academy of political science. business, speculation and ... · m speculation v#f# dulles, john...

ACADEMY OF POLITICAL SCIENCE.

"Business, Speculation and Money," PROCEEDINGS, Vol. XIII, No. A, January, 1930.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ADAMS, J. T.

SPECULATION AND THE REFORM OF THE NEW YORK STOCK EXCHANGE. Summit, New Jersey:

1913. Pp. 27.


ALDRICH, Vinthrop ¥•

The Stock Market from the Vievpolnt of a Commercial Banker* Rochester, New York. 1937. Pp. 32.


ALDRICH, Winthrop ¥•

The Stock Market from the Viewpoint of the Commercial Banker, Address before the Rochester Chamber of Commerce, October 14, 1937.

New York: Chase National Bank, 1937. Pp. 32.


" T k c Autumn M*n«if M*rK*r " (/Ve i )


/?J»D£/?SOA;, 3.»?, Triplicate

VoL ix no. sr. October 12, iq^q ,

Stock speculation


ANDERSON, J r . , B. M.

Bank consolidations in a period of speculation, CHASE ECONOMIC BULLETIN, Vol. IX, No. 5. New York: Chase National Bank, 1929. Pp. 12.


ANDERSON, B* M.

Brokers' loans and bank credit, CHASF ECONOMIC BOLLTTTTN,

October 31, 1928.


AIRES, L. P.

The Inv i s ib le Banking System, AMERICAN BANKERS ASSOCIATION JOURNAL,

May, 1929.

pp. 1073-75J speculation and absorption of credit


H*<* pAtKei-T C*J.)

"Business Speculation and Money," PROCEEDIMGS of the Academy of Polit ical Science,

Januaiy 1930.

vw. *m *>a*/


BAKER, G. V.

"Street loans and the New York money market," THE ANNALIST, Feb. 12, 1926. Pp. 2.

Explains significance of street loans as recently reported by the Federal Reserve Bank.


BALOGH, Thomas

"Absorption of credi t by the Stock Exchange," AMERICAN ECONOMIC REVIEW, XX, December, 1930, pp. 658-663.


BALOGH, T.

"Absorption of credit ty the stock exchange," AMERICAN ECONOMIC REVIEW, XX, Dec. 1930, pp. 658-b63.


BALOGH, Thomas

"Business Speculation and Money," in PROCEEDINGS of the Academy of Political Science,

Jan. 1930.


Author File BARGER, Harold

Speculation and the Risk-Preference, JOURNAL OF POLITICAL ECONOMY, XLVI, no. , June, 1938.

IRWIN, H. S.: "A Comment" (on the above), loc. cit., XLVII, no. 1, Feb., 1939, pp. 128-30.


BARGER, Harold

The banks and the stock market, THE JOURNAL OF POLITICAL ECONOMY,

September, 1935.


Ike ta*K& 4nd iUe stexK 7Ha*-Ke,T

l)«c. /<*3S" p p . 7&3-*T77


BARGER, Harold

"The banks and the stoek market," JOURNAL OF POLITICAL ECONOMX, Auu( no. C Dec. 1935. ^ . ?*& SJO.

15 pp.


BARGER, Harold

"The Banks and the Stock Market," JOURNAL OF POLITICAL ECONOMY,

December, 1935. Pp. 15.


BEACH, W. Edwards

"Stock Market Continuity," AMERICAN ECONOMIC REVIEW, XXIX, December, 1939, pp. 774-789.


BECKHART, B* Haggott

"Fluctuations in Brokers1 Loans and Interest Rates,f! PROCEEDINGS of the Academy of Political Science,

1930-


BLAISDiXL, VillismM.

FIKAWCING SECURITY TRADING. Philadelphia: Privately printed, 1936. Pp. 199.

Temple Chiversity


BECKHART, B- H.

Fluctoaations in Brokers1 Loans and Interest Rates, PROCEEDINGS of the Academy of Political Science,

1930 •


BECKHART, B. H*

Fluctuations in brokers loans and interest rates, PEOCEBDINGS of the Academy of Political Science,

January, 1930-, pp* 459-467.

role of brokers1 loans in 1929 boom and subsequent depression


BERNHEIM, Alfred L., and associates

THE SECURITY MARKETS. ±*ew York: Twentieth Century Fund, Inc., 1935. Pp. xxi, 865.

Review: by F. E. Richter, JOURNAL OF POLITICAL ECONOMY, Vol. 44, Dec, 1936, pp* 847-50•

N»Y. stock exchange and stock speculation with excllent bibliography


BRODIE, Henry

Odd-Lot Trading on the Nev York Stock Exchange and Financial Decentralization, THE SOUTHERN ECONOMIC JOURNAL, Vol. VI, No. 4, April, 1940.


BROW, D. M.

The Federal Reserve System and Stock Speculation, EDITORIAL RESEARCH REPORTS (Washington), June 8, 1929, pp. L25-UJ+.


BURTCHETT, Floyd F.

Unorganized speculation: the poss ib i l i ty of control, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, Vol. 27, March, 1937, pp. 284-295.


BURTCHETT, Floyd F.

Unorganized specu la t ion: the p o s s i b i l i t y of control , THE AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XVII, March, 1937, pp. 284-295.


CASSEL, GUSTAV

"Does the Stock Exchange Absorb Capital?" IBID., April, 1929


M Speculation

Caseel, Gustav Does the stock exchange absorb cap i t a l ! ( in :

Skandinaviska Kreditaktiebolagot, Quarterly report, April 1929r p«21#)

Federal reserve feygfcfi & speculation Speculation


CASSEL, GUSTAV

"Discount Policy and Stock Exchange Speculation" S.K.Q.R. October, 1928


CASSEL, Gustav

"Discount policy and stock exchange speculation," SKAKDINAVISKA KREDITAKTIEBOLAGET, October, 1928.


