The Stock Exchange from Within

THE STOCK EXCHANGE FROM WITHIN
BY W. C. VAN ANTWERP
Garden City New York DOUBLEDAY, PAGE & COMPANY 1914
Copyright, 1913, by William C. Van Antwerp
All rights reserved, including that of translation into foreign languages, including the Scandinavian
31ST THOUSAND
First printing, Jan., 1913. Second printing, Apr., 1913. Third printing, June, 1913. Fourth printing, Feb., 1914.
In so far as these pages reflect the thoughts of a busy stockbroker, distracted by many duties and lacking in literary skill, they have but little merit and the writer entertains no illusions regarding them. But in the many quotations from the writings of the world’s foremost economists that are here presented, and in the various legal and historical precedents cited, perhaps it is not too much to hope that this book possesses some slight value as a contribution to the vexed and vexing discussion of the Stock Exchange, and that it may serve in some degree both to dull the sharp edge of uninformed criticism and to strengthen the hands and hearts of loyal friends of a greatly misunderstood institution. The public is asked to disregard the utterances of demagogues and self-seekers and to consider facts. That done, the American spirit of fair play may be confidently relied upon.
The Stock Exchange authorities have had no hand in the preparation of the work, nor does it bear their endorsement. I say this lest it be thought an official apologia . Had it been such, the work would have been much more skillfully done, and its value greatly enhanced.
The Author.
Every now and then some one who has not given much thought to the matter asks the questions, “Of what real use is the Stock Exchange?” “What does it accomplish?” “Is it a necessary and useful part of our economic life, or is it merely a means of promoting speculation and gambling?” These are fair questions, and they are asked in good faith. To be sure they have been answered many times by writers on economic subjects, but the trouble is that in our hurried American life we do not read the economists, preferring to get our impressions from the hasty utterances of some one who knows no more about it than we do.