The London Money Market; a Practical Guide to What It Is, Where It Is, And the Operations Conducted in It
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The banks were inundated with requests for funds from all directions, and they were forced to call in their loans. As a result, the bill brokers and others were THE GREAT WAR AND THE LONDON MONEY MARKET 189 obliged to seek accommodation by borrowing from the Bank of England. The Bank assisted them by purchasing their " short " bills. This was on the 29th July. By the 30th July the pressure of sales on the London Stock Exchange became almost unbearable. Enormous quanti- ties of stocks were dispo...sed of on foreign account at any prices that could be obtained, and, finally, the " House " itself was seen in the toils. It was no longer able to absorb the large quantities of stocks and shares which had been forced on the market from all quarters. Three or four firms of stockbrokers were unable to meet their liabilities and were " hammered." Had the business been allowed to con- tinue, there is little doubt that many more reputable brokers would have met the same fate. As it was, the banks and brokers pressed the Stock Exchange Committee to take action, and on Friday morning, the 31st July, just before the time for opening, it was announced that the Stock Exchange would be closed until further notice.
What to read after The London Money Market; a Practical Guide to What It Is, Where It Is, And the Operations Conducted in It?
You can find similar books in the "Read Also" column, or choose other free books by Spalding, William Frederick, 1879- to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The banks were inundated with requests for funds from all directions, and they were forced to call in their loans. As a result, the bill brokers and others were THE GREAT WAR AND THE LONDON MONEY MARKET 189 obliged to seek accommodation by borrowing from the Bank of England. The Bank assisted them by purchasing their " short " bills. This was on the 29th July. By the 30th July the pressure of sales on the London Stock Exchange became almost unbearable. Enormous quanti- ties of stocks were dispo...sed of on foreign account at any prices that could be obtained, and, finally, the " House " itself was seen in the toils. It was no longer able to absorb the large quantities of stocks and shares which had been forced on the market from all quarters. Three or four firms of stockbrokers were unable to meet their liabilities and were " hammered." Had the business been allowed to con- tinue, there is little doubt that many more reputable brokers would have met the same fate. As it was, the banks and brokers pressed the Stock Exchange Committee to take action, and on Friday morning, the 31st July, just before the time for opening, it was announced that the Stock Exchange would be closed until further notice.
What to read after The London Money Market; a Practical Guide to What It Is, Where It Is, And the Operations Conducted in It?
You can find similar books in the "Read Also" column, or choose other free books by Spalding, William Frederick, 1879- to read onlineMoreLess
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