From wall street to bay street the origins and evolution of american and canadian finance (rotman utp publishing)

FROM WALL STREET TO BAY STREET The Origins and Evolution of American and Canadian Finance When the 2008 financial crisis triggered a global recession, the American banking system experienced massive losses, takeovers, and taxpayer-funded bailouts In contrast, the Canadian banking system managed to maintain its liquidity and profitability, ultimately withstanding the crisis relatively well These divergent outcomes can be traced back to inherent differences between these two banking systems and their institutional and political histories From Wall Street to Bay Street is the first book written for a lay audience that tackles the similarities and differences between the financial systems of Canada and the United States Christopher Kobrak and Joe Martin reveal the distinctive paths the two countries have taken since the early nineteenth century, despite their similar British colonial origins The authors trace the roots of each country’s financial system back to the time of Alexander Hamilton and Andrew Jackson and insightfully argue that while Canada has preserved a Hamiltonian financial tradition, the United States has favoured a populist Jacksonian tradition since the 1830s; as such, the innovative but erratic fashion in which the American system has changed over time is at odds with the more evolutionary and stable course taken by its Canadian counterpart From Wall Street to Bay Street offers a timely and accessible comparison of financial systems that reflects the political and cultural milieus of two of the world’s top ten economies The late CHRISTOPHER KOBRAK was a professor and the Wilson/Currie Chair of Canadian Business and Financial History at the Rotman School of Management and a professor of finance at ESCP Europe, Paris is the Director of the Canadian Business and Financial History Initiative at the Rotman School of Management as well as President Emeritus of Canada’s History Society JOE MARTIN FROM WALL STREET TO BAY STREET The Origins and Evolution of American and Canadian Finance CHRISTOPHER KOBRAK AND JOE MARTIN © University of Toronto Press 2018 Rotman-UTP Publishing Toronto Buffalo London utorontopress.com Printed in Canada ISBN 978-1-4426-4821-0 (cloth) ISBN 978-1-4426-1625-7 (paper) Printed on acid-free, 100% post-consumer recycled paper with vegetable-based inks Library and Archives Canada Cataloguing in Publication Kobrak, Christopher, author From Wall Street to Bay Street : the origins and evolution of American and Canadian finance / Christopher Kobrak, Joe Martin Includes bibliographical references and index ISBN 978-1-4426-4821-0 (cloth). ISBN 978-1-4426-1625-7 (paper) Finance – Canada – History – Finance – United States – History I Martin, Joe, 1937–, author II Title HG185.C2K63 2018 332.10971 C2017-908064-4 University of Toronto Press acknowledges the financial assistance to its publishing program of the Canada Council for the Arts and the Ontario Arts Council, an agency of the Government of Ontario To our students: past, present, and future Contents Preface Acknowledgments Introduction: The Project and Its Benefactors Foreign and Domestic Beginnings: From Colonies to Civil War, Events, Individuals, and Ideologies Transitional Decade: The Birth and Rebirth of Nations The Maturing: 1869–1914 “The Great Disorder” and Growing Social Demands: 1914–1945 The Short Pax Americana: 1945–2000 Conclusion: Continuities and Discontinuities in North American Finance Leading to 2008 Appendices Notes Bibliography Index Preface I first met Chris Kobrak at the 2009 annual Business History Conference