Development of a mature securities market in Montreal from 1817 to 1874

摘要

An organised market for financial securities in Montreal prior to 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 that eventually evolved through increased specialisation 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.