New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-06
The Wall Street That Is

causes success or failure in business causes
1t equally in speculation that while UNI
happy and regrettable results have followed
foolish speculation by united persons,
earnest men have sought, have partly pro
against their occurrence
Examination also shows that most men
conscious or unconscious spectators
either they personally use their money in
speculation or others use it for them; that
the great business nations arc the great
specializing nations; that a nation without
stock exchanges is a nation without COM
merce or advanccment Examination also
shows that investment and speculation
differ in essential details; that spccula-
ton is never gambling, and gambling is
never speculation their nature is unlike
their results dssimlar; that the very wide
distribution Of material wealth has flown
out of speculation. Examination also shows
that progress would have been impossible
without the formation of corporations and
the invention of the stock certificate; that
these have made it possible for the poorest
and least intelligent to become partners in
business with the richest and most intclli-
gent"
He tells what tho New York Stock Ex-
change stands for, thus: "Thc exchange has
helped honesty in trade; has stcadicd
prices; has put the man With small capital
the same footing in trading rs the man
with large capital. and il has tried to earn
the good viii and high regard of its neigh
bors. Examination shows That while now
and again an unworthy member is uncov-
cred, the standard Of integrity and business
morals on the exchange is as high az in
any business in the world Examination
also shows that the interest Of the exchange
has always been 10 lessen unWisc Apcculn-
ton, TO secure honest corporation manage
mcnt, to safeguard stockholders, that it has
been the pioneer in efforts toward those
ends and has secured more in this direction
than the acts Of the Federal and state gov
crnmcnts, and that its rules are intended
to prevent and its committees are working
for the prevention of wrongdong and of
unwse speculation"
Considerable space is given over to a
historical discussion of the evolution of
markets and the widespread prejudice
against markets of all kinds. Another chap
ter is devoted to discussion Of business
Mr.. Martin points out that all temporal
ments are not suited to assuming the vsks
of speculation either IN the stock market
or in general business. "The amount OF
money has at risk is not a factor' he
says "but the wise o. unwise way in which
one risks it is factor, and the person who
engages in a venture feeling at the outset
that he afford to lose is apt to exer-
else 80 little caution as to almost insure a
loss
Defending the exchange against the
charge that it is little more than gambling
institution. with securities as Che pawns,
Mr.. Martin writes: "Thc prices made upon
the exchange are often referred TO as be-
ing mere bets upon market values. and
this form OF speculation is considered as
not differing from gambling, from betting,
and as essentially only the risk of money
on contingency. The law is quite
clear in it's distinction between spccula-