678 REFERENCES FOR FURTHER STUDY
Train. Barrett is more substantial. Hamon’s Manual is dated 1865.
The biography of Jay Cooke by Oberholtzer gives in readable form
an account of Civil War financing.
The active financial period of the late 60’s and of the 70’s is
veflected in Medbury’s excellent though curiously named study, while
Adam’s famous “Chapter of Erie” gives an idea of the evils in
American corporate management which the development of Stock
Exchange listing requirements ultimately checked. Eames reflects
the period of the 80's and early go's. Hemming’s history was pub-
lished in 1905. Lawson’s “Frenzied Finance” is scarcely scientific
history, but is worth reading for its historical importance.
[he ensuing “Age of Big Business” is graphically described by
Hendrick and Moody in the Yale Chronicles and also in modern
biographies of the leading financiers of the day. The panic of 1907
is described by Noyes and explained by Meyer.
The so-called “trust-busting” era of 1908-14 devoted considerable
attention to proposals for “regulating” the Stock Exchange, which
ave since subsided to merely an agrarian muttering. The Report of
he Hughes Commission (in Van Antwerp and also in “Regulation
of the Stock Exchange”) is reasonable in tone, though occasionally
inconclusive, and still a valuable document to study. Its Chairman,
Horace White, also wrote several valuable articles upon its work.
The Federal “Money Trust Investigation” which followed shortly
after this New York State inquiry, was more violently biased and
partisan; the extraordinary limitations placed upon witnesses called
before it invalidates much of its value as an economic source. The
same thing may in general be said of the report of the Committee,
often called the ‘“Pujo Report.” The hearing on the bill S. 3895
entitled “Regulation of the Stock Exchange” was, on the other hand,
a completely fair and open hearing, and is still the most valuable
single source book for information concerning the pre-war Stock
xchange. The testimony of Messrs. White, Emery, Milburn, Noble,
and Conant are of particular value, and also the memorable brief by
counsel for the Exchange—a masterpiece of its kind. The experience
of the Exchange at the outbreak of war in 1914 was ably dealt with
by Noble's brief yet pithy volume. There is some material con-
cerning the mechanics of Stock Exchange clearances and wire houses
in the “Alleged Divulgence of the President’s Note” hearings. In the
“Agricultural inquiry” (1921) there is much valuable material, par-
ticularly from the money market angle, concerning the stock market
during the war and during the boom and collapse of 1919-20. The
“Stabilization hearings” (192620) also contain, particularly in Part
