The work of the Stock Exchange

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Multivolume work

Identifikator:: 1892063557

Document type:: Multivolume work

Author:: Lamprecht, Karl http://d-nb.info/gnd/118569015

Title:: Deutsche Geschichte

Place of publication:: Berlin

Publisher:: Gaertner

Year of publication:: 1891-

Collection:: Economics Books

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Volume

Identifikator:: 1892064901

URN:: urn:nbn:de:zbw-retromon-238006

Document type:: Volume

Author:: Lamprecht, Karl http://d-nb.info/gnd/118569015

Title:: Urzeit und Mittelalter

Volume count:: Abt. 1

Place of publication:: Freiburg im Breisgau

Publisher:: Heyfelder

Year of publication:: 1904

Scope:: XIX, 488 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Dreizehntes Buch

Collection:: Economics Books

[42 THE WORK OF THE STOCK EXCHANGE for having fallen down a well while gazing at and theorizing apon the stars, proceeded to give a startling proof of his prac- ical ability by cornering the supply of olive presses and making ‘he king and his subjects pay through the nose for them. Even the much regretted short sale is at least as old as Esau, who sold his inheritance (which of course he didn’t own) to his brother for a mess of pottage.?* Speculation and the Growth of America.—Qf all the peoples of history the American people can least afford to con- demn speculation in those broad sweeping strokes so beloved of the professional reformer. The discovery of America was made possible by a loan based on the collateral of Queen Isa- bella’s crown jewels, and at interest, beside which even call loan interest rates look coy and bashful. Financing an unknown foreigner to sail the unknown deep in three cockleshell boats in the hope of discovering a mythical Zipangu cannot by the wildest exercise of language be called a “conservative invest- ment.” Later, the two dominant colonies on our Atlantic sea- yoard, Massachusetts and Virginia, were established as the direct result of stock speculation in London in the shares of the Plymouth and London companies.” Neither was the 6% loan of the newly established United States of America, by which this country was originally financed, in the modern sense of the word “a conservative investment,” as the old brokers under the buttonwood tree could testify. Moreover, our government has ‘ime after time speculated in real estate to an advantage to the sublic which is simply incalculable. When enterprise assumed corporate form in the last cen- tury, our vast present-day railroad system was built primarily by speculators. Railroad pioneers, like the late James J. Hill, boldly projected their lines through the pathless forests, across rivers and lakes, through mountains and over mountain ranges with unbuilt cities and non-existent traffic in their vision. In 22 See Genesis, XXV, 29. 23 Qee Chanter I. po. 10.

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