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 III. The rise of the New York stock exchange

Collection:: Economics Books

RISE OF THE NEW YORK STOCK EXCHANGE 65 of this period, long before the security market became continu- ous, is furnished by article 2 of the contemporary constitution :* 2. It shall be the duty of the President to call the stocks at the hour that may be fixed upon by the Board, from time to time, as the season mav require. . . . From the scanty records which survive from these early days, it does not appear that the Exchange had any even com- paratively permanent home until 1827, when it rented a room in the Merchants’ Exchange Building at Wall and Hanover Streets. From this shelter the stock market was, however, rudely evicted by the great fire of 1835. But after several further wanderings, including the temporary occupation of a hay-loft, the Board at length reoccupied in 1842 a large hall in the new Merchants’ Exchange Building on the present site of the National City Bank. (Plate 4.) Here it remained until 1854. Beginnings of Railroad Development.—Meanwhile, no sooner had our government established itself politically and financially, than the great task of opening up and settling the vast western areas of the country began. The keynote of this westward colonizing movement was, of course, transportation. At first carriage roads and then canals were constructed from the Atlantic seaboard over the mountains into the fertile hinter- land of the Mississippi Valley. In 1825 the completion of the Erie Canal opened up a water route from New York into the Great West and definitely transferred the commercial center of the United States from Philadelphia to Manhattan. Neverthe- less, it was not until the advent of the steam railroad that any- thing like transportation in the modern sense of the term became possible. The year 1829 saw the first train moved by an American steam locomotive in this country, an experiment fraught with the utmost consequence to the United States. Serious initial difficulty was experienced in raising the large sums of money needed to establish railroad systems. A solu- 3 Ibid. p. 64.

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