Paralleling in time, though not in power, the national expansion and concentration in finance, transportation, and manufacturing, the American theatre entered the 1860's as primarily a stock-company operation, but emerged from the decade as a traveling theatre with a central concentration in New York City. Circuits and booking agencies organized by managers and producers during the seventies and eighties led eventually to the virtual monopoly of the American theatre established by the Theatrical Syndicate in 1896.