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

38 THE WORK OF THE STOCK EXCHANGE Even the Russian Bolsheviks, despite their vociferous abhor- rence of capitalism, have apparently been forced to reconsti- tute the Moscow and several other stock exchanges as markets for private capital. In the United States alone there are over 20 stock ex- changes, two of which are located in New York City. The largest American organized security market is the New York Stock Exchange, and the second largest is the New York Curb Market. Europe, as the continent so long financially dominant all over the world, has almost three times as many stock ex- changes as the rest of the world put together. The Stock Exchange in London was for many decades the greatest insti- tution of its type in the world, and even now that the New York Stock Exchange has come in some respects to rival it in size and activity, it still remains unparalleled in the vast inter- national scope of its listings and dealings. The official market, or “Parquet” on the Paris Bourse has long been not only the headquarters for French government and company security dealings, but also a great market for foreign government loans of all descriptions. The Berliner Boerse has played a great part in the rise of Germany’s industry during the past half- century, and provides the chief market for German securities. The old Amsterdam Beurs—London’s predecessor as the world’s premier stock exchange—is still an investment mar- ket of keen sagacity and vast international scope. (Plate 3.) The leading market for Italian securities is in Milan, for Belgian securities in Brussels, and for East European issues in Vienna. The newer and poorer continents, however, show the same tendency to found stock exchanges as soon as political stability develops, and modern business methods are inaugurated. The United States, indeed, has developed organized security mar- kets on a scale rivalling those of Europe. But the young na- tions of Africa, Australasia and the Americas, and even the

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