Loading ...With the development of large-scale machine production it was only natural that there should be a transition from the system of private partnership to that of Corporate organization, depending for
its financial existence and support on the sale of bonds and stocks. Through the corporate form of organization it became possible to combine the small savings of the thousands into huge sums, which could then be given a directing force by the great captains of finance and industry. The rate at which stocks and bonds have come to represent the wealth of the world during the past two decades has been so prodigious that our stock exchange markets may be said to ‘represent the pulse of our economic life. As Mr. Charles Duguid so admirably says, in his work on “The Stock Exchange” : “The institution may be defined as the nerve center of the politics and finances of nations, because in this market all that makes history is focused and finds instantaneous expression. It is worthy of being defined as the barometer of their prosperity and adversity, for a glance at the tone of this market, whose wares are more mercurial than those of any other mart, suffices to indicate their condition.”
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