Overview
- Constitutes the first work that establishes when and why the NYSE became the preeminent exchange in the US
- Discusses efficiency and competition between stock exchanges
- Analyzes bid-ask spread data for the New York, Philadelphia, and Boston exchanges during the 1830s, 1840s, and 1850s
Part of the book series: Palgrave Studies in Economic History (PEHS)
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About this book
This book chronicles the ascension of the New York Stock Exchange, detailing its remarkable rise to preeminence and its lasting impact on financial history.
In the 1830s, New York, Philadelphia, and Boston each had a stock exchange. These were the New York Stock Exchange (NYSE), Philadelphia Stock Exchange, and Boston Stock Exchange. As there was no reliable means of communicating between these cities in real time, each exchange served its local market. The 1840s brought an innovation in communications technology: the telegraph, which, in time, brought these exchanges into competition with each other.
Three previously independent stock markets became, in effect, a single market. If a security was listed on more than one exchange, potential buyers and sellers could choose the exchange on which to execute a trade in this security. This book details how the NYSE emerged as the winner of this competition.
Chapters analyze key moments in history that made the NYSE a reliable location to trade securities that evoked regional and eventually national interest. This analysis is applied to the competition between (i) stock exchanges today; (ii) taxi ride-booking services such as Uber and Ola; (iii) restaurant to home, food delivery services, such a Zomato and Swiggy; and (iv) doorstep delivery services, such as Blinkit and Zepto.
The resulting book provides the untold history of the NYSE and its rise to preeminence in the American economy.
Keywords
- New York Stock Exchange history
- New York Stock Exchange
- NYSE
- Bid-ask spread
- Competition between exchanges
- Impact of the telegraph
- Communications technologies
- Financial markets
- New York Stock Exchange rise to preeminence
- Financial history of the United States
- Financial History
- Economic History
- Book about the NYSE
- Book about the New York Stock Exchange
- What is the history of the NYSE?
Table of contents (11 chapters)
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Front Matter
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Back Matter
Authors and Affiliations
About the author
Sonali Garg is an independent researcher based in New Delhi, India. She has worked as a regulator at the Competition Commission of India and holds a Ph.D. in Economics from The Ohio State University. Views expressed in the book are the author’s.
Bibliographic Information
Book Title: The Telegraph and Stock Exchanges
Book Subtitle: How Innovations in Communications Technology Influenced Regional Exchanges in the United States, 1830–1860
Authors: Sonali Garg
Series Title: Palgrave Studies in Economic History
DOI: https://doi.org/10.1007/978-3-031-40407-8
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2024
Hardcover ISBN: 978-3-031-40406-1Published: 13 February 2024
Softcover ISBN: 978-3-031-40409-2Published: 01 March 2025
eBook ISBN: 978-3-031-40407-8Published: 12 February 2024
Series ISSN: 2662-6497
Series E-ISSN: 2662-6500
Edition Number: 1
Number of Pages: XXIII, 163
Number of Illustrations: 1 b/w illustrations, 19 illustrations in colour
Topics: Economic History, Economic Growth