Who it is for
For readers interested in historical bank statements, reserves, deposits, loans, call money, credit expansion, and the relationship between money conditions and stock prices.
English reader · Project Gutenberg #75687
IV. Money
The Cycles of Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
Gibson treats money conditions as essential to any sustained bull market. He explains how to compare loans, deposits, specie, and reserves in bank statements, warns that credit-created deposits can mask danger, and rejects simple seasonal rules based on dividend dates or call-money fluctuations.
Modern reader note
Bank reporting, reserve rules, call-money markets, and payment systems have changed substantially since 1907. The ratios discussed here are historical indicators and should not be applied mechanically to modern markets.
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