CONTENTS 
CHAPTER T 
d AGE 
Tue EVOLUTION OF SECURITIES - - 
The two main sources. Need of government financing. Financ- 
ing with the printing press. Early methods of government bor- 
rowing. Increasing expensiveness of government. Modern gov- 
ernment expenditure. Government securities. Evolution of the 
stock corporation. America’s debt to corporations. Early British 
companies. Seventeenth century transportation. The rise of 
large-scale industry. Financing the first railroads. Growth of 
the “trusts.” Variety of listed securities today. Chief kinds of 
securities. Bonds. Shares of stock. “Rights.” Preferred stock. 
“hief forms of securities. Registered securities. Bearer securities. 
Cuapter II 
JRGANIZED SECURITY MARKETS AND THEIR EcoNoMIC 
FUNCTIONS + + » Ce 
» » 
30 
Antiquity of markets. The Roman Forum. Marketing in im- 
perial Rome. Mediaeval markets. Civilizations debt to market 
places. Evolution of the market place. Prerequisites for the 
creation of exchanges. The world’s chief organized markets 
today. Centripetal tendencies of wholesale trade. Economic func- 
tions of organized securities markets. 1. Increased safety of 
dealings. 2. Superior marketability. 3. Fairest price-making. 
Meaning of “free and open market.” 4. Dependable and con- 
tinuous quotations. 5. Superior collateral value. 6. Increased 
availability of capital for investment. 7. More intelligent direc- 
tion of capital. 8. Greater stability of capital. 9. Segregation of 
the risks of capital. 10. Barometer of business. Social dangars 
»f organized markets. Future marketing probabilities. The 
United States and the world’s markets. 
CaarTEr III 
Tue Rise oF THE NEw York Stock EXCHANGE. + - - « 
Earliest New York markets. Origin of the New York securities 
market. First brokers’ agreement. Original Stock Exchange 
equipment. Beginnings of railroad development. The Stock Ex- 
change during the Civil War period. Railroad securities on the 
Exchange. Expansion of Stock Exchange facilities. Public 
utility and industrial securities. The role of the European in- 
vestor. Speculative beginnings of the industrials. Effects of the 
World War. The panic of 1929. The Stock Exchange building. 
Machinery of the floor. The new floor and bond room. Re- 
stricted admittance to the floor. Description of an opening. 
Brokers and dealers. “Two-dollar” broker. The odd-lot dealer 
and the floor trader. The specialist. Parts of the Stock Ex- 
change svstem. Evolution and change.