THE EVOLUTION OF SECURITIES 
20 
example, have a practice of “opposition” whereby the publica- 
tion of the given certificate numbers in an official bulletin 
(Bulletin des Oppositions) almost automatically halts negotia- 
tion of the certificates, or payment of their coupons. But, at 
least to the American view, such protective systems strike 
directly at the very negotiability and liquidity which are the 
chief virtues of bearer rather than registered securities. 
Conclusion.—The twain roots of our modern stock mar- 
kets therefore arise from the gradually developing systems of 
public governmental debt and private business enterprise in 
corporate form. The property in which stock markets deal, 
represents governmental or company debts, corporate partici- 
pations, or privileges for acquiring them in the form of 
“rights.” While such property does not necessarily involve 
the issuance of security certificates (as British “inscribed” is- 
sues show), nevertheless such certificates are usually issued 
either registered in a definite name, or impersonally to bearer. 
The character of Stock Exchange dealings, as well as their 
economic effects and consequences, are always fundamentally 
affected by these basic factors.