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 Ex change 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 at prices involving an annual turnover of nearly bond transactions averaged about.

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