January to March, 1929, Inclusive : Index To
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Liquidity in the Street: a 1914 Innovation
What Happened to Liquidity When World War I Shut the NYSE? William L. Silber Revised November 2003 The author is the Marcus Nadler Professor of Finance and Economics, Stern School of Business, New York University. He wishes to thank Yakov Amihud, Amit Arora, Menachem Brenner, Kenneth Garbade, William Greene, Joel Hasbrouck, Jane Hsu, Yang Lu, Anthony Saunders, Gideon Saar, Mitchell Stephens, Richard Sylla, Paul Wachtel, Ingo Walter, Steven Wheeler and Robert Whitelaw for helpful comments and assistance. Contact information: NYU, Stern School of Business, 44 West 4th Street, New York, N. Y. 10012. Telephone: 212- 998-0714. Email: [email protected] JEL Classifications: G1, N0, N2 Keywords: Liquidity, NYSE, World War I 1 Abstract What Happened to Liquidity When World War I Shut the NYSE? The suspension of trading on the New York Stock Exchange for more than four months following the outbreak of World War I fostered a substitute market on New Street as a source of liquidity. The New Street market suffered from impaired price transparency because its transactions were not disseminated on the NYSE ticker and its quotations were blacklisted at the leading newspapers. This paper shows that despite the incomplete information flow and the somewhat wider bid-ask spreads compared with the New York Stock Exchange, New Street offered economically meaningful liquidity services. The interference with price transparency turned an individual stock’s reputation for liquidity into an important added variable in explaining the structure of bid-ask spreads on New Street. 2 I. Introduction It is not so surprising that the outbreak of World War I forced the New York Stock Exchange (NYSE) to close. -
Subordinate Laws—1929
Australian Capital Territory Subordinate laws—1929 A chronological listing of subordinate laws notified in 1929 [includes subordinate laws 1929 Nos 1-14] Subordinate laws—1929 1 22 January 1929 Amendment of Canberra Sewerage and Water lapsed on repeal of Supply Regulations (repealed) SL1924-4 made on made under the Building and Services Ordinance 16 October 1924 1924 2 November 1933 notified 25 January 1929 (Cwlth Gaz 1929 No 10) taken to have commenced 1 January 1929 (see reg) 2 4 March 1929 Amendment of Leases Regulations 1919 repealed by SL1929-3 (repealed) made on 28 March 1929 made under the Leases Ordinance 1918 reg 2 (1) notified 7 March 1929 (Cwlth Gaz 1929 No 22) 25 April 1929 commenced 7 March 1929 (see Interpretation Ordinance 1914 s 5) 3 28 March 1929 Leases Regulations 1929 (repealed) lapsed on repeal of Act (renamed as Leases Regulations) 2 April 1992 made under the Leases Ordinance 1918 notified 25 April 1929 (Cwlth Gaz 1929 No 41) commenced 25 April 1929 (see Interpretation Ordinance 1914 s 5) 4 28 March 1929 Amendment of Canberra Sewerage and Water lapsed on repeal of Supply Regulations (repealed) SL1924-4 made on made under the Building and Services Ordinance 16 October 1924 1924 2 November 1933 notified 11 April 1929 (Cwlth Gaz 1929 No 36) taken to have commenced 1 January 1929 (see reg) 5 28 March 1929 Fish Protection (Close Season) Regulations repealed by SL1931-1 (repealed) made on 24 January made under the Fish Protection Ordinance 1929 1931 reg 2 notified 4 April 1929 (Cwlth Gaz 1929 No 34) 26 February 1931 commenced -
The Observer's Handbook for 1929
