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Although William P. Hamilton's book, The Stock Market Barometer, was published some time ago in 1922, it still makes illuminating reading today. For all of us interested in any way in the stock market, it can certainly give us all some extra understanding in the markets themselves and business in general, as well as some engrossing and fascinating history. The writings which became the book, The Stock Market Barometer were originally composed by Hamilton during the later months of 1921, and first appeared serially in the American publication, Barron's, although the order of the chapters which was used in Barron's was different to the subsequent publication of the book itself. Being a newpaper writer, Hamilton had not originally set out to compose a book, but actually thought more of these writings as a newspaper assignment and contemporary criticism. William P. Hamilton personally knew and actually worked with Charles Dow, the inventor of Dow theory. The book explains the basis of Dow theory, and some intriguing insights into the man that Charles Dow was. Not only that, but Hamilton himself comes across as a very personable character with much wisdom which is as true and today as it was in the time that he wrote this highly enjoyable book. Theories and ideas propounded by Dow, and explained and expanded upon by Hamilton, form the basis of much of what today is termed technical analysis. The description "barometer" refers to the movements of the stock market averages. At the time of Hamilton's writing, these were the Railroads and the Industrials. Hamilton argues how and why wall street and the averages represent all that America knows about its business. Although professedly not a speculator in stocks and shares himself, that is not to say that he was against speculation, for, as Hamilton writes "when speculation is dead this country will be dead also". I hope you enjoy this interesting book as much as I have.
Paul Jennings
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