Versand- und Zollvorschriften im Verkehr mit dem Ausland [Im Aufl. d. Bergischen Industrie u. Handelskammer zu Reimacheid zusgest u. bearb von d. Zollauskunftstelle d. Handelskammer]

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Monograph

Identifikator:: 1759937118

URN:: urn:nbn:de:zbw-retromon-139324

Document type:: Monograph

Title:: Versand- und Zollvorschriften im Verkehr mit dem Ausland [Im Aufl. d. Bergischen Industrie u. Handelskammer zu Reimacheid zusgest u. bearb von d. Zollauskunftstelle d. Handelskammer]

Edition:: 5. nach d. neuesten Stande bearb. Aufl

Place of publication:: Remscheid

Publisher:: Ziegler [u.a.]

Year of publication:: 1927

Scope:: 124

Digitisation:: 2021

Collection:: Economics Books

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56 THE WORK OF THE STOCK EXCHANGE fact permits investors to hold securities only as long as they involve little risk. Thus, the higher organization of securities markets creates an ability to avoid or shift risks somewhat akin to insurance. In an unorganized security market, on the other hand, almost all the risks entailed by security ownership fall squarely on the investor, for when he wishes to shift his risk by selling his security, he often finds that the unorganized market has practically suspended operations. 10. Barometer of Business.— Prices on the Stock Ex- -hange have frequently been used as a barometer of future husiness conditions.’® So eminent an authority as Professor S. S. Huebner has stated, “Without an exception every business depression in this country has been discounted in our security markets from six months to two years before the depression became a reality.” Frequently, however, the omens provided by Stock Ex- change prices have been disregarded by American business men until the crash came, and were then cited as evidence that the Stock Exchange must have caused it. In this way, the Stock Exchange has seemed continually fated to fill the unhappy role of the prophetess Cassandra, whose predictions before the event brought upon her the charge of being both demented and ill-natured, and after the event the inconsistent accusation of having herself caused all the trouble. This prophetic quality often possessed by Stock Exchange prices has resulted not only from speculative intelligence in the stock market, but also from the inevitable pressure of economic forces. When this collective human intelligence goes astray, as it sometimes does, naturally the barometric value of Ex- change prices is lessened. But on the economic side, we have seen that the market on the Stock Exchange is one for surplus capital, and thus expands or contracts before other markets. Normally this recurring process has rendered Stock Exchange prices barometric of future business conditions, since the latter ™ Appendix IIf,

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