the products of such activity. So, too, were the early exploita- 
tion of the copper deposits of Montana, and the later develop- 
ment of the porphyry properties in the southwest. It was Bos- 
ton and New England money and enterprise that did much in 
the development of gold mining in the far west. Boston was the 
home of the telephone and gave encouragement and capital to 
its development. It was the same local push which started the 
United Shoe Machinery Corporation, the United Fruit Com- 
pany, the American Woolen Company — all distinctly Boston 
enterprises. 
In all of these enterprises, the Exchange, through its machin- 
ery and its distributing houses, was an active factor. 
With the founding of those many enterprises, in various parts 
of the country and the development of many of them to a po- 
sition where their securities became of national distribution, 
began the second period. This second period is marked by the 
important place in which New England has come to occupy 
in the financing of propositions for others. This is due to the 
fact that, in the course of years, New England has become 2 
great reservoir of investment funds. Here, probably more than 
any other part of the countty, its people are inclined to buy and 
pay for their securities, and put them away as long-term in- 
vestments. In New England, there is an unusually large invest- 
ment public who buy stocks in less than one hundred share lots. 
Recognizing this, the Boston Stock Exchange has expanded its 
facilities to serve such a demand. Justifying its foresight in this 
connection is the fact that the total number of shares handled 
on the floor of the Exchange, during the year just closed, was 
forty per cent greater than the record total of 17,000,000 shares 
[22]