The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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

H22 APPENDIX “The money committee desires to acknowledge and record its appreciation of the hearty cooperation which the members of the Stock Exchange and the New York banks have given it during the past months, and feels confident that should it hereafter become neces- sary, in the interest of Government financing, to reestablish the con- trol of money for Stock Exchange loans and for the stabilization of money rates, the Stock Exchange authorities and the New York banks will again unite, with a patriotic purpose, to lend full support to the Treasury Department.” It was not found necessary subsequently to reestablish the arti- ficial war-control of the money market. At the end of 1922 the Stock Exchange discontinued the system of requiring reports from its members as to their security collateral borrowings, and did not resume it until February, 1926. The curious student of the 1917-21 period in the call loan market is referred to the aforesaid “Senate Document 262, 66th Congress, and session” and also to the Agricultural Inquiry Report, especially pages 543-546, and 665-684. Developments in the call loan market during and after 1926 may be found passim in the “Stabilization hearings,” and also in the hearings on the LaFollette resolution. (XId) The evolution and methods of the present money desk system were excellently set forth in an address by Mr. Robert R. Atterbury, member of the Executive Committe of the Stock Clearing Corporation (October 25, 1928): “When I first came into the Street—and that was a good many years ago—it was the custom for houses to send clerks out among lending institutions to borrow funds necessary for the day’s require- ments. There was no fixed rate, and each loan, with each institution, was a matter of personal negotiation, and the rate often varied widely. Later we had what was called an “open money market” on the floor of the Stock Exchange, without supervision, and subject to the violent changes in money rates whenever an unusual demand for or supply of money existed. Competitive bidding and offering—oftentimes entirely unwarranted—made for wide fluctuations of rates. even within the five-hour business day. “This situation was so exaggerated during the Great War that a money committee of five members of the Governing Committee of the Stock Exchange was formed to cooperate with the banks in controlling, not only the rate, but the disposition of funds available for Stock Exchange purposes. This was at the time of the closed money mar- ket, during which the committee of five, together with a committee

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation