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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVII. The stock exchange and American business

Collection:: Economics Books

480 THE WORK OF THE STOCK EXCHANGE covers the vast quantities of city products which are pur- chased annually by American farmers, he begins to realize that this nation, in spite of its huge and increasing industrial progress in recent years, is still largely an agricultural country. The national functions of the Stock Exchange, as a matter of fact, are in no way more clearly emphasized than by the ser- vices which it renders to farmers all over the United States. The latter of course benefit from its operation to some extent simply through being investors, although it is of course true that the favorite farmer’s investment is, and may always be, the farm mortgage. Still, the idea that all farmers are overcredulous victims of the stock swindler’s wiles is far from the truth. Some farmers are as shrewd judges of sound securities as could easily be found among most other classes of American business men. Moreover, farmers invest indirectly to an even greater extent by holding savings accounts and insurance policies in great numbers and for large aggregate sums. Undoubtedly, however, the relationship between the Stock Exchange and American agriculture is less close than with other American industries, for the reason that American agri- culture has thus far only in rare instances organized itself in corporate form, and in consequence cannot like other industries seek capital through the Stock Exchange. But, as a President of the New York Stock Exchange has pointed out,’ this is not wholly a Utopian prospect for future years, and if agricultural shares could be distributed more extensively through the Stock Exchange, it would enable the American farmer to obtain partnership capital which he really needs, instead of loans which only plunge him deeper into debt. The Stock Exchange and the American Farmer.—The principal assistance which the Exchange has been able to render the farmer consists of having been so largely instrumental in establishing the machinery of transportation upon which the 6 See Appendix XVIIb.

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