. e., 523) and more below 15 (i. e., 294) and there is a consequent depression in the bond market
than any other month of the year; it had more maximum at such times; when the rates for money are low the conprices (i. e., more index numbers of 100) and more mini- verse obtains."
The firm of N. W. Harris & Co., of New York, writes
mum prices (i. e., more index numbers of 0) than any
• other month of the year. I t is a month of extreme and under date of March 29, 1910:
" T h e chart * * * showing the fluctuations in the
widely fluctuating prices. a
price of twenty-seven railroad bonds, as well as the seva The following table gives a summary showing the extent to which
eral charts from which this has been summarized, have
" v e r y h i g h " index numbers (i. e., those above 85) and " v e r y l o w "
had our careful attention.
index numbers (i. e., those below 15) accumulated in the different
tt* * * rpj^e q U a r terly periods of January 1, April
months:
1, July 1, and October 1 are the principal periods at which
large distributions of dividends take place by the indusIndex
Index
Index
Index
numbers numbers numbers numbers
Month.
trial corporations, and two of these periods, January 1
above 85. of 100. below 15.
ofO.
and July 1, coincide with periods at which there is an un386
252
January
71
87
usual amount of money distributed as interest upon
423
146
February...
14
44
funded obligations. * * *
207
226
March
37
22
" A s a result of this, we would logically expect to find
280
217
35
April
26
164
85
16
May
13
at about these several times an increased activity in
143
47
9
June
17
investment in securities, which would logically show the
176
107
16
July
24
greatest activity around the January and July intervals;
141
163
38
8
August
200
158
30
September.
25
and a somewhat increased activity, but less than the
130
103
17
October
11
foregoing, at the April and October disbursement periods;
196
147
31
November..
16
and this would seem to coincide in a rather general way
523
294
December..
102
with the so-called 'seasonal 7 variations noted on your
Total.
403
395
1,945
composite chart. * * *
T h e price of bond No. 12 was lower for the fifty-first week than for
forty-ninth in thirteen years and higher in six years.
The price of bond No. 13 was lower for the fifty-first week than for
forty-ninth in seven years and higher in two years.
The price of bond No. 14 was lower for the fifty-first week than for
forty-ninth in six years and higher in five years.
The price of bond No. 15 was lower for the fifty-first week than for
forty-ninth in thirteen years and higher in five years.
The price of bond No. 16 was lower for the fifty-first week than for
forty-ninth in ten years and higher in nine years.
The price of bond No. 17 was lower for the fifty-first week than for
forty-ninth in seven years and higher in eight years.
The price of bond No. 18 was lower for the fifty-first week than for
forty-ninth in four years and higher in six years.
The price of bond No. 19 was lower for the fifty-first week than for
forty-ninth in twelve years and higher in seven years.
• The price of bond No. 20 was lower for the fifty-first week than for
forty-ninth in nine years and higher in seven years.
The price of bond No. 21 was lower for the fifty-first week than for
forty-ninth in nine yearn and higher in three years.
The price of bond No. 22 was lower for the fifty-first week than for
forty-ninth in six years and higher in six years.
The price of bond No. 23 was lower for the fifty-first week than for
forty-ninth in twelve years and higher in seven years.
The price of bond No. 24 was lower for the fifty-first week than for
forty-ninA in thirteen years and higher in four years.
The price of bond No. 25 was lower for the fifty-first week than for
forty-ninth in six years and higher in eight years.
The price of bond No. 26 was lower for the fifty-first week than for
forty-ninth in six years and higher in four years.
The price of bond No. 27 was lower for the fifty-first week than for
forty-ninth in nine years and higher in ten years.




the

218

NATIONAL MONErTARY COMMISSION.

* * * " I t is possibly proper to comment upon some
of the tendencies, such as an accumulation by dealers of
bonds toward the latter part of December and the earlier
part of June in anticipation of an increased demand upon
the dividend and interest disbursements. The January
period would logically be of briefer duration than that
centering around the July disbursements because of the
fact that just prior to the July distribution is the beginning of the holiday [vacation] season, continuing through
July and the earlier part of August, during which period it
is frequently difficult to obtain a quorum of committees
or other investing boards; and along around the latter
part of August and earlier part of September, the holiday
[vacation] season being over, there is not infrequently an
investment of the funds which may not have been entirely
used up in the earlier part of July. I n many instances
the investment demand of an institution would not become active until the middle of January or July, because
of the fact (especially with the savings banks) that a brief
period must intervene before they will know the result
of their six months' operation, as the withdrawals are
usually heavier after the interest period has ended, and
the banks naturally desire to ascertain their exact balance
before investing.
" During the fall of the year we not infrequently find
that call money rates will advance quite sharply, owing
to the increased demand for money in order to move the
crops, and dealers would at such a time be disinclined to
carry any more bonds than they really need as the difference between the interest return of the bond and the cost
of carrying call money would frequently show a loss at
that time.
" W e do not understand the seeming decline from the
middle of December and the first week in January, which,
according to the charts, would seem to be the most abrupt
of the year and is immediately followed by an advance as
marked as was the decline. We are inclined to think that
the chart at this point would lead to an inaccurate conclusion, as we are inclined to think t h a t during this period
the principal point to be noted would be one of decreased
activity, and the only logical answer to come to our mind
is that the decline noted is based upon a limited amount
of transactions. As a matter of fact, we know that dealers
accumulate bonds quite heavily during the latter part of
November and early in December for the January market,
and we believe t h a t if any material amount of bonds were
bid for during the brief period in which this peculiar action
is noted, that the chart would fail to show this radical
change. I n other words, we are inclined to think that
the decline really covers a period of inactivity rather than
of price decline.




" I t is of course recognized that during the last of December and the early part of January, call-money rates
advance to very high figures [Cf. Chart I] in order to
finance the January disbursements, and this would render
it unattractive for dealers to enter the field and purchase
heavily just at that time if the bonds had to be carried
upon call money; but if the bonds are purchased earlier,
say November or early in December when they can be
carried upon time money at thirty or sixty days, the rates
are sufficiently favorable to avoid the loss in carrying
necessarily shown by the high rates of the end of December."
This letter from N. W. Harris & Co. has been quoted at
length because it is the most illuminating comment upon
the price charts which has been received.
If bonds of the character selected show such seasonal
variations in their prices, apparently to a large degree in
response to the seasonal variations in the money market,
there is a strong presumption t h a t stocks and staple commodities like wheat, cotton, etc., which are dealt in upon
the exchanges, are subject to like tendencies. The fact
that the production of agricultural commodities is itself
seasonal in character would make it very difficult to trace
the influence upon their prices exercised by seasonal variations in the money market. If, however, such variations
influence the price of bonds the presumption is strong, as
previously stated, that ft influences the prices of other
articles for which there is a wide and speculative market. 0
This suggests an important field for future investigations.
COMMERCIAL F A I L U R E S .

(Chart LXXX and Tables X X I I I and 48.)

The next subject to consider is t h a t of commercial
failures. 6 To what extent is there a regular seasonal
variation in their number, and does it show any correlation with the normal seasonal swing in the money
market ? To answer these questions the weekly figures
for the number of commercial failures throughout the
United States, as computed by Bradstreet's, have been
compiled for the nineteen years (1890-1908), and the
results are summarized in the following table and chart:
a For example, to the extent that the farmer sells his products in the
early fall he sells at prices which, under our inelastic currency system,
tend to be depressed. It is doubtful whether seasonal variations in the
money market affect to any appreciable extent the prices of the things
the average farmer buys.
& In his study of this subject the writer is indebted for valuable
suggestions to Mr. James H. Brookmire, of the firm of Simon, Brookmire & Clifford, of St. Louis, Mo. Mr. Brookmire's chart on Monthly
Record of Failures in the United States, 1894-1909, has been especially
suggestive. The writer is also under obligation for assistance to Bradstreet's Mercantile Agency and to R. G. Dun & Co.

SEASONAL DEMAND FOR MONEY AND CAPITAL.

219

TABLE XXIII.—Seasonal variations in the number of commercial failures in the United States. Averagefiguresfor the period 1890-1908.°

Month and week.

Jan.— 1
2
3..
4 .

. . .

Feb.-- 5
6
7
8
Mar.— 9
10
11
12

.

.

.

.

Apr.—13
14 . . .
15
16
17
May—18
19
20
21
June—22
23
24
25
July—26

Average
number
of failures.a

342
339
317
282
257
251
244
215
218
218
216
204
195
195
197
197
194
194
200
195
194
179
201
200
20],
bl78

Average
index
number.

M o n t h a n d week.

85.0
J u l y - - 27
85.0
28
75.3
29
60.2
30
48.3 1 A u g . - - 3 1
46.3
32
42.6
33
29.9
34
30.6
Sept.- - 3 5
31.3
36
31.0
37
26.0
38
22.2
39
2L6
O c t . - - 40
22.7
41
22.2
42
21.6
43
20.2
N o v . -- 4 4
23.5
45
20.5
46
19.7
47
13.0
D e c . - - 48
23.2
49
22.4
50
22.8
51
614.6
52

Average
number
of failures.a

191
215
220
211
201
195
200
198
184
187
197
209
191
210
221
227
215
208
224
249
239
248
280
286
&259
c240

Average
index
number.

18.1
28.7
28.8
25.5
21.5
21.6
20.8
19.5
14.1
14.8
20.8
25.9
18.8
26.0
31.7
35.3
29.2
25.4
32.5
44.7
35.3
43.0
57.4
60.8
651.2
C50.8

a These figures were compiled from the figures given each week in Bradstreet's.
Figures for the individual years 1890-1908, are given in Table 48 of the Appendix
(pp. 511-512).
t> This average covers only eighteen years.
c This average covers only seventeen years.

The first point to attract attention in studying the
chart is the very large number of commercial failures
during the fore part of January. Both in average number of failures and in average index figure a the first
three weeks of the year are clearly the highest three.
For these three weeks, respectively, the average number
of failures were 342, 339, and 317, and the average index
figures were 85, 85, and 75.3. The fourth highest
average weekly number of failures was 286 (fiftieth
week), and the fourth highest average index figure was
60.8 (fiftieth week). For the first week the minimum
index figure was 40.1. Thirteen of the nineteen index
figures for that week were above 75, of which nine were
100. The minimum index figure for the second week was
36.7, and fifteen index figures for that week were above
75, of which five were 100. For the third week the minimum index figure was 33.6; twelve index figures for that
week were 75 or above, of which two were 100. The
evidence shows clearly that the first three weeks of the
year are weeks in which relatively large numbers of
failures normally occur.
Both the liabilities and the assets of January failures
(in the aggregate) tend to be high. 6
a

In the remainder of this chapter the expression "index figure " will
be used instead of "index number" to avoid confusion in discussing
the number of failures.
& Of. Brookmire's chart, cited p. 218, note (b).




After the first two weeks in January there is a rapid
decline in the number of commercial failures until the
forepart of April. The average number of failures fell
from 339 for the second week to 195 for the fourteenth,
the average index figure falling at the same time from
85 to 21.6. While the lowest index figure for the second week was 36.7, and fifteen index figures for that
week were above 75, the highest index figure for the
fourteenth week was 45.5, and twelve index figures for
that week were below 25. The tendency for a decline at
this time is accordingly very pronounced.
With the exception of the minor movement, to be
described later, consisting in an upward movement in
the number of failures during most of July and a decline
throughout August, the curves for commercial failures
run very low from early April until the forepart of September, when they begin an upward movement. Of the
four hundred and thirty-seven index figures occurring
from the fourteenth to the thirty-sixth week, inclusive,
of the nineteen years, three hundred and seventy-six
were below 34, of which two hundred and twenty-eight
were below 20 and twenty were 0.
The advance from the twenty-sixth to the twenty-ninth
week (i. e., the first three weeks of July) and the subsequent decline to the thirty-fifth week (first of September)
are of sufficient regularity to deserve passing notice. The
average number of failures rose from 178 for the twenty-

CHART LXXX.

(220)




SEASONAL DEMAND FOR MONEY AND CAPITAL.
sixth week to 220 for the twenty-ninth and then fell to
184 for the thirty-fifth. The corresponding average
index figures were 14.6, 28.8, and 14.1. I n fifteen of the
eighteen a years the number of failures was greater for the
twenty-ninth week than for the twenty-sixth, the three
exceptional years being 1897, 1904, and 1905. The
twenty-sixth week had fifteen (out of eighteen) index figures below 25, while the twenty-ninth week had but
eight (out of nineteen) below 25. I n all the nineteen
years but one (i. e., 1896) there were less failures in the
thirty-fifth week than in the twenty-ninth. The thirtyfifth week had sixteen index figures below 25, of which
three were 0, while the twenty-ninth had but eight below
25, of which the lowest was 11.6. The sudden but temporary increase in the number of failures in July is
obviously very regular in its occurrence.
Beginning early in September commercial failures show
a strong tendency to increase until about the middle of
January. Comparing the thirty-fifth week with the
fiftieth6—the last two weeks of the year are not exactly
representative because of the holiday season—we observe
the following evidence for an upward tendenc}^ in the
number of failures: The average number of failures rose
from 184 for the thirty-fifth week to 286 for the fiftieth,
and then fell to 240 for the fifty-second; the corresponding average index figures were 14.1, 60.8, and 50.8. In
every one of the nineteen years, except the year 1893,
the number of failures was substantially larger for the
fiftieth week than for the thirty-fifth; in twelve of the
seventeen years for which comparable figures are available, the number of failures was less for the fifty-second
week than for the fiftieth. The thirty-fifth week had sixteen index figures below 25 of which three were 0; the
minimum index figure for the fiftieth week was 35.7 and
thirteen index figures for that week were 50 or above; the
minimum index figure for the fifty-second week was 19.5
and five index figures for that week were above 50. A
general tendency for an increasing number of failures
from early September to about the middle of December
is therefore clearly discernible.
The figures upon which the above conclusions concerning commercial failures have been based are the weekly
figures of Bradstreet's Mercantile Agency for the period
1890-1908. As is well known, similar figures concerning commercial failures are regularly compiled by R. G.
Dun & Co. Dun's figures for numbers of commercial
failures and for liabilities of commercial failures have been
studied for quarterly periods for the thirty-five years
1875-1909 with the object of discovering to what extent
a Figures are not available for the twenty-sixth week in 1893.
h Inasmuch as in the Chart each year is taken as a unit and the December index figures are not comparable with the January index figures
of "the succeeding year," we shall limit our discussion here to the
period ending with the calendar year. Cf. supra, pp. 13-15 and 22.




221

tbe^ show a seasonal swing. a Without citing the detailed figures, the results of this study may be summed
up as follows. The average number of failures for the
four quarters respectively of the thirty-five years, 18751909, and the average quarterly liabilities were:
First
quarter.

Second
quarter.

Third
quarter.

2,354
Average number of failures..
2,333
3,183
$36,077,336
Average quarterly liabilities
$42,554,286
$35,981,626
Average index figure of number of
10.4
91.5
failures
9.5
Average index figure of quarterly
79.0
23.1
liabilities of failures
32.7

Fourth
quarter.
2,909
$40,183,812
64.9
65.8

For twenty-seven of the thirty-five years, the maximum
number of failures occurred in the first quarter, and for
the other eight years it occurred in the fourth quarter;
for fifteen of the thirty-five years the maximum quarterly
liabilities were in the first quarter, for fifteen they were
in the fourth quarter, for three they were in the second
quarter, and for two they were in the third quarter. On
the other hand, for fourteen of the thirty-five years the
minimum number of failures occurred in the second
quarter, for twenty years it occurred in the third quarter,
and for one year in the fourth quarter; for four years
the minimum quarterly liabilities occurred in the first
quarter, for twelve years they occurred in the second
quarter, for sixteen years in the third quarter, and for three
years in the fourth quarter.^
The Dun figures accordingly substantiate the testimony given by the Bradstreet figures.
What is the explanation of this marked seasonal
swing in the number (and also the liabilities) of commercial failures ? Obviously one of the chief causes for the
large number of failures in December and January consists
in the custom among business concerns of taking account
of stock in December, and of closing accounts for the
year's business. Many small concerns really do not know
where they stand until about this time of the year. Many
financial obligations, moreover, become due January 1,
and it is customary in many places for banks to require
statements of customers at about this time. In early
January business concerns are commonly facing a period
of inactive business (p. 28). Similar conditions in general exist, although on a much smaller scale, during the
few weeks before and after July 1, and probably account
for the movements in commercial failures noted (p. 219)
as occurring at that time. Concerns which survive the
a The Dun figures were compiled from Dun's Review, Oct. 3, 1908,
p. 4, and the Commercial and Financial Chronicle, Jan. 8, 1910, p.
79. Mr. R. W. Hamlet, a student in Cornell University, did the work
of computing the averages, etc., for the Dun figures, as a class exercise
in my course in Money and Banking.
b Cf. Jevons, Investigations in Currency, etc. (London, 1884), p. 220,
and chart.

222

NATIONAL MONETARY COMMISSION.

December-January strain are liable to be able to continue during the spring and the slack summer months.
As the fall approaches, and the money market hardens
in response to crop moving demands, as interest rates
rise, bank reserves decline, and loans are curtailed, as
securities tend to decline, and increased margins are
called for, the strain on the weaker business concerns is
liable to become more tense. While, of course, it would
be rash to say that the tightened money market in the
fall is the cause of the large number of failures at this
period, it seems reasonable to expect that the strained
money market at this time would tend to push over many
concerns which were already near the verge of failure.
I know of no other explanation for the large number of failures during October and November. The period of the
spring trade revival is so brief and such a short time
after the " cleaning-up " period of December and January
that it normally occasions few failures. I n March, however, the Chart shows a temporary interruption in the
decline of the curves for commercial failures.
PANICS.

I n the opening chapter of this report (p. 13) it was said
that the subject of currency " inelasticity is sometimes
considered with particular reference to panic periods
which occur at more or less irregular and widely separated times, and sometimes with particular reference to
regularly recurring seasonal fluctuations in the demand
for money and loanable c a p i t a l / ' and that " t h i s study is
concerned primarily with such seasonal
fluctuations."
A discussion of commercial and financial panics does not
fall within the province of this report. The relation of
such panics, however, to seasonal fluctuations in the
money market is deserving of brief consideration.
Nearly half a century ago Jevons said " we * * * see
that the most striking [seasonal] fluctuations are due to
the gathering of the harvest, and the general termination of the year's operations. The consequences are a
rapid rise in the rate of discount, a sudden flood of bankruptcy, and a fall of consols, followed by a rise. The
double minimum in the price of wheat and consols is
curious.
"Some, perhaps, would attribute the sudden changes
in the rate of discount, bankruptcies, and consols to the
occurrence of panics during the months of October and
November. I t would be more correct to say that there
is a periodic tendency to commercial distress and difficulty during these months, of which all concerned should
be aware. I t is when great irregular fluctuations aggravate this distress, as in the years 1836, 1839, 1847, and
1857, t h a t disastrous breaches in commercial credit
occur. " a Three years later (i. e., 1865) referring to the
above statement made in 1862 he wrote: " I n two of the
three succeeding years, namely, 1863 and 1865, this
autumnal pressure has been strikingly manifested, and
« Investigations in currency, etc. (London, 1884), pp. 8 and 9.




these occurrences, considered in connection with the fact
that since 1825 all the severest pressures have either
commenced or culminated in the last quarter of the year,
are sufficient prima facie evidence of a dangerous tendency in these months worthy of the deliberate attention
of commercial m e n . " a
I t would seem reasonable to expect t h a t panics would
be most liable to occur in those seasons of the year when
the money market is normally most stringent, on the
principle that a chain will break at its weakest link. F o r
the purpose of testing the truth of this theory the following facts are given with reference to the dates of the more
important recent panics 6 in this country:
The panic of 1873 began shortly after the middle of
September. 0 In 1884 the financial storm burst on May
\4t,d The crisis of 1890 began November 10 and extended
to November 2 1 ; the early December market, however,
recorded some of the lowest prices of the year. 6 The
beginning of the panic of 1893 is perhaps best marked by
the failure of the National Cordage Company on May 5 r
although the Philadelphia and Reading Railroad Company went into bankruptcy on February 20; f June was a
month of great distress in financial circles, and the panic
was at its worst in August. The Chronicle said in its
issue of December 23, 1899: " T h e current week has
been signalized by one of the most severe short panics
ever experienced at the Stock Exchange/' The so-called
"Northern Pacific panic" occurred on the 9th of May,
1901, giving rise to " t h e worst collapse in prices witnessed on the stock exchange since the panic of 1873."^
I t is difficult to assign a definite period to the "rich man's
panic" of 1903, it extended through the greater part of
the year, but its beginnings may perhaps best be assigned
to March. I t was most severe during the four months of
May to August.^ In 1907 there was a severe collapse in
the stock market in March/' b u t the real panic did not
break out until the latter part of October. The Knickerbocker Trust Company suspended October 22, and other
important failures then followed rapidly.
I t has been found that the two periods of the year in
which the money market is most likely to be strained are
the periods of the "spring revival," about March, April,
and early May, and that of the crop-moving demand in
the fall; and that the two periods of easiest money market
are the "readjustment" period, extending from about the
middle of January to nearly the 1st of March, and the
period of the summer depression, extending through the
a Investigations in currency, etc. (London, 1884), p. 164.
& Cf. p 223, note (a).
c Jay Cooke & Co., the First National Bank of Washington, and the
First National Bank of Philadelphia suspended September 18. Cf.
Com. and Fin. Chron., for Sept. 20, 1873.
d Ibid., Jan. 3, 1885.
elbid., Jan. 3, 1891.
/ Noyes, Forty years of American Finance, pp. 188 and 189.
g Chronicle, Jan. 4, 1902.
ft Ibid., Jan. 2, 1904.
i Ibid., Jan. 4, 1908.

SEASONAL DEMAND FO : MONEY AND CAPITAL.
three summer months. Of the eight panics a mentioned
above, four occurred in the fall or early winter (i. e., those
of 1873, 1890, 1899, and 1907), and these four included
two of the three really severe panics of the period (i. e.,
those of 1873 and 1907); three occurred in May (i. e.,
thoseof 1884, 1893, and 1901); and one (i.e., that of 1903),
probably the least important one from the standpoint of
the country as a whole—extended from March until well
along in November. 6
The evidence accordingly points to a tendency for
panics to occur during the seasons normally characterized
by stringent money markets. This does not mean that
the seasonal stringencies are the causes of the panics; it
does mean that the months in which they occur are the
weakest links in the seasonal chain, and that in periods of
extraordinary tension the chain breaks at these links.
CHAPTER

IX.—SUMMARY.

I t is difficult to summarize a study of this kind in a
few pages. While there is a considerable amount of
uniformity in the seasonal movements of the money
market in the different sections of the United States,
conditions in these sections are so different that the
seasonal movements in each one are much influenced by
local conditions, and the dates at which the same seasonal swings begin and end in different sections often
differ considerably. Useful generalizations in such a case
can not be both broad and accurate, and the text of this
report is itself so condensed that brief generalizations,
with the qualifications necessary for accuracy, would
be largely a repetition of the previous chapters. A detailed summary is further rendered unnecessary by the
eighty diagram charts which summarize more accurately
and more effectively than could any descriptive chapter
the conclusions of the report.
SCOPE AND METHOD.

The object of the report is to throw light upon the
extent, regularity, and effects of seasonal variations in
the principal money markets of the United States.
a

The word panic has been used here to cover several financial disturbances for which many would not use so strong a word, i. e., the
disturbances of 1884, 1890, 1899, and 1901.
&
A rather hasty perusal of the Chronicle for the years 1876 to 1908,
inclusive, shows, in addition to the panics mentioned above, the following minor "panicky periods": April, 1876; November, 1879; MayJune, 1880; March-April, 1882, June, 1887,; March-April, 1888; February, 1893; September to December, 1895; June-July, 1896; December,
1896; March, 1898; September, 1899; July, 1901; September, 1901;
September to November, 1902; December, 1904; April, 1905; AprilMay, 1906; December, 1906; March, 1907; September, 1908. This list
is probably not complete, and there may be room for doubt as to the
inclusion of some of the dates mentioned. It is not, I believe, open
to the fallacy of selection for all months of the year were given equal
attention in the search for such periods. The list shows nine during the
fall and early winter (September to December, inclusive), eight in
the spring (March to May, inclusive), one of which began in May and
extended into June, three during the summer months, and one in February, or a total of 21 such periods.




223

The period studied is the nineteen years 1890-1908.
Different cities are selected as representative of different
sections of the country. New York City, being the country's dominant financial center, is treated as representative of the Eastern States and New England, and to a
considerable extent of the country as a whole. Chicago
and St. Louis represent the Middle Western States, 0
New Orleans represents the Southern States, and San
Francisco the Pacific States.
Seasonal movements are portrayed principally by the
use of a seasonal index number, computed as follows:
Each of the nineteen years 1890-1908 is taken as a unit.
The lowest rate each year, i. e., the rate representing the
cheapest money, is designated by an index number of 0,
the highest rate by an index number 100, and the other
rates are prorated. 6 The index numbers for the first
week of each of the nineteen years are then averaged
together, those for the second week, and so on throughout the fifty-two weeks. The resulting composite gives
the index of seasonal movements. This index is supplemented in most cases by the simple average of the
rates (or figures), those for the nineteen first weeks, the
nineteen second weeks, and so on. The order of discussion is: first, seasonal variations in the relative demand
for moneyed capital as evidenced by interest rates and
percentages of bank reserves to deposits; second, seasonal
variations in the relative demand for money in different
sections of the country as evidenced by domestic exchange rates in certain cities on New York City, currency shipments, and subtreasury transfers; third, seasonal variations in the relative demand for money in
the United States as compared with foreign countries
as evidenced by foreign exchange rates and gold imports and exports; fourth, seasonal variations in the supply of various kinds of money; fifth, seasonal variations
in the circulation of deposit currency as evidenced by
clearing-house transactions; sixth, some influences of
seasonal variations in the money market as seen in the
prices of bonds, commercial failures, and the occurrence
of commercial panics.
SEASONAL MOVEMENTS IN THE RELATIVE DEMAND FOR
MONEYED CAPITAL IN NEW YORK CITY.

With regard to seasonal movements in the relative
demand for moneyed capital the New York money market
exhibits five important seasonal swings. Throughout
January and during the early part of February there is
normally a pronounced "easing u p " of the money
market. By the fore part of January the crop-moving
demand for money in the West and South is over and
the return flow of cash is at its height. There is a natural
reaction—in part psychological—which results from the
relaxing of the heavy strain on the money market incident
to January 1 settlements and to the passing of the holie The data available for the " Western States" are too incomplete to
r
justify the study of this group separately.
b Cf., pp. 13-15, and 22.

Cf., p. 117.

224

NATIONAL MONETARY COMMISSION.

day season. At this time freight traffic, both on the
railroads and the inland waterways, is relatively small.
The second seasonal movement is the spring revival,
beginning about the middle of February and extending
to the latter part of March or the fore part of April—(in
some years a week or so later). This recovery is stimulated by the cheap money prevailing during the preceding period, railroad traffic is released from the incubus of
cold weather and snow, the inland waterways are opened
u p ; on April 1 comes the demand for large interest and
dividend settlements, and in this period comes the spring
demand of agriculturists for the planting of crops.
The third important seasonal movement is the weakening money market of the late spring, followed by the
summer depression. This period extends from the middle
or latter part of April to the fore part of August. I t is
interrupted by a temporary reaction about July 1, the
time of semiannual settlements. This third seasonal
period shows the natural reaction from the high rates of
the preceding period, the anticipation and later the
realization of the hot months of summer comprising the
vacation period, the lessened demand for funds in the
Middle West after the planting of the crops, and the
resulting return of cash to New York for deposit, investment, and speculation. The declining and cheap money
market at this time, which finds expression in such
phenomena as large bank reserves, low-interest rates,
gold exportations, and high security prices, naturally
brings its own corrective to some extent.
The crop-moving period is the fourth period. This
period, the discounted beginnings of which are evidenced
by the upward turn of interest rates on sixty to ninety
day commercial paper and four months' time paper as
early as the first week in July, may perhaps best be dated
from the first week in August when call rates begin their
upward movement and when bank reserves begin their
decline. Under the pressure of the crop-moving demand
for cash in the West and South, bank reserves are depleted
and the money market tightens rapidly until about October 1.
The fifth and last seasonal period in the New York
money market extends from about the first week in
October to the opening of the new year. I t is a period
of considerable uncertainty and of many minor fluctuations, b u t the demand for moneyed capital continues
large until after the holiday season and January settlements. The westward movement of cash falls off rapidly
in November and December, and b y the latter month
the return flow has set in. The southward movement
declines in November, b u t shows some signs of increasing
temporarily in December. Gold imports reach a low
point in December; throughout October, November, and
December the Federal Treasury Department normally
continues to increase its deposits in national banks, of
which New York City gets its share.




SEASONAL MOVEMENTS IN THE RELATIVE DEMAND FOR
MONEYED CAPITAL IN OTHER REPRESENTATIVE CITIES.

Passing from New York City to Chicago we find, as
might be expected, a striking similarity in the important
seasonal movements in the money markets of the two
cities. a There are the same five principal seasonal
movements taking place at approximately the same times
of the year and influenced largely by the same causes.
The third city studied is St. Louis. Like New York
and Chicago, the St. Louis money market exhibits a
January decline, an early spring revival, a late spring
decline continued by a summer depression, and a sharp
advance in the fall. The St. Louis seasonal swing differs from the seasonal swings of New York and Chicago
principally in the fact that it exhibits a sharp decline
in November, followed by a reaction extending until
the latter part of December. 6 There are considerable
differences, moreover, in the times at which the different
seasonal movements begin and end in St. Louis from those
in Chicago and New York. St. Louis, being in the
midst of the great agricultural section which creates
" t h e crop-moving demand for money," naturally relaxes
from the crop-moving strain earlier than do the cities
farther east from which funds are so largely drawn and
to which they return. I n St. Louis there is apparently
a sort of "breathing spell" between the decline of the
crop-moving demand and the rise of the holiday and
"first of the year settlement" demand.
As representative of the Southern States the city of
New Orleans was chosen. Here the seasonal swing in the
money market differs from those of New York and Chicago even more than does t h a t of St. Louis. The January
decline is of such short duration as to be almost negligible.
Bank reserves decline rapidly from early in January until
the beginning of May, but this is apparently not due so
much to a demand for funds at home as to the transfer
of money for deposit and investment to other markets
during the slack season in the region contributory to
New Orleans. The New Orleans market, like those of
other cities studied, is weak during the hot summer
months of June and July, but begins to grow stronger by
August and reaches its strongest point of the year during
the crop-moving months of September, October, and
early November. The last period of the year in the New
Orleans money market is one of readjustment and liquidation, following the heavy demands of the crop-moving
period. I t extends from the fore part of November to
the end of the year, and is a period of comparatively
strong though gradually weakening market, and seems
to resemble more closely the markets of New York and
Chicago for this period than t h a t of St. Louis.
The San Francisco market, which has been chosen as
representative of the Pacific States, is probably more
oCf. for example Curves U E " of Charts V and VII.
6Of. Curves " E " of Charts V, VII, and IX.

SEASONAL DEMAND FO
largely influenced by purely local conditions than any of
the other money markets studied. I t exhibits seven
fairly pronounced seasonal movements as follows: (1)
The usual January decline. (2) A progressive "hardening 7 ' from about the 1st of February until nearly the
middle of March. I n addition to the forces bringing about
this spring revival in other cities, such as the natural
reaction and readjustment after the January decline, and
the spring demands of agriculturists; the local tax situation in California is an important factor. a (3) The third
period is one of an easier money market. I t begins about
the middle of March, and continues until the last of
April, being temporarily interrupted at the time of quarterly disbursements, about the first week in April. This
movement, like the former, is largely the result of the
local tax system. 6 (4) From the last of April until the
latter part of June the San Francisco market is comparatively strong, under the influence of the demands for
the annual fruit packing business, and of fishing companies
preparing for long fishing trips. (5) The fifth period extends from the last of June to about the last of September.
Like the summer months in the other cities studied it is a
period of comparatively small demand for loanable capital.
(6) The sixth seasonal period is the crop-moving period,
extending from about the last of September until the
latter part of November. I t is a period of rapidly increasing or large relative demand for moneyed capital.
The demand comes largely from the need of funds for
moving dried fruits and canned fruits and for financing
the hay and grain crops. An important factor in the
market at this time is the local tax situation. 0 (7) The
seventh and last seasonal movement in the San Francisco
market covers the last few weeks in the year and begins
anywdiere from the latter part of November to the middle
of December, according to the lateness of the season. It
is a period of reaction and decline after the strong market
of the preceding period.
SEASONAL VARIATIONS IN THE RELATIVE DEMAND FOR
MONEY IN DIFFERENT SECTIONS OF THE COUNTRY.

The next topic treated is " Seasonal variations in the
relative demand for money in different sections of the
country as evidenced by domestic exchange rates and
currency shipments/ 7 Figures for domestic exchange
rates were compiled directly from the banks' records and
cover a period of ten years, 1899-1908. Figures for currency movements were collected from the banks by the
National Monetary Commission, and cover only four
years (1905-1908).
Starting with the New England States and moving
westward, considering each geographic section first with
reference to the Eastern States, we may briefly summarize the principal seasonal movements as follows:
Currency movements to and from New England are
principal^ to and from the Eastern States (almost
<*Cf. p . 49.
16065°- 11




&Cf. p . 50.
15

cCf. p . 51.

MONEY AND CAPITAL.

225

entirely New York City). In January there is a strong
movement of cash from New England to New York City,
in part the result of large purchases of cotton by manufacturers in Massachusetts and vicinity, and in part
probably the result of the return flow of cash to the
banks after the holiday demand and of the call for New
York remittances in settlement of holiday purchases.
February shows a comparatively small movement of cash
in both directions. March and April are characterized
by heavy shipments of cash from New York City to New
England, caused in part by the heavy demand for remittances to Massachusetts manufacturers by western and
southern jobbers, and in part probably by the spring
needs of New England farmers. May, June, and July
appear to be moderately inactive months so far as currency movements between New England and the Eastern
States are concerned, with some flow of cash in both
directions, but no great preponderance in one direction
over the other. For August, September, and October
the movement is toward New England. The August
movement is at least in part due to the preparation on
the part of New England bankers for an anticipated difficulty in getting funds from New York in the autumn
when New York banks are subject to such large calls
from the West and South. The September and October
movement is largely due to the remittances made at that
time by jobbers in the West and South m settlement of
accounts for the purchase of shoes, dry goods, and other
articles of New England manufacture. For November
and December cash tends to flow from New England to
New York City in response to the large purchases of
cotton by New England manufacturers during these
months, the drafts upon the mills for cotton coming
mainly through New York.
The relative demand for money in the Middle Western
States as compared with the Eastern States during the
different seasons is evidenced in Chapter 3, principally by:
(1) domestic exchange rates in Chicago on New York
(1899-1908), (2) domestic exchange rates in St. Louis on
New York (1899-1908), (3) currency shipments between
the Middle Western States and the Eastern States
(1905-1908).
New York exchange in Chicago is normally high
throughout January, and there is a strong movement of
cash from Chicago to New York at that time. The crop
moving and holiday demand being over, money tends to
be relatively cheap in Chicago and flows to New York
City, where it can at least earn the 2 per cent paid by
banks on bankers' balances, and where it is absorbed
somewhat in speculative activity and in the higher security prices which normally rule the latter part of January
and the fore part of February. From the last of January
to the fore part of March New York exchange tends to fall
and shipments of cash from Chicago to the Eastern
States are very small. During this period the demand
for money in Chicago is increased by the anticipated opening of navigation on the Great Lakes, the demand on

226

NATIONAL MONETARY COMMISSION.

the part of western bankers for currency to meet the
spring needs of farmers, and by the fact that the first of
March in many sections of the Middle West is the commonest time for making settlements of interest and
principal on farm mortgages. New York exchange
reaches its minimum (for this part of the year) early in
March, and then advances rapidly until it reaches its
maximum for the year the latter part of May. I t then
continues at a high level until early in July, when the
crop moving demand begins to make itself felt. Chicago
banks reported relatively small receipts of cash from the
Eastern States during April, May, and June, while their
shipments to the Eastern States were large during these
months. About the first of July New York exchange
begins to fall in response to the crop-moving demand,
declining rapidly, with minor interruptions, until early
in September, and then maintaining a low level until the
fore part of November. There is a strong movement of
currency from the Eastern States to Chicago in August,
September, and October, reaching its maximum for the
year in October. During the last seven or eight weeks
of the year, the crop moving demand having subsided,
New York exchange tends to rise, a and the return movement of cash to the East begins.
The seasonal movements in New York exchange in
St. Louis are so similar to those in Chicago that a review
of them may be omitted here.
The seasonal currency movements previously mentioned between Chicago and the Eastern States are
fairly representative of those between the Middle Western
States as a whole and the Eastern States, so that a summary of the latter movements may be omitted.
Currency movements between the Middle Western
States and the Southern States are large and afford
valuable evidence as to the seasonal variations in the
demand for money in the two sections compared with
each other.
January is clearly the month of largest receipts by the
Middle Western States from the Southern States. This
January movement is apparently the return movement
of cash after the crop-moving demand in the South has
subsided, and it is largely to the central reserve cities of
St. Louis and Chicago—principally the former. While
there is a pronounced falling off in February in this flow
of cash to the Middle Western States it continues, nevertheless, in substantial amounts for several months, with
May as the second highest month of the year. Beginning
about the first of May the banks in the winter-wheat
section are called upon to finance the winter-wheat crop,
and this fact may explain in part the strong movement
of cash from the South in May. Keceipts of the Middle
Western States from the Southern States decline rapidly
from June to November, and, contemporaneously, there
is an increasing movement of cash in the opposite direction, culminating in October, and apparently showing
a

The average figures show a temporary decline of some importance
in the forty-eighth and forty-ninth weeks.




that, despite the great needs of the Middle West for cash
in the crop-moving season, the needs of the South are
sufficiently greater to make the flow of cash strongly
southward from the Middle West. September and
October have been found to be clearly the months of
largest movements of cash from the Middle Western
States to the Southern States, while January has been
found to be the month of largest movement of cash in the
opposite direction. November and December, particularly the latter, show considerable movements of cash
in both directions, and may perhaps best be classed as
transitional months.
During the four years 1905-1908 reported receipts of
the Middle Western States from the Western States
amounted to $71,684,000 and reported shipments to the
Western States amounted to $135,339,000. The principal
seasonal movements evidenced by these figures are as
follows: January is the month of largest flow of cash
from the Western States to the Middle Western States.
This eastward movement is apparently the return flow to
the large cities after the disappearance of the crop-moving
demand. The movement of cash to the Middle Western
States from the Western States declines in February to a
moderate level, which it maintains until November, when
there is a decline to the lowest figure in the year, followed
by a pronounced advance in December. During the five
months February to June, inclusive, shipments by the
Middle Western States to the Western States were comparatively small. With the opening of summer a flow of
cash to the Western States begins, becoming strong by
August and culminating in October.
The cash movements between the Middle Western
States and the Pacific States are not of sufficient importance to be summarized here.
With reference to seasonal variations in the relative
demand for money in the Southern States, the evidence
consists principally in the figures for New York exchange
in New Orleans for the ten years 1899-1908 and the
figures for currency movements between the Southern
States and other geographic sections. Those between
the Southern States and the Middle Western States have
already been summarized. Those between the Southern
States and the Eastern States are the only others of
sufficient importance to demand attention in this place.
New York exchange in New Orleans shows the usual
advance during the fore part of January in response to
the demands for New York funds for deposit and investment during the slack season in the South. As the funds
are transferred there is naturally a decline (extending
from about the third to the eighth week), after which
exchange exhibits no important seasonal movements
until about the middle of May. From then until about
the middle of June exchange tends to advance. During
the next three weeks there is a reaction, followed by
a temporary advance extending from about the middle
of July to the middle of August. The southern cropmoving demand begins in earnest about the middle of

SEASONAL DEMAND FOR MONEY AND CAPITAL.
August, bills against crop shipments are offered in large
quantities, and exchange is forced down rapidly and
almost continuously until the minimum rates of the
year are reached in the fore part of November. The
crop-moving demand having reached its high point about
the forty-fifth week the return flow of cash from the
near-by agricultural communities to the New Orleans
banks sets in, money becomes more plentiful, and exchange rates advance, the upward movement being expedited by the holiday demand for New York exchange
and by the demand incident to January settlements.
Currency movements between the Southern States
and the Eastern States may be summarized as follows:
January is the month of strongest movement of cash from
the South toward the Eastern States. The five months
February to June, inclusive, are months of moderate
movements of cash toward the Eastern States. Beginning with July there is an increasing movement in
the opposite direction, culminating in September and
October, when the crop-moving demand is at its height.
I n November and December there is considerable movement in both directions, and those months may best be
classed as transitional months between the southward
crop-moving flow of September and October and the
northward return flow of January.
The data available concerning the Western States are
too meager to demand attention here, and we may next
summarize the conclusions with reference to San Francisco and the Pacific States. Our figures for New York
exchange in San Francisco cover the eight years 19011908. The San Francisco domestic exchange market is
in many respects a peculiar one a by reason of its great
distance from New York City, the extensive use of gold
coin on the Pacific coast, the large receipts of gold bullion, and the facilities offered by the United States Treasury Department for transfer of new gold from San Francisco to other places.
From the beginning of January until about the first
of March New York exchange in San Francisco rises
rapidly. January and February are months of relatively
large shipments of cash from San Francisco to the Eastern States. Among the principal causes may be mentioned : the fact that advances which have been made for
the movement of general crops are being repaid rapidly,
the demand for eastern remittances to pay bills incurred
for holiday purchases, and the desire of local taxpayers
to get movable funds out of the State the latter part of
February before the tax returns of the first Monday in
March are made to the assessor. From the fore part of
March to the fore part of June the general tendency of
New York exchange is upward, although there are minor
interruptions. March, April, and May are months of
comparatively small shipments of cash by San Francisco
to the Eastern States, and the shipments in the opposite
direction are of little importance. The causes of this
movement are principally local and are discussed on




«Cf. pp. 118-119.

227

pages 119-120. During the latter part of June New York
exchange temporarily advances, probably in response to
demand for remittances east to meet July settlements.
Exchange rates decline from about the first week in July
to the fore part of September. This decline is not sufficient to bring about the shipment of cash to San Francisco
from the Eastern States. I t is, however, sufficient to
reduce the eastward flow of cash, and to lead to substantial transfers to San Francisco through the United States
subtreasury in New York. The decline is probably due
to the large amount of eastern credits available localty at
this time from the shipments of California products,
especially green fruits, to eastern points. From about
the middle of September to the latter part of October
New York exchange tends to rule at near par. During
this period the outward movements of grain, green fruit,
and fish tend to force exchange down, while the facts that
this is the quarter of large receipts of gold from Alaska,
making it a period of large receipts of gold bullion at the
mint, and that the San Francisco mint makes returns
for this gold in gold coin or New York exchange at the
option of the owner of the bullion, tend to keep New
York exchange at par. Exchange falls rapidly from the
latter part of October to about the first of December,
when it reaches the lowest point of the year. Shipments
of cash between San Francisco and the Eastern States
are unimportant during this period. November and
December, however, are the months of largest transfers
of cash to San Francisco by the United States subtreasury in New York. The fall in exchange at this time
appears to be due primarily to the outward movement of
dried fruits and to the fact that this is the active part of
the northern grain season. The low point of the year is
reached about the last week in November, when the tax
collector for the city and county of San Francisco has
been accustomed to withdraw large sums of actual coin
from circulation, and to lock much of it up in the vaults
of the city hall. a Toward the end of the year the demand
for eastern remittances for January 1 settlements tends
to force New York exchange upward.
The principal seasonal tendencies with reference to
currency shipments between the Pacific States and the
Eastern States are as follows: January, and to a lesser
degree, February are months of comparatively large
shipments by the Pacific States to the Eastern States.
Beginning with February, however, the eastward movement of cash diminishes until May. The three summer
months are months during which there is usually a substantial movement of cash from the Pacific States to the
Eastern States, and during which there is practically no
movement in the opposite direction. There is comparatively little movement of cash in either direction in September. For the last three months of the year the evidence appears to be contradictory, and not to point to
any regular seasonal tendency.

228

NATIONAL MONETARY COMMISSION.
FOREIGN EXCHANGE.

fluctuations. It has, however, by no means destroyed
the normal seasonal swing of the exchange market, as
many persons seem to believe.

" Seasonal variations in the relative demand for money
as evidenced by foreign exchange rates " is the next imMONEY IN CIRCULATION.
portant topic studied. The underlying principle is that
exchange rates (expressed in terms of the money of the
The next topic considered is "Seasonal variations in
home country) rise when money at home becomes rela- the amounts of the various kinds of money in circulatively less valuable than money abroad, and that they fall tion/ 7 Gold coin, gold certificates, and national-bank
when it becomes relatively more valuable. A sterling notes are grouped together under the term "presumably
rate in New York, for example, of $4.88 means that elastic money/' and all other kinds of money under the
American money is less valuable in terms of English term "presumably inelastic money." The figures upon
money than does a rate of $4.84. Relatively redundant which the conclusions of the report are based are the
money forces exchange up toward the gold-export point, monthly figures of the Treasury Department for the nineand relatively scarce money forces it down toward the teen years, 1890-1908.
gold-import point.
The "gold circulation" (including coin and certificates)
Seasonal variations in London, Berlin, and Paris ex- remains fairly constant during the first seven months of
change rates in New York are discussed in chapter 5, but the year (increasing slightly in February, decreasing
inasmuch as sterling exchange so largely dominates the slightly in March, increasing slightly in April and May,
others it will be sufficient here to summarize the con- and decreasing slightly in June and July). From July to
clusions with reference to the rates on London. The the end of the year it increases continually, the most profigures studied cover the nineteen years 1890-1908.
nounced increase being in October and November. This
Sterling exchange rates normally rise throughout Jan- increase in the gold circulation in the fall is in part due
uary and the fore part of February. Gold movements to to the large gold importations which normally take place
and from the United States at this time are generally not at that time in response to the crop-moving demand, and
large; the tendency, however, is toward exportation. In in part to what appears to be merely " a happy coinciLondon the money market tends to be reasonably strong dence,*1 I. e., the fact that economic conditions with refin January, weakening, however, in February. From the erence to the mining, transporting, smelting, and refinlatter part of February until the latter part of March the ing of gold are such that the largest gold deposits are
tendency of sterling exchange rates is slightly downward. made at the mints and assay offices in the fall months
March is a moderately weak month in the London money (especially October), the very time when money market
market. Sterling exchange in New York advances rap- conditions are such that gold is most needed. Most of
idly from the latter part of March until the middle of the years under study (1890-1908) have been years of
June, reaching its highest point of the year in June. For large and rapidly increasing gold production with conseApril, May, and June the movement of gold is outward, quent great increases in the gold circulation,6 the princithe average net exportations reaching their highest fig- pal part of which have taken place during the latter part
ures for the year in May and June. The London market of the year, especially the last three months.
appears to "ease u p " considerably at this time. SterIn most countries bank notes are expected to provide
ling rates continue high through July, though declining the principal elastic element in the money supply.
slightly, and then decline rapidly under the influence of Issued as they usually are against bank advances on
cereal and cotton bills and of the crop-moving demand for commercial paper their circulation increases and decreases
money, until they reach their lowest point of the year during the seasons in response to the needs of trade. For
about the first week of October. The months of October, the United States the evidence points to the following
September, and November (in the order named) are the seasonal tendencies:
months of largest net gold importations. In the London
The period for 1893-1908 being one of expanding bank
money market the fall months are commonly spoken of note circulation, it would be expected that in the absence
as the period of the "autumnal pressure" or the "au- of purely seasonal variations the curve of national bank
tumnal drain." From the forepart of October until the note circulation would move upward from the beginning
latter part of November sterling exchange tends to move of the year to the end of the year; and such a movement is
upward, and from the latter date until the end of the found. For January the circulation is relatively low.
year it is very uncertain. Gold importations are usually There is a slight tendency for the circulation to decline
much smaller in December than in November.
during the slack month of February when it reaches its
The recent important development in the use of lowest figure for the year. At the time of the "spring
finance bills by which funds are borrowed by American trade revival" in March and April there is an upward
bankers in Europe, especially in London, on collateral movement in the national bank note circulation. The
security, usually in the form of stocks and bonds, has
a Cf. p. 152.
had an important influence upon the sterling exchange
b Cf. Andrew, National Monetary Commission: Financial Diagrams,
market, tending to level down somewhat the seasonal diagram 16; and Kemmerer: Money and Prices, Book I, chap. 6.




SEASONAL DEMAND FO
average circulation for February (1890-1908) is $310,500,000, and for April $316,400,000, the average index
numbers for the two months, respectively, being 19.8
and 42.4. The moderate level of circulation reached in
April continues through August with a very slight upward tendency. From August to December there is a
continuous and substantial increase, the average circulation increasing from $321,300,000 for August to $335,600,000 for December, and the average index number
increasing from 46.4 to 87.1.
The national bank note circulation does not appear to
exhibit any considerable seasonal elasticity, i. e., rise
and fall according to the seasonal variations in the
demands of trade. I t is noteworthy, however, that the
increase in the circulation which takes place normally
from year to year, takes place largely in the fall and early
winter when it is most needed. Apparently banks
intending to increase their circulation postpone doing so
until the crop-moving season approaches. There is no
evidence of contraction when the crop-moving demands
are over, the national bank note elasticity being (to use
a rather inelegant expression) of the chewing-gum variety.
The circulation of presumably inelastic money exhibits
very similar seasonal fluctuations to that of national bank
notes. I t is moderate in January, declines to one of the
lowest points of the year in February, advances in March
and April, declines from May to July (at the time of the
late spring and summer inactivity in the money market),
when the bank-note circulation shows a slight tendency
upward, and then increases continually from August to
the end of the year.
Grouping together all the different kinds of money in
circulation we may next observe the seasonal tendencies of
the " total money in circulation." In addition to the particular forces affecting the circulation of each of the above
kinds of money there is one important force which affects
the circulation of all kinds and that is cash receipts and
disbursements of the subtreasury offices. These receipts
and disbursements alternately lock up and release large
sums of money, while the government's deposits in
national banks and withdrawals from national banks
greatly affect the monetary circulation and the condition of the money market. I n chapter 6 figures are
given for the period 1890-1908, showing the seasonal
variations, first, in the average net balance of federal
public moneys; second, in the average net balance in
treasury offices, and third, in the average net balance in
federal depositary banks. a
Starting at a relatively low level in January the total
circulation continues low through February and March.
There is an upward movement in April and May and a
slight tendency to decline in June and July. Federal
Treasury balances tend to increase from May to July,
likewise subtreasury holdings of cash, while federal deposits in national banks show a pronounced downward
«Cf. Charts XLIV and XLV, and pp. 155-159.




MONEY AND CAPITAL.

229

tendency. I t appears to have been the policy of the
Treasury Department during a considerable part of the
period studied to accumulate cash in subtreasury offices
and to keep down deposits in national banks during
these months of trade inactivity. From August to
December the total monetary circulation shows its
greatest increases, the average circulation rising from
$2,053,800,000 for July to $2,132,800,000 for December,
and the average index number rising from 25.3 to 88.8,
each month of the period showing an increase over the
month preceding. The net balance of public moneys as
evidenced by average monthly figures declines from July
to the end of the year, with the exception of a small
advance in December, which is of little importance. The
average net balance of public moneys in treasury offices,
which reaches its maximum in July, falls continuously
from that month to December, the greatest decline taking
place in October and November. Beginning with August
there is a continual advance to the end of the year in the
average amounts of federal public moneys on deposit in
national banks. For the period 1897-1908 it appears to
have been the policy of the Treasury Department to
increase deposits with national banks during the period
of the crop-moving demand, including also the month of
December.
I t may be concluded therefore that both our "presumably elastic money" (gold and national bank notes) and
our "presumably inelastic money" (ail other kinds of
money) show little evidence of seasonal elasticity except
for the fact that the year's normal increase for all of them
tends to take place in the fall and early winter when it is
needed most. None of them exhibit any considerable
capacity to contract during the slack months of the year.
Of the three, gold is the most elastic and national-bank
notes the least—apparently showing even less capacity to
contract than the " presumably inelastic money."
DEPOSIT CURRENCY.