in Milan As I recorded in my diary at the time, “Met Chris Kobrak – very impressive.” In 2012 we invited Chris to become a visiting professor at the Rotman School of Management He accepted our invitation and made such an impression that he was offered the first chair in Canadian business and financial history – the Wilson/Currie Chair, which he assumed on a part-time basis (he was still teaching at École Commerce Superior de Paris) and then, in 2015, he assumed his Rotman duties full time When Chris arrived (first as a visiting professor) the associate dean asked me to organize a seminar on Canadian-American relations When Chris became chair that seminar blossomed into a full-time course, which we originally team taught (this was in addition to his course on the history of finance) We team taught the course to MBA students three times and in 2015 we offered it to undergraduates, a big breakthrough in getting history into the commerce program Subsequently Chris struck up an acquaintance with the head of the history department and offered the course to both liberal arts and commerce students in 2016 At Chris’s suggestion we decided to convert the course material into a book, a book that would attract general readers who ordinarily might not be reading financial history, but wanted to understand better one of the most important and controversial economic relationships of our time We proposed the idea originally in February 2012 and the following spring signed a contract with University of Toronto Press We were to submit the revised manuscript to the publisher and reviewers two weeks after Chris died so unexpectedly in January 2017 In addition to a passion for business history, Chris and I had similar political views and more importantly loved the great game of baseball And while he was a long-time Yankee fan and I have been a Blue Jays fan since they arrived on the scene in 1977, we often enjoyed going to games together My wife Sally made the following observations about Chris and his impact: “It quickly became clear that he would become not just my husband’s respected and valued professional colleague, but a new family friend Notwithstanding his impressive intellectual achievements, family and friendships were always of central importance to Chris His legendary generosity, genuine curiosity, and enthusiastic embrace of the peculiarities of Canadian culture (from hockey games to politics to shopping at IKEA) made an indelible and welcome imprint on our lives Above all, Chris simply filled up the room with his warmth, expansive personality and good humour.” I would be remiss if I did not mention Chris’s inspirational role in creating the Canadian Business History Association / l’association canadienne pour l’histoire des affaires (CBHA/ACHA) The association is now over a year old and has ten charter members, including four of the big five Canadian banks, nearly 100 individual members – historians, archivists, academics, and business people, and a website with over 7,000 unique visitors, an online YouTube channel, and it has provided money for young scholars specifically for business history research, a first in Canada We all wanted Chris to be the first CBHA chair but he refused and insisted it had to be a Canadian, though he graciously accepted the position as vice-chair That was evidence of both his wisdom and selflessness When the board met in February 2017 after his death, we unanimously passed a resolution naming our recently created research fellowship as the CBHA/ACHA Chris Kobrak Research Fellowship After that we adjourned to the Duke of York, a pub much favoured by Chris when he was in Toronto, and raised a glass