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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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An Inauspicious Beginning

An Inauspicious Beginning

Early US Flirtations with Industrial Securities, 1889–1897

(p.108) 3 An Inauspicious Beginning
Dividends of Development

Mary A. O’Sullivan

Oxford University Press

By the early 1890s, initiatives were underway to build markets for the securities of industrial enterprises. In the US there were much less demanding conditions imposed on industrials seeking access to the securities markets in New York as compared with London, and few professional or regulatory pressures on industrial companies in the US to raise their standards of disclosure to the public. The failure of National Cordage in 1893 revealed the limited investment demand for industrials and how much markets for them depended on speculative demand financed through the call market with credit from banks and trust companies. National Cordage’s failure raised questions not only about the quality of demand for new industrials but also their appeal as an investment class. Thus, the inaugural US boom in industrial securities came to an inauspicious end and it was only in the late 1890s that there were signs of their recovery.

Keywords:   Chicago, New York Stock Exchange, investment banks, industrials, panic of 1893

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