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

234 The Stock Market Crash—dAnd After This statement had been preceded by a letter to the Reserve Banks, dated February 2, defining their obligations as to what credit should and should not be granted at that time. The statement noted the record of six years of remarkable economic activity, and their unprecedented volume of production and consumption of goods. It declared: “The economic system of the country has func- tioned efficiently and smoothly. Among the factors which have contributed to this result an important place must be assigned to our credit system, and, notably, to the steadying influence and moderating policies of the Federal Reserve System.” As the guardian of business, therefore, the Re- serve Board assumed responsibility for credit control in efficient and smooth functioning of the nation’s economic system. The New York Reserve Bank was reported as urging an advance in the rediscount rate to 6 per cent from its § per cent level. This the Federal Reserve Board declined to sanction. The measure would have brought the rediscount rate close to general market rates, thus making it effective. But the Board at Washington, torn by differing opinions, backed and filled during the Spring and Summer, try- ing to isolate one part of the money market by dis- criminatory measures against brokers’ loans. It was urged that a rise in the discount rate would “hurt business” and would deprive Europe of needed gold. But had this aggressive policy been pursued from the beginning it would have been found that business could have stood the higher rate during a period of

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