Die sociale Lage der Handlungsgehülfen und ihre Verbesserung durch die kaufmännischen Vereine

The work of the Stock Exchange

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Monograph

Identifikator:: 834656833

URN:: urn:nbn:de:zbw-retromon-87979

Document type:: Monograph

Author:: Dietrich, Bernhard

Title:: Die sociale Lage der Handlungsgehülfen und ihre Verbesserung durch die kaufmännischen Vereine

Place of publication:: Frankfurt a.M.

Publisher:: Mahlau & Waldschmidt

Year of publication:: 1891

Scope:: 1 Online-Ressource (49 S.)

Collection:: Economics Books

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THE WORK OF THE STOCK EXCHANGE bonds of political subdivisions resemble national government bonds in their basic characteristics. Government Securities.— While sufficient space is lacking here for any adequate exposition of the technical features of government securities, nevertheless a few essential points may briefly be enumerated. There is considerable difference among present-day government securities as to the coin in which they are repayable. While in most cases the coin of the issuing na- tion is specified, with some “external loans’ the standard coin of some other nation where the bonds have been mainly sold may be designated. Some government securities which have had an international distribution provide for repayment in the coin of any one of several different countries. Also the prac- tice in respect to the redemption or maturity date varies wide- ly—contrasting with some temporary government obligations extending only a few months, are the classic British Consols or French rentes which, having rio specified maturity date, are in theory irredeemable. Some government securities possess sinking fund provisions whereby a certain sum must be period- ically set aside for retiring and paying off the issue at its maturity. Almost all government securities, however, are fundamen- tally based upon taxation, and their value must therefore depend upon the honor and prospective financial future of their respective governmental organizations. In the abstract, the obligation of a government, whether a nation or only a city, may constitute a claim against all the wealth of its inhabitants, but practically no way is provided for the holder of a govern- ment bond in default to attempt to enforce any such claim. Evolution of the Stock Corporation.—We now come to the other type of security-creating organization—the private business stock corporation. As in the case of governments, something of the historical background of the stock corpora- tion must be known before its present-day economic signifi-

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