The final topic to be considered under the " supply
side 7 ' of the circulating media is "seasonal variations in
the circulation of deposit currency." When it is remembered that recent investigations show that from 75
to 85 per cent of the country 7 s business transactions are
effected by means of checks, the importance of this
phase of the subject will be appreciated. The best criterion of the circulation of deposit currency is found in
the figures for bank clearings, and the conclusions of
chapter 7 are based principally upon a study of the weekly
clearings of five representative cities and of the United
States as a whole for the nineteen years 1890-1908.
The results may be briefly summarized as follows:
For New York City the circulation of deposit currency
tends to decline in January and February, shows a sharp
but temporary advance about March 1, in response to
the heavy demands for March 1 settlements, particularly of farm mortgage obligations in the West. I t flue-

230

NATIONAL MONETARY COMMISSION.

tuates considerably from March to the middle of May at
a moderate level, declines from about the middle of May
to the fore part of June, at which time the low level of
the summer months is reached, and this level continues
with minor fluctuations until early in September. During September there is a pronounced upward movement
in response to the crop-moving demand, and from the
fore part of October until the end of the year a the circulation of deposit currency fluctuates considerably at a
high level.
The evidence afforded by seasonal variations in the
clearings for New York City, therefore, seems to justify
the conclusion that deposit currency possesses for New
York a very high degree of seasonal elasticity, expanding
and contracting with the increase and decrease in the
demands of trade.
As was found in the case of seasonal variations in the
ratios of bank reserves to deposits, so in the case of seasonal variations in clearings, the principal movements in
Chicago are closely parallel with those in New York.
The conclusion just reached with reference to the seasonal elasticity of deposit currency in New York applies
also to Chicago.
The clearings of New York combined with the much
less important ones of Chicago represent such a large
proportion of the clearings for the entire country that
the curves for seasonal variations in the clearings of the
United States as a whole correspond closely to those of
New York City and Chicago. Deposit currency for the
country as a whole may be said to exhibit a high degree
of seasonal elasticity.
For St. Louis the evidence is much more uncertain. A
reference to Chart XLVIII will show that the monthly
movements of clearings in that city are so pronounced
and so regular in their occurrence as largely to obscure
any more general seasonal swing. There is a very sharp
rise in the average clearings at about the first week in
nearly every month, followed shortly by an almost
equally sharp decline. These monthly fluctuations, as
shown by average figures, are very regular in their occurrence from year to year, the important ones taking place
in nearly every one of the nineteen years. Passing over
these short-time fluctuations, which are apparently
largely due to first of the month settlements, we observe
signs of a more general seasonal swing, i. e., decline in January and February, advance until about April, and then
decline to the low "level" of the summer, advance from
early September until October and then fluctuations at a
high " leveP' until the end of the year—a seasonal swing
which corresponds very roughly with that for the relative
demand for moneyed capital in St. Louis shown on
Chart IX (Curve " E . " ) .
For San Francisco the situation is similar to that for
St. Louis. The general seasonal swing in clearings
seems to be lost to a considerable extent in the minor
a The fifty-second week shows a very decided decline, probably because of the holidays it contains.




monthly movements. For San Francisco, however, as
for St. Louis, there is a very rough correspondence between the general movements of the curve showing the
relative demand for moneyed capital (Chart XIII, Curve
U
E " ) and that showing average clearings.
New Orleans shows a higher degree of seasonal elasticity
in deposit currency than does St. Louis or San Francisco,
but a lower degree than does New York or Chicago.
Taking all the evidence together we conclude that
deposit currency exhibits a high degree of seasonal elasticity, expanding and contracting in accordance with
variations in trade demands, and that it is the only
highly elastic element among our media of exchange.
It is naturally much more responsive to minor and
temporary forces (like first of the month settlements for
example) than are exchange rates or bank reserves.
SOME ECONOMIC INFLUENCES OF SEASONAL FLUCTUATIONS
IN THE MONEY MARKET.

The last general subject discussed is ''Some economic
influences of seasonal variations in the relative demand
for money and capital." Under this heading are considered, seasonal fluctuations in bond prices and in commercial failures, and the seasons in which financial panics
tend to be most frequent.
PRICE OF BONDS.

On theoretical grounds it would be expected that a
period of greatly increasing demand for money, like the
crop-moving period, would tend to cause lower prices,
in the absence of highly elastic currency, and that a
period of greatly decreasing demand, like that of midsummer, would tend to cause higher prices. In the fall
months a greater burden of work is imposed upon the
money in circulation, and unless its rate of turnover
increases the same amount will not do the work except
at a lower level of prices. The extra burden of exchange work is carried in part by the expansive power of
deposit currency, but even deposit currency must be
supported by cash reserves, and the need of cash for
crop-moving purposes, which results in the westward
and southward movement of reserve money, limits the
expansive power of deposit currency.
For the purpose of testing the truth of such reasoning
"and interest" a quotations were compiled and index
numbers computed for the prices of twenty-seven railroad bonds for periods ranging from nine to nineteen
years. These figures were then combined into a composite for all bonds for all years, each point in the composite representing three hundred and ninety-three or
three hundred and ninety-four bond years.6
The evidence afforded by these figures shows the following seasonal tendencies:0 (1) There is a strong tend«"And interest" quotations are quotations in which accumulated
interest has been deducted.
&Cf. Chart LXXIX.
cCf. in this connection letter of N. W. Harris & Co. quoted on
pp. 217-218.

SEASONAL DEMAND FO , MONEY AND CAPITAL.
ency for bond prices to rise from the beginning of the
year until about the first week in February, a period
during which the money market has been found to be
almost invariably declining and weak. From the first
to the fifth week of the year the average price of all
twenty-seven bonds rose from $98.99 to $99.79, the
average index number of prices rising from 48.1 to 60.9.
For twenty-six of the twenty-seven bonds the average
price was higher for the fifth week than for the first, and
for two hundred and sixty-eight of the three hundred
and ninety-four bond years the price for the fifth week
was the higher. I n addition to the influence of the weak
money market at this period it should be noted that
after January (and also July) disbursements of interest
and dividends there are considerable amounts of funds
seeking reinvestments (2) The second seasonal period
extends from the fore part of February to the latter part
of March. I t is a period during which the tendency of
prices is downward, and, as we have seen (Charts I to V),
a period of increasing demand for loanable capital. The
average price of the twenty-seven bonds fell from $99.79
for the fifth week to $99.02 for the eleventh week, the
average index number falling from 60.9 to 51.1. For
twenty-five of the twenty-seven bonds the average price
was lower for the eleventh week than for the fifth, and
the price was lower for the eleventh week in two hundred
and ninety of the three hundred and ninety-four bond
years. (3) The third seasonal tendency is for bond
prices to rise from the latter part of March until the fore
part of May, and to be comparatively high from then
until about the middle of June—a tendency in substantial harmony with the money-market movements of this
season of the year. The average price of the twentyseven bonds rose from $99.02 for the eleventh week to
$99.56 for the twenty-fourth week, the average index
number rising from 51.1 to 56.7. For twenty-two of the
twenty-seven bonds the average price was higher for the
twenty-fourth week than for the eleventh, and of the
three hundred and ninety-three bond years two hundred
and nine showed higher prices for the twenty-fourth
week than for the eleventh. (4) For the period from the
middle of June until early September the evidence is contradictory, 6 but on the whole seems to point to a tendency for prices to be moderately high. (5) Beginning
near the middle of September bond prices tend downward until about the middle of October. The average
price of all twenty-seven bonds fell from $99.49 for the
thirty-sixth week to $99.11 for the forty-first, and the
average index number fell from 54.9 to 50. For twentyone of the twenty-seven bonds the average price was
lower for the forty-first week than for the thirty-sixth,
and the price was lower for the forty-first week in two
hundred and thirty-six of the three hundred and ninetyfour bond years. (6) From about the middle of October,
after the heaviest part of the crop-moving demand for
flCf. letter from N. W. Harris & Co. quoted on pp. 217-218.
&Cf. pp. 213 ff.




231

money is over, until early December, bond prices show
an upward tendency. The average price of all bonds
rose from $99.11 for the forty-first week to $99.75 for the
forty-ninth week, the average index number rising from
50 to 56.3. Twenty-five of the twenty-seven bonds
showed higher average prices for the forty-ninth week
than for the forty-first, and of the three hundred and
ninety-four bond years two hundred and forty-three
showed a higher price for the forty-ninth week. In addition to the relaxation of the crop-moving demand for
money at this time, another factor is the tendency of
dealers to accumulate bonds in anticipation of an increasing demand rising from the dividend and interest disbursements of January 1. The latter part of December
is a transitional period for bond prices, as it has been
found to be for many other money-market phenomena,
the tendency being downward from the forty-ninth to
the fifty-first week, and then upward for the fifty-second
week. The average price of all twenty-seven bonds fell
from $99.75 for the forty-ninth week to $99.39 for the
fifty-first week, and then rose to $99.58 for the fiftysecond. The corresponding average index numbers were,
respectively, 56.3, 52.2, and 55. For twenty-three of the
twenty-seven bonds the average price was lower for the
fifty-first week than for the forty-ninth. The price was
lower also for the fifty-first week than for the forty-ninth
in two hundred and thirty-nine of the three hundred and
ninety-four bond years. The tendency toward instability in December is shown by the fact t h a t December
had both more maximum annual prices and more minimum annual prices than any other month of the year.
I t may be concluded that the extent of the seasonal
variations in bond prices is usually not great, but t h a t
the percentage is large enough in the absolute to amount
to many millions of dollars annually. The seasonal
movements are for the most part not very pronounced
in their regularity, but on the whole tend to conform to
the normal seasonal swing of the money market.
While the investigation does not include a study of
the seasonal movement in the prices of stocks and of
produce, there is a strong presumption that if the fluctuations in the prices of bonds tend to conform to the seasonal swing of the money market the same would be
true (and perhaps even in a higher degree, although
more disguised by other influences) of the prices of
stocks and of produce.
COMMERCIAL FAILURES.

The figures for commercial failures for the years 18901908 published by Bradstreet's show a striking seasonal movement. First to attract attention is the
very large number of failures during the fore part of
January. The first three weeks of the year are clearly
the highest three. After the fore part of January there
is a rapid decline in the number of commercial failures
until the fore part of April. With the exception of a
minor upward movement during July, followed by a

232

NATIONAL MONETARY COMMISSION.

decline throughout August, the curves of commercial
failures tend to be low from early April until the fore
part of September, when they begin a strong upward
movement which does n o t culminate until after the
opening of the new year. The figures of K. G. Dun &
Co. give the same testimony as those of Bradstreet.
W h a t is the explanation of this marked seasonal swing
in the number of commercial failures? Obviously, one
of the chief causes of the large number of failures in
December and January consists in the custom among
business concerns of taking account of stock and of
closing accounts for the year's business in December.
Business concerns, moreover, face a period of inactive
business in early January. If they survive the December-January strain they are liable to be able to continue
during the slack summer months. As the fall approaches
and the money market becomes more tense the strain on
the weaker business concerns becomes greater. The
period of the spring trade revival is so brief and such a
short time after the "cleaning-up" period of December
and January that it normally occasions few failures.
FINANCIAL PANICS.

The final topic to consider is that of financial panics.
Is there any tendency for financial panics to occur more
frequently in the seasons of the year when the money
market is normally stringent? I t has been found that
the two periods of the year in which the money market is
most likely to be strained are the periods of the spring
trade revival (about March and April) and that of the
crop-moving demand in the fall; and that the two
periods of the easiest money market are the " readjustment period/' extending from about the middle of
January to about the first of March, and the period of
the summer depression, extending through the summer
months. Of the eight panics which have occurred since
1873, four occurred in the fall or early winter (i. e., those
of 1873, 1890, 1899, and 1907); three broke out in May
(i. e., those of 1884, 1893, and 1901); and one (i. e.,
that of 1903) extended from March until well along in
November. Out of a total of twenty-one minor panics
or "panicky periods" occurring between 1876 and 1908,
inclusive, nine occurred during the fall and early winter,
eight during the spring, one began in May and extended
into June, three occurred during the summer months,
and one occurred in February. The evidence accordingly
points to a tendency for the panics to occur during the
seasons normally characterized by a stringent money
market.




LIST OF BOOKS AND ARTICLES CITED IN REPORT.
[Exclusive of government reports published at regular intervals.]
ANDREW, A. PIATT: T h e Influence of t h e Crops upon Business in
America. Quarterly Journal of Economics, X X (1906), p p . 323353.
The Treasury and the Banks under Secretary Shaw. Quarterly
Journal of Economics, X X I (1907), p p . 519-568.
ANDREW, A. PIATT, Compiler: National Monetary Commission Financial Diagrams. S. Doc. 509, 61st Cong. 2d sess.
Statistics for t h e United States, 1867-1909. National Monetary
Commission's Report. S. Doc. 570, 61st Cong. 2d sess.
BRADSTREET'S: A journal of Trade, Finance, and Public Economy.
[Weekly.] New York: Bradstreet Company.
CLARE, GEORGE: T h e A B C of t h e Foreign Exchanges. London:
Macmillan & Co., 1901.
A Money Market Primer. Second edition. London: Effingham Wilson, 1902.
COMMERCIAL AND FINANCIAL CHRONICLE.

[Weekly.]

New York: W.

B . Dana Company.
CONANT, CHARLES A.: Securities as a Means of Payment. Annals of
the American Academy of Political and Social Science, X J V
(1899), p p . 181-203.
D E W E Y , DAVIS R.: Financial History of t h e United States. Third
edition. New York: Longmans, Green & Co., 1907.
DUNBAR, CHARLES F . : T h e Theory and History of Banking. Second
edition. New York: G. P . P u t n a m ' s Sons, 1904.
DUN'S REVIEW.

[Weekly.]

New York: R . G. D u n & Co.

ECONOMIST ( T H E ) . [Weekly.] London: T h e Economist Office.
FINANCIAL R E V I E W ( T H E ) . [Annual.] New York: W. B . Dana
Company.
F I S H E R , IRVING: A Practical Method of Estimating the Circulation of
Money. Journal of t h e Royal Statistical Association (1909).
JEVONS, W. STANLEY: Investigations in Currency and Finance. London: Macmillan & Co., 1884.
JOHNSON, JOSEPH F R E N C H : Money and Currency. Boston: Ginn &
Co., 1906.
KEMMERER, E . W.: Money and Credit Instruments in their Relation
to General Prices. Second edition. New York: Henry Holt &
Co., 1909.
KINLEY, DAVID: T h e Use of Credit Instruments in Payments in t h e
United States. National Monetary Commission's Report. S. Doc.
399, 61st Cong. 2d sess.
Credit Instruments in Business Transactions. Journal of
Political Economy, V (1897), p p . 157-174.
Money. New York: T h e Macmillan Company, 1904.
KOCH, R., Editor: German Imperial Banking Laws. National Monetary Commission's Report. S. Doc. 574, 61st Cong. 2d sess.
MARGRAFF, ANTHONY W.: International Exchange. Second edition.
Chicago: International Exchange, National Life Building, 1904.
NATIONAL MONETARY COMMISSION: Renewal of Reichsbank Charter.

S. Doc. 507, 61st Cong. 2d sess.
PALGRAVE, R . H . INGLIS: Bank R a t e and t h e Money Market. London: John Murray, 1903.
PRATT, SERENO S.: T h e Work of Wall Street. New York: D . Appleton & Co., 1909.
SCOTT, WILLIAM A.: Rates on the New York Money Market 1896-1906.
Journal of Political Economy, X V I (1908), p p . 273-298.

#




APPENDICES.

233




APPENDIX

A . — I N T E R E S T RATES IN N E W YORK

CITY,

1890-1908.

TABLE 1.—Seasonal variations in the relative demand for moneyed capital as evidenced by interest rates,a call loans, New York Stock Exchange, 1890-1908.
1890
M o n t h a n d week.6

Jan.-

Feb.

Mar.— 9 . .
10..
11..
12..
Apr.—13..
14..
15..
16..
17..
May— 18..
19.
20.
21.
J u n e --22.
23.
24.
25.
J u l y - - 26.

Aug.-

Sept.-

Oct.-

Interest
rates.

Per ct.
20
6
5
4

31
4
4
4
5

41
41
4
4

41
41
4
4

41
5
5
5
41
5
41
4*
5
5
5
41
41
4
51
10
25
6
6
10
7
4
4
41
41
6

Nov.-

Dec. —

Index
numbers, c

1891
Interest
rates.

Index
numbers.c

Per ct.
76.7
11.6
7.0
2.3
0.0
2.3
2.3
2.3
7.0
4.7
4.7
2.3
2.3
4.7
4.7
2.3
2.3
4.7
7.0
7.0
7.0
4.7
7.0
4.7
4.7
7.0
7.0
7.0
4.7
4.7
2.3
9.3
30.2
100.0
11.6
11.6
30.2
16.3
2.3
2.3
4.7
4.7
11.6
11.6
11.6
20.9
20.9
11.6
11.6
11.6
2.3
2.3

41
4
3
3
3
3
21
3
3
21
3
8
3
3

66.6
55.5
33.3
33.3
33.3
33.3
22.2
33.3
33.3
22.2
33.3
33.3
33.3
33.3
44.4
44.4
44.4
55.5
66.6
66.6
66.6
55.5
44.4
33.3
22.2
33.3
22.2
11.1
11.1
0.0
5.6
11.1
16.7
22.2
44.4
55.5
33.3
100.0
100.0
88.8
66.6
44.4
44.4
88.8
66.6
55.5
44.4
33.3
33.3
27.8
33.3
22.2

1893

1893
Interest
rates.

Per ct.
3
21
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2

11
11
11
11
H
li
li
11
if
21
2
11
11
11
11
lf
2

31
4
41
31
4-i
5
6
6
51
6

52
5
41

41
4f

Index
numbers, c

20.0
14.3
8.6
8.6

8.6 I
8. 68.6
8.6
8.6
8.6
8.6
8.6
8.6
8.6
8.6
8.6
8.6
2.9
2.9
2.9
2.9
0*0
0.0
0.0
2.9
5.7
14.3
8.6
2.9
2.9
2.9
2.9
5.7
8.6
25.7
31.4
37.1
25.7
37.1
42.8
54.2
54.2
48.5
54.2
51.3
42.8
37.1
37.1
39.9
65.6
100.0
48.5

Interest
rates.

Per ct.
5

41
31
3
2

21
31
4
6
15
9
4
5

41
5
5
6
4
3

21
21
41
7
9
15
8
8
5
10
9
5
4
5

41
4
4
3
4
3
21
2

2
2
2

11
11
li

li
l1
1*

Index
numbers, c

Inter- I n d e x I n t e r numest
est
rates. bers, c rates.
Per ct.

28.6
25.0
17.9
14.3
7.1
10.7
17.9
21.4
35.7
100.0
57.1
21.4
42.8
28.6
25.0
28.6
28.6
35.7
21.4
14.3
10.7
10.7
25.0
42.8
57.1
100.0
50.0
50.0
28.6
64.3
57.1
28.6
21.4
28.6
25.0
21.4
21.4
14.3
21.4
14.3
10.7
7.1

7.1
7.1
7.1
3.6
3.6
3.6
1.8
1.8
0.0
0.9

H
l
l
l
l
l
l
l
l
l
li
li
li
li
li
li
li
li
l
li
li
ii
l
l
l
l
l
l
l
l
l
l
l
l
l
I

l
l
l
l
l
l
l
l
l
l
l
ii
ii
11
11
if

1897

1895

1894

20.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0

0.0
20.0
20.0
20.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
20.0
20.0
80.0
80.0
100.0

Index
numbers, c

Per ct. \
2.8
li
2.8
li
1.4
li
1.4
li
2 1 11.1
5.6
8.3
2.8
5.6
11.1
13.9
13.9
16.7
16.7
16.7
11.1
8.3
5.6
4.2
2.8
2.8
2.8
1.4
1.4
1.4
!i ! 2.8
2
11.1
4.2
ii
2.8
li
2.8
li
1.4
li
1.4
li
1
0.0
1
0.0
1
0.0
1
0.0
11 5.6
2
11.1
8.3
If
2
11.1
2i 13.9
2i 13.9
2i 12.5
2i 13.9
2i 12.5
2
11.1
8.3
If
2
11.1
2i 13.9
2
11.1
4
33.3
10 100.0

Interest
rates.

Index
numbers, c

Per ct.
5
41

11

1|
li
11
2
2i
2i
21
21
21
2
If
11
If
li
li
li
li
li
li

61
25
15
4
31
21
2i
If
If
2
2

14.0
11.8
9.7
9.7
11.8
9.7
7.5
8.6
7.5
6.5
9.7
6.5
7.5
6.5
5.4
4.3
3.8
4.3
5.4
2.7
1.1
0.0
0.0
3.2
0.0
2.7.
0.0
2.2
3.2
0.0
6.5
14.0
11.8
18.3
20.4
16.1
18.3
12.9
11.8
20.4
20.4
20.4
100.0
57.0
9.7
7.5
3.2
2.2
0.0
0.0
1.1
1.1

1898

Inter- I n d e x
numest
rates. bers.c

Interest
rates.

Per ct.
2

1899

Per ct.
33.3
23.8
23.8
19.1
19.1
19.1
19.1
19.1
19.1
19.1
19.1
19.1
19.1
19.1
14.3
14.3
9.5
14.3
9.5
9.5
9.5
4.8
4.8
0.0
0.0
4.8
9.5
0.0
0.0
0.0
0.0
0.0
9.5
9.5
4.8
9.5
42.9
81.0
71.4
71.4
61.9
42.9
33.3
33.3
23.8
23.8
23.8
28.6
23.8
90.5
100.0
100.0

31
2f
2

If
If
ii
if
2f
2i
2
2i
2i
2|

21
31
3

21
3
2i
If
If
If
li
li
li
li
li
li
li
li
li
If
If
2
21
31
3f
4i
3f
2f
21
2
If
If
2
2i
2i
2i
2i
2|
2i
2f

Index
numbers, c

75.0
50.0
25.0
16.7
12.5
4.2
4.2
50.0
33.3
25.0
29.2
29.2
37.5
54.2
75.0
58.3
41.7
58.3
33.3
16.7
4.2
4.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.2
12.5
25.0
33.3
75.0
79.2
100.0
83.3
50.0
41.7
25.0
16.7
16.7
25.0
33.3
33.3
33.3
33.3
37.5
33.3
50.0

Interest
rates.
Per ct.
3i
2f
21
21
2§
21
21
21
2f
2f
4
5
6
7
4f
4f
4

41
4

31
3
2i
2|
2|

21
31
5
5
4
3i
4
31
25
2i
3i
5
6
61
8
12
7
5i
6
10
9
7
6
6
7
7
25
5*

Index
numbers, c

3.9
2.2
1.1
1.1
0.6
1.1
1.1
1.1
2.2
2.2
7.7
12.1
16.5
20.9
11.0
11.0
7.7
9.9
7.7
5.5
3.3
1.7
0.6
0.6
0.0
5.5
12.1
12.1
7.7
7.2
7.7
5.5
2.8
2.8
3.9
12.1
16.5
18.7
25.3
42.9
20.9
13.2
16.5
34.1
29.7
20.9
16.5
16.5
20.9
20.9
100.0
14.3

o T h e s e rates represent t h e average rates for each week as given b y t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
b T h e schedule of m o n t h s used t h r o u g h o u t these tables, unless otherwise specified, represents a year, s u c h as 1893, in w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is given as a n
a i d t o enable one t o locate a p p r o x i m a t e l y t h e t i m e in t h e y e a r in w h i c h t h e different weeks fall. Cf. p . 13, n o t e (b).
c I n c o m p u t i n g i n d e x n u m b e r s t h e m a x i m u m average weekly r a t e each year is t a k e n as 100, t h e m i n i m u m average weekly r a t e each year is t a k e n as 0, a n d t h e o t h e r rates
are p r o r a t e d . F o r e x a m p l e , t h e lowest average weekly r a t e in 1890, 31 per cent (fifth w e e k ) , is represented b y a n i n d e x n u m b e r of 0; t h e highest average weekly r a t e , 25 p e r cent
( t h i r t y - f o u r t h w e e k ) , is represented b y 100, a n d t h e first week whose r a t e is 20 per c e n t , is represented b y 76.7, i. e., /2-P 3 1 | X IQO. Cf. p p . 13-15.
125—3^




235

236

NATIONAL MONETARY COMMISSION.

TABLE

1.—Seasonal

variations

in

the relative

Interest
rates.

for

1901

1900
Month a n d
week.b

demand

Index
numbers, c

Interest
rates.

Per ct.

moneyed
capital
as evidenced
1890-1908—Continued.

1902

Index
numbers, c

Per ct.

Interest
rates.

1904

1903

Index
numbers, c

Per ct.

Interest
rates.

Index
numbers, c

Per ct.

rates,a

by interest

Interest
rates.

1905

Index
numbers, c

Interest
rates.

call

j

Index
numbers, c

New

1906

York

Stock

1907

Inter- Index
est i n u m r a t e s . bers, c

Interest
rates.

Per ct.

Per ct.

Per ct.

loans,

Exchange^

1908<*

Per ct.

Index
numbers, c

Interest
rates.

Index
numbers, c

Per ct.

1

6

61.3

5

23.9

5

20.0

51

56.0

31

91.7

2f

2.6

25

100.0

15

27.4

6

2

5

48.4

31

12.4

41

16.4

21

1.3

6

17.0

6

8.8

4

60.0

32.3

3

36.0

21
11

50.0

3f

41
4

40.0

3

37.5

2

0.7

10.4

4

4.7

2

20.0

3i |

25.8

2f 1

19.4

6

2i

7

Jan.—

100.0

8.6

3

5.5

2

1.0

2|

0.9

32.0

If

33.3

11

0.3

8.2

21

2.1

12

15. a

11

0.0

21

1.8

3f
3

41
4

20.0

11

37.5

21

1.3

31

7.1

3

2.6

H

17.5

12.9

2

1.0

2|

0.9

2}

16.0

11

37.5

2

0.7

4

8.2

2f

2.1

11

17.5

21

12.9

2

1.0

2|

0.9

21

16.0

If

29.2

21

1.3

4f

11.5

4f

6.2

If

15.0

8
Mar.— 9

2*

12.9

2

1.0

21

0.0

3

20.0

11

37.5

21

2.0

4f

11.5

5

6.7

If

15.fr

2*

12.9

2

1.0

2*

3.6

41

44.0

If

33.3

2f

2.6

5

12.6

5

6.7

11

17.5

10
11

2*
5

19.4

21

2.9

3!

10.9

64.0

11

37.5

21

2.0

51

.13.7

51

7.8

11

17.5

48.4

21

2.9

41

16.4

5f
6

68.0

11

37.5

31

4.6

41

10.4

12. .v.

41

41.9

2|

3.8 i

4f

18.2

5f

64.0

If

29.2

31

4.6

4f

11.5 j

3

4
Feb.— 5 . . .

10

17.1

11

17.5

4

4.7

2

20.fr

29.0

21

4.8

3i

10.9

8

100.0

If

29.2

3f

5.2

5

12.6

6

8.8

If

12.5

3f

32.3

3

8.6

51

23.6

6

68.0

If

29.2

31

4.6

15

56.3

3

2.6

If

I5.fr

31
3

25.8

41

20.0

5

20.0

5

52.0

11

25.0

31

3.9

15

56.3

2

0.5

11

10.fr

22.6

5

23.9

41

14.5

31

24.0

U

16.7

31

3.9

4

8.2

21

1.0

If

I5.fr

21 1 12.9
2
9.7

4

16.2

7

34.5

21

12.0

11

12.5

3

3.3

4

8.2

21

1.0

11

17.5

5

23.9

10

56.3

21

12.0

16.7

21

2.9

6

21

1.0

If

15.fr

2i
2

11.3

15

100.0

51

23.6

21 j

12.0

H
nI

37.5

21

2.0

4

8.2

2f

2.1

If

15.fr

9.7

5

23.9

3*

10.9 j

2i i

12.0

2

9.7

41

20.0

3

5.5

June—22

11

8.1

3

8.6

3

23

11

Apr.—13
14
15
16
17
May—18
19
20
21

1

*

8.1

3

n

24

8.1

31

2

41.7

21

1.3

31

4.9

21

1.6

11

10.fr

8.0

if

20.8

21

1.3

31

6.0

21

1.0

If

5.5

21
3

20.0

11

16.7

21

1.3

4

8.2

If

0.0

11

12.5
10.fr

12.5

21

2.0

31

4.9

2

0.5

If

12.5

21

2.0

3

3.8

21

1.6

11

12.5
10.fr

8.6

21

4.5

2|

16.0

11

10.5

2|

3.6

21

8.0

11

25

i§

4.8

4 !

16.2

2\\

3.6

21

8.0

11

JUly_2G

IS

1.6

7

39.1

5

20.0

5

52.0

11

27

if

6.5

8

46.7

4

12.7

3

20.0

11

if

4.8

5

23.9

3

5.5

3

20.0

it

1.6

31

12.4

2}

3.6

2

4.0

11
1

it

1.6

21

4.8

21

4.5

2

4.0

Aug.—31

it

1.6

21

4.8

2i

4.5

10.0

32

H

0.0

21

2.9

41

16.4

33

l|

1.6

21

2.9

4

12.7

2S
2
2

28

j

29
30

i

4.0
4.0

12.5 j

21

1.3

31

4.9

3

2.6

11

10.fr

12.5

2f

2.6

31

6.0

5

6.7

H

10.fr

12.5

2f

2.6

5

12.6

8

12.9

H

5.0

12.-5

21

2.0

3

3.8

6

8.8

11

5.0

8.3

2

0.7

21

1.6

31

3.1

11

5.0

0.3

21

0.0

21

1.6

11

1.3

21

0.5

3

2.6

l

2.5
0.0

0.0

31

4.9

4

4.7

0.7

31

6.0

3

2.6

11
l

2.5
O.fr

0.7

5

12.6

21

1.0

1.3

6

17.0

3

2.6

11
l

2.5
O.fr

2.6

20

11

15.0
5.0

1
1

4.2

i

0,0

If
2

8.3

2

n

4.2
6.3

34

i|

1.6

H

5.7

3f

10.9

U

0.0

5.7

6

27.3

36

ii

0.0 |
3.2

2|
3«

if
2

0.0

Sept.—35

13.3

8

41.8

21

8.0

I

8.3

6

31.5

10

56.3

21

8.0

16.7

4

16.2

16

100.0

2|

10.0

u

3|

14.3

14

85.5

2f

16.0

il
2

21
2

12.0

2

4.0

2

37

1

38

ii

6.5

39

i«

8.9 1

Oct.— 40

2|
31
31

41
42
43

17.0 J

14.5

3i

14.3

11

63.6

25.8

3|

14.3

9

49.1

25.8

31

10.5

51

23.6

41.9

31

10.5

5

20.0

41.9

3f

14.3

5

20.0

100.0

3f

14.3

51

23.6

35.5

41

20.0

41

16.4

I

6.3

4.0

37.5
41.7
41.7
41.7
37.5

11
21

21

5

2.6

19.1

5

6.7

6

16.9

4

4.7

8.5

3f

3

61

5.2

21

78.1

2.9

2f

5

12.6

4

4.7

11

if
11

5.0
10. fr

7

13.7

51

14.8

5

6.7

H

5.fr

5f

10.4

3|

7.1

5

6.7

11

10.fr

8.0

11

4f

7.8

5

12.6

5

6.7

H

10.fr

36.0

21

5a o

3|

5.2

5

12.6

40

79.2

11

10.fr

41
5
5

40.0

21

50.0

5

8.5

61

19.1

50

100.0

if

15.fr

52.0

21

50.0

8

16.3

8

25.7

22

41.9

if

15.fr

52.0

21

58.3

15

37.2

8

25.7

10

17.1

if

15.fr

76.0

31

91.7

51

9.8

8

25.7

10

17.1

if

15.fr

84.0

31

91.7

5

8.5

6

17.0

7

10.9

21

25.fr

21
4

46

41
41
9
4

47

3i

32.3

41

20.0

41

16.4

Dec.—48

31

29.0

4

16.2

61

29.0

61
7

49

41

41.9

41

20.0

61

30.9

51

60.0

32

100.0

10

21.5

18

! 69.4

6

8.8

21

25.fr

50

51

54.8

8

46.7

6

27.3

51

56.0

21

70.8

8

16.3

12

! 43.2

18

33.6

31

50.fr

51

51

51.6

6

31.5

81

45.4

3|

32.0

21

70.8

8

16.3

20

78.1

12

21.2

31

45.0

52

51

51.6

61

35.3 t

67.2

6

68.0

3

75.0

40

100.0

1 «

17.0

20

37.8

31

45.fr

Nov.—44
45




i

U

i

i

a &, c, For foot no t e explail a t i o n s see notes a t b o t t o m o f f i r s t p a g e of t h e T a b l e ,
d Average figures for t h e p eriod \i590-1908 are given i n T a b l e l o f t h e T e x t ( p . 15).

1

SEASONAL DEMAND FOR MONEY AND CAPITAL.
T A B L E 2 . — S e a s o n a l variations

in

the

relative

1891
Mopth a n d week.&

Interest
rates.

Index
numbers.c

6i
5*
51
5

16.3
10.2
10.2

41
41
5
5
51

0.0
0.0
2.0
2.0
6.1
10.2
10.2
10.2
10.2

5|
51
51
51
51
5
5
5

2.0

6.1
6.1

5.1

2.0
2.0
2.0
0.0
6.1
6.1

41
5

0.0
2.0

4|
5

0.0
2.0
4.1

4|
51

51
5
51
5
5
5
51
5f
5|
5|
5§
5|
6
5f
5!
51
5J
6
6
6
11
6*
6*
71
7|
7

Index
numbers.

Per ct.

Per ct.

51

Interest
rates.

2.0
6.1
2.0
2.0
2.0
10.2
12.2
12.2
12.2
12.2
12.2
18.4
14.3
14.3
16.3
16.3
18.4
18.4
18.4
100.0
26.5
26.5
42.8
42.8
42.8
34.7

61
6
51
5
5
5
5
5
51
51
5
51
51
51
5
5
41
51
51
51
51
51
51
51
51
5|
51
51
51
52
52
51
5f
51
52
52
5f
51
6
5|
52
51
5
51
5
5
5
5
4|
42
42
4f

100.0
71.4
28.6
14.3
14.3
14.3
14.3
14.3
42.8
28.6
14.3
28.6
28.6
28.6
14.3
14.3
7.1
28.6
28.6
42.8
42.8
42.8
42.8
42.8
42.8
57.1
42.8
42.8
42.8
57.1
57.1
57.1
50.0
64.3
57.1
57.1
50.0
64.3
71.4
64.3
57.1
42.8
14.3
28.6
14.3
14.3
14.3
14.3
7.1
0.0
0.0
0.0

demand

for

1893

1892
Interest
rates.

Per ct.
41
41
4

3f
31
31
32
4
4
4
4
4
31
31
31
31
31
31
31
3|
3
2J
21
21
31
3

Index
numbers.

(d)

Interest
rates.

Index
numbers.^

42.9
28.6
23.8
23.8
33.3
42.9
42.9
42.9
42.9
42.9
38.1
23.8
23.8
23.8
19.1
19.1
9.5
9.5
4.8
0.0
0.0
0.0
9.5
4.8

5*
51
41
41
4|
5
5
51
61
61
61
7
71
5|
5f
51
52
52
6f
71
71
61
61
6f
101
HI
HI
HI
9
81
81
81
81
131
11
91
8
7|
72
62
6
5f
51
51
41
4
4
32
32
31
32
3f

evidenced
by interest
1890-1908.

1894
Interest
rates.

Index
numbers."

Per ct.

Per ct.
61.9
61.9

3| 19.1
9.5
31
3f 33.3
3» 28.6
3f 28.6
3| 28.6
41 47.6
41 52.4
4| 57.2
42 71.4
5
81.0
42 71.4
41 61.9
4§ 66.7
51 90.5
51 90.5
51 100.0
51 90.5
51 100.0
5
81.0
4| 76.2
5
81.0
5
81.0
5
81.0
00

moneyed
capital
as
commercial
paper,

21.3
18.8
13.8
10.0
8.8
15.0
15.0
20.0
30.0
30.0
30.0
35.0
40.0
25.0
25.0
25.0
25.0
25.0
32.5
37.5
37.5
27.5
27.5
32.5
70.0
80.0
80.0
80.0
55.0
50.0
50.0
50.0
50.0
100.0
75.0
60.0
45.0
43.8
42.5
32.5
25.0
18.8
20.0
17.5
13.8
5.0
5.0
2.5
2.5
0.0
2.5
1.3

100.0
87.5
31
87.5
31
62.5
31
3 | 100.0
62.5
31
62.5
31
62.5
31
62.5
31
37.5
3
37.5
3
37.5
3
37.5
3
37.5
3
37.5
3
75.0
31
37.5
3
25.0
21
25.0
2|
25.0
21
,
37.5
*3
37.5
3
25.0
21
25.0
21
25.0
2|
37.5
3
37.5
3
37.5
3
37.5
3
37.5
3
37.5
3 .
37.5
3
50.0
31
50.0
31
50.0
31
62.5
31
62.5
31
75.0
31
62.5
31
37.5
3
25.0
21
0.0
2|
0.0
2§
0.0
2f
0.0
2|
25.0
21
25.0
2|
25.0
21
25.0
21
25.0
2|
25.0
21
25.0
21
3|

rates,®

on

sixty

237
to

ninety

day,

1895
Interest
rates.

Index
numbers, c

Per ct.
21
25
2|
21

7.4
7.4
7.4
7.4

4

40.7

31

25.9
25.9
33.3
33.3
33.3
37.0
40.7
40.7

31
32
32
32
31
4
4
41
4
4
3|
3

48.1
40.7
40.7
29.6

2§
2|

11.1
7.4
3.8
0.0
0.0

2f
2|
2|
2|

0.0
0.0
0.0
0.0

22

3.8
11.1
11.1

21
2f

3
3
3
3
31
31
32
3|
32
32
4
4|
4f
41
41
41
41
41
41
31
31
41
41
41
6

prime

1899

11.1
11.1
22.2
22.2

Interest
rates.

Per ct.
6
6
6
6
6
6
6
51
41
51
51
51
5f
52
51
5
4f
4f
4f
4|
41
41
41
41
41
41
42
51
5
52
52

33.3
29.6
33.3
33.3
40.7
59.2
62.9
66.6
66.6
66.6
55.5
55.5
48.1
37.0
37.0
48.1
48.1
55.5
100.0

7
62
(d)
(d)
id)
id)

Index
numbers, c

41.8
41.8
41.8
41.8
41.8
41.8
41.8
29.2
23.0
29.2
29.2
33.4
37.6
37.6
29.2
25.1
18.8
18.8
18.8
18.8
12.5
12.5
12.5
12.5
12.5
12.5
20.9
29.2
25.1
37.6
37.6
75.2
75.2
100.0
91.9
91.9
91.9
58.5
54.3

37.6
37.6
23.0
20.9
4.2
0.0
4.2
4.2
6.3

Interest
rates.

Per ct.
31
3.1
31
3
3
3
3
3
3
31
31
31
31
31
31
31
31
31
3f
3f
31
31
31
3
3
31
3|
3|
31
31
31
31
35
3|
3|
31
4
4f
4|
4|
4|
41
35
31
31
31
3
3
31
31
32
32

Index
numbers, c

54.5
18.2
18.2
0.0
0.0
0.0
0.0
0.0
0.0
18.2
36.4
36.4
36.4
45.4
36.4
36.4
36.4
27.3
45.4
45.4
36.4
18.2
18.2

Interest
rates.

Per ct.
32
31
3
3
3
3
3
31
4
4|
42
4|
5
51
51
6
6
52
51

0.0
0.0
9.1
27.3
27.3
36.4
36.4
36.4
45.4
63.6
63.6
63.6
63.6
72.7
100.0
100.0
100.0
100.0
81.8
63.6
54.5
36.4
18.2
0.0
0.0
9.1
36.4
54.5
54.5

a These r a t e s r e p r e s e n t t h e average rates for each week as given b y t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
& See n o t e (&), p . 13.
c F o r m e t h o d of c o m p u t i n g i n d e x n u m b e r s , see n o t e ( c ) , p . 235, a n d p p . 13-15.
d N o q u o t a t i o n s a v a i l a b l e for t h e s e w e e k s .




two-name

Index
numbers, c

25.0
8.3
0.0
0.0
0.0
0.0
0.0
16.7
33.3
58.3
58.3
58.3
66.7
83.3
83.3
100.0
100.0
91.7
75.0
50.0
25.0
12.5
8.3
4.2
8.3
8.3
16.7
25.0
25.0
20.8
20.8
16.7
16.7
25.0
33.3
33.3
41.7
41.7
33.3
16.7
12.5
12.5
12.5
8.3
0.0
16.7
12.5
12.5
4.2
0.0
0.0
0.0

NATIONAL MONETARY COMMISSION.

238
T A B L E 2.—Seasonal variations

in the relative demand for moneyed capital as evidenced by interest rates,a on sixty to ninety
commercial paper,
1890-1908—Continued.

1900
Month and week. &

Jan.-

Feb.-

Mar.- • 9 . .
10..
11..
12..
Apr.—13..
14..
15.
16..
17..
May—18..
19..
20..
21..
June—22..
23..
24..
25..
July—26..
27..
28..
29..
30..
Aug.—31..
32.
33.
34.
Sept.—35.
36..
37..
38..
39..
Oct.—40..
41..
42..
43..
Nov.—44.,
45..
46..
47..
Dec—48..
49..
50..
51..
52.

Interest
rates.

Index Internumest
bers, c rates.

1902

1903

Index Inter- Index Internumnumest
est
bers, c rates. bers, c rates.

Per ct.
Perct.
Per ct.
4|
4i
100.0
6
92.8
41
41 57.1
51 68.4
41
4
42.8
4| 52.6
4
41 26.3
31 28.6
4
41 26.3
31
0.0
4
41 26.3
31 14.3
4
41 21.1
31 28.6
4
41 36.8
31 28.6
41 47.4
4
31 28.6
41 52.6
28.6
41
5
57.9
28.6
4f
28.6
41
41 52.6
47.4
28.6
4i
4f
28.6
41
41 36.8
42.8
41 26.3
4i
42.8
4
41 26.3
15.8
50.0
4f
4
5.3
42.8
3f
51
5.3
42.8
3f
4|
0.0
42.8
3f
41
0.0
42.8
4|
5.3
35.7
41
0.0
42.8
41
0.0
28.6
41
0.0
42.8
41
10.5
42.8
41
10.5
42.8
4f
10.5
42.8
4|
15.8
71.4
4f
26.3
71.4
4|
26.3
71.4
4i
26.3
71.4
43
26.3
71.4
4|
15.8
71.4
5
26.3
71.4
51
15.8
100.0
51
15.8
100.0
51
36.8
100.0
6
52.6
85.7
6
57.9
85.7
6
6
63.2
78.5
57.9
78.5
68.4
78.5
52.6
78.5
42.1
85.7
26.3
78.5
36.8
85.7
26.3
85.7
36.8
85.7
63.2
100.0
52.6
100.0
52.6
100.0

o, 6, c} See corresponding footnotes on p . 237.




1901

37.5
37.5
12.5
0.0
0.0
0.0
0.0
0.0
0.0
6.3
37.5
25.0
25.0
37.5
37.5
0.0
18.8
31.3
31.3
25.0
18.8
12.5
25.0
25.0
25.0
25.0
37.5
31.3
31.3
31.3
31.3
43.8
43.8
50.0
62.5
75.0
75.0
100.0
100.0
100.0
100.0
100.0
87.5
81.3
87.5
100.0
81.3
100.0
100.0
100.0
100.0
100.0

d Period of panic of 1907.

Per ct.
51
5J
51
43
4*
4f
4*
51
51

1904

Index Internumest
bers, c rates.

54.6
36.4
36.4
18.2
9.1
9.1
9.1
36.4
36.4
90.9
72.7
63.6
63.6
27.3
45,5
27.3
18.2
9.1
9.1
0.0
9.1
27.3
45.5
45.5
45.5
45.5
45.5
72.7
81.8
81.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
72.7
81.8
90.9
100.0
100.0
100.0
100.0
100.0
100.0
72.7
72.7

1905

Index Internumest
bers, c rates.

Per ct.
51 100.
41 76.
43 84.
41 76.
4f
76.
43 84.
4f
69.
43 84.
43 84.
41 76.
41 76.
41 69.
41 53.
41 46.
41 46.
4
30.
31 15.
33 23.
33 23.
33 23.
4
30.
4
30.
31 15.
0.
31
0.
31
0.
31
0.
31
0.
31
0.
31
7.
3f
30.
4
30.
4
33 23.
7.
3|
33 23.
33
41
41
41
41
4f
41
41
4
43
41
41
41
4f
41
41
41

Per ct.
41
41
31
31
31
33
33
31
33
33
33
4

1906

Index Internumest
bers, c rates.

22.2
22.2
0.0
0.0
0.0
5.6
5.6
0.0
5.6
5.6
5.6
11.1
11.1
5.6
16.7
11.1
5.6
11.1
11.1
11.1
11.1
5.6
0.0
0.0
0.0
0.0
16.7
16.7
16.7
16.7
16.7
16.7
16.7
22.2
27.8
38.9
44.4
44.4
44.4
50.0
55.5
55.5
50.0
55.5
66.7
100.0
88.8
83.3

Per ct.
51
51
5
5
41
41
5
51
51
51
51
51
51
51
51
51
51
51
51
51
5
51
51
51
51
51
51
51
5f
51
51
51
51

day, two-name

1907

Index Internumest
bers, c rates.

25.0
25.0
12.5
12.5
0.0
0.0
12.5
18.8
25.0
25.0
25.0
25.0
31.3
31.3
50.0
18.8
37.5
50.0
37.5
18.8
12.5
25.0
25.0
25.0
25.0
25.0
25.0
25.0
43.8
43.8
43.8
50.0
50.0
62.5
87.5
87.5
75.0
100.0
100.0
87.5
75.0
75.0
75.0
75.0
75.0
75.0
75.0
75.0
75.0
75.0
75.0
75.0

Per ct.
61
61
61
6
6
6
6
53
53
61
61
61
61
61
6
53
51
51
51
51
51
51
5
51
51
51
51
51
51
51
6
6
61
61
61
61

prime

1908*

Index
numbers, c

41.7
41.7
41.7
33.3
33.3
33.3
33.3
29.2
29.2
37.5
37.5
41.7
41.7
41.7
33.3
29.2
25.0
25.0
16.7
16.7
16.7
8.3
0.0
25.0
16.7
16.7
16.7
25.0
25.0
25.0
33.3
33.3
41.7
41.7
50.0
58.3
58.3
58.3
66.7
66.7
66.7

4
4
7
4
7
4
7
4
(*)
41
(d)
4
41
(*)
41
4
31
100.0
33
(d)
31
(d)
33
(*)
33
(*)
33
< Average figures for the period 1890-1908 are given in Table I I of the Text (p. 18).

SEASONAL DEMAND FOR MONEY AND CAPITAL.

239

TABLE 3.—Seasonal variations in the relative demand for moneyed capital as evidenced by interest rates^four months' time paper, 1890-1908.
1890
Month and week.&

Jan.— 1
2
3
4
Feb.- 5
6
7
8
Mar.— 9
10
11
12
Apr.— 13
14
15
16
17
M a y - 18
19
20
21
June—22
23
24
25
July— 26
27
28
29
30
Aug.-31
32
33
34
Sept.—35.
36.
37.
38.
39.
Oct.— 40
41
42
43
Nov.—44
45
46
47
Dec—48
49
50
51
52

1891

1892

1893

1894

1895

1896

1897

1898

1899

Inter- Index Inter- Index Inter- Index Inter- Index Inter- Index Inter- Index Inter- Index Inter- Index Inter- Index Inter- Index
numnumest
est
numnumnumnumest
numest
est
numest
numest
est
est
numest
rates. bers, c rates. bers, c rates. bers, c rates. bers, c rates. bers, c rates. bers, c rates. bers, c rates. bers, c rates, bers. c rates. bers, c
Per ct.
6
6
54
4
44
4!
5
54
54
51
51
54
54
5
4§
44
41
44
4*
5
54
5
5
5
54
54
54
5
44
4!
5
6
6
6
6

Per ct.
53.3
53.3
40.0
0.0
13.3
20.0
26.7
40.0
40.0
46.7
46.7
40.0
40.0
26.7
13.3
13.3
13.3
13.3
13.3
26.7
40.0
26.7
26.7
26.7
40.0
40.0
40.0
26.7
13.3
20.0
26.7
53.3
53.3
53.3
53.3
53.3
53.3
53.3
53.3
53.3
53.3
53.3
53.3
53.3
53.3

(d)

71 100.0
(d)
71
7f

100.0
100.0
53.3
53.3

54
54
44
5
5
5
44
5
5
5
44
5
44
44
41
4f

54
6
6

H

100.0
100.0
66.7
66.7
0.0
33.3
33.3
33.3
0.0
33.3
33.3
33.3
0.0
33.3
0.0
0.0
16.7
16.7
66.7
100.0
100.0
83.3

( d)

66.7
66.7
0.0
44
0.0
44
16.7
4f
33.3
5
100.0
6
100.0
6
100.0
6
100.0
6
83.3
5|
100.0
6
100.0
6
100.0
100.0
100.0
100.0
100.0
50.0
50.0
16.7
100.0
50.0
50.0
0.0
16.7
66.7
16.7
16.7
54
54

Per ct.
4
4
34
3f
3i
4
31
34
3f
4
4
34
34
34
3
3
3
3
2f
2|
3
24
24
3
34
3
34
34

3
3
3
3
3
4
4
5
54
5

42.9
42.9
28.6
35.7
21.4
42.9
35.7
28.6
35.7
42.9
42.9
28.6
28.6
28.6
14.3
14.3
14.3
14.3
7.1
7.1
14.3
0.0
0.0
14.3
28.6
14.3
28.6
28.6
14.3
14.3
14.3
14.3
14.3
42.9
42.9

71.4
85.7
71.4
57.1
71.4
100.0
100.0
100.0
100.0
100.0
71.4
71.4
85.7
71.4
100.0
100.0
100.0

Per ct.
6
5
44
4
34
4i
44
5
6
6
6
6

63.6
45.4
36.4
27.3
18.2
31.8
36.4
45.4
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
45.4
45.4
63.6
63.6

(d)

(*)
(d)
(d)

. 8

100.0

(d)
(d)
(d)

<*)
63.6
63.6
63.6
63.6
63.6
63.6
54.5
54.5
45.4
31.8
31.8
9.1
4.5
4.5
0.0
9.1
9.1
0.0

Per ct.
Per ct.
Per ct.
Per ct.
Per ct.
Per ct.
54.5
3
28.6
25.0
34 28.6
3
3 100.0
3
54.5
25.0
75.0
3
34 28.6
2|
24 I 0.0
3
54.5
14.3
75.0
2|
24 j 0.0
3
24 12.5
3
54.5
3
24
14.3
0.0
25.0
50.0
3
24
3
54.5
3
3
14.3
6
28.6
100.0
31 43.8
3
3
54.5
14.3
6
0.0
50.0
3f 43.8
3
31
24
24
3 ' 28.6
41 56.3
14.3
3
100.0
34
51 40.9
• 3
3
31.8
4i 56.3
34
4
42.9
28.6
100.0
4|
3
18.2
3|
2£
4i 56.3
4
42.9
0.0
50.0
24
4
4
3 , 28.6
41 56.3
41 64.3
3
100.0
44 27.3
4
41 56.3
3
4f
24
64.3
28.6
50.0
44 27.3
4i 56.3
3
4f
3
64.3
28.6
100.0
4|
44 27.3
41 56.3
5
3
71.4
28.6
50.0
41
44 27.3
24
44 62.5
85.7
3
28.6
50.0
41
54
24
44 27.3
4i 56.3
3
92.9
28.6
50.0
5f
41
24
44 27.3
31 43.8
18.2
3
100.0
28.6
50.0
6
41
24
4
3! 43.8
0.0
100.0
0.0
6
50.0
24
34
24
3
3
5
0.0
71.4
0.0
25.0
50.0
34
24
24
3
3
4f
4
9.1
64.3
0.0
25.0
50.0
24
34
24
24 12.5
9.1
28.6
0.0
0.0
3f
2
24
34
34
24 12.5
3
14.3
0.0
0.0
3
2
3
24 1 0.0
2
3
14.3
0.0
0.0
0.0
0.0
3
2
3
24
2
0.0
0.0
0.0
0.0
3
0.0
2
3
24
24
2
9.1
3
14.3
0.0
0.0
0.0
3
2
24
34
2
3
14.3
9.1
0.0
0.0
0.0
3
2
24
34
2
31
14.3
0.0
0.0
9.1
50.0
3
24
24
34
2
34
14.3
0.0
0.0
9.1
50.0
3
24
24
34
41
14.3
18.2
0.0
0.0
3
4
2
24
24 12.5
3!
14.3
0.0
25.0
50.0
3
3
24
44 27.3
24
41
14.3
0.0
25.0
36.4
2
3
0.0
3
24
5
4f
14.3
54.5
0.0
3
6
24
24 12.5
24 50.0
. 4f
14.3
54.5
28.6
3
3
6
21 25.0
24 12.5
41
14.3
72.7
7
3
31 42.9
3 100.0
24 12.5
41
28.6
3
28.6
8
90.9
3 100.0
34
24 12.5
4f
35.7
7
72.7
3f
3 100.0
31 42.9
24 12.5
4f
7
4
42.9
72.7
31 42.9
3 100.0
24 12.5
51
(d)
71.4
41 50.0
3 100.0
3f
24 12.5
51
42.9
4
63.6
3 100.0
3! 71.4
64
34 37.5
6
4
54.5
85.7
2
0.0
31 35.7
6
34 37.5
6
6
54.5
3 100.0
31 21.4
41 100.0
34 37.5
6
14.3
50.0
4
85.7
2
90.9
0.0
3
4
14.3
100.0
2
3
0.0
51
34 57.1
3! 43.8
(d)
14.3
3
2
6
0.0
34 57.1
3! 43.8
6
14.3
25.0
3
54.5
3
6
28.6
2
0.0
41 31.8
14.3
25.0
6
3
2
0.0
34 57.1
41 22.7
3
6
25.0
28.6
31 21.4
24 50.0
3|
3
25.0
13.6
28.6
31 21.4
24 50.0
34
3
14.3
25.0
9.1
3
28.6
75.0
2|
3
3
0.0
14.3
37.5
3
28.6
24 50.0
3
4
0.0
14.3
37.5
3
85.7
24 50.0
4
9.1
14.3
62.5
3
85.7
34
24 50.0
9.1
3 100.0
3
14.3
100.0
3f
71.4
34

a These rates represent the average rates for each week as given by the Financial Review and the Commercial and Financial Chronicle.
t For explanation of schedule of months and weeks, see p. 13, note (&).
>
cFor explanation of method of computing index numbers, see p. 235, note (<0, and pp. 13-15.
d No satisfactory quotations are available for this week; quoted rates, if any, being purely nominal.




