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

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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. The administration of the stock exchange

Collection:: Economics Books

464 THE WORK OF THE STOCK EXCHANGE the law’s constitutional limitations.?®* As an association, sub- ject to the laws of the state, it possesses enough property to satisfy any ordinary claims against it. As a market place it is subject to the law of the State of New York, many of whose statutes relate to the stock brokerage business. Recourse from the decisions of its Governing Committee can always be had to the courts of the land. The Stock Exchange is consequently just as subject to the law as an association as it would be if incorporated, and no benefits in this respect would therefore be derived from incorporation. Instant Action Necessary.—The Stock Exchange has con- sistently opposed forcible incorporation not because of hostility to proper governmental regulation but for entirely different reasons, which inevitably arise from the nature of the business conducted beneath its roof. To begin with, there is the very important necessity for swift and expert decisions. The Stock Exchange more than any business organization on earth de- mands instant action. The administration of the stock market cannot be paralyzed, not merely for six months but sometimes even for a matter of minutes, without grave dangers. It is the balance wheel of irresistible tides of emotional public feeling. Cripple its power to steer and brake itself, and it might well become a public menace instead of a public benefit. As it is, instant action can be taken in the conduct of its affairs by experts in a highly technical and complex business, who are responsible and can be subjected to the processes of the law later on, if need be. The present safe and efficient methods are in striking contrast to what might happen were the Exchange incorporated, and subject in a crisis to an in junc- tion by an irresponsible party or a national enemy. It is gen- erally appreciated that in the unprecedented summer of 1914, the governors of the Stock Exchange literally averted what might have been the most appalling panic in our history, by TT ® See “Regulation of the Stock Exchange,” pp. 556-557.

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