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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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The Truth about the Trusts

The Truth about the Trusts

Propitious Conditions for US Markets for Industrial Securities, 1897–1902

(p.146) 4 The Truth about the Trusts
Dividends of Development

Mary A. O’Sullivan

Oxford University Press

Further initiatives to develop the market for US industrial securities depended on a new momentum exemplified by the sweeping merger movement of the turn of the century. Major structural changes on the demand and supply sides of the US securities markets were crucial for facilitating the enormous boom in securities issues that occurred at this time. It led to an unprecedented expansion in the market for industrial securities in the United States as well as a structural transformation of these markets. In the secondary markets, we witness a broadening and deepening of trading in industrial securities not just on the official list of the New York Stock Exchange but also on other trading markets. Even more important, however, were changes on the primary market where emerging financial alliances became integral to the promotion of corporate securities, albeit in ways that were quite distinct for industrial, as compared with railroad, securities.

Keywords:   merger movement, financial banking, consolidation, call loans, industrial securities

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