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WHITNEY, Richard.

The Work of the New York Stock Exchange in the Panic of 1929.

[New York: 1930?] Stock Code: 135205
£375.00
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First edition, first printing, of this lecture by the President of the New York Stock Exchange on the Exchange's role during the crash of 1929. Whitney (1888-1974) was president of the Exchange from 1930 to 1935. During the crash Whitney was the man chosen by leading financiers to avert disaster: he placed huge orders for blue chip stocks in an attempt to shore up the price. The market rallied, then collapsed anyway. In this speech, Whitney retells the then-familiar story of the crash, but says the Exchange has learnt lessons - in the future a more efficient means of reporting price changes was needed, and the Exchange should work more closely with the Federal Reserve. He stated his conviction that the market must remain open through all crises, even in the face of widespread liquidation. The speech is a valuable contemporary account, by a figure close to the heart of the action, of the crash and its lessons. Whitney used his position to embezzle funds, and he was imprisoned in 1938 in a widely publicized trial.

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Description

Octavo. Original brown paper wrappers printed in black.

Condition

Wrappers lightly creased and chipped at extremities, some soiling and 3 pen marks to front cover, another pen mark to rear cover verso, small light running stain at head of pages. A good copy.

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