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 71 original companies by Dutch investors. Many examples might likewise be cited of American utility and industrial securities which similarly found their way into the coffers of Euro- pean investors. In 1886 the opening of the transatlantic cables at once broadened the market for listed American securities, by permitting the speedy transmission of quotations and orders between Europe and this country. Ready arbitrage was thereby facilitated, and foreign capital was attracted into American securities on a vast scale. Thus the almost incredible swiftness with which this country was built up involved a debt of our corporations to European security-holders of several billions of dollars—a debt whose interest and dividends amounted to several hundred millions of dollars annually. Speculative Beginnings of the Industrials.—Both be- cause the New York Stock Exchange was at that time mainly a railroad market and also because even the best of our new industrial companies were in the beginning intensely risky and speculative enterprises, the Exchange first created an Unlisted Department in 1885, where the new industrial shares which could not altogether meet the increasingly strict requirements of the Committee on Stock List could nevertheless be admitted for trading purposes. Many of the soundest industrial invest- ment securities of today began here as highly speculative and, to the older Exchange members, rather dubious propositions. One of the most striking changes, in fact, which the last quarter-century has witnessed in the stock market is the grow- ing repute of industrial securities and the waning glory of the rails. A later chapter® will describe how and why the growing market first organized its clearing house on May 17, 1892— the centenary of the signing of the original brokers’ agreement. In 1903 an important step in architectural expansion was taken by the erection of a new Stock Exchange building. While this "9 Chapter XIL

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