Word: risklessly
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Dates: during 1934-1934
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...ciphering. "Other" (i. e. not bank) loans to brokers were a major factor in the pre-crash credit inflation. Often known as "bootleg loans," they were beyond the reach of Federal Reserve control. Call loans are payable on demand, are secured largely by active listed stocks, are practically riskless. During 1929 the interest rate on call loans ranged between 5% and 20%. No good corporation treasurer could overlook that opportunity to use his idle funds. But the peak of all loans to all members of the New York Stock Exchange was $8,500,000,000-just one-half the figure...