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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XV. The commission house

Collection:: Economics Books

138 THE WORK OF THE STOCK EXCHANGE Taken as a whole, the Stock Exchange system, with its various units of the board room, the Wall Street commission houses, their branch offices and correspondents, and the thou- sands of miles of private leased wires which connect them, has practically annihilated the considerations of space and time in the operation of America’s principal securities market. © A San Francisco customer has access to the board room market prac- tically as ready and immediate as a customer in William, Nas- sau, or Broad Street offices—a stone’s throw from the Stock Exchange building. By the magic of applied science and the trained skill of the operators, Los Angeles is rendered as close to the Exchange floor as Boston, or New Orleans as Phila- delphia. Of course, the private brokerage wires are used to transmit news as well as orders to buy or sell, and in conse- quence the system makes for uniform intelligence and knowl- edge all over the land regarding security values, as well as an equalized instancy of dealing in the market. National Character of the Stock Market Today.—One practical result of this accessibility of the Stock Exchange to all parts of the United States and to nearby countries has been that its securities market is vastly less subject than formerly to local influence. Before the era of the fully developed wire house, the Stock Exchange was to a considerable extent a New York institution. There were bull leaders and bear leaders in Wall Street, and the stock market was to some extent subject to their personal attitude and operations. But, although the memory of these. earlier generations of Wall Street men has given rise to a swarm of modern legends and modern super- stitions regarding the Exchange, the stock market is today a national, not a local market, and has long since grown too big for the operations of yesteryear. An investigation of the Ex- change market with respect to the origin of the orders com- ing into it,*® undertaken in 1909 by the Hughes Commission, showed that on a selected day “52% of the total transactions on 38 See Appendix XVe.

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