CONTENTS

CHAPTER T

d AGE

Tue EVOLUTION OF SECURITIES - -
The two main sources. Need of government financing. Financing
 with the printing press. Early methods of government borrowing.
 Increasing expensiveness of government. Modern government
 expenditure. Government securities. Evolution of the
stock corporation. America’s debt to corporations. Early British
companies. Seventeenth century transportation. The rise of
large-scale industry. Financing the first railroads. Growth of
the “trusts.” Variety of listed securities today. Chief kinds of
securities. Bonds. Shares of stock. “Rights.” Preferred stock.
“hief forms of securities. Registered securities. Bearer securities.

Cuapter II
JRGANIZED SECURITY MARKETS AND THEIR EcoNoMIC
FUNCTIONS + + » Ce

» »

30

Antiquity of markets. The Roman Forum. Marketing in imperial
 Rome. Mediaeval markets. Civilizations debt to market
places. Evolution of the market place. Prerequisites for the
creation of exchanges. The world’s chief organized markets
today. Centripetal tendencies of wholesale trade. Economic functions
 of organized securities markets. 1. Increased safety of
dealings. 2. Superior marketability. 3. Fairest price-making.
Meaning of “free and open market.” 4. Dependable and continuous
 quotations. 5. Superior collateral value. 6. Increased
availability of capital for investment. 7. More intelligent direction
 of capital. 8. Greater stability of capital. 9. Segregation of
the risks of capital. 10. Barometer of business. Social dangars
»f organized markets. Future marketing probabilities. The
United States and the world’s markets.
CaarTEr III

Tue Rise oF THE NEw York Stock EXCHANGE. + - - «
Earliest New York markets. Origin of the New York securities
market. First brokers’ agreement. Original Stock Exchange
equipment. Beginnings of railroad development. The Stock Exchange
 during the Civil War period. Railroad securities on the
Exchange. Expansion of Stock Exchange facilities. Public
utility and industrial securities. The role of the European investor.
 Speculative beginnings of the industrials. Effects of the
World War. The panic of 1929. The Stock Exchange building.
Machinery of the floor. The new floor and bond room. Restricted
 admittance to the floor. Description of an opening.
Brokers and dealers. “Two-dollar” broker. The odd-lot dealer
and the floor trader. The specialist. Parts of the Stock Exchange
 svstem. Evolution and change.