Stock Market Crisis and Stock Market law in Germany (1914-1945)

The Study’s subject:
The investigator’s aim is to determine the volume of stock trade. A sample of papers consisting of shares, government’s bond issues, corporate bond issues, bonds of mortgage banks, bonds of so called ‘Landschaftsbanks’, bonds of annuity banks, and floated subscription rights is the focus of the investigation.

With regard to the periods of German history the development of the stock market is described. The periods are:
- the influence of the First World War 1914 to 1918 on the stock market
- the period of inflation 1919 to 1924
- apparent return of normality 1924 to 1929
- the influence of world economic crisis 1929 to 1933
- the Nazi Socialist economic policy 1933 to 1939
- finally, the Second World War 1939 to 1945.

Important comment on the data:
Taxes and the system of taxes have changed over time under investigation. Therefore, the development of stock exchange turnover tax is only one indication among others for the development of securities transactions.
Furthermore, it has to be taken into account, that the reported values for the period of inflation cannot be used for comparisons with other periods.

Data-Tables in HISTAT (subject: money and currency, financial sector, in German: Thema: Geld und Währung, Finanzsektor):

A. Volume of Stock Trade in Germany
A.1 Development of stock exchange turnover tax in millions of M/RM (1910-1944).
A.2 Circulation of securities of domestic issuers in Billions of M/RM (1910-1944).

B. Apparent return of normality after the period of inflation
B.1 monthly averages of share prices (monthly statistics, index: 1924 to 1926 = 100, (1925-1929)).
B.2 Monthly bonds prices in percent of the nominal value (monthly statistics, (1925-1929)).
B.3 Stock market in Breslau: Firms and brokers authorized for stock trading (1850-1931/32).

C. Influence of economic crisis
C.1 Monthly share prices (monthly statistics, index: 1924 to 1926=100 (1930-1934)).
C.2 Monthly bonds prices in percent of the nominal value (monthly statistics, (1930-1934)).

D. Influence of Nazi Socialist economic policy and stock exchange during World War II
D.1 Share prices of the company ‚Rütgerswerke-AG’ in Berlin (1933-1937).
D.2 Index of share prices, index: 1924 to 1926=100 (1924-1943).