The London Stock Exchange: A History

By Ranald C. Michie | Go to book overview

3
From Domestic to International, 1850-1914

MARKET PLACE

In 1850 the London Stock Exchange was the biggest and most important of its kind in the world. This was mainly a reflection of the strength and vitality of the British economy at that time. Though international influences and connections did exist they were completely overshadowed by the needs of domestic investors and borrowers. On the eve of the First World War the London Stock Exchange remained the most important in the world despite the challenge to Britain's economic position from the United States and Germany. An American economist who was very familiar with the securities business, C. A. Conant, noted in 1904 that, ' Great Britain easily leads the world in the volume of her Stock Exchange business'. Another well-informed American, S. F. Streit of the New York Stock Exchange, was of the opinion after a tour of Europe, that turnover on the London Stock Exchange was ten times greater than on his own in 1914.1 Whatever measure is applied there was no sign that London's dominant position among the hierarchy of stock exchanges was under threat by the beginning of the twentieth century. Behind this success lay a fundamental shift in orientation for the London Stock Exchange. Increasingly it was not domestic but international opportunities that underlay its growth. Though activity in domestic securities continued to provide a large, expanding, and even dynamic business for its members, that was increasingly overshadowed by the rapid expansion of both foreign securities and foreign clients. The interests of European investors and trading in American securities, in particular, became significant areas of activity for the London Stock Exchange over the 1850-1914 period, attracting the attention of numerous members. Yet another American observer, R. M. Bauer of New York, was of the opinion in 1911 that 'The London Stock Exchange is the only really international market of the world. Its interests branch over all parts of our globe.'2 By the First World War the London Stock Exchange was not simply

____________________
1
C. A. Conant, Wall Street and the Country: A Study of Recent Financial Tendencies ( New York 1904), 147; S. F. Streit, Report on European Stock Exchanges ( New York 1914), 16-17.
2
LSE: General Purposes, minutes, 15 May 1911.

-70-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
The London Stock Exchange: A History
Table of contents

Table of contents

  • Title Page iii
  • Acknowledgements vi
  • Foreword vii
  • Contents xi
  • List of Figures and Tables xii
  • Introduction 1
  • 1 - From Market to Exchange, 1693-1801 15
  • 2 - From Money to Capital, 1801-1851 37
  • 3 - From Domestic to International, 1850-1914 70
  • 4 - Shattered Dominance: The First World War, 1914-1918 143
  • 5 - Challenges and Opportunities, 1919-1939 170
  • 6 - The Changing Market Place Between the Wars 235
  • 7 - New Beginnings: The Second World War, 1939-1945 287
  • 8 - Recovery and Crisis: 1945-1949 326
  • 9 - Drifting Towards Oblivion, 1950-1959 363
  • 10 - Failing to Adjust, 1960-1969 423
  • 11 - Prelude to Change, 1970-1979 479
  • 12 - Big Bang 543
  • 13 - Black Hole 596
  • Conclusion 636
  • Select Bibliography 643
  • Index 655
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 674

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.