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.

APPENDIX 621 in New York, made to the President of the U. S. Senate at the request of the Governor of the Federal Reserve Board (known as “Senate Document 262, 66th Congress, 2nd session”) : “Prior to the armistice, agencies of the Government were employed to restrict the issue of new securities for purposes other than those which were deemed essential for carrying on the war. At the same time, as the Treasury undertook to sell large amounts of certificates of indebtedness and Liberty Bonds bearing low rates of interest, the question arose as to whether the competition of the general investment market might not prejudice the success of the Government issues. In these circumstances, with full understanding on the part of the Treas- ury Department, the officers and members of the New York Stock Exchange undertook to limit transactions which would involve the increased use of money for other purposes, in consideration of which the principal banks of New York City endeavored to provide a stable amount of money for the requirements of the security market.” The arrangement above referred to was established after corre- spondence between Governor Benjamin Strong of the New York Reserve Bank and Chairman of the “money committee,” and President H. G. S. Noble of the New York Stock Exchange. The Exchange's Business Conduct Committee required the submission to it daily of ‘he total borrowings on securities of the Exchange members, and saw to it that these were not increased. As Governor Strong subsequently stated (“Agricultural Inquiry,” p. 678), “. . . in point of fact, dur- ing the period of control, which was exercised by the Business Conduct Committee of the Exchange, I do not recall that the loan account, as reported by the members of the Exchange, increased at all. They held it down by direct contact with the members.” At the request of the U. S. Treasury, the “money committee” continued to function into 1919. However, public protests against this artificial control of the money market after the Armistice became so general, that on January 24, 1919, the “money committee,” after consultation with the U. S. Treasury, decided (ibid., p. 680): “1. That control by the Stock Exchange Committee may for the present be suspended. “2. That the Stock Exchange authorities be requested to continue to receive from members of the Exchange daily reports of their bor- rowings until after the next Liberty Loan is placed. “3. That the definite arrangements made with a large group of New York banks to furnish funds for Stock Exchange loans, if and as required, should now be terminated.

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