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- W115854893 abstract "The time has come when we must discuss a piece of paper. The piece of paper is nothing more than that, and yet it represents a great deal more. It vitally affects the entire financial community. It is also a piece of paper that despite being old and encrusted with a century or more of hoary legalisms has the most amazing, the most appalling reproductive capacity it procreates not merely subdivisions of itself but during the course of its life and travels generates an incredible number of relative pieces of paper, that cling to it, describe it, give it directions, authenticate it, transfer it, transform it, cancel it, encumber it. Like all relatives, these attachments are each very different and together very expensive. The progenitor piece of paper to which I am referring, of course, is the stock certificate. Looked at one way the stock certificate is a symbol of our private enterprise economy. It has been the most seeable device in the successful separation of ownership from management that has occurred in American industry over the last century. Historically, it has been what the public has relied upon to evidence their share in an industrial growth physically remote from the individual investor. The reverse side of the same coin is, that to the extent the public has relied upon it, the stock certificate has been a device enabling private enterprise to obtain the huge amounts of capital that equity investment in this country has provided." @default.
- W115854893 created "2016-06-24" @default.
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- W115854893 date "2016-01-01" @default.
- W115854893 modified "2023-09-27" @default.
- W115854893 title "A PIECE OF PAPER" @default.
- W115854893 hasPublicationYear "2016" @default.
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