The work of the Stock Exchange

Bibliographic data

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.

652 APPENDIX pains to ascertain what proportion of the business transacted on the Exchange is furnished by New York City. The only reliable sources of information are the books of the commission houses. An investiga- tion was made of the transactions on the Exchange for a given day, when the sales were 1,500,000 shares. The returns showed that on that day 52 per cent of the total transactions on the Exchange appar- ently originated in New York City, and 48 per cent in other localities.” ‘Hughes Commission Report, 1909.) CHAPTER XVI The Administration of the Stock Exchange (XVIa) Stock corporations have always been denied membership, not only in the New York Stock Exchange, but also in the Stock Ex- change of London and the Paris Bourse. In the German-speaking countries, incorporated banks are permitted to engage in business on the exchange floor; it should, however, be noted that membership in the Berliner Borse or the Wiener Borse does not mean the same thing as in the exchanges of the English-speaking countries. The prohibition against incorporated members has been due partly to the particular evolution of financial methods in this country, and partly to fundamental conceptions of the proper status and functions of the stock exchange. Undoubtedly it has been felt that the limited liability of corporations (as contrasted with the unlimited liability of individuals and partnerships) in cases of insolvency, would prove a hindrance to free market dealings, and perhaps an incentive to over- risky business methods. There is also the feeling in both England and this country that it is better both for the stock market and the money market to have stock brokemage organized as a specialized business separate and distinct from commercial banking. This attitude, from the American standpoint, can find adequate justification from the example of the Berlin market, whose commission business has been largely swallowed up by a few powerful incorporated banking institu- tions. In proportion as this development has occurred there, the Berlin broker has degenerated into a mere taker and handler of orders from these few great banks on the Borse floor. This evolution in Berlin has resulted there in an actual “money trust,” and prevented the development of a “free and open” market of the type maintained by the stock exchanges of New York and [.ondon. (XVIb) Since membership in the New York Stock Exchange is limited. a membership possesses value like a propertv right. The same

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