Banking standards under the federal reserve system

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Monograph

Identifikator:: 1762969653

URN:: urn:nbn:de:zbw-retromon-142432

Document type:: Monograph

Title:: Banking standards under the federal reserve system

Place of publication:: Chicago

Publisher:: A. W. Shaw Company

Year of publication:: 1928

Scope:: xxxviii, 420 Seiten

Digitisation:: 2021

Collection:: Economics Books

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

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Document type:: Monograph

Structure type:: Index

Collection:: Economics Books

Speculation and Brokers’ Loans 233 in prime condition to provide ample credits for trade and industry. Federal Reserve Policy Useful as the Federal Reserve System has proved during the emergency in furnishing ample credit facil- ities to replace the tremendous withdrawals of “boot- leg” loans from “others,” representing corporations and individuals who had helped inflate the totals of brokers’ loans, the Federal Reserve Board had not functioned so acceptably during the prior period that led up to this abnormal development. In a statement issued February 6, 1929, it looked as though the Reserve Board had assumed an aggres- sive policy. It issued a warning with respect to the accumulation of speculative credits that was, in a sense, epoch-making. For the first time it asserted its responsibility and authority to manage the credit facilities of the system in the interests of commerce and business. It said: “When it [the Board] finds that conditions are arising which obstruct Federal Reserve Banks in the effective discharge of their function, of so managing the credit facilities of the Federal Reserve System as to accommodate commerce and business, it is its duty to inquire into them and to take such measures as may be deemed suitable and effective in the circum- stances to correct them; this, in the immediate situa- tion, means to restrain the use, either directly or indi- rectly, of Federal Reserve credit facilities in aid of the growth of speculative credit.”

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