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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. The administration of the stock exchange

Collection:: Economics Books

ADMINISTRATION OF THE STOCK EXCHANGE 469 by the Exchange itself. Frequently in the past they have at- tempted to make a club of the theoretically possible but unde- sirable extension of the Exchange's listing powers to regulate evils, real or fancied, in our larger corporations. Of course, no Exchange in the world has ever been made use of in this way, or ever should. The Exchange is clearly conscious of the fact that no one has appointed it to supervise the affairs of all listed corporations, to discriminate among the customers of its members with a superhuman and infallible eye for hidden mo- tives, oversee all the banks and financial institutions of all kinds in Wall Street and elsewhere, and to try to change the funda- mental and eternal laws of economics to suit the erstwhile com- plainant’s every passing whim. Indeed, should the Exchange be foolish enough to rush in whenever someone indignantly demands, “Why doesn’t the Stock Exchange stop this?” the other camp of critics might for once have some justice behind its ancient and threadbare but ever-recurring outcry against the “tyranny of Wall Street,” etc.. etc. Responsibility to Public Keenly Felt.—The Exchange sticks to its last. It maintains a market place, and enforces just and equitable principles of trade within it. Yet the Ex- change has always been ready and willing, so far as its inherent limitations permit, to cooperate in any movement looking tc the benefit of the investing public. Something has been said regarding the unremitting and successful fight it has waged against security swindling.* While a very conservative force, it none the less has always been emphatically patriotic and pub- lic spirited. The Exchange realizes its essential community of interest with the public and its responsibility to the public. The governors of the Exchange take vastly more concern over this responsibility than the public usually realizes, The present organization of the Stock Exchange has, as we have seen, resulted from an intensely practical and varied experience since 1792. The vast spread of corporate enter- "4 See Chapter IV, p. 120.

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