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 III. The rise of the New York stock exchange

Collection:: Economics Books

CHAPTER III THE RISE OF THE NEW YORK STOCK EXCHANGE Earliest New York Markets.—New York was founded by the Dutch in 1623, not as an asylum for religious or political freedom, but as a trading post. Owing to its splendid natural port facilities, the city had, early in the eighteenth century, become a commercial center of no small importance. Its mer- chants from the first possessed both energy and vision. As early as 1752, in fact, they had established a general meeting place for merchants, or “Exchange” as they called it, at the foot of Broad Street, for dealings in meal and water-borne produce. An even more significant market place was estab- lished on the wharves at the foot of Wall Street (now near the intersection of Pearl Street), where the manufactured goods of Europe were unloaded from incoming boats from abroad, and auctioned off to local merchants. In 1768 the present Chamber of Commerce was organized in the long room of Fraunces’ Tavern, which still remains in the financial dis- trict as a reminder of pre-Revolutionary Manhattan. Prior to and during the Revolutionary War, there was no security market in New York, for the excellent reason that practically no securities existed in colonial America. Such capital as then existed flowed into land or goods. Only occa- sionally did American cities issue bonds; company shares were also thoroughly exceptional, since most business was conducted by individuals or partnerships rather than by stock corpora- tions. In any case, however, the financial facilities of imperial London, capital of the British Empire, were available to British colonies, and until American independence was won. there was cr

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