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

70 THE WORK OF THE STOCK EXCHANGE progressive American cities which needed gas and then electric lighting, local traction facilities, and telephone service. Accord- ingly, the thin trickle of public utility securities into the New Vork stock market broadened into a steady and heavy current. Furthermore, powerful manufacturing industries were being organized, both in our older eastern cities and in the new western centers which our railroads had created and nourished into prosperity. Particularly after the Spanish War, these new industrial companies experienced a rapid growth and tended to evolve into large-scale corporate units with a huge capitali- zation, and thus with shares and bonds to sell to the pub- lic through the indispensable market provided by the Stock Exchange.? The Réle of the European Investor.—As was inevitable in a country so new and for the time being so economically immature, this amazingly vast and swift development of American transportation, American cities, and American in- dustry from 1830 to 1900, completely outran the ability of American speculators and investors to finance it. Accordingly, great blocks of our railroad, utility, and industrial stocks and bonds were absorbed by the wealthier investors of Europe and were listed on the stock exchanges of London, Frankfort, and other foreign financial centers, as well as on the New York Stock Exchange. Even prior to the panic of 1837, the British had absorbed many of our early and sometimes quite unreliable state bonds, and later even larger amounts of the securities of our leading railroad corporations. After the Civil War, too, the rising financial nation of Germany purchased heavily into our far western railroads, particularly the Atchison, Northern Pacific, and Union Pacific railroads. It is well known that the ulti- mate prosperity of the northwestern “Hill roads” was largely founded upon heavy buying of the shares and obligations of the 8 Appendix II1d.

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