The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVIII. The stock exchange as an international market

Collection:: Economics Books

STOCK EXCHANGE AN INTERNATIONAL MARKET 519 now been largely repaired, the debts proceeding from it may not be liquidated for many years. While our capitalistic scheme of things has triumphantly survived this severest test ever made of its ability to endure, nevertheless profound economic changes have been produced by it practically every- where. In few countries have these changes been more arrest- ing than in the United States, and in few branches of American business more completely so than in American finance. Itis today a futile dream to expect any return of pre-war conditions— for better or for worse the world in which we live has been permanently transformed by the war. If we are to understand our modern society, and particularly its capital markets, we cannot remain satisfied with descriptions, explanations or eco- nomic theories which originated before Sarajevo. The Stock Exchange at the Outbreak of War.——When out of a clear sky the Great War burst upon Europe, America was still heavily a debtor nation. For over a century our surplus visible exports had balanced surplus invisible imports of foreign capital which had been used to build up this country. Europe, and particularly England, had accumulated billions of dollars’ worth of our choicest securities, many of which were listed on the New York Stock Exchange. When the war came, the Berliner Borse practically suspended, and on July 31 the Stock Exchange of London, the Paris Bourse and other leading European stock exchanges suddenly closed. This fateful closing of the European capital markets was reported over the cables to New York. On the momentous morning of July 31, therefore, the New York Stock Exchange was the only great securities market in the world still open, and owing to the universal panic abroad it was threatened with an ava- lanche of selling orders from Europe, representing a frantic attempt to liquidate here and at once vast amounts of these foreign-owned American stocks and bonds. The untoward event was wisely prevented by the Governing Committee, which a few minutes before 10 A.M. announced the official

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