The New York Stock Exchange in the Crisis of 1914

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Country life Press, 1915 - 89 pages
 

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Page 89 - I must quit a theme too great for me to handle, but which will be handled by the loftiest minds ages after you and I, like streaks of morning cloud, shall have melted into the infinite azure of the past.
Page 5 - The conditions on the Stock Exchange when the storm burst, were in some respects very hopeful ... the unsettled business outlook due to new and untried legislation had fostered a heavy short interest in the market, thereby furnishing the best safeguard against a sudden and disastrous drop. This short interest was a leading factor in producing the extraordinary resistance of prices in New York which caused so much favorable comment during the few days before the closing (of the Stock Exchange).
Page 5 - ... on which we rely to guide ourselves through troubled waters, did not exist. No world-war had ever been fought under the complex conditions of modern industry and finance, and no one could, for the moment, form any reliable idea of what would happen or of what immediate action should be taken. . . . The conditions on the stock exchange, when the storm burst, were in some respects very helpful. Speculation for several years had been at a low ebb, so that values were not inflated nor commitments...
Page 42 - ... amounts of securities wanted and the prices they are willing to pay. "No offer to buy at less than the closing prices of Thursday, July 30, 1914, will be considered. " Members of the Exchange desiring to sell securities, but only in order to relieve the necessities of themselves or their customers, may send a list of same to the Committee on Clearing House, giving the amounts of securities for sale. "No prices less than the closing prices of Thursday, July 30th, 1914, will be considered.
Page 14 - In all previous panics," says the official chronicle of that institution, "the markets abroad were counted upon to come to the rescue and break the fall. Imports of gold, foreign loans and foreign buying were safeguards which prevented complete disaster. But now our market stood unaided. An unthinkable convulsion had seized the world. Our boasted bonds of civilization burst overnight and plunged us all into barbarism.
Page 3 - ... any day except Sunday or a holiday, has closed its doors but twice in the century or more of its existence. The first time was in 1870, for ten days, and the second time in 1914, for nearly six months. Mr. Noble, the president of the exchange, says of this occasion: On that eventful date (July 25) a financial earthquake of a violence absolutely without precedent shook every great center of the civilized world, closing their markets one by one...
Page 65 - ... adoption were outlined in the last issue of the YEAR BOOK (p. 335) and it may be added that other American exchanges pursued much the same course. As soon as conditions permitted, however, the several restraints were removed one by one. The order in which this was done has been summarized as follows: ' First, a market at or above the closing prices was organized under the Committee on Clearing House ; then, committees to facilitate trading in listed and unlisted bonds were formed, and finally...
Page 33 - The extraordinary statement that 540,000,000 or $50,000,000 were about to be landed in New York is interesting as showing the hysterical state of mind to which many business men had been reduced at that time. The actual amount of stocks sold to arrive, against which borrowings had been effected in New York, was finally shown to amount to $20,000,000.
Page 49 - Transactions with bargain-hunters should not be countenanced and your Committee will not approve the closing of transactions coming under this head.
Page 5 - ... onrushing disaster. Added to the paralyzing effect of this unheard-of speed of action, there came the disconcerting thought that the conditions produced were absolutely without precedent. Experience, the chart on which we rely to guide ourselves through troubled waters, did not exist. No world-war had ever been fought under the complex conditions of modern industry and finance, and no one could, for the moment, form any reliable idea of what would happen or of what immediate action should be...

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