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 VI. A typical investment transaction

Collection:: Economics Books

A TYPICAL INVESTMENT TRANSACTION 173 advertise in the newspapers. It might be months instead of minutes before he would happen upon such a buyer as he can find almost at once through the Stock Exchange, and even then he might have to sell his stock at a heavy discount. Without the work of the stock exchanges the public would indeed hesi- tate before investing its money in securities which would be so difficult to dispose of afterward. Scope of the Stock Market.—Contemporary fiction to the contrary notwithstanding, there is nothing particularly mysteri- ous about the operation of the Stock Exchange. In its funda- mentals it is like any other market, except that it is more com- pletely organized and handles a larger turnover of sales. So huge is the field covered by this market, so numerous are the buyers and the sellers dealing in it, so widespread and efficient are the commission brokerage houses, and so ready are the dealers on its floor, that investors can at any time purchase the prime American investment securities there, or in case of need turn their securities into cash almost immediately. American investors and business men are so accustomed to this instant ability to sell or purchase securities that they sometimes forget the very real and very essential services which the stock exchanges render them. True Nature of the Stock Market.—The average Amer- ican, of course, is not a member of the New York Stock Ex- change. If he sees the operation of this great market at all, necessarily it is not at close hand from the Exchange floor but even at best from a distance in the visitors’ gallery. And owing alike to the surf-like roar of many voices which its open- market system makes inevitable, to the swift movements of the many men on its floor, and to its many unique mechanical devices, the impression of the Stock Exchange which he forms from looking down upon it for a few minutes from the gallery is as likely to deepen his doubts and confuse his understanding of its real nature, as to inform him of its actual methods and economic services.

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