bers are all members of the Boston Stock Exchange. It was
organized for the purpose of dealing in securities on a “when
issued” basis, and in securities in which there was a large New
England interest but which, for one reason or another, were
not in a position to apply for listing on the Exchange itself.
The affairs and conduct of the Association are in the hands of
a Management Committee, which has authority to admit to
trading such securities as pass its scrutiny, and has oversight
over the business dealings. Although in operation for a little
more than six months, it has proven highly successful, trans-
actions amounting to nearly 900,000 shares, from June 1 to
December 31, 1929.

TRANSACTIONS ON EXCHANGE
So far as transactions on the Exchange are concerned, their
history may be divided into two periods:

First, the years when New England was engaged in the pio-
neer work of building the railroads in the west; when it was
developing the copper deposits of the Michigan peninsula;
when it was assisting in the development of the telephone in-
dustry, and when it was initiating the application of electricity
to industry.

The railroads included the Michigan Central; the Union
Pacific; the Chicago, Burlington and Quincy; the Atchison,
Topeka and Santa Fe; the Mexican Central, a large interest in
the Northern Pacific and its components. For years, it was
Boston and New England money that developed the copper
deposits of the Michigan peninsula. The Calumet and Hecla,
Copper Range, Quincy, and Mohawk developments are also
[21]