500 THE WORK OF THE STOCK EXCHANGE 
quently largely in the hands of her stock speculators, who will 
bear as stockholders the unavoidable risks of this progress. 
And in providing a market place where this necessary and vital 
work can be carried on, the Stock Exchange 1s destined to play 
an increasingly significant part in the basic and fundamental 
economic development of the United States. 
The more complete and dispassionate understanding of the 
machinery of industry, trade, and finance, which year by year 
the American public is obtaining, is already effecting a far- 
reaching change in public sentiment regarding the Stock Ex- 
change. With this fuller understanding the American public 
is ceasing to listen to the Siren songs of the self-seeking dem- 
agogue, or to look with prejudice and suspicion upon its princi- 
pal securities market. Instead, the American people are coming 
to have in regard to the Stock Exchange, the same legitimate 
touch of national pride that it feels for other swiftly created, 
yet great and efficient, American business organizations and 
institutions which the historian of the future will inevitably 
consider as monuments to the daring, enterprise, and progress 
of our race.