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1899 and 2320 million dale. In 1909 [U. S. Department of Commerce, Bureau of the
Census, Historical Statistics of the United States (Washington, D. C.:
Government Printing Office, 1975), ser. T 1 - 14, p. 839].
We saw that development of technology and perfection of receptions of the organisation
Have increased number of areas of an economy, in which costs from increase in the sizes
The enterprises were blocked by economy from increase in scales of production or
Sales. Now we will address to that factor which has transformed the belonging
To public stock corporations in the most favourable form of the enterprise, namely to
To capital market of industrial enterprises. Till 1890 in the United States
There were an extreme rarity industrial corporations belonging to public, and
After 1914 became so rare large not incorporated and not having
Sets of shareholders of the enterprise. This shift has required change as
The organisations of corporations, and trade on equity markets. These changes
Were extremely important for XX-th century capitalism.
Occurrence of equity markets is connected with trade in the governmental
Bonds and securities of monopolies. It allocates the market in Amsterdam,
Arisen in the XVII-th century beginning, as the first example opened, public and extensive
Security trading though he finds out rudiments of such trade in
Italy, Spain, France, in cities of Hansa and in security trading
Mines at the Leipzig fair in XV century [Fernand Braudel, The Wheels of
Commerce (New York: Harper and Row, 1982), pp. 100 - 101]. In London dealers
Securities have created the market in 1773. In New York since 1792
Regular trade was conducted in the street (in a literal sense). So that
Security trading - much more ancient practice, than trade
Shares of industrial corporations.
In the United States investors have got acquainted with set of variants of trade
Securities during time and at once upon termination of a civil war. It Century
- informs that with 1860 for 1930 in the United States have been opened
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