0.0
0.0
0.0
0.0
0.0
8.3
16.7
16.7
25.0
33.3
33.3
45.8
41.7
41.7
41.7
41.7
16.7
16.7
33.3
25.0
0.0
0.0
0.0
0.0
0.0
8.3
16.7
41.7
25.0
41.7
58.3
58.3
58.3
41.7
41.7
58.3
91.7
91.7
100.0
100.0
100.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

240

NATIONAL MONETARY COMMISSION.

T A B L E 3.—Seasonal variations in the relative demand for moneyed capital as evidenced by interest rates,0'four monthsi time paper,

1900

1901

1902

1903

j

1904

1905

1906

1890-1908—Continued.

1907

1908 c

1
Month and week, t

Inter- Index Internumest
est
rates. bers, d rates.

Index Internumest
bers, d rates.

Per ct.
Per ct.
Perct.
6 100.0
41 66.7
51
5
66.7
4-i- 55.6
41
5
66.7
4
44.4
41
4* 41.7
31 11.1
41
4
33.3
31 11.1
41
4
33.3
31 22.2
41
41 41.7
31 33.3
41
41 58.3
3f
33.3
41
41 58.3
3
0.0
41
41 58.3
41
31 11.1
5
66.7
4|
31 33.3
5
66.7
41
31 16.7
41 41.7
41
31 22.2
4
33.3
4
31 33.3
4
33.3
4|
41 66.7
31 29.2
41
41 66.7
31 25.0
44.4
41
4
31 25.0
41
41 55.6
3*
16.7
41
41 77.8
31 16.7
41
41 66.7
3
4§
0.0
41 55.6
31 16.7
4|
41 55.6
3J
44.4
41
16.7
4
3
41
0.0
31 22.2
31 16.7
44.4
41
4
31
44.4
41
8.3
4
3$ 16.7
44.4
41
4
31 16.7
77.8
5
4f
3£
25.0
41 66.7
41
4
33.3
41 66.7
41
4
33.3
41 77.8
4|
4
33.3
41
41 77.8
4
5
33.3
4} 77.8
4i
77.8
5
41.7
4f
4J
77.8
41.7
4|
51
4
88.9
33.3
5
51
4
33.3
6
51 100.0
41 41.7
88.9
7
5
41 50.0
7
41 77.8
5
77.8
6
66.7
4|
5
72.2
61
66.7
4|
41 50.0
7
41 66.7
6
5
83.3
4|
66.7
6
4|
41 j 66.7
58.3
51
41 j 66.7
41 50.0
51
77.8
4i
4i
58.3
88.9
5
4i
58.3
i 5|
41 66.7
41 41.7
j
6
41 55.6
4|
58.3
6
5i 100.0
45 62.5
51 100.0
6
4!
58.3
5 ! 88.9
6
41 58.3

Jan.— 1
2
3
4
Feb.— 5
6
7
8
Mar.— 9
10
11
12
Apr.— 13
14
15
16
17
May— 18
19
20
21
June— 22
23
24
25
July— 26
27
28
29
30
Aug.— 31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.— 44
45
46
47
Dec—48
49
50
51
52

Index Internumest
bers, d rates.

41.7
25.0
16.7
16.7
16.7
16.7
8.3
4.2
4.2
8.3
12.5
16.7
16.7
0.0
12.5
16.7
4.2
8.3
29.2
25.0
12.5
12.5
16.7
25.0
16.7
16.7
16.7
33.3
16.7
25.0
29.2
16.7
33.3
33.3
41.7
50.0
66.7
100.0
100.0
66.7
75.0
100.0
66.7
66.7
50.0
58.3
| 58.3
66.7
66.7
66.7
66.7
66.7

Index Inter- Index Internumest
numest
bers, d rates, i bers, d rates.

Index Inter- Index Inter- Index Inter- j Index
num- i est
numnumest 1 numest
bers. d rates. bers, d rates. bers, d rates. bers, d

Perct.
Perct.
Per ct.
Perct.
3§ 16.0
51 62.5
6
41 100.0
31
51 62.5
8.0
4 | | 84.2
51 1
43.8
21
4|
63.2
0.0
4f
3i
31 12.0
41 37.5
68.4
4f
4
21
41 37.5
0.0
4f
41 73.7
31.3
31
4f
8.0
4!
41 73.7
31.3
31 12.0
4f
68.4
51
4
31 12.0
41 43.8
51
31 57.9
3|
51 62.5
57.9
16.0
3!
5f
81.3
3|
5f
63.2
16.0
3i
51
31 | 12.0
51 81.3
51 |
31 1 47.4
31 20.0
51 62.5
51
31 47.4
68.8
3 * | 24.0
SI
41
31 36.8
3|
51 62.5
24.0
51
31 36.8
50.0
3*
5
24.0
51
31 36.8
31.3
31 20.0
26.3
3
4|
51
31 20.0
15.8
2f
41 25.0
51
2
3 | ! 24.0
15.8
41 25.0
1
5t!
0.0
31 | 20.0
26.3
3
5
4
0.0
31 ! 12.0
4
31 47.4
4*|
0.0
31 12.0
26.3
4
3
41
31 12.0
21.1
51 62.5
41
2i
31 12.0
41 43.8
4|
2* 10.5
50.0
3f
16.0
5
4*
21 15.8
31 12.0
5.3
41 25.0
41
21
31
8.0
10.5
41 25.0
5
2f
18.8
31 12.0
0.0
4|
51
2|
31 16.0
51 62.5
41
31 36.8
31 16.0
51 75.0
3 # 26.3
4*
3|
16.0
51 62.5
26.3
3
41
50.0
31 16.0
5
26.3
3
41
31 20.0
26.3
3
51 62.5
51
3§ 16.0
26.3
3
51 62.5
5t
31 28.0
26.3
3
51 75.0
6
41 40.0
51 62.5
31 47.4
6t
4|
48.0
51 75.0
3* 52.6
7
81.3
4f
48.0
5f
31 57.9
7
4|
48.0
6 100.0
31 63.2
71
41 52.0
51 87.5
31 57.9
71
4f
56.0
51 56.2
31 57.9
6
50.0
41 64.0
5
31 57.9
51
43.8
41 60.0
4i
52.6
3f
51
50.0
41 60.0
5
42.1
3|
61
41 64.0
51 87.5
31 57.9
6
51 84.0
51 87.5
31 47.4
61
6
100.0
51 62.5
31 57.9
7
81.3
5f
80.0
5f
31 63.2
7
41 64.0
51 87.5
7
31 63.2
51 75.0
6
100.0
4
7
68.4
5f
68.8
51 96.0
7-1
31 57.9
41 37.5
5|
96.0
8
52.6
3f
41 37.5
6 100.0 |
71
31 42.1

44.8
31.0
10.3
6.9
6.9
10.3
31.0
24.1
27.6
27.6
20.7
24.1
13.8
24.1
41.4
24.1
37.9
37.9
17.2
6.9
3.5
13.8 ]
0.0
6.9
3.5
17.2
20.7
13.8
10.3
13.8
13.8
20.7
34.5
44.8
55.2
72.4
72.4
86.2
79.3
44.8
37.9
41.4
51.7
44.8
58.6
72.4
72.4
72.4
72.4
86.2
100.0
79.3

Per ct.
61
6
6
51
51
fit
fit
51
5t
51
61
6
6
51
4*
41
4f
4
41
4*
41
4
41
41
41
5
5

62.5
50.0
50.0
28.1
37.5
34.4
34.4
37.5
34.4
43.8
62.5
50.0
50.0
31.3
15.6
6.3
15.6
0.0
6.3
15.6
6.3
0.0
18.8
12.5
18.8
25.0
25.0
5* 40.6
fit i 34.4
34.4
6t
51 43.8
61 56.3
65.6
6|
75.0
7
61 56.3
50.0
6
50.0
6
50.0
6
50.0
6
61 56.3
61 | 62.5
50.0
6
|
61 68.8
(O
(O
(O
(«)
00
(O
100.0
8
100.0
8

1

Dhronicl e.
a These rates represerjit the a-\rerage rates for each weelc as giv(sn by th(3 Finan 3ial Revi ew and the Comimercia I and Firtancial <
6 For explanation of schedul e of months and weeks, s ee p. 13, note (6
c Average fi£
aires for the 19 5rears 189()-1908 a re given in Tabl e I I I of the Texl;(p.20).
d For explan ation of method ofcomp uting iridex nurfibers, s ee p. 235 note (c ), and pix 13-15
« No satisfac tory quo tations are avail able for this week, quote)d rates, if any, being p urely no rninal.




Perct.
100.0
6
81.5
5t
55.6
41
55.6
41
51.9
4t
41 j 55.6
59.3
4t
48.2
41
40.7
4
37.0
31
37.0
31
33.3
3*
37.0
31
29.6
3*
3t
29.6
3
11.1
31
14.8
31
18.5
31
14.8
31
18.5
31
14.8
21
3.7
2*
0.0
2*
0.0
31
14.8
21
3.7
2f
3.7
31
14.8
3|
22.2
31
22.2
31
25.9
31
18.5
31
14.8
3
11.1
21
7.4
31
18.5
31
18.5
31
25.9
31
18.5
31
14.8
3|
22.2
3|
22.2
31
18.5
31
25.9
4
40.7
25.9
31
18.5
3i
3f
22.2
3|
22.2
3*
29.6
31
25.9
31
18.5

SEASONAL DEMAND FOR MONEY AND CAPITAL.
APPENDIX
T A B L E 4.—Seasonal variations

B.—NEW

Y O R K CITY C L E A R I N G - H O U S E

BANKS,

in the loans, deposits, bank-note circulation, and reserves of the New
inclusive.a

241

1890-1908.
York

City clearing-house banks,

1890-1908,

[ A m o u n t expressed i n millions of dollars.]
1890.

N e t deposits.

Loans.

B a n k - n o t e circulation.

| Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o deposits.

M o n t h a n d week.&
Index
n u m b e r . c| A m o u n t .

Jan.—

1,
2.
3.
4.
Feb.— 5.
6.
7.
8.
Mar.— 9.

399.7
400.3
403.4
400.3
404.3
412.4
414.2
414.6
409.7
406.2
404.7
403.5
404.6
408.1
406.6
403.8
399.6
399.8
402.2
400.6
399.8
397.1
397.0
395.1
395.5
397.1
404.6
403.0
402.3
400.0
401.6
406.1
402.2
397.7
392.5
395.0
393.2
392.6
394.0
401.8
406.8
406.1
402.2

10.
11.
12.
Apr.—13.
14.
15.
16.
17.
May—18.
19.
20.
21.
June—22.
23.
24.
25.
July—26.
27.
28.
29.
30.
Aug.—31.
32.
33.
34.
Sept.—35
36
37.
38.
39.
Oct.— 40
41
42
43
Nov.—44.
45.
46.
47.
D e c — 48.

393.3
387.3
384.5
386.5
386.0
386.4
385.3

49.
50.
51.
52.

50.5
52.5
62.8
52.5
65.8
92.7
98.7
100.0
83.7
72.1
67.1
63.1
66.8
78.4
73.4
64.1
50.2
50.8
58.8
53.5
50.8
41.9
41.5
35.2
36.5
41.9
66.8
61.5
59.1
51.5
56.8
71.8
58.8
43.9
26.6
34.9

31.6
57.5
74.1
71.8
58.8
50.8
47.8
29.2
9.3
0.0
6.6
5.0
6.3
2.7

409.6
414.7
420.2
423.9
429.1
431.5
430.3
427.7
418.6
410.8
410.4
411.4
412.0
411.5
410.2
408.8
405.2
406.0
406.5
406.5
406.3
405.0
406.0
404.8
403.8
405.5
414.3
415.9
414.2
408.8
415.9
407.9
399.5
389.5
385.1
388.3
383.2
389.9
406.8
413.0
406.7
403.5
398.7
396.2
392.2
386.5
381.6
378.5
376.9
376.7
380.3
382.0

Index
n u m b e r . c\ Amount.

60.0
69.3
79.4
86.1
95.6
100.0
97.8
93.1
76.5
62.2
61.5
63.3
64.4
63.5
61.1
58.6
52.0
53.5
54.4
54.4
54.0
51.6
53.5
51.3
49.5
52.6
68.6
71.5
68.4
58.6
71.5
56.9
41.6
23.4
15.3
21.2
11.9
24.1
54.9
66.2
54.7
48.9
40.1
35.6
28.3
17.9
8.9
3.3
0.4
0.0
6.6
9.7

3.7
3.7
3.7
3.5
3.3
3.3
3.3
3.3
3.3
3.4
3.5
3.6
3.6
3.7
3.6
3.6
3.6
3.6
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.6
3.6
3.6
3.6
3.6
3.6
3.6
3.7
3.5
3.4
3.5
3.5
3.5
3.4
3.5
3.4
3.4
3.5
3.5
3.5
3.5
3.5
3.5

Index
number, c A m o u n t .

100.0
100.0
100.0
50.0
0.0
0.0
0.0
0.0
0.0
25.0
50.0
75.0
75.0
100.0
75.0
75.0
75.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
75.0
75.0
75.0
75.0
75.0
75.0
100.0
50.0
25.0
50.0
50.0
50.0
25.0
50.0
25.0
25.0
50.0
50.0
50.0
50.0
50.0
50.0

104.1
109.7
112.8
121.0
121.5
117.7
115.0
110.6
107.0
102.9
103.6
106.2
107.3
104.3
103.0
103.5
104.6
104.6
103.1
103.6
105.0
106.1
106.4
108.1
107.0
108.0
107.4
110.2
109.2
108.2
112.9
103.2
99.2
94.8
95.7
95.6
92.5
99.3
115.7
114.7
104.8
100.5
99.5
99.7
95.5
95.7
95.5
95.0
91.8
94.7
99.5
103.2

Index
n u m b e r , cj Per cent.

41.4
60.3
70.7
98.3
100.0
87.2
78.1
63.3
51.2
37.4
39.7
48.5
52.2
42.1
37.7
39.4
43.1
43.1
38.0
39.7
44.4
48.2
49.2
54.9
51.2
54.5
52.5
62.0
58.6
55.2
71.0
38.4
24.9
10.1
13.1
12.8
2.4
25.3
80.5
77.1
43.8
29.3
25.9
26.6
12.5
13.1
12.5
10.8
0.0
9.8
25.9
38.4

25.42
26.45
26.85
28.54
28.32
27.28
26.74
25.86
25.56
25.05
25.25
25.83
26.05
25.35
25.11
25.32
25.82
25.77
25.36
25.49
25.85
26.21
26.20
26.72
26.52
26.63
25.92
26.51
26.37
26.48
27.15
25.31
24.83
24.35
24.86
24.63
24.13
25.48
28.45
27.78
25.77
24.91
24.96
25.17
24.35
24.78
25.07
25.10
24.35
25.15
26.19
27.02

Direct
Reverse
index
index
number, c number.**
29.3 i
52.6
61,7
100.0
95.0
71.4
59.2
39.2 |
32.4
20.9
25.4
38.5
43.5
27.7
22.2
27.0
38.3
37.2
27.9
30.8
39.0
47.2
46.9
58.7
54.2
56.7
40.6
54.0
50.8
53.3
68.5
26.8
15.9
5.0
16.6
11.3
0.0
30.6
98.0 i
82.8
37.2
17.7
18.8
23.6
5.0
14.7
20.2
22.0
5.0
23.1
46.7
65.5

70.7
47.4
38.3
0.0
5.0
28.6
40.8
60.8
67.6
79.1
74.6
61.5
56.5
72.3
77.8
73.0
61.7
62.8
72.1
69.2
61.0
52.8
53.1
41 3
45.8
43.3
59.4
46.0
49.2
46.7
31.5
73.2
84.1
95.0
83.4
88.7
100.0
69.4
2.0
17.2
62.8
82.3
81.2
76.4
95.0
85.3
79.8
78.0
95.0
76.9
53.3
34.5

a T h e s e figures are based u p o n figures compiled for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
b T h e schedule of m o n t h s used t h r o u g h o u t these t a b l e s , unless otherwise specified, represents a y e a r , s u c h a s 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n as a n a i d
to e n a b l e one t o locate a p p r o x i m a t e l y t h e t i m e i n t h e year i n w h i c h t h e different weeks fall. Cf. p . 13, n o t e (&).
c l n c o m p u t i n g i n d e x n u m b e r s , t h e m i n i m u m w e e k l y figure for each year is t a k e n as 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e other figures are p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are represented b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 (eighth w e e k ) , are represented b y
387,300,000-384,500,000^
a n i n d e x n u m b e r of 100, w h i l e t h e forty-seventh w e e k is r e p r e s e n t e d b y a n i n d e x n u m b e r of 9.3, i. e. (
X100. Cf. p p . 13-15 a n d 22.
V 414,600,000-384,500,000/
d T h e s e i n d e x n u m b e r s are t h e e x a c t reverse of those i n t h e preceding c o l u m n . I n t h i s case t h e m a x i m u m figure for t h e year is represented b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
figure b y a n i n d e x n u m b e r of 100, a n d t h e others a r e p r o r a t e d . T h e s e i n d e x n u m b e r s m a y b e considered a s i n a sense indices of m o n e t a r y stringency, rising as t h e y u s u a l l y d o
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n i t becomes slack.

16065°—11-




-16

NATIONAL MONETARY COMMISSION.

242

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908
inclusive—Continued.«
[Amount expressed in millions of dollars.]
1891.

Net deposits.

Loans.

Bank-note circulation.

Reserves (specie and
legal tenders).

Ratios of reserves to deposits.

Month and week. &
Index
number, c Amount.

Jan.— l
2.
3.
4.
Feb.— 5
6
7
8
Mar.—*9
10
11
12
Apr.—13
14
15
16
17
May— 18
19
20
21
June— 22
23
24
25
July— 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35.
36
37.
38.
39.
Oct.— 40,
41.
42.
43.
Nov.—44
45
46
47
Dec.— 48
49
50.
51.
52.

384.
383.
385.
389.
397.
402.
403.
403.
404.
404.
408.
410.
412.
414.
412.
407.
404.
403.
398.
393.
389.
386.
383.
386.
389.
393.
392.
392.
390.
389.
391.
394.
395.
397.
400.
401.
404.
407.
405.
402.
405.
405.
408.
411.

412.
417.
418.
422.
429.
438.

1.8
0.7
4.7
12.1
26.6
34.2
36.9
37.6
39.2
38.2
45.2
49.5
53.8
55.8
52.7
43.2
38.7
36.0
28.1
18.0
10.8
5.8
0.0
5.8
12.4
19.6
16.2
17.1
13.7
11.9
14.6
19.8
22.5
25.7
31.7
33.3
38.9
44.6
41.0
35.6
40.1
40.7
45.0
50.8
45.9
46.1
53.1
62.8
63.0
71.6
83.3
100.0

390.3
398.1
405.4
411.0
416.3
418.9
416.5
414.4
412.4
410.7
414.2
415.4
415.6
416.1
414.9
410.1
407.1
403.6
398.5
391.2
387.1
383.8
383.4
394.8
402.0
404.6
402.7
408.8
406.7
4 5.1
404.2
405.7
402.9
403.4
402.8
403.9
406.5
404.6
402.5
404.7
413.1
416.4
418.1
416.8
416.9
422.3
427.3
433.9
436.6
446.5
455.3
466.2

Index
number, c Amount.

Index
number, c

8.3
17.8
26.6
33.3
39.7
42.9
40.0
37.4
35.0
33.0
37.2
38.6
38.9
39.5
38.0
32.2
28.6
24.4
18.2
9.4
4.5
0.5
0.0
13.8
22.5
25.6
23.3
30.7
28.1
26.2
25.1
26.9
23.6
24.2
23.4
24.8
27.9
25.6
23.1
25.7
35.9
39.9
41.9
40.3
40.5
47.0
53.0
61.0
64.3
76.2
86.8
100.0

3.5
3.5
3.5
3.5
3.4
3.5
3.5
3.4
3.5
3.5
3.4
3.5
3.4
3.4
3.4
3.4
3.4
3.4
3.4
3.4
3.4
3.4
3.4
3.5
3.5
3.6
3.6
3.7
3.9
4.0
4.2
4.7
4.9
5.1
5.4
5.5
5.5
5.5
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.6
5.5

4.5
4.5
4.5
4.5
0.0
4.5
4.5
0.0
4.5
4.5
0.0
4.5
0.0
0.0
0.0
0.0
0*0
0.0
0.0
0.0
0.0
0.0
0.0
4.5
4.5
9.1
9.1
13.6
22.7
27.3
36.4
59.1
68.2
77.3
90.9

95.5
95.5
95.5
100.0
100.0
95.5
95.5
95.5
95.5
95.5
95.5
100.0
95.5
95.5
95.5
100.0
95.5

110.9
118.7
125.4
126.6
124.3
123.2
119.5
117.2
113.9
112.4
112.6
112.2
110.3
109.6
108.0
109.5
109.1
105.6
104.5
103.0
104.2
102.6
106.3
114.8
118.9
116.6
115.2
120.6
121.3
120.7
119.4
119.0
114.8
113.6
109.8
109.7
109.3
105.1
103.7
107.8
112.3
116.4
116.8
111.1
113.6
118.9
121.7
122.3
124.5
130.7
133.3
133.8

Index
number.c

26.6
51.6
73.1
76.9
69.6
66.0
54.2
46.8
36.2
31.4
32.1
30.8
24.7
22.4
17.3
22.1
20.8
9.6
6.1
1.3
5.1
0.0
11.9
39.1
52.2
44.9
40.4
57.7
59.9
58.0
53.8
52.6
39.1
35.3
23.1
22.8
21.5
8.0
3.5
16. 7 |
31.1
44.2
45.5
27.2
35.3
52.2
61.2
63.1
70.2
90.1
98.4
100.0

cent.

28.42
29.81
30.94
30.82
29.86
29.41
28.69
28.28
27.62
27.38
27.18
27.01
26.53
26.34
26.03
26.70
26.82
26.18
26.23
26.33
26.94
26.74
27.73
29.09
29.58
28.82
28.60
29.52
29.84
29.80
29.55
29.34
28.50
28.16
27.27
27.15
26.90
25.99
25.77
26.64
27.19
27.95
27.95
26.66
27.27
28.16
28.48
28.19
28.51
29.27
29.28
28.69

Direct
Reverse
index
index.
number.c number.**
51.4
78.2
100.0
97.7
79.2
70.5
56.5
48.7
35.9
31.3
27.4
24.0
14.9
11.2
5.0
18.2
20.5
8.1
9.1
11.0
22.8
18.9
38.0
64.3
73.8
59.1
54.8
72.6
78.8
78.0
73.2
69.1
52.9
46.3
29.2
26.9
22.0
4.5
0.0
17.0
27.6
42.3
42.3
17.2
29.2
46.3
52.5
46.9
53.1
67.7
68.8
56.6

48.6
21.8
0.0
2.3
20.8
29.5
43.5
51.3
64.1
68.7
72.6
76.0
85.1
88.8
95.0
81.8
79.5
91.9
90.9
89.0
77.2
81.1
62.0
35.7
26.2
40.9
45.2
27.4
21.2
22.0
26.8
30.9
47.1
53.7
70.8
73.1
78.0
95.5
100.0
83.0
72.4
57.7
57.7
82.8
70.8
53.7
47.5
53.1
46.9
32.3
32.2
43.4

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
& The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid
to enable one to locate approximately the time in the year in which the different weeks fall. Cf. p . 13, note (&).
c l n computing index numbers, the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. For
example, the minimum loans in 1890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eighth week), are represented by
an index number of 100, while the forty-seventh week is represented by an index number of 9.3, i. e. / | | ^ ^ ° Q ~ ^ > ^ > ° ^ ) X100. Cf. pp. 13-15 and 22.
d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually do
when the money market tightens and falling when it becomes slack.




SEASONAL DEMAND FOR MONEY AND CAPITAL.
T A B L E 4.—Seasonal variations

in the loans,

deposits,

243

bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive—Continued .a
[Amount expressed in millions of dollars.]
1892.

N e t deposits.

Loans.

B a n k - n o t e circulation.

Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o deposits.

M o n t h a n d week, b
Amount.

Jan.— 1 .
3.
4.
Feb.- 5
6
7
8
Mar.— 9
10
11
12
A p r . - 13
14
15
16
17
M a y - 18
19
20
21
J u n e — 22
23
25
J u l y - 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35.
36
37.
38.
39.
Oct.— 40
41
42
43.
Nov.— 44
45
46
47
D e c — 48
49.
50.
51.
52.

Index
n u m b e r . c| A m o u n t .

492.
490.
488.
492.
493.
496.
495.
494.
492.
482.
480.
484.

11.2
13.8
16.2
27.0
39.1
48.6
66.1
73.4
86.7
94.0
96.9
89.6
88.4
90.4
95.0
92.1
94.2
95.5
92.5
90.4
86.9
93.5
95.2
100.0
97.8
96.6
92.7
76.0
72.6
80.2

492.
490.
487.
482.
475.
466.
464.
463.
459.
452.
449.
449.
446.
444.
442.
444.
442.
441.
438.
437.

92.5
90.1
84.0
75.5
63.9
49.3
46.2
43.5
37.1
24.8
19.4
19.2
14.1
11.1
8.3
11.7
8.3
7.0
0.9
0.0

444.
445.
447.
453.
460.
466.
476.
480.
488.
493.
494.
490.
489.
490.
493.
491.

477.3
486.3
497.4
509.5
515.3
521.5
531.2
531.9
533.5
531.9
534.3
530.1
528.4
528.0
531.8
533.9
535.7
531.8
530.7
534.4
536.1
542.0
542.0
543.6
538.4
534.6
530.7
523.8
524.0
529.1
528.4
525.2
524.4
517.0
509.0
500.1
491.8
480.5
476.5
472.4
468.1
460.8
457.0
455.8
451.6
452.1
452.0
454.8
451.0
449.1
444.3
444.5

Index
n u m b e r . cl A m o u n t .

33.2
42.3
53.5
65.7
71.5
77.7
87.5
88.2
89.8
88.2
90.6
86.4
84.7
84.3
88.1
90.2
92.0
88.1
87.0
90.7
92.4
98.4
98.4
100.0
94.8
90.9
87.0
80.1
80.3
85.4
84.7
81.5
80.7
73.2
65.2
56.2
47.8
36.5
32.4
28.3
24.0
16.6
12.8
11.6
7.4
7.9
7.8
10.6
6.8
4.8
0.0
0.2

5.5
5.5
5.5
5.4
5.5
5.5
5.4
5.4
5.5
5.5
5.6
5.6
5.5
5.7
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.7
5.6
5.6
5.6
5.5
5.5
5.5
5.4
5.4
5.3
5.4
5.4
5.3
5.4
5.5
5.6
5.6
5.6
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.6
5.5

Index
n u m b e r , cl

50.0
50.0
50.0
25.0
50.0
50.0
25.0
25.0
50.0
50.0
75.0
75.0
50.0
100.0
75.0
75.0
100.0
100.0
J.00.0
100.0
100.0
100.0
75.0
75.0
75.0
50.0
50.0
50.0
25.0
25.0
0.0
25.0
25.0
0.0
25.0
50.0
75.0
75.0
75.0
50.0
50.0
75.0
75.0
75.0
75.0
75.0
75.0
75.0
50.0
50.0
75.0
50.0

Index
n u m b e r , cl P e r c e n t .

138.3
146.1
157.3
163.3
162.2
164.0
163.6
159.9
154.6
149.1
149.7
150.5
150.1
147.8
148.7
153.0
153.9
147.7
148.4
153.1
158.6
159.1
159.0
158.6
154.6
151.7
148.2
151.1
154.0
156.5
150.9
147.0
143.4
139.1
134.8
129.8
127.8
125.1
123.5
120.0
117.5
117.5
118.1
116.6
115.5
117.6
119.7
120.2
118.2
117.7
117.2
117.9

47.0
63.1
86.2
98.6
96.3
100.0
99.2
91.6
80.6
69.3
70.5
72.2
71.3
66.6
68.5
77.3
79.2
66.4
67.8
77.5
88.9
89.9
89.7
88.9
80.6
74.6
67.4
73.4
79.4
84.5
73.0
65.0
57.5
48.7
39.8
29.5
25.4
19.8
16.5
9.3
4.1
4.1
5.4
2.3
0.0
4.3
8.7
9.7
5.6
4.5
3.5
4.9

28.97
30.05
31.63
32.07
31.49
31.46
30.80
30.07
28.99
28.04
28.02
28.40
28.41
28.00
27.96
28.68
28.74
27.78
27.97
28.66
29.59
29.37
29.34
29.19
28.71
28.38
27.93
28.85
29.40
29.57
28.55
28.00
27.36
26.91
26.49
25.95
25.99
26.05
25.92
25.40
25.11
25.50
25.85
25.57
25.59
26.00
26.49
26.42
26.22
26.21
26.38
26.53

Reverse
Direct
index
index
n u m b e r . > number.**

55.4
70.9
93.7
100.0
91.6
91.2
81.7
71.2
55.6
42.0
41.8
47.2
47.4
41.5
40.9
51.2
52.0
38.2
41.0
50.9
64.3
61.1
60.7
58.5
51.7
46.9
40.4
53.7
61.6
64.0
49.3
41.4
32.2
25.7
19.6
11.9
12.4
13.3
11.6
4.0
0.0
5.4
10.4
6.4
6.7
12.6
19.6
18.6
15.8
15.6
18.1
20.2

a T h e s e figures a r e based u p o n figures compiled for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
& T h e schedule of m o n t h s used t h r o u g h o u t these tables, unless o t h e r w i s e specified, represents a year, such a s 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n a s a n a i d
t o e n a b l e one t o locate a p p r o x i m a t e l y t h e t i m e i n t h e y e a r i n w h i c h t h e different weeks fall. Cf. p . 13, n o t e (&).
c I n c o m p u t i n g i n d e x n u m b e r s t h e m i n i m u m weekly figure for each year is t a k e n as 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e other figures a r e p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are represented b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 (eighth w e e k ) , are r e p r e s e n t e d
387 300 000 384 500 000 \
;rrAnA-nn O O 7 T A ^ ^ » IX100. Cf. p p . 13-15 a n d 22.

(

414,OUO,UOU—oo4,o0U,UUU/

d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually do
when the money market tightens and falling when it becomes slack.




244

NATIONAL MONETARY COMMISSION.

TABLE 4 —Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New Yorlc City clearing-house banks, 1890-1908,
inclusive—Continued.a
[Amount expressed in millions of dollars.]
1893.

Loans.

B a n k - n o t e circulation.

N e t deposits.

Reserves, specie a n d
legal t e n d e r s .

R a t i o s of reserves t o deposits.

M o n t h a n d week.&
Amount.

Jan.— 1
2
o

4
Feb.— 5
6

/
8
Mar.— 9
10
11
12
Apr.—13
14
15
16
17
May—18
19
20
21
June—22
23
24
25
J u l y — 26
27
28
29
30
Aug.—31
32
33
34
S e p t —35

.

36
37
38
Oct

39
40
41
42
43
45
46
47
49
50
51
52

441.3
439.9
447.1
455.2
464.9
464.3
462.5
458.6
452.9
444.8
439.3
434.5
433.5
434.2
431.5
429.0
426.0
425.7
420.8
417.0
415.9
416.7
414.4
410.7
406.0
413.6
418.7
413.5
409.2
406.5
408.5
411.3
406.5
403.6
400.2
397.0
392.9
392.1
392.5
393.3
394.9
394.0
397.3
402.4
403.0
401.7
405.2
409.5
412.3
415.4
416.3
417.6

Index
number, c

67.4
65.5
75.4
86.4
100.0
98.9
96.4
91.1
83.3
72.2
64.7
58.1
56.7
57.7
54.0
50.6
46.4
46.0
39.3
34.1
32.6
33.7
30.6
25.5
19.0
29.5
36.4
29.3
23.4
19.7
22.5
26.3
19.7
15.8
11.1
6.7
1.1
0.0
0.5
1.6
3.8
2.6
7.1
14.1
14.9
13.2
17.9
23.8
27.7
31.9
33.2
34.9

Amount.

455.3
462.8
479.9
488.7
495.4
491.7
483.6
472.7
462.0
447.2
441.9
439.5
439.3
438.6
439.6
440.7
432.2
433.9
434.8
438.6
436.7
431.4
418.9
406.5
398.0
397.9
398.6
394.1
390.4
382.1
372.6
372.2
370.3
370.4
374.0
373.7
377.2
383.9
390.9
400.1
412.7
421.6
433.2
447.4
455.7
464.6
475.3
487.3
492.8
495.5
498.8
506.4

Index
number, c

Amount.

62.5
68.0
80.5
87.0
91.9
89.2
83.2
75.2
67.4
56.5
52.6
50.8
50.7
50.2
50.9
51.7
45.5
46.7
47.4
50.2
48.8
44.9
35.7
26.6
20.4
20.3
20.8
17.5
14.8
8.7
1.7
1.4
0.0
0.1
2.7
2.5
5.1
10.0
15.1
21.9
31.2
37.7
46.2
56.6
62.7
69.3
77.2
86.0
90.0
92.0
94.4
100.0

5.5
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.6
5.5
5.6
5.5
6.6
5.6
5.5
5.6
5.7
5.8
6.0
6.1
6.3
7.0
7.7
8.7
9.9
11.2
12.7
13.6
14.3
14.9
14.9
14.6
14.6
14.4
14.3
14.0
13.8
13.6
13.6
13.4
13.2
13.1

Index
number,c

0.0
1.1
1.1
0.0
0.0
0.0
0.0
0.0
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
0.0
1.1
0.0
1.1
0.0
1.1
1.1
0.0
1.1
2.1
3.2
5.3
6.4
8.5
16.0
23.4
34.0
46.8
60.6
76.6
86.2
93.6
100.0
100.0
96.8
96.8
94.7
93.6
90.4
88.3
86.2
86.2
84.0
81.9
80.8

Amount.

122.7
131.3
142.5
145.3
142.5
140.1
134.5
127.5
122.0
116.4
116.5
119.1
120.4
118.8
120.9
124.9
120.2
121.3
126.5
134.0
134.5
128.8
119.1
110.4
104.9
100.7
94.5
94.2
96.3
91.2
79.1
76.5
80.5
85.8
91.9
96.4
104.8
113.5
121.8
128.6
137.9
148.0
157.0
163.8
171.7
181.6
189.6
197.9
199.7
200.0
202.6
207.4

Index
number, c

35.3
41.9
50.4
52.6
50.4
48.6
44.3
39.0
34.8
30.5
30.6
32.5
33.5
32.3
33.9
37.0
33.4
34.2
38.2
43.9
44.3
40.0
32.5
25.9
21.7
18.5
13.8
13.5
15.1
11.2
2.0
0.0
3.1
7.1
11.8
15.2
21.6
28.3
34.6
39.8
46.9
54.6
61.5
66.7
72.7
80.3
86.4
92.7
94.1
94.3
96.3
100.0

Per cent.

26.96
28.38
29.69
29.73
28.76
28.50
27.81
26.98
26.41
26.03
26.36
27.10
27.42
27.10
27.52
28.32
27.81
27.95
29.09
30.56
30.82
29.84
28.43
27.15
26.37
25.31
23.72
23.91
24.67
23.87
21.24
20.55
21.74
23.17
24.58
25.79
27.81
29.57
31.16
32.15
33.43
35.11
36.26
36.61
37.68
39.09
39.90
40.61
40.53
40.37
40.62
40.95

Direct
Reverse
index
index
n u m b e r , c number.**
31.4
38.4
44.8
45.0
40.3
39.2
35.6
31.5
28.9
26.9
28.5
32.1
33.7
32.1
34.2
38.1
35.6
36.3
41.9
49.1
50.4
45.6
38.7
32.4
28.6
23.4
15.6
16.5
20.2
16.3
3.4
0.0
5.9
12.9
19.8
25.7
35.6
44.2
52.0
56.9
63.2
71.4
77.0
78.7
84.0
90.9
94.9
98.3
97.9
97.2
98.4
100.0

68.6
61.6
55.2
55.0
59.7
60.8
64.4
68.5
71.3
73.1
71.5
67.9
66.3
67.9
65.8
61.9
64.4
63.7
58.1
50.9
49.6
54.4
61.3
67.6
71.4
76.6
84.4
83.5
79.8
83.7
96.6
100.0
94.1
87.1
80.2
74.3
64.4
55.8
48.0
43.1
36.8
28.6
23.0
21.3
16.0
9.1
5.1
1.7
2.1
2.8
1.6
0.0

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
6 The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid
to enable one to locate approximately the time in the year in which the different weeks fall. Cf. p . 13, note (&).
c i n computing index numbers, the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. For
exanrole. the minimum loans in 1890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eighth week), are represented by
/387,300,000-384,500,000\
3l
^414,600,000-384,500,000/| X100. Cf. pp. 13-15 and 22.
d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually do
when the money market tightens and falling when it becomes slack.




(

SEASONAL DEMAND FOR MONEY AND CAPITAL.

245

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive—Continued.a
[Amount expressed in millions of dollars.]
1894.
Bank-note circulation.

Net deposits.

Loans.

Reserves, specie and
legal tenders.

Ratios of reserves to deposits.

Index
number, c Amount.

Jan.—

1.
2.
3.
4.
Feb.- 5
6
7
8
Mar.— 9
10
11
12
Apr.— 13
14
15
16
17
May—18.
19.
20
21.
June— 22
23
24
25
July— 26
27
28
29
30
A u g . - 31
32
33
34
Sept.—35.
36.
37.
38.
39.
Oct.— 40 .
41.
42.
43.
Nov.—44.
45.
46.
47.
Dec—48 .
49.
50.
51 .
52.

418.
418.
419.
418.
419.
432.

443.
445.
443.
450.
456.
459.
460.
465.
467.
467.
466.
465.
465.
465.
468.
470.
483.
482.
482.
481.
482.
484.

491.
495.
497.
497.
500.
500.
500.
499.
500.
499.
498.
495.
499.
507.
506.
498.
492.

0.7
0.0
1.7
0.7
1.5
16.1
23.6
25.8
23.6
24.3
27.9
30.7
28.7
36.1
43.3
45.8
47.8
52.6
55.2
54.7
54.4
52.4
52.9
53.2
56.1
58.0
73.5
72.2
72.1
71.0
71.8
74.4
76.3
79.1
80.3
82.3
86.1
89.3
88.9
92.0
91.8
92.5
91.3
92.5
91.3
90.4
86.0
91.1
100.0
99.3
89.7
83.3

518.5
527.9
542.3
547.6
551.8
534.1
529.9
532.7
531.7
533.1
540.2
544.4
547.7
554.4
563.5
569.5
573.8
578.6
579.1
578.1
574.1
572.1
570.8
570.4
573.3
573.3
588.5
589.5
589.1
584.0
581.5
581.0
584.8
585.7
585.9
583.7
586.6
587.9
586.6
589.6
590.8
594.7
594.2
595.1
592.1
594.5
592.3
579.8
566.0
564.8
554.5
549.2

Index
number, c Amount.

0.0
12.3
31.1
38.0
43.5
20.4
14.9
18.5
17.2
19.1
28.3
33.8
38.1
46.9
58.8
66.6
72.2
78.5
79.1
77.8
72.6
70.0
68.3
67.8
71.5
71.5
91.4
92.7
92.2
85.5
82.3
81.6
86.6
87.7
88.0
85.1
88.9
90.6
88.9
92.8
94.4
99.5
98.8
100.0
96.1
99.2
96.3
80.0
62.0
60.4
47.0
40.1

13.0
12.9
12.7
12.6
12.6
12.4
11.9
11.6
11.6
11.5
11.3
11.2
11.2
11.1
11.0
10.6
10.1
10.1
10.0
10.0
9.9
9.9
9.9
9.8
9.7
9.6
10.3
10.1
9.9
9.8
9.8
9.7
9.7
9.7
9.7
9.8
10.0
10.4
10.8
11.1
11.5
11.7
11.6
11.5
11.2
11.1
11.1
11.1
11.1
11.1
11.1
11.2

Index
number. c\ Amount.

100.0
97.1
91.2
88.2
88.2
82.4
67.7
58.8
58.8
55.9
50.0
47.1
47.1
44.1
41.2
29.4
14.7
14.7
11.8
11.8
8.8

5.9
2.9
0.0
20.6
14.7
8.8
5.9
5.9
2.9
2.9
2.9
2.9
5.9
11.8
23.5
35.3
44.1
55.9
61.8
58.8
55.9
47.1
44.1
44.1
44.1
44.1
44.1
44.1
47.1

213.3
224.5
238.3
245.8
249.5
219.0
206.9
207.9
208.6
208.8
212.2
215.1
220.4
219.3
221.6
224.3
226.8
227.3
225.3
223.5
221.1
220.9
219.5
218.9
219.7
218.0
219.2
221.2
221.3
217.8
214.3
212.2
214.0
213.1
212.2
207.8
206.5
206.8
207.4
206.8
208.4
211.1
212.4
211.9
209.6
211.5
214.0
197.1
174.3
174.5
172.4
172.5

Index
number, c Per cent.

53.0
67.6
85.5
95.2
100.0
60.4
44.7
46.0
47.0
47.2
51.6
55.4
62.3
60.8
63.8
67.3
70.6
71.2
68.6
66.3
63.2
62.9
61.1
60.3
61.4
59.1
60.7
63.3
63.4
58.9
54.3
51.6
54.0
52.8
51.6
45.9
44.2
44.6
45.4
44.6
46.7
50.2
51.9
51.2
48.3
50.7
54.0
32.0
2.5
2.7
0.0
0.1

41.16
42.53
43.94
44.90
45.20
41.00
39.06
39.03
39.25
39.18
39.28
39.52
40.26
39.56
39.34
39.39
39.53
39.30
38.92
38.66
38.51
38.62
38.46
38.38
38.32
38.04
37.25
37.54
37.59
37.31
36.87
36.53
36.59
36.39
36.23
35.60
35.21
35.20
35.36
35.08
35.29
35.51
35.75
35.62
35.41
35.59
36.15
34.00
30.81
30.90
31.11
31.42

fli

Month and week.&

71.9
81.4
91.2
97.9
100.0
70.8
57.3
57.1
58.7
58.2
58.9
60.5
65.7
60.8
59.3
59.6
60.6
59.0
56.4
54.6
53.5
54.3
53.2
52.6
52.2
50.2
44.8
46.8
47.0
45.2
42.1
39.7
40.2
45.7
37.7
33.3
30.6
30.5
31.6
29.7
31.1
32.7
34.3
33.4
32.0
33.2
37.1
22.2
0.0
0.6
2.1
4.2

Reverse
index
number.**
28.1
18.6
8.8
2.1
0.0
29.2
42.7
42.9
41.3
41.8
41.1
39.5
34.3
39.2
40.7
40.4
39.4
41.0
43.6
45.4
46.5
45.7
46.8
47.4
47.8
49.8
55.2
53.2
53.0
54.8
57.*
60.3
59.8
54.3
62.3
66.7
69.4
69.5
68.4
70.3
68.9
67.3
65.7
66.6
68.0
66.8
62.9
77.8
100.0
99.4
97.9
95.8

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
b The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid
to enable one to locate approximately the time in the year in which the different weeks fall. Cf. p. 13, note (&).
cln computing index numbers, the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. For
example, the minimum loans in 1890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eighth week), are represented by
387 >300 000 384 500 000 \ X l 0 0 Cf P P 1 3 _ 1 5 a n d 22
414 6ft0000-384,500,Q00 )
'
* "
"
d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually do
when the money market tightens and falling when it becomes slack.




(

NATIONAL MONETARY COMMISSION.

246

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive—Continued.a
[Amount expressed in millions of dollars.]
1895.
N e t deposits.

Loans.

B a n k - n o t e circulation.

|

R e s e r v e s (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o d e p o s i t s .

Month, a n d w e e k . &
Amount.

Jan.—

1
2
3
4

Feb.— 5
6
7
8
Mar.— 9
10
11
12
A p r . — 13
14
15
16
17
May— 18
19
20
21
J u n e — 22
23
24
25
J u l y — 26
27
28
29
30....
3tug.— 31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
N o v . — 44
45
46
47
D e c — 48
49
50
51
52

Index
number, c Amount.

493.4
489.7
490.3
490.2
490.3
484.6
483.4
482.6
484.2
489.3
489.0
484.7
482.5
480.4
481.0
480.7
480.5
484.9
489.9
495.3
500.1
502.5
503.4
507.9
512.9
513.4
513.6
511.1
506.9
506.2
509.3
511.0
511.3
513.5
513.3
518.4
522.7
517.2
511.4
510.2
506.6
504.3
502.5
500.7
495.9 1
492.9
492.7
490.0
489.8
493.0
489.6
478.5

33.7
25.3
26.7
26.4
26.7
13.8
11.1
9.3
12.9
24.4
23.7
14.0
9.0
4.3
5.7
5.0
4.5
14.5 !
25.8 !
28.9
48.8
54.2
56.3
66.4
77.7
78.9
79.3
73.7
64.2
62.6
69.6
73.5
74.1
79.1
78.6
90.2
100.0
87.5
74.4
71.6
63.5
58.3
54.2
50.2
39.3
32.5
32.1
26.0
25.5
32.8
25.1
0.0

552.8
555.4
562.3
559.5
546.9
534.7
532.2
528.5
528.4
527.9
518.4
509.0
504.2
500.8
503.8
510.1
516.6
526.9
537.8
553.7
561.9
566.2
565.9
568.8
574.4
570.4
569.8
567.9
568.3
570.9
574.3
573.6
577.2
573.5
574.9
576.8
571.7
558.4
549.1
540.0
533.4
531.9
530.6
529.8
527.9
526.2
525.1
520.7
521.6
523.0
517.2
501.0

Index
number. 4 Amount.

68.1
71.5
80.5
76.8
60.3
44.4
41.1
36.3
36.1
35.5
23.0
10.7
4.5
0.0
3.9
12.2
20.7
34.2
48.4
69.2
80.0
85.6
85.2
89.0
96.3
91.1
90.3
87.8
88.4
91.8
96.2
95.3
100.0
95.2
97.0
99.5
92.8
75.4
63.2
51.3
42.7
40.7
39.0
38.0
35.5
33.2
31.8
26.0
27.2
29.1
21.5
0.3

11.4
11.4
11.4
11.3
11.3
11.5
11.6
11.9
12.0
12.1
12.2
12.3
12.8
13.0
13.1
13.2
13.1
13.1
13.2
13.2
13.3
13.2
13.2
13.2
13.1
13.1
13.1
13.1
13.2
13.1
13.1
13.1
13.2
13.3
13.3
13.5
13.6
13.8
14.1
14.2
14.3
14.1
14.0
14.4
14.3
14.1
13.9
13.9
14.0
13.9
13.9
13.9

Index |
number, c Amount.

3.2
3.2
3.2
0.0
0.0
6.5
9.7
19.4
22.6
25.8
29.0
32.3
48.4
54.8
58.1
61.3
58.1
58.1
61.3
61.3
64.5
61.3
61.3
61.3
58.1
58.1
58.1
58.1
61.3
58.1
58.1
58.1
61.3
64.5
64.5
71.0
74.2
80.6
90.3
93.5
96.8
90.3
87.1
100.0 1
96.8
90.3
83.9
83.9
87.1
83.9
83.9
83.9

174.0
180.6
185.9
185.6
173.4
167.3
166.5
161.9
160.0
154.7
147.1
141.3
139.3
139.0
140.7
147.1
154.4
158.9
165.4
175.9
180.3
182.7
181.0
180.0
180.0
176.8
174.5
175.3
180.5
184.6
184.4
182.2
185.4
180.9
182.8
179.0
169.6
161.9
159.5
151.4
147.4
148.3
149.3

150.0
151.2
151.8
150.8
148.7
150.6
149.0
146.3
141.1

Index
number, c

74.6
88.7
100.0
99.4
73.3
60.3
58.6
48.8
44.8
33.5
17.3
4.9
0.6
0.0
3.6
17.3
32.8
42.4
56.3
78.7
88.1
93.2
89.6
87.4
. 87.4
80.6
75.7
77.4
88.5
97.2
96.8
92.1
98.9
89.3
93.4
85.3
65.2
48.8
43.7
26.4
17.9
19.8
22.0
23.5
26.0
27.3
25.2
20.7
24.7
21.3
15.6
4.5

Per cent.

31.48
32.52
33.08
33.17
31.71
31.31
31.29
30.64
30.30
29.31
28.39
27.77
27.63
27.76
27.96
28.85
29.89
30.16
30.77
31.77
32.11
32.28
32.00
31.66
31.36
30.99
30.62
30.88
31.77
32.35
32.13
31.78
32.14
31.54
31.80
31.04
29.66
29.01
29.06
28.04
27.63
27.88
28.14
28.32
28.64
28.87
28.73
28.56
28.88
28.49
28.30
28.18

Direct
Reverse
index
index
n u m b e r , c number.**

69.5
88.3
98.4
100.0
73.6
66.4
66.1
54.3
48.2
30.3
13.7
2.5
0.0
2.3
6.0
22.0
40.8
45.7
56.7
74.7
80.9
83.9
78.9
72.4
67.3
60.6
54.0
58.7
74.7
85.2
81.2
74.9
81.4
70.6
75.3
61.6
36.6
24.9
25.8
7.4
0.0
4.5
9.2
12.5
18.2
22.4
19.9
16.8
22.6
15.5
12.1
9.9

30.5
11.7
1.6
0.0
26.4
33.6
33.9
45.7
51.8
69.7
86.3
97.5
100.0
97.7
94.0
78.0
59.2
54.3
43.3
25.3
19.1
16.1
21.1
27.6
32.7
39.4
46.0
41.3
25.3
14.8
18.8
25.1
18.6
29.4
24.7
38.4
63.4
75.1
74.2
92.6
100.0
95.5
90.8
87.5
81.8
77.6
80.1
83.2
77.4
84.5
87.9
90.1

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
b The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid
to enable one to locate approximately the time in the year in which the different weeks fall. Cf. p . 13, note (*>).
c In computing index numbers the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. For
example, the minimum loans in 11890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eighth week), are represented
r
'
/ 387 300 000—384 500 000 \
by an index number of 100, while the forty-seventh week is represented by an index number of 9.3, i. e. I 4i4,6QQ,QQQ_3g4,50(),000 ) X 1 0 0 - c f - PP- 1 3 ~ 1 5 a n d 22 d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually do
when the money market tightens and falling when it becomes slack.




