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Securities
- Business History of the
Industry
Interesting Dates
September 16, 1920 - Horse-drawn wagon filled with
explosives detonated near the subtreasury. Flames flooded Wall Street,
shooting up nearly six-stories-high. The blast shattered windows around
the area; 300 people were killed and a hundred more were wounded. The
only famous financial figure to be injured was Junius Spencer, J.P.
Morgan's grandson, who suffered a slight gash on one hand.
June 6, 1934 - President
Franklin Roosevelt signed the Securities Exchange Act; set of
regulations designed to rein in the stock swapping shenanigans and
duplicitous sales tactics that had riddled the New York Stock Exchange
(NYSE) and helped spark the Great Crash of 1929; registration
requirements for all exchanges and curbing stock purchases by
cash-strapped traders, the legislation created the Securities Exchange
Commission (SEC).
December 30, 1970 - President
Nixon signed The Securities Investor Protection Act of 1970; created
Securities Investor Protection Corporation (SIPC), private nonprofit
corporation to insure the securities and cash left with brokerage firms
by investors against loss from financial difficulties or failure of such
firms; first line of defense in the event a brokerage firm fails owing
customers cash and securities that are missing from customer accounts.
2006 (First Quarter)
- Bureau of Labor Statistics data indicated average weekly pay for
financial sector jobs in Manhattan was $8,323, up more than $3,000 per
week in three years; 280,000 workers in financial sector collect more
than half of all wages paid in Manhattan, hold less than 1/6 of 1.8
million jobs in the borough; New York City's dependence on Wall Street
grows; unequal distribution of income gains squeezing middle class.
March 2, 2007
- The Director of the National Park Service announced the Wall Street
Historic District (all or part of 36 blocks in lower Manhattan), roughly
bounded by Cedar St. and Maiden's Lane, Pearl St., Bridge and S. William
St., and Greenwich St. and Trinity Pl., had been added to the National
Register of Historic Places (the nation's official list of cultural
resources worthy of preservation); area contains 65 historic buildings
and sites (21 had previously been listed individually in national
register, 29 had been designated as landmarks by the NYC Landmarks
Preservation Commission); new buildings added include the New York Stock
Exchange, Federal Hall, Trinity Church, U.S. Custom House , American
Bank Note Building and the Equitable Building.
2008 - Employment in Securities
Industry

(Returns), Roger G. Ibbotson, Rex A. Sinquefield (1989).
Stocks,
Bonds, Bills, and Inflation: Historical Returns (1926-1987).
(Homewood, IL: Dow Jones-Irwin, 202 p.). Stocks--Prices--United States;
Securities--Prices--United States; Stock price forecasting.
(Returns), Elroy Dimson, Paul Marsh, Mike Staunton (2001).
Triumph
of the Optimists: 101 Years of Global Investment Returns.
(Princeton, NJ: Princeton University Press, 399 p.). London Business
School. More data, extending farther back in time and covering more
countries than CRSP (Center for Research in Securities Prices) - annual
real and nominal returns on equities, bonds, and bills, as well as GDP,
inflation, and exchange rate data, over 101 years (1900-2000) for
sixteen countries in North American and Europe plus Australia, South
Africa, and Japan (Australia, Belgium, Canada, Denmark, France, Germany,
Ireland, Italy, Japan, Netherlands, South Africa, Spain, Sweden,
Switzerland, United Kingdom, and United States).
Daniel M. Abramson (2001).
Skyscraper Rivals: The AIG Building and the Architecture of Wall
Street. (New York, NY: Princeton Architectural Press, 207 p.).
AIG Building (New York, N.Y.); 40 Wall Street (New York, N.Y.); One
Wall Street (New York, N.Y. : 1931- ); 20 Exchange Place (New York,
N.Y.); Skyscrapers--New York (State)--New York; Art deco
(Architecture)--New York (State)--New York; Wall Street (New York,
N.Y.)--History--20th century; New York (N.Y.)--Buildings, structures,
etc. Architecture of Wall Street between wars
through an amazing array of contemporary and archival images and an
informed discussion of financial, geographical, historical forces that
shaped this district.
Peter L. Bernstein (1992).
Capital Ideas: The Improbable Origins
of Modern Wall Street. (New York, NY: Free Press, 340 p.).
Finance; Wall Street. Breakthrough financial
theories of small group of academics laid intellectual groundwork for
many innovations, new products, strategies which revolutionized
world of finance.
--- (2007).
Capital Ideas Evolving: The Improbable Origins of Modern Wall Street.
(Hoboken, NJ: Wiley, 288 p.). Finance; Investments. History of modern
investment theory, history of modern financial innovation.
Financial theories now: 1) shape underlying
structure of portfolio management, market behavior, 2) spark important
innovations (portable alpha, fresh insights into risk/return trade-off);
positive consequences of interactions between theoretical critics and
investment practitioners.
Murray T. Bloom (1971).
Rogues to Riches; The Trouble with Wall
Street. (New York, NY: Putnam, 332 p.). Wall Street.
John Brooks (1961).
The Seven Fat Years : Chronicles of Wall
Street. (Garden City, NY: Doubleday, 238 p. [orig. pub. 1958]).
Finance--United States--History; Stock exchanges--United States.
David Colbert (2001).
Eyewitness to Wall Street: 400 Years of
Dreamers, Schemers, Busts, and Booms. (New York, NY: Broadway Books,
391 p.). Wall Street; Capitalists and financiers -- United States --
History; Securities -- United States -- History; Finance -- United
States -- History.
Charles A. Conant (1968).
Wall Street and the Country, a Study of Recent Financial Tendencies.
(New York, NY: Greenwood Press, 247 p. [orig. pub. 1904]). Trust
companies; Trusts, Industrial; Currency question -- China; United
States -- Commerce; Economic history; Stock exchanges.
Steve Fraser (2005).
Every Man a Speculator: History of Wall
Street in American Life. (New York, NY: HarperCollins, 752 p.).
Wall Street--History; Stock exchanges; Stocks; Securities.
--- (2008).
Wall Street: America’s Dream Palace. (New Haven, NY: Yale
University Press, 200 p.). Senior Lecturer (University of
Pennsylvania), Co-Founder of the American Empire Project, Metropolitan
Books. Capitalists and financiers--United States--Biography; Wall
Street (New York, N.Y.)--History. America’s
love-hate relationship with Wall Street; four iconic, recurring Wall Street
types: 1) aristocrat, 2) confidence man, 3) hero, 4) immoralist; how nation has wrestled, wrestles with fundamental
questions of wealth and work, democracy and elitism, greed and
salvation.
Martin S. Fridson (1998).
It Was a Very Good Year: Extraordinary
Moments in Stock Market History. (New York, NY: Wiley, 244 p.).
Merrill Lynch Junk Bond Department. Investments--United
States--History; Stocks--United States--History.
Robert Gambee (1990).
Wall Street Christmas. (New York, NY:
Norton, 272 p.). Christmas--New York (State)--New York; Stock
exchanges--New York (State)--New York; Wall Street (New York,
N.Y.)--Social life and customs; New York (N.Y.)--Social life and
customs.
--- (1999).
Wall Street: Financial Capital. (New York, NY:
Norton, 272 p.). Wall Street (New York, N.Y.)--History--Pictorial works;
Wall Street (New York, N.Y.)--History; Business enterprises--New York
(State)--New York--History--Pictorial works; New York
(N.Y.)--History--Pictorial works; New York (N.Y.)--Buildings,
structures, etc.--Pictorial works.
Charles R. Geisst (1990).
Visionary Capitalism: Financial Markets
and the American Dream in the Twentieth Century. (New York, NY:
Praeger, 191 p.). Capital market--United States--History--20th century;
Finance--United States--History--20th century; Capitalism--United
States--History--20th century.
--- (1997).
