The stock market crash - and after

Bibliographic data

Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIV. Speculation and Brokers' Loans

Collection:: Economics Books

Speculation and Brokers’ Loans 229 other sources. The loans for “other,” namely, corporations and individuals who instructed the banks of which they were patrons to lend funds for them in the call market, amounted to $922,000,- 000 in October, 1927. In October, 1929, the loans for “others” amounted to $3,907,000,000, having more than quadrupled in two years. The loans for out-of-town banks increased by 50 per cent. Both classes of loans increased by $3,500,000,000. “The market,” Mr. Roberts says, “had found a way to go around the banking system to the original sources of funds, that is, in savings, profits and other free funds that would normally go into permanent investments.’ Higher Foreign Discount Rates But the rising interest rates called American cap- ital from its employment abroad and transferred foreign capital to this country. By October, 1929, we had recovered one-half of the half billion gold exported during the preceding two years. This alarmed the central banks in Europe. fifteen of which raised their rediscount rates during 1929, while Canada and Argentina set up embargoes on gold exports to this country. With the increase in the Bank of England discount rate to the unusual figure of 614 per cent on September 26, New York exchange depreciated, indicating the withdrawal of foreign funds from our market. The situation was aggravated by the failure of the issuing house of

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