Commodity trading systems – A study of five hundred accounts between July 1901 and March 1903, with transactions wholly or largely confined to United States Steel Corporation common stock, was made because the stock’s price at the beginning and end of the period was almost identical and was also midway between the highest and lowest prices during the period.

Three hundred forty-three accounts sustained a net loss; 88 accounts had a net profit; 52 accounts were about even; and the results in 17 accounts were unknown, although the purchasers had taken up the stock in all cases at a considerable loss. The total deficit in losing accounts was $1,245,000 and in profitable accounts the gains aggregated $228,000. Unfortunately, the amount of equity of the owners is unknown. A second study was made along more scientific lines.3 One conclusion was that the public is inexperienced and uninformed. From 80 to 90 per cent of the accounts employed invested capital of less than $5,000; 30 per cent were odd-lot accounts; and a like percentage dealt almost exclusively in low-priced stocks during the period.

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[tags]Commodity Trading Book[/tags]