or two in his honour It was a fitting tribute to a good friend, valued colleague, and greatly missed co-author Joe Martin Acknowledgments This book could not have proceeded without the help of a large number of individuals First and foremost are the donors to business history at the Rotman School: Lynton “Red” Wilson, Richard Currie, James Fleck, Anthony Fell, Henry N.R (Hal) Jackman, and John McArthur Our schools, the Rotman School of Management and ESCP Europe, have provided many forms of support Over the years, many colleagues have made very helpful comments They include H.V Nelles, the late Ed Safarian, Donald Brean, Mira Wilkins, Geoffrey Jones, Richard Sylla, the late Michael Jalland, Paul Halpern, Robert E Wright, Mark Bonham, Dimitry Anastaskis, and the late Michael Bliss, a donor by virtue of his generous gift of his business history library to Rotman Important contributions were also made by our research assistants, including Darren Karn, David Verbeeten, Jonathan McQuarrie, Richard Matern, and Harrison Kennedy, by students from our Rotman courses, and by the editorial and production staff at University of Toronto Press, including Jennifer DiDomenico, Anne Laughlin, Ian MacKenzie, and Ani Deyirmenjian FROM WALL STREET TO BAY STREET and small investors, 225 New France, 68–9 New York Free Banking Act (1838), 46, 56 as largest banking centre, 44 Stock Exchange (NYSE), 154, 160, 176, 180, 198, 250, 254, 255, 263 New York Life insurance company, 132, 218 Nixon, Richard, 196 North, Douglass, 50 North American Life insurance, 135 North West rebellion, 126 Northern Pacific Railroad (U.S.), 122–3 Office of the Comptroller (U.S.), 56 Office of the Inspector General of Banks (Canada), 213, 271 Office of the Superintendent of Financial Institutions (OSFI; Canada), 13, 213, 235, 244, 245–6, 264, 265, 267, 271 Ogdensburg Agreement, 186 oil/petroleum industry, 141, 150, 262, 263, 264 old age security (Canada), 190, 226 old age security (U.S.), 190 Ontario Bank, 95, 103 Ontario Companies Act (1907), 139 Ontario Loan and Trust Company Act (1921), 171 Ontario Municipal Employees Retirement System, 227 Ontario Securities Commission (OSC), 256, 257 Ontario Teachers’ Pension Plan, 227 Open Markets Investment Committee, 164 option prices, 207–8, 251 Oronhyatekha, Dr, 135 Other People’s Money – and How the Bankers Use It (Brandeis), 145 over-the-counter (OTC) trading, 160, 176, 205, 208, 253–4, 269, 274 Pacific Railway Act (U.S.), 55–6 Pacific Scandal, 126 Palmerston, Lord, 60 paper money/currency (Canada), 78, 81, 82, 85–6, 89, 99–100 paper money/currency (U.S.), 25, 26, 37, 41–2, 110 Papineau, Louis Joseph, 71 Paris, Second Treaty of, 24 Parti Québécois (PQ), 217, 219 path dependencies, 5, 14, 229–30, 271 Pearson, Lester, 234 Pecora Investigation, 3–4 Peel, Robert, 74 pension funds/plans, 13 pension funds/plans (Canada), 211, 226–8, 259 pension funds/plans (U.S.), 206, 221–4, 225–6, 239, 243 Permanent Joint Board of Defence, 186 petrodollars, 200, 262, 263 Philadelphia Bank, 43 Phoenix insurance company, 132 Plains of Abraham, Battle of, 69 population distribution, 94, 140 growth (Canada), 70, 94, 149–50, 274 growth (U.S.), 52, 92, 94, 149–50, 274 size, and number of banks, 82 populism, 141, 142, 147, 168 Porter Royal Commission on Banking and Finance (1964), 13, 210, 212–13, 227, 234, 271 Power Corporation, 228 Prairies (Canada) life insurance companies and, 106 mortgage and loan companies in, 105–6 progressivism on, 150 Rupert’s Land and provinces of, 149 settlement of, 102 See also West (Canada) Price Waterhouse, 137 Prime, Ward & King/Prime, Ward & Sands, 116 private banks (U.S.) and foreign investment, 106 international