v 
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-inter- 
preted 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.