The "Billiard Encyclopedia" has a detailed history. In short, the butt designs we know today (length, weight, wraps, rings, points, inlays, etc.) were in widespread use by the late 19th century. The bevel, for using the butt mace-style to strike the cue ball, was gradually phased out due to rule changes and modern play style. At some point 100+ years ago, Brunswick picked 58" as the standard cue length although you could custom order other lengths. The cues Rambow made for Mosconi had a smaller diameter butt (at Willie's request) because WIllie had small hands.
The balance point was set just fore of the wrap due to the style of play in those days. Mosconi and others felt that the grip should be very near the balance point, so the basic Rambow design described above was born. Despite major changes in style--modern pool players grip the cue over a foot behind the balance point now--the basic butt design is the same from Rambow's 1928 article above (internal butt construction has changed with coring, weight bolts, A-joints, etc.). It seems silly that 6 foot+ pros snap on extensions, which further distort cue balance and weighting, because they are stuck with the same 58" cue design that 5'6 Willie Mosconi used. But today's pros need to play with mass produced cues from their sponsors.
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