38 THE WORK OF THE STOCK EXCHANGE 
Even the Russian Bolsheviks, despite their vociferous abhor- 
rence of capitalism, have apparently been forced to reconsti- 
tute the Moscow and several other stock exchanges as markets 
for private capital. 
In the United States alone there are over 20 stock ex- 
changes, two of which are located in New York City. The 
largest American organized security market is the New York 
Stock Exchange, and the second largest is the New York 
Curb Market. 
Europe, as the continent so long financially dominant all 
over the world, has almost three times as many stock ex- 
changes as the rest of the world put together. The Stock 
Exchange in London was for many decades the greatest insti- 
tution of its type in the world, and even now that the New 
York Stock Exchange has come in some respects to rival it in 
size and activity, it still remains unparalleled in the vast inter- 
national scope of its listings and dealings. The official market, 
or “Parquet” on the Paris Bourse has long been not only the 
headquarters for French government and company security 
dealings, but also a great market for foreign government loans 
of all descriptions. The Berliner Boerse has played a great 
part in the rise of Germany’s industry during the past half- 
century, and provides the chief market for German securities. 
The old Amsterdam Beurs—London’s predecessor as the 
world’s premier stock exchange—is still an investment mar- 
ket of keen sagacity and vast international scope. (Plate 3.) 
The leading market for Italian securities is in Milan, for 
Belgian securities in Brussels, and for East European issues 
in Vienna. 
The newer and poorer continents, however, show the same 
tendency to found stock exchanges as soon as political stability 
develops, and modern business methods are inaugurated. The 
United States, indeed, has developed organized security mar- 
kets on a scale rivalling those of Europe. But the young na- 
tions of Africa, Australasia and the Americas, and even the