SEASONAL DEMAND FOR MONEY AND CAPITAL.
T A B L E 4.—Seasonal variations in the loans, deposits, bank-note circulation,

and reserves of the New York

inclusive—Continued.

247

City clearing-house

banks, 1890-1908^

°

[ A m o u n t expressed i n millions of dollars.]
1896.

B a n k - n o t e circulation.

N e t deposits.

Loans.

R e s e r v e s (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o d e p o s i t s .

M o n t h a n d week. &
Amount.

Index
n u m b e r . e\ A m o u n t .

Index
n u m b e r , cl A m o u n t .

Index
n u m b e r . c| A m o u n t .

Index
number.

465.6

51.5

491.6

60.9

13.9

9.6

142.6

49.7

458.2

35.2

491.2

60.4

14.0

11.0

149.9

65.6

3.

454.0

26.0

492.4

61.8

13.9

9.6

155.4

77.6

4.

447.9

12.5

489.7

58.7

13.8

8.2

160.0

87.6

5

447.1

10.8

490.4

59.5

13.7

6.9

162.1

92.2

6

448.4

13.6

492.7

62.1

13.4

2.7

163.3

94.8

7.

451.7

20.9

493.0

62.5

13.2

0.0

160.0

87.6

8.

Feb.—

1.
2.

Jan.—

457.8

34.3

489.7

58.7

13.3

1.4

151.0

68.0

9

462.5

44.7

489.6

58.6

13.6

5.5

146.8

58.8

10

464.5

49.1

488.8

57.7

13.9

9.6

145.4

55.8

11

466.5

53.5

489.8

58.8

14.2

13.7

143.8

52.3

12

467.5

55.7

488.0

56.8

14.1

12.3

141.0

46.2

Apr.—13

465.0

50.2

482.2

50.1

14.2

13.7

138.6

41.0

14

465.2

50.6

481.7

49.5

14.2

13.7

137.4

38.3

15

465.6

51.5

483.1

51.1

14.3

15.1

138.6

41.0

16

466.2

52.8

484.0

52.2

14.3

15.1

139.1

42.0

17

467.3

55.2

487.3

56.0

14.3

15.1

142.5

49.5

May— 18

470.7

62.7

495.0

64.8

14.3

15.1

146.6

58.4

19.

474.1

70.2

495.0

64.8

14.3

15.1

143.9

52.5

20,

476.5

75.5

497.9

68.1

14.3

15.1

143.0

50.5

21

473.4

68.6

497.0

67.1

14.5

17.8

145.9

56.9

June—22.

475.2

72.6

498.8

69.1

14.6

19.2

146.8

58.8

Mar.—

23

476.8

76.1

497.1

67.2

14.7

20.5

142.7

49.9

24.

474.3

70.6

496.8

66.8

14.5

17.8

144.7

54.3

25.

474.8

71.7

495.3

65.1

14.6

19.2

143.6

51.9

J u l y — 26

475.0

72.2

496.9

66.9

14.5

17.8

146.1

57.3

27

476.2

74.8

499.0

69.3

14.5

17.8

145.0

54.9

28.

477.2

77.0

503.4

74.4

14.5

17.8

148.0

61.4

29.

479.5

82.1

505.9

77.2

14.5

17.8

148.2

61.9

30.

474.2

70.4

493.3

62.8

14.6

19.2

141.8

47.9

Aug.—31

469.5

60.1

485.0

53.3

14.8

21.9

138.9

41.6

32

468.0

56.8

477.1

44.3

14.9

23.3

133.0

28.8

33.

464.9

49.9

467.3

33.1

15.7

34.2

126.1

13.7

34.

458.9

36.7

458.2

22.7

16.3

42.5

123.7

8.5

Sept.—35.

455.8

29.9

451.9

15.4

17.0

52.1

121.7

4.1

36.

453.1

24.0

447.0

9.8

17.9

64.4

119.8

0.0

37.

452.7

23.1

445.6

8.2

18.7

75.3

120.1

0.7

38.

451.9

21.3

445.9

8.6

19.2

82.2

121.9

4.6

39.

450.5

18.3

448.3

11.3

19.7

89.0

126.2

13.9

Oct.— 40.

453.2

24.2

454.7

18.7

19.9

91.8

130.2

22.7

41.

456.4

31.2

458.4

22.9

20.2

95.9

130.1

22.4

42

456.1

30.6

453.6

17.4

20.5

100.0

125.2

11.8

43.

450.1

17.4

448.4

11.4

20.5

100.0

127.0

15.7

Nov.—44.

446.2

8.8

446.4

9.2

20.4

98.6

128.9

19.8

45.

442.2

0.0

438.4

0.0

20.5

100.0

124.4

10.0

46.

445.4

7.0

454.3

18.2

20.4

98.6

137.0

37.5

47.

455.0

28.2

476.2

43.3

20.3

97.3

148.3

62.1

D e c — 48.

463.8

47.5

490.6

59.7

20.2

95.9

154.0

74.5

49.

472.4

66.4

502.0

f 72.8

19.9

91.8

157.8

82.8

50.

483.5

90.9

516.6

89.5

19.8

90.4

160.7

89.1

51.

487.0

98.6

523.5

97.4

19.7

89.0

164.1

96.5

52.

487.7

100.0

525.8

100,0

19.7

89.0

165.7

100.0

Per cent.

29.02
30.53
31.56
32.69
33.07
33.15
32.46
30.84
29.98
29.75
29.37
28.90
28.76
28.52
28.71
28.74
29.24
29.63
29.08
28.73
29.36
29.45
28.71
29.13
29.02
29.41
29.07
29.41
29.33
28.74
28.67
27.88
27.01
27.02
26.95
26.84
26.96
27.34
28.17
28.63
28.40
27.62
28.33
28.87
28.38
30.17
31.15
31.43
31.46
31.12
31.35
31.52

Direct
Reverse
index
index
number, c number.**
34.7
58.6
74.9
92.7
98.7
100.0
89.1
64.4
49.9
46.3
40.3
32.8
30.6
26.8
29.8
30.3
38.2 j
44.4
35.7
30.2
40.1
41.5
29.8
36.3
34.7
40.9
35.5
40.9
39.6
30.3
29.2
16.5
3.0
3.1
2.0
0.0
2.2
8.2
21.3 1
28.6 1
24.9
12.6
23.8
32.2
24.4
52.9
68.4
72.3
72.7
67.9
71.5
74.2

65.3
41.4
25.1
7.3
1.3
0.0
10.9
35.6
50.1
53.7
59.7
67.2
69.4
73.2
70.2
69.7
61.8
55.6
64.3
69.8
59.9
58.5
70.2
63.7
65.3
59.1
64.5
59.1
60.4
69.7
70.8
83.5
97.0
96.9
98.0
100.0
97.8
91.8
78.7
71.4
75.1
87.4
76.2
67.8
75.6
47.1
31.6
27.7
27.3
32.1
28.5
25.8

a T h e s e figures a r e b a s e d u p o n figures c o m p i l e d for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
b T h e s c h e d u l e of m o n t h s used t h r o u g h o u t t h e s e t a b l e s , unless o t h e r w i s e specified, r e p r e s e n t s a y e a r , s u c h a s 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n a s a n a i d
t o e n a b l e o n e t o locate a p p r o x i m a t e l y t h e t i m e i n t h e y e a r i n w h i c h t h e different weeks fall. Cf. p . 13, n o t e (&).
c I n c o m p u t i n g i n d e x n u m b e r s , t h e m i n i m u m w e e k l y figure for e a c h y e a r is t a k e n a s 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e o t h e r figures a r e p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , a r e r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 ( e i g h t h w e e k ) , a r e r e p r e s e n t e d b y
/ 3 8 7 300 000 384 500 000 \
a n i n d e x n u m b e r of 100, w h i l e t h e forty-seventh w e e k is r e p r e s e n t e d b y a n i n d e x n u m b e r of 9.3, i. e. I
''
'' QQQ _ogSVan'QAA ) X100. Cf. p p . 13-15 a n d 22.
d T h e s e i n d e x n u m b e r s a r e t h e e x a c t reverse of those i n t h e p r e c e d i n g c o l u m n . I n t h i s case t h e m a x i m u m figure for t h e y e a r is r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
figure b y a n i n d e x n u m b e r of 100, a n d t h e o t h e r s a r e p r o r a t e d . T h e s e i n d e x n u m b e r s m a y b e considered a s i n a sense indices of m o n e t a r y s t r i n g e n c y , rising a s t h e y u s u a l l y d o
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n i t b e c o m e s slack.




NATIONAL MONETARY COMMISSION.

248
T A B L E 4.—Seasonal variations

bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive—Continued .a

in the loans,

[Amount expressed in millions of dollars.]
1897.
B a n k - n o t e circulation.

N e t deposits.

Loans.

Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o d e p o s i t s .

M o n t h a n d week. &
Amount.

Jan.—

1
2
3
4
Feb.— 5
6
7
8
Mar.— 9
10
11

12
Apr.—13
14
15
16
17
May— 18
19
20
21
June—22
23
24
25
J u l y — 26
27
28
29
30
Aug.—31..
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
D e c — 48
49
50
51
52

.'

491.1
491.4
490.3
488.8
497.5
500.4
498.7
497.6
502.1
505.9
506.4
504.5
502.7
502.5
504.0
504.8
505.8
504.9
506.0
505.0
507.5
511.9
513.7
518.5
521.7
532.7
533.8
534.2
540.1
543.0
549.6
552.2
558.6
560.9
569.3
576.6
579.3
576.6
572.0
571.7
569.1
562.2
567.2
574.0
575.3
580.2
594.3
597.7
607.7
606.7
610.6
607.8

Index
number, c

1.9
2.1
1.2
0.0
7 1
9.5
8.1
7.2
10.9
14.0
14.4
12.9
11.4
11.2
12.5
13.1
13.9
13.2
14.1
13 3
15.4
19.0
20.4
24.4
27.0
36.0
36.9
37.3
42.1
44.5
49.9
54.5
57.3
59.2
66.1
72.1
74.3
72.1
68.3
68.1
65.9
60.3
64.4
70.0
71.0
75.0
86.6
89-4
97.6
96.8
100.0
97.7

Amount.

548.0
557.3
563.4
563.3
568.9
568.0
572.6
573.7
577.4
578.6
574.3
571.7
569.2
565 9
568.8
574.7
576.8
570.3
572.2
572.1
575.6
581.2
585.1
592.5
597.0
604.9
607.6
613.2
622.5
623.0
626.2
630.5
635.9
636.9
641.7
642.1
635.9
625.3
619. 3
616.7
616.0
617.4
625.3
632.3
635.3
643.1
659.8
666.2
675.1
669.8
669.1
675.0

Index
number, c

0 0
7.3
12.1
12.0
17.2
15.7
19.4
20.2
23.1
24.1
20.7
18.6
16.7
14.1
16.4
21.0
22.7
17.5
19.0
19.0
21.7
26.1
29.2
35 0
38.6
44.8
46.9
51.3
58.6
59.0
61.5
64.9
69.2
69.9
73.7
74.0
69.2
60.8
56.1
54.1
53.5
54.6
60.8
66.3
68.7
74.8
88.0
93.0
100.0
95.8
95.3
99.9

Amount.

18.9
18.7
18.4
18.1
16.7
16.7
16.6
16.4
16.4
16.2
15.9
15.8
15.7
15.5
15.4
15.3
15.0
14.6
14.4
14.4
14.3
14 3
14.2
13.9
13.8
13.7
13.7
13.6
13.5
13.4
13.3
13.1
13.2
13.4
13.9
14.2
14.8
15.4
15.7
15.8
15.8
15.9
16.0
16.0
16. Q
15.9
16.0
15.9
15.8
15.7
15.7
15.6

1

Index
number, c

100.0
96.6
91.4
86.2
62.1
62.1
60.3
56.9
56.9
53.4
48.3
46.6
44.8
41.4
39.7
37.9
32.8
25.9
22.4
22.4
20.7
20.7
19.0
13.8
12.1
10.3
10.3
8.6
6.9
5.2
3.4
0.0
1.7
5.2
13.8
19.0
29.3
39.7
44.8
46.6
46.6
48.3
50.0
50.0
50.0
48.3
50.0
48.3
46.6
44.8
44.8
43.1

Amount.

180.9
191.4
197.9
199.8
196-7
193.5
198.8
200.9
199.8
197. 4
191.7
191. 7
189.8
187.5
189.1
192.8
193 1
186.6
187.5
188.9
190.4
190.6
193.8
196.4
198.5
192.5
193.2
199.3
202.9
201.3
197.5
196.5
198.7
198.7
194.5
187.1
178.8
172.2
170.3
167.6
168.5
177.2
180.5
179.1
180.5
184.1
187.4
188.6
187.6
183.1
178.8
184.5

Index
number, c

37.7
67.4
85.8
91.2
82.4
73.4
88 4
94.3
91-2
84.4
68.3
68.3
62.9
56.4
60.9
71.4
72.2
53.8
56.4
60.3
64.6
65.2
74.2
81.6
87.5
70.5
72.5
89.8
100.0
95.5
84.7
81.9
88.1
88.1
76.2
55.2
31.7
13.0
7.7
0.0
2.6
27.2
36.5
32.6
36.5
46.7
56.1
59.5
56.7
•43.9
31.7
47.9

Per cent.

•
*

33.02
34.36
35.12
35. 47
34.58
34.09
34.72
35.02
34.62
34.13
33.38
33.55
33. 37
33.15
33.25
33.56
33.48
32. 73
32.77
33.02
33.09
32.79
33.13
33.16
33.24
31.83
31.80
32.51
32.60
32.33
31.54
31.16
31.25
31.20
30.31
29.15
28.12
27.54
27.51
27.18
27.37
28.70
28.88
28.34
28.42
28.63
28.42
28.32
27.79
27.36
26.72
27.33

Reverse
Direct
index
index
n u m b e r , c number.*?
72.0
87.3
96.0
100.0 |
89.8
84.2
91.4
94.9
90.3
84.7
76.1
•78.1
76.0
73.5
74.6
78.2
77.3
68.7
69.1
72.0
72.8
69.4
73.3
73.6
74.5
58.4
58.1
66.2
67.2
64.1
55.1
50.7
51.8
51.2
41.0
27.8
16.0
9.4
9.0
5.3
7.4
22.6
24.7
18.5
19.4
21.8
19.4
|
18.3
12.2
1
7.3
0.0
j
7.0
1

28.0
12.7
4.0
0.0
10.2
15.8
8.6
5.1
9.7
15.3
23.9
21.9
24.0
26.5
25.4
21.8
22.7
31.3
30.9
28.0
27.2
30.6
26.7
26.4
25.5
41.6
41.9
33.8
32.8
35.9
44.9
49.3
48.2
48.8
59.0
72.2
84.0
90.6
91.0
94.7
92.6
77.4
75.3
81.5
80.6
78.2
80.6
81.7

87.8
92.7
100.0
93.0

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
b The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid to
enable one to locate approximately the time in the year in which the different weeks fall. Cf. p . 13, note (&).
T?™.
fimwoaMT1Mfata(i
c In computing Index numbers the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. * or
example, the minimum loans in 1890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eighth week), are represented by an
* >
7-^ J i
\
^ o
/7
i.
*
/387 300 000 384 500 000\
Index number of 100, while the forty-seventh week is represented by an index number of 9.3, i. e. ( 4i4,60oOoo-384500 000/ X l ° ° ' Cf* P P * 1 3 ~ 1 5 a n d 2 2 '
d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually ao
when the money market tightens and falling when it becomes slack.




SEASONAL DEMAND FOR MONEY AND CAPITAL.
T A B L E 4.—Seasonal

variations

in

the

loans,

deposits

bank-note

circulation,

and

reserves

of

the

New

York

City

249

clearing-house

banks,

1890-1908,

inclusive—Continued.a
[ A m o u n t expressed i n millions of dollars.]
1898.

Loans.

N e t deposits.

B a n k - n o t e circulation.

Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves to deposits.

M o n t h a n d week.&
Amount.

Jan.—

Feb.—

Mar.—

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

11.
12.
Apr.— 13.
14.
15.
16.
17.
May— 18.
19.
20.
21.
J u n e — 22.
23.
24.
25.
J u l y — 26.
27.
28.
29.
30.
Aug.—31.
32.
33.
34.
Sept.—35.
36.
37.
38.
39.
Oct.— 40.
41.
42.
43
N o v . — 44.
45.
46.
47.
D e c — 48.
49.
50.
51.
52.

609.
611.
623.
625.
633.
639.
646.
641.
628.
617.
607.
600.
595.
587.
580.
572.
570.
571.
573.
581.
589.
601.
610.
610.
612.
621.
633.
639.
634.
636.
649.
659.
666.
672.
672.
665.
653.
642.
635.
636.
646.
657.
667.
678.
687.
693.

702.
708.
712.
718.

Index
n u m b e r . c\

26.7
27.5
36.0
37.6
43.0
47.0
51.8
48.4
39.2
32.2
25.0
20.3
17.3
11.9
6.7
1.6
0.0
0 6
2.4
7.6
13.2
21.2
27.4
27.1
28.6
34.3
42.9
47.0
43.7
45.0
53.5
60.2
65.1
68.8
68.9
64.3
56.0
48.6
44.1
44.7
51.4
58.6
65.5
73.3
79.4
83.4
81.8
86.1
89.2
93.4
95.9
100.0

Index
n u m b e r . c\ A m o u n t .

685.5
691.6
714.4
722.4
733.8
738.6
738.5
729.2
706.0
695.4
688.1
685.6
682.2
669.8
663.5
661.2
658.5
659.6
666.7
680.9
696.0
709.4
724.2
730.9
737.5
750.0
758.0
757.7
741.3
741.6
757.0
760.7
765.0
760.2
752.3
731.9
712.0
700.7
702.1
710.8
727.1
745.7
761.5
769.0
777.0
786.4
782.7
789.5
796.7
806.9
814.9
823.0

16.4
20.1
34.0
38.8
45.8
48.7
48.0
43.0
28.9
22.4
18.0
16.5
14.4
6.9
3.0
1.6
0.0
0.7
5.0
13.6
22.8
30.9
39.9
44.0
48.0
55.6
60.5
60.3
50.3
50.5
59.9
62.1
64.7
61.8
57.0
44.6
32.5
25.7
26.5
31.8
41.7
53.0
62.6
67.2
72.0
77.8
75.5
79.6
84.0
90.2
95.1
100.0

15.5
15.0
14.5
14.4
14.3
13.9
13.7
13.7
13.7
13.7
13.8
13.8
13.8
13.8
13.9
14.0
14.2
14.5
14.6
14.7
14.7
14.7
14.7
14.6
14.6
14.6
14.6
14.5
14.4
14.3
14.2
14.2
14.2
14.1
14.0
14.1
14.4
14.9
15.4
15.4
15.4
15.5
15.5
15.6
15.7
15.9
16.3
16.4
16.3
16.3
16.2
16.2

Index
number.

66.7
48.2
29.6
25.9
22.2
7.4
0.0
0.0
0.0
0.0
3.7
3.7
3.7
3.7
7.4
11.1
18.5
29.6
33.3
37.0
37.0
37.0
37.0
33.3
33.3
33.3
33.3
29.6
25.9
22.2
18.5
18.5
18.5
14.8
11.1
14.8
25.9
44.4
63.0
63.0
63.0
66.7
66.7
70.4
74.1
81.5
96.3
100.0
96.3
96.3
92.6
92.6

Amount.

193.5
198.8
209.8
216.1
218.1
217.0
210.2
205.1
197.3
196.5
200.0
205.1
206.2
202.4
203.1
208.8
209.0
208.7
213.6
220.9
227.6
229.6
234.8
242.0
246.5
249.4
242.7
238.7
228.3
227.3
229.0
223.2
220.0
211.3
203.0
189.9
182.1
183.3
190.8
196.3
201.4
209.8
216.4
211.2
201.2
213.2
213.9
214.4
215.8
218.6
223.2
224.8

Index
number, d Per cent.

16.9
24.8
41.2
50.5
53.5
51.9
41.8
34.2
22.6
21.4
26.6
34.2
35.8
30.2
31.2
39.7
40.0
39.5
46.8
57.7
67.6
70.6
78.3
89.0
95.7
100.0
90.0
84.1
68.5
67.2
69.7
61.1
56.3
43.4
31.1
11.6
0.0
1.8
12.9
21.0
28.7
41.2
51.0
43.2
40.3
46.2
47.3
48.0
50.1
54.2
61.1
63.4

28.24
28.74
29.37
29.92
29.73
29.37
28.46
28.14
27.94
28.25
29.08
29.92
30.21
30.22
30.62
31.58
31.75
31.65
32.04
32.44
32.71
32.35
32.41
33.10
33.43
33.26
32.03
31.50
30.79
30.64
30.26
29.34
28.76
27.80
27.00
25.96
25.58
26.17
27.17
27.63
27.70
28.13
28.42
27.46
26.92
27.16
27.33
27.13
27.09
27.09
27.40
27.32

Direct
Reverse
Index
index
n u m b e r . c\ n u m b e r . ^

33.9
40.3
48.3
55.3
52.9
48.3
36.7
32.6
30.1
34.0
44.6
55.3
59.0
59.1
64.2
76.4
78.6
77.3
82.3
87.3
90.8
86.2
87.0
95.8
100.0
97.8
82.2
75.4
66.4
64.5
59.6
47.9
40.5
28.3
18.1
4.8
0.0
7.5
20.2
26.1
26.9
32.5
36.2
23.9
17.1
19.7
22.3
19.4
19.2
19.2
23.2
22.2

a T h e s e figures are based u p o n figures c o m p i l e d for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
& T h e s c h e d u l e of m o n t h s used t h r o u g h o u t t h e s e t a b l e s , unless o t h e r w i s e specified, represents a y e a r , s u c h as 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is given as a n a i d
t o e n a b l e o n e t o locate a p p r o x i m a t e l y t h e t i m e i n t h e y e a r i n w h i c h t h e different weeks fall. Cf. p . 13, n o t e (&).
c I n c o m p u t i n g i n d e x n u m b e r s , t h e m i n i m u m w e e k l y figure for e a c h y e a r is t a k e n as 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e o t h e r figures a r e p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are represented b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 ( e i g h t h w e e k ) , are represented b y
/ 3 8 7 300 flflO 384 ^00 000 \
a n i n d e x n u m b e r of 100, w h i l e t h e forty-seventh w e e k is r e p r e s e n t e d b y a n i n d e x n u m b e r of 9.3, i. e. ( ^ w p z ^ w p ) X100. Cf. p p . 13-15 a n d 22.
d T h e s e i n d e x n u m b e r s are t h e e x a c t reverse of those i i t h e p r e c e d i n g c o l u m n . I n t h i s case t h e m a x i m u m figure for t h e year is represented b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
figure b y a n i n d e x n u m b e r of 100, a n d t h e o t h e r s are p r o r a t e d . T h e s e i n d e x n u m b e r s m a y b e considered as i n a sense indices of m o n e t a r y s t r i n g e n c y , rising as t h e y u s u a l l y d o
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n it becomes slack.




NATIONAL MONETARY COMMISSION.

250

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks,
inclusive—Continued.a

1890-1908,

[ A m o u n t expressed i n millions of dollars.]
1899.
B a n k - n o t e circulation.

Net deposits.

Loans.

Keserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o d e p o s i t s .

M o n t h a n d week. 6
Amount.

Jan.-

1.
2..
3..
4..
Feb.- 5..
6..
7..
8..
Mar.— 9 .
10..
11..
12..
Apr.- - 1 3 . .
14..
15..
16.
17.
M a y - • 18..
19.
20.
21.
June—22.
23.
24..
25..
July—26.
27.
28.
29.
30.
Aug.—31.
32.
33.
34.
Sept.—35.
36.
37.

Oct.— 40..
41..
42..
43.
Nov.—44.
45.
46.
47.
D e c — 48.
49.
50.
51..
52.

713.
716.
720.
726.
741.
750.
758.
771.
780.
777.
774.
779.
780.
778.
768.
760.
760.
776.
770.
763.
745.
746.
757.
773.
778.
786.
793.
776.
767.
759.
753.
746.
747.
756.
753.
747.
739.
721.
714.
710.
705.
700.

679.
676.
682.
681.
676.
673.
673.

Index
number, c

33.6
36.1
39,0
44.0
56.5
63.6
70.7
81.5
89.0
86.4
83.5
88.0
88.0
87.4
78.8
72.4
71.9
85.7
80.7
74.8
60.2
60.8
69.7
82.9
87.5
94.2
100.0
85.7
78.3
71.5
66.2
60.8
61.7
69.2
66.7
61.6
55.1
40.3
33.9
30.9
27.0
22.5
18.7
18.4
12.5
5.4
2.7
7.4
6.8
2.6
0.0
0.3

Amount.

826.8
835.8
849.0
861.6
880.0
888.0
897.1
910.5
914.8
906.6
898.8
902.2
898.9
894.9
888.5
884.3
883.5
899.6
901.5
902.3
889.7
890.0
897.8
907.7
909.0
905.1
902.1
886.9
874.8
862.1
849.9
849.9
851.2
858.1
849.7
834.4
819.3
798.5
785.3
781.1
774.9
768.3
761.6
755.8
744.8
736.8
737.9
748.0
744.0
739.5
740.3
740.0

Index
number, c

50.6
55.6
63.0
70.1
80.4
84.9
90.1
97.6
100.0
95.4
91.0
92.9
91.1
88.8
85.2
82.9
82.4
91.5
92.5
93.0
85.9
86.1
90.4
96.0
96.7
94.5
92.9
84.3
77.5
70.4
63.5
63.5
64.3
68.1
63.4
55.0
46.3
34.7
27.2
24.9
21.4
17.7
13.9
10.7
4.5
0.0
0.6
6.3
4.0
1.5
2.0
1.8

Amount.

15.8
15.6
15.4
14.7
14.6
14.5
14.5
14.5
14.4
14.4
13.8
13.8
13.8
13.9
13.9
14.0
13.9
13.8
13.8
13.8
13.7
13.6
13.6
13.5
13.5
13.5
13.6
13.6
13.6
13.5
13.7
13.9
13.9
14.0
14.3
14.6
14.8
14.9
15.2
15.5
15.5
15.7
15.8
16.2
16.3
16.4
16.4
16.4
16.4
16.0
15.9
16.0

Index
number, c

79.3
72.4
65.5
41.4
37.9
34.5
34.5
34.5
31.0
31.0
10.3
10.3
10.3
13.8
13.8
17.2
13.8
10.3
10.3
10.3
6.9
3.5
3.5
0.0
0.0
0.0
3.5
3.5
3.5
0.0
6.9
13.8
13.8
17.2
27.6
37.9
44.8
48.3
58.6
69.0
69.0
75.9
79.3
93.1
96.6
100.0
100.0
100.0
100.0
86.2
82.8
86.2

Amount.

230.2
237.2
246.9
254.6
257.4
257.5
258.6
257.9
253.2
249.8
243.8
244.1
240.2
238.7
241.5
245.2
246.4
244.2
252.5
260.2
266.3
265.2
263.7
256.9
252.9
240.5
230.6
232.4
230.7
226.3
220.5
226.8
227.8
226.9
221.6
211.0
205.1
202.6
198.0
195.9
194.9
193.5
193.4
188.6
183.4
183.8
191.1
195.5
192.8
191.9
195.4
196.1

Index
number, c

56.5
64.9
76.6
85.9
89.3
89.4
90.7
89.9
84.2
80.1
72.9
73.2
68.5
66.7
70.1
74.5
76.0
73.3
83.4
92.6
100.0
98.7
96.9
88.7
83.8
68.9
56.9
59.1
57.1
51.7
44.8
52.4
53.6
52.5
46.1
33.3
26.2
23.2
17.6
15.1
13.9
12.2
12.1
6.3
0.0
0.5
9.3
14.6
11.3
10.3
14.5
15.3

Per cent.

27.84
28.37
29.08
29.55
29.24
28.99
28.83
28.32
27.67
27.54
27.13
27.04
26.71
26.67
27.18
27.73
27.87
27.18
28.00
28.83
29.93
29.78
29.37
28.29
27.82
26.56
25.56
26.19
26.36
26.25
25.95
26.69
26.76
26.43
26.08
25.29
25.03
25.36
25.21
25.07
25.14
25.17
25.39
24.95
24.62
24.95
25.88
26.13
25.91
25.94
26.39
26.51

Direct
index
number, c

60.7
70.7
84.0
92.9
87.0
82.3
79.3
69.7
57.5
55.1
47.3
45.7
39.5
38.7
48.3
58.6
61.3
48.3
63.7
79.3
100.0
97.2
89.5
69.2
60.3
36.6
17.8
29.7
32.9
30.8
25.2
39.1
40.4
34.2
27.6
12.8
7.9
14.1
11.3

10.5
14.6
6.4
0.0
6.4
23.9
28.6
24.4
25.0
33.4
35.7

I

a T h e s e figures are based u p o n figures c o m p i l e d for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
& T h e schedule of m o n t h s used t h r o u g h o u t t h e s e t a b l e s , unless o t h e r w i s e specified, represents a y e a r , s u c h as 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n as a n a i d t o
e n a b l e one t o locate a p p r o x i m a t e l y t h e t i m e i n t h e y e a r i n w h i c h t h e different weeks fall. Cf. p . 13, n o t e (&).
c I n c o m p u t i n g i n d e x n u m b e r s t h e m i n i m u m w e e k l y figure for each year is t a k e n as 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e o t h e r figures a r e p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are represented b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 ( e i g h t h w e e k ) , a r e represented b y a n
387 300 000 384 500 000 \
414600000—384500000 / x l 0 0 # C *' PP* 1 3 ~ 1 5 a n ( * 22.
d These i n d e x n u m b e r s are t h e e x a c t reverse of those i n t h e preceding c o l u m n . I n t h i s case t h e m a x i m u m figure for t h e y e a r is r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
figure b y a n i n d e x n u m b e r of 100, a n d t h e o t h e r s a r e p r o r a t e d . T h e s e i n d e x n u m b e r s m a y b e considered a s i n a sense indices of m o n e t a r y s t r i n g e n c y , rising as t h e y u s u a l l y d o
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n i t b e c o m e s slack.




(

SEASONAL DEMAND FOR MONEY AND CAPITAL.

251

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive—Continued.a
[Amount expressed in millions of dollars.]
1900.

N e t deposits.

Loans.

B a n k - n o t e circulation.

Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o deposits.

M o n t h a n d week. &
Amount.

2
3
4
Feb.— 5
6
7
8
MB,T.—

9

10
11
12
Apr.— 13
14
15
16
17
May— 18
19
20
21
J u n e — 22
23
24
25
J U l y _ 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.— 4 4 . .
45
46
47
D e c — 48
49
50
51
52

'.

.'

677.8
676.2
680.8
688.3
699.6
720.7
734.4
745.5
755.1
763.2
751.9
739.3
742.6
755.6
761.7
767.5
774.5
787.8
787.5
788.2
792.9
800.3
806.8
810.0
810.0
808.5
802.9
801.2
791.9
801.1
803.7
808.0
814.9
817.4
816.8
818.8
825.8
823.1
817.5
816.8
807.9
797.8
793.4
792.3
785.7
787.8
792.7
804.5
806.4
792.8
787.1
796.5

Index
number, c Amount.

1.1
0.0
3.1
8.1
15.6
29.7
38.9
46.3
52.7
58.1
50.6
42.2
44.4
53.0
57.1
61.0
65.7
74.5
74.3
74.8
78.0
82.9
87.2
89.4
'89.4
88.4
84.6
83.5
77.3
84.1
85.2
88.0
92.7
94.3
93.9
95.3
100.0
98.1
94.4
93.9
88.0
81.2
78.3
77.6
73.1
74.5
77.8
85.7
87.0
77.9
74.1
80.4

748.9
749.2
765.5
780.5
795.9
814.7
821.0
826.8
829.9
829.4
814.0
800.1
807.8
822.4
834.3
842.6
852.0
869.1
867.2
868.6
876.6
887.9
893.7
895.7
890.9
888.2
881.8
883.4
882.1
887.8
894.4
897.4
894.3
901.3
903.4
906.2
907.3
897.4
884.7
877.2
861.5
846.4
843.3
841.7
831.0
839.6
851.3
864.4
861.0
842.6
838.8
854.1

Index
number, c Amount.

0.0
0.2
10.5
19.9
29.7
41.5
45.5
49.2
51.1
50.8
41.1
32.3
37.2
46.4
53.9
59.2
65.2
75.9
74.7
75.6
80.6
87.8
91.4
92.7
89.7
87.9
83.9
84.9
84.1
87.7
91.9
93.8
91.8
96.2
97.5
99.3
100.0
93.8
85.7
81.0
71.1
61.6
59.6
58.6
51.8
57.3
64.7
72.9
• 70.8
59.2
56.8
66.4

16.2
16.3
16.2
16.6
16.8
17.0
17.2
17.9
18.5
18.9
18.8
19.2
20.1
20.5
21.0
21.3
21.1
21.2
21.3
21.6
21.9
22.4
22.8
22.9
23.0
23.1
23.1
23.4
24.2
25.2
26.6
27.4
28.0
28.5
28.9
29.1
29.4
29.6
29.8
30.1
30.2
30.4
30.5
30.7
30.7
30.6
30.6
30.6
30.6
30.7
30.9
31.0

Index
number, c Amount.

0.0
0.7
0.0
2.7
4.1
5.4
6.8
11.5
15.5
18.2
17.6
20.3
26.4
29.1
32.4
34.5
33.1
33.8
34.5
36.5
38.5
41.9
44.6
45.3
45.9
46.6
46.6
48.7
54.1
60.8
70.3
75.7
79.7
83.1
85.8
87.2
89.2
90.5
91.9
93.9
94.6
95.9
96.6
98.0
98.0
97.3
97.3
97.3
97.3
98.0
99.3
100.0

199.0
204.0
215.5
224.4
229.8
231.5
229.2
226.3
221.1
213.0
206.2
205.8
211.7
213.5
219.5
225.5
230.0
233.2
232.1
233.7
237.9
242.1
241.8
241.4
238.2
238.9
236.0
240.8
244.6
249.4
252.7
252.4
244.1
249.2
252.9
252.6
247.6
240.9
234.1
225.5
219.8
214.5
216.8
216.3
212.3
217.5
225.1
226.9
220.9
216.9
219.1
225.0

Index
number, c

0.0
9.3
30.6
47.1
57.1
60.3
56.0
50.7
41.0
26.0
13.4
12.6
23.6
26.9
38.0
49.2
57.5
63.5
61.4
64.4
72.2
80.0
79.4
78.7
72.7
74.0
68.7
77.6
84.6
93.5
99.6
99.1
83.7
93.1
100.0
99.4
90.2
77.7
65.1
49.2
38.6
28.8
33.0
32.1
24.7
34.3
48.4
51.8
40.6
33.2
37.3
48.2

Per cent.

1

26.56
27.22
28.15
28.75
28.87
28.41
27.92
27.37
26.63
25.68
25.32
25.71
26.20
25.96
26.30
26.76
26.99
26.83
26.76
26.89
27.12
27.26
27.05
26.94
26.73
26.89
26.76
27.25
27.73
28.09
28.25
28.12
27.29
27.64
27.99
27.87
27.29
26.83
26.46
25.71
25.51
25.34
25.71
25.68
25.55
25.90
26.43
26.24
25.65
25.74
26.13
26.34

Direct
Reverse
index
index
number, c number.^
34.9
53.5
79.7
96.6
100.0
87.0
73.2
57.7
36.8
10.0
0.0
10.9
24.7
17.9
27.5
40.5
47.0
42.5
40.5
44.2
50.6
54.6
48.7
45.6
39.7
44.2
40.5
54.3
67.9
78.0
82.5
78.8
55.4
65.3
75.2
71.8
55.4
42.5
32.0
10.9
5.2
0.5
10.9
10.0
6.4
16.2
31.2
25.8
9.2
11.7
22.7
28.7

65.1
46.5
20.3
3.4
0.0
13.0
26.8
42.3
63.2
90.0
100.0
89.1
75.3
82.1
72.5
59.5
53.0
57.5
59.5
55.8
49.4
45.4
51.3
54.4
60.3
55.8
59.5
45.7
32.1
22.0
17.5
21.2
44.6
34.7
24.8
28.2
44.6
57.5
68.0
89.1
94.8
99.5
89.1
90.0
93.6
83.8
68.8
74.2
90.8
88.3
77.3
71.3

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
b The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid
to enable one to locate approximately the time in the year in which the different weeks fall. Cf. p. 13, note (&).
cln computing index numbers, the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. For
example, the minimum loans in 1890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eighth week), are represented by
/387 300 000 384 500 000 \
an index number of 100, while the forty-seventh week is represented by an index number of 9.3, i. e. ( jT^nn'QOO—38T500000 / X100. c f - PP- 13 -15 a n ^ 22.
d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually do
when the money market tightens and falling when it becomes slack.




NATIONAL MONETARY COMMISSION.

252

TABLE 4.—Seasonal variations in the loans^ deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive—Continued.a
[Amount expressed in millions of dollars.]
1901.

Loans.

B a n k - n o t e circulation.

N e t deposits.

R e s e r v e s (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o deposits.

Month and week. &
Amount.

804.0
808.0
830.9
841.4
871.8
895.3
914. 6
911.8
914.2
918.8
914.8
910.8

Jan.—

1...
2...
3 —
4...
Feb.— 5 . . .

Mar.— 9..
10..
11..
12..
Apr.—13..
14..
15..
16..
17..
May— 18..
19..
20..
21..
June—22..
23..
24..
25..
July— 26..
27..
28..
29..
30.
Aug.—31.
32.
33.
34.
Sept.—35.
36.
37.
39..
Oct.- • 40..
41..
42..
43..
Nov.—44..
45..
46..
47..
Dec.— 48..
49..
50..
51..
52..

Index
number, c

916.9 1
904.4
891.0
882.1
884.4
890.4
897.7
873.5
858.9
866.3
887.6
900.9
902.8
892.4
889.5
868.5
856.2

j

867.7
878.5
886.5
884.8
887.8
895.2
885.1
872.3
865.9
867.6
873.6
870.9
874.9
884. 6
891.9
887.0
882.6
869.1
876.2
881.6
870.4
857.0
858.0

0.0
3.5
23.4
32.6
59.1
79.5
96.3
93.9
96.0
100.0
96.5
93.0
98.3
87.4
75.8
68.0
70.0
75.3
81.6
60.5
47.8
54.3
72.8
84.4
86.1
77.0
74.5
56.2
45.5
55.5
64.9
71.9
70.4
73.0
79.4
70.6
59.5
53.9
55.4
60.6
58.3
61.8
70.2
76.6
72.3
68.5
56.7
62.9 j
67.6
57.8
46.2
47.0

Amount.

870.9
885.3
921.7
937.4
969.9
994.5
1,011.3
1,009.1
1,012.5
1,011.9
1,006.1
1,000.4
1,004.2
985.7
969.2
967.2
970.7
973.1
977.4
951.6
941.1
952.3
972.1
984.1
982.8
971.3
965.2
947.5
939.1
942.9
955.9
965.3
964.6
968.1
968.1
947.6
931.4
930.3
936.4
943.5
942.6
945.1
954.4
958.0
950.4
946.0
932.9
940.6
938.9
923.1
904.0
910.8

Index
n u m b e r . c\ A m o u n t .

0.0
10.2
35.9
47.0
69.9
87.3
99.2
97.6
100.0
99.6
95.5
91.5
94.1
81.1
69.4
68.0
70.5
72.2
75.2
57.0
49.6
57.5
71.5
79.9
79.0
70.9
66.6
54.1
48.2
50.8
60.0
66.7
66.2
68.6
68.6
54.2
42.7
41.9
46.3
51.3
50.6
52.4
59.0
61.5
56.1
53.0
43.8
49.2
48.0
36.9
23.4
28.2

30.9
30.9
30.9
31.2
31.3
31.2
31.1
31.2
31.3
31.4
31.5
31.5
31.6
31.7
31.4
31.4
31.3
31.1
31.0
31.1
31.1 j
31.0 !
30.9
30.9
30.8
30.5
30.5
30.6
30.7
30.6
30.5
30.5
29.0
29.0
30.0
30.6
30.7
31.0
30.6
30.6
30.9
31.3
31.7
31.8
31.8
31.9
31.9
31.9
31.9
31.8
31.9
31.8

Index
n u m b e r . c\ A m o u n t .

65.5
65.5
65.5
75.9
79.3
75.9
72.4
75.9
79.3
82.8
86.2
86.2
89.7
93.1
82.8
82.8
79.3
72.4
69.0
72.4
72.4
69.0
65.5
65.5
62.1
51.7
51.7
55.2
58.6
55.2
51.7
51.7
0.0
0.0
34.5
55.2
58.6
69.0
55.2
55.2
65.5
79.3
93.1
96.6
96.6
100.0
100.0
100.0
100.0
96.6
100.0
96.6

232.0
243.7
257.7
265.1
267.3
269.0
265.6
266.8
267.9
263.6
261.5
260.3
258.9
252.2
250.2
256.7
259.4
254.2
252.5
251.2
256.5
259.3
256.3
254.8
252.3
251.3
246.5
249.7
255.8
258.8
261.1
262.2
259.5
260.1
253.9
243.8
239.9
246.2
250.4
251.4
253.1
251.7
253.3
249.9
246.2
246.6
247.7
248.5
241.3
236.2
231.8
235.6

Index
number, c

5.4
32.0
69.6
89.5
95.4
100.0
90.9
94.1
97.1
85.5
79.8
76.6
72.8
54.8
49.5
66.9
74.2
60.2
55.6
52.1
66.4
73.9
65.9
61.8
55.1
52.4
39.5
48.1
64.5
72.6
78.8
81.7
74.5
76.1
59.4
32.3
21.8
38.7
50.0
52.7
57.3
53.5
57.8
48.7
38.7
39.8
42.7 !
44.9
25.5
11.8
0.0
10.2

Percent.

Direct
Reverse
index
index
n u m b e r , c number.**

26.64
27.52
27.95
28.28
27.56
27.03
26.26
26.43
26.45
26.04
25.99
26.01
25.77
25.58
25.81
26.53
26.71
26.12
25.83
26.40
27.26
27.22
26.37
25.89
25.67
25.86
25.52
26.36
27.24
27.44
27.31
27.16
26.90
26.86
26.22
25.72
25.76
26.46
26.73 !
26.64
26.84
26.63
26.53
26.08
25.89
26.06
26.54
26.41
25.69
25.58
25.63
25.86

40.6
72.5
88.1
100.0
73.9
54.7
26.9
33.0
33.8
18.9
17.1
17.8
9.1
2.3
10.6
36.6
43.2
21.8
11.3
31.9
63.1
61.6
30.9
13.5
5.5
12.4
0.0
30.5
62.3
69.6
64.9
59.5
50.0
48.6
25.3
7.2
8.8
34.1
43.9
40.6
47.9
40.3
36.6
20.4
13.5
19.6
37.0
32.3
6.2
2.3
4.0
12.4

59.4
27.5
11.9
0.0
26.1
45.3
73.1
67.0
66.2
81.1
82. &
82.2.
90.9
97.7
89.4
63.4
56.8
78.2
88.7
68.1
36.9
38.4
69.1
86.5
94.5
87.6
100.0
69.5
37.7
30.4
35.1
40.5
50.0
51.4
74.7
92.8
91.2
65.9
56.1
59.4
52.1
59.7
63.4
79.6
86.5
80.4
63.0
67.7
93.8
97.7
96.0
87.6

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
6 The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid
to enable one to locate approximately the time in the year in which the different weeks fall. Cf. p . 13, note (&).
c In computing index numbers the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. For example, the minimum loans in 1890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eigth week), are represented by an
/ 387,300,000-384,500.000\
index number of 100, while the forty-seventh week is represented by an index number of 9.3, i. e. (414 QQQ 000—384 500 000/ X 1 0 0 - Cf. pp. 13-15 and 22.
d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually do
when the money market tightens and falling when it becomes slack.




SEASONAL DEMAND FOR MONEY AND CAPITAL.

253

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive—Continued. °
[ A m o u n t expressed i n millions of dollars.]
1902.

N e t deposits.

Loans.

B a n k - n o t e circulation.

Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o deposits.

M o n t h a n d week.&
Amount.

Jan.—

1.
2.
3.
4.
F e b . — 5.
6.
7.
8.
Mar.— 9.
10.
11.
12.
Apr.—13.
14.
15.
16.
17.
May— 18.

19.
20.
21.
June—22.
23.
24.
25.
J u l y — 26.
27.
28.
29.
30.
Aug.—31.
32
33
34
Sept.—35.
36.
37.
38.
39.
Oct.— 40.
41.
42.
43.
Nov.—44.
45.
46.
47.
Dec.— 48.
49.
50.
51.
52.

869.5
864.2
867.5
869.9
889.5
918.5
932.0
936.8
938.2
935.1
920.7
913.0
904.1
907.2
900.4
894.5
893.4
904.2
901.9
879.0
870.5
885.6
884.3
881.1
889.0
893.9
910.9
906.8
903.3
913.3
919.7
926.5
929.2
918.7
910.0
906.4
899.5
887.5
874.2
872.3
874.6
865.4
871.0
878.5
875.5
870.4
868.2
879.8
881.4
879.4
875.9
875.3

7.2
0.0
4.5
7.7
34.2
73.3
91.5
98.0
100.0
95.7
76.3
65.9
53.9
58.1
48.9
40.9
39.4
54.0
50.9
20.0
8.5
28.9
27.1
22.8
33.5
40.1
63.0
57.5
52.8
66.3
74.9
84.1
87.8
73.6
61.8
57.0
47.7
31.5
13.5
10.9
14.0
1.6
9.2
19.3
15.3
8.4
5.4
21.1
23.2
20.5
15.8
15.0

Index
n u m b e r . c\ A m o u n t .

Index
n u m b e r . c\

Index
n u m b e r . c\

926.2
926.9
938.7
949.6
975.6
1,000.6
1,015.2
1,019.4
1,017.4
1,005.6
984.3
973.2
965.3
964.6
957.3
952.7
954.5
968.1
960.2
936.1
931.7
948.3
945.8
942.8
950.9
955.8
958.6
942.1
940.6
952.0
957.1
959.6
960.2
948.2
935.9
923.3
908.7
888.8
876.5
872.1
872.3
863.1

878.2
875.7
883.8
879.7
873.7
867.8
865.9

40.4
40.8
48.4
55.3
72.0
88.0
97.3
100.0
98.7
91.2
77.5
70.4
61.8
64.9
60.2
57.3
58.5
67.2
62.1
46.7
43.9
54.5
52.9
51.0
56.2
59.3
61.3
50.5
49.6
56.9
60.1
61.7
62.1
54.4
46.6
38.5
29.2
16.4
8.6
5.8
5.9
0.0
12.5
19.6
14.5
9.7
8.1
13.2
10.6
6.8
3.0
1.8

31.8
32.0
31.9
31.7
31.3
31.3
31.2
31.1
31.2
31.3
31.4
31.4
31.4
31.0
30.9
30.9
30.9
31.0
31.2
31.2
31.1
31.2
31.4
31.4
31.3
31.4
31.6
31.7
31.8
31.9
32.1
31.8
32.1
32.4
32.9
33.5
34.2
34.7
35.0
35.6
36.0
37.8
40.1
42.0
43.8
44.6
45.3
45.4
45.5
45.5
45.6
45.6

e.i
7.5
6.8
5.4
2.7
2.7
2.0
1.4
2.0
2.7
3.4
3.4
3.4
0.7
0.0
0.0
0.0
0.7
2.0
2.0
1.4
2.0
3.4
3.4
2.7
3.4
4.8
5.4
6.1
6.8
8.2
6.1
8.2
10.2
13.6
17.7
22.4
25.8
27.9
32.0
34.7
46.9
62.6
75.5
87.8
93.2
98.0
98.6
99.3
99.3
100.0
100.0

239.0
244.7
253.7
262.7
270.6
268.0
267.3
267.3
264.3
255.3
249.2
246.7
248.3
243.8
243.9
244.7
248.0
249.5
243.5
242.3
247.2
249.0
247.7
249.0
249.8
251.9
249.7
247.7
250.8
253.5
253.0
248.9
247.1
246.8
243.7
234.9
227.9
220.5
222.3
219.8
219.6
221.3
238.4
244.7
239.3
237.8
238.4
236.7
229.9
226.8
225.0
223.0

Index
number, c

38.0
49.2
66.9
84.5
100.0
94.9
93.5
93.5
87.6
70.0
58.0
53.1
56.3
47.5
47.7
49.2
55.7
58.6
46.9
44.5
54.1
57.6
55.1
57.6
59.2
63.3
59.0
55.1
61.2
66.5
65.5
57.5
53.9
53.3
47.3
30.0
16.3
1.8
5.3
0.4
0.0
3.3
36.9
49.2
38.6
35.7
36.9
33.5
20.2
14.1
10.6
6.7

cent.

25.80
26.39
27.02
27.66
27.72
26.78
26.33
26.21
25.97
25.39
25.31
25.34
25.71
25.27
25.47

Direct
Reverse
index
index
n u m b e r , c number.**

34.0
54.2
75.9
97.9
100.0
67.7
52.2
48.1
39.8
19.8
17.1
18.1
30.9
15.7
22.6

25.68
25.98
25.77

29.8

25.35

18.5
36.7

25.88
26.53
26.25
26.18
26.40
26.27

40.1
32.9

59.1
49.4
47.0
54.6
50.1

26.35
26.04

52.9
42.2

26.29
26.66

50.8
63.5
61.8
55.6

26.61
26.43
25.92
25.74
26.02
26.03
25.43
25.07
24.81
25.36
25.20
25.17
25.64
27.00
27.37
27.00
27.08
27.22
26.78
26.15

38.1
33.3
41.5
41.9
21.2
8.8
0.0
18.8
13.3
12.3
28.4
75.2
88.0
75.2
78.0
82.8
67.7
46.0
39.1

25.95
25.92

?8.1

25.75

32.2

66.0
45.8
24.1
2.1
0.0
32.3
47.8
51.9
60.2
80.2
82.9
81.9
69.1
84.3
77.4
70.2
59.9
67.1
81.5
63.3
40.9
50.6
53.0
45.4
49.9
47.1
57.8
49.2
36.5
38.2
44.4^
61.9
66.7
58.5
58.1
78.8
91.2
100.0
81.2
86.7
87.7
71.6
24.8
12.0
24.8
22.0
17.2
32.3
54.0
60.9
61.9
67.8

a T h e s e figures are based u p o n figures c o m p i l e d for t h e N a t i o n a l M o n e t a r y C o m m i s s i o n from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
b T h e schedule of m o n t h s used t h r o u g h o u t t h e s e tables, unless o t h e r w i s e specified, represents a year, s u c h as 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n as a n aid
t o e n a b l e o n e t o locate a p p r o x i m a t e l y t h e t i m e i n t h e y e a r i n w h i c h t h e different weeks fall. Cf. p . 13, n o t e (&).
c l n c o m p u t i n g i n d e x n u m b e r s , t h e m i n i m u m w e e k l y figure for each y e a r is t a k e n as 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e other figures are p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 ( e i g h t h w e e k ) , are r e p r e s e n t e d b y
/ 3 8 7 300 000 384 500 000 \
a n i n d e x n u m b e r of 100, w h i l e t h e forty-seventh w e e k is r e p r e s e n t e d b y a n i n d e x n u m b e r of 9.3, i. e. ( 4i4 Z 6Wooo-384 > 50oWo ) X100. Cf. p p . 13-15 a n d 22.
d T h e s e i n d e x n u m b e r s are t h e e x a c t reverse of those i n t h e p r e c e d i n g c o l u m n . I n t h i s case t h e m a x i m u m figure for t h e year is represented b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
figure b y a n i n d e x n u m b e r of 100, a n d t h e o t h e r s a r e p r o r a t e d . T h e s e i n d e x n u m b e r s m a y b e considered as i n a sense indices of m o n e t a r y s t r i n g e n c y , rising a s t h e y u s u a l l y d o
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n i t becomes slack.




NATIONAL MONETARY COMMISSION.

254
T A B L E 4.—Seasonal variations

in the loans,

posits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908y
inclusive—Continued.a
[Amount expressed in millions of dollars.]
1903.

Loans.

N e t deposits.

B a n k - n o t e circulation.

Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o d e p o s i t s .

M o n t h a n d week.fr
Amount.

