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.

Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

526 THE WORK OF THE STOCK EXCHANGE ing amounts and listed upon the New York Stock Exchange. Foreign company internal shares began to enter the New York market, and in 1927 the Stock Exchange formulated special listing requirements for them.?® Finally, in 1928, the Ex- change listed two large British Government internal war loan issues. On January 1, 1930, there were listed on the New York Stock Exchange 203 foreign government bond issues with a market value of $15,045,538,473; 129 foreign com- pany bond issues with a market value of $1,743,022,909; and 32 foreign company share issues with a market value of $1,460,319,078. All told, therefore, foreign listings amounted to 364 issues possessing a market value of $19,148,880,460.* The effect of this tremendous expansion in the New York securities market upon American foreign trade balances is readily seen from the admirable estimate of our international payments which the Department of Commerce has made for 1922 and every subsequent calendar year.” The classified list of the different items composing our international trade bal- ances for this period, shows that net new long-term invest- ments made abroad by the United States were the largest debit item in our invisible trade during each year except 1923 (Fig- ure 61). The return on American investments abroad has ranked as the leading credit item each year. On the other hand, investments in the United States by foreigners have ranked as the second langest credit item four years, the third largest one year, and the fourth largest one year. These figures clearly indicate the tremendously vital part played in our foreign trade by the international shifting of securities. Without the large debits in our trade balance each year for net investments made abroad, it is difficult to see how we could have had our large credits for “favorable” commodity trade balance which are so vital to American cotton-growers, wheat farmers, and other producers. In effect, the world paid for our surplus of cotton, wheat, etc., by selling us her securities, 28 See Appendix IVe. 2 See Appendix XVIITg. 2 See Appendix XVIIIh.

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