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

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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I. The evolution of securities

Collection:: Economics Books

[0 THE WORK OF THE STOCK EXCHANGE seaboard, were financed through partnerships formed by a few wealthy London noblemen; but their repeated failures proved that a few men of wealth could not easily raise sufficient funds to insure the success of such colonizing enterprises. Accordingly, the British effort to settle this continent was taken up in the early seventeenth century by crude joint-stock companies, whose organization made it possible to attract more partners into these colonizing attempts and by so doing give them a larger financial backing. As a result, the first permanent European settlement in this country at Jamestown 'n 1607, was established by the London Company. Financially speaking, the Pilgrim fathers were holders of labor-shares in a subsidiary of the Plymouth Company, chartered in 1620. The expenses of the initial venture which resulted in our present New England states were borne by the stockholders of this corporation. One share was allotted to each of the Pilgrims and additional shares were sold to them for £10 apiece, so that even in the beginning some of its stock was held in America. Not all New Yorkers remember that it was from an employee of another ancient corporation, the Dutch East India Com- pany, that the majestic Hudson River derived its name. In- deed, the venerable Hudson’s Bay Company (or, to use its quaint legal title, “The Governor and Company of Adventurers of England trading into Hudson's Bay’’), which was organized in 1670 and named after the same intrepid explorer, still exists after having played a huge part in the economic development of modern Canada. Early British Companies.—During the seventeenth and eighteenth centuries, however, the control of these early cor- poration settlements in what is now the United States was soon taken over by the settlers themselves. These early British com- panies differed in important respects from the modern corpora- tions of which they were the forerunners. Their shares were, of course, intensely speculative and, since stock markets were

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