The work of the Stock Exchange

Bibliographic data

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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. Organized security markets and their economic functions

Collection:: Economics Books

ORGANIZED SECURITY MARKETS 49 suit themselves. These articles have only an unorganized, intermittent and sluggishly competitive market, which does not permit of adequate short selling. To counteract an artificial advance in prices there is only the very slow resistance of public refusal to buy. But the would-be manipulator of Stock Ex- change securities encounters a very different situation. He is forced by the rules of the Exchange to buy and sell in the open; every price effected by his purchases or sales is instantly re- ported all over the nation, and if such price becomes at vari- ance with the inherent value of the security, a chance for profit is at once afforded to speculators from coast to coast. The tremendous counterpressure which this national and readjust- ing speculation exerts, no manipulator or group of manipulators can withstand. By an “open” market is meant one which is maintained, not for any limited or chosen few, but for every honest investor and speculator in the country—a market, too, where all trades are made in the open and out loud, and not by secret negotia- tions and whispered agreements. A stock exchange is the most democratic type of market. All buyers and sellers there are put on an absolutely equal footing. Through the ticker system everyone gets the latest news of Exchange transactions as nearly at the same time as the vast area of the United States will permit. As a rule, brokers on the floor do not know at the time whose orders they are executing—whether those of some great capitalist or of some very ordinary citizen; to each they give their best efforts, and only at the close of the day do they perhaps learn from whom the orders came. No member of the Exchange refuses to deal with any other member on the floor. There are no rebates made to wealthy or powerful men, nor any discrimination against the man in moderate circumstances. As we shall see,” the Stock Exchange rules establish a mini- mum rate of commission which all its members’ customers— great or small, rich or poor—alike shall pay for the execution 1 See Chapter XVI, p. 456.

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation