New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-24
EXCHANGE HAS new
PLAN OF EDUCATION
Schools and Colleges Aid
in FOrestalling Preju-
dice with Facts.

Attacks on stock exchanges are not
new. The first loser on the bourse IL
Babylon IF there was one there) prob
ably told his friends that he couldn't
have dropped the 100 shekels he did in
Lebanon Cedar common If his broker
hadn't bucketed his order. He was
probably wrong, at that, but the credu-
lous believed him and the next fall
when he ran for the Board Of Select
men on an anti-stock exchange ticket
he certainly got few hundred votes
away from the Administration party.
From the time Of Babylon TO the
present day, however, but little has
been done by the exchanges TO defend
themselves. They have relied upon the
textbooks Of the economists to set the
world straight. and the books have eN-
planned patiently and carefully the i'm
por,ant functions the exchanges per
form. The only trouble is few per
sons. relatively speaking, ever read the
books And those who did failed "a
find in them the answers they sought
20 such burning questions as, who
got the 81 200 that our neighbor. Abner
. FOItrs ltrI lI hbLh Acldlu SUM - II
wasn't his broker?'
Sometimes the exchanges or, 10
sneak by the book, the New York Stock
Exchange. which is the particular
abomination Of those who know little
Of speculation and investment, have
sent representatives 20 legislative com
mittees or presented briefs in opposi-
ton 10 bills intended TO harass them
on. Of existence. On every such occa-
sion there has been an accession OF
converts TO the idea that the Stocb
Exchange plays q useful part IN the
business of the country. But very few
people have sought 10 learn the whole
truth, and prejudice ranges wider than
T fact. il is still good politics IN some
parts Of the country 10 denounce the
Stock Exchange as an evil thing, Just
as u is 10 arraign Wall St. as a whole
or big business
Gives Up Passive Resistance.
+ In the last year or two. however, the
New York stock Exchange has practl-
callv abandoned its attitude Of digni'
+ fed silence under persecution by wore
and act, largely because It was found
/ that the dignity Of reticence was ap'
preciated only by the members OF me
exchange themselves. There was also
conviction among many OF the
Younger members that there must be
thousands, if not hundreds OF thou
sands. Of persons throughout the coun'
try who were in ignorance OF what the
exchange stood for and OF how many
precautions the authorities had taker
and were constantly increasing 70 pro
tect the public as well as their OWL
F institution. The first fruits Of the ne"
conviction was the establishing OF
library committee, so-called, as Du
reau Of information accessible TO every
bodv But as il was realized that rel
a+ivelv few persons could be expected
10 visit that committees rooms IN the
stock Exchanges building, and the am
Of the exchange was TO meet criticism
i'm every possible field, something more
had 10 be done. Positive action, i
was obvious, must supplant passive re-
sistance. And so a campaign OF educa
/ ton was started.
A great many ways were tired e
make the new campaign successful Al
/ secured results, varying IN importance
but the committee was still unsatished
The aim was not only 20 disarm prelu
dice already intrenched, but 20 pre-
emit the field prejudice was SEEKING
TO occupy. How 10 reach the GROWING
+ yoneration-that was the problem. Anc
now. seemingly, il has been solved. A
least the latest effort at enllgntenlnt
/ Tho country has received such wide
snread and enthusiastic commentator
/ in the very quarters in which 1t was
boncd TO arouse interest that the com
r,ittee has been encouraged TO follow
~, lie work in that field with a sup
Elemental campaign.
Schools Enlisted in Aid.
The plan adopted, which met will
so much success, was TO send TO an th'
fortv-eiobt thousand colleges and higf
schools Of the country clear and au
thoritative explanations OF Just VIVA
stock exchanges are-not only the New
Work institution but all stock ex
cbauges-what they do and how thel
do IN. The descriptions are writer
in popular language and are entertain
inc as well as informing. Just how
vel they we're received can be seer
from the following extracts from
bean Of letters foot high that TIT
/ library committee has received iron
/ high school principals and college in
structors all over the country.
One high school principal wrote: -.
have read your literature with con
siderable gain in knowledge Of thu
workings Of the Stock Exchange.
feel obliged 10 say that ! previousl.
held many erroneous opinions whici
have now been dispelled entirely
Plan for Course Of Study.
In sending out its books and pam
phlets the committee expressed ITS mop
that they would be of service in
direct education of high school an
college students about stock exchange
and their functions. The encourage
ment received for this idea resulted II
the preparation Of suggestion for
course Of study for schools during IN
autumn semester. In its tentative form
q list Of questions 20 be submitted Z
students embraces the following:
"What is the function Of the stoeI
exchange? What is the difference be
tween Investment and speculation an
10 what extent is the former infiu
cpced bv the latter? Describe the eco
nomic value Of a properly conducte
speculative market. What is the dis
fnctive feature that makes the Par
Bourse unique among the worlds stoe
exchanges? What is arbitrage and wha
economic function does il perform? -
There are only twenty-seven ques
tions in the syllabus, but they rang
over a wide field and II is safe 20 sa
that very few persons, even anon
those who habitually. visit Wall Stree
20 speculate or TO invest, could CIV
accurate answers TO them all. But a
least the rising generation, in the vie'
Of the Stock Exchange, will hsy
knowledge with which to eonfute preju
dice and II the possession Of tha
knowledge helps TO minimize the powe
Of dcmsgogues TO ''get away with" ar
| onnnenfs ihat have been as mlschlev