bers are all members of the Boston Stock Exchange. It was 
organized for the purpose of dealing in securities on a “when 
issued” basis, and in securities in which there was a large New 
England interest but which, for one reason or another, were 
not in a position to apply for listing on the Exchange itself. 
The affairs and conduct of the Association are in the hands of 
a Management Committee, which has authority to admit to 
trading such securities as pass its scrutiny, and has oversight 
over the business dealings. Although in operation for a little 
more than six months, it has proven highly successful, trans- 
actions amounting to nearly 900,000 shares, from June 1 to 
December 31, 1929. 
TRANSACTIONS ON EXCHANGE 
So far as transactions on the Exchange are concerned, their 
history may be divided into two periods: 
First, the years when New England was engaged in the pio- 
neer work of building the railroads in the west; when it was 
developing the copper deposits of the Michigan peninsula; 
when it was assisting in the development of the telephone in- 
dustry, and when it was initiating the application of electricity 
to industry. 
The railroads included the Michigan Central; the Union 
Pacific; the Chicago, Burlington and Quincy; the Atchison, 
Topeka and Santa Fe; the Mexican Central, a large interest in 
the Northern Pacific and its components. For years, it was 
Boston and New England money that developed the copper 
deposits of the Michigan peninsula. The Calumet and Hecla, 
Copper Range, Quincy, and Mohawk developments are also 
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