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 XVII. The stock exchange and American business

Collection:: Economics Books

STOCK EXCHANGE AND AMERICAN BUSINESS 473 months further than many business men do, yet of course the thoroughgoing student of practical business economics would not wish to confine his attention solely to it. And as it is with the vision of Wall Street men, so it is too with their tempera- ment. When ticker prices climb, they are joyous optimists, but the next day, when the ticker reports declining prices, they become sad and melancholy indeed. But if the average Wall Street man is in a human way the victim of intense specialization and absorption in his own im- mediate environment to the exclusion of a wider and deeper understanding of economic forces and tendencies, the same thing may be urged against the average American business man who judges the work of Wall Street only from rumor and hearsay evidence. Manufacturers often wonder at the occa- sional gyrations of their stocks in the stock market, and their habitual assumption that somehow or other the Stock Exchange itself must be responsible for them is a fallacy as natural as it 1s erroneous. No Royal Road to Understanding Price Changes.—The real understanding of prices and price changes in our organ- ized markets involves not so much romantic mysteries or aston- ishing human-interest stories, as a painstaking and unenliven- ing study of the “dismal science” of economics. The student must become familiar with abstract conceptions and much tech- nical terminology; he must pore over many initially bewilder- ing statistical tables and graphic charts; and in addition he must gain by equally laborious means a knowledge of many markets and marketing methods. In this formidable and super- ficially dull undertaking there are no short-cuts or simple but secret formulas, nor, despite the assurances of those philan- thropic individuals who occasionally advertise “How to make money in the stock market in 10 easy lessons,” is there any royal road to learning. The Universal Habit of Personifying.—Now the great majority of mankind, whether through preoccupation or lazi-

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