Life Insurance and Investment Banking at the Time of the Armstrong Investigation of 1905-1906*

Douglass North

The Journal of Economic History, 1954, vol. 14, issue 3, 209-228

Abstract: An Essential factor in the rise of the investment banker to a dominant position in the American economy in the decades following 1880 was his command of the mobilized savings of the country's financial institutions. While considerable research has been devoted to the investment bankers' domination of transport and industry, little attention has been paid to their organization of financial institutions and their significance for the development of these institutions and their reorientation toward the securities market. This paper is a study of the relationship between the large life insurance companies and investment banking in the years immediately preceding the Armstrong Investigation.

Date: 1954
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