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-