BOP ... In this case we need to repeat History. We are not repeating history if we were we not have this petition and the lending would have stopped already. Because right after the 1929 fall came the limiting of patroit refusal to short selling to portect our markets.
This is what history did &The following evidence is from the Commercial and Financial Chronicle of October 18, 1930, which quotes the Journal of Commerce for October 16, 1930: No let-up in the efforts of Stock Exchange houses to discourage short selling rallies through refusing to lend stocks for the purpose was indicated yesterday…word had been passed on by the exchange authorities that they desired lending operations to be curtailed in order to discourage excessive short selling... Brokers said yesterday that they have little objection from the point of view of loss of revenue to the calling in of their stocks on loan. With the prevailing low rate for call money, they find that there is but little incentive to lend stocks for the sake of securing funds in this way... A number of investment trusts reported yesterday that they had been approached by brokers who wished to borrow stocks from them at the quoted premiums. In most cases, it is understood, the investment trusts approached did not give any consideration to the request, since they felt that their interests were on the side of rising prices and they would not do anything which would encourage short selling tactics.
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