[11] Article on “Speculation” in Schonberg’s “_Handbuch der Politischen Oekonomie_” (Tubingen, 1896–98). [12] “Scope and Functions of the Stock Market.”--“The Annals of the American Academy of Political and Social Science,” Vol. XXXV, No. 3. May, 1910. [13] Charles A. Conant, “The Uses of Speculation,” _Forum_ (August, 1901). [14] Suppose for a moment that the stock markets of the world were closed, that it was no longer possible to learn what railways were paying dividends, what their stocks were worth, how industrial enterprises were faring--whether they were loaded up with surplus goods or had orders ahead. Suppose that the information afforded by public quotations on the stock and produce exchanges were wiped from the slate of human knowledge. How would the average man, how even would a man with the intelligence and foresight of a Pierpont Morgan, determine how new capital should be invested? He would have no guides except the most isolated facts gathered here and there at great trouble and expense. A greater misdirection of capital and energy would result than has been possible since the organization of modern economic machinery. “Wall Street and the Country,” by Charles A. Conant, pp. 92–93.--G. P. Putnam’s Sons, New York, 1904. [15] The student who wishes to go more thoroughly into the subject of Stock Exchange usefulness is referred to “The Annals of the American Academy of Political and Social Science,” Vol. XXXV, No. 3, May, 1910, Philadelphia. “Some Thoughts on Speculation,” by Frank Fayant, New York, 1909; “The Stock Exchange,” by Francis W. Hirst, London, Williams & Norgate, 1911; “Wall Street and the Country,” by Chas. A. Conant, New York, G. P. Putnam’s Sons, 1904; “Story of the Stock Exchange,” by Chas. Duguid, London, New York, E. P. Dutton & Co., 1902; “The Stock Exchange, London,” Methuen & Co., 1904; “The New York Stock Exchange,” by Francis L. Eames, New York, 1894; “Der Deutsche Kapitalmarkt,” by Rudolph Eberstadt, Leipzig, Duncker & Humbolt, 1901; “The Stock Exchange,” (London), by C. D. Ingall & G. Withers, Longmans, Green & Co., 1904; “A Simple Purchase and Sale Through a Stockbroker,” by Eliot Norton, _Harvard Law Review_, Vol. VIII, No. 8; “Stock Exchange Investments; History, Practice, and Results,” London, Simpkin, Marshall, Hamilton, Kent & Co., 1900. [16] The Stock Exchange is an organization of individuals formed for the purpose of listing securities and for facilitating the sale and delivery of stocks.... Through its agency corporations are enabled to sell their shares and get the money capital to conduct their business. The Stock Exchange has come into existence because of a demand for trade facilities that will adjust differences of opinion in reference to future values of corporation securities and give the purchaser some idea of values. (“Modern Industrialism,” by Frank L. McVey, Professor of Political Economy in the University of Minnesota. N. Y., 1904.)