CHAMBERLAIN, L . , and HAY, V. V.

INVESTMENT AND SPECULATION. New York: 1 9 3 1 .


COFFIN, G. M.

Banking control over speculation, BANKERS MAGAZINE,

January, 1930.


C*/uu;4y Jr. TIiuwccS and QTWoop Albert kJ

In D e s c e n t 3 * i ^ Jjggcttfafio^ . • 0UIJ ftu^

Wu Pf . * X / x y- V</_5

J»cJtty?.<J * * ^ Speech** * #c*


CUMBERUND,W.W.

"Economic Causes and Comrequences of Stock Market Inflation and Deflation"

PROCEEDINGS OF THE INSTITUTE OF FINANCE, 2nd Session 1931* Occidental College


Pice - Ch*rte% A v*to%

A* GHJ keveh >n ")he QlocK MarKei •

Rwe*/.' hf $- y Nerlcye J, PS W . 3<? ftucj /93l /pt> . Wl-St-


DICE, Charles A.

New Levels in the Stock Market. New York: McGraw-Hill Book Co., Inc . , 1929* Pp* 541.


DICE, Charles Amos

NEW LEVELS IN THE STOCK MARKET. New York: McGraw-Hill, 1929.


COLLET, James C.

^The effect of Goveniaent regulation on the stock-trading volume of the New lork Stock Exchange,w

AMERICAN ECOSOMIC REVIEW, XXVIII, March, 1938, pp. 8-26.


DOLLEY, James C.

The effect of government regulation on the stock-trading volume of the New York Stock Exchange, AMERICAN ECONOMIC REVIEW, XXVIII, March, 1938, pp. 8-26.


M Speculat ion

v # f # Du l l e s , John F o s t e r Specula- Speculat ion mania may overwhelm c e n t r a l baak-t i on i n g p 0 W ers . ( In : The United s t a t e s Banker, May,

1929, p . 7 . )

Photos ta ted and f i l e d i n v . f . The p a s t ten yea r s exemplify a monetary policy

^r which has adequate ly met our n a t i o n a l needs and £v "brought us unprecedented p r o s p e r i t y .


£DIC Lionel C


EDDY, George A*

The present status of new security issues, REVIEW OF ECONOMIC STATISTICS,

August, 1939. Pp. 6.


EDDY, George A.

Security issues and real investment in 1929, REVIEW OF ECONOMIC STATISTICS, Xl)C

May, 1937. ^ • ?7~<r/ pp. 13.


ETTEMAN, Wilford J.

Security regulation and the volume of new issues, THE SOUTHERN ECONOMIC JOURNAL, Vol. VII, No. 1, July, 1940.


EITEMAN, Vilford J.

Security regulation and the volume of new issues, SOUTHERN ECONOMIC JOURNAL, LVII, No. 1, July 1940.


EITEMAN, Vilford J.

Security regulation and the volume of nev issues , THE SOUTHERN ECONOMIC JOURNAL, VII, No. 1, July, 1940.


EITEMAN, Wilford J.

Security Regulation and the Volume of New Issues, SOUTHERN ECONOMIC JOURNAL, VII, July, 1940


EITEMAN, W. J.

The economics of r is ing security prices, AMERICAN ECONOMIC REVIEW, XXVIII, December, 1938, pp. 702-706.


EITEMAN, W. J .

"Speculation, bank l i q u i d i t y and p r i c e s , " AMERICAN ECONOMIC REVIEW," XXIV, December, 1934.

Pp. 1 1 .


EITEMAN, Wilford J.

Speculation, bank liquidity and commodity prices, AMERICAN ECONOMIC REVIEW, XXIV, December, 1934, pp. 635-645.


£t<m*mcs. o? S i f t e r s ' /oa^r3 / >9/7>er/ca^

kodqs fyJour/fr( of Volikc&f lcc&*74r>€*p

Ochber /9U -/


EITEMAN, W. J .

"The Economics of Brokers' Loans," AMERICAN ECONOMIC REVIEW, XXII, March 1932, pp. 6 6 - 7 7 .


EITEKAN, Wilford J.

"Economics of Brokers' Loans," AMERICAN ECONOMIC REVIEW, XXEI, March 1932, pp. 66-77.

absorption of bank credit in the stock market


EITEMAN, ¥. J.

"Regulation of brokers* loans," AMERICAN ECONOMIC REVIEW, XXII, Sept. 1933,

pp. 456-65•


EITEMAN, V. J.

"Relation of Call Money Rates to Stock Market Speculation," QUARTERLY JOURNAL OF ECONOMICS, Vol. 47, (V^ H3 3

pp. 449- <*• 3 .


EITIMAN, V.

Relation of call money rates to stock market speculation, QUABTfcRLY JOURNAL OF ECONOMICS, Vol. 47, May, 1933, pp. 449-463.

FRS and Speculation: brokers' loans


EITEMAN, ¥. J.

The Economic Significance of Brokers' Loans, JOURNAL OF POLITICAL ECONOMY,

October, 1932. Pp. U .


EITEMAN, Vilford J .

"Economics of brokers' l o a n s , " AMERICAN ECONOMIC REVIEW, X3CII, March 1932, pp. 66-77 ,


EMERY, H. C .

SPECULATION ON THE STOCK AND PRODUCE EXCHANGES OF THL UNITED STATES.


A#Hf'


FEDERAL RESERVE BULLETIN

Brokers1 loans , 1917-1926. November, 1926.

Pp. 8.


