RISE OF THE NEW YORK STOCK EXCHANGE 75
American share issues. In the New York Stock Exchange,
the number of listed shares trebled, and practically all statistics
of its operations established new high records. During the
summer of 1929, however, an industrial and commercial reces-
sion set in, attended by a steady and world-wide fall in com-
modity prices. At the same time, huge amounts of new securi-
ties, especially common stocks, were issued.’* No actual credit
stringency occurred, but in the technically weakened and over-
loaded stock market share prices fell, slowly at first and then
more swiftly until a very severe panic developed during late
October and early November. The course of events on the
Exchange during this crisis has been graphically related by
President Whitney.** Although the Stock Exchange refused
to suspend, the tremendous volume of orders suddenly thrust
upon the Exchange system caused such congestion in the busi-
ness and such physical exhaustion on the part of trained
employees, that several special holidays were declared, and
temporarily shortened hours of trading were employed. Only
two small Stock Exchange houses, however, were suspended
for insolvency ; one of these suspensions occurred about a week
after the final recovery from the panic had begun and the other
not until over a month afterwards. Neither suspension had
any effect in aggravating the severity of the panic through
increasing the fears of the public.
The Stock Exchange Building.—The building originally
occupied by the Exchange (in 1863) extended through the
block from Broad to New Streets, but did not reach Wall
Street or Exchange Place. Over many years, space was ac-
quired on either side of this original headquarters, and in 1903
a new building was erected on this expanded site. In 1922 a
new addition in the form of a 23-story skyscraper was erected,
bringing the building to Wall Street. In 10928 further rooms
11 “The Principal Causes of the Panic of 1929,” an address by E. H. H. Simmons,
President of the New York Stock Exchange, Philadelphia, January 25, 1930.
12 “The Work of the Stock Exchange during the Panic of 1929,” an address by
Richard Whitney, President of the New York Stock Exchange, Boston, June 10, 1930.
