A magyar korona országainak betegsegélyző pénztárai 1898-ban = Die Krankenkassen der Länder der ungarischen Krone im Jahre 1898

The work of the Stock Exchange

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Monograph

Identifikator:: 890185476

URN:: urn:nbn:de:zbw-retromon-7558

Document type:: Monograph

Title:: A magyar korona országainak betegsegélyző pénztárai 1898-ban = Die Krankenkassen der Länder der ungarischen Krone im Jahre 1898

Place of publication:: Budapest

Publisher:: Pester Buchdruckerei-Actien-Gesellschaft

Year of publication:: 1901

Scope:: 1 Online-Ressource (164, 131 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: II. Tabellarische Ausweise

Collection:: Economics Books

62 THE WORK OF THE STOCK EXCHANGE no need of creating rival facilities in the new colonial towns of New York, Philadelphia, or Boston. These conditions, however, disappeared with British rule. The Revolution had created a heavy American national debt. The first Congress assembled in Federal Hall (where the his- toric New York sub-treasury building now stands, diagonally across Wall Street from the present New York Stock Exchange building), and authorized the issue of $80,000,000 in bonds, or “stock” as it was then called, to consolidate and refund the war debt. ‘Thus there came into existence a new form of property, in an amount enormous for those days, for which no regular market existed. Meanwhile, the financial necessities of the new Republic were leading to the creation of a new financial machinery. In 1781 the Bank of North America was incorporated in Phila- delphia. Not to be outdone even by what was then the com- mercial and financial center of the country, the merchants of Manhattan organized the Bank of New York in 1784. But a still more significant step was yet to be taken. In 1791 Alex- ander Hamilton, a New Yorker and the first Secretary of the U. S. Treasury, prevailed upon Congress to establish the first United States Bank. Origin of the New York Securities Market.—The scrip stock of this new institution, when it was offered to the public, inaugurated the first wave of security speculation in this coun- try, in which the 6% United States Government stock as well as the shares of the new United States Bank and the Bank of North America were favorites. The frequent purchases and sales of these early American securities created the need of some regular market where they could be more readily and efficiently conducted, for investors were naturally averse to exchanging their savings for securities which could not be easily sold again. The earliest records of security marketing in New York are meager and obscure. Apparently, securities were first sold

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