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PREFACE

direction as the continuing evolution of the Exchange seems
at this time likely to take. Subsequent annual reports of its
President may be depended upon to chronicle such future Stock
Exchange developments as cannot now be clearly foreseen.
The past decade will undoubtedly be characterized, in the
economic history of America, as the first peace-time period
when the United States began to function as a creditor nation.
This development, of such momentous consequence to our
entire economic and social status as a nation, has inevitably
made itself felt with particular force in our leading capital
market on the New York Stock Exchange. Largely in order
that this old American business institution might be re-interpreted
 in the light of the new and significant role which it has
thus been called upon to play, the present edition of this study
has been prepared.

J. EDWARD MEEKER.

New York, :
October 1, 1930.