37
But with the heavily demanded and more easily standardized
 commodities, the further evolutionary stage has been attained.
 As the Hughes Commission report clearly and directly
states, “markets have sprung into being wherever buying and
selling have been conducted on a large scale. Taken in charge
by regular organizations and controlled by rules, such markets
become exchanges.” These exchanges—or wholesale markets
in staple and carefully graded articles—are commonly called
“organized markets” because of the elaborate organization,
comprehensive rules, and sometimes extensive mechanical
equipment which they develop in the furtherance of their
business.
Such organized markets developed during the last century
in New York City, not only for securities, but also for cotton,
cereals, and other staple commodities. All these organized
markets are usually called “exchanges” in the English-speaking
countries, although they sometimes take other titles, as for
example, the Chicago Board of Trade. Abroad, an organized
market is usually called a bourse (in French), or its equivalent
 in the given foreign tongue (German, boerse; Dutch,
heurs: Italian, borsa; Spanish, bolsa; etc.).

ORGANIZED SECURITY MARKETS

The World’s Chief Organized Markets Today.—\Vhen
we survey the vast panorama of the world’s present-day marketing
 machinery, it seems indeed a far cry to the weak and
localized marketing organizations of a century ago.
In respect to security marketing alone, there are over 200
stock exchanges in the world today, of varying size and deorees
 of organization.® There is not a modern civilized country
 without its stock exchanges, and the number and size of
these organizations in any single country are usually an accurate
measure of the given nation’s wealth, prosperity, higher economic
 development and degree of civilization. Indeed, wherever
 stable government and active business enterprise exist,
there is an inevitable tendency to found stock exchanges.

3 Appendix IIa.