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

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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

66 THE WORK OF THE STOCK EXCHANGE tion was ultimately found by creating large stock corporations, whose bonds and shares were soon listed on the Stock Ex- change. Largely through its efforts they were sold to the investing public, which in this way became creditors and part- ners in the new companies and provided much of the capital which was required. In 1830 the first railroad stock—that of the Mohawk and Hudson Railroad—was listed on the New York Stock Exchange. Almost simultaneously the older Lon- don Stock Exchange began to quote nineteen American railroad stocks—the beginning of the famous “Yankee rail market” there, which did so much to make our present system of railroad transportation in this country possible. The Stock Exchange During the Civil War Period.— Through the fifties the Exchange continued to grow along with the rest of the country. The exploitation of petroleum fields in Pennsylvania created a new class of Wall Street operators and investors, often referred to as the “Coal-oil Johnnies,” while the discovery of precious metals in the West was also soon reflected in the ever-broadening New York stock market. On a single day in 1857 some forgotten chronicler proudly remarked that fully 70,000 shares changed hands in its market. The perennial problem of the Exchange to obtain large enough quarters was also already upon it.* In 1863 the New York Stock Exchange Building Company was organized, and it set about to provide a permanent and commodious home for the Exchange, which in the same year adopted its present title of “The New York Stock Exchange.” Owing to its efforts, the market in 1865 moved into a building on Broad Street on ‘the site of the much larger present-day quarters of the Exchange. But all the new space thus made available, and more too, was soon needed. The enormous issues of irredeemable paper currency put out by the government during and after the Civil War had the immediate effect of inflating and temporarily stimulating American business. New enterprises were started, {See Appendix IIIb.

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