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 XV. The commission house

Collection:: Economics Books

136 THE WORK OF THE STOCK EXCHANGE of Washington; 15 between New York and Montreal; 25 between, New York, Pittsburgh and Buffalo; and about 25 from New York to other nearby cities . . . The private wires now in operation are mainly employed by those who are engaged in business on the great speculative exchanges of the country, the New York Stock Exchange, the Chicago Board of Trade, the New York Cotton Exchange, and the smaller stock and commodity exchanges of the country, of which there are about afty +... Then there are many large industrial and financial concerns that operate private wires in handling their business. The Federal Reserve Banks have a private wire system connecting them and their branches with each other and the Federal Reserve Board in Washington. The United States Steel Corporation and most of the big packers have their own private wire systems. Many of the large banks and banking Arms lease private telephone circuits between New York and their 20me offices. Incidentally, not merely the figures relating to the exten- siveness of these wire systems should be noted, but also those respecting their large annual cost. When those who may con- sider that the Stock Exchange brokerage firm’s commissions are easily earned, or that the business is a royal road to fortune, realize that the house engaged in it must, in addition to earning interest upon a valuable Exchange seat and upon its business capital, bear this heavy overhead cost of its leased wires, a more just and accurate idea of what the average commission house does for its customars can be obtained. The Modern Wire Room.—In the investment transaction traced in an earlier chapter,® Jenkins & Co. was a typical wire house, with a branch office in Baltimore and its main office at 500 Wall Street and a private wire connecting the two. In addition, the firm probably had other private wires, reaching out from the New York headquarters to branch offices and cor- respondent houses at other points. In the Wall Street office of the firm, if these private wire connections were numerous, the order department might well occupy a whole room by itself, "TW See Chapter VI.

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