Show FUNCTION OF STOCK EXCHANGES THE FINEST DESCRIPTION or defense of ot stock tock lint end produce exchanges that has bas been beer published for or a long lime time lime Is I that presented pre by Charles Charle A Conant in inthe Inthe the Ibe current Atlantic Monthly Mr Conant l is aa an II enthusiastic tic tc believer in such exchanges a x hanger HP Hr thinks thi y are In Institutions of c f great reat benefit bet i t t to the A c hole public in one way ay and aad r but hit bin enthusiasm 1 leads If him to extreme lengths He lie has no ho Bence p tience with iI any suggestions ns which if It adopted i 1 would tend nd to remedy reme jy fy tock Mock and produce ex exchange exchange change evils is the Ute existence of ot h he does not BOt deny deD deDi i The TIM fund r a mentis i function of tin U exchanges says 7 Mr I Conant I Ii i t give mobility to capital ra pi tal Without them th til t ek an a sac n reds is of ot the h re company could not I be 1 i to t Nobody uld know what their t value v is 01 oi any nu n day clay bt be the transactions In them f t they thY rd i would be pt p at and unrecorded The TIN of would be multiplied a hundred bundred hundredfold hundredfold J fold told s mpa d h I the hi h publicity which is laves fhren t t th least movements on Oft the stock todE e ex en I baa I 1 Jr r mobility i ital 1 afforded by the limited lia ha 11 butt week n aser 1 and inadequate te if It the holt hoU of rf f its bonds and nd share sh di dili i not know that at any a met inor he hf could take them to the exchanges ex and sets sell them f fee r r 1 r He cannot be mi Whaled mated led as u to thus this price because ev eve ii paper in tn tb the land if It the security la is one of im p n lira i 8 him each morning the value which it po poe Messed tb tU u iny j bEfore in the markets market of the world The holder of It thus thu ewers a what hat the ay judgment i n t or of hundreds of men is upon the value val of that e security I r Mr Conant points out that the produce are for tor the same ame reason The farmer re M r daily 5 spar aper and an ascertains art what his wheat is worth fn o 1 7 u New York San Francisco or the nearest exchange point He cannot be misled by the unscrupulous buyer buJel Growers of ot cotton corn rye tobacco and other products have the theme same me opportunity for acquiring information as U to the dally daily of the ir i r perty This Thia knowledge la Sa worth a good 1004 deal to W them and through them to the country It must be admitted that Mr dir Conant makes out a very strong drone case eue Very Vel few people peo le however howe WIll dispute the ther assertion r on that stock and produce exchanges have baY legitimate mate ate functions factions to perform What the public has baa a right to criticize criticise is i the element of gambling that enters eaters ten so IN large larce largely ly into their th i operation operations The Th man who sells wheat that ne neI does doe not own in n the hope ho that before delivery day comes coma I around he be will be able to buy it in at a lower figure Ida his selling w price Is Ie just juat aa as much a gambler ler as the mai who bo stakes a coin oln on the turn of ot a card cardA I IA A very large proportion of o the transactions on pa every I stock or produce exchange contains this gambling or spec speculative laU element eh There are men on every exchange who I will win deliberately lie for the purpose e o of depressing cIe or in la I Its the value of a security or a cereal Comparatively few of o e Ute the brokers on 01 the Chicago board of trade nave have ever bought an honest bushel of wheat wheaL That is 18 they the have never paid a dollar for tor a dollars worth of ot that grain actually delivered to them They ne buy without any expectation of ever seeing MelD the goods and they sell aeU with no thought of a bona fide Ade de do delivery livery The same ame thing Is true in no inconsiderable meal meas mealUN measure ure UN of transactions in stocks and other securities Deai Dest I lag Ing In SIt margins na is its straight gambling therefore ana aDa no ar arat at will ever convince the public to the contrary |