RISE OF THE NEW YORK STOCK EXCHANGE 85 
commercial practice, governmental finance, and many other 
varying economic forces which converge upon them. 
One corollary of this process of constant evolution in Stock 
Exchange methods has naturally been a steady improvement in 
business practices upon it, not only from an economic but also 
an ethical viewpoint. The fact that progress has occurred, natu- 
rally indicates that methods on the Stock Exchange which were 
formerly looked upon as the custom of the trade, would not be 
tolerated at all today. It is not unlikely, too, that present 
methods may gradually undergo similar improvement in the 
future. 
The Stock Exchange makes no idle claims to perfection. 
[t realizes thoroughly that its evolution has not yet ended. It 
is still deeply concerned, not merely with expanding its facili- 
ties, but also with improving its methods and further eradicat- 
ing the frequently stubborn vestiges of ancient abuses. Yet 
in its integrity of purpose, its efficiency of operation and its 
broad economic usefulness, it can without boastfulness invite 
comparison with any other American business institution. In- 
deed, it has always compared favorably in this way with con- 
temporary American business, from the slave-holding days of 
the old brokers under the buttonwood tree down to the present 
time. Stock exchanges are a very necessary part of the finan- 
cial machinery everywhere demanded by modern civilization, 
and it is through no accident that the most cultured and pros- 
perous nations today are those which possess the most and the 
largest organized securities markets.