FEDERAL RESERVE BULLETIN

Security loans and Reserve Bank policy, Vol. U, 1928, pp. 373-376.


FEDERAL RESERVE KJLLETIH

"Brokers1 loans,I917-1926,,t

November, 1926. Pp. 8.


FIELDS, M. J.

Speculation and growing instability of stock prices, AMERICAN ECONOMIC REVIEW, XXXIII, December, 1933.

Pp. 11.


FIELDS, M. J.

"Specviletion and the groving instability of stock prices," AMERICAN ECONOMIC REVIEW, XXIII, Dec. 1933, pp. 650-660.


FISHER, Irving

THE STOCK MARKET CRASH—AND AFTER. New York: Mecmillan, 1930. Pp. xxvi, 286.


FLYNN, J . T.

SECURITY SPECULATION. New York; 1 9 5 * .

IrxXL* 14


FLYNN, J. T.

SECURITY SPECULATION: ITS ECONOMIC EFFECTS. New York: Harcourt Brace, 1934-. Pp. xii, 332.


FLYNN, J. T.

"The Vail Street debt machine," HABPER'S, July, 1933.

Pp. 10.


FRASER, Lindley M.

"Bie significance of the stock exchange boom,11

AMERICAN ECOMQMIC REVIEW, m i , June 1932, pp. 193-292.

Comment on the above by Donald Jackson, ibid., m i l , Sept., 1933, pp. 475-478.


FRASER, Lindley M.

The Significance of the Stock Exchange Boom, AMERICAN ECONOMIC REVIEW, XXII, June 1932, pp. 193-202.

Comment (on above) by Donald Jackson, ibid., XXIII, Sept., 1933, pp. 475-478.


M New York Stock Exchange

Fr idpy, David Business goes t o m a r k e t , the changing s t r u c

t u r e of the stock market and i t s e f f e c t on t he demand for bank c r e d i t d i s cus sed tjy one of t h e f o r e most economists. ( I n : Bankers magazine, N. Y. , September 1929, p . 5 3 7 - )

If the Federa l Reserve would c a l l upon i t s members t o c l a s s i e r i t s " a l l o t h e r s " l o a n s by occupations of borrowers we might ge t some l i g h t

6n a tangled problem.


GALBEUTH, J. K.

THE GREAT CRASH, 1929. Boston: Houghton Mifflin, 1955. Pp. xi, 212.


GALBRAITH, John Kenneth

THE GREAT CRASH 1929. Boston: Houghton Mifflin Company, 1955. Pp. ix + 212.


GARDNER, Walter R.

Central Ctold Reserves, 1926-1931, AMERICAN ECONOMIC REVIEW, XXII, March, 1932, pp. 56-65 .


GLASS, Carter

The Facts about the Fiscal Policy of our Goveratagt during the Past Two Years • New York: Democratic National Campaign Committee, 1932.

F.R. System and speculation


GOLDENWEISER, E. A.

Credit developments in 1929* AMERICAN STATISTICAL ASSOCIATION. PUBLICATIONS. Boston, 1930. vol. 25, new series 169A, pp. 69-72.

Address before fore the American Statistical Assn., Dec*, 1929*

COMMERCIAL & FINANCIAL CHRONICLE, 1930, v. 130, pp. 55-56.

(extracts from above)


GREEN, Irvin J.

The Federal Reserve System and the Stock Market Operation, NORTHWESTERN BANKER (Des Moines), Vol. 34, no. 508, 1929, pp. 16-18, 90-95.


HANEY, L . H. , LOGAN, L . S . , and GAVENS, H. S .

BROKERS' LOANS, New York:

1 9 3 2 .


HARDY, Charles 0

ODD-LOT TRADING ON THE NEW YORK STOCK EXCHANGE. Washington: Brookings Institution, 1939. Pp. x, 192.

Brief review: by V. J. Eiteman, AMERICAN ECONOMIC REVIEW, XXIX, September, 1939, p. 600

by J. C. Dolley, JOURNAL OF THE AMERICAN STATISTICAL ASSN., v. 34, Dec, 1939, pp. 621-22


HARDY, Charles 0.

Recent developments in the theory of speculation, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, Vol. 27, March, 1937, pp. 263-273.


HARDY, Charles 0.

"Recent developments in the theory of speculation," THE AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXVII, March, 1937, pp. 263-273.


HARDY, C. 0 .

CREDIT POLICIES OF THE FEDERAL RESERVE SYSTEM.

Chaps. VII-VIII stock market speculation and central bank policy


HARDY, C. 0. and OVENS, Richard N.

INTEREST RATES AND STOCK SPECULATION. N«v York: MacniHan, 1st ed., 1925.

Washington: Brookings Institution, 2d revised ed., 1930.


The ikeorif of JieJ^mcj , Joo/oo^c CF

Pounc/fJL £*o/uo#wtj Ve>/. S( A/e.z.


Vol. K p p . ^97-4»l' •


H A R O V CO. *r,<t t-Yo<o ^ s #


The Arfjf C*nU*( Be

ll HI s4 ~# ! C - ' #\\


M v«f# Speculation

Specu- Hawtrey, Ralph 0. lation Speculation in American and English stock

markets* (In:The American Scholar, Autumn,1034)

The real explanation of the great American Speculation i s to be found in the great change in the purchasing power of money between 1914 and 1925.

Clipped and f i led in v.f .


HAWTREY, Ralph G. Author File

Speculation in American and English Stock Markets, THE AMERICAN SUHOLAR, Autumn, 1934.


HAWTREY, R. G.

Speculation and Collapse in Vail Street, in THE ART OF CENTRAL BANKING.

Chapter II.


HAVTREY, R. G.

"Speculation and Collapse in Vail Street," Chap. II in THE ART OF CENTRAL BANKING.


