transactions, we get the following results, when _total clearings for the country_ are compared with (a) New York share sales, and (b) with railway gross earnings: (a) r = .607(23); (b) r = .356(23). "Physically determined trade" is at best a minor factor in that total "trade" represented by bank transactions! Mr. Silberling has buttressed his results with a consideration of various alternative possibilities which might give them a different interpretation. I need not, for present purposes, go further into his figures.[261] Taken in conjunction with the other data presented, and to be presented, together with the theoretical discussion of the nature of trade, and its relations to money and credit, which the present volume contains, they give the present writer abundant confidence in the thesis that the great bulk of trade in the United States is SPECULATION, rather than that sort of trade which is determined "by physical capacities and technique." The figures given above, of the inventory of wealth at a given moment of time, by the Bureau of the Census, show only trifling magnitudes, as compared with the estimated 387 billions of deposits made in 1909, of items which could enter into ordinary trade, as distinguished from speculation and dynamic readjustments. An effort to calculate ordinary trade on the basis of figures running through the year may throw further light on the problem. Railway, gross receipts for the year ending June 30, 1909, were less than two and a half billions. This is six-tenths of 1% of the total. Receipts of the Western Union Telegraph Company were $30,451,073--less than one-hundredth of 1%. The Post Office in the fiscal year ending in 1909 took in $203,562,383. This is something over one twentieth of 1%. These are gigantic sums. But they are insignificant indeed in this computation. Millions of smaller items simply do not count at all--ten million items of $387 each would give only 1%. The total net income of the United States, as estimated by W. I. King for 1910, including all forms of income, dividends, interest, wages, rents, profits, salaries, etc., is $30,500,000,000[262]--around 7% of the 387 billions.