the products of such activity. So, too, were the early exploitation
 of the copper deposits of Montana, and the later development
 of the porphyry properties in the southwest. It was Boston
 and New England money and enterprise that did much in
the development of gold mining in the far west. Boston was the
home of the telephone and gave encouragement and capital to
its development. It was the same local push which started the
United Shoe Machinery Corporation, the United Fruit Company,
 the American Woolen Company — all distinctly Boston
enterprises.
In all of these enterprises, the Exchange, through its machinery
 and its distributing houses, was an active factor.
With the founding of those many enterprises, in various parts
of the country and the development of many of them to a position
 where their securities became of national distribution,
began the second period. This second period is marked by the
important place in which New England has come to occupy
in the financing of propositions for others. This is due to the
fact that, in the course of years, New England has become 2
great reservoir of investment funds. Here, probably more than
any other part of the countty, its people are inclined to buy and
pay for their securities, and put them away as long-term investments.
 In New England, there is an unusually large investment
 public who buy stocks in less than one hundred share lots.
Recognizing this, the Boston Stock Exchange has expanded its
facilities to serve such a demand. Justifying its foresight in this
connection is the fact that the total number of shares handled
on the floor of the Exchange, during the year just closed, was
forty per cent greater than the record total of 17,000,000 shares
[22]