The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. The floor trader and the specialist

Collection:: Economics Books

THE FLOOR TRADER AND THE SPECIALIST 209 When the State tax of $2 was first laid, no very perceptible difference was felt in the market. Of course, the floor trader’s risks were increased and his profits lessened, but no particular economic harm was done. But when the tax was doubled by the addition of the Federal tax the differential was sufficient to be of considerable importance. The Stock Exchange authori- ties, however, did not at the time appear before any Committee of Congress to “protest.” They considered the tax a war measure and felt that even though the stock market suffered by it they must patriotically do their share in bearing the burden of the war. But the continuation of these taxes into peace times has proved distinctly harmful. For the imposition of a heavy tax nn the sale of securities, which are really credit instruments, amounts to and results in placing a dangerous burden upon credit itself. The untoward results of the tax are not dramatic hor vivid; nevertheless the tax constitutes an unseen drag and brake upon all large-scale American commercial and industrial enterprises.” It remains to be seen whether the United States can really function as a creditor nation and at the same time levy excessive and burdensome taxes upon its security markets. This whole question of the national advisability of over- taxing sales of stocks is intimately related, not simply to the livelihood of the various classes of security brokers and dealers in and out of the Stock Exchange, but to the security investor from whom the tax is really collected. The tax has been dis- cussed in connection with the floor trader because its uneco- nomic and harmful effects have in his particular case been most clearly and directly manifested. The Specialist.— Returning again to the subject of dealers in the Exchange, we must next consider the specialist, a most important factor both as a dealer and a broker in the market place of today. For, as we will shortly observe, the specialist may execute orders in stocks either for himself or as an agent “1 See Appendix VIIIb.

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