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 I. The evolution of securities

Collection:: Economics Books

15 The Stock Exchange and Corporate Development.—In the distribution of corporate securities among American in- vestors during the past century the New York Stock Ex- change has played and is today playing a necessary part. Exactly how the constant market for securities maintained by the Exchange operates today to assist corporations in obtaining funds and the public to obtain the best investments at the fairest prices, will be related in subsequent chapters. It is sufficient at present to point out that the Stock Exchange has been a vital factor in helping our railroad corporations to secure the funds which made it possible for them to span our great con- tinent with their myriad tunnels and bridges and their thou- sands of miles of steel-shod roadways. Still more recently our gigantic industrial enterprises have been enabled through the assistance of the Stock Ex- change to build those vast mills and factories which the whole world trend of modern production has necessitated. Without the creation of these huge companies and the safeguarding of their stockholders through the daily operations of the New York Stock Exchange, the marvelously swift development of American transportation and industry would have been quite impossible. THE EVOLUTION OF SECURITIES Growth of the “Trusts.”—Ever since our Civil War, powerful economic factors have caused our corporations to become larger and larger. A similar tendency has more recently been seen in Great Britain and Germany, particularly since the Armistice. The advent of these so-called “trusts” has occasioned a considerable readjustment in business methods, and at times they have been attacked as a menace to democratic government. Yet experience has shown us that the mere big- ness of a corporation does not as such constitute any offense to the public, nor any inherent danger to its welfare. The truth of the matter is that resistless economic forces have necessitated 5 See Chanters IT and IV.

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