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Agricultural Mortgages in the Populist Era: Reply to Snowden

Published online by Cambridge University Press:  03 March 2009

Barry Eichengreen
Barry Eichengreen
Affiliation:
Professor of Economics, University of California, Berkeley, CA 94720.
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Abstract

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Type
Notes and Discussion
Information
The Journal of Economic History , Volume 47 , Issue 3 , September 1987 , pp. 757 - 760
Copyright
Copyright © The Economic History Association 1987

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References

1 Eichengreen, Barry, “Mortgage Interest Rates in the Populist Era,” American Economic Review, 74 (12 1984), pp. 995–1015.Google ScholarSnowden, Kenneth A., “Mortgage Rates and Capital Market Development in the Late Nineteenth Century,” this JOURNAL, 47 (09 1987), pp. 671–91.Google Scholar

2 Snowden, “Mortgage Rages,” p. 671.Google Scholar

3 Snowden, Kenneth A., “Mortgage Rates and Capital Market Development in the Late Nineteenth Century,” this JOURNAL, 47 (09 1987), p. 673.Google Scholar

4 Snowden, Kenneth A., “Mortgage Rates and Capital Market Development in the Late Nineteenth Century,” this JOURNAL, 47 (09 1987), p. 672 observes that I did not emphasize this inference. That is because I did not draw it.Google Scholar

5 Bogue, Allan G., Money at Interest (Ithaca, 1955).Google Scholar

6 The magnitudes of the coefficients were also affected by the size of the encumbrance and land value variables, given that my equations were linear in levels. But since land value was greater than encumbrance, this would tend to make its coefficient smaller, reinforcing the point just made.Google Scholar

7 Evidence can be found in Trojanowski, Joseph, “The Stability of Freight Rate Agreements at Minor Railroad Junctions in Iowa and Kansas, 1880–1910” (Ph.D. dissertation, Yale University, 1980).Google Scholar