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 III. The rise of the New York stock exchange

Collection:: Economics Books

RISE OF THE NEW YORK STOCK EXCHANGE 73 ally these restrictions were removed, and the whole market was finally reopened December 15, 1914. The annals of the Exchange during and immediately after the war period contain many unusual and abnormal episodes. During 1917-19 our entire railroad system was operated by the U. S. Government. In 1917 began the succession of gigan- tic U. S. war loans. America’s participation in the war led to a colossal increase in our national debt, but through the Liberty Loan “campaigns” which the sale of these loans to the public involved, millions of Americans for the first time became familiar with security investment. To assure proper money market conditions during the Liberty Loan flotations, a “Money Committee” was organized by New York bankers, and with the hearty cooperation of the New York Stock Ex- change, the call and time loan funds used by Exchange mem- bers were artificially stabilized. Immediately after the Armistice, there was a very active rising stock market in 1919 which crashed sensationally in the fall of 1920, and through most of 1921 remained stagnant. But by 1922 practically all of the “war-controls” had been removed from the New York security market, economic con- ditions in this country had begun their return to “normalcy,” and a period of great domestic prosperity set in. F urthermore, a new international phase of the Exchange's history began. New York banking houses had even in 191 5 extended very large loans to foreign governments. During America’s partici- pation in the war, this tendency was halted, and our allies bor- rowed the proceeds of our own Liberty Loans direct from the U. S. Treasury. But after the Armistice, a veritable flood of such foreign government loans came into Vall Street, and the foreign security list of the Stock Exchange grew apace. Soon there were also issued and listed loans to foreign business cor- porations, and finally even a tendency arose to introduce for- eign company shares in New York. Thus the New York Stock Exchange, after having served as an almost exclusively domes-

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