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

492 THE WORK OF THE STOCK EXCHANGE of our own nation, a former chapter has already described how the issuance of the original 6% bonds of the United States Government was primarily responsible for the first gathering of the earliest Wall Street stock-brokers under the buttonwood tree, Furnishing the Sinews of War.—A study of the listings of the New York Stock Exchange during the past century reveals many instances when the latter institution extended no small assistance to the United States Government by providing a ready market for the purchase and sale of its interest-bearing debt. Following the 6% loan into which the debt incurred during the American Revolution was funded, new forms of the government debt found their dominant market on the Ex- change during the Civil and Spanish wars. Still more recently, the huge Liberty Loan issues were and are being distributed there.? In the successful initial marketing of these issues the Exchange can also take a pardonable pride, since many of the more technical features of the task were accomplished through its cooperation. The government is, of course, dependent for its income upon taxation, which in turn depends upon the contemporary condition of business. Since the Exchange serves as an in- direct but powerful stabilizing force in American credit con- ditions, it very generally assists in making it easier to levy and collect taxes. During the period of severe war taxation how often has the individual or the corporation been able to obtain cash to pay its taxes only by liquidating its security investments on the Exchange! The Exchange serves to give American property that convertibility into cash and that value as collateral which are so vital to the necessities of government as well as of business. In addition to these services, past and present, which the Stock Exchange has rendered the Federal government, it has performed a similar service for many states, counties, and municipalities. 2 See Chapter III, p. 62. 22 See Chapter IV, p. 96, and Chapter X, p. 267.

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