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

490 THE WORK OF THE STOCK EXCHANGE debt, partially historic and partly current, for its services in distributing their own bank stocks and rendering them, like other corporate securities, readily purchasable and salable. Services to the Organized Commodity Markets.—Still another class of business institutions to which the New York Stock Exchange is of no small benefit includes the other or- ganized markets of the country, not only the great commodity exchanges but also the smaller stock exchanges in various parts of the country. Many members of the national New York Stock Exchange are also members of the comparatively local stock exchanges of Boston, Chicago, Philadelphia, and other American cities,*® and are often able to extend credit to pur- chasers of local securities listed there by hypothecating at the banks securities listed on the New York Stock Exchange. The same advantage also exists in the case of firms which are mem- bers of the New York Stock Exchange and also of the Chicago Board of Trade, the New York Cotton Exchange, and other commodity exchanges. During past periods of liquidation or credit shortage many a purchase of cotton or wheat made on credit has depended upon collateral loans obtained on securities listed on the Exchange. In this indirect but significant way the Stock Exchange, by keeping its many billion dollars’ worth of listed securities readily negotiable, is a bulwark of strength to the conditions of credit which underlie the business of the entire nation. The Value of Stock Exchanges to Modern Government.— Finally, organized security markets are essential today to the operation of our machinery of government. We so often for- get that governments have in the long run, like corporations or individuals, to strike a balance between expenditure and income, and to make the amount of the one dependent upon the actual or potential amount of the other. The proudest govern- ment that ever existed cannot flout the immutable and eternal laws of economics and continue to exist. To only a limited "15 See Chapter XV, p. 435, and Appendix IVe.

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