Saturday, February 28, 2015

1908




One such rival that emerged was the long-forgotten Consolidated Stock and Petroleum Exchange of New York that grew out of a merger between the New York Petroleum Exchange and Stock Board and the New York Mining Stock and Petroleum Exchange (Brown et al 2008). Beginning in 1885, its 2,403 members began operations on what became known as “The Little Board,” mere blocks from Wall Street (Michie 1986). In its 40 year history, the Consolidated maintained 23 percent market share (Brown et al 2008). In 1908, the number of shares of common stock traded on the NYSE, the Consolidated, and an unofficial “curb” market consisting of independent brokers totaled 424 million. Less than half of this, however, 46.5 percent, was conducted on the NYSE (Michie 1986). Despite an earlier gentleman’s agreement between the New York Mining Stock Exchange barring it from trading NYSE stocks, the Consolidated aimed to trade only the most liquid stocks on the NYSE. In addition odd-lot trading was offered as well as a longer settlement period. A commission rate of only 1/16 percent was charged, undercutting the New York Stock Exchanges’ rate and attracting further business. The New York Stock Exchange was forced to charge 1/8 percent, having passed previous rules restricting any further reduction in this price (Michie 1986). This direct competition continued until legal issues forced the Consolidated to close in February 1926 (Brown et al 2008).

1916





But the eradication of bucket shops on the eve of the war was another important factor. The New York Times noted a “remarkable in- crease in the odd lot business” on the stock exchange in April 1916; “thousands” of former bucket shop customers, “practically all of whom were small speculators, have opened ac- counts with branches of Stock Exchange houses.” Those new customers were used to the mechanics of trading on margin because of their experience in bucket shops.47 

1912

“Where the Common People Could Speculate”: The Ticker, Bucket Shops, and the Origins of Popular Participation in Financial Markets, 1880–1920 David Hochfelder


Sereno Pratt of the Wall Street Journal estimated that in 1912 only 60,000 people placed trades on the New York Stock Exchange, and as late as 1916 only 80 of the New York Stock Exchange’s 600 brokers ac- cepted trades of less than 100 shares. In contrast, in 1902 Haight and Freese claimed to have over 10,000 accounts. Some of those accounts, like the ones opened by the retired Philadelphia typesetter Ridgway Bowker and the Bostonian Charles Weiss, belonged to people who apparently believed that they were buying small amounts of stock through a legitimate broker.45 

1950


11/30/1950: Trust Securities valued at $522,291
"A Certificates not publicly offered in recent years".  (11/30/50: 339 Unit Shares)
NAV per participation, 11/30/51 : $ 

NAV per participation, B (11/30/50) : $ 15.911 (1,820 Units)

Distribution, B (1950): $ 2.99724


Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A.  Series A scheduled to terminate 11/30/1975. Series B launched in 1944 with different fee structure.


Maintenance fee of  .08333% per month of market value of Trust Fund.


$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.

Termination fee $10.; convertibility fee $10.
Issuance fee $75 (any number of certificates) deductible from initial payment(s)

Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.

Service fee (front load) on par value of participation (certificates issued)

Trustee must purchase stock in units of 29.

U.S. Steel
DuPont
General Electric
Allied Chemical
International Harvester
Union Carbide & Carbon
American Tobacco, B
Westinghouse Electric
Sears, Roebuck
American Radiator
American Can
Borden
Woolworth
Eastman Kodak
Proctor &Gamble
National Biscuit
Otis Elevator

American Telegraph and Telephone

Consolidated Edison (NY)
North American Co.
United Gas Improvement
Columbia Gas & Electric
Pacific Gas & Electric Co.

Standard Oil (NJ)

Socony-Vacum Corp.
Standard Oil (CA)

Pennsylvania R.R.

New York Central
Atchison
Union Pacific




Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
November 3, 1947 to November 9, 1953
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $40                              $10 + 0.5% of amount traded
Over $40                                $26 + 0.1% of amount traded (with a $50 maximum)

1949


11/30/1949: Trust Securities valued at $558,394
"A Certificates not publicly offered in recent years" (~ 1944?)  (11/30/49: 363 Unit Shares)
NAV per participation, 11/30/49 : $ 

NAV per participation, B (11/30/49) : $ 15.911 (1,115 Units)

Distribution, B (1949): $ 


Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A.  Series A scheduled to terminate 11/30/1975. Series B launched in 1944 with different fee structure.




Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
November 3, 1947 to November 9, 1953
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $40                              $10 + 0.5% of amount traded
Over $40                                $26 + 0.1% of amount traded (with a $50 maximum)

1948


11/30/1948: Trust Securities valued at $575,758
"A Certificates not publicly offered in recent years".  (11/30/48: 322 Unit Shares)
NAV per participation, 11/30/48: $ 





NAV per participation, B (11/30/48) : $  (646 Units) valued at $ 1,165,192.
Distribution, B (1948): $ 

Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A.  Series A scheduled to terminate 11/30/1975. Series B launched in 1944 with different fee structure.



Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
November 3, 1947 to November 9, 1953
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $40                              $10 + 0.5% of amount traded
Over $40                                $26 + 0.1% of amount traded (with a $50 maximum)

1947


12/31/1947: Trust Securities valued at $589,564
"A Certificates not publicly offered in recent years"  (12/31/47: 308 Unit Shares)
NAV per participation, 11/30/47: $ 

NAV per participation, B (12/31/47) : $  (404 Units) valued at $ 770,823

Distribution, B (1947): $ 


Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A.  Series A scheduled to terminate 11/30/1975. Series B launched in 1944 with different fee structure.






Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
March 16, 1942 to November 3, 1947
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $90                              $12.75 + 0.25% of amount traded, rounded down to the nearest $0.25
Over $90                                $35

  
November 3, 1947 to November 9, 1953
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $40                              $10 + 0.5% of amount traded
Over $40                                $26 + 0.1% of amount traded (with a $50 maximum)

1946


12/31/1946: Trust Securities valued at $560,124
"A Certificates not publicly offered in recent years"  (12/31/46: 268 Unit Shares)
NAV per participation, 12/31/46: $ 

NAV per participation, B (12/31/46) : $  (204 Units) valued at $ 440,138.

Distribution, B (1946): $ 


Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A.  Series A scheduled to terminate 11/30/1975. Series B launched in 1944 with different fee structure, and not greater assets until 1947.





Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
March 16, 1942 to November 3, 1947
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $90                              $12.75 + 0.25% of amount traded, rounded down to the nearest $0.25
Over $90                                $35

1945


1/31/1946: Trust Securities valued at $ 660,799 ; cost $ 

NAV per participation, 1/31/46 : $  (265 Stock Units, 12/31/45)

Distribution (1945): $ 1.53586
Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series B began in 1944; Series A scheduled to terminate 11/30/1975.


Maintenance fee of  .08333% per month of market value of Trust Fund.


$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.

Termination fee $10.; convertibility fee $10.
Issuance fee $75 (any number of certificates) deductible from initial payment(s)
Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.
Service fee (front load) on par value of participation (certificates issued) 
5% on first $3,000.
3.5% on next $9,000.
2% on anything more ($12,000.)



Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
3/16/42 to 11/3/47
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $90                              $12.75 + 0.25% of amount traded, rounded down to the nearest $0.25
Over $90                                $35

1944




Corporate Leaders Trust Certificates A: NA

Distribution (1944): $ 0.56462



Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
March 16, 1942 to November 3, 1947
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $90                              $12.75 + 0.25% of amount traded, rounded down to the nearest $0.25
Over $90                                $35

1943




Corporate Leaders Trust Certificates A: NA

Distribution (1943): $ 0.55332





Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
March 16, 1942 to November 3, 1947
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $90                              $12.75 + 0.25% of amount traded, rounded down to the nearest $0.25
Over $90                                $35

1942


Corporate Leaders Trust Certificates A: NA

Distribution (1942): $ 0.55993



Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
1/3/38 to 1/16/42
Share price                             Minimum commission per 100 shares
$1 to $10                                 $4 + 1% of amount traded
Over $10                                 $13 + 0.1% of amount traded, rounded down to the nearest $1.00


March 16, 1942 to November 3, 1947
Share price                             Minimum commission per 100 shares
$1 to $10                                 $5 + 1% of amount traded
$10 to $90                              $12.75 + 0.25% of amount traded, rounded down to the nearest $0.25
Over $90                                $35

1941


6/29/1940: Trust Securities valued at $  ; cost $ 

NAV per participation, 6/29/40 : $ 14.14 (274 Stock Units, 6/29/40)

Distribution (1941): $ 0.53511
Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series B.  Series A scheduled to terminate 11/30/1975.


Maintenance fee of  .08333% per month of market value of Trust Fund.


$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.

