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The New York Stock Exchange; a Discussion of the Business Done, Its Relation to Other Business, To Investment, Speculation and Gambling by H S Martin

April 19, 2010

FOREWORD

The New York Stock Exchange can The be said to have been begun 125 years. Beginning ago 100 years of which it has of the passed under a formulated Constitution. Its beginning was three years after the adoption of the Constitution of the United States and the first meeting of Congress, three years after George Washington first took the oath of office as President; before coal had come into common use, while house were still lighted by candles; 33 years before the first steam railroad; 53 years before the first telegraph message; 64 years before the first ocean cable; 74 years before the first telephone when the whole population of the country was less than that of New York City now; when the country’s area was not one-fifth of what it is at present; when not even the wildest dreamer could have imagined trains running at sixty miles an hour, wireless telegraphy, articulated speech transmitted thousands of miles, aerial navigation, or the gigantic business enterprises of the minute.

The Exchange is the great security market of this country; the business on the done upon its floor is wide-spread Exchange in its interest and effect. The Hughes Committee reported in 1909 that “only a small part of the transactions is of an investment character.” The 1912 Congressional Committee reported “that in large measure transactions on it are purely speculative.”

Is it a gambling place, as some Gambling or assert, or a necessary link in the Business financial chain, as others claim?

Is speculation any different from business? Is speculation the same as gambling, or is there a wide difference? If speculation is not gambling, should it be restricted because of inherent tendencies toward evil? If not restricted should it be encouraged, and its fundamental principles taught? Does speculation in stocks differ from investment? Is cash speculation less of an evil than margin speculation? Is selling for a decline, or shortselling an evil? Ought speculation and the Exchange be controlled by Government? These and other questions arise and should be examined into.

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http://bikibook.com/books/the-new-york-stock-exchange-hs-martin/

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