Jan.—

1
o

3
4
Feb.— 5
6
7
8
Mar.— 9
10
11
12
Apr.—13
14
15
16
17
May— 18
19
20
21
j u n e _ 22
23
24
25
J U l y _ 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.—40
41
42
43
Nov.— 44
45
46
47
D e c — 48
49
50
51
52

. .

871.6
886.1
890.4
904.5
925.0
936.2
950.2
950.2
939.6
924.5
911.5
904.6
904.0
902.8
905.2
900.6
914.1
923.1
928.9
923.5
923.0
915.1
903.4
904.8
913.7
917.4
909.5
907.0
907.9
908.9
912.7
908.3
917.9
923.1
924.4
926.6
922.1
917.0
912.9
913.1
908.3
907.1
911.5
900.1
889.9
887.2
880.8
882.0
880.9
878.7
892.3
908.6

Index
n u m b e r .c

0.0
18.4
23.9
41.8
67.8
82.0
100.0
100.0
86.4
67.2
50.7
41.9
41.1
39.6
42.7
36.8
54.0
65.4
72.8
65.9
65.3
55.2
40.4
42.2
53.5
58.2
48.1
45.0
46.1
47.4
52.2
46.6
58.8
65.4
67.1
69.9
64.1
57.7
52.5
52.7
46.6
45.1
50.7
36.2
23.2
19.8
11.7
13.2
11.8
9.0
26.3
47.1

Amount.

873.6
901.1
912.8
931.7
940.1
952.3
963.2
956.2
936.6
916.1
900.6
894.2
888.7
884.8
887.2
887.6
905.7
915.8
920.8
914.6
913.0
898.6
886.8
889.7
903.7
903.8
892.1
895.2
902.3
909.8
912.2
903.3
913.7
920.1
918.1
918.1
909.4
901.3
897.2
897.6
891.7
889.7
885.6
868.0
853.4
847.3
841.5
842.9
842.8
848.2
865.9
886.2

Index
number.c

26.4
49.0
58.6
74.1
81.0
91.0
100.0
94.2
78.1
61.3
48.6
43.3
38.8
35.6
37.6
37.9
52.8
61.1
65.2
60.1
58.8
46.9
37.2
39.6
51.1
51.2
41.6
44.1
50.0
56.1
58.1
50.8
59.3
64.6
62.9
62.9
55.8
49.1
45.8
46.1
41.2
39.6
36.2
21.8
9.8
4.8
0.0
1.2
1.1
5.5
20.0
36.7

Amount.

45.6
45.5
45.4
45.1
44.1
43.7
43.1
43.2
42.9
42.9
42.8
42.9
42.9
43.1
43.4
43.5
43.5
43.9
44.2
44.2
44.1
44.1
44.0
44.0
44.0
43.9
43.9
43.9
43.8
43.8
43.9
43.9
43.9
43.9
43.8
44.7
45.3
45.6
45.6
45.7
45.7
45.8
45.8
45.8
45.9
46.0
46.0
46.0
46.1
46.0
45.3
45.0

Index
number.c

84.8
81.8
78.8
69.7
39.4
27.3
9.1
12.1
3.0
3.0
0.0
3.0
3.0
9.1
18.2
21.2
21.2
33.3
42.4
42.4
39.4
39.4
36.4
36.4
36.4
33.3
33.3
33.3
30.3
30.3
33.3
33.3
33.3
33.3
30.3
57.6
75.8
84.8
84.8
87.9
87.9
90.9
90.9
90.9
93.9
97.0
97.0
97.0
100.0
• 97.0
75.8
66.7

Amount.

233.2
245.4
254.6
260.8
253.5
253.6
249.8
245.0
234.8
230.0
228.3
229.8
224.3
224.9
227.8
232.8
237.6
238.9
239.2
237.8
237.9
229.4
231.1
232.5
238.8
234.3
231.0
237.0
244.5
251.5
249.6
247.3
249.5
250.7
246.8
244.9
240.5
239.9
238.2
240.9
240.3
240.3
231.6
222.4
219.4
215.7
216.5
217.0
218.7
226.0
229.0
231.1

Index
number.c

38.8
65.9
86.3
100.0
83.8
84.0
75.6
65.0
42.4
31.7
27.9
31.3
19.1
20.4
26.8
37.9
48.6
51.4
52.1
49.0
49.2
30.4
34.1
37.3
51.2
41.2
33.9
47.2
63.9
79.4
75.2
70.1
74.9
77.6
69.0
64.7
55.0
53.7
49.9
55.9
54.5
54.5
35.3
14.9
8.2
0.0
1.8
2.9
6.7
22.8
29.5
34.1

Per cent.

26.69
27.23
27.88
27.98
26.96
26.63
25.92
25.61
25.06
25.10
25.34
25.68
25.23
25.41
25.67
26.23
26.22
26.08
25.97
26.01
26.06
25.53
26.06
26.12
26.42
25.94
25.89
26.47
27.08
27.63
27.35
27.37
27.31
27.23
26.88
26.66
26.44
26.60
26.54
26.83
26.95
27.00
26.16
25.61
- 25.71
* 25.46
25.71
25.74
25.95
26.64
26.45
26.07

Direct
Reverse
index
index
number.c number.^
55.9
74.3
96.6
100.0
65.1
53.8
29.5
18.2
0.0
1.5
9.7
21.3
5.9
12.1
21.0
40.1
39.8
35.0
31.3
32.6
34.3
16.2
34.3
36.4
46.6
30.2
28.5
48.4
69.2
88.0
78.5
79.1
77.1
74.3
62.4
54.9
47.3
52.8
50.8
60.7
64.8
66.5
37.8
18.9
22.3
13.8
22.4
23.4
30.6
54.2
47.7
34.6

44.1
25.7
3.4
0.0
34.9
46.2
70.5
81.8
100.0
98.5
90.3
78.7
94.1
87.9
79.0
59.9
60.2
65. a
68.7
67.4
65.7
83.8
65.7
63.6
53.4
69.8
71.5
51.6
30. &
12.0
21.5
20.9
22.9
25.7
37.6
45.1
52.7
47.2
49.2
39.3
35.2
33.5
62.2
81.1
77.7
86.2
77.6
76.6
69.4
45.8
52.3
65.4

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
b The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid
to enable one to locate approximately the time in the year in which the different weeks fall. Cf. p . 13, note (&).
cln computing index numbers, the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. For
example, the minimum loans in 1890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eighth week), are represented b y
'
,
'
, ,
,
/387,300,000-384,500,000\
an index number of 100, while the forty-seventh week is represented by an index number of 9.3, i. e. ( ^ ^ ~ f l T b ^ ^ 8 T 5 W W 6 / X 100 - Cf - PP- 1 3 ~ 1 5 a n d 2 2 d These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually d a
when the money market tightens and falling when it becomes slack.




SEASONAL DEMAND FOR MONEY AND CAPITAL.

255

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive—Continued.a
[ A m o u n t expressed i n millions of dollars.]
1904.

N e t deposits.

Loans.

B a n k - n o t e circulation.

Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves to deposits.

M o n t h a n d week.&
Amount.

Jan.—

1.
2.
3.
4.

Feb.— 5
6
7
8
Mar.— 9
10
11
12
Apr.— 13
14
15
1G
17
May— 18.
19.
20.
21
J u n e — 22
23
24
25
J u l y - 26
27
28
29
30
Aug.— 31
32
33
34
Sept.—35.
36.
37.
38.
39.
Oct.— 40.
41.
42.
43.
Nov.— 44
45
46
47
D e c — 48.
49.
50.
51.
52.

916.0
934.4
965.1
994.6
998.9
999.6
994.4
990.2
999.9
997.4
998.9
007.9
022.7
,038.5
,043.3
,046.4
,049.6
071.0
,078.9
056.6
,040.5
,036.6
,042.1
049.7
066.8
075.0
078.3
087.5
,099.8
097.3
095.5
,096.5
099.2
099.1
117.2
130.5
.141.0
138.5
143.0
146.0
134.0
138.0
142.3
139.9
125.1
112.7
102.4
090. 6
082.1
060.1
057.4
066.7

Index
n u m b e r . c\ A m o u n t .

0.0
8.0
21.4
34.2
36.1
36.4
34.1
32.3
36.5
35.4
36.1
40.0
46.4
53.3
55.4
56.7
58.1
67.4
70.9
61.2
54.2
52.5
54.9
58.2
65.6
69.2
70.6
74.6
80.0
78.9
78.1
78.5
79.7
68.0
87.5
93.3
97.9
96.8
98.7
100.0
94.8
96.6
98.4
97.4
91.0
85.6
81.1
76.0
72.3
62.7
61.5
65.6

905.7
941.2
986.3
1,023.9
1,027.1
1,026.3
1,028.0
1,027.9
1,040.5
1,037.2
1,037.0
1,048.6
1,069.3
1,085.5
1,097.1
1,109.3
1,114.3
1,131.7
1,129.6
1,100.5
1,098.9
1,098.7
1,109.2
1,122.0
1,143.3
1,152.9
1,158.1
1,179.1
1,201.4
1,204.9
1,204.2
1,207.1
1,209.5
1,207.3
1,217.0
1,221.7
1,224.2
1,214.0
1,212.7
1,205.2
1,193.2
1,199.7
1,204.4
1,196.1
1,176.0
1,159.8
1,144.2
1,127.8
1,118.0
1,096.1
1,094.1
1,104.0

Index
n u m b e r . c| A m o u n t .

0.0
11.1
25.3
37.1
38.1
37.9
38.4
38.4
42.3
41.3
41.2
44.9
51.4
56.5
60.1
63.9
65.5
71.0
70.3
61.2
60.7
60.6
63.9
67.9
74.6
77.6
79.2
85.8
92.8
93.9
93.7
94.6
95.4
94.7
97.7
99.2
100.0
96.8
96.4
94.0
90.3
92.3
93.8
91.2
84.9
79.8
74.9
69.7
66.7
59.8
59.2
62.3

44.6
43.7
43.1
42.7
41.5
40.7
40.5
40.2
39.1
37.9
36.9
36.9
36.8
35.6
35.3
35.7
35.7
35.7
36.0
36.4
37.0
37.2
38.0
38.7
38.9
39.2
39.1
39.1
39.1
38.9
38.6
38.2
37.6
37.7
38.9
40.0
40.1
40.7
40.5
41.7
42.2
42.9
43.2
42.5
42.3
42.1
42.1
42.1
42.5
42.7
42.8
43.1

Index
Amount.
n u m b e r , cl

100.0
90.3
83.9
79.6
66.7
58.1
55.9
52.7
40.9
28.0
17.2
17.2
16.1
3.2
0.0
4.3
4.3
4.3
7.5
11.8
18.3
20.4
29.0
36.6
38.7
41.9
40.9
40.9
40.9
38.7
35.5
31.2
24.7
25.8
38.7
50.5
51.6
58.1
55.9
68.8
74.2
81.7
84.9
77.4
75.3
73.1
73.1
73.1
77.4
79.6
80.6
83.9

241.1
258.4
272.6
281.1
278.6
276.9
284.5
289.1
290.0
289.2
286.5
289.6
295.0
294.2
301.5
311.5
311.7
305.6
295.2
288.1
304.4
306.4
312.8
319.3
324.2
324.3
325.5
339.3
350.9
357.2
357.3
359.5
361.0
359.2
351.7
343.8
335.4
329.7
323.1
313.9
314.2
317.8
317.9
309.1
302.9
299.5
294.4
290.5
288.8
288.5
288.7
289.6

Index
n u m b e r , cl P e r c e n t .

0.0
14.4
26.3
33.4
31.3
29.9
36.2
40.0
40.8
40.1
37.9
40.5
45.0
44.3
50.4
58.7
58.9
53.8
45.1
39.2
52.8
54.5
59.8
65.2
69.3
69.4
70.4
81.9
91.6
96.8
96.9
98.8
100.6
98.5
92.2
85.7
78.7
73.9
68.4
60.7
61.0
64.0
64.1
56.7
51.5
48.7
44.5
41.2
39.8
39.5
39.7
40.5

26.61
27.45
27.64
27.44
27.12
26.96
27.66
28.12 i
27.87
27.87
27.62
27.61
27.58
27.10
27.47
28.07
27.96
27.00
26.12
26.18
27.69
27.88
28.20
28.45
28.35
28.13
28.11
28.77
29.20
29.64
29.67
29.77
29.84
29.75
28.89
28.14
27.39
27.15
26.63
26.04
26.33
26.48
26.39
25.84
25.75
25.82
25.72
25.75
25.82
26.32
26.39
26.23

Reverse
Direct
index
index
number, c number.d

21.5
41.9
46.5
41.7
33.9
30.0
47.0
' 58.2
52.1
52.1
46.1
45.8
45.1
33.4
42.4
57.0
54.3
31.0
9.6
11.1
47.8
52.4
60.1
66.2
63.8
58.4
58.0
74.0
84.4
95.1
95.9
98.3
100.0
97.8
76.9
58.7
40.5
34.6

22.0 1
7.7 1
14.7
18.4
16.2
2.8
0.6
2.3
0.0
0.6
2.3
14.5
16.2

12.3 1

78.5
58.1
53.5
58.3
66.1
70.0
53.0
41.8
47.9
47.9
53.9
54.2
54.9
66.6
57.6
43.0
45.7
69.0
90.4
88.9
52.2
47.6
39.9
33.8
36.2
41.6
42.0
26.0
15.6
4.9
4.1
1.7
0.0
2.2
23.1
41.3
59.5
65.4
78.0
92.3
85.3
81.6
83.8
97.2
99.4
97.7
100.0
99.4
97.7
85.5
83.8
87.7

i
a T h e s e figures are based u p o n figures c o m p i l e d for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
& T h e schedule of m o n t h s used t h r o u g h o u t these t a b l e s , unless otherwise specified, represents a year, s u c h as 1893, in w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n as a n aid
t o e n a b l e one to locate a p p r o x i m a t e l y t h e t i m e i n t h e year in w h i c h t h e different weeks fall. Cf. p . 13, n o t e (&).
c l n c o m p u t i n g i n d e x n u m b e r s , t h e m i n i m u m w e e k l y figure for each year is t a k e n as 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e other figures are p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are represented b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 (eighth w e e k ) , are represented b y
/387 300 000 384 500 000 \
a n i n d e x n u m b e r of 100, w h i l e t h e forty-seventh w e e k is r e p r e s e n t e d b y a n i n d e x n u m b e r of 9.3, i. e. ( . i / ^ ^ n
o o / Z ' Z ) X100. Cf. p p . 13-15 a n d 22.
\414,DuU,U0U—oo4,500,0U0/

d These i n d e x n u m b e r s are t h e e x a c t reverse of those in t h e preceding c o l u m n . I n this case t h e m a x i m u m figure for t h e year is represented b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
figure b y a n i n d e x n u m b e r of 100, a n d t h e others are p r o r a t e d . T h e s e i n d e x n u m b e r s m a y be considered as i n a sense indices of m o n e t a r y s t r i n g e n c y , rising as t h e y u s u a l l y do
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n i t becomes slack.




NATIONAL MONETARY COMMISSION.

256

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New
inclusive—Continued. °

York City clearing-house banks, 1890-1908

[ A m o u n t expressed i n millions of dollars.]
1905.

Loans.

B a n k - n o t e circulation.

N e t deposits.

R e s e r v e s (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o deposits.

M o n t h a n d week.&
Amount.

Jan.—

1
2
3
4
Feb.— 5
6
7
8
Mar.— 9

10
11
12
Apr.—13
14
15
16
17
May— 18
19
20.
21.
J u n e — 22
23
24
25
J u l y — 26
27.
28.
29.
30.
Aug.— 31
32
33
34
Sept.—35.
36.
37.
38.
39.
Oct.—40..
41.
42.
43.
Nov.—44.
45.
46.
47.
Dec—48.
49.
50.
51.
52.

069.7
064.3
098.8
115.6
128.1
142.1
136.0
121.3
134.4
132.9
127.7
109.7
099.3
090.8
099.6
107.3
097.9
092.1
099.7
120.4
111.0
101.3
089.5
104.9
102.8
120.9
116.5
107.3
126.4
144.8
146.2
139.9
146.1
144.6
136.9
106.7
085.8
076.4
071.6
059.7
030.3
026.7
041.8
058.3
044.3
017.1
012.3
023.9
016.3
004.6
006.1
001.0

Index
number, c

47.3
43.6
67.4
79.0
87.6
97.2
93.0
82.9
91.9
90.9
87.3
74.9
67.7
61.9
67.9
73.2
66.8
62.8
68.0
82.3
75.8
69.1
61.0
71.6
70.1
82.6
79.6
67.3
86.4
99.1
100.0
95.7
100.0
98.9
93.6
72.8
58.4
52.0
48.6
40.4
20.2
17.7
28.1
39.5
29.8
11.1
7.8
15.8
10.5
2.5
3.5
0.0

Amount.

109.1
119.1
163.8
189.9
196.9
202.9
192.5
179.8
189.9
187.6
174.4
150.6
138.6
128.1
139.7
151.9
146.5
143.8
150.2
165.1
155.1
136.4
123.8
140.2
146.7
166.0
158.3
159.0
177.3
199.7
197.1
186.6
188.5
181.0
166.5
125.4
096.3
083.1
080.4
059.2
026.1
023.8
042.0
052.7
028.3
999.0
999.1
1,007.1
992.2
983.8
985.0
977.6

Index
number, c

Amount.

Index
number, c

43.1
43.0
42.9
42.8
42.8
43.0
42.8
42.8
42.8
42.8
42.8
43.0
43.7
44.1
44.4
44.4
44.1
44.5
44.6
45.3
45.8
46.2
46.5
47.3
48.0
48.5
48.8
49.1
48.9
48.8
49.4
50.4
51.5
52.3
53.0
53.7
53.6
53.7
54.0
54.1
54.1
54.6
54.8
54.3
54.3
54.6
54.6
54.0
53.2
53.0
53.0
53.0

58.4
62.8
82.6
94.2
97.3
100.0
95.4
89.7
94.2
93.2
87.3
76.8
71.5
66.8
72.0
77.4
75.0
73.8
76.6
83.2
78.8
70.5
64.9
72.2
75.1
83.6
80.7
80.5
88.6
98.6
97.4
92.8
93.6
90.3
83.8
65.6
52.7
46.8
45.6
36.2
21.5
20.5
28.6
33.3
22.5
9.5
9.5
13.1
6.5
2.8
3.3
0.0

Amount.

2.5
1.7
0.8
0.0
0.0
1.7
0.0
0.0'
0.0
0.0
0.0
1.7
7.5
10.8
13.3
13.3
10.8
14.2
15.0
20.8
25.0
28.3
30/8
37.5
43.3
47.5
50.0
52.5
50.8
50.0
55.0
63.3
72.5
79.2
85.0
90.8
90.0
90.8
93.3
94.2
94.2
98.3
100.0
95.8
95.8
98.3
98.3
93.3
86.7
85.0
85.0
85.0

288.9
304.1
314.6
324.4
319.0
311.7
307.2
309.5
305.8
306.1
298.7
294.1
293.3
290.7
294.2
299.4
303.2
304.7
304.2
299.5
300.2
290.1
290.6
292.2
301.7
303.1
297.5
309.2
309.2
315.2
311.4
309.4
306.3
304.2
297.1
286.1
278.7
276.0
277.5
269.1
266.6
268.4
272.8
265.4
254.5
252.6
258.8
254.3
246.7
249.9
250.4
248.6

Index
n u m b e r , c] P e r c e n t .

54.3
73.9
87.4
100.0
93.1
83.7
77.9
80.8
76.1
76.5
66.9
61.0
60.0
56.6
61.1
67.8
72.7
74.6
74.0
68.0
68.9
55.9
56.5
58.6
70.8
72.6
65.4
80.4
80.4
88.2
83.3
80.7
76.7
74.0
64.9
50.7
41.2
37.7
39.6
28.8
25.6
27.9
33.6
24.1
10.0
7.6
15.6
9.8
0.0
4.1
4.8
2.4

26.04
27.18
27.03
27.24
26.65
25.91
25.76
26.25
25.69
27.77
25.43
25.56
25.76
25.76
25.81
25.99
26.44
26.62
26.44
25.69
25.99
25.53
25.87
25.62
26.31
25.99
25.68
26.68
26.26
26.27
26.01
26.07
25.78
25.76
25.46
25.42
25.42
25.47
25.67
25.40
25.98
26.22
26.18
25.22
24.75
25.28
25.91
25.24
24.86
25.39
25.41
25.43

Direct j R e v e r s e
index
index
number, c number.d

42.7
80.5
75.5
82.5
62.9
38.4
33.4
49.7
31.2
100.0
22.5
26.8
33.4
33.5
35.1
41.1
56.0
61.9
56.0
31.2
41.1
25.9
37.1
28.8
51.7
41.1
30.8
63.9
50.0
50.3
41.7
43.7
34.1
33.5
23.5
22.2
22.2
23.9
30.5
21.6
40.8
48.7
47.4
15.6 |
0.0
17.6
38.4
16.3
3.7
21.2
21.9
22.5

57.3
19.5
24.5
17.5
37.1
61.6
66.6
50.3
68.8
0.0
77.5
73.2
66.6
66.5
64.9
58.9
44.0
38.1
44.0
68.8
58.9
74.1
62.9
71.2
48.3
58.9
69.2
36.1
50.0
49.7
58.3
56.3
65.9
66.5
76.5
77.8
77.8
76.1
69.5
78.4
59.2
51.3
52.6
84.4
100.0
82.4
61.6
83.7
96.3
78.8
78.1
77.5

« These figures are based u p o n figures c o m p i l e d for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
*> T h e schedule of m o n t h s used t h r o u g h o u t t h e s e t a b l e s , unless otherwise specified, r e p r e s e n t s a y e a r , s u c h as 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n as a n aid
t o e n a b l e one t o locate a p p r o x i m a t e l y t h e t i m e i n t h e y e a r i n w h i c h t h e different weeks fall. Cf. p . 13 n o t e (&).
c l n c o m p u t i n g i n d e x n u m b e r s , t h e m i n i m u m w e e k l y figure for each year is t a k e n as 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e o t h e r figures are p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 ( e i g h t h w e e k ) , a r e r e p r e s e n t e d b y
a n i n d e x n u m b e r of 100, w h i l e t h e forty-seventh w e e k is r e p r e s e n t e d "by a n i n d e x n u m b e r of 9.3, i. e. (

'

'

—

''

''

) X100.

Cf. p p . 13-15 a n d 22.

\4I4,D(J0,U0U—oo4,ouU,0UU/

d T h e s e i n d e x n u m b e r s are t h e e x a c t reverse of t h o s e i n t h e p r e c e d i n g c o l u m n . I n t h i s case t h e m a x i m u m figure for t h e y e a r is r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
figure b y a n i n d e x n u m b e r of 100, a n d t h e o t h e r s are p r o r a t e d . T h e s e i n d e x n u m b e r s m a y b e considered as i n a s e n s e i n d i c e s of m o n e t a r y s t r i n g e n c y , r i s i n g as t h e y u s u a l l y d o
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n i t becomes slack.




SEASONAL DEMAND FOR MONEY AND CAPITAL.

257

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive a—Continued.
[ A m o u n t expressed in millions of dollars.]
1906.

N e t deposits.

Loans.

B a n k - n o t e circulation.

Reserves (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o deposits.

M o n t h a n d week.b
Index
number.c

1,004.7
1,005.0
1,025.6
1,041.1
1,057.4
1,062.0
1,052.4
1,049.3
1,040.8
1,019.6
1,025.4
1,029.3
1,025.5
1,032.7
1,009.3
1,017.4
1,039.2
1,042.1
1,025.7
1,040.7
1,049.4
1,051.5
1,059.2
1,060.1
1,057.8
1,056.9
1,050.6
1,036.2
1,045.7
1,058.4
1,077.2
1,072.5
1,067.3
1,071.1
1,063.7
1,051.8
1,036.5
1,043.9
1,051.2
1,052.3
1,065.7
1,082.4
1,062.3
1,052.8
1,045.5
1,039.4
1,043.5
1,048.5
1,044.7
1,027.7
1,027.2
1,033.0

Jan.—

Feb.—

Mar.—

9.
10.

11..
12.
Apr.- - 1 3 .
14.
15.
16.
17.
May- •18..
19..
20..
21..
June—22 .
23..
24..
25..
July— 2 6 . .
27..
28..
29..
30..
Aug.—31 .
32.
33.
34.
Sept.—35..
36..
37..
38..
39..
Oct.— 40 .
41.
42..
43..
Nov.—44..
45..
46..
47..
Dec—48..
49..
50 ..
51..
52..

0.0
0.4
27.0
47.0
68.0
73.9
61.5
57.5
46.6
19.2
26.7
31.7
26.8
36.1
59.3
16.4
44.5
48.2
27.1
46.4
57.7
60.4
70.3
71.5
68.5
67.3
59.2
40.6
52.9
69.3
93.5
87.5
80.8
85.7
76.1
60.6
41.0
50.6
60.0
61.4
78.7
100.0
74.3
62.0
52.6
44.8
50.1
56.5
51.6
29.7
29.0
36.5

Amount.

983.7
997.2
1,029.3
1,047.1
1,061.4
1,060.9
1,048.6
1,042.2
1,029.5
1,001.9
1,008.8
1,013.0
1,004.2
1,003.4
981.8
1,007.4
1,028.6
1,027.2
1,014.5
1,026.8
1,032.7
1,036.7
1,047.1
1,048.1
1,049.4
1,049.6
1,036.3
1,023.9
1,044.7
1,060.1
1,076.5
1,062.9
1,053.7
1,053.8
1,042.0
1,014.2
1,005.4
1,023.2
1,034.0
1,031.3
1,050.7
1,062.3
1,034.6
1,015.8
998.7
994.4
997.9
998.6
982.1
967.0
971.6
981.3

Index
number.c

Index
number.c

15.3
27.6
56.9
73.2
86.2
85.8
74.5
68.7
57.1
31.9
38.2
42.0
34.0
33.2
13.5
36.9
56.3
55.0
43.4
54.6
60.0
63.7
73.2
74.1
75.3
75.4
63.3
52.0
71.0
85.0
100.0
87.6
79.2
79.3
68.5
43.1
35.1
51.3
61.2
58.7
76.4
87.0
61.7
44.6
29.0
25.0
28.2
28.9
13.8
0.0
4.2
13.1

52.9
52.9
52.6
52.2
51.9
51.4
50.9
50.7
50.9
51.4
50.9
51.3
51.8
51.7
51.4
51.4
51.1
50.8
50.3
50.0
49.8
49.7
48.9
48.4
48.4
48.3
48.4
48.5
47.9
47.0
46.5
46.0
46.0
46.1
46.0
44.9
44.8
45.1
45.5
45.7
46.1
46.4
46.7
49.0
50.5
51.3
52.2
53.3
53.7
53.5
53.5
53.6

91.0
91.0
87.6
83.1
79.8
74.2
68.5
66.3
68.5
74.2
68.5
73.0
78.6
77.5
74.2
74.2
70.8
67.4
61.8
58.4
56.2
55.1
46.1
40.4
40.4
39.3
40.4
41.6
34.8
24.7
19.1
13.5
13.5
14.6
13.5
1.1
0.0
3.4
7.9
10.1
14.6
18.0
21.3
47.2
64.0
73.0
83.1
95.5
100.0
97.8
97.8

Amount.

246.5
262.1
274.1
277.6
276.4
271.1
267.9
265.7
262.3
256.9
258.0
259.6
256.2
248.2
250.2
268.2
267.5
262.7
266.5
266.8
264.8
266.0
268.9
269.1
273.2
274.4
265.5
268.8
280.5
283.9
283.2
273.9
270.5
267.7
263.3
246.9
254.9
267.1
271.0
267.2
275.7
271.7
264.3
257.0
248.1
250.9
253.8
251.1
238.8
240.0
246.1
250.6

Index
number.c

17.1
51.7
78.3
86.0
83.4
71.6
64.5
59.6
52.1
40.1
42.6
46.1
38.6
20.8
25.3
65.2
63.6
53.0
61.4
62.1
57.7
60.3
66.7
67.2
76.3
78.9
59.2
66.5
92.5
100.0
98.5
77.8
70.3
64.1
54.3
18.0
35.7
62.7
71.4
63.0
81.8
73.0
56.5
40.4
20.6
26.8
33.3
27.3
0.0
26.6
16.2
26.2

Per cent.

25.05
26.28
26.62
26.49
26.04
25.55
25.56
25.49
25.48
25.64
25.57
25.62
25.50
24.73
25.46
26.61
26.00
25.56
26.26
25.97
25.64
25.65
25.68
25.67
26.03
26.14
25.62
26.25
26.84
26.78
26.30
25.77
25.66
25.41
25.27
24.34
25.34
26.10
26.20
25.90
26.23
25.57
25.54
25.29
24.84
25.23
25.44
25.14
24.31
24.82
25.32
25.55

Direct
Reverse
index
index
n u m b e r . c number.**

29.3
77.9
91.3
86.2
68.4
49.0
48.6
46.7
46.3
52.6
49.8
51.8
47.1
16.7
45.5
90.9
66.8
49.4
77.1
65.6
52.6
53.0
54.2
53.8
68.0
72.3
51.8
76.7
100.0
97.6
78.7
57.7
53.4
43.5
38.0
1.2
40.7
70.8
74.7
62.9
75.9
49.8
48.6
38.8
21.0
36.4
44.7
32.8
0.0
20.2
40.0
49.0

70.7
22.1
8.7
13.8
31.6
51.0
51.4
53.3
53.7
47.4
50.2
48.2
52.9
83.3
54.5
9.1
33.2
50.6
22.9
34.4
47.4
47.0
45.8
46.2
32.0
27.7
48.2
23.3
0.0
2.4
21.3
42.3
46.6
56.5
62.0
98.8
59.3
29.2
25.3
37.1
24.1
50.2
51.4
61.2
79.0
63.6
55.3
67.2
100.0
79.8
60.0
51.0

a T h e s e figures are based u p o n figures c o m p i l e d for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
6 T h e s c h e d u l e of m o n t h s u s e d t h r o u g h o u t t h e s e t a b l e s , unless o t h e r w i s e specified, represents a y e a r , s u c h as 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n as a n a i d
t o e n a b l e one t o locate a p p r o x i m a t e l y t h e t i m e i n t h e y e a r i n w h i c h t h e different weeks fall. Cf. p . 13, n o t e (*>).
c I n c o m p u t i n g i n d e x n u m b e r s t h e m i n i m u m w e e k l y figure for e a c h y e a r is t a k e n as 0, t h e m a x i m u m w e e k l y figure is t a k e n as 100, a n d t h e o t h e r figures are p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m a x i m u m loans, $414,600,000 ( e i g h t h w e e k ) , are r e p r e s e n t e d
b y a n i n d e x n u m b e r of 100, w h i l e t h e forty-seventh w e e k is r e p r e s e n t e d b y a n i n d e x n u m b e r of 9.3, i. e. ( ^ l o ^ - o ^ I ^ ' s o o ' o o o ) X 1 0 0 , C f ' p p ' 1 3 ~ 1 5 a n d 2 2 '
< T h e s e i n d e x n u m b e r s are t h e e x a c t reverse of those i n t h e p r e c e d i n g c o l u m n . I n this case t h e m a x i m u m figure for t h e year is r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
*
figure b y a n i n d e x n u m b e r of 100, a n d t h e o t h e r s are p r o r a t e d . T h e s e i n d e x n u m b e r s m a y b e considered as i n a sense indices of m o n e t a r y s t r i n g e n c y , rising as t h e y u s u a l l y d o
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n it becomes slack.

16065°—11-




-17

NATIONAL MONETARY COMMISSION.

258
T A B L E 4.—Seasonal variations

in the loans, deposits, bank-note circulation, and reserves of the New York
a
inclusive
—Continued.

City clearing-house banks,

1890-1908,

[ A m o u n t expressed i n m i l l i o n s of dollars.]
1907.

Loans.

Net deposits.

B a n k - n o t e circulation.

R e s e r v e s (specie a n d
legal t e n d e r s ) .

R a t i o s of reserves t o deposits.

M o n t h a n d week. 6
Amount.

Jan.— 1,
2.
3,
4
Feb.- 5
6.
7.
8.
Mar.— 9.
10.
11.
12.
Apr.—13
14
15
16
17
May— 18.
19
20
21
June—22.
23.
24.
25.
J u l y — 26
27.
28.
29.
30
Aug.—31.
32.
33,
34.
Sept.—35.
36
37
38
39
Oct.— 40
41
42
43.
Nov.—44
45.
46
47
Dec.—48
49.
50.
51.
52.

049.7
048.8
064.0
086.0
097.8
099.4
092.1
083.5
079.2
067.0
053.6
050.0
056.5
062.7
099.7
125.0
123.4
140.3
126.2
124.8
126.4
139.9
141.4
139.8
134.4
126.5
115.7
104.8
105.3
123.2
127.0
110.5
096.2
088.2
088.0
088.6
089.0
097.6
100.4
089.1
083.4
076.8
087.7
148.5
187.3
192.0
188.0
198.0
186.4
175.0
165.4
147.7

Index
n u m b e r . cl A m o u n t .

0.6
0.0
10.2
24.9
32.8
33.9
29.0
23.2
20.4
12.2
3.2
0.8
5.2
9.3
34.1
51.1
50.0
61.3
51.9
50.9
52.0
61.0
62.0
61.0
57.4
52.1
44.8
37.5
37.9
49.8
52.4
41.3
31.8
26.4
26-3
26.7
26.9
32.7
34.6
27.0
23.2
18.8
26.1
66.8
92.8
95.9
93.3
100.0
92.2
84.6
78.1
66.3

1,000.5
1,008.9
1,042.4
1,067.0
1,076.7
1,065.5
1,057.5
1,045.0
1,038.4
1,019.8
1,003.9
1,002.1
1,019.8
1,036.7
081.6
108.1
106.1
120.5
104.4
106.1
112.6
1,128.1
1.119.1
1.114.2
1,106.9
1,092.0
1,078.5
1,070.7
1,072.9
1,095.7
1,099.3
1,076.9
1,059.4
1.048.3
1,046.6
1,046.4
1,044.8
1,057.0
1,055.1
1,036.7
1,026.0
1,025.7
1,023.7
1,051.7
1,086.8
1,089.3
1,079.8
1,083.2
1,074.8
1,066.8
1,059.4
1,050.9

Index
n u m b e r . c\ A m o u n t .

0.0
6.6
32.8
52.1
59.7
50.9
44.7
34.9
29.7
15.1
2.7
1.3
15.1
28.4
63.6
84.3
82.8
94.0
81.4
82.8
87.9
100.0
92.9
89.1
83.4
71.7
61.1
55.0
56.7
74.6
77.4
59.9
46.2
37.5
36.1
36.0
34.7
44.3
42.8
28.4
20.0
19.7
18.2
40.1
67.6
69.6
62.1
64.8
58.2
52.0
46.2
39.5

53.6
53.6
53.6
53.5
53.1
53.3
53.1
53.0
52.7
52.2
51.5
50.9
50.8
50.3
50.2
50.1
50.0
50.1
50.1
50.4
50.6
50.6
50.5
50.4
50.4
50.4
50.3
50.3
50.3
50.2
50.1
50.1
50.2
50.1
50.3
50.4
50.6
50.6
50.6
50.6
51.0
51.6
51.3
51.7
52.8
55.8
59.2
62.1
65.6
68.9
70.6
71.7

Index
n u m b e r , cl A m o u n t .

16.6
16.6
16.6
16.1
14.3
15.2
14.3
13.8
12.4
10.1
6.9
4.2
3.7
1.4
0.9
0.5
0.0
0.5
0.5
1.8
2.8
2.8
2.3
1.8
1.8
1.8
1.4
1.4
1.4
0.9
0.5
0.5
0.9
0.5
1.4
1.8
2.8
2.8
2.8
2.8
4.6
7.4
6.0
7.8
12.9
26.7
42.4
55.8
71.9
87.1
94.9
100.0

250.2
260.8
279.0
282.3
281.8
269.7
268.8
265.5
263.4
257.0
254.0
255.2
268.0
278.6
286.2
288.7
288.8
286.9
284.5
287.9
293.8
294.8
285.7
283.0
282.3
275.5
270.4
274.5
277.3
283.2
282.2
276.9
274.1
272.0
270.4
268.9
268.1
272.6
269.4
261.8
261.1
267.6
254.7
224.1
219.7
218.6
215.8
217.8
222.5
226.6
233.1
242.5

Index
n u m b e r , cl

43.5
57.0
80.0
84.2
83.5
68.2
67.1
62.9
60.3
52.2
48.4
49.9
66.1
79.5
89.1
92.3
92.4
90.0
87.0
91.3
98.7
100.0
88.5
85.1
84.2
75.6
69.1
74.3
77.8
85.3
84.0
77.3
73.8
71.1
69.1
67.2
66.2
71.9
67.8
58.2
57.3
65.6
49.2
10.5
4.9
3.5
0.0
2.5
8.5
13.7
21.9
33.8

cent.

25.00
25.85
26.76
26.45
26.17
25.30
25.41
25.41
25.36
25.19
25.29
25.46
26.28
26.87
26.45
26.05
26.10
25.60
25.75
26.03
26.40
26.13
25.53
25.40
25.50
25.22
25.08
25.63
25.84
25.83
25.68
25.72
25.87
25.94
25.83
25.69
25.65
25.78
25.53
25.25
25.45
26.08
24.88
21.30
20.21
20.06
19.98
20.10
20.69
21.23
22.00
23.07

Direct
Reverse
index
index
number, c number.**
72.9
85.2
98.4
93.9
89.8
77.2
78.8
78.8
78.1
75.6
77.1
79.6
91.4
100.0
93.9
88.1
88.8
81.6
83.8
87.8
93.2
89.3
80.6
78.7
80.1
76.1
74.0
82.0
85.1
84.9
82.7
83.3
85.5
86.5
84.9
82.9
82.3
84.2
80.6
76.5
79.4
88.5
71.1
19.2
3.4
1.3
0.0
1.8
10.4
18.2
29.4 j
44.9

27.1
14.8
1.6
6.1
10.2
22.8
21.2
21.2
21.9
24.4
22.9
20.4
8.6
0.0
6.1
11.9
11.2
18.4
16.2
12.2
6.8
10.7
19.4
21.3
19.9
23.9
26.0
18.0
14.9
15.1
17.3
16.7
14.5
13.5
15.1
17.1
17.7
15.8
19.4
23.5
20.6
11.5
28.9
80.8
96.6
98.7
100.0
98.2
89.6
81.8
70.6
55.1

a T h e s e figures are b a s e d u p o n figures c o m p i l e d for t h e N a t i o n a l M o n e t a r y Commission from t h e F i n a n c i a l R e v i e w a n d t h e Commercial a n d F i n a n c i a l Chronicle.
6 T h e s c h e d u l e of m o n t h s used t h r o u g h o u t t h e s e t a b l e s , unless o t h e r w i s e specified, r e p r e s e n t s a y e a r , s u c h a s 1893, i n w h i c h J a n u a r y 1 falls u p o n S u n d a y . I t is g i v e n as a n a i d
t o e n a b l e o n e t o locate a p p r o x i m a t e l y t h e t i m e i n t h e y e a r i n w h i c h t h e different w e e k s fall. Cf. p . 13, n o t e (&).
c l n c o m p u t i n g i n d e x n u m b e r s , t h e m i n i m u m w e e k l y figure for e a c h y e a r is t a k e n a s 0, t h e m a x i m u m w e e k l y figure is t a k e n a s 100, a n d t h e o t h e r figures are p r o r a t e d . F o r
e x a m p l e , t h e m i n i m u m loans i n 1890, $384,500,000 (forty-eighth w e e k ) , are r e p r e s e n t e d b y a n i n d e x n u m b e r of 0. t h e m a x i m u m loans, $414,600,000 ( e i g h t h w e e k ) , are r e p r e s e n t e d b y
/ 387 300 000—384 500 000 \
7 7 7 x 0
xa n i n d e x n u m b e r of 100, w h i l e t h e forty-seventh w e e k is r e p r e s e n t e d b y a n i n d e x n u m b e r of 9.3, i. e. I 414'^600L00b-384^500TOO 7 x l 0 ° - C f - PP- 1 3 ~ 1 5 a n d 22 *
d T h e s e i n d e x n u m b e r s are t h e e x a c t reverse of those i n t h e preceding c o l u m n . I n t h i s case t h e m a x i m u m figure for t h e y e a r is r e p r e s e n t e d b y a n i n d e x n u m b e r of 0, t h e m i n i m u m
figure b y a n i n d e x n u m b e r of 100, a n d t h e o t h e r s are p r o r a t e d . T h e s e i n d e x n u m b e r s m a y b e considered as i n a sense indices of m o n e t a r y s t r i n g e n c y , rising a s t h e y u s u a l l y d o
w h e n t h e m o n e y m a r k e t t i g h t e n s a n d falling w h e n i t becomes slack.




SEASONAL DEMAND FOR MONEY AND CAPITAL.

259

TABLE 4.—Seasonal variations in the loans, deposits, bank-note circulation, and reserves of the New York City clearing-house banks, 1890-1908,
inclusive a—Continued.
[Amount expressed in millions of dollars.^]
1908.

Net deposits.

Loans.

Bank-note circulation.

Reserves (specie and
legal tenders).

Ratios of reserves to deposits.

Month and week.c
Amount.

Jan.—

1.
2.
03
4.
Feb.— 5.
6.
7.
8.,
Mar.— 9.
10.
11.
12.
Apr.—13.
14.
15.
16.
17..
May— 18.
19.
20.
21.
June— 22..
23.,
24..
25.
July— 26..
27.
28.
29.
30.
Aug.—31.
32.
33.
34.
Sept.—35.
36..
37.
38.
39.
Oct.— 40.
41..
42..
43.
Nov.— 44.
45..
46..
47.
Dec— 48..
49..

50..
51..
52.

,132.9
,117.1
,126.7
,135.6
,133.8
,139.8
,135.2
, 144.0
,161.1
,164.3
,160.7
,161.7
,164.5
, 180.4
,187.4
,195.7
,190.5
,190.5
,196.3
,201.1
,219.0
,215.1
,211.6
,213.9
,239.9
,231.2
,241.1
,255.7
,264.7
,270.9
,273.2
,275.6
,290.0
,286.6
,289.8
,300.7
,322.7
,318.2
,312.0
,312.1
,324.4
,338.4
,338.4
,333.4
,323.1
,328.1
,332.8
,340.5
,347.1
,339.5
,316.0
,276.7

Index
number.dl Amount.

6.9
0.0
4.2
8.0
7.3
9.9
7.9
11.7
19.1
20.5
19.0
19.4
20.6
27.5
30.6
34.2
31.9
31.9
34.5
36.5
44.3
42.6
41.1
42.1
53.4
49.6
53.9
60.3
64.2
66.9
67.9
68.9
75.2
73.7
75.1
79.9
89.4
86.6
84.8
84.8
90.2
96.2
96.2
94.1
89.6
91.8
93.8
97.2
100.0
96.7
86.5
69.3

048.4
051.6
090.1
127.1
138.5
137.3
132.3
146.2
167.6
175.7
171.8
182.0
189.3
213.9
225.5
245.6
250.9
257.7
270.3
276.2
296.9
285.7
282.5
289.2
321.2
320.1
320.4
328.3
346.0
358.9
365.4
368.5
385.9
388.1
394.6
402.6
420.0
412.5
405.9
396.7
402.7
416.6
418.1
411.4
396.9
403.5
414.0
425.3
424.1
408.5
368.9
322.1

Index
number.^! Amount.

0.0
0.8
11.1
20.9
23.9
23.6
22.3
25.9
31.6
33.8
32.7
35.4
37.4
43.9
47.0
52.3
53.7
55.5
58.9
60.4
65.9
63.0
62.1
63.9
72.4
72.1
72.2
74.3
79.0
82.4
84.1
84.9
89.6
90.1
91.9
94.0
98.6
96.6
94.9
92.4
94.0
97.7
98.1
96.3
92.5
94.2
97.0
100.0
99.7
95.5
85.0
72.6

72.3
72.2
70.9
70.0
69.2
67.3
66.7
66.1
64.1
62.1
61.4
61.2
61.0
60.2
59.5
59.4
59.3
58.2
57.3
57.2
57.2
57.1
56.8
56.6
57.6
56.8
56.4
56.1
56.0
56.0
56.1
56.0
55.6
55.1
54.6
54.7
54.4
54.4
54.1
53.7
53.5
53.3
53.1
52.9
52.6
52.4
47.9
45.5
45.9
46.4
46.6
49.1

Index
number. d\ Amount.

100.0
99.6
94.8
91.4
88.4
81.3
79.1
76.9
69.4
61.9
59.3
58.6
57.8
54.9
52.2
51.9
51.5
47.4
44.0
43.7
43.7
43.3
42.2
41.4
45.2
42.2
40.7
39.6
39.2
39.2
39.6
39.2
37.7
35.8
34.0
34,3
33.2
33.2
32.1
30.6
29.9
29.1
28.4
27.6
26.5
25.7
9.0
0.0
1.5
3.4
4.1
13.4

250.6
268.9
295.1
318.8
325.1
314.1
313.9
319.0
321.1
324.0
323.6
332.9
337.1
344.1
349.6
361.3
371.7
376.7
381.4
383.6
380.7
369.3
367.8
375.7
389.0
396.1
384.8
379.1
389.2
396.2
400.4
401.3
404.1
410.1
414.0
410.3
407.0
403.3
401.5
391.4
385.3
385.6
387.4
386.4
379.5
381.0
383.1
384.4
376.2
369.0
352.2
347.4

Index
number.dl Per cent.

0.0
11.2
27.2
41.7
45.6
38.9
38.7
41.9
43.1
44.9
44.7
50.4
52.9
57.2
60.6
67.7
74.1
77.2
80.0
81.4
79.6
72.6
71.7
76.6
84.7
89.0
82.1
78.6
84.8
89.1
91.7
92.2
93.9
97.6
100.0
97.7
95.7
93.4
92.3
86.2
82.4
82.6
83.7
83.1
78.9
79.8
81.1
81.9
76.9
72.5
62.2
59.2

23.89
25.57
27.06
28.28
28.55
27.60
27.73
27.83
27.50
27.56
27.61
28.15
28.34
28.34
28.52
29.00
29.71
29.95
30.03
30.06
29.35
28.72
28.68
29.14
29.44
30.01
29.14
28.54
28.92
29.16
29.32
29.32
29.16
29.54
29.69
29.25
28.66
28.55
28.56
28.02
27.47
27.22
27.32
27.38
27.17
27.15
27.09
26.97
26.42
26.20
25.73
26.28

Direct
Reverse
index
index
number.^! number.*
0.0
27.2
51.4
71.1
75.5
60.1
62.2
63.9
58.5
59.5
60.3
69.0
72.1
72.1
75.0
82.8
94.3
98.2
99.5
100.0
88.5
78.3
77.6
85.1
90.0
99.2
85.1
75.4
81.5
85.4
88.0
88.0
85.4
91.6
94.0
86.9
77.3
75.5
75.7
66.9
58.0
54.0
55.6
56.6
53.2
52.8
51.9
49.9
41.0
37.4
29.8
38.7

a These figures are based upon figures compiled for the National Monetary Commission from the Financial Review and the Commercial and Financial Chronicle.
6 The average figures for the nineteen years (1890-1908) are summarized in Table IV of the Text of the Report (p. 23).
c The schedule of months used throughout these tables, unless otherwise specified, represents a year, such as 1893, in which January 1 falls upon Sunday. It is given as an aid
to enable one to locate approximately the time in the year in which the different weeks fall. Cf. p. 13, note (&).
d In computing index numbers, the minimum weekly figure for each year is taken as 0, the maximum weekly figure is taken as 100, and the other figures are prorated. For
example, the minimum loans in 1890, $384,500,000 (forty-eighth week), are represented by an index number of 0, the maximum loans, $414,600,000 (eighth week), are represented by
/ 387 300 000 384 500 000 \
an index number of 100, while the forty-seventh week is represented by an index number of 9.3,1, e. ( 414 , 6QO , OOO-384'500 000 / x 1 0 0 ' C f ' p P - 1 3 ~ 1 5 a n d 2 2 ,
« These index numbers are the exact reverse of those in the preceding column. In this case the maximum figure for the year is represented by an index number of 0, the minimum
figure by an index number of 100, and the others are prorated. These index numbers may be considered as in a sense indices of monetary stringency, rising as they usually do
when the money market tightens and falling when it becomes slack.




NATIONAL MONETARY COMMISSION.

260

APPENDIX C.—CHICAGO CLEARING H O U S E BANKS, 1899-1908.
TABLE 5.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the Chicago clearing-house banks,
1899-1908"
[Amounts expressed in millions of dollars.]
1899

Loans.
Month and week.&

Deposits.

1900

Reserves (specie and legal
tenders).

Ratio of reserves to
deposits.

Loans.

Deposits.

Reserves (specie and legal
tenders).

Ratio of reserves to
deposits.

