Who it is for
Readers studying financial history, investment education, and the chapter’s specific subject—auction room, at market, listed security—will get the most from this section. It is not suitable as a modern trading or investment checklist.
English reader · Project Gutenberg #73647
THE STOCK EXCHANGE IS A MONUMENT OF BUSINESS INTEGRITY
The Psychology of Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
This chapter examines THE STOCK EXCHANGE IS A MONUMENT OF BUSINESS INTEGRITY, using the author’s early-twentieth-century investment framework to explain how investors were expected to judge security quality, income, risk, and market conditions. It opens from the chapter’s own discussion: It is a popular belief with many people that the stock exchanges are highly prejudicial to the public interest and to public safety; as if they actually manufacture stocks, fix their price, and sell them to the public. It is also believed by many persons—even by men with enough brains to buy and sell securities—that whatever they lose on their transactions is gained by the stock exchange or the broker through whom th
Modern reader note
Read this chapter as historical investment education. The market rules, disclosure practices, securities, commissions, interest-rate conditions, and investor protections around auction room, at market, listed security may differ sharply from modern markets.
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