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

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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

STOCK EXCHANGE AN INTERNATIONAL MARKET 525 money-lender. Despite some serious internal problems, of which our land and agricultural situation was undoubtedly the most acute, the stability of our commodity prices and the revival of our industry and commerce enabled us to enter an epoch not only of great internal prosperity, but also of vast and effective international economic effort. Before the war, the task of marketing American securities had been largely undertaken by foreign stock exchanges as well as by the New York Stock Exchange, and for this reason the volume of business upon the latter market might be said to have been abnormally small right along. The same thing is, of course, true of loans made on American security collateral— as long as extensive loans of this sort were being carried in London and other foreign centers, to that extent the New York money market was relieved. In consequence, the increase in the extent of New York Stock Exchange operations in many directions after the war, can be largely attributed to the rise of the United States as a creditor nation, and the accompanying inevitable tendency for its principal financial center in New York to handle not only practically all American financing, but also the distribution of foreign securities. Thus, after the 1919-21 depression, there began an eco- nomic process whereby the New World undertook to right the economic balance of the Old. Basically, most of America’s efforts in this regard took the specific form of floating and distributing among investors here the security issues of other countries. At first, foreign governments themselves proved the principal borrowers, since governmental finances abroad had to be restored to health before foreign business enterprise could possibly prove stable. Thus dollar bond issues of for- eign governments accumulated rapidly upon the New York Stock Exchange list, and in 1925 the Governing Committee enacted special listing requirements for them.2? Next, with public finances rehabilitated, dollar bond issues of foreign busi- ness companies were extensively issued here in steadily increas- "Appendix IVe.

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