Journal Article Substitutes for Cash in the Panic of 1907 Get access A. Piatt Andrew A. Piatt Andrew Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 22, Issue 4, August 1908, Pages 497–516, https://doi.org/10.2307/1884914 Published: 01 August 1908

The panic of 1907 witnessed a premium upon money in New York lasting two months and rising as high as 4 per cent., 290–293.—The extent of hoarding on the part of the public is roughly indicated by the amount of money that disappeared from the banks, 293; and by the number of safe deposit boxes rented in New York and other cities, 294–296.—The banks of the South and West aggravated the situation by accumulating abnormal reserves, 296–299.