HAWTREY, R. G.

Monetary analysis and the investment market, ECONOMIC JOURNAL, Vol. XLIV, no. 176, December, 1934.


HICKNERNELL, W. P.

WHAT MAKES STOCK MARKET PRICES? New York:

1952.

ted&,af Open McxnIUX CwMUitfcc

3-*


HICKERNELL, Warren F.

WHAT MAKES STOCK MARKET PRICES? New York: Harper, 1932. Pp. xi, 199.

Review: by V. Bayard Taylor, AMERICAN ECONOMIC REVIEW, XXIII,

March, 1933, pp. 131-32

Chaps. 13-15:


HIRST, F. ¥.

WALL STREET AND LOMBARD STREET: THE STOCK EXCHANGE SLUMP OF 1929 AND THE TRADE DEPRESSION OF 1930. New York: Macmlllan, 1931. Pp. lx, 180.

Very short review,by F.A. Bradford, A.E.R., June 1931.


HIRST, F. V.

WALL STREET AND LOMBARD STREET: THE STOCK EXCHANGE SLUMP OF 1929 and THE TRADE DEPRESSION OF 1930. New York: Macmillan, 1931. Pp. ix, 180.

Reviev: by F. A. Bradford, AMERICAN ECONOMIC REVIEW, XXI, June, 1931, pp. 359-60.


HIRST, F. W.

WALL STREET AND LOMBARD STREET: THE STOCK EXCHANGE SLUMP OF 1929 AND THE TRADE DEPRESSION OF 1930. New lork: Macmillan, 1931.

180 pp.


HIRST F.tv .

The S w * R c W . ft S ^ S4^ ^

West inerjf and jpecniaG** • l\)c»o «̂«rK «.

Henri, H*(4-, I9»l . Pp.Jiyfc, •


HOFFMAN, G. Vright

Control of speculation under the Securities Exchange Act, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, Vol. 27, March, 1937, pp. 274-283.


HOFFMAN, G. Wright

"Control of speculation under the Securities Exchange Act," THE AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXVII, March, 1937, pp. 274-283.


to^na! i W f c r , ^ U r * , ^ . V l ^ A i ^ j R £Pa, Wit

/

6lst Congress, 2d Session, senate Doc. 589. In Reference Library


o rafters1 Ao**S tf/7</ OanK l/tDbsih^

J D U * > M L . t>p POUT)CAL fco/OGMY UV>/,57 A/a C

D«c^i6er? /9*? pp 9 / 3 - 7 ^ 7


HOOVER, Calvin B.

"Brokers' Loans and Bank Deposits," JOURNAL OF POLITICAL ECONOMI, Vol. 37, No. 6,

1929, pp. 713-727.


HOOVER, Calvin B.

Brokers' loans and bankabposits, JOURNAL OF POLITICAL ECONOMY, *& 3% **\ ,

December, 1929, pp. 713-727.


/#i Qfosd/jf fj r\iKvi&x /eons )7££~

f fl t^ulafi^ 4 speuitcU^ )


IRWIN, H. s.

"Speculation and the risk-preference": A Comment, JOURNAL OF POLITICAL ECONOMY, XLVII, no. 1, February, 1939, pp. 128-30.


IRWIN, H. S.

Legal status of trading in futures, ILLINOIS LAW REVIEW, XXXII, June, 1937.


IRWIN, H. S.

Risk assumption in trading on exchanges, AMERICAN ECONOMIC REVIEW, XXVII, June, 1937.


IRWIN, H. S.

The nature of risk assumption in the trading on organized exchanges, AMERICAN ECONOMIC REVIEW, Vol. 27, June, 1937, pp. 267-78.


JACKSON, Donald

"Conment on significance of stock exchange boom," AMERICAN ECONOMIC REVIEW, XXIII, Sept- 1933, pp# 475-78.

re Fraser1s art ic le in AE1D , June 1932-


LAWRENCEE Joseph Stagg

WALL STREET AND WASHINGTON. Princeton* Princeton University Press, 1929.


LAWRENCE, J. S.

WALL STREET AND WASHINGTON. Princeton Princeton University Press, 1929.


LEHMAN, Fritz

Thin Markets, SOCIAL RESEARCH, Vol. V, No. 1, February, 1938.


M

Loans-Securities Livermore, Shaw

Loans on securities, 1921-23* (In; Review of economic statistics, ovember 15, 1932,p*191-94)

Loans on security collateral tabulated 1921-19 S2.

Loans-Brokers


M Loans- Brokers

Livsymore, 6haw Loans on securit ies , 1921-23. (in: Review

of eeonomic s t a t i s t i c s , Nov.15.1932fp.191-94)

Loans on security collateral tabulated 1921-1932#

Loans-Securities


M Loans - Brokers

Lockhart, Oliver 0. Brokers1 loans and public debt retirements*

(In: American, bankers association Journal, Nroriber 1928,p#46JL-

Government puts forty mill ions a nonth in security saqrket.

I t %rould bo safe to assume that half the payments reveived by individuals as a result of debt retirement are reinvested.

UtS«>-Finance-Public debt.


LOESER, John C.

THE OVER-THE-COUNTER SECUEITIES MAEKET: WHAT IT IS AND HOW IT OPERATES. New York: National Quotation Bureau, Inc., 1940.

Pp. vi + 192.


MACHLUP, Fritz

THE STOCK MARKET, CREDIT, AND CAPITAL FORMATION. New York: Macmillan, 1940.

Review: by C. 0. Hardy, AMERICAN ECONOMIC REVIEW, XXXIII, June, 1933, pp. 325-29-


MACHLUP, Fritz

Bdrsenkredit, Indus til ekredit und Kapitalbildung. Vienna: Springer, 1931. Pp. xi, 220.


