Moratorien und andere Sonderregelungen des Zahlungsverkehrs im Auslande

Dem Reichsverband der deutschen Volkswirte (R. D. V.) zur Feier seines 25jährigen Bestehens zu Berlin im Februar 1927 gewidmet von der Friedrich List-Gesellschaft

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Monograph

Identifikator:: 1004499035

URN:: urn:nbn:de:zbw-retromon-18411

Document type:: Monograph

Title:: Moratorien und andere Sonderregelungen des Zahlungsverkehrs im Auslande

Edition:: Dritte vervollständigte Auflage

Place of publication:: Berlin

Publisher:: [Liebheit & Thiesen]

Year of publication:: 1914

Scope:: 1 Online-Ressource (verschiedene Seitenzählungen)

Digitisation:: 2017

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Frankreich

Collection:: Economics Books

286 THE WORK OF THE STOCK EXCHANGE the supply of and demand for call funds each day. From the banking standpoint, funds in the call loan market are excess or surplus funds, which may be withdrawn at any time for in- creased commercial needs, or added to because of inadequate commercial demand. Moreover the stock market, whose dis- tributory processes call loans facilitate, is itself a surplus market, highly sensitive to the relative amounts of capital avail- able for security investment. Specifically, call loan interest rates may be considerably affected by temporary shifts in the money market arising from lowered bank ratios, Federal Re- serve rediscounts and open market operations, withdrawal of government funds, Treasury financing, maturity or interest dates of outstanding security issues, etc. New York State usury laws legalize any rate of interest on call loans of $5,000 or over, secured by collateral’ American geography also plays its part in rendering the supply of and demand for call funds changeable. Since in point of time Chicago and New Orleans are one hour, Denver and Omaha two hours, and San Francisco three hours behind New York, it sometimes happens that late in the day funds may suddenly pour into the New York call loan market or be suddenly withdrawn from it, from causes arising in distant parts of the country. As a result, call loan interest rates are subject to swift changes, which are as a rule self-corrective. The jncreased stability imparted to the whole New York money market by the Federal Reserve system has had the general effect of rendering security loan rates much more stable than they were prior to its establishment. The “Money Desk.”—The “money desk,” where the open supply of and demand for call funds meet, is located on the Stock Exchange floor, between the old Board room and the Wall Street extension (Plate 9). Nearby are posted the cur- rent and renewal money rates for the day. A clerk records the demand for and offers of call funds as they come to the desk, and puts prospective borrowers and lenders together on the basis of “first come, first served.” In this way, there is main- © See Appendix XIg.

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