Die Zölle und Steuern sowie die vertragsmässigen auswärtigen Handelsbeziehungen des Deutschen Reiches

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Identifikator:: 829207953

URN:: urn:nbn:de:zbw-retromon-40957

Document type:: Monograph

Author:: Aufseß, Otto von und zu http://d-nb.info/gnd/124693784

Title:: Die Zölle und Steuern sowie die vertragsmässigen auswärtigen Handelsbeziehungen des Deutschen Reiches

Edition:: 3. Bearb.

Place of publication:: München

Publisher:: Hirth

Year of publication:: 1886

Scope:: 1 Online-Ressource (VIII, 280 S)

Collection:: Economics Books

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[52 THE WORK OF THE STOCK EXCHANGE Reciprocally, the Exchange is of vast significance to thrift and investment, not only in rendering the investor's securities always negotiable, but also because a speculative “floating sup- ply” is maintained through its efforts, in which securities can rest until they are sufficiently seasoned to warrant their pur- chase by investors.** Furthermore, the distinctive ability of an organized market to frustrate attempts at manipulation or monopoly is due to the free play of national speculative forces init. The fact that an exchange can establish the fairest prices is likewise due to the fact that any disparity between price and value makes speculative profits possible. It is therefore ap- parent that a stock exchange in which speculation was either forbidden or else restricted in any artificial and unnatural way hy taxation or legislation, could not perform those vital eco- nomic functions without which corporate enterprise of any magnitude in this country would soon be dangerously impaired. Relation of Speculation to Organized Markets.—That they serve as speculative markets for securities is perhaps the srincipal virtue and chief economic justification of the stock -xchanges. It should be noted, however, that the latter are comparatively recent additions to the mechanism of credit and susiness, while speculation is an ancient force in the world’s business and inseparably bound up with the processes of trade. Speculation existed centuries before the organized markets in which much of it is today conducted.®* It is therefore obvious that speculation created the exchanges, not the exchanges specu- ation. The Stock Exchange, as in the case of other organized and speculative markets, resulted from a natural economic evolution, and serves to segregate speculation, to minimize its dangers, and to intensify its practical and abstract benefits. It is as illogical to blame the sometimes costly shifts of speculative forces upon the Exchange as it would be to accuse the life insurance company of murdering a policyholder. © @ See Chapter IV, p, 107.

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