Wanted: More Owners of American Business

Wanted: More Owners of American Business

Wanted: More Owners of American Business

Wanted: More Owners of American Business

Excerpt

In these lectures Mr. Funston examines two questions which are an integral part of the current development of the American economy. One is the growth in the number of shareowners through which business corporations are coming to be owned broadly by the American people. The second is the provision of equity capital in the amounts required by a dynamic economy.

The two questions are, of course, related. Accumulated savings and disposable funds are spread broadly among the American people; to what extent will continued increase in the investment of such funds directly in the shares of American companies be in the interest of the investors concerned, of the companies, and of the economy as a whole? Both the opportunities and the risks of such investment need to be appraised.

A forward-looking securities industry is essential to a dynamic economy. The New York Stock Exchange under Mr. Funston's leadership has emphasized a policy of research, reflected in these lectures, to help develop the facts on which the industry can base its future course. The research policy of the Exchange, combined with a careful examination of proposed methods and programs and vigorous action on those found advisable, is a management approach found successful by leading industrial companies.

When Mr. Funston became president of the New York Stock Exchange in 1951 he had compressed into less than 20 years a varied and notably successful experience. After graduation from this School in 1934 he remained to do research in accounting and finance, then was in business, served during the first part of the war with the War Production Board and then as a naval officer. As president of Trinity College from 1945 to 1951 he dealt in an outstanding manner, not only with the financial problems of the college, but also with the difficult problems of postwar education. He also . . .

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