664
Year
1916
1917.....
1918.....
919. .......
1920...
[921....
i922...
O23 vous ss
[924 ..
1925....
1926 .
[927
1928
1920
APPENDIX
N.Y.S.E. All American
Members Banks
% %
0.00 oe?
0.36
0 54
0 27
2 0
0.c"
0.Cc5
0 16
National
Banks
%
0.10
0.06
Cc 02
Cc oz
~ 08
“nN
O
Rs
Commercial
Houses
%
0.99
0.80
0.58
0.38
0.49
1.02
1.19
0.94
[.01
[.05
I.00
1.07
1.08
I.04
(XVIj) “We have been strongly urged to recommend that the
Exchange be incorporated in order to bring it more completely under
‘he authority and supervision of the State and the process of the
courts. Under existing conditions, being a voluntary organization,
it has almost unlimited power over the conduct of its members, and
it can subject them to instant discipline for wrongdoing, which it
could not exercise in a summary manner if it were an incorporated
body. We think that such power residing in a properly chosen com-
mittee is distinctly advantageous. The submission of such questions
to the courts would involve delays and technical obstacles which would
impair discipline without securing any greater amount of substantial
justice. While this committee is not exactly in accord on this point,
no member is yet prepared to advocate the incorporation of the Ex-
change and a majority of us advise against it, upon the ground that
the advantages to be gained by incorporation may be accomplished by
rules of the Exchange and by Statutes aimed directly at the evils which
need correction.” (Hughes Report [see Van Antwerp, p. 427].)
(XVIk) After reviewing the abortive German attempts to regulate
security speculation by legislation, Ellis T. Powell in “The Evolution
of the Money Market” (p. 611) goes on to state that conversely, the
absence of government control is one of the reasons for the predomi-
nance of London, as well as for the vast business that has concentrated
in Wall Street; that on the Continent, there is sometimes municipal
supervision of the Bourses—as in Belgium, or Imperial control—as
in Austria; that in Holland, a theoretical government control amounts
in practice almost to non-interference, while in Paris the Agents de
Change are practically government officials: that the free. non-eovern-
