The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IX. Industrial Management

Collection:: Economics Books

STOCK SPECULATION—DANGERS AND BENEFITS 151 and daring when the industrial clouds gather and business men fear for the darkening future. So long, therefore, as the pioneer spirit is strong in our people, so long as new business enterprises are attempted or old enterprises entail risk, we will have the speculator with us. And, if we are to maintain our amazing rate of industrial progress, we will need the speculator to bring forth the in- ventor’s dream and the scientist's discovery out of the work- shed and the laboratory and place them at the practical service »f mankind. Speculation Necessary to Improved Marketing Methods. —Finally, there is another economic service performed for society as a whole in which speculation plays a prominent and essential part—that of assisting in the creation and main- tenance of the exchanges. The several signal economic bene- fits rendered by these organized markets have been noted with some detail in an earlier chapter.?® All but a few of these services rendered by organized markets depend directly and fundamentally upon speculation. Listed securities, both stocks and bonds, are in a practical way rendered negotiable by the Exchange, because speculators there will usually sell on a slight advance and purchase on a slight recession. Without this continuous stream of speculative bids and offers coming into the stock market, the investor would not regularly and quickly be able to buy or sell, because he would not be able to find a seller or buyer with whom to strike his bargain. The superior collateral value of listed securities is also basically due to specu- lation, because it is based upon their instant negotiability, It is likewise true that the capital made available for industry through the Stock Exchange, as well as the direction given to this capital into one rather than another industry, comes in the first instance from speculators.® oie Gupta Il, in

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