Wall Street: A History. (New York, NY: Oxford
University Press, 404 p.). Professor of Finance (Manhattan College
School of Business). Wall Street--History.
--- (1999).
100 Years of Wall Street. (New York, NY:
McGraw-Hill, 178 p.). Professor (Manhattan College). Wall Street (New
York, N.Y.)--History--20th century. Author of "Wall Street: A History,"
takes a picturesque look at the history of Wall Street.
--- (2004).
Wall Street: A History: From Its Beginnings to the
Fall of Enron. (New York, NY: Oxford University Press, 438 p.
[rev. and exp. ed.]). Professor of Finance (Manhattan College School
of Business). New York Stock Exchange; Wall Street--History.
--- (2005).
Undue Influence: How the Wall Street Elite Put the Financial System at
Risk. (Hoboken, NJ: Wiley, 314 p.). Professor of Economics and
Finance (Manhattan College). Stock exchanges--United States; Stock
exchanges--Law and legislation--United States; Securities
industry--Deregulation--United States; Financial crises--United
States.
John Steele Gordon (1999).
The Great Game: The Emergence of Wall
Street as a World Power, 1653-2000. (New York, NY: Scribner, 319
p.). Wall Street--History; Securities--United States--History;
Investments--United States--History.
Harland W. Hoisington, Sr. (1972).
Wall Street, 1920-1970; Five
Fabulous Decades. (New York, NY: Vantage Press, 207 p.). Wall
Street.
Sidney Homer and Richard E. Sylla (1996).
The History of Interest Rates. (New Brunswick, NJ: Rutgers
University Press, 3rd ed., rev.; 688 p.). Academics (NYU). Interest
Rates, Credit. Classic.
Jane Elizabeth Hughes, Scott B. MacDonald (2004).
Carnival on Wall
Street: Global Financial Markets in the 1990s. (New York, NY: Wiley,
258 p.). Capital market--History--20th century; International
finance--History--20th century; Stock exchanges--History--20th century;
Wall Street--History--20th century; Bull markets--United
States--History--20th century; Stock Market Bubble, 1995-2000; Financial
crises--East Asia--History--20th century; Globalization--Economic
aspects--History--20th century.
Leonard L. Levinson (1961).
Wall Street; A Pictorial History.
(New York, NY: Ziff-Davis, 376 p.). New York (N.Y.)--Streets--Wall
street; Wall Street (New York, N.Y.); United States--Economic
conditions.
Ralph G. Martin and Morton D. Srone (1960).
Money, Money, Money;
Wall Street in Words and Pictures. (Chicago, IL: Rand McNally, 221
p.). New York Stock Exchange; Finance--New York (State)--New York.
Ranald C. Michie (1992). The City of London: Continuity and Change,
1850-1990. (Basingstoke, Hampshire (UK): Macmillan Academic and
Professional, 238 p.). Financial institutions--England--London--History;
London (England)--History--1800-1950; London (England)--History--1951-.
Alexander Dana Noyes (1938). The Market Place; Reminiscences of a
Financial Editor. (Boston, MA: Little, Brown, 384 p.). Finance --
United States -- History; United States -- Politics and government --
1865- ; Journalists -- Biography.
Nomi Prins (2004).
Other People's Money: The Corporate Mugging of
America. (New York, NY: New Press, 342 p.).
Former Managing Director (Goldman Sachs, Bear Stearns). Investment
banking Moral and ethical aspects United States; Corporations Moral and
ethical aspects United States; Corporations Corrupt practices United
States; Stock Market Bubble, 1995-2000; Capital market United States
History 20th century.
Fred Schwed. Illustrated by Peter Arno (1940).
Where Are the
Customers' Yachts? or, A Good Hard Look at Wall Street. (New York,
NY: Simon & Schuster, 215 p.). Wall Street; Investments; Speculation.
Wall Street, 1927-1940.
Lois Severini (1983).
