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

STOCK EXCHANGE AND AMERICAN BUSINESS 483 try. Now the average American farmer has been bombarded too long and too steadily with misleading and distorted state- ments concerning the Stock Exchange to have a clear idea of just what it is or what use it serves. Offhand, he might per- haps be inclined to suspect and condemn it on this fallacious yet oft-repeated hearsay evidence. Yet the fact remains that the Stock Exchange has played a continuous and highly important part in making American farmers generally the most progres- sive and prosperous class of agricultural workers in the world. In recent years, much of the American farmer’s trouble has arisen from his difficulty in marketing his surplus produc- tion abroad, in competition with other nations whose land and labor are cheaper than our own. It is consequently of vital importance for the American farmer to lower his production costs. The invention and employment of labor-saving agri- cultural machinery, whose creation is so largely facilitated by the Stock Exchange, is thus likely to prove of more funda- mental assistance to our farmers, than new legislation for extending fresh credits to him, or for vainly attempting to establish artificially high prices for his products. American Labor’s Stake in the Stock Exchange.—When we pass from the country to the city the connection between the Stock Exchange and the daily lives of the city dwellers becomes even more direct, graphic, and thoroughgoing. The working man’s very employment, in fact, is tied up with general condi- tions in industry and trade which depend to so large a degree on organized security markets. A former writer ® upon the Exchange has clearly and trenchantly explained this connec- tion : The last census shows that 32%49% of the population of the United States is composed of laboring men, not counting agricultural workers. This large army of men is by no means independent; on the contrary it is strictly dependent on the ability of others to give it employment. Shut down the factories, curtail the operations of railways, close the mines and quarries, stop building and new construction, and in greater 9 See Van Antwerp, pp. 42-43

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