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Did Doubling Reserve Requirements Cause the Recession of 1937-1938? a Microeconomic Approach
NBER WORKING PAPER SERIES DID DOUBLING RESERVE REQUIREMENTS CAUSE THE RECESSION OF 1937-1938? A MICROECONOMIC APPROACH Charles W. Calomiris Joseph Mason David Wheelock Working Paper 16688 http://www.nber.org/papers/w16688 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2011 The authors thank Hong Lee and David Lopez for research assistance, and Allan Meltzer for helpful discussions. Views expressed in this paper do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2011 by Charles W. Calomiris, Joseph Mason, and David Wheelock. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach Charles W. Calomiris, Joseph Mason, and David Wheelock NBER Working Paper No. 16688 January 2011 JEL No. E51,E58,G21,G28,N12,N22 ABSTRACT In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has been a matter of controversy. Using microeconomic data to gauge the fundamental reserve demands of Fed member banks, we find that despite being doubled, reserve requirements were not binding on bank reserve demand in 1936 and 1937, and therefore could not have produced a significant contraction in the money multiplier. -
Sit-Down Strike: the 1939 Alexandria Library Sit-In
Lesson Plans: Teaching with Historic Places in Alexandria, Virginia America's First Sit-Down Strike: The 1939 Alexandria Library Sit-In America's First Sit-Down Strike: The 1939 Alexandria Library Sit-In Introduction Becoming the trademark tactic of the 1960s Civil Rights Movement, the first sit-in occurred well before the era of social unrest that would characterize the decade of the 1960s. Prior to the famous Woolworth counter siti -in in Greensboro, North Carolina, five courageous African-Amerrican youths staged the firsst deliberate and planned sit-in at the Alexandria “public” Library in 1939. Located on the site of a Quaker burial ground, on a half-acre of land, the construction of Alexandria’s first public and “free” library was completed in 1937. Prior to 1937, the Alexandria Library Company operated a subscription service throughout various locations in the city. The Alexandria Library (also known as the Queen Street Library) would later become known as the Kate Waller Barret Branch Library after the mother of the benefactor of construction funds for the building. Located in the center of Alexandria’s African-American community, the Robbert Robinson Library was completed in 1940 to serve as the colored branch of the Alexandria Library in response to the 1939 sit- in. The era of legalized segregated public accommodations had been ushered in by the 1896 landmark case of Plessy vs. Ferguson, which stipulated that “separate but equal” accommodations were constitutional under the law. Thereafter, the Jim Crow system of segregation dictated the daily lives of African-Ammericans whereby the facilities they encountered were indeed separate, but substantially inadequate to ever be characterized as equal. -
Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945
Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945. T939. 311 rolls. (~A complete list of rolls has been added.) Roll Volumes Dates 1 1-3 January-June, 1910 2 4-5 July-October, 1910 3 6-7 November, 1910-February, 1911 4 8-9 March-June, 1911 5 10-11 July-October, 1911 6 12-13 November, 1911-February, 1912 7 14-15 March-June, 1912 8 16-17 July-October, 1912 9 18-19 November, 1912-February, 1913 10 20-21 March-June, 1913 11 22-23 July-October, 1913 12 24-25 November, 1913-February, 1914 13 26 March-April, 1914 14 27 May-June, 1914 15 28-29 July-October, 1914 16 30-31 November, 1914-February, 1915 17 32 March-April, 1915 18 33 May-June, 1915 19 34-35 July-October, 1915 20 36-37 November, 1915-February, 1916 21 38-39 March-June, 1916 22 40-41 July-October, 1916 23 42-43 November, 1916-February, 1917 24 44 March-April, 1917 25 45 May-June, 1917 26 46 