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

STOCK EXCHANGE AN INTERNATIONAL MARKET g3j5 Future International Réle of the New York Stock Ex- change.—In the vast international vistas of commercial and financial development which destiny is thus opening before our people, the New York Stock Exchange has a vital role to play in behalf of our national future. Its free and open market must function not only as our principal domestic securities exchange, but also as a world market comparable in scope and power to our new world position. We must look upon it as an indispensable part of the national business machinery in times of peace, and if the occasion shall arise, as a huge bul- wark of economic and financial strength in times of war. We are justified in feeling a sense of national pride in its rapid growth and swift efficiency, since it so well embodies both the level-headed sagacity and the progressive and daring enterprise of our people. America today enters this future period of international financial preeminence with a confidence for the future grounded firmly in the achievements of the present. And yet, in the coming years, our vision must be comparable in breadth and depth to the task which fate has set for us. The philosopher, Edmund Burke—that true friend of American political des- tinies—once declared, “Great empires and little minds go ill together.” If this is true of the governmental problems of empires, it is a hundred times truer of the present and future “empires of business.” The United States has entered its economic maturity. We have ceased, once and for all, to be a parochial nation on the fringes of modern civilization, nor can we longer judge our economic problems simply with the out- look and the philosophy of the impoverished country villager. We should, with regard to the future of this country, have something of the spirit and viewpoint of the British poet who said concerning his own people: We've sailed wherever ships can sail We've founded many a mighty state, God grant our greatness may not stale Through craven fear of being great.

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