The O bserver’s H andbook FOR 1929 PUBLISHED BY The Royal A stronomical Society of Canada E d ited by C. A. CHANT TWENTY-FIRST YEAR OF PUBLICATION TORONTO 198 College Street Printed for the Society 1929 CALENDAR The O bserver’s H andbook FOR 1929 PUBLISHED BY The Royal Astronomical Society of Canada TORONTO 198 C ollege Street Prin ted for the Society 1929 CONTENTS Preface ------- 3 Anniversaries and Festivals - 3 Symbols and Abbreviations - 4 Solar and Sidereal Time - 5 Ephemeris of the Sun - - - 6 Occultations of Fixed Stars by the Moon - 8 Times of Sunrise and Sunset - 9 Planets for the Year ------ 22 Eclipses in 1929 - - - - 26 The Sky and Astronomical Phenomena for each Month 28 Phenomena of Jupiter’s Satellites - 52 Meteors and Shooting Stars - - - 54 Elements of the Solar System - 55 Satellites of the Solar System - 56 Double Stars, with a short list - 57 Variable Stars, with a short list 59 Distances of the Stars - 61 The Brightest Stars, their magnitudes, types, proper motions, distances and radial velocities - 63 Astronomical Constants - 71 Index - - - - - - - 72 PREFACE It may be stated that four circular star-maps, 9 inches in diameter, roughly for the four seasons, may be obtained from the Director of University Extension, University of Toronto, for one cent each; also a set of 12 circular maps, 5 inches in diameter, with brief explanation, is supplied by Popular Astronomy, Northfield, Minn., for 15 cents. Besides these may be mentioned Young’s Uranography, containing four maps with R.A. and Decl. circles and excellent descriptions of the constellations, price 72 cents; Norton's Star Atlas and Telescopic Handbook (10s. -
Survey of Current Business March 1929
·.UNITED ·STATES. , , ~' I , , DEPARTMENTI I' ' ' OF:. COMMERCE·I 'I WASHINGTON --,-'--- .· :. ( . ' SU·RV.EY. O'F , . CU.RRENt BUSINESS. ,·'' MARCHj ', ,, :1929' •' \ ~No •. 91 ,,, I '','I , r:.- \1 \ IMPORTANT ·NOTICE ~· • ', , , ~ ' ' ' ' < ' I I I • ," • ' ''\ In addition to fog1f-r(s givcnfrorn.,Gor.itrnmeitt ..tource,s, there art also incorporatedjiJ,r completeness of· I ,•\ , ) 1 • - I ' ',' 1, , .strvite fig~~ts jropi." other sources generally a,ctep.trd by ,the, ,trades, the authopty and resppnsibil#y for whick arepote,d in the','Sourcifoj.Deita" on pages 139-14~ofthe February; 1929, semiannut)i issue, 1 '·, .; ': f , I " , , ,' ' ' i , ,, · ': ' IN,TRODUCTION T~e $uRYEY;OF Cu~~E~T B·u'siNEm3 ~ d~si~ne(to designed to .sh6w- ,the .tren<l of. an. entir~ group of ~present. each month.~ :plc~ure.of;the b:usm~ss situatio~ industries or fo:r;'the :Co~ try as a whol¢, iJ;lstead of for . by setting forth t}le: p:rtnctpa1' facts regardmg _the van~ the ·single commodity· 9r industry 'Yhich the relative . · ous li:Qes of tra.'de and industry:. , ~he fig,ures reported number covets.. Comparis~:ms with the base year or are very· largell. 'those already In ·e:nstence.. The , ' with other pe:riods are ma.de in the same manner as fu 1,·!. chief fuliction 0, .• the department is' to' bring together the case 0~ relative numb~rs. ' these datil- which, if available at. all, arw scaltered in hundreds of dijferent publications. A portion of theae' d1tta arj:l coll~et~4 ~y Go~er9Jl!Emt 9ep~rtments, . In mast instances, the charts ti~d in th~ SuRVEY other figures are. -
[List of Stocks Registered on National Securities Exchanges]
F e d e r a l R e s e r v e Ba n k O F D A LLA S Dallas, Texas, July 29, 1953 To All Banking Institutions in the Eleventh Federal Reserve District: On June 9, 1953 we sent you a copy of Amendment No. 12 to Regulation U which is to become effective August 1, 1953. A principal provision of the amendment is that a bank loan for the purpose of purchas ing or carrying a “redeemable security” issued by an “ open-end company” as defined in the Investment Company Act of 1940, whose assets customarily include stocks registered on a national securities exchange, shall be deemed under the regulation to be a loan for the purpose of purchasing or carrying a stock so registered. The amendment also provides that in determining whether or not a security is a “ redeemable security,” a bank may rely upon any reasonably current record of such securities that is published or specified in a publication of the Board of Governors. This, of course, adopts the same procedure as that specified in the regulation for determining whether or not a security is a “ stock registered on a national securities exchange,” and in the past the Board has published a “ List of Stocks Registered on National Securities Exchanges.” This list has now been revised and expanded to include also a list of “redeem able securities” of the type covered under the regulation by Amendment No. 12 thereto. A copy of this list dated June, 1953 and listing such stocks and securities as of March 31, 1953 is enclosed. -
