Excerpt from Brokerage Accounts a Treatise on the Business of Brokerage, Its Accounting Books and Records
Wall Street has been discussed from almost every conceivable point of view. Its economic value to our present commercial machinery has supplied the basis for many financial articles. Its functions have been made the subject of discourse and legislation.
An article written by Professor S. S. Huebner of the University of Pennsylvania, emphasizes the relation of the Stock Exchange to capital seeking a market.* He speaks of that institution as the "political and financial nerve center of nations and the barometer of national prosperity and adversity"; further stating that the stock market serves a most useful purpose in directing the flow of capital from channels where least needed into those where it can be most beneficially and profitably employed.
In a report by the Hughes' Commission, appointed in 1908 to investigate exchanges, the New York Stock Exchange is commented upon as follows: "The volume of
transactions indicates that the Exchange is today probably the most important financial institution in the world. In the past decade the average annual sales of shares have been 196,500,000, at prices involving an annual turnover of nearly $15,500,000,000; bond transactions averaged about $800,000,000."
Notwithstanding the commanding position of the Stock Exchange in the world of business and commerce, and the careful consideration it has received from almost every angle, one most important factor has been sadly overlooked -one upon which rests the entire mechanism of "The Street"-its accounting.
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