Die Geldvermehrung im Weltkriege und die Beseitigung ihrer Folgen

The work of the Stock Exchange

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Monograph

Identifikator:: 1025475909

URN:: urn:nbn:de:zbw-retromon-42255

Document type:: Monograph

Author:: Liefmann, Robert http://d-nb.info/gnd/118779931

Title:: Die Geldvermehrung im Weltkriege und die Beseitigung ihrer Folgen

Place of publication:: Stuttgartt

Publisher:: Deutsche Verlags-Anstalt

Year of publication:: 1918

Scope:: 1 Online-Ressource (199 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Achtes Kapitel. Die Geldprobleme in der inneren Wirtschaftspolitik im und nach dem Kriege

Collection:: Economics Books

208 THE WORK OF THE STOCK EXCHANGE Thus, the imposition of these State and Federal taxes upon sales of stock has placed a crushing burden upon the dealer in stocks who operates for small profits, and has led to abnormal and undesirable changes in the market's structure and methods of operation. To begin with, the number of floor traders has been considerably reduced as compared with pre-war times, despite the enormous growth of the stock market meanwhile. Former floor traders have either sold their seats and retired from the Exchange entirely, or else have abandoned this par- ticular work for some other more lucrative activity on the tixchange floor. Moreover, the floor traders who still remain have been forced to trade more intermittently and for larger fractions than 14. Many have tended to become “long-pull” speculators, and to take a position in the market, thus being warped by heavy taxation out of their true function and greatest economic usefulness. For, from the economic standpoint, it is the cus- tomer in the brokerage office who can most usefully engage in security trades involving considerable intervals of time. Furthermore, the present-day floor trader has to some extent been forced to confine his operations to low-priced stocks, upon which the stamp taxes are sometimes at reduced rates. When he does deal in high-priced stocks, he is likewise impelled to avoid any except those with considerably greater fluctuations between sales than 14, in order to realize a higher fractional profit on each trade. Economic Effects of Stamp Taxes.—As a result of this reduction and metamorphosis of the floor trader’s normal activities, the whole stock market has to a considerable extent been rendered less stable than formerly. Deprived of the floor trader’s close intermediary bids and offers, prices have been subject to wider fluctuations, and the execution at close prices of the commission broker’s orders, in both round and odd lots, has become more difficult.

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