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 XVI. The administration of the stock exchange

Collection:: Economics Books

ADMINISTRATION OF THE STOCK EXCHANGE 467 advantage to the public.”® The morale which exists on the floor of the Exchange is not a condition isolated from and un- related to the prosperity of the nation. It is a national asset, and performs economic services of profound benefit and sig- nificance to all classes of our population. Any disruptive and weakening force exerted upon the organization or standards of the Exchange would consequently constitute a drag upon the economic progress of the United States. But the danger to the public from an incorporated Stock Exchange would not be merely general and abstract. Apart from the profound public harm, as outlined above, a constant liability of personal and individual injuries would likewise ensue. Why should the investing public, it might be asked, be compelled during years of litigation to make contracts for large sums through their brokers with a possibly unscrupulous mem- ber, whose very solvency might easily be impaired while his case unavoidably hung fire in the courts? Yet this would be- come a disquieting possibility were the present summary powers of the governors crippled by incorporation of the Exchange. In this, as indeed in other respects, the interest of the public is consequently much more adequately protected in its dealings in the Exchange under its present régime, than could possibly be the case under an incorporated Exchange. It has nothing to gain and a very great deal to lose by incorporation. Not a Profit-Making Organization.—The Stock Exchange is quite unlike the typical business partnership or corporation. It has never sought or obtained any special franchise from the state. It is not a “monopoly,” for it is in active and sometimes unsuccessful competition with other markets. It is not run for a profit, but simply as a facility to its members and their customers. Financially speaking, it only aims to pay its ex- penses. Its members’ income is derived from their personal business, and not unnaturally they are best satisfied when their dues to the Exchange are lightest. Corporation laws, which TW Ibid. pp. 294 and 557-558.

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