Download A Financial History of the United States (3-volume set) by Jerry W Markham PDF
By Jerry W Markham
This accomplished monetary heritage of the us makes a speciality of the expansion and growth of banking, securities and assurance because the colonial interval. The publication breaks down into classes of frenzied hypothesis, quiet progress, panics and livid growth.
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Extra info for A Financial History of the United States (3-volume set)
President Theodore Roosevelt, at the urging of southern bankers, put another $50 million of federal deposits into their banks to help them through the liquidity crisis. Still, the government’s efforts had proved woefully inadequate in meeting the crisis. P. Morgan was plugging holes in other dikes. The New York City funding crisis worsened in the middle of the Panic of 1907. On October 28, 1907, the mayor of New York advised Morgan, Baker, and Stillman that New York City was short of funds and needed $30 million to meet the payroll and other obligations.
The New York Clearing House required all trust companies that cleared through its members to be subject to reserve requirements. Some of the trust companies then gave up INSURANCE, BANKING, AND UNDERWRITING 25 their clearinghouse privileges. This avoided the problem for a while, but the State of New York imposed reserve requirements on trust companies in 1906, and it raised those requirements in 1907. They would prove to be inadequate. Investment Banking Before the turn of the century, corporations generally bore the risks of the success of their securities issues.
A shipping combination failed. These events were followed by a copper speculation that came apart. A group of speculators had 29 30 A NEW CENTURY been using the National City Bank and several other New York Banks to gain control of the copper market. At the center of these speculators was Frederick A. Heinze, the president of the Mercantile National Bank and its majority stockholder. Heinze had obtained his wealth through highly speculative transactions in Montana copper properties. He used the assets of the Mercantile Bank to engage in further copper speculations.