By Jerry W Markham
This accomplished monetary background of the USA specializes in the expansion and growth of banking, securities and coverage because the colonial interval. The publication breaks down into classes of frenzied hypothesis, quiet development, panics and livid enlargement.
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Extra info for A Financial History of the United States (3-volume set)
Hyde, had died in 1891. He left the majority of the stock to his son James Hyde, who was then twenty-three. James was given to ostentatious displays of his wealth that marked him as a less than serious businessman. A debutante party given by Hyde for his niece at Sherry’s, a New York restaurant, was claimed to have cost $100,000. The extravagance of that affair engendered so much criticism that it encouraged a group of directors within the Equitable Life Insurance Company to seek Hyde’s removal from control of the Equitable.
The New York Clearing House provided assistance to save the Mercantile National Bank, but only after Heinze and the entire board of directors agreed to resign. F. ” Among other schemes, Morris had promoted the American Ice Company that had acquired a monopoly on ice sales in New York City by bribing the mayor with $500,000 in its stock and causing great scandal when revealed. The company was the fifth largest corporation in America before its demise. Morris controlled a chain of banks in New York by using shares of one bank as collateral to obtain loans to purchase shares in other banks.
Instead, Congress focused on the “inelastic” money supply as a prime culprit of the Panic of 1907. ” These associations were to provide emergency liquidity by allowing banks to issue credit notes against deposits of commercial paper, as well as government bonds. The thrust of the Aldrich-Vreeland Act was to provide for the issuance of a substitute currency in the event of an emergency. This act sought to alleviate currency shortages by allowing the issuance of emergency certificates by the banks without awaiting action by the bank clearinghouses.