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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV. The distribution of securities

Collection:: Economics Books

118 THE WORK OF THE STOCK EXCHANGE nevertheless were unable to supply sufficient investment funds to finance our own trade and industry.** We had constantly to import for this purpose capital furnished by British, Dutch, German, and other foreign investors in our stocks and bonds. During and since the Great War, however, this traditional condition was reversed and probably forever. Not only has large-scale American industry been financed by American security speculators and investors alone more adequately than ever before, but in addition our security buying class has for the first time become accustomed extensively to finance foreign governments and foreign business enterprises. Vast as have been the new security flotations in the United States since the war, there is little doubt but what the aggregate savings of our people have been at almost all times even more enormous. The New American Investing Public.—During the war, thrift and the consequent creation of fresh capital was an im- perative necessity. Brilliantly inculcated by the Federal Gov- ernment and cooperating private financial institutions and firms, thrift was earnestly and patriotically practised by the rank and file of the American people with remarkable unanimity and success. The capital thus created flowed primarily, of course, into U. S. Government bonds. After 1920, however, our National Debt ceased to expand and began rapidly to contract—a trend steadily maintained during succeeding years. But meanwhile, the unabated tend- ency of the public to save and invest poured forth each year a vast flood of fresh capital, which rising business prosperity only augmented. Billions of dollars consequently flowed into the important task of restoring Europe to economic health and financial equilibrium, and even larger sums were steadily made available for our own states, municipalities, and business enter- prises. Even yet, the unparalleled extent of American savings, and the indispensable part they have played in saving Europe "#1 See Chapter XVIII, p. 517.

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