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

STOCK SPECULATION—DANGERS AND BENEFITS 147 pioneer. It is here, through the great banking institutions, the investment houses, and the Stock Exchange, that the pioneer- ing capital of the nation sustains the present-day adventures of discoverers and inventors. This adventurous spirit of the modern capitalist, expressed in the acquisition of speculative shares, is a most essential forerunner to progress. It is closely akin, as Mr. Van Antwerp has pointed out,*® to that spirit of “divine unrest” which every active and enterprising man pos- sesses. Remove speculation from society and you would emas- culate the creative instinct and the forward-looking energies of the human race. Modern Civilization Built upon Risks.—Tt is not until speculation is crippled or temporarily withdrawn that we see it in its true perspective as a necessary, energizing, and creative economic force. If suddenly speculation could be abolished, not merely new inventions and further progress would be halted. Even established enterprises and existing organizations could no longer be carried on without it. It is not until times of economic stress and uncertainty come on, that men realize upon what frail and tenuous foundations our boasted modern civilization rests. Governments, as well as private corpora- tions, have their financial risks, which are borne largely by investors and speculators who purchase their bond issues through the stock exchanges. The modern world has permitted the manufacture of credit instruments whereby its governments capitalize their future taxing power, and its business corpora- tions capitalize their future earning power. It has built up a vast city life upon the sensitive and delicate mechanism of paper and metallic currency. It has become so accustomed to presuppose the speculator in all these things and countless others as well that it no longer appreciates the risk and burden of the world’s business which he bears. And when the ignorant and violent political theorist lays violent hands upon the specu- Tw See Van Antwerp, p. 35

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