The work of the Stock Exchange

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Monograph

Identifikator:: 885228553

URN:: urn:nbn:de:zbw-retromon-5127

Document type:: Monograph

Author:: Greineder, Friedrich

Title:: Die Wirtschaft der deutschen Gaswerke

Place of publication:: München [u.a.]

Publisher:: R. Oldenbourg

Year of publication:: 1914

Scope:: 1 Online-Ressource (60 Seiten)

Digitisation:: 2017

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: III. Die Notwendigkeiten für die künftige Wirtschaft der Gaswerke

Collection:: Economics Books

THE COMMISSION HOUSE inaugurated in 1881, and with San Francisco in 1901. Since that date the wire systems of several large Stock Exchange commission houses have crossed the border to various Cana- dian cities. One Wall Street firm has even installed a private wire by cable to Havana, Cuba. Stock Exchange firms also have established branch offices or affiliated companies in the leading centers of Europe. And when the steady growth of the Stock Exchange as an international market and credit center is realized, it seems patent that the future may witness the extra-national extension of the wire systems of many Stock Exchange houses. At first considerable prejudice was shown against the new “wire house.” It was thought that no firm could properly control its business over such distances. There was even a tendency to discriminate against the loans made by such houses, because of the supposed unreliability of the business. If any- thing, just the opposite attitude is taken today, for, other factors apart, the wire house represents a diversification of business risk over many parts of the country. 435 The Wire Systems of Today.—Speaking of the extensive modern use of private wire systems by financial and commer- cial firms, a leading New York financial publication® has stated * Now there are about a thousand private wires in operation, tapping every city or locality of any importance in the United States and Canada. It is estimated that they are more than 500,000 miles in length, and represent a yearly expenditure of more than $1 5,000,000, to which must of course be added the wages of the operators who man them and the other expenses for which their lessees are liable. It is therefore probable that the private wire system of America costs more than twenty million dollars a year, and perhaps the total is a great deal higher . . . Between New York and Chicago it is estimated that there are 100 leased wires; eight between Chicago and the Pacific coast; 100 between New York and Boston: 75 between New York and Philadelphia, Baltimore and Washington: 10 between New York and points south 30 The Nerves of Wall Street,” in Commerce and Finance, June 22, 1921, p. 879.

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