37 
But with the heavily demanded and more easily standard- 
ized commodities, the further evolutionary stage has been at- 
tained. As the Hughes Commission report clearly and directly 
states, “markets have sprung into being wherever buying and 
selling have been conducted on a large scale. Taken in charge 
by regular organizations and controlled by rules, such markets 
become exchanges.” These exchanges—or wholesale markets 
in staple and carefully graded articles—are commonly called 
“organized markets” because of the elaborate organization, 
comprehensive rules, and sometimes extensive mechanical 
equipment which they develop in the furtherance of their 
business. 
Such organized markets developed during the last century 
in New York City, not only for securities, but also for cotton, 
cereals, and other staple commodities. All these organized 
markets are usually called “exchanges” in the English-speaking 
countries, although they sometimes take other titles, as for 
example, the Chicago Board of Trade. Abroad, an organized 
market is usually called a bourse (in French), or its equiva- 
lent in the given foreign tongue (German, boerse; Dutch, 
heurs: Italian, borsa; Spanish, bolsa; etc.). 
ORGANIZED SECURITY MARKETS 
The World’s Chief Organized Markets Today.—\Vhen 
we survey the vast panorama of the world’s present-day mar- 
keting machinery, it seems indeed a far cry to the weak and 
localized marketing organizations of a century ago. 
In respect to security marketing alone, there are over 200 
stock exchanges in the world today, of varying size and de- 
orees of organization.® There is not a modern civilized coun- 
try without its stock exchanges, and the number and size of 
these organizations in any single country are usually an accurate 
measure of the given nation’s wealth, prosperity, higher eco- 
nomic development and degree of civilization. Indeed, wher- 
ever stable government and active business enterprise exist, 
there is an inevitable tendency to found stock exchanges. 
3 Appendix IIa.