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 XVIII. The stock exchange as an international market

Collection:: Economics Books

STOCK EXCHANGE AN INTERNATIONAL MARKET 533 too may experience a decline and fall like Rome’s, but at present this contingency seems still remote. Needs for Constructive Foreign Investing.—Many sound and constructive steps have already been taken to render for- eign investment safe and beneficial, but many still remain to be taken. The first need is adequate publicity concerning foreign borrowers and companies; here the special listing re- quirements recently established by the New York Stock Ex- change have already proved valuable.®® Our financial press is also rapidly acquainting itself with the details and past rec- ord of foreign financing, and developing a more experienced and critical attitude toward it. Rival American investment banking firms are also learning that over-active competition for foreign financing sometimes results in issues here which do not sufficiently protect the lending investors. International cooperation, especially between the leading stock exchanges, has still to be mobilized as a protective factor in foreign investment, yet it could obviously accomplish many desirable results.®* There is a real need today of concerted action between the leading stock exchanges to bar from their lists loans unfairly defaulted, and company securities of a questionable character. Statistics concerning the world’s stock markets are also deplorably inadequate, despite the patent eco- nomic importance of the subject; security price indices, for example, although a daily necessity for measuring stock mar- kets, are surprisingly inconclusive, unscientific, and even mis- leading. No real quantitative understanding of stock exchange functions is possible without comprehensive and accurate sta- tistics. More complete understanding between the different great stock markets of the world could do much to broaden the market for the securities of practically all countries by removing obstacles to free international security dealings. America’s Economic Maturity.—The United States is today entering into the period of its economic maturity. From 33 See Appendix XVITTk 8 See Appendix XVIIIL

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