Project Gutenberg's Elements of Foreign Exchange, by Franklin Escher

This eBook is for the use of anyone anywhere at no cost and with
almost no restrictions whatsoever. You may copy it, give it away or
re-use it under the terms of the Project Gutenberg License included
with this eBook or online at www.gutenberg.org

Title: Elements of Foreign Exchange
A Foreign Exchange Primer

Author: Franklin Escher

Release Date: July 10, 2009 [EBook #29364]

Language: English

Character set encoding: ASCII

*** START OF THIS PROJECT GUTENBERG EBOOK ELEMENTS OF FOREIGN EXCHANGE ***

Produced by The Online Distributed Proofreading Team at
http://www.pgdp.net (This file was produced from images
generously made available by The Internet Archive/Canadian
Libraries)

Elements of Foreign Exchange

A FOREIGN EXCHANGE PRIMER

By FRANKLIN ESCHER
Special Lecturer on Foreign Exchange at New York University

_Fifth Edition_

NEW YORK
THE BANKERS PUBLISHING COMPANY
1915

LONDON
EFFINGHAM WILSON, 54 THREADNEEDLE ST.

Copyright 1910
By the Bankers Publishing Co.
New York

CONTENTS

PAGE

CHAPTER I. WHAT FOREIGN EXCHANGE IS AND WHAT BRINGS IT INTO EXIST 3

The various forms of obligation between the bankers and
merchants of one country and the bankers and merchants of
another, which result in the drawing of bills of exchange.

CHAPTER II. THE DEMAND FOR BILLS OF EXCHANGE 15

A discussion of the six sources from which spring the demand for
the various kinds of bills of exchange.

CHAPTER III. THE RISE AND FALL OF EXCHANGE RATES 25

Operation of the five main influences tending to make exchange
rise as opposed to the five main influences tending to make
exchange fall.

CHAPTER IV. THE VARIOUS KINDS OF EXCHANGE 45

A detailed description of: Commercial "Long" Bills--Clean
Bills--Commercial "Short" Bills--Drafts drawn against securities
sold abroad--Bankers' demand drafts--Bankers' "long" drafts.

CHAPTER V. THE FOREIGN EXCHANGE MARKET 59

How the exchange market is constituted. The bankers, dealers and
brokers who make it up. How exchange rates are established. The
relative importance of different kinds of exchange.

CHAPTER VI. HOW MONEY IS MADE IN FOREIGN EXCHANGE. THE OPERATIONS
OF THE FOREIGN DEPARTMENT