QUOTE : If it was to survive, America had to develop a new system of exchange, one that would be impervious to the gamesmanship of gifted individuals. By functioning as an auction house and averaging the bids to arrive at a final price, the Leon Walras Exchange had in one stroke stripped out the volatility, excitement, and emotion of investing, while still offering the potential for businesses to raise capital. It was a step backward to a more archaic age that had taken two painful years to move through the political process.