| Show Explains Value of Security Markets i The exchange members are ot of two classes who trade trado for Cor themselves and for tor their own acCounts ac accounts counts and those who act ns as brokers tor for others buying and selling as ns agents for those who ho desire to trade but do not J possess seats on tho the exchange This corn eom- com mission ion business Is wide nation nation and constitutes constitute a IL great grent part of ot the whole hole exchange business The dealer looks to the profit In n buy buy- buyIng buying buying ing at a IL low figure n and 1 selling Belling at ata ata a higher one for tor his livelihood while the broker or agent exacts his hi profit from commissions charged ed Id his clients who desire to buy or sell DIFFERENT CLASSES CL The Time commission houses differ widely In the clientele they serve e iome some catering to the tho business ot of ota ofa ofa a few tew wealthy Individuals and others s larger quantities ot of traders who are dealing In small small- smaller smaller er or lots on ott the board another class Is the two-dollar two broker who Is attached to no one house but servos various firms In filling their orders when business Is 15 par particularly heavy hean Ills His name Is es- es established established es established through th tha commission he receives which is 2 of ot the 1250 which the broker for whom he Is operating charge his client The Tho odd lot trader Is la one who deals exclusively In lots of ot less lees than shares The operations ot of this type tYle of or broker will 1 bo be dis- dis discussed discussed dis discussed cussed In a II liter later article The Tho last classification Is the specialist who trades trade In stocks o of one particular I Ione class as rails ralls Industrials or nn any anyone anyone one of ot the tho classes listed on the exchange Another form of ot spec spec- specIalist specialist is the broker who restricts himself to trading In bonds TO WELFARE HE To summarize what chat has already I been s said ld regarding the hIstory and evolution o of the exchange the exchange owes Its origin and de- de development de development I to the Increasing ot of government debt through the costs ot of wars expansion and other ex- ex ex expenditures necessitating loans loons and 1 to the trend of ot business In the utiliZAtion of ot steam power for Cor transportation and Increased pro pro-I pro pro- production pro production ducHon The development ot of many large new V corporations for i prod ample enough to meet the Increasing ever needs of ot the new country also alo played a most I Important J part art in the gro th of ot the market The sue sue- success suc success cess In the case of ot the New York Exchange 11 has as caused many Inde lade Independent Independent pendent exchanges to spring up In all 1111 the Important cities in the country until now practically every ery locality in Is represented by a sue sue- successful uc market for Cor Its local securities securities IN OTHER NATIONS Even Iven Japan and China have followed the Idea and have or- or organized organized or organized exchanges for the purpose ot of stimulating public Interest in inthe Inthe Inthe the awakening of ot Industrial and andt t r a n development Stock exchanges have havo been accept accept- accepted accepted ed Cd universally as essential to the economic welfare of ot tho people and l In every case ease tho the most pros pros- prosperous prosperous porous nations are found Cound to have Ilave havethe havethe the largest and most efficient ex- ex ex exchanges changes and Its Intricate lI opera opera- operations operations lions are re not merely Institutions for the purpose o of making II a a se- se select Select se select lect few fow fabulously rich as Is a common supposition but actual necessities an as has already been said It If It was waa to be taken from us we would b ba bO crippled be- be beyond be bo beyond yond or all J conception J A Hogle Co |