MACHLUP, Frit*

THE STOCK MARKET, CREDIT AND CAPITAL FORMATION. Translated from a revised version of the German edition by Vera C. Smith. London: William Hodge & Co., Ltd., 1940.

Pp. xii + 416


MACHLUP, Fritz

Bdrsenkredit, Industriekredit, utid Kapital-bildung. Vienna: Springer, 1931. Pp. x i , 220.

Review; by C 0. Hardy, AMERICAN ECONOMIC REVIEW, XXXIII,

June, 1933, pp. 325-29. Note: English edition of above published later

THE STOCK MARKET, CREDIT, AND CAPITAL FORMATION. New York: Macmillan, 1940.


MACHLOP, Fritz

"Bank Deposits and the Stock Market i n the Cycle," AMERICAN ECONOMIC REVIEW, SUPPLEMENT, March 194-0,

pp. 83-91.

absorption of bank credit in the stock market


MACHLUP, Fritz

Bank deposits and the stock market in the cycle, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXX, March, 1940, pp. 33-91.


MACHLOP,-Fritz

Bank deposits and the AMERICAN ECONOMIC REVIEW,

stock market in the cycle, Vol. 30, March 1940.

9 pp.


^c&uhffic r\evt*t*> Su/p/tv <-*»/t-

XXX fifth MO -)H *6~*


MAGEE, J. D.

Call rates and the Federal Reserve Board, AMERICAN ECONOMIC REVIEW, Vol. X, March, 1920.

maximum of call rates in 1919 vas 30%, not entirely due to the •warnings1 of the Board. A 15% call rate has not discouraged speculation.


MABSHALL, Al fred

PRINCIPLES OF ECONOMICS.

Book V, ch* 1

Speculation lessening price variations with respect to organised produce markets, but this reasoning not applicable to stock exchange dealings (see ref. Mill-Taussig)


McCormick, E. T.

UHDERSTANDING THE SECURITIES ACT AND THE S.E.C. New York: American Book Co*, 1948. Pp. 335•


McFADDEN, L. T.

Call Loans and Federal Reserve P o l i c i e s , AMERICAN BANKERS' ASSOCIATION JOURNAL,

October, 1928.


MILL, J.S.

PPINCIPLES OF POLITICAL ECONOMY.

Book IV, ch. 2, sees. U and 5


MILLER, A. C.

"Federal Eeserve Discount policyand the diversion of credit into speculative channels," TRUST COMPANIES, Vol. a , 1925.


MOTTRAM, R. H.

A HISTORY OF FINANCIAL SPECULATION. Boston: Little Brovn, 1929.

Pp. xii, 317


NOBLE, H.G.S. (former pres., N.Y.S.E.)

THE STOCK EXCHANGE: ITS ECONOMIC FUNCTION. New York: Harper, 1932. Pp. viii, 91.

see for speculation and regulation of the exchange


M v*f# Ohlin, Bertil

Fed.res, Central bank policy & stock excknge prices* sys#& (In: Sveneka handelsbanken, Index, July 1928,p#2-credit# 9#)

I t will be one of the most important tasks of the central banks management in the near future to draw up principles to govern their discount policy .••with reference to i t s function of regulating the stock exchange*

Clipped ad f i led in v#f#

aUeral reserve system and speculation pentral banks. Federal reserve system and credit


OHLIN, Bertil

Central bank policy and stock exchange prices, IHDEX (Stockholm), No* 31 > July, 1928*


OSBORNE,

SPECULATION ON THE NEW YORK STOCK EXCHANGE, SEPTIMEER, 1904 - MARCH, 1 9 0 7 . New York;

1913-


OVENS, Richaid N. and HARDY, Charles 0.

INTEREST RATES AND STOCK SPECULATION. A STUDY OF THE INFLUENCE OF THE MONEY MARKET ON THE STOCK MARKET. New Yorks Macadllaix, 1925 • Pp. xlv, 197.

Review: by Ralph Vance, AMERICAN ECONOMIC REVIEW, March,

1926, pp. 163-167. (rev. ed.), 1930.


OWENS, R. N. and HARDY, C. 0.

INTEREST RATES AND STOCK SPECULATION: A STUDY OF THE INFLUENCE OF THE MONEY MARKET ON THE STOCK MARKET. Washington: Brookings Institution, 2d ed., 1930. Pp. xiv, 221.

Review: (1925 ed.) by C. A. Curt is , JOURNAL OF POLITICAL

ECONOMY, v o l . 34, Apri l , 1926, pp. 263-4 .


OWENS, Richard N. and HARDY, Charles 0.

INTEREST RATES AND STOCK SPECULATION: A STUDY OF THE INFLUENCE OF THE MONEY MARKET ON THE STOCK MARKET.

Washington: Brookings Institution, 1st ed., c. 1925. rev. ed., 1930. Pp. xiv, 221.

Bibliography


OWENS, Richard N.

CALL LOAN RATES AND STOCK EXCHANGE SPECULATION.

Institate of Economics,


Otoql( porfhl/os QrtJ ike cvwTrt,) otfltce


i


PARKER, William

The Paris Bourse and French Finance vith Reference to Organized Speculation in Nev York. ^Studies in History, Economics and Public Lav,11

Vol* LXXXTX, No* 3- Nev York: Columbia University 1920. Pp. 116.


