The work of the Stock Exchange

Bibliographic data

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

522 THE WORK OF THE STOCK EXCHANGE lators and investors, to pay for the foodstuffs and munitions which we were steadily furnishing to France and England. Thus it was through the ready market provided by the Stock Exchange that Europe's former mortgage upon our leading railroad and industrial corporations amounting to bil- lions of dollars was gradually liquidated and paid off, and the large sums which it had previously been necessary for us to send abroad to cover dividends and interest coupons due on Europe’s pre-war investment in our corporate shares and obli- gations, dwindled in proportion. The United States in the next few years not only ceased to be a debtor but became a creditor nation, although these huge amounts of securities were so smoothly and efficiently handled on the great organized securities exchange in New York that this profoundly signifi- cant fact attracted little attention at the time except in the technical financial press. The decrease in the foreign holdings of U. S. Steel preferred and common stock during this period will be noted in the accompanying chart (Figure 60). But the Stock Exchange did not simply make possible the transfer of our long lost stocks and bonds from Europe to our shores. With its aid, the Allies also distributed large external loans to American investors, the colossal Anglo-French 5% loan of $500,000,000 being the most notable example. It was largely through the instrumentality and the efficient opera- tion of the Stock Exchange, therefore, that after over a century of international indebtedness America became a creditor nation, and that we were enabled to sell and Europe to purchase our huge foreign exports of goods and foodstuffs in 1915 and 1916. This "extraordinary trade, so beneficial to us and so vital to the success of the Allied arms, could not have been maintained without the steady and smooth operation of the Stock Exchange.?° The Stock Exchange During the War.—Equally impor- tant from the national standpoint were the services of the 20 See Appendix XVIIIf.

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