Excerpt from Functions and Needs of Our Great Markets
The other school asserts that too much ﬂuidity and acceleration to business leads to frenzied finance, monetary panics, and business depression; that it destroys business confidence; and that it tends to center wealth in the hands of the few. This school calls attention to the fact that markets for sugar and some other products get on without dealings in options and futures, and that the efficiency of restrictive legislation has been demonstrated in southern states. They urge that bucket-shop dealing and the other forms of dealing in options and futures on a small scale are made possible by the large exchanges, where different classes of trade center. They assert also that those manufacturers, as a class, who do not hedge are more successful than those who do. And they give emphasis to the fact that these market organizations serve much the same purpose as did the Louisiana lottery, tempting weak men to their own ruin.
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