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.

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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

486 THE WORK OF THE STOCK EXCHANGE the stock swindler may do him harm. If he is reckless or un- wise, speculation in the Exchange or elsewhere may injure him and his family. But if he pursues this business—and it must be looked upon as a business—of investing his surplus savings carefully and intelligently, the Exchange opens to him the means of securing the best and most negotiable security invest- ments in the country. And this continual investing on his part—together with such successful speculations as he may make—are an economic benefit, not only to himself but to the whole community, since he provides the capital so steadily needed for the development of our industries. The Purchase of Income.—The ease with which modern man can buy income is, in fact, one of the most significant testimonials to our economic progress in the past two centuries. In the late seventeenth century the father of the poet, Alexan- der Pope, who had been a highly successful London merchant, decided to retire from business. From his experience he was fitted to know of the best existing methods of investing his money so as to enjoy his old age comfortably and securely. Yet the best scheme Pope pére could hit upon was to turn his wealth into gold and take it with him into the country. It is consequently true that the poorest and most inexperienced rancher in New Mexico today finds it easier to invest his money safely and profitably than a conspicuously successful business man familiar with the international center of trade and commerce could only two hundred years ago. Naturally, no small part of this amazing transformation has been directly due to the development of organized securities markets. The Stock Exchange is naturally of increasing value and significance to the investor in proportion to the sums of money which he has to invest. To the man of wealth the Exchange is as much a part of the daily machinery of business life as the bank or the stock corporation. While he gets no greater concessions made to him on the Exchange than the small in- vestor, still the Exchange is to him a protector and a safe-

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