The work of the Stock Exchange

Bibliographic data

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

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. The dangers and benefits of stock speculation

Collection:: Economics Books

[40 THE WORK OF THE STOCK EXCHANGE grocery store or a metropolitan bank—will tell you a very dif- ferent story concerning the risks of business. He is under no fond delusion that business enterprises “run themselves.” He will tell you of the shifting prices and supplies of raw materials, and the danger of carrying either too large or too small inven- tories. He will discuss labor shortages and unemployment, wage-scale agreements, efficiency, strikes, boycotts, walkouts, lockouts, picketing, arbitrations, injunctions, and accident com- pensation. After briefly touching upon insurance, advertising, and the problem of obtaining loyal and efficient management, he will have something to say also concerning sales managers and salesmen, expense accounts, sales policies, the protection of trade-marks, and the ever-changing markets for his products, with a few concluding remarks upon competition here and abroad, tariffs, bank accommodation, foreign exchange rates, and (possibly with a rising inflection) taxation. Anyone who has followed him, except the purblind doctri- naire, will gather from his remarks some idea of why corpora- tion net earnings and dividend rates vary so greatly, not merely from year to year, but even from month to month, and will begin to appreciate the truth of the statement by the late Presi- dent Hadley of Yale University, that “The success or failure of a man engaged in manufacturing, transportation, or in agri- culture depends more upon his skill as a prophet than upon his industrv as a producer ”’ Assumption of Risk in the Modern World.—These risks of business pervade the entire field of human enterprise. They are fundamental to and must be borne by the manufacturer, the wholesaler, the jobber, and the retailer in every line of trade. [n a large measure the contractor, the builder, the banker, the real estate dealer or owner, or anyone who creates or constructs anything in the present to sell in the future—all are speculators. The farmer, who continually stakes his capital and his judg- ment against even the blind forces of nature, is probably the most persistent. heroic. and useful speculator in the country.

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation