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 II. Organized security markets and their economic functions

Collection:: Economics Books

10 THE WORK OF THE STOCK EXCHANGE commodities. If the price of capital is today mainly estab- lished on the New York Stock Exchange in Wall Street, so too the price of cotton is made chiefly on the New York Cotton Exchange in William Street, and the price of cereals chiefly on the Chicago Board of Trade. This higher centralization of wholesale trade, whether conducted on exchanges or not, is a normal and desirable economic evolution, and in the long run legislation should not attempt artificially to halt it. More and more, therefore, in this day of steam railways, telephones, telegraphs, radios, cables, stock tickers and airplane mails, there is a steadily increasing trend toward the centralization of markets, and the subordination of all but the great central market places to more purely local operations. This trend does not, however, necessitate the decline of local markets, but merely develops in them local and special functions which they are best able to perform. In the United States, the tendency toward centralization of markets is clearly shown by the Federal tax statistics * on security and commodity sales, according to which about nine- tenths of stock sales in this country occur in New York City (either on the New York Stock Exchange—the largest Amer- ican organized security market, or on the New York Curb Market—the second largest American stock exchange, or in the unorganized New York “over-the-counter” market), while a large proportion of exchange transactions in produce occur either in Chicago on its Board of Trade or in New York on its several commodity exchanges. Economic Functions of Organized Securities Markets.— The benefits of the higher organization of securities markets into stock exchanges have been recognized throughout the civilized world for at least the past century, not only by prac- ‘ically all economists who have adequately studied the subject, and by every competent governmental investigation ever made concerning them, but also by millions of individuals in their Tac Appendix IIb.

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