Termination fee $10.; convertibility fee $10.
Issuance fee $75 (any number of certificates) deductible from initial payment(s)
Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.
Service fee (front load) on par value of participation (certificates issued) 
5% on first $3,000.
3.5% on next $9,000.
2% on anything more ($12,000.)


Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
1/3/38 to 3/16/42
Share price                             Minimum commission per 100 shares
$1 to $10                                 $4 + 1% of amount traded
Over $10                                 $13 + 0.1% of amount traded, rounded down to the nearest $1.00

1940


11/30/1939: Trust Securities valued at $480,238 ; cost $528,716
6/29/1940: Trust Securities valued at $  ; cost $ 

NAV per participation, 6/29/40 : $ 14.14 (274 Stock Units, 6/29/40)

Distribution (1940): $ 0.52637


Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A, scheduled to terminate 11/30/1975.

Maintenance fee of  .08333% per month of market value of Trust Fund.


$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.

Termination fee $10.; convertibility fee $10.
Issuance fee $75 (any number of certificates) deductible from initial payment(s)
Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.
Service fee (front load) on par value of participation (certificates issued) 5%
5% on first $3,000.
3.5% on next $9,000.
2% on anything more ($12,000.)


Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
 
1/3/38 to 3/16/42
Share price                             Minimum commission per 100 shares
$1 to $10                                 $4 + 1% of amount traded
Over $10                                 $13 + 0.1% of amount traded, rounded down to the nearest $1.00

1939


6/30/1939: Trust Securities valued at $432,983 ; cost $521,970
11/30/1939: Trust Securities valued at $480,238 ; cost $528,716

NAV per participation, 7/17/39 : $ 15.38 (259 Stock Units, 6/30/39)



Distribution (1939): $ 0.41534


Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series B.  Series A scheduled to terminate 11/30/1975.


Maintenance fee of  .08333% per month of market value of Trust Fund.


$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.

Termination fee $10.; convertibility fee $10.
Issuance fee $75 (any number of certificates) deductible from initial payment(s)
Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.
Service fee (front load) on par value of participation (certificates issued) 
5% on first $3,000.
3.5% on next $9,000.
2% on anything more ($12,000.)


Trustee must purchase stock in units of 30.




Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)
1/3/38 to 3/16/42
Share price                             Minimum commission per 100 shares
$1 to $10                                 $4 + 1% of amount traded
Over $10                                 $13 + 0.1% of amount traded, rounded down to the nearest $1.00

1938


6/30/1938: Trust Securities valued at $369,864 ; market value, cost $449,524

NAV per participation, 8/17/38 : $ 14,868 (230 Stock Units)



Corporate Leaders Trust Certificates A: NA

Distribution (1938): $ 0.46715


Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series B.  Series A scheduled to terminate 11/30/1975.

Maintenance fee of  .08333% per month of market value of Trust Fund.

$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.
Termination fee $10.; convertibility fee $10.
Issuance fee $75 (any number of certificates) deductible from initial payment(s)
Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.
Service fee (front load) on par value of participation (certificates issued) 
5% on first $3,000.
3.5% on next $9,000.
2% on anything more ($12,000.)
Insurance premium $1.10/mo per $1,000 unpaid balance 
Trustee must purchase stock in units of 30.
U.S. Steel
DuPont
General Electric
Allied Chemical
International Harvester
Union Carbide & Carbon
American Tobacco, B
Westinghouse Electric
Sears, Roebuck
American Radiator
American Can
Borden
Woolworth
Eastman Kodak
Proctor &Gamble
National Biscuit
Otis Elevator

American Telegraph and Telephone
Consolidated Gas (NY)
North American Co.
United Gas Improvement
Columbia Gas & Electric
Pacific Gas & Electric Co.

Standard Oil (NJ)
Socony-Vacum Corp.
Standard Oil (CA)

Pennsylvania R.R.
New York Central
Atchison
Union Pacific





Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)

10/30/24 to 1/3/38
Share price                             Minimum commission per 100 shares
$1 to $9.875                           $7.50
$10 to $99.875                      $12.50 + 0.1% of amount traded, rounded down to the nearest $2.50
$100 to $199.875                  $25
$200 and over                       $10 + 0.1% of amount traded, rounded down to the nearest $5


January 3, 1938 to March 16, 1942
Share price                             Minimum commission per 100 shares
$1 to $10                                 $4 + 1% of amount traded
Over $10                                 $13 + 0.1% of amount traded, rounded down to the nearest $1.00

1937


1/30/1937: Trust Securities valued at $223,456 ; market value $207,835

NAV per participation, 12/31/36 : $ 19,862

Distribution (1937): $ 0.53305

Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A scheduled to terminate 11/30/1975.

