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

ORGANIZED SECURITY MARKETS 39 progressive nations of Asia like Japan, have also organized stock exchanges of international importance. This same trend toward a higher organization of markets could, if space permitted, be instanced with the world’s lead- ing staple commodities. Metals, cotton, wool, wheat, corn, rye, barley, pork, sugar, coffee, rice, silk, rubber—these are only the outstanding commodities which have developed pro- duce exchanges. Commodity exchanges in different parts of the world frequently stand in closer relationship than do the corresponding stock exchanges, since the former deal in the same single commodity purchased everywhere, while the latter deal in different security issues of a more localized demand. Centripetal Tendencies of Wholesale Trade.—\Vholesale commerce has always shown an inherent and irresistible tend- ency to gravitate into great trading centers or markets. Pre- dominant markets are therefore nothing new. When America was as yet an unknown wilderness, predominantly active and influential centers for commerce and finance successively devel- oped abroad in Venice, Florence, Bruges, Antwerp, Amsterdam, and London, to say nothing of the many other important but more local European marketing centers. Still further back in history, when America had yet to be discovered and when the Dark Ages still brooded over Europe, there were leading mar- kets in the more civilized areas of the Levant and the Far East. For many centuries it has been found that the more purchases and sales of a particular commodity gravitate into a single trading market, the broader it becomes and the fairer are its prices. As trade has freed itself from the shackles of uneconomic and frequently mistaken legislation, and as readier means for swift and dependable communication and transportation have been developed, this centripetal tendency of wholesale trade of almost all kinds has been greatly stimulated and increased. The result has been the rise of certain exchanges to a leading position in national and even international trade in particular

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