By Jerry W Markham
This entire monetary background of the us makes a speciality of the expansion and enlargement of banking, securities and assurance because the colonial interval. The e-book 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)
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. Call money rates were reaching 150 percent, and the city was facing bankruptcy. The three financiers raised that sum through municipal revenue bonds that paid 6 percent. Another large problem encountered during the panic involved Moore & Schley, an investment banking firm that promoted industrial mergers. P. Morgan & Co.
The indictment against Perkins was dismissed in 1907. The Armstrong Committee concluded that the insurance companies were part of the trend toward the accumulation of great capital by a few individuals and enterprises. ”24 The committee was also troubled by the fact that the large reserves held by the insurance companies were increasingly being invested in the stock market. The insurance companies were particularly fond of railroad, public utility, and bank securities. The Armstrong Committee recommended that investments in stocks by insurance companies should be prohibited because the insurance companies could incur liabilities as shareholders.
Moore & Schley had a speculative pool operation in the Tennessee Coal, Iron and Railroad Company but could not pay the loans that had been secured with the Tennessee Coal securities. If Moore & Schley failed, many other firms would follow. In order to save the firm, Morgan arranged to have United States Steel buy the stock of the Tennessee Coal, Iron and Railroad Company from Moore & Schley. Theodore Roosevelt granted antitrust immunity for this transaction. This stopped the panic. It also gave Morgan a lucrative prize, but the takeover of the Tennessee Coal by United States Steel later became the subject of much concern.
A Financial History of the United States (3-volume set) by Jerry W Markham