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Dividends of DevelopmentSecurities Markets in the History of U.S. Capitalism, 1866-1922$
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Mary A. O’Sullivan

Print publication date: 2016

Print ISBN-13: 9780199584444

Published to Oxford Scholarship Online: November 2016

DOI: 10.1093/acprof:oso/9780199584444.001.0001

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Yankee Doodle Went to London

Yankee Doodle Went to London

Anglo-American Breweries and the London Securities Market, 1888–1892

Chapter:
(p.74) 2 Yankee Doodle Went to London
Source:
Dividends of Development
Author(s):

Mary A. O’Sullivan

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199584444.003.0003

This chapter analyses the earliest efforts to bring US industrial enterprises to securities markets on a significant scale, which occurred not in the United States but in London in the late 1880s and early 1890s. Although some historians have seen this phenomenon as a manifestation of the liberalism of the London Stock Exchange, in contrast to the conservatism of its New York counterpart, the author claims that this argument cannot be sustained. Instead, the fact that Anglo-American industrial issues were floated on the London market reflected the city’s success in building demand based on financial machinery that did not exist in New York. Still, London’s achievements in this regard were not sufficient to create an enduring market for them with the meagre performance of Anglo-American enterprises undermining these early efforts to build a market for US industrial securities.

Keywords:   Anglo-American industrials, brewing enterprises, London Stock Exchange, New York Stock Exchange, underwriting, promoters

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