Calvin Coolidge photo

Excerpts of the President's News Conference

January 06, 1928

I am not familiar enough with the exact workings and practice of the Federal Reserve System so that comments that I might make relative to the amount of brokers' loans and so on would be of very much value. I do know in a general way that the amount of securities in this country has increased very largely in recent years. The number of different securities that are dealt in on the stock exchange are very much larger than they were previously. The deposits in banks also are larger. And those two things together would necessarily be a reason for doing more business of that kind that is transacted by brokers and would naturally result in a larger sum of money being used for that purpose. Now, whether the amount at the present time is disproportionate to the resources of the country I am not in a position to judge accurately, but so far as indicated by an inquiry that I have made of the Treasury Department and so on I haven't had any indications that the amount was large enough to cause particularly unfavorable comment.

Source: "The Talkative President: The Off-the-Record Press Conferences of Calvin Coolidge". eds. Howard H. Quint & Robert H. Ferrell. The University Massachusetts Press. 1964.

Calvin Coolidge, Excerpts of the President's News Conference Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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