The stock market crash - and after

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XV. Remedies and Preventives of Panics

Collection:: Economics Books

Remedies and Preventives of Panic 239 ber, 1929, by two billion dollars. This withdrawal of funds from the call-loan market was by foreign lenders, investment and trading companies, and other corporations and individuals. In addition, loans to brokers for out-of-town banks including loans for account of their customers, diminished by $800,000,- 000. In these circumstances, the New York City banks came to the rescue, increasing loans for their own account by $1,000,000,000; also, they increased their security and other loans to customers, and their investments. The weekly reporting member banks in leading cities increased their total loans and invest- ments in this way from October 2d to October 30th, by $1,600,000,000. Most of this increase was in New York City banks, whose net demand deposits rose by $1,500,000,000 from October 23rd to Octo- ber 3oth. With this increase their reserve require- ments grew, adding to their reserve balances with the Federal Reserve Bank by $240,000,000. Dur- ing this crowded week the Reserve Bank of New York added $150,000,000 to its discounts from mem- ber banks; and let loose a fresh stream of credits by purchasing $150,000,000 worth of United States Government securities in the open market. By such measures money rates eased during the height of the panic. Call-money rates had prevailed at eight to nine per cent during September, but fell to six per cent in the latter part of October, and, through the panic and subsequent liquidation, ranged at and below six per cent to 414 per cent. On Octo- ber 31st, the Federal Reserve Bank of New York

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