Monthly Weather Review March, 1929 Bibliography
MONTHLY WEATHER REVIEW MARCH,1929 BIBLIOGRAPHY C. FITZHUQHTALYAN, in Charge of Library RECENT ADDITIONS Jantzen. K.-Continued. Zehnjiihrige meteorologische Beobachtungen (1918-1927) in The following have been selected from among the Wilno. Wilno. 125. 37 p. 24:1 cm. (Trav. SOC. sri. titles of books recently received as representing those et des lettres de Wilno. Classe des sci. math. et natur. T. 4,) most likely to be useful to Weather Bureau officials in (Bull. de l’Observ. astron. de Wilno. 11. MBt. no. 5.) [Auth- their meteorological work and studies: or, title and text in German and Polish.] Japan. International latitude observatory. Aldrich, L. B Soundings with pilot balloons on clear nights concuirently with Study of body radiation. Washington. 1928. 54 p. figs. the latitude observations during the period 1922-1925. 25 cm. (Smith. misc. coll. v. 81, no. 6.) n. p. 1928. iv, 301 p. figs. plates. 30% cm. Boasolaaco, M. I1 concambio di masse nella libera atmosfera. Pisa. 1928. KaminskijyBeitrageA. zur Klimntologie der Nordkuste Asiens. Leningrad. 16 p. 25 cm. (Estr. L’Aerotecnica, Giorn. atti dell’ass. ital. 1925. lsxvi, 231 p. 31 cm. (,Acad. sci. de 1’Union r6p. di aerotec. Anno. 8, N. 10. 1928. VI.) sov. soc. Trav. de la Comm. pour 1 Btude de la RBp. autonome Chammy, N. P. Climatology of the Gold Coast. London. 1928. 63 p. sov. soc. Iakoute. T. 5.) plates (part fold.) 25 cm. (Dept. agric. Gold Coast. Bull. Kemp, W. B., & Metzger, J. E. no. 15.) Environmental factors influencing wheat production in hiary- Chaptal, Lton &nile. land. College Park. -
Currency Vs. Banking in the Financial Crisis of 1931∗
Crisis? What Crisis? Currency vs. Banking in the Financial Crisis of 1931∗ Albrecht Ritschl Samad Sarferaz LSE and CEPR ETH Zurich Dept. of Economic History KOF Swiss Economic Institute Houghton Street Weinbergstrasse 35 London WC2A 2AE, UK 8092 Zurich, Switzerland Phone: +44-20-7795-6482 Phone: +41-44-632-4683 E-mail: [email protected] E-mail: [email protected] December 2, 2010 Abstract This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. In contrast to conventional wisdom, we find only a minor role for monetary policy transmission, while financial distress was important. Monetary or financial crisis prop- agation from the U.S. to Germany was weak. Instead there is evidence of substantial crisis transmission from Germany to the U.S. via the banking channel. We also find major real effects of the 1931 crisis on both economies, again transmitted via the bank- ing channel. Financial distress itself responded more strongly to real than to monetary factors. Results confirm Bernanke's (1983) conjecture that a non-monetary financial channel of crisis propagation was operative in the Great Depression. JEL: N12, N13, E37, E47, C53 Keywords: Great Depression, banking channel, 1931 financial crisis, international business cycle transmission, factor analysis ∗This research was funded by Deutsche Forschungsgemeinschaft under Collaborative Research Project SFB 649. Samad Sarferaz acknowledges financial support by the European Science Foundation via the Globalizing Europe Economic History Network and the Marie Curie Research Training Networks, and thanks the University of Zurich and the European University Institute in Florence for their hospitality. -
