Knowledge that Transforms

The following tables are constructed from the statistics of the ninth census. The first able shows what per cent of the population over ten years of age, and what percentage of all persons in certain typical occupations, was composed of natives, what per cent was composed of the four leading races of European immigrants-that is, of British (including English, Scotch, and Welsh), Irish, German, and Scandinavian-and what percentage was composed of other immigrants. The second table shows what percentage of the natives and of each of the four European races entered the selected industries.

During the last year much attention has been given to the dominant position of New York City in our banking system. The extent of the control exercised by New York has been and is so great that several important changes that are taking place have escaped general notice. That the position of New York City as a banking center has undergone a change in the last few years is shown by the facts: (i) that a smaller amount of cash is being withdrawn from there each fall for crop-moving purposes; (2) that a relatively smaller amount of cash is held by the New York banks than in former years; (3) that New York holds relatively less of the reserve funds of the entire country than in the past; (4) that the total banking resources of New York have been growing less rapidly than those of other parts of the country; and (5) that strong banking centers are rapidly being developed in other sections. The rest of the United States is apparently becoming more and more independent of New York for cash and for the financing of relatively small enterprises. With the financing of large ventures and with the general question of extension of credit this paper does not deal. That the fall movement of cash out of New York is less than in former years is a fact which few people seem to have noticed. Probably very few indeed are aware that the net movement during the fall months is now in the other direction. Several years ago this movement was carefully analyzed, for the years I899-I9O8 inclusive, by Professor E. W. Kemmerer in his report to the National Monetary Commission.' He averaged the movement for this period and found a definite flow of money out from New York each fall-a movement averaging $3,434,000 in the thirty-eighth week of the year (the latter part of September) when it was at its maximum. The maximum movement into New York he found to be $6,895,000 and to occur in the latter part of January.