Das Kapital: Der Produktionsprozeß des Kapitals

The work of the Stock Exchange

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Multivolume work

Identifikator:: 1780159447

Document type:: Multivolume work

Author:: Marx, Karl http://d-nb.info/gnd/118578537

Title:: Das Kapital

Place of publication:: Berlin

Publisher:: J. H. W. Dietz Nachf., G. m. b. H.

Year of publication:: 1926-

Collection:: Economics Books

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Volume

Identifikator:: 1780159595

URN:: urn:nbn:de:zbw-retromon-188277

Document type:: Volume

Author:: Marx, Karl http://d-nb.info/gnd/118578537

Title:: Der Produktionsprozeß des Kapitals

Volume count:: 1.1928

Place of publication:: Berlin

Publisher:: J. H. W. Dietz Nachf., G. m. b. H.

Year of publication:: 1928

Scope:: XLVIII, 768 Seiten

Digitisation:: 2022

Collection:: Economics Books

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

Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Sechster Abschnitt. Der Arbeitslohn

Collection:: Economics Books

CONTENTS CaaprER IV THE DISTRIBUTION OF SECURITIES - Listed securities. Basis of corporate security financing. The security underwriting business. Function of the security under- writer. Allotment of syndicate “participations.” The public offering. Distribution following the offering. Further prelimi- nary distribution. Part of the Stock Exchange in distributing process. Requirements for listing on the Stock Exchange. Regu- lations regarding security. certificates. Transfer and registry offices. Responsibility of the Stock Exchange. Insistence by the Stock Exchange upon publicity. The test of distribution. The routine with applications to list. The creation of an active market. The question of “scale orders.” Practical power of syndicates in the market. The “seasoning” of a new security. Speculative maintenance of the floating supply. Striking securities from the list. The problem of “corners.” Function of the floating supply. Time needed to complete distribution. The example of U. S. Steel stocks. The floating supply of commodities. Slowness of security distribution. Listed securities always salable. The re- ciprocal flow of money into industry. The Stock Exchange as a capital market. Pre-war importation of investment funds. The new American investing public. The menace of the stock swindler. , 9 PAGE R6 Cuarrer V HE DANGERS AND BENEFITS OF STOCK SPECULATION - . Attitude of the uninformed. Certain undoubted evils of specula- :ion. Definitions. Distinctions between investment and specula- tion. Meaning of the term “investment transaction.” Distinction between speculation and gambling. Superficial resemblances. Gambling forbidden on the Stock Exchange. Economic function of speculation. Economic education and progress. Stock specu- lation and trade depressions. Absorption of credit. Effect of speculation upon prices. Losses from speculative ventures. Spec- ulation impossible to “abolish.” Stock Exchange attitude toward margins. Inevitable risks of business enterprise. Assumption of risk in the modern world. Antiquity’ of speculation. Speculation and the growth of America. A socialist’s testimony regarding speculation. Speculation a phase of all pioneering. The economic value of unsuccessful speculation. Exploration replaced by ex- ploitation. Modern civilization built upon risks. Speculation in times of calamity. A more recent example. Function of the stock speculator. Speculation necessary to improved marketing methods. Relation of speculation to organized markets. Adjust- ing prices to values. American fondness for new legislation. Lesion and economic principles. Education the only genuine remedy. 121 CuarTER VI Typical INVESTMENT TRANSACTION - = . . +. . « . . 157 Bidding and asking. Market price fluctuations. Work of the commission broker. Origin of a selling order. Usefulness of the stop-loss order. Forms of limited orders. Transmission of the order. In the Wall Street office. Signaling the Exchange A

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