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Toronto Stock Exchange -- exterior view of main entrance, c. September 11, 1913.
Toronto Stock Exchange -- exterior view of main entrance, c. September 11, 1913.
(William James/William James)

Furious trading in spats, monocles greets birth of Confederation

July 1, 1867.

The Confederation of Canada was greeted jubilantly by financial markets, with 372 shares changing hands between members of the Toronto Stock Exchange in a day of furious trading, and new record highs for such companies as Dominion Monocle and Amalgamated Spats (Canada) Inc.

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Upon a sober second reading of the British North America Act, the newly created federal government realized to its dismay that the provinces of Ontario, Quebec, New Brunswick and Nova Scotia have been granted the powers to create their own offices to regulate the securities business. Even Prince Edward Island, should it come to its senses and join Canada, would have the right to regulate the business of stocks and bonds.