By Chester Arthur Phillips
Comptroller of the forex, and banking periodicals. info embodied mainly in chapters VII-XI and XVI, and imobtainable from the normal resources, was once secured via large correspondence and interviews with bankers and notice agents, to whom my honest thank you are due. For precious feedback i'm thankful most sensible rofessors Ray B. Westerfield, Fred R. Fairchild and Irving Fisher, of Yale. Chester A. Phillips Hanover, N. H.
(Typographical mistakes above are as a result of OCR software program and do not take place within the book.)
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Additional resources for Bank Credit: A Study of the Principles and Factors Underlying Advances Made by Banks To Borrowers
A derivative deposit, on the other hand, is superimposed upon the primary balance and, at the initial date of the relative loan, rises at once to a high point, falls away during the early period of the loan, then as the loan-maturity approaches rises more or less gradually to a peak and, when the loan is paid, drops precipitately to the initial and basic level. A primary deposit balance is roughly analogous to a flowing stream in the dry season of the year. A derivative deposit is, perhaps even more roughly, analogous to the added and quickly changing volume that comes with the rains of spring and fall.
What is true for the banking system as an aggregate is not true for an individual bank that constitutes only one of many units in that aggregate. The sudden acquisition of a substantial amount of reserve by a representative individual bank, other things remaining the same, tends to cause that bank to become out of tune with the banks in the system as a whole. As the individual bank increases its loans in order to re-establish its normal reserve-deposits ratio, reserve is lost to other banks and the new reserve, split into small fragments, becomes dispersed among the banks of the system.
The reader, and especially the practical banker, who objects to the "ideal" character of the operations 44 BANK CREDIT represented by diagram 1, as invalidating the theory developed, is urged to peruse the exercises and problems bearing upon this chapter given in Appendix A. The Ratio of Derivative Deposits to Loans The average magnitude of the derivative deposit balance, represented by the average height of the curve K L above the line M'N' in diagram 1, in relation to the amount of the loan, K M', varies decidedly from borrower to borrower and—less markedly— from bank to bank.