By Mary A. O'Sullivan
This paintings explains how U.S. securities markets grew to become vital to the institutional textile of U.S. capitalism. It claims that the U.S. securities markets took a selected, even unusual, shape that mirrored the precise trajectory of financial improvement that the us skilled from the Civil struggle via international battle 1.
summary: This paintings explains how U.S. securities markets grew to become imperative to the institutional cloth of U.S. capitalism. It claims that the U.S. securities markets took a selected, even bizarre, shape that mirrored the specified trajectory of financial improvement that the USA skilled from the Civil struggle via global battle 1
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Additional resources for Dividends of development : securities markets in the history of U.S. capitalism, 1865-1922
22 From the 1850s, New York became the primary centre of railroad ﬁnance in the United States with its bond market proving especially important. 23 The increased importance of railroads on the US securities markets would seem to offer support for Chandler’s argument that railroad ﬁnancing provided the crucial impetus for the development of these markets. There is no question that the arrival of railroad securities prompted a major breakthrough compared with the era of bank stocks. The most striking change was not so much in the numbers of securities traded as in the liquidity of trading in them.
32 Adler, British Investment, 80. 30 OUP CORRECTED PROOF – FINAL, 8/8/2016, SPi US Securities Markets, 1866–1914 29 Towards the end of the 1870s, however, a marked change in the evolution of US markets for corporate securities became apparent. 33 Beginning in 1878, and continuing into the early 1880s, there was a huge expansion in the number and volume of US railroad securities traded at home and abroad. 1 shows. That increase reﬂected a huge expansion in the number of securities traded on the exchange and in the volumes in which they changed hands.
They allowed me to compile large amounts of unexploited data including, inter alia, lists of securities traded on US securities markets, the volumes in which they traded, and the interest rates at which monies were lent on the collateral of stocks and bonds. In addition, these journals offered detailed coverage of important trends in ﬁnancial and industrial activity that helped me to interpret the patterns and trends I uncovered. Newspaper sources such as the New York Times, the Wall Street Journal, and the Chicago Daily Tribune as well as The Economist, the Times of London, and the Financial Times, often provided additional insights.