REFERENCES FOR FURTHER STUDY 679
ITI, valuable original material on the call money market. On the
same lines, the “La Follette resolution” hearings of 1928 are also
enlightening. © Whitney's address in Boston (1930) gives intimate
details of the 1929 panic.
Meanwhile, material has been available from the Stock Exchange
itself: Van Antwerp in 1914, Martin in 1919, and Meeker (1st ed.) in
1922. Annual Presidents’ Reports have been issued since 1921-23.
President Simmon’s address “New York: Metropolis and Capital
Market” sums up briefly over 130 years of consistent Stock Exchange
evolution.
The corollary development in the New York banking field can most
easily be followed in two centenary volumes—Lanier for the Farmers’
Loan & Trust, and Brown for Brown Bros. & Co. Sprague’s wellknown
study of pre-Reserve American banking is also fruitful reading.
Chapter IV. The Distribution of Securities
Emery was the first American economist to realize the full significance
of speculative stock market distribution—witness his “Place
of Speculation in the Theory of Distribution.” The author went
somewhat further into this important phase of stock market activity
in the first edition of this work (1922), and in 1928 published a more
elaborate statistical study concerning it in his pamphlet “Distribution
of Securities through the Stock Market.” The ratio of Exchange
member collateral borrowings to total market value of listings, issued
monthly by the Statistical Department of the Exchange since 1926,
has also thrown fresh light on this subject (See Annual Presidents’
Reports for and since 1927-28). President Simmons has in his
addresses several times alluded to the practical significance of this
distributory function of the Stock Exchange—see addresses in Pittsburgh
(1928) and Atlanta (1929). For additional material on preliminary
distribution, consult the pamphlet “The New York Curb Market,”
Galston on syndicates and Sturgis’ original book on investment.
The appendices to this chapter give the New York Stock Exchange
listing requirements in full. Consult also Pomroy testimony, pamphlet
by W. D. Williams, and the Simmons’ St. Louis address (1926).
The study in listing foreign internal securities by Messrs. Hoxsey,
Meeker, and Redmond contains some interesting and obscure material.
The author’s unpublished study “Some Notes on Investment Trusts”
contains a summary of British experience with investment trusts in
the past. Campbell's legal study on transfers, and the works on Blue
Sky laws by Reed and Washburn, and also by Spring, provide useful
background.
