The stock market crash - and after

Bibliographic data

Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XV. Remedies and Preventives of Panics

Collection:: Economics Books

246 The Stock Market Crash—And After nental Exchanges have acted at such junctures to establish an artificial floor of prices at the minimum of the market, as of certain dates. Informally, also, the jobbers who are invariably the intermediaries between brokers on the London exchange have been known at times to ‘‘desert’” the market, thus auto- matically shutting off trading, when they judged that the prices of securities were declining to panic levels and no longer represented a true estimate of values. But, unlike the market specialists of the New York Stock Exchange, the London jobbers are an essential factor in the transfer of stocks on the London Ex- change; they are forbidden to take any commission in stock transactions, and would hardly be suspected of ulterior motives of valorizing or sustaining prices, if they quitted the market and virtually closed the exchange when they deemed the level of prices to have run dangerously low. In the case of the New York Stock Exchange, some action by the governors themselves would be requisite to place this automatic check upon panic prices in such an emergency as developed during October and November, 1929. In addition to the 1914 precedent, there is precedent for this measure in the rules of the New York Stock Exchange whereby securities listed on the Exchange are stricken from the list or trading therein is suspended by the governing committee in cases wherein the committee deems there is no fair market in such securities. In specific cases the governing committee has provided that contracts shall not be closed under the provisions

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