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 XVII. The stock exchange and American business

Collection:: Economics Books

478 THE WORK OF THE STOCK EXCHANGE no genuine information. And so the mystery deepens and the greater grows his superstitious fear and hatred of the imagi- nary demigods and demons of Wall Street. This is human nature—but it is not economic fact. Services of the Stock Exchange to Investors.—In pre- vious chapters the functions and benefits of the Stock Ex- change as they touch society generally, have been described with abstract and dull veracity. In the present chapter the attempt will be made in the same unromantic but truthful fashion to particularize and speak more specifically of the con- tacts which the Stock Exchange has with different types of men and of business. For even at the risk of repeating in other words much which has been said before, it seems essential to summarize the many powerful though often indirect links which exist between stock exchanges on the one hand, and on the other even those sincere but ill-informed persons who re- gard them with undisguised horror. First of all, a word concerning investors and investment is called for. Previous chapters’ have sufficiently recounted the services to investors rendered by the Stock Exchange to make unnecessary their reenumeration here. But we should realize that in one way or another a vast majority of Americans are investors. The number of people who directly invest in small lots of stock® or in small amounts of bonds* has expe- rienced an astonishing growth of late, and has recently been estimated at 17,000,000 in the United States.” But in addition, additional millions of individuals today invest their savings in listed securities by proxy, often without knowing it. Only a relatively small proportion of the hundreds of thousands of people who have savings accounts realize that the banks are able to pay interest upon their accounts only through reinvest- ing their money largely in listed securities. Both our savings banks and our commercial banks are among the largest insti- " 2See Chapter II, p. 41; Chapter IV, p. 93; Chapter VI, p. 166; and Chapter Rv Leo Chapter IX, p. 252 18 Castes Re Df

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