The work of the Stock Exchange

Bibliographic data

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

484 THE WORK OF THE STOCK EXCHANGE or less degree suffering and privation among these large masses must ensue. Now go a step further, and we find that the managers of these railways, mines and factories are in turn dependent—wholly depend- ent upon capital. They cannot go ahead with the extensions and improvements necessary to efficiency without borrowing money; and credit, in turn, will not come to their support unless a broad market is provided, through the Stock Exchange, for the securities which represent these obligations. Hence we see that just as every farmer in the West and every cotton-grower in the South must have a stable market for his products, so every laborer in our great industrial field is directly concerned with the maintenance of a stable market for the securities of the company that employs him. The interests of one are the interests of all, and speculation, in one form or another, underlies all industrial progress. From the previously recited fact *° that the Stock Exchange stabilizes the flow of capital into industry, it follows that it like- wise is an indirect but powerful force in stabilizing the condi- tions of employment, and thus performing a genuine though little recognized service to the laboring man. It would also be well for the Stock Exchange member to realize that his own organization is historically descended from the medieval guilds, and is in certain respects a species of labor union today. Stock Exchange members cannot condemn limited hours of work, minimum wages or commissions, central gratuity funds, limited membership, collective bargaining, and several other familiar features of the laboring man’s trade union, without condemning themselves. Similarly, it may be surprising to the unionized laboring man that there is in the very heart of capitalistic Wall Street an old and not insig- nificant institution to which these things are the regular and accented rules of daily business. The Worker as an Investor.—In addition, the employed classes are rapidly becoming investors. They are absorbing small lots of stocks and bonds, and investing in other listed securities by proxy through savings bank accounts and insur- 10 See Chapter II. p. 52.

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