The Architecture of Finance: Early Wall
Street. (Ann Arbor, MI: UMI Research Press, 237 p.). Public
buildings--New York (State)--New York; Financial institutions--New York
(State)--New York--Buildings; Wall Street (New York, N.Y.)--History.
Robert M. Sharp (1989).
The Lore and Legends of Wall Street.
(Homewood, IL: Dow Jones-Irwin, 246 p.). Wall Street--History.
B. Mark Smith (2001).
Toward Rational Exuberance: The Evolution of
the Modern Stock Market. (New York, NY: Farrar, Straus and Giroux.
Stock exchanges--United States; Stocks--United States.
--- (2003).
The Equity Culture: The Story of the Global Stock
Market. (New York, NY: Farrar, Straus and Giroux, 344 p.). Stock
exchanges; Stocks; Securities.
Bob Tamarkin and Les Krantz (1999).
The Art of the Market: Two
Centuries of American Business as Seen Through Its Stock
Certificates.(New York, NY: Stewart, Tabori & Chang,
176 p.). Award-winning Journalist, Respected Art Editor. Stock
certificates--United States--History; Industries--United
States--History.
Dana Lee Thomas (1967).
The Plungers and trhe Peacocks: An Update
of the Classic History of the Stock Market. (New York, NY: Morrow,
384 p.). Wall Street (New York, N.Y.) -- History.
Robert I. Warshow (1929). The Story of Wall Street. (New York,
NY: Greenberg, 362 p.). Wall Street; Speculation; Capitalists and
financiers--United States..).
Louise Yamada (1998).
Market Magic: Riding
the Greatest Bull Market of the Century (New York, NY: Wiley, 252
p.). Wall Street -- History -- 20th century; Stock exchanges -- United
States -- History -- 20th century; Stock exchanges -- History -- 20th
century; Economic history -- 1945- .
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Business History Links
The Funny Side of the Street
http://www.library.hbs.edu/hc/wsj/
This exhibit features samples of the "Pepper...and Salt" cartoons that
appeared in the Wall Street Journal starting in the 1950s. The cartoons
are accompanied by brief essays about the business world and financial
conditions of the decades in which they appeared. Also includes a brief
history of the cartoon feature, a note on the feature from its founder,
and a reading list. From the Baker Library at the Harvard Business
School.
Hess Collection at University of Toledo
http://www.cl.utoledo.edu/canaday/hess/introduction.html
July 1987 - The Ward M. Canaday Center for Special Collections
(University of Toledo) received the Hess Collection, a bequest of Dr.
Nicholas Gimbel. Originally, these books were collected by Gimbel's
father who was a partner in the New York brokerage firm Birdsall & Hess.
Consists of books on the history of a variety of financial markets
(stock, commodity, bond, etc.), fiction, biography, humor, and even
works denouncing the stock market altogether. Perhaps the strongest area
of concentration in this collection is made up of books on "technical analysis."
Museum of American Financial History http://www.financialhistory.org/home.htm
The nation's only independent public museum dedicated to celebrating the
spirit of entrepreneurship and the democratic free market tradition
which have made America the financial capital of the world. Founded in
1988, the Museum was chartered as an educational institution. Today, the
Museum is committed to helping all Americans look to the lessons of
financial history, while taking charge of their own financial lives. The
Museum showcases the history of Wall Street, the economic miracle of the
markets, and the achievements of American businessmen and women from
Alexander Hamilton's founding designs for a national economy, to the
rise of "dot com" entrepreneurs in the global "new economy."
Securities and Exchange Commission Historical Society
http://www.sechistorical.org/
This Virtual Museum & Archive of the SEC and the Securities History
(independent of and separate from the U.S. Securities and Exchange
Commission) preserves and shares the history and historic records of the
U.S. Securities and Exchange Commission and of the securities industry
from the 1930s to the present. It includes a wide range of primary
materials, including a timeline, papers, photos, oral histories and
original programs broadcast from this site, which contribute to the
understanding of how the SEC has shaped and continues to shape U.S. and
international capital markets. |