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

STOCK EXCHANGE AND AMERICAN BUSINESS 499 As the clerk lives through what may seem to him a monoto- nous day, he nevertheless unconsciously depends upon corpo- rations producing textiles and textile machinery, dyes, ships and foreign trade, railroad service, refined sugar, several vari- eties of electric transportation service, automobiles, tires, petro- leum, tobacco, telephone service, phonographs, and the “silent drama,” besides hundreds of other basic products like steel, copper, and coal. If the work done during the past century by the New York Stock Exchange for all these corporations could suddenly be subtracted from the present accumulated results of civilization, the indirect but very real link between the clerk’s standard of living and the Exchange would not long seem so fanciful as it is otherwise apt to. Future Tasks of the Securities Market.—Apart from its services as a support and stabilizer of business, the Stock Ex- change may not inaptly be compared to the driving wheel of our modern economic structure as it is at present constituted. [ts past and present services to society at large require not so much argument and contention as simply a true understanding. What its future services will consist of in detail no man can foresee. But certainly vast enterprises remain yet to be under- taken by the modern stock corporation to which, particularly in its initial and adventurous stage, the Exchange can give huge assistance. In the years to come our present means of communication may with its cooperation undergo further im- provements. The wireless motion picture, the aeroplane, and many other inventions still await that commercializing process in which the Exchange must play its vital part before they can become conveniences of our everyday life. In addition, there are the countless inventions of the future whose very character we cannot today foresee. All such future corporate under- takings will call first upon the daring of the stock speculator before they can offer new services to mankind or new invest- ments to the investor. As in our past so also in our future, the industrial and commercial progress of this nation is conse-

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