Please Click on the Image to Read the FULL Book Online

PREFACE BY THE AUTHOR

The present edition of this work covers 1 00 years of the History of the Boston Stock and Money Markets ; naturally sparse of material in the earlier dates, but the record is complete ; and it will be noted (see page 9, and tables pages 94-183) that there were actual transactions in United States 6 per cent Bonds, Massachusetts 5s, the United States bank, and Union, of Boston, even in the earliest years of the period named, and since continued to date.

The original edition of this book was published in 1856, giving prices from 1835 only. A second edition, issued in 1871,’ went forward to that date and backward to 1798. The third edition was carried forward to 1886, and the present issue completes the Century to January, 1898, with the events of that period in the financial history of Boston, and, indirectly, largely of New England as well. This record can hardly fail to be of interest and value to that unknown quantity, “the public,” who have an abiding interest in investments or speculation.

The period included in this publication covers the great bank panic which commenced in 1837, failures, depression of bank stock, with reduction of dividends, followed by a second panic in 1857, the depression and almost complete stagnation of 1861, the first year of the Rebellion, and again the panic of 1873, with the close approach to one in 1884, and the last (1893) yet fresh in the public mind.

Matters of historic value, in reference to the times passed through, are given in the first fifty pages of the work, and cannot fail to be of interest. A sketch of the Boston Clearing House Association, and the record of old time bank officers will recall the names of Boston’s veterans in finance. Pages 52 to 92, under the heading of ” The Course of the Boston Money Market,” will be found of special interest, as in a great measure presenting a history of the times during the sixty-seven years covered ; and for nearly thirty years prior to 1898 the details are made very full, in view of the direct influence the condition of the finances always has upon the general prosperity of the country. On pages 175 to 182, under the head of “United States and State Securities,”” is presented an interesting record of the issues of Government bonds, following which a full detail is given of the remarkable reduction in the enormous debts of the Rebellion, presenting a record unparalleled in any other country of the world.

In looking over the record it should be remembered that some bank, insurance, and other stocks were seldom in the market in earlier years ; and, had they been freely offered, prices would naturally have ruled higher or lower in certain cases, according to the tone of the market. This is especially true in seasons of panic, where those pressed for positive sale get the benefit of depressed rates, while others not offered, escape.

Twenty-five to Thirty or more years since, “State Street” gave indications of a decadence which was disturbing, if not alarming, to those who had looked upon it as the Financial centre of the “Hub.” The great fire of Nov. 9, 1872, caused the removal of many banks into new structures elsewhere, but the tide soon turned and State Street fully regained its former prominence. The erection of the Massachusetts Hospital Life Ins. Building (in 1886) had much to do with its increasing prosperity, followed by the Boston Exchange Co. Building (1890), the Fiske Building, that of the Farlow heirs, the “Worthington,” the ” Devonshire,” the ” Massachusetts,” and the “Brazer” building, fully met the requirements of State Street for many years to come, with office buildings second to none.

For nearly fifty years prices based on sales at the Brokers’ Board, and by auction, have been collated under the personal supervision of the compiler, who has made the study of statistics a prominent feature in connection with his ‘business as a stock broker, and established a reputation as an expert, recognized in courts at law.

The writer acknowledges a just pride in referring to the superb list of advertisers, pages 233 to 262, whose patronage is most gratifying. No reader should fail to “look them over.”

JOSEPH G. MARTIN.

Please Activate the Full Screen Mode for Better Viewing Pleasure (2nd button from the left)

LINK

http://bikibook.com/books/a-century-of-finance-martin-history-boston-stock-money-market/

EMBED

<iframe frameborder="0" scrolling="no" style="border:0px" src="http://bikibook.com/books/a-century-of-finance-martin-history-boston-stock-money-market/" width=500 height=500></iframe>

Related posts:

1. Twenty-One Years in the Boston Stock Market by Joseph Gregory Martin PREFATORY REMARKS In the present work the compiler has aimed...
2. A History of Modern Banks of Issue With An Account of the Economic Crises of the Present Century by Charles A. Conant PREFACE THE reason for being of this work is the...
3. A Short History of Paper-Money and Banking in the United States, including an account of provincial and continental paper-money by William M. Gouge Importance of the Subject. In an address to the stockholders...
4. American Finance with Chapters on Money and Banking by Albert Bolle PREFACE. No one will question the need of a systematic...
5. Cannibals of Finance – Fifteen Years’ Contest with Money Trust by Arthur Edward Stilwell INTRODUCTION No man ever had his work, while under way,...

Tags: Bank Failures, Banking, banking system, bonds, corporate finance, Crash, Futures, Investment, issues, market, money markets, speculation, stock market, stock markets, Transformation of Money in Capital