(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 mod- 
arn 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 com- 
panies 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 refin- 
ing, 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.