Wall Street and the Country; A Study of Recent Financial Tendencies Volume 3
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ...in the future at its former high standard, in spite of your military preparations, these men will suffer the penalty by having to make delivery at the price for which they sold, for they must go into the market and buy at the price then prevailing. It is their judgment, not their wish, that they express." The short seller--the "bear" of the money market--is often one of its greatest benefactors. He calls a halt on reckless speculation, and his acts, tending to depress prices, produce their natural result of repressing extravagant inflation of values, if his judgment is sustained by facts and by the judgment of other men. If it is simply a mistaken individual judgment, he pays for his error in cash to some one with a more hopeful and saner judgment. The organized stock and produce markets constitute, therefore, not only a vital factor in modern exchange, but so far from being a necessary evil, as some ethical writers claim, they constitute one of the most beneficial instruments of modern civilization. Without them modern business could not be conducted, or would be conducted only with a series of shocks, upheavals, and convulsions which would result in robbing the manufacturer and consumer for the benefit of the shrewdest speculators in actual commodities. There is another important consideration in this influence of the stock market upon modern society, which will perhaps gather up and bring into a clearer light some of the other points which have been made. The stock market, by bringing all values to a level in a common and public market, determines the direction of production in the only way in which it can be safely determined under the modern industrial system of the division of labor and production in anticipation of demand....
- Paperback | 42 pages
- 189 x 246 x 2mm | 95g
- 29 Jun 2012
- Miami Fl, United States
- Illustrations, black and white