The work of the Stock Exchange

Bibliographic data

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.

APPENDIX 605 ment-controlled Stock Exchange might almost be described as a characteristic Anglo-Saxon institution, and that the task of incessant care and vigilance in the management of elusive economic forces is too huge and too subtle for statutory mandate to encompass. He quotes ‘he Stock Exchange Commission of 1877 as follows: “Any attempt to reduce these (Stock Exchange) rules to the limits of the ordinary law of the land, or to abolish all checks and safeguards not 15 be found in that law, would, in our opinion, be detrimental to the honest and efficient conduct of business . . . the existing body of rules and regulations have been formed with much care, and are the result of long experience and the vigilant attention of a body of persons inti- mately acquainted with the needs and exigencies of the community for whom they have legislated.” He goes on to state (p. 612-13), “Corporate regulation, such as the Stock Exchange species, is dependent largely for its application upon the esprit de corps of a professional body. It is much more psychological in operation and sanction than the clumsier mandates and prohibitions of a public statute, backed merely by physical force. A Government might propose a system of ethics for the Stock Ex- change, and enact it as a statute, but it could not procure its acceptance and observation. Psychological influence and the mysterious energy which we call esprit de corps can penetrate where statutory and mechanical pressure would be easily excluded. That is why the great- ast religions have depended on the psychological sanction. Economic reform must depend largely on the employment of the same subtle and pervasive force.” CHAPTER XVII The Stock Exchange and American Business (XVIIa) “Stimulated by the urge for funds to finance the vast oroduction program of the United States during the World War, the aumber of shareholders in the country’s business enterprises has, it is estimated, grown from about two million to more than seventeen million; and out of increasing incomes these investors have continued 0 pour their savings into the stream of credit.”—Report of the Com- mittee on Recent Economic Changes, of the President’s Conference on Unemployment (Herbert Hoover, Chairman), 1929, p. xii. (XVIIb) In his address “The Stock Exchange and American Aoriculture.” delivered in Omaha, October 17, 1928. Mr. E. H. H.

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