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The Expansion of the New York Securities Market at the Turn of the Century

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  • Smiley, Gene

Abstract

Since the landmark article of Thomas Navin and Marian Sears on the rise of the market for industrial securities in the Business History Review (XXIX, June 1955), there has been an active interest in the causal relationship between the remarkable upsurge in corporate mergers of industrial companies early in this century, and the greater activity of the securities markets. Professor Smiley adds to this literature with a study of interest rates and the growth of activity in what contemporaries called “financial banking” (lending money for transactions in securities) as opposed to commercial banking. There are limits to the inference of cause and effect relations from financial activity, however, and historians must continue to study these phenomena merger by merger in order to draw conclusions as to the reasons for them.

Suggested Citation

  • Smiley, Gene, 1981. "The Expansion of the New York Securities Market at the Turn of the Century," Business History Review, Cambridge University Press, vol. 55(1), pages 75-85, April.
    • Handle: RePEc:cup:buhirw:v:55:y:1981:i:01:p:75-85_04
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    Cited by:

    1. Gary John Previts & Robert Bricker, 1994. "Fact and Theory in Accounting History: Presentmindedness and Capital Market Research," Contemporary Accounting Research, John Wiley & Sons, vol. 10(2), pages 625-641, March.
    2. Siepel, Josh & Nightingale, Paul, 2014. "Anglo-Saxon governance: Similarities, difference and outcomes in a financialised world," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(1), pages 27-35.

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