Hostname: page-component-78c5997874-m6dg7 Total loading time: 0 Render date: 2024-11-03T08:43:56.941Z Has data issue: false hasContentIssue false
  • English
  • Français

The London and New York Stock Exchanges, 1850–1914

Published online by Cambridge University Press:  03 March 2009

Ranald C. Michie
Ranald C. Michie
Affiliation:
Lecturer in Economic History at the University of Durham, DH1 3HY, England.
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper compares two financial institutions that provided the same functions at the same time, but in different countries and with different memberships. Though the London and New York stock exchanges appear to be alike between 1850 and 1914, they were not, as each responded in its own way to the forces acting upon it. The result was a radically different organization of the securities market in Britain and the United States. This had important implications for the money and capital markets and consequences for business and the economy.

Type
Articles
Information
The Journal of Economic History , Volume 46 , Issue 1 , March 1986 , pp. 171 - 187
Copyright
Copyright © The Economic History Association 1986

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 Cameron, R., “Banking in the Early Stages of Industrialisation: A Preliminary Survey,” Scandinavian Economic History Review, 2 (1963);Google ScholarCameron, R., ed., Banking in the Early Stages of Industrialization: A Study in Comparative Economic History (New York, 1967);Google ScholarCameron, R., ed., Banking and Economic Development (New York, 1972).Google Scholar

2 See also Davis, L. E., “Capital Mobility and American Growth,” in Fogel, R. W. and Engerman, S. L., eds., The Reinterpretation of American Economic History (New York, 1971), pp. 185–86.Google ScholarBorn, K. E., International Banking in the 19th and 20th Centuries (Leamington, Spa, 1983), p. 164.Google Scholar

3 U.S. Congress, Report of the Committee Appointed to Investigate the Concentration of Control of Money and Credit, 28 Feb. 1913, p. 33.Google Scholar

4 Lawson, W. R., The Scottish Investors' Manual (Edinburgh, 1884), p. 35;Google Scholar see also Morgan, E. V. and Thomas, W. A., The Stock Exchange: Its History and Functions (London, 1962), p. 68;Google ScholarWyckoff, P., Wall Street and the Stock Markets: A Chronology, 1644–1971 (Philadelphia, 1972), pp. 5, 8;Google ScholarKrooss, H. E. and Blyn, M. R., A History of Financial Intermediaries (New York, 1971), p. 56;Google ScholarSobel, R., The Big Board: A History of the New York Stock Market (New York, 1965), p. 21.Google Scholar

5 Parliamentary Papers, 187, IX, Royal Commission on the London Stock Exchange, Report, pp. 5–6, Minutes, pp. 4, 16–17;Google ScholarKeyser, H., The Law relating to Transactions on the Stock Exchange (London, 1850), pp. 20–21;Google ScholarMorgan and Thomas, Stock Exchange, pp. 70, 74, 143.Google Scholar

6 Meeker, J. E., The Work of the Stock Exchange (New York, 1930), pp. 64–69.Google Scholar

7 Morgan and Thomas, Stock Exchange, chap. 9; Meeker, Work of the Stock Exchange, chap. 16.Google Scholar

8 Archives of the New York Stock Exchange [henceforth, NYSE], Stock and Exchange Board, 15 Nov. 1867; NYSE, Committee of Arrangements, 2 Nov. 1878, 23 Dec. 1881, 9 Nov. 1885, 9 May 1887, 11 July 1895, 12 May 1902; NYSE, N. Green (Gold and Stock Telegraph Co.) to Chairman, NYSE, 26 Dec. 1884; NYSE, Memorandum on Foreign Ticker Services, 3 May 1897.Google ScholarStedman, E. C., ed., The New York Stock Exchange (New York, 1905), pp. 440–41;Google ScholarSchultz, B. E., Stock Exchange Procedure (New York, 1936), p. 12; NYSE, Special Committee on Odd Lots, Report, 6 June 07.Google Scholar

9 London Stock Exchange [henceforth, LSE], Trustees and Managers, 7 Oct. 1868, 5 Feb. 1873, 5 Nov. 1879, 20 Jan. 1880, 1 July 1888, 7 Nov. 1888, 2 Jan. 1889, 14 Oct. 1891, 3 June 1903; LSE, General Purposes, 1 Oct. 1872, 10 April 1907; LSE General Purposes—Sub-Committee on Exchange Telegraph Co., 16 April 1886–30 Dec. 1908.Google Scholar