PECORA, Ferdinand

VALL STREET UNDER OATH,

bankers1 contribution to the stock market crash of 19^9 •


P&T&A3&AJ J- / Y a r u ^ I

lh* customers lt>*n m<t,rKcf~ *n<t V* .̂

Xu[ t /U« • I / />4. /?53 /V -̂ * *

t*<M*> dtb**t*?yy,cj tinmen r*tc* •

*Jto* /binary rHonlQer

Sung****- 9\iBf&*m*Jk*> Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HATCHFORD, B. U.

Credit Control and the Stock Market, SOUTH ATLANTIC QUARTERLT,

January 1930.


REED, Harold L.

Federal Reserve Policy, 1921-30*

see chaps• 5-6 on absorption of credit by stock

exchange


RESD, Harold L.

"Federal Reserve po l i cy and brokers' loans," AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XIX, March 1929, pp. 78-90.


REED, Harold L.

FEDERAL RESERVE POLICY, 1921-30.

chaps. 5-6


REED, H. L.

Recent federal reserve pol icy, JOURNAL OF POLITICAL ECONOMI, Vol. 37,

June, 1929. PP- 249-284.


REED, H. L.

"Federal Reserve Policy and Brokers* Loans." AMERICAN ECONOMIC REVIEW, SUPPLEMEHT, XIX, March 1929-


REED, H. L.

Federal Reserve policy and brokers* loans, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, nx, March, 1929.


M Money market

Eeedf Harold L. Over-stabil izat ion of the K»T« money market

stimulates brokers1 loans . (In* The Annalist* November 9f 1928, p*731-732#)

By recent operations in the Kew York money market the ca l l r a te of i n t e r e s t has been made too s table•


M

Seed, Harold L. Over-stabi l izat ion of the IT. Y. money market

stimulates brokers loans* ( In : Ihe Annal is t , Hov. 9, 1928. p . 731.)

Ihe pr incipal explanation of the apparent importance of the Reserve banks in recent months i s to be found in over -s tab i l i za t ion of the £• T. money market. By recent operations in the E . Y. money market the c a l l ra te of in t e res t h£s been made t*o s tab le , end #•< a more f luctuat ing r a t e v/ould be preferable .

Loans - Brokers S tabi l i sa t ion federal Seserve system & Open market .operations.


Som«j. -iHeor^ca/ aspects &V S^ocft

ft }pn/ /<?3/ J>p. 2&4- ?38-


oorne %torehca[ fej&ch #£ stvcK-marK&t

Sfectilahw JDI>AA//^ Of Pour/cJL £<C>ASOM>/

Wt April, ?93/.


PIPLEY, V. 2.

MAIN STREET AND VALL STREET.

discussion of banking developments in the 1920's


ROBERTS, George E.

Speculation, Gold and Banking P o l i c y , REVIEW OF ECONOMIC STATISTICS, X / o«y (


ROBERTS, GEORGE E.

"Speculation, Gold and Bank Policy" R.E.S. Vol XI, No. h November, 1929


4p*tu/aZtr> &»M C«*t U2#£ RJs L*,


u v. f# Robey, Ralph West

Specula- Capeadores in Wall s t r e e t . ( In: Atlantic t ion monthly, September 1928, p.388-397.)

Clipped and fi led in v.f. Speculation

For oo dating Wall street T i t l e


M Roelse, Harold V#

Security loans in recent years, (In: Review pf economic s t a t i s t i c s , August,1930, p#109- )

Conditions in the oacurity loans of these member banks in the Second d is tr ic t are surprising ly good.

Lor ms-Securities w **Brokers*


ROELSE, Harold V.

Security loans in recent years, REVIEW OF ECONOMIC STATISTICS, HI, No. 3, August, 1930, pp. 109-111.

interpretation of statistics on brokers' loans


ROELSE, Harold V.

"Security Loans in Recent Tears," REVIEW OF ECONOMIC STATISTICS, 1930.


l/o/.JT A/o. / | cL/tftfry ^ / ? 3 3 .

CncJil itM\»ad*i<r*? t~> /Q33


ROGERS, James H.

SPECULATION AND THE MONEY MARKET. C < ^ i

1 9 2 7 .


ROGERS, J. H.

"The Effect of Stock Speculation on the New York Money Market," QUARTERLY JOURNAL OF ECONOMICS, 1926.


ROGERS, J. H.

"The Effect of Stock Speculation on the Hew York Money Market," QUARTERLY JOURNAL OF ECONOMICS, Vol. AO, May, 1926,

pp. 435-462.


STOCK 'SPSCOL/triOAS Q/vf) TH£ ^TocK,

' ' A J L . 7 .


ROSS, James Alexander, J r .

SPECULATION, STOCK PRICES AND INDUSTRIAL FLUCTUATIONS. New York: Ronald Press Co. , 1938.

Pp. cv i +426


ROSS, J . A . , Jr .

SPECULATION, STOCK PRICES AND INDUSTRIAL FLUCTUATIONS. New York: Ronald, 1938. Pp. x v i , 426.

Review* by Rufus S. Tucker, AMERICAN ECONOMIC REVIEW, XXVIII, Sept., 1938, pp. 565-566.

SU*K m«*M*.f

Criticism of margin trading and exposition of harmful effects of speculation with borrowed money on long side or short selling.


ROSS, J . A . , J r .

SPECULATIOn, STOCK PRICES, AND INDUSTRIAL FLUCTUATIONS. New York:

1958.

£i%H Yhi**-*( pohcy

S


M Sargent. H«E*

Brokers1 loans hearings. (In: American bankers association journal, April, 1928, p#781r)

Though the senate committee has probed in many directions, i t has fai led to find an answer to the question, "When are brokers loans too high11. ..New Legislation unlikely.

