BANKERS SUPPORT OF STOCKS
The action of great banking interests in buying stocks on a huge scale' in times of heavy declines to prevent country-wide panics has a precedent established as early as 1720, in the days of the South Sea Bubble, according to a prominent New York stockbroker. He cited the'action of the BAnk of England and the ' st India Company, which in Decembe. oi .that year, under Government direction, took up £18,000,000 of South Sea Company securities, in order to allay the widespread national distress in England over the decline of the company's stock, which rose in six months from 127 to 1200 and then abruptly declined. Many individuals held- as ..high, as £20,000 of the' stock and almost every one with a few pounds sterling to spare had purchased the stock.
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Auckland Star, Volume LXI, Issue 15, 18 January 1930, Page 10 (Supplement)
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134BANKERS SUPPORT OF STOCKS Auckland Star, Volume LXI, Issue 15, 18 January 1930, Page 10 (Supplement)
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