July-August, 1917 27 47 September-October, 1917 28 48 November-December, 1917 29 49-50 Jan. 1-Mar. 15, 1918 30 51-53 Mar. 16-Apr. 30, 1918 31 56-59 June 1-Aug. 15, 1918 32 60-64 Aug. 16-0ct. 31, 1918 33 65-69 Nov. 1', 1918-Jan. 15, 1919 34 70-73 Jan. 16-Mar. 31, 1919 35 74-77 April-May, 1919 36 78-79 June-July, 1919 37 80-81 August-September, 1919 38 82-83 October-November, 1919 39 84-85 December, 1919-January, 1920 40 86-87 February-March, 1920 41 88-89 April-May, 1920 42 90 June, 1920 43 91 July, 1920 44 92 August, 1920 45 93 September, 1920 46 94 October, 1920 47 95-96 November, 1920 48 97-98 December, 1920 49 99-100 Jan. -
Taylor University Bulletin (April 1938)
Taylor University Pillars at Taylor University Taylor University Bulletin Ringenberg Archives & Special Collections 4-1-1938 Taylor University Bulletin (April 1938) Taylor University Follow this and additional works at: https://pillars.taylor.edu/tu-bulletin Part of the Higher Education Commons Recommended Citation Taylor University, "Taylor University Bulletin (April 1938)" (1938). Taylor University Bulletin. 316. https://pillars.taylor.edu/tu-bulletin/316 This Book is brought to you for free and open access by the Ringenberg Archives & Special Collections at Pillars at Taylor University. It has been accepted for inclusion in Taylor University Bulletin by an authorized administrator of Pillars at Taylor University. For more information, please contact [email protected]. TA YLOR UNIVERSITY BULLETIN Entered as second class matter at Upland, Ind., April 8, 1900, under Act of Congress, July 16, 1894. Vol. XXX, No. I APRIL 1938 Issued Monthly Tai/l OK is DijjjjeKent "AN EFFECTIVE CHRISTIAN COLLEGE" That does not mean that midst of an ideal spiritual Taylor is different when it atmosphere. Students are comes to her beautiful taught to think and to face campus, splendid buildings the facts of life. and equipment, although Education and religion many educators who visit are God's surpassing gifts our campus say it is one of to the youth of today. the most beautiful cam Everything that education puses and well equipped has to offer is welcomed plants of the smaller col and used in the reaching of leges of the State. A college the objective, but always should have the very best with the thought that it buildings and equipment must be controlled and and surroundings possible directed by the Spirit of so that it may be an ideal Christ. -
8Th Annual Report of the Bank for International Settlements
BANK FOR INTERNATIONAL SETTLEMENTS EIGHTH ANNUAL REPORT 1st APRIL 1937 —.. 31st MARCH 1938 BASLE 9th May 1938 TABLE OF CONTENTS Page I. Introduction 5 II. Exchange Rates, Price Movements and Foreign Trade , 19 III. From Dehoarding to renewed Hoarding of Gold 37 IV. Capital Movements and International Indebtedness 61 V. Trend of Interest Rates 74 VI. Developments in Central and Commercial Banking 100 VII. Current Activities of the Bank: (1) Operations of the Banking Department . 106 (2) Trustee and agency functions of the Bank 109 (3) Net profits and distribution . 111 (4) Changes in Board of Directors and Executive Officers 112 VIII. Conclusion 114 ANNEXES I. Central banks or other banking institutions possessing right of representation and of voting at the General Meeting of the Bank. II. Balance sheet as at 31st March 1938. III. Profit and Loss Account and Appropriation Account for the financial year ended 31st March 1938. IV. Trustee for the Austrian Government International Loan 1930: (a) Statement of receipts and payments for the seventh loan year (1st July 1936 to 30th June 1937). (b) Statement of funds in the hands of depositaries as at 30th June 1937. V. Trustee for the Austrian Government International Loan 1930 — Interim statement of receipts and payments for the half-year ended 31st December 1937. VI. International Loans for which the Bank is Trustee or Fiscal Agent for the Trustees — Funds on hand as at 31st March 1938. EIGHTH ANNUAL REPORT TO THE ANNUAL GENERAL MEETING OF THE BANK FOR INTERNATIONAL SETTLEMENTS Basle, 9th May 1938. Gentlemen : I have the honour to submit to you the Annual Report of the Bank for International Settlements for the eighth financial year, beginning 1st April 1937 and ending 31st March 1938. -