10 Royal Commission, Report, p. 6, Minutes, pp. 10–13, 166; LSE, Trustees and Managers, 14 Oct. 1891; LSE, Statement of foreigners admited as members, 1 Jan. 1900–31 Dec. 1909;Google ScholarChiswell, F., Key to the Rules of the Stock Exchange (London, 1902), p. 28;Google ScholarDay, J. E., Stockbroker's Office Organisation Management and Accounts (London, 1911), p. 3;Google ScholarMorgan and Thomas, Stock Exchange, pp. 140–44, 157–58, 160.Google Scholar

11 NYSE, Committee on Membership Rights, 17 Oct. 1868;Google ScholarArmstrong, W., Stocks and Stock-Jobbing in Wall Street (New York, 1848);Google ScholarHamon, H., New York Stock Exchange Manual (New York, 1965), p. 112;Google ScholarAnon, , History of the New York Stock Exchange (New York, 1887), pp. 1, 5;Google ScholarSobel, Big Board, pp. 86–88; Schultz, Procedure, p. 13; Wyckoff, Wall Street, pp. 150–51.Google Scholar

12 Royal Commission, Minutes, p. 27; LSE, General Purposes—Sub-Committee on Exchange Telegraph Co., 13 Aug. 1894, 13 Sept. 1894; LSE, General Purposes—Sub-Committee on Mincing Lane, 23 Sept. 1909;Google ScholarAnon., A New Survey of London (London, 1853), vol. 1, p. 378;Google Scholar Universal Stock Exchange, Stock Exchange Investments (London, 1897), introduction and pp. 168, 173;Google ScholarBurt, R., “The London Mining Exchange, 1850–1900,” Business History, 14 (1972), pp. 126–42;CrossRefGoogle ScholarMorgan and Thomas, Stock Exchange, pp. 141, 227.Google Scholar

13 Duguid, C., The Stock Exchange (London, 1913), p. 120;Google Scholar Financial Times, Investors Guide (London, 1913), p. 67; Chiswell, Key, p. 71.Google Scholar

14 Medbery, J. K., Old Times in Wall Street: A Study for To-day (New York, 1886), pp. 110, 131;Google ScholarAnon., The New York Stock Exchange (New York, 1886), pp. 21, 28;Google ScholarNelson, S. A., The Consolidated Stock Exchange of New York (New York, 1909), pp. 45, 23, 25;Google Scholar Consolidated Stock Exchange, Annual Report (1886), pp. 68, 73–74, and Annual Report (1913), p. 19;Google Scholar and U. S. Congress, Regulation of the Stock Exchange: Hearings before the Committe on Banking and Currency (Washington, 1914), p. 78;Google ScholarSamson, W. E., The Mysteries of Wall Street (New York, 1884), p. 66;Google ScholarNelson, S. A., ed., The ABC of Wall Street (New York, 1900), pp. 69, 73;Google ScholarJones, and Baker, , The History of the New York Curb (New York, 1916), p. 8;Google ScholarSobel, R., The Curbstone Brokers: The Origins of the American Stock Exchange (New York, 1970), p. 105;Google ScholarNYSE, Committee on Arrangements, 31 March 1886;Google ScholarHuebner, S. S., ed., Stocks and the Stock Market (Philadelphia, 1910), p. 2.Google Scholar

15 U. S. Congress, Money Trust Investigation: Investigation of Financial and Monetary Conditions in the United States (Washington, D.C., 1912), pp. 1297, 2194. NYSE, Special Investigation of the Curb Market, 29 03 1908;Google ScholarNYSE, Special Committee on Mining Dept., 20 Nov 1879; NYSE, Special Committee on the NY Mining Exchange, 16 Jan 1885;Google ScholarNational Monetary Commission, Statistics for the United States, 1867–1909 (Washington, D.C., 1910), p. 9; Consolidated Stock Exchange, Annual Report, 31 May 1903, 31 May 1908, 31 May 1909;Google ScholarVan Riper, L. C., Ins and Outs of Wall Street (New York, 1898), pp. 25–26;Google ScholarNourse, E. G., Brokerage (New York, 1910), p. 88;Google ScholarWyckoff, Wall Street, p. 155; Nelson, ABC of Wall Street, p. 18;Google ScholarMartin, H. S., The New York Stock Exchange (New York, 1919), pp. 104–5;Google ScholarVan Antwerp, W. C., The Stock Exchange from within (New York, 1913), pp. 428–431.Google Scholar