Loons-Brokers


A*

Sargent, Henry E# The check on brokers loans* (In: A.B#A#

Journal* July, 1923 • p«17-)

An interpretation of the apparent fruition in June of the Federal Reserve System policies adopted in January•

Loans - Brokers


SILBERLIWG, Norman J*

THE DYNAMICS OP BUSINESS. An Analysis of Trends, Cycles, and Time Relationships in American Economic Activity Since 1700 and Their Bearing upon Governmental and Business Policy. New York? MoGraw-Hill Book Company, 19^5 •

Pp. x, 759.

chap. 17s Stock prices, speculation and stock financing

kciAOMd <af«Doa//a

YfefAJVOQ ' ^ U ^ u u A M a c * * * ( l r - 3 ^ -


SILBERLING, tiormm J.

The mystery of clearings, THE ANNALIST* August 14, 1916. p. 1*

Relation between clearings and speculation in New lork and elsewhere in the country.

He concludes fluctuations in clearings precede fluctuations in industrial conditions (as indicated by general prices).

He found that oth gew York and outside clearings reflect stock speculation.


SIMMONS, E. H. H.

THE principal causes of the stock market crisis of 1929. New York:

1930. Pp. 29.


SIMMONS, E. H. H.

Stock market loans* Address delivered before the Bankers Club of Cincinnati, April, 1927.

£ev York

Cincinnati: Bankers Club of Cincinnati, 1927. Pp. 16.


SIMMONS, E. H. H.

Some international aspects of the stock exchange. Reprinted from NORTH AMERICAN REVIEW,

March, 1927. Pp. 12.


SIMMONS, E# H. H.

Speculation and the stock exchanges. Address delivered at the annual dinner of the Detroit Stock Exchange, January, 1927. New lork: N.I. Stock Exchange, Comm. on Publicity, 1927. Pp. 18.


SIMMONS, E. H. H.

The Stock Exchange and American Banking. An address delivered before the annual convention of the Investment Bankers Association of America, St. Petersburg, Florida, December 9> 1925.

New York: New York Stock Exchange, 1925. 18 pp.


SIMPSON, Kemper

THE MARGIN TRADER: A STDDI IN TRADE IN SECURITIES AND INSECURITY IN TRADE. New York: Harper, 1938. Pp. xvi, 170.

y**fr ***M>4r

Attack on margin traders and brokers by tforaer official of SEC. Security speculation has important role in causing booms and recessions in general business, mainly through its effect on bank funds and banking policy.


SIMPSON, Kemper

THE MARGIN TRADER. New York: 1958-


SIMPSOH, Kenper

"Securities markets and the investa*nt process," AMERICAN ECONOMIC REVIEW, SUPPLEMENT, Vol. 28, March 1938, pp. £L-55


SIMPSON, Kemper

"Securities Markets and the Investment Process," AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXVIII, March, 1938, pp. 41-55.


SMITH, James Gerald

"Banking and the Stock Market," in FACING TH£ FACTS: AN ECONOMIC DIAGNOSIS (edited by J.G. Smith). New York: Putnam, 1932.


SPRAGUE, 0* M- V.

"The banking pos i t ion and i t s prospects: cgotro l l i e s with Reserve B a n k s / THE ANNALIST, July 20 , 1928.

The B&easuree tekan fey the Fed* B#r * SffeUm. to cooibat excess ive specula t i6n on the stock exchange hae be#n too mild. There should have been jaore abrupt increases i n the discount rate- sc as to administer a shock t o the un inte l l i gent sentiment on vhich speculat ion t h r i v e s . The l o s s of gold has f a c i l i t a t e d but has not made necessary a r e s t r i c t i o n of c r e d i t .


SPRAGUE, O.M.V.

^Brokers1 loans dangerous—reserve banks largely responsible for inflation," THE ANNALIST, April 20, 1928. Pp. 1.

When the stock market is found to be absorbing constantly increasing amounts of bank credit at rising rates, the stock market is unquestionably under the controlling influence of a demand that rests upon no solid foundation of intelligent foresight. Abstract by V. 0. ¥eyforth, AMERICAN ECONOMIC

REVIEW, XVIII, Sept. 1928, pp. *mm> 573.


SPRAGUE, 0. M. V.

"Brokers1 loans dangerous—Reserve Banks largely responsible for inflation, THE ANMALIST, April 20, 1928. p. 1

When the stock market is found to be absorbing constantly increasing amounts of bank credit ar rising rates, the stock market is unquestionably under the controlling influence of a demand that rests upon no solid foundation of intelligent foresight.


Srejio£f<t tyM ^^ LASDOAJ ^ 3 « r /

MH-h\ dbuAiOAj. OF Bvsssr&ss

flprtt "*3 // . fs—


TAUSSIG, F. V.

PPINCIPLES OF ECONOMICS.

Vol. I, chap. 11


TAYLOR, Telford

Trading in commodity futures: a new standard of l ega l i ty , YALE LAW REVIEW, XLIII, November, 1933.


H Thornssf Voodlief

Use of Credit in Security Speculation, (In: The American Economic Beview, March 1935 ,p• 21-30•)

More effective control of stock market credit is necessary for business stability* Adequate control may be exercised over supply of funds only by making stock market activity the principal guide of credit policy*

Speculation Securitits Exchange Act of 1934


THOMAS, Woodlief

"Credit in security speculation," AMERICAN BCONOMIC REVIEW, XXV, March 1935, pp. 21-30.


THOMAS, Voodlief

"Use of Credit in Security Speculation," THE AMERICAN ECONOMIC REVIEW, XIV, March, 1935, pp. 21-30.


STOCK MAEKET CONTROL. New York: Twentieth Century Fund,


SWEEZX, Paul M.

The thinness of the stock market, AMERICAN ECONOMIC REVIEW, XXVIII, December, 1938, pp. 747-4-8.

