The London Stock Exchange, 1870-1914 : an institutional history
A general survey of the late-Victorian and Edwardian London Stock Exchange suggests that in several significant institutional senses it was probably unsatisfactory as a financial intermediary: its constitution was cumbersome; its communications system was backward; its ruling bodies were out-of-touch with the markets; and, in the context of generally lax entrance qualifications, there were far too many members of little capital and still less expertise. Moreover, the Stock Exchange seems to have been particularly unsatisfactory when it came to servicing the capital needs of home industries. Especially significant in this respect was the almost complete failure of either the Stock Exchange Committee or the company brokers to offer an effective supervisory obstacle to unscrupulous company promoters. Moreover, on the cost side, the Stock Exchange was an expensive place to float a new issue; while in terms of dealing in established home industrial securities, the provincial stock exchanges were cheaper than London's jobbers. Nor did these jobbers really justify themselves by offering genuine marketability: very few home industrials were readily dealt in on the London Stock Exchange. While as far as the brokers
Kynaston, David Thomas Anthony
History
The London Stock Exchange, 1870-1914 : an institutional history. A general survey of the late-Victorian and Edwardian London Stock Exchange suggests that in several significant institutional senses it was probably unsatisfactory as a financial intermediary: its constitution was cumbersome; its communications system was backward; its ruling bodies were out-of-touch with the markets; and, in the context of generally lax entrance qualifications, there were far too many members of little capital and still less expertise. Moreover, the Stock Exchange seems to have been particularly unsatisfactory when it came to servicing the capital needs of home industries. Especially significant in this respect was the almost complete failure of either the Stock Exchange Committee or the company brokers to offer an effective supervisory obstacle to unscrupulous company promoters. Moreover, on the cost side, the Stock Exchange was an expensive place to float a new issue; while in terms of dealing in established home industrial securities, the provincial stock exchanges were cheaper than London's jobbers. Nor did these jobbers really justify themselves by offering genuine marketability: very few home industrials were readily dealt in on the London Stock Exchange. While as far as the brokers
london stock exchange institutional history general_survey late_victorian edwardian london stock exchange suggest several significant institutional sens probably unsatisfactory financial intermediary constitution cumbersome communication_system backward rule body out touch market context generally lax entrance qualification far many member little capital still less expertise moreover stock exchange seem particularly unsatisfactory come capital need home industry especially significant respect almost_complete failure either stock exchange committee company offer effective supervisory obstacle company promoter moreover cost side stock exchange expensive place new issue term deal establish home industrial security provincial stock exchange london really justify offer genuine home readily deal london stock exchange far