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

By Jerry W Markham

This complete monetary background of the us makes a speciality of the expansion and growth of banking, securities and coverage because the colonial interval. The ebook breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid enlargement.

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Hughes, who had become the governor of New York after the Armstrong Committee’s investigation. 36 A NEW CENTURY Interestingly, claims have been made that the Armstrong Committee, for which Hughes acted as counsel, had precipitated the Panic of 1907 by causing the insurance companies to pull their reserves out of Wall Street. That action exacerbated liquidity problems and prevented Morgan from gaining access to the reserves of the life insurance companies to support the market. The Hughes Committee found that, while the securities markets served useful purposes, speculation was playing a large role in the markets.

The Panic of 1907 resulted in the suspension of convertibility of bank deposits into currency by money center banks. The savings banks sought to stave off runs on their reserves by requiring notices of withdrawal of sixty to ninety days. Hoarding of money was widespread. It was estimated that almost $300 million was removed from circulation during the panic. Clearinghouse certificates and other emergency “currency” were issued by the clearinghouse banks and by individual manufacturers and corporations.

In the following month, the Union Pacific dividend was increased from 6 to 10 percent. This added fuel to what appeared to be another speculative binge. In August of 1907, the Secretary of the Treasury announced that he would be depositing $28 million in banks across the United States in order to relieve the expected stringency in the money supply that would occur in the fall, a perennial problem. That was good news, but more storm clouds were appearing. The City of San Francisco could not place a loan in New York, and the Egyptian Stock Exchange crashed, as did the Tokyo Exchange.

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