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Download e-book for iPad: A Financial History of the United States (3-volume set) by Jerry W Markham

By Jerry W Markham

ISBN-10: 0765607301

ISBN-13: 9780765607300

This finished monetary historical past of the USA specializes in the expansion and enlargement of banking, securities and coverage because the colonial interval. The e-book breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid enlargement.

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Additional info for A Financial History of the United States (3-volume set)

Sample text

Another run began on the Lincoln Trust Company. Both of these trust companies had engaged in reckless practices. 43 This caused a scarcity of money, and the rate on call loans rose to 125 percent. This placed further pressure on the securities market as brokers began demanding margin that customers could meet only by selling their securities. The Pittsburgh Stock Exchange suspended operations, and losses mounted as the panic spread. Some 2,000 firms failed in the wake of the panic. Over 100 state banks failed, as did some 30 national banks.

This allowed their prosecution in the event of fraud. Direct liability was imposed on directors in England. The Hughes Committee noted that it would be difficult to establish effective state regulation to impose such requirements, unless all states adopted such provisions. 38 A NEW CENTURY The Hughes Committee’s recommendations were largely ignored. The NYSE did prohibit brokers from offering large blocks of securities on an “all or none” basis, and the unlisted department was abolished in 1910.

Some two months after the panic. ) Some banks started printing scrip. San Francisco banks used clearinghouse scrip that was issued by the San Francisco Clearing House Association. The Bank of Italy continued to pay its depositors in gold or legal tender, which greatly enhanced that bank’s reputation in San Francisco. In other towns and cities across the country, the shortage of cash required the use of cashier’s checks, paychecks from manufacturing companies, and other devices. The federal government appeared helpless in dealing with the crisis.

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A Financial History of the United States (3-volume set) by Jerry W Markham

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