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**Image from page 148 of “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)**

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**Identifier**: statisticalstudi00nort

**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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**About This Book**: Catalog Entry

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**Text Appearing Before Image:**

*edge from thepast in the hope of finding adequate safeguards. (15). The high correlations among economic phenomena,immediate and anticipatory,—a few instances are presentedin the preceding pages and many more are in process ofverification but as yet unpublished—suggest strongly thatforesight in business may in the future be vastly increased.Indeed, the phenomena of economics lend themselves farmore readily to the possibility of prediction than do thephenomena of meteorology. Such prediction, however, cancome only through the finer methods of statistical analysisand through concerted action in the assembling of the facts. Chart Showing the Movements of the Weekly Averages of the Total Reserves, Loans and Deposits of the New York Associated Banks (1879-1900), with their Respective Growth Axes- also PercentageDev.afons of the Total Reserves, Loans and Deposits (1879-1900), Ratios of Reserve to Deposits (1885-1900), and the Discount Rate on Call Loam at the Stock Exchange (1885-1900).*

**Text Appearing After Image:**

*INDEX Analysis : meaning of element, 23 ;classification of elements, 23 ; gen-eral problem, 12. Average: value and limits, 15. Banking : place in scheme, 1 ; Act ofJan., 1875, S. Bank Notes: amount in U. S., 3-4. Banks : state banks, 10; privatebanks, 10 ; present system of smallbanks, 59 ; branch-banks, 59 ; lend-ing indirectly on real estate, 60. Bank Statements, see N. Y. Associ-ated Banks. Barter, i. Bonds : actual rates, 73 : duration, 79. Call Discount Rate : table (No. 19)of weekly averages, 1885-1900, 69 ;barometer of money market, 68 ;range, 68 ; practice of banks in callloans, 70 ; sensitiveness, 79 ; com-parison with interest rates on bonds,79 ; correlation with ratio of reservesto deposits (Table No. 23), 80 ; re-gression averages of call discountson ratios of reserves to deposits(Table No. 24 and Diagrams Nos.15 and 16), 81-2 ; regression equa-tion of call discounts on ratio ofreserves to deposits, 85-6 ; meaningof regressive equation, 86 ; correla-tion between reserve de*

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**Image from page 120 of “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)**

*Image by Internet Archive Book Images*

**Identifier**: statisticalstudi00nort

**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

**View Book Page**: Book Viewer

**About This Book**: Catalog Entry

**View All Images**: All Images From Book

Click here to **view book online** to see this illustration in context in a browseable online version of this book.

**Text Appearing Before Image:**

*eks, is extremely well fitted by a straightline. § 58. To determine the slopes of these lines, it is firstnecessary to calculate the coefficient of correlation. Thecoefficient of correlation has for its mathematical formula theexpression, _SZ(X-MX)(Y-My) Z = frequency of deviations (X —M;r) and (Y —My) from themeans Mx and Mj/ in the total number of observations N.o-x = standard deviation of the X series and <ry = standarddeviation of the Y series. In words, r is simply the quotientof the weighted average of the moments about the centre ofgravity of the system (i. e. the point of intersection of the twomeans), divided by the product of the two standard deviations. In perfect correlation r = 1. If no correlation exists, r=o. To illustrate this formula in the calculation of the coeffi-cient of correlation for the ratio of reserves to deposits andcall discounts for 780 weeks, the numerical values for theletters in the formula are as follows. The value of 2, the * Vol. 67, p. 164.*

**Text Appearing After Image:**

*■3S -3D -as -ao -15 -10 * OT Diao-ra^n No. l(p. _83— sum of the weighted moments, is 4,387.5. The number ofweeks (N) is 780. The standard deviation of the discountrate (aa) is 2.5429 with the standard deviation of the ratio(oV) 4.2228. Inserting these values in the formula 4,387.5000r = • = o. *i2 +0.014.2. (780) (2.5429) (4.2285) 5 3 ± 4 Thus r (0.5231) with a probable error* of 0.0142 is thequantitative index which measures the degreef of correlationexisting between the ratio of reserves to deposits and thecall discount rate, on the basis of 780 weeks of experience. ^59. In Diagram No. 15, the intersection of the means forthe whole array of 780 weeks is marked A. The recordswere split at the mean of the ratio of reserves to deposits(29.8), and the number of weeks below the mean was foundto be 488, and above the mean 292. The mean of the greaternumber of weeks is marked B upon the chart, and the meanof the minor number of weeks is marked C. Now the best fitting straight line*

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*Please note that these images are extracted from scanned page images that may have been digitally enhanced for readability – coloration and appearance of these illustrations may not perfectly resemble the original work.*