Maintenance fee of  .08333% per month of market value of Trust Fund.

$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.
Termination fee $10.; convertibility fee $10.
Issuance fee $75 (any number of certificates) deductible from initial payment(s)

Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.
Service fee (front load) on par value of participation (certificates issued)

Trustee must purchase stock in units of 30.
U.S. Steel
DuPont
General Electric
Allied Chemical
International Harvester
Union Carbide & Carbon
American Tobacco, B
Westinghouse Electric
Sears, Roebuck
American Radiator
American Can
Borden
Woolworth
Eastman Kodak
Proctor &Gamble
National Biscuit
Otis Elevator

American Telegraph and Telephone
Consolidated Gas (NY)
North American Co.
United Gas Improvement
Columbia Gas & Electric
Pacific Gas & Electric Co.

Standard Oil (NJ)
Socony-Vacum Corp.
Standard Oil (CA)

Pennsylvania R.R.
New York Central
Atchison
Union Pacific



Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)

10/30/24 to 1/3/38
Share price                             Minimum commission per 100 shares
$1 to $9.875                           $7.50
$10 to $99.875                      $12.50 + 0.1% of amount traded, rounded down to the nearest $2.50
$100 to $199.875                  $25
$200 and over                       $10 + 0.1% of amount traded, rounded down to the nearest $5

1936


Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A, scheduled to terminate 11/30/1975. Series B was created in 1944.


Moody's 1938: "payments to be made thereon over a period of 20 years at the rate of $15. or more per month. Payments may be made monthly, quarterly, semi-annually or annually.



Issuance fee $75 (any number of certificates) deductible from initial payment(s)
Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.
Service fee (front load) on par value of participation (certificates issued) 5%.


Maintenance fee of  .08333% per month of market value of Trust Fund.


$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.

Termination fee $10.; convertibility fee $10.


Distribution (J 1936): $ 0.027583, (D 1936): $ 0.17.71305


NAV $19,862





Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)


10/30/24 to 1/3/38
Share price                             Minimum commission per 100 shares
$1 to $9.875                           $7.50
$10 to $99.875                      $12.50 + 0.1% of amount traded, rounded down to the nearest $2.50
$100 to $199.875                  $25
$200 and over                       $10 + 0.1% of amount traded, rounded down to the nearest $5

1935

Lexington Corporate Leaders Trust Fund was created 11/18/35 as Corporate Leaders Trust Fund Certificates, Series A, scheduled to terminate 11/30/1975. Series B was created in 1944.

Moody's 1938: "payments to be made thereon over a period of 20 years at the rate of $15. or more per month. Payments may be made monthly, quarterly, semi-annually or annually.


Issuance fee $75 (any number of certificates) deductible from initial payment(s)
Annual fee $3.60; Accounts over $1,000 on 12/1 of any year not charged annual fee.
Service fee (front load) on par value of participation (certificates issued) 5%.


Maintenance fee of  .08333% per month of market value of Trust Fund.

$0.30 distribution fee; no J&D distributions under $1.00; fee waived for all reinvested distributions.
Termination fee $10.; convertibility fee $10.


Trustee must purchase stock in units of 30.
U.S. Steel
DuPont
General Electric
Allied Chemical
International Harvester
Union Carbide & Carbon
American Tobacco, B
Westinghouse Electric
Sears, Roebuck
American Radiator
American Can
Borden
Woolworth
Eastman Kodak
Proctor &Gamble
National Biscuit
Otis Elevator

American Telegraph and Telephone
Consolidated Gas (NY)
North American Co.
United Gas Improvement
Columbia Gas & Electric
Pacific Gas & Electric Co.

Standard Oil (NJ)
Socony-Vacum Corp.
Standard Oil (CA)

Pennsylvania R.R.
New York Central
Atchison
Union Pacific


Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)

10/30/24 to 1/3/38
Share price                             Minimum commission per 100 shares
$1 to $9.875                           $7.50
$10 to $99.875                      $12.50 + 0.1% of amount traded, rounded down to the nearest $2.50
$100 to $199.875                  $25
$200 and over                       $10 + 0.1% of amount traded, rounded down to the nearest $5