(6 THE WORK OF THE STOCK EXCHANGE
the large corporation today, and we cannot now return to the
small business organizations of even twenty-five years ago.
The securities of our soundest corporations were, of course,
highly speculative in the beginning. But the American public,
believing in the future of this country, has always been willing
to speculate in them. From the financial standpoint, indeed,
this speculation is mainly responsible for our amazing growth
in the past century—a growth which for swiftness and extent
is without parallel in history.®

Variety of Listed Securities Today.—The list of stocks
which are traded in on the New York Stock Exchange today
is a striking illustration both of the vast extent to which modarn
 American business is carried on by stock corporations,”
and the importance of our stock markets as distributing centers
for their shares and obligations. Apart from the numerous
steam railroad and electric traction company stocks, the group
loosely designated as “industrials” includes shares in companies
 which operate in finance, retail selling, security-holding,
telephones, telegraphs, gas, terminals, electric light and power,
coke, rubber goods, tires, magnetos, carburetors, automobiles,
fire engines, tractors, motor trucks, auto bodies, auto wheels,
radios, airplanes, machine tools, plows, cane and beet sugar,
cotton oil, ice, fisheries, fruits, candy, corn products, tea,
biscuits, meats, and refrigerating service.
Other listed stocks represent companies interested in steel,
iron, fertilizers, drugs, chemicals, harvesters and all kinds of
agricultural machinery and implements, cans, brake shoes,
locomotives, steel springs, steel cars, pneumatic tools, fuels,
scales, tankers, air brakes, elevators, cast iron pipe, enameled
goods, the production, refining, and distribution of petroleum,
zinc, lead, copper, silver, gold, coal, metal smelting and refining,
 shipping, foreign trading and foreign securities, land
development, snuff, cigars, cigar stores, tobacco and its various
products, temperance drinks, woolens, dry goods, linen collars,
© £See Chapter V.