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| Author: | McKeagan, D. |
| Title: | Development of a mature securities market in Montreal from 1817 to 1874 |
| Journal: | Business history
2009 : JAN, VOL. 51:1 p. 59-76 |
| Index terms: | Canada North America stocks finance banks |
| Language: | eng |
| Abstract: | An organized market for financial securities in Montreal before 1874 developed slowly because finance of major infrastructure projects was carried out in London, not Montreal. Growth was not driven by speculation or tempered by successive boom and bust; this makes the Montreal experience practically unique in the history of finance. The Montreal Board of Trade was the focus of commercial activities which eventually evolved through increased specialization to a stock market. Some businessmen who called themselves brokers traded stocks and bonds for their own account but not on commission since trading volume was too low for any form of auction to take place. |
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