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.

Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

STOCK EXCHANGE AN INTERNATIONAL MARKET 523 Stock Exchange after the United States entered the war. Indeed, by the critical spring of 1917, the liquid resources. of Europe in the shape of gold and salable securities were seri- ously depleted, and it had become increasingly difficult for the Allies to make payment to us for the vast demands which their fighting forces had placed on our fields and factories. Accordingly, when America entered the conflict, the tre- mendous and still little appreciated task of financing the war was largely shifted from London to Washington, and conse- quently most of its real burden was likewise transferred from Threadneedle Street to Wall Street. The Allied cur- rencies were accordingly “pegged” near their par rate with dollars, so as to facilitate the continual shipment of our goods abroad. But instead of floating in our market new foreign loans which would have interfered with the sale of our own war bonds, the United States successfully floated the gigantic Liberty loans. Almost half of the many billions re- ceived from their sale was devoted to advances made to our Allies practically on open-book account by the United States Treasury, to finance their purchases of materials here. The skilful marketing of the huge Liberty issues on the Stock Ex- change, the hearty cooperation of the latter organization with the government in this vital operation, and the gradual distri- bution effected there among American investors, have already been commented upon. What the Stock Exchange had done for the smaller issues of American corporations or of foreign governments, it did with conspicuous success in the case of the unprecedentedly great Liberty loan issues. Money is in truth the “sinews of war,” and the Stock Exchange through its indis- pensable part in the work of marketing Liberty issues among permanent investors, contributed in no small degree to the successful termination of the war. 2 On the work of the New York Stock Exchange in placing the Liberty loans with American investors. consult the statement and testimony of Governor Benjamin Strong of the New York Federal Reserve Bank, before the “Agricultural Inquiry’ Commission (Washington, August, 1921), p. 687

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation