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 633 loans have been very small. Therefore . . . I rule out the matter of risk.” In the same hearings (p. 40), Senator Carter Glass said: “Before you leave the point of securities and bank failures, I may say for myself that I do not think any loan is ordinarily safer than brokers’ {oans.” [n the same hearings (p. 69), Governor Roy Young testified: “The first question was, are brokers’ loans safely and conservatively made? From all the information I can gather, I do not think there can be any question about the safety of these loans at this time, and of their liquidity.” Again (p. 77): . . I am not prepared to say whether brokers’ loans are too high or too low. I do not think anybody else can say so. I am satisfied that they are safely and conservatively made.” The Hon. Edmund Platt (ibid., p. 88) referred to brokers’ ‘oans as “the safest loans the banks make.” Similar testimony was given by Dr. Adolph Miller in the “Stabili- zation hearings”; he refers (p. 679) to brokers’ loans as “the safest loan there is,” and (p. 681) “it is hard to imagine a contingency ander which there would be any difficulty in getting their (i.e., the country banks’) money back promptly.” Dr. Miller also stated (p. 848): “While in the olden days there was no question as to the goodness of these collateral loans—their safety and security—ex- perience has demonstrated, notably in 1907, that at times of acute strain and monetary stringency out-of-town banks might have diffi- culty in recovering for home use the balances that they had in New York. It was impossible for all to liquidate at the same time success- fully and get the cash; and so we had the sharp periods of monetary famine, of which 1907 was perhaps the most acute . . .” Dr. Miller went on to point out that today, owing to the Federal Reserve system, flexibility had been provided in our banking system and thus country banks today can freely withdraw funds which they have invested in the New York call loan market. In the hearings on the amended Stabilization bill, Professor J. R. Commons stated (p. 436) : “The call loan market . . . is the most secure and liquid of all markets.” It should in conclusion be noted that the events of October- November, 1929, thoroughly demonstrated the safety and liquidity of call loans. (XI1) Respecting the economic functions of call loans, Dr. W. R. Burgess in the Stabilization hearings (p. 1007) stated: “While the stock exchange money market represents in a narrow sense specu- ation. vou must remember that on the other hand it represents the

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