The United States Census Bureau[251] in 1904 reached the conclusion that the total wealth of the country was only $107,000,000,000. Of this, over $62,000,000,000 was in real estate; $11,000,000,000 in railroads; street railways, over $2,000,000,000; telephone, telegraph, water and light, and similar enterprises total nearly $3,000,000,000 more. None of these things enter into ordinary wholesale and retail trade. The items that one would ordinarily think of are agricultural products, $1,900,000,000; manufactured products, $7,400,000,000; mining products, $400,000,000. Can these things be exchanged often enough in the course of a year to account for $387,000,000,000!
These figures are for 1904,[252] whereas Fisher's figures are for 1909. If the Census Bureau had taken an inventory in 1909, the figures would doubtless be larger. The inventory for 1912 made by the Census Bureau does show a very considerable increase, the largest item being due to a rise in real estate values. The figures for agricultural, manufacturing, and mining products are, also, figures for a given time rather than for total production through the year. But, making all the allowance one pleases, it is quite incredible that one should reach a figure of $387,000,000,000 by taking only the exchanges necessary to bring raw materials through the various stages of production to the consumer. The greater part of the $387,000,000,000 is to be explained in another way!
A detailed analysis of Kinley's figures, on which the estimate of total trade is based, leads clearly to the same conclusion. Kinley's figures for the banks that reported on March 16, 1909, are as follows:
| Retail deposits | 60 millions |
| Wholesale deposits | 124 millions |
| "All other" deposits | 502 millions |
The "all other deposits" are vastly greater than retail and wholesale deposits combined! Notice, too, with reference to the question as to how often goods need to be turned over in getting to the consumer: wholesale trade uses only about twice as much money and checks as does retail trade. Goods are not, if these figures are in any way typical of actual trade, turned over many times in the process of reaching the consumer. The "necessary," or "physically determined" number of exchanges, in the routine of trade, is small, per item.
Retail deposits of 60 millions make up less than one-eleventh of the total. Retail and wholesale deposits together make up about three-elevenths. What is the other eight-elevenths, represented by the "all other deposits"? It will help if we see where these "all other" deposits are located. If we find them scattered evenly throughout the country, in rural regions as well as in cities, we might be at a loss. If, however, we find them bunched in the big speculative centres, we may conclude that speculation accounts for a large part of them. We do in fact find this.
The following figures show the different classes of deposits (1) in the South Atlantic States; (2) in reserve cities; (3) in New York City alone:
| Per Cent. | ||
| South Atlantic States: | ||
| Retail deposits | $ 3,300,000 | 19.0 |
| Wholesale deposits | 4,900,000 | 29.0 |
| "All other" deposits | 8,900,000 | 52.0 |
| Reserve Cities (including New York City): | ||
| Retail deposits | $ 24,000,000 | 5.6 |
| Wholesale deposits | 78,000,000 | 18.2 |
| "All other" deposits | 326,000,000 | 76.1 |
| New York City: | ||
| Retail deposits | 9,000,000 | 3.7 |
| Wholesale deposits | 34,000,000 | 14.0 |
| "All other" deposits | 198,000,000 | 82.2 |
It is difficult, with Kinley's figures, to get figures which exclude returns from cities of substantial size, except for a State like Nevada, where the mining and divorce industries complicate the figures. As near an approach as can be made, perhaps, is to take the State of Louisiana, excluding New Orleans from the totals. Even here, however, we include five cities of over ten thousand, among them Shrevesport, with 28,000 people. The following figures are for the State and national banks in Louisiana, exclusive of New Orleans:
| Retail deposits | $ 179,915 | 24.1 |
| Wholesale deposits | 246,647 | 33.1 |
| "All other" deposits | 318,915 | 42.8 |