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.

584 APPENDIX corporations whose stocks are dealt in on the exchange, where, in a period of liquidation, what is known as the odd-lot buyer appears in the markets; then, with stock like that of the Steel Corporation and General Motors and others, you will find the number of stockholders increases tremendously in a declining market. Figures have recently been published in New York market reviews showing the changes in the number of stockholders in those two companies. And what hap- pens is that the public, in a declining market, see that stocks are selling at a bargain and come in with the cash, buy the stock, and take it out of the stock loan account.” (Statement and testimony of Governor Benjamin Strong of the New York Federal Reserve Bank before the Agricultural Inquiry Commission [ Washington, August, 1921], p. 630.) (IVk) The only current statistical indication as to the “technical condition” of the stock market floating supply as a whole consists in the ratio of Stock Exchange member borrowings on security collateral to the market value of all listed shares. The publication of the former was undertaken February 1, 1926. Statistics (also as of the opening of business on the first of each month) as to the market value of listed securities have regularly been compiled by the Statistical Department of the Stock Exchange since January 1, 1925. This ratio, although far from a scientific method of measurement, presumably does indicate the periods when the relative size of the floating supply has become, unusually great or unusually small. Thus, empirically, it did indicate the dangerous current technical condition of the stock market by rising to 10.23% on March 1, 1926, and to 9.83% on October 1, 1929. But the ratio can of course be deflected by the unusual use of bonds or unlisted securities as collateral. Also when both loans and stock values advance equally, the ratio might not change very much even when a condition of unusual inflation in both items had arisen. (IVI) DistriBUTION OF UNITED STATES STEEL COMMON AND PREFERRED STOCKS, 1910-1028 Showing drift of shares from speculators (brokers’ names) to investors (individual names) CoMMON STOCK PREFERRED STOCK Date of Quarterly Statement December 31, 1909... March 31, 1910... .. June 30, 1910........ September 30, 1910... December 31, 1910... March 31, 1911...... June 30, 1911... ... Brokers r- 41 % nA ~A 5: 8 or Individuals 59% ie A of) - por Brokers 57% 2) 02 6 4. 30 Individuals 82.43% 83.21 84.38 85.02 85.41 85.41 85.61

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