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

524 THE WORK OF THE STOCK EXCHANGE The Post-Armistice Adjustment—To win the war, American commerce, agriculture, industry, and finance had under necessity thrown sound economic principles to the winds. Prices and rates were everywhere artificially “regulated” and restrained. Inevitable as were these developments during the war, after it they became intolerable. As the “controls” were one by one relaxed during 1919-21, long pent-up economic forces vented themselves upon the markets with universal and unaccustomed violence. On the one hand, a hunger for goods long denied by war restrictions seized the world, and commod- ity prices, bank loans, stock prices, and interest rates every- where soared. An illusion of unlimited wealth possessed a world temporarily impoverished by the vast sacrifices of the war. In March, 1919, governmental support of the European exchange rates was withdrawn, and these currencies began a precipitous descent which in some cases ended in complete collapse and repudiation. In November, 1919, prices on the New York Stock Exchange began an ominous decline. The silk panic in Japan at the outset of 1920 was succeeded by a universal wave of commodity liquidation that in following months swept the world. To practical panic succeeded a period of stagnation and prostration, which in America reached its nadir in the summer of 1021. The Role of America.—The crisis of 1919-21 for many reasons proved less serious and lasting in the United States than in the other great belligerent nations. Unknown to our- selves, we had during the stress of war become the greatest creditor nation in the world. After a century during which we had always owed other nations, this country suddenly found that it had repurchased most of the American securities pre- viously held abroad, and that vast sums were now due our Treasury for sums which it had advanced to other govern- ments during the war. In addition, America had suddenly thrust upon her not only much of the world’s gold supply, but also the unfamiliar role of acting as the world’s banker and

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