Index number.
Index
InInInInInIndex
dex
dex
dex
dex
dex
Relative Amount. num- Amount. num- Amount. num- Ratio.
Amount. num- Amount. num- Amount. num- Ratio.
ber, c
ber, c
bers
bers
ber, c
ber, c
Ratio. demand
Ratio.
for
money.d

Jan.— 1
2
3
4
Feb.— 5
6
7
8
Mar— 9
10
11
12
Apr.—13
14
15
16
17
May— 18
19
20
21
June— 22
23
24
25
July— 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
Dec—48
49
50
51
52

82.0
84.0
85.9
84.8
83.6
84.8
84.5
84.6
86.8
87.2
88.5
88.5
88.8
90.1
91.2
90.7
90.7
91.9
90.8
91.6
92.1
93.4
93.5
93.6
93.9
95.6
95.2
94.1
93.4
92.8
92.1
93.1
93.8
93.8
93.7
94.9
95.2
97.2
98.4
97.1
97.6
96.7
95.9
95.7
93.9
93.8
93.3
93.2
92.9
93.7
94.0
94.2

0.0
12.2
23.8
17.1
9.8
17.1
15.2
15.9
29.3
31.7
39.6
39.6
41.5
49.4
56.1
53.1
53.1
60.4
53.7
58.6
61.6
69.5
70.1
70.7
72.6
82.9
80.5
73.8
69.5
65.9
61.6
67.7
72.0
72.0
71.3
78.7
80.5
92.7
100.0
92.1
95.1
89.6
84.8
83.5
72.6
72.0
68.9
68.3
66.5
71.3
73.2
74.4

142.8
142.0
144.7
150.4
150.6
150.0
148.1
147.8
152.2
148.9
149.2
149.1
150.2
151.2
150.9
150.0
151.6
155.3
152.4
157.0
156.2
154.7
156.2
156.2
155.9
154.9
155.2
154.7
155.5
155.5
155.2
156.3
154.7
152.6
153.5
156.8
155.9
154.6
150.8
148.5
152.5
151.6
150.1
149.7
150.3
149.1
147.7
147.0
146.5
146.2
145.7
144.8

5.3
0.0
18.0
56.0
57.3
53.3
40.7
38.7
68.0
46.0
48.0
47.3
54.7
61.3
59.3
53.3
64.0
88.7
69.3
100.0
94.7
84.7
94.7
94.7
92.7
86.0
88.0
84.7
90.0
90.0
88.0
95.3
84.7
70.7
76.7
98.7
92.7
84.0
58.7
43.3
70.0
64.0
54.0
51.3
55.3
47.3
38.0
33.3
30.0
28.0
24.7
18.7

30.2
29.9
30.0
30.7
32.8
31.1
29.3
28.6
28.8
28.3
28.2
28.5
28.5
27.7
27.3
28.2
30.1
30.2
31.8
31.8
31.8
30.3
30.5
31.0
30.5
29.9
29.0
29.4
29.7
30.0
30.8
30.6
30.1
27.9
28.6
27.0
26.6
27.2
24.5
24.0
24.8
25.6
27.4
28.0
27.2
26.5
26.3
26.6
26.8
26.5
26.1
24.9

70.5
67.0
68.2
76.1
100.0
80.7
60.2
52.3
54.5
48.9
47.7
51.1
51.1
42.0
37.5
47.7
69.3
70.5
88.6
88.6
88.6
71.6
73.9
79.5
73.9
67.0
56.8
61.4
64.8
68.2
77.3
75.0
69.3
44.3
52.3
34.1
29.5
36.4
5.7
0.0
9.1
18.2
38.6
45.5
36.4
28.4
26.1
29.5
31.8
28.4
23.9
10.2

Per ct.
21.12
21.08
20.71
20.42
21.74
20.70
19.78
19.33
18.95
19.00
18.92
"19.14
18.98
18.34
18.07
18.82
19.82
19.43
20.87
20.25
20.36
19.58
19.56
19.86
19.59
19.31
18.70
18.98
19.11
19.32
19.83
19.57
19.43
18.25
18.60
17.19
17.05
17.62
16.28
16.17
16.27
16.86
18.27
18.71
18.12
17.79
17.80
18.09
18.32
18.13
17.92
17.21

88.9
88.2
81.5
76.3
100.0
81.3
64.8
56.7
49.9
50.8
49.4
53.3
50.4
39.0
34.1
47.6
65.5
58.5
84.4
73.2
75.2
61.2
60.9
66.2
61.4
56.4
45.4
50.4
52.8
56.5
65.7
61.0
58.5
37.3
43.6
18.3
15.8
26.0
2.0
0.0
1.8
12.4
37.7
45.6
35.0
29.1
29.3
34.5
38.6
35.2
31.4
18.7

11.1
11.8
18.5
23.7
0.0
8.7
35.2
43.3
50.1
49.2
50.6
46.7
49.6
61.0
65.9
52.4
34.5
41.5
15.6
26.8
24.8
38.8
39.1
33.8
38.6
43.6
54.6
49.6
47.2
43.5
34.3
39.0
41.5
62.7
56.4
81.7
84.2
74.0
98.0
100.0
98.2
87.6
62.3
54.4
65.0
70.9
70.7
65.5
61.4
64.8
68.6
81.3

95.2
94.8
94.9
93.8
93.1
94.8
95.7
97.2
97.7
97.4
97.8
98.0
98.2
97.6
96.7
95.9
95.2
94.5
95.7
95.1
95.3
96.2
98.0
99.2
99.5
100.6
101.3
102.2
102.3
102.0
99.8
100.3
101.6
102.7
103.7
113.8
123.5
124.2
125.6
126.2
127.6
126.3
127.0
127.5
126.0
123.7
123.7
124.1
123.6
124.7
127.0
128.6

5.9
4.8
5.1
2.0
0.0
4.8
7.3
11.5
13.0
12.1
13.2
13.8
14.4
12.7
10.1
7.9
5.9
3.9
7.3
5.6
6.2
8.7
13.8
17.2
18.0
21.1
23.1
25.6
25.9
25.1
18.9
20.3
23.9
27.0
29.9
58.3
85.6
87.6
91.5
93.2
97.2
93.5
95.5
96.9
92.7
86.2
86.2
87.3
85.9
89.0
95.5
100.0

145.9
144.8
145.9
144.5
146.8
149.1
148.3
150.8
150.2
150.3
150.2
151.7
151.5
150.6
151.1
152.0
153.2
155.1
157.6
157.6
158.6
161.3
164.8
165.8
167.4
172.6
174.5
172.9
171.9
171.6
174.7
175.5
178.5
178.7
178.7
195.1
211.0
210.7
209.5
208.8
212.6
209.2
208.9
208.2
205.7
208.1
209.1
207.1
205.9
205.5
207.7
209.4

2.1
0.4
2.1
0.0
3.4
6.8
5.6
9.3
8.4
8.5
8.4
10.6
10.3
9.0
9.7
11.0
12.8
15.6
19.2
19.2
20.7
24.7
29.8
31.3
33.6
41.3
44.1
41.7
40.2
39.8
44.3
45.5
49.9
50.2
50.2
74.3
97.7
97.2
95.4
94.4
100.0
95.0
94.6
93.5
89.9
93.4
94.9
91.9
90.2
89.6
92.8
95.3

26.6
26.8
28.1
29.4
30.7
30.2
28.7
27.6
26.0
25.8
26.6
27.4
27.5
26.4
27.6
28.3
29.3
29.8
32.3
33.4
33.8
33.6
34.3
33.9
33.8
34.5
34.4
35.3
35.3
36.3
36.7
37.3
38.7
38.4
38.0
38.5
40.4
39.2
39.3
38.3
38.5
40.5
40.7
39.0
38.9
39.4
39.5
38.4
38.6
40.2
39.2
38.8

5.4
6.7
15.4
24.2
32.9
29.5
19.5
12.1
1.3
0.0
5.4
10.7
11.4
4.0
12.1
16.8
23.5
26.8
43.6
51.0
53.7
52.3
57.0
54.4
53.7
58.4
57.7
63.8
63.8
70.5
73.2
77.2
86.6
84.6
81.9
85.2
98.0
89.9
90.6
83.9
85.2
98.7
100.0
88.6
87.9
91.3
91.9
84.6
85.9
96.6
89.9
87.2

Per ct.
18.20
18.53
19.26
20.38
20.91
20.26
19.32
18.32
17.32
17.17
17.69
18.04
18.13
17.50
18.23
18.62
19.15
19.19
20.48
21.20
21.28
20.84
20.82
20.45
20.22
19.97
19.73
20.44
20.51
21.15
20.99
21.24
21.67
21.47
21.26
19.73
19.17
18.60
18.76
18.33
18.10
19.35
19.47
18.74
18.89
18.91
18.89
18.55
18.74
19.54
18.88
18.54

number.
Relative
demand
for
money.d

22.9
30.2
46.4
71.3
83.1
68.7
47.8
25.6
3.3
0.0
11.6
19.3
21.3
7.3
23.6
32.2
44.0
44.9
73.6
89.6
91.3
81.6
81.1
72.9
67.8
62.2
56.9
72.7
74.2
88.4
84.9
90.4
100.0
95.6
90.9
56.9
44.4
31.8
35.3
25.8
20.7
48.4
51.1
34.9
38.2
38.7
38.2
30.7
34.9
52.7
38.0
30.4

a The figures for amounts were collected by the National Monetary Commission from the Chicago clearing-house banks.
b The schedule of months is based upon a year in which January 1st falls on Sunday. Weekly figures were adjusted to the nearest 52 complete weeks in the year.
c For method of computing index numbers, cf. pp. 13-15 and 22.
d These index numbers are the reverse of those in the preceding column and the sum of the two for each week equals 100.




77.1
69.8
53.6
28.7
16.9
31.3
52.2
74.4
96.7
100.0
88.4
80.7
78.7
92.7
76.4
67.8
56.0
55.1
26.4
10.4
8.7
18.4
18.9
27.1
32.2
37.8
43.1
27.3
25.8
11.6
15.1
9.6
0.0
4.4
9.1
43.1
55.6
68.2
64.7
74.2
79.3
51.6
48.9
65.1
61.8
61.3
61.8
69.3
65.1
47.3
62.0
69.6

SEASONAL DEMAND FOR MONEY AND CAPITAL.

261

TABLE 5.—Seasonal variations in the loons, deposits, reserves, and the ratio of reserves to deposits, of the Chicago clearing-house banks,
1899-1908—Continued.
[ A m o u n t s e x p r e s s e d i n millions of dollars.]

1902

1901

Deposits.

Loans.

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves to
deposits.

Loans.

Deposits.

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

M o n t h a n d week.
Index number.
InInIndex
dex
dex
A m o u n t . n u m A m o u n t . num- A m o u n t . num- Ratio.
ber.
ber.
ber.

Jan.—

1.
2.
3.
4.
F e b . — 5.
6.
7.
8.
M a r . - 9.
10.
11.
12.
Apr.—13.
14.
15.
16.
17.
May— 18.
19.
20.
21.
June—22.
23.
24.
25.
J u l y — 26.
27.
28.
29.
30.
Aug.—31.
32.
33.
34.
Sept.—35.
36,
37.
38.
39.
Oct.— 40.
41.
42.
43.
Nov.—44.
45.
46.
47.
Dec—48.
49.
50.
51.
52.

Ratio.

Per ct.
19.40
19.81
20.40
20.45
20.50
20.42
19.55
19.31
17.14
17.36
17.50
17.03
17.69
18.01
18.56
18.88
18.56
18.93
18.56
18.63
18.53
18.21
18.12
18.54
18.71
18.23
18.43
18.96
19.04
19.54
19.19
19.23
19.17
18.44
18.07
18.07
18.95
19.35
18.71
18.22
18.79
18.50
18.17
18.08
18.04
18.04
17.38
16.83
16.33
16.94
17.38
17.44

73.6
83.5
97.6
98.8
100.0
98.1
77.2
71.5
19.4
24.7
28.1
16.8
32.6
40.3
53.5
61.1
53.5
62.3
53.5
55.2
52.8
45.1
42.9
53.0
57.1
45.6
50.4
63.1
65.0
77.0
68.6
69.5
68.1
50.6
41.7
41.7
62.8
72.4
57.1
45.3
59.0
52.0
44.1
42.0
41.0
41.0
25.2
12.0
0.0
14.6
25.2
26.6

129.
131.
130.
131.
131.
131.
131,
131.
133.
135.
136.
137.
135.
137.
138.
138.
140.
143.
148.
151.
148.
146.
147.
146.
148.
149.
151.
151,
154.
151.
152.
14ft.
148.
148.
148.
149.
149.
148.
149.
151.
149.
147.
147.
148.
149.
148.
149.
150.
151.
151.
152.
153.




0.0
7.4
3.7
8.7
7.9
6.6
6.2
6.2
15.7
21.9
28.9
33.5
24.4
31.4
36.0
34.7
43.0
57.0
78.5
88.0
77.7
68.6
72.3
69.4
75.2
82.6
88.0
90.1
100.0
90.5
93.8
81.8
78.9
78.5
77.7
81.0
81.0
76.9
83.1
87.6
81.4
74.8
71.5
76.0
79.3
78.5
83.1
84.3
88.4

213.6
0.0
213.9
0.9
217.5 11.9
217.9 13.1
217.9 13.1
218.8 15.9
222.1 25.9
226.3 38.7
225.1 35.1
228.2 44.5
228.1 44.2
224.1 32.0
223.4 29.9
225.8 37.2
225.2 35.4
226.7 39.9
230.6 51.8
231.3 54.0
239.2 78.0
236.9 71.0
235.5 66.8
237.0 71.3
237.9 74.1
237.9 74.1
238.3 75.3
241.6 85.4
246.4 100.0
242.6 88.4
242.5 88.1
239.3 78.4
238.6 76.2
241.2 84.1
243.0 89.6
241.0 83.5
243.9 92.4
241.9 86.3
242.6 88.4
239.4 78.7
239.6 79.3
237.6 73.2
235.7 67.4
236.1 68.6
238.4 75.6
236.5 69.8
238.2 75.0
239.7 79.6
240.3 81.4
240.8 82.9
240.1 80.8
238.7 76.5
238.6 76.2
238.6 76.2

41.4 37.2
42.4 48.8
44.4 72.1
44.6 74.4
44.7 75.6
44.7 75.6
43.4 60.5
43.7 64.0
38.6
4.7
39.6 16.3
39.9 19.8
38.2
0.0
39.5 15.1
40.7 29.1
41.8 41.9
42.8 53.5
42.8 53.5
43.8 65.1
44.4 72.1
44.1 68.6
43.6 62.8
43.2 58.1
43.1 57.0
44.1 68.6
44.6 74.4
44.0 67.4
45.4 83.7
46.0 90.7
46.2 93.0
46.8 100.0
45.8 88.4
46.4 95.4
46.6 97.7
44.4 72.1
44.1 68.6
43.7 64.0
46.0 90.7
46.3 94.2
44.8 76.7
43.3 59.3
44.1 68.6
43.7 64.0
43.3 59.3
42.8 53.5
43.0 55.8
43.2 58.1
41.8 41.9
40.5 26.7
39.2 11.6
40.4 25.6
41.5 38.4
41.6 39.5

Index number.

InInIndex
dex
dex
R e l a t i v e A m o u n t . num- A m o u n t . n u m - A m o u n t . n u m - R a t i o .
demand
ber.
ber.
ber.
for
money.

26.4
16.5
2.4
1.2
0.0
1.9
22.8
28.5
80.6
75.3
71.9
83.2
67.4
59.7
46.5
38.9
46.5
37.7
46.5
44.8
47.2
54.9
57.1
47.0
42.9
54.4
49.6
36.9
35.0
23.0
31.4
30.5
31.9
49.4
58.3
58.3
37.2
27.6
42.9
54.7
41.0
48.0
55.9
58.0
59.0
59.0
74.8
88.0
100.0
85.4
74.8
73.4

3.2
152.6
1.3
151.9
0.0
151.4
2.9
152.5
3.4
152.7
9.0
154.8
157.5 16.1
157.5 16.1
158.2 18.0
160.9 25.1
163.4 31.7
163.4 31.7
172.6 56.1
168.6 45.5
168.2 44.4
167.2 41.8
167.2 41.8
167.7 43.1
168.0 43.9
167.2 41.8
167.9 43.7
183.0 83.6
185.0 88.9
184.6 87.8
185.0 88.9
186.7 93.4
184.6 87.8
182.6 82.5
181.6 79.9
181.8 80.4
185.7 90.7
187.2 94.7
187.5 95.5
186.1 91.8
186.1 91.8
186.4 92.6
187.4 95.2
188.7 98.7
189.2 100.0
187.2 94.7
185.5 90.2
184.0 86.2
181.9 80.7
181.0 78.3
180.4 76.7
178.9 72.8
175.6 64.0
174.7 61.6
176.4 66.1
175.8 64.6
176.2 65.6
175.2 63.0

232.7
0.0
243.7 17.2
247.0 22.3
247.4 23.0
249.3 25.9
253.1 31.9
257.1 38.1
257.1 38.1
258.8 40.8
259.0 41.1
258.4 40.2
259.3 41.6
270.7 59.4
267.4 54.2
265.8 51.7
265.7 51.6
268.1 55.3
270.4 58.9
270.0 58.3
268.4 55.8
274.3 65.0
292.1 92.8
290.1 89.7
292.3 93.1
287.6 85.8
288.6 87.3
292.2 93.0
290.3 90.0
291.0 91.1
292.3 93.1
294.9 97.2
296.7 100.0
293.2 94.5
288.8 87.7
286.9 84.7
283.5 79.4
281.9 76.9
280.9 75.3
279.1 72.5
275.0 66.1
271.3 60.3
271.0 59.8
270.3 58.8
271.5 60.6
272.6 62.3
272.7 62.5
269.4 57.3
272.1 61.6
270.2 58.6
269.8 58.0
268.6 56.1
264.6 49.8

44.4 18.6
46.7 31.6
47.2 34.5
48.2 40.1
47.4 35.6
46.7 31.6
46.0 27.7
43.8 15.3
44.9 21.5
46.0 27.7
44.6 19.8
45.3 23.7
47.1 33.9
47.8 37.9
49.0 44.6
48.4 41.2
50.5 53.1
51.5 58.8
52.0 61.6
52.3 63.3
53.9 72.3
52.7 65.5
52.4 63.8
52.4 63.8
52.1 62.1
53.0 67.2
51.4 58.2
55.0 78.5
57.6 93.2
58.8 100.0
57.1 90.4
54.3 74.6
50.6 53.7
50.2 51.4
48.6 42.4
46.6 31.1
45.8 26.6
45.2 23.2
43.4 13.0
42.5
7.9
42.2
6.2
41.1
0.0
42.3
6.8
42.2
6.2
43.5 13.6
43.7 14.7
46.5 30.5
47.7 37.3
47.1 33.9
46.5 30.5
46.8 32.2
46.4 29.9

Per ct.
19.07
19.15
19.09
19.47
18.99
18.43
17.90
17.04
17.36
17.77
17.25
17.47
17.39
17.87
18.43
18.23
18.85
19.04
19.34
19.49
19.65
18.05
18.07
17.93
18.11
18.38
17.59
18.94
19.78
20.12
19.37
18.29
17.26
17.37
16.95
16.43
16.26
16.10
15.53
15.44
15.55
15.15
15.67
15.54
15.96
16.02
17.26
17.53
17.45
17.23
17.42
17.55

Ratio.

78.9

Relative
demand
for
money.

21.1

80.5

19.5

79.3

20.7
13.1

86.9
77.3
66.0
55.3
38.0
44.5
52.7
42.3
46.7
45.1
54.7

22.7
34.0
44.7
62.0
55.5
47.3
57.7
53.3
54.9
45.3

66.0

34.0

62.0
74.4

38.0

78.3
84.3
87.3
90.5
58.3
58.8
55.9

25.6
21.7
15.7
12.7
9.5
41.7
41.2
44.1

59.6

40.4

65.0
49.1
76.3
93.2

35.0
50.9

100.0
84.9
63.2
42.5
44.7
36.2
25.8
22.3
19.1
7.6
5.8
8.0
0.0
10.5
7.8
16.3
17.5
42.5

23.7
6.8
0.0
15.1
36.8
57.5
55.3
63.8
74.2
77.7
80.9
92.4
94.2
92.0
100.0
89.5
92.2
83.7
82.5
57.5
52.1

47.9
46.3

53.7

41.9

58.1

45.7

54.3

48.3

51.7

NATIONAL MONETARY COMMISSION.

262

TABLE 5.—Seasonal variations in the loans,

deposits, reserves, and the ratio of reserves to deposits, of the Chicago clearing-house
1899-1908—Continued.

banks,

[Amounts expressed in millions of dollars.]
1903

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

1904

R a t i o of reserves t o
deposits.

Loans.

Deposits.

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

Month and week.
Index number.
InInIndex
dex
Amount. num- Amount. num- Amount. dex Ratio.
number.
ber.
ber.

Jan.—

1
2
3
4
Feb.— 5
6
7
8
Mar.— 9
10
11
12
Apr.— 13
14
15
16
17
May— 18
19
20
21
J u n e — 22
23
24
25
J U l y _ 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
45
46
47
Dec.— 48
49
50
51
52

176.1 28.2
175.9 27.3
176.4 29.4
180.1 44.5
181.6 50.6
184.4 62.0
186.6 71.0
185.3 65.7
190.1 85.3
193.7 100.0
193.7 100.0
190.1 85.3
189.0 80.8
188.3 78.0
187.9 76.3
188.3 78.0
186.3 69.8
185.1 64.9
183.8 59.6
184.0 60.4
179.6 42.5
179.9 43.7
179.7 42.9
180.4 45.7
180.8 47.4
181.6 50.6
182.7 55.1
182.4 53.9
182.0 52.2
179.5 42.0
179.5 42.0
179.3 41.2
178.3 37.1
178.8 39.2
177.6 34.3
177.3 33.1
178.9 39.6
179.7 42.9
179.1 40.4
177.6 34.3
175.7 26.5
174.1 20.0
172.3 12.7
8.2
171.2
9.0
171.4
9.8
171.6
4.9
170.4
0.0
169.2
6.9
170.9
9.0
171.4
7.8
171.1
14.3
172.7




272.6 43.0
277.9 61.5
277.3 59.4
279.3 66.4
281.8 75.2
283.0 79.4
284.5 84.6
284.3 83.9
288.9 100.0
285.5 88.1
284.0 82.9
278.1 62.2
273.3 45.5
272.2 41.6
275.0 51.4
275.5 53.2
272.8 43.7
273.3 45.5
271.8 40.2
272.2 41.6
270.2 34.6
276.3 55.9
271.1 37.8
272.8 43.7
274.0 47.9
271.2 38.1
273.3 45.5
273.0 44.4
280.1 69.2
273.6 46.5
272.5 42.7
271.2 38.1
272.9 44.1
271.9 40.6
270.5 35.7
269.5 32.2
270.3 35.0
271.6 39.5
267.6 25.5
268.1 27.3
266.4 21.3
270.3 35.0
261.6
4.6
260.3
0.0
261.4
3.9
265.1 16.8
263.0
9.4
264.6 15.0
265.5 18.2
263.8 12.2
264.8 15.7
264.6 15.0

48.7 70.3
50.9 87.5
52.5 100.0
51.2 89.9
49.8 78.9
48.0 64.8
46.4 52.3
46.6 53.9
46.7 54.7
47.0 57.0
45.5 45.3
45.1 42.2
47.7 62.5
44.2 35.2
45.4 44.5
46.4 52.3
45.4 44.5
46.3 51.6
47.3 59.4
49.1 73.4
49.1 73.4
49.1 73.4
50.4 83.6
51.2 89.8
48.4 68.0
46.0 49.2
44.2 35.2
45.3 43.8
48.1 65.6
48.7 70.3
49.4 75.8
48.8 71.1
48.5 68.8
48.1 65.6
48.4 68.0
47.6 61.7
45.7 46.9
45.2 43.0
44.6 38.3
44.1 34.4
42.2 19.5
41.6 14.8
41.3 12.5
39.7
0.0
41.6 14.8
42.0 18.0
42.3 20.3
42.7 23.4
45.4 44.5
46.2 50.8
45.1 42.2
45.1 42.2

Per ct.
17.87
18.31
18.93
18.34
17.68
16.97
16.31
16.38
16.18
16.45
16.02
16.21
17.45
16.24
16.51
16.84
16.64
16.94
17.39
18.04
18.18
17.78
18.60
18.77
17.65
16.96
16.19
16.57
17.16
17.81
18.13
18.01
17.76
17.69
17.90
17.67
16.89
16.65
16.66
16.46
15.84
15.40
15.79
15.23
15.91
15.86
16.07
16.12
17.09
17.51
17.02
17.04

Ratio.

71.4
83.2
100.0
84.0
66.2
47.0
29.2
31.1
25.7
33.0
21.4
26.5
60.0
27.3
34.6
43.5
38.1
46.2
58.4
75.9
79.7
68.9
91.1
95.7
65.4
46.7
25.9
36.2
52.2
69.7
78.4
75.1
68.4
66.5
72.2
65.9
44.9
38.4
38.6
33.2
16.5
4.6
15.1
0.0
18.4
17.0
22.7
24.1
50.3
61.6
48.4
48.9

Index numbers.

InInIndex
Relative Amount. num- Amount. dex Amount. dex Ratio.
numnumdemand
ber.
ber.
ber.
for
money.

28.6
16.8
0.0
16.0
33.8
53.0
70.8
68.9
74.3
67.0
78.6
73.5
40.0
72.7
65.4
56.5
61.9
53.8
41.6
24.1
20.3
31.1
8.9
4.3
34.6
53.3
74.1
63.8
47.8
30.3
21.6
24.9
31.6
33.5
27.8
34.1
55.1
61.6
61.4
66.8
83.5
95.4
84.9
100.0
81.6
83.0
77.3
75.9
49.7
38.4
51.6
51.1

174.4
0.0
174.7
1.0
175.9
5.0
178.2 12.7
180.9 21.7
183.1 29.1
184.1 32.4
185.5 37.1
188.7 47.8
187.6 44.2
187.3 43.1
187.1 42.5
187.8 44.8
188.7 47.8
188.8 48.2
188.3 46.5
188.5 47.2
188.3 46.5
188.3 46.5
187.6 44.2
186.8 41.5
188.9 48.5
187.2 42.8
185.2 36.1
183.9 31.8
185.1 35.8
187.2 42.8
186.9 41.8
186.6 40.8
186.3 39.8
187.0 42.1
188.4 46.8
191.0 55.5
191.8 58.2
192.1 59.2
194.4 66.9
194.5 67.2
196.3 73.2
195.5 70.6
197.5 77.3
196.7 74.6
197.3 76.6
194.3 66.6
196.4 73.6
202.2 93.0
202.6 94.3
201.5 90.6
202.7 94.7
203.0 95.7
204.3 100.0
203.4 97.0
203.9 98.7

271.6
0.0
277.3
9.5
280.6 15.0
284.0 20.7
290.0 30.7
289.8 30.3
294.2 37.7
294.9 38.8
292.8 35.3
291.4 33.0
292.0 34.0
288.1 27.5
286.8 25.3
286.4 24.7
285.2 22.7
287.0 25.7
287.6 26.7
297.3 42.8
292.5 34.8
291.2 32.7
287.9 27.2
290.0 30.7
290.9 32.2
294.1 37.5
291.5 33.2
293.7 36.8
298.1 44.2
300.1 47.5
299.2 46.0
302.5 51.5
304.8 55.3
306.3 57.8
311.0 65.7
307.2 59.3
300.9 48.8
304.5 54.8
304.1 54.2
303.6 53.3
301.9 50.5
306.2 57.7
304.2 54.3
305.6 56.7
305.6 56.7
319.0 79.0
325.9 90.5
328.5 94.8
327.1 92.5
327.9 93.8
331.6 100.0
331.2 99.3
329.1 95.8
324.8 88.7

0.0
46.8
5.6
47.3
48.9 23.3
50.2 37.8
51.5 52.2
49.3 27.8
48.3 16.7
48.0 13.3
1.1
46.9
5.6
47.3
49.3 27.8
48.3 16.7
5.6
47.3
6.7
47.4
48.1 14.4
49.8 33.3
50.1 36.7
51.0 46.7
50.7 43.3
50.9 45.6
50.8 44.4
50.9 45.6
51.8 55.6
51.9 56.7
51.7 54.4
51.2 48.9
50.2 37.8
51.3 50.0
52.0 57.8
55.2 93.3
55.8 100.0
54.6 86.754.2 82.2
52.2 60.0
55.4 95.6
52.5 63.3
52.0 57.8
50.5 41.1
50.0 35.6
8.9
47.6
8.9
47.6
49.8 33.3
51.1 47.8
53.6 75.6
51.9 56.7
54.4 84.4
53.2 71.1
52.8 66.7
52.2 60.0
53.7 76.7
51.7 54.4
51.8 55.6

Per ct.
17.23
17.04
17.44
17.67
17.77
17.00
16.41
16.27
16.01
16.23
16.87
16.77
16.50
16.56
16.87
17.36
17.40
17.14
17.32
17.47
17.66
17.54
17.80
17.66
17.75
17.43
16.82
17.11
17.37
18.23
18.32
17.84
17.41
16.99
18.42
17.24
17.08
16.64
16.55
15.54
15.64
16.31
16.72
16.80
15.91
16.56
16.27
16.09
15.75
16.22
15.70
15.94

Ratio.

58.7
52.1
66.0
74.0
77.4
50.7
30.2
25.3
16.3
24.0
46.2
42.7
33.3
35.4
46.2
63.2
64.6
55.5
61.8
67.0
73.6
69.4
78.5
73.6
76.7
65.6
44.4
54.5
63.5
93.4
96.5
79.9
64.9
50.3
100.0
59.0
53.5
38.2
35.1
0.0
3.5
26.7
41.0
43.7
12.9
35.4
25.3
19.1
7.3
23.6
5.6
13.9

Relative
demand
for
money.

41.3
47.9
34.0
26.0
22.6
49.3
69.8
74.7
83.7
76.0
53.8
57.3
66.7
64.6
53.8
36.8
35.4
44.5
38.2
33.0
26.4
30.6
21.5
26.4
23.3
34.4
55.6
45.5
36.5
6.6
3.5
20.1
35.1
49.7
0.0
41.0
46.5
61.8
64.9
100.0
96.5
73.3
59.0
56.3
87.1
64.6
74.7
80.9
92.7
76.4
94.4
86.1

SEASONAL DEMAND FOR MONEY AND CAPITAL.

263

TABLE 5.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the Chicago clearing-house banks,
1899-1908—Continued.
[Amounts expressed in millions of dollars.]
1906

1905

Loans.

Deposits.

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

Month and week.

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

Index number.

Index number.
InInIndex
dex
dex
Amount. num- Amount. num- Amount. number.
ber.
ber.

Jan.—

Deposits.

Loans.

211.0
203.5
206.2
209.4
210.6
212.1
220.2
213.3
222.2
226.7
230.7
233.2
234.5
233.9
233.3
231.5
232.9

1
2
3
4

Feb.— 5
6
7
8
Mar.— 9
10
11
12
Apr.—13
14
15
16
17

233. 9
231. 0
228. 2
225.1
225. 9

May—18
19
20
21
June—22

30

225. 6
226.1
226. 8
228. 3
231. 9
235. 3
234. 5
234. 0

Aug.—31
32

235. 0
234. 3

33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42

235. 6
235. 4
234. 9
236.1
237.4
241.4
244.5
246.6
247.2
246.0
243.2
240.1
240.1
238.0
236.6
234.5
236.0
235.3
236.9
239.8

23
24
25
27
28
29..

1

43
Nov.—44
45
46
47
Dec—48
49
50
51
52




17.2
0.0
6.2
13.5
16.2
19.7
38.2
22.4
42.8
53.1
62.2
68.0
70.9
69.6
68.2
64.1
67.3
69.6
62.9
56.5
49.4
51.3
50.6
51.7
53.3
56. S
65.0
72.8
70.9
69.8
72.1
70.5
73.5
73.0
71.9
74.6
77.6
86.7
93.8
98.6
100.0
97.3
90.8
83.8
83.8
78.9
75.7
70.9
74.4
72.8
76.4
83.1

1.6
335.1
0.0
334.6
339.1 14.3
339.8 16.6
345.4 34.4
358.6 76.4
365.2 97.5
359.3 78.7
3.65.4 98.1
365.9 99.7
361.1 84.4
356.8 70.7
352.8 58.0
358.4 75.8
353.8 61.2
356.7 70.4
357.4 72.6
359.0 77.7
349. 5 47.5
349. 9 48.7
348. 0 42.7
348.1 43.0
349. 5 47.5
349. 9 48.7
353.6 60.5
354.8 64.3
358. 7 76.8
360. 6 82.8
362. 4 88.5
363. 5 92.0
366. 0 100. 0
364. 0 93.6
362. 7 89.5
363.1 90.8
360. 2 81.5
363.3 91.4
362. 9 90.1
363.8 93.0
364. 2 94.3
365.5 98.4
357.0 71.3
354.1 62.1
358.2 75.2
354.1 62.1
352.7 57.6
352.6 57.3
351.9 55.1
350.3 50.0
352.0 55.4
354.3 62.7
358.8 77.1
362.1 87.6

Ratio.

Per ct.
15. 87
53.2 43.4
16.63
55.6 60.1
17.26
58.5 80.4
17.33
58.9 83.2
17.75
61.3 100.0
16.62
59.6 88.1
16.14
59.0 83.9
16.51
59.3 86.0
16.43
60.0 90.9
15.79
57.8 75.5
16.28
58.8 82.5
15.78
56.3 65.0
16.61
58.6 81.1
15. 98
57.3 72.0
15.78
55.8 61.5
15. 94
56.9 69.2
16.15
57-7 74.8
56.2 64.3
15. 64
56.3 65.0
16.10
56.4 65.7
16.13
58.2 78.3
16.73
56.7 67.8
16.29
55.9 62.2
15.99
58.1 77.6
16.60
61.3 100. 0
17.32
61.1 98.6
17.21
58.2 78.3
16.22
58.4 79.7
16.21
60.3 93.0
16. 64
60.4 93.7
16.62
60.2 92.3
16.45
60.3 93.0
16.58
58.8 82.5
16.21
59.7 88.8
16. 44
61.0 97.9
16.95
60.5 94.4
16. 66
60.2 92.3
16. 58
59.8 89.5
16.45
56.1 63.6 1 15.40
54.1 49.7
14.80
52.1 35.7
14.59
51.1 28.7
14. 43
51.9 34.3
14.48
52.1 35.7
14.70
53.1 42.7
15.05
53.7 46.9
15.22
52.8 40.6
15.01
51.4 30.8
14.68
50.8 26.6
14.43
49.1 14.7
13.86
0.0
47.0
13.11
51.3 30.1
14.16

Ratio.

59.5
75.9
89.4
91.0
100.0
75.6
65.3
73.3
71.6
57.8
68.3
57.5
75.4
61.8
57.5
61.0
65.5
54.5
64.4
65.1
78.0
68.5
62.1
75.2
90.7
88.4 '
67.0
66.8
76.1
75.6
72.0
74.8
66.8
71.8
82.8
76.5
74.8
72.0
49.3
36.4
31.9
28.4
29.5
34.3
41.8
45.5
40.9
33.8
28.4
16.2
0.0
22.6

InInIndex
dex
dex
Relative Amount. num- Amount. num- Amount. num- Ratio.
demand
ber.
ber.
ber.
for
money.

40.5
24.1
10.6
9.0
0.0
24.4
34.7
26.7
28.4
42.2
31.7
42.5
24.6
38.2
42.5
39.0
34.5
45.5
35.6
34.9
22.0
31.5
37.9
24. 8
9.3
11.6
33.0
33.2
23.9
24.4
28.0
25.2 !
33.2 |
28.2
17.2
23.5
25.2
28.0
50.7
63.6
68.1
71.6
70.5
65.7
58.2
54.5
59.1
66.2
71.6
83.8
100.0
77.4

238.5
238.6
240.8
241.9
245.6
248.8
252.7
254.2
256.1
254.4
252.9
251.3
250.0
250.8
254.4
253.8
252.8
255.4
253.2
252.7
249.9
248. 3
246. 3
246. 5

0.0
.5

12.3
18.2
38.0
55.1
75.9
84.0
94.1
85.0
77.0
68.5
61.5
65.8
85.0
81.8
76.5
90.4
78.6
75.9
61.0
52.4
41.7
42.8
248. 5 53.5
250. 9 66.3
253. 4 79.7
253. 6 80.8
254. 0 82.9
251. 2 67.9
249. 5 58.8
250.2 62.6
250.1 62.0
251. 8 71.1
254. 2 j 84.0
254.1 83.4
256. 3 95.2
257.2 100.0
256. 4 95.7
255.9 93.1
255.8 92.5
253.9 82.4
252.6 75.4
251.9 71.7
252.7 75.9
253.2 78.6
253.3 79.1
255.3 89.8
252.4 74.3
252.3 73.8
253.4 79.7
255.8 92.5

366.6
372.1
379.6
381.8
387.0
396.2
395.6
391.8
384.7
383.3
385.4
383.9
381.5
372.0
374.5
373.4
374.4
380.0
373.6
374.9
372.6
375.0
374.1
374.8
380.7
383. 7
387.9
389.1
395.8
398.1
396.4
396.5
• 394.5
392.5
390. 5
392.2
393. 6
380.1
387.0
388.4
387.5
385.7
386.4
383.2
387.0
393.2
388.1
385.1
384.9
384.1
382.1
384.0

0.0
17.5
41.3
48.3
64.8
94.0
92.1
80.0
.57.5
53.0
59.7
54.9
47.3
17.1
25.1
21.6
24.8
42.5
22.2
26.3
19.0
26.7
23.8
26.0
44.8
54.3
67.6
71.4 1
92.7
100.0
94.6
94.9
88.6
! 82.2
75.9
81.3
85.7
42.9
64.8
69.2
66.3
60.6
62.8
52.7 i
64.8 !
84.4
68.2
58.7
58.1
55.5
49.2
55.2

Per ct.
0.0
15.35
56.3
16.04
59.7 25.4
16.27
61.7 40.3
16.87
64.4 60.5
16.84
65.2 66.5
16.45
65.2 66.5
16.01
63.4 53.0
15.31
60.0 27.6
15.47
59.5 23.9
15.74
60.3 29.9
15.99
61.6 39.6
16.17
62.1 43.3
16. 32
62.3 44.8
15.80
58.8 18.7
15.41
57.7 10.4
16.06
60.0 27.6
15.89
59.5 23.9
15.73
59.8 26.1
15.69
58.6 17.2
15.52
58.2 14.2
16.12
60.1 28.4
16.16
60.6 32.1
16.08
60.2 29.1
16.85
63.2 51.5
16.31
62.1 43.3
16.19
62.1 43.3
16.19
62.8 48.5
16.85
65.6 69.4
65.8 70.9
16. 62
68.1 88.1
17.12
69.7 100.0
17. 58
68.4 90.3
17.26
68.2 88.8
17.29
66.6 76.9
16.89
66.2 73.9
16.95
63.2 51.5
16.11
62.7 47.8
15.93
60.2 29.1
15.85
61.2 36.6
15. 82
59.2 21.7
15.24
58.7 17.9
15.15
58.9 19.4
15.27
63.2 51.5 | 16.35
62.5 46.3
16.31
62.1 43.3
16.04
61.9 41.8
15.75
60.3 29.9
15.54
60.8 33.6
15.77
60.7 32.9
15.78
58.4 15.7
15.21
57.9 11.9
15.15
58.3 14.9
15.19

Ratio.

8.2
36.7
46.1
70.9
69.6
53.6
35.4
6.6
13.2
24.3
34.6
42.0
48.2
26.8
10.7
37.5
30.5
23.9
22.2
15.2
40.0
41.6
38.3
70.0
47.8
42.8
42.8
70.0
60.6
81.1
100.0
86.9
88.1
•71.6
74.1
39.5
32.1
28.8
27.6

Relative
demand
for
money.

91.8
63.3
53.9
29.1
30.4
46.4
64.6
93.4
86.8
75.7
65.4
58.0
51.8
73.2
89.3
62.5
69.5
76.1
77.8
84.8
60.0
58.4
61.7
30.0
52.2
57.2
57.2
30.0
39.4
18.9
0.0
13.1
11.9
28.4
25.9
60.5
67.9
71.2
72.4

3.7
0.0
4.9
49.4
47.8
36.7
24.7
16.1
25.5
26.0

96.3
100.0
95.1
50.6
52.2

2.5
.0

97 5
100 0

1.7

98 3

63.3
75.3
83.9
74.5
74 0

264

NATIONAL MONETARY COMMISSION.
TABLE 5.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the Chicago clearing-house
1899-1908—Continued.

banks,

[ A m o u n t s e x p r e s s e d in millions of dollars.]

1907

Loans.

Deposits.

1908«

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

R a t i o of r e s e r v e s t o
deposits.

M o n t h a n d week.
Index number.
InInIndex
dex
dex
A m o u n t . num- A m o u n t . num- A m o u n t . num- R a t i o .
ber.
ber.
ber.

255.8
256.9
256.1
259.3
260.6
266.7
269.5
271.8
272.7
276.5
278.2
278.4
279.0
277.3
275.6
271.7
270.0
273.1
276.0
278.4
276.6
276.5
282.4
281.5
278.6
280.9
279.2
278.3
278.5
276.1
275.1
276.0
278.5
278.2
280.0
279.9
281.4
283.0
281.3
279.7
276.7
277.1
279.3
276.0
271.2
270.8
265.1
261.1
258.0
255.0
252.5
250.2




17.1
20.4
18.0
27.7
31.7
50.3
58.8
65.8
68.6
80.2
85.4
86.0
87.8
82.6
77.4
65.5
60.4
69.8
78.7
86.0
80.5
80.2
98.2
95.4
86.6
93.6
88.4
85.7
86.3
79.0
75.9
78.7
86.3
85.4
90.9
90.6
95.1
100.0
94.8
89.9
80.8
82.0
88.7
78.7
64.0
62.8
45.4
33.2
23.8
14.6
7.0
0.0

384.1
391.9
396.9
405.2
411.6
415.8
413.7
410.3
413.8
415.8
408.5
403.0
400.5
400.6
398.3
401.4
406.3
417.0
417.9
417.7
413.6
415.9
423.2
416.6
412.8
418.1
415.1
406.3
403.4
405.9
406.4
411.2
408.6
408.7
409.2
406.3
406.1
404.2
406.2
405.2
402.8
398.9
391.6
384.3
376.8
372.4
370.5
371.1
369.8
363.4
363.2
358.9

39.2
51.3
59.1
72.0
82.0
88.5
85.2
79.9
85.4
88.5
77.1
68.6
64.7
64.9
61.3
66.1
73.7
90.4
91.8
91.5
85.1
88.6
100.0
89.7
83.8
92.1
87.4
73.7
69.2
73.1
73.9
81.3
77.3
77.5
78.2
73.7
73.4
70.5
73.6
72.0
68.3
62.2
50.9
39.5
27.8
21.0
18.0
19.0
16.9
7.0
6.7
0.0

58.7
64.9
68.1
68.1
69.6
66.8
65.3
63.7
63.5
66.8
63.2
61.6
59.2
60.1
60.5
63.5
67.9
72.5
72.0
70.7
70.6
68.7
68.2
65.7
67.3
69.4
65.6
63.7
66.1
69.5
70.8
72.1
70.8
70.3
68.3
67.7
63.9
62.3
63.4
62.7
62.8
59.0
54.5
53.9
55.7
55.8
58.1
63.8
65.3
65.6
66.5
69.0

25.8
59.1
76.3
76.3
84.4
69.4
61.3
52.7
51.6
69.4
50.0
41.4
28.5
33.3
35.5
51.6
75.3
100.0
97.3
90.3
89.8
79.6
76.9
63.4
72.0
83.3
62.9
52.7
65.6
83.9
90.9
97.9
90.9
88.2
77.4
74.2
53.8
45.2
51.1
47.3
47.9
27.4
3.2
0.0
9.7
10.2
22.6
53.2
61.3
62.9
67.7
81.2

Per ct.
15.27
16.57
17.16
16.80
16.90
16.06
15.78
15.51
15.35
16.07
15.47
15.27
14.78
15.01
15.18
15.82
16.70
17.38
17.22
16.92
17.06
16.52
16.11
15.78
16.31
16.59
15.80
15.68
16.39
17.13
17.42
17.54
17.34
17.21
16.69
16.66
15.74
15.41
15.60
15.49
15.60
14.79
13.93
14.03
14.78
14.98
15.68
17.20
17.66
18.06
18.32
19.22

Ratio.

25.3
49.9
61.1
54.2
56.1
40.3
35.0
29.9
26.8
40.4
29.1
25.3
16.1
20.4
23.6
35.7
52.4
65.2
62.2
56.5
59.2
49.0
41.2
35.0
45.0
50.3
35.3
33.1
46.5
60.5
66.0
68.2
64.5
62.0
52.2
51.6
34.2
28.0
31.6
29.5
31.6
16.3
0.0
1.9
16.1
19.8
33.1
61.8
70.5
78.1
83.0
100.0

Index number.

Inx
R e l a t i v e A m o u n t . nduem demand
ber.
for
money.

74.7
50.1
38.9
45.8
43.9
59.7
65.0
70.1
73.2
59.6
70.9
74.7
83.9
79.6
76.4
64.3
47.6
34.8
37.8
43.5
40.8
51.0
58.8
65.0
55.0
49.7
64.7
66.9
53.5
39.5
34.0
31.8
35.5
38.0
47.8
48.4
65.8
72.0
68.4
70.5
68.4
83.7
100.0
98.1
83.9
80.2
66.9
38.2
29.5
21.9
17.0
0.0

247.3 12.3
244.0
1.6
243.5
0.0
246.3
9.1
250.2 21.7
252.5 29.1
252.6 29.5
251.7 26.6
254.1 34.3
255.2 37.9
257.3 44.7
256.4 41.8
257.1 44.0
258.8 49.5
258.9 49.9
257.0 43.7
258.8 49.5
257.3 44.7
257.9 46.6
256.9 43.4
256.7 42.7
256.2 41.1
258.2 47.6
259.8 52.8
261.7 58.9
263.7 65.4
263.4 64.4
264.4 67.6
264.0 66.3
262.7 62.1
262.9 62.8
265.3 70.6
267.3 77.0
266.7 75.1
268.8 81.9
267.2 76.7
266.5 74.4
267.0 76.1
267.1 76.4
267.6 78.0
266.8 75.4
267.1 76.4
266.5 74.4
266.3 73.8
265.4 70.9
266.5 74.4
265.2 70.2
266.1 73.1
266.3 73.8
268.9 82.2
271.8 91.6
274.4 100.0

InIndex
dex
num- A m o u n t . num- Ratio.
ber.
ber.

363.3
0.0
371.8
9.4
381.2 19.7
389.5 28.9
402.8 43.5
403.7 44.5
408.1 49.3
411.5 53.1
420.9 63.4
420.3 62.8
424.5 67.4
422.8 65.5
420.3 62.8
425.3 68.3
424.8 67.7
425.3 68.3
421.4 64.0
427.4 70.6
426.0 69.1
426.1 69.2
424.5 67.4
429.6 73.0
431.8 75.4
433.0 76.8
433.5 77.3
431.6 75.2
433.7 77.5
434.5 78.4
434.5 78.4
433.4 77.2
437.4 81.6
442.8 87.6
448.9 94.3
445.4 90.4
444.4 89.3
443.1 87.9
446.4 91.5
445.9 91.0
441.6 86.2
440.8 85.4
444.1 89.0
446.2 91.3
442.9 87.7
442.5 87.2
442.9 87.7
443.9 88.8
444.4 89.3
446.9 92.1
445.9 91.0
450.9 96.5
454.1 100.0
448.1 93.4

a A v e r a g e figures for t h e p e r i o d 1899-1908 are g i v e n i n T a b l e V of t h e T e x t ( p . 31).

71.5
0.0
74.8 22.0
76.0 30.0
77.4 39.3
79.1 50.7
78.2 44.7
79.2 51.3
80.3 58.7
80.7 61.3
81.2 64.7
84.4 86.0
85.0 90.0
84.2 84.7
80.7 61.3
81.6 67.3
84.2 84.7
81.6 67.3
78.3 45.3
79.0 50.0
82.2 71.3
84.3 85.3
85.5 93.3
86.5 100.0
85.4 92.7
86.2 98.0
85.6 94.0
83.8 82.0
83.7 81.3
82.0 70.0
85.6 94.0
84.9 89.3
84.4 86.0
82.8 75.3
83.5 80.0
83.6 80.7
80.8 62.0
80.7 61.3
78.9 49.3
78.3 45.3
79.0 50.0
80.3 58.7
81.8 68.7
81.3 65.3
77.5 40.0
77.1 37.3
77.5 40.0
78.7 48.0
76.5 33.3
77.1 37.3
78.5 46.7
79.8 55.3
79.7 54.7

Per ct.
19.68
20.13
19.94
19.87
19.63
19.36
19.42
19.53
19.16
19.32
19.89
20.09
20.02
18.97
19.20
19.80
19.38
18.32
18.55
19.30
19.85
19.91
20.03
19.73
19.88
19.82
19.32
19.25
18.88
19.74
19.41
19.07
18.44
18.76
18.81
18.24
18.08
17.69
17.73
17.93
18.08
18.32
18.37
17.51
17.40
17.46
17.70
17.12
17.30
17.40
17.57
17.80

Ratio.

85.1
100.0
93.7
91.4
83.4
74.4
76.4
80.1
67.8
73.1
92.0
98.7
96.4
61.5
69.1
89.0
75.1
39.9
47.5
72.4
90.7
92.7
96.7
86.7
91.7
89.7
73.1
70.8
58.5
87.1
76.1
64.8
43.9
54.5
56.1
37.2
31.9
18.9
20.3
26.9
31.9
39.9
41.5
13.0
9.3
11.3
19.3
0.0
16.0
9.3
4.9
22.6

SEASONAL DEMAND FOR MONEY AND CAPITAL.
A P P E N D I X T>.—ST. L O U I S CLEARING H O U S E B A N K S ,

265

1899-1908.

TABLE 6.—Seasonal variations in the loans, deposits, reserves,and the ratio of reserves todeposits, of the St. Louis clearing-house banks.
1899-1908°
[ A m o u n t s ex pressed in millions of dollars.]

1900

1899

Loans.

Deposits.

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves to
deposits.

M o n t h a n d week.fc

1
2
3

33.3
32.7
34.2
34.7
40.6

4
Feb.— 5
6
7

40.3
41.1
41.8
43.8

8
Mar.— 9
10
11

43.3
43.7
43.4

12
Apr.— 13
14
15
16

43.8
44.9
45.2
45.8
46.2

17
May— 18

42.4

19
20
21
June—22

45.8
46.3
46.3
46.1

23
24

47.0
46.8
47.2

25

2.9
0.0
7.4
9.8
38.7
37.2
41.2
44.6
54.4
51.9
53.9
52.4
54.4
59.8
61.3
64.2
66.2
47.5
64.2

10.8
10.7
11.0
10.2

75.0

68.0

80.3
78.9
78.4
83.6

10.0
9.9
10.2

56.8
54.5
61.4

9.7
10.0
10.4
10.6

50.0
56.8
65.8
70.4

10.8
10.0
10.8

74.9
56.8
75.0
72.7
79.5

67.7
67.6
68.7
68.7
69.1
68.9
68.6
63.5

70.4

71.1
67.1
79.4
81.3

70.8
68.7
68.4

45
46

51.1
51.0
51.3

89.7
91.1

50.8
50.2

88.7
85.8

51.2
51.1
51.2

68.1
77.5
85.0
79.8

69.1

92.6
91.6
90.2

51
52

65.4
67.4
69.0
67.9

69.5
69.2

51.6
51.4

49
50

7.7
8.5
8.4
8.5
10.5

65.7
70.1

43
Nov.— 44

50.9
50.9
50.7
50.6
51.0
51.2
52.2

0.0
8.4
12.7
17.4
67.6

66.6
66.6

87.7
89.7
90.7
95.6
52.9 99.0
52.8 98.5
53.1 100.0
52.6 97.5

46.4
48.9
49.3
49.7
50.0
50.6

50.9
52.7
53.6
54.6
65.3

69.3
67.8
67.5

July— 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42

47
D e c — 48

Deposits.

Reserves (specie a n d legal
tenders).

R a t i o of reserves to
deposits.

Index number.
InInInAmount. dex Amount. dex Amount. dex Ratio.
numnumnumber, c
ber, c
ber, c

Jan.—

Loans.

4'

83.3
84.8
87.7
89.2
89.2
88.2

83.6
85.5
84.5
83.1
59.2
86.4
79.3
77.9
87.3
85.9
91.6

10.7
11.0
11.1

4.5
22.7
20.5
22.7
68.2
72.7
79.5
61.4

81.8

Per ct.
15.17
16.15
15.69
15.57
16.08
16.36
15.87
15.94
15.04
14.71
14.64
15.09
14.12
14.52
15.02
15.43
15.76
15.77
15.54
15.63
16.15
15.98
16.64

85.0
93.4
83.6
82.2

11.5 90.9
11.9 100.0
11.3 86.4
11.2 84.1
11.1 81.8
11.6 93.2

15.68
16.01
16.81

77.0
76.1

11.8
11.3

97.7
83.4

17.53
16.84

80.8

10.1

59.1

70.5 92.0
70.7 93.0
69.8 88.7
71.2 95.3
72.2 100.0
71.4 96.2
69.0 85.0
65.7 69.5
63.4 58.7
62.7 55.4

52.3
45.5
45.5

14.85
13.90
13.44
13.48
14.18
14.14
13.58
12.89
11.41
12.46
11.96
12.15

69.0

67.3
67.1
68.1

60.9

46.9

9.8
9.5
9.5
10.2
10.2
9.7
8.9
7.6
8.0
7.5
7.5

61.5
61.2

49.8
48.4

8.6
8.7

62.4

54.0
58.7
59.2

61.4
61.4
50.0
31.8
2.3
11.4
0.0

0.0

Per ct.
14.04
14.70
14.63
14.59
13.18

39.3
55.7
54.0
53.0
17.9

46.0
47.0
82.1

21.7
60.9
78.3
39.1

13.88
15.20
15.57
14.06

35.3
68.2
77.4
39.8

64.7
31.8
22.6
60.2

73.9
69.6

15.08
15.33

65.2

34.8

71.4

60.9
65.2
65.2
52.2

14.09
15.06
14.95

40.6

28.6
59.4

64.7
61.9
53.0

35.3
38.1
47.0

100.0
95.0

0.0
5.0

85.3

14 7
3.5

61.4

38.6

77.5

22.5

69.9

30.1

68.0

32.0

76.3
80.9
72.9
74.0
59.3

23.7
19.1
27.1
26.0
40.7

53.9
52.8
60.1
44.3
50.8
59.0

46.1
47.2

51.5
51.6

39.9

65.7
71.1
71.2
67.5
69.0
77.5

55.7
49.2
41.0
34.3
28.9
28.8
32.5
31.0

51.3
51.6
51.7
52.1
52.1

11.6
18.6
20.9
30.2
30.2

64.4
64.9
65.0
66.0
66.6

0.0
4.5
5.4
14.3
19.6

52.1
52.4
52.4
52.8

30.2

46.5

66.8
67.0
68.4
69.4

21.4
23.2
35.7
44.6

16.3
18.6

69.9
68.2

49.1

52.3
52.6
53.0
52.4

34.9
41.9
51.2

68.1
68.5
69.3

37.2

52.3

34.9
25.6

68.6
68.2

51.9
51.3
51.4

37.2
37.2

11.6
14.0

67.8
68.0
67.4
66.9
67.0
66.8
66.9
65.8

10.1
10.3

56.5
65.2

17.9
33.0
20.5
19.6

9.7
9.6

39 1

10.4
10.0

11 6
16.1

10 4
10.1

67.6
68.5
69.6
69.0
69.2
68.1
67.6
67 5
69 2
69 3
69.2

28.6
36.6
46 4
41.1
42.9

10.0
10.7
10 5
10.0
9 4
9 0
9 0
8 9
9 1
9 2
9 5

13 0
17 4
30 4

69.3
69 0
72.7

43.8
41 1

9 8
10 2

43 5
60 9

74.1

73 9
73 4

84 8
80 4

11.0 95 7
11 1 100 0
10 5 73 9
10 0 52 2

79.1
69.8
75.2

20.9
30.2

4.7
14.0
9.3
2.3
9.3
20.9
32.6

66.3
66.4
68.1
66.7

39.5
51.2
55.8
46.5
67.4
72.1
81.4
79.1
74.4
76.8
72.1
65.1

35.5
24.2
0.0
17.2
25.3
12.1

59.3
66.8
66.2
54.7
55.4
64.5
75.8
100.0
82.8
74.7
87.9

52.5
53.0
53.2
52.8
53.7
53.9
54.3
54.2
54.0
54.1

66.6
65.7
66.2

33.0
28.6
27 7
42 9
43 8
42 9

42.0
43.1

58.0

27.3
45.5

13.78
16.27

52.3
65.9

15.30
15.79

38.7
79.4
63.6

61.3
20 6
36.4

71.6

28.4

53 0
52.6
52.7

44.2

74 5

90 2

15.64

69.1

30.9

52.3

34.9

75 2

96 4

12.48
12.34

17.5
15.2

82.5

53.2

84.8

53.4

55.8
60.5

75.6 100 0
74.7 92 0

14.80

55.4

44.6

55.1 100.0

67.6
60.6

10.0

90.7
90.2

62.4

8.1

56.8
13.6

62.4

90.7

63.5

54.0
59.2

7.7
9.4

4.6
43.2

56 9

53.9
53.6
53 6
53.2

65 1
55.8
51 2
41.9

10.8
11.0

95.7
87.0

12.5
17.0

20.9
0.0

40.7
33.2
33.8
45.3
44.6

11.0

69.6

52.2

51.7
50.8
51.0

43.8

10.0
10.4

10.0

14.5
10.3

51.7
52.2

10.3
10.3

22.3

85.5
89.7

50.9
51.2

9.7
10.5
10.4
10.2

21.4

74.7

4.7
4.7

88.2

8.8
9.3
10.2
10.6

8.7
30.4
30.4
34.8

11.0
10.5
10.0

14.0

51.0
51.0

100.0
88.7
56.2

37.5
33.9
30.4
32.1

9.0
9.5
9.5
9.6

95.7
95.7
73.9
52.2

51.4

24.8
11.8
0.0
11.3

43.8

26.8
22.3
23.2

22.5
25.3

51.4
51.2

33.9
33.0
36.6

13.98
14.05

63.8
64.2

63.1

16.25

Ratio.

