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.

666 APPENDIX Simmons, then President of the New York Stock Exchange, declared: “ . . stock exchanges, by reason of their ability to distribute securities among investors, have in the past been able to direct an almost constant flow of capital into American commercial and industrial companies, But -he stock exchanges have not been to the same extent able to perform a similar function for agriculture, because of the fact that there are practically no such agricultural securities. . . . “. . . the gradual development of cooperative marketing in this country may sooner or later take the form of stock corporations, and if it does, the way lies open through our established stock exchanges to direct capital Into agriculture just as in the past it has been directed into commerce and manufacturing. I have always felt myself that some form of share financing for agriculture, if it could be soundly devised, might in a financial way prove of real benefit. The farmer, as I see it, does not need new creditors, but rather new financial partners. In consequence, the farmer’s financial salvation would seem rather to consist in the issuance of shares of some sort than in the continued issuance of mortgage and other bonds, under the burden of which he already suffers. The man who can invent a feasible way to enable our farmers as a class to obtain additional capital inex- pensively from new share partners will, in my opinion, have performed a most valuable service for agriculture, by opening to agriculture an imme- diate access through the stock exchanges to the savings of the entire American people.” CHAPTER XVIII The Stock Exchange as an International Market (XVIIIa) This peculiar character of London security quotations arises largely from the way the “jobber system” operates on the London Stock Exchange. In that Exchange, a broker desirous of purchasing or selling securities for a customer does not deal viva voce with his fellow memberg as on the New York Stock Exchange. Instead he approaches the “jobber” or dealer in the particular security and requests the current bid and offer for the issue, without stating whether he is a buyer or a seller. The jobber proceeds to quote him the bid and offer (say, 50-5034), and after subsequent higgling may quote them closer (say, 5014-5034). If satisfactory to the broker, he then tells the jobber whether he wishes to buy or sell, and how much. The jobber is obliged to take stock at his bid or furnish it at his offer. The jobber’s bid and offer are considered more public information than the price of an actual sale or purchase, and for this reason are quoted in preference to such sale or purchase prices. Such a custom on the London Stock Exchange is also justified by the enor- mous number of relatively inactive issues listed there. for which bids

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