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 II. Organized security markets and their economic functions

Collection:: Economics Books

37 But with the heavily demanded and more easily standard- ized commodities, the further evolutionary stage has been at- tained. As the Hughes Commission report clearly and directly states, “markets have sprung into being wherever buying and selling have been conducted on a large scale. Taken in charge by regular organizations and controlled by rules, such markets become exchanges.” These exchanges—or wholesale markets in staple and carefully graded articles—are commonly called “organized markets” because of the elaborate organization, comprehensive rules, and sometimes extensive mechanical equipment which they develop in the furtherance of their business. Such organized markets developed during the last century in New York City, not only for securities, but also for cotton, cereals, and other staple commodities. All these organized markets are usually called “exchanges” in the English-speaking countries, although they sometimes take other titles, as for example, the Chicago Board of Trade. Abroad, an organized market is usually called a bourse (in French), or its equiva- lent in the given foreign tongue (German, boerse; Dutch, heurs: Italian, borsa; Spanish, bolsa; etc.). ORGANIZED SECURITY MARKETS The World’s Chief Organized Markets Today.—\Vhen we survey the vast panorama of the world’s present-day mar- keting machinery, it seems indeed a far cry to the weak and localized marketing organizations of a century ago. In respect to security marketing alone, there are over 200 stock exchanges in the world today, of varying size and de- orees of organization.® There is not a modern civilized coun- try without its stock exchanges, and the number and size of these organizations in any single country are usually an accurate measure of the given nation’s wealth, prosperity, higher eco- nomic development and degree of civilization. Indeed, wher- ever stable government and active business enterprise exist, there is an inevitable tendency to found stock exchanges. 3 Appendix IIa.

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