THE HOME UNIVERSITY LIBRARY OF MODERN KNOWLEDGE THE STOCK EXCHANGE The Stock Exchange A SHORT STUDY OF INVESTMENT.. AND SPECULATION FRANCIS W. HIRST Fourth Edition Geoffrey Cumberlege OXFORD UNIVERSITY PRESS LONDON NEW YORK TORONTO 1948 PREFACE TO THE FOURTH EDITION THIS book, written at the request of my old friend the late H. A. L. Fisher, was first published in 1911. A revised edition followed in 1913, and several impressions were called for between the two Great Wars. Then came the financial and economic blizzard, which started with the Wall Street col lapse in the autumn of 1929. It happened that I was then in the United States, and stayed for a time at the White House with Mr. Herbert C. Hoover, then President of the United States, when the disastrous economic results of a Stock Exchange disaster, which communicated itself to Stock Exchanges and banks in Europe and South America, were beginning to reveal themselves. The ultimate consequences in Great Britain are now ancient...

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