investment banking, 119–20 international services, 112 populists and, 147 private-public partnerships (U.S.), 222, 262 progressivism, 141, 142–4, 150, 161, 168 Province of Canada, provinces assets, 79 debts, 79 expenditures, 79, 80 federal per capita grants, 80 and taxation, 80 provincial government regulation insurance, 133 investment dealer, 102 securities, 255 trust company, 102 Prudential of America, 218, 246 Public Accounting Oversight Board (U.S.), 267 public goods spending, in Canada vs U.S., 262 Public Service Investment Board, 227 Public Utility Holding Company Act (U.S.), 225 Pujo Committee, 145 Quebec division into Lower and Upper Canada, 69 “French fact” and, 59, 67 Loyalists in, 24–5, 69 Quiet Revolution, 218 separation of Ontario from, 25 Quebec Act (1774), 22, 68–9 Quebec Bank, 83 Quebec Pension Plan, 226–7 railroads (U.S.), 38, 55–6, 93, 121–3, 124–5, 136 railways (Canada), 63–4, 79, 93, 94, 95, 123–8, 150 Randolph, Edmund, 26 Rasminsky, Louis, 193 Reagan, Ronald, 251 real bills doctrine (U.S.), 148, 164 rebellions of 1837 (Canada), 65, 71–3, 74 recessions (U.S.) 1914, 154 1937, 181 See also depressions Reciprocity Treaty (1854), 11, 58, 61, 62, 75 Reconstruction Finance Corporation, 188 Reformers (Canada), 75, 97 regional banks (U.S.), 147, 148 registered retirement savings plans (RRSPs), 226 regulation accounting profession, 139 incentive/compensation systems, 270 during post–Second World War period, 196 See also bank regulation regulation (Canada) insurance, 133, 244–6 life insurance, 102, 133 oversight of all financial measures, 267 provincial government, 102, 133, 255 securities, 174, 180, 255–6 self-, 256 stock exchanges, 255 trust companies, 102 regulation (U.S.) attitudes toward, 146 insurance, 131–2, 168, 241–2 securities, 13, 174 S&Ls, 263 reinsurance See under insurance Republican Convention, Chicago, 1860, 58, 94 reserve banks (U.S.), 164 See also Federal Reserve (U.S.) responsible government, 70–1, 72, 73, 75, 85 retirement plans (U.S.), 198, 228, 243 revenue (Canada) income taxes and, 156 provincial, 80 sources of, 155 revenue (U.S.) Civil War and, 55 income taxes and, 156 Revenue Act (1936; U.S.), 225 Revolutionary War, 9, 10, 24–5, 30, 34, 53, 69 Richardson, John, 82 Riegle-Neal Interstate Banking and Branching Efficiency Act (1994; U.S.), 204 Riel, Louis, 97 risk management, 196 and insurance industry, 240 international banking regulation and, 209 OSFI, and securitization, 235 stock pricing, 207 theory and, 207 risk(s) liabilities and, 241 mutual funds and, 224 pension funds and, 223 risk(s) (U.S.) banks and, 45 credit, 41 debt and, 238 Great Depression and, 181–2 and insurance, 131, 169–70, 181–2 systemic financial (U.S.), 121 tolerance for, 262 RJR Nabisco, 253 Rockefeller, John D., 248 Rockefeller, John D Jr., 146 Rockefeller, William, 113 Roosevelt, Franklin Delano, 4, 173, 174, 182, 186, 218 Roosevelt, Theodore, 142 Rose, John, 89–90, 97 Ross, John Jones, 76 Ross, P.S., 138–9 Rowell-Sirois Commission, 80, 178, 186 Royal Bank of Canada (RBC) during 1930s, 183 acquisition of Winnipeg Union Bank, 162 international activity, 216 in Latin America, 162, 183 and LDC crisis, 264 merger with BMO, 215 in Montreal, 217, 218 and mutual funds, 228 size, 104, 106, 114, 187 and technology, 206–7 Royal Commission on Banking and Currency (Macmillan Commission) See Macmillan Commission on Banking and Currency (1933; Canada) Royal Commission on Bilingualism and Biculturalism (Canada), 218 Royal Trust, 217, 219 Rubin, Robert, 205 Rupert’s Land, 64, 93, 97, 149 Rush Bagot Treaty, 61, 70 San Francisco earthquake, 131 Sarbanes-Oxley Act (2002; U.S.), 267, 268 savings and loans (S&Ls), 114–15, 263 Scholes, M., 207–8 Second World War effects of, 12 U.S foreign direct investment in Canada, 159 and U.S.