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

50 THE WORK OF THE STOCK EXCHANGE of their orders. Even when a member executes an order for a fellow-member, the commission rate is similarly fixed. The reader does not need any vast experience in the busi- ness world to realize that very few indeed of the articles which he buys possess any such free and open market as this. Indeed, this democratic quality can be possessed only by a highly organized market. 4. Dependable and Continuous Quotations.—Through ‘he mechanism of the electrical “stock ticker” machine, the New York Stock Exchange distributes its current quotations all over the United States, and even beyond our national borders. These ticker quotations are frequently reprinted in the newspapers, and are thus made readily available to the whole population of this country practically free of charge. While this instant nation-wide quotation service is unique to the New York Stock Exchange, nevertheless other exchanges perform a comparable service either by means of stock tickers, or else—as abroad—by official daily price sheets. Stock Ex- -hange quotations are gathered, as a rule, with great care and surprisingly few errors. Furthermore, owing to the rigorous discipline of the organized security markets, such quotations represent actual business done, or actual and legitimate bids and offers made. This is in sharp contrast to the security quo- tations of unorganized markets, which may or may not actually mean anything. Needless to say, it is a very great practical protection to security buyers or sellers, to be able to check their trades against continuous and dependable quotations, and to do so almost as readily on the Pacific Coast as in New York City. Only through an organized stock exchange can such service be assured. Also, this dependable quotation service provided by the stock exchanges is of great value to individuals who do not happen to be purchasing or selling securities, but who are merely security holders. Such holders obtain current and de- pendable information as to the course of the market, and can

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