The Montreal Gazette call loan rate, 1871-1907

Kieran Furlong

Canadian Journal of Economics, 2001, vol. 34, issue 1, 165-173

Abstract: Economic historians have assumed that the call loan market in Canada was insignificant before 1900. In this paper I present a monthly series for the call loan rate recorded daily by the between 1871 and 1907, which corresponds closely with the known post-1900 rate in 1900-07. Evidence from monthly bank returns further indicates that the magnitude of the domestic call loan market rivalled that of Canadian call loans in New York prior to 1907. The call loan series bears little relation to call loan series for New York and London, partly because the Montreal market was less centralized and less liquid.

Date: 2001
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