–Canada relationship, 186–7 Second World War (Canada), 185–7 and banks, 187 conscription for, 185 cost of, 185 post-war reconstruction and housing, 232–3 and stock exchanges, 187 taxes and, 185–6 Second World War (U.S.), 187–90 and companies abroad, 188–9 and economic growth, 188 and foreign companies, 188 and housing, 230 and international involvement, 158, 189–90 and U.S economic/financial dominance, 158, 189 securities asset-backed, 209 insider trading, 257 securities (Canada) computerized trading, 207 First World War and, 255 fraud prevention legislation, 256 globalization and, 258 government, 87–8 mortgage-backed (MBS), 235 regulation, 174, 180, 255–6 technology and, 258 securities (U.S.) during antebellum period, 41 for bank short-term loans, 41 commercial banks and, 204 government debt and, 30 and mutual funds, 225 and onset of Great Depression, 175 rating agencies, 261–2 regulation, 13, 174, 225 Securities Act (1966; Ontario), 257 Securities Acts (1933, 1934; U.S.), 176, 225 Securities and Exchange Commission (U.S.), 174, 176–7, 221, 225, 250, 254, 261–2, 269 Securities Exchange Act (1934; U.S.), 176, 225 Securities Exchange Commission (SEC; U.S.), 205 securitization consumer debt and, 237–8 foreign investors and, 238 of mortgages (U.S.), 269 Security Frauds Prevention Act (SFPA, 1930; Canada), 180 Seven Years’ War See French and Indian War/Seven Years’ War (1756–63) Seward, William H., 57 shadow banking, 213, 266–7 shareholders bank, 45, 46 capital, and formation of banks, 82 and corporation size, 141 and crash of 1929, 249 foreign, 117 numbers of, 141, 155, 160, 176 railroads, 123 Sharpe, W.F., 207 Sherman Act (U.S.), 239 shocks See crises Shortt, Adam, 86–7, Sifton, Clifford, 143 Sinochem, 247 slavery/slaves, 10, 17, 27, 39, 45, 47, 48–53, 54, 55, 58, 230 Smiddy, Harold, 136 Smith, Donald A See Strathcona, Donald A Smith, Lord Smoot-Hawley Tariff, 12, 55, 61, 172, 173 Social Credit, 184 Social Security (U.S.), 222, 223 Social Security Act (1935; U.S.), 175, 190 South (U.S.) Civil War and, 54, 55, 56–8 UK and, 56–7, 58, 61 veto power, 50, 55, 58 Sovereign Bank, 95, 103 S&P index, 159, 172, 232 Special Assistance and Management and Liquidation Functions, 231 specie, 32, 37, 38, 39, 41, 50, 73, 85, 109, 110 Speyer and Co., 119 St Lawrence River canals on, 79 UK-U.S Reciprocity Treaty (1854) and trade along, 61 stagflation, 197, 237, 241 Stamp Act (1765), 20–2 stamp tax (U.S.), 55 Standard Oil Trust, 141 Standard Stock and Mining Exchange (SSME), 180, 256 Starr, Cornelius Vander, 189 state banks/banking (U.S.) all banks as, 43–4 during antebellum period, 40–6 assumption of Second BUS functions, 39 bank branches vs., 32 becoming national banks, 56 conversion to national banks, 110, 111 credit demand and, 109 currency issuance, 56 federal government authority for, 43 issue of banknotes, 111, 114 National Bank Acts and existence of, 109 national banking services compared to, 113–14 numbers of, 96, 110, 111 regulations, 44 Second BUS vs., 38 size of, 110 tax (1866) on banknotes of, 109 states (U.S.) and bank branches, 42 bank chartering, 40–1, 43 banking restrictions/regulation, 110, 201, 204 creation/control of banks, 40–1 currency creation rights, 42 debts, 26, 29–30, 34, 46 insurance regulation, 242 national bank respect for laws, 56 and taxes, 26 Statute of Westminster, 161, 185 Steel Company of Canada, 108 Stephen, George, 126 Stillman, James, 113 stock exchanges Great Depression and, 180 history, 255 ownership structure changes, 254–5 Second World War and, 187 See also names of individual exchanges stock markets (U.S.) accounting practices, 176–7 bear market, 251 boom, and Great Depression, 175–7 bull, 159, 198, 224 exchanges, 176 Great Depression and fall in prices, 172 rating agencies, 261–2, 269 stock market(s) bull, of late 1980s/early 1990s, 253–4 collapse in 1937, 250 crash of 1902–4, 95 crash of 1929, 4, 166, 170, 175, 249, 255, 256 crash of 1987, 254, 263, 266 dot.com bubble, 259, 268 stock market(s) (Canada) crash of 1987, 213 First World War and closure of, 153 Great Depression and fall in prices, 172 during post–Second World War period, 255–9 Sun Life and, 170, 184 stock market(s) (U.S.) bull market of 1950s, 250–1 capitalization as GDP percentage, 208 capitalization as percentage of GDP, 155 Strathcona, Donald A Smith, Lord, 113, 123, 126 Strong, Benjamin, 148, 166 Sugar Act (1764), 20–2 Sun Life, 133–4, 135, 138, 170, 184, 187, 217, 245, 246 supranational financial order, 12–13, 199 Swiss Re, 190 Sydenham, Lord, 85 Sylla, Richard, 198–9 syndicates, investment (U.S.), 249 Taft, William Howard, 142, 144 tariffs (Canada), 94, 143 tariffs (U.S.), 12, 37, 55, 58, 61, 161, 172, 173, 177 Tax Reform Act (1986; U.S.), 223 taxes/taxation (Canada) capital gains, 234 customs and excise, 155, 178 Excess Profits Tax, 186 and First World War financing/funding, 155 as GDP percentage, 262 income, 155, 156, 178, 185 Income War Time Tax Act (Canada), 156 provinces and, 80 Rowell Sirois Commission and, 178 and Second World War, 185–6 social service funding by, 262 taxes/taxation (U.S.) and American Revolution, 25 centralized, 53 Civil War and excise, 55 as GDP percentage, 262 income, 55, 156, 230, 235–6 mutual funds and, 221–2 on state banks issuing currency, 56, 114 states and, 26 thrifts as exempt, 230 taxes/taxation, income, 12 Taylor, Frederick Winslow, 136 TD bank international activity, 216 merger with Canada Trust, 215 merger with CIBC, 215 and mutual funds, 228 Tea Tax (1773), 20–2 technology, 12, 13 and Canadian banks, 206–7 and financial market convergence, 266 and insurance, 240 and NASDAQ, 253–4 and securities trading, 258 and stock market 1990s boom, 266 and Toronto Stock Exchange, 257–8 and U.S banks, 198, 206 and wheat, 94 telegraph, 63 terrorist attacks of 11 September 2001, 131, 267 Thomas, Wade, Guthrie & Co., 137 thrifts, 230, 231, 238 Tilley, Samuel Leonard, 78, 98 timber production/trade, 70 Tocqueville, Alexis de, 262 Democracy in America, Toronto as debt financing centre, 12 as equity financing centre, 12 shift from Montreal as financial centre, 153, 156, 212, 217–20, 256 Toronto General Trust, 106 Toronto Stock Exchange (TSE/TSX), 180, 218, 220, 255, 256–8 Touche Ross, 268 Towers, Graham, 179 Townshend Acts (1767, 1768), 20–2 trade colonial preference, 74 exports, 70, 94, 167, 173, 177 exports and world GDP, 192 as federal power (Canada), 78 free, 58, 61, 74 Reciprocity Treaty (1854) and, 61, 75 timber, 70 Triangular Trade, 17–18 world, 192 Transatlantic Trust Company, 115 transparency, 135, 143, 176–7, 256, 268, 274 Treasury (U.S.), 39, 56, 147, 178 Treaty of Ghent, 70 Treaty of Paris first (1763), 68 second (1783), 69 Triach, 194 Troubled Asset Release Program (TARP), 273 Trudeau, Pierre Elliott, 234 trust companies (Canada), 102, 105, 106, 171, 187, 211, 233, 259, 264 trust companies (U.S.), 115–16, 144, 249 unemployment (Canada) Great Depression and, 172–3 insurance, 178, 190 unemployment (U.S.) Great Depression and, 173, 175 insurance, 190 October 2008 crisis and, 232 during post–Second World War period, 197 Uniform Currency Act, 100 Union Bank (Halifax), 104 Union Bank (Winnipeg), 162 Union Pacific railroad, 123, 150 unit banks/banking, 11, 96, 111 United Empire Loyalists, 69 United Kingdom after Second World War, 199 bank failures, 82–3 and chartered bank corporations, 32 Corn Laws, 74 financial market, 75 and Four Pillars of finance, 102 and free trade vs mercantilism, 74 immigrants to Canada, 70 Macdonald and, 66 non-life insurance sector, 171 overseas banks, 84 and slave trade, 49 timber trade, 70 United Kingdom–Canada relationship benefits for Canada, 75 and British North America, 60 and Confederation, 60 Conservatives and, 98 exchange rates, 193 foreign capital from U.K to Canada, 107–8 in insurance business, 132, 133 U.S.