The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1911-02-04

Il ~ 4--7----A- 4------ = 80
xew YORK market datez fron about tie
srst ussk n Oetsher 70 tie opezins
q the aez Yszr Daring tbs period
the relative demand for noneyed cap
iral exhibits Asny mia0r nactsztI0ns.
bat remzsns AZ Substantially the high
IsvsI rezchsd the fore part q Octo-
her
TIE sztkor tzrzs from his study q
szzsonzI rfrztio1s r The d=4and for
no1eyed capital Il certain represents
tive cities 70 = conEideratlon o. the
demand for money In one section a.
compared rith tie demand ia another.
IN making this Investigation be has
made use o. the rates Of domestic *
change between TIE principal cities
and Of the nogenents of cash between
the various sections Of the country
The figures for currency receipts and
shipments are based upon replies re-
eeived to . circular letter Of inquiry
sent out through the ofhee OF the comp
trolleF Of the currency 70 the managers
Of the clearing houses These figures
are for the years 1865 10 1868. iaclu-
|slve.
As between Chicago and the eastern
states Professor Kemmerer finds that
Throughout January money IN Chicago
relative TO that in New York IS cheap.
Exchange rates on New York are high
and there is considerable movement
Of cash from Chicago to the eastern
states--particuIarIy to New York City.
where IT can at least earn the 2 per
|cent paid By banks on bankers bal
lances. From the last Of January to
the fore part Of March the demand for
money IN Chicago relative 10 that in
New York rapidly rises. due to the
anticipated and actual opening Of nav
legation on the Great Lakes and to the
spring needs OF the western farmers.
Then comes decline in Chicago's
demand from early in March until late
in May, the demand being compare
lively small from then until the fore
/ part Of July. About the 1st of July the
relative demand for money In Chicago
begins to rise. advancing rapidly until
early in September. and then maintain
ling high level until the fore part Of
November. The average of the report
ed receipts Of cash by Chicago banks
| from eastern banks rose from $2,500,-
900 in June to s2,7O4. 900 In July. ST.
10000 In August, ll,7S9,000 in Sep
tember, and s21 $4,000 in October.
During the last six or eight weeks Of
the year the crop-moving demand hav-
ling TO large extent subsidized. the rel
ative demand for money is stronger
| in New York City than in Chicago.
Exchange rates IN Chicago on New
York City rise, and cash moves east
ward.
After having determined the degree
and extent of the relative demand for
money and moneyed capital, the author
next considers seasonal variations in
the absolute supply Of money, with
1.-THE object of discovering to what ex-
ltent. II any. the supply of money in
Icirculation varies during the seasons
| in response to seasonal changes in the
demand. The various kinds of money
lin circulation he groups under two
headings. Presumably elastic money
l--gold fincluding gold certifcates1
and bank notes. and Presumably In
elastic money"-Inited States Ilotes
Treasury notes of 1890, and silver
nickel, and copper coin. money whose
amount in circulation is determined di-
rectly BY the government.
The figures show larger deposits of
gold bullion at the mints during the
|crop-moving season This Is simply
a fortunate coincidence, however. de-
pendent. the author bellies. on the con
|ditions surrounding the production Of
gold The national bank-note circrla
ton does not. in Professor Kemmerer's
opinion. exhibit any appreciable sea.
sonal elasticity. The increase IN cir
cnlation which takes place normally
from year to year does. however take
place in the fall and early winter
Banks intending to increase their cir
culation apparently postpone doing go
until the crop-moving season ap-
proaches Professor Kemmerer. how
ever, finds no evidence Of contractior
when the crop-moving demands are
over.
Deposit currency. or check circuIa-
ton, as shown by the bank clearings.
does, however, in the opinion of the
author, exhibit high degree of elastic
-