Monthly Review of Agricultural and Business Conditions in the Ninth Federal Reserve District
MONTHLY REVIEW OF AGRICULTURAL AND BUSINESS CONDITIONS IN THE NINTH FEDERAL RESERVE DISTRICT Sl 1, Vol. 7 (Mori 3/ Federal Reserve Bank, Minneapolis, Minn. September 28, 1937 August business volume equalled that of July. year but at country stores was somewhat smaller. Iron ore shipments and gold production set new However, retail sales at country stores during the all-time records. Bank deposits and loans and invest- first 8 months of 1937 continued to show a greater ments increased seasonally. Retail trade was nearly increase over sales during the same period in 1936 as large as August last year. Heavy grain market- than city department store sales. The mountain sec- ings and higher livestock prices raised farmers cash tion of Montana was the only section in the entire income well above August 1936. Corn and potato District to show a larger volume of sales in August prospects improved during the month. this year than in August a year ago. DISTRICT SUMMARY OF BUSINESS Retail Trade % Aug., The volume of business in August was about as No. of 1937 of % 1937 large as in the preceding month and in August last Stores Aug. 1936 of 1936 year. The country check clearings index was the Mpls., St. Paul, Duluth-Superior .. 21 100 06 highest on record and the index of bank debits at Country Stores 447 96 08 farming centers was as large as in any month since Minnesota—Central 31 96 10 1931. Minnesota—Northeastern 16 98 12 Minnesota—Red River Valley.. 9 96 12 Minnesota—South Central . 32 99 17 Northwestern Business Indexes Minnesota—Southeastern 19 100 12 (Varying base periods) Minnesota—Southwestern 43 94 09 Aug. -
An X-Ray of Chilean Right-Wing Attitudes Toward Jews, 1932–1940
chapter 3 Indifference, Hostility, and Pragmatism: an X-Ray of Chilean Right-Wing Attitudes toward Jews, 1932–1940 Gustavo Guzmán 1 Introduction Convened to discuss the issue of Jewish refugees, the Évian Conference (July 1938) raised two main positions in Chilean politics. While leftists and centrists sympathized with Jews, asking President Alessandri to increase their immigration quotas, rightists remained indifferent to the Jewish plight, reject- ing any attempt to expand their numbers. A leading voice in this regard was Conservative senator Maximiano Errázuriz Valdés, according to whom Chile did not need traders or intermediaries but farmers. “Sadly,” he said, “Jews are not farmers but traders who will come to compete [with our businessmen] and become intermediaries.” Additionally, echoing a discourse that was com- mon at the time in other countries as well, their religion made them “elements difficult to assimilate” and likely “to create a hitherto unknown ethnic prob- lem.” Indeed, the ultimate responsibility for Jew-hatred, he stressed, lay with “the Jews themselves,” as “they create problems where previously they did not exist.” Consequently, Errázuriz Valdés asked the government “to restrict as much as possible the arrival of Jews and not to increase their quotas.”1 Similarly, after Kristallnacht (November 1938), while the leftist and centrist press largely condemned the pogrom, speaking of “barbarism” and “savagery,”2 influential right-wing media such as El Mercurio and El Diario Ilustrado embraced a less sympathetic approach. Although it might be “painful from a human point of view,” El Mercurio stressed, “the reasons that led the German government to expel members of the Jewish race are not for Chileans to dis- cuss because they belong to the right of every nation to govern itself.”3 El Diario 1 Senado de Chile, Boletín de sesiones ordinarias 1938, vol. -
