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

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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. The administration of the stock exchange

Collection:: Economics Books

CHAPTER XVI THE ADMINISTRATION OF THE STOCK EXCHANGE “What Is the Stock Exchange?”—Before considering in detail the administration of the Stock Exchange, 1t 1s necessary to answer a common question, concerning which considerable confusion exists—“Exactly what is the Stock Exchange?” The term “Stock Exchange” is commonly and correctly em- ployed to denote: (1) the building at Wall and Broad Streets where trading in securities takes place; (2) the association of brokers and dealers which owns this building and conducts trading operations inside it. But in addition, the term “Stock Exchange” is also often used in a loose and utterly inaccurate way with reference to almost everything and everybody in the Wall Street financial district, including not merely many types of banking establishments and corporation offices, and indeed the whole machinery of the money market located there, but also fly-by-night promoters of worthless securities who may hire an office for a few weeks between City Hall and the Battery. Sometimes these gentry are suddenly impelled to seek a healthier climate over the Canadian or Mexican border, while the permanent and legitimate financial houses and institutions in the Street remain to inherit the odium of their swindles and misdeeds. At most, the Stock Exchange is only a part of what is known as “Wall Street.” It must not be confused with the large number of enterprises, companies, and individuals, both legitimate and illegitimate, which are located in its immediate neighborhood. The exact purpose of the Stock Exchange (using the term

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