16 Royal Commission, Minutes, 1878, p. 29.Google Scholar

17 LSE, General Purposes, 27 June 1900, 11 July 1904, 15 Oct 1905.Google ScholarDuguid, Stock Exchange, p. 34; Day, Stockbroker's Office, p. 80.Google Scholar

18 LSE, General Purposes—Sub-Committee on Commissions, 8 May 1912, 16 May 1912, 4 July 1912, 30 Sept. 1912, 24 Jan. 1913; LSE, General Purposes, 13 Jan. 1912, 15 Jan. 1912, 25 April 1912, 30 April 1912, 1 June 1912, 21 Sept. 1912, 30 Sept. 1912, 20 Jan. 1913, 24 Jan. 1913.Google Scholar

19 NYSE, Governing Committee, 13 April 1894; see also Constitution of the New York Stock and Exchange Board, 21 Feb. 1820, Article 10.Google Scholar

20 NYSE, Committee on Commissions, 14 May 1889, 29 March 1910; NYSE, Governing Committee, 23 Oct. 1878, 22 May 1889, 12 Nov. 1902, 30 March 1910; NYSE, Special Investigation of the Curb Market, 4 April 1906; NYSE, Special Committee on Bucket Shops: Digest, 25 June 1913, p. 83.Google Scholar

21 Railroad Review, 24 Dec. 1887; NYSE, Antwerp, Van to Neeley, G. A., 30 June 1913, Van Antwerp Papers; NYSE, Committee on Commissions, 8 Jan. 1883;Google ScholarPratt, S. S., The Work of Wall Street (New York, 1903), p. 93;Google ScholarLSE, General Purposes, 13 Feb. 1907;Google ScholarGibson, G. R., The Stock Exchange of London, Paris and New York: A Comparison (New York, 1889), p. 34.Google Scholar

22 NYSE, Committee on Commissions, 16 May 1881, 20 June 1881, 14 July 1911. 12 Nov. 1913; NYSE, Committee on Admissions, 29 Jan. 1902; NYSE, Special Committee on Wire Privileges, 11 Jan. 1900; NYSE, Antwerp, Van to Neeley, G. A., 30 June 1913; Boston Stock Exchange, Constitution (1905), Article 29;Google ScholarArmstrong, W. A., Stocks and Stock-Jobbing in Wall Street (New York, 1848), p. 36;Google ScholarAnon., New York Stock Exchange (New York, 1886), pp. 63, 115;Google ScholarNYSE, Committee on the Constitution, 4 Dec 1911.Google Scholar

23 Money Trust Investigation, Minutes, p. 827; Barron, C. W. et al. , The Boston Stock Exchange, 1834–1893 (Boston, 1893) (no pagination);Google ScholarAntwerp, Van, The Stock Exchange, p. 428.Google Scholar

24 Eames, F. L., The New York Stock Exchange (New York, 1894), p. 90;Google ScholarStedman, E. C., ed., The New York Stock Exchange (New York, 1905), p. 11;Google ScholarNYSE, Committee on Arrangements, 10 May 1886; NYSE, Committee on Commissions, 21 Feb. 1894; Nelson, Consolidated Stock Exchange, p. 75.Google Scholar

25 NYSE, Governing Committee, 13 April 1894; Huebner, Stocks, p. 7.Google Scholar

26 Reply by the New York Stock Exchange to the Governor's Committee on Speculation in Securities and Commodities, 1909, Horace White Papers, New York Historical Society, p. 27; NYSE, Governing Committee, 12 Jan. 1881, 27 June 1883, 13 April 1894, 23 April 1894, 31 May 1894, 23 Dec. 1897, 26 Jan. 1898; NYSE, Committee on Arrangements, 1 July 1895, 11 Jan. 1897, 29 Oct. 1900, 18 Dec. 1903, 9 May 1904, 14 June 1904; NYSE, Committee on Commissions, 5 Jan 1904; NYSE, Matter of Domestic Arbitrage and Quotations, 14 June 1904; Pratt, Work, p. 115; Stedman, New York Stock Exchange, p. 505.Google Scholar

