File:The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York (1913) (14784156792).jpg

Identifier: progressofempire01cona_0 (find matches)
Title: The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York
Year: 1913 (1910s)
Authors: Conant, Charles A. (Charles Arthur), 1861-1915
Subjects:
Publisher: New York : The Progress of the Empire State Company
Contributing Library: Columbia University Libraries
Digitizing Sponsor: The Durst Organization

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so that partnership interest in the corporations could be
more easily bought or sold and transferred from one
owner to another. Out of this has developed the
modern stock company, which facilitates the gathering,
out of the small means of many, the capital adequate for
undertakings too large for any one individual; which
permits of limited liability, so that a maximum of power
is joined to a minimum of individual risk; and which secures
continuity to a corporation not depending upon the life of
any one stockholder, but existing like a self-perpetuating
body. Out of the stock company has, by an inevitable evolu-
tion, sprung the stock market. With many people owning
shares in stock companies, it was of course inevitable that
some would want to sell their interest while others would
want to buy. Just as inevitably there developed a class
of middlemen or brokers between these sellers and buyers.
The brokers had to have a common meeting-place where
they exchanged their wares. Such a meeting-place became
a stock market. As this stock market developed it was
Text Appearing After Image:


RUSSELL SAGE

Capitalist; born at Verona, N.Y., August 4,1816. Began his
career as an errand boy in his brother's grocery store at Troy;
rapidly advanced until he became a wholesale grocer in
Troy on 1837. Was alderman of Troy 1847; member of Congress
1853–1857. Removed to New York in 1867, and became active
in Wall Street. Was director in a large number of cororations,
inlcuding the Manhattan Railway Co., Western Union Telegraph
Co., Fifth Avenue Bank, Consolidated Coal Co., Iowa Central
Railway Co., Missouri Pacific Railwat Co., and Pacific Mail
Stempship Co.. Married Margaret Olivia Slocum, of Syracuse,
N. Y., who surives him, and two whom his large fortune was
bequeathed. Since the death of her husband, Mrs. Sage, in
addition to many other benefactions, has established in his
memory, with an endowment of $10,000,000, the "Russell Sage
Foundation," for the Improvement of Social and Living Condi-
tions in the United States. Mr. Sage died at Lawrence, Long
Island, July 22, 1906.

HISTORY OF THE NEW YORK STOCK EXCHANGE 267

found necessary to organize it with rules and regulations,
and thus the stock exchange came into existence. Macau-
lay, in a celebrated passage, has described the origin of the
English stock market. The surplus income of the people,

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