Century Economy for Baltimore 4
Banking for a Baltimore Undivided Confronting Race and Class to Increase Opportunity and Equity for People and Neighborhoods For too long, Baltimore’s people and communities have had little or no say in the direction of the government or how tax dollars are spent. They do not determine how their communities are developed, and so they have watched as government has gone into debt to fund the development of downtown areas - while neglecting the very real needs of neighborhoods throughout the rest of the city. The Baltimore uprising of 2015 brought long festering problems to the forefront and showed that Baltimore needs transformational change - not tinkering with the status quo. The investment strategies and policies for the past 60 years are no longer relevant or feasible. A Joshua Harris Administration is ready to enact enabling legislation to fund investment strategies that make sense in 21st century Baltimore. This plan, based upon successful urban policies from throughout the United States and the world, will empower the residents of Baltimore to decide the future direction of their city. I recognize the community economic challenges facing Baltimore will not be fixed by the next Mayor alone, but by a Mayor who authentically involves community in every strata of a community economic development vision. It will be fixed by the people, first at the neighborhood level and then as a united city, working together for a better future. As Mayor, we will work to ensure the full participation of our residents in creating a united 21st century city. The plan will shift power from City Hall, big developers and Wall Street to people, neighborhoods and communities - because the people who are most affected by Baltimore’s problems are the ones who have the solutions. -
Annual Report 1938
Fourth Annual Report of the Securities and Exchange Commission Fiscal Year Ended June 30, 1938 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1938 For lIII1eby the Superintendent of Documents. Washington. D. C. - - - - - - - - Price III ceJlts SECURITms AND EXCHANGE COMMISSION omoe: 1778 P8lUlSYlvllllla A.venue NW. Washlngton, D. O. COMMISSIONERS WILLIAM O. DOUGLAS, Chairman GEORGE C. MATHEWS ROBERT E. HEALY JEROME N. FRANK JOHN W. HANES 1 FRANCIS P. BRASSOR, Secretary Address All Communications SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. I Resigned June 30, 1938. LETTER OF TRANSMITTAL SECURITIES AND EXCHANGE COMMISSION, Washington, January 3, 1939. SIR: I have the honor to transmit to you the Fourth Annual Report of the Securities and Exchange Commission, in compliance with the provisions of Section 23 (b) of the Securities Exchange Act of 1934, approved June 6, 1934, and Section 23 of the Public Utility Holding Company Act of 1935, approved August 26, 1935. Respectfully, WILLIAM O. DOUGLAS, Ohairman. The PRESIDENT OF THE SENATE, The SPEAKER OF THE HOUSE OF REPRESENTATIVES, Washington, D. O. m CONTENTS Introduction _ P... 1 Registration of Public Utility Holding Companies .. _ 6 Orders Granting Exemptions from Registration under the Public Utility Holding Company Act of 1935 _ 8 Reorganization, Simplification, and Integration of Registered Public Util- ity Holding Companies and Subsidiaries _ 9 Rules, Regulations, and Forms under the Public Utility Holding Company Act of 1935 _ 13 Issuance of Securities by Registered Holding -
Summary of Transcript of Proceedings in the Matter of Commission Rate Structures of Registered National Securities Exchanges
