the Stock Exchange as such and those who use the Stock
Exchange.

Most of the complaints against the Stock Exchange arise from the action
of those outside of its organization and over whose conduct it has no
control. No doubt there have at times been shortcomings and laxity of
methods in the administration of the Stock Exchange just as there have
been in every other institution administered by human hands and brains.

[Sidenote: _Should the Exchange be regulated?_]

Some things were, if not approved, at least tolerated in the past which
are not in accord with the ethical conception of to-day.

The same thing can be said of almost every other institution, even of
Congress. Until a few years ago, the acceptance of campaign
contributions from corporations, the acceptance of railroad passes by
Congressmen and Senators were regular practices which did not shock the
conscience either of the recipients or of the public. Now they have
rightly been made and are looked upon as crimes.

Ethical conceptions change; the limits of what is morally permissible
are drawn tighter. That is the normal process by which civilization
moves forward.

The Stock Exchange has never sought to resist the coming of that higher
standard. On the contrary, in its own sphere it has ever endeavored to
maintain an exemplary standard, and it has ever shown itself ready and
willing to introduce better methods whenever experience showed them to
be wise or suggestion showed them to be called for.

[Sidenote: _Should the Exchange be regulated?_]

In its regulations for the admission of securities to quotation, in the
publicity of its dealings, in the solvency of its members, in its rules
regulating their conduct and the enforcement of such rules, the New
York Stock Exchange is at least on a par with any other Stock Exchange
in the world, and, in fact, more advanced than almost any other.

The outside market on the curb could not exist if it were not for the
stringency of the requirements in the interest of the public which the
Stock Exchange imposes in respect of the admission of securities to
trading within its walls and jurisdiction.

There is no other Stock Exchange in existence in which the public has
that control over the execution of orders, which is given to it by the
practice--unique to the New York Stock Exchange--of having every single
transaction immediately recorded when made and publicly announced on
the ticker and on the daily transac