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 XVIII. The stock exchange as an international market

Collection:: Economics Books

CHAPTER XVIII THE STOCK EXCHANGE AS AN INTERNATIONAL MARKET The International Traffic in Securities.—At first glance it may seem a far cry indeed from the clamorous floor of the New York Stock Exchange to the distant capitals of Europe, Asia, and South America. Indeed, many American business men might greet with incredulity the statement that the banks, warehouses, shops, and factories of these far-away communi- ties have a considerable stake in the swift making of security contracts which takes place about its posts or in its bond crowd. Nevertheless, even a brief examination into the actual struc- ture of international trade reveals an intimate though often unrecognized relationship between the great New York secur- ity market and the foreign demand for American goods, the great ships which steam slowly out of our Atlantic and Pacific harbors each day laden with these goods, and American manu- facturers who produce them in all parts of our country. So it is, too, with our farmers, lumberjacks, miners, and other producers of American raw materials. Year in and year out, and usually without their knowledge, the New York Stock Ex- change extends no slight assistance to them in the sale of their products overseas. But before we can come to a right under- standing of these international functions of the Exchange we must examine the complicated and little understood traffic in securities which occurs between different and frequentlv far distant stock exchanges. Communication Between Markets by Arbitrage.—A former chapter has cited the inherent tendencies of markets to develop closer intercommunication and finallv centralization in

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