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 I. The evolution of securities

Collection:: Economics Books

[4 THE WORK OF THE STOCK EXCHANGE American business enterprises launched in the first decades of the nineteenth century is furnished by the early development of the steam locomotive. That this machine could successfully pull unheard of loads over rails at an unprecedented speed was demonstrated beyond the peradventure of a doubt. The public, too, had sufficient imagination to realize the new era in the history of transportation which was promised. But for all that, the locomotive was for some time considered only an imprac- ticable inventor’s dream. No American, nor partnership of Americans, it was publicly argued, was rich enough to finance the building of a railroad—therefore railroads could never be built. This hasty syllogism was not exploded until the organi- zation of some of our great railroad stock corporations revealed its fallacy. Not until the savings of thousands of individuals were successfully enlisted in railroad enterprises by the creation of a large stock corporation, did steam. railroad transportation emerge from the inventor’s shed to become the indispensable carrier upon which modern industry and much of modern social life has since been builded. Nor was the ability to handle a larger volume of business with a greater equipment the only advantage gained for the more secure and successful conduct of business by the develop- ment of the modern stock corporation. Many important advantages resulted to the benefit of the shareholder as an investor. For one thing, the corporation became a deathless entity whose affairs would not have to be liquidated or reorganized whenever a partner died. It furthermore permit- ted a greater concentration of control in its management, which likewise made for greater safety and efficiency. It could attract capital in amounts varying from the small investor’s mite to the fortunes of the wealthy, and also made it easier for anyone to invest in a business without the need of directly sharing in its management as well. In addition, since almost all stocks in time became non-asséssable, the investing share- holder was freed from personal liability for the losses of the corporation.

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