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 XV. The commission house

Collection:: Economics Books

134 THE WORK OF THE STOCK EXCHANGE its floor would, of course, be impossible to maintain. These orders from the public at large can enter the securities market on the Stock Exchange only through the commission house. For this reason the commission broker is the principal if not the only representative of the Stock Exchange with whom the average man comes into personal contact. Usually, too, he is a partner or employee of a member of the Exchange, rather ‘han a member himself. Present and Former Scope of the Stock Market.—In the earlier years of its history, it was inevitable that the facilities of the Stock Exchange should have been employed locally rather than nationally. Even apart from the invention of the telegraph, the economic growth of the United States did not until the past few decades really demand its services in extend- ing the scope and availability of the organized security market in New York. For, while our Great West was still hewing down the primeval forest, laying road beds, and establishing those villages which were destined in after years to experience so remarkable a growth, its inhabitants, still pioneers, were naturally possessed of no surplus to invest in stocks and bonds. But with the steady westward thrust of population and wealth into our southern and western states, the demand for stock market facilities has led to a similar extension of the Stock Exchange system igto practically all parts of the nation, through the rise of the “wire house” type of Stock Exchange commission firm. The first sign of this coming development was shown in 1873, when a prominent Wall Street firm estab- lished a private telegraph line to its uptown office at 23rd Street —a great convenience at a time before the elevated railroad or telephone system, when it took over an hour to communicate between the two offices. The obvious advantages of such speedy means of communication soon bore more extensive results. In 1879 private wires were obtained by various Wall Street firms to their offices in the neighboring centers of Boston and Philadelphia. A similar connection with Chicago was

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