Between 1850 and 1880, enthusiasm for horticulture swept the nation, particularly the Upper Midwest. Nursery owners and seed traders welcomed the escalating demand for trees and flowers but soon faced consumer complaints about their questionable business practices. Customer dissatisfaction had many sources, ranging from unethical entrepreneurs to faltering industry infrastructure and underhanded dealing. The nurserymen and seed dealers worked diligently to overcome these criticisms, sharing information to improve industry methods and attempting to deflect responsibility for fraudulent practice onto disreputable competitors or inexperienced customers. The conflicts between commercial horticulturists and their broadening customer base reflected tensions within America's rapidly expanding consumer culture and suggested that traditional restraints on industry practice based on personal ties and shared values would no longer suffice when dealing with a newly diversified and seemingly intractable clientele.

During a career that stretched from the Progressive Era through the 1950s, Gilbert H. Montague served businesses as a lawyer and lobbyist, managing relations between companies and the government. In this capacity he had a significant impact on the evolution of regulation, particularly antitrust law. Just as important, his career provides valuable insight into the activities and attitudes of the class made up of corporate lawyers and lobbyists, which constituted an important part of the system of regulated capitalism that emerged in the United States during the first half of the twentieth century.

This article analyzes the evolution of the Philadelphia Stock Exchange (PHLX), America's oldest stock exchange, from 1950 through 2000. PHLX was able to compete against the much larger New York Stock Exchange (NYSE) because it exploited loopholes created by fixed minimum trading commissions prior to 1975. After the liberalization of commissions, the PHLX competed against the NYSE by offering automated executions that met the needs of discount brokers. It also moved early to trade equity options and developed the first exchange-based market for foreign currency options.