Excerpt from On Buying and Selling Securities Through a Member of a Stock Exchange
During the last hundred years there has been an enormous increase in the indebtedness of corporations and political bodies. This has been accompanied by a corresponding increase in the amount of the securities which are used to evidence the larger part of this indebtedness. These securities have a value which is measured in money, and are being constantly bought and sold. The number of purchases and sales of securities which take place every day throughout the world is enormous. These transactions are of course most numerous wherever money centres. In such places are found stockbrokers, so called, who make it their business to act as agents for the many individuals who wish to deal in or with securities. Wherever there are many stockbrokers, it has been found convenient to establish Stock Exchanges. These are in their nature private business associations, founded to facilitate and regulate dealings in securities, to which only stockbrokers belong. The members elect officers and committees with power to regulate matters connected with the Exchange, the conduct of its members, and the transaction of business.
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