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 669 was a momentous step. Not since 1873 had the Stock Exchange suspended except for a few hours. Even the panics of 1907 and (893 had not halted its operations. Yet to have attempted to maintain trading in New York, and thus invite the tremendous selling orders in which the whole world with its billions of American securities would undoubtedly have participated, would have been sheer folly. On the other hand, it was almost equally important that the maximum amount of liquidation comparable with national safety should be permitted to run its course there, in order that the reopening of the New York market might be effected the more speedily and the more safely. The able manner in which the governing committee of the New York Stock Exchange rose to meet this difficult dilemma has been dramatically related by H. G. S. Noble, then president of the Exchange. A few minutes before the usual opening hour of 10 A.M. the governors voted by a large majority to close the Exchange until further nctice. Subsequent events wholly confirmed the complete wisdom of this step. If, as has been so frequently asserted, the war was eventually won by the individual initiative’ of the American soldier, sailor and business executive, it is equally certain that our then debtor nation owed its avoidance of a panic to the ability of the rovernors of the Stock Exchange to meet on their own responsibility an unparalleled crisis with an expert knowledge of its possible con- sequences and of the exact minute at which to terminate dealings on the floor.” (Brigham in the Boston Evening Transcript, Oct. 20, 1020.) (XVIIIf) During the war and post-war period, many prices marked “S 30” (seller thirty days) appeared on the tape and in the daily financial reports. Such transactions are usually assumed to be sales by European holders of our securities back to American purchasers, ‘hrough the machinery of the Stock Exchange, for it usually requires 2» European seller thirty days to liquidate any securities in our markets, owing both to the fortnightly term settlement system in vogue on European stock exchanges and the time required to send the certificate cross the Atlantic. These “seller 30” transactions in recent years on the New York Stock Exchange were the outward and manifest sign of the gradual lifting of the vast mortgage previously held by Euro- pean investors on our leading railroad systems and industrial estab- lishments. (XVIIIg) The annual Report of the President of the New York Stock Exchange for 1929-30 (p. 81) summarized the issues listed Joon it as of January I, 1930, as follows:

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