27 NYSE, Committee on Commissions, 29 Feb. 1912; NYSE, Special Committee on Wire Connections, transcripts, 11 Jan 1900; NYSE, Special Investigation Committee on Continuous Quotation, transcripts, 21 Jan 1903–1905 Feb. 1903: NYSE. Special Committee on Copper Stocks, 18 May 1903. See also Boston Stock Exchange, Governing Committee, 10 April 1894, 3 Feb. 1898, 11 April 1898, 20 March 1914, and Committee on ways and means of increasing Business, 18 July 1904;Google ScholarCornwell, W. C., “Bonds as Additional Banking Reserve,” in Hull, W. H., ed., Bonds as Investment Securities (Philadelphia, 1907), p. 118.Google Scholar

28 NYSE, Special Committee of Inquiry into the Stock Commission Business Report, 21 Aug. 1887; Committee on Commissions, 14 Aug. 1907, 14 Dec. 1910, 29 Feb. 1912, 9 April 1912, 30 Oct. 1912; NYSE, Governing Committee, 23 Feb. 1911, 20 April 1911, 25 Feb. 1914; NYSE, Special Committee on Foreign Business, Digest, 1934–1935. New York Commercial, 26 Feb. 1914; Brooklyn Daily Eagle, 1 March 1914; Pratt, Work, p. 114;Google ScholarRosenbaum, W. E., The London Stock Exchange; Its Features and Usages (New York, 1910), pp. 3–7; Boston Stock Exchange, Ways and Means Committee, 18 July 1904, and Governing Committee, 20 March 1914.Google Scholar

29 Cope, S. R., “The Stock Exchange Revisited: A New Look at the Market in Securities in London in the Eighteenth Century,” Economica, 45 (1978), pp. 8, 15;CrossRefGoogle ScholarWheeler, J. F., The Stock Exchange (London, 1913), p. 41;Google ScholarDuguid, The Stock Exchange, p. 56; Day, Stockbroker's Office, p. 41; Royal Commission, Report, p. 20, and Minutes, pp. 21, 45;Google ScholarMolshelme, R. E. and Gardner, G. S., The Law and Customs of the Stock Exchange (London, 1905), p. 15.Google Scholar

30 For the benefits of an active market, and how it was created, see Cragg, A., Understanding the Stock Market (New York, 1929), p. 196;Google ScholarHowland, H. J., “Gambling Joint or Market Place? An Inquiry into the Workings of the New York Stock Exchange,” The Outlook, 28 June 1913, pp. 436–37.Google Scholar

31 Memorial and Remonstrance of the Board of Stock and Exchange Brokers of the City of New York to the State of New York, 23 March 1836, pp. 2, 4–6, 11; Money Trust Investigation, Report, p. 116;Google ScholarHedges, J. E., Commercial Banking and the Stock Market before 1863 (Baltimore, 1938), pp. 97–98;Google ScholarMyers, M. G., The New York Money Market (New York, 1931), vol. I, pp. 132–33, 305, 424;Google ScholarSchultz, Procedure, p. 8.Google Scholar

32 Goodhart, C. A. E., The Business of Banking, 1891–1914 (London, 1972), pp. 18, 122–27:Google ScholarWithers, E., The English Banking System (Washington, D.C., 1910), pp. 37–38;Google ScholarSpicer, E. E., An Outline of the Money Market (London, 1908), p. 19;Google Scholar the following three articles are all in Journal of the Institute of Bankers: Cole, A. C., “Notes on the London Money Market,” 25 (1904), pp. 134–35;Google ScholarSteele, F. E., “On Changes in the Bank Rate of Discount,” 12 (1891), pp. 496–97;Google ScholarCole, W. A., “The Relations between Banks and the Stock Exchanges,” 20 (1899), p. 409;Google ScholarCrump, A., The Theory of Stock Speculation (London, 1874), p. 19;Google ScholarLavington, F., The English Capital Market (London, 1921), p. 142;Google ScholarMaddison, E. C., On the Stock Exchange (London, 1877), pp. 93–94; Royal Commission, Minutes, pp. 37–40:Google ScholarLSE, General Purposes Sub-Committee of a non-permanent character, 10 Sept. 1914.Google Scholar

33 Goodhart, Business, p. 218;Google ScholarBlaisdell, W. M., Financing Security Trading (Philadelphia, 1935), pp. 33, 48, 84, 151–52;Google ScholarHollander, J. H., Bank Loans and Stock Exchange Speculation (Washington, D.C., 1911), pp. 4, 24.Google Scholar

