Excerpt from The Work of Wall Street
So vast are the transactions of Wall Street, so tremendous are the interests which it serves, so fundamental to the well being and prosperity of the whole world are the operations of its systems of credit and securities, and so varied and intricate are the problems involved in the activities of a great international money market, that to attempt to put within a volume of moderate size an adequate account of its work, and of the principles which underlie, and the spirit which inspires, that work, is an undertaking of large proportions. The author hopes, however, that he has, in good measure, achieved success.
The writing of "The Work of Wall Street" means something more than a description of the speculative market. The Stock Exchange is, indeed, an important part of Wall Street, but it is not Wall Street. The financial district includes, but is not embraced by, the stock-market. The Clearing-house, far more the Stock Exchange, is the heart of Wall Street. A description of the work of Wall Street is really an account of the mighty economic forces by which the commerce and industry of the richest and most powerful nation of the globe are carried on. A commercial country without a central money market would be like a government without a capital. The greatness of Wall Street is a visible proof of the greatness of the United States. The work of Wall Street is the work of facilitating, energizing, moving, expanding and safeguarding the work of the country.
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