CHAPTER VIL 
THE WORLD'S STOCK MARKETS. 
Every important commercial centre has a Stock 
Exchange of its own, and the dealings in every 
one of these Stock Exchanges are naturally 
confined to those securities which are held by 
the public of the neighbourhood in which each 
Stock Exchange is situated. 
Some stocks are held in many quarters of 
the globe. Dealings in them therefore take 
place on a large number of Stock Exchanges. 
Other, or so-called “local ” stocks, are not so 
widely distributed, and therefore not so 
universally dealt in. It is really not the size 
of a stock which determines its number of 
regular markets, but simply the manner in 
which it is distributed among the population 
of the world. Thus, there are some large and 
important stocks representing millions of capi 
tal which have only one principal market, like 
British Consols, the only real market for these 
being London ; whilst comparatively much 
smaller issues, like the loans of the Turkish 
Empire, are dealt in on nearly every Stock 
Exchange in Europe.