THE EVOLUTION OF SECURITIES

20

example, have a practice of “opposition” whereby the publication
 of the given certificate numbers in an official bulletin
(Bulletin des Oppositions) almost automatically halts negotiation
 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 markets
 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 participations,
 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” issues
 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.