Weeden & Co.: The New York Stock Exchange and the Struggle Over a National Securities Market
Donald E. WeedenISBN: 097277890X;
Weeden & Co. is the story of a family, a company and an issue that goes to the heart of the American financial system. It is told with candor and wit by the Weeden family?s principal spokesperson, Don Weeden. The family patriarch was a clipper-ship captain who settled in San Francisco. In the early 1920s, his sons launched a financial enterprise that, over the decades, became the leading champion of the Third Market in the United States ? and a major thorn in the side of the New York Stock Exchange. At the firm?s peak, Weeden & Co. sales volume reached 10 to 30 percent of the NYSE volume in certain NYSE-listed stocks, and for some securities Weeden?s buying and selling even exceeded that of the NYSE specialist. The issue in question is whether a stock exchange is a place or a concept. For the Weedens, automation predetermined the answer. Securities can and should be traded all over the country, unfettered by a particular geographic location or by fixed...
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