Grundriß des deutschen Zollrechts

Die Nationalökonomie in Frankreich

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Monograph

Identifikator:: 1753937256

URN:: urn:nbn:de:zbw-retromon-129408

Document type:: Monograph

Author:: Lösener, Bernhard http://d-nb.info/gnd/122898427

Title:: Grundriß des deutschen Zollrechts

Place of publication:: Hamburg, Berlin, Leipzig

Publisher:: Hermes

Year of publication:: 1927

Scope:: 153 Seiten

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Dritter Teil. Das Zollverfahren

Collection:: Economics Books

Speculation and Brokers’ Loans 231 which were then far too low, not having yet been adjusted to the results of war-inflation. Through that inflation the dollar had lost a third of its pur- chasing power. But the public had not yet been con- vinced that the change was permanent and were loath to revalue stocks on the basis of permanently inflated dividends in terms of dollars. (3) These two contrasted rates, the abnormally low interest rates and the abnormally high stock yields, led to borrowings at 3 or 4 per cent to buy stocks yielding 7 or 8 per cent, thus initiating the bull movement. (4) The withdrawal of gold to Europe in 1927, consequent on the resumption there of the gold stand- ard and the later withdrawal of American bank funds from the stock market, failed to stop the movement because, by this time, corporations had acquired so prosperous a cash position as to supply the brokers’ loans themselves. (5) The net result was a rise in interest rates which reattracted gold from Europe and led to Euro- pean central banks raising their rates. (6) This may have helped precipitate the crash in London, and the drop on the Paris and Berlin Exchanges, which in turn, reénforced the grow- ing bearish pressure on the New York Stock Exchange. New York Banks Lend Aid During the market crisis the Reserve Bank at New York released credit to the member banks, which

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