OCR Text |
Show place in America for the buying and selling of tokens. of ownership and of the obligations of the enterprises enter-prises which keep America going. Such facilities are absolutely in-dispensible in-dispensible to civilization." It is necessary, of course, that provision be made for the protection protec-tion of those who buy and sell in protection ha3 been afforded not only by the law, but by the stock exchanges themselves. The New York Exchange, for example, lays down extremely strict rules govern ing all who operate within its portals por-tals rules whose sole purpose is to keep dealings fair and above board and any concern violating them faces suspension. In the enforcement of the law governing stock exchanges, great care must be taken that over.zeal-ous over.zeal-ous rulings do not hamper the legitimate le-gitimate business of security trading. trad-ing. Regulation can easily become "strangulation" if caution is not exercised on the part of government govern-ment regulatory officials. They must protect the public but they must Tiot undermine the practical operation of our essential financial marketing places. Stock Yards And j Stock Exchanges What justification has a stock exchange 7 That often-asked question, is well answered by B. C. Forbes, who says: "Just as it is necessary to have market places for cattle, pigs, sheep, for wheat, corn, oats and other cereals, for cotton and for other commodities, it is equally nec essary to have market places for the billions and billions of investments invest-ments in the nation's industrial plants, railroads, public utilities, mines, oil properties, etc. "The New York Stock Exchange simply is the foremost market |