Comment on Dol ley ' s AER, March 1938, a r t i c l e


TURVEI, Ralph

The speculative demand for securit ies and carry-over, THE REVIEW OF ECONOMIC STUDIES, Vol. XIX, no. 1, 1950-51.


TWENTIETH CENTUEI FUND, INC.

The Security Markets.

Nev York, 19

absorption of bank credit in stock market, see Chap. X.


U.S. House of Representatives

STABILIZATION HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY, 70 Congress, 1 Session, H.R. 11806. Washington, D*C, 1928.

Testimony—Prof. Cassel, pp. 366-84J J.R. Commons, pp. 423-44

absorption of credit by stock exchange


U.S. Senate

Hearings on Brokers1 Loans, 1928.

especially testimony by O.M.W. Sprague.


U S . Senate

Hearings on the Banking System (Sen. Res. 71), 1930.

especially (iovemor Harrison1 s testimony, pp. 50 ff.


TJ*S* Senate* Banking and Currency Committee*

Factors affecting the stock market* Staff report, April 30* 1955*

Washington: Government, 1955* 201 pp*

84- Congress 1 Session* Committee print.

including article by Fousek, Peter: Recent Stock Market Developments Abroad.


U.S. Congress - Senate Committee on Banking and Currency

STOCK EXCHANGE PEACTICES. Hearings ... May 23, 1933 to February 26, 1934.

Washington: 1934- Pp. 6419.

Also hearings before a subcommittee of above Senate Committee on Banking and Currency, dealing with the same subject, have been issued. Pt. 5* Insull casej Part 6: National City case.

I , oB 6 * -S °+> ° . <S O 8 CQ .H W 10 S O 0) 0) O ^ rH

, fig fc « S ^

•H as q a 0 ^ o o S ~* ° w tf + )3

, * * . § T3 c3 O O

#M ^ W P Q •• O O C\i rH

1 ' • • » H A <*\ vfr w r-i r-i

J? • • CQ CQ tQ W •P p +3 43 . p -p j j

^ a, a, a, a, jx, a. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. SENATE

Hearings on S% Res, &A and S. Pes* 56 (Stock Exchange Practitsea) •

Washington, D. C : 1933-34.


U.S. Congress. Senate.

Stock Exchange Practices, Hearings before the Committee on Banking and Currency* 73 Congress 2 Session.


U.S. SENATE

Hearings on Brokers1 Loans, 1928.

see O.M.W. Sprague, testimony

Hearings on the Banking System (S. Res. 71, 1930) —see Geo. L. Harrison, testimony


U.S. Senate* Banking and Currency Committee

Stock Market Study. HEARINGS before the Committee. &U Congress 1 Session* on facotrs affecting the buying and selling of securities, March 3 ••• 23, 1955•

Washington: Government. 1955 • 1022.

Testimony: William McC* Martin, Jr. George M. Humphrey


U. S. Senate

Restriction of broker1 s loan by federal reserve banks for speculation.

Senate R. No. 123. 70 Congress 1 Session.


VERNON, Raymond

THE REGULATION OF STOCK EXCHANGE MEMBERS. New York: Columbia University Press, 19-41. Pp. xvi + 152.

Review: by Frank P. Smith, AMERICAN ECONOMIC REVIEW, v. 32,

March, 1942, pp. 170-71.


WAKBURG, Paul M.

THE FEDERAL RESERVE SYSTEM: ITS ORIGIN AND GROWTH. REFLECTIONS AND RECOLLECTIONS.

See Vol. I , chapter 12 (-written after stock market collapse of 1929) appraises conduct of F.R. System


Harper /<?3f>


WEIDENHAMMER, Robert

"Control of the Capital Market,11 AMERICAN ECONOMIC REVIEW, XXII, Sept. 1932, pp. 389-402.


VEISSMAN, R. L .

THE NEW WALL STREET. New Tork: Harper, 1939. Pp. x, 308.

Re vi ew * by j l I - Bogen, AMERICAN ECONOMIC REVIEW, XXX,

March, 1940, pp. 169-70.

semiOpopular descr ipt ion of major changes tha t have occurred in US. investment banking machinery since 1933.


WESTERFIELD, Ray B., Chairmanj John E. McDonoughj Carl E. Parryj Fritz Machlupj R. ¥. Goldschmidtj Fritz Lehmannj Karl R. Boppj J. C. Dolleyj Alexander Sachs

"Security Regulation" [Round Table Discussion], AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXVIII, March, 1938, pp. 77-85.


Wesfec^tf H. B .

f&n , Anew* &""K"s Srss*- Jo«***/


Whtfe Horace

" The jfocK kcch^n^e ar?<J fhr Wm&ir

Mcuficf * The /)***{$ of ihe /hto&scr

/tt<L<Je*rif of P*///rc«f 9 /Jocs*f

*Cie*t<c* xxxis* t4so pp. ^^3-jr^j


WHITE, Horace

The Stock Exchange and the Money Market, THE ANNALS of the American Academy of Political and Social Science, XXXVI, November, 1910,


M Will is , H# Parker

The Senate banking investigation* (In: The Banker, March 1931, p.322-330*)

Through the entire discussion has run the question of the loans made on securities by a l l classes of banks for obviously speculative purpos 66*

A summary of the ideas proposed at the hearings*

Federal reserve systen-Congressional investigation


WILLIS, H. P.

The speculation problem in American banking, THE BANKER (London), Vol. 8, 1928, pp. 24-9-258.


VYNNE, V. H.

Federal Reserve Policy and the Stock Market, THE CANADIAN BANKER, vol. 36, July, 1929.


academy of political science. business, speculation and ... · m speculation v#f# dulles, john...

Documents