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.

APPENDIX 667 and offers can almost always be furnished, but in which actual pur- chases and sales occur only intermittently. (XVIIIb) “Negotiable securities which are quoted upon the ex- -hanges rank next to hanking credits as a medium of exchange because they are more readily convertible into money or credits than any specific commodity. Their value in this respect was recognized at least a century ago in the London market. It was declared by Thornton, in 1807, that stocks, by being at all times a salable and -eady-made article, are, to a certain degree, held by persons in London on the same principle as bills, and serve, therefore, in some measure, like bills, if we consider these as a discountable article, to spare the use of bank notes. Such securities partake of the exchangeable char- acter of money because they are not themselves specific commodities of limited consumption, but are titles to the earnings of corporations or pledges for periodical payments of sums of money in the form of lividends or interest. They come nearer than any other article to performing the function of money, in commanding all commodities, secause they are desired for their power to earn money, rather than for their power to satisfy any special want.” (Charles A. Conant, Principles of Money and Banking.) (XVIIIc) The Compagnie des Agents de Change has for cen- turies held the monopoly in France of acting as brokers in bullion and bills of exchange, and in furnishing public quotations for them. The development of French banks, however, made this privilege largely useless and without significance to the official stock brokers. Accordingly, they gradually waived this right. As a result, there is today an official foreign exchange market in the Bourse where official foreign exchange quotations are made, yet actually Agents de Change take little or no part in it and buyers and sellers are mainly repre- sentatives of the large Paris banks and credit institutions. In the Berliner Borse, a room is also set aside for foreign ex- hange trading and the establishment of official rates. Dealers in this market are mainly the representatives of the great Berlin banks and credit institutions, who in Berlin are permitted to make contracts directly on the Borse floor in securities as well. Although accom- panied by certain official formalities, foreign exchange dealings on the Berliner Borse really represent only the market between Berlin banks. A proposal to inaugurate dealings in foreign exchange on the New York Stock Exchange was made in 1920-21, and arose from

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