This City of Ours
THIS CITY OF OURS By J. WILLIS SAYRE For the illustrations used in this book the author expresses grateful acknowledgment to Mrs. Vivian M. Carkeek, Charles A. Thorndike and R. M. Kinnear. Copyright, 1936 by J. W. SAYRE rot &?+ *$$&&*? *• I^JJMJWW' 1 - *- \£*- ; * M: . * *>. f* j*^* */ ^ *** - • CHIEF SEATTLE Leader of his people both in peace and war, always a friend to the whites; as an orator, the Daniel Webster of his race. Note this excerpt, seldom surpassed in beauty of thought and diction, from his address to Governor Stevens: Why should I mourn at the untimely fate of my people? Tribe follows tribe, and nation follows nation, like the waves of the sea. It is the order of nature and regret is useless. Your time of decay may be distant — but it will surely come, for even the White Man whose God walked and talked with him as friend with friend cannot be exempt from the common destiny. We may be brothers after all. Let the White Man be just and deal kindly with my people, for the dead are not powerless. Dead — I say? There is no death. Only a change of worlds. CONTENTS CHAPTER PAGE 1. BELIEVE IT OR NOT! 1 2. THE ROMANCE OF THE WATERFRONT . 5 3. HOW OUR RAILROADS GREW 11 4. FROM HORSE CARS TO MOTOR BUSES . 16 5. HOW SEATTLE USED TO SEE—AND KEEP WARM 21 6. INDOOR ENTERTAINMENTS 26 7. PLAYING FOOTBALL IN PIONEER PLACE . 29 8. STRANGE "IFS" IN SEATTLE'S HISTORY . 34 9. HISTORICAL POINTS IN FIRST AVENUE . 41 10. -
The Dynamics of Relief Spending and the Private Urban Labor Market During the New Deal
NBER WORKING PAPER SERIES THE DYNAMICS OF RELIEF SPENDING AND THE PRIVATE URBAN LABOR MARKET DURING THE NEW DEAL Todd C. Neumann Price V. Fishback Shawn Kantor Working Paper 13692 http://www.nber.org/papers/w13692 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 December 2007 Our research has benefited from insightful comments from Daniel Ackerberg, Manuela Angelucci, Stephen Bond, Alfonso Flores-Lagunes, Claudia Goldin, Kei Hirano, Robert Margo, James Malcomson, Joseph Mason, Kris Mitchener, Ronald Oaxaca, Hugh Rockoff, John Wallis, Marc Weidenmeier, participants in sessions at the American Social Science Association meetings in San Diego in January 2004 and the NBER DAE Program Meeting in March 2004, and two anonymous referees. Funding for the work has been provided by National Science Foundation Grants SES-0617972, SES-0214483, SES-0080324, and SBR-9708098. Any opinions expressed in this paper should not be construed as the opinions of the National Science Foundation. Special thanks to Inessa Love for the use of her Panel VAR Stata program. © 2007 by Todd C. Neumann, Price V. Fishback, and Shawn Kantor. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Dynamics of Relief Spending and the Private Urban Labor Market During the New Deal Todd C. Neumann, Price V. Fishback, and Shawn Kantor NBER Working Paper No. 13692 December 2007, Revised May 2009 JEL No. N0 ABSTRACT During the New Deal the Roosevelt Administration dramatically expanded relief spending to combat extraordinarily high rates of unemployment. -
Die Byscores
CALL, 6, 12 THE SAN FRANCISCO FRIDAY/JULY 1906. SHERIDAN TAKES MANYBALES MONEY PROBLEM MECHANICS STRIKE DR. M'CLISH WILLCHOLERA PATIENTS OF PAPER MONEY TO MANILA FOR HIGHER PAY DIE BY SCORES. Picked Guard WillWatch Over Shipment Worth $8,515,000. IS NOT SETTLED. LEAVE SCHOOL. New Employes of Angeles President of University Ninety-Nine Deaths Out YorkBanker Points Los • vOut Need for Better- Shop Demand the San of Pacific Announces of Total of One Hun- Cases ment of Conditions Francisco Schedule Intention to Retire dred and Six They Fears Enact Difference in Wages Friction With Faculty Officials Believe Failure to Epi- Proper Legislation Due to Greater Cost Partly Responsible for Now Have the May Bring Disaster of Livingin the North His Desire to Quit demic Under Control WASHINGTON, July s.—The War BLUFF. POINT, .N. V., July 5.— LOS ANGELES. July s.