0.0
25.0
27.3

8.7
9.5
9.8
10.4

63.5
65.3

16.90

Relative
Ratio, c demand
for
m o n e y .d

Index number.
InInInAmount. dex Amount. dex Amount. dex Ratio.
numnumnumber, c
ber, c
ber, c

75.1

95.5

34.8
69 6
52.2
69 6
56.5
52.2
82.6
73 9
52 2
26
8
8
4

1
7
7
3

11 1 100 0
10 1 56 5
9 3 21 7
9.4

26.1

14.59
16.48
16.28
15.89
16.34
16.42
15.68
15.06
15.00
15.33

96.5
98.5
80.1
64.7
63.2
71.4
76.9

Relative
demand
for
money A

60.7
44.3

1 5
19 9
35.3
36.8
28.6
23 1

15.55
14.60
14.18
15.61
15.09

53 2
42.8
78 4
65.4

46 8
57 2
21 6

15.85
15.35

84 3
71.9

14.86
15.60
15 15

59.7
78.1
66 9
52 7

15.7
28 1
40.3
21 9

14.58
13 61
13 18
13 75
13 14
13 13
13 31

28
17
32
16
16
21

13 79
14 23

33 1
44 0

14 80
15 15
15 02

58 2

6
9
1
9
7
1

66 9

34 6

33
47
71
82

1
3
4
1

67.9
83.1
83.3
78.9
66.9
56 0
41.8
33 1
36.3
54 0

13 49

63 7
46 0
25 6

14 80

58 2

13 37
12 46

22 6
0 0

41.8
77.4
100 0

12.59

32.3

67 7

14 31

74 4

a T h e figures for arn o u n t s w e re colle c t e d direcl:ly froin t h e St. Ivouis c earing-h ouse b a c ks b y t h e N a t i o n a l I [oneta ry Commis sion.
& T h e schedule of u o n t h s is t a s e d u p o n a year in w h ich J a n u a r y 1st falls u p o a t h e firs t d a y of t h e week. \Veekly figures ha ve bee n adjusted t o th<3 nearest c o m p l e t e 52 weeks
a
each year.
c T h e s e i n d e x n u mibers are cc>mput( 3d b y coun t i n g t lle m a x i m u m wee k 100, tb e m i n i mu m week C , a n d p r o r ating th e o t h e r w eeks.
d T h e s e i n d e x n u mLbers are t lle exa<3t reverse of t h e se in t h e prece l i n g colu m n , arid t h e suin of t w o il u m b e rs for each week equals 100 . The w e e k o f m i n i m um ratio o*
reserves t o deposits, rep r e s e n t i n g t h e la rgest relati ve d e nl a n d for m o n e y , is t a k e n as 100; 1 week o f m a x i m u :m r a t k) of reser ves to deposits, repres enting tll e smalle 3t r e l a t i v e
the
d e m a n d for m o n e y , is t a k e n as 0 a n d t tie o t h e r w eeks ai e p r o r a t e d . Cf. p p . 13-1£




NATIONAL MONETARY COMMISSION.

266
TABLE 6.—Seasonal variations

in the loans, deposits, reserves, and the ratio of reserves to deposits, of the St. Louis clearing-house
1899-1908 «—Continued.

banks,

[ A m o u n t s expressed in millions of dollars.]
1901

Loans.

Deposits.

1902

Reserves (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

M o n t h a n d week.&

Loans.

Deposits.

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

Index number.
|Index!
Index|
Amount. num- Amount. numbers
ber, c

Jan.—

1
2
3
4
Feb.— 5 .
6 .
7 .
8 .
Mar.— 9 .
10.
11 .
12 .
Apr.—13 .
14 ,
15
16 .
17 .
May— 18
19
20
21
J u n e — 22
23
24
25
J u l y — 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
D e c — 48
49
50
51
52

55.5
7.3
55.0
4.7
54.5
2.1
54.2
0.5
54.1
0.0
54.4
1 6
56.4 12.0
55.5
7.3
55.6
7.8
56.1 10.4
56.4 12.0
57.3 16.7
59.0 25.5
59.8 29.7
59.8 29.7
61.0 35.9
61.0 35.9
60.7 34.4
63.3 47.9
66.4 64.1
65.9 61.5
66.5 64.6
65.0 56.8
69.3 79.2
68.9 77.1
70.9 87.5
67.4 69.3
69.9 82.3
70. 2 83.9
69.5 80.2
69.3 79.2
69.2 78.7
69.7 81.3
69.8 81.8
69.6 80.7
69.6 80.7
71.0 88.0
71.4 90.1
71.1 88.6
70.7 86.5
70.0 82.8
69.4 79.7
69.3 79.2
69.4 79.7
69.4 79.7
69.2 78.7
70.9 87.5
70.8 87.0
71.5 90.6
72.0 93.2
73.3 100.0
72.1 93.8

77.2
0.0
9.7
78.6
81.4 29.2
81.1 27.1
82.5 36.8
82.6 37.5
85.2 55.6
85.9 60.4
85.1 54.9
85.8 59.7
86.4 63.9
85.7 59.0
89.6 86.1
88.2 76.4
88.5 78.5
85.2 55.6
86.0 61.1
84.2 48.6
82.8 38.9
84.7 52.1
82.6 37.5
83.2 41.7
84.6 51.4
88.2 76.4
87.9 74.3
91.6 100.0
86.2 62.5
86.9 67.4
85.6 58.3
84.9 53.5
84.9 53.5
85.0 54.2
85.7 59.0
86.2 62.5
86.4 63.9
89.7 86.8
86.5 64.6
86.9 67.4
84.6 51.4
86.0 61.1
85.0 54.2
84.5 50.7
84.2 48.6
85.7 59.0
85.1 54.9
84.4 50.0
85.9 60.4
86.2 62.5
86.2 62.5
85.9 60.4
85.7 59.0
84.9 53.5

Index!
num- Ratio.
ber, c

11.3
12.1
11.6
10.7
10.7
10.4
12.2
11.9
12.4
12.5
10.8
11.0
11.3
11.5
11.8
12.3
11.6
11.8
11.9
11.6
10.3
10.8
11.5
11.6
11.1
10.9
11.3
11.0
10.7
10.1
11.0
11.1
11.2
10.5
10.2
10.2
10.3
10.4
10.1
10.0
10.2
9.7
9.8
10.7
11.4
12.0
11.2
10.9
10.3
10.2
9.4

12.9
61.3
87.1
71.0
41.9
41.9
32.3
90,3
80.6
96.8
100.0
45.2
51.6
61.3
67.7
77.4
93.5
71.0
77.4
80.6
71.0
29.0
45.2
67.7
71.0
54.8
48.4
61.3
51.6
41.9
22.6
51.6
54.8
58.1
35.5
25.8
25.8
29.0
32.3
22.6
19.4
25.8
9.7
12.9
42.0
64.5
83.9
58.1
48.4
29.0
25.8
0.0

Per ct.
12.71
14.24
14.86
14.32
12.96
12. 83
12.22
14.20
14.00
14.35
14.46
12.38
12.16
12.69
12.88
13.74
14.18
13.67
14.26
13.94
14.04
12.39
12.78
13.05
13.19
12.00
12.52
12.88
12.86
12.48
11.91
12.95
12.85
12.99
12.15
11.38
11.79
11.73
12.29
11.62
11.76
11.-96
11.52
11.33
12.57
13.52
13.96
12.99
12.52
11.99
11.91
11 07

Ratio, c

43.3
83.7
100.0
85.8
49.9
46.4
30.3
82.6
77.3
86.6
89.5
34.6
28.8
42.8
47.8
70.5
82.1
68.6
84.2
75.7
78.4
34.8
45.1
52.2
55.9
24.5
38.3
47.8
47.2
37.2
22.2
49.6
47.0
50.7
28.5
8.2
19.0
17.4
32.2
14.5
18.2
23.5
11.9
6.9
39.6
64.7
76.3
50.7
38.3
24.3
22.2
0.0

Relative
demand
for
m o n e y .d

56.7
16.3
0.0
14.2
50.1
53.6
69.7
17.4
22.7
13.4
10.5
65.4
71.2
57.2
52.2
29.5
17.9
31.4
15.8
24.3
21.6
65.2
54.9
47.8
44.1
75.5
61.7
52.2
52.8
62.8
77.8
50.4
53.0
49.3
71.5
91.8
81.0
82.6
67.8
85.5
81.8
76.5
88.1
93.1
60.4
35.3
23.7
49.3
61.7
75.7
77.8
100.0

Index number.
Index]
number, c

71.5
5.1
71.4
4.8
71.9
6.3
69.8
0.0
70.3
1.5
71.1
3.9
71.3
4.5
71.6
5.4
71.9
6.3
72.2
7.2
73.0
9.6
74.0 12.7
75.8 18.1
75.2 16.3
75.3 16.6
75.3 16.6
75.8 18.1
85.3 46.7
84.2 43.4
84.7 44.9
86.0 48.8
96.0 78.9
94.2 73.5
94.8 75.3
96.4 80.1
96.9 81.6
98.7 87.0
98.1 85.2
97.4 83.1
97.9 84.6
97.4 83.1
97.5 83.4
97.6 83.7
99.8 90.4
98.9 87.7
99.3 88.9
100.0 91.0
101.6 95.8
102.5 98.5
101.9 96.7
101.9 96.7
101.3 94.9
100.7 93.1
100.8 93.4
100.6 92.8
100.9 93.7
101.1 94.3
101.2 94.6
102.0 97.0
102.1 97.3
102.4 98.2
103.0 100.0

Indexl
Index|
num- Amount. num- Ratio.
ber, c
ber, c

86.9
6.5
87.9
9.4
86.6
5.6
84.7
0.0
86.4
5.0
88.5 11.2
89.2 13.3
90.5 17.1
90.6 17.4
92.0 2 L 5
91.0 18.6
91.8 20.9
91.2 19.2
90.6 17.4
89.9 15.3
91.4 19.8
92.6 23.3
102.7 53.1
100.0 45.1
100.1 45.4
98.9 41.9
116.4 93.5
113.9 86.1
114.2 87.0
113.6 85.3
114.6 88.2
113.5 85.0
114.6 88.2
114.5 87.9
113.9 86.1
116.2 92.9
114.2 87.0
114.6 88.2
116.0 92.3
115.9 92.0
117.2 95.9
118.6 100.0
115.1 89.7
114.3 87.3
114.2 87.0
113.9 86.1
112.7 82.6
112.9 83.2
114.9 89.1
116.5 93.8
116.2 92.9
115.0 89.4
117.8 97.6
118.3 99.1
117.1 95.6
116.8 94.7
118.3 99.1

10.0
0.0
11.4 23.3
10.9 15.0
11.1 18.3
10.7 11.7
11.3 21.7
11.4 23.3
10.7 11.7
10.8 13.3
12.2 36.7
11.9 31.7
11.4 23.3
10.4
6.7
10.0
0.0
10.7 11.7
11.0 16.7
10.8 13.3
11.6 26.7
11.9 31.7
11.9 31.7
11.7 28.3
13.6 60.0
12.8 46.7
13.3 55.0
13.5 58.3
14.3 71.6
14.1 68.3
14.7 78.3
14.4 73.3
14.2 70.0
13.9 65.0
14.7 78.3
15.5 91.6
16.0 100.0
14.6 76.7
14.5 75.0
14.7 78.3
13.7 61.7
13.8 63.3
12.6 43.3
12.8 46.7
12.9 48.3
13.1 51.7
12.2 36.7
13.4 56.7
14.3 71.6
14.6 76.7
15.6 93.3
15.8 96.7
15.8 96.7
15.1 85.0
15.2 86.7

Per ct.
11.50
12.97
12.58
12.98
12.26
12. 65
12.78
11.71
11.81
13.26
12.96
12.41
11.40
10.93
11.91
12.03
11.67
11.29
11.81
11.78
11.72
11.59
11.16
11.64
11.79
12.39
12.42
12.82
12.50
12.37
11.96
12.87
13.52
13.80
12.58
12.38
12.40
11.82
12.08
10.95
11.23
11.44
11.52
10.61
11.50
12.30
12.69
13.15
13.27
13.40
12.92
12.77

Ratio.

27.9
74.0
61.8
74.3
51.7
64.0
68.0
34.5
37.6
83.1
73.7
56.4
24.8
10.0
40.8
44.5
33.2
21.3
37.6
36.7
34.8
30.7
17.2
32.3
37.0
55.8
56.7
69.3
59.2
55.2
42.3
70.9
91.2
100.0
61.8
55.5
56.1
37.9
46.1
10.7
19.4
26.0
28.5
0.0
27.9
53.0
65.2
79.6
83.4
87.5
72.4
67.7

Relative
demand
for
m o n e y .d

72.1
26.0
38.2
25.7
48.3
36.0
32.0
65.5
62.4
16.9
26.3
43.6
75.2
90.0
59.2
55.5
66.8
78.7
62.4
63.3
65.2
69.3
82.8
67.7
63.0
44.2
43.3
30.7
40.8
44.8
57.7
29.1
8.8
0.0
38.2
44.5
43.9
62.1
53.9
89.3
80.6
74.0
71.5
100.0
72.1
47.0
34.8
20.4
16. C
12.5
27.6
32.3

a T h e figures for a m o u n t s were collected directly from t h e St. L o u i s clearing-house b a n k s b y t h e N a t i o n a l M o n e t a r y Commission.
b T h e schedule of m o n t h s is based u p o n a year in w h i c h J a n u a r y 1st falls u p o n t h e first d a y of t h e week. W e e k l y figures h a v e b e e n a d j u s t e d t o t h e nearest c o m p l e t e
52 weeks each year.
c T h e s e i n d e x n u m b e r s are c o m p u t e d b y c o u n t i n g t h e m a x i m u m week 100, t h e m i n i m u m w e e k 0, a n d p r o r a t i n g t h e o t h e r weeks.
d These i n d e x n u m b e r s are t h e e x a c t reverse of t h o s e i n t h e preceding c o l u m n , a n d t h e s u m of t w o n u m b e r s for each w e e k e q u a l s 100. T h e w e e k of m i n i m u m r a t i o of reserves
t o deposits, representing t h e largest relative d e m a n d for m o n e y , is t a k e n as 100; t h e w e e k of m a x i m u m ratio of reserves t o deposits, r e p r e s e n t i n g t h e smallest r e l a t i v e d e m a n d for
m o n e y , is t a k e n as 0, a n d t h e o t h e r weeks are p r o r a t e d . Cf. p p . 13-15.




267

SEASONAL DEMAND FOR MONEY AND CAPITAL.
TABLE 6.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the St. Louis clearing-house
1899-1908—Continued.

banks,

[ A m o u n t s expressed in millions of dollars.]
1903

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

R a t i o of reserves to
deposits.

Month and week.

Feb.-

Mar.— 9 .
10.
11 .
12.
Apr.—13 .
14.
15.
16.
17.
May— 1 8 .
19.
20.
21.
J u n e — 22 .
23.
24 .
25.
J u l y — 26 .
27.
28.
29.
30.
Aug.—31 .
32 .
33 .
34 .
Sept.—35 .
36 .
37 .
38.
39 .
Oct.— 40 .
41 .
42 .
43 .
Nov.—44 .
45.
46.
47.
Dec— 48..
49 ..
50..
51 . .
52 . .

Deposits.

Reserves (specie a n d legal
tenders).

R a t i o of reserves to
deposits.

Index number.

Index number.
Index
num- Ratio.
ber.

Index
Index|
A m o u n t . num- A m o u n t . n u m ber.
ber.

Jan.-

Loans.

49.5
103.
52.4
103.
60.2
104.
46.6
102.
35.9
101.
43.7
102.
37.9
101.
44.7
102.
52.4
103.
66.0
104.
72.8
105.
69.9
105.
87.4
107.
93.2
107.
99.0
108.
86.4
106.
84.5
106.
97.1
108.
90.3
107.
82.5
106.
57.3
103.
56.3
103.
51.5
103.
65.0
104.
73.8
105.
67.0
104.
70.9
105.
85.4
106.
90.3
107.
95.1
107.
85.4
106.
84.5
106.
95.1
107.
108. 1 98.1
107. 7 94.2
107. 8 95.1
108. 2 99.0
108. 1 98.1
108. 3 100.0
107. 5 92.2
107. 2 89.3
107. 1 88.3
106. 3 80.6
103. 7 55.3
102. 2 40.8
100. 7 26.2
100. 4 23.3
99.3 12.6
99.8 17.5
99.5 14.6
6.8
98.7
0.0
98.0




117.9
117.8
121.3
118.9
120.8
122.5
123.6
124.8
125.4
128.8
127.4
126.7
126.6
126.0
128.3
125.8
125.3
129.8
127.2
126.1
124.3
126.5
124.9
124.9
123.6
122.0
123.7
123.5
121.9
118.5
117.4
116.9
117.5
117.3
117.8
118.6
117.4
114.2
113.9
116.3
115.4
114.6
111.2
110.7
113.2
113.7
114.3
114.0
113.7
114.9
113.8
117.0

37.7
37.2
55.5
42.9
52.9
61.8
67.5
73.8
77.0
94.8
87.4
83.8
83.3
80.1
92.2
79.1
76.4
100.0
86.4
80.6
71.2
82.7
74.3
74.3
67.5
59.2
68.1
67.0
58.6
40.8
35.1
32.5
35.6
34.6
37.2
41.4
35.1
18.3
16.8
29.3
24.6
20.4
2.6
0.0
13.1
15.7
18.8
17.3
15.7
22.0
16.2
33.0

15.4
16.0
15.2
15.4
15.7
16.0
16.4
17.0
16.4
17.0
16.3
16.7
16.5
16.4
16.5
16.6
15.8
16.1
17.3
17.2
17.7
17.6
17.8
17.2
16.5
15.4
16.4
15.6
15.0
14.9
14.2
15.2
14.7
14.8
13.3
14.0
13.5
12.3
11.4
13.2
13.3
12.0
11.1
14.7
15.6
15.4
15.6
15.9
15.5
15.2
14.6
15.5

64.2
73.1
61.2
64.2
68.7
73.1
79.1
88.1
79.1
88.1
77.6
83.6
80.6
79.1
80.6
82.1
70.2
74.6
92.5
91.0
98.5
97.0
100.0
91.0
80.6
64.2
79.1
67.2
58.2
56.7
46.3
61.2
53.7
55.2
32.8
43.3
35.8
17.9
4.5
31.3
32.8
13.4
0.0
53.7
67.2
64.2
67.2
71.6
65.7
61.2
52.2
65.7

Per ct.
13.07
13.58
12.53
12.88
12.87
12.99
13.27
13.54
13.07
13.19
12.79
13.19
13.03
13.01
12.86
13.19
12.60
12.40
13.61
13.65
14.23
13.82
14.17
13.78
13.33
12.62
13.09
12.55
12.23
12.50
12.08
12.91
12.51
12.61
11.28
11.81
11.41
10.77
10.00
11.34
11.43
10.48
9.98
13.29
13.78
13.55
13.64
13.94
13.63
13.22
12.82
12.91

Ratio.

72.7
84.7
60.0
68.2
67.9
70.8
77.4
83.8
72.7
75.5
66.1
75.5
71.8
71.3
67.8
75.5
61.6
56.9
85.4
86.4
100.0
90.4
98.6
89.4
78.8
62.1
73.2
60.5
52.9
59.3
49.4
68.9
59.5
61.9
30.6
43.1
33.6
18.6
0.5
32.0
34.1
11.8
0.0
77.9
89.4
84.0
86.1
93.2
85.9
76.2
66.8

Relative
demand
for
money.

27.3
15.3
40.0
31.8
32.1
29.2
22.6
16.2
27.3
24.5
33.9
24.5
28.2
28.7
32.2
24.5
38.4
43.1
14.6
13.6
0.0
9.6
1.4
10.6
21.2
37.9
26.8
39.5
47.1
40.7
50.6
31.1
40.5
38.1
69.4
56.9
66.4
81.4
99.5
68.0
65.9
88.2
100.0
22.1
10.6
16.0
13.9
6.8
14.1
23.8
33.2
31.1

Index
Amount. number.

97.2
98.0
95.4
96.9
97.6
101.3
102.6
103.9
102.9
102.7
102.4
101.2
102.8
100.8
101.7
101.6
100.9
103.1
103.2
103.3
103.9
104.6
101.7
101.1
100.5
99.5
100.2
101.2
100.6
101.6
101.0
101.3
101.9
102.6
101.8
101.0
101.5
101.3
100.6
101.2
101.1
102.7
101.4
100.9
101.0
102.2
102.1
103.4
103.0

37.0
29.3
16.3
19.6
28.3
0.0
16.3
23.9
64.1
78.3
92.4
81.5
79.4
76.1
63.0
80.4
58.7
68.5
67.4
59.8
83.7
84.8
85.9
92.4
100.0
68.5
62.0
55.4
44.6
52.2
63.0
56.5
67.4
60.9
64.1
70.7
78.3
69.6
60.9
66.3
64.1
56.5
63.0
62.0
79.3
65.2
59.8
60.9
73.9
72.8
87.0
82.6

Index]
number.

122.6
121.8
126.4
127.4
127.1
128.3
129.6
129.0
135.1
134.2
132.2
129.5
129.5
128.9
128.7
128.4
126.5
126.3
126.9
128.7
130.7
135.2
134.4
131.5
131.4
129.4
131.2
130.1
130.5
130.1
131.7
130.5
130.8
131.8
134.1
133.7
134.3
133.6
133.3
134.2
137.2
136.7
140.7
142.8
145.2
146.0
147.2
149.4
151.6
147.2
147.7
147.7

2.7
0.0
15.4
18.8
17.8
21.8
26.2
24.2
44.6
41.6
34.9
25.8
25.8
23.8
23.2
22.1
15.8
15.1
17.1
23.2
29.9
45.0
42.3
32.6
32.2
25.5
31.5
27.9
29.2
27.9
33.2
29.2
30.2
33.6
41.3
39.9
42.0
39.6
38.6
41.6
51.7
50.0
63.4
70.5
78.5
81.2
85.2
92.6
100.0
85.2
86.9
86.9

Index]
num- R a t i o .
ber.

18.9 48.6
18.3 31.4
20.0 80.0
19.4 62.9
19.5 65.7
18.7 42.9
19.5 65.7
19.9 77.1
20.7 100.0
20.3 88.6
19.3 60.0
19.7 71.4
19.4 62.9
19.8 74.3
19.6 68.6
19.3 60.0
17.9 20.0
18.5 37.1
19.1 54.3
19.2 57.1
19.6 68.6
19.6 68.6
19.3 60.0
20.0 80.0
19.2 57.1
18.2 28.6
18.9 48.6
20.1 82.9
19.2 57.1
19.0 51.4
18.6 40.0
18.5 37.1
19.2 57.1
19.5 65.7
19.8 74.3
18.5 37.1
18.4 34.3
17.8 17.1
18.1 25.7
17.8 17.1
18.4 34.3
18.6 40.0
19.2 57.1
19.4 62.9
19.6 68.6
19.7 71.4
19.5 65.7
18.8 45.7
17.8 17.1
8.6
17.5
0.0
17.2
18.4 34.3

Per ct.
15.42
15.09
15.82
15.23
15.24
14.64
15.04
15.34
15.32
15.13
14.52
15.21
14.89
15.36
15.15
15.03
14.16
14.64
15.05
14.96
14.85
14.43
14.36
15.14
15.46
14.76
14.32
15.37
14.71
14.61
14.05
14.09
13.91
14.78
14.69
13.83
13.70
13.32
13.44
13.11
13.41
13.61
13.65
13.51
13.42
13.49
13.24
12.58
11.74
11.88
11.58
12.46

Ratio.

90.6
82.8
100.0
86.1
86.3
72.2
81.6
88.7
88.2
83.7
69.3
85.6
78.1
89.2
84.2
81.4
60.9
72.2
81.8
79.7
77.1
67.2
65.6
84.0
91.5
75.0
64.6
89.4
73.8
71.5
58.3
59.2
55.0
75.5
73.4
53.1
50.0
41.0
43.9
36.1
43.2
47.9
48.8
45.5
43.4
45.1
39.2
23.6
3.8
7.1
0.0
20.8

Relative
demand
for
money.

9.4
17.2
0.0
13.9
13.7
27.8
18.4
11.3
11.8
16.3
30.7
14.4
21.9
10.8
15.8
18.6
39.1
27.8
18.2
20.3
22.9
32.8
34.4
16.0
8.5
25.0
35.4
10.6
26.2
28.5
41.7
40.8
45.0
24.5
26.6
46.9
50.0
59.0
56.1
63.9
56.8
52.1
51.2
54.5
56.6
54.9
60.8
76.4
96.2
92.9
100.0
79.2

268

NATIONAL MONETARY COMMISSION.

TABLE 6.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the St. Louis clearing-house banks,
1899-1908 —Continued.
[Amounts expressed in millions of dollars.]
1905

Loans.

Deposits.

1906

Reserves (specie and legal
tenders).

Ratio of reserves to
deposits.

Month and week.

Deposits.

Reserves (specie and legal
tenders).

Ratio of reserves to
deposits.

Index number.
Index
Index
Index
Amount. num- Amount. num- Amount. num- Ratio.
ber.
ber.
ber.

Jan.— 1
2
3
4
Feb.— 5
6
7
8
Mar. — 9
10
11
12
Apr.—13
14
15
16
17
May—18
19
20
21
June— 22
23
24
25
J U l y _ 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
Dec.— 48
49
50
51
52

Loans.

104.0
104.3
105.4
105.6
107.6
106.2
108.3
108.5
107.3
109.4
107.7
107.9
109.6
110.7
109.4
108.5
107.7
126.8
126.7
127.5
128.8
128.7
127.3
128.6
129.9
131.9
132.2
132.7
132.8
131.4
132.2
133.2
132.4
132.5
134.2
135.7
136.1
136.5
138.3
137.9
139.2
139.1
137.9
138.0
136.9
136.6
138.5
139.5
140.7
141.9
142.2
142.4




0.0
0.8
3.6
4.2
9.4
5.7
11.2
11.7
8.6
14.1
9.6
10.2
14.6
17.4
14.1
11.7
9.6
59.4
59.1
61.2
64.6
64.3
60.7
64.1
67.5
72.7
73.4
74.7
75.0
71.4
73.4
76.0
74.0
74.2
78.7
82.6
83.6
84.6
89.3
88.3
91.7
91.4
88.3
88.5
85.7
84.9
89.8
92.5
95.6
98.7
99.5
100.0

151.5
149.2
150.9
148.6
149.6
149.9
148.7
150.3
150.9
148.4
145.1
145.6
148.1
149.7
150.4
147.6
145.9
168.9
170.4
172.2
173.2
172.0
169.8
169.7
169.1
168.3
164.3
164.9
164.9
165.8
166.5
171.0
171.4
170.9
172.5
172.1
169.9
168.8
164.9
166.0
164.1
162.5
161.9
162.7
166.5
167.0
167.0
169.4
168.5
168.9
165.2
166.6

22.8
14.6
20.6
12.5
16.0
17.1
12.8
18.5
20.6
11.7
0.0
1.8
10.7
16.4
18.9
8.9
2.8
84.7
90.0
96.4
100.0
95.7
87.9
87.5
85.4
82.6
68.3
70.5
70.5
73.7
76.2
92.2
93.6
91.8
97.5
96.1
88.3
84.3
70.5
74.4
67.6
61.9
59.8
62.6
76.2
77.9
77.9
86.5
83.3
84.7
71.6
76.5

20.5
20.5
20.8
20.4
20.5
21.5
20.5
19.9
18.3
17.7
18.6
18.6
18.7
19.4
19.8
19.5
18.5
24.3
27.0
25.9
25.7
24.6
24.8
24.9
23.6
22.1
20.9
21.1
21.5
22.6
23.4
25.4
26.7
26.9
26.2
24.4
24.2
23.0
19.7
19.2
19.6
19.2
19.4
20.2
22.9
25.0
23.1
21.2
21.8
21.5
20.5
22.0

30.1
30.1
33.3
29.0
30.1
40.9
30.1
23.7
6.5
0.0
9.7
9.7
10.8
18.3
22.6
19.4
8.6
71.0
100.0
88.2
86.0
74.2
76.3
77.4
63.4
47.3
34.4
36.6
40.9
52.7
61.3
82.8
96.8
98.9
91.4
72.0
69.9
57.0
21.5
16.1
20.4
16.1
18.3
26.9
55.9
78.5
58.1
37.6
44.1
40.9
30.1
46.2

Perct.
13.45
13.00
13.78
12.95
13.04
14.28
13.72
13.25
12.09
11.93
12.74
12.77
12.63
12.65
13.17
13.25
12.61
14.37
15.88
14.41
14.84
14.21
14.61
14.62
13.89
13.06
12.72
12.75
13. 03
13.63
14.05
14.85
15.52
15.74
15.13
14.17
14.25
13.62
11.95
11.51
11.94
11.81
11.91
12.42
13.69
14.91
13.84
12.51
12.86
12.71
12.34
13.14

Index number.

Index
Index
Index
Relative Amount. num- Amount. num- Amount. num- Ratio.
demand
ber.
ber.
ber.
Ratio.
for
money.

Ratio.

44.4
34.1
51.9
33.0
35.0
63.4
50.6
39.8
13.3
9.6
28.1
28.8
25.6
26.1
38.0
39.8
25.2
65.4
100.0
66.4
76.2
61.8
70.9
71.2
54.5
35.5
27.7
28.4
34.8
48.5
58.1
53.6
91.8
96.8
82.8
60.9
62.7
48.3
10.1
0.0
9.8
6.9
9.2
20.8
49.9
77.8
53.3
22.9
30.9
27.5
19.0
37.3

55.6
65.9
48.1
67.0
65.0
36.6
49.4
60.2
86.7
90.4
71.9
71.2
74.4
73.9
62.0
60.2
74.8
34.6
.0
33.6
23.8
38.2
29.1
28.8
45.5
64.5
72.3
71.6
65.2
51.5
41.9
46.4
8.2
3.2
17.2
39.1
37.3
51.7
89.9
100.0
90.2
93.1
90.8
79.2
50.1
22.2
46.7
77.1
69.1
72.5
81.0
62.7

142.5
141.6
141.1
141.4
142.7
141.9
145.8
143.2
144.6
144.0
145.5
146.8
147.0
145.2
144.6
144.4
144.2
145.6
145.2
145.0
140.9
140.0
139. 5
139.3
139.0
139.3
139.4
139.7
140.0
139.4
139.8
139.7
140.1
139.4
140.4
141.3
141.7
141.8
142.6
142.7
141.0
140.5
140.1
140.1
140.5
140.6
142.2
142.7
144.1
154.2
153.6
153.1

23.0
17.1
13.8
15.8
24.3
19.1
44.7
27.6
36.8
32.9
42.8
51.3
52.6
40.8
36.8
35.5
34.2
43.4
40.8
39.5
12.5
6.6
3.3
2.0
0.0
2.0
2.6
4.6
6.6
2.6
5.3
4.6
7.2
2.6
9.2
15.1
17.8
18.4
23.7
24.3
13.2
9.9
7.2
7.2
9.9
10.5
21.1
24.3
33.6
100.0
96.1
92.8

169.2
170.9
173.8
174.9
174.4
173.0
175.3
176.2
175.7
178.9
176.2
175.4
172.4
174.2
172.3
169.2
168.3
168.9
167.9
167.4
166.4
165.8
166.0
165.1
163.4
163.6
163.5
163.6
162.9
163.9
164.3
165.7
166.7
165.3
168.4
167.5
167.3
165.7
166.0
168.0
169.6
170.9
173.2
171.4
175.8
176.6
176.1
176.8
175.7
194.8
191.7
193.9

19.7
25.1
34.2
37.6
36.1
31.7
38.9
41.7
40.1
50.2
41.7
39.2
29.8
35.4
29.5
19.7
16.9
18.8
15.7
14.1
11.0
9.1
9.7
6.9
1.6
2.2
1.9
2.2
0.0
3.1
4.4
8.8
11.9
7.5
17.2
14.4
13.8
8.8
9.7
16.0
21.0
25.1
32.3
26.6
40.4
43.0
41.4
43.6
40.1
100.0
90.3
97.2

23.1
25.3
26.9
26.9
25.8
25.7
26.6
25.6
26.8
26.1
25.7
26.5
24.1
25.4
26.1
24.5
25.6
24.9
24.2
23.8
24.5
23.9
23.7
24.9
24.1
23.9
22.5
22.7
23.5
23.7
23.2
23.8
24.0
24.7
23.5
24.8
23.0
21.9
21.5
20.6
21.1
21.0
21.6
21.3
24.1
26.3
23. S
22.6
23.2
26.4
26.7
27.9

34.2
64.4
86.3
86.3
71.2
69.9
82.2
68.5
84.9
75.3
69.9
80.8
47.9
65.8
75.3
53.4
68.5
58.9
49.3
43.8
53.4
45.2
42.5
58.9
47.9
45.2
26.0
28.8
39.7
42.5
35.6
43.8
46.6
56.2
39.7
57.5
32.9
17.8
12.3
0.0
6.9
5.5
13.7
9.6
47.9
78.1
43.8
27.4
35.6
79.5
83.6
100.0

Perct.
13.06
14.80
15.42
15.39
14.80
14.86
15.11
14.53
15.20
14.59
14.58
15.06
14.00
14.58
15.06
14.48
15.26
14.74
14.41
14.17
14.64
14.35
14.27
15.01
14.75
14.54
13.77
13.87
14.42
14.41
14.12
14.37
14.40
14.95
14.00
14.80
13.74
13.22
12.30
12.20
12.44
12.24
12.41
12.43
13.70
14.84
13.51
12.79
13.15
13.55
13.36
14.42

26.7
80.7
100.0
99.1
80.7
82.6
90.4
72.4
93.2
74.2
73.9
88.8
55.9
73.9
88.8
70.8
95.0
78.9
68.6
61.2
75.8
66.8
64.3
87.3
79.2
72.7
48.8
51.9
68.9
68.6
59.6
67.4
68.3
85.4
55.9
80.7
47.8
31.7
3.1
0.0
7.5
1.2
6.5
7.1
46.6
82.0
40.7
18.3
29.5
41.9
36.0
68.9

Relative
demand
for
money.

73.3
19. a
.0
.9

19. a
17.4
9.6

27.6
6.8

25.8
26.1
11.2
44.1
26.1
11.2
29.2
5.0

21.1
31.4
38.8
24.2
33.2
35.7
12.7
20.8
27.3
51.2
48.1
31.1
31.4
40.4
32.6
31.7
14.6
44.1
19.3
52.2
68.3
96.9
100.0
92.5
98.8
93.5
92.9
53.4
18.0
59.3
81.7
70.5
58.1
64.0
31.1

SEASONAL DEMAND FOR MONEY AND CAPITAL.

269

TABLE 6.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the St. Louis clearing-house
1899-1908—Continued.

banks,

[ A m o u n t s expressed in millions of dollars.]
1907

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

1908a

R a t i o of reserves to

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

R a t i o of reserves to
deposits.

M o n t h a n d week.
Index number.
Index!
Index]
Index
A m o u n t . num- A m o u n t . num- A m o u n t . n u m - | R a t i o .
ber.
ber.
ber,

153.0
0.0
153.0
0.0
154.0
5.4
156.0 16.0
157.9 26.2
158.3 28.3
159.3 33.7
160.4 39.6
163.0 53.5
162.7 51.9
164.1 59.4
165.2 65.3
164.4 61.0
164.7 62.6
162.6 51.4
161.4 44.9
160.4 39.6
159.0 32.1
157.2 22.5
156.6 19.3
155.0 10.7
155.1 11.2
154.8
9.6
156.1 16.6
155.7 14.4
156.8 20.3
157.1 21.9
157.9 26.2
158.7 30.5
159.1 32.6
159.2 33.2
161.2 43.9
163.1 54.0
164.5 61.5
165.0 64.2
165.9 69.0
166.0 69.6
163.6 56.7
170.6 94.1
171.7 100.0
168.2 81.3
168.4 82.4
167.8 79.2
167.3 76.5
167.4 77.0
168.1 80.8
167.1 75.4
166.4 71.7
166.7 73.3
166.1 70.1
165.3 65.8
163.1 54.0




197.8 52.5
202.8 72.0
204.4 78.2
208.2 93.0
205.7 83.2
205.4 82.1
207.2 89.1
209.7 98.8
210.0 100.0
207.9 91.8
206.5 86.4
204.7 79.4
201.6 67.3
204.9 80.1
203.0 72.7
201.3 66.1
199.8 60.3
200.1 61.5
202.2 69.6
202.8 72.0
201.3 66.1
204.9 80.1
203.0 72.7
204.5 78.6
199.9 60.7
198.8 56.4
200.7 63.8
198.6 55.6
196.0 45.5
194.4 39.3
196.6 47.8
201.0 65.0
201.3 66.1
200.2 61.9
200.6 63.4
201.5 66.9
195.5 43.6
193.1 34.2
199.9 60.7
203.4 74.3
200.6 63.4
198.4 54.8
194.5 39.7
189.0 18.3
188.8 17.5
188.6 16.7
186.9 10.1
187.0 10.5
186.7
9.3
186.5
8.6
185.1
3.1
184.3
0.0

30.1 64.7
30.8 69.8
32.7 83.8
34.9 100.0
33.7 91.2
32.7 83.8
33.0 86.0
32.6 83.1
31.4 74.3
30.0 64.0
31.2 72.8
29.6 61.0
29.5 60.3
29.4 59.6
30.5 67.6
29.6 61.0
30.0 64.0
30.5 67.6
32.2 80.1
31.8 77.2
33.1 86.8
32.2 80.1
32.0 78.7
32.0 78.7
31.4 74.3
28.4 52.2
29.0 56.6
29.0 56.6
27.9 48.5
29.0 56.6
29.3 58.8
30.4 66.9
29.6 61.0
29.1 57.4
28.9 55.9
28.1 50.0
24.8 25.7
25.4 30.1
26.3 36.8
24.9 26.5
23.9 19.1
22.0
5.2
22.4
8.1
21.3
0.0
21.7
2.9
23.9 19.1
24.8 25.7
25.6 31.6
25.7 32.4
26.0 34.6
26.2 36.0
26.8 40.4

Per ct.
15.22
15.18
16.00
16.76
16.33
15.92
17.51
15.54
14.95
14.43
15.11
14.46
14.63
14.30
15.02
14.72
15.01
15.19
15.92
15.68
16.48
15.71
15.72
15.65
15.70
14.28
14.45
14.60
14.80
14.91
14.85
15.08
14.70
14.48
14.36
13.94
12.68
13.16
13.16
12.14
11.86
11.03
15.22
11.26
11.49
11.50
13.21
13.63
13.76
13.94
14.15
14.54

Ratio.

64.7
64.0
76.7
88.4
81.8
75.5
100.0
69.6
60.5
52.5
63.0
52.9
55.6
50.5
61.6
57.0
61.4
64.2
75.5
71.8
84.1
72.2
72.4
71.3
72.1
50.2
52.8
55.1
58.2
59.9
59.0
47.1
56.6
53.2
51.4
44.9
25.5
32.9
32.9
17.1
12.8
0.0
64.7
3.6
7.1
7.3
33.6
40.1
42.1
44.9
48.2
54.2

Relative
demand
for
money.

35.3
36.0
23.3
11.6
18.2
24.5
0.0
30.4
39.5
47.5
37.0
47.1
44.4
49.5
38.4
43.0
38.6
35.8
24.5
28.2
15.9
27.8
27.6
28.7
27.9
49.8
47.2
44.9
41.8
40.1
41.0
52.9
43.4
46.8
48.6
55.1
74.5
67.1
67.1
82.9
87.2
100.0
35.3
96.4
92.9
92.7
66.4
59.9
57.9
55.1
51.8
45.8

Index number.
Index|
Index
Index)
num- A m o u n t . num-f A m o u n t . n u m - R a t i o .
ber.
ber.
ber.

Ratio.

Per ct.
14.25
14.39
14.19
15.30
16.37
16.69
18.04
18.75
18.46
18.08
17.09
16.63
16.34
16.25
16.47
16.90
16.90
17.28
17.03
17.11
17.22
16.12
16.00
16.64
15.08
16.27
15.41
15.26
14.88
15.46
15.13
14.96
15.50
15.88
15.72
14.91
14.90
14.66
15.15
14.11
13.62
13.79
13.90
13.39
14.62
14.04
14.98
14.85
15.63
15.09
15.00
14.92

16.0
18.7
14.9
35.6
55.6
61.6
86.8
100.0
94.6
87.5
69.0
60.5
55.0
53.4
57.5
65.5
65.5
72.6
67.9
69.4
71.5
50.9
48.7
60.6
31.5
53.7
37.7
34.9
27.8
38.6
32.5
29.3
39.4
46.5
43.5
28.4
28.2
23.7
32.8
13.4
4.3
7.5
9.5
0.0
23.0
12.1
29.7
27.2
41.8
31.7
30.0
28.5

162.4 100.0
160.3 90.3
157.5 77.3
154.1 61.6
149.8 41.7
146.4 25.9
145.6 22.2
144.0 14.8
143.6 13.0
145.0 19.4
145.9 23.6
146.8 27.8
146.5 26.4
145.7 22.7
145.9 23.6
145.2 20.4
145.1 19.9
144.9 19.0
144.8 18.5
144.2 15.7
142.4
7.4
140.8
0.0
140.9
0.5
141.6
3.7
142.4
7.4
142.5
7.9
143.2 11.1
143.0 10.2
143.0 10.2
143.0 10.2
143.0 10.2
144.2 15.7
143.4 12.0
143.7 13.4
144.4 16.7
145.0 19.4
146.4 25.9
147.1 29.2
149.3 39.4
148.5 35.7
148.8 37.0
148.7 36.6
148.8 37.0
147.6 31.5
145.5 21.8
153.7 59.7
154.5 63.4
154.3 62.5
153.4 58.3
154.6 63.9
157.6 77.8
158.0 79.6

182.6 13.5
181.0
9.9
180.4
8.6
176.6
0.0
177.2
1.4
179.8
7.2
182.9 14.2
183.2 14.9
185.4 19.8
188.3 26.3
187.2 23.9
186.5 22.3
183.6 15.8
184.6 18.0
188.2 26.1
183.5 15.5
183.4 15.3
186.4 22.1
187.9 25.4
187.1 23.6
185.8 20.7
186.1 21.4
187.5 24.5
186.4 22.1
185.7 20.5
184.4 17.6
188.2 26.1
190.1 30.4
188.3 26.3
187.6 24.8
191.0 32.4
193.8 38.7
193.5 38.0
195.4 42.3
197.2 46.4
201.2 55.4
201.3 55.6
197.9 47.9
197.4 46.7
197.7 47.5
198.2 48.6
195.8 43.2
194.2
194.2
198.5 49.3
212.8 81.5
213.6 83.3
215.4 87.3
217.7 92.5
218.6 94.4
220.1 97.9
221.1 100.0

0.0
26.0
4.7
26.4
8.1
26.7
27.2 14.0
29.3 38.4
30.7 54.7
33.7 89.5
34.2 95.4
34.6 100.0
34.4 97.7
32.1 70.9
31.5 64.0
30.1 47.7
30.5 52.3
31.9 68.6
31.2 60.5
31.7 66.3
32.2 72.1
32.4 74.4
32.5 75.6
32.4 74.4
30.8 55.8
30.4 51.2
30.2 48.8
28.6 30.2
30.1 47.7
29.4 39.5
29.9 45.4
28.9 33.7
29.7 43.0
29.5 40.7
29.7 43.0
30.3 50.0
31.7 66.3
31.3 61.6
31.0 58.1
30.6 53.5
29.4 39.5
30.1 47.7
28.0 23.3
27.2 14.0
27.0 11.6
27.4 16.3
9.3
26.8
29.1 36.1
30.6 53.5
32.0 69.8
32.1 70.9
34.2 95.4
33.9 91.9
33.2 83.7
33.6 88.4

I
a A v e r a g e figures for t h e period 1899-1908 are given i n T a b l e V I of t h e T e x t ( p . 36).

NATIONAL MONETARY COMMISSION.

270
APPENDIX
T A B L E 7.—Seasonal variations

E.—NEW

ORLEANS CLEARING-HOUSE BANKS,

1899-1908.

in the loans, deposits, reserves, and the ratio of reserves to deposits of the New Orleans

clearing-house

banks,

1899-1908 a
[Amounts expressed in millions of dollars.]

1899

Loans.

Deposits.

Reserves (specie
a n d legal
tenders).

1900

R a t i o of reserves t o
deposits.

Loans.

Deposits.

Reserves (specie
a n d legal
tenders).

R a t i o of reserves t o
deposits.

M o n t h a n d week. &
Index number.
Index
Index
Index
Amount. num- Amount. num- Amount. num- Ratio.
ber, c
ber, c
ber, c

16.9
7.3
16.7
2.4
16.6
0.0
16.7
2.4
16.8
4.9
16.8
4.9
17.0
9.8
17.1 12.2
16.9
7.3
16.6
0.0
16.7
2.4
16.8
4.9
17.0
9.8
17.4 19.5
17.6 24.4
17.5 22.0
17.5 22.0
17.4 19.5
17.6 24.4
17.7 26.8
17.6 24.4
17.6 24.4
17.7 26.8
17.7 26.8
17.7 26.8
17.6 24.4
17.7 26.8
17.7 26.8
17.7 26.8
17.5 22.0
17.3 17.1
17.2 14.6
17.6 24.4
17.8 29.3
18.0 34.2
18.4 43.9
18.8 53.7
18.9 56.1
19.3 65.9
19.7 75.6
19.9 80.5
19.9 80.5
19.8 78.1
19.9 80.5
20.2 87.8
20.5 95.1
20.6 97.6
20.5 95.1
20.3 90.3
20.3 90.3
20.5 95.1
20.7 100.0

Jan.—

1
2
3
4
Feb.— 5
6
7
8
Mar.— 9
10
11

12
13
14
15
16
17
May—18
19
20
21
June—22
23
24
25
July—26
27
28
29
30
Aug.—31
32
33
34
g e pt.—35
Apr.

36
37
38
39
Oct.—40
41
42
43
NQY#_44

45
46
47
Dec#—48
49
50
51
52

25.8 51.9
26.4 63.5
26.6 67.3
27.1 76.9
27.3 80.8
27.5 84.6
27.9 92.3
28.3 100.0
28.2 98.1
28.0 94.2
28.0 94.2
27.8 90.4
27.6 86.5
27.4 82.7
27.4 82.7
26.9 73.1
26.8 71.2
26.7 69.2
26.7 69.2
26.3 61.5
25.7 50.0
25.3 42.3
25.3 42.3
24.8 32.7
24.4 25.0
24.0 17.3
24.0 17.3
23.9 15.4
1.9
23.2
0.0
23.1
7.7
23.5
5.8
23.4
23.7 11.5
9.6
23.6
7.7
23.5
7.7
23.5
5.8
23.4
1.9
23.2
23.7 11.5
23.9 15.4
24.5 26.9
24.6 28.9
24.2 21.2
24.1 19.2
24.8 32.7
24.8 32.7
24.0 17.3
24.9 34.6
24.2 21.2
26.1 57.7
26.4 63.5
26.2 59.6

5.6 84.0
5.9 96.0
6.6 84.0
5.5 80.0
5.5 80.0
5.6 84.0
5.7 88.0
6.0 100.0
5.9 96.0
5.9 96.0
5.7 88.0
5.4 76.0
4.7 48.0
4.2 28.0
4.5 40.0
4.4 36.0
4.2 28.0
4.0 20.0
4.0 20.0
4.1 24.0
4.1 24.0
4.0 20.0
8.0
3.7
3.8 12.0
3.9 16.0
3.8 12.0
8.0
3.7
8.0
3.7
8.0
3.7
4.0 20.0
4.0 20.0
4.0 20.0
4.0 20.0
4.0 20.0
3.8 12.0
0.0
3.5
8.0
3.7
8.0
3.7
4.0 20.0
4 . 1 24.0
4 . 1 24.0
3.9 16.0
3.8 12.0
3.8 12.0
8.0
3.7
8.0
3.7
3.9 16.0
3.9 16.0
3.9 16.0
4.7 48.0
4.8 52.6
4.7 48.0

Per ct.
21.70
22.34
21.05
20.29
20.14
20.36
20.43
21.20
20.92
21.07
20.35
19.42
17.03
15.32
16.42
16.35
15.67
14.98
14.98
15.58
15.95
15.81
14.62
15.32
15.98
15.83
15.41
15.48
15.94
17.31
17.01
17.17
16.87
16.99
16.17
14.89
15.81
15.94
16.87
17.15
16.73
15.85
15.70
15.76
14.91
14.91
16.25
15.66
16.11
18.00
18.18
17.93

Index number.

