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 II. Organized security markets and their economic functions

Collection:: Economics Books

53 other countries, and directs their flow into the productive in- dustry of America.’® Of course, the money does not pass directly from the purchaser of listed securities to the manufac- turer, but instead, as a subsequent chapter’! will demonstrate, through a number of speculative hands, including underwriting houses. ORGANIZED SECURITY MARKETS Nevertheless, by making this process possible the Stock Exchange renders every day an indispensable service to the industrial corporations of the nation. Silently, day after day, week after week, year after year, this great flow of capital through the Stock Exchange into industry, and the ebb of divi- dends, interest, and profits or losses back from industry to the public, goes on. In the past it has spanned our continent with a steel network of railroad tracks—the arteries of our inland transportation system; it has built the vast factories and mills, and sunk the countless oil wells and mine shafts which have made this country the industrial marvel of the century. It has ceaselessly operated to bring forth from the inventor’s shed and make available for daily use by the people those inventions which have so powerfully contributed toward making life today more worth living than at any other period in history. 7. More Intelligent Direction of Capital.—Until security markets were highly organized, great wastage of capital oc- curred through its haphazard direction into investment. The stock exchanges of our own times, however, have largely reduced such wastage by the superior market facilities which they have made available to everyone. When the ticker or the daily quotation sheet shows that prices for the securities of one industry are rising and those of another industry are fall- ing, it is usually a clear warning to the modern investor that capital is needed in the first case, but not in the second. Thus simultaneous gluts and scarcities of capital as between different industries are almost automatically prevented, misalignments between the supply of capital and the demands of industry are a A ppandin Joo, 116.

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