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

STOCK EXCHANGE AND AMERICAN BUSINESS 493 Organized Markets and the Consumer.—But before con- cluding the present sketch of the benefits conferred by the stock exchanges upon American business and society, not simply the services which they have rendered to producers, but also those to consumers, must be considered. For the general consumer, whether he be a bank president or a bootblack, also has a vital interest in the successful operation of the stock exchanges, along with the banks and other essential parts of the modern machinery of credit. It is well known that low costs for goods in America and elsewhere too, have been obtained through processes of whole- sale production in quantity. But the gradual rise in the stand- ards of living has only too often been attributed by academic writers simply and solely to new mechanical inventions and more efficient methods of production. In reality these elements, vital though they be, are only a part of the story. For in order to attain wholesale production of any commodity or article, large amounts of capital and large corporate industrial units are necessary, as well as the ability to distribute wholesale. The indispensable services to industry rendered by the Stock Ex- change in enabling large-scale capital to be accumulated through the sale of corporate stocks and bonds has already been noted. Moreover, with respect to the present-day methods of whole- sale distribution, the ability of organized markets to facilitate wholesale production is significant. To all these factors, there- fore, must be attributed the gradual cheapening of goods and services in terms of wages and salaries, and the consequent rise in the standard of living. Consumption the Test of Civilization.—The vital eco nomic benefit to the public at large of the present-day machin. ery of capital and credit (of which stock exchanges are an integral and essential part) can better be realized when it is remembered that, in the last analysis, the real purpose of all our modern machinery of both production and distribution— of all our mills, factories, railroads, warehouses and shops.

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