–Canada relationship vs., 187 United Kingdom–Canada trade exports, 61, 95 exports (Canadian), 95 imports, 61 during interwar period, 161 U.S.–Canada trade vs., 61, 161 wheat, 70 United Kingdom–United States relationship, 60–1 Civil War and, 56–8, 63 and cotton, 50, 51, 56–7, 129 feelings regarding Civil War, 56 Reciprocity Treaty (1854), 61 and U.S South, 56–7, 58, 61 United Nations, 192 United States–Canada relationship Annexation Movement (1849), 65 annexation/consolidation, 72, 73, 74–5 banks entering each other’s markets, 202 Civil War and, 58, 73 exchange rates, 193 Hyde Park Agreement, 186 in interwar period, 158–9 in life insurance industry, 133 Ogdensburg Agreement, 186 Permanent Joint Board of Defence, 186 during post–Second World War period, 192, 197 Second World War and, 186–7 U.K.–Canada relationship vs., 187 United States–Canada trade chronic Canadian deficit in, 193 Civil War and, 61 exports, 61 Free Trade/Reciprocity Agreement (1911), 143–4, 150 Great Depression and exports, 173 imports, 61, 95 imports from Canada to U.S., 95 Reciprocity Treaty (1854), 11, 58, 61, 62, 75 U.K.–Canada trade vs., 61, 161 universal banks, 205, 215, 263 Upper Canada agriculture in, 70 banks in, 83, 84 as Canada West, 72 creation of, 69 economic growth, 70 Family Compact in, 70–1 post-Loyalist immigrants in, 70 rebellions of 1837 in, 71, 73 urbanization, 94, 95, 140, 159 utilities (Canada), 95, 134 value at risk (VAR), 210 values of Canada vs U.S., 59 and economic thinking, van Buren, Martin, 39 Van Horne, Cornelius, 127 Versailles conference (1919), 192 Veterans Administration (U.S.), 233 Victory Loans, 186, 187 Vietnam war, 195, 196 Volcker, Paul, 228 Wall Street, 248–9 War Loans, 186, 187 War Measures Act (Canada), 219 War of 1812, 35–6, 37, 60, 70, 82 Warburg, Paul, 147, 148–9 Warburg, Siegmund, 194–5 Washington, George, 26, 28, 35, 48 Washington consensus, 265 Welland Canal, 79 West (Canada) attitudes toward tariffs in, 143 free land for settlement in, 94 life insurance companies and, 106 mortgage and loan companies in, 105–6 See also Prairies (Canada) West (U.S.) opening of, 93 settlement, 60, 150 Western of England Fire Insurance Company, 133 Weyburn Security Bank, 104, 183 wheat, 70, 94, 95, 102, 105, 177, 178 White, Thomas, 162 White Paper on Revisions of Canadian Banking Legislation, 213 Wilson, Woodrow, 142, 146 Wood Gundy, 108, 256 workers’ compensation, 129, 169, 246 Workman, Thomas, 135 World Bank, 193 WorldCom, 267, 268 Wriston, Walter, 262 Yokohama Specie Bank, 117 Zimmerman Bank, 87 Zurich Insurance Group, 244 ... ships to take slaves to the New World and sugar from Caribbean Islands to the colonies The ships also brought foodstuffs from the colonies to the islands and tobacco to both the islands and Great... School of Management as well as President Emeritus of Canada’s History Society JOE MARTIN FROM WALL STREET TO BAY STREET The Origins and Evolution of American and Canadian Finance CHRISTOPHER... Library and Archives Canada Cataloguing in Publication Kobrak, Christopher, author From Wall Street to Bay Street : the origins and evolution of American and Canadian finance / Christopher Kobrak,