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 XVIII. The stock exchange as an international market

Collection:: Economics Books

534 THE WORK OF THE STOCK EXCHANGE the early colonial days till the middle of the last century, our country was still in its economic infancy. Our nation’s early manhood was spent from 1850 to 1914 in perfecting our means of transportation, founding our national industries, and creat- ing the bulk of our modern credit machinery. But in the few amazing years since 1914 we have, as regards our international economic position, experienced by far the swiftest develop- ment of which history holds any record. In less than a decade, America attained an international economic and financial preeminence which a full century of normal growth and development might well have failed to bring about. But this preeminence, flattering as it may be to our national self-esteem, brings with it a vast and heavy responsibilty which we cannot evade or shirk, and nowhere more than in Wall Street today. New York has become the leading money and credit center of the world. Not merely the scope, but also the character of American financial methods are being tested by the new status of the United States as a creditor nation. For over a century our financial practices and institutions developed while we were a debtor country, in which funds were usually harder to obtain than profitable uses for them. But now that we are a creditor country, we are discovering that our present problems are arising from the excess of our capital and credit over and above the safe and profitable uss for them. Thus we are attempting to function as a creditor nation with the viewpoint, methods, and institutions largely developed under debtor conditions. Already the pressure of unaccustomed economic factors has led to many unfamiliar developments in American finance, and if we are to remain a successful creditor country it is not unlikely that very far-reaching adjustments and innova- tions throughout American financial methods must be made. The practical application of this theoretical assertion will in coming years test very thoroughly the ability of America in constructive finance.

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