Strukturwandlungen der Weltwirtschaft

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Monograph

Identifikator:: 1758279451

URN:: urn:nbn:de:zbw-retromon-136273

Document type:: Monograph

Author:: Harms, Bernhard http://d-nb.info/gnd/118701657

Title:: Strukturwandlungen der Weltwirtschaft

Place of publication:: Jena

Publisher:: Verlag von Gustav Fischer

Year of publication:: 1927

Scope:: 58 Seiten

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: II.

Collection:: Economics Books

468 THE WORK OF THE STOCK EXCHANGE are primarily aimed at institutions run for the maximum obtain- able profits, are therefore in many ways inapplicable when applied to such an organization. With members located all over the nation, the Stock Exchange has the same interest as the public at large in the conduct of its affairs, rather than a local and specialized interest opposed to the public interest. In concluding this scanty and yet already overlong discus- sion of the dangers of incorporating the Exchange, the fact should be noted that the Hughes Investigation of 1909 refused to recommend incorporation,® and that after a careful investi- gation by the British Royal Commission of 1877, the London Stock Exchange was likewise not required to incorporate, but was permitted to continue its internationally beneficial work as a voluntary association.® In both the two largest stock ex- changes of the world,** then, as indeed in smaller ones, the ar- gument for forcible incorporation has been thoroughly ex- ploded. Jurisdiction of Stock Exchange.—We have seen that the Exchange is essentially a market place with rules for the main- tenance of “just and equitable principles of trade” therein. Over its membership it has full and necessary power, but there its authority naturally and rightfully ends. John R. Dos Passos, an acknowledged authority on the laws of the Wall Street securities markets declared that the jurisdiction of the Stock Exchange should be confined and limited “to those mat- ters which arise between its members in the course of their business with each other as brokers; otherwise its judicial powers might be extended to embrace every affair of human life, which was never intended and which the law would not permit.” And this general position in regard to its proper jur- isdiction, the Exchange itself takes also. The possible extension of the Exchange’s powers, curiously enough, has been urged more strongly by amateur critics than 3 See Appendix XVIj. 3 See Van Sty pp. 231-234, 0 See Appendix XVIk.

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