Phone Link Makes Two Markets Into One.

The article discusses how high-speed telephone lines made the linking of the San Francisco and Los Angeles stock exchanges possible. The report cites the merging of the San Francisco and Los Angeles markets as two divisions under the Pacific Coast Stock Exchange (PCSE). The article notes that brokers are able to deal large transactions between both cities within a matter of seconds through a special telephone circuit, and have become less dependent on the New York Stock Exchange for routing stock purchases.