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 III. The rise of the New York stock exchange

Collection:: Economics Books

RISE OF THE NEW YORK STOCK EXCHANGE 75 American share issues. In the New York Stock Exchange, the number of listed shares trebled, and practically all statistics of its operations established new high records. During the summer of 1929, however, an industrial and commercial reces- sion set in, attended by a steady and world-wide fall in com- modity prices. At the same time, huge amounts of new securi- ties, especially common stocks, were issued.’* No actual credit stringency occurred, but in the technically weakened and over- loaded stock market share prices fell, slowly at first and then more swiftly until a very severe panic developed during late October and early November. The course of events on the Exchange during this crisis has been graphically related by President Whitney.** Although the Stock Exchange refused to suspend, the tremendous volume of orders suddenly thrust upon the Exchange system caused such congestion in the busi- ness and such physical exhaustion on the part of trained employees, that several special holidays were declared, and temporarily shortened hours of trading were employed. Only two small Stock Exchange houses, however, were suspended for insolvency ; one of these suspensions occurred about a week after the final recovery from the panic had begun and the other not until over a month afterwards. Neither suspension had any effect in aggravating the severity of the panic through increasing the fears of the public. The Stock Exchange Building.—The building originally occupied by the Exchange (in 1863) extended through the block from Broad to New Streets, but did not reach Wall Street or Exchange Place. Over many years, space was ac- quired on either side of this original headquarters, and in 1903 a new building was erected on this expanded site. In 1922 a new addition in the form of a 23-story skyscraper was erected, bringing the building to Wall Street. In 10928 further rooms 11 “The Principal Causes of the Panic of 1929,” an address by E. H. H. Simmons, President of the New York Stock Exchange, Philadelphia, January 25, 1930. 12 “The Work of the Stock Exchange during the Panic of 1929,” an address by Richard Whitney, President of the New York Stock Exchange, Boston, June 10, 1930.

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