34 Myers, New York, pp. 131–33; Hedges, Commercial Banking, pp. 75, 97–98; Banker's Circular (London), 15 Feb. 1828, 19 Oct. 1832;Google ScholarDavis, L., “The Capital Markets and Industrial Concentration: The U.S. and U.K.—A Comparative Study,” Economic History Review, 19 (1966), p. 260.CrossRefGoogle Scholar

35 Blaisdell, Financing, pp. 33, 84, 152, 156–58, 165;Google ScholarRyan, J. P., “Call Money Rates and Stock Prices,” in Gibson, T., Special Marker Letters for 1908 (New York, 1909), p. 96;Google ScholarOsborne, A. A., Speculation on the New York Stock Exchange, September 1904–03 1907 (New York, 1913), p. 108;Google ScholarNourse, Brokerage, pp. 209–10, 214–15, 223.Google Scholar

36 Woodlock, T. F., The Stock Exchange and the money market (New York, 1908), pp. 28–29;Google ScholarNew York Tribune, 28 Oct. 1879, 7 May 1884, 15 May 1884, 12 Nov. 1890, 19 Nov. 1890; Ryan, “Call Money Rates,” p. 96;Google ScholarGoodhart, C.A.E., The New York Money Market and the Finance of Trade (Cambridge, Mass., 1969), p. 17.Google Scholar

37 Grosvenor, W. M., American Securities: The Causes influencing investment and speculation and the fluctuations in values, 1872–1885 (New York, 1885), pp. 23–24;Google ScholarNoble, H.G.S., The New York Stock Exchange in the Crisis of 1914 (New York, 1915), p. 14;Google ScholarOwens, N. N. and Hardy, C. O., Interest Rates and Stock Speculation (New York, 1925), pp. 5–6;Google ScholarU.S. Congress, Regulation of the Stock Exchange: Hearings before the Committee on Banking and Currency (Washington, D.C., 1914), Brief of Counsel on behalf of the New York Stock Exchange, pp. 529, 551, 553;Google Scholar NYSE, Streit, S. F., Report on European Stock Exchanges (New York, 1914), pp. 8, 16–17.Google Scholar

38 Royal Commission, Report, p. 9; Playford, F., Practical hints for Investing Money—with an explanation of the mode of transacting business on the Stock Exchange (London, 1856). pp. 10–11;Google ScholarHooper, W. E., ed., The Stock Exchange in the Year 1900 (London, 1900), p. 198.Google Scholar

39 Royal Commission, Minutes, pp. 29, 126, 130, 206;Google ScholarDay, Stockbroker's Office, pp. 44, 218, 219;Google ScholarDuguid, C., The Story of the Stock Exchange (London, 1901), p. 350;Google ScholarFinancial News (London), 8 March 1905; Investors Review (London), 15 Feb. 1908; Times (London), 21 Feb. 1908: LSE, General Purposes, 27 June 1900, 17 Dec. 1902, 23 April 1903, 18 Dec. 1903, 11 July 1904, 15 Oct. 1906, 27 Nov. 1906.Google Scholar

40 NYSE, Committee on Arrangements, 5 Nov. 1877, 17 March 1884, 22 June 1891; Answers from the Committee of NYSE to supplemental questions, 1909, Horace White Papers. New York Historical Society, pp. 3, 35–36;Google ScholarHamon, Manual, p. 107; Howland, Gambling, pp. 427–40; Antwerp, Van, Stock Exchange, pp. 279–80; Schultz, Procedure, pp. 55, 58, 64; Money Trust Investigation, Report, pp. 743–44, 753–55; New York Tribune, 6 July 1914; New York Herald, 4 May 1902;Google ScholarVan Antwerp, W. C. to Editor, Saturday Evening Post (Philadelphia), 13 June 1913;Google ScholarNYSE, Committee on Commissions, 25 Nov. 1900;Google ScholarMartin, H. S., The New York Stock Exchange (New York, 1919), pp. 143–53.Google Scholar

41 Thomas, W. A., The Provincial Stock Exchanges (London, 1973), pp. 90–91, 202;Google ScholarLSE, General Purposes, 13 Jan 1908, 10 Feb. 1908, 17 Feb. 1908, 2 July 1908, 23 July 1908, 11 June 1909, 1 March 1910, 13 Jan 1912, 1 June 1912, 2 Sept. 1912, 30 Sept. 1912, 8 July 1914.Google Scholar