SUMMARY OF TRANSCRIPT OF PROCEEDINGS IN THE MATTER OF COMMISSION RATE STRUCTURES OF REGISTERED NATIONAL SECURITIES EXCHANGES July 1, 1968 -- July 31, 1968 Office of Regulation Division of Trading and Markets Securities and Exchange Commission SCHEDULE OF WITNESSES MATTER OF COMMISSION RATE STRUCTURE OF REGISTERED NATIONAL SECURITIES EXCHANGES 1. Robert M. Bishop -- NYSE -- July 1, 1968 2. Pershing & Company -- July 2, 1968 3. Michael J. Heaney & Co. -- July 2, 1968 4. Jefferies & Co., Inc. -- July 3, 1968 5. Dominick & Dominick -- July 3, 1968 6. Reynolds & Company -- July 8, 1968 % Bache & Company -- July 8, 1968 8. Paine, Webber, Jackson & Curtis -- July 9, 1968 9. Salomon Brothers & Hutzler -- July 9, 1968 10. Donaldson Lufkin & Jenrette, Inc. -- July 10, 1968 11. Cantella & Company, Inc. -- July 10, 1968 12. A. I. Jablonski & Company -- July 11, 1968 13. Harry C. Dackerman & Company, Inc. -- July 11, 1968 14. A. G. Becker & Co., Inc. -- July 15, 1968 15. Ralph W. Davis & Company (Scott Davis) -- July 15, 1968 16. Mitchum, Jones & Templeton, Inc. -- July 16, 1968 1% Stifel, Nicolaus & Company, Inc. July 16, 1968 18. H. O. Peet & Company -- July 17, 1968 19. E. F. Hutton & Company, Inc. -- July 17, 1968 20. Dishy Easton & Company -- July 18, 1968 21. Weeden & Company -- July 18, 1968 22. Delafield & Delafield -- July 19, 1968 23. Maxwell Ohlman & Company -- July 19, 1968 24. Anchor Corporation -- July 22, 1968 25. Fidelity Management & Research 26. Keystone Custodian Funds, Inc. -- July 23, 1968 2% Tsai Management & Research Corporation -- July 23, 1968 28. Elkins Wetherill -- PBW -- July 24, 1968 29. INA Trading Corporation -- July 25, 1968 30. -
Federal Reserve Bulletin December 1929
FEDERAL RESERVE BULLETIN DECEMBER, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON The Banking Position Branch and Chain Banking Recent Changes in the Wholesale Price Level UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re* Chief, Division of Examination, and Chief Federal search and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. District No. 2 (NEW YORK) WM. C. POTTER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) HARRIS CREECH. District No, 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) J. P. BUTLER, Jr District No, 7 (CHICAGO) FRANK O. WETMORE, President. District No, 8 (ST. LOUIS) W. W. SMITH. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No, 10 (KANSAS CITY) P. W. GOEBEL. District No, 11 (DALLAS) B. A. MCKINNEY, Vice President. District No, 12 (SAN FRANCISCO) F. L. LIPMAN. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. -
Securities and 'Exchange Commission
Twentieth Annual Report of the Securities and 'Exchange Commission Fiscal Year Ended. June.. 30, 1954 UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON~: 1955 For sale by the Superintendent of Documents, U. S. Governn>ent Printing Office Washington 25, D. C. - Price 4S cents (Paper cover) SECURITIES AND EXCHANGE COMMISSION Headquarters Office 425 Second Street NW. Washington 25, D. C. COMMISSIONERS RALPH H. DEMMLER, Chairman PAUL R. ROWEN CLARENCE H. ADAMS J. SINCLAIR ARMSTRONG A. JACKSON GOODWIN, JR. ORVAL L. DuBoIS, Secretary II LEITER OF TRANSMIITAL SE,CURITIES AND EXCHANGE COMMISSION, Washington, D. C., January 31,1955. SIR: I have the honor to transmit to you the Twentieth Annual . Report of the Securities and Exchange Commission, covering the fiscal year July 1, 1953 to June 30, 1954, in accordance with the pro visions of section 23 (b) of the Securities Exchange Act of 1934, approved June 6, 1934; section 23 of the Public Utility Holding Company Act of 1935, approved August 26, 1935; section 46 (a) of the Investment Company Act of 1940, approved August 22, 1940; section 216 of the Investment Advisers Act of 1940, approved August 22, 1940; and section 3 of the act of June 29, 1949, amending the Bretton Woods Agreements Act. Respectfully, RALPH H. DEMlIILER, Chairman. THE PRESIDENT OF THE SENATE, THE SPEAKER OF THE HOUSF OF REPRESENTATIVES, Washington, D. C. III TABLE OF CONTENTS Page Foreword_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ XI Commissioners and