Index
Index
Index
Relative Amount. num- Amount. num- Amount. num- Ratio.
ber, c
ber, c
ber, c
demand
Ratio, c
for
m o n e y .d

91.7
100.0
83.3
73.4
71.5
74.4
75.3
85.2
81.6
83.6
74.2
62.2
31.2
9.1
23.3
22.4
13.6
4.7
4.7
12.4
17.2
15.4
0.0
9.1
17.6
15.7
10.2
11.1
17.1
34.8
31.0
33.0
29.1
30.7
20.1
3.5
15.4
17.1
29.1
32.8
27.3
15.9
14. Q
14.8
3.8
3.8
21.1
13.5
19.3
43.8
46.1
42.9

8.3
0.0
16.7
26.6
28.5
25.6
24.7
14.8
18.4
16.4
25.8
37.8
68.8
90.9
76.7
77.6
86.4
95.3
95.3
87.6
82.8
84.6
100.0
90.9
82.4
84.3
89.8
88.9
82.9
65.2
69.0
67.0
70.9
69.3
79.9
96.5
84.6
82.9
70.9
67.2
72.7
84.1
86.0
85.2
96.2
96.2
78.9
86.5
80.7
56.2
53.9
57.1

20.6 31.8
20.3 25.0
20.4 27.3
20.2 22.7
20.1 20.5
20.2 22.7
20.4 27.3
20.2 22.7
20.3 25.0
20.2 22.7
19.9 15.9
19.9 15.9
20.1 20.5
20.2 22.7
20.0 18.2
19.5
6.8
19.8 13.6
19.8 13.6
19.9 15.9
19.7 11.4
19.7 11.4
19.2
0.0
19.4
4.5
19.4
4.5
19.6
9.1
19.7 11.4
19.7 11.4
19.9 15.9
20.3 25.0
20.4 27.3
20.7 34.1
20.8 36.4
20.9 38.6
20.8 36.4
20.8 36.4
20.7 34.1
20.9 38.6
21.7 56.8
22.5 75.0
22.6 77.3
22.7 79.5
23.3 93.2
23.6 100.0
23.4 95.5
23.3 93.2
23.2 90.9
22.9 84.1
22.4 72.7
22.3 70.4
22.6 77.3
22.7 79.5
22.4 72.7

26.7 41.3
27.0 47.8
27.0 47.8
27.5 58.7
27.7 63.0
28.2 73.9
28.6 82.6
28.6 82.6
28.9 89.1
29.4 100.0
28.9 89.1
28.8 87.0
28.5 80.4
28.3 76.1
28.1 71.7
27.8 65.2
27.7 63.0
27.3 54.3
26.9 45.7
26.3 32.6
26.5 37.0
26.5 37.0
26.4 34.8
26.3 32.6
26.5 37.0
26.3 32.6
26.5 37.0
26.5 37.0
26.5 37.0
26.2 30.4
26.1 28.3
25.8 21.7
25.6 17.4
25.4 13.0
25.1
6.5
25.0
4.3
25.3 10.9
25.0
4.3
24.9
2.2
24.8
0.0
25.5 15.2
25.7 19.6
26.1 28.3
25.9 23.9
26.1 28.3
27.1 50.0
26.5 37.0
27.1 50.0
27.5 58.7
28.7 84.8
29.4 100.0
29.2 95.7

5.4 80.9
5.7 95.2
5.7 95.2
5.8 100.0
5.4 80.9
5.1 66.7
4.9 57.1
5.1 66.7
5.3 76.2
5.3 76.2
5.4 80.9
5.1 66.7
4.9 57.1
4.7 47.6
4.7 47.6
4.5 38.1
4.6 42.9
4 . 1 19.0
4.2 23.8
4.2 23.8
4.4 33.3
4.2 23.8
3.9
9.5
4 . 1 19.0
4.2 23.8
4 . 1 19.0
4 . 1 19.0
4.2 23.8
4.2 23.8
4.2 23.8
4.2 23.8
4 . 1 19.0
4.2 23.8
3.9
9.5
3.9
9.5
3.7
0.0
3.8
4.8
3.8
4.8
4.2 23.8
3.9
9.5
4.6 42.9
4.3 28.6
4.4 33.3
4.5 38.1
4.4 33.3
4.9 57.1
4.8 52.4
4.7 47.6
3.9
9.5
4.5 38.1
5.5 85.7
5.3 76.2

Per ct.
20.22
21.11
21.11
21.09
19.49
18.08
17.13
17.83
18.33
18.02
18.68
17.70
17.19
16.60
16.72
16.18
16.60
15.01
15.61
15.96
16.60
15.84
14.77
15.58
15.84
15.58
15.47
15.84
15.84
16.03
16.09
15.89
16.40
15.35
15.53
14.80
15.01
15.20
16.86
15.72
18.03
16.73
16.85
17.37
16.85
18.08
18.11
17.34
14.18
15.67
18.70
18.15

a The figures for amounts were collected directly from the New Orleans clearing-house banks by the National Monetary Commission.
& The schedule of months is based upon a year in which January 1st falls upon the first day of the week. Cf. p . 13, note (&).
c For method of computing index numbers cf. pp. 13-15 and 22.
d These index numbers are the reverse of those in the preceding column, the sum of the two for each week always equaling 100.




Ratio, c

87.2
100.0
100.0
99.7
76.6
56.3
42.6
52.7
59.9
55.4
64.9
50.8
43.4
34.9
36.7
28.9
34.9
12.0
20.6
25.7
34.9
24.0
8.5
20.2
24.0
20.2
18.6
24.0
24.0
26.7
27.6
24.7
32.0
16.9
19.5
8.9
12.0
14.7
38.7
22.2
55.6
36.8
38.5
46.0
38.5
56.3
56.7
45.6
0.0
21.5
65.2
57.3

Relative
demand
for
money A

12.8
0.G
0.0
0.3
23.4
43.7
57.4
47.3
40.1
44.6
35.1
49.2
56.6
65.1
63. a
71.1
65.1
88.0
79.4
74. a
65.1
76.0
91.5
79.8
76.0
79.8
81.4
76.0
76.0
73.3
72.4
75. a
68.0
83.1
80.5
91.1
88.0
85.3
61.3
77.8
44.4
63.2
61.5
54.0
61.5
43.7
43.3
54.4
100.0
78.5
34.8
42.7

SEASONAL DEMAND FOR MONEY AND CAPITAL.

271

TABLE 7.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the New Orleans clearing-house
1899-1908 a—Continued.

banks,

[ A m o u n t s expressed in millions of dollars.]
1902

1901

Deposits.

Reserves (specie]
a n d legal
tenders).

R a t i o of reserves to
deposits.

Loans.

Deposits.

Reserves (specie]
a n d legal
tenders).

R a t i o of reserves to
deposits.

M o n t h a n d week.6
Index number.
Index|
i Index]
Amount. num-| Amount. number.c
ber, c

Jan.-- 1
2
3
4
Feb.-- 5
6
7
8
- 9
10
11

23.0 15.8
22.7
7.9
22.8 10.5
22.4
0.0
22.6
5.3
22.8 10.5
22.7
7.9
22.7
7.9
22.8 10.5
22.9 13.2
22.8 10.5
22.8 10.5
22.7
7.9
22.7
7.9
23.1 18.4
23.1 18.4
22.7
7.9
22.7
7.9
23.1 18.4
23.2 21.1
23.2 21.1
22.9 13.2
23.0 15.8
23.1 18.4
22.9 13.2
23.1 18.4
23.3 23.7
23.6 31.6
23.7 34.2
23.8 36.8
23.7 34.2
23.8 36.8
23.9 39.5
23.9 39.5
24.1 44.7
24.1 44.7
24.3 50.0
24.8 63.2
25.1 71.1
25.5 81.6
25.8 89.5
26.2 100.0
26.2 100.0
26.1 97.4
25.9 92.1
25.9 92.1
25.8 89.5
25.3 76.3
25.2 73.7
25.1 71.1
25.4 78.9
25.8 89.5

12
Apr.--13
14
15
16
17
May--18
19
20
21....
June—22
23
24
25
July--26
27
28
29
30
Aug.--31
32
33
34
Sept.—35
36
37
38
39
Oct.-- 4 0
41
42
43
Nov.—44
45
46
47
Dec--48
49
50
51
52

30.5 48.9
30.6 51.1
31.1 61.7
31.1 61.7
31.3 66.0
31.4 68.1
31.1 66.0
31.6 72.3
32.1 83.0
32.0 80.9
31.6 72.3
31.7 74.5
31.5 70.2
31.3 66.0
31.6 72.3
31.3 66.0
30.1 40.4
30.0 38.3
30.2 42.6
30.0 38.3
29.6 29.8
29.6 29.8
29.3 23.4
29.2 21.3
28.6
8.5
28.5
6.4
28.9 14.9
29.0 17.0
29.0 17.0
28.7 10.6
28.4
4.3
28.5
6.4
28.6
8.5
28.6
8.5
28.6
8.5
28.4
4.3
28.2
0.0
28.6
8.5
28.2
0.0
28.6
8.5
28.9 14.9
29.4 25.5
29.4 25.5
29.6 29.8
29.9 36.2
30.9 57.5
31.5 70.2
31.5 70.2
31.7 74.5
32.3 87.2
32.5 91.5
32.9 100.0

Index
num- Ratio.
Relative
ber, c
Ratio, c demand
for
money.d

6.5 75.8
6.9 87.9
7.3 100.0
7.0 90.9
6.9 87.9
6.4 72.7
6.4 72.7
6.1 63.6
5.9 57.6
5.3 39.4
5.3 39.4
5.0 30.3
5.0 30.3
4.9 27.3
5.1 33.3
5.1 33.3
4.7 21.2
4.5 15.2
4.1
3.0
4.6 18.2
4.9 27.3
5.0 30.3
4.7 21.2
4.5 15.2
4.4 12.1
4.4 12.1
4.6 18.2
4.4 12.1
4.1
3.0
4.2
6.1
4.5 15.2
4.5 15.2
4.6 18.2
4.3
9.1
4.5 15.2
4.4 12.1
4.4 12.1
4.5 15.2
4.6 18.2
4.4 12.1
4.1
3.0
4.1
3.0
4.3
9.1
4.7 21.2
4.5 15.2
5.1 33.3
4.9 27.3
4.8 24.2
4.2
6.1
4.4 12.1
4.1
3.0
4.0
0.0

Per ct.
21.31
22.54
23.47
22.50
22.04
20.38
20.57
19.30
18.38
16.56
16.77
15.77
15.87
15.65
16.13
16.29
15.61
15.00
13.57
15.33
16.55
16.89
16.04
15.41
15.38
15.43
15.91
15.72
14.13
12.54
15.84
15.78
16.08
15.03
15.73
15.49
15.60
15.73
16.31
15.38
14.18
13.94
14.62
15.81
15.05
16.50
15.55
15.23
13.24
13.62
12.61
12.15

80.9
91.8
100.0
91.4
87.4
72.7
74.4
63.2
55.0
39.0
40.8
32.0
32.9
30.9
35.2
36.6
30.6
25.2
12.5
28.1
38.9
41.9
34.4
28.8
28.5
29.0
33.2
31.5
17.5
3.4
32.6
32.1
34.7
25.4
31.6
29.5
30.5
31.6
36.7
28.5
17.9
15.8
21.8
32.3
25.6
38.4
30.0
27.2
9.6
13.0
4.1
0.0

19.1
8.2
0.0
8.6
12.6
27.3
25.6
36.8
45.0
61.0
59.2
68.0
67.1
69.1
64.8
63.4
69.4
74.8
87.5
71.9
61.1
58.1
65.6
71.2
71.5
71.0
66.8
68.5
82.5
96.6
67.4
67.9
65.3
74.6
68.4
70.5
69.5
68.4
63.3
71.5
82.1
84.2
78.2
67.7
74.4
61.6
70.0
72.8
90.4
87.0
95.9
100.0

Index number.
Index|
number, c

26.4 12.0
26.4 12.0
26.3 11.1
25.7
5.6
25.6
4.6
25.2
0.9
25.1
0.0
25.5
3.7
25.6
4.6
25.2
0.9
25.2
0.9
25.5
3.7
25.4
2.8
25.3
1.9
25.1
0.0
25.1
0.0
25.5
3.7
25.5
3.7
26.1
9.3
26.3 11.1
26.6 13.9
26.4 12.0
26.1
9.3
26.1
9.3
26.1
9.3
26.5 13.0
26.7 14.8
27.0 17.6
27.8 25.0
27.8 25.0
28.1 27.8
28.2 28.7
28.5 31.5
28.9 35.2
29.3 38.9
29.9 44.4
30.7 51.9
31.0 54.6
31.7 61.1
32.7 70.4
33.3 75.9
33.8 80.6
33.6 78.7
34.4 86.1
35.1 92.6
35.5 96.3
35.3 94.5
35.2 93.5
35.2 93.5
35.0 91.7
35.8 99.1
35.9 100.0

[Index]
number, c

33.4
5.6
34.4 24.1
34.8 31.5
35.1 37.0
34.8 31.5
34.9 33.3
35.0 35.2
36.1 55.6
36.3 59.3
36.3 59.3
36.4 61.1
36.1 55.6
36.2 57.4
36.4 61.1
36.8 68.5
36.7 66.7
36.4 61.1
36.5 63.0
35.9 51.8
34.8 31.5
34.4 24.1
33.7 11.1
33.6
9.3
33.8 13.0
33.7 11.1
33.9 14.8
34.6 27.8
34.8 31.5
34.5 25.9
34.1 18.5
33.6
9.3
33.2
1.9
33.7 11.1
33.9 14.8
33.4
5.6
33.1
0.0
33.5
7.4
34.0 16.7
34.1 18.5
34.6 27.8
35.1 37.0
34.9 33.3
34.9 3^.3
35.6 46.3
36.2 57.4
36.8 68.5
36.9 70.4
37.0 72.2
38.1 92.6
38.4 98.1
38.5 100.0
37.9

Index!
num- Ratio.
ber, c

4.9 52.4
5.4 76.2
5.7 90.4
5.6 85.7
5.6 85.7
5.6 85.7
5.7 90.4
5.9 100.0
5.8 95.2
5.7 90.4
5.5 80.9
5.5 80.9
5.3 71.4
5.3 71.4
5.2 66.6
5.1 61.9
4.9 52.4
4.9 52.4
4.7 42.8
4.8 47.6
4.6 38.1
5.1 61.9
4.8 47.6
4.9 52.4
4.7 42.8
4.4 28.6
4.6 38.1
4.4 28.6
4.4 28.6
4.7 42.8
4.8 47.6
4.7 42.8
4.6 38.1
4.1 14.3
4.3 23.8
4.2 19.0
4.2 19.0
4.2 19.0
4.1 14.3
4.2 19.0
4.5 33.3
4.4 28.6
4.2 19.0
4.3 23.8
4.2 19.0
4.5 33.3
4.9 52.4
4.9 52.4
4.8 47.6
5.1 61.9
4.6 38.1
0.0
3.8

Per ct.
14.67
15.69
16.37
15.95
16.09
16.04
16.28
16.34
15.97
15.70
15.10
15.23
14.64
14.56
14.13
13.89
13.46
13.42
13.09
13.79
13.37
15.13
14.28
14.49
13.94
12.97
13.29
12.64
12.75
13.78
14.28
14.15
13.64
12.09
12.87
12.68
12.53
12.35
12.02
12.13
12.82
12.60
12.03
12.07
11.60
12.22
13.27
13.26
12.59
13.28
11.94
10.02

a T h e figures for a m o u n t s were collected directly from t h e N e w Orleans clearing-house b a n k s b y t h e N a t i o n a l M o n e t a r y Commission.
6 T h e schedule of m o n t h s is based u p o n a year in w h i c h J a n u a r y 1st falls u p o n t h e first d a y of t h e w e e k . Cf. p . 13, n o t e (&).
c F o r m e t h o d of c o m p u t i n g i n d e x n u m b e r s cf. p p . 13-15 a n d 22.
d T h e s e i n d e x n u m b e r s are t h e reverse of those in t h e preceding c o l u m n , t h e s u m of t h e t w o for each week a l w a y s e q u a l i n g 100.




Ratio, c

73.2
89.3
100.0
93.4
95.6
94.8
98.6
99.5
93.7
89.4
80.0
82.1
72.8
71.5
64.7
60.9
54.2
53.5
48.4
59.4
52.8
80.5
67.1
70.4
61.7
46.5
51.5
41.3
43.0
59.2
67.1
65.0
57.0
32.6
44.9
41.9
39.5
36.7
31.5
33.2
44.1
40.6
31.7
32.3
24.9
34.6
51.2
51.0
40.5
51.3
30.2
0.0

NATIONAL MONETARY COMMISSION.

272

TABLE 7.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the New Orleans clearing-house
1899-1908 a—Continued.

banks,

[ A m o u n t s expressed in millions of dollars.]
1903

Loans.

Deposits.

1904

Reserves (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

M o n t h a n d week.&
Index number.
Index|
Index]
Amount. num- Amount. | number, c
ber, c

Jan.—

1..
2..
3..
4..
Feb.— 5..
6..
7..
Mar.— 9 . .
10..
11..
12..
Apr.—13..
14..
15..
16..
17..
May—18..
19..
20..
21..
June—22..
23..
24..
25..
July—26..
27..
28..
29..
30..
Aug.—31..
32..
33..
34..
Sept.—35.
36..
37..
38..
39..
Oct.—40..
41..
42..
43..
Nov.—44..
45-.
46..
47..
Dec—48..
49..
50.,
51..
52.,

36.0
35.7
35.3
34.7
33.7
33.9
33.6
33.5
32.6
32.9
32.9
32.7
32.7
32.9
33.2
33.9
34.2
34.2
34.1
33.9
33.9
33.9
34.1
34.6
34.9
35.0
36.3
37.4
37.7
37.3
37.4
37.5
37.7
37.6
37.1
37.2
37.2
37.7
38 5
38.9
38.9
39.0
38.9
39.1
39.2
39.3
39.7
39.6
38.9
38.6
38.9
39.7

47.9
43.7
38.0
29.6
15.5
18.3
14.1
12.7
0.0
4.2
4.2
1.4
1.4
4.2
8.5
18.3
22.5
22.5
21.1
18.3
18.3
18.3
21.1
28.2
32.4
33.8
52.1
67.6
71.8
66.2
67.6
69.0
71.8
| 70.4
63.4
64.8
64.8
1 71.8
1 83.1
88.7
88.7
90.1
88.7
91.6
93.0
94.0
100.0
98.6
88.7
84.5
88.7
100.0

1.2
38.9
40.2 17.3
40.8 24.7
40.9 25.9
40.9 25.9
41.9 38.3
41.7 35.8
42.1 40.7
42.0 39.5
42.1 40.7
42.0 39.5
40.9 25.9
40.9 25.9
40.9 25.9
40.7 23.5
40.2 17.3
8.6
39.5
0 0
38.8
3.7
39.1
39.9 13.6
40.2 17.3
40.1 16.1
39.8 12.3
40.8 24.7
41.6 34.6
41.7 35.8
45.8 86.4
45.8 86.4
44.2 66.7
42.6 46.9
42.2 42.0
41.6 34.6
41.6 34.6
41.2 29.6
40.9 25.9
40.7 23.5
40.8 24.7
40.3 18.5
40.1 16.1
40.7 23.5
41.4 32.1
41.4 32.1
41.6 34.6
42.1 40.7
42.3 43.2
43.9 63.0
43.5 58.0
43.8 61.7
44.6 71.6
46.4 93.8
45.0 76.5
46.9 100.0

Index
num-| Ratio.
ber.c

4.9 16.7
5.4 30.6
5.6 36.1
5.2 25.0
5.4 30.6
4.9 16.7
4.9 16.7
4.8 13.9
5.0 19.4
4.9 16.7
5.1 22.2
5.3 27.8
5.3 27.8
4.9 16.7
8.3
4.6
2.8
4.4
0.0
4.3
5.6
4.5
8.3
4.6
4.8 13.9
5.0 19.4
5.2 25.0
5.0 19.4
5.0 19.4
5.7 38.9
6.3 55.6
7.9 100.0
7.8 97.2
6.9 72.2
6.1 50.0
6.0 47.2
5.6 36.1
4.9 16.7
4.8 13.9
5.0 19.4
4.8 13.9
8.3
4.6
2.8
4.4
.0
4.3
5.1 22.2
5.1 22.2
4.8 13.9
4.8 13.9
5.3 27.8
5.2 25.0
5.7 38.9
4.9 16.7
5.1 22.2
5.3 27.8
6.1 50.0
5.6 36.1
5.6 36.1

Per ct.
12.59
13.43
13.72
12.71
13.20
11.69
11.75
11.40
11.90
11.63
12.14
12.95
12.95
11.98
11.30
10.93
10.88
11.59
11. 70
12.03
12.43
12.96
12.56
12.25
13.70
15.10
17.24
17.03
15.61
14.31
14.21
13.46
11.77
11.65
12.22
11.79
11.27
10.91
10.72
12.53
12.31
11.59
11.53
12.58
12.29
12.98
11.25
11.63
11.88
13.14
12.44
11.94

Index number.
Index)
Index
Index
num- Amount. num- Amount. num- Ratio.
ber, c
ber, c
ber, c

Relative
Ratio, c demand
for
money A

28.7
41.6
46.0
30.5
38.0
14.9
15.8
10.4
18.1
14.0
21.8
34.2
34.2
19.3
8.9
3.2
2.5
13.3
16.0
20.1
26.2
34.4
28.2
23.5
45.7
67.2
100.0
96.8
75.0
55.1
53.5
42.0
16.1
14.3
23.0
16.4
8.4
2.9
.0
27.8
24.4
13.3
12.4
28.5
24.1
34.7
8.1
14.0
17.8
37.1
26.4
18.7

71.3
58.4
54.0
69.5
62.0
85.1
84.2
89.6
81.9
86.0
78.2
65.8
65.8
80.7
91.1
96.8
97.5
86.7
84.0
79.9
73.8
65.6
71.8
76.5
54.3
32.8
0.0
3.2
25.0
44.9
46.5
58.0
83.9
85.7
77.0
83.6
91.6
97.1
100.0
72.2
75.6
86.7
87.6
71.5
75.9
65.3
91.9
86.0
82.2
62.9
73.6
81.3

40.6
40.9
40.9
40.6
40.9
41.8
42.4
42.6
41.3
40.0
39.5
39.4
39.1
38.4
38.0
38.1
37.1
36.3
35.9
36.0
36.1
36.2
36.5
36.5
36.7
36.5
36.6
36.9
36.9
37.0
36.9
37.0
37.7
37.8
38.3
38.9
39.3
39.7
40.3
40.9
41.6
42.2
42.3
43.3
44.0
44.2
44.5
43.6
43.5
44.6
44.8
44.9

52.2
55.6
55.6
52.2
55.6
65.6
72.2
74.4
60.0
45.6
40.0
38.9
35.6
27.8
23.3
24.4
13.3
4.4
0.0
1.1
2.2
3.3
6.7
6.7
8.9
6.7
7.8
11.1
11.1
12.2
11.1
12.2
20.0
21.1
26.7
33.3
37.8
42.2
48.9
55.5
63.3
70.0
71.1
82.2
90.0
92.2
95.6
85.6
84.4
96.7

49.6 40.3
51.5 54.5
52.2 59.7
52.8 64.2
55.0 80.6
57.6 100.0
55.4 83.6
53.4 68.7
53.5 69.4
51.1 51.5
51.0 50.8
51.6 55.2
50.6 47.8
49.1 36.6
48.5 32.1
48.2 29.9
47.0 20.9
49.7 41.0
46.0 13.4
45.7 11.2
44.6
3.0
44.2
0 0
44.5
2.2
44.6
3.0
45.4
9.0
44.9
5.2
45.9 12.7
47.3 23.1
47.9 27.6
47.3 23.1
47.1 21.6
47.8 26.9
48.3 30.6
48.1 29.1
47.9 27.6
47.8 26.9
47.7 26.1
47.9 27.6
47.3 23.1
47.8 26.9
48.5 32.1
49.2 37.3
49.0 35.8
48.8 34.3
49.4 38.8
49.9 42.5
50.3 45.5
50.3 45.5
51.6 55.2
53.7 70.9
54.3 75.4
54.5 76.9

7.7 66.7
8.6 88.1
8.2 78.6
7.5 61.9
7.2 54.8
8.1 76.2
9.1 100. 0
7.5 61.9
6.9 47.6
6.6 40.5
6.7 42.9
6.6 40.5
6.6 40.5
6.3 33.3
5.9 23.8
6.0 26.2
5.7 19.0
6.0 26.2
5.8 21.4
5.4 11.9
5.4 11.9
5.7 19.0
5.5 14.3
5.0
2.4
5.2
7.1
5.7 19.0
6.0 26.2
6.0 26.2
6.3 33.3
6.2 31.0
6.4 35.7
6.2 31.0
6.1 28.6
5.7 19.0
5.7 19.0
5.7 19.0
5.3
9.5
5.3
9.5
5.3
9.5
5.5 14.3
5.5 14.3
6.1 28.6
5.6 16.7
4.9
0.0
4.9
0.0
5.1
4.8
5.6 16.7
5.8 21.4
5.8 21.4
6.2 31.0
6.9 47.6
5.9 23.8

Per ct.
15.52
16.69
15.70
14.20
13.09
14.06
16.42
14.04
12.89
12.91
13.13
12.78
13.04
12.83
12.16
12.44
12.12
12.07
12.60
11.81
12.10
12.89
12.35
11.21
11.45
12.69
13.07
12.68
13.15
13.10
13.58
12.97
12.62
11.85
11.89
11.92
11.11
11.06
11.20
11.50
11.34
12.39
11.42
10.04
9.91
10.22
11.13
11. 53
11.24
11.54
12.70
10. 85

a T h e figures for a m o u n t s were collected d i r e c t l y from t h e N e w Orleans clearing-house b a n k s b y t h e N a t i o n a l M o n e t a r y Commission.
b T h e schedule of m o n t h s is b a s e d u p o n a year i n w h i c h J a n u a r y 1st falls u p o n t h e first d a y of t h e week. Cf. p . 13, n o t e (&).
c F o r m e t h o d of c o m p u t i n g i n d e x n u m b e r s cf. p p . 13-15 a n d 22.
d T h e s e i n d e x n u m b e r s are t h e reverse of those in t h e preceding c o l u m n , t h e s u m of t h e t w o for each w e e k a l w a y s e q u a l i n g 100.




Ratio.

82.8
100.0
85.4
63.3
46.9
61.2
96.0
60.9
44.0
44.3
47.5
42.3
46.2
43.1
33.2
37.3
32.6
31.9
39.7
28.0
32.3
44.0
36.0
19.2
22.7
41.0
46.6
40.9
47=8
47.1
54.1
45.1
40.0
28.6
29.2
29.6
17.7
17.0
19.0
23.5
21.1
36.6
22.3
1.9
0.0
4.6
18.0
23.9
19.6
24.0
41.2
13.9

Relative
demand
for
m o n e y .<*

17.2
0.0
14.6
36.7
53.1
38.8
4.0
39.1
56.0
55.7
52.5
57.7
53.8

62.7
67.4
68.1
60.3
72.0
67.7
56.0
64.0
80.8
77.3
59.0
53.4
59.1
52.2
52.9
45.9
54.9
60.0
71.4
70.8
70.4
82.3
83.0
81.0
76.5
78.9
63.4
77.7
98.1
100.0
95.4
82.0
76.1
80.4
76.0
58.8
86.1

SEASONAL DEMAND FOR MONEY AND CAPITAL.

273

TABLE 7.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the New Orleans clearing -house banks,
1899-1908 a—Continued.
[ A m o u n t s expressed in millions of dollars.

1905

Deposits.

Loans.

Reserves (specie
a n d legal
tenders).

1906

R a t i o of reserves t o
deposits.

Loans.

Deposits.

Reserves (specie
a n d legal
tenders).

R a t i o of reserves to
deposits.

M o n t h a n d week.fc
Index number.

j Index number.

Index
Index
Index
Index
Index
Index
Relative Amount. num- Amount. num- Amount. n u m - Ratio.
Amount. num- Amount. num- Amount. num- Ratio.
ber, c
bers
ber, c
ber, c
demand
ber, c
ber, c
Ratio, c
for
money A

Ratio, c

i

Jan.— 1
2
3
4

i
|
|

6
8
Mar.— 9
10
11
12
Api.—13
14
15
16
17
May—18
19
20
21
June—22
23
24
25
J u l v — 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38.
39
Oct.— 40
41
42
43
Nov.—44
45
46
47
Dec. - 4 8
49
50
51
52

45.4
44.2
43.9
43.2
42.5
41.1
40.1
39.8
39.8
40.3
40.6
40.5
40.4
40.4
40.7
41.0
41.6
42.6
43.2
43.5
43.6
43.6
43.1
44.1
44.6
45.1
46.2
45.1
45.4
46.4
46.9
47.9
48.9
49.0
49.5
49.7
50.5
51.1
52.3
53.3
54.3
54.8
56.1
57.8
59.1
59.9
60.3
59.7
60.1
60.1
60.3
60.6

28.9
21.2
19.7
16.3
13.0
6.2
1.4
0.0
0.0
2.4
3.8
3.3
2.8
2.8
4.3
5.7
8.6
13.5
16.3
17.8
18.3
18.3
15.9
20.7
23.1
25.5
30.8
25.5
26,9
31.7
34.1
38.9
43.7
44.2
46.6
47.6
51.4
54.3
60.1
64.9
69.7
72.1
78.4
86.5
92.8
96.6 |
98.6
95.7
97.6 |
97.6 |
98.6 |
100.0

56.1
56.3
55.9
56.1
56.8
55.8
54.6
54.0
54.0
54.2
54.9
54.3
53.0

37.9
39.4
36.4
37.9
43.2
35.6
26.5
22.0
22.0
23.5
28.8
24.2
14.4

52.9 13.6
52.9 13.6
52.3
9.1
52.4
9.8
52.3
9.1
52.5 10.6
52.4
9.8
52.3
9.1
51.1
0.0
51.5
3.0
52.6 11.4
53.5 18.2
54.4 25.0
59.4 62.9
58.9 59.1
57.9 51.5
58.8 58.3
57.5 48.5
57.2 46.2
57.2 46.2
57.1 45.5
59.2 61.4
57.6 49.2
58.2 53.8
57.6 49.2
57.2 46.2
57.3 47.0
58.5 56.1 ,
59.3 62.1
59.9 66.7
62.0 82.6
61.9 81.8
62.3
84.8
62.5
86.4
63.2
91.7
64.3
100.0
61.9
81.8
61.3
77.3
63.4
93.2

Per ct.
6.8 69.3
12.12
7.2 84.6
12.79
6.7 65.4
11.98
6.5 57.7
11.58
6.6 61.5
11.62
6.0 38.5
10.75
5.6 23.1
10.25
5.7 26.9
10.55
11.48
6.2 46.2
10.70
5.8 30.8
10.56
5.8 30.8
10.13
5.5 19.2
10.00
5.3 11.5
9.83
7.7
5.2
10.02
5.3 11.5
10.32
5.4 15.4
11.07
5.8 30.8
10.70
5.6 23.1
10.67
5.6 23.1
11.26
5.9 34.6
11.47
6.0 38.5
10.96
5.6 23.1
10.29
5.3 11.5
11.21
5.9 34.6
11.77
6.3 50.0
12.50
6.8 69.2
12.79
7.6 100.0
10.69
6.3 50.0
11.22
6.5 57.7
12.07
7.1 80.8
12.00
6.9 73.1
11.18
6.4 53.9
10.84
6.2 46.2
10.86
6.2 46.2
12.50
7.4 92.3
11.11
6.4 53.9
10.65
6.2 46.2
9.89
5.7 j 26.9
8.74
0.0
5.0
9.07
7.7
5.2
9.23
5.4 15.4
10.29 j
6.1 1 42.3
9.01
15.4
5.4
9.35
30.8
5.8
9.21
5.7 26.9
9.15 |
5.7 j 26.9 !
8.96
5.6 23.1
8.70
19.2
5.5 |
9.17
5.9 34.6
9.21 1
5.7 | 26.9
9.62
5.9 j 34.6
11.19
80.8
7.1 |

83.6
100.0
80.2
70.4
71.4
50.1
37.9
45.2
68.0
48.9
45.5
35.0
31.8
27.6
32.3
39.6
57.9
48.9
48.2
62.6
67.7
55.3
38.9
61.4
75.1
92.9
100.0
48.7
61.6
82.4
80.7
60.6
52.3
52.8
92.9
58.9
47.7
29.1
1.0
9.0
13.0
38.9
7.6
15.9
12.5
11.0
6.4
0.0
11.5
12.5
22.5
60.9

16.4
0.0
19.8
29.6
28.6
49.9
62.1
54.8
32.0
51.1
54.5
65.0
68.2
72.4
67.7
60.4
42.1
51.1
51.8
37.4
32.3
44.7
61.1
38.6
24.9
7.1
0.0
51.3
38.4
17.6
19.3
39.4
47.7
47.2
7.1
41.1
52.3
70.9
99.0
91.0
87.0
61.1
92.4
84.1
87.5
89.0
93.6
100.0
88.5
87.5
77.5
3Q.1

60.6 54.9
60.1 51.9
59.3 46.9
57.7 37.0
57.3 34.6
57.6 36.4
56.5 29.6
55.4 22.8
55.0 20.4
53.8 13.0
9.9
53.3
6.2
52.7
4.3
52.4
0.0
51.7
2.5
52.1
59.7 49.4
59.7 49.4
59.6 48.8
59.1 45.7
58.7 43.2
58.3 40.7
58.0 38.9
58.3 40.7
58.5 42.0
58.8 43.8
59.4 47.5
59.9 50.6
59.5 48.1
59.5 48.1
59.6 48.8
59.1 45.7
59.4 47.5
59.7 49.4
60.0 51.2
60.6 54.9
61.2 58.6
62.0 63.6
62.7 67.9
63.9 | 75.3
64.2 77.2
65.0 82.1
66.5 91.4
67.3 96.3
67.9 100.0
67.9 100.0
67.2 95.6 |
66.8 93.2
66.4 90.7
66.6 92.0
66.5 91.4
66.1 88.8
65.4 84.6

63.4
64.0
63.4
62.0
62.1
62.1

77.0
80.6
77.0
68.5
69.1
69.1
61.1 63.0
59.7 54.5 !
59.5 53.3
58.5 47.3
58.9 49.7
58.6 47.9
58.2 45.5
57.4 40.6
57.3 40.0
67.2 100.0
66.5 95.8
65.2 87.9
64.7 84.8
64.1 81.2
63.3 76.4
63.0 74.5
63.6 78.2
64.0 80.6
64.2 81.8
65.6 90.3
52.9 13.3
52.3
9.7
51.3
3.6
51.2
3.0
50.7
0.0
50.9
1.2
51.2
3.0
51.5
4.8
51.4
4.2
50.9
1.2
50.9
1.2
50.9
1.2
51.3
3.6
53,6 17.6
53.2 j 15.2
52.8 12.7
52.3
9.7
54.2 21.2
54.5 23.0
54.5 23.0
54.4 22.4
54.2 21.2
54.5 23.0
56.0 32.1
56.0 32.1
55.6 29.7

7.1
7.6
6.9
5.9
6.2
6.2
6.2
6.3
6.5
6.7
6.4
5.9
5.2
4.8
5.2
5.6
5.7
5.3
5.3
5.3
5.5
5.8
5.4
5.0
5.1
5.7
6.1
6.0
6.1
5.8
5.5
4.9
4.9
5.4
6.3
5.7
5.7
5.7
5.2
5.7
5.9
5.6
5.7
5.7
5.6
5.7
5.5
5.0
5.7
5.6
5.8
7.5

Per ct.
82.1
59.5 \
11.19
100.0
71.5
11.87
75.0
54.1 |
10.88
39.3
29.9
9.51 1
50.0
38.2
9.98 1
50.0
38.2
9.98
50.0 1 10.14
41.0
53.6
48.2
10.55 j
60.7
54.8
10.92
67.9
64.1
11.45
57.1
53.7
10.86
39.3
39.8
10.07
14.3
19.7
8.93
0.0
9.7
8.36
14.3
22.2
9.07
28.6
9.2
8.33
32.1
13.4
8.57
17.9
5.6
8.13
17.9
6.7
8.19
17.9
8.1
8.27
25.0
15.5
8.69
35.7
24.6
9.21
21.4
8.49
12.0
7.1
7.81
0.0
10.7
2.8
7.97
32.1
15.5
8.69
46.4
11.53
65.5
42.9
11.47
64.4
46.4
11.89
71.8
35.7
11.33
62.0
25.0
10.85
53.5
3.6
9.62
31.9
9.59
3.6
31.3
21.4
10.48
47.0
53.6
12.25
78.2
32.1
11.20
59.7
32.1
11.20
59.7
32.1
11.20
59.7
14.3
10.13
40.8
32.1
10.63
49.6
39.3
11.09
57.8
28.6
10.61
49.3
32.1
10.90
54.4
32.1
10.51
47.5
28.6
10.27
43.3
32.1
10.46
46.7
25.0
10.11
40.5
7.1
9.22
24.8 |
32.1
10.46
46.7
28.6
10.00
38.6
35.7
10.36
44.9
96.4
13.49
100.0

o T h e figui*es for a m o u n t s wr ere co lected dire<ctly frc>m t h e N ew Orle ins clearin g-house b a n k s b y t h e N a t i on a l M(m e t a r y Co mmiss on.
& T h e sche
dule oi m o n t h s is based u p o n a ye a r i n w r hich Jan u a r y 1st falls u p o n t h e first d ay o f t he week. Cf. p . 13, n o t e (b )•
c F o r m e t llod of c o m p u t i n g i n d e x n u m b e r s c f. p p . 13-15 anc122.
d T h e s e in i e x n u m b e r s are t h e ieirerse of t h ose in t h e preceding co u m n , t h e s u m of t h e t w o fo r each wee k alw£lys equalin glOO.

16065°- 11




\i\

Relative
demand
for
money A

40.5
28.5
45.9
70.1
61.8
61.8
59.0
51.8
45.2
35.9
46.3
60.2
80.3
90.3
77.8
90.8
86.6
94.4
93.3
91.9
84.5
75.4
88.0
100.0
97.2
84.5
34.5
35.6
28.2
38.0
46.5
68.1
68.7
53.0
21.8
40.3
40 3
40.3
59 2
50 4
42 2
50 7
45 6
52.5
56 7
53 3
59 5
75 2
53 3
61 4
55 1
0 0

NATIONAL MONETARY COMMISSION.

274

T A B L E 7.—Seasonal variations in the loans, deposits, reserves, and the ratio of reserves to deposits, of the New Orleans clearing-house
1899-1908 «—Continued.

banks,

[Amounts expressed in millions of dollars.]
1907

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

1908 «
R a t i o of reserves t o
deposits.

Loans.

Deposits.

R e s e r v e s (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

M o n t h a n d week.6
Index number.
Index
Index
Index
Amount. num- Amount. num- Amount. num- Ratio.
bers
ber, c
ber, c

1
2
3
4
Feb.— 5
6
7
8
Mar.— 9
10
11
12
Apr.—13
14
15
16
17
May— 18
19
20
21
J u n e — 22
23
24
25
J u l y — 26
27
28
29
30
Aug.—31
32
33
34
Sept.—35
36
37
38
39
Oct.— 40
41
42
43
Nov.— 44
45
46
47
D e c — 48

65.4
63.6
62.4
61.7
61.6
61.1
60.7

Jan.—

49
50
51
52

,

60.8
61.0
61.5
61.9
62.5
62.4
62.1
61.7
61.2
60.9
59.7
59.6
59.8
60.1
60.3
60.7
60.8
60.8
60.3
60.3
60.1
60.2
61.0
61.6
62.7
62.4
61.9
62.7
63.8
64.5
65.0
65.4
65.9
66.2
66.5
66.0
65.8
64.9
64.8
62.5
62.3
62.0
61.3

1

60.3
59.1

85.1
60.8
44.6
35.1
33.8
27.0
21.6
23.0
25.7
32.4
37.8
45.9
44.6
40.5
35.1
28.4
24.3
8.1
6.8
9.5
13.5
16.2
21.6
23.0
23.0
16.2
16.2
13.5
14.9
25.7
33.8
48.6
44.6
37.8
48.6
63.5
73.0
79.7
85.1
91.9
95.9
100.0
93.2
90.5
78.3
77.0
45.9
43.2
39.2
29.7
16.2
0.0

56.6 79.7
57.1 87.5
57.7 96.9
57.9 100.0
57.7 96.9
57.0 85.9
56.7 81.3
56.4 76.6
56.2 73.4
56.5 78.1
57.0 85.9
57.1 87.5
56.5 78.1
56.6 79.7
56.5 78.1
55.9 68.8
55.1 56.3
54.8 51.6
54.5 46.9
54.8 51.6
55.4 60.9
55.2 57,8
55.5 62.5
55.3 59.4
56.3 75.0
55.4 60.9
54.3 43.8
54.1 40.6
54.0 39.1
54.3 43.8
55.2 57.8
55.3 59.4
55.1 56.3
54.9 53.1
55.0 54.7
54.6 48.4
54.9 53.1
55.1 56.3
55.2 57.8
54.8 51.6
54.3 43.8
52.7 18.8
53.3 28.1
52.8 20.3
52.9 21.9
52.9 21.9
53.1 25.0
52.9 21.9
9.4
52.1
7.8
52.0
0.0
51.5
6.3
51.9

Index number.

Index
Index
Index
Relative Amount. n u m - A m o u n t . n u m - Amount. n u m - Ratio.
ber, c
ber, c
ber, c
Ratio, c demand
for
m o n e y .d

Per ct.
89.3
13.24
7.5 88.6
100.0
13.83
7.9 100.0
84.7
7.5 88.6
12.99
68.1
7.0 74.3
12.08
44.1
6.2 51.4
10.76
36.6
5.9 42.9
10.35
47.2
6.2 51.4
10.93
70.9
6.9 71.4
12.23
84.5
7.3 82.9
12.98
67.2
6.8 68.6
12.03
59.0
6.6 62.9
11.58
55.4
6.5 60.0
11.38
63.9
6.7 65.7
11.85
53.9
6.4 57.1
11.30
44.6
6.1 48.6
10.79
50.1
6.2 51.4
11.09
46.3
6.0 45.7
10.88
47.4
6.0 45.7
10.94
41.9
5.8 40.0
10.64
50.8
6.1 48.6
11.13
41.9
5.9 42.9
10.64
36.1
5.7 37.2
10.32
41.7
5.9 42.9
10.63
52.1
6.2 51.4
11.20
42.1
6.0 45.7
10.65
32.1
5.6 34.3
10.10
29.1
5.4 28.6
9.94
33.2
5.5 31.4
10.16
40.3
5.7 37.1
10.55
29.1
5.4 28.6
9.94
26.2
5.4 28.6
9.78
39.0
5.8 40.0
10.48
43.0
5.9 42.9
10.70
40.4
5.8 40.0
10.56
26.8
5.4 28.6
9.81
4.8 11.4
8.2
8.79
5.1 20.0
17.1
9.28
5.7 37.1
36.4
10.34
5.4 28.6
26.2
9.78
5.4 28.6
27.5
9.85
4.8 11.4
8.9
8.83
4.4
0.0
0.0
8.34
5.1 20.0
22.2
9.56
4.6
6.7
5.7
8.71
5.0 17.1
20.2
9.45
5.5 31.4
37.3
10.39
5.6 34.3
40.1
10.54
5.9 42.9
51.2
11.15
5.8 40.0
47.9
10.97
5.6 34.3 1 10.76 44.1
6.1 48.6
63.8
11.84
6.2 51.4
65.6
11.94

10.7
0.0
15.3
31.9
55.9
63.4
52.8
29.1
15.5
32.8
41.0
44.6
36.1
46.1
55.4
49.9
53.7
52.6
58.1
49.2
58.1
63.9
58.3
47.9
57.9
67.9
70.9
66.8
59.7
70.9
73.8
61.0
57.0
59.6
73.2
91.8
82.9
63.6
73.8
72.5
91.1
100.0
77.8
93.3
79.8
62.7
59.9
48.8
52.1
55.9
36.2
34.4

60.3
59.1
58.2
57.3
56.5
57.2
56.4
55.5
54.6
53.7
53.2
52.9
52.5
51.9
51.9
51.5
51.3
51.0
50.6
50.6
50.0
49.8
49.7
49.7
49.7
49.5
49.2
48.9
49.1
49.9
49.9
49.9
50.4
50.5
51.0
51.2
51.5
51.9
52.2
52.7
52.7
53.3
54.0
54.4
54.6
54.6
54.4
54.7
54.3
53.9
53.9
53. 6

100.0
89.5
81.6
73.7
66.7
72.8
65.8
57.9
50.0
42.1
37.7
35.1
31.6 l
26.3
26.3
22.8
21.1
18.4
14.9
14.9
9.6
7.9
7.0
7.0
7.0
5.3
2.6
0.0
1.8
8.8
8.8
8.8
13.2
14.0
18.4
20.2
22.8
26.3
28.9
33.3
33.3
38.6
44.7
48.2
50.0
50.0
48.2
50.9
47.4
43.9
43.9
41.2

51.5 92.2
51.9 100.0
51.6 94.1
51.5 92.2
50.8 78.4
50.4 70.6
50.5 72.6
50.5 72.6
50.5 72.6
50.0 62.7
50.1 64.7
49.7 56.9
49.3 49.0
49.2 47.1
49.1 45.1
48.7 37.3
48.5 33.3
48.5 33.3
48.1 25.5
47.6 15.7
9.8
47.3
5.9
47.1
5.9
47.1
0.0
46.8
7.8
47.2
47.8 19.6
47.9 21.6
47.8 19.6
47.4 11.8
5.9
47.1
9.8
47.3
47.4 11.8
47.9 21.6
48.0 23.5
48.6 35.3
48.3 29.4
48.3 29.4
48.4 31.4
47.8 19.6
48.6 35.3
48.7 37.3
48.8 39.2
48.6 35.3
48.4 31.4
48.2 27.5
48.9 41.2
49.6 54.9
50.8 78.4
50.5 72.6
50.3 68.6
50.3 68.6
49.9 60.8

Per ct.
11.83
6.1 78.6
11.94
6.2 85.7
12.20
6.3 92.9
11.65
6.0 71.4
11.41
5.8 57.1
10.31
5.2 14.3
9.90
5.0
0.0
10.29
5.2 14.3
11.48
5.8 57.1
11.40
5.7 50.0
11.57
5.8 57.1
11.06
5.5 35.7
10.75
5.3 21.4
10.56
5.2 14.3
11.40
5.6 42.9
11.49
5.6 42.9
11.75
5.7 50.0
11.34
5.5 35.7
11.01
5.3 21.4
11.34
5.4 28.6
12.47
5.9 64.3
12.95
6.1 78.6
12.52
5.9 64.3
11.96
5.6 42.9
12.50
5.9 64.3
12.13
5.8 57.1
12.52
6.0 71.4
12.34
5.9 64.3
12.86
6.1 78.6
12.52
5.9 64.3
12.89
6.1 78.6
12.23
5.8 57.1
12.31
5.9 64.3
12.50
6.0 71.4
13.17
6.4 100.0
5.9 64.3 j 12.21
5.2 14.3
10.76
5.0
0.0
10.33
5.6 42.9
11.71
6.1 78.6
12.55
5.5 35.7
11.29
5.5 35.7
11.27
5.4 28.6
11.11
5.3 21.4
10.95
5.0
10.37
0.0
6.0 71.4
12.26
6.3 92.9
12.70
6.1 78.6
12.00
5.8 57.1
11. 48
5.7 50.0
11.33
5.8 57.1
11.53
5.8 57.1
11.62

a The figures for amounts were collected directly from the New Orleans clearing-house banks by the National Monetary Commission.
& The schedule of months is based upon a year in which January 1st falls upon the first day of the week. Cf. p . 13, note (&).
c For method of computing index numbers cf. pp. 13-15 and 22.
d These index numbers are the reverse of those in the preceding column, the sum of the two for each week always equaling 100.
e Average figures by weeks for the period 1899-1908 are given in Table VII of the Text (p. 41).




Ratio, c

59.0
62.4
70.3
53.5
46.2
12.5
0.0
11.9
48.3
45.9
51.1
35.5
26.0
20.2
45.9
48.6
56.6
44.0
33.9
44.0
78.6
93.3
80.1
63.0
79.5
68.2
80.1
74.6
90.5
80.1
91.4
71.3
73.7
79.5
100.0
70.6
26.3
13.1
55.4
81.0
42.5
41.9
37.0
32.1
14.4
72.2
85.6
64.2
48.3
43.7
49.8
52.6

Relative
demand
for
money.d

41.0
37.6
29.7
46.5
53.8
87.5
100.0
88.1
51.7
54.1
48.9
64.5
74.0
79.8
54.1
51.4
43.4
56.0
66.1
56.0
21.4
6.7
19.9
37.0
20.5
31.8
19.9
25.4
9.5
19.9
8.6
28.7
26.3
20.5
0.0
29.4
73.7
86.9
44.6
19.0
57.5
58.1
63.0
67.9
85.6
27.8
14.4
35.8
51.7
56.3
50.2
47.4

SEASONAL DEMAND FOR MONEY AND CAPITAL.
1907-8.

A P P E N D I X F . — S A N FRANCISCO CLEARING H O U S E BANKS,
TABLE 8.—Seasonal variations

275

in the loans, deposits, reserves, and the ratio of reserves to deposits, of the clearing-house
for the years 1907 and 1908."

banks of San

Francisco

[ A m o u n t s expressed in millions of dollars.]

1908 «

1907

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

R a t i o of reserves to
deposits.

Loans.

Deposits.

Reserves (specie a n d legal
tenders).

R a t i o of reserves t o
deposits.

M o n t h a n d week. 6

Index numbers.

Index numbers.
Index
[Index
Index'
Amount. num- Amount. num- Amount. num-| Ratio.
ber, c
ber.c
ber, c

102.7 96.9
102.8 97.4
102.9 97.9
103.3 100.0
102.1 93.8
101.4 90.1
99.9 82.3
100.0 82.8
99.7 81.3
100.2 83.9
100.7 86.5
99.9 82.3
101.3 89.6
101.9 92.7
101.7 91.7
101.0 88.0
100.6 85.9
99.5 80.2
97.1 67.7
96.8 66.1
96.4 64.1
95.9 61.5
95.4 58.9
95.5 59.4
94.6 54.7
94.0 51.6
93.6 49.5
93.7 50.0
93.9 51.0
94.1 52.1
93.2 47.4
93.8 50.5
94.4 53.6
94.9 56.3
95.1 57.3
95.2 57.8
94.3 53.1
94.9 56.3
94.1 52.1
93.0 46.4
93.3 47.9
94.6 54.7
93.4 48.4
90.1 31.3
88.8 24.5
89.1 26.0
88.0 20.3
87.1 15.6
86.3 11.5
7.3
85.5
4.7
85.0
0.0
84.1

138.3 100.0
134.8 92.8
134.4 92.0
134.5 92.2
135.7 94.7
135.4 94.0
133.1 89.3
132.5 88.2
130.5 84.1
128.8 80.5
126.7 76.1
123.0 68.5
123.9 70.4
120.4 63.2
119.6 61.5
120.0 62.3
119.1 60.5
117.3 56.8
115.3 52.7
114.1 50.2
113.6 49.2
114.5 51.0
112.0 45.9
111.9 45.7
112.0 45.9
111.5 44.9
45.3
111.7
44.4
111.3
43.8
111.0
41.6
109.9
39.9
109.1
39.5
108.9
41.4
109.8
38.3
108.3
41.2
109.7
38.5
108.4
36.8
107. 6
38.9
108.6
40.5
109.4
38.1
108.2
38.3
108.3
43.8
111. 0
38.3
108.3
20.2
99. 5
13.2
96.1
9.5
94.3
6.2
92.7
3.5
91.4
1.2
90.3
1.7
90.5
0.8
90.1
0.0
89.7

17.5 92.5
17.6 94.0
17.8 97.0
17.9 98.5
16.7 80.6
18.0 100.0
17.3 89.6
17.0 85.1
15.4 61.2
15.4 61.2
14.3 44.8
14.6 49.3
15.8 67.2
13.9 38.8
13.9 38.8
14.4 46.3
13.9 38.8
11.6
4.5
14.0 40.3
12.6 19.4
13.4 31.3
14.7 50.7
12.9 23.9
13.8 37.3
13.8 37.3
14.6 49.3
14.0 40.3
15.8 67.2
16.8 82.1
17.5 92.6
16.2 73.1
14.6 49.3
15.9 68.7
13.9 38.8
15.1 56.7
13.6 34.3
13.2 28.4
13.3 29.9
14.7 50.7
13.8 37.3
13.1 26.9
35.8
12.0 10.4
12.0 10.4
11.3
12.5
14.0
15.3
15.7
16.7
17.9
17.8

0.0
17.9
40.3
59.7
65.7
80.6

Per ct.
12.65
13.06
13.24
13.31
12.30
13.29
12.99
12.83
11.80
11.96
11.29
11.87
12.75
11.54
11.62
12.00
11.67
9.88
12.14
11.04
11.80
12.84
11.52
12.33
12.32
13.09
12.53
14.19
15.13
15.92
14.85
13.40
14.48
12.83
13.76
12.54
12.27
12.25
13.44
12. 75
12.09
12.34
11.08
12.06
11.76
13.15
15.10
16.74
17.39
18.45
19.87
19.84

Relative
Ratio,c demand
for
money, d

27.7
31.8
33.6
34.3
24.2
34.1
31.1
29.5
19.2
20.8
14.1
19.9
28.7
16.6
17.4
2