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Attention has been repeatedly called to the vicious circle in which the American money market moves; how the volume of banking credit is rigidly inelastic, being determined as to circulation by bonds and securities and as to loans and discounts by a fixed ratio to legal reserve; how the surplus funds which piled up with seasonal fluctuation in the interior flow inevitably to New York city, there to stimulate speculation at times when general economic conditions suggest quiescence, and how conversely, when returning activity draws back fund to the interior, the recovery is impeded by the strain and cost of speculation liquidation….

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Tags: bank loans, financial markets, speculation, stock markets