— Sixty-flve SPECIAL DISPATCH TO THE CALL. today the Works, Department was advised of Frank A. Vanderlip, vice president. of employes of the Camden Iron SAN JOSE, July s.—Partially as a of chofera in Ma- located at Seventh and Alameda has, be- virulent outbreak the National City Bank of New York, result of friction which existed nila. For the week ending July 4 streets,, this city, walked out today on tween himself and members of the cases 99 deaths. was one of the principal speakers at a demand an increase In wages, there were 116 and for . board of trustees and to some extent twenty-four hours ending at the New York State Bankers' Associa- which the company declined to' grant. -
Navigating Troubled Waters a History of Commercial Fishing in Glacier Bay, Alaska
National Park Service U.S. Department of the Interior Glacier Bay National Park and Preserve Navigating Troubled Waters A History of Commercial Fishing in Glacier Bay, Alaska Author: James Mackovjak National Park Service U.S. Department of the Interior Glacier Bay National Park and Preserve “If people want both to preserve the sea and extract the full benefit from it, they must now moderate their demands and structure them. They must put aside ideas of the sea’s immensity and power, and instead take stewardship of the ocean, with all the privileges and responsibilities that implies.” —The Economist, 1998 Navigating Troubled Waters: Part 1: A History of Commercial Fishing in Glacier Bay, Alaska Part 2: Hoonah’s “Million Dollar Fleet” U.S. Department of the Interior National Park Service Glacier Bay National Park and Preserve Gustavus, Alaska Author: James Mackovjak 2010 Front cover: Duke Rothwell’s Dungeness crab vessel Adeline in Bartlett Cove, ca. 1970 (courtesy Charles V. Yanda) Back cover: Detail, Bartlett Cove waters, ca. 1970 (courtesy Charles V. Yanda) Dedication This book is dedicated to Bob Howe, who was superintendent of Glacier Bay National Monument from 1966 until 1975 and a great friend of the author. Bob’s enthusiasm for Glacier Bay and Alaska were an inspiration to all who had the good fortune to know him. Part 1: A History of Commercial Fishing in Glacier Bay, Alaska Table of Contents List of Tables vi Preface vii Foreword ix Author’s Note xi Stylistic Notes and Other Details xii Chapter 1: Early Fishing and Fish Processing in Glacier Bay 1 Physical Setting 1 Native Fishing 1 The Coming of Industrial Fishing: Sockeye Salmon Attract Salters and Cannerymen to Glacier Bay 4 Unnamed Saltery at Bartlett Cove 4 Bartlett Bay Packing Co. -
Federal Reserve Bulletin June 1938
FEDERAL RESERVE BULLETIN JUNE 1938 United States Foreign Trade and Business Conditions Abroad Member Bank Earnings and Expenses Number of Banks and Branches in [/. S. Annual Reports—Bank for International Settlements and Bank of Canada ******** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS Page Review of the month—United States foreign trade and business conditions abroad 425-433 Revocation of measures affecting silver 433-434 National summary of business conditions 435-436 Summary of financial and business statistics 438 Law Department: Amendment to the law relating to loans to executive officers 439 Rulings of the Board: .* Directors' review of actions of trust department committees of national bank; nature of trust in- vestment committee minutes 439 Approval of acceptance of trusts by national bank 440 Renewal or extension of loans made to an executive officer of a member bank 440 Earnings and expenses of member banks, 1936 and 1937 441-447 Number of banks and branches, 1933-1938; analysis of changes in number of banks and branches, January 1- March31, 1938 448 Number of banks operating branches and number of branch offices, by States, December 31, 1936 and 1937 449 Group banking, December 31, 1937—number, branches, loans and investments, and deposits, by States 450 French financial measures 451-452 Annual Report of the Bank for International Settlements 453-495 Annual Report of the