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

THE COMMISSION HOUSE 439 the Exchange apparently originated in New York City, and 48% in other localities.” Since that date, the out-of-town business transacted upon the Exchange has experienced a huge proportional increase, estimated at times by some authorities at 80% orders from outside of New York City to 20% New York City orders. While no statistics comparable in exactness to those of the Hughes Commission exist for recent years, nevertheless a great increase in the proportionate amount of out-of-town orders on the Exchange, apart from being a matter of common knowl- edge in Wall Street, is shown by the increase in the number of correspondents since 190g, as well as by the greater number of shareholders in the large corporations whose stocks are listed on the Exchange. Benefits of the Extension of Brokers’ Wires.—Certain valuable economic results have flowed from this evolution in the market. A broader market has been created by it, repre- senting more buyers and sellers than formerly, and hence with more power to render its listed securities negotiable and to dis- tribute them among investors. Moreover, the swift extension of branch offices and corre- spondents has made it possible for American business men to travel extensively, either in the United States or abroad, and at the same time keep in perfect touch with the market. The necessity for such accommodation has created what is known as “give up business.” If, for example, a customer of a com- mission house with offices only in New York should be called away to some other city and while there should wish to have an order executed on the Stock Exchange for his account, he can go into any branch office or correspondent of any Stock Exchange commission firm there and place his order, “giving up” the name of the firm with whom he has his account. The branch office or correspondent, after verifying the facts over its wire system, will at once permit his order to be executed. Thus, any customer of any Stock Exchange firm is always as

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