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 XVI. The administration of the stock exchange

Collection:: Economics Books

458 THE WORK OF THE STOCK EXCHANGE more fundamental differences between British and American business. The Circulation of Rumors.—Still another cause for con- stant vigilance by the Exchange authorities lies in its provision regarding rumors :* The circulation in any manner of rumors of a sensational character by a member, in any case where such act does not constitute fraud or conduct inconsistent with just and equitable principles of trade, ‘san act detrimental to the interest or welfare of the Exchange. In spite of occasional assertions to the contrary, this rule s enforced unsparingly and without favor by the Exchange. Yet its enforcement is from the nature of things difficult to effect, and of course can be carried out only with respect to members of the Stock Exchange. More than this the gover- nors can hardly do, for they have no authority to regulate the -onversation of everyone even on Manhattan Island, let alone other apprehensive and talkative sections of the inhabited world. Rumors, as a matter of fact, never start on the floor of the Exchange but outside it; yet, since their effects are principally felt in the stock market, the opposite is commonly supposed. The tense and imaginative atmosphere of Wall Street is pecu- arly liable to magnify trifles into bonanzas or catastrophes— but we must remember that the Stock Exchange and Wall Street are not synonymous. A rumor widely circulated by word of mouth (and in the press also, for that matter) some years ago concerning the supposed shaky financial condition of an old, conservative, and deeply rooted business house in New York, was, after a painstaking study, finally traced to a well- meaning but inaccurate trade publication in another continent. The amazingly swift and accurate news service of the New York financial district, its impartial news tickers and keenly analytical financial press, have, of course, vastly reduced the ability of artifically circulated rumors to affect security and Ibid. (Rules, Chapter XIV, Sec. 4).

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