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 III. The rise of the New York stock exchange

Collection:: Economics Books

74 tic market for about a century, was suddenly called upon to serve as an international securities market. In 1923 the President of the Exchange inaugurated the practice of issuing an annual report on its affairs. Here com- paratively recent changes and developments in Exchange regu- lations and procedure can be followed in detail. To mention only some of these since 1921: the ticker system was mechanic- ally centralized, extended to California and other distant states, speeded up and provided with a superior ticker instrument ; the “questionnaire system” for examining the financial condition of Exchange member firms was inaugurated; the assignable transfer receipt was perfected; the new building in Wall Street was finished and occupied, additional floor space was subse- quently provided by another extension to Exchange Place, and finally all properties to the south of the Exchange were acquired by it; a campaign against security frauds was undertaken; the personnel, educational and publicity work of the Exchange was expanded; commission rates were readjusted ; the Constitution of the Exchange was completely revised; new listing require- ments for foreign and investment trust securities were adopted ; regular statistical work bearing on the economic aspects of the Exchange was undertaken; many mechanical accessories to facilitate dealings on the floor were installed; and the Stock Clearing Corporation was greatly developed and expanded. Recognizing the growing significance of the Exchange as an international securities market, its officers have several times gone abroad for purposes of research into the most advanced and successful methods of the leading bourses of Europe. Thus the years which followed the war witnessed the most rapid and extensive period of development in the long history of the Exchange. THE WORK OF THE STOCK EXCHANGE The Panic of 1929.—The unparalleled increase of busi- ness prosperity in the United States during 1924-29 caused a vast expansion in the activity of all the security markets of the country, and an almost continual rise in price of many

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