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 III. The rise of the New York stock exchange

Collection:: Economics Books

72 THE WORK OF THE STOCK EXCHANGE new headquarters for the market was under construction in 1901-3, the Stock Exchange conducted its securities market on the Produce Exchange nearby. The twentieth century has seen three real panics on the Exchange—in 1901, 1907, and 1929, and serious periods of liquidation in 1903, 1914, and 1920. In 1910 the Exchange abolished its Unlisted Department, and admitted industrial securities to its regular stock list. During the period of 1907-13, the whole banking and cur- rency system of the United States was extensively surveyed by governmental authorities preparatory to the organization of the Federal Reserve banking system. In line with this movement, critical investigations of the New York Stock Exchange were made—in 1908-9 by the so-called “Hughes Commission” for New York State, and in 1912-13 by the so-called “Money Trust Committee” in Washington. Few really important changes in Stock Exchange methods resulted from these inves- tigations, yet in the long run they proved useful in educating the public in various Exchange methods and problems. Ulti- mately, of course, the stock market, in common with all Ameri- can business, greatly benefited by the increased stability of American credit brought about through the enactment of the Federal Reserve Act in 1913. Effects of the World War.—The immediate effect of the outbreak of war in 1914 upon the New York Stock Exchange has been related by its contemporary President.’ The tre- mendous wave of liquidation by Europeans of their American securities in this market compelled the New York Stock Ex- change on July 31, 1914, to close its doors for the second time in its history. Not until all the great stock exchanges of Europe had closed was this step taken. Trading in carefully restricted securities and with scales of minimum prices began on the New York Stock Exchange late in the autumn. Gradu- meThe New York Stock Exchange in the Crisis of 19147 by H. G. S. Noble

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