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J. P. Morgan in London and New York before 1914

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  • Hannah, Leslie

Abstract

Before 1914, London had a stock exchange that was larger and qualitatively more developed than New York's. Yet the London Stock Exchange has received a bad press from historians, while the New York Exchange has achieved star billing. This forensic reexamination of J. P. Morgan–a player in both markets–suggests that such a historiography is egregiously biased. Morgan's higher profi ts in New York derived partly from insider deals and partly from monopolistic exactions that U.S. protectionism facilitated but that proved more problematic in the U.K.'s open, competitive markets. Morgan's contributions to the impressive catch-up process by the New York Exchange are more plausibly viewed as successful emulation of European securities-market precedents on routine matters than of the allegedly path-breaking “information-signaling” innovations of more Panglossian accounts.

Suggested Citation

  • Hannah, Leslie, 2011. "J. P. Morgan in London and New York before 1914," Business History Review, Cambridge University Press, vol. 85(1), pages 113-150, April.
    • Handle: RePEc:cup:buhirw:v:85:y:2011:i:01:p:113-150_00
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    Cited by:

    1. Carola Frydman & Eric Hilt, 2014. "Investment Banks as Corporate Monitors in the Early 20th Century United States," NBER Working Papers 20544, National Bureau of Economic Research, Inc.
    2. Mary A. O'Sullivan, 2015. "Yankee Doodle went to London: Anglo-American breweries and the London securities market, 1888–92," Economic History Review, Economic History Society, vol. 68(4), pages 1365-1387, November.
    3. Sibylle H. Lehmann, 2014. "Taking firms to the stock market: IPOs and the importance of large banks in imperial Germany, 1896–1913," Economic History Review, Economic History Society, vol. 67(1), pages 92-122, February.
    4. Burhop, Carsten & Chambers, David & Cheffins, Brian, 2014. "Regulating IPOs: Evidence from going public in London, 1900–1913," Explorations in Economic History, Elsevier, vol. 51(C), pages 60-76.

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