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

68 THE WORK OF THE STOCK EXCHANGE of our railroads came to obtain the capital needed in laying the vast and permanent steel highways of our inland transportation system. To the Stock Exchange investors looked to give their newly acquired railroad securities an instant negotiability. It is little wonder, then, that until recent decades both the stock and bond markets on the Board have been preeminently markets for railroad securities. Expansion of Stock Exchange Facilities.—The New York Stock Exchange, in the constant effort to perfect its facilities, kept pace with the latest scientific inventions. In 1867 the electric stock ticker was adopted to give speedier, more reliable and more complete publicity to Stock Exchange transactions ; gradually these stock tickers were introduced into distant cities, and today they are available even in Florida, California, and Canada.’ The rising volume of Stock Exchange business after the Armistice led to successive improvements in the ticker service; recently, a much more efficient ticker instrument has been developed. No other stock exchange in the world has such an instantaneous and far-reaching quotation service. In 1878 telephones were first installed on the Exchange oor to allow of speedier communication between it and the offices of its members. Similarly, the telegraph was speedily adopted to connect members’ offices in Wall Street with their branch or correspondents’ offices distant from New York, and thus to extend the facilities of the Exchange market. No such facilities for the instant execution of orders originating at great distances from the Exchange have ever been regularly established by the members of any other stock exchange; this development has been particularly necessary in America because of the great geographical distances of this country. In 1869 the 533 members of the New York Stock and Ex- change Board united with the 354 members of the “Open Board of Brokers” (a competitive stock exchange formed in ~ & See Chapter VI, p. 168, and Appendix VId.

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