Page:Harvard Law Review Volume 8.djvu/451



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URING 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 what are known as the securities of corporate and political bodies, which are used as evidence of the larger part of this indebtedness. Since these securities have a value which is measured in money, they are constantly used to raise money on, constantly bought to invest money in and sold to realize money from. So, too, there is a great deal of speculative buying and selling in those kinds of securities whose values fluctuate either from natural or artificial causes. All these transactions in securities centre 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, as in the larger money centres, it has been found convenient to establish Stock Exchanges. These are in their nature private business associations or clubs, founded by stockbrokers to facilitate and regulate dealings in

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