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

RISE OF THE NEW YORK STOCK EXCHANGE 69 1864) and the 173 members of the “Government Bond Depart- ment” (an organization devoted to dealing in U. S. Govern- ment issues), to form the “New York Stock Exchange” with a total membership of 1,060. Membership in the new organi- zation was temporarily limited to this number, although none of the three merged exchanges had previously possessed a fixed membership. In 1879 the membership was increased to 1,100 by the sale of 40 new “seats” to defray expenses in expanding the Stock Exchange building southward along Broad Street. A membership or “seat” in the New York Stock Exchange thus became a species of property owned by the member, and if for any reason he sold it, the net proceeds of the sale went to him. From 1879 to 1929 the membership of the Exchange was thus limited to 1,100 members. In the latter year, the growth of its business rendered a larger membership desirable.® Ac- cordingly, each existing member was given an additional quarter-membership (something like a 25% stock dividend) ; the 275 new memberships thus created brought the total mem- bership up to 1,375. Prior to 1869, most administrative measures were sub- mitted to the vote of the whole Exchange membership. But the larger membership resulting from the merger in that year rendered the continuance of this system impossible. Accord- ingly, the Constitution of the new Exchange installed a repre- sentative system of government by vesting the administrative powers of the Exchange in a Governing Committee of 42 members. More will be said in a later chapter about the details of this administrative system.’ Public Utility and Industrial Securities—As we ap- proach modern times through the prosperous eighties, another tendency becomes apparent in the stock market. In the wake of the great railroad lines which earlier decades had established throughout the United States, there had sprung up new and © 7See Appendix Ike.

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