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

14 THE WORK OF THE STOCK EXCHANGE fallen, and by mobilizing their purchasing succeeds more easily in stabilizing the market. The full significance of this ability of the stock exchanges to render their listed issues instantly negotiable, can be realized only by examining the vast scope and enormous aggregate amount of such listings. The market value of all securities listed upon the New York Stock Exchange during the spring of 1930 amounted to more than one hundred billions of dollars. This gigantic sum is more than the estimated national wealth of any modern country, except the United States and the United Kingdom. It represents the equivalent of between a quarter to a third of our own estimated national wealth. Yet, ‘hrough the organization of the New York Stock Exchange (including its far-flung ticker wires and the national and even international extension of its members’ branch and correspond- ent offices) any part of this colossal total can be at any time sold under the highest safeguards thus far obtainable in security marketing. Upon this assured marketability, busi- ness men and business concerns of countless types continually depend. Only twice in its long history has the New York Stock Exchange been forced to close its doors—for ten days after the panic of 1873, and for a little over four months during the period of financial chaos in 1914 which followed the declara- tion of the World War. On the latter occasion, the New York Stock Exchange, although at that time the premier capital market of an international debtor nation, was the last of the great security markets of the world to close, and the first to reopen with all its normal facilities intact and available to the public. In the 1929 crisis, the New York Stock Exchange refused to close, although the overwhelming volume of trans- actions suddenly thrust upon it led temporarily to a shortening of trading hours and to the establishment of a few special holidays, in order to keep abreast of the work and to give highly trained and irreplaceable employees necessary rest and sleep. Many delicate financial operations—such as arbitrage—

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