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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. The rise of the New York stock exchange

Collection:: Economics Books

64 THE WORK OF THE STOCK EXCHANGE The stock market thus inaugurated grew rapidly. After playing a vital part in the creation of our earliest banks, the fire and marine insurance companies were likewise presently enabled through its agency to obtain necessary capital. State and municipal obligations were shortly added. The War of 1812 resulted in heavier government debt, more government bonds, and a heavy increase in their purchase and sale in the New York securities market. So rapidly did the security brokerage business grow that steps soon had to be taken not merely to provide for the greater dignity and comfort of the stockbrokers themselves, but also to protect their contracts more completely by restricting membership in the market. To this end the New York street brokers went under a roof for the first time in 181%, and as a part of the further organization which this move necessitated, took for themselves the collective name of the “New York Stock and Exchange Board.” The first constitution of this new organization bears the date of March 8, 1817, and among other matters provides that “any members making a fictitious sale or contract shall, upon convic- tion thereof, be expelled from the board.” At this time trading was permitted in only about 30 stocks, and the new association was formed by only 7 firms and 13 individual brokers. Original Stock Exchange Equipment.—The Stock Ex- change, however, was still a temporary lodger rather than an established inhabitant of Wall Street, for all the valiant na- tional service which it was performing in stabilizing America’s national and local public credit and in helping to find capital for our early banking system. On April 8, 1817, it was “Re- solved, that we pay Mr. George F. Vaupell for the use of his front room in the second story of house No. 40 Wall Street, two hundred dollars ($200) per annum, he to furnish fire and chairs, when required, and to keep the room in order.” ? Further evidence of the leisurely transactions on the “Board” 1 See Appendix IIIa. 2E. C. Stedman (editor), “The New York Stock Exchange,” p. 65.

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