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.

APPENDIX 623 of the banks, were the sole arbiters of all matters pertaining to the loaning and borrowing of money. “During this period the great advantages manifested under such control naturally led to various suggestions looking to some form of supervision, less stringent than that exercised by the committee of five, when normal conditions again prevailed, and the need for this committee was ended. As the outcome of numerous conferences and suggestions, the present money desk was made a fixture, with Mr. Blake in direct charge, but under the supervision and authority of a committee of three members of the Executive Committee of the Stock Clearing Corporation, with Mr. S. F. Streit, President, as Chairman. “This Committee is responsible for the renewal rate each day, and for any rate changes that may take place from the renewal rate during the day. Money may be placed by lenders at the money desk at the market, or at fixed rates, or borrowers may apply for new loans at the market, or restrict their applications to a fixed rate. In each case, they use their own judgment as to the probable trend of money rates during the day, so you can readily see we have a true open money market, even if under some supervision. “Now the great advantages of this supervision become ‘evident when one compares the old methods with the present method. In the old days, some houses could obtain whatever accommodation was needed, while others, belated in learning their requirements, or not having so good a credit, had difficulty in obtaining loans, even at exorbitant rates of interest, and there were days when even 1009 was bid for money. “, . . Due to the stability of the rates for money, commission houses find less competition for their cost of money, month by month, and they are able to obtain accommodations without effort or com- petitive bidding, and the rate for renewal loans is no longer subject to indiv:dual negotiation. “Perhaps a few words in explanation of how the renewal rate is arrived at will not be amiss. The average rate of all loans during the preceding day, the amount of money carried over—that is, un- loaned at the end of the day—the amount of money on hand before the renewal rate is made in the morning, and any unusual or extraor- dinary payments that may be falling due by the banks, which might affect the money market, are all factors entering into the decision as to the money rate. All loans carried over, that is, renewed, are done at the renewal rate of the day, but it is at the pleasure of the borrower or of the lender to return or call anv loans if dissatisfied with the rate.

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