Image from page 141 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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Image from page 141 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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actical interest. A study of the disturbances in credit during the years1884, 1890, 1893 and 1899 discloses a sequence of four phe-nomena : (i) a rapid fall in reserve deviations; (ii) culminatingwith high discount rates; (iii) a fall in the loan deviations;(iv) a readjustment of the above items with a rapid rise inreserve deviations to great proportions. In the extent of these movements and in the level fromwhich the movement starts, we have criteria for the definitionof crises and panics and a means of comparing these disturb-ances in credit, as measured by banking barometers. Thuswe may define a panic, in general, as a less violent fall in thereserves from a higher level of shorter duration, and a crisisas a more violent fall from a lower level of longer duration. §73. As an illustration, I have prepared Diagram No.20, showing the movement of the dynamic elements of thereserves during the years 1893 and 1899. The one yearcontains the crisis of 1893 and the latter year the panic of

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—99— December [8th. The dynamic indices are the differencesbetween the percentage deviations and the periodic indices. In comparing these two disturbances the two points alreadymentioned should be noted: (i) the level from which thedisturbance starts, and (ii) the rate of decrease per week.The lower the level and the swifter the decrease, the moresevere is the catastrophe. In the history of crises and panics,writers have called naturally sudden decreases from highlevels panics, and violent and prolonged decreases from lowlevels crises. The crisis of 1893 starts from the low level of approxi-mated — 15. The panic of December 18th, or the prelimi-narv liquidation, started from a level of about +25. Black Wednesday, July 26, 1893, occurred after a fall offorty points in six weeks, or an average fall of over six pointsper week. The panic of December 18th occurred after a fallof about twenty-live points, distributed over twenty-sevenweeks, or an average weekly fall of a little less t

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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.

Image from page 141 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)
credit rating
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:
actical interest. A study of the disturbances in credit during the years1884, 1890, 1893 and 1899 discloses a sequence of four phe-nomena : (i) a rapid fall in reserve deviations; (ii) culminatingwith high discount rates; (iii) a fall in the loan deviations;(iv) a readjustment of the above items with a rapid rise inreserve deviations to great proportions. In the extent of these movements and in the level fromwhich the movement starts, we have criteria for the definitionof crises and panics and a means of comparing these disturb-ances in credit, as measured by banking barometers. Thuswe may define a panic, in general, as a less violent fall in thereserves from a higher level of shorter duration, and a crisisas a more violent fall from a lower level of longer duration. §73. As an illustration, I have prepared Diagram No.20, showing the movement of the dynamic elements of thereserves during the years 1893 and 1899. The one yearcontains the crisis of 1893 and the latter year the panic of

Text Appearing After Image:
—99— December [8th. The dynamic indices are the differencesbetween the percentage deviations and the periodic indices. In comparing these two disturbances the two points alreadymentioned should be noted: (i) the level from which thedisturbance starts, and (ii) the rate of decrease per week.The lower the level and the swifter the decrease, the moresevere is the catastrophe. In the history of crises and panics,writers have called naturally sudden decreases from highlevels panics, and violent and prolonged decreases from lowlevels crises. The crisis of 1893 starts from the low level of approxi-mated — 15. The panic of December 18th, or the prelimi-narv liquidation, started from a level of about +25. Black Wednesday, July 26, 1893, occurred after a fall offorty points in six weeks, or an average fall of over six pointsper week. The panic of December 18th occurred after a fallof about twenty-live points, distributed over twenty-sevenweeks, or an average weekly fall of a little less t

Note About Images
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.