42 Greenwood, W. J., Foreign Stock Exchange Practice and Company Laws (London, 1911), p. 204;Google ScholarCairncross, A. K., Home and Foreign Investment, 1870–1913 (Cambridge, 1953), pp. 90, 95;Google ScholarSkinner, T., The Stock Exchange Year Book and Diary (London, 1974), p. iii;Google ScholarMorgan and Thomas, Stock Exchange, p. 97; Antwerp, Van, Stock Exchange, pp. 345–58; Pratt, Work, p. 35.Google Scholar

43 Fenn, C., A Compendium of the English and Foreign Funds (London, 1837, 1840);Google ScholarNYSE, Van Veghten, D. K., Prices of Stocks and Rates of Exchange, 27 Oct. 1820–1819 April 1821; NYSE, G. A. Rollins, Call Quotation Book, 17 Sept. 1835–1826 March 1836.Google Scholar

44 Royal Commission, Minutes, pp. 29, 59, 66, 77, 79, 150, 369; Economist, 30 May 1885; LSE, General Purposes, Sub-Committee of a non-permanent character, 25 April 1898, 27 April 1899, 25 April 1900, 22 April 1901; Morgan and Thomas, Stock Exchange, pp. 282–83; General Securities Corp., Investors' Handy Book of Active Stocks and Shares (London, 1912). p. ix;Google ScholarEdeistein, M., “Rigidity and Bias in the British Council Capital Market, 1870–1913,” in McCloskey, D. N., ed., Essays on a Mature Economy: Britain after 1840 (London, 1971), p. 87.Google Scholar

45 Pratt, Work, pp. 51, 82; Schultz, Procedure, p. 14.Google Scholar

46 Van Antwerp, W. C. to Abbott, E. F., Citizens Bank, Kansas, 7 July 1914; Myers, New York, pp. 42–43; New York Evening Post, 3 May 1913; Greenwood, Foreign Stock Exchange, p. 198.Google Scholar

47 Calculation based on the Commercial and Financial Chronicle (New York), 28 Feb. 1914, and the Stock Exchange Official Intelligence (London, 1914). As with London, only a small number of issues were very actively traded.Google Scholar

48 Fisk, and Hatch, , Memoranda concerning Government Bonds (New York, 1882), p. 23;Google ScholarHarris, N. W. and Co., Municipal Bonds (New York, 1897). p. 20;Google ScholarNelson, S. A., The Bond Buyers' Dictionary (New York, 1907), p. 81;Google ScholarHalsey, N. W. and Co., The most satisfactory bonds (New York, 1912), p. 15.Google Scholar

49 Navin, T. R. and Sears, M. V., “The Rise of a Market for Industrial Securities,” Business History Review, 29 (1955), p. 136;Google ScholarSears, M. V., “Gold and the Local Stock Exchanges of the 1860s,” Explorations in Entrepreneurial History, 2nd ser., 6 (1968/1969), pp. 200–1.Google ScholarU.S. Congress, Regulation of the Stock Exchange, p. 120; NYSE. Committee on unlisted securities. 17 Nov. 1897, 22 Sept. 1908; NYSE, Committee on mining securities, 28 April 1880; NYSE, Committee on Stock List, 7 March 1872, 9 July 1884; NYSE. Committee on Arrangements. 10 June 1881: NYSE, Governing Committee, 25 Jan 1882, 8 March 1882, 1 Nov. 1882, 11 May 1886, 13 April 1887, 12 Nov. 1902; NYSE, Special Committee on unlisted dept.—minority report, 22 Jan 1896: NYSE, Special Committee on Wire Connections—Transcripts, 18 Jan 1900.Google Scholar

50 Hicking, J. and Co., Men and Idioms of Wall Street (New York, 1875), p. 17:Google ScholarNYSE, Reply by the NYSE to the Governor's Committee on Speculation, pp. 32–33: NYSE, Governing Committee, 16 March 1910.Google Scholar

51 Money Trust Investigation, Report, p. 33.Google Scholar

52 Payne, P. L., “The Emergence of the Large-Scale Company in Great Britain, 1870–1914,” Economic History Review, 20 (1967), pp. 519, 523, 527, 533–34, 537–40:CrossRefGoogle ScholarChandler, A. D., The Visible Hand: The Managerial Revolution in American Business (Cambridge, Mass., 1977). pp. 332–33, 338, 373–74, 376;Google ScholarKrooss and Blyn, A History of Financial Intermediaries, p. 129.Google Scholar