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 485 ance policies. The fact that many far-sighted and progressive corporations are encouraging their employees to become stock- holders by purchasing the stock of the employing company, and the possibility of largely composing the difficulties which arise between capital and labor by thus merging the two classes, has already been pointed out.™ But there is also a profounder although even more imper- ceptible service which the organized markets render to the laboring classes. Owing to the ability of these organized mar- kets to finance increasingly efficient means of production, the purchase price of goods has been gradually cheapened in terms of wages and salaries, with the result that the standard of living has gradually been raised.'> We shall say something later in the present chapter concerning this great although in- direct and slow-moving service of the organized markets, and particularly of the Stock Exchange, to labor. If the working classes realized the full value to their economic status of the Stock Exchange, they would be the first to spring to its defense when it is unjustly assailed. The Stock Exchange and Our Middle Class.—Passing on to cur so-called “middle class”’—our tradesmen, salaried exe- cutives, doctors, lawyers and the like—the Exchange likewise has its appropriate service to perform for them. The typical fairly successful man derives in many respects the same general benefits from the Exchange as does the laboring class. But as a rule he experiences more fully the problems arising from the saving and accumulation of wealth. With the first few thou- sands he saves, he will probably buy real estate, get his life insured, and start a savings bank account, thus at least becom- ing a security investor by proxy. But after that point has been passed the problem of how to invest his money safely and yet profitably becomes a vital rather than merely an incidental part of his economic existence. The problem may be intensified by his inheriting money from relatives. If he is overcredulous 71 See Chapter IV, p. 119 12 See Chapter II, p. 52.

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