File:Statistical studies in the New York money-market; preceded by a brief analysis under the theory of money and credit, with statistical tables, diagrams and folding chart (1902) (14594010990).jpg

Identifier: statisticalstudi00nort (find matches)
Title: Statistical studies in the New York money-market; preceded by a brief analysis under the theory of money and credit, with statistical tables, diagrams and folding chart
Year: 1902 (1900s)
Authors: Norton, John Pease, 1877-
Subjects: New York Stock Exchange Credit Money
Publisher: New York, MacMillan
Contributing Library: Robarts - University of Toronto
Digitizing Sponsor: University of Toronto

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4 8 0.5 0.5 21 1.0 0.9 34 0.6 I.I 47 0.7 0.9 9 0.7 1.2 22 0.8 0.7 35 0.6 1.3 48 0.9 0.6 10 0.9 O.8 23 0.7 0.7 36 0.5 0.5 49 0.4 0.5 11 0.6 0.6 24 0.6 0.6 37 0.6 0.6 50 0.7 0.7 12 0.5 0.5 25 0.5 0.5 38 0.6 0.6 5i 0.6 0.7 13 0.4 0.5 26 0.4 0.5 39 0.5 0.5 52 0.6 0.6 for each week, as in the case of the reserves. The dottedline in the lower half of Diagram No. 10 joins the ordinatesof the twenty-two year variations, the heavy line the eighteenyear series. It is obvious that the heavy axis (the average of theeighteen year variations) is lower than the dotted axis (theaverage of the twenty-two year variations). It follows thatthe eighteen year changes are the more representative, onthe average, by about 0.1. At several points the broken heavy line advances abovethe axis. These oscillations show that the forces producingthem vary widely between different years. They are con-nected with loans on foreign exchange, excess of exports orimports and, of course, with the cotton and grain movements.
Text Appearing After Image:
-65- §43- The band movement of the probable variations of theloans is represented by Diagram No. i i. The rectangles arethe limits within which the chances are even that the changeswill lie for the various weeks. These ranges are percent-agely much smaller than the ranges found for the reserves.In other words, the ratio of the amplitude of period togrowth axis is less in loans than in reserves. ^ 44. Before constructing the annual period of the loans, itis necessary to correct the eighteen year averages by sub-tracting 0.074 from each unit of advance and adding 0.074 toeach unit of decline. From the corrected averages (TableNo. 17, first column), the loan period is obtained in exactlythe same manner as in the reserves. The loan period (Table Table No. 17. Annual Period of the Loans. 1 TJ .0 i t « 0 > eST3 3 O C v 0 > Ht3 3 O ■<fc M 3 0 c S 2.2 <0* I +0.432 —1.340 ■4 +0.093 +0.770 27 +0.223 +1.757 40 —O.049 —0.394 2 —O.280 —1.6

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