THE EVOLUTION OF SECURITIES 
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cance can be adequately grasped. Simple business partner- 
ships, in which two or more men engage in an enterprise to- 
gether, provide its capital, assume its debts, and divide its 
profits, are older than the Pyramids. But the great stock cor- 
poration of today, although its roots may extend back into 
history as far or even further than the collegium of the Rom- 
ans, is nevertheless a comparatively new form of business or- 
ganization. Nothing, in fact, more clearly indicates how very 
swiftly commerce, industry, and transportation have expanded 
during the past half-century than the recent dates at which so 
many of our greatest modern corporations have been organized. 
[ndeed, many men who have yet to attain old age have lived 
through that whole marvelous economic period in American 
history which our historians are already calling “the age of big 
business.” 
With the constantly increasing amount of goods produced, 
transported, and consumed, there has been an inevitable cor- 
responding increase in the size and capitalization of the busi- 
ness organizations which conduct this production and distribu- 
tion. Profound economic forces in the modern world have 
for over a century been constantly calling for larger and larger 
operating units in almost all lines of business. Experience has 
clearly shown that in most cases a large business enterprise can 
be more advantageously conducted as a corporation than as a 
partnership. 
America’s Debt to Corporations.—It is peculiarly fitting 
that the fullest and most rapid development of the stock cor- 
poration as a mechanism for carrying on the “big business” of 
the modern world should have occurred in the United States. 
The stock corporation has entered more deeply into our history 
than into that of any other modern nation. From its earliest 
history North America has been explored by corporations, 
colonized by corporations, and developed by corporations. To 
be sure, Raleigh, Gilbert, and those